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A U G . 3 1 9 0 7 . N O . 2 1 9 7 . Published every Saturday by W ILLIA M B. DANA COM PANY, Pine St,, comer Pearl St.. N . Y . City. WlUlam B . Dana, Prest.; Jacob Seibert Jr.. Vlce-Prest. and Sec.; Arnold G . Dana, Treas. Addresses of al!, Office of the Company. CLEARINGS— FOR J U L Y , SINCE J A N U A R Y 1 AND FOR W E E K ENDING J U L Y 27 July. Clearings aial— 1907. $ 7,311,762,405 636,287,217 243,583,142 129,538,004 39,532,242 2H,891,90< 29,677,04S 16,494,934 10,661,864 10,837,014 6,624,986 6,202,SIC 5,40-1,157 4,405,311 2,688,895 2,454,866 3,405,522 2,548,00C 1,210,000 843,915 4,796,158 3.858,940 8,491,051,335 713.663,352 33,907,600 18,232,987 12,973,581 9,551,088 8,868,602 7.513,254 4,700,248 3,174,154 2,329,665 2,442,57* 817,356,609 1,086,805,176 126,819,600 88.453,378 63,024,223 47,304,699 36,597,955 25,953,100 17.424,163 10,860,174 10,362,220 9,650,723 9,537,062 4,771,962 3,282,578 3,711,126 3,948.732 2,949,957 2,751,597 3,262,655 2,324,297 2,602,819 1,629,642 1,978,058 1,852,781 1,002,768 1,777,569 1,558,250 1,645,736 642,651 144.398 1,574,485,651 182,833.806 50,368,77.7 45,492,409 32.054,828 31,143,031 21,861,840 27,187,769 5,008,255 2,018,071 2,171,442 10,880,058 2,096,102 400,140,228 130,825,732 96,838.394 44,139,792 41,374,169 35,352.504 23,529,975 1I,SOO,OCO 9,234,067 0,688,930 1906. Week ending July 27. 27. Seven Months. Inc. or D ec. 1907. 1906. Inc. or D ec. 1907. 1906. Inc. or D ec. 1905. 1904. S S S • $ S S % . 5 % % 7,256,626,103 + 0.S 55,214,776,39.'; 60,348,870,007 — 8.5 1,497,352.012 1,588,067,73.3 — 5.7 1,402.125.715; 1.059.864.530 — 2.4 + 3.4 615,512,53-: 4,370,654,838 4,490,530,202 — 2.7 138,300,688 121,011,925 91.880.382 134,912.715 2I8,143,69( + 11.7 + 6.4 1,666,S97,2H + 9.7 1,566,81 9 ,76C 1,566,819.760 50,7S8,567 51,790,305 48,114.539 39,900,627 1 IS,566,81.: + 9.5 + 4.2 840,371,470 876,062,199 840,371,476 + 9.1 26,735,388 24,511.407 20.509.S96 18.300,760 34,791,735 + 1 3 .t 225,008,212 + 14-5 8,025,872 6,949,306 + 15.5 6,228,805 257,717,653 5.697,532 24,412.54C + 10.2 4,860,541 + 6.6 + 3.2 187,054,316 175,500.226 175,500,226 5,27.3,755 5,108,104 3,686,495 22,337,171 + 32.S 5,228,527 4,195,356 222,544,8Sfi 158,706,736 + 40.2 4,965,418 +s.a 3,052,0.71 1(i, 104,62( + 2.4 112,616,266 — 4.6 117,997,569 117.997.56S - 3,010,232 2,575,585 + 16.!. 3,807,896 2.243,473 1.597,494 9,360,678 + 13.8 + 11.5 07,652,890 60,700,902 2,090,132 1,887,931 + 10.8 1,688,746 7,860,532 + 37.S 62,789,496 50,269,895 + 2 4 .7 2,175,523 1,153,798 1,310,887 + 66.0 958,007 5,596,614 + 18.-1 1,394,010 42,160,316 39,175,Ol.i + 7.0 1,186,918 992,437 1,283,400 + 8.6 39,175,013 5,81-5,19-1 + 6.7 1,196,464 1.085,492 43,101,827 38,911,808 + 10.8 1,125,483 1,16'5,855 + 2 .6 4,739,39* + 14.0 36,566,765 31,822,462 + 14.9 1,142,243 1,036,670 845,692 1,079,890 30,583,324 4,260,475 32,146,541 + 5.1 861,928 + 0.S 643,126 57.3,558 854,165 15,878,135 497,590 — 7.2 327,564 2.375,061 + 13.2 15,871,535 536,115 15,878.135 — 0.04 376,530 2,287,862 + 7.3 507,464 + 2 6 .3 17,582,318 15,586,336 + 12.8 640,974 408,731 375,000 2,7S7,146 + 22.2 1S,554,427 + 15.4 21,407,412 + 3 4 .4 IS,554,427 689,396 51-3,117 426,915 437,263 2.148.20C + 18.6 15.932,600 16,762,100 15,932,600 + 5.2 509,400 480,600 + 6 .0 889,300 386,100 — 2.0 1,251,663 — 4.1 8,594,328 — 3.3 8,424,458 270,897 282,489 191,995 194,945 812,945 + 3.8 6,079,934 + 4.5 5,820,118 3,834.265 + 25.7 32,832,340 919,012 11,670,786 705*965 + 30*2 Not Included la total included in total. 3,858.940 Not. Included 8,355.690,978 + 1.6 63,278,869,373 68,255,633,536 — 7.3 1,749.714.639 1,832,876.425 — 4.5 1,619,011,636 1,232,490,734 + 9.1 654,058,131 + 5.3 4,837,601,140 14^.688,980 5.094,932,211 14a.688.980 + 3.9 149,331,488 131.438,363 111,951,380 30,722,80c + 10.4 + 2.6 236,260,100 230,291,400 6.878.200 6,148,800 + 11.9 7,028,900 5,153.200 18,047,968 + 1.0 + 6.8 3,557,284 114,936,544 107,602,61*0 — 4.9 3,384,856 2,079,829 3,018.353 11,501,077 + 12.8 73,512,356 72,572,131 2,169,163 2,305,821 ‘ — 5.9 2,216,032 1,748,896 8,414,458 + 13.5 55,585,486 + 15.9 1,430,074 64,417,572 1,850,000 1,239,662 1,660,428 + 11.4 + 4.0 7,87,8,893 + 12.6 55,814,300 + 3 .3 1,064,048 1,599,360 1,346,686 3,384,838 57,661,008 46,968,606 6,379,663 + 17.7 1,547,490 1,230,022 1,322,185 + 17.0 50,399,784 + 7.3 1,055,889 3,514,691 + 3 3 .7 27,972.108 + 17.9 975,651 32,991,967 756,773 + 28-‘J 477.270 586,172 2.732,170 + 12.5 22,605,462 19,220,211 + 17.6 611,786 577,802 + 5.9 449.553 320,051 2,351,782 — 1.0 14,329,879 + 7.5 425,992 451,449 — 5.6 391.446 15,407,018 438,191 2.081,054 + 17.3 1-4,596,294 440,240 + 7.7 408.091 425,861 15.719,974 425,909 + 0 .0 747.6S2.694 + 9.3 5,482,554,165 + 5 .5 5,783.843,996 169,264,583 162,494,743 . + 4.2 126,421,199 149.466.939 149,466,939 902,474,563: + 2 0 .3 6,335,543,169 + 15.2 7,298,653,803 227,910,679 203,912,727 + 11.8 175.S00.235 144.393,412 . 175,800,235 112,370,100 + 12.9 770,630,6501 + 9 .2 22,(508,100 22,608,100 + 15.0 841,790,200 26,002,050 24,122,450 21,234,650 74,571,426 + 18.6 532,454,545 474,311,046 + 12.3 17,172,394 15,921.970 + 7.9 15,921,970 13,623,080 12,268,920 53,883,997 + 20.3 378,613,146 + 9.1 10.S95.737 + 18*1 413,024,233 12,865,905 10,895.737 9,601,968 11,155,718 39,316,.560 + 1 9 .5 8,038,530 277,316,208 + 17.0 10,014,335 324,497,687 8,038,536 + 24.6 5,406,143 7,632,516 7.632,516 205,850,614 + 18.6 6,757,732 32,002,138 + 14.3 6,757.732 244,159,006 7,240,711 + 7.1 6,195,845 5,789,007 22,238,900 + 16.7 158.547,900 + 7.1 5,186.500 4,820,400 169,802,500 + 7.6 3,790,600 4,292.500 4,292,500 16,941,584 + 2 .8 126,650,216 + 4.2 3,650,832 4,154,992 — 12.1 121,598,970 3,243,517 4,086,756 + 9.4 9,929,024 — 2.9 87,579.382 2,197,604 + 1.4 2,167.867 85,031,118 2,003,640 2.394,300 + 8.0 67,432,474 + 8.3 — 1.8 9,590,588 2,068,746 1,720,782 73,048,489 2,031,250 2,214,690 8,283,204 + 16.5 1,855,104 58,161,487 + 10.3 1,660.995 64,160,916 1,660,995 + 1.1.7 1,481,932 2,485,203 7,160,801 + 33.2 50,519,937 + 22.9 1,839,756 1,440,872 + 27.7 62,082,863 1,230,793 1,181,143 3,900,424 + 22.3 27.072,646 + 15.4 — 4.1 948,186 988,290 31,235,091 647,446 611,556 744 7 4 4 P7‘> r-7‘> — 6.4 3,508,927 771,844 771.844 — 12.8 25,248,343 24,724,407 + 2.1 672,988 523,445 3,302,778 + 12.4 + 7.4 788,142 24,529,876 22,839,288 + 15-7 tjo 'jw 641,009 670,319 esu jias 20.141,140 + 15.4 .2,818,870 + 40.1 23,237,988 739,345 639,845 639.845 + 1 5 .6 472,141 441,161 17,301,444 + 16.0 2,489,548 + 18.5 607,917 20,072,397 — 2.0 620,101 512.952 477,494 512,952 + 0 .7 20,444,762 — 1.6 2,733,036 20,112,604 564,215 572,804 — 1.5 669,711 442,149 2,652,299 + 23.0 21,357,044 16,660,331 + 28.2 650,000 527,936 + 23.1 445.000 445,000 534,690 2,035,782 + 14.2 17,155,202 14,488,526 + 18.4 408,861 388,992 + 5 .1 355,274 513,000 1,973,387 + 31.9 12,715,914 + 19.2 493,100 15,157,948 371,686 + 3 2 .7 365,428 + 9.3 1,490,026 11,144,789 10,339,149 + 7.8 346.319 + 2.3 281.220 338,658 281,220 174,043 1,695,830 + 16.7 331,124 322,004 13,126,627 11,733,425 + 11.9 + 2 .8 284,585 399,489 1,483,541 + 24.9 + 6.9 14,914,107 300.000 13,951,113 343.954 343,954 244,308 + 22.8I 271,914 1,165.344 — 14.0 185,389 7,783,020 8,008,016 — 2.8 236,647 251,127 — 26.2 177.871 322,622 + 9.4 1,469,365 + 2 1 .0 11,739,494 + 19.1 13,987,619 294,930 297,885 209,332 1,466,674 297,136 + 6.3 — 8.4 11,597,944 + 18,3 324,500 295,000 295.000 260,000 1,142.700 + 44.0 9,966,626 + 35.6 342,730 223,683 + 53.2 175,000 175.000 m m 156,622 537,328 + 19.6 100,298 91,941 4,272,970 87,458 + 14.7 3,828,338 + 11.6 78,562 Not Included 1 n total _______ _______ _____ 887,796 Not Included in total 1,324,628.744 + 18.9 10,520,165.772 9,239,169,065 + 13.9 326,^65,492 292,097.849 + 11.6 257.548,112 221,942,098 163,268,204 + 12.0 — 0.2 1,337,635,609 38,001,349 38,073,172 995,798,793 + 34.3 33,500,571 27,543,363 44,622,763 + 12.9 375,985,969 330,868.801 + 13.6 9,838,452 9,572,267 + 2 7 .8 8,737,319 5,195,675 37,269,644 + 22.1 + 7.0 8,107,248 + 22.0 285,540,522 266,806,659 9.888,.583 6,932,228 3.582.785 22,664,637 + 41.0 145,139,707 + 47.1 6,324,461 4,527,812 + 39.7 213,888 208 2,433,483 3.454,153 20,304,493 + 53.4 182,163,514 1-18,237.982 + 14.0 5.816,896 3,763,432 + 54 3,622,895 2,257,667 15,741,512 + 39.1 141,606,656 3,658,083 + 32.1 i y , 496,205 + 27.0 4,833,255 1.756.966 3,083,971 16,572.951 + 6 4 .1 6,100,066 168,436,433 3,347,766 + 82.4 2.000.000 118,710.581 + 41.9 2,724,297 3.524,667 + 42.1 26,752,678 22,578,828 '+ 1 8 .5 946.719 885,671 + 6 .9 651,373 683.167 1,859,884 + 8.6 15,451,446 + 9.6 359,384 14,093,602 339,981 + 5.7 376,785 504,876 1,405,137 + 54.2 10,260,544 + 30.9 13,427,416 237,314 400,000 288,717 + 38.6 227.550 15.826,708 — 31.3 3,386,854 — 36.5 46,049,186 96,317,013 2,151,558 1,599,950 + 3-1.1 14,367.944 3,027,367 ______ 399,214 300,499 + 32.8 46,835.411 327,209,892 + 22.3 76,251,502 + 11.6 2,173.991,702 + 27.0 85.059,937 2,761,138,451 63,471,027 18,610,247 106,110,237 + 2 3 .3 922,544,800 725,603,422 + 27.2 29,076,319 27,691,054 + 5.0 22,730,771 74,557,865 +-29.9 515,406,922 + 20.9 623,303,967 17,913,079 14.857.526 + 20.6 13.236.755 14,857.526 15,143.0.60 39,636,501 + 11.4 326,824,265 287,944,038 + 13.5 9,700,000 5,792,871 8,786,278 + 1 0 .4 9,398.605 34,554,322 + 19.7 264,798,994 222,651,966 + 18.9 9,-501,748 + 16.6 5,651,011 0 ,2 8 6 ,9 1 5 8,150.752 8,150,752 26,786,462 + 3 4 .3 7,780,249 6,134,414 + 26.8 232,527,878 191,617,172 + 21.4 5,538,182 3,930,503 19,229,590 + 22.4 177,045.129 154.306,068 + 14.7 5,208,300 4,313,489 4,559,990 3,124.120 10,350,116 + 14.0 82,016,664 + 11.1 91.111,997 2,377.098 1.936.683 2,111,863 + 12.6 1,844,513 2.111.863 1,493.883 7,411,868 + 2,4.6 55,529,171 + 21.2 67,289,778 1,891,887 1,539,579 + 22.9 842,512 5,106,544 + 11.4 40,753,464 1,235,664 + 9.7 33,313,395 + 22.3 1,126,190 1 ,0 4 7 ,1 8 8 991.711 3,611.458 + 26.4 26,278,148 + 12.6 967,021 812,410 + 19.1 29,580,878 397,880 812,411) 960,957 4,130,363 — 7.8 34,179,489 — 2.5 -71,939,656 + 7.0 729,700 748,217 578,207 573,448 + 4.5 — 8.7 3,409,433 20,744,701 21,461,476 — 3.3 538,807 515,611 445.228 429.503 2,092,845 + 3 1 .2 17.306.2J8 + 18.8 385,266 + 35.0 2 0 i5 9 ,8 5 8 520,265 513.848 332,413 2,029,880 + 13.1 17,205,172 14,096,383 + 22.1 600,955 413,711 + 45.3 308,404 1,090,059 — 3.7 242.862 + 11.7 242,862 8,270,725 + 14.6 271,29'5 9,477,828 256,586 134,354 + S.7 __ + 3.0 917,475 4.434.270 917.475 39.225,648 12,515,288 ______ 997,348 3 .0 340,098,543 + 22.6 79,053,188 2,877.948,198 2,387,741,693 + 2 0 .5 79,1)53,188 + 113-.0 89.309,735 89.309.735 70,388,929 56,454,916 230,323,761 + 16.5 +7.0 + 7.0 51,415,426 1,864,929,303 1,712,711,397 + 8.1 55.000,000 52,541,408 41,651,722 10.3 + 4.0 65,694,926 555,661,104 14,775.460 — 19.3 561,628,688 + 1.1 13.253,813 13,253,813 16,000,650 10.022.900 10,603,760 + 10.2 50,899,228 + 15.9 386,770,040 + 4.0 402.1S2.081 11,682,003 10,-239,834 t f.3 3 6 ,1 5 8 31,896,595 + 33.8 8,22-5,582 + 34.8 8,225,582 325,890,693 247,196.636 + 31.9 5,369 571 11,085,293 4.60J.787 25,588,825 + 12.7 6,963,000 6.963.000 — 10.3 188,436,553 6,242/,72 176.665,885 + 6.7 6,242,1.72 4,200,316 4,433,292 20,359,000 + 17.1 4,735,500 + 5.6 166,513,000 + 21.2 201,719.000 3,698,000 5,000,000 5,690,500 148,560,469 + 4.6 3,447,564 3,295,121 16,381,681 + 11.4 129,822,662 + 14.4 2,129,089 2,312,076 118,925,430 14,429,468 + 23.4 3.114,725 + 23.8 128,278,176 — 7.2 3,854,165 3.854.165 2,327,090 2,400,954 2.777.877 — 14.2 2.777,877 15,136,837 ..1 8 .0 110,288,620 118,556,307 — 7.0 2.384.110 2,384.110 2,549.298 3 ,5 1 5 ,4 8 1 14,824,966 + 25.6 141,739,947 2,670,678 2,670,67.8 + 28 1 142,958,934 2.581.117 3,42-1,532 3,42.1,532 3,395,875 10,935,126 + 3 2 .8 110,444,675 80,707,182 + 36.8 2,124,370 + 40.7 2.124,370 2,98^,356 1,195,826 1,828,608 2,288,321 9,53#,930 + 16.2 07,166,200: + 21.4 2,044,012 + 11.9 81,518,640 1,444,863 1,608,395 7,290,024 + 3 4 .9 2,013,171 1,523,001 998,190 1.523.001 + 32.2 68,378,978 56,533,915 + 21.0 1,700,000 5,637,903 + 24.0 48,158.664 1,566,166 1,098,106 1.566.166 42,S9<i,771 + 12.3 1,316,1-69 + 19.0 1,316,169 1,27(1.607 5 ,3 2 5 ,2 5 9 + 6.7 45,645,463 1,1+2,145 1,142.145 + 1.0 1,240.802 1,240,802 45,lK2,2f>9 — 8.0 805,244 1,344,378 — 4.2 0,988.830 1,436,068 51,148,109 1,488,068 45,192.370 + 13.2 1,336,267 + 11.2 984,384 5,690,725 + 2 3 .0 1,376,809 47,146,491 691,217 39,947,482 + 1 8 .0 0 .6 1.244,480 + 110.6 1.009.114 1,244,480 637.539 1,367,572 1,367.572 5,436,150 + 10.4 42,469,846 38,388,327 + 10.6 1,153,757 + 18.5 760.775 1,186,030 1,186,036 563.711 . 41,636,790 35, Un ,C29 + 18.6 4,669,227 + 21.0 1 , 1 0 7 ,8 9 1 1,107,891 + 7.1 + 7 .1 256,678 5,035,859 + 4.6 736.191 40,182,865 1,040,000 + 1.7 902,946 39,494,571 977,377 + 06.5 .5 2,091,440 — 16.7 13,420,510 15,609,255 — 14.0 246.287 1,729,275 + 15.4 15.337,644 205,607 11,362,431 + 35.0 444.465 444,465 341,385 + 30.2 19,748,754 269,245 1,935,061 + 15.9 339,870 401,376 16,206,348 + 21.4 + 6.6 376,656 + 5.4 1.230; 906 10,322,922 + 9.0 9,467,360 4,000.000 + 10.0 40,920,079 34,003,372 + 20.3 New Y ork ___________ _______ _ Philadelphia.............. Philadelphia......... ...... Pittsburgh___________ BBaaltim ltimore___ ore_____ . . Buffalo____ B u ffa lo ........................ W a sh in g ton ________ Washington A lban y______________ y___________ R ooch ch ester___________ ester__________ ............ S cra n ton ____________ Syracuse . . ................ S yra cu se....... ............ .. W ilm ington________ ington____ Reading____________ Reading_____________ Wilkes-Barre________ Wilkes-Barre_______ VV.. Va____ Va Wheeling, W C Chester h ester _____________ - ____ Greensburg . ______ G reensburg__________ E r i e ....... ________ ....................... B ingh am ton________ Franklin F ra n k lin ___________ _____ Frederick______ _ __ Frederick________ H arrisburg*______ ........... Y ork o r k ............................. Total Middle......... Middle............ B Boston o s t o n _____________ ____ Providence P rov id en ce ._____ . . . I H aarrtford H tfo r d ___ __________' New Haven_____ Haven__________ Springfield_____ Springfield___________ Portland . . . P o r tla n d ____________ W orcester_____ orcester____ Fall River.................. River.................. New Bedford______ Bedford. . H olyoke____________ L o w e ll__________ ll______________ Total New .England Chicago __________ __ C h ica go_____ Cincinnati_____ C incinnati . ____ C lev ela n d _____ D e t r o i t . ___ _____ Detroit______ Milwaukee_______ I ." Milwaukee___ Indianapolis Indianapolis_____ . C olu m b bu u s__________I s.................... ____ T o le d o ___________ ____ P e o r ia ________ --III Grand Rapids_______ Rapids a y t o n __________ D ayton . E v a n s v ille ______ ___ Kalamazoo .__ . Springfield, 111............ 111____ II a y n e _______ Fort W ayne . Y ou n gstow n ______ __ "iou Rockford .............. ______ L Lexington exin gton .............. _____ A kron______ kron____________ Canton_____ Canfon______ South Bend................ B e n d .. I Mansfield _ M ansfield.. Springfield. Ohio . I. I. I Bloomington Bloom ington. . Jacksonville, III____ III.. Q uincy____ uincy___________ __ D ecatu r.................. " Jackson . Ja ck son _____________ Ann A rbor___ r b o r ........... I I " A Adrian d ria n _____________ __ __ " Total Middle W est. San Francisco___ Francisco______. Los Angeles_________ A n geles.. Seattle______ Seattle. . Portland _ . . P o r tla n d ................ ” ” Saljt Lake City___ City____ __ T a co m a __________ _____ Spokane...................... Spokane......... ........ Helena _______ _ Fargo F a r g o ....... ________ ................... Sioux F Kaalis____ lls ____ O akland*________ akland*. _ San Jose*............Jose*______ . I l l Total Pacific............ Kansas City_________ KansasClty__________ Minneapolis. Minneapolis__________ O Om m aha.................... aha________ __ St. Paul.................... Paul_____ .. D enver_____________ e n v e r ______ St. Joseph____ J osep h .__________ Defi De£ M oin es_________ es__ Sioux City_____ City................ .. W leM ich ita ta...................... _____ Topeka __________ ______ 4 ,5 6 8 .4 2 9 avenport_____ . D avenport___________ 3,807,847 Colorado S Springs prin gs____ . 3,114,393 2.746,813 Cedar R a p id s _______ P u eebblo l o_______ . . ................ 2,294,049 F r e m o n t____________ t ................ 1,050,000 L in c o ln * ____________ ___ 4,569,106 416,962.094 Total Other W e s t .. St. Louis....... L o u is ................ ............... 268,384,450 New Njew Orleans________ Orleans__ 68,337,236 59,002,065 L o u is v ille ___________ ___ H o u s t o n ____________ ________ 42,670,117 ____ .......... R ich m on d ......... 28,840,232 G a lveston lv eston ......... ______.......... 23,884,000 Atlanta _______ A t la n t a ______ __________ . 18,251, (.24 17,809,050 N a s h v ille ___________ _____ .................... Savannah ................ 12,397,118 M em phis____________ 18,626,596 F Fort ort W orth__________ orth______ __ 14,518,890 N o rrfo fo lk ____________ _____________ U , 08'4,930 9,841,160 B Birm irm ingham ________ 6,988,598 K n o x v ille ___________ __________ 5,682,798 Augusta_____________ A ugusta_____________ M ob ile______________ 6,694,901 J a ck son v ille ________ 7 ,0 0 1 ,6 1 8 6,000,000 Chattanooga________ Little R ock __________ 5.650,947 Charleston___________ 5,268,450 W ilmington, 5J.C____ N .C . . 1,742,855 B Beaum eaum ont..... ont............. ............ .. L 996,623 M a c o n ______________ 2,243,362 1,300,900 Columbus, G Ga_____ a_______ __ W a c o ______________ ________________ 4,400,000 Colum bia____________ bia________ V a ld o s ta ____________ N ot Included in total Total Southern____ 648,677,620 563,059,391 + 15.2 Total Totalad__________ an___________ :12,348.533,537 11,658,370,242 + 5.9 Outside New Y o r k -' 5,031,811,132' 4,401,844,139 + 14.4 __ Nat included in total 4,740.851,214 4,342,452.704 + 9.2 118,6)1,093 92,178.898 + 7 .5 132.071,037 132.671,637 123,363,296 89.962.817.004 91,881,542,865 — 0.6 2,278,338.236 1.775.528.254 — 2.1 2,552,086,323 2,566.717,003 2,552,086.323 2,586,717.003 34.748,040,611 31,532,672.858 + 10.2 1.054.734,011 1.054,734,011' 978,069.268 978,069,268 + 7.8 876.212,521 71-5,263,724 ♦Not included In totals for month ana seten months; comparison Incomplete. Table Clearings by Telegraph and Canadian Clearings on Page 260. 246 THE CHRONICLE. THE FINANCIAL SITUATION. The dependable as distinguished from the nominal stock of gold in the world of nations is always an in teresting inquiry. Of all large holders, no single item of the estimated stock has been subject to more critical question than the running count in the United States. That total is conspicuous for its large gross size, pub lished every month in Government statistics; but it is further conspicuous because so very little of the gross, aside from the amount in the New York Gity ClearingHouse banks, is actually subject to the direct and immediate demands of commerce. On many occasions only a very few millions of bullion or coin are needed to be dislodged and put on their way to London or Paris to set our money market whirling upward. What must be the real environment, with such a stock of gold assumed to be in storage, when business reserve can be so terribly timorous and shaky on losing a few millions? Still, that fact is true. We have seen it illustrated time and again. It has been clearly in evidence during recent weeks. This feeling of suspicion as to the correctness of the United States figures representing its old stock of gold has led to a new investigation of the question,the re sults of which have been published this week. This work of a lengthy and laborious re-investigation has been done by Mr. George E. Roberts, Director of the Mint. It is well known that several factors that enter into the compilation of annual increase and decrease of the holdings of that metal are liable to inaccuracies. For illustration, we would mention the shortage in the customary deduction for industrial consumption; that item is chiefly made up from actual returns received by the Mint Bureau from manufacturers, which returns the Director has found reason to believe have averaged in some small measure below the actual, chiefly in earlier years, making a total omission of about $25,000,000. There are also sev eral other possible sources of error which have been put to a rigorous re-examination; among these are the customs houses returns of coin imports and exports; also the record of the movement of coin into and out of the country in the possession of travelers, &c. Altogether, every item has been analyzed and recast from June 30 1873 to June 1 1907. The review was started at June 30 1873 because at that date Mr. Linderman was Mint Director and made a compilation which was accepted as a fair basis for a recount. Di rector Linderman June 30 1873 reached a total of gold in the United States of only $135,000,000. The cur rency of the country was at that time on a paper stand ard, the stock of gold was near a minimum, and for these and other reasons the conditions were favorable to a correct summary. It needs to be said, however, that even Mr. Linderman’s total required revision, it having included an error in estimating various “ coin items” as wholly gold which were, in fact, other metals. Eliminating these, the stock in the Treasury was found to be only 171,188,548. For that and other reasons the total gold holdings at the date mentioned (June 30 1873), instead of being$135,000,000, should be stated at $105,006,634. Summarizing the errors discovered, Mr. Roberts makes the total deductions $135,000,000. Bringing the calculation down to June 1 1907, the total stock [V o l . lxxxv . of gold coin and bullion in the United States is found to reach $1,484,845,280, of which $1,109,458,330 is held by the Treasury and national banks. The question recurs, why, with so large a stock of gold in the United States—for this recount seems to establish that it is large—should uneasiness be so easily aroused at losing a few millions? Of course, trade conditions maybe so adverse as to become top-heavy. We have been buying largely, until a situation has been reached in which we owe more than we have “ things” with which to liquidate at once our indebtedness. The balance of trade is for the time being against us; but as we look at the trade situation, it does not seem to be at all a case of extremity. We are in the state of a man who has plenty of assets, but who wants time. Unfortunately, though, our chief assets are tainted so that Europe, who is the money lender and our lead ing creditor, is cautious about taking them, charges high interest to cover the risk, and is not eager to get them at any price. We cannot dispute the charge that the securities are tainted, because day by day, in the face of the whole world, the owners are being denied the right, through the courts, even to defend their property against confiscation. The chief ruler of the nation, and the majority of the Governors of States, taking their cue from the President, have vir tually combined to shut out the owners of these prop erties from the protection of the courts. This is only the latest act in a long, bitter war against railroads and capital interests, which antagonism and hostility, we are told, are to be transmitted to a succeeding ad ministration. As was foreshadowed in this column last week would be the case, gold exports hence to Paris were resumed. The volume of the metal sent forward was small ($500,000), but the fact that the gold was shipped and that the export was aided by the Bank of France seemed to indicate that so long as conditions remain unchanged, the movement would continue. These conditions were, however, changed and gold exports were arrested. This was accomplished by a relaxation in the demand for the ninety-day loan maturity, causing a reduction in the interest rate in New York and so making less profitable the drawing of foreign finance or loan bills. Free offerings of such bills, had they been continued, would have depressed the rate for sight exchange, thus enabling remitters to obtain drafts instead of being compelled to meet urgent re quirements for settlements with gold in lieu of ex change. While London bankers may restrict accepttances of finance bills, such as those which were de scribed in this column a fortnight ago, and thus limit drawings thereof that may be made for the purpose of promoting stock speculation, they appear to be encouraging the drawing of loan bills and the creation of credits against which gold may possibly be with drawn from London should conditions favorable thereto be further developed. These loan drafts, which are also called finance bills; are usually drawn as the result of agreement between a New York banker and a London banking house. The former cables a request for terms on which the discount of a ninety-day bill drawn against credits can be effected by the London house. If the terms shall be advantageous the bill is drawn and forwarded to the drawee, and on thej:eeeipt][of the*draft by the A u g . 3 1907.] THE CHRONICLE. latter it is accepted and discounted according to the pre-arranged terms. The drawer is then advised of the fact, and he thereupon draws against the credit thus created and loans the proceeds in our market or otherwise employs them. When the bill is about to mature, the drawer makes provision for its cover with a sight draft, and in this way the transaction is closed. Such bills as are now being drawn will, it is expected, be covered in November, when, presumably, exchange will be low, thus assuring a profit on the transaction; moreover, if the proceeds of the loan bill shall be employed at current time-loan rates for ninety days an additional profit will be secured. Of course there is a possibility of loss as the result of adverse exchange or monetary conditions at the period of maturity of the bill, but the probabilities are assumed to favor a profit. Doubtless the fact of such drawings of loan bills is not concealed, though their volume may not be disclosed, and this may account for the ex treme sensitiveness of the London situation, as has been recently shown. This week the failure of the Bank of England to secure the greater part of the 5 million Cape gold which was offered in the market was a serious disappointment to the Bank. The pro curement by the Rothschilds of half of the above sum —thus securing the return of the metal which was sent to London from Vienna last December—temporarily created disquieting conditions that were reflected in an excited and a lower securities market and in higher unofficial discounts. While there exists so much concern regarding incidents of this character, it is not surprising that appeals are made to London bankers to refrain from contributing, through their loaning operations, to an aggravation of the situation. That these bankers do not generally heed such appeals, but continue to facilitate American borrowing, may be due to the fact that they are not so apprehensive of trouble as are the pessimists who are urging con servatism . The acquittal of William D. Haywood, SecretaryTreasurer of the Western Federation of Miners, at Boise, Idaho, on Sunday last of the charge of having been engaged in a conspiracy which resulted in the murder of ex-Governor Frank Steunenberg, while a matter for regret, can hardly be viewed in the light of a miscarriage of justice. Nor yet does it prove that President Roosevelt’s characterization of Haywood and his associates as “ undesirable citizens” was in correct. The trial showed very clearly that if ever there was a body of men who could with perfect pro priety and absolute accuracy be termed as undesir able it was the crowd who had been in control of the Western Federation of Miners, and who directed its policy, hesitating at no crime to accomplish their ends. Nevertheless the circumstances were very pe culiar. The case of the State rested in great part upon the testimony of Orchard, an accomplice, and who actually committed the murder of ex-Governor Steunenberg. On the witness stand Orchard con fessed that he placed the bomb which caused the death of the victim and he told a record of crime which we should judge must have few if any parallels in the criminal annals of the whole world. He de tailed case after case of diabolical villainy in which he had been engaged, and, according to his own testi 247 mony, he was ready at all times, for a money considera tion, to do anything he was asked to do. His claim was that he was acting for and on behalf of the Western Federation of Miners and that in all his criminal deeds he was simply doing the bidding and carrying out the plans of Haywood and his confederates. The State produced much testimony tending to establish the truth of this charge and called a great array of witnesses who corroborated all the essential details of Orchard’s long story. But the fact remained that Orchard actualy committed the murder and that Hay wood was not only not present when it occurred, but was a thousand miles away. Orchard confessed to such offenses that there would naturally be great hesitancy on the part of a jury to convict the accused on the testimony of such a witness, even though it might be corroborated in all essential particulars. A man who, according to the story he him self told, had been guilty of unconscionable acts—• what was there to prevent him from swearing falsely, with a view to transferring responsibility for the mur der from his own shoulders to those of others? He would have a motive for doing so in the desire to save his own skin—hoping that by helping on the case of the prosecution he might eventually secure immunity for himself. We have heard scores of men here in the East, who felt thoroughly convinced that the former leaders of the Western Federation of Miners were a criminal body, declare unhesitatingly that if they were on the jury they would never convict on the testimony of such a.witness. No doubt the jury which actually tried the case was influenced by the same motives. There has been much jubilation on the part of Socialists and others over this outcome of the trial, and some of the Socialists even went so far as to send President Roosevelt a sarcastic telegram of congratu lation, which the latter, with a true estimate of its value, gave out to the press without a word of com ment. We feel convinced that the explanation of the verdict of the jury is found in the circumstances we have narrated above. At all events, we are abso lutely certain that the acquittal of Haywood is not to be construed as an approval of the acts of the Western Federation of Miners or as absolving or freeing its former officials of the serious charges that have been made against them. It is our opinion that in the West no less than in the East the great body of citizens could not be got to countenance such work as the Federation was engaged in for a long time and under which whole States were held in abject terrorism. Incidentally, the outcome of the trial should have one good effect—in inspiring new confidence, at least on the part of the so-called laboring classes, in our judicial system. It has been charged over and over again by labor leaders that judges and juries were un der the control of the moneyed classes, and that these latter could dictate results in any given case. Though often disproved, the charge has been reiterated in end less repetition. But the Haywood case is such a con spicuous illustration to the contrary that he must be a bold man who will henceforth indulge in accusations of that kind. It is admitted that the charge of the trial judge was eminently fair—both prosecution and defence agreeing in that—while it is perfectly obvious that the jury was entirely uninfluenced by extraneous considerations of any kind, and acted solely and alone 248 THE CHRONICLE. [V o l . l x x x v . according to its sense of right; and each man in Phelps, Dodge & Co. It has been rumored this week response to the dictates of his own conscience. that electrolytic copper had got down to 20 cents. The fact is that a very cautious policy is being pursued Governor Hughes has signed the bill which the by business men generally in view of the marked indi Legislature passed at the request of Comptroller Metz cations of a reaction in general trade and this feeling of this city, allowing the city authorities, after a fail very naturally has communicated itself to the copper ure to dispose of bonds at public sale, to sell them by consumers. The same is true concerning the iron and private negotiation, provided not less than par is ob steel industry. There the situation might easily tained for the same. We regard this measure as an become very acute at any moment. Production in eminently proper one and we are glad that Governor all departments of iron and steel, owing to the longHughes furthered its passage at the recent extra continued extraordinary demand, has reached phe ordinary session of the Legislature. As is well known, nomenal proportions, and with any considerable abate the city authorities have also this year been given the ment in the demand, manufacturers might find no little right to fix the rate of interest (previously limited to difficulty in disposing of such a large output. Up to 4%) at a higher figure at their discretion. This fur the present time mills and factories have been kept ther Act will enable the city officials to proceed here busy on past orders and this is a situation which may after with absolute freedom. We are inclined to continue for quite a little while longer. As soon as think, too, that it will often be found possible to sell these old orders, however, are exhausted, the perplex the whole or a portion of an issue of bonds to bond ing problem will arise how to get new orders of the dealers or investors after a public sale has been tried same amount and adequate to keep mills and factories with only partial success. At all events, the experi fully employed. This follows because in the iron and ment is worth trying. The city authorities are reluc steel industry so much depends upon the purchases of tant to raise the rate of interest above 4%, though the railroads, and these latter have been obliged to they now have the authority to do so. Taking advan restrict their outlays by reason of the fact that they tage of the Act just approved, the city is inviting pro are no longer able to raise new capital for the purpose posals anew for a large block of 4 per cents. The, new with any degree of freedom. offering, however, though large, is much smaller than As far as the Steel Corporation is concerned, it is the previous offer, which proved almost a flat failure. well fortified against a possible period of adversity. On June 28, it will be remembered, the city in The whole policy of the management has been directed vited bids for $29,000,000 4 per cents, but received towards raising the corporation to a state, physically applications aggregating only $2,121,840. The pres and financially, where it could pass through a lean ent offering is $15,000,000 4 pef cents. For these, period without experiencing any serious ill effects. proposals]are invited until Monday, Aug. 12. $13,000,- However, there seems to be no immediate likelihood 0OQof the amount consL-ts of bonds running fifty years of any great shrinkage in the company’s earnings, — until May 1 1957—and $2,000,000 are assessment since the unfilled orders on hand June 30 1907 were bonds which mature in ten years—May 1 1917. A still of great magnitude, aggregating 7,603,878 tons. •long-term New York City bond, enjoying tax-exemp- This is smaller than the total on March 31, but a falling tion, and which can be obtained in the neighborhood off is usual between these two dates, and the present of par, looks like a very attractive proposition. The aggregate of 7,603,878 tons compares with only outeome of this new offering will be awaited with much 6,809,589 tons on June 30 last year and but 4,829,655 interest, not unmingled with some anxiety. tons on June 30 1905. The earnings for the June quar ter of 1907 were far in excess of the amount for any The United States Steel Corporation has this week quarter of any previous year, reaching $45,503,705, given out a marvelously favorable report of earnings, which is over $5,000,000 better even than the very covering the June quarter, and yet this has attracted large total for the June quarter in 1906, which had been far less attention than the statement made by one of $40,125,035. The disposition made of these earnings the officials of the company after the adjournment of reflects the policy which has been undeviatingly pur the meeting of the directors, that the business booked sued in the administration of the property. After by the corporation since the first of July showed a providing for interest, sinking funds and depreciation falling off in some items compared with the same and reserve funds, a surplus of $30,843,512 remained period of last year of 25 to 30%. We think it is for the quarter. Of this only $8,846,432 was distrib natural that this was the attitude taken, since uted in dividends (1 % % on the preferred stock and it is obvious to students of events that past results y2 of 1 % on the common stock), which still left avail just now cannot be accepted as offering any guide to able $21,997,080, and out of this no less than $18,the future. As it happened, too, the announcement 500,000 was set aside as a special appropriation for with reference to the falling off in the Steel Company’s additional property, new plants, new construction business came coincident with reports of very unsatis and discharge of capital obligations. factory conditions in the copper trade and a slackening The most striking feature in the monthly returns of in the demand in the iron and steel trade. As far as the copper trade is concerned the recent cut in prices earnings of the Pennsylvania Railroad continues to be made by the producing interests seems to have failed the augmentation in expenses as the result of the in entfrely to attract any of the large consumers. As a creases in wages and the high prices for materials, consequence the copper market for the time being supplies and everything else entering into the operating •remains in a very unsettled condition. Only small accounts of the railroads. The figures for the month orders are being placed and these are at considerable of June have been published this week, and they show concessions from the new schedule of prices announced that as compared with the same month last year an .last month by the Amalgamated Copper Company and increase of $1,674,700 in gross earnings on the Eastern AVGc 3 1 9 0 7 . 1 THE CHRONICLE lines has been attended by an addition of $1,243,000 to the expenses and an increase of $973,100 in gross on the Western lines has been accompanied by an ad dition to the expenses of $770,400. For the combined lines, therefore, a gain of $2,647,800 in gross has yielded an improvement of only $634,400 in the net. For the half-year ending with June the result is 3^et more strik ing. No less than $9,314,700 was added to the gross of the Eastern lines in these six months but $8,879,800 of the amount went to meet increased operating ex penses. In the same way, with $4,920,300 gain in the gross of the Western lines, expenses have risen $4,137,600. In other words, the Eastern and Western lines together have enlarged their gross for the six months in the prodigious sum of $14,235,000, but owing to the great increase in expenses only $1,217,600 of this has been carried forward as improvement in the net. In the following we furnish a six-year comparison of the gross and net earnings on the Eastern lines—being the only portion of the system for which we have the data for such a comparison. Lines East oj Pittsburgh. 1907. 1906. 1905. June. $ S $ Gross earnings 14,035,487 12,360,787 11,408.087 Oper’g expens’s 9,632,983 S,389,983 7,810,983 Net earnings 4,402,504 3,970,804 3,597.104 1904. 1903. 1902. s S 9,777,559 10,827,859 6,074,760 7,320,960 S 9.590.059 6.213.060 3,702.799 3,382,999 3,506,899 Jan. 1 to Jun e 30. Gross earnings 79,141,549 69,826,849 61,974,849 56,695,676 60,155,276 53,419.876 Oper’g expens’s 59,169,503 50,289,703 46,311.503 41.S77.119 42,831,819 35.778,419 N et earnings 19,972,046 19,537,146 15,663,346j 14,818,557 17,323,457 17,641,457 There was no change in official rates of discount by any of the European banks this week. Influenced by the competition in the London bullion market on Monday for the $5,000,000 South African gold which was then offered—which competition resulted in the procurement of one-half of the sum by Vienna and in the advance in the price of bar gold to 77 shillings 10% pence per ounce that was paid for the metal for Austrian account—the London discount market was deranged and some tension developed through fear that this new demand for gold would make difficult the restoration of the Bank of England’s reserve. Consequently consols fell heavily and unofficial dis counts advanced. Later in the week the situation improved because of the successful bi-monthly settle ment, though speculative and investment operations were tame; at the close of the week, however, consols again declined, reflecting some anxiety regarding the Egyptian financial situation. Compared with last week, unofficial rates for discounts at London were % of 1% and at Berlin and Frankfort 34 °f l rV higher, while those at Paris were unchanged. The most striking feature of the .statement of the New York Associated Banks last week was the increase of $17,913,700 in loans; this was traced to expansions, chiefly by three of the larger institutions, which seemed to indicate syndicate operations. The cash reserves were augmented by $5,866,000 and the reserve re quirements by $5,695,400; consequently the surplus was increased $170,600 to $9,25s .675. Deposits showed a gain of $22,781,600. The bank statement of this week should reflect, among other items, a loss of $850,000, though shipments of gold to Canada and of $500,000 to Paris; also the payment of $2,940,635 representing a Central Pacific note. 249 shipments to Canada, together with preparations for the disbursement of about 30 millions for dividend? and interest August 1 contributed to the development of a firmer tone for money on call and the withholding of offerings of loans for fixed dates, because of the pen dency of the usual demand by interior correspondents of New York banks for funds for crop distribution; caused a rise in rates for money on time. Day-to-day loans, representing bankers’ balances, were effected at 3V2% and at 2% on the Stock Exchange during the week, averaging 3%; banks and trust companies quoted 23^% as the minimum. On Monday loans were at 3% and at 2*4% with the bulk of the business at 23^ % . On Tuesday transactions were at 33^% and at 2 ^ % with the majority at 3%. On Wednesday loans were at 33^% and at 2% with the bulk of the business at 33/2%- On Thursday transactions were at 33-2% and at 2% with the majority at 23^%. On Friday, loans were at 2% % and at 23^ % with the bulk of the business at 23^ % ■ Time contracts on good mixed Stock Exchange collateral were firm at 5% for sixty and 53^% for ninety days, 5% for four and 6 @ 6 ^ for five to six months; where loans were sought on allindustrial collateral the rates were 34 of 1% higher. Commercial paper was nominally quoted at 6% for sixty to ninety-day endorsed bills receivable, 6 @ 63/2 % for prime and Q!A % and above for good four to six months’ single names; very little business was reported and mercantile borrowers generally resorted to their banks for discounts. The Bank of England rate of discount remains un changed at 4%. The cable reports discounts of sixty to ninety-day bank bills in London 3% % . The open market rate at Paris is 3)/%@334% and at Berlin and Frankfort it is 43^ @ 4 ^ % . According to our special cable from London, the Bank of England lost £610,147 bullion during the week and held £35,839,682 at the close of the week. Our correspondent further advises us that the loss was due largely to shipments to the interior of Great Britain. The details of the move ment into and out of the bank were as follows: Im ports, £372,000 (of which £5,000 from Paris aiid £367,000 bought in the open market); exports, £ 120 ,000 (wholly to South America), and shipments 0$ £862,000 net to the interior of Great Britain. The foreign exchange market was strong early in the week, influenced by a good demand for remittance incident to the bi-monthly settlement , by the disturbed discount situation in London resulting from the un successful competition by the Bank of England for the Cape gold that was offered in the bullion market on Monday, and by the inquiry for bills to remit for securi ties which had been returned from abroad. The en gagement on Monday of $500,000 gold for shipment to Paris disclosed the fact that the Bank of France was still offering inducements to shippers of the metal hence to the French capital, and this led to some specu lative buying of exchange. The very moderate offer ings of commodity bills and the prospect that because of the generally late harvest of grain and cotton there would be a deficiency in the volume of drafts against these staples at the period when usually commodity bills are plentiful, contributed to the strength of the market. On Welnesday, when the London bi The resumption of gold exports to Paris and the monthly settlement was successfully effected, the de- 250 THE CHRONICLE. mand for cables relaxed, rates for sight drafts receded and the market then responded to speculative selling and to freer offerings of finance and loan bills, which were drawn to take advantage of the firm rates for ninety-day money. The fall in exhange below the point at which gold could be profitably exported and reports that London and French bankers were dis posed freely to accept and discount finance and other loan bills caused a further decline in the market on Thursday, and the tone was heavy thereafter. Nominal rates for sterling exchange are 4 84@4 85 for sixty day and 4 87)^@48 8 for sight. On Saturday of last week the market was quiet,though generally firm, with long 5 points lower, compared with the previous day, at 4 8390@4 8395, short off 5 points at 4 8710@4 8715 and cables 10 points higher at 4 8770 @ 4 8775. On Monday the tone was dull and the only change was a rise in short of 10 points to 4 8720@ 4 8725. The market was inactive on Tuesday, with long and short unchanged and cables 5 points higher at 4 8775@4 8780. On Wednesday, influenced by of ferings of loan bills, the tone was easier at a decline of 20 points for long to 4 8370 @ 4 8375, of 25 points for short to 4 8695 @ 4 87 and of 25 points for cables to 4 8750 @ 4 8755. On Thursday the market was heavy and 5 points lower for long at 4 8365 @ 4 8370, 5 points for short at 4 8690 @4 8695 and 10 points for cables at 4 8740 @ 4 8750. The tone was weak on Friday at a decline of 15 points for long and for short and of 5 points for cables. The following shows daily posted rates for sterling exchange by some of the leading drawers: F ri., W ed., M o n ., Tues., Thurs. F r i., July 26 July 29 July 30 July 31 A uy. 1 Aug. 2 Brow n J60 days Bros. & Co_____ — \S ig h t.. J60 days Baring & C o----------------- ___I S ig h t.. Bank British 160 days N orth Am erica. . . . I S i g h t . . Bank o f ______ . . ___/ 60 days M ontreal_______ . .. I S i g h t . . Canadian B a n k .. ___J60 days o f Commerce . . . . . I S i g h t . . H eidelbach, IckelS60 days heimer & C o____ . . . IS ig h t._ L a z a r d __________ ___/ 60 days Freres _________ . . . I S ig h t._ U erchants’ Bank J60 days IS ig h t.. o f Canada______ 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 8434 88 843-3 8734 85 88 84J4 8734 8434 88 8434 88 8434 88 8434 8734 8434 88 - 8434 88 85 88 84 88 8434 88 8434 88 8434 88 8434 88 8434 88 8434 88 85 88 8434 88 84 J4 88 8434 88 8434 88 8434 88 8434 88 8434 88 85 88 8434 88 8434 88 8434 88 8434 88 8434 88 8434 88 85 88 85 88 85 88 85 88 8434 88 8434 88 85 88 84 S7J* 85 88 85 88 85 88 85 S8 84 87J4 84 8734 85 88 The market closed on Friday at 4 8350 @ 4 8360 for long, 4 8675@4 8685 for short and 4 8735@4 8745 for cables. Commercial on banks 4 8310@4 8320 and documents for payment 4 82% @ 4 83% . Cotton for payment 4 82% @ 4 82%, cotton for acceptance 4 8310 @ 4 8320 and grain for payment 4 83% @ 4 83%. u -. — The following gives the week’s movement of money to and from the interior by the New York banks. W eek ending Aug. 2 1907. Shipped by Received by N . Y . Banks. N . Y . Banks. N et Interior Movement. $7,296,000 1,647,000 $5,316,000 Gain $1,980,000 753,000 894,000 Gain $8,943,000 $6,210,000 Gain $2,733,000 n With Sub-Treasury operations and gold exports the result is as follows. N et Change in Bank Holdings. Into Banks. Out 0/ Banks. Banks’ interior movem ent as a b o v e . . Sub-Treas. oper. and gold e x p o r t s ... $8,943,000 30,100,000 $6,210,000 Gain $2,733,000 1,000,000 29,100,000 Gain Total gold and legal tenders______ $39,043,000 $35,310,000 Gain $3,733,000 W eek ending Aug. 2 1907. The following table indicates the amount of bullion in the principal European banks: Aug. 1 1907. Bank o/ Gold. England. . France . . Germ anya Russia d _. Aus.Hun.b S p a in ____ Ita ly _____ Neth’ lands Nat. Belg.a Sweden [V I Silver, j o l . l x x x v . Aug. 2 1906. Total. Gold. | Silver. , Total. £ £ £ £ £ £ 35,839,682 35,839,682 36,757,012 36,757,012 112,029,395 39,023,235 151,052,630 116,589,453 42,453.90i 159,043,354 32.567.000 9.025.000 41.592.000 35.185.000 10.385.000 45.580.000 116,896,000 6.708.000 123,604,000 109,267,000 6,006,000 115,273,000 45.620.000 12.386.000 58.006.000 47.020.000 12.559.000 59.579.000 15.591.000 25.780.000 41.371.000 15.187.000 24.814.000 40.001.000 33.682.000 4,516,400 38,198,400 29.708.000 3,900,800 33,608,800 5,769,700 5,517,200 5,744,300 11.514.000 5,787,300 11,304,500 3.120.000 1.560.000 4.680.000 3,170,667 1,585,333 4.756.000 4.139.000 3.877.000 4.139.000 3,877,000 Total week 405,253,777 104,742,935 509,996,7121402,278,332 107,501,334 509,778,666 Prev.week 407,033,661 105,673,173 512,706,834 404,789,124 108,030,016 512,819,140 a The division (between gold and silver) given in our table of coin and bullion In the Bank of G erm any and the Bank of Belgium Is made from the best estimate we are able to obtain; in neither case Is it claimed to be accurate, as those banks make no distinction in their weekly returns, merely reporting the total gold and silver; but we believe the division we make is a close approximation. b The Austro-Hungarian bank statement is now issued in Kronen and Heller in stead of Gulden and Kreutzer. The reduction of the former currency to sterling Pounds was b y considering the Gulden to have the value of 80 cents. As the Kronen has really no greater value th*n 20 cents, our cable correspondent in London, in order to reduce Kronen to Pounds, has altered the basis of conversion b y dividing the am ount of Kronen by 24 Instead of 20. d The total of gold In the Bank o f Russia Includes the balance held abroad— that is, the am ount held for Russian account in other Continental banks. The proportion so held and consequently duplicated in the above statement is about ono-cjuarter of the total. MUNICIPAL OWNERSHIP RECOMMENDA TIONS. While the late Mark Hanna was concerned in it, the National Civic Federation displayed considerable ac tivity, and was especially busy over the still unmiti gated problem of the relations between capital and or ganized labor. Not so much has been heard of the Federation lately, but only a few weeks ago it was said that reports from its experts on the problem of munici pal ownership were forthcoming in almost a threaten ing ponderosity, several volumes of 500 pages each being mentioned, probably somewhat loosely. Install ments of this have been appearing, as noted in the “ Chronicle” two weeks ago, but the investigators seem to have found the problem many-sided, and have been talking on all sides so much that they have left the subject very nearly in the same uncertain condi tion as before. This past week, however, we have had what is called the final report, and it has the great advantage of some precision and nearly unanimous agreement, being signed by 19 of the 21 and dissented from in moderation by the other two. The conclusions principally are that no private profit can safely be allowed to come from any public utility which affects the public health; therefore, un dertakings into which sanitary motives enter largely should come under public operation, in which operation the profit to be made should take a subordinate place. Next, that municipal ownership should be applied only to revenue-producing utilities which involve public health, public safety, transportation or a per manent occupation of public streets or grounds. Next, that if private corporations receive public franchises, the latter should be granted for only a limited term and should meanwhile be subject to purchase at a fair value. Next, that municipalities should have the power to enter the field of public ownership, upon popu lar vote, on reasonable regulations. In order to carry out these propositions, it is recommended that revenueproducing utilities, having their necessary bond issues a first charge on their property and revenues, be ex empted from inclusion within the debt limit. Further recommendations are the separation of the finances of such undertakings from the general finances of the city, exclusion of political influence and personal favoritism from the management, and an executive manager having full powers and holding his position during good behavior. Publicity, a competent con trol over capitalization and issuing of securities, a A u g . 3 1907.J THE CHRONICLE. downward-sliding scale of prices, and a few other excellent things per se, are also recommended. If the services of the wisest and best citizens could be had, and if practical politics could be kept out, the prospect would quite clearly be delightful. But, while it is easy to admit that the theory of the recommenda tions is sound—indeed, such existing utilities as parks and water are founded upon thisjtheory—and it is there fore easy to accept the views of the final report, with only minor qualifications, we are forced to admit once more that all of it is a counsel of perfection. Have we reasonable grounds for expecting to realize this in practice, and is it safe to venture? There has been a time in the history of this city when membership in the Board of Aldermen was really a distinction; can the conditions which permitted that be restored? The committee, headed by Melville E. Ingalls, of the Big Four Railroad, and composed of able men, seem to doubt, and Mr. W. J. Clark, of the General Electric Co. (who is one of the two partial dissentients and goes farthest in dissent), thinks the condition of affairs in Great Britain has not improved under the public own ership experiment, and that the prospect of success here with it is less than in Great Britain. Hence, he believes in private ownership of public utilities for Americans, and he recommends “ State regulation and protection of public service companies, provided by statute, and as far as possible automatic in its applica tion and operation.” Our own belief is that investigators, whether acting individually and independently or by designation as a committee, may go over the subject a dozen times without agreeing upon anything more definite or more radical than this report, and that if any further steps towards public ownership of utilities is really taken,it will be by a political movement and by popular impulse, and not on recommendation from any authoritative sources. An inquiry which, like this one, stops with general and conditional suggestions, should be taken as cautionary and thus as not wasting time. GOLD PRODUCT FOR FIRST SIX MONTHS OF 1907. The world’s gold production so far as the reports of the output of the mines for the half-year ending June 30 have been received, give promise in the aggre gate, as did the remits we presented for the March quarter, of a greater contribution to the general stock than they did in the corresponding period of 1906. We say in the aggregate, for the reason that while Africa and the United States, as well as a few less important contributors, are increasing their product, some other fields, notably Australasia and India, are gradually fall'ng behind. Chief interest just now centres in the returns from the Witwatersrand district of Africa. That is so not so much because it is the greatest producing field in the world as on account of the labor situat on there. When the strike of the wh'te laborers (still in force) is borne in mind, and consideration is given to the fact that a smaller number of Kaffirs and Chinese were at work in the last two months of the half year, the de crease in yield reported for those months is found to be really unimportant. Thi-s is especially noteworthy when it is remembered that production is on so high a plane. Moreover, the falling off recorded in June as compared with May is apparently due wholly to the 251 one less working day. As previous monthly results are well above those for corresponding similar periods in the previous year, a slight easing up in the volume of the output would of itself give no cause for anxiety. But there seems to be reason for some concern as to the future. The question to be answered is, What will be the effect on the product of the Rand after the Chinese repatriation has been carried out? That edict i 5already in operation and comprehends returning to their own country, as their contracts expire, all the Ch'nese laborers. Some have already been sent away and by the end of the calendar year the loss to the mines will be upwards of 17,000 men, or nearly onethird of the Chinese contingent as it stood on June 1. The question naturally arises as to how the gap made by this repatriation policy is to be filled. Not, of course, with whites to any considerable extent; they make up a very small part of the working force -now—only about 5,000 out of a total of all nationalities and colors of 150,000— and further accessions, it has hitherto been presumed, are not available. This being so, the expectation has been to recruit the force mainly from among the natives. General Botha, in announcing the policy of the Government in June last, stated that it had been de cided not to re-enact the labor ordinance but to send the Chinese home immediately on the expiration of their contracts. He said further that the Government was moved not 'only by the conviction that the pres ence of the Chinese was in the highest degree inimical to the interests of the Transvaal, but algo by the con sideration that the supply of native labor had for some time been exceeding the demand. He said also that the Government was confident that Natal and Zululand would also be available for supplies of labor shortly. Negotiations were likewise afoot for the reorganization of the Witwatersrand Association, insuring -more satisfactory recruiting on the East Coast. Moreover, the Government anticipated that the repatriation of the Chinese would ead to the restoration of more healthy and stable conditions in the mines, the larger employment of white labor, a more economical use of natives, and more extensive utilization of mechani cal appliances. Premier Botha said he deplored the strike on the Rand. The Government, he said, had repeatedly tendered its friendly advice to both parties. It should be noted that the Government has not com mitted itself to a policy of repatriation beyond the present session; also that the leader of the opposition Sir G. Farrar, severely criticized the Government pro posals repatriating the Chinese, claiming it foreshad owed the ruin of the mining industry. As regards the production of gold, the Rand output for the six months ending June 30 1897 reached 3,028,336 fine ounces, against 2,543,729 fine ounces in the like period of 1906 and 2,275,572 fine ounces in the first half of 1905. And if to these figures we add the results for the districts of the Transvaal outside the Rand, which were respectively 110 396 fine ounces, 112,720 fine ounces and 85,198 fine ounces in the years named, we have for the Transvaa1 as a whole 3,138,732 fine ounces as the yield for the six months of 1907, which compares with 2,656,449 fine ounces in 1906 and 2,360,770 fine ounces in 1905. Outside the Trans vaal gold mining in Africa is achieving very satisfac tory result?. In Rhodesia, the Soudan, Egypt, Mo zambique, on the West Coast, & c., much progress in de 252 THE CHRONICLE. velopment is reported, and for the half-year the com bined yield in those sections has reached app oximately 425,000 fine ounces in 1907 against 335,000 fine oun es in 1906 and 250,000 fine ounces in 1905. Conse quently the production of the whole of Africa for he six months of the current year has been 3,563,732 fine ounces, against 2,991,449 fine ounces and 2 610 770 fine ounces respect vely for the same period of the two previous years. This is certa’nly a most satisfactory record. No actual returns of production are obtainable for any considerable portion of the mines of the United States until the close of the calendar year, but there is much unofficial information secured from the impor tant fields in Nevada California, Alaska, &c. And the information we have been able to procure denotes that the results for the six months of 1907 have exceeded those for the same month of the preceding or any earlier year. Australasia’s production, on the other hand, the last few years, has been slowly declining, due to poorer results in the lower levels. For the first half of the current year the return-, as they come to us, indicate a yield approximating only about 1,675,000 fine ounces, against about 1,900,000 fine ounces in the six months of 1906 and 1,950,000 fine ounces n 1905. Furthermore, the Colar fie’d of India, the workings from which most of the gold of that country is secured, reports a yield of but 260,743 ounces for the current half-year, against 286,221 ounces and 307,229 ounces, respectively, for the six months of 1906 and 1905. Combining the results for Africa, Australasia and India, the fields from which actual procurable statistics of gold production for the six months are obtainable we have a total for 1907 of 5,499,475 ounces, against 5,177,610 ounces in 1906 and 4,867,999 ounces in 1905. The excess over 1906 for the half-year is thus seen to be about 321,805 ounces, or a little over 6 % . With this rate of gain kept up for the ful’ year, it would seem to indicate that, with the augmentation that now appears probable in the United States, the output of the world’s mines in the calendar year 1907 should approximate very closely to 203^ million fine ounces, or a mill on fine ounces more than n 1906. ALABAM A’S RAILROAD CASE IN THE FEDERAL COURTS. The Legislature of Alabama, evidently encouraged by the action of the North Carolina State authorities, has passed a bill appropriating $50,000 for resisting the contests made by the railroads against certain new railroad laws enacted in Alabama the present year. These new laws in Alabama in some respects go even further than the new laws in North Carolina in their disregard of the rights of the railroads. As in the North Carolina case, too, a Federal Judge has enjoined these laws and declared them unconstitutional, but the State authorities in Alabama have not gone the length to which the North Carolina authorities went and bidden defiance to the decree of the Federal Court. Governor Comer is apparently willing to let the matter take its course in the Courts, which is the wise and sensible policy, since the question is simply and solely one for the Courts. It is not one for executive inter ference either on the part of the State or the genera Government. However, Governor Comer has not hesitated to send a telegram lauding the Governor of [V o l . lxxxv . North Carolina for the action taken by him and the large measure of success attending his efforts. It may be recalled that Judge Pritchard, in defend ing and explaining his injunction order against the North Carolina law, pointed out that there was nothing unusual in the proceedings instituted before him. Similar suits, he noted, had been instituted in the State of Alabama, where Judge Jones had issued an injunc tion, and also in the State of Georgia, where Judge Newman had pursued the same course. It will there fore be useful and instructive to see on w7hat grounds Judge Jones based his ruling in the cases which came before him, now that the Alabama Legislature has made a special appropriation to defeat the action of the carriers in resisting the new laws and the North Carolina case is attracting so much attention. Judge Jones handed down his opinion on July 13. In the Alabama cases there were really three State laws in volved. Two of these relate to the fixing of passenger and freight rates, the passenger rate being reduced from 3 cents a mile to 2}/> cents and maximum freight rates being fixed for 110 classified commodities. The third law undertook to declare that any railroad cor poration of another State (or “ foreign” railroad cor poration, as the designation is) which should appeal from any rate made by the State Legislature to the Federal Courts should, ipso facto, have its charter revoked. As far as the new rates are concerned Judge Jones observes that, prima facie, the rates fixed by law are reasonable. It devolves upon those who contest such rates to show that they are unreasonable and this he thinks the complainants in the present case have plainly done. Oridnarily, the constitutionality of a statute presents a pure question of law on the face of the statute. In this class of cases, however, the pro tection accorded by the Constitution against rates being fixed unreasonably low comes into play. Under the Fourteenth Amendment the basis of all calcula tions as to the reasonableness of rates charged by a railroad must be the fair value of the property used by it for the convenience of the public. For persons and property carried only within the limits of a State, the reasonableness of rates, it is declared, must be based upon the value of the property devoted to domestic commerce—that is, commerce within the State— without reference to the value of the property devoted to Inter-State commerce, and neither the profits nor the losses in the one business, Judge Jones declares, can be estimated in determining the reasonableness of the rates as to the other. Where the constitutional provision forbidding rates to be unreasonably low is invoked, the Court must ascertain the facts upon wrhich the reasonableness of the rates depends before it can finally pronounce the validity of the statute. Judge Jones lays down the rule that when it is sought to enjoin the enforcement of rates, and a preliminary injunction is asked, the question is not what the final proof will show, but whether complainant has shown a state of facts, taken in connection with the opposing evidence, which pre sents such a probability that the rates may be adjudged unreasonable on the final hearing, as justifies a Court in preventing the operation of the statute until final proof, and whether balancing the relative harm which can befall the adverse interests by the injunction, the Court, acting for the best interests of all concerned, in A u g . 3 1907. J THE CHRONICLE view of the facts of the particular case, should grant or withhold the writ. Where the evidence in the preliminary hearing leaves it doubtful whether the operation of the reduced rates will be beneficial or harmful, the Court, since the bur den is upon the party complaining to show their unrea sonableness, may order them tested by actual opera tion; but such experimentation with the property of any one, Judge Jones avers, is never justifiable in any cases when the facts as presented on the preliminary hearing show only a moderate income under the former law, and very scant earnings, or deficiency, under the reduced rates. Here, therefore, we have clearly outlined the theory upon which the Courts generally proceed in issuing injunction orders restraining for the time being the operation and enforcement of a State statute whose validity is called into question. The other statute Judge Jones declares unconstitu tional without reservation or qualification. We refer to the Act approved March 6 1907 to which allusion has already been made above and which provides that any foreign corporation which shall institute a suit in any Federal Court to enjoin or restrain any intraState transportation rates fixed by the Alabama Legis lature or by the Railroad Commission shall,ipso facto forfeit its right to do domestic business in Alabama. Judge Jones says that no State can lawfully enact that a corporation or an individual shall forfeit a vested right of property because of the bringing of suit in the Federal Court; since the police power of a State ends with the prevention of things which menace the welfare and happiness of its people, and the opera tion of the supreme law of the land which gives the right of suit in a Federal Court cannot invade the lights or the peace of the State or imperil or hamper the happiness, rights and welfare of the peo ple. Moreover the new law—which has come to be known as the “ Outlaw” Bill—is in direct violation of the Alabama Constitution. Section 240 of the State Constitution declares that all corporations shall have the light to sue and shall be subject to be sued in all Courts, in like cases, as natural persons. Accordingly, the Legislature is forbidden to impose any penalty upon a foreign corporation for bringing a suit in the Federal Court or in any other Court when no such consequence attaches to a domestic corporation or a natural person who brings a like suit. Judge Jones says that the new statute is an attempt to do indirectly what the Constitution forbids to be done directly. It puts onerous conditions on the exercise of a right which the Constitution forbids to be invidiously or unnecessarily burdened, in order to deter the coiporation from the exercise of\the right. It is likewise a denial by the State of the equal protection of the laws guaranteed by the Federal Constitution, since it im poses upon the foreign corporation the forfeiture of a property right which under the law of the land cannot result in the case of any other corporation or person bringing a like suit. Furthermore, where, as in this instance, the State statutes provide that a domestic railroad corporation may sell ‘‘ all its property, road-beds, rights and fran chises” to a foreign corporation, and that such property when so purchased shall be “ subject in all respects to the laws of the State as if owned by a domestic cor poration." these stipulations enter into and form part of the obligation of the contract made by the purchase by the foreign corporation of such domestic pioperty. The foreign corporation thereafter has the light to hold and use and operate such railroad property, sub ject to no other restrictions as to length and nature o f use than the existing laws provided in the case of domestic corporations, or such as may thereafter be lawfully passed in the exercise of the police power of the State. The State has u n d o u b t e d ^ the right to exclude foreign corporations, but where it has waived its right to exercise its arbitrary prerogative by the passage of laws permitting foreign corporations to acquire and use a particular species of property, upon terms and conditions inconsistent with the exercise thereafter of this prerogative of the State, the Constitution both of the State and of the United States protects the pur chaser against the impairment of his right by any arbi trary action of the State, and the latter cannot there after interfere with any lawful use of the property by a foreign corporation, except for cause defined by the laws, applicable alike to all similarly situated, and after a hearing in the Courts. In this way Judge Jones reaches the conclusion that attempts like this which would seek to deity to any class of citizens access to the Federal Court in protection of the rights guaranteed under the Constitution are illegal and void. The decision is an important one, for if Alabama could undertake to outlaw foreign corpora tions in that manner it would not be long before we should find many other States engaging in the same endeavor. The result could not be otherwise than disastrous, not only to property rights but to business enterprise. For obviously no one would take capital to a place or engage in mercantile or financial pursuits where the undertaking that he was engaged in was lia ble to banishment by the State whenever it suited the whim or caprice of the Legislature to issue a decree to that effect regardless of the rights and the interests of those affected by such action. PROPOSED TAX UPON CONSUMERS OF ANTHRACITE. The propensity of State and county officials to increase the taxes of the railroads has at length reached the anthracite coal properties owned chiefly,. directly or indirectly by the group of railroads known as the anthracite carriers. The small area covered by the anthracite coal fields is not realized by the average citizen. These deposits are confined chiefly to four counties in the eastern part of Pennsylvania,, namely, Lackawanna, Luzerne, Carbon and Schuyl kill, with small portions of the veins lapping over into six other counties. The officials of the four counties named have it within their power to cause an increase in the cost of hard coal to every user of t hat desirablefuel in every part of the United States. The normal production of anthracite for market is about 55.000,000 tons per annum, the maximum output being 59,362,000 tons, which mark was reached in the year 1903, following the curtailment of production in 1902, when operations were suspended on account of the great strike. County officials are disposed to disregard the amount of coal produced and to increase the valuation for the purposes of taxation of the coal remaining in 254 THE CHRONICLE. the ground, and in pursuance of this policy they appear to be going to an extreme which will be detri mental to the interests of consumers. If the effect of increased taxation of unmined coal were to stimulate production so as to increase the amount of coal above ground, and thus cheapen the price of fuel to consumers, the result of higher taxes might be beneficial to the public; but the process does not work out that way: The owners of the coal lands, finding their expenses increased by taxation, will be apt to add the amount of the increase to the cost of coal at the mines. This increased cost will follow the fuel until it reaches the consumer, who will bear the burden. Thus the consumers of anthracite all over the United States may be called upon to pay special tribute to the four counties in Pennsylvania which are so fortunate as to possess the only deposits of hard coal to be found in this country. . The manner in which the increase in taxation is regarded by the officers of the coal companies is indi cated by the following semi-official statement which was given to the press: “ Users of anthracite coal all over the country will feel the results of increased taxation of coal lands. Assessed valuation has been doubled in Schuylkill County, Pa., while all other property of the county has been increased only 4%. Coal lands formerly assessed at $21,000,000 have been raised to $42,000,000, but the remaining property in the county has only been raised from $28,000,000 to $29,000,000. “ The increased valuations epidemic throughout the anthracite region were not made to cover deficits in public funds, but with the purpose of transferring to coal land owners the greater share of tax burdens.” Luzerne County officials have fixed the coal valua tion at $67 per foot per acre, while Lackawanna County officers have made the assessment $100 per foot per acre. Schuylkill County officers were desirous of a uniform assessment in the entire region based upon the per foot principle, which has reference to the thick ness of the veins. As the Luzerne and Lackawanna officials disagree on the valuation, the plan to obtain uniformity has fallen through. Sites of populous cities have coal underneath. Such coal lands have been heretofore taxed by the acre, but now it is proposed to tax these lands as other property in the cities is taxed, namely, by the lot. The valuation of the Lehigh Valley Coal Company’s property in the city of Hazelton has thus been raised from $500 per acre to $2,000. As the company has 492 acres of coal lands within the city limits, the assess ment is thereby increased $738,000. The company has withheld payment and will test the legality of the assessment in the courts. Counsel for the companies operating in Luzerne and Lackawanna counties have determined to appeal to the courts for protection. They will base their cases upon the claim that coal lands are taxed higher than any other property in the counties, and if they lose their suits in the lower courts, they will be carried to the Supreme Court of Pennsyl vania for final determination. Estimates of the amount of anthracite unmined vary greatly, but one expert places the amount at about 4,500,000,000 tons. It is on this coal that the officials of the few counties in Pennsylvania desire to exact tribute from consumers everywhere. [V o l . lxxxy. THE COUNTRY’S LARGE IRON PRODUCTION. •^We"'are*accustomedTto large'figures in dealing with matters relating to the iron industry, and hence the making of new and unexampled records no longer attracts the attention it once did. And yet there is something truly marvelous in the way the output of iron is being increased in this country, each new state ment showing further growth on top of previous in creases which in themselves were of phenomenal ex tent. The American Iron & Steel Association, through Mr. James M. Swank, has made public the statistics of the production of pig iron in the United States in the first half of the current calendar year. And a remarkable record these statistics reveal. Im posing results had been looked for, but the total runs some what ahead even of the highest recent estimates. With absolutely complete statistics from the manu facturers, Mr. Swank finds that the total make of iron for the six months ending June 30 was almost 13^ million tons— 13,478,044 tons. This is an increase, as compared with the second half of 1906, of 753,103 tons, and as compared with the first half of 1906 of 895,794 tons. We have already indicated that this output for the first half of 1907 is much the largest of any half-year in the country’s history. Still more striking contrasts are possible. We might point out, for instance, that in these six months the United States produced more iron than either of those two other large iron-producing countries, Germany and England, make, or ever have made, in any full year. But there would be nothing novel or unusual in such a statement, since the United States has for several years enjoyed the distinction of producing decidedly more iron in a period of six months than either of these other two countries in a period of twelve months. Perhaps the best way to indicate the wonderful advance in iron production in the United States within a relatively brief space of time is to use an illustration employed by Mr. Swank. He points out that not only was the country’s output the first half of 1907 far in excess of that of any previous half-year, but it was in excess of that of any whole year prior to 1899. A yet more striking contrast, however, indicative of the wonderful expansion which has occurred, is found in the statement that as late as 1894 the production of pig iron in the entire world amounted to only 25,600,000 tons, whereas now the United States alone (taking as a basis the output for the six months of 1907) is producing at the rate of 27,000,000 tons a year. In order that the reader may have precise figures showing the way the make of iron in the United States has been rising, we furnish the following exhibit of the produc tion in half-yearly periods for the last eleven and a half years. It will be noted that while the output the first half of 1907 was 13,478,044 tons, the corresponding aggregate ten years before, in the first half of 1897, was only 4,403,476 tons. P R O D U C T I O N O F P I G I R O N IN H A L F - Y E A R L Y P E R I O D S . 1896— 1st 2d 1897— 1st 2d 1898— 1st 2d 1899— 1st 2d 1900— 1st 2d 1901— 1st 2d G ross Ton s. h a lf .................... .. 4 ,9 7 6 .2 3 6 h a lf_____________ 3 ,646,891 h a lf ____________ 4 ,4 0 3 ,4 7 6 h a l f . - ................... 5 .2 4 9 ,2 0 4 h a l f - .......... ......... 5 ,8 6 9 ,7 0 3 h a l f - ..................... 5 ,904,231 h a lf.......................6,2 8 9 ,1 6 7 h a l f - ..................... 7 ,3 3 1 ,5 3 6 h a lf ____________ 7 ,6 4 2 ,5 6 9 half,_____________ 6 ,1 4 6 ,6 7 3 h a lf ............. ......... 7 ,6 7 4 ,6 1 3 h a lf _____________ 8,203 741 19 0 2 — 1st 2d 1903— 1st 2d 1904— 1st 2d 1905— 1st 2d 1906— 1st 2d 1907— 1st G ross T on s. h a lf.................... 8 ,8 0 8 ,5 7 4 h a lf_____ ______ 9 ,0 1 2 ,7 3 3 h a l f . . .................. 9 ,7 0 7 ,3 6 7 h a l f - . - ............... 8 ,3 0 1 ,8 8 5 h a l f ____________ 8 ,1 7 3 ,4 3 8 h a lf ____________ 8 ,3 2 3 ,5 9 5 h a lf.................... -1 1 ,1 6 3 ,1 7 5 h a l f . ............... ..1 1 ,8 2 9 ,2 0 5 h a lf _ ___ . .1 2 ,5 8 2 ,2 5 0 h a lf____________ 12,724,941 h a l f ___________ 1 3 ,4 7 8 ,0 4 4 THE CHRONICLE. A u g . 3 1907.] Classifying the iron according to the fuel used in its production, we get the following comparison for 1907 with the first half of the four preceding years. We need hardly say that the preponderating portion of the iron is now made with bituminous coal and coke as fuel. Iron in which anthracite is used has droppedalmost out of sight, and even iron in which mixed anthracite coal and coke is employed forms a relatively insignificant portion of the whole. P R O D U C T IO N F ir s t S i x M on th s. OF IR O N 1907. A C C O R D IN G 1906. TO 1905. FUEL 1904. U SED. 1903. B ltu m . coa l an d c o k e 1 2 ,5 1 4 ,0 1 4 1 1 ,6 1 1 ,0 0 6 1 0 ,1 6 2 ,4 8 8 7 ,3 3 7 ,2 7 9 8 ,401,001 M ix ed a n th ra cite an d c o k e __________1 739 ,3 0 5 754 ,743 815 ,028 607 ,624 1 ,046,401 A n th ra cite a lo n e ___ ! 