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The.
tininurcia
$‘
(./
INCLUDING
Bank and Quotation Section (Monthly)
Railway and Industrial Section (Quarterly)
State and City Section(semi-Annually)
Electric Railway Section(ThriWrs)
NO. 2249.
SATURDAY, AUGUST 1 1908.
VOL. 87.
Week ending July 25.
ix Throuirit.
Clearings at
1908.
1907,
Inc.07
Dec.
1906.
1905.
PUBLISHED WEEKLY.
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P.O.Box 958. Front. Pine and Depeyster Sts., New York.
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Published every Saturday morning by WILLIAM B. DANA COMPANY
Arnold
William B. Dana,President; Jacob Seibert Jr.,Vice•Pres. and Sec.;
the
Company.
of
G. Dana,Treas. Addresses of all,Office
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U.S.
for week end. Aug. 1 have been $2,312,464,025,against $2,484,783,9681ast week and $2,668,494,783 same week last year.
1908.
1907.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1.111,904,163
98,123,537
81,732,611
19,617,612
169,960,295
48,841,424
8,488,131
$1,320,166,124
117,908,749
113,568,498
24,614,919
193,784,169
45,902,782
11,062,071
Seven cities, 5 days
Other cities, 5 days
$1,538,667,773
335,498,641
$1,827,007,312
390,001,284
-15.8
-14.0
Total all cities, 5 days
All cities, 1 day
$1,874,166,414
438,297,611
$2,217,008,596
451,486,187
--15.5
-2.9
$2,312,464,025
$2,668,494,783
-13.3
Clearings by Telegr ph-Week end. Atig.1
Total all cities for week
-15.8
-16.8
-28.0
-20.3
-12.3
+6.4
-23.3
203,912,727 175,800,235
213,212,483 227,910,679
Chicago
21,234,650
22,008,100
26,002,050 -6.7
24,258,250
Cincinnati
13,623,080
15,921,970
17,172,394 --18.8
13,945,900
Cleveland
11,155,718
10,895,737
12,865,905 -8.9
11,727,958
Detroit
7,632,516
8,038,536
10,014,335 -16.8
8,329,523
Milwaukee
5,789,007
6,757,732
+3.0
7,240,711
7,455,835
Indianapolis _ _ _ _
4,292,500
4,820,400
5,186,500 +20.2
6,233,100
Columbus
4,086,756
4,154,992
3,650,832 +12 5
4,107,198
Toledo
2,394,300
2,167,867
2,197,604 -12.6
1,919,541
Peoria
2,214,690
2,068,746
2,031,250 -8.6
1,856,418
Grand Rapids_ _ _
1,481,932
1,660,995
-19.0
1,855,104
1,503,765
Dayton
1,181,143
1,440,872
1,839,756 -7.8
1,696,305
Evansville
647,446
988,290
948,186 -5.7
893,738
Kalamazoo
670,319
681,009
788,142 -2.4
Fort Wayne _ _
769,284
472,141
639,845
739,345 -15.9
621,855
Youngstown _ _ _ _
744,672
771,844
672,988 +16.1
781,536
Springfield, Ill _ _
445,000
527,936
650,000
Akron
600,000
512,952
620,101
607,917 -5.2
676,298
Rockford
442,149
572,804
564,215 -3.9
542,298
Lexington
365,428
371,686
493,100 -26.7
361,195
South Bend
355,274
II 388,992
408,861 -3.6
394,047
Canton
343,954
244,308
327,716 +29.8
425,444
Bloomington.._ _
176,942
223,683
342,730
330,000
Jackson
281,220
338,658
346,319 +9.3
378,392
Mansfield
284,585
322,004
+10.0
331,124
0_
364,087
Springfield,
295,885
294,930
322,622 +40.6
453,468
Quincy
295,000
324,500
297,136 +30.2
386,895
Decatur
236,647
251,127
185,389 +27.0
235,439
Jacksonville, Ill_
91,941
87,458
+1.4
100,298
101,711
Ann Arbor
25,000 -5.6
23,611
Adrian
312,543 Not Included in total
Danville
Tot. Mid.West. 304,485,574 326,118,208 -6.6 292,097,849 257,548,112
33,500,571
38,073,172
38,001,349 -15.3
32,193,665
San Francisco_ _ _
8,737,319
9,572,267
9,838,452 -9.1
8,945,997
Los Angeles
6,932,228
8,107,248
-17.4
9,888,583
8,165,737
Seattle
3,454,153
4,527,812
6,324,461 -23.1
4,866,844
Portland
3,622,895
3,763,432
-25.4
5,816,896
4,336,998
Salt Lake City_
3,083,971
3,658,083
6,100,066 -11.0
5,427,307
Spokane
2,724,297
3,347,766
4,833,255 -15.8
4,071,392
Tacoma
3,386,854
2,151,558 -33.2
1,437,264
Oakland
683,167
865,671
-5.7
946,719
892,842
Helena
227,560
288,717
400,000 +36.6
546,552
Sioux Falls
300,499
399,214 +1.8
406,603
San Jose
504,876
339,981
+22.7
359,384
440,951
Fargo
L
650,000 Not included In total
Sacramento
701,000 Not included in total
San Diego
511,000 Not included In total
Stockton
427,000 Not included in total
Fresno
186,287 Not included In total
North Yakima ....
Not included in total
Billings
The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon July 25, for four years.
Week ending July 25.
Clearings at-
Inc.07
1905.
1906.
Dec.
$
$
$
$
5
1,543,712,666 1,497,352,012 T'3 1 1,588,067,73 1,402,125,715
106,073,451 134,912,713 -21.4 138,300,688 121,011,925
48,114,539
51,790,305
56,788,567 -32.0
38,581,679
20,509,896
24,511,407
23,282,063
26,735,388 -12.9
6,228,805
6,949,305
8,025,872 -4.7
7,650,957
4,869,541
5,108,104
4,598,587
5,273,759 -12.8
4,195,356
4,965,418
5,343,025
5,228,527 +2.2
2,576,585
3,007,899
2,757,341
3,010,232 -8.4
1,597,494
1,887,931
2,090,132 -2.6
2,036,532
1,153,798
1,310,887
1,633,493
2,175,523 -24.9
1,186,918
1,283,400
1,394,010 -16.2
1,168,347
1,125,483
1,165,855
1,190,464 -0.5
1,190,690
1,036,670
1,079,890
1,142,243 -0.8
1,133,016
643,125
854,165
861,928 +51.0
1,301,688
705,965
919,012 -1.9
901,641
426,915
513,117
689,396 -21.8
539,712
376,530
536,115
497,590 -13.7
429,552
809,300
480,600
509,400 -9.2
462,700
408,731
507,464
640,974 -28.9
455,778
191,995
282,489
270,897 +8.6
295,188
676,864 -3.7
651,617
1,078,283 Not included in total
391,073 Not included in otal
1908,
New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany
Rochester
Scranton
Syracuse
Wilmington
Reading
Wilkes-13arre
Wheeling
Harrisburg
Erie
Chester
Binghamton
Greensburg
Franklin
York
Trenton
Altoona
Total Middle
.soston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford_
Holyoke
Lowell
1907.
1,744,199,723 1,750,391,503
134,068,192 149,331,488
6,878,200
5,657,700
3,38,1,856
2,887,786
2,169,163
2,304,325
1,850,000
1,599,490
1,664,048
1,685,034
1,547,490
1,403,974
975,651
759,980
611,786
640,413
425,992
390,788
425,909
420,000
Total New Eng, 151,817,682
Total Pacific_
71,732,150
63,471,027
34,643,322
15,330,906
9,700,000
8,106,996
7,758.577
4,500,000
2,389,886
1,621,474
1,416,110
999,632
973,741
744,333
457,119
642,738
602,499
225,393
85,059,937 -15.7
29,076,319 +18.8
17,913,079 -14.4
9,526,540 +1.8
9,501,748 -14.7
7,780,249 -0.3
5,208,300 -13.6
• 2,377,098 +0.5
1,891,887 -14.3
11,235,664 +14.6
997,348 +0.2
967,021 +0.7
729,700 +2.0
600,955 -23.9
538,807 +19.3
520,265 +15.8
271,295 -16.9
76,251,502
Kansas City _ _ _
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Topeka
Davenport
Pueblo
Colorado Springs
Cedar Rapids' _
Fremont
27,691,054
14,857,526
8,786,278
8,150,752
6,134,414
4,559,990
2,111,863
1,539,579
1,126,199
917,475
812,410
748,217
413,711
515,611
385,266
242,862
22,730,771
15,143,069
9,398,605
6,286,915
6,538,182
4,313,489
1,936,683
1,493,883
1,047,188
Tot. oth.West.
90,012,725
89,136,275
+1.0
79,053,188
70,388,929
54,724,966
51,331,877
13,253,813
11,650,445
11,682,003
10,594,885
11,085,293
9,094,828
5,360,000
5,600,000
6,242,672
5,322,551
3,854,165
2,850,000
3,421,532
3,125,209
3,447,664
2,936,028
2,988,356
3,925,000
2,288,321
1,823,452
2,384,110
2,494,467
2,013,171
1,514,292
1,566,166
1,328,454
1,486,068
1,116,430
1,376,809
1,284,547
1,367,572
1,186,278
1,186,036
947,722
1,040,000
1,021,286
1,015,034
950,000
1,142,145
1,051,468
401,376
406,927
400,000
360,000
444,465
385,968
26(1,000
234,000
included
309,425 Not
228,916 Not Included
-6.2
-12.1
-9.3
-18.0
+4.5
-14.7
-26.1
-8.7
-14.8
+31.3
-20.3
+4.6
-24.8
-15.2
-24.9
-6.7
-13.3
-20.1
-1.8
-6.4
-8.0
+1.4
-10.0
-13.2
-10,0
n total
n total
51,415,426
14,775,460
10,603,760
8,225,582
4,735,500
6,963,000
3,114,725
2,670,678
3,295,121
2,124,370
2,044,012
2,777,877
1,523,001
1,316,169
1,336,367
1,244,480
1,153,757
1,107,891
977,377
750,000
1,240,802
376,656
450,000
341,385
250,000
52,641,408
16,000,650
10,239,834
5,309,571
5,690,500
4,433,292
2,400,954
3,395,875
2,312,076
1,828,608
1,608,395
3,515,481
1,700.000
1,270,607
984,384
1,009,114
760,775
756,768
902,946
St. Louis
New Orleans..
Louisville
Houston
Galveston
Richmond
Nashville
Memphis
Atlanta
Fort Worth
Norfolk
Savannah
_
Birmingham
Knoxville
Mobile
Jacksonville _ _ _
Chattanooga _.
Little Rock __Charleston
Oklahoma
Augusta
Macon
Wilmington,N.C.
Beaumont
Columbus, Ga.._
Austin
Vicksburg
149,466,939
1,344,378
339,870
205,607
240,000
122,536,114 134,431,637 -8.9 124,813,236 118,851.093
2,484,783,968 2,554,402,443 -2.7 2,568,167,003 2,278,578,236
Outside N.Y- 941,071,302 1,057,050,137 -11.0 979,519,268 876,452,521
Total Southern
CanadaMontreal
Toronto
-10.2 143,688,980 131,438,363 Winnipeg
7,028,900 Vancouver
-17.7
6,148,800
3,018,353 Ottawa
-14.7
3,557,284
2,216,032 Quebec
+6.2
2,305,821
1,430,074 Halifax
-13.6
1,660,428
1,346,686 Hamilton
1,599,360
+1.3
1,230,022 Calgary
-9.3
1,322,185
477,270 Victoria
-22.1
756,773
440,240 St. John
425,861
+4.7
391,449 London
-8.3
451,449
449,553 Edmonton
-1.4
577,802
162,494,743
,m=0
Total all
-0.4 1,832,876,425 1,619,011,636
169,264,583 -10.3
397,880
578,207
242,852
445,228
513,848
256,586
Total Canada_
27,457,440
19,477,566
9,233,129
3,549,002
2,805,316
2,292,427
1,684,368
1,539,080
1,891,132
1,199,001
1,233,743
1,077,406
735,555
30,601,974
20,677,390
11,734,519
3,859,438
2,903,484
2,174,592
2,140,863
1,621,729
1,544,792
1,595,670
1,331,841
1,137,118
919,701
-10.3
-5.8
-21.3
-8.0
-3.4
+5.4
-212
-5.1
+22.5
-24.8
-7.4
-5.2
-20.0
27,268,505
20,379,449
9,449,786
2,412,448
2,572,697
1,593,117
1,648,282
1,504,416
984,230
856,947
1,239,819
947,810
662,578
25,596,646
16,666,741
6,719,042
1,806,454
2,235,488
1,796,142
1,723,461
1,263,665
74,175,165
82,243,101
-9.8
71,520,084
60,504,255
682,490
1,132,304
881,822
248
THE CHRONICLE
[VOL LXXXVII
President of the Federation of Labor, to compel memTHE FINANCIAL SITUATION.
bers of other unions to follow him in voting for Bryan.
After Mr. Taft's visit to Sagamore Hill, no one 'The men do not move fast enough in that direction,
expected any individuality in his acceptance speech and so he seeks to bring a little pressure upon them.
on Tuesday. This whole affair of being the successor Under these conditions the men rebel, and state
to, or, as it were, the heir-apparent of a ruling power that they are not going to vote for Bryan at any one's
whose expectation may be defeated by the election bidding, and Gompers gets down off his perch and
of the other candidate—our Government being, for- declares he had no intention to use force. That the
tunately, still a republic—makes the alliance a trifle inclination of the wage-earners is not towards Bryan
awkward. But every one to his liking. We should was further shown by the proceedings of the new
have greatly preferred if Mr. Taft had come forth in Independence Party. When the effort was made to
his own strength of purpose, character and attainments spring the Democratic candidate's name on the Conto rule the nation. He is in every way worthy of the vention, they not only in a body rejected the suggesposition he is seeking. Knowing this, we can but tion, but used violence in removing from the Convenbelieve that he will execute his trust as becomes his tion the delegate who made the nomination and was
reputation, signalizing his administration by adding addressing the members in its favor. Surely Bryan's
lustre to his own name and to his country's history. name is losing the magnetism that formerly attached
Any thing lower than that could hardly come forth to it. Still another new labor party has come into
from beginnings of so much promise.
existence. It is said that the railroads of the country
At the moment, all outside movements seem to be are back of it. It had its start, we believe, in
working in favor of Mr. Taft's success. There can be Michigan. Those who join the association urge, truly,
no doubt as to that being the prevailing inclination. A that laws which injure railroad interests unjustly hit
decidedly important circumstance bearing in the and harm the employees much worse, because when
direction stated, is that the Taft alliance with Mr. they destroy the business of the roads, the roads are
Roosevelt contains the feature of reciprocity. We are compelled to reduce their force and lessen wages too.
not permitted to doubt the President's attitude in this The purpose is to pick out for defeat candidates for
particular. It was clearly made known by all the Congress and State legislatures who advocate measures
newspapers Wednesday morning with reference to the aimed at the railroads, and help elect men who can be
renomination of Mr. Hughes as Governor of NewYork depended upon to treat the transportation companies
after the conference held at Sagamore Hill between fairly. Such a party ought to succeed and may
State Chairman Woodruff and the President. The become a material aid to good government.
result of the conference was that for all State candidates
for office Mr. Roosevelt would help the aspirant whose
One of the objections to attempting to regulate comnomination would do most to help Judge Taft's elec- mercial affairs by statute is seen in the telegraphic distion; that his policy was absolute non-interference in patches which have come this week from the West
State contests but that he would do all that was legiti- saying that the trade of the United States with the
mate and proper to make Mr. Taft's election secure. Orient and Australia and New Zealand had been dealt
With reference to the Gubernatorial contest in New a severe blow by the transcontinental railroads, which
York, which was the chief emergency discussed, no had decided to abandon a large portion of this busiexact words were made public that day; the only ness because of a ruling of the Inter-State Commerce
inference was that Mr. Hughes's case would fall under Commission with regard to the publishing of tariffs on
the general rule. The newspapers of Thursday morn- such business. It is stated that the Canadian Pacific,
ing did not modify the above further than it was given the Great Northern, the Northern Pacific, the Union
out that the President and Mr. Taft favored Mr. Pacific, the Southern Pacific, the Oregon Short Line
Hughes for Governor; whether this statement was in and the Atchison Topeka & Santa Fe have served
either case authorized was not made clear. We do not notice upon the shippers that they will go out of the
see that it is important. Hughes's nomination is export trade to China, Japan, New Zealand and
still subject to the rule which seems to be a fair one, if Australia on Nov. 1,and will practically abandon also
we grant any interference is allowable.
the import trade. It has been the practice of the
Labor movements also in the main favor Mr. Taft's transcontinental lines in connection with the steamcanvass. Indeed, it appears that important labor in- ship lines to quote through rates to points of destinaterests have a mind of their own in political matters. tion, these rates thus covering both the water and the
Before election each party acts on the supposition rail portion of the route; but the ruling now made by
that the thing to do to secure the votes of the wage- the Inter-State Commerce Commission will require
earning classes is to get the services of some notable the railroads to publish the inland proportions of their
character among the usual leaders. Mr. Gompers, import and export rates and not to change their rates
the President of the American Federation of Labor, as modified by the Commission except after three
has in recent years come in for a large share of days' notice when lowering the same and ten days'
courting thus displayed by prominent officials and notice when raising the same. The railroad manpoliticians, who think, by flattery and adulation, agers feel that they cannot comply with this rule except
they can wheedle the labor vote into line for their at the peril of their revenues from domestic business.
favorites. No one has forgotten the apparent hearti- Accordingly they have determined to raise rates on
ness with which the conjectures and half-formed merchandise for the Orient to the domestic level,
theories of this same President Gompers have been which is tantamount to abandoning trans-Pacific traffic.
applauded by political leaders. It was not long The trade to the Pacific Ocean has been built up with
ago that he was a favorite in Washington. Now a great deal of trouble and there has been little if
he appears in the opposite character, trying, as any profit in it to the railroads. The matter is there-
AUG. 1. 1908.1
THE CHRONICLE
fore of very little consequence as far as these rail
transportation lines are concerned. The sufferers will
be the merchants engaged in this business. The loss
will fall upon them, and if this loss should mean the
abandonment of much of the foreign commerce of the
Pacific States, the whole country would in a measure
feel the ill effects.
We are told that as a corollary of the action of the
railroads, the lines of ships maintained by the Harriman roads through the port of San Francisco, by the
Hill roads through the port of Seattle and by the
Canadian Pacific through Vancouver must soon be for
sale. There is considerable speculation as to who the
purchasers are likely to be. One suggestion is that
the Japanese will acquire possession of the same.
Another report is to the effect that the Germans are
likely to put on a Pacific service in the event of the
discontinuance of the service by the American lines.
But these suggestions ignore the fact that the trouble
is on the rail portion of the through route, not on the
water portion. Before the German or the Japanese
lines can get goods and commodities for transportation
across the Pacific, these goods and commodities must
first be brought to Pacific Coast points. With the
railroads unable to engage in the business by reason
of the ruling of the Commission, the Japanese and the
German lines would be in precisely the same predicament as the American lines. We are therefore forced
to the conclusion that what is threatened is the complete loss of a portion of the foreign trade of the Pacific
Coast. This, as already intimated, would be little
short of a calamity.
Every one familiar with the course of affairs during
the last ten years will recall with what enthusiasm the
managers of some of the trans-continental lines entered on the work of building up a trade with the Orient.
They did it with no idea or expectation of profit in
the business, for, obviously, on long through shipments extending over thousands of miles anything
but a very low rate per unit of service is out of the
question. But it was felt that co-operation in this
way between the railroad and steamship lines would
lead to an expansion of the commerce of the Pacific
States—which has actually happened—that this, in
turn, would mean growth of population (which has
also happened) and increased settlements along the
lines of the roads,so that the operation in the end would
redound to the advantage of the roads as well as to the
communities served. But now they are confronted
with an entirely unexpected difficulty. They are to
make known how small is the remuneration at which
they carry this business—making it public to the whole
world.
The effect could not but be to create dissatisfaction on the part of domestic shippers, obliged
to pay much higher rates, and we may be sure that as
a result there would be clamorous demands from these
shippers for reductions to the same low level. The
railroads have been willing to carry the export and
import freight at little or no profit, but obviously they
cannot accept the same small return for the domestic
shipments, for that would quickly reduce them to
insolvency. Therefore, very much against their will
and inclination, they will retire from the foreign trade
in order not to jeopardize their domestic business—
the only business which is netting them anything.
The transcontinental lines have not acted hastily in
249
the matter. The order of the Inter-State Commerce
Commission was made in May,and was to have become effective July 1, but the roads secured a stay
until October 1. Possibly the Suez Canal route via
the Atlantic ports may get some of the traffic now
going overland, but how will that help the Pacific
Coast? We are not inclined to blame the Commerce
Commission in the matter. They no doubt made a
ruling which they feel carries out the spirit and purpose of the law. The trouble is in allowing the Government to interfere at all in delicate trade affairs of
this kind.
It appears that the proposition which has been pending in the French Parliament to enact an income-tax
bill has been deferred, at least for this year. The
French Minister of Finance, before the vacation, submitted to the Chamber a renewal of four direct taxes
which, as stated in a Paris letter, are to supersede the
income tax. From that fact the inference is drawn
that the income tax has been abandoned for the present
and that the Minister will rely upon the existing and the
proposed direct taxes for the budget of 1909. The income-tax proposition was unpopular because it imposed
taxation of rentes and its pendency contributed to
depress these securities; now, however, rentes are
expected to be secure from taxation at least before
1910 and the market price has sharply advanced.
The Bank of France continues to absorb gold through
weekly purchases of the Cape metal in the London
market, this week acquiring the greater part of the
sum of $5,000,000 offered, but it refuses to part with
gold for export. While the Bank has been accumulating the metal, however, it has not materially increased its holdings of silver, as is shown by the fact
that such holdings have been only slightly changed in
volume while accretions of gold have been large,
amounting since the beginning of the year to about
100 million dollars.
It is reported that the German Reichsbank has
latterly resorted to the device of negotiating exchequer
bills in France, Belgium and Holland as a means for
obtaining gold from these countries; some of these
bills are said to have been placed in London, which
may explain the fact that German bankers have been
enabled to draw gold from the British capital through
purchase of the Cape metal, while the rate for exchange
at Berlin on London has not been low enough to permit
importations as an exchange operation. Since Germany has ceased to obtain gold from New York,
Australia has been one source of supply, and considerable amounts are said to be in transit from that country to Berlin. It is thought likely that additions to
the gold holdings of the Reischsbank will continue
to be made in the future. Apparently the Bank is
not yet content with the enlargement of its gold stock,
for it still maintains its official discount rate of 4%,
while the open market rules much below 3%. So
long as Berlin offers a relatively higher rate for money
than do other European centres, and continues to
attract the metal through its interest-free advances,
so long may gold be expected to flow to that market.
It is noteworthy that, following the example of the
German and the Russian governments, Austria is
acquiring ownership of its own railway system. The
Government has entered into an arrangement with
250
TIIE CIIRONICLE
five Austrian roads by which they are to become the
property of the State on and after the beginning of
next year; the assent of Parliament has, however,
to be obtained. The total length of lines to be acquired is 1,875 miles and the annual charge for interest
devolving upon the State will be about 13/ millions
sterling. The State will then own 11,147 miles of
road, against 2,500 miles remaining in private hands.
[VoL. Lxxxvii.
The grain crop situation abroad, as we gather from
latest mail and cable advices, while on the whole
better than a year ago, is rather irregular and hardly
so satisfactory as earlier in the season. In the United
Kingdom dry weather is reported to have impaired
the prospective yield of wheat,and the crop will therefore be less than last year. The situation as regards
all grain crops in France has recently become less
favorable and wheat is expected to turn out a quantity
One interesting event of the week was the pay- measurably smaller than in 1907. Advices from Germent to the Treasury by the Southern Pacific Co. many denote that most grain crops have improved
for account of the Central Pacific' of the last of the and that harvesting is progressing under favorable
latter's outstanding 3% notes for $2,939,661, in an- conditions. Drought and heat were adverse factors in
ticipation of its maturity Feb. 1 1909, such antici- Hungary and Austria until recently when good rains
pated payment being desirable in order to release the greatly benefited vegetation. Wheat and rye make
collateral for the Central Pacific notes, consisting of quite satisfactory returns with other crops rather
part of the 18 million Central Pacific 4% gold bonds poor. Needed moisture has improved the prospects
which were offered for sale last week; a previous for corn and some other crops in Roumania, but an
payment of a note for $2,470,197,that matured Aug. average yield of wheat is hardly anticipated. Crops in
1, had been effected last week. In pursuance of an Belgium are doing well under generally favorable
agreement entered into on Feb. 1 1899, the Central weather and the same is true of Holland.
Pacific made a stipulation semi-annually to pay,
In northern and central districts of Italy an imthrough twenty 3% notes, the $58,812,714 of its in- proved crop outlook is reported, but in southern
debtedness to the Government on account of bonds sections lack of moisture has been detrimental. From
and land grants to the company by the United States Spain the advices are somewhat conflicting but a
in aid of the construction of the road; the original satisfactory yield of grains is expected. The Russian
amount of such grants to the Central Pacific was $25,- situation is rather mixed. Corn was greatly benefited
885,120. The Union Pacific, it may be observed, by the rains of mid-July and with continuing favoring
received, in aid of its construction, a bond subsidy, condition is looked to for a record outturn. Other
based upon completed mileage of line, amounting to grains are below the average. Bulgaria is expected
$27,226,512 and the Western Pacific a subsidy of to give an average wheat crop. In European Turkey
$1,970,560. Both the Central Pacific and the Union the crop is stated to be in an unsatisfactory condition,
Pacific bonds so issued were, by the Act of incorpora- but in the Asiatic part of the empire, from which a
tion of the roads, made a first lien, but in 1864 such greater product is secured, the situation is much
lien was made subordinate to the first mortgages better. The Australian agricultural outlook is good.
which were then issued. Through these land grants East Indian advices cover reports of abundand rains
and subsidies the two companies were enabled to con- and a consequent very promising crop outlook. Plantstruct lines of railroad from the Missouri River to the ing operations are progressing in Argentina under
Pacific Coast—the Central Pacific from Ogden west- favoring conditions. The grain crop situation in Africa
ward and the Union Pacific eastward from that appears to be less favorable than a year ago. As a
point. The time fixed for the completion of the whole, these advices,so far as they refer to wheat,seem
Union Pacific was July1 1876;it was finished to a junc- to afford warrant for the conclusion that from European
tion with the Central Pacific at Ogden May 10 1869. sources not more than a very moderate increase over
By the Act of 1864 the Government was entitled to 1907 can be looked for this year, and that an actual
withhold one-half the charges of its transportation falling off in the African product is probable. On the
over these roads and to receive from the companies other hand, a quantity much greater than last year
5% of their net earnings to be applied to the retirement should be secured in Asia and Australasia,which, with
of the principal and interest of the subsidy bonds. the larger crops expected in the United States and
The Thurman Act of 1878 provided for the carrying Canada, would give a world's yield well above that
to the sinking fund on Feb. 1 each year the one-half of 1907.
above noted of the transportation charges and in
addition the companies were required to pay into the
Cotton condition in the United States was officially
Treasury so much as would make the 5% net earnings stated by the Department of Agriculture at noon
and the whole sum earned as Compensation for ser- yesterday (Friday). According to this report the
vices rendered for the United States. Such pay- plant is about in line with the expectations of those
ments were, however, in 1899 effected, under agree- who had closely followed developments since the issue
ment with the Government, so far as the Central of the previous report. This latest official statement
Pacific was concerned, through 3% semi-annual indicated a bettering of condition in the country as a
notes; the Union Pacific paid its subsidy indebtedness whole of 1.8 points compared with June 25, the
in cash, which amounted, including principal and average percentage for the belt being given as 83.0,
nterest, to $60,201,885. The Central branch of the against 81.2 a month earlier, 75 on July 25 1907, 82.9
Union Pacific is still indebted to the Government on the corresponding date of 1906 and a ten-year
$3,678,179 on subsidy account, while the Union Pacific mean of 81.4 The improvement noted above, moreand the Central Pacific have, as above stated, liqui- over, is shown by the Department to have been quite
dated their indebtedness, the latter through the note generally shared in, Virginia and Tennessee being the
paid this week.
only States indicating deterioration from the June 25
status, and that in each case was very slight. Corn-
AUG. 1 1908.1
THE CHRONICLE
parison with July 25 1907, however, more clearly
reveals the present favorable position of the cotton
crop. The impairment of the outlook in Oklahoma
resulting from the June floods has militated against
that State holding out as good promise now as a year
ago. But with that exception each State shows more
satisfactory condition that last year, and many of
them appreciably so.
Advices from our own correspondents and information secured by individuals who make a feature of
the issuance of cotton-crop condition reports are well in
accord in showing a present quite favorable situation.
There has not been as satisfactory distribution of rainfall as desired over the belt, but there is no serious
complaint on this score from any direction as yet, and
temperature has favored the plant, which is strong
and healthy as a rule, and taking on good fruitage
generally, the situation in this respect being particularly encouraging along the Gulf. The presence of
boll-weevils in South Texas, in fact, is about the
only important adverse factor now being referred to,
and the reports received do not complain of any
actual damage done as yet. Subject, of course, to
weather developments of the later season, the cotton
crop outlook is reassuring—much better, indeed, than
a year ago, and more favorable than the average of
recent seasons. The details of the cotton figures will
be found in our cotton report.
There was no change in official rates of discount
by any of the European banks this week; unofficial
or open market rates were easy at all centers,
The bank statement of last week showed increases
in cash closely corresponding in amount with the
preliminary estimates. The gain in reserve indicated
by actual conditions was $6,487,425, or nearly
double that shown by the averages. The actual
surplus on Saturday was $58,407,725; computed
upon the basis of deposits less those of public funds,
the surplus was $60,718,750. Loans were expanded
$3,501,700 and deposits were augmented $13,497,900;
the changes in these items shown by the State bank
and trust company statements were slight.
The Treasury deficit for the month of July, as
shown by the daily statements of the Departmer_t,
which are subject to revision and correction, were
estimated at the close of the month at $24,888,545.
The deficit would have been greater by $5,309,998
had it not been for the payment of two notes aggregating that sum on account of the Central Pacific
subsidy. Through these Treasury disbursements in
excess of revenue there has been restored to the
market a large proportion of the amount of 33 millions that was withdrawn in consequence of the
recall of public deposits in July, thus contributing
to continued ease in money.
The market for call money was easy during the
week with loans uniformly at the minimum of 1%.
Time contracts were, however, firmer, especially for
the ninety day and the six months' maturities, borrowers seeking such accommodation in order to tide
over the period of possible activity in the heighth of
the crop-moving season and of the Presidential election
canvass. One feature was the reported buying for
European investors of long-term commercial paper
of high grade through the foreign bankers; such
251
operations are somewhat unusual, but they are now
regarded as advantageous because they offer opportunity for the employment of funds on much better
terms than are obtainable abroad. Money on call
representing bank and trust company balances
loaned on the Stock Exchange each day at 1K%
and at 1% with the average about 114%; the lastnamed class of institutions, as well as banks, placed
their money at 1% as the minimum. Time loans
on good mixed Stock Exchange collateral were quoted
at 2% for sixty and 23@23/2% for ninety days,
33I@3M% for four, 33/2% for five and 3%@,4%
for six months; lenders are strict in their requirements for the best grades of security,and where such
cannot be offered the contract is either rejected or,
in some cases it is accepted at a higher than the
quoted rate, with the stipulation that ample margin
shall be maintained. As above noted, there was:
a good demand for commercial paper for European.
investment. Some sixty to ninety day endorsed1
bills receivable has been sold for foreign account at
3@3M%, but it was exceptionally choice and very
little could be obtained; four to six months' highgrade single names were more plentiful and the
European inquiry was in great part met by acceptable offerings at 4@414%.
The Bank of England rate of discount remains
unchanged at 23/2%. The cable reports discounts
of sixty to ninety day bank bills in London 13/2@1%%.•
The open market rate at Paris is 131% and at
Berlin and Frankfort it is 2%%. According to
our_speniaLcable from London, the Bank of England
lost £651,079 bullion during the week and held £37,120,389 at the close of the wek. Our correspondent
further advises us that the loss was due largely to
shipments to the interior of Great Britain, the net
exports having been only £94,000. The details of
the movement into and out of the Bank were as
follows: Imports, £21,000 (of which $£15,000 from
South Africa and £6,000 from Australia); exports,
£115,000 (of which £100,000 to Scandinavia and
£15,000 to South America),and shipments of £557,000
net to the interior of Great Britain.
The foreign exchange market was quiet though
generally strong this week, influenced by a good
inquiry for remittance and by a moderate supply of
bankers' bills. One noticeable feature was increased
offerings of commodity drafts, chiefly against grain
exports, indicating a movement to market of the early
harvested wheat and fairly liberal buying to meet
European requirements, which are expected to be
large so long as prices shall be attractive. There was
some evidence of transfers hither this week, as was the
case last week, of capital from London representing
credits which have been employed at slightly better
rates than could be obtained in our market. The
advance in time loans and the increased demand
therefor seem to have stimulated this recall of such
credits. They are loaned for ninety-day and sixmonths' periods, thus competing with foreign finance
loan bills, but such competition is not expected
seriously to check the negotiation of the latter,for the
offerings can be regulated to meet the varying conditions of the market. There was a fairly good business
in exchange until Wednesday,when the market grew
252
THE CHRONICLE
quiet, though it continued firm; it did not appear to
:be influenced by the pendency of the London Stock
Exchange settlement,for cables were only fractionally
higher.
On Saturday of last week the market was firm and,
'compared with the previous day, 5 points higher all
around, long at 4 8525@4 8535, short at 4 8675@
4 8680 and cables at 4 8695@4 8705. On Monday
long fell 5 points to 4 8520@4 8530, while short rose
5 points to 4 8685@4 8690 and cables 10 points to
4 8705@4 8710. On Tuesday the market was quiet,
with long and short unchanged and cables 5 points
lower at 4 87@4 8710. On Wednesday long rose 10
points to 4 8530@4 8535, short 10 points to 4 8695@
4 87 and cables 5 points to 4 8705@4 8710. On
Thursday long fell 5 points to 4 8525@4 8530, short
5 points to 4 8690@4 8695, while cables rose 5 points
to 4 8705@4 8715. On Friday long advanced 10
points, short declined 5 points and cables were unchanged.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
Lxxxvit.
MR. TAFT'S SPEECH OF ACCEPTANCE.
We would not be stating the truth if we said
that the speech which Mr. Taft delivered at Cincinnati on Tuesday of this week in accepting the nomination of the Republican Party for President was not
a distinct disappointment. The country has had
such a surfeit of radical policies in Government affairs
and has suffered so severely in its business as a result
that an intense longing had grown up that the Republican candidate might recognize the need of the
hour and declare in favor of a conservative course
for the future. But to the regret of the whole business community, the conservative element is wholly
lacking in the speech. Mr. Taft not only declares
himself in entire accord with the Roosevelt policies,
but insists that these policies must be continued
and extended. Far from admitting the harm already
done by unwise legislation, he urges more legislation
of the same kind.
But, while Mr. Taft chooses to identify himself
completely with Mr. Roosevelt and all that Mr.
Roosevelt stands for, the tone of the address is neverMon., Tues., Wed., Thurs., Fri.,
Frt..
theless altogether different from that customary with the
July 24 July 27 July 28 July 29 July 30 July 31
-----President. There is no such inflammatory and explos86%
86%
86%
86%
86%
60 days 4 86%
Brown
87%
87%
87%
87%
87;5
Sight _.4 88
Brothers & Co
ive talk as that which has come from Mr. Roosevelt
86%
86%
86%
86%
86%
60 days 4 86%
Kidder, Peabody
87%
87%
87%
87;5
87%
Sight_ _ 4 88
& Co
86%
86%
86%
86%
at frequent intervals. Expressions like "predatory
86%
60 days 4 86%
Bank British
87%
87%
87%
87;5
87%
North America ___ Sight_ _ 4 88
86%
86%
86;5
86%
86%
86%
4
wealth" and "predatory corporations" "rich male60
days
Bank of
873,
87%
87%
87%
87;5
Sight_.4 88
Montreal
86%
86%
86%
86%
86%
&c., are not to be found in the address.
60 days 4 86%
factors,"
Canadian Bank
87%
873i
87%
87%
87;5
Sight_ - 4 88
of Commerce
86%
86%
86;5
86%
86;5
60 days 4 86%
Heldelbach, Ickelsome strongly worded phrases in the docuare
There
Sni
87%
87%
87%
87%
Sight_ _ 4 88
hehner & Co
86%
86%
86%
86%
86%
60 days 4 86%
Lazard
the epithets referred to, and many more
but
ment,
87;5
8734
87%
87%
87;5
Sight _ 4 88
Freres
86;5
86%
86%
86%
88%
60 days 4 86%
Merchants' Bank
in
which Mr. Roosevelt has been wont to
them,
like
87%
87%
87%
87;5
87%
ISIs_cht __ 4 88
of Canada
indulge, are absent. The style and tone are disThe market closed on Friday at 4 8530@ 8540 for tinctly judicial and here we see reflected the early
long, 4 8685@4 8690 for short and 4 8705@4 8715 for training of the man in the law and his experience
cables. Commercial on banks 4 85@4 8515 and docu- on the bench. It is the judge who is speaking.
ments for payment 4 843@4 85. Cotton for payment Temperamentally, and by training, Mr. Taft's mind
4 84M@4 84%, cotton for acceptance 4 85@4 8515 works in a totally different and more orderly way
%@4 85.
than that of Mr. Roosevelt. It is this fact which
and grain for payment 4 847
makes so many of us think he can be implicitly trusted
The following gives the week's movement of money as Chief Magistrate, notwithstanding the attitude
he takes, and would make an acceptable President.
to and from the interior by the New York banks.
Mr. Taft espouses radicalism throughout. So
Shipped by
IReceived by
Net Interior
N. Y. Banks. N. Y. Banks.
thoroughly devoted is he to radical ideas—always
Movement.
Week ending July 311908.
expressed in decorous language--that in some re$3,792,000 Gain $7.227,000
$11,019,000
Currency
609,000
1,674,000
Gain
1,065,000
Gold
spects he goes even further than the Republican
.$12,693,000
$4,401,000 Gain $8,292,000
Total gold and legal tenders
platform and appropriates some of the doctrines found
in the Democratic platform—such for instance as the
With the Sub-Treasury operations the result is as income tax. He denounces the Democratic platform
follows.
as socialistic and yet at every point seems anxious
Out ol
Into
Net Change in
to have it appear that he is prepared to go at least
Banks.
Banks.
Bank Holdings.
Week ending July 311908.
$4,401,000 Gain $8,292,000 as far in radicalism as his oponent, or the platform
Banks' interior movement, as above_ $12,693,000
31,350,000
33,750,000 Loss 2,400,000
Sub-Treasury operations
on which the latter stands. He speaks of Mr. Bryan's
$44,043,000 $38,151,000 Gain $5,892,000
Total gold and legal tenders
policies as destructive and yet commends Mr. Roosehave caused such widespread
The following table indicates the amount of bullion velt's policies, which
the
in
ruin
business world.
havoc and
in the principal European banks.
The key-note to the address is found in the followAug. 11907.
July 30 1908.
ing statements found near the opening of the address:
Banks ol
—
Gold. jSilver.
Total.
Total.
Gold.
Silver.
man who formulated the expression of the
"The
-- £
.£
£
.£
£
£
I
popular
conscience and who led the movement for
37,120,38 35,839,6821
England_ _ 37,120,3891
I 35,839,682
France _ _ _ 127,680,5511 36,287,8791163,968,43 112,030.1831 39,023,2434151,053,426
practical
reform was Theodore Roosevelt." "In
12,688,0004
31,215,0004
_
43,903.000
Germany
40,815,0001 16,915,0004 57,730,0
Russia _ _ _ 116,034,000
7,945,0001123,979,00 116,896,0004 6.708,0001123,604,000
Aus.-Hun _ 47,016.000 13,463,0004 60,479,00 45,620,0004 12,386,0001 58,006,000 this work Mr. Roosevelt has had the support and
15.668,000 26,989,0004 42,657,00 15,591,0004 25.780.0001 41,371,000
Spain .._
36,711,000 4,400.0004 41,111,00 33.682,0004 4.516.4004 38,198,400 sympathy of the Republican Party, and its chief
Italy
Netherl'ds 7,703.600 '4,246,1004 11,949,700 5,769,7004 5,744.3004 11,514,000
3.120.0004 1,560,0004 4,680,000 hope of success in the present controversy must rest
Nat.Belg.- 4,044,667 2,022,333 6,067,00
I 4,139,000
I 4,029,000 4,139.0001
Sweden _ _ 4,029,000
1,536,0004
Switzerrd. 3,955,000
I 1,536,000 on the
I 3,955,00
confidence which the people of the country
1,810,000
1,810.
1,680,00
Norway _ _ 1,680,000
--have
in
the sincerity of the Party's declaration in
407,248,565
108,405,943j515,854,508
Tot. week 442,457,207 112,268,312584,725,51
Prey.week 440,549,555 111,556.165552,105,72 408,793,202 109.454.0701518,247,332
its platform that it intends to continue the policies."
AUG. 1 1908.1
TIIE CHRONICLE
253
He also declares that the chief function of the next In other words, we are dealing with a proposition
Administration will be to complete and perfect the for extending the functions of the Federal Governmachinery by which the standards set by the Roose- ment to an entirely new field, vesting it with power
velt Administration may be maintained. Such ma- never before exercised over the country's industries
chinery, he contends, is not now adequate. He and trade. The proposition is found in both party
would enact new laws, not only for the regulation platforms, embodies a most dangerous innovation,
and control of the railroads, but also of industrial and we do not think the ordinary man understands
concerns. He says that the field covered by the what it implies or means. It is for this reason that
industrial combinations and by the railroads is so we deem it incumbent to dwell upon the subject.
very extensive that the interests of the public and The framers of the Democratic platform saw that to
the interests of the businesses concerned, cannot be suggest a law so sweeping in its nature without qualiproperly subserved, "except by reorganization of fying it so as to make the small owner feel he was
bureaus in the Department of Commerce and Labor, exempt from its operation—say the man controlling
of Agriculture, and the Department of Justice, and a corporation of $50,000 or $100,000 capital—would
a change in the jurisdiction of the Inter-State Com- be certain to ensure general condemnation of the
merce Commission." "It does not assist matters," proposition. So they undertook to make a dishe declares, "to prescribe new duties for the Inter- tinction with the view of reaching only the rich and
State Commerce Commission which it is practically powerful combinations or corporations. With that
impossible for it to perform, or to denounce new end in view, the platform proposes to limit the operoffenses with drastic punishment, unless subordinate ation of the license system to a manufacturing or
and ancillary legislation shall be , passed making trading corporation, controlling as much as 25 per
possible the quick enforcement, in the great variety cent of the product in which it deals and to prohibit
of cases which are constantly arising, of the prin- the control by such corporation of more than 50 per
ciples laid down by Mr. Roosevelt and with respect cent of the total amount of any product consumed
to which only typical instances of prosecution with in the United States.
Mr. Taft is not willing that the Democrats should
the present machinery are possible." He then
proceeds to outline what this "ancillary" legislation enjoy a tactical advantage of this nature and he acshould consist of. He thinks that the Inter-State cordingly adopts a similar position with regard to the
Commerce Commission "ought to be relieved of its matter. He sees it would be an element of great
jurisdiction as an executive, directing body, and its weakness to have it suggested that the Federal Govfunctions should be limited to the quasi judicial in- ernment contemplated regulating every man's busivestigation of complaints by individuals," and a great ness,and accordingly he declares himself to this effect:
many persons will agree with him in this. He would "The fact is, nearly all corporations doing a commercial
however, go further and create "a department of business are engaged in inter-State commerce and if
the Government charged with the executive business they all were required to take out a Federal license or
of supervising the operation of railways." This, of a Federal charter, the burden upon the inter-State
course, simply means more authority, more depart- business of the country would become intolerable."
mental control, more centralization. Mr. Taft also . This of course is the literal truth. He accordingly
urges legislation forbidding the issue in the future suggests classifying the corporations so as to insure
of inter-State railway stocks and bonds without "Federal supervision of such corporations as have the
power and temptation to effect restraints of interFederal authority.
State
trade and monopolies." He would also improve
favor
in
trust
declares
question, Mr. Taft
On the
the
on
Democratic position in other respects. He
the
recomamending
Anti-Trust
way
the
Law in
of
the opinion that the Democratic proposal
expresses
Hepburn
Roosevelt,
Mr.
through the
mended by
corporations having control of 25% of any
to
compel
Civic
Federation
Bill,
National
to
which
we
reor
ferred in these columns last week. This would product to submit to Government surveillance might
provide for a classification of corporations and create go too far—might cover a great many small corpora"a strong motive therefor," he says, "by granting tions engaged in the manufacture of special articles
immunity from prosecution for reasonable restraints or commodities and which would never come "within
of inter-State trade to all corporations which would the purview of real evil of the Anti-Trust Law." On
register and submit themselves to the publicity regu- the other hand, he thinks that the Democratic pia=
lations of the Department of Commerce and Labor." posal forbidding corporations to hold more than 50%
This is the bill of which Judge Grosscup said last of the plant in any line of manufacture does not go
April that it would "aggrandize beyond measure the far enough in the attempt to reach the rich and poweroffice of President of the United States, putting it ful corporations. For a corporation controlling a less
within the power of that single officer of the Govern- percentage of the products "may by well-known
ment to say what corporations shall live and what methods frequently effect monopoly and stamp out
corporations shall be outlawed," and of which Presi- competition in a part of the country as completely as
dent Woodrow Wilson of Princeton University said if it controlled 60 or 70% thereof." But this attempt
that if the provisions of that bill were enacted into to distinguish between the rich and powerful cor• law we would be substituting in this country per- porations and those of inconsequential character is
chimerical. If any such bill should become a law, it
sonal government for government by law.
It should be understood that in discussing this would be simply the entering wedge.
In the matter of court injunctions in labor disputes
proposition of amending the Anti-Trust Law we
are dealing not with suggestions for regulating the and the power of the courts to punish for contempt,
railroads or the carrying business, but for regulating Mr. Taft assails with great vigor the attitude of the
business of every nature and description in the land. Democratic platform in contending that in prosecu-
254
THE CHRONICLE
tions for contempt in Federal courts, where the violation of the order constituting the contempt charged
is indirect—that is, outside of the presence of the court
—there shall be a jury trial. He calls this "an insidious attack upon the judicial system" and backs up the
statement with convincing proof. He is willing that
the contempt proceedings should be brought up before
another judge, but that is as far as he will go. On
the other hand, with reference to requiring notice before issuing an injunction writ, his position is weak,
in our estimation, and assuredly unsatisfactory. He
is certainly straining when he says that "in the case
of a lawful strike the sending of a formidable document restraining a number of defendants from doing a
great many different things which the plaintiff avers
they are threatening to do, often so discourages men,
always reluctant to go into a strike, from continuing
what is their lawful right."
That Mr. Taft should have chosen to assume a
radical position in these various matters, where a conservative attitude would have been more in keeping
with his character and temperament, is of course
occasion for deep regret. However,for the reasons
given above, we do not despair. Furthermore,
in a little' over three months the Presidential election
will be a thing of the past. Then the people will
make their influence felt. With both parties committed to radical doctrines, they are deprived of the
chance to show their conservative leanings at the
polls, but they are sick and tired of the destructive
policies that have brought on the present industrial
prostration and will, we are sure, bring pressure to
bear in the legislative halls to the end that these
policies be discontinued. Then prosperity will return.
[VOL. Lxxxvia.
of pig iron during the six months to June 30 1908.
It appears that in this half-year period, the Make of
iron was only 6,918,004 tons, against 13,478,044 tons
in the first half of last year. In the long antecedent
period of prosperity, iron production, as is known,
advanced by leaps and bounds; and yet it is necessary
to go back eight years, to 1900, to find a half-yearly
period with so small an output as that for the first
half of 1908. The relapse follows almost entirely from
the great falling off in the orders for iron and steel by
the railroads. This inability of the railroads to give
orders in the accustomed way was not a sudden development. Close students of affairs saw last year
that there must be a sensible diminution in the activity
of the iron and steel industry, owing to the predicament in which the railroads were finding themselves,
though of course no one looked for such a tremendous
slump as that which has actually occurred. By
reason of adverse legislation, the credit of the railroads
was by degrees being undermined, so that they no
longer found it possible to raise new capital on advantageousterms with which to carry on their improvement
and extension work. This was a drawback even in
1906, and became a very pronounced feature in 1907.
Orders from the railroads were as a consequence very much reduced. The effect in the iron and
steel trade was not immediately apparent, as mills
and furnaces were kept busy on old .orders. With the
financial revulsions of last October and November,
however, the underlying weakness of the iron and
steel industry quickly came into view. Since then not
only have the new capital expenditures of the railroads
been on a very small scale, curtailing their buying
power in that way, but their buying power has been
further curtailed through enormous shrinkage in their
traffic and revenues, the iron and steel industries
which the railroads feed by their orders being the main
influence in this falling off in traffic. In the following
we furnish a summary showing the production of pig
iron by half-yearly periods back to the beginning
of 1899:
THE FALLING OFF IN IRON PRODUCTION.
Mr. James M. Swank of the American Iron Sc Steel
Association, with the same commendable promptness
as in the past, has made public the half-yearly statistics
of iron production in the United States, covering the
six months to June 30 1908. The present week, too,
we have had the income statement of the United States
PRODUCTION OF PIG IRON IN HALF-YEARLY PERIODS.
Gross Tons.
Gross Tons.
Steel Corporation for the same period of time. The 1839-1st half
8,173,438
6,234,1e7 1904-1st half
2d halt
8,323,505
2d half
7,331,536
two together serve to bring out in a striking way the 1900-1st
half
11,163,175
7,642,560 1905-1st half
2d half
2d half
11,820,205
6,146,673
great paralysis under which the iron and steel industry 1901-1st half
7,674,613 1006-1st half
12,582,250
2d half
2d half
8,203,741
12,724,941
1902-1st halt
8,808,574 1907-1st half
13,478,044
has labored during the current year. .
2d half
2d half
9,012,733
12,303,317
half
9,707,367 1908-1st halt
6,918,004
If, twelve months ago, any one had suggested any 1003-1st
2d half
8.301,885
such complete collapse in this most important industry,
Classifying the iron according to the fuel used in its
he would have found few to listen to him. The iron
production,
we get the following comparison for 1908
and steel trades have been notoriously subject to sharp
with
the
first
half of the four preceding years. There
ups and downs, but in his annual report, issued two
is a striking falling off under each head. Our readers
weeks ago, Mr. Swank, who is admittedly the highest
are familiar with the fact that the preponderating
authority, makes the statement that so violent, instant
portion of the iron is now made with bituminous coal
and widespread reaction as the iron trade has experiand coke as fuel. Iron in which anthracite alone is
enced since last October is entirely without precedent.
used has dropped almost out of sight, and even iron
Notwithstanding that the farmers harvested good crops
in which mixed anthracite coal and coke is employed
and obtained good prices for them, the mining and
forms a relatively insignificant portion of the whole.
manufacturing industries have sustained a severe rePRODUCTION OF IRON ACCORDING TO FUEL USED,
verse since last October, while our rail transportation
1004.
1905.
1907.
1006.
lines have suffered in a way that is altogether without First Six Months. 1008.
Bltum. coal and cokt 6,547,430 12,514,014 11,611,006 10,162,488 7,337,279
precedent in the country's history. As we have many Mlx:cj anthrac t and
815,028 607,624
coke
230,151
739,305
754,743
times pointed out, the railroads are the largest single Antaraclte
15,147
15,179
alone __ _
1,694
8,770
18,929
170,512 213,356
129,720
Charcoal
207,722
205,796
consumer of iron and steel, and when their
---6,018,004 13,476,044 12,582,250 11,163,175 8,173,438
Total
buying ceased the effect was immediately seen in a
tremendous slump in the iron and steel industry.
The depression in the iron trade continued throughThe extent to which the iron and steel trades have out the whole of the six months. Taking the figures
suffered is evident from Mr.Swank's total of the output of the "Iron Age" of this city as a basis, which do not
AUG. 1 1908.]
THE CHRONICLE
include the small amount of charcoal pig iron made,
the output for June was 1,088,634 tons; for May, 1,165,688 tons; for April, 1,149,602 tons; for March,
1,228,204 tons; for February, 1,077,740 tons, and for
January, 1,045,250 tons. Last October, when the
production reached a larger total than in any preceding month in the country's history, the make of iron
was no less than 2,336,972 tons. Mr. Swank reports
the whole number of furnaces in blast on June 30 1908
as 168, which is one more than on Dec. 311907, but
compares with 359 on June 30 1907.
With reference to the quarterly and half-yearly report of the United States Steel Corporation, this also
reflects the great depression in the steel trade, but at
thesame time furnishes a remarkable exhibit of strength
on the part of this, the world's foremost industrial
corporation. For the June quarter the total of ear nings (after deducting all expenses incident to operations, including those for ordinary repairs and maintenance of plants,and interest on bonds and fixed charges
of the subsidiary companies) reaches $20,265,756,
which is somewhat better than the results for the March
quarter, when earnings were but $18,229,005, but compares with no less than $45,503,705 in the June quarter of 1907 and with $40,125,033 in the June quarter
of 1906. In other words, income was more than cut
in two. And yet, in face of this great shrinkage in
profits, the June quarter, like the March quarter,
shows the quarter's dividend on both common and
preferred stocks earned in full, with a trifling surplus
remaining over. Of course this was accomplished
by cutting out entirely the appropriations for special
improvements and for additional property, construction, dm, which were on such an enormous scale in
1907, but even so, the exhibit is a marvelous one—
marvelous in indicating that, in a period of unprecedented depression in the steel trade,the company should
be able to show its dividends earned.
For the six months to June 30 1908, earnings were
only $38,494,761, against $84,626,197 in the first half
of 1907, but by omitting the $35,000,000 set aside for
additional property and special improvements in
1907, and by reducing the allowances for depreciation and reserve fund, this large loss was in great measure offset. The result is that a surplus remains above
the dividends for the half-year in 1908 of $815,065,
which compares with a surplus of $7,181,656 in the
first half of 1907 and $5,715,080 in thp first half of 1906.
Great interest always attaches to the record of
unfilled orders on hand furnished in these quarterly
statements, and of course in such a period of depression
like the present the figures are looked forward to with
a degree of interest approaching anxiety. It appears
that the aggregate of unfilled orders on June 30 was
smaller even than it had been at the end of the March
quarter, the comparison being 3,313,876 tons, against
3,765,343 tons. A year ago, on June 30 1907, the unfilled orders aggregated 7,603,878 tons, and on Dec. 31
1906, when the maximum figure was reached, the
amount was 8,489,718 tons. This exhibit would have
to be regarded as discouraging, indicating a continuance of the depression, except that it is accompanied
by some further information of a much more hopeful
nature. In brief, the announcement is made that in
the first twenty-four days of July new orders have
exceeded 26,000 tons per day, or enough to operate
72% of the Corporation's capacity. This is welcome
255
news, and if unfortunate political developments shall
not mar the favorable prospect, greatly improved results for the current or September quarter can be confidently counted on.
THE PASSING OF THE "EXPOSURE" MANIA.
One of the morning journals recalls to mind that, a
year or two ago, several of the low-priced magazines
were chiefly occupied with what came to be known as
"muck-raking." One of these writers, after the
subway here was opened, elaborately set forth how
New York had suffered itself to be cheated by a few
shrewd capitalists and constructers, and this same
notion that the city had made one very bad bargain
and must never make another resembling it was
responsible for the unwise law which in practice laid
an embargo on subway building. Another writer,
after the insurance investigation was over, produced
a series of articles which deliberately presented life
insurance as the phenomenal deception of the times,
and as certain to pass away, having been exhibited in
its true character. Another, who was the chief in
that line for that particular periodical, set forth successively "the shame" of Chicago and other cities,
corporations being of course held up to view as each
bad in its own way. The great packing-house exposure is one prominent case which cannot be forgotten yet,
and (as the morning journal puts it) "the brandished
rakes and the muck so filled the air that only, now and
then could any man catch sight of the stars of heaven."
There was money and a sort of fame for the muckrakers in this work, but the value of their investigations.
was destroyed in advance for all thinking persons by
the obvious bias which came from self-interest, since
these inquirers could not sell any but unfavorable
discoveries; in newspaper parlance, "stories" and
nothing else were wanted, the more startling and
shocking, the more salable; and no editor would have
paid more than ten dollars for a report that diligent
study of some important matter had found things on
the whole substantially as they should be.
Put all these tales of exposures in magazines and
newspapers together and for the moment suppose them
true in what they show and complete in giving the
whole case, and what then? Simply that accepting
them so is impossible; our continued national existence
disproves them. The force of statutes (although this is
a fundamental fact which people learn slowly or forget
periodically) lies not in themselves but in the average
public opinion of which they are only the verbal expression. If the anarchists were in the majority,
anarchy would speedily make an -end of itself. If
most of the people were not disposed to abide by law
and keep justice as well as human imperfections
permit, society would break up. Therefore, if all
these tales of woe and wickedness are true, if capital
were as dangerously bad as represented,and the vague
money power were likely to get control of all—we
should be in the stage where the soul has gone out of a
nation. The visible facts prove all the muck-raking
picture a vicious exaggeration.
We are now approaching the close of the most extraordinary National Administration the country has ever
had. Mr. Roosevelt's distinction, aside from his interesting personality, even in a state of rest, is that
he both says things and does things. The fact is
admitted, and the things said and done are unusual.
256
THE CHRONICLE
[VOL. Lxxxvii.
He has enforced the laws—as if there had not been
GOLD PRODUCTION FIRST HALF OF YEAR.
enforcement before him. He has stood as the chamThe gold production of the world for the half-year
pion of righteousness—as if righteousness had lacked
defenders. He has talked of equality and a square ending June 30, as indicated by reports at hand from
deal all around—as if those had been wanting. The the most important fields, and estimates from the
marvelous fact—if we accept superficial appearance smaller producers, shows in the aggregate a more
as fact—is that he has uncovered a condition of general moderate ratio of augmentation over the corresponding
badness, the chief of which is that capital is oppressive period of 1907 than was then exhibited over 1906, or
and law-defying, a malefactor, and predatory every- that 1906 recorded over 1905. And this notwithwhere, and dangerous in proportion to the scale on standing continued satisfactory development of Transwhich it associates; a corporation is impervious to mo- vaal and other African workings has been in progress.
ral considerations and presumptively on the defensive. From Africa we have become so accustomed to expect
It is not likely that anybody sincerely believes such better results from period to period that any informaa presentation, yet many talk it, insincerely or un- tion to the contrary would be hard to immediately
thinkingly; and it has a hurtful influence in many credit. But advices from Australasia, India and
ways, one of which is that the country has probably some smaller fields have for so long a time failed to
lost standing somewhat in civilized Europe for the encourage anticipations of increasing output that intime being; what could be expected when the Chief crease is no longer looked for. Canada, probably
Magistrate of a country declares that it is permeated more than any gold field that has sprung into prominwith wrong and poses as a Great Heart in defense of ence of recent years, has been a great disappointment.
Development of the Yukon district in the late 90s
the poor common people against giants in the way?
the country into prominence, but after 1900
brought
The effect upon our own people at home has not been
steadily decreased, year by year, reaching
product
the
good. There is not a shred of evidence that the
than one-third of the record total establess
1907
in
average feeling for justice and honesty has sunk below
years earlier. Improved results are exseven
lished
what it was in previous Administrations; and this
year,
but we have as yet no statistics going
this
pected
denunciation and prosecution, which has made a
their
realization.
prove
to
spots
and turning a
business of exposing alleged sore
Facts being as they are, interest chiefly centres on
strong light upon them, does not tend to quicken the
returns from Africa, and particularly those from
the
rather
to
moral sense—the tendency is
brutalize and
Witwatersrand
the
district, and not the less so because
great
moral
boasted
deaden it. When the
awakening is
carefully examined, it amounts to a general desire to of the doubt so lately entertained of ability to keep
get things, especially in the line of transportation up production to full volume on account of the labor
service, at others' expense—a demand for cheaper situation. But the labor problem seems no longer to
and better public service, without inquiry whether the be a matter of serious concern. Repatriation of the
thing is financially or even physically possible. An Chinese continues to progress and at the close of the
awakening to the sins of other persons is unnecessary half-year the number of that race working in the
—we are all of us sensible enough of those at all times. Transvaal mines was barely 21,000. Concurrent with
If men are more keenly and strictly scrutinizing their the departure of the Chinese the Witwatersrand native
own conduct, more anxious about the measure of their labor association has been replacing them with
own service, more concerned than formerly whether natives, thus solving the problem satisfactorily. Two
they are faithful in their own relations to others, then year ago, at the close of June, the aggregate working
there has been some moral uplift. There is"no reason— force in the mines was 129,886, of which 52,329 were
except faith in gradual progress on the whole—to believe Chinese; June 30 1907 the total was 141,284, including
that this has occurred; and,on the contrary,the deadens 51,497 Chinese,and at the close of last month the respecing tendency of exaggerated and constant"exposure"is tive numbers were 151,000 and about 21,000 Chinese.
As regards the output of gold, the Rand production
certain. The first apparent business of life,to the young,
is to get on and succeed. There can be no more demoral- for the six months ending June 30 1908 was 3,266,455
izinglessonthanthe suggestion that all persons are bad, fine ounces, against 3,028,336 fine ounces in the halfonly some manage to keep their work covered up; this is year 1907 and 2,543,729 fine ounces in the similar
easily taken to mean what is cynically called the eleventh period of 1906. Adding to these results the figures for
commandment, "thou shalt not get found out." the districts of the Transvaal outside of the Rand,
It is more than a coincidence that this exposure and which were 133,502 fine ounces in 1008, 110,396 in
pursuit of alleged malefactors Of great wealth and the 1907 and 112,720 in 1906, we have for the Transvaal
muck-raking by periodicals have occurred in the same as a whole 3,399,957 fine ounces as the yield for the
Administration; the relation between the two approach- half-year in 1908, which compaires with 3,138,732 fine
es that between cause and effect. But the muck-raking ounces in 1907 and 2,656,449 fine Ounces' in 1906.
has ceased; it is no longer profitable. Evidently the Outside the Transvaal, gold minind'in Africa is making
public is surfeited; the appetite for spiced dishes is steady development, and for the,six months of 1908 '
jaded. Quieter subjects and considerate treatment 500,000 fine ounces would be a coriservatilie approxiare coming in. The muck no longer fills the air as mation of the contribution to the world's new supply
an obscuring cloud, and the sky comes again into view. by Rhodesia, West Africa, Egypt, Sze., that aggregate
People are beginning to inquire whether everything in comparing with 425,000 fine ounces in 1907 and
this country—which may not necessarily be bad be- 335,000 fine ounces in 1906. The yield for Africa as
cause it is great—is as corrupt as the furious professors a whole, therefore, for the first half of the current year
of public virtue have proclaimed it to be. This is the has been 3,899,957 fine ounces, against 3,563,732
great encouragement—that soberness is surely begin- fine ounces for the same period last year and 2,991,449
fine ounces in 1906.
ning to rally.
AUG. 1 1908
Speaking of the Transvaal, we note that the new
Gold Law, which is looked upon as very satisfactory
by mining interests, is being most favorably considered
by the Transvaal Parliament. The law, according to
cables from Pretoria, confirms arid secures to holders
of mining titles all rights acquired under previous laws;
defines the exact relations between such holders and
the Crown; is liberal in providing aid to prospectors,
and generally for the development of the mineral resources of the country, and favors investors in mining
ventures. Its final enactment is considered a move
of great importance to the mining industry. It is also
reported from Pretoria that the Asiatic Registration
Act, the provisions of which were so bitterly resented
by British East Indians, will probably be repealed'at
an early date.
Australasia's production, as we intimated in reviewing the exhibit for the first quarter of the year, continues in the aggregate on a declining scale, this being
due, as heretofore pointed out, to disappointing results
in the lower levels. For the first half of 1908 the
returns, as received by us, indicate an output approximating only about 1,500,000 fine ounces, against about
1,675,000 fine ounces in the six months of 1907 and
1,900,000 fine ounces in 1906. The Colar field of
India, the most important workings in that country,
reports a yield of 261,093 ounces for the current halfyear, against 260,743 ounces and 286,221 ounces,
respectively, for the six months of 1907 and 1906.
Combining the aggregates for Africa, Australasia and
India, the only countries from which actual statistics
of gold production for any periods less than a year
can be obtained, we have a total for the six months
of 1908 of 5,661,050 ounces, against 5,499,475 ounces
in 1907 and 5,177,670 ounces in 1906. The excess
over 1907 for the half-year is thus seen to be 161,575
ounces, or a little less than 3%. With this rate of increase kept up, and no augmentation or decrease in
the aggregate amount received from mines in the
United States, Mexico, Canada, &c., the indications
would seem to be for a world's product in the calendar
year 1908 of approximately 20 million fine ounces, or
about a third of a million fine ounces greater than in
1907.
A further important increase in the world's visible
stock of gold is to be recorded the past three months.
Referring to the subject on May 2 1908, page 1065, we
showed how the general stock of gold in the United
States had risen from $1,?84,943,124 on Jan. 1 1906
to $1,604,530,493 on Jan. 1 1908 and $1,642,565,614 on April 1, the amount actually in
circulation (either in coin or certificates represented by coin), concurrently advancing from
$1,135,107,044 to $1,355,186,522 and $1,438,073,534, this representiing an addition of 358
millions to the general , stock and 300 millions to
circulation, lin 214 years. Since the last-mentioned
date and as ,a result of gold exports, the general stock
has dropped to $1,616,220,178, and gold in circulation
to $1,403,017,937, at which figures they stood July 1.
But in the same interval gold holdings by European
banks have appreciated considerably, so that the
aggregate holdings in sight here and in Europe are
well in excess of April 1. This is indicated in the
following compilation, in which we attempt to show
approximately the disposition made of the half-year's
new supply of gold.
251
THE CHRONICLE
GOLD PRODUCTION AND DISTRIBUTION SIX MONTHS
ENDING JUNE 30.
' 1908.
Product of Africa
Australasia __
India
. 1907.
1906.
$80,619,000
31,005,000
4,950,000
$73,669,000
34,625,000
, 4,940,000
$61,839,000
39,276,000
5,230,000
Total
$116,574,000
PrOduct of UnitedStates(est)
44,800,000
42,332,000
other coun. (est)
$113,234,000
44,800,000
42,332,000
$106,345,000
47,600,000
44,240,000
$200,366,000
$198,185,000
Total world's product_ ___
$203,706,000
Aggregate gold holdingsU.S.
and European banks Jan.1 $3567,000,000 $3351,300,000 $3135,500,000
do
do
July 1 _ _ 3717,000,000 3431,000,000 3280,800,000
Increase
$150,000,000
Leaving as used In arts or
gone to Increase holdings
elesewhere
$53,706,000
$79,700,000
$145,300,000
$120,666,000
$52,885,000
The above statement calls for no special explanation
or comment other than what has preceded it. The
fact it brings out conspicuously is that since the opening
of the calendar year 1908 about $150,000,000, or an
amount equaling two-thirds of the estimated gold
production of the period,has gone to increase the stock
of gold held in the United States or by European banks.
In the like interval of 1907 the same institutions added
only $79,700,000 to their holdings, but in 1906 absorbed .almost as great an amount as in the current
year.
AMENDMENTS TO MASSACHUSETTS SAVINGS
BANK INVESTMENT LAW.
Prior to its adjournment in June, the Massachusetts
Legislature passed a bill (Chapter 590, Acts of 1908) making
numerous changes in the Savings Bank Laws of thatState,
both as regards investments and in other respects. In a circular issued by the State Bank Commissioner to the treasurers and members of the boards of investments of the various
savings banks throughout the Commonwealth, a summary
of the most important of these changes is furnished as follows:
1. Both the authority and the responsibility of the Bank Commissioner
have been increased.
2. Incorporation of new savings banks may be accomplished through a
certificate of the board of bank Incorporation.
3. The corporation must have a membership at least 66 2-3 per cent
larger than the board of trustees.
4. A thorough audit Is required at least once a year.
5. Deposits may, under certain conditions, be received at places other
than the main office.
6. When pass books are lost, duplicate books may be issued without
requiring bonds of indemnity.
7. Periodical re-valuation of mortgaged properties is required.
8. The railroad bond law Is made general Instead of specific.
9. Bonds of telephone companies are made legal.
10. The clause relative to loans on personal security has been modernized
and made more specific, and unnecessary sureties are no longer required.
The changes made in that portion of the new Act relating
to investments (Part V, Section 68) are outlined by the Bank
Commissioner as follows:
PART V. INVESTMENTS.
Section 68. First.—Loans on Real Estate.—Section 29 of Chapter 113
of the Revised Laws relative to the Ming of written applications for all
loans Is repealed, but written applications for mortgage loans to be made
and flied.
Loans on unimprovedland unproductive real estate not to exceed forty
per cent of the value of the real estate.
Formal re-valuation of each piece of mortgaged property to be made
periodically.
Second—Public Funds.—Water districts in New England States Other
than Massachusetts to have at least 5,000 Inhabitants within their limits.
Bonds of certa n cities of 200,000 or more inhabitants authorized for
investment with a net Indebtedness not exceeding seven per cent of valuation.
"Net indebtedness" defined for States other than Massachusett.4.
Third—Railroad Bonds.—Clause divided into three parts relating respectively to (1) Massachusetts Railroads; (2) New England Railroads;
(3) Other Railroads. All of Its provisions are general. The general plan,
omitting details, is as follows:
MASSACHUSETTS RAILROADS.
Authorizes for investment bonds or notes of a Massachusetts' railroad
which has paid cash dividends of four per cent on all of its issues of stock
forithe five years next preceding the date of investment..
NEW ENGLAND RAILROADS.
Authorizes for Investment first or refunding mortgage bonds issued,
assumed or guaranteed by any New England railroad which has paid cash
dividends of four per cent on all of its outstanding stock for the five years
next preceding the date of investment; but the amount paid in dividends
must equal one-third of the amount paid in interest on its funded indebtedness.
OTHER RAILROADS.
Authorizes for investment certain bonds of any railroad incorporated
In any of the United States which has, during each of the ten years next
preceding the date of investment, (1) either owned five hundred miles of
railroad, or,owning less mileage,had gross earnings of not less than fifteen
million dollars; (2) paid the matured principal and Interest of all of its
258
THE CHRONICLE
mortgage Indebtedness; (3) paid cash dividends of four per cent on all of
Its outstanding capital stock; (4) had gross earnings equal to at least five
times the amount necessary to pay Its interest and rentals.
All railroads mentioned in subdivision (c) of clause fourth of Section 26
of Chapter 113 of the Revised Laws are to be considered as having complied with all these requirements up to and including the fiscal years of 1908.
The amount of capital stock outstanding must equal at least one-third of
•
the total authorized Indebtedness.
The bonds authorized for investment must be either first mortgages or
refunding mortgages. The first mortgages must be a first lien on not less than
100 miles of railroad, exclusive of sidings, and, except in the case of general
refunding mortgages, the date of all mortgages securing such bonds must
be at least five years prior to the date of investment, and the railroad subject to the lien of the mortgage must have been operated by the corporation
which issues, assumes or guarantees the bonds for at least five years prior
to the date of Investment.
It is provided, under certain conditions, that railroad corporations are
not to lose credit by temporary disturbance of the relation of gross earnings
to fixed charges; that bonds are not to become Illegal on account of consolidation, and that the credit of a corporation Is not to be lost by consolidation.
Fourth.—Present Investments are not to become Illegal.
Fifth—Street Railway Bonds.—General provision inserted relative to
dividends to stockholders of leased corporations.
Sixth—Telephone Company Bonds.—Bonds of telephone companies
which comply with certain provisions are authorized for investment.
Savings bank to invest not more than two per cent of its deposits in telephone company bonds.
Seventh—Bank Stock and Deposits in Banks.—Not more than twenty,
Instead of thirty-five, per cent of the deposits to be held, both by way of
Investment or as security for loans, in bank stocks. Not more than two
and one-half per cent of the deposits nor in any case more than $500,000,
to be deposited in any one national bank or trust company.
Eighth—Loans on Personal Security.—Especial attention is called to
this clause. It Is divided into the following five classes, and no loan may
be made for a period exceeding one year:
(a) Notes which are the joint and several obligation of three responsible
citizens of Massachusetts.
Note.—The amount which a savings bank may loan to any one person
in this manner is limited to one per cent of its deposits.
(b) Notes of certain corporations with one or more substantial sureties.
Note.—The corporations which may borrow are limited to (1) Massachusetts corporations; (2) corporations with Massachusetts selling houses
as sureties; (3) corporations one-half of the property of which is located in
New England, with a Massachusetts surety.
No corporation may borrow from a savings bank unless It is regularly
audited by an accountant approved by the Bank Commissioner. A form
for the reports of such audits is now in course of preparation.
(c) Notes or bonds of certain public service corporations doing business
In Massachusetts.
Note.—Permits the investment in any such note or bond, maturing
within one year.
(d) Notes or bonds of certain railroads.
Note.—Permits the investment in any such note or bond maturing within
one year. Includes equipment trust bonds.
(e) Notes with certain securities as collateral.
Note.—On a note secured by collateral only one name is required.
In the case of loans secured by mortgages the mortgage must be a first
mortgage and must comply with the requirements prescribed for loans on
real estate. Compliance with these requirements will necessitate the
valuation and certification by the investment committee as in the case of
loans on real estate. Second mortgages are not authorized as collateral.
The Attorney-General has advised this department that all assignments of
mortgages should be recorded.
When loans are made under the provisions of paragraph 5, the Commissioner Is authorized to disapprove the collateral. A statement is being
prepared of the classes of collateral which have brought loss to the savings
banks in the past. This will be Issued to boards of investment as soon as
It is prepared, as a guide to the classes of collateral which would be likely
to be disapproved.
Clause eighth, relating to loans on personal security, does not become
effective until November 1908, until which time clause seventh of Section
26 of Chapter 113 of the Revised Laws remains in effect. (See Section 71.)
Loans on railroad bonds, loans on railroad stock, loans on bank stock,
&c., should be classified as heretofore until November 1, after which date
they will be grouped under loans on personal security.
Ninth—Bank Building,—Amount Invested not to exceed the guaranty
fund and undivided earnings, &c.
Tenth—Real Estate Acquired by Foreclosure.—In selling real estate
acquired by foreclosure, a mortgage may be taken from a bona fide purchaser to secure the whole or any part of the purchase price:
Note.—Conflict with the sixty per cent requirement of the "loans on
real estate" clause is thereby avoided.
Thirteenth.—The Commissioner to issue list of railroad, street railway
and telephone bonds which are legal Investments.
We give below in full Section 68 of the new Act:
SECTiON 88. Deposits and the income derived therefrom shall be
Invested only as follows:
FIRST—First Mortgages of Real Estate.—In first mortgages of real estate
located in this Commonwealth not to exceed sixty per cent of the value of
such real estate; but not more than seventy per cent of the whole amount
of deposits shall be so invested. If a loan is made on unimproved and unproductive real estate, the amount loaned thereon shall not exceed forty
per cent of the value of such real estate. No loan on mortgage shall be
made except upon written application showing the date, name of applicant,
amount asked for and security offered, nor except upon the report of not
less than two members of the board of investment, who shall certify on
said application according to their best judgment the value of the premises
to be mortgaged; and such application shall be filed and preserved with
the records of the corporation.
At the expiration of every such loan made for a period of five or more
years, not less than two members of the board of investment shall certify
In writing, according to their best judgment, the value of the premises
mortgaged; and the premises shall be revalued in the same manner at intervals of not more than five years so long as they are mortgaged to such corporation. Such report shall be filed and preserved with the records of the
corporation. If such loan is made on demand or for a shorter period than
five years, a revaluation In the manner above prescribed shall be made of
the premises mortgaged not later than five years after the date of such loan
and at least every fifth year thereafter. If at any time a revaluation Is
made the amount loaned Is in excess of sixty per cent, or in the case of unimproved and unproductive real estate In excess of forty per cent, of the
value of the premises mortgaged, a sufficient reduction in the amount of
the loan shall be required, as promptly as may be practicable, to bring the
loan within sixty ner cent, or In the case of unimproved or unproductive
real estate within forty per cent, of the value of said premises.
SECOND—Public Funds.—(a) In the public funds of the United States
or of any of the New England States.
(b) In the bonds or notes of a county, city or town of this Commonwealth.
(c) In the bonds or notes of an incorporated district in this Commonwealth whose net indebtedness does not exceed five per cent of the last preeding valuation of the property therein for the assessment of taxes.
[VOL. Lxxxvii.
(d) In the bonds or notes of any city of Maine, New Hampshire, Vermont, Rhode Island or Connecticut whose net Indebtedness does not exceed
five per cent of the last preceding valuation of the property therein for the
assessment of taxes; or of any county or town of said States whose net Indebtedness does not exceed three per cent of such valuation; or of any
Incorporated water district of said States which has within Its limits more
than five thousand inhabitants, and whose bonds or notes are a direct obligation on all the taxable property of such district and whose net indebtedness does not exceed three per cent of such valuation.
(e) In the legally authorized bonds of the States of New York, Pennsylvania, Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Missouri
and Iowa and of the District of Columbia, and In the legally authorized
bonds for municipal purposes, and In the refunding bonds Issued to take up
at maturity bonds which have been issued for other than municipal purposes, but on which the interest has been fully paid, of any city of the aforesaid States, which has at the date of such investment more than thirty
thousand Inhabitants, as established by the last national or State census
or city census, certified to by the City Clerk or Treasurer of said city,
and taken in the same manner as a national or State census, preceding such
Investment, and whose net indebtedness does not exceed five per cent of
the valuation of the taxable property therein, to be ascertained by the last
preceding valuation of property therein for the assessment of taxes; and of
any city of the aforesaid States or of any of the New England States or of
the States of Maryland and Kentucky, which has at the date of such investment more than two hundred thousand inhabitants, so established,
and whose net indebtedness does not exceed seven per cent of the valuation
of the taxable property therein, established and ascertained as above
provided.
In subdivisions a and e of this clause the words "net indebtedness"
mean the indebtedness of a county, city, town or district, omitting debts
created for supplying the inhabitants with water and debts created in anticipation of taxes to be paid within one year, and deducting the amount of
sinking funds available for the payment of the Indebtedness included.
RAILROAD BONDS.
Massachusetts Railroads.
or notes, issued in accordance with the laws
the
bonds
THIRD.—(a) In
of tnis Commonwealth, of a railroad corporation Incorporated therein
the railroad of which is located wholly or in part therein, which has paid In
dividends in cash an amount equal to not less than four per cent per annum
on all its outstanding issues of capital stock in each fiscal year for the five
years next preceding such investment, or in the first mortgage bonds of
a terminal corporation incorporated in this Commonwealth and whose
property is located therein, which is owned and operated, or the bonds of
which are guaranteed as to principal and Interest, or assumed, by such
railroad corporation. Any shares of the capital stock of a railroad corporation leased to such railroad corporation, which are owned by said lessee
corporation, shall not be considered as outstanding within the meaning of
this subdivision.
New England Railroads.
•
(b) In the bonds of a railroad corporation incorporated in any of the
one-half of toe railroad of which is located in
least
at
States
England
New
said States, whether such corporation is In possession of and is operating
Its own road or is leased to another railroad corporation; provided, either
that such bonds shall be secured by a first mortgage of the whole or a part
of the railroad and railroad property of such corporation, or that if the
railroad and railroad property of such corporation are unincumbered by
mortgage, such bonds shall be Issued under the authority of one of said
States which provides by law that no such railroad corporation which has
Issued bonds shall subsequently execute a mortgaqe upon its row', equipment and franchise or upon any of its real or personal property, without
Including in and securing by such mortgage all bonds previously issued
and all Its pre-existing debts and liabilities, which provision, so enacted in
such State, shall have been accepted by the stockholders of such corporation, and provided, that such corporation has paid in dividends in cash an
amount equal to not less than four per cent per annum on all its outstanding
Issues of capital stock in each fiscal year for the five years next preceding
rs
t.
t
e
fin
such investment.
mortgage bonds of a railroad corporation Incorporated In
(c)
any of the New England States the railroad of which is located wholly or in
part therein, which have been guaranteed as to principal and interest or
assumed by a railroad corporation described in subdivisions a or b which Is
in possession of and is operating its own road.
(iLl) In the refunding mortgage bonds, as described in paragraphs 3 or 4
of subdivision Q. of a railroad corporation described in subdivision b or c;
provided, that no bonds shall be made a legal Investment by subdivisions
b, c or d unless the corporation which Issued, assumed or guaranteed such
bonds has, during its fiscal year next preceding the date of such investment,
paid In dividends on its capital stock an amount equal, in the case of bonds
which it has issued or assumed, to one-third the total amount of interest
paid on all its direct and assumed funded indebtedness, and in the case of
bonds which it has guaranteed to one-third the total amount of Interest
paid on all its direct, assumed and guaranteed funded Indebtedness.
. Other Railroads.
(e) In the mortgage bonds, as described in any of the following subdivisions of this clause, of any railroad corporation Incorporated under the
laws of any of the United States:
Provided, that during each of the ten fiscal years of such railroad corporation next preceding the date of such Investment—
(1) Such railroad corporation owned in fee not less than five hundred
miles of standard-gauge railroad, exclusive of sidings, within the United
States, or if such corporation owned In fee less than five hundred miles of
such railroad, the gross earnings of such corporation, reckoned as hereinafter provided, shall have been not less than fifteen million dollars;
(2) Such railroad corporation shall have paid the matured principal and
nterest of all its mortgage Indebtedness;
(3) Such railroad corporation shall have plaid in dividends in cash to its
stockholders an amount equal to at least four per cent upon all Its outstanding capital stock:
s4.1(4) The gross earnings from the operation of the property of such railroad corporation, including therein the gross earnings of all railroads leased
and operated or controlled and operated by said corporation, and the gross
earnings from the sale of coal from mines owned or controlled by it, shall
not have been less in amount than five times the amount necessary to pay
the Interest payable upon its entire outstanding indebtedness, the rentals
of all leased lines, and the interest on all the outstanding indebtedness of
railroads controlled and operated which is not owned by said corporation
after deducting from said interest and rentals Interest and dividends
received from the stocks, bonds or notes of railroad corporations not operated by said corporation, which have been deposited with a trustee as
the only security to secure the payment of bonds or notes issued by said
c
no
ortp
es
o:ration, but not In excess of the interest on said last-named bonds or
And further provided, that—
(5) No bonds shall be made a legal investment by subdivision g In case
the mortgage securing the same shall authorize a total Issue of bonds
which, together with all outstanding prior debts of the issuing or assuming
corporation, including all bonds not issued that may legally be issued
under any of Its prior mortgages or of its assumed prior mortgages, after
deducting therefrom, In case of a refunding mortgage, the bonds reserved
under the provisions of said mortgage to retire prior lien debts at maturity.
shall exceed three times the outstanding capital stock of said corporation
at the date of such investment.
(6) No bonds shall be made a legal investment by subdivision or .2 in
case the mortgage securing the same shall authorize a total issue of bonds
which, added to the total debt of the guaranteeing corporation as defined
In paragraph five, including therein the authorized amount of all previously
guaranteed bond issues, shall exceed three times the capital stock of such
guaranteeing corporation outstanding at the date of such investment; nor
in case at said date the total debt of the corporation which Issued said bonds
shall exceed three times Its outstanding capital stock.
In the case of a mortgage executed prior to the passage of this Act,
under which the total amount of bonds which may be issued is not specifically stated, the amount of bonds outstanding thereunder at the date of
such investment shall be considered, for the purposes of paragraph five
and of this paragraph, as the total authorized issue
(7) Any railroad corporation which is mentioned in subdivision c of
clause fourth of section twenty-six of chapter one hundred and thirteen of
the Revised Laws shall be considered as having compiled with all the requirements of this subdivision preceding paragraph five on to and including
the fiscal year of said corporation in which this Act is passed.
DESCRIPTION OF BONDS.
'
(1) Definition of First Mortgage.—Whenever the term "first mortgage,
Is used in the following subdivisions, It shall mean, unless otherwise quail.
AUG. 1 1908.1
THE CHRONICLE
of the railroad
fled, a first mortgage on not less than seventy-five per cent corporation
on
owned in fee at the date of the mortgage by the railroad
no case on less than
the railroad of which said mortgage Is a lien, but inrailroad,
of
exclusive
standard-gauge
of
miles
continuous
one hundred
sidings; provided, that seventy-live per cent of the railroad subject to the
lien of said mortgage is connected;
For five years prior to the date of investment therein all the railroad
has
subject to the lien of said mortgage at the date of execution thereof
been operated by, and Its operations included In, the operations of the
bonds;
said
guarantees
or
assumes
issues,
which
railroad corporation
The date of said mortgage is at least five years prior to the date of such
investment; except that a first mortgage given in substitution for and not
greater in amount than such a first mortgage, and covering the same railroad property, shall be considered to be in accordance with this requirement.
(g) Direct Obligations.—Bonds issued or assumed by a railroad corporation described in subdivision e, which are secured by a mortgage which was
at the date thereof or is at the date of such investment—
(1) A first mortgage on railroad owned In fee by the corporation issuing
- that, If it is not a first mortgage on seventyor assuming said bonds, exc.p:,
five per cent of all such railroad owned in fee by said corporation, it shall be
a first mortgage, on at least seventy-five per cent of the railroad subject
to the lien of said mortgage at the date thereof; but if any stocks or bonds
are deposited with the trustee of said mortgage as part security therefor,
representing or covering railroad mileage not owned in fee, the bonds secured by said mortgage shall not become legal investments unless said
corporation owns in fee at least seventy-five per cent of the total mileage
which is subject to the lien of said mortgage and which Is represented or
covered by said stocks or bonds;
(2) A first mortgage, or a mortgage or trust Indenture which is in effect
a first mortgage,upon all the railroad subject to the lien of said mortgage
or trust Indenture, by virtue of the irrevocable pledge with the trustee
thereof of an entire Issue or issues of bonds which are a first lien, upon the
railroad of a railroad corporation which is owned and operated, controlled
and operated or leased and operated by the corporation issuing or assuming
said bonds;
(3) A refunding mortgage which covers at least seventy-five per cent of
the railroad owned in fee by said corporation at the date of said mortgage
and provides for the retirement of all outstanding mortgage debts which are
a prior lien upon said railroad owned in fee and covered by said refunding
mortgage at the date thereof;
(4) A mortgage upon not less than ten per cent of the railroad, exclusive of sidings, owned in fee at the date of said mortgage by the corporation issuing or assumingsaid bonds, but in no case on less than five hundred
continuous miles of standard-gauge railroad: provided, that—seventy-live
Said mortgage is a first or second lien upon not less than
per cent of the total railroad covered by said mortgage at the date thereof,
and which provides for the retirement of all mortgage debts which are a
prior lien upon said railroad owned in fee and covered by said mortgage,
at the date of the execution thereof;
The bonds secured by said mortgage mature at a later date than, and
cover a mileage at least twenty-five per cent greater than is covered by.
any of the bonds secured by a prior lien mortgage so to be retired;
The date of said mortgage shall be at least five years prior to the date of
such investment.
(h) Bonds Underlying Refunding Mortgages.—Mortgage bonds or bonds
secured by mortgage bonds which are a direct obligation of, or which have
been assumed, or which have been guaranteed by endorsement as to both
principal and interest, by a railroad corporation whose refunding mortgage
bonds are made a legal investment under paragraphs three or four of subdivision g: provided, that—
Said bonds are prior to and are to be refunded by such refunding mortgage;
Said refunding mortgage covers all the real property upon which the
mortgage securing said underlying bonds is a lien*
In the case of bonds so guaranteed or assumed, the corporation Issuing
said bonds is owned and operated, controlled and operated, or leased and
operated, by said railroad corporation.
(I) Guaranteed Obligations.—Bonds which have been guaranteed by endorsement as to both principal and interest by a railroad corporation which
has complied with all the provisions of subdivision e: provided, that—
Said bonds are secured by a first mortgage on the railroad of a railroad
corporation which is owned and operated, controlled and operated, or
leased and operated, by the corporation guaranteeing said bonds;
In the case of a leased railroad, the entire capital stock of which, except
shares qualifying directors, is not owned by the lessee, the rental includes
an amount to be paid to the stockholders of said leased railroad equal to at
least four per cent per annum upon that portion of the entire capital stock
thereof outstanding which is not owned by the lessee.
(1) First mortgage bonds of a railroad corporation which has complied
with all the requirements of paragraphs two, three and four of subdivision
e; provided, that said bonds are guaranteed by endorsement as to both
principal and interest by a railroad corporation which has complied with
all the requirements of subdivision e preceding paragraph five, notwithstanding that the railroad of said issuing corporation is not operated by
said guaranteeing corporation.
CORPORATION NOT TO LOSE CREDIT BY TEMPORARY DISTURBANCE OF RELATION OF GROSS EARNINGS TO FIXED CHARGES.
(k) Bonds which have been or shall become legal Investments under any
of the provisions of this Act shall not be rendered illegal although the corporation issuing, assuming or guaranteeing such bonds shall fall for a period
not exceeding two successive fiscal years to comply with the requirements of
Paragraph four of subdivision e; but no further Investment in the bonds
issued, assumed or guaranteed by said corporation shall be made during
said period. If after the expiration of said period said corporation complies
for the following fiscal year with all the requirements of subdivision e, it
shall be regarded as having complied therewith during said period.
BONDS NOT TO BECOME ILLEGAL ON ACCOUNT OF
CONSOLIDATION.
(1) Bonds which have been or shall become legal investments under any
of tile provisions of this Act shall not be rendered illegal, although the
property upon which they are secured has been or shall be conveyed to or
legally acquired by another railroad corporation, and although the corporation which issued or assumed said bonds has been or shall be consolidated
with another railroad corporation, if the consolidated or purchasing corporation shall assume the payment of said bonds, and so long as It shall
continue to pay regularly interest or dividends, or both, upon the securities
issued against, in exchange for, or to acquire the stock of the corporation
consolidated, or the property nurchased, or upon securities subsequently
issued in exchange or substitution therefor, to an amount at least equal to
four per cent per annum unon the capital stock, outstanding at the time of
such consolidation or purchase, of said corporation which issued or assumed
said bonds.
CREDIT OF A CORPORATION NOT TO BE LOST BY
CONSOLIDATION.
(m) If a railroad corporation which has complied with all the requirements of subdivision e preceding paragraoh five, except that the period of
compliance is less than ten, but not less than five successive years, shall be,
or shall have been, thereupon consolidated or merged into, or Its railroad
purchased and all of the debts of such corporation assumed by, another
railroad corporation Incorporated under the laws of any of the United States,
such corporation so succeeding shall be considered as having complied with
all the provisions of subdivision e preceding paragraph five during those
successive years next preceding the date of such consolidation, merger or
Purchase in which all said consolidated. merged or purchased corporations,
if considered as one continuous corporation In ownership and possession,
would have so complied: provided, that said succeeding corporation shall
continue so to comply for a further period which shall make such compliance
equivalent to at least ten successive years, but which shall be in no case
less than the two fiscal years next following said consolidation, merger or
purchase.
STREET RAILWAY CORPORATIONS ARE NOT RAILROAD
CORPORATIONS.
(n) In this Act, unless the context otherwise requires, "railroad corporation" means a corporation which owns or is in possession of and operating
a railroad or railway of the class usually operated by steam power. Street
railway corporations are not railroad corporations within the meaning of
this Act.
PRESENT INVESTMENTS NOT TO BECOME ILLEGAL.
POURTH.—The provisions of this Act shall not render illegal the investment in any mortgages of real estate held by such corporation at the time
of its passage, nor the investment at such time or thereafter In any issue
of bonds or notes dated prior to its passage, in which such corporation was
then authorized to invest, so long as such bonds or notes continue to comply with the requirements of law then in force.
259
STREET RAILWAY BONDS.
FIFTH.—In the bonds of any street railway company incorporated in
this Commonwealth the railway of which is located wholly or in part
therein, and which has earned and paid in dividends in cash an amount
equal to at least five per cent upon all its outstanding capital stock in each
of the five years last preceding the certification by the Board of Railroad
Commissioners hereinafter provided for. No such investment shall be
made unless said company appears from returns made by it to the Board of
Railroad Commissioners to have properly paid said dividends without impairment of assets or capital stock, and said board shall on or before the
fifteenth day of January in each year certify and transmit to the Bank
Commissioner a list of such street railway companies.
Dividends paid by way of rental to stockholders of a leased street railway
company shall be deemed to have been earned and paid by said company
within the meaning of this clause, provided that said company shall have
annually earned, and properly paid in dividends in cash, without Impairment of assets or capital stock, an amount equal to at least five per cent
upon all Its outstanding capital stock In each of the five fiscal years next
preceding the date of the lease thereof.
If two or more street railway companies have been consolidated by purchase or otherwise during the five years prior to said certification, the payment severally from the earnings of each year of dividends equivalent in
the aggregate to a dividend of five per cent on the aggregate capital stocks
of the several companies during the years preceding such consolidation
shall be sufficient for the purpose of this Act.
TELEPHONE COMPANY BONDS.
SIXTH.—In the bonds of any telephone company subject to the provisions of section thirty-seven of chapter fourteen of the Revised Laws,
and of which a majority of the directors are residents of the Commonwealth:
Provided, that during each of the five fiscal years of such telephone company next preceding the date of such investment—
(1) The gross Income of such telephone company shall have been not less
than ten million dollars per annum.
(2) Such telephone company shall have paid the matured principal and
Interest of all its Indebtedness.
(3) Such telephone company shall have paid in dividends in cash an
amount equal to not less than six per cent per annum on all its outstanding
issues of capital stock.
(4) The dividends paid on the capital stock of such telephone company
shall not have been less than the total amount necessary to pay the interest
upon its entire outstanding indebtedness.
And further provided that such bonds shall be secured either (a) by a
first mortgage upon at least seventy-five per cent of the property of such
telephone company or (b) by the deposit with a trust company incorporated
under the laws of this Commonwealth of bonds and shares of stock of other
telephone corporations, under an indenture of trust which limits the amount
of bonds so secured to seventy-five per cent of the value of the securities
deposited as stated and determined in said indenture, and provided that
during each of the five years next preceding such Investment the annual
Interest and dividends paid in cash on the securities deposited have
amounted to not less than fifty per cent in excess of the annual interest on
the bonds outstanding and secured by said deposit. Not more than two
per cent of tile deposits of any savings bank shall be invested in the bonds
of telephone companies.
BANK STOCKS AND DEPOSITS IN BANKS.
SEVRNTH.—In the stock of a banking association located in the New
England States and incorporated under the authority of the United States,
or in the stock of a trust company incorporated under the laws of and doing
business within this Commonwealth, but such corporation shall not hold,
both by way of investment and as security for loans, more than twenty per
cent of its deposits in the stock of such associations or companies, nor in any
one such association or company more than three per cent of its deposits
in, nor more than one hundred thousand dollars nor more than one-quarter
of the capital stock of, such association or company. Such corporation
may deposit not more than two and one-half per cent of its deposits in any
banking association incorporated under the authority of the United States
and located in this Commonwealth, and in any trust company incorporated
in this Commonwealth, but such deposit shall not in any case exceed five
hundred thousand dollars nor twenty-five per cent of the capital stock and
surplus fund of such depositary.
LOANS ON PERSONAL SECURITY.
EIGHTH.—In loans of the classes hereafter described, payable and
to be paid or renewed at a time not exceeding one year from the date
thereof; but not more than one-third of the deposits and income shall so
be invested, nor shall the total liabilities to such corporation of a person,
partnership, association or corporation for money borrowed upon personal
security, Including in the liabilities of a partnership or company not incorporated the liabilities of the several members thereof, exceed five per
cent of such deposits and Income.
(a) A note which is the joint and several obligation of three or more
responsible citizens of this Commonwealth; provided, that the total liabilities to such corporation of a person, partnership or association, for money
borrowed under this subdivision.Includingin thellabilities of a partnership,
or company not incorporated the liabilities of the several members thereof
shall not exceed one per cent of the deposits of such corporation.
(b) A note with one or more substantial sureties or endorsers: (1) Of a
corporation incorporated in this Commonwealth; or (2) of a manufacturing
corporation with a commission house as surety or endorser, provided that
such commission house is incorporated in this Commonwealth, or has an
established place of business and a partner resident therein; or (3) of an
association or corporation at least one-half of the real and personal property
of which is located within the New England States, provided that at least
one such surety or endorser shall be a citizen of or corporation incorporated
in this Commonwealth; provided, that no such loan shall be made or renewed
unless within eighteen months next preceding the making or renewing of
such loan an examination of the affairs, assets and liabilities of the borrowing corporation or association has been made, at the expense of such borrowing corporation or association, by an accountant approved by the
commissioner. The report of such examination shall be made in such form
as the commissioner may prescribe. A copy of the report certified to by
the accountant shall be delivered to.the savings bank before such loan or a
renewal thereof Is made, and a copy so certified shall be delivered to the
commissioner within thirty days after the completion of said examination.
(c) A bond or note of a gas, electric light, telephone or street railway,
corporation incorporated or doing business in this Commonwealth and subject to the control and supervision thereof: provided, that the net earnings
of said corporation, after payment of all operating expenses, taxes and
interest, as reported to, and according to the requirements of, the proper
authorities of the Commonwealth,have been in each of the three fiscal years
next preceding the making or renewing of such loan equal to not less than
four per cent on all its capital stock outstanding in each of said years.
(d) A bond or note of a railroad corporation which complies with all the
requirements of subdivision b, or of subdivision c preceding paragraph five.
of clause third: provile,l. that the nriacinat of such bona or note described
In either this or the preceding subdivision is payable at a time not exceeding
one year after the date of Investment therein.
(e) A note of a responsible borrower in such form as the commissioner
may approve, with a pledge as collateral of—
(1) First mortgages of real estate which meet the requirements of clause
first; or
(2) Bonds or notes authorized for investment by clauses second, third,
fourth, fifth or sixth at no more than ninety per cent of the market value
thereof, at any time while such note is held by such corporation; or
(3) Deposit books of depositors is savings banks at no more than ninety
per cent of the amount of deposits shown therein; or
(4) Shares of railroad corporations described in subdivisions a, b or e
of clause third at no more than eighty per cent of the market value thereof
at any time while such note is held by such corporation; or
(5) Such other bonds, notes or shares of corporations or associations and
at such percentages of their market values as the board of investment shall
approve, provided, that if the commhsioner shall disapprove any such
bonds, notes or shares, he shall make such recommendations In writing
to the board of investment of such corporation as the case may require,
and shall include in his annual report a statement of the facts in each case
in which such board of investment has not complied with his recommendations in a manner satisfactory to him.
(f) Whenever used in this clause, the word "association" means an association the business of which is conducted or transacted by trustees under
a written instrument or declaration of trust.
BANK BUILDING.
NINTH.—A sum not exceeding the guaranty fund and undivided
earnings of such corporation, nor in any case exceeding five per cent of Its
deposits or two hundred thousand dollars, may, subject to the approval
260
THE CHRONICLE
of the commissioner, be invested in the purchase of a suitable site and the
erection or preparation of a suitable building for the convenient transaction of Its business.
REAL ESTATE ACQUIRED BY FORECLOSURE.