18,929 8,779 15,179 26,261 15,147 205 ,796 C h a r c o a l ____________ i 207 ,722 213 ,3 5 6 170 ,512 2 3 3 ,6 4 4 255 diminished orders for all the different form of iron and steel. Up to the present time mills and furnaces have been kept busy on past orders. With new orders in great y reduc d volume, a material lessening of the tremendous activity in the iron and steel industry, which has been such a prominent feature of the commerc a history of the Un'ted States in recent years, seems almost inevitable. Hence, wh le great encour agement is to be derived from the unexampled produc tion of pig iron in the first haf of 1907, these results give absolutely no clue to the probable course of th:ngs in hV immed ate future. RAILROAD GROSS EARNINGS FOR THE HALFYEAR ENDING JUNE 30. T o t a l ________ 1 3 ,4 7 8 ,0 4 4 1 2 ,5 8 2 ,2 5 0 1 1 ,163,175| 8,173,438 9 ,7 0 7 ,3 6 7 It will no doubt be a surprise to most persons to Unless a recession in general trade (of which, unfor hear that in the first six months of 1907 the further tunate y, there are some indications) should give the addition to the gross earnings of United States railroads iron and steel industry a setback, the chances are exceeded any similar addition in the corresponding six that the country’s iron output will mount to still months of previous years. We say this will probably higher tota’s in the near future. Mr. Swank reports be a surprise, because previous gains have been of such that in 1907 the number of furnaces actually in blast great magnitude, and all through the current year there during a part or the whole of the period was 382, as has been so much talk of a possible reaction in general compared with 374 the last half of 1906 and 361 the business and a shrinkage in the volume of the traffic fir^t half of that year. The most important fact, how of the railroads. No such shrinkage occurred. In ever, i? that on June 30 there were 29 add tional fur stead, railroad facilities have been taxed to the utmost naces in course of construction. These wi 1 all use in taking care of the traffic offering, and as„a result coke as fuel. In addition 3 furnace swere being re- the improvement in gross earnings reaches proportions bui’t (two coke and one charcoal fu nace) and it was outrivaling the phenomenal performances in that re thought kely that an adandoned charcoal furnace spect in the past. We wish to lay emphasis on the fact that our remarks in Tennessee wou d also be revived. Not only that, but on June 30 there were 13 furnaces projected (a 1 relate entirely to the gross revenues. These have been coke), the construction of some of Avhich was to be exceedingly satisfactory. On the other hand, the commenced at once, though work on others may not showing as to the net has been quite the reverse, by far the greater portion of the increase in the gross soon be undertaken. Thus there not the least likelihood of a dearth in having been eaten up by augmentations in the expen iron. Indeed, the probabilit es are that the output ses. We shall not, however, attempt to deal with the w 1 be in excess of the demand. Trade reports speak expense accounts or the net earnings on the present of a v sible slackening :n the demand and there appears occasion, since reasonably full returns as to the net litt e hope of an early rev val. A recess'on 'n general will not be available for some weeks to come. We business, provided t was unattended by serious fa'l- speak this word of caution, in passing, so that the ures, m ght not count for so much. But the situat:on casual reader may not be led astray and induced to of our great transportation lines is very suggestive think that from the railroad standpoint the year has and does not promise cont nued activity in the iron been a good one simply because the gross revenues and stee1 ndustry. The railroads constitute the larg have undergone noteworthy expansion. Our compilations cover 196,117 miles of road. On est single consumer of iron and steel products in the country and a very pronounced check in the demand this mileage the increase in gross receipts as compared by hat ndustiy has already occurred. Thus far, the with the first six months of 1906 reaches $125,960,785. gross r venues of the transportat on lines have kept The ratio of increase is 12.72%. In this last particular, up remarkab y well, but even if large surpluses were that is, the ratio, the improvement is not quite as avail able for the carry ng out of plan; for new extensions large as in the first six months of some other years, and improvements they wou d not suff ce for that but in amount, as already stated, the gain stands pu pose. unexceled. In the first six months of 1906, for in What the railroads in a country like the United stance, our table showed an increase of $117,543,761, States need most is constant supplies of new capital. or 14.27%, while in 1905 the increase was $63,652,030, Such supplies are not now availab e except in a very or 7.52%; 1903 was another strikingly good year, but I m’ted way and only at hard terms in most instances. though the percentage of increase then was 13.68, the For twe’ ve to eighteen months the railroads have amount was much smaller than for 1907, or $101,found it diff cu t and in some cases impossib'e to bor 946,842. Obviously, the large gain for 1907 is vested row. Their credit has become seriously impaired. with additional significance by reason of these striking Whethe •we ascribe this state of affairs to the oppres- and cumulative gains of previous years. The following s ve treatment they are receiving at the hand^ of State carries the record back twelve years. It will be and nat'ona’ author ties or whether we ascribe t to observed that during the last decade it has hap some other cause, the fact itse’f remans. Owing to pened but once that there was no increase, th's inab lity to borrow, the roads will be forced very namely 1904,in which year there was a small de • • materially to curtail their outlays, and thisjmeans crease. 256 THE CHRONICLE. E a rn in g s. M ilea g e. •Jan. 1 to Y ea r Jun.ZO G iv e n . 1 8 9 6 .. 1 8 9 7 .. 18981 8 9 9 .. 1 9 0 0 -. 1 90 1_. •1902-. 19 0 3 _ . 19041 9 0 5 -. 1 9 0 6 .1 9 0 7 .. M ile s . 1 55 ,133 1 58 ,295 158 .775 3 61 ,166 166 ,704 175,371 179 ,065 173,655 177,673 185 ,912 182,611 196 ,117 Y ea r In P reced . cre'se M il e s . 153,997 157,463 157 ,702 159,865 162 ,190 171,257 176 ,4 5 9 169,747 173,495 183 ,320 179 ,614 193,135 % 0 .7 9 0.52 0 .6 8 0.81 2.7 9 2.40 1.47 2.36 2.41 1.41 1.67 1.54 Y ear G iven 4 5 8 ,2 4 9 ,1 9 7 4 7 3 ,0 8 4 ,9 2 4 5 3 6 ,3 7 5 ,7 7 6 5 5 6 ,3 2 6 ,3 6 4 6 4 3 ,3 4 2 ,6 4 3 7 0 4 ,5 3 8 ,7 9 2 7 4 9 ,0 2 3 ,0 0 5 8 4 7 ,0 3 4 ,3 1 8 7 9 4 ,9 2 9 ,1 6 8 9 1 0 ,0 2 7 ,2 5 8 9 4 1 ,4 2 9 ,8 8 2 3',115 123431 Y ear P r eced in g . V e e r ea se. + 22 435, 6 14 ,1 3 7 475, 2 9 3 ,3 5 0 — 2 477, 0 35 ,4 8 2 J-59 523, 231,211 4-33 565, 3 93 ,511 + 77 642, 3 2 1 ,5 1 4 + 62 4 47 701, 6 8 8 ,2 8 4 745 0 87 ,476 4 101 810, 131,983 — 15 846, 3 7 5 ,2 2 8 + 63 823, 8 86,121 + 117 1 6 2 ,6 4 6 + 125 $ ,635,060 ,208,426 ,340,294 ,095,153 949 ,1 3 2 ,217,278 ,834,721 ,946,842 ,202,815 ,652,030 ,543,761 .960,785 5.1 9 0.46 12.44 6.32 13.78 9 .6 9 6.74 13.68 1.87 7.5 2 14.27 12.72 N o te .— N eith er t h e ea rn in gs o f th e M e x ica n r o a d s n o r th e m in in g o p e r a t io n s o f th e a n th r a c ite c o a l r o a d s are in c lu d e d in th is ta b le . The foregoing shows the results just as revealed by our compilations. But these compilations are neces sarily in some respects incomplete. About 10 % of the mileage of the country is not represented, since it has been impossible up to the present time to procure returns from the same, and in some instances it will be impossible to procure any returns at all; further more, among the roads which are represented in our tables, there are several instances where the June figures have not yet been made public and we have been obliged, therefore, to content ourselves with the results for the five months to May 31 instead of for the six months to June 30. We think it conservative to say that if we could have full returns for the entire railroad mileage of the country, the gain for the six months would<,be raised to $140,000,000, if not to considerably over that sum. On previous occasions we have computed the increase for the first six months of 1906 at $135,000,000 and for the first six months of 1905 at $70,000,000. In 1904 we made a decrease for the six months of between $18,000,000 and $20,000,000; for the six months of 1903 we estimated there had been an improvement of $115,000,000; for 1902 an increase of $50,000,000: for 1901 an increase of $70,000,000; for 1900 ati increase of $90,000,000; for 1899 an increase of $42,000,000 and for 1898 an increase of $68,000,000. Altogether, therefore, the aggregate increase for the ten years foots up $760,000,000. That is , gross earnings of United States rail roads were $760,000,000 larger in 1907 than they had been in 1897. And this covers merely the first six months, the period from January to June. Such re sults furnish their own commentary and it is not neces sary to dilate upon the same. In one respect the magnitude of the 1907 gain is somewhat misleading as an indication of the activity of trade or the normal growth in traffic. In 1906 the coal tonnage of the railroads was very materailly reduced as a consequence of a suspension of mining in a large number of States. In the anthracite regions the mines were idle during the whole of April and the first ten days of May. In the bituminous regions sus pension of mining was never at anv time general. Nevertheless, in Pennsylvania and in most of the Middle Western and Southwestern States there was much idleness and the resumption of work was only gradual, being delayed in a few cases until after the close of the half-year. We referred to the presence of this disturbing influence in reviewing the earnings for 1906, but it is apparent now that the part played by it was never fully appreciated by the general public. The growth of other classes of traffic served at that time to obscure in great measure the falling off in the coal tonnage. This year, with the coal traffic again of normal volume, the gains as compared with the dimin ished tonnage of 1906. are on that account correspon dingly larger. [V o l . lxxxv . In brief, then, except for the troubles at the coal mines, the gain in 1906, large though it was, would have been still larger, while, on the other hand, except for these troubles, the increase the present year would have been to the same extent reduced. The Pennsyl vania Railroad in 1906, notwithstanding the interruption to mining, reported shipments of coal and coke on the lines east of Pittsburgh and Erie for the six months at 23,900,037 tons against only 21,775,772 tons for the same period in 1905; but the present year, under a complete absence of coal troubles, the ship ments rose to 28,559,077 tons. This includes both anthracite and bituminous coal, as wrell as coke. On the other hand, the shipments of anthracite over all the rail lines for the six months, which had in 1906 been reduced to 25,385,801 tons from 30,716.997 tons in 1905, for 1907 rose to 32,884,595 tons. As far as the grain movement is concerned, there was the advantage of a larger movement, at least in the case of the Western roads. The details of the Western grain movement are contained in the following table, from which it appears that the aggregate deliveries of wheat, corn, oats, barley and rye were 339,651,750 bushels in the first part of 1907. against 283,933,868 bushels in the first half of 1906. a gain of nearly 56 million bushels. R E C E IP T S A T W E S T E R N Flour. Jan. 1 to June 29. (bbls.) Chicago— 1907_______ 5,024,062 190 6 4,494.770 M iluvvkee— 190 7 1,257,925 190 6 1.229,615 St. Louis— 190 7 1,434,730 1906 ______1,065.330 Toledo— 1 90 7-......... _______ 190 6 ...................... Detroit— 190 7 63,500 1906 153,860 Cleveland— 190 7 .. 26,589 190 0.. . . . . 30.773 Peoria— 1907_______ 473.450 190 6 539,550 Duluth— 190 7 714.290 1906 1.304.300 M ir.neapolis — 190 7 ___ 190 6 ______ Kansas City— 190 7 ______ 1 9 0 6 .. . Wheat (bush.) 6,198,529 3,004.779 3,199,458 2,316,160 P R IM A R Y Com . (bush.) M ARKETS Oats. (bush.) 70,149,303 43.958.558 48,648,177 39.945,607 4,039.500 4,152,450 Barley. (push.) Rue. (Ovsh.) 9.519,825 1,109,650 9,454,702 748.197 6,071,700 4.569.100 7 252,000 6,879.900 657,900 448,800 4,570,362 5.700,970 22,002,645 15.145,420 15.984.015 12,915.975 1.352.400 1,297.700 231,36§ 269,387 994.500 095,500 4.876,000 1.929.200 3,268,000 1,967,100 ________ 2,740 23.80l> 57.400 762,373 704,319 2,494,32 s1,096,200 3.489,392 1,802,031 .............------------- 503,711 294.212 3,191,995 3.113,513 260.500 317,900 8.599.960 5.304.050 7.188,400 10,594.800 18.410,942 9.175.345 34.635 53,884 _______ ---------- 2,781,163 55,582 2,200 2,708,227 223,070 __________ 1,230.733 3.519,654 1 422,000 1,354,500 165.900 171,000 2,269,372 1,539,414 151,715 122,001 48.130.706 38.416.100 3,587.410 8.056.580 4.843.751 1 164,825 2,211.050 10,251.420 4.430.373 516.004 11,691.000 7,434,000 7,155,000 3.003,000 9,154,000 2.822.600 ________ ______ Total oj all— 1907_______ 8,994.546 94.722,081 126,130.776 88.576,604 26.714.930 3.507 359 1906..............8.818.198 68,059,285 97,262,881 91,096.514 25.182 399 2 332.789 The situation in the case of the seaboard receipts appears to have been different. Here evidently the roads did not have the advantage of a larger movement except in special cases. At all events the grain sta tistics show seaboard receipts of grain of only 132.929,003 bushels, against 153,043,583 bushels in 1906. but against 98,670,328 bushels in 1905, as per the following. RE CE IPTS O F FL O U R AN D G R A IN A T SE A B O A R D Receipts of— F lo u r ........................... .......... bbl?_ 1907. 9,743,742 W h e a t.......... ............ .. bush 42,739,714 C o m ................................. ................. 58,270.999 Oats,................................... ............... 28,018,671 Barley ......... .......... ........................ 2,656.917 R y e ______ - ..................................... 1,242,702 Total grain......... ....................... 132.929,003 JAN . 1 TO JU NE 30. 1906. 8,081.540 1905. 5,087,027 37,058,172 66,701,217 41,211.387 7,244.617 828,190 11,179,795 21,565.051 59,811,462 30,665,579 23.463,474 21.192.207 4.019.355 1.806,610 196.242 512,652 153,043.583 9S.670.32S 1904. 9,555,557 75.742.099 Southern roads quite generally had a larger cotton traffic. The shipments overland for the six months aggregated 953,606 bales, against 639,914 bales in 19(36 and 818,100 bales in 1905. The receipts at the Southern out ports were 3,629.445 bales. against 2,438.426 bJes and 3,429,448 bales. THE CHRONICLE. A u g , 3 1907.. { 257 R E C E IPTS O F COTTON A T SO U T H E R N PO RTS FROM JA N . 1 TO JU N E 30. Forts— 1907 G a lv eston ....... bales I 603,836 P ort Arthur, & c___ 104,263 New O rleans._____ 942,021 M o b ile ____________ 82,289 Pensacola. <Src_____ 74,336 397,644 Savannah .............. B ru n s w ick _____ 64,588 Charleston. ___ 30,650 •Georgetown.. . . . 402 W ilm ington_______ 71,784 N orfolk __________ 225,822 Newport News. & c. 31,810 —Since Jc nuart/ 1— ----------------- -------------1906. 1904. 1903. 1902. 1905. 805,768 903,476 541.079 580,769 652.961 49,300 177,161 47.148 100.753 49,758 807,302 738,463 1.091,684 669.638 858,925 69..502 104.913 100.515 37,285 68,743 32,385 80,207 89,056 35,528 63,968 380,990 300,980 229.722 361,873 555,788 64.972 36,987 61.981 26,838 46,527 33,308 63,109 27.902 43,874 16.995 260 662 276 346 141 64.169 54,224 95,162 27,796 57,818 154,868 155.304 135.448 2S5.590 165,663 24,400 11.132 15.010 20.487 13,525 ; T o t a l . . . ......... ...... .3.629.445 2,438,426 3,429.448 1,782,828 2,352,014 2,296,694 The improvement in earnings was continuous through all the months of the year. In January and February, however, the improvement was relatively small. This was due to the fact that weather condi tions in those months in 1907 were unusually severe, whereas in the corresponding months of 1906 the winter had been one of the mildest on record. In March the present year some of the roads suffered by reason of floods, particularly in the Ohio Valley and the Middle States, the floods at Pittsburgh having been the worst ever experienced. We annex a summary of the month ly totals. The June figures, it must be remembered, .are as yet very incomplete. M o n th ly S u m m aries. M o n th M on tu M o n th .M onth .M onth .M on th Tan Fei» M ch A p ril M ay Ju n e 19:>7 1907 1907 1907 1907 1907 (123 (122 (118 (118 (121 ( 66 road s) _ r o a d s ). ro a d s) _ r o a d s ). r o a d s ). r o a d s )- 1907. 1906. S 1 7 3 .212 .30 5 16 2 ,2 8 3 ,9 9 2 180 ,5 3 9 532 188 ,130 ,45 1 1 9 5 .9 4 3 .3 0 5 8 2 ,4 6 7 ,7 0 6 S 162 ,6 2 3 ,8 8 3 1 5 2 .555 .19 1 164 .6 4 5 .0 0 9 154 ,8 9 4 ,7 4 8 165 ,8 9 0 ,3 4 5 7 2 ,9 2 3 ,6 8 3 In c . or D e c . % $ 4 -1 0 ,5 8 8 ,4 2 2 6.51 + 9,7 2 8 ,8 0 1 6.05 + 1 5 ,8 9 4 ,5 2 3 9.65 4 3 3 ,2 3 5 ,7 0 3 21.45 + 3 0 ,0 5 2 ,9 6 0 18.12 + 9 ,5 4 4 ,0 2 3 1 3.08 m As far as the separate roads are concerned, the record is one of almost uniform increases. Out of the whole 130 roads included there are only nine that have fallen behind and in no case does the decrease reach as much as $100,000. The increases, on the other hand, are of enormous extent, the Pennsylvania standing at the head of the list with a gain of $14,235,000, followed by $11,264.161 gain by the Southern Pacific and $7,174,326 by the Atchison, from which figures the amounts taper ■down. The following furnishes a full list of the gains. P R I N C I P A L C H A N G E S IN G R O S S E A R N I N G S J A N . 1 T O J U N E 3 0 . In crea ses. In crea ses. P en n a syst (2 r o a d s ) ___ o $ 1 4 ,2 3 5 ,0 0 0 ; D u lu th M Issabe & N o rth $87 8 ,1 9 4 •Southern P a c i f i c ________ 11,264,161 ] N orth ern C en tral _____ 870 ,4 0 0 A t c h T o p e k a & S a n ta Fe 7 ,1 7 4 ,3 2 6 St L o u is S o u th w e ste rn 8 4 5 ,4 6 0 -Ohio Burl & Q u i n c y ____ 6 ,0 8 9 ,3 0 7 A tla n tic C oast L ln e v _____ 822 ,2 5 0 U n ion P a c it ie _____ ______ 5 ,5 4 1 ,9 9 6 K an sas C ity S ou th ern 7 5 5 ,4 0 0 R o c k Isla n d s y s t e m ____ 0 4 ,8 7 1 ,8 2 2 ( P a cific C o a s t___________ a 7 2 1 .369 'C a n a d ia n P a cific _________ 4 ,4 6 5 ,2 6 9 M obile & O h i o _____ 710 ,7 6 2 S t L ou is <Sc San F r a n cis c o o 4 , 4 03 ,673 C a n ad ian N o r t h e r n _____ 707 ,100 .N Y C en tral & H u d R l v . 4 ,051,071 N a s h v C h a t t & SI L o u L O70C.261 3 ,4 3 1 ,6 2 3 M inn St P aul & S S M .N orth ern P a c llie .......... . . 6 8 3 ,7 2 0 M o K a n sas & T e x a s ____ 3 ,0 2 4 ,6 3 0 W h e e lin g & L a k e E r ie . . 683 .3 9 0 •Chic M ilw & St P a u l _ - a 2 ,463,701 P h ila B a lt & W a s h . . . 664 ,8 0 0 'C h ic a g o N o rth W e s te rn 2,4 4 9 ,079 i S e a b o a rd A ir L in e . 064 9 ,9 3 7 L ou isv ille & N a s h v i ll e .. 2 ,4 0 8 .0 4 5 N ew Y o r k O n t & W est 0 6 4 4 ,8 6 3 P h ila d e lp h ia & R c a d ln e 1. 0 2 ,3 5 9 ,2 2 4 C h ic St P a u l M inn <S: O 6 1 7 ,4 2 6 E i l e . . ________ _________ a 2 ,3 3 5 ,063 Chlcaero <5c A lto n . . 0 6 1 5 ,4 7 4 I llin o is C e n tr a l.................... -2 ,3 3 8 ,4 5 1 C en tral o f G e o rg ia . . 567 ,331 L e h ig h V a ll e y _____ ______ a 2 ,301 ,047 T o le d o & O h io C en tral 504 ,1 5 9 G ra n d T r u n k (4 road s) 2 ,1 2 9 ,1 4 3 W e ste rn M arylan d 4 3 4 ,0 4 6 M o P a cific s y s t (2 ro a d s) 2 ,0 1 0 ,3 6 3 B essem er & L a k e E rie 384 ,807 T e x a s & P a c if ic .................. 1 ,7 7 6 ,2 4 3 C h ica g o In d & S ou th e rn 353 ,2 3 5 •Central o f N ew J e r s e v . . 0 1 ,6 9 1 ,2 8 8 N ew Y o r k C h ic & St L 3 35 ,022 H altlm ore & O h io _______ 1.6 9 1 ,0 7 4 L o n ? I s la n d _______ . 0 3 0 1 ,1 8 9 : S ou th ern R a ilw a y _______ 1,3 0 4 ,6 9 4 B a n g o r & A r o o s t o o k . . c 2 9 6 ,8 1 7 G re a t N orth ern 12 ro a d s) 1 ,287.979 N ew Y o rk S usq & W e s t. a.260,113 M ich ig a n C e n tr a l________ 1,2 1 4 ,8 3 7 H o ck in g V a l l e y . . . . . 024 2 ,6 5 6 N o rfo lk & W e 3 t e r n _____ 1,204 472 C h esapeak e <Sc O h io o 2 40 ,502 B u ffa lo R o c h & P i t t s . . . 1 ,1 9 9 ,2 4 0 A la b a m a G t S ou th ern 226 ,8 0 8 ■Clevc C ine C h ic & St L . _ 1,077,251 A la N O & T e x P a ? (3 rds) 2 2 1 ,9 6 3 D e n v e r & R io G ra n d e 997 ,2 7 5 W isco n sin C en tral . o 2 1 1,303 L a k e S h o ie & M ich S o . . 982 ,4 3 9 T e x a s C e n tra l___ ..... 2 09 ,465 • C olorado & S o u t h e r n . . . 970 ,0 7 9 W a b a s h ___________________ 955 ,0 5 8 T o ta l (71 roads) S I22 ,989,205 iln te r n a t'l & Gt N o rth e rn 9 2 8 ,4 5 0 ! a Figures are for five months only. GROSS EA RN IN G S FROM JA N U A R Y 1 TO JU NE 30. [ Name oj Road. 1 1907. |Increase ( + ) $ Alabama Gt Southern. 2.150.336 Ala New Orl & Tex Pac New Orl & Northeast ! 1,638.533 Alabama & Vicksburg 810,335 Vicks Shrev & Pacific 837,480 Ala Tenn & North O20.007 A tch T op & Santa F e . 1 48.106.892 .Atlanta Birm & Atlantic a 689,011 Atlantic Coast Line. 14.165.725 Baltimore & Ohio ___ _! 40.472,724 Bangor & A roostook . . J a l .423,278 Bellefonte Ceutrai . 31.388 S 1.923.528 % + 226.808 1.610.5781 + 27.955 + 80,285' 730.050 723,757 + 113,723: a 18,232 + 1.775 40.932.566 + 7.174.326 + 195-006 a494.005i + 822.250 13.343.475 38,781.650 + 1.6 91.0 7 4 a l . 126.461 +296,817| 27.984 + 3.404 1907. 309 196 143 189] 21 i 9,350! 458 4.333; 4.030; 482 27 Increase ( + ) 1907. Bessemer & Lake E r ie .. Bridgeton & Saco R iver Buffalo R o ch & P ittsb. _ Buffalo & Susquehanna Canadian N orthern____ Canadian Pacific _____ Central o f Georgia ._ . Central of New J e rse y .. Chattanooga Sou th ern .. Chesapeake & O h io____ Cherterfield & Lancaster Chicago & A lton . Chicago Burl & Q uincy. Chicago Great W estern. Chicago Ind & L o u is v .. Chicago Ind & Southern Chicago Milw & St Paul Chicago & N orth W est. Chicago St P Minn & O . Chicago Term Transfer. Cincinnati N orthern____ Cin New Orl & T ex Pac. Cleve Cin Chic & St L _ . Peoria & Eastern____ Colorado M idland______ Colorado & Southern__ Col Newb & Laurens___ Copper R ange__________ C orn w all______________ Cornwall & Lebanon__ Denver & R io G ra n de.. Detroit & M ackinac____ Detroit T ol & Ir o n to n .. Duluth & Iron R a n g e .. Duluth Messabe & N or. Duluth So Shore & A tl. Elgin Joliet & E a stern .. Erie . . .. ______ .'. Evansville & Terre H _ . Fairchild & Northeast n Fonda Johnst & G lo v .. Georgia R R ____________ Georgia South & Florida Grand Trunk o f Canada 1 Grand Trunk W est’n }■ Det Gr H av & Milw| Canada A tlantic____J Great Northern System . Montana C en tral____ Gulf & Ship Island_____ Hocking V a lle y ............... Illinois Central________ Internat & Gt Northern Iowa Central___________ Kanawha & M ichigan .. Kansas City S outhern.. Lake Erie & W e s t e r n ... Lake Shore <Sr Mich S ou. Lehigh V alley.................. Lexington & Eastern. . . Long Island_______ Louisiana & A rkansas.. Louisville & N ashville.. Macon & B irm ingham .. Manistique . _ ________ Maryland & Penna____ Michigan Central. . . Mineral R ange________ Minneap & St L ouis____ Minn St P & S S M ____ Missouri Kansas & Tex Mo Pacific & Iron M t__ Central Branch______ Mobile & O h io................ Nasliv Chatt & St Louis Nevada Cal & O regon .. Nevada C en tral_____ __ N Y Central & Hud R lv N Y Chicago & St Louis N Y Ontario & Western N Y Susque & W estern. N orfolk & W estern____ Northern C e n t r a l__ „ Northern Pacific_______ Pacific Coast.................... Pennsylvania R R Lines East of Pitts & E r ie .. W est o f Pitts & E r ie .. Phila Balt & Washlngt’ n Philadelphia & Reading Pittsburgh & Lake Erie Raleigh & Southport. . . Rich Fred & P o t______ Rio Grande Southern.. R ock Island System ____ R u tland_______________ St Jos & Grand Island. _ St Louis & San Fran fin d Chic & East 111) St Louis Southwestern. Seaboard Air L in e_____ Southern Indiana______ Southern Pacific___ Southern R a ilw a y ......... Texas Central___ ____ Texas & P a c ific .............. Tidewater & W e ste rn .. Toledo & Ohio Central. Toledo Peoria & W este’ n Toledo St L & W estern. Tom bigbee V alley_____ Toronto Ham & Buffalo Union P a cific ................. Virginia & Southwestern Wabasli _______ _______ W est Jersey & Seashore Western M aryland_____ W heeling & Lake E rie. Wisconsin Central__ W rightsvilie & Tennille Yazoo & Miss V alley. _ _ 1906. 309 196 143 189 21 9,189 410 4,333 4,030 482 27 1907. 1906. S 2,782,811 016,707 4,413,480 <7789,979 3,577.000 34,753,051 6,083,303 010,828.449 81,645 010.782,779 «29,397 05,059,808 41,302,149 4.387,195 2,859,847 1,499,498 024,066.138 32,998.989 6,596,968 692.203 479,804 4,459,416 12.439,769 1.441,921 0946,804 6,609.069 158,278 0335,072 111,308 0206.709 10,483,977 689.713 2.055,823 2,953,479 4,032,256 1,615,353 1,399,836 o 2 1 ,975.675 0895,671 9,919 0287,551 1,483,164 1,179,875 $ 2,398,004 016,448 3,214,240 0636,807 2,869,900 30,287,782 5,515,972 09,137,161 71,916 010,542,277 017,515 04,444,334 35,212,842 4,212,910 2,775,477 1,146,263 021,602,437 30,549,910 5,979,542 709,684 475,761 4,422,390 11,362.518 1,461,556 0849,033 5,638.990 145,050 0271,324 110.621 0178.737 9,486,702 609,908 1,992.695 2,945.097 3,154,062 1,464,528 1,347.675 019,640,612 0855.878 9,302 0255.517 1,404,733 1,005,929 $ + 384,807 +259 + 1,199.240 + 153,172 + 707,100 + 4,465,269 + 567,331 + 1,691.288 + 9,729 + 240,502 + 11,882 + 615,474 + 6,089,307 + 174.285 + 84,370 + 353.235 + 2.463,701 + 2,4 49,0 79 + 617,426 — 17,481 + 4,043 + 37,0 2 6 + 1,077,251 — 19,635 + 97,771 + 970,079 + 13,228 + 63,748 + 687 + 27,972 + 997.275 + 79,805 + 63,128 + 8,382 + 878,194 + 150,825 + 52,161 + 2,335,063 + 39,793 + 617 + 32,034 + 78,431 + 173,946 233 21 568 281 2,554 9.055 1,899 648 105 1,827 22 970 8,824 818 591 340 7,043 7,468 1.712 102 248 336 1,983 351 336 1,858 75 82 13 26 2,532 343 684 224 242 592 229 2,151 310 33 97 307 395 233 21 568 243 370 8,776 1,878 648 105 1,827 22 970 8,514 818 591 340 7,043 7,453 1,697 102 248 336 1,983 351 336 1,646 75 82 13 26 2,470 333 684 234 185 592 229 2,151 310 33 97 307 395 21,039,376 18,910.233 + 2,129,143 4,528 4,528 24,085,483 22,755,194 1,332,697 1.375,007 1,303.794 1,144.192 02,486,102 02,728,758 28.650.634 26,317,183 4,036.284 3.107,834 1.515,383 1,434,405 1,208,402 1,065,408 4,895,110 4,139,710 2,525.379 2,432,537 21,589,536 20.607,097 014.345,793 a 12,044,746 0255,704 0219.433 c3.551.792 c3,250.603 0499,401 0514,265 24,334,364 21,926,319 75,103 80.309 51.130 31.219 172.304 166,108 13,833,980 12,619,143 393,130 354,257 1,894.596 1.706,599 6,068.356 5,384,636 12.847,359 9,822,729 23,246.396 21,190.033 784,000 830,000 4,931,663 5.642.425 04,729,506 05,435,767 113,815 99.056 45,044 36,016 42,879,224 46,930,895 5,221,022 4,886,000 03.183,668 02,538,805 01,090,430 o l . 350.543 013,327,316 012,122,844 5,475.794 6,346,194 29,305,094 32,736,717 02,318,078 .03,039,447 directly oper ated— 69,826.849 79,141.549 640,248,000 *45,168.300 8.178.211 7,513,411 018,495,439 016.136.215 7,047.156 7,042,044 028.416 046,276 0795.524 0896,719 291,011 263,362 024,923,583 020,051.761 1.267.868 1,386,496 0589,230 0721.870 + 1,330,289 — 42.310 + 159,602 + 242.656 + 2,333,451 + 928,450 + 80.978 + 142,994 + 755,400 — 92,842 + 982.439 + 2,301,047 +36.271 + 301,189 + 14,864 + 2.408,045 — 5,206 — 19,911 + 6,196 + 1,214,837 + 38,873 + 187,997 + 683.720 + 3,024,630 + 2,056.363 — 46,000 + 710,762 + 706,261 + 14.759 + 9,028 + 4,051,671 +335,022 + 644,863 + 260,113 + 1,204.472 + 870.400 + 3,431,623 + 721,369 6,039 250 307 346 4,371 1.159 558 177 827 886 1,520 1.445 92 392 226 4,336 105 78 84 1,745 140 799 2,152 3.072 6,014 388 926 1,230 144 94 3,784 523 546 239 1,876 462 5,782 137 5,974 250 307 346 4,459 1,159 558 177 827 886 1,520 1.445 92 392 187 4,206 105 78 84 1,745 140 799 2,145 3.043 5,951 388 926 1,226 144 94 3,774 5 23 540 239 1,866 462 5.781 137 + 9,314,700 + 4,920,300 + 664,800 + 2,359,224 — 5,112 + 17,860 + 101,195 + 24.649 + 4,871,822 + 118,628 + 132.640 3,754 2,840 706 1,000 191 94 83 180 7,857 468 312 3,698 2,840 706 1.000 191 64 83 180 7.250 468 312 017,014,993 + 4,403,673 4,354.500 + 845,460 06.660 ,S72 + 649,937 726,415 + 79,689 52,029,369 + 11,264.161 27,036.993 + 1.304,694 425,409 + 209.465 6,603.489 + 1,776.243 038,703 + 3,889 1.844.985 + 504.159 604,110 + 45,411 1.975.469 + 30.944 024.152 + 5,312 372,623 + 97.072 31,464,457 + 5,541,996 532.605 + 34.820 12,322.943 + 955,058 2.170,552 + 156,900 2.489,325 + 434.046 2,400.790 + 683.390 02.854.179 + 211.303 96.047 + 12,716 4.780,849 + 21,011 6.008 1,451 2,611 197 9,424 7,552 268 1,826 89 440 248 451 53 88 5,683 134 2,517 368 544 498 1,022 76 1,239 6.006 1.451 2,611 197 9,215 7.516 268 1,826 89 440 248 451 53 83 5,424 138 2,517 332 544 498 977 76 1,210 021.418,666 5.199,960 07,310.809 806,104 <763.293.530 28,341.687 634,874 8,379,732 042,592 2,349,144 649.521 2,006,413 029.464 469.695 37.006.453 567,425 13.278.001 2,327.452 2,923.371 3.084,180 03.065.482 108,763 4,801,860 989,162.646 + 125960785 196.117 193,135 Mexican Roads <not in eluded in tota Is)— Interoceanic of M exico. 3.498.490 3.716.872 Mexican Central.............. 014.144.533 012,290,559 Mexican International . 3.536,560 3,037.530 Mexican Railway ......... 3,496.600 3.946.400 Mexican S o u th e rn _____ 676.552 637.628 National R R of M exico. 8.459.320 7.393.925 a b c d Mileage. 1906. Decrease (— ) Total (130 roads)____ 1.115,123,431 Net Increase (12.72% ) Mileage. 1906. ' Decrease (— ) Name of Road. + 218,382 + 1,847.974 + 499.030 + 449.8001 +38,9241 + 1,065.395! j Figures are for five months only in both years. These totals are approxim ate, blit am ount of increase is exact. These figures are approxim ate and are for five m onths o n ly Figures for June 1907 partly estimated. j 736 3,202 911 321 263 1.730; IT! 736 3,195 884 321 263 1.730 13 J THE CHRONICLE. 258 ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S. — The public ^ales of bank stocks this week aggregate 137 shares, of which 107 shares were sold at the Stock Exchange and 30 shares at auction. One lot of 5 shares of trust com pany stock was also sold at auction. The table below, given in our usual form, shows the actual sales of New York City bank stocks made during the week at auction and at the Stock Exchange. Extensive tables showing the bid and asked quotations, deposits, surplus, &c., of banks and trust companies in all important cities of the United States are published monthly in the “ Bank and Quotation” section, the August issue of which accompanies to-day’s “ Chronicle.” Bid and asked quotations for all New York City bank and trust company stocks are also published weekly in another department of the paper, and will be found to-day on pages 265 and 266. S h ares. B A N K S — N ew Y o r k . L ow . £107 C om m e r c e , N a t. B a n k o f - - 169 30 P a rk B a n k , N a t io n a l_______ 440 T R U S T C O M P A N Y — N ew Y o r k . 5 L a w y e r s ’ T itle In s. & T r ___ 247 x S old a t th e S to c k E x ch a n g e . H ig h . C lose. L a st previou s sale. 171 171 J u ly 190 7— 170 440 440 J u ly 1907— 437 247 247 M ay 1907— 250 [V o l . lxxxy. — Governor Hughes has signed Senator Saxe’s bill, the object of which is to make bank shares taxable, no matter by whom held. Trust companies holding bank shares have heretofore claimed exemption on such shares on the ground that, as they were paying the one per cent annual tax on their own stock, they could not be asked to pay one per cent also upon the bank stock held by them. Such an attitude is now rendered out of the question, since it is distinctly provided that “ No shares of stock of such banks and banking associations, by whomsoever held, shall be exempt from the tax hereby imposed.” An outline of the measure was fur nished in this department on May 11. — For a West Side institution the Riverside Bank, corner Eighth Ave. and 57th Street, this city,— which was consoli dated with the Bank of Discount early in the year, is making considerable progress. Its deposits at the last bank call reached $2,690,302 in June 1907, which contrasts with $2,202,178 in June 1906, $1,751,354 June 1905, $1,478,218 June 1904 and $1,257,523 June 1903. The company’s cap ital is $100,000, surplus and profits $102,410. James T. Wood is its executive. — The New York Clearing House has had the amendment to the Banking Law, to which reference was made in our — The Title Guarantee & Trust Co. of New York moved issue of June 22d, printed in circular form, for distribu its “ Manufacturers’ Branch” of Brooklyn, into the handsome tion among the members The bill was that of Senator Me new building recently erected next door to the old location Manus, and provides that when the State Superintendent of at 198 Montague Street. Here the company’s plant will Banking shall take possession of a bank or individual banker’s have a larger and more attractive home. For a long time property, he shall give notice thereof to all banks, trust com accommodations in the old Brooklyn quarters have been panies, associations and individuals holding any assets of inadequate for this concern’s constantly growing inter-bor said bank or individuaal banker, which notice is to act as a ough banking, trust, title, guarantee and title insurance busi bar against such holders of the assets securing a lien upon the ness. same for any payment, advance or clearance thereafter made — The Citizens’ Trust Co., Broadway and Sumner Ave., Attention is being directed to the new law in view of the Brooklyn, opened a downtown branch office last Thursday discussion of its possible effect upon deposits made by non in the old offices at 198 Montague Street, vacated by the member banks with their clearing agents, with the view to “ Manufacturers’ Branch” of the Title Guarantee & Trust Co. protect the latter, which deposits it is argued, would be — Objection has been made to the use of the name United among the assets, against which the holder is forbidden to Peoples Trust Co. by the new New York institution now in assert a lien, in the event of failure, for any clearance or course of formation and which was referred to in these col payment thereafter made. The following is the amend umns last week as contemplating a Borough Park branch in ment in full. The only new part is the lines printed in Brooklyn. The Peoples Trust Company of Brooklyn already italics at the end: has several branches in that borough and it was thought C H A P T E R 522 . that this similiarity in names might lead to confusion on the A n A c t t o a m e n d th e b a n k in g la w , in r e la tio n t o th e S u p e rin te n d e n t t a k in g possession o f ban k s o r In d iv id u a l b a n k e r ’s p r o p e r t y a n d g iv in g part of many people. The Banking Department will not n o t ic e th e r e o f a n d fo r b id d in g su b se q u e n t p a y m e n ts a n d c le a ra n ce s . B e c a m e a law Ju n e 17 190 7, w ith th e a p p r o v a l o f th e G o v e r n o r . P a ss e d , therefore permit, it is stated, the new company to organize th r e e -fifth s b e in g p resen t. T h e P e o p le o f the State o f N ew Y o r k , represented, in S en a te and A s s e m b ly , do under the preposed name. enact as follow s: S E C T IO N 1. S e c tio n 17 o f C h a p te r 689 o f th e L a w s o f 189 2, e n title d — Tom’s River, Ocean Co., New Jersey, is to have a trust “ A n A c t In re la tio n t o b a n k in g c o r p o r a t io n s ,” is h e r e b y a m e n d e d so as to r e a d as fo llo w s : company when the present plans of the Ocean County 2 17.— Im p a irm en t o f C a p ita l.— W h e n e v e r th e S u p e rin te n d e n t sh all Trust Co.’s organizing committee mature. The First Nation h a v e reason t o b e lie v e t h a t th e c a p ita l s to c k o f a n y c o r p o r a t io n o r in d iv id u a l b a n k e r , s u b je c t t o th e p r o v is io n s o f th is c h a p t e r , is r e d u c e d b y im p a ir m e n t al Bank, deposits $470,000, is the sole local banking institu o r oth erw ise b e lo w th e a m o u n t re q u ire d b y la w , o r b y its c e r tific a te o r a r tic le s o f a s s o c ia tio n , he shall requ ire su ch c o r p o r a t io n o r In d iv id u a l tion now. A new bank building will be erected, with safe b a h k e r t o m a k e g o o d th e d e fic ie n c y . H e m a y e x a m in e o r ca u se t o b e e x a m in e d a n y s u ch c o r p o r a t io n t o a s ce rta in th e a m o u n t o f s u ch im p a ir m e n t deposits vaults in conjunction with a post office, if the ar o r r e d u c tio n o f c a p ita l an d w h e th e r th e d e fic ie n c y has been m a d e g o o d as re q u ire d b y h im . T h e d ir e cto r s o f e v e r y s u ch c o r p o r a t io n u p o n w h ic h rangement can be made with the Government. The direc su ch r e q u isitio n shall h a v e been m a d e shall I m m e d ia te ly g iv e n o t ic e o f such re q u is itio n t o e a ch s t o c k h o ld e r o f th e c o r p o r a t io n , a n d o f th e a m o u n t o f torate will consist of the following, according to the Phila th e assessm en t w h ic h he m u st p a y fo r th e p u r p o s e o f m a k in g g o o d such delphia Public Ledger: Dr. R. L. Disbrow, George H. Hol d e fic ie n c y , b y a w ritte n o r p r in te d n o t ic e m a ile d t o su ch s t o c k h o ld e r at his p la c e o f r e sid en ce, o r se rve d p e r s o n a lly u p o n h im . I f a n y s t o c k h o ld e r man, W m . H. Fischer, A . C. B. Havens, Samuel Levy, sh all refu se o r n e g le c t t o p a y th e assessm en t s p e cifie d in s u ch n o t ic e w ith in s ix t y d a y s fro m th e d a te t h e r e o f, th e d ir e cto r s o f su ch c o r p o r a t io n shall George C. Van Hise, Dr. R. R. Jones, William Buhler, Harry h a v e th e rig h t t o sell t o th e h ig h est b id d e r a t p u b lic a u c tio n th e s t o c k o f su ch s t o c k h o ld e r , a ft e r Kivlnn p re v io u s n o t ic e o f such sale f o r t w o w eeks C. Irons, Abram S. Pittenger and Judge M. L. Berry of in a n e w sp a p e r o f gen eral cir c u la tio n p u b lis h e d in th e p la c e o r c o u n t y w here su ch c o r p o r a t io n Is lo c a te d ; o r s u ch s to c k m a y be s o ld a t p r iv a te s a le , and Tom’s River; Judge James F. Minturn, Hoboken; Dr. Ed w it h o u t su ch p u b lis h e d n o t ic e ; p r o v id e d , h o w e v e r , t h a t b e fo re m a k in g a ward J. Ill, Newark; Albert A . Leroy and Charles L. Rogers,. p r iv a t e sale th e r e o f an offe r in w r it in g t o p u rch a se su ch s t o c k sh all first be o b t a in e d , an d a c o p y th e r e o f s e rv e d u p o n th e o w n e r o f re c o rd o f th e s to c k Lakehurst; F. G. Stanwood, Island Heights; B. E. Eno of s o u g h t t o b e so ld e ith er p e r s o n a lly o r b y m a ilin g a c o p y o f su ch o ffe r t o s u ch o w n e r at his p la c e o f r e s id e n ce ; a n d if, a fte r s e r v ic e o f su ch o ffe r , such Forked River; J. F. Stephenson and Howard Applegate, o w n e r sh all still refu se o r n e g le c t t o p a y s u ch assessm en t w ith in t w o w eeks fr o m th e t im e o f se r v ic e o f su ch o ffe r , th e sa id d ir e cto r s m a y a c c e p t su ch Lakewood; Senator Geo. L. Shinn, New Egypt; Albert o ffe r a n d sell su ch s t o c k t o th e p e rs o n o r p e rso n s m a k in g su ch o ffe r , o r t o a n y o t h e r p ers on o r p erson s m a k in g a la rg e r o ffe r th a n th e a m o u n t n a m e d Allen, Point Pleasant; Alfred E. Johnson, Bay Head; Colonel In th e su ch offe r s u b m itte d t o su ch s to c k h o ld e r ; b u t su ch s t o c k shall In n o Clarence Hodson, Philadelphia; R. F. Rutter, West Creek e v e n t be so ld fo r a sm a ller sum th a n th e v a lu a t io n p u t on it b y th e S u p e r in te n d e n t In his d e te r m in a tio n an d c e r tific a te , w h ic h v a lu a tio n sh all n o t be and I. W . Carmichael. less th a n th e a m o u n t o f th e assessm en t c a lle d fo r an d th e n e ce s s a ry c o s ts o f sa le. O u t o f th e ava ils o f th e s t o c k so ld th e d ir e cto r s sh all p a y th e n e c e s — Samuel McClintock Hamill, President Schenectady s a ry co s ts o f sa le, an d th e a m o u n t o f th e assessm en t c a lle d fo r th e r e o n . T h e b a la n c e . If a n y , sh all be p a id t o th e p e rs o n o r person s w h o se s t o c k has Trust Co., Schenectady, N. Y ., died of typhoid fever at his th u s b e e n s o ld . A sale o f s to c k as herein p r o v id e d sh a ll w o rk as an a b s o lu te c a n c e lla tio n o f th e c e r tific a te o r c e r tific a te s o f s t o c k s o ld , an d shall m ake home last Monday. Mr. McClintock was a well-known Prince th e sam e n u ll and v o i d , an d a n ew ce r tific a te shall be issu ed t o th e p u rch a se r o r p u rch a sers o f sa id s t o c k . I f a n y su ch c o r p o r a t io n o r In d iv id u a l b a n k e r ton ’80 man, his father for a long time having been President sh all n e g le c t fo r s i x t y d a y s a fte r th e S u p e rin te n d e n t sh all h a v e re q u ire d su ch d e fic ie n c y t o b e m a d e g o o d , t o c o m p ly w ith su ch r e q u e s t, th e S u p e r of the Lawrenceville, N. J., school. in te n d e n t sh all r e p o rt th e fa c t t o th e A t t o r n e y -G e n e r a l, w h o sh all In stitu te su ch a c t io n o r p r o c e e d in g a g a in st su ch c o r p o r a t io n o r in d iv id u a l b a n k e r, — At a meeting of the Board of Directors of the Mechanics as Is n o w a u th o r iz e d In th e case o f in s o lv e n t c o r p o r a t io n s . I f, fr o m a n y su ch e x a m in a t io n o r r e p o r t , th e S u p e rin te n d e n t sh all h a v e re a so n t o c o n Bank of New Haven, held July 24 1907, Mr. William H. c lu d e t h a t a n y su ch b a n k o r I n d iv id u a l Is In an u n s o u n d o r u n sa fe c o n d i Douglass was elected President in place of Mr. Charles S. Leete tio n t o d o b a n k in g bu sin ess, he m a y fo rth w ith t a k e po sse ssio n o f such ban k o r In d iv id u a l b a n k e r ’s p r o p e r t y an d bu sin ess, an d r e ta in s u ch possession who declined a re-election and retires after twenty-four u n til th e te r m in a tio n o f th e a c t io n o r p r o c e e d in g I n s titu te d b y th e A t t o r n e y G en eral. *O n taking possession o f a n y such bank or in d ivid u a l b a n k er's years of active duties. S. Fred Strong was elected Vicep r o p e r ty and bu sin ess, the S u p erin ten d en t shall forthw ith give n o tice o f such fa c t to a n y and all ban ks, tru st com p a n ies, a ssocia tion s and in d ivid u a ls President and Cashier. F. W . Chatterton was elected Assist holding or in possession o f a n y assets o f said bank or in d ivid u a l ban ker. N o ban k, trust c om p a n y, a sso cia tio n or individ ual know ing o f such taking ant Cashier. possession by the S u perin ten d en t, o r n o tified as a fo resa id , shall have a lien or charge fo r a n y p a ym en t, advance o r clea ra n ce th ereo f ter m ade, o r lia b ility — Opposition against using the name “ Pilgrim Trust Co.” ther a ft r in cu rred again st a n y o f the assets o f the bank o r individ ual banker o f w h ote assets the S u p erin ten d en t shall have ta ken p o ssession as aforesa id . for the proposed new Boston company developed at the S E C . 2. T h is A c t shall ta k e e ffe c t Im m e d ia te ly . * M a tter fo llo w in g co n s titu te s th e e m a n d m e n t. hearing given by the special bank commission on the incor A itg. 3 1907.J THE CHRONICLE. poration of trust companies last Tuesday. The petitioners said the capital stock of $200,000 was oversubscribed and that there was a need among the smaller merchants for such a company. Ex-Governor John D. Long, appearing for the Puritan Trust Co., opposed the name chosen by the new company. Mr. Long contended that the Puritan Trust did the sort of business the new company proposes to do, and as there is considerable confusion in the public mind as to Puri tans and Pilgrims, the similiarity in designating both com panies would lead to misunderstanding. The Pilgrim Trust Company is being promoted by some of the former officers of the Puritan Trust. — A dispatch from Harrisburg to the Philadelphia Public Ledger states that Auditor General Young of Pennsylvania is asking the trust companies of the State for new reports for the purpose of taxation for the eight months ending June 20. This report is prepared under the provisions of the Act of June 13 1907 known as the Moore bill. Under this Act trust companies are liable for tax at the rate of five mills annually on the book value of their stocks, ascertained by adding to gether the capital, surplus and undivided profits. They are entitled to exemption from tax on capital, surplus and prof its represented by investments in stock of other corporations doing business in Pennsylvania and paying a tax on capital stock. Under the old Act under which trust companies have been taxed they were required to pay a tax of five mills on the actual value of the shares, based on the average price at which the stock sold during the previous year. It is esti mated that the receipts from trust companies under the pro visions of the new Act will be about $250,000 less than under the old Act. The new Act is intended to place trust com panies on a par with banks. — Edmund R. Watson, President of the Northern National Bank, Germantown Avenue and 7th Street, Philadelphia, died last Thursday while in the swimming pool of the Columbia Club. — The annual convention of the Pennsylvania Bankers’ Association will be h<51d in Pittsburgh September 6th and 7th, and presided over by Joseph Wayne Jr., President of the Association and Cashier of the Girard National Bank, Philadelphia. Addresses will be made by Charles H. Treat, United States Treasurer; Festus J. Wade, President Mer cantile Trust Co., St. Louis; John G. Reading, President Susquehanna Trust & Safe Deposit Co. of Williamsport, and Robert E. James, President Easton Trust Co. of Easton Pa. — It appears to be thought that there is a possibility that tha Farmers’ National Bank of Boyertown, Pa. (whose1re cent suspension was reported in these columns last week), may resume. Receiver Schofield has not completed his examination, however. Morris L. Hartman, the former Cashier, was formally placed under arrest last Wednesday, charged with misappropriating the bank’s funds. He was later released until the September term of court after furnish ing $ 10,000 bail. — The ‘ ‘Cincinnati Commercial Tribune” reports the form ation of the Title Guarantee & Trust Co., capital $300,000, by several Cincinnatians who have conducted a similar Cleve land company for several years. The new company, it is stated, will be incorporated August 1st. United States Marshall, Eugene Lewis, is likely to be President. — The projectors of the new National Produce Bank of Chicago have received the Comptroller’s permission to or ganize the bank. This newest comer in the Chicago field will open for business late next month, temporarily at 132 East Lake Street, and have $200,000 capital and $50,000 surplus at $125 per share. Its location in the South Water Street district is convenient to the produce merchants and the distributing agencies of the packing-house interests, to whom the new bank will cater, and with which it will be identified. The officers have not yet been chosen. Those who signed the application to the Treasury are: William A.Tilden, President Drovers’ Deposit Nat. Bank; Edward Dickin son, banker and broker; Charles W . Higley, general Western agent Hanover Fire Insurance Co.; Wm. E. Phillips, VicePresident Dolese & Shepard Co.; Homer W . McCoy of Mac donald, McCoy & Co.; William Wrigley Jr., chewing gum manufacturer. — At the annual convention of the Wisconsin State Bank ers’ Association, held at Milwaukee last week, John T. Sher_ 259 man, Vice-President, was chosen President of the association. A. C. Zimmerman of Wausau, Vice-President; J. H. Puellicher, Milwaukee, Secretary, and Frank Pierce of Durand, Treasurer. There were over 200 members present at the opening session. President F. J. Carr, in his annual ad dress, referred to the fact that “ we have not had a bank fail ure in Wisconsin in two years, and a depositor has not lost a dollar in the State in three years.” The work of the convention, along with other things, resulted in the adoption of a resolution opposing asset currency, or credit-note issue, as proposed by the committee of the American Bankers’ Association, and another resolution favoring the election of one member from each State to the Executive Council of the American Bankers’ Association,-instead of one mem ber from each State for the first 100 members besides one member for each 200 additional members. Another resolu tion approved the efforts of the Executive Council to exclude express companies from the banking business. Charles G. Dawes of Chicago, former Comptroller of the Currency, de livered a noteworthy address on “ The Defects of the Sher man Anti-Trust Law.” The convention closed with a ban quet at which Lieut.-Gen. Arthur MacArthur, head of the U .S . Army, and Congressman Henry Allen Cooper of Racine were the principal speakers. J. W . P. Lombard, President of the Milwaukee Bankers’ Club, was toastmaster. — A committee to raise money with which to meet any demands made upon the Union Savings Bank & Trust Co. of Macon, Ga., to whose reorganization we alluded last week, has been appointed by the board. This committee includes: Judge Charles L. Bartlett, President-elect; T. J. Carling, S. S. Dunlap, Walter D. Lamar and Thomas C. Burke. — A consolidation is progressing in Port Gibson, Miss., where the stockholders of the Mississippi National Bank recently voted to unite with the Mississippi Savings Bank & Loan Co. The combined concern is to be known as the Missis sippi Southern Bank, under the State laws, and will com mence business Sept. 1 in the Mississippi National’s present building. The stockholders of the Mississippi Savings Bank & Loan will ratify the proposition on the 9th inst. Jacob Bernheimer, President, and J. M. Taylor, Cashier,'of the Mississippi National will hold the same offices in the united company — Gilbert H. Green, Vice-President and head of the foreign exchange department of the Canal-Louisiana Bank & Trust Co. of New Orleans, has resigned from the latter and accepted the management of the Inter-State Trust & Banking Co.’s new foreign exchange department. Mr. Green has been engaged in the exchange business the past twenty years with the Whitney-Central National Bank, the Canal-Louisiana Bank & Trust Co., and other local institutions. — The Galveston “ News” of the 21st ult. notes the failure and closing of the Bank of Plaquemine, Plaquemine, La., due to an alleged shortage of $16,000 by its Cashier, J. An drew Gourrier. The bank suffered from a similar defalcation of a former Cashier four years ago. It was organized in 1891 and has $50,000 capital, $31,500 surplus and profits and about $230,000 deposits. Charles A. Brusle is President. — The fifth annual convention of the North Dakota Bank ers’ Association was held in Grand Forks, N. D ., on the 22d and 23d ult. In his annual address, President John L. Cashel opposed “ asset currency,” favoring instead “ a stand ard United States bond issued exclusively as a basis for na tional bank circulation and United States depositories.” — The Butte Commercial Bank, of Butte, Mont., opened for business July 1 with an authorized capital of $500,000 and a paid-in capital of $100,000. The par value and selling price of the shares is $100 and there is no surplus. The officers are: B. F. White, President; Samuel A. Hall, VicePresident; Walter S. Tallant, Cashier; H. P. Ben nett, Assistant Cashier. The bank is incorporated under the laws of the State of Montana. — The National Bank of Commerce of Los Angeles, Cal., and its adjunct, the Manhattan Savings Bank, will move within the next three months into the present quarters of the Merchants’ National Bank, at Second and Main streets, when the latter moves to its new home at Spring and Third streets. The Merchants’ National is waiting for the comple tion of its new banking plant, which will have safe deposit boxes. 2(>0 THE CHRONICLE. — The Comptroller of the Clirrency has approved the application for the conversion of the Citizens’ Bank of River side, Cal., into the Citizens’ National Bank of Riverside, with a capital of $150,000. S. H. Herrick is President. — The stockholders of the Title Guarantee & Trust Co. at Portland, Ore., elected Charles H. Kopf to the newly cre ated office of Assistant Treasurer at their annual meeting July 23. The old official staff was re-elected as follows: J. Thorburn Ross, President; George H. Hill, Vice-President; T. T. Burkhart, Treasurer, and John E. Atchison, Secretary. — July 25th was the banner day for the Old National Bank Spokane, Washington, when its deposits reached $7,103,0 0 0 , the highest figure in its history, and the largest deposits attained by any bank there. The gain over a year ago is $1,625,000, or 2 9.6% . When the present management took control in 1902, deposits were only $960,000, which is a striking contrast with the $7,103,000 now reported. The executive staff of this bank is: D. W . Twohy, President; Peter Larson, Vice-President, and W . D. Vincent, Cashier. The Assistant Cashiers are: W . J. Ivommers and J. A. Yeomans. Its capital is $500,000; surplus and undivided profits are $174,617. — The Canadian Bank of Commerce (head office Toronto) announces this week the opening of a branch at Creston, B. C., with P. B. Fowler in charge. — The bankers of Winnipeg, Province of Manitoba, Canada, have organized a local stock exchange. At a committee meeting held lately , by-laws were adopted and A. M. Nanton was elected Chairman, H. T. Champion Vice-Chairman, W . Sanford Evans Secretary and Treasurer. The executive committee chosen was R. T. Riley, Hugh Sutherland and W . R. Allan. The membership of the exchange will be lim ited to twenty-five seats. Winnipeg’s population is 100,000. Canadian Bank Clearings.— The clearings of the Canadian banks for the month of July 1907 show an increase over the same month of 1906 of 9.9% . and for the seven months the gain reaches 9.9% . July. Inc. or Dec. 1906. $ Canada— $ % M ontreal_____ 123,000,000 125,253,269 — 1.8 T oronto _____ 107,062.498 96,533,252 + 10.9 W innipeg 51 .000,000 42,262.170 + 20.7 O t t a w a ______ 13,058.048 11,972.212 + 9.1 V ancouver___ 17,771,607 10,565.706 + 68.2 H a lifa x ______ 7,705.641 + 23.4 9.509,837 Q uebec. _ _ 9.692,539 8,143,894 + 19.0 Hamilton 7.745,410 7.442,431 + 4.1 St. John. 6,343,504 5.387,739 + 17.7 London ______ 5.294,870 + 14.6 6.066.975 Victoria _ 5.208,912 3.849,657 + 35.3 Calgary, a ____ 6,359,400 4,319,787 + 47.2 E dm onton, a . . 4,171,280 3,167,009 + 31.7 Total Canada 356,459,330 324,410,841 1907. Inc. or Dec. 1906. $ 860,122,578 729,840.950 320.955,081 89,095,131 104,638,274 52,944,018 58,010,591 50,915,562 37,898,082 38,527,492 31.184.733 40,862,325 26,927,765 $ 859,743,142 679,520,050 246,101,505 73,067,186 65,271,600 52,268,097 51,488,332 42,527,145 33,164,202 33,003,961 23,714.399 11,398,975 31,670,009 % + 0.04 + 7.4 + 30.4 + 21.9 + 60.3 + 1.3 + 12.7 + 19.7 + 14.3 + 16.7 + 31.5 + 9 .9 2,374,132,492 2,159,929,619 + 9 .9 ------ a N ot included in totals for m onth and seven months; comparison incomplete. The clearings for the week ending July 27 make a very favorable comparison with the same week of 1906, the in crease in the aggregate having been 15.0% . Week ending July 27. Clearings at— 1907. Canada M o n t r e a l__ T oron to __ ____ W innipeg_________ _ O tt a w a ............. . . V a n c o u v e r ____ H a lifa x .................. Q u e b e c ____________ Ham ilton . St. J o h n .. _ __ London . _ V ictoria_____ ... Calgary __ .. Edm onton . . . 1906. Inc. or Dec. . P er Cent. 1907. 1906. New Y o r k ___ _____________________ B o s to n ______ _____________________ Philadelphia . ______ _______________ Baltim ore________ _________________ C h ic a g o _____________________ _____ St. L o u is __ _______________________ New O rlean s....... ................................ S I ,320,166,124 117.908.749 113,568.498 24,614,919 193,784.169 45,902,782 11,062,071 S I,444,505,753 117,932,538 116,188.944 24,077.931 212,883,585 43,345,357 10,846.410 — 8.6'— 0.02 — 2.3 + 2.2 — 8.9 + 5.9 • + 2.0 Seven cities. 5 days______________ Other cities, 5 d a y s ________________ S I,827,007,312 402,748,693 $1,969,780,51S 349,004,611 — 7 .2 + 12.5- Total all cities. 5 d a y s ___________ All cities, 1 d a y ____________________ $2,229,756,005 475.611,219 $2,318,785,129 492,353,421 — 3 .8 . — 3.4 Total all cities for week................. $2,705,367,224 $2,811,138,550 — 3 .8 Our usual monthly detailed statement of transactions on the various New York Exchanges is appended. The results for the seven months of 1907 and 1906 are given below. Seven Months 1906. Seven Months 1907. Descript'n Par Value or Quantity. .4 dual Value. Aver. P rice P ar Value or Quantity. .4 ctual Value. Aver. Price. 164.723.612 St’ k\Sh’s. 129,005.923 JVal. $11054.950.175 $10150,999,891! 91.8 $14606,446.850 $13439.151.208 92.0 R R .bondt $230,847,400 $214,375,313 92.9 $379,279,800 $367,097,117 96.8 $1,270,000, $1.356,889 106.8 G o v ’t bds $479,800 $532,106 110.9 $49,986,050; $45,603,171 96.2 State bds $30,003,800 $27,344,479 91.1 $338,300 $670,220198.1 Bank st’ kf $202,600 $414,682204.7 Total . . SI 1316.483.775 $10393,666,471 91.8 $15037.321.000*13853.878.605 92.1 262.355.600; 220.030,790 83.9c.368.007,250 339,019.500 90. S Grain, bu $14073,909.395 Tot. valu $10932,685,971 The volume of transactions in share properties on theNew York Stock Exchange each month since Jan. 1 in 1907 and 1906 is indicated in the following: SALES O F STOCK A T T H E N EW Y O R K STOCK EXC H A N G E . M'th.i---------------j Number of l Shares. N umber 0/ Shares. Jan . 22.702,760 1.948.477.925 1,854.950.930 38.518.5483.513.80S.7003.333.4S1.49S. Feb 16.470.972 1.318.394,803 1,241.478,049 21.699.800 1.968.990.600 1.831.598.764 M ch. :32.208,525 2,787,043.4502,609,820,422:19,467.684 1,729,841.900 1.591.417,290« lstqr April May June 71.382,257 6,053,916.175 5,706.250,00179,680.032 7,212,641,200 6.756.497.552 19.235,652 1,686.695.950 1,508,967,41324.330.9192.158,016.950'1.928.749.870> 15.827.245 1.346.719.4751.204.698.417,24.026.049 2,043.050.800 1.879.470.284 9,749.415 826,398.975; 740.089,460.20,340)391 1.744,464,300 1,563,947,686. 2d q r 44,812.3123.859.814,4003,453,755,290:68,697,359;5,945.532,0505.372,173,840* 6 m's 116194.5699,913.730,5759.160.005.291 148377.391 13158.173,250 12128.671,392July 12,811.354 1 .141,219,600 990,994.600 16,346.221 1.448,273.60;) 1 ,310.479.816, The following compilation covers the clearings by months since Jan. 1: M ON TH LY CLEA RIN G S. 1904. $ 27.268,505 20,379,449 9,449,786 2,572,697 2,412,448 1,648,282 1,593.117 1,504,416 1,239,819 947.810 856.947 984,230 662,578 % + 12.2 + 1.5 + 24.2 + 12.9 + 60.0 + 29.9 + 36.5 + 7.8 + 7.4 + 20.1 + 86.2 + 56.9 + 39.6 $ 25,596,646 16,666.741 6,719,042 2,235,488 1.806.454 1,723.461 1.796,142 1,263,665 1,132,304 881.822 682,490 ................ ................ 82,248,400 71,520,084 + 15.0 60,504,255 50,787,210 $ 20,236,581 15,354,639 5,585,811 1,666.085 1,353,001 1,840,931 1.509,120 931,656 978.905 848,671 481,801 Clearings by Telegraph— Sales of Stocks, Bonds, &c.— The subjoined table, covering clearings for the current week, usually appears on the first page of each issue, but on account of the length of the other tables is crowded out once a month. The figures are received by telegraph from other leading cities. It will be observed that, as compared with the corresponding week of 1906, there is a decrease in the aggregate of 3 .8 % . So far as the individual cities are concerned, New York ex hibits a loss of 8 .6% ; Boston, 0 .02% ; Philadelphia, 2.3 % ; and Chicago, 8 .9 % . New Orleans records a gain of 2 .0 % ; Baltimore, 2 .2 % ; and St. Louis, 5 .9 % . Clearings Outside X n c York. Clearings. Total All. Month. 1907. 1906. 1st o r . April . M a y .. June . 41,458,933,953 41,834,184,266 12,636,807,179; 12,902,156,095 12,382,112.008 13,237,374,455 11,136.390,327 12,249,457,807 1906. 1907. % $ $ Jan . . 15,020.747,342 16,333,604,104 — 8.1 Feb . . 11,792,953,798 12,477,037.577 — 5.5 M c h .. 14.625,282,333 13,007,090,991 + 12.4 $ 5,383,076, S58 4,461.444,022 5,063,004.520 t 5,095.403.426 4,152,614,053 4,629,856,802 % + 5.4+ 7.4 + 9 .* — 0.9 14,927.475.490 j 13,894,325,875 + 7.4 — 2.1 4,969,277,555 4,358,920,528 + 14.0— 6.5 5,047,259.142! 4,444,345,376 + 1 3 .0>— 9.1 4,767.217.2921 4,433,230,940 -t-7.5 2d qu . 36.155,309,514 38.388.988 357 — 5.8 14.783,753.989 13.236,502,844 + 11.7’ 6 mos 77,614.243.467 SO .223,172.623 J u l y . . 12.348.573,537 11,658,370,242 — 9.1 29.711.229.479 27.130,828,719 + 9.5* + 5.9 5,036.811,132 4.401,844.139 4- 14.4r The course of bank clearingsat leading cities of the coun try for the month of July and since Jan. 1in each of the last four years is shown in the subjoined statement : BANK 1905. $ 30,601,974 20,677,390 11,734,519 2,903,484 3,859,438 2.140,853 2,174,592 1.621,729 1,331.841 1.137,118 1,59.5,670 1,544,792 925,000 Clef rings— Returns by Telegraph Week ending Aug. 3. lxxxv Seven Months. Clearings at— 1907. [V o l . CL E A R IN G S AT LE A D IN G CIT IE S. — -------- -— J uly.---------------------------------- Jan. 1 to July'S 1.------------(000,000s 1907. 1906. 1905. 1904.. 1907. 1906. 1905. 1904. omitted.) $ $ $ $ $ $ $ $ New Y o r k ________ 7.312 7.257 6.839 5.194 55,215 60 349 53.724 34,324 Chicago __________ 1,087 902 794 704 7,299 6.336 5.687 5,06G» B o s t o n ___________ 714 654 644 548 5,095 4,838 4,417 3,771 Philadelphia............ 636 616 545 .503 4.371 4.491 3.934 3,19tt St. Louis__________ 268 230 227 202 1.865 1.713 1.696 1.575Pittburgh _______ 1,244 218 211 177 1.667 1.567 1.436 1.150 San F rancisco_____ 183 163 148 123 1,338 996 1.004 S51 Cincinnati. _ _ 127 112 102 114 \42 771 704 709 Baltimore ....... 130 119 104 94 876 840 708 619' Kansas C it y .......... 131 106 97 70 923 726 653 586C lev ela n d ________ 88 75 67 59 532 474 444 396: New Orleans____ . 68 66 78 52 562 556 544 575 M in neapolis____ . 97 75 63 56 623 515 460 398 L ou isv ille________ 59 51 49 47 402 387 352 322’ «3 54 49 45 413 379 329 292’ D e t r o it ___________ M ilw au kee.............. 47 39 35 30 324 277 240 226 Providence ______ 34 31 30 27 236 230 213 201 44 40 38 29 327 288 250 22fc O m a h a _____ _____ Buffalo .................... 40 35 29 26 258 225 193 18&’ St. P a u l................... 41 35 27 25 268 223 181 170' I n d ia n a p o lis _____ 37 32 31 28 244 206 192 ISO* D e n v e r ___________ 36 27 26 17 233 192 183 124 R ichm ond................ 29 26 23 20 188 177 151 136: M e m p h is ................ 19 15 17 13 142 143 143 145 Seattle....................... 45 37 28 18 286 267 157 118: H artford ________ 18 18 14 13 115 108 97 R3r Salt Lake C ity____ 31 20 18 13 182 158 106 84’ Total ..................11,528 11,053 10,313 Other cities_______ 821 605 534 8,247 427 Total all_______ 12,349 11,658 10,867 Outside New Y o r k . 5,037 4 ,401 4,028 8,674 3,480 84 816 87.432 78.198 5.147 4.450 3.696 89,963 91.882 34.748 31 533 55.6953.181 81,894 58.876: 28,170 24,552 A ug. 3 1907. | p i o nctiraVI (Com m e v cxa t^ tx g li sir 2Xcxus (From our own correspondent.) London, Saturday, July 20 1907. The city has been less cheerful this week than during the preceding fortnight, and business on the Stock Exchange has been less active. The first cause, no doubt, is the uncer tainty respecting the New York Stock Exchange. The “ see-saw” there makes observers in London doubtful, and the American market has played so preponderant a part in the London Stock Exchange for some years past that uncertainty respecting Americans has a deterrent effect in all other departments. A second reason for the less confident opinion is the revival •of apprehensions respecting Egypt. Arrangements have been made, as is known already, for the voluntary winding up of the Cassa di Sconto e di Risparmio. and it is believed that no other serious failure is to be feared. But it is notori ous that several operators have gone entirely beyond their depths and are now seriously embarrassed. It is believed that they have sold the really good securities they held for which there was a market in Europe. Unfortunately for them, however, others were selling at the same time, and in •consequence they sold at a heavy loss. The local securities which they hold are quite unsalable. There has never been :a market for them in Europe, and for the time being there are no buyers in the local markets. Unless therefore as sistance is given to them until the marketing of the cotton >crop begins, it is feared that not a few of these operators will be unable to meet their differences. The matter is a small one. They have drawn upon London, Paris, Vienna, and so 011— chiefly, however, upon Vienna. But the losses will be so widely distributed that they will not have much •effect, except of course in Egypt. If, however, they are •enabled to tide over until the cotton crop is sold, it is hoped that money will then be plentiful enough to bring about a recovery in Egypt. In addition to this, the negotiations for giving assistance to embarrassed houses in Manchester have come to nothing. There is a general agreement, it is understood, not to press these houses too closely in the belief that if they are given time until the cotton in Egypt is marketed they will be able to meet all their liabilities. But whether the agreement not to press includes all creditors is not known. Besides all this, the stock markets have been rather put out by several new issues made this week, most of them prov ing a complete failure. The feeling in the city, and especially amongst the banks and financial houses, is that if new issues ■could be suspended for a few months, there would be a very great improvement on the Stock Exchange; for time would thereby be given to absorb the stock which is now known to "be hanging over markets. There does not seem, however, much inclination to suspend new issues, although the Chan cellor of the Exchequer has decided not to bring out this year either Irish land stock or the new Transvaal guaranteed loan. Early this week an Indian railway issue guaranteed by the Indian Government and bearing 3J^% interest was brought out. But it is believed that only 12% of the amount offered was taken by the general public, so that the underwriters have to pay for 88% . The reason generally assigned for the failure of the issue is that the price was fixed •entirely too high. One or two other less important issues have also been failures. Just as the week draws to a close there is an offering of the South Manchurian Railway. It is guaranteed by the Japanese Government, it bears 5 % in terest, the price is 97, and the amount is 4 millions sterling. The money is to be applied to reconstructing, improving and fully equipping the South Manchurian Railway, the line, that is to say, which was ceded to Japan by the Portsmouth treaty. The line will connect with the Korean and the Chi nese railways, and arrangements have been entered into with the Russian Siberian Railway for the through carriage of both passengers and goods. The issue is underwritten, and, •while everybody admits the high character of the loan, there is a strong feeling that it would have been better if the issue had been postponed for some time. [The loan proved a failure, as noted in our article on the “ Financial Situation” last Saturday.— Ed.] Meanwhile, trade continues exceedingly ■good, and, although crop prospects are not satisfactory, they are decidedly better than they were expected to be a little while ago. Money has been fairly easy during the week, for the Bank of England is obtaining a very considerable amount of gold, and the hope is strong that the reserve will be very consid erably strengthened before the autumn begins. Further more. it is understood that the Japanese financial authorities have let out a good deal of money— perhaps to some extent to prepare the market for the South Manchurian Railway issue, but mainly no doubt because Japan has to pay large amounts every now and then in Europe. The feeling is almost universal that no change now will be made in the rate o f the Bank of England, as there is too much uncertainty respecting the money market in New York and there is a 261 THE CHRONICLE general belief that money will be both scarce and dear in Germany. According to the report of the Imperial Bank for the week ended the 15th of this month, the return of notes had not. been sufficient to relieve the Bank from the necessity of paying the duty of 5 % on a portion of its notes, amounting roughly to 1% millions sterling. No doubt there will be a further reduction in the circulation this week, but the following week will be the end of the month, and it re mains to be seen whether that will not bring a considerable increase in the circulation. At all events, the feeling is universal at home and abroad that money will continue very scarce and dear in Germany, and that consequently the Bank of England and the Bank of France will both maintain their rates of discount unchanged. The India Council offered for tender on Wednesday 80 lacs, and the applications exceeded 590 lacs, at prices ranging from Is. 4d. to Is. 4 l-16d. per rupee. Applicants for bills at Is. 4 l-32d. and for telegraphic transfers at Is. 4 l-16d. per rupee were allotted about 18% of the amounts applied for. 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. July 18. 1907. July 17. £ £ 1905. July 19. £ 29,989,150 10,756,678 44,338,873 16.752.444 29,642.689 26,736,492 38,275,642 1904. July 20. 1903. July 22. £ £ Circulation............... 29,598,225 29,907,555 28.601.365 29,468.090 Public deposits____ 7,929,058 9,044,279 7.042,301 7,238,163 Other deposits____ 47,847,112 43,498,242 40,844,216 41 244,279 Governm 't securities 16,584,520 15,977,133 16.403,766 15,342,840 25,211.552 26.016,874 Other securities____ 32,837,054 28,796,208 Reserve ,notes*coin 23,095,995 25,874,437 24.331.331 25,262,601 Coin&bull. .bothdep 35,561,654 37,331,992 34,482,696 38,555,691 Prop, reserve to lia 50 % bilities_____ p. c. 46 48 7-16 52 49 H Bank rate_____p. c. 4 3 3 2'A m 87 13-16 90 1-16 88 11-16 92 Consols, 2 Yt p. c __ 84?;J Silver . _ _________ 31% d. 27>^d. 26% d' 3 0 . d. 25 5-16d. Clear.-house returns 269,313,000 257,070,000 259,447.000 216,260,000 174,145,000 The rates for money have been as follows: Bank of England rate_______ Oven Market rale— Bank bills— 3 m onths____ — 4 m onths____ — 6 m onths____ Trade bills— 3 m onths____ — 4 months____ Interest allowed lor deposits— By joint-stock banks_____ B y discount houses: A t call . . . ____________ 7 to 14 days____________ July 19. 4 4 9-16 @ 4 % 3% @ 3% 4H 3% @4 4 July 12. 4 July 5. 4 3 9-16 3% 3 11-16 3 H @ 3 % 4 3% @ 4 4 4 4 @ 4% 4 @ 4 \i June 28. 4 3 % @ 3 3i' 3% 4& 4H 4 @4*4 4 @ .4 y 2K 214 2y 2y 2V2 2M 2y 2H 2 VS 2% 2U 2Vi The Bank rates of discount and open market rates at the chief Continental cities have been as follows: July 19. J uly 12. July 5. June 2S. Bank Open Bank Open Bank Open Bank Open Rales of Rate. Market. Rate. Market. Rate. Market. Rate. Market. Interest at— 3y P a r is ____________ . . . 3y 4% 3y 3% 3% 3M zy Berlin........... .......... 5y 5y 4y 4y 534 4% 5y 4y H am bu rg............... — 4y 5y 5y 5H 5y 4y 4H 4K> Frankfort . . __ - - - 5 M 4 9-16 4 7-16 4 7-16 r>y 4 13-16 sy m A m s te rd a m _____ . . . 5 5 5 4% 5 4% 5 4H 414 Brussels ________ . . . 4% 5 4y 5 5 5 4H Vienna ............. .. 4% 4 9-16 4 7-16 5 5 5 5 4y 7 7 St. Petersburg____ . . . 7 7 4~ 4 4y 4 Madrid. ................... . . . 4y 4 4V£ 4y r>y Copenhagen ______. . . 6 6 6 6 5?< 5H m .. Messrs. Pixley & Abell write as follows under date of July 18: C O L D .— 1 he arrivals this week were larger than anticipated, and, after satisfying the few outside orders, the Bank received about £350,000. Since our last the Rank has received £640,000, of which £250,000 has been released b y the India Council and the rest is in bars, and has lo s t£80,000 to Italy and £5.000 to Paris. Next week we expect £400,000 from South Africa. Arrivals— Cape, £4s9.000; India. £*50,000; total. £549,000. Shipments— B om bay, £51,200; Colom bo. £1.000; Calcutta, £ 2 5 ,000; total, £77,200. S IL V E R .— The market has been an im proving one. and we close 5-16d. higher on the week, at 3 1 % d . The feature has been the steady demand for India, and, with some speculative buying, based on the G overnm ent’s reauirements, the ten dency has been firm. One im portant feature has been the gradual absorption o f cash slver, which lias been at a premium over forward. The Indian price is Rs. 79V& per 100 Tolahs. Arrivals— New Y o rk , £180,000. Shipments— Port Said, £ 1 ,600; Bom bay, £11,100; Calcutta, £159,000: total, £171,700. M EXICAN D O L L A R S .— There have been some transactions in these coin at their melting value. The quotations for bullion are reported as follows: G O LD . J u ly \ § . July 12. | S IL V E R . July 19. London Standard. s. d. s. d. | London Standard. d. Bar gold, fine, o z _____ 77 o y - 77 9% !Bar silver, fine, o z ____31% U. S. gold coin, o z __ _ 76 5 76 5 ! “ 2m o. delivery, o z . 31% German gold coin, o z . . 76 5 76 5 |Cake silver, o z _______ 33 11-16 French gold coin, o z . . 76 5 76 5 IMexican dollars______ nom. Japanese yen, o z _____ 76 5 76 5 1 July 12. d. 31 1-16 31 1-16 33% nom. The following shows the imports of cereal produce into the United Kingdom during the season to date, compared with previous seasons: IM PO RTS. Forty-six weeks. 1906-07. 1905-06. 1904-05. 1903-04.1 Im ports of w heat____________ cw t.82,474,952 81.601,790 90,810,200 81,344.236 Barley __________________ _______ -18,407,434 19,203,500 19,610,800 28,975,126 O ats______________________________ 9.377,214 13,756,200 14.681,900 13,376,894 Peas______________________________ 1,556,050 1,513,735 1,928,918 2,111,050 B e a n s ____________________ _____ 385,920 560,370 1,366,870 1,945,758 Indianeorn.................. ........................43,191,570 40,435,400 35,881,350 41,829,567 Flour ___________________________ 12,042,172 12,972,470 9,872,920 17,581.743 Supplies available for consumption (exclusive of stock on September 1): 1906-07. W h eatim ported........................ cw t.82,474,952 Im ports o f flour__________________ 12,042.172 Sales of hom e-grown_____________ 33,572,958 1905-06. 80,601,790 12,972,470 27,525,528 Total ............................................128,090,082 122,099,788 Average price wheat, w eek.............. 32s. Od. 30s. 5d. Average price, season....................... 27s. 4d. 28s. 8d. 1904-05. 90,810,200 9,872,920 13,498,141 1903-04. 81.344,236 17,581,743 16,529,789 114,181,261 115,455,7o8 32s. 2d. 26s. 6d. 30s. 8d. 27s. id . The following shows the quantities ofwheat, flour and maize afloat to the United Kingdom: W h e a t . ............................... qrs Flour, equal t o .................... qrs Maize .......................................... qrs This week. 2 620,000 135 000 1 Last iceck. 1906. 1905. ' 2,740,000 2,524,000 2.S20.000 180,000 151.000 105.000 1 010 000 955,000 1 ,0 2 0 ,0 0 0 262 THE CHRONICLE. Legal Tenders. E n g lis h F in a n c ia l M a r k e t s — P e r C a b le . T h e d a ily c lo s in g q u o t a t io n s f o r s e c u r it ie s , & c ., a t L o n d o n as r e p o r te d b y c a b le h a v e b e e n as fo llo w s th e p a s t w e e k : London, Week ending A u g. 2. Sat. M on. Tues. W ed. Thurs. F rl. S*lver, per o z _____________ d . 31 13-16 31 15-16 31 15-16 31 15-16 32 1-16 32% Consols, new, 2% per cen ts._ 83% 82 11-16 82% 83 1-16 82% 82 11-16 F oraccou n t______________ 8 3 ^ 82 ll-1 6 c8 3 83% 82 13-16 82 13-16 French rentes (In P a r is )..fr . 95.12% 95.12% 95.10 95.30 95.07% 95.00 74 74% 74 74 73% Russian Imperial 4s._-______ 74 do New 5s_____ 83% 83% 83% 83% 83% S3% Amalgamated Copper C o____ 9434 95 92% 90 87>2 86% b Anaconda Mining C o______ 11% 11% 11% 11% 11% 11% Atchison Topeka & Santa Fe 96% 97 95% 95% 95 94% Preferred . . . ......... .............95% 95% 95% 95 . 95% 95 Baltimore & O h io . . ................ 100% 101% ‘ 100% 100% 100 100 Preferred ________ _______ 89 89 89 89 89 89 Canadian Pacific____________ 180% 181% 180% 180% 179% 179% 36% 36% 36% 36% 36% Chesapeake & O hio________ 36% Chicago Great W estern_____ 11% 12 11% 11% 11% 11% Chicago Mliw. & St. P a u l...1 3 8 % 139 138 137 136 136 Denver & R io Grande, c o m .. 28% 28% 28 28% 29 28% Preferred ________________ 73 72% 73 72% 73 72% 24 23% 24 24% 24% Erie, com m on........................... 23% First p r e fe r r e d .................61% 61% 61 61 61 61% Second preferred.......... .. 41% 42% 42 43 43 42 148 147% dl4 3 % 144 144 niinois Central......... ............ .148 Louisville & Nashville______ 120 120% 120 116% 116 145% 21% 21% 20% 21 21 M exican Central____________ 21% Missouri Kansas & T ex., com . 38% 40% 39% 41 39 ,39% - Preferred ............................. 68% 69 69 69 69 69 National R R . of M exico____ 52 55 52 52 52 52 N. Y . Cent. & H ud. R i v e r . . 116 116% 115% 115 114 114% N. Y . Ont. & Western, c o m . 37 37% 37% 37 36% 36% Norfolk & W estern, com ____77% 77% 76% 76% 76% 76 • Preferred ________________ 82% S2% 82% 82% 82% 82% Northern Pacific____________ 139 139% 137% 137% 134% 134% a Pennsylvania_____________ 63% 63% 63 63 62% 63 a Reading C o....... ................... 54% 55 53% 53% 52% 53 a First preferred__________41% 41% 41% 41% 41% 41% a Second preferred.............. 41 41 41 41 41 41 R ock Island C o.........................22% 22% 22 22 21% 21% Southern Pacific____________ 92% 93% 92 93 91% 92% Southern Railway, com m on . 20 20 19% 19% 19% 19% Preferred _________ _______ 65 66 65 65 65 66 150% 147% 147% 146% 147% Union Pacific, com m on_____ 150 Preferred ________________86% 86% 86 86 86 86 U . S. Steel Corp., c o m m o n .. 38% 38% 37% 37% 36% 36% Preferred .............................103% 103%. 103 103% 103 103 Wabash ........................... ........ 13% 14 13% 13% 13% 14 Preferred ________________25% 25% 26 25% 25% 25% Extended 4s_____________ 63 63 63 63 63 63 a Price per share. 6 £ sterling, [V © L . c F or Septem ber account, d E x-dividend. BANK NOTES— CHANGES IN TOTALS OF, AND IN DEPOSITED BONDS, &c.— We give below tables which show all the monthly changes in bank notes and in bonds and legal tenders on deposit. The statement for July 1906 will be found in our issue of Aug. 4 1906, page 250. A pril 1. M a y 1. June 1. LXXXV. July 1. Aug. 1. Deposits by— S $ $ $ ' $ Insolvent banks. _______ 1,119,171 1,096,371 1,028,221 982,271 949,871 Liquidating b a n k s . ____ 15,681,220 15,749,488 15,365,637 15,490,422 15,194,285R educing under A ct of 1874* ___________ ______ 32,778,609 32,863,210 31,932,118 31,745,116 32,228,440 49,579,000 49,709,069 48,325,976 48,217,809 48,372,596 *A ct of June 20 1874 and July 12 1882. National Banks.— The following information regarding national banks is from the Treasury Department: A P P L IC A T IO N S T O C O N V E R T IN T O N A T IO N A L B A N K S APPROVED. .July 24 to J u ly 25. S ta te B a n k o f L a w r e n c e , N e b r a s k a , in t o th e " F i r s t N a tio n a l B a n k o f L a w r e n c e .” C a p ita l, $ 2 5 ,0 0 0 . T h e B a n k o f A la m a n c e , G ra h a m , N o rth C a ro lin a , In to “ T h e N a tio n a l B a n k o f A la m a n c e a t G ra h a m .” C a p ita l, $ 5 0 ,0 0 0 . N A T IO N A L B A N K S O R G A N IZ E D . C ertifica tes issu ed fro m J u ly 22 1907 to J u ly 26 1 90 7, in clu siv e. 8 .8 0 5 — T h e F irst N a tio n a l B a n k o f C a rlisle, I n d ia n a . C a p ita l, $ 3 5 ,0 0 0 . W illia m A . L ls m a n , P re s id e n t; J . F ra n k A lu m b a u g h a n d W illia m M . T r im b le , V ic e -P r e s id e n ts ; D e L a sk ie J . M ath es, C ashier; H a rry T . A lu m b a u g h , A s s is ta n t C ashier. 8 .8 0 6 — F irst N a tio n a l B a n k o f O ly p h a n t , P e n n s y lv a n ia . C a p ita l, $ 1 0 0 ,00 0 . E d w a r d S. J o n e s , P re sid e n t; B . J . L y n c h , V ic e -P r e s id e n t; E . N . Sh irer, C ashier. C o n v e rsio n o f th e C itize n s’ B a n k o f O ly p h a n t. 8 .8 0 7 — T h e F irst N a tio n a l B a n k o f O a k v ille , T e x a s . C a p ita l, $ 2 5 ,0 0 0 . T h o r n to n H a m ilto n , P re s id e n t; L ee H in to n , V ic e -P r e s id e n t; D . T . B la ir, C a shier. 8 .8 0 8 — T h e First N a tio n a l B a n k o f S c o tt C ity , K a n s a s . (P o s t O ffic e , S c o t t , K a n s a s .) C a p ita l, $ 2 5 ,0 0 0 . A . S . C h ris ty , P r e s id e n t; R . B . C h ris ty , C ashier; H . S. R e c t o r , A s s is ta n t C ashier. 8 .8 0 9 — T h e F irst N a tio n a l B a n k o f W a r n e r , In d ia n T e r r ito r y . C a p ita l, $ 2 5 ,0 0 0 . T . G . O v e rs tr e e t P r e s id e n t; J o h n S h in n , V ic e -P r e s i d e n t; H . C. W y n n e , C ashier. 8 .8 1 0 — T h e First N a tio n a l B a n k o f M an sfield , P e n n s y lv a n ia . C a p ita l, $ 5 0 ,0 0 0 . C h arles S . R o s s , P re s id e n t; W a rre n D . R o s e , V ic e -P r e s i d e n t; W . W . Allen.. C a sh ier. L IQ U ID A T IO N S . 6 ,4 4 1 — T h e T h ir t y -F o u r t h S treet N a tio n a l B a n k o f N ew Y o r k , N e w Y o r k , w a s p la ce d in v o lu n t a r y liq u id a tio n J u ly 22 1907. 7 7 2 — T h e F o u rth N a tio n a l B a n k o f P r o v id e n c e , R h o d e Is la n d , w as p la c e d in v o lu n t a r y liq u id a tio n J u ly 17, 190 7. 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 ot Company. P er Cent. When Payable. Books Closed. D ays Inclusive. National Bank Notes— Total Alloat— Am ount afloat July 1 1907_________________________ ______________ _____ $603,788,690 Am ount issued during July_________________________________ $5,843,590 Am ount retired during J u l y ________________________________ 6,236,394 392,804 Railroads (Steam ). Baltim ore Chesapeake & Atlantic, pref. Sept. 2 1 Holders of rec. Aug. 20 Baltim ore & Ohio, com m on______ Sept. to 3 i Aug. 18 Sept 2 Sept. Preferred ____________ ________ 2 to Sept 2 i Aug. 18 Boston & Maine, com m on (q u a r.).. 1 Holders of rec. Sept. 13 1 % Oct. Preferred ______________________ Sept. 3 a Holders of rec. Aug. 15 Buffalo Rochester & Pittsburgh, com m on.. 2% Aug. 15 Holders o f rec. Aug 5 Aug. 15 Holders o f rec. Aug. 5 Preferred_________________________ 3 Chicago M ilw. & St. Paul, com. and pref. 3% Oct. a Holders of rec. Aug 21 3% Aug. 20 Holders of rec. Aug. 3 Chic. St Paul M. & O ., com . and p r e f.. Sept. 2 Cleve. Cin. Chic. & St. L ., com m on____ 3 Holders of rec. Julv 31 Cleve. & Pittsburgh, orig. guar, (guar.)___ 2 Holders of rec. A ug. 10 1% Sept. Sept. Special guaranteed betterment (quar.)_ _ 1 2 Holders of rec. Aug. 10 Illinois Central (No. 105)_____________ 3% Aug. 31 Aug. 2 to Aug. 21 3 Aug. 12 Xuly 23 Louisville & Nashville__________________ to Aug. 12 Aug. 12 Aug. 6 1 to National R R . of M exico, preferred____ Aug. 11 Aug. 16 Holders of rec. Aug. 2 2 Norfolk & Western, adj. preferred. Oswego & Syracuse, guaranteed___ to Aug. 19 4% Aug. 20 Aug. 11 Peoria & Bureau Valley___________ Aug. 10 Aug. 2 4 to Aug. 11 Aug. 15 Holders of rec. Aug. S Pitts. Cin. Chic. & St. Louis, co m m o n .. 2 R om e W atertown & Ogdensburg (quar.) to Aug. 15 1% Aug. 15 Aug. 1 Southern P acific, common (g u a r .).. 1% V a n d alia__________________________ 2% Aug. 16 Holders of rec. Aug. 5 Street Railways. Boston Elevated____________________ Aug. 15 Aug. 1 3 to Aug. 15 Chattanooga Railways, pref. (quar.) . . 1 Holders o f rec. Aug. 201% Sept. Philadelphia Com pany, Pittsburgh, p r e f.. 2 Holders of rec. Aug. 10 2% Sept. Twin C ity R ap. T r., M inn., com . (qu.)_ 1% Aug. 15 Holders o f rec. July 31 M iscellaneous. Amalgam ated Copper (qu ar.)__________ 2 Aug. 26 July 26 to Aug. 11 American Caramel, preferred (quar.) . . 2 Sept. 30 Oct. to 1 Sept. 11 Aug. 20 Aug. 15 Aug. 20 Am erican Chicle, com mon (m o n th ly ).. 1 to Am . G raphophone, pref. (qu.) (No. 4 9 ). 1% Aug. 15 Holders o f rec. Aug. 1 Sept. 30 Am erican Radiator, common (guar.)_____ 1 to Sept. 30 Sept. 22 Preferred (q,uar.) ................ ................... .. to Aug. 15 1% Aug. 15 Aug. 9 2 Aug. 18 to Sept. Am erican Shipbuilding, common (quar.) 1 ____ to 2 Aug. 18 Sept. Common, extra__________________ 2 British Columbia Copper (q u a r .).. 4 Aug. 17 to Sept 4 25c. Sept. Extra ______________________. . . . 4, Aug. 17 to Sept 4 15c. Sept. Cambria Steel_____________________ 1% Aug. 15 Holders of rec. July 31 to Casein Co., pref. (qu ar.) (N o. 2 9 ).. Aug. 10 Aug. 1 Aug. 9 2 to duPont(E.I.)deNem oursPow .,com . (quar) Sept. 15 1% Sept. 14 Sept. 6 llS ept. 1 Eastman Kodak of N . J ., common (quar.) to 2% Oct. Sept, 15 Common, e x tr a __________________ Oct. 1 Sept. 1 to 5 Sept. 15 Preferred (quar.)_________________ 1 S ip t. 1 to Sept. 15 1% Oct. General Chemical. common......... ........ Sept. 3 Aug. 25 to Sept. 3 2 Jefferson & Clearfield Coal & Iron, pref. . 2% Aug. 15 Holders o f rec. Aug. 5 Kansas City Stock Yards (quar.)________ 1 Holders of rec. July 15a 1% Aug. Sept. Mahoning Investment C o............................. 3 Holders o f rec. Aug. 20 2 Montreal Light, H eat & Power (qu ar.). 1% Aug. 15 Holders of rec. July 31 National Carbon, pref. (quar.)________ to Aug. 15 1% Aug. 15 Aug. 6 l % o Sept. New England C otton Yarn, com . (quar.) 3 Aug. 16 Sept. 2 to New England Telep. & Teleg. ( q u a r .) ... Aug. 14 1% Aug. 15 Aug. 1 to 50c. Aug. 31 Holders o f rec. Aug. 15 Newhouse Mines & Smelters (qu ar.)____ N. Y. & Queens El. Lt. <fc P ow ., pref._ 2% IAug. 10 Aug. l Aug 11 to Aug. 1 New York & Richm ond Gas___________ 71 Holders of rec. Aug. 1 North American Co. (quar.) (No. 1 9 ) .. 2 jHolders of rec. Aug. 15 1% Sept. Peoplc's Gas Light & Coke (quar.)__ Aug. 26 1% •\ug. 26| Aug. 11 to 1% Vug. 28 Aug. 8 Aug. 27 Pressed Steel Car, pref. (quar.) (N o. 34) to P rocter & Gamble, com m on (qu ar.)___ 3 Vug. 15 Holders o f rec. July 31 Pullman Co. (quar.) (No. 162)________ 2 !Allg. lol Holders of rec. July 31 United Bank N ote Corp., com . (q u a r.). 1 Vug. 15 Aug. 2 Aug. 15 to United Copper, com m on (qu ar.)______ Aug. 6 to 6j July 25 1% ! Aug. U. S. Cast Iron Pipe & F d ry .,co m .(q u .) to Sept. 2 2 Aug. 11 1 'Sept. Preferred (quar.) (N o. 2 7 )______ to Sept. <> 1% Sept. 21 Aug. 11 XJ. S. Steel Corp., common (quar.) (N o .lo ) to Sept. 30 Sept. 12 Sept. 30 1 Preferred (quar.) (N o. 2 5 )_______ to Aug. 30 i % ; Aug. 30] Aug. 8 Welsbach Company (annual)_______ ____________________________________________ 2 'Holders of rec. Aug. 21 2 1Sept. a Transfer books not closed. 6 Declared fj% payable in quarterly installments. Am ount of bank notes afloat August 1 1907____________________________$603,395,886 Legal-Tender Notes— Am ount on deposit to redeem national bank notes J u ly 1 1907______ $48,217,809 Am ount deposited during July______________________________ $2,658,364 Am ount of bank notes redeemable in July.................................. 2,503,577 154,787 Auction Sales.— Among other securities the following, not regularly dealt in at the Board, were recently sold at auction: By Messrs. Adrian H. Muller & Son: Bonds and Legal-Tenders on Deposit for Bank Circulation. Circulation Afloat Under 1906-07. July June May April M ch. Feb. Jan. D ec. N ov. O ct. Sept. A ug. 31......... .. 30________ 3 1 ________ 30________ 30________ 28________ 31________ 31_________ 3 0 ............... 3 1 . .............. 29..... .......... 31................ Bonds. LegalTenders. Bonds'.' LeqalTenders. Total. $ 558.582.550 558,442,910 556,937,300 553,199,050 550,137,900 552,955,950 553.253.550 551,263,840 549,750,830 539,653,180 530,772,270 526,944,030 $ 48,372,596 48,217,809 48,325,976 49,709,069 49,579,000 46,605,649 46,498,995 46,882,385 46,399,102 46,238,816 46,134,184 45,413,143 $ 555,023,290 555,570,881 553,614 574 550,204,771 547,633,063 549,737,373 549,698,547 549,280,084 546,981,447 536,933,169 527,768,924 524,439,160 $ 48,372,596 48,217,809 48,325,976 49,709,069 49,579,000 46,605,649 46,498,995 46,882,385 46,399,102 46,238,816 46,134,184 45,413,143 $ 603,395,886 603,788,690 601,940,550 599,913,840 597,212,063 596,343,022 596,197,569 596,162,469 593,380,549 583,171,985 573,903,108 569,852,303 For full explanation of the above table see the issue of Dec. 14 1901, page 1232, the first item in Financial Situa tion. The following shows the amount of each class of bonds held against national bank circulation and to secure public moneys in national bank depositories on July 31. XJ. S. Bonds Held July 31 1907 to Secure Bonds on Deposit July 31 1907. Bank Circulation. 2 per cents, Panama Canal______ 4 per cents, funded 1907. - ......... .. 4 per cents, 1895, due 1925_____ 3 per cents, 1908-1918 .................. 2 per cents, consols 1930 _______ 3.65s, District of Columbia, 1924 State, city and railroad b o n d s ... Hawaiian Island bonds__________ Philippine loan__________________ Porto R ic o ......................................... $16,827,580 12,500 8,482,900 4,882,620 528,376,950 Total on deposit July 31 1907.. $558,582,550 Public Deposits in Banks. Total Held. $12,833 244 5,940 7,799 66,052 1,088. 62,491 1,713 9,644 730 $29,661,380 256,500 14,423,650 12,681,620 594,429,000 1,088,000 62,491,885 1.713.000 9.644.000 730,000 $168,536,4851 The foregoing does not include the bonds held York Sub-Treasury against deposits in banks. The following shows the amount of national afloat and the amount of legal-tender deposits Aug. 1 and their increase or decrease during of June. $727,119,035 in the New bank notes July 1 and the month Am ount on deposit to redeem national bank notes August 1 1907____ $48,372,596 The portion of legal-tenders deposited (1) by banks be coming insolvent, (2) by banks going into voluntary liqui dation and (3) by banks reducing or retiring their circulation, was as follows on the first of each of the last five months: 10 E n g le w o o d H y g e la I c e C o . . 25 30 N a tio n a l P a rk B a n k ............... 440 40|E sco M fg. C o _______ $25 p e r share 5 L a w y e r s T itle In s . & T r .C o .2 4 7 50 L a M a y a V a lle y L d . & I m p . C o ......................... ....................... 58 B on d s. $15 ,0 0 0 P a rk & T llfo r d D e b . 6s 1936. J . & D -------9 2 % - 9 3 % & !n t. $ 2 0 0,00 0 A la sk a M erca n tile Co. D e b . 6s. 192 2. $15 0 ,0 0 0 w ith N ov. 1903 co u p o n s and $5 0 ,0 0 0 w ith N ov. 1906 co u p o u s a t t a c h e d _______ $150 lo t AU G . 3 1907 J THE CHRONICLE. Statement of New York City Clearing-House Banks.— The following statement shows the condition of the New 1 ork City Clearing-House banks for the week ending July 27. It should be distinctly understood that as to all items except capital and surplus the figures are the averages of the daily results, not the totals at the end of the week. In other words, in reporting loans and deposits and holdings of specie and legal tenders, the practice is to take the aggre gate of the amounts for the several days of the week and divide this aggregate by the number of days. W e omit two ciphers (00) in all cases. Banks. 00* omitted. Capital. Surplus. Bank o f N. Y _ . Manhattan Co. M erch ants'____ M ech an ics'____ A m e r ic a ______ Phcuix ______ City .................... C h e m ic a l_____ Merchants' E x . G allatin_______ Butch. <fc D rov. Mech. &Traders' G re e n w ic h ____ Am er. E x c h __ Com m erce_____ M ercantile____ Pacific _______ C hatham ______ P e o p le 's ______ N orth Am erica. H a n ov er ........... Citizens’ C e n t.. N a ss a u _______ Market & Fu lt. Metropolitan . . Corn Exchange O rie n ta l........... Im p. & Traders' T a r k _____ ____ East R i v e r ____ F o u r t h .............. S e c o n d ______ F i r s t __________ Irving Nat. E x . B o w e r y ______ N. Y. C o u n ty .. Germ an-Amer . C h a s e ______ F ifth A v en u e.. G erm an R x c h .. G erm an ia_____ Lincoln ........... Garfield_______ Fifth .................. M etrop olis____ West S i d e . . ___ Seaboard______ 1st Nat., Bldyn. L ib e r t y .............. N Y . Prod. Ex. N ew Amsterdam State __________ 14th Street____ $ 2,000,0 2,060,0 2,000,0 3,000,0 1,500,0 1,000,0 25,000,0 3,000,0 600,0 1,000,0 300,0 2,000,0 500,0 5,000,0 25,000,0 3,000,0 500,0 450,0 200,0 2,000,0 3,000,0 2,550,0 500,0 1,000,0 2,000,0 3,000,0 750,0 1,500,0 3.000,0 250,0 3,000,0 500,0 10,000,0 2,000,0 250,0 200,0 750,0 5,000,0 100,0 200,0 200,0 500,0 1,000,0 250,0 1,000,0 200,0 1,000,0 300,0 1,000,0 1,000,0 1,000,0 1,000,0 1,000,0 $ 3,039,9 3,001.1 1,607,1 3,627,3 4,238,1 454,5 22,276,0 5,400,1 524 ,8 2,394,5 161,6 950,3 684,2 4,765,2 14,947,8 5,099,3 801,5 1,038,9 475,5 2,240,0 8,521,3 1,045,0 357,8 l,5 6 i,4 951,3 4,989,5 1,212,7 7,276,6 8,645,2 128,1 3,307,5 i,964,7 19,749,5 1,080,1 770,2 859,2 630,? 4,827,0 1,940,8 852,0 944,2 1,536,8 1,342,7 460,5 1,700,0 808,9 1,413,3 695,8 2,317,0 616,1 269,9 780,2 437,3 Loans. $ 17,528,0 25,200,0 14,248.7 21,374,0 23,037,8 7,631,0 164,330,1 25,586,3 6,073,2 8,141,0 2,268,8 16,507,0 6,127,2 28,018,9 143,495,6 19,881,5 3,303,1 5,477,5 1,925,3 15,840,5 55,130,3 20,589,9 3,771.2 7,335,2 10,915,8 38,784,0 10,161,7 24,752,7 72.854,0 1,339,0 18,168,0 9,928,0 93,972 ,c 15,196,0 3,279,0 5.298,£ 3,666,2 52,166,3 10,091 £ 3.609,= 4,785,7 12.706,7 7,480,2 2,996,3 9,838,4 3,977,0 16,079,0 4,324,0 12.635,0 6,427,9 4,533.2 13,440,0 6,934,9 Specie. I Legals. Deposits, a Res’rve % 2,313,0 5,042,0 2,980,0 3,594,0 2,995.8 1,678,0 37,955,3 4,766,3 1,131,6 878,0 413,0 3,330,0 1,186,8 4,192,8 20,274,0 2,590,9 262,7 476,1 445,0 2,303,3 9,869,1 3,686,1 270,3 1,562,6 2,680,8 6,4S3,0 1,580,8 4,213,0 20,036,0 255,4 2.652,0 1,182,0 18,435,5 2,973,0 663,0 1,020,3 644,1 12,925,2 1,869,6 200,0 758.3 1,214.7 1,593,0 561,0 640,7 520,0 3,194,0 4M ,0 2,262,6 1,512,9 933,1 3,355,0 1,391,8 $ 1,882,0 2,231,0 1,062,7 2,244,0 2,635.1 115,0 2,100,0 1,693,0 352,5 571,5 65,6 1,445,0 367,5 1,335,1 11,012,5 847,1 529,9 986.6 359,1 1,686.8 6,645,8 1.794,8 -i31,0 566,0 206,9 5,092,0 556,4 1,433,0 3,067,0 153,1 2,237,0 1,186,0 1,754,5 910,0 64,0 510,1 190,0 1,156,8 935,6 725,0 659.fi 2.094,7 270,8 185,7 1,694,1 551,0 1,772,0 499,0 578,5 438,4 307,4 157,0 406,2 $ % 15,534.0 27 0 28,400,0 25.6 15,877,4 25.4 21,627,0 26.9 23,527,0 23.8 6,891,0 26.0 147,321,7 27.8 24,462,6 26.4 6,294,5 23.5 5,500,0 26.3 2,271,1 21.0 19,180,0 24.8 6,500,0 23.8 21,174,5 26.1 122,051.1 25.6 14,779,6 23.2 3,463,0 22.9 5,408,0 27.0 2,455,8 32.7 15,344,2 26.0 62,997,2 26.2 20,340,5 26,9 4,108,6 17 0 7,259,0 29.1 11,227,7 25.7 44,851,0 25.7 10,333,4 20.6 21,806,0 26.0 83,742,0 27.5 1,546,2 26.3 17,964,0 27.2 9,327.0 25.3 80,135,4 25.1 14,810,0 26.2 3,530,0 20.5 6,295.8 24.3 3,375,7 24.7 56,291,0 25.0 10,879,4 25.7 4,008,9 23.0 5.798.3 24.4 13,382,5 24.7 7,516,0 24.7 2,990,6 25.0 9,502.1 24.5 4,318,0 24.8 18,642.0 26.6 4,036,0 24.3 10,709,1 26.5 7,512,6 2.5.9 5,278,0 23.4 15,713,0 22.3 7,484,5 24.0 New York City, Boston and Philadelphia Banks.— Below is a summary of the weekly returns of the Clearing-House banks of New.York City, Boston and Philadelphia. The New York figures do not include results for non-member banks: W e omit two ciphers (00) in all these figures. Banks. New York June 29-_ July 6 _ . July 1 3 .. July 2 0 .. July 2 7 .. Boston. July 6 . . July 1 3 .. July 2 0 .. July 2 7 - . Phila. July 6 - . July 1 3 .. July 20_. July 2 7 -- CapUal and Surplus. Loans. Specie. $ 290,820,6 290,820,6 290.820,6 290,820,6 290,820.6 $ 1126,539,1 1115,724,3 1104,835,9 1105,250,0 1123,163,7 $ 200,792,5 199,710,5 201,818,0 204,768,3 210,451,5 $ 74,724,7 70,780,8 72,749,0 72,567,6 72,750,4 43,680,0 43,680,0 43,680,0 43.080,0 192,658,0 192,350,0 191,693,0 194,074,0 16,436,0 16,203,0 17,945,0 18,823,0 5,418,0 5,860,0 5,170,0 4,778,0 51,165,0 51,165,0 51,165,0 51,165,0 224,480,0 222,030,0 221,660,0 221,334,0 Legals. Deposits, a Circu lation. Clearings. $ 1092,031,7 1078,540,2 1070,759,8 1072,991,3 1095,772,9 $ 50,407,3 50,396,4 50,321,7 50,382,3 50,293,9 $ 1,485,389,5 1,770,759,9 1,742,505,0 1,611,773,6 1,497,552,0 224,673,0 216,820,0 222,303,0 220,433,0 8,326,0 8,330,0 8,320,0 8,288,0 170,017,7 164,423,5 165,958,3 149,331,5 260,036,0 254,502,0 255,268,0 256,711,0 14,145,0 13,954,0 13,781,0 13,641,0 159,687,9 137,536,2 141,540,0 134,912,7 56,839,0 55,736,0 56,288,0 59,035,0 a Including for Boston and Philadelphia the item "d u e to other banks” and also Government deposits. For B oston these G overnm ent deposits am ounted on July 27 to $2,640,000; on July 20 to $2,683,000. Imports and Exports for the Week.— The following are the imports at New York for the week ending July 27; also totals since the beginning of the first week in January: FO R E IG N IM PO R TS A T N E W Y O R K . For week. 1907. D ry G oods___________ _____ General M erch andise______ 1906. 1905. 1904. $4,234,835 16,646,415 $3,2S7,533 13,011,203 $2 756,762 12,443,100 T o t a l ____________________ $20,881,250 Since January 1. D ry G oods__________________ $110,401,959 General Merchandise_______ 410,055,749 $16,298,736 $15,199,862 $11,2S2,423 $92,397,911 344.408,997 $79,956 848 325,425,374 $68,410,735 275,168,804 $2,010,029 9,272.394 Total 30 weeks............. ....... $520,457,708 $436,806,908 $405,382,322 $343,579,539 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 27 and from Jan. 1 to date. E X P O R T S FROM N EW Y O R K FO R TH E W E E K . For the w e e k _____ _______ Previously reported________ 1907. 1906. 1905. $13,237,400 349,063,653 $10,620,460 348,627,253 $10,137,460 295,772,673 | 1904. $8,361,276 269,718,365 Total 30 weeks___________ $362,301,053 $359,247,719 $305,910,133 ^278,079,641 The following table shows the exports and imports of specie at the port of New York for the week ending July 27 and since Jan. 1 1907, and for the corresponding periods in 1906 and 1905: E X P O R T S A N D IM PO RTS O F S P E p iE A T N EW Y O R K . T o t a ls ............ 129.100,0 161,720,6 1123,163.7 210,451,5 72,750,4 1095,772,9 25.8 Exports. W eek. Since Jan. 1 Reports of Non-Member Banks.— The following is the -statement of condition of the non-member banks for the week ending July 27, based on average daily results. Legal j Banks. Capi tal. Sur plus. N. Y . City. Boroughs of M an.& B r'x. $ $ $ 177,4 1,050,2 100 0 W ash. H ’g'ts Century ____ 200,0 149,6 1,240,9 Chelsea lixeh 114,0 1,282,9 100,0 C o lo n ia l____ 447,4 4,068,6 100,0 C olu m bia___ 482,4 6,494,0 300,0 Consol. N at. 1,000,0 1,137,2 5,151,0 F id e lt ty ____ 200,0 870,S 147,5 H am ilton . . . 200,0 282,3 5,046,5 Jefferson____ 500,0 683,8 4,268,6 M t. M orris. 250,0 218,8 2,508,7 M utual......... 200,0 295,0 3,374.4 300,0 19th W a r d .. 484,5 4,505,4 100,0 363,6 3,883,0 Plaza -------200,0 12th W a rd .. 221,7 2,450,0 100,0 23rd \Vard 180,6 1,700.1 750,0 882,8 8,819,3 Union Exch . 100,0 397,9 3,385,7 Y o rk v llle ___ 500,0 590,9 4 966,0 Coal & I.Nat. 200,0 208,2 1,299.6 New Neth’l’d 200,0 124.3 Batt.Pk.N at. 848,4 Borough of Brooklyn. 200,0 169,1 3,320,3 Borough •___ 150,0 421,0 2,653,5 Broadway . . 123,4 2,103,6 B r o o k ly n __ 300,0 727,3 4,705,4 Mtrs' N a t .. . 252,0 Mechanics’ . 1,000,0 993,3 11,988,9 945,6 6,143,0 Nassau Nat. 750,0 National City 300,0 637,0 3,351,0 North S id e .. 217,6 1,573,1 100,0 Jersey City. First N a t ___ 400,0 1,192,2 4,391,1 H ud. Co.Nat. 719,2 2,730,2 250,0 Third N at___ 200,0 338,7 1,972,1 Hoboken. First N a t . . . 220,0 581,5 2,496,3 Second N a t . 202,1 1,795,6 125,0 Specie. and i ClearBank , iny N otes. ; Agent. $ 13,7 22,7 103,3 114,3 278,0 608,0 7,0 341,8 9,6 132,1 17,3 36,7 179,0 37,0 62,3 392,4 43,4 650,0 140,9 151,5 $ I 41,3 54,5! 47.8 380,2 257,0 208,0 57,3 280,9 ! 215,4: 97,7 248,2 348,7 149,0 225,0 160,7! 220,9i 380,71 302,0! 7,3! 45,7j $ 80,3 67,6 86,3 515,9 524,0 201,0 60,1 510,0 195,4 207 7 261,S 713,5 297,0 159,0 175,9 669,8 112,1 460,0 165,1 91,6 43,7 12,0 124,0 354,8 286,4 214,0 136,0 24,1 ! 218,3! 188,3 89,1! 141,2 648,7 450,0 342,0 117,8 201,9 189,0 287,9 714,7 823,9 681,0 648,0 63,0 181,1 89,0 55,8 335,7! 67,9 104,1 1,381,4 163,1 368,5 122,7 63,7 37,1' 54,9 198 5 63,8 Other Net Banks, Deposits. &c- S 18,6 92,4 186,7 ibo',6 793,6 105,7 58,6 4,3 78,7 109,3 60,0 7,5 .... 92,7 44.6 34,5 218,2 164,01 — 94,0i 318.0 % 895,8 1,102,5 1,552,0 4,876,3 6,986,0 4,299,0 782,5 6,800,5 3,944.5 2,861,9 3,473,8 5,062,1 4,007,0 2,760,0 2,022,3 8,482,2 3,888,5 4,859,0 1,246,3 769,8 3,569,9 2,097,0 2,360,6 5,040,9 13.046,4 5,526,0 3,991,0 1,864,3 383,0 5,168,8' 164,2 2,226,4 26, lj 2,172,5 68, l! 2,157,4 207,6| 1,984,0 Total .luly 27 9,847,0! 14857,9 116438,2 5,048,3 6,523,4 11,338,8 3,430,4 122537,2 Total July 20 9,847,0 14857,9 117404,5 4,920,4 6,584,8: 12,467,3 3,169,5! 124440,8 Total July 13 9,847,0 14857,9 117683,0 5,138,0 7,241,8 13,501,0 3,782,8 126839,6 Since Jan. 1 ~ 865,955 7,000 1,786,443 1,000,000 27,436 2,297 29,654 10,000 $2,540,353 717,087 1,155,297 261,953 106,330 1,601,704 220,212 $30,732,553 5,771,404 37,680,947 $09,387 933.182 51,216 $6,652,930 47,093,920 6,274,729 France ......... ................... - .................- $702,0»0 $22,614,134 188,000 1.978,000 6,555 ' 33,500 260,549 $2,270 All other countries......... ..................... 7,665 4,786 Total 1907.......................................... Total 1906 . - _____ Total 1905__________ ___________ $923,580 $24,817 689 907,904 32,014,220 449,894 18,578,830 Total 1907.................... ................... Totai 1906______________ ________ Total 1905____ __________________ Deposit with W eek. $12,376,086 14,097,069 W e omit two ciphers (00) in all cases. Loans and Invest ments. Imports. Gold a Total United States deposits included, 527,798,600. " $2,030 6,000 Silver. $2,259 2,270 158 06,807 093,762 522,289 10,322 973 9,191 $12,434 18,423 106,702 $1,297,867 1,400,557 2,151,063 Of the above imports for the week in 1907, $37,436 were American gold coin and $3,243 American silver coin. Of the exports during the same t i m e _____ were American gold coin^andi$13,500Awere American silver coin. a n d F in a n c ia l. W e shall be ple a se d to m ail in v e s t o r s c o p ie s o f the n in th e d itio n o f o u r 1 0 -p a u e cir c u la r d e s c r ib in g 65 S h o rt-T erm N otes an d C o llateral T r u s t B o n d s w ith a p p r o x im a t e m a rk e t p r ice s . S pen cer T r a s k WILLIAM AND PINE STS., M o f f a t & & - - W C o, NEW YORK h i t e Members New York Stock Exchange. 5 N ASSAU S T R E E T . H A N O V E R B A N K B U IL D IN G DEALERS IN INVESTMENT SECURITIES. Commission Orders Executed for Cash Only. THE CHRONICLE. 264 jB a u t ic r s 7 [V o l . lxxxv. The following were the rates for domestic exchange on New York at the undermentioned cities to-day: Savannah buying 50c. per $1,000 discount; selling 75c. per $1,000 premium. Charleston selling $1 per $1,000 premium. New Orleans bank $1 per $ 1,000 premium; commercial 80c. per $1,000 discount. Chicago par. St. Louis 25c. per $ 1,000 discount. San Francisco $1 10 per $1,000 premium. © a le tte . Wall Street, Friday Night, Aug. 2 1907. The Money Market and Financial Situation.— There has teeen a steady decline in security values throughout the week. Offerings have been continuously in excess of the State and Railroad Bonds.— Sales of State bonds at the demand, with the logical result above noted. Undoubtedly Board are limited to $1,000 Virginia 6s deferred trust receipts some of the developments of the week have had a tendency at 30. The market for railway bonds has been exceptionally dull to increase the caution which has existed for some time past and, in the absence of buyers for such limited offerings as in investment circles. One of the most important of these appeared, prices have generally declined. has been the announcement by the United States Steel Cor Reading 4s and Lake Shore & Michigan Southern 4s of poration that the amount of orders on hand is much smaller 1931 have been relatively firm and are practically the only than heretofore, although the announcement accompanied issues closing fractionally higher than last week. Union Pacific new conv. 4s have been much less active and are the most favorable quarterly report of earnings the company fractionally lower. Steel 5s have been one of the active has ever made. Also there has been a further decline in the bonds and have followed the drift of the market. price of copper metal, a smaller demand for which is evidence United States Bonds.— Sales of Government bonds at the of diminishing activity in the various departments where Board are limited to $5,000 4s, coup., 1925, at 128. The it is used. Moreover, the financial situation abroad is,, to following are the daily closing quotations; for yearly range say the least, not reassuring. The Bank of France, showing see third page following. in its weekly report a large increase in liabilities and decrease July J u ly Aug. A u g. July Interest July of gold holdings, has renewed its offer of interest on gold in 31 30 I Periods 29 2 27 . transit. The Bank of England also reports a smaller amount 2s, 1930 ______ .registered Q— Jan *105% *105% *105% *105% *105% *105 % 1930. -----------------coupon Q— Jan *105% *105% *105% *105% *105% *105% of gold on hand and a smaller percentage of reserve than for 2s, 3s, 1908-18_______ registered Q— Feb *102)4 *102% *102% *102% *102% *102%. 3s, 1908-18................ coupon Q— Feb *103% *103% *103% *103% *x02% *102% many years at this season and British consols have again 3s, 1908-18____ small coupon Q— Feb *101% *101% *101% *101% *X01% *101%: 4s, 1925 ................ registered Q— Feb *127% *127% *127% *127% *127% *127% declined. 4s, 1925_____________ coupon Q— Feb *128)4 *128% *128% *128% *x27% *127% The local money market has been firmer and rates are higher 2s, 1936.Panama Canal regis Q— N ov *104% *104% *104% *104% *104% *104 % for both call and time loans. * This is the price bid at the morning board; no sale was made. The open market rates for call loans on the Stock Exchange Railroad and Miscellaneous Stocks.— The stock market during the week on stock and bond collaterals have ranged has been continuously weak until to-day, practically all from 2 to 3 % % . To-day’s rates on call were 2% @ 2 % % . active issues having declined from 2 to 8 points. There Prime commercial paper quoted at 6 % for endorsements was almost no exception to the general downward tendency and no period when the market showed any rallying power. and 6@ 6 % % for best single names. Stocks which have been leaders of the market for some The Bank of England’s weekly statement on Thursday time past have been the conspicuous features of the week, showed a decrease in bullion of £610,147 and the percentage including Union Pacific, Reading, Great Northern and of reserves to liabilities was 46.70, against 47.16 last week. Northern Pacific, all of which declined from 5 to 6 points. The discount rate remains at 4 % as fixed April 25. The Missouri Kansas & Texas is the only active issue which Bank of France shows a decrease of 10,475,000 francs in closes higher than last week, notwithstanding a recovery throughout the list averaging about a point to-day. At a gold and 8,150,000 francs in silver. point below the highest it is 4 points higher than last week. The New York City Clearing-House banks in their state The copper stocks have continued to be freely offered on a ment of July 27 showed an increase in the reserve held of decline which carried Smelting & Refining down nearly 8 $5,866,000 and a surplus over the required reserve of $9,- points, Amalgamated Copper nearly 7 points and Anaconda 258,675, against $9,088,075 the previous week. 5. Steel common declined 3 points and recovered partially. The preferred has been relatively steady. in feren ces For daily volume of business see page 274. Jrom 1906. 1905. 1907. previous week. July 29. July 28. Ju ly 27. The following sales have occurred this week of shares not represented in our detailed list on the pages which follow: $ $ $ $ 129.100.000 C a pital.......................... 161.720.000 Surplus__________ Loans and discounts. _ 1,123,163,700 50,293,900 Circulation______ . _ a l ,095,772,900 Net deposits_______ 210.451,500 S p e c ie __ _ - ______ Legal tenders________ 72,750,400 Mm 283,201,900 Reserve h e l d _____ . . 273,943,225 25% o f d e p o s it s ......... m Surplus reserve____ 9,258,675 117.972.700 115.972.700 149,608,400 139,492,800 Inc. 17,913,700 1,058,415,100 1,144,847,400 Dec. 88,400 47,044,300 48,804 600 Inc. 22,781,600 1,000,116,900 1,199,744,'900 194,450,900 224.830.700 Inc. 5,683,200 Inc. 182,800 89,470,800 90,411,500 Inc. Inc. 5,866,000 5,695,400 283.921.700 265,029,225 315,242,200 299,936,225 Inc. 170,600 18,892,475 15,305,975 a $27,788,600 United States deposits Included, against $27,777,900 last week and $11,974,300 the corresponding week o f 1906. W ith these United States deposits eliminated, the surplus reserve w ould be $16,208,325 on July 27 and $16,032,550 on July 20. N ote.— Returns o f separate banks appear on preceding page. STOCKS. W eek ending Aug. 2. Saks Week. Range for week. Lowest. Range since Jan. 1. Highest. 200 $4% Aug 2 $4% Aug Alice Mining. - . -------Balaklala Copper 900 $8 Aug 2 $8% Aug Chic Un Trac tr re c ts .. . 200 2% July 30 2 % July 150 65 Aug Colorado Fuel & I , pref _ 1 65 Aug Comstock T u n n e l--------100 25c. July 29 25c. July G t Northern subscrip ts receipts, 55% p a i d ... 400 124% July 31 126 July Homestake Mining-------100 72% July 31 72% July Sou Pac pref subscrip’ n receipts, 2d paid-------- 1,650 111 Aug 1 112 July do full paid____ 1,099 111% Aug 1 112 July 2 50 Aug Vulcan Detinnlng, pref. 100 50 Aug W estem M aryland__ 300 15 July 29 15 July Lowest. 2 l! 30 l! 29! $3 $7% 2% 55 23c. Highest. June $7% Jan July June $11 July 3% May June 85% Jan Jan Mch 50c. June 130% 31 115 31 55% May 85 Apr Feb 112 112 57 30% July July F eb Jan 27: 106% 30 106% 2 48 29 15 June June July April Foreign Exchange.— After opening strong the market fell off in response to a pressure of loan bills and the tone was Outside Market.— Nipissing Mines and Consolidated Steam heavy to the close. Gold exports $500,000 to Paris. ship securities were the piominent features in an otherwise To-day’s (Friday’s) nominal rates for sterling exchange dull and heavy market on the “ curb” this week. In sym were 4 8 4 @ 4 85 for sixty-day and 4 8 7 % @ 4 88 for sight. pathy with the general weakness on the Stock Exchange,, To-day’s (Friday’s) actual rates for sterling exchange were prices show a downward tendency, though in the majority 4 8350@ 4 8360 for long, 4 8675@ 4 8685 for short and of cases changes are without significance. The slump in 4 8735@ 4 8745 for cables. Commercial on banks 4 8310@ Nipissing carried the price down fiom 10 to 7 % , the trading 4 8320 and documents for payment 4 8 2 % @ 4 8 3% . Cotton after this quieting down and the stock recovering to 8 % . for payment 4 8 2 % @ 4 8 2% . Cotton for acceptance 4 8310 The close to-day was at 8 % . Copper shocks were extremely <3>4 8320 and grain for payment 4 8 3 % @ 4 8 3% . quiet. Boslon Consolidated Copper lost two points to 25,. To-day’s (Friday’s) actual rates for Paris bankers’ francs recovered to 26% and moved down finally to 2 5 % . Brit weTe 5 1 9 % a @ 5 19% for long and 5 1 6 % @ 5 16%A for ish Columbia Copper declined from 10% to 9 % . Butte short. Germany bankers marks were 94 9 -1 6 @ 9 4 % for Coalition from 25% sank to 23 and ends the week at the long and 9 5 % @ 9 5 3-16<2 for short. Amsterdam bankers low figure. Dorglas Copper moved down from 9 % to 7 % , guilders were 4035@4037 for short. but subsequently recovered to 8 % . Greene Cananea dropped Exchange at Paris on London to-day 25f. 16c.; week’s from 16 to 14% , advancing finally to 15. Nevada Consoli range 25f. 16c. high and 25f. 15%c. low. dated Copper declined from 14% to 14. United Copper The week’s range for exchange rates follows: common sank from 62% to 59% and closed to-day at 60. —Cables------------Short-L on gConsolidated Steamship stock was fairly active and held Sterling, Actual— steady, selling between 3 % and 3 % , while the 4 % bonds @ 4 8780 14 8775 H igh______ 4 8390 @ 4 8395 |4 8720 @ 4 8725 @ 4 8745 !4 8735 suffered a decline from 30% to 2 8 % , the final transaction L o w ______ 4 8350 @ 4 8360 @ 4 8685 |4 8675 Paris Bankers’ Francs— to-day being at 2 8% . American Tobacco sold up from 293 @ 5 15% a H igh______ 5 19% @ 5 18 % a 15 16% to 295 and down to 290. Manhattan Transit, after an ad @ 5 16%a. L o w ______ 5 19% @ 5 19% 15 16% Germany Bankers’ Marks— vance from 4 % to 4 % , fell to 4 , on active trading,but moved H igh______ 94% @94% 95 % d @ 95% I up again to 4 % . Standard Oil sold up from 500 to 502 and @ 9 5 3-16d I LOW______ 94 9-16 @ 9 4 % 95% Amsterdam Bankers’ Guilders— back to 500. Western Ice declined from 31% to 29% and @ 4 0 39 H igh______ . _____ @ ------ — 40 37 recovered to-day to 31. Chicago Subway from 26% ad @ 3 9 15-16 L o w ______ ______ @ ______ 39% vanced to 2 7 % , dropped to 25% and closed to-day at 2 6 % . ) Lees: a 1-16 o f 1 % . < * l - 3 2 o f l % . ft3-32 o f 1 % . Outside quotations will be found on page 274. fg Plus: k 1-16 of 1 % : x 1-32 of 1 % . y 3-32 o f 1 % . New York Stock Exchange—Stock Kecord, Da^y, Weekly and Yearly " I ’C I I I ' \ *"»«. STOCKS— H IG H EST A N D LO W EST S A L E W I V E S . Saturday July 27 ■Monday July 29 Tuesday July 30 ) Wednesday j July 31 Thursday August 1 Friday August 2 TW O STOCKS N E W Y O R K STOCK E X C H A N GE Sales ot 1 Range tor Year 1907 the On basis 01 100-share ots Week Highest. Shares Lowest R a ilr o a d s 92% 94% 92% 93% 91% 933* 92 92% A t c h T o p e k a & S an ta Fe 43,030 94% 9434 91% 92% ____ ____ ____ 9234 9234 92% 92% 93 U 93I4 ____ ____ Do p r e f ____ _____ 500 97% 97% *97 98 97 97 96 96% 95% 95% "94% 94% A t la n t ic C oa st U n e R I i _ . 1,100 98 98% 9834 99 97% 98 9714 9734 97 97 7,950 97% p a i t i m o r e & O h io _______ 97% *85 88 *85 88 80% 86% *85 *85 88 *85 Do p r e f ____________ 87 86 250 59% 57 58% 56% 57% 59 56% 57% 56 56% 56% 57% B r o o k ly n R a p id T r a n s it - . 23,335 * ____ 82 . 82 * ____ 82 82 * ____ 82 * . . 82 B u ffa lo & S u sq u e , p r e f ___ 17538 175% 176 177i« 176 176% 175 176 ________ f Canadian P a c ific 174% 175% 175 175*4 ” 7’, 100 *631? 65% *63% 6512 *63 651? *62% 64% *63% 65 V Canada S o u t h e r n _______ *63% 67 *175 185 *175 185 *175 185 *175 185 §180 180 *175 185 C en tral o f N e w J e r s e y ____ 30 3534 35% 35% 36 36 3538 35% 36% 35% 36 35% 3534 C h esap eak e & O h io _______ 10,960 19% *12 19% *12 *16% 19% *12 19% *12% 19% *12% 19% C h ica g o & A lt o n R R _____ * . _ 53 * ____ 52 * ____ 53 * ____ 51 53 D o p r e f ____ ________ " ’ "£>66 53 * . . . 53 11*4 11% 11% 11% *11% 11% 11% 11% 11% 11% 1,800 11% 11% C h ic a g o G reat W e s t e r n .. 72 *65 72 *64 *65 72 65 65 *64 72 *64 D o 4 % d e b e n tu r e s ___ 72 100 *50 50 52 53 *50 52 60 *48 *50 52 *50 52 D o 5 % p r e f “ A ” ______ 100 15% 15% *15% 16 D o 4 % p r e f “ B ” ______ *15% I 6I4 *151? 16 *15% 16 600 *15% 16 134% 135% 133;i8 1351g 132% 134% 131% 133% 131% 133*8 131*4 133 C h ic a g o M ilw & St P a u l__ 59,700 *15214 154 153*2 153% 152% 15212 *162% 154 *152 154 *152 154 D o p r e f ________________ 400 120 120 118% 119% *147% 149 *118% 201? 12118 I21I4 121 121 D o c o m c t fs 25 % paid 650 13434 135 136 136 135 135 133% 134% 133% 133% 134 134 “ D o p r e f c t fs 25 % paid 1,430 150 151 149 151 148% 148% 147% 1483j *147% 149 C h ic a g o & N o r t h W e ste rn 148% 149 2,700 *205 218 205 205 205 205 *205 215 §210 210 *200 218 D o p r e f ______ ________ 210 *130 135 *130 135 *130 135 *130 135 *130 135 *128 135 C h ic S t P M in n & O m a h a *150 180 *150 180 *150 180 *150 180 *150 180 *150 180 D o p re f ____ _ . * 5 * ___ 5 * ____ 5 * 5 * mmm. 5 * ____ 6% C h ic a g o T e r m in ’l T ra n sfer * ir 20 *15 *15 *15 18 *15 20 D o p r e f____ _____ __ . . 18 20 *15 20 C h ica g o U n io n T r a c t i o n .. D o p r e f ____ . . 70 * 68% 70 *66 *64% 671? *64 *68 70 67 66 66 C lev e C m C h ic & St L ____ 100 *10434 120 *10434 120 *10434 110 *104% 110 “ *104% 110 *104% 105 D o p r e f ________________ 26 27% 2634 26% 27% C o lo r a d o & S o u th e r n ____ ’ ¥,630 26% 26% 26 26% 2734 2714 27% 5934 603S 60% 59% 59 59% *58% *58% 59% 59% 59% D o 1st p r e f e r r e d ____ 57% 1,690 46% 46% *45 46 46% 46 45% 46 46 D o 2d p r e fe r ie d ______ 46>2 44% 45% 2,000 172 172 *172 173 168 169% 167% 168 T 'je la w a r e & H u d s o n ____ 171% 17114 1691s 171 2,100 *469 4 /0 *469 470 *465 470 *460 470 *465 470 *465 477 -L 'e la w a r e L a ck & W e s t ’n 28% 29% 28 27% 27% 28 27I4 28 28% 28% 28% D e n v e r & R i o G ra n d e____ * ¥.100 28'4 *70 7OI4 7014 *70 76 *70 76 D o p r e f ________________ 76 *71 76 *71 76 500 *65 70 *66 70 *65 70 *65 70 *65 70 *65 70 D e tr o it U n i t e d ___________ ____ ____ ____ * 10% 12 11% 1H2 * 10% 12 * 10% 12 D u lu th S o S h o re & A tla n 175 * 211? 24% *2112 241- *21% 24% *20 D o p r e f__________ 24% 233a 23% 227g 24% t fr le ............. ...................I 54,726 23% 23 23 23% 24 24l8 22% 23% 5934 5934 *58% 59% 59 5Jl2 59% 5984 -E j D o 1st p r e f________ 59% 60 6914 5934 1,350 42 4*1 42 41% 42 D o 2d p r e f________ 41% 41% 42 41 41 41 41% 2,740 *65 *65 75 *65 75 75 *65 75 *65 *65 75 75 E v a n s v ille & T e rre H a u te D o p r e f________ __ _____ *85 95 *85 *85 96 *85 95 95 *85 95 *85 95 13634 13714 135 137 134 lo5% 131% 131% 131 133% 131% 133% G reat N o rth e rn p r e f______ 29,550 6884 58»4 T e m p c tfs fo r ore p r o p . 58 *56 58 55% 67 55% 56 56 58% 56% 3,400 G reen B a y & W .d e b c t f A *834 Do deb c tf B 9 *8% 9% 30% *19 30% *25" 8 0 * U a v a n a E le c t r ic ________ *19 30% *20" *3*o’% *20 * ____ 95 * ____ -H D o p r e f____________ 95 * ____ 95 * ____ 95 * ____ 95 H o c k in g V a lle y t r r e c t s . . 80 80 100 * ___ 85% * __ 85% * ____ Do p r e f____ 85% * . __ 85% * ____ 85% * ____ *85% *144 14434 144 144 *14334 145 *144 145 *139 141% *139 141% I llin o is C e n tra l___________ *” ■400 15% 15% *15% 16% 15% 15% 15% 153g *1514 16 15% 15% J -n te r b o r o -M e tr o p o llta n _ 1,110 D o p r e f ____ _________ 45 45 *44% 45% *44 43% 44 43% 43% 43 45% 43% 1,050 18 18 17% 17% *17 *17 18 17% 17% Io w a C e n tra l_____________ 17% 17% *17 605 38% 08% *38% 39 D o p r e f ________________ 38% 38% *3812 39 *38% 39 38% 3834 600 *73 §74 *73 75 74 75 I Z C F t S & M , tr c ts p re f *73 75 *73 75 73 73 125 26% 2734 27 27% *26% 27 27% 27% 27% 271? 27% 28 U V ansas C ity S o u t h e r n .. 4,900 57% 573g D o pref_._ ________ 57 57 57 *57 57 57 57 57% 57 57 600 *18 *18 23 1" ak e E rie & W e s t e r n ___ 23 *18 *18 23 23 *18 23 *18 23 * J D o p r e f ____________ *55 62 62 62 *55 62 *55 *55 *55 62 *55 62 50 60 50 *50 *50 *49 55 55 *48 55 *49 55 L o n g I s l a n d _____________ 100 112% 113% 111*4 112% 112 112 L o u is v ille & N a s h v ille ___ 114 114 113% 11418 11338 113% 2,100 *130 135 *130 135 133 133 §135 135 132% 132% *130 135 j\/| a n h a tta n E le v a t e d ___ 250 * » 91 * - _ 91 * 91 * ____ 91 * 91 * ___ 91 m e t r o p o l i t a n S tr e e t____ m 7 21 21 2014 21 20% *21% 21% 20% 20% 20% 20% M e x ica n C e n tra l_________ " 2",350 4034 41% 4134 4134 41 41% 41 41% 41% 41% 41% 4134 M in n e a p o lis & St L o u i s . . 1,100 * ____ D o p r e f . . ___ _________ 81 * 81 77*4 77% 81 * ____ 77% 77% 77% 77% 400 10634 106*4 *104 107 *104 106 *107 108 *x05 108 104 10434 M inn St P & S S M a rie___ 500 D o p r e f . ______________ *138 140 137 138 136 136 *130 139 *130 137 *130 137 700 39% 38% 3934 37% 38% 37% 39% 37% 38% 40's 38% 39% M o K a n sa s & T e x a s ______ 59,700 6634 6634 6634 67 D o p r e f________________ 66% 67IS 0714 6 7'8 *66% 67 66% 67 2,000 7334 75% 763S 77 73% 7H" 76% 76% 76% 76% 74% 7434 M issouri P a c ilic ___________ 4,500 *120 125 *120 130 *120 130 *120 130 *120 130 *120 130 X ] ash C h a tt & St L o u is . . §52% 5214 *50% 52 *50% ____ *50% 54 *50% 51% *50% 54 1 ’ at o f M e x , n o n -c u m p f . 50 D o 2d p r e f__________ 11238 113,4 111% 113 I ll 'S 111% 110% 111% 110% 111% 111 111% N Y C en tral & H u d s o n . . 22", 403 40 *38 38 38 38 3818 40 37 37% 38 38 N Y C h ic & St L o u is ____ 38 1,800 * ____ 115 * ____ 115 * ___ 115 * ____ 115 * ____ 115 * ____ 115 D o 1st p r e f ___________ * 80 * ____ D o 2d p r e f____________ 72 74% 80 85 80 74% 74% * ___ *74 900 *164 170 163 166 §165% 165% *163 170 *163 170 *160 168 N Y N H a v e n & H a r tfo r d 160 36 35% 36 36 *36 36% 36% 36% 35% 36 *35*4 36% N Y O n ta rio & W e s te rn __ 1,500 74% 75 74 75 74 74% 76 *75% 76 73% 74% 74% N o r fo lk & W e s t e r n _______ 2,626 ____ *75 *80 D o a d ju s tm e n t p r e f . . 85 *75 85 85 85 *78 130’ 132% 131% 132% N o rth e r n P a c ific __________ 71*576 13534 1361? 13334 1363g 13234 134U 131% 134 11214 113 112 112% 111 112 D o s u b s c r ip r e c ts ____ 111% 112 113% 114% 112^4 114 5,130 *94 *94 99 *94 98 99 *92 *96 98 99 98 T ) a c l f i c C oa st C o . _______ *94 *92 102 *92 102 *92 102 D o 1st p r e f ________ *92 102 *92 102 102 ‘ - t *92 *96 102 *94 102 *94 102 D o 2d p r e f________ *92 100 *90 102 *94 100 123 124 123% 124 122% 123% 121% 122% 121% 12234 122 122% P e n n s y lv a n ia ______________ 48,220 *69 74 *68 74 *68 74 *69 74 74 74 P it t s b Cin C h ic & St L ___ *68 *68 *90 *90 *90 §95 95 95 95 95 *91 95 95 *91 10 106 10634 104% 1071d 10334 104% 102% 104% 101% 103 102% 103% 432,200 80% 80% 80 80% *80 1st p r e f______________ 81 81% 811? l v 81 *80 81% *81 700 80 *78 80 80 80 2d p r e f _____________ *78 *78 *78 80 80 *78 *77 22 2214 21% 2134 21% 21% 21% 2214 21% 21% 21% 21% R o c k Isla n d C o m p a n y ___ 7,500 47% 4734 46% 47 D o p r e f . . ___ __ 47 47 47% 47% 47% 47% 47% 47% 2,100 66 *60 *62 *60 *60 65 65 65 *60 65 St L & San F r , 1st p r e f . . 65 *60 D o 2d p r e f ___ _______ * 1*980 37% 37% 36% 37% *36% 37 38is 381g 37 38ig 36% 37 *20 20 20 20 St L o u is S o u th w e s te r n ___ 2134 20% 21% *19% 21 *18% 21 20 1,100 50% *48 4634 61 *50 53 50 50 D o p r e f ________________ 46 46% 48 1,800 46% 903a 91% 8914 91% 89% 91>4 88% 91% 88% 90 891? 90% S o u th e rn P a cific C o ______ 332,410 112% 11234 112% 112% 112% 112% D o p r e f ________________ 112% 112% 1121? 112% 11234 113 1.925 19lS 20 19 19% 1934 19% 18% 19% 191g 19% 18% 19% S o u th e rn v t r c fs sta m p e d 6,950 62% 63 *62 *62% 65 63 65 64% 64% 64 D o pref do 63 64 600 32 31 30% 31 2934 30% 30% 31% 29% 29% 30% 3038 rP e x a s & P a c if ic __________ 8',300 ____ . . . . *104 110 *104 110 *104 110 *104 110 110 *104 1 hird A v e n u e (N Y ) ____ *241? 26 *2434 2534 *24% 26 *24% 2534 *24% 2534 *2434 26 T o le d o R a ilw a y s & L ig h t 26% 26% 26% 26% 26% 26% 26% 26% 26% 26% 2678 26% T oledo St L & W estern___ 1.700 4934 49% 4934 50 4934 50% D o p r e f . . _______ _ . 49% 4934 49% 49% 49% 4934 2.710 95% *92% 95% *91 *94 94 96 92 T w in C ity R a p id T-ranslt. 95 92 91% 91% 500 146% 146% 143% 146% 143 % 144% 141% 144% 141 143% 14278 144% I T nlon P a c i f i c ___________ 459,300 *83 83% 83% 8312 83% *83 83 vJ D o p r e f ___________ 85 85 370 58134 8134 83 BANKS AND Bid Ask 215 510 225 122 320 160 180 300 310 Chels’aExc'11 200 220 525 235 132 330 170 195 350 320 B anks N ew Y ork . A e t n a _____ A m e r ic a I f .. A m er E x eh . B a tte r y Park B o w e ry f ___ B u tc h ’ s& D r CenturyH — C h a se_______ C h a th a m ___ --- B anksC h e m ica l___ C itizens’ Ctrl C i t y ________ Coal & I r o n . C olon lalll___ C o lu m b ia If. C om m erce. . C o n s o lid a t’d C o p p e r ____ C o m F x c h 1! D iscou n t 1f. Kast R iv e r . F id e lity 11.. Bid 3J5 140 2521" 230 700 500 1169 160 210 300 150 150 195 Ask 405 145 260 245 525 tl7 1 170 220 310 160 160 205 82% M ch 14 92 M ch 25 92 M ay27 90% M ch 2 5 85 J ’ne 19 45% M ch 14 83 F e b 16 155 M ch 23 60 M ch 14 165 M ch25 31% M a y 2 7 11% May2C 50 J ’ne 18 9% M a y 27 65 J ’ly 15 43 J ’n e l / 12% M ay23 1221? M ch25 145 “ M ch25 107 M ay 2 / 126% M ay28 137% M ch25 200 A p r 4 120 M ch25 160 Jan 18 5 M ch 28 9 M ch27 278 M ay 15 l l i 2 M c h l4 63 M ch26 100% J ’ly 16 21 M ay 27 56 M ay22 40 M ay27 160 J ’ne 5 445 M ch26 24 M ay27 697g M eb25 61 J ’ne 15 934 M ch 14 19 M ay27 20 M ay28 51% A p r 15 33% M ay28 90 A p r 4 122 J ’ne 3 49% May27 8 M ch 9 30 A p r 23 72 A p r 1 753s M c h 28 83% M ch 28 134 M ch 26 15 J ’ne 13 42% J ’ ne27 17 J ’ly 15 30% M ch25 70 J ’ne 11 18 M ch 14 45 M c h 26 19% M ch 18 65 A p r 2 45 J ’ly 23 108 M cn25 129 M ch 26 83 M ay29 15 M ch 14 40 J ’ly 12 77% A u g 2 90 M a y 28 123 M ch 14 30% M ch 26 59 M ch 26 64 M ch 14 119 M ch 22 48% M c h 23 20*8 M ch26 108% J ’ne 3 35 M ay 28 109 M ch25 70 M ch 26 159%J ’ne 4 31% M a y28 71 M ch 14 80 M ch 14 114% M ch 2 5 106% M ay2« 90 M ch 15 95 M ch 20 114 M c h i4 66 M a y 28 91 J ne 3 91 M ch 14 79 J iy 9 771? M ay24 17% M ch 26 4034 M ch 26 59 M ch i s 29 M ch25 18 M ch 19 45% M ch25 69*4 M ch 14 109% May27 17 M ay27 53 M ay 28 2434 M ch25 101 M ch 14 24 M ch 28 2334 M ch 26 45 M ch 8 87% M ch 14 120% M ch 14 83 A u g 2 Range lor Previous Year 0 9 0 6 ). Highest. 108% Jan 85% M ay 110% Sep 101% J a n 12 £98 D e c 106 Jan 133is J an 5 ]3 ii8 J ’ly 16778 Jan 122 Jan 6 105% M ay 1251s Sep 94i? Jau 10 iiyio J a n 91 O ct 71 J ’l y , 94% J au 83% J an 7 8534 F e b 8 83 Jail 87 F e b 1951? Jan 4 155% M ay ■ 201% D ec 651? J a n 14 esig J ’ne I 70% J an 219% J a n 2 204 M ay 23978 M a j 56 Jan 05% A u g 51i2 N ov 27% Jan fj 353s O ct 25% Sep 69 J an 5 70 D ec 7714 O c t 2 18 J an 10 J ’ne 23% Jan 86% Jan 79 F e b 25 79% S ep 71*. F e b 14 70 D e c 80 Jan 247’g N ov 26if. Jan 5 39% J an 1571? J a n 14 1146% D ec 199% D e c 1651? Jan 5 J160 D e c 218 A u g 141 J a n 14 149 J a n 15 205 J a n 10 192 A p r 240 Jan* 234 J a n 10 225 A u g 270 M ch 170 Jan f. 168 J ’ne 198 Jan 165 J a n 19 175 Nov- 202 Jan 934 A p r 9*4 F e b 21 18*4 Jan 25 Jan 11 4234 J an 25 D ec 6)4 A p r 3 3% M ay 1334 F e b 193g Jan 9 471? M ch 11?8 J ’l y 92% J an 7 89 D ec 10978 Jani 108% Jan 7 110 J ’ly 118 J an 29% Jail 38% Jan 9 41 O ct 66% A p r 69% J an 7 73% F e b 43 M ay 59 D e c 58% J an 8 227!? J an 2 189 M ay 23434 N o v 510 J an 24 43734 M ay 560 M ay 42% J an 7 5178 J an 36% M ay 911, Jan 83 O ct 83% J an 10 80i« J a n 16 79% D ec 102 “ F e b 2278 J an 19% Jan 5 16 J ’ly 45 Jan 32 A p r 39 Jan 4 44% Jan 5 38is M ay 60% Jan 7434 D ec 83 Jan 75% J an 7 6212 A p r 67 Jan 7 76% J a n 76 Jan 68 D e c «4 A u g 92 A p r 5 80 J ’ly 189*4 J a n 2 C178 D ec 348 F e b 70% D e c 85 Jan 5 85 D e c 8112 N o v 921? Jan 113., O ct 14% J an 17 23% Jan 33ig J an 47 Jan 3 53 A u g 77% Jan 86% Jan 4 97*4 M ay 114 M ch 6 99‘sg J ’ne 94 Jan 5 9212 N o v 172 J a n 3 164 M ay 184i2 J ’ ne 3358 J ’ne 39 J a n 23 5538 M ay 873s M ay 70% J ’ly 75% Jan 7 343,i Jan 28% J an 4 24 J ’ly 6334 Jan 51 Jan 7 48 J ’ly 80 J a n 10 77 O ct 8412 F e b 375g Jan 30% J an 5 2278 j ; j y 71 Jan 61*4 Jan 8 49 J iy 447g Jan 28% J a n 12 27% J ’ly G71? A p r 26 75 Sep §92% Jan 8^4 Jan 61% O ct 671? Jan 9 145% J an 5 136i4 M ay 1561? J a n 146 F e b 13 140 Sep 162 Jan 127 Jan 107 Jan 23 103 J ’ly 29i» D eo 18% M ay 27% J an 5 84% Jan 59 J a n 15 58I2 D e c 10014 J a n 90 A p r 90 Jan 24 140% J an 3 134 D e c 164 M ch I 8334 J an 168 Jan 3 10312 A p r 29 M ay 44% M ch 1 43% N o v 72% Jan 4 64I4 A p r 76 N o v 92*4 Jan 5 85l2 M ay 10684 Jan 147 Jan 8 133 M ay 14912 Jan 5934 D ec 36 A p r 59*s J an 9 I 8I4 J ’ne 30 D e c 27 F e b 14 134% Jan 10 126 N o v 15014 Jan 7312 A p r 59 M ch 631? Jan 7 110 J a n 16 111 A p r 120% J an 9184 Jan 7 80 M ay 92 D e c 189 Jan 9 18912 D ec 204% j a n 57i4 Jan 43^4 M ay 48% Jan 5 92% Jan 5 97% O c t 84 F e b 89% A p r 90% Jan 10 96 Jan 189% Jan 7 17914 M ay 23212 F e b 134 F e b 13 124% Jan 7 'l 0 3 Jan 142 J ’n e 105 Jan 106 J a n 125 M ch 8 10512 J an 135 M ay 141% Jan 8 122% J i y 14712 Jan 75 M ay 78 Jan 22 87 Jan 105% Jan 5 100 M ay 109 A u g 139% Jan 7 112 M ay H 6 4 J a n 89 Sep 92 Jan 7 96 Jan 94 Jan 8 90 A p r 102 Jan 30% J an 5 221? J ’ly 32% Nov64% Jan 5 60 “ J ’ly 6934 A u g 70 J a n 11 60 F eb 7234 A p r 48% Jan 5 401? J ’ly 5II4 F e b 251? Jan 7 2012 M ay 27% Jan 48% M ay 62% F e b 15 6338 S ep 61 M ay 96% Jan 14 97% Sep 118% J a n 14 116 J ’ly 120% J ’n e 31% N ov 42% J a n 34 Jan 5 931» D ec 941? Jan 5 103 Jan 37% Jan 7 28 ” M ay 40ig O ct 123 J a n 8 121 N o v £139% Jan 29 Jan 7 2514 D ec 36 Jan 3334 Jan 5 40% Jan 25U J ’ly 547» A p r 12 43 J ’ly 59% J an 108% J an 7 102 D ec 122i4Jan 183- J an 6 13812 M ay 19538 Sep 911? M ay 96 M ay 2 9914 Jan TRUST COMPANIES— BROKERS’ QUOTATIONS. Bid B a n k s. Fifth AveTl. 3900 F i f t h _______ 340 First _______ 610 U t h Street 11 225 F o u r t h ____ 180 G a l l a t i n ... . 350 G arfield ____ 500 G erm anA m li 135 G erm an Exll 420 G erm an ia 11. 500 G reen w ich 1i 285 H am ilton H. 260 H a n o v e r ___ 495 Ask 4200 ____ 630 300 195 360 525 145 Bid B a n k s. Im p & T rad 525 in te rb o ro 11. 150 Irv in g N Ex 185 J efferson I f . . 210 L i b e r t y ____ 490 L i n c o l n ____ 1000 M anhattan If ' 295 M a rk e t& F u l 255 M ech an ics’ . 230 ____ M ech & T ra 11 160 295 M e r c a n tile .. 230 290 M erch b x c h 185 505 M erch an ts’ . 155 Ask 540 157% 195 220 510 Banks. M etropolis 1! Vtetropoli’nli Vit M orrislfM utual 11___ N assau If___ N ew A m ster 3*10 ' New N ethTd 265 N ew Y o r k Co 240 N ew Y o r k . . 168 N ’ ht & D ayll 240 19th W ard If 195 N orth A m er 165 N o rth e r n ___ Bid 390 155 240 280 200 190 220 1200 290 400 325 260 172 Ask Bid B a n ks. O riental t f . . 265 165 * P a cifio If___ 230 P a r k _______ T440 2*90* P e o p le ’s If__ 300 210 P h e n i x ____ 155 200 P laza If____ 570 230 P rod E x c h 11 160 R iv e rsid e U. 250 S e a b o a r d ___ 350 4*10*" S e c o n d ____ 700 ’S tate 11_____ 360 2*70"* 12th W a rd 11 450 182 23d W ardH . 190 275 250 175 260 370 1 • B id and asked p rices; n o sales w ere m a d e on th is d a y . ♦ E x -r ig h ts . $ Less th a n 100 shares, II S ta te b a n k s , a E x -d iv id e n d an d rig h ts, b N ew stool! t Sale at S to c k E x ch a n g e or at a u ctio n this w e e k , c E x ben eficial Interest In ore p r o p e rtie s . h 1st in s ta i’m t p aid » Sold at p r iv a te nale at th is prim New York Stock Record— Concluded—Page 2 266 S T O C K S—HIG H EST A N D LO WEST SA LE PR ICE S. Saturday July 27 M onday July 29 Tuesday July ZO Wednesday July 31 Thursday August I Friday August 2 STOCKS N E W Y O R K STOCK EXCHANGE Sales oj the Week Shares E V o l. l x x x y . Range 1ar Year 1907 Lowest. Highest. Range 1<rr Previous Year (1906). Lowest. Highest 100 62 Jan 7 20 J ’ n e l7 £0 A p r 98 Jan 28 U nit R y s I n v ’t o f S an F ran 71% Jan 7 300 93% Jan D o p r e f ______ _______ 55 Apr 37 J ’ne 18 46 250 18 D ec 14 181* J an 5 26i-> Jan 11% May27 100 D o p r e f ___________ 36% D ec . 53% F eb 381- J a n 7 25% 21% M ch25 1634 J a n 7 16 A p r 9% M ch 13 W h e e lin g & L a k e E r ie ___ ______ 2 134 F e b 100 3734 J a n 5 D o 1st p r e f ____________ 22 M ay22 36 M ay 48% F eb 27 2134 J a n 10 21% O ct D o 2 d p re f_ _______ 13 M ay21 16 29% F e b 16 M c h l4 257$ J a n 12 23 M ay 33 J an 18% W isc o n s in C e n tra l________ _____ 800 51% Jan 7 D o p r e f ________________ 44 J ’ly 64 J an 41 36 M c h l4 Ind u s tria l& M is ce lla n e o u s 5 §165 J ’ly 25 §330 J ’n e 20 §240 J ’ne §300 A u g A d a m s E x r p e s s __________ •150 170 *150 170 *150 170 *150 170 *150 170 §165 165 1,050 2738 Jan 9% 934 9% M ay21 16 J ’ly 10 10% 16?8 J a n 5 *9'S 1034 10% 10% 9% -^ llis -C h a lm e r s ___________ 10% 10% 9% 100 D o p r e f _______ _____ 25 M cii 14 433< Jan 3 40 Sep 67 Jan *26 30 *26 . 28 *26 30 27 27% *25 *26 27 28 A m a lg a m a te d C o p p e r ____ 250,470 8834 83-% 84% 78l?M ch 26 12l7g J a n 5 92% J ’ly 118% F e b 89% 90*34 88% 90% 8S% 86% 85% 85 < s 87% 500 34% J an 15 May27 25-% Ja n 8 20 J ’ly 20 20 19 *18% 20 A m e r A g ric u ltu ra l C h e m . *19% 20% *19% •20 19% *18% 20 102 Jan * ____ D o p r e f ________________ 85 M ay 13 90 D e c 95 * ____ 95 F e b 20 95 * ____ 95 * . . . 95 * 95 * ____ 95 23% Jan 7 35 Jan 400 10% May22 20% M ay 15% 15-% *1538 16 15 14% 147s *14 16 A m e r ic a n B e e t S u g a r____ 153s *15% 16 _ ■(■____ 75 M ch 5 89% J an D o p r e f __________ 80 J a n 21 76 8278 O ct 76 * 76 ♦ 76 * ____ 76 76 * 5% J ’n e i9 7% A p r 11 300 6 534 *5 *5U 5% 5% 5% 5% *5% 5% 5% 5% A m e rica n C a n ____________ 6019 A p r 10 D o p r e f ________________ 5234 53% §53% 53% *5219 53 1,305 48% M ch 26 52% 52153% 52% 52% §53 47% Jan 31 M ch25 45% J a n 14 3234 J ’ ly 427S 43% 5,800 42% 4212 43 43 A m e r ic a n C ar & F o u n d r y 43% 43% 43% 4334 42% 427g D o p r e f ________________ 300 92l9M cll25 103 Jan 12 105 “ Jan *100 101 10034 10034 101 101 *100% 105 *100% 101% *100 101% 98% J ’ly 3534 35 27 M ch 25 28 M ai 44% Jan 36% 35 35% 34% 3434 3434 34% A m e r ic a n C o tto n O il______ 12,660 36% J ’ly 27 35 35% 36% 90 J a n 21 D o p r e f ____________ . 88 M ch 13 90 D e c 95 Jan 90 *85 90 *85 90 90 90 *85 *85 90 *86 *85 200 M ch 25 247 J a n 5 21» A p r 272 A u g *210 218 *210 218 *210 218 *210 218 *205 215 *205 215 A m e r ic a n K x p r e s s ________ 8% J a n 11 700 1134 Jan 5's *534 5% M ch 13 5% 7% M ay 6 6 5% 6% 6 6 A m e rica n G rass T w in e ___ 5% 578 *534 6% J an 16 412 *414 950 4 M ay 23 10 Jan 5% Nov*414 4 4 4 4 4 4 A m e rica n H id e & L e a th e r 4% 4 *3% 30i2 J a n 7 D o p r e f . ______________ 24 N o v 800 16 M ay20 43 Jan 197s 19-8 20% 2014 21 *19 21 20 20% 19% 19% *19 35% Jan 88 J a n 2 5434 56 A m e r ic a n I c e S e c u r it ie s .. 1,405 947s Sep 60 50 J ’ly 31 60 *55 54 55 55 60 65 54% 54% 19% J an 10 9 Aug 1 1634 D ec *9 100 *9 29% Jan *9 11 9 *5 10 A m e r ic a n L in s e e d ________ 11 9 11 11% *9 36 Jan 7 22 A u g 2 35 D ec D o p r e f________________ 100 2234 22 53's J an *22 *22 *22 26 26 22 *22 26 23 22-% 5403 J ’ne 19 7534 F e b 15 5334 M ay 5,800 5638 781- Jan 57 56 56 58 58% 58 57 A m e r ic a n L o c o m o t i v e ___ 58 581" 59U 59U D o pref . ___________ 120% Jan 350 101 M ch25 H l i 2 J a n 21 108% D e c *10412 106% *104% 106% *104% 106% 106% 106% 106% 106% *105 108 47% A p r 2 ____ ____ ____ _ __ 4I0 *4 21? J ’ne 10 *4 *4 *4 *4 5 4% *4 41? 4% A m e r ic a n M alt C o r p ______ ______ 4% 22 “ J ’n e n D o p r e f ________________ 40 F e b 21 ____ ____ ____ _ __ 336 22 22 §227s 227's 23 23 *23 25 *23 25 *23 25 92% D e c 10134 Jan * 93% J a n 7 86 M ch25 891- A m e r S m elters S ec p r e f B _ . 90 * ____ 90 * . . 90 * _ _ 90 * 89% * ____ 118 118% 116 118% 114% 116% 112% 114% 110% 113% 11134 H37s A m e r S m e ltin g & R e fin in g 108,500 104% M ch25 x l5 5 J a n 7 138% May- 174 Jan 130 Jan D o p r e f . ____________ 1,900 100 M ch 25 11738 J a n 7 112 D ec 104 % 106 104% 1047s 105 105% 106 106 *10512 106% *106 107 190 A m e r ic a n S n u fI___ __ 192% 12 205 J an 18 200 J ’ly 220 J a n *107 200 *107 200 *170 200 *170 200 *170 200 *171 * ____ §95 A p r 1 102 J ’ne 7 100 D e c D o p r e f ________________ Mo Jan *70 *80 *80 *80 99 99 99 99 99 *7 *7 *7 1034 Jan 5 934 N o v 15% Jan 51, M ay22 200 7 *7 7 A m e r ic a n S teel F o u n d rie s 7% ~*7* *7% 7% 7% 7% 34 “ M c h i4 4 7 loJan 7 53% Jan D o p re f_ . ________ __ 40 M ay 200 40 40 41 *39 *38 49 *38 *38 40 41 39 39 3,500 114?8 M ch 14 137% F e b 13 127% M ay 157 J a n 122% 12234 12134 1221* 121 121% 121 121% 120% 121% 120% 121 A m e rica n Su g ar R e fin in g . 140 Jan D o p r e f___________ 122 M ch 6 131 J a n 2 1281 •>D ec 127 *123 127 *123 127 *124 127 *123 127 *124 127 *123 c 104% J ’ne 14 133 J a n 4 130 " J ’ly 144% J a n *107 110 *107 110 *107 110 *105 110 *105 110 *106% 108 A m e r ic a n T e le p h & T e le g 983^ J a n 5 109 J a n 96 J ’ly 320 86 86% A m e r ic a n T o b a c ( n e w ) , p f 84% J iy 12 86 86 *85 87% §87% 87% *85 87% *85 8714 361- J a n 7 48 J a n 24 “ M ch 26 650 28 N o v 26% 26% *26% 27 *26 27 20% 261- A m e r ic a n W o o l e n ________ §27% 27% 26*8 27 D o p r e f . ______________ 11038 J an 92 92 §91 265 z90 J ’n c25 1027s J a n 5 101 J ’ly 91 9.1% 9114 *91 91% 91% *91 J9178 91% 55 53% 54% d A n a c o n d a C o p p e r Par$2Z 23,770 553 M ch 14 30234 F e b 16 223% M ay 300 F e b 56561« 55% 53 55% 56 i 57% 5S 57% $9% M a yi3 ____ ____ ____ ____ 1,400 C634 J ’ly 17 7 7 *7 7 7% 7% 7% 7% d B a to p ila s M in in g Par$2Q 7% 7% 7% 7% B r o o k l y n U n io n G a s ____ 200 105 M ay29 125 M a y 1 105% N o v 178 Jan 106 110 *110 115 *110 115 *110 115 *106 112 *106 112 141, Jan 4 2134 A p r 100 10 M ay 21 *12 13% J ’ly *12 14 14 14 *11 *11 13 1-% -unsw ick D o c k & C Im p *13 13 13 14% 49% J an 3 40 A p r 70 M ay 170 33 J ’ly 29 35% * 35% B u tie r ic k C o ______________ *33 35% *34% 35% *33 35 33 33 *33 40 F e b 15 3384 D ec 49?8 Jan 700 20 M a y 21 22% 22% §22 23 22% 22% /C e n t r a l L e a th e r __________ 23 23 2312 23% 23 23 107% Jan 9834 D ec D o p r e f ______________ 89 M ch 26 102 F e b 8 92 720 *92 *92 92% 9214 94 94 94 92% Vv 92% 94 *91 83% Jan 5778 J an 8 40% M ay 30 30% 31 C o lo ra d o F u el & I r o n ____ 10,100 27% M ay21 31 29% 30% 33 31% 33 33% 31% 31% 28% A p r 5 30% N o v 17 M ay 20 “ M ch 5 840 241? 243.1 *24 *24 *24 25 25 C ol & H o c k C oal & I r o n . . 24% 24% *24l?> 25 25 3,695 110 M c h is 140% M ch 1 130% A p r 18134 J a n 120 121?<! 119-3| 1217c 1211*. 121% 119% 120 117% 119 •117 118 C o n s o lid a te d G as (N Y ) . . 2434 Jan 22 28 A p r 18% J ’ly 1734 17% 17% 1,344 17 17% C orn P r o d u c t s R e f i n i n g .. 15% M ay 28 17% 17% 517% 17% *17 i *171s 17% 71 J ’ne 4 74i2 M ay 8534 A p r D o p r e f. . . ________ 88 J a n 28 470 72 *72 72% : *72'-4 7314 73 72% 72% 72% 72% §73 73% 74% Sep 51 Jan 61 M ay27 78 F e b 13 6434 65 1,875 64% 645a D istille rs’ S e cu ritie s C o r p . 65 ' 66 66 66 65% 66 65% 66 199 Jan 135 J ’ly 17 163 J a n 16 138 Jan *120 135 *120 135 *120 135 *120 132% *120 132% *120 132% F e d e ra l M in in g & S m e lt’ g _ 97 J a n 14 D o p r e f ________________ 80 M ch 15 91 J ’ly 112% Jan 82 200 *82 82 84 83 84 *81 83 *S2 84 *83 83 184 O ct 13634 137 G eneral E l e c t r i c _________ 1,500 1351- M ay28 163 J a n 22 z i5 6 D e c 139 13934 13834 138% 137 137% 137 138 139 139 25 £117% J ’n e i4 152 F e b 13 130 *120 130 *118 130 *115 130 G ra n b y C on s M S & P ___ *120 130 5121 121 *120 *7 7% M a y 2 7 M a y l3 *7 *7 8% *7 8% 1 n t M er M arin e s tk tr c tfs 8% 8I4 *7 8% 8% *7U D o p r e f . ___________ 18% J ’n e i g 24 A p r 25 10 *1934 21% *19 5193s 19% *20% 22 *19% 22 21% i*19% 22 18% J a n 7 26% Jan 16% Sep 11% M ay27 200 *14 14% 14% *14 15 15 In te r n a tio n a l P a p e r ______ 14% 14% *14 15 *14% 15 81 F e b 11 90 J an D o p r e f ___ _____________ 80 D ee *72 *72 230 70% M ay22 72 72 73 73 73 71% 71% *71 *71% 72% 5034 Jan 15 t 95 Jan 100 40 M ch 14 48 Sep 43% 43% * . *43% 59 43 *_ _ 43 43 I n te r n a tio n a l P o w e r ______ 41 J a n 7 28 Jan 22 J ’ne 13 60 M ay 2534 In te r n a t S te a m P u m p ___ 1,450 26% *23 *24 26 25 26 ■ *24’ §26% 26% *24 25“ 8 i J a n 14 71 Jan D o p r e f ________________ 68 J ’ne 13 92 M ay 950 *72 76 72 76% *72 76 *70 75 75% *75 73% *70 7514 Ja n 24 ____ ____ ___, _____ 700 162% M ch 15 68% 6812 68 69 69 68 M a c k a y C o m p a n ie s _______ 69 69% 69% 69% 69% 71 J a n 24 . . . . ____ ____ ____ D o p r e f ________________ 300 z63 M ch 15 *66% 68 *653g 68 66% 60% *66% 68 66-% 66% *66% 67% 731, J ’ne 3 86% Ja n 15 791- D ec 62 M ay 74% 7434 *74 525 *74 74% 74% 75 V Ta tio n a l B is c u it ________ *73% 75 75 74 74 110% J ’ne 4 11738 M ch 5 113% J&n 1181- O ct -L* D o p r e f . _ ______ _ *110% *113 *113 *113% *110% *11012 1538 Jan 5 18% Jan 12 M ay 10% M ay28 700 13-4 *13% *12% *1*4** *13 *14* ’ N at E n a m e l’ g & S t a m p ’ g 1334 ’ l3% *1334 *14 " *13% *14* " 87 F e b 15 88% M ch D o p r e f ________ _______ 82 Sep 79 M ch 28 *82 100 *82 84 83 85 84 *81 83 83 85 *81 84 76% J a n 7 66 M ay 9535 J an ______ 49 M ch 25 5534 5734 7,320 59-34 60% 56% 57 N a tio n a l L e a d ___ 57 59% 61 61 61 J 61 D o p r e f ________________ 9834 *97 9834 98% 97 M ay29 103 J a n 5 100% J ’ne 106% J an 621 *97 981• 598% 98-% 98 98 98 98 143g 15 14% 14% *14% 15% 14*4 14% 3,100 $14 J ’ ne 4 $20% A p r i s ____ ____ ____ ____ ; * 14% 15% 14% 15 N e w h o u se M & S .P a r J I O 16334 J an 7,000 98 M ay27 141i2 Jan 7 133 J ’ly 121% 124'>x 122 123% *120 124 118% 122% N ew Y o r k A ir B r a k e ____ : 123% 123% 123 124 8934 J a n 4 871k N o v 107 Jan 100 65 M ay20 69 *68 6S% 68% *68 69 N o rth A m e r ic a n C o .. new 69 *68 68% *68 *68 69 51% Jan 2834 J ’ ne 2 ll* M c h 2 5 41% J a n 5 300 29 27 28% i 30 30 28 26% 281 •> 26% 2634 2634 271- l i a c i f i c M a i l ________ _____ 98% J an 4 103 J an *901, £>1% 89% 90% 90 90% A e o p le ’s G a s -L & C (C h ic) 3,520 85 M ch 14 91 91 88 J ’ly *91% 91% 91% 91% 167* Jan 15 10% A u g 1 18% N o v P itts b u r g h C oal C o _______ 13% M ay 400 *10% 11% *10% IH 9 10% 10% *10% 11 U 11 i *11% 12 62i- Jan D o p r e f________________ 60% J an 4 50 J ’ly 100 49 M ch 15 *51% 54 51% 51% *50% 53 *52 *51% 54 54 *52 54 64% J a n 57 J a n 10 43 M ay 1,232 30 M ch 26 §34 33% 34 33% 33% §33 34 34 33 P ressed S te e l C a r__________ *o5 35% $34 9978 J a n 24 90% 903, D o p r e f________________ 95 M ay 105 F e b 210 90 86 M ch 26 91 92% 921- *91 90 91 93 *91 93 180 D e c 270 N o v 100 150 M ch 14 181% Jan s *162 165 *162 166 “ *163 165 *1621* 1621s *161 166 *162 165 P u llm a n C o m p a n y ----------6234 J an 571, Jan 10 44 M ay 200 39 M ch26 42 *40 41 T ) a ilw a y S teel S p r in g ___ 42% 42% *41% 421*42% 44 41% 41% *40 107 Jan 9734 J ’ly 991- F e b 15 IV D o p r e f - - ________ 100 90% 90% *90 89 J ’ ly 2 . *8934 90% *893! 90% *8934 90% *8934 90% 91 4134 D e c 4 1 'J a n 7 22% M ay 2,575 221- M ch26 2734 2734 26% 27% §26% 26% §26% 26% R e p u b lic Ir o n & S te e l------2834 28% : 28% 28% 91 M ay 1101—J an D o p r e f ________________ 2,100 78 ” M ch 25 100 J a n 7 82 82 82 84 84 §84 84 82% 83% 84 583% 83% 7734 Jan 7 97% J an 68% J ’ly 1,320 42 M ch 14 56 55 55 *55 56 C lo s s -S h e ffie ld S t e e l& I r n 55% 5614 56% *56% 58 56% 5634 1,13 " A p r •3 D o p r e f .................... . . 100 92% J ’n e 22 107 Jan 11 104% O ct *95 95 95 *96 100 *95 97 *95 100 97 T e n n C o a l. Ir o n & R R ___ 100 130 M ch26 162 Jan 4 ! 129 Jan J166 N o v *140 150 140 140 1,000 S347g M ch26 $53% M ch 1 ____ ______ ____ ____ *37* *3*8% *37* *37*84 36% 3634 *3534 *38** ^ T en n essee C o p p e r Par$Z 5 *37% *3*8% 37% 38 85 Jan 17 60 M ay 88 O ct *70 *70 *70 200 68 M ch26 *70 *70 79 75 79 73 75 79 T e x a s P a cific L a n d T r u s t . 73 8% J a n 15 15% J a n 5% Sep 5% J ’ n e 21 I T nlon B a g & P a p e r ------300 6 6 6 6 r- * 5% 6'.j 61 Jan 7 52 O ct 84 Jan D o p r e f ____________ 200 50% M ch25 *55% *55% vJ 55% 55% *55 58 49% Jan 5 53 Jan 36 600 30% M ch25 43% M ay *35* *35% 36 U S C ast I P ip e & F o u n d r 35% 36 89 J a n 15 9 6 '8 Jan 83% D e c 74 M ch26 81% 81% 200 81 81 *80 82 §95 M ay28 §117 J a n 9 109 M ay 13819 Jan *108 113 *I6s* 113*’ *108* 1*13“ *108* 1*1*3* ’ *108 113 *108 113 U n ite d S ta te s E x p r e s s ___ 90% J a n 4 941- J an 52 J ’ne26 75 A u g *52 *52 56 *53 56 57 U S R e a lt y & I m p r o v e m ’ t *52 *51 58 *52 58 58 30% Jan 28 40% J ’ne 12 12 A u g 2 24 M ch 13 U S R e d u c tio n & R e fin in g *14 *14 16 *13 *400 *13 18 *14 18 17 18 68 J a n 7 84 J ’ne 48 40 M ay27 60 M ch 50 *46 50 45% 46 500 *47 *47% 50 48 48 48 52% F e b 16 59% O ct 321^ J ’l y 18 38 j ’ly 34% 34% 34% 34% U n ite d S tates R u b b e r ___ 1,810 34 36 36 35% 35% *35% 37 35% 9734 J ’ne 2 4 1097s Jan 7 1 10434 J ’ly 1115 Jan 97% 98 D o 1st p r e f ____________ *97% 98% 1,847 98 §97 98 98 98 98% 98% 9S34 78% Jan 7 D o 2d p r e f . .*_________ 66 J ’n e 26 70 75 M ay 187% Jan 100 *64 *64 69 *64 *65 66 66 70 70 *64 67 503S J a n 7 50% O ct 34% 35*4 31% M ay 27 32% J ’ly 35% 36% 35% 35% U n ite d S ta te s S t e e l_______ 235,185 36% 37's 36% 37% 37% 37*4 113% Jan 9 U2 M ch25 10734 Jan 7 15,981 10034 1007s 100% 100% 1003s 100% 100% 100% 100% 1003g 100% 100% 9834 J ’ly 90 00 *9Q 9Q3. OS 90 9B 9S 97 98 97 97 d U ta h C o p p e r ___ P a r $10 1,700 $24 M ch 25 $3919 M ch 4 39% J a n 7 Es Jan 23% M ay29 26 7,100 31 J 'ly 26% 27 26 V lrg ln la -C a ro lln a C h em __ 26% 271; 26 26 ’ 263s 27% 2534 26% 101 M ch25 108 J a n 9 104 J ’ly 117% Jan D o p r e f . ____________ 101% *101 1011- *101 101% *101 lOllo *101 101% *101 101% *101 93 D ec 97 J a n 22 38 M ay 55 M ch 25 400 *60 65 “ *60 65 65 68 68 V ir g in ia Ir o n C oal & C oke *60 65 65 *60 65 250 M ay 7 300 J ’n e 3 233 M ch 305 O c t *2 SO 300 *280 300 *280 300 *280 300 *280 300 *280 302 T I T e ll s F a rg o & C o ______ 94% Jan » T e s t e m U n io n T e l e g . . 85 J a n 10 18334 D e c *429 75% J ’ly 8 *77 79 78 78 78 *77 79 *77 79 78 78 78 300 142 M ay28 154 J a n 2 148 A u g 176 Jan 14534 *143% 14534iW e s t ln g h ’s e E l& M fg assen 144% 144% *143 145 145 *144% 145% 145 145 162 N o v 188 Jan §145 A p r 26 §160 M ay23 165 *153 165 *153 165 *153 165 i D o I s t D r e f ...................... *153 165 *153 165 *153 27% 46 *13% *23;i4 • Id a *26 *15 *17 *10*2 27% 46 14 25% 11% 27 18 18% 41% *26 *44 *13% *23*4 *10% *26 *15 *17 *40% 28 46% 14 25% 11% 27 18 18% 41% *26 44 13% *24 *11 *25 *12 *17 40% 28 44 13% 25 13 27 17 18% 40% *26 *42 1338 *24 *11 26 *15 *17 40 BANKS Bid Banks. U n ion E x c li 220 U S E x ch U. 122% W a s h H ’ hts*: 230 West SideH. 600 Y o r k v llle H- 400 Ash 240 132% ____ Banks. Bid 28 44% 133s 25 13 26 18 18% 40% *26 *44 *13% 2434 *11 *25 *12 *17 *38 AND Ask 28 46% 14 2434 13 27 16 18% 41% *26 *42 *13 *24% *11 *25 *12 *17 *38 TRUST COMPANIES— BANK ERS’ Trust Cos.’ N Y C ity . A s t o r _____ _ B ankers’ T r B o w l’ g G r’n B ro a d w a y T r C a r n e g ie ___ C entral T r ’ st C o lu m b ia . . C om m ercia l C om m onw ’ h E m p i r e ____ E q u ita b le T r F a rm L o & T Bid Ask Trust Co’ s. Fidelity.......... Fifth A v T r . F u lto n ______ G u aran ty T r G uardian T r H u d s o n ___ K n lc k ’ b ’ k er Law T I & T r . L lncoln T r . . M anhattan . M erca n tile. . V Ietropolit’ n M orton T r ’ st Ask Bid 220 210 ____ 550 275 325 475 500 225 235 95 105 1190 1210 ____ T247 325 ____ 450 825 875 575 590 650 700 QUOTATIONS. Trust Co’ s M u t u a l ____ M ut A lli’nce N Y L Ife & T r N ew Y o r k T r S tand ard T r T itle G u & T r T r Co o f Am U n ion T rust U S M tg & T r U nit S ta te s . V a n N ’ denT r W a sh in g to n W i n d s o r ___ Ask Bid 130 120 200 190 ____ 1000 670 650 . . . . 410 475 455 715 700 1250 1300 470 450 1200 1230 280 .... 400 ____ 210 195 Trust Co’ s. B rooklyn . B r o o k ly n Tr C itizens’ ___ F l a t b u s h __ F r a n k lin ___ H am ilton . . H o m e ______ J e n k in s ____ K in gs C o ___ L Isl L & T r . . N a s s a u ____ P e o p le ’ s ___ W lllia m s b ’ g Bid A tk 425 .... 135 145 260 First ............ 385 300 315 42*5*’ H om e B ’nkH 175 330 315 M an u factrs’ 400 ____ 160 150 M echanics’ U 305 210 ---M ontauk____ 160 475 B rooU yn . N assau ____ 250 .... 300 3*15* ’ N at C it y ___ 305 ____ N orth S id e 11 360 ____ 270 250 Borough 1!.. 175 ____ 316% P ro s p e ct P k f: 160 BroadwaylJ. 450 220 -----B r o o k ly n _ . 115 135 T e r m in a l- .11 140 -----• Bid an d asked p rices: n o sale3 o n th is d a y . i Less th an 100 shares. t E x -r lg h t s . fi.Vew s t o c k . e E x -d lv id e n d and rig h ts. d N o w q u o t e d d o lla rs p er s h a r * tS a le at S to c k E x ch a n g e or at a u c tio n this w e e k . sT ru st C o. c e r tific a te s . IJBanks m a rk e d w ith a p a ra g ra p h (II) a r e S t a t e b a n k s . B r o o k ly n . 300 350 500 475 440 425 160 150 225 215 1850 2050 205 215 200 215 ____ 100 350 335 ____ 405 1185 1220 New York Stock Exchange— Bond Record, Friday, W eekly and Yearly O C C U P Y IN G BONDS N . Y . ST O C K E X C H A N G E W rkk E nding A u g u st 2 t . S , ( ioViM'llllMMl! U S 2s co n so l registered.(Z 1930 U 3 2s co n s o l c o u p o n ___ dl9 3 t U 8 3s r e g is t e r e d _______ /c l9 1 ' U 3 3s c o u p o n ...................../cl9lrU S 3s re g sm all b o n d s..fc l9 1 f U S 3s con sm all bonds../C191!U b 4s r e g iste r e d .................192.’ U B 4s c o u p o n ...................... 1926 U S P a n Can 10-30 y r 2s.fcl i’3 P h ilip p in e isla n d s 4 s . 1914-34 P u b w k « an d im p re ' 4s 193.. P u b w k s an d im p r e g -..1 9 3 t F o r e ig n G o v e rn m e n t Jap an ese G o v t 6 s s te ri’ g .1 9 1 1 2d series 6 s ........................ 1911 ii loan 4 4 s c tfs fu ll p d . 1925 2d series 4 4 s ctl's fu ll paid S. loan 4s c t fs fu ll p a id .. 1931 R ep u b o f C uba 5s e x te n d e b t.. U H of M e x ico s f g 5s o f 1899 G old 4s of 1 90 4 ................. 1954 S t a l e S e c u r it ie s A labam a c u rr fu n d 4 s ___ 1920 D ist o f C olu m bia 3 -6 5 S ....1 9 2 4 L ou isian a n e w con so l 4 s .. 1914 N orth C arolina con so l 4 s . 1910 6 s ............................................ 1919 So Carolina 4 4 s 2 0 -4 0 ........1933 T en n n ew settlem e n t 3 s ..1913 V irg in ia fu n d d e b t 2 - 3 s .. . 1991 6s d e fe rre d B r o w n B ro s ctfs. P rice F r id a y A u g u st 2 Q-J Q-J Q-x Q-F q-i Q-* O-F Q-F Q-N i,|. F Q-S Q-F B id 105*4 105*4 102 4 102 4 W eek's R an ge o r L a st Sale R an ge S ince g-s ^ sc J a n u a r y 1 a sit 1064 1064 10H 4 1034 Low H igh 1 0 4 4 A p r ’ 07 105*4 J ’ i y ’ 07 102 4 .F ly ’ 07 1 0 3 4 J ’l y ’ 07 107 J ’ n e ’ 02 1 0 1 4 O ct ’0 i o i 'i 127 4 128*4 1 2 8 7* J 'n e '0 7 127 4 128 >-4 129*4 M ay’O" 104*4 105 4 105 4 O ct ’ 00 1 0 9 4 ......... 111 M ay’ 06 Low H iy h 104 41 0 5 * 8 104 4 1 0 6 4 102 4 102*4 102 4 1 0 4 t 2 8 7s 130*4 1 2 9 4 1 3 0 "* A-O t 99% Sale 994 99»s 99 99**. A -O * 0938 Sale F-A t 8 9 \ Sale 8 9 7e 904 J J It 8 6 4 sa le 864 87 4 7 8 7* 79 J - J * 7S7a Sale M -s * 1 0 3 4 103 103 >4 98 J ’ l y ’ 07 9 6 78 99 Q-J 9278 J -D 9 2 4 Jr’l y ’07 U hese a r e pr ices 0 n ih e U J-J F-A J -J J -J A-O J-J J -J J -J 111 113 4 1174 i b o " 105 4 1004 100 126 120 9 3»8 92 92H, 9 3 4 28 30 30 K u ilr o m ! labam a C en t See So R y laba M ull See A t Coast L in e A lb a n y & Susa See D el & Hun A lle g h e n y V a lle y i'ee P en n R r A lie g & W es t See B u ll R & I 1 S4 85 A n n A r b o r 1st g 4 s ........../t.1995 Q-J A tc h T * S F e—G en g 4 s . 1995 A-O 9 o *8 Sale R e g is tered ..........................1995 A-O 97 4 88 A d ju stm e n t g 4 s ........... /(.199;r Nov R e g is t e r e d ...................h 199J Nov S tam ped........................ *199 5 M-N 86 864 95 Sale C o n v g 4 s ............................1955 J -D 99 7g 100 C on v g 5 s (s u l)s c r ip s )..1 9 1 7 J -D 99 ......... L e b jm u r e s 4s S eries F . 1908 F-A S eries G ........................... 1901 F-A S eries H .......................... 1910 F -A S eries 1 ............................ 1911 F-A S eries K ...........................1913 F-A E a s tO k la D iv 1st g 4 s . .1928 M -8 90 4 A tl K n o x & N See L & N 64*8 Sals A tla n tic .Coast 1st g 4 s . M 9 5 2 M-S C harles * S av 1st g 7 s . ,1 9 3 b J-J Sav F & W 1st g o ld 6 s ..1934 A-O 181 1st gold 5 s ...................... 1934 A-O 108 A la M id 1st gu gold 5s ..1 9 2 8 M-N ......... B ru n s * W 1st g u g 4 s ..1 9 3 8 J-J "9 2 4 82 L & N c o ll g 4 s ...............01952 M-N S il Sp O ca <feG g u g 4 s ..1 9 1 8 J -J 044 A tla n tic * D a n v See S outh Ry A u stin & N W See S ou P a cific 91 Sale a l t * O hio p r io r I g 3 4 s .l9 2 6 J -J 90 R e g is te r e d ................./i 19 2 5 Q-J 9 9 4 99*6 G old 4 s ..............................WL948 A-O R e g is t e r e d ...................ftl9 4 8 Q -J P itts J u n c 1st gold 6 s . . .1 9 2 2 J -J ......... P J u n & M D i v l s t g 3 4 s l 9 2 5 M-N P L E * W V a Sys re f 4 sl9 4 1 M-N 91 " 86^4 S ou tliw D iv 1 st g 3 4 s . . .1 9 2 5 J -J R e g is t e r e d ...................7il925 100 M on on R iv 1st g u g 5 s ..1 9 1 9 Cen O h io R 1st c g 4 4 s . . 1931) M-S Cl L or & W c o n 1st g 6s 1933 A-O 1 0 8 * O h io R iv e r R R 1st g 6 s .1930 J-D G en era l g o ld 5 s ............. 1937 A-O n o P itts G t e v & T o l 1st g 6s 1922 A-O 110 P i t t s * W e s t 1 s t g 4 s . ..1 9 1 7 J -J 9 0 4 .......... S tat I s l R y 1st g u g 4 4 s 1943 J-D B a t C reek * s See M id i C ent B eech C reek See N Y C & H B e ile v * Car See Illin ois Cen i B k lyn * M on ta u k See L o n g 1 B ru n s & W e s t See A t l C oast L B u ffalo N Y * E r ie See E rie B uffalo R * P gen g 5 s . . .1937 M-S 1144 A ll * W e s t 1st g 4s g u . .l 9 9 8 A -O 101 102 C l & M ali 1st g u g 5 s ___ 1943 J -J 106 R ocli & P itts 1st g 6 s ...1 9 2 1 F-A 1 1 4 4 C on sol 1st g 6 s ............. 19 2 2 ! J-D Buffalo & S ou th w es t See Erie! B ull * Susq 1st r e f g 4 s.d l9 5 1 J - J 934 B u r C R * N See C K I & P ianada S ou th 1st 5 s ........ 1908 J -J 100 Sale '2 d 5 s ................................... 1913 M-S R e g i s t e r e d .. . ............... 1913 M-S C arb * S ha w n See 111 C ent C arolina C en t See S eab A ir L C arthage & A d See N Y C & M C ed R Ia F & N See B C R & N C en B r a n ch R y See M o P a o C en t o f G a R R 1st g 6 s ..p l 9 4 5 F -A C on sol g o ld 5 s ..................1945 M-N 10 J 104 R e g is t e r e d ...................... 1945 M-N ......... 1 0 8 4 1st p r e f in com e g 5 s ___ p 1945 O ct .......... 86 S t a m p e d ................................... 2a p r e i in c o m e g 6 s ....f> 1 9 4 5 O ct 66 S t a m p e d ................................... 06 3d p re i in com e g 6 s . .. .p l 9 4 5 Oct 64 S t a m p e d ................................... 96*4 964 87*4 ^64 7 8 's 98*4 96*8 92 o f $5 M ar’ 02 J ’n e ’06 D e c ’ 04 A p r ’ 07 M ar’ 07 M a r’OC J ’l y ’ 07 M ay’ 07 30 100*(. 100*8 94*8 9 2 7e ^ 5 l4 103*4 99 95 to £ . 1004 1004 126 126 92 934 20 96 95*4 304 A B n C 84 84 984 98 4 97 J ’ n e ’07 88 J ’l y '07 86 A p r ’07 86 86 4 96 4 94 4 100 4 1004 101 J ’ly ’ 07 98 "g M ay’ 07 96 F e b ’ 07 9 8 4 N o v ’ 04 94 N o v ’06 93 M ay’ 07 94 8 1 4 91 9641024 9 3 \ 101*4 86 92 4 86 86 85 4 9 2 7* 92*4 1 0 8 4 10041004 99 101 9 8 s* 9 8 5t, 96 96 91 94*6 1327g J a n ’ 06 112*8 J an ’ 04 114*8 N o v ’ 05 9 9 4 M ar’ 06 84 J ’l y ’ 07 94 J ’l y ’ 07 894 94 904 91 89 4 J ’ n e ’o7 99 100 97 4 J ’l y ’ 07 120 O ct ’01 86 J ’ n e’ 07 91 J ’l y ’ 07 87 4 87 4 89 O ct ’ 00 1 0 5 7g F e l»’ 07 109 A p r ’ 05 109*4 J ’ n e’ 07 116 M ay’ OO 113 4 N o v ’ 06 1 1 9 4 M ar’ 04 94 M a r’ 07 100 N o v ’04 113 4 103 4 103 124 118 S9»s 9 3 4 894 924 9 S 4 102s* 9741014 "s i" ’ W 894 86*4 10 9*4 i *13®i 94 9 4 4 A p r ’07 116 103 4 113 85 4 88 70 664 60 60 M ar’ 07 103=8 A p r ’06 J ’l y ’ 07 M ay’ 07 J ’ n e ’ 07 664 J ’ l y ’ 07 J ’ly *07 96 90*4 i o 6 7i ib‘5 4 M ay’ 07 F e b ’07 A p r ’ 97 A p r ’ 06 J ’ n e’07 100 1004 102 4 J ’l y ’ 07 100*4 M ay’ 07 93 92 a4 9 3 4 113 LOi 1184 1034 118 1234 89\ 23 94 96*g 9941024 101 105 4 100*4 100*4 lie 116 36 103 4 1 1 1 8 5 ’ * *9 0 ” 85 - 90 70 76 6 0 4 74*4 60 66 50 66 FOUR PAGES BON DS ST. Y . S T O C K E X C H A N G E WKEK ENDfNO AUGUST 2 C e n t of G a R R —( Con) Cliatt D iv p u r m o u g 4 s .1953 j- D M ac & N o r D iv 1st g 5 s .1940 J-J M id G a * A t l D iv 5 s . ...1 9 4 7 J-J M o b ile Div- 1st g 5s........1946 J-J Oen R K * B o f Ua co l sr 5s 1937 Vl-N C en t o f N J g e n ’ l g old 5 s . 1987 J -J R e g is t e r e d ................. ftl987 Q-J A m D o ck & Im p gu 5 s .. 1921 J -J L e & H u d R ge n g u g 5s 1920 J -J Leh <fc W ilk s B Coal 5 s . .1912 M-N Con e x t gu a r 4 4 s ___ 01910 Q-M N Y * L o n g B r g e n g 4s 1941 M-S Cent P a cific See So P a cific Co C e n tV e rm o n t 1st g u 9 4 s .e l9 2 0 Q -F Chas & S av See A t l C oast L in e Ches & O hio g 6s ser A ..A 1 9 0 8 A-O G old 6 s ............................... a.1911 A-O 1 st o o n so l g 5 s ...................1939, M-N R e g is te r e d ...................... 1939 M-N G en eral gold 4 4 s ............. 1992 M-S R e g is t e r e d ...................... 1992 M-S Craig’ V a lle y 1st g 5 s ___ 1940 J -J R * A D iv 1st co n g 4 s . .19 8 9 J -J 2d co n s o l g 4 s .................1989 J -J W arm S pr v a l 1st g 5 s ..1941 M-S G re e n b rie r R y l s t g u g 4s ’ 40 M-N C h ic & A lt R R r e f g 3 s . ..1 9 4 9 A-O R a ilw a y 1st lie n 3 4 s . ..1 9 5 0 J -J R e g is te r e d .......................1950 J -J C h ic B u rl & Q— D en v D 4s 1922 F-A Illin o is D iv 3 4 s ............... 1949 J -J R e g is te r e d ...................... 1949 J -J G o ld 4 s ............................. 1949 J - J I o w a D iv s in k fu n d 5 s . . 1919 A-O S in k in g fu n d 4 s ............. 1919 A-O N e b ra s k a E x te n sio n 4 s .1927 M-N R e g is te r e d ...................... 1927 M-N S o u th w e ste rn D iv 4 s ___ 1921 M-S J o in t bonds See G rea t N orth D e b e n tu re 5 s .....................1913 M-N H a n * St J o s co n s o l 6 s ..1911 M-S C h i c * E 111 r e f & im p g 4s 1955 J - J 1st s f c u r 6 s .....................1907 J-D 1st co n so l g 6 s ...................1934 A-O G en eral co n s o l 1st 5 s ___ 1937 M-N R e g is te r e d ...................... 1937 M-N Cliic & I n d C R y 1st 5 s . 1936 J-J C h ioago & E r ie See E rie C h ic In * L o u is v ret 6 s ...1 9 4 7 J -J R e fu n d in g g o ld 5 s ............1947 J -J L o u is v N A & Ch 1 s t 6s. 1910 J -J C h ic MU & S t P te rm g 5s 1914 J -J G en eral g 4s series A .. e l 9 8 9 J - J R e g is t e r e d .....................e l9 8 9 -J -J G e n e r a lg 3 4 s se rie s B .e l9 8 9 C h i c * L S u D i v g 5 s ___ 1921 J -J C h ic & M o R iv D iv 5 s . . . 1926 J -J C llic & P a c D iv 6 s ........... 1910 J -J C h ic * P W 1st g 5 s ........1921 J -J D a k * G t So g 5 s ............. 1916 J-J F a r * Sou assu g 6 s ........1924 J -J H a s t * D D i v 1 s t 7 s . . . ..1 9 1 0 J -J 1st 5 s ................................. 1910 J -J I & D E x te n 1 s t 7 s ..........1908 J -J L a C r o s s e * D 1st 6 s ___ 1919 J -J M in e ra l P o in t D iv 5 s ___ 1910 J -J So M in n D iv 1st 6 s ..........1910 J -J S o u th w e st D iv 1 st 6 s ___ 1909 J -J W is * M in n D iv g 5 s ___ 1921 J - J MU & N o 1st M £ 6 s . . ..1 9 1 0 J-D 1 s t o o n so l 6 s ...................1913 J-D C h i c * N o r t l i w c o n s 7 s ___ 1915 Q-F E x te n s io n 4 s ..........1886-1926 F-A R e g is t e r e d .......1 8 8 6 -1 9 2 6 F-A G en eral g o ld 3 4 s ............. 1987 M-N R e g is t e r e d ...................« 1 9 8 7 Q -F S in k in g fu n d 6 s ...1 8 7 9 -1 9 2 9 A-O R e g is te r e d ............1879-1929 A-O S in k in g fu n d 6 s . ..1 8 7 9 -1 9 2 9 A-O R e g is t e r e d ............1879-1929 A-O D e b e n tu r e 5 s .....................1909 M-N R e g is te r e d ...................... 1909 M-N D e b e n tu r e 5 s .....................1921 A-O R e g is te r e d ...................... 1921 A-O S in k in g fu n d d eb 5 s ........1933 M-K R e g is te r e d .......................1933 M-N N o rth lU in o is 1st 5 s ___ 1910 M-S O tt C F & St P a u l 1st 5 s 1909 M-S W in o n a & St P e t 2d 7 s .. 1907 M-N MU L 8 & W e s t 1st g 6s 1921 M-N E x t * Im p s fu n d g 5s 1929 F-A A sh la n d D iv 1st g 6 s ..1 9 2 5 M-S M io h D iv 1st g 6 s ..........1924 J -J I n c o m e s ..........................1911 M-N C h ic R o c k I s l * P a c 6 s . . .1 9 1 7 J -J R e g is te r e d ...................... 1917 J - J J G e n e ra l g old 4 s .................1988 R e g is te r e d .......................1988, J -J R e fu n d in g g 4 s ............... 1934 A-O CoU tr u s t S e r ie s H 4s . . 1910 M-N J 4 s ................................... 1912 M-N M 4 s ................................... 1915 M-N N 4 s ................................... 1916 M-N 0 4 s .................................... 1917 M-N P 4 s ................................... 1918 M-N Ch io R I & P a c R R 4 s . .2 0 0 2 M-N R e g is te r e d ......................2002 M N CoU tru st gold 5 s ......... 1913 M-S B u r C ed R & N o r t h e r n C on 1st * c o l tr g 5 s ...1 9 3 4 A-O R e g is te r e d ..................1 9 3 4 A-O C R I F * N W l s t g u 53.1921 A-O M & S t L 1 s t g u g 7 s ..19 2 7 J-D P r ic e F r id a y A u g u st 2 Wee/c’ s R ange or L ast Sale 104 4 ......... 10.J ......... 122 122 4 120 4 ......... 10ti7b ......... L ow H igh 93 J’’n e 0 6 115 4. D e c ’05 115 N o v ’ 05 115 4 A u e ’ 05 100 4 J ’l y ’ 07 122 1 22 4i 12 1 >>i J ’l y ’ 07 1<j6 >4 J ’ly ’u? 98*4 100 100 9 8 * 8 ......... 98 100 . . 88 1 0 1 4 ........ 1 0 4 * 4 ........ 1 0 9 14 ........ ib l bale 95 .........100 ......... 75 67 4 69 97 4 ____ ' 89 ........ « 8 s8 ........ 99 \ Sale 105 4 ........ 100 101 1 0 0 4 ......... 96 R an ge Since ^ sq J a n u a ry 1 Low H igh, 100 122 126 1 12! ’ 126 L06\ , . x M ay’07 . .. J ’l y ’ 07 M ay’ O' 85 102&* J ’ l y ’ 07 105 J ’l y ’ 07 110 110 116 J ’ n e ’06 101k 1004 104 M ay’ 06 112 F e b ’ 06 97*8 M ay’ 07 90 J ’ n e’ 07 1 1 3 4 F e b ’05 99*4 F e b ’OO 76 J ’l y ’ O" 674 67‘„ 80 4 M ay’ 05 9 9 4 J ’n e ’07 89 89®* 90 Sep ’ 06 99*8 100 106 M ay’ 07 1 0 0 4 J ’ n e ’ O/ 1 0 0 4 1 0 0 ’m 101 4 D eo ’00 100 J ’l y ’06 106 4 ......... 110 ......... 1 0 3 4 ......... 109 4 Sale 103 4 ......... 1 1 6 4 ......... 1 0 b 4 ......... 1 0 0 4 ......... 1 0 6 4 ......... 1 0 0 4 .......... 103 ........ 102 4 Sale 107 ......... 1 0 2 4 ......... 106 **......... 11738 120 ......... 102 1 0 1 4 ........ ■ 94 ......... 90 4 ......... 107 ......... 99*4 105*4 96 4 1 0 0 4 90 924 75*4 80 66 7 6 *, 9841004 884 924 994 106 98\ 100 106" io 7 4 i’0’04 ioT' 1 0 4 4 ......... 103 ____ ......... 116 4 1004 .... 100®8 .. . . . . 100 78 ........ 119 ......... 110 ......... 1 2 2 4 .......... 1 1 9 4 ....... 100 ......... 1 1 3 4 ......... 1 1 0 4 .. 974 984 9S 8 8 4 Salt94** ......... 91 ® ,......... 87 _____ 87 .......... 8 5 4 ......... 69*8 Saio 8 8 4 ” 111 110 117 1 1 1 4 ........ 104 ........ 1134113 4 88 12441264 107 1117# 102 105 103 1 0 6 4 101 107 88*s 884 93\ 1 1 1 " i l '3 4 1054105** 109 112 106 106*4 105 4 i'0’9 " 10041004 106 4 1 0 8 4 102 4 1 0 3 10 2 4 1 0 5 * 4 102 4 1 0 4 1 0 7 4 U 0*« 1064107 107 1 1 1 4 118*8 121 1 0 1 4 102 104 104 9 2 4 98 96 95 106 107 10641064 107 107 1024 110 J ’ u e’ 07 1 0 6 4 F e b ’ 07 107 J ’ n e’ 07 118% M ay’07 1 0 1 4 M ay’07 104 F e b ’07 94*4 94*4 95 F e b ’ 07 107 J ’ n e’ 07 1 0 6 4 J ’n e'07 107 J ’ n e’ 07 107 4 J ’ n e’ 06 10 0 4 J ’ n e ’ 07 9 9 4 J ’n e ’ 07 107 J a n >07 103 J ’n e ’07 113 4 A p r ’ 07 117 F e b ’ 06 105 4 D e c ’ 06 100-4 M ay’07 1 0 1 4 J ’l y ’ 07 120 J ’l y ’ 07 113 4 M ay’ 07 142 4 F e b ’02 1 2 8 4 S ’e b ’ 06 109 Sep ’03 114 P ly ’ 07 1 1 6 4 M a r’ 07 98 984 99*4 F e b ’07 874 88*8 97 J ’ l y ’ 04 92 4 N o v ’ 06 9 0 4 J a n ’ 07 93 M ay’ Ol 90*4 F e b ’ 07 84 M ay’ 07 694 694 79 D e c ’05 i o i* * 106 i 104 102 1004104 1 0 5 4 109 92 92 1004103 126 1 2 8 4 10841174 124 4 J ’n e ’ 07 1 1 1 4 J ’n e ’ 07 102 4 J ’l y ’ 07 105 4 M ay’ 07 102 102 104 4 O ct ’06 89 J ’l y ’07 1 1 5 4 O ct ’ 05 112 J ’n e ’ 07 105*8 M ay’ 07 109 4 1094 106 J ’n e ’ 07 1 3 7 4 J ’l y ’ 99 105 4 J ’ ly *07 1 0 0 4 J ’ l y ’07 182 4 A p r ’06 1 0 6 4 106 4 1 0 2 -a A p r ’ 07 105 4 J ’ n e ’07 102 4 894 100 105 104 107 1 0 9 4 116 1 0 1 4 J ’l y ’ 07 ..........102 1 05 *4 ........ 1 0 5 4 J ’l y ’ 07 .......... 92 92 A p r ’ 07 100 4 ........ 100 4 J ’ l y ’ 07 127 ........ 128 4 J ’l y '07 108 *4........ 1 0 8 4 169 1 1 8 4 F e b ’06 1 1 3 4 F e b ’ 07 1 2 1 * 8 ........ ..........109 1 0 2 *4 ........ l O i ’k ........ 102 ........ 101 ........ "99*i io ’6 ’4 9 7 4 10i ibo 4 l()2«i 98 101 107 107 103 103 1134114*4 1 0 0 5* 102»* 10041014 120 123*4 113 1 1 3 4 21 114 117^5 1164 1164 9741004 99 4 99*4 8 7 4 91** ”904 904 90*4 "i»0»I 84 90 66 77' j 8 'J " " 91*4 1 1 6 4 J ’l y ’ 07 1 2 0 4 M ar’ (>3 111 N o v ’ 05 1144117 101 75 1064 109 110 81 108*4 93 4 109 107 4 90 4 1034 1104 70 100 72 4 79 4 99 100 108*4 75 85 1044113 109 1 1 3 4 110 110 81 89 10S*4 1 1 4 4 MLSCELLASEOIJS BONOS—Continued on Next Page. S tre e t R a ilw a y B r o o k ly n R a p T r g 5 s ........1945 1st r efu n d c o n v g 4 s , . ..2 0 0 2 B k C it y 1st c o n 5 s .lfifl6.1941 B k Q C o & S con g u g 5 s . 1941 B k ly n U n E l 1st g 4-6S.1950 Stam ped gu a r 4-5s ___ 1950 K in g s C o E l 1st g 4 s ___ 1949 S tam ped g u a r 4 s ..........1949 N a ssa u E le c g u g 4 s ___ 1951 C on n R y * L i s t * r e f g 4 4 s ’ 51 Stam ped gu ar 4 4 s ......... 1951 D en C on T r Co 1st g 6 s . . . 1933 D e t U n ited 1st c o n g 4 4 s . 1932 H a v a n a E le c c o n s o l g 5 s . 1952 In te r -M e t coU 4 4 s ............. 1936' In t e r n a t T r a c c o ll tr 4 s .. 1049 , L o u is R y Co I s t c o n g 6 s . .19 8 0 M an ila E le c 1st & c o ll 5s. 1953 A-O 101 103 J -J 7 9 4 Sale J -J 1 0 0 4 ......... M-N ..........100 F-A 1 0 1 4 Sale F-A F-A F-A 81*4 J-J 8 1 4 83 4 J-J 101*4 J-J 97*4 ......... A-O J-J 85 F-A 83 A-O > 7 4 4 75 J -J 694 69 J -.l M-S .......... ......... 1 *N o price Friday; latest price this week. \ 101 J ’l y ’ 07 100 107 92*8 794 80 4 i 1 A 79 1004 1004 a 10041034 lOO 100 1 100 1 0 1 4 101 2 100 108 1014 102 J ’l y ’ 07 102 104 87 89 87 F e b ’ 07 83*4 J ’l y ’ 07 83*4 8 8 4 86 79 82 J ’l y ’ 07 9 3 4 M ay’07 9841024 98*4 J’ ne’ 07 98*4 98*4 95 J ’ n e ’ OO 86*3 J ’ n e ’ 07 86 4 8 6 4 8 0 4 J ’ n e ’ 07 8 0 4 93 74 7* 25 7 2 4 82 74 73 6 68 69 4 69 4 109 98 M ay’ 06 aD ueJan d D ue A p r S tr e e t K a ilw a y M et S t R y g e n c o l tr g 5 s .l9 9 7 R e f g 4 s ............................... 2002 B w a y & 7th A v 1st c g 5s 1943 Col & 9th A v l s t g u g 5 s. 1993 L e x A v * P F 1st g u g 5s 1993 T h ird A v e R R c o n gu 4s 2000 T h ir d A v e R y 1st g 5 s . .19 3 7 M e t W S E l (C liic) 1st g 4 s . 1938 M il E l R y & L 3 0-y r g 5S.1926 M in n S t R y 1st c o n g 5 s ..1 9 1 9 N O rl R y * L t g e n 4 4 s -.1 9 3 5 St J o s R y L t H * P 1st g 5s ’ 37 St P a u l C ity Cab c o n g 5 s. 1937 U n d ergrou n d o f L o n 5 s . .. 1908 U nion E l (C h ic) 1st g 5 s .. 1945 U n ite d R R s San F r s f 4 s . 1927 U n ite d R y s S t L 1st g 4 s. 1934 W C h ic 8 t 4 9-yr c o n g 5 s .1936 e D ue May c D u e J ’ne KDue J’ ly F -A >100 .......... A-O J-D 1 0 6 4 1 0 7 4 M-S 109 1 1 3 4 M-S J -J .......... 81 J - J 107 4 ........ F-A F-A J -J J -J M-N J -J J -D 72 A-O A-O "72*6 J -J M N A:Duo A u g oDue Oct J ’l y ’ 07 75 J ’ l y ’ 07 J ’l y ’07 M ay’ 07 81 J ’l y ’ 07 J 'l y ’ 06 J ’ l y ’ Oti P e o ’06 S e p ’ 06 O ct ’ 06 N o v ’ OtS 70 J a n ’07 72 4 J ’l y ’ 07 De>c ’97 v D ue Nov 70 94 100 100 67 8*4 794 8f s Option 'J New York Bond Kecord—Continued—Page 2 268 tfOiSl#5> N . Y . ST O C K E X C H A N G E W k k k e n d in g a c g c s t 2 tr ic e fYidav August 2 C h ic R o c k i. & P a c— (Con) C h oc u k & G ge n g 5s .01919 J -J C on sol gold o s ............... 1952 M-N K e o k <te J it s M 1 s t o s ___ 1923 A-O "Chic m i.Jtn N O See 111 C ent C h ic at Life P itts See Penn Co C h ic s t P J 1 4 0 co n 6 s .. .1 9 3 0 J-D C ons (5s reduced, to 3 4 a . 1930 J-D Oh St P <fc M inn 1st g 6s 1918 M-N ■Is'or W iscon sin 1st 6 s . ..1 9 3 0 J -J S t P & S C ity 1st g 6 s . . .1919 A -0 •ChiCago T e r T r a n s -g 4 s . ..1 9 4 7 J -J Coupon o f t ................................... Cliic<fc XV»■.■*! I na p en g 6s ?1932 Q-M C on sol 50 year 4 s ............. 1952 J . J d u e <ls W icii bee P e r e M arq C h oc u & t i u l l See C R I <& P Cin H & D M gold 4 4 s . ..1 9 3 7 J -J C m u & i 1st g u g 5s. ..1 9 4 1 s/J-N C F in d & F t W J i t g u 4s M-N Cin I & W 1 st g u g 4 s . 1953 J-J 1m l D ec <fc W 1st g 5 s . ..1 9 3 5 J -J l s t g u a r g o l d 5 s ............. 1935 J -J O IS tL & i see C O O & b t L C in S i* C nee C C C S t L C le a r tlHri 6c M ali See B 8 4 P C le v C in c»fc s t L g e n g 4 s l 9 9 3 j - d Cairo u iv 1st gold 4 s ___ 1939 J -J Cin VV & M D iv 1 s t g 4 s . 1991 J -J 8 t L D iv 1st co l tr g 4 s ..1 9 9 0 Jl-N R e g is te r e d ...................... 1990 Vl-N S p r dc COl D iv 1st g 4 s ..19 4 0 .VI-S W W Vai D iv 1st g 4 a ...1 9 4 0 J -J C I b t 1. A; U con so l 6 s ..19 2 0 M-N 1st srom 4 s .................... /c l936 Q -f R e g is t e r e d ............... £1936 Q-F C in s & 01 eon 1 s t g 5 s . . 1928 J-J C C C it i c o u s o l7 s ..........1914 j- D C oi.soi » u ik .fu n d 7 8 ___ 1914 J-D G enera. e o n a o lg o ld 6 s . 1934 j . j R eg istered ...................1934 j . j Inrt B l rti W 1st prer 4 s .1940 A -0 O ln d cfc \\ 1st pf 5 s ...t(1 9 3 8 Q-J P e o & r.ast 1st con 4 s . . . 1940 A -0 I n c o m e r s ........................ 1990 A pr d e v <te ->iarietta <se« P e n n R .lt C le v <fc i'll is nee P enn Co C o l M ldi.n.tt 1st g 4 s ..........1947 J . j Colorau<..v xon 1 s t g 4 s . -.1 9 2 9 F-A R eiu in t & e x t 4 4a ......... 1935 M-N C oiu in <fc u reen v Hit So R y O oi <te H o ck V al See H o ck Vai C o l & T o i .See H o c k V a i C ol C ou n A T erm See N & W C o n n <te l'a s Uiva 1st g 4 s . 1943 ak & G i s o See C M <fc St P alias ifc W aco See M K <fc 'X © e l L a c k * W estern 7 s . ..1 9 0 7 M-S M o r r i s * t s s e x I a t 7 s .. . l 9 1 4 M-N 1st c o n s o l guar 7 s ........1915 J-D R e g is te r e d ...................1915 J-D 1 st ret g u g 3 4 a ........... 2000 J -D N V l^ a c k * W 1st 6 a ...1921 j . j C on s tru ction 5 s ........... 1928 F-A T erm & im p ro v e 4 s ___ 1923 m-N W arren 1st r e f g u g 31-28.2000 F-A © e l «fc H nn 1st Pa D lv 78.1917 M-s R e ’.'isierert...................... 1917 M-S 10-yr oon v d eb 4 s ........... 1916 J-D A lb & mus c o n v 3 4 s ........1940] A -0 K eno <te > a m o s a ls t7 s.l9 V J l M-N D el R iv it 11 B ridge see Pa K it D e n v iv k i,,r 1st cou g 4 s . l 9 3 6 J -J Con»-K scold 4 *28............... 1936 J-J Im pior>>iiienl irold 5 s ...1 9 2 8 J-D R io wt j tine 1st gu g 58.1939 J -D R i o v r s 'o 1st gold 4 s ___ 1940 J -J G u i i n i t e e d .................... 1940 J -J R i o G r W eat 1st g 4 s ___ 1939 J -J M g e a iid c o lt r u s t 4 S A .1 949 A -0 U tah C ent 1st gu g 4 s a l9 1 7 A -0 D es M oi <fc F t 1) see M & S t L D e a M o i Un R y 1st g 5 a ..1917 M-N D e t <fc M ack 1st lieu g 4 s . l 9 9 5 J-D G old 4 s ................................. 1995 J-D D e tro it S ou th ern — O hio S ou Drv 1st g 4 s . ..1 9 4 1 M-S D u l& Iron R a n g e l s t 5 s . . 1937 A-O R e g is te r e d .................. .......1937 A-O 2d 6 s .....................................-1916 J -J JDul S hort L in e See N o r P a c D u i S o ."■nore & A t l g 5 s ..19 3 7 J -J l'astor .Minn <V«eStPM<fcM -fast l eu Va & G a See So Ry E lg in .jo. East 1st g o s . 1941 M-N K lni Coi t dc N o See L e h & K Y \Sne 1st ext sold 4 s ............. 1947 M-N 2d e x t cold 5a.................... 1919 M-S 3d e x t Roif! 4>23.................1923 M-S 4 th e x t coin 5 s ...................192U A-O 8th ex l gold 4 s .................. 1928 J-I> ls t c o u s o t gold 7 s ............. 1920. M-S .1st consul g fund 7 s ........1920"M-S Ent> jsi cou g 4 s p r i o r . .19 9 6 J -J R etiixiered ...................... 