TENTH.—Such corporation may hold real estate acquired by the foreclosure of a mortgage owned by it, or by purchase at sales made under
the provisions of such mortgages or upon judgments for debts due to it,
or in settlements effected to secure such debts. Such corporations shall
sell all such real estate within five years after the title thereof is vested in it,
and, notwithstanding the provisions of clause first, may take a mortgage
thereon from a bona fide purchaser to secure the whole or a part of the
purchase price, but the commissioner may, upon the petition of the board
of investment of such corporation, and for cause, grant an additional time
for the sale of the same or of the securities mentioned in the following clause.
SECURITIES ACQUIRED IN SETTLEMENT OF INDEBTEDNESS.
ELEVENTH.—Such corporation may hold stocks, bonds, notes or other
securities acquired in settlements effected to secure loans or indebtedness:
but unless the time during which such securities may be held is extended
as provided In the preceding clause, they shall be sold within five years
after being acquired.
PLEDGES OF SECURITIES AS COLLATERAL TO REMAIN VALID.
TWELFTH.—The provisions of this Act shall not invalidate or impair the
title of a corporation to securities which have been or may be held by it in
pledge or as security for a loan or Indebtedness; and the same shall be held
for the purposes for which they were pledged.
LIST OF BONDS TO BE PREPARED.
THIRTEENTH.—Not later than the first day of February in each year
the commissioner shall prepare a list of all the bonds and notes which are
then legal Investments under the provisions of clauses third, fourth, fifth
and sixth. Said list shall at all times be open to public inspection and a
copy thereof shag be sent to every savings bank.
The provisions of the above section with the exception of
Clause Eighth took effect immediately upon the passage of
the Act. Clause Eighth shall ;take effect Nov. 1 1908 and
no loans upon personal security shall be made or renewed
thereafter except under the provisions of said clause. Additional time within which a loan may be renewed may be
granted by the Bank Commissioner in order to prevent loss
or embarrassment to a savings institution.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S
—The public sales of bank stocks this week aggregate
only 90 shares, of which 63 shares were sold at the Stock
Exchange and 27 shares at auction. The transactions
in trust company stocks reach a total of 95 shares.
Shares. BANKS.—New York. Low. High.
263 Commerce, Nat. Bank of _ __ 168
160
17 German American Bank_ _ 134% 134
10 Mechanics' Nat. Bank
247 M 247 Si
TRUST COMPANIES—New York.
50 Carnegie Trust Co
170A 170%
45 Trust Co. of America
235
235
Close. Last previous sale.
168
July 1908-169
1343
217
July 1008-240
170% July
235
June
1908— 165
1908— 275
x Sold at the Stock Exchange.
—The National Monetary Commission, appointed under
the provisions of the Aldrich-Vreeland Currency Bill to devise plans for currency legislation, and which was in session
at Narragansett Pier, R. I., last week, adjourned on Saturday to meet in Washington Nov. 10. Two sub-committees
were appointed, one to investigate the monetary situation
abroad and the other to consider amendments to the administrative features of the national banking laws. The
foreign sub-committee is to sail for Europe on Aug. 4. Senaitor Aldrich, Chairman of the Commission, has given out the
following statement as to the work of the Commission up to
this time and its plans for the future:
The Cpmmission during its session has been engaged in the discussion of
the various phases of the important work assigned by the Act of Congress
of May 30 1908. A large part of the time has been taken up in considering
the plans for securing information upon which the ultimate report to
Congress will be based.
It is deemed of the utmost Importance that steps be taken to secure a
thorough and as nearly as possible exhaustive examination of the monetary
and banking systems of the leading commercial nations. Preparation for
this work was intrusted to a sub-committee, consisting of Senators Aldrich,
Hale, Knox and Daniel and Representatives Vreeland, Overstreet, Burton
and Paggett. This committee will seek to secure from competent and
authoritative sources all available historical and statistical data with
reference to the currency and banking experience of Great Britain, Germany
and France. It will also make a special examination of the Scotch, Canadian and Swedish systems and the changes which have recently been
adopted in Switzerland.
It is the Intention of the full Commission to visit Canada at an early
date for the purpose of making a special examination into the Canadian
system.
In the prosecution of Its work the sub-committee will go abroad in the
near future, sailing from New York on Aug. 4 on the KronprInzessin
Another sub-committee, consisting of Senators Allison, Burrows, Teller,
Money and Bailey, and Representatives Weeks, Bonynge, Smith, Burgess
and Hugo, will take up for immediate consideration the question of necessary
amendments to the administrative features of our national banking laws.
Secretary of the Treasury Cortelyou was in conference with the commission
In reference to the character of these amendments, and the sub-committee
last mentioned expects to be able to report its recommendations at the
meeting of the full commission, which will be held in Washington on Nov. 10.
The action of the Commission with reference to all questions has been
harmonious and unanimous.
The sub-committee on bank administration has appointed
Senator Teller and Representative Weeks, Bonynge and Burgess to attend the annual convention of the American Bankers' Association, to be held in Denver at the end of September. This sub-committee, it is understood, plans to visit
several of the principal cities of the United States and give
[VOL. Lxxxvii.
hearings to bankers and others. It has also arranged to
send to all national banks a letter making specific inquiries
and asking for suggestions relative to the banking laws of
the country.
.—Preliminary steps have been taken by the national
banks in Philadelphia to organize a Natiohal Currency
Association under the provisions of the Aldrich-Vreeland
law. A meeting was held in the Clearing House on Thursday, which was attended by about two-thirds of the national banks of Philadelphia. A special committee of five
was appointed to formulate by-laws for such an Association.
This committee consists of Richard H. Rushton, President
of the Fourth Street National Bank, Chairman; Howard
W. Lewis, President of the Farmers' & Mechanics' National
Bank; Levi L. Rue, President of the Philadelphia National
Bank; J. R. McAllister, President of the Franklin National
Bank; and Joseph Moore Jr., President of the National
Bank of Northern Liberties.
—At the annual convention last week of the Colorado State
Bankers' Association at Colorado Springs, a resolution offered by Dr. D. H. Dougan, President of the National Bank
of Commerce of Denver, was adopted, placing the association on record as opposed to the idea of Government guaranty of deposits. The resolution had been reported favorably
by the resolutions committee, after being slightly amended,
but was opposed by former Gov. Alva Adams, who spoke
in favor of Government guaranty, stating that William J.
Bryan, the Democratic Presidential nominee, was not the
originator of the idea, but that he (Adams) started a movement for Government guaranty 14 years ago. Mr. Adams
and his friends sought to have the resolution re-committed
to the resolutions committee with the view to delaying action
for a year, but the effort was unsuccessful, the motion being voted down, according to the Denver "Republican," by
more than two to one. The resolution was then, it is stated
adopted, with only a few dissenting votes, practically as
introduced by its author. The following is the text of the
same:
The question of the guaranteeing of deposits in banks is an economic as
well as a political question and we believe the people of the State are
entitled to the judgment of the bankers on a subject of this importance.
We believe It to be proper that we should record our disapproval of the
idea now obtaining prevalence In favor of the Government guaranty of
deposits In national banks. The proposition that the Government should
guarantee the accounts of depositors in national banks has no more foundation in right than would a proposition that the Government should guarantee
the payment of loans made by national banks, and the enactment into law
of Ideas of this class, we believe, would be subversive of the principles of
sound banking.
The experience of all time has proven that sound banking depends upon
the management of the various institutions entrusted with the funds of the
communities in which they are located, and the proposition to tax wellmanaged and solvent banks with the failure of irresponsible and inexperienced banking institutions can only result in business disaster. In our
opinion this would be class legislation of the worst possible form, and we
believe It the duty of this convention to record its disapproval of the
extension of such Ideas.
The statement is made that resolutions similar to the above
have been adopted by the bankers' associations of Missouri,
Nebraska (Mr. Bryan's own State), Iowa and Kansas. Furthermore, as noted below, last week's convention of the
Minnesota Bankers' Association took like action, while Texas
bankers in a vote by mail, as recorded in our issue of July
25(page 199), have also declared against the notion. President George E. Roberts of the Commercial National Bank of
Chicago, in his address on "A Central Bank of Issue," also
vigorously opposed the idea of a Government guaranty.
—At the annual meeting last week at Providence, R. I.
of the Associated Chapt.3rs of the American Institute of Banking—or American Banking Institute, as the title is now to be
—resolutions were adopted urging the payment of salaries
to national bank examiners in lieu of the present system
of fees. The following is the preamble and. text of the
resolutions—
Whereas, It has long been apparent that the present system of national
bank examiners is faulty, tending to produce superficial bank examinations,
and that the banking business is based upon the confidence the people
generally have in banking institutions,and the present method of examinations weakens this confidence:
Whereas, We, as banking men, and members of the American Institute
of Banking,are and should be the most deeply interested in seeing corrected
any method that reflects on the business of banking; Therefore It be
Resolved, That the American Institute of Banking favors the following
amendments to the National Bank Act:
The payment of fees to bank examiners in compensation for the examination of national banks shall be abolished, and in lieu thereof the payments
of salaries commensurate with the abilities required of said examiners and
the duties they are called upon to perform shall be established.
AUG. 1 1908.)
THE CHRONICLE
an
The number of national bank examiners shall be increased to such
examination
extent as may be necessary to insure thorough and competent
of every national bank twice a year.
has
No person shall be appointed a national bank examiner until he
to
passed a thorough and rigid examination establishing his competency
perform the duties of such office.
After the examiner has been appointed he shall not be removed from
office except for cause.
261
The firm of Coster, Knapp & Co failed on April 29 1908 under circumstances which brought discredit upon the Exchange and Its membership.
Their al/airs were investigated by the Committee on Insolvenci es, as provided in the constitution, which committee made a report thereon to the
Committee on Admissions. The Committee on Admissions, after consideratiOn of the matter, made its report to the Governing Committee.
At a meeting of the Governing Committee held yesterday, Mr. John M.
Knapp, the Bard member of the firm, was present. W. B. Coster, who
had been a member of the firm, was also present, as were other witnesses.
The matter of the failure was thoroughly Investigated, the witnesses were
examined, and every opportunity was given Mr. Knapp to make such defense or explanation as he might deem proper.
After due consideration, the following resolutions were unanimously
adopted by the Governing Committee*
"The Governing Committee having heard and considered the report of
the Committee on Admissions under Section 5, Article XVI., of the Constitution, that it appeared to said committee that the failure of Coster, Knapp
& Co. on April 29 1908, of which firm John M. Knapp, a member of the Exchange, was a member, was caused by reckless and unbusinesslike dealing;
"And the Governing Committee having given the said John M. Knapp
an opportunity to be heard and present such testimony, defense or explanation as he might deem proper, hereby determines that the failure of
Coster, Knapp & Co. on April 29 1908 (of which firm John M. Knapp, a
member of the Exchange, was a member) was caused by reckless and enbusinesslike dealing, and the said John M. Knapp is hereby declared Ineligible for reinstatement.
"Resolved, That the Committee on Admissions be directed, under Section
8, Article XV., of the constitution, to dispose of the membership of said
John M. Knapp forthwith."
—The Minnesota Bankers' Association in last week's convention at Duluth, also adopted resolutions in favor of the
abolition of fees to bank examiners and the payment of
salaries instead. With reference to the banks organized
under Minnesota laws, this association recommended to the
State Legislature—in view of the great increase in the number of State banks, there being, it is stated, over 600 of such
banks—that it create a State Banking Department, to be
under the supervision of a competent Superintendent, whose
duty it shall be to properly supervise the examination of State
banks, and,further, that the Legislature provide him with
sufficient funds to procure adequate and competent help,
to the end that all State banks be examined twice a year.
The association also declared in favor of the passage of a law
making it obligatory for all State Bank Examiners to pass
a rigid and thorough examination to establish their compeIt may be recalled that Charles Coster, the senior member
tency to perform the duties required by such office. Oppo- of the failed firm, committed suicide on the evening of April
sition was likewise expressed to any Government guaranty 28, and the suspension was announced the next day.
of deposits and against postal savings banks, as witness these
—The meeting of the Trust Company Section of the
resolutions:
American Bankers' Association to be held at Denver on
We arc opposed to anything that savors of a paternal form of government
Sept. 29th will be welcomed on behalf of the State by
therefore we are opposed to the federal or State guaranty of deposits, as it
He will be followed in an
would be a long step In that direction, and would destroy all incentive for Governor Buchtel of Colorado.
careful and conservative banking. It would serve to discourage and elimin- address by Win. E. Hughes, President of the Continental
ate from the banking business men of capacity and business judgment who Trust Co. of Denver. Other speakers already selected are:
have spent years In building up sound banking institutions, and would also
the F. H. Fries, President of the Wachovia Loan & Trust Co.
tend to encourage men of inexperience and inefficiency engaging in
banking business.
of Winston-Salem, N. C., on "Radicalism vs. Conservatism,"
The enormous development of this country has been made possible by
Breckinridge Jones, President of the Mississippi Valley Trust
our present banking system and the losses entailed are infinitesimal when
Co. of St. Louis, and Lawrence L. Gillespie, Vice-President
compared with the losses In other lines of business.
Resolved, That we are opposed to the establishment by the Government of The Equitable
Trust Co. of New York, on
of Postal Savings Banks for the reason that, in addition to its being a step
Companies under present
Trust
City
York
"New
money
it
drain
of
our
would
to
also
tend
districts
paternalism,
rural
toward
which rightfully belongs there, and is necessary to their development; and Legislation."
would tend toward the concentration of funds in the few money centres
—Governor Harris, of Ohio, on July 1 appointed B. B.
of the country where It could only be profitably used for speculative purSeymour, Cashier of the National Bank of Ashtabula, at
poses.
State Superintendent of Banks—a post created
—As a sequence to the severance of relations between the Ashtabula,
Thomas Banking Bill passed by the Ohio
the
under
is
Boston Stock Exchange and the Boston curb market, which
April last. The Superintendent, whose term
in
Legislature
to be enforced on and after Aug. 1, as announced in this
at four years, is to have direct supervision
of
fixed
office
is
present
column last week,the Boston Curb Exchange has the
institutions(other than building and loan
banking
over
all
State
week been reorganized in accordance with a proposal made
,including banking companies,savings banks,savassociations)
Governold
the
by Thomas W. Lawson. All the members of
ings societies,savings and loan associations, safe deposit coming Committee tendered their resignations, and after a
panies and trust companies, and other corporations or assointerest
the
in
spirited contest a new committee was elected
having the poWer to receive moneyson deposit. He is
ciations
of Mr. Lawson. At a stormy meeting Thursday afternoon
to examine, at least twice a year, all banking instirequired
his
and
Mr. Lawson was elected Chairman of the Committee
his jurisdiction, and is empowered to employ,
under
tutions
plan of reorganization accepted. It is believed that curb
approval of the Governor, such clerks and examiners
the
with
specuthe
Boston
in
hands
of
this
affairs will now be entirely
as may be necessary to assist him. At least four reports a
lator, and accordingly some contend that the importance of
year are required under the new law, and as far as possible
a
as
the
other
On
increased
result.
the curb market will be
Superintendent is to call for such reports on the same
the
hand, it is deemed likely that the better class of curb stocks
day that national banks report to the Comptroller of the
Stock
Exchange—and
Boston
the
will soon be transferred to
Heretofore the State banking institutions have
if so, the effect would be to weaken the position of the curb Currency.
been obliged to report but twice a year. The new law,
market.
which is the result of several years' efforts in that direction,
—Secretary Fred. E. Farnsworth of the American Bankers' covers in general the organization of banks and the inspection
Association announces the addition of no less than 94 new thereof. Under it the capital requirements are as follows:
members for the week ending July 28. This admission of not less than $25,000 for a commercial bank, a savings
new and regained membei• banks shows the progress which bank, a commercial and savings bank, and a safe deposit
Secretary Farnsworth is'making in his endeavors to widen company; not less than $50,000 for a commercial bank
the influence of the national organization throughout the and safe deposit company; not less than $100,000 for a
country. By States the additions for this single week trust company, a trust company and safe deposit company,
were: Illinois, 10; Georgia, 9; Kansas and Iowa each, 8; and a trust company and savings bank, and not less than
Nebraska, 7; Missouri, 6; Florida, Colorado and Indiana, $125,000 for a combined trust company, savings bank and
each 5; Pennsylvania, 4; New York and Michigan, each 3; safe deposit company, and a combined trust company,
Alabama, Arkansas, California, Mississippi, each 2; and 1 in savings bank, commercial bank and safe deposit company.
Kentucky,' Maine, Oklahoma, Wisconsin, Idaho, Louisiana, The entire capital is to be subscribed, and at least 50% is
Minnesota, North Carolina, North Dakota, Ohio, South to be paid in before authority to begin business shall be
Carolina, Texas and West Virginia.
granted, and the remainder of the capital is to be paid in in
—The New York Stock Exchange has declared John M. installments of 10% monthly. Under the new measure
Knapp, of the failed firm of Coster, Knapp & Co., ineligible no loan is to be made directly or indirectly to any officer or
for re-instatement to mem bership in the Exchange and has member of the executive committee of any institution to
ordered the immediate sale of his "seat" on the Exchange. which the Act applies, unless duly authorized by a majority
This is quite unusual action, and President Thomas of the of the members of the board; such authorization is to be
Exchange on Thursday gave out the following statement recorded on the records of the proceedings of the board, and
all loans, when so authorized and made to officers or members
regarding the matter:
262
THE CHRONICLE
of the executive committee, shall be made and secured in
the same manner as loans to other persons.
Before the declaration of a dividend, not less than onetenth of the net profits of the institution, for the period
covered by the dividend, is to be carried to surplus, until such
fund amounts to 20% of the capital. It is also provided
that a committee of two directors or stockholders shall be
appointed annually by the board of directors to thoroughly
examine, or superintend the examination of, the assets
and liabilities of the corporation, and to report to the board
of directors the result of such examination; and a copy
thereof, attested and verified under oath by the signatures
of a majority of such committee,is required to be filed with
the Superintendent of Banks.
Commercial banks are prohibited from lending to any one
person, firm or corporation in excess of 20% of the paid-in
capital and surplus of the institution, unless such loan be
secured by first mortgage upon improved farm property in
a sum not to exceed 60% of the value of such property.
Loans by a commercial bank upon mortgage or other forms
of real estate security may be made only upon the adoption
of a general resolution by a two-thirds vote of the directors,
but the aggregate amount of such loans shall not exceed
50% of the capital, surplus and deposits of such corporation; where a bank combines the business of a commercial
and savings bank it may lend up to 60% of its capital, surplus
and deposits upon real estate, upon the adoption of a resolution authorizing the same by its directors.
Under the reserve requirements commercial banks are to
keep a reserve of 15% of their total deposits; at least 6%
of that portion of the deposits which is payable on demand
and at least 4% of the time deposits is to be in cash, and
the remainder is to be kept on deposit with other banks or
trust companies. Savings banks are to keep as a reserve
the same percentage of their deposits as are required of
commercial banks, and shall be subject to the same restrictions with regard thereto, except that one-half of such
reserve required to be kept in its own vaults may be invested
in bonds or other interest-bearing obligations of the United
States, or of any foreign government, bonds of any State
of the United States, or bonds of any city or county of
Ohio; where the reserve of any savings bank required to be
kept in its own vaults shall be in excess of $500,000, the
amount in excess thereof may be invested in bonds or
other interest-bearing obligations of the United States.
Trust companies are to maintain the same reserves as
savings banks, but are not to be required to keep a reserve
against trust funds. Not more than 20% of the capital and
surplus of a trust company shall be invested in any one
security or loan, unless it be in bonds of the United States,
or those of any foreign government, of any State in the
United States, or of any city, village or other municipality
of any State or Territory of the United States or of Canada.
It is also stipulated that no investment in notes secured by
mortgage on real estate shall be made by such corporation
except upon the approval of its directors. And, further,no
trust company shall lend any part of its capital or surplus
unless such loan be secured by bonds or stocks as collateral in
which such corporation is allowed to invest its capital, or
by mortgage on real estate, where the amount loaned, inclusive of prior incumbrances thereon, does not exceed 60%
of the value of the real estate, and no such corporation
shall lend to any one person, firm, association or corporation
more than 20% of its paid-in capital and surplus.
All banks hereafter incorporated must comply in all respects with the provisions of the Act. Existinginstitutions
may, if they so elect, avail themselves of its privileges and
powers, but after April 1 1910 every corporation or association is to conform its business and transactions to the
provisions thereof. It is stipulated that nothing therein
shall be so construed as to affect the legality of investments
heretofore made, but the Superintendent may require the
change of investments for those named in the Act; no
renewal or extension of any such loan or investment shall be
made unless the same be approved by the Superintendent
of Banks.
—Thomas A. McIntyre, head of the New York Stock Exchange firm of T. A. McIntyre & Co. of this city, which
failed last April, died in Baltimore Wednesday morning.
Mr. McIntyre had been in poor health for a long time,steadily
'Vat, woonrii.
growing worse when the firm's difficulties became known,
and after he was indicted for the conduct of its business relations with customers. Ile was on a short visit to Baltimore, seeking rest when the end came, due to Bright's disease and heart trouble.
—Herman Holz has recently been appointed Manager of
the Foreign Department of the Hungarian-American Bank,
32 Broadway. He was formerly connected with the banking
firm of Ladenburg, Thalmann & Co. and the Commercial
Trust Co. of New York.
—The stockholders of the Nassau Trust Co. of Brooklyn
are entitled under the plan adopted for increasing its capital
stock to subscribe to one share of new stock for each five held,
the privilege ending Aug. 15. The subscriptions are payable 50% Sept. 15 and 50% on Oct. 15. The new stock will
be issued to present stockholders at $150 per $100 share.
The company's capital is $500,000. The additional $100,000 stock is issued to comply with the recently enacted law
requiring $100,000 capital for each branch. The company's main office is located at Broadway and Bedford
Ave. and its branch at Fulton St. and Red Hook Lane.
—Colonel Edward Earle Britton and Quarantine Commissioner Frederick H. Schroeder, a Republican politician of
Brooklyn, were indicted Wednesday by the Grand Jury in
Brooklyn, charged with taking $47,986 31 from the Eagle
Savings & Loan Association, 186 Remsen Street, Brooklyn.
They were President and Second Vice-President,respectively.
Elwin S. Piper, First Vice-President, made the following.
statement:
An examination of the Eagle Savings & Loan Co. of Brooklyn wits begun
by Examiner H. J. Young of the State Banking Department on Saturday.
July 25 1908.
A discrepancy was discovered in the cash amounting
$47,986 31, for
which President E. B. Britton and Second Vice-PresidenttoF. H. Schroeder
admitted responsibility In amounts of $9,981 72 and $38.004 59 respec
tively. President Britton has since made restitution to the amount of
$4,061 26.
At a meeting of the trustees of the company, held on the 28th, the
resignation of Messrs. Britton and Schroeder were accepted
by the board.
As the surplus of the company, after deducting the above amount,
Is In
excess of $120,000, the corporation Is solvent and
will continue Its business
as heretofore and without Interruption.
Britton and Schroeder appeared before Judge Dike in the
County Court yesterday and pleaded not guilty.
—The New Rochelle Trust Co. of New Rochelle, N. Y.,
has taken, possession of its newly completed building at 264270 Main St., opening in its new quarters on Monday,
July 20, The structure is a modern fire-proof building, four stories in height. The banking rooms are on the
street floor and the needs and comfort of the company and
its patrons have been fully provided for in the thorough
equipment of the new offices. Since the institution started
business in 1888,i t has several times outgrown its quarters.
Thisgrowth,too,is attested in the enlargement in the capital
which has occurred during the twenty years. Originally
$30,000 at the time of the formation of the institution as
the Bank of New Rochelle, the amount was increased in
1900 to $100,000 by the declaration of a stock dividend.
In 1901 the institution became the New Rochelle Trust Co.,
and in July of last year the capital was raised from $100,000
to $200,000 by a stock dividend of 50% and cash subscriptions.
For the first five years of its existence, the company
made no annual distribution to the stockholders, preferring
to pursue the policy of adding its earnings to surplus. Then
it began with the payment of a 10% dividend, which rate it
maintained until the capital was increased to $100,000,
since which time the dividend has been 6% per annum.
Based on the original capital of $30,000, over 600% has been
paid to the stockholders in cash and stock dividends. William
W. Bissell has been the head of the institution since its inception. He is associated in the management with Robert
P. Carpenter, Vice-President; Henri J. Van Zelm ,Secretary,
and- J. A. Huntington, Assistant Secretary. The New
Rochelle Safe Deposit Co. is owned and controlled by the
shareholders of the trust company;it has a capital of $10,000
and surplus of over 50%.
—"One Hundred Years of Banking in Westerly" is the
title which the Washington Trust Co. of Westerly, R. I.,
utilizes for a miniature book in which is told the history
of the institution, covering more than a century. The organization of the institution was undertaken in 1800, when
Westerly was a little village of but four hundred persons
and fifty houses, when it had no railroad, no newspaper,
AUG.1 Dos,j
THE CHRONICLE
no manufacturing concerns and no quarries—when, in fact,
so the author tells us, farming was almost the only occupation in the narrow Valley of the Pawcatuck. It was as the
Washington Bank that the institution started business,
opening its doors, with a capital of $50,000, hardly six
months after Washington had died. Its first dividend was
paid on Washington's Birthday 1801, and that day has since
continued to be one of its semi-annual dividend dates. By
1826 the bank had so prospered that its capital was increased
to $75,000, and in 1836 it was raised to $100,000. With the
establishment of national banks in 1864, the Washington
Bank surrendered its State charter, and in June 1865 became
the Washington National Bank, with a capital of $150,000.
The next important event in the bank's history occurred in
1901, when it took over the business of the National Phenix
Bank, which had been chartered in 1818, and was the second
oldest bank in Westerly. Following this, in 1904, it was
decided to combine the business of the Washington National
with that of the Westerly Savings Bank (the two being practically under the same management); the national bank
thereupon surrendered its charter and, with the savings
bank, became once more a State institution—the Washington
Trust Co. One particularly interesting phase of the institution's career is the unusual records of its officials. As an
instance, up to 1904 or during the one hundred and four years
of its existence as a bank—it had but four cashiers, and
father, son and grandson together served ninety-nine consecutive years of this time. Thomas Perry,its second Cashier,was
chosen to that post in 1805, following the death of Arnold
Clarke; Mr. Perry died in 1826, the directors choosing as his
successor his son,Charles, who had been in the bank for
nearly a year, although he was then a boy of but sixteen
years. In 1881 Mr. Perry was elected President, continuing
in that capacity until his death in 1890. He thus served
the institution sixty-four consecutive years, fifty-five as
Cashier and nine as President. With his resignation as
Cashier in 1881 his son, Charles Perry Jr., who had been
with the bank since 1868, was elected Cashier, holding that
post until the bank became a trust company in 1904. Heis
to-day President and active manager of the institution. The
company now has a capital and surplus of $200,000 each.
—William F. Walker, former Treasurer of the Savings
Bank of New Britain, Conn., who had absconded after converting securities belonging to the institution to his own
use, was sentenced last Saturday by Judge Shumway in the
Superior Court at Hartford, Conn., to State's prison, being
given from one to twenty years. He pleaded guilty to four
counts in an indictment charging him with having embezzled
securities valued at $470,000.
—The second dividend to be paid to the depositors of the
Jewelers' National Bank of North Attleboro, Mass., which
closed its doors Dec. 18 last,.has been declared, and will be
paid on Monday. This 25% dividend, with the previous
payment of 60% in March, makes 85% of the total amount
returned to depositors. The stockholders were assessed
100%.
—Elbert L. Weaver has been elected Assistant Cashier
of the Charter Oak National Bank of Hartford, Conn. He
succeeds Robert C. Glazier, who has become Cashier of the
Riverside Trust Co. of Hartford.
—W. J. Zahniser was this week elected President of the
Metropolitan National Bank of Pittsburgh, succeeding
C. L. Flaccus, resigned.
—The affairs of the Farmers' & Merchants' Banking Co. of
Cleveland, Ohio, which made an assignment on July 17,
appear to be in a complicated state. A warrant was sworn
out last week charging Henry W. Gaze!!, Secretary and
Treasurer of the bank, with having embezzled $32,325 from
the bank. He accordingly gave himself up on Monday and
was released on $8,000 bail. He has issued a statement
saying he feels confident he will be able to prove to all that
the statements made about the bank's affairs are utterly
false. The State of Ohio is said to have had on deposit in
the bank $75,000 and the city of Cleveland $48,000
—The Commercial National Bank of Columbus, Ohio,
increased its regular quarterly dividend by the declaration
of an extra payment of 1% on its new capital stock of $300,000
both dividends being payable Aug. 1. This is 1% more than
last year, when 3% was paid on a capital of $200,000, which
263
has since been increased to $300,000. W. F. Hoffman is
President.
—The Commercial German National Bank of Peoria, Ill.,
in response to the call of the Comptroller, reports for July 15
deposits of $5,568,294 and total resources of $7,227,624.
The capital stock stands at $550,000, the surplus fund at
$400,000 and the undivided profits at $50,872, which combined aggregate $1,000,872, and represent the amount of
resources in excess of the actual liabilities. Taking into account the additional shareholders' liability of $550,000, the
total resources in excess of actual liabilities are brought up
to $1,550,872. The bank expects to move in January next
from its present quarters at Fulton and Washington streets,
which it has occupied for the past thirty years, to its own
building now in course of erection on South Adams Street.
The new banking room will have a floor space of 48x167 feet,
with a main lobby 80x22 feet.
—Two or three years ago the National Bank of the Republic, Chicago, clearly foreseeing the demands of the future,
took a long lease on the entire second floor of the New York
Life Building, corner of La Salle and Monroe streets (of
which floor this bank has long occupied the major part),
and temporarily leased to an insurance agency the rear portion. Owing to the rapid growth of business, the bank now
finds it can use advantageously the whole floor, and has notified the insurance firm that possession will be wanted May
1 prox. Meantime, architectural plans for the rearrangement of the floor are being drawn, which, when completed,
will give the "Republic" one of the largest and most beautiful banking rooms in Chicago.
—A special meeting of the stockholders of the Foreman
Bros. Banking Co., La Salle & Madison streets, Chicago, will
be held Aug. 29 to consider the directors' proposition to increase its capital stock from $500,000 to $1,000,000, by the
issuance of five thousand additional shares, of $100
par value. The company has $500,000 surplus. Edwin
G. Foreman is President, Oscar G. Foreman, VicePresident, George N. Neise, Cashier. The capital is being
increased because of the growth in the company's business.
This growth also necessitates larger office accommodations
and within the next few months the bank will move to the
quarters recently vacated by the Chicago Stock Exchange,
which are to be specially fitted up for its needs. The bank
is one of the oldest in Chicago, having been established as
a private institution in 1862. It was incorporated as a
State bank in 1897.
—Robert D.Graham,Presidentof the Fifth National Bank,
Grand Rapids, was on Tuesday formally chosen to head the
institution formed by the consolidation of this bank with the
Commercial Savings Bank under the name of the latter.
As expected, Charles B. Kelsey, President of the Commercial
Savings Bank, and C. F. Young, Vice-President of the latter,
were elected Vice-Presidents of the united company. H. N.
Morrill, Cashier of the Commercial Savings, and C. L. Ross,
Cashier of the Fifth National, were appointed Assistant
Cashiers. The Cashier has not been selected. The new concern began business to-day.
—An exceptionally meritorious booklet, viewed from the
standpoint of its workmanship, has recently come from the
Security National Bank of Minneapolis. In particular do
we refer to the illustrations, which, with their tinted colorings, bringing out the color tones of the rooms and their furnishings, bear an air both distinctive and rich. The new
banking offices, which the institution has been occupying
since November 1906, spacious, and of especially attractive
appearance, lend themselves gracefully as a subject for the
camera,and the superior character of the book is, in a measure, a reflection of the magnificent quarters of the bank.
A few paragraphs regarding the organization and progress
of the institution and several of its departments, a brief
description of its banking rooms,and some facts as to the city
in which it is located, serve as the text of the book. The
bank began business on Jan. 2 1878 with a capital of $300,000, which was increased from time to time as the business
grew until a full million dollars was paid in. Its first President was T. A. Harrison, and upon his death, in 1887, H. G.
Harrison was chosen President. The latter died in 1891,
and was succeeded by F. A. Chamberlain, the present incumbent.
264
THE CHRONICLE
[VoL. Lxxxvix.
-J. H. Spring hasreplaced the late William C. Murdoch as
President of the Western National Bank of San Francisco.
-The semi-annual dividend to the stockholders of the
Seattle National Bank of ,Seattle, Wash., was increased
with the July disbursement to 8%. The bank previously
paid 6%. It has a capital of $500,000.
IMPORTS AND EXPORTS OF GOLD AND SILVER AT
SAN FRANCISCO.
The Collector of Customs at San Francisco has furnished
us this week with the details of the imports and exports of
gold and silver through that port for the month of June, and
we give them below in conjunction with the figures for preceding months, thus completing the results for the fiscal
year 1907-08. The imports of gold, although of moderate
IMPORTS AND EXPORTS FOR JUNE.
volume,
were heavier than in any month since January 1907,
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for June and from reaching $662,466, of which $502,005 coin. Of silver there
it and from previous statements we have prepared the fol- came in $213,757,largely bullion. During the twelve months
lowing interesting summaries:
there was received a total of $3,759,330 gold and $3,135,711
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
silver, which compares with $14,504,216 gold and $3,414,584
(In the following tables three ciphers (000) are in all cases omitted.)
1907-08
silver in 1906-07. The shipments of gold during June were
1906-07
Exports. Imports. Excess.
Exports. Imports. Excess.
Merchandise.
nil and the exports of silver were $492,415 bullion. For
$
$
$
$
$
$
July-September... _ 391,138 356,793 +34,345
379,992 310,908 +69,084
October -December 591,838 315,098 +276,740
560,409 372,234 +188,175 the twelve months the exports of gold reached $34,539,
January
206,115
84,997 +121,118
189,297 126,587 +62,710
February
167,757
84,753 +83,004
159,517 123,006 +36,511 against $20,391 in 1906-07, and $5,182,657 silver was sent
March
141,588
89,114 +52,474
161,685 133,110 +28,575 out, against $2,410,711 in 1906-07.
The exhibit for June
April
133,358
87,438 +45,920
157,452 129,554 +27,898
May
113,610
84,042 +29,568
134,759 126,512
+8,247 and for the twelve months is as follows:
Juno
115,395
92,107 +23,288
137,740
112,510 +25,230
Total
1.860,799 1,194,342 +666,457 1,880,851 1,434,421
+446,430
Gold and Gold In Ore.
13,579
July-September __ _
9,394
+4,185
4,180
49,238 -45,058
5,336 112,536 -107,200
October -December
ing 4,3
321 -32,884
January
444
10,800 -10,356
-821
February
1,969
2,847
-879
1,127
3,330 -2,203
March
1,447
3,649 -2,202
2,126
5,046 -2,920
April
14,476
2,561 +11,915
2,220
4,975 -2,755
May
26,556
3,101 +23,455
4,505
2,682
+1,823
June
8,627
3,410
+5,217
23,872
2,165 +21,707
Total
72,433 148,298 -75,865
51,399 114.510 -63,111
Silver and Silver in Ore.
18,752
July-September
12,093
+6,659
12,004
9,317
+2,687
October -December 13,655
11,424
+2,231
15,516
11,234
+4,282
January
4,148
3,622
+526
4,767
3,657
+1,110
February
4,109
3,452
+657
4,844
3,722
+1,122
March
4,329
3,757
+572
5,058
4,007
+1,051
April
4,463
3,468
+995
4,863
-3,970
+893
May
4,028
3,389
+639
4,326
3,583
+763
June
4,437
3,366
+1,071
5,361
3,477
+1,884
Total
57,921
44,571 +13,350
56,739
42,947 +13,792
+ Excess of exports. -Excess of Imports.
IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.
Gold.
Silver.
Months.
Coin.
Bullion.
Total.
Coin.
July
August
September
October
November
December
January
February
March
April
May
June
1,710
1,200
114,600
7,922
146,235
26,749
246.555
1,210
2,865
502,005
311,069
140,237
201,166
106,378
100,615
479,297
312,822
325,927
133,663
144,005
291,739
160.461
311,069
140,237
202,876
107,573
215,215
487,219
459,057
352,676
380,218
146,115
294,604
662,466
Total 12 months___ 1,051.051 2,708,279 3,759,330
50,744
27,748
28,400
1,355
700
249
3,150
Twelve
Months.
Exports.
1907-08
1906-07
1905-06
1904-05
1903-04
1902
,
03
Imports.
Excess
Exof
Exports ports.
1,860,799 1,194,342666,457
1,880,851 1,434,421 446,430
1,743,864 1,226,562 517,302
1,518,562 1,117,513 401,049
1,460,827 991,087 469,740
1,420,141 1,025,719 394,422
Excess
Imof
Exports. Exports ports.
Excess
Imof
ports. Exports
72,433 148,298 a75,865
51,399 114,510 a63,111
38,574 96,222 a57,648
92,594 53,649 38,945
81,460 99,055 al7,595
47,091 44,982 2,109
57,921
56,739
65,869
48,849
49,473
44,250
Gold.
44,571
42,947
44,443
27,485
27,769
24,163
13,350
13,792
21,426
21,364
21,704
20,087
Similar totals for the six months since Jan. 1 for six years
make the following exhibit:
Merchandise.
Exports.
ports.
Excess
Exof
Exports ports.
Bullion.
Silver.
Total.
Coin.
Bullion.
Total.
1907-08.
a Excess of Imports.
Six
Months.
409,883
263,765
276,229.
236,291
179,631
289,487
212,461
217,907
290,554
268,32!
277,424
213,757
EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
Coln.
Silver.
359,139
236.018
247,829
234.936
179,631
289,487
211,761
217,907
290,554
268,072
274,274
213,757
112,346 3,023,365 3,135,711
Months.
Gold.
Total.
1907-08.
We subjoin the totals for merchandise, gold and silver for
twelve months since July 1 for six years:
Merchandise.
Bullion.
Gold.
Silver.
Excess
Imof
Exports. Exports ports.
Excess
Imof
ports. Exports
July
Allgt1St
September
October
November _
December
January
February
March
April
May
June
Total 12 months___
368
1,940
493
2,600
9,995
1,700
540
1,903
15,000
32,096
2,443
368
1,940
493
2,600
4,625
113,787
24,123
1,875
10,535
1,700
1,003
15,000
390
1,575
34,539
1,671
360,000
27,134
193,000
513,000
129,600
985,300
271,100
323,888
436,204
667,014
635,956
492,415
364,625
140,921
217,123
514,875
129,600'
985,690
272,675
323.888
437,875
667,014.
635,956
492,415
148,046 5,034,611 5.182,657
ManetargiTaminercialignglisitglms
(From our own correspondent.)
London, Saturday, July 18, 1908.
There is a very steady investment going on, and generally
speaking there is a hopeful feeling upon the Stock Exchange.
But liquidation has been in progress for fully a week now
1903._
in the market for British railway stocks. It is understood
that a combination of capitalists, not very wealthy, but
a Excess of imports.
in good credit, was formed some time ago to buy British
In these tables of totals, gold and silver in ore for all the railway stocks, and that the losses in these
have been such
years are given under the heads respectively of gold and that the combination has broken up and
the stocks are being
silver.
on the market.
The following shows the merchandise balance for each year thrown
During the settlement which ended on Wednesday evenback to 1875:
ing, there were rumors that some members of the combinEXCESS OF MERCHANDISE IMPORTS OR EXPORTS.
ation were unable to meet their differences, and there were
12 months ending June 306 months ending June 30fears that some of the brokers employed were in difficulties.
Imports $19,562,725 1875
1875
Imports $21,795,212
Exports 79,643,481 1876
1876
Exports 50,063,783 There were, however, no failures during the settlement,
Exports 151,152,094 1877
1877
Exports 37,896,413 and the belief of the best informed is
that the rumors were
Exports 257,814,234 1878
1878
Exports 155,854,535
Exports 264,661,666 1879
1879
Exports 115,036,611 greatly exaggerated. Still, there appears no doubt at all
Exports 167,683,912 1880
1880
Exports 31,163,494 that a large "bull" account has been liquidated and the1881
Exports 259,712,718 1881
Exports 97,999,966
1882
Exports 25,902,683 1882
Imports 39.437.030 liquidation has continued even after the settlement was
1883
_Exports 100,658,488 1883
Exports 46,083,019 completed.
1884
1884
72,815,916
Exports
Exports 10,755,835
Outside of this trouble, everything seems favorable. In
1885
Exports 164,662.426 1885
Exports 55,313,693
1886
Exports 44.088,694 1886
Imports
978,738 Germany the semi-official press is reassuring the public,
1887
23,863,443
1887
Exports
Imports 27,090,127 is
scoffing at the notion that war will break out without
1888
Imports 28,002,607 1888
Imports 61,575,300
1889
Imports 2,730,277 1889
Imports 30.655,256 notice in the early future, and is declaring that the relations
1890
Exports 68,518,275 1890
Imports 18,721,363 between all the Powers are
quite satisfactory. At the same
1891
Exports 39,564,614 1891
Imports 13,261.571
1892
Exports 202,675,686 1892
Exports 47,425,412 time it is to be noted that trade is falling off, and that
1893
Imports 12.605.798 1893
Imports 68,800,021 liquidation upon a great scale
is going on in the Bourses.
1894
Exports 244.132,692 1894
Exports 68,486,072
1895
Exports 75,568,200 1895
Imports
,735,035 Naturally, therefore, prices are falling.
1896
Exports 102,882,264 1896
Exports 74,956,440
In France the vast accumulation of unemployed money
1897
Exports 286,263,144 1897
Exports 36,961,882
1898
Exports 615,432,676 1898
Exports 295,280,759 is such that this week there has been a steady rise in Rentes,
1899
Exports 529,874,813 1899
Exports 204,573,754 in Russian bonds, and in other favorites of the Paris market.
1900
Exports 544,541,898 1900
Exports 272,615,091
1901
Exports 664,592,826 1901
Exports 288,411,518 There has been some buying, too, of South African gold
1902
Exports 478,398.453 1902
Exports 181.854,021 shares and the appearances are that if once the war scare
1903
Exports 394,422,442 1903
Exports 184.907.400 in
Germany comes to an end, we shall see a decided in1904
Exports 469,739,900 1904
Exports 165,388.544
1905
Exports 401,048,595 1905
Exports 151,07.589 crease of activity in Paris, even though usually the holidays
1906
Exports 517,302,054 1906
Exports 220,483,398 have
an exceptional effect in Paris for all who can afford
1907
Exports 446,429,65311907
Exports 189,171,189
Exports 666,457,10311908
1 908
Exports 355,371,907 it generally leave Paris during the'
hot weather.ZA
1908...
1907..,
1906...
1908._.
877,823
940,450
857,842
740,968
673,726
697,652
522,451355,372
751,279 189,171
637,359220,483
589,941 151,027
508,337 165,389
512,745 184,907
53,519
36,300
31,611
39,831
68,449
31,336
26,368 27.151
21,469 14,831
62,538 a30,927
16,610 23,221
47,763 20,686
13,976 17,360
25,514
29,219
33,437
25,082
26,368
17,505
21,054 4,460
22,396 6,823
23,677 9,760
15,173 9,909
13,776 12,592
9,981 7,524
THE CHRONICLE
AUG. 1 1908. '
The best observers here at home are of opinion that we
are near a decided increase of business on the Stock Exchange. It seems hardly probable that during the holiday
season, which is now beginning, there will be very much
activity. But in spite of all the liquidations and other
scares, there is a very hopeful feeling in the Stock Exchange. Money is very abundant and cheap. And the
belief is general that the decline in trade has reached the
end and that very soon now weare likely to see an improvement. In addition to all this, the information points
to good harvests; and good harvests, by making food cheaper,
will increase the purchasing power of the working classes,
and therefore will stimulate business in every form. Of
course much will depend upon the course of events in the
United States. The increased activity and better prices
in New York have helped materially to strengthen markets
here and if the improvement in America continues there
is certain to be an improvement here.
Some dissatisfaction is felt in the City because the Bank
of England retains none of the gold coming here in large
amounts week by week. The policy of the Bank is not
clearly understood. In the autumn we shall have to finance,
as usual, Egypt,Argentina, and India. There will be probably some demand for Brazil, likewise, and there may be
demands for Italy, Turkey and other countries. Yet
with the ever increasing output of gold and with the enormous amounts of the metal which have been received 'since
New Year's Day, very little more than three millions sterling
have been retained here by the Bank of England. Consequently, there is grumbling that if this state of things
continues in the autumn, when there ought to be a decided
increase in business of every kind, the Bank may disturb
trade by having to put up its rate of discount unduly. As
far as can be seen at present, it is estimated that Egypt
and Argentina will take very nearly 10 millions sterling.
Argentina, it is true, may not take anything like five millions during the present calendar year. A large part of
its takings may be deferred till the New Year. But Egypt
will probably require five millions sterling. How much
India may require it is impossible to foresee, firstly, because
the monsoon burst only a couple of weeks ago and until
this week the rainfall was not very abundant; and,secondly,
because the imports into India from this country during
the past year have been on an enormous scale and probably
a large part of the purchase money has yet to be handed
over. It is impossible, then, to estimate with even a rough
approximation to reality what India may require. But if
her harvests are good she probably will take some gold.
No applications were received for the ten lacs of bills
and transfers offered by the India Council on Wednesday.
The following return shows the position of the, Bank of
England, the Bank rate of discount, the price of consols, &c.,
compared with the last four years:
1906.
1907.
1908.
July 18.
July 17.
July 15.
£
£
£
Circulation
29,751,200 29.598,225 29,907,555
9,044,279
7.929,058
Public deposits_ __ _ 5,324,526
Other deposits
47,802,939 47,847,112 43,498,242
Governm't securities 15,227,299 16,584,520 15,977,133
29,111,232 32,837,054 28,790,208
Other securities..
Reqerve,notes&coin 26,803,999 23,095,995 25,874,437
Coln&bull.,both dep 37,823,904 35,561,654 37,331,992
Pron, reserve to lia46
494
50%
bilities
p. c.
334
4
24
Bank rate
p. c.
87 13-16
88 1-16
8434
Consols, 24 p. c___
304d.
31%cl.
Sliver
24%d.
Clear.-house returns 253,199,000 269,313,000 257,070,000
1905.
July 19.
1904.
July 20.
29,980,150
10,756,678
44,338,873
16,752,444
29,642,689
26,736,492
38,275,642
28,601,365
7,042,301
40,844,216
16,403,766
25,211,552
24,331,331
34,482,696
48 7-16
505%
24
3
90 1-16
88 11-16
274d.
265%d.
259,447,000 216,260,000
The rates for money have been as follows:
July 17.
24
Bank of England rate
Open Market rateBank bills-3 months__
131 01%
-4 months
14
-6 months_ .._ _
2%
Trade bills-3 months_ _ _ _ 1%02
-4 months_ __ _
2@2;5
Interest allowed for depositsBy joint-stock banks
1
By discount houses:
At call
1
7 to 14 days
14
July 10.
234
July 3.
234
131
13i ®1 5-16
1%
134
231
2%
18402
13-4© 13-(
20231
2024
June 26.
234
1%, 01 5-16
1% 014
134582
1% 02
2@2%
1
1
1
1
1
14
1%,
14
1
The Bank rates of discount and open market rates at the
chief Continental cities have been as follows:
July 18.
July 4.
June 27.
July 11.
Bank Open
Rates of
Bank Open
Bank Open
Bank Open
Interest at-Rate. Market. Rate. Market. Rate. Market. Rate. Market.
Paris
3
1%
1%
3
3
14
1%
3
Berlin
4
24
4
2%
4
2%
4
34
Hamburg
4
2%
4
4
25
2%
4
34
%
Frankfort
4
2 13-16
4
2 13-16
4
334
2%
4
Amsterdam
3
234
3
3
3
2%
25%
234
3
24
334
Brussels
334
234
24
331
24
33,4
4
4
Vienna
4
334
4 3 13-16
33.4
54 nom.
6
nom.
6
nom.
St. Vetersburg
53-4 nom.
44
431
44 •44
44
44
44
434
Madrid
6
5
Copenhagen
6
5
6
5
5
6
Messrs. Pixley & Abell write as follows under date of
July 16:
GOLD.
-Although Paris was closed at the beginning of the week for the national
fete holidays, the bulk of the arrivals was bought for that quarter, the balance
being taken on various other Continental orders. In addition, £81,000 has been
purchased from the Bank of England in French gold coin, and £100,000 in sovereigns has been withdrawn for Sweden. Next week we expect £443,000 in gold from
South Africa. Arrivals-Cane, £705,000; West Indies, £23,000; West Africa,
£8,000; Australia, £5,000; New Zealand, £45,000; total, £786,000. ShipmentsBombay, £31,500.
SILVER.-The market has fluctuated between 2431d. and 24 9-16d., closing at
the latter price, with a downward tendency. India has bought pretty freely for the
next settlement, but this has not had much effect, as speculators have been willing
to meet any exceptional demand, and offerings from America continue large. The
price in India is Rs. 6334 per 100 Tolahs. The India Council has allotted in bills on
London £500,000. Arrivals-New York,£177,300; Mexico,£5,200; total,£182,500.
Shipments-Bombay, £37,750; Calcutta, £80,000; Port Said, £2,615; total, £120,-
265
The quotations for bullion are reported as follows:
GOLD.
London Standard.
Bar gold, fine, oz
U. S. gold, oz
German gold coin, oz
French gold coin, oz
Japanese yen
July 16.
s. d.
77 104
76 54
76 534
76 54
76 54
SILVER.
July 16.
July 9.1
d.
s. d. I London Standard.
77 103-4 1Bar silver, fine, oz__24 9-16
76 541 " 2 mo.delivery__ __24 9-16
264
76 54'Cake silver, oz
nom
76 534[Mexican dollars
76 5341
,
July 9.
d.
24 11-16
24 11-16
2634
nom.
The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
Forty-five weeksImports of wheat
Barley
Oats
Peas
Beans
Indian corn
Flour
IMPORTS.
1906-07.
1907-08.
cwt_81,912,850 79,938,352
18,809,386 18,191,334
9,086,514
10,988,299
1,309,450
1,538,730
891,900
385,480
34,745,757 42,124,670
12,375.600 11,814,872
1904-05.
1905-06.
79,358,790 88,400,100.
18,869,900 19,516,300
13,200,700 14,152,400
1,894,648
1,462,375
1,362,490
549,000
39,770,900 35,265,000
12,778,570 9,731,620
Supplies available for consumption (exclusive of stock on
Sept. 1):
Wheat imported
Imports of flour
Sales of home-grown
Total
Average price wheat, week
Average price, season
1907-08.
1904-05;
1906-07.
1905-06.
cwt 81,912,850 79,938,352 79,358,790 88,400,100
9,731,620
12,375,600 11,814,872 12,778,570
31,086,425 33,406,471 27,454,097 13,450,518
1,
5,374,875 125,159,695 119,592,457 111,582,238
30s. 5d.
31s. 3d.
30s. 2d.
32s. Id.
33s. Od.
27s. 3d.
28s. 8d.
30s. 7d.
The following shows the quantities of wheat, flour and'
maize afloat to the United Kingdom:
Wheat
Flour, equal to
Maize
This week. Last week.
qrs. 1,965,000
2,190,000
qrs_
150,000
190,000
qrs_ 575,000
685,000
1907.
2,740,000
180,000
1,010,000
1906.
2,780,000
165,000
995,000
The British imports since Jan. 1 have been as follows:
1908.
E
56,368,358
52,426,815
52,115,259
47,099,912
44,271,217
46,136,282
Imports.
January
February
March
Ault
May
June
Six months
298,306,224
1907.
.£
60,534,846
52,926,597
57,740,921
56,782,704
52,615,635
47,805,545
Difference. Per Ct.
£
-4,166,488 -6.8
-499,782 -0.9
-5,625,662 -9.8
-9,682,792 -16.9
-8,344,418 -15.9
-1,669,263 -3.3
328,356,399 -30,050,175
-9.1
The exports since Jan. 1 have been as follows:
Exports.
January
February
March
April
May
June
SR months
1908.
1907.
34,407,767
31,949,514
32,893,424
30,705,338
31,066,877
28,953,139
35,070,607
32,073,345
34,723,034
34,416,866
36,922,548
33,111,069
189,993,395
Difference.
Per Ct.
-662,840 -1.9
-123,831
-0.4
-1,829,610 -5.3
-3,711,528 -10.8
-5,855,671 -15.9
-4,157,930 -12.6
206,317,469 -16,324,074
-7.9
The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
1908.
Re-exports.
January
February
March
April
May
June
6,599,209
7,497,673
5,965,255
6,773,228
6,431,654
6,029,312
1907.
8,793,276
9,425,830
8,110,260
9,669,898
8,451,766
7,098,226
Difference
Per Ct.
-2,194,067
-1,928,157
-2,145,005
-2,896,670
-2,020,112
-1,068,914
-24.9
-20.5
-26.5
-30.1
-24.0
-15.1
Six months
39,296,331
51,549,256 -12,252,925 -23.8
Now.-The aggregate figures are official. They indicate that slight adjustments
have been made in the monthly returns as issued.
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending July 31.
Sat.
Sliver, per oz
d 2431
Consols, new, 24%
86%
For account
863-4
French Rentes (in Paris)_ _fr_ 95.75
Russian Imperial 4s
855%
do
Do
new 5s_ 954
Amalgamated Copper Co_
744
931
b Anaconda Mining Co
Atchison Topeka & Santa Fe 883.4
Preferred
95
Baltimore Sr Ohio
945%
Preferred
86
Canadian Pacific
1724
Chesapeake & Ohio
434
Chicago Great Western
731
Chicago Milw. & St. Paul__ _143
Denver & Rio Grande,corn.. 27
Preferred
67
Erie, common
22
First preferred
39
Second preferred
29
Illinois Central
143
Louisville & Nashville
11034
Mexican Central
154
Missouri Kan.& Texas,corn_ 314
Preferred
65
National BB. of Mexico
52
N. Y.Cent. & Hudson River 111
4234
N. Y. Ontario & Western_
Norfolk & Western, common 754
Preferred
82
Northern Pacific
114334
a Pennsylvania
6334
604
a Reading Co
43
a First preferred
a Second preferred
43
Rock Island Co
17%
Southern Pacific
935%
Southern By., common
1934
Preferred
494
Union Pacific, common
1564
Preferred
85
U.S. Steel Corp., common
4534
Preferred
1104
Wabash
12
Preferred
,
54
Extended 48
5434
a Price per share. b.£ sterling.
Mon. Tues.
Wed.
Thurs.
Fri.
248
%
24 3-16 2431
24 5-16 24 3-16
86 13-16 86 13-1687
86 13-16 863-4
86 13-16 86 13-16 87
86 13-16 8634
95.673,4 95.724 95.774 96.05
96.15
8
86
ssq
864
--__
85%
._ _ _
9534
95
_953-4
%
754
764
764
763
78
93-4
94
9%
934
934
8931
894
893-4
89
893-4
95
95
95
9534
953-4
9531
954
964
c9334
951-4
86
86
86
87
87
1741-4
175%
17534
178
17234
44
444
444
44
4331
7
7
7
7
7
145
14334
144
14434
1445%
27
28
28
28
28
67
67
67
67
68
2334
245%
2434
245%
235%
404
42
41%
4134
395%
29
294
31
3034
31
145
145
145
c1413,4
142
11234
1114
1114
111
11134
1534
154
154
154
154
32
32
32
32
315%
65
66
66
66
66
52
51
51
51
51
1104
111
110
110
110
434
43
425%
425%
43
76
764
76
76
754
83
82
83
82
83
14434
144
1434
1444
1444
64
644
64
64
635%
604
605%
604
6034
603-4
43
43
43
43
43
425%
43
424
4234
4234
18
18
18
184
18
54
954
944
945%
94/
943-4
1934
1934
1934
194
193.4
495%
494
504
50
4934
1575%
1584
1575%
1573-4
15731
85
85
85
85
85
454
46
4631
46
4634
1105%
1114
1115%
1113-4
1107-4
12
1231
124
1334 . 134
2634
264
265%
284
284
554
554
57
584 1
59
-
Ex-dividend.
Tammo:daland WisctitancoitsSCWS
Austion Sales.—Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller & Son:
Stocks.
134%
17 German-Am. Bank
100 Crucblie Steel Co. of Am.
preferred
44Y
10 Christopha & 10th St.
101
Ferry RR. Co
$2
40 Amer. Sterling Co
10 Mechanics' Nat. Bank_ 2473_
10 N. Y. Mtge. Zs Sec. Co_ _143
60 Great Jones St. Realty Co. 5
45 Trust Co. of America_ _235
50 Erie & Pittsburgh RR.
(7% guar.)
152
6 United Cities Realty Corp.
pref., full paid
85'%
50 Carnegie Trust Co
1703i
64 Ann Arbor RR.Co., pref. 56 y
4
2,625 Ch. Cin.& Loulsv.RR.$150 lot
Bonds.
$4,000 Syracuse Lighting Co.
1st 5s, 1951 .J.& D
90
2,000 Hackensack Gas & Elec
Co. 55, 1935, J. & J
95%
Bonds.
$4,000 PortlAnd Gas Co. 5s,
1951, F. & A
101%
1,000 City of Lincoln Gas Co.
6s, 1918, A. & 0
88
200 St. Louis Ore & Steel
Co. 65, 1917
$3
10,000 State Telephone Co. 1st
5s
$110 lot.
500 Queens Co. Ferry'Co.
Con. bond, due '71_51 lot.
4,000 North American Co.
Coll. Tr. Notes, 1912_ 93 Ni
8,000 Det. Tol. & Iront. Ry.
Coll. Tr. 5s, of 1908_ 30
7,000 Wlikesb. & Hazelt.RR.
Co. Coll. Tr. 5s
79
1,000 Pere Marquette RR.
Gen. & Ref. 4s
60
1,000 Chic. Cin. & Louisv.
RR. 434s
20
A
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
NATIONAL BANKS ORGANIZED.
July 20 to .7uly 23.
9.196—The First National Bank of Okoiona, Mississippi. Capital, $25,000.
C. R. King, President; E. S. Elliott, Vice-President; A. L. Jagoe,
Cashier.
9,197—The First National Bank of Bonner Springs, Kansas. Capital,
$25,000. Lewis Kreeck, President; D. S. Haines, Vice-President;
.
Geo. L. Kreeck, Cashier.
9,198—The People's National Bank of Mount Pleasant, Pennsylvania.
Capital, $50,000. Charles R. Ferner, President; W. E. Shope,
Cashier.
9,199—The First National Bank of Richwood, Ohio. Capital, $25,000.
H. J. Brooks, President; Edward A. Schambs, Vice-President;
L. J. McCoy, Cashier.
9,200—The Shelton National Bank, Shelton, Nebraska. Capital, $25,000.
Jacob Bernhard, President; L. F. Stockwell, Vice-President; C. A
Robinson, Cashier; E. H. Spicer, Assistant Cashier. Conversion
of the Shelton Bank.
9,201—The First National Bank of Milton, Oregon. Capital, $50,000.
H. L. Frazier. President; Wm.Talbert, Vice-President; N. A. Davis,
Cashier; T. C. Frazier and E. J. Davis, Assistant Cashiers. Conversion of The Bank of Milton with Branch at Freewater, Oregon.
LIQUIDATIONS.
8,110—The Merchants' National Bank of Covington, Kentucky, was placed
In voluntary liquidation July 1 1908.
5,113—The Citizens' National Bank of Cedar Rapids, Iowa, was placed
in voluntary liquidation June 20 1908.
INSOLVENT.
7,790—The First National Bank of Rock Creek, Ohio, was placed In charge
of a Receiver July 201908.
APPLICATIONS TO CONVERT INTO NATIONAL BANKS APPROVED
The First Bank of Nome, North Dakota, Into "The First National Bank
of Nome." Capital, $25,000.
The Farmers' de Merchants' Bank of Boonville, Indiana, into "The Farmers & Merchants' National Bank of Boonville." Capital, $50,000.
The Hardin County State Bank of Eldora, Iowa, Into "The Hardin
County National Bank of Eldora." Capital, $50,000.
The Barton County State Bank of Holsington, Kansas, Into "The First
National Bank of Holsington." Capital, $25,000.
RECEIVERSHIP.
7,929—The National Deposit Bank of Philadelphia, Pennsylvania, placed
In charge of a receiver July 14.
DIVIDENDS.
The following shows all the dividends announced for the
future by all large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam).
Atch. Topeka & Santa Fe, pref..(No. 20)
Baltimore & Ohio, common
Preferred
Bangor & Aroostook
Buffalo Roch. & Pillsb., corn
Preferred
Canada Southern
Central RR. of New Jersey (guar.)
Chicago & Alton, common
Prior lien and participating stock-- —
Chic. St. P.,Minn.& Om., corn. de pref_ _
Cleve. & Pillsb., orig. guar.(guar.)
Special guar. (guar.)
Cornwall & Lebanon
Des Moines & Ft. Dodge, pref. (annual)
Great Northern (quar.)
Illinois Central
Keokuk & Des Moines, preferred
Louisville & Nashville
Mahoning Coal, common
Nasnville Chattanooga & St. Louls
New York Ontario & Western
Norfolk & Western, preferred
North Carolina
Northern Pacific (quarterly)
Peoria & Bureau Valley
Pitts. Cinc. Chic. & St. Louis, common_
Reading Company, common
First preferred
Rome Watertown ecOgdensb.. guar.(qu.)
Southern Pacific (guar.)(No.8)
Union Pacific, corn. (guar.)
Preferred
Utica Clinton & Binghamton
Vandalla
Street & Electric Railways.
Boston Elevated Ry.
Columbus Ry., pref. (quar.) (No. 35)
Connecticut Ry. & Lig., corn. (guar.)
preferred (guar.)
East St. Louis & Suburban, pref.(quar.)_
Grand Rapids Ry.. preferred (quar.).---
[VOL. Lxxxvii.
THE CHRONICLE
266
Per
When
Cent. Payable.
2%
3
2
2
2
3
1%
2
1
1
334
1%
1
3
5
I%
3%
1%
2%
6
2%
2
2
3%
1%
4
2
2
2b
13.1
1%
234
2
2
2%
Books Closed.
Days Inclusive.
Aug.
Holders of rec. June30a
Sept.
Holders of rec. Aug. la
Sept.
Holders of rec. Aug. la
Aug.
-------------Aug. 15
---- of rec. Aug. 5
Aug. 15 Holders of rec. Aug. 5
Aug. 1 Holders of rec. June 30
Aug
1 Holders of rec. July 20
Aug 15 Aug. 6 to Aug. 16
Aug. 15 Aug. 6 to Aug. 16
Aug. 20 Holders of rec. Aug. 1
Sept. 1 Holders of rec. Aug. 10
Sept. 1 Holders of rec. Aug. 10
Aug. 1 Holders of rec. July 22
Aug. 1 Holders of rec. July 25
Aug. 1 Holders of rec. July 95
Sept. 1 Aug. 4 to Aug. 12
Aug. 1 July 11 to Jury 12
Aug. 10 July 21 to Aug. 10
Aug. 1 Holders of rec. July 17
Aug. 3 July 25 to Aug. 3
Aug. 3 July 10 to July 12
Aug. 18 Holders of rec. Aug, 4
Aug. 1 July 23 to Aug. 1
Aug. 1 July 11 to Aug. 2
Aug. 10 Aug. 1 to Aug. 10
Aug. 15 Holders of rec. Aug. 5
Aug. 1 Holders of rec. July 15
Sept. 10 Holders of rec. Aug. 24
Aug. 15 Holders of rec. July 31
Oct. 1
Oct.
1 Sept. 15 to Oct. 13
Oct.
1 Sept.15 to Oct. 13
Aug. 10 Aug. 1 to Aug. 9
Aug. 15 Holders of rec. Aug. 5
Aug. 15 Aug. 2 to Aug. 16
Aug. 1 Holders of rec. July 15
Aug. 15 Aug. 1 to Aug. 16
1
Aug. 15 Aug. 1 to Aug. 16
1
131 Aug. 1 Holders of rec. July 15
Aug. 1 Holders of rec. July 15
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Street & Elec. Rys.(Concluded).
Harrisburg Traction
3
Aug. 1 July 16 to July 31
Havana Elec. Ry., pref. (quar.)(No. 10) 1% Aug. 15 July 19 to Aug. 15
Jacksonville Electric Co., common(No.8) 3
Aug. 1 Holders of rec. July 16
Preferred (No. 12)
3
Aug. 1 Holders of rec. July 16
Kingston (N.Y.) Consolidated RR., pref
2
Aug. 1 Holders of rec. June 30
Montreal Street Ry.(guar.)
2% Aug. 1 Holders of rec. July 13
Ohio Traction, pref. (guar.)
1% Aug. 1 July 26 to July 31
Philadelphia Company, common (guar.). 1% Aug. 1 Holders. of rec. July 1
Preferred
2% Sept. 1 Holders of rec. Aug. 10
Railway & Light Securities, pf.(No. 7). $3 Aug. 1 Holders of rec. July 20
Twin City Rap.Tmn., Minn., corn. (qu.) 1% Aug. 15 Holders of rec. July 29
Union St. Rib, New Bedford (guar.) _
2
Aug. 1 Holders of rec. July 16
West Penn Rys., pref. (quar.)(No. 11)- 1% Aug. 1 July 26 to Aug. 2
Banks.
Bowery (guar.)
3
Aug. 1 July 29 to July 31
Corn Exchange (quar.) (No. 111)
4
Aug. 1 Holders of rec. July 23
German-American
3
Aug. 1 July 31 to Aug. 2
_
Greenwich (quar.)
23.4 Aug. 1 July 21 to Aug. 1
Homestead, BrooklynI(No. 1)
2
Aug. 1 July 28 to Aug. 1
Lincoln National (guar.)
2
Aug. 1 Holders of rec. July 230
Metropolis, Bank of the. (alum)
4
Aug. 1 July 31 to Aug. 2
Pacific (quar.)
2
Aug. 1 July 22 to July 31
Twenty-Third Ward
3
Aug. 1 July 26 to July 31
Trust Companies.
Farmers' Loan & Trust (guar.)
10
Aug. 1 July 25 to July 31
Hamilton, Brooklyn (guar.)
2% Aug. I July 26 to July 31
Kings County, Brooklyn (quar.)
3
Aug. 1 July 26 to July 31
Nassau, Brooklyn (quar.)
2
Aug. 1 July 28 to Aug. 2
Miscellaneous.
34 Aug. 31 Holders of rec. July 23
Amalgamated Copper (quar.)
1% Aug. 1 Holders of rec. July 11
American Caramel, corn. (guar.)
;4 Aug. 1 Holders of rec. July 11
Extra
1
Aug. 20 Aug. 10 to Aug. 20
American Chicle, corn. (monthly)
134 Aug. 1 July 28 to Aug. 2
American Gas & Elect., pie!. (quar.)
4
Aug. 1 July 18 to Aug. 3
American Glue, preferred (guar.)
American Light & Traction, corn.(quar.) I% Aug. 1 July 23 to July 31
134 Aug. 1 July 23 to July 31
Preferred (guar.)
(quar.)_
1% Aug. 26 Aug. 6 to Aug. 26
American Locomotive, common
Aug. 15 Aug. 9 to
Bond & Mortgage Guarantee (quar.)_ _ _ _ 3
34 Sept. 15 Sept. 12 to Sept. 14
Brill (J. G.), common (quar.)
1% Aug. 1 July 28 to July 31
Preferred (quar.)
Butte Elec. cfc Power, pref. (guar.)
13i Aug. 1 Holders of rec. July3la
Cambria Steel
1% Aug. 15 Holders of rec. July 31
2
Aug. 10 Aug. 1 to Aug. o
Casein Co. ,pref. (guar.)(No. 33)
Clailin (H. B.), first preferred (quar.)_
1% Aug. 1 July 24 to Aug. 2
Second preferred (quar.)
1% Aug. 1 July 24 to . Aug. 2
Commonwealth-Edison (quar.)
14 Aug. I June 19 to Aug. 2
Computing Scale (guar.)
1% Aug. 1 July 21 to July 31
Eastman Kodak, common (quar.)
1 Holders of rec. Aug. 31
2% Oct.
Common (extra)
1 Holders of rec. Aug. 31
234 Oct.
• preferred (quarterly)
1 Holders of rec. Aug. 31
1% Oct.
Edison Elec. III., Boston (quar.)(No.77) 2% Aug. 1 Holders of rec. July 15
Extra
1
Aug. 1 Holders of rec. July 15
Electric Bond & Share, preferred (quar.)_ 1% Aug. 1 July 17 to Aug. 2
Electric Company of America
3% Aug. 3 July 11 to Aug. 3
Electric Properties, pref.(guar.) (No. 8)
1% Aug. 10 Aug. 2 to Aug. 10
Federal Sugar Refining, preferred (quar.) 134 Aug. 3 Holders of rec. July 31
International Nickel. pref. (quar.)
1% Aug. 1 July 11 to Aug. 2
Internat. Steam Pump. pf.(qu.)(N0.37)- 1% Aug. 1 July 21 to Aug. 2
Jefferson & Clear!. Coal & Iron, pref. _
234 Aug. 15 Holders of rec. Aug. 5
Kansas City Stock Yards (guar.)
134 Aug. 1 Holders of rec. July 15a
La Belle IronWorks (quar.)
2e
Aug. 1 July 21 to July 31
Lord & Taylor, common (quar.)
2
Aug. 1 July 27 to Aug. 1
Massachusetts Gas Companies
Aug. I July 12 to July 31
1
Michigan State Telep., com.(qu.)(No.3)- 1
Sept. 1 Aug. 21 to Sept. 1
Preferred (quar.) (No. 19)
1% Nov. 2 Oct. 21 to Nov. 3
Minneapolis General Elec., corn. (No. 6). 2
Aug. 1 Holders of rec. July 18
Preferred (No. 19)
3
Aug. I Holders of rec. July 18
Montreal Lt.. Heat & Pow.(qu.)(No.29) 1% Aug. 15 Holders of rec. July 31
Municipal Gas, Albany, N. Y.(guar.)
234 Aug. 1 July 26 to Aug. 2
National Carbon, preferred (quar.)- - — 1% Aug. 15 Aug. 6 to Aug. 16
National Lead, pref.(quar.)(No.67)- — 1% Sept. 15 Aug. 22 to Aug. 25
Nevada-California Power (No, 1)
1% Aug. 1 Holders of rec. July 27
New England Cotton Yarn, corn.(quar.)
13411 Oct.
1
Preferred (quar.)
1% Aug. 1 July 24 to July 31
New England Teieph. & Teieg.(quar.)- - - 134 Aug. 15 Aug. 1 to Aug. 14
New River Co., pref.(quar.)
134 Aug. 1 Holders of rec. July 22
N. Y. & Queens Elec. L. & Pow., pref._ 234 Aug. 10 Holders of rec. July 31
New York & Richmond Gas
1
Aug. 7 Aug. 2 to Aug. 10
Omaha Electric Light dr Power, preferred 234 Aug. 1 Holders of rec. July20a
Pacific Coast Co., common (quar.)
Aug. 1 July 16 to Aug. 2
1
First preferred (guar.)
1% Aug. 1 July 16 to Aug. 2
Second preferred (quar.)
Aug. 1 July 16 to Aug. 2
1
People's Gas Light & Coke (quar.)
1% Aug. 25 Holders of rec. Aug. 1
Pressed Steel Car, pref.(quar.)(No.38)-- 1% Aug. 26 Aug. 6 to Aug. 25
Procter & Gamble, common (quar.)
3
Aug. 15 Holders of rec. July3la
Pullman Company (guar.)(No. 1(16)___ - 2
Aug. 15 Holders of rec. July 31
Torrington Company, cam., A de B _
4
Aug. 1 July 18 to July 31
_
United Bank Note Corp.. corn.(quar.)_
1
Aug. 15 Aug. 2 to Aug. 16
U.S. Bobbin & Shuttle, common (quar.) 50c. Aug. 1 July 21 to July 31
Preferred (quar.)
$1.75 Aug. 1 July 21 to July 31
U.S. Cast Iron Pipe & Fdy., pf. (quar.)
IN Sept. 1 Aug. 12 to Aug. 31
United Stales Printing of Ohio (guar.) 1 Sept. 20 to Oct. 1
1 5-16 Oct.
U
U.S. Realty & Improvement (guar.).
Aug. 1 Holders of rec. July 24
1
U. S. Steel Corp., corn. (guar.)(No. 19) 34 Sept. 30 Sept. 10 to Sept.30
1% Aug. 31 Aug. 7 to Aug. 31
Preferred (guar.)(No. 29)
Utah Copper (No. 1)
50 c. Sept. 30 Holders of rec. Sept.20
34 Aug. 1 July 30 to July 31
Waterbury Company of 1Vest Va.(guar.) •
Waterbury Co. of N. J., cam.(guar.) - - lg Aug. 1 July 30 to July 31
2
Aug. I July 30 to July 31
Preferred (guar.)
2
Sept. 1 Holders of rec. Aug. 19
Welsbach Company
2% Aug. 1 July 20 to July 31
Western Telephone & Telegraph, prof_
a Transfer books not closed. b Also declared 2% on 1st preferred, payable March
10 1909 to holders of record Feb. 20 1909: 2% on 2d preferred, payable Nov. 10 1908
to holders of record Oct. 23 1908. and 2% payable May 10 1909 to holders of record
April 22 1909. e Also declared 3318% payable in stock to holders of record Aug.15
h Declared 6%, payable in quarterly installments.
—Imports and Exports for the Week.—The following are
the imports at New York for the week ending July 25; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For week.
—
3ry Goods
leneral Merchandise
Total
Since January 1.
3ry Goods
.leneral Merchandise
Total 30 weeks
1908.
1907
1906.
1605.
$1.971,530 $4,234,835 $3,287,533 $2,756,762
8,511,234 16,646,415 13,011,203 12,443,100
-$10,482,764 $20,881,250 $16,298,736 _15,199,862
$68.639,665 $110,401,959 $92,397,911 $79,956,848
267,922,684 410,055,749 344,408,997 325,425,374
—
-$336,562,349 $510,457,708 $436,806,908 $405,382,322
The following is a statement of the exports (exclusive of
Specie) from the port of New York to foreign ports for the
week ending July 25 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1908.
3
1907.
1906.
1906.
For the week
Previously reported
$10,985,043 $13,237,400 $10,620,466 810,137,460
361,718,709 349,063,653 348,627,253 205.072.673
Total 30 weeks
$372,703,842 $362,301,053 $359,247,719 $305,910,133
EXPORTS AND IUPORTS OF SPECIE AT NEW YORK.
Imports.
Bzports.
0.14.
Week.
Since Jan. 1
Total 1908
Total 1907
Total 1906
Silver.
•
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$2,030
Week.
Since Jan.1
$2,524,412
23,640,879
19,017,343
1,313,600
3,800
616.606
9,735
$3,005 $3,439,807
998,416
1,930
15,785
38,841 3,384,551
322,991
25.999
45,067 1,562,907
5,513 1,891,865
$47,126,375
30,732,553
5,771,404
$120,355 $11,616,322
69,387 6,652,936
933,182 47,093,926
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$1,533
$868,910 $21,373,033
442,000 2,478,000
41,900
249,264
6.390
740
106,848
18,830
903
3,000
350
Total 1908
Total 1907
Total 1906
267
THE CHRONICLE
A.UG. 11908.1
$1,317,300 $24,145,547
923,580 24,817,689
907,904 32,014,220
$49,007
52,665
86,097
124,676
711,628
497,477
309,256
$128,854 $1,830,806
12,434 1,297,867
18,423 1,400,557
Note.--In the case of the Clearing-House banks, the deposits are "net" both for
the average and actual figures; in all other cases "gross" deposits are shown. The
Clearing-House actual figures included United States deposits amounting ta
$9,244,100, a decrease of $71,200 from last week; averages included United States
deposits of $9,259,500, a decrease of $742,200 from last week.
"Reserve on deposits" includes, for both trust companies and State banks, not.
only cash Items but amounts due from resetve agents, and in the case of trust companies includes likewise municipal bonds. State banks in New York City are required by law to carry a reserve amounting to 15% of deposits, while outside of
New York City only 10% is required, which reserve in both cases need not be more
than one-half in cash. Trust companies In Greater New York are required to keep
a reserve of 15%, of which only 5% need be in cash and 5% more may be in municipal bonds, while in the case of the trust companies in the rest of the State the required reserve is 10%, of which only 3% need be in cash and 3% more may be in
municipal bonds.
The State Banking Department also furnishes the following report for State banks and trust companies outside of
Greater New York.
STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK:
Week ending July 25 1908.
%
Loans.
Reserve. Res.
Deposits.
$77,359,900 $81,325,300 517,142,400 21.7
State Banks
+13,300
+148,700
+335,700
117,172,400 127,910,800
22,101,000 17.8
Trust Companies
-379,000
+807,500
+194,300
+Increase over last week. -Decrease from last week.
Reports of Non-Member Banks -The following is the
Of the above imports for the week in 1908, $41,410 were statement of condition of the non -member banks for the
American gold coin and $3,176 American silver coin. Of week ending July 25, based on average daily results:
the exports during the same time, $____ were American
We mil two ciphers (00) t all cases.
gold coin and $
were American silver coin.
Deposit with
Legal
Loans.
Statement of New York City Clearing-House Banks.-The
Tender
Disets
Other
ClearNet
detailed statement below shows the condition of the New
Specie. and
Banks.
Capiand
SurBanks. Deposits
ing
Bank
tal.
Investplus.
York City Clearing-House banks for the week ending July
Agent.
&c.
Notes.
menu.
25. The figures for the separate banks are the averages of
N. Y. City.
the daily results. In the case of the totals, however, a de- Boroughs
o/
parture was made with the statement for Feb. 8, so that in Man.&Brz
902,0
172,0
Wash. Hgta 100,0
70,0
13,0
923,0
201,1
addition to the averages for the week the actual figures at Century
_ _ 200,0
72,2 178,6 1,804,9
19,5 161,5
146,8 1,543,7
the end of the week are now given.
Colonial _
399,3 425,0 4,873,0
100,0
501,0 3,877,7 475,2 222,5
We emU two civhegs (00) in all cases.
Banks
00s omitted.
Capital. Surplus.
Bank of N. Y_ 2,000,0 3,226,3
2,050,0 3,293,5
Manhattan Co_
Merchants' ...- 2,000,0 1,645,2
3,000,0 3,705,7
Mechanics'
1,500,0 4,887,7
America
564,4
1,000,0
Phenix
25,000,0 25,065,4
City
3,000,0 5,714,6
Chemical
502,4
600,0
Merchants' Ex_
1,000,0 2,429,0
Gallatin
143,1
300,0
Butch.& Drov.
724,9
500,0
Greenwich
Amer. Exch_ _ _ 5,000,0 5,017,2
25,000,0 15,239,1
Commerce
_ 3,000,0 2,437,9
Mercantile
840,5
500,0
Pacific
450,0 1,013,1
Chatham _. _
466,5
200,0
Peoples'
3,000,0 9,684,2
Hanover
Citizens' Cent- _ 2,550,0 1,298,6
365,9
Nassau
500,0
Market & Ful'n 1,000,0 1,577,4
Metropolitan _ _
2,000,0 1,095,4
Corn Exchange. 3,000,0 5,183,1
Imp. &Traders' 1,500,0 7,256,0
Park
3,000,0 9,437,5
104,6
East River_ ..._
250,0
Fourth
3,000,0 3,339,9
Second
1,000,0 1,698,9
10,000,0 16,589,9
First
Irving Nat. Ex. 2,000,0 1,325,2
781,8
250,0
Bowery
500,0 1,079,0
N. Y. County_ _
1333,2
750,0
German-Amer _
5,000,0 5.105,0
Chase
100,0 2,117,5
Fifth Avenue_ _
871,0
200,0
German Exch
928,4
200,0
Germania
1,000,0 1,176,2
Lincoln
1,000,0 1,122,2
Garfield
445,0
250,0
Fifth
Metropolis
1,000,0 2,059,4
718,3
West Side
200,0
Seaboard
1,000,0 1,610,8
Liberty
1,000,0 2,466,3
657,2
N.Y.Prod. Ex, 1,000,0
State
771,7
1,000,0
14th Street
328,7
1,000,0
Copper
2,000,0 2,382,3
-Totals. Average 126,350,0 1131.,127,1
Legals, Deposits. ReSpecie
Loans,
Average. Average. Average. Average. s've.
3
21,969,0 27.3
43,800,0 47.5
23,292,0 30.1
25,571,0 26.4
31,164,7 26.1
5,686,0 27.1
207,921,2 40.3
31,029,8 26.0
7,323,1 26.7
7,695,4 26.1
2,185,2 26.3
6,117,1 28.3
28,730,9 26.9
171,551,7 25.5
6,175,5 26.2
3,744,5 36.3
7,252,9 27.7
2,216,3 38.3
77.534,6 27.7
20,937,5 26.3
4,697,2 26.2
8,697,2 41.4
10,203,0 28.3
51,764,0 25.8
24,865,0 25.3
104,258,0 25.5
1,447,0 28.9
24,844,0 27.7
11,473,0 25.7
118,051,1 25.6
18,701,4 26.7
3,230,0 25.9
7,913,8 24.5
3,257,7 24.0
89,409,0 25.8
13.703,9 32.1
4,065,1 26.4
5,504,2 27.5
10,270,1 25.8
6,805,8 29.1
3,338,8 26.1
12,043,3 26.3
4,678,0 24.1
24,105,0 27.6
14,166,6 30.3
7,348,9 26.5
12,390,0 27.7
4,532,0 25.6
15,326,7 25.3
-1270,921,4 316,610,9 79,1352,4 1358,988,2 29.3
-1273,551,1 320,209,6 79,581.3 1365,532,7 29.4
22,382,0
27.100,0
20,979.0
25,019,0
28,269,0
6,518,0
180,618,7
31,142,3
6,833,6
9,624,2
2,027,5
5,491,1
33,507,6
182.274,1
10,358,1
3,521,2
6,684,1
1,502,5
64,894,7
21,204,5
4,341.8
7,168,8
10,061,8
44,287,0
26,903,6
90,437,0
1,264,5
23,526,0
10,418,0
120,310,9
17,677,5
2,179,7
7,717,9
3,631,0
78,903,0
11,443,4
3,745.3
4,628,4
14,886,0
6,585,1
3,058,4
11,741,3
4,266.0
19,926,0
14,453,6
6,288,4
9,973,0
4,302,5
16,864,3
4,756,0 1,208,0
19,240,0 1,595,0
4,736,0 2,222,0
5,150,0 1,510.0
4,891,7 3,258,0
548,0
957,0
75,848,3 7,044,0
6,188,8 1,897,5
1,403,8
514,1
1,251,3
730,5
83,6
491,6
1,535,3
200,0
5,955.7 1,729,8
30,448,0 13,174,2
683,3
901,5
849,8
511,9
906,6 1,088,9
88.2
761,3
11,448,5 9,761,7
5,127,1
319,1
537,8
696,6
2,094,0 1,491,8
2,786,2
103,3
9,801,0 3,591,0
4,864,0 1,309,0
24,535,0 2,054,0
137,7
281,1
4,076,0 2,770,0
488,0
2,461,0
28,187,0 1.865,6
3,582,8 1,390,1
67,0
770,0
625,9
1,251,9
208,0
575,3
18,549.0 4,416,0
3,304,6 1,104,0
800,0
275,0
631,8
883,9
2,765,4 1,406,2
1,733,2
220,8
400,4
459,7
1,578,5 1,600,3
255,0
877,0
4,513,0 2,124,0
3,809,9
447,0
159.4
1,793,6
230,0
3,211,0
530,8
631,4
3,574,3
270,9
Columbia _ _ 300,0
870,0 100,0 6,419,0
466,2 4,976.0 518,0 464,0
Fidelity _ _ 200.0
762,7
159,3
19„8
168,4
77,0
818,5
Jefferson_ _ 500,0
27,4 209,7
217,1 177-5;i 2,918,4
680,7 3,169,8
67,2 2,969,4
Mt. Morris_
605,8
34,2
250,0
250,1 2,098.5 329,4
5,0 3,856,5
Mutual _ _
574,8
27,0 457,0
200,0
317,3 3,248,2
92,8 267,7 5,366,5
59,5 569.0
19th Ward_
300,0
469,7 4,839,8
Plaza
4,038,0
790,0
409,2 3.135,0 219,0 323.0
100,0
1,861,7
50,4
23d Ward.
277.0
183,9 1,555,2 158,5
100.0
Union Exch 750,0
824,8 5,759,0 894,9 350,0
455,6 3-6n1.6 6,266,2
4,402,5
Yorkville ._
434,5
51,7 746,3
100,0
369,9 3,275,0
35,0 4,692,0
Coal&I. Nat 500,0
512,0
701,7 4,311,0 824,0 233.0
34,0
15,0 1,385,0
NewNethi'd 200,0
209,0
229,1 1,393,0 105,0
57,8
802.0
38,0
Batt.Pk.Nat 200,0
138,9
967,3 110,8
Borough of
Brooklyn.
15.9 522,2
530,0 222,5 3,437,5Broadway _
402,3 2,473,3
150,0
68,2 6,738,2
Mfrs' Nat_ _
752,4 5,504,8 916,8 161,9 1,187,5
252,0
Mechanics' . 1,000,0
810,0 9,401,7 219,8 1,895,8 1,347,1 124,6 12,931,4
7,628,0
958,0
Nassau Nat, 750,0
921,7 7,342,0 429,0 827,0
533,0 418:6 5,232,0
Nat. City
564,7 3.801,0 126,0 599,0
300,0
North Side_
489,0 174,8 2,093,8
36,1 230,9
100,0
205,6 1,377,0
Jersey City.
First Nat._ 400.0 1,212,3 3,775,5 200,3 314,6 2,053,5 862,0 6,277,2
204,8 535,2 2.401,4
36.5
H ud.Co.Nat 250,0
719,3 2,291,6 146,1
70,0 2,052,3
583.9
39,1 113,2
Third Nat_ _
364,6 1,553,6
200,0
Hoboken.
213,7 276,8 2,296,6
25,0
First Nat
608,3 2,359,2 144,4
220,0
109.8 169,9 2,129,6
72,3
52.5
Second Nat, 125,0
207,5 1,830,5
----Tot.July 25 7,847,0 12,827,5 87,600,9 6,255,7 8,851,0 14,109,5 4,520,9 106537,8
Tot. July 18 7,747,0 12,638,1 86,716,2 6,303,0 8,941,2 15,244,8 4,303,9 106587,5
Tot. July 11 7,747,0 12,638,1 85.818,4 6.044,9 8,260,1 17,577,9 4,368,6 107048,9
New York City, Boston and Philadelphia Banks.-Below
is a summary of the weekly totals of the Clearing-House
banks of New York City, Boston and Philadelphia. The
New York figures do not include results for non-member
banks.
We omit boo ciphers Os an these figures.
Banks.
Capital
and
Surplus.
Loans
Specie.
Legals
Deposits a Circalanon
Clearings
Now York
8
June 27.. 291,519,1 1231,220,8 316170,2 79,472,7 1320,176,4 56,809,2 1,164,260,3
July 3.. 291,519,1 1241,096.5 306.623,6 78,189,4 1320,470,8 56,459,9 1,356,536,2
July11_ _ 291,519,1 1255.712,8 301,491,9 77,636,4 1328,300,2 56,189,5 1,482,284,1
July 18- 291,519,1 1264,688,3 310.163,6 79,068,1 1346.013,2 56,020.1 1,481,047.0
July 25._ 287,477,1 1270,921,4 316,610,9 79,652,4 1358,988,2 56,088.3 1,543,712,7
Boston.
July 3_ 44,036,0 188,408,0 24,145,0 3,051,0 241,278,0 10,240,0 141,930,6
July II__ 44,036,0 189,883,0 24,469,0 3,356,0 238,752,0 10,563,0 151.702,3
July 18._ 44,036.0 192,613,0 25,432,0 3,552,0 244,592,0 10,606.0 159,849,8
July 25.. 44,036,0 194,009,0 26.037,0 3,381.0 241,751,0 10,549,0 134,068,2
Actual figures July 25
Philos
July 3- 54,440,0 232,275,0
74,087,0
275,399,0 18,142,0 107,460,8
United
and
States July ii.. 54,440,0 233.673.0
On the basis of averages, circulation amounted to $56.088,300
73,747,0
274,959,0 16,417,0 123,988.0
deposits (Included in deposits) to $9.259,500; actual figures July 25, circulation, July 18._ 54,440,0 235,228.0
277,380,0 16,192,0 117,769.6
71,963,0
States
United
deposits,
$9,244,100.
$56.130,100:
July 25._ 54,440,0 234.350,0
73,468,0
276,650,0 16,176,0 106,057,5
The statements compiled by the State Banking Department, together with the totals for the Clearing-House banks,
a Including Government deposits, and for Boston and Philadelphia the item
to other banks." At New York Government deposits amounted to $9,259,500
both the averages for the week and the actual figures at the "due
July 25, against $10,001,700 on July 18; at Boston to $1,603,000 on July 25 and
on
end of the week, are shown in the following table. In the' $1,842,000 on July 18,
figures for State banks and trust companies all of these institutions in Greater New York are included.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending July 25 1908.
Reserve on P C
Loans and
Deposit& of ReDeposits
Legal&
008 omitted. investments. Specie
s
WV&
Clearing-House
Banks-Actual.1,273,551,1 320,209,8 79,581,3 1,365,532,7 399,790,9 29.47
+3,501,7 +10,603,2 -741,3 +13,497,9 +9,861,9
Clearing-House
Banks-Av'ge..1,270,921,4 316,610,9 79,652,4 1,358.088,2 396,263,3 29.35
+6,233,1 +6,447,3 +584,3 +12.975,0 +7,031,6
State Banks324,843.7 102,935,6 32.4
267,560,6 59,183,8 23,753.2
Average
+39,1
-2,317,6
+889,6 +374,3
-2,170,8
Trust Companies900,994,2 299,948,8 36.6
78,064,4 7,280,4
823,021,1
Average
-14,9
+4,066,0 +2,971,3
+464,5
-1,345,9
State Banks and
Co's-not
Trust
099,271,9 329,353,8 36.1
in Clear.-House. 903,831,6 82,981,8 15,340,2
4-1,982,9 A-1,515,6
A-419,7 --192,7
-1,942,8
week.
last
from
-Decrease
week.
last
+Increase over
a Includes bank notes. b After eliminating the item "Due from reserve depositories and other banks and trust comnanies in New York City," deposits amount to
$805,011,300, an increase of $608,900 over last week's figures.
AanIting and. Financial.
We shall be pleased to furnish to institutions and investors copies
of our special circular describing
43 RAILROAD BONDS
Listed upon the New York Stock Exchange
Spencer Trask & Co.
NEW YORK
WILLIAM AND PINE STS.,
Branch offices: Chicago. Ill.. and Albany, N. V.
MOFFAT
&
WHITE
Members New York Stock Exchange.
HANOVER BANK BUILDING.
5 NASSAU STREET.
DEALERS IN INVESTMENT SECURITIES.
Commission Orders Executed for Cash Only
268
THE CHRONICLE
Vaulters' Jaztfr.
Wall Street, Friday Night, July 311908.
The Money Market and Financial Situation.-The unusual
activity and strength which was so conspicuous a feature
of the security markets last week has not been maintained.
Not only has the volume of business diminished to about
one-half the average then reported, but prices have subAtO,ntially declined.
There is no important change, however, in the general
situation. The investment demand which had been held
:in'abeyance, pending the OtitcOrne of the twO great political
'conventions, was soon pretty well satisfied, and, as is well
known, a eOnsiderable portion of the larger business rePlatly reported was of a speculative character. Secretary
Taft's speech of acceptance was about what had been expected. Few, if any, were disappointed in it, and its effect
in business circles was unimportant.
Crop prospects are now among the most important factors
in the situation and recent reports of the appearance of
rust in the wheat fields of Dakota caused some apprehension
and an advance in the price of wheat.
We suggest that these reports should not be regarded too
seriously. At this writing the prospects are for fairly
large crops, both in the South and West, and if the present
export demand continues at prevailing prices all surplusage
will doubtless find a speedy market.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1% to 13yo. To-day's rates on call were 1@1 %.
Commercial paper quoted at 33@4% for endorsements and
four months single names and 4@4Y2% for choice to good
4 to 6 months unendorsed paper.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £651,079 and the percentage
of reserve to liabilities was 50.12 against 50.15 last week.
The rate of discount remains unchanged at 23/2% as fixed
May 28. The Bank of France shows an increase of 10,100,000
francs gold and a decrease of 5,475,000 francs in silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
190a.
Averages for
week ending
July 25.
Differences
from
previous week.
1907.
Averages for
week ending
July 27.
1906.
Averages for
week ending
July 28.
126,350,000
129,100.000 117,972,700
Capital
101,127,100
161,720,000 149,608,400
Surplus
Loans and discounts_ _ _ 1,270,921.400 Inc. 6,233,100 1,123,163,700 1,058,415,100
68,200
56.088,300 Inc.
50,293,900
Circulation
47,044,300
1,358,988,200 Inc. 12,975,000 1,095,772,900 1,060,116,900
Net deposits
742,200
9,259,500 Dec.
27,798,600
11,974,300
U. S. dep. (incl. above)
316,610.900 Inc. 0,447,300 210,451,500 194,450,900
Specie
584,300
79,652,400 Inc.
72,750,400
Legal tenders
89,470,800
Reserve held
25% of deposits
396,263.300 Inc. 7,031,600
339,747,050 Inc. 3,243,750
Surplus reserve
Surplus excluding U. S.
deposits
283,201,000
273,943,225
283,921,700
265,029,225
56,516,250 Inc. 3,787,850
9,258.675
18,892,475
58,831,125 Inc. 3,602,300
16,208,325
21,886,050
Note.
-The Clearing House now issues a statement weekly showing the total
of the actual figures on Saturday morning. These figures, together with the returns
of separate banks, also the summary issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.
Foreign Exchange.-The market was dull though generally
firm this week; commodity bills were more abundant.
To-day's (Friday's) nominal rates for sterling exchange
were 4 863/ for sixty-day and 4 873 for sight. To-day's
(Friday's) actual rates for sterling exchange were 4 8530®
4 8540 for long, 4 8685(6)4 8690 for short and 4 8705 ®4 8715
for cables. Commercial on banks 4 85®4 8515 and documents for payment 4 843-®4 85. Cotton for payment
4 843/ ®4 84%, cotton for acceptance 4 S5@4 8515 and
grain for payment 4 84% ®4 85.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 16%a ®5 16% for long and 5 163@5 155Ah for
short. Germany bankers' marks were 953/s@95 3-16 for
long and 95 7-16@953d for short. Amsterdam bankers'
guilders were 40 30@40 32 for short.
Exchange at Paris on London to-day 25f. 123c.; week's
2c. low.
2c. high and 25f. 123/
range 25f. 123/
The week's range for exchange rates follows:
Lonit
Sterling, ActualHigh4 8530
(34 8540
Low
4 8520
@48530
Parts Bankers' FrancsHigh
5 16%a
(0)5 16%
Low
5 18%
05 17%
Germany Bankers' MarksHigh
95%
(395 3-16
Low
94%
p95
Amsterdam Bankers' GuildersHigh
0
Low
0
Short
---Cables14 8695
14 8675
04 87
@48685
15 163
15 16%d
05 15%h
05 104
I
95%
I 95 7-16
095 9-16
095%
I 40 31
40 30
040 33
040 32
I
I4 8705
14 8695
@48715
@48705
Less: a 1-16 of 1%. d 1-32 of 1%. h 3-32 of 1%.
Plus: k 1-16 of 1%. x 1-32 of 1%. y 3-32 of 1%•
The following were the rates for domestic exchange on
. New York at the undertnentioned cities to-day: Savannah
buying 50c. per $1,000 discount; selling 75c. per $1,000
premium. Charleston selling $1 per $1,000 premium. New
Orleans bank 75e. per $1,000 discount; commercial $1 per
81,000 discount. Chicago 10c. per $1,000 premium. St.
[VOL. Lxxxvii.
Louis 5c. per $1,000 premium. San Francisco 80c. per
81,000 premium.
State and Railroad Bonds.-Sales of State bonds at the
Board include $23,000 Virginia funded debt 1991 at 90 and
$4 000 Virginia 6s deferred trust receipts at 36.4
1
The market for railway and industrial bonds has been far
less active than last week and the tendency to higher prices
has been less pronounced. A few issues have aelvancA for
special reasons, while almost an equal number are Iowa..
Among the former are Missouri Pacific 4s, some of the
Wabash and Erie issues and Colorado Industrial 5s. The
Union Pacific and United States Steel 5s have also been
strong.
United States Bonds.-Sales of Government bonds at the
Board include $30,000 2s reg.,1930,at 1035A; $2,000 3s reg.,
1908-18, at 1003' and $1,000 3s coup., 1908-18, s. 5 f. at 101.
The following are the daily closing quotations; for yearly
range see third page following.
Interest
Periods
registered Q--Jan
2s, 1930
coupon 13-Jan
2s, 1930.- -,
registered 13-Feb
3s, 1908-18
coupon 4--Feb
38, 1908-18
coupon :I-Feb
3s, 1908-18_ .....y.
registered :4-Feb
4s, 1925
coupon 13-Feb
4s, 1925
2s, 1936.Panama Canal cour (4-Nol
July
25
July
27
July
28
103%
*10354
*100
*10054
*1004
*120%
1.122;,1
*
103%
*10354
1004
*10054
*10054
*1205'(
*122%
i.101%
*10314
*1038
%
*100
*100%
*1003
*120%
N12254
81013
%
July
29
July
30
10354 *1035
%
%
4 *1033
*1033
*100 *100
*1008
% *10054
10054 '10054
81203
1204
I.12254 *12254
*101% *101%
July
31
*103%
*1035
*100
*1003j
*100%
*120%
*12254
*This is the price 1,1,1 at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.-In the stock market
prices have continued below the high level reached last
week and the daily transactions have been on a much
smaller scale. The market showed a tendency to recuperate
on Monday when, in most cases, the highest prices of the
week were recorded,and again to-day, with less evidence of
success. The so-called Gould stocks have been conspicuous
on the report that other prominent railroad men have become
interested in the properties and the announcement that the
Wheeling & Lake Eric notes due Aug. 1st will be taken care
of. Missouri Pacific has covered a range of 6 points and
closes at the highest. Wheeling & Lake Erie first preferred
has advanced 6 points, and the Erie issues have been strong.
Canadian Pacific is exceptional in an advance of nearly 7
points. Reading was the feature in to-day's market. It
was eagerly bid for in the last hour, during which it advanced
3 points. On the other hand, New York Central sold
nearly 3 points lower on Wednesday than on Monday, and
Louisville & Nashville and Brooklyn Rapid Transit are lower.
The copper stocks have been active and relatively strong
on an advance in the metal. General Electric advanced 2
points and lost a part of the gain. Otherwise, the movement
of industrial stocks has been narrow, and net changes
unimportant.
For daily volume of business see page 278.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Range for Week.
Sales
Week ending July 31. for
Lowest.
highest.