1996 J -J 1st cousot sten lien g 4 s . . 19913 J - J R e ir m e r e d ...................... lOOfe J -J P en n c o d tr n 4 s ............. 1951 F-A 6 0 -y e a r c o n v 4s A ......... 1963 A -0 do S erie s B . . . 1953 A -0 B u n .V Y«fc K rle 1 s t 7 s ..1 9 1 6 J-D B ull «*-s \V gold 6 s ..........1908 J -J C lilc A: f-rie 1st so ld 5 s . .1982 M-N d e v A: -UUllOIl V al g 08.1 9 3 8 J-J J eft J iii l s i g u g 5 s ___ a l9 0 9 A-O. L o n * t>oc k co n s o l g 6 s . .19 3 5 A -0 O oai * R R 1st cu r g u 6s. 1922 M-N D ock de Im p 1st c u r 6 s . .19 1 3 J -J N J * <ireen L g u g 5 s . 1946 M-N D WeeiCs 3t: Range Since. Last Sale i^'C January J K anqe ot A 3 k 'Low ......... 109 .........11 U ......... 103 |So 12734 ......... 128 128H 93 D e c ’ 03 124SJ......... i 13 m F e b ’07 .....................I1293, M a r’04 1 1 7 ^ ......... j 1 1 7 :ts, J ’ 1y ’ 07 .....................i 97 A u r ’ i/7 .....................109 Vi M ay’07 10y*8 ......... 110 110 ..................... i 97 A p r ’07 113 102 126’-4 131 1 3 1 4 131 "l4 i ’l 6 ^ \-joK 97 34 9 7 :i4 97 10Hi4 109 4 113 9 7 78 98 Oct. *00 J ’ ne’ O 102 105 4 83 83 1044 105 83 J a n ’07 104 W F e b ’ 07 107 D e c 02 96 *2 98 99 98 9 !>3g J a n 'o 7 9 7 l4 A p r ’ 07 9 3 4 9 4 J4' 93 4 94 97 Jan ’07 99*4 F e b ’ 05 91 98 Sep ’ 06i 11)4^ 105 J a n ’04] 98 97 98 >4 A p r ’07: 106 *0......... 1109 J ’n e ’ 07j 1 1 5 4 ......... 1 1 8 4 J a n ’ 07 97 ■*> 99 98 4 9 9 4 109 1 0 « 11841184 127 127 96 4 993s 97 93 97 Ul: 129*).; 127 J ’l y ’ 071 ............... :................... ! 102 99=% 98 4 9 8 3^ 07 132 ..................... ; 104 4 -Nov’Ol { 90= b......... | 90 ‘4 90*. . . . . . . 5 9 4 ; 60 J ’ ly ’ 07; 65 88 4 ......... 663« 744 87■•'g 94 4 95 95 102 <4 May’07 - 10141044 117 4 117 4 D) 117 4 117 4 I 2 l « s A p r ’07 ]----- m a g 121»f. 116 4 I 1 7 a4 127 ns34: 106 4 . J ’ u«’051- 123 J ly ’07 . . . . 122 1 2 2 4 109 4 1 109 1 1 1 4 1094 97 J ’l y ’ 07i — 97 97 102 F e b ’ 03] 133 F e b ’ 06 149 A u g’ 01 ■ 97 1113 94 4 1 0 9 ^ 96 9334 J ’l y ’07 ... - 92 110 133 4 D e c ’06j — 123 4 . 121 . 96^4 I 93 . 128 . 934. 93*8; 4 92 93=8 9734 10-^4 Jan ’ 07 — 102 4 1 0 2 4 105 4 F e b ’ 07 . . . . l"04'!4 106 4 109 M ar’ 05] — 76 D e c ’05: — 89 Jan ’ 05|.... 904: 1 90 4 95 904 87*4 F e b ’ 07j 8734 8 7 34 97 Jan ’ 0 2 ' — 98s ! 78 93 110 92 89 90 107 95 7 2 34 66 I 663i 6 6 34i ^ 87 4 87»b 8W 4 ^ 9 0 :>4i 95 F e b ’ 07 . . . . 103 S e p ’04 :M a r’o7 A p r ’07 j- 92 92 4 86 O c t ’061. 107 J ’l y ’ 0 7 . 1*09* 112 4 F e b ’ 06' ■ 107 1114 T ....... 110 J’ly’07 .... i 100 107 103 4 1074 96 127 4 9^ 1 1 0 34 1 1 0 34 1074 107 4 103 4 108 100 107 4 1 0 9 103 4 1 0 3 4 108 108 J an ’ O e J -J ’ n e’ 0 7 !. . M ay’07 i--. J ’ly ’ 0 7 ]... J ’ n e’0 7 i ... 1284; 133 F e b ’ 06 934 93 4 9 9 4 O ct ’ 06 794 80 85 4 F e b ’07' 83 83 8 0 4 J ’l y ’07; 693g 694j 117 4 J ’ ly ’ 071 104<>a F e b ’06 115 115 I 1 1 6 4 Jan ’051 100°8 M ay’07 L26 M ay’ 071 118 Sep ’ 06] 1 0 9 7e O ct ’ Ooi 1 2 1 4 D e c ’ 06! 79 **8*6“ 768 8 83 Saic 80 70 117*8 US 107 100 4 ....... 130 104 107 j \ 100 100*8 125 1294 "91** ’ 9 9 4 " 7 9 4 "h s" 854 854 80 914 69'\ 1 o 3 34 70 87 1164 1204 1144 119 10 0 4 101 126 130 L eh igh V al (P a) eons g 4 s . 2003 Leu V T e r R y 1st g u g 5s . 1941 R e g is te r e d ..........................1941 Leh V Coal Go 1st g u g 58.1933 Leh & N Y 1st g u a r g 4 a ..1945 R e g is te r e d ..........................1945 E l C & N 1st pt O a ........1914 G old gu a r 5a...................1914 L eh & H ud R See C en t o f N J Leh <fc W ilk ea b See C en t o f N J L e ro y <fe Caney V a i See M o P L o n g D o ck See Erie L o n g In l’ d—1st con g 5s. ft.1931 1st co n so l g old 4a......... /tl9 3 1 G en eral gold 4 s .................1938 F e rry gold 4*38.................1922 G old 4a................................. 1932 U u itled gold 4 s .................1949 D e b e n tu re gold 5a........... 1934 G u ar ref g o ld 4 a ...............1949 B k ly n <fc M o n t l a t g 6 a ..1911 N V B & M B l8 tc o n g o 8 l9 3 b N Y & R B l s t g 5 s ........1927 N o r SliB la t co n g guGa o l9 3 2 L ou isia n a & A r k 1st g O s.1927 i-ri ce Wee/c’ s tYidav j Range or Avgust 2 \ Last Sal-e lxxxv. I3__ i Range Si m e January 1 Hid N V Sua <fc AV la t r e f 5 a .l 9 3 r 1J-J 2d gold 4*2$. .. 193'" 1F-A G eneral gold 5 s ............. 194t F-A Term inal I s l s<old 5 a ...194 3 M-N R e g is $5,000 e a c h ...1 9 4 3 ! m - n M i d R U o l X J l s t g l i s . 191(J A -0 Wilk<fc Ea 1st gu g 5 s . 1942 J-I -Cvdj Ind 1st con g u g 6 s ..l9 2 (> J-J E rie & Pitta See P en n Co J1st general g old 5 s ..........1942 A -0 Alt V ern on 1st g o ld 6 s ..1923 A -0 A -0 L 'a r g o <fc So See Ch M <k St 1 • ImuSi P ere Al Nee P ere Mar Ela C & P e n in Nee Sea A ir L in e F ort St U D Co 1st g 4 ‘*28.1941 J- T Ft W <fc B e n C 1st g 6a___ 1921 J-D Ft W <fc R io G r l s t g 4 s . ..1 9 2 8 J - J f 'a t H ar <fe S A See So P a c Co V ^ alH ife H o f 1882 la t 5 a .1913 A -0 G eorg ia <fc A la See Sea A L in e Ga Car & N o r See s e a A Line G e o rg ia P a cific see So R y G lia V G <fc N o r See So P a o Co G o u v <fc O sw e ga t See N Y Cen t G rand Rap & In d See P en n R R G ra y’ s P t T erm See St L S W G t N o r —C B & Q eoli tr 4s 1921 J -J Q -J G reen b rier R y See Clies & 0 G u lf <fc S I ls t'r e l & t g 5s &1952 J -J L| an & 8 t J o See C B & Q 1 1 o u sa ton ic See N Y J i H i 11 H o ck V a l la tco n s o lg 4 * 2 8 .1 9 9 9 J -J R e g is te re d .......................... 1999 J -J C ol & H V 1st e x t g 4 a ..1 9 4 8 Col & T o l 1st, ex 4s 1955 F-A H ou st E <fe W T e x See So Pac H o u s t& T e x Cen See So P a c Co 1 llin ois C en tral 1st g 4 s . .1951 J-J x R e g iste re d ...................... 1951 J-J 1st g o ld 3*28...................... 1951 J . J J-J E x te n d e d la t g 3*28........1951 A-O 1st g o ld 3 s s t e r lin g ......... 1951 M-S Coll T r u s t g old 4a........... 1952 A -0 R e g is te r e d ...................... 1952 A -0 L N O & T e x g old 4s ...1 9 5 3 M-N M-N C airo B rid g e gold 4 a ....1 9 5 0 J -D L o u is v D iv & T e rm g 3 ^8.1953 J -J M id dle D i v r e g 5 s ........... 1921 F-A O m aha D iv 1st g 3 s ........1951 F -A St L o u is D iv & te rm g 3 s .l9 5 1 J -J R e g is te r e d ...................... 1951 •J-J G old 3*28................... 1951 J - ,| R e g iste re d ...................1951 J - J S p rin g D iv 1st g 3*2S...1951 J -J VV estern L in es l a t g 4 s ..1951 F-A B ellev <fe Car 1st 6 s........1923 J-D Carb <ft Sliaw la t g 4 s . .. 1932 M-S C h ic S t L & N O g 5 s . . .1951 J-D R e g is te r e d ...................... 1951 J-D G o ld 3 % s ..........................1951 J-D J-T) M ein ph D iv 1st g 4 s . . .1951 J -D St L S ou 1st g u g 4 s ___ 1931 M-S In d B l & W e s t See C C C & St L In d 111 & l a 1st g 4 s . ........1950 J -J I n t & G rea t N o r l s t g 6 a .. 1919 M-N M-S 3d g o ld 4 s ............................1921 M-S Io w a C en tral 1st g o ld 5 a .. 1938 J-D G old 4 s ................................. 1951 M-S J e lierson R R See E rie l / a i A & G R See L S & M S x V a n & M ich See T o l & O C K C F t S & M See St L <fc S F K C & M R & B S e e S tL < fc S F K an C & P a cific See M K <fc '1 Kan C ity Sou 1st g old 3 s . .19 5 0 A -0 R e g is te r e d .......................... 1950 A -0 K e n tu c k y C en t See L & N K e o k <fc D es M o See C R I & P K n o x v ille & O hio See So R y I ake E r ie & W 1 st g 5 s .. 1937 J -J l~t 2d g o ld 5 s ........................ 1941 J -J N o rth O h io 1st g u g o a ..1945 A-O L Slio & M ic h S See N Y C ent L eli V a l N Y 1st g u g 4*38.1940 J -J j 1 1 0 \ J ’n e ’ 0 7 j... 1284 1 BO \D> N . Y. ST O C K E X C H A N G E W eek E n ding A ug us i 'J Uigh \No Low JJiy/i E rie— (Con) N o v ’ 06|---M ay’06 J ’n e’07 [V o l . . j M-N A-O A-O J-J M-S VI-s A -0 A -0 A sk Low H igl No Low 103*2 J ’l y ’ 07 108 100*4 D e c ’ Ot 100 Si F e b ’07 100*2 1 10% 110% ........ 110% M ay’07 106 104% ......... 105 ^ ......... 103*1 ib*s% il) 4 *2 105*2 105*2 116 J ’ ne'O'i 103 *2 J ’l y ’ 07 1 116 116 103 *2 106% 105 M ar’ 98 107 108 82 *2 S2 *-, 100 93*8 Sale 102 9 ..................... 3 M ar’ 07 3 J ’ly ’ 07 104*8 102 103 102 N o v ’OI) 99 A p r ’ 07 103 98% 96 *a 102>n 1 100»4 105*4 99 89 M ar’07 101 *8 Oct ’ 99 100 N o v ’OO 99 78 ......... 100 Hi A p r ’ 07 122 D e c ’ 05 ’s 89*4 88% 98 104 >2......... 104 J ’l y ’ 07 107 *6 A p r ’ 07 100 J ’n e ’ 07 98** 95*2 J ’l y ’o o 97*., 99 *2 J ’ ne’ 06 70 n e t ’04 . . . . 100 J ’ l y ’ 07 "vs" 98 M ay’Ol ” 93*4 i b o " 98*2 J ‘u e ’07 97 M ay’07 102*4 Jau ’ 07 ‘ 88** •‘9 0*‘ 89 M ay’07 123 M ay’ 99 78*2 A p r ’06 ......... 80 7 8 34 F e b ’ 07 ..... 98 97 106*2 112 82*2 87 100 9334 202 98 116*8 . .. 110*2 11*3 1104 l i u K j ’f y ’07 105 *2 A p r ’ 07 116 A p r ’ OO 106*4 F e b ’Ob 106 108 82*2 85 Jiigh, 99 104 104 107% 107% 100 100% 98 102 >4 98 98 98*2103 *a 97 97 102 ■ ’i 102% 89 91 7834 78% 88*4 100 Si 102 118*4 A p r ’07 119^4 M ar’04 93*8 M ay’ 04 118*4118*4 100 *2 M ay’ 07 ----- 100*2 100** „ ......... 97 M a r ’ 07 97 97 113 115 97 *q 98 63 7 5s4 102 79*2 6S*2 Sale 93*2 M ay’ 07 112 J ’ n e ’ 07 98 J ’ l y ’ 07 65 J ’ l y ’ 07 101 J ’ l y ’ 07 82 J ’n e ’ 07 09*2 09^ 63 O ct ’ 00 93*2 111 95 65 101 82 12 * 111 *2 112 > 111*2 J ’l y ’ 07 104*5 108 107 J ’ n e’ 07 109 110 A p r ’ Oi 100 115*t 99% 79 111 85 87*2 73 111 114 106*2 107% 110 110% 105% Sale 105 78 105 11 U)4a4 107% 106 M ay’ 07 106 lOtf 95 O ct ’ 06 ......... i ’u *4 112*2 112 *v " 2 il*2‘*2 i 13**4 109 *2 O ct ’99 112*2 M ay’ 07 112*4 i*134 95>„ 96% 95 ......... 95% J’n e ’07 99*2 113 78 J an ’00 I0o l4 Jan ’ Ol 1103. 1103, Q-J 111-% J-D M-S J-D M-S J-D M-S M-S M-S A-O M-S Q-J M-S I 92 94 J ’ ly ’ 07 * 98*8 102 N o v ’ 05 ; ; ; ; 99*4 O ct ’ 06 ‘ ‘94*«s 9 4 7s A p r ’07 . . . 9*4 110 J ’ ne’ 04 94% 95*2 95 *2 J ’ly ’07 . . . . 94*2 104% 1006* 100 M a r ’07 . . . . i b o 105 110*4 N o v '0 6 105 A p r ’ 07 105 I 109 N o v ’ 06 1i o ‘3 '4 103 *2 F e b ’ 07 1 H O 3* 114% 9 ‘J ’ 95 *2 99% ib T % 109^ 103*2 MISCELlANfiOUW BONDS—Continued on Next I’ase. <in.s linn E le c t r ic L ig h t A tla n ta u L Co l s t g 6 s ...1 9 4 7 B k ly n I' waa 1st c o n g 5 s. 1945 B u tiaio G as i st g 5 s ............1947 C on sol Gas c o n v deb 6 s . . . . 1909 £>etroit C ity G as g 5 s ..........1923 X>et G as Co c o n 1st g 5 s . ..1 9 1 8 E d E l l U h k u 6 'e e K O o E L < fc P Sid E 111 bee N Y G & E L H & P K q G L N V 1st c o n g 5 s ..1932 G a a oi K i-c B erg C o c g 5 a .1949 G e n E l f u i n e d eb s 3 4 s . .1942 10-yr g d e b 5s (s u b s crip ) 1917 <Jr R»i< « u C o 1st g 5 s . ..1 9 1 5 H u d s o n 1 0 G as 1st g 6 s . .1949 K ail C ity 1.Mo) Gas 1st g 5s 1922 K in g s Co »'.i L<fc P g 5 s . . . 1 937 Pxircn.»*e m on ey 6 8 ..t . .. i 9 9 7 E d Ei li Bkn l s t c o n g 4 s 1939 J -D M-N A-O J -J J-J F-A M-S J-D F A J-D F-A M-N A -0 A-O A-O J-J 1014 102 119 Sa le Sale 66 97% .... 101 .... 109 *1024 86 Sale ..... ...... ...... 101 •* 66 1014 66 119 121 97 >* J ’ l y ’ 0 7 100 A p r ’ 07 105 F e b ’07 6 ! >- O c t ” 01 8 6 4 A p r ’ o7 108% 1073! D e c ’0 0 98 J ’ ly ’ 07 D o c ’06 102 HO *1*1*6*w M ay’07 93*- M a r’ OO 12 1 0 1 4 107 4 6 63 73 4 19 116 1 3 9 * 4 97 4 100 100 100 105 105 87 80 144 108% 1 1 0 4 102 104 ....... ii'o*” i i . 7 " Gn.s n n d E l e c t r i c L ig h t Lac G as L o f S t L l a t g 5 s .e l9 1 9 R e f and e x t 1st g 5a........1934 M ilw au k ee G as L 1st 4 s . .1927 N Y G E L H & P g 5 s . ..1 9 4 8 P u rch a se m o n e y g 4 s . ..1 9 4 9 E d E l 111 1st c o n v g 5 s . .1910 1st co n so l g old 5a..........1995 N Y & Q E 1 L<fcP 1 st con g 5 s l9 3 0 N Y <fc R ic h G as 1st g o s . 1921 Pa't & P a s G & E co n g 5 s. 1949 Peo G as & C 1st co u g 6s. 1943 R e fu n d in g gold o s ........... 1947 Ch G -L <fe C k e 1st g u g 5s 1937 Cou G C o o f Ob 1st g u g 5 s .’36 M u F u e l G as 1st gu g o s . 1947 S y ra cu se L ig h tin g la t g 5 s .’ 61 T re n to n G <fc E l 1st g 5 s .. 1949 W e stch e ste r L ig h t ’ g g 5 s .l9 5 0 103 103 | 101*4 1 0 1 V 9 1 4 J a n ’ 07;. 9 s 7e 99 J ’n e :o7 . F-A ■ 7 9 4 Saip 79 4 82 4 ! 100 | M-S 100 100*g 100 J-J 1 1 3 4 J ’ n e’ 06 . F -A **98 4 95 A p r ' 0 7 !. 96 M-N 103 N o v ’ 05], M. S 10434 N o v ’ 0 5 l A -0 l l 6 4 . l ’n e’ 07l. 100% M ay’ 07 . M-S -100 4 J-J 100 J ’l y ’ 07 . J-D *99** 100 101 4 M a y ’ o7 . M-N 99 4 100 J ’ u c ’07 J-D, 1 0 4 4 ] .........................' M- b l ......... 110 M ay’0 5 ]. J-D ......... !1 0 1 4 F e b ’ 0 7'. A-CH M- N J-D -101*4 1 0 l 34 Sale 89 1014 1004 914 984 79 4 99 1054 1024 914 1034 8 4 7« 101 9 5 ** 9 9 ** ..11 1 6 4 U 9 4 ..I0 0 * e 103 4 . . HlOO 1064 .J IOC4 108 ..HlOO 100 ilOi 4 102 N o price Friday; latest bidand asked this week, v D u eJan 6 Due Feb d D u e A p r e D u e lla y /iD u e J ’ly ZcDueAug o Due Oot ® Dae Dec /OntionHaiw A ug. N . V. S T O C K E X C H A N G E w kkk E nding a u g u s t 2 ~ c cx Fri.ce F rid a y A u g u s t? W eek’ s R ange or Last Sale §1 Jcanj/e Since J an u ary 7 B id Ask Low JHigh. No Low H iafi 115 J ’ n e’ 07 1 1 4 4 117 ILouisv & N a s liv g e n g 68.1930 J-D 108 117*4 G old u s................................. 1937 M-N 111 ......... 108 M a r’07 9 8 l* 9 6 7g 101 \ 9 8 4 9 8 4 98 ■Unified gold 4 s .................1940 J -J 1 0 1 4 J ’l y ’06 J -J 107 D e c ’ 05 A-O 1 0 6 4 J ’l y ’ 07 1 0 5 4 109 C oll tru st gold 5 s ............. 1931 M-N *105 4 1 0 6 95 J ’ l y ’ 07 112*4 98 9 4 4 95 -6-20-yr co l tr deed g 4 s . 1923 A -0 112 113 >1; 113 4 May’ 07 E H & N a sh 1st g 6s ___ 1919 J-D 1 1 1 4 L C in <fc L ex-gold 4 4 s . . .1931 M-N 103 ......... 109 M ar’ 05 125 7e M ay’ 07 . .. . 121 1 2 5 7g H 'O & M 1st g old 6 s . ...1 9 3 0 J-J 1 1 9 4 ......... 120 1 2 2 14 M ai ‘ 06 J-J 1 0 7 4 A u g ’ 06 P en sa cola I )iy g o l d 6 s . ..1 9 2 0 M-S i ’n ” i'2 0 " S t L, D ir 1st g o ld 6s ........1921 M-S i '1 2 " I I I I " 117 M ay’ 07 7 2 4 F e b ’07 724 724 2d gold 3 s ........................ 1980 M-S 85 88 4 116 J ’ly V 6 A i l K n ox <& N o r 1st g5sl94<5 J-D 1 0 8 4 Jan ’06 H e n d e r B d g e l s t s f g 6 s. 1931 M-S 93 4 ......... 95 J ’ n e ’07 95 97 5g K e u tu o k y C e n t gold 4 s . .1987 J -J 108 J ’ l y ’ 06 JUAN & M <fe M 1st g 4 4 s 1945 M-S HO" "9*2 87 4 A p r ’ 07 Lcfc N -S outh M )o in t4 8 .1 9 5 2 J -J 1 1 3 4 M ar’ 07 1134 1134 N F l a A S 1st g u g 5 s . ..1 9 3 7 F-A m i " ..................... JST& C B d g e g e n gu g 4 4 b 1945 J -J 112 Jan ’(>7 112 112 P e n s & A tl 1st g u g 6 s ..1921 F-A 1094111 S & N A la co n g u g 5 s .. 193(5 F-A 1 0 7 4 ......... 111 M ay’ 07 97 M ay’06 t j & Jeff B d ge Co g u j g 4 s . . 1945 M-S 1 N A 4 Ch See O I & L a lion Coal See L S & M S 95 4 100<ss 9 7 4 98 H 97 4 J ’ l y ’07 1*1 anh attan R y co n s o l 48.1990 A -0 104 A p r ’05 R e g is te re d ...................1990 A -0 lOO"8 J 'l y ’ 0 ? : : : : 100 4 103 4 M etrop oi E l 1st g 6 s___ 1908 J -J 101 M c K ’ p t 4 B V See N Y C ent M etrop olita n E l See M an R y 3 77 81 Salt 81 81 86 M e x C en t c o n s o l g old 4 s . .1911 J -J 21 22 21 2 1 4 40 19 4 27*, 1st c o n so l in co m e g 3s.<xl93!i J ’ ly 15 4 J ’l y ’07 14 21 15 4 18 8d c o n s o l in co m e g 3 s . .a l 9 3 9 J ’ly E q u ip & c o ll g old 5 s........1919 A -0 M e x l n t e r n a t l s t c o n g 4 s .l9 7 7 M-S ......... 9 0 4 90*8 J ’l y 'o i 105 M ay’ OO M e x N o rth 1st gold 6s ___ 1910 J-D M ioli C en t See N Y C en t \ . M id o f N J £ e « E r ie M il L S & W See C h ic & N W MU & N o rth See Ch M & St P 130 M ar’ <)7 130 130 M inn <fc St h 1st g o ld 7 s . .1927 J-D 105 A p r ’07 105 105 J-D 118 J a u ’ OT 118 1 1 8 4 P a oitic Kx 1st g o ld 6 a .. .1921 A -0 113 4 M ar'O j S ou th W est E x l s t g 7 s . 1910 J-D 108 M ay’07 ., . 107 i'0'5 4 i ‘1 6 4 1st co n s o l g o ld 5 s ............. 1934 M-N 2 87 87 87 94 1st. an d r e fu n d g o ld 4 s . .1 9 4 9 M-S ......... -87 ___ y6 97 A p r ’ 06 D es M & F t D 1st g u 4 s . . . ’35 J -J Sdinn S t I) g u S e e B C E & N 98 J 'n e ’ 07 96 99 M St t»«fc ^ S M o o n g 4 i n t g u ’ 38 J -J 102 J ’n e ’07 102 102 4 M S s Jl as A l s t g 4 1 n t g u 1926 J -J M in n L n . y f S t P M & M 96 Sal* 96 96 4 18 9 4 4 98*4 M o Kan A T e x 1 s t g 4 s . ..1 9 9 0 J-D 84 87 4 64 80 84 Sale 88 2d wont 4 s ..........................p i9 9 0 F-A 101 J ’l y ’ 07 1004105 1 s t e x t void 5 s...................1944 M-N 100*4 104 " i 81 83 83 83 Sale 86 1st <fc re fu n d 4 s .................2004 M-S 10 83 84*4 85 85 85 88 4 G en s f 4 4 s .................... 1936 J -J 87 84 M ay’ 07 82 87 S t L l u v 1st re f g 4 s ___ 2001 A -0 104 4 1 0 4 4 D al A W a 1st g u g 5 s . ..1 9 4 0 M-N 103 ......... 104 4 Jan ’ 07 95 “-j A p r ’07 K ail (J <fc Pac 1st g 4 s . ..1 9 9 0 F-A ......... 96 9 5 4 95 4 l06*«iM ay’ 07 . . . . > 0 6 4 1 1 2 M o K * E 1st g u g 5 s . . .1*942 A -0 105 4 M. K * Ok l u t g u 5 s ........1942 M-N •......... 105*8 106 4 104 4 1 0 7 4 103 J ’ly ’07 102 1 0 6 4 , M K <to T of T 1st g u g 58.1942 M-S " a 104 105 105 Slier .->h A- So 1st gu g 5 s . 1943 J-D i b s " Sale 105 1 0 3 4 M a j’ o7 103 4 1 0 7 T e x <fc ( >kla l s t g u g 5 s . . . 1943 M-S 115% 120 U o P a cific 1st c o n g 6s . ..1 9 2 0 M-N 1 1 6 4 i l f ** 115*8 j ’n e ’07 191*4 '" 5 1 0 0 4 1 0 5 T r u s t void os sta m p e d .a l9 1 7 M-S lO l** Sale 101 \ 1 0 7 4 F e b ’06 R e a is t e r e d ...................a l9 1 7 M-S 99 " 6 99" i o s " 1st coil tfo ld 5 s ...................1920 F-A ” 9*9 " S a le ’ 99 3 86 »6 86 86 Sale 90 40-vear t o ld loan 4 s ........1945 M-S 96 4 97 4 97 4 M ay’07 97 4 98 3 d 7s e x td at 4 % ...............1938 M-N 90 J ’n e ’ o7 89 92 90 96*4 C eifi Hr liy 1st g u g 4 s . 1919 F-A 92 A p r ’ 07 C eu B ranch U P l s t g 4 s . 1948 J-D . . . . . . 90 92 924 110 M ar’ 05 L e ro y * C V A L l s t g 5s 1926 J -J i ’0 1 ” i b i *4 P a o K of M o 1st e x g 4 s . 1938 F-A " 99*4 i b i ” 101 J ’i y ’ O; 2d ex ten d ed g o ld 5 s . ..1 9 3 8 J -J 1 1 1 4 ......... 1 1 6 4 M ar’07 116 1 1 7 4 "3 1094114 110 S t L 1 r .Al .fe S gen co n g 5 sl9 3 1 A -0 109 1 1 0 4 110 1 0 9 4 J ’ n e’ 07 10941104 G en oon s ta m p g td g 5 s 1931 A -0 84 4 Sale 84 81*4 11 80 U n ified & re f gold 4 s . .1929 J -J 884 88 2 85 92 4 88*8 9 0 4 88 R iv & (i D iv 1 st g 4 s ..1 9 3 3 M-N 107 4 A p r ’06 V erd i V U W l s t g o s .1 9 2 6 M-S I I " " ‘ 8 9 4 98 D e c ’ 06 JMobJ & K C i s t co n s g 5 s .l9 5 3 J -J 123 4 M ay’07 1 2 1 4 124 O iob & <)ln o uew g o ld 6 s ..1927 J-D 122 D e c ’ 05 1st e x ten sion gold 6 s ..ft l9 2 7 83 " '3 " 8 3 " " 9 4 " * 8 3 " Sale" 83 G en eral ito ld 4 s .................1938 u M ontuoni D iv 1st g 5 s . .1947 F-A 1 0 2 4 ......... 108 4 M ay’07 1084 1084 92 4 A u g ’ 06 Bt L <k C airo coU g 4 s ..e l 9 3 0 101 N o v ’04 G u aran teed g 4 s ........... 1931 » M <& O coll 4s See S outhern M ollftw k & M al See N Y C & H M ononiiiihela R iv See B & 0 M o n t C en t See 8 t P M & M M orga u's i^a & T See S P Co M orris K ssex See D el L & \V 6 114*8 118*8 115 115*4 115*4 115*4 KJ ash C hat & S t L i s t 7 s .1913 j . j A* 1st cou sol g o ld 5 s ..........1928 A-0. 11*2 4 ............. 1 1 2 4 J ’l y ’07 1114116 1 1 6 4 M ay’ 07 Ja s p er B ran ch 1st g 6 s . .1923 J-J 1164116 4 117 4 M a r’05 M c M M \V& A l 1st 6 s .. 1917 J -J 113 J ’l y ’ 04 T & 1 ‘ B ran ch 1st C s .... 1917 J -J W ash 1* lor ifc Sliet See L & N N a t o f M ex prior lien 4 4 s . 1926 J .J 89*« J ’l y ’ 07 9841024 8 1 4 J 'l y ’ 07 m i 8 1 4 8 7 4 1st con sol 4 s ...................... 1951 A-O 82 83 N e w H & 1> S e e N Y N H & H K J J u n e K it S et N Y C en t N e w i t i i i B d g e See L o u & N N O & N E p r io r lien g 6s 1/1915 A-O N V B kln A M an B ell See L 1 N y Cent & H R iv g 3 4 s . 1997 J -J 9 0 4 9 0 4 904 90a« 56 89*4 9458 9 0 ......... 90 R e a is te r e d ...................... 1997 J -J 90 2 89 4 93 94 . . . . . . 94 4 99 D e b e u g 4 s ........................ 1934 M-N 14 93 95 L a k e Shore c o l l g 3 4 s . ..1 9 9 8 F-A 8 2 4 85 84 84 6 8 2 4 884 R e g is te r e d ...................... 1998 F-A .......... 80 83 J ’l y ’07 8 1 ;l4 87 M id i C en t c o ll g 8 4 s ___ 1998 F-A 83 4 84 ‘ *2 80 fc74 R e g is te r e d ...................... 1998 F-A * ....... 83 84*4 84s4 84*4 J a n ’07 B eech C reek 1st g u g 4 s .l9 3 6 J -J 98 ....... 102 E eb ’ 07 102 1024 J -J 102 Mar’04 J -J B eech Cr E x t l s t g 8 4 s & 1 9 5 1 A -0 M IS C E L l 1N K O U * BONDS N. Y. STO C K E X C H A N G E W ekk E from n A u g u st 2 P r ic e F r id a v A u gu st 2 R a n ge Since J an u ary 1 W eek’ s R a n ge or L a st Sale B id A s k Low H ig h N Y C en t & H R— ( C on tinued J 9 6 4 ... Cart <fc A d 1st g u g 4 s . ..1 9 8 1 J-D G o u v & O s w e l s t g u g 5 s 1942 i - D 97 4 M a r’<)7 99 4 .... M oll <fc M ai 1st g u g 4 s . .1993 M-S 105 O ct H»S N J J u n e it t u 1st 4 s . ..1 9 8 6 F-A 1 0 1 4 J ’ ly ’ 06 N Y <fc H arlem g 3 4 s . ..2 0 0 0 M-N 110 4 M ay'07 N Y <fc N o rth 1st g 5 s . .. 1927 A-O 110 1 0 1 4 D e c ’06 N Y & P u l s t c o n gu fr4s 1993 A-O N o r <& M o n t 1st g u g 5 s .1916 A O 137 N ov Pm e C reek r e g trnar 68.1932 J -D 110 4 J 'n e ’ 07 R W & O co n 1st e x t 5 s. A1922 A - 0 110*8 113*4 Jan ’02 O sw e & R 2d gu g 5 s . ..* 1 9 1 5 F A R W d fc O T K l s t g u g 5 s .l9 1 8 M-N 1 0 6 4 G et "’I if. R u tland 1st co n tr 4 4 s . . 1941 J -J 91*4 94 M ay’07 Og«fcLCham l s t g u 4 s g l9 4 8 J -J 9 4 k 94 M ay’ 07 litit-C anad 1 st e u g 4 s . 1949 J -J 122 J a u ’06 8 t lja-w <fc A d ir 1st g 5s.l!>'.>6 J -J 2d gold 6s ........................ 1996 A-O 103 7- A n g ’ 06 U tica <fc B lk R i v g n g 4 s . 1922 J -J 101 92*4 92*8 J ’ty ’07 L a a e S h ore g o ld 3 4 s ___ 1997 J-D 91 9 2 4 M a r’ 07 R e g is te r e d ...................1997 J-D 93 Rale 93 94 4 D e b e n tu re g 4 s ............. 1928 M-S 9 0 7„ Saio 90 4 90 7f 25-year g 4 s .................. 1931 M-N K a A A G R l s t g o c 5s. 1938 J -J 1 1 2 4 125 4 M a r ’06 M a h o n C’ l R R 1st 5 s . .1 9 3 4 J -J 107 4 N o v ’06 Pitts <fe L Krie 2d g 5 s .«1 9 2 8 A-O 139 J a n ’ 08 P itts M c K & Y 1st gu 6 s .1932 J -J 120 . 2d g u a r 6s ........................ 1934 J -J 1 1 8 4 . M c K e e s & B V l s t g 6s 1918 J -J 110 . 104 D e o ’ 06 M ich C en t 1st co n so l 6 s .1909 M-S 103 . 118 4 J ’l y ’06 5 s ........................................ 1931 M-S 112 . 119 J ’ n e’06 R e g is te r e d ...................1931 97 “2 . 100*4 J an ’07 4 s ........................................ 1940 f t 1 0 6 4 N o v ’ OO R e g is te r e d ...................1940 J -J 9 4 4 D e c ’ 06 J L & S 1st g 8 4 s ........... 1951 M S 92 4 M ay’ 07 90 4 l e t g 3 4 s ............................1952 M-N B a t C & S tn r I s t g u g 3 s . l 9 8 9 J-D N Y C h ic & St L 1st g 4s 1937 A O . . . . . . 100*4 1 0 0 4 J ’l y ’ 07 102 4 M ar’ 07 R e g is te r e d ...................... 1937 A -0 * ......... 101 W e s t S hore 1st 4s g u . . . 2361 J -J 1 0 1 4 ......... 1 0 1 4 1 0 1 4 R e g is te r e d ...................... 2361 J -J 1 0 0 4 1 0 1 4 1 0 1 4 1 0 1 4 N Y & G re e n w L a k e See E rie N Y & H ar See N Y C & H ud N Y L a ck <fe W See D L & W N Y L E & VV See E r ie N Y & L o n g B r See C en t o f N J N e w Y o rk N e w H a v & H a r t— 124 F e b ’Ofc H o u s a to m c R co n g 5 s ..1937 M-N N H & D e rb y con c y 5S.1918 M-N N Y & N o rth See N Y C & H 98 9 8 4 98 J ’l y ’07 N Y O & W r e f 1st g 4 s . . g 1992 M-S 95 4 ......... 1 0 1 4 J ’ u e ’Ot R e g is $5,000 o n ly ......... o l9 9 2 M-S N Y & P u t See N Y C & H N Y & R B See L o n g Island N Yr S & W See E rie N Y T e x & M See So P a c Co 104 S e p ’ 06 N or & S outh 1st g 5 s ......... 1941 M-N N o rf <fc W e s t gen g 6s ........1931 M-N 126 ......... 126 4 J ’ n e’ 07 129 J ’ n e’ 07 Im p r o v e m ’ t <fe e x t g 6s .. 1934 F-A N e w R iv e r l s t g 6s ........1932 A -0 " " I ' m ” 1 2 7 4 O ct ’ 06 95 ......... 95 95 4 N & W R y 1st co n g 4 s . 1996 A -O 100 F e b ’06 R e g is te r e d ...................... 1996 A-O ......... 95 . . . . . . 8 7 4 88 J ’l y ’07 D iv ’ l 1st 1<fe gen g 4 s ..,1 9 4 4 J -J 86 Sale 85 4 86 P oca h C & C j o i n t 4 s . .l 9 4 1 J-D 109 4 F e b ’05 C C & T l s t g u g 5 s ......... 1922 J -J 92 95 92 J ’l y ’ 07 S cio V <fe N E 1st gu g 4s 1989 M-N N orth Illin o is See Chi <fc N W N orth O hio See L E rie & W 100*8 N o r P a c—P r io r lien g 4 s . .1997 Q J 1 0 0 4 Salo 100 100 98 ......... 100 R e g is t e r e d ...................... 1997 Q -J 70*4 '7 1 » k 70 71 G en eral lien gold 3 s ___ a2047 <j-F 70 M ay’ 07 R e g is t e r e d ...................a2047 y-.F .......... 70 St P a u l-D u l D iv g 4 s ___ 1996 J -D .......... 96*4 96*4 Jan ’07 D u l S h o rt L l s t g u 5 s . .1 9 1 6 M S C B & Q c o ll tr 4s See G t N or S t P & N P ge n g 6 s . ...1 9 2 3 F-A 1 1 8 4 1 2 3 4 122*4 J ’ n e ’ 07 132 J ’ly ’99 R e g is te r e d c e rtih o ’ s . . 1923 117 4 J ’l y ’ o ‘ 107 4 . St P aul & D u l 1st o s ___ 1931 u 1 0 6 4 May’ 07 2 (1 5 8 ................................. 1917 A-O 105 4 . 98 4 O ct ’ 06 1st c o n s o l g o ld 4 s ......... 1968 J-D 93 M ay’ Oli 80 W a sh C e n t 1st g 4 s ......... 1948 Q-M 113*8 M ay’ O^ N o r P a c T e r C o 1st g 6 s ..1 9 3 3 J -J 110 114 N o r R y O a i See So P a c N o r W i8 See C St P Id & O N o r <fc M o n t See N Y C en t In d & W See. C C C & St L h io R i v R R See Balt & O O re & Cai See So P a c Co O re R R & N a v See U n P a c O ro S h o rt L in e See U n P ao O sw .ego & R o m e See N Y C O C F & S t P See C & N W a c C oast Co 1st g 5 s ___ 1946 J-D 102 4 . 103 J ’l y ’ 07 a c o f M is s o u ri See M o P a c 102*4 J ’l y ’ 07 Panam a 1st s fu n d g 4 4 s . . 1917 A-O 104 . P enn K K 1st real e s t g 4 s . 1923 M-N 103 7g . 103 4 J ’l y ’07 C on sol g o ld 5 s ...................IV ‘ 1 1 1 4 Sop ’ 04 C on sol gold 4 s ...................1918 M-N i b o " ' 106 A u g ’ 03 94 Sale 94 914 C on vertible?^ 3 4 s ...........1912 M N C o n v e r tib le g 3 4 s ........... 1915 J-D 904 90 7« 9 0 4 Sale A lle g V a l gen g u g 4 s . ..1 9 4 2 M-S 99 J ’n e ’ 07 99 4 101 D R R R & B g e l s t g u 4 s g . ’ 36 F-A 95 4 P h U aB al * W 1st g 4 s .. 1943 M N 107 4 O ct ’ 06 Sod B a y <fc So 1st g 5 s ....1924 J -J 102 J a n ’03 Su n & L e w is 1st g 4 s . ..1 9 3 6 J -J U N J B R & Can gen 4 s. 1944 j-M-S 1 1 0 4 Sep ’ 04 P en n Co— G u ar 1st g 4 4 s . 1921 J -J 1 0 3 4 Sale 1 0 3 4 104 R e g is te r e d ...................... 1921 J -J 1 0 3 4 J ’ly ’ 07 G a a r 3 4 s c o ll tru s t re g .1 9 3 7 M-S 9 0 4 J ’n e ’ 06 88 4 . G u a r 3 4 s c o ll t r .s e r B ...1 9 4 1 F -A 82**. 81 M ay’ 07 T r Co c e r t il’ s g u g 3 4 8 .1 9 1 6 M-N 94 . 94 J ’l y ’ 07 89 O ct ’ 06 G u 3 4 s t r c t f i j O ...............1942 J -D 824 . G a 3 4 s tr c t f s D ...............1944 J -D 90 4 M ar’ 06 824 . G u ar 15-25 y .a r g 4 s . ...1 9 3 1 A O 97 97 4 J a i l ’ 07 Cl & M ar 1st g u g 4 4 s . .19 3 5 M-N 110 J a n ’ 05 Cl & P gen g u g 4 4 s s e r A . ’42 J - J 1 0 4 7g . 1 0 8 4 A u g ’ Oc S e rie s B ............................1942 A-O 105 7aSeries 0 3 4 s ...................1948 M-N 9 8 4 D e c ’ 05 Series D 3 4 s .................. 1950 F -A 96 J a n ’04 Low 974 M ig \ 974 i '1 0 4 i V i 1 1 0 4 114 95 95 9(.* h 92 4 9'1*4 89 -a 96 94 99 4 93 4 1 0 0 4 100*4 924 944 100 4 1024 1004 1004 l o 3 “a 1024 105 1034 95 1014 126 129 93 4 130 129 99** 964 914 99 4 9941024 98 102 69 744 70 71 95*4 96*4 120 122*4 117 4 117 4 106 410 8*4 113^113*, O F 1024109 102*4 103 10i 103V 9 0 S 100 4 S 8 4 95 99 99 103 4 107 101 105*4 83 934 974 974 B O N IX i— C o n tin u e d o n N e x t I’ atre F-A 90 J ’l y ’0*7 8 5 4 90 1004 F-A 87 87 A p r ’ 07 87 M-N 107 4 O ct ’ 04 A -0 102*8 A p r ’ OO J-J 95 A p r ’ 02 F-A 67*4 Salt 574 63 >4 223 56 4 7 6 4 F-A 1074s D e c ’ 04 J-D 107 M ay’ 97 J - J ......... 106 1 0 5 4 D e o ’ 06 J -J 105 O ct ’ 00 J -J 78 F e b ’ O 78 784 J -J 89 j 2 8 3 89 91*4 88 95 A O 102 ......... 1100 J ’ n e ‘07[___ 1 0 0 1 0 6 4 J -J ■ 1 0 3 4 ......... 106 J ’ ne 07 . . . . 1 0 1 4 1 0 6 4 J-D .....................102 D e c ’ 03 j___ 100 F-A 97 ......... 100 F e b ’0 7 1,... |K>| MS 93 Sale i 93 93 | 1 90 98 J -J 9 3 4 Fel>*<>71___ 9 3 4 0.1'i T e l e g r a p h a n d T e le p h o n e A m T e le p <fe T e l c o ll t r 4s 1929 Com m C able Co 1st g 4 s . .2397 M et T & T 1st s f g o s ........1918 M ic h . S tate T elep . 1st 5 s . 1924 X V & N J T e l g o a g 5 s .. 1920 W est U nion co l tr c u r o s . 1938 F d an*l real e s t g 4 4 s . . . 1950 M u t U 11 T e l s fund 6 s . ..191 1 X o r t liw T el gu f 4 4 s g . . 1934 .H u n iilu c ttir h ig A" I n d u s tr ia l 7 8 4 j ’l y ’ 07 96 4 J 'n e ’ 06 104 F e b ’07 101*4 97 F e b ’ 07 ......... 1 0 5 4 J ’l y ’ 03 97 98 100 J ’ n e’ 07 89 91 *4 94 104 A p r ’ 07 .......... 103 J ’i y ’ 04 A m Cot Oil e x t 4 4 s ........... 1915 A m H i d e * L 1st s t g 6 s . .1 9 1 9 A m er I c e S eeur deb g Os.. 19-6 A m S p irits M fg 1st g d s . .l U l u Am Th read 1st col tr 4 s . .. 1919 A m T o b a c c o 40-yr g 6s . . . . 1944 4s. ........... .............................. 1951 8-1*4 S9 ___ 10 2 *4 e 0 7s 1 0 3 ', 63 4 rf 00 C oal and Iron C o l F & 1 C o g e n s f g 5 s ..1 9 4 3 C o n v e r tib le d eb g 5 s . ...1 9 1 1 O01 b uel Co g e n g o ld 6 s .1919 G r Hiv C oalifc C I s t g 6 s l 9 1 9 C le a n Bit Coal 1 s t s f 4 s . . . 194 0 C o l J ndu 1 s t * c o ll 6s g u .,1 9 3 4 , C o n t.u ’ ta lC l s t s f g u 5 s g . l 9 5 2 JOII * Cleat C & 1 1st g 58.1926 K a n & H c & C 1 s t s f g 5 s . 1951 P le a s Val Coal 1 s t g s £53 .1 9 2 8 S u n d a y C r ^ e s C o g 5 s ___ 1944 l 'e o i i Coal gen 5 s ...............1951 Tenn D i V l s t g 6s ........a l9 1 7 B irn i D iv 1st co n s o l 6 s .. 1917 Cali C M Co 1st gu g 6s. 1922 D e Bar C ifc I Co g u g 6 s .1910 V ftl roil Coal <feCol st g 6s. 1949 V ic t o r F cl l s t s f 6 s ......... 19.')3 269 New York Bond Record^-Continued—Page 3 3 1907.1] ......... ......... ss 90 ■SI Sal.88 Suit* Xaic 87*., S7*4 S9 4 J ’l y ’ o', 7:1 | ’9 1.02 4 102*4 88 4 J ’ n e’ o7 103 4 104 68 714 '104 98 3 1 90 104 98 99 4 103 91 100*4 101 104 85 93 86 914 ,89 79 98 103 4 88 4 93 23 101 110*4 43 68 794 1 ft 270 New York Bond Record— Concluded— Page 4 BONDS N . Y . STOC K E X C H A N G E W e e k E n d in g A u g u st 2 W eek's R an ge or L a st Sale P r ic e F r id a y A vgu st 3 P e n n C o—(C o n tin u e d ) E r ie & P itts g u g 3*28 B .1 9 4 0 J -J S eries C ............................1940 J -J G r R<fc I e x 1st gu g 4 % s l9 4 1 J -J P it t s F t W & C 1st 7 s . . .1912 J -J 2d 7 s ...................................1912 J -J 3d 7 s ............................... A1912 A -0 P itts Y& A sli 1st con 08.1927 \1-N P C C & S t L g u 4% s A . . . 1940 A-O S e r ie s B g u a r .................1942 A -0 S eries C g u a r .................1942 M-N S eries D 4s g u a r ........... 1945 M-N S eries E 3 >2 g u a r g ___ 1949 F-A S eries F 4s g u a r ......... 1953 J -D C S t L <fc P 1st con g 5 s .1932 A-O P en sa cola <fc A t l See L & is7ash P e o <fc E a st See C C C & S t L Peo P e k Un 1st g 6s___ 1921 2u g old 4 Has...................... W 921 P e r e M a r q — Cliifc W M 5s 1921 J - D JTlint <fc P M g 6 s ............... 1920 A-O 1st co n so l g o ld 5 s ..........1939 M-N P t H u r o n D iv 1st g 5 s .1939 A -0 S a g T u s & H l s t g u g 48.1931 F-A P lu l B <fc W See P e n n R R P liila & R e a d in g con s 7 s . 1911 J-D P itts C m & SD L S ee P e n :. Co P it t s C leve <fc T o l See B <fc O P itts Ft W <fc Cli See P e n n Co P u t s M c K e e s & Y See N Y Cen P itts Sli <fc L E 1st g 6 a ...1 9 4 0 A-O 1 st co n s o l g old 5 s ............. 1943 J -J P itts <fcW est See B & O T » e ad in g Co g e n g 4 s ........1997 J -J X V R eg is te re d ...................... 1997 J-J J e r s e y C en t coll g 4 s . . . l 9 ,’ l A 0 R en s sela er & Sar See D & H R icli <fc B a n See S outli R y R ic li &■ M e e k See Sou th ern B io G r W e s t See D en & R io G i fto c li & P it t s See B R <fe P R om e W a t <fc O g See N Y Ceni R u tla n d See 2s Y C en t a g T u s & H See P e r e M arq t J o & Q r Isl 1st g 4 s . . .1947 S t L & C airo See M ob <fc OliK) S t L <fc Ir o n M o u n t See M P S t L K C & N See W abash 8 t L M B r See T R R A o l St L S t L o u is & S an F r a n cis c o — G en era l gold 6 s .................1931 J -J G en era l g o ld 5 s .................1931 J -J S t L ifc S F R R con s g 4 s . . ’ 96 J -J [ S ou tliw D iv 1st g 5 s . .1947 A-O ! R e fu n d in g g 4 s .............1951 J -J o-year gold n otes 4 *2.-190,■ J-D S tL M < fc So E a s tg u 4 * 2 g l9 0 9 J-D K C F t S <& M c o n g 6 s ..1 9 2 b M-N K C F t S & M R y r e l g 4s 1936 A O K C & M R & B l s t g u 5 s . 192U A-O O z’ rk & Ch. C 1 st g u 5s g.1 9 1 3 A-O 8 t L ou is S o See I llin o is C en t B t l i S W 1st g 4 s bd ctfa .1 9 8 9 M-N 2d g 4 s in c bond ct£s...j< 1989 J -J C on sol gold 4 s...................1932 J-D G ra y ’ s P t T e r l s t g u g 5s 1947 J -D S t P a u l <fc D u l See N o r P a cific S t P a u l M & M an 2d O s...1909 A-O 1st c o n so l g old 6 s............. 1933 J -J R e g is te r e d ...................... 1933 J -J R e d u ced to g old 4 % a ..l9 3 :: J -J B e g is t e r e a ..................1933 J -J D akota e x t gold 6 s..........1 91o M-N M on t e x t 1st g o ld 4 s ___ 1937 J-D R e g is te r e d ...................... 1937 J-D E M in n 1st d iv 1st g 5 s .. 190b A -0 N o r D iv 1st gold 4 s ___ 194b A -0 M in n U nion 1st g 6s___ 1922 J -J M on t C 1st g u g 6 s ..........1937 J -J R e g is te r e d ...................... 1937 J -J 1st gu ar g old 5 s ........... 1937 W ill & S F 1st gold 5 s ..1 9 3 b S t P it e N o r P a c see N or Pac 8tP<fc S’ x C it y .S 'e e C S tP M & u S A & A P a ss l s t g u g 4 s . . .1 9 4 3 8 F e P res <fc P h 1st g 6 s . ..1 9 4 2 8 F & N P 1st sin k t g 5 s . 1919 S a v F cfc W e s t See A t l C oast L S cio to V a i & N E See N o r <fe W S eaboard A ir L in e g 4s ...1 9 5 0 A O C oll tr re fu n d g 5 s ......... 1911 A tl-B irm 3 0 -y r ls t g 4 s .e l9 3 3 M-S C ar C en t 1st con g 4 s . . .1 9 4 !' J-J F la C en <fc P en 1st g 5 s . 191b J -J 1st land g r e x t g 5a ...1 9 3 0 J-J C on sol g o ld 5 s ...............1943 J-J G a <& A la R y 1st co n 5 s o l9 4 5 J -J G a Car & N o 1st gu g 5s 1929 J -J Seab <fc R oa 1st 5 s ............1926 J -J S her Slir & S o See M K & X S il Sp O ca <fc G See A t l Coast L 8 o Car & G a See Sou th ern S ou th ern P a cific C o G old 4s (C en t P a c co ll). £1949 J -D R e g is t e r e d ...................fcl 949 J -D C en t P a c 1st r e f g u g 4s 1949 F-A R e g is t e r e d ...................... 1949 F -A M o r t g u a r g o ld 3 % s ../c l9 2 9 ; J -D T h ro u g h S t L 1st g u 4s ’ 54 A -0 GaJ. H a r <fc S A 1st g 6 s .. 1910 F-A M e x & P a c 1 st g 5 s ___ 1931 M -N G ila V G & N l s t g u g 5 s . 1924 M -N H o u s E & W T 1st g o s .1 9 3 3 M -N 1 st g u a r 5s r e d ........... 1933 M -N H <fc T C l s t g 5 s i n t g u . . l 9 3 7 J -J C on sol g 6s in t g u a r ...1 9 1 2 A-O G e n g old 4s in t g u a r .. 1921 A -0 W a c o <fc N W d iv 1st g 6s ’30 M -N A. & N W 1st g u g o s ___ 1941 J -J u 6 107 % 109 IOC's.... 10034 8o % . ■113 V) . BONDS R an ge S ince J a n u a ry 1 Low Mio/i 92 A p r ’ O 9S 34 A y r ’ 04 108 Sep ’ 06 127% O ct ’ 02 119 J ’n e ’ 06 119 A p r ’ 04 116 M ay’ 05 1071, J ’ly *0 1 0 7 14 J ’l y ’ 07 112 .) ’ ne’ 05 100% M a r’ 07 91 F e b ’ 07 Low 92 H igh 92 107 *8109*1, 106% 109*4 98 91 115 4i J ’n e’ 07 115 '1 0 4 % _____ 1 2 3 's Jan ’05 100% D e c ’O.i 109 A p r ’ 02 1 1 2 %. 110% M av’ 07' 10034 A p r ’ 07 100 *a Sep ’06 ICO*, 91 116*2 110% 115 10 J% 100-*4 115% M a i’ 06 [V o l . P r ic e t'r id a v N. Y. STOCK E X C H A N G E W e e s E ndin g A u g u st 2 lxxxt. W eek’ s R an ge or Last Sale August 2 R ange S ince J a n u a r y 1, Hid L ow H ig h A o Sou th ern P a c Co—( C on tin u ed ) 127 S e p ’ 06 M o rg a n ’ s La & T 1st 7 s . 1918 A-O 119 112 116 N o v ’ OO 1st gold 6 s...................... 1920 J -J 112 F e b ’ 07 N o ot Cal g u a r g 5 s ......... 1938 A -O 100% J ’l y ’ 07 Ore & Cal 1st gu ar g 5s. 1927 J -J 100 104 A p r ’ 07 So P o f A r g u l s t g 6 s ...c l9 0 9 J -J 104% F e b ’07 1st guar g 68............... cl9 1 0 J - J £0 P a cific o f C al— 107 A p r ’07 l8 t g 6 s s e r ie s E & F ...1 9 1 2 A -0 114% D e c ’ 04 1st gold 6 s ...................... 1912 A -0 116 M ay’ 07 1st co n gu ar g 5 s ......... 1937 M-N 104 M a r’ O” S P a c o f N M e x l s t g 6 s . . l 9 1 1 J -J So P a c Coast 1st gu 4s g.1 9 3 7 J - J 107 % F e b ’0 T e x & N O S a b D iv ls t g 6 s .l9 1 2 M-S 104 Sep ’ 00 C on g old 5 s .....................1943 J -J 9U , o P a c R R 1st r e f 4 s ......... 1955 J -J 90% 91*4 91% 107 \ S o u th e rn —1st con g 5 s ___ 1994 J - J 107 Sale 107 114 N o v ’ OO R e g is te re d ...................... 1994 J -J 82 Sale 82 82 M o b & O hio c o ll tr g 4 s . . 1938 M-S 11H*2 M ay’07 M em D iv 1st g 4*2-58...199 6 J-J 87 87 S t L o u is d iv 1st g -is___ 1951 J -J 113 Jan’ 06 A la Cen R 1st g 6 s ..........1918 J -J "9 0 96 J ’ ue’ OO A t l & D an v 1st g 4 s ........1948 J -J 92 J ’ n e’ Ot 2d 4 s ................................. 1948 J -J A t l <fc Yad 1st g gu a r 4 s . 1949 A -0 111 F e b ’ 07 Col & G re e n v 1 st 6 s ........1916 J-J 110 % J ’l y ’ 07 E T V a & G a D iv g 5s. .1 9 3 0 J -J '1 10% . . . Con 1st gold 5 s ............. 1956 M-N 113% 116% 113 J ’l y ’07 J ’n e’ 07 E T e n re o r lien g 5 s ........1938 M-S ’ .............. 110 % 07 *2 J ’l y ’ o7 G a M id lan d 1st 3s........... 1946 A O 113 *4 J ’l y ’ 07 113 *4 <ja P a c R y 1st g 6 s ......... 1922 J-J i i f i ” 117% M ay’ 07 K n o x cfc O hio 1st g 6 s ...1 9 2 5 J -J 115% A p r ’06 M .ob& B ir p rio r lien g 5s 1945 J -J 90 O ct ’06 M o rtg a g e g o ld 4 s .........1945 J -J 95 ib'9% 109*4 J ’l y ’ 07 R ich <& D an c o n g 6s ___ 1915 J-J 103 M ay’07 D e b 5s stam p ed............. 1927 A -0 10 2 % 98 F e b ’ 05 R ic h & M e e k 1st g 4 s . ..1 9 4 8 M-N 104*2 J ’i y ’ o7 So Car <fc G a 1st g o f ___ 1919 M -N ..........100 112 O ct ’06 V irg in ia M id ser C 6 s ...1 9 1 6 M -S S eries D 4 -5 s ................. 1921 M-S 108*2 D e c ’ Ob 113 D e c ’O; S eries E 5 s ...................... 1926 M -S 107% M ay’ 07 G en eral 5 s ...................... 1936 M -N 107 G u ar stam p ed ........... 1 9 3 6 1M -N 96% Jan ’ 0 86 W O & W 1st c y g u 4 s ..1924 F-A 105% 108 *2 M ay’ O' W e s t N C 1st c o n g 6 s ..1914 J -J S & N A la See L & N 117 J ’l y ’ 00 S p ok F a lls in N o r 1st g 63.1939 J -J 111 J ’ ly ’ 0 , ' I 'e r A o f S t L 1st g 4 % s ..l9 3 9 A-O 111% J ’ n e’ 07 1- 1st c o n gold 5 s ___ 1894-1944 F-A lo 7 % G en refu n d s t g 4 8 ......... 1953 J -J 9 1 % 93 *2 J a n ’ 07 111 D e o ’06 S t L M B g e T e r g u g 5 s . 1930 A-O T e x & N O See So P a c Co 1J3 113 T e x & P ac 1st gold 5 s ........2000 J-D 112*2 92 N o v ’ OO 2d g old in c 5 s ...................g’2 000 Mar 90 110 M ar’ 06 i ‘0 2% L a D iv B L 1st g 5 s ........1931 J J 106 *2 N o v ’04 W M in W ifc N W 1st g u 5s ’ 30 F -A 108 J ’l y ’ 07 T o l & O C 1st g 5 s ...............1935 J -J 108 111 M ay’O4 W e s te rn D iv 1st g 5 s ...1 9 3 5 A-O 102 M ay’07 G e n e ra l g old 5 s .................1935 J-D 90 91 Kan cfc M 1st g u g 4 s ___ 1990 A -0 91% M ay’ 07 . . . 82 84 83 ........ 6 T o l P & W 1st g old 4 s . ...1 9 1 7 J -J 86% M ay’07 81 ........ TolStL < fe W p r lie n g 3 % s ,1 9 2 5 J -J 50-year g o ld 4 s ............. ..1 9 5 0 A-O 75*2 75% "1 6 76 78 T o r H am & B u ll 1st g 4s.Zi.1940 J -D 9 5 a 95 D e c ’Oo ls t e r < fc D e ll8 t c o n g 5 s 1928 J-D 101 ....... 110 M a r’07 . . . . 93 Sep ’ 06 1st re fu n d g 4 s ........... 1952 A -O 99% 100 73 99% Sale Un P a c R R & 1 g r g 4s ...1 9 4 7 J -J 1 97 97 R e g is t e r e d ......................1947 J -J 92% 9 2 3i 217 9 - % Sale 2 0-yr c o n r 4s (s u b s c r ip )..’ 27 J -J 96 ........ 96 96*2 20 o r e R y & .Nav c o n g 4 s . 1946 J-D 6 O re S h ort L in e I s t g 6 s . . l 9 2 2 F-A 1 1 6 % ____ 116*2 116*1 1st c o n s o l g 5 s ...............1946 J -J 1 0 8 * 4 ........ 112 J ’n e ’ 07 8 8 % Sal6 G uar r e fu n d 4 s ............. 1929 J D "73 87% M a i’ o7 R e g is t e r e d .................. 1929 J -D 103 *a F e b ’07 U tah <fc N o r 1st 7a..........1908 J -J 105*2 J ’l y ’ 07 ------G o ld 5 s ..............................1926 J -J *104*s , U ni N J R R & C C o See P a R R Utah C en tral See R io G r W es Utah<fc N o rth See U n P a cific U tica & B la ck R See N Y C em 102% F e b ’ 06 andalia c o n s o l g 4 a ___ 1955 F-A 98 Sep ’ 00 era C r u z & P l s t g u 4*281934 J - J V e r Vai In d & W See M o P V ir g in ia M ill See Sou th R y V a & S o u th w ’ t 1st g u 5 8 .2 0 0 3 J-J 107% . . . 110 M ay’ 07 aba sh 1st g o ld 5 s ........1939 M-N 108 108 *2 107*2 108*4 98 100% 2d g o ld 5a...................1939 F-A ......... 100*2 D e b e n tu re series A ........1939 J -J 90 J ’ n e’ 07 S e rie s B ............................1939 J -J 61 J ’ l y ’ 07 C ertificates o f dexjosit___ 62 j ’n e ’O .02 M a i’07 1 st lie n eq u ip a f d g 5 s . .1921 M -’ b 102 93 M a i’ Ob l a t lien 50 y r g te r m 4 s . 1954 J -J 1 s t r e f and e x t g 4s ___ 1950 J - J 61' D et <te Oh E x t 1st g 5 s ..1941 J -J 103 108*8 J ’l y ’07 97 N o v ’ 04 D es M o in D iv 1st g 4 s .. 1939 J-J 80 h e b ’ 07 Om D iv 1st g 3 % s ............1941 A -O 90% J ’ n e ’ O. T o l & Ch D iv 1st g 4 s . . . 1941 M-S 00 M ay’07 S t Chas B r id g e 1st g Os. 1908 A-O 6 9% 70 W a b P itts T e r m 1st g 4 s . 1954 J-D 70 Sale 22*2 Sale 22 *2 23 2d g o ld 4 s .........................1 9 5 4 J -D W a rre n See D el L a c & W e s t W ash C en t See N o r P a c W ash O & W See Sou th ern W a sh T e r m l 1st g u 3 *28. . 1945 F-A 8 5 % ......... 87% J ’l y ’ 07 74 75 W est M ary lan d 1 st g 4 s . . . 1952 A-O 74 Sale G en & c o n y g 4 s ............. 1952 A-O 50 55 55 J ’l y ’07 106*2 A u g ’O W V a C en t & P 1st g Os 1911 J -J ..........106 112% 113*4 112*8 J ’l y ’ 0 . W e a t N Y & P a 1st g 5 a ..1937 J-J 8 9 % ......... 89% J ’ n e’ 07 G en g o ld 3-4s.....................1943 A -0 34 F e b ’07 I n c o m e 5a........................ <<1943 N o v W est N o Car See S outh R y W h e e l’ g & L E l a t g Sis...1 9 2 6 A -O 103 1 0 6 34 105% J ’l y ’ 07 W h e e l D iv 1st g o ld 5 s ..1 9 2 8 J -J 110 D e c ’ 06 E x t e n & Im p g o ld 5 a ...1 9 3 0 F-A 111 *2 A u g ’05 80 . K B 1st c o n s o l 4 s .............. 1949 M-S 83 M ay’ 07 20-year eq u ip s f 5s ...1 9 2 2 J-J 102% D e c ’ 05 W ilk e s & E a st See E rie W il & S io u x F See S t P M & M W is C en t 50-yr 1st g en 4s 19 4 0 84*4 11 S41 84 "bd" ” 1” 110U 120 M a r’06 J ’ly ’ 97 98 95 Sale "0 0 % '*92' 93^ 951, 93^ 98\ 9 63* 9 53- 64 95% M ay’ u7 91 J ’l y ’07 90 96*2 May’O 83 88 118*8. 106 ■a. 77% 79% 82 J ’ ne'97 123 Mi A p r ’ 07 105 >2 j ’ly ’ 07 91 F e b ’ 07 102% A u g ’ 05 7 7 h 7 7 14 77% 98 N o v ’OU 80 99 89 *77% 72 1 1 6 ^ M ay’07 79i* 79 hi 97 90 92% 123*2 123 Si 105Hj110*v 91 93 7 7 ” '8 2 % 117*2119 77 8 2 34 M aj ’ 07 97 97 hi 89 5g 90 78 7 9 7f 75 J ’l y ’ 07 101 !8 A p r ’ 07 8^ 77 72 95 83 79 1 0 3 % ........ 126 *2 128 103 130 105*4 i.05"*aib« 103% J ’n e ’ 07 130 J ’ n e ’ o7 134 D e c ’ 06 L05Vj 105*1! 1 1 6 1®A p r ’ 01 1 0 4 18 « . . . . 104% J ’l y ’ 07 9b % ......... 98 \ J ’l y ’ 07 *98 1 0 0 14 O ct ’ 06 101 itjfo . 100 Sj J ’n e ’07 124 M av’07 125 125 13614 M ay’06 115 >a M ay’ 07 1 1 5 \ D e c ’uO . 84 102 Vl-N 89% . 70 97 85 . 108 105=8 131 104% 107*; 97% 100*2 100%100*-^ 130 131 *2 iia” 11*5% 82\, 821* 106*2 F e b ’07 110 O ct ’05 81 87 106 *2 1 0 8 34 70 70 90 *2 J ’ n e ’ 07 88 J a n ’ 07 y6*n M a r’06 1 0 7 14 A u g ’ vJO 70 82», 96*2 100*2 8y 89 109 *a M ar’ 06 106 M ar’ 07 J an ’ 05 106 M a r’07 110 87 8 7 34 84 J’ n e ’07 96*a 96^ 93% J ’n e ’ 07 9 4 '•j . 84 84 J ’l y ’ 07 92 90% J’n e ’ 07 103 *2 A p r ’ o7 . 1041.. 105 J ’n e ’ 07 108 106*4 J ’l y ’ 06 102 1 0 7 14 F e b ’ 05 100% 104 A u g ’ OO 110 J ’ l y ’ 07 109% 109 >4 111% J a n ’ 07 93 94*2 93% J ’ly ’ 07 116 D e e ’ 06 109*11 F e b ’06 87H . ’9534 ’ 96 *2 ..... 101^ 101% U 106 1 0 7 3, i'oo" ib'si" 85 90% 84 88 93 100% 93% 99 82% 86 90% 98% 103 105*2 105 1 0 6 h4 109*4 111*2 111 112 91*2 94% 8814 8834_ Low H igh, 112 98 lo ; % ICl-.j 112 J 101 * 104 1 104% 107 l '7 * i ii 6" iia'*i 103% i 0 4 S7% 95 1 105 113% 82 94 113*a 116 85% 94% 111 111 110% 113% 113 110% 67% 113*4 116 117% 11 4 69*4 U 9% 118% 109*4 113 103 103 104 106 % 1 0 6 % 111 107 110 94% 9 6 % 108*2 109% 108 111 111% 117 93*2 94 111 *2118% 108 111 100 % 90% 80 85 73 102% 97 89 87% 82 110 110 99 97 90% 95% 116*2 111 87% 87% 103 105% 1 0 2 %, 101% 93 99% 126 114 94% o7% 103*2 105% V W 01 01‘4 102*2 . 111% 114 105.% 90 76% 57*2 75 101 102 106 107 98 90 57 54 i.7 107 10‘J 80 9u% 100 68% 20 96% 102 80 32% fO * » 87 87% 73*a 82 *» 54 68 t l l *2 1 1 5 'a 89% y s % 34 34 05*2 108 83" 87% 84 89 12; 05 103 .U lisC E L .I.A N E O U sj B O N D S —C o n c lu d e d . ftla iiu ta ctiiriiiK ifc In d u s tr ia l B e th Steel 1st e x t s f 5 s .. 1926 C en t L ea th er 20-year g 58.1925 C on sol T o b a c co 50-yr g 4S.1S51 D istil S ec Cor co n v 1st g o s . ’ 27 I n t P a per Co 1st con g 6 s .1918 C on sol c o n v 8 f g 5a........1935 Int S t P u m p 10-yr c o n v . 6 s ’ 13 K n ic k e r I c e (C h ic ) 1st g 5 s .’ 28 L a ck a w S teel 1st g 5 s ___ 1923 N a t S tarch M fg C o 1st g Os 1920 N a t S tarch C o a f d eb 5 s . . 1925 ■ R e p u b l& S ls t i f c c o l t r 5 s . 1934 U » L ea th C o 8 I d e b g 0 s . .l 9 1 3 U S R e a lty & I co n v deb g 5s ’ 24 TJ S .Steel Corp— ( cou p ,d l9 6 3 S f 10-6!) y r o s . ( r e g ..«U 9 0 S V a -C a r C hem co l tr 5s g .,1 9 1 2 W e '-tin v h o n s e E & M s r 5a ’ 31 M is c e l la n e o u s J-J A-O F -A A -0 F-A J-J J-J A-O A-O M-N .J-J A -O M-N J -J M-N M-N A-O J -J 92 80 102 % 86 98 ...... 96% 80 104 76 97% 97% 97*2 92 96 A u g ’ OG 92*4 93 ...... 72% J ’l y ’07 8 1 % J ’l y ’ 07 106 105 J ’ n e ’07 88 88 J ’ly ’07 99*4 99% 9 9 34 ...... 97*s O c t ’ 05 98 97% 98 83% 83% 70 A p r ’ 07 96% J 'n e ’07 95 104, 105 77*2 77*-. Sale 97 97% 97% 973, Sale 99 97 J ’l y ’ 07 Salt 92 92 93 r N o price Friday; la test bid and asked Uiis w eek, Adams E x col tr g4a........ 1948 M-S 91 71% 80 103*2 87*2 97 % 9t> 79 90 1081-2 92 100 94% 102 83 84 70 70 V5 97 102% 106*4 77 95 93% 99 34 94*2 99*2 97 09 91% 9 7*2 a Due J an A m SS Co o f W V a g 5 s ___ 1920 B ’k l’ n F e rry C o 1 st c o n s g 5s ’ 48 C h ic Jc<fe S t Y a rd c o l g 5s . 1915 O e t M & M l d g r in c o m e s .. 1911 I n t M erca n M a rin e 4 % s ..l9 2 2 In t N a v ig a tio n 1st s f 5 s . 1922 M an B ch H & L g e n g 4 s .. 1940 N e v p N e S h ip tfc D D 5s <21990 X Y D o ck 50-yr 1st g 4 s .. 1951 P r o v id e n c e S t c d eb 4 s ___ 1957 P ro v id e n t L oa n S o c 4*28.1921 St J o s e p h S tk Y d s 1st 4 *28.1930 St L T e r C u p p le s S ta t’ nd>- Prop. Co l s t g 4% s 5-20 y e a r .. 1917 S Y u b a W a t Co c o n g 6 s ..1923 •Sp V a i W a t W o rk s 1st 0 s .l9 0 i U S Red<fc R e f 1st s f g 6s. 1931 i> D ueF eb d Due A p r -M-N K-A J -J A-O A-O F-A M-N J -J K-A 9G 95 100% J ’ n e ’02 41 O ct ’o o 101 M ay’ Oi 70 Sep ’ 06 65 6 9*2 69*2 85*2 85% J ’ l y ’07 50 F e b ’ 0 : 95% Sale 88 VI-N M -S J-J J-D J -J M-E t Due .May ^ D u e J 'n e ..... 89 Sain 85 ..... 91 A. Due J ly 88 87*2 b 4 *2 85 99 M ay’ 06 100*2 Sep ’Oi 101 101 67 *4 7 0 % 85 85% 87 *2 84% 112 J ’ly ’ 04 113% -P l y ’ 00 89 J ’l y ’ 07 . ..■ii 89 p Due Nov 1 107% 107%- 93_ s O ntiou Sal# OEICAGrO STOCK EXCHANGE— Stock Record— Daily, W eekly and Y early S T O C K S — H IG H E S T A N D L O W E S T S A L E P R I C E S S a tu rd a y J u ly 27 •165 165 *3Ha 4 *13*a 15 26*4 2<j34 *3 4 18 *16 *53 54 *82 8 2 7fc 24 *23 *63 64 *45 46 H *21 ha 2 2 Hi *62 65 *8 « 82H 2 8 78 29 •96 96*< *30 32 M on d an J u ly 29 T u esd a u J u ly 3 0 W ed n esd ay J u ly 31 16 0 ieo 160 4 15 27 3 *3 18 55 83 24 •63 64 415 21>a 22 Hi *62 65 *80 82 >3 29*, 29 *95 96 Hi *30 32 *3*3 4 *13*3 15 2J*a 27 3 4 *15 H* 17Hj * 54 55 *81 823. 24 •63 •43 *21H» 22 H, •62 65 80 80 29*4 29*4 *95 96H, •30 33 6\ 53^ 53s 5H, 533,, 6 3 «s 6 3 *4 5 3 *4 *135 ......... 135 _____ 123 “a 123*-» 123*3 125 *71 72 7^ 72 fl 03 >3 104 103 Hi 104 *35 *35 ......... *35 373. *35 37*4 ■107 109 107 109 *48 50 *49 50 53** 63*4 ■135 ......... '123*3 125 72 72 ’ 103 Hi 105 "35 *35 3 7 34 ■107 109 •48 60 1*8 ' .......... IH j i>s ' .......... *5 *3 6 *6 Hj 6 *5 4! 6 141 144 143 *3 143 4 140 143H2 *39*3 40 * 3 9 *2 40 >39*3 4 ) 115 116 117 117 112 115 *106 107 107 107 •106 107 129 129 129 129 1 2S 7s 129 *t *60 52 *50 61 ' ......... 60 *1 1*8 *5*3 143*3 143H: *39 Hj 40 112 117 107 108 128*3 12834 *48 60 Ha 53„ 53 Ha 53 Ha ♦135 •122 i ;2 5 " 72 72 •103 Hi 104 *3;-> ‘ 37 ■'374. *10« 10i# 50 *48 155 165 <*3Ha 4 *33*2 15*2 26Ha 2 6 7(, *3 4 * 16 *2 18 ......... ..64 81 83 ......... ..24 ......... ..64 •43 46 *2 1 ><i 2 2 >2 *63 65 •80 82 *2 *28*4 29 *95 4a 96Hi *30 32 ’ 155 *313 *13*2 2 6 a4 *3 *16 *54 *81 T h u r sd a y A u gu st 1 5*3 * .............. *73 Ha 74 S *73*3 •......... 115 ■114 * 7 2 Ha 73 *72*3 •112 120 115 *41 Ha 42ia *91*3 92 •105a4 10d •150^155 99 99 * 1 34 l 7t 11 11 *24ia i’ 5 75 74 Hi *74 115 114 115 •72*3 73 73 11 i 3 115 115 5*3 *74 75 114*3111*3 7 z *3 72*3 T 1 2 4 i 115 *4134 42*2 42 *3 42 H, *42*s 42 H. 92 92 *91*3 92 92*s 92*8 1 0 5 34 106 1 057s 105 7t I 0534 106 150 Hi 156 ‘ 150 Hi 155 '150*2 155 99 99 99 99 98 7s 99 1»4 1 34 *134 1 7s *1*4 I 7* 1 o 34 jo * , 1034 10\ 10*3 1034 *24 \ 25 * 2 i \ 25 * 2 4 34 25 F r id a y A u g u s ts P r ic e F r id a y A u gu st 2 B id A m e r B is c u it 6s ................. 1910 A m e r S traw board I s t 6 s . . l 9 l l Cass A v e & F G (S t iO — 6 s ...........................................1912 C h ic B oa rd ot T ra d e 4 m ...1 9 2 7 C lu e C on sol B r M lt 6 s ........... CliiQ C on sol T r a c 4 *33........1939 C h ic E d is o n — D e b e n t 6 s .......................... 1913 1st g o ld 6 s ...................... /tl9 2 6 C h ic A u d ito r iu m 1st 6 s . ..1 9 2 9 C h ic D o ck Co 1st 4 s ........... 1929 O hio N o Shore E le c 6 s ___ 1912 C h ic & MU E le c B y 6s . .. .1 9 1 9 C h ic P n eu m T o o l— 1st 6 s ................................. a l9 2 1 C h ic R o c k I & P a c B K 4 8.2002 C ollat T r o s t g 5 s . ........1913 C om m on w ea lth E le c t — 5 s ........................................ 61943 Illin o is T u n n e l 6 s ............. 1928 K a n s C ity R y & L t C o 6 s . 1913 K n ick e rb o ck e r I c e 1st 5 s . 1928 L a k e S treet E l— 1st 5 s ................................... 1928 In c o m e 5 s .......................... 1925 i l e t r W S id e E l— 1st 4 s ................................... 1938 E x te n s io n g 4 s .................1938 N o rth C lue St 1 st 5 s ..........1909 1st 5 s ................................... 1916 R e fu n d in g g 4*38............1931 N o C liic C ity R y 4 Has ...1 9 2 7 N o rth W e s t ’ n E l— 1st 4 s ...................................1911 O g d en G as 5 s ...................... 1945 P e a rs o n s-T a ft 5 s .................1916 4 -4 0 8 ............................................ 4-60s S eries E .................... . . . . 4-80s S eries F ............................ P e o p le 's G as L <fe C 1st 6s. 1943 R e fu n d in g g 5 s ............... 1947 C h ic G as L t & C 1st 6 8 ..1 9 3 7 C on s u m ers ’ G as 1st 5 s .. 1936 M u tu al F u e l G as 1st 5 s . 1947 S ou th Side E le v 4 *38..........1924 S w ift & Co 1st g 5 s ............1914 U n io n E l (L o o p ) 6 s ........... 1945 U n io n P a cilic oou v 4 s ___ 1911 U n ited B ox B oa rd 6 s ................. W e s t Clue St 1st 5 s ............1928 T u n n e l l s t 6 s .................... 1909 D e b e n t 6 s .......................... 1914 C on sol g 5 s ........................ 1936 W e s t D iv C ity R y 4 Has.. 1932 W e s t ’rn S ton e C o 5 s ........1909 W eek's M ange or L a st Sale Low R ange lo r yea r 1907 H ig h Low H ig h 100 M a r’ u , 100 ..........101 Hi 1101 ....................ilO O ..................... 103 ......... 68 j 6i. J ’l y ' 07 M ay’ '07 A p r ’ 04 M ay I07 101 . j J -J J -D J -J J-D t J-J X 97 4a......... !IOOHj N o v ’ Oe! A -O 101 100 J ’l y ’ 07 F -A ......... 98 9634 J a n ’ A -O .......... 98 A -0 8 ? F e b ’ 06 J -J J -J M-N il-S 80 M-S J -D M-N .......... A -O t ......... 68 F A .T-J J -J J -J A-O M-N S8*« Sale 81 fei*s ........... 102 100 55 6i ib o " ib i" 79 79 80 J ’l y ’ 07 N o v ’04 A p r *04 77 81« b 100 100 100 1 0 2 34 89 90 100 100 90 D e c ’ 06 96 ** 96 Hj J ’ly ’ 07 96*4 95 J ’n e ’ 07 J -J F eb 98*4 96 89 J ’l y ’ 07 M ay’ 05 A u g ’06 F e b '07 91 Sale M-S 91 91 M-N ......... 92 4, 93 *%J ’ly ’ 07 J -D 100 4a M ar’ 06 M-S 97 Sale 97 97 98 M-N 98 J ’ l y ’ 07 99 M-N 99 *2 Sep ’ Oo A-O 118 115 4a J ’ ne'07 M-S t 97 34 100 A p r ’ 07 J -J t 102 102 J ’l y ’ 07 J -D 100 101 A p r ’07 M-N 103 4a F e b ’ 06 J -J 99 98 J ’ l y ’ 07 J-J 100 4, 100 H 100*4 11>0 *« A-O ......... 99 Hi 99 4a J ’l y ’ 07 M-N 114 N o v ’ 04 71*3 73 73 73 M-N 90 90 M ay 07 F -A 68 4a s e p ’ 05 J-D 73 J ’n e ’07 M-N 73 J ’ n e ’07 J -J 8 7 D e c ’ 06 A -O 964a Jan ’ 06 N ote>—A c c r u e d in te re s t m us t be added to all C h ic a g o bo 933s, 90 7fc 85 P8*4 8 3 ’-* 82 82 90 D e c ’ 06 79 75 H igh est 10 150 1,276 6* 105 428 445 R an ge tor P r e n o u a Y e a r (1 9 0 6 ) M a r l9 3 *v M ay 14 13 P e b 15 15 M a r l4 "27a M avlS 14 A p r 23 49 M ar 2 5 81 J ’l y 29 23 J ’ ne27 62*4 J ’ne21 34 Hi A p r li 21 J ’ne29 58 A p r2 -l 75 M a rl4 28 M a i2 5 95 A p r 3 20 M a r l9 605 625 4 34 Jan 25 4 8 34 M a r l5 129 J an 7 15 122*2 M ar28 225 63 M ar20 103 J ’ly 18 30 Jan 2 34 A p t 20 106 A p r 20 50 M a r l3 165 F e b 27 Loioent U iqh est 205 A p r 140 Sep 200 J a n 5 Jan 2-4 5 D ec 7 34 Jan 16 A p t 15 D ec 2 8 :is J an 3 a 34 J ’ly 6.1 M ay 46*2 J an 6 *4 A p r 3 4 J ’ly 13*4 Feb 19 *4 J an 9 12*2 May 46*4 M ar 65 Jan 16 54 HaJan 6S *2 Feb 87 Jan 17 8> O ct 93*3 F eb 30 J ’ ne 28 Jan 24 25 O ct 72 J an 15 65 *2 O ct 72 Ha N o v J ’ ly 16 25 M ar 85 M ar 25*s J an 25 23 HaJ ’ly 28 Ha F eb J ’ly 17 60 M ay 68 Ha M ar Jail 4 89 HaA p r 99 J ’ ne J an 1 27 May 3 5 34 N o t M ay 18 97 D ec 102 J ’ ne A p r 3 23 A p r 60 F e b 7 *4 A p r 11 60 A p r 10 133 F e b 21 130 A p r2 4 80*2 Jan 14 109 J a n 7 40 7Vlar28 40 J ’ n e Y 111 F e b 8 54 Jan 8 165 F e b 27 117g Jan 72 J an 130 N o v 136 Jan 81 N ot N ot 115 31 *3 D eo 40 F eb 113*3 J ’ ne 64 *'eb 175 M ay 16 Ha F eb 1 M ar 7 Jan 165 F e b 63 F e b 139 J a n 118 Jan 147 Keb 7 l 34 Jan 1 Jan 5*8 J ’ ly 10 129 M ar21 38 J ’ ne 3 107 J ’l y 23 102*4 M a r l6 119*3 Jan 24 4 4 34 F eb 1 6 J ’ ne 51 J ’ly 115 Feu 128 4; D ec 54 Jan 101 Jan 17 F eb 36 Jan 106 u c t 55 May 468;)gM ay 16 F eb 1 Jan 1 M ar 6*u J ’ ne 6 N ov 149 A p r 136 J’ly 61 F e b 48 H. D ec 134 *3 A p r 101 A p r 112 *2 May l a 103 M #j 129 Hj May 15 118 J 'n e 57 M ay 2 41 Ha Sep 140 99 100 10 46 M ay 15 2 Ha Jan 23 25 F e b 5 73 >3 M a y 3 1 l l o 4, J ’ n e l o 70 A p r 18 107 A p r 9 7 9 78 F eb 80 F e b 46 Jan 11 46 M ay 48 Sep 2 HaJ an 23 1 34 May2 Ha F e b 27 M ar 4 21 J ’ ne 23 M ar 86 Jan 14 02 May 19 Hi D eo 11734 J an 7 113*2 Jan 119 O ct 84*a J a n 11 78 Jan 95 M ar 120 J a n 17 112 D e c 122 Ha M ar 255 613 878 75 7t'5 50 97 5 ‘20 8 8 7s J’ly 93*4 M ay 4<» A p r l ? 57 Jan Hi 50 A u g 63 Ha iie o 8 8 34 A p r 17 9d J an 2 6 92*4 Nov 99 Sep 101 Hi M a r l5 113*3 Jan 16 101 *4 Jan 119 Ha Sep 133 A p r 9 173HaMay 3 .15 May- 152 *3 J a n 98*4 M a r l4 1023j Jan lti 99 Ha D ec 10634 F eb 1 Jan 2 2 *4 A p r 8 2 34 Jan 34 D ec 6 Jan 2 1 2 34 A p r 8 5 *4 D ec 17 *4 J an 22 HaJ ’n e l2 30 F e b 14 28 D oc 42 M ar 32Ha J a n 24 32Ha J a n 24 16*4 A p r 15 20 J a n 22 293* J ’ ne 7 s4 J ’ly 14*4 M ar 3*2 J ’ly 4434 F eb 14*4 M ar 20^8 N ov 4 36 O ct Chicago Banks and Trust Companies F-A j R a n ge to r y e a r 19 0 7 Sales ot the W eek STiara lO u lr o m is *160 170 C h ic C ity Jtty............... 100 3 34 J ’ n e ’07 Clue & O ak P a r k ........100 14 J ’n e ’0 7 p r e i .................100 26*3 ‘26 4, C h ica g o S u b w a y ........100 H Ha J ’l y ’ 07 C h ic U n ion T r a c t ___ 100 18 J ’ly ’ 07 D o p r e t .................100 52*4 52*4 K ans C ity R y <fc L t ..1 0 0 *81 82 h D o p r e t.................100 J ’l y ’ 07 M e tro p o l W S E le v .,1 0 0 •62 64 D o p r e t.................100 J ’ly ’ 07 N o rth C liic S t r e e t ___ 100 J ’ l y '07 N o rth w e s te r n E le v .,1 0 0 J ’l y ’ 07 D o p r e t .................100 80 80 S ou th Side E l e v ......... 100 28*4 29 S tre e ts W S table C L 100 97 J ’l y ’ 07 D o p r e t .................100 33 J ’l y ’07 W e st C h ic s t r e e t ........100 ltU n c e ilm ie o u » 5% 5*2 5 \ ] A m e rica n C a n ............. 100 5*8 5 2 34 53 5 2 34 52 D o pret'___ —____100 L a s t S a l e 133 J ’ n e ’ 07 A m e r R a d ia to r.......... 100 ■123 125 124 125 D o p r e t .................100 7 i 3< A m e r S i u p b l d g ...___ 100 71*3 71 *■ * 7 0 7g L a s t S a l e 103 J ’ly ’07 D o n r e f................. 100 L a s t s a l e 38 A p r ’07 A m e r S tra w B o a r d .......... L a s t S a l e 38 J ’ly ’ 07 B ooth (A ) & C o ......... 100 L a s t S a l e li/8 J ’ l y ’ 07 D o p r e t .................100 L a s t s a i r 51*4 J ’ue'O Cal & C h ic Canal <fc DlOO L a s t S a l e 165 M a r ’07 C en tral T r u s t B a n k .. 100 L a st s a l e lb M ar’06 C h ica g o A u d ito r iu m ........ L a s t S a 11\l J ’l y ’ 07 C lue B r e w ’ g & M a lt’g ___ L a st S a le J ’ly '07 D o p r e t ........................ '1 4 0 143 S * 140 143 Hi O 'lic E d is o n .................100 L a s t S a le l-W J ’ly ’ 07 Clue P n e u m a tic T o o l. 100 ■112 1 17 *112 117 C h ic T e l e p h o n e ..........100 '1 0 7 108 *107 108 C liic T it le & T r u s t . . . 100 1 2 8 7g 1287g|*128*3 129 D iam on d M a tc h ......... 100 L a s t S a l e 51 J ’l y ’ 07 I llin o is B r ic k ............. 100 L a s t s a l e 3LK4 N o v ;05 K n ic k e r b o c k e r I c e . . . 100 L a st t a l i 8 > F e b ’ 06 D o p r e t .................100 L a si S a l t 46 J ’ u e ’07 M a s o n ic T e m p l e ............... L a s t S a l e **3 J ’ ntT07 M i l * C ine B r e w ’ g ............ L a s t S a l e i 6 *4 J ’l y ’07 D o p r e t ........................ 7 3 j4 73=4 74*4 74 > N ation a l B is c u it ........100 115 115 *115 D o p r e t .................100 115*3 73 *72*3 73 N ation a l C a r b o n ........ 100 *72*3 '1 1 2 112*3 115 115 D o p r e t .................100 L a s t S a l e 5 j4 M ay’ 05 P a g e W o W ire P e n c e ___ L a s t S a l e 9 9 '3 J ’ l y ’06 P e o p le ’ s G as L & O’ kelOO 40 42 *40 42 Sears R o e b u c k c o m . 100 90 92 90 90 Do p r e t.................100 105*3 106 1 0 5 '4 106 S w ift & C o .....................100 155 155 150 150 4< Th e <4uaKer O ats C o. 100 99 99 *93 D o p r e l .................100 99 * 1>< l 7t * i 34 1 76 U n it’d B o x Bd<fc P ColOO 1 0 - 1034 lO^g 1 0 34 D o p r e t .................100 * 2 4 7i 25 25 W e s te rn S t o n e ............100 M in in g L a s t S a l e i2Ha J a n ’ 07 B in g h a m C on M in in g 50 L a s t S a l e 10 N o * ’ 06 B ia ck M o u n ta in ................. 20 L a s t s a l e 16 i l a y ’07 D a iy -W e s t ............... . L a st S a le 4 N o v ’ 06 H u b b a r d - E llio t t ............... •160 170 L a s t S a le L a st Sal 25*4 26 L a s t S a le L a s t.s a le 54 54 *81 83 L a s t H a le 64 64 L a st S a le L a st S a lt L a s t S a le 80 *0 *28*4 29 L a s t .■ s a l t L a st S a le Chicago Bond Record BONUS C H IC A G O S T O C K E X C H ’ G E W kkk E nuino A u g u st 2 STOCKS C H IC A G O ST O C K EXCHANGE .... 22 .... 6 .... 75 76 89*3 92 95 92 97 98 97 98 116 Ha 1 15Ha 100 102 Hi 101 1 0 4 34 101 102 93 101 6 100 102*8 .... 98*3 100 1 65 85 75 90 73 70 73 78 p r ice s. NAME B a n k ers N a t io n a l ........ (Jalum et N a tio n a l......... C h ica g o C it y ................... Jom m enciai N a tio n a l.. C on tin en tal N a t io n a l.. 'Jook C o S tate S a v in g s C orn E x ch a u g e N a t .. . D rex el S ta te ................... D ro v e r s D ep N a tion a l E n g le w o o d Sta<.e ... F ed era l N a t io n a l... F irst N a t io n a l ............... F ir s t N a t E n g le w o o d .. F orem an B ro s B ’ lt’ g Co F o rt D e a rb o rn N a t ___ H am ilton N a t io n a l ___ H ib e rn ia n B ’k ’ g A s s ’n K aspar S tate B a n k ___ .vlonroe N a t io n a l......... M u tu al B a n k ................ N at B a n k o t R e p u b lic . N a tio n a l C it y ................. N a tio n a l L iv e S t o c k ... N o rth A v e S ta te ........... N o rth S ide S ta te S a v .. O akland N a tio n a l.......... P rairie N a tio n a l........... P rairie S ta te ................... H auw ay E x c h a n g e ___ S ou th C h ica g o S a v in g s S e c u r it y ............................ State B a n k o f C h ica g o . S to c k Y a rd s S a v in g s .. U n ion B a n k o f C h icag o U n ion s t o c k Y ds S ta le A m e r T r u s t & S a v g s .. C en tral T r u s t C o o f 111 C h ica go Sav B k <& T r .. C h ic a g o T it le & T ru st. C itize n s T r u s t * S a v .. C olon ial T r u s t <fc S a v .. D ro v e rs T r u s t & S a v .. F a rw e ll T r u s t C o ......... F ir s t T r u s t <fc S a v in g s H arris T r u s t & S av . . . Illin o is T r u s t <fc S a v .. K e n w o o d T r & S a v in g s L ake V ie w T r <fc S a v .. M e rch a n ts’ L ’ nifeTr Co M e tro p o lita n T r & Sav N o rth e r n T r u s t C o ___ N o rth w e st T r & S a v ... P eo p le s T r u s t & S av .. P u llm a n T r u s t <fc Sav. R oy al T r u s t O o ............. s t o c k m e n ’s Tr«fe S a v .. U n ion T r u s t O o ............. W e ste rn T r u s t * S a v . W Side T r & S a v B k .. W o o d la w n Tr<fcSav B k O utstand S u rp lu s d in g P ro fitsi Stocict D iv id en d R ecord In 1905 $2,000,000 $1,249,848 8 100,000 34,849 5 500,000 10 l40,90fc o 3.000,000 4,194,047 12 4 ,000,000 2,884,126 8 V,474 6 5 0,000 12 3,000,000 4,565,591 3 8,783 6 200.000 344,077 8 600 ,000 33,539 . . . . 200 ,000 7 /,9 3 5 B egan 500,000 12 8 ,000,000 7,066,676 10 150,690 100,000 636 ,0 78 P r iv 500 ,000 391,581 6 1,000,000 187,400 . . . . 500,000 8 1,500,000 1,111,362 200,000 100,297 52,OOii . . . . 300,000 81,213 . . . . •250,000 6 2,000,000 1,178,604 1,500,000 361 ,939 B egan 1,000,000 1,327,639 1 2 + 3 52,719 Began 200 ,0J0 5,215 60,000 6 34,325 6 100,000 67,836 250,000 95,383 " i f C500.000 14,586 B e g a n 250,000 71,046 4 200.000 300,000 8 3 ,278 O rga 1,000,000 1,068,513 b 155,373 N o n e 250.000 35,917 Began 200.000 53,030 N o n e 200,000 8. 3,000,000 2,666,839 990,474 2,000,000 5 Ha »i97,26u nSOO.OOO 6,000,000 Z l , 220,313 ' " 6 6,198 . . . . 50,000 636,791 5 4-5 600,000 6 9 4 .706 200,000 17,630 O rg a n 1.500.000 939 ,658 2,000,000 253,257 B eg an 1.250.000 4 ,5 0 0 000 7,906,299 12 + 4 35,437 . . . . 200,000 2 7 ,7 4 1 200,000 3,000,000 4,3 0 5 ,2 8 8 12 3 36 ,110 750,000 6 1,500,000 1,845,084 8 40,003 O rga 20,),0H0 54,938 200 ,000 fc500,000 172,514 " s 635 ,429 6 500 ,000 5,300 I n c o r 200 ,000 999,948 . . . . 1,000,000 1,000,000 291,671 6 200,000 27,862 Began 200 ,000 25,743 In 1906 Per iod 8 6 10 12 8 6 12 b 8 3 busin 12 10+10 ate Ba 6 q -Z An. J -J ^ -J <^-J m -j y -j y -j Q-.T Q -J ess Q-J y -J uk Q-J F -A Q-J J ’ly i)ec J ’ly J ’ly •i’jy J ’ly J ’ly J ’ly f ’ ly J’ly O ct J’ly J ’ly 6 b u s in 12+3 bu sin 6 6 Q-K Jan. H!-J ess y -J ess Q-J <4-J Au g Jan J ’ly Keb J ’ly D ec J ’ly J ’ly 1138 bu sin 5 n ized 8 Q-J ess Q -J oct Q-J J ’ly ’07, 2c J uiy 3, 1906 J ’ ly ’ 07. 1*3 12, 1906 P ly ’07, 3 io ' **y .... L a st P a id % J ’ly ’07, 2 Peb ’ 07, 2*3 J ’ly ’07, 2 M ay 1, 19(1 6. Q-J J ’ ly 6 Q-J J ’ly 8 y - J 1'iy 7 "if ’07, 2 ’0 6 , 6 ’07, 6 ’07, 3 ’ 07, 2 ’07, lHa ’07, 3 ’ 07, lHi ’0 7 , 2 ’ 07, l * . 16, 1905 ’07, 3 ’07, 2 Hi ’ 07, 1 ’ 07, 4*3 ’07, 2 5, 1907 ’07, 3 8, 1906 ’07, 1*3 ’07, lHa *07, 1H» ’07, 2 ’ 07, 134 Q-J J ’ ne ’ 07, l*a . . . ... ___. . . . . . 10 Q-J J ’ly ’07, 2*3 6 Q-J J ’ly ’07, 1 Ha ized A pr 3 1907 busin ess 12+4 II Q-J . Q-J 12 y -J Q-J 6 u-J 8 n ized J ’ly Feb J ’ ly J ’ly J ’ly J ’ly J ’ ly J ’ly 2 b, .... 4, 1907 ’07, 4 ’ 07, 1 *3 ’ 07, 1 ’0 7 , 3 ’0 7 , 1>» ’07, a 190t> ... ..... 8 Q-J J ’ly ’07, 2 Q-F M ay ’ 07, 2 8 porate d M a ioh 1905 ......... 6 + 1 Q-J J ’i y busin ess Sep Q -J J ’ly 6 ’ 07, I * , 5, 1906 ’ 07, 1*3 ||D iv id en d s are paid Q -J, w ith e x tra pay m en ts Q -F. H In clu d e s special d iv id e n d o f 3 0 % p aid D e c. 18, 1906. * B id and ask e d p r ice s ; n o sales wer* made on th is day. t N o p r ic e F rid a y; la te st p rice th is w eek , n Due D ec. 31. a Due J u n e , c Capital in c re a s e d Jan . 1 . 1907 fro m $ 2 5 0 ,0 0 0 , a cash d iv id e n d of 30 p er c e n t b e in g d e cla re d and to be ta k en as part p a y m e n t fo r new sto ck , b D u e J u ly , ic C apital in c re a s e d fro m $ 3 0 0 ,0 0 0 , a s to c k d iv id e n d ot 33*3 p c. b e in g d ecla red in pare p a y m e n t th e re fo r. n C apital and su rp lu s to be in cre a se d . 0 C apital in c re a s e d fro m $ 2 ,0 0 0 ,0 0 0 t M ay 20, fo r N a tio n a l Banks, and M ay 21, '07 fo r S tate in stitu tio n s. % A s o f J u ly I, 1907. su rp lu s, an d $ 2 ,0 0 0 ,0 0 0 added BOSTON STOCK EXCH IN ’-O-E— Stock Heoord, Daily, Weekly and Yearly ' h a r e P r i c e *— >01 H er C e n tu m F ric«»« ScUnraaii J u ly ‘2 7 *94 4 *93*4 2 20 943^ 94 >4 220 * ......... 140 * 2 ]4 215 *160 ......... *3 0 0 " m u . *23 Hi 24 • ....... 70 1 40 140 * 1113 • '8 0 ........ 85 82 *14 *65 15 68 *2l % 166 2 2*8 166** ......... 188a4 "3 4 " ‘ 35" ......... •.......... 146*2 82% 87 *100 *85 95 146% 82 \ 87 *18 20 *81 82 *5 Hi 6 *15 *2 16 1 2 2 34 12234 126 125 107 % 107 Hi * 2 6 34 27 Hi 91 Hi 91*2 *3 Hi 4 •103 *2 104 Hi *7a4 8 *211 Hi 212 •6 8 *' *68 S 83 *4 83*2 •207 ........ *2 ........ 72 72 •86 88 *109 111 *163 ........ •10 10 Hi 106 106 *20 21 *26 ____ *2 3 1103*111 60 60 27 27 37 % 87 Hi ! lO O -jlO l •5 H» e •60 70 *23* •45 89% *3 4 3 47 90% 34 s * 6*4 634 24 Hi * a« 1 •Hi 1 * 1 1 % .......... 9 9 lo 15 •......... Ma *27*4 2 7 Hi * 2 6 * 4 25% 167 lb 7 8 00 800 28*9 2SHi •35 *06 80*4 80 H 16 16 *24 * 1% *13*2 2 14 H, 16% 16*» ‘ 1*934* *1*9 *’4 *15 16 “4 *5*2 6 *•60 -60 11 U 13% 13 Hi 81 81 2=0 2\ *14 Hi 1434 82 82*1 *•60 1 44 44 127 I 28 *1 9 ......... *1 % •117 118 •5 6 Hi 3*4 3*4 16*4 16 •104 108 23 23 •62 63 *11 11% 48H 48 H. 43 43 46 46*4 *7 7*4 •1 8 8 162 162 *1*4 t B e fo r e 1*2 M onuav J u ly 29 lu e s a a v July 30 IV ea n esa a y J u ly 31 T h u rsn a v A vgust 1 F rid a y A u gust 2 S T O C K .!* BO STON STOC K EXCHANGE H anae to r y e w 1907 Ween Snares K anqe 1o r P r e o io u i Year C l9 0 6 ) ■Lowest . M iqiieat H .ailron <ls 155 8 3% M a rl4 107*2<lan 86^4 J ’ ly 110% Sep 92 92 •92% 9 2 B,. A tc h T o p & San ta FelOO 93 9338 91*2 91*2 9 4 1* 9 4 ^ r97% Dec 105 *» J an 9i 34 J’ riel4 1 0 1 % -Ian Do p r e f.................100 J ’ly >07 * 9 2 7g 937, *93*8 94 H *92 Hi 93 Hi L a s t S a l e 93% 239 Dec >257*4 *'e b B oston <fc A lb a n y ___ 100 213 J ’ ly 9 240 F eb ♦222 225 223 223 220 221 220 220 220 220 B oston iCievated____ 100 1 2 l 134 M ay Jan 2 14 7 A u g 160 J an •......... 136 139 140 * 1 3 6 136 •......... 140 Jan 7 230 D ec 246 *2 A p r 37 200 J ’n e l9 2*15** 2*16* B o sto n & L o w e ll........100 215 215 215 215 >214 ........ 214 215 M ay ~ 100 D ec 180% A p r 18 152 M a rl4 B oston <fi M a in e ........100 160*4 161 160 160 160Ha 160 *t *160 ____ *160 ____ 15S M ay 4 D o p r e f _________ 100 J an 3 164 O ct 17 5 % M ay J ’ly ’ 0 ' L a s t S a l e 160 Apr K eb25 9^*2 D ec 314 2294*2 J ’li e 2 1 C a s t S a l e SOU J ’ ly ’07 B oston <fc ProvirtencelO U >3*00* I " I I ’3U0 * I I I !” • 30(5" II” ! F eb 16 13 A <>’ 2 % Fel> 8 J ’ ly J ’ly ’ 07 B o st S u b n r o a n E i «Jos. . . L a s t S a le S Keb J ’ ly 1 Jan If, 63 Jan 75 Do p r e l........................ L a s t S a le 53 J ’l y ’ 07 M a r l3 28% J a n 2 25 Jan 39*2 A p r 23 B o sto n <!fcWor ifllec C o s .. 24 23*8 2 X% 2 3 es *3»8 23*2 23 J ’ ly 22 80 J a n 23 72% •Jail 90 A p r D o p r e f ........................ 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147 J a n 15 147 Jan 15 150 F eb 150% t'eb J a n ’ 07 W o ic N a s h c fe R o c h .,1 0 0 tliNCellaneoUH 15 J ’n e 5 26 J a n 21 J ’ly 34 J a n 20 J ’ly ’ 07 A m e r A g ric.u l C hem .iO O •18 *18*2 19*2 L a s t S a l e 19 ♦18H* 20 81 90 D ec 102 Jan 82 *81 82 •81 82 82 D o p r e f .................100 38 78 J ’ nelO 95 F e b •til •81 ’ 82 0 3 4 63. 534 •5% 6 5 *2 A u g 1 143, J a n 8 10 ^ D e c 29 M a r 6 6 5 *2 6 Hi 6 A m e r P h e u S e r v ........ 50 7u 16*2 Do p r e f......... 50 165 16*2 J ’ly 20 33 Jan ~ 26 A u g 46 A p r 15*2 16% 16 16 15 Hi 15 Hi 15*2 *15*2 16 121 12 121 122 A m e r S u g a r R e lin ___ 100 561 11634 M ar26 137*4 F e b 11 128 Ma> 1 5 6 % J a n 1 2 0 % 121 122 Hi 122% 12 i 122 *125 126 125 126 D o p r e f ................. 100 64 120 M ar25 131»4 Jan 1 130 Dec 141 J a n '1 25 126 125*4 125% 125 125 *s 107% 107*2 A m e r T e le p & T e le g .1 0 0 1,067 al037g J ’ n e l7 1 3 4 Hj Jan 2 128 J ’ ly 1 4 4 7g Jan 107 107 Hi 1 0 7 * 4 1 0 7 * 2 107*2 107*2 107 107 A m e r W o o le n ............. 100 *26 27 *26 2“ 15 24 May^V 36 Hi Ja n 7 28 N ov 4 7 J4 J a n 27 27 26*2 26*2 •26 91*2 92 91 Hi j j o p r e f ........ ........ 100 194 90 J ’ ne27 102 *2 J an 8 1 0 o a4 D ec lK B t F eb 91*4 91*s 9 1 7a 9 17* 91*4 9 l *2 9 IS L a s t S a l e 3 l2 4% J ’ n e 3 M ar^ 8 334 Jan 4 Jan 16 *3Hi 4 *3 H2 4 *3*2 4 M ay’ 07 B o sto n L a n d ............... 10 103 Hi 104 Hi 103*4 103*» *103 104*2 ■103 104 Hi 103 104*2 O u m berl T e le p & T e l 100 ' **23 102*2 J ’ly 24 115 J a n 10 115 J ’ly 118% M ar 22 2 ‘2 D om in ion I r o n <fe S t ........ 25 1 6 -, M a r 26 25 F e b 19 2 1% N ov 34 A p r L a st S a le 8 7 M ar 5% Jan 10 A u g 9\» J a n 3 * ......... 8 J ’ n e ’ 07 E ast B o sto n L<and............. * 734 8 ♦734 8 211 Hi 211 Hi 211 Hi 21 l H, 2 1 lH i2 llH i 211*2 211*2 E d iso n E le c I li u m ...1 0 0 '*3*0*5 200 A p r 1 230 J a n 7 225 D ec 2 50 Jan 211 Hi 212 136*2 137 G e n e ra l E le c t r ic ........100 139*2 139*2 139 li>9 135 136 M ay2S .6 2 J an 2 . 167 D eo 184 O ct **68** * 6 8 ” 57 67 *67** *6*7 M ass’chusettaG asC oslO O 644 o i *4 M ar2o 6 6 % J a n tv 44 M i) 64% J ’ n e 68 68 •68 68 Hi 83 83 82% 83 83** 83*4 83*4 83*4 83*4 fc3*4 D o p r e f................. 100 2 8 l 80 M ar26; 86*2 A p r 2b 84 Hi D ec 9 0 Sep L a s t S a l e 206*1 J ’l y ’ 07 M e r g e n th a le r L i n o ..1 0 0 r207 Hi 210 *207*2 21 0 199 Jan 2 215 M ar 1 190 Mai 210 D eo '2 07 *2 210 •2 ____ J ’n e 3 534 Sep L a st sa le 2 U 4% J an 19 3 Jan *2 . . . . *2 .......... J ’l y ’ 07 M ex ica n T e le p h o n e ., l o 72 72 '.......... 72 N E C o tto n Y a r n ___ 100 75 75 72 Ha 72Hi .......... 73 157 46 J ’ ne 3 75 J ’ly 29 2 7 M ai 60 N o v *87 8ti 1 88 *87 88 •87 HS 88 h8 D o u r e f.................100 30 »4 M ay29 9 0 J a n 1*2 8 0 Mai 90 *4 N ov ib'ti’ ’ 109 109 109 109 109 N E T e le p h o n e ............100 ■107*2......... 107*2 ___ 15 109 J ’ly 15 126 J a n 7 126 D ec ■41 *9 A p r 183 103 162 163 164 164*2 165 166 2 1 6 3 163 P u llm a n C o ...................100 238 156 M arlS 182 J a n 7 180 D ec 20-> Hi N ov 9*2 J a n 11 D e c 10 H. *10 10% 10% R e e c e B u tt o n -H o le ,. 10 •10 ......... 10*2 10*2 10 H, *10 110 £9 *4 A p r 0 11 J a n lo 106 10b ll>5 *2 105 Hi 106 106 105 *9 106*8 1 0 5 34 106 S w ift & C o ...................100 72 X iO i M a r i5 113 J a n i 6 101% J ’ ne lzO Sep •'20 21 20 -2 20 Hi T o r r in g t o n C lass A . . 25 22 *4 D ei 23 *^0 21 * 20 21 b'eb 20*2 20 50 *0 J’n e l3 2 2 Hi J a n I . 24% May « 27*2 J'*y 26 25 J ’ ly 27 % X o v *26 . . . . D o p r e f................. 25 *26 .......... *26 ......... L a s t S a l e 27*9 J ’l y ’07 1*4 A u g 2 6 % J a n 24 1.......... 2 *2 3 2 J ’ ne 5 *» D eo 1*2 2*8 *1*7*5 1% 1-4 U n io n C op L ’d & M g . 25 110 I U P 4 i i o 110 Hi i ‘io * ‘ 111 111 111 1U in U n ite d F r u it ............... 100 672 10.534 M a r i 1 113 A p r^ o 103% May 11334 M ay A u g 1 69 Jan 49 49 49 * 6 0 Hi D e c 86 8 FeU 49 Hi 4 9 > 4**2 48Hi 49 U n S h o e M ach C o r p . 2 49*a 49H. 866 48 * 2 6 34 21 27 28 *8 Dec 32% J ’ ly * 2 6 34 27 27 27 •;:6 % 27 D o p r e f................. 26 142 25 M ay 1 29 Jan 27 323* J ’ly 00*8 0 o t 36% 37*t, 35 35 H2 35*9 3 i* s 3734 35*2 36 35*4 U S S te e l C o r p ............100 5,867 31 % M a y 2 1 5 0 % J a n 1 0 0 % 1 0 0 % 1 0 0 3? 100% 1 0 0 % 10o% 100 100% 100 92*4 M ar^o 10734 Jan 99 J’ ne 113% F eb 100 '8 D o p r e f ................. 100 44 5 n a i’25 9 Jan •5*2......... * 6*2 8 No* 17 *2 J an '5 6 0*2 5 *2 W e s t T e le p & T e le g .1 0 0 77 ' 0*4 t> •65 7o •65 70 79 Nov 98 *2 J an *65 70 z 6 7 Hi J ’ly 19 82 J a n L a s t S a l e 67-2 D o p r e f.................100 J ’l y ’ o7 71*2 A p r 22 78 Hi J a n lb 7334 Oct L a s t S a l e 72% 86 F eb J ’l y ’ 07 W e s tin g E l <fc M f g . . . 50 76 M ay 6 80 F e b 2t 75 N ov 98 Jan L a s t s a l e 76' • M ay’ 07 D o p r e i ................. 50 M in in g •2*2 3 3 3 2 J ’n e 8 % O ct *2Hj 3 6 Hi F e b 20 4 Hi Dec•2*2 3*2 4 A d v e n tu r e C o n ............ 25 435 *43 46 •40 45 45 •41 44 44 l o 44 J ’n e 2 i 74*4 Jan 1* 31 m J ’ly 65 *4 D eo 45 A l l o u e z .......................... 25 8 7 34 fc8 Hi 84% 8 ti*» 90 92 % J ’ly 118 F e b 85*4 68% 83 7a tio 85Hi A m a lg a m a te d CopperlO O ■28,344 79 M ar26 121 Jan 31*4 32 34 8 % A u g II4 5 Deo 323* 34 Hi 33*2 3 3 a4 32Hi 32*4 34 33 Atn Z in c L ead <& S in . 25 1,720 3 1 ‘4 A u g 1 53 J a n 22 6 5 34 66 57 67 >4 67 67 A n a c o n d a ..................... 26 63*4 5rfV 13“ 53*4 A u g 1 75 F e b ib 57 *2 May 74 F e b 6 4 % J ’n e 4 15% Jan 6 6 6 6 5*2 6»8 2% J ’ly 15% N ov 5-2 5 *2 6 A r c a d i a n ...................... 25 1,140 22 22 Hi 20 20 20 23 *2 24 20*a 22 20 A r iz o n a C o m m e r c ia l..25 1,2 2 * 20 A u g 1 2 6 H1 May % J ’ut *H) 1 a4 A p r 16 *2 Jan 2 ‘4 D eo L a s t S a le •Hi 1 •Hi 1 J ’ly ’ 0 A r n o ld ............... .......... 25 •90 Sep 1 Hi J a n Hi May 2 b L a sts a le 1 % J ’ ly " *2 1 • *2 1 **2 1 J ’l y ’ 07 A s h B e d ........................ 25 13 13 10a4 May 28 '4 J an *12*4 13 12*a 12 Hi 12*4 12*2 12*4 1 2 - A t l a n t i c ........................ 25 690 11 J’n e i l 22 F e b 2 e 8 8 7% J ’n e U 12*9 A pr 8*2 8 7, 8 8*8 a *2 8*4 8 b a4 B alak lala te m p c e r tfs . .. 4,675 15 15 l4 H j I o n *14*9 16 14 Hi 14*2 14*2 16 -v B ingh am c o n Jlin<fc S 50 285 1 2 a4 J ’n e 17 37 Jan 14 26 J ’ly 49 ‘8 F e b >........... -4 5 ' .......... -45 L a s t S a l t ■4U ■...............-4 5 40 J ’l y i ; ■80 Jan 17 45 May 90 u c t J ’ l y ’07 B on an za (D e v C o ) . . . 10 25 26 *2 6 *2 26 Hi 26*2 25 Hi 26 Hi 25 Hi 26*2 25- Hi B o 8tonConC<& G (rcts) £ 1 i ‘, 6*6*0 _0 H iM arz6. 3314 J an 6 2 0 % Mai 35% o c t 2 3 34 24*4 24*4 24*4 23 *4 23 24 24*9 25 24 B u tte C o a li t io n .......... 15 3 ,7 e 8 2 m *9 M ar26 o y i^ J a n 7 25 J ’ly 42 O ot 165 165 165 165 164 165 163 163 162 163 C a .u m e t <3c A r i z .......... 10 940 148 M a r i5 198 F e b 8 107 J ’ ly 1 » 4 D eo tiOO 80O 798 800 790 795 780 7 tio 675 May 9 00 Deo 775 780 C a lu m et <fc H e c l a . .. . 25 111 766 J ’ n e i7 1000 F e b 28 28 26 17 % J ’ly 4 0 ‘s D eo 26 26 26 *26 29 Hi 29 Hi 27 C e n t e n n ia l ................... 26 255 23 *2 J ’n e in *7 i r e u l ' •40 "40 •45 "4 o •39 '4 0 ••40 •40 •45 1 1,265 •35 M ar^5 •62 Jan 19 •35 liei •70 J a n •40 (Jons M e r cu r G o ld ... 78 80 78 78*4 76 77 7 6 34 6 6 % J’ ly 86*2 J a n 76*2 7 73« 77*4 C o p p e r R a n g e C on ColOO ft,a» 4 72 M a r . 6 105 J a D l-i 16 16 16 15 1534 1634 15 15 16*4 15 D a l y - W e s t ................... 20 965 14 M a r l 5 2 o HiJ an *3 14 M ar 2 i % N ov 56*9 J 'n e 2 8 7 o % M ar 2 61 Hi O ct 84 Feb L a s t S a l e 5 6 Hi J ’l y ’ 07 D om in ion C o a l.. . . . . . 1 0 0 L a s t e>a< h O D o p r e l........... .. .1 0 0 10JH iJ’ *y 10 114 J an 12 113 Nov 123 M a r J ’ly ’ 07 134 M a y 2 7 4 % J a n it. • 1% 2 2 •1% 2 3 Hi D eo * 1% ‘3 2 E lm R iv e r ................... 12 1% 1\ 1% J ’ ly 65 13 14 13 13 1 2% 12 7s 12*9 12 Hi 12 Hi 12*9 f r a n k l in ........................ 25 1,146 1 2 > « J ’ l y 3 1 29*4 M ar 1 14 -2 M ») 2 o *4 S ep 120 120 120 120 120 120 G ra n b y C on solidated. 100 66 * 1 1 9 J ’ n e u 1 5 1 t e o fc 131 D ec 140 D ee 15% 15*2 15 15 Hi 15 15% 16 16 15*8 1 6 > , G r*en e- Cana t^m o tfs &,540 1 4 M a y 2 6 17% A p r L a s t S a t e •S'* 6 *4 J an 1 5 4*2 Jan 7*8 J a n J ’l y ’ 07 (iu a n a ju a to C o n s o l.. 3 *e J ’ ly 17 18% "l*834 *1*8 ** **18 *18 Hi *1*9 Hi 17% 17Hi 17% 17% Is ie rtoyale (C o p p e r ). 25 i ’,025 i y £>4 M a r 26 3b'Hi J a n 14 15% J’ly 2 9 % J a n 15 lo *14*2 15 14 14*2 1434 13*9 133. 14 Da S alle C o p p e r .......... 25 663 12*2 J ’u e i9 30 F eb 5*4 6 5% 6 6 *5*9 6 6 6*4 4H iJ’u® 31 9 *4 J an lo 6 *2 J ’"ly *12 *8 j a n 6*4 M ass C o n s o l................. 25: 2,965 *•50 *60 •■55 -60 *•55 1% J a n 24 •40 J ’ ne -60 ■56 1 *2 J a n '•55 •65 •65 M a y tlo w e r..................... 25 60 50 A p r 11 11 10% 11 10% •10 Hi 11 •10*9 11 11 M e x ico C on s M & S . 10 320 10 a4 J >y 25 15 *4 Jan 2 -. 13 N o» 14% Deo 13 13 * 1234 13*2 13 13 13 Hi 13*2 I 3 a4 13 M ic h i g a n ....................... 25 1,275 1 2 ** J ’ n e i O 24 Hi J a n 15 1034 j ’ne 22 hi D eo 79 fcO •79*2 80*9 78 79 76% 7 6 S M o h a w k ........................ 25 1,217 68 .u a i2 o 96 -1 Jan 14 54*2 Mar 80 D eo 76 Hi 78 3 % May 7 1% Dec •2 ** 2 7e l a4 J a n 18 *2*a 3 *2*2 2\ 2% *2*9 7 *2 F eb 2% 210 2a4 M o n tan a ConsolC«fc O In *14 14-*, 11 Jan 23% O ct 1 3 ’ , 13% *13% 14*» •13% 14*4 *13% 1 4 * 8 -\ ev ada C o n so lid a te d 5 1,110 l'.'ia J ’ u e l 9 2oHi J a n l 7 9 '* 80 78 7 9 3, 77 7934 82 78 N o rth B u tt e ................. 15 7,073 72 M ai 26 12o Jaoi 5 74% Mai I I •% O ot 7 6 s4 78 *•60 1 ••60 2Hi Jan 4 •70 J 'ly 1 *•60 1 L a s 1S a le M a r l4 J ’ly ’ 07 O ld C o lo n y ___ _____ 25 2 *8 D eo 42 42^ M ar 26 63 F e b i 4 33 J ’ ly 6 6 34 (jo t 42 S 43 41% 42% 41 4 1 3< 40 41 * 4 Old D o m in io n ............. 25 5*4*67 36 125 127 93 Mai I j I 126 Hi 126*2 125 125*2 125 125 123 125 O s c e o la .......................... 25 1,071 115 M ar26 181 F e b 2i D eo ■19 20 *19 20 *18 19 18 18V •18 P a rro t vSilv<fc C op p) 10 296 18 J ue24 35 J a n 14 22% J ’ly 4 8 J a n •60 M aj *1*# 1% •1** 1% * 1% 1% L a s t S a l e i* 4 J ’ i y ’ 07 Phoenix C o n s o l............ 26 1 Jan 5 13 Jan 2 i % D eo F eb 80 J ’ly 114 J a n 115 115 117 11/ 112 115>i 113 113 112 113 Q u in c y ............................ 25 **9*6*3 108 M a r 2 j 1 4 8 6 6 *4:,4 6 6 5\4 5 5 434 4 i 4 J ’n e 6 f 12 *4 Jan 15 4 a4 Rh ode Isla n d ............... 25 3*4 J ’ ly 9 * 8 Deo 4Z0 7 *, Jan 2 M ay2 ^ 3*4 3 *4 3 3 3 3 3 3*4 3*4 3*8 San ta F e (G o ld <fc C op) 10 5% N o v 1 *8 J 'ly 783 16% 16*2 15*4 16 16 16*4 15% lo>8 16*2 6 % Jan 18% N o v 16 Hi S h a n n o n ........................ l o 6,633 1434 M ar26 2 4 % Jan 17 101 104 170 Jan 14 102 102 y9 H i A u g 1 100 100 12 2 ja n 100 T a m a r a c k ..................... 25 99 Hi 99 H, *99 90 J n e 673 20 21 22=8 21% 2 1 7s 20 19 21*4 20 2 0 % T r in it y ............................ 25 5,146j 14 7a Max-26 42*4 J a n ^4 7% J’ ne 2 o >9 D ee 62% 62% M ar26 77*4 M ar 7 57*4 Ma> 78 F e b 62% 62 H 61*« 6 i 7e 61% 61Hi| 6 0 *1 60*4 U n ited C o p p e r............l o o 8 1 0 53 85% 85*2 86*2 85 °8 85 85 Do p r e f............... 100 86*2 85*2 176 e7 M a r io 91 May 1 88 J&n I I I F eb 9 M ar 16 13 >4 J an 22 10% 1 o 34 10% 11 * 1 0 34 11 11 U n it S tates Coal & O il 25 14% M a r 11 9*4 S e p 30.> 10% 1 0 34 48Hi 49*4 4 8 34 48% 43 >* 4 8 34 48 48*4 4 8 H. 48 •U s S m eit Ref.cfcM in. 60 1 ,9 4 4 47 J ’ ne25 70 Jan 2 51 M ar 0 6 J a a 43 43 s, 43*4 43*2 43 43 43 ‘4 4 3% 43% D o p r e f................. 60 2,385 4 1 &, M a r, 5 4 9 J a n 43 Mai 47 7s S ep 43k 4.>;i.{ 44% 44 *2 4 5 * 8 4 4 >2 46*4 43*4 44 Hi 44 6 5,051 42 J ’l y . o 79 Jan 14 52*4 J ’ ne 6 9 % J a n 4 4 * 2 U tah C o n s o lid a te d ... 7 7 7 7 k *4 M ar 6 *» 6 *» 6 6 M ar 15 11% fcek>27 26 5 % N ot 6*2 6 Hi 6 H> V i c t o r i a ............. . 670 *1 •1 L a st S a le 1 M a y2 i 2% D eo J ’l y ’ O. W a s h i n g t o n . . . . . . . . . 25 3 Hi M ar t, ■60 J an 8 8 7 J ’ n e 4 14 Jan 23 4 J 'ly 13 % O ot 7% 8 7 ’9 * * 7 % *" 7*a4* 7 j4 7 a4 7 Hi W in o n a . . . . . . . . . . . . . . . 25 **8*76 168 162 157 157 156 165 158 160 160 160 W o l v e r i n e ........... 25 116 160 A p r 16 198 D 'e b il 131 Jan 90 D eo a% D eo 1% IV •1 1%1 620 1 M ay22 3% J an 22 70 J ’ ly * » *s 1^4 *1*8 1 *4* 1*. W ya n d ot........................ 25 1*4 _ ..... p a y ’ t o f a s e e s s ’ te o a U e d in i a 0 7 . * B id a u d a s k e d p r ic e s . IN ew stook . t A s s ’ t p a id . tE x -r ig n w . a E x - d i v . <fe r i g h t o bS i s t o o k d iv id e n d . Price F r id a y A u g u st 2 B O S T O N ST O C K H X C H ’ S i W e e k e n d in g A u g u st 2 Am B oll T e le p h o n e 4 s ___ 1908 A m T e le p <te T e l c o ll tr 48.1929 A m W r it Paper 1st s i 5 s g 1919 A tell * >< a brask a 1st 7 a .. 1908 A t c n T o n * S F e g e n g 4 8 .. 1996 A d ju s tm e n t g -is___ J ’ ly 1995 S t a m p e d ......... . . . . J ’ly 1995 B o sto n .E iect L ig h t 1st 6 s. 1908 C on sol 5 s ............................ 1924 B oston & L o w e ll 48............1910 B oston cfc M ain e 4 % s ......... 1944 B oston T erm in al 1st 3 % s .l9 4 7 B u r <fc M o R iv e x 6s ........... 1913 N o n -e x e m p t 6s .................191& S in k in g lu n d 4 s ............... 1910 B u t t e * B oston 1st 68___ 1917 C edar Rap & M o R 1st 7 s . 1916 2d 7 s .....................................190^ C en t V erm t 1st g 4 s ..M a y l9 2 < C B & Q Iow a B i t 1st 5 s . 191) Io w a D iv l e t 4 s ...... .........191! D eb en tu re 5 s .................... 191. D en ver E x te n 4 s ............. 192'.. N eb ra sk a E x te n 4 s ........1927 B & S W 8 t 4a...................1921 Illin o is D iv 3 ............... 194^ J o in t bonds See G t N o rth e rn Ohio J o l l y & Stk Y d s 5s .1915 C oll tr u s t r e lu n d in g g 4 s l 9 4 0 Ch M il * S t P D u b D 6s .. 1920 Ch M & St P W l8 V d iv 681920 C h ic <fc N o M ien 1st g u 5 s .1 9 3 i C h ic * W M ioh g e n 5 s . ...1 9 2 1 C o n cord & M o n t o on s 4 s ..1 9 2 0 C on n & P a ss K 1st g 4 s . ..1 9 4 3 C u rr e n t R iv e r 1st 5 s ......... 1927 De* G r R a p * W 1st 4 s . .. 1946 D om in ion Coal 1st 8 1 6 8 ..1 9 4 0 F itc h b u r g 5s .........................190;4 s .......................................... 1915 4 s .......................................... 1927 Freni t E lk & M o V 1 st 6s .. 1933 U n stam ped 1st 6 s ............1933 G t N or C B & Q c o ll tr 4s 1921 R e g is te r e d 4 s.....................1921 jS o t k — Bu y er 27$ Boston Bond Becorcl. A u g . 3 19 0 7 .] J -J J -J J -J R ia 93 83% M -S A-O N ov M-N M-S M-S J -J J-J F-A J -J J -J J -J 96°8 85 W eek’ s R an ge or Last Hale A i“ Low 983s 98% 84 • 82 IT-2 104 97% 1193 TJS7-’ 853s 105 J-D Q-F A -O A-O M -N F -A M -N Nl-S J -J J -J J -J J -J M -N J -D J -l) A-O A-O A-O M -N M -N M -S M-S A-O A-O J -J y -J H ig h 98'S. 34 J ’ n e’ 07 M ar’ (!6 J ’ l y ’ 07 M ay’ 07 J ’n e ’07 l io r s D > B O ST O N S T O C K E X C H ’ G E W e e k E n d i - A u g u st 2 I llin o is Steel d eh en 5 s___ 1910 N o n -c o n v e rt deben 5 s ...1 9 1 3 l a F a l l s * s i o u x C i s t 7 s .. 1917 K an C C lin & S p r 1st 5 s ...1 9 2 5 9 6 a4 1101% K an C Ft S & G u ll 1st 7 s . . 1908 K an C F t S c o tt * M 6s ___ 1928 H87% 92 S o 3^ 9134 Kan C M * B ge n 4 s ...........1 9 3 4 A s s e n te d in c o m e 5 s ........1934 K an C * M R y * B r 1st 5 s l9 2 9 M ain e C en t c o n s 1st 7 s ...1 9 1 2 C on s 1st 4 s ........................ 1912 M aro H o u g h & O n t 1s t 68.1925 L0534 107 % M e x ica n C en tral c o n s 4 s . .1911 l e t c o n s in c 38........... Jan 1939 2d c o n s m e 3 s ........... J an 1939 M id i T e l e p l s t o s .................1917 M in n e G en E le c c o n g 5s 1929 N e w E n g C ot Y arn 5 s ___ 1929 N e w E n g T e le p h 6 s ............1908 83 9.0 5 s .......................................... 1915 fis............................................191 ti 9 8% 100% 1100*8 1100% .New E n g la n d c o n s g 5 s ... 1945 B oston T e rm 1st 4 s ........1939 9 7 7e 99», N Y N H & H co n d eb 3 ^ 8195 6 Old C o lo n y gold 4 s ............. 1924 9 7 ‘4 "9 7 90% 91 % O reg R y * N av c o n g 4 s .. 1946 O reg Sli .Line 1st g 6s ........1922 100 102 % R e p u b V a lle y 1st s f 6 s. ..1 9 1 9 R u tlan d 1st co n g e n 4 % s .l9 4 1 94 Hi 95 R u tland -C anadian 1st 4s 194 9 Savannah E le c l s t c o n s o s . l 952 S eattle E le c 1st g 58..........1930 97 *2 100 r e r r e H a u te L ie o u o s ___ 1929 1 0 0 S 10^ T o rrin g to n 1 s t g 6 s ........... 1918 99 99 U n ion P a c R R & 1 gr g 4 s . 1947 1st lien c o n v 4 s .................1911 U n ited F r u it co n v gen o s .1 9 1 1 89 90 U 8 Steel C orp 10-60 y r 58.1 9 6 3 100 100 W est E n d S tre e t R y 4 s ___ 1915 98 98 G o ld 4*28..............................1914 G old d e b e n tu re 4 s ............1916 100 100 G old 4 s ................................. 1917 W e s te rn T e le p h & T e l 5 s . 1932 8 8 % 97% W isco n sin C en t 1st g e n 4 s l9 4 9 W is c o n s in V a lle y l s i 7 s ..1 9 0 9 9 o 78 « 6 101 J ’ l y ’ 07 95 F e o ’ r . 122 A j : r ’ 06 126 F eD ’ 05 i»7% J ’l y ’ 07 97 % 98*. 1 0 0 ‘s J iy 'ii ......... 100 99 M a r’ o / 112% J an ’ 03 104 N o v ’06 98 89 M a r ’ 07 100 J a n ’ uV 98 A p r ’07 103% A p i ’ 06 100 M ay’ 07 13434 N o v ’ uO 140 A p t ’ 05 9234 Sale »2% 93 ■% 92 ......... 91% J ’ly ’ o 7 pays a co ru e d in te re st in aa u ition to th e p u rch a se p rice fo r all B oston Bonds. W eek’ s R ange or L a st Hale P rice F r id a y A u gu st 2 Lcrw H ig h 96% 9,>3fi 79 90% 1182 1183 110 F e b ’ 04 101 Sep ’ 06 114 M a r’ o 6 112% Jan ’ OR 11>5:,4 J ’l y ’ 07 102 Sep ’ oo 99^8 O ct ’ 06 100 J ’ ne’ Ol 123% N o v ’ O'j i i ’ s J ’l y ’Of S3 83 109 M ay’ 05 9 9 34 J ’n e ’ 07 1100% M ay’ 07 97 78 I’ n e’ 07 0 2 7*, J ’ ne'06 97% M ay’ t)7 90 % M ay’ 07 A -0 M -N A -O R an ge Since J a n u a ry J 98 100 115 J-D M-N M-S M S A-O A-O A-O A-O J -J J ’ ly Low H ig h ) 98% v-8 %! 98 1003*1 Astc L ow H igh 99 98% J ’l y ’ 07 99 98% J ’ l y ’07 122 >4 N o v ’ 06 98 M ay’ 07 ........ 101 100 % J ’ly ’ 07 ........ 116 115% 94% D e c ’ On 92 M a r’ 07 99 M ay’ o7 J -J A-O A-O A-O Range \ S ince J a n u a r y 1) 98 " 9 8 % | 1 0 0 %] % l o 0 %| 114 120 9 2 " " 92* 99 101 1 1 3 % N ov’06 1 0 1 % Sep ’ 0 6 118 M ay’04 80% 81% U S l’a J ’ l v ’ t/7 26 % 0 <jt ’ 06 1 7 34 A u g ’ 05 97 97% J -J F-A A-O A-O A-O J -J A-O ,j-J 78% .......... 96 1 0 0 * 102 % A u g ’ 04 97 % 97 % 100 M a r’ 07 100% Jan ’ 07 99% 100 100% 100%, 93 J ’l y ’ 07 101% Sep ’ 06 1102% J ail ’ 05 112138 M ar’ 06 102 M ay’ 07 107 % N o v ’ 05 102 M a i’ 02 9 8 % M ay’06 101% J ’l y ’ 07 97 A p r ’ O? 99% N o v ’06 9938 J ’ly ’ 07 11150% A p r ’ 06 1 1 0 % 1 1 0 *-, 110% 112 1|9o34 J ’ly ’07 100 >2 J a n ’ 07 10134 A p r ’07 1023* J an '06 99 *12M ay’ 07 89 89 % 89 Sale H94% S e p ’ 05 109% A u g ’ 05 F-A J-D F-A J -J J -J J -J J -J 98 .101% FA J J .M-S J -J M -N M-S M-N F -A M -S M -N F-A J -J J -J J-J * N o p r ice F r id a y ; latest bid an d asked. 85*1 10634 101 % 105 97 97 lbo^iiioa i o T i ’12% 94 H99% 10 0 % 100% 1 0 1 ", 102 9 9% 100% 89 99 1| F la t price. PhUadelphia and Baltimore Stock Exchanges— Stock Record, Dally, Weekly, Y early S h are Sai ii. rn mi J u ly 27 90% 90% 13% 29 13% >13 *48% 4H34 ‘ 3 6 a4 37 9% b3g *21 ......... '7% 8 •86 87 62 % 62 % 'e i S i i i i i ; *40 Si 41 8S •8»w 2a 22% 6 2 1Bio 63 >4 40 40 * 3 9 34 40% 5 7 ;% 6 •% 90 a4 91% * ......... ...31 P r i c e s — INm P e r C e n t u m A tonuav J u ly 2U *1 2 78 *48% 3 0 -j 1)38 *4% . 21 *7 '/ ite s a n t J u ly HU 91 •12 13a . 4 8 34 3 6 34 97i« 21 8 86 % 86% 48 36% 9% 48 3 6 34 9% *4 % ............. •21 ........ •7 •85 6 <i 62 02 1 10l 8 6 1 -i 62 61 •% •40% 41 •40% 8 ‘i 87in 8 *\ 22 21 2 0 34 52 ‘4 53% SliSid *4 0 40-<4 • 3 9 - i 40 *3 9 40 67 57 % 57% 91% 91 *14 91 30 P »l 1 8 87 62 t*1 \ 41 87ie 21 &-716 41 40 57 % 91«* 30 A sk IA I n a c t iv e S t o c U s A lle g h e n y V a l p r e l ___ 50 A m e rica n C em en t........50 A m e r P ip e M lg ......... 100 B ell T e le p h o n e ............. 50 C am bria I r o n .................50 ■44 H. C en tral Coal & C ok e . 100 C on sol T r a c o f K J . .. 1 0 0 D iam on d Statp S t e e l.. 10 P r e f e r r e d .....................10 E a ston c o n E le c tr ic 0.6O E le c s t o r a g e B a tt___ 100 P r e t e r r e u ...................100 F t W a y n e & W V ........100 G erm a n tow n P a ss ....... 50 In d ia n a p olis S t ........... 100 I n d ia n a U nion T r ___ 100 In s u r a n c e Co o f N A .. l < I n t e r Sm P o w & C lie m .5 0 K e y s to n e T ele p h o n e ..5 0 P r e f e r r e d .....................60 K eyston e-W atch Case. 100 15 L it B r o th e r s ...................10 L ittle S c h u y lk ill............50 H i u e h i l l * S ch u y l H ..6 0 N H a v e n I r o n & S t e e l.5 N orth ern C e n tra l......... 50 N orth P e n n s y lv a n ia ..50 P e n n s y lv a n ia S a l t . . . ..5 0 P e n n s y lv a n ia S t e e l..1 0 0 P r e l e r r e d ...................100 P h ila C o (P itt s ) p r e f .. . 60 43% P h il G erm an & N o r r is .50 150 P h ila T r a c t io n ...............50 94 R a ilw a y s G e n e r a l........10 S u sq u eli Iron & S t e e l..5 T id ew a ter S t e e l........... 10 P r e f e r r e d .....................i(. T on opah M in in g o f N e v l 123, U n io n T r o f l n d ..........lot, U n ited N J R R «feC ..10< U n it T r a c P itts p r e f..5 o W a r w ic k I r o n & s t e e l . l o 8*4 W e s t J e r s e y & S e a S li.5 o 53 W estm orela n d C oa l....5 0 86 W ilk e s H a s * K le e .,1 0 0 S8*i 53 Vi % 20% 65 91 13% 133f, *48% 48*4 X3 5 V 36 9 ^ 9% *4 % .......... 6 0 a4 6 i 34 6 1 3* 41 830 2 0 'J o2310 40 , 40 •39 5 I 3s 9 0 a4 9 1 30 13% 13% 48% 4 8% 35% 3 5 a< 9% 9% * 4 % ......... 2t 21 21 •7 8 85% 86 61 •40% 85io l y -8 51aic A C T IV E S T O C K S 21 7% 7% •84 HO 60 % 61 60a, 6 l "6 40 '.(J % 8Jia bsie l a °8 20 60% ..51% •40......40 % •33%..40 C6 %..56% 90%.9034 ......... .. 30 P H I L A D E I . P H IA l ia i t i in o r e Con. G as E l. h . & P o w . 100 *80 D o p r e i.....................100 81 *Bl 91% N o rth e rn C e n tr a l.......... 50 s e a b o a r d ( n e w ) ............... 100 * 12% 13 30 D o 2d p r e f..............100 *26 >13 13*4 U nited R y & E le c t r ic .. 50 *48% 3534 9% •4 •19 *7 85 60 7a IB16 10^ 8“ l 0 20 51% •40 *39 57 9 0 34 *26 44 "94% 46 8% 87 R id A sk E x -rig h ts. ||.^7.50 paid. R id P H IL A D E L P H IA 96-H 1; '4 2 o 3,123 ’ 64’^ 16 7o P h ila d e lp h ia 4' A m e rica n R a ilw a y s ___ 50 b o 34 C am bria S t e e l ................. 50 1,532 641 9% E le c t r ic Co of A m e r ic a l o 6 G en A sp h a lt tr c t i s ___ 100 610 21 D o p re l tr c t f s ___ lO o io n 8 Lake S u p e rio r C o r p ___ 100 177 86 %' D eiugli C & N a v tr ctis . 6o; 61 4* L e ln gh V a lle y ................. 50 2,35i is 18 M arsden C o ...................... l o o 3 vo 61*4 t'e n n s y lv a n ia R R .......... 60 4 ,o . a 4 0 S P liila d e lp ’ a C o (P it t s b ) . 5v 01 8 "b P h iladelph ia E le c t r ic } . 2n 2,43,' 20% P h ila R a p id T r a n s it s . . 5o 12,1) ip 51°b H e a d in g ........................... 5t 00,789 *i0 34 4J D o 1st p r e l............. 50 40 2 D o 2d pi e l ............... 50 67% U n ion T r a c t o n ............... 50 396 91% U nited G as lrn p t............ 50 30 W e lsb a ch C o ...................l o o r fo n d s 108% A1 V a l K e x t 7s 1910 A -0 A l t & L V E l e c 1 %s’ 3 3 .F -A A m t t y s c o n v 5a 191 1.J -D 97% 107 A tl C ity 1st 58 g ’ 1 9 .M -N B alls T e r 1st 5s 1 92 6. J-D 106" B e r g & E B r w 1st 6 s’21 J-J B e th le Steel 6s 1 9 9 8 .Q -F C h oc < fc M e l s t 5 8 l9 4 9 J - i Ch Ok <fe G g e n 5s ’ 19 J-J Col St R y 1st c o n 5s 1 9 3 i Con T r a c of N J 1st 5 s . ’ 33 E & A 1st M 5s 192 0 M-I\ 96 94 E le c & P e o T r stk tr ctftE q II G as-L 1st g 5s 192>H & B T o p c o n 5s ’ 25 A-t > 106 In dia n a p o lis R y 48.1933 65 In te r s ta te 4s 1943 . .F - A L e h ig h N a v 4 % s ’ 14.Q-J R R s 4s g ........1914.<4-1 G en M 4% s g ,1 9 2 4 .Q - l Leh V C 1st 5s g ’3 3 . . J-J 10 8 ' 1083, Leh V e s t 4s 1st 194 8. J-D 2d 7s 1 9 1 0 .................-\1-S C on sol 6s 1 9 2 3 ........J-I> 149 A n n u ity 6 s ...............J-D G en c o n s 4a 2 0 0 3 .M -N Leh V T ran oon 4 s ’3 jJ - l) N e w Con G as 5s 1948 J-D N e w a rk P a ss co n 5s 1930 N Y P h & N o 1st 4s ’39 J-J In c o m e 4s 1 9 3 9 ...M -M N o O liio T ra c c o n o s ’ iy.J J P en n 14en 6s r 1 9 1 0 .. V a r C on sol 58 r 1 9 1 9 ... Var Pen n <fc M d Steel co n 6s. Pa <fc N Y Can 5a ’3 9 .A O C on 4s 193 9 ............. A -u PeD n s t e e l 1st 5 s ’ 17 M -N 97 P e o p le ’ s T r t r c e r t s 4 s ’ 43 104 P C o lstife col tr 6 s ’49 M-S 96% C on & coi tr 5s 1951M -N Ph il h.lec g old tru s t c tfs . H9 *-. lu o T r u s t c e r tifs 4 s ............... 68% 69% P E g e p M 5 g ’2 0 . A-O G en M 4s e 1 9 2 0 .. A<feO i o i % 102 4 R a n ge to r Year li)U 7 Sales ot the Weeu S hare* ( F o r R o n d s a n d In a c tiv e S tocks see below ) tn a a v A u gu st 2 'I MirsilOv A u gust 1 9 ’. r B id and asked p rice s ; n o s a l e s on this d a y . P r ic e n tf«i i.nesuay J u ly 31 Ph <fc R ea d 2d 5s ’ 3 3 . A -O Con M 7s 1 9 1 1 ........J-D Con M 6s g 1 9 1 1 ....J -D E x Im p M 4s g ’4 7 .A-O T e rm in a l 5s g 1 9 4 1 .Q -F P W & B co i tr 4 s ’ 21.J-.f P o rtla n d R y 1st 5s h>30. Rocli R y & L.COU 5 s ’ 51 J-J U T r a c ln d ge n 5 s ’ 19.J-J Un H ys T r c t fs 4s’ 49J *.J U n tie d R y s I n v l s t c o l l t r s f .,s 1 9 2 6 ................. M -N U T r a c P it gen 5s ’ 97 J J W e lsb a ch s 1 5 s 1 9 3 0 .J -D W lk s-B G&E c o n o s ’55J -J ............ h ig h e s t 48 J ’ly 30 32 <4 M a r l ! b 7e M ar^l 4 M aylM 19 May21 3034 51 Jan 2 5 0 34 Sep 54 J a n . 47% Jau 24 Jan 39 % N ov 1 11 % J an 14 11 M aj 12% N o v i 6 N ov 14 J an ! 3 J an 25 -Dec 48 J a u | 36 J a n 25 634 May^O 16 J a n 3 14 % Nov- 23->4 J a n I 78 ->iari4 103 Jau 7 100 D ec U 8 J a u 1 57 M ar 4 7 o % Ja n 5 65 May 86 J ’ n e Iaie J ’iy 26 2 % J an 7 i 7i„ O ct 3 1Rie J a n 1 58 -i Mar2o 7O‘ i 10Jan 8 6 i % J Jy JS'iie J a n i 39 % J ’ n e l l 4 8 * »J a n 4 47 A p r a54 v M ar it A p r 4 6 % D ec 9 3ib o c t I 7 s< M a r i 4 15% M ar27 §26% M ay 6 c l 9 % D ec i 3 1 x4 J a n 4 6 34 M ar2o 69 \ Jan 7 56 Ma> 83 J a n { 40 Aia] 24 45'% Jan 14 43% A pr 4710i 6 J a n j 39 J ’ ne 6 47 Jan 14 4 4 % .'tiaj 51 J a n 1 53 M ar 14; OOSg Jan ^2 5 3 % Dec 65 A u g ! 80% M a r l4 96*8Jan 5 118 1 % May 101 F e b i 25 M ay24 30 K e b 18 25 D ec 32 M ari 2d p r e f ........................ 100 G -B -S B r e w in g ............100 A sk ............. 81 75 ■*70" '7 1 % BoudH A n a c o a t ia * P o t 5 s ........... A tl * Ch l s t 7 . . .1 9 0 7 J-J Atlau C L R R 4 s l9 5 2 M -S A tl Coast L (C t )c t fs 5 a J-D C tfs o f in d e b t 4 s ___ J-J 5-20 y r 4s 1 9 2 5 ..........J-J Balt C P a ss 18t 5s ’ 11 M-N B a lt Fu ntlg o s .1 9 1 6 M -N E x ch a n g e 3 %s 1930 J-J B a i t * P 1 s t 6s m i ’ l l A -O B alt T r a c 1 s t 5 s . . ’ 2 9 M -N N o B a lt D iv 5 s 1942 J -D C e n t’ l R y con ,')sl9 3 2 M-N Ex t * Im p 58.1932 M S Chas C ity R y 1 st 5s ’ 23 J-J ? $15 paid. J iilO paid, 80 96 % 260 90 l0»4 20 92 70 5 100 95 6 100% _______ 93 % 102 SO 80 102 108 90 94 82 32 102*-. 108 'i 9 6-. 107 % 108% 110% 114 108 110 107 lo 1 104 i $35 p a n t 31 *-4 *98% 140 95 ‘2 40 »7 H igh est 35 % D ec 41 J’n© 80 Oct 90 J’u© 97 J ’ ly 111% D e o 22 D ec 32 J a u 4 8 Dec 62% J a n 13 D ec 19 J a n 14 BALTLUORE In a ctiv e S to c k s A la C on s C oai& l i on. 100 P r e i ..............................100 A t l a n t a * C h a r lo t t e ..lo o A tia n C oast L in e R R .lO o A tla n C oast L (C o n n )lO o C anton C o .................... 100 C on s Cot D u ck C o r p ...5 v P r e f e r r e d .................... 50 G e o rg ia S o u * F l a ...1 0 0 Lowerft 33 % J an 15 35 J a u 9 80 May 29 85 Jan 10 86 M ar 97 Jan 26 13 J ’ly ti 2 3 l* J a n 7 28 J ’ne27 48 Jan 7 10 % M a r l2 15 J ’ ne27 10034 . . . . . ----------- ----------...... ...... ..... 74 R ange to r P r e v io u s Y e a r (1 9 U 6 ) B A I i i 'l . U O i t E R ia A sk 90 Chaa R y G & E l 5 s ’ 99 M -S 95 Cliarl C * A e x t 6 s .’ 09 J-J l o o % . . . » 107% 2d 7 s .................1910 A-O C ity & S ub 1st 5 s . . ’22 J -D 106% 108 C i t y * S u b (W a s ) la t 5 s ’ 4 » 102 *9 103 C oal * 1 K y 1st 5 8 ’ 20 F -A 100 101. 110 C o l & G r n v l s t 6 s .l 9 1 6 J -J 108 C on sol G as 6 s . .. 1910 J-D 102 \ 103 lo 7 % 108 5 s ........................ 1939 J-D Ga & A la 1st con 5a ’ 45J -J 102% 103 G a C a r & N l s t 5 s g ’ 29J-J 103 103 % j G e o rg ia P 1st O s ...’ 22 J-J 112 114 % UaSo * F la 1st 5s 1945J-J 105 *v luO 53 G -B -S B re w 3-4s 1951M -S 53% 2 2 3, 23 2d in co m e 5s 1951 M -N K n ox v T r a c 1 st 5s ’ 2 8 A -0 l o o 101 L a k e R E l 1st g u 5 s ’42M -S 110% M e m p h is S t 1st 5 s ’ 45 J-J | -UetSH W 'a sh )lst5 s’ 2 5 F A 103 109 793fe 79 .Mt V e r C ot D u ck 1st 6s. M p t N * 0 P 1st 5s’ 38 M-iS _____ ....... G e n e ra l 08___ 1941 M -S N o rfo lk St 1st 5 s ’ 4 4 . .J-J 1 0» 108 I N orth C en t 4 %s 1925 A -O 105 1 s e r ie s A 5s 1 9 2 6 ___ J-J n o 110 S eries B 5s 1 9 2 6 ___ J-J Pitt U n T r a c 5s 1 9 9 7 .J-J 105 lo 7 P o to Val 1st 5s 1 9 4 1 ..J-J 106 Sav F l a & W e s t o a ’ 34 A-O 107 Seaboard A L 4s 1950 A -O t)9:,4 ‘ a s e a b * R oan 5a 1 92 6. J-J IO j 1 H S ou th B ou nd 1st 5 s ..A -O 105 ^ 8% U El L * P ls t 4 % a ’ 29 M -N ■) 87% Un R y & 1011st 4s ’ 49 M -S 63 •> In c o m e 4s 1 9 4 9 ........J-D 1 0 79-', . F u n d in g .'a 1 9 3 6 ...J -D V irg in ia M id la n d — 2d series Gs 1 9 1 1 .. . M -S 106 . I'O ‘j 3d series 6s 1 9 1 6 ..M -S 108 4th ser 3-4-5s 1 9 2 1 .M-S 105 5th series 5a 1 9 2 6 .M -S 10 u 30 Va (State) 3s new ’ 3 2 .J-J ! I 8.' F u nd d ebt 2-3s 1 9 9 1 .J-J 1 W est N C con 6s 1914 J-J 107 10. , i W e s V a c & P 1st 6 g ’ l l J-J SVil & W eld 5 s-.1 9 3 5 .J -J 109 0% a R e ce ip ts. 6 $25 paid. c $ 8 0 paid. THE CHRONICLE. 274 T e l e p r tfc T e l e p h o n e HAmerT^elegcfc C a ble 100 ijC entral & So A m e r . 100 C om m er U n T e l N Y ).2 5 Em p & B a y S tate T e l 100 F r a n k lin ........................ 100 11G o ld & S t o c k ........... 100 H udson R iv e r T e le p h 100 UN Y & N J T e le p h .,.1 0 0 IlN o rth w e ste rn T e le g . 50 P a cific & A t la n t ic ........25 H Soutliern & A t la n t ic 25 [V o l . lxxxv . I n d u s t r ia l a n d 3 l i s c e l B id ASM 3 C ons R y LtstcfcR efng.lOO 4 C on sol R u b b e r T i r e .. 100 5 3»4 20 P r e f e r r e d ...................100 25 T R A N S A C T IO N S A T T H B N E W Y O R K STOC K E X C H A N G E N' D e b e n tu r e 4s 1953 A<&0 25 27 D A IL Y . W E E K L Y A N D Y E A R LY ' 55 Cons S te a m slip L in e s. 100 3<u 3^4 2 8 ^ 283« C oll tr 4s I d o l ___ j< fcj Stocks Week, en d in g 65 C on s S to ra g e B a tt e r y i 00 8 11 V S State R a ilro a d &c A u gu st 2 B on d s C orn P ro d K ef See Stock E x c h list B onds 112 B on d s P a r va lu e l'J07 Sh ares H C rucible S te e l............100 8 115 8*4 U P r e fe r r e d .................100 68 >2 69 78 * 4 7 ,0 0 0 $36 0,00 0 211,786 $19 ,8 2 3 ,6 0 0 100 IJDiamond M a tch C o. 100 127 S a t u r d a y ............. $5,000 1 19,000 722 .500 40,884,000 5 34 459 ,490 D om in ion C o p p e r(n e w )1 0 M o n d a y ............... F e r r y C o m p a n ie s 66,000 857.500 8 37,36 -.600 417,641 D ou gla s C o p p e r ............. 5 T u e s d a y ............... 2 1 85.700 944 ,100 56 .420,250 30 35 623,402 B ro o k ly n F e r r y stocklO O 4 E le c tr ic B o a t............... 100 W e d n e s d a y _____ 48.500 671 .500 46 ,734,850 81 87 626 ,136 P r e f e r r e d ...................100 B & N Y 1 st 6s 1 9 1 1 .J-J 2 98 T h u r s d a y ............. 92.500 558 .500 2 60 26 ,144,600 8 N Y & E R F e r r y s t k . 100 E le c t r ic V e h ic le ..........100 293,971 ^ F rid a y .................. 4 12 70 75 P r e f e r r e d ...................100 1st 5s 1 9 2 2 ............. M -N 9 $5,000 N Y & H o b co n 5s ’ 46. J-D 2 98 $55 8,70 0 12 103 $ 4,114,100 E m pire S te e l............... 100 jf T o t a l .................. 2,532,426 $22 7 ,3 6 9 ,9 0 0 60 65 105 H o b F y 1 s t 5s 1940 M -N 4104 P r e f e r r e d ...................100 J a n u a ry 1 to A u g u st 2 57 63 W eek en d in g A u g u st 2 X Y & N J 2d 5s 1 9 4 6 . J-J 2100 HF e d e ra l S u g ar o f N Y ’lOO f. S a les at 80 85 30 40 10th & 23d Sts F e r r y 100 U P r e fe r r e d ................ 100 f Ifeu) Y o rk Stock 70 63 85 1st in o rt 5s 1 9 1 9 ...J - D 2 70 IlG eneral C h em ical ..1 0 0 1906 JSxchange 1907 1906 1907 20 96 99 28 IJUnion F e rry s to ck .1 0 0 U P re fe rre d .................100 2 <4 85 88 G old H ill C o p p e r .......... 1 1.11st 5s 1920 ............M -N t 2«s 168.332,077 130,526.029 5,629,323 2,532.426 Stocks—N 0. shares 15U G reen e C a n a n e a ........... 20 t 15 Par vaiue........ $ 2 2 7,36 9,9 00 $ 51 1,31 1,6 50 $11,127,830,035 $14,934;,715,700 S h o r t T e r m N o te s Q reejie_O on C o n n e r ...1 0 $213,600 $ 3 3 8,30 0 $ 1,200 $ 20 ,3 0 0 Bank shares, par.. " • ’ JG’ refcn<r’C on3ol C foM .;. HI 91 A in C i " s e r A 4s ’ lL M -_8 2 89 BONDS 88 90 S er B 4s McTTTo ’ 12.M-S G re e n e G o ld -S ilv e r __ 10 I 7. $ 1,277,000 A m T e l & T e l g 5 s ’ 10 J -J ?4 97*, 97% G u g g e n h e im E x p lo ’ n. 100 212 $47 9 ,8 0 0 $7,000 $5,000 •overnmentbonds 220 3 0,144,800 50,326,550 A tla n C oast L os ’ 10. M-8 7 70,400 5 58 ,700 State bonds........... 2 9 7 ^ 97->4 H a c k e n s a c k W ater Co 3 8 3 ,762 ,80 0 2 3 2 ,177 ,40 0 4 ,1 1 4 .1 0 0 8,556,500 HR- and mis. bonds 93 R e f g 4s 52 o p 1 2 ...J - J i 88 Buff R o c h & P g 4 *2S’ 0 9 F -A 4 96*v 98 60 H all S ig n a l C o ........... 100 70 98 C e n tC r o s s ’n g u 5 s '0 9 M -N 4 96 $43 5,36 6,3 50 C hes & O hio 6s J ’ e 28 ’ Os 4 99«8 9 9 5« H avan a T o b a c c o C o ..1 0 0 $ 2 6 2,80 2,0 00 * 9,3 3 3 ,9 0 0 $ 4 ,677,800 t Total bonds___ 12 12 16 P r e fe r r e d ................... 100 18 6s, J u ly 1. 1 9 1 0 ___ ____ 4 9t»*p 997* 1st g 5s J u n e 1 ’ 2 2 . J-D 65 D A I L Y T R A N S A C T IO N S A T T H E BO STON A N D P H I L A D E L P H IA C liic * A l t 5s 1 9 1 2 ..- J - J 4 96*2 98*2 Cli R I & P a c 4 *2S’ 0S A-O > 98 S 99*4 H eck er-J ones-J e w ’l M ill l EXCHANGES 1st 6s 1 9 2 2 ............... M -S 102 C h ic <fc W Ind 5s ’ 10 Fife A 2 99 106 99*2 40 72 H e r ’ g -H a ll-M a r .n e w .1 0 0 45 78 C iu H a m & I M ^ s ’O S.M -S P h ila d e lp h ia B o sto n ! W eek e n d in g U C C & S t L 5s, J u n e ’ 11 2 9 7 Ji 9 8 ’< H o b o k e n Landife IinplOO 200 i A u gu st 2 1158 1 9 1 0 ...................M -N 2100 E r ie 6s, A p r 8 1908 ......... 4 9 4 vs 95*4 B o n d B o n d U nlisted U nlisted M s te d L isted ! xvul 6*5 7 In te r li R T g 4s 1908 M-N 4 97 *2 97 V H o u sto n O i l .................100 sa les sh ares sa les sh ares sh a res sh are1 40 5s M ch 1 9 1 0 ............. M-S 4 96*4 96=8 P r e f e r r e d ............... ..1 0 0 1 35 120 135 $ 4 ,000 K a n C So g 5 s A p r ’ 12 J - J 4 94*4 95 *, H u d son R e a lty ........... 100 3,863 $ 11,000 5,153 3,959 2,382 Saturday 48 2 6,900 L a c k S t e e lg 5 s 19 0 9 . . M-S 4 90*-? 9d*i U ln g e rso ll-R a n d c o m . 100 5,902 29.000 18,462 9 ,573 ^Monday........ 14,859 87 os g 1 9 1 0 .................... M-S 2 94 95 U P r e fe r r e d ...................lOt 30.000 64.0 ;o 13,444 6,999 5,114 Tuesday........ 10,421 135 L a k e Sh & M So 5s’ 10 F-A 4 98-V 98?* I n tern a t’lB a n k m g C olO O 125 15,500 8,921 12.000 18,049 10,264 21,205 Wednesday. . E x ch 25.000 L o u & N a sh g 5s ’ iO.M -S 4 9834 99 V H [n t ’ n ’ l M er M ar See Stk 100 list . 10,000 19,336 5,^18 13,129 Thursday....... 16 ,"4 5 115 9 8 ^ 9 8 ^ In tern a t’l N ic k e l ___ 100 26.000 M ich C ent 58 1910 . . . F-A 4 97 2,933 19,500 10,493 8,477 y rid a y .......... 11,655 83 87 98 Minn<fc St L g 5s ’ 1 1 .. F-A 4 P r e f e r r e d ...................100 15 17 P a c 5s F e b 1 0 ’ 08. F-A 4 99 *4 99=8 In tern a tion a l S a lt___ 100 *1 2 7 ,4 0 0 -Mo $14 5 ,5 0 0 33,836 49,239 84,936 Total......... 78,144 58 65 N a t o f M e x 5 s ’ o 7 .0 p l A - 0 4 99'^ 100*8 1st g 5s, 1 95 1......... A -O 8 6 N Y C en t 5s 1 9 1 0 .... F -A 4 98-\ 9 8 V In te r n a tio n a l S ilv e r . 100 62 65 ’ e n n C o g u 4 1-.s 1907M-N 4 99 V 100 V P r e f e r r e d ...................100 'a JttR 5s M ar io ’ 10.M-8 t 98*4 98*2 108 'a 1st 08 1 9 4 8 .................J-D l o 7 A 52 54 96*8 96*2 L a ck a w a n n a S t e e l . . . l o o >t L M S o ’e a s t4 ^ s ’Ott J -D W e ek ly R eview o t O utside M a rk et w il l be fo u n d on a p r e c e d in g pane. S tL ifc S F g i n ’ 0 8 . .. J-D ] 4 96 ** 96V, Ijanston M o n o ty p e ....... 20 t 13 u 195 S o u th ’n c o ll t r os ’OO.A-Oi 2 97*8 98 Si L a w ye rs M o r t C o........100 188 S tr e e t R a ilw a y s S tr e e t R a ilw a y s A s k S ou th R y g 5s 1 9 1 0 .. F-A 4 94 B id A sk B id 52 70 94*2 1)Leh & W ilk e s b C o a l.50 P u b S e r v C orp N J (C o n ) 135 * JfK W Y O R K C ITY T id e w a te r Con C o 6 s l9 0 9 ? 99 T a y lo r .............100 130 99*2 L ord 35 26 30 J C H o b & P a te rs o n 100 j l & e c k sttfc F u l Jb' stk 100 U S R u b b e r g 5 s ’ 0 8 ..M .S 4 99 V 99 *2 P r e f e r r e d ...................l o o it.O 82 4s g 1 9 4 9 ............. M -N i (37 ’ 68“ 86 : ^ 1st m o r t 4s 1950 ..J -J W abash 5s. M ay 10 1909 4 9 4 ^ 95*2 I fL o n lla rd (P ) p re f . ..1 0 0 i'2 5 ” 135 115 S o J G as E l & T r a c 100 112 22 0 W e s tm g h El<Sc M 68.1910 2 ^ B ’ y >fc 7 th A v e s tk ..1 0 0 ‘ 210 99 V M ack ty C om pa n ies See S tk E x list 98 104 G u g 5s 1 9 5 3 ........M-S 2 96 15 W h e e l’ g ifc L E 5s ’ 08 -F -A 2 96 *2 97 I 112dm ort 5s 1914 ...J -J 100 M adison So G a r d e n ..1 0 0 22 Si 75 N o H u d C o R y 6 s’ 14J-J 2100 C o n 6s 194 3 See s t o c k E x cli list 80 2d (is 1 9 1 9 ............... M-N R a il r o a d ...... 3 105 5s 1 9 2 8 .................... J-J 2102 ,B’ w a y S u r f 1st 5s gu 1924 100 6 liM auh att B e a ch C o .100 103 E x t 5s 1 9 2 4 ........M -N 2100 27U C h ic P e o & S t L p r e f.1 0 0 4 3* flC e n i’ l C ros st’ n s t k .. 100 230 ih i M anhattan T r a n s it ___ 20 13 P a t C ity c o n 6s ’ 3 1 . J-D 2110 D e p o s ite d sto cK ............. 115 17 H ist M 6s 1922 ...M -N 108 M e x N a t C o n stru c.p flO O 165 2d 6s ___ 1914 o p t A-O 2100 3 IlC en P k N <& E R s t k . 100 150 U n d e p o site d s t o c k ........ 2 3* M itch e ll M in in g ............10 7 90 So Side E l (C liic) s e e C liicago list P r io r lie n g 4 W S O M & S 150 m Chr’ t’ r & 10th S t stk 100 130 M o n o n g a h e ia R C o a l..5 0 05 S y ra cu s e R a p T r 5s 1946 2100 103 Con m tg g 5s 1 9 3 0 .J& J 28 P r e f e r r e d .....................50 f 27 Gol& 9th A v e os See S to ck E x cll List 90 'T rent P & H 5s 1943J-D 2 .......... 102 3 95 I n c o m e 5s 1 9 3 0............... D ry D E B & S— M o r tg a g e B o n d C o . . . 100 97 102 U n ite d R y s o f S tL C h ic S u b w a y .................100 102 H ist gold 5s 1 9 3 2 ...J -D 100 25*4 •Zt<*4 N at B a n k o f C u b a ___ 100 29 28 \ 155 91 97 170 C om v o t tr c t f s ........100 B’t W cte D en C y std-.lO O 95 N a tio n a l S u r e t y ......... 100 IJScrip 5s 1914 . . . . F - A 105 67 67*4 G rea t N o r then O re See Stk E r list N e va d a C o n s ’d C o p p e r .5 t 14 HP r e fe r r e d .................100 14 'E ig h th A v e n u e s t k .. 100 300 350 4-'<4 G e n 4s 1 9 3 4 ___ See Stk E x c h list 105 N Y N 11 <fc H a rtford — 98 N e v -U ta h M in & s i n .I d 5 IjS crip 6s 1 9 1 4 ___ F-A SO 60 C o n d e b 3 12Sl96t>. J & i i 97 39U; U n it R y s S a n F r a n <SeeStk E x cli list 1142(1 & O r St F ’ y s t k .. 100 340 1]New C en tral C o a l ___ 20 60 36 *v 38*2 N o r t u ’n s e c u r it ie s Stu bs 100 W a sh R y & E l C o . . ..1 0 0 65 N J T e r Dock<ifc I m p . 100 42d St M & St N A v .,1 0 0 77 *2 78*2 P itts B e ss Ac L E ..........50 t 29 111st m ore Os 1910 .M -S 3 1 0 0 1* 102 i . P r e f e r r e d ...................100 N Y B is c u it 6s 1 9 1 1 .M -S 102 >2 80*2 81*2 P r e f e r r e d ....................50 63 73, 4s 1 9 5 1 ...................... J -D 1|2d in c o m e 6s 1915 J-J N Y M tge«fc S e c u r it y . 100 185 195 31 31 21 UR a ilro a d S e c u r itie s C o.,I n t e r -M e t —See S to c k E x clia’ g e list HW e s t C h ica g o S t ___ 100 IjN e w Y o r k D o c k ___ 100 25 70 80 VO1® 78 1|Con g 5s 1 9 3 6 ___ M-N 80 Ill.QigUc.tr._cf s.ser. A ’ 62 90 fL e i A v <fc P a v F o s s e e St k E x c libt U P r e fe r r e d ............... 100 3 S e a b o a rd C o m p a fi/— (M etrop ol S tr e e t R y . 100 4 M N Y T r a n s p o r t a t io n ...20 G a s S e c u r i t ie s 55 95 JNintli A v e n u e s t o c k . 100 140** Lfcu 1st p r e fe r r e d ........... 1()0 80 105 N ile s -B e m -P o n d co m . 100 NEW YORK 8s, C om & 2d p re f.S e e Balt E x c a list S e c o n d A v e n u e stocklO O 15 0 170 N ip is s in g M i n e s ........ 5 84 98 S e a b o a r d A ir L in e — 11)2 i H is t rnort os 1909 M -N 3100 C en t U n G as 5s g ’27.JtfcJ 2 93 4 IIO n tario S i l v e r ..........100 o 3 ®8 40 35 108 C on G as (N Y ) ........ See St k E x c li lis t C oll 5s e x t M ay ’ 11 .M -S i 94 C on s ol 5s 1 9 4 8 ___ F-A §104 O tis E le v a to r c o m ___ 100 175 170 87 J S ix t h A v e n u e sto c k 100 140 92 H M utuai G a s ............... 100 « 1 6 0 P r e f e r r e d ...................100 I n d u s t r ia l a n d M is c c l 104 28*9 S ou B o itlev o s 1 9 4 5 ..J-J 2 98 N e w A m sterd am G as— P itts b u r g B r e w in g ___ 50 t 28 93 A h m e e k M in in g .......... 25 70 S o F e r 1st o s 1 9 1 9 ...A -O $100 103 1st co n s o l 5s 1 9 4 8 ..J -J 2 90 P r e f e r r e d .....................50 t 49 S 50 80 105 A llia n c e R e a lt y ..........100 110 T h lr u A v e n u e See Stock E x ch list N Y<fc E R G a s 1st 5s’ 44J-J « 1 0 0 120 P itts b u r g C oal See S tock E x c h list L 101 100 3 T a rr y W P & M 5s 1928 2 95 A ll is C h alm ers Co 1st m C on sol 5s 1 9 4 5 ..........J-J 2 97 P o p e M a n u fa c tu r in g . 100 33 36 45 100 50 ' Y k e r s S tR R 5s 194G A -0 1 95 s f 5s ’ 36 o p t ’ 1 6 .. J - J i 70 N Y & R ic h m o n d Gas. 100 1st p r e f e r r e d ............100 72 9 98 103 12 A m e r ic a n B o o k ..........100 160 2 8 th <Js 29th S ts 1st 5s ’ 96 2 100 N o r U n 1st 5s 1 9 2 7 .M -N 2 90 2d p r e f e r r e d ........... 100 170 ......... A m e r ic a n B r a s s ......... io n 95 80 100 118 J T w e n ty -T li’ d St s tk 100 300 360 H Standard G as co m ..1 0 0 P ratt dc W h itn p r e f .. 100 122 150 IjA m eriean Can See S toc li E x list 106 1i P r e f e r r e d ............... 100 100 t ln io n R y 1st o s 1942 F -A 2100 R e a lty A s s o c (B k lyn )lO O 140 106 A m e rica n C h icle C o ..1 0 0 185 105 103 W e s tch e s t 1 st 5 s ’ 43 J-J 2 97 1st 5s 1 9 3 0 ............. M-N 2103 R oy al Bak P o w d p r e f.1 0 0 103 190 P r e f e r r e d ...................100 92 140 OTHKK CITI Kb BK O OK LYN S a fe ty Car H e a t & L tlO O 135 98 96 98 75 48 85 A tla ii A v e 5s 1 9 0 9 .. A O 2 9 9 A m G ra p h o p h o c o m ..1 0 0 S e n e ca M in in g ........... 25 A m e r L ig h t & T r a c t . 100 52 89 87 P r e f e r r e d .................10U 80 465 S in g e r M tg C o ............. 100 P r e f e r r e d ...................100 Con 5s g 1 9 3 1 ..........A-O $102 85 95 " 3 '; S tand ard C o r d a g e ___ 100 B B & W E 5s 1 9 3 3 ..A -O B a y S tate G a s ............... 50 Bie A m e r H a r d w a r e ......... 1Oo 120 130 334 3a 100 A m M a i u n g 6 s 1 9 1 4 .J -D 100 1 st M .g .S s .’ a i r e d .. A .0 B r o o k ly n C ity s t o c k ... 10 197 39*4 B in g h a m to n G as 5s 1938 2 95 101 6\, 95 C on 5s See S tock E x ch list A m er P re s s A s s o c ’ n .1 0 0 A d j us t.M .58. A p r 1,1931 B r o o k ly n U n io n G as deb 6*4 100 98 125 45 100 1 A in Soda F o u n c o m ..1 0 0 55 S k i n C rosstn 5s 1 9 0 8 .J-J Standard C ou p ler com 100 6s 1909 c o n v ’ 0 7 . ..M -S 115 6 90 7*2 1st p r e fe rr e d ............. 100 P r e f e r r e d ...................100 115 B k n H g ta 1st 5s 1941 A-O B u ffalo C ity Gas stocklO O 125 20 '0 2d p r e fe rr e d ............. 100 Standard M illin g C o .100 B k ln y C o & Su b See Stk E x ch list 1st 5s 1947 See S to c k E x c h list 8 5 92 28 A m St F o u n d 6s ’ 35 AifcO i 9o P r e fe r r e d ...................100 B k ly n R ap T ra n See Stk E x ch list 30 C on G as o f N J 5 s ’ 36 J-J 2 89 92 150 76 A m e rica n s u r e t y ..........50 182 *2 190 D C oney Is. * B k lyn ..1 0 0 100 1st 5s 1930 ............. M -N 79 C o n su m e rs’ L H & P o w — 85 A m e rica n Th read pref..& 1 4 S tandard Oil o f N J ..1 0 0 499 500 1 s t c o n s g 48 1 9 4 8 ..J-J 5s 193 8............... . . . . . J - D 2102 5 A m T o b a c (n e w ) com loO 290 S w ift & Co See B o sto n St c E x c h’g e B r k 0 <fe N 5s 1 9 3 9 .J-J 1 0 * E liz a b e th G as L t C o .. 100 275 300 L20 38 A in T y p ^ fo ’ rs c o m ... 100 1014 f tr ’ pt * L orim er St 1st 6s 102 41 E ssex & H u d son G as 100 115 1st 5s 1 9 1 0 -1 9 1 4 ...J - J 4100 37 84 90 P r e f e r r e d ................... 100 96 K in g s C. E l—4s Hee Stock E x ch list 4.1*2 F o r t W a y n e 6s 1 9 2 5 ..J-J H T e x a s * P a cific C oal 100 100 60 65 56 A m er W ritin g P a p e r. 100 75 1st Os 1 9 0 8 ............... A-O 2104 N a ss a u E ie c p r e t .. . . . 1 0 0 Gas<fc E l B e r g e n C o .. 100 134 2*4 21 99 itto” P r e f e r r e d ...................l o o T itle I n s C o ot N Y ..1 0 0 150 6 s 1 9 4 4 ...................... A-O 104 23 11G r K a p G l s t 5s ’ 15 F -A 2 95 13 *9 108 1 st 4s 1 9 5 1 ............See St k E x t 1st sf g 5s ’ 19 op ’0 9 .J - J T ou a p a h M in (N e v a d a ). 1 t 13 83 81 H u d so n C o G as............100 105 la 17 60 99 70 N" W b ’ gdfc F la t 1st ex 4 *<j8 In d ia n a N a t ds 111 lia s — IJBarney <fc Sm Car . .. 1 0 0 I’ren ton P o tte rie s conilOO 84 90 10 20 S tein w ay 1st 6s 1 9 2 2 .J-J 2105 II P r e fe r r e d ................. 100 130 135 1 st 6s 1 9 0 8 ............. M -N P re fe rre d n e w ___ 100 36 45 50 1 2 ^ 11*4 T r o w D ir e c t o r y ........... 100 55 liB etlil’ m Steel C orp .1 0 0 O T H E K CITIE S In d ia n a p o lis G a s ..........50 l l4 37 2 90 98 U P r e fe r r e d ............... 100 40 B u ffa lo S tre e t R y — 1st g 5s 1952........ U nion C o p p e r .................10 14 78 82 99 135 1 st c o n s o l 5s 1 9 3 1 ..F -A 2105 B liss C om pa n y c o m ___ 50 1 2.» U nion T y p e w r c o m ..1 0 0 J a c k s o n G as os g ’ 3 7 . A-O 2 94 _____ 50 12 j 118 135 P r e f e r r e d .....................50 1st p r e fe r r e d ............. 100 116 D e b 6s 1 9 1 7 .* ... . . . A . O $104 K an sas C ity G a s ..........100 115 B o n d d i M t g G u a r ___ 100 330 345 2d p r e fe r r e d ............. 100 112 C h ic a g o C ity R y See C h ica go list H Lnclede G a s ............... 100 . . . . . . 94 90 60 170 U n ited B k N o te C o r p ..5 0 t 55 102 B o rd e n ’ s Con d M ilk .. 100 105 C o lu m b u s (O ) S t R y .-lO O l o o U P r e fe r r e d ............... 100 49 107 40 52 45 P r e f e r r e d ...................100 P r e fe r re d ................. 50 110 P r e f e r r e d ...................100 107 109 L a ta y’ e G a s ls t 6 s ’ 24.M -N 85 25 91 35 B ritish u o l C o p p e r ......... 6 t UU n ite d J ig a r M fg .,p f. l o o 934 10 C ola in R y con os See Ph ila list L o g & W a b V l s t 6 s ’ 25.J-D 59 22 H 2103 104 108 B u tte C o a litio n M in .. 15 U n ited C o p p e r ............. 100 C r o s s t’ w n l s t 5 s ’33.J-D 210o 24 M adison G as 6s 1926. A -O 603 b 83 P r e f e r r e d ...................100 90 131 C a sein Co o f A m com .. 100 54 G r a n d ' R a p id s R y . . . . l 0 0 56 3 N e w a r k G as 6s 1 9 4 4 .0 -J 4128 89 P r e f e r r e d ...................100 65 91 U s . C a s u a lty ............. 100 2 JO 240 82 75 84 P r e f e r r e d ............... ..1 0 0 N e w a r k C o n so l G a s ..1 0 0 125 U s E n v e lo p e c o m ...1 0 0 105*2 C asualty Co o f A m e r . lo O 45 jjj* k e S t (C h ic) El See O h icago list 140 IjCon g 5s 1 9 4 8 ........J-D 105 C ellu loid C o ...................100 128 1i P r e fe r r e d .................100 ^ L o u i s v St 5 S 1 9 3 0 ..J & J n o 4 3 4 105 *2 N o H u d so n L H <fc P o w — 100 132 U S S teel C o rp o ra tio n — 10 C en t F ire w o rk s c o m . 100 103 Xynndfc B os 1 s t 5 s ’ 2 4 .J-D J 102 15 o s 1 9 3 8 .......................A -O 4102 Col t r s f 5s ’ 51 o p t ’ 11 .. }1 0 9 65 P re fe rre d .................... 100 1 10*4 flJNew Ort K ys & L gt. 100 75 HO <fc In d C N a t & IU .1 0 0 20*4 21 C o l t r s f o s ’ S l n o t o p t .. 2109 18 C e n tra l F o u n d r y ........100 HP r e f e r r e d . ............. 100 22 06*4 66*8 1st 6s 1 9 2 6 ............... J-D 110*4 2*4 65 P r e f e r r e d ...................100 U S T it G u <& In d e m .1 0 0 100 70 15 TfGen M g 4 *28 ’ 35 See S tk E x list P a t & P as G as & EleclOO 17 V, U tali C op p er Co. s e e S 68 U o r t h C liic S tr e e t See G h ic a g o lis t D e b 6s 19 1 9 op ’ 01M -N lis t 101 71 1i C on g 5s 1 9 4 9 ___ M-S i 99 39 M 41 C en tu ry R e a lt y ......... 100 W a te r b u r y C o, c o m .. 100 185 90 95 2*110 S e r v C orp o f N J 10 0 86 195 St J o s e p h G as 5 s 1937.J -J 4 78 .......... 1100 C lieseb rou gh M fg Co 100 417 440y 11 P r e ie r r e d ...................100 T r c t fs 2% t o 6'J'o perpet 61 <2 66*4 E l e c t r ic C o m p a n ie s W e s tch e s te r <fc B r o n x 90 C ity I n v e s t in g C o ___ lot 95 C o ll 5s g n o te s ’ 09 M -N 1 933* 93 V 1. T itle dfc M ort G u a r. 100 167*2' L721* > N o r t h J e r s e y St R y 100 C h ic a g o E d iso n O o bee C h ica go list 1]01atlin (H B ) c o m ___ 100 100 40 1 W e s t m I c e .................l o o 90 H K in gsC o E l L & P Co 100 118 J, 1st 4s 1 9 4 8 ......... M -N 2 « 8 122 H ist p r e fe r r e d ......... l o o 30 a4i 31 Vi3 N a rra g a n ( P r o v ) El C o 50 f 95 w 'esu n g h A ir B r a k e ..50] 143 j .. . . . C o n s T r a c of N J . .. 1 0 0 98 112d p r e fe r r e d ........... 100 7112 73 S tk E ix list 74 *75 W est E l & M fg —5s See Col & H o c k C o a l& lp t 100 103 1 1st 5s 1 9 3 3 ........... J-D 5102 N Y & Q E l L & P o w C o lO O 6J 80 I X e w ’ k P a s R y 5 s ’ 30J-J 2105 P r e f e r r e d ...................100 W h ite K n o b M in ......... 10 75 1st g o s 1 9 1 7 ......... J -J i 82 *4 1 ^ 107 2 H»i C-*b 97 • R a p id T ran S t R y .,1 0 0 225 U n it e d E le c t r ic o f N J 1 0 0 65 C ol tr os O ct 1 9 5 6 ..J-J l o l ^ 1 P r e fe r re d ...................... 10 ...... 42 I W o r th in g P iiiun n r e f. 111O 113 1115 4s 1949 ...................... J-D > 07 38 1 st 5s 1 92 1............A -O 5105 C on solid (Jar H e a tin g 100 08 Volume ot Business at Stock Exchanges B id 75 110 113 75 45 1 10 09 1 10 105 7(1 93 A sk 90 120 Outside Securities i B u yer p a y s a c c r ’ d ait. r P n c e p e r s n . j s a i e p rice . a E x-righta. z E x -d iv . i N e w sto ck . USells on S»’ k E x ch ., but not a v e r y a o iiv e se c u r ity . THE CHRONICLE. A u g . 3 1907.J % u m stm m t <m £ R a i l r o a d RAILROAD GROSS 275 I n te llig e n c e , EARNINGS. The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return* Can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last twos 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 othe* period. The returns of the street railways are brought together separately on a subsequent page. Latest Gross E a rn in g s. P rev iou s Y ea r. ROADS. A la G reat Southern — See S out A la N O & T e x P a c. N O & N E a s t . . . 1st w k J u ly A la & V ic k s b u r g . 1st w k J u ly V icksburg- Sh & P 1st w k J u ly A la T en n & N orth _ . M a y ______ k A tc h T o p & S F e . J u n e _____ A tla n ta & C h ari___ M ay ______ A tla n B lrm & A t l ’ c . M ay _____ A t la n tlc Coast L in e J u n e ______ B a ltim ore & O h i o . . J u n e ______ B a n g or & A r o o s to o k M a y ______ B eliefon te C e n t r a l._ J u n e ___ B rid g e to n & S aco R Ma y _____ B u ff R o c h & P i t t s . . 3d w k J u ly B u ffa lo & R u sq____ M a y ______ C a n adian N o r th e r n . 3d w k July C a n adian P a c ific ___ 3d w k J u ly Cen tral o f G e o r g ia . . 3d w k J u ly C en tral o f N J e r s e y . M ay — C h attan S o u t h e r n .. 2d w k J u ly C h esapeake & O h io . M a y ______ C hesterfield & Lane M a y ______ C h ica g o & A lto n R y M a y ______ C h ic G reat W estern 3d w k July C h ic In d & L o u is v . 3d w k July C h ic In d & Sou th ern — See N ew C h ic M ilw & S t P aul M a y _____ C h ic & N orth W e s t- J u n e _____ C h ic St P a u l M & o . J u n e _____ C h ic T erm T ran R R 4th w k Ju n e C in N O & T e x a s P — See S out C in cin n a ti N orth ern — See N ew C lev Cin C h ic & St L — See N ew C o lo r a d o M id la n d ., M ay ______ h C ol & S o u th S y s ._ 3d w k J u ly Col N e w b & L a u r . . J u n e ______ C op p er R a n g e ______ M a y ______ C o r n w a l l ___________ J u n e ______ C ornw all & L e b a n o n M ay _____ D e n v & R io G ra nde 3d w k July D e tr o it & M a ck in a c 3d w k J u ly D e t T o l & I r o n t Sys 3d w k J u ly D u l So Shore & A t l 3d w k July E r ie ________________ M ay . . . E v a n s v ille & T er H — See R o c k F a irch ild & N E ___ J u n e ______ F o n d a J oh n st& G lov M ay _____ G eorgia R R ............... J u n e ______ G eorgia S ou th & Fl a— See Sou G ra n d T ru n k S y s t . . 3d w k July G r T ru n k W e s t . . 2d w k J u ly D et G r H & M ilw 2d w k J u ly C a n ad a A t la n t ic - 2d w k J u ly G reat N o rth e r n ____ J u n e ______ M on ta n a C en tral- J u n e ______ T o t a l s y s te m ____ J u n e ______ G u lf & Ship Isla n d - 3d w k J u ly H ock lnir V a lle y ____ M ay ______ Illin ois C e n t r a l------- J u n e ______ In ter & G reat N orth 3d w k J u ly o ln t e r o c e a n lc CMe-x) 3d w k J u ly Io w a C en tra l_______ 3d w k J u ly K a n a w h a & M ic h . . J u n e ______ K an sas C ity S o u t h . J u n e ______ L a k e Erie & W e s t ’n — See N ew L a k e Shore & M Sou — See N ew L eh igh V a lle y ______ M ay ______ L e x in g to n & E a s t . . M a y ______ L o n g is la n d ________ M a y ______ L ou isia n a & A r k a n . M a y ______ L ou lsv llle & N a s h v . 3d w k July M a co n & B I r m ln g .. J u n e _____ M anistee & N o E ast M arch . 4. . . M a n ls tlq u e_________ J u n e ______ M arylan d & P e n n .. Ju n e ______ a M exica n C en tra l. . M a y ______ a M exica n In t e r n a t . 3d w k J u ly a M ex ica n R a ilw a y . 2d w k J u ly a M ex ica n Sou th ern 2d w k J u ly See N ew M ich igan C en tral___ M id lan d V a lle y ____ J u n e ______ M ineral R a n g e _____ 3d w k July M ln neap & St L ou is 3d w k J u ly M inn St P & S S M . 3d w k J u ly M o K an sas & T exa s 3d w k J u ly M o P a c & Ir o n M t . . 3d w k J u ly C en tral B r a n c h .. 3d w k J u ly T o t a l ....................... 3d w k J u ly M ob ile & O h io ______ See S ou t N a sh v C h att & St L M a y ______ a N a t R R o f M exico 3d w k J u ly H id a lg o & N E . _ 3d w k J u ly N ev a d a -C a l-O reg on 3d w k J u ly N e v a d a C en tra l------- J u n e ______ N Y C h ic & St L ou is — See N ew N Y O nt & W estern M ay ______ Latest G ross E a rn in g - J u ly 1 to Latest D ate. Current Y ear. ROADS. W eek or M on th . N Y C & H u d R iv e r L a k e S h ore & M S L a k e E rie & W e s t C h ic In d & S ou th M ich igan C e n tra l. C leve C C & St L . P e o r ia & E a stern C in cin n ati N orth P itts & L a k e E rie R U t la n d _________ N Y C h ic & St L . N Y Susq & W e s t . . N o rfo lk & W e s te rn . N o rth e rn C e n t r a l.. N o rth e rn P a c ific ___ P a cific Coast C o ___ d P en n — E a st P & E d W est of P & E . P e o ria & E a stern . . P h ila B a lt & W a s h . P itts C i n C h l c & S t L P itts & L a k e Erie R a le ig h & S o u th p o rt R e a d in g R a i l w a y __ C oal & Ir o n C o . . T o ta l b o th c o s ___ R ic h Fred & P o t ___ R io G ra n de J u n e ___ R i o G ra n de S o u t h ._ R o c k Island S ystem e St L & San Fran f E van sv & T er H T o ta l o f all lin e s . R u t l a n d ____________ St J os & G ra n d I s l. St L o u is & San Fran St L o u is S o u th w e s t. S e a b o a rd A ir L i n e . . Sierra R a ilw a y ____ S ou th ern I n d ia n a __ c S ou th ern P a c C o . . S ou th ern R a ilw a y - . M ob ile & O h i o . . . C in N O & T e x P . A la G reat S o u t h . G eorg ia S o & F l a . T e x a s C e n tra l_____ T e x a s & P a c ific ____ T id e w a te r & W e s t . T o le d o & O h io Cent T o le d o P e o & W e s t . T o le d o St L & W e s t T o m b tg b e e V a l l e y . . T o r H a m & B u ffa lo U n io n P a cific S y s t . V irg in ia & So W e s t . W a b a s h ____________ W e s te rn M a r y la n d . W e s t J ersey & S e a . W h e e l & L a k e E r le . W lsco n s ln C e n tr a l.. W r lg h ts v & T en nllle Y a z o o & Miss V a lle y J u n e _____ J u n e _____ J u n e _____ J u n e _____ J u n e _____ J u n e _____ J u n e _____ J u n e _____ Ju n e . . . . . .J u n e _____ J u n e _____ M a y _____ M ay _____ J u n e _____ J u n e _____ M ay _____ J u n e _____ J u n e _____ — See N ew Jun e _____ J u n e ______ — See N ew M a y ______ M ay . . . M a y ______ M a y ___ M ay . . . M a y ______ 3d w k J u ly M ay _____ M a y ______ M a y _____ M a y ______ — See N ew M a y ______ — See R o c k 3d w k J u ly M a y --------M a y ______ J u n e ______ M ay ______ 3d w k J u ly 3d w k J u ly 3d w k J u ly 3d w k J u ly 3d w k J u ly 3d w k J u ly 3d w k J u ly M a y ______ J u n e _____ 3d w k J u ly 3d w k J u ly M a y _____ J u n e ______ J u n e _____ J u n e ______ 3d w k J u ly 3d w k J u ly J u n e ___ 3d w k July M a y ______ June ______ J u n e . ____ J u ly 1 to L atest D ai*. Curren', Y ea r. Current Y ea r. h e m R ail 50.000 53 000 53.000 50.000 24 000 22.000 24.000 22.000 27 000 27.000 22.000 22,000 42 361 31,175 3,583 3,426 ,801,005 7 ,856,592 ,728,087 93.683 401 ,743,816 371,850 325,883 3,930 934 141,077 ,025,824 110,816 1,449 477 ,868,445 2 ,0 9 7 ,1 0 4 2 ,152,908 26,771 527 7,1 9 6 ,0 8 5 0,572 814 82,243 921 ,392,058 213,279 2,957 ,049 282 ,132 ,280,268 5,416 59.137 60 ,472 6,424 3,897 42 566 3,613 42,893 542 ,672 204,038 126,472 379 416 171,887 110,963 1.686 ,278 ,417,196 642 ,600 141,400 415 .300 218,200 1 ,525,000 1 ,306,000 4,618 ,000 ,951,000 641 ,500 217,600 226,800 656,900 ,883,710 2 ,464,508 1 ,850,203 24,249 ,172 6 ,663 3,552 3,618 6,997 ,406,431 2,390,938 2 ,196,342 23,366 ,176 51 ,912 5,711 2,872 35,638 ,674,537 822,121 11,742 ,326 969,138 450 ,728 150,668 159,433 469,441 311 761 113,674 105,989 336 ,560 Y o r k Cen tral. 4 ,926,565 4,340,243 55,6 6 9 ,4 2 50,649,321 5,9 3 1 ,5 8 4 5 ,797,223 68,878,929 6 3,481,545 1,148,448 1 ,084,170 14,035,306 12,943,745 41,818 45.645 1,715,679 1,7 2 9 ,9 1 7 hern R a il w a y . Y o r k Cen tral. Y o r k Cen tra l. 198,939 180,431 2,255 ,284 1 ,958,008 806 ,789 276,617 267,458 731 ,319 311 ,952 17,942 17,675 289,120 741 ,168 52,983 82,677 613,900 220 ,971 17,572 205,215 19,183 442 ,851 46,143 35,011 408,043 396,200 1,282 ,700 1,1 1 5 ,1 0 0 454 ,300 75 ,017 25,095 67,791 24,411 230 ,205 82,913 217,011 75,263 206 ,155 73,206 62,808 191,429 4,8 6 6 ,6 6 2 4,102,434 49,000 ,876 45 ,500,600 Isla n d S y ste m . 18,809 1,619 1,673 22,2 9 4 706 ,462 6 2,099 56,809 644.095 2 10,435 199,140 3,016,455 2,8 4 2 ,4 9 3 t h e m R ai lw a y . 902 ,565 814 787 2.672 593 2 453.381 243 ,996 120,825! 113,073| 226 ,642 72 ,666 83,245 36,601j 43,764j 88 ,322 46,178, 4 1 ,214| 88,647 4,9 6 2 ,3 4 0 4,4 2 3 ,2 9 0 53,221 908 19,505,383 ,754,304 249 ,146 250,542 2,771 518 5 ,2 1 1 ,4 8 6 4,6 7 3 ,8 3 2 55,993 428i52 ,259,687 156 ,545 52,8671 44,102 131,645 669,337! 468 ,455 6,232 ,797[ 5 ,907,920 4 ,8 8 2 ,8 9 4 4,3 0 0 ,3 8 7 56,610 632!51 ,636,404 356 ,000 129,000| 122 ,000 343,000 378 ,185 127,880[ 138,549 397,254 53,076 54,102 150 ,681 161,681 152,759 2 1 3 ,3 1 1 1 191,892 2,377 ,659 661,980 9,284 882 870,428 ,752,889 Y o r k Cen tral Y o r k Cen tral. 3,219.591 2,4 1 8 ,3 3 5 32,720,036 29,6 1 6 .9 9 3 532,641 58.456i 51,036 481 ,514 In c . 887 , 172 I n c .7 3 , 549 956 ,464 117.8541 105,308 1.101.764J 864 ,770 2 ,6 6 8 ,02o 2 ,4 9 3 ,6 1 0 920,305 12,705 103,656 10,9001 164,882 44,060 44,654! 14,461 76*524 5,001 102*211 27.688 300,547 29,7321 360,298 2,9 9 5 ,9 8 2 2.4 7 9 ,4 2 2 28,4 9 2 ,1 0 7 2 5 ,794,867 4:12,064 381,923 17 4 ,9 2 7 1 127,843 287,500 150,000; 147,000 282 ,900 24,664; 22,958 57,861 45,075 Y o r k Cen tral. 37.391 92,223 17,105 13,309 46,565 38,702 84,149 70,306 237,522 210,809 256 ,017 795,516 236 ,899 674,502 514,407 412,292 1,386,202 1 ,133,809 016,000 870 .000 2.4 3 1 .0 0 0 2 ,2 8 1 ,0 0 0 36,000 36,000 78,000 88,000 052 ,000 906 .000 2 .5 0 9 .0 0 0 2,3 7 9 ,0 0 0 hern R a il w a y . 1,122,3111 995,199 11,124,675 9.9 9 2 ,4 6 1 307,131) 268,569 900,494 810.458 20,966 19,053 54,495 55,670 5 ,536j 5,029 18,399 14,407 6,811 8 ,3 6 1 1 84,489 61,249 Y o rk Cen tral. 695,070; 554,410 7 ,4 7 6 ,1 1 5 6 ,562,584 8,6 8 4 ,2 6 0 7,6 4 9 ,6 4 5 3,791,103 3 ,557,298 402,461 422,895 254,849 169,409 2 ,376,125 2 ,173,443 2,323,844 2,039,791 266,281 257,607 82,554 94,258 1,386,504 1,359,776 269,300 257 ,801 821,568 791,631 295,289 204,427 2 ,8 7 0 .6 0 3 2 ,557,207 1 ,165,702 1,041,102 6,333,921 5 ,447,224 458 ,348 660,629 14035487 12360787 I n c . 97 3,100 Y o r k Cen t r a l. 1,481,117 1 ,364,417 2 753,937 2,442,849 Y o r k Cen tr a l. 9,332 6,082 S .995,910 3 ,289,052 3,407,558 2,7 7 3 ,7 8 3 7,403,468 6,0 6 2 ,8 3 5 208,267 210,811 73,625 58,818 11.242 11,160 5,1 2 1 ,4 1 6 3,926,801 4 ,3 0 6 ,8 2 9 13,181,663 180,558 194,655 9 .6 2 2 ,9 0 0 7.2 8 9 ,0 2 3 Y o r k Cen tral. 154,612 124,266 Isla n d S y s te m . 183,535 168,857 1 ,421,963 1.296,726 34,094 33,221 132,797 135,566 11110813 8,9 7 8 ,2 7 4 1,099,322 1,063,587 160,885 182,737 165,244 168,426 68,756 77,509 4 0.3 6 7 38,058 15,036 19,267 228,842 278,881 10,816 9,307 439 ,542 320,035 22.242 21,021 74,319 76,123 4,630 5 ,5 6 0 78,330 65,297 6,577,66!) 5,507,281 99,385 90,561 522.477 529,212 104,752 112 ,266 501,124 536,424 144 ,683 96,917 683 ,103 6 02 ,403 13,230 14.367 668,195 716,167 1,64*1*703 113859624 3,1 7 3 ,0 0 7 532,363 499 ,546 226,595 121.329 59,134 788,041 85,429 4,8 6 6 ,6 5 9 63,208 223.330 69,783 867 ,349 7 6 ,0 3 2 ,7 0 3 1,062,909 1 518,476 313,944 5,3 8 6 ,2 5 8 395,063 6,872,785 226,265 9,4 3 3 ,9 8 7 P erio d . Current Y ea r. Preview* Y ea r. 1,091,288 31,388 136,482 31,218 4 ,2 3 5 ,9 0 0 738,771 46,9 3 0 ,8 9 5 21,5 8 9 ,5 3 6 2 ,432,537 1,499,498 13,833,980 12,439,760 1,441,921 4 79 ,804 7,0 4 2 ,0 4 4 1,386,496 5 ,221,022 6 ,346,194 7 9 ,141,549 I n c A , 92 8,178,211 15 935 ,777 3 92,264 9 .1 6 7 ,7 7 5 2 ,327,452 1,012,34V 27.9M 183,40* £1,130 1 .7 7 9 .5 « t 682,702 4 2 ,8 7 8 ,2 2 4 20,60,7 ,0®? 2,525,374 1 ,1 4 6 ,2 4 * 12,<518,142 11,362,514 1,461,534 475,761 7 .0 4 7 .1 *4 1,267,86* 4,886,00® 5,475,794 6 9,826,S 44 0,300 7,518,411 14 ,1 5 2 ,£ I£ V a rio u s F isca l Y ea rs. A t la n t a & C h arlotte A ir L in e ___ B e lle fo n tc C en tral_______ i ______ M anistee & N o rth e a ste rn _______ M a n ls t lq u e _______________________ M e x ica n R a ilw a y ________________ M e x ica n S o u th e r n _______________ N ew Y o r k C e n tra l_______________ L a k e Sh ore & M ich iga n Sou th L a k e E rie & W e s te rn _________ C h ica g o In d ia n a & S o u th e r n . M ich ig a n C e n tra l_____________ C leve Cin C h ic & S t L o u is ____ P e o r ia & E a s te r n _____________ C in cin n ati N o r t h e r n _________ P itts b u r g h & L a k e E r ie ______ R u tla n d .,........................... .............. N ew Y o r k C h ica go & St L o u is N o rth e rn C e n tra l________________ d P en n — E a st o f P itts & E r i e .. d W e s t o f P itts b u r g h & E r i e .. P h ila B a ltim o re & W a s h in g t c n . P ltts Cine C h icag o & St L o u i s . . R io G ra n de J u n c t io n ____________ T e x a s & P a c ific _________________ W e s t Jersey & Seash ore________ M ch Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan ja n Jan Jan D ec Jan Jan 1 to to to to to to to to to to to to to to to to to to to to to 1 to 1 to 1 to 1 to M ay Jun e M ch Jun e J u ly J u ly June Jun e Ju n e Ju n e Jun e Jun e Jun e Ju n e Jun e Ju n e June June Jun e Jun e June June M ay J u ly June 96,141,437 4 3 ,526,818 5,119,968 2,685,965 27,490,424 25,672,163 3,039,644 1,031,770 14,476,382 2,917,835 10,237,231 2,8 4 7 ,7 9 9 28,4 1 2 ,9 9 4 1 2 ,616,948 6 9 ,5 1 0 ,0 5 2 6 ,676,221 157554690 I n c . 8,99 16,683,849 31,273,802 91,570 39,537,555 35,418.016 74,9557571 1,7 7 4 ,1 6 0 755,794 34,435 54,880,855 4 5,8 0 9 ,9 2 7 2,1 0 4 ,2 9 0 102795074 1,597,731 546 ,206 15,050,368 489,742 , 8 9 S ,l2 l 7.288,931 Z,l70jZi£ AGGREGATES OF GROSS EARNINGS— Weekly and Monthly. M on th ly Sum m aries. 2d 3d 4 th 1st 2d 3d 4th 1st 2d 3d w eek w eek w eek w eek w eek w eek w eek w eek w eek w eek M ay M ay M ay June June June June J u ly J u ly J u ly (41 (41 (47 (43 (44 (41 (42 (42 (43 (44 r o a d s ). r o a d s ). r o a d s ). r o a d s ). r o a d s ). r o a d s ). r o a d s ). r o a d s ). r o a d s ). r o a d s ). Cur’nt Year Prev’s Year Inc. or Dee. 10,262,925 8 ,858,051; 10.326,105 8,9 1 1 ,3 7 2 1 6 ,473,009 1 4 ,4 0 3 .4 9 0 j 1 0 ,439,372 9 ,016,905j 9 ,2 4 7 ,6 1 0 10,808,646 9 ,317,171: 10,618,101; 14,309,499 1 2 ,9 0 9 ,6 8 4 ' 8,587,1401 9,565,2531 9,4 2 1 ,8 9 6 ! 10,452,143 10,787,8961 9,747,0031 + + + + + + + + + % S 1,404 ,874! 15.74 1,414 ,733 15.88 2,069 ,519 14.37 1,422 ,467 15.77 1,561 .036 16.88 1,330 ,930 14.28 1,399 .815 10.84 + 978 .113 11.39 1.030 ,247,10.93 1,040 ,893:10.68 Monthly Summaries. M onth M on th M onth M on th M onth M onth M onth M on th M on th M onth S ept O ct N ov D eo Jan F eb M ch A p ril M ay June 1906 1006 1906 1906 1907 1907 1907 1907 1907 1907 (122 (119 (123 (127 (123 (122 (118 (118 (121 ( 66 r o a d s ). ro a d s ). r o a d s ). ro a d s ). r o a d s ). r o a d s). r o a d s). r o a d s ). r o a d s ). ro a d s ). Cur'nt Year Prev’s Year Inc. or Dec. 184,551,471 198,733,229 186 696,274 184 ,235 ,59 5 173.212.305 1 62 ,283 ,99 2 1 80,539,532 188,130,451 195 .943 .30 5 8 2,4 6 7 ,7 0 6 171,553,520 179,405,267 175,727,985 170 ,746 ,76 9 162,623,883 152,555,191 1 64 ,645 ,00 9 1 5 4 ,894 ,74 8 165 ,890 ,34 5 72,9 2 3 ,6 8 3 + + + + + 12,997 ,951 r . u 19,327 ,962 10.71 10,971 ,289 6.24 13,488 826 7 . U 10,588 ,422 + 9.728 ,801 + 15,894 .523 e.«< + 33,235 ,703 2 1 ,4 t + 30,052 ,960 i s . y + 9,544 ,023, i i g til a M exica n cu rren cy, b In clu d e s earnings o f G u lf & C h ica g o D ivision , c In clu d e s th e H o u s to n & T e x a s C entral an d its s u b sid ia ry lines in botk trears. d C ov ers lines d ire ctly o p e ra te d , e In clu d es th e C h icag o & Eastern Illin ois In b o th years, f In clu d e s E v a n sv ille & In d ia n a R R . h In n in g karnines o f C ol. & S o u th ., F t. W o r th & D e n ve r C ity an d all a ffilia te d lines, e x c e p tin g T r in ity & B razos V a lle y R R . k In clu d es in b o tii years eiroJ.™* bt D en ver E n id & G u lf R R ,, P e co s System an d San ta F e P re s co tt ds P h o e n ix f^ r 276 THE CHRONICLE. For the third week of July our final statement covers 44 roads and shows 10.68% increase in the aggregate over the sair.e week last year. T hird week o f J u ly . P r e v io u s ly re p o r te d (24 roads) A la b a m a G reat S o u t h e r n .. C en tral o f G eorgia . _______ C h ic a g o In d ia n a p <i: L o u ls v llle . C in c N ew O rl & T e x a s P a c ific . _ C o lo r a d o & S o u th e r n . . -_ D e tr o it & M a c k in a c .. ________ D u lu th S iu t h Sh ore & A t la n t ic G eorg ia S u t b e r n & F lorid a G u lf & Ship I s la n d ................... L o u is v ille & N a s h v ille . _ M ineral R a n g e . . .. . M in n eap Si P aul & S S M ._ M o b ile & O h io ___________________ N e v a d a C ° llfnrnla & O regon R io G ra n de S o u t h e r n ___ . ___ S ou th ern R a i l w a y . . ____ T e x a s Cen tral _____ T o le d o P eoria & W e s t e r n ___ W h e e lin g & L a k e E r ie _______ . T o t a l (44 roads) N et in crea se (1 0 .6 8 % ) . . . . . . ___ 1907. S 6,996,411 77,509 217 ,600 105,989 168,426 276,617 25,095 75,263 73,296 40,367 52,867 920 .305 17,105 256 ,017 182 ,737 5,536 11,242 1,0 9 9 ,3 2 2 19,267 22,242 144,683 10,787,896 1906. S 6,164.166 68,756 2 2 6 ,80C 113,674 165,244 267,458 24,411 82,913 ’ 62,808 38,058 4 4 ,102 864 ,770 13,309 236 ,899 160,885 5,029 11 .160 1,0 6 3 ,5 8 7 15,036 21 .021 96,917 Increase. Oecrease. $ 854,618 8,752 S 22,373 9 200 7 .685 3.182 9.159 684 7,650 10,488 2,309 8,765 55,535 3,796 19,118 21,852 507 82 35,735 4,231 1 221 47,766 9 ,7 4 7 ,0 0 3 1,087.801 1.040,893 lxxxv. also report charges for interest, &c., with the surplus abov or deficit below those charges. —I n t ., R en tals, & c .— C u rrent P r e v io u s Roads $ 8,4 3 7 C o p p e r R a n g e ________ .M a y 92,811 J u ly 1 t o M ay 31 119,904 D u lu th So Sh & A t l — .J u n e 1 ,0 5 6 ,9 6 2 J u ly 1 t o Ju n e 30 0 5 1 ,4 7 6 G eorgia R R . ------ . .J u n e J u ly 1 t o Ju n e 3 0 . ______ a 6 18,849 20,479 K a n a w h a & M ich ig a n . -J u n e 255 ,726 J u ly 1 t o Ju n e 3 0 . 10,627 M ineral R a n g e -----------J u ly 1 t o Ju n e 30 126,814 R io G ra n de S o u t h e r n .. -J u n e 17,577 J u ly 1 to Jun e 30 212 ,420 2,583 T e x a s C e n tr a l--------------- .J u n e 30,998 J u ly 1 t o Ju n e 3 0 . 38,048 T o le d o & O h io C entral .J u n e 44 4 ,0 7 5 J u ly 1 t o J u n e 3 0 . ........... $ 8,4 3 7 92,811 117,113 1 ,1 6 6 ,0 4 6 «5 0 ,7 8 7 a61 8 ,7 2 1 19,251 237 ,7 3 4 9,333 146 ,091 17,501 214 ,3 4 9 2,583 30,998 43,023 4 67 ,590 — B a l. o f N e t E 'n g s .— C u rrent P rev iou s $ $ 26,2 9 4 5 ,8 3 5 164,037 139 ,907 £ d e f2 2 ,8 6 9 £ d e f 2 7 .277 £ d e f5 5 ,5 3 5 £ d e fl 56,3 3 5 r d f.5 1 ,1 8 9 £ d f .2 6 ,685 Z df.1 3 8 ,2 9 1 £17 6 ,7 7 8 £ 21 ,225 £ 2 4 ,8 3 0 £ 2 6 7 ,0 7 4 £ 3 0 6 ,1 7 0 .73,836 £383 £44,104 £ 1 9 ,4 2 2 d e f 2 ,366 £362 £ 3 2 ,3 2 4 £ 25 ,511 12,387 1 4,122 3 3 9 ,9 2 4 3 9 8 ,6 3 0 £ 7 3 ,5 3 4 £21 2 ,8 5 3 £ 5 5 3 ,9 2 5 £ 1 ,1 8 5 ,2 9 5 a C h arges here In clu d e r o a d ren tal (paid b y lessee) and o th e r d e d u c tio n s £ A ft e r a llo w in g fo r o th e r in co m e r e ce iv e d . ----------46,908 Net Earnings Monthly to Latest Dates.— The table folJcwing shows the gross and net earnings of STEAM railroads reported this week. A full detailed statement, including all jroads 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 20 1907. The -jiext will appear in the issue of August ‘24. "^TQTtZE r y --------G ross E a rn gs------- -----------N et E a rn in g s-------! fo ld <53 C u rren t P rev io u s C u rren t P rev io u s t ‘ "* Y ea r. yea r, Y ea r. Y ea r. "Roads. $ $ $ 5 A t c h T o p & San F e . b -J u n e 7 ,8 5 6 ,8 0 2 6 ,7 2 8 ,0 8 7 (22,932,614 d 2 ,7 4 1 ,0 9 6 J u ly 1 t o Ju n e 3 0 _______9 3 ,6 8 3 ,4 0 1 8 0 ,8 0 1 ,0 0 5 d 3 4 ,8 1 5 ,5 0 3 d 3 0 ,792,525 A t la n t ic Coast L i n e . a . .J u h s 2 ,0 9 7 ,1 0 4 2 ,1 5 2 ,9 0 8 384 ,493 7 0 3 ,6 4 2 J u ly 1 to Ju n e 30 ____ 2 6 ,7 7 1 ,5 2 7 2 4 ,8 6 8 ,4 4 5 6 ,3 2 9 ,5 0 0 7 ,9 7 6 ,2 4 7 B u ffa lo R o c h & P it t s , b . Ju n e 8 8 2 .4 5 8 4 9 1 ,1 9 0 4 7 6 .4 0 9 198 ,328 J u ly 1 t o Jun e 3 0 _______ 8 ,6 6 6 ,5 7 6 7 ,8 2 9 ,4 4 9 3 ,5 2 4 ,2 3 7 3 ,2 7 0 ,3 3 8 9 6 3 ,1 0 0 612 ,1 0 0 332 ,9 0 0 213 ,4 0 0 C a n a d ia n N o r t h e r n ____ Ju n e J u ly 1 t o Ju n e 3 0 - . . - . . 7 ,4 9 3 ,1 0 0 5 ,5 6 3 ,1 0 0 2 ,1 1 8 ,0 0 0 1 ,9 1 1 ,7 0 0 C a n a d ia n P a c i f ic .a Ju n e 6 ,8 1 7 ,7 1 2 5 ,4 7 7 .3 5 1 2 ,4 1 5 ,1 0 6 1 ,9 3 8 ,0 4 9 J u ly 1 t o Ju n e 3 0 _______ 7 2 ,2 1 7 ,5 2 4 6 1 ,6 6 9 ,7 5 8 2 5 ,3 0 3 ,3 0 8 2 2 ,9 7 3 ,3 1 2 C o lu m b N ew b & L a u a -June 1 7 ,942 17,675 d e f5 ,2 1 1 1,172 J u ly 1 t o Ju n e 3 0 _______ 3 1 1 ,9 5 4 2 8 9 ,1 2 0 35,9 1 5 51,7 4 8 C o p p e r R a n g e .a ______. . M a y 82,6 7 7 5 2 ,983 34,731 14,2 7 2 J u ly 1 t o M a y 3 1 _______ 7 4 1 ,1 6 8 613 ,9 0 0 2 56 ,848 232 ,7 1 8 19,183 17,572 9.640 9 ,6 1 2 C orn w all R R - a _________ Jun e J u ly 1 t o Ju n e 3 0 _______ 220,971 205 ,215 1 04 ,546 105 ,394 D e tr o it & M a c k i n a c .a ..J u n e 1 1 4 ,8 2 9 105 ,129 15,9 3 8 2 3 ,818 J u ly 1 t o Jun e 3 0 _______ 1 ,3 1 1 ,2 7 3 1 ,1 5 4 ,8 2 6 219 ,921 203 ,1 5 4 D u lu th So Sh & A t l . b . . J u n e 314 ,463 276 ,257 88,271 89,201 J u ly 1 to Jun e 3 0 _______ 3 ,3 1 1 ,8 7 5 3 ,0 5 7 ,7 7 4 991 ,0 1 9 1 ,0 0 0 ,3 1 7 F a ir c h ild & N E ' n . b ___Jun e 1,619 1,6 7 3 91 346 J u ly 1 t o Ju n e 3 0 _______ 18,809 2 2 ,294 d e f.2 ,5 2 5 5 ,3 8 5 G eorg ia R R . a ..................Jun e 210^435 199 ,140 51 24,080 J u ly 1 to Ju n e 3 0 _______ 3 ,0 1 6 ,4 5 5 2 ,8 4 2 ,4 9 3 4 7 2 ,7 8 4 7 78 ,679 Illin ois C e n t r a l . a - . ____ J u n e 4 ,8 8 2 ,8 9 4 4 ,3 0 0 ,3 8 8 1 ,6 4 8 ,9 4 0 1 ,0 4 4 ,1 8 7 . .- 5 6 , 6 1 0 , 6 3 2 5 1 ,6 3 6 ,4 0 4 1 6 ,5 4 5 ,1 0 8 1 5 ,1 9 8 ,9 3 4 J u ly 1 t o Ju n e 3 0 . 7178,143 >185,500 2 42 ,062 I o w a C e n t r a l . a . .......... . .J u n e 234 ,5 3 6 h774 ,8 4 7 2 ,9 5 8 ,5 8 4 71981,838 J u ly 1 t o Ju n e 3 0 _______ 3 ,1 3 2 ,0 4 5 4 3 ,0 5 2 4 0 ,459 191,892 K a n a w h a & M lc h lg a n .a J u n e 213,311 536 ,127 515 ,695 2 ,1 5 2 ,7 5 9 J u ly 1 t o Ju n e 3 0 ----------- 2 ,3 7 7 ,6 5 9 9,578 14,290 57,722 M in era l R a n g e .b -----------Ju n e 6 7 ,4 7 0 163,261 169,796 7 3 9 ,3 4 0 • J u ly l t o Ju n e 3 0 ............. 786,941 f c l4 7 ,898 k 138,441 326,671 M ln n eap <Sc St L o u i s .a - .J u n e 352 ,1 2 8 3 ,7 2 6 ,6 6 3 k l ,3 1 6 ,5 3 8 £ 1 ,4 1 7 ,4 7 0 J u ly 1 t o Ju n e 3 0 . . . . . . 3 ,8 7 3 ,6 6 8 1 ,0 4 1 ,1 0 2 2 7 2 ,3 1 5 304 ,9 1 5 N o rth e r n C e n t r a l . b ____Ju n e 1 ,1 6 5 ,7 0 2 5 ,4 7 5 ,7 9 4 1 ,0 9 5 ,7 8 4 1 ,1 6 2 ,3 8 4 Jan 1 t o Ju n e 3 0 _______ 6 ,3 4 6 ,1 9 4 P e n n s y lv a n ia L in e s d ir e c t ly o p e r a te d — E a st o !'P it t s & E r i e .. J u n e l 4 ,0 3 5 ,4 8 7 1 2 ,3 6 0 ,7 8 7 4 ,4 0 2 ,5 0 4 3 ,9 7 0 ,8 0 4 Jan 1 t o Ju n e 3 0 _______ 7 9 ,1 4 1 ,5 4 9 6 9 ,8 2 6 ,8 4 9 19,9 7 2 ,0 4 6 19,5 3 7 ,1 4 6 W e s t o f P itts & E r i e .- J u n e In c. 9 7 3 ,1 0 0 I n c . 202 ,700 Jan 1 t o Ju n e 3 0 . ........... I n c . 4 ,9 2 0 ,3 0 0 In c . 7 82 ,700 P h ila Hair & W a s h , b . .J u n e 1 ,4 8 1 ,1 1 7 1 ,3 6 4 ,4 1 7 365 ,435 374 ,2 3 5 J an 1 to Ju n e 3 0 _______ 8,1 7 8 ,2 1 1 7 ,5 1 3 ,4 1 1 1 ,4 2 5 ,5 5 5 1 ,7 4 1 ,1 6 0 R i o G ra n de S o u t h e r n .b -J u n e 51,058 46,411 17,938 1 5 ,135 J u ly 1 t o Ju n e 3 0 _______ 6 11 ,638 562 ,9 0 5 228 ,451 2 3 8 ,2 7 5 S ou th ern R a llw a y _ a . .J u n e 4 ,6 0 9 ,3 0 5 4 ,2 9 3 ,5 7 0 1 .1 7 6 ,5 9 6 1 ,0 6 7 ,8 7 3 . .5 6 ,6 5 7 ,9 9 1 5 3 ,6 4 1 ,4 3 6 11,958,711 1 3 ,8 6 8 ,2 9 9 J u ly 1 to Ju n e 30 202,085 7 5 1 ,6 7 7 195,867 C in X O &*Tex P a c . a - Ju n e 8 5 3 ,4 9 3 8 ,4 5 4 ,8 9 6 1,747,411 2 ,0 6 2 ,2 2 8 J u ly l t o J u n e 3 0 ----------- 8 ,7 7 8 ,8 4 7 52,196 84,517 317 ,083 A la G rea t S o u t h . a - - - J u n e 3 78 ,459 3 ,7 7 4 ,6 2 0 782,881 7 1 2 ,7 5 6 J u ly 1 to Ju n e 3 0 ----------- 4 ,1 6 9 ,4 5 6 22,493 166 ,168 28,6 0 3 G eorgia So & F l a . a .- J u n e 189,881 42 5 ,2 8 6 393 ,134 1 ,9 4 4 ,9 4 5 J u ly 1 to Ju n e 3 0 _______ 2 ,2 7 3 ,3 4 2 9 5 ,036 16,705 6 0 ,1 7 0 14,970 T e x a s C e n t r a l.a -------------Ju n e 945,241 4 2 9 ,6 2 8 370 ,922 J u ly 1 to Ju n e 3 0 ----------- 1 ,2 4 4 ,1 0 7 3 2 0 ,0 3 5 1 75 ,636 103 ,9 7 8 439 ,5 4 2 T o le d o & O h io C e n t .a - - J u n e 1,0 0 4 ,2 7 2 4 ,0 7 2 ,1 5 9 1 ,5 4 7 ,0 2 9 J u ly 1 t o Ju n e 3 0 ----------- 4 ,8 6 6 ,6 5 9 5,507,281 2,5 8 2 ,0 9 9 2 ,1 9 9 ,5 9 6 U n io n P a c l f lc .a ________ Jun e 6 ,5 7 7 ,6 6 9 J u ly 1 t o Ju n e 3 0 _______76 ,0 3 2 ,7 0 3 6 7 ,2 8 1 ,5 4 2 3 3 ,3 3 8 ,9 3 0 3 0 ,3 1 7 ,7 7 0 W Jersey & S e a s h o r e .b -J u n e 5 3 6 ,4 2 4 5 0 1 ,1 2 4 165 ,655 171 ,055 Jan 1 t o Ju n e 3 0 _______ 2 ,3 2 7 ,4 5 2 2 ,1 7 0 ,5 5 2 105 ,832 524 ,0 3 2 W r ig h ts v & T e n n ille -b .J u n e S 14.367 S 13.230 1,879 2,284 J u ly 1 t o J u n e 3 0 ............. s2 2 6 ,2 6 5 s2 0 5 ,1 3 0 61,2 2 6 70,825 a N et earnings here g iv e n are a fte r d e d u c t in g ta x e s , b N et earn in gs here g iv e n are b e fo r e d e d u c t in g ta x e s. d T h e c o m p a n y n o w in clu d e s e a rn in g s o f th e D e n v e r Flnld & G u lf R R . , P e c o s V a lle y sy s te m a n d S a n ta F e P r e s c o t t & P h o e n ix R y . In b o th y e a rs, F o r Ju n e ta x e s a n d ren tals a m o u n te d t o $ 3 2 4 ,9 9 5 , a g a in st $ 2 0 4,87 7 in 1906, a ft e r d e d u c t in g w h ic h , n et fo r Ju n e 1907 w as $ 2 ,6 0 7 ,6 1 9 , a gain st $ 2 ,5 3 6 ,2 1 9 la s t y e a r . F r o m J u ly 1 t o Ju n e 30 1907 t a x e s a n d rentals„w ere $ 2 ,6 6 1 ,8 0 8 , a g a in s t $ 2 ,3 9 4 ,0 1 0 la st y e a r . ft F o r -Tune 1907 a d d it io n a l in c o m e w as $ 6 ,1 2 6 , a g a in s t'$ 6 ,0 8 9 in 190 6, a n d fro m J u ly 1 t o J u n e 30 w as $ 59 ,849 In 1907, again st $ 5 8 ,0 3 2 In 1906. k F o r Ju n e 1907 a d d itio n a l in c o m e w as $ 1 9 ,4 2 6 , a g a in st $ 1 7 ,0 8 8 In 1 9 0 6 , a n d fro m J u ly 1 t o Ju n e 30 w as $ 2 2 6 ,6 8 4 in 1907, a g a in st $ 1 8 8 ,4 8 4 in 1906. s In c lu d e s $437 o th e r In co m e fo r Ju n e 1907, agalnstT $459 in 190 6, an d fr o m Jui; I t o Ju n e 30 $5,371 in 190 7, a g a in s t $5,609J last y e a r. Inter:si Charges and Surplus.— The following roads, in addition to their gross and net earnings given in the foregoing, [V o l . STREET RAILW AYS AND TRACTION COMPANIES. Latest G ross E a rn in g s. N a m e of R oad. a A m e rica n R y s C o — cA u r E lg in & C h ic R y B in g h a m to n R y --------B irm R y L t & P o w e r C en tral P en n T r a c . D u lu th S treet R y — W eek or M o n th . J u n e .......... M ay A p r i l ______ M a y ______ M ay .......... M ay _____ J u n e ______ J u n e --------J u n e ______ J u n e ______ J u n e ______ J u n e _____ 2d w k Ju ly 2d w k Ju ly 3d w k J u ly M ay _____ M ay F t W ayn e & W abash M ay _____ V a lle y T r a c t i o n .. M ay _____ M a y ______ H a v a n a E le c tr ic R y . W k J u ly 28 H o n o lu lu R a p id T r & L a n d C o ----------------- M a y ______ ____ H o u g h to n C o St R y . . M ay H o u s to n E le ctric C o . M ay ______ Illln ols T r a c tio n C o ._ J u n e _____ J a ck so n C on sol T r a c . M a y ______ M ay ______ J u n e --------M ay . . M a r c h ____ J u n e _____ J u n e ______ J u n e --------W k J u ly 27 M ontreal S treet R y N ash ville R y & L ig l M ay --------X J & H R R y & F y Co J u n e _____ N O R y & L ig h t C o ._ J u n e ___ __ X o r O h io T r a c fe, L t _ . J u n e ______ X o r f & P o rtsm T r Co J u n e ______ N o W e stch e ste r L t C o J u n e ______ J u n e .......... N orth w estern E le v O k la h o m a C ity R y . . J u n e --------J u n e ........... M ay ______ R io de J an eiro T ra m L ig h t & P o w e r . . . J u n e --------M a y ______ St J o se p h (M o) R y Lt| H eat & P o w e r C o . . J u n e ______ . .. S a o P a u lo T r L t & P . Jun e M a y ______ J u n e ______ Jun e --------T a m p a E le ctric C o . M ay ______ W k J u ly 27 3 d w k J u ly F e b ru a ry J u n e ______ W e s t C h ester R y ____ J u n e ______ M ay --------- C u rren t Y ea r. P rev iou s Y ea r. Jan. 1 to latest date. C u rrent Y ea r. P revtou s v<m-. $ 1 ,2 5 1 ,3 3 0 4 3 0 ,4 7 2 8 3 ,413 7 4 5 ,9 6 8 3 3 ,003 9 3 ,996 3 1 6 ,6 1 7 314 ,793 331 ,8 7 2 42 5 ,2 3 8 113 ,887 2 8 9 ,2 7 7 _______ 3,0 1 6 , S44 4 0 7 ,5 0 8 7 3 3 ,13S 148 ,6 3 9 i 264 ,9 8 6 116 ,415 20,240 150,552 9,772 20,154 66,3 2 6 62,784 96,991 70,434 27,387 67,965 7,232 139,217 18,713 178,988 40,5 3 6 $ 2 47 ,2 3 0 102,533 22,011 153,857 8,793 20,874 61,869 55,612 84,555 70,887 27,257 59,058 124,328 16,149 159 ,183 31,666 $ 1 ,3 6 7 ,9 6 9 4 94 ,799 8 5 ,886 872,317 36,096 87,526 347 ,6 1 0 343 ,454 434 ,5 0 8 428 ,782 123,187 338 ,686 6 1 7 9 ,P28 3,3 8 7 ,1 9 7 4 41 ,958 8 14 ,750 192.642 101 ,012 31,4 6 8 271 ,213 33,568 87,327 27,721 233 ,155 30,800 4 61 ,970 1 33 ,785 _______ 994,134 398 ,9 5 8 1 07 ,297 _______ 876,581 31,801 20,774 54,136 307 ,119 12,613 3 2 ,384 515 ,816 46,6 4 8 7 8 ,000 222 ,777 3 24 ,626 77,762 7 1 ,535 124,290 4 8 ,6 6 8 4 92 ,653 182 ,242 254 ,247 7,891 148 ,576 25,639 16,513 148 ,273 29,452 18,212 49,176 239 ,988 12,170 26,306 457 ,788 46,639 72,500 200,961 295 ,947 65,672 64,616 113,106 44,272 446 ,278 159,733 150,750 7,170 120,247 16,678 15,219 112,155 150,454 91,725 258 ,274 1 ,7 0 6 ,3 1 7 53,882 158,237 2 ,8 6 7 ,9 7 3 204 ,220 2 29 ,0 0 0 1 ,380,794 1,826,987 344 ,126 140,690 7 9 ,937 223 ,0 2 2 1 ,3 6 2 ,8 7 0 5 1 ,3 7 7 1 25 ,255 2 ,5 7 6 ,5 8 8 184 ,1 3 3 2 2 0 ,8 8 0 1,224,141 1 ,6 5 1 ,8 6 5 292 ,822 _______ 53 6 ,6 1 0 188 ,943 2 ,8 9 9 ,0 8 8 751 ,939 7 8 8 ,2 1 4 42,4 8 0 7 4 8 ,1 7 9 76,0 6 5 6 5 ,9 7 6 521 ,142 49,1 9 3 4 0 ,8 4 8 76,506 162,971 48,332 173,529 14,007 103,083 4 2 ,383 173 ,990 66,924 125,037 7i509,504 961 ,1 8 9 12,308 28,003 608 ,434 209 ,223 3 ,0 6 6 ,1 5 5 849 ,257 1 .1 0 0 ,1 8 0 51,710 829 ,464 115,386 75,824 ............. 2 ,9 2 3 ,9 8 6 214 ,002 ___ 183 ,683 405 ,6 8 9 72,331 164,138 1 ,0 2 7 ,4 7 2 231,801 53,173 931 ,689 152,655 72,761 12,119 593 ,6 6 3 88,936 _______ 36,937 834,881 167 ,847 5 9 ,344 111,484 3 ,2 3 7 ,3 2 4 563 ,906 7*1,047,498 899 ,073 5 ,2 8 7 ,6 1 2 7,576 59,506 20,393 137 ,066 392 ,727 986 ,927 245 ,7 8 4 8 6 1 ,8 8 0 58,2 7 5 514 ,514 784,391 _______ 2,9 0 4 ,2 7 1 1,1 6 4 ,1 1 6 4,9 4 9 ,6 3 1 37,7 5 8 105 ,457 a F igu res fo r th e m o n th in b o t h years In clu de o p e r a tio n s o f th e S cra n to n R y ., acqu ired Ja n . 1 1906. b F ig u res are fro m F e b . 1. c T h ese figu res are fo r co n s o lid a te d c o m p a n y , d T h ese are resu lts fo r m a in lin e , f N ow in c lu des R a p id R y . S y s t ., S a n d w ich W in d s o r & A m h e r s tb u r g R y . and D e tr o it M onroe & T o le d o S h o rt L in e R y . ft T h ese are e a rly p r e lim in a ry retu rn s; deorease d u e t o e a rth q u a k e , fire and strike a m o n g e m p lo y e e s , A u g . 26 t o S ept 5 1906. Street Railway Net Earnings.— The following table gives the returns of STREET railway gross and net earnings reported this week. A full detailed statement, including all roads from which monthly returns can be obtained, is given once a month in these columns, and the latest statement of this kind will be found in the issue of June 1 1907. The next will appear in the issue of June 29 1907. --------G ross E a rn 'g s-------- --------N et E a rn in g s-------C u rrent P r e v io u s C u rren t P rev io u s Y ea r. Y ea r. Y ea r. Y ear. R oads. $ $ $ $ B la ck R iv e r T r a c t C o . b — , „ J u ly 1 t o Ju n e 3 0 . ........... 9 4 ,2 2 0 8 4 ,9 1 8 2 ,3 2 0 5,5 8 0 H u d s o n V a lle y R y C o . b — ___ A p r 1 t o Jun e 3 0 _______ ___ 145 ,193 13.),039 41,761 4 o ,3 7 o Jan 1 t o Jun e 3 0 _______ ___ 2 53 ,077 231 ,7 3 7 4 6 ,0 4 3 68,6 2 0 J u ly 1 t o Jun e 3 0 . .................6 0 6 ,6 5 8 5 5 5 ,9 7 3 1 91 ,019 2 2 8 ,6 1 9 I n te rn a tio n a l R y C o ( B u f f a lo ) - b — A p ril 1 t o Ju n e 3 0 ______l , l l o , 0 0 5 1,0 1 0 ,4 9 8 3 7 2 ,9 2 3 3 7 7 ,6 0 7 Jan 1 t o Ju n e 3 0 ______ 2 ,1 1 2 ,0 0 3 1 ,9 1 7 ,1 4 3 703 ,4 0 8 6 86 ,027 J u ly 1 t o Jun e 3 0 ........... 4 ,5 2 2 ,9 2 3 4 ,0 9 3 ,9 1 0 1 ,8 2 4 ,1 4 4 1 ,6 8 3 ,9 7 8 C ro ssto w n St R y . b —___ .. A p ril 1 t o Ju n e 3 0 .......... 1 68 ,313 157 ,866 5S.722 5 8 ,8 8 2 Jan 1 t o Ju n e 3 0 ........... 326 ,367 302 ,2 6 4 1 19 .385 115 .5 4 8 J u ly 1 t o Ju n e 3 0 ______ 663 ,095 600 ,5 7 5 2 8 2 ,0 3 7 2 o 6 ,4 5 3 K a n sas C ity R y & L t - b Ju n e 515 ,8 1 6 4 5 7 ,7 8 8 234 ,541 2 1 2 ,6 8 6 A ug. ------ Gross E arn’ps------- Current Previous $ $ Roads. K in g s to n C on sol , b— A p ril 1 t o Ju n e 30 Jan 1 t o Ju n e 30 ____ J u ly 1 t o Jun e 30 M ass E le c t Co b— A p ril 1 t o Ju n e 30 ____ O ct 1 t o Jun e 30 N o rfo lk & P o r t s m ’th -June Jan 1 t o Ju n e 30 N o rth O h io T r & L t — .J u n e Jan 1 t o Jun e 30 ___ P h ila d e lp h ia C o . b — A p r 1 t o Ju n e 30 ____ Jan ! t o Ju n e 3 0 . __ _ _• J u ly 1 t o Jun e 3 0 . _____ i S y ra cu se R a p id T r R y ..June Jan 1 t o Ju n e 30. T w in C ity R a p T r C o . b .J u n e Jan 1 t o Ju n e 30 ------- Net Earnings ------- Current Previous $ 5 34,680 61 ,091 141 ,678 35,145 59,115 130,543 9,271 17,779 56,626 15,232 24,041 55,7 9 7 1,9 2 4 ,3 3 3 5 ,1 6 5 ,4 7 5 254 ,247 1 ,100,180 182,242 849,257 1 .860,142 4 ,9 4 7 ,5 3 5 150,750 7 88 ,214 159 ,733 751 ,939 672 ,156 1 ,476,710 105,012 399 ,698 8 1 ,4 3 5 3 3 5 ,8 5 4 664,911 1 ,4 9 1 ,8 0 1 47,9 7 8 2 6 8 ,1 6 6 67,581 271 ,853 4 ,8 6 1 ,1 3 9 4 ,4 8 4 ,1 1 4 9 ,9 6 3 ,2 5 2 9 ,2 7 2 ,2 3 7 8 ,9 1 4 ,5 5 2 17,410,714 103,083 88,936 593,663 514 ,514 530,741 484 ,590 2 ,8 4 8 ,6 1 4 2,5 5 4 ,6 0 7 1,7 4 2 ,6 8 3 3 ,8 9 7 ,5 8 2 7,0 7 5 ,2 9 2 43,473 256 ,187 281 ,972 1 ,451,473 1 ,789,775 3 ,9 3 7 ,8 6 0 6 ,925,161 36,561 217,940 269,046 1,340,225 a N et earning’s here g iv e n are a fte r d e d u c tin g ta x e s, b N et earn in gs here g iv e n are b e fo re d e d u c tin g ta x e s. Interest Charges and Surplus. —Int., Rentals, & c .— Previous Current Year. Year. $ Roads. B la ck R iv e r T r a c t C o — J u ly 1 t o Ju n e 3 0 _______ H u d s o n V a lle y R y C o— A p r 1 t o Jun e 3 0 ______ Jan 1 t o Ju n e 30 J u ly 1 t o Ju n e 3 0 ____ _ In tern a tion a l R y C o (B u ffa lo ) — A p ril 1 t o Ju n e 3 0 _ . Jan 1 t o Ju n e 3 0 _____ J u ly 1 t o Jun e 3 0 ___ _ C rosstow n S treet R y — A p ril 1 t o Ju n e 30 Jan 1 t o Ju n e 3 0 . . J u ly 1 t o Ju n e 3 0 _____ K a n sas C ity R y & L ig h t Jun e Kingston Consol— A p ril 1 t o Ju n e 3 0 _____ . Jan 1 t o Ju n e 3 0 . J u ly 1 t o Ju n e 3 0 . M ass E le c t C o— A p ril 1 to\.Jline 30 O ct 1 t o Ju n e 3 0 ______ N o rth O h io T r & L t C o . Ju n e Jan 1 t o Ju n e 3 0 _____ P h ila d e lp h ia C o— A p r 1 t o Ju n e 30 Jan 1 t o Jun e 3 0 _______ J u ly 1 t o Ju n e 3 0 _______ S y ra cu se R a p T r C o .J u n e Jan 1 t o Ju n e 3 0 ______ T w in C ity R a p T ra n C o .J u n e Jan 1 t o Ju n e 3 0 _____ — Hal. of Net E'nas .— $ $ 21 5,261 2,299 Previous Year. Current Year. $ 319 5 0 ,788 100,817 202,637 69,815 £ d e f6 ,7 6 9 £ d e fl!),8 9 1 133,993 £ d e f5 0 ,7 2 8 £d e f5 8 ,1 6 0 265 ,975 a:726 £ d e f2 2 ,6 4 0 252,937 501 ,795 9 96 ,574 241,616 £ l 37,443 480 ,070 £2 3 4 ,2 4 0 9 6 2 ,6 4 7 Xl ,0 12,100 £1 5 0 ,5 1 8 £ 2 3 2 ,3 6 2 £ 8 4 2 ,9 4 4 50,144 96,218 192,922 153,228 47,588 94,421 188,999 142,026 £9,851 £2 5 ,7 5 6 £ 9 4 .3 0 6 81,313 £ 1 2 ,6 1 7 £ 2 3 ,7 2 6 £ 7 2 ,1 4 8 70,6 6 0 10,025 20,050 48,025 9,954 19,883 47,600 £ d e f.6 2 9 £ d e f.2 ,0 0 4 £ 9 ,1 6 8 £ 5 ,4 2 8 £ 4 ,4 5 8 £8 ,7 9 7 449 ,498 1,295,941 43,550 252 ,735 425,231 1,2 1 7 ,8 5 9 40,018 239,753 222 ,658 180,769 3 7 ,8 8 5 83,1 1 9 2 3 9 ,8 6 0 273 ,942 27,563 32,100 1 ,089,415 2 ,1 6 1 ,9 8 9 4 ,3 3 1 ,1 9 7 25,462 151,039 115,142 691,317 1 ,095,312 2 ,2 0 9 ,0 0 0 4 ,3 3 9 ,2 8 7 23,374 135,775 110,591 660 ,016 7 12 ,623 1 ,884.025 2,9 9 8 ,3 3 4 18,066 105 ,605 116,830 760 ,1 5 6 723 ,757 1 ,900,724 2 ,8 9 5 ,7 4 0 13,2 4 2 84 ,7 67 158 ,455 680 ,209 x A ft e r a llow in g fo r o th e r in c o m e r e c e iv e d . ANNUAL REPORTS. United States Steel Corporation. (Earnings for the Quarter and Half- Year Ending .June 30 11)07.) R E SU LT S FOR Q U A R T E R S E N D IN G J U N E 30. 1907. $45 ,503 705 1906. $40 ,125,033 i(5 9 5 ,6£0 5 .662,385 1 .2 74,578 $547,756 5 6 04 ,289 5 ,718,162 1 ,218,801 $13 ,660,193 $31 .843,512 6,304.919 2 ,541,513 $13 .089,008 $27 ,036,025 6,,304,919 2.,541,512 S u rp lu s for th e q u a r t e r ____ $22 ,997,080 O n a c c o u n t o f e x p e n d it u r e s m a d e an d t o b e m a d e for a d d itio n a l p r o p e r t y , new p la n ts , c o n s t r u c t io n a n d d is ch a rg e o f c a p it a l o b lig a tio n s $18 ,500,000 S p e c ia l hr p .'o v e m e n t a n d r< p lacem en t fund 1 ,000,000 $18 ,189.594 000 $15 ,500,000 $2 6 89 ,591 N et ea rn in gs .......... .......................................... . _ Deduct— S in k in g fu n d s on b o n d s o f s u b s id ia r y c o m p a n ie s D e p r e cia tio n an d reserve fu n d s (rcg . prov ision) In terest on U . S . Steel Ooi p . b o n d s S in k in g fu n d s on IT. S. Steei O o ip . b o n d s 6 127,560 B a la n c e ______ ______________________________ D iv id e n d on p r eferred s to c k (1 ■, % ) D iv id e n d on c o m m o n s to c k ( '/i % ) $1 B a la n ce o f su p'.us fo r q u a r t e r ......................... UN F IL L E D June June M ch . D e c, S e p t. June M ch . Dec. S ep t. 30 30 31 31 30 30 31 31 30 $3. =l ORDERS ON Tons. 1907 . . ___7 ,6 0 3 ,8 7 8 1906 6 ,8 0 9 ,5 8 9 1906 7 ,0 1 8 ,7 1 2 1905 ________ 7 ,6 0 5 ,0 8 6 1 9 0 5 .. . . . .5 .8 6 5 ,3 7 7 1905 ________ 4 ,8 2 9 ,6 5 5 1905. _ 5 ,5 9 7 ,5 6 0 1 90 4. ________ 4 .6 9 6 ,2 0 3 1904 3 ,0 2 7 ,4 3 6 HAND. 30 31 31 S( p a . 30 June 30 M ch. 31 Dec. 31 Sept. 30 Jun e 30 June M ch . D ee. ,080 $13,.oOO.OOO 2 .500,000 Tons. ,1 9 0 4 _________ ..3 ,1 9 2 ,2 7 7 1 9 0 4 _________ 4,136,961 1 9 0 3 __________ 3 ,2 1 5 ,1 2 3 1 9 0 3 _________ .3 ,2 7 8 742 1903 ______ 4 666 ,578 1903 ____ .5 ,4 1 0 ,7 1 9 1902 5 ,3 4 7 ,2 5 3 1 9 0 2 _____ 4,8 4 3 ,0 0 7 1902 4,7 9 1 ,9 9 3 N E T E A R N IN G S FR O M O PE R A T IO N S FOR IIA L F -Y E A R E N D IN G J U N E 30. • 1907. 1906. 1905. 1904. J a n u a ry _ ________ F e b ru a ry March - - .................. T o t a l q u a rter A p r il _ __________ M a y ________ June $ 1 2 ,8 3 8 ,7 0 3 $11 856 ,3 7 5 12,1 4 5 ,8 1 5 1 0 ,9 5 8 ,2 7 5 _ 1 4 ,1 3 7 ,9 7 4 1 3 ,8 1 9 ,8 4 0 $ 6 ,810 847 6 ,6 2 9 ,4 6 3 9 ,5 8 5 ,5 8 6 $2,8 6 8 ,2 1 3 4 ,5 4 0 673 6 ,0 3 6 ,3 4 6 $ 3 9 ,1 2 2 ,4 9 2 * 3 6 ,6 3 4 ,4 9 0 $ 2 3 ,0 2 5 ,8 9 6 $ 1 3 ,4 4 5 ,2 3 2 $ 1 4 ,6 0 0 ,8 3 8 $12,581 ,902 $ 9 ,0 3 7 ,9 2 5 $6,8 6 3 ,8 3 3 1 6 .0 8 6 .8 3 2 14 041,601 10,6 0 2 ,1 8 7 6 ,2 5 6 ,5 1 8 1 4 ,8 4 6 ,0 3 5 1 3 ,5 0 1 .5 3 0 10,665 004 6 ,3 7 0 ,3 7 4 T o ta l q u a r t e r ............... $ 4 5 ,5 0 3 ,7 0 5 $ 4 0 ,1 2 5 ,0 3 3 $30 ,3 0 5 , 116 $19 ,4 9 0 725 T o t a l h a lf-y e a r $ 8 4 ,6 2 6 ,1 9 7 * 7 6 ,7 5 9 ,5 2 3 $53 ,3 3 1 . 012 $32 ,935 957 IN C O M E AC C O U N T FOR I iA L F Y E A R E N D IN G JU N E 30. 1907. 1906. 1005. $ $ T o t a l n et ea rn in gs h a lf-y e a r (see In t r o d u c t o r y r e m a r k s ). ____ . . . . 8 4 ,6 2 6 ,1 9 7 . 7 6 ,7 5 9 ,5 2 3 Deduct — F o r sinking- fu n d s . .......... ................... 3 ,4 1 0 ,2 0 3 3 ,2 1 7 ,5 7 8 D e p re cia tio n a n d reserve fu n d s _____ 9 ,9 9 3 ,4 7 4 9,6 7 4 ,1 6 8 S p ecia l im p r o v e m ’ t an d r t p la c e m ’ t fd1 2,000,000 5 ,5 0 0 ,0 0 0 I n t e r e s t -------------- -------------_ 1 1 ,3 4 8 ,0 0 0 1 1 ,4 5 9 ,8 3 3 A d d itio n a l p r o p ’t y , c o n s t r u c tio n , &c 3 3,00 0 ,0 i)0 23 500 ,0 0 0 $ 5 3 ,3 3 1 ,0 1 2 3 ,0 2 0 .5 2 0 8 ,6 8 3 ,3 5 3 1,(100,000 1 1 .567,213 1 0 ,800,000 T o t a l d e d u c t io n s ...................................... B a l a n c e --------------------------------------- ---------- 2 4 ,8 7 4 ,5 2 0 Dividends un Stocks — P r e fe r re d , 3 Hs % — -----------------------------. 1 2 .6 0 9 ,8 3 8 C o m m o n , 1 % ........................... ................... 53 ,3 5 1 ,5 7 9 2 3 ,4 0 7 ,9 4 4 3 5 ,0 7 7 .0 8 6 1 8,2 5 3 .9 2 6 12,6 0 9 .8 3 8 5 ,0 8 3 ,0 2 6 12,600,838 T o ta l d i v i d e n d s - . .................................... 17,6 9 2 ,8 6 4 U n d iv id e d earn in gs fo r h a lf-y e a r ____ 7 ,1 8 1 ,6 5 6 — V , 85, p . 227. 1 7 .692,864 5 ,7 1 5 ,0 8 0 12.609.83K ■>,6-14 ,08S 27T THE CHRONICLE. 3 1907.1 American Tobacco Company. (Statistics from Petition Filed in U. S. Government Suit.) The petition of the United States of America in its suit recently filed in the Circuit Court of the United States for the Southern District of New York against the American Tobacco Co. and others, for alleged violation of the Sherman Anti-Trust Act , makes a pamphlet of 135 pages, containing a large amount of information never before published regarding the status of the company and its subsidiaries. In the following we have compiled the leading data: DEFENDANT CORPORATIONS— A M . TOBACCO CO. AN D COMPANIES CONTROLLED IN ITS INTEREST. tm.m ■Stock Issued-------- —*-------- Stock Control— ----Common. Pre/erred. Preferred. Acq’d by ♦American Tob.Co. (.parent eo.) ...$ 4 0 ,2 4 2 ,4 0 0 S78.689.100 * Bi it .-A m .T o b .Co. - £6,000,000— i £2,000,000 tinp’lio b .C o . 1 £4.000.000 Am . Tob. Co. Imperial Tob. Co. — £18,000.000— Am. Tob. Co. “ a large stockholder.’ , ♦ A m .SnufR N .J.). 12,500,000 *12,500,000 j $4.040 600 $1,375,300 Am. T ob . C o. I 3.459.400 1.124.700 P.LoriilnrdCo. *Am . Cigar (N .J.) 10,000,000 10,000,000 8,970.000 7.725.100 Am . Tob. Co. ♦Am. Stogie (N .J.) 11,000.000 855,000 — ¥8,000,000— Am, CignrCo. ♦ H a v .T o b .(N .J .)_ 29.791,200 Majority do do 4.703.720 ♦H av.-Am . (N .J.) 250,000 S3,000,000 $1,581,300 Am . Tob. Co, P.Lorlllard (N.J.) 3.000,000 2.000,000 R. J. Reynolds do Tob. (N. J.) 7.525,000 5,000,000 ____ ______ do Spaulding Mer rick (N. J . ) . . . All 100,000 do do R. A. Patterson Tob. (V a.) . . . do do 150,000 All ♦Blackwell’s Dur. Tob. (N. J.) . 1.000.000 All do do do ♦S. Anargyros(N Y) 450,000 All do ♦Mon.Tob.W ks(NY) do All do 40,000 Luhrman & YVilbern ............. .. do do T o b .(V .J .) . . . _ 902,000 800.000 J.BoIlm an(N .J.) _____ do do 200,000 Majority do F. F. Adam sTob(W is) 400.000 ...... do All .1. W .CarrollTob (NJ) 4 IS,000 . . . A m . Tob. c,». All Nall <fc Williams do Tob. (K y .). __ _________ do 116.000 All Nash. Tob. W ks(Tenn) 120.000 . All do d o D a y «tN ig h tT o b (O ) All do do 400,000 Pin kertonTob. (O) do 100,000 66,600 i R. P. Richardson Jr.A:Co. (N .J .). 300.000 Control ________ do d o F . R . PennTob. (N .C.) 262,500 ............. .. B l.D ur.T ob. Control \\ ells, Whitehead Tob. (N. C .)..... All _________ do do 150,000 U ipfert-Scales (NC) 400,000 _____ R .J .R ey .T ob . M ajority W. S. Mathews <t 'B rit.- Am.CO. Sons (NT. J . ) __ _ Am. SnutTCo. 400.000 Majority T.C.W iiliam s(Va.) _______ B rit.-Am . Co. 400,000 Majority 1). Dunlop (N .J .). do Majority do 450,000 \\ .F..G arrett&S(Pa) 000,000 All . . . . . . . Am. Snuff Co. D eVoe Snuff (N .J.) All . . . ___ do do 50,000 Standard Snuff (Tenn) 281,600 All ________ do do H. Bolander (111.) ____. . . . do do 135.000 Majority W evman A- Bro. (NJ) All ________ do do 500,000 ( •> ♦Porto Rican-Am .Tob. ( N .J .) . 1.799,(100 .... Am.CigarCo. 657,600 Onited CigarSt(NJ) 900.000 All Am . Tob. C o' 750,000 600,000 ♦ K v .T o b .P ro .(K v ) 1.000.000 ♦Am ster.Supoly(NJ) 225.000 N ot stated Various co ’s. i ♦MacAndrews & Forbes (licorice) (N J ) _ 3,000.000 4,000,000 750.000 Am . Tob. Co. 2,112.900 •I. S. Young (Me.) . .. M acA.ifcF.Co. 300.000 500,000 Mai. voting Conley Foil (N .J.) 375,000 _________ Am . T ob . Co. 225,000 ________ Conley F. Co. .1o hnstonTinF. <&M. 300,000 All ♦Golden Belt Mfg. (N .,!.), mfrs. tob. bags.<fee. in NT.C. Am. Tob. C o. 700.000 650.000 ♦Meneel B ox (K y ) 1.973.200 1 .500,000 do do ♦Manhat. Br.Pipe. do 350.000 350,000 do i 3.366,700 ♦Int. Cigar Ma ___ ___ do do chinery (N. J .). 10.000,000 i 2.920.000 ... A m .C iga rC o; ♦Carson \ ending Machine (N. J.) 25,000 50.000 . . . . . . . . \m. Tob. Co Crescent Cigar & Tob. Co. (I.af). All _________ do do 20,000 9 ♦Florodora Tag 10.000 .. -mm ♦Tlios. Cusack (NJ) 150,000 100,000 MOO ,000 ________ do do M. B laskow er (Ne v) 250,000 — $375,000— Am, Cigar Co. 250.000 R . D . BurnettCigar(A la) 15,000 ________ do 7,700 do Cl.W eilCigar(Va.) 50,000 25.500 do do Corp.J &BM oos (N J) do 150,000 100.000 _____ . . do J.A-B.M oos(NJ) _ All 200,000 .............. do do Dusel Ooodloe <t Co. (N .J .)_____ 72,000 51,000 ............. do d o J .J.( '.oodmmToh. (Ga l 60,000 do do 47,700 Jordan, Gibson & Baum (T enn.). 42.500 ............. do do 50,000 Louisiana Tob. (La.) _________ do 50,000 37,550 do ♦Smokers' Par.(NJ) ................ do 75,000 59,900 do ♦Cuban Land & Leaf (N. J .). 100,000 All ________ do do ♦ Porto Rican Leaf Tob. (N. J . ) . .. . . . . . . __ do do 500,000 250,000 ♦Federal Cisar( Pa.) n250.000 200,000 ................ do do ♦Federal Cigar Real 1 E state................ 30,000 All ........... do do * Offices at 111 5th A v., N. Y . C lt y .V « Also"g:ven as 8200 000. b Carries entire voting power. ?/ American Snuff Co. also lias $500.1)00 of the stock, z The Ameri can Tob. Co. is stated to own $10,000,000, but this can hardly be correct unless the amount is additional to the $10,000,000 shown as outstanding, for at least a portion of the latter issue is held b y the public. RONDS AND NOTES REPORTED OUTSTANDING B Y ABOVE COMPANIES DECEMBER 31 1906. American Tobacco Co. b o n d s ._______ __________ _________ ______ ____ .$16,260,450 American Cigar Co. notes (American Tobacco Co. m ay ov.-n part— see "z" a b o v e ).................... ........................................................ .............................. 10.000,000 Imperial Tobacco Co. bonds _______ ___ ______________ .. £2.065,000 Havana Tobacco C o ., notes (American Cigar Co. owns $ 3,500,000). ____ $7,500,000 __ ... .. 100.000 Johnston Tin Poll C o ., bonds. _. ... .... United Clear Stores bonds (American Tobacco Co. owns a l l ) . ............... 2,850,000 ACQUISITIONS BY AMERICAN TOBACCO CO .1 !$D CONSIDERATION THEREFOR. Company. Merged in Jan. 1890— — Consideration-------------- Com. Stock . I'rej. Stk. Cash. Total. $ S S S Allen * G Inter. Richm ond. Va 4,500.000 3,000,000 _____ . 7,500,000] W Duke Sons & Co. Durham, N. C ., and New Vork C ity__ 4,500.000 3.000.000 . . . 7,500.0001 Kinney T ob acco C o.N .Y .C ity 3,000.000 :.’ ,000.000 . . 5 000 .000 v W .S.Kimball&Co. ,Roch. ,N .Y _ 1,500.000 1.000.000 . . . 2.500.000) (Goodwin & Co , B rooklyn, NT. Y. 1,500,000 1.000.000 . . . 2,500.000 Acquired in 1891— /N ational r o b . W ks., Louisville 800,000 400.000 600,000 1.800.000 Philip W hitlock, Richm ond, Va. ______ ....... 300.000 Marburg B ros.. Baltimore, Md 1.845.000 1.230.000 164.638 3.239,638 G. W (Jail & A v . B alt., Md . 1.055,000 705.000 77,583 1,837,583 Acquired in 1892 to 1899— S. Hem sheim Bros. &Co. ,N . Orl. 150,000 100.000 269.961 519.961 zJas. G. Butler T ob. C o .. St.. 1. 273.000 192.000 2,919 467.919 a l nion Tob Co.. N. Y. C it y ..12,500,000 _____ _ 12.500,000 I'lanl Operated. Original nucleus As bra n ch As branch \s branch Abandoned Closed Closed Dissolved 278 THE CHRONICLE. OTHER A C Q U IS IT IO N S OF A M E R IC A N TOBACCO CO., 1895 TO 1907, A N D A M O U N T ( " V cash) P A I D TH ER EFOR . .Plants all closed except those form erly owned b y Herman Ellis, Catlin T o b , Co.. W , R . Irley, Gradle & Strotz and F. W . Feigner & S on Co.; also M onopol T o b , W orks and Luhrman & W ilbern, whose organizations are m aintained.: Year. Company. Consideration. \Year. Company. Consideration. 1895 Consol.CigaretteCo..N .Y. ?/$288,485 ' 1899 (/John Conley & Son, 1B95 H ermanEilis, B altim ore. y 147,206! New Y ork C it y ...........N ot stated 1895 Thos. H . H a ll, N Y . City 2/549,165 1899 F . W. Feigner & Son C o., 1895 H. W. Meyer T ob . Mfg. I Baltimore .................. .. 2/433,745 C o., New Y ork C it y .. 2/351,916 11899 eBlackw eil'sDurham T ob. 1896 A . H . M otley C o.. R eids! C o., Durham , N. C ...?/4 ,0 0 0 ,0 0 0 vile, N . C____________ 2/24,000 i 1899 Beck & C o., Chicago, Til. 322,296 J897 Am .E agleT ob.C o..D etroit 2/60,000 j 1900 F . S. Anargyros, N. Y _ . 2/680.000 1898 Herman M andelbaum, ! 1900 John Bollm an C o., San New Y ork C ity_______ 2/26,000 1 F ra n cisco................. . .N o t stated 1898 zBrow n Tob. Co., St. L_:;a1 ,205,712 11901 Rosenblum & Lehman* New Y ork C ity____ 32,587 1898 arDrumtnond Tob. Co., St. Louis_____________ 2/3,457,500 1901 C. V. W infree T ob . Co. Lynchburg 14 301 3899 Catlin Tob. C o., St. Louis 2/550,707 1899 M onopol T ob. W k s.,N .Y . ^250.000 1901 D . H. McAlpin & C o., New Y ork C ity_______ 1899 W . R . Irley T o b . C o., L td ., New Orleans___ 2/625,000 1903 R . F. Morris & Son Mfg. 35,000 Co., Durham, N. C . . 1899 Luhrman & W libern, 375,000 Middletown. O .............. 918,000 1903 T. C. W illiams, H ichm 'd. 1899 Banner Tob. C o., D etroit 2/50,000 1904 Bland Tob. C o., Peters burg, V a _____________ 86,425 1899 M lucabado & P ortela,' 424,500 San Juan......... .............N ot stated 1905 W eynian & Bros._, C h ic .. 108,95111905 B. Leidersdorf ‘ <fc Co., 1899 M. S. Pach olderC o.,B alt 600,000 M ilw au kee___________ 1899 Golden Belt Mfg. Co. 249,194 North Carolina_____ y N ot stated ! 1907 Leopold Miller & S o n s .. 