Week
-Alice Mining
900 $24 July 25 $354 July 31
Amer Steel Found, pref_
200 43 July 30 43 July 30
Cent & So Amer Teleg _
18 101 July 27 101 July 27
Comstock Tunnel
60 26c. July 25 26c. July 25
Homestake Mining
45 8034 July 21 85 July 28
his Cent subserip'n ctfs_ 2,265135% July 25 13734 July 31
Keokuk & Des Moines
400 3% July 20 0 July 31
Nat11R of Mex pf tr rets.
40 5034 July 27 5034 July 27
NY &NJ Telephone_ _ _
150 110 July 29112 July 28
Ontario Sliver Mining_ _ _
100 434 July 31 434 July 31
Peoria & Eastern
100 15 July 27 15 July 27
RR Securities-Ills Cent
stock trust certificates
50 83 July 30 83 July 30
Sears, Roebuck & Co.,pf
200 90 July 27 90 July 30
Range since Jan. 1.
Lowest.
$134
2654
100
20c.
67
12834
354
49
90
2
13
Highest.
Feb $354
Feb 43
Apr 107%
Mch 44c.
Jan 85
July 13734
July 10
May
Feb 11234
Jan 6
Apr 21
5154
79
Mch 83
8634 May 91
Jan
July
July
Apr
July
July
Apr
June
July
May
May
July
June
Outside Market.-Copper stocks were the best feature
of the outside securities market this week as reflected by
the general advance which has taken place in the prices for
these shares. The rest of the market, while not so active,
was steady, with a strong tone. Nevada Consolidated
Copper led the rise, with a gain of about 23/b points to 153/9,
the close to-day being at 153'. Cumberland Ely, after an
advance from 8 to 84,jumped to 93/9 and ends the week
at 91
/
8. Guggenheim Exploration on active trading moved
up from 160 to 180. Boston Consolidated Copper sold up
from 133-i to 14%. British Columbia Copper advanced
from 5 to 59 and to-day touched 63/2, closing at 6%. From
255
% Butte Coalition moved up to 273/9, the close to-day
being at the high figure. Greene Cananea, recorded an
improvement frqm 10X to 123/9, easing Off subsequently
to 12%. Dominion Copper sank from 2% to 2, but recovered finally to 23. Douglas Copper from 43 advanced
to 43/9, then dropped to 4: United Copper common went
down from 7 to 6% and up to 73. Goldfield Consolidated
fluctuated between 5 11-16 and 5% and Nipissing between
7 and 7 7-16. Among the specialties Standard Oil, after
moving down from 645 to 6403/9, advanced, to 649, but
closes at 645. Chicago Subway lost a point to 205%. The
announcement of the reorganization plan of the Consolidated Steamship Lines helped the 4% bonds, the receipts
for which rose from 11 to 13, with a reaction to 123/9. The
4s were dealt in up from 113 to 12% and off finally to
123/9. Tidewater 6% notes sold between 98 and 98 9-16.
Outside quotations will be found on page 278.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saluretas •
July 25
Tuesday
July 28
Monday
July 27
Wednesday
July 29
Thursday
July 30
Friday
July 31
Sales 01
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
•
Range Since Jan. 1 1908.
On basis 01 100-share lots
Lowest
IItoIvsi
Range tor Previous
Year (1907)
Lowest
Railroads
6638Nov
pref50
A tch Topeka
de Santa Fe 66 Feb 14 8818 J'ly 23
8634 8738 3612 8714 8658 8738 8658 8712 28,
78 Nov
8338 Feb 17 95 J'ne29
300 EX Do
9318 9318
93
9312 93
*91
413
*91
58 Nov
5912 dich 2 96 J'ly 21
Atlantic
2,100
Coast Line RR_ _
93
9334
-5512 -9-.C - -4)21- -6i1; 9334 9334 *9314 9334 9234 93
30
7538Nov
7612 Feb 10 9438 J'ly
26,900 naltimore dc Ohio
9418 9378 94,18 x91.3s 92
9134 9314 9258 9314 9212 9312 93
75 Nov
LP Do pre
80 Jan 3 87 J'ne11)
84
*80
*8312 87
86
*83
86
*83
86
*82
86
*82
2634Nov
3714 Feb 10 54 diay19
5134 30,720 Brooklyn Rapid Transit_
5112 5218 5034 52
5112 51
51
5112 5214 5134 53
7412Nov
6434 Al en2i 6434 Men 21
Buffalo & Susque, pref__
_ _
____
*----- 65 *---- 65 *---- 65 *- - -- 65 *--- 65
140 Feb 17 17458 J'ly 31 138 Nov
8 29,855 nanadian Pacific
-- 17314 1745
170 17078 171 174
16818 1691 2 16758 16914 16918 171
52 Nov
54 Mch 4 6478 J'ly 3u
600 ‘Janada Southern
6478 *6412 65
6312 63
6312 *63
631. *63
6312 *63
*63
160 Feb 11 195 J'ly 24 144 Nov
Central of New Jersey
*190 200 *190 200 - *190 200 *193 200 *190 200 W.10 290
Nov
May21
22314
4658
19
Feb
2512
Chesapeake
Ohio
5,600
&
4
,
4:3
4318
4314
4238 4314 4234 4338 4278 4358 4212 4234 4234
818Nov
prof Alton RR
Do
lu Feb 13 27 J'ne19
agodc
435 Chic
2534 *2412 2534
2514 2538 2514 2514 2514 2514 *2412 2512 *24
48 Sep
47 hich24 60 May 6
5812 *50 5812 *50 58 *50 55 *_ _ _ 5612 * _ 57
*50
673 Nov
818 Jan 3
318 Feb 8
2,000 Chicago Great Western
634 7
714
7
678 7
678 678
678 678
678 714
46 Dec
3312 Mch19 50 May16
Do 4% debenturr
100
50
50
50
*45
50
*45
*45
50
*45
50
50
*45
21 Dec
151: Feb 15 31 Jan 6
Do 5% pref "A' ____
24
*20
24
*1714 24
*1714 24
*20
24
*17
*1714 23
814Dec
Do 4% pref "B"____
8 Feb 11 10 Jan It
934 2,175
9
812 817
812 812
852 918
*814 914 4834 834
g3i2Nov
J'ly 23
13978 14012 140 14134 92,190 Chicago Milw & St Paul__ 10312 Jan 2 14318 J'ly
13912 141
13834 14114 139 14178 13938 141
23 130 Nov
158
3
Jan
138
_
_
_
,
_
--pref
Do
100
15912
9156
157::
15712
15712
*156
158
*155
15812
*155
158
*155
Do Mtn 1nstallm't-cft; 9812 Jan 3 13458 J'ly 23 :3135 Nov
130 132 *130 13412 132 13238 13112 13238 *131 13317 13214 1321. 1,922
Do pref instalim't ctfs 12558Jan 2 151 J'ly 31 111 Oct
2,926
15012 151
148 14812 148 14833 145 14834 14938 150
149 149
& North Western 13512J80 2 16078 J'ly 23 126 Oct
Chicago
5,850
160
15812
15834
158
158
159
158
15814
15712 15812
15834 158
1185 Jun 11 205 J'ne25 185 Oct
Do pref
*200 210 *200 210 *200 210 *200 210 *200 210 *20018 210
Chic St P Minn & Omaha 114 Feb 25 139 J'ly 26 106 Oct
*135 140 *136 140 *136 138 *136 190 *136 140 *132 136
14012 Jan 3 165 Dlay13 i3712Dec
pref
Do
165
*155
165
*155
*155 165 *155 165 *155 165 *155 165
1340ct
58 Alm 3
4 delay11.
500 Chic Un '1 rac ctfs stmpd
*314 334 *3
31. *3
312 *3
338 358
312 *318 334
8 Dec
Apnre170 6
2n
14
712 j
34 o5
44
Do prat ctfs strnpd_ _
1,200
13
1117 12
1134 11
13
*11
*10
12
*10
11
11
Nov
48
May13Jan
&
Chic
CIn
L
Cleve
St
200
58
*5512
58
*5512
58
58
*55
*55
5634 5634 57
57
8518 Feb 19 9512 May25
86 Dec
l)o pref
95
*88
91
*35
4/5
*88
95
*88
95
*88
95
250.13 Feb 19
*88
2 6
J2
33
4
4 J:2ily 25
17 Nov
3214 7,765 Colorado & Southern
3238 32
3134 3212 32
3238 3214 3212 3238 3212 32
Jan
41 Nov
Do 1st preferred
6212 6112 6214 6012 6218 6112 6178 6134 0218 6178 6178 2,440
62
3934 Feb 19 5214 J'ly 22
2912Nov
Do 2d preferred
5218 5218 52
5218 1,155
52
52
52
5112 5112 52
52
52
14112 Feb 20 169 J'ly .31 123580ct
4,400 Delaware & Hudson
16718 169.
16678 167
16514 16612 16538 16712 16612 16634 166 166
Jan 6 540 May 8 369120ct
420
West_
1-xelaw
&
Lack
are
goo
519
519
519
500
*475 510 *475 510 *475 510 *475 510
9 2
77034 3.
meebh 12
a ylit
fa
2.1
16 Nov
414 F
19
3
920 Denver & Rio Grande
2734 2712 2712 2734 2734
*2612 2712 2714 2714 *2612 2712 27
53 Nov
67
66
6578 06
66
*63
3
65
65
65
65
66
*6
Apr 15 42 J'ne3u
3212
3134Dec
De
25
720
oltrU
o
tr
p
Led
ni
i
e
14012
3958
4012
*39
*--- 42 *.. _ 42 *_ _ _ 42
1 2
b 13
614 A pr9
16
2
134 Feo
0l Oct
16
iiii-2 -1-ii:j 41434 1434 1.005 Duluth So Shore & Allan
1512 41512 1512 ,
1458 1518 i812 1512 15
10 Nov
Do pref
2412 2412 2412 2,060
2412 *2312 2434 24
2412 2412 24
2334 24
2518 J'ne23,
6
:214
hIch
12
Nov
ErieDD
5
0
7
5
5
4
:
2
0
9
2518
24
2412
2378
2518 2418 25
2112 2234 2258 2318 23
2438 Itch 4 44 May19
28 Nov
1s
2
dt
f
4034 40
4012 40
40
4118
3934 3934 41
3734 3834 39
20 Nov
16 Mch 6 31 J'ly 31
Do 2d pref
5,830
31
30
3014
8
297
3012
2934
3014
2812
29
28
28
28
U 16
3 107120ct
J:Ily 20
712 J
30
11334 Feb 12
48,900 Great Northern pref
13514 13638 13534 13658 13578 13612 13578 137
13458 13638 13512 137
37 Oct
4812Jan
74,860 Iron Ore properties_
671 68
673, 683
681 69
671 681
73 Oct
71 1Ich 19 7712 Apr 6
6334 6512 (3534 6812 *70
nDnBgoa &
B
Ii oDckoi
(A
y.ddeeo
1fiV
rl7e
------------------------------Gree
t
c
bo
14
*70 ____ *70
Jan
5340ct
14
_._
1278 1378 14
- *12
- *12 -1-2-78
24120ct
Havana Electric
26
*23- -26 - *2314 14211
26
*23
26
*23
*2:: -2-6 - *_._ - 26
72 Apr
470 Jan b 74 May2li
78
*73
76
*73
79
*72
7978
7978 *72
63 Nov
*72 ....... *72
gg
*85
alley tr rects- - 62 Feb 10 90 May14
gg
40
10
89 *85
85 *85
85
00
*85
88
*85
64 Nov
69 Alchlv 85 May14
Do pref
87
87 *.._- - 8612 *___ 87 *-- 87 *80
*80
J'ly '27 116 Nov
*8012 88
4
3
142
11
Feb
12212
ilinois
i
Central
19,350
14212
141
141
14112
14112
1212
139 14212 141 14234 19012 14178 14034
4780ct
1
J'ne
4
Jan
1534
11
1114 11
1113 1113 1,625 Lnterboro-dietropolitan _
1112 1112 1118 1134 1138 1138 11
14 Nov
1718 Feb 19 3334 J'ne 2
Do pref.
3,700
3138 3114 32
31/4 3112 3078 3112 31
912Nov
3114 3178 3114 32
May19
19
19
Feb
10
Iowa
Central
120
18
*17
18
1712 1712 *17
18
41634 1634 *17
18
*17
29 Dec
2712 Feb 19 3612 J'ly 23
Do pref
470
3618 3618
36
*35
*3412 36
3412 35
36
*35
35
435
60 Oct
/3
iv2 Ft S & M. tr cts pref 5978 Feb 19 70 Jan
60
*55
60
*55
60
*55
60
*55
60
*55
60
*55
May13
18 Mch
26
25
Feb
18
t
y
e
t
ir
p
C
s
o
a
s
nD
1
'
Southern-_
2,035
*25
2538 *2412 2538 25
25
26
26
2514
*2412 2512 *25
45 Mch
46 Feb 19 58 J'ne 2
600
57 *5612 5712 5714 5714
5712 5678 57
*56
5714 *56
*56
11 Nov
Jan 4 1934 Mayli,
12
__
Western.
de
Erie
ake
*13
1612
*13
1612
1612
*13
1612
*13
1612
1612 *13
*13
3934Nov
34 May 2 45 May12
-L4 Do pref
49
49
*43
*43
49
49
*43
*43
49
*43
*4212 49
26 Dec
30 Feb 6 40 Apr 24
Long Island
_
____
44
*37
44
*37
44
*38
42
*38
44
*38
3512Nov
8714 Feb 19 113 May19
108 109
10712 10834 10814 1-09-3-s --6-,it Louisville & Nashville
10834 10934 10734 10934 10758 109
120 Jan 4 13912 May16 i00 Oct
itifanhattan Elevated
*135 138 *135 139 *135 138 *135 139 *136 13812 413612 13612
23 Dec
cle
ltoatnraSltreet....... 15 Feb 24 35 Apr 13
1-eitoraoopo
1J-ex
300 61
30
*25
30
*25
*25
30
30
*25
30
29
30
30
1234Nov
1412 Jan 2 2012 Jan 28
1512
1512 *14
1512 *1412 1512 *14
1542, ---- -__ *14
*14
1718 May16
1412 May 1
Do Trust Co certfs__
800
15 *1478 1512 1538 153s
1514 1538 15
1514 ,-- 15
23I2Dec
420 Minneapolis de St Louis-- 20 Mch 2 32 May14
2912
2912 2834 2834 *28
*28
29
-2914 -261-4 29
28
28
61 Feb 29 6912 May16 x6212Dec
Do pref
70
70
*65
*65
70
*85
70
*65
70
*65
70
*65
7914 Jan 2 117 J'1Y 23
60 Oct
St P & S S Marie
11478 11514 114 11514 11338 11512 11358 11558 11412 11512 115 11638 6,349 Minn
12314 Feb 11 144 J'ly 22 110 Oct
pref
Do
142
*190
143
*138
143
*138
*137 145 *137 143 *138 143
2034Nov
Mch
23
J'ly
3134
2
2
171
MO
Kansas
&
Texas
20,400
3038 3114 3071; 3138 3118 3158
3018 3114 3012 3114 3012 31
53 Nov
46 Feb 19 6412 .1,11 30
Do pref
800
6434
6412 *63
64
64
*63
64
*63
64
64
65
*63
4413Dec
2812 Feb 19 6412 May20
5578 5514 5634 46,885 Missouri Pacific
5012 5312 5212 5412 54
56
5212 56
54
97 Dec
115
23
J'ly
2
Jan
4
973
Louis_
Chatt
St
&
Nash
*105 115 *105 115 *110 120 *110 120 *110 120 *106 120
Dec
x8i1
22
J'ly
11014
2
Jan
901
Y Central & Hudson
10612 10758 10618 10738 107 10738 10738 10814 15,750 1-1
10714 10812 10634 109
19340ct
2412Jan 3 4178 J'ly 23
ist &
Y0Chic
N D
preStt Louis__ _
4112 *40
4112 *40
4112 *40
*40
41
*39
41
Nov
*39
85
May12
102
19
Jan
411290
*93 100
*93 100
*93 100
*93 100
*92 100
41 Oct
GO Feb 8 75 May19
Do 2d pref
75
*71
75
*71
75
*71
75
W70- -ii1-2 *71
76
*71
13238Jan 6 142 J'ly 23 12738Nov
NY
Hartford
N
dc
Haven
1,610
14012
*13812
13838
140 14114 14038 41058 13858 14012 13858
*13812 140
1.8 Oct
291s Feb 19 4334 Mayll
4112 4214 20,390 N Y Ontario dc Western_
4134 4112 42
4112 4214 41
4112 4212 4114 43
EDO Oct
58 Feb 19 7478 J'ly 27
7312 7418 7312 7312 4.300 Norfolk & Western
7312 7412 7334 7478 7334 7414 7312 74
70 Oct
74 Alch24 81 Jan 9
_
_
pref_
D/i
adjustment
82
*81
82
82 *81
*81
82
82 *81
*80
82
100120ct
14238
*80
2
Jan
23
J'ly
8
1167
Pacific
54,794 Northern
9112Nov
13912 14112 14014 14134 13973 14078 14014 14138 14058 14133 14038 14178 11,665
103 Feb 10 12934 J'ly 23
Do subscrip rects
12714 12814 12734 12818 12734 12812
7112 Apr 2 1)312 Jan 19
127 12814 12738 12812 12714 128
56 Nov
Pacific Coast Co-80
*70
80
*70
80
*71
80
*70
80
*70
80
115 Nov
May26
90
*70
May26
90
Do 1st pref
L
*80 100
*80 100
*80 100
*80 100
*80 100
85 Dec
*80 100
79 Mc 27 97 Jan 13
Do 2d pref
90
*70
90
*70
90
*70
90
*70
90
*70
90
r10312Nov
12614
*70
23
J'ly
2
Jan
10834
Pennsylvania
44,210
12412 1257s
124 12478 12413 12514 12358 1243i 124 12478 12438 125
51 Oct
59 Jan 7 7612 J'ly 25
330 Pittsb Cin Chic & St L
76
7512 7517 *75
76
47578 757s *75
76
7612 7612 76
69120ct
3118 Mch 3 98 J'ile 4
Do prof
95
400
*90
95
*91
94
*91
94
*90
91
91
00
90
70120ct
12218
31
9218
J'ly
17
Feb
!Reading
11718 11858 11733 11858 11712 11838 11734 12218 487,600
11678 11834 11718 119
73 Oct
72 Jan 2 8712 Maylb
LT' 1st pref
84
*81
*8112 84
84
*82
84
67 Nov
76 Jan 6 8612 May18
pref
2d
---- - *8312 8412 *83
800
8312
8312
8
5
83
*8112
8312
*8112
8314 8311 *8112 8311
1114 Nov
May14
11/12
3
Feb
1012
Island
Rock
Company
1734 1734 4,800
-F71-8 1-73-4 1712 1734 1758 1778 1712 1734 1734 18
2612Nov
2034 Feb 3 4058 May13
Do pref
37,775
3318
3334
3358
3314
34
3318
3418
33
3218 3334 3318 3438
58 Oct
J'ne24 6134 Jan 15
42
pref._
San
&
L
Fr.
St
151
275
55
*48
55
*48
55
*46
*45
4712 4742 49
49
48
24 Nov
1914 Feb 19 34 May14
Do 2d pre
2631 2634 2614 2658 2653 2678 2612 2634 1,100
27
*26
27
27
11 Nov
1
31
3
j y:
1.,i
1838
7 4
Mecoh 10
012 F
14
1818 1818 1838 2,500 St Louis Southwestern..... 2
1778 1778 18
1734 1612 1678 1734 18
*17
25 Nov
pref
Do
2,100
4112
4078
8
407
4
4058 403
41
*38
3918 3934 40
41
*39
63140ct
23
J'ly
9378
17
Feb
6614
Southern
Pacific Co
9218 9212 9218 9318 113,200
9078 9318 9112 9314 9112 9314 9173 93
10538 Jan 2 12512 May13 100 Oct
Do pref
8 11912 1,683
915 Jan 10 1912 /41,
*11818 11912 11814 11812 11812 11917 11834 11834 119 1191F *11813
10 Nov
4y19
7,555 Southern v tr cfs stamped
1018 1834 1918 1834 10
19
1878 1914 1878 1914 1834 1918
2912Nov
251. Itch 5 50:2 J'ly 21
pref
Do
do
4812 4914 4812 5014 2,000
49
4834 4834 4812 4834 4914 4914 49
1712Nov
1234 Feb 29 26 May20
&
Texas
Pacific
13,200
2512
2514
2578
25
2514
25
2434 2434 2412 25
25
25
16 Nov
1512 Mch23 89 Apr 13
_
_
Y)_
hint
(1\
Avenue
-L
33
600
*31
3112
*31
32
32
3114 3114 *31
3134 3178 32
Dec
2
May
Apr
8
9
7
8
1514
Light
Toledo Railways &
*914 10
10
1014 *9
*g
10
1014 *9
*9
10
*9
11.534Dec
12 Feb 6 2378 J'ly 27
Western__
&
L
St
Toledo
1,050
23
*21
2234
2234
2314
2318 2334 2334 2378 2312 2358 2314
Nov
2934
25
J'ly
50
3
eb
F
33
pref
Do
3,500
4912 4931 4958 4958 4014 4912 4834 4914
4912 50
4834 50
6834Nov
7814 Feb 7 9214 May19
1,290 Twin City Rapid Transit_
49012 9012 *9014 92
91
9112 9178 9134 9218 x91
92
92
11012 dick/ 2 15578 J'ly 23 100 Oct
Pacific
537,360
8
16514
1527
58
153
15438
15234
15212
Union
15238 15418
73 Aug
15158 15412 15238 15538
)914 Apr 2 8518 May22
Do pref 8212 8212 1,750
83
83
83
23
83
83
8318 *8234 83
1018Nov
83
15 Jan 24 2412 Apr 28
Unit Rys Inv't of San Fr_
21
*18
21
22 *19
*20
22
22 *19
*18
21
*18
20 Nov
Jan 22 43 Apr 25
2717
pref
Do
36
900
36
39
*37
36
36
38
3812 3811 *37
38
8 Oct
May21
32
1414
3
Mch
634
1218 1218 1214 ' 1238 1212 1312 1314 1312 1314 1312 4,100 IV-abash
1418Nov
1178 12
13 Mch 3 29 May22
Do pret
2614 2534 28
2778 2133R 2734 2878 18,200 T T
25
0 Oct
2618 2531 26
16 Ma'-1M
25
Meh14
5
*1ervia,,r1
Western
3.000
131.,
11
Ill.
101/ 10
11
.1111. 111. *1053 111. *101. 12
86
8712
8658 8712
Ifs tlaarg
r
Ask
Bid
Banks
Ask
Bid
Banks
Metropolis 11 375--985
Hanover -. 475
16712
10212
Metroporn11
530
___ Imp& Trad 520
415 Fifth Avail_ 3800
Chemical __ 405
- New York
Mt MorrtsT_ 200
185
350 Irving N Ex 175
300
Citizens' Ctl 14712 1521, Fifth
_
170
-305
Aetna
Mutual 1.-- 295
183
- Jefierson 11 _ 170
675
285 290
First
52-5 City
America 11- _ 510
2115
935 465 Nassau 11- 195
Liberty-135
175
._
225
11
St
14th
215
Iron
Amer Exch. 225 230 Coal &
---Amst-New
-.
515
__,
Lincoln
200
195
700--- Fourth
125 Colonial ¶
Battery Pk_ 118
-New Neth'd --210
Manhattan,' 290 300
325
370 335 Columbia 11. 400 5-00 Gallatin - 315
Bowery 'V
-NewYorkCo 500
259
240
Mark't&Ful
300
285
Garfield
1169
1168
Bronalloro11 300-- Commerce
---- New York _ 300 ifo
__ _ Mechanics',
120 Germ Am I]t1341
1-5-5 ConsoFt'd- 115
Butch & Dr 150
__ N'ht &Day --270
_
506 Mech&Tra 11
47a
F.J:01
225
Germ'n
218
-,...
Copper
185
11-170
Century
---- 500
12-5- 135 19th Ward
_ Mercantile - 1-24712-- _ Corn Ex 11... 305 315 Germania 11 500
233
Chase
-- ---170 North Am
145 Greenwich 11 '250 2-6-5- March Exch 165
Chatham ... 300 3-05- East River_ 135
Northern -------165
160
Merchants'. 155
.-175
IT_
Hanuiltnn
165
_
IL
Fidelity
.'200
Chel/enEx 11
._
- .... .
gtit.s. 8 Less JAI
* Bid and asked prices no sales were made on this day. 5 1 x-r in%
paid. n Sold at private sale at this price.
*Sale at Stock Exchange or at auct,on this week 3 1st instal
Biel
10814 Jan
1015s Jan
13318 Jan
122 Jan
9412 Jan
8358 Jan
8534 Feb
19512 Jan
6.81, Jan
229 Jan
56 Jan
2712 Jan
69 Jan
18 Jan
79 Feb
711. Feb
2618 Jan
15712 Jan
1651. Jan
141 Jan
149 Jan
205 Jan
234 Jan
170 Jan
165 Jan
331 May
17 J'ly
9278 Jan
10812 Jan
3878 Jan
6912 Jan
5812 Jan
2271. Jan
510 Jan
4278 Jan
8378 Jan
8018 Jan
1912 Jan
39 Jan
4414 Jan
7578 Jan
67 Jan
18934 Jan
85 Jan
75 Oct
1412 Jan
47 Jan
8612 Jan
114 Men
94 Jan
172 Jan
39 Jan
7514 Jan
2878 Jan
51 Jan
30 Jan
30.14 Jan
6134 Jan
281/ Jan
6712 Apr
6712 Jan
14518 Jan
146 Feb
107 Jan
2754 Jan
50 Jan
90 Jan
14014 Jan
168 Jan
4458 Mch
7234 Jan
9234 Jan
147 Jan
13434 Jan
6312 Jan
110 Jan
9134 Jan
189 Jan
9838 Jan
9214 Jan
6012 Jan
18912 Jan
134 Feb
12418 Jan
76 Nov
125 Mch
14138 Jan
78 Jan
10512 Jan
13g18 Jan
92 Jan
94 Jan
3018 Jan
6412 Jan
70 Jan
4838 Jan
2512 Jan
6212 Feb
9614 Jan
11818 Jan
34 Jan
9412 Jan
8718 Jan
123 Jan
29 Jan
3334 Jan
5478 Apr
10812 Jan
183 Jan
96 May
62 Jan
7118 Jan
1812 Jan
8312 Jan
,Jan
501,
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
,
Banks
Highest
Ask
Banks
Bid
Ask
Banks
Bid
Ask
Banks
Oriental 11_.
Pacific I.....
Park
People's 11
Phenix
Plaza I- _-,..
Prod Exc11
Sherman ..11
Seaboard Second
State II...- 1Zth Warci 11
23d Ward 1
.
Bid
- -23-0
410
295
14712
575
150
135
340
350
250
-_
190
Ask
-.
250
420
305
155
--350
---.
--.
'
300
---.
270
Ism York Stock Record-Concluded-Page
STOCKS-HIGH/al AND LOWEST SALE PRICL'S
Saturday
July 25
Monday
July 27
Tuesday
July 28
Wednesday
July 29
Sales or
Thursday
July 30
Friday
July 31
934 1058
2012 2135
1012 12
211, 2112
4314 4375
912
21
11
2114
4334
1Veek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
[VOL. Lxxxvii.
Ramie, SlliCe Jan. 1 15)08
On ba.ts ol 100-share lots
Ilartoe lor Previous
Year (1907)
Leman
tykes,
Lowest
Mohr vi
6,550 Wheeling & Lake Erie912 Mch 7 1058 J'ly 3d
6 Oct
1634 Jan
2,203
1213 Apr 16 2158 J'ly 30
Do 1st pref
13 Oct
3734 Jan
2,715
• Feb 27
Do 20 pref
8 Oct
2134 Jan
1,950 Wisconsin Central
1312 Feb 28 2
13
1134 'Icy
J v2
23
2
11 Nov
'2578 Jan
1.900
33 Feb Is
Do pref
J'lyiI
28 Oct
1112 Jan
I nd u strial& Miscellaneous
*181
____
*181
*180 --- - *180
*180
164 Jan 1 11:
A dams Expre.s
8
45
1 j
J 1:.inyi 2
1s
. 4150 A tig .330 J'ne
1111 *11
1112 *11
1112 *11 11-1 2 11
1114 112 11
11
1,100
5 Mch 6 12 J'ly 22
(
3-111s-Chtt1mers
Aug
1678 Jan
3314 3314 33
3314 *3314 34
*3312 34
*3334 35
*33
34
300
14 Mch 6
• Do pre.
14 Nov
933., Jan
7414 7318 7414 73.8 75
7375 73
7434 7578 7618 777s 242,585 Amalgamated Copper.
72
.1513 Feb 19 7778 J'iy
341340ct
121(8 Jan
2512 2478 254 2514 2514 25
25
2514 2512 25
2434 25
2,900 Amer Agricultural Chem_
13 Jan 4 26 J'ly 22
IU Oct
2535 Jan.
93
*87
92
*S7
*87
*87
*87
92
93
02
*87
92
7812 Jan
0458 J'ly 24
Do pref
i5 Oct
115 Feb
2034 2112 2012 2012 2012 2012 2012 2012 20 • 2034 1,850 American
21
21
91,Feb 10 2415 Apr .
Beet Sugar_
13.1 Nov
1312 Jan
*_
80 *____ 80 *____ 82 *____ 82
82 *____ 82
65 - Jan 23 75 Anr 2,1
Do prel
Aleh
35
z:0 Jan
f2 6
6
6
534 534
512 512 * -534 534
900 American Can
• Feb 10 6463
573 534
18
4J
jj Ly
y2
23.
‘
;,
3 Oct
7,2 API'
6018 59
60
61
*60
6112 6012 61
60
*60
60
44
6012 1,700
Jan
Do pref
1012 Apr
34 Nov
3812 3914 39
3912 3914 3978 16,920 American Car & Foundry 2512 Feb 13
3812 3914 3878 3934 3818 40
14380et
9514 Jais
10238 10234 102 102 *102 103 *10112 103 *10112 10234
103 103
84i, Alen 4 104 ,Ply
500
Do
2t,
pref
(o
Oct
Jan
103
3312 3414 3312 3334 3334 3378 3358 34
34
34
3338 34
'2434 Feb 19 3434 J'iy 13
2,330 American Cotton 011
'21 Nov
3612 J'1)
*86
90
*86
490
90
00
90
90
90
*86
90
00
380 Jan 16 90 J'ly it
210
Do
pref.
70
Nov
Jail
90
*200 210 *200 210 *200 210 *200 210 *197 210
205 205
3170 Fel) 26 i 22.
100 American Express
u.41122 AA
Alpp
arry1441 175 Oct '247 Jan
*712 834
758 758 *758 838 *712 834 *712 834
373 Jan
100 American Grass '1 wine_
3 Oct
814 Jun
414 *4
414
414 414 *4
418 418
414 *418 414
*4
234 Feb 'A
Leather
330
American
&
Hide
212Nov
614 Jail
*1912 2034
21
20
21
1973 1978 1034 2014 *20
21
21
1212 Mch 4 21 J'ly 25
1,100
Do pref
10 Oct
3012 Jam
2712 2734 2678 2712 2673 2738 2712 2734 2678 2834 2758 2838 10,340 American Ice Securities...
121. Feb 8 2912 May28
8150ct
88 Jan
*10
1014 1014 *10
11
*10
11
11
11
*10
*10
men I 12 May14
11
•100 American Linseed
6,
380et
1914 Jan
23 *2012 23 *2012 23 *21
23 *21
2058 205, *20
17 Mch 5 2612 May14
23
100
Do prcf
16120ct
36 Jan
5312 5438 5314 5414 5334 54
6212 537: 5312 54
Feb
3133
25
5614
J'ly
31
3214 Nov
5334 5614 25,681 American Locomotive_ _
753.1
Feb
106
*105
106
*105
106
*104
106
106
*105 108
*105 106
8512 Jan 3
10
83 Oct
Do pref
151(2 Jan
6
*5
638 71, 3,743 American Malt Corp_ __ _
3 Meh 2
638 61:
618 612
534 612
6
*5
21,J 'lie
712 Apr
37
37
34
37
3734 *37
13
37
38
(
376
812
36
38 • 38
21
Jan
1lY
13
*33
Y
y
3
3
21
1,200
17 -Nov
Do _pref
4d Feb
8212 8212 8212 83
8214 8231 82
ly
70 Jan 17
8212 8234 8234 83
821, 5,648 Amer Smelters Sec pref B
60 Oct
9313 Jan
5512 Feb 17
904-1 206,600 AmerSmeltIng & Refining
8478 8734 8638 8812 8634 8818 875s 8834 8778 8834 88
5814Nov 3155 Jan
10712 10712 310713 10712 10712 108
Feb
8744
20
1°
0
°
8
14
j
J:IY
10714 10758 *107 108 *10612 108
y21
3
81340ct
Do pre(
760
11738 Jan
0
8
481718
4j
*182 220 *182 220 *182 220 *180 220 *182 220 *182 220
j
A 1
200 Apr 30 :
.1ti0
5
u52 160 Oct
American Snuff
2Uo Jan
*9012 05 *9034 95 *9034 95
*9012 95
*9012 95
*9012 95
SO Mch 23 1)6 Apr 31 §70 Nov
Do pref
1.02 J'Ite
9
*7
9
*7
9
*7
9
*7
9
*7
412
Feb
*7
8
Is
Amer Steel Found tr rects
*30
*39
41
*39
41
*39
41
41
2755 Feb 16
*39 . 41
41
*39
Do pref tr rt.cts
13014 13034 13012 13034 131 13234 7,625 American Sugar Refining
13034 131
131 13238 13034 132
9833 Jan 1
nieZ- 13112 Feb
12512 12512 128 123
*125
129 *125 130 *125 130 *125 130
105
Feb 18 13
1Y
2
1,8
y :2
3
7:1.128 .11
18
17
4 r106 Nov 131 Jan
Ji
Do pref
280
12078 12214 12112 12238 12114 12134 12112 12238 12112 12134 12114 12113 6,339 American Teleph & Teleg 101 Jan ti 12238 J'ly
88 Oct
133 Jan
95
96
96
97
96
96
96
06
96
9514 9514 *95
983, Jan
60 Oct
2,25e American Tobac (new), pf 7212Jan 1
*2312
*2334
25
*2312
24
25
24
25
2434 2434
361? Jan
1512 Feb 17
2314 2314
11 Oct
American Woolen
J'1y235
40G
9213 9212 9234 9234 0314 39334 9334 2,065
9218 92
7314 Feb 15 9314 J'ly 31
0078 9078 91
68 Not
102is Jan
Do pref.
4614 4514 46
4534 4612 4618 4655 4658 4818 63,325 riAnacondaCopper Par$25 $2712 Feb 19 $4013 J'ly 38 12518Oct
4458 4618 45
30234 Fob
*212
335
3
234
212
234
*212 278
278 314
318 33, 3,450 dBatoptlasMining Par $20 $213 Jan 23 V, Mtn 2t
53 Oct
1.1.118 May
1834 2058 19
*1812 1912 *1812 1912 *19
19
19
19
191, 1,000 Pet hleht m Steel
12 Jan E., 21 J'ly
1010 Jan
8 Nov
4612 4812 *48
4812 50
4934 50
49
*47
50 49
( 5 - Jan
*47
35 Apr 8 50 J'1y2t.
23 Nov
550 I/ do pref
*129
130
133
13412
130 *130 134 *130 134
*129 12934
„Ply 23
13212 13212
80 A ov 125 May
x235 Feb 21
400 Brooklyn Union Gas
*11
12 *11
12
*11
1112 *11
*11
1134
1112 *1118 12
Brunswick Dock &C Imp_
6 Oct
6 Jan 3 1134 May19
1412 Jan
•
*1812 1912 *19
*19
*19
21
21
*19
21
*19
21
Butterick Co
310 Feb 7 625 Jan 15
27 Oct
4915 Jan
2014
2712
28
2734 2818
28
71142 J:
2758 2734 2814 28
ily
27
2734 2734 3,876 lentral Leather
y
1178N ov
1512 Feb 10 69
21
21
40 Feb
0712 *0512 0712 39738 9738 *96
9734 *96
0712
*95
9712 *96
68 Nov 102 Feb
7534 Jan 2
10 V./ Do pref
3134 3233 3134 3212 3134 3238 3178 3212 14,800 Colorado Fuel & Iron__
3118 3234 3134 33
5778 Jan
14 Nov
1553 Feb 11
2234 2214 2314 2234 2318 2212 2318 8,000 Col & Hock Coal &
33
*2012 2112 *2012 2134 21
478jY21)
2838 Apr
1434 Melt 6 2May19
14 Dec
13812 13914 13834 13034 16,900 Consolidated Gas(N Y)._
138 139
138 14113 138 139
13658 141
96 Jan 3 14114 J'ly 23
74 Oct
14014 A:xi%
1734 1778 1778 18
18
1712 1734
1958 28,100 Corn Products Renning_
185s 1814 1912 19
1034 Feb 10 1958 J'ly 31
2934 Jan
8 Oct
7318 7312 7413 7512 75
7512 2,310
Do pref
7212 7212 7214 7212 *7134 73
56 Jan 2 7512 J'ly 30
Jun
98 Oct
it
3534 3434 355., 7,210 Distiller? Securities Corp 2714 Feb 19 3734 Mayli,
351
: 3518 3512 35
3558 3612 3478 3634 35
25 Dec
78 Feb
88
*80
85
*84
85
*81
*80
85
*72
Federal Mining & Smelt'g 7512 J'ly 15 80 Apr 30
85
84.,d,
*72
50 Oct
163 Jan
8434 8434 *83
85
85
85
85
85
*83
85
Do pre
843,-1
85
51) Feu 10 85 J'ly 24
500
97 Jan
47 Oct
55
55
63
63
300 Federal 8ugar Bet of N Y 55 J'ly 28 6812 J'Ile20
92 Feb
621: J'ne
-97 9712 ;lig- 1i- 2,600
9712 -6/ 97
Do pref
-5.
61-4 171-2 9712 9812 97
7312 Fen 3 100 Jy
J'ly 30
7
Feb
76
100
May
14682 14612 14534 146 2,865 General klectric
145 145
14334 14534 14534 14614 14514 146
111 Jan 2 14812 J'ly 23
163 Jan
89120ct
105 10912 *105 109
*98 102 *100 105
*100 102 *100 105
7834 Jan 2
300 Granby Cons DJ S & P_
60 Oct
152 Feb
*56
__
*56 _ _ _
Int Harvester stk tr etts 52 J'ne 11 5012 J'ly 10
_ _ _ *56 ____ *56 ___ *56
Do pref stk tr Ws_
J'neil 10538 J'ly 31
*5610334 1041: 10212 10412 103 10334 104 10414 10414 10514 105 10538 -1,686
712 712
71, 712
*714 734 *714 8
7 Mehl'
*714 8
712 712
800 Int Mer Marine stk tr ctfs
9 Mayll
818 J'no
*21
22
2112 2112 2158 22
*21
Do pref
2178 1,000
16 Feb 26 2334 May 7
2138 2133 2114 22
10 Nov
24 Apr
1013 10
10 *10
8 Apr 1
1033 1078 1078 1034 1034 1,100 International Paper
1214 Jan 18
1012 1012 10
712Nov
1812 Jan
*56
57
56
56
58
*56
58
57
*55
*57
pref
Do
52
Jan 2 65 Jan lb
200
51 Nov
5734 5734
81 Feb
2212 2258 2212 2318 *2212 2312 2214 23
2212 24
*2234 23
13 Jan 2 26 Mc1123
3,100 Internat Steam Pump_ _ _
8 Oct
91 Jan
7778 *7612 78
7834 7834 7834 77
Do. pref
65 Jan 10 8058 J'ly 20
50 Oct
7734 78
1,100
*7712 7912 77
81 Jan
6812 6812 6812 6812 6912 6912 70
69
Mackay
69
*6512 70
52
25
Feb
70
Companies
70 J'IY 31
40 Oct
7514 Jan
700
69
Do pref
69
5978 Feb 26 CU J'ly 3d
*87
69
6834 6834 6834 6834 6834 6812 6812 69
50 Oct
500
71 Jan
0012 8934 9014 89
8918 *8812 8912 3,940 Mational Biscuit
9112 90
68 Jan 3 9134 J'ly 25
90
58120ct
9134 90
8614 Jan
*119
120
*119
120
120
1120
11
*119
120
Do
*119
J'ly
120
pref
22
90 Nov 11738 mob
11912 120
102 Jan 2
120
250
10
1012 1012 1012 1012 *10
*10
1034 10
613Nov
10
10
712 Feb 14 11 May14
1012
430 Nat Enamel'g & Stamp'g
1538 Jan
*72
77
*72
77
*72
77
77
*72
Do pref
77
*72
*73
78
170 Feb 25 480 Jan IS 875 Sup
87 Feb
7114
7053
7053
7012
7114
71
7114
National
J'iy
70
73
31
7614 Jan
71
6918 7114
36 Feb 10
Lead
33 Nov
73
28,500
Do pref
104 10414
80 Oct
8712 Jan 6 10414 J'ly 31
110334 10334 310358 10358 110334 10334 10318 10318 *103 104
103 Jan
665
612 678
578 612
538 6
85 Dec 12034 Apr
678 71- 25,000 Newhouse M & S_Par $10 $5 J'ne27 EU% Jan 20
558 558
Os 634
76
*73
75
75
7412
7412
76
J'ly
4712Dec
22
76
14112 Jan
7614
*7312 78
.74
50 Jan 2 80
1,270 New York Air Brake
6633 *6514 66
6612 66
6634 *66
89s.; Jan
4218 Mch 5
6518 6578 2,750 North American Co, new
37 Nov
6514 6614 66
33
63
14
2 '7
1;11 23
acIfIc Mall
4
19 Nov
4112 Jan
2612 2678 2658 2678 2634 2634 2614 2614 2478 2578 2412 25
2,700
24 Apr 20 6
9589838 Jan
0534
9512
9534
9534 49412 9412 1,23G
70140ct
eople's (3 L & C (Chic) 80 Jan 2 9613 J'ly 23
96
96
9512 9534 9512
*12
16/8 Jan
*12
13
13
13
812 Alch17
7 Nov
1438 May19
1212 1212 1278 1278 *12
1214 1214
500 Pittsburgh Coal Co
*43
45 *43
45
45 *43
*43
Do pref
37 Nov
45
6058 Jan
*44
3613 Feb 14 4712 May19
*4234 45
45
3212 3212 331, 6,120 Pressed Steel Car..
1558Nov
57 Jan
3212 3334 3218 3234 3214 3214 32
33
32
1714 Feb 10 3434 J'ly 23
9412 9434 9514 9514
9078 Jan
96
*94
96
64 Nov
*94
Do pre!
69 Jan 3 0514 ny 31
9412 941: 9412 95
796
16812 16812 16814 16814 16812 16812 *165 169 *163 168
147 Jan 3 16812 J'ly 29 33514 Nov 18118 Jan
*166 169
325 Pullman Company
iy
ly 2
45
00
212 J:
29
1
21120ct
allway Steel Spring... 2334 Feb 8 4
4412 4334 4414 4414 4512 *43
4412 45
5712 Jan
4,450
41
4214 43
*95 101 • *95 105
72 Nov
9012 Feb
*96 101
Do pref
75 Jan 29
*95 101
*95 101
*95 101
21
2118 21
2058 21
12 Oct
2012 2114
4,250 Republic Iron & Steel... 1434 Feb 11 2158 J'ly 23
2034 21
21
2014 21
41 Jan
7318 7312 7334 7334 2,890
7312 74
74
*73
63 J'nel9 7414 J'1Y 22
74
DOpeel
100 Jan
7314 7334 *73
50120ct
26 Oct
6212 6158 6213 6114 6212 6112 6214 4,675 gloss-Sheffield Steel &Irn
61
7734 Jan
36 Jan 2
6012 6212 6018 62
*06 100 110013 10018 *96 In.)
*97 100
80 Oct 1107 Jan
8712 Jan 7 99 J'ly 20
/3) pret
*97 100
31
*95 100
41:
33
14 eMrl
:113
23
0 $17 Oct
3678 3714 3718 3938 39
37
36
26,200 dTennesseeCopper Par525 $2512 Feb 17 $6
37
49
$5312 Mch
3638 3678 36
64
*60
64
*60
64
*59
*59
42 Dec
*5913 62
6412
100 Texas Pacific Land Trust 45 Feb 11 60 Apr24
60
60
85 Jan
712 712
714 75;
714
7
4 Feb 21
734 77s ---4 Oct
2,300 Tilton Bag & Paper
818 Jan
7718
4 jJ:15
;
1 229
'3
4478 Jan 6 19
_
35918 5918 5914 5914 359.33 593;
Do pref
126
3934Nov
61 Jan
12478 2478 25
1712 Feb 26 29 May13
2478 2412 25
24
17 Oct
*2334 2412 2%7158 -2138
4912 Jan
2534 1,995 U S Cut I Pipe & Foundr
7(1
2
Jan
7214 7214 7238 73
May15
Do pref
5658
72
72
72
72
72
1,485
49 Nov
7058 7038 71
89 Jan
85
*75
*75
85 *75
85 *75
85
70 Feb 18 00 Jan 6
*75
85
United States Express_
85
*75
70 Nov 1117 Jan
52
49
4878 49
51
50
*48
*4812 50
50
*48
5158 3,100 U S Realty & Improvcm't 3614 Feb 5 5238 May25
30 Nov
9012 Jan
14
*12
14
U S Reduction & Refining
J'ly 23
*12
4 Feb 21
*12
14
14
*12
14
15 *10
14
*12
512Nov
3014 Jan
*29
32
33
138 j
Do pref
16 Feb 10 3
34
nayyg
*29
3212 3214 3214 *29
*28
32
100
1814Dec
33 *28
68 Jan
10
2831
2712
28
Feb
28
2834
United
6,900
2712
28
4
173
28
28
31
States Rubber
2712 28
1312Nov
5212 Feb
0612 96t, 97
76 Feb 19
Do 1st pref
9712 1,567
62 Oct
10978 Jan
97
9714 9714 9614 9614 *9614 9714 *96
*63
69
538 j
67
J:111
42 Feb 21 9
*6212 67
*64
Do 2d pref
;
7818 Jan
*6212 6712 64
64
2
10
100
4
69
*6212 70
39 Nov
4412
4538
4578
2
Jan
2534
4412
4514
4412
United
J'ly
4558
23
372,675
4512
States Steel
4378 4553 4418 4538 4438
5038 Jan
2i7 Oct
10812 10878 10812 109
8712 Jan 2 10918 J'ly 28
Do pref
27,895
7918Nov 10734 Jan
10758 10814 108 10834 10814 10918 10812 109
$3012 Mcb
3958 3834 3914 3853 3912 3914 4012 30,180 dUtah Copper___ Par 310 520 Jan 2 $4013 J'ly 31 $13 Oct
38
38
3614 3734 37
25
25
27
Feb
303
18
2638
*243
Virginia
4
2534
8 Jan
2434 2512
J'ly 21
2514 2534 *25
800
2534
-Carolina C hem
*2434 26
1238Nov
10212 10212 *10112 103 *10112 10212
26600
212 mjm
x81 Jan 2 10
J:lciay
Do pref
yhy:0
323
60
400
*10012 10312 10212 10212 *100 103
75 Nov 108 Jan
60 *55
*55
Virginia Iron Coal & Coke 43 Jan 7
60
*57
59
*55
Jan
07
60
*56
60
60
*58
Oct
31
Jells Fargo & Co...... 3250 Feb 13
*250 305 *250 305 *250 300 *250 300 *250 305 *250 305
250 May 300 Joe
5612 55
5514
41 Feb 19 6113
85 Jan
15612 5612 58
estem Union Teleg
58
860
*56
57
*56
56
50
54 Dec
7612 77
7878 78
78
38 Mchll 8
29
814 Ji
78.38 7612 7912 77
.liy 22
73
82 Nov 154 Jan
7612 7714 10,460 WestIngh'seEl &Mfg assen
95
*90
95
*90
58 Nfch24
051, 9512 *94
97
97 *90
Do 1st ore!
500
95
97
60 Dec 8160 May
678
*13
*8
20
43
678 *6
*13
16
*8
10
20Ig 21
4334 43
7
714
7
16 *14
17
10
834 834
2158 2153 2158
44
4334 4334
718
1713
914
21
43
914
21
11
2158
431,
10
2138
12
2112
4234
P
U
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS
Trost Co's Bid
Ask
Bid
Ask
nsk
Ask
Bid
Trust Co's Bid
Banks
Ask
Ask
Trust Co's Bid
Trust Co's Btd
N Y City
17212 17712 Brooklyn
Fifth Av Tr_.. 415
Mut All'nce 160
170
Brooletin
Bowl'g Gr'n 330 350 Fulton ___ 240
.-----_
--- NY Life&Tr 1000
* _ Brooklyn Tr 390 400
„.„-- I3'way Tr_ 125
____
____ Guar'ty Tr.. 435
230
Citizens' __ 125
---- Nfontauk _ 130
- N Y Trust_ 490
510
..500
-- Nassau ____ 240 270 Carnegie -- 117018
-. Flatbush -- 245 255
Tr _-__ 2-2-5 Standard Tr 325
195
.. _. Hudson ___ 125
400 42-5 Nat City..., 275 300 Central Tr_ 1500
150 TItleGuds Tr 395
4-00 Franklin
North Side 11 320 340 Columbia... 205
275
21-5 Knickerb'kr .._ _ .. 310 Tr Co of Am I235
.. _ Hamilton- 250
165 Commercial 150
80
Prosp'ctPkT. 155
90
Union Trust 1100 112-5 Ilome
160 Law T I &Tr -___ 200
Brooklyn
Borough 11_ 120
150 Terminal 1_
_ 130 Confwealth _ _ 85
Lincoln Tr_
190 US Mtg &Tr 326
Kings Co.... 435
350
455
Empire ___ 346__ . Manhattan_ 350
Lafayette
100
Broadway 11 375 400
125
400 Unit States_ 1080 1110
--Trust Co's
Equit'ble Tr 365 375- Mercantile - 750
250
First
260
290 L Is! L & Tr 240
800 VanN'd'nTr 275
Farm Loeer 1050 5100
--N Y City
Home Bk It.. 100
Washington 400
150
Metroportn 500 510
__ Nassau
175
310. Fidelity _. 190
Manufac'rs' 400
- Astor
200
____ Morton Tr_ 400 920
Westchester 135
14
.-5 People's _ _ 260 280
Mechardes'i! 230 2-5-0- Bankers' Tr 440
460
- 100
Mutual ____
150 Williamsbg
105 Windsor __ 130
95
.
.
..
• .
* Bid and asked prices' no sales on lois day. 1 Less than 100 shares. I Ex-rights. D New stock. c Ex-dtv. and rights, a Now quote
a s per snare.
I Sale at Stock Exchane or at auction this week. s Trust Co. certificates. 11 Banks marked with a paragraph (ID are State banks.
- Banks
Union Exc 11
U S Exch 11Wash i'ts'1
Nirest Side 1;
Yorkville 11.
_.Guardian
--175
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
1CCUPY I
Fac°
BONDS
Week's
Price
Range or az
Friday
N. Y. STOCK EXCHANGE
Ladt Sale
Jult, 31
Wititic ENDING JULY 31
•
A., Low
[Ito No
Btu
li.s. t4oveellllleta
U S 28 central reguitered.d1030 4-4 103%104 103% 103% 30
104 J'ly'08
U 22s consol coupon-41930 Q-J 103%
,
100 4
2
100 10034 101)
knit,
U S 38 regietered
kl9lb 4-F 100% 1011
2 100% J'ly'08 •
/
U B 3$ coupon
gie'4i2
107
k191t
U S 3s rug small bonde k191b
2
/
2 FelPOS
/
1011
Q-1( 1001
U S 3s cou small bonds
4 1211
/
1925
1201
4 122 J'ly 'Oa
/
U S 49 registered
1221
4 1231
/
1925
4 122% J'ne'08 •
/
U S 48 coupon
4 Mar'08 •-•
/
US Pan Can 10-30 yr 2e.k193C Q N *102 1112% 1031
FOUR
Range
Since
Januar?' 1
PAt:ES
BON11S
N. Y. STOCK EXCHANGE
Wegg ENDING JuLY 31
a
Price
Friday
July 31
Week's
Range or
Last S'ale
Range
Since
lary 1
4:Icc Jan,
Btu
Nigh No Low iligli
Ask Low
Cent of a ItR--(Con)
3,1
38 J'ly'08
40
44
'27
3.1 pret la-come g be....p194Z Oct
3833 J'ly'08
39
41
27
3d pref income g Is stampe .
3938 Feu'uf•
8938 89%
Chatt Div pur 11100 g 48.19.51
103
104% J'ne'Uto
210418
/
1001
Slaw aiS Nor Div lot g 08.1946 J -J
2
/
115 Nov'Uo
2.11.1 (1* & Au Div 58
11147 J -J lud1
105 Dee'07
2
1
1946 J -J 10634
Mobile iny 1st g Ss
101½ 101 /
1.19 J'ly'Us
142, 100
1181
212214 Con 1111-A hofe,acoi g 58 1937 M•N lou
/
2 123
/
lt 117 124%
12034 1231
2 Cent ot N J gen't gold 56.1957 J -J 121%122% 1231
/
4 121% 120% 120%
/
3 120%122
4 103
/
41967 Q-J 1201
1031
Registered
2Ply'05
/
1971
107 109
Am Dock do Imp go 58..1921 J -J 101%
Foreign Government
Le & find It gen gag os 1920 J -J IOU
VS Apr'Us
98
1)8
148
Leli & Wilk.,B Coal 55..1912 51-N
Imperial Japanese Governing
lte.) J'Iy'ub
985,100
91
1925 F-A ; 891
Con ext. guar 45,s. .g1910 Q-M 103.,18
89% 22 85
2 90
/
89%
2s
/
Sterling loan 41
97
N Y& Long Br gen g 48 1941 .11-S
8634 Sale
8618
P125 .T. J
86% 24 83% 89%
2ti series 41
2s
/
16 75
79
79 Sale
1931 J -J
81'4 Cent Pacific .5'ee So Pacific Co
79
Sterting loan 4s ll
88 May'07
100'4 105
CentVermont 1st gii 94n.el9211 Q-F
2
/
104 14 105
...
Repuu oi Cuba 55 exteu debt..
b 11041
1 96
911
1)1134 Chas do say see All Coast bine
9412 10.)
U a of mexieo H g 53 of 1801, Q•J
J'ne'145
10.1
1005,103
Cites
A.
11
Ohio
g
2
/
941
1954
,
923
/tilrae
A
A-0
ser
64
4
93
1904
012
1143
of
Gold 45
J -D
10.t
51.sy'4ie
.
1051
102
10.11
2
/
asis of $5 to A.
Gold Os
.alt)11 A-0
7 hese a re pr ices v n
State and City Securities
cousol g 53
1430 M-N 113 113% 113% 113% 42 1.075,114%
2 Dec'07
1
101 /
Registered
Autumns curr tund 45....1924, J -J
1'00 vi-S
95
111 1Star'02
2 1011
/
2 I. 96 10218
/
10 / 1011
25
/
Gentrai gold 41
1(492 VI- 3
11712 J'ile•Oti
Dint ot Cotumble 3-65s....11194 6'. A
102 104 May'Ub
itegnaered
1992 M-S
2 Dec'04
/
1)3
1051
60,11,0alla new etnitral 46..1914 J -.1
h'elPtit
1014
112
Craig
5s
Valley
g
1st
1940
J-4
Now York City—
119
90 J'ly
1.1
:di
97
it & A Div lateen g 4s 1981.1 J -J
4 594 10538111
/
4 Sale 108% 1091
/
1957 1LN 1091
28
/
New 41
2
/
1131
2J'ly'08
1
9:1 /
95
89
2.11:1,11801 g4s
2
/
4 1041
1
101 /
1981) J -J
2•PlY
/
1917 11-N .104 1041
Now 4s
2 1(141
/
s'eu'uto
113'4
102
apt'
1,41.
Wane
Val
g
121
4
110
1941
56
M-S
109,
105
2% Corporate Stock 1957 M-N i011%. sale /0838
/
41
FelP06
11.1
Greenbrier By 1st gu g 45 '411 m-ri
2
/
102 1041
*104 1041
2% asserismt honds
1
1917
4/
2 104% J'ly'05
/
7.k4 J'ne'ub
u7.4 78
4 73
/
Glue tt, Alt RR ref g 3s 1949 A-0 7 21
New YorK State—Highway
68
4 19 60
/
671
671
4 eaie
/
43435,
Railway 1st lien 31
2s 1.950 J -J
/
109 109%
2 1091
/
2J'ly
/
1958 M-S 109 1091
Imptoyein't 4s
08
'
Begintered
1950 J -J
9834
10014 Apr'07
Norua Oa/vino' consol 4,4.1911
101
10012
J'ly
10012
97
11123
Chic
D444
F
Burl&
Q—Deny
-A
.1,1ar'01
120
116
1911 A-(I
us
98% 132 97
2
/
981
9554
salt
191(4M-5
General 18
arlit
120
1933 -J 103
Bo Carolina 41
25 20.40
/
, 1144 813
817
87'4 baie 87%
2,4
1
11149 -4
11111101h Div 3/
96
94
2
/
941
95 .Ply'OS
Tenn new settlemeut 3s..1913 J •J
J'ne've
•
t0.4
SI1N
Regnstered.
J
11140
-4
92
90
90
23
90
90
Virginia Lund dent 2-3s...1091 -4
••. 2.11 97181004
1004
1949 J -J
Grow 48.
4 221
2 43
/
37
4
/
361
33
4
/
361
tis deferred Brown Bros ctf8.
'05
2
1
.1.05/
1055,106
Iowa Dtv sink twati 58..1911. A-0
2
/
2 ito), 5 116 1001
/
1041
1919 A-0
Sinking filed 4t3
ltailread
'38', J'15-'
Nebraska Extension 40 1927 M-N
101%
08
A _lananatt Cent bee So By
2
/
2 51sy'0t
/
101.1
21011
/
1011
M-N
1927
Registered
Line
Coast
At
bee
Midi
Illaba
90 Oct 'u7
1921 M-S
Southwestern Div 4s
Albany do Sutra bee Del Jo Hun
Joint bonds See Great North
Allegheny Valley bee Penn Eli
2
/
4 1031
/
971
101 18 J'ne'Ob
1913 .V1-N
Debenture 55
Alleg & West Bee Butt It &
104% Apr
7 105%
104.
4
/
kiau&StJoscoiisoldsj9ll M- S
801
80
2
/
811
411195 Q-J
4
/
5 78
801
Ann Arbor 1st g 45
1/3 Apr'u7
119 155 957 101½ Chic& E Hirer & imp g 48 1955 J J
99 Sale 98%
&Loh Till S Fe—Gen g 48.1991 A-0
115 Dee'01
m.
,, A
11 4
9
98
1995 A-0 •
5 95 4j 100 ' let, contra/ g Os
0814 1)8
Registered
112 14 1:21
4 11 1061
/
2
/
21121
/
90
89 1-_I 91
1
General central 1st 55
90
90
41995 Nov
2 83
Adjutaineut g 4e
1181
2 Feb'01
/
86 Apr'07
411/95 Nov
Registered
•
Registered
107
107
'016
Xly
109%
107
N
.1
iJ
3"
;
i
'
3
9
2
/
1
Chic
A.
41995
881
C
58
1st
89
Ity
11-N
21
88
38
8212
Stamped
1956 .1•D
1.5
Chicago & Erie See Erie
94% Sale
2
/
93 83% 95
941
Cony g 48
136 127 1261
4 1261
/
. 1 11714126¼
102% 181 1041
Cara Ill tic 1,01194V rdt 68 1947 J •
1917 J-1) 104% san• 102
2103
/
10-year cony g Ss
105%
'ire
4.1411
. 106 106
'is,
May
41.11/09
Refunding gold 5s
5
118
F-A
Deventures 48 Series
103%
.02% 102%
J
06 .., oliu'Uto
111t7, j
1910 F-A
194
Lowey
A do Cli 1st 6s.1
1)65, 96-..
Series IL.
2
/
.°8
103., J'IV0s
.106
314 1
1'01°
081
2 Nov'ul
/
Ciao Mil & bt P term g 56 11114 J -4 1031
1911 F-A
..
Series 1
4 Sale 10112 101
/
8 100 103
1011
General g 48 series A..e1989 J
. .1913 F-A
94 Nov'tiv
......
Series K
101 Oct 'tio
1/31
1)11's
2 98
/
Registered
4
/
961
el959 QJ
.
2
/
4 971
/
951
East Okla Div 1st g 4s..1928 M-S
2J'ly 08
1
/
2
1
87/
87
4 90%
/
831
Generalg 6,
28 series il e1981) J J
N
Atl Knox eo N See la
115,Oct '04
2
/
Chic & L bu Div gos.....1921 J -J D.1111
93% 14 80
93
93% Sale
0334
Atlautic Coast 1st g 48.41952 114
in lit
Chic & Mo Rev Div 35...11126 J -J 11014 112% 110 3isy'tie
Charles & Say 1st g 76..1036 J -J 120
2 MaY'Wo
/
.
101 1043
102%1031
4 1041
/
2
/
123% J'ne'Ob
Chic & Pac Div Os
11112124
W 1st gold 65-1934 A-0 1241
• Bay
2
/
108%1111
2 109, J'Iy•ue.
/
Chic & P W 18t g
1934 A-U 107
j .1 -j
11%18 Jan'04
11
1112
1
J 109%1091
1st gold 58
104¼ 1001
2
/
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114% Not
11116 J •J 104% 10534 104% Apr'05
Ala Mid 1st gu gold fits —1925 5I-N 1113
1191
,
13i
13"11•
J'
4
'
•
Man)6
2
/
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991
A.
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assu
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g
Os
1924
g
gu
1st
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4s
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/
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Hata as 1)DiV 1617s
, 2 1021
'
. 83
133 Salv
1910
823
o1952 11-N
1.2 74 83
& .N coll g 4s
101% 101%
10118
101% Apr'ut
1st 58
rat
94 J'ly'07
111
101.0
9
8,11 Sp Oca & gug 4e _1915 J -J
182 5,Apr'04.i
I do D Eaten let 7s
Atlantic & Daily See South Ity
106.4 108%
108 May've
1919 J -J 107
LaCrosse & .1) 1st 5s
Austin & N W See Sou
100%100%
10078 J'ly
Mineral Feint Div 5s
94
90
1910 J-J 101%
92
9234 92 J'ly'08
Dalt& 01110 prior 1 g3/
26.1925 J -J
1
10014 104"8
103
2
/
it/3
So Minn Div 1st Os
191(1 J -J 1021
90 Apt'08
891-2 90
91
Li Registered
41925 Q-J
2
/
101 1031
103% Mity'llt
Southwest Div 1st68— 1001, J -J 101%
911 14 100 101 94312102
99°8 Sale
Gold 4s
4194e
2
/
1119J'ly
108 1091
Mien Div g5e
2
1
1/6/
1921 J -J Pra%
1)5
4 J'ly'08
/
951
Reguitered
41945
Apr'03
1
104
105%
4
105%105%
.1-1)
1910
5111.5 No 1st 2.1 L tis
120 Oct '01
Pitts June let gold 08-1922 J•
1138 4 Jan 'tie
2
/
107.4
4 1081
/
1081
1st 00n501 Os
88
83
8/4 J'ly 'O(4
2
/
861
2811126 51-N
/
PJ uu & 2.1 Div 1st g 31
2
/
115% 1181
117,4 J'ly '1,e
j4) 117%
15 4-F
1.33
191
2 chic& -Northweolis78
/
921
87
92 J'ly'Oe
93
'42
PLEJo W Vs Sys ref 451041 11-N
00 4'ne'ue
99
99
2
1
1886-1926 F-A 10)/
'1.y'05
,
Extension 48
83% 81)3
2s...1925 J -J
1
891.4 b9
Booth w Div 1st g 3/
u81
2 Apr'08
/
11812 93%
1886-1926 I-A
Registered
Si) Oct'06
41925
Registered
92'-.
.
923
Ut)
924,
1+1
1087 11-N
General gold 35,5
10578 lee14'07
151onuo ltiv 1st gu g 58-11119 -A 101
95 FelP07
8J
p1987
Registered
109 A pr'u5
28..1939 51-5" 100
1
Oen 01110 It 1st c g 4/
1111
2 May108
/
112
2 1115,
/
1011
A-0
.1879-1929
4
10113
J'ne'07
107
6s.
Sinking
lurid
A-0
11131.
Os
1st
g
eon
W
Ui Lor os
1081
2,,an
/
1085,11,85,
106
Registered
110 J'ne'US
110 110
01110 Elver ItIt 1st g 55.1113e
ll)to 10.15,
109 5,J'ly'ub
° 1,9
A--0
19291 A
Sinking Hind 68..18
1 192
719:
87
1143, A-li los
4 Aley'08
10034 I0t.:24
100,
tionoral gold 58
Nov't.7
11)4
N
O
A11
,
29
1871)1%0
101
l
Registered
A-0
11122
rao
g
1st
Tot
do
Pitts Cray
1004
4
/
1004 ly'08
10081021
1/2
Debenture 3s
4 Oct '07
/
881
Pats & West let g 4e...11117 J -4
4 1011
/
1001
100'4 J'ne'Ob
2
/
1909 '.1.14
Itegisterei.
Lou Nov'U4
Stet Isl Ay 1st gug 41-28 1943 .1-D
1051
105
2
/
,
'0•1
J:
104
Us
•
Debenture
Cent
Mich
'Bat Creek & b See
!US J'ne'v7
Regnitered
Beech Creek See N V C & 11
100
ity'Oe
2109
/
1081
2..;:1 .M---N 10914
193
Sinking fund deb 5s
Bellev do Car See 11111101st:tail
107 109
1011 J'Iy'Ut
1931 41-N
Registered
Bklyn es Montauk See Long 1
l01% 11/134
10/34 Al ar“z•
1910 M-S 1025,
North Illinois 1st 514
Bruns do West See Atl Coast L
101.831ar,
t
10138 Lot 38
Ott C F& St Paul 1st Os 19011 M•S 102
13unalo N V & Erie bee Rile
1131
118.4
'ue
2.
/
/18
Apr
119%
118-4
M-N
1131
2
/
1921
MIILS& West 1st g 6s
0 108 113;
Boast° It & P geu g 5e...1937 5f•S 113%
4
/
4 1131
/
1131
4 4 110 1131
/
Ext d; Imp mfund g 5s 1929 F-A 113 .4
10112 Mar'08
1011
2 1011
/
2
/
28
/
195, M-N 102
Consol 41
2
/
1.21
Feb'le.
1214
the
US
Ashland
M116
1925
Div
68
1st
g
All do W eta 1st g 4s gu..11rao
12:342 1eelr'00
103 J'ly
*drab Div 1st g 68.
103 11)3
1924 J J 111
CI & Mali 1st gu g 5s....1941 J -J 102
......
100 bep
Income5
11514 Apt 'uto
1911 M•N
114 1151
2
/
4
/
Hoch & Pine 1st g os...1921 F-A 1191
2
/
11219.113"08
112 1151
Chic 'tuck isi Jo Pac 6s, 191: J J 114
118 J'ne'05
2
/
117 118
Consul tat g (Is
1922 J -D 1181
2 115
/
1121
112 Ply've
Registered
1917 J • J 112,4
Buffalo & Southwest See Erie
2
/
, 013
UZ,
931
431 111 1001
General gold 4s
91 FolP0e
,
1
01
116
87
115
J
91
Bull Jo Susg 1st ref g 4541951 j-J
2 97
/
'461
May'uio
lteglstereit
N See 0 lt JO l'
Bur C.' It
35%
83', 88
34% sal,
8434
2 29 1071
/
Retuuding g 48
2111
/
2 107% 1071
/
1071
tau So 1st ext Oa
1913 ,I -J
1,7J'ly '04
N
2
/
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13 NAI-- O
9!
CoU trust Series 44 — 19
4 1(33'-.
/
1181
104 103
x•-•12i1 5:1
1911 M2Novr08
1
'43/
10034 May
J 4s
11112 M-N
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1911 614 Jan 'U7
/
1)01
.51
Carlo & Shawn Sec 10 Cent
May'04
•
; NI,V1--N
19115
s
ls
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11034 FelP07
0 4s
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1144
84 Aug'01
......
1 15
7
,8
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P45
'
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6634 2
60 Salt 6578
- 38 55% 69
2 2002
Chic 11. 1.5 Pac RR 4s 2
Ceu Branch ity See Mo l'at;
4
/
4 621
/
621
4 Jan '08
/
091
'300
Iteri5lered
112 May'Ofo
112 112
Vent ot Go UR 1st g 58..p1945 F-A 113
2 76
/
07
64%
52 591
65 Sale
Coll trust gold Os
106
3 97%107%
1945 11-14 1051
21071
/
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2 106
/
W13
Our
11.5
B-S
Ced
Northern—
'06
Apr
113
Registered
1945 11- fi
106 111
Con 1st J4 cot tr g 5,4 1934 A-0 111 116 110% Mar'08
J'ly'08
73
55
74
1st prof income g 5s.....p1945 Oct
2Mat'n3
/
1201
Registered
73
65
73 :Ply'08
Stamped
74
......
°
0
A
Nov'03
1
101
4
2
19
111
58.1113
b'
lstgu
ORE
W
.N
63
12 45
63
63
50
2u prof income g Us....p1945 Oct
Si Jo St L lnt gu g 75 1927 2-11
44
50
50 J'ly'OS
50
'24 prof income g 5s stamped
2 1041
/
1031
:04 104%
1001
210/1
/
4
/
100% 102
I.
II ISCELLANEOUS BON Ds—Continued on Next Page.
Street Railway
1945 A-0
Brooklyn Hap Tr g 5s
99 Sale
7208 8,818
1st mould eonv g Am....2002 -.I
2
/
1011
BK City 1st con 58.1916.1941 J.J.
91
13k Q Cobs Soon gu g 58.1941 M-N
2Sale
/
Bklyn tin El 1st g 4-55.1950 F-A 1011
Stampettguar 4-58....11150 F-A
Kings Co El lot g 4s....1949 F-A
11149 F-A
Stamped guar 48
83 Sale
75 Sale
Nassau Elec gu g 45.-1951 2-2
25'51 J •J
/
96
Conn lty & 1,int& ref g41
1951 J •J
28
/
97
Stamped guar 41
Den Con Tr Co 1st g 5s...1993 A-0
2,1.11132 -J
/
Det United 1st con g 41
7034
81 4, 88
it:wane Elec consoi g 58.1952 F -A
1(4015 A-0
Inter-Met coll 4 428
2 Sale
/
6(31
Inter Rap '1' 3,yr cony (ts_191 I MN 1k/012 Skit
Intermit Trac coll tr 4s..1049 J-4
Manila Eleo lat do coil 58.1953 1/1-
100
8 91 100
99
7238
2 75
1
73 0!..5
. 66/
11978 102
102 May'08
112%J'ne'08 .... 02% 92%
2 102
/
l02
2aly,0.5
/
14 031
11
01
10
.... 98 10214
bl/
2 815,
/
811
2111:'08
1
133
27 77
all
4214
80
2 75
75
75
05
95
95 Mar'05
2 95
/
931
94 Mar'08
95 3'ne'01).... ......
9'.- Dec'07
.)4
7
,
4 au 'Oe ----'31
114
66%
(3712 32(1 4978 0315
IOU .8 100'; lie :00 100½
'A
65
62 May'OS
98 May'06
, *No price Friday: latest price this week. aDue Jan
ei Due Apr
street Hallway
81.
81 Sale 80
Het St Ity gen col tr g 58 1997 F-A
43 J'ly'US
2002 A-0 * 50
Het g 4s
100
Bwaydo 7th Ayletcg551943 2-0 100 102 100'
.
95 14
95
Col& uth Av 1st gu g 53.111111 31-*
2 98
/
1'51
OS
2
/
951
117
Lex Av & P Fist gu g 5s 1903 51-S
4
/
561
55
Third Ave RR con gu 4s24400 J -J • 511
4 55
/
55
Cent Tr Co certfs stmpti.
56
53
105%
Third Ave Ity 1st g 44 1037 J -.1 105 Sal, 105
51et W S El(Clue)let g4s 1113b F-A
135,Ply'06
1111 El Ity & L 30-yr g 55 19244 F-A 1014
109 Ply'06
107 5, Fet)'06
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2
1
(,0/
'00
28 —193., I -J
/
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111314 Oet
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•.;
10'- NOV'Oti
St Paul.;ity Cab con g
2Apr't/8
/
411
nderground c. Lou Is. 1401' -1,
100 101 May',-8
U Ilion Li (111001 1st g 5s /941 A-0
61114 70 J'Vl/b
Ui,tte.I lilts ban Fr51 43 1,27 A •
82 J'lle'ifr
United Rys St I. I /71 it 48 11.34 -I--)
S1
e Due May y1)110 a
us
//Due .11y
re Olio
Aug
othie Oct
p DUO
21
2
15
14
15
19
10
OY so
68
40
03
95
96
50
101
85
56
102
99
98
03
62
106
Mo. ,a101
272
ISO Ds
N. Y.STOCK EXCHANGE
WirucK ENDING MY 31
New York Bond. Record-Continued-Page 2
.3
-;43
1-rice
Friday
Jut)) 31
Wee/c'8
Ranee or
Last Sate
Range
Since
January
130NDs
N. Y. STOCK EXCHANGE
Wee.k ENinuo JuLy 31
[VoL. Lxxxvii.
•
Pries
Pr/day
July 31
goes
Range or
Last Sate
Lange
htince
January
81,4
Ask Lois
High No how 1-10/5 Erie-(
Chic Rock t & Pac-(Con)
Rid
Asg Low
Con)
•
High h'o Low high
/
4
1044 Jan'08
Choc, tik & C gee g ots .o191.11 J-31 1001
10412 1041
/
4
N2Y
dS
go
uititas
4 42
W
97
8 1st ref 58 1937 J -J
103 Dec 07
1952 M-N
Consol gold 5e
101 111 May'06
F
-A
1947
10014 Dec'03'
1923
5s
1st
995
limok & Des M
10014 J'ne'68
9834 1004
General
1
0-A
gold
Os
92
89 J'ue'08
i)429
1940
89
Chic st 1.& N 0 See Ill Cent
Terminal 1st gold 58-1143 M-N
110 Jan'08
110 110
Ohio St L & Pitts See Penne°
Regis 0,000 each. 1943
Ohio St P K & 0 con 6s 1130 J -D 127412733 12718 1271
/
4
121
1281
/
4
Mid
it
It
A-0
of
N
10238
J let g 60 1910
102 J'ly'09
101 109;
Cons 65 reduced to 3295 1930 0-1) 80
13 Dec'03
Wilk JO Ea 1st g-u g 58 1942 3)
/
4 110 51.3)'0r
10.11
100 101
3 :31-N 1261
/
4
124 Jan '98
ell St P & Minn 1st g 6s 191,
3.24 124
& 11,31 1st con gu es 11/26 J-J
11238 1134 Pne'°''
J -J 125
108 11314
12034 Mar'04
, Nor Wisconsin 1st
Erie
&
Pitts
See Penn Co
116411034 11558J'1y'08
St P & S City 1st g 65 19111
115 121171
/
4
Evans & '1' H list cons 613 1921 J -J 11)8
112 Jan 'OS
112 112
Chic& Westin('geu g 6891932 Q-31 11229
112 J'ne'0,
,
112 113
Istgeneral gold 55
/
4193 10229 Ply'08
1/42 A-0 1091
1952 J. J
96 103
tit; May'08
Consol 50-year 45
91
1)5 14
Mt Vernon 1st gold 68 11123 A-0
114 A pr'O5
Chic JO W Alien bee Pere 31arq
Suit Co Branch 1st g 5s 193() A-0
95 J'ne'18
95
15
Choc0& Gull Bee ORI&P
Wargo
db
So
See
Ch
&
St
I?
113 Oct'00
& D 2d gold 429s 1937 J -J
Oin
4- lint& Pere M See Pere Mar
102 J'ue'07
(jin .1) & 1 1st gu g 58 1941 viFla C JO Penm See Sea Air Line
80
C Find & I't W Pst gu 4s u. -J 31Fort St LT 1) Co 1st g 4124.1941 J-J
105 Mar'98
79
70 Ply'08
CIA I & W 1st gu g 4s.1.903 J -J
70
70
Ft W & Den C 1st g 60-.1921 J-D 11012111 108 J'ly'08
10
104 110
984 Oct '07
Ind Dec & W 1st g 5s 1935 J -J
It W & Rio Gr 1st g 48 1928 J•J
81
85 May'08
1935 J -J
74
107/
85
1
4Dec'02
1st guar gold 58
"al
liarJO
So
SA
bee
Pac
(3o
/see t." 0(." & St L.
C I itit 1.&
Tal 11 do H of 1882 1st 58.1113 A-0 •
98
90
Deo'07
St
1,
C
U
See
ti
6b
Oin S
Georgia
&
Sea
Ala
A
Line
See
Clearfield & Mali bee B B & P
Ga Car & Nor bee Sea A Line
94
04
Clev din C do St L geu g 451093 .1) *9434 97
92
98
Georgia Passaic, bee So By
94
96 May'08
Cairo Div 1st got(' 45.-1939 -3
96
96
uala V (4 & Nor See So Pac Co
91 12
15 1-ep '07
(31n W dobl Div 1st g 45.1191 J •j
Gouv
uswegat See N V Cent
93
9318J'iy'18
1)31, Grand&Rap
St 1.1)1v 1st col tr g 4s 19911 M-N
1/0
& Ind see Penn 1411
91 Oct '07
Registered
1990 31-N
Gray's Pt Term See St L S W
14
92 Feb'08
Sig & Col 1)1v 1st g 4s 1940 31-S
92
99
9614 Sale 9534
Gt Nor-C 13& Q coil tr 4s 1921 J • J
903s 301 924 90
86
98 Sep '06
W W Val Div let g 4s 1149 r
95; 15% 7 9212 9678
Registered.h
1921(
24
103
103 Jan '04
01 St L & C consol 6s 1920
Greenbrier
Ches
See
By
it.
0
9712
974 J'ly'08
k1936
1st gold 4s
954
974
-J
Guth.% s I lairs(& t g 5s 51132 J
93 Nov'07
984 tint I).
Registered
k1936
an & St Jo See I:
Q
109 J'ne'07
Cin S & Cl con lst g 55 -11.928 -3 103
ousatozne SeeN TN H & 11
114 Apr'08.
1914 -1) 114
0 C C do 1 °ousel 7s
Ill 114
1023
4
Sale 102; 1034 31 98,
Hock Val leteousolg4128 11191) J -3
2108;
Commit sink fund 78.-1914 J
10 Oct '07
Registered
111111/ J -3
1241
/
4 J'ly'08
- (.4enerai cousin gold 611 1934 J -J 124
120 12414
Co/ & 11 V 1st(sift g 48 1945 A-0 944 97.4 9834 Nov'06
Registered
1934 J -J
Col & Tol 1st ex 4s
9g ......
J'ly'08
1155 F-A
116
e6
94 J'ly'08
Ind 131 & W 1st pret 4s 1940 A-0 *1.10
94
93
kloust E & W Tex See So Pac
0 Ind & W 1st pf 58...(111383 11-3
'Joust & Tex den S'ee So Pac Co
11034 92
11034
9114 8 85
Peo & East 1st con 4s 19411 A•0
1014
9133 j inflow Central 1st g 4s 1
102 May'08
1i9
,5
51
1 J -J
102 1031
/
4
381
39 Ply 'Uts
/
4 43
Income 45
19111 tpr
39
60
J -J
1 Registered
10735 41.pr'07
Clev & Marietta flee Penn Kit
9214
1st gold 312)4
91; Mar'013
1951 J-J
1134 9134
(Bev & Pitts bee Penn Co
Registered
904 92
1951 J-J
9529 J'ly'Ou
6212 64
62 J'ly'08
1947 J •
Col Midland 1st g 48
551
/
4 63
Extended Ist g 3128
89 Nov'07
1151 A-0
9219 Sale 92
93
7t 82
ColorsAle & Sou let g 4s 1921 F -A
93
1st gold 38 sterling
70 Oct '04
195
9511
1 M-S
8()78 sale 80
807
.196 73 8.2/
ReItind & ext 4185
1935 M-N
1
4
A-0 18
Coll Trust gold 45
99 J'ne'08
97 1014
,
Coitus' do Greenv tied So Ity
Registered
98 Iday'tY(
1952 A-0
Col do Hock Val See Hook Val
11-N 100
L N 0& Tex gold 4s
101
101
1953
2
98
4
101
'
Ilock
Val
bee
Tot
Col do
Registered
1953 M•N
981
/
4 97 blay'07
Col Conn & Term lies & W
Cairo Bridge gold 48.-1950 J -D
10234 Jan'
117
Colin & Pus Rive 1st g 45.1943 A•0
LouisvDiv&Term g34
8714 8829 884
0 1953 J-31
8529
1 85
8014
91 Apr'08
1952 J -J
Cuba RR 1st 50-yr 5 g
91
Middle Div tog 5s
91
1921 F- A
193 Mad''99
...
tit so bee
iak
& st
Omaha Div 1st g 3s
1151 F- A
781
/
4 Apet)6
Lianas & Waco flesAiK&1
St Louis Iny&terna g 33 1951 J -J
77.4 7614 May'08
78%4 70'4
Del Lack & Westerntrua
red
3
J -J
117 J'ly'O8
Morris& Essex let7s 1914 M-N 1154
11414 1181
Gold
/
4
83 -8776 87 J'ne'08
1951 J•J
7U'2
87;
11814 120 11818.1'ly'0ts
1st cense' gnarls
1915 J
118181401
/
4
1951 J J
101.180et '39
127 J'ne't)5
Registered
1915 J -D
SprilineggiDsterv.e
lg
st g 3.2s. 1951 J -J
8629 89 100 Nov'uu
1141
/
4
1st ref gu g 3425
2000 J -D
Western Lines 1st g 48 11151 F-A
99 102',, 9754 Ang'07
117 Mar'08
N Y Lack &AV 1st 68-1921 J•J 1184
1164 117
Bellev do Cur 1st 68
1923 31-1) 112
122 Dee'w5
1124 J'Iy 1348
Construction 58
1923 F-A 1134
10858 11214
Garb & Shaw 1st g 4s. 1932 M91
97 Mar'07
08
9934 J'ly'98
Term dis improve 45- 1923 M-N 10029101
971
/
4 100
St
L
& 0 g 5s 1051 J -1) 116 Sale 116
ChM
116
5 11212 116
8.129
11/2
b'eu'03
Warren 1st ref gu g 31'55 2000 b'•A
Registered
31-1)
119114 blar'04
12144 Apr'08
bet & Hud 1st Pa Div '78 1117 M-S 12178
12112 123
Geld 312s
.1-1)
8t;14
11
951
149 A.ug'sol
S
Registered
1917
1951 31-1)
11838 Sale 98,
4
95;363 9838 99329
1943 M-N
1st ref 4s(ivh 18S)
vilst g(s. .1151 J-D
bilt
sve
eu
Drie(
eigpili
101.1 Mar'08
1U0 100
98;
9834
9914 43 9429100
1916 J
10-yr cony deb 45
ir
Wl
LiS
est g
uStit ji
se
neg
e4
0
s.
e d,1
98
8
9
,
31,
1 11-S
98
98
99 12
5 98
07 Mar'08
98
1st hen equip g 4295- 1922 J -J
943
1)1
115
9612
9512
6529 3 9134 1)729 Ind Ill & Ia lst g 4s
1946 A-0
& bus cony 342s
933
4
195
1.0
u
93 Apr'08
95
128121'eb.08
95
Bens do Saratoga 1st 76 1921 M-N 12838
1284 1281
Great
Nur
Int
&
1st g 63-11 • N lo4
/
4
104 J'ne'08
101 101
13ei Ely RR Bridge bee Pa Rh
2d gold Os
80 J'ne'4,8
80
92 Sale 91
70
901
,
92
Deny & it Cr 1st con g 48 19311 J -J
9014 964,
60 Out 'to
1 19
29
13
'1
51:2
18 3=1'08
Cense' gold 4428
1930 J -J
ol8
98
Central
1st
g
w
da
lo
3
98
gold 58 1138
1i6',,, 108 106 J'ly'08
100
4 1081
/
4
95 J'ly'08
Improvement gold 5s 1928 31-1) " 95
114 100
J'ly
73
1951
'A'S
70
78
102 .98 Fee'08
BaoCr Juno 1st gu g 58 1931 J -D
97
4n
8 Itit See Erie
J eTeirdso
1/8
76 Dee'ufs
1940 J -J
Rio gr So 1st gold 4s
ValAdoGR See LS&Ais
85 Mar'08
Guaranteed
1940 J • J
si
Ilan do Mich See Tot & 00
86
tso
• 8312
85.. 4 834 9:11
1939 J -J
Rio Cr West 1st g 4s
/
4 KCJetS&M heeStL&Sle
75 J'ly'08
76
big°and col trust 4sA 1941 A-0
70
75
C do 31 it & B .",re St L& S
97 Jail
861
Utah Cent 1st gu g 48 a1917 A.4)
...
Kan & Pacific See
Des Alm & Ft D bee Al St L
Kan City Sou 1st gold 3s 1956 A•0
72 Sale 71; 72
10 63 72
110
31-N
Sep
'04
g56,.1917
Des blot Unity 1st
Registered
(33 Oct '00
1156 A-0
92 Mar'u7
Del & Mack 1st lion g 48 11195 J-1) 90
Kentucky Cent bee
851
/
4
871
/
4.
Ciotti 48
1993 J
1'4'118
.80.. 8729 iKeok & Des Mo bee Ll;&it Nl&1
Detroit SouthernKnoxville & Ohio See So ity'
76
85
77; Jan '118
Ohio Sou Dtv 1st g 4s 1941 M- S
7734 7734 Liake Erie & W 1st g 5s 1137 3-J 1091511029 107 109 0 10029110¼
108 29 rne'Ut3
DaL& Iron Range let5a 1937 A-0 109
241 gold 5s,.
102 11)03
101 blitelds
.
100 101
1941 J -J 103
10629 Mar'do
Registered
1937 A•0
North Ohio 1st git g 543-1945 A-0
W61
/
4 1061
1
4 3.1.5)'08
/
4
104$
103/
106 1051
/
4
2d (is
1916 J -J
L Sho & 3110811 bee N V Cent
. Dul Short Line Se,, Nor Pao
Leh VaIN Y 1st gu g 4123.1141) -J 104 106 104 J'ly
1024 1051
/
4
108 blar'08
DM So Shore & All g 6s 11137 J -J 106'2
itegistered
juts
Aley'u.
107;109
1940 J -J
li`tust ot Minn See St P &
Lehigh Val(Pa)cons g 46 2003 m-N
93;J'ite'Ob
8712 15
Last Ten Va & Oa See So By
Len V Ter Ity 1st gu g 58 1041 A-0 116
11.4 12J'IY'1jt
108 114 12
Elgin J el & East lat g 5s.1141 vI-N 10914
1061
/
4 May'08
1062910629
ltegtstered
10929 Oct 'In,
1941 A-0
Elm Cort & No See Leh& ZI
Leh V Coal(;o 1st gu g 58 1033 3-3 10729
10729 J'ly
WO 10734
9912
991
/
431ny'08 ... 99 103
Erie 1st ext gokl 48
1947
Leh & N V let guair g48-11/46 MS
97 Mart::
95
98
951
/
4 97
104 Apr'08
241 ext gold 53
10429
1911' M•
1011
/
4 10416
Registered
1145 31-S
99 blar'ull
3d ext gold 44s
99'4
1923 M-8
El
e & N 1st pt 68
113% Jan'06
9334 100 29
102
1914
A-0
104 May'Uts
4th ext gold 58
1920 A-0 104.8
Uolu guar 5s
104 Uhl/
1.054 Jan'06
1
4
1014
133 Dee 0 i
4,
5th ext gold 48
1928 -1)
Leh JO Hud it See Cent of1N.1
......
914
1st coneol gold '75
1921) M-S 1224 123 11912J'ly '913
Leh & Wilkes') See Cent of N J
117 122
120 Jan'08
1st C01180l g fund 7s
1920 11-S
120 14 Leroy & Caney Val Bee Me P
120
•-•
Erie 1st con g 45 prior-1916 -J
854 15 80
Long Dock See Erie
85's Sale 13218
10
Registered
8334 79 Jan'08
1996 J -J
79
79
Long Isl'u-lat con g5s.h.1931 Q-J
112 11.034 mar08
105 11034
1st consoi gen lien g 43 19913 •J
681
684 Sale 65
/
4 4'1 35
istconsol gold 45
7229
9414
h1931 Q- 31
Registered
8312Feb'07
1996 -J
General gold 45
921
1938
9229
6
J-D
924
83.4 9244
Penn cell tr g 45
82
83
1951 F-A
82
Ferry gold 44.5
6734 8429
91
1922 .111-S
102 Nov'05
50-year cony 43 A
65 21s 43
59
1163 A - 263
65
65
Gold 48
991
/
4°et'06
1932 J -D
Series B 1953 A-0 5634 Sale 5412
do
5734 191 40
67;
Unified gold 4s
62 Jan 'et•
1949 NI81
82
Bun R Y & Erie 1st 78 1916 J •1)
118 Jan'Os
118 118
Debenture gold 53
1934 J -D
110 J'ne'04
......
Chic do Erie 1st gold 5s 1982 )34-N 109
112
112
Guar ref gold 4s.
1084 112
942.1 16
1949 NI95
1/5
110
9512
Clev & Alatiou Val g 55 1938 ..1•3 101
Jan
'05
11619
ilkl
isytu
osdo Mont 1st g ths 1911
S 101
Jett Hit 1st gu g 5s....a1009 A-0 9912
98/
1
4 Apr'08 •.-• 9829 981
/
4
11; Sep '07
......
Long Dock cense! g 6s 11135 A-0
194 Feb'08 • -•• 121. 124
N Y It& AI 13 lateen g 531
193
A916
-8
0 102
1 M
11014 Nov'06
•.....
Coal& Bit 1st cur gu 6s 11122 0114S
•
118 Sep'06
N Y & It 11 1st g 3s
31-S
1127
105
Apt"0"3
......
Dock & Imp 1st cur 6s 1913 -J
106 Alai'08
Nor sli13 1st con ggu3s o11.13'z Q•3
10(3
106
07
100 Nov'90
N 7 dc Green L gu g 5s 1946 M-N
100 Feb'U8
Louisiana
:100 100
& Ark hat g 5s-1927 M-S
98 Apr't)8
98- 98
1-1
tim-Contjumed on Next l'age.
Gam anti Electric Light
Atlanta Li L Co 1st g 58...1.947 J-D
liktyu U Gas let con g 68 13346 M-N 105
104
104
Cony deuen (is
1901' M-S *125 128 127
127
Pilaw() Gas 1st g Os
1147 A-0 66
Wu 56 J'ly'08
Consul Gas cony deb ds
1909 3-3 139 Salt 138
141
etruit City Gas g 58
1923 J -J
108 J'ne'08
9734 100
et Gas Co con 1st g 5s 1918 F
100 Apr'07
98
'
ill,: 111 bee N Yli&EL 11 iit, r
Ilq ui LE 1 1st con g 53 1132 M-S 101
96 Mar'08
Gas& Elec Berg Coo g 55 1949 J
611
/
4 Oct'01
!lien Electric deb g 31
/
45-11142 F A
79 J'ly
80
83
• 1O-yr g deb 5a
1917 J -D 1254 Sale 1251
/
4 129
hap 11 L Co 1st g 5s 1.915 F -A
10734 Dec'00
97
• utison Co Gas 1st g 58 1949 M-N 101
102 J'ly'08
u City(blo)Gas 1st g Is 1922 A-0 11)
91
'Kings Co El 1., da P g 55-1931 A-0
Purchase money (is
a097 A-0 110 111 111 J'ly'OS
, lea El titian 1st con g 48 11139 J -J
90
00
o prion krulay;latest but anti a.5ket1 tins ween• Duo Jan
ra
Gam and Electric Light
Lac Gas LotSt List g5s.e1919 Q-11. 10234 103 1021
/
4 1021
/
4 1 99 103
4 9212 104
Ref and ext 1st g iis
1934 A-0
100 12 102 Feb'07
10 119 129
Milwaukee Gas L 1st 4s 1927 M-N •
88'3 911
/
4 Jan '07
54
601/4 N Y .E L hO P g 5s 1948 J -D 994101
88 102
1912 100
81) 103 141
Purchase money g 4s 1949 F-A
87
33 75
8614 87
87
86
Ed El 111 1st cony g
9329 98
M-8 102
1 981
/
4102
102
102
1st cense' gold Os
1993 J - J 10112112 108 rue'08
106 108
NY&QE1L&P 1st con g581930 F-A 89
......
96
03 Apr'117
N Y & Rich Gas 1st g 68.19'21 iVI-N
96
96
97 103;Nov'05
Pat & Pas U & E con g 58.11)41 M•
10434 Nov'05
Peo Gas & C 1st con g 6:5 1943 A-0 116
79
80
10712 115
113 J'ne'08
37 1061
Refunding gold 56
/
4 1'29
1947 11-S 102;1031
94 10278
/
4 10278J'ly'08
Cke lat gug 53 1937 3-3 1024
98 104
103 7erme08
Con G Cool Ch let gu F 53.'16 J-D 100 102 10012J'ne'08
10112 102
03 10012
Mu Fuel Gas 1st gu g es.1947 11-N
11912
92 100
111
Syracuse Lighting let g 58.'51 J -D 00
Trenton G & El 1st g 5s 11)41) M-6
103 111
110 Islay'lTh
83
Westchester Light'g g 58 1950 J•D
90
10 4 104
103 103 J'ly
1)118 /fen it Due Apr sDue Am A Due •I'ly
Due Aug o Due Got q Due Leo . 3.Loa hats
New York Bond Record-Continued.-Page
AUG, 1 1.908.1
BOND!,
N.Y. STOCK EXCHANGE
WHICH ENuttal JULY 31
z
Price
July 31
-3
Week's
Range or
Last Sale
Ranqe
Since
January 1
RON Itt8
N. Y. STOCK EXCHANGE
Wank ENntsti Juror 31
11...
273
3
Price
Friday
July 31
Week's
Range or
Last bale
Range
En,
Januar,' 1
ilia
Rip)! No
N I Cent & It 11---( Continued
Ask Low
Lite
As!. Low
J-Itgo No Low iteglk
Cart & Ad 1st gu g 4s...1981 J-0
L 1788 1117934
4
4
2 1
Louisv& Nashv gen g 63.1930 -D 11734 Sale 11716 117,
Ciouv & Oswo let go g 58 194'2 J -D
. 11076 J'ne'08
11016 11036
.
IN11-N 11138
Gold us
Mob be Mal 1st gu g 43-1991 NI-S
98 Mat'08
18
08
08 18 Sale 9734
-J
08% 37 95 100
Unified gold 48
NJ June It gu 1st. 43. .1980 F -A
105 Oct '02
101 15 J'ly'06 •
1440 J -J
Registered
01 100 101 16.Ply'06
J'ne'Or
N Y & Harlem g 316s .2000 M-N
105 105
1910 A-0 10416
Sink Lund gold 68
11016 May'07
N Y & North 1st g 53. .1927 A.0 105
102 105
1431 3,1-N 101
102 J'nt4I8
Coll trust gold os
N & P ti 1st con gu g 4s 1993 A-0 143 100 l0114 Deo'00
95,
1
9519 1 88
5-20-yr col tr deed g 48.1923 A•0 9514 Sale 9514
Nor 83 Mont 1st gu g 53.1916 AU
111 Nov'01
E & Nash 1st g 63.-1919 J -D 111
110
107 N0007
10314 104
10434
104 .3Iar'08
L ein & Lex gold 412s-1931
112
32 .A1.
-13
0 Ill 114 112 J'ly'08
10838 112
onrl
ea
gtg
ex
ut
ar
5s11
.
s.
h19
R
P1IN'
IN1r &
1irO
ee
ck
1930 J -J 118
11574 Jan '08 •..• 11534 117
151 0 & N 1st gold 6s
105 Jan 'Or
105 105
08WO 86 It 2i1 gu g 5s. .e1915 F-A
1930 J -J 51.13
122 14 Mar'06
N 0 & At 2d gold Os
W & UT B let gu g 58.1918 M-11
10714 Aug'06 •
Pensacola Div gold ds 1920 M.S
106 18Oct'03
Rutland 1st con g 4163-1141 J -J
1921 M-S 108
117 May'07
St L .Div 1st gold Lis
82
89
06
80
3 82
87
Og&LCham 1st gu 4s g1948 J -J
1980 M-8
6216 Aug'07
2d gold 38
85 Jan 'Or
-J
85
g4s.1949
J
85
Rut-Canad
1st
gu
84
89
89
1955
M-N
81
80
4
0iv
4s
Atl Knox & CBI
122 Jan '06
St2L.
0
IA
;mttir 1st g 53.1996 J -J 108
105
110 J'ly'06
AU Knox & Nor let g 681041i .1 •
125 Feb'08
115
125 125
coIl
10816.1an '06
Render Bilge lets f g 63.1931 NI-S 4104
9934 Apr'Or
9934 9934
Utica & Blk Rivgu g4s.1
j--J0 100
49
20
2‘
88
94,s
19
93
J'ly'08
Kentucky Cent gold 48..1987 J •1
113
10 89,
4 94
Lake Shore gold 312s....1997 J-D 9219 Sale 9212
9716 9716
97 J'no'08
L&N&M&MIstg41631945 NI-S
9816
89
9212 May'08
921-2
90
1.
-D
N
1997 10
85
79'2 87
Registered
80
80 J'iy'08
Lib N -South M mint 48.1952 .1.1
9438 Sale 94
9434 57 r876, 95
1428 51-S
Debenture g; 48
11014 J'ly'08
11.014 11014
2
,
1 Fla &Is let gu g 5s...19'37 F-A 11014
9:3 6 Sale 9338
114 123 8838 94
.1931
25-year g 4s
0734
N.&C Bdge gen gu g 4123 1945 J -J
Ka A&(3} R lstguo5s.1938 J -J 10734
113 113
113 Jan '08
Pens & Atl 1st gu g 68-1021 F-A 108
109 Oct '07
Mahon 0'1 RR 1st 53 1934 J-J 10434
111 May'07
S & N Ala con gu g 58-1930 F- A 10514
11)0 May'08
.. 100
'
91,2 Pitts & L Erie 2d g 5s.a1028 A-0 104
9116Jan'03
L & Jett Bdge Co gu g 48..1045 M-S
117
130 Jan'03
Pi
2
t
,
t
iegi
lla
or
J
-J
K
OT
68.1932
Viet
gu
See
1
&
1,
eib
1A
41
,
1
112
, ahou Coal SeeL8 & IN1
08
McKees& B V 1st g 681
07
193
914
8j
9616
21 02
J:j
J 102
anhattan Ity consol 48.1990 A-0 06
97
104 Deu'06
Mich Cent 1st e0n80168.1:309 51-S
104 Apr'05
11)1)0 A •0
Registered
105 Dec'07
5s
08
07
98
1931 M-S 109%
V776 Salt, 9734
Stmpd tax exempt-199 A-0
119 J'ne'06
Registered
bIcK'pt & LI V bee N V Cent
00
10034 Jan '07
4s
19
93
41
0M
Q
J -11:J
Metropolitan El See Man It)
,
,
10616 Nov'Ou
7414 1353
83 Ply'08
Registered
1940 J -J
8216 83
blex Cent consul gold 48 1911 J -J
PO
90 J'invor
30
J L & lst g 316s
1416 2016
10 16J'ne'08
1951
15
17
lst coneol income g 3s.a19311J'iy
88 Apr'08,
88
883
4
0014
1618
May'08
88
10
184,
1st
g
312s
14
15
2d consol income g 38..a1113 J'ly
Bat & Stur let gug3s 198
9086, 'iv '01
J
59
2M
85
biex Internal 1st con g 48.1977 Ni-S
9536 1(11
N Y Chic& St L let g 48 1937 A-0 10014 101 10034 J'ly'08
80 Feb'08
80
80
Stamped guaranteed....1977 111-S
10214 Mai'
105 blay'00
Registered
'
17
1937 4-9
1911 J -D
Mex North 1st gold 68
98 104
,Saha 1e214 102 16
West Shore lst 4s gu 2361 1.2 1024
Mich Cent bee N Y Cent
17 961.102
101 102 13/1 16 102
Registered
Mid of N J bee Erie
N & Greenw Lake See 2
E
3r1e
1
6"
Mil L S & W bee Chic & N W
N
Y
&
Har
,Nee
N
Y
C
,3/
Hutt
St
P
&
IN1
ell
See
MG & North
120
N Y Lack & W See D L &
120 Sale 126
1 12514 128
/Kinn & St L 1st gold 78_1927 J-D 10114
101 J'ne'1)8
N YLE
101. 103
W See Erie
1901 -1)
Iowa Ex 1st gold Is
Jan '0,
118
N
Y & Long Br b'ee Cent of NJ
A-0
1921
63gold
Pacillo Exist
113'4 INIar'03
101 14
N Y N it & H-Cony 63 1948 J.J 12676 9ale 12614 12076 188 11516 1.2816
South West Ex 1st g 78 1910 J -D 10274
8814
10236 3•iy'08
8774 IS 86
100 10236
Couv deben 3½s
8734 Sale 87 18
11134
11456 J J
lst consol gold 53
80 J'in3'08
112 112
80
80
112 blar'08
82
lioutsatonic R con g 58 1937 M-N 11376
1st and refund gold 43 1949 M-S
Apethi
97
N
&
Derby con cy 53 11118 M-N 100
Des M & Ft D 181 gu 43-'33 J -J
NI & .North See N Y & It
Minn & St L gu b'4SBOlt&N
11, 9216 98
07
9712 08
07
9676 J'ly'08 •-•- 97
97
973
J -J
, N Y 0 & W ref 1st g 43-g1992 M-S
Ai StP& SSAI con g 4 iiitgu'38
102
J'ne'07
119
96 101 •Pue'06
Regis $5,000 only
58b1&A 1st g 4 Int gul026 J -J
N
Y
&
Put
K&II
See
N
Y
C
&gH
1992
M.8
P
St
See
Cu
Inn
9734 10 94
-I) 97% Sale 9788
N Y & B B Bee Long Island
179
Mo Kan & Tex 1st g 4s 1990 F.A
84; 85 16 85 J'ly 'Os
N Y S & W Sea Erie
7716 05
0.090
28 gold 48
1114
N Y Tex & M See So Pao Co
1011
95
104
J'ly
1944
NI-N
'08
610414
5s
gold
ext
1st
99 t6J'ne'05
7470 '78
9016 661.1
Nor & South 1st g 53
2904 34.S
7716 7614 J'ne'08
1941 M-N
1st & refund 4s
12018Jan '03
1;:u 19019
79.4 Salt 7836
b2
79,
1 49 71
1936 J -J
Nonf & West gen g 6s
1031 M-N 118
416s
Gen s
r2t)
117,
6
Jan
'05
81
12
117
.
2 117 .11
801
.
May'Or
A•0
801
6
2001
83
Improvein't
&
F
-A
ext
g13s
4s
ref
g
1934
1st
Div
L
St
127 Oct'06
102 16 ApC08 . 102 12 1112 16
New River 1st g (is
1932 A-0 118
Dal & Wa 1st gu g 5s 1940 NI-N 190 16
37½ '21 112½ 07'6
90
90
90
N & W Ity 1st con g 48 19
11 87
090
6 A 0 9716 Sale 'J7 4
Kan C & Pao 1st g 413 111110 F-A
91 Sep V;
1074
R egistered
,2'ly .08
.1-0
10536 108
/do K & 1st gu g 5s 1942 A-0 107 16
90 J'ly'08
90
1344 00
Div'l 1st 131 gen g 48 1944 .1-J
10434 22 102 10434
1942 M-N 10414 Sale 104
lii K & Ok let gu 68
8714
97,4 SO 78
Si Sale 8534
10-25 year cony 48
971210616
Tlstgug5s 1042 NI-S 103 104 102 78J'iy'u8
1032 J
lit
13068
94
843
8
ti•IN
1001
77
6
J
Pocali
C
101
10016
10016
&
.1-D
103
8314
'ne'08
C
J
•
D
Joint
gu
g
58
1043
so
lot
4s-1941
herSli &
109 16 11%30'05
104
C & T 1st gu g 58
1922 J -J *iuu
5 10312 104
Tex & Okla 1st gu g 53 1943 M-S 104 sap, 104
594
94
3 8I19 95
95
Ut
J'ly'08
Solo V& N E 1st gu g 48 1989 41-N
10414 110
1110 Pacific 1st con gt3s -11120 11-N 107 16 1093,, 100
North Illinois See Chi & N NV
1/8 ,
1 3: 88
9314 8w, 97
99
Trust gold 55 stamped.a1917 34-S
North Ohio See L Erie & W
10416 Feb'07
Registered
al1117 11-S
Nor Pae-Prior lien g 4s 1997 Q J 10176 Sal., 10178 10216 36 09 10216
97 16 48 8778 08
9716 Sale JO
1920 F.A
1st coil gold 58
101
9734 101
7614 932 68
Registered
7616
76 14 Sal,, 7214
1097 Q- J,. 93 101 101
1945 M-S
40-year gold 10)11) 45
7216
721
, 11) 68
7214
73
General lien gold 38....a2047 14-E
95
80 16 91 Mat'08 • •.• 15
1038 NI-N
3d Is extd at 4%
6812 71
71 J'ly'Or
83 1'6608 .••. 85
Registered
85
a2047 14-F 6i34 70
8214 90
Cent Br Ity 1st gu g 43 1019 11 -A
9812Jan 08
06 12
89
St Paul.Dul Div g 48. 1996 J
84 14 Jan'08
8312 8414
Con Branch U Plat g4s 1114, -1)
Dot Short L 1st gu 58..1910 11-5 •105
102 110 5110'05
Leroy&CVA LIstg5s 1920 J -J
9914 Feb'08
C B& Qoolltr4s bee(it Nor
9914 99 14
Pao It of Mo 1st ex g 43.11138 F-A
116 Mar-01:.
116 117
P & N P gen g 6s. 1023 F-A 11834
112 Dec'0 i
2d extended gold 58 1938 J -J
116 May'08
1,6 116
108
Registered certitio's..1923 4-F 11516
11 103 110
St L 1r Al& Sgen con g 581.031 A-0 108 Sato 108
108
'01
Ply
F
-A
11714
St
El/0
106
May'08
Paul
&
hut
5s...1931
106
let
g 531031 A•0
Gen con otamp
103 12
'08
103
102 10312
20 5s
7836 19 68
77
80
7538 bale
Unilieul& ref gold 43 1929 J -J
93
1uu J'ly'08
let consul gold 43
100 100
89
84
1,
6
8614
8314
ltav & Div 1st g 43_193:3 M-N
93 Marin,
Wash Cent 1st g 48
1E38
107 12 Apr'00
'4 '114 -:M
?) 8216
Verdi V 1 & W 1st g 58.1926 NI- S * 97
98 Dec'uli
Nor Pao Tor Co 1st g 6s 1933 -1 11:3N
115 16 115 16 it 112 116 16
MobJ & K lst cone g 58.1053 J -J
113 119
119 May'003
Nor By Cal See So Pao
blob & Ohio new gold 63 1927 •
105,
1 Jan'03
&0
10512105½ Nor Wis See()St P
181, extension gold 6s-741127 Q-J 10612
8414.1330'08
8414 84 14 Nor & Mont bee N Y Cent
.1938 M-S
General gold 48
102161021
1U2 May'08
I Ind & W bee C C & St L
/
2
Moutgom Div 1st g 53_1947 F -A 10434
May'08
75
75
'75
lihio Bay RR See Balt & 0
St L & Cairo coil g 43..e1930
Ore & Cal /See SoPao Co
...
95 101. Nov'l/4
1931 -J
Guaranteed g 48
Ore Short Line bee 1.1n Pao
& 0 coil 45 bee Southern
Oswego & Rome See N
Mohawk & Mal bee N IC&H
0 C 1' da St 1' bee U & N W
Monongahela ltiv See B &
I)ac Coast Co 1st g 5s
1011210634
104 J'ly'08
1946 I-I) 10476
Mont Cent bee St P M &
ac of Missouri See Ai o Paz
Morgan's La & T See S 1' Co
Penn RR 1st real est g0 1923 NI-N 103
102 103
103 J'ne'Or
orris & Essex See Del L & W
Consol gold Si
105 .Nov41,
11012114'6
1919 .1111316 11234 J'iy'Ob
I ash Chat & St List 78.1913 J -J
Cousoi gold 48
/
2
105 16 1.11
101 16 1011
M-N
9914
111 J'ly'08
101,
1 J'ly
1st count,' gold 58
1925 A-0 511138
,
......
Cousol gold 43 (w 1)....19
116 16 May'(),
,Salo 102% 102,
LOU 103
948 MN 1023
Jasper Branch 1st g 68_1923 J -J
116 ,,, bale 004
Convertible g 3163
1.174 INIar'05
......
1912 .Ni•N
McM K W & Al 1st 63-1917 J -J
06% 119 9114 9614
Convertible g 3128
934A Sale 11318
9636
113 Ply'04
9312 .73 88
1915 J -D
T & P Branch lot 68
1017 J -J
Alleg Vol gen gu g 4s 1942 NI- S
......
95
99 J'ne'u7
Nash nor & She( bee L & N
99 10016
100 Apr'01.3
D 1111 It & lige let gu 48 g.'36 11- A
N at of Alex prior lieu 4½s.1920 J.J
Philo,Bat& W 1st g 4s 1943 NI-N
'17
81 J'ly'OS
82
81
1st cousol 43
1072 Oct
1951 A-0
Sod Bay & So 1st g 5s 1924 1-1
102 Jan'03
New II & D See N Y N 11 &II
U N 1 RR. &Can gen 43 1044 M-S
11016Sep '04
N J Julie RR bee N Y cent
Penn Co-Guar lst g 4123 1921 J -J 105
104
10414 47 i0234 105
New & Cin Bilge bee Lou & N
Registered
J -J
103 J'ly'07
N X likIn & Man Bch. bee h I
91 16 10 8716 9314
Guar 3125 coil trust reg 19
113
27
1 31.-S
9012 J'ue'06
N Y Cent& 11 lIly g 3128 1997 J•J
9114 Sale 9114
Registered
92',, Sale 9216
9414 12 .
8816 89½
Guar 312s coll tr tier B 1941 F-A
00 J'ne'08
1997 J -J
1)1
p278
03
'28 01
9212 95
Tr Co certit's gu g 3163 19.16 .51-N
115 J'ne'08
93
Deben g 43
1934 511.N
03 Sale
88 93 8414 Feb'08
8316
84
J -D
8414 84.'4
31 75
Gu 3168 tr ars
•
81
Lake Shore coLl g 31.28 1993 F•A
83
73
194
OU Mai'06
• 316s tr ctfs D
14
9 J -0 81,6
Registered
80 J'ly'08
til
79
109b F -A
81
17 19
, 5 74"a 8,3
97'887
, Guar l5-25 year g 4s. .1931 A-0 • 9716
1198 F -A
8834
Mich Cent coil g 3163
'2 .'90.. "-01;
81
97
76
Cl SI Mar 1st gu g 4163_1935
Registered
1998 F -A
110 Jan'01
76 Apr'Or
76
C1& P geu gu g412,3ser A.'4•1 J -J 10538
10814 Aug'03
102 Feb'07......
Beech Creek 1st gu g 48 1936 J -J
0516
4
Series B
1942 A-0 105,
Registered
1936 J -J
102 Mar'04
110
Series C 3165
11-N
1936 J -J 102
985,, Dec'05
gu gold 5s
Series D 316s
1
195
01)
4d
' F.A
90_4
90 May'08 .... 90
Beech Cr Ext let s 3168 51951 A-0
MISCELI.
EOUS LioN Ilm-Cont
d on Next Page
Telegraph and Telephone
8516, 13 7916 8516 Am Tolop & Tel coll. tr 4s 1929 2-1
8514
88
8736
873e 57 7516 8816
8514
Convertible 4s.
75
5 50
1936
8:371 992 8416 8076
75
8986 Sale 8914
75
76
Comm Cable Co 1st g 46-2397 4-1
8534 Mar'08
10716 Oct '04
8534 8634
T
Met T & hit s f g Os
104 Feb'07
1918 M-N
10238 Apr'06
Mich, State Telep. 1st 56 1924 F-A
9658 J'ly'08
115 Apr'02
9214 0638
(19)14 247 3834 69% West Union col tr cur 56 1938 J -J
87
8116 J'ly'08
84
94,
6914 Salt, 6714
I'd and real eet g 410 1950 M-N
8814 90
89
10788 Dec'04
8834 4 81
8814
Cony 48, Series A
81
1936 MN
81 Ply'Ob
75
83
107 May'97
Slut (In Tel s fund 6s 1011 M-N
104 .&pr'07
10516 Dec'06
105 Oct '00
.1lanulticturing Jiz Industrial
78 Feb'07
80
Am Cot Oil ext 4128
9319 94
97 16 4 8212 971915
93
0716
93
1 86
93
1.7 19
Am Hide & L 1st s t g 6s 1911) M-5
100 106
90
106 J'ne'08
88
8916 10 7516 90
106
Amer Ice Secur deb gOs 1925 A-0 70
13
8
11:1
72
11 5816 72
1067
72
70
1083
4
10512
102 103
Mn Spirits Altg 1st g 016_1915 M-5
100
97 Mar'08
91 100
106 108 102 Apr'Or
100 101
1111 May'08
Aru Thread 1.6t col tr 4s 19111 J -J
101
86
88 J'ne08
83
88
Am Tobacco 40-yr g OIL
14
93
94
91
80
1944 A-0 10714 San, 1071s 10778 "Vi 9634 107%
94
1951 F-A
9316 Feb'07
4e.
7616 San, 76
763
,114 6014 7634
*No price /friday; latest Ind aud asked. aline Jan. &Duo eel.) e Due .d.ar villue Apr
Due J'ly k Due Aug • Due 04* p Due Nov q Due De* sOptanA Olga ,
Coal mad Iron
Col F& 1 Co gen s f g 53-1043 F -A
Convertible deb g 53....1911 F - A
Col Fuel Co gen gold 63.1919 NI-N
or Itiv Coal & C lot g 6,311119 A-0
Clearf lilt Coal 1st 814s...11/40 J.J
Col Indu Ist,k3 coil 5t3 gu..11.134 10-A
Contin'tal C 1st sf gu 68 g.1952 F•A
Jell & Clear C & I let g 58.1926 J -I)
Kan& 11C& 0 let f g 53.11/51 J -J
Pleas Val Coal 1st g 8 I 58.1928 J.J
Sunday Creek Co g 53.-11144 J J
1051 J J
Tenn Coal gen 5s
a11/17 A•0
Tenn Div let g Its
Bina Div let consol 6s..1917 J •J
Cab C NI Co 1st gu g 611.1922 J •D
Do Bar C & 1 Co gu g 63.1910 F -A
Va Iron Coal & Co let g 53 19411 M-S
Victor Fuel 1st s f 58
1953 J -J
New York Bond. Record--Concluded- Page 4
274
iioN
N. Y. 82'0CE EXCHANGE
%Virtu: ENDING JULY 31
[voL. lootxvu.
b
21$'
7
s
ict,
Price
britaau
July 31
Week's
Range
a^2
Range or
Since
‘8 Jana tary 1
Last Sale 4'
Batt
BUM
.etsta Low
Penn l_:0--( GuOLIVOneO)
Low JItgit
90
92 Apr'07
/
4s B 1940 J J
Erie & Pitts gu.g 31
90
9834 Apr'04
1840 J-4
series C
/
4
108 Sep '00
/
4511141 .3 1041
Gr E.& I ex 1st gu g 41
/
4
127% Oct'02
Pitts Ft W & C 1st 7s 1912 J-J 1081
108
119 j'ne'06
1912 J
2d7a
1111 Apr'04
41912 A-0 10914
3d 7s
lid Nlay'00
Pats Y& Ash 1st coo Os.11)21 51-ts 107
1081
/
4 J'ne'08
PCC&StLgu41
/
4sA...11/40 A-0 107
1061
/
4 111814
107-4 .1071
/
4
1942 A•0 107
Series It guar
1071. 1134
112/
1
4•Pue'00
/
4
1942 51-N 1021
Series U guar
Wu%
961
/
4
Mar'07
31.-N
series U •Iti guar
1043
91 May'08
89
/
4 guar g
Series E 31
19411 F-A
90
91
941
/
4
Series F 45 guar
1953 J-D
1131
/
4 1131
/
4
C St 1.& P 1st con g 56 1932 A-0 112%
109 113'),
Atl bee 1.44 Naah
Peneatcola
Peu & East SeeUUU4ntL
123/
1
4Jan '05
Peo Pelt u 1st It 08.-11121 CI* F 106
...
10034 Dec'Oh
01921 51-N
/
1
4s
2.gold 4
1011 Apr'02'
Pere Marq-Olt& W SI Os 1921 J -D
112/
1
4 Aug'07
11.120 A-0 108
Flint & PM g Os.
93
100.4 Apr'07
19311 M-N
1st cousol gold Os
1001
/
4 May'08
Pt Huron Div 1st g 68 1939 A-0
1001210034
Sag Tus& ti lat gu g 48 11131 F-A
Phtt 13 & W sePennElt
Reading
cons
-D
1151
/
78.1011
4
Mar'06
Phila &
96
11618 Apr'08
Philippine By 1st 30-yr sf 415'37 J -J
901
/
4 95
rats uni tt, zt, L See Ytnut Co
Pats Cleve & To' See B &0
Pitts it W Si Ch See Penn Co
Pitts McKeee &A'.SeeN Y Ceti
110
110
/
4
Pitts Si,& L. h. 1st g 5s 1940 A-0 1091
1 10914 110
9378 Ply'97
1943 J -J
1st consul gold 58
Pitts & West See B &
9734
071a 08
1997 J.J
98
11)ceding Co gen g 45
79 93
90
97/
1
4.T'iie'08
1997 J -J
136 Registered
90
971
/
4
115
ergey Cent coll. g 45 1951 A0 95 Sale 95
21 86
90
Rensselaer as Sax' Seel)&a Ii
Rich & Dan See South By
Rich & Meek bee Southern
liao fir West bee Den & Rio Gr
Hoch & Pitts Bea It kt, & P
Cent
Hume !Vat & Og See N
Rutland See N Y Cent
%.1as Tu8 & IL See Pere Marq
841
/
4 87
87 J'ly'08
OtJo&Gr 1.51 lat g 48 1947 J-J
82
87
St L dta Cairo See Mob & Ohio
St L & Iron Mount See 512
OILKO&N See Wabash
St L M Br bee T ICH A of St L
St Louis eil) Salt Francisco116 J'ly'OS ...• 113 115
1981 .1.4 115
General gold Us
1031 .4 100 Sale 105
105
General gold Os
2 103 1008
90
90 Jan'08
St I.& 8 8' RR cons g 46-'90 .1-4
90
90
Southw Div let g 08 1947 A-0 95 100 100 Alay'08
IUU 100
6878 Sale 681
1951 j-j
69 247 66
Retunding g 48
/
4
75
90
98 Nov'06
5-year gold notes 418-11/06 J•D
.....
9078
StL & So East gu 4181;190 .D
.115
113
Al.ar'Ob
117
1928
CFt S& SI coug 6s
M-N
.. 1141
/
4
/
4Bale 68
611's 28 6034 74%
681
K 0Ftsal/ M By ref g 4s 1930
1Ca M R& 33 latgu55.1929 A-0
•- ......
1.10
Deo'07
Oz'rk& Ch l; 1st gu 55 g.1913 A-0•vu
3t Louis So Bee Illinois Cent
/
4 10 841
891
/
4 891
90
St L. S W 1st g 45 bd. otts.1989
/
4 90
72
72 Sale 71
2d g 48 uie bond ctla...p1981.1
12 65
75
/
4 24 50
661
/
4 6834 67
681
1932
Consul gold 4s
681
/
4
/
4 Apr'07
1011
1001
/
4
Gray'sPtTer lat gug Os 11/47
St Paul & Dul Bee Nor Pacific
104 J'ly'08
104
St Paul M & Man 2d 6s 11109
1021
/
4 10438
12734 J'ly'08
128
1933
1st consul gold Oa
1211 1.•12S
134 Deti'Uti
126
Registered
1933
/
4 J'ly'08
106%1071
/
4 1001
Reduced to gold 4¼s 1933
102 108
105
/
4 Apr'01
11131
Registered
11133
106
1051
/
4 1051. 7 1037;105%
1910
Dakota eat gold Os
99 Apr'08
Mont eat 1st gold 48- 1937
94
thl
1001
/
4 Oct'00
Registered
1937
.....
95
K Muni Nor Div 1st g 451948
107
124 May'00
Muni Union 1st g 08.-11122
127 129 130 Apr'08
1937
Mont C 1st gu g tis
lig.. 130
Registered
1937
13614 may'06
1101
/
4
1111
/
4 Apr'08
1937
1st guar gold Os
1111.1111.
1151
112n
/
4 Dec'Ult
Will as 5 F 1st gold 58-1938
6t P .14 Nor Pao bee .N or Pao
City SeeCStPM&0
StP45
8534 85
851
/
4 60 78
6 A & A Pass 1st gu g45.-.1943 -J
86
102 Sep'07
1st g
2-S 100
S Fe Pres Si
110 Oct '05
1st suuk I g 58.11/11. - J
It &
Sav Fab West See Atl Coast L
Scioto Val & N E bee Nor& W
09
,
5714 J'13
11150
60
Seaboard Air Line g 4s
9238 88 J'ne'08
1911
Coll tr iefund g 68
88 Jan'07
Atl-Birm 30-yrIst g 4s e11/33
• 86
85
85
Car Cent let coif g 48 11/49
/
4 Ang'UO
107 1071
Fla Gel,& Pen 1st g 53 1918
1st laud gr ext g 5s- 1930
1(191
/
4 Itar'Ut$
11143
Consul gold Os
951 May'08
100
Ga & Ala By 1st con 5801945
98
110 Jun'05
Ga Car & No 1st gu g Os 1929
1171
/
4
1.06 Mar'07
Saab & itoa 1st 5s
1920
K
T
Sher Slir S0 See
Sit Sp ()ea & Li See All Coast L
So Oar ata Us See Southern
Southern Pacitio CoGold 4s(Cent Pao coll) k1049 I-D 86
86% 86%
8634 10 8334 88
Registered
84 j'ne'07
k1949 J
9784 40 94
Cent Pac 1st ref gu g 4511149 F-A
971
/
4 97% 97
99
Registered
933 J'ne'07
1949 F-A
86
blort guar gold 3/
851
/
4 1 .
851
/
4
1
48..k11121) -D
$36.. 811
Through St L 1st gu 45'54 A-0 911
/
4 921
/
4 11034 J'ly'08
88
90%
Gal liar 41 S A 18t g Os 1910 F-A 10134
1031
/
4 Apr'07
..
Mex & Pee lat g 68
107 Jan'08
1931 M-N
107 107
Gila VU&N lstgug5s 1924 M-N 1001
/
4May'08
/
4105 1011
1011
/
4 1011
/
4
Hotta B & W T 1st g ba 1933 M-N 101.
101 Jan'08
1st guar 15s red
104 Aug'06
1933 M.N
..
101
1091
/
4Ply'08
& TO lat g 5s jut gu 1937 -4 1091
/
4
1091
/
4112
Consol g Lis int guar 1012 A-0 10978
1073g Nov'07
......
Gen gold 45 jut guar 1921 A-0 921
/
4 94
1)31. J'ly'08
87
931
/
4
Waco& N Willy 1st g 6s'30 M-N
116
..
A & N W 1st gu g 5s
1091
/
4 Feb'Utl
.........
1941 J-J
BONDS
N. Y. STOCK EXCHANGE
WEEK ENDING JULY 31
z4.217.
l'race
hrtaau
July 31
Weeic's
Range or
Last sale
4.1
Range
January r
Sin
southern Pac,co-((jontanuea)
Low
ig la .No how II Loa
122
1211
/
4 121'-.,
Morgan's La & T lot Is-1918 A
1211
/
4 J'ne'te116 Nov'06
1920 3-4 110
1st gold (is
No ot Cat guar g 6a
112 Fel),(g,
1938 A-0
/
4
103 J'ne'L/8
Ore & Cal 1st guar g 5s 1927 -4 11)01
102 1113
SoPotArgu1sLg6a.cl1JUl( 4-.1 101
101 14 101 /
1181
.
2 1(13
1
4
clillu J -J 102%
1st guar g (is
1021. J'ly'00
10214 1021.
/
4
.1912 A.t) 1051
-:o Pao ut
1041a J'ne'08
&
1
4
104¼ 104/
/
4
1911: A-o 1041
1st gold us
1141
/
4 Dec'94
1st gun guar g 5s
116 May'07
1937 .11-N 11018
racot N Alex let g 06 11/11 J -J 101
104 Api '118
104 104
So Pao Loast 1st gu 4s ;2%11/37 J-J
Tex&NosabDivlet gtis.1912 M-S 104%
1071. Fon '07
Cen gold 5s
1943 J -J
118,
1 Apt'08
951
/
4 981
/
4
9234 bait. 92%
o Pae Hit 1st ref 48
1905 J -J
93
65 871
/
4 931
/
4
1)9'., 12 831
.sot.wet u-1st eon g Os
1994 J -J
/
4 Sal.- 99
991
/
4 103
Regietemt
19114 4- J
9.5 114 Nov'th
......
74
he't18
Develop & gen 48 Ser A 11150 A-0
73¼ 76%
80
04
slob & olio coil tr g 43-11/38 51-s
82¼ J'ho'w,
8314
70
113
1011
Slam Div lat g 41
/
4 103 .1' ot
/
4-5a191/0 J -J
116 103
St Louis thy 1st g 4s......351 .j
82
7934 79% J'ly'08
69
1918 .1.4
AlaCenE lst g ths
113 rue 'Ut;
83
116 Ptie'00
Atl & Daily lat g 4a
1948 J-J
....
194b j j
92 J'ue'uu
2d 48
Atl & Yad 1st g guar 48 1149 A•0
......
111 Fab'ul
Col & Greenv 1st Us
1916 J.J 103
IOU
'08
E T Vs & Ga Div g 5s 1930 j.j 100%
/
4
100 1001
10814
10e1.
1956
1081
/
4
58
gold
Con 1st
31-N
31 102 1081
/
4
1
4 1021
100 102/
/
4 3 97 1021
E. Ten reor lien g Os
1938 M-S
/
4
65 Sep '07
63
1946 A-0 57
Gs Midland 1st 3s
108
100 'iy
11122
Oa Pac By 1st g Os
109 1091
/
4
1e7 Ply '/).8
Knox & onto 1st g Us.....25 J • J 108
107 108
97
t
Apeu0
alob& Bur prior Den g 5s 11145 j-j
1/6
Q.t.
'tit
.1945 J-J
Mortgage gold 48
...
103 liar4.18
.1915 j../ 105
Rich & Dan con g
103 167
92 J'ne•tm
1927 A-0 %1414
Deb 6s stamped
92
92
Feb'UL
1/8
Rich aib Meek let g 4a 11)48 51-N
97% Apr'ut
971
/
4
19111 M-N
So Car & (.+44 1st g 5s
951
/
4 97%
112 Oct '00
104
Virgisia Mid ser C 68. 1916
1081
/
4 Dee'Ou
Series II 4-55
1921 M-S 101
113 Dee'05
Series E 58
1926 VI-S 101
1011
General Os
LUVeMaY'08
/
4 103
1936 M-N 101
107 May'07
Guar //tamped
1936 M-N
1)(5 18.1an '07
861
/
4
W 0& W lat cy gu 4,1 1924 F-A
/
4 bop '07
1051
West NC let con g 08-1914 j-j 101
541 .14 Abs bee L N
117 J'ly'00
Spok Valls as Nur 1st g 68.11131/ j J
/
48 11139 A.0 104% 109 105 May'08
102 105
I 'er A at St L 1st g 41
11018 Feb'08
1004111
1st con gold Os....1894-1944 b.-A 111
114/
1
43
93
/
4 1141
/
Gen refund s g 18
4
901
1933 -J
111 Dee'00
St L M I3ge Ter gu g 58 1930 A-C
Tex & 0 See So Pao Co
110
110
/
4
Tex& Pao 1st gold 58
2000 J.D 1101
/
4
1 99 1121
2d gold inc Os
92 Nov'06
q2000 Mai
La,Div /3 14 1st g 5s
110 Mur'00
1931 J •J
/
4 Nov'04
1061
W Min Was W lstgu 58 30 F-A
102 Feb'e8
Tol & C 1st g 5s
11135 J -J 100
102 10334
Western Div 1st g Os 1935 A-0 102
111 Alay'04
Os
General gold
/
4 May'08
1935 J.1) US 1031
/
4 971
1151.98
1st gu g 4s
Kan &
19110 A-0
89 Jun '08
110
89
84
83
Tel 2 cas W 1st gold 48
54 sale 83
11117 J -J
4 7634 83
TolSt144. W pr lien g 31.0 11125 J -J
oT May'08
79'4
80
87
50-year gold 48
70
1906 A-0 74
15; 14 67
76
751
/
4
Tor'Dun & Butt 1st g 48.41940 J
93 Dec'06
ibiter& Del 1st con g
11/26 41.1) 10514
105 Ply'08 :... 103 103
1st refund g 4s
89
93 Sep'08
1952 A.0 80
Un Pac RIt & 1 gr g 48 _11)47 J -J 102 Sale 101% 102 119 99 102%
Registered
101.4 lui%
1947 J -J
OS 101%
1st & ref 4s (ar
1)578 309 95% 11578
g2008 31-S
115% Sale 95%
20-yr conv 4s
93% 1030 83
1927 4- J
93% Sale in%
95¼
Ore By .Nev con g 45 1940 J-1) 961
/
4
/
4
1101
/
4 971
/
4 901
91
971
/
4
Ore Short Line ling 6e 1922 F-A 120
120 Ply'08
113 122
eouso/
g 5s
1st
111 J'ly'ob
1940 J-4 110
106 1141
/
4
Guar relund 48
91
91 Sale 90%
1929 J-D
lit
- 851
/
4 1/3
Registered
87% Mar'07
1929 J-D
Utah & Nor 1st 7a
100 Oct'07
11108 J -J
Gold Os
1051
/
4 J'ly'07
1920 3-4 107
,
1 J EAi&000SeePaAiB
ni 1
Utah Central See Rio (Sr Wes
Utah & North See Un Pacific
Utica do /Mack It SeeY Cent
941
/
4 Oct '07
andalia cousol g 45. .1955 F-A
...
Ola Cruz &Plat gu 4/
98 Sep '0(1
1
481934 1-4
Ver Val Ind a, W See Alo
Virginia Mid bee South By
110
Va & Southw't 1st gu 513.2003 J-J 100 110 110
99 110
abash 1st gold 5s
11131/ $4-N 108 bat, 10034 108
211 102 10934
90
2d gold Os
1/5
96
19311 F-A
841
/
4 96
Debenture series A
Ot) J'ne'07
11139 J • J
Series B
62
62 Sale 60
1939 J -J
11 37
62
1st hen equip a fd g 56 1921 M-S
102 Feb'08 .•. 100 102
1st lieu 50- yr g term 48 1954 J •J
93 Mar'01.1
lat ref and ext g 4s
53
58 807 371
1950 J-J
5776 Sala
/
4 58%
Det ab eh Eat 1st g 08 1941 J -J 100
100 Apr'08 •• 100 100
Des Mom Div 1st g 48 1939 J -J
97 Nov'04
Ow Div 1st g 31
80 Web'07
/
4s
1941 A-0
85
Tol & Ch Div 1st g 4s_ 1.941 M-S
9638 J'ne'07
St Chas Bridge 1st g 65 1908 A-0
Lou May'07
Web Pitts Term 1st g 45 1954 J -D
49.8 bale 4534,
4934 318 41
56
2tt gold as
1904 J -D 12% sak, 1.0
1318 539
834 19
Warren See Del Lac,& West
Wash Cent bee Nor Pao
Wash 041 W See Southern
Wash Terml lot gu 31
/
4s 1945 F-A
87 1/4 J'ly'07
West Maryland lat g 4a 1952 A-0 74 Sale 70
74
79
85 49
Gen & cony g 4s
40 May'08
1.952 A-0
30
47
WVaCent41p lat g 68 1911 4-4
98
10618 Aug'00
West
Y& Pa 1st g 55 1937 J-J 111 112 11418May'08
/
4
1081
/
41111
Gen gold 3-4a
871
/
4 91
/
4 rly'08
1943 A-0 90
911
Income Os
..
81943 Nov
34. Ifeb'07
West No Car See South By
Wheerg & L E 1st g 58...1926 A-0
100 107
102 J'ne'08
Wheel Div 1st gold 58..1928 J -J
95 103
95
90
Exten & Imp gold 58 .1930 F-A
/
4
981
/
4 981
981
/
4Jan '08
RR 1st consul 4a.
721
/
4
71
1 60
71
1949 M-S
71.
20-year equip s f 58 ...1922 J -J
......
1.04 Oct'07
Wilkes & East See Erie
Wil & Sioux F See StP M & 11
86
VVis Cent 50-yr 1st gen 481949 I- J
831
/
4 94 80
83 Sale 8278
ei
V
W
MLSCELLANEOUS HON DS--Concluded.
Alantalactut•ing & Industrial
Miscellaneous
92
22 83
Beth Steel 1st est at 58..1926 J-J
95 May'08
Adams Ex col tx g 4s
85
1948 M-S
95
/
4 92
92 Sale 901
95
Ana 58 Coo! WVa g 08
......
Cent Leather 20-year g 08.1925 A-o 971
971
1920 1I-N
100% J'ne'02
/
4 21 851
/
4 Sale 97
/
4 98
Con sot Tobacco 50-yr g 48.1551 F-A
/3'krn
'06
Oct
eons
41
g
5s
1st
751
/
4 Sale 757s
b'erryCo
'48
F-A
761
/
4 17 62
7131
/
4
100..100
Distil See Cor cony 1st g 58.'27 A-0 7414 sale 731
Chicle& St Yard col g 5s.1915
100 Jan'08
/
4
7414 32 134
75
47
Det M & AI ldgr incomes-1911 A-0
lnt Paper Co 1st con g 65 1918 F-A 1131.100 10578 106
47 Apr'08
45
8 101 106
63
Cousol cony s f g 5s
72
"Yi
/
4
Int
80
683
4
Marine
50 78
Mercan
41
1935 4.4
/
4
8
1922
79¼ Sale 781
681
/
4
80
A-0
681
/
4
76
Int St Pump 10-yr cony.6s'13 J-J
86
1st Navigation 1st a f 58 19211 F•A
93
29 90
'J5 Sale 944
86 J'ly'08
96
86
Lackaw Steel 1st g Os....1923 A-0 92
911
/
4
.
• ......
911
/
4 5 84
OU Feb102.•
911
/
4 Man Bch 11 & Lgen g 45 1940 3I-N
831
NatStarch Mfg Co lat g th)1920 M-N
/
4 Aug'07
Neivp No Ship & D D85511190 J-J
941
/
4
70 Apr'07
Nat starch Co a 1 deb 58 1026 I65 .89
NY Dock 50-yr 1st g 46 1951 F-A
88 Apr'Ob
9014 94
/
4
95
N 1' Air Brake 151 cony 6s'28 M-N
90 Sale 941
80 Oct'07
82 87
1957 M-N
951
/
4 Providence See deb 4s
Repub I& S 1st& coltr 58.1934 A.0
.85.. 115
95
95
8 921
Provident Loan Soo 4/
/
85 May'08
4 95
1
48 1921 M-S 86
St Joseph St.k Yds 1st4/
Us Leath Co s f deb g 68 1913 M.N 10514 107 10518.711y'08
101 107
1001.Sep'03 •
1
48 1930 J -J
•••••••
St L Ter Clippies Stat'n& Prop
80
801
US itealty& I COM'deb 08'24 I- J
/
4 80
79
8 041
/
4 81
Co 1st g 4's0 5-20 year 1917 J
U s steel Corp-5 coup .81963 51-14 100 Sale 9934 100 600 851.100
••••••
S Yuba Wat Co con g 6a 1923 J-J
119's 1.00
51 10-60 yr 58.1 reg -81968 M-N
112 j'ty'04
5 8534 100
•
.01111,111
1001
/
4rne'05
Va-Car Chem col tr 5a g 1912 A-0 101¼
/
4 Sp Val Wat Works 1st 6/3 1906 3E-8
89 1001
1131
/
47'1y'00
Westinghouse B & 51 s t Os '31 J -J
/
4
84 Sale 841
85
851
/
4 US Red & Rat lat s f g 68 1931
89 67
85 Apr'08
91
76 .81
84
*No price Friday; latest bid and asked this week- a Due Jan b Due Feb Sbus Apr 4Dae May g Dna J•ne FDu.i1y p Due 16'crs IOption Saw,
-
CHICAGO STOOK .EX.CELA.NI-B-Stock Record-Daily. Weekly and Yearly
3
.
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
July 25.
*175
*234
*___
*40
2012
Mondart
July 27.
176
180
3
*234
10 *..,„.
4004
41
2012 2012
Tuesday
July 28.
176 *175
3
*234
10 *,:.
4034 4014
21
2034
_
*40
*74
*__
*__
*40
41
*74
75
15 *_
50 *____
*39
41
75
*75
*13
15
4812 *_ ---
1_
*49
2812
9858
----
15 *___
50 *__4914
51
2836 2838
9914 Ws
---- ----
15 *___.
50 *____
4912 4914
2812 2838
9914 9838
---- ----
Wednesday
July 29.
Thursday
July 30.
Friday
July 31.
180 *176
3
*234 -3
10 *-..„. 10
4078 4014 4014
2034 21
21
-Last -Salt 212 Jul-y'08
May'08
Last Salt 8
_. 4034 4034
____
78
2038 1112 2078
Sale 4
20Last
July'07
Last Sale 18
_
40
40 *38
41-------39
39
40
78
78
77 *75
75
76
76
15
15
14 *--_
14
*13
17
4812 *---- 4812
Last Salt 4234 June'08
Last Salt 4612 May'08
15 4........ 15
Last Salt 1538 July'08
May'06
50 *____ 50
Last Salt 56
51
*49
49
4914 *4912 52
4914
281* 2838 2858 2832 2812 2838 2812
9863
9858 9814 9834 98
9878" 98
June'08
Last Salt 28
---- ---- ---_
534
534
534 534
538 534
534 534
578 578 *534 6
5914 60
CO
61
60
6112 6158 611, 6112 60
61
60
150
*140 14738 150 150 *145 - 150
150 150 *140 150 *145
127
118 118 1118
*125 127 *125 127 *125 127 *127_
*3814 40
40
3712 3712 *37
39
3812 3812 *38 -40 - *38
*9912 101 *_-- 101
10014 10012 *10014 101 *10014 101 *10014 101
July'08
Last Sal( 10
_
_
-_
----_
- *2_..
-----2278 2312 2414 2414
23 131 -2-32312 -H12
26 -26
96
95
97
97 *95
97
*95
97
97
97
98
*95
*4712 48
*4712 4812 *4712 4734 4778 48 *4734 4812 4712 48
147
May'08
Salt
Last
-___
-_____
------- ---Oct'07
Last Sale 1
*1
Us
118 -----118 *1
118 *1
*1
Apr'08
Last Salt 4
4
*3
4
*3
*312 4
4
*3
2412
2412
25
*2313
*2312
2412
25
25
25
26
25
*24
139
13912
139 139
13912 13912 139 139
140 140
140 140
Mch'08
Last Salt 214
11012 11012
*110f4 ifoli *11014 11612 11012 fidij *11012 iff *110 111
10212
*10234 10312 10212 103 *10212 10312 10212 10212 102 10212 102
13234 133
133 133
13234 13314 13234 133
133 133
13212 133
3134 3134 *3112 32
3112 32
3112 3112 *3134 33
*3112 33
Nov'05
3114
Last Salt
--- ..-- ---- ---Feb'06
Last Salt SO
---- ---- :::: --::. --- --__ ---- __.
Last Salt 4512 July'08
----- ---- _----- ---- ---- -Last Salt 212 June'07
--- ---- ___ -___ ---- ---. ---- -___
July'08
Last Salt 20
. .
---*8812 8912
8914 90
5ii "9-014 56---91ii4 If- ,ii -9 i
11912 11912 11912 11912 11912 11912 11912 11912 1191,2 11912 - _,, --70
,*T.68711
70
70
*6878 70
*6878 70
*6878 70
*6878 70
111
10912 10912 *110
__ 111 *____ 111 *__ 111 *__ Ill
May'05
Last Salt 534
___ --------- ---- -- ____
9538 96
9514 9578 9412 9534 9412 9431
--__
July'08
Last Sale 35
*3314 35
*3312 35
.M5' 15 *33 -35
92
91
90
90
9012 9034 9018 91
8934 90
89
80
10418
104
10432
10412
8
10334
1037
10378
10334
10414
10414
10414
10318
12712 128
12412 125
125 12512 12514 127
*123 125 *___ 125
9914 99
9914 9912 9912 9912 100
9912 9934
9834 9914 99
12
12
12
33
*33
12
10
33
33
*33
55
*38
258
238
238 23i *212 234 *238 _ _
212 234
212
*2
Last -Sale 1612 July'08
*1512 17 * 1512 17
*____ 17
*1512 17
----- -- ------ ---- ---- .- -- ---- --- ------ ---- --_
Last Sale 3212
Last Sale 10
Last Sale 16
I',At Rnhs A
Jan'07
Nov'08
May'07
N,...00
Sates
ol the
Week
Shales
Railroads
422 Chicago City Ry
100
--- Chicago & oak Park_100
100
Do pref
. Chic Rys part crf "2"___
.
-E
470 Chicago Subway
100
Chic Union Traction_100
Do pref
100
120 Hans City Ry &
21
Do prof
100
100
10 Metropol W S Eley
Do pref
100
North Chicago Street _100
---- Northwestern Elev
100
Do pref
100
176 South Side Elevated ,.100
226 Streets W Stable C L.100
985
Do /net
100
West Chicago Street 100
Miscellaneous
40 American Can
100
625
Do pref
100
50 American Radiator.,.100
149
Do pref
100
12., Amer Shipbuilding
100
40
Do pref
100
Amer Straw Board
-aiL Booth (A) is Co
100
99
Do pref
100
177 Cal & Chic Canal &D_100
Central Trust Bank 100
Chic Brew'g & Malt'g
Do pref
130 Chic Pneumatic Tool-100
220 Chicago Telephone_--100
Do rights
51 Chic Title do Trust.._100
516 Commonw'th-Ed!son _ 100
272 Diamond Match
100
40 Illinols Brick
100
___. Knickerbocker Ice
100
Do pref
100
____ Masonic Temple
Milw & Chic Brewing
Do pref
323 National Biscuit
100
215
Do pref
100
12 National Carbon
100
50
Do ionsf
100
Page Wov Wire Fence
725 People'sGasL&Coke__100
Sears-Roebuck com__100
100
Do pref
-4735
100
2,072 Swift & Co
527 The Quaker Oats Co..100
100
Do pref
281
625 Unit Box Bd & P Co-100
100
Do prof
355
100
_ Western Stone
Mining
-__ Bingham Con Mining_ 50
-- Black Mountain
20
Daly-West
Hubbard-Elliott
Interest
Period
Price
Friday
July 31
Week's
Range or
Last Sale
Range 107 Previous Yeca
(1907)
Range Since
Jan. 1 1908
Lowest
Highest
150 Mch
134 Nov
10 Oct
205 Apr
5 Jan
16 Apr
11 Oct
214 Dec
14 Apr
28 Nov
17 Dcc
43 Nov
3412 Apr
20 Sep
58 Apr
60 Nov
26 Oct
95 Apr
10 Mch
461: Jan
614 Apr
1914 Jan
65 Jan
87 Jan
28 Jan
72 Jan
47 J'ly
2513 Jan
66 J'ly
90 Jan
34 Jan
99 May
35 Apr
3 Oct
3412 Nov
120 Dec
112 Nov
Nov
86 Nov
30 Jan
2a Dec
90 Dec
45 Oct
165 Feb
1 Jan
5 Aug
21 Dec
15 Oct
714 Apr
60 Apr
14013 Sep
130 Apr
8012 Jan
109 Jan
40 Mch
40 J'ne
111 Feb
54 Jan
165 Feb
1 Jan
613 J'ire
51 Feb
13412 Apr
95 Oct
77 Oct
10812 Nov
34 Nov
11212 May
*738 Oct
12912 May
57 May
19 J'ne23 20 J'ly 24
70 Jan 3 91 J'ly 26
10134 Jan 2 11912 J'ly 22
51 Mch 3 70 J'ne 16
91 Mch23 112 May19
41 Aug
212 Jan
25 Feb
5818 Oct
91 Nov
50 Nov
9734 Nov
an
46
212 Jan
27 Meh
/48 Jan
11734 Jan
8414 Jan
120 Jan
8012.1an 3 116 J'ly 28
24 Jan 24 40 May20
72 Jan 16 92 J'ly 31
8812 Jan 2 105 .Ply 23
11434 Jan 3 134 Jan 29
87 Jan 3 160 J'ly 30
134 J an 4
14 J'1Y 17
112 J'ly 17 12 Jan 15
17 Apr 11
14 Apr 25
/2 Nov
20 Nov
67 Nov
7512 Nov
100 Nov
85 Oct
34 Nov
6 Jan
16 Dec
92h3 Apr
57 Jan
95 Jan
11312 Jan
17312 May
10234 Jan
214 Apr
1234 Apt
30 Feb
3212 Jan
3213 Jan
1614 Apr
20 Jan
Lowest
Highest
160 Jan 24 180 J'ly 21
Jude.
8 Feb 3
1,
1 Mch 16
912 areli 27
40 J'ly 20 47 J'ne 3
15 Feb 10 23 blay22
212Mch27
4 Elay2Z
39 J'ly 29 46 Jan 14
6814.1a,, 4 79 Jan 20
13 J'ly 14 19 Jan 22
42 Jail 6 54 May18
44 May 0 4/ May23
20 Jan 31
14 J'ly
53 May 5 56 May14
71 Jan 13
49 J'ly 31
'2612 Apr 16 2912 Feb 21
85 Apr 20 103 J'nelb
25 Apr 13 31 May 4
4 Feb 13
4112 Jan 2
125 Jan 10
116 Apr22
37 bich19
91 Jan 2
10 J'ly 7
2278 J'ly 30
90 Jan 10
40 Feb 20
147 May ti
614 J'ly 23
6134 J'ly 23
150 J'ly 27
127 Apr 13
5513 Jan 16
101 J'ne 2
42 Jan 9
30 Jan 11
100 May13
51 Apr 28
147 May 6
4 Apr 13
21 Feb 26
106 Jan 3
34 Feb 25
100 Jan 4
80 Jan 3
113 Jan 2
30 Jan 22
4 Apr 13
30 May19
14012 J'ly 10
234 Feb 21
111 Feb 4
105 J'ly 11
135 J'ly 10
39 Jan 14
38
J'ne 15
414
J'ly 8
6834 AM,'
Chicago Banks and Trust Companies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending July 31
STOCKS
CHICAGO STOCK
EXCHANGE
B'da
Sold
Range
Since
Jan. I 1908
NAME.
Otustandr
ing
Stock
Surptus
and
Profits
1
Dividend Record
In
1906
In
1907
Per- Last Paid
iod
8 Q-3 Jne '08, 2
8
52.000,000 $1,340.563
Bankers National
High No.
Ask Low
Bid
An, Dec '07, 6
6
33,326
5
100,000
Calumet National
American Biscuit 68_1910 F - A
155.576 10
10 .14 July'08. 5
500,000
Chicago
City
loi
ma
iot7
J
Amer Strawb'd 1st 63_1911
July '08. 11
4.308,976
12
Q4
12
3.000,000
National
Commercial
2
J 10078 Sale 10078 10078
Cass Av & F 0 (St L) 53'12 J
July '08. 2
8
8
4.000,000 3,499.029
Continental National
100 May'07
Ohio Board of Trade 481927 J -D
4.368
6
Q-3 July '08. 113
50,000
Savings_
State
Cook
Co
-Jiy'08
10138
118
10
A
Chicago City Ry 5s__1927
July '08, 3
Q-J
12
12
4,988,219
3.000,000
National
Exchange
Corn
J
103 Apr'04 _Chic Consol Br&Mit 6s___ _ J
6
48,506
6
Q-J Ally '08. 14
200,000
Drexel State
55 Aug'07
chic Consol Trao 430-1939 J -D
8
Q-J July '08. 212
8
369;345
600,000
National
Dtp
Drovers
9634
Jan'06
A
F
531929
Chic Auditorluiulst
6
33.436 • 3
Q4 July '08. 112
200,000
Englewood State
Chic Dock Co 1st 45_1929 A 12
Q-J J'ne '08. 3
8,000,000 7,552.087 12
First National
87 F(;W(5.8
Chic No Shore Eiec 63-1912 A - 0
166,143 10+10 10
Q-J J'ne '08, 213
150,000
Englewood..
Nat
First
-J
J
Ohio & Mil Eke Ry 55-1919
Priv ate Ba nk
608.180
500.000
Foreman Bros B'k'g Co..
Chic Pneum ToolQ-J July'08. 2,
8
416,102
6
National_ 1,000,000
Fort
Dearborn
7214
7212July'08
73
88
-J
J
a1921
58
1st
J-J Jan '08. 313
5
151,956
500,000
9514 101
Hamilton National
1027 F .A 9914 Sale 9918 9914 24
Chic By 58
8
8
Q-J July '08. 2
975,887
1,500,000
2
Assn
88
B'k'g
8678 8712 88
88 9034 Hibernian
Chic Rys 4-55 series "A"
J4 July'08, 6
10
104.535
10
200,000
7
7834 8258 Kaspar State Bank
791* 7934 7934 80
Chic Rys .1-Os series "B"
355,595
Q4 J'ne '08 212
5
7938 Live Stock Exchange Nat 1.250.000
76
75
76
76 Sale
Chic Rys 4-58 series "C"
4
Q-F May'08. 1
57,549
3
300,000
9734 10012 Monroe National
100 10014 10014 10014 10
Chic Rys coil 6s___1913
412 Jan, Jan '08, 41g
85,198
250,000
Mutual Bank
79 Nov'04 -- N
Chic R 1 & P RR 43_2002
Q4 July '08.
8
1,257,861
2.000.000
of
_Bank
Republic
Nat
Apr'04
80
- S
Collat Trust g 58.,_1913
458,562
Q4 July'08, 112
L500.000
National City
Commonw'alth-EdisonAug 26 11107
56,546 Begin bushie SS
250,000
100 June'08 _- 100 10014 National Produce
Chic Edlson deb 631913 J - J 1100
61,685
Q-J July'08, 114
200,000
State
North
Avenue
-97
10014July'08
10012
10034
10014
13t g 58 ____July 1926 A July'08,
14
6
Q-J
9,258
6
50.000
Savings
3
9934 9938 9933
9834 9958 North Side State
S
Debenture 55-.....1926
6 Q-J J'ne '08. 114
100,000
38,752
3
93 10112 Oakland National
10112 10138„ 10138
Commonw Elect 5301943
-S
79.984
250,000
Prairie
Dee'06
National
90
Illinois Tunnel 5s__1928 J -D
61,372 d38
Q4 J'ae '08. 2
500.000
93 Ii34 Prairie State
95 July'08 -Kan City RydoLtC,o Os 1013 81.N
4
J-J Jan '08. 2
7,551
250,000
8518 88
Railway Exchange
88 June'08
90
Knick'b'ker Ice 1st 55-1928 A nixed Oct 12 1906
121.014
300,000
Security
85
80
May'08
8812
Lake St E1-1st 53_1928 J - J
77,247
534
Q-J July '08, Vg
200,000
South Chicago Savings
16 May'05 -Income 5s
1925 Feb
8
9+1 Q-J July'08. $
State Bank of Chicago..., 1,000,000 1,256,647
Metr W Side El156,513
6
J-D J'ne '08. $
6
250.000
1
8114 8814 Stock Yards Savings_ _ _
1938
1st 45
8514 Sale 8514 8514
6
45,631
M-N May '08. $
200,000
86
81
Union Bank of Chicago_ _
81
80
1
___ 83
1038
Extension g 45
6
6 Q-J July '08. Va
59.605
200.000
State
Yards
Dee06
Stock
Union
90
55-1909
1st
St
Chic
J
North
-J
8
8 Q4 July '08. 2
American Trust dc Savgs_ 3.000,000 2,561,428
1916
1st 5s
7
7
July '08. 1114
2,000,000 1.001.600
Central Trust Co of Ill
79 Au-tai
Refunding g 4 Yis_1931 :
111,429
n500,000
Tr
75
&
Bk
Say
Chicago
Feb'07
CityRy43.01927
M- N
No Chic
July'08. 14
6
6
11.277.047
5.000.000
8712
Trust
do
Title
5
Chicago
9112
-ill Sale 87
North West El 1st 4s 1911 M- S 87
3
3 A-0 Apr '08,2
8,211
50.000
Citizens Trust & Savings
8014 93
1945 31 - N
9112 9112 Jiy'08
Ogden Gas 55
Q-J July '08. 212
10
10
494.597
600.000
Savings
&
Trust
Colonial
1001251ch'06
1916
___
99
J -D
Pearsons-Taft 55
6
90.218
Q-J July '08,
200,000
6
Drovers Trust & Savings
94
95
94 July'08
H. s
4.40s
135,474 Orga tilled Aprl 1 3 1907
1,500,I I II
Farwell Trust Co
96
96
96 Apr'08
H.N 9612
4.603 Series E
1.846,924
2.000.000
Savings_
&
Trust
First
'08
9712
9712
9712Jal
M - N 97
4.80s Series F
585,320
Q-J July '08. 2
Harris Trust & Savings_ 1,250,000
10912 112
112 Mar'08
Peo Gas L&C 1st 6s_1943 A inc '08, 4
Illinois Trust & Savings.. 5,000,000 8,176,452 12-1-4 16+4
94 102
3
Refunding g 5s____1947 M. S 101; gal; 10112 1011*
40.379
Q-J July '08, 112
200.000
Savgs_
&
Trust
lienwood
1
I__
9712
1033
4
1023
3
4
1023
10334
Chic Gas L&C 1st 53 1937 J -J
July '081 114
2
31.504
200,000
Q4
Savgs
&
Trust
View
Lake
9434 101
10338 101 July'08 ----D
Consum Gas 1st 53_1936
Q-J July '08. 3
12
Merchants' Loan & Tr Co 3.000,000 4.694.397 12
98 100
100 May'08 -Mut'l Fuel Gas 1st5s1947 M - N
6
'08. llg
July
240,051
6
Q-3
750.000
&
Trust
Say
Metropolitan
9334
-9612
Jiy'08
9514
J
J
95
9512
South Side Elev 4548_1924
8
1,500.000 1.861.871
Q-J July 08, 2
Northern Trust Co
93 100
Swift & Co 151 g 5s......1914 J - J 100 10018 9934 Jiy'OS
3-J July '084 3
6
200.000
46,131
& Sayre
Trust
Northwest
90
90
08
.
F'eb
90
0
00
A
---5s___1945
(Loop)
El
Union
3-3 July '08.
76,148
6
200.000
Peoples Trust & Savings_
114 Nov'04
-N
Union Pacific cony 43_1911
k8
8
C14 July '08.
163.681
Pullman Trust & Savings k500,000
66
68
66 Apr'08 -United Box Board col 63'26
Q-F Slay '08. 2
500,000
8
502,686
Royal
Trust
Co
May'07
90
N
M5s..1928
St
1st
Chic
West
34 Jan '08; 212
200,000
9.578
Stockmen's Trust & Say.
__-- 6812 Sep'05 -1909 F -A
Tunnel 1st Os
1,000,000 1.067,214
Q-J J'ne '08 2
UnionTrust Co
73 June'07
1914 J -D
Debenture 63
1.000.000
190,247 0+1
Q-J July'08, 112
Western
Savings
&
Trust
Jae'08
___
N
H.
804
7213
8014
1036
rcts
5s
g
Consol
Sept 6 1906
200.000
41,343 Began butane IS
West Side Tr & Say Bank
87 Dec'06
Wes DivCityRy 4 34s1032 3 - J
July'08, 11e
6
200.000
28,317
70
8512 Woodlawn Tr& Say Bk_
-8512
Western Stone Co 58_1909 A d
bon
prices
Jly'08Chicago
all
be
to
must
added
Interest
Not. -Accrued
I No price Friday,
1 July 15 for national banks and July 16 for State Institutions.
*sod *rid asked prices: no sales were made on this day.
k Cap tat increased from $300.0001
ti Includes special dividend of 30% paid Dec. 18 1906.
latest price this week. a Due Dec. 31. b Due June.
g Dividends are paid Q-J. with extra
a Stock divIdend of 33 1-3% being declared in part Payment therefor. n Capital and surplus to be increased
Payments Q-F. 5 As of date May 12, 1908
8
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
July 25
Tuesday
July 28
Monday
July 27
Wednesday
July 29
Thursday
July 30
Friday,
July 31
Sales
of the
W eck
Shares
STOCKS
BOSTON STOCK
'EXCHANGE
Range Since
Jan. 1 1008
Lowest
Santaroa d s
380 Atch Top
"(3
Fe..100
78
"
3 Feb 11
&
___
Do pref
100 8312 Mch 3
105 Boston & Albany-100 18113 Jan 2
263 Boston Elevated
155
Feb 17
100
Boston & Lowell
100 20014 Feb 11
-158 Boston & Maine
100 126 May2b
____
Do pref
100 213864
o
b 10
3
13 Boston & Providence_100
Jan
430 Boston Suburban El Cos_
9 Mch .1
400
45 Jan 31
Do pref
-___ Boston & Wor Elec Cos._
10 Feb 2b
____
Do pref
50 Feb 27
-___ Chic June By ee USY.100 126 Jan 2
24
Do pref
100 102 Jan 10
____ Con & Mont,Class 4_100 16314 Mch 5
Conn & Pass Riv pref_l00 136 Apr 21
---_-_ Connecticut River.-100 244 Jan 14
--68 Fitchburg pref
100 117 Jan '2
155 GaDR
o yp&
Electric.-7100 67 Apr 27
rer
Highest
Range for Previous Yea,
(1907)
Lowest
tlighest
*8678 8718 8678 8678 *8634 87
8714 8714 8612 8619
8714 J'ly 31.
6712Nov 10712 Jan
*9214 9314 *9214 9314 *9214 9314
Last Salt 93
July'a
9334 J'ne 15
7934 Nov 10138 Jan
20912 20912 20912 20912 20912 20912 *208 209
209 210
210 J'ly 31 180 Dec 240 Feb
135 135. 135 135
135 135
135 135
135
13514
140 Jan 21, 11734 Nov 152 Jan
*205 ____ *205 _ ___
Lea Salt 208 July'08
21013 Apr 16 200 J'ne 231 Jan
135 136
*igi- Ili- 158- Ei. 135 135
135 136 *134
135
190 Jan 28 129 Nov 170 May
_
_
_
Last Salt 150 July'08
156 Jan 22 150 Oct 165 Jan
' HI 2VS *558558- 2-9-8-- *153 360 *295 300
300 J'ne lb 285 Oct 301 Feb
1034 1034
10
10
1034 1034
1012 1012 *10
11
--145i2 .-161-2
13 Mch27
8 J'ly
15 Feb
5514 5514 *52
55
56
55
5434 5434 *52
56
5478 5478
56 May19
50 Aug
65 Jan
*1012 1214 *1012 1214 *1012 1214 *1012 1214
Last Salt 1212 July'08
17
Jan 21,
18 Nov
53
*50
*50
2834 Jan
53 *50
53
*50
53
Lam Sale 53
July'08
6012
Jan 10
______ *151 ___
55 Nov
80 Jan
Last Sale 150 July'08
150 J'ne le 128 Dec 160 Jan
-------. ---- ii&- 1-1E- ------- ---- --__ 115 115
_
.
115 J'ly 2/
9934 Oct 12() Jan
---. ---Last Sal, 16314- J'n-e-'08
165
Mch ti 170 Oct 188 Feb
---- -...- ---- ---- ...- ---Last Sal, 138 Apr'08
138 Apr 21 152 J'ly 156 Mehl
Last Salt 250 Jtme'08
253 Apr 22 244 Dec 280 Jan
iiiii, 1-213-4 1iii4 1-ii- *123 125
___i4 fiE
___ - ii
*ii fff- M
125
125
131
Apr 21 116 Nov 135 Jan
*71
7212 71
71
*71
7034 71
7212 7214 7212 7
-_
79 Jan 27
6912 Dec 114 Mon
---- ---- ---- -Last Salt 73
- OCt-'07
88 Men
73 Oct
Last Sale 190 Sep'07 .7.: Maine Central
10
01
(41
100 Aug 198 Jan
-15- Ili- -15- 16- -;5- 16- -15- -1-c7
10
1012 1034 1034 -915 Mass Electric Cos
Jan 2 1212 Jan
814
100
Dec
7
2012
Jan
47
48
46
48
46
*47
46
46
48
5014 49
49
748
Do pref
100 90 Jan 2 5013 Jan b
27 Oct
7112 Jan
Last Salt 1538 Apr'08
1533 Apr 25 19 hIch31
Mexican Central
14 Nov
- - iio- fic - 155r2 1-4-612 15554 ficii-2*____ 140
2584
Jan
Igo1-2 146
139
13934 -___
ili-1 N Y N H & Hartford_ 100 128 Jan (, 14112 J'ly
12712 Nov 19012 Jan
---- --__ ------_ ---- ---- ---- --,Last Salt 140 June'08
140 Jne 21) 145 Apr 1 145 Dec
Northern N H
180 Jan
Last Salt 200 Apr'08 ---- Norwich & Wor
pref_ 10
00 200 Apr 6 205 Feb 20 205 Nov 226 Feb
1-81- *lig- fiii- *MI -_-_-_-_ *185 ___ *185
__ --ii Old Colony
100 175 Jan 11 188 Apr I 175 Oct 20014 Jan
*26
_ *26
-- *26 ---- *26
__
Last Salt 26
'25 Jan 15 29 Apr 2
July'08 --- Rutland pref
25
100
Nov
45 Jan
*77
*77 -fsi *77 -79
79
*77 19
Last Salt 80
July'08
Seattle Electric
82 Aug
100 70 Feb 17 8213 J'ne30
94 Jan
*92
93
93
*92
93
*92
93
93
93
93
Do pref
1000 8838Jan 2 05 Feb 8
8334 Nov 103 Jan
100
152 15378 153 15514 15278 15418 15234 15312 15314 15338 108 fES- 6;54
11012 Mch 2 15538 J'ly 23 10012 Oct 18212 Jan
Pacific
82
*8212 8312 *8212 8312 *8212 8312 82
*8212 8312 *8214 8314
7834 Apr 4 8478 May22
5
Do pref
7834 Nov
93 Jan
Last Salt 156 July'08
___ Vermont & Mass
100 150 Jan 13 156 J'ne 1 1454 Nov 170 Jan
ii
-._
7- -8-4-1-2 .743-i- 15-- -g•14 -84-3-4 8412 8412 85
76 Jan 2 8734 Mch31
West End St.
85
-119
74 Dec
95 Jan
10212 102 10214 *____ 10212 10213 10212 *___ 10212 *102
96
105
Apr
Jan
7
2
-Do _pref
30
94 Nov 110 Mon
50
Last Salt 138 Jul-y-'08
8 ____ Wore Nash & Roch_1
10
00 138 J'ly 9 190 Mch30 140 Aug 147 Jan
Miscellane
ous
*25
2512 2518 2518 *2434 2512 25
25
25
2514 2483 2458
475 Amer Agricul Chem- _100 13 Jan 3 2578 J'ly 22
26 Jan
10 Oct
*92
93
92
93
9134 9134 9112 9112 9112 92
92
77 Mch l7 9314 J'ly
92
487
Do pref
7212 Nov
05 Feb
512 534
*____
6
512 6
512 534
534 534
512
4 Feb 10
812 MaylU
Amer
1434 Jan
534
1,341
P
312 Nov
neu
Service-10
50
n
*____ 1619 1638 1638 16
16
1614 16
16
16
16
16
912 Feb 25 21 Maylli
Do pref
170
33 Jan
50
912 Oct
132 1323; 131 13112 131 13138 13034 13138 131 131
13178 13288 2,200 Amer Sugar Refln
2 13312 J'ly 23
13714
Jan
9914
93
Dec
Feb
100
*127 129
128 128
12713 128
127 12712
12712 128
_
;
Torr
Deor e
611 Am
1-i1-371 4.33
100 106 Feb 18 129 Maylb 105 Dec 13134 Jan
121 1224 12188 12214 12112 122
12134 12238 12114 122
12112
& Teleg 100 99 Jan 2 12213 J'ly 23
13412 Jan
8914
Nov
*2314 2412 24
24
24
24
*2313 25
24
2412 2434 2434
262 American Woolen_
3012 Jan
1214 Nov
100 16 Jan 2 2434 J'ly 23
9112 92
92
92
9214 9233 9334 93
0112 9214 92
Do pref
9314
716
69 Oct 10212 Jan
100 7734 Feb 19 9334 J'ly 30
*3
334 *3
334 *3
334 *3
334
Last Salt 313 June'08
312 J'ne 4
3 Jan 7
Boston Land
_
--.
10
Mch
3
4 Jan
*11478.
Last Sale 115 July'08
_ *114 118 *115 116 *115 116
Cumber' Telep &
9612Jan 11 115 J'ly 24
9312 Nov 115 Jan
__ -_ -1815 Dominion Iron &Tel_100
*15 -1134 *15
16
1614 1612 1612
16
*15
17
1434 Jan 6 1814 Apr 15
Steel....
1212 Oct
25 Feb
*514 534 *514 534 *514 534
512 534 *514 534
-_
414 Mch 13
150 East Boston I.and
914 Jan
6 May18
312 Oct
*215 217
216 216
216 216
216 216
216 216
216- 216 116 Edison Elec llium_100 201 Mch 17 217 J'ly 23 185 Nov 230 Jan
14412 14512 *14512 14613 146
*14512 14612 145 14534 146 146
146
118 General Electric
111 Jan '2 148 J'ly 22
Jan
100
91
162
Oct
*54
56
5512 5512 55
55
55
55
5312 5312 5414 5412
830 Massachusetts Gas Cos100 49 Mch23 5812 Maylb
6838 Jan
43 Oct
*8718 8734 8714 8713 8712 8712 87
8712 87
87
8734 88
Do pref
385
8612 Apr
100 77 Jan 2 88 J'ly 31
75 Nov
203 203
203 203
20212 20212 203 203
203 203 *203
Mergenthal
er Lino
62
100 192 Apr 16 204 J'ly 24 185 Nov 215 Men
112 *1
112 *1
*1
112
112 *1
173 2
2
450 Mexican Telephone
2
1 Mch 2
2 Jan 23
10
434 Jan
114 Dec
65
6412 *62
60
6012 62
60
60
60
61
61
135 N E Cotton Yarn----100 40 Mch 6 6412 J'ly 21
61
46 Joe
75 J'ly
82
82
85
*82
*81
*81
84
85
84
85
*84
Do pref
75 Mch23 84 J'ly 27
85
15
100
Jan
80
Oct
90
114 115
115 115
11312 114
114 114
11434 115
_
539 N E Telephone
100 105 Jan 4 119 Jan 20
06 Nov 126 Jan
168 168
168 169 3167- 167 16812 170
167 16712 170 170
215 Pullman Co
100 147 Jan 2 170 J'ly 27 137 Nov 182 Jan
912 912
912 934 *912 934 *912 934 *912 034 *912
934
240 Reece Button-Hole,,, 10
9 Apr 10 10 Feb 21
9 Nov
11 Jan
104 10418 104 104
103 104
104 10413 104 104
104
10812
315 Swift & Co
7612 Nov 113 Jan
100 8812 Jan 2 10812 J'ly 31
*21
*21
23
*21
23
23
Last Sale 23
23 *21
July
'
08 __ Torrington. Class A
20 Jan 3 23 J'ne 11
20
J'ne
25
2212
Jan
*24
*24
26
26
*24
26
*24
Last Sale 25
26
July'08Do prof
2412 Nov
25 23 May22 25 Jan 19
2712 J'Ilr
134
134
134 134
134
*-777
134 134 *112 134
134
2
-ago Union Cop L'd & M'g_ 25
114 Mch23
212 Jan 28
678 Jan
1 Oct
13814 137
137 138
13612 137
13612 138
136 13612 136
United
Fruit
13613 1,136
_
100 11413Jan 2 148 J'ly 14 10112 Oct 120 Deo
5513 55
5512 5512 5512 55
5534 553 5512 55
55
5538 2,201 Un Shoe Mach
_-Corp
36 Oct
69 Jan
25 3812 Jan 4 58 J'ne 4
2818 2814 28
*28
2814 28
28
2814 28
28
Do pref
28
28 . 242
2383 Nov
29 Jan
25 2473 Jan 3 2812 Feb 26
4512 4414 4538 4413 4588 4434 4514 4488 4538 4452 4512 21,700 U S Steel Corp
44
20 Jan 2 4573 J'iy 23
22
Oct
5033 Jan
100
109
108
1087
10834
109
8
109
10734 108
10834 10914 10838 109
Do _pre
1,591
7912 Nov 10734 Jan
100 8712Jan 2 1014 Jny 30
*6
7
*6
7
*6
684 634 *8
7
4 Feb 3
8 Jan 31
10 West 'ratan & Teleg-100
g Jan
4 Nov
70
70
71
*68 --- --------_
*70 ..--- *68 ---- 70
Do
pref
20
50 Nov
82 Jan
100 59 Jan 9 71 J'ly 22
-- --_
Last Sale 2712- Apr'08 -_ Westing El & Mfg
---- ---2712 Apr 11
1978 Feb lb
78t2 Jan
2614 Nov
50
Last Sale 3478 Feb'08 -.. Do prof
---- ---- --- --__ ---- --- -__ --__
3473
Feb
12
3473
Feb
10
76
May 80 Feb
50
Mining
7
8
758 8
714 778
6'14 8
738 834
612 Feb
812
9 J'ly 31
9 20,491 Adventure Con
112 Feb 21
88 Nov
25
3412 3334 35
33
33
34
36
2934 2931 31
3512 3734 5,421 Allouez
31
J'ly
3734
24
20
Apr
23
7414 Jan
Oct
25
74
72
75
7434 7578 76
7378 734 7418 7318 74 3
4218 Dec 121 Jan
7778 57,986 Amalgamated Copper 100 45 Feb 19 7778 J'ly 31
2814 2814 *2712 2812 2814 2814 *27
28
28
28
28
53 Jars
2812
19 Nov
735 Am Zinc Lead & Sm.._ 25 2034 Jan 13 30 J'ne 2
4538 453s _ _ _ _ ._ _ _ _ _ _ _ _ _ _ _
.._
46
4612 47
776 Anaconda
474
28 Oct
75 Feb
25 '28 Feb 19 4718 J'ly 31
413
4
4
418
4
414
4
414
1538 Jan
--ii-8 -418
414
Apr 29
234 Oct
434 3,098 Arcadian
6 Jan 15
314
25
2038 2034 2038 2088 2012 2112 214 2134 2138 2134 21
roo
or Commercial-25 14 Jan 2 2134 J'ly 214
2112 5,475 Arlz
2812 May
734 Oct
*.40 .50 *.40 .50 *.40 .50 *.50 ____
Last Sale .50 July'08 -- A
May23
40 Feb 14 .50
2 Jan
.35 Sep
25
Last Sale .50
Ash Bed
112 Jan
Aug'07
12 May
25
-ii- -1-i- -1:71f2 -1-41-2 -iiii -iii-3 -18r4 -1.14 1534 17
1512 1634 6:568 Atlantic
612 Oct
22 Feb
8 Apr 22 1914 Mayi;
25
*__- .70
.70 .70
.35 .35 *.25 .80 *.25 .80
.50
20
14 Apr 29
175 Bingham Con Mtn & S 50
.50
4)8 Dec
37 Jan
Jan
4
3
6
.50 .50 * .40 .50 *.40 .50 *.50 _ _ .50 .50 *.50
200 Bonanza (Dev Co)_
.55
.35 Sep
.80 Jan
10 .35 Feb 19 .7412 Feb 27
1314 1352 1352 1413 1383 14
14
1414 14
1478 1438 1478 734
2
853 Nov
3314 Jan
F.; 1014 Apr 13 17 Jan 31
1814 18
18
1812 1712 1814 1814 1838 18
1814 1734 1834 4,037 1114 Apr 14 1834 J'ly
2534 2612 2614 2652 2614 2634 2634 2714 2718 2712 2714 2734 19,803 Butte Coalition
J'ly
3l
273
1512Jan
10
2
4
3913
Jan
Oct
15
11534 116
116 117
119 12112 12112 124
117 118
12012 127
2,388 Calumet & Arizona_ 10 93 Feb 20 127 J'ly 31
89 Oct 198 Feb
660 660
670 670
665 670
669 669
665 665
665
675
134 Calumet ee Hecla
2565 Mch 5 700 Jan 15 535 Oct 1000 Feb
25
26
26 • 27
2734 2713 2814 2834 2834 28
2914 29
J'ly 31
5,089 Centennial
30
16 Oct
47 Feb
25 21 Feb 10 30 J'itc
*.40 .45
.42 .42
.43 .
.42 .42
.43 .44
9 .25 Oct .52 Jan
.44
1,500 Cons Mercur Gold__
.45
1 .25 Mch 6 .95 J'ly 31
7412 7512 7513 76
7513 7714 7712 7818 7734 8014 7834 81 12,145 Copper Range
5513 Feb 18 81
4414 Oct 105 Jan
Con
Co.100
1034 1034 1078 1118 1078 1078 *1012 11
1078 1078 1034 1114 1,325 Daly-West
7 Jan 3 1114 J'ly 31
712 Dec
2012 Jan
20
Last Sale 51
July'08 ____ Dominion Coal
40 Oct
7012 Itch
100 4758 May 4 5112 May 7
Last Sale 9838 July'08
Do pref
11412 Apr 22 9838 J'ly 17
Jan
85
Nov
114
100
--i5:1 --13-4 --i4 --i- --i- --is233 232
8
21,
2 4 -2:8-8
253 J'ly 58
_
212 3,750 Elm River
413 Jan
12 .99 Mch 6
34 Nov
4112 1178 1112 13
1234 1412 15,269 Franklin
9 4 1012 1014 1012 1012 12
612
1412
Apr 22
J'ly 31
2914 Meh
6
Oct
25
3
*108
110
*100 301
101 101
10112 102
110
10234 105
93 Granby Consolkiated_100 80 Jan 2 110 J'ly 3u
65 Oct 151 Feb
1083 1078 1078 1118 1034 11
1138 1238 1218 -12-1-2 40,822 Greene•Can
1078 1114
678 Jan 2 1212 J'ly 31
1783 Apr
anea
514 Oct
20
_
Last Sale 152 July'08
nrtiu
51, Jan
181, J'ly 2
278 Jan 22
Guanajuato
ya
n Lo%
2 Dec
)
o
np
so
p
e
l
_
ri
.._
2g
-2513 0
- -2 -2134 -i2-14 -i1i-2 -2-2-1-4 -ilia 143,-1 2352 25
23
2372 24-,gf)
1724 Feb 17 2614 Jan 2/
.3 Isle
8012
Jan
1113
Oct
13
1334 1314 1312 1312 1414 14
1412 14
1413 14
151.2 g
La Salle Copper
80 Feb
8 Oct
25 1214 Jan 2 1714 Jan 14
612 712
7
738
678 7
7
712
7
712
914 Jan
214 Mch 6
712
778 J'ly 31
778 9,405 Mass Consal
25
Nov
235
*.30 .40 *.30 .40 *.30 .40 *.40 .60
.42 .75
.51
1,700 Mayflower
.51
•
134 Jan
25 .25 Jan 10 .75 J'ly 30 .40 Nov
458 458
412 41,, *412 5
*412 5
483 5
412
41
412 J'ly 27
1514 Jan
565 Mexico Cons M & S
8 Jan 18
10
534 Nov
1014 12
1112 12
1178 1313 13
1312 1212 1312 1314 3414 7,173 Michigan
714 Feb 25 1414 J'ly 31
2412 Jan
Oct
2.3
5
834
6212 6213 62
63
6312 65
65
65
66
69
69
4,585 Mohawk
9612 Jan
71
37 Oct
25 45 Feb 19 71 J'ly 31
.70 .75
.75 .75
.70 .70
.75 .80 *.70 .80
.80
3,265 Montana Consol C & C 10 .42 J'ne 11
.80
312 May
133 Jan 24
1 Nov
1318 1314 1314 3312 1334 1413 14
1438 1412 1512 1518 1512 6,920 Nevada Consolidate
33Jan 2 1512 J'ly 30
8
2012
Jan
Nov
d..
5
613
75
7612 7612 7814 7678 8134 8014 82
8114 8514 8334 8638 38.361 North Butte
4034 Feb 19 8638 J'ly 31
120
15
Jan
30
Oct
.50 .50
.50 .50 *.40 .50 *.60 .90 * .60 .90
1
500 Old Colony
212 Jan
1
12 Sep
25 .50 Jan 15
1 Jny 31
38
Ms 3734 39
38
3938 3812 3913 39
4114 4088 . 4112 17,581 Old Dominion
68 Feb
Oct
25 28 Jan 2 4112 J'ly 31
18
10112 10112 102 10212 103 105
108 110
105 108
111
113
1,550 Osceola
25 77 Feb 19 113 J'ly 31
71 Oat 181 Feb
2634 27
2614 2714 2614 27
27
2812 2814 2834
2812 2978 5,986 Parrot (Silver & Copp) 10 1012 Jan 11 2973 Jny 31
35 Jan
1334 Oct
*.50
1 *.50
1 *.75
Last Salt .50 July'08 1:___ Phoenix Consolidate
1
1 *.50
es Jan
12 Mchll
12 Dec
25
25
114Jan
d
92
92
93
94
9312 97
97
93
97
99
98
77 Feb 19 99 J'lylO
Feb
630
Quincy
148
99
Oct
25
70
4
414
433 412
432 5
472 5
434 434
472
473 4,707 Rhode Island
2 Mch26
2 Oct 11234 Jan
25
5 J'ly
214 214
218 218
214 212
212
214
2
712 JUL
212
183 Apr 3
3,444 Santa Fe (Gold & Cop) 10
23
3
112
212
Jan
20
Nov
283
1414 1458 1412 1434 1412 1518 15
1538 1514 1512 1512 1534 10,154 Shannon
934 Feb 19 1534 J'IY 31
2435 Jars
713 Oct
10
18
1713 18
18 '1812 1934 1912 20
1913 20
20
2412 4,916 Superior
25 14 Apr 3 2412 J'iy 91
70
68
7012 73
72
76
78
7
77
78
75
56 Mch20 78 J'ly 20
170 Jan
1,907
7719
512
61
•
Tamarack
Oct
25
1413 1434 14
1434 14
1434 15•8
1412 1534
1434
1412 1513 6,670 Trinity
4214 Jan
25 1213 Feb 19 1834 Jan 14
94 Nov
*334 714 *834 718
6 34 634
453 Mch 24
634 834
7
714 *634
95 United Copper
7714 Mch
'714
7 Dec
100
812 Jan
Last Salt 2134 Feb'08
2334
Do
91
May
Apr
22
Oct
16
prat
Jan
26
3
.10
-2
.4- -ii- -ii- ii- ii53-4 "g1-2 2312 2:312 2334 25
20
23
9 Mch31 2638 J'ne (3
712 Nov
1314 Jan
-oii United StatesCoal &Oil 25
4034 4134 41
3912 42
4212 4212 43
4183 4134 4214 42
70 Jan
5,943 U S Smelt Ref & Mln_ 50 28 Mch
31
2434
Oct
J'ly
43
4614
46
96
4612 46
4814 46
4614 46
46
46
46
2,525
49 Jan
Do *wet
2773 Oct
50 37 Feb It 4613 J'ly 25
4512 45
44
4512 45
4612 47
4712 4713 4834 4734 49
9,402 Utah Consolidated
79 Jan
2b1g Oct
5 2912 Jan 3 49 J'1Y 31
3714 38
38, 3934 39
3012 39.
14 3012 3914 403, 4,360 Utah Copper Co__
2878 May 8 4034 J'ly 31
10
1',73 634 ' 6.4 638
--3
e3612 634
6'8 614
612 3,810 Victoria
$12 Oct
614
212 Apr IC
llbs Feb
€34 J'ly 27
25
Last Salt 1.0614July'07
___ Washington
31: Mch
1 May
25
-----613
678 678
--5i-3 -13-4 --311 -13-4
678
718 5:000 Winona
412
Jan
J'ly
31
(.212
Nov
2
14
Jan
25
135 135 *136 138
136 139
139 142
143 143
143
145
259 WOlverine
98 Oct 196 Feb
25 11512Jan 2 145 J'ly 31
183 2
134 2
134 2
178 2
173 24
214
283 10,680 Wyandot
25 .50 May25 233 J'ly 31 .10 Nov
Os Jan
e Before pay't of assess'ts called In 1007. * Bid and asked prices. a New stock. e Ass't
paid. h Ex-rights. a Ex-dIv, and rights. 0 Bx•stock tit,
8614 8718
*9214 0314
*208 210
135 135
h30,:gibcoorgectpG&(gfill
az.
Boston Bond Record.
AUG. 1 19084
,
Ai..., or
.
BOSTON STOCK EXCH.G14
W ham Kiwis() JULY 31
Price
Pridau
July 31
Week's
Range or
Last bale
277
isoN O.
BOSTON STOCK EXClUGE
Wzyx Efsrimas JULY 31
Range
,6ince
January
Low LIign
High
Btu.
Ask Low
9818 100
100 Pne'(It
Am Bon Telephone 48-1908 J -J
871
/
2 Sale 87
87°. 147 78½ 85
Am Twee & Tel coil tr 48.1929 J
1036
. 833
.
Convertible 45.
88% t5 807
8818 sale
8758
.17834 117834
Am Writ Paper 1st tbsg 1919 J J
117834 Mar'Ot
908 0914
Atari Top & lee gen g 48 1995 A-0
/
2.Ply'OS
1181
85
89
Adjustment g 4s.. .J'ly 1995 Nov
59 J'ly'08
J'ly 1095 51-N
Stamped
85% Pne'07
Boston Liect Light 1st 68.1008 13-S
1424
Consol 58
110 Feb'04
1916 .J
Boston & Lowell 45
101 Sep'06
1944
104 104
/
2s
Boston 30 Maine 41
104 Ply'Os
1
28 1947 F -A
Boston Terminal 1st 3/
1121
/
2Jan'03
1918 .J 102 105 11)1. Oct '07
Bur & Mo Itw ex (38
1918
Non-exempt (I8
102 Sep '05
1910 j_j 981
97
Sinking fund 45
984 Apr 08
/
2
1917 A•
Butte & Boston 1st 6s
100 J'ise'01
117 117
Cedar Rap 8. Me It let 78 1910 M-N 117.4 l .
1834- 117 J'ne'08
1909 J-D29 78
11118Ply'05
4 76
/
4
801
Cent Verna 1st g 48..May192() Q-F
80
794 7114
11103 Oct '0'7
o B 8s t4 Lowe Div 1st 58 1919 A.0
1919 A-0
9634 1100
Iowa Div 1st 48
110038 11100%
100 100
1913 M•N
Debenture 58
100 Apr'llt
1922 F-A
981s 08¼
Denver Exton 45
/
23'1y'08
981
95% 9838
1927 M-N
Nebraska Exton 48
9838 Apr'08
1921 M-S
B & S W s t 48
97½ May'01
Illinois Div 3.as
80 1189
1949 J • J
11874 11871
/
4
Joint bonds bee (It Northern
99 103 14
Ohio Jo By & Stk Yds 58.1915
103
102
1021
/
4
85
89
Coll trust refunding g 481940 A-0 89
/31)
81/1
/
2 89
118 118
Ch MO & St P Dub ii 68..1920 J -J
118 Ply'08
Oh B & St P Wiki V diy 081920 J -J
126 Fen'05
95
99
Chic & No Mich.1st gu 58.1931 M.N
09 Ply'Oh
1)9
97 100
Ohio & W Mich gen 08....1921 J -D
100 J'ly'08
99
91 Dec'07
Concord & Mont cons 45..1926 2-1)
1121
/
4Jan '03
Conn & Pass It let g 48...1941 A-0
104 Nov'06
Current River 1st 55
1927 A.0
82',,
80
8178 May'013
Del Gr hap & W 1st 4s 1946 A-0
90
90
90 Ifeb'Os
Dominion Coal 1st s f 58 1940
98 Apr'07
100t
Fitchburg 68
10318 Apt'05
1915 M-8
4s
96
96
96 Apr'Os
1927 5145
128 1281
/
2
1284Apr'Ot
Frenit Elk & MeV 1st 68 1933 A-0
1933 A-0
140 Avr'05
Unstamped 1st 68
/
41107..
9534 21 921
/
2
951
/
4Sale 951
& (.4 coll tr 481921 J -J
t Nor
9678
95%
951
/
2 7 92
115
11121 Q-J
Registered 4.8
Price
Priaas
July 31
Week's
Range or
Last Nate
Range
Since
January 1
ni egh .4o Low „digli
Bia• Ask Low
Illinois Steel deben 58.....1910 J -J
971
/
4 09
119
99 J'15"Ot
Non-convert debtin 5s...1913 A-0 9878 911
'JO
.19
1 05
99
Is Falls 808soux Olst 7.3. 1017 A-0
117 117
117 Apr'0,
Kan C Olin & spr 1st 5s...1925 A-0
90
90
90 Mar'Ot
98
Kan C Ft S & Gulf 1st 78..1908 J -D
100 101
101 J'ne'08
6s....1928 V1-N
Nan C Ft Scott &
109½116¼
115 115 Ply'0b
KauCM& ligen4s
1934 11-S
874 91
89 J'ne'08
1034 41Assented income Os
88
881
/
2
88 J'ly'Ot
Kan C & M .Ity & Br 1st 581920 A-0
99 May'07
Maine Cent cons 1st 7s 1912 A-0
11358 Noy'06
1912 A-0
Cons 18t 4s
/
4 Sep '05
1011
Marts Hough & Out 1st 68 1925 A-0
115 115
115 Pne'OS
Mexican Central cons 48 1911 -J
74 1145
1185 Pne'08
Jan 1930 J'ly
lateens ine:3s
/
2
1116 Apr'0t
1116 11161
Jan 1939 J'ly
20 cons inc 38
1115 14 Apr'08
1115 7411151
/
4
1917
Msch Teleplst Is
JMinn.) Gen Elec con g 58 1929 J -J
10212 Aug'04
11129 F-A
New Eng Cot Yarn 5s
98
08
981
118
3 113
/
2 98
1908 A-0
New Eng Telepli Us
100 Feb'08
100 100
1915 A-0
Os
100¼ Jan '07
11.110 A-0
Os.
Now England cons g 58. 1045 .1-J
Boston Term 1st 46
1931/ A-0
1189 14 Ply'08
NY Nil& H con deb 3 4131956 J •J
791
/
2 88
98 la J'ly
Old Colony gold 48
1924 F-A
981
/
2 9812
1196 74 J'ly
Oreg By 30 Nay con g 48. 19,46 J-1)
11901411961
/
4
103 3lly'ut
1922 F-A
Oreg Sh Line 1st g Os
103 103
102 A ug'07
Repub Valley 1st s 1 Us. 1919 J-J
Rutland 1st con gen 448.1941 J -J
1071
/
2 Nov'03
102 Mal'02
Itutland-Canadian 1st 4819454 J
Savannah Elec 1st cons Os 1952 J -J
984 May'00
Seattle Elea 1st g Os
1
2 0 1004210118
1930 F-A 1011
/
2Sale 10118 101 /
Terre Haute Elec g 58. 1920 J
97 Apr'07
994 Nov'06
Torrington 1st g 55
1918 M'S
Union Pao
/
2
& I gr g 48 1947 J • J
11011
/
4J'ly'08
11997811011
20-year cony 48
92
92
1921 J-3
1 118438 92
Uniten Fruit cony gen 58 1911 M-S
116 Jan '08
116 117
U S Steel Corp 10-00 yr 55 1963
119 11100
24 1186 11100
West End Street By 4s.. 1915 F-A
961
/
4 Feli'08
961
/
4 961
/
4
Gold 448
1014 m-S
95 Nov'07
......
(Iola deuenture 45
1916 M-N
10238Jan'00
Gold 4s
119 4 May'07
1917 F -A
Western Teleph & Tel 58 1932 J -J
115
I, 79
95
9434
95
Wisconsin Cent 1st gen 481949 J -J
11944 Sep '05
Wisconsin Valley Ise 78 1909 J -J
10958 Aug'06
a
Nara-Buyer pays accrued interest in addition to the purchase price for all Boston Bonds. .No price Friday latest bid and asked.
1 F at price.
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
:Share Prices-Not Per Centum Prieen
Maturano
Jetty 25
31,°,1V:31
uesaao
July 28
iVetotemay
July 29
2'hurtutag
July 30
Friday
July 31
.224
.7))
/
2 021
/
2 921
/
2 921
/
2 *914
/
2 921
924 024 •924
921
/
2 921
7
7
"64 7
.64
7
7
7'-. .
.
634
634
13
"121
/
2 131
"12
•1234
/
2 '12½ 13
•1234 1334 "12
113
,
.1034
11.
11
11
44
3578
101s
/
1
2
'23
514
991
631
/
2
11
/
4
62
•38
9,116
15¼
84
42
.41
501
/
4
87
44
44
/
2
36% 361
101
/
4 •10
*4
"224
24
•0
57b
9034
641
/
4 6378
hum
/
2
621.„ 621
384
39
98i
1514
15%
591
/
4 68918
42
/
2
4 114 -411
5014
50¼
Sive 871
/
2
bales
ACTIVE STOCKS
of the
Week (For Bonds and Inactive
ASIocks see below)
Shares
30
73
93
7
131
/
4
11
Bailimore
Con.Gas EL L. & Pow
Do pre'
110 Northern Central
110 Seaboard(new)
Do 2ti. pref
24 United By & Electric
101)
100
60
100
100
60
Range Since
Jan 1 1908
Lowest
lityhest
Bid
A Sk
PHILADELPHIA
Bonds
Inactive Mtoelcs
Al Val E ext is 1910 A-0
Allegheny Val pref....59
Alt &LVEleo 4.28'33.F-A
A.merican Cement
50 33"4
Am Itys cony 5s 1911 J-D
Amer Pipe Mfg
100
AU City list 58 g'19.51•N
Bell Telephone (Pa) 100
50 4472 454 Balls Ter 1st 58 1926.J-1)
Cambria Iron
I3erg&EBrw lat 613'2134
Central Coal & Coke.100
Betide Steel (35 1998.(4-F
DonsolTrao or N J...100 (38
Choc& M01(458 1949 J-J
Diamond State Steel 10
Ch Ok &0 gen 58'10 J-J
Preferred
10
Col St By 1st con 58 1932
Eastog Con Electric 5 50
ConTrac of N Lit 5s.'33
/
2 36
NW()Storage Butt....100 351
100
Preferred
E & A 1st 51 58 1920 51-N
100
Elec 80 Peo Tr stk tr ctfs
Ft Wayne &W V
50
Bermantown Pass
Eq II Gas-L 1st g 58 1928
100
& 13 Top e,on 58'25 A-0
Indianapolis St
Indianapolis By 45.11133
100
Indiana Union Tr
21.4 Interstate 48 1943 ..F.A
Insurance Co of N A..10 21
Lehigh Nav 44s '14.(.4-41
Inter Sm Pow & Chem.50
1914.Q.F
6,
4
RRs 48 g
Keystone Telei hone ..50
Gen Si 448 g 1924.Q.F
50
Preferred
KeystoneWatchease.100
Leh V C 1st 5s g '33..J-J
15
Leh V eat 4s 1st 1948.3-D
16
10
Lit Brothers,
51-S
2d 7s 1910
50
Little Schuylkill
34)
/
2
Consol (Is 1923
inehlll & Schuyl H 60 581
J-D
Annuity 6s. ,
Haven Iron & Stee1.6
Gen cons 48 2003.1st-N
50 92
orthern.Central
Leh V Trail con 48'353.1)
North Pennsylvania 50 100
New Con Gas 6s 1948 J-D
50 10019
Pennsylvania Salt
Newark Pass con o8 1930
Pennsylvania sleel..100
NY Ph& No 1st45'39 J-J
100 98
Preferred
Incense 45 1939...M-N
/
2 41
Phila. Co(Pitts) pref...50 401
NoOluoTrac con58'19.34
phil German & Norris 50
89; Penn gen (is r 1910 Var
Phila Traction
50 89
Consol 6s r 1919. .Var
10
ilways General
Penn 80 Did Steel con 6s.
isquen Iron & Steel..6
Pa Se NY Can Os'39.A.0
de water Steel
10
A-0
Con 48 1939
Proterre0
10
778 Penn Steel 1st 58'17 51-N
Fonepals Mining of Nevi
People's Tr tr certs 48'43
100
Union Tr of Dui
nited N J RR & C 100 245 245% P Co let& 001 tr 58'49 2.1-S
Con& col tr 58 1951M-N
45
nit True Pitts pref..50
Phil Elea gold trust Ma
758 8
arwick Iron & Stee1.10
Trust certils 4s
west Jersey & Sea 81t.5() 481
/
2
P & E gen M 5 g'20.A.-0
estmoreland Coa3....5()
Gen Di 48 g 1920..A&O
Wilkes Gas & ICIee 100
Bid
Asic
10712
102
lt/3
1061
/
2
93
94
84
85
381
/
4
10814
107
109
963
, 98
98
105
ri
105
961
/
2 97
1(101
/
2 401
70
PHILADELPHIA
Biel
Highest
Lowest
20 Jan 11; 27½ May13 33 4Jan
65 Mar20 76 Apr23 80 May
80 Jan '2 924.1'13,25 18½ Nov
4 Fel)12 74 Ply 2:i 10 Nov
10 Feb It 1372 Ply 23 24 Dec
1178 Mar2t
10 Jan
51
/
2Oct
Philadelphia
30 American Railways
/
4 Apr24
60 4234 Mar 41 441
44
44
/
4 441
.4378 441
/
4 *4378 441
/
4 *431
/
4 44
50 2678 Feb 1), 3678 J'ly 20
361
/
2 5,125 Cambria Steel
364 3674 36¼
364 364 36% 3634 x30
410 Electric Co of America 10 8½ Jan 25 1078 J'ne22
10',,
.10
10
10
10
10
10
101* 10
100 312Jan 9 558 J'ly 31
5
/
2
94
.4
5
41
/
2 5'8 2,529 Gen Asphalt tr ctis
6
4½ 41
130
Do pref tr ctfs _10(1 1978Jan b 25 Jan Hi
24.1
/
2
23; .224 231
/
2 24
/
2 '2272 23¼
23¼ '231
1,142 Lake Superior Corp
100 358 Feb20 974 Aps lu
678 7
0½ 61
6
6¼ 6%
/
4
634 6'4
/
4 Jan 2 924 Ply 42
613 Letugh C & Nay tr ctf8 50 781
'JO
901
/
2 901
/
4 901
/
4
/
2 00
901
/
4 9t)1
911
/
4 1)0
60 52% Fel)29 65/
1
2J'ly 31
/
2 10,401 Lehigh Valley
6438 6378 64% 64', 64's
641
/
4 6378 651
(34
143,,
870 Marsden Co
100 15,Jan 20 278 Apr24
*11
/
2 1.4
P4
134
134 1 4
50 54 16 Jan2 6318J'ly
988 Pennsylvania RIt
62-i 6178 62% 611518 621
/
4 621
/
4 624 6230027118
4112 Apr24
/
25iar
31 Pluladelp'aCo(PittAu) 50 3-11
354
'39
'38
.38
381:1 39 12 •38
39
39
918 ous. 6,005 Philadelphia. Electric 25 54 Feb21 #915seJ'iy 3i,
91
/
2 '9% 934
9
.
4 934 911. sus,
11
2.1'ne 9 183
,Marlt
/
2
161
16
154 151
/
4 10.322 Phlla Rapid Transact 50 12 /
15.2 16
101
/
4 1.6
/
2 161
50 45318 Feb 17 61 18J'1y 31
58.4 5104
59718 584 591
/
4
581
/
2 593is 581510 (l' 39,946 Heading
50 39 Jan 3 42 Jan 20
16
Do let prof
•41
42
42
42
50 374Jan 2 43 Maylt
50(3
Do 2d pief
41 12 41.1
/
2 414 4134
/
4 4134
41'4 '41½ 41N *411
/
2J'nel0 5014 Apr23
50 2441
501
/
4 4,661) Union Traction
5014 501
/
2 60
501
/
4 60,4 5(158 5038 5034
/
2Jan 2 89 Ply 21
50 731
4,129 United Gas Impt
/
4 8778 8778 5758 88
88
88% 874 881
88¼
Welsbach Co
100 25 J'ne22 25 Pne22
*27
21)
PHILADELPHIA
Lange her Previous
Year(1907)
Ask
35 Jan
85 Jan
97 Jan
231
/
4 Jan
48 Jan
15 J'ne
431
/
4 Dec 51 Jan
/
2 Jan
22 Oct 471
778 um 115 Jan
Jan
3 Oct
1334 Nov 36 Jan
4 Dec 16 Jan
69 Oct 103 Jan
484 Oct 78'e Jan
58 Nov
2½ Jan
x52 Nov 7011i,Jan
3334 Nov 48'4 Jan
9 Apr
6318 Nov
/
2May'
d12 Nov 4261
3538 Oct 611.,, Jan
3131.21•Joy 4538Jan
3272 Oct 47 Jan
4178 No, 60',Jan
/
2Jan
664 Oct 961
25 May 30 Feb
BA11:11 MOUE
Ph & Read 28 58'33.A-0
Chas By U & U.58'99 11.S
Con M. is 1911
Chad C& A eat 5s.'09 J4
J-D
1910 A-0
Con Al Os g 1911. J-D
20 75
Ex Imp M 48 g'47 A.0
City& Sub list 5e. '22 J-D
Terminal Os g1941 Q-F
City & Sub(Was)lst 5s'45
Coal & lily 1st 58'20E-A
P W & B col tr 4s'21 34 99%
Portland By 1st 58 1030.