1899 Gradle & Strotz, Chicago 2/8186,162 i a This com pany owned, am ong other things, all the $1,000,000 capital stock of the Blackwell's Durham T ob acco Co. 6 The property of the Rucabado & Portela, acquired as above, was transferred to the P orto Rican-Am erican Tobacco Co. 4 The property of John Conley & Son was transferred to the Conley F oil C o.. organized in New Jersey with capital stock of $250,000, later increased to $375,000, o l which $225,000 is owned b y the American Tobacco Co. e The property of the Blackw ell's Durham Tob.C o. of N. C. was transferred to a corporation organized under the same name in New Jersey, with a capital stock of $1,000,000; this new com pany in 1902 acquired the stock of the Reynolds Tob. Co., Bristol, Tenn., whose plant was closed, and the com pany liquidated; in 1903 they purchased $262,500 of the stock of the F. R. Penn Tobacco C o., Reidsville, N. C., and all the stock of the W ells-W hitehead T ob . C o., W ilson, N. C. x In or about 1901 the American T obacco Co. transferred to the Continental T o bacco Co. (which has since been merged with it under title o f “ The Am erican T o bacco Co.” ) the assets, brands, business, real estate, good-w ill, & c., appertaining to its plug tobacco business, including the National Tobacco W orks, the Jam es G. Butler Tobacco Co., Drumm ond Tobacco Co. and Brown Tobacco Co. in exchange for $30 274,200 capital stock of the Continental Tobacco Co. (one-half preferred and one-half com m on ), $300,000 cash and an additional sum equal to loss sustained b y American Tobacco Co. in its plug business since Jan. 1 1898, $840,035. Prior to Jan. 1891 the National Tobacco Works was owned b y the firm of Pftngst, D o e r Itoefer & Co. A C Q U ISITIO N S B Y C O N T IN E N T A L TOBACCO CO. A N D C O N S ID E R A TIO N TH ER EFO R . Cash. Total. Cum. Slock. Pref. Slock. ttf Company. $ $ “ Merged in 1898— $ $ 224,375 9,099,375 V . J. 8org C o ., M iddletown, O _______ 4,525,000 4,350,000 55,000 5,355,000 John Finzer * B ro s ., Louisville, K y _ . 3,050,000 2,250,000 4,923,600 Daniel Scotten * Co, Detroit. M ic h .. 3,012,500 1,911,100 66,125 3,241,125 P. H. Mayo & Bros., R ichm ond, V a .. 1,925,000 1,250,000 994,117 J. Wright C o., Richm ond, V a _______ 495,000 495,000 4,117 aPlug tobacco business of A m .T o b .C o .15,137,100 15,137,100 1,140,035 31,414,235 Acquired in 1 8 9 9 400,000 Bowers Snuff & T ob. C o., L ou isville .. 200,000 200,000 30.000,000 Liggett & Myers Tob. C o., St. L o u is ..17,5 00,000 12,500,000 OTH ER A C Q U IS IT IO N S B Y C O N T IN E N T A L TOBACCO CO. Plants all closed except plant of Mengel B o x C o ., whose organization is maintained.) Acquired in 1901 (Conti)— Consider n. Acquired in 1899— Consideration. W right Bros. T ob . C o.,St.L ouis $132,001 M. C. W etm o re T o b . Co.. St. L . $578,430 Wilson & McCally Tob. Co., eC. C. Mengel Jr. Bros. & Co. Middletown, O ...................... .. 361,900 Louisville K y _____ ________ N ot stated Acquired in 1902— <fLouisv. Spirit-Cured T ob . C o . ______ F . F. Adam s Tob. C o., M ilw ..2,205.090 eR. J. Reynolds T o b a cco Co., W inston-Salem, N . C ______N ot stated S pa uld ing* M errick, C h ica g o .. 1,362,900 Acquired in 1903-04— Buchanan & Lyall. B k ly n .N .Y .2,400.000 Butler & Bosher Co., Richm ond 208,055 Acquired in 1900— mice & Vaughan, L ou isv., K y . . 80,285 Harry Weissinger T ob . C o., Louisville, K y . .........................1,179,150 Acquired in 1901— 69,843 W ellman Dwire Tob. Co. St. L . 583,027 Manuf’ rs’ T ob . Co., Louisville. Meriwether Snuff & T ob . Co., S. W . Venable T ob acco Co. of Clarksville, T e n n ............... ...... 5,063 Petersburg, V a _____________ 117,019 Addison Tinsley T ob acco C o., Louisiana, M o_______________ 110.467 a Includes the National Tobacco Co., James G. Butler T ob acco C o., Drummond T ob acco Co. and Brown T ob acco Co.; the cash consideration, $1,140,035, includes $840,035 to cover loss of Am. T ob . Co. ir> its plug business since Jan. 1 1898. b O f the American T ob acco Co. c The property of Mengel .Jr. Bros. & Co. acquired as above was transferred to the Mengel B ox Co. This com pany has acquired the capital stock ($150,000) of the Columbia B ox Co. and of the Tyler B ox Co. ($25,000), both of St. Louis. d The property o f the Louisville Spirit-Cured T ob . C o., acquired as above, was transferred to the K entucky Tobacco Product Co. eT h e property o f the Reynolds T ob . C o., acquired as above, was transferred to a corporation with the same name organized in New Jersey: capital stock o f $5,000,000, subsequently increased to $7,525,000. This new com pany later purchased the busi ness of the following concerns: 1900— T. L. V a u gh an * C o ., consideration $90,506; Brown Bros. & C o.. consideration $67,615, and P. H . & B . F. Hanes * C o., con sideration $671,950; all of W inston, N. C. 1905— Rucker & W itten T ob acco C o., Martinsville, Va.. consideration $512,898. 1906— D . H . Spencer & C o., Martinville, Va., consideration $314,255. All of the above plants were imm ediately closed. The R . J. R eynolds Tobacco Co. also holds a m ajority of the $400,000 stock In the Liipfert Scales Co. of W'inston, N. C.; $98,300 stock of the MacAndrews & Forbes Co. and $9,600 o f the Amsterdam Supply Co. A C Q U IS IT IO N S O F A M E R IC A N S N U F F CO. The Atlantic Snuff Co. was incorporated in New Jersey in 1898 and took over, With other property, the plant of Bruton <fc Condon, Nashville, Tenn., and all the capital stock of W . E. Garrett & Sons Philadelpliia, one of the principal domestic snuff concerns. In 1900 the American T obacco C o., Continental T ob acco Co.. P. Lorillard Co. and Atlantic Snuff Co. agreed to merge their snuff business under title of American Snuff C o., with $25,000,000 authorized capital stock, of which (,one-half preferred, the American T ob acco Co. and its allies, the Lorillard and the 'C ontinental, together receiving $7,500,000 com m on and $2,500 000 preferred. -------------------- Con sideration.A cq u ired in March 1900— Com. stock. Pref. slock. Total. $7,500,000 *$10,000,000 Atlantic Snuff C o................................................... .$2,500,000 1,124,700 4,584,100 P. Lorillard Co.’ s snuff b u s in e s s ......................... 3,459,400 1,177,800 4,405,300 American Tobacco C o.’s snuff business_______ 3,227,500 197,500 1 010,600 Continental Tobacco C o.'s snuff business_____ 813,100 G .W . Helme Co.,H elm etta, N.J. (organm aint) 1,000,000 2,000,000 3,000,000 Other Acquisitions ol American Snuff Co. -Plants Closed. Consideration. 'Tear— Consideration. |Year— 190 0.Stewart-Ralph Snuff C o .. ! 1 9 0 4 ..S .B .H ollow ay C o .,K y .. $24,215 Clarksville. Tenn___ Not statedi 1 9 0 4 ..Meriwether Snuff & T o 1901—_Dalmer & C o., Pitts. .N o t stated I bacco C o., Clarksville. 41,254 1 9 0 1 ..DH M cAIpin&Co.Bklyn.Not, stated 11905(1-W eym an& B ro.Pitts,Pa 1,577,177 1 9 0 2 .-StewartSnCo,Clarks,Tenn $63,5181— — Acquired since Jan. 1 1906. 1902. .McNamarn-Laird C o ., Ala 13.489 !J H Fye Co, Clarksburg, W V a . $8,000 1902— Indep Snuff Mills Co, V a. 16,741 ISun T ob Co, Clarksburg, W V a . 2,610 1 9 0 2 ..Dental_Snuff Co, V a ____N ot stated |R Starr&Co, B a ltim ore, M d___ 92,640 1903. _R F Morris & SonsMfgCo. 4,813|Arnd Bros, Baltim ore, M d ... . . 20,000 1903— W LVenable& Cc.Pet’g.Va 5,900 I Other Acquisitions of American Snuff Co— Organisations Preserved. Y ear— Consideration.] Year— Consideration. 1 9 0 1 ..D ev oe Sn Co. Spotts’ N J .$ l0 1 ,0 1 2 I1 9 0 4 ..H Bollander, C h ic a g o ... $138,045 1I903--Skinner C o______ _____ _ 2 3 ,2 6 7 1 1 9 0 3 ..Standard Snuff C o____ N ot stated [V o l . lxxxv . Am ong other assets the American Snuff C o ., it is stated, owns $1 .OSO.OOO preferred stock and $100,000 bonds of the American Tobacco Co.; $500,000 in American Cigar Co. and 8181,800 in W . S. Mathews & Sons. a W eym an & Bro. was reorganized under the same name with a capital stock of $500,000, all owned b y the Am erican Snuff Co. This plant was rem oved to Chicago, A C Q U IS IT IO N S OF A M E R IC A N CIGAR C O M P A N Y . The com pany was incorporated in 1901 with $10,000,000 capital stock— after wards increased to $20,000,000— Ihe American Tobacco Co. subscribing for 4(j'A % and its ally, the Continental T ob acco Co , for the same am ount. “ The American T ob acco now holds o f the com m on stock $7,725,100 and o f the perferred $8,970,000. arid also $10,000,000 in notes." (A considerable am ount of notes is known to have been sold and we question whether the Am erican com pany holds any such am ount of the notes as here stated.— Ed.] Acquired in 1901— Consideration. | Acquired in 1901— Consideration ^Havana-American C o..............$4,000,0001Brown Bros & Co, Detroit, Mich.$469,272 Poweii, Smith &Co, N Y _____ 2,130,6641 Acquired in other years— S. L evy & Co, Passaic, N J . . . 11,78911902. .R o th , Bruner&Feist.Cin. .$225,471 Barlow ,R ogers & C o,Birm ,N Y. 305,68111903. .PhilippiCigC o,Philippi,V a 4,203 H um mel, Vogt Co., Louisville. 42,428| 190 3..U n itedC ig S tores,N Y fac. 54,141 aAmer Tob Co cigar, &c, i n t .. 3,909.952 1 9 0 5 -.A m CigM achCo.Portl,M e. ---------Bingham tonCiuar C o., N Y City 1,000 J1906. _ M W M endel& B ro,N Y C .. 643,482 c Harburger, Homan & C o____ 1,311,0001 a The Am erican Tobacco Co. conveyed all its business o f manufacturing cheroots, cigars and stogies weighing more than 3 lbs. to the thousand, and of dealing and dis tributing the same throughout the w orld, to the American Cigar Co. b The ilavana-Am erican Co. acquired as above was transferred to the H avana Tobacco Co. in 1902 under the laws of New Jersey, with $34,500,000 stock (of which the American Cigar Co. holds a controlling interest) and a bonded debt of $7,500,000, $3,500,000 o f the said amount being held b y the American Clear Co. c Factories in New Y ork , Philadelphia, Camden, Trenton and Baltimore. Am ong other assets the American Cigar Co. owns the stock specified in the follow ing corporations; American Stogie C o., $7,307,275 out of a total issue of $11.855,000 International Machinery C o., $2,920,200 out of total issue oj $10,000,000; Porto Rican-Am erican Tobacco Co., $657,600 out of $1,999,000. For other assets see first table above, shewing the defendant companies. mi T h e A m e r ica n S to g ie C o . -•*« T h e d e fe n d a n ts in M a y 1903 cau sed t o be in c o rp o ra te d u n d er th e law s o f N e w J e rse y th e A m e r ic a n S to g ie C o. (V . 76, p . 1145; V . 77, p . 148; V . 8 0 , p . 2 4 0 0 ), w ith an au th o riz e d c a p ita l o f 8 1 1 ,9 7 6 ,0 0 0 . D e fe n d a n ts , th e A m e r ic a n C igar C o ., th e A m e r ic a n T o b a c c o C o. an d th e C o n tin e n ta l T o b a c c o C o ., c o n v e y e d t o th e A m e r ic a n S to g ie C o. im m e d ia te ly a fter its in c o r p o r a t io n in e x c h a n g e fo r $ 8 ,2 0 6 ,2 7 5 o f its s t o c k th e ir sto g ie and t o b ie b u sin ess, to g e th e r w ith th e p la n ts , p r o p e r t y a n d rig h ts c o n n e c t e d th e re w ith ; an d agreed th a t th e y w o u ld n o t at a n y tim e w ith in fift y years d ir e ctly o r In d ire ctly a d v e rtis e o r la b e l a n y a rticle m a n u fa c tu r e d o r sold b y th em as sto g ie s o r t o b ie s in c o m p e t it io n w ith th e c o n v e y e e c o m p a n y o r th e U n ite d S ta te s C igar C o . In e x c h a n g e fo r $ 3 ,6 4 7 ,7 2 5 o f its s t o c k , d u rin g 1903 th e A m e r ic a n S to g ie C o . a cq u ire d fr o m th e sev eral h o ld e rs all th e shares o f th e U n ite d S tates C igar C o ., a D elaw are c o r p o r a t io n , an d th e rea fter t o o k fro m rhe la tte r a c o n v e y a n c e o f all Its p la n ts a n d assets. T h e U n ited S tates C ig ar C o . h a d a cq u ire d an d o w n e d th e e n tire c a p ita l s t o c k , $ 1 ,2 5 0 ,0 0 0 , o f th e W . W . S tew art C o ., a c o r p o r a t io n m a n u fa c tu r in g an d dea lin g in s to g ie s , w h ich la tte r c o n tr o lle d th e p r o p e r t y and assets o f th e C ollin s C igar C o ., a c o r p o r a tio n w ith ca p ita l o f $10 0 ,0 0 0 ; th e U n io n A m e rica n C igar C o ., a c o r p o r a tio n w ith c a p it a l o f $60 ,0 0 0 ; an d also Z e u g s c h m ld t B roth ers, W . W . B lak e an d M . B rills & C o. T h e A m e r ic a n S to g ie C o. ow n s all th e ca p ita l s to c k o f th e A m e r ic a n S to g ie C o. o f P e n n s y lv a n ia an d also $ 1 ,500 s to c k o f th e A m s te r d a m S u p p ly C o. T h e A m e r ic a n C igar C o . h o ld s an d o w n s $ 8 ,0 0 0 ,0 0 0 o f th e ca p ita l s t o c k an d has a lw a y s s e le cte d th e b o a r d o f d ir e cto r s . T h e re p o r t for th e y e a r 1906 sh ow s o u ts ta n d in g ca p ita l s to c k $ 1 1 ,8 5 5 ,0 0 0 , n et p rofits fo r th e y e a r , $ 7 0 ,0 4 1 . T h e o u t p u t fo r 1906 w as a p p ro x im a te ly 100 ,0 0 0 ,0 0 0 sto g ie s a n d to b ie s . M a cA n d rew s & F orb es C o .— L ico rice C on solidation . T h e p rin cip a l Im porters an d d o m e s tic m a n u fa c tu r e r s , sellers an d d is trib u te rs o f p a ste an d o th e r lico rice p r o d u c ts a m o n g th e S tates at th e b e gin n in g o f 1902 w ere M a cA n d re w s & F o r b e s o f N e w a rk , N . J ., th e M ellor & R itte n h o u s e C o . o f C a m d e n , N . J ., J . S. Y o u n g C o . o f B a ltim o re , M d ., S ta m fo r d M a n u fa ctu rin g C o . o f S ta m fo r d , C o n n ., an d J oh n D . L ew is o f P r o v id e n c e , R . I. S m aller m a n u fa c tu r e r s , sellers and d istrib u ters w ere Y o u n g & S m y lle , F . B . & V . P . S c u d d e r, an d W e a v e r & S terry , L im ite d , N e w Y o r k C ity . T h e M ellor & R itte n h o u s e C o. w as co n tr o lle d b y th e C o n tin e n ta l T o b a c c o C o. th ro u g h s t o c k o w n ersh ip . In M a y 1902, d e fe n d a n ts , in pu rsu a n ce o f th eir general p u r p o s e s , th r o u g h th e C on tin e n ta l T o b a c c o C o ., secu red c o n tr o l o f M a cA n d rew s & F o r b e s . T h e re a fte r the# C o n tin e n ta l T o b a c c o C o ., th e M ellor & R itte n h o u s e C o. an d M a cA n d re w s & F o r b e s agreed th a t a n e w c o r p o r a t io n , ca lled th e M a cA n d re w s & F o r b e s C o ., sh o u ld b e org a n ize d u n d e r th e law s o f N ew J e rse y an d a cq u ire th e businesses o f M a cA n d re w s & F o rb es an d th e M ellor & R itte n h o u s e C o ., o f im p o rtin g lic o r ice r o o t and m a n u fa c tu r in g , sellin g and d is trib u tin g lic o r ice p r o d u c t s . T h is ag reem en t w as carried o u t a n d th e c o r p o r a tio n o rg a n iz e d w ith a ca p ita l o f $ 7 ,0 0 0 ,0 0 0 , $ 4 ,0 0 0 ,0 0 0 p r e ferred an d $ 3 ,0 0 0 ,0 0 0 c o m m o n , th e la tte r alon e h a v in g v o t in g p o w e r . T h e C o n tin e n ta l T o b a c c o C o . secu red m o re th an tw o -th ird s o f th e c o m m o n s to c k b y a g reein g t o p u rch a se fro m th e n e w c o r p o r a tio n all p a ste used b y It d u r in g th e y e a r a t 7 M ce n ts p e r p o u n d . T h e A m e r ic a n T o b a c c o C o. n o w h o ld s $ 2 ,1 1 2 ,9 0 0 o f th e c o m m o n s to c k an d $ 7 5 0,00 0 p re ferred . In Ju n e 1902 M a cA n d re w s & F o r b e s C o. p u rch a se d all th e business o f th e S ta m fo r d M a n u fa ctu rin g C o v In th e sam e y e a - d e fe n d a n ts an d th e M a cA n d re w s & F orb es C o. in c o r p o r a te d th e N a tio n a l L ic o r ic e C o . (e v e r sin ce in a g reem en t w ith t h e m ), w h ich a cq u ire d th e business o f Y o u n g & S m ylie an d F . B . & V . P . S cu d d e r, m a n u fa ctu re rs o f lico rice p a s te , a n d th e v e n d o r s agreed t o g o o u t o f th e business. T h e N a tio n a l L ic o r ic e C o. th e n agreed n o t t o m a n u fa ctu re lic o r ice p a ste t o b e used In t o b a c c o p r o d u c ts (V . 78, p . 106; V . 84, p . 5 4 .) T h e re a fte r M a cA n d re w s & F o r b e s C o ., J . S. Y o u n g C o. o f B a ltim ore an d Jobri D . L ew is o f P r o v id e n c e en tered Into a c o m b in a tio n and Induced th eir o n ly c o m p e t it o r , W e a v e r & S te rry , L im ite d , o f N ew Y o r k C ity , t o establish an d m ain tain a rb itra ry an d n o n -c o m p e t it iv e p rices. In D e ce m b e r 1903 a n e w c o r p o r a t io n w as o r g a n iz e d , w ith th e n a m e J . S. Y o u n g C o m p a n y , a n d $80 0 ,0 0 0 c a p ita l, t o w h ich th e bu sin ess o f th e o ld Y o u n g c o m p a n y w as tr a n s fe rr e d . A large m a jo r it y o f th e c o m m o n s t o c k , w h ich alon e had v o t in g p o w e r , w as Issued t o t h e M a cA n d re w s & F o r b e s C o . In co n sid e r a tio n o f its g u a ra n te e in g th e a n n u al sale o f 5 ,0 0 0 ,0 0 0 p o u n d s o f p a ste b y th e Y ou n g com p an y. In 1906 an In d ictm e n t w as fo u n d a g ain st th e M a cA n d re w s & F o r b e s C o. a n d th e J. S. Y o u n g C o ., ch a r g in g th e m w ith v io la tin g th e A c t o f C on gress p a sse d J u ly 2 189 0, a n d t h e y w e re tr ie d an d c o n v ic te d . A ft e r th e a b o v e m e n tio n e d in v e s tig a tio n began , th e M a cA n d re w s & F o r b e s C o. a cq u ired all s to c k o f th e J . S. Y o u n g C o . and t o o k an a b s o lu te c o n v e y a n c e o f th e la t te r ’s business an d p la n t and is n o w o p e r a tin g th e sam e as a b ra n ch . I n th e w a y s a b o v e d e s crib e d , th e d e fe n d a n ts h a v e secu red c o m p le te c o n tr o l o f lic o r ice ro o t an d n o w h a v e n o fo rm id a b le c o m p e t it o r in such tra d e an d c o m m e r c e , an d o f th e 3 5 ,0 0 0 ,0 0 0 p o u n d s o f lic o r ice p r o d u c ts a n n u a lly c o n su m ed w ith in th e U n ite d States, th e y m a n u fa c tu r e , sell an d d istrib u te e x c e e d in g 95 % , an d th e ir im p o rta tio n o f lic o r ice r o o t co n s titu te s e v en a larger p e r c e n ta g e o f th e w h o le . United C iga r Stores C o m p a n y . In N o v e m b e r 1901 d e fe n d a n ts a cq u ire d c o n t r o l o f th e U n ite d C igar Stores C o . (see V . 85, p . 103 , an d earlier referen ces t o ' ‘ C h ro n ic le .” — E d .) , a N ew J ersey c o r p o r a tio n org a n ize d in M a y 1901, an d e n g a g e d in selling an d d is tr ib u tin g t o b a c c o p r o d u c t s o f all k in d s th r o u g h o u t th e U n ited S ta tes, e s p e c ia lly a t retail. T h e A m e r ic a n T o b a c c o C o . h o ld s $60 0 ,0 0 0 o f th e $ 9 0 0 ,0 0 0 c o m m o n s t o c k , all th e p re fe rre d s t o c k ($ 7 5 0 ,0 0 0 ), an d $ 2 ,8 5 0 ,0 0 0 o f th e c o m p a n y ’ s b o n d s . T h e U n it e d C igar S tores C o. has a cq u ire d in v a rio u s w a y s th e business o f m a n y retailers and n o w op e ra te s cig a r stores In N ew J ers ey , N ew Y o r k , P e n n s y lv a n ia , O h io , M a r y la n d , W a s h in g t o n , D . C ., C o n n e c tic u t, C a liforn ia W a s h in g to n , D e la w a re , O re g o n , T e x a s , M a ssach u setts, R h o d e Isla n d , Illin o is, M in n e so ta , M ich igan , In d ia n a , M issouri, W is c o n s in , K e n tu c k y a n d o t h e r S ta te s . I t b u y s t o b a c c o p r o d u c ts and su p p lies o f all kin d s in th e d iffe r e n t S ta te s , ships th e m t o its d e p o t s in N e w Y o r k C it y , C h ica g o a n d San F r a n cis c o , and su b s e q u e n tly d is trib u te s th em a m o n g Its stores in d iffe r e n t S ta te s . U n d e r d ir e ctio n o f th e A m e r ic a n T o b a c c o C o ., th e U n ited C ig ar S to re s C o. p r o m o te s th e sale o f t o b a c c o p r o d u c ts m a n u fa ctu re d b y d e fe n d a n ts and h in d e rs and o b s tr u c ts th e sale o f p r o d u c t s o f in d ep en d en ts. It has at t r e m e n d o u s c o s t set u p retail sto re s at p r o m in e n t p la ces In v a riou s citie s , and b y m e a n s o f th e p o w e r fu l s u p p o r t o f d e fe n d a n ts Is seeking t o a cq u ire c o n t r o l o f th e retail business. A u g . 3 1907.] T h e U n ite d C igar S tores C o ., th r o u g h s to c k o w n e rsh ip , c o n tr o ls th e fo llo w in g c o m p a n ie s e n g a g e d in selling t o b a c c o p r o d u c ts : U n ite d C igar S tores C o . o f C h ic a g o , 111., ca p ita l o u ts ta n d in g $38 9 ,8 0 0 : U n ite d Cigar S tores C o. o f P r o v id e n c e , R . I . , c a p ita l o u ts ta n d in g $98 ,0 0 0 ; R o y a l C o. o f N ew Y o r k C ity , c a p ita l o u ts ta n d in g $ 1 0 0 ,0 0 0 : C. A . W h e la n & C o ., I n c ., o f S y ra cu se, N . Y . , c a p ita l o u ts ta n d in g $ 5 0 ,0 0 0 ; U n ite d C igar Stores C o ., a g e n c y , o f N e w Y o r k , c a p ita l o u ts ta n d in g , $ 1 ,0 0 0 ; U n ite d M e rch a n ts’ R e a lt y & Im p r o v e m e n t C o. o f R h o d e Is la n d , ca p ita l o u ts ta n d in g $50 0 ,0 0 0 ; M oeb s C igar S tores C o. o f D e tr o it , M ic h ., c a p ita l o u ts ta n d in g $10 ,0 0 0 ; W m . B a ed er & C o ., N e w Y o r k , ca p ita l o u ts ta n d in g $ 2 5 ,0 0 0 . Other A s sets o f the A m erica n Tobacco C o. A m e r ic a n M ach in e & F o u n d r y C o .— C a p ital s t o c k $ 1 0 0 ,0 0 0 ; h o ld in g s o f A m e r ic a n T o b a c c o C o . $51 ,0 0 0 ; A m e r ic a n C igar C o . h o ld s th e b a la n c e , $ 4 9 ,0 0 0 . M a n u fa ctu re s m a ch in e ry fo r th e be n e fit o f d e fe n d a n ts . T h e N ew J ersey M ach in e C o ., w ith $10 0 ,0 0 0 c a p ita l, o f w h ich th e A m e rica n T o b a c c o C o. ow n s $ 5 1 ,0 0 0 an d th e A m e rica n C igar C o. $ 4 9 ,0 0 0 , is an a d ju n c t t o th e A m e r ic a n M a ch in e & F o u n d r y C o. In te r n a tio n a l C igar M a ch in e ry C o .— O rga n ized In 1901 u n d e r c o n tr a c t b e tw e e n th e A m e r ic a n T o b a c c o C o . an d o w n ers o f p a te n ts fo r th e m a n u fa c tu re o f cig a r m a ch in e s p r o v id in g th a t these p a te n ts sh o u ld b e tra n s ferred t o th e n ew c o r p o r a tio n . C a p ital s to c k $ 1 0 ,0 0 0 ,0 0 0 , o f w h ich th e A m e r ic a n T o b a c c o C o. ow n s $ 3 ,3 6 6 ,7 0 0 , fo r w h ich lt p a id cash $ 1 ,0 7 7 ,9 0 6 a n d in a d d itio n e x e c u te d c o n tr a c ts r e la tiv e t o s o m e o f its o w n In ven tion s. T h e A m e r ic a n C igar C o. o w n s $ 2 ,9 2 0 ,2 0 0 . (V . 72, p . 186.) A c k e r , M errall & C o n d it C o .— T h e A m e r ic a n T o b a c c o C o. ow n s $90 0,00 0 o u t o f a to t a l Issue o f $ 5 ,0 0 0 ,0 0 0 c o m m o n s t o c k . T h e c o m p a n y w as o r g an ized t o d o a general g r o c e r y business and Is a large d is trib u te r o f cig ars. S ta n d a rd T o b a c c o S te m m e r C o .— F o rm e d fo r e x p lo itin g p a te n ts fo r ste m m in g lea f t o b a c c o . In 1899 and th e re a fte r th e A m e rica n T o b a c c o C o. a cq u ire d $ 1 ,6 8 4 ,5 0 0 o f its c a p ita l s t o c k at a c o s t o f $64,995 76. Im p eria l T obacco C o .— B ritish -A m erica n T obacco C o. D e fe n d a n ts p r io r t o 1902 d e te rm in e d t o pu sh th e sale In th e U n ite d K in g d o m o f t o b a c c o p r o d u c ts m a n u fa c tu r e d b y th em in th e U n ite d S ta te s, a n d t o fa c ilita te th a t p u r p o s e in S e p t. 1901 p u rch a se d fo r $ 1 ,5 0 0 ,0 0 0 c o n tr o l o f a L iv e r p o o l c o r p o r a tio n k n o w n as O g d e n s , L im ite d . A la rm e d at th e in v a sio n o f th e ir t e r r ito r y , E n g lish m a n u fa ctu re rs an d dealers c o n tr o llin g th e m a jo r p o r t io n o f th e tra d e in c o rp o ra te d d e fe n d a n t, th e Im p erial T o b a c c o C o. o f G reat B ritain an d Ire la n d , w ith a c a p ita l s to c k o f £ 1 5 ,0 0 0 ,0 0 0 (a fterw a rd s Increased t o £ 1 8 ,0 0 0 ,0 0 0 ), an d in e x ch a n g e fo r Its s to c k s e v e r a lly c o n v e y e d th e r e to th e ir business an d pla n ts. B etw een th e Im p erial T o b a c c o C o. an d th e A m e r ic a n c o m p a n ie s in c o n ju n c t io n w ith O g d en s, L im ite d , d u rin g th e re m a in d e r o f 1901 an d a p a r t o f 1902 th ere w as fierce co m m e rcia l c o n flic t, th e fo rm e r o ffe rin g t o g iv e large bon u ses t o d ealers w h o w o u ld h a n d le th eir g o o d s e x c lu s iv e ly , an d th e la tte r a greein g t o d is trib u te t o Its B ritish c u sto m e rs d u rin g each o f th e fo u r s u cce e d in g years all p r o fits , an d in a d d itio n th e re to £ 2 0 0 ,0 0 0 . D u rin g 1902 th e Im p eria l T o b a c c o C o. r e s o lv e d t o u n d e rta k e th e m a n u fa ctu re o f t o b a c c o p r o d u c t s w ith in th e U n ite d S tates an d b e g a n th e n ecessary p r e lim in aries th e r e fo r . S u b s e q u e n tly d e fe n d a n ts d e te rm in e d t o en d th e o b n o x io u s c o m p e t it io n a n d o n S e p t. 27 1902 en te re d Into t w o w ritte n a g re e m en ts [cop ies o f w h ic h are a tta c h e d t o th e p r in te d p e t itio n — E d .], w h e r e b y th e y stip u la te d ; (1) T h e Im p eria l T o b a c c o C o . sh o u ld lim it its business t o th e U n ite d K in g d o m , an d esp e c ia lly sh o u ld refrain fro m c a rry in g on t h e sam e w ith in th e U n ited S ta te s, e x c e p t t o sell t o th e o th e r d e fe n d a n ts an d t o b u y and t r e a t le a f t o b a c c o fo r its o w n u ses, an d sh ou ld ta k e o v e r th e p la n t a n d business (e x c e p t ex p o r t) o f O g d e n s, L im ite d , an d th e assets o f th e A m e rica n c o m p a n ie s In G reat B rita in in e x c h a n g e fo r s to c k . (2) T h e A m erica n co m p a n ie s sh o u ld lim it th e ir business an d o p e ra tio n s t o th e U n ited S ta tes, Its d e p e n d e n cie s an d C u b a , a n d e sp e c ia lly th a t th e y s h o u ld refrain fro m c a r r y in g o n th e sam e w lth ia th e U n ite d K in g d o m —■ e x c e p t sellin g t o th e Im p e ria l C o .—-and o th e r parts o f th e w o rld . (3) T h e B ritis h -A m e rica n C o., L im ite d , s h o u ld be In co rp o ra te d u n d e r the E n glish law w ith a ca p ita l o f £ 6 ,0 0 0 ,0 0 0 , t o b e a p p o rtio n e d o n e -th ir d t o th e Im p eria l T o b a c c o C o. an d tw o -th ird s t o th e A m e r ic a n co m p a n ie s , and t h a t th e o th e r c o n t r a c tin g c o m p a n ie s sh ou ld c o n v e y to lt, t o g e th e r w ith all assets u sed In c o n n e c tio n th e re w ith , th e ir “ e x p o r t b u s in e s s ,” m ea n in g th e re b y th e m a n u fa c tu r e o f t o b a c c o t o b e used o u ts id e o f th e U n ited K in g d o m an d th e U n ite d S tates, and d e a lin g in th e sam e w ith in such te rri tory. T h a t a n y o n e o f th e p a rtie s m ig h t m a n u fa ctu re a n d w ith in Its te r ri t o r y deal In th e b ra n d s and sh o u ld be th e sole c u s to m e r o f all th e o th e rs , a n d t h a t n o o n e sh ou ld sell t o a n y p erson w h e n th ere w as reason t o th in k such p erson In ten d ed t o e x p o r t th e a rticle p u rch a se d Into th e p e cu lia r t e r rito r y o f a n o th e r p a r t y t o th e c o n tr a c ts . In ex c h a n g e fo r p r o p e r t y an d assets o f O gd en s, L im ite d , th e Im p e ria l T o b a c c o C o. Issued a large a m o u n t o f s to c k n o w held a n d o w n e d b y d e fe n d a n t, th e A m e rica n T o b a c c o C o . , an d b e ca u se th e r e o f th e la tte r has b e e n a llo w e d t o select t w o m e m b e rs o f th e b o a rd o f m an ag ers o f th e fo rm e r . A t p resen t th e y are d e fe n d a n ts Jam es B . D u k e an d W illia m R . H arris. T h e Im p eria l T o b a c c o C o. c o n tr o ls th e m a n u fa ctu re o f a n d tra d e a n d c o m m erce In t o b a c c o p r o d u c ts a n d th e le a f t o b a c c o n ecessary t h e r e fo r w ith a n d w ith in th e U n ite d K in g d o m . D u rin g th e y e a r 1906 Its pu rch ases In th e U n ited S ta tes a g g re g a te d 5 4 .0 0 0 ,0 0 0 p o u n d s , an d as a result o f th e a g reem en ts a foresa id w e re m a d e w ith o u t c o m p e t it io n w ith a n y o f th e o th e r d e fe n d a n ts. T h e B rltis h -A m e rlca n T o b a c c o C o ., L im ite d , w as in c o rp o ra te d u n d e r t h e law s o f G rea t B rita in and Ire la n d S e p t. 27 1902, w ith a ca p ita l s t o c k o f £ 6 ,0 0 0 ,0 0 0 , w h ic h Is n o w h eld o n e -th ir d b y th e Im p e ria l T o b a c c o C o. an d tw o -th ird s b y th e A m e rica n T o b a c c o C o. Its p rin cip a l o ffic e has been in L o n d o n , E n g la n d , b u t th e C h airm an o f th e b o a r d o f m an agers, d e fe n d a n t W illia m R . H arris, an o ffic e r o f th e A m e r ic a n T o b a c c o C o . , has m a in ta in e d its o ffic e a t N o . i l l F ifth A v e n u e , N e w Y o r k C ity , an d th e c o m p a n y has a lw a y s ca rried on business w ith in th e S ou th ern D is trict o f N ew Y o r k . T h e B r ltis h -A m e r lc a n T o b a c c o C o. pu rch ases large a m o u n ts o f le a f t o b a c c o In th e U n ited S tates e a ch y e a r — d u rin g 1906 4 8 ,0 0 0 ,0 0 0 p o u n d s — p a rt o f w h ich It e x p o r ts t o Its v a rio u s p la n ts a b r o a d , and a b o u t h a lf It m a n u fa c tu r e s here an d In th a t fo rm e x p o r ts . T h is c o m p a n y , in a d d itio n t o m a n y p lan ts a b r o a d , has w areh ou ses lo ca te d In d iffe re n t S tates an d m a n u fa c tu r in g plants a t P e te rs b u rg , V a ., an d D u rh a m , N . C. D u rin g th e y e a r 1906 it m a n u fa c tu r e d an d e x p o r t e d 1 ,8 0 1 ,1 6 7 ,0 0 0 c ig a r e tte s , 986 ,000 all t o b a c c o c ig a re tte s a n d c h e r o o ts , 8 4 2 ,8 3 9 p o u n d s o f s m o k in g an d 1 ,4 1 5 ,8 5 2 p o u n d s o f p lu g . T h e B r ltis h -A m e r lc a n T o b a c c o C o ., th ro u g h o w n ersh ip o f all o r a m a jo r i t y o f th e c a p ita l s t o c k , c o n tr o ls th e fo llo w in g -n a m e d c o m p a n ie s e n g a g ed In th e business o f m a n u fa c tu r in g o r sellin g t o b a c c o an d Its p r o d u c ts a t th e p la c e s sp e c ifie d : C a p ita l. A m e r ic a n T o b a c c o C o. o f C a n a d a , L t d ., M o n t r e a l - - ------------------ $ 1 ,0 0 0 ,0 0 0 A m e r ic a n T o b a c c o C o ., A k tie s e ls k a b , C o p e n h a g e n , D e n m a r k ..K r . 100 ,000 G eorg e A . J a s m a tz l, A k t . G e s., D re s d e n , G e r m a n y ____________ M . 5 ,0 0 0 ,0 0 0 T . C. W illia m s C o ., P e te rs b u rg , V a _______________________________ $40 0,00 0 D a v id D u n lo p , P e te rs b u rg , V a ----------------------------------------------------------450 ,0 0 0 B ritish C igarette C o ., L t d ., S h a n g h a i, C h in a _______________M ex. 5 ,0 0 0 ,0 0 0 B rltish -A m e rlca n T o b a c c o C o. (In d ia ), L t d ., C a lcu tta . I n d i a . . £ 4 0 ,0 0 0 M u stard & C o ., S h a n g h a i, C h in a ------------------------------------------------------- $ 5 7 5,00 0 U n ite d T o b a c c o C om p a n ies, L t d ., C ape T o w n , S o u th A fr ic a ____ £ 8 0 0 ,0 0 0 M asp ero F reres, L t d ., C a iro, E g y p t .............- ................ ....................... £ 3 0 ,0 0 0 J a m a ic a T o b a c c o C o ., K in g s to n , J a m a i c a .- .................... . ................ $20 0,00 0 P en in su la r T o b a c c o C o ., L t d ., K a r a c h i, I n d ia ------------------------------£ 10,000 B rltish -A m e rlca n T o b a c c o C o .(C e y lo n ),L t d . , C o lo m b o , C e y lo n . . £ 7 ,3 0 0 E m ile B ou ssa rd , L t d ., B e lg iu m ------------------------------------------------------£ 2 0 ,0 0 0 N y a A k tle b o la g c t C lg a rettfa b rlk en O rien t, S to c k h o lm , S w e d e n _ K r 2 ,000,000 W . S. M athew s & Son s (ow n s o n e -h a lf), L o u isv ille , K y --------------- $40 0,00 0 In M ay 1903 the B rltish -A m e rlca n T o b a c c o C o. an d th e A m e rica n S n u ff C o. a cq u ire d co n tro l o f th e business o f W . S. M athew s & S on s, a c o -p a r tn e r sh ip , lo n g su ccessfu lly e n g a g ed at L o u is v ille , K y ., In in te r-S ta te a n d foreign co m m e r c e In le a f and m a n u fa ctu re d t o b a c c o . A c o rp o ra tio n w as org a n ized u n d er the laws o f N ew Jersey w ith th e n a m e o f ■W . S. M athew s & Son s an d ca p ita l sto ck o f $ 4 0 0 ,0 0 0 , th erea fter In creased to $50 0 ,0 0 0 , an d to it w as tra n sferred th e business o f th e p a rtn ersh ip . T h e B ritish -A m erica n T o b a c c o C o. and th e A m e rica n Snu ff C o. to g e th e r a t o n c e a cq u ire d and now h o ld a m a jo rity o f th e s to c k o f th e n ew c o r p o r a tio n . In 1903 W . S. M athetos & Sons p u rch a sed 1 6 ,900,000 p ou n d s o f le a f t o b a c c o an d e x p o r te d 1 3 .6 5 5 .0 0 0 . In th e y e a r 1906 Its p u rch a ses a m o u n te d to m ore th an 7.0 0 0 .0 0 0 p o u n d s a n d its e x p o r ts to m ore th a n 6 ,5 0 0 ,0 0 0 p o u n d s. A m ong o th e r assets, W . S. M athew s & Son s h old s s to ck In th e fo llo w in g co m p a n ie s: m a n u fa ctu rin g b la ck le a f t o b a c c o : W e s t In d ia n T o b a c c o C o ., L t d ., T rin i d a d , W e st In d ies, c a p ita ] s to ck $ 1 0 ,0 0 0 , h old in g s 60 % — th e B ritish -A m e ri ca n T o b a c c o Co. ow n s 1 5 % ; B la ck H orse T o b a c c o C o ., M o n te re y , M e x ico , ca p ita l s to c k $ 2 0 0 ,0 0 0 , h old in g s a b o u t 9 4 % . [F o r fu rth er p articu la rs re g a rd in g th e E n glish c o m p a n ie s , see B rltish A m e rlca n T o b a c c o C o ., V . 75, p . 735; V . 76, p . 86 8 , 1145; V . 77 p 39an d Im p eria l’ T o b a c c o C o ., V . 7 8 , p . 771; V . 7 5 , p . 397 , 735; V . 76, p . 9 2 2 ' 1 4 1 1 .— E d .) 279 THE CHRONICLE. The M erg ed C om p a n y. In O cto b e r 1904 th e A m e r ic a n T o b a c c o C o. ( o ld ) , C o n tin e n ta l T o b a c c o C o. a n d C o n s o lid a te d T o b a c c o C o ., p u rsu a n t t o th e law s o f N e w J ersey , w ere m e rg e d a n d c o n s o lid a te d u n d er th e n a m e o f th e A m e rica n T o b a c c o Co [per p la n In V . 7 9 , p . 102 4, 1705; V . 80, p . 168; V . 8 4 , p . 1 0 5 .— E d .] It n o w o p era tes as b ra n ch es, p la n ts m a n u fa ctu rin g cig a re tte s, little cig a rs a n d c h e ro o ts , p lu g a n d sm o k in g t o b a c c o s , at R ic h m o n d , D a n v ille an d N e w p o rt N ew s, V a ., B a ltim o re , M d ., N ew O rleans, L a ., N ew Y o r k C ity , S t. L o u is, C h ica g o , D u rh a m , N . C ., L o u isv ille , K y ., C la rk sville, T e n n ., M id d le to w n , O h io , P e te rsb u rg , V a ., a n d O w e n s b o ro , K y . T h e p r o d u c ts o f su ch p la n ts , to g e th e r w ith th e o u tp u t o f th ose o p e r a te d b y o th e r d e fe n d a n t c o r p o r a tio n s , e s p e cia lly P . L o rilla rd C o ., are c o lle c te d In w areh ou ses In S ta tes o th e r th a n th o se w h ere m a n u fa c tu r e d , an d th e n b y th e sellin g d e p a rtm e n t o f th e A m e r ic a n T o b a c c o C o ., lo c a te d In N ew Y o r k C ity , a c tin g th ro u g h a g en ts a n d d ru m m ers tr a v e lin g a n d s ta tio n e d , w h olesa lers, re tailers a n d o th e r a gen cies In th e v a rio u s S ta te s, are s o ld a n d sh ip p e d t o e v e r y p a rt o f th e U n io n as a p a rt o f in te r-S ta te a n d fo re ig n c o m m e r c e . T h ro u g h th e m ean s herein d e scrib e d It co n tro ls an d u tilizes h u n d red s o f sellin g a n d d is trib u tin g agen cies th r o u g h o u t th e d ifferen t S ta tes. D e fe n d a n t also has o rg a n iz e d a b u y in g d e p a rtm e n t, w ith sp e cia l a gen ts lo c a te d in th e d ifferen t S tates w h ere le a f t o b a c c o Is g ro w n a n d m a r k e te d , a n d th ro u g h th ese fo r Itself a n d m a n y o th e r o f th e d e fe n d a n ts in w h ic h It o w n s s t o c k , o p e ra tin g In v a rio u s S ta tes, e sp e cia lly P . L o rilla rd C o ., B la c k , w e ll’ s D u rh a m T o b a c c o C o ., th e J o h n B o llm a n C o ., S p a u ld in g & M e rrick , F . F . A d a m s C o. a n d S. A n a r g y r o s , b u y s large q u a n titie s o f le a f t o b a c c o . T h e A m e r ic a n T o b a c c o C o ., a c tin g d ir e ctly In Its o w n n a m e o r th ro u g h o th e r d e fe n d a n t c o r p o r a tio n s , ow n s a c o n tr o llin g In terest In th e c a p ita l s to c k o f all th e o th e r c o rp o ra te d e fe n d a n ts (e x c e p t th e Im p eria l T o b a c c o C o.) a n d d icta te s th e e le ctio n o f th eir d ire cto rs . S U M M A R Y OF PR O D U CTIO N I N 1906 B Y C O M B IN E . A L L C O M P A N IE S IN TH E Total United States. Domestic tobacco produced________________lbs. 800,000,000 Manufactured tobacco, plug and smoking . . l b s . 363,000,000 Snuff _____________________________________ lbs. 23,660,000 Cigarettes__________________________________N o. 6,328,000,000 Small cigars_______________ _________ _____ N o. 995,000.000 Cigars, stogies, & c........................................... N o . 7,375,000,000 Licorice products______________________________ (?) T in fo il-------------------------------------------------------------(?) Defendant's P rop’ll Output. (about) 600,000,000 75% 282,000,000 80% 22,500,000 95% 4,900,000,000 80% 905,000,000 90% 747,135,000 10% (?) 95% (?) 80% O U T P U T I N YBA/eSS1890 A N D 1891 (000 O M IT T E D ). -1890-------------—--------------1891Total U.S. Am . TobCo Total U . S.Am .Tob.C Cigarettes.............................................. No.2,505,107 2,410,520 3,137,319 2,788,778 69,829 5,526 76,708 13,813 Smoking to b a cco ....... ..........................lbs. Cheroots and little cigars__________N o.N ot stated 30,093 N ot stated. 40,009 Plug and twist.....................................lb s. do N ot stated. 166,178 4,443 Fine cu t____ __________ _____________lbs do do 16,969 560 Snuff..................................................... .lb s . do do 10,674 383 BU SIN E S S OF L E A D IN G CONTROLLED C O M P A N IE S IN 1906. ---------------- Pounds of----------------N o. ol (000 omit.) Smoking. Plug. Snuff. a Cigars Cigarettet, zBritish American Tobacco C o . . 842,839 1,415,852 - .............. 986 1,801,167 American Snuff Co. and sub. cos. ______ ______ 22,500,000 ______ ____ _ American Cigar C o___________ ________ ___ ______ _________ 864,810 _____ _ American Stogie____________ _________ ___ ____ ______________ 97,711 _____ _ Havana-American C o ..... .......... .. . . . ........ ............ .............. .. 87,620 ____ _ Five Cuban subsidiary cos____ ______ ______ _________ 131,000 1,582,401 P. Lorillard Co. (see 1897 below) ____ . „ R . J . Reynolds Tobacco C o............................20,000,000(m ostly p lu g )_______ Spaulding & Merrick, C h icago.. — 69,000,000— _____ ________„■ _______ R. A. Patterson Tobacco C o____ — 65,895,000— _________ ;______ _____ _ Blackwell’s Durham T obacco Co.9,920,000 ______ _________ ______ ______ S. Anargyros...................................................... ................................................... 672,006 ______ ____ Luhrman & Wilbern Tobacco Co. — (10,032,786 lbs. of scrap .)— John Bollman C o _____________ ______ ______ _________ ______ 79,000 ................................................. .. F. F. Adams T ob acco Co ........... — (64,200,000)— Noll & Williams Tobacco C o____ ______ 4,100.000 .............. .. ..... ...................... __ Nashville Tobacco W orks______ — 6725,000— _____ _ ______ ______ D ay & Night T ob acco C o............(7,000,000 lbs. scrap) .................................................. ............ Pinkerton Tobacco C o.................. (2,420,000 lbs. scrap) .................................. R . P. Richardson Jr. <fcCo_____ — 1,000,000— _________ _____ ____________ Liipfert-Scales C o______________ over 2,000,000 _________ ______ ______ W ells-W hitehead Tobacco C o..... ............ ............ ............................. 90,600 ................................. 6,000,000 ......................... ...... W . E. Garrett & Sons..... ............. N ote.— The petition also gives the ou tput tor the year preceding purchase of a large number of the concerns whose plants were purchased outright. a Includes cheroots and “ all-tobacco" cigarettes. 6 “ Manufactured, sold and distributed’ ’ this amount o f “ to b a cco .” r Com pany has many plants abroad. The figures here show the output of it* factories at Petersburg, V a., and Durham, N. C., all o f w hich was exported.— V , 8 5 , p 101. C a lu m e t & H e c la (R e p o r t f o r F i s c a l B oston , M ass. Y e a r en d in g A p r il 3 0 M in in g C o ., 1 9 0 7 .) P r e s id e n t A le x a n d e r A g a s s iz , B o s t o n , J u ly 1 0 , w r ite s ia su b sta n ce: G eneral R esu lts.— D u rin g th e p a s t y e a r th e c o m p a n y p r o d u c e d m ineral e q u a l t o 46,2 9 7 to n s refin ed c o p p e r , as a ga in st 43,6 5 2 to n s last y e a r. O ur p r o d u c t o f refined c o p p e r w as 4 6 ,9 4 9 to n s . F o r th e p r e v io u s y e a r o u r p r o d u c t o f refin ed c o p p e r w as 5 0 .5 1 6 t o n s . [E r r o n e o u s ly p r in te d 50,5 2 6 ton s in last y e a r ’ s r e p o i t .] T h e p rice o f c o p p e r has v a r ie d from 1 8 M cen ts t o 26 M ce n ts p e r p o u n d . I t is n o w a b o u t 23 ce n ts. T h e re h a v e b e e n p a id d u r in g th e p a s t y e a r th ree d iv id e n d s o f $20 each and o n e o f $15. E x te n s io n s , & c .— O n th e C a lu m et C o n g lo m e r a te th e e x te n s io n o f th e s u b -s h a ft in th e “ fiv e fo r tie s ” fro m th e 5 7 th le v e l has b e e n c o n tin u e d n o r th w a r d ; It has n o w le a c h e d th e 65th le v e l. T h e q u a lity o f th e r o c k in Its v ic in it y has im p ro v e d s o m e w h a t, a n d th a t o f t.ie m ain b o d y o f th e C on glo m e ra te rem ain s m u c h as h e re to fo re . T h e y e a r s o p e n in g s o n th e O sce o la A m y g d a lo id are m o s t e n co u ra g in g . O n th is lo d e N o . 13 S h a ft Is at th e 20th le v e l: N o . 14 at th e 13th; N os. 15 and 16 b e lo w th e 1 2 th , a n d N o . 17 a t th e 6 th . T h is gives a v e r y con sid era b le a m o u n t o f g ro u n d re a d y fo r s to p in g w h e n th e tim e c o m e s ; In all a b o u t 7 ,1 0 0 fe e t o f s h a fts and 8 4 ,1 0 0 fe e t o f d rifts . N o . 18 sh a ft is t o b e started th is su m m e r. T h e d is ta n ce be tw e e n N o s . 13 an d 18 is 1 1,000 fe e t. T h e re w as p r o d u c e d fro m th e O sce o la L o d e 6 ,8 9 2 ,5 4 8 p o u n d s o f c o p p e r d u r in g th e y e a r. W e are g ra d u a lly Increasin g th e a m o u n t o f r o c k sta m p e d , a n d th e p r o d u c t is n o w at th e rate o f a b o u t 9 ,0 0 0 ,0 0 0 p o u n d s o f c o p p e r p er year. „ E x ce lle n t p ro gre ss is b e in g m a d e in o p e n in g th e K ea rsa rg e A m y g d a lo id ; N o s . 19 an d 20 are b e lo w th e 9th le v e l, an d N o . 21 has re a ch e d th e 6th level. O ne d r ift has been run a cross th e w h ole o f S e c tio n 13. T h e g r o u n d thus fa r o p e n e d Is p r o m is in g . A t th e “ N o n e s u c h ” o u r w o rk has be e n m o s t d is a p p o in tin g . N ew M ills , & c .— .Since last M a y w e h a v e rem odeled fiv e o f th e H e cla Mill S ta m p s , an d w e n o w h a v e a w e ll-e q u ip p e d m ill o f 28 h ead s, 5 o f w h ich will s o o n be s ta m p in g A m y g d a lo id r o c k . T h e c o s t o f r e b u ild in g th e m ills has a lre a d y be e n m ore th a n repaid b y th e s a v in g effe cte d In th e tre a tm e n t o f th e C o n g lo m e ra te r o c k . W e h a v e sta rte d th e fo u n d a tio n s o f a large re g rin d in g m ill, t o be e q u ip p e d w ith 48 Chill m ills and th e a c c o m p a n y in g w ash in g m a ch in e s, t o re-cru sh d a lly a b o u t 1,500 to n s o f w aste g ra v el, from w h ich w e h o p e t o m ak e a m aterial sa vin g . W e h a v e begu n to lay th e fo u n d a tio n s fo r a new b o ile r h ouse at th e m ills, t o be e q u ip p e d w ith boilers o f 10,000 h . p . w ith ash an d c o a l c o n v e y o r s a n d a u to m a tic sto k ers. The c a p a c it y o f th e b u ild in g Is 12,000 h . p . A t th e L a k e L in d e n sm eltin g w o rk s w e h a v e e re cte d a new cu n ola fu rn a ce o f g reater c a p a c it y th a n th e o ld o n e . F iv e refinl-ng fu rn aces and on e blister fu r n a c e h a v e b e e n re -b u ilt and th e g reater p a r t o f th e p o w e r used a t th e w ork s Is n o w tra n sm itte d e le ctr ic a lly A n e w m in era l h ou se o f a c a p a c ity o f a b o u t 2 0 ,000 to n s has been b u ilt. A t the B u ffa lo sm e ltin g w o rk s w e are p re p a rin g to Increase o u r e le c t r o ly t ic p la n t and are e re ctin g a ta n k b u ild in g c a p a b le o f tre a tin g 2 0 ,0 0 0 ,0 0 0 p o u n d s o f an od es. D u rin g th e y e a r w e e x p e n d e d on th e d e v e lo p m e n t and e q u ip m e n t o f th e G ra tio t m in e a b o u t $85 ,0 0 0 . T h e sh o w in g is g o o d an d w arra n ts further w o rk u n d e r th e term s o f o u r o p tio n . B y th e e x e rcise o f o u r o p t io n t_; .>:n th e S u p erior C o p p e r C o ., w e are n ow th e o w n ers o f 5 0 ,1 0 0 shares o f th e ^ ta clc o f th a t c o m p a n y . 280 THE CHRONICLE. L a S a lle C o p p e r C o . , & c .— L a st w in te r w e jo in e d th e S t. M a r y ’ s M ineral L a n d C o ., th e C a ldw ell C o p p e r C o ., t h e .Sheldon an d D o u gla ss E sta te s c o m anies a n d th e shareh olders o f th e T e e urn.'eh C o p p e r C o . In o r g a n iz in g th e a S alle C o p p e r C o . as a c o r p o r a t io n u n d e r th e law s o f M ich ig a n , w ith a c a p it a l o f 4 0 0 ,0 0 0 shares. T h is n e w c o m p a n y , th r o u g h th e o w n e rsh ip o f shares In th e T e c u m s e h C o p p e r C o ., an d b y c o n v e y a n c e fr o m th e o th e r said c o m p a n ie s , ow n s a n d c o n tr o ls a b o u t 2,4 6 0 a cres, a la rge p a r t o f w h ich c a r ries th e K earsa rg e lo d e . T h ese la n d s a d jo in th e la n d s o f th e O sce o la C o . on th e n orth . F o r o u r c o n t r ib u tio n o f 240 acres a n d $ 1 ,0 0 0 ,0 0 0 ca sh t o th e t r e a s u r y o f th e L a Salle C o p p e r C o .. to g e th e r w ith o u r e n g a g e m e n t t o le n d th a t c o m p a n y $ 7 5 0 ,0 0 0 , If n e e d e d , fo r Its o p e r a tio n s , th is c o m p a n y r e c e lv 'd 1 6 1 ,7 5 0 shares o f th e 302 ,9 7 7 shares issu ed. T h e re rem ain In th e tre a su ry o f t h e L a Salle C o p p e r C o . 9 7 ,0 2 3 shares. ( V . 84, p . 224 , 576.) I n secu rin g th e lan ds o f th e D a n a C o p p e r C o ., c o n tig u o u s t o th e la r d o f th e F r o n te n a e C o p p e r C o .. w e p u r c h a s e d , fo r $ 4 0 ,0 0 0 , 3 6 ,4 0 0 shares o u t otf a t o t a l o f 4 0 ,0 0 0 shares o f th e D a n a C o p p e r Co A c q u is itio n o f In terest in O sceola, & c. C o m p a n ies.— T h e irregu lar o c c u r r e n c e o f p a y v a lu e s In th e K earsa rg e lo d e , b o t h In le n gth a n d d e p th o f th e lo d e , an d th e low a vera ge v a lu e o f th e c o p p e r c o n t e n t s , m a k e It d e sirable If n o t essen tia l, fo r c o n s ta n tly su ccessfu l results, t o o p e r a te o n as g reat a le n g th o f th e lo d e as Is p r a c tic a b le . In v ie w o f th l« a n d o f o u r large stak e in th is lo d e In th e L a Salle C o m p a n y ’ s o p e r a tio n s , w e d ete rm in e d t o a cq u ire Interests In th e O sce o la , A llo u e z an d C en ten n ia l c o m p a n ie s , in th e la n d s o f w h ic h c o m p a n ie s c o p p e r in p a y in g q u a n titie s h a d b e e n d is c o v e re d in th e K ea rsa rg e lo d e in a t r a c t o f se ve ra l m iles a d jo in in g o u r m in in g lo c a tio n o n th e n orth . I n d u c e d b y these c o n s id e r a tio n s , w e p u r c h a s e d 4 2 ,9 7 8 shares o f th e A llo u e z , 4 6 ,0 8 0 shares o f th e C en ten n ia l a n d 22,671 shares o f th e O sc e o la c o m p a n ie s , at a t o t a l c o s t o f $ 7 ,3 9 8 ,2 6 7 . L itig a tio n .— U p o n a bill In e q u ity p re se n te d b y th e P re sid e n t o f th e O sce o la C o m p a n y as a sh areh older th e re in , th e J u d g e o f th e U n ite d S tates C ir c u it C ou rt fo r th e W e s te rn D is tr ic t o f M ich ig a n Issued an I n ju n c tio n again st e le c t in g d ir e cto r s o r t r a n s a c tin g o th e r b u sin ess at th e a n n u al m e e tin g o f th a t c o m p a n y , u n til o n final h ea rin g t h e C o u rt c o u ld d e c 'd e wh( t er. as alleg ed in th e Dill, o u r p u rch a se o f shares as a b o v e rela ted w as c o n t r a r y t o th e law s a ga in st m o n o p o lie s a n d c o m b in a tio n s t o c o n tr o l p rice s. L a te r th e sam e p la in tiff liled a n o th e r bill in th e sam e c o u r t d ir e c t ly a gain st th is c o m p a n y , b a se d u p o n his ow n ersh ip o f 23 shares in th is c o m p a n y a c q u ir e d o n A p ril 6 1 90 7, a fte r th e occ u r re n c e o f th e a cts co m p la in e d o f , a lle g in g , In a d d itio n tto o th e r g rou n d s set u p in his first b ill, th a t as th is c o m p a n y a n d o th e r c o m pa n ies In w h ich it h o ld s a m a jo r it y o f shares, t o g e th e r h a v e m ore th a n 5 0 ,0 0 0 acres o f la n d , their ow n e rsh ip Is c o n tr a r y t o th e M ich igan s ta tu te th a t n o c o m p a n y shall h old m ore th a n 5 0 ,001 acres, and th a t , n o t w ith s ta n d in g th e a u t h o r it y g iv e n b y th e la w o f 190 5, o u r p u rch a se o f shares in o th e r c o r p o r a tio n s w as u n law fu l. W e shall e n d e a v o r to pu sh th ese cases t o th e earliest d e c is io n . T h is c o m p a n y ow n s: -------------S h ares-------------N o . O wned. N o . Issu ed . 100 ,000 £ A llo u e z M in ing C o ____________________________________ 4 2 ,978 ^ C en ten n ial C on s olid a te d M in in g C o ___________________ 4 6 ,0 8 0 • 9 0 ,0 0 0 F r o n te n a e C o p p e r C o ____________________________________ 2 0 ,000 20,000 100 ,000 G ra tio t M in in g C o . __________-■___ ______________________ 5 0 ,1 0 0 * L a Salle C op p er C o _____________________________________ 1 6 1 ,7 5 0 302,977 M a n itou M in ing C o __________________________________ 18,000 20,0 0 0 rrOsceola C on s olid a te d M in in g C o _____________________ 22,671 06,150 S u p e rio r C op per. C o ------------------------------ -------------------------- 5 0 ,1 0 0 100,000 [ F o r d eta ils o f th e o p e ra tio n s o f th e se c o m p a n ie s , refere n ce sh o u ld be m a d e t o th e rep orts o f these c o m p a n ie s a p p e n d e d t o th e p a m p h le t .— E d .] [V o l . lxxxv. th a t h a v e p r o v e n u n p r o d u c tiv e , le a v in g In fo r c e 157 ,564 a cres, a d ecrea se fro m last y e a r o f 15,063 acres. £ O P E R A T IO N S D IV ID E N D S , A c. 190 6-0 7. 1 90 5-0 6. 190 4-0 5. 190 3-0 4. R e fin e d c o p p e r p r o d u c e d . 9 3 .8 9 8 ,9 6 3 10 1 ,0 3 1 ,7 9 9 85,6 4 4 ,4 0 1 7 6 ,6 2 0 ,1 4 5 p o u n d s _____ P r ic e o f c o p p e r , c e n ts , p e r p o u n d ____________ 1 8 % * ® 2 6 K 1 5 H @ 1 0 1 2 K @ 15J^ 11?£@ 1 3M T o t a l d iv id e n d s .p e r $25 s h a r e )_________________ $75 $50 $45 $40 $ 5 ,0 0 0 ,0 0 0 $ 4 ,5 0 0 ,0 0 0 $ 4 ,0 0 0 ,0 0 0 A m o u n tin g t o ___________$7 ,5 0 0 ,0 0 0 A S S E T S A N D L I A B I L I T I E S O F A P R I L 30. 1906. 1905. 1907. $ $ $ 197.667 120 ,257 1 3 3 ,0 4 7 15,000 15,000 15,0 0 0 A s sets — C ash at m in e o f f i c e --------Cash at NT. Y . o f f i c e ____ C ash an d copper at B o sto n o f f i c e ..... ............ B ills r e c e iv a b le at B o s t o n an d m in e __________ D e v e lo p m e n t & e q u ip m en t f u n d ____________ In s u ra n ce f u n d _________ E m p lo y e e s ’ a id fu n d — 1904. $ 116 ,917 15,000 6,2 6 4 ,5 2 3 " 7 ,8 1 7 ,9 9 4 6 ,4 9 6 ,1 3 3 1,939,001 1,2 8 1 ,7 6 9 1.1 4 0 ,1 2 2 590,212 451,521 04 5 ,1 4 5 6949,841 3,499 1,8 2 7 ,5 4 4 990,859 4,906 927 ,034 10,991 5 ! ,6.)l 6 ,208 T o t a l a ssets ___________ L ia b ilities— D r a ft s & b ills p a y a b le . M a c h ’ y , c o n t r a c ts . &c K ew een aw A ssoc, n otes- 8 ,7 5 7 ,4 4 4 11,916,681 8 ,1 7 2 ,4 1 7 7 ,2 8 6 ,3 3 8 1,2 2 8 ,5 0 2 408 ,862 878 ,0 0 0 425 ,228 603 ,000 373 299 33 0 ,0 0 0 T o t a l lia b ilitie s ____ . B a la n ce o f a ss e ts----------- 1 ,728,502 7 ,0 2 8 ,9 4 2 D iv is io n — O il____________ G a s ------ --------- D r ille d . ...1 5 1 . . . 46 P u r chased. 6 D ry H o les. 39 3 42 T o t a l . . ..................197 8 13 an in crea se o f 61 p r o d u c tiv e w ells d u rin g th e y e a r. Total W ells O perated T h is D ate. 1,171 215 89 1,386 Ba rrels o f Oil P rod u ced in Y ea rs 1906-07 and 1905-06. H igh -grade O il. I Low -grade Oil. 1906-07. 1 90 5-0 6.] 1 90 6-0 7. P e n n s y lv a n ia ______124,553 1 1 7 ,6 1 0 ! In d ia n a ..................... 86 175 O h i o _______________ 7 1 ,8 6 3 7 9 ,2 5 8 ! I l l i n o i s . . .................. .. 2 1 ,1 6 8 197 ,494 : In d ia n T e r r i t o r y .. 85,341 W e s t V ir g in ia _____ 310 ,308 j T e x a s ___________ 4 9,261 1905-06. 171 ,789 N one 4 0 ,6 1 6 58,850 394,3621 T o t a l ............... .2 4 1 ,9 4 5 2 7 1 ,2 5 5 T o t a l ___________ 5 06 ,724 ! D e cre a se -----------29,310 In cre a se ________ 112,362 T h e to ta l p ro d u c tio n o f o il, b o th high g ra d e and low g ra d e , w as 748 ,669 barrels, an increase o f 8 3 ,0 5 2 barrels o v e r th e p re v io u s y e a r. A v e ra g e net p ro d u ctio n p er m o n th , 62,389 barrels, again st 5 5 ,4 6 8 barrels in 190 5-0 6, an Increase in a v era g e m o n th ly p r o d u c tio n o f 6,921 b arrels. T h e to ta l co st o f p r o d u c tio n fo r th e y e a r a ggrega ted $254,951 83, an a v era g e c o s t o f 34 cen ts p e r b a rrel, co m p a re d w ith last y e a r ’s a v era g e c o s t o f 41 3-10 cen ts p e r b a rrel, a d ecrease o f o v e r 7 cen ts p er barrel. T h e increase In In vestm en t d u rin g th e y e a r 1905 w as $ 5 3 8 ,1 8 9 , an d In 1906 $ 3 5 1,28 4 a decrea se In 1906 as co m p a re d w ith 1905 o f $18 6 ,9 0 5 . N o tw ith s ta n d in g th e decrea se In th e a m o u n t d isb u rsed fo r n ew d e v e lo p m e n t, th e va lu e o f th e oil an d gas p ro d u c tio n Increased d u rin g the p eriod as c o m p a re d w ith last y e a r , $22 6 ,3 3 5 . T h e increa se in In d ebted n ess d u rin g 1905 w as $ 4 6 1 ,2 9 2 , Avhlle th is y e a r a d ecrease o f $ 2 6 0,17 3 Is s h o w n , a d ifferen ce o f $ 7 2 1,46 4 In fa v o r o f 1906. A ll net earnings are b e in g a p p lied t o th e r e d u ctio n o f In d ebted n ess a n d a d d i tion a l In v estm en t. T h e w isd om o f th is cou rse and its u ltim a te ben eficial e ffe ct o n th e secu rities o f th e c o m p a n y are sh ow n in th e Im m ed ia te Increase in p oiits a m o u n tin g t o o v e r 80 % o f th e p r in c ip a l re in v e ste d . 1 he fo llo w in g to w n s are n o w b e in g su p p lied w ith gas b y o u r u n d erly in g c o m p a n ie s an d th o se in w h ich w e are Interested: O h io— A sh ta b u la , A n d o v e r , A u s tln b u rg , B la d e n sb u rg . C o s h o cto n , G e n e v a , Jefferson , K in g sv ille , M a rietta , N e w p o r t, S im o n , W a rsa w a n d W est B e d fo rd . W est V irg in ia — B u rn t H o u se , B e lm o n t. C a m eron , E u rek a , G o o se C reek , L o u d e n sv ille , S t. M arys, S ch u ltz , S m ith v llle , W a v e r ly a n d W U lla m sto w n . P e n n sy lv a n ia — B u llio n , C la rion , C orsica , F re d o n la G reen v ille, H a d le y , J a m estow n a n d S om m erv ille. N ew Y o r k — B ow m a n sv ille, D ep ew . L a n ca ster an d W lllla m sv llle . In d ia n a — C lark sville, H a rtfo rd C ity , M arlon an d N o b le sv llle . T e x a s— C o rsica n a . A p p lic a tio n o f S u rp lu s, $ 6 1 1 ,4 5 7 , fo r Y e a r 1906-7. A d d itio n t o p la n t, gas d i v . . $ 1 3 3 ,375| N et r e d u c tio n flo a tin g d e b t A d d it io n t o p la n t, oil d l v ___ 212 ,006 d u r in g y e a r ______________$ 1 ,2 6 0 ,1 7 3 P u rch a se s t o c k L o n g fe llo w |B o n d s r e tire d , 1st m o r t ------- 200 ,000 G as C o ____________________ 5 ,6 2 0 1 Less Issue 3d m tg e . b o n d s . . 1 ,2 0 0 ,0 0 0 O ffic e f u r n it u r e , P itts b u r g h 2831 T o t a l _____ _ ____________ $351,284| N et d ecrease In d e b t . . ..$ 2 6 0 ,1 7 3 F IS C A L R E S ULTS. G ross e arn in gs— O il D iv i s io n _________ G as D i v i s i o n ________________________ P r o p , o f earns, fro m R iv e r G as C o. ($4 4 ,0 3 1 ) an d B u ck e y e S ta te G as & F u el C o . ( $ 1 5 , 1 6 6 ) ................................ 190 6-0 7. $ 1 ,6 0 9 ,8 1 6 366 ,2 2 7 5 9 ,1 9 7 $ 1 ,4 3 5 ,2 4 0 1 ,286,862 10,6 2 9 ,8 1 9 A ban doned. 58 31 Location o f W ells. P a . W .V a . In d . O hio. T e x . In d .T e r . III. N . Y . Total. O il d iv is n _ . 271 260 206 194 121 107 12 .. 1,171 G as d iv is n . 104 2 71 11 .. .. 27 215 N ew lines w ere co n s tru cte d in th e A r m s tr o n g , J efferson an d Clarion C o u n ty fields t o u tilize th e p r o d u c tio n fo r th e O h io to w n s, an d th e p la n t o f th e C itizen s Gas C o. at M a rlon , I n d ., w as p u rch a sed at a fa v o ra b le figu re. T o ta l in crea se fo r th e y e a r , all s ize s; 34 m iles. T h e net p r o d u c tio n o f oil sh ow s a g r a tify in g In crease, th e to ta l fo r th e y ea r b ein g 748 ,669 barrels, an Increase o f 8 3 ,052 barrels o v e r last y e a r, th e r e v e nue fro m w h ich a m o u n te d t o $ 1 ,0 0 9 ,8 1 6 , an a v era g e o f $1 35 p er barrel, an Increase o f 18 cen ts p er barrel as c o m p a re d w ith last y ea r. F ro m th e fo llo w in g an a lysis lt will b e seen th a t th e Increase Is e n tirely In th e h igh -gra d e p r o d u c t, v iz .: 5 0 0 ,6 6 0 1,0 2 8 ,2 2 8 7 ,1 4 4 ,1 8 9 7 0 3 ,2 9 9 6 ,5 8 3 ,0 3 9 a T h e d e v e lo p nent a n d e a u 'p . fu n d w as d e r iv e d as fo llo w s : B a la n ce on h a n d A p ril 30 i9 0 6 , $ 1 ,8 2 7 ,5 4 4 ; a d d e d d u r in g y e a r e n d in g A p ril 30 1907. $7 ,3 5 0 ,0 0 0 ; in terest re ce iv e d d u r in g th e y e a r , $ 9 0 ,9 9 7 ; to t a l on h a n d A p ril 36 1907. $ 9 ,2 6 8 ,5 4 0 : e x p e n d e d fo r p u rch a se o f la n d s ,s t o c k ? an d d e v e lo p m en t w ort; o n p rop e rtie s a c q u ir e d , 5 9 ,2 2 3 ,3 9 5 . B a la n ce , $ 4 5 ,1 4 5 . 6 T h e insurance1 fu n d is s ta te d a fte r d e d u c tin g $ 87 ,742 loss o n s c h o o l an d m in e b u ild in g s. The capital stock is $2,500,000.— V. 85, p. 224. Southern Cotton Oil Co. ■ (Report for Fiscal Year ending M ay 31 1907.) This company, controlled by the Virginia-Carolina Chem ical Co. (see report in V. 85, p. 1650,153), reports the following: R E S U L T S F O R Y E A R E N D I N G M A Y 31 E a rn in g s — 1906 07. 190 5-0 6 $ 5 3 2 ,7 0 9 N e t earnlnds ___________ _________________________________ a $ l,6 1 0 ,1 0 0 D iv id e n d s p a y a b le Jun e 15 190 7 ----------------------------- 5 0 0 ,0 0 0 * ----------------------B a l a n c e ...................... - ...............................................................$ 1 ,1 1 0 ,1 0 0 $ 5 3 2 ,7 0 9 a N et earn in gs w ere s ta te d a fte r ch a rg in g t o o p e r a tin g e x p e n s e s $4 8 7 ,5 9 6 fo r ren ew a ls and repairs. B A L A N C E S H E E T M A Y 31 1907. 1907. 1906. A s s e ts — $ $ Real estate.plant.JL-cS,676.140 Stocks owned _ ......... 1.061.374 9 906,110 Bonds owned ............ 393.741 C ashdep. with trust. 20,697. Materias & supplies.3,892.157 2.477.844 Accts.<v: bills rec __ a l , 528.321 1,140,906 In t.& ins.iu a d v . . 110.294 103.64S Cash ................ .......... 1.153,746 1.145,985 Sold 6 7 1907. 1906. Liabilities— $ S nap. stocb, c o m ...1 0 ,0 0 0 ,0 0 0 10,000.00 Capitalstock com _10.000.000 10,000.000 Bills payable......... 3,172,000 3,275,500 A cftspayable, etc. 499,025 105,920 Drafts against con signment0 _____ 227,397 500.000 Dividends .............. 180.000 R eserv e__________ 186.385 Surplus 1.146,749 O p e r. e x p e n s e , in cl. ren tals, r o y a ltie s , t a x e s , d rillin g , gas p u rch a se , & C -. 19 0 5 -0 6 . 1904-05. $793,5011 $ 1 ,5 6 8 ,6 3 6 4 1 5 ,4 0 3 , N ot s e p a r a t e ly $ 1 ,5 6 8 ,6 3 6 6 32 ,059 678 ,9 9 0 5 6 4 ,1 7 4 N e t e a rn in g s____ _________ __________ $ 8 7 1 ,0 6 6 D ed u ction s— In te re st o n fu n d e d d e b t _____________ 1 $ 2 5 5 ,2 8 9 / ___ |_________ \ In te re st o n cu rren t d e b t ____ T ra n sfe r an d l e g is t 'g o f b o n d s, & c ___ 4 ,3 2 0 D iv id e n d s p a i d ............................................ N one T o t a l d e d u c t io n s ........ ................... ......... B a la n ce , su rplu s fo r y e a r _____ ______ _ s ta te d $ 1 ,2 0 8 ,9 0 4 $ 2 5 9,60 9 $61 1,45 7 $ 5 7 6,84 5 $92,197\ $ 8 8 9,64 6 (5 )3 0 0 ,0 0 0 $18 9,15 2 155 ,1 8 2 ] 7,342 (8 )4 8 0 ,0 0 0 $ 5 5 4,72 0 $22 ,125 $ 6 6 9,15 2 $22 0 ,4 9 4 B 4 LA N C E S H E E T M A R C H 31. 1907. 1P06. I 1907. Assets— $ S I Liabilities— $ Property account 10.535.2251 [A cc’ tspayab le less Stocks and bonds of >10.224.7011 acc’ ts recelv'ble, outside com p's. 40.700J ! cash, <tc_........... 1,021,238 ! IJonded debt, coll. j trust sold bonds, | 1,322 outst'dinsr 1.322,000 11.200 3d M. bonds 1,200.000 !Capital stock, 60,i 0 0 0 s h a r e s .. . 6 ,000,000 |Surplus.................. 1.032,747 T o t a l ................1 0 ,5 7 5 ,9 8 5 10,224.701 T o t a l ................... 10,575,985 1906. $ 2,281,411 .............. _______ 6 000,000 421,291 8,702,702 1 Total authorized issue. $2,600,000. of which S I,278,0 >0 In treasury. Union Oil Company of California. (Report for Fiscal Year ending Dec. 31 1906.) President Lyman Stewart, Los Angeles, Jan. 31 1907, says: B o n d s .— 'The c o m p a n y has n o d ir e ct b o n d e d d e b t , b u t has g u a ra n te e d b o n d s as fo llo w s : Owned by B on d s Au th orized B onds G uaranteed B on ds — and Issu ed . R edeem ed. V n . O il. C o . O utstand’g . M ission T r a n s p o rta tio n & R e fin in g C o . (V . 7 9 , p . 2 7 9 9 ) ______________ _____$ 1 ,0 0 0 ,0 0 0 $ 50 ,000 $ 62 ,000 $ 8 8 8,00 0 T o t a l .................... 16,835.47014.774,5541 T o ta l.................. 10,835,470 11,774,554 U n io n T r a n s p o rta tio n C o . d e d u c t in g $ 7 6 ,4 0 4 (V . 83, p . 1 0 2 )__________ 3 ,0 0 0 ,0 0 0 ----------569 ,0 0 0 2 ,4 1 1 ,0 0 0 a A c c o u n t s an d bills re c e iv a b le w ere s ta te d a fte r r e se r v e fo r d o u b tfu l a c c o u n t s .— V . 8 3 , p . 276. U n io n S team sh ip C o . (V . 8 3 , p . 1 0 2 )......................... 1 ,0 0 0 ,0 0 0 100,000 _______ 9 0 0 ,0 0 0 Pittsburgh (Pa.) Oil & Gas Co. T h e U n ite d S te a m sh ip C o. has Issued $3 5 0 ,0 0 0 In b o n d s , b u t th ese are not g u a ra n te e d b y th e U n io n OH C o. (Report for Fiscal Year ending March 31 1907.) T h e c o m p a n y ’s flo a tin g In debtedn ess Is n o t v e r y fo rm id a b le ; th e cash lu e o f m e rch a n ta b le oil an d su p p lies, bills an d a c c o u n ts r e c e iv a b le , In the report, issued some weeks ago, President T. N . vwaou ld liq u id a te th e en tire a m o u n t, In clu d in g th e d e fe rre d p a y m e n ts o n th e Barnsdall said in substance; p ro p e rtie s p u r c h a s e d . H o ld in g s.— T h e c o m p a n y o w n s s to c k In th e fo llo w in g c o r p o r a tio n s , eith er S in ce th e last a n n u al r e p o rt we h a v e a c q u ir e d , th ro u g h o u r u n d e r ly in g j d ir e ctly o r th rou g h o th e r h o ld in g c o m p a n ie s: c o m p a n ie s , 35,8 3 5 acres o f o il an d gas leases, an d su rren d ered 50,8 9 8 a c r e A ug. THE CHRONICLE. 3 1 9 0 7 .j Au th orized N a m e o f C orp ora tion — C a pital. M ission T ra n s. & R e fin in g C o ____ $ 2 ,5 0 0 ,0 0 0 C a liforn ia In d u stria l C o . . . ............. 2 ,5 0 0 ,0 0 0 U n io n T r a n sp o rta tio n C o .................. 3 ,0 0 0 ,0 0 0 M ission T r a n sfe r C o _______________ 2 50 ,000 INTewlove O il C o ____________________ 1 ,5 0 0 ,0 0 0 P itc h e r & G a r b u tt O il C o _________ 5 0 0 ,0 0 0 J o h n Irw in O il C o _________________ 30,0 0 0 O ld K e y s to n e Oil C o . _____________ 100 ,000 P io n e e r P ip e L in e C o ______________ 5 0 ,000 S y n d ic a te O il C o . . ________________ 250 ,000 W estern Ir o n S t e e l ___________ _____ 1 ,0 0 0 ,0 0 0 U n io n S team sh ip C o _______________ 5 ,0 0 0 ,0 0 0 U n ited S team sh ip C o . ___________ 1 ,0 0 0 ,0 0 0 S a n ta M arla O il & G as C o .................. 500 ,000 200 ,0 0 0 C a lifo rn ia C oa st O il C o ____________ C la rem on t O il C o _______ ______ 500 ,0 0 0 S u r f Oil C o _______ _______ __________ 500 ,0 0 0 L o s A n geles O il C o . _______________ 50,000 U n io n W e ll S u p p ly C o ____________ 100 ,000 U n io n O il T o o l C o ___________ ______ 100 ,000 Shares ' Issu ed . 2 5 ,000 14,855 3 0 ,000 2,500 6 ,7 4 4 4 8 7 ,0 6 0 140 935 310 118,357 4,407 a 5 0 ,0 0 0 8 ,0 0 0 416 ,822 2,000 447 ,859 250,000 10,000 750 1,000 Owned by U n. Oil C o . P r a c tic a lly all O n e -th ird P r a c t ic a lly all P r a c tica lly all S e v e n -te n th s F o u r-te n th s O n e -h a lf N in e -te n th s P r a c tic a lly all O n e -se v e n th O n e -fifth P r a c tic a lly all O n e -h a lf P r a c tica lly all O n e -h a lf O v e r o n e -h a lf P r a c tic a lly all S ix -te n th s P r a c t ic a lly all O v e r o n e -h a lf a O n ly a fe w shares o f th e U n ion S team sh ip C o . s to c k h a v e been Issued. T h e U n ion O il C o . o f C a liforn ia h o ld s a s to c k -o r d e r f o r t h e b a la n c e o f th e s to c k . T h e su b sid ia ry c o m p a n ie s w h ich y o u r c o m p a n y c o n tr o ls h a v e n o o u ts id e In debtedn ess o th e r th an th e b o n d e d d e b t herein s ta te d , w ith th e e x c e p t io n o f cu rren t m o n t h ly v o u c h e r s and th e sm all loan s carried b y th e U n io n Wrell S u p p ly C o. an d U n io n O il T o o l C o. T h e U n io n W e ll S u p p ly C o . Is a jo b b in g h ou se w h ich also h an dles su p p lies fo r th is c o m p a n y . * It o w n s 51 % o f th e s to c k o f th e U n io n Oil T o o l C o .. w h ich la tte r c o m p a n y m a n u fa ctu re s v a r io u s k in d s o f oil w ell t o o ls , gas e n gin es. & c. T h e U n io n Wrell S u p p ly C o . ow n s sh op s an d lo ca tio n s in L o s A n g e le s , O rc u tt an d C o a lin g a . T otal L a nd C ontrolled. D irectly o r in d ire c tly , by U nion Oil C o m p a n y o f C a li fo rn ia . 1 8 8 ,6 9 6 .6 9 A cres. Oil Lands and Oil M in in g R ights in F e e . L ease. C laim s. A cres. A cres. A cres. 7 1,871.21 9 ,6 0 9 .2 0 V e n tu ra C o u n ty 2 ,3 3 0 .0 0 4 ,1 3 8 .2 6 300 .9 0 L o s A n g eles C o u n ty - 3 ,5 5 3 .6 4 2 .5 3 6 .0 0 O ra n ge C o u n t y _____ S a n ta B a rb a ra C o u n ty 7 3 ,9 0 4 .3 7 5 .7 7 9 .2 6 4 0 0 .0 0 160.00 F resn o C o u n t y _______ ___ . . 1 ,7 6 0 .0 0 San 3 e n lt o C ou n ty __ ___ 2 ,7 2 6 .3 0 640 .0 0 3 ,1 6 8 .2 0 H u m b old t C o u n ty _______ 1 ,4 5 9 .3 5 San Luis Obispo County___ 4 ,3 2 0 .0 0 4 0 .0 0 ... . Kerr| C o u a '.y _________________ Totall a c r e a g e . .1 6 1 ,2 6 1 .3 3 18 ,3 8 5 .3 6 9 ,0 5 0 .0 0 ire p o rtio n s o f these lands w ill be t o o lean t o ren d er o p e ra tio n s th ereon r :able at p rev a ilin g p rices fo r c r u d e o il, and a still larger area m a y p o s sib ly b e e n tirely ba rre n . Y o u r c o m p a n y is su re, h o w e v e r , th a t it has m a n y th o u s a n d s o f acres th a t are v e r y rich . I t has o n e t r a c t o f 40 acres w h ich has p r o d u c e d a lrea d y o v e r 6 0 ,000 barrels p er a cre , an d Is still p r o d u c in g at the rate o f 10,0 0 0 barrels p e r acre p e r a n n u m . It has also o n e w ell in th e S a n ta M aria field th a t p ro d u c e d d u rin g th e first eigh teen m o n th s o f its e x isten ce o v e r 1 ,5 0 0 ,0 0 0 barrels o f o il, an d is still p r o d u c in g at th e ra te o f a b o u t 100.000 barrels p e r y e a r. T h is, h o w e v e r, is e x c e p tio n a l. P i p e L in e s .— T h e c o m p a n y has p ip e lines as fo llo w s : O ne 6-in ch line c o n n e c tin g th e S a n ta M arla and L o m p o c oil fields w ith tid e w a te r at P o r t H a r fo rd : a 4 -ln ch line c o n n e c tin g th e E x -M U sio n , O ja l, Sespe, B a rd sdale and T o r r e y C a n y o n fields w ith tid e w a te r at V e n tu ra : a 6-ln ch line c o n n e c tin g L os A n geles w ith tid e w a te r at San P e d ro , w ith sm aller lateral lines c o n n e c t ing th e sam e w ith F u lle rto n and W h ittie r oil Held: a line c o n n e c tin g th e C oal!n g a field w ith th e railroad at O ra S ta tio n : t w o 8 -ln ch lines, each a b o u t 3 m iles In len g th , co n n e c tin g p o r tio n s o f th e K ern R iv e r field w ith the r a ilroa d : an d 51 m iles o f 8 -ln cli p ip e r u n n in g a cross th e Isth m u s o f P a n a m a , w h ich w ill b e o p era te d in c o n n e c tio n w ith th e c o m p a n y 's line o f steam ers, b o t h o n th e P a cific an d A t la n t ic . It is also c o n s tr u c tin g an a d d itio n a l 8 -ln ch line fro m th e San ta M arla field t o P o rt H a r fo r d , th e 6-ln ch line (h a v in g a c a p a c it y o f o n ly a b o u t 14,000 barrels p e r d a y ) p r o v in g In ad eq u ate. W ith th e t w o lines th e d a ily c a p a c ity w ill be so m e 35,0 0 0 barrels, w h ic h , it Is b e lie v e d , w ill be am p le fo r the c o m p a n y 's req u irem en ts fro m th a t field. W ater-fron t P r o p e r tie s .— T h e c o m p a n y o w n s w a te r-fro n t pro p e rtie s at S a n F ra n cis co (va lu e d at $ 5 0 0 ,0 0 0 ), at O le u m , at P o rt H a r fo r d , at A v ila , o n P o rt H a rford H a r b o r : at P'olnt S al, at V e n tu ra , at San P e d ro (th ro u gh a ffilia te d c o r p o r a t io n s ), at P o r ts m o u th (P o r tla n d , O re.) an d San D ie g o ; an d stora g e con n e c te d w ith w a te r tra n sp o rta tio n at S eattle, A s to ria , P o r t la n d , San F ra n cis co , S t o c k t o n , O le u m . P o rt H a r fo r d , V e n tu ra , San P e d ro , San D ie g o , P a n a m a , C o lo n , H o n o lu lu and K lh el. S h ip p in g .— T h e vessels o w n e d b y th e c o m p a n y (and Its subsidiaries) h a v e th e fo llo w in g c a rry in g c a p a c it y (b a rre ls): S. S. San ta M aria, 5 2 ,5 0 0 : S . S. S an ta R ita , 5 2 ,5 0 0 : S. S. L a n sin g . 5 0 .0 0 0 : S. S. A r g y ll, 3 0 ,0 0 0 ; S. S. R o m a , 2 9 ,000; S. S. W a sh te n a w 2 9 ,0 0 0 : S. S. W h ittie r , 11,000; ba rk e n tln e F u lle r to n , 1 6,000; ship San ta P a u la , 8 ,2 0 0 : s ch o o n e r W in g and W in g , B a rg e 9 , B arge 4 2 , B arge 1905, tu g T ra n sit, launch M ay launch D o r o th y . R efin e rie s .— T h e c o m p a n y 's refineries at O leu m an d B akersfield h a v e b een run t o th eir fu ll c a p a c ity d u rin g th e y e a r. T h e t w o p la n ts h a ve n o w « c a p a c it y fo r h a n d lin g 5 ,0 0 0 barrels o f c ru d e o il p e r d a y . P rogress D u r in g the Y e a r .— T h e c o m p a n y has pu rch a se d th e W h lttle r F u lle rto n oil fields In fe e , 2,562 acres; in th e San ta M aria field , th ro u g h the N e w lo v e O il C o ., 3,350 acres, a large p o r tio n o f w h ich Is n o w p ro v e n 011 t e r rito r y ; 648 acres In th e L o m p o c field, w h ich Is also p ro v e n te r rito r y ; and under l< ase In th e F u lle rto n d is trict, 2,536 acres, and in th e San ta M aria •field 101 a c r is . It has drilled 7 5 ,000 fe e t, th e m a jo r p o r tio n In S an ta Barb a r t C o u n t y , and has co m p le te d 27 p r o d u c in g w ells, th e m ost o f w hich are fire p ro d u ce rs . I t has ad d e d t o Its s torage plant fo r c ru d e o il, steel ta n k a g e a m ou n tin g t o a b o u t 7 00 .000 barrels, in clu d in g 300 ,0 0 0 barrels on th e I s th m us, an d t o its co\ ered re se rv o ir storage 500 ,0 0 0 barrels, '[’ he refinery at O leum has been increased t o th ree o r fo u r tim e s its fo rm e r c a p a c it y . O w nership o f S to ck .— Y o u r c o m p a n y has n o s to c k in eith er tne U n ion P r o v id en t C o. o r U n ited P etroleu m C o. N eith er d o e s It hold s to c k In eith er th e A ss o c ia te d o r S tan d ard Oil c o m p a n ie s. T h e t w o latter c o m p a n ie s d o n ot o w n stock In a n y o f th e co m p a n ie s h erein b efore m e n tio n e d . T h e U n ited P e tro le u m C o. fo r so m e years held d ire ct c o n tr o l o f th e issued s t o c k o f th e U n ion O il C o. o f C a liforn ia, bu t th ro u g h th e sales o f treasu ry s t o c k b y y o u r c o m p a n y it lost this d ire ct c o n tr o l. It h old s s to c k in several o th e r c o rp o ra tio n s. U nion P rovident C o .— T o allay th e fears o f a n u m b e r o f the s to ck h o ld e rs I n y o u r c o m p a n y , w h o w ere an x io u s lest its c o n tr o l sh ou ld fall Into th e han ds o f i m p n p e r p arties, th e U n io n P r o v id e n t C o. w as org a n ized Ju n e 20 1905 (V . 81, p. 5 6 4 ), w ith a ca p ita liz a tio n o f $ 5 ,0 0 0 ,0 0 0 (in shares o f $100 e a c h ) , a n d Its p u rp oses lim ited (aside from an In vestm en t fund o f $6,250 fo r e x penses) to th e h o ld in g o f shares In y o u r c o m p a n y , fo r w hich It w as to e.\c h a iif e Its h old in g s, snare fo r share. T o p r o v id e th e in v e stm e n t fu n d t o c o v e r th e e x p e n se o f p a y in g d iv id e n d s , 12 H ce n ts per share in th e w a y o f a b o n u s Is c o lle c te d from th ose w h o e x c h a n g e th eir U n io n shares fo r th o s e o f th e P r o v id e n t. O u r largest stock h old ers h a v e gen erally c o n v e r te d a large part o f th e ir U n io n shares Into P r o v id e n t , an d w e re co m m e n d this cou rse t o th o s e In ten d in g th eir in v e s t m en t t o b e perm an en t. P o l i c y .— T h e c o m p a n y w ill c o n tin u e its p o lic y o f seek in g fu rth e r t o stren g th en Its a d v a n ta g e o u s p o s itio n . T o d o th is, h o w e v e r, w ill d o u b tle ss req u ire a con s id e r a b ly larger e x p e n d itu re th a n ca n be p ro v id e d fro m the su rp lu s, if th e p r o p o s e d p la n , w h ich is b e in g c o n s id e re d , o f p a y in g o n e -h a lf o f th e net earnings ea ch m o n th In d iv id e n d s , sh o u ld b e a d o p te d . In p u r su a n ce o f this line o f p o lic y , as w ell as th e p a y m e n t o f th e present flo a tin g d e b t , th e c o m p a n y will p r o b a b ly o ffe r y o u in th e near fu tu re 2 ,0 0 0 « r 3,000 shares o f Its trea su ry s t o c k , t o g e th e r w ith 300 o r 400 o f U n io n T r a n sp o rta t io n C o. b on d s. R E S U LTS O F O P E R A T IO N S FO R C A L E N D A R Y E A R . 1906. 1905. $264,621 $382 579 7 64 ,857 618 ,818 N e t earnings six m o n th s t o Ju n e 30 . ____ N e t earn in gs six m o n th s t o D e c . 3 1 ____________ N et ea rn in gs t w e lv e m o n t h s _____ $ 1 ,0 2 9 ,4 7 8 $1,001 397 T o ta l d iv id e n d s p aid t w e l v e m o n t h s ____ (a b t .8 % > 56 1,109 (a b t .6 % ) 392 ,556 B a la n ce , su rplu s fo r y e a r , used fo r b e tte rm e n t an d in crea se o f p la n t ______________________ $46 8,36 9 $ 6 0 8,84 0 (T h e d iv id e n d rate w as in crea sed In F e b ru a rv 1905 fro m 2.7 % p er an n u m ( 2 2 H e . p er share m o n th ly ) t o 6 % per a n n u m (5 0 c. m o n t h ly ), In A p ril 1906 281 t o 9 % p e r a n n u m (7 5 c . m o n t h ly ), an d In M a y 1907 t o 1 2 % p e r annum. ($1 m o n t h ly ).— E d .] S t o c k o u ts ta n d in g D e c . 31 1906, $ 7 ,1 4 4 ,7 0 0 , a g ain st $ 6 ,4 4 7 ,7 0 0 D e c . 31. 1905. N o b a la n ce sheet Is fu rn ish ed . D ir e c to rs — L y m a n S te w a r t, W . L . S te w a r t, J . S. T o r r a n c e , J . H . A d a m s . F . C. B o lt , W . R . S ta a ts, J o h n B a k e r J r ., W . F . B o t fo r d , F . A . G a r b u tt, E d w in T . E a rl, G iles K e llo g g .— V . 8 4 , p . 1057. Associated Oil Co., San Francisco, Cal. {Report for Fiscal Year ending Dec. 31 1906.) D irecto rs.— J. A . C h an slor, P re sid e n t; W . S . P o r t e r , 1st V lc e -P r e s . a n d G en . M g r.; W . F . C h an d ler, 2d V lc e -P r e s .; B . E . G reen . T reasu rer; O . S c r ib ner, A s s t. G en . M gr. an d S e cre ta ry ; F . H . B u ck , C. A . C a n field , E . T . D u m b le , W . F . H e rrin , W m . G . K e rc k h o ff an d M . H . W 'h lttier. The report, dated Feb. 19 1907, contains the following explanatory remarks by Secretary Scribner: R eal E state Owned and Controlled b y A sso cia ted Oil C o . and A ffilia te d d o 's . K e rn R iv e r field (in fee) . 4 ,0 9 7 acres S an ta B a rb a ra fie ld (in fee) 358 acres do do (leaseh old) 200 “ do d o (leaseh old) 2 5 ,5 2 3 “ M c K lttr lc k field (In fee) _ 2,8 8 0 “ San L u is O b ’ o field (In fee) 2,2 0 0 “ C oa lin ga field (in f e e ) ----- 2,6 3 0 “ L os A n g e le s field (le a ’ h ’d ) 1,800 “ M ineral lo ca tio n s held b y A s s o c ia te d O il C o . and a ffilia te d c o ’ s . . 14,960 “ T o t a l ____________________ _______ ________ _______________ _________ 54,648 " P erson al P ro p e r ty o f A ssocia ted O il C o . and A ffilia te d C om p a n ies. 227 p r o d u c in g w ells, to ta l p r o d u c t io n 1 9 0 6 _________________ 5 ,5 0 0 ,0 0 0 barrels Steel sto ra g e ta n k s an d reservoirs, c a p a c it y ________________ 4,0 0 0 ,0 0 0 18 d is trib u tin g s ta tio n s in C a lifo rn ia , O re g o n , W a s h in g to n and H a w a iia n I ’d 18 d is trib u tin g s ta tio n s in C a l., O re g o n , W a s h , an d H aw a iian Isla n ds. Oil on h an d In field and d is trib u tin g p la n t s _________________ 3,6 8 7 ,0 0 0 barrels (A n increase o f 2 ,0 4 0 ,0 0 0 as c o m p a r e d w ith D e c . 31 1905.) 110 m iles o f p ip e lines fro m C oa lin g a t o M o n te r e y , an d la n d , ta n k a g e a n d w h a rf at M o n te re y . 35 m iles o f p ip e lines fro m S a n ta M aria t o G a v io ta , an d re fin ery a t G a v io ta , d a ily c a p a c it y ____________________________ 9,0 0 0 barrels V essels— SS. W . S. P o r te r . SS. R o se cra n s. Ships— M arlon C h ilc o tt, F alls o f C ly d e . S ch o o n e rs— S a n tia g o , R o d e r ic k D h u an d M o n te r e y . O ce a n -g o in g T u g — N a v ig a to r , T u g M ilto n ; B a rg es— 1, 2, 3 an d 4. Oil P u rch a ses .— W e h a ve pu rch a se d e n o u g h oil t o c o v e r all o u r c o n t r a c ts fo r fu tu re d e liv e ry an d will n o t h a v e t o call u p o n th e p r o d u c tio n o f o u r te r rito r y fo r a n y o il t o fill e x is tin g s a le -co n tra cts . A cq u isitio n o f N ew T e r r ito r y .— D u rin g th e past y e a r w e a cq u ire d 2.6 3 0 acres o f la n d in th e C oa lin ga field , w h ich b y r e ce n t d e v e lo p m e n t has p r o v e n to b e first-class o il la n d . T h ro u g h s u b sid ia ry c o m p a n ie s w e a cq u ired c o n trol o f a large a creage o f v a lu a b le oil land in th e S an ta M aria field. W e h a v e paid o n a c c o u n t o f p u rch a se o f real an d p e rson a l p r o p e r t y $ 1 ,9 3 1 ,0 0 0 . th e greater p o r tio n o f w h ich sum w as o n a c c o u n t o f p u rch a se o f M atson p ro p e rtie s, c o n s istin g o f fo u r oil ships, p ip e lin e fro m C oa lin ga field, refin ery , & c ., and th e business o f th e N a tio n a l Oil * T r a n s p o rta tio n C o ., C oa linga O il T ra n sp o rta tio n C o . a n d P a cific O il T r a n s p o rta tio n C o. T h e c o m p a n y is in e x ce lle n t fina ncial c o n d it io n . T h e p r ice o f o il has a d v a n c e d b o th t o th e p r o d u c e r an d t o th e c o n s u m e r , an d th e dep ression In p rice th a t e x iste d fo r th e past fe w years is a p p a r e n tly o v e r . T h e fu tu re o f th e business an d its p ro s p e r ity is u n q u e s tio n a b le . IN C O M E A C C O U N T F O R C A L E N D A R Y E A R S . 1905. 1904. 1906. f $ 3 ,3 5 2 ,1 8 8 T o ta l sa le s ____ ________________________ ] $4,9 7 3 ,1 0 1 { 85 637 O th e r e a r n in g s _________________________ ^$6,509,787 I 80,5 4 2 V a lu e o f oil o n h an d at c o s t ___________ J T o t a l _____ _________ __________________ $6.5 0 9 ,7 8 7 D ed u ction s— T r a n sp o rta tio n e x p e n s e , & c _________ ] R e b a te s on c o n tr a c ts t o origin a l o w n -! era in e x ce ss o f 22 H e . p er b b l _____ ! P r o d u c t io n e x p e n se s, in clu d in g re-i pa irs, & c ____________________________ $ 4 ,1 9 0 ,5 4 9 A d m in is tra tio n e x p e n s e s _____________ | T a x e s , r o y a ltie s , in t. on lo a n s ________ I O il p u r c h a s e s ___________________________ | F reigh t p a id o n oil o n hand on D ee. I 31 19 0 4 _______________________________| Oil oil hand Ja n . 1 1904 _____________ J In terest o n b o n d s _______________. _ .. 7 8 ,943 D e p recia tion r e se rv e ___________________ 328 ,752 $4,973,101 $ 3 ,5 1 8 ,3 6 7 $ 1 ,6 3 5 ,6 7 8 130,261 $2,9 5 0 795', 77 501 304 617 T o ta l d e d u c t io n s ____________________ $ 4 ,5 9 8 ,2 4 4 $ 3 ,3 3 2 ,9 1 3 G ain fo r y e a r _____________ ____. . . $ 1 ,9 1 1 ,5 4 3 $ 1 ,6 4 0 ,1 8 8 D iv id e n d N o . 3 a m o u n tin g to $ 4 4 6 ,0 5 9 , w as p a id in 1906. 373 ,1 6 0 81,2 2 8 78,9 8 3 329 ,013 20 ,995 97 ,952 77,323 126 ,489 $ 2 ,8 5 1 ,0 8 2 $667,285 GE N E R A L B A L A N C E SH EE T D EC. 31. 1906. 1905. J 1900. 1905. Assets — $ S Liabilities— $ Stk. in treas. and Capita 1s tock _____ 40,000.000 22,838,404 disc, on treas. B o n d s ___________ 4,625.000 1,579,545 stock s o ld .______17 ,974.444 ................ Bills payable_____a‘2 ,512,250 2.017,250 Bonds in treasury. 3 0 (3.000 1 i s , 702 Audited vouchers 6634,362 1,872,327 Oil lands & leases 17 ,629,755 17,251,996 Due tor oil, & c., Personal prop. & pu rchased_____ 217,938 sundry in vest m . 6 ,154,069 7.144.646 Accounts payable. 47.627 Stk. in other c o s .. 5 119,027 5,167,246 Freight___________ 36.423 45,588 Cash on hand____ 86,196 15.100 Accr d Int. on bds 32,896 32,903 Bills receivable___ . _______ 151.772 Res. o n ’05 busl'ss _________ 15,000 Accounts receiv’ le 750.134 655,976 Contingent frt. lisi __ ... 34,869 Oil on hand. inel. D eprec'n reserve cost of transp’n . 1 386,955 315,217 (Ind. affil, cos. Surplus of affil cos. 380,926 324.260 ’06, $ 10 6,37 8).869,116 540,364 S u rp lu s __________ 3.586.520 2.121.037 % Total assets____52,514,500 31,114,914 Total .52,514,506 31.144',914 a Includes bills payable to hank. $788.2.">0: hills payable on purchase of property 8570,500 in 1907 and SI ,147,500 In 1908, b Since paid. 1’he directors on Feb. 18 1907 declared a dividend of $1 50 a share (1 }/£% ), payable March 1. In August 1900 the semi annual dividend was omitted. Compare V. 83, p. 1230, 381, 91.— V. 84, p. 510; V. 83, p. 1230. California Oil Fields, Limited. (Report for Fiscal Year ending Dec. 31 1906.) Chairman Robert Balfour, at the sixth annual meeting, held in London on May 8, said in part: T h e c a p ita l o f th e c o m p a n y w h en o rg a n iz e d w as fixed at 300 ,0 0 0 shares o f £1 e a ch , and at th a t tim e 2 5 0 ,0 0 0 shares w ere Issued. In c o n fo r m it y w ith the re so lu tio n a d o p te d at th e e x tr a o r d in a r y general m e e tin g o f sh a re h old ers, held o n D e c. 3 la st, th e ca p ita l has been Increased t o SOO.OOO shares o f £1 e a c h , and In ord e r t o ca rry ou t th e p u rch a se o f a d d ition a l p r o p erties an Issue o f 135,000 new shares and £ 3 0 0 ,0 0 0 o f 5 % d e b en tu res w as m ade In J a n u a ry . O f th ese n ew shares, 125 ,000 w ere offered t o s h a reh old ers w h o w ere on the register o n J a n . 9 , at £ 4 10 s., o r a pre m iu m o f £ 3 10 s., w h ich is co n s id e r a b ly u n d e r th e ir p resen t m a rk e t v a lu e : and these shares w ere taken u p , w ith few e x c e p tio n s , b y th e sh areh old ers o r th eir n om in ees. T h e d e b e n tu re s w ere p la c e d at 97 H • T h e p rofit fo r th e y e a r Is £ 7 4 ,4 1 3 , w h ic h , w ith £ 1 1 ,3 0 3 b ro u g h t forw a rd fro m 1905, leaves us w ith an a v a ila b le c r e d it b a la n ce o f £ 8 5 ,7 1 6 . A n In terim d iv id e n d o f 1 0 % , a b s o rb in g £ 2 5 ,0 0 0 , w as p aid In O c t o b e r la st, an d w e n o w p ro p o s e t o p a y a fu rth er an d final d iv id e n d o f 20 % on shares N os. 1 t o 250 ,0 0 0 , a b s o ib ln g £ 5 0 ,0 0 0 , t o a d d £ 1 0 ,0 0 0 t o reserve fu n d , an d t o c a r r y forw a rd the rem ain in g ba la n ce o f £ 7 1 6 6s. t o th e cre d it o f n e x t a c c o u n t . T h e d iv id e n d d is trib u tio n fo r th e y e a r, th e re fo re , w ill b e 3 0 % , an d th e a m o u n t at th e cre d it o f reserve fund £ 4 0 ,0 0 0 . D e v e lo p m e n t w o rk w as carried on a c tiv e ly d u rin g th e ea rly years o f th e c o m p a n y ’s e x is te n ce ; b u t it reached a sta g e in 1905— as re p o r te d at last m e e tin g — w h ich did n o t call fo r th e sam e rapid prog ress. W e th en had 39 p r o d u c in g w ells on th e se ctio n s w h ich w e o rig in a lly o w n e d ; w e n ow h a ve 41. 