Col&Grnv 1st615.1916J-J
Congo'Gas Os. .1910 J-D
Ruch By& Leon 58'5434
19393-B
58
U Tree Ind gen 58'19.34
Ga& Ala 1st con 58'4534
Un Rys Tr ctIs 48'49J&J
68
GaCar&Nlst58g'2934
United Rys Inv lat colltr
Georgia P 1st 68. .'22.14
8108 1926
51-N
7134
105 (US°& Fla 18t 58 194534
U Trao Pit gen 55'97 J.J
Welsbach 8 1 55 1930.3-D
701
/
2 G-B-S Brew 3-48 195121-S
70
98; 2d income 58 1951 31-N
Wilts-B G&E con5s'5534
Knoxv Trac 1st Os'28A-0
BALTIMORE
LakeR Ni let gu5s'42.1I-S
Inactive Stacks
MaconRy&LtIst58'53.14
Ala Conn Coal& Iren 100 SO
Memphis St 1st 58'45 J-J
Prof
100 70
31etSt(Wash)lst5s'25F A
Atlanta & Charlotte 100
Mt Ver Cot Duck 1st 58.
Atlan Coast Line RR 100
Npt NJ00P 1st 58'38 51-N
Atlan Coast L (Conn)100 214 220
General 58. .1941 51.S
90
Canton Co
100 86
Cons Cot Duck Corp...50
7¼ 7% Norfolk St lab 56'44..34
/
4 North Cent448 1925 A-0
50 2478 251
Preferred
Series A 58 1926. .J4
Georgia Sou & Fla...100 10
Series B 58 1926-.34
100 80
1st prof
85
Pitt Un True 58 1997.34
100
2d pref
1941..J-J
100
G.B.S Brewing
34 41
/
2 Poto Val 1st 58 68'34
A..0
Say Fla &West
Seaboard A.L48 1950 A-0
Bonds
Saab & Roan Sc 1926.34
Anaaostia & Pot 56
1003
,
Atl 8s Ch ext 448 '10.34 99
994 South Bound 1st 5s..A.0
U El L&P lat 448'29 61-N
Atlas' C L RR481952M-5 93
Un Ry & El 1st48'49 51-S
All Coast L(Ct)ctfa 583-D
90
Income 48 1949
J-D
CBs of indebt Is....J-J
72
Funding Os 19.16...3-D
5-20 yr 48 1925
34
Vs Mid 2d eer 08'11.M-S
Balt()Pass lat58'11 3I-N
3d series 68 1916..M-S
Bait Fundg 58.1916 M-N
4th ser 3-4-58 1921.M-8
Exchange 3las 1930 J•J
96
5th series 58 1926.M.S
Balt& PlstlismI'll A-0
Va (State) 38 new '42.J.J
Balt Tree 1st 58. '29 M-N
Fund debt 2.38 1991.34
No Balt Div 581942 J-D 113
West N C oon 68 1914 J-J
Cent'l Ry cou581932 174-N 110
WeeVa C&P lstfig'11 3.2
Eat80 Imp 58.1932
1111
/
4
Wil A, Weld 58..1935.34
Chas City Ity 1st53'2334
Bid
Ask
102
1021
/
2
1061
/
2
103
981
/
2
10114 1011
109
102
4434 45
16
161
/
2
115/
1
4
1
4
781* 78/
1051
/
2
1101
/
2
11032
100¼
564 57
101
1011
/
2 102
901
/
2 92
87
871
/
2
53% 5378
79
794
......
......
106
108
904
90
106 1084
1021
/
4 103
4 paid
Bid and asked; no Bahia an this day. 11 Ex-rights. II $7.50 paid. t 81214 paid. t $134 paid. 4 835 paid. a Iteesipta. S $25 paid. e $30 paid. 4$42,
278
THE CHRONICLE
[VOL. Lxxxvii.
Volume of Business at Stock Exchanges
Telegr Cc Telephone
lndustr a• and nlisce
Bid Ask
Bid Alt
eAmer 'fete" & Cable _101 (2
6) Consul Car II eating_100 20
25
eCentral de So Amer_1011 102 110. cons By 1.1t4e4tte1rig.l0v
1.12
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Uu Tel (N Y)„.25 100
Conseil itubbec 13re _ _lia,
6
DAILY. WEEKLY AND YEARLY.
Eznp & Bay State Tel 1.110 50 -61
Preferred_100
'20
Franklin
lou
40
Debenture 43 1.151 A ,xe,
50
34
:Gold de Stock l'eleg _100 90 100 Cons Steamship Lines 100 30
Is
11e
Stocks.
Railroad,
Hudson River Telepti luo
33
37
Coll
tr 4s 1957___Jdc.1
124) 1134
Week ending
dcc..
State
eN Y Ic N J Teleph
U.S.
100 1 Ill 114
Corn Prod Ref See stock Lae list
Shares.
July 31 1908.
Par value.
Bonds.
Bonds.
Teleg_50
Bonds. eNurthwestern
1)5 103 eCruclble Steel
100
6
Pacific 44 Atlantic
25 55
65
ePreferred
100 44
45
Saturday
418,529 4338,080,400 $1,626,500
*54,000 $10,000 Southern & Atiantle 25 83
89 Cumberland Ely Copper.5
9
91s
Monday
705,983 64,089,030
2,280,000
34,50C
12,000
eDianiond Match Cu..101, 1321. 121..12
619,233 56,643.300
Ferry
Tuesday
Companies
2,288,000
73,500
Dominion Copper
lu .1:18 114
Wednesday
434,382 40,121,200
2,821,000
43,000
Brooklyn Ferry stock 100
21- Douglas Copper
11,000
.;14
5 *4
Thursday
426.055 39,575,500
2,728,500
13 & NY 1st 6s 1911J•J 4-4.1/- 95 - Econ'y Lt ec P (Joliet. Ill)
63,000
698,861 59,352,975
Friday
2,1306,000
N Y do E 14 Ferry stk 100 40
484,500
130
1st NI a 1 g Is 1956-J -L, 1 17
lit 5s 1922
11-N 44
50
5
68
5
0
Eleperterilecrt
!
,
itos1.
25
15
Total
3,303,043 $298,402,425 $14,350,000
$772,500 $33,000 NY de Hob 5s May 463-0
10
9‘1:.
Hob Fy 1st Is 1946111-N 5100 103
Electric Vehicle
109
495
1946_-J-J
NY
100
&NJ
55
Week ending July 31.
Sales at
Preferred
Jan. 1 to July 31.
100
10th & 236 Sts Ferry_100 30
40
Empire Steel
New York Stock
106
10
1st nage 53 1919__J-D 650
Exchange.
60
1908.
Preferred
1907.
14308.
1907.
60
eUnlon Ferry stock_100 16
24 eFederal Sugar of N Y See
i U St41{51,
x
list
,
elst 5s 1920
ue
90 eGeep
3.303,043
M-N 80
rerfaelrre
Stocks-No. shares_•__
2,532,426
ed
hemical.....100 61) 65
98,597,001
130,526,029
bliort. 1 erns Notes
$293,462,425 $227,369,900 $8.421,397,100 511,127,830,035
Par value
100 90 100
495
9512
'll_M-S
Gig
Goldneld
Am
ser
4s
shares,
A
par
Bank
$6,300
Consoi lialacs_11) *5iiie 534
$20.300
$130,300
$213,690
94
Nur B 4s Mch 13 '12M S 593
Gold flu Copper
Bonds
12
Ant Tel & Tel g Is '10 J-J 499
Government bonds
934 lOuis Greene Canauea
$33,000
$5,000
$435,820
2.9
1 •:.1*
2‘1. 1212
$479,800 Atian Coast
'10_11-S
49
9912
Is
Greene
Consul Gold_ _.19
State bonds
772,500
558,700
62.717,500
*14
30,144,800 Ba-t & Onlo L
3s 1909_31-S 410014 10034 Greene Gold-Silver
RR.and misc. bonds
14,360,000
4,114,100
40s
463,790,700
10
14
232,177,400 Claes & Ohio 63
J1y1 '10J-J 410112 10134 Guggenheim Explor' 106 170
-180
(1144 etin
ac
ek
00
Chic R 1 de Pac Os '09A-0 49934 110
f egn4
s8
ac.5
k2toVo
Total bonds
$15,155,500 $4,677.800
aceir2.
C
.
o.r.j
$526,975,020
$262,802,000 Chic de W Ind 5s '10_F&A 51t.11331,
Hail Signal Co
Clu Ham&D4;is '08 M-S 6.) 60
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
IOU
35
etfloarr
ie
'd
CCC h St L 5s, June '11 41001,4 4003 Hapyra
o bacco Co_109
8
EXCHANGES.
11
0112
Coniol Gas 68 1900-F-A 11004 10
100 19
21
1st g 5s June 1 '22_1-1) 45
0812
Erie 6s, Apr 8 1911_ A-0 4 97
50
Hecker-J
ones
Interb It T if 681911 in-N
-Jewell
Boston.
Philadelphia.
1st Os 1922
5s Math 1910
111-S
I :3 100
Week ending
95812 Her'g-Hall-Mar, new_101) 30
Kan C So g 5s Apr '12..J-J 19
2 9
97
414
Listed Unlisted
Bond
July 31 1908.
45
Listed
Unlisted
493
95
Bond
Hoboken
Land de Imp100
Lack Steel g 5s 1909-111-S
_
shares. tlhares.
sates.
shares.
shares.
sales.
e5s 1910
Is g 1910
M-S 188
4 :1:3
134
,
:. 11:
0
9
0
:
(
2
11
3
84
H
o
u
s
t
u
n
53'10
FA
011
Lake
So
de
Sh
SI
1'1
1
.
1
1
0
00
N
u
u
o
i
19
3
05
'
7
u
)Saturday
11,566
31,364
$54,000
5,580
*17,550 Lou & Nash g 5s '10-111-S
3.393
Preferred
Co
Monday
15,003
46,333
162,000
13,950
6,499
33,856 Rex Cent Is July 1 Mu 497
Hudson Realty
98
110
Tuesday
14503
56,325
59,00
13,780
8,459
36,322 Mich Cent 55 1910
e
Ingersoll-Ran
5100ss
F-A
d
com_1013
57
Wednesday
61,249
25,009
203,000
9,529
5.759
100,778 Minn 4c St L g 55 '11-F-A
ePreferred
16,922
Thursday
88,636
71,500
10,020
4,197
135,040 Missouri PacificIn terzi a'
t 1 Banleg Co..1
19U
09 9
5.5
5 fa."
23,315
84,188
Friday
89,000
34,109
7,613
53,600
us Feb10'10 convop F-A 498
Esc list
0012 Weill Mer Mar See Stk
Natufldex 5s extto'01) A-0 4,114019
31 In tperrn
redNIckel
010:
efe
)00
03
artl
3142
4:
90
:100
b212
368,095 106.318 $638,500
Total
80.968
35,925 $377,740 N Y Gent Is 1910- ..F-A 9021: 10
100 75
1'03
54
80
N Y C Lines Eqp 5s'08.22 0434% 4% International Salt Alytti 5
14
0
18
NYNH&H 5s'08-'12
1st g 55, 1931
58
Nor! do West Is 1910111-N 410018 10
100
00
112 In terns. dSlIver
•8
Mch
15
58
'10
RR
M-S
Pa
Preferred
100 5g
GO
StLMS'east 43-is '09_J-D ;85
1st (Is 1948
A weekly review of Outside Market wilt be found on a preceding pays.
92
J-1) 104 106
585
92
St L &SFg4
Lackawanna Steel
101) a5
37
South% cell tr 5s'09-A-0 494
Lanston Monotype..-20 *1014 1032
95
Street Railways
Street Railways
Bid Ask
Bid Ask South By g 58 1910.-F-A 480 85
Lawyers' Mtge Co
100
00 12
95
0 200
Pub Serv Corp N J (Con)
New York City
i„9 eLeh de WIlkes-B Coal 50 90 105
Southern Icy 0s 1.,11-M-N 496
Bleeck St & Put Fstic_100 15
24
J C Hob de PatersonTidewater Os, 11,13, guar
Taylor
135
4s g 1949
• 1st mtge 45 1050.-J-J 75
85
M-N 4 8714 6814 U S Rubber g Is '09.:11-S ;
49
99
14
2 9
90
934 L°P
rd
rerd
errle‘a
dy
100, 99 102
So J Gas ut&Trac.100 114 117
e B'y & 7th Ave stk_ _100 100 120
Wabash Is. May 10 1909 43;5
95 ei.orIllard (P). pref_1(10 126 135
On g Is 1953
e 2d mtge 5s 1914__J-J 93 100
5l-S 594
Weatingh
El&M
121s 1910 494
Nlazdttis:411 1S
95
97
0
(11 oGarden -in a y
(
)
.)
20
No Hud Co Ity6s'14 J-J 5105
Con 5s 1943 See Stock Exc list
Railroad
86
6s1928
B'way Surf 1st 55 gu 1924 100 105
J-J 4103 -eManhat Beach Co
10l)
2
Ext Is 1924____M-N 499 101-- Chic Peo & St L pref-100
e Cent'! Crosst'n stk...100 90 130
Manhattan Transi t..___20 *178 2
Pat City con 6s '31_J-D 4114 115
e 1st into 6s 1922_M-N 10 114
Deposited stock
R 2 Mitchell Mining
10 .5
14
2d 6s.._1014 opt A-0 4 100
e Con Pk SI & E B stk 100 (10 100
UndeposIted stock
Nloi,
iiro
eifiegeaeleid
ela It Coal 60 * 5
So Side El (Chic) See Ch Icago ilst e Chr't'r de 10th St stk 100 80 120
Prior lien g4 3,46'30111&S
50
*2612
4
Col & 9th Ave 53See Stock Exc list Syracuse R T 5s'46.M &S 10112 103
Con mtg g Is 1930_J&J ..8
Mortgage Bond (3o_ _1011 95 7634
0
415.
:
8- 1
11°2
10
4
Trent P & H 5s 1943..J-D 495 lOu
DryDEB&BIncome Is. July 1930._
Nat Bank of Cuba__-100 100 fji"
United Rys of St Le 1st gold 5s 1932-J-D 90 05
Chic Subway
100
National Surety
100
135
145
Conn vot tr ctfs_ _100 21
56
-A 30
e Scrip 5s 1914_
2112 Ft W & Den Cy std-100 9
211
012 1020112 Nevada Cons'd Copper_5 *1514 1512
e Preferred
Eighth Avenue stock_100 223 300
100 63 632 Nat Rys of MexicoNev-Utah SIM de Sin-10 *3
:118
Gen 4s 1934_ _See Stock Exe list
e Scrip Os. 1914_ ___F-A 100 105
Pr' lien 43is'57(w
eNew Central Coal____20 25
392
93
40
e 42d & Or St ry stk_100 225 300. Unl titys San Fran See Stk Exc list
Gen NI 4s1977(wl) A-0 43512 86
N J Ter Dock & Imp_100
Wash By & El Co_ _10() 34
426 St M & St N Ave_100 30
North'n
Securities
NYAir Brake 98 See Stoic El
Stubs_ 125 137
36
Preferred
98
1st mtge 6s 1910_M-S 594
100 8) 83
Pitts Bess de L B50 *30
N Y Biscuit Os 1911_111-S 100-c" lIst
33
4s 1951
41)
50
2d income Os 1015 _J-J
Preferred
J-D 81
eNew York Dock_100
50 160
8114
Inter-Met-See Stk Exch ange list e West Chicago St...11)0
efinIlroad Securities CoePreferred
100 -fit; "fi'
e Con g 5311136 rcts M-N -- __Lex Av &PavF 5s See Stk Exc list
ln C stk tr cfs ser A '52 80
N Y Mtge & Security_100 138 142
Metropol St By-See Stk Exc list
Seaboard CompanyN Y Transportatiou_ _20
Gas Securities
5
Ninth Avenue stock__100 100 130
1st preferred
Illos-I3em-Pond coni_luu
100 30
uu 100
35 -,
New York
Second Avenue stock_100 60 100
Colts de 2d prel--See Ball Esc list
NIpIssing Alines
5
73s
9812 Cent Un Gas 5s g '27.J&J
e 1st nage 5s 1909..Ni-N 93
Seaboard
eOutarlo
Silver
Air
100
Line
90
98
438
Consol 53 1948____F-A 85 90 Con Gas (N Y)-See StIc Sac list
Coll Is ext May '11 M-S
Otis Elevator corn-1
u 36
10
00
40
e Sixth Avenue stoek_100 100 120 e Mutual Gas
100 140 150
Union Pacific 4s See Stk IExch lIst
Preferred
90
95
85 New Amsterdam GasSou Donley 55 1945__J-1 460
Pittsburgh Brewing .5
50 424
Industrial and Miscei
24%3
1st consul 5s 1048.._J-J
So Per 1st Is 1919.....A-() 590 100
Adams Exp g 4s 194/J-D 49013 91
Preferred
*4312
90
98
NY dehliGas 1st 5s'44 J-J 98
Third Avenue-See Stock Exc list
Pittsburgh
Coal_See
Stk
Ahmeek Mining
103
25
Exc
970
80
list
Consol 5s 1945
90
Tarry W P & 31 55 1028 470
MalllliaCtUr111
Alliance
00
0
14-10
Pope
Realty
83
is
100 100 110
93
12
N Y & Richmond Gas 100
YkersSt It115s 1940 A-0 481) 85
Allis-Chalmers Co 1st mlg
1st preferred
45
15
30
40 Nor Un 1st 5s 1927....M-N 35
28th & t9th Sts 1st 5s '96 25
100
2d preferred
is 1 5s '36 opt '16
85
J-J ;71
95
72
1
e Twenty-Third St stk 100 250 325 e Standard Gas corn -100 Ft.. _ 75
pref_100
WhItn
l'ratt
Anierican Book
do
100 137 140
"95" 10212
e Preferred
90
Union Ity 1st 5s1942 F-A 487
100 n
Realty Assoc Olielyn) 100 115 120
AMer1can Brass
100 105 108
100 American
1st 5s 1930
85
Westchest 1st 5s '43 J-J 476
M-N 5100 103
Cnicle Com 100 103 200 Royal Bak Pow(' coin 100 138 142
Other Gilles
Brooklyn
Prete,:c,(1
Preferred
100 94
97
98 101
Amer Light & Tract-10U 10712
Atian Ave 5s 1909_ A-0 1025 100
Am Graphophone coin 100 12
109
30 Safety Car heat & Lt-100 114 110
Preferred
Con 5s g 1931
190 113
A-0 595 100
Preferred
94
100 40
55 Seneca Mining
Bay State Gas
B.13 & W1 5s 1933 A-0 93 100
50
1‘
:
00
: .1t) 56
10
lie
11a Amer Hardware
107 112
13Ingtfn Gas 5s '38_Ade0 15
Brooklyn City stock _10 180 190
irgCC
5d
oo
Sitn
ag
nedrar
rdage. _109
AmMalting 6s 1914--J-D
95
90 101 S
2,
Brooklyn Union Gaa deb
'S
Con 5s-See Stk Exch Esc list
61
1st
g
Is
'31
Amer Press Assoc'n_100
red_A-0
- 100
30
'
e6s 1909 See Stk Exch list
Bkn Hgts 1st 5s 11141 A-0 95 100
Adjust 31 Si Apr 1 1931 23
Am Soda Fount cozn_100
Buffalo City Gas stock100
3
Bkin Q Co & Sub See Stk Exc list
-26- Standard Coupler corn1UU
1st preferred
4
6
100
35
1st Is 1947-See Stock Exc list
Bklyn Rap Tran-See Stk Esc list
Preferred
ad preferred
100
IOU
2
e Coney 181 & Bklyn 100 50 100 Con Gas of N J 55 '311_J-J 485
Standard Milling Co_100 100 120
90 Am St Found Os '35 A&O
7
10
80 Consumers' L It & Pow1st cons g 4s 1948__J-J 70
Preferred
Deb 4s 1923 (w1)..)- &A
100
59
34
35
Is 1938
0-1) 497
Brk C & N Is 1930..J-J 90 100
1st 5s 1930
American Surety
50 130
78
81
Elizabeth Gas 1.t Co 100 275
GeptdeLorSt 1st 65./11 &N
Standard 011 of N J 51.
American Thread pref.-5 *334
0
1\
9
040
659
Essex & Hudson Gas-100
Kings C El 45-See Stock Ex-c- list
Swift 44 Co-See Bost Stk
Ain Tobacco Cu cum _100 370
118
Bic list
Fort Wayne 6s 1925-J-J 110
Nassau Eiec pref____100
lit Is 1910-1014
Amer Ty peelers com _1 00 ii
35
38
J-J
1674:3-4
,-1, ;
5s 1944
A-0 96 --- Gas & El Bergen Co 100 53
eTexas& Paellic Coal_ 100 100 100is
100
Preferred
57
75
85
1st 4s 1951-See Stock Esc list e Gr Rap G 1st Is '13-F-A 49612
100 105 115
134 21, Title Ins Cool N Y
9412 Amer Writing Paper..100
Hudson Co Gas
N ,IN'bgdeFlat 1st ex 4 Ss
100 10.9 112
Preferred
100 8
1,
31
1 :
*Th., 8
:1:12 Tonopah Mln (Nevada)-1
Steinway 1st 135 1922,.-J 497 fcri Indiana Nat & Ill GasTrenton Potteries con1100
let s f g 58 19 op'01)_J-J
8
1st 6s 1908
Other Cities
M-'s 15
Barney de Smith Car_101)
Preferred, mw.- _.100 43
21
50
0
50
Indianapolis Gas
Buffalo Street By50 33
Trow Directory
Preferred
45
100
40
1st g 5s 1952
let consul 5s 1931 F-A 410312 106
15
9 1:132
A-0 585
012 Union Typewriter cowl:0
eBethl*m Steel Corp-100 11
95
9
009
0
1
o
)
113
(
,
0
1
9
2
9
61
Deb Gs 1917
A-0 410312 106 Jackson Gas Is g '37-A-0 485
1st LH eferred
ePreferred
100 14
93
55
5
20
00 112
18
111
Columbus (0) St Ry.100 9/
100 50
9812 Kansas City Gas
Bliss Company corn
26 preferred
50
103
Preferred
100 n 7412 -71 100 10334 105 e Laclede Clas
UnpItred
fe,rBrk
Preferred
edNote Corp-51) *55
50
CO
Coluni By con 5s-SeePht la list
c Preferred
100 n75
Bond & Mtge Guar__ _100 295 305
65
Lafay'eGas 1st Os'24-114-N 35 1;- Borden's Cond Milk_
Crosst'wn 1st 5s'33 J-D 4103 105
1103)7 10
39
si2 euUnnitietedd Co
lgpaprerMfg,pf_lO
so
U *9
50
2 1(0
Log&IdVabV 1st Os'23 J-D 25
*Conn By & Ltgcom-100 65
07
Preferred
100
31)
100
7
713
ePreferred
Madison Gas 6s 1026-A-0 49912 106 13ritish Col Copper
100 72
75
5 *ID-1 612
Preferred
100 23
30
Grand Rapids
Newark Gas Gs 1944 Q-j 4129
50
60
Butte Coalition 'Mining 15 *271) 2712 U S Casualty
100
. 2)90
Newark Consol Gas.-100 87 -88 - Casein Co of Am com_100
Preferred_100 75
83
I
3
U
S
Envelope
com
12 .-ig
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100 43
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No Hudson L 11 46 PowCasualty Co of Amer-WO
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A-0 498
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100
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1st 13s 1926
J-D -212100 69 60
Preferied
U S Tit Gu & Indem_100
75
North Chic Street See Ch lcago list
Pat & Pas Gas& Elec-101.1 72
100 5
84 Central Foundry
210 °Utah Copper Co-See Stk gi-c" list
,
2 02
Pub Serv Con ui N J .100 81) 81
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499 lot
Preferred
100 11
00
pticerfleni
rrreyd Co, coni-110
13 - Wa
34
Tr ctfs 2% 6 %,perpet 69
70 St Joseph Gas Is 1937-J-J 483
Deb 65 1519 op '01
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595
97
Century Realty
Westchesleruh
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ar 13ron x .1(
100 180 191.1
Electric Companies
North Jersey st By 100 30
Chesebrougn Mfg Co-100 .00 430
145 150
1st 4s 14)48___..111-N 46.) -71
- -- Chicago Edison Co See Ch lcago list
City Investing Co..-100 55
100
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97
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elst preferred
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New'kPasIty Is '$0 J-J 4100 108
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11)0 90
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12
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100 70
75 Col & Hock Co:tidal pilot) 6zi --7-U
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A-0 ;105
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1st z 53 1017
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3 Buyer pays accrued Int
a Ex-rights
a Sells On Sta. Ex., nut not very nett ye. , dry 4 ic,c
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kl.,1 _,
;10
Outside Securities
1121
279
THE CHRONICLE
Aim. 1 1908.i
ctituestateut and
aiixoad. *ntethgence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
Ala N 0 & Tex Pac.
40,000
53,000
40,000
53,000
N 0 & N East_r 1st wk July
25,000
24,000
24,000
25,000
Ala & Vicksb___r 1st wk July
27.000
22,000
27,000
&
Pac_r
1st
wk
July
22,000
Sh
Vicks
42,362
42,112
3,583
3,377
Ala Tenn & North__ May
6,715,415 3,505,918 84,287,178 86,393,249
k Atch Top & S Fe.. May
115,269 141,977 1,584,184 1,449,480
Atlanta Birm do Ati May
1,878,966 2,097,109 25,979,052 26,771,528
Atlantic Coast Lin( June
5,436,231 7,198,085 73,608,781 82,243,022
Baltitnori & Ohio__ June
209,698 282,131 2,657,050 2,957,052
Bangor & Aroostook May
60,472
61,836
6,424
6,069
Bellefonte Central__ June
35,945,146
2,008,671
Boston do Maine___r May
46,734
42,566
3,613
3,511
Bridgeton & Saco 11 May
559,854
425,875
Buff Roch & Pitts_t Sd wit July 156,900 186,618
189,262 154,746 1,647,802 1,346,265
Buffalo & Susq____ March
500,700
642,600
Canadian Northern_ 3d wk July 170,900 218,200
Canadian Pacific__ 3d wk July 1,400,000 1,525,000 4,206,000 4,618,000
635,500
636,100
Central of Georgia__ 3d wk July 194,600 215,900 24,922,887
24,249,172
2,280,166 2,464,508
Central of N Jersey_ May
7,292
6,663
3,552
5,291
July
wit
2d
South_
Chattanooga
1817.821) 2,390,038 23,919,848 23,366,180
Chesapeake & Ohio_ May
56,144
4,674
82,552
3,392
Chesterfield & Lane June
851,929 961,177 11,131,716 11,630,299
Chic & Alton By. May
72,004,807
5,567,591
Chic Burl & Quin_ _I Slay
450,728
421,324
148,051 150,667
Chic Great West..' 3d wk July 107,475
311,761
105,989
295,678
July
wk
id
_
Chic Ind & Louisv.
York Cell tral.
Ohio led & Southern -See New 4,127,183
4,926,565 52,541,353 55,688,624
Chic Milw & St Pau. May
4,809,516 5,936,400 33,219,344 68,359,365
Chic & North West_ June
900,938 1,055,205 11,933,418 11,882,716
May
1,
Chic St P M & 0_
30,728
33,655 1,625,688 1,612,320
Chic Term Tran RI; 2d wk June
7,305,418
538,646
Cin Ham & Dayt__r
Oln N 0 & Texas P -See SoUt horn Rail way.
Cincinnati Northern -See New York Con tral.
Olev On Chic dc St L -see New York Con tral.
164,432 197,652 2,035,789 2,238,900
Colorado Midland_r May
881,900
866,324
h Col & South Sys.r 3d wk July 315,790 301,900
204,013
23,100
275,775
17,457
Col Newb & Laur_ May
741,170
732,403
63,155
82,677
May
Copper Range
220,975
4,777
19,183
117,733
June
Cornwall
173.516 188,980 1,893,001 1,767,843
May
Cuba Railroad
1,464,284 1,681,207 18,148,317 16,821,337
!Delaware & Hud__ May
2,955,360
May
30,920,360
West.r.
Lack
&
Del
Denver & Rio Gr_ _f3d wk July 373,400 454,300 1,111,400 1,282,700
75,017
25,095
22,507
68,503
Detroit & Mackinac 3d wk July
28,413
90,260
29,437
74,212
Det Tot do Iront Sys ad wk July
116,503
38,996
31,693
98,613
3d wk July
Ann Arbor
559,750
6,207,509
Dul & Iron Range_r June
206,155
73,296
155,254
50,060
Dul So Sh & Ati_r 3d wk July
3,851,252 4,866,662 45,670,370 40,000,879
May
Erie
7,584,105
529,429
El Paso &Southw_r June
EVansville & Ter H -See Rock Island S mem.
17,187
1,785
17,293
1,524
Fairchild& Nor E__ May
706,463
62,999
710,168
60,921
Fonda Johns do Glov May
191190 210,435 2,923,277 3,016.458
Georgia Railroad __ June
Georgia South & Fla -See Sout hernhail way.
Grand Trunk Svst__ 3d wk July 729,702 889,193 2,207,548 2,642,992
366,427
311,665
Gr Trunk West__ 3d wk July 102,357 122,431
109,306
93,689
36,640
31,632
Det Gr Hav do Mil 3d wk July
128,684
118,577
40,362
36,017
Canada Atlantic_ 3d wk July
3,561,939 5,211,486 54,757,071 55,993,423
Great Northern Syst June
45,907 1,003,319 2,215,730
29,071
Gulf & Ship Island_ 3d wk May
303,603 869,337 5,393,142 6,232,802
Hocking Valley__ May
4,062,349 4,882,804 53,936,654 56,610,633
Illinois Central ____ June
357,000
317,000
Inter & Great North 3d wit July 106,000 128,000
392,812
367,382
a Interoceanic(Mex) 3d wk July 127,018 133,033
156,324
138,241
43,521
54,957
3d wk July
Iowa Central
125,314 232,596 1,845,498 2,164,350
May
Kanawha & Mich
611,698 872,571 8,894,371 9,238,099
Kansas City South_ June
Lake Erie & West.° -See New York Con tral.
Lake Shore & M Sou -See New York Con tral.
2,1182,167 3,164,357 32,443,535 32,261,828
Lehigh Valley_ __ _r May
51,797
35,065
497,933
583,529
Lexington & East__ June
Inc. 167, 831
Dec. 21, 385
May
Long Island
97,481 120,264
954,657
083,1)10
Louisiana & Arkan. April
Loulsv & Nashy_r ad wk July 804,400 941,330 2,360,125 2,725,190
10,141
146,081
168,466
9,918
Macon & BIrming__ June
7,826,216
637,823
Maine Central _ --r May
5,001
60,651
76,524
6,235
Manistiq tic
June
29,732
383,349
360,550
29,722
Maryland & Penn__ June
2,794,474 2,91)5 982 32,869.443 28,492,109
a Mexlean Central__ May
395,845
497,998
a Mexican Internat. 3d wk July 136,731 177,048
149,500
297,500
a Mexican Railway_ 2d wk July 124,700 155,000
33,197
27,798
33,197
27,798
a Mexican Southern 1st wk July
Michigan Central__ -See New York Cen tral.
87,691
916,277
558.573
61,373
Midland Valley_ _
April
47,287
17,105
46.565
3d wit July
17,565
Mineral Range
212,243
85,658
243,904
67,780
Minneap Fe St L___r 3d wit July
628,112
795,516
Minn St P & S S M_ 3d wk July 212,906 256,017
1,485,356 2,271,841 21,553,556 24,070,797
Missouri Kan & Tex May
Mo Pee & Iron Mt_o 341 wk July 816,000 900,000 2,213,000 2,387,000
66,000
37,000
80,000
25,000
Central Branch.° 3d wit July
Total system__ _e 3d wk July 841,000 937,000 2,279,000 2,467,000
30,538
87,642
88,659
21,113
S Mobile Jack & KC Wk July 18
804,104 1,122,311 10,022,722 11,124,678
Nashv Chatt & St L May
824,420
918,485
a Nat RR of Mexico 3d wk July 280,657 313,938
50,870
19,551
57,060
Hidalgo & N E__ 3d wk July
17,468
20,978
18,399
5,536
Nevada-Cal-Oregon. 3d wit July
7,524
July 1 to Latest Date.
Latest Gross Earnings.
July 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
(
ear.
Previous
Year
6,811,832 3,418,601 34,830,901 37,411,178
N Y C & Hud Rivet May
3,003,131 3,770,661 38,618,093 39,735,715
Lake Shore & 111 S May
328,120 415,449 4,318,531 4,697,072
Lake Erie do West May
209,285 244,800 2,668,554 2,431,116
Chic Ind & South May
1,912,97 2,371,461 24,471,161 15,114,295
Michigan Central. May
Cleve C C & St L May
1,791,353 2,292,46)) 23,040,846 23,348,318
181,634 253,431 2,622,033 2,773,363
Peoria & Eastern May
949,215
841,571
86,263
72 572
Cincinnati North. May
Pitts & Lake Eric May
647,195 1,300,191 11,122,714 13,089,877
May
Rutland
219,225 272,161 2,663,251 2,648,535
N Y Chic & St L May
737,970 891,001 9,210,181 9,415,661
Total all lines_
May
15915296 20316506 204307851 211569350
76,125
68,601
9,497
May
Nevada Central
4,954
N Y Ont & Western May
692 772 695,070 7,381,231 7,476,114
48,692,880
NYNH& Hart_r May
4,132,563
N Y Susq & West.. May
261,322 295,289 3,038,751 2,847,802
,
Norfolk & Western_ May
,008,197 2,870,603 26,810,98.; 28,412.098
Northern Central.. May
960,665 1.171,761 11,466,940 11,451,246
Northern Pacific.. June
4.324,244 3,392,792 68,319,921 58 985,547
May
Pacific Coast Co
536,576 660,629 6,680,671 6,676,224
Pennsylvania Co _r May
29,851,228
2,931,697
a Penn-East P & E May
10810233 14532233 138379003 143519203
a West of P & E May
Dec.2,5 91,000
Dec. 6,26 3,400
995,823
Pere Marquette_ _r May
12,655,330
1,370,358 1,485,758 15,465,032 15,202,732
Phlia Halt & Wash_ May
2,205,373 2,753,937 28,490,581 31,273,805
Pitts Cla Chic do StL June
Pitts & Lake Erie -See New York Con tral.
101,707
9,197
10,137
120,905
Raleigh &Southport. June
3,294,932 3,995,910 38,720,430 39,537,555
Reading Company_ May
3,075,765 3,407,551 35,937,330 35,418,019
May .
Coal & Iron Co
6,370,697 7,403,468 14.657,760 74.955 578
Total both cos... May
201,987 210,811 1,825,054 1,774,161
Rich Fred & Potom May
755,794
65,652
73,625
749,530
1110 Grande June.... May
34,435
11,242
11,822
33,897
Rio Grande South
3d wk July
4,055,364 5,124,091 54,286,918 54,799,153.
Rock Island System May
3,017,688 4,282,854 43,357,932 45,526,032
e St L & San Fran May
154,083 195,815 2,042,025 2,113.650
Evausv & Ter H May
7,227,136 9,602,561 99,685,873 102421)835
Total of all lines_ May
Rutland
-See New York Con tral.
123,133 149,439 1,485,388 1,583,533
St Jos & Grand Isl May •
S ystem.
St Louis & San Fran -See Rock
580,115
513,704
St Louis Southwest. 3d wk July 176,259 194,611
1,196,365 1,421,963 14,512,067 15,050,367
Slay
Seaboard Air Line
34,004
35,634
Sierra Railway_
May
109,662 135,561 1.321.01:: 1.580,178
Southern Indiana_ _ June
9 228,257 11231600 11471761:: 114999072
C Southern Pac Co _ _ May
Southern Railway 3d wk July 880,00)) 1,090,396 2,703,437 3,146,944
532,363
437,263
Moblle & Ohio... 3d wk July 152,347 182,737
499.546.
400,696
Gin N 0 & Tex P.. 3d wit July 142,011 168,426
226,595
176,346
77,509
Ala Great South_ 3d wk July
59,954
123,945
94,645
41,314
33,251
Georgia So & Fla_ 3d wit July
39,867'
33,140
21,688
17,009
Texas Central
2d wk July
780,640
590,629
Texas & Pacific_ _ _ 3d wk July 211,396 276,105
85,429
81.769
10,810
6 194
Tidewater & West_ May
231,236 430,281 3,836,291 4,427,119
Toledo & Ohio Cent May
63,208
58,202
22,241
19,444
Toledo Peo & West_ 3d wk July
252,927
194,494
89,367
73,671
Toledo St L do West 3d wk July
59,384
55,568
4,630
4,722
Tombigbee Valley.. May
853,985
853,891
75,322
61,436
Tor Ham & Buffalo June
5,846,592 6,957,340 69.908,043 69,644,015
Union Pacific Syst_ May
8,478,331
615,060
Vandalia
May
98,843 1,061,363 1,062,387
85,196
Virginia & Sou West June
Wabash
3d wk July 451,256 524,712 1,320,669 1,503,487
415,459 537,386 5,219,046 5,087,845
Western Maryland_ May
419,750 450,750 5,214,634 4,849,834
W Jer & Seashore _ _ May
98,885 147,066 5,126,221 5,817,085
Wheel & Lake Erie_ 2(1 wk June
520,819 682,646 6,746,313 6,858,166
Wisconsin Central.r May
261,493
257,128
19,661
16,025
Wrightsv & Tenn_ May
587,76.1 733,868 9.691,703 9,499,660
Yazoo & Miss Vail_ June
Various Fiscal Years.
Current
Year.
Period.
Jan
Bellefonte Central
Jan
1Gelaware & 'Judson
Jan
Manistique
Jan 1
Mexican Railway
Jan 1
Mexican Southern
Jan
New York Central
Lake Shore & Mich Southern_ Jan
Jan 1
Lake Erie & Western
Chicago Indiana & Southern_ Jan 1
Jan
Michigan Central
Jan
Cleve Cin Chic & St Louis_
Jan 1
Peoria & Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
Rutland
New York Chicago & St Louis Jan 1
Jan 1
Total all lines
Jan 1
Northern Central
d Penn-East of Pitts & Erie... Jan 1
d West of Pittsburgh and Erie Jan 1
Phila. Baltimore & Washington- Jan 1
Jan
Pitts Cin Chlcago & St Louis
Dec 1
Rio Grande Junction
Jan
Texas & Pacific
Tan
West Jersey & Seashore
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
June
May
June
July
July
May
May
fa
ay
A
m
M
May
May
May
May
May
May
May
May
May
May
May
June
May
July
May
Previous
Year.
31,389
28,540
7,319,587 7,615,194
31,220
27,845
4,173,500 4,269,800
716,224
665,455
33,392,739 38,246,637
15,254,161 17,798,434
1,684,129 2,009,642
1,163,573 1,244,649
31 9,758,035 11,457,855
3
31 9,032,819 10,115,925
1,053,610 1,175,641
397,250
316,188
31 3,260,362 5,655,540
991,662 1,117,196
31
31 3,965,535 4,399,453
31 79,872,813 93,618,229
31 4,461,892 5,180.592
31 52,707,562 65,106.163
Dec. 9,4 54,000
31
30
1 6,309,894 6,697,094
3
12,224,543 15,935,777
392,265
352,927
31
21 8,605,304 9,174,381
31 1,773.228 1,790.928
30
3301.
14
7
31
31
311
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Cuent Year Fret's Year Inc. or Dec.
Monthly Summaries.
Cuent Year Prev's Year Inc. or Dec.
7,958,788 10,166,254 --2,207,466 21.70 Month Sept 1907 (118 roads). 192,548,022 175.505,039 4-17,042,983 9.71
week May (44 roads)-___
Month Oct 1907 (120 roads) 213,697,727 196,843,678 4-16.854,049 8.56
8,016,707 10,054,378 --2,105,929 20.80
week May (43 roads)-_
roads)....
10,817,742 15,219.751 --4,402,009 28.92 Month Nov 1907 (120 roads).- 189,988,564 184.197.391 +5,791 173 3.14
week May (42
9,963,558 --1,970,037 19.82 Month Dec 1907 (123 roads)- 174,422,451 184,893,810 --11,471,359 6.20
7,91)3,521
week Juno (42 roads)
151,758.406 172,283,006 --21,524,600 12.49
week June (43 roads).... 8,280,764 10.263,171 --1 982,413 19.32 Month Jan 1908 (122 roads)_ 141,256,206
160,150,610 --18,894,404 11.79
week June (41 roads).... 8.344,918 10,158,774 --1,813,856 17.85 Month Feb 1908 (123 roads).
Month Mch 1908 (126 roads). 162,495,089 187,435,350 --24,940,261 13.37
week June (44 roads)--- 11,565,430 13,831,152 --2,265,722 16.38
154,137,168
190,046,156 --35,908,988 18.89
Month
Apr
1908
-1,134,868
12.04
(119
roads).
9,429,010
roads)....
(43
8,204,142
week July
Month May 1908 (120 roads)- 153.112.628 198.146,871 --45,031443 22.67
week July (40 roads)..-. 8,520,010 9,762,668 --1,242,658 12.73
--12,284,972 20.89
week July (40 roads)___- 8,606,600 9,061,410 _1,354,810 13.60 Month June 1908( 51 roads) _ 46,515,462 58,800.434
lines In both
subsidiary
Its
Central
and
Texas
Division.
c
Includes
Gulf
&
Chicago
the
Houston
&
b
Includes
currency.
of
earnings
a Mexican
Includes
years. d Covers lines directly' operated. e Includes the Chicago & Eastern Illinois in both years. (Includes Evansville & Indiana R. le saraturs
earntn.gs of Col. & South., Ft. Worth & Denver City and all affiliated lines, excepting Trinity & Brazos Valley RR. k Includes in both years of
sale
coal.
receipts
from
include
not
Phoenix
do
fly.
Gnu
1011,,
Pecos
Prescott
&
I
figures
Ht0
System
and
Santa
Fe
These
Deaver
Valley
at
I di
new
o Figures here are on the old basis of accounting-not the new or Inter-State Commerce Commission method. r These Ilftlrea are on the
basis prescribed by the Inter-State Commerce Commission.
2d
3d
4th
1st
2d
3d
4th
let
2d
3d
280
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of July. The table covers 40 roads and shows 13.60%
decrease in the aggregate under the same week last year.
Third week of July.
1908.
Alabama Great.Southern
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
Chicago Great Western
Chicago Indianan & Louisville_
Cincinnati New Or! & Tex Pac_ _
Colorado & Southern
Denver & Rio Grande
Detroit F6 Mackinac
Detroit Toledo & Ironton
Ann Arbor
Duluth South Shore & Atlantic_
Georgia Southern & Florida...._ _
Grand Trunk of Canada
1
Grand Trunk Western
Detroit Gr Haven & Milw
Canada Atlantic
International ec Great Northern
Interoceanic of Mexico
Iowa Central
Louisville & Nashville
Mexican International
Mineral Range
Minneapolis & St Louis
Minneapolis St Paul & S S M_ _
Missouri Pacific & Iron Mtn
Central Branch
Mobile 46 Ohio
National RR. of Mexico
Hildago & Northeastern
Nevada-California-Oregon
__
Rlo Grande Southern
St Louis Southwestern
Southern Railway
Texas & Pacific
Toledo Peoria & Western
Toledo St. Louis & Western_ _ _ _
Wabash
Total (40 roads)
Net decrease (13.60%)
1907.
Increase. Decrease.
---$
'59,954
77,509
17,555
156,990
186,618
29,628
170,900
218,200
47,300
1,400,000 1,525,000
125,000
194,600
215,900
21,300
148,051
150,667
2,616
107,475
105,989
1,486
142,011
168,426
26,415
315,790
301,909
13,881
375,400
454,300
78,900
22,507
25,095
2,588
29,437
28,413
1,024
31,698
38,996
7,298
50,060
73,296
23,236
33,251
41.314
8,063
729,702
889,193
159,401
106,000
128,000
127,018
135,033
43,521
54,957
804,400
941,330
136,731
177,048
17,565
17,105
67,780
85,658
212,906
256,017
816,000
900,000
25,000
37,000
152,347
182,737
280,657
313,938
17,468
19,551
7,524
5,536
11,822
11,242
176,259
194,611
880,009 1,090,396
211,396
276,105
19,444
22,242
73,671
89,367
451,256
524,712
22,000
6,015
11,436
136,930
40,317
8,606,600 9,961,410
460
17,878
43,111
84,000
12,000
30,390
33,281
2,083
1,988
580
18,352
210,387
64,709
2,708
15,606
73,456
19,419 1,374 229
1,354,810
Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of July 25 1908. The
next will appear in the issue of Aug. 22.
----Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Lxxxvii.
-Int., Rentals, ctc.- --Bal of Net E'ngs.-Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
Colorado & Southern_ _ _June 238,900
182,298
x166,990
x183,601
July 1 to June 30
2,685,766 2,335,483 x2,127,527 x2,091,858
Georgia RR
June
56,765
51,476 xdef55,904 zdef51,189
July 1 to June 30
685,001
618,852xdef290,078zdef138,291
Maryland & Penna
June
3,979
3,983
4,375
4,487
July 1 to June 30
47,809
47,809
74,000
75,951
Pittsburgh Coal CoJan 1 to June 30
1,261,699 1,397,097 def393,630 1,128,012
Rio Grande Junction_ __May
8,333
8,333
13,754
11,363
Dec 1 to May 31
50,000
50,000
67,679
55,878
June
Texas Central
2,583
2,583 def28,060
14,122
July 1 to June 30
30,998
30,998
458,630
127,923
x After allowing for other income received.
STREET RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
American Rys Co__ _ _ June
cAur Elgin Fc Chic By June
Bangor Ry & Elec Co June
Slay
Binghamton Ry
Birm By Lt & Power June
Boston & Worcester_ 'slay
Brockton & Ply StRy Slay
June
Camaguey Co
Cape Breton Elec Co.. Slay
Central Penn Trac_ _ _ June
Chariest Con Ry G &E May
dChicago & Oak Park June
Cleve Painesv & East Tune
Columbus Electric Co March
April
Dallas Electric Co
f Detroit United Ry_ 3d wk July
Duluth Street Ry___ Id wk July
East St Louis & Sub_ June
Slay
El Paso Electric
Ft Wayne & Wabash
Valley Traction Co Slay
Galv-Hous Elec Co-- May
Grand Rapids By Co- June
Havana Electric Ry_ Wk July 26
Honolulu Rapid Tran
& Land Co
May
Houghton CoSt Ry__ Slay
Illinois Traction Co__ June
Jacksonville Elec Co_ Slay
Kans City Ry& Light April
Knoxville Ry& Lt Co June
Lake Shore Electric__ May
Lax & Inter Rys Co__ May
Little R'k By & El Co Jil
l :
:
Memphis Street Ry__ June
Met West Side Elev__ June
MIlw Elec By & Lt Co June
MilwLt Ht & Trac Co
Montreal Street Ry__ Wk July 25
Nashville By Fc Light June
NJ&HR Ry& FyCo June
North Ohio Trac & Lt June
North Texas Elec Co_ April
Norf & Portsm Tr C June
No Westchester Lt Co May
Northwestern Elev__ June
Oklahoma City By
June
Peekskill Light & RR May
Pensacola Electric Co March
Portland By L & P Co May
Porto Rico Rys Co__ May
Rio de Janeiro Tram
Light & Power_ _ _ June
St Joseph (Mo) By Lt
Heat & Power Co__ June
Sao Paulo Tr Lt & P.. June
Savannah Electric Co Slay
Seattle Electric Co.._ May
South Side Elevated_ June
Sou Wisconsin By Co June
Springfield Ry&Lt Co June
Syracuse Rap Tr Ry_ -June
Tampa Electric Co.._ May
Toledo Rys & Light_ June
Toronto Railway
Wk July 25
Tw'n City Rap Tran_ 3d wk July
k Underground El Ry
of London, three
tube lines
Metropolitan Dist_ Wk .1
8
y 18
July
United Tramways_ Wk July 18
United RR of San Fr_ May
United Rys of St L
June
Whatcom Co Ry& Lt May
Current Previous
Year.
Year.
254,370
125,592
39,232
26,638
194,293
48,156
10,643
11,195
21,172
64,823
63,695
65,786
27,068
28,701
91,617
140,371
17,729
166,729
42,634
Jan. 1 to latest date.
Current
Year.
266,058 1,325,160 1,369,142
136,909
632,771
617,885
36,218
15,364
115,506
101,250
161,093 1,064,825 1,036,280
42,838
9,772
38,1)80
36,006
6,012
53,512
36,262
20,154
95,565
87,526
66,326
335,140
347,610
61,399
306,040
280,670
67,672
404,527
426,020
27,387
125,259
123,187
28,450
87,977
78.724
89,171
352,865
339,060
149,761) 3,718,371 3,743,055
18,714
465,860
441,959
183,413
977,996 1,003,404
40,536
218,476
192,642
107,190 101,012
505,166
91,024 85,605
413,340
85,324 88,022
34,508 33,568 1,087,402
31,417
21,504
324,272
37,668
992,472
48,977
69,538
50,271
54,046
140,883
216,541
323,937
79,739
68,034
130,005
56,882
174,444
79,351
1164,527
9,039
163,660
23,771
12,314
19,205
355,774
28,921
Previous
Year.
31,801
20,775
307,119
32,384
472,666
51,852
73,882
46,649
52,743
144,709
222,792
324,626
77,762
64,926
128,273
48,668
182,242
79,052
254,247
8,087
198,576
25,639
12,424
17,284
323,111
27,733
151,239
97,969
1,913,518
174,751
1,941,652
272,099
307,440
225,340
330,732
775,068
1,309,725
1,860,507
360,471
461.970
392,061
994,283
150,454
91,726
1,706,318
158,237
1,853,660
282,929
317,960
204,221
299,316
764,644
1,380,809
1,826,987
1344,126
Roads.
760,050
740,501
Atlantic Coast Line_a_ _June 1,878,966 2,097,104
238,305
209,223
276,991
384,493
25,979,052 26,771,528 5,800,877 6,329,501
July 1 to June 30
837,743
849.257
316,515
313,052
591,191
Buffalo Roch & Pittsb b June
882,458
271)4934
476,409
1875,620 1,100,180
8,408,141 8,666,576 3,234,131 3,524,237
July 1 to June 30
48,023
Canadian Northern_ _ _ _June
674,400
963,100
211,800
332,900
940,278
829,469
9,012,400 7,493,100 2,484,000 2,118,000
July 1 to June 30
121,603
116,928
Canadian Pacifica_ _ _ _June 5,555,835 6,817,712 1,675 496
60,256
59,330
2,415.106
71,384,174 72,217,524 21;792,366 25,303,309
July 1 to June 30
52,739
51,961
1,706,530 1,474,496
Chested & Lancaster_ b_June
3,392
4,674
17
328
146,414
139,022
62,552
July 1 to June 30
56,144
15,016
19,468
Colorado & Southern_ b_June 1,075.157 1,160,268
575,903 524,622 3,339,915 2,980,746
335,909
337,596
14,280,535 13,373,804 4,686,535 4,392,180
July 1 to June 30
72,344
76,500
413,055
June
Cornwall_ a
4,777
405,689
19,183
def50
9,639
180,606 162,971 1,142.408 1,027,472
July 1 to June 30
117,733
220,975
40,409
104,547
48,097 48,332
232,388
231,801
Detroit & Mackinac_a_June
99,608
114,829
386,961 339,616 1,806,842 1,562,505
30,475
15,938
July 1 to June 30
1,186,096 1,311,274
298,443
188,814 173,529 1,060,051
210,920
931,689
XDultith&Iron Range b June
14,007
14,078
559,750
73,441
72,760
348,530
60,579
July 1 to June 30
6,207,509
61,868
3, 545,729
109,746 103,083
626,949
593,664
zEl Paso & Southw_ b_ _June
529,429
185,682
45.405 43,612
226,887
212,210
July 1 to June 30
7,564,105
2,286,046
201,766 212,098 1,230,375 1,245,318
Georgia_a
June
191,190
210,435
66,924
65,041
151
51
July 1 to June 30
2,023,277 3,016,458
195,431 125,037 3,400,179 3,237,325
385,609
472,784
Iowa Central_a
June
221,595
234,536
1122,842
885,500
July 1 to June 30
3,002,475 3,132,047 8786,645 8981,840
£9,020 1340,250 £193,500
£11,835
Lexington & Eastern_ b_June
35,065
51,707
8,999 def14,671
£0,464
17,713 £261,007 £231,883
July 1 to June 30
497,933
583,529
148,972
199,043
18,968
£8,509 £181,725 £179,247
Maryland & Penna_a_June
29,722
661,914 129,646 2,790,257 2,305,678
29,732
8,466
8,358
July 1 to June 30
383,349
360,550
915,339 961,189 5,163,556 5,287,612
123,760
121,809
28,958
28,004
Minneap & St Louls_a_June
147,119
288,267
352,128
137,067
k86,660 k147,898
July 1 to June 30
3,826,516 3,873,669 k1,010,171 k1,316,538
c These figures are for consolidated company. d These are results for
Missouri Pacific b
May 3,032,882 4,214,943 1,034,283 1,533,782
40,031,571 44,672,021 11,284,142 14,888,551 main line. I No earnings for Detroit Jackson & Chicago Ry. for Jan. 1907
July 1 to May 31
Included In these figures. k Does not Include the Charing Cross Huston
Pittsburgh Coal Co& Hampstead Ry, for first six months of 1007. 1 Decrease due to James
Jan 1 to June 30
868,069 2,525,109 town Exposition
last year.
Portland (Me) Elect CoJuly 1 to June 30
303,276
286,936
174,277
Street Railway Net Earnings.-In the following we show
142,910
Rio Grande Junction_ __May
65,652
73,625
n19,696
n22,087 both the gross and the net earnings to latest dates of all
Dec 1 to May 31
352,927
392,265 n105,878 n117.679
STREET railways from which we have been able to procure
Southern Railway _a_ _ _June 3,972,661 4,609,305
999,547 1,176,596
52.941,716 56,657,994 11,059,028 11,958,712 monthly returns. As in the case of the steam roads, the
July 1 to June 30
Cin N 0 & Tex Pee a June
788,613
595,287
190,304
160,038 returns of the different roads are published by us each week
July 1 to June 30
7,862,378 8,401,608 1,741,978 1,603,051 as soon as received, and once a
month we bring together all
Alabama Gt SouthernaJune 291,317
345,182
106,643
38,748 the roads reporting, as is done to-day.
July 1 to June 30
3,551,502 3,979,774
633,423
697,546
--Gross Earnings-- -Net Earnings-Texas Central
95,037 def25,477
56,150
June
16,705
Current
July 1 to June 30
1,009,170 1,244,108
Previous
Current
Previous
158,921
489,628
Year.
Year.
Year.
Year.
a Net earnings here given are after deducting taxes.
Roads.
$
$
b Net earnings here glven are before deducting taxes.
$
$
C Figures revised for previous year so as to accord with the new classifiAurora Elgin & Chicago_June 125,592
66,455
62,894
136,909
cation of earnings and expenses now required by the Inter-State Commerce
July 1 to June30
1.401,107 1,331,986
609,705
634,130
Commisslon.
Bangor Rys Fc Elcc Co_ _June
39,232
22,344
17,490
36,218
h For June 1908 additional income was $7,069, against $6,126
1907: Binghamton By
and for period from July 1 to June 30 was $30,747 in 1908, against in
26,638
May
12,203
3,146
15,364
$50,854
year.
last
Birm Ry L H & P Co_a_June
194,293
75,645
49,970
161,093
k For June 1908 additional Income was $18,739, against $19,426 in 1907
Jan 1 to June 30
1,064,825 1,036,280
382,048
347.151
and for period from July,1 to June 30 was $210,690 in 1908, against $226,685
Boston & Worces St Ry_May
24,265
48,156
16,989
42,836
last year.
Oct 1 to May 31
110,168
304,845
'276,724
87,329
n There figures represent 30% of gross earnings.
Brockton & Pivm.b___May
xThese figures are on the basis of accounting required by the Inter2,425
10,643
9,772
3,350
Jan 1 to May 31
State Commerce Commission.
2,141
38.080
36,096
6,583
Breton El Co_ b__May
9,018
20,154
21,172
7,571
Interest Charges and Surplus.-The following roads, in CapeJan
1 to May 31
35,625
87,526
05,565
22,709
addition to their gross and net earnings given in the foregoing, Camaguey Co
5,426
6,012
June
11,195
2,918
Jan 1 to June 30
29,976
36,262
53,512
also report charges for interest, &c., with the surplus above
19,567
Central Penna Trac Co_June
64,823
66,326
or deficit below these charges.
18,117
14,682
Jan 1 to June 30
347,610
335,140
61,621
59,086
AUG. 1 1908.]
281
THE CHRONICLE
-Int., Rentals, ctc.- -Bat. of Net E'ngs.Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
$
$
$
Roads.
Dallas Elect Co
defl ,730
808
30,063
25,271
Apr
Jan 1 to Apr 30
def7,118 def11,657
100,544
85,758
Detroit United Ry
x135,853
131,980
x119,087
137,179
June
Jan 1 to June 30
x440,791
769,078
x390,757
812,973
20,179
Duluth St By Co
12,108
18,417
17,925
June
Jan 1 to June 30
37,503
79,137
105,931
110,500
El Paso Elec Co
6,907
4,234
5,738
May
7,247
Jan 1 to May 31
24,984
27.750
15,887
31,768
12,683
16,583
Galv-Houston Elec Co May
18,494
19.740
Jan 1 to May 31
58,015
81,681
57,986
89,713
Honolulu Rap Tr &L Co_May
x9,079
6,123
6,394
x8,459
Jan 1 to May 31
x37,966
x36,204
30,843
31,969
5,685
Houghton Co St Ry____May
4,724
4,767
4,648
Jan 1 to May 31
6,526
21,226
12,307
21,237
Jacksonville Elec Co_ _ _May
6,404
4,132
6,721
9,711
Jan 1 to May 31
36,231
20,600
22,505
37,414
Kan City Ry & Lt Co__ _Apr
77,120
73,799
149,826
151,016
June 1 to Apr 30
980,724
1,683,912 1,613,890 1,010,149
Knovxille Ry & Lt Co_ _June
15,833
12,623
11,421
10,619
Jan 1 to June 30
66,214
62,192
58,725
68,677
Lake Shore Electric____May
7.605
3,685
25,812
23,314
Jan 1 to May 31
5,053
128,425
118,138 def10,174
Little Rock By & El Co_June
17,082
13,570
10,205
8,398
Jan 1 to June 30
88,723
58,001
50,331
104,110
Mass Electric CosApr 1 to June 30
466,192
222,657
314,943
449,498
Oct 1 to June 30
1,366,044 1,295,942
180,766
298,654
Memphis St By
June
34,877
28,036
33,606
18,914
Jan 1 to June 30
208,440
198,164
86,521
72,227
Milw Elec Ry & Lt
June
115,330
100,529
x52,104
x75,866
618,325
Jan 1 to June 30
596,798
x328,826
x267,329
59,392
Milw Lt Ht Sc Tr Co_ _June
x35,771
56,695
x36,469
346,094
Jan 1 to June 30
209,921
x110,767
x20,903
Montreal Street Ry Co_ _June
65,088
55,785
100,040
94,436
450,876
389,614
Oct 1 to June 30
570,180
519,675
32,069
Nashville By & Lt Co__June
29,033
25,303
24,508
188,061
171,247
Jan 1 to June 30
107,806
123,335
44,120
43,550
31,429
North Ohio Tr & Lt Co_June
37,885
261,163
252,735
58,923
Jan 1 to June 30
83,119
15,050
12,813
18,835
18,758
Northern Texas Elect Co Apr
43,563
77,236
77,803
50,326
Jan 1 to Apr 30
3,171
1,721
3,617
3,125
672,155 Pensacola Electric Co__ _Mch
781,135
9,389
816
8,129
Jan 1 to Mch 31
10,822
1,665,598 1,476,708
49
15,653
850
17,003
May
61,642 Savannah Elec Co
53,791
def14,266
16,207
64,278
Jan
1
to
May
69,200
31
284,685
280,667
82,672
63,111
77,401
Seattle
Elec
Co
87,432
May
168,829
161,182
280,758
288,527
297,857
Jan 1 to May 31
362.005
890,685
855,742
x18,066
25,462
x18.197
29,204
47,398 Syracuse Rap Tran Co_ _June
48,323
x105,605
x81,511
Jan 1 to June 30
151,639
172,696
185,416
184,103
9,206
10,848
1,348
2,303
May
150,221 Tampa Electric Ca
165,128
51,614
62,867
6,580
Jan 1 to May 31
7,675
909,289
1,021,056
x22,878
x22,554
Toledo
By
66,227
&
71,762
Lt
Co
June
53,541
57,372
x136,884
x130,634
380,142
Jan 1 to June 30
420,136
294,582
295,867
166,830
155,232
128,250
115,142
June
105,012 Twin Clty R T Co
c65,904
760,156
697,831
Jan
691,316
1 to June 30
749,428
399,698
328,085
131,984
112,247
230,852
United
Rys
230,833
of
St
Louls_June
81,435
75,549
375,266
400,510
Jan 1 to June 30
1,395,548 1,386,310
335,854
320,086
4,324
3,259
7,373
8,003
31,571 Whatcom Co By & Lt__May
33,885
23,771
35,899
33,367
25,262
Jan 1 to May 31
121,366
127,562
2,363
3,788
x After allowing for other Income received.
18,830
12,927
8,200
44,244
37,320
4,863
5,031
66%
0;f;
22,834
23,
6,296
5,338
Annual Reports.-An index to annual reports of steam
11,638
17,518
138,048 railroads, street railways and miscellaneous companies which
177,450
554,852 have been published during the preceding month will be
828,825
11,367 given on the last Saturday of each month. This index will
11,886
54,148
63,429
not include reports in the issue of the "Chronicle" in which
160,092
206,648
927,747 it is published. The latest index will be found in the issue
1,206,709
113,000
102,760 of July 25. The next will appear in that of Aug. 29.
675,265
737,890
Alaska Central Railway Company.'
15,702
17,853
54,934
80,485
(Annual Report.)
170,104
140,512
President A. C. Frost, under date of June 12 1908, says
642,763
586,384
34,617
39,770 in part:
188,938
192,195
The capitalization of the company Is as follows:
30,512
$4,000,000
I 29,611 Common stock
47,005
43,473 Preferred stock (all issued prior to Dec. 1904, when the present
1,960,000
management assumed control)
252,181
due 1933, $1,550,000, all deposited with the trustee of the
25
16:5
0 15
13,151
88
4 Bonds,
98,000
later Issue except
70,542
58,194 Bonds,
due 1935 $4,000,000; deduct $196,000 deposited with
94,308
88,231
the trustee pending retirement of the $98,000 above mentioned,
547,987
3,804,000
511,267
remainder outstanding
Owing to the financial conditions prevailing during the past year, the
283,482
281,972
from
road
the
completion
of
its
operations
were
limited
to
company's
1,447,259 1,451,472
Mlle 48 to Mile 52 and the construction work between Mlle 52 and Mile 73.
343,080
362,836 The status of the company's property is as shown by the report of J. B.
1,706,058 1,761,576 Cameron, Engneer of Construction, hereto attached.
278,727 def3
19:6
1 99
67
8
The road as originally planned contemplated a pioneer road-fight constructon and heavy grades-but as the resources of the country became
11,262
in
61,161
57,138 better known, particularly the extent and quality of the coal deposits
the Matanuska Valley, it was decided that, in order to handle this traffic
heavy
necessary
to
for
construct
a
road
was
economy,
it
tidewater
with
to
a Net earnngs here given are after deucting taxes.
traffic. The road as far as constructed is first class in every respect.
b Net earnings here given are before deducting taxes.
When the company's operations closed for the season last October, all
c The decrease in earnings in this instance is due to the fact that the
help employed was paid in full, as also all the supplies purchased in Seattle
Jamestown Exposition was held a year ago.
and elsewhere; the only obligations due and unpaid are a balance of $11.196
due to Watson & Snow, contractors (who very considerately, offered to
Interest Charges and Surplus.
wait until it became convenient for the company to pay the same), and
-mt.,-mt.,Rentals, &c.-&c.--Bal. of Net E'ngs.- about $2,000 of miscellaneous small bills-a total of less than $14,000.
Current
Previous
Previous
Current
On May 10 1008 Judge Reid, one of the District Judges of Alaska, at
Year.
Year.
Year.
Year.
Fairbanks, appointed a receiver for all the property without notice to the
I
Rbads.
$
$
$
parties
interested. The receivership order embraced not only all the prop34,635
38,805
27,650
28,259
Aurora Elgin & Chic_ ___June
of the Alaska Central Railway Co., but all the property of the Tanana
299,726
290,605 erty
334,404 319,100
July 1 to June 30
Railway Construction Co., whose total indebtedness, except the amount
3,919
May
def5,108 due Its shareholders, will not exceed $12,000. Ballaine's charges of fraud
8,284
8,254
Binghamton Ry
31,799
10,848 and over-capitalization are not only false but ridiculous. The facts are
43,846
39,131
Blrm Ry Lt H & P Co_ _June
118,754
118,943 that the Tanana Railway Construction Co., under Its contract with the
30
263,294
June
228,208
to
Jan 1
railway company, Is entitled to more bonds and stock than have been Is82
1,096 sued. In order that the stockholders and bondholders shall have accurate
2,343
2,254
Brockton & Plymouth May
def8,181
10,322
def3,268 Information regarding the company's affairs, I have deemed it expedient
0,851
Jan 1 to May 31
4,230
2,894 to ask the Seattle Chamber of Commerce to Investigate the charges made
4,788
4,677
Cape Breton Elec Co__ May
12,720
690 by John E. Bailable.
22,905
22,014
Jan 1 to May 31
The company has purchased over $1,000,000 of provisions and supplies
9,365
10,244
13,817
13,517
Charleston Con By & EI.May
24,015
41,450
22,450 from the merchants of Seattle and has promptly met all of Its obligations.
40,550
Mch 1 to May 31
Although the Construction Company has shared in the embarrassment
7,489
3,960
5,202 of the financial depression of the last two years, its stockholders have made
7,213
Clev Painesv & E'n__June
9,109
11,434 many personal sacrifices to meet accruing obligations.
43,648
43,277
Jan 1 to June 30
2,112
1,448
11,971
Unfortunately, the construction has never been sufficiently advanced
10,830
Mch
Columbus Electric Co
3,46'
35,564
5,007 to permit the road to be operated profitably. Interest coupons on both Is32,715
Jan 1 to Mch 31
--Gross EarningsPrevious
Current
Year.Year.
Roads.
$
$
Charleston Con Rys & El May
63,695
61,399
Mch 1 to May 31
186,241
172,859
27,068
27,387
Clev Painesv & E'n_ a_ _June
Jan 1 to June 30
125,259
123,187
Columbus Elec Co_a_ _ _ _Mch
28,701
'26,450
Jan 1 to Mch 31
87,977
78,724
Dallas Elect Co_ b
Apr
91,617
84,171
Jan 1 to Apr 30
352,865
339,060
Detroit United Ry_a___June 635,792
634,469
Jan 1 to June 30
3,285,428 3,286,869
Duluth St By-b
June
75,851
72,816
Jan 1 to June 30
410,381
386,120
East St Louis & Sub__ __June
166,729
183,413
Jan 1 to June 30
977,996 1,003,404
El Paso Elec Co_ b
May
42,634
40,536
Jan 1 to May 31
218,476
192,642
Ft W & Wab Val Tr Co..May
107,190
101,012
Jan 1 to May 31
505,166
461,970
Galv-Houston Elec Co- b May
91,024
85,605
Jan 1 to May 31
413,340
392,061
Georgia By & El Co_ __ _June
265,630
270,080
Grand Rapids Ry Co_ _ _June
88,022
85,324
Honolulu R T & L Cob May
31,801
31,417
Jan 1 to May 31
150,454
151,239
Houghton Co St Ry_b__May
20,775
21,504
Jan 1 to May 31
91,726
97,969
Illinois Traction Co_a__June 324,272
307,119
Jan 1 to June 30
1,913,518 1,706,318
32,384
Jacksonv Elec Cob
_May
37,668
Jan 1 to May 31
158,237
174,751
Kan City By & Lt Co_b_Apr
472,666
492,472
June 1 to Apr 30
5,620,390 5,226,282
51,852
48,977
Knoxville By & Lt Co_a June
282,929
272,099
Jan 1 to June 30
73,882
69,538
Lake Shore Electric_a_ _May
317,960
307,440
Jan 1 to May 31
46,649
50,271
Lax & Interurb Rys___May
204,221
225,340
Jan 1 to May 31
52,743
54,046
LittleRock Ry & El Co a June
299,316
330,732
Jan 1 to June 30
Mass Eiec Cos_ b1,095,842 1,924,333
Apr 1 to June 30
5,328,088 5,165,475
Oct 1 to June 30
144,709
140,883
June
Memphis St Ry_ a
764,644
775,068
Jan 1 to June 30
323,937
324,626
Milw Elec Ry &t Lt_ b. _June
1,860,507 1,826,987
Jan 1 to June 30
77,762
Milw Lt Ht & Trac Co_ b June
79,739
344,126
Jan 1 to June 30
360,471
Montreal St Ry Co
June 331,212
325,252
Oct 1 to June 30
2,672,764 2,494,888
Nashv By & Light Co _a_June 130,995
128,273
Jan 1 to June 30
760050
740,501
Norfolk & Portsmouth June c164,527
254,247
Jan 1 to June 30
875,620 1,100.180
North Ohio Tr & Lt Co_June
174,444
182,242
Jan 1 to June 30
837,743
849,257
Northern Texas El Co_b_Apr
70,351
79,052
Jan 1 to Apr 30
316,515
313,052
Nor Westchester Lt Co.a.May
9,039
8,087
Jan 1 to May 31
48,023
25,639
Oklahoma City By Co_June
23,771
Jan 1 to June 30
116,928
121,603
12,424
Peekskill Ltg&RR Co_a_May
12,314
Jan 1 to May 31
59,330
60,256
17,284
Pensacola Electric Co_a_Mch
19,205
.
51,961
Jan 1 to Mch 31
52,739
323,111
Portland By Lt & Pow_May
355,774
1,706,530 1,474,496
Jan 1 to May 31
28,921
27,733
Porto Rico Rys Co, Ltd_May
146,414
139,022
Jan 1 to May 31
524,622
Rio de Jan Tr L&P Co a June 575,903
3,339,915 2,980,746
Jan 1 to June 30
180,606
162,971
Sao Paulo Tr L&Pow__June
1,14Z,408 1,027,472
Jan 1 to June ;30
48,097
48,332
Savannah Elec Co_ b_ __ _May
232,388
231,801
Jan 1 to May 31
May 386,961
339,616
Seattle Elec Co_ b
1,806,842 1,562.505
Jan 1 to May 31
72,344
76,506
St Jos Ry LtHt&PowCo_June
405,680
413,055
Jan 1 to June 30
60,579
61,868
Springfield By & Lt Co_June
103,083
109,746
Syracuse Rap Tran Co_June
593,664
Jan 1 to June 30
626,949
43,612
Tampa Elec Co _ b
45,405
May
212,210
Jan 1 to May 31
226,887
212,098
Toledo Rys & Lt Co_ b_ _June
201,766
Jan 1 to June 30
1,230,375 1,245,318
530.741
553,501
Twin City Rap Tr Co_ b-June
Jan 1 to June 30
2,982,849 2,848,614
961,189
United Rys of St L_a__Junc 915,339
Jan 1 to June 30
•
5,163,556 5,287,612
120,646
United BR of San Fran_May 661,914
28,004
Whatcom Co By & Lt b May
28,958
137,067
Jan 1 to May 31
147,119
-Net Earnings-Previous
Current
Year
Year.
b
$
23,182
23,761
63,000
65,465
12,415
11,449
54,711
52,757
12,278
14,083
37,722
44,028
23,541
30,871
74,101
93,426
263,027
251,601
1,175,121 1,181,630
38,104
30,525
185,068
148,003
89,313
76,747
456,280
462,645
9,972
14,154
40,871
59,518
40,447
43,853
177,213
210,014
31,177
36,323
139,696
147,699
138,336
131,939
48,830
42,535
15,063
14,008
67,163
63,919
10,409
9,415
27,752
33,544
131,010
136,013
774,924
731,435
13,125
13,843
58,736
58,014
224,815
226,946.
2,694,061 2,594,614
24,044
26,452
128,406
127,402
30,920
20,498
123,191
118,251
15,833
15,001
65,656
70,882
25,480
23,775
139,054
162,111
ANNUAL REPORTS.
282
THE CHRONICLE
sues are in default Up to April 1 1908 the company succeeded In arrang
Ing for payment of the amount of interest coupons to the bondholders, but
since that date no interest payments have been made.
[VOL. LXXXVII.
there was charged against fund for "additions and betterments" $129,824
and against "Income account" for the year (see footnote to table belowEd.) $180,355.
EARNINGS, EXPENSES, CHARGES, &c., FOR CALENDAR YEARS..
1904.
1907.
1905.
1906.
Earnings$
$
$
$
Freignt traffic
1,081,882.
1,704,787
1,318,111
1,517,633
Passenger traffic
346,609
441,693
382,529
399,758
Express, malls, car service and miscellaneous
a148,805
139,489
147,101
129,176
Abstract of Report of J. B. Cameron, Engineer of Construction. Seward.
Alaska. Jan. 20 1908.
The road Is completed and in operation from Seward, its terminus on
the Pacific Ocean, to Mile 53. The line is well constructed, with 14-foot
road bed, well drained, 2,800 ties to the mile, and with 60-lb. rail on the
first 18 miles and 85-1b. on the remainder. A telephone line is substantially constructed the same distance. The first 53 miles of road crosses two
mountain ranges, and in consequence the heaviest construction of the whole
• Gross earnings
1,577,296
2,285,969
1,847,741
2,046,567
line has been encountered on the road now constructed. The road Is conExpensesstructed with a maximum of 1% compensated grade, except over the two Malin.
way and struc_
319,395,
379,816
308,678
323,008
mountain ranges, which have a maximum of 2.2% compensated, which Is Maint. of
of equipment.315,723
450,180
315,847
438,232
light for mountain grade. The construction from Mile 48 to Mlle 54 was
transport'n_
839,670
596,758
662,005
732,797
especially heavy. To maintain here the 2.2% grade, loops were necessary. Conducting
General expenses
22,623.
24,973
24,228
and exceptionally heavy rock work, bridging and tunneling was encoun- Taxes
36
58'715
57
9
44,967
51,065
46,027
tered. Seven tunnels have been driven, varying from 200 to 000 feet in
length.
Operating expenses
1,764,582
1,200,466
1,570,076
1,356,785
From Mile 53 to Mile 87 the grade and pile bridges are completed and Net
earnings
521,387
277,830.
476,491
490,955
ready for track-laying, and nearly all the material Is on hand to complete General
3,184
2,674
1,801
this section. From Mile 67 to Mile 75 the grading Is about 75% completed. Rents interest
3,723
4,352
(a)
From Mile 75 to Mile 105 the right of way is cleared and some of the grading Hire of equipment
37,840
_
has been finished-mostly beyond Mile 00. The main line has been definitely located and surveyed to Mile 225, and the Matanuska coal branch
Gross Income
562,411
279,631
482,888
495,308
starting from Knik, at Mile 149 on the main line, a distance of 38 miles.
DeductPreliminary surveys have been made to the Tanana River, about Mile 420. interest
debt
fund.
157,640
on
158,310
159,670'
158,992
substantial
wharf
Seward
a
been
has
At
constructed, with approaches, Rent tracks, yards, terat a Cost of over $75,000; also a large general office building, costing about
minal, &c
a28,281
a30,586
(a)
(a)
$60,000. The company has also three large, well-constructed warehouses. Car
16,762
trust interest
2,380
...
There Is on hand sufficient 65-lb. rail to lay track to Mile 75, and ties Miscellaneous
4,390
1,050
sufficient to lay to Mile 85. We also have a large construction and grading Dividends
(3 %%)140,000(3%)120,000 (2%)80,000 (2%)80,005
outfit, consisting of cars, track, tools, tents, camp utensils, dm, for working 1,200 men. In addition, there are large store supplies of provisions
347,073
Total
308,806
242,423
239,670
and clothing on hand worth $100,000. Our mechanical equipment con- Balance
b215,338
173,092
252,885
30,961
sists of 4 locomotives-two of 45 tons and two of 60 tons each-36 fiat, box and caboose cars, machinery, and biacksmita shop at Seward for re1906
Jan.
rents
1
are
Commencing
included
a
in "Other Income" Instead
pair work. We have three saw-mills-one at Seward, one at Mile 73 and of in gross earnings. Prior to that included in earnings
and expenses.
one at Mile 75; they have a capacity of 15,000 to 20,000 feet per day each,
S Add at credit of income Dec. 31 1906 $79,047 and miscellaneous $8,241,
and cost about $75,000 in place. We have 46 head of horses, harness, and deduct
additions, Improvements, aec., $180,355, and sinking fund.
pack outfits, wagons, sleighs, &c.
$15,840-balance to credit of profit and loss Dec. 311907, $106,431.
The company owns valuable terminals at Seward, and, by special Act
GENERAL BALANCE SHEET DEC.31.
of Congress, has been granted 320 acres on the north end of Resurrection
Bay, east of Seward, and two strips of land along the shore Immediately
1907.
1906.
1907.
1906.
adjoining Seward on the east. All of the south frontage between tidewater
$
$
LiabilitiesAssets$
$
has been deeded in fee simple to the Railway Company. This gives us Railway, equipment,
Capital stock
4,000,000 4,000,000
practically a mile of water frontage.
7,430,039 7,386,858 Gen'l mtge. bonds .J,800,000 1,800,000
&c
The traffic of the line from a transportation standpoint will consist Securities of other
First consols
1,679,000 1,695,000
principally of coal from the Matanuska field, together with copper and the
companies
75,000
75,000 Fund for additions
business incident to the placer mining of the interior. This will stand a Material and supplies
and improvements 64,055 129,825
on hand
210,903 218,720 rd for t't car equip_
heavy transportation charge,and Is a growing business. The development
36,103
of placer ground in interior Alaska Is but started, and quartz mining Is Due by other cornCar trust principal
beginning to be developed. Copper, gold and silver are being discovered,
170.001 237,203 chgd. in advance_ _ 64,453
panies
57,900
Due by sta'n agents_ 73,354
and lie waiting transoortation for development.
58,250
84,972 Am% Int. on bonds.. 57,983
25,652
There can be no doubt that the Alaska Central will enjoy a paying traffic Cash In transit
22,550 Acc'ts for curl exp._ 226,593 316,799
as soon as It reaches the coal fields. Alaska coal Is the only high-grade coal Cash with Treasurer_ 157,841 146,240 Due other companies 43,124
39,911
available at a reasonable price for the States bordering on the Pacific. Cash on deposit with
Sinking fund
118,256 102,415
Pennsylvania Co
It Is estimated that the Coal business alone will pay the Alaska Central
16,883
22,337
125,000 Miscellaneous
a handsome revenue from the beginning. Added to this, there will be a Other cash
1,220
79,047
1,550 Balance, surplus___. 106,431
large traffic to the inland mining district. Conservative estimates have Miscellaneous assets_ 38,223
34,031
placed the net earnings of the property at nearly a million dollars per annum
Total assets
during its early years, following completion of the line to the coal fields.
8,182,233 8,332,1331 Total liabilities...8,182,233 8,332,133
There are at times varied opinions advanced as to the competitive char- -V.85. p. 722.
acter of lines now proposed and under construction from the south coast
of Alaska, but no line proposed or that can be constructed, unless one built
absolutely parallel to the Alaska Central, can in any way encroach on its
Michigan United Railways Co.
territory; the physical characteristics of the country are such as to eliminate
(Report for Fiscal Year ending April 30 1908.)
any competition. Its location Is to-day the best known for railroad construction to the interior of Alaska.-V. 86. p. 1283.
Cleveland Akron 86 Columbus Railway.
(Report for Fiscal Year ending Dec. 31 1907.)
President Joseph Wood, March 19 1908, wrote:
General Results.-The gross earnings increased $239,403, or 11.6991.
as compared with the preceding year. The operating expenses, including
taxes. Increased $194,506, or 12.30%; the net earnings increased $44,897,
or 9.42%. The ratio of expenses to earnings was 77.19%, as against
78.72% for 1906.
The tonnage moved during the year was 3,483,638 tons, an Increase of
359,440 tons, or 11.51%, principally In bituminous coal, stone, sand and
like articles, and bar and sheet metal. Earnings per ton per mile decreased
from 6.2 mills to 6.1 mils, or 1.61%. Earnings per freight train mile were
$2 18, as compared with $2 05 for the year 1906. Earnings from passengers
carried increased $37,121, or 9.48%. There were 732,355 passengers carried In 1007, as compared with 659,149 In 1906, an increase of 11.11%.
Expenses for maintenance of way increased $56,808, or 17.59%, due principally to extensive repairs made to roadway and track, bridges and telegraph lines. Transportation expenses Increased $104,857, or 14.90%, due
to increase In volume of business handled and increase In rate of wages, paid.
General expenses increased $11,784, principally in salaries and law expenses. Taxes Increased $7,004, or 13.89%, due to increase In excise tax
paid the State of Ohio and an Increase in valuation.
Improvements, &c.-Material improvements have been made during the
year. In order to conform to the new law limiting service of trainmen to
16 hours, it became necessary to divide the road between Columbus and
Hudson into two operating divisions, and establish a terminal for runs of
trainmen at Orrville, Ohio. This entailed an enlargement of the facilities
at Orrville, requiring the construction of 31,619 feet of additional yard
tracks, a new four-stall engine house, with machine shop, boner room, electric-light plant, a new 100-ton 70-foot turntable, a coaling station of 350
tons' capacity, complete water station, &c. The total cost will be about
$150,000, of which amount there was expended during the year $135,971.
Mill Street Viaduct, at Akron. Ohio, of which mention has been made in
previous reports, was completed at a total cost of $44,157, of which $16,315
was expended during the current year. The telegraph block-signal system,
referred to In last year's report, was completed and placed in operation between Hudson and Millersburg, a distance of 61 miles, and during the early
part in 1908 the work will be completed to Columbus.
There were 105,741 cross-ties used in main and side-track renewals, and
21,422 in the construction of new tracks. There were 3,717 tons of new
steel rail used In renewals and 7 tons in new tracks; 1,261 tons of partly worn
steel rail were used In renewing and 1,039 tons in new tracks. There were
54.02 miles of main track ballasted with gravel, 0.44 mile with stone and
1.09 miles with cinders. There were 21.76 miles of new standard fence
built and three miles of vitrified tile was placed in ditches. Two miles of
roadbed was widened to the standard width. At the beginning of 1907
the heavy freight engines could run only as far south as Millersburg, Ohio,
on account of insufficient strength of bridges and trestles. During the year
bridges, trestles and culverts were so rebuilt and re-enforced that the heavy
enaines and trains were placed in service over the full length of the road.
Seven new freight and two new passenger locomotives were purchued,
at a total cost of $160,999. Two of the freight engines were charged
against capital account. The remaining seven engines were acquired to
replace vacant numbers and four were charged to expenses, two to income
account and the cost of one provided for from the proceeds of the sale of
two old obsolete engines. Former reports mentioned the purchase, under
a car-trust agreement, of 616 freight equipment cars to fill vacancies; 416
cars were delivered in 1906, and the remaining 200, consisting of 100,000 lbs.
capacity steel gondola cars, were received early in 1907. Being replacements, the annual payments of the principal, $75,162, are charged direct to
maintenance of equipment expenses. It Is estimated that, by reason of
the age and condition of a large number of the existing cars, about 240 will
become unfit for service by the close of 1909, and in order to provide for
this depreciation 80 additional cars were purchased in 1907. 65 of these
100,000 lbs. capacity box cars were bought under a 10-year car-trust agreament, and the annual payments (exclusive of interest, which will be paid
out of income) will be charged to expenses, and the other 15, 100,000 lbs.
capacity hopper cars, costing $18,345, out of a fund set aside prior to 1907.
The amounts expended for additions and betterments aggregate $262,556:
for equipment, $90,804; total. 3353,360. Of this amount, there was
charged to capitallaccount $43,180,11eaving a tbalance of $310,180, of which
This company,having absorbed by consolidation the Michigan TractIon Co., the Michigan Traction Extension Co., the
Jackson & Battle Creek Traction Co., the Jackson Consolidated Traction Co., the Lansing City Electric Railway Co.
and the Lansing St. Johns & St. Louis Railway Co.,reports:
Earnings of System (Jackson Consolidated Traction Co. included.)
Years ending April 30
1906-07.
1907-08.
1905-06.
1904-05Gross earnings
$944,061
$877,015 $782,346
$637,815
Less operating expenses... _
476,851
529,277
441,471
380,809
Net earnings
$400,184 $340,875
$414,784
$257,006
Income Account for Year Ending April 30 1008 (Jackson Consolidated
Traction Co. NOT included.)
Profit for year after paying operating expenses, taxes and interest
on divisional bonds
$208,843
Deduct.-Interest on bonds secured by mortg ge
of 1906 now known as "First and refunding" bonds $80,000
Dividend on preferred stock (6%)
60,000
140,000
Surplus from previous year after adding $273 for adjustments_ _ _
$68,843
93,108
Total surplus as per balance sheet
$161,951
Note.-The net earnings of the Jackson Consolidated Traction Co. are
not Included In the income account above, the books of this company
having been kept separately. "The net earnings of the Jackson Consolidated Traction Co., after paying fixed charges, including interest on $800,000
of 5% first mortgage bonds which are not embraced in the balance sheet
below were.$30,000for 1907-08, and this sum must be included in the net
profits, as the Jackson Consolidated Traction Co. Is the property of the
Michigan United Railways Co."
GENERAL BALANCE SHEET APRIL 30 1908.
Assets.Liabilities.$4,000.000 Franchises and properties $9,438,386
Common stock
Pref. stock, 6% cimn_ _ _ _ 1.000,000 Cost of new work and
First mortgage 5% bonds 1,900,000
betterments
106,319
Uhderlying bonds unexMaterial and stock on
2,400,000
hand
changed
50,703
Sundry creditors
175,419 Sundry debtors
13,214
82,083 Prepaid accounts
Accrued bond interest _ _
19,503
Bal. sur. to next acct..181,951 Sinking fund
45,972
Cash on hand and at
call
45,356
$9,719,453
Total
Total
Compare Item on a following page.-V. 87, p. 1671
$9,719,453
Pittsburgh Youngstown & Ashtabula Railway Co.
(Report for Fiscal Year ending Dec. 31 1907.)
President Joseph Wood, May 21 1908, says in substance:
General Results.-The earnings from freight traffic increased $627,991,
or 13,78%, the tonnage having increased 1,646,057 tons, or 10.04%, and
the ton mileage 119,019,758, or 17.63%. The principal items of classified
tonnage showing increases were bituminous coal, ore, stone, sand, lumber,
cement, brick, lime and miscellaneous articles. The average earnings per
ton per mile were 6.5 mills, a decrease of 0.3 mills; the average cost was
3.6 mills, an Increase of 0.2 of a mill, resulting In net earnings per ton per
mile of 2.9 mills, a decrease of 0.5 of a mill as compared with the preceding
year. The number of passengers carried increased 107,047, or 15.31%, with
an Increased passenger mileage of 2,330,508 miles, or 18.66%, and a decrease In passenger train mileage of 21,701, or 5.52%. The average number of passengers per train increased 8.13, or 25.59%. The average earnings per passenger per mile were 1.93 cents, while the average cost was
2.68 cents, the net loss per passenger per mile being 0.75 of a cent, as compared with 0.95 of a cent In the year 1906.
There was an increase of 3163.110. o- 29.33%. In the expenses of maintenance of way and structures, due chiefly to the heavy repairs of roadway,
and an Increase of $57,657 in repairs to building, fixtures and grounds
Maintenance of equipment expenses Increased $136,606, or 24.07%, due
to locomotives
chiefly to the heavy expenditures for repairs and renewals
$228,857,
and freight-train cars. The transportation expenses increised
traffic
handled
freight
of
volume
the
increased
of
result
a
as
16.79%,
or
and the increased cost of labor.
The gross earnings increased $661,490, or 13.49%, and the net earnings
.5101,418, or 4.59%, over those of the preceding year.
Additions. Maintenance, &c.-The following amounts, aggregating
51,418,569, were charged against income account and to fund for addition
and improvements during the year:
$1,042,868
Docks and wharves
Right of way, real estate.
38,915
5102,2711 Equipment
buildings, &c
•
234,515
Additional tracks
The new modern ore-handling and power plant on Dock 10, Ashtabula,
and the new dock, 1,000 feet in length, known as Dock 11, were completed,
This
and a modern car dumper for unloading coal was erected thereon.
work necessitated the construction of 1,350 feet of breakwater about 300
dock.
with
new
the
parallel
and
of
west
feet
Twenty-three locomotives, authorized as additional equipment during
the year, remained unfilled on Dec. 31 1907. To replace 11 VaCiffieleS in
the freight car equipment on Dec. 31 1906, and 23 vacancies created during
the year, 40 new cars were received.
There were used for renewals 2,243 tons of new steel rails and 53,276
cross-ties, and in the construction of additional tracks 1,383 tons of partly
worn steel rails and 25,452 cross-ties, and the a rgregate length of sidings
was Increased 2.24 miles during the year.
A modern engine house and machine shop layout at Mahoningtown Is
nearing completion.
Car Ferru.-The car ferry which was established early In the summer of
1906, to operate between Ashtabula Harbor and Port Burwell, on the Canadian side of Lake Erie, was in operation from April 1 1907 to the end of
January 1908, with very satisfactory results.
Outlook.-In common with all other railroads, your line experienced a
large falling olf In business in the latter part of the year, and because of the
continued depression in the iron and steel business its earnings for the ensuing year will be more largely affected than will those whose traffic Is
more diversified.
Classification of Freight Traffic (Tons).
Total.
YearOres. Stone,cfcc. Manufs. Misc..
Bit. Coal. Coke.
1907
5,425,357 2,350,018 5,105,595 1,316,881 3,056,746 793,674 18,048,271
1906
4,435,842 2,230,176 4,967,047 1,150,031 2,929,125 689,993 16,402,214
1'905
3,684,911 1,690,959 4,534.723 887,688 2,849,660 597,363 14,245,304
Of the manufactures In 1907.iron (pig and bloom) contributed 1,115,871 tons,
castings
against 1.082,810 In 1900; rails contributed 54,786 tons, against 217,238;
and machinery, 187,591 tons, against 151,019: bar and sheet metal, 888,295 tons,
against 811,850 in 1906.
OPERATIONS AND FISCAL RESULTS.
Traffic Statistics (Miles of Road, 143.)
1906
1907.
1906. I Passengers-1907.
Freight699,340
carried__ 806,387
Tons carried___ 18,048,271 16,402,2141Number
12,491,674
mile_14,822,182
one
Number
074,919,047
Tons one mile_ -793,938,805
0.68 cts.1Rate p. pass. p.m_ 1.93 cts. 2.11 as.
Rate p. t'n p.m. 0.65 cts.
1905.
1900.
1907.
$
s
Earnings3,978,723
4,558,827
5,186,818
Freight traffic
284,635
309,469
328,250
Passenger traffic
24,905
25,328
30,785
Express traffic
10.194
10,595
11,566
Transportation of malls
7,591
446
8,315
Miscellaneous
Gross earnings
ExpensesMaintenance of way and structures
Maintenance of equipment
Conduct. transportation-Traffic
Operation_
General expenses
Taxes
5,565,734
4,904,244
4,306,771
719,269
704.189
43,477
1,592,120
67,161
128,381
556,159
567,583
40,145
1,363,262
53,939
113,437
647,103
462,385
33,706
1,185,427
44,371
93,280
Operating expenses
Net earnings
Add general interest
3,254,597
2,311,137
40,098
2,694,525
2,209,719
20,830
2,466,273
1,840,403
2,599
Net income
DeductionsInterest on funded debt
Additions and improvementsOrganization expenses
Rents
Interest on car trust
Hire of equip., July 1 to Dec. 31_ __ _
2,352,136
2,230,549
1,843,002
168,100
857,711
168,100
608,852
16,533
4,196
168,100
974,454
797,681
1,131,666
Total deductions
1,653
930
38,585
1,066,979
10,888
711,426
1,432,868
1,285,157
..et result
Deduct(7)147,000 (6)126,000
Dividends on common stock
635,621
636,412
Dividends on preferred stock(7%) _
Consoli17,713
17,713
Principal of car trust
dation
500,000
To Addition and Improvement fund_
took
---- ---place on
1,279,334
801,125
Total dividends, &c_
153,534 Jan. 11906.
484,032
Balance,surplus
BALANCE SHEET DEC. 31.
1907.
1906.
1
1906.
1907.
I Liabilities-$
$
• Assets$
'Common stock__ 2,100,000 2.100,000
Road, equipment,
Ace
14,262,000 14,262,0001Preferred stock_ 9,086,950 9,075,450
x13,050
1Pref.stk.,reserved_
x24,550
RIM estate and Im3,062,000 3,062,000
773 Bonded debt
provements
773
66,754
66,754
Accr'd Interest, &c
Due by Pennsyl1,505
880
vania Co., lessee 1,099.903 1,158,417 Matured Interest
Dividends unpaid_
2,593
Cash for interest on
8801Funds for addltMs
bonds
1,505
543,145
2,0681 and improv'ts
Cash for dividends
548,766
1,033,923
'Surplus
17-5,307-382
-15,424,138
15,364,182 15,424.1381 Total
Total
x Reserved to meet conversion of outst'g stock of constituent companies.
-V. 86, P. 1285, 795.
Virginia-Carolina Chemical Co.
(President's Report for Fiscal Year ending May 311908.)
• President S. T. Morgan, at the annual meeting in Richmond on July 10, supplemented the figures of earnings and
balance sheet (V. 87,p. 161,) with some interesting remarks,
e which we give a brief digest below:
General Results.-The general depression of all business enterprises
and the consequent lack of purchasing power in the country at large has
given us a year with business hindrances long to be remembered. We
have been fortunate, however, in coming through this panic period unscathed.
The company Is now much stronger than it was a year ago and, while
our quick assets have not materially changed, $500,000 of the collateral
trust bonds have been paid for; the large expenditures undertaken
by the Charleston (S. C.) Mining & Manufacturing Co. In completing its
mining plants in South Carolina, Florida and Tennessee have been corn
pleted and paid for: and the large expenditures by the Southern Cotton
Oil Co. for tank cars, and the changing of some of its steam plants have
likewise been completed. The total amount expended for betterments
by all the companies, embracing the Items enumerated above, is $632.727.
As far as we can now see, there are no large expenditures ahead of us for
betterments or for new purchases.
The current indebtedness in bills and accounts payable Is $908,795
less than at the same period last year; and the accounts and bills receivable
are 51,631,143 greater than last year. Our cash In bank, however, is
5936,756 less. As above stated, we have retired the required $500,000
collateral trust bonds.
Owing to the condition of the money market, the board thought it
wise to decrease the output of fertilizers, as most of this is time business.
Therefore the company handled 40,664 tons less fertilizers than the pre-
283
THE CHRONICLE
AUG. 1 1908.1
vious year. The gross value of the sales was $588,215 more than las
year. The decrease In tonnage was on acid phosphate and bulk potash
salts, both of which are handled at a very small profit, while the increased
value of sales was in the high grade, complete fertilizers and proprietary
brands, which are the most profitable department. A gratifying feature Is
the continued increase in the sales of the company's complete fertilizers
In sacks and under proprietary brands. In 1905 we sold 80% In bags
and proprietary brands; In 1906, 84%; In 1907, 86%; and in 1908, 90%.
The profits from the fertilizer department are $2,056,845, and exceeded
the profits from the same sources last year by $586,631. The total net
profits are 5496,862 less than last year.
Soutltern Cotton Oil Co.-While the fertilizer department proper showed
satisfactory net earnings, the Southern Cotton 011 Co., much the largest.
of our subsidiaries, had net earnings of only $526,607, as compared with
$1,610,000 last year-or a decrease of $1,083,493. The same number
of tons of cotton seed this year cost $1,150,700 more than last year, while
the products from a ton of seed sold for hardly as much. The time when
cotton seed is cheapest Is November and December. At this period last
year we were in the worst of the panic, when It was almost impossible
to get currency, and the farmers, as a rule, would not sell seed for anyLaing but cash. As soon as money conditions eased up, all of the mills
strove to get a full crush of seed, and the price was advanced to a point
where the cost of a ton of seed worked was as much as the products are
worth. Your directors felt that the Southern Cotton Oil Co. should be
kept financially strong during all of these panic times, and to this end
the company sold its products freely. The high prices brought out large
quantities of seed and the company therefore, crushed approximately
20% more seed than the previous year.
The proprietary articles manufactured by the Southern Cotton 011 Co.,
such as lard, soap and proprietary oils, are continuously growing in favor,
and to this branch of the business Is largely due the profits of the company
for this year, as there was comparatively little money made In the crushing of seed.
Charleston (S. C.) Mining & Afanufacturing Co.-The next most important of the subsidiary companies is the Charleston Mining & Manufacturing Co., which owns virtually all of our phosphate lands, and owns and
operates all of the phosphate mining plants. The net earnings of this
company were about 12% greater than last year. but they were still not what
we had expected, owing to the fact that the three new mining plants got
In but a few months active operation. In fact,the Mayfield,Tenn., plant,
owing to the delay In transportation facilities, did not ship a pound of
rock during the year, and the Chlsolm Island, S. C., and Fort Meade, Fla.,
plants were three months longer In getting Into active operation than
we had anticipated. However, all of these properties are now in complete operation, and, in fact, all of the mines of the Charleston Mining
& MannfPcturing Co. are now working comparatively full, and while
there has been a decline In the price a phosphate rock, your company,
has prm.tty well sold all of Its surplus for the ensuing year, and we confidently exnect much larger profits from the Charleston Mining & Manufacturing Co. than ever heretofore, as It is anticipated that they will increase their output this year approximately 150,000 tons.
German Mines.-ElnIgkelt-The German !potash mines has "turned
the corner", so to speak, and have declared their first dividend of M.300,000 for the year, payable quarterly out of the earnings of the previous
year. While this dividend Is small, and they could have paid more,
It was thought prudent to let them start in this small way, so as not to
hamner them in their development, and to have them at all times with
ample working capital. The developments are going on there as rapidly
as conditions will permit. It is the purpose of the company to put the
mines in a position to mine within the next year twice the product they
are now doing, as your company requires more than twice the present
output of EinIgkeit to supply its own needs.
Sulphur Mines.-The sulphur mines in Mexico have been leased and
in successful operation for the past three months. The lessee guarantees
a minimum royalty of $25,000 per annum, payable monthly, and the
same has been promptly paid each month, so that instead of that property
being a tax on the company, as heretofore, It is now paying a reasonable
amount upon the investment.
Maintenance.-We have been spending for several years approximately
$1,000,000 or more per annum for maintenance, &c., which has been
charged to operating expenses. The liberal amount so charged each
year and the splendid condition in which the plants are maintained Is
the reason why no fund for depreciation has been set up.-V.87, p. 161.
United States Steel Corporation.
(Earnings for the Quarter and Half-Year ending June 30 1908.)
RESULTS FOR QUARTERS ENDING JUNE 30.
1907.
1908.
520,265,756 $45,503,705
Net earnings
DeductSinking funds on bonds of subsidiary companies
Depreciation and reserve funds (reg. provision)
Interest on U.S. Steel Corp. bonds
Sinking funds on U. S. Steel Corp. bonds
$611,605
3,300,161
5,972,498
1,339,465
$595,670
6,127,560
5,662,385
1,274,578
$11,223,729 $13,660,193
59,042,027 531,843,512
6,304.919
6,304,919
2,541.513
2,541,513
Balance
Dividend on preferred stock (1,i%)
Dividend on common stock (h%)
Surplus for the quarter
On account of expenditures made and to be made
for additional property, new plants, construction and discharge of capital obligations
Special improvement and replacement fund
$195,593 $22,997,080
$18,500,000
1,000,000
519,500,000
$195,595 $3,497,080
Balance of surplus for quarter
UNFILLED ORDERS ON HAND.
Tons.
Tons.
Tons.
June 30 '08...3,313,876 Mch.31 '06_7,018,712 Dec.-31 '03...3,215,123
Mch. 31 '08...3,765,343 Dec. 31 '05_7,605,086 Sept.30 '03 _3,278,742
Dec. 31 '07___4,624,553 Sept.30 '05__ _5,865,377 June 30 '03_ _ _4,666,578
Sept.30 '07...6,425,008 June 30 '05_ _ _4,829,655 Mch.31 '03_ _5,410,719
June 30 '07...7,603,878 Mch.31 4)5...5,597,560 Dec. 31 '02_5,347,253
Mch.31 '07_8,043,858 Dec. 31 '04...4,696,203 Sept.30 '02_4,843,007
Dec. 31 '06_8,489,718 Sept.30 '04...3,027,436 June 30 '02...4.791,993
Sept.30 '06_ _ _7,936,884IJune 30 '04_3,192,277 Nov. 1 '01...2,831,692
June 30 '06._ _6,809,5891Mch.31 '04._ _4,136,961
NET EARNINGS FROM OPERATIONS FOR HALF-YEAR ENDING
JUNE 30.
1906.
1907.
1905.
1008.
$5.052,743 $12,838,703 511,856,375 $6,810,847
,
January
6,629,463
5,709,428 12.145,815 10,958,275
February
9,585,586
7,466,834 14,137,974 13,819.840
March
Total quarter
April
May
June
$18,223,005 $39,122,492 $36,634,490 $23,025,896
56,761,680 $14,600,838 $12,581,902 $9,037,925
6,021,279 16,056,832 14,041,601 10,602,187
7,482,707 14,846,035 13,501,530 10,665,004
0,265,756 $45,503,705 $40,125,033 $30,305,112
$,
Total quarter
$38,494,761 $84,626,197 $76,759,523 553,331,016
Total half-year
-YEAR ENDING JUNE 30.
INCOME ACCOUNT FOR HALF,
1907.
1906.
1908.
$
$
$
38,494,761 84,626,197 76,759,523
Total net earnings half-year
Deduct3,410,203
2,941,959
3,217,578
For sinking funds
0,993,474
5,071,388
9,674,168
Depreciation and reserve funds
5,500.000
2,000,000
Special Improvt. and replacemt. fund.
11,973,485 11,348,000 11,459,833
Interest
33,000,000 23,500,000
Additional prop'ty, contruction, &c.
--19,986,832 59,751,677 53,351.579
Total deductions
18,507,929 24,874,520 23,407,944
Balance
Dividends on Stocks12,609,838 12,609,838 12,609,838
Preferred, 3 %
5,083,026
5,083,026
5,083,026
Common, 1%
Total dividends
Undivided earnings for half-year_
-V. 87, p. 229.
17,692,864
815,065
17,692,864
7,181,656
17,692,864
5.715,08 0
284
THE CHRONICLE
Calumet & Hecla Mining Company.
(Report for Fiscal Year ending April 30 1908.)
President Alexander Agassiz, Boston, July 10 1908, besides.reciting the various improvements and additions made
during the year, says hi substance:
A Boston paper on July 18 said:
The American Glue Co. Is operating its plants at the present time at 80%
of,normal capacity. This represents an Improvement
25% from the low
1)61/It of the depression in December and January,ofwhen
plants were
running at but 55% of capacity.-V. 87. p. 168.
American Caramel Co.
General Results.-During the past year the company produced mineral
equal to 43,264 tons relined copper, as against 46,297 tons last year. The
(Report for Fiscal Year ending Dec. 31 1907.)
product of refined copper was 39,490 tons. In the year ending
30
INCOME ACCOUNT FOR CALENDAR YEAR.
1.,)07 the product of refined copper was 46,050 tons. The price ofApril
copper
has varied from 26 cents to 12 cents per pound. It Is now about 13 cents.
1907.
1906.
1905.
There has been paid during the past year one dividend of $20,
1904.
1903.
Sales
one
of
$1,006,7o8
$15, one of $10 and one of $5.
Net gain
213,876 $188,960 $223,988 $203,471 $165,043
In previous reports, the attention of the stockholders has been called
Deduct
to the unsatisfactory character of the conglomerate below the 57th level Interest on bonds
$20,125 $21,625 $23,125 x$26,705 x$27,897
In the northern part of the mine. In 1900 the conglomerate yielded about
Miscellaneous
3,741
1,679
6,413
1,586
59.93 pounds of copper to the ton. Since then this percentage has annually 8%
1,592
on preferred stock.... 80,000
80,000
80,000
been diminishing. In 1902 It had fallen to 52.44 lbs. to the ton.
80,000
80,000
Div.
stock_
common
on
For
_ _ _ 80,000
the
80,000
45,000
past fiscal year Its yield was 39.68 lbs. To maintain our product, we have
Hate of dividend
(8%)
(8%)
stamped an additional amount of conglomerate rock In addition
(45%)
to the
amygdalold rock mined from the Osceola lode, which has been
Net surplus
Increased
$30,010
$5,656 $69,450 $95,179 -$55.552
from 74,235 tons In 1005 to 603,891 tons in 1907-08. The amount
o
conglomerate stamped has gradually Increased from 1,464,697
In
z Includes premium on bonds.
1900 to 1,894,176 tons in 1907-08. Thus, In 1907-08 eating Into thetons
availaBALANCE SHEET DEC. 31.
ble conglomerate at a rate far in excess of that we had been accustomed
1907.
to consider the normal output, plainly shows that your directors did not
1905.*
1907.
1905.*
seek too soon for an additional source of copper supply to replace that
$
Assets$
Liabilities-$
$
ob- Plant, franchises,&e.2,376.944
tained from the waning conglomerate lode. We anticipate a still further
2,347,612 Common stock
1,000,000
1,000,000
reduction In the percentage. During the last five years the cost
3,165
Prepaid insur., &c__
3,998 Preferred stock
1,000,000 1,000,000
per
__
45,042
Finished
stock
of rock has been greatly reduced, partially offsetting the decrease in ton
Bond
account
325,000 x375,000
the Acc'ts receivable__ 101,335
the rock.
cooper
66,923 Accounts payable_ _ _
24,589
fiscal
thento
conte
f year
Osceola lode has yielded 11,145,220 lbs. of Materials, &c
138,401 125,864 Accrued interest _ _ _ _ 73.662
1,625
1,875
copper. We are now producing from it at the rate of over 12,000,000
Stocks
bonds...
54,148
y73,648
and
Profit
andloss
369,900
344,914
lbs
Is
this
being gradually increased to offset as much as
Furn.,
year. and
10,783
possible Cash fixtures, &c.
28,664
93,538
the decrease In production from the conglomerate lode.
Theibullding for the re-grinding mill has been erected,and the
& Penn. creamfoundations Lane.equipment,
24,012
&c 22,488
for the ChIllan mills built and twelve of the forty-eight mills are nearly
ery
ready to be Installed. This section of the mill ought to be in operation
by
2,770,187 2,746,378
the fall.
Total
Total
9,770,187 2,746,378
The only changes made the past year at the Buffalo smelting works
been the enlargement of our machine shop and the Installation there have
Not
*
1906.
deducting
power crane for handling heavy moulds, and the practical completion of a
$100,000
in treasury. y Present market value over
x After
of the $87,000.
new electrolytic tank house with a capacity of 20,000,000 pounds of relined
copper per annum. We hope to have tanks for half that
Dividend Record.
capacity
ready
for operation by October.
1898 1899 1900 1901 1902 1903 1904 1905 1006 1907
Options.-Under the terms of our option we have acquired 50,100
4
4
3
43,5
0
0
43,5
8
8
shares Common (70) ---- 0
of the stock of the Gratiot Mining Co.
Preferred (%) ---- 4
8
8
8
8
8
8
8
8
8
We have abandoned our option on the Point aux Mines. Canada, but
-V.86, p. 858.
are
continuing the examination of the Mamalnse lands. Our exploration
work
California Wine Association.
on the Sibley lands near the "Nonesuch" has thus far not been satisfactory.
We are exploring the lands to the cast of the "Nonesuch" with fair results.
(Balance Sheet Dec. 31.)
Osceola Consolidated Copper Co.-The evidence for a final hearing of the
suits against this company, as a shareholder In the Osceola Company,
1907.
1906.
1907.
1906.
has
been taken and printed. Arguments were heard by the Court on thls eviAssetsLiabilities.
$
$
dence in May. We hope for a speedy decision. The issues in these suits Invent. of wines, &c_2,704,067 2,146,289 Capital stock
4,754,200 4,354,200
remain unchanged, but the amendment by the Michigan Legislature
receiv_ 911,629 601,864 Bonds issued
1,505,000 1,485,000
of 13Ills Sr accts.claims_
the law which limited land holdings of mining companies, has made that
Adjusted ins.
283,810 328,123 Surplus
1,000,000 820,000
question unimportant. The continuance of the injunction forbidding
other cos_ __4,675,518 4,102,233 Reserve
535,115 328,123
the Stock in
Osceola Company to hold Its annual meeting except to adjourn the same
Plant, mach'y, &&_1,157,477 688,190 Bills payable
1,477.406 703.500
until the final decision of the suit of the President of that company
insurance
and
Taxes
Grape & wine accts. 452,196 144,081
against
it and this company has prevented the Osceola shareholders from choosing
accounts
27,560
29,705 Bond interest
23,404
23,404
their officers (although a majority of the shares are held by persons not Insurance fund
41,668
Sundry account& _ __ 57,524 135,691
parties to these suits), and the management has remained unchanged. Cash in banks
3,114
97,595
The annual report of the Osceola directors for the year shows a
Total
of
9,804,844 7,093,099
$722,755, from which a dividend of $673,050 was paid for the profit
Total
9,804.844 7,993,999
six
months, leaving a surplus of $49,705. No dividend was paid for first
dividend was paid on the $4,754,200 capital stock In July 1908. See V.
No
last
the
six months of the year (see V. 86, p. 484).
87, P. 99.
SHARES OWNED .IN OTHER COMPANIES.
Springfield (Mass.) Breweries Co.
Number
-I
-Number
•••
Owned. Issued. I
Owned. Issued
(Balance Sheet Dec. 311907.)
42,978 100,00010sceola Consol. M'g
Allouez M'g Co
Centennial Consol.
Co
22,671 96,150
1907.
1906.
1907.
1906.
46,080 90,0001Superior Cop. Co___ 50,100 100,000
Mining Co
AssetsLiabilities-Frontenac Cop. Co
20,000 20,000'Dana Copper Co_ ___ 35,450 40,000 Good-will, tradeCapital stock issued..2,500,000 2,500,000
Gratiot Mining Co_ _ 50,100 100,000 1St. Louis Copper Co.. 36,400 40,000
secrets,Arc_ 1,575,576 1,580,576 1st mtge. bonds-__
marks,
905,000 930,000
La Salle Copper Co_160,050 302,977 I Laurlum M'g Co_ ___ 1,900 40,000 Real estate & bidgs. 674,591
688,236 1st M. bds. to retire
Manitou Mining Co_ 18,000 20,000'Seneca Mining Co_ - _
891 20,000 Machinery & plant__ 263.065 290,429
bds. of old co. (see
[For details of the operations of these companies, reference should be Casks, vats,
40,226
43,548
contra)
100,000 120,000
made to the reports of these companies appended to the pamphlet.
Ale and beer kegs_-- 89,882 104,682 Notes payable
-Ed.]
124,400 186,300
OPERATIONS, DIVIDENDS. eec.
Horses, wagons, &e_ 44,646
51,285 Accounts payable
39,106
32,091
plants
Bottling
1907-08.
1906-07.
32,939
36,380 Sundry creditors.- 35,633
1905-06.
31,199
1904-05.
Refined cop. prod'd, lbs_ 78,980,466 93,898,963 101,031,799 85,644,401 Hampton Trust Co.,
Dividend creditors__ 92,000
69,000
• trustee
18 H @263!, 153,5@l9
Price copper, cts. per lb_ 12@26
101,667
accrued...
int.
101,667
Bond
16,100
16,200
12ji®15M Treasury bonds....$50
$75
Tot. divs. (per $25 sh.)33,000
28,000 Depreen reserve_ _
130,000 114,533
$50
$4.) Treasury stock
$5,000,000 $7,500,000 $5,000,000 $4,500,000
Amounting to
200,000 200,000 Reserved for debts- 105
0:2
00
40
52,590
Spec'l
bond
reserve..
_
100,000
Profit
and
lo
loss
120.000
4,229
ASSETS AND LIABILITIES OF APRIL 30.
Inventory at cost
171,704 147,570
1908.
1907.
1906.
Notes receivable_ .._ 227,764 193,168
1905.
$
$
Assets$
Loans,sec.&unsee'd
39,412
34,412
182,071
Cash at mine office
197,667
120,257
133,047 Cash & acc'ts rec'ble 384,420 367,023
15,000
Cash at N. Y. office--- 15,000
15,000
15,400 Miscellaneous
*68,587
69,165
Cash and copper at
4,488,352
6,264,523
Boston office
7,817,904
6,496,133
Total
4,047,481 4,056,142
Total
4,047,481 4,056,142
Bills receivable at Bos650,018
1,281,769
ton and mine
1,140,122
* Includes saloon property and fixtures $30,321; refrigerator cars $3,071; real
590,212
Development and equipestate other than Brewery property, $33,487, and Hampden spur track $1,708.
45,145
554
ment fund
1,827,544
-V. 82, p. 104.
959,725
949,841
Insurance fund
990,859
927,034
Employees' aid fund _ - _
3,499
4,906
10,991
Union Stock Yards Co. of South Omaha.
6,295,720
8,757,444 11,016,681
Total assets
(Report
8,172,417
for Fiscal Year ending Nov. 30 1907.)
LiabilitiesRESULTS FOR YEARS ENDING NOV. 30.
Drafts & bills payable.- 1,337,738
1,228,502
408,862
425,228
1907.
Mach'y, contracts, &c_ _
878,000
1906.
603,000
Inc. or Dec.
Total earnings
250,000
$809,783
Keweenaw Ass'n notes_
500,000
$816,582
15ee. $6,799
Total expenses
7,017
319,281
Employees' aid fund 312,145
Inc.
7,136
a
1,594,755
Total liabilities
1,728,502
1,286,862
Balance of assets
7,028,042 10,629,819
4,700,965
The capital stock is $2,500,000.-V. 87, p. 228.
1,028,228
7,144,189
American Glue Company, Boston.
(Report for Fiscal Year ending May 31 1908.)
The annual results compare as follows:
Net
Depreciation
Dividends, 8% on preferred
Dividends on common
Surplus for year
Previous surplus
1907-08.
$203,025
$30,000
104,116
(6)48,000
1906-07.
$281,912
$30,000
104,154
(5)40,000
1905-06.
$231,157
$50,000
104,072
(4)32,000
$20,909
759,452
$57,758
701,694
$45,085
196,608
Total surplus end of year
$780,361" $759,452
$241,694
Dividends on common stock include 2% semi-annually and In 1907-08
1% extra paid on Nov. 11007 and May 1 1908; In 1906-07 1% extra was
paid, viz., on May 1 1907. Compare V. 85, la• 282.
BALANCE SHEET AS OF MAY 31.
1908.
1907.
1908.
1907.
AssetsLiabilities-$
$
Cash & acc'ts rec'ble 830,916 834,734 Preferred stock
1,304,300 1,304,300
manufactured
Mdse.
Common stock
800,000 800,000
and in process_ -1,301,244 1,087,193 Debits
1,257,713 916,682
Real estate, machinProfit and loss surery and fixtures__ 520,596 448,212
plus
780,361 759,452
789,615 710,294
Stocks owned
Pat. rts & good-will 700,000 700,000
Total
4,142,374 3,780,435
Total
4,142,374 3,780,43
Net earnings
Dividends (6%)
$490,502
449,808
$504,437
449,754
Dec. $13,935
Inc.
54
$40,694
213,392
$54,683
158,009
Dec. $13,989
Inc. $54,483
$254,086
$213,592
BALANCE SHEET NOV. 30 1907.
Assets-i"1-41111 , 1 '
' b .
Liabilities"teal estate and plant
7,826,560 CaPital stock
Int. and insur., unearned...
9,746 Surplus.
,
Supplles
57,736 BlIjs payable
Accounts receivable
,
Cash on hand
10,626
Dec. $40,404
Balance, surplus
Surplus brought forward
Total surplus
Total
-V. 86, p. 233.
7,975,186
Total
•
.$
7,496,100
254,086
225,000
-----,
7,975,186
GENERA L INV BSI-MEN T NEWS.
RAILROADS, INCLUDING.ELECTRIC ROADS.
Baltimore Chesapeake & Atlantic Ry.-Action by Minority
Shareholders-Deposit of Preferred Stock.-Baltimore shareholders who believe that the company (which is controlled
by the Pennsylvania RR. Co.) should deal more liberally
with the holders of its preferred stock have, under date of
June 22, prepared a pooling agreement for the preferred
shares. Under this agreement the Colonial Trust Co. of
Baltimore acts as depositary and Dwight D. Mallory,
AUG. 1 19081.
THE CHRONICLE
285
Adolph E. Godeffroy and Marshall Winchester as trustees. to extend until Aug. 14 the time for the deposit of bonds
A circular containing the contentions of the minority in- with the Bankers' Trust Co., 7 Wall St.—V.87, p. 37.
terests may be obtained from Marshall Winchester & Co.,
Coal & Iron Ry.—Payment of Coupon.—The first mortgage
Continental Building, Baltimore.
coupons due Aug. 1 will be paid as usual at maturity at the
The trustees are empowered by the agreement to sell the shares of pre- Mercantile Trust & Deposit Co. of Baltirnore.—V. 71, p.1166.
ferred stock deposited (but not less than all), provided "such right of sale
shall not be exercised by said trustees at a price less than the par value o,
Cornwall 85 Lebanon RR.—Dividend Reduced.—The comsaid stock and all dividends accrued and unpaid thereon at the time of sale,
pany will to-day pay a semi-annual dividend of 3% on its
without the concurrence, In writing or in meeting assembled, of the hold$800,000 capital stock. This reduces the annual distribution
ers of 75% In amount of the shares so deposited hereunder." In no event
shall any preferred stockholder be required to pay a sum greater than $2 50 to 7%, as against 8%
paid from Feb. 1907 to Feb. 1908.
for each share of stock so deposited on account of theexpenses of the trustees,
unless, as a result of negotiation or litigation, the validity, status and
rights of the preferred stock shall be ascertained and established In a manner satisfactory to said trustees, and to the advantage of said depositing
preferred stockholders, then said shares of stock shall be subject to a further
liability, not exceeding in any event, however, the additional sum of $5
per share, making the sum of $7 50 per share in all, for the expenses and
obligations Incurred by the trustees. This agreement shall continue In
force until July 1 1909 unless sooner terminated by the sale of the stock so
deposited or by unanimous agreement of all of the trustees. In case, however, on July 1 1909 there shall be pending litigation, involving tile rights
of said preferred stock, then the time for the termination of this agreement
may be continued in force for a reasonable time after the final determination
of such litigation.—V. 84, p. 1302.
Baltimore & Ohio RR.—Earnings.—For 11 months ending May 31:
11 M03.- Gross.
Bal., sur.
Net.
Other inc. Charges.
1907-08
$68,172,530 $17,908,516 $4,119,110 $12,436,194 $9,591,432
1906-07
75,047,837 24,915,586
From the balance as above, $234,554 was deducted for permanent impravements. rliviclends on the preferred stock call for $2,200,000 for the
11 months. The semi-annual dividend of 3% on the common stock paid
March 1 1908 called for $4,565,275. Deducting these items would leave, a
surplus for the 11 months of about $2,591,603. A further seml-annual
dividend of 3% has been declared on the common stock, payable Sept.
V. 87. D. 224. 96.
Buffalo Rochester & Pittsburgh Ry.—Dividend on Common
Stock Reduced.—The directors yesterday declared the usual
dividend on the $6,000,000 preferred shares and also a
dividend of 2% on the $10,500,000 common stock, both
payable Aug. 15 to holders of record Aug. 7, contrasting as
follows:
Previous Annual Dividend Record.
1908.
'07. '98. '09. '00. '01. '02. '03.'04 to '06. '07.
6
6
6
6
6 yearly. 6
2
2
Feb., 3
Preferred, %___ 1
4
534 6 yearly. 534 Feb., 234
-- -- 4
Common, %_
—V. 86, p. 1158.
Calumet & South Chicago Ry.—Bonds Offered.—The First
National Bank of Chicago, bond department, is offering at
par and interest $500,000 first mortgage 5% bonds dated
Aug. 1 1908 and due Feb. 1 1928, but subject to call at 105.
Interest payable Feb. 1 and Aug. 1 at Chicago. First Trust
& Savings Bank, Chicago, trustee. A circular says:
Financial Statement.
",000,000
Capital stock
Consolidated bonds (issue made to take up bonds of constituent
5,000,000
companies.—Ed.)
First mortgage bonds (Issued only for improvements and additions,
500,000
limit of issue Indeterminate.—Ed.)
Abstract of Letter from President Ira M. Cobe to First Trust 80 Savings Bank
Chicago.
The $500,000 bonds sold you are secured by an absolute first lien on all the
property now owned or hereafter acquired. This company owns and operates 114 miles of street railroad south of 63d St. and within the city limits.
It was formed by a consolidation of the Calumet Elec. Street RR. Co. and
the South Chicago City RR. Co. The consolidated company has an ordinance
from the City Council of Chicago on the same general lines as the Chicago
City By. Co., which ordinance has placed a purchase price on the property
of $5,000,000, which amount will be increased by the improvements made.
It is estimated that $2,500,000 or $3,000,000 will suffice to complete the
mprovements, and the purchase price to the city will be increased by a like
amount. This issue of bonds is limited to the amount of new work done.
The earnings of the company will be largely Increased, first, from the benefits of consolidation; second, by Increased efficiency of operation. The
combined net earnings of the two companies for the year 1007 were approximately $300,000, or twelve times the interest on the $500,000 bonds
now outstanding.
This company has entered into an operating agreement with the Chicago
City Ry. Co. whereby the last-named company will onerate the property,
and will use its organization in the operation and rehabilitation of the road,
thus assuring the investor that improvements on the property will be put
in at the lowest possible cost, as well as enabling the territory served to have
a unified operation of cars with the centre of the city. Compare V. 87, p. 224.
Central of Georgia Ry.—Change • of Address.—On Aug. 1
1908 the offices of the President and Secretary will be removed from Macon, Ga., to 934 Candler Bldg., Atlanta, Ga.
—V.86, p. 667.
Central Pacific Ry.—Last of Notes to Government Paid.—
On July 28 the company paid the last of the notes made by it
to the Government. This note, amounting to $2,939,661,
was not due until Feb. 1 1909., Compare V. 87, p. 225.
Bonds Sold.—Kuhn, Loeb & Co., Speyer & Co. and the
National City Bank announce that the $18,000,000 bonds offered by them last week have all been sold. See V. 87, p. 225.
Chicago Cincinnati & Louisville RR.—Stock at Auction.—
At auction in this city on July 29, 2,625 shares of the company's stock were sold at $150 for the lot.—V. 86, p. 1343.
Chicago St. Paul Minneapolis & Omaha Ry.—Listed.—
The New York Stock Exchange has listed $125,000 additional 6% consols due 1930, making the total now listed
$17,338,000.
Earnings.—For 11 months ending May 311907:
Gross
Net
Misc. Int.,Rents, Divid'ds
Surp.•
Earns. (after taxes)
334% s. an.
Inc.
dec.
11 Mos.
1908_411,933,419 $3,415,129 $87,820 $1,593,728 $1,043,455 .3865.775
1,013,455 I
1907__ 11.882,716 ---(not reported)
The dividends here include: Preferred, $308,988; common, $640,617.
• The semi-annual dividends of 334% each on common and preferred
stocks paid Feb. 20 1908 are deducted from net surplus at close of fiscal
Year ended June 30 1908.—V. 86, p. 1529,
Cincinnati Indianapolis & Western Ry.—Extension of Time
by Read Committee.—The bondholders' committee of the
Cincinnati Indianapolis & Western Railway Co. and of the
Indiana Decatur & Western Railway Co., Wm. A. Read,
Chairman, announces that a very large number of each of the
series of bonds of both companies having been deposited
under the protective agreement, the committee has consented
Dividend Record.
DIV.— 1 To 1893. '04. '95. '96. '07. '98. '99. '00. '01. '02-'06. '07. '08.
P. Ct_ J4-434 y'ly. 2
7
4
4
3
4 434 5 534 6 y'ly. 8
—V. 84, p. 270.
Erie RR.—Purchase of August Coupons from Pennsylvania Collateral 4% 50-Year Gold Bonds.—The company,
referring to its letter of June 11 1908 (V. 86, p. 1466) to the
holders of the first consolidated mortgage bonds gives notice
that in continuation of the plan therein announced, the
coupons falling due Aug. 1 1908 will be purchased at par for
cash by J. P. Morgan & Co. upon presentation on or before
July 31 1908.—V. 87, p. 226.
Georgia Railroad & Banking 00.—Refunding Bonds Offered.
—Joseph Walker & Sons, 20 Broad St., New York, and John
W. Dickey, Augusta, Ga., offer jointly, by advertisement on
another page, at 933 and interest, yielding the investor
4.35%, the unsold portion of the $1,000,000 40-year 4%
debenture bonds dated Jan. 1 1907 arid due Jan. 1 1947,
which were fully described in last week's "Chronicle." See
p. 226.
Denver & Rio Grande RR.—Consolidated Company in
Possession.—In accordance with the advertisement on another
page,the stock books of the above company were opened
for transfers of stock July 28 1908 and remained open until
the close of business yesterday, when said company ceased
to exist, being merged in The Denver & Rio Grande Railroad
a consolidated corporation of the States of Colorado and
Utah. Hereafter the outstanding shares of stock of the
Co.,
former The Denver & Rio Grande Railroad Co. are entitled
to all of the rights and privileges with respect to the property
of the new consolidated company. Beginning to-day certificates of stock in the old Denver & Rio Grande will be
transferable into certificates of stock in the consolidated
company, preferred stock into preferred stock and common
stock into common stock, at the rate of share for share of
the same par value.—V. 87, p. 226.
Detroit Toledo & Ironton Ry.—Notice to Bondholders.—
The committee, Joseph Ramsey Jr., Chairman, representing
5% collateral trust notes, announce by advertisement on
another page that the time for depositing the same has been
extended to and including Aug. 10, after which date the
notes will be accepted only upon such penalties as the committee may provide.
The New York Trust Co., depositary of the above-named committee, .
certifies that it holds on deposit a maiorlty of the notes, to the face value
of $2,935,000 out of $5,500,000.—V. 87, p. 226.
Interborough Rapid Transit Co., New York.— Van
Cortlandt Park Extension to Be Opened To-Day.—The section
of the company's subway system from 230th Street and
Broadway to Van Cortlandt Park at 242d Street was to
be placed in operation this morning at 1 o'clock.—V. 87,
p. 97.
Jackson (Mich.) Consolidated Traction 0o.—Bonds—"Consolidation.' —See Michigan United Ry. under "Annual Reports" also in statement below.—V. 84, p. 1182.
Manhattan (Elevated) Ry., New York.—Offering of TaxExempt First Mortgage Bonds.—Redmond & Co., Moffat &
White and N. W. Harris & Co., all of New York, are offering
at 963 and interest, by advertisement on another page,
$4,500,000 Manhattan Railway Co. consolidated (now first)
mortgage 4% gold bonds, dated Feb. 26 1890, and due
April 1 1990. These bonds are exempt from taxation by
New York State, its cities, and other local subdivisions.
Only bonds numbered from 28,183 to 39,000 inclusive and
40,001 to 40,894 inclusive out of the entire issue are exempt
from tax and, being so endorsed, they are listed on the
New York Stock Exchange as "Manhattan Railway Co.
tax-exempt bonds." The letter from Vice-President Alfred
Skitt, under date of June 15 1908, was cited in our issue of
June 27 (see pages 1589, 1590), giving full particulars regarding these bonds and the status of the company issuing them.
—V. 87, p. 37.
Michigan United Railways.—See "Annual Reports."
Exchange of Bonds.—The "first and refunding mortgage"
bonds, of which $1,000,000 of the present issue of $2,900,000
were recently offered in London (see V. 87, p. 167), are
subject to outstanding prior issues of bonds aggregating
$2,750,000. The trust deed provides for the reservation of
sufficient "first and refunding" bonds for the exchange of
these outstandin bonds at par, and the holders of $350,000
of the bonds, being those issued by the Lansing & Jackson
Co. it is announced, have already agreed to exchange their
bonds at par; $800,000 of the "first and refunding" bonds
are also reserved by the trust deed to be exchanged for the
$800,000 of bonds of the Jackson Consolidated Traction Co.,
which, it appears, has recently been "consolidated" with the
Michigan United Rys. (compare page', 54 of "Electric Railway Section"; the 'first mortgage bonds" of the Michigan
United Railways there mentioned form part of the "first
and refunding' issue secured by the mortgage dated May 1
1906.)
286
THE CHRONICLE
Directors.—The company's directors are:
President, Myron W. Mills, President of Mills Transport Co. and director
of the Commercial Bank, Port Huron; Chairman, George G. Moore, President of the Vermont Power Co.; Theron W. Atwood, President of State
Savings Bank; Albert Dwight Bennett, director of Trust Company of
America; James Russell Elliott, President of MI113 Elliott Manufacturing Co.
—V. 87, p. 167.
Mohawk Valley Co.—Reduction of Capital Stock.—This
holding company for the Vanderbilt electric lines in New York
State filed a certificate at Albany on July 25 reducing its
capital stock from $20,000,000 to $7,500,000. The certificate states that the company's liabilities are $7,104,657
and that the amount involved in the reduction is to be distributed among the shareholders. This reduction was coincident with an increase in the capital stock of the Rochester
& Eastern Rapid Ry. from $1,500,000 to $15,290,200 and
it means that the last-named company, previously a subsidiary merely of the Mohawk Valley Co., has taken over
from the parent company the capital stock both of the
Utica & Mohawk Valley Ry. and the Oneida Ry. and a
majority of the stock of the Syracuse Rapid Transit Co„hut
not, as has been reported, the interest in the Rochester
trolley roads. The Rochester & Eastern Rapid Ry. Co. is
controlled by the New York Central & Hudson River RR.
Co., but its stock is owned by a syndicate; no mortgage has
been made and no bonds issued as yet. See V.86, p.1410.
Mt. Vernon (0.) Railway & Light CO.—Receiver's Sale.—
Pursuant to an order of the Court of Common Pleas of Knox
County, Ohio, receiver F. V. Owen will offer at public auction
at Mt. Vernon, Ohio, on Sept. 12 1908 the entire property
of the company, including, he says:
A street railway operating over streets of the city to a beautiful park of
40 acres two miles from the city, rolling stock and equipment, a ;;,i-year
franchise, power house and city and commercial lighting plant. Terms of
sale, one-third cash, balance In one and two years.
National Railways of Mexico.—President.—E. N. Brown,
President of the National RR. of Mexico, has been elected
also President of the National Railways of Mexico.
Bonds Oversubscribed.—The $30,000,000 4% guaranteed
general mortgage bonds recently purchased by a syndicate
of French bankers from Kuhn, Loeb & Co., Speyer & Co.,
Ladenburg, Thalmann & Co., and offered in Paris, it is
announced, have been heavily oversubscribed.—V. 87, p.
227.
New York City Interborough Ry.—No New Name.—Justice Erlanger in the Supreme Court on July 24 denied the
application of the company to change its name to the Bronx
Crosstown Ry. The decision is cited as follows:
It Is shown that the use of the word "Bronx" In the proposed new name
is open to the very objection suggested by the petitioners, as there Is now a
railroad company known as the Bronx Traction Co., which Is a subsidiary
corporation of the Union Railway Co., now in the hands of a receiver, and
that the word "Crosstown" In the proposed new name Is misleading, as
several of the petitioners' lines run north and south and not east and west.
Compare V. 87, p. 38.
iVoL. Lxxxvii.
To the Holders of first mortgage gold bonds of the Southern Indiana Ry. Co.;
Owing to the general depression In railroad business during the past six
months, whic:f has been especially severe on coal-carrying roads, the Southern Indiana Ry. Co. Is compelled to defer payment of the Interest due Aug. 1
1908 on Its first mortgage bonds. The earnings of the road during the first
six months of Its fiscal year were such as to justify the expectation that It
would be able to meet the interest and other fixed charges due at this time
out of the earnings of the last six months of the fiscal year, and accordingly
the surplus earnings of the first six months were expended In betterments
and for other corporate purposes. It Is expected that arrangements will
be made at an early date for the payment of the Interest In question, and In
default of such an arrangement the earnings of the company, with the
amount now available, will, we feel sure, be sufficient even under present
conditions to pay the coupons due Aug. 1 within ninety days. (Signed)
J. W. Walsh, Assistant Treasurer.—V. 87, p. 30.
Toronto Railway.—Sale of Guaranteed Debenture Stock.—
See Toronto Power Co. under "Industrials" below.—V. 86,
p. 1410.
Twenty-eighth & Twenty-ninth Sts. Crosstown RR.,
New York.—Bondholders' Committee.—A committee consisting of
Join W. Hamer, Chairman, 925 Chestnut St., Philadelphia; W. C.
Heppenheimer. H mace A. Doan, A. Merritt Taylor and Charles E. Loxley.
- u isel,
with Parker, Flatc'a & Sheehan and Ellis Ames Ballard as C.,
urge the holders of the $11500,000 first mortgage 5% bonds
(guaranteed both as to principal and interest by the Metropolitan Street Ry. Co.) to deposit their bonds with the Central Trust Co. of New York. A circular says:
On Jane 2,) 1908 Judge Lacombe handed down an order permitting the
receivers of th _Metropolitan Street Ry. to abandon the operation of the
28th & 29th Stc'ets Crosstown RR. The Central Trust Co., trustee of the
mortgage securing the first mortgage 5% bonds, due October 1996, received
a letter dated June 17 1003 from the directors of the 28th & 29th Streets
road, stating that in case the Court should order that the receivers cease the
operation of this road, tae directors would not be In a position to provide
the necessary moaeys for the operation or to pay the Interest upon the bonds.
The abandonment of operation jeopardizes the franchise, which, we are
advised, Is perpetual. Perpetual franchises can no longer be granted by
the city.
Prompt action is necessary, as the receivers of the Metropolitan Street
By. Co. have given notice that they have elected to cancel the agreement
entered Into Sept. 29 1896, pursuant to which the Metropolitan Street By.
Co. has been operating the road, and state that their continued temporary
operation Is merely an accommodation to the owners, who are required
forthwith to take possession of the property and the operation thereof.
Under the bondholders' agreement on file at the Central Trust Co., 54
Wall St., New York, the committee has no power to Incur expenses of more
than 3% of the par value of the bonds without the express written consent
of the holders of two-thirds of deposited bonds, and that assent of a like
number of holders Is required for the adoption of any plan of operation or
reorganization. The committee urges he importance of every bondholder
depositing his bonds with the Central Trust Co. at the earliest possible moment.—V. 87. p. 39.
Union Traction Co. of Indiana.—Called Bonds.—Two
Citizens' Street Ry. of Muncie first mortgage bonds for $1,000
and three for $500 will be paid off at 105 and interest on
presentation at Guarantee Trust & Safe Deposit Co., Philadelphia, interest ceasing Sept. 1.—V. 87, p. 227.
Wabash-Pittsburgh Terminal Ry.—The first mortgage
bondholders' committee, J. M. Wallace, Chairman, having
elected as additional members D. Crawford Clark and Charles
C. Jackson, gives notice that it has extended the time for
the deposit of bonds until Aug. 25, after which date no
bonds will be received except on such terms as the committee may impose.—V. 87, p. 168.
Wabash RR.—Wheeling & Lake Erie Notes.—See Wheeling
& Lake Erie RR.—V. 87, p. 40.
Western Maryland RR.—Payment of Coupons.—See Piedmont & Cumberland ity.; also Coal & Iron Ry. above.
—V. 87, p. 40.
Western Pacific Ry.—Syndicate.—An exchange says:
Philadelphia Rapid Transit Ry.—Subway to Be Placed in
Operation Monday.—Trains were run in the subway from
the Schuylkill River entrance to the Second St. station
July 28. Regular service in the completed tunnel will be
inaugurated next Monday.—V. 87, p. 97.
Piedmont & Cumberland Ry.—Payment of Coupons.—The
first mortgage coupons due Aug. 1 will be paid at maturity
at the Mercantile Trust Co., New York City.—V. 73, p. 785.
Advices received here from Paris quote a member of a firm that particiin the underwriting as saying that the $50,000,000 Western Pacific
Pittsburgh & Castle Shannon RR.—New Bonds Offered.— pated
bond syndicate was dissolved on July 1, efforts to extend It having been of
this may be true. As a matThe bond department of The Safe Deposit & Trust Co. of no avail. So far as the French house knows,representing
about two-thirds
ter of fact, participants in the underwriting
Pittsburgh is offering at par and interest $100,000 first of
the bonds assented to an extension of the agreement. The non-assenting
Western Pacific
mortgage 5% bonds,dated Aug.,1 1908,denomination $1,000, third is presumably seeking a market. At all events,
have been offering in Wall Street since July 1. Several transactions
principal due in annual installments of $10,000 each on bonds
have been unofficially reported around 80.—V. 87, p. 40.
Aug. 1 from 1909 to 1923, both inclusive, omitting 1910,
& Lake Erie RR.—Maturing Notes Purchased.—
1913, 1916, 1919 and 1922. Principal and semi-annual in- AsWheeling
another column, Kuhn, Loeb & Co.
terest (Feb. and Aug. 1) payable at the office of the trust andper advertisement in the request and for the account of
Blair & Co. will, at
company. A circular says:
the Wabash RR. Co., purchase the Wheeling & Lake Erie
These bonds are secured by a first mortgage on 7 miles of railroad property
and the inclined planes of the Pittsburgh & Castle Shannon RR. Co. ex- 3-year 5% notes maturing Aug. 1 at par and accrued interest
to
Castle
Pittsburgh,
Side,
Pa.
Shannon,
tending from Carson St., South
on presentation at the office of Blair & Co., 24 Broad Street.
In addition it Is a first mortgage on approximately 385 acres of coal
property located at Oak Station on this railroad, being within 1% miles
of the city of Pittsburgh. The total tonnage of this mine for the year 1907
was 100,000 tons. The mortgage provides for a sinking fund of 10 cents
per ton on all coal mined, with a minimum amount of $10,000 per annum.
The mortgage also provides that all or any part of these bonds may be
called by advertisement and drawing at 105 and interest upon sixty days'
notice.
The railroad property Is leased by the Pittsburgh Railways Co. for a
Period of 99 years at $15,000 per annum. The company is controlled by
the Pittsburgh Coal Co., which owns about 90% of the capital stock.—
V. 81, p. 778.
The notes. of which 33,000,000 were issued, It Is understood, will be
kept alive In tie h
of the syndicate and continue as a lien upon the
$12,000,000 Wheelln & Lake Erie general 4s originally lod red as collateral
for the notes. At the same time the obligation of the Wabash RR. as
guarantor of the notes, 1; Is said, will be discharged.
Net
Balance,
Interest
Gross
Oper. exp.,
Year end.
surplus.
earnings.
Receipts.
taxes, ec.c.
charges.
June 30—
$33,680
$102,180
$68,500
$206,480
$104,300
1907-08
96,177
27,798
68,379
202,252
106,075
1906-07
The Schuylkill Railway Co. acquired the property of the Schuylkill Traction Co. on April 18 1905. It has spent for betterments, Improvements
and organization expenses $215,269.—V. 82, p. 1157.
This arrangement with the bankers for the purchase of the
notes is the result of negotiations which have been going
on all the week between Mr. E. H. Harriman and Mr. George
J. Gould, and the current gossip is that Mr. Harriman will
hereafter be found to have an important interest in the
Eastern Gould lines.—V. 87, p. 168.
Wisconsin Central Ry.—Syndicate Extended.—The syndicate which acquired control of the company in October 1906
(V.83, p. 819), which was to expire on Aug. 21,it is reported,
has been extended for one year, the managers being T. L.
Chadbourne Jr., George H. Fernald and William H. Bradford.—V.86, p. 1591. _
INDUSTRIAL, GAS AND MISCELLANEOUS.
Aberdeen (S. D.) Light & Power Co.—Bonds 0tiered.—
Phelps & Co., 110-112 Quincy St., Chicago, are offering at
95 and interest, netting the investor 6 1-3%, $80,000 first
mortgage 6% serial bonds dated April 1 1908 and due in
annual installments on April 1, viz., 1909 to 1913, $3,000
yearly; 1914 to 1917, $5,000 yearly, and 1918, $45,000.
Denominations $500 and $1,000. A circular says:
Southern Indiana Ry.—August Interest Payment Deferred.
The following statement was issued last night:
Investment to date (including duplication of plant being Installed).
$160,000. Franchise eXclusive for 25 years from October 1907. Engineer
C. H. Chalmers report shows that the plant can easily earn over $40,000—
Rochester & Eastern Rapid Ry.—Stock Increase.—This
company, heretofore a subsidiary of the Mohawk Valley Co.
(see pages 77 and 94 of "Electric Railway Section"), filed
at Albany on July 25 a certificate of increase of capital stock
from $1,500,000 to $15,290,200. See Mohawk Valley Co.
above.—V. 81, p. 508.
St. Louis Rocky Mountain & Pacific M.—Extension of
Syndicate.—The syndicate which underwrote the first mortgage 5% bonds, it is said, has been extended for a year
until Aug. 1 1909. Compare V.81, p. 265; V. 85, p. 1578.
Schuylkill Ry., Girardville, Pa.—Report.—For fiscal years:
AUG. 1 1008.]
THE CHRONICLE
287#
over eight times the Interest on the bonds. The plant is modern and the
only electric light plant In the city. It is a two-unit plant with Munzei
gas-producer engines capable of handling 500 k. w. generators. The city
Is now well covered with poles, wires and transformers. Aberdeen is
city of 12,000 persons.
payable at the Central Trust Co. of Illinois, Chicago, trustee.
Principal due as follows: $7,500 Jan. 1 1911; $7,500 July 1
1911; $8,000 Jan. 1 1912; $8,000 July 1 1912; $8,000 Jan. 1
1913; $8,000 July 1 1913; $9,000 Jan. 1 1914; $9,000 July 1
American Light & Traction Co., New York.-Earnings.- 1914; $9,000 Jan. 1 1915; $9,000 July 1 1915; $10,000 Jan.
1 1916; $7,000 July 1 1917. A circular says:
The results for the six months ending June 30 were:
Balance.
Common
Net
Preferred
Earns. from Other
Six
Surplus.
Dividend.
Dividend.
Mos. Sub. Cos. Income. Profits
1908_41,102,821 $114,606 $1,193,427 $427,086 (3 X%)$222,411 $543,930
1907__ 1,028,866 115,890 1,120,765 427,086 (2%%)185,910 507,760
953,115 94,420 1,023,535 425,982 (2 X %)151,884 445,660
1906__
Note.-From the surplus for the six months there was deducted $340.50u
In 1908, as against the same amount In 1907, for "reconstruction reserve
fund," leaving a surplus of $203,430, contrasting with $167,260 for tlu
corresponding period of the previous year. The quarterly dividend on the
common stock payable Aug. 1 1908 Is 1 %,contrasting with 1 A % for the
four preceding quarters. See V. 8/, p. 98.
American Match Mfg. Co., Essex County, N. J.-Suit
Brought to Foreclose Property.-The Washington Trust Co.
of New York, as mortgage trustee, has begun foreclosure of
the mortgage securing the $300,000 6% bonds dated Jan. 1
1903, on which it is said only one payment of interest has
been made.-V. 71, p. 1068.
American Telephone & Telegraph Co.-Bonds Made Legal
Investments in Massachusetts for Savings Banks.-The amendments to the Savings Bank Law passed at the recent session
of the Massachusetts Legislature (V. 86, p. 1543), permitting
the bonds of telephone companies to be invested in by those
institutions under certain conditions, are given at length in
our "State and City" Department under "Massachusetts," on
another page; see also editorial remarks.-V. 87, p. 228;
V. 86, p. 1469, 1411.
Atlas Lumber & Shingle Co. of Seattle, Wash.-Bonds
Offered.-The Royal Trust Co., Chicago, is offering for sale
at par and interest the unsold portion of a present issue of
$150,000 first mortgage 6% gold bonds, dated July 1 1908,
payable in series every six months, as follows: Jan. 1 1910,
$10,000; July 1910, $10,000; thereafter $8,000 semi-annually
until July 1 1918, when the final $10,000 is due; also redeemable prior to maturity at 103 and interest. Denomination
$1,000 c*. Interest payable semi-annually at office of the
Royal Trust Co. A circular says in substance:
Tills company has been operating under the present management fer
more than 15 years past, the entire stock being owned by A. B. Graham,
President, and Charles S. Patten, Vice-President and Secretary. It has
a large trade, not only In the United States, but also In China and Japan.
Originally Incorporated for $150,000, its present capitalization. Its accumulated earnings, with the exception of $200,000 paid in dividends,
have been left in the business, and the total assets are now about $1,500,000.
The company has never had a mortgage until this mortgage was placed,
and it enjoys the highest credit.
The net earnings for the past six years, not including profits on timber
purchased or increased values, have aveiaged $57,812 per year; while the
net earnings for the year 1907 were $95,070.
This mortgage is a first lien upon about 5,500 acres owned In fee simple,
and the standing timber on about 4,500 acres held under favorable contracts. The Wads are located in Snohomish and Skagit counties, Wash.,
only 40 miles north of Seattle, and are heavily timbered with Douglas fir
and red cedar, all within 2 A miles of a transcontinental railroad. James
D. Lacey & Co. of Chicago estimate the total standing timber to be 316,600,000 feet, log scale. The mortgage Is also a first lien on the saw and
planing mills (capacity 75.000 feet of lumt-er and 225,000 shingles per day)
ocated at McMurray, Skagit County; dry kilns, machine shop, water works.
electric-light plant, dwelling houses, office, store and other buildings. all
modern and tributary to tne timber, and fully equipped with a modemn
automatic sprinkler system.
The mortgage requires the deposit with the trustee every six months of
$2 per 1,000 feet, log scale, for all timber logged or removed during the
previous six months. This sinking fund will operate to retire all of the
bonds when due. Should the deposit exceed an amount sufficient to retire
the bonds as they become due, either the trustee must purchase or call for
redemption at 103 and interest unmatured bonds, or the comnany Eh 111
rei-nvest such surplus to the extent of not more than $2 per 1,000 feet of
stumpage In additional accessible timber lands, to be included under this
mortgage.
The object of the present issue Is to take up the floating debt and to enable the company to buy additional timber lands. The mortgage provides
that an additional $100,000 bonds may be issued for the purchase of further
timber lands. but to an amount not exceeding $2 for every 1,000 feet of
red cedar or Douglas fir timber thereon.certIlled to by James D. Lacey & Co.
Capitalization.
Capital stock-Authorized, $400,000; In treasury, $105,000; issued,
fully pald at par
Bonds-Authorized, $500,000; reserved for future developments$20":"
under conservative restrictions, $400,000; present Issue, for the
purchase of property and the construction of a second power
plant to develop not less than 500 h. p.
100,000
Operating Statement-Plant No. 1-On Basis of Present Contracts.
Gross annual Income
$6,000
$75,876 'Interest on bonds
Net earnings
p 47,821
4po r
53,821 'Surplus earnings
This does not include estimated earnings fromm the sale of 500 h.
power
to be added.
Actual cash investment in plant No. 1,$301,554; additional property acquired through this bond issue, $100.000; total, $401,554.
Organized under the laws of South Dakota to supply power to important
mines and industries in the Black Hills and furnish light in various cities
and towns. The property Is owned locally. Henry Keets is President;
L. W. Valentine, Vice-President, and J. F. Summers, Treasurer.
The water for this development Is derived from Crow and Red Water
creeks, which do not freeze in the coldest weather. Further water rights
permit future development of 1,500 to 2,000 h. p. Power plant No. 1,
completed early in 1907, Includes a canal 5.3 miles and 1,700 feet of timber
flume, and has a net head of 118 feet. The station is fireproof containing
,
two 1,000 h. p. Pelton wheels, each connected to 500 K. W. WestInghous
generators; 32 miles of transmission line conducts the power to consumers
In the surrounding country. The territory served requires not less than
15,000 h. p. continuously for its mines and industries, practically all, except this company's power, being developed by steam at high cost. The
Homestake:MiningCo..and other important mines are customers of the power
company, which also does a lighting business in the City of Deadwood.
The $100,000 bonds now offered provide for a new 500 K. W. Installation
and the remaining $400,000 may only be withdrawn for future extensions,
doe., as follows: $150,000 to provide for not less than 500 K. W. when required; $250,000 to provide for not less than 1,000 K. W. when required,
bonds to be taken down only for 75% of the cost of the development.
Bristol & Warren Water-Works Co.-Mortgage.----This
company, incorporated in 1883, to supply water to the
town of Bristol, Warren and Barrington, R. I., has filed a
mortgage with the Industrial Trust Co. of Providence, as
trustee, to secure an issue of $250,000 first mortgage 5s.
The bonds are dated July 1 1908, due July 1 1926. but subect to call
on July 1 1918 or on any interest day thereafter at 105. Denomination
$1,000. Interest payable Jan. 1 and July 1 at office of trustee. The mortgage covers the entire property of the company, including franchises. The
capital stock As $250,000, in $100 shares. The officers are: President,
Samuel P. Colt; Treasurer, Charles H. Manchester. and B. B. Martin. SCC.Y.
Canadian Improvement Co.-Sale of Collateral.-The
blocks of stock and bonds of the Lake Superior Corporation
held by six banks and two trust companies of Philadelphia
as collateral for loans to this company aggregating $1,611,000 were sold at auction in that city on July 29, and were
bid in at the prices named below, each institution buying
the collateral held by it:
Lake Superior Corporation 43,002 shares of $100 each (In all
$6 per share
$4,300,200 out of a total Issue of $40,000,000)
.60%
$2,123,000 1st mtge. 5% bonds
25%
$243,000 Income 5% bonds
Notes.notes matured on June 1 and no arrangement was made for
their payment or extension. The notes wee held by Fidelity Trust Co.,
$450,000; First National Bank, $270,000; Fourth Street National Bank,
$225,000; Merchants' National Bank, $216 000; Bank of North America.
$180.000; Franklin National Bank,$00,000; Girard National Bank, $90,000:
Real Estate Trust Co.. $90,000 The Commercial Trust Co. of Philadelphia, which holds $268,678 of the Canadian Improvement Co. notes, did
not participate In the sale. Canadian and New York banks, it Is said, also
hold notes of the Improvement Company amounting to about $1,000,000.
The sale is of interest in view of the litigation between the
Philadelphia banking interests and the Canadian Improvement interests, headed by Francis H. Clergue and Charles
E. Orvis of New York, over the control of the Lake Superior
Corporation. (See V. 85, p. 1465, 1521; V. 86, p. 671.)V. 85, p. 1464.
Cherokee Gas & Oil Co.-Decrease in Capital Stock.-This
Arkansas Corporation, it is understood, filed on June 4 a
certificate decreasing its capital stock from $3,000,000 to
$740,000.
The company-chartered to own, It was said, about 100 wells and
Battle Creek Power Co.-Bonds, &c.-See Northern Caliseveral thousand acres of land in the Cherokee Nation-filed a certificate
fornia Power Co. under "Annual Reports" on a preceding In
April 1005 increasing Its capital stock from $600,000 to $3,000,000, the
page. V. 85, p. 348.
officers then being; President, L. A. Kelsey; Vice-Presdent and General
Manager,
W. D. Todd; Secretary, A. A. Knox: Treasurer, M. F. Collier.
Berlin Mills Co. (Paper), Portland, Me.-Acquisition.Citizens' Gas & Fuel Co. Terre Haute, Ind,-Increase in
The company confirmed the statement that it had purchased
filed a certificate of increase in
the interest of Mr. Burgess in the Burgess Sulphite Fibre Co., Stock.-This company has'
The "Boston News Bureau" some time ago published the capital stock from $300,000 to $600,000 through the creation of $300,000 of preferred stock. The new stock has not
following, which we understand is substantially correct:
yet been issued. There are some $475,000 5% bonds outThe Berlin Mills Co. has acquired control of the Burgess Sulphite
Fibre Co., located at Berlin, N. H. thereby considerably strengthening standing (authorized issue $500,000), dated Oct. 1 1902
of
manufacturers
newsprint
position
as
one
of
outside
the
largest
'
ts own
the International Paper Co. The Berlin Mills Co. had previously owned and due Oct. 11922; New York Trust Co., trustee. Richhalf of the $1,000,000 stock of the fibre company and the acquisition o
ard S. Storrs, New York. is President. See V, 73, p. 1315.
the remainder gives It full control.
Cleveland & Sandusky Brewing Co.-Mortgage.-The comThe Berlin Mills has In operation at Berlin, N. H., two large paper mills
at present outputting about 250 tons of newsprint per day and running
nlortgage with the Citizens'
24 hours per day. The company has profited by the advance In the pries pany has filed its new $350,000
of newsprint during the last 18 months, and the year ended Nov. 30 late Savings & Trust Co. of Cleveland as trustee. A press disis understood to have been one of the most prosperous In its history.
patch says:
The Berlin Mills Co., which is a close corporation, owns upwards of
350,000 acres of finely located timberlands In Maine and New Hampshire.
Within the last year it has bought very extensive "permits" In Canada
along the course of the St. Maurice River, in this respect following the
example of Its larger competitor, the International Paper Co.
The Boston interest In the Berlin Mills arises through the bonds, of which
$3,500,000 were sold to Boston and New England investors. The bonds
mature $150,000 yearly and are being pald off out of earnings. Since the
Issuance of the bonds In 1903, $600,000 have been paid off In this manner
and the $30,000 annual saving In interest Is sufficient to pay the 6% dividend on the $500,000 preferred stock. No dividends are being paid on
the common stock, of which $2.000,000 Is outstanding, all held by four
persons. The surplus earnings for the common are being turned back into
he property for the acquisition of timberlands and extensions such as
has just been consummated by the purchase of the Burgess Sulphide Fibre
Co. Compare V, 80 D. 1364
There are 172 separate and distinct parcels of land covered by the mortgage, 124 of which are located in Cleveland, the remainder being scattered
throughout the principal towns and cities In Northwestern Ohio. Parcel
161 is situated In Marysville, being the brewing company's cold storage
plant.-V. 86, p. 1588.
Cleveland Union Stock Yards.-No Extra Dividend.-This
company on July 1 paid the usual quarterly dividend of 2%
on the $750,000 capital stock, but omitted the extra dividend.-V.86, p. 111.
Colonial Steel Co. Pittsburgh, Pa.-Increase of Capital
Stock.-The shareholders will vote Sept. 28 on increasing
the capital stock from $1,250,000 to $2,000,000.
be preferred stock entitled to an annual
Black Hills Traction Co.-Water Power Bonds Offered.- The Increase of $750,000 will preferred
as to assets, &c. The board of
dividend of 7% and
Howard, Simmons & Co., First National Bank Building, cumulative
directors Is to be Increased from five to seven.-V. 72. p. 1138.
Chicago, own and offer the present issue of $100,000 first
Consolidated Steamship Lines.-Report and Plan of Remortgage 6% water power bonds issued by the Black Hills organization.-The following report and plan has been subTraction Co. of Spearfish, S. D., serving Deadwood and mitted by the bondholders' protective committee, viz.:
Lead and vicinity. These bonds are dated July 1 1908.
Alvin W. Krech, Chairman; Edward J. Berwind, Henry P. Booth,
denominations $1,000 and $500 (c*). Semi-annual interest H. J. Braker, W. H. Chesebrough, Henry Hornblower, H. R. Mallory and
288
THE CHRONICLE
Galen L. Stone, with A. R. Nichol as Secretary, 15 Nassau St., New York
City, and John Quin and Solomon Hanford as Counsel.
(Depositaries, Equitable Trust Co. of New York and Old Colony Trust
Co.. Boston. Bankers, Hayden, Stone & Co.)
[VoL. mcxxvii.
it of such property as the committee may acquire, with the possible exception of the stocks of the Metropolitan and Eastern companies.
Hayden, Stone & Co., bankers, have, conditional upon this plan becoming effective, underwritten the entire Issue of $2,400,000 6% collateral trust
and have also agreed to pay to the committee the sum In cash reto the holders of 4% collateral trust gold bonds aggregating notes,
quired to complete the purchase of the property to be sold at the approach$59,985,600, over 90% of which is now deposited with ing foreclosure
sale, the bankers receiving, in addition to the new securities
to which the non-assenting bondholders would, If assenting to this plan,
the committee:
bonds of the new company in the sum of $400,000 and
entitled,
have
been
Report of Committee.
common stock as their compensation as bankers and for underBriefly, the properties of the Consolidated Steamship Lines consist of $300,000
issue.
writn;
I
II
dote
capital
of
the
following-named
entire
share
.substantially tile
steamship
The committee reserves the right to allow the property embraced in the
corporations, which was pledged to secure the 4% collateral trust bonds:
mortgage of the Consolidated Steamship Lines or any part thereof to be
Clyde Steamship Co., Mallory Steamship Co., New York & Cuba Mall sold
at foreclosure to any outside bidder, for cash, at a price which may be
Steamship Co., New York & Porto Rico Steamship Co., Eastern Steamship
deemed advantageous to the holders of certificates of deposit of the Consol.
Co. and Metropolitan Steamship Co.
Lines bonds. In case the entire property is bid In by or for other
In Jaauary last the Eastern and Metropolitan Steamship companies Steamship
than the commttee, the holders of certificates for deposited bonds
were, o.ving to their inability to meet maturing obligations, placed In the persons
will in such event, after the payment of the expenses and the reasonable
lands of receivers. The Consolidated Steamship Lines had endorsed compensation
of the committee and Its counsel, and the discharge of all
practically all the outstanding Eastern and Metropolitan notes. (See
proper obligations incurred by the committee, receive their pro rata share
Eastern S. S. Co., V. 86, p. 288, 339, 1103; V. 84, p. 751; V. 80, p. 2222. of
the proceeds of sale, upon surrender to the depositaries of their reAlso, See Metropolitan S. S. Co., V. 86, p. 1470, 1046, 797, 605, 340, 288; spective
certificates of deposit.
v. 85, p. 1465; V. 82, p. 990.)
No holder of Consolidated Steamship Lines bonds may participate in
Oaring to the large floating debt of the Eastern and Metropolitan comreorganization contemplated by this plan until he has first deposited
panies, the plan herewith submitted does not expressly contemplate pro- the
with one of the depositaries under the provisions of the bondholdvision for the financial requirements of those two companies, but leaves his bonds
protective agreement of Dec. 28 1907.
ithat opti oaal with the committee or the new company. The plan provides ers'
The failure of any depositor of Consolidated Steamship Lines bonds to
for the aeouisition and the transfer to the trustee, under the new mortgage, file with
depositaries written notice of his dissent from this plan, spedonly of toe stocks of the Clyde, Mallory, New York ec Cuba Mall and New tying thethe
date and number of certificates held by him, within 20 days after
York Fe Porto Rico companies, known as "the four Southern companies," tne completion
of the publication of this plan, as provided by the agreethe
right
either
to
reserving
to
itself
nittee
pledge
the stooks of ment of deposit, shall be deemed to be an
.the corn
assent to this plan, and shall
the Eastern and Metropolitan companies as further security to the new impose on such depositor all obligations mentioned
in said agreement.
bond Issue or otherwise deal with said stocks as the committee may deem
directors of the new company will be named by the reorof
board
The
-advisable.
ganization committee, and in order to insure a continuation of their manIn preparing the plan, the committee has given careful consideration agement
reasonable
time,
It
is
proposed to classify the board so that
for a
to the earning power of the various subsidiary companies, their require- not more than one-third (or one-fourth) of the members
of said board shall
ments for maintenance, Improvements, working capital and sinking funds, be elected in each year.
and the estimated annual Income of the new company. In addition to the
,substantial first mortgafe obligations of said four Southern companles,
It is the unanimous opinion of the committee that the
namely. the Clyde, Mallory, New York & Cuba Mall and New York &
Porto Rico companies, embraced In the reorganization plan, they have a new company, with an efficient management, should be
$2,400,000
and
upwards, for which provision able to meet all fixed charges and eventually accumulate a
floating debt aggregating
must be made. (As to the capitalization, earnings, &c., of the several
surplus applicable to dividends on its stock. The committee
,companies, see V. 86, p. 283, 284; V. 85, p. 286.)
expects to have the new company organized and the new sePlan of Reorgani/ation Dated June 30 1908.
under
incorporated
the
laws
of
will
be
new
company
A
Maine (or some curities ready for distribution as soon afs practicable after
•other State) to be called "Atlantic Gulf & West Indies Steamship Lines,"
the property can be brought to sale under foreclosure of the
.or other suitable name, and will authorize:
,(1) $2,400,000 6% Serial Collateral Trust Notes for Urgent Financial Re- old collateral trust indenture, which, according to the present
quirements of Four Southern Companies.
hope of.the committee, will be early in the fall.—V. 86, p.
In order to meet the urgent financial requirements of the four Southern
‘companies, the committee will offer for sale (together with $7,200,000 new 859, 796.
,comrnon stock) $2,400,000 6% collateral trust notes of the new company,
Colorado Springs (Col.) Electric Co.—New Stock.—The
.of which approximately $850,000 shall be made payable on or before Jan. 1
1901), $850,000 on or before Jan. 1 1910 and $700,000 on or before Jan. 1 company filed on June 26 an amended certificate of incornotes
at
par
and interest will be offered poration increasing the capital stock from $1,000,000 (all of
1)11. The right to purchase these
ratably to depositing bondholders. Said notes will be secrued by a like
Amount of notes of corresponding due dates made by the four Southern one class, par of shares $100) to $1,500,000. The new
.companies respectively, for the amounts that each of said companies may stock is to be 6% cumulative preferred, but none of it is to
:severally require and receive from the new company. The Southern ;comat present. The $1,000,000 common stock is on a
panies' notes will in turn be secured by the pledge of first mortgage bonds be issued
of those companies under existing mortgages, taken at not to exceed 90% 4% basis, distributions of 2% each being made each Januof their face value, with a provision that the respective subsidiary com- ary and July. A circular says:
panies shall apply for first sinking fund purposes the bonds so pledged,
Bonds outstanding and authorized, $1,000,000 first mortgage 5% 20-year
until all of s mid notes are fully paid; provided, however, that If It should
be found impracticable fully to secure all of such Southern companies' notes gold bonds, dated April 20 1900 and due April 20 1920. Interest payable
by such first mortgage bonds, the committee may allow other securities April 20 and Oct. 20 at the New York Trust Co., trustee. Denomination
or property of equal value and satisfactory to the bankers underwriting $1,000.
This company supplies electric light and power to Colorado Springs and
s tid note issue, as hereinafter provided, to be substituted therefor. The
Southern companies' notes, with the securities collateral thereto, will be Colorado City, whose aggregate population is about 40,000. Tile populaheld by the Equitable Trust Co. of New York, or other suitable trustee. tion served Is ncreasIng very ronidly, bee tuse of its proximity to the coal
Subscriptions to the 6% collateral trust notes shall become due at the call fields of Colorado, with 1.s resulting cheap fuel, and to the rich mines of
of the committee at the Equitable Trust Co. of New York, or at such other Cripple Creek.
The plant is new and of approved design. Its coal supply comes from a
place as the committee may appoint, but not until after the organization
mine but a quarter of a mile away, and is brought by gravity from tile
of the new company.
of the mine to the boilers. These conditions enable the company
mouth
upon
Acquisition
Authorized
of
the
Stocks of the
(2) New Securities to Be
to operate very economically. In addition, to meet the demands of Its
Four Southern Companies.
rapidly growing business, the company has secured at low cost electric
,Collateral Trust 50-Year 5% Gold Bonds, to bear date on or before
power generated by water from the Pike's Peak district through the Pike's
Jan. 1 1900, with 'interest from July 1 1909, payable Jan. 1
Peak Hydro-Electric Co. (V. 82 p. 1273; V. 84. p. 342.) This latter
And July 1, both interest and principal payable in gold coin of
property has recently been purchased by interests identified with the
office
of
the
the
America
at
of
States
Equitable
the United
Colorado
Sorings Electric Co., so that all the power that is needed is
'Trust Co. of New York or such other trust company as the
assured. The gas company In Colorado Springs, the Colorado Springs
.conninittee may select. Denominations $500 and $1,000
Electric
Co.
and the Pike's Peak Hydro-Electric Co. are all owned and
of
company
at
option
at
105
and
each. Redeemable by lot
controlled by the United Gas & Electric Co. of New Jersey (V. 83, p. 1589),
interest on any interest date. In case of default on interest
so that all the lighting business and power business in Colorado Springs are
'no legal proceedings may be brought by any bondholder,
controlled by one Interest.
or by the trustee,until two years thereafter, during which perEARNINGS FOR CALENDAR YEARS 1907 AND 1906.
-loci the company may remedy such default by paying the
accrued interest and the Interest on any deferred interest payYear—
Gross.
Expenses.
Bond Int. z Dividends. Bal.,Sur.
Net.
$15,000,000 1907_ __$317,953 $211.147 $136,607 $50,000 (4%)340.000 $46,607
ments. Total authorized Issue limited to
.Of which to holders of certificates for old bonds
1908
_ 279.580
[Facts wanting. Ed.]
177,357
50,000
102,223
about
$12,000,000
deposited (20%),
For underwriting commission and bankers' comx Supplied by editor; not in circular.
400,000
mission
The c o -npany operates under four separate franchises, three for electric
400,000
Reorg tnizaton and other expenses not exceeding
light and power and one for steam heating. All but one for electric light
Cash requirements under decree of sale, engravare
for 21 years from 1000, extending beyond the life of the bonds. The
trustees
fees
uncompany,
ing of bonds of new
law only allows franchises of 25 years In length. One franchise of the
der new bond issue, discharge of prior liens of
comoany h mm os clause as to length. and 's th ,refute extremely valuable.
200,000
old company,and similar charges, not exceeding
[rile cornoaav ts n.)-11•It- 1 in filla •a•I o in April 1190 and took over
'Reserved by the trustee to be issued only when au,
'he pronerty of the El Paso Electric Co., the Citizen Light, Heat & Power
thorized by a two-thirds vote of the holders of
Co. and the electrical department of the Colorado Springs Light & Power
the preferred stock, at a meeting called for the
Co., the last-named company, which Is controlled by the same interests,
purpose, which two-thirds must constitute at
continuing to operate its gas plant.
least a majority of all the ontstanding preferred
The officers are: George Bullock, President, 40 Wall St., New York;
be
executed
may
mtge.
stock (no additional
R. W. Chisholm, Vice-President, Colorado Springs, Col.' I. A. Miller,
2.000.000
without similar approval)
Secretary and Treasurer. Colorado Siring's, Col.: M. W. Dodge, Assistant
:Aron-cumulative 5% Preferred Stock, subject to redemption at par
Secretary and Treasurer. 40 IV til St.. New Yo •Tc.] —V. 70, p. 1107.
and entitred, in preference over the common stock, to noncumulative 5% dividends in each year, payable out of the
Crescent Portland Cement Co., Wampum, Pa.—New
net profits of the new company, as shall be determined and
Bonds.—The shareholders will meet at the Pittsburgh office,
declared by its board of directors, and entitled to no other
or further, share of said profits. Upon distribution, after
1221 Farmers' Bank Bldg., on Aug. 24 to vote on authorizing
the preferred stock shall have been paid in full to the par
an issue of $200,000 20-year 6% gold bonds, subject to call
value thereof, the common stock shall be entitled to all the
20,000,000 at any interest period after ten years; interest payable semibalance
..------- ------- --To the holders of certificates for o
annually. Secretary and General Manager R.. H. Hughes,
posited to the amount of 25% of the principal
of their former holdings, approximately
$15,000,000
Wampum, Pa., writes:
same
Reserved In treasury. Issuable only upon the
We now have outstanding an issue of $25,000 bonds, which will be retired
out of the $200,000 Issue. The new bonds will be a first mortgage, covering
authorization as required for the issue of the
5,000,000
the entire property, consisting of about 400 acres of land, the present plant
$2,000,000 reserved bonds (see above)
',Common stock, In shares of $100 each
20,000,000 now In operation and a new plant of 3,000 barrels daily capacity'. which the
To holders of certificates for old bonds deposited
company is building. The authorized capital stock is $1,000,000 common,
to the extent of 12;i% of the principal of
of which will be issued $650,000; par value ner share, $100. Company
$7,500,000
their former holdings, approximately
owns all property In fee. The company manufactures "Crescent" Portland
To subscribers to the $2,400,000 coll. trust notes_ 7,200,000
cement and "Black Diamond" Ittmo and ground lime. The directors are,
Bankers' commission, as herein provided
300,000
W. J. Prentice President; C. M. Hughes. Vice-President; Geo. W. Hackett:
Reserved In treasury, Issuable only upon the
Treasurer; R. H. Hughes, Secretary and General Manager.
same authorization as required for the issue
Dowling Lumber Co., Dowling Park, Fla.—Bonds Offered.
of the $2.000,000 reserved bonds (see above)...5,000,000
*Terms of Exchange for Each $1,000 Consolidated Steamshin Lines Bond: —Clark L. Poole & Co., First National Bank Bldg., Chicago,
Common Stock,
New Bond.
Preferred Stock.
Total Par.
some time ago offered at par and interest an issue
$200
$125
$250
$575
The committee Is unable to determine at present as to the financial re- of $1,000,000 6% first mortgage gold bonds, dated June 1
quirements of the Metropolitan and Eastern companies, and therefore, 1907 and due in semi-annual installments of $35,000 from
while It proposes to acquire the stocks of said companies now held under
- the lien of the old mortgage, together with the stocks of the four Southern Dec. 1 1907 to June 11911, both inclusive, and of $45,000
comnanies, at the approaching foreclosure sale. It reserves the right either from Dec. 1 1911 to June 11919, but subject to call for payto pledge the stocks ot. the Metropolitan and Eastern companies with the
stocks of the Southern comnanies, as security for the new bond Issue, or to ment on any interest date on 60 days notice at 103 and intransfer the. stocks of the Metropolitan and Eastern companies to the new terest.
Interest payable Dec. 1 and June 1 at Central Trust
company for general company purposes. as may be deemed best. $13.000,00(1 of the above-described bonds and all of the preferred and common Co. of Illinois, trustee, Chicago. Denominations $1,000
slr:oe:c of the new company will be issued In consideration of the transfer to and $500 (c*). A circular says in substance:
-
AUG. 1 1908.j
THE CHRONICLE
timber
This mortgage Is a first lien on about 124,000 acres of uncut virgin
and Suwanee
ands, well grouped, located In Jefferson, Taylor, Wakulla
heavily
timbered
for
location);
circular
printed
counties, Florida (see map In
The
with long leaf yellow pine and cypress; also oak and other hardwoods.
mortgage covers also a 'mare, modern saw mill, planing mill, brick dry kilns
and
water worl,s and electric light plant, logging equipment, machine Shopaimother buildings, houses, &c., necessary for a modern and up to-date
by
certified
been
have
lands
the
plant.
to
The
titles
manufacturing
ber
the timber securing
our counsel. Our appraisal of the market value of manufacturing
plant
this bond Issue is $3,000,000, not including the lumber
nor other property covered by this mortgage. This bond Issue Is mane for
the purpose of liquidating the Indebtedness of the company and to provide
'funds for the purchase of additional timber lands. Sinking fund for redentption of bonds: $2 per 1,000 feet, log scale, for all pine timber, and $3
into
per 1,000 feet, log scale, for all cypress timber cut and manufactured
lumber. The officers are well-known and experienced lumber men.
Abstract of Letter from Secretary W.L. Roach, Muscatine,Iowa,May 15 1907
The Dowling Lumber Co. Is a Florida corporation with an authorized
capital of $2,500,000; $2,200,000 common stock, $300,000 preferred stock.
At this writing the amount of stock Issued Is $1,716,100 common and
$100,000 preferred; In addition, subscriptions upon which payments have
not been called are, common stock, $140,000; preferred, $100,000. Both
of these amounts will be called in near future.
Ayprorimate Balance Sheet (on Basis of Last Statement) after Issuance of
$1,000,000 Bonds and Preferred Stock Subscribed.
Resources ($3,961,720).
Cash account and bills receivable, lumber and merchandise, &c_ . $203,027
_1,886,019
628,673,000 feet pine stumpage at $3 per 1,000
716,835
143,367,000 feet cypress stumpage at $4 per 1,000
68,508
45,672,000 feet hardwood stumpage at $1 50 per 1,000
Saw mills, planing mills, lry kilns, logging railroads, railroad
Oak
Live
Park,
equipment and improved properties at Dowling
506,769
and St. Marks, Florida
75% capital stock and surplus of the Dowling;Park Naval Stores Co. 498,750
37,055 acres of good agricultural land in Suwanee County, at $2_ . 75,912
$400,000 first mortgage 6% gold bonds, a first and only lien,
dated July 1 1907 and due July 11927, but redeemable on
any interest day at 103. Denomination $1,000 c. Interest payable Jan. 1 and July 1. Capital stock, $800,000..
Bonds authorized, $800,000; reserved for betterments and
extensions under suitable restrictions, $400,000; present
issue, $400,000. These bonds are guaranteed, principal and
interest, by the United Gas Co. of Wichita (V. 84, p. 808).
Liabilities ($3,961,720).
$1,716,200
Capital stock-Common (par value of shares $100)
200,000
Capital stock-Preferred
892,823
Reserves and surplus_
.1,000,000
Bonds
152 69ri
Bills and accounts payable_
of
An important asset is represented by the ownership of•three-fourths
Co., a cornthe capital stock and surplus of the Dowling Park Naval Stores
the
by
Dowling
held
recently
until
rights
turpentine
pany owning all of the
Lumber Co., Powell & licLean Co.. Coast Cypress & RR. Co. and Col.
Florida.
Raymond Cay, In Waukulla. Leon, Jefferson and Taylor counties,
worked timber outside o,
Including a large acreage of virgin and partially
Co. It Is expected that the Dowling
the lands of the Dowling Lumber
Interests alone a sum more than
Lumber Co. Will realize from its turpentine
issue and interest on same. The turpensufficient to pay the entire bondDowling
Lumber Co. are held subject to
of the
tine rights on all lands $1,000,000
bond. issue.
mortgage securing this
Most of the lands of the Dowling Lumber Co. will have a substantial
of assets no
value after removal of timber. In the foregoing statement
valuation is placed upon the lands upon which timber is standing, amount
ing to about 147,000 acres.
Assuming that present results can he obtained, the Dowling Co.
stockholders may reasonably expect to realize,In excess of valuations given
in foregoing statement: From naval stores operation, $1,000,000; from
pine stumpage, 628 millions at $7, $4,396,000• from cypress stumpage,
143 millions at $10, $1,430,000; from hardwood. stumpage, 45 millions at
$3 50, $157,500; estimated additional values from operation, $6,983,500.
present estimated values of assets of company, as shown above, $3,961,720.
Estimated total values present holdings" will realize $10,955,220.
The present capacity of the Dowling Lumber Co. mills is 150,000 feet
daily, with ample dry kiln and planing mill facilities. It is the intention
of the company to erect another thoroughly modern mill with annual capacity of not less than 30,000,000 feet of cypress and hardwoods.
The company also has contract for purchase of the mill of the Georgia &
Florida Mil! Co., Alton, Fla., and about 350,000,000 feet of timber in connection with same. The property will be acquired by the Dowling Co. as
soon as details can be arranged. The Alton mill is a modern, electricallyequipped mill of 125,000 feet daily capacity, with extensive dry kilns and
planing mills. With the addition of this plant, the Dowling Co. will have
annual capacity of not less than 75.000,000 feet. The greater portion of
the interests of the present stockholders of the Georgia & Florida Co. are
to be paid for with the common stock of the Dowling Co. Practically all
of the owners of the Georgia & Florida MIII Co.are Dowling stockholders.
The Dowling Lumber Co. alma has contracts for the purchase of 80% of
the capital stock of the Ensign Lumber Co. of Jacksonville. Fla., a selling
company which will, in connection with Its general brokerage business.
market the entire product of the Dowling Lumber Cu. The profits of the
Ensign Company for the year 1906 were approximately 200% on its capital.
The stockholders of the Dowling Lumber Co. own the Live Oak Perry &
Gulf RR. Co. (Incorporated in 1903), extending from Live Oak, Fla., to
Dowling Park, Alton and Perry. This road has now 76 miles of standardgauge main line and is being extended to St. Marks, Fla., where a deepwater outlet to the Gulf will be obtained. The I.. 0.P. & G. RR. connectwith Atlantic Coast Line and Seaboard Air Line at Live Oak, and will aiss
soon have connection with the same lines at Perry, the county seat of 'ray
lor County, both lines now being built to that point. It also connects with
the S. G. & W. C. RR. at Perry. This railroad for most of its distance
passes through lands owned by the Dowling Lumber Co. or its stockholders,
and the extension to the Gulf will furnish another outlet for the product
of the mills, with a saving of more than $1 per 1,000 In freight rates.
The men who are interested In anti control the Dowling Lumber Co. own
also additional timber contiguous to the Dowling properties of not less than
400,000,000 feet: In other words, their holdings in the Dowling Lumber Co.,
the Georgia & Florida Co. and,individually,of stumpage In middle Florida,
all tributary to their railroad, anteunt to not less than 1,600.000,000 feet,
and the only securities they contemplate issuing against any of the property
Is this $1,000,000 bond issue.
Officers and Directors-H.H.'lift, President, Tifton, Ga.; R. L. Dowling,
First Vice-President, and T. 13. Dowling Second Vice-President, Dowling
Park, Fla.; John H. Powell, Treasurer, Jacksonville, Fla.; W. L. Roach,
Muscatine, Iowa: J. Lee Ensign, Jacksonville, Fla.; D. L. GilSecretary.'
lespie, Pittsburgh. Pa.
The list of stockholders of the company not active In Its management
includes the following prominent business men: W. C. Powell, President
Consolidated Naval Steres Co., Jacksonville, Fla.; D. H. Bullard, Vice.
President Consolidated Naval Stores Co., Savannah Ga.; E. H. Tilt, Lumberman, Tifton, Ga.; G. Watson French, Davenport, Iowa; Fox Securities
Co., Muscatine, Iowa.; R. K. Swan, Moline, Ill.: J. B. Chaplin, Muscatine
Iowa, and John Mclean. Douglas, Ga.
Abstract of Letter from President J. G. Davidson, Wichita. Ken., July 2 1907.
The company was incorporated (on June 6 1907) under the laws of Keaass with a paid-In capital of $800,000 (all common, par $100) to take over
the business of the Wichita Gas, Electric Light & Power Co. This cornpany has been In successful operation for many years and, in addition to
paying 6% on its stock, has accumuated a surplus of $285,000; and as the
net earnings have for many years been several times its interest charges,
the surplus accumulated has been expended in improvements.
Notwithstanding the old company had a franchise which had seventeen
years to run, a new 30-year franchise has just been granted to the company
to furnish the city with electric light and power. This company does all
the commercial and residence electric lighting in the city and furnishes all
the artificial gas used for both illuminating and heating purposes. It does
Under the new management we expect to double the
no city lghting.
electric lighting business. In the electric-lighting department the company now has 1,386 customers, 685 of which are residences and 7011business
houses and factories.
The company owns a large block of valuable real estate in the heart of
the city on which its plants are located. The electric-lighting plant is
equipped with the latest General Eectric machinery and is economically
operated since using natural gas at 10 cents a thousand cubic feet. There
are about 50 miles of copper wire transmssion lines, substantially built.
The artificial gas plant Is fully equipped, and the gas distribution system
consists of over 30 miles of 4-inch to 12-Inch mains. The books of the company show the total value of the property to be more than $800.000.
The net earnings for the past three years have been more than twice the
interest charge upon this bond issue, and the earnings for the calendar year
1906 were, from gas-gross, $67,854; net, $20,175; and from electric department-gross, $91,185; net, $38,433, showing total net profits of $58.607 for last year. It Is estimated that earnings for this year will be far in
excess of this amount, as company is taking on new business so rapidly
that it requires the expenditure at once of a large sum of money, both for
new machinery and the extension of Its present lines.
The United Gas Co. of Wichita, which supplies the city with natural
gas and whose earnings are very large, Is under the same ownership, and
for a valuable consideration it has guaranteed the prompt payment of the
principal and interest of the 1400,000 bonds Issued by the Edison Light &
Power Co.
Wichita is a prosperous city of over 40,000 population and is having a
steady and continuous growth.
Eastern States Refrigerating Co.-Bond Issues.-To supply a missing link in our record, it may be stated that a first
mortgage upon the property of the company situated in Jersey City was made in 1906 to the Union Trust Co. of Albany,
as trustee, to secure an issue of $125,000 6% 20-year bonds
dated Jan. 1 1906.
These bonds (denomination $1,000) are subject to call after Jan. 1 1911
at 105; interest payable July 1 and Jan. 1. The proceeds were used to psy
existing Indebtedness and to provide for the construction of a new building
In Jersey City. Upon the organization of the compariy,in May 1900. a first
mortgage, also for 3125,000, was made to the Albany Trust Co.,as trustee,
covering the property of the company,situated in Albany; this last issue
has since been reduced to $58,000. The company now owns and operates:
Springfield Cold Storage Co., Springfield, MASS.; Capital City Cold Storage
& Warehouse Co., Albany, N. Y. and Jersey City Cold Storage Co., Jersey
City, N. J. The President Is d. H. Parsons end tile Treasurer W. H.
Parks. Office, Springfield, Mass.-V. 71, p. 915. 87.
Eastern Steamship Co.-Status uhder Plan.-See Consolidated Steamship Lines above.-V. 86, p. 1103.
Edison Light & Power Co., Wichita, Kan.-BondsThe Royal Trust Co., Chicago, the mortgage trustee, some
months ago offered at par and interest the unsold portion of
289
Electrical Development Co. of Ontario.-Stock and Bonds
Pledged.-See Toronto Power Co. below.-V. 86, p. 1412.
Electric Cable Co., Bridgeport, Conn.-Securities at Auction.-The following sales at auction were reported in New
York City last week:
45,000 first mortgage 6% gold bonds 1926 at 50%; $5,000 second mortgage 6% gold bonds 1927 at 40% and 415 shares at 2 Si %.-V.85. p. 1521.
Elgin (Utah) Power & Water Co.-Offering of Irrigation
Bonds.-Frederick W. Hill & Co., 108 La Salle St., Chicago,
are offering at par and interest a 6% bond issue of $16,000,
due $2,000 yearly, 1910 to 1917 inclusive; Utah Savings &
Trust Co., trustee. A circular says:
The stock is all owned by J. C. Voorhees of Anita, Iowa (principal owner
ot Bank of Anita) and associates, mostly Iowa bankers, farmers and
merchants. Some two years ago the company purchased 600 acres of land
adjoining Elgin, constructed an irrigation system, and has planted the
tract to peaches, apples, vegetables, &c., and constructed houses, barns,
fences, &c. Will furnish water for something like 1,000 acres, In addition
to their own holdings, receiving $30 per acre therefor. Value of security
600 acres land at $200 per acre, $120.000; houses, barns, trees, &c.,$50,000:
irrigation plant, canals, &c., $40,000; total, $210,000.
Fairmont Coal Co.-Merger.-We have been favored with
the following statement in response to our inquiry as to the
taking over of the Southern Coal & Transportation Co.:
The Fairmont Coal Co. was the owner of the entire capital stock of the
Southern Coal & Transportation Co. As of March 31 1908 the Southern
Coal & Transportation Co. gave the Fairmont Coal Co. a deed to all, of its
property, both real and personal, including about 5,000 acres of coal in
also the Berryburg mine, which
Harrison and Barbour counties, W.
.fc Ohio BR.,and has been in operaVa.'.
is located on a branch of the Baltimore
tion for several years. In consideration thereof the Fairmont Coal Co.
assumed the bonded debt of the Southern Coal & Transportation Co.
($500,000) and took over all of Its assets and liabilities. The Southern Coal
& Transportation Co. has now passed out of existence: Its $500,000 first
mortgage 5% bonds, dated June 1 1906, are all owned by the Fairmont
Coal Co.-V. 86, p. 1342.
German-American Oar Co.(German-American Tank Line),
Chicago.-Bonds.-Lamprecht Bros. & Co., Cleveland and
New York, offered some time ago at par and interest
the unsold portion of $100,000 6% car trust gold
bonds, Series B, dated May 1 1907 and due in quarterly installments of $9,000 each from Nov. 1 1907 to Feb.1 1910,
both inclusive, and $10,000 on May 11910. Coupons payable quarterly on Aug. 1, &c., at the office of Citizens' Savings
& Trust Co., Cleveland, trustee. Denomination $500. The
company was incorporated in West Virginia in 1902 and its
officers are: President, Max Epstein; Secretary, Elias Mayer,
and Treasurer, Wm. F. Wood. A circular says:
Secured by 100 steel under-frame tank cars of 7,000 gallons capacity
costing $137,500. Also secured by leases and as a direct obligation of the
company. The Procter & Gamble Co. has contracted with the company to
lease 200 tank cars, including the 100 cars held under Series B lien, eight
months In each year for a period of three years from Sept. 1907, at a minimum rental of $100,000. During the remaining four months of each year
these will be leased to other customers at an additional rental of over $50,000 for the period.
The company has been In operation five years, practically confining its
business to owning and leasing tank cars to producers of cottonseed oil,
glucose, molasses, turpentine, coal tar and tannic extract. It will own and
have in operation 420 cars when the 100 now under construction are completed. About 80% of the equipment is under 3-year lease to regular
patrons; the remainder for shorter periods to responsible concerns. Among
the constant users of its cars are: Procter & Gamble Cc., the Corn Products
Relining Co., Western Glucose Co., Clinton Sugar Refining Co., Union
Starch k Mfg, Co., Continental Sugar Co., American Naval Stores Co..
Southern Cotton 011 Co., Portsmouth Cotton 011 Refining Co., Southern
Extract Co., Standard Turpentine Co. and James S. Kirk Ac Co. Rentals
are paid monthly In advance, while railroads and lessees are responsible for
any damage. The cars are practically Indestructible. The company
maintains repair shops in New York. Chicago and New Orleans. The officers and directors are well-known business men of Chicago. Financial
standing:
$276,587
Capital, paid in, $250,000 (par $100), and surplus, $26,587
426,000
Equipment account, Including cars Series B
Bonds outstanding, Series A, Union Trust Co. of Pittsburgh,
46,667
trustee, issued In Nov. 1904,originally $100,000, now
100,000
Bonds authorized. Series B.above described
290
THE CHRONICLE
ilroL. lax xxvIz.
At the present time the company shows net earnings of $6,000 per month.
With the continued increase In the earnings of the company which it is
or $72,000 per annum,an amount more than sufficient to meet all maturing now
and with other contemplated water-po.ver development
obligations, before receiving any benefit from the new equipment. For the whichmaking,
it would be feasible to carry out under the new conditions, together
year ending May 1 1909 the minimum net income assured under present with the
completion
of the Sacandaga reservoir, as proposed by the Water
Income Is estimated at 3132,000; due on A and B bonds for Interest and in- Supply Commission of
the State of New York, there is good reason to anticstallments of principal, $60,870; balance, surplus, $71,130.
ipate the payment of the proposed notes at some interest period prior to
their
Compare
maturity.
V. 86, p. 1097, 1162.Hanford Irrigation
& Power Co., Seattle.-New Stock.Stock Allotment.-E. H. Gay & Co., 25 Congress St.,
The shareholders recently authorized an increase of the
capital stock from $250,000 to $750,000, of which $250,000 Boston, in a circular letter dated July 22 1908 endorsing the
to be sold immediately and the remainder to be held in the aforesaid funding plan, say in substance:
that this plan is the only feasible one t3 meet the necessitreasury subject to the action of the stockholders at the tiesWe are satisfied
company, and we therefore recommend it unqualifiedly, believing
annual meeting Sept. 21. The "Seattle Post Intelligencer" thatofitthe
will in reality enhance the ultimate value of your bonds.
The advantages flowing to the Hudson River Electric Power Co. through
of June 26 said:
forocarance of
For a year and a half the comp tny has been developing its large holdings
In Benton and Yakima counties in Eastern Washington. It owns valuable
water rights at PrIkst Itap.ds and tile improvements have so far been principally for the diversion of water at th.s point Into ditches led on to
its
lands. From the proceeds of the additional stock sale it is
to
Increase the pumping plant at Priest Rapids and otherwise proposed
enlarge the
operations of the company. (r le "Engineering Record" of New
York for
April 4 1908 contained an article by the resident engineer describing
the
developments, which, he says, Includes "a canal, an embankment
about 2
miles long, a power-house with a present capacity of 2,600
with
arrangeaients for an additioaal 5,000 h.-p. wiles' required, a h.-p.,
wing dam,
450 feet long," &c.-Ed. "Chronicle."]-V. 81., p. 778.
7
Houston Oil Co.-Settlement-Second Series of Timber
Certificates.-An agreed decree in the litigation between
the Houston Oil Co. and the Kirby Lumber Co. was approved on July 28 by Judge Burns of the United States
Circuit Court for the Southern District of Texas at Houston.
The original contract is modified so that the amount of
timber to be cut by the Kirby Lumber Co. is 6,400,000,000
feet instead of 8,000,000,000 feet and the minimum semiannual payments are to be 5A of the amount required by
the original contract Compare V. 74, p. 329; V. 75, p. 137.)
The decree authorizes the issuance of a second series of 6%.
timber certificates amounting to $3,500,000, to cover the
floating debt of the Houston Oil Co., to be issued in series
of $500,000 each, to be redeemed each six months, after
the last of the first issue of ca.tificates shall have been
retired in 1913. The Kirby Lumber Co. is also to pay
the semi-annual interest on the second series of certificates.
By the decree all matters in controversy are settled.V. 87, p. 228, 169.
Hudson River Electric Powel. Co., Albany, N.Y.-Funding
Coupons.-The plan for funding the eight coupons due
Aug. 1 1908 to Feb. 1 1912 inclusive from the first mortgage
bonds (authorized issue $5,000,000) was referred to last week.
Assenting bondholders are required to deposit said coupon
with the Knickerbocker Trust Co., New York, and the plan
is to be operative when the coupons of 75% of the outstanding
bonds have so bc..Tn deposited.
The "lour-year collateral coupon gold notes" which will be Issued In
exchange for the coupons, dollar for dollar, will be part of an issue limited
to $1,000,000, denomination $200 each, dated Aug. 1 11)08 and due Aug. 1
1912, but payable at the election of the company, at par and interest, when
drawn by lot, on three weeks' notice; Interest payable Feb. 1 and Aug. 1
at office of Anickerbocker Trust Co., New York, trustee. In case of
default for 30 days in payment of interest, then so mucn of the principal
of the notes as Is represented by deposited coapons whose dates of maturity
shall have been reached shall at toe election of the trustee, upon the request
of the holders of 60% of the outstanding notes, become immediately due
and payable. And In case of 30 days default in the payment of any portion of the principal of the notes, the trustee shall upon demand restore
to the respective holders the coupons uncanceled. In the event the notes
are not authorized and issued by Jan. 1 1903 the deposited coupons will be
returned upon demand.
the
its bondholders at the present time are such that we have
deemed it equitable they should share in the improved conditions which
will attend the operations of the company by the time of the expiration of
the four-year period for welch the coupons are now being detached. To
this end it is proposed to apportion among the bondholders gratis a 10%,
stock allotment In proportion to tneir respective holdings. which Is equivalent to one share of Hudson River Elect:ic Power Co. stock, of the par value
of 5100 for every $1,000 bond outstanding in the hands of investors.
stock will be deposited with the Knickerbocker Trust Co. trustee. This
The
carrying out of the plan will permit the retiring of the floating debt prior
to the termination of the four-year period.
Wile matter of giving this bonus of stock is entirely voluntary on the part
of E. H. Gay & Co. The stock certificates will be deposited
the
trustee and be turned over to the bondholders when tne notes with
mature.
The object in doing this Is that the trustees may have
this property in their own hands in cass there should be any d2fault all
on these ne w
6% notes.-Ed.]-V. 87, p. 228.
Iroquois Portland Cement Co.-Sale Confirmed.-The
"Buffalo Commercial" of March 16 said:
Referee In Bankruptcy Hotchkiss this afternoon confirmed the sale of
the assets of the Iroquois Portland Cement Co. of Caledonia to George
H.
Kelly of Cleveland. Mr. Kelly agreed to pay all of the secured indebtedness, about $316,000, and $6,000 In cash. It is understood that Mr. Kelly
Is at the head of a syndicate that is about to reorganize the company.
Holders of unsecured claims (In all about $46,000) have reason to expect
nearly, it not fully, 40% of their claims from collection of accounts. &c.
Jones & Laughlin Steel Co.-Favorable Decision.-The
Suprome Court of Pennsylvania in a long-standing suit recently reversed the decision of the lower court, which held
the officials of the company guilty of contempt for failure
to abate the ore dust nuisance at its Soho furnace plant,
Second Avenue, Pittsburgh, and fined them accordingly.
The Court says the company is doing all In Its power to abate the nuisance
and that It has materially lessened the annoyance arising from the furnace
dust. President B. F. Jones Jr. states that while the company Is gratified
at the outcome, it will continue to do everything possible to improve the
conditions about its furnce plants for the benefit of the near-by residents.
V. 83, p. 151)3.
Kirby Lumber Co.-Settlement.-See Houston Oil Co.
above.-V. 86, p. 288.
Lake Superior Oorporation.-Sale of Securities.-See
Canadian Itnprovernent Co. above.-V. S7, p. 100.
Leicester & Continental Mills Co., Germantown, Philadelphia.-0Hering of Guaranteed Preferred Stock of Controlled
Company.-Scott, Mitchell & Co., Philadelphia and N. Y.,
some time ago offered at par, $100 a share, and accrued dividend, a block of the $500,000 7% cumulative pref.
. stock of
this company's auxiliary, the Leicester Corporation. This
stock is dated July 1 1907, and it is guar. by the Leicester
& Continental Mills Co., both as to the payment in full of all
dividends, Jan. 1 and July 1, and as to the repayment of the
principal on or before July 1 1927. A circular says:
By terms of a trust agreement, the principal, like that of a bond issuee
matures and becomes payable July 1 1927, at the office of the ColoniaTrust Co., trustee and registrar, Philadelphia.
As a safeguard for redemption of this stock (In addition to the formal guaranty by the parent
Earnings.-President Eugene L. Ashley, under date of company.
-Ed.),the following-named office/s and directors of the Leicester
July 15, in the circular cited last week furnishes the following & Continental Mills Co., Inc., have assigned to the trustee endowment
life insurance policies maturing in 20 years for $500,000, issued by the
statements of earnings, and comments thereon:
Union Central Life Insurance Co. of Cincinnati, Ohio; Wilson H. Brown,
Quarterly Stcee a .nt of Results of Operations of the Hudson River Electric Everett H. Brown, Henry H. Senior, Millard D. Brown and Henry G.
Balderston, all of Philadelphia.
Power Co. anti Its Suosiaiaries.
Firs,
'Second
Galen
Third
Fourth
Total,
.4ssets($E
Financial
134
xh10
8,37o.
110fthe Leicester &Continental Mills Co., Inc.
Quarz
Earnings. Year.
r
Q a tr.,r. Quarter. Quarter.
Year.
Liabilities ($1,148,376$
111)06_ _5215,435 $105,800 $J30,809 $254,787 $896,831
)
C
R
u
er
a
r
lee
n
s
t
tate,
235,317
plants,
Gross earns_ _ 1907._ 256,959
&c.
_ *563,899 Capital stock
500,000
300,363
368,943 1,211,582
453,918 Current liabilities
297,063
11908__ 324,555
417,256
(ii
lt
i
ldu
le
Miscellaneous
ed
s
b
in
l
i
icue
i
v
e
ll,n
;
ad
a
n(
l
i
a
x
a
125,559
le
I
F
B
.
50,000
(1906..3106,792
$73,692
$11,430 $102,328 $174,232
surplus
127,213
Net earnings 11907._ 101,713
63,597
188,647
486,200
npgrollts. _ 181,120
129,853
11908._ 164,638
Power bills 11906_ _
*17,395
__
$14,444
$i1,839 1.etter from vice-Pres. & Treas. Wilson H. Brown, Germantown, Phila., Pa
$11,811
withheld __i 1907._ -‘10.315
19,526
103,656
260,308
This company is the largest manufacturer of eiderdown cloth, athletic
75,251
11908._ 89,909
goods, bath robes, bathing suits, &c.,in America. Our business was started
--- ---- In the fall of 1885 and the sales for the first ,year amounted to 560,000.
$14,105
Available for11906_ $40,858
$54,035
$57,883 3186,931 At that period we occupied 5,700 square feet of floor space. We now occupy
49,011
45,432
interest ___ 1907_ 51,399
79,991
225,803 eight buildings with a total floor space of over 200,000 square feet. Our
54,602
1908_ _ 74,729
real estate covers over four acres In Germantown, Philadelphia.
have
- ---- branch offices In New York, Boston, Chicago, Cincinnati, Seattle We
and San
Int. on under-'1905_ $76,804
$81,348
$80,081
$83,657 $321,690 Francisco, and our goods are shipped to every State in the Union.
We
lying bonds{ 1007_ _ 83,431
83,432
83,431
87,219
337,513 have been successful from the beginning; during a period of a little over 20
85,358
11903_ _ 84,844
years the business has grown steadily. In 111116 the sales amounted to
$10,964
$15,352
Int. on H. R.11906_ $21,933
$16,250 5114,491 $9113,754.
In the manufacture of all grades of knitted goods, as well as dress goods
E. P. Co.{ 1907_ 52,003
50,500
52,132
32,562
207,197
and men's wear, a new field has been opened, which we purpose entering
bonds ____ 1.1303__ 52,603
52,775
The returns from sale of this preferred stock svill enable us to establish
---Total interest(1333__ 5)8,137 5105.433 $112,312 $10,007 5436,183 this new department and install the finest machinery therein. This added
133,932
135,563
on all bonds)1907_ 135,434
544,710 tenure should alone produce a net profit of 5100,000 annually.
139,781
(The officers are Nathan T. F'olwell, President., Wilson
Brown, Vice138,133
11908._ 137,537
Secretary.)
President and Treasurer, and Everett El, Brown, H'
•June 1903 estimated.
Massachusetts Gas Companies, Boston.-Earnings of Con"The earnings of the last quarter reflect the business depression throughtrolled Companies.-Net earnings of the subsidiary companies
out the country, which has affected our customers as well as others."
Statement Showing the Flourishing Condition of the Several Properties and for June and the year ending June 30:
Companies Owned, Controlled or Operated by the Hudson River
8.-June---- -12 Mos. end. June 30.
190Electric Power Co.
1907.
InIn5 Months
Month
Boston Consolidated Gas_ _ _ 583,364
12 Months In,103
60,6
-0798
.
$119
859
.
-0
,3
73
$78,670 $1
,0
05
10
crease.
553,477
crease. ending
t),
616,226
(maim! crease. New England Gas & Coke_ __ 54,193
59,833
%
Mau.
51,586
Chelsea Gas
'ii,
May 31.
41,819
1 ,733
Mau 31.
2,344
%
$86,591
11903..316,984
East Boston Gas
32,843
39,262
3,384
2,584
1904._ 35,513 109.35 186,671 115.57 $406,018
Massachusetts Steamship Co_ •11,873
Gross earns _ 1 1905
-10.17
11,764
45.75 261,693
def.5,554
5
86
48
.!,
,0
de_f3
def.457
def.691
618,909 5-2.43 Citizens' Co. of Quincy
1906._ 66,407
30.72
28.28 342,088
818,782 32.29
11907... 97,799
32.44 1,007,799 23.08
Total
47.22 453,056
1903
70
.
$153,056 3143,795 51,782,249 31,763,0
[1908._ 98,763
Cos.
s
15.33 1,281,050 27.11
00.99 522,523
Increase in Gas Output or the Boston Consolidated Gas10
1908.
1907.1
(1903._ $7,449
$34,714
Month of June
Net earnings 1904_ 16,353 119.54
77,695 123.78 *191,738
1.99% 1E4%112 mos. end. June 30-7.28% 11.0%
oper.11905__ 21,396
(after.
23.13
95,655
30.83
265,012 38.21
•
After
allowing
7%
interest on $1,500,000 invested in three colliers.
expenses)_11906_ 24,075
58.40
151.523
12.51
388,141 46.46
1907._ 47,764
98.39 194,757
28.53
417.525 07.57 -V. 86, p. 153%.
1903._ 44,258 '07.34 251,491
29.13
30.0-1
542,035
Merrimack Mfg. Co.-Dividend 0mitted.-The directors
•Decrease.
have failed to declare a semi-annual dividend, payable in
291
THE CHRONICLE
AUG. 1 1908.]
August, on the $2,750,000 common stock. In February last,
2% was paid thereon, being the same amount as paid semiannually in 1907.-V. 83, p. 690.
In diameter, bound together with iron bands. The water Is delivered In
power-houses 4 and 5 under a head of 1,051 and 377 feet respectively.
The company covers a territory 200x150 miles, in which are located many
widely separated mining districts, and should every one of those fall-a.
practically impossible supposition-our generating plants are within transmission distance of the pcpulously settled districts of California on the
other side of the Sierra Nevada Range. Pumping stations might also be
Installed in Nevada and California to develop agricultural interests, which
could be operated from our plants.
Dividends.-The p:wer company agrees that until all of its bonds have
been fully paid it will declare no dividends upon its capital stock in excess
of 6%, unless at the same time It shall deposit with the trustee for the
sinking fund a sum equal to the aggregate amount of any dividend so declared and paid In excess of 6%.-V. 86. p. 725.
Mesta Machine Co. of Pittsburgh.-New Stock, &c.-This
Pennsylvania corporation has increased its authorized issue
of capital stock from $1,250,000 to $2,000,000. The Mellon
National Bank of Pittsburgh is offering at par a block of the
company's first mortgage 5% gold bonds, denomination
$1,000 (c*), issue $500,000, dated July 1 1903, payable
$25,000 July 1 1908 and $25,000 annually thereafter. CouNew York & Albany Transportation Co.-Bonds Offered.pons Jan. 1 and July 1. Trustee, Union Trust Co. of Pitts- Peter J. Callan, 59 State St., Albany, recently offered for sale
burgh.
at par and interest, including $200 in stock bonus, $30,000
The mortgage securing payment of these bonds covers all the real estate, first mortgage 5% gold bonds, due 1928, interest January
buildings, furnaces, boilers, engines, appliances, fixtures, machinery and and July. An advertisement says:
other equipment constituting the plant of the company, situate at West
Homestead, Pa., which cost $1,500,000. The works, including steel furnace, were originally built in 1890 and are now being enlarged, one account
says doubled, so as to employ 3,000 men. Product, steel rolls, general
castings, machine moulded gears; annual capacity In 1904, 10,000 tons; also
36,000 tons gray Iron castings. President, George Mesta; Vice-President,
Charles J. Mesta: Secretary, W. L. Slack; Treasurer. J. 0. Horning.
The Mesta Machine Co. makes a specialty of enzines for rolling mills,
blast-furnaces and power houses, horizontal double-acting gas engines'
also rolling mill equipment, rolls, mills, shears, castings, gears and pinions.
barometric condensers
Incorporated (Oct. 11 1907) under the laws of New York. Capital stock,
$250,000; bond issue, $200,000, coupon bonds in denominations of $500
and $1,000, an absolute first mortgage on all the company's property or
which may be hereafter acquired. Including the steamers Saratoga and
Frank Jones; also New York and Albany dock privileges and leases which
were purchased at a cost of over $300,000. Net earnings for the 35 days of
operation were nearly three times the interest charges on the entire bond
issue for same period. [This is the "New Hudson line"; President, Capt.
Geo. P. Hudson, Pier 53 North River, New York CRY.]
New York Taxicab Co.,Ltd.-The London Stock Exchange
Metropolitan Steamship Co. Boston.-Status under Plan. has listed 240,000 preferred participating ordinary shares
-See Consolidated Steamship'
Lines above.-V.86, p. 1470. of £1 each, fully paid (Nos. 1 to 240,000).
O'Rourke Engineering Construction Co.,ew York.Mexican Light & Power Co., Ltd.-First Dividend, Wo
Semi-Annual.-Secretary A. R. Doble, Montreal, in a circu- Special Meeting.-The shareholders will vote Aug. 13 at the
lar recently sent to the shareholders, says:
company's office 345 5th Ave., New York City, on decreasIn a circular issued July 1907 the directors expressed the opinion that ing the capital stock from $2,000,000, consisting of $1,000,000
they would be justified In recommending the payment, in quarterly instalir common (par value $100) and $1,000,000 preferred (par
ments, of a dividend of 4% per annum on the ordinary shares for the yea$1,000,000, to consist of 10,000 shares of
1908. The drought which subsequently set in in Mexico and which was value $100), to
the most severe experienced In that country for many years, made it im- common stock of the par value of $100 each. (Compare
possible for the company to realize its expectations, and In consequence all "New York Central & Hudson River RR." in V.84, p. 1308.)
the company's steam plants have been operated at a large expense, causing
a corresponding shrinkage in net earnings. The directors feel, however, -V. 80, p. 716.
that the shareholders are entitled to some consideration, and accordingly
Osceola Consolidated Copper Mining Co.-See annual
out of the earnings of the first six months of this year have declared a
dividend of 1%, payable July 15.
report of the Calumet & Hecla Mining Co. on a preceding
It may be added that the company's system of dams has now been advanced to such a stage as to insure an ample store of water during future page.-V.86, p. 484.
dry seasons, so that, assuming the average annual precipitation, a repetition of these exceptional conditions is practically impossible. The gross
Passaic Steel Co., Paterson, N. J.-Sale Ordered.-In the
earnings have, in the meantime, grown satisfactorily; the amount In June United
States Circuit Court at Trenton, N. J. on July 27,
1907 was $388,000. Mex.. and May 1908 $471,000, Mex.-V.86, P. 1470.
Judge William M. Lanning ordered the foreclosure of the
Michigan State Telephone 0o.-Earnings.-For 6 months $2,500,000 mortgage on the company's plant at Paterson.
ending June 30:
A press dispatch says:
6 inos.
Gross.
1908
$1,648,984
-V. 87, p. 170.
Int.
Div.on pf. 6% Surplus.
The order was opposed by the merchandise creditors on the ground that
$208,935
$160,299 'their Interests mignt be prejudiced, In that their claims aggregate $108,000,
$68,498
with $251,000 of unpledged assets to pay them. The opposition was withdrawn, however, when the Court made the order upon condition that in.
distribution of the funds after the sale the position of the merchandise
Mt. Sterling (Ky.) Water, Light & Ice Co.-New Stock.
- the
creditors would not be prejudiced.-V. 87. p. 170.
Net.
$137,732
This Kentucky corporation filed on July 27 a certificate inPike's Peak Hydro-Electric Co., Colorado Springs, Col.creasing its capital from $250,000 to $290,000. Bonded
-Change in Control.-See Colorado Springs Electric Co.
debt $250,000. E. H. Jones, President.
above.-V. 84, p. 342.
Neafie & Levy Ship & Engine Co., Philadelphia.-Property
Pittsburgh Coal Co.-Bonds Canceled.-The company
Sold.-At the receiver's sale on July 28 the company's "Penn
Works" were bid in for $50,000 by F. D. Somers, a director since Dec. 31 1907 has purchased and canceled, from the
proceeds of the sinking fund provided therefor, a further
of the First National Bank of Camden, N. J.
$400,000 of the $25,000,000 Pittsburgh Coal Co. of PennThe property Is subject to a first mortgage of $277,000 now due, with
collateral" 5%
interest at 6% from Nov. 8 1007, ground rents $101 yearly, and receivers' sylvania guaranteed "first mortgage and
certificates amounting, it Is said, to $120,000. On the mortgage six bonds of 1904, making the amount redeemed to date $4,monthly payments of $1,000 each have been paid since last November. 220,000 and reducing the amount outstanding to $20,The plant is situated at Beach and Palmer streets, Philadelphia, covering
8 acres or ground and havinz a water front of 400 feet on the Delaware 780,000. Compare V. 82, p. 389.
River. Howard B. Cornell was appointed receiver Feb. 25 1908 to succeed
Tonnage.-The semi-annual payment made this month
Sommers N.Smith, and In May last reported the total liabilities as $419,662.
($194,645, or $3 89 per share), on account of the purchase of
against plant valued at about $500,000 and other assets $47,049.
the $2,500,000 Monongahela River Consolidated Coal & Coke
Nevada-California Power Co.-First Dividend.-An initial Co. preferred stock, shows that there was mined from the
1 % ($1 50 per share, par $100) has been de- Monongahela properties during the six months ending June
dividend of 1 A
clared on the capital stock, payable Aug. 1 to holders of 30 1908 3,244,077 tons of coal, against 3,557,246 tons in the
record July 27. Compare V. 84, p. 807.
same period last year. In the fiscal year ended Oct. 31 1907
Bonds-Further Facts.-Mason, Lewis & Co. in connection 7,454,157 tons were mined, in 1904-05, 4,962,750. This
with theifoffering of $500,000 first mortgage gold 6% sinking payment leaves $11 46 of the purchase price of $45 per
fund bonds of $1,000 each, dated April 1 1907 and due April share (par $50) still due.
1 1927, but redeemable April 1 1912 at 105 and interest
Results for Half-Year.-See "earnings department."
(interest payable April 1 and Oct. 1 at the office of the
Tonnage Statement for Half-Years ending June 30.
International Trust Co.-the mortgage trustee-Denver,
.----- (Coke,
puts. -Coal t ms)
Colo., or Morton Trust Co., New York City), some time ago 6 mos.
ms.)
Hocking
furnished the following (see also V. 86, p. 725):
Total.
Dis:.
Dist.
to June 30.
Capitalization: Stock, $5,000,000. Bonds authorized, $3,000,000, of
which Issued and outstanding. $2,319,000; treasury bonds, $681,000. To
redeem its bonds the company agrees to pay to the trustee out of the net
earnings within 30 days after the first days of April and October of each
year, beginning with April 1 1910, a sum equal to 20% of the net earnings
for each preceding six months.
Abstract of Letter from Pres. Delos A.Chapped, Goldfield, Nev.,Feb • 15 1908.
The company owns in fee-simple valuable water rights and real estate
in connection with its hydro-electric power plants on Bishop Creek, Inyo
County, Cal.; an extensive transmission system, and the electric-lighting
plants in the districts of Goldfield, Tonopah, Blair and Rhyolite. The
company's plans provide for a total ultimate deVelopment of 30,000 h. p.
Power-houses Nos. 4 and 5 are in operation, with a present installation of
6,000 k. w., or 7,500 h. p., and In order to 1111 contracts already made we
will during the coming summer construct plant No. 2, with an installation
as Hillside and Sabrina Dam, together
of 7,000 k. w., and reservoirs kn,,wn
with pipe lines, &c.
On completion of this plant the company will have an installation of
13,000 k. w., or about 17,000 h. p., and an earning capacity, based upon
actual net earnings of the past two years, of $6 29 per h. p. per month, or
at the rate of $1,283,160 per annum over and above operation,fixed charges,
&c. This work has all been contracted for and will call for an expenditure
of about $600,000 during the coming summer. Under the terms of the
trust deed bonds may be Issued from time to time for 80% of the actual
cost of extensions, enlargements and betterments, the remaining 20% to be
paid for out of the ordinary proceeds of the business.
At this date the company Is delivering power In the districts of Goldfield,
Tonopah, Bullfrog, Blair, Rhyolite and Millers. The total horse-power
co4tr4cted for (by 138 consumers) is 10,625 h. p.; used at present,5,025 h p.,•
balance to be provided for, 5,600 h. p. The various districts are all located
In central and southern Nevada, from 75 to 135 miles distant from the
power plant-Goldfield being 95, Tonopah 104 anti Bullfrog 124 miles, via
the transmission line. The company has six sub-stations or transformer
houses, those at Goldfield, Tonopah and Rhyolite of stone; those at Palmetto, Silver Peak and Millers steel frames covered with galvanized iron.
The flow-line is constructed of 2-Inch Oregon fir, from 42 Inches to 54 Inches
1908
1907
5,033,901
8,374,065
388,151
607,271
5,422,052
8,982,236
4,146
244.198
Bonds of Controlling Company Offered.-See Pittsburgh
& Castle Shannon RR. under "Railroads" above.-V. 86,
p. 725.
Pittsburgh Oil & Gas Co.-Earnings.-For the quarter:
3 ?nos. to June 39.
Gas
Oil
1907.
1907. '3 mos. to June 30. 1908.
1908.
_ _$244,941 $341,554
$74,060 $116,537 Total income
153,597 226,831
159,032 213,031 Expenses
Total receipts_ _$233,092 $329,568
11,986
Other Income _ _ _ _ 11,849
Balance,
plus
sur-
$91,344 $114,730
Total income _ _$244,041 $341,554
Sales-The company sold 253,536.000 cubic feet of gas and 116,351
barrels of oil, against 488,778,000 cubic feet of gas and 154,970 barrels of
oil In the same period last year.-V.87, p. 224.
Rubber Goods Manufacturing Co.-On Regular List.Of the company's preferred stock, amounting to $10,351,400,only $3,413,900 is not owned by the United States
Rubber Co., and it is this amount that was transferred
on July 29 from the "unlisted" sheet to the regular list
of the New York Stock Exchange.-V. 86, p. 915.
Standard Cast Iron Pipe & Foundry Co., Bristol, Doylestown County, Pa.-Mortgage.-This company, incorporated
under the laws of New Jersey Aug. 15 1906 with $2,000,000
capital in shares of $100 each has made a first mortgagelto
292
THE CHRONICLE
[VOL. Lxxx-rit.
Annual Dividen1 It?cord of Cownni Sfoele (Co. Organiva Aug. 1 1899.)
the Girard Trust Co. of Philadelphia as trustee to secure an
1302. 1903. 1304. 1905.
1903.
1907. Fei.'08. May'08
issue of $1,000,000 5% gold bonds, dated July 1 pos and 1901.
6%
6%
6%
6%
4% 4% ix I ex. 4% do 1 ex. 1% A 011%
Toe coatmon shares prior to 1908 had been receiving regular quarterly
due July 1 1928, but subject to call at 102M on any interest
of 1% (4% per an.) since Feb. 1 1905, and an extra 1% was
date after July 1 1913; sinking fund, $25,000 yearly; interest dividends
paid on Nov. 1 In 1906 and 1907. Compare V. 85, p. 1573.
payable Jan. 1 and July 1 at office of trustee. DenominaWisconsin Pea Canners' Co.—Bonds Offered.—Hervey.
tions $500 and $1,000.
Hicks, 181 La Salle St., Chicago, is offering at par and interThe company was organized by Philadelphia interests closely Identified
with the American Pipe Mfg. Co. and purchased a tract of 132 acres at est $50,000 first mortgage 6% gold bonds, dated Jan. 2
Bristol, Pa., on which there has been erected a plant consisting of four large 1908, denominations $1,000, $500, $100 (c*). Interest
foundries, machine shop, &c., with a daily capacity of 300 tons of cast-Iron
pipe for water and gas and general castings. Of the authorized capital (Jan. 2 and July 2) payable at American Trust & Savings
stock, one-half ($1,000,000) is 7% cumulative preferred, par of shares $100; Bank, Chicago trustee. Bonds mature serially each year,
amounts now out, all the $1,000,000 common and $377,000 preferred. Jan. 1 1911 to
'
Jan. 2 l921, inclusive. A circular says:
President, Jas. S. Keen Jr. (Pres. and Gen. Mgr. of American Pipe Mfg.
Co.); Secretary and Treasurer, Charles C. Price; Assistant Treasurer,
Ft. Bayard Hodge (Sec. of American Pipe Mfg. Co). Office, 112 North
Broad
PhiAao;lpitia.
4A-11,10.LCI elpo
in.nact.iciii; Co., we aCe
Informed, does not own tho controlling interest In toe compan nor does it
guarantee the bonds, either prin:loal or Interest.—Ed]
Terre Haute (Ind.) Water Works 0o.—Stock.—The company's total authorized capital stock is $2,000,000, all common; par of shares $50. Recent reported increase was due
to the filing of a certificate of increase effected July 8 1889,
and not then filed because the laws of the State did not then
specifically require it. The amount outstanding is $500,000,
all common. Par of shares, $50. Don R. Gwinn is President.—V. 84, p. 1125, 752.
Toronto Power Co., Ltd.—Sale in London of £500,000
4 2% Debenture Stock Guaranteed by the Toronto Ry. Co. and
Secured by Pledge of Stock and Bonds of Electrical Development Co.—There was recently offered for subscription in
London at 98%,and, it is said, successfully floated, £500,000
43% debenture stock, part of an issue limited as below mentioned, guaranteed unconditionally, both as to principal and
interest, by the Toronto Ry. Co. Interest payable by warrant Jan. 1 and July 1. Principal repayable July 6 1918.
An advertisement says:
This debenture stock is issued under the powers given by an Act of th
Legislature of the Province of Ontario, and under the authority of resolutions of tne directors and shareholders of the Toronto Power Co., Ltd., an.'
of the directors of the Toronto Railway Co., and will be redeemable In lo
years by means of an annual payment to the trustees of a sum equal to onetenth part of the stock outstanding, or such larger sum as may be requisite
to provide for the redemption of toe stock at the due date. The sinking
fund will be applied in the purchase of the debenture stock when It can be
obtained at or below par, and, failing this, it will be Invested as specified
n the trust deed.
The cl$benture stock will be secured by a trust deed constituting It a
specific first mortgage upon $2,000,000 5% gold bonds and over four-fifths
.of the common shares of the Electrical Development Co. of Ontario, Ltd.
(V. 86, p. 605, 1038, 1408, 1412; V. 82, p. 694, 1043; V.83, p.40, 627.)
• The holders of the debenture stock will be entitled to the benefit of a
trust deed which will be entered into by the Power Company and the Eldtilway Company with the British Empire Trust Co., Ltd., as trustees for t
stockholders, by which power will be reserved to the company, with Vi.
consent of the trustees, to issue further debenture stock,ranking part pas
with that now offered, against the deposit with the trustees of further bond;
or shares of the Electrical Development Co. of Ontario, Ltd. Due fulfillment of all the conditions of the trust deed, including the payment of principal, sinking fund and Interest, will be absolutely and unconditionalli
guaranteed by the Toronto By. Co.
The Toronto Power Co., Ltd., was Incorporated under the laws of the
Province of Ontario with power to carry on an electrical power business In
the Province of Ontario. It has a share capital of $1,000,000 (as recently
Increased from $100,000.—Ed.). all issued and fully paid. and has no bonds
or other securities outstanding. Its directors are: William Mackenz13.
President; Frederick Nicholls, Vice-President; Sir H. M. Pelatt, James
Gunn, J. ,C. Grace.
Union Oil Co. of California.—Semi-annual Report.—President Stewart in a statement for the half-year ending June 30
1908 (compare V. 87, p. 222) says:
The payment of dividend No. 144, remitted herewith, brings the aggregate amount paid In dividends to date to $3,989,979. The net earnings for
the first six months of this year amounted to $1,560,247. For the same
period last year they amounted to $566,254.
In our letter of March 20 we reported the loss of a large tank at Port
Harford by lightning. On May 13 the company lost another 37,000-barrel
tank containing 11,000 barrels of oil, by lightning on its Isthmian pipe line
at Colon. And on the 15th inst. a lire at Orcutt, supposed to have origi'
nated from an electric wire, thstroyed three 37,000-barrel tanks, the pumpstation buildings and some 54,000 barrels of oil, involving a loss aggregatinc
$75.000. The Standard, Associated, Graciosa and Phut! Oil companies
very promptly and generously tendered the use of several hundred thousand
barrels of their field storage, so there will be practically no interruption of
your company's business.
Your company insures Its own oil tanks and wells, and prior to this year
never lost but one of Its large tanks by fire. The loss from these three fires.
Involving a property loss of $125,000, represents the net earnings of only
about 14 A days.
Although the developing of the company's properties has not proceeded
as rapidly as expected, the outlook is still very encouraging. The developments in the vicinity of the large property known as the Bell ranch, purchased last winter, indicate that it is much richer territory than we anticipated.
The work of practically doubling the capacity of your company's refineries
Is now in progress.
We have been pleased to answer all Inquiries relating to declaration of
dividend of $200 per share from the surplus profits of the company, as mentioned in circular dated June 24 1908. Our stockholders seem practically
of one mind as to the desirability of this action contemplated at meeting of
stockholders Aug. 20 1908, and after the proper ratification is recorded,
subscriptions to the new issue of stock will be met by the dividend declared.
as outlined in elreuhr.—V. 87, p. 222.
United Button Co.,ew York.—Balance Sheet.—The
following was filed in Massachusetts Dec. 111907:
Mabillties—($1,671,919)
Assets—($1,671,919)
$7(7108;010301
$325,000 Capital stock
Real estate
145,654 Accounts payable
Machinery
746,624
Cash and debts receivable_ 115,815 Funded debt_
Manfrs. and merchandise __ 267,407 Floating debt and reserve
funds
37,245
Good will
588,119
109,919
Treasury account
213,139 Surplus
Deferred charges
16,785 —V. 81, p. 872.
United Gas & Electric Co. of New Jersey.—Controlled
Companies.—See Colorado Springs Electric Co. above.—
V. 84, p. 577.
United Gas Improvement Co. of Philadelphia.---Results in
Philadelphia.—See Equitable Illuminating Gas Light Co.
of Philadelphia above.—V. 86, p. 1158.
United States Bobbin & Shuttle Co., Providence, R. I.—
Dividend on Common Stock Reduced.—The directors on
4% on the $650,000 pref.
July 23 declared, with the usual 13
stock, a quarterly dividend of JA of 1% on the $1,001,000
common stock, payable Aug. 1, contrasting as follows:
A mortgage on the entire property, including factories at Manitowoc,
Sheboygan and Two Rivers, Wis., fully equipped with latest pea-canning
machinery, capacity 400,000 cases annually; large brick warehouse in
Manitowoc; four viner stations at near-by points, and valuable farm lands
and buildings, horses and equipment. For over live years past the net
average annual earnings have been more than $100,000, or one-half the
entire bond issue of $200.000. Ten per cent dividends on preferred stock
to the amount of $750,000 are now being paid quarterly at the rate of 2 A %
each on Jan. 15, April 15, July 15 and Oct. 15, respectively. The company
Is controlled by Charles W. Gillett and associates, and its policy is to
build up a strong surplus.—V. 85, p. 669, 350.
Youngstown (0.) Sheet & Tube Co.—Title Taken—Mortgage Filed.—On Jufy 8 a deed was filed transferring to this
company the plant of the Morgan Springs Co. at Struthers,
0., purchased several months ago. On the same day the
company filed a first mortgage on the Struthers plant to the
.Dollar Savings & Trust Co. of Youngstown, as trustee, to
secure an issue of $700,000 bonds, denomination $1;000 and
$100, dated 'July 1 1908 and due $175,000 on July 1 1913
and the remnder $35,000 yearly from July 1 1914 to
July 1 1928, both inclu4ve• but subject to call after July 1
day (Jan. 1 and July 1).
1913 at 105 on any interest'
The company was Incorporated in Oslo in November 1900. It owns,
besides its plant at Youngstown, consIstinz of two 500-ton blast furnaces.
Bessemer steel works, meet and tube mills having an annual capacity o
400,000 tons of steel (finished products), ore property on the Mesabe Range,
coal lands In West Virginia and Pennsylvania and blast furnace at SharpsvIlle, Pa. Capital stock authorized, $6,000,000; outstanding, $5,980.001';
par of shares $100. Dividend rate 8% per annum, recent dividends being
as follows: Oct. 1 1907, 2%; Jan. 1 1908, 2%; April 1 1908, 2%; July 1
1908, 2%.
In 1903 the company issued $2,500,000 "first and collateral trust"
mortgage 6% bands, denomination $1,000 gold, dated July 1 1905 and
due $125,000 yearly, but all sublect to call at any interest period after
July 1 1910 at 105; Interest payable Jan. 1 and July 1 at Dollar Savings &
Trust Co., trustee, Youngstown, 0. Sinking fund $125,000 per annum.
Amount of said bonds now outstandm r understood to be $2,125,000.
President, .1. A. Camobell; Secretary, G..:o-r E. Day: Treasurer, Richard
V,,n ,
••fa
.1 _,r.a'
Garick.
—The Metropolitan Life Insurance Co. has issued a
very handsomely illustrated volume of about 100 pages
to mark the fortieth year of its history and the practical
completion of its new building occupying the entire block
on Madison Square, Fourth 'Avenue, 23d and 24th Streets,
being the largest business building in the world. It is
estimated that some 10,000 people will have their business
homes in this building. The volume contains a historical
sketch of the Madison Square neighborhood, which, with
the accompanying pictures and an elaborate account of the
new structure, together with the work of the Metropolitan
carried on therein, makes a book that will be read with
much interest and preserved by all who may be so fortunate
as to secure a copy.
—Charles A. Stover, William G. Turner and Edward H.
Kent have organized the new firm of Stover, Turner & Kent,
25 Broad Street, and will start business Aug,. 1. Mr. Stover
has been Cashier for Plympton, Gardiner & Co. for the past
four years. prior to which time he was connected with various
Stock Exchange houses since 1885. Mr. Turner until recently was connected with the Knickerbocker Trust Co., and
Mr. Kent with W. H. Trumbull & Co. of Boston as salesman.
The firm will transact a general business in curb securities,
bonds, short-time notes and collateral loans.
—Charles W. Dohnert, formerly with, the National Bank
of the Republic, Chicago, has become connected with the
new banking and bond house of Wollenberger & Co.,.located
in the Corn Exchange National Bank Building on the corner
of La Salle and Adams streets.
—Col. Marion J. Verdery, who is associated with Win. P.
Bonbright & Co., was yesterday elected to the position of
Secretary of the New York Stock Exchange Building Co.
and Superintendent of the New York Stock Exchange
Security Vault, succeeding the last Charles H. Wright.
—Attention is called to the advertisement on another page
offering the notes of the Lake Superior Southern Ry. at a
price to net 7%. Address F. J. Whitelaw, 1536 First National Bank Bldg., Chicago.
—Dick Bros. & Co., members New York Stock Exchange,
30 Broad Street, have opened a branch office in the Hotel
St. Regis, corner Fifth Avenue and 55th Street. H. Archibald Pell will be Manager.
—A. B. Leach & Co., Singer Building, 149 Broadway,
N. Y., to-day offer United States Steel Corporation first
mortgage underlying bonds. Price . and particulars upon
application.
—1--Iillyer Investment Co., Candler Building, Atlanta, Ga.,
have a number of attractive high-vade bond offerings at low
prices. Interested parties are invited to write for circular.
—The bond department of The Safe Deposit & Trust Co.
of Pittsburgh has isSited a booklet containing their *nve3tment offerings.
—Tobey & Kirk, 25 Broad St., offer for sale by advertisement in another column a list Of railroad and industrial issues.
Witt Ccomuterttai '32.,irrom
COTTON.
COMMERCIAL EPITOME.
Friday Night, July 311908.
.
Production is increasing to meet the wants of a gradually
enlarging demand, although caution is still everywhere the
watchword. Crop prospects continue in the main favorable, Europe is buying our wheat more freely, prices remain
for the most part steatt,the general sentiment is hopeful,
and many look for a noteworthy increase in the fall and
winter trade in most commodities.
LARD on the spot has been strong for Western and steady
for City. Strengthening factors have been an advance in
futures at the West, light receipts of hogs and small offerings. These have offset dulness of trade. Small jobbing
sales have been made at 9.55@9.65c. for Western and 91/0.
for City. Refined lard has been stronger for Continent and
easier for other grades. Trade has been quiet and of a jobbing character. Refined Continent, 10c., South America
10.50c. and Brazil in kegs 11.90c. Speculation in lard
futures at the West has been active at advancing prices.
Bullish factors have been the strength of the live-hog situation and brisk buying by packers. Commission houses
have bought to sonic extent and there has been an absence
of selling pressure.
DAILY CLOSING PRICES
Sat
July delivery
917;i
September delivery_ ___ _9.27 Yi
9.35
October delivery
293
THE CHRONICLE
AUG. 1 1908
OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Mon. Tues.
0.45
9.12 yi 9.27% 9.37.i 9.42
9.;2'
0.50
9.22 Ji 9.37% 9.45
9.62
9.57
9.523.
9.32;i 9.45
Friday Xight, July 311908.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
26,759 bales, against 23,047 bales last week and 25,012
bales the previous week, making the total receipts since
the 1st of September 1907,8,220,126 bales, against 9,654,159
bales for the same period of 1906-07, showing a decrease
since Sept. 1 1907 of 1,434,033 bales.
Receipts at-
Sat.
Mon.
Tues.
Thurs.
Wed.
Fri.
Total.
2,316 15,143
Galveston
Port Arthur..
CorpusChrlsti,&c
New Orleans_ _ _ _
Mobile
Pensacola
Jacksonville, &c.
Savannah
Brunswick
Charleston
Georgetown _ _
Wilmington
_
Norfolk
NewportNews,&c
New York
Boston
Baltimore
_
Philadelphia_
3,033
1,195
4,852
1,623
2,124
485
• 142
2,603
220
1,184
135
1,303
10
143
7
910
1
6,629
516
739
_
7
431
299
351
241
9
172
9.
2,233
30
6
146
285
27
272
_
17
201
42
-158
65
56
128
388
748
388
5
639
--if
639
Totals this week_
4,705
96
16
_
6
_
4,763
5,56C
3,382
2.711
4,637 26.759
The following shows the week's total receipts, the total
since Sept. 1 1907, and the stocks to-night, compared with
without
marked
though
easier,
PORK on the spot has been
last year:
change. Offerings have been rather liberal at times and
Stock.
50
$17
1906-07.
1907-08.
clear
50,
25@$17
$17
Mess
trade has been sluggish.
Receipts to
@$18 50 and family $18@$18 50. Beef has been quiet and
,.
This Since Sep This Since S,
July 31.
1907.
11906.
1308.
1 1907. week.
week.
steady; mess $14 50@$15 50, packet 815(016, flank $14 50
@$15 50, family $16 75(017 50 and extra India mess $24® Galveston
17,1169
3,670 3,853,34, 43,353
15,143 2,503,511J
13232
108,500
$25. Cut meats have been dull and firm. Pickled hams Port Arthur
71,33;
____
37,825
,ecc.
CorpusChristi
bellies,
pickled
and
c.
4
63
pickled
shoulders
(4)12Mc.,
L
/
121
Z.J,458
45,747
2,910 2.271,321
6-.629 1,987,867
New Orleans.,_ _
2,954
2,428
14©10 lbs., 9W.103/
2.1 256.56:
2c. Tallow has been easy with small Mobile
516 331,184 '
144.50
167,451
Pensacola
steady;
and
quiet
been
8c.
/
Stearines
have
53
City
sales.
7,70
31
8,46:!
9
Jacksonvl le, &c_
and
quiet
been
has
lard
Butter
and
12c.
119.@12c.
oleo
18,451
25,851
713 1,470.08.
2,233 1,511,65.':
Savannah
709
170,60
197,90:
easier; Creamery extras 22c. Cheese has been in moderate Brunswick
5,511.
4,068
708 148,73:
285 201,55*
demand and firm; State, f. c., small, fancy, 12c. Eggs have Charleston
1,27(
822
Georgetown
131
685
2 ©19c.
33 322,3,16
been quiet and steady; Western firsts 183/
158 500,721
Wilmington
5,626 • 10,538
85.21:
748 544,17;.
Norfolk
OIL.-Cottonseed has been nominally Weaker. Prime NewportNews,ecc
83
-----42,911
8,451
388
193,350
summer yellow 433/ic. and prime winter yellow 47@)48c. New York
23,001 • 70,871
40
4,131
4,916
5.475
72,60'
262
15.657
11
Boston
Linseed has been firmer, owing to a stronger market for the Baltimore
4,733
5,577
62,016
0,36.
raw material, but there has been no quotable change in prices. Philadelphia ----------9,61:
1,242
1,250
10,54
10.1
___
--- --------- ----- -------The demand is still confined to small lots. City, raw, Ameri8,931 9,554,151 214,461 290.722
2,220,12
Total
26,759
can seed, 44@45c., boiled 45@46c. and Calcutta, raw, 70c.
Lard has been firm, with a moderati3 demand for small lots.
In order that comparison may be made with other years,
Prime 70@72c. and No. 1 extra 54©55c. Cocoanut has
seasons:
2c. we give below the totals at leading ports for six
been dull but firm on small stocks. Cochin 714@73/
and Ceylon 6:M@63c. Olive has been quiet and steady; Receipts at- 1908.
1903.
1904.
1905.
1906.
1907.
• yellow 65@,75c. Peanut has been quiet and steady; yellow
436
320
25,135
10,566
3,670
Galveston _ _ _
15,143
65()80e. Cod has been moderately active and steady; Pt.
1,417
241
Arthur,&c
540
2,361
15,230
3,287
2,910
domestic 40@v42c. and Newfoundland 42®44e.
New Orleans
6.62/
4
630
2,338
1,793
29
Mobile
516
COFFEE on the spot has been dull. Rio No. 7, 6%@, Savannah
61
558
13,241
10,859
713
2,233
/0. West India growths Brunswick_
328
63ic. and Santos No. 4, 8W)83
1
1,282
708
584
285
have been quiet and steady. Fair to good Cucuta 81A® Charleston.&c
44
8
1,819
33
59
_
156
4c. The speculation in future contracts has been on Wilmington_
93
19
961
10,219
2,745
426
Norfolk
748
125
163
388
604
$88
a small scale. The tendency of prices has been towards N'port N., &c
370
951
1.880
3,279
442
559
__
others_
a lower level. The receipts at Brazilian ports have been All
1,599
5,953
74,337
34,017
8,931
heavy, and at times the European and Brazilian markets Total this wk_ 28,759
have shown noteworthy weakness a fact which has led to Since Sept. 1_ 3,220,126 3,1354,159 7,720,908 9,849,351 7,117,518 7,636,328
'interests have sold to
scattered liquidation here. Spot
some extent and Europe has sent selling orders. Local
The exports for the week ending this evening reach a total
dealers and shorts have been the chief buyers.
of 34,093 bales, of which 13,656 were to Great Britain,
The closing prices were as follows:
to the rest of the Continent.
5.50c. 6,350 to France and 14,087
5.45c. April
August
5.61c Dec2mber
5.55c. Below are the exports for the week and since Sept. 11907:
5.45c. May
September
5.8Jc. January
October
November
5.50c. February
5.45c. Me.rch
5.50c. June
5.50c. July
5.80c.
5.50c.
Week. ending July 31 1908. From Sept. 1 1907 to July 31 1908.
Exported toExported WSUGAR.-Raw has been quiet. Centrifugal 96-degrees
Exports
Contitest,4.25c., muscovado,89-degrees test, 3.75c.,and molasses,
Great
ContiGreat
fromTotal.
BrUatn.Few nent. Total. Britain. Prance, neat.
89-degrees test, 3.45c. Refined has been dull and easier;
granulated 5.15©5.20c. Teas have been moderately active Galveston _
6,263 13,569 914,928 336,712 945,64 2,197,280,
7,306
60,476 108,500'
48,024
and generally steady. Spices have been in good jobbing Port Arthur
2.895
2,895
request and steady. Wool has been quiet and firm. Hops Corp.Chrts.,&c.
3,674 8,085 885,342 240,445 722,239 1,848,026
New Orleans_ _ 4.411
71.170 73,034 110,062 254,266.
6,300
6,300
Mobile
have been dull and steady.
67,744 173,213
50,557 54,912
PETROLEUM.-Refined has been firm with a steady Pensacola
Fernandina
2.028 2,048 170,671 91,150 626,478 888,299.
20
demand for domestic and export account. Refined bar- Savannah
88,208 175,915
87,707
Brunswick
rels 8.75c., bulk 5.00c., and cases 10.90e. Gasoline has Charleston_
44,458
34,050
10,408
139,125 28,520 325,185 492,830.
been in good demand and firm; 86-degrees in 100-gallon Wilmington_
38,777
6,386
32,391
drums 20c.; drums $8 50 extra. Naphtha has been moder- Norfolk
1.636
1,636
Newport Neva
ately active and steady; 73©76-degrees in 100-gallon New York_ __ 1,443 50 1,651 3,144 269,061 33,135 310,420 612,616
12,214 155,715
118
149 143,501
31
drums 17c.; drums $8 50 extra. Spirits of turpentine Boston
64,292 117,639
49,198 4,149
Baltimore
has been dull and easier at 40c. Rosin has been quiet and Philadelphia __
55,467
16,118
39,349
798
440
358
1
1
Portland, Me_
easy,. common to good strained rosin $3 00.
48,622
48,622
Francisco_
San
TOBACCO.-Domestic leaf has been in light request. Seattle
71,780
71,78
30,896
30.896
The output of cigars continues on a restricted scale and Tacoma
1.05(8
1,050
Portland, Ore
manufacturers are taking only sufficient leaf to fill immedi- Pembina
2,111
2,111
ate needs. Sumatra has been quiet. The next inscription Detroit
will occur on September 11. Havana has been dull. Prices
Total
13,655 6,350 14,087 34,093 2,915.180862,0573,544,7557,321,992
have been steady.
COPPER has been quiet and firmer; Lake 13% ®13Yo. Total 1906-07_ 12,788 703 5,147 18,638 3,780,891 906,2983,678,30418,365.493
electrolytic 13()133/sc. Lead has been quiet and steady at
In addition to above exports, our telegrams to-night also.
4.47©4.52V2c. Spelter has been quiet and firmer at
4.75c. Tin has been quiet and easier at 30.60c.. Iron give us the following amounts of cotton on shipboard, not
has been steady; No. 1 Northern $16 50(017; No. 2 South- cleared at thelports named. Weiadd similar figures for
New York.
ern $16 25@$16 75.
294
THE CHRONICLE
On Shipboard, Not Cleared lor-
Great
Other CoastGerJuly 31 at- Britain. France. many. Foreign wise.
-New Orleans_ _
467
100
2,953
5,521
63
Galveston _ _ _ _
1,388
3,802
7,879
4,978
7,365
Savannah
Charleston.
Mobile
250
35
Norfolk
4,500
New York_ _ _ _
800
1,200
900
25
Other ports_ _ _
575
530
200
Total 1908_
8,615
6,051
6,855 8,004 13,986
Total 1907_ _
8,321
1,830
5,646
1,920
436
Total 1906_ _
2,262 3,827 9,248 8,777
6,161
285
4,500
2,925
1,305
Leaving
stock.
36,643
17,961
25.861
6,510
2,143
1,126
67,946
12,762
43,511
18,203
30,275
170,952
272,519
174,905
Total.
0;104
25,392
Speculation in cotton for future delivery has continued
exceedingly quiet, but in spite of very favorable crop advices
and reported dulness of trade,both in spot cotton and cotton
fabrics, this-crop months, partly at least on Wall Street
manipulation, have advanced sharply. The rise was due in
a measure, however, to scattered covering and to the fact
that the certificated stock here has fallen below 40,000
bales and is steadily decreasing. The next-crop months
have fluctuated within a very moderate range and in the
main have been well supported by Wall Street operators
supposed to be rather heavily interested on the long side
of the market. There have been some complaints, too, of
a lack of rain in Texas and other parts of the belt,especially
in various localities of the Atlantic States, though the common understanding is that weather and crop conditions are
for the most part distinctly favorable.A number of crop
reports have been issued stating the condition at 83.6 to 86.5,
while the National Ginners report has put it even as low as
81.9. The consensus, however, is that this last-mentioned
condition is too low, and therefore it had no effect. But on
the other hand the reports putting the condition at 2.2 to
5.1% above the ten-year average for August of 81.4 have
also had comparatively little influence, the very prevalent
idea being that the present relatively low price-that is, a
price which is something over two cents a pound below that
of a year ago-has for the time being at least sufficiently
discounted the very promising outlook for the crop. Many
were awaiting the two great events of the week which came
on Friday, i. e., the issuance of August notices and the eublication of the Government crop report for August. In the
meantime the factors for and against the price have apparently about balanced each other. If the weather has been in
the main good, crop prospects glowing and trade and speculation dull, it is true, on the other hand, that the price, as
already intimated, is much lower than that of a year ago,
the short interest is apparently large,and trade is improving,
even if but slowly. Besides, there is always the possibility
of more or less serious damage to the crop during August
and of an early frost. To.-day prices again moved within
very narrow bounds, alternately rising and falling. It
turned out that the August notices, instead of being for the
full amount of the certificated stock here, some 39,000 bales,
as was very generally expected, amounted to only about
15,000 bales. They were issued by spot interests and
stopped mainly by Wall Street people, who continued,
moreover, to support the August option. This, with other
buying, put up that month 20 points. The Government
report was received at noon and gave the condition at 83,
against 81.2 a month ago and 75 at the same time last year.
It had little effect. Spot cotton has been quiet. Middling
upland closed at 10.70c., a decline for the week of 10 points.
The rates on and off middling, as established Sept. 11 1907
by the Revision Committee, at which grades other than
middling may be delivered on contract are as follows:
Fair
c 1.75 on
Strict mid. fair_ _ _ A.50 on
Middling f Br
1 25 on
Strict gon-1 mid__0.75 on
Good middling_ _0.50 on
• Strict middling__ _0.25 on
Basis
c
Middling
Strict low mid
0 30 off
Low middling
_1.00 off
Strict good ord__1.50 oft
Good ordinary_ _._2.00 off
Strict g'd mid.tgd_0.35 on
Good mid. tIng'd c_ Even
Strict mid. tinge3.._0.20 oft
Middling tinged. _0.30 off
Strictlow mid.ting.1.00 off
Low mid.tinged_ _ _1.50 off
Middling stained
1.25 ott
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
July za to July 31Middling upland
Sat.
10.80
Mon.
10.80
fuei.
10.70
W,1. emirs. Fri.
10.70 10.70 10.7)
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
July 31 for each of the past 32 years have been as follows:
1908 _c
1907
1906
1903
1904.
1903
1902
1901
10.70 1900_ c
10.90
11.00
10.70
12.75
8.54
8.06
1898
1897
1896
1895
1894
1893
10.06
6.12
6.06
8.00
7.44
7.06
6.14
8.
1d02_c
1891
1890
1889
1888
1887
1886
1885
IN 1882
Ilgl-c
1A.25
11.31
10.88
10.00
9.56
10.50
1881
1880
1879
1878
1877
11.06
10.00
12.81
1121..67
11.56
11.75
12.00
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Saturday_ _
Monday _ _ Tuesday _ _
Wednesday
Thursday _
' Friday_ _ _
Quiet
Quiet
Quiet, 10 pts. dee
Quiet
Quiet
Quiet
Total
Futures
Market
Closed.
Steady
Steady
Steady
Steady
Steady
Steady
Sales of Spot and Contract.
Con- ConExport sum'n. tract.
[VOL. Lxxxvix.
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
00
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811illULls
Car..).•44C.) S4C.)
.140
•Zr..) *403 cgr.)(40 v C4r.i
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from
the United States, including in it the exports of Friday
only.
July 31Stock at Liverpool
Stock at London
Stock at Manchester
bales_
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Antwerp
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1908.
471,000
9,000
51,000
1907.
928,000
23,000
73,000
1906.
552,000
15,000
52,000
1905.
766,000
17,000
52,000
538,000 1,024,000
24,000
14,000
268,000
211,000
619,000
13,000
164,000
94,000
4,000
13,000
27,000
7,000
835,000
14,000
227,000
1,000
88,000
3,000
24,000
9,000
3,000
322,000
369,000
127,000
5,000
3.1,000
17,000
20,000
165,000
3,000
24,000
26,000
40,000
495,000
483,000
Total Continental stocks
_
1,033,000 1,507,000
Total European stocks
71,000
138,000
India cotton afloat for Europe__ _
70,497
61,494
American cotton afloat for Europe
26,000
21,000
Egypt. Brazil, &c., afloat for E'pe
81,000
44,000
Stock In Alexandria, Egypt
409,000
676,000
Stock In Bombay, India
214,433
290,272
Stock in U. S. ports
132,085
94,161
Stock In U.S. Interior towns
4,219
156
U. S. exports to-day
941,000 1,204,000
93,000
142,000
89,494
195,000
17
20,000
43,
CS
73,000
725,000
730,000
205,180
387,860
139,954
142,195
326
13,798
2,044,284 2,832,607 2,248,959
to
tttahlevisible supply
T
oo
2,907,862
above, totals of American and other descriptions are as follows:
Americanbales_
34673:000000
Liverpool stock
82:82 4,
Manchester stock
18
1 :Ta
412,000 390,000
Continental stock
265,000 3
68
3
44
50,%
001
70,497
American afloat for Europe
61,568
89,494
195,000
214,463
U. S. port stocks
290,722
205,180
387,869
132,1)85
stocks
Interior
U.S.
94,161
134,959
142,195
4,21f)
U. S. exports to-day
156
326
13,798
---,
Total American
East Indian, Bra U. &C.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, dm,afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, dee
Total American
1,243,264 1,698,697 1,178,959 1,806,862
103,000
9,000
AA:883
74,000
26,000
81,000
409,000
114,000
126,000
15,000
23,000
6,000
13,000
93,000
57,000
138,000 • 93,000
17,000
21,000
43,000
44,000
676,000 725,000
77.000
17,000
7,000
35,000
142,000
20,000
73,000
730,000
801,000 1,134,000 1,070,000 1,101,000
1,243,264 1,698,607 1,178,959 1,806,862
2,044,164 2,832,607 2,248,959 2,907,862
Total visible supply
6.02d.
5.98d.
5.87d,
7.28d.
Middling Upland, Liverpool
10.70c.
10.90c.
13.25c.
Middling Upland, New York
10.70c.
8 A d.
1114d. 8 9-16d.
11 34d.
Egypt, Good Brown, Liverpool
8.65d.
9.150.
11.50d.
Peruvian. Rough Good. Liverpool
9.80d.
57-16d.
59d.
Broach, Fine, Liverpool
6%d.
534d.
51-16d.
Tinnevelly, Good, Liverpool
5 %d. 5 7-16d. 5 9-160.
Continental imports for the past week have been 40,000
bales.
The above figures for 1908 show a decrease from last
week of 89,279 bales, a loss of 788,343 bales from 1907,
1.goo
a decrease of 204,695 bales from 1906, and a loss of
2.600 2.610 863,598 bales from 1905.
-goo
•
294'
THE CHRONICLE
AUG. 1 1908.1
QUOTATIONS FOR MIDDLING COTTON AT OTHER
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments MARKETS.-BeloW are the closing quotations of middling ,
cotton at Southern and. other principal cotton markets for
for the week and the stocks to-night, and the same items each day of the week..
for the corresponding period for the previous year-is set
Closing Quotations for Middling Cotton onout in detail below.
Week ending
July 31.
tsxxtlowzoozwic.cz;i4-0-csomm.
, ›»x,
f4m
Galveston
New Orleans_
Mobile
Savannah
Charleston
Wilmington_
Norfolk
Boston
Baltimore
Philadelphia _
Augusta
Memphis
St. Louis
Houston
Little Rock_
•"E'M'Lgr1.2-1M FIk4s9Pgr.FA,V;IV'gi
?,9
.?-"
eqo
• c,
C.•
0
0
.
7'hursd'y. Friday.
Sat'day. Monday. Tuesday.
1(1
10%
1034
10%
10%
10 5-16
10%
10%
10%
10%
10 5-16
10%
1C%
1015
10%
10 5-16
10%
10%
10%
10%
10 5-16
10%
10%
10%
10%
11
10.80
11%
11.05
10%
10%
10%
10%
10h
11
11).80
1134
11.05
10% @11
10%
10%
10 5-16
1034
11
10.80
1134
10.95
10%
10%
10%
104
1034
11
10.70
11%
10.05
10%
10%
10%
10%
105,5
10.70
11%
10.95
10%@%
10%
10%
1034
10
i
10%
10%
10
10%
11
10.70
11%
10.95
10%@ %
10%
10%
10%
10
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NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
NU
The above totals show that the interior stocks have decreased during the week 8,932 bales and are to-night 37,924
bales more than at the same time last year. The receipts
at all the towns has been 11,429 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing
the overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
--1907-08
Since
Sept. 1.
46/,455
228,614
36,123
58,243
53,502
94,011
212,813
----1906-37-Since
Week. Sept. 1.
3,743
814,501
306
217,423
190
85,007
215
88,881
134
54,582
45
120,010
261
309,542
5,694 1,149,671
Total gross overland
Deduct shipmenis109,903
650
Overland to N. Y., Boston, &c___
Between interior towns66,543
76,064
Inland, &c., from South_ _- _ _ _ _ 1,59/1
4,984 1,690,045
3:iii
168,231
93,498
86,713
2,248
252,515
3,826
348,442
3,446
897,156
1,158 1,341,603
Ju.tt
Shipp.dVla it. Louis
Via Cairo
Via Rock Island
Via Louisville
Via CIncinncti
Via Virginia points
Via other routes, &c
Total to be deducted
Leaving total net overland a
Week.
2,284
1,215
473
315
593
502
21/
411
a Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 3,446 bales, against 1,158 bales for the week
last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 444,447
bales.
---1907-08--Since
In Sight and Spinners'
Takings.
Sept. 1.
Week.
26,759 8,220,126
Receipts at ports to July 31
3,446
897,156
Net overland to July 31
Southern consumption to July 31_ 38,000 2,131,000
Total marketed
Interior stocks in excess
68,205 11,248,282
51,502
*8,932
1906-07-.s,nce
Sept. 1.
9,651,15
1,341,603
2,282,000
Week.
8,031
1,158
43,000
58,089 13,277,782
•12,321
62,115
Came Into sight during week__ _ 59,273
11,299,784
Total in sight July 31
North. spinners' takings to July 31 13,727
_______
• Decrease during week.
1,883,459
45,768
13.275,647
16,950
2.631,718
Movement into sight in previous years
Week1906-Aug.3
1905-Aug.4
1904-Aug.5
1903-Aug.7
Bales.
76,659
105,765
28,789
:24,944
Since Sept. 11905-06-Aug. 3
1904-05-Aug. 4
1903-04-Aug. 5
1902-03-Aug.17
Bales.
10,910,11;44
13,254,762
10,050,423
10,653,763
Sat'day. Ilonday • Tuesday. Wed'dalI, Thurscr y' Friday,
July 25. July 27. July 28. July 29. July 30. July 31.
JulyRange
Closing
AugustRange
Closing
SeptemberRange
Closing
OctoberRange
Closing
NovemverRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
MarchRange
Closing
ToneSpot
Options
10.50 - 10.50-.53 - @ - 10.48 - - @
10.50 - 10.52-.53 10.45 - 10.48 - 10.30
-@-
- @ -- @ -- @ -- @ - 9.90 -- ® 9.85-.88 9.84-.86 9.84 - 9.85 - 9.90-.93 9.90-.92
9.49-.53
- @ -- @ - --, @ -- @ 9.50-.52 9.54-.51 9.54 - 9.54 - 9.52 - 9.53-.55
9.25-.34 9.24-.32 9.31-.33 9.33-.41 9.28-.3C 9.28-.40
9.20-.3C 9.32-.33 9.32-.33 0.35-.36 9.31-.32 9.30-.32
- @ -- @ -- @ - - @ 9.18-.21 9.21-.22 9.20-.23 9.24-.27 9.20-.23 9.20-.23
9.14-.23 9.11-.22 9.19-.27 9.20-.28 9.17-.23 9.17-.28
9.18-.20 9.21-.22 9.20-.22 9.24-.25 9.20-.21 9.20-.24
- @ - 9.18-.16 - @ - 9.22-.26 9.19-.23 9.19-.22
9.20-.21 9.23-.22 9.21-.23 9.25-.27 9.21-.22 9.21-.26
- @ -- @ -- @ -- ® -- @ -- @
9.23 ---.
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
Easy.
Steady. Steady. Steady.
Dull.
Quiet.
Quiet.
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening indicate that
rain has fallen in most localities the past week and that the
precipitation, while on the whole moderate or light, has been
rather heavy at some points, especially in Louisiana. The
crop is doing well as a rule and reports from some localities
are very promising.
Galveston, Texas.-We have had rain on four days during
the week, the rainfall being one inch and thirty-five hundredths. The thermometer has ranged from 74 to 91, averaging 83. Month's rainfall 7.20 inches.
Abilene, Texas.-We have had rain on two days during
the week, the rainfall being one inch. Average thermometer
80, highest 92,lowest 68. July rainfall 4.74 inches.
Brenham, Texas.-There has been rain on three days during the week, the precipitation reaching twenty-nine hundredths of an inch. The thermometer has averaged 84;
thehighest being 95 and the lowest 73. Month's rainfall
3.15 inches.
Corpus Christi, Texas.-There has been rain on two days
the past week, the precipitation reaching eighty-nine hundredths of an inch. The thermometer has averaged 84,
ranging from 74 to 94. July rainfall 1.44 inches.
Cuero, Texas.-Rain has fallen on two days during the
week, the rainfall being ninety-seven hundredths of an inch.
The thermometer has ranged from 72 to 98, averaging 85.
Month's rainfall 1.44 inches.
Dallas, Texas.-The week's rainfall has been one inch and
one hundredth, on three days. Average thermometer 82,
highest 95 and lowest 68. July rainfall 3.43 inches.
Fort Worth, Texas.-There has been a trace of rain on one
day of the week. The thermometer has averaged 83, the
highest being 92 and the lowest 74. Month's rainfall 2.42
inches. Henrietta, Texas.-There has been no rain the past week.
The thermometer has averaged 83, ranging from 71 to 94.
July rainfall 4.06 inches.
Huntsville, Texas.-We have had rain on one day during
the week, the rainfall being only twenty hundredths of an
inch
The thermometer has ranged from 71 to 94, averaging 83. Month's rainfall 0.73 inch.
Kerrville, Texas.-Rain has fallen on two days during the
week and the precipitation has been twenty-five hundredths
of an inch. Average thermometer 81, highest 97 and lowest
64. July rainfall 2.05 inches.
Lampasas, Texas.-There has been rain on one day of
the week, to the extent of one hundredth of an inch. The
thermometer has averaged 84, the highest being 99 and the
lowest 68. Month's rainfall 2.12 inches.
Longview, Texas.-It has rained on three days of the week,
the precipitation reaching one inch and thirteen hundredths.
The thermometer has averaged 84, ranging from168 to 93.
July„rainfall 2.46 inches.
296
Luling, Texas.-We have had rain on two days during the
week, the rainfall being sixty-two hundretdhs of an inch.
The thermometer has ranged from 78 to 98, averaging 85.
Month's rainfall 3.03 inches.
Nacogdoches Texas.-Rain has fallen on two days of the
week, the rainfall being one inch and ten hundredths. Average thermometer 82, highest 94, lowest 69. July rainfall
2.46 inches.
Palestine, Texas.-It has rained on two days during the
week, the precipitation being eighteen hundredths of an
inch. The thermometer has averaged 81, the highest being 92 and the lowest 70. Month's rainfall 1.09 inches.
Paris, Texas.-There has been no rain during the week.
The thermometer has averaged.83, ranging from 71 to 95.
July rainfall 3.60 inches.
San Antonio, Texas.-We have had rain on four days during the week, the rainfall being twenty-three hundredths of
an inch. The thermometer has ranged from 68 to 100,
averaging 84. Month's rainfall 0.67 inch.
Taylor, Texas.-We have had rain on one day during the
week, the rainfall being twenty-six hundredths of an inch.
Average thermometer 84, highest 96, lowest 72. July rainfall 0.32 inch.
Weatherford, Texas.-We have had no rain during the
week. The thermometer has averaged 84, the highest being 96 and the lowest 71. July rainfall 1.59 inches.
Ardmore, Oklahoma.-There has been no rain during the
week. The thermometer has averaged 81, ranging from
68 to 94.
Holdenville, Oklahoma.-Rain has fallen on two days
during the week, the rainfall being thirty hnndredths of an
inch. The thermometer has ranged from 68 to 93, averaging 81.
Marlow, Oklahoma.-We have had rain on one day during
the week, the rainfall being nine hundredths of an inch.
Average thermometer 78, highest 91, lowest 65.
Oklahoma, Oklahoma.-It has rained on one day of the
week, the rainfall being eleven hundredths of an inch. The
thermometer has averaged 78, the highest being 91 and the
lowest 67.
Alexandria, Louisiana.-We have had rain on one day
during the week, to the extent of sixty-seven hundredths of
an inch. The thermometer has averaged 85, ranging from
71 to 98.
Amite, Louisiana.-We have had rain on six days during
the week,the precipitation reaching eight inches and seventyseven hundredths. The thermometer has ranged from
71 to 92, averaging 82.
New Orleans, Louisiana.-Rain has fallen on six days during the week and the precipitation has been six inches and
forty-three hundredths. Average thermometer 80, highest
90 and lowest 70.
Shreveport, Louisiana.-There has been rain on each day
during the week, the rainfall being two inches and sixty-five
hundredths. The thermometer has averaged 81, the highest
being 92 and the lowest 70.
Columbus, Mississippi.-There has been rain on five days
of the week,the precipitation reaching eighty-four hundredths
of an inch. The thermometer has averaged Si, ranging from
69 to 93.
Meridian, Mississippi.-This week's rainfall has been
two inches and six hundredths, on six days. Average thermometer 80, highest 90 and lowest 70.
Vicksburg, Mississippi.-There has been rain on each day
•during the week, the rainfall being one inch and seventeen
hundredths. The thermometer has averaged 78, the highest
being 92 and the lowest 66.
Eldorado,, Arkansas. We have had rain on five days
during the week, to the extent of forty-one hundredths of
an inch. The thermometer has averaged 81, ranging from
69 to 93.
Fort Smith, Arkansas.-We have had rain on one day during the week, the rainfall being twelve one hundredths
of an inch. The thermometer has ranged from 70 to 94,
averaging 82.
Helena, Arkansas.-Cotton continues fine, but corn is
suffering for moisture in some places. Rain has fallen on
three days of the week,the rainfall being twenty-two hundredths of an inch. Average thermometer 80.4, highest
91, lowest 71.
Little Rock, Arkansas.-We have had rain on two days
of the week, the rainfall reaching twenty-eight hundredths
of an inch. The thermometer has averaged 81, the highest
being 91 and the lowest 71.
Memphis, Tennessee.-Rainsof the past week were general
and beneficial. The crop outlook is fine. First open boll
wasr eceived on Thursday from Panola County, Miss., thirteen days earlier than last year and actually on the average
date. There has been rain on four days during the week,the
rainfall reaching three inches and two hundredths. The
thermometer has averaged 81,ranging from 69.7 to 91.2.
Nashville Tenn.-We have had rain on four days during
The week, the precipitation reaching thirty-nine hundredths
of an inch. The thermometer has ranged from 68 to 90,
averaging 79.
Mobile, Alabama.-Weather in the interior favorable and
•cotton very promising. We have had rain on six days
during the week, the precipitation being two inches and
ninety-one hundredths. The thermometer has averaged
78, the highest being 92 and the lowest 70.
[VOL. Lxxxvii.
THE CHRONICLE
Montgomery, Alabama.-The crop outlook continues excellent. There has been rain on three days the past week,
the precipitation reaching ninety-six hundredths of an inch.
The thermometer has averaged 78, ranging from 66 to 91.
Selma, Alabama.-We have had rain on three days during
the week, the rainfall being ninety-five hundredths of an
inch. The thermometer has ranged from 71 to 96, averaging 81.
Madison, Florida.-Rain has fallen on five days of the
week, the rainfall being one inch and twenty hundredths.
Average thermometer 82, highest 92, 16west 71.
Tallahassee, Florida.-It has rained on four days of the
week, the precipitation reaching one inch and seventy hundredths. The thermometer has ranged from 70 to 90,
averaging 80.
Atlanta, Georgia.-We have had rain on four days during
the week, to the extent of thirty-seven hundredths of an
inch. Average thermometer 81. highest 94, lowest 68.
Augusta, Georgia.-There has been rain on three days of
the week, the rainfall reaching forty-two hundredths of an
inch. Average thermometer 80, highest 92, lowest 70.
Savannah, Georgia.-We have had rain on each day of the
week, the precipitation being one inch and fifty-five hundredths. The thermometer has averaged 79, ranging from
69 to 88.
Washington, Georgia.-Rain has fallen on four days during
the week, to the extent of eighty-two hundredths of an inch.
The thermometer has ranged from 69 to 94, averaging 82.
Greenwood, South Carolina.-We have had rain on three
days during the week, the rainfall being two inches and
eighty hundredths. The thermometer has averaged 78,
ranging from 67 to 90.
epartanburg, South Carolina.-It has rained on five days
during the week, the precipitation reaching one incha nd
twenty-two hundredths. The thermometer has averaged
76, ranging from 60 to 92.
Charlotte, North Carolina.-Rain has fallen on three days
of the week, the rainfall being one inch and forty-one hundredths. The thermometer has ranged from 68 to 89,
averaging 77.
Greensboro, North Carolina.-The week's rainfall has been
eighty-four hundredths of an inch, on four days. Average
thermometer 80, highest 91, lowest 68.
Raleigh, North Carolina.-The week's rainfall has been
three inches and sixty-six hundredths,on six days. Average thermometer 80, highest 92, lowest 68.
Charleston, South Carolina.-The week's rainfall has bee n
two inches and thirty-six hundredths, on five days. The
thermometer has averaged 79, the highest being 87 and the.
lowest 70.
The following statement we have also received by telegraph, showing the height of rivers at the points named
at 8 a. m. of the dates given:
Above zero of
Above zero of
Above zero of
Aobve zero of
Above zero of
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
gauge_
gauge_
gauge_
gauge_
gauge -
July 31 1908. Aug. 2 1907.
Feet.
Feet.
13.2
11.0
17.4
24.8
8.4
7.7
9.9
3.9
30.9
25.6
INDIA COTTON MOVEMENT FROM ALL PORTS.
Juni 30.
Week.
Bombay
Since
Sept. 1.
Since
Sept. 1.1 Week.
1Veek.
Bombay1007-08*
1906-07
1903-06
Calcutta1907-08
1906-07
1905-06
Madras1907-08
1906-07
1905-06
All others1907-08
1906-07
1903-06
Totli all1907-08
1106-07
1905-06
Since
Sept. 1.
67000 2,5
-3-97000100
,03,01.7
•15,000 2,024,000 12,000Since September 1.
For the Week.
Exports from-
1905-06.
1906-07.
1907-08.
Receipts at-
ContiGreat
Great Continent.
Total.
Britain. nent. Total. Britain.
___.- ------ ------ ----28,000 631,000 659,000
63,000 1,143,000 1,208,000
57,000 868,000 925,000
5,000 5,000
16,000 16,000
8,000 8,000
1,000
1,000
3,000
1,000
4,000
1,000
5,000
9,000
7,000
25,000
145,000
114,000
30,000
154,000
121,000
4,000
2,000
1,000
4,000
2,000
8,000
5,000
3,000
28,000
34,000
46,000
36,000
39,000
49,000
22,000 259,000 281,000
1,000 7,000 8,000
2,000 6,000 8,000
14,000 227,000 241,000
5,000
1,000 4,000
21,000 172,000 193,000
____-- ---- ------------- ------2,000 12,000 14,000
3,000 29,000 32,000
1,000 15,000 16,000
63,000 943,000 1,006,000
91,000 1,540,000 1,640,000
88,000 1,200,000 1,288,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
July 29.
'eJeipts (cantars)This week
Since Sept. 1
Export (bales).
To Liverpool
To Manchester
To Continent
To America
Total exports
1907-08.
1,400
7 ,158,030
1906-07.
.
600
6,800,981
1905-06.
___.
400
5,876,020
This Since
This Since
This Since
week. Sept. 1. week. Sept. 1. week. Sept. 1.
_2,000 227,001 3,750 217,598 3,000 203,439
174,006
4,250 210,741
204,784
2,500 366,958 1,500 347,270 1,500 327,533
500 69,877
200 73,601 1,250 116,128
8,950 878,301
6,500 885,789
5,000 774,855
297
THE CHRONICLE
AUG. I 1908.1
Total bales.
PHILADELPHIA-To Manchester-July 21-Manhester Corpora358
tion, 358
440
To Genoa-July 23-Ancona, 440
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1906-07.
1907-08.
Cotton Takings.
Week and Season.
Week.
Season.
2,133,543
Visible supply July 24
2,291,844
Visible supply Sept. 1
59,273 11,299,784
American in sight to July 31__ _
15,000 2,024,000
Bombay receipts to July 30_
347,000
9,000
Other India ship'ts to July 30_ _
954,000
Alexandria receipts to July 29
252,000
2,000
Other supplies to July 29_•
Week.
Season.
2,955,546
1,784,156
45,768 13,275,647
12,000 3,017,000
434,000
16,000
100
914,800
402,000
7,000
34,093
Total
•The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- -Oth.Europe- Mex.
Japan. Total.
Britain. ports. many. North. South. &c.'
------3,144
__ _
50
1,443
New York
--------------- 13,569
____ 6-,263
7,306
Galveston
-----------8,085
,
(
4,411
New Orleans
----- ---------------6,300
6-,561)__
__
2,218,816 17,168,628 3,036,414 19,827,603 Mobile
2,048
__
---------ii
io ____ 1,653
Savannah
_ _149
31
__ _
------------ton
---118
Bos
798
___
___
440
_
------------358
Philadelphia
2,044,264 2,044,264 2,832,607 2,832,607
___ 34,093
31
13,656 6,350 10,840 1,175 2,041
Total
174,552 15,124,364 203,807 16,994,996
134,552 11,392,364 121,707 12,465,196
The exports to Japan since Sept. 1 have been 150,122 bales
82,100 4,529,800
40,000 3,732,000
Total supply
•
DeductVisible supply July 31
Total takings to July 31
Of which American
Of which other
from Pacific ports and 37,857 bales from New York.
Cotton freights at New York the past week have been as
THE AGRICULTURAL DEPARTMENT'S AUGUST follows, quotations being in cents per 100 lbs.:
Fri.
Wed.
Tues.
Thurs.
Mon.
REPORT.-The following statement, showing the condition
Sat.
12
12
12
12
12
12
Aug. 15_
of cotton on July 25, was issued by the Department of Agri- Liverpool
12
12
A.2
12
12
Manchester Aug-- 21
21
21
21
culture July 31:
21
Havre
The Crop Reporting Board of the Bureau of Statistics of the Department
of Agriculture, from the reports of the correspondents and agents of the
Bureau, Ilnds the average of cotton on July 25 to have been 83, against 81.2
on June 25 1908, 75 on July 25 last year and 82.9 at the corresponding date
in 1906.
The following table gives the condition on July 25 of this year and the
preceding year, with respective 10-year averages; also the condition oil
June 25 1908:
10-pr
July 25
Ju y 25
June 25
July 25
Aver.
1906.
1907.
1908.
1908.
83
83
6.)
92
Virginia
90
81
75
75
89
North Carolina
89
81
72
81
84
South Carolina
84
81
74
81
83
85
Georgia
81
83
72
82
85
Alabama
80
88
71
84
86
Mississippi_
82
88
71
80
83
Louisiana
82
86
75
80
89
Texas
82
89
68
85
86
Arkansas
84
88
75
89
88
Tennessee
84
95
66
87
86
Missouri
85
88
74
64
66
Oklahoma
-81.4
82.9
75.0
81.2
83.0
United States
Bremen, asked __
lia mburg
Antwerp
Ghent, via Antwerp
Revel
Gothenburg. asked_
Barcelona,direct Aug.
Genoa Sep,;. 03
Trieste
Japan
18
22
224
28
27
28
30
25
28
90
18
22
2284
26
27
28
30
25
28
40
18 •
22
224
26
27
28
30
25
28
40
18
22
224
26
27
28
30
25
28
40
18
22
2254
26
27
28
30
25
28
40
18
22
224
26
27
28
30
25
28
40
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
July 10.
bales_
30,000
Sales of the week
Of which speculators took_
Of which exporters took__
5,000
' 26,000
Sales, American
13,000
Actual export
57,000
Forwarded
534,000
Total stock-Estimated
425,000
Of which American-Est
29,000
Total Import of the week
24,000
Of which American
76.000
Amount afloat
46,000
Of which American
July 17.
23,000
July 24.
22,000
July 31.
18,000
1,000
17,000
7,000
59,000
511,000
398,000
42,000
25,000
60,000
33,000
18,000
4,000
40,000
490,000
378,000
23,000
15,000
45,000
25,000
1,000
15,000
7,000
29,000
471,000
363,000
16,000
12,000
54,000
26,000
4,000
200
5,000
200
5,000
300
The Aug. 1st averages in earlier years for all the States
were, according to the Agricultural Department, as follows:
The tone of the Liverpool market for spots and futures
74.8 in 1905; 91.6 in 1904; 79.7 in 1903; 81.9 in 1902; 77.2 in
1901; 76.0 in 1900; 84.0 in 1899; 91.2 in 1898; 86.9 in 1897; each day of the past week and the daily closing prices of
80.1 in 1896; 77.9 in 1895; 91.8 in 1894; 80.4 in 1893; 82.3 in spot cotton have been as follows:
1892; 88.9 in 1891; 89.5 in 1890; 89.3 in 1889; 87.3 in 1888;
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
93.3 in 1887; 81.3 in 1886; and 96.5 in 1885.
As a matter of interest in connection with the foregoing Market
Quiet.
Quiet.
Quiet.
Quiet.
Dull.
12:15I
report, we subjoin a statement showing for a series of years
P. M.
the acreage and yield, according to our compilations, and the
6.02
6.06
5.93
5.89
5.96
condition on Aug. 1 (July 25)as reported by the Department: 311d.Upi'ds.
Condliion,
Yield.
Ares,
Per Cent.
Bales.
Acres.
83.0
33,512,112
33,079,42575.0
82.9
13,550-,766
31,557,242
74.9
11,319,860
28,808,415
91.6
13,556,841
32,363,690
79.7
10,123,686
28,1)95,784
81.9
10,758,326
27,300,371
77.2
10,701,453
27.874,105
76.0
10,425,141
26,534,000
84.0
9,439,559
24,175,000
91.2
11,235,383
23,175,000
86.9
11,180,960
23,029,000
1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
1902-03 _
1901-02
1900-01
1890-00
1898-99
1397-98
isles
3pec.&exp.
3,000
400
5,000
300
HOLIDAY.
Quiet at Steady at Steady at
Dull.
Quiet,
Futures.
Market lunch, to 2 unch. to 1 234 @)4 pts. 2a3 pts. 1014 pts.
decline.
decline.
advance,
pt. dec.
vened 5 pts. dec.
13aly sty. Easy at
Stirket
It 2©54
4
134©734
P. M. J pts. dec. lots. dec.
Steady at Baly sty. Baly sty.
70144 24pts.dec. at 24©44
pts. adv. to54pts.ad pts. dec.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
MANCHESTER MARKET.-Our report received by clause, unless otherwise stated.
cable to-night from Manchester states that the market
The prices are riven in pence and 100/hs. Thus: 5 54 means 5 54-1005.
is quiet for both yarns and shirtings. Manufacturers canFri.
Thurs.
Wed.
Tues.
Mon.
Sat.
not sell. We give the prices for to-day below and leave July 25
4
124
4
124
4
those for previous weeks of this and last year for com124
4
124
4
to
1254 1234 1254
P.m.
Aug. 1. p.m. p.m. 9.m. p.m. 13.m. p.m. P.m. P.m. p.m. 13-m• p.m.parison.
--1907.
1908.
32s Cop
Twist.
d.
I'ne
19 84.
26
July
3
10
17
24
31
83j lbs. Shirt- Cot'n
legs, common Mid.
Upl's
to finest.
d. s. d.
a
©
s. d.
32s Cop
Twist.
d. d.
SU lbs. Shirt- Cot'n
ing*, common Mid.
Upt's
to finest.
d. S. d.
s. d.
94 5 18©8 3
94 5 i©8 3
6.70 111-160 124 6 11 (d)10 2
6.55 11 1-16@ 124 6 11 @l0 2
954 5
5
9% 5
94 4
94 4
6.27 11 3-160
0
6.34 11
6.10 10% a
4
5.98 l03
6;02 10% 1g
1 08
0408
0 08
11 68
11 (IS
3
2
15i
I
1
124 6 11
124 6 10
124 69
124 89
12si 6 9
al0 3
010 3
010 3
.10 4
010 4%
d.
7.04
7.15
7.31
7.18
7.06
7.16
7.28
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 34,093 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
438
NEW YORK-To Liverpool-July 29-Celtic,434 upland,4 foreign_
905
To Manchester-July 24-Calderon, 905
100
100
To London-July 24-Minnehaha,
50
To Havre-July 25-Louislane, 50
50
To Antwerp-July 25-Gothiand, 50
1,601
Ta Barcelona-July 10-Dunolly, 1,601
6,506
GALVESTON-To Liverpool-July 25-Capella, 6,506
800
To London-July 25-Cayo Domingo,800
6,263
To Bremen-July 28-Hansa, 0,263
4,074
NEW ORLEANS-To Liverpool-July 28-Senator, 4,074
337
To Belfast-July 25-Rathlin Head; 337
3,000
To Bremen-July 31-Indian, 3.000
24
To Hamburg-July 25-George Pyman, 24
650
To Antwerp-July 31-Indian. 650
6,300
MOBILE-To Havre-July 23-Dictator, 6,300
20
SAVANNAH-To London-July 25-Coniston 20
To Hamburg-July 25-Coniston,861; Larne, 523_ __ _July 311,553
bcclesla, 169
75
To Rot terdarn--July 25-Huelva. 75
100
To Gothenburg-July 31-Ecclesia, 100
300
To St. Petersburg-July 31-Ecclesia, 300
118
BOSTON-To Liverpool-July 27-Saxonia, 118
31
To St. JMin-July 27-C tivinkistin, 31.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
47 55348134 684 67 64
__
5 54 51
July
54 504 464 55 58 4 64% 64 6454 61.4
July-Aug_
32 304 28
194 2554 29 31
Aug.-Sep_
5 2434 22
1134 154 154 1454 114 10
10 -393407
Sell -Oct _
08 054 0354
10
06
0934
0454
044
5
-Nov.
Oct.
0234
05 0454 0234 004 984 HOLT4 994 9934 9754 )1
Nov.-Dec.
DAY.
38 96
484 024 0154 01
Dec.-Jan __ 4 964 363495
3834 3634 .3434
)5 9334 )7 0034 00
4 95
Jan.-Feb_
4 98 36 9434 )8 014 0054 9934 9734 955.4
Feb.-Mch.
4 97 964 954 )0 024 314 00% 184 364
Mob.-Apr.
4 974 )74 36 9934 03 02 01 99 97
Apr.-May
May-June
BREADSTUFFS.
Friday, July 31 1908.II
•
Prices for wheat flour have ruled steady during the past
week. Trade has been quiet. Buyers and millers, as a rule,
are awaiting an adjustment of prices on a new-crop basis.
Meantime, export trade is at a standstill. Local dealers are
buying only on a hand-to-mouth basis. Trade reports from
the large centres of the Northwest and the Southwest have
been pessimistic, though some millers are looking for a revival of business when new-crop values are adjusted. Rye
flour has been dull and easy. Corn meal has been quiet and
firmer.
Wheat has had a swing of about 2 cents during the week,
declining at first and recovering the lost ground later. The
decline was due to more favorable weather at the Northwest,
where needed rains fell. Mareover, the receipts were large,
and hedge selling, too, was a factor which counted for more
or less against the price. In addition there was a good deal
of long liquidation, not to mention considerable short selling.
Finally, the tenor of the crop advices improved and European'markets weakened. But of late the drift of prices has
been the other way. Foreign quotations have advanced,
298
THE CHRONICLE
coincident with unfavorable reports in regard to the Russian
crop, some of an adverse character, too, from France, and
meny statements to the effect that black rust was doing considerable damage in our Northwestern States. Then, too,
the receipts within a few days have decreased materially,
and it is worthy of note that during the week the export business has been large. The Argentine crop news has latterly
been unfavorable, that country being visited by excessive
rains. France is beginning to take our wheat more freely,
and there is a growing conviction that there will be a ready
market for all we may produce. The world's exports have
been noticeably less than those for the same time last year.
The yield of Northwestern Canada, it is said, will be smaller
than that of last year, and prices have been on an export
basis or very close to it most if not all of the time. The
visible supply in this country is increasing, but it is still far
below that of last year, there being a decrease of 32,000,000
bushels. The visible supply increased last week a little
over a million bushels. This is the first increase for a long
period and fora time it had a certain sentimental effect. But,
since then the adverse crop reports from parts of the Northwest, Russia, France and Argentine, and rising English and
Continental prices and a steady export demand, have sent
prices upward with a momentum that nothing could resist.
To-day prices declined on more favorable crop reports,disappointing cables, a lessened cash demand, larger Argentine
shipments than had been expected, and liquidation.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NV YORK
Sat Mon. Tues. Wed. Tours. Fa.
3
1003% 99%
No. 2 red winter
993% 100% 101% 1003%
101% 1003% 09% 1003% 102
July delivery in elevator
3 97% 98% 9)3% 987.24
September delivery in elevator_ _
083% 07/
coih 993% iooh ioi 10%Decmbr
100%
delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat Mon. 7'1ms. Wed. 7'nurs. Fri.
903% 893% 803% 803% 903% 893%
July delivery in elevator
September delivery in elevator
903% 89% 893% 903% 91 % 90
December delivery in elevator
92% 91% 913% 92
93
92
CHICAGO.
[VOL. LXXXYII.
occurred over portions of Idaho and Washington about the middle of the'
week;otherwise temperatures were favorable, except that humid conditions
prevailing over most of the Eastern districts during the latter portion of the
week produced considerable discomfort. Sunshine was generally abundant
over all Western and sufficient in most of the Eastern districts. Considerable cloudy weather prevailed over New England, the Middle Atlantic
and west Gulf States, in Oklahoma, eastern Kansas and portions of Arizona.
Its effect, however, was generally beneficial In preventing rapid evaporation
of the moisture from the soli. The distribution of precipitation during the
week was generally favorable. The severe drought prevailing over portions
of the Middle Atlantic States, partially broken during the preceding week,
was effectually broken during the current week by heavy rains in all sections. The rainfall over the cotton-growing States was generally sufficient,
although more rain is needed in northern and central Georgia and in the
central and eastern counties of North Carolina and South Carolina and portions of Tennessee, Arkansas and Texas. Over the greater part of the corngrowing States the rainfall was generally below the normal, but the moisture
in the ground is generally sufficient for present needs, except in northern
Illinois and the southern portions of Michigan and Wisconsin, where rain
is needed. Rainfall was generally deficient over the western portions of the
Plains States from South Dakota to Texas, and along the eastern slopes of
the Rocky Mountain districts, except over the eastern portions of Wyoming
and Colorado, where some heavy rains occurred. West of the mountains
there was but little rain, except in northern Arizona and portions of Idaho,
where heavy showers occurred. Severe thunderstorms, with heavy rain,
high winds and damage by lightning occurred during the latter part of the
week in portions of New York, New Jersey, Pennsylvania, Maryland and
Ohio, and local heavy rains occurred in portions of Alabama, Tennessee,
Indiana, Iowa, Minnesota, South Dakota and Kansas.
The statement of the movementof breadstuffs to marketasindicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
1Vheat.
Flour.
Corn.
Oats.
Barley.
Rye.
-bbls.19618s. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
143,964 1.065,830 1,100,687
Chicago _ _ _
994,405
204.600
8,000
138,000
59,150
22,000
Milwaukee_ _
123,000
169,400
5,400
474,996
83,250
Duluth
12,088
311
1,420
1,326,100
69,620
Minneapolis_
296,910
63,840
6,720
542,900
29,200
Toledo
22,503
3,400
37,900
13,378
Detroit
21,110
1,181
92,112
41,660
84.726
Cleveland __
853,783
45,350
351,570
218,600
St. Louis__
3,900
3,216
25,050
62,400
188,100
Peoria
127,500
3,000
7,000
2,324,850
108,900
120,500
Kansas City
--Tot.wk.'08
361,345 6,918,961 1,925.115 2,026,339
440,051
31,756
341,583 4,238,927 2,503,967 2,034,765
Same wk.'07
274,441
55,668
466,317 8,460,599 2,631,029 2,693,748
Same wk.'06
425,354
79,294
Receipts at-
Indian corn futures declined early in the week. The
market had become overbought and when longs tried to
liquidate, prices dropped. Then,too,the tenor of the great
bulk of the crop reports is that the plant is making excellent Since Aug. 1
progress as a rule, and cash interests have sold freely at times. 1907-08___ 18,189,422 217,199,373 120,478,442 183,157,451 61.930,944 6,632,981
1906-07_ _ _ 20,623,179 241,284,928 216,859,770 196,891,512 66,910,044 957,992
The cash demand has been less active and larger receipts
1905-06_ _ _ 20,454,367 235,628,883 193,335,598 223,915,072 76,079,239 7,708,017
are expected in the near future. Of late, however, prices
have rallied. Commission houses were good buyers of SepTotal receipts of flour and grain at the seaboard ports for
tember on the decline and shorts covered. The Liverpool
market has shown considerable strength at times and foreign the week ended July 25 1908 follow:
Flour,
Wheat,
Corn,
Oats,
Barley,
Rye,
houses,it is said, have been asking for offers. To-day there
Receipts atbbls.
bush.
bush.
bush.
bush.
bush.
was some irregularity, but on the whole prices were firm New York
104,689
933,500
34,400
245,800 36,000 21,450
Boston
30,662
42,572
2,715
83,250
1,000
on less favorable crop reports from some sections and Philadelphia
46,456
426,859
10,000
62,087
3,000
covering.
Ba.Simera
34,092
575,878
34,988
68,287
4,053
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Tours. Fri.
Cash corn
843% 843% 84
843% 853% 843%
September delivery in elevator
843% 833% 81 % 813% 82% 823%
December delivery in elevator
713% 713% 703% 71
71
713%
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon. Tues. Wed. Thur. Fri.
July delivery in elevator
773% 763% 75% 753% 763% 77
September delivery In elevator
76% 753% 73% 733% 74h 743%
December dehvery in eldvator
62
61
60% 61 % 61 % 61 %
CHICAGO.
Mamma
New Or.eans*____
Galveston
Mobile
Montreal
2,660
15,415
3,650
18,423
Total week
256,047
Week 1907
297,365
Since Jan. 11908_9,543,238
SinceJan. 1 1907A0,911,059
43,558
12,000
52,000
40,234
46,500
6,000
10,532
76,920
66,866
67,000
973,816
69,602 89,799
_ -3,060,183
262,289
662,886 128,799
26,503
2,308,856 1,583,314
913,865 66,60 i
2,243
43,614,042 28,047,182 23,709,877 2949,436 1332,044
49,994,251 66,449,078 31,749,778 2972,350 1254,588
* Receipts do not include grain passing through New Orleans for foreign ports
Oats for future delivery in the Western market have been
lading.
active and irregular. For a time early in the week prices on through bills of
The exports from the several seaboard ports for the week
were depressed by heavy commission-house liquidation.
Moreover, the receipts have been larger than expected, and ending July 25 1908 are shown in the annexed statement:
Wheal.
Corn, Flour,
Oats,
Rye, Peas, Barley;
the cash demand has fallen to small proportions. On the
bbls.
bush.
bush.
bush.
bush.
Exports frontbush.
bush.
decline, however, cash interests bought freely and prices New
213,155
9,420 53,088
15,939 8,095 8.177
York
1,005
4,854
Boston
rallied, with shorts covering. Many unfavorable crop Philadelphia
309.600
6,000
reports have been received, especially from Illinois, Indiana Baltimore
537,200
500 5,381
2,715 4,122
270
18
and the Northwest. Elevator interests have purchased the New Orleans_
20,000 4,254
near months and sold the distant options. To-day prices Galveston
10,532 3,650
Mobile
26,000 15,259
1,260,693
66,973
were irregular, but mainly easier on favorable weather, in- Montreal
period,and it had a certain sentimental effect. But since the
69,167 96.608
16,209 8,095 75,150 20
Total week--.2,320,648
1:0
01
25
3
2,144,723 1,678,966 233,229 373,631
creasing receipts, liquidation and selling by cash interests. Week 1907
8,698
DAILY CLOSING PRICES OF OATS IN NEW YORK.
The destination of these exports for the week and since
Sat. Mon. Tues. Wed. Thurs. Fri.
July 1 1908 is as below:
No. 2 mixed
60-32 60-62 60-62
62
White clipped, 32 to 34 lbs
63-67 66-68 66-63
DAILY CLOSING PRICES OF OATS IN
Sat. Mon. Tues.
July delivery in elevator
523% 51
52%
September delivery in elevator
443% 423% 433%
May delivery in elevator
453% 443% 453%
59-61 51-61
66-68 65-67 c5-67
CHICAGO.
Wed.
Thurs. Fri.
53
523% 53
44
44 3% 44
453% 463% 453%
The following are closing quotations:
--Flour
Week
Exports for week and July25.
jul
iny
gdlom
107,_ 41:
1):9
8
506
.
0
UnSiti"
e
nd K
Continent
So. & Cent. America 13,448
33,804
West Indies
Brit. No. Am. Cols_
Other Countries.
Since
July 1
8..
1b9b(,18
-Wheat
1Veek
July 26.
2
14
24
7:0
80
30 11:202055:0141
39,978
120,223
1,913
24,365
--Corn---
Since
July
bush.
S
O 33:0153°5:404142
7,086
Week
July 25.
bush.
26.000
600
315
42,252
July
Sinc1e
1008.
bush.
26,000
23
5:2
40
93
7
135,307
FLOUR.
720
490
5,539
1,542
$3 25©$3 75 Kansas straights
$4(5 3$4 9)
3 95@ 4 35 Blended clears
5 15
5 25
96,608 558,399 2,320,648 6,207,081
Total
69,167
192,269
4 2J@ 4 60 Blended patents
6 (:),Y, 6 51 Total 1907
233,229 796,541 2,194,723 5,756,651 1,678,966 6,161,531
4 75@ 5 25 Rye flour
400@ 483
shipments
of
world's
5 50® 6 55 Buckwheat flour
wheat
Nominal.
The
and corn for the week
4 25@ 4 75 Graham flour
Nominal.
July 25 1908 and since July 1 in 1907-08 and 1906-07
Corn meal
3 901 4 65 ending
®
following:
the
in
are shown
GRAIN.
Wheat, per bush.Corn (new), per bush.C.
c.
N. Duluth. No. 1
No. 2 mixed
1Vheal.
1223%
f.o.b. 843%
Corn.
N. Duluth, No. 2
No. 2 yellow
116%
Nominal.
Red winter, No. 2
No. 2 white
f.o.b.100%
1908.
Nominal.
1907.
1907.
Exports.
1908.
Hard
Rye, per hush.102
Oats, per bush.No. 2 Western
1Veek
f.o.b. 83
Since
Week
Since
Week
Natural white
63 P 65
State and Jersey
1.
July
Nominal.
July
1.
-hay
1.
July
July
1.
July
25.
25
.
No. 2 mixed
59 @61
Barley-Malting
--Nominal.
--Natural white clipped _ 65 @67
Feeding
Nominal.
Bushels. Bushels.
Bushels. Bushels. Bushels.
Bushels.
238,000 5,648,000
North Amer. 2,820,000 9,393,000 1,816,000
55,000
GOVERNMENT WEEKLY WEATHER REPORT.
- Russian ___ 194,000 2,152,000 6,848,000 170,000 1,180,000 4,248,000
616,000 3,624,000 382,000 1,775,000 10,952,000
Mr. P. C. Day, Acting Chief of the Climatological Division Danubian _- 128,000
_ 1,738.u00 7,246,000 3,240,000 1,558,000 7,881,000 7,656,000.
of the United States Weather Bureau, made public on Argentine
-172,000
864.000
24,000
Atiqtrallan_
1,392,000 5,704,000
Tuesday the telegraphic reports on the weather in the Oth.countr's 288,000 _-___-------various States for the week ending July 27, summarizing
Total __.. 5,140,000 21,271,000 28,096,000 2,165,000 11,074.000 28,504,000
Low grades
Second clears
Clears
Straights
Patent, spring
Patent, winter
Kansas patents
them as follows:
The week ending July 27 1908 was one of generally even and moderate
temperature. Some high maximum temperatures occurred at points in the
upper Missouri Valley on the 25th, and comparatively low temperatures
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows: L A1 Jim .1 .j .
THE CHRONICLE
-----1908---------1907----Since
Sinm
New York to July 25Week.
. 1.
Week. Jan. 1.
Great Britain
.--- -----------472
1.12,)
____
20
Other Europe _______________________ ____
017
821
2
China.______________________________ __
14,33,1
15,387
1,100
India _____________________________ 450
6,160
5,11.)
3
Arabia _____________ 2,106
20,102
1,404
22,171
Africa
______________________ 517
5,3623,673
West Incites
.102
13,690
- 6'73
13,413
Mexico
26
1,036
1,117
17
Central America_
332
9,021
8,610
74
South America
651
23,744
27,217
387
Other countries
552
11,294
15,077
753
Total
5,039
106 835
4,423
116,343
The value of these New York exports since Jan. 1 has been
$6,779,364 in 1908, against, $6,576,734 in 1907.
A number of sin all orders have been placed for heavy
brown drills and sheetings for quick delivery, making in
the aggregate a fair quantity; but neither buyers nor sellers
appear willing to enter into future commitments at the
present time and at current prices. Four-yard sheetings
1
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FOR WAREHOUSE DURING SAME
New York, Friday Night, July 311908.
A number of buyers have been attracted to the local
dry goods market during the past few days, owing to the
commencement Of merchants' excursions, and to the fact
that next week two of the largest dry goods auction sales
that have been held in this city for a long time will take
place. As a result, jobbing houses have displayed a scene
of greater activity than for some time past, but the primary
market has not been correspondingly affected. A number
of small orders have been received from jobbers for goods
for immediate delivery required for "filling in" purposes,
but, with few exceptions, there has been no disposition to
cover autumn needs. The mill situation continues very
unsatisfactory, particularly in the South, where some accumulation of goods is reported, and announcement has
been made that several of the leading Southern mills will
close down for two weeks during the first part of August as
the only means to remedy prevailing conditions. On Wednesday and Thursday next there will be offered at public
auction 19,000 packages of domestic napped fabrics, the
product of the Nashua Manufacturing Company, and on
Wednesday there will be sold 50,000 pieces of woolen and
worsted dress goods manufactured by the Arlington Mills,
the combined value of these offerings being in the neighborhood of $3,000,000. It is believed that the time is opportune
for a successful sale, and if this.should prove to be the case,
the distribution of these important accumulations should
materially aid in clearing the present market situation.
With the exception of a fair demand for prints, the export
trade has been very quiet, inquiries generally being at prices
which manufacturers are unwilling to accept. A plan for
the rehabilitation of the Arnold Print Works, which failed.
last .November, has been announced by the receivers, involving,the acceptance by creditors of 50 per cent in cash
and a similar amount of their claims in 6 per cent five-year
mortgage bonds; arrangements have been made for securing
an advance of $2,200,000 from a New York Trust Company
to provide the necessary funds. There has been little doing
in the woolen and worsted dress goods market during the
week, but men's wear light-weights have been moderately
active.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending July 25 were $5,039
packages, valued at $246,682, their destination being to the
points specified in the table below:
Ca
0400
0404
040
00
ON
00'..
00
00
CM CD
I
0040000
0
- ja 'Co a.14
00 C. Ca CA .4
C? CD 00 4. CO
LINHVPI
THE DRY GOODS TRADE.
C?
04
C.
Ca
.. Ca C. OD fa
Ca
.
4 Ca
Co
Co
040004000
c4 A 4. Co ..
4 ch .4 co t4
.
z.4,4
?),'1
00
00.
002
00
0
'C CC
AC?
6E0'966'98
Wheat,
Barley,
Corn,
Oats,
Rye,
bush.
bush,
bush.
bush.
bush.
659,000
New York
81,000
27,000
104,000
456,000
Boston
127,000
1,000
11,000
26,000
Philadelphia
503,000
1,000
77,000
Baltimore
538,000
116,000
2,000
91,000
New Orleans
92,000
36,000
Galveston
40,000
7,000
Montreal
47,000
450,000
75,000
92,000
129,000
Buff do
9,000
666,000
405,000
175,000
Toledo
326,000
14,000
96,000
Detroit
3,000
165,000
76,000
55,000
Chicago
62,000
3.004,000
8,000
669,000
- 44,000
Milwaukee
152,000
20,000
19,000
Fort William
., 1.559,000
Port Arthur
716.000
Duluth
6,000
104.000
37,000
708,000
Minneapolis
19,000
289,000
86,000
1,643,000
1,000
19,000
St. Louis
60,000
31,000
656,000
Kansas City
9,000
12,000
784,000
1,000
Peoria
21,000
13,000
45,000
219,000
Indianapolis
478,000
15,000
177,000
On Lakes
572,000
881,000
17,000
On Canal and River.... 227,000
---- -136,000
2,534,000
1,485,000
714.000
Total July 25 1908_14,282,000
829,000
106,000
2,901,000
1,499,000
Tota' July 18 1908__13,262,000
639,000
539,000
7,968,000
3.559,000
Total July 27 1907__46,829,000
5,215,000
5,043,000 1,364,000 1,098,000
Total July 28 1906..28,381,000
716,000
3,311,000
4,898,000
757,000
Total July 29 1905__13,354,000
5,849,000
2,681,000
808,000 1,054,000
Total July 30 1904__13.093,000
348,000
6,990,000
6,485,000
658,000
Total Aug. 1 1903_ A3,415,000
palax.rew PflOL
The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports July 25 1908, was as follows:
LLZ'C96001 SOL'fat
Continent.
Total.
-Bushels. Bushels.
6,970,000 12,240,000
7,820,000 13,600,000
11,500,000 19,500,000
are slightly lower, and the call for these and lighter-weight
goods has been very small. The better known lines of
bleached goods continue in fair request, and are well booked
ahead,but low counts are still lagging. There is little change
in the position of coarse, colored cotton goods,and quotations
remain the same as for some time past. Linings are quiet.
Napped goods have sold fairly well, but there has naturally been a disposition to await the outcome of the forthcoming auction sale; flannelettes have been more active than
at any time since openings were made. The advance in
prints became effective July 28, and by that time jobbers'
stocks were very generally depleted, owing to heavy buying
for both home and export, and this has resulted in the
placing of good-sized orders at the new level. Staple ginghams have been quiet, but some fairly substantial orders
for fine dress ginghams have been recorded. Gray goods
have declined and trading has been light.
WOOLEN GOODS.-Many new lines of men's wear
light-weight woolen and worsted goods have been opened
during the week, ranging up to slightly over $3 a yard, and
by the end of the next two weeks, buyers will have had an
opportunity of looking over the whole market. It is not
too much to say that the demand so far has been in excess
of early expectations, and that this is attributable to the
policy of the leading interest in putting prices at the outset
upon the lowest possible level. That they have done so is
fully realized by buyers, who have shown their confidence
by placing substantial orders. The popularity of resist
dye fabrics seems to be assured in spite of predictions to
the contrary, but there are many who are still doubtful
regarding their wearing qualities, and who have found them
attractive mainly on account of the comparatively low
prices at which they are offered. Fancy worsteds have
been in good demand, and woolens have not been overlooked, although it is apparent already that the season will
again be essentially a worsted one. Duplicate ordering
of men's wear heavy-weight goods is extremely light. There
has been no feature of interest in the dress goods market,
buyers awaiting next week's public offering. It is realized
that the market is in a state of congestion, but it is hoped
that the distribution of 50,000 pieces will bring about pome
improvement in this respect.
FOREIGN DRY GOODS.-Spring lines of imported
woolen and worsted dress goods are now being shown,
hut the volume of business booked so far has been light.
Silks continue irregular, but ribbons for immediate delivery
are active. Linens are being taken in fair quantities by
jobbers to cover immediate requirements. An improved
demand from South America has had a hardened effect
upon the burlap market.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending July 25 1908 and since
Jan. 1 1908, and for the corresponding periods of last year,
are as follows:
iliodiu
Corn.
996c9'9
Wheat.
United
United
Kingdom. Continent. Total.
Kingdom.
--Bushels. Bushels. Bushels. Bushels.
July 25 1908._ 13,520,000 9,600,000 23,120,000 5,270,000
July 18 1908__ 14,960,000 9,760,000 24.720,000 5,780,000
.July 27 1907_ 20,320,000 10,080,000 30,400,000 8.000,000
299
.0.0.
0 CA Cm 4, A ,,,t1 A
CD 4D -4 4. 4.
g2
0040400
.010.
4 ,1
•Z08I CINV 806I
AUG. 1 1908.1
THE CHRONICLE
300
STATFF. VI)
Cal Dtritillisgtlii.
News Items.
Eugene, Lane County, Ore.—City Takes Over Water
System.—This city on July 21 completed negotiations for the
transfer of the water plant and property of the Willamette
Valley Water Co. As stated in Nr.86, p. 1114, the proposition to purchase the plant of this company for a consideration
of $140,000 was ratified by a vote of 635 to 125 at an election
held April 18. It is also reported that at the next meeting
of the Council steps will be taken to pass an ordinance providing for an election to vote on a charter amendment
authorizing the sale of $500,000 bonds to complete the gravity
system. These securities, if authorized, will take the place
of the $300,000 bonds voted for the same purposes at the
election held April 18. The first amount was based on
estimates made two years ago and is now found to be insufficient. The Portland "Oregonian" of July 22 states that in
connection with the transfer a contract was made with the
Willamette Valley Co. to furnish electricity for the pumps
used in connection with the system for 1Y1 cents per kilowatt.
The company also agrees to furnish all the power the city
can use at this rate.
Massachusetts.—Amendments to Savings Bank Invest,
ment Law.—The Legislature, beforeadjourning in June,
passed a bill making a number of important changes in
the existing Savings Bank Law. In our editorial columns
on a preceding page we give a summary of these changes,
' portion of the new law affecting inand print in full that
vestments.
Minneapolis, Minn.--Bonds Declared Valid by State Supreme Court.—In a decision rendered July 24 the State Supreme Court affirms the opinion of the lower court, thereby
upholding the legality of the $250,000 sewer bonds awarded
on May 7 to E. H. Rollins & Sons of Chicago and subsequently refused by that firm. See V. 86, p. 1606. According 'to the Minneapolis"Journal" of July 24,it was contended
that Chapter 52, General Laws of Minnesota for 1907, under
which the bonds were issued, was special legislation and in
violation of Sections 33 and 34 of Article IV. of the State
Constitution. It was held by attorneys for E. H. Rollins
& Sons that the law must be considered special legislation
on the ground, first, that the clause which provided that no
such bonds shall be issued or sold unless the ordinance or
ordinances of the City Council shall have been passed and
enacted by the Common Council prior to Jan. 1 1909, would
not apply equally to all cities, but only to those cities of the
class prescribed in the ordinance that might take advantage of
the law. Second, that the law would not apply to cities
that might reach the 50,000 population limit later; that it
applies only to cities that have or might attain 50,000 population before Jan. 1 1909. The city demurred to the complaint
on the ground that the enactment of Chapter 52 was temporary and remedial; that since the purpose for which the
bonds might be issued under the Act had to do with public
health and safety in providing sewers, it could be taken as
applying to urgent and necessary demands. Judge F. C.
Brooks of the Hennepin County District Court, before whom
the case was tried, sustained the demurrer. It is stated that
the Chicago firm agreed to take the bonds in event of a favorable decision by the Supreme Court.
Portland, Ore.—Charter Amendments Declared Valid.—
Chief Justice Robert S. Bean of the State Supreme Court
handed down an opinion on July 14 in the case of McKenna
vs. the city of Portland, upholding the validity of the charter
amendment voted on June 3 1907 providing for the issuance
of $3,000,000 4% 25-year water bonds. This opinion reverses that of the State Circuit Court of MultnomahCounty,
handed down last January by Judge John B. Cleland.
See V. 86, p. 62; V.85, p. 879, and V. 84, pp. 1445 and 1322.
The suit was brought on the ground that the Council had no
authority to submit the question without an initiative
petition. According to the "Portland Oregonian" of July
15 Justice Bean says:
The right of the voters of a municipality to enact or amend their city
charter is not necessarily an initiative power. It exists by virtue of the
provisions of Article 11, Section 2, as amended in 1906, and not by the
Initiative and referendum amendments. By Article 11, Section 2, the exclusive right to enact or amend a city charter is vested In the voters. But
as no provision is made therein for the manner of exercising the power
thus conferred,some law upon the subject was necessary to make it effective,
and the law of 1907 was adopted for that purpose. The amendment to
the Constitution granting to voters of municipalities the power to enact
or amend their charters, and the one extending the initiative and referendum to municipal legislation, were adopted at the same time. Both are
parts of the C.mstitution and they, so far as they relate to the same subject-matter, may be construed together. It was consequently held. In
Acme Dairy Company vs. Astoria (90 Pac.,153,) that the provisions of Section 1-A apply to amendments to a city charter under Section 2, Article 11, to the extent that the City Council may, by ordinance, provide
the manner of exercising the power of enacting and amending their charter, and for this purpose the two amendments should be read together.
Thus construing them, Section 2, Article 11, is lient as to the method of
exercising the powers granted by it to the voters of municipalities. While
Section 1-A authorizes the matter to be regulated by general laws, except
that cities and towns may provide for the manner of exercising such powers
as to their municipal legislation, the clear meaning of which, It seems to us
Is that general legislation upon the subject will prevail, unless the city has
exercised the power given it by the Constitution and enacted some conflicting legislation in eference to the matter. Since it does not appear in this
case that there is any legislation of the City of Portland conflicting with the
general law regulating the method and manner of submitting to the people
amendments to the city charter, we are of the opinion that the present
amendment was properly submitted.
[VOL. LXXXVIT.
Bond Calls and Redemptions.
Cincinnati, Ohio.—Redemption of Bonds.—The Sinking
Fund Trustees, at a meeting held July 6,instructed the
Fifth-Third National Bank of Cincinnati to redeem any
Cincinnati Southern Ry. bonds maturing Nov. 1 1908 that
may be offered on a 4 2% basis. The amount of bonds to
be redeemed in this manner is not to exceed $300,000.
Cincinnati School District (P. 0. Cincinnati), Ohio.—
Bond Call.—Payment will be made Oct. 1 at the American
Exchange National Bank in New York City or at the FifthThird National Bank in Cincinnati of bonds Nos. 286 to
310 inclusive. Denomination $500. Date Oct. 1 1891.
Maturity Oct. 1 1911, subject to call after Oct. 11901.
Bond Proposals and Negotiatioas this week
have bee= as follows:
Annapolis, Md.—Bonds Defeated—The election held July
23 and July 24 to vote on the question of issuing $30,000
to build an engine house for the Rescue Hose Company,
for paving and sewering at Murray Hill, and other parts
of the city, and to secure other municipal improvements,
and $10,000 for the improvement of the City Assembly
Rooms, resulted in the defeat of the same. The vote was
77 "for" to 187 "against" the former issue and 57 "for" to
200 "against" the latter issue.
Anniston, Calhoun County, Ala.—Bonds Authorized.—The
City Council on June 26 passed an ordinance providing for
the issuance of $12,000 8% gold coupon street-improvement
bonds. Denomination $100. Interest annually at the First
National Bank in Anniston. Maturity ten years, subject
to redemption at any interest-paying period by the payment
of the par value of the bond and one-fourth of the annual interest thereon.
Bonds Withdrawn from the Market.—Through a letter from
the Mayor we learn that the $50,000 8% street-pavingassessment bonds offered without success on May 28 (V. 86,
p. 1544) will not be re-offered for sale.
Ashburn, Turner County, Ga.—Bond Offering.—Proposals
will be received until 12 m. Aug. 12 by John J. Story, City
Clerk, for $55,000 5% gold water, light and school bonds.
Certified check for $500 is required. These bonds were
offered but not awarded (V. 86, p. 1423) on May 28.
Ashley (P. 0. Wilkes-Barre), Luzerne County, Pa.—
Bonds Not Sold.—No award was made on July 24 of the
$10,500 5% coupon North Main Street paving bonds described in V. 87, p. 178.
Ashtabula, Ohio.—Bond Offering.—Proposals will be received until 12 m. Aug. 17 by Frank W. Wagner, City Auditor, for the following 5% coupon bonds:
$7,000 Maple Street paving bonds, maturing $700 yearly in October.
3,500 Sherman Street paving bonds, maturing $350 yearly in October.
6,000 Division Street paving bonds, maturing $600 yearly in October.
5,000 Lake Street sewer bonds, maturing $1,000 yearly in October.
Interest April 1 and Oct. 1 at the City Treasurer's office.
Bid must be unconditional and be accompanied by a certified check on some bank at Ashtabula or a cash deposit of
$500. Purchaser to pay accrued interest.
Aspinwall, Allegheny County, Pa.—Bond Offering.—Proposals will be received until 7:30 p. m. Aug. 22 by W. R.
Smith, Borough Clerk, kir $17,000 432% coupon (with
privilege of registration as to principal) bonds. Denomination $1,000. Date July 1 1908. Interest semi-annually at
the Fidelity Title & Trust Co. of Pittsburgh. Maturity
$1,000 yearly on July 1 from 1918 to 1934 inclusive. Bonds
are tax-exempt. Certified check on a national bank or trust
company for 5% of bonds bid for, payable to the Borough
Treasurer, is required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Athol, Mass.—Temporary Loan.—A loan of $10,000 has
been negotiated with Loring, Tolman & Tupper of Boston,
according to reports, at 3.375% discount. Loan is dated
July 30 1908 and matures Oct. 5 1908.
Barberton, Ohio.—Bond Bids.—On July 27 this village
received the following bids for the two issues of 5% coupon
Second Street improvement bonds, aggregating $29,846 37,
described in V. 87, p. 178:
Premium.
Prov.Sav.Bk.&Tr.Co.,Cinc $1,086 40
Well, Roth & Co., Cincin__ 1,045 00
901 00
Field,Longstreth &Co., Cin
869 13
Seasongood & Mayer. Cin_ _
864 00
Hayden, Miller ec Co., Clev
834 75
Otis & Hough, Cleveland__
Premium.
Butt). Scott & Co.,Columbus $727 00
C. E. Denison&Co., Cleve__ _ 628 50
Breed & Harrison, Cincinnati 596 93
First Nat. Ilk., Cleveland__ 446 00
New 1st Nat. Bk., Columbus_ 366 50
W.R.Todd & Co.. Cincinnati 350 00
Batavia School District (P. 0. Batavia), Ohio.—Bond Sale.
—This district on July 15 sold $4,500 43% 2-10-year (serial)
school-house improvement bonds. The securities were purchased by the First National Bank of Batavia at par and
accrued interest. Denomination $500. Date July 15 1908.
Interest semi-annual.
Bayou Bourbeux Drainage District (P. 0. Plaquemine),
West Baton Rouge Parish, La.—Bond Offering.—R. G.
Comeaux, District Secretary, is offering at private sale
$15,000 5% coupon drainage-system-improvement bonds.
Authority unanimous vote at election held Nov. 6 1906; also
Section 1, Act 145, Laws of 1902. Denomination $100.
AUG. 1 1908.1
THE CHRONICLE
Date Aug. 15 1907. Interest Jan. 15 at the Bank of Plaquemine. Maturity not less than $400 yearly from one to
twenty-two years inclusive. The amount of bonds to be redeemed each year is to be determined by the amount of cash
realized from a special tax. Total debt, including this issue,
$25 000. Assessed valuation for 1907 $304 246.
Beaverdam School District (P. 0. Beaverdam), Allen
County, Ohio.-Bond Sale.-On July 30 this district awarded
the $8,000 5% coupon school-house-improvement bonds
described in V. 87, p. 237, to the Security Savings Bank &
Trust Co. of Toledo for $8,275-the price thus being 103.437.
Maturity $800 yearly on Sept. 1 from 1909 to 1918 inclusive.
Ben Hill County (P. 0. Fitzgerald), Ga.-Bond Offering.Proposals will be received until 12 in. Aug. 15 by the County
Commissioners for $75,000 5% court-house, jail and road
bonds. Interest semi-annual. Maturity $2,500 yearly on
Dec. 1 from 1909 to 1938 inclusive. Certified check for $500
is required. This county has no bonded indebtedness at
present. Assessed valuation $3,016,000. W. R. Walker
is Clerk Board of County Commissioners.
Birmingham, Jefferson County, Ala.-Bonds Authorized.Ordinances have been approved providing for the issuance
of the following bonds:
$2,000 6% gold coupon
500 6% gold coupon
tion bonds.
6,000 6% gold coupon
7,500 8% gold coupon
6,000 6% gold coupon
6,000 6% gold coupon
Second Alley paving bonds.
Twenty-Fourth Street storm water-sewer-construcFourth Avenue paving bonds.
Sixth Avenue paving bonds.
Third Avenue paving bonds.
bonds for the unpaid cost of paving Avenue A.
Denomination $500. Interest annually at the Hanover
National Bank in New York City. Maturity ten years.
Bloomdale School District (P. 0. Bloomdale), Wood
County, Ohio.-Bonds Voted.-By a vote of 49 to 40 an election held July 21 resulted in favor, it is stated, of a proposition to issue $3,000 bonds for a ventilating and heating
system.
Blue Earth County (P. 0. Mankato), Minn.-Bond Sale.The $39,000 5% coupon drainage bonds offered on July 14
and described in V. 87, p. 113, have been sold to the Wells
& Dickey Co. of Minneapolis. The price paid was $39,250,
or 100.641. Maturity one-tenth yearly on Dec. 1.
Bridgeport School District (P. 0. Bridgeport), Lawrence
County, Ill.-Bond Sale.-The William R. Compton Bond
& Mortgage Co. of St. Louis purchased $13,000 5% building
bonds of this district on July 13. Denomination $500.
Date Aug. 1 1908. Interest semi-annual. Maturity part
in each of the years 1910, 1911 and 1912.
Bristol School District (P. 0. Bristol), Bucks County, Pa.
-Bond Sale.-On July 14 the $38,000 4% coupon (with
privilege of registration) school-building and site-purchase
bonds described in V. 87, p. 113, were awarded to the
Farmers' National Bank and the Bristol Trust Co., both of
Bristol, at an average price of 100.50.
Brookhaven Union Free School District No. 27, Suffolk
County, N. Y.-Bond Offering.-Proposals will be received
until 12 in. Aug. 4 by George H. Furman (P. 0. Patchogue)
for $14,000 VA% bonds. Denomination $500. Date June 1
1908. Interest annually at the Patchogue Bank in Patchogue in New York exchange. Maturity $500 yearly on June
1 from 1916 to 1943 inclusive. Bonds are exempt from
taxation. Certified check, bank draft or a cash deposit
equal to 10% of the bonds, payable to the "Board of Education," is required. This district has no bonded debt at
present. Assessed valuation for 1907, $443,000.
Brownsville, Cameron County, Tex.-Bonds Registered.The State Comptroller on June 18 registered an issue of
$17,000 5% 20-40-year (optional) water-works bonds.
Burlington School District (P. 0. Burlington), Iowa.Bond Sale.-A. B. Leach & Co. of Chicago inform us that
they have purchased $89,500 4% school bonds at par and
interest. Date Feb. 1 1908. Maturity Jan. 11918, subject
to call after Feb. 1 1913.
Calgary, Alberta.-Price Paid for Debentures.-We are
advised that G. A. Stimson & Co. of Toronto paid 97 for
the $20,000 5% school debentures awarded to them on July
10 (V. 87, p. 179). Date Dec. 31 1907. Maturity part
yearly for thirty years.
Cambridge, Guernsey County, Ohio.-Bond Sale.-On
July 27 the $8,500 street-paving and the $5,500 sewerconstruction 4% 20-year coupon (city's portion) bonds described in V. 87, p. 238, were awarded to Hayden,Miller &
Co. of Cleveland for $14,017(100.121) and accrued interest.
Bids below par were also received from Weil, Roth & Co.
the Fifth-Third National Bank, Sea,songood & Mayer, the
Provident Savings Bank & Trust Co. and the Central Safe
Deposit & Trust Co., all of Cincinnati.
Charleston School District (P.0. Charleston), Tallahatchie
County, Miss.-Bond Offering.-Proposals will be received
until 12 m. Aug. 4 by J. W. Saunders, Mayor, for $20,000
5% 20-year coupon building bonds. Authority Chapter 125,
Section 4534, Laws of 1906. Denomination $500. Date
Sept.'1 1908. Interest semi-annually at the Bank of Commeree and Trust Co. in Memphis, Tenn. Bonds are exempt
from taxation. Certified check for 10% of the amount,
payable to the Mayor, is required. Bonded debt, $5,000.
Assessed valuation for 1908, $293,048.
301
Cincinnati, Iowa.-Bond Sale.-A bid of $3,050 (101.666),
submitted on July 1 by Geo. M. Bechtel & Co. of Davenport
for $3,000 5% 5-10-year (serial) funding bonds offered on
that day was accepted by this place. This is on a basis of
about 4.734%. Denomination $500. Date July 1 1908.
Interest semi-annual.
Cincinnati, Ohio.-Bond Sale.-The bids received on July
24 for the $500,000 4% 20-40-year (optional) coupon waterworks bonds described in V. 87, p. 114, were as follows:
Union Savings Bank & Trust
Seasongood & Mayer and
Co., Cincinnati
$508,940
$511,300
others of Cincinnati
Well, Roth & Co. and others
Atlas Nat. Bank, Cincinnati 508,750
of Cincinnati
509,155 Breed & Harrison. Cincin__ 507,570
Clarksville School District (P. 0. Clarksville), Ind.Bond Sale.-Dispatches report that $11,000 5% 22-year
improvement bonds have been disposed of to Miller, Adams
& Co. of Indianapolis.
Clay County (P. 0. Moorhead), Minn.-Bond Sale.-On
July 13 $50,000 1-10-year (serial) drainage bonds were
awarded to the Union Investment Co. of Minneapolis at
104.82 for 6s-a basis of about 4.988%. Denomination
$1,000. Date July 1 1908. Interest semi-annual.
Clear Lake School District (P. 0. Clear Lake), Minn Bonds Voted and Sold.-On July 20 this district voted to issue
$7,400 bonds. It is expected that the issue will be taken by
the State of Minnesota.
Coaldstream B. 0.-Debenture Sale .-Papersstate that
G. A. Stimson'
cic Co. of Toronto have been awarded $2,5000
6% 10-year debentures of this city.
Columbiana School District (P. 0. Columbiana), Columbiana County, Ohio.-Bond Offering.-Proposals will be received until 12 m. Aug. 6 by Henry Staley, Clerk Board of
Education, for $25,000 5% coupon school-building-construction bonds. Authority Section 3991 and 3992 Revised
Statutes. Denomination $500. Date Aug. 6 1908. Interest semi-annually in Columbiana. Maturity $500 each six
months from March 1 1910 to Sept. 1 1918 inclusive and
$1,000 each six months from March 1 1919 to Sept. 1 1926
inclusive. Certified check for 20% of amount bid, payable
to the Treasurer Board of Education, is required. District
has no debt at present.
Columbus, Ga.-Bond Offering.-Proposals will be received until 12 m. Aug. 15 by Rhodes Brown, Mayor, for
$200,000 4% gold coupon water-works-system-construction
bonds. Denomination $1,000. Date Oct. 11903. Interest
semi-annually at the City Treasurer's office. Maturity
$10,000 yearly on Oct. 1 from 1909 to 1928 inclusive. Bonds
are exempt from city taxation and State taxation when held
by residents of Georgia. Certified check for 1% of the bonds
bid for, payable to the City Treasurer, is required. Official
circular states that no question concerning the validity of
any of the city's bonds has ever been raised, and that this
city has never defaulted in the payment of principal and interest on any of its bonds.
Conneaut, Ohio.-Bond Sale.-On July 27 the eight issues.
of 432% coupon street and sewer bonds aggregating $64,275,
described in V. 87, p. 238, were awarded to the WesternGerman Bank of Cincinnati at 100.859 and accrued interest.
The following bids were received:
Western-GermanBk.,Cin__•64,827 75 First Nat. Bank, Cleve_ _•$64,358 00
Otis & Hough, Cleveland_•64,576 00 W. R. Todd & Co., Cin_ _ _44,275 00
Hayden, Miller&Co., Clev.•64,503 00
*And accrued Interest.
Several other bids were also received but as these were for
only part of the issues they were not considered. Bonds
mature part each year beginning June 1 1909.
Coraopolis, Pa.-Bond Offering.-Proposals will be received until 7.30 p. m. Aug. 3 by E. C. Harper, Borough
Clerk, for $20,000 43% coupon street-improvement and
sewer bonds. Denomination $1,000. Date July 1 1908.
Interest semi-annually at the. Ohio Valley Trust Co. of
Corapolis. Maturity July 1 1938. Bonds are tax-free.
Certified check for $200, payable to the "Borough of Coraopolis," is required.
Coulee Drainage District, La.-Bond Sale.-Drainage
bonds to the amount of $35,000, carrying 5% interest, have
been sold, it is stated, to J. B.Levy of Bastrop,representing
'Chicago investors, at par. Securities are dated July 1 1907
and mature part yearly in from one to twenty years.
Culpeper County (P. 0. Culpeper), Va.-Bond Sale.-The
$30,000 5% coupon (with privilege of registration) macadamroad bonds described in V. 87, p. 238, were awarded on July
27 to Townsend, Scott & Son of Baltimore at 104.61 and
accrued interest. The bids received were as follows:
Townsend,Scott & Son, Balt.$31,383 I Woodin, McNcar & Moore_ _ _$30,325
Hambleton & Co., Baltimore. 30,504 Seasongood dc Mayer, Cin___ 30,234
A. J. Hood & Co., Detroit __ 30,3551ProvIdent S. B, & Tr. Co-Cln 30,150
Maturity $10,000 on July 1 in each of the years 1928,
1933 and 1938.
Dartmouth, N. S.-Debenture Sale.-An issue of $49,000
OA% debentures'was recently awarded, according to reports, to the Union Bank of Halifax. Maturity part yearly
for fourteen years.
• Dayton, Ohio.-Bond Sale.-On July 27 the $16,500 15year fire-engine-building and the $15,000 18-year "floodemergency" 4% coupon bonds described in V. 87, p. 283,
attracted the following list of bids:
302
Central Trust dc Safe Deposit Co., Cincinnati
Hayden, Miller & Co., Cleveland
C. E. Denison & Co., Cleveland
Seasongood & Mayer, Cincinnati,
Rudolph Kleybolte Co., Inc., Cincinnati
Well, Roth & Co., Cincinnati
Fifth-Third National Bank, Cincinnati
Dayton Savings & Trust Co., Dayton
Davies & Bertram Co.. Cincinnati
THE CHRONICLE
$16,500
$15,001
Bonds.
Bonds.
$16,5d2 40 $15,114 80
16,588 00
15,102 00
16,553 00
15,061 75
16,536 30
15,043 00
16,532 00
16,525 00
15,024 00
16,521 00
15,011 00
16,501 00
15,001 00
----$31.555 00 ---
Defiance, Defiance County, Ohio.-Bond Offering.-Proposals will be received until 12 m. Aug. 25 by Thomas E.
Gorman, City Auditor, for $18,000 5% North Clinton Street
paving bonds. Authority Section 2835 Revised Statutes.
Denomination $500. Date Aug. 1 1908. Interest semiannual. Maturity Aug. 1 1918. Certified check for 2%
of the bonds bid for, payable to the City Treasurer, is required. Accrued interest to be paid by purchaser.
Denison, Grayson County, Tex.-Bond Sale.-We see it
stated that $100,000 water-works bonds have been bought
by the State National Bank of Denison at 102.815. The
proceeds of this sale will be used in part payment for property
of the Denison City Water Co., which this city was authorized
to purchase for $110,000 at the election held June 30. See
V. 87, p. 180.
9%
Des Moines,Iowa.-Bond Sale.-On July 7 $180,000 43/
20-year coupon funding bonds were awarded to Geo. M.
Bechtel & Co. of Davenport for $187,000-the price thus
being 103.888-a basis of about 4.212%. Denomination
$1,000. Date July 1 1908. Interest semi-annual. These
bonds were offered as 4s on June 25, but all bids received on
that day were rejected. See V. 87, P. 52.
•
Doylestown, Wayne County, Ohio.-Bonds Voted.-A
proposition to issue $2,000 school-repair bonds carried by a
vote of 52 to 15 at an election held July 13. We are advised
that, owing to the fact that the school-building has been
condemned, the bonds will not be issued until it can be determined whether the building shall be repaired, or an entirely
new building erected.
East Rutherford (P. 0. Sta. Rutherford), Bergen County,'
N. J.-Bond Offering.-Proposals will be received until 8
p. m. Aug. 5 by Charles B. Johnson, Borough Clerk, for
coupon sewer bonds. Denomination $1,000.
$105,000 4
Date Aug. 15 1908. Interest semi-annually at the Columbia
Trust Co. in New York City. Maturity Aug. 15 1938.
Bid to be made on blank forms furnished by borough and
accompanied by certified check for 2% of bonds bid for,
payable to the "Borough of East Rutherford." The genuineness of these bonds will be certified to by the Coulmbia
Trust Co. in New York City. Bonds to be delivered Aug.
15 1908.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
East Washington (P. 0. Washington), Washington
County, Pa.-Bond Offering.-Proposals will be received
until 7:30 p. m. Aug. 7 by D. Glenn Moore, Borough Clerk,
for $11,000 4% coupon street-improvement bonds. Denomination $500. Date Sept. 1 1908. Interest semiannual. Maturity on Sept. 1 as follows: $1,500 in each of
the years 1923, 1925, 1928 and 1929; $1,000 in 1924, $2,000
in 1926 and $2,000 in 1927. Bonds are exempt from
tax in Pennsylvania. Certified check for $500, payable to
the "Treasurer of East Washington Borough," is required.
Eldorado School District (P.0. Eldorado), Preble County,
Ohio.-Bonds Voted.-Bond Offering.-A proposition to
issue $3,000 5% 2-11-year (serial) school-building-repair
bonds carried by a vote of 27 to 15 at an election held July 20.
Proposals for these securities will be received until 1 p.
Aug. 15.
Elgin School District (P. 0. Elgin), Man.-Description of
Debentures.-Through information received from J. M.
Ewan, Secretary-Treasurer, we learn that the $3,000 schoolbuilding-enlargement debentures recently disposed of to
Mrs. Thos. J. Moffat of Elgin at par (V.87, p. 181), are dated
June 3 1908, carry 5% interest and mature part yearly for
twenty years.
Elizabeth, N. J.-Bond Sale.-This city has disposed,
locally, of an issue of $43,000 4% bonds.
Elyria, Ohio.-Bonds Authorized.-The Council of this city
recently passed ordinances providing for the issuance of the
following coupon bonds:
$7,500 6% sanitary-sewer-construction assessment bonds. Denomination
$500. Maturity on July 1 as follows: $1,000 In eaoh of the years
1910, 1912, 1914, 1916, 1917 and 1918 and $500 In each of the
Years 1911, 1913 and 1915.
14,0004% Broad Street bridge bonds (Series"B"). Denomination $1,000.
Maturity $2,000 yearly on July 1 from 1911 to 1917 Inclusive.
10,000 4% water-meter-Installation bonds (Series "H"). Denomination
$1.000. Maturity $1,000 yearly on July 1 from 1910 to 1928
Inclusive.
Date July 1 1908. Interest semi-annually at the United
States Mortgage & Trust Co. in New York City.
Emporia, Kan.-Bond Sale.-On July 20 the $75,000 5%
1-10-year (serial) coupon paving bonds described in V. 87,
p. 181, were awarded to the State Savings Bank of Topeka
at 100.84 and accrued interest-a basis of about 4.825%.
Bids were also received from the Citizens' National Bank of
Emporia, A. B. Leach & Co. of Chicago and the H. P.
Wright Investment Co. of Kansas City.
[VOL. LXXXVII.
Bonds Not Sold.-The $10,000 434% 20-year coupon
electric-light bonds offered on the same day were not sold.
Erlanger Graded Common School District No. 32 (P. 0
Erlanger), Kenton County, Ky.-Bond Offering Postponed.The offering of the $8,600 5% 5-20-year (optional) bonds for
the purchase of grounds and the erection of a school building,
which was to have taken place July 6, has been postponed
to Aug. 3. See V. 87, p. 52, for a description of these
bonds.
Estherwood School District (P. 0. Estherwood), Acadia
Parish, La.-Bonds Voted-Bond Offering.-A proposition
to issue $6,000 school-building bonds carried by a vote of
13 to 4 at an election held July 17. Proposals for these securities will be received until Sept. 1. Maturity $1,000 yearly.
Eureka School District, Humboldt County, Cal.-Bond
Sale.-The successful and only bid received on July 18 for
the $15,000 432% 1-15-year (serial) gold school-house bonds
described in V. 87, p. 115, was one of $15,010 (100.066)
submitted by the State of California.
Fairview School District No. 13(P. 0. Fairview), Mont.Bond Sale.-On June 30 $1,000 10-year school-house bonds
advertised to be sold June 15 were awarded to the State Board
of Land Commissioners at par for 5s. Denomination $200.
Date June 30 1908. Interest annual.
Falls County (P. 0. Marlin), Tex.-Bonds Voted.-This
county on July 18 voted to issue $50,000 bonds to build a
bridge over the river at the Belton crossing.
Fayetteville, Cumberland County,. No. Car.-Bond Offering.-Proposals will be received until 12 m. Aug. 18 by
V. C. Bullard, Mayor, for $100,000 5% 30-year sewer and
street improvement bonds. Denomination $1,000. Date
June 1 1908. Interest semi-annually at the Hanover
National Bank in New York City. Certified check for
$1,000, payable to the "City of Fayetteville", is required.
Fitzgerald,Ga.-Bonds Voted-Bond0 fering.-An election
held June 24 resulted in favor of propositions to issue $75,000 sewer, $25,000 water-extension, and $30,000 high-school
5% 30-year bonds. The vote was 365 "for" to 7 "against."
These bonds will be offered about Sept. 1.
Florala, Covington County, Ala.-Bonds Voted.-Bond
Offering.-By casting a vote of 69 "for" to 13 "against,"
the people of this town on June 15 authorized the issuance
of $10,000 5% 20-year water bonds. Proposals for these
securities will be received at once.
Floyd County (P. 0. New Albany), Ind.-Bond Sale.-On
July 8 E. M. Campbell & Co. of Indianapolis purchased
$21,750 432% bonds at par. Date March 16 1908. Interest May 15 and Nov. 15. Maturity six bonds each six months
from March 16 1909 to Nov. 16 1918 inclusive.
Forestport, Oneida County, N. Y.-Bond Offering.-Proposals will be received until 12 In. Aug. 10 by the Board of
Trustees for $3,000 bonds for the purpose of repairing the
water-works system. Denomination $1,000. Date Aug. 15
1908. Interest (rate not to exceed 5%) payable annually.
Maturity $1,000 on July 1 in each of the years 1909, 1910
and 1911. Certified check for 1% of the bid is required.
Frank Connors is Village President.
Fort Qu' Appelle, Sask.-Debenture Sale.-Reports state
that the D. H. McDonald Co. of Fort Qu' Appelle was recently awarded $1,200 Coulson School, $1,200 Gledhow
School, $1,600 Cut Knife School and $1,000 Jeshurun School
debentures.
Fort William, Ont.-Debenture Sale.-It is reported that
Wood, Gundy & Co. of Toronto have bought $69,000 school
bonds due in 1938.
Fort Worth, Tarrant County, Texas.-Bond Offering.Proposals will be received until 12 in. Aug. 11 by G. H.
Colvin, Commissioner of Finance and Revenue, for the following bonds, voted on May 2:
550,000 4 >4 ‘;'., public-school bonds.
100.000 4'.i%st'eet-I nnrov,ment bond.
Denomination $1,000. Date July 1 190& Interest semiannually at the Hanover National Bank in New York City.
Maturity July 1 1948, subject to call after July 1 1928.
Certified check for 2% of the bonds bid for, payable to the
Commissioner of Finance and Revenue, is required.
Fostoria, Ohio.-Bond Offering.-Proposals will be received until 12 m. Aug. 10 by J. T. Yant, City Auditor, for
$22,000 43% bonds for the purpose of macadamizing
Columbus Avenue. Authority Section 2835, Revised
Statutes. Denominations: 19 bonds of $1,000 each and
6 bonds of $500 each. Date, day of sale. Interest semiannual. Maturity $1,500 yearly on March 1 from 1909 to
1914 inclusive; $1,000 yearly on Sept. 1 from 1909 to 1914
inclusive, and $1,000 each six months from March 1 1915 to
March 1 1918 inclusive. Certified check for 3% of the bonds
bid for, payable to the City Treasurer, is required. Accrued
nterest to be paid by purchaser.
Franklin County (P. 0. Columbus), Ohio.-Bond Offering.
-Proposals will be received until 12 in. Aug. 14 at the
County Auditor's office for $2,500 6% Fisher Free Turnpike
bonds. Authority amended Section 4925, Revised Statutes.
Denominations $800 and $900. Date Sept. 11908. Interest semi-annual. Maturity $800 on Sept. 1 in each of the
years 1909 and 1910 and $900 on Sept. 1 1911: E. A.
Brenneman and W.C. Carl are the Turnpike Commissioners.
These bonds were offered without success as 5s (V. 87, p.
239) on July 22.
AUG. 1 1908.
THE CHRONICLE
303
Franklin Graded Common School District (P. 0. FrankHanoverton, Columbiana County, Ohio.-Bond Election.lin), Simpson County, Ky.-Bids Rejected-Bond Offering. On Aug. 8 a proposition to issue $2,000 5% 1-5-year (serial)
-All bids received on July 7 for the $18,000 5% coupon paving bonds will be voted upon. Denomination $400.
building bonds described in V. 87, p. 52, were rejected.
Harrisburg School District No. 81 (P. 0. Harrisburg),
The original resolution authorizing the issuance of these Lincoln County, So, Dak.-Bond Offering.-Proposals will
bonds provided that they mature in thirty years, the Board be received until to-day(Aug. 1) by W. H. Wasem , Treasof School Trustees to have the privilege of retiring them urer, for $1,000 6% coupon school-house bonds. Denomat any time. This indefinite and uncertain period of pay- ination $200. Date Aug. 1 1908. Interest is payable
ment, we are advised, made them unmarketable at a prem- in Harrisburg. Maturity $200 on Aug. 1 in each of the
ium. The Board, therefore,decided to remedy this feature, years 1913, 1915, 1917, 1919 and 1921. Certified check
and on July 15 passed a new resolution providing that for $25, payable to the District Treasurer, is required.
these securities mature in thirty years, and be subject to This district has no debt at present. Assessed valuation
call as follows: $500 yearly on July 1 from 1910 to 1923 $100 000.
inclusive and $11,000 any time after fifteen years. ProHartford, Conn.-Washington School District.-Bond Sale
posals for these bonds will be received at any time.
Not Consummated.-H.S. Warren & Co. of Detroit advise us
Gadsden, Etowah County, Ala.-Special Tax Voted.- that they have refused to take the $100,000 4% school bonds
We are informed that the election held July 20 was to de- awarded them on June 3. The reason given by the Detroit
termine whether or not a tax of yl of 1% should be raised firm is that the district refused to deliver the bonds except at
for the purpose of paying principal and interest on bonds par and accrued interest, while their original bid was par.
issued for the construction of a municipal water-works plata Denomination $1,000. Date July 1 1907. Interest semiand not on the question of issuing bonds, as at first reported. annual. Maturity July 1 1932.
Our informant adds that an issue of $100,000 bonds has
Hartford, Washington County, Wis.-Bonds Voted.already been voted for this purpose.
This city has voted to issue $27,000 bonds for the purpose
Gleichen School District No. 103, Alberta.-No Deben- of installing a municipal alternating lighting plant. It is
tures Issued.-In reply to our letter asking the Secretary- also reported that the city has purchased for a consideration.
Treasurer to confirm the reports that $18,000 6% debentures of $5,000 the L. Kissel & Sons' electric light plant, exhad been sold recently (V. 87, p. 182) he writes us that "no clusive of power plant, and will proceed at once to install
a power plant on a site recently purchased.
debentures have been offered as yet."
Bond Offering,-The above bonds are coupon in form and
Glendale School District (P. 0. Glendale), Los Angeles
County, Cal.-Bond Sale.-On June 29 James H. Adams & carry 5% interest. Proposals for the same will be received
Co. of Los Angeles were awarded $15,000 5% 2-16-year until 7:30 p.m. Aug. 7 by A. J. Hemmy, City Clerk.
(serial) bonds at 101.50-a basis of about 4.79%. DenomiHartwell (P. 0. Cincinnati), Ohio.-Bonds Voted.-Loca
papers report that an election held July 14 resulted in a
nation $1,000. Date June 29 1908. Interest annual.
Glenwood Springs School District No. 1 (P. 0. Glenwood vote of 231 to 104 in favor of the issuance of $35,000 sewerSprings), Garfield County, Colo.-Bond Sale.-The $4,000 system-construction bonds.
public-school-addition bonds recently voted (V. 86, p. 1546)
Hellertown School District (P. 0. Hellertown), Northhave been sold.
ampton County, Pa.-Bonds Withdrawn from the Market.Grand Bend School District, Sask.-Debenture Sale.-An We are informed that $13,000 bonds proposals for which
issue of $1,200 8% debentures, maturing part yearly for ten were asked until July 1 have been withdrawn from the
years, was recently disposed of to G. A. Stimson & Co. of market for the time being.
Toronto.
Hendersonville, Henderson County, N. C.-Bonds Voted.Granite, Greer County, Okla.-Bond Offering.-Proposals At the election held July 11 the voters authorized the issuwill be received until 8 p. m. Aug. 17 by E. H. Davenport, ance of the $18,000 6% cement-sidewalk bonds mentioned in
City Clerk, for $20,000 5% coupon "Series A" bonds for the V. 87, p. 116.
construction of a water-works-system. Denomination $1,000.
Henry County (P. 0. Napoleon), Ohio.-Bond Offering.Interest Jan. and July at the Oklahoma fiscal agency in Proposals will be received until 1 p. m. to-day (Aug. 1) by
New York City. Maturity thirty years, subject to call after F. J. Beck, County Auditor, for the following 43% coupon
ten years. This city has no bonded debt. Floating debt, road-improvement bonds:
$1,000 Freedom Township Road 58 bonds. Denomination $1,000. Ma$1,500. Assessed valuation 1908, $566,549..
turity $1,000 yearly on Sept. 1 from 1909 to 1911 Inclusve and
Gresham, York County, Neb.-Bond Sale.-The $8,500
$1,000 each six months from March 1 1912 to Sept. 1 1913 Inclusive.
Ridgeville Township Road 58 bonds. Denomination $500. Ma6% 5-20-year (optional) coupon water-works bonds offered 2,000 turity
$500 yearly on Sept. 1 from 1909 to 1912 Inclusive.
on May 25 and described in V. 86, p. 1297, have been sold 4,500 Harrison
Township Road 65 bonds. Denomination $500. Maturity $500 on Sept. 1 1909 and $500 each six months from Sept. 1
at par to W. E. Barkley Jr. of Lincoln.
1910 to March 1 1914 inclusive.
Gretna School District (P. 0. Gretna), Neb.-Bonds 3,000 Flatrock Township Road 65 bonds. Denomination $500. Ma.
turity $500 on Sept. 1 In each of the years 1909, 1910, 1911 and
Voted.-This district has voted to issue $7,000 5% school1912 and $500 on March 1 In each of the years 1912 and 1913.
building-addition bonds. Interest annual. Maturity twelve 7,500 Napoleon Township Road 65 bonds. Denomination $1,500. Maturity $1,500 yearly on Sept. 1 from 1909 to 1913 inclusilte.
years, subject to call, however, $1,000 yearly beginning five 2,000 Monroe
Township Road 65 bonds. Denomination $500. Mayears from date.
turity $500 yearly on Sept. 1 from 1909 to 1912 inclusive.
Township Road 66 bonds. Denomination $1,000. MaHampden County (P. 0. Springfield), Mass.-Bond Offer- 3,000 Damascus
turity $1,000 on Sept. 1 In each of the years 1909, 1910 and 1911.
ing.-Proposals will be received until 10 a. m. Aug. 12 by 6,000 Harrison Township Road 66 bonds. Denomination $1,000. Maturity $1,000 on Sept. 1 in each of the years 1909, 1910, 1911 and
the County Commissioners for $110,000 4% coupon (with
1912 and 81,000 on March 1 In Pnch of the Years 1912 ',lid iqi3.
, privilege of registration) Hall of Records bonds. DenomiAuthority Section 694, page 96, Ohio Laws. Date Sept. 1
nation $1,000. Date Aug. 15 1908. Interest semi-annually 1908. Interest semi-annual. Bid to be made on each block
at the City Trust Co. in Boston. Maturity $10,000 yearly of bonds separately and be accompanied by a certified check
on Aug. 15 from 1909 to 1919 inclusive. Bonds are exempt or draft for $1,000 drawn on the First National or Citizens'.
from taxation. Certified check for 2% of bonds bid for is State Bank of Napoleon. Purchaser to pay for transcript
required. The genuineness of these bonds will be certified of proceedings.
to by the City Trust Co. of Boston and their legality approved
Hereford, Deaf Smith County, Texas.-Bonds Registered.
by Ropes, Gray & Gorham of Boston, a copy of whose
opinion will be furnished to the successful bidder. Bonds -The State Corn ptroller registered on July 18 $18,000 5%
water-works and sewer bonds. Maturity forty years,
to be delivered Aug. 15 1908.
Temporary Loan.-This county, it is stated, has borrowed subject to call after twenty years.
Highland Park, Mich.-Bond Offering Postponed.-The
from Morgan & Bartlett of New York City $100,000 at
2.95% discount. Loan is dated July 30 1908 and matures offering of the $10,000 432% 20-year coupon water-extension
bonds which was to have taken place July 6 (not July 5 as at
Nov. 5 1908.
first
has been postponed to Aug. 3. Bonds will be
Hancock County (P.0.Findlay), Ohio.-Bond Sale.-The datedreported)
on the day of sale. Interest annual.
following bids were received on July 27 for the $6,000 flame
Road (Van Buren Township) and the $7,000 Arras Road • Holly Springs, Miss.-Bonds Not Sold-Bond Offering.(Orange Township)5% coupon stone pike construction bonds There were no bidders on July 14 for the $6,000 5% 1-20-year
(serial) public school bonds described in V. 87, p. 116.
described by us last week:
These bonds are being re-offered as 6s and proposals will be
$13,000
$7,000
Bante ltd. Arras lid. received, this time, until 8 p.m. Aug. 4.
Bonds.
Bonds.
Provident Savings Bank do Trust Co., Cincinnati
$6,201 00 $7,205 80
Idaho Falls, Bingham County, Idaho.-Bonds Not Sold.First National Bank,Cleveland
7,215 00
6,196 00
No satisfactory bids were received on July 10 for the two
Well, Roth & Co., Cincinnati
6,183 00
7,200 00
Hoehler & Cummings, Toledo
7,200 50 issues of bonds aggregating $20,727 94, described in V. 87,
6,178 00
Barto, Scott & Co., Columbus
6,177 00
7,192 50 p. 53.
SeasOngood & Mayer, Cincinnati
6,171 60
7,180 OJ
Breed & Harrison, Cincinnati
7,186 1)0
6,165 00
Ingersoll, Ont.-Debenture Offering.-Proposals will be
Security Savings Bank & Trust Co., Toledo
6,159 60
7,181 20
C. E. Denison & Co., Cleveland
6.15
, 80(0 received up to and including Aug. 10 by W R. Smith,
Hayden, Miller & Co., Cleveland
6,156 00
7,178 00 Town Clerk, for $16,000 4
public-school debentures.
Otis Sc Hough, Cleveland
6,135 00
7.181 00 Interest
annual. Maturity twenty years.
Rudolph Kleybolte & Co., Inc., Cincinnati
6,135 00
7,160 00
Bank,
National
First
Findlay
7,075 00
6,065 00
Jackson, Ohio.-Bond Sale.-An issue of $10,000 sewer
Buckeye National Bank, Findlay
1
--$13,210 50--bonds offered on July 27 was awarded to the Citizens'
New First National Bank Columbus_ __f
The Bame Road issue matures on Sept. 1 as follows: $1,000 Savings & Trust Co. of Jackson.
in each of the years 1909 and 1910 and $500 yearly from 1911
Jersey City, N. J.-Bond Sale.-This city on July 22 disto 1918 inclusive, while the Arras Road issue matures $1,000 posed of $80,000 50-year school-building and $66,000 30-year
yearly on Sept. 1 from 1909 to 1912 inclusive and $500 hospital-completion 43% bonds to Kountze Bros. of New
yearly on Sept. 1 from 1913 to 1918 inclusive.
York City at 104.81 and 103.88 respectively. The former
tsi304
THE CHRONICLE
issuelwas sold on a basis of about 4.267% while the latter
issueiwas disposed of on a basis of about 4.27%. Denomination $1,000. Date July 11908. Interest semi-annual.
Lakewood, Ohio.-Bond Offering.-Proposals will be received until 12 m. Aug. 3 by B. M. Cook, Village Clerk, for
thelfollowing bonds:
$8,225 5% Woodward Avenue sewer assessment sewer-main-construction
bonds. Denomination $822 50. Maturity $822 50 yearly on
Oct. 1 from 1909 to 1918 inclusive.
6,330 5% Woodward Avenue water assessment bonds. Denomination
$2,110. Maturity $2,110 yearly on Oct. 1 from 1909 to 1911
inclusive.
Date of bonds Aug. 1 1908. Interest semi-annually at the
Cleveland Trust Co. in Cleveland. Certified check for 5%
of bid is required. Official circular states that there is no
question as to the legality of these bonds and that there has
never been any default in the payment of any of the village's obligations.
Bonds Defeated.-It is reported in Cleveland papers that
$40,000 school-building bonds were defeated by a vote of
120 to 109 at an election held here July 21.
Leechburg, Armstrong County, Pa.-Bonds Voted.-A
vote of 125 "for" to 7 "against" the question of issuing $10,000 funding bonds was the result of an election held July 25.
Details of bonds and date of offering had not been determined
up to July 27.
Lexington, Ky.-Bond Sale.-The $13,000 bonds (the
unsold portion of the issue of $25,000 4% 40-year coupon
sewer bonds mentioned in V. 86, p. 996) have been awarded
to local banks at par and accrued interest. Securities are
dated Jan. 2 1908.
Liberty Township, Trumbull County, Ohio.-Bond Sale.On July 29 the $30,000 5% 1-15-year (serial) coupon roadimprovement bonds described in last week's issue were
sold to the New First National Bank of Columbus.
Lincoln County School District No. 147, Wash.-Bond
Sale.-The State of Washington on July 18 bought $1,000
school-house bonds of this district. The price paid was par
for 5% 1-10-year (optional) bonds. Denomination $200.
Date July 18 1908. Interest annual.
Luverne, Minn.-Bond Offering.-Proposals will be received until 8 p. m. Aug. 4 by E. C. Schwartz, City Recorder,
for $5,000 5% coupon refunding town-hall bonds. Authority
Chapter 163, General Laws of 1901. Denomination $500.
Date Aug. 15 1908. Interest annually at the City Treasurer's office. Maturity $500 yearly on Aug. 15 from 1909
to 1918 inclusive. Bonds are tax-exempt. Total debt,
including this issue, $51,000. Assessed valuation $742,958.
McAlester, Pittsburgh County, Okla.-Bond Election.It is reported in local papers that the Mayor has called an
election for Aug. 4 for the purpose of voting on propositions
to issue $156,000 sewer-system-construction and $7,000
jail bonds.
Macdonald, Man.-Debenture Offering.-Proposals will be
received until 12 m. to-day (Aug. 1) by H. Crills, SecretaryTreasurer (P. 0. Sanford), for $20,000 4% debentures. Interest semi-annual. Maturity twenty years.
Manhattan Independent School District (P. 0. Coggon),
Iowa.-Bond Offering.-Proposals will be received until 7
p. m . Aug. 10 by A. A. De Woody, Treasurer Board of Education, for $11,000 school-house bonds. Authority Section
2820, a to e, School Laws; also election held July 7. Interest is payable at the Coggon State Bank in Coggon. Certified check for $1,000, payable to the Treasurer Board of
Education, is required. Total debt, this issue. Assessed
valuation $440,000.
Mansfield, Ohio.-Bond Sale.-On July 27 the $19,000
432% general-street-improvement (city's portion) bonds
and the $3,400 5% Rowland Avenue sidewalk-construction
assessment bonds described in V. 87, p. 183, were awarded
to Seasongood & Mayer of Cincinnati at 103.26 and the
Bank of Mansfield at 100.367 respectively. Following are
the bids:
Seasongood & Mayer, Cincinnati
Fifth-third National Bank, Cincinnati
Otis & Hough, Cleveland
Western-German Bank, Cincinnati
Davies-Bertram Co., Cincinnati
Breed & Harrison, Cincinnati
Hayden, Miller & Co., Cleveland
Provident Savings Bank & Trust Co., Cincinnati
Well, Roth & Co., Cincinnati
Rudolph Kleybolte Co., Inc., Cincinnati
W. R. Todd & Co., Cincinnati
Bank of Mansfield, Mansfield
Mansfield Savings Bank, Mansfield
Richland Savings Bank, Mansfield
*19,000
Street
Bonds.
$19,619 40
al9,627 00
19,590 00
19,585 00
19,577 00
19,570 00
19,554 00
19,539 60
19,499 00
19,402 80
19,205 00
19,173 09
19,000 00
19,000 00
$3,400
Sidewalk
Bonds.
$3,407 00
a3,422 10
3,400 00
3,412 50
3,400 00
3,40000
a These bids were rejected, we are informed, because they did not comply with the requirements of the advertisements.
[VOL. Lxxxvii.
p. 560, by a vote of 1,501 to 570. Maturity "1923 and
1928", but subject to call $40,000 after five years and
$35,000 after ten years. Proposals for these bonds will
be received until 2 p. m. Aug. 10. Wade Maxwell is County
Treasurer.
Merritton, Ont.-Debenture Offering.-Proposals will be
received up to Aug. 6 by the Village Council for $10,000 5%
electric-light debentures. Interest annual. Maturity part
yearly for twenty years. R. Clark is Municipal Clerk.
Middletown, Butler County, Ohio.-Bond Sale.-On July
25 the $6,060 10 4Y2% 1-10-year (serial) Yankee Road and
Fourth Street improvement assessment bonds, described in
V. 87, p. 240, were awarded to the Oglesby Barnitz Bank of
Middletown at 101.239 and accrued interest. The following
bids were received:
Ogeisby Barnitz Bk., Midn$6,135 20 Merch. Nat. Bk., Middle'n_$6,125 10
Prov. Say. Bk.&Tr.Co.,Cin 6,132 82 Security Savings Bank &
Seasongood 4 Mayer, Ctn.._ 6,125 25
Trust Co., Toledo
6,090 40
Middletown School District (P. 0. Middletown), Butler
County, Ohio.-Bond Sale.-On July 24 Seasongood &
Mayer of Cincinnati were the successful bidders for the
$15,000 4% 34-36-year (serial) coupon high-school-building
and site-purchase bonds described in V. 87, p. 117. The
price paid was 100.34 and accrued interest. A list of the
bidders follows:
Seasongood & Mayer, Cinc_ 415,051 \Provident Sayings Bank &
Trust Co., Cincinnati__ a315,010
Well, Roth & Co., Cincinnati 15,016
W.R.Todd & Co., Cincinnati 15,010 Otis & Hough, Cleveland_ -__ _ 15,009
a"$125 for attorneys' fees."
Midland, Ont.-Price Paid for Debentures.-We are informed that $13,876 (100.187) and accrued interest was the
price by J. A . Stimson & Co. of Toronto for the $5,000
4M% sewer debentures maturing part yearly for forty years,
and the $8,850 5% "bank-overdraft" debentures maturing
part yearly for twenty years. The bonds were awarded on
June 16. See V. 86, p. 1606.
Millen, Jenkins County, Ga.-Bonds Not Sold.-No sale
has yet been made of the $30,000 5% coupon or registered
.
water and light bonds described in V. 86, p. 1548.
Milwaukee, Wis.-Bond Sale.-This city has accepted
a bid at par and accrued interest submitted by the associated bankers of Milwaukee for the six iss ues of 4% I-20year (serial) bonds aggregating $680,000, offered without
success on July 8. See V. 87, p. 117.
Mobile, Ala.-Bond Sale.-The $145,000 5% paving bonds
mentioned in V. 87, p. 117, were awarded on July 14 to Jett
Bros. of Mobile at par. Denomination $500. Date Aug. 1
1908. Interest semi-annual. Maturity Aug. 11918,subject
to call at any interest-paying period.
Montgomery, Ala.-Bonds Voted-Bond Offering.-On
July 24 the voters authorized the issuance of the $100,000
5% bonds to pay the outstanding indebtedness of this city
which is not evidenced by bonds. See V. 87, p. 183. The
vote was 133 "for" to 20 'against." Maturity Aug. 1 1938.
These bonds are now being offered at private sale. Hon.
W. M. Teague is Mayor.
Morris School District, Man.-Debenture Sale.-This
district has awarded $11,000 6% debentures, it is stated
to W. C. Brent of Toronto. Interest annual. Maturity
part yearly for fifteen years beginning six years from date.
Morrison School District (P. 0. Morrison), Whiteside
County, Ill.-Bonds Voted-Bond Offering.-On July 25 the
electors of this district authorized the issuance of $15,010
4M% school-house-repair bonds by a vote of 137 to 4.
Maturity $1,000 yearly on July 1 from 1910 to 1924 inclusive. Proposals for these bonds will be received until
6 p. m. Aug. 10.
•
Mountain Lake Independent School District No. 9 (P. 0.
County,
Cottonwood
Lake),
Minn.-Bond Offering.
Mountain
-Proposals will be received until 7:30 p. m. Aug. 12 by the
the
at
Education
office
of
J. H. Dickman, Clerk,
Board of
for $5,000 bonds. Interest (rate not to exceed 5%)payable
semi-annually. Maturity July 1 1928.
•
Nampa, Canyon County, Idaho.-Bonds Not Sold.-Up to
July 24 no purchaser had yet been found for the $80,000 to
$100,000 paving assessment bonds at not exceeding 8% interest, proposals for which were asked until June 13. See
V. 86, p. 1426, for a description of these securities.
New Britain, Conn.-Bond Offering.-Proposals will be
received until Sept. 3 for $70,000 sewer bonds (eighth series).
Denomination $1,000. Authority election held July 21
1908. The genuineness of these bonds will be certified to by
the City Trust Co. of Boston and their legality approved by
Storey, Thorndyke, Palmer & Thayer of Boston. Geo.. L.
Landers is Mayor.
New Haven, Conn.-Bond Sale.-On July 28 the five issues of 4% coupon or registered bonds, aggregating $557,000,
described in this Department last week, were awarded to
R. L. Day & Co. of New York City at 101.65 and accrued interest. Following are the bids:
Maturity part of each issue yearly beginning Sept. 1 1909.
"Marcus Hook, Delaware County, Pa.-Bond Offering.Proposals will be received until 7 p. m.Aug. 5 by William J.
Nelson, Chairman of Finance Committee, for $2,500 4
Kountze Bros., N. York_$565,756 40 \ H.W.Poor & Co.,1Bos _ _$554,660 60
coupon funding bonds. Denomination $250. Date Aug. Estabrook
& Co., Boston 564,433 10 Blake Bros.&Co.,j
15 1908. Interest semi-annually in Marcus Hook. Ma- N. W.Harris & Co., N. Y.559,321 00 Parkinson & Burr, Bos__ 552,098 40
Co., N. Y__ 548,756 40 Connecticut Savings Bk.,
&
L.
Day
R.
turity $250 yearly "after ten years." Bonds are exempt
Now Havena101,015 00
from State tax. Assessed valuation $730,000.
Marion County (P. 0. Palmyra), Mo.-Bonds Voted.- a For $100,000 bonds.
New Mexico (Territory).-Bond Sale.-On July 25 Otis &
Bond Offering.-This county has authorized the issuance
of the $75,000 4% infirmary bonds mentioned in V. 86, Hough of Cleveland purchased the two issues of 4% 20-30-
AUG. 1 19081
THE CHRONICLE
305
year (optional) coupon Capitol-improvement bonds, aggre- Denomination $500. Date Sept. 1 1908. Interest semigating $50,000, described in V. 86, p. 1606, at 98.125 and annually at the Dime Savings Bank in Akron. Maturity
part yearly on Sept. 1 . Bonds are exempt from all taxes.
interest. The bids received were as follows:
Certified check for 5%, payable to the Township Treasurer,
Otis & Hough, Cleveland$49,062 501Seasongood & Mayer, Cln$48,800
00
Mercantile Tr. Co., St. L. 49,000 001 cinnati
is required Total debt, this issue. Assessed valuation
One issue is dated June 1 1907 while the other is dated $551,000.
Dec. 1 1907. All bids include accrued interest.
North Toronto, Ont.-Debentures Voted.-An election held
New Rochelle, N. Y.-Bond Offering.-Proposals will be July 25 resulted in a vote of 69 to 25 in favor of the issuance
received until 8 p. m. Aug. 18 by William G. Rainsford, City of $2,000 5% debentures "to make up deficits in debentures
Clerk, for the following securities:
previously sold." Maturity one debenture yearly on July 28
$25,000 5% registered fire-department bonds. Maturity $2,000 yearly on for ten years. The Town Clerk informs us that in all probaMay 1 from 1918 to 1029 inclusive and $1,000 on May 1 1930.
22,000 5% registered sewer-construction bonds. Maturity $3,000 yearly bility these securities will be purchased by the Sinking Fund.
on May 1 from 1912 to 1018 inclusive and $1,000 on May 1
Oakville, Ont.-Debenture Sale.-It is rumored that $40,1919.
145.000 5% registered relief bonds. Maturity $20,000 yearly on May 1 000 debentures for water works, $10,000 for electric lights
from 1010 to 1916 inclusive and $5,000 on May 1 1917.
and $26,000 for schools, all carrying 5% interest and maturing
111,000 5% registered school bonds. Maturity $3,000 yearly on May 1
part yearly for thirty years, have been bought by W. C.
from 1020 to 1956 inclusive.
26,000 5% cert:Ilcates of Indebtedness. Maturity Aug. 1 1913, subject Brent of Toronto.
to call after Aug. 1 1909.
Ontario County (P.0. Canandaigua), N. Y.-Bond Sale.Denomination $1,000. Date Aug. _1 1908. Interest on
bonds payable May 1 and Nov. 1 at the City Treasurer's The $91,000 road-improvement and the $106,000 courtoffice. Certified check on a bank or trust company in New house 4% coupon or registered bonds offered without success
York State for 5% of bonds bid for, payable to the City on July 22 (V. 87, p. 241), have been purchased by Edmund
Treasurer, is required. Purchaser to pay accrued interest. Seymour & Co. of New York City. These securities anBids for bonds must be made upon blank forms furnished by swer the description given in V. 87, p. 118.
Oroville, Butte County, Cal.-Bond Sale.-It is reported
the City Clerk.
that
5% levee bonds have been disposed of to the
Newton, Newton County, Miss.-Bond Sale.-On July 7 State$60,000
Board of Examiners. Denominations $100 and $500.
$4,500 6% 20-year sewer bonds were purchased by John
Osgoode Township, Ont.-Debenture Sale.-This townNuveen & Co. of Chicago at 101. Securities are in denomination of $500 each and are dated Aug. 11908. The ship has sold $12,000 5% debentures maturing part yearly
for ten years and $7,025 5% debentures maturing part yearly
interest is payable semi-annually.
for twenty years to G. A. Stimson & Co. of Toronto.
Nicholls, Coffee County, Ga.-Bonds Not Sold.-On
Oswego County (P. 0. Oswego), N. Y.-Bond Sale.-On
July 27 we received a letter from the Mayor stating that no
sale had yet been made of the $10,000 5% 30-year coupon July 18 432% 3-4-year (serial) bridge bonds to the amount
school bonds offered on July 1 and described in V.86, p. 1606. of $18,000 were disposed of to Edmund Seymour & Co. of
New York
Securities are in denomination of $9,000
Norfolk County (P. 0. Portsmouth), Va.-Bond Sale.- each and City.
are dated Aug. 1 1908. Interest annual.
E. H. Rollins & Sons of Boston were the successful bidders
Owen Sound, Ont.-Debentures Voted.-At an election
20-year coupon roadon July 28 for the $200,000 4
held July 18 a vote of 294 "for" to 73 "against" was cast on
improvement bonds described in V. 87, p. 118.
proposition to issue $12,000 5% 20-year debentures to build
North Bay, Ontario.-Debenture Offering.-Proposals will a
a concrete arch bridge. The time for the offering of these
be received until 12 m. Aug. 15 by M. W. Flannery, Town debentures
has not yet been set.
Treasurer, for $17,000 5% debentures. Date July 15 1908.
Paoli, Orange County, Ind.-Bond Offering.-Further
Maturity part yearly for thirty years.
details are at hand relative to the offering on Aug. 6 of the
North Dakota.-Description of Bonds.-The bonds pur- 87,955 434% coupon bonds for the purpose of purchasing
chased by the State during May and June (see V. 87, P. 118) and installing an electric-light-plant. See V. 87, p. 241.
answer the following description:
Proposals for these bonds will be received on that day until
Adams County School District No. 3.-$7,000 bonds dated Feb. 1 1908 7 p. m. by Oscar Ratts, Town Clerk. Denomination $500,
and due Feb. 1 1918.
Ashley School District No. 9, McIntosh County.-$8,000 bonds dated except one bond of $455. Date Aug. 6 1908. Interest
June 1 1908 and due June 1 1928.
Jan. 15 and July 15 at the Town Clerk's office. Maturity
Atkinson School District No. 7, Bowman County.-$1,000 bonds dated
$455 on July 15 1909 and $500 on July 15 in the years 1910,
March 2 1908 and due March 2 1923.
Bismarck School District No. 7, Oliver County.-$2,100 bonds dated 1911 and 1912 and $500 each six months from Jan. 15 1913
March 2 1908 and due March 2 1928.
Bowman County School District No. 4.-$1,000 bonds dated April 1 to July 15 1918 inclusive. Bonds are exempt from all tax1908 and due April 1 1923.
ation. Accrued interest to be paid by purchaser. This
Butte School District No. 63, McLean County.-$2,500 bonds dated town has
no debt at present. Assessed valuation 1907,
April 1 1908 and due April 1 1923.
13yersville School District No. 46, McLean County.-$1,800 bonds dated $418,604.
April 1 1908 and due April 1 1923.
Pennsboro, Ritchie County, W. Va.-Bonds Offered by
Cannon Ball School District No. 8, Hettinger County.-$3,400 bonds
Bankers.-Geo. M. Seward & Co. of Chicago are offering
dated Marc 2 1908 and due March 2 1928.
Cedar School District No. 52, Morton County.-$500 bonds dated March 2 for sale $12,000 6% water-works bonds recently purchased
1908 and due March 2 1918.
Churches Ferry School District, Ramsey County.-$3,700 bonds dated from this town. Denomination $500. Date Jan. 2 1908.
April 1 1908 and due April 1 1918.
Interest annually at the First National Bank in Chicago.
Colgan School District No. 27, Williams County.-$800 bonds dated
Maturity Jan. 2 1942, subject to call Jan. 2 1918. The
April 1 1908 and due April 1 1918.
Courtnay, Village of. Stutsman County.-$5,000 bonds dated April 1 town has no other debt. Assessed valuation $746,000.
1028.
April
1
1008 and due
Pinewood School District No. 1 (P. 0. Pinewood), ClarenCrofte School District No. 52, Burleigh County.-$700 bonds dated
don County, S. C.-Bond Sale.-A bid at 102.50 and accrued
April 1 1908 and due April 1 1918.
McHenry
40,
County.-$1,850 bonds dated
Denbigh School District No.
interest for 6s submitted on July 24 by A. J. Hood & Co. of
April 1 1008 and due April 1 1928.
Driscoll School District No. 38, Burleigh County.-$2,000 bonds dated Detroit was accepted by this district for the $12,000 20-year
June 1 1908 and due June 1 1928.
p. 119. Bids were
Elder School District No. 11, Mercer County.-$700 bondsIdated April 1 school-building bonds described in V. 87,
also received from the Robinson-Humphrey Co. of Atlanta
1008 and due April 1 1023.
Gardar School District No. 28, Pembina County.-$2,500 bonds dated and S. A. Kean of Chicago.
June 1 1908 and due June 1 1918.
Pontiac, Oakland County, Mich.-Bond Sale.-On July 13
Glen Ullin Special School District, Morton County.-$6,700,,bonds dated
April 1 1908 and due April 1 1928.
the Security Savings Bank & Trust Co. of Toledo was
Hamlin School District, Nelson County.-$7,800 bonds dated April 1
awarded $6,000 5% coupon armory bonds. Denomination
1908 and due April 1 1928.
Hatton Special School District, Trail County.-$7,500/bonds dated 8500. Interest semi-annual. Maturity $1,000 yearly on
April 1 1908 and due April 1 1918.
Holmes School District No. 18, Williams County.-$4,000 bonds dated July 1 from 1909 to 1914 inclusive.
Port Arthur, Ontario.-Debenture Sale.-We are advised
April 1 1908 and due April 1 1928.
Inkster School District No. 103, Grand Forks County.-$9,350 bonds that Aemilius Jarvis & Co. of Toronto were recently awarded
dated Oct. 1 1907 and due Oct. 1 1027.
Leahy School District No. 31, Morton County.-$900 bonds dated April 1 $11,500 5% 30-year high-school debentures. Denomination
1908 and due April 1 1928.
$1,000. Date Aug. 1 1908. Interest semi-annually at the
Lock School District No. 43. Morton County.-$3,000 bonds dated
Bank of Montreal in Toronto.
March 2 1908 and due March 2 1928.
Mount Pleasant School District No. 4, Rolette County -$14,000 bonds
Port Chester, N. Y.-Bids Rejected.-All bids received
dated April 1 1908 and due April 1 1028.
Norway School District No. 40, Kidder County.-$1,000 bonds dated on July 20 for $7,545 38 5% bonds offered on that day
April 1 1908 and due April 1 1918.
were rejected.
Ox Creek School District No. 14, Roiette County.-$600 bonds dated
April 1 1908 and due April 1 1918.
Portland, Ore.-Bond Sale.-The following bids were rePleasant View School District No. 135, Ward County.-$1,000 bonds ceived on July 20 for the 878,673 54 improvement bonds ofdated June 1 1908 and due June 1 1023.
Ryder Special School District No. 138, Ward County.-$7,400 bonds fered on that day:
dated June 1 1908 and due June 1 1923.
Schrunk School District No. 12, Burleigh County.-$800 bonds dated
April 1 1908 and due April 1 1923.
Scotia School District Bottineau County.-$1,500 bonds dated April 1
1908 and due April 1 1918.
Spring Creek School District No. 6, Bowman County.-$1,000 bonds
dated April 1 1908 and due April 1 1923.
Valley School District No. 4, Billings County.-$2,300 bonds dated
April 1 1908 and due April 1 1923.
Victoria School District No, 35, Ramsey County.-$500 bonds dated
March 2 1908 and due March 2 1018.
Walsh County School District No. 43.-$400 bonds dated March 2 1908
and due March 2 1913.
Water Board of Portland (for $49,000 bonds)
a103.00
6102.60
R. L. Durham, Rec. A.0. U.W.'For $15,000 bonds
a103.00
'(For $5,000 bonds
a102.75
A. H. Ma egleyf For $10,000 bonds
102.125
'(For $2,000 bonds
(1102.61
J.P. Kelly (for $5,000 bonds)
al03.00
H. Lane, Mayor (for $4,000 bonds)
Security Savings & Trust Co. J Entire issue
102.0gar
1E15,000
102.50
Bank of California (for 630,000 bonds)
101.25
I. E. Solomon (for $8,000 bonds)
T.W. Jenkins(for $4,000 bonds)
101.375
Jno. H. Holm (for $3,000 bonds)
102.00
a Successful bidders. b Awarded $5,673 54 bonds at this price.
Northfield Township (P. 0. Northfield), Summit County,
Ohio.-Bond Offering.-Proposals will be received until
All bidders offered accrued interest in addition to their bids.
12 m. Aug. 8 by M. A. Van Horn, Township Clerk, for the
Portland, Cumberland County, Me.-Temporary Loan.$10,000 5% coupon town-hall building bonds voted on
June 30. Authority Section 2835, Revised Statutes On July 30 this city borrowed $100,000 in anticipaticn of
306
taxes from Wm. A. Read & Co. of Boston at 3% discount
and a premium of $5. Date, day of issuance. Maturity
Oct. 1 1908.
Portland Water District (P. 0. Portland), Me.-Note
Offering.-Proposals will be received until 10 a. m. Aug. 7
by the Trustees for $1,950,000 4% notes. Denominations
40 notes of $25,000 each and 95 notes of $10,000 each.
Date August 10 1908. Separate bids are requested for notes
due in four, six and eight months. The genuineness of
these notes will be certified to by the City Trust Company
of Boston. The legality of the issue has been approved by
Messrs. Ropes, Gray & Gorham of Boston, a copy of whose
opinion will be furnished to the successful bidder. Notes
will be delivered August 10.
Pulaski, Va.-Bond Offering.-This town is offering at
private sale $75,000 5% coupon light and water-system-construction bonds. Authority election held July 10 1908.
Denomination $500. Interest January and July at the
Hanover National Bank in New York City. Maturity
thirty years. John T. Loving is Mayor.
, Purcell, McClain County, Okla.-Bond Offering.-Proporals will be received until 4 p. m. Aug. 10 by H. S. Robertson, City Clerk, for $8,000 city-hall and $22,500 sewer 5%
20-year bonds. Denomination $500. Date Aug. 1 1908.
Interest semi-annually at a place designated by the purchaser. Certified check for 5% of the amount bid for,
payable to the "City of Purcell," is required.
Purcell School District (P. 0. Purcell), McClain County,
Okla.-Bond Offering.-Proposals will be received until
4 p. m. Aug. 10 by Joseph P. Smith, Clerk, Board of Education, for $32,000 5% school bonds. Denomination $500.
Date Aug. 1 1908. Interest semi-annually at a place designated by the purchaser. Maturity twenty-five years.
Certified check for 5% of the amount bid, payable to the
Board of Education" is required.
Quincy, Norfolk County, Mass.-Temporary Loan.-This
city has borrowed, it is stated, $50,000 from Bond & Goodwin of Boston at 3.75% discount.
Rafael School District, Santa Barbara County, Cal.Bonds Voted-Bond Offering.-At the election June 9 sixteen
voters unanimously indorsed the proposition to issue the
$7,000 6% school-building bonds mentioned in V. 86, p•
1427. Denomination $700. Maturity $700 yearly on July
11 from 1909 to 1918 inclusive. Proposals for these bonds
will be received until 10 a. m. Aug. 3 by C. A. Hunt, County
Clerk.
Reno, Nev.-Bond Sale.-A. J. Hood & Co. of Detroit
have purchased the $50,000 5% gold coupon general-improvement bonds, proposals for which were asked until June 29.
A description of these securities will be found in V. 86, p•
1607. The price paid was par plus the cost of printing the
bonds. Maturity July 1 1933, subject to call after July 1
1918.
Richland Township School District, Ind.-Bond Sale.On July 8 E. M. Campbell & Co. of Indianapolis were
awarded at 100.681 an issue of $22,000 432% 1-5-year
(serial) school bonds. Denomination $400. Date July 15
1908. Interest semi-annual.
Richwood, Union County, Ohio.-Bond Offering.-Proposals will be received until 12 in. Aug. 15 by Ray L. Jordan,
Village Clerk, for $16,000 432% Franklin Street improvement assessment bonds. Denomination $1,000. Date Aug.
1 1908. Interest April 1 and Oct. 1. Maturity on April 1
as follows: $1,000 in 1910, $2,000 in 1911, $1,000 in 1912,
$2,000 in 1913, $1,000 in 1914, $2,000 yearly from 1915 to
1918 inclusive and $1,000 in 1919. Certified check for 5%
of the bonds bid for, payable to the Village Treasurer, is
required. Purchaser to pay accrued interest; also furnish
blank bonds free of charge.
Rising Sun School District (P. 0. Rising Sun), Ohio.Bond Sale.-Weil, Roth & Co. of Cincinnati, on June 15
purchased $5,000 6% school-building bonds at 103.10.
Denomination $500. Date July 24 1908. Interest March
and September. Maturity $500 each six months from
March 1 1909 to Sept. 1 1913 inclusive.
Rochester, N. Y.-Note Sale.-On July 24 the following
notes were disposed of, $200,000 to the Security Trust Co.
of Rochester at 3.10% interest and $200,000 to Bond &
Goodwin of New York City at 3.20% interest:
$100.000 renewal of water-works-Improvement notes Nos. 539 and 540.
Date July 29 1908.
100,000 water-Improvement note No. 642 Date July 31 1008.
200,000 renewal of local-Improvement notes Nos. 541, 542, 543, 544 and
545. Date July 31 1908.
The Alliance Bank of Rochester bid 3%% interest for the
four issues, while Goldman, Sachs & Co. of New York City
offered to take $200,000 at 3M% interest and $200,000 at
33
4% interest. Interest is payable at the Union Trust Co.
in New York City. Maturity three months.
Note Sale-On July 28 the $300,000 2-months renewal
local-improvement fund notes described in last week's
"Chronicle" were awarded to Bond & Goodwin of New
York City at 3% interest and $1.1 premium. Following
are the bids:
Bond & Goodwin, New York
Kissell, Kinnicut & Co., New York
Alliance Bank, Rochester
Wm. A. Read & Co., New York
Sutro Bros. & Co., New York
Goldman, Sachs & Co., N. Y. 13150,000
A 150.000
[VOL. Lxxxvii.
THE CHRONICLE
3% Interest and $11 premium
3.10% Interest
3.125% Interest
3.15% Interest
3.25% interest
3.25% interest
3.375% interest
Rome School District No. 1 (P.O. Rome), Oneida County,
N. Y.-Bonds Defeated.-At the election July 27 the voters
defeated the proposition to issue the $50,000 school-building
bonds mentioned in V. 87, p. 184.
Russell Township, Ont.-Debenture Sale.-An issue of
$1,500 5% debentures maturing part yearly for ten years,
was recently disposed of. G. A. Stimson & Co. of Toronto
were the successful bidders.
Russellville, Franklin County, Ala.---Bond Offering.Proposals will be received until Aug. 11 by W. H. Austin,
City Clerk, for $24,000 5% gold coupon water and light
bonds. Denomination $500. Interest payable at place
designated by purchaser. Maturity thirty years. Certified check for $500, payable to the City Clerk, is required.
Total debt, including this issue, $31,500. Assessed valuation for 1907,$400,000.
Saginaw, Mich.-Bond Offering.-William Seyffardt, City
Comptroller, is offering the following 4% tax-exempt bonds
at par and accrued interest:
Purpose.
Date.
Amount.
Denomination. Maturity •
sio,o0o Street-Improvement bonds_July 15 1908
31,000
1909-1918
do
10,000
do
20,000
do
5,000
do
20,000
do
5,000
do
20,000
15,000 Auditorium
do
do
do
do
do
do
bonds
July 1. 1908
July 15 1908
July 15 1908
Aug. 1 1908
Aug. 1 1908
Aug. 1 1908
Aug. 10 1908
500
1,000
500
1,000
500
1,000
1,000
1909-1918
1909-1918
1909-1918
1099-1918
1909-1018
1909-1918
1010-1024
Salem, Columbiana County, Ohio.-Bond Sale.-On
July 24 this city sold the $7,500 43% coupon refunding
bonds described in V. 87, p. 184. The New First National
Bank of Columbus was the successful bidder, paying 101.166.
Following are the bids:
New First Nat. Bk., Col__$7,587 50
Prov. S. B. & Tr. Co., Chi_ 7,573 88
R. Kleybolte & Co., Inc.,Cin 7,566 00
Well, Roth & Co., On
7,561 00
Seasongood & Mayer, Cln
7,551 50
Secur. S. B. & Tr. Co., Cl_a$7,545 00
Hayden, Miller & Co., Clev. 7,542 50
Otis & Hough, Cleveland_- 5,511 75
W.R. Todd & Co., Chi__ _ _ 7,507 50
a And accrued interest.
Maturity $500 on Aug. 1 1909 and $1,000 yearly on Aug. 1
from 1910 to 1916 inclusive.
Bonds to Be Offered Shortly.-This city will be on the
market in the near future with $15,000 improvement bonds.
Sandwich, Ont.-Debentures Not Sold.-No satisfactory
tenders were received on July 20 for $8,000 43'% sidewalk
debentures offered on that day. Date July 15 1908. Interest annual. Maturity part yearly for twenty years. Our
informant adds that another attempt will be made to dispose
of the issue in a "month or six weeks."
San Francisco, Cal.-Bond Offering.-Proposals will be
received until Sept. 8 by the Board of Supervisors, for the
following bonds, voted on May 11, see V. 86, p. 1361.
$1,000,000 of the $5,200,000 5% auxiliary -water -system -fire -protection
bonds. Maturity $25,000 yeary from
1916 to 1955 Inclusive.
800,000 of the $4,000,000 5% sewer-system bonds. Maturity $20,000
year from 1015 to 1954 inclusive.
1,200,000 of the $5,000,000 5% school-house and site-purchase bonds.
Maturity $48,000 yearly from 1914 to
1938 Inclusive.
280,000 of the $2,000,000 5% hospital bonds. Maturity $14,000 yearly
from 1913 to 1932 Inclusive.
Denomination $1,000. Bids to be made upon blank forms
furnished by the city.
San Luis Obispo County (P. 0. San Luis Obispo), Cal.Bonds Not Sold.-We are advised under date of July 20 that
no sale has yet been made of the $26,000 5% gold coupon
Permanent Road Division No. 11 bridge-construction bonds
advertised to be sold on July 7. A description of these
securities was given in V. 87, p. 55.
Santa Barbara, Cal.-Bonds Voted.-A proposition to
issue $200,000 432% 40-year water-works-extension bonds
carried by a vote of 895 to 101 at an election held July 22.
Date of offering not yet determined.
Scurry County Common School District No, 4, Texas.Bond Sale.-W.B. Porter has been awarded the $1,000 5%
coupon school bonds offered on July 1. See V. 86, p. 998.
The bonds brought par and accrued interest. Maturity
Aug. 13 1917.
Shattuck School District (P. 0. Shattuck), Ellis County,
Okla.-Bond Sale.-The Board of Education recently sold
to Will L. Bradley an issue of $16,500 6% 20-year schoolbuilding bonds at par. Denomination $500. Date May 5
1908. Interest semi-annual.
Shelley, Idaho.-Bonds Not Sold.-Up to July 25 the
Village Clerk was still endeavoring to dispose of the $6,500
6% 10-20-year (optional) gold coupon water-works bonds
mentioned by us in the "Chronicle" of June 20.
Springfield, Ohio.-Bond Ofiering.-Proposals will be received until 8 p. in. Aug. 11 by William H. Mahoney, Clerk
of Council, for the following coupon assessment bonds:
35,886 10 5% 1-5-year (serial) Limestone St. sewer-construction bonds.
Date May 14 1908.
2,578 80 5% 1-10-year (serial) Center St. Improvement bonds. Date
June 12 1908.
6,657 80 5% 1-10-year (serial) Pleasant St. Improvement bonds. Date
June 12 1908.
1,723 70 5% 1-10-year (serial) Fisher St. Improvement bonds. Date
June 12 1008.
2,423 50 5% 1-5-year (serial) Grand Ave. improvement bonds. Date
June 12 1908.
7.906 70 5% 1-5-year (serial) Kenton St. improvement bonds. Date
June 12 1908.
3,627 10 5% 1-5-year (serial) Burt St. Improvement bonds. Date June 12
1008.
1,080 70 5% 1-5-year (serial) Woodlawn Ave. Improvement bonds. Date
June 12 1908.
THE CHRONICLE
AUG. 1 1908.1
Interest semi-annually at the City Treasurer's office.
Certified check for 5% of the bonds bid for is required.
Bonds are exempt from taxation. Official circular states
that this city has never defaulted in the payment of principal
and interest on any of its bonds.
Springfield, Mass.—Temporary Loan.—Morgan & Bartlett
of New York City have loaned this city $150,000 at 2.95 discount.
Starke, Bradford County, Fla.—Bonds Voted.—There are
reports in local papers stating that this town on July 14
voted to issue electric-light and water-works-plant bonds
to the amount of $12 000.
Terre Haute, Vigo County, Ind.—Bond Sale.—According
to reports, the $45,000 park and the $25,000 crematory 4%
6-10-year (serial) coupon bonds described in V. 87, p. 242,
were awarded on July 30 to the United States Trust Co. of
Terre Haute at 101.115—a basis of about 3.987%.
Thurston County School District No. 44, Wash.—Bond
Sale.—We are advised that the State of Washington purchased on June 22 $7,000 1-10-year (optional) coupon schoolimprovement bonds at par for 5s. Interest semi-annually at
the County Treasurer's office in Olympia..
Toledo, Ohio.—Bond Offering.—Proposals will be received
until 7:30 p. m. Aug. 26 by Amos McDonnall, City Auditor,
for the $525,000 44% coupon Maumee River bridge-construction bonds authorized by the City Council (V. 87, p.
243) on June 15. Denomination $1,000. Date Aug.1 1908.
Interest semi-annually at the United States Mortgage &
Trust Co. in New York City. Maturity $175,000 on Aug. 1
in the years 1928, 1933 and 1938. Certified check on a national bank of Toledo for 5% of bonds, made payable to the
City Auditor, is required.
Topeka, Kan.—Description of Bonds.--We are informed
that the amount of paving bonds recently disposed of (V. 87,
p. 243) was $75,555 20.- These were taken by local investors
at par for 4 2s. Denomination $500. Date July 1 1908.
Interest semi-annual.
Trenton, N. J.—Bids.—The $200,000 43% 30-year coupon or registered city-hall bonds, awarded on July 24 to Blodget, Merritt & Co. of New York City (V. 87, p. 243), attracted the following list of bidders:
307
Blodget. Merritt & Co., N. Y.107.328
N. W. Halsey & Co., N. Y__ _107.079
Parkinson & Burr, Boston___106.442
A. B. Leach & Co., N. Y__ _106.430
J. D. Everitt & Co., N. Y__106.27
N. W. Harris do Co., N. Y_106.194
Moffat do White, New York....106.135
W. A. Read do Co., N. Y_ __ _105.72
Estabrook & Co., New York_105.589
H. W.Poor do Co., Boston__ _105.377
Kountze Bros., New York.._ 105.33
Mechanics' National Bank_ Ja104.75
ja105.25
Rhoades & Co., New York__ _105.189
H. K. Stokes, New York_ _ _105452
R. M. Grant & Co., N. Y.__ _105.151
105.102
J. S. Bache & Co., N Y
Josinla Taylor (for $300 bds.)105.00
a for 1100,000 bonds.
Troy, N. Y.—Certificate Sale.—On July 28 this city sold
$100,000 5% certificates of indebtedness at 100.101 to the
Manufacturers' National Bank of Troy. Maturity Oct. 19
1908.
•
Trumbull County Road District No. 2, Ohio.—Bids Rejected—Bond Offering.—This district rejected all bids received on July 11 for the $35,000 4 2% coupon road-improvement bonds, a description of which was given in V. 87, p. 56.
Securities are dated July 1 1908, and are free from all taxes.
Proposals are again asked for these bonds and will be received
this time until Aug. 15 by Geo. M. Moser (P. 0. Niles),
Secretary.
Twin Butts School District (P. 0. Bowman), N. D.—
Bonds Voted.—The question of issuing $11,000 4% 2-year
school-building bonds was favorably voted upon July 20.
The vote was 28 to 2. It is expected that the bonds will be
taken by the State of North Dakota.
Union Township
Rutherford), Bergen County, N. J.
—Bonds Voted.—An election held July 21 to vote upon a
proposition to issue $25,000 4
water-plant-extension
bonds resulted in a vote of 35 "for' to 8 "against." Maturity
Aug. 1 1938. Up to July 25 no date had been set for the
sale of these bonds.
Vancouver, B. C.—Debenture Election.—We are advised
that an election will be held to-day (Aug. 1) to vote upon
propositions to issue 4% debentures for the following purposes: $185,000 for schools; $400,000 for water; $27,500 for
a new jail; $18,000 for the fire department; and $133,500
for wharfs. Maturity Aug. 15 1948.
B. C.—Debenture Sale.—Reports state that
$30,500 5% debentures were recently purchased by the
Bank of Montreal at 95.
(P.0.
Vernon,
NEW LOANS.
NEW LOANS.
Proposals for $1,000,000 of Baltimore City Stock
$1,25,000
City of Oalveston, Texas
BALTIMORE, JULY 16, 1908.
PROPOSALS will be received at the Mayor's
Office, City Hall, Baltimore, Md., until 12 o'clock
noon, on MONDAY, August 17, 1008, for the
PURCHASE IN WHOLE OR IN PART OF
81,000,000 00 OF THE NEW SEWERAGE
LOAN, redeemable on the first day of October, in
the year 1980, and bearing interest at the rate of
three and one-half per centum per annum, payable semi-annually on the first day of April and
October In each and every year. The interest will
commence April 1, 1908.
This stock is issued in pursuance of an Act of the
General Assembly of Maryland passed at its January Session In the year 1904, Chapter 349, and by
virtue of Ordinance No. 227, of the Mayor and City
Council of Baltimore, approved March 20, 1905,
which provided for the "Issuance of the stock of the
Mayor and City Council of Baltimore for a sum not
exceeding $10,000,000 00 for the purpose of providing money for the projection, construction and
establishment of a New Sewerage System for the
City of Baltimore," which ordinance was ratified
by the legal voters of the City of Baltimore at the
municipal election held May 2, 1905.
Bidders are advised that under the ordinance
certificates of loan will be issued in such amounts as
the lender may require in the sums of one hundred
dollars and Its equal multiples thereof in registered
form only.
Proposals must be made upon the prescribed
form of blanks, which may be obtained upon application at the office of the City Register.
No bid will be considered unless accompanied by
a certified check upon a Clearing-House Bank,
drawn to the order of the Mayor and City Council
of Baltimore, or a certificate of deposit of a Clear-
Blodget, Merritt & Co.
ing-House Bank,or cash,for 2% of the amount of
the loan for which bid is made.
Checks, certificates of deposit or cash accompanying bids not accepted will be returned to the
bidders within 48 hours after the opening of the
bids. Deposits of successful bidders will be applied In partial payment of the amount of the loan
awarded them. Should there be more than one
proposal at the same price, a pro rata award may
be made.
Settlement In full for the loan awarded must be
made with the City Register on August 21, 1908,
on which day the certificates will be ready for
delivery.
The City does not tax any of Its issues of stock,
and takes the place of the holder of this Issue In
the payment of the annual State tax thereon, for
which the holder is legally liable.
All bids must be made at a "price and accrued
Interest," and no bid for "all or none" will be
received.
Proposals must be sealed and addressed to the
"President of the Board of Commissioners of
Finance, City Hall," and Marked "Proposals for
Baltimore City Stock."
The address of each bidder should accompany
the bid, and notification of acceptance of any bid
will be considered accomplished when mailed In
the Baltimore Post Office.
The Commissioners of Finance reserve to themselves the absolute right, in their discretion, to
reject any or all applications, and also to allot
smaller amounts than applied for.
JOHN M. LITTIG,
President Board of Commissioners
of Finance for Baltimore City.
ISAAC L. NEWMAN, Clerk.
BANKERS,
E. M. Farnsworth & Co.
60 State Street, Boston
INVESTMENT BONDS
36 NASSAU STREET, NEW YORK
BONDS.
Sealed bids will be received by the Board of
Commissioners of the City of Galveston at the
office of the City Secretary, Galveston, Tex., until
TWELVE (12 M.), AUGUST 3D, 1908, and
opened at the first regular or special meeting of
said board thereafter for the purchase of one
hundred thousand ($100,000) bonds of the City of
Galveston, or any part thereof, styled "Galveston
Grading, Filling and Drainage Bonds." Said
bonds bear interest at four and one-half per cent
(4% per cent) annually, payable semi-annually,
and run for a period of forty (40) years. The
city reserving the right to select by lot and redeem
with the sinking fund of the bonds, any of them,
within twenty (2(J) years after their issuance.
Also $25,000 of the bonds of said City of Galveston, or any part thereof, styled "Galveston Public
School Bonds," bearing five per cent (5 per cent)
interest, payable semi-annually, and redeemable
within twenty (20) years after their issuance.
Bide nould be made for each of said bond Issues
separately or for both of said issues. Bidders are
required to inclose In their bids a certified check
in the sum of one thousand dollars ($1,000 00).
payable to the order of the City Treasurer, to be
forfeited to the City of Galveston in the event
any bidder whose bid Is accepted shall fall to
comply therewith. No bid will be considered
unless accompanied by such check. No bidder
will be permitted to withdraw his bid after the
same has been submitted. The Board of Commissioners reserves the right to reject any and all
bids, or to accept the proposal deemed by them
to be for the best interest of the city.
H. A. LANDES,
Mayor-President.
MUNICIPAL AND RAILROAD
BONDS.
LIST ON APPLICATION.
SEASONGOOD
& MAYER,
STATE, CITY & RAILROAD BONDS
Mercantile Library Building,
CINCINNATI.
MacDonald, McCoy & Co., BLACkSTAFF & CO.
Established 1titi48.
MUNICIPAL AND CORPORATION
INVESTMENTS
H. C. Speer & Sons CO.
BONDS.
1332 Walnut Street
First Nat. Bank Building,Chicago
PHILADELPHIA
28! La Salle Street, Chicago
CITY COUNTY
AND TOWNSHIP BONDa,
Superior Abstracts of Title. LIST OF SPECIALTIES ON REQUEST
To large landholdings in any State or
Canada made from a page to page examination of all the records, without
abstract books or indexes. Moderate
cost. Quick service. Write for Booklet.
CLINTON L. CALDWELL,
Chemical Bldg.,
ST
24 MILK STREET)BOSTON
R. T. Wilson & Co.
Bankers & Commission Merchants
LOWS, MO 83 WALL STREET
•
. .
NEW YORK
OTTO JULIUS MERKEL
BROKER
44 AND 46 WALL ST.. NEW
YORK.
INVESTMENT SECURITIES.
Correspondence InvItM
THE CHRONICLE
308
Wahoo,Saunders County, Neb.-Bond Sale.-The $15,000
• 5% coupon electric-light bonds described in V. 86, p. 1609,
were sold on July 6 to the Saunders County National Bank
of Wahoo at par.
Weiser Independent School District No. 1 (P. 0. Weiser,)
Idaho.-Bond Offering.-Proposals will be received until
5 p. m. Aug. 3 by Phila B. Kyer, Clerk Board of School
Trustees, for the $10,000 5% school-building bonds voted
on June 25. Authority an Act of the Legislature passed in
Feb. 1899. Denomination $1,000. Date Sept. 1 1908.
Interest Jan. and July at the Treasurer's office in Weiser.
Maturity 1928, subject to call after 1918. Bonds are exempt
from taxation.
Wellston School District (P. 0. Wellston), Ohio.-Bond
Sale.-An issue of $4,000 43'% 5-8-year (serial) coupon
school-improvement bonds was disposed of on July 21 to the
Security Savings Bank & Trust Co. of Toledo at 104 and
interest-a basis of about 3.80%. The bids received were
as follows:
Secur.S.B.& Tr.Co.,Tol_ _$4.160 001Barto, Scott & Co., Colum$4,043 60
Hayden, Miller& Co., Clev. 4,067 001Hoehler & Cummings, Tol_ 4,042 50
Western German Bk., Cin_ 4,061 111 First. Nat.Bk., Wellston__ 4,040 00
Prov. S. B. & Tr. Co., Cin_ 4,057 601 Davies-Bertram Co., Cln__ 4,032 on
Seasongood & Mayer, Cin__ 4,057 2010tis & Hough, Cleveland.... 400
5
75
Denomination $500. Date Aug. 1 1908. Interest semiannually at the District Treasurer's office in Wellston.
Bonds are exempt from all taxes.
Wenatchee, Chelan County, Wash.-Bond Sale.-On
July 13 the $55,000 water-system-extension bonds offered
on that day (V. 86, p. 1550) were awarded to the State of
Washington at par for 43's. Bids at par for 5s (the rate of
interest the bonds were originally advertised at) were also
received from Morris Bros. of Portland, S. A. Kean of
Chicago and E. H. Rollins & Sons of Denver. Denomination $1,000. Date July 1 1908. Maturity July 1 1928, but
subject to call before that time.
West Elizabeth, Allegheny County, Pa.-Bond Sale.On July 20 the First National Bank of West Elizabeth was
awarded $8,000 432% serial refunding bonds. Denomination $500. Date July 20 1908. Interest semi-annual.
West Homestead, Pa.-Bond Offering.-Proposals will be
received until 7:30 p. m. Aug. 4 by Richard Wenzel, Chairman Finance Committee, for $1,500 fire-alarm-system and
Lxxxvii.
$23,500 funding 4M% coupon bonds. Denomination $1,000. Date July 1 1908. Interest is payable at the Homestead Savings Bank & Trust Co. of Homestead. Maturity
$1,000 yearly beginning July' 1 1910. Certified check for
5% of bid, payable to the Borough Treasurer and drawn on
a national bank, is required. Bonds are tax-exempt.
West York School District (P. 0. York), York County,
Pa.-Bonds Not Sold.-The Clerk of the Board of Education writes us that up to July 25 no award had yet been
made of $25,000 4% school-building bonds which he has been
offering for sale. Denomination $500. Date Aug. 1 1908.
Interest semi-annual. Maturity Aug. 1 1933, $15,000 being
subject to call after Aug. 1 1923.
Wilson Creek, Douglas County, Wash.-Bond Offering.Proposals will be received until 5 p. m. Aug. 10 by T. B.
Southard, Town Clerk,. for the $7,000 6% coupon waterworks bonds, offered without success on June 22 (V. 87, p.
58). Denomination 8500. Date' day of sale. Interest
Jan. and July at the Wilson Creek Bank in Wilson Creek.
Maturity twenty years. Bonds are exempt from taxation.
Certified check for 5% payable to the "Town of Wilson
Creek," is required. This town has no debt at present.
Assessed valuation for 1908 $160,000.
Woodstock, Ont.-Debentures Defeated.-On July 27
the question of issuing the $27,00041A% school debentures
maturing Dec. 31 1938 and mentioned in V. 87, p. 245,
was defeated. The vote was 265 "for" to 419 "against."
Yakima County School District No. 83, Wash.-Bond
Sale.-On July 25 the $3,000 coupon school-building bonds
described in V. 87, p. 186, were awarded to the State of
Washington at par for 5% 1-10-year (optional) bonds. A
bid of par for 6% 10-year bonds was received from Wm. D.
Perkins & Co. of Seattle. This firm also offered to furnish
blank bonds free of cost to the district.
Yakima County School District No. 84, Wash.-Bond
Sale.-On July 18 this district awarded the $1,500 coupon
school-building bonds described in V. 87, p. 122, to the State
of Washington at par for 5% 1-10-year (optional) bonds.
A bid of $1,502 50 plus the cost of furnishingblank bonds was
also received from Wm. D. Perkins & Co. of Seattle for
6% 10-year bonds.
NEW LOANS.
NEWLOANS.
NEW LOANS.
.0004,000
ovv,000
si.05,000
Borough of Aspinwall, City of Winnipeg, Canada Borough of East Rutherford, N. J.
POWER DEBENTURES.
Allegheny Co., Pa..
4'2% SEWER BONDS
4'2% TAX FREE BONDS.
Sealed proposals will be received by the undersigned until seven-thirty o'clock p. m. AUG% coupon
UST 22, 1908, for the $17,000
bonds of The Borough of Aspinwall, Allegheny
County, Pa., dated July 1st, 1908, and maturing
$1,000 July 1st, 1918, and $1,000 each year
thereafter until all the bonds are paid. Bonds
will be TAX FREE in Pennsylvania and in the
denomination of $1,000, with semi-annual interest coupons and privilege of registration as to
principal. Both principal and interest payable
to the Fidelity Title & Trust Company, Fourth
Avenue, Pittsburgh, Pa.
Each bid must be accompanied by a certified
check on a national bank or a trust company for
5% of the amount of bonds bid for, payable to
the order of the Treasurer of the Borough of
Aspinwall.
The right is reserved to reject any or all bids.
FINANCIAL STATEMENT.
$2,657,P40
Assessed valuation
Bonded debtSeries of 1897 (by authority of elec$19,000 00
tors) --Series of 1899 (by authority of elec30,000 00
tors)
49,000 00
Debt
$8,358 30
Cash in sinking funds
Liens against property _ _ _ _ 2,567 70
10,926 00
Sealed Proposals, addressed to the Board of
Control and marked "Tender for Debentures,"
will be received at the office of the City Comptroller, City Hall, Winnipeg, Manitoba, up to
NOON ON FRIDAY, THE 14TH OF AUGUST
next, for the purchase of $600,000 City of Winnipeg Power Debentures, same being first debentures issued under the provisions of By-Law No.
4138, passed 9th July, 1906, a by-law of the City
of Winnipeg to create a debt of $3,250,000, and
for the issue to that amount of Power Debentures
of the City.
Debentures will be dated 15th August, 1906
(the date on which By-Law No. 4138 taxes effect),
and mature 15th August, 1946. Denomination
of Debentures, $1,000 each. Interest at the rate
of Four Per Cent per annum, payable half-yearly
in London, England; New York, Montreal,
Toronto or Winnipeg. Principal payable in gold
or its equivalent.
Tenders may be for whole or part. No tender
necessarily accepted. Purchaser to pay accrued
interest on current coupons from 15th August
1908, and take delivery and make payment In
Winnipeg.
Further Information will be furnished on application.
W. H. EVANSON,
City Comptroller.
CITY AUDITOR'S OFFICE,
Richmond, Va., July 22d, 1908.
Notice to Investors
$38,074 00
Net debt
For any further information, address
Is hereby given that under the authority of the
W. R. SMITH,
Committee on Finance I am prepared to sell
Borough Clerk,
Registered Four Per Cent Bonds of the City of
Aspinwall, Pa.
Richmond, Virginia, maturing January 1, 1941,
in multiples of One Hundred Dollars, over the
counter of the City Auditor, at par and accrued
interest.
EDWARD J. WARREN.
City Auditor.
• Albert Kleybolte & Co.)
409 Walnut Street,
CINCINNATI, 0.
Municipal,
County, State,
and High•Clrade Pablic Service
Securities
Correspondence Solicited.
FAHNNSTOCK, Memb. N.Y. Stook Ex.
T. J. MIIItTORD,
R. B. DonSON.
Fahnestock 8c Co.,
BROKERS AND DEALERs IN
INVESTMENT
SECURITIES.
2 WALL.STREET.
Sealed bids will be received by the undersigned
until eight o'clock p. m. August 5, 1908, at his
office in East Rutherford, N. J., for the purchase
of all or any part of $105,000
% coupon
Sewer Bonds of said borough, with interest
payable semi-annually February and August 15th.
Both principal and interest payable at the
Columbia Trust Company in New York City.
The bonds will bear date of August 15, 1908,
will mature August 15, 1938, and will be delivered
to the purchaser August 15, 1908, at 11 o'clock
a. m., at the Columbia Trust Company in the City
of New York.
The bonds will be prepared under the supervision of and certified to as to genuineness by the
COLUMBIA TRUST COMPANY of New York
City.
A certified check for 2% of the face value of
bonds bid for, payable to the Borough of East
Rutherford, N. J., must accompany each bid.
The right is reserved to reject any or all bids.
Proposal blanks on application.
CHARLES B. JOHNSON,
Borough Clerk.
East Rutherford, N. J., July 25, 1008,
HUNT, SALTONSTALL & CO
•,
Misabors of Now York Stock Exchange
Investment Securities
GO STATE STREET
BOSTON
Cuban Securities
A SPECIALTY
Perry, Coffin & Burr,
FRANCKE, THOMPSON & ROBB
Member, N. Y. Stock Exchange
INVESTMENT BONDS.
43 Exchange Place
Telephone 64.44 Hanover
60 State Street,
BOSTON.
PRIMROSE & BRAUN
BRANCH OFFICE
iirlotol Butiglon, 5th Ave. and 4,4d Pit
Totephono 108 Bryant
WEBB & CO.,
New York City Bank, Trust and Fire
Insurance Stocks
INVESTMENT SECURITIES.
43 EXCHANGE PLACE . NEW YORK
74 BROADWAY. NEW YORK
@FedFRASER