282 THE CHRONICLE. F u rth er g radu a l d e v e lo p m e n t Is g o in g o n , o u r o b je c t b e in g t o m a in ta in and in crea se ou r p r o d u c t io n , w ith d u e reg ard t o m a rk e t c o n d itio n s an d th e re q u irem en ts o f ou r sales, an d also to c o n sid e ra tio n s o f e c o n o m y in o u r o p e r a tio n s . T h e a d d ition a l p ro p e rtie s h a v e n o w t o b e d e a lt w ith as an Im p orta n t p a i t o f o u r a rra n gem en ts, an d it w ill ta k e tim e t o b r in g th e ir o p e r a tio n in to h a r m o n y w ith th e general sch e m e o f m a n a g e m e n t. T h e re are fifteen p r o d u c in g w ells on th e r e ce n tly -a cq u ire d p ro p e rtie s; so th a t w e n o w h a v e 56 w ells at th e p r o d u c in g stag e. S o m e o f these n e w w ells, h o w e v e r , m a y h a v e t o b e re c o n s tru cte d so as to brin g th e m up t o o u r sta n d a rd . O u r p r o d u c tio n in 1906 w as n o t m a in ta in e d p r o p o r t io n a t e ly w ith th a t o f th e p re v io u s six m o n th s o f 1905. T h e figures w ere 2 ,5 1 2 ,6 5 4 .5 8 barrels an d 1 ,8 4 2,082.51 barrels fo r tw e lv e m o n th s an d six m o n th s re s p e c tiv e ly . T h e reason w as n ot b eca u se w e w ere u n a ble t o m ain ta in o u r p r o d u c t io n , b u t beca u se m a rk et c o n d itio n s w ere su ch th a t o u r agen ts d e e m e d it ju d icio u s t o cu rta il it W e h a v e referred o n p re v io u s o cca s io n s t o th e rap id in crease in th e p r o d u c tio n o f p e tro le u m in C a liforn ia. T h e s u p p ly increased m o r e q u ic k ly th a n th e d e m a n d , w ith th e n a tu ra l result th a t p rice s fell t o a p o in t w h ich w as u n sa tis fa cto r y t o p ro d u c e r s and u n re m u n e ra tiv e t o th o se w h o w ere n o t fa v o r a b ly situ a ted T h e rapid g r o w th o f p r o d u c tio n ca n best b e exem p lified b y th e fo llo w in g figures: In 1902 it w as 1 3 ,9 7 3 ,5 0 0 barrels; in 1903, 2 4 ,3 3 7 ,8 2 8 barrels; in 1904, 2 8 ,4 7 6 ,0 2 5 barrels, an d in 1905, 35,671 .0 0 0 barrels. T h e c o n s u m p tio n o n th e P a cific co a s t has also g ro w n r a p id ly ; b u t it c o u ld n o t b e e x p e c te d t o k eep p a c e wlt>h th ese figu res. T h e p o p u la tio n is n o t large, freig h ts t o Im p orta n t cen tres o f c o n s u m p tio n are c o m p a r a tiv e ly h ig h , a n d , as regards so m e o f th e m o st c o n v e n ie n tly situ a ted fo re ig n m a rk ets, c o m p e titio n Is m e t w ith fro m o th e r sou rces o f su p p ly . D u rin g 1906 circu m sta n ce s c h a n g e d . T h e p r o d u c t io n o f C a liforn ia d im in ish ed t o a b o u t 3 0 ,5 0 0 ,0 0 0 barrels, p a r tly o n a c c o u n t o f lo w p rice s, b u t also b eca u se th e y ie ld o f th e w ells in o n e o f th e m o s t im p o rta n t fields fell o ff. C o n s u m p tio n , o n th e o th e r h a n d , w as w ell m a in ta in e d , w ith th e result th a t s tock s w ere g ra d u a lly a b s o r b e d , and to w a rd s th e en d o f th e y e a r th e m a rk et assum ed a m o r e ch eerfu l a sp e ct. T h e se im p ro v e d co n d itio n s w ere assisted b y t h e p o lic y o f cu rta ilin g p r o d u c t io n . T h ese im p ro v e d c o n d itio n s h a ve d e v e lo p e d fu rth e r d u rin g th e cu rren t y e a r , and o u r agen ts h a v e m a d e large sales fo r d e liv e r y , e x te n d in g o v e r a co n sid e ra b le p e r io d , a t m u ch b e tte r p rices th a n h a v e be e n o b ta in a b le fo r sev eral y e a rs, an d fu ll d eliv eries h a v e a c c o r d in g ly b e e n re su m e d . T h ere is reason t o e x p e c t th a t d eliv eries w ill be su b sta n tia lly increased. Q u o ta tio n s fo r h igh -gra d e P e n n s y lv a n ia c ru d e oil are a b o u t $1 60 p e r barrel and o f K a n sas c ru d e 40 ce n ts t o 50 ce n ts . C a liforn ia cru d e fo r fuel pu rp oses w as q u o te d a y e a r a g o at 40 ce n ts p er barrel in b u lk , d e liv e re d t o con su m ers In San F ra n cis co B a y . T h e p r ice , a c c o r d in g t o o u r latest a d v ic e s , is n o w 70 cen ts. T h e a n n u al c o n s u m p tio n b y th e railroad c o m p a n ie s o p e r a tin g in C a liforn ia is s ta te d t o a p p ro x im a te 30,0 0 0 barrels d a ily , o r e x c e e d in g 1 0 ,0 0 0 ,0 0 0 barrels an n u a lly. A p ip e line w as Installed d u rin g th e p a st y ea r across th e Isth m u s o f P a n a m a , an d is e x p e c t e d t o en large th e m a rk et fo r C a liforn ia o il. S o fa r o n ly tw o o r three carg oes h a v e b e e n s h ip p ed b y th a t r o u te . S h ip m en ts o f illu m in a tin g o il fro m C a liforn ia t o O rien tal m ark ets h a ve Increased, an d 24 cargoes are re p o r te d t o h a v e been sh ip p ed d u rin g th e p a st y e a r , an d m ark ets in v a rio u s d ire ctio n s are ta k in g in crea sin g qu a n tities o f th e c o m m o d it y in w h ic h w e are In te re ste d .— V . 8 4 , p . 1430. ^ American Cement Co. of New Jersey. (Report for Fiscal Y ear ending Dec. 31 1906.) President Robert W . Lesley, under date of Philadelphia, Ja n .2 190 7 ,said: G eneral R esu lts.— T h e to t a l sales o f y o u r m a n u fa c tu r in g co m p a n ie s d u r in g th e y e a r 1906 w ere 1 ,6 4 1 ,1 1 7 b arrels, again st 1 ,3 2 0 ,6 4 3 barrels in 1905. T h e a ggregate o f sales o f all y o u r co m p a n ie s , in clu d in g th e fo re ig n and o th e r c e m e n t h a n d le d th ro u g h y o u r selling d e p a rtm e n t, rea ch ed a b o u t 1 .7 5 0 .0 0 0 barrels. T h e e x p e c ta tio n s o f larger o u t p u t , b e tte r p rices and c o r re s p o n d in g ly b e tte r p ro fits h a v e b e e n m e a su ra b ly realized. T h e n et ea rn in gs a p p lic a b le t o d iv id e n d s , a fte r th e d e d u ctio n o f d e p r e c ia tio n and all ch a rges, w ere equ a l t o 1 4 .4 % u p o n y o u r s to c k . N ew A l l ll .— A strike o f iron w ork ers d e la y e d th e c o m p le tio n o f the n ew “ R e lia n ce M ill,” w h ich did n o t g o in to o p e r a tio n u n til J u ly 1906. D u rin g th e fiv e m o n th s o f th e cu rren t y e a r in w h ich th e m ill w as in o p e ra tio n Its o u t p u t , b o th In q u a n t it y an d q u a lity , w as fu lly up t o e x p e c ta tio n s . It is c o n fid e n tly b eliev ed th a t th ere is n o m ore p e r fe c tly a p p o in te d c e m e n t m ill in th is c o u n t r y , n o r on e c a p a b le o f p r o d u c in g a h igh er grade o f c e m e n t at less cost. i\oriu A m erica n P ortlan d C em ent C o .— A n im p o rta n t d e v e lo p m e n t d u rin g t h e y ea r w as th e settlem e n t o f th e litig a tio n o v e r th e p a te n ts c o v e r in g coal b u rn in g in th e “ r ota ry k iln ” pro ce ss o f c e m e n t m a k in g . T h is c o m p a n y , an d fo u r o f th e oth er largest c e m e n t-p r o d u cin g co m p a n ie s , h a v e a c k n o w l ed g ed th e v a lid ity o f these p a te n ts , and an a rran g em en t has been m a d e b y w h ich e x c lu s iv e licen se righ ts h a ve been "a sslgn ed t o a n e w ly in co rp o ra te d c o m p a n y u n d er w h ich w e an d th e o th e r c e m e n t co m p a n ie s , p arties t o th e a g reem en t, h a v e b e c o m e su b -licen sees on th e basis o f a sm all r o y a lt y per barrel. T h e a g reem en t u n d e r w h ich th is s a tisfa c to r y result w as reach ed m ak es y o u r c o m p a n y and fo u r o th e r co m p a n ie s s to ck h o ld e rs in this new N o rth A m e rica n P ortla n d C em en t C o .. to g e th e r w ith the A tla s P o rtla n d C em en t C o .— th e ow ners o f th e p a te n ts . T h e p re se n t c a p ita l o f th e N orth A m e r ic a n C o. Is $ 5 ,0 0 0 ,0 0 0 , and this ca p ita l, as p a id In, w ill be u tilized in th e c o n s tr u c tio n o f n ew m ills in d istricts w h ere th e p rice o f c e m e n t is at p resen t u n d u ly h igh . T h e arran g em en t re m o v e s a m e n a cin g fe a tu re , and w ill ten d t o s ta b ility in th e tra d e , w hile at th e sam e tim e servin g th e in ter ests o f b o th p rod u cers an d con su m ers. (See also V . 8 4 , p . 163; V . 83, p. 1 4 1 6 .) h eiiu n ce C em ent C o .— T h is c o m p a n y t o o k o v e r th e p la n t o f th e C entral C em ent C o . , an d also c o n s tr u c te d a n e w m ill larger and m ore c o s t ly th a n a n y o f th e th en ex istin g m ills o p e ra te d b y y o u r c o m p a n y . T h e c a n ce lla tio n d u r in g th e y e a r o f its 515 ,000 b o n d s has r e d u ce d th a t issue t o $ 5 8 5 ,0 0 0 , and y o u r c o m p a n y , b y th e exe rcise o f its o p t io n t o p u rch a se , has a cqu ired th e $24 0 ,0 0 0 co m m o n s to c k o u ts ta n d in g in th e han ds o f o th e r p arties, m a k in g it th e o w n e r o f m o re th a n o n e -h a lf o f th e p referred s to c k ($157,500 o f th e to ta l o f $300,000) and th e en tire $50 0,00 0 c o m m o n s to c k . T h e p u r ch a se o f th ese secu rities has op e ra te d t o re d u ce th e surplus o f cu rren t assets, b u t has cor re s p o n d in g ly Increased y o u r in v e s tm e n t in b o n d s and sto c k s o w n e d . T h e Pveliance C em en t C o. is th e o w n e r o f all th e securities Issued b y th e C en tral C em en t C o ., w ith th e e x c e p tio n o f $5,500 o f b o n d s m a tu rin g D e c. 1 190 7, a g a in st w h ich a lik e a m o u n t o f b o n d s o f th e R e lia n c e C em en t C o. are reserved . T h e securities o f th e R e lia n ce C em en t C o. are, th e r e fo r e , w ith this e x c e p t io n , th e o n ly securities o f a n y c o n s titu e n t c o m p a n y n o w o u ts ta n d in g in th e han ds o f th e p u b lic . O utlook.— I'he o u tlo o k fo r th e cu rren t y e a r is w h o lly e n co u ra g in g . W ith th e n ew R e lia n ce Mill in full o p e r a tio n , to g e th e r w ith a d d itio n s t o th e o th e r m ills, y o u r o u tp u t sh ou ld b e v e r y larg e ly in e x cess o f th e o u t p u t o f last y e a r, an d th e presen t p r ice o f ce m e n t is in e x cess o f th e p r ice p r e v a ilin g a y e a r a go. C O M B I N E D I N C O M E A C C O U N T , A L L C O M P A N I E S , F O R Y E A R 1906. 1906. 1905. 1904. N e t earnings o f su b sid ia ry co m p a n ie s fo r y ea r e n d in g N o v . 3 0 ____ ________ $ 4 2 0,18 3 $ 1 9 8,81 5 $20 6,18 9 E stim a ted n et earn in gs o f C entral C em en t C o. in D e c e m b e r ___________ __________ 10,000 10,000 ^ ---------------------------------------- ---------------------JV* $ 4 2 0 ,1 8 3 , $20 8 ,8 1 5 $216,189 D ed u ct— B o n d Interest and sin kin g fu n d A m . C em en t C o. o f N . J ., p aid an d a c cru ed t o D e c. 31 (in clu d in g $32 ,000 in 1 9 0 6 )_________________________ 68,960 71 410 75,025 C en tral C em ent C o. b o n d in te re s t ____ 660 3,500 4,600 B o n d in t. an d sin k in g fu n d R e lia n ce C em en t C o. t o N o v . 30 (in clu d in g $ 1 5 ,0 0 0 b on d s c a n c e le d )___________ a 3 7 ,5 0 4 __________ __________ C en tral C em en t C o. d iv id e n d s ________ __________ 16,000 1 6 ,0 0 0 R e lia n c e C em en t C o. d iv id e n d on p re f. s t o c k _________________________________ &9 888 __________ __________ A m e r ic a n C em ent C o. o f N ew Jer s e y , e x p e n s e s ________________________ 15,512 12,630 11,964 A m e rica n C em en t C o. o f N e w Jer s e y , d iv id e n d s ........ .............................. - ( 7 % ) 1 4 0 ,0 0 0 (6 % ) 1 2 0 ,0 0 0 (7 % ) 140,000 T o ta l d e d u c t io n s ..................................... $27 2,52 4 $22 3,54 0 $24 7,58 9 B a la n ce , su rp lu s____________________ 147,659 d e f . 14,725 d e f.3 1 ,3 9 9 S u rplu s a c c t . S ep t. ’ 99 t o en d y e a r ___ 375 ,4 5 6 227 ,7 9 6 * 242 ,5 2 2 S u rp lu s A m e rica n C em en t C o ., N e w ijj J ersey , D e c. 3 1 ............. ......... ............99,991 ^ 1 8 9 ,5 7 2 g g 101 ,897 -----------“ • ISM > a A ft e r d e d u c tin g 5 1 ,5 3 3 . accru e d ch arges C en tral C em en t C o. fo r D e c. 1 9 0 5 .^ & A ft e r d e d u ctin g $11 ,025 receJvM b y A m . C e m e n tiC o . o f N . J. .., [V o l . lxxxv . CO M BIN ED G EN ER AL B A L A N C E SH E E T, A L L C O M P A N IE S , N O V . 30. 1906. 1905. 1906. 1905. $ Liabilities— -4. ssets__ S S $ aProperty acc’t ___4,310,620 3,227,627 Capital stk. (Amer. Lesley <fc Trinkle CementCo. ofN .J.)2,000,000 2,000,000 Co., add. invest. 50,000 50.000 1st M. 5% gold bonds O th. stks. & bds__ 6863,500 (Am.Ce. of N .J .). 760,000 792,000 Central Cement Co. Oth. stks. A b o n d s .c l,605,500 60.000 |R es’ves for doubtful b o n d s .............. .. Cash ____________ 63,4821 acc'ts & bags, &c_ 28,951 70.317 51,800 1,600 |Bills payable_______ 160,708 Bills receivable___ 1,294 10,000 Sundry a cco u n ts.. 303,573 Sundry acc’ ts p a y 'le . 250,974 417,899 125,555 Central Cement Co. 90,602 j Int. & sink, fund Norcross Bros, pro (Am . Cem. Co. of perties, bond s. _ 1,049! N. J .) accrued____ 13,833 14,100 Mats. ,suppls., A c . 198,074 122,550 IBond int. & div. on 1,109 pref. stk. Rei. Cem. Suspense account1,888 R el. C. Co. organ f Co............................. 22,627 ............ 4,826 ................ In t., sinking fund & ization expense. _____ 992 : div. o f Ceat. Cem. Deferred charges. Co. accrued______ ______ 29,800 899,329 Profit and loss______ 1,075,823 Total assets____ 5,918,417 3,922,584: Total liabilities. ..5 ,9 1 8 ,4 1 7 3,922,584 a Plant, m achinery, real estate in Pennsylvania, New York and Virginia, cement and limestone quarries, patents, railroad rights of w ay, floats, tools, trade-marks, good-will, A c ., .fee. 6 Including Reliance Cement Co. preferred stock, $157,500; com m on stock (entire issue), $500,000; and bonds $5,500; Central Cement Co. common stock (entire issue), $200,000; North A m erican Portland Cement C o ., preferred stock, $100, and com m on stock, $400. c Includes Reliance Cement C o., preferred stock, $300,000; com m on stock, $500,000; first m ortgage 6 % bonds, $585,000, and mortgage on land, $15,000. Central Cement Co. com m on stock, $200,000, and first m ortgage 6% bonds, $5,500.— V. 84, P . 160. Manila Electric Railroad & Lighting Corporation. (Report for Fiscal Year ending Dec. 31 1906.) President Charles M. Swift, New York, June 1 1907, says: In addition to providing three dividends of 1 % each during the year 1 9 0 6 ,. t h j c u ip ^ ia t io a s e p t u s has u e tn inei eased b y o v e r $ 59 ,u 00 . I t is u elieved ih a t th is g r a t ify in g e x p a n s io n w ill c o n tin u e an d w ill p r o b a b ly b e e x c e e d e d d u r in g th e c o m in g y e a r. T h e p h y s ica l c o n d it io n o f th e p r o p e r t y is e x c e l le n t an d th e o p e r a t io n is u n iv e rsa lly co m p lim e n te d b y th e rid in g p u b lic , th e v e r y b e st fe e lin g p r e v a ilin g in M anila b o t h in o ffic ia l and p r iv a te circles to w a rd s th e m a n a g e m e n t. T h e tra n sfe r o f lig h tin g p r o d u c t io n fro m th e E le c tr ic is ta p la n t t o th e n ew p o w e r h o u s e has be e n e n tire ly a c c o m p lis h e d , w ith th e resu lt th a t a c o n s id era b le s a v in g Is b e in g e ffe c te d in o p e r a tin g e xp en ses T h e e n tire s t o c k o f th e M an ila S u b u rb a n R a ilw a y s C o. has b e e n a c q u ir e d b y th is c o r p o r a t io n . W h ile th e s u b u rb a n line has be e n co m p le te d o n ly as fa r as F o r t M c K in le y , th e first m o n t h ’ s o p e ra tio n s sh o w m o st e n c o u r a g in g resu lts. I t Is, o f co u rs e , t o o e a rly t o d ra w p o s itiv e in feren ces fro m p a rtia l o p e r a tio n d u r in g so sh o rt a p e r io d , b u t o u r G en eral M an ager agrees w ith th e P re sid e n t th a t th e e stim a te h e re to fo re m a d e , th a t this e x te n s io n w o u ld earn t w ic e Its in te re s t, w ill b e v e r y c o n s id e r a b ly e x c e e d e d . T h e S u b u rb a n C o m p a n y has r e c e n t ly a cq u ire d a fra n ch ise t o b u ild a b ra n ch lin e fro m a p o in t o n t h e M anila e x te n s io n t o T a g u ig a n d th e L a g u n a d ’ B a y , b u t w ork w ill n o t b e c o m m e n c e d u n til th e d ire cto rs are In p o sse ssio n o f a c o m p le t e r e p o r t d e m o n s tr a tin g th e a d v is a b ility o f th e v e n tu r e . C O N S O L ID A T E D S T A T E M E N T O F E A R N IN G S A N D E X P E N S E S F O R 12 M O N T H S E N D I N G D E C 31 1906. G ross E a rn in g s— $ I O pera tin g E x p e n s e s —$ E le c tr ic lig h t an d p o w e r ____ 3 8 1 ,1 2 0 ! E le c tr ic ligh t a n d p o w e r _____ 184,321 R a il w a y _______________________ 5 1 3 ,8 4 0 ! R a i l w a y _______________________ 269,361 T r u c k i n g _____________________ 1 5 ,5 1 4 1T r u c k i n g ______________________1 4 ,1 6 7 T o t a l ..........................................9 1 0 ,4 7 4 1 T o t a l ...................................... . . . 4 6 7 , 8 4 9 N e t e a r n in g s ------------------------------------------------------------------------------------------------442 ,625 In te r e s t o n b o n d s _________________________________________________________ 233,2 08 S u rp lu s fo r tw e lv e m o n th s ____________________________________________ 209 ,417 M A N I L A E L E C T R IC R R . & L I G H T I N G C O R P . (H O L D IN G C O M P A N Y ) C O N S O L ID A T E D B A L A N C E S H E E T D E C . 31 1906. S to ck s & b on d s o f su b . c o s l0 ,6 3 2 1 0 7 1C a p ita l s to ck issu e d _______ 6 ,0 0 0 ,0 0 0 A d d ’s to prop, o f su b. c o s . 13 .* > 2 9 1t in h an d s o f tru stees fo r C a sh ________________________ 127,395| be n e fit o f c o ,, $1,000,000 ] T o t a l all o th e r cu rre n t assets 3 7 7 ,7 8 6 1B o n d s (a u th $ 5 ,0 0 0 ,0 0 0 ). 4 ,7 8 5 ,0 0 0 iA c c r u e d In te re s t_________ 7 9 ,7 5 0 D iv id e n d Ja n . 10 1 9 0 7 .. 5 0 ,0 0 0 I O th er cu rre n t lia b ilitie s ___ 80,971 |S u r p lu s ____________________ 279 ,496 T o ta l assets....................... 11,275,217| — V . 8 4 , p . 868. T o t a l lia b ilitie s .. .1 1 ,2 7 5 ,2 1 7 American Glue Company, Boston. (Report for Fiscal Year ending M ay 31 1907.) The annual results compare as follows: 1 9 0 6 -0 7 . 1 90 5-0 6. 190 4-0 5. N e t . . ............. - ....................... - ...................... $ 2 8 1,91 2 $23 1 ,1 5 7 $ 2 1 8 ,9 1 5 D e p r e c i a t i o n _________ ______ __________ 8 0 ,000 5 0 ,0 0 0 2 8 ,773 D iv id e n d s , 8 % on p r e fe r r e d __________ 104 ,154 104 ,072 103 ,952 D iv id e n d s on c o m m o n ........................... ( 5 % ) 4 0 ,0 0 0 ( 4 % ) 3 2 ,0 0 0 (4 % ) 3 2 ,0 0 0 S u rp lu s fo r y e a r . P r e v io u s s u i p l u s - . T o t a l s u r p lu s e n d o f y e a r ___________ $57 ,758 701 ,6 9 4 $45 ,0 8 5 1 96 ,608 $ 5 4 ,1 9 0 142 ,4 1 9 $ 7 5 9,45 2 $ 2 4 1,69 4 $19 6,60 9 An extra dividend of 1% was paid on the common stock on May 1 1907 with the semi-annual distribution of 2 % , making 5 % for the year. B A L A N C E SH E E T A S O F M A Y 31. 1907. 1906, 1907. 1906. 1 S Assets— $ $ 1 Liabilities— $ Cash <&•acc’ ts pay’bie 834,734 720 .5891Preferred stock ......1 .304,300 1,304,300 800,000 Mdse, mauuf’d and in |Common sto ck _______ 800,000 916,682 process ..................1,087,193 1,220,2191 D e b its............... ........................983,081 Real estate, m ach’y IReserved for working 460,000 and fixtures............ 448,212 456,4201 c a p it a l....................................... Stocks ow ned______ 710,294 641,847! Profit & loss surplus. 759,452 241.694 Patent rights and good w ill......... .. 700,000 750,0001 T o t a l ____________ 3,780,435 3,789,0751 — V. 83, P. 153. T o t a l .................... .3,780,435 3,789,075 American Printing Company. (Balance Sheet June 1, Filed in Massachusetts.) 190 7. 1 90 6. I 1907. 1006. t £ < A ssets— 5 2 5 .0 0 0 5 2 5 ,0 0 0 !C a p ita l s t o c k . . . 7 5 0 ,0 0 0 7 5 0 ,0 0 0 R eal e s t a t e ___ 22 5 .0 0 0 2 2 5 ,0 0 0 ] D e b t s ___________ 4 ,6 2 5 ,6 9 9 4 ,7 4 5 ,6 5 4 M a c h i n e r y ___ 6 8 8 ,3 4 7 S .4 2 6 ,7 2 0 |S u r p l u s ................3 .6 8 0 ,7 2 2 3 ,6 3 4 ,9 2 0 M e r c h a n d i s e ___ Cash & d e b t s r e c 5 ,6 1 8 ,0 7 4 2 ,9 5 3 ,8 5 4 i S tk . in Fall R iv . Ir o n W o r k s - . 2 ,0 0 0 ,0 0 0 2,000,0001 __________ T o t a l .................. 9,0 5 6 ,4 2 1 9 ,1 3 0 ,5 7 4 | T o t a l ................... 9.0 5 6 ,4 2 1 9 ,1 3 0 ,5 7 4 THE CHRONICLE. A u g. 3 19 07 .] California Wine Association. {Balance Sheet Dec. 31.) 1906. 1905. I 1906. 1905. C; e A QQpf9— C C I T.inJyil'ilif'S__ Invent, of wines, &c_2,146,289 2,596,2051 Capital stock ..............4,354,200 4,354,200 Bills & acc’ts receiv. 601,S64 539,403 |Bonds issued..............1,485,000 1,443,000 ______ IS u rp iu s_____________ 820,000 810,000 Adjusted ins. claim s. 328,123 Stock in other cos __ 4,102.233 4,072,005 IContingent reserv e.. ______ 250,000 Plant, m ach 'y , & c_. 688,190 958,706 IRes. for uncoil, in s .. 328,123 Taxes and insurance |Bills payable_______ 703,500 1,229,567 accounts__________ 29,705 22,6 2 0 !Grape wine acc’ts . <2144,081 d154,201 Cash in banks............ 97,595 84,745|Bond interest______ 23,404 |Sundry accounts___ 135,691 32,776 Total ..........7,993,999 8 273,744] T o t a l ....................... 7.993,999 8,273,744 d N ot due or discountable.— V . 83, p. 269. GENERAL INVESTM ENT N EW S. RAILROADS, INCLUDING STREET ROADS. Atchison Topeka & Santa Fe Ry.— Remainder of Con~ vertible Bond Issue Sold.— The company has sold to J. P. Mor' gan & Co. at a price rumored to be 98 or 98K the remainder) about $15,000,000, of the $26,000,000 5 % con vert ible bonds which was not taken by the stockholders under their recent option. (V. 84, p. 1051, 1112; V. 85, p. 97.) J. P. Morgan & Co. are offering the bonds at 1 0 0 ^ and interest. Opening of Belen Cut-Off.— A press dispatch from Amar illo, Texas, states that the company’s Belen cut-off, from Rio Puerco, near Albuquerque, New Mexico, to Texico, a distance of 268 miles, built under the charter of the Eastern Railway of New Mexico, will be turned over to the operating department for freight service about Aug. 15, giving the company a new route from Albuquerque to the East. See map on page 12 of “ Railway & Industrial {Section” . The dispatch says: T h e re w ill b e a s a v in g o f o n ly 11 m iles in d is ta n c e , b u t th e im p o rta n ce o f th e n ew r o u te lies in th e fa c t th a t th e h e a v y grades o f th e L a J u n ta (o r n orth ern ) r o u te are a v o id e d . T h e la tte r ro u te crosses t w o s u m m its , o n e a t R a to n P a ss, w h ic h Is 7 ,6 0 8 fe e t a b o v e sea le v e l, a n d th e o th e r a t G lo r e ta , w h ic h Is 7,421 fe e t a b o v e sea le v e l. B e tw e e n th ese t w o su m m its th e a ltitu d e is 5,911 fe e t. T h is m a k e s t w o ste e p grad es w h ic h run as h ig h as 3.5 % . T h e h ig h est p o in t r e a c h e d on th e n e w line is 6,492 fe e t, a n d th e m a x im u m g ra d e is 1 .2 5 % . It is s ta te d th a t it m a y b e several m o n th s b e fo r e th e n ew r o u te is used fo r p a ssen g er tr a ffic , b u t it is t o be p u t t o Im m ed ia te use fo r th e b u lk o f th e th ro u g h fr e ig h t.— V . 8 5 , p . 97. Buffalo Rochester & Pittsburgh Ry.— Dividend Change.— The directors on July 29 declared a semi-annual dividend of on the common stock, payable Aug. 15 to holders of record Aug. 5. This is a reduction of of 1% from the dis bursement made on Feb. 1 last. The Mahoning Investment Co. lias declared a dividend of 2 % , payable Sept. 3 to holders of record Aug. 20. The reduction in the amount of the dividend on the common stock is precisely offset by the dividend on the stock of the Mahoning Investment Co., which in December last was distributed to the railway stockholders at the rate of 25% of their holdings in connection with the transfer to the Investment Company of the coal properties of the railroad. Equipment Bonds.— The New York State Public Service Commission has authorized the company to issue on account of new equipment-the remaining $1,300,000 of its authorized issue of $3,000,000 equipment bonds, series F, dated 1907 and due April 1 1927. Compare V. 84, p. 1365.— V. 85, p. 39. Buffalor& Susquehanna Ry.— Sale of Equipment Trusts.— The company has placed through Fisk & Robinson, New York and Boston, $1,200,000 5 % equipment trust securities. These securities were quickly absorbed on’a 6 ^ % b a s is ,th e entire amount being disposed of within a few days after their purchase by the banking house. The firm sold $300,000 of the foregoing in one block to a Philadelphia house; these, it is understood, were car trust certificates issued on the Phila* delphia plan and guaranteed, principal and interest. The other $900,000 are equipment bonds, regarding which a circular says: ** T h ese b o n d s are a 'd ir e c t o b lig a tio n o f th e B u ffa lo & S u sq u eh an n a R a ilw a y C o. T h e y are d a te d A u g . 1 1907 an d m a tu re in t w e n ty sem i-an n u al In stallm en ts o f $ 4 5 ,0 0 0 e a ch fro m F e b . 1 1908 t o A u g . 1 191 7, b o t h in clu siv e . P e n n s y lv a n ia C o. fo r In su ran ces o n L iv e s & G ra n tin g A n n u itie s , P h ila d e l p h ia , tru stee. In te re s t p a y a b le F e b . 1 an d A u g . 1 at th e o ffic e o f F isk & R o b in s o n , N ew Y o r k . D e n o m in a tio n $ 1 ,0 0 0 . T h e c o m p a n y has arran ged t o p u rch a se 20 a d d itio n a l lo c o m o t iv e s , 800 steel coa l an d c o k e cars an d 200 steel u n d er-fra m e b o x cars at a to t a l c o s t o f a b o u t $ 1 ,4 0 0 ,0 0 0 . $ 1 ,2 0 0 ,0 0 0 eq u ip m e n t tru st b o n d s , t o b e d a te d A u g . 1, are t o be Issued t o p r o v id e fo r p a r t o f th e c o s t o f th is e q u ip m e n t. O f th is a m o u n t $ 3 0 0,00 0 h a v e be e n sold In on e b lo c k as a sep arate series. T h e $9 0 0 ,0 0 0 d e scrib e d a b o v e are s p e cifica lly secu red b y th e fo llo w in g s ta n d a rd e q u ip m e n t: 15 lo c o m o t iv e s , 375 steel g o n d o la ca rs , 150 steel h o p p e r b o t t o m co a l cars, 75 steel c o k e cars andJlaO steel u n d e r-fra m e b o x c a r s .— V . 84, p . 270. Canadian Northern Ry.— Equipment Bonds Offered.— The Wisconsin Trust Co. are offering at a price to yield 6 % a block of first mortgage 4J^% gold bonds of the Imperial Rolling Stock Co., Ltd., guaranteed, principal and interest, by the Canadian Northern Ry. Co. Authorized and issued, series “ O,” $1,500,000. An advertisement says: • P a y a b le In ten ann ual in stallm en ts o f $150,000 e a c h o n Ju n e 1 o f e a ch y e a r fro m 1908 t o 1917 in clu s iv e . D e n o m in a tio n s $500 an d $1,000 (c * ). In terest p a y a b le Ju n e 1 an d D e c . 1 in N ew Y o r k , T o r o n t o an d L o n d o n , E n g . P r in cip a l p a y a b le In N ew Y o r k an d T o r o n t o . Issu ed a g ain st ro llin g s to c k c o s tin g $ 2 ,0 0 0 ,0 0 0 . T h e ra ilw a y c o m p a n y jo in s In th e m o r tg a g e and ob lig a te s Itself to p a y all th e b o n d s and Interest as d u e ; this c o v e n a n t also a p p e a r in g in th e b o n d s .— V . 84, p . 1427. Central Vermont R y.— Form of Guaranty.— The first mort gage guaranteed 4 % bonds due 1920 carry the following guaranty engraved thereon: " I n jc a s e th e g ross r e c e ip ts o f th e C en tral V e r m o n t R a ilw a y C o . fo r all Its bu sin ess shall b e in su fficie n t in a n y y e a r t o e n a b le it t o m e e t an d p a y its w o rk in g e x p en se s, ta x e s and o rd in a r y repairs (in c lu d in g in su ch exp e n se s a n d repairs, ren ts, Insu ran ce, e sta b lish m e n t c h a r g e s , all such a lte ra tio n s a n d repairs as m a y b e n e ce ssa ry t o k e e p its lin e , ro llin g s to c k and w o rk s in 283 first-rate c o n d it io n , b u t n o t in c lu d in g im p ro v e m e n ts o r a d d itio n a l e q u ip m e n t ) , a n d th e in terest o f th e said first m o r tg a g e b o n d s a t th e tim e o u t s t a n d in g as th e said e x p e n se s, t a x e s , repairs a n d in terest re s p e c tiv e ly b e c o m e d u e and p a y a b le , th e n th e G rand T ru n k R y . C o . w ill p a y t o th e tru s te e fo r th e tim e b e in g o f th e said In d en tu re o r m o r tg a g e , fo r th e be n efit o f h old ers o f s u ch b o n d s in p r o p o r t io n t o th e a m o u n ts th e r e o f h e ld b y th e m r e s p e c tiv e ly su ch sum o f m o n e y as w ith th e resid u e o f th e said g ross r eceip ts o f th e C en tral V e r m o n t R a ilw a y C o m p a n y shall b e su ffic ie n t fo r th e p a y m e n t o f th e said in terest in fu ll, p r o v id e d a lw a y s th a t th e a m o u n t th a t th e G ra n d T ru n k R y . C o. shall b e so lia b le t o p a y on a c c o u n t o f su ch in terest p a y a b le In a n y c a le n d a r y e a r shall n o t e x c e e d 30 % o f its sh are o f th e gross earnings fro m th e t r a ffic In terch an g ed b e tw e e n th e twro c o m p a n ie s d u rin g th e last p e r io d o f t w e lv e m o n th s fo r w h ich an a c c o u n t th e r e o f shall h a v e been ta k e n an d s e ttle d , o r if n o such a c c o u n t shall h a v e been ta k e n an d set tle d w ith in t w e lv e m o n th s e n d in g on th e d a y w hen a n y su ch in terest shall b e p a y a b le ,t h e n d u rin g th e last m e n tio n e d t w e lv e m o n th s , a c c o r d in g t o an a c c o u n t t h e r e o f t o b e ta k e n a n d se ttle d . ’ [T h e fu ll in terest h a v in g b e e n earn ed an d regularly p a id b y th e C en tral V e r m o n t R y . C o ., n o a d v a n c e s h a v e b e e n m a d e b y th e G rand T ru n k R y . C o. u n d e r th is g u a r a n ty . F o r all sum s p aid b y th e G ra n d T ru n k R y . C o. u n d er th e g u a r a n ty , It is e n title d t o h a v e and r e c e iv e an eq u a l a m o u n t o f th e in terest c o u p o n s , b u t it is n o t e n title d t o re ce iv e p a y m e n t [ o f su ch c o u p o n s fro m th e C en tral V e r m o n t R y . C o . u n til s u ch tim es and t o su ch e x te n t as th e earnings o f th e c o m p a n y , o v e r an d a b o v e all o p e ra tin g exp en ses an d cu rre n t in te re st o n b o n d s o u ts ta n d in g , w ill e n a b le It t o p a y th e sam e. In case o f fo re clo s u re o f th e m o r tg a g e , th e in terest c o u p o n s held b y th e G ra n d T ru n k R y C o. are n o t en title d t o p a y m e n t until a fte r th e p r in cip a l o f th e m o rtg a g e d e b t and all o t t e r u n p a id in terest c o u p o n s h a v e been p a id in fu ll.— E d .]— V . 84, p . 930 . Chesapeake & Ohio Ry.— New Mortgage Authorized.— The shareholders at their meeting on July 31 duly approved the making of a new $10,000,000 general improvement and equip ment mortgage. See particulars in V. 85, p. 39, 98, 159, 220. Chicago & Alton RR.— Called Bonds.— Twenty ($20,000) Mississippi River Bridge Co. bonds will be paid Oct. 1 1907 at the First National Bank, New York.— V. 85, p. 159. Chicago Electric Traction Co.— Sold.— At foreclosure sale on July 29 this company’s property was bid in for $350,000 by Attorney H. C. Bangs, representing the Chicago & South ern Traction Co. interests. Compare V. 85, p. 159. Chicago & Southern Traction Co.— See Chicago Electric Traction Co. above and in V. 85, p. 159.— V. 84, p. 1052. Chicago Terminal Transfer Co.— Reported Bids for M inority Preferred Shares.— There has recently been current an uncon firmed rumor that bids of $30 a share have recently been made to minority stockholders for their preferred stock, it is supposed by or in the interest of the Baltimore & Ohio RR .— V. 84, p. 1307. Chicago & Wabash Valley RR.— Sold.— See Lake Shore & Michigan Southern Ry. above. Cleveland Southwestern & Columbus Ry.— Acquisition.— This company has purchased 5,050 shares (par $100) of the common stock of the Mansfield Railway, Light & Power Co., and $126,000 par value of bonds of the Cleveland South western & Columbus Ry. have been authorized to make the purchase. The Mansfield Company has outstanding $650,000 common stock and $350,000 6 % cumulative preferred. Control of the company was acquired by Thomas W . Latham several months ago. “ Cleveland Finance” of July 18 said: T h e S o u th w e s te rn w ill n o t m e rg e th e se lin es w it h th e ir s y s te m , b u t w ill a cq u ire c o n t r o l b y ow n e rsh ip o f a m a jo r it y o f th e s t o c k o f th e M an sfield c it y lin es. T h e la tte r p r o p e r ty is e a rn in g a b o u t $ 2 0 0,00 0 p e r a n n u m g r o s s , a n d it is b e lie v e d it c a n b e o p e r a te d so as t o earn $90 ,0 0 0 n e t. S o m e o f th e S o u th w e ste rn s to c k h o ld e r s h a v e a c q u ir e d th e M t. V e r n o n c it y lin es, a lth o u g h th e S o u th w e ste rn is n o t n o w in te re ste d in th e d e a l a n d w ill n o t b e u n til t h e y b u ild a lin e f ro m M ansfield t o M t . V e r n o n . E v e n t u a lly , it Is e x p e c t e d th a t th e S o u th w e s te rn in terests w ill c o n t r o l a lin e b u ild in g fro m M t. V e r n o n t o N e w a rk an d th e n c e in to C o lu m b u s , m a k in g a C le v e la n d -C o lu m b u s lin e o u t o f th e S o u th w e ste rn s y s te m . T h e se m a tte rs , h o w e v e r , are all fo r fu tu re c o n s id e r a tio n , as th e S o u th w e s tern w ill n o n o t h in g m o re to w a rd s o r d e rin g n e w c o n s tr u c tio n u n til th e re Is a d e c id e d Im p r o v e m e n t In th e m o n e y m a r k e t. [ I t w as a n n o u n c e d o n F e b . 7 1907 th a t W . H . A b b o t t o f th e R o b e r t s & A b b o t t C o ., C le v e la n d , h a d p u rch a s e d th e e le ctr ic lig h t c o m p a n y an d stre e t ra ilw a y in M t. V e r n o n , in c lu d in g H ia w a th a L a k e P a rk . T h e p ro p e rtie s p u rch a s e d are re p re se n te d b y th ree in c o r p o r a te d c o m p a n ie s .— E d . “ C h ro n ic le .” ] T h e C levela n d A sh la n d & M ansfield lin e , n o w b u ild in g fro m C h ip p ew a L a k e t o M a n s fie ld , an d w h ic h is a p a r t o f th e S o u th w e s te rn s y s t e m , w ill n o t b e r e a d y fo r o p e r a tio n b e fo r e A p r il 1 n e x t . I t is e x p e c t e d th a t t h a t p o r tio n o f th e lin e b e tw e e n A sh la n d an d M ansfield w ill b e In o p e r a tio n s om e tim e th is fa ll.— V . 8 4 , p . 1113. Dublin & Southwestern RR.— Consolidation Proposed.— See Wrightsville & Tennille R R ., below.— V. 83, p. 37. Easton (Pa.) Consolidated Electric Co.— Bonds Need Not be Stamped with Guaranty to be a Good D elivery.— A Phila delphia paper says: T h e S to c k L ist C o m m itte e o f th e P h ila d e lp h ia S t o c k E x c h a n g e has r e scin d e d its ru lin g m a d e Ja n . 9 1902, t o th e e ffe c t t h a t o n a n d a fte r th a t d a te th e E a s to n C o n s o lid a te d E e c tr ic C o . c o llla te r a l tr u st 5 % g o ld b o n d s d u e M a y 1 1949, t o b e a g o o d d e liv e r y , m u st h a v e s ta m p e d u p o n th e m th e g u a ra n ty o f th e L e h ig h V a lle y T r a c t io n C o ., a n d has ru le d t h a t th e E a s to n C o n s o lid a te d E le c tr ic C o. c o lla te ra l tru st 5 % g o ld b o n d s d u e M a y 1 1949 shall b e a d e liv e ry w ith o r w ith o u t said g u a r a n ty s ta m p e d th e r e o n .— V . 8 3 , p . 693. Forest City Ry., Cleveland.— Financial Statement.— This 3-cent-fare road has issued a financial statement, from which it'appears that on May 31 there was outstanding $1,034,570 capital stock and $158,997 bills payable, and that from Oct. 13 1906 to May 31 1907 there was expended for con struction and equipment (but not franchise, which is put in at $200,000) $939,986, being at the rate of about $81,000 per mile for the 11.6 miles of road in operation. For the quarter ending June 30 the Municipal Traction Co. reports gross earnings of $41,375 and net earnings of $17,726; rental paid Forest City R y., $13,952; balance, surplus, $3,774. See further particulars in “ Cleveland Finance” of July 27.— V. 84, p. 158. Hilo RR.— Bonds Offered— Extension and Refunding Plan. — The company has decided to extend its tracks into Hamakua, and the stockholders have authorized the issue of bonds and stock in the manner hereinafter stated for the purpose of refunding the present bonded debt and extending the road from the foot of Waianuenue St., Hilo, northward along the coast to Paauhau, District of Hamakua, a distance of 44 miles, and for further extension later. The amount of “ «S4 THE CIIHCN bonds authorized was $4,500,000; of prei r^ed stock $1,0 Kj.000; of common stock $1,000,000: and B. F. Dillingham ol Honolulu has agreed to finance and construct said extension, secure rights of way, &c., and to receive as compensation for his services stock only, the bonds to be accounted for to the company at their par value. A u th o rized Issu e o f B on ds and S tock. B on d s— First m ortg a g e 6 % gold c o u p o n b o n d s , $1,000 e a ch : c o u p o n s p a y a b le s em i-a n n u a lly in H o n o lu lu , San F ra n cis c o an d N ew Y o r k , all in U nited S tates g o ld c o in . T h e b o n d s w ill m atu re O ct. 1 1927, b u t w ill b e r e d e e m a b le at o p t io n o f c o m p a n y at par on a n y in te re st-d u e d a te a fte r O ct. 1 1917. T h e b on d s w ill be a tlrst m o rtg a g e o n •the H a m a k u a e x te n s io n , an d w ill b e a first lien u p on th e present r o a d , ro llin g s t o c k , w h a r v e s , w areh ou ses, & c ., s u b je c t o n ly t o th e p resen t o u ts ta n d in g b o n d issu e, w h ich w ill be re fu n d e d an d c a n ce le d as fo o n as p ossib le, th e r e b y m a k in g th e p ro p o s e d issue a first li< n on th e entire s y s tem . T h e new b on d s w ill b e re a d y for d e liv e ry on o r b e fo re O ct. 1 1907; .‘ in k in g fu n d 10 % o f th e ann u al n e t in c o m e fro m J a n . 1 19 1 3 _________________________________________________________ $ 4 ,5 0 0 ,0 0 0 T o refu n d presen t o u tsta n d in g b o n d s . . _________ $ 1 ,000,000 F o r a c c o v n t c o n s tr u c tio n o f tx te n s io n an d e q u ip m e n t fro m H ilo t o P a a u h a u _____________ ________ ___________ 2 ,0 0 0 ,0 0 0 T o be h e 'd In reserve b y th-1 trustees fo r p ossible fu tu re e x t e n 'io n a fte r th e c o m p le tio n o f the H a m a k u a B r a n ch t o P a a u h a u , b o n d s ----------------------------------------- 1 ,5 0 0 ,0 0 0 S to c k — T h e presen t issue o f s to ck is 50,0 0 0 snares, p ar $20 _____ $1,0 0 0 ,0 0 0 A u t h ’d a d d itio n a l issue, 50,000 shares o f co m . s t k , , p ar $20 _ . 1,000,000 A u t h ’d a d d ition a l issue n on -'cu m . pref. 6 % , 50,000 sh. ,par $20 . 1.000,000 A s u b s crip tio n list fo r th e sale o f b o n d s w as o p e n e d a t th e F irst N a tio n a l B a n k o f H aw a ii on A u g . 1 1907, w h e n th e first in sta llm e n t o f b o n d s t o th e a m o u n t o f $700,000 w as o ffe re d t o th e p u b lic a t p a r w ith a b o n u s o f 10 % in s t o c k . S u b scrip tion s are p a y a b le 20 % d o w n an d th e re m a in d e r in fo u r eq u a l q u a rte rly in stallm en ts. -In te r e s t at 6 % a llo w e d o n all deDOsits. The prospectus further says: A bla n k et ch a rter fo r th e entire Island o f H a w a ii, d a te d M arch 28 1899, w as gra n ted fo r a term o f 50 years. It w as a sp e cia l ch a rte r fro m th e R e p u b lic o f H aw a ii, co n fir m e d b y C ongress o f th e U n ite d S tates and c o n firm ed b y P resid en t M c K in le y . T h is ch a r te r co n fe rs th e ri^ht to co n s tr u c t ra ilroa d s a n y w h ere o n th e Island, s u b je c t t o th e a p p ro v a l b y th e S u p er in ten d en t o f P u b lic W o rk s o f d etails o f co n s tr u c tio n . A n y m o t iv e p jw rer is a llo w e d . T h e G ov ern m e n t o f H aw a ii grants th e c o m p a n y free rights o f w a y fo r tra ck s, d e p o t s , qu a rries, & c ., o n ail G o v e rn m e n t lan ds, fo r c o n str u c tio n pu rposes. T h ere are 44 m iles o f track in o p e r a tio n , b u ilt in 1901-04, o f 6 0 -lb . steel rails, gau g e 4 feet 8>£ in ch e s, ties p rin cip a lly C a liforn ia r e d w o o d , w ith som e h ard w o o d : rock b a llasted th ro u g h o u t. T h ese 44 m iles in clu d e (1) b e lt lin e , \ m ilts en circlin g th e en tire w a te r fro n t o f H ilo H a r b o r , fro m H ilo C ity d e p o t to th e H ilo H a rb o r s ta tio n , W a la k e a , and t o th e railroad 8 0 0 -ft. w h a rf: (2) m ain lin e, 24 m iles, W a ia k e a S ta tio n , to O laa M ill, 8 m iles, and O la a Mill t o P u n a P la n ta tio n , 16 m iles: (3) O laa B ran ch L in e , 16 m iles, th r o u g h O laa P la n ta tion and d is trict t o G le n w o o d , on th e w a y t o th e V o l c a n o o f K ilau ea, and 9 m iles b y sta ge th e re fro m ; (4) H aw a ii Mill B ran ch L in e , % m ile, from H aw a ii P la n ta tio n M ill t o th e b e lt line; (5) o th e r t r a c k a g e, 1 % nr lies o f sidin gs and spurs. T h e re are t w o steel brid ges at H ilo . N o trestles. R o llin g s t o c k , 5 lo c o m o tiv e s and 53 cars. T h ere are fo u r la rg e freigh t w arehouses in H ilo , on e b ein g 775 x70 fe e t, an d w e ll-e q u ip p e d sh op (th e o n ly on e on th e is la n d ), w here th e c o m p a n y has b u ilt all o f its ow n cars, besides som e 400 p la n ta tio n ca rs , & c. T h e s h o p s to o ls an d e q u ip m e n t has c o s t 8 6 0 ,0 0 0 . T h e p: op o se d H a m a k u a ’ d iv isio n w ill h a v e 6 0 -lb . steel rails, b a llast o f r o c k , ties o f hard w o o d as far as o b ta in a b le ; brid ges steel. T h e F i l o R R . now' h o ld s th e o n ly v a lid fra nchise fo r railroads o n th e Isla n d < f H a w a ii, e x c e p t a lo ca l c o m p a n y In K o n a , an<j o n e in K o h a la . N eith er o f these t w o fra n ch ises e x te n d t o H a m a k u a , H ilo o r P u n a. C on gress at Its last session a p p ro p r ia te d $200,000 and au th o riz e d a co n tin u in g c o n t r a c t fo r *2 00 ,000 m ore tow'ard th e c o n s tr u c tio n o f a b r e a k w a te r at H ilo , on a p la n estim a te d b y th e a rm y engineers to c o s t $ 1 ,7 0 0 ,0 0 0 . The buildinn- o f the b rea k w a te r w ill p r o te c t'-th e h a ib o r , and w hen c o m p le te d w ill m E k e H ilo H a r b o r on e o f the best in the wyo i ld . T h e islan d has a larger area c; p a b le o f d e v e lo p m e n t than all th e o th e r Islands c o m b in e d , and has m ore v a ried natu ral resou rces: bu t is at present u n a b le t o m ark et Its p r o d u c ts e x c e p t th rou g h th e m e d iu m o f c o s t ly la n d in g p la n ts, w h ich o n ly large p la n ta tion s c a n a ffo r d . T h e te r rito r y se rve d b y th e H ilo R R . c o m prises th e towTti o f H ilo and th e O laa an d P u n a d is tricts . H ilo to w n has a p o p u la tio n o f 4 ,5 0 0 . wrh ich , w ith th e p o p u la tio n o f 5,000 ly in g sou th o f lt, Is all th a t is n ow h a n d led b y th e H ilo R R . T h ere is a p o p u la tio n o f 22,000 t o th e n orth w est 0f H ilo , w h ich has n o rail co m m u n ic a tio n . T h e L egislati r j o f 1907 passed an A c t e x e m p tin g from t a x a t io n , fo r a p eriod o f 10 yea.rs from Jan . 1 1908, all railroads o f p u b lic u tility c o n s tr u c te d w ith in five years fro m said d a te . T h e e s tim a te d tim e requ ired to fin a n ce a n d co n s tr u c t th e p ro p o s e d e x te n s io n to P a a u h a u Mill is 2 to 3 years, from M ay 1 1907. ’E stim a ted A n n u a l E a rn in g s o f C om pleted S ystem fro m J a n . 1 1910. E stim a te d gross earn in gs— O laa an d P u n a D iv is io n _____________ _ $20 0,00 0 F r o m H a m a k u a b ra n ch (6 3.500 to n s su g a r, 90 to n s o th e r fre ig h t, passen ger tr a ffic , w h a rf e a r n in g s )------------------------------------------------ -- 5 2 5 ,5 0 0 T o ta l gross e a rn in g s.......... .........................................- _______ ___________ $725,500 O p e ra tin g exp en ses, sa y 6 0 % _________________________________________ 435,300 N e t ea rn in g s______________________ In terest 6 % o n $3,0 0 0 ,0 0 0 b o n d s $290,200 180,000 S u r p lu s ___________________________- _______________________________ ______ $110,200 — V . 8 5 , p . 40. Holyoke (Mass.) Street Ry.— Consolidation.— The Massa chusetts Railroad Commission has authorized the consoli dation of the Amherst & Sunderland St. Ry. with the Holy oke Street Railway and the issuance by the latter company of $120,000 additional capital stock for exchange on a share for share basis.— V. 85, p. 400. Indiana Harbor RR.— See Indiana Harbor Belt RR. be low. Indiana Harbor Belt RR.— Proposed Merger.— New Bond Issue, Etc.— The shareholders of this subsidiary of the New York Central & Hudson River R R ., it is stated, will vote Oct. 1 on a proposition to take over the franchises and other assets of the Indiana Harbor RR. and also on making a mortgage to cover the entire property. The contract to lease (with option to purchase) a portion of the railway of the Chicago Junction Railways & Union Stock Yards Co. will also come up for ratification (see particulars in V. 85, p. 160). The Lake Shore & Michigan Southern and Michigan Central companies hold the entire $1,000,000 stock of the Indiana Harbor Railroad.— V. 85, p. 160. Kansas City Railway & Light Co.— Option to Subscribe to Notes.— Stockholders of record Aug. 9 are offered the right to subscribe therefor at 95% until 3 p. m. Aug. 20, to the extent of 22% of their respective holdings, for $4,125,000 5-year 6 % Series A convertible notes. Subscriptions are payable 20% Aug. 20, 20% Oc^>. 1, 20% Nov. 1 and 40% Dec. 2, through the Commercial Trust Co., Jersey City,, or the New York Trust Co., New York City. These pay ments may be anticipated. fYr.!.. 112L±> 4 ( iwii 1%: . **ueU by President Corrigan and Secretar W . ,L. K. vkpuU ik, under date of Aug. 1, says in part: In o rd e r t o m eet m a tu r in g o b lig a tio n s o f t h e c o m p a n y an d t o p r o v id e fo r im p r o v in g a n d e x t e n d in g th e p r o p e r tie s in w h ich it is in te re s te d , th e b o a rd o f d ir e cto r s deem it n ecessary t o a u th o riz e an issue o f $ 5 ,5 0 0 ,0 0 0 o f 5 -y e a r 6 % n o te s , in terest p a y a b le s e m i-a n n u a lly : $ 4 ,1 2 5 ,0 0 0 Series A a n d $ 1 ,3 7 5 ,0 0 0 Series B; red eem a b le at o p t io n o f c o m p a n y at p a r an d a c cru ed in te re st, u p o n eigh t w eek s' n o t ic e , on a n y in terest d a te a lte r S e p t. 1 1908. T h ese n o te s w ill be se cu re d b y th e p le d g e o f at least $'> ,500,000 p a r va lu e n o te s o f th e M e tro p o lita n S treet R a ilw a y C o . o f K an sas C ity a t least $ 1 ,0 0 0 ,0 0 0 p a r v a lu e n o te s o f th e K a n sa s C ity e l e c t r i c L ig h t C o .. $ 2 ,6 9 5 ,0 0 0 p a r v alu e o f th e co m m o n c a p ita l s t o c k an d $ 2 ,9 7 7 ,9 0 0 p a r v a lu e o f th e p re fe rre d s to c k o f K a n sa s C ity R a ilw a y & L ig h t C o ., s u b je c t , as t o said p re fe rre d s t o c k , t o th e lien o f th e in d e b te d n e s s now secu red b y th e d e p o s it o f such p re fe rre d s to c k as c o lla te r a l, w’ hich in d e b te d n e ss m a tu res an d w ill be p a id o ff on D e c. 15 1907: and o f su ch se cu ritie s o f th e su b sid ia r y c o m p a n ie s as are p le d g e d u n d e r th e in d e n tu re o f M ay 15 1903, s e c u iln g t h e " fir s t lien re fu n d in g g o ld b o n d s .” T h e n o te s are t o be a r in terest fro m S e p t. 1 1907, p a y a b le s e m i-a n n u a lly an d are t o m a tu re S e p t. 1 1912. h a c h o f th e S tr irs A $1 .000 not< s Is t o b e c o n v e r t ib le , a t th e e p tio n o f th e h o ld e r, on an d a fte r s>ept. 1 1908, In to six a n d o n e -h a lf shares ($650) o f th e c o m m o n c a p it a l s to c k and seven shares ($700) o f th e p re fe rre d s t o c k o f th e co rr.p a n y . T h e Seii- s A n o t e s are- offered at 95 % o f th e ir p a r v a lu e an d a ccru e d interest t o the s t o c k h o ld ers. Arrangements have been made with Kuhn. Locb »fc Co. and Blair & Co. to form a syndicate to guarantee the sale of the notes of Series A and buy all of the notes not taken by the stockholders. The stockholders will meet at the office of the company in Jersey City on Aug. 15 1907 to vote on issuing the notes and on creating a mortgage or other lien to secure them.— V. 84, p. 1551. Kentucky Highlands R R .— Bond Issu e.— A mortgage has been filed to the Columbia Trust Co. of Louisville, as trustee, to secure an issue of $500,000 first mortgage 5 % gold bonds of $1,000 each. T h e c o m p a n y w as in c o rp o ra te d in c a p ita l s t o c k . In shares o f $100 e a c h , F r a n k fo r t, V ersailles and L e x in g t o n . J oh n C. n o o la n and A ttila C o x J r .. Centra) R R ., and S. S. B u sh , S . H . W lrg m a n , all o f L o u is v ille . K e n t u c k y on A p r ils w ith $ 2 5 0 ,0 0 0 t o b u ild 30 m iles o f railroad b e tw e e n T h e in c o rp o ra to r s are E . F . T r a b u e , c o u n se l In K e n tu c k y fo r th e Illin ois O w e n s , J . D . W in s to n and M en efee Lake Shore & Michigan Southern Ry.— Acquisition.— This company has arranged to acquire the Chicago & Wabash Valley RR. Co., a short road in Indiana known as the Onion line, of which Benjamin J. Gifford of Kankakee was President and promoter.— V. 84, p. 1182. Lima & Toledo Traction Co.— New Mortgage.— Further Facts.— The Fort Wayne “ Journal Gazette" states that the mortgage for $2,750,000 recently filed to the Provident Life & Trust Co. of Philadelphia, as trustee, recites that it takes the place of a mortgage for $2,500,000 which was filed on June 10 to the same trust company.— V. 85. p. 221. Louisville (K y.) Ry.— Notes Offered.— Bids were to b^ opened July 31 for $150,000 3-year 6 % collateral trust note dated June 1 1907, being part of the authorized issue oi $500,000, secured by deposit of $600,000 40-year 4 ’ ^% bonds. About two months ago $300,000 of these notes were sold to local banking institutions at par. Compare V. 84, p. 1367, 1307. Mansfield (Ohio) Railway, Light & Power Co.— C h a n g e n Control.— See Cleveland Southwestern & Columbus Ry. above.— V. 83, p. 1291. Missouri Kansas & Texas R y.— No Dividend at Present on Common Stock.— The “ New York Times” of July 31 has the following from an officer of the company touching recent dividend talk: A t th is tim e , w h en legislatu res are so e x a c t in g an d the la b o r u n io n s s o Insisten t fo r sh o rte r h ours and h igh er w a g e s , it w o u ld not seem pruden t, t o m ak e a n y fu r th e r d is trib u tio n t o o u r s to c k h o ld e r s , an d 1 am q u ite su re th a t th e q u e s tio n o f d e c la r in g a d iv id e n d o n M issouri K a n sa s & T e x a s c o m m on w ill n o t c o m e u p fo r c o n s id e r a tio n a t a n y tim e in th e n ear fu tu r e . W e are b e in g o rd e re d b y th e S ta te a u th o r itie s o f T e x a s t o d o th is, t h a t o r th e o th e r im p ro v e m e n t w o rk , c o s tin g $ 5 0 ,0 0 0 here and $ 6 0 ,0 0 0 t h e r e , and in the ag g re g a te th ese e x p e n d itu r e s reach a v e ry large su m . It Is tru e th a t o u r e a rn in gs h a v e sh ow n large Increases, as w ill a p p e a r from th e fo r t h c o m in g s ta te m e n t fo r th e last tlsc-al y e a r. B ro a d ly s t a t e d , th e gross ea rn in g s fo r th e y e a r e n d e d Jun e 30 1907 sh ow ed an in crea se o f 24 % an d th e net e a rn in gs an Increase o f a b o u t 50 % . A t th e sam e tim e o u r s to c k h o ld e r s are m ore eiesirous o f In creasin g th e v a lu e o f th eir p r in c ip a l th an th e y are o f o b t a in in g d iv id e n d s at th is t im e . It is n o t tru e t h a t o u r fo re ig n s to c k h o ld e r s , in c lu d in g th e h o ld e rs o f a b o u t $ 9 ,0 0 0 ,0 0 0 o f ou r s to c k In H o lla n d , are Insisting u p o n a d iv id e n d u p o n th e co m m o n s t o c k .— V . 84, p . 1551. North Jersey Street Ry. Co.— Consolidation.— At a meet ing to be held on Aug. 20 the shareholders will vote upon consolidating the company with the Jersey City Hoboken & Paterson Street Ky. and the United Street Ry. of Central •eisey. The roads belong to the system of the Public Service Cor oration.— V. 76. p. 1030. Philadelphia Baltimore & Washington RR.— New Bonds Authorized.— The stockholders at their meeting on July 31 authorized an increase of $5,000,000 in the indebtedness of the company, to be represented by bonds or otherwise, as the directors may decide later. The new securities, it is understood,will be issued sometime in the future in connecttion with the financing of the company's share of the terminal improvements in Washington, D. C.. and for additions, etc. — V. 84, p. 1489, 1428. Philadelphia Rapid Transit Co.— Final Assessment on Stock.— The directors on July 29 voted to call for the pay ment of the final assessment of $15 a share due on the 600,000 shares outstanding (par value $50), payable in two installments of $7 50 each, the first on Sept. 9 1907 and the other Sept. 7 1908. President John B. Parsons is quoted as saying: It is o u r In ten tion to rush th e w o rk n o w und er w ay and now th a t d a te s h a v e been set fo r th e re ce ip t o f $ 9 ,0 0 0 ,0 0 0 . w e ca n g o ahead an d b ase o u r ex p e n d itu r e s a c c o r d in g ly . N o n e w c o n s tr u c tio n o f a n y m o m e n t w ill b e c o m m e n ce d u n til th e w ork n o w u n d e r w a y shall be c o m p le t e d . C o m p le tio n o f th e s u b w a y u n d e r M arket S treet is th e u p p e rm o st th o u g h t In th e m in d s o f th e m a n a g e m e n t, and o u r energies w ill be d e v o t e d a lo n g th a t line at first — V . 8 5 , p . 221 AVG. 3 1907.] THE CHRONICLE Public Service Corporation of N. J.— Consolidation of Controlled Companies.— See North Jersey Street Ry. Co. above. Lease Approved.— See United Electric Co. of New Jersey under “ Industrials” below.— V. 85, p. 100, 42. Seaboard Air Line Ry.— Offering of Equipment Trust Cer tificates.— Henry & West, Real Estate Trust Building, Phila delphia, are offering for sale the unsold portion of $300,000 equipment trust 5 % certificates, series ” K ,” dated July 1 1907 and due in twenty semi-annual instalments of $15,000 each, from Jan. 1908 to July 1917, inclusive. Denomina tion $1,000. Philadelphia Trust Safe Deposit & Insurance Co., trustee. The equipment consists of 25 freight, switch ing and passenger locomotives built by the Baldwin Loco motive Works.— V. 84, p. 1183. Southern Pacific Co.— Dividend Rate Increased from 5% per Annum , Payable Sem i-Annually, to 6 % , Payable Quarterly. — The directors on Thursday declared a quarterly dividend of 13^% on the common stock, payable Oct. 1 upon presen tation of the coupon attached to the certificate. The trans fer books do not close. Dividends Nos. 1 and 2, paid in Oct. 19M and April 1907, were at the rate of 5 % per annum. — V. 8% *). 222. Wabash RR.— Description of Issue of $200,000,000 First Refunding and Extensions F ifty-Y ear 4 % Bonds.— The state ment made April 24 to the New York Stock Exchange says in substance: Trustees, B o w lin g G reen T ru st C o . o f N e w Y o r k , J. C. V a n B la r c o m o f St. L otils, M o ., anti Jam es I). I 'o ig a n o f C h ica g o , 111. B o n d s d a te d J u ly 1 1906 an d p a y a b le J u ly 1 1956, in g o ld c o in o f th e U n ite d S tates o f th e p r e s en t stan d ard o f w e igh t and iineness, w ith o u t th e p r iv ile g e o f earlier re d e m p tio n . In terest fro m J u ly 1 1900, p a y a b le Ja n . and J u ly in each y e a r; b o th prin cip a l and Interest are p a y a b le w ith o u t d e d u ctio n o n a c c o u n t o f a n y ta x e s w h ich th e c o m p a n y m a y be requ ired t o p a y th e r e o n , o r retain th ere, fro m u n d er any p resen t o r fu tu re law o f th e U n ite d S ta te s, o r o f a n y S ta te , c o u n t y o r m u n ic ip a lity th erein . C o u p o n fo rm , w ith p o w e r o f registration as t o p r in c ip a l, an d c o n v e r tib le Into registered b o n d s w ith o u t c o u p o n s , o f $ 1 ,0 0 0 ea c h , and such m u ltip les th e r e o f as th e b o a r d o f d ire cto rs o r e x e c u t iv e c o m m itte e m a y a u th o riz e . R e g iste re d b o n d s are e x c h a n g e a b le in tu rn fo r c o u p o n b o n d s. T h e to ta l a u th o riz e d issue is lim ite d t o th e p r in c ip a l sum o f $ 2 0 0,00 0 000. [T h e m o r tg a g e c o v e r s all o f th e lines o f th e c o m p a n y e x is tin g a t th e d a te o f th e m o r tg a g e , an d all term in als, term in a l p r o p e r t y , lo llin g s to c k and e q u ip m e n t, an d all p r o p e r t y o f e v e r y k in d an d d e s crip tio n o w n e d at th e tim e o f th e e x e c u tio n o f th e m o r tg a g e , and a p p u rte n a n t t o o r used in c o n n e c tio n w ith its lines o f railroad , s u b je c t t o the liens o f e x is tin g u n d e rly in g m ortg a g e s w h ich are h e re in a fte r m e n tio n e d : aiso all e x te n s io n s , b ra n ch e s , e q u ip m e n t, term in als and o th e r p r o p e r t y w h ich m a y be a cqu ired th ro u g h th e u^c o f th e b o n d s secured b y th e m o r tg a g e , o r th e ir p r o c e e d s , o r w h ich m a y b e o r b e c o m e s u b je c t t o th e lien o f a n y o f th e e x is tin g u n d e rly in g m o r t gages o f th e railroad c o m p a n y . P rop erly C overed by M ortg a ge at E x e c u tio n T h ereof. 1. R a ilr o a d lines e x te n d in g fro m T o le d o O h io , an d D e tr o it , M ich , w e sterly t o o r n ear C h ica g o , 111. St. L o h is an d K a n sas C ity , M o ., an d lie s M oin es an d C ou n cli B lu ffs, I o w a , to g e th e r w ith ce rta in b ra n ch lines and e x te n sio n s, a g g reg a tin g In a 'l a m ileag e o f m ain tra ck o f a b o u t 2 ,0 0 0 m iles. 2. Cert.'ili' shares o f c a p ita l s to c k d e p o s ite d w ith th e B o w lin g G reen.-Trust C o ., o n e o f th e tru ste e s, v iz .: U n ion D e p o t C o. o f K an sas C ity , 450 shares, p a r v a lu e 5100 e a c h . $ 45 ,000 H a n n ib a l U n ion D e p o t C o .. 78 shares, p ar v a lu e $100 e a c h _______ 7,800 K e o k u k U n ion D e p o t C o ., 200 shares, p a r v a lu e $100 e a c h _______ 20 ,00 0 K a n sas C ity E x ce ls io r S p rin g s & N o rth e rn R R . , 1,000 sh a ie s , p a r v a lu e $100 e a c h _________________________ _______ _____ . _ . _ 100,000 S t. L ou is C ou n cil B lu ffs & O m a h a R R . C o ., 7,2 9 7 shares, p a r v a lu e _____________ _____ _ . . ___________ _______ ____ . $100 each 729 ,700 L a k e E rie T r a n sp o rta tio n C o ., 4 ,0 0 0 sh ares, p a r v alu e $50 e a c h . . 200,000 3. T h e Interest o f th e railroad c o m p a n y in th e s to c k s , b o n d s and o th e r secu rities, n o w p le d g e d as s e cu rity fo r Its co lla te ra l n o te s , s u b je c t t o the term s th ereof: W a b a s h -P it t s b u r g h T erm in al R y . 1st M. 50 y7r. 4 % gold b o n d s. . $ 6 ,6 0 0 ,0 0 0 do do do ca p ita l s t o c k , 199 ,930 shares o f $50 e a c h _________ __________________ _____ __ ____________ _____ 9,9 9 6 ,5 0 0 W a b .-P it t s . T e r m . R y . d e m a n d note fo r $ 1 ,5 0 0 ,0 0 0 , c o lla te r a lly secu red b y th e p le d g e o f $ 1 4 ,0 0 0 ,0 0 0 ca p ita l s t o c k o f P itts b u rgh T e rm in a l R R . & C oal C o ---------- ------------------ ------------------------ 1 ,5 0 0 ,0 0 0 W a b .-P it t s . T e rm . R y . d em a n d n o te fo r $ 3 ,5 0 0 ,0 0 0 , en d orsed b y P itts. T e rm . R R . & Coal C o ., an d c o lla te ra lly secu red b y th e p led g e o f $ 3 ,8 0 0 ,0 0 0 4 0 -y r. 4 % co n so lid a te d m tg e. gold b o n d s o f P itts. T erm R R . & Coal C o . ________. . . _______! ___ 3 ,5 0 0 ,0 0 0 P ittsb u rg h E x p ress C o . c a p ita l s t o c k , 12.000 shares o f $100 e a c h . 1,200 000 B e it R y . C o. o f C h ica g o ca p ita l s to c k , 2,4 0 0 sh a ie s o f $100 each.. 240 .000 Airier. R efr ig e ra to r T ra n sit C o. ca p ita l s t o c k , 1,217 shares o f $100 e a c h _______ I __________________ - _______ ______ _________________ 121 ,T00 C h ic a g o & W e ste rn In d ia n a R y . C o co n s o lid a te d 1 % b o n d s ___ 9 5 0 .0 0 0 U nderlying M ortga ge Bonds F u n d ed N o tes, E q u ip m en t O bligation s, & c. M ortga ge Bon ds. 1st m tg e . 5 % b o n d s .m a tu r in g , M ay 1 1939 -------------------- . _ .$ 3 3 ,0 1 1 ,0 0 0 2d m tg e . 5 % b o n d s , m a tu rin g F e b . 1 1930 1 4 ,0 0 0 ,0 0 0 Series A d e b e n tu re m tg e . b o n d s , ___________ _____ _____________. . 3,5 0 0 000 Series B d e b e n tu re m tg e . b o n d s ................... ............. .................... .. 2 6 ,5 0 0 ,0 0 0 F irst lien 4 % term in a l b o n d s , m a tu rin g J a n . 1 1954 ................... 3 .5 5 5 .0 0 0 T o le d o & C h ica g o d iv isio n 1st m tg e . 4 % b o n d s , d u e M arch 1 1941 3 .0 0 0 000 D e tr o it & C h ica g o E x te n sio n 1st M . 5 % b o n d s, d u e J u ly 1 1941. 3 .3 4 9 .0 0 0 O m a h a d iv ision 1st m tg e . 3 >6 % b o n d s, d u e O c t . 1 194 1________ 3 .1 7 3 .0 0 0 D es M oin es d iv isio n 1st m tg e . 4 % b o n d s, d u e Ja n . 1 1 93 9........ 1 .6 00.000 F u n d ed N otes 5 % colla tera l n ote s, m a tu rin g M ay 10 1 9 0 7 . _____________________ $ 6 ,1 6 0 ,0 0 0 4 H % gold n o te s , m a tu rin g M ay 1 1 9 1 0 ____________________________ 7 .0 0 0 000 E q u ip m en t Obligation's. Series A 5 % eq u ip m e n t b o n d s , m a tu rin g in in stallm en ts t o an d in clu d in g May 1 191 4. . _ . __________ . . . ___, ______________ $67 2,00 0 Series B 5 % eq u ip m e n t b o n d s , m a tu rin g in In stallm en ts t o an d In clu d in g D ec. 1 1914____________________________ _______________ 73 9 ,0 0 0 E q u ip m e n t sin k in g fu n d 5 % b o n d s, m a tu rin g In in sta llm e n ts to arid In clu d in g M arch 1 1 92 1--------------------------------------------------------2 .5 0 0 .0 0 0 1 0 -y e a r 4 H % e q u ip m e n t n o te s , m a tu rin g t o an d I n d . J u ly 1 1916 6 .1 8 0 .0 0 0 G uaranteed Bonds. S t Charles B iid g t 6 % b o n d s S t. L o u is K a n . C ity & N o rth e rn R y . C o . , d u e O ct. 1 19 0 8 -------------------------------------------------- -----------46 8 ,0 0 0 K a n sa s C ity E x ce ls io r S prin gs <Sc N o rth e rn R R . C o. 1st m tg e . 4 % b o n d s , d u e J a n . 1 1 9 2 8 .. ____________ ______ _______________ 100 ,000 C o lu m b ia & S t. L o u is R R . C o . l* t M . 4 % b o n d s , d u e M ay 1 1942 2 00,000 S t. L ou is C ou n cil BlulTs & O m a h a R R . C o . 1st m tg e . 6 % b o n d s , d u e J u ly 1 1 9 0 8 .......... ................................. .......................... ........................ 4 2 1 .0 0 0 r u r p o s e s fo r w hich the $ 2 0 0 ,0 0 0 ,0 0 0 B on d s Secured by N eic M ortg a ge M a y B e Issu ed . U n d e r S ec. 1, w ith o u t re s tric tio n , fro a n y la w fu l c o r p o r a te p u r p o s e _______________________ ______________ . . . . . . __________ $ 5 ,0 0 0 ,0 0 0 U ider S ec. 2, t o retire a like a m o u n t o f th e e x is tin g o u ts ta n d in g b o n d ; o f th e c o m p a n y (o th e r than its d e b v n tu ie m o r t g age b o n d s ) , as a b o v e set fo r th , as well as fo r th e retirem en t o f b on d s g u a ra n te e d as a b o v e m e n tio n e d 6 2 ,8 7 7 ,0 0 6 R - erved u n d er S e c. 3, to b e issued fro m tim e t o tim e In e x c h a n g e fo r th e o u ts ta n d in g d e b e n tu re m o r tg a g e b o n d s . It b e in g p r o v id e d th a t th ere shall a lw a ys be reserv ed $795, p a r v a lu e , o f th e new b o n d s fo r each $ 1 ,0 0 0 . p ar v a lu e , o f to u n ex ch a n g ed d e b e n tu re m o rtg a g e b o n d s. Series A , and $720, “ pal v a lu e , o f th e n e w b o n d s fo r each u n e x ch a n g e d $ 1 ,0 0 0 , 15 p ar v a lu e , o f such o u ts ta n d in g d e b e n tu re m o r tg a g e b o n d s, k. Se les B ..................................... ....................................................................... 2 1 ,8 6 2 ,5 0 0 285 R e s e rv e d u n d e r S e c. 4, t o b e Issued, u n d e r ca r e fu lly g u a rd e d r e s tr ic tio n s , fo r th e a c q u is itio n o r p a y m e n t o f th e fu n d ed n o te s an d e q u ip m e n t o b lig a tio n s o f t h e c o m p a n y , th e c o n str u c tio n o r a c q u is itio n o f a d d itio n a l railroad m ilea ge o r th e a c q u is itio n o f secu rities rep re se n tin g th e ow n e rsh ip o f th e sam e, th e c o n s tr u c tio n o r th e a c q u is itio n o f se c o n d or d o u b le tr a c k , s h o p s , d e p o t s , te rm in a l p r o p e r tie s , ro llin g s t o c k and e q u ip m e n t, an d o th e r p r o p e r t y fo r use in c o n n e c tio n w ith th e tra n s a c tio n o f th e business o f th e lines o f r a ilro a d o f th e rail r o a d c o m p a n y , th e re im b u rse m e n t o f a d v a n c e s m a d e b y th e railroad c o m p a n y in c o n n e c tio n w ith th e a c q u is itio n o f real e sta te fo r use as te rm in a ls, and g e n e ra lly fo r su ch c o n s tr u c tio n and a cq u is itio n o f such p r o p e r t y as m a y b e d eem ed n ece ssa ry t o en a b le th e r a ilro a d c o m p a n y t o h a n d le its b u si ness an d tr a ffic w ith e c o n o m y and d is p a tc h an d t o m a in ta in and o p e ra te Its p r o p e r t y in a c c o r d a n c e w ith m o d e r n m e th o d s an d p u b lic r e q u ir e m e n ts_________________________________________ 11 0 ,2 6 0 ,5 0 0 T h e rig h t is re se rv e d t o refu n d th e o u ts ta n d in g b o n d s o f th e S t. L o u is K a n sa s C ity & N o rth e rn R R . C o. an d th e St. L o u is C o u n cil B luffs & O m a h a R R . C o . b y th e use o f th e first m o r tg a g e b o n d s o f th e railroa d c o m p a n y h e re in b e fo re m e n tio n e d , w h ich are e x p re s s ly re served u n d er th e term s o f th e first m o r tg a g e fo r th is p u rp o s e ; arid, In such e v e n t a like a m o u n t o f th e n ew b o n d s reserved u n d er tih s s e c tio n are m a d e a v a ila b le fo r th e re fu n d in g a n d re tirin g o f th e a d d itio n a l lirst m o r tg a g e b o n d s w h ich m a y b e so is su e d . T h e c o m p a n y also reserves th e rig h t t o Issue a d d itio n a l a m o u n ts o f its first lien 4 % te rm in a l b o n d s up t o th e fu ll a m o u n t o f th e a u th orized issu e, n a m e ly , $ 1 0 ,0 0 0 ,0 0 0 . Of the new bonds, the New York Stock Exchange has listed $23,950,000 (compare V. 84, p. 1115), which were as follows: $ 1 9 ,0 9 0 ,0 0 0 in e x c h a n g e fo r d e b e n tu re A and B b o n d s as b e lo w sh ow n (p e r p la n In V , 83, p . 437 , 626) an d th e re m a in in g $ 4 ,8 6 0 ,0 0 0 as a p a rt o f th e $ 5 ,0 0 0 ,0 0 0 reserved u n d e r S ec. 1 , v iz .: $60 ,0 0 0 t o d e fr a y in p a r t th e ex p e n s e o f ca r r y in g o u t said p la n o f e x c h a n g e o f d e b e n tu re m o r tg a g e b o n d s ; and $ 4 ,8 0 0 ,0 0 0 p le d g e d as p a rt co lla te ra l fo r an issue o f $ 6 ,1 6 0 ,0 0 0 2 y ea r 5 % g o ld n o te s , d a te d M a y 10 1907 a n d issued in e x te n s io n o f a like a m o u n t o f n o te s m a tu r in g u p o n th a t d a t e . (V . 8 4 , p . 869 , 804.) D eb en tu res A an d B Issu ed and E xch a n g ed to A p r il 24 1907. Issu ed . S till Out. E xch a n ged — Series A . . . $ 3 , 5 0 0 , 0 0 0 $5-13.000 $ 2 ,9 5 7 ,0 0 0 fo r $ 2 ,3 5 1 ,0 0 0 n ew b o n d s Series B ____ 2 6 ,5 0 0 ,0 0 0 3 ,2 5 1 ,0 0 0 2 3 ,2 4 9 ,0 0 0 fo r 1 6 ,7 3 9 ,0 0 0 n ew b o n d s — V . 85, p . 42. ■West Penn Railways .-—Acquisition.— This company has acquired the controlling interest in the stock of the Pitts burgh McKeesport & Greensburg Railway, a 28-mile road running from Masontown to Trafford City, Pa. The follow ing new directors were elected for the acquired property: Lloyd B. Huff, President; J. II. Purdy, Vice-President; J. B. Van Wagener, Treasurer; Richard L. Coulter Jr., H. I. Lynne and Byron Trimble.— V. 84, p. 997. Wrightsville & Tennille RR.— Consolidation.— The share holders will vote Aug. 1 on a proposition to merge the Dublin <fe Southwestern R R ., purchased in July 1906; also to increase the capital stock from $300,000 to $600,000 and to issue $300,000 bonds for the improvement of the Dublin & South western.— V. 83, p. 39. York County (Pa.) Traction.— Dissolution.— The share holders on July 30 voted to dissolve the company, preparatory to a re-incorporation. The company’s $1,500,000 bonds were paid off July 1. Compare V. 84, p. 1369. INDUSTRIAL, GAS AND MISCELLANEOUS. American & British Manufacturing Co.— Reduction of Capi tal Stock.— This company controlled through stock ownership of the International Power Co. (see V. 84, p. 800) has voted to reduce the common capital stock from $8,000,000 to $2,000,000. New certificates will be issued to holders of existing certificates in the proportion of one share of new stock to four of the old. The preferred stock remains un changed at $2,000,000.— V. 84, p. 805. American Cigar Co.— See American Tobacco Co. under Annual Reports on a preceding page.— V. 84, p. 567. American Fisheries Co.— F ire.— This company's largest plant, located at Promised Land, L. I ., was destroyed by fire on July 31. The loss is estimated at $800,000.— V. 79, p. 2458. (The) American Laundry Machinery Manufacturing Co.— Consolidation.— This company was incorporated in New Jersey on May 28 1907, its authorized capital stock being now $12,500,000, of which $2,500,000 is 7 % cumulative preferred, subject to call at 125 on July 1 1912. Amounts outstanding, $6,000,000 common and $1,675,000 preferred; par of shares, $100. No bonds, new or old. The company has purchased all the real and personal property of the fol lowing companies: A m e r. L a u n d r y M a ch . Co., C in c in n a ti I N elson & K re u te r C o ., C h ica g o. A . T . H agen & C >., R o c h e s te r . N . Y . |The W a tk in s L a u n d r y M . C o ., Cin. B arnes & E rb C o ., P h ila d e lp h ia . W ilson L a u n d r y M a ch . C o ., C olum | b la , P a . The personnel of the company “ includes the men who have been prominent in this line of effort since the inception of the business itself.” The directors and officials are: P r e s ., W . N . C a rter, C h ic a g o , III.; V ic e P r e s .. D . M . C o o p e r R o c h e s t e r , N . Y . , A . K re u te r, C h ica g o , 111., L . S. S m ith . C in c in n a ti, O ., a n d T . D . W e b b , N ew Y o r k , N . Y . ; S e c .. E . P . U n d e rh ill; T r o t s . , W . B . G iv e n , C h ica g o , 111.; W . M . B a rn e s, C. W . B e n d e r, R o b e r t M . B u rto n , C. A . H ln s c n , A . T . H a g e n , C. J. M iller, R o b e r t S. N e ls o n . E . B . S ta n le y . E astern Sales D e p t., 127 W . 27th S t ., Newr Y o r k C ity ; S ou th ern Sales D e p t ., S ta tio n " H . ” C in cin n a ti; W e s te rn Sales D e p t ., 98 F ra n k lin S t ., C h ica g o ; P a elllc Sales D e p t ., San F r a n cis c o , Cal. G eneral o f fic e , B orlan d B u ild in g , L a Salle an d M on roe s ts ., C h ic a g o , 111. American Rolling Mill Corporation, Chicago.— Receiver ship.— Judge Landis in the United States District Court at Chicago on July 29 appointed the American Trust & Savings Bank receiver for the American Rolling Mill Corporation on petition of four creditors with claims aggregating $1,802. It is asserted that the corporation has been insolvent for several months.— V. 83, p. 325. American Snuff Co.— See American Tobacco Co. under Annual Reports on a preceding page.— V. 84, p. 567. American Stogie Co.— See American Tobacco Co. under Annual Reports on a preceding page.— V. 80, p. 2400. 286 THE CHRONICLE American Telephone & Telegraph Co.— Explanation.— Regarding the monthly instrument statement published last week, the “ Boston News Bureau” says: V e r y erron eou s c o n c lu s io n s are a p t t o b e draw n fro m th e In stru m en t s t a te m e n t, w h ic h Is Issued m o n t h ly . T h e sta te m e n t fo r Ju n e s h o w e d a n e t o u t p u t o f o n ly 17,678 in s tru m e n ts , an d th e in fe re n ce n a tu r a lly is th a t this rep resen ts th e n ew n e t busin ess o f th e lice n s e e c o m p a n ie s fo r th a t p e r io d . T h e tr u th is th e n u m b e r o f n e w s ta tio n s o r n e w su b scrib e rs d u r in g Ju n e a m o u n te d t o 3 2 ,4 0 0 , a ga in st 37,100 in Ju n e 1906, an d P resid en t V a il gives it as his o p in io n th a t b y reason o f th e r e c e n t e ffo rts t o s ecu re a h ig h er class o f b u sin ess, th ere is m ore n e t m o n e y b y a t least $1 p e r m o n th t o th e B ell co m p a n ie s o n th e basis o f th e Ju n e 1907 bu sin ess th a n w as s e c u r e d fro m th a t b o o k e d in Ju n e 1906. T h e c o m p a n ie s h a v e laid o ff a t le a st 50 % o f th e ir ca n v a ssers a n d are d ev o tin g ' th eir energies t o s e cu rin g h igh e r g ra d e an d m o r e p e rm a n e n t bu sin ess, in c o n tr a s t w ith e ffo rts a y e a r a g o t o Increase so le ly th e n u m b e r o f s u b s crib e rs , w h e th e r tra n sie n t o r p e r m a n e n t. O n Ja n . 1 th e B ell c o m p a n ie s had a su rplu s s u p p ly o f a t least 6 00 ,000 in s tru m e n ts , a n d t h e y t o -d a y h a v e in s t o c k a s u ffic ie n t n u m b e r o f in s tru m e n ts t o last th em fo r at least six m o n th s o n th e basis o f n e w bu sin ess ta k e n d u r in g th e last six m o n th s o f 1906. In v ie w o f th e fa c t th a t th e B e ll c o m p a n ie s are t a k in g o n b e tw e e n 30,000 a n d 40,0 0 0 n e t su b scrib e rs p e r m o n t h , an d o f a class w h ic h are m o r e p r o fita b le th a n w as th e busin ess a y e a r a g o , it w ill b e seen h o w m is le a d in g t o th e a v e r a g e r ea d er are th e m o n t h ly s ta te m e n ts. T h e se show m e r e ly th e m o v e m e n t o f in stru m en ts b e tw e e n th e p a re n t c o m p a n y a n d t h e lice n se e s. C om p a r e V . 8 5 , p . 22 3 . American Union Telephone Co.— Purchase.— This com pany recently arranged to purchase the Tri-State Telephone Co., which operates in Fayette and other Western Penn sylvania counties, for a sum said to be over $500,000.— Y.84, p. 1054. Black Diamond Anthracite Coal Co.— Sold.— A press dis patch from Pottsville oix July 24 announces that the Branchdale property of this company, of which T. V. Powderly was President, has been sold to the Reading Coal & Iron Co. for the small sum of $46,000.— V. 84, p. 1309. Boomer Coal & Coke Co., Cleveland.— Bonds Offered.— F. J. Lisman & Co. are offering on a basis, by adver tisement on another page, $1,100,000 5 % car trust bonds, dated July 15 1907 and due $110,000 each year on July 15 1908 to 1917. Coupon bonds of $1,000 each; interest Jan. 15 and July 15 at the offices of J. P. Morgan & Co., New York. These bonds are secured by 1,000 standard-steel drop-bottom fifty-ton capacity coal cars, costing abont $1,265,000, and by the valuable coking property of the Boomer Coal & Coke Co., stated to represent an outlay of $900,000, and they are also unconditionally guaranteed as to principal and interest by M. A . Hanna & Co., of Cleveland, Ohio, one of the best known and largest firms of the Uuited States. F o r m o f G u a ra n ty . l ^ F o r va lu e re ce iv e d an d as p a r t o f th e c o n s id e r a tio n o f th e lease o f th e a b o v e -m e n tio n e d coa l cars b y th e C le ve la n d T ru s t C o. t o th e B o o m e r C oal & C ok e C o. a n d th e a c c e p ta n c e an d n e g o tia tio n o f th e ca r tru s t o b lig a tio n s th erein m e n tio n e d , w e , M . A . H a n n a & C o , a co -p a rtn e rs h ip c o m p o s e d o f D . R . H a n n a , R . L . Irela n d a n d M . A n d re w s , d o in g bu sin e ss at C le v e la n d , O h io , an d a m o n g o th e r th in g s en g a g e d in th e business o f h a n d lin g an d sellin g c o a l, a n d b e in g th e sales agen ts o f th e w ith in n a m e d , th e B o o m e r C oal & C ok e C o ., a n d in terested in its leasin g o f th e w ith in -n a m e d cars fo r th e p u rp o se o f tr a n s p o r tin g its c o a l t o m a r k e t, d o h e re b y gu a ra n tee t o th e h o ld e r th e p u n ctu a l p a y m e n t o f th e p rin c ip a l an d in terest o f th e w ith in n a m ed o b lig a tio n , at th e tim e an d in th e m a n n e r th erein s p e cifie d ; a n d w e d o fu rth er c o v e n a n t th a t If th e said c o a l c o m p a n y shall m a k e d e fa u lt In th e p e r fo rm a n ce o f Its c o v e n a n ts c o n ta in e d In th e a g reem en t a n d c o n t r a c t o i l lease 1 in said ob lig a tio n m e n tio n e d , th a t w e w ill likew ise fo r th w ith , u p o n d e m a n d o f th e h old e r , p a y th e p rin cip a l an d Interest o f th e w ith in o b lig a tio n . " D o n e a t C lev ela n d , O h io , as o f th e -------- d a y o f ----------------, A . D . 1907. (S ig n ed ) M . A . H a n n a & C o m p a n y .) Abstract Of L etter from V ice-P resid en t R . L . Ireland J u ly 15 1907. T h e c o m p a n y ’ s p r o p e r t y co n sists o f 4 ,0 0 0 acres o f v a lu a b le c o a l la n d s , o n w h ich there are th ree o p e r a tin g m in es a n d o n e a d d itio n a l o p e n in g , w ith an ann u al p r o d u c t io n o f o v e r 8 00 ,000 to n s , th e p r o p e r ty Is situ a te d at B o o m e r , F a y e tte C o u n ty , W . V a ., o n th e line o f th e K a n a w h a & M ich ig a n Ry. T h e c o m p a n y Is ca p ita liz e d fo r § 6 5 0 ,0 0 0 , fu lly p a id , w ith n o b o n d e d d e b t o th e r th a n th e m o r tg a g e b e a rin g d a te J u ly 15 1907 t o th e C levelan d T ru st C o ., as tru stee, t o s e cu re th e e q u ip m e n t n o te s c o v e r in g 1,000 g o n d o la d r o p -b o t t o m c o a l ca rs. T h e c o n tr o l o f th e c o m p a n y Is h e ld b y M . A . H a n n a & C o. a n d th ree larg e con su m ers o f c o a l, n a m e ly , th e S o lv a y P rocess C o. o f S y ra cu s e , N . Y . , w ith p la n ts a t D e tr o it , M ic h .; th e B y -P r o d u c t C ok e C o rp o ra tio n o f C h ic a g o , o w n e d a n d co n tr o lle d b y th e S o lv a y P rocess Interests; an d th e M ilw au k ee C ok e & G as C o ., o p e r a tin g S olv a y , P rocess o v e n s at M ilw a u k ee. M . A H a n n a & C o. are th e sales a g en ts o f th e c o m p a n y a n d h a v e so ld t o th ese th ree co n s u m in g in terests, a t a g u aran tee p r ice a b o v e all c o s ts o f o p e r a tio n , th e e n tire p r o d u c t o f th e m in es, thus Insuring a full an d c o n tin u o u s o p e r a tio n fo r p r a c t ic a lly th e life o f th e o u ts ta n d in g c a r tru st b o n d s , a n d also in su rin g t o th e B o o m e r C oal & C ok e C o . a g u a ra n te e d p r o fit fo r th e sam e p e rio d . T h e m in es are e q u ip p e d w ith th e la te st a n d m o s t e c o n o m ic a l m in in g an d h a n d lin g d e v ic e s . T h ere are t w o v e in s o f co a l m a k in g th e co a l ru n o v e r 10 000 ton s t o th e a cre. T h is w o u ld m ak e a to ta l o f 4 0 ,0 0 0 ,0 0 0 to n s o f co a l in th e p r o p e r t y , w h ich w ill last fo r a p e r io d o f a b o u t fift y yea rs a t t h e presen t rate o f o p e r a tio n . T h e c o a l has e x c e p tio n a l c o k in g q u a litie s , a n d is th erefore a lw a ys in d e m a n d . T h e c o m p a n y has be e n In e x is te n ce fo u r y e a r s , d u rin g w h ic h tim e it has set aside an a d e q u a te cash surplus an d has e x p e n d e d a su bsta n tia l a m o u n t in im p ro v e m e n ts a n d e q u ip m e n t .— V . 8 4 ; p . 1250 British American Tobacco Co.— See American Tobacco Co. under Annual Reports on a preceding page.— V. 77, p. 39. Central Leather Co.— Leather Merger Restrained with Leave 'to M odify the Agreement of Consolidation.— Vice-Chancellor Emery at Newark on July 31 signed a formal order in the Colgate suit restraining the consolidation of the United States Leather Co. and the Central Leather Co. but with the following provision: B u t th is restra in t is n o t t o p r e v e n t , n o r to b e c o n s tru e d t o p r e v e n t , th e d i r e c to r s o f th e r e s p e c tiv e d e fe n d a n t c o m p a n ie s fro m en te rin g In to , or a d o p tin g fo r th e p u rp os e o f su b m issio n t o th e s to c k h o ld e r s o f th eir r e s p e c tiv e c o m p a n ie s , su ch m o d ifie d o r o th e r ag re e m e n t o f c o n s o lid a tio n as th e y m a y b e a d v is e d , n o r t o p r e v e n t th e c o r p o r a te d e fe n d a n ts o r th e ir d ir e cto r s fro m a p p ly in g t o th e c o u r t fo r le a ve t o s u b m it su ch m o d ifie d or o th e r agreem en t t o th e s to c k h o ld e r s, an d b y a m e n d m e n t o f th eir answ ers o r o th e r p r o p e r p r o c e e d in g s b y w a y o f a m e n d m e n t, su p p le m e n t, o r o th e rw ise t o w ith d r a w a n y cla im t o co n s o lid a te u n d er th e a greem en t set up In th e b ill, a n d t o cla im th e rig h t t o c o n s o lid a te u n d er s u ch o th e r o r m o d ifie d a g r e e m e n t.— V . 8 5 , p . 101. Consolidated Gas Co. of New York.— No Ground for Re voking Charter.— Justice McCall in Special Term, Part 1, of the Supreme Court on Monday denied the application of Attorney-General Jackson for permission to sue the Consol idated Gas Co. of New York and its subsidiary companies, for the purpose of revoking their charters. In the course of a long opinion the Justice says: [V o l . lxxxv . T h e A n ti-M o n o p o ly A c t is r e a lly aim e’d at co m b in a tio n s b e tw e en Inde p e n d e n t c o n c e r n s , fo r th e p u rp o s e o f re g u la tin g p rices an d p r o d u c tio n , a n d w h a t is a b h o rre n t an d r e p u g n a n t t o th e s ta tu te are c o n t r a c ts , ag reem en ts, a rran gem en ts or c o m b in a tio n s w h ic h te n d to w a rd th e c o n tr o l o f th e sale o r p r o d u c t io n o f a th in g o f c o m m o n u se , an d so p r e v e n t a c o m p e titio n in s u p p ly o r p r ice . N o such c o n d it io n is p re s e n te d on these tra n sa ction s. W h a t is sh o w n is an o u t-a n d -o u t p u rch a se o f s t o c k fro m legal h old ers. T h e p u rch a se r b e in g a c o r p o r a t io n , th e sale is m a d e u n d e r s t a tu to r y p e r m issio n , an d is n o t a c o n t r a c t, a g re e m e n t, a rra n g e m e n t o r c o m b in a tio n w ith in th e p ro v is io n s o f th e la w . O th e r su its a re p e n d in g . C om n a re V . 8 5 , p . 43; V . 8 4 , p; 1 30 9. p Consolidated Steamship Lines.— Statics.— A circular issued by Hornblower & Weeks, New York, Boston, &c., says: T h e c o m p a n y o w n s a n d op e ra te s s l i lin e s, w h ic h p r a c t ic a lly c o n tr o l th e co a s tw is e tr a n s p o r ta tio n fro m S t. J o h n , N . B ., t o V e ra C ru z, M e x ico . T h ese lines w ere p u rch a se d b y Charles W . M orse a n d his a ssocia tes fro m th e ir o rig in a l o w n e rs. T h e fu n d a m e n ta l id e a in th is c o n s o lid a tio n w as th e b e n e fits t o b e d e r iv e d fro m c o n c e n tr a tio n o f c o n tr o l w h ich w o u ld resu lt In th e w o rk in g o f all lines u n d e r o n e m a n a g e m e n t, th e se cu rin g o f th e low est p o ssib le c o s t o f o p e r a tio n , th e e lim in a tio n o f Idle to n n a g e , th e c u r ta ilm e n t o f p ie r r o o m , h a rm o n io u s w o rk in g a rran g em en ts b e tw e e n th e v a rio u s lin es, th e m o s t fa v o r a b le p r ice f o r th e p u rch a s e o f su p p lies an d fu e l, th e low est c o s t o f in su ra n ce , r e p a irs , legal e x p e n s e s , & c. T h e co n s titu e n t c o m p a n ie s o p e r a te a to t a l o f 97 fre ig h t an d p a ssen ger s e a -g o in g a n d r iv e r s te a m e rs, o f m o d e r n c o n s t r u c tio n , w ith an ag g reg a te gross to n n a g e o f 265 00 0 . In a d d itio n t h e y o w n 65 ligh ters an d 7 tu g s , th e w h o le fleet h a v in g a c o n s e r v a tiv e v a lu e o f n e a rly $40 000 000 T h ey also o w n e q u itie s In p ie r leases, te rm in a l p r o p e r tie s , sh ed s, e q u ip m e n t & c ., v a lu e d at $ 5 ,0 0 0 ,0 0 0 , m a k in g a t o t a l p r o p e r t y v a lu e o f a p p r o x im a t e ly $ 4 5 ,0 0 0 ,0 0 0 . T h e a g g re g a te c a p ita liz a tio n o f th e s u b s id ia ry c o m p a n ie s co n sists o f $ 6 2 ,0 0 0 ,0 0 0 s t o c k a n d $ 2 4 ,7 5 7 ,0 0 0 first m o r tg a g e 5 % b o n d s . C A P IT A L IZ A T IO N A N D T O N N A G E OF C O N S T IT U E N T C O M P A N IE S . „ , C om pa n ies— S tock. E a ste rn SS. C o . (V . 8 4 , p . 7 5 1 ) -------$ 3 ,0 0 0 ,0 0 0 M e tr o p o lit a n S S . C o . ( V . 8 2 ,p . 9 9 0 ) . 3 ,0 0 0 ,0 0 0 C ly d e S S . C o. (V . 8 3 , p . 1 2 3 1 )--------- 1 4 ,0 0 0 ,0 0 0 M a llo ry SS. C o. (V . 83, p . 1 5 9 4 )___ 1 4 ,0 0 0 ,0 0 0 N . Y . & C u b a SS. C o .( V .8 4 ,p .ll8 5 ) 2 0 ,0 0 0 ,0 0 0 N .Y . & P o r to R ic o S S .C o . (V .84,p.87 1) 8 ,0 0 0 ,0 0 0 N o. 1st M . B d s. s t r s . $ 2 ,3 2 2 ,0 0 0 21 2 ,4 4 0 ,0 0 0 6 4 ,4 9 5 ,0 0 0 25 3 ,0 0 0 ,0 0 0 14 1 0 ,0 0 0 ,0 0 0 19 2 ,5 0 0 ,0 0 0 12 T otal T on 'a. 2 8 ,7 4 4 18 663 60,5 7 3 4 8 ,5 9 4 7 6 ,5 3 6 32,6 1 9 $ 2 4 ,7 5 7 ,0 0 0 97 265 ,7 2 9 T o t a l----------------------------------------------- $ 6 2 ,0 0 0 ,0 0 0 T h e ca p ita liz a tio n o f th e C on solid a ted Stea m sh ip L in es con sists o f $6 0 ,0 0 0 ,0 0 0 colla tera l tru st 4 % b o n d s a n d $ 6 0 ,0 0 0 ,0 0 0 s to c k . F or every share o f s to c k h eld in a su b sid ia ry c o m p a n y a s to c k h o ld e r w as g iv en o n e share o f C on solid a ted S team sh ip s to c k an d $100 colla tera l tru st 4 % b o n d . W h ile o n ly $ 6 0 ,0 0 0 ,0 0 0 o f b o n d s h a ve b een a u th orized t o p r o v id e fo r $ 6 2 ,0 0 0 ,0 0 0 o f s to c k o f th e su b sid ia ry co m p a n ie s, $ 2 ,0 0 0 ,0 0 0 m ore o f b o n d s a n d s to c k w ill p r o b a b ly b e a u th orized . T h e first m o rtg a g e b o n d s o f th e co n s titu e n t p rop erties are n o t a ffe cte d b y th e co n s o lid a tio n . P ro v is io n Is m a d e th ro u g h th e sin k in g fu n d ch a rges f o r th e retirem en t o f a b o u t 4 % o f th e o u ts ta n d in g b o n d s ea ch y e a r, w h ich p r a c tic a lly m ean s th a t at th e e n d o f 25 years th e first m o rtg a g e b o n d s w ill b e re tire d , m a k in g th e 4 % co lla te ra l tru st b o n d s th e p rior lien. » W ith th e e co n o m ie s t o b e e ffe cte d in th e op e ra tio n o f th e in d iv id u a l lines th ro u g h c o n s o lid a tio n , an d th eir Increased to n n a g e , a m o u n tin g t o som e 4 0 ,0 0 0 , rep resen ted b y nin e n ew o ce a n -g o in g stea m ers, a co n s e r v a tiv e estim a te o f th e n et earn in gs fo r 1907 Is p la ced a t $ 4 ,5 5 0 ,0 0 0 . The com pa n ies earn ed in 1906 a p p ro x im a te ly $ 3 ,5 0 0 ,0 0 0 n e t o n a gross bu sin ess o f n e a rly $ 1 8 ,0 0 0 ,0 0 0 . E stim a ted N et E a rn in g s Together w ith F ix e d Charges o f the Consolidated S team ship L in es. E stim a te d n e t earn in gs as a b o v e ____________________________________ $ 4 ,5 5 0 ,0 0 0 In terest ch arge o n $ 2 4 ,7 5 7 ,0 0 0 first m tg e . b o n d s o f su b sid . c o s . . 1 ,2 3 7 ,8 5 0 In terest ch a rg e o n $ 6 2 ,0 0 0 ,0 0 0 4 % b o n d s o f C on sol. SS . l i n e s . . 2 ,4 8 0 ,0 0 0 S u r p l u s -------------------------------------------------------------------------------------------- $ 8 3 2,15 0 W h ile th e lines o f th e six stea m sh ip co m p a n ie s fo rm in g th e co n s o lid a tio n o c c u p y a field o f o p e r a tio n e x te n d in g fro m S t. J o h n , N . B ., o n th e A t la n tic c o a s t, t o V era C ru z, M e x ico , o n th e G u lf c o a s t, th ese lines to u c h m a n y Im p orta n t In terven in g p o in ts , an d th e p o rts o f C u b a , P o r t o R ic o , S a n to D o m in g o , T u rk ’ s Isla n d an d th e B a h a m a s. W o r k in g In close c o n ju n c t io n w ith railroad s d iv e rtin g fro m th e v a rio u s p o r ts , th ere Is p r a c tic a lly n o lim it t o th e s co p e o f th e co m p a n ie s ’ p ossib ilities In th e m o v e m e n t o f th ro u g h freig h t a n d passen ger tra ffic. T h e c o m p a n y has a v e r y e fficie n t w o rk in g o rg a n iza tio n u n d er th e d ir e ct, aggressive su p erv ision o f C a lvin A u s tin . The market price of the company's 4 % bonds has advanced recently from 26% to about 2 8 ^ bid. Description of Bonds.— The company’s collateral trust 4 % gold bonds, total authorized issue $60,000,000, are dated Jan. 1 1907 and mature Jan. 1 1957, but are subject to call on any interest day at 105. Interest payable Jan. 1 and July 1 at the National Bank of North America, New York, Trustee, American Trust Co., Boston, Mass.— V. 84, p. 1370. Delta Electric Light, Power & Manufacturing Co., Green ville, Miss.— Bonds Offered.— Farson & Co., New York and Chicago, some time since offered for sale a block of first mortgage 6s dated June 1 1905; principal and annual interest payable at Bank of America, New York City. Denomina tion, $1,000, maturing in installments on June 1 in 1920 and from 1926 to 1930. C a p ital s t o c k , a u th o r iz e d , $ 1 0 0 ,0 0 0 ; o u ts ta n d in g , $ 6 7 ,0 0 0 . First m o r t gage b o n d s, a u th o riz e d , $ 1 0 0 ,0 0 0 ; o u ts ta n d in g , $ 8 5 ,0 0 0 . A c tu a l p h y s ica l v a lu e o f p la n ts, lines an d rollin g s to c k , c o m p le te , $ 1 9 5 ,5 2 4 . V a lu e o f fra n ch ises, e s tim a te d , $ 3 0 ,0 0 0 . T o t a l, $ 2 2 5 ,5 2 4 . E a rn in g s fo r y e a r e n d in g O ct. 1 190 6, ba sed o n sta te m e n t fo r fo u r m o n th s fro m O ct. 1 1 9 0 5 , $8 1 ,2 0 7 ; n e t, $ 3 3 ,6 4 3 . In terest ch a rg e o n $ 85 ,000 b o n d s, $ 5 ,1 0 0 ; b a la n ce , a p p lic a b le to d iv id e n d s , & c., $ 2 8 ,5 4 3 . P o p u la tio n , 1 5 ,0 0 0 . T h e c o m p a n y has re ce n tly a cq u ire d all th e e le ctric ligh t an d street ra ilw a y bu sin ess o f th e c it y . F ra n ch ise rig h ts fo r tra ck s on th e p rin cip a l streets h a v e 45 y ea rs t o ra n ; a p e rp e tu a l an d v ir tu a lly e x clu s iv e fra n ch ise fo r e le ctrc lig h tin g , and p e rp e tu a l fra n ch ise fo r a gas p la n t. O p era tes 3 M m iles o f street ra ilw a y an d has freig h t an d p a ck a g e -ca rry in g privileges in c lu d e d In its fra n ch ises. H as a c o n tr a c t w ith th e c it y fo r street lig h tin g w h ich m ore th a n p a y s th e a n n u al in terest ch a rg e on th e b o n d issu e; a ls o e n jo y s a lu c ra tiv e business In co m m e rcia l electric lig h tin g . • • , • (E. I.) du Pont de Nemours Powder Co. (of New Jersey)— Anti-Trust Suit Filed.— The Government, on Tuesday, filed in the United States Circuit Court for the District of Dela ware at Wilmington, Del., a petition against E. I. du Pont de Nemours & Co (of Delaware), the E .I .d u Pont de Nemours Powder Co. (of New Jersey), and twenty-four other corpor ations and seventeen individuals connected with the enter prise, alleging contravention of the Sherman Anti-Trust Act. T h e p e titio n alleges th a t th e d e fe n d a n ts h a v e a c o m p le te m o n o p o ly o th e p r o d u c tio n a n d d istrib u tio n o f sm ok eless o rd n a n ce p o w d e r an d co n tro ls 95 % o f th e p r o d u c tio n an d d is trib u tio n o f g u n p o w d e r an d high ex p lo siv e s o th e r th a n sm ok eless o rd n a n ce p o w d e r. A s In th e case o f th e A m e rica n T o b a c c o C o ., th e C ou rt Is ask ed to d e te rm in e w h e th e r p u b lic Interests w ill b e b e tte r su b se rv e d b y th e a p p o in tm e n t o f receivers t o ta k e possession o f th e p r o p e r ty o f th e a lleg ed tru st w ith a v ie w o f b rin g in g a b o u t co n d itio n s in tra d e a n d co m m e rce th a t w ill b e in h a rm o n y w ith th e la w . Disolution of Delaware Corporation.— On July 27 the Dela ware corporation, E. I. du Pont de Nemours & Co., filed notice of dissolution.— Y. 84, p. 806, 690. A ug. THE CHRONICLE. 3 19 07 .] Eastern Milling and Export Co. of Pennsylvania.— Sold.— Receivers David P. Locker and the Security Title & Trust Co. of York on July 19 filed a deed transferring to Charles H . Dumpwolf, in consideration of $316,000, the 26 milling properties heretofore controlled by this bankrupt company, proceedings against which were instituted in the Circuit Court of the United States in April 1903.— V. 79, p. 1268. Eastman Kodak Co. of New Jersey.— Extra Dividend.— The directors have declared the regular quarterly dividends 1Hj% cm the preferred stock and 23^ % on the common stock; also an extra 5 % on the common stock, payable Oct. 1 to shareholders of record at the close of business on Aug. 31. The books will close on Aug. 31 and will re-open on Sept. 16. The common shares have received regular quarterly divi dends at the rate of 10% per annum since Oct. 1902 and extra distributions as follows: E x tr a D ivid en d s on C om m on S tock. J a n . 1 1906. M a y 1906. D e c . 1906. M a y 1907. 2% 2 )4 % 5% 5% — V . 8 4 , p . 870. Oct. 1907. 5% Equitable Illuminating Gas Light Co. of Philadelphia.— Output.— The statement of gas sold in the city of Philadel phia for the quarter ending June 30, as filed with the city authorities, compares as follows: i' -C u b ic F e e t o f G as— 1 90 7. 3 m o n t h s _______ ______ _______ 1 ,7 2 5 ,7 6 6 ,3 9 0 6 m o n t h s ______________________3 ,8 3 2 ,6 3 0 ,2 9 0 6 m o n t h s ’ gross r e v e n u e ______ $ 3 ,8 3 2 ,6 3 0 $38 3 ,2 6 3 O f w h c h c it y r e c e iv e s ........... .. — V . 8 5 , p . 43. 190 6. 1 ,6 3 7 ,8 6 5 ,2 1 0 3 ,5 6 6 ,4 0 7 ,5 4 0 $ 3 ,5 6 6 ,4 0 7 $ 3 5 6 ,6 4 0 1905. 1 ,5 3 3 ,9 2 5 ,5 3 0 3 ,3 7 1 ,3 2 0 ,1 3 0 $ 3 ,3 7 1 ,3 2 0 $ 3 3 7,13 2 Greenfield (Mass.) Gas Light Co.— New Securities A p proved.— The Massachusetts Gas & Electric Light Com mission has approved the proposed issue at not less than par cf $25,000 new preferred stock (par $50), and an issue of $75,000 first mortgage bonds, 30-year, to bear interest at a rate not exceeding 5 % . The proceeds are to be applied to improvements and extensions of plant. By the issue of new stock the capital stock will be increased to $150,000. Havana Tobacco Co.— See American Tobacco Co. under Annual Reports on a preceding page.— V. 84, p. 628. Heyward Oil Co.— Status— Stock Offered.— William B. King & Co., Houston, Tex., some time since offered for sale a small block of the company’s stock at a price to net pur chaser about 10% . Their advertisement says: 1 - T h e c om p a n y ^ w a s o rg a n iz e d in 1901 w ith a c a p it a l o f $ 8 0 0 ,0 0 0 , d iv id e d In t o 8 ,0 0 0 shares o f $100 e a c h . I t has be e n in e x is te n ce less th a n s is y e a rs , a n d d u r in g t h a t t im e has p a id .tw e n ty -tw o q u a rte r ly d iv id e n d s , r e p re se n tin g 76 % o f its c a p it a l s t o c k , o r , In o t h e r w o rd s , lt has p a id in d iv id e n d s d u r in g t h a t tim e th e su m o f $ 6 0 8 ,0 0 0 . T h e d iv id e n d s h a v e b e e n re g u la r w ith an a n n u a l a v e r a g e o f o v e r 12 % p e r a n n u m o n t h e p a r v a lu e o f th e s t o c k , an d f o r 1906 t h e y a m o u n te d t o $21 p e r sh are. T h e first qu a rte rly | d iv ld e n d th is y e a r w a s $5 p e r sh a re , b u t it Is th e p o l ic y o f th e c o m p a n y t o re s trict th e m t o $3 p e r share e a ch q u a rte r . T h e c o m p a n y has n o w a p r o d u c t io n o f a b o u t 1,0 0 0 barrels o f o il p e r d a y . w h ic h is w o rth fr o m 90 c e n ts t o $1 p e r b a rre l. Imperial Tobacco Co.— See American Tobacco Co. under Annual Reports on a preceding page.— V. 78, p. 771. International Cigar Machinery Co.— See American Tobacco Co. under Annual Reports on a preceding page. International Harvester Co.— 30-Y ear Lease.— See Har vester Building, Chicago, above.— V. 84, p. 696. International Power Co.— See American & British Manu facturing Co., above.— V. 84, p. 806. Jersey City Hoboken & Paterson Ry.— Consolidation.— See North Jersey Street Ry. Co. below.— V. 78, p. 1392. La Belle Iron Works, Wheeling, W . V a.— Increase.— The directors, it is stated, have voted to increase the capital stock from $7,500,000 to $10,000,000, and have recom mended to the new board to be elected in September the declaration of a stock dividend of 33 1 -3 % .— V. 84, p. 53. Lawrence (Mass.) Gas Co.— Reduction in Price of Gas.— The directors have voted to reduce the price of gas from 95 cents to 90 cents a thousand feet, to take effect from July 1 last. On Oct. 1 1906 the price was reduced from $1 to 95 cents. The regular semi-annual dividend of $4 a share was paid Aug. 1.— V. 84, p. 224. (P.) Lorillard Tobacco Co.— See American Tobacco Co. under Annual Reports on a preceding page. Louisville Gas Co.— Deposits of Stock Called for to Protect Holders in Case of Merger Proposition.— In view of the rumors recently current that plans were on foot looking to a merger of the light and heating companies of Louisville, namely, the Louisville Gas Co., the Louisville Lighting Co., the Louis ville Heating Co. and the Kentucky Electric Co., the man agers of the first-named company recently gave notice that deposits of stock of the Louisville Gas Co. would be received until July 31 by the Fidelity Trust Co. of Louisville, under the terms of an agreement giving that company until Oct. 1 1907 the right to dispose of all the deposited stock at 120 or better. The Louisville ‘“'Courier-Journal” says: T h e L o u is v ille G as C o . has o u ts ta n d in g $ 3 ,6 0 0 ,0 0 0 c a p ita l s t o c k , o f w h ich $ 9 2 5 ,0 0 0 is o w n e d b y th e c it y o f L o u is v ille . T h e c o m p a n y o w n s 52 % o f t h e o u t s ta n d in g shares o f th e L o u is v ille L ig h tin g C o . (a u th o riz e d Issue $ 3 ,0 0 0 ,0 0 0 , a m o u n t o u ts ta n d in g $ 2 ,6 6 6 ,7 0 0 ), w h ile th e B ra d y -S h e e h a n In te r e sts , w h o , it has be e n su g g e s te d , m a y b e b a c k o f th e m e rg e r p r o j e c t , are r e p o r te d t o h o ld (m o s t o f) th e r e m a in d e r. T h e L o u is v ille H e a tin g C o . ( V . 7 0 , p . 657) has an a u th o riz e d c a p it a l o f $ 4 ,1 0 0 ,0 0 0 , o f w h ich $ 1 ,6 0 0 ,0 0 0 i s 5 % c u m u la tiv e p r e fe rre d an d $ 2 ,5 0 0 ,0 0 0 c o m m o n : t h e c o m m o n shares r e c e iv e d 2 % in F e b ru a r y 1904, 3 % In F e b ru a r y 1905 a n d 1 H % t o A u g u s t 1906 a n d F e b ru a r y 1907. Sale of Bonds.— The company, it is announced, has sold to the Metropolitan Life Insurance Co. at par its holdings of $600,000 bonds of the Louisville Lighting Co., guaranteed by the Louisville Gas Co. (V. 79, p. 2799; V. 77, p. 92; V. 76, p. 667, 869.)— V . 84, p. 1555. 287 MacAndrews & Forbes Co.— Licorice Consolidation.— See American Tobacco Co. under Annual Reports on a preceding page. Mahoning Investment Co.— Dividend.— See Buffalo Rochester & Pittsburgh Ry. under “ Railroads” above.— V. 83, p. 1474. Manufacturers’ Light & Heat Co. of Pittsburgh.— Earn ings.— For the half-year ending June 30 1907: G ross ___________ __________ $ 2 ,6 0 7 ,0 3 0 1 C h arges, & C - _ - ..................... * f$ 4 1 4 ,6 7 6 N e t (a fte r t a x e s ) __________ 1 ,8 0 3 ,1 2 0 [ B a la n ce , s u r p l u s __________ 1 ,3 8 8 ,4 4 4 T h e ch arg es, & c ., as a b o v e , $ 4 1 4 ,6 7 6 , in c lu d e ; a c c o u n t s c h a rg e d t o p r o fit an d loss, $ 1 ,6 4 6 ; Interest an d d is c o u n t a n d a ccru e d Interest a n d it a x o n b o n d s , $41 0 ,3 4 4 ; d iv id e n d s d u e o th e r o w n ers o f a ffilia te d c o m p a n ie s , $ 2 ,6 8 6 . D u rin g th e h a lf-y e a r t h e lc o m p a n y , lt Is s ta te d , p a id o ff $7 8 7 ,5 0 0 b o n d s an d e x p e n d e d $ 6 6 9,15 0 fo r Increase o f in v e s tm e n ts , n a m e ly : s t o c k o f a ffilia te d c o m p a n ie s b o u g h t, $ 1 4 3 ,6 3 5 ; in crea se in e x te n s io n s and Im p r o v e m e n ts, $ 2 8 5 ,1 9 4 ; n e w w ells, $ 2 4 0 ,3 2 1 . T h e n et^ decrea se in liab ilities is figu red at $ 6 7 5 ,3 3 7 .— V . 84, p . 1185. Michigan State Telephone C o.— New General M anager.— Bernard W . Trafford, recently General Manager of the Ches apeake & Potomac Telephone Co., which operates the Bell system in Baltimore, Washington and vicinity, has been appointed General Manager of this company. Subscribers.— The company reports a total number of 128,684 subscribers of all classes on May 31, an increase of 1,606 for the month of May.— V. 85, p. 37. Monterey (Mex.) Iron & Steel Co.— Plan Adopted.— A press report from Monterey sayg; A t a general m e e tin g o f th e shareh olders o f th e M o n te rey Ir o n & S teel C o ., an a m e n d e d p r o p o s itio n fo r th e o rg a n iz a tio n o f a su b s id ia r y c o m p a n y t o ta k e o v e r th e c o n c e r n ’ s e x te n s iv e c o a l p r o p e r tie s w as u n a n im o u s ly a d o p te d . T h e p r o p o s itio n p r o v id e s fo r t h e o r g a n iz a tio n o f a c o m p a n y t o b e ca lle d th e C o m p a n ia C a rb o n lfe ra d e l N o rte , w h ic h sh all h a v e a ca p ita l s t o c k o f $ 1 1 ,0 0 0 ,0 0 0 M e x ica n c u r r e n c y o r $ 5 ,5 0 0 ,0 0 0 g o ld . The new cor p o r a tio n w ill ta k e o v e r e x te n s iv e c o a l la n d s in E l A la m o an d E n cin a s d is t r ic ts , all o f th e s t o c k o f th e C o m p a n ia C a rb o n lfe ra d e M o n te r e y , th e c o a l p ro p e rtie s In S an E n riq u e la M erced an d C o lu m b ia d is tricts an d o th e r h o ld in g s In th e c a p ita l o f $ 1 1 ,0 0 0 ,0 0 0 th e M o n te r e y Ir o n & Steel C o. w ill re p re se n t 7 3 .3 1 % , or $ 8 ,0 6 4 ,0 0 0 ; th e C a rb o n ife ra d e M o n te r e y , 1 7 .6 0 % , o r $ 1 ,9 3 6 ,0 0 0 ; th e o rg a n iz in g s y n d ic a te , 9 . 0 9 % , or $ 1 ,0 0 0 ,0 0 0 . (A n o th e r a c c o u n t says: T h e $ 1 0 ,0 0 0 ,0 0 0 fo r th e c o a l p r o p e r tie s w ill b e p a id as fo llo w s : $ 6 ,0 0 0 ,0 0 0 in s t o c k o f th e n ew c o m p a n y , $ 3 ,0 0 0 ,0 0 0 In sp e cie an d $ 1 ,0 0 0 ,0 0 0 in c a s h .— E d .) A large B essem er steel fu rn a ce an d a p p a ra tu s c o m p le te fo r th e m a n u fa c tu re o f B essem er steel u n d e r th e n e w p r o c e s s is b e in g Installed at th e p la n t o f th e M o n te re y Iron & S teel C o . In th is c it y . T h e M o n te r e y p la n t has h e r e to fo r e been m a n u fa c tu r in g o p e n -h e a r th steel. It Is c la im e d t h a t th e n e w p ro ce s s w ill result in a s a v in g o f $3 t o $5 p e r t o n as c o m p a r e d w ith th e p ro ce s s n o w in use. T h e p la n t Is c r o w d e d w ith ord e rs fo r stru ctu ra l steel f ro m all p a rts o f M e x ic o .— V . 7 8 , p . 1396. Mt. Carmel (111.) Gas & Electric Co.— Bonds Offered.— Albert Kleybolte & Co., Cincinnati, are offering for sale the unsold portion, $135,500,of an issue of $160,000 first mortgage 5 % gold bonds dated Feb. 1 1907, due serially. Interest payable Feb. 1 and Aug. 1 at American Trust & Savings Bank, the trustee, Chicago. Unmatured bonds redeemable on or before Feb. 1 1917 at option of company at 105 and accrued interest. The $135,500 bonds mature in annual installments on Feb. 1, viz.: $2,500 yearly, 1914 to 1916; $1,000 in 1917; $3,000 in 1918 and 1919; $3,500 yearly, 1920 to 1922; $4,000 1923 to 1925; $5,000 1926 to 1930; $8,500 in 1931 and $65,000 in 1932. A circular says in substance: T h e se b o n d s w e re issu ed fo r th e p u r p o s e o f p a y in g fo r th e u n m a tu r e d p o r t io n o f an o ld Issue o f b o n d s fo r I m p r o v in g a n d e x t e n d in g th e e le c tr ic lig h t s y s te m an d o f b u ild in g a h e a tin g p la n t a n d a n e w gas p la n t , a n d are a first m o r tg a g e on th e e n tire p r o p e r t y . T h e p r o p e r t y co n sists o f a m o d e m first-cla ss e le ctr ic lig h t plant., w ith a m p le real e s ta te , an d a first-class c e n tra l s ta tio n fo rc e d -c irc u la tio n h o t-w a te r h e a tin g s y s te m , p u t in o p e r a tio n ’ J a n . 24 1907 (c o s t , $ 4 0 ,0 0 0 ). P lan s are n o w b e in g m a d e fo r t h e in s ta lla tio n o f a gas p la n t w h ic h th e c o m p a n y e x p e c t s t o h a v e In o p e r a tio n b y J a n . 1 1 9 0 8 . T h e p re se n t p r o p e r t y is e s tim a te d t o b e w o rth a t least $ 2 0 0 ,0 0 0 . The fra n ch ises a v e r a g e 33 y e a rs , an d th e c o m p a n y also has a 2 5 -y e a r c o n t r a c t fo r street lig h tin g an d fu rn ish in g p o w e r fo r th e p u m p in g o f w a te r fo r th e w a te r-w o rk s , th e c o m p a n y th u s c o n tr o llin g th e e n tire p u b lic u t ilit y p r o p e r ties o f th e c it y . T h e n e t e a rn in gs at p re se n t are n early 2 tim e s th e in te re st o n th e o u ts ta n d in g b o n d s. T h e re v e n u e d e r iv e d u n d er th e c o n t r a c t t o furnish p o w e r fo r th e w a te r-w o rk s is m o r e th an s u ffic ie n t t o p a y t h e in te re st o n th e b o n d s . T h e n e w h e a tin g p la n t sh ou ld in cre a se t h e re v e n u e a t least $ 5 ,0 0 0 . W e b e lie v e t h a t th e n e t earn in gs fo r 1008 w ill be m o r e th a n 3 H tim es th e fixed c h a rg e s. T h e n e t e a rn in g s io r th e m o n th o f J a n u a ry 1907 s h o w an in cre a se o f 30 % o v e r th e sam e m o n th In .1906.— V . 8 4 , p . 452 . National Licorice Co.— See MacAndrews & Forbes Co. under American Tobacco Co.— V. 84, p. 54. Niagara Falls Hydraulic Power & Mfg. Co.— New Plant.— The “ Iron Age” of July 25 says: T h is c o m p a n y on J u ly 19 raised th e in le t g a tes an d filled th e fo r e -b a y o f its n ew p o w e r d e v e lo p m e n t w ith w a te r. I t Is e x p e c t e d t h a t w a te r w ill b e le t in to o n e o r m ore o f th e 9 -ft . p e n s to c k s this w e e k . F o u r 10,000 h .p . u n its are In p la c e In th e s ta tio n b e lo w th e high b a n k . T h ere are t o b e 13 o f these u n its, m a k in g th e t o t a l-c a p a c it y o f th e n e w s ta tio n 130,000 h .p . F r o m this p o w e r h o u se t h e A lu m in u m C o. o f A m e r ic a w ill r e c e iv e 37,0 0 0 h .p . C o m p a re V . 8 3 , p . 1124. North American Portland Cement Co.— See American Cement Co. under Annual Reports on a preceding page. — V. 84, p. 163. Osceola Consolidated Mining Co.— Ownership of stock by Calumet & Hecla. See report of Calumet & Hecla on a preceding page. Pennsylvania Steel Co. of N. J.— Offering of Guaranteed Bonds.— See Spanish-American Iron Co. below.— V. 85, p. 226. Pennsylvania Water Co., Wilkinsburg, Pa.— Bonds, & c.— E. H. Gay & Co. have recently been offering for sale a small block of this company’s 5 % bonds, due 1929; interest pay able April and October at Mellon National Bank of Pitts burgh. Union Trust Co., trustee. T h e to t a l a u th o r iz e d b o n d issue Is $ 1 ,5 0 0 ,0 0 0 ; o u ts ta n d in g a t la st a c c o u n t s , $ 1 ,2 1 1 ,0 0 0 , o f w h ic h $50 ,0 0 0 w e re 6 % a n d th e re m a in d e r 5 % . T h e re are also $ 50 ,000 b o n d s o f th e E a st P itts b u r g h W a t e r C o. (a b s o r b e d ) . C a p ital s t o c k , $ 7 5 0 ,0 0 0 , all o u ts ta n d in g , $50 ,0 0 0 th e r e o f b e in g n o n c u m u la tiv e 6 % p re fe rre d w ith d iv id e n d s p a y a b le J a n . an d J u ly ; p a r , $50 . D iv id e n d s o n c o m m o n s t o c k h a v e b e e n p a id In v a r y in g a m o u n ts . The c o m p a n y w as In c o r p o r a te d In P e n n s y lv a n ia in 1887 a n d ow n s s o m e 150 m iles o f m a in s , a n d has re se rvo irs w ith a t o t a l s to ra g e c a p a c it y o f m o r e th a n 3 5 ,0 0 0 ,0 0 0 g a llo n s. I t c o n tr o ls th e L e e c h b u r g W a te r -W o r k s | C o . and th e A p o llo W a t e r -W o r k s C o . P r e s ., R . B . M a llo n , P itts b u r g h ; V lc e -P r e s ., G e o rg e S. D a v is o n ; S e c . a n d T r e a s ., J o s e p h P . M iller, E d g e w o o d . P a . 288 THE CHRONICLE. Pittsburgh Coal Co.— Bonds Canceled.— The company has purchased and canceled, from the proceeds of the sinking fund provided therefor, $3,632,000 of the $25,000,000 Pitts burgh Coal Co. of Pennsylvania guaranteed “ first mortgage and collateral” 5 % bonds of 1904, reducing the amount out standing to $21,368,000. Compare V. 82, p. 389. Tonnage.— The semi-annual payment made this month ($213,435, or $4 27 per share), on account of the purchase of the $2,500,000 Monongahela River Consolidated Coal & Coke Co. preferred stock, shows that there was mined from the Monongahela properties during the six months ending June 30 1907 3,557,246 tons of coal, against 3,342,691 tons in the same period last year. In the fiscal year ended Oct. 31 1906 6,509,737 tons were mined; in 1904-05, 4,962,750; in 1903-04. 4,158,544. This payment leaves $20 29 of the purchase price of $45 per share (par $50) still due.— V. 85, p. 44. Pittsburgh (Pa.) Oil & Gas Co.— Earnings.— For the quar ter ended June 30 1907: R e c e ip t s f ro m o p e r a t io n ____ $3 2 9,56 8 T o ta l in c o m e ------------------------- $ 3 4 1,55 4 11,086 E x p e n s e s , In terest, & e --------- 226 ,824 O th er in c o m e ________________ T o t a l in c o m e _____________ $ 3 4 1,55 4 Surplus fo r 3 m o n t h s _____$1 1 4,73 0 T h e surplus o f $ 1 1 4,73 0 w as ap p lie d as fo llo w s : F o r a d d itio n s , $ 2 5 ,5 5 0 : r e d u c tio n o f d e b t , $ 87 ,745 ; a d d itio n t o su rplu s, $ 1 ,4 3 5 . T h e c o m p a n y so ld 4 8 8 ,7 7 8 ,0 0 0 fe e t o f gas an d 154 ,970 barrels o f oil. Report.— See “ Annual Reports” on a preceding page. Payment of Bonds.— The company, it is stated, recently paid off $200,000 of its first mortgage 6 % bonds, making a total of $600,000 paid to date.— V. 84. p . 1057. (R. J.) Reynolds Tobacco Co.— See American Tobacco Co. under Annual Reports on a preceding page.— V. 82, p. 632. nomination $1,000 (c*&r). present issue $1,000,000. [V o l . lxxxv . Authorized issue $5,000,000; C on densed E xtra cts from L etter o f E . C . F e lto n , P resid en t P e n n . Steel C o. T h ese b o n d s are th e o b lig a tio n o f th e S p a n ish -A m e rle a n Iro n C o ., a c o r p o r a tio n o f W e s t V irg in ia , w h ose ca p ita l s t o c k ($ 2 ,4 0 0 ,0 0 0 ) is all ow n ed b y P e n n s y lv a n ia Steel C o. (o f New' J e rs e y ). T h e y are p a rt o f an issue o f $ 5 ,0 0 0 ,0 0 0 a u th o r iz e d , secu red b y a first m o rtg a g e u p o n 2 7 ,870 acres o f ore lan ds o w n e d in fee an d as m in in g frig h ts (free fro m th e p a y m e n t o f a n y r o y a lt y ) b y th e S p a n ish -A m e rica n Ir o n C o ., a n d e stim a te d t o c o n t a in 6 0 0 ,0 0 0 ,0 0 0 to n s o f iro n ore. T h e y w ill also b e secu red b y a first m o r tg a g e u p o n a b o u t 20 m iles o f railroad and in clin ed pla n es, te rm in a ls, d o c k s , b u ild in g s, ro llin g s t o c k , fra n ch ise s, rig h ts, & e., n o w o w n e d o r h erea fter to be acq u ire d In c o n n e c t io n w ith these pro p e rtie s. T h e p ro p e rtie s are lo ca te d a t M ayari, near N ip e B a y in th e P r o v in c e o f O rien te o n th e n o rth shore o f C u b a , w h ere w h a t is p r o b a b ly th e b est d eep w a te r h a rb o r in C u b a e x is ts . T h e S p a n ish -A m erlea n Ir o n C o. is n ow c o n s tr u c tin g a s ta n d a r d -g a u g e ra ilro a d , w ith steel o r c o n c r e te b rid g es and c u lv e r ts , and a m a x im u m grade o f M o f 1 % , w h ich w ill c o n n e c t th e h a rb or term in als w ith th e Inclined p la n e s, d o w n w h ich th e ore Is low ered b y g r a v ity fro m th e to p o f th e m o u n ta in w here th e m in es are lo c a te d . E le c trica lly o p e ra te d d r y in g a n d storage p la n ts, an d lo a d in g and d isch a rgin g d o c k s w ill be p r o v id e d . T h e ore is a su rface d e p o s it w h ich ca n b e ta k en o u t w ith ste a m sh ovels ju s t as c la y is d u g o u t o f an o rd in a r y c la y b a n k . T h e lands are larg ely co v e r e d b y p in e tim b e r w h ich w ill c o m m a n d a rea d y m ark et in C u b a . T h e M ayari ore w h en fre e d fro m th e w a te r show s a high p e rce n ta g e o f iro n , is v e r y lo w in p h o s p h o ru s , and is oth e rw ise a m o s t desirable m aterial fo r th e m a n u fa c tu r e o f all h ig h -gra d e steels. (See " P e n n s y lv a n ia Steel C o .” In last w e e k ’s " C h r o n ic le ,” p . 226. A sin k in g fu n d o f 30c. p e r to n has been p r o v id e d on all ore s h ip p ed fro m th e old m in es o f T h e S p a n ish -A m erlean I r o n C o. in C u ba w h ich are n o w p r o d u c in g and w ill fo r m a n y years t o c o m e p r o d u c e a b o u t 450 ,000 ton s per y e a r, as w ell as fro m th e M ayari pro p e rtie s a b o u t t o be d e v e lo p e d . D u rin g th e first th ree years th is sin k in g fu n d w ill retire each year at least $12 0,00 0 b o n d s at 100 an d in terest, unless th e y ca n be pu rch a se d fo r less in th e o p e n m a rk e t: d u rin g th e n e x t 16 years at least $ 27 5,00 0; in th e 20th y ea r at least $240,000; so th a t th e en tire c o n te m p la te d Issue w ill b e e x tin g u ish ed at o r p r io r t o m a tu r ity . T h e b o n d s are fu rth er secured b y th e c o n t r a c t o f th e P e n n s y lv a n ia Steel C o. o f P e n n sy lv a n ia and M arylan d Steel C o. o f M arylan d (th e su bsid iary m a n u fa ctu rin g co m p a n ie s o f th e P e n n s y lv a n ia Steel C o . o f N ew J e r s e y , to tak e an d p a y for a m in im u m o f 1 ,000,000 to n s o f ore a n n u a lly at a p r ic e w h ich w ill net a p ro fit o f at least 60 ce n ts per to n t o th e Spanish - A m erica n Ir o n C o , o r $ 6 0 0 ,0 0 0 ,, w h ile th e m a x im u m p a y m e n ts o n a c c o u n t o f interest an d sin ik n g fu n d c a n in n o case e x c e e d $ 5 7 5,00 0 p er a n n u m . The P e n n s y lv a n ia Steel C o. ( o f N ew Jersey) fu rth erm ore gu aran tees th e p u n c tu a l p a y m e n t o f th e p r in cip a l, interest an d sin k in g fu n d o f these b on d s b y e n d o rs e m e n t u p o n ea ch b o n d .— V . 72, p . 679. Rhinelander Paper Co.— Acquisition.— See Spanish River Pulp & Paper Co. below. Rio de Janeiro Gas Co.— Incorporated.— This company was Spanish River Pulp & Paper Co., Orillia, Simcoe County, incorporated in Maine last June with $6,000,000 of author Ont.— Sold.— The “ Toronto Globe” of July 13 states that the ized capital stock in shares of $100 cach. President, J. F. Manter; Treas., C. E. Eaton; Clerk, M. W . Baldwin, all of American syndicate which has been negotiating for this com pany’s property paid down on July 13 “ $100,000 cash and Portland, Me. will pay $1,060,000 on Jan. 1 next, and the balance of $1,St. Louis Car Co.— New Stock.— This company, it is stated, 000,000 at a date to be arranged for, the total price to be paid has arranged to place in France $3,000,000 7 % preferred for the property being $2,160,000.” The purchasers are stock having no voting power. An issue of $1,500,000 of headed, it is said, by the Edmonds family, who are largely 6 % short-term notes is also reported in preparation, and interested in the Rhinelander Paper Co. of Rhinelander, Wis. according to one statement will be used as ' ‘ collateral” for A Canadian financial paper adds: the preferred stock.— V. 83, p. 1596. T h e p ro p e rtie s c o m p ris e th e rig h t t o c u t sp ru ce a n d o th e r w o o d s on C row n Salt Lake Public Service Co.— Option Asked.— The “ Ohio la n d s a lo n g th e S p a n ish , V e rm illio n a n d O n a p ln g riv ers and their tr ib u taries, w ith th e e x c e p tio n o f th e S au bel b ra n ch o f th e Spa nish R iv e r , fo r a State Journal” of July 31 said: d ista n ce o f 5 m iles b a c k fro m th e sh ore, in all 50 squ are m iles o f te rrito ry in L o c a l b o n d a n d sto c k h o ld e r s o f the S alt L a k e P u b lic S e rv ice C o. are b e in g ask ed for o p tio n s on th eir h o ld in g s by C h ica go m en w h o desire t o ta k e o v e r an d c o m p le te th e p ro p e rtie s o f th e c o m p a n y . T h e c o m p a n y w as org a n iz e d a b o u t a y e a r a go fo r th e p u r p o s e o f fu rn ish in g S alt L a k e C ity w ith ligh t an d p o w e r , th e cu rren t to b e ge n e ra te d b y w a te r p o w e r . F ran ch ises h a ve been secu red an d th e c o m p a n y has Its p o w e r h ouses w ell u n d e r w ay. T h e offe r , w h ich is b e in g a c c e p te d b y lo ca l h o ld e rs, w ill give th e lo ca l m en g o o d in terest on th e m o n e y th e y h a ve In ve ste d a n d also re tu rn th em s o m e p r o fit T h e C a p ito l T r u s t C o. o f C o lu m b u s is re g istra r o f th e s t o c k a n d tru stee o f th e b on d s. A lg o m a d is tric t, to g e th e r w ith th e w a te r-p o w e r an d p u lp m ill near W e b b w o o d .— V . 72, p . 444. T h e c o m p a n y has d ee m e d it a d v is a b le t o issue $10 0,00 0 c o lla te ra l tru st n o te s In o rd er t o h ave n o d e la y in c a r r y in g o u t n eed ed e x te n s io n s and im p ro v e m e n ts , an d has p la c e d w ith th e C o lu m b ia T ru st C o. o f L o s A n g e le s $15 0 ,0 0 0 o f first m o r tg a g e 5 % .4 0 y e a r g o ld b o n d s as se c u r ity . Issu ed . C a p ita liza tion — A u th orized . $ 3 ,0 0 0 ,0 0 0 C a p ita l s t o c k ________________________________________ $ 3 ,0 0 0 ,0 0 0 1 ,163,000 F irs t m o r tg a g e sin k in g fund b o n d s ----------------3 ,0 0 0 ,0 0 0 B o n d s w ith tru stee to secure S an J o a q u in P o w e r 172 ,0 0 0 C o .’ s b o n d s - . . ------------------ -------------------------------------- -------------E a rn in g s— Growth S in ce 1902. Interest. P r o fit. Y ear. G ross E a rn s. G ro s s E x p s. N et E a rn s. $27 ,912 $54,411 $ 82 ,3 2 3 1903 .....$ 1 2 4 ,0 7 5 $ 4 1 ,7 5 2 3 5 ,3 2 0 1 17 ,824 82,504 1904 174,763 56,939 3 6,1 2 5 107,824 1 43,950 1005 - - 2 06 ,850 62,7 0 0 167,694 4 5 ,1 9 0 122.503 1906 - . . . 2 44 ,094 76.400 E x te n sio n s and im p ro v e m e n ts c o m p le te d w ith in th e y e a r insure a c o n tin u e d increase in earning c a p a c it y . It has been th e p o lic y o f th e c o m p a n y t o e x p e n d a large p a rt o f its net arn in gs each y e a r in e x te n s io n s and b e tte r m e n ts o f th e p la n t. T h e fo llo w in g are th e e x p e n d itu r e s fro n : net earn in gs fo r b e tte r m e n ts d u rin g th e last fo u r y e a rs: 1903, 8 2 4 ,2 6 1 ; 1904 $61 702: 1905, $ 1 0 7 ,2 * 4 : 190 6, $86 ,5 0 3 ; t o t a l, $ 27 9,81 0. A n In v en tory o f th e 4 000 acres o f land o w n e d b y th is c o m p a n y , th e s to c k in th e T u le R iv e r C o ., th e right t o th e w a te rs o f th e N o rth F o r k o f th e San J o a q u i n R iv e r , t o g e th e r w ith its a u x ilia ry ste a m p la n t in th e c it y o f F re sn o , its fra n ch ises and c o n tr a c ts th r o u g h o u t F r e s n o , K in g s and T u lare c o u n tie s , a n d its e x te n s iv e d is trib u tin g system n o w ill o p e r a tio n , represen ts an e sti m a ted va lu e o f o v e r S 3 ,0 0 0 ,0 0 0 . In v ie w o f th is fa c t , and th e e x ce lle n t c o n d it io n o f th e c o m p a n y ’s bu siness, Its large an d Increasin g earn in gs, to g e th e r w ith th e futu re p o ssib ilitie s, o w in g t o the n o n -c o m p e t it iv e field in w h ich it op e ra te s , w e c o n sid e r th e b o n d s o f th e c o m p a n y a s e cu rity o f u n u s u a l m erit, and th e r e fo r e re c o m m e n d th e p u rch a s e o f these 6,w. % co lla te r a l n otes as a safe sh ort tim e in v e s tm e n t. D e n o m in a tio n $100 and $50 0. In terest p a y a b le sem i a n n u a lly .— V . 8 5 , p. 164. O ffic e r s — W in . G . K e r c k h o fl. P re sid e n t; A . C. B a leh , V ic e -P r e s id e n t; J . P . M o o te , S ecreta ry ; L . M . F a rn h a m , A ssista n t S e cre ta ry ; K asp are C o h n . T r c a u r e r ; A . G . W is h o n . M anager. A n d erson & P o w e ll, T ra ctio n B u ild in g , C in cin n a ti. D iv id e n d s p a y a b le q u a rte r ly . A n a d v e rtis e m e n t sa y s: " T h is c o m p a n y is o n e o f th e o ld e s t a n d b e st m a n a g e d c o n ce rn s in th e c it y . T h e earn in i's fo r th e past 5 y e a r s , as re p o r te d b y ch a rte re d a c c o u n ta n ts , h a v e been m o re th an fo u r tim e s g r e a te r th an th e d iv id e n d req u ire m e n ts o f this p re fe rre d s t o c k ; th e y w ill b e largely in cre a s e d w h en th e new p la n t is finished an d t h e assets w ill th e n b e th ree tm e s th e a m o u n t o f th is Issue. Tampa (Fla.) Gas Co .— Bond Issue.— This company, in corporated under the laws of Florida in May 1905, has made a mortgage to the Fidelity Trust Co. of Philadelphia, as trustee, to secure an issue of $1,000,000 5 % bonds dated May 1 1907 and maturing 1937. Interest dates May and November, payable at office of trustee. Of the authorized New Enterprise.— See Utah Gas & Coke Co., below. Com issue, $800,000 are reserved for extensions. President Ed pare V. 83, p. 895, 1102. ward Manrara; Sec. and Treas., Frank Bruen. San Joaquin (Cal.) Light & Power Co.— Offering of Notes— (Samuel C.) Tatum Co., Cincinnati.— Increased Stock Report of Earnings, &c.— The Columbia Trust Co., Los An Offered.— This company recently increased its capital stock geles, in offering, at par and interest, the $100,000 6 !^ % from $125,000 (all common) to $225,000 by the addition of collateral trust gold notes, dated July 1 1907 and due July 1 $100,000 preferred to provide for the erection of a new plant. 1908, secured by $150,000 of the company’s first mortgage T h e p re fe rre d s t o c k , w h ic h Is 6 % c u m u lat iv e , p a r $ 10 0, re d e e m a b le a fte r 5 40-year 5 % gold bonds, says: yea rs at th e o p t io n o f th e c o m p n n y at 110, w as r e c e n t ly o lle re d a t 108 b y Spanish-American Iron Co.— Offering of Bonds Guaranteed by Pennsylvania Steel Co.— Henry & West, Philadelphia, are offering at 98 and interest, $1,000,000 first mortgage sink ing fund 6 % 20-year gold bonds, guaranteed for principal, interest and sinking fund by endorsement by Pennsylvania Steel Co. of New Jersey, a large majority of whose capital stock is controlled by the Pennsylvania RR. Co. These bonds are dated July 1 1907 and are due July 1 1927, but The whole issue or any part is callable on proper notice at 10232- and interest, while for sinking fund purposes only the bonds are callable at par and interest. Interest Jan. 1 and July 1. Girard Trust Co., Philadelphia, trustee. De Traders’ Paper Board Co., Bogota, N. J.— Bonds Offered.— C. L. Parmelee, 20 Broad St.. recently offered at par and interest the unsold portion ($150,000) of an issue of $250,000 first mortgage 6 % gold bonds dated Jan. 1 1907 and due Jan. 1 1927,ibut subject to redemption at 105 and accrued interest on any semi-annual interest period. Interest pay able Jan. 1 and July 1 at the Trust Co. of America, New York City. Denomination $500 and $1,000. Trustee, People’s Bank & Trust Co.. Passaic, N. J. A circular says: I n c o r p o r a te d u n d er th e law s o f N e w J e rse y . C a pital s to c k : C o m m o n ;, $25 0 ,0 0 0 ; p re fe rre d , $25 0 ,0 0 0 (rep resen tin g a cash in v e s tm e n t). O fficers a n d d ire cto rs : A u g u stu s H . I v in s . P re sid e n t; C alvin G . SutlifT. V ic e -P r e s i d e n t N iag ara C o. N a tio n a l B a n k .: C o n ra d Q . C a rv e r, ca p ita lis t, S h a ron , P a .; W illia m H . B r y a n , T reasu rer; L ou is B . D a ile y , C o rp o ra tio n T r u st C o ., J ersey C ity . T h e M anager, A u g u stu s H . Iv in s, w as fo r e ig h t years th e V ic e P residen t an d G en . M anager o f th e T ra d e rs’ P a p e r C o. o f L o c k p o r t . N . Y . O w ns in fee si in pie 14 <.£ acres o t lan d at B o g o ta , a su b u rb o f H a c k e n s a c k , N . J ., o n th e H a ck e n sa ck R iv e r and the N ew Y o r k S u so u e h a n n a & W es tern R R ., 14 m iles from N ew Y o r k H a r b o r . T h e b u ild in gs are o f llr e -p r o o f c o n c re te steel co n s tr u c tio n th r o u g h o u t, e x c e p tin g w in d o w fra m es an d v e n t i lators. M ain m a ch in e r o o m , o n e s to r y , 356 feet lo n g b y 84 feet w ide at finishing end and 164 feet at w et e n d ; screen ro o m s , o n e s to r y , each 4 0x1 00 fe e t; heater b u ild in g , th re e sto rie s, 216 feet lo n g b y 84 feet w ide: b o ile r h ou se. 104x62 feet. T h e p a p e r m a ch in e is th e largest In th e w o rld , b e in g 138 Inches w ide an d h a v in g 54 fo u r fo o t d ryers an d th ree s ta ck s o f calen dars T h e c a p a c ity o f the m a ch in e is 50 to n s o f p a p e r b o a rd p e r d a y . T h e m ill has been co n s tr u c te d th ro u g h o u t on th e plan o f Installing, at a later d a te , t w ice th e a m o u n t o f m a ch in e ry than is at p resen t s u p p lie d , thus d o u b lin g th e c a p a c it y . T h e net earnings on th e presen t o u t p u t o f 50 to n s p e r d a y , . and at p resen t m a rk e t p rices will be a b o u t $ 1 0 0,00 0 p e r y e a r , a g ain st which th e Interest ch arg es on $ 2 5 0,00 0 b o n d s Is o n ly $ 15 ,000 . United Electric Co. of New Jersey.— Lease Approved.— The stockholders on July 12 approyed the proposition to lease the property to the Public Service Corporation for 999 years, 196,731 out of 200,000 shares voting affirmatively and about three-eighths of 1% adversely.— See terms in V. 85, p. 44. United Illuminating Co. of New Haven, Conn.— New Stock.— The company will issue $200,000 of the $500,000 A ug. 3 1 9 0 7 .j THE CHRONICLE. 289 new stock, authorized last March for the purpose of securing was made public on July 24, when the report of the referee fluids to pay for laying the underground conduits through approving the accounts of the executor was confirmed by some of the streets in the centre of the city. The work is the court. The list, published in full in the “ New York now in progress. The new stock was offered until July 20 Times” of July 25, includes among its leading items the to holders of record July 1, at par, $100 a share, at the rate following: S h ares. V a lu a tion of one new share for each five shares of old stock held. 9.0 0 0 A m e r ic a n S m e ltin g & R e fin in g C o __________________________$ 4 4 1,00 0 Rates Reduced.— The company has announced a reduction 7 5 2 ,6 7 5 7 ,7 0 0 A m e rica n S m elters S e cu ritie s C o ____________________________ 2,211 A m e r ic a n T o b a c c o C o ., p r e fe r r e d ___________________________ 141 ,9 4 6 after Aug. 1 in the rate for electricity in New Haven from 32,3 3 1 A m e rica n T o b a c c o C o . , c o m m o n ___________ _____ _______ 5 ,6 5 k ,450 12)^ cents per k.w. hour to 11 cents, with discounts for large 2,5 0 0 A tc h is o n T o p e k a & S an ta F e ______________________ ________ 2 4 9 ,5 5 6 22,125 E le c tr ic S to ra g e B a t t e r y _________________________________ ____ 1 ,2 8 3 ,2 5 0 consumers.— V. 79, p. 217. 4 ,2 6 2 M o rto n T ru s t C o _____________________________________________ .3 ,8 2 3 ,0 1 4 United Petroleum Co.— No Longer Controls Union Oil Co. (500 o f th is s to c k h eld as co lla te r a l on n o te s a p p r o x im a tin g $ 7 0 0 ,0 0 0 ). of California.— See report of that company under Annual 2,0 2 6 N a tio n a l B a n k o f C o m m e r c e ___________________ ______________ 4 18 ,622 Reports on a preceding page.— V. 83, p. 499. 2 6 .875 N e v a d a C o n s o lid a te d C o p p e r C o ____________________________ 376 ,2 5 0 United States Independent Telephone Co., Rochester, N. Y .— Reorganization Plan.— The “ Albany Argus” of July 24 gives the following regarding the new plan, which has not yet reached us: T h e p la n w as a p p r o v e d b y th e c o m m itte e o f tw e n ty -liv e o f th e b o n d h o ld e r s o l th e U n ite d S ta te s C o m p a n y a t a m e e tin g h eld In th e o ffic e o f th e S tr om b erg -C a rlson M a n u fa ctu rin g C o . th is a ft e r n o o n . A s a d o p te d , It c o n te m p la te s th e a p p o in tm e n t o f th re e m en as a r e o rg a n iz a tio n c o m m it t e e , t o be n a m e d b y M a y o r Jam es G . C u tle r, C h airm an o f th e c o m m itte e o f t w e n t y -liv e , a n d th e fo re clo s u re a t o n c e o f th e m o rtg a g e s o f th e U n ite d S ta te s C o m p a n y a n d th e In d e p e n d e n t T e le p h o n e S ecu rities C o . I t is re co m m e n d e d th a t a n ew c o m p a n y be o r g a n iz e d , w ith a c a p it a l o f $ 6 ,0 0 0 ,0 0 0 , an d a n ew m o rtg a g e t o secure a b o n d issue o f a m a x im u m a m o u n t o f $ 5 ,0 0 0 ,0 0 0 . It also p ro p o s e s th e su b s c r ip tio n b y th e p resen t b o n d h o ld e rs o f b o t h c o m p a n ie s to th e new b o n d s t o th e a m o u n t o f $ 3 ,0 0 0 ,000 in th e a g g re g a te , e a ch b o n d h o ld e r ta k in g o f th e n ew b o n d s an a m o u n t e q u iv a le n t t o 20 % o f his p re s e n t h o ld in g s and p a y in g c a s h .— V . 8 4 , p . 1556. United States Steel Corporation.— Earnings.— See “ An nual Reports” and editorial remarks on preceding pages of this issue. Strike.— The ore-dock workers at Duluth voted on July 31 to return to their posts but in the Minnesota iron mines labor conditions remain unsettled, although several mines, it is stated have been reopened.— V. 80, p. 227. Utah Gas & Coke Co., Salt Lake City.— New Plant in Operation.— This company, incorporated under the laws of Utah on March 22 1906, its bonds being underwritten by ■Granger Farwell & Co. (now the Farwell Trust Co.), has placed in operation its new gas plant, which has a capacity of 500,000,000 feet per year, and will supply Salt Lake City with gas for fuel and illuminating purposes. About $ 1,200,000 has already been expended on the property, and it is expected that when the plans in contemplation are fully carried out the plant will have cost $3,000,000. The com pany purchased an entire block between South Temple and First South and Tenth and Eleventh West streets, and has laid about 70 miles of mains. Stock and Bonds.— This company was incorporated with $2,500,000 capital stock, all of which was issued; par of shares, $100. A mortgage has been made to the American Trust & Savings Bank of Chicago, as trustee, to secure an issue of $3,000,000 first mortgage 5% gold bonds of $1,000 each, dated July 2 1906 and due Jan. 1 1936, but subject to call, as below stated. Bonds outstanding, $1,500,000. The plant is arranged in units so that its capacity can be trebled. O f th e a u th o r iz e d a m o u n t o f b o n d s SI ,0 0 0 ,0 0 0 w as Issued at o n c e , $500, 0 0 0 w as reserved t o b e Issued u p o n r e s o lu tio n o f th e b o a r d o f d ir e cto r s an d t h e r em a in in g $ 1 ,5 0 0 ,0 0 0 Is re ta in e d b y th e tru ste e ; t o b e issu ed o n ly u p o n v o t e o f a m a jo r it y o f th e d ir e cto r s fr o m t im e t o tim e t o p a y fo r 85 % o f t h e c o s t o f p erm a n e n t a d d itio n a l b e tte r m e n ts , e x te n s io n s an d a d d it io n s . B o n d s are s u b je c t t o c a ll at c o m p a n y 's o p t io n fro m J a n . 1 1011 t o J a n .l 1920 a t 110 a n d in te re s t a n d fro m Ja n . 2 1920 t o J a n . 1 193 6 a t 105 an d I n terest; a n n u a l s in k in g fu n d 1911 t o 1920 an a m o u n t e q u a l t o 1 % o f th e p a r v a lu e o f th e o u ts ta n d in g b o n d s a n d fro m 1920 t o 1936 2 % . In te re s t p a y a b le Ja n . 1 an d J u ly 1 at o ffic e o f tru ste e , C h ic a g o , o r First N a tio n a l B a n k , N ew Y o r k . P r e s id e n t, D ou gla s S m ith ; S e c r e ta r y , J o h n J . B r y a n t J r . T rea su rer, J o h n B . Sears; a ll o f C h ica g o . See Salt Lake Public Service Co. above; also in V. 83, p. 895, 1102. Vacuum Oil Co.— See Standard Oil Co., under “ Annual Reports” in V. 85, p. 216. Vicksburg (Miss.) Water-Works Co.— Favorable Decision. — The United States Supreme Court on May 27 handed down a decision enjoining the city from interfering with the opera tion of the water-works under the ordinance of Nov. 18 1886 (which granted the right to Samuel R. Bullock & Co., or their successors, for a period of 30 years), provided the rates to private consumers shall not be in excess of 50 cents per 1,000 gallons of water, as fixed by Section 13 of the ordinance. T h e c it y rep u d ia te d a n y c o n t r a c t r e la tio n s w ith th e c o m p a n y an d cla im e d t h e a b s o lu te right t o reg u la te th e rates. T h e U n ite d S ta te s C ircu it C ou rt f o r th e S ou th ern D is trict o f M ississippi g ra n te d an I n ju n c tio n a g ain st the c it y , w h ich th e S u p re m e C o u rt a ffir m s , w ith th e m o d ific a tio n , h o w e v e r , t h a t th e rates ch a rg e d shall u o t b e in e x ce ss o f th e rate fixed b y th e o r d in a n c e o f 1886. T h e o p in io n o f J u s tice D a y Is g iv e n in full in th e V ic k s b u r g " D a il y H e r a ld ” o f Ju n e 12. C o m p a re V . 8 3 , p . 102 .— V . 8 4 , p . 630. Western Union Telegraph Co.— San Francisco Trouble Subsides.— The labor difficulty at San Francisco, which continued in spite of the Eastern settlement, was adjusted on July 21, the company conceeding, it is understood, an increase of 25% in wages.— V. 84, p. 1490. Westinghouse Electric & Manufacturing Co.— Cost of Recent Loan.— President George Westinghouse on July 31 made the following statement: T h e $ 6 ,0 0 0 ,0 0 0 o f 6 % 3 y e a r n o te s w h ich w ere au th o riz e d t o p r o v id e fo r th e retirem en t o f a like issue m a d e in 1904 w ere sold to a s y n d ic a te at 94. O ffered t o th e p u b lic at 9 7 yi t th e e n tire issue w as ta k e n w ith in five d a y s , a n d th e q u o ta tio n s are n o w fr a ctio n a lly a b o v e 99 b id a n d a b o v e 100 ask ed. A ll th e fa cts w ere g iv e n at th e m e e tin g o f s to c k h o ld e r s, an d th e e x p la n a tio n w as m a d e th a t th e $ 9 0 0,00 0 re ce iv e d b y th e c o m p a n y fro m Its sale o f 3 0 ,0 0 0 shares o f L a ck a w a n n a & W y o m in g V alley' R a lp d T ran sit C o. s t o c k , w h ich ca m e in to th e W e s tin g h o u s e treasu ry as a b o n u s w hen it b o u g h t th e b o n d s o f th e tr a c tio n e n te rp rise , p r o v id e d fo r all e x p e n se s o f b o t h n o te Issues, le a v in g a su rp lu s.— V . 8 5 , p . 2 2 7 , 155 Whitney Estate.— Principal Stock Holdings.— A list of the personal property held by the estate of William C. Whitney 30.875 G u ggen h eim E x p lo r a tio n C o _________________________________ 4 ,0 5 1 ,2 8 4 9,9 0 0 N ew Y o r k T r a n sp o rta tio n C o _ - . __________________________ 58,781 9.0 0 0 S ta n d a rd O il C o ___________________________ - __________________ 5 ,6 8 8 ,0 0 0 T h e r e p o rt o f th e referee sh ow s th a t th e p r in c ip a l o f th e e sta te in t h e h an d s o f e x e c u t o r o n Ju n e 30 a m o u n te d t o $ 2 1 ,9 0 0 ,0 7 5 a n d th e in c o m e t o $ 63 5,68 9. — P. W . Brooks & Co., dealers in high-grade investment bonds, opened their New York headquarters this week in the U. S. Realty Building, 115 Broadway. P. W . Brooks, the senior member of this house, is well known among in vestors and in financial circles, having been identified for about sixteen years with the bond and banking house of N. W . Harris & Co. For five and a half years Mr. Brooks was the resident partner in charge of N. W . Harris & Co.’s bond department at the New York office. Associated with Mr. Brooks in the new firm will be E. Van Deusen, former instructor in finance at Tuck School of Dartmouth College. The new house will devote its attention to the best-known securities?of relatively small but well chosen and well managed local undertakings of a quasi-public nature, such as the modern electric interurban railway and light and power enterprises. — Attention is called to the advertisement on another page of E. H. Gay & Co., Chicago, Boston and New York, offering at 9 8 ^ and interest $475,000 Boston & Worcester Street Ry. Co. 43^% first mortgage gold bonds, dated Aug. 1 1903 and due Aug. 1 1923, part of an authorized issue of $2,500,000, of which $2,085,000, including the above, are now outstanding. The $475,000 bonds are to be issued for the purpose of de fraying the cost of double-tracking the last of the entire system between the two terminal cities, paying for additional equipment, etc. The company has paid six per cent divi dends on its stock from the beginning of operation in 1904. A descriptive circular will be mailed on application. — The New York Stock Exchange house of Waterman, Anthony & Co., 67 Exchange Place, this city, have a 15-page booklet styled “ Conservatism in Speculation” ready for dis tribution to all who are interested. This little booklet, copy righted by J. J. Corkill, is intended as a concise compendium on conservative methods of operating in stocks and bonds, based on past experience in market affairs. Free copies can be had upon request at any of the firm’s New York offices. — H. P. Taylor & Co., Pittsburgh, announce that after August 1 Mr. James W . Wardrop, managing director of the Chamber of Commerce of Pittsburgh, will be associated with their firm. Mr. Wardrop, in addition to being well known throughout Pennsylvania, is broadly acquianted in the East. He has had extensive experience in the railroad business, having been identified with the express companies and also with the New York New Haven & Hartford RR. — S. H. P. Pell & Co., members of the New York Stock Exchange, at 43 Exchange Place, have lately established an investment bond and stock department , which will make a specialty of New York bank and trust company stocks and also deal in all unlisted securities. This new addition to the firm’s business will be under the personal management of William Wheatley. — Knoop, Frerichs & Co. announce the dissolution of their firm. Hannay, Frerichs & Co. will continue the busi ness for their own account in the Memphis district and in Texas, and E. Bornemann & Co., also for their own account, in New Orleans and Savannah. They will take over all the new crop sales made in the name of Knoop, Frerich & Co. — The Harris Trust & Savings Bank of Chicago have pub lished a valuable pocket-size pamphlet containing interest tables arranged to show the amount of interest accrued on a $1,000 bond on the day of delivery, or any date desired, without arithmetical computation. — Redmond & Co. advertise in this issue an August invest ment list, including short-term notes, railroad bonds and public service bonds. Detailed information regarding any of the securities offered will be furnished on request. — William F. Ivling has been admitted into the Philadel phia banking firm of Verner & Co. Mr. Kling was formerly Second Vice-President, Secretary and Treasurer of the Commonwealth Title Insurance & Trust Co. of that city. — Arthur B .’Griffin announces that, after having been for nine years with Messrs. Kountze Bros., he will 011 August 5th open an office at 11 Wall St., for the purpose of conducting a general bond and investment business. — The banking house of George D. Cook & Co., 25 Broad St., New York, have received a cable confirmation of their contract with the government of Costa Rica, authorizing a $2,000,000 issue of 6 % gold bonds. 290 THE CHRONICLE. [V o l . lxxxv . COTTON. COMMERCIAL EPITOME. Friday Night, August 2 1907. Some slackening in the iron and steel trades is noted, while the copper trade is unsettled. Otherwise business remains active. The weather has been, in the main, favorable for crops. Prices in general have been steady. S tock s o f M erch a n d ise. A ug. 1 1907. J u ly 1 1907. Aug. l 1906. L a rd _______________ — -------------------------tierces 7,500 8,340 6,772 ____ C o co a _ . _ — -------bags 11,240 13,152 14,000 C offee, B r a z il___ _ . --------------- — .b a g s 3,4 7 5 ,8 2 3 3,5 4 2 ,0 3 8 2 ,8 7 6 ,3 8 4 C offee, J a v a _______ - ___ __________ m a ts 134,503 260 ,3 5 0 125 ,000 Co flee, o t h e r ___ __ -------------------------------bags 235,000 252 ,8 8 2 391,910 Sugar -------------------------------------hogsh ea d s 4,859 65,000 3,0 0 0 S u g a r. --------------------- -----------------------b a gs, & c. 98,449 385 ,000 641 ,884 H i d e s _______________ ......................... .................N o . 3,500 2,740 5,000 C o tto n . ______ ----------------------bales 195,350 167 ,382 93,5 6 0 R o s in --------------. ----------------barrels 19,450 14,500 23,0 4 9 S p irits tu rp e n tin e - - -------------------------.b a r r e ls 5,745 4,850 1,107 T a r ----------------------- - - - .......................-b a rre ls 2,500 3,525 1,021 S a ltp etre ___ __ - - - - bags 920 1,500 2,000 M a n ila h e m p . . _ -----------------bales 26,953 27,650 17,725 Sisal h e m p _________ ----------------- — bales 1,852 5,725 3,2 6 6 F lo u r .......... ................... 25,700 32,700 61,000 LARD on the spot has been quiet, with city firm at 8 % c . and Western easier at 9.10@ 9.20c. Supplies are increasing. Refined lard has been dull and steady. Continent 9.60c., South America 10.25c. and Brazil in kegs 11.75c. Specula tion in lard futures at the West has been moderately active. Early in the week prices were firmer, owing to a strong mar ket for live hogs, support from packers and more or less com mission-house^ buying. Of late prices have shown a reac tionary tendency, owing to increasing receipts of hogs, the dulness of the spot trade and liquidation. C L O S IN G P R I C E S O F L A R D F U T U R E S I N C H IC A G O . Sat. M on. T u es. W ed. T h u rs. F ri. J u ly d e liv e r y ____________ 9.0734 9 .1 0 9 .1 0 9 .1 0 ' ____ ____ S e p te m b e r d e liv e r y ______9.25 9.27J4 9 .2 5 9 .2 5 9.12J4 9.17^6 O c t o b e r d e liv e r y ___ _____9 .3 0 9 .3 2 )4 9 .3 0 9 .3 0 9 .2 0 9.25 I Friday Night, August 2 1907. THE MOVEMENT OF THE CROP as indicated by our telegrams from the South to-night is given below. For the week ending this evening the total receipts have reached 8,931 bales, against 8,030 bales last week and 10,553 bales the previous week, making the total receipts since the 1st of September 1906, 9,654,159 bales, against 7,720,908 bales for the same period of 1905-06, showing an increase since Sept. 1 1906 of 1,933,251 bales. R eceip ts at— M on. S a t. G a lv e sto n . P o r t A r th u r C o rp u s C h ris ti, &c N e w O rle a n s. M o b ile _______ _ P e n s a c o la _______ J a c k s o n v ille , & c. ____ Sav an n ah B r u n s w i c k ______ C h a r le s t o n ______ G e o r g e t o w n ____ W i l m i n g t o n ____ N o r f o l k _________ N e w p o r t N ., & c . N ew Y o r k . . B o s to n B a lt im o r e _______ P h ila d e lp h ia ____ ------- ------- T o ta ls th is w e e k . 1,120 1,728 T u es. W ed . T otal. F r i. T hurs. 424 937 192 1,532 46 148 12 291 1 8 2,463 3 13 188 118 100 117 88 242 183 271 5 7 98 152 1 61 12 ___ 32 4 ____ 99 33 426 8 40 6 31 91 95 31 40 262 36 73 ------- ------- 109 700 4,296 285 802 8,931 3 ,6 7 0 539 2,9 1 0 29 31 713 31 102 70S The following shows the week’s total receipts, the total since Sept. 1 1906, and the stocks to-night, compared with last year: 190 5-0 6. 1906-07. R eceipts to A u g u s t 2. D A IL Y T h is w eek. S in ce S ep 1 1906. 3,670 3 ,8 5 9 ,8 4 6 132,823 C o rp u s C h ris ti, & c . 71,835 N e w O r l e a n s ------2,910 2 ,2 7 1 ,3 2 0 M obile 29 256 ,562 _ P e n s a co la ------------144,509 J a c k s o n v ille , & c . 31 7,708 S a v a n n a h - ______ 713 1,4 7 0 ,0 8 4 B r u n s w ic k - _ - 170 ,609 C h arleston - _ 708 148,733 ___ 1,270 G e o rg e to w n ____ 33 322 ,396 W ilm in g to n ____ 426 N o r fo lk ___________ 585 ,242 N e w p o r t N e w s ,& c 42,991 40 23,005 N ew Y ork _ B o s t o n --------- - . / 262 72,602 B a lt im o r e . --------62,076 109 10,548 P h il a d e l p h i a ------G a lv e s to n — T h is w eek. S in c e S ep 1 1905. 10,156 2 ,5 4 0 ,5 8 7 1 11 ,690 241 38,081 3,287 1,6 3 3 ,4 1 0 1,793 247 ,533 2,916 154,347 17,477 10,859 1,4 9 0 ,0 6 5 184,548 582 173,811 2 1,253 325 ,636 59 2,745 635 ,034 604 22,638 6,575 28 63,469 236 65,006 99 9,748 S tock. 1907. 17,969 29,458 190 6. 1 7 ,1 8 9 _______ 2~8 ,971 7,621 _______ _______ 3 5 ,0 9 5 700 4 ,6 5 6 _______ 300 9,2 1 0 ____ 9 3 ,4 8 4 3,340 3 ,4 0 3 1,211 2,964 PORK on the spot has been steady. A moderate export trade has been reported of late but the domestic demand has 18,461 been dull. Mess $18@$18 50, clear $16 75@ $17 75 and 709 family $18 50@ $19 50. Beef has been quiet and steady. 4,068 3 ----------Mess $9 50@ $10, packet $10 50@ $11, family $13 50@$14 131 and extra India mess $21@$21 50. Cut meats have been in 10,638 83 fair jobbing demand, with prices generally steady. Pickled 195,350 shoulders 8 % @ 9 c ., pickled hams 123^c. and pickled bellies, 4,9 1 6 4,7 3 3 14@ 10 lbs., ll@ 1 3 c . Tallow has been dull and easy. 1,242 City 6^gC. Stearines have been quiet and steady. Oleo 8 % c . and lard 11 @ 1 1 J^c. Butter has been moderately 2 0 5 ,1 8 0 8,931 9 ,6 5 4 ,1 5 9 34,017 7 ,7 2 0 ,9 0 8 290 ,722 T o t a l ----------------active and easier; creamery, extras, 24J/£@25c. Cheese has been quiet and steady; State, f. c., small, colored or white, In order that comparison may be made with other years, best, 1 2 ^ c . Eggs have been quiet and steady; Western, we give below the totals at leading ports for six seasons: average best, 173^@18c. OIL.— Cottonseed has been dull and easier. Prime sum R eceip ts at— 1906. 1905. 1903. 190 2. 1907. 1904. mer yellow 55c.; prime winter yellow 58@59c. Linseed has 436 3,670 10,807 26,612 320 2 ,2 8 5 G a lv e s to n , &c been dull and easier. City, raW, American seed, 43@44c.; N ew O rle a n s 2,3 8 2 3,287 16,230 2,361 540 2,910 boiled 44@46c.; Calcutta, raw, 70c: Lard has been in M o b i l e _______ 402 29 1,793 2,338 630 4 10,859 225 713 13,241 61 558 S a v a n n a h moderate demand and steady; prime 75@77c. and No.. 1 C h a r le s to n ,& c 584 1,3 6 2 708 1,282 1 extra 57@58c. Cocoanut has been quiet and firm. Cochin W ilm !n g ’ n,<3cc 66 33 59 1,819 44 8 2,2 4 9 426 2,745 19 10,219 961 1 0 @ 1 0 ^ c . and Ceylon 9@93^c. Peanut has been quiet N o r f o l k ______ 458 125 604 N ’ p o r t N ., & c 388 163 and steady; yellow 50@60c. Olive has been in fair demand A ll o th e r s ____ 2 ,5 1 7 442 3,279 951 370 2,208 and steady; yellow 70@80c. Cod has been quiet and steady; 1 1 ,9 4 6 1,599 8,931 34,017 T o ta l th is w k . 7 4 ,3 3 7 5,953 domestic 38@40c. and Newfoundland 40@42c. COFFEE on the spot has been quiet and steady. Rio S lnce S e p t. 1 - 9 ,6 5 4 ,1 5 9 7 ,7 2 0 ,9 0 8 j9 ,849,351 7 ,1 1 7 ,5 1 8 7 ,6 3 6 ,3 2 8 7 ,4 4 9 ,0 2 5 No. 7, 6J^c. West India growths have been quiet and steady; fair to good Cucuta 8 @ 8 % c . The speculation in The exports for the week ending this evening reach a total future contracts has been on a very small scale. Prices have of 18,638 bales, of which 12,788 were to Great Britain, moved within narrow limits, but on the whole the tone has 703 to France and 5,147 to the rest of the Continent. been firmer. The European markets have shown unex Below are the exports for the week and since Sept. 1. pected strength at times, and the receipts at Rio and Santos have continued light. There have also been reports of frost Week ending Aug. 2 1907. From Sept. 1 1906 to Aug. Exported to— Exported to— in Brazil. The buying, however, has been mainly to cover Exports shorts by professional traders, the public ignoring the market. pom — Great \ContiConti Britain. France. nent. Total. Britain. Fr'nce nent. The closing prices were as follows: A u g u s t ___________ 5 .9 5 c . I D e c e m b e r ________ 6 . 0 5 c .| A p r l l ______________6 .1 5 cS e p te m b e r _______ 5 . 9 5 c .'J a n u a r y ___________ 6 .0 5 c . |M a y _______________ 6 .1 5 c O c t o b e r ---------------6 .0 0 c . I F e b r u a r y __________6 .1 0 c .I J u n e _______________ 6 .2 0 c . N o v e m b e r ______5 .8 5 c . i M a r c h ....................... 0 .1 0 c . | SUGAR.— Raw has been dull but firm. Centrifugal 96" degrees test, 3 15-16cm u scov ad o , 89-degrees test, 3 7-16e. and molasses, 89-degrees test, 3 3-16c. Refined has been moderately active and firm. Granulated 4.70@ 4.90c. Teas have been in brisk jobbing demand and firm. Spices have been dull and steady. Hops quiet and steady. PETROLEUM.— Refined has been active and firm. Re fined barrels 8.45c., bulk 5c. and cases 10.90c. Naphtha has been active and firm; 73@76-clegrees 18c. in 100-gallon drums. Gasoline has been active and firm; 86-degrees 21c. in 100-gallon drums. Spirits of turpentine has been in moderate demand and firm at 59c. Rosin has been fairly active and firm; common to good strained $4 50. TOBACCO.— Domestic fillers in good demand. General market ruled firm. Sumatra has been in active request at firm prices. Greater activity is reported in Havana, the market being strong. COPPER has been easier; lake 21@213^c.; electrolytic 2 0 @ 2 0 ^ c . Lead has been quiet and easier at 5.10c. Spelter has been quiet and easy at 5.90c. Tin has been quiet and easv at 39% c. for Straits. Iron has been easier. No. 1 Northern 22 20@ $23 20; No. 2 Southern, $22 5 0 @ $ 2 3 J G a lv e sto n ____ P ort A rth u r... Corp. Chris. &c New Orleans._i M o b ile _______ j P e n sa co la ....... Fem andina . . j S a v a n n a h ____I Brunswick____I Charleston____j 5,243 1,142 4,508 156 .......... _____ _____ .......... _____ 39i 1,771,483 462,177 56,962 4,547 156 700: 166,647 50,866 89,721 .......... Wilmington.-J ____ N o r fo lk ......... .I N ewport News New Y o r k ____ B o s t o n ______ B a ltim o re ____ Philadelphia. . Portland, M e. . San Francisco . Seattle ______ .......... 2,413 225 143 100 703 112 55, 54 142 Tacoma.......... Portland, Ore. P e m b in a ......... D etroit_______ T o t a l ...........j 12,788 2,903 924.855 283,109 74,760 28,069 69,231 29,342 6,019 337 143 100 6,000 125,342 3,112 _____ 4.420 _____ 212,540 40,553 138,923 89,428 6,182 36.276 7,512 ......... 55i 54 142 9,679 703; ,107,700 3 ,341.360 75,861 132,823 578 578 851,646 2 ,059,610 60,406 163,235 56,357 154,930 100 100 707,842 925,355 52,519 142,240 21,393 21.39S 186,265; 317,607 5.695 8,807 1,720 6,140 225,180 478,273 18,015 156,938 67,546! 163,156 4,600i 40,876 7,512 83,072 83,072 96,535! f 6,535 50,098 50,098! 1,0001 1,000 4,176; 4,176 9,679- 5,147 18,638i3,780,891 906,298 3,678,304 8,365 493 Total 1905-06.; 19,750 9,043^ 16,967 45,760!2,862,098740,809 2,843,7116,446.618 In addition to above exports, our telegrams to-night also give us the following amounts of cotton on shipboard, not cleared, at the ports named. We add similar figures for New York. A ug. THE CHRONICLE. 3 190 7. J On S h ipb oard , N o t Cleared fo r — r io o 500 T o ta l 1 9 0 7 . . T o t a l 1 9 0 6 .. T o ta l 1 9 0 5 .. 1,920 6,161 38,040 236 250 486 2,262 9,666 1,847 3,199 C oa st w ise. Total. 1,530 3,833 5,330 "1 6 6,430 ~ "io 6,430 1,900 700 25,6 2 5 12,639 1 8,461 4,06S 2,954 4 ,2 0 8 193,450 1 1,114 8,321 8,777 19,553 18,203 30,275 95,942 2 72 ,5 1 9 1 74,905 2 91 ,927 1,881 ‘ 500 100 '2 0 0 100 5,646 3,827 2 0,595 1,830 9,248 8,088 L ea vin g fto c k , FUTURES.— The highest, lowest and closing prices at New York the past week have been as follows: QM OS qW July— Rai Clo: August Rai Clo: Sept.— ‘ Rai Cloi Oct.— 220 N ew O r le a n s .. G a lv e s t o n ____ S a v a n n a h ____ C h a rles ton . M o b i l e ________ N o r f o l k _______ N ew Y o r k ____ O th er p o r ts — G er Other m an y. F o reig n Rai Clo: Dec.— Rai ClO! Jan.— Rat ClO! Feb.— Rai Clos MarchRai Clo: April— Rai Clo: Mav— Rai Clof June— A u g u s t 2 at— Great B ritain . F r a n ce 291 0 7 1° s atrq 55. crq® wa cB' rqS 1 s 1 SS SS SS s 1 <1 ■vj <1 £> Co co to 00 •Vi ^ M to 05 Cl CO 0 1© I© 1© 1© 1© M MM MM SS <1 COCO coco ^ I <1 CO J Ci Oo co m 05 00 O Cl MM SS SS SS S m ^3 <1 *sJ*vl 45^ tfcco ci ci Oc co Cl 00O O Cl CI I© I© 1© 1© 1© C\5tO H* tO m to M to to >— 1»—I mto 05 C» 05 ci CO 000 •si CO CO“vj CIO §1 §1 0*-*^ SI COO 05 CO C<co 0 0 11 050 V-LM SS SS 1 1 to CO SI to to 2 | SS SS SS MM O 00 as COCO 0000 ■vl -vl ■si ^3 Co 05 to 00 ^ to o 4*. CO CDCl 05 ci toco Cl ci w |@ I© |© J© 1© 1© 1© I® I© |© 1© 1© 1 S’S crq® SS 1 1 S 1 S 1 SS E 1 CDCO C O O O CO00 00 00 •V] C5 *sj to CD-J CO |© 1© 1© 1© T© |© 1© tO t-1 to I-* MM to as I1 1° O0O-si0 CO0 1 1 §1 21 coo w 1t-J 1 1 to ro £ 1 to H-4 2 1 ££ SS 1 oco 0 e s00 GOU< OC 0 rf*. O 05 cr l\3 OS ► CO 1© 1© |© |© 1© 1© (iq 1 8 9 1 ,C ___ . . 8 .0 0 ! 1 8 9 0 ____ . - - 1 2 . 2 5 18 8 9 ____ ___11.31 1 8 8 8 ____ ___10.94 1 8 8 7 ____ -----1 0 ^ 1 8 8 6 ____ . . 9.56 1 8 8 5 ____ . . - 1 0 . 5 0 1884 ~. . - - . 1 1 . 0 0 1 8 8 3 -C ___ . 1 0 .0 6 1 8 8 2 ____ . . . 1 2 . 8 8 1 8 8 1 ____ _ _ _ 1 2 .0 0 18 8 0 ____ . . . 1 1 . 5 6 1 8 7 9 ____ . . . 1 1 . 3 8 18 7 8 ____ . . - 1 1 . 8 8 1 87 7____ - - - 1 1 . 9 4 1 8 7 6 ____ - . - 1 1 . 7 5 M ARKET AND SALES AT N E W YO R K . 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. S a t u r d a y .. M onday— T u esd a y . . W ednesday T h u r sd a y . F r id a y ------- S p o t M a rk et C losed. F u tu res M a rk et Closed. Q u ie t, 10 p t s . d e c . . D u ll ...................... Q u i e t ________ Q u ie t, 10 p t s . a d v . . Q u iet - - ----------------S te a d y , 25 p ts . a d v . Q uiet _______ B a re ly s te a d y Q u iet _______ S t e a d y _______ B a re ly s te a d y B a re ly s te a d y S a les o f S p o t an d C ontract. C on C on E x p o rt su m ’ n. tract. 6,700 800 8 ,8 0 0 300 6 ,7 0 0 1,536 8 ,8 0 0 300 7 3 0 16 6 0 0 17,336 ’ 736 1 Total. Wednesda July 31 6.12| 6.06 8.00 7.44 7.12 6.88 8.00 7 .4 4 13.0 0 0 2 7 ,0 0 0 7 ,0 0 0 Tuesday July 3 0 __ .. -. .. -. .. __ .- 11.47 @ 11 1 1 .5 6 — 11 1 9 0 7 -C . ____ 1 3 . 2 5 j l 8 9 9 . c - . . 1 9 0 6 .._ ____ 1 0.90 1 8 9 8 -1 9 0 5 ._ _ ____ 10.95 1 8 9 7 _____ 1 9 0 4 . . - ____ 10.50 1 8 9 6 _____ 1 9 0 3 . - . ____ 12.75 1 8 9 5 _____ 1 9 0 2 ___ ____ 8.94 189 4_____ 1 9 0 1 ___ ____ 8.06 189 3_____ 1 9 0 0 ___ ____ 9.75 1 8 9 2 _____ @ N E W YO R K QUOTATIONS FOR 32 YE A R S. The quotations for middling upland at New York on August 2 for each of the past 32 years have been as follows: 1 1 ,8 0 @ 1 1 1 1 .9 2 — 11 F ri. 1 3 .2 5 1 1 . 93— 1 1 W e d . T h u r s. 1 3 .0 0 1 3 .0 0 — T u e s. 12.90 11.89 @ 1 2 M on 12.90 1 2 . 00— 12 J u ly 27 to A u g . 2— Sat M id d lin g u p la n d ________________ 12.90 @ The official quotation for middling upland cotton in the New York market each day of the past week has been: 1 1 .96@ 12 1 2 .0 8 — 12 oft oft off off Oft oft off o# off oft 1 2 . 1 2 — 12 0.12 0.46 0.90 1.25 0.42 0.50 0.78 1.50 1.75 2.00 — Middling tin g e d .c . Strict low m id.ting Low mid. tin g e d .. Strict g ’d ord. tin* Fully mid. stained Middling stain ed .. Barely mid.stained Strict low m. stain. Fully 1. m . stained Low mid. stained. 1 2 .0 8 @ 1 2 1 2 .1 8 — 1 2 Strict low m id -_c_ 0.14 oft Fully low m i4____0.32 off Low m iddling____0.50 oft Barely low m id___0.70 off Strict good o r d . . . 0.90 oft Fully good ord____1.07 oft Good ordinary___1.25 oft Strict g'd mid. tgd. 0.30 on G ood m id. tinged_ Even Strict mid. tinged. 0.06 oft 1— @ 1 2 . 2 1 — 12 ,23 12.18@ 12 1 2 .2 7 — 12, Fair .................... c . 2.00 on Strict m id. fair___1.75 on Middling fair_____ 1.60 on Barely mid. fa ir .. 1.25 on Strict good m id__ 1.00 on F ully good m id___0.88 on G ood m iddling___0.76 on Barely good m id .. 0.57 on Strict, m iddling___0.38 on Middling ................ Basis Monday July 2 9 @ .0 4 — 12, Speculation in cotton for future delivery has been on only a moderate scale, but what with continued hot, dry weather in some sections, notably in the Southwest, and some bullish crop reports, prices have advanced. One of these, that of the “ Journal of Commerce,” put the condition first at 77.5 and later, by correction, at 75.5, an improvement during July of only 1 .3 % . The Southwestern Cotton Buyers’ As H-l k— 1 to to to to to to sociation made it 75, against 70.3 a month ago and 90 last 00 ^JOO coo 00 CO VI ►fcct CO00 1 1 to C* §1 Co ® 1 COO Cl to 21 ■'-I 0*0 COCO O *sj year. The Cotton Ginners’ Association’s figure is 75.7. 11 c« ^ ci Finally came the Government report of 75% , an increase for ^ CD 0 |@ 1© I© the month of only 3 % . Most of the reports make the im provement during July from 1.3 to 5.1% , with a decrease as 1-1 to to to OH* O O CO I COCO O r05 Cl CR coo S I CO•—* M CO • 1 1 CO00 u1 COcn OOO 0000 10 compared with last year of, roughly, 6 to 10% . In general, MM SS SS to to SI to to to to to SS SS 11 SI 1 1 the fact that not a few of the reports made the improvement w co to to O CI Cl ci Cl 00 CO00 COC 00 Cl ci co to 1—4 Co to U< *sj Co 4^- C OCO Co 4^ during July unexpectedly small has had a bracing effect. |© T® 1© T© 1© I© 1© 1© |© 1© 1© 1© The idea has prevailed that, owing to the late start which to to to to to to to S £ SS SS SS coco to I to I t-1to CDCO 05 05 Cl 05 the crop got, the recent beneficial weather conditions have 1 1 h-*CO as 1 to 1 ^ 0 IS I S coo <10 £>CO o c » 05 11 not had so salutary an effect as was generally expected, al to to to to KS to 1 to to to to to M SI SS SS 11 11 CO COH-1 to to t o o 000 05 CT CI Cl ►-ICO 0 though there has been some improvement. Some reports, 00 >-*co tfc.cn t-*CT to M Ci CO00 05 to 05 to etoo, maintain that the very hot weather in Texas has had an |© 1© 1© 1© I© 1© 1© 1© 1(e) 1 © 1 © 1© effect in some degree to keep down the boll-weevil. Yet the ro<5i to to to to to to to toK to to to to to SS SS ' ► fc. C* Co*fc toco toco MIO O to 05 opinion of very many is that the crop now needs exception to CO 0 0 00*4 M 11 to 05 COC5 ® 1 ^ 0 00C O Cl 1 1 to §1 ally good weather conditions and an unusually late date of 1 to IS 1 S 1 s IS 12 1 1 11 1 s 1 s IS 1£ killing frost to enable it to catch up. Moreover, a local bull 00 •vJ O CO CO to ►u 05 OS CO CO CO 05 C O clique has at timesbeen more or less aggressive,and some of the 1© 1© 1© 1 © 1 © 1® 1© 1© 1© 1 © 1© 1 © shorts have to all appearances deemed it advisable to cover, to • to to to s to to s s to even some of the larger members of the bear party reducing w 11 to 05 1 1 12 11 1w 1g 11 05 IS lg 1CD 12 IS their interest, if not liquidating it entirely. Meantime, the Liverpool market has been firm, high premiums, it is reported, are being paid for the better grades at the South for forward TH E VISIBLE SUPPLY OF COTTON to-night, as made delivery, and the reports in regard to the dry goods trade up by cable and telegraph, is as follows. Foreign stocks, are generally regarded as of an encouraging character. as well as the afloat, are this week’s returns, and To-day the Government report appeared and had the effect consequently all foreign figures are brought down to of causing an active and excited speculation at a sharp ad Thursday evening. But to make the total the com vance. It was 2 to 5% worse than the generality of people plete figures for to-night (Friday), we add the item of ex had expected. At 75% the condition is 3% better than a ports from the United States, including in it the exports of month ago, 7.9% below that of last year, about the same as Friday only. two years ago, and 7.6% below the 10-year average for 1907. 190 6. 1905. 1904. August. Towards the close a reaction occurred, owing to S toAcukg uats t L2— iv e r p o o l ............... b a le s . 9 2 8 ,0 0 0 5 5 2 ,0 0 0 7 6 6 ,0 0 0 3 1 8 ,0 0 0 23,0 0 0 1 5 ,000 1 7 ,0 0 0 28,0 0 0 reports of rains and cooler weather in Texas. Spot cotton S to c k at L o n d o n --------------------------52,0 0 0 5 2 ,0 0 0 27,0 0 0 has been quiet and firm. Middling closed at 13.25c., show S to c k a t M a p c h e s t e r ......................... 7 3 ,0 0 0 ing an advance for the week of 25 points. 6 1 9 ,0 0 0 8 3 5 ,0 0 0 3 7 3 ,0 0 0 T o t a l G rea t B tita lu s t o c k ...........1 ,0 2 4 ,0 0 0 to ck at H a m b u r g . . , . r __________ 1 4 ,000 13,0 0 0 14,000 41,0 0 0 l-^The rates on and off middling, as established Nov. 21 1906 SS to c k a t B r e m e n .................. j ______ 2 1 1 ,0 0 0 1 64 ,000 227 ,0 0 0 109 ,0 0 0 by the Revision Committee, at which grades other than S to c k at A n t w e r p .............................. . . . . . . _______ 1,000 4 ,0 0 0 9 4 ,0 0 0 8 8 ,0 0 0 106 ,000 S to c k at H a v r e .................................... 165 ,000 middling may be delivered on contract, are as follows: S to c k a t M arseilles________________ 3 ,0 0 0 4,0 0 0 3 ,0 0 0 4 ,0 0 0 S to c k at B a r c e l o n a _______________ S to c k a t G e n o a ........ .......................... .. S to c k at T rie ste .................................. 2 4 ,0 0 0 2 6 ,0 0 0 4 0 ,0 0 0 2 4 ,0 0 0 9 ,0 0 0 3,0 0 0 3 5 ,000 15,000 18,000 T o ta l C o n tin e n ta l s t o c k s ............. 4 8 3 ,0 0 0 3 2 2 ,0 0 0 369 ,0 0 0 332 ,0 0 0 T o ta l E u ro p e a n s t o c k s ..................1 ,5 0 7 ,0 0 0 In d ia c o t t o n a flo a t fo r E u r o p e ___ 1 38 ,000 A m e r ic a n c o t t o n afloa t fo r E u ro p e 6 1 ,5 6 8 E g y p t , B za zil, & c., a flo a t fo r E ’p e 21,0 0 0 S t o c k in A le x a n d r ia , E g y p t ........... 4 4 ,0 0 0 S to c k In B o m b a y , I n d i a ............... 6 7 6 ,0 0 0 S to c k In U . S. p o r ts ................. ......... 2 9 0 .7 2 2 S to c k In U . S. In terior t o w n s ______ 94,161 U . S. e x p o r ts t o - d a y _______________ 156 9 4 1 ,0 0 0 9 3 ,0 0 0 89,4 9 4 17,000 43,0 0 0 7 2 5 ,0 0 0 2 05 ,180 1 39 ,954 326 1 ,2 0 4 ,0 0 0 142 ,000 195 ,0 0 0 2 0 ,0 0 0 7 3 ,0 0 0 7 3 0 ,0 0 0 387 ,8 6 9 142 ,1 9 5 13,798 7 0 5 ,0 0 0 7 8 ,000 55,0 0 0 20,0 0 0 7 5 ,0 0 0 4 0 1 ,0 0 0 9 2 ,9 0 6 6 7 ,958 5,5 9 4 T o t a l v is ib le s u p p ly ____ _______ 2 ,8 3 2 ,6 0 7 2 ,2 4 8 ,9 5 9 2 ,9 0 7 ,8 6 2 1 ,5 0 0 ,4 5 8 O f th e a b o v e , to ta ls o f A m e r ic a n an d o th e r d e s c r ip tio n s are as fo llo w s : A m e r ica n — L iv e r p o o l s t o c k .......................b a le s . 8 0 2 ,0 0 0 438 ,0 0 0 6 8 9 ,0 0 0 214 ,000 M a n ch e ste r s t o c k ........ .............. ......... 6 0 ,0 0 0 4 6 ,0 0 0 4 5 ,0 0 0 2 0 ,000 C o n tin e n ta l s t o c k _______ __________ 3 9 0 ,0 0 0 2 6 5 ,0 0 0 3 34 ,000 2 0 9 ,0 0 0 A m e r ic a n a flo a t fo r E u r o p e _______ 61,5 6 8 8 9 ,4 9 4 1 95 ,000 55,0 0 0 U . S. p o r t s t o c k s . . .............................. 2 9 0 ,7 2 2 205 ,180 .3 8 7 ,8 6 9 9 2 ,9 0 6 U . S. in te rio r s t o c k s ........................... 94,161 134 ,959 142 ,1 9 5 67,958 0 . S. e x p o r ts t o -d a y . ______________ 156 326 13,798 5 ,5 9 4 T o ta l A m e r i c a n ________________ 1 ,6 9 8 ,6 0 7 1 ,1 7 8 ,9 5 9 E a st In d ia n , B ra zil, & c .— L iv e r p o o l s t o c k ____________ _______ 126 ,000 1 1 4 ,0 0 0 L o n d o n s to c k ..... ................... .............. 23,0 0 0 15,0 0 0 M a n ch seter s t o c k ........ ........................ 13,000 6,0 0 0 C on tin en ta l s t o c k __________________ 93,0 0 0 5 7 ,0 0 0 In d ia a floa t fo r E u r o p e ___________ 1 3 8 ,Q00 93 000 E g y p t , B ra z il, & c ., a f l o a t . . ........... 2 1 ,0 0 0 1 7 ,000 S to c k In A le x a n d r ia , E g y p t ______ 4 4 ,0 0 0 4 3 ,0 0 0 S to c k In B o m b a y , I n d ia __________ 6 7 6 ,0 0 0 7 2 5 ,0 0 0 1 .8 0 6 ,8 6 2 6 6 4 ,4 5 8 7 7 ,0 0 0 17,000 7 ,0 0 0 3 5 ,0 0 0 1 42 ,000 20 000 7 3 ,0 0 0 7 3 0 ,0 0 0 104 ,000 2 8 ,000 7,0 0 0 123 ,0 0 0 7 8 ,0 0 0 2 0 ,000 75,0 0 0 4 0 1 ,0 0 0 T o t a l E a s t I n d ia , & c .................... 1 ,1 3 4 ,0 0 0 1 ,0 7 0 ,0 0 0 T o ta l A m e r i c a n ________________ 1 ,6 9 8 ,6 0 7 1 ,1 7 8 ,9 5 9 1 ,1 0 1 ,0 0 0 8 36 ,900 1 ,8 0 6 ,8 6 2 1 ,5 0 0 ,4 5 8 T o ta l Visible s u p p ly .......................2 ,8 3 2 ,6 0 7 2 ,2 4 8 ,9 5 9 M id d lin g U p la n d , L iv e r p o o l______ 7 .2 8 d 5 .9 8 d . M id d lin g U p la n d , N ew Y o r k ______ 1 3 .2 5 c . 1 0 .9 0 c . E g y p t , G o o d B r o w n , L i v e r p o o l .. ll% d ll^ d P e r u v ia n , R o u g h G o o d , L iv e r p o o l 1 1 .5 0 d . 8 .6 5 d . B r o a c h , F in e , L iv e r p o o l__________ 6 }^ d . 5?^ d. T ln n e v e lly , G o o d L iv e r p o o l______ 5% d. 5 7 -1 6 d . 2,9 0 7 862 1 ,5 0 0 ,4 5 8 5 .8 7 d . 6 .0 2 d . 1 0 .7 0 c . 1 0 .4 5 c 8 9 -1 6 d . 7 1 5 -1 6 d . 9 .8 0 d . 1 0 .5 0 d . 55^ d. 5% d. 5 9 -1 6 d . 5% d. Continental imports past week have been 34,000 bales. The above figures for 1907 show a decrease from last week of 122,939 bales, a gain of 583,648 bales over 1906, a de crease of 75,255 bales over 1905, and a gain of 1,332,149 bales over|1904. ________ ___ 292 THE CHRONICLE. « a S ® * : * £ 3 Sis s S 3 £ = S 8 - c S - g 3 = ' S » i ; 5 ? S 3 o « o 0S 0 8 S'S S h s a S i , 94,161 12,445 5,546.175 21,555 134 ,959 .... Ji o I 33 T otal, 33 t o w n s _______ __________________________ 6,5627,334,989 18,883 E u fau la, M o n tg o m e ry , Selma, H elena, Little R o c k , Albany * A then s. A tlan ta, A u g u sta, C olum bus, Macon R om e, L ou isville, S h revep ort, C olum bus, G reenville, G reen w ood, M eridian, N atch ez, V ick sb u rg, Yazoo City, St. L ouis, R a leig h , C incinnati G reen w ood, M em phis, N ashville, B renham , Clarksville, Dallas Honey G rove, H o u sto n , Paris, T o w n s - A l a b a m a .................................... 6 21,696 29 267! .23,593 304 1,321 “ ______ 45 177,755 106 1,605 217 167,723 453 4,6 8 2 “ ______ 9 107,357 47 102 234 104,761 418 3,2 9 9 Arkansas ______ ________ 68,082 ____ 686 _ ____ 53,988.. 99 “ .................................... 153 241,497 517 4,693: 307 191,259 2,117 18,476 Georgia ______ ________ 23,000 ____ 3 34 29,300 142 1 392 " ______ 20 107,396 278 1,700! 355 91,241 1,293 6,067 --------- -------------------- 80 143,337 185 2,975 351 49,245 554 1.311 •• ______ 514 368,684 894 8,095 1,526 354 614 3,145 14,973 “ __ __ 8 55,072 60 698 72 72,631 450 10,868 “ ---------128 56,421 1-27 407 * 25 58,584 93 4,3 1 7 “ .................................... . 54,419 300 3,600 75 43,783 254 3,102 K e n tu c k y , n e t - -------------------- 169 8,402 219 100 43 7,644 18 100 L o u is i a n a ........... ................................................ ............. 197,575622,888 64 103,263 71 1,349 M is s is s ip p i---------------------51,563 ------- 3,688148 36,951 214 309 •* ______ ________ 66,919 29 1,400 ___________ 42,107137156 “ ______ ________ 80,012 200 500 . 62,885 100 400 “ V - ....... 12 97,053 435 1,502 222 74,376 1,504 2,8 8 3 “ ______ ..... 74,013 35 900 7 47,473 13 239 “ ______ ________ 86,076 282 931 ___________ 69,676671,522 “ ----------------------55,179 44 400 1 52,758 _. _ 390 M is s o u r i .............. ........................1,257 806,032 3,743 6,357 3,155 542,956 3,710 23,091 North C a ro lin a _ 6 18,933 50 335 286 15,834 290 818 O h io _____________ 500 152,862 1,213 6,500 660 156,108 989 6,201 South C a r o lin a 22,004 ------37 75 19,180 . 4,367 T e n n e s s e e ______ 1,824 954,211 6,576 33,467 439 799,163 1,374 7,5 1 9 ______ 64 20,714 145 2,375 168 13,674 130 661 “ T e x a s ..................... ........................ 2 16,710 85 400 47 9,293 72 715 “ ______ ________ 39,029 .... ________ __ 12,540 “ ___________ _____________ __ 99,567 ____ ___ __ 80,690 “ ___________ ___ 33,731 ____ ___ __ 18,872 “ ----------------------------------------------------------1,7652,930,707 3,2227,550 3,934 2,073,674 3 643 14,332 ___________ ___ 98,981 ____ ___ __ 66,346 “ Movement to August 2 1907. Movement to August 3 1906. . -----------------------------------------------------------------------------------------------------------------------------------------Receipts. ShipStocks Receipts. Ship- Stocks ------------------ --------------------merits. A u g . -----------ments. A u g. Week. Season. Week. 2. j Week. Season. Week. 3. ____ AT TH E INTERIOR TOWNS the movement— that is, the receipts for the week and since Sept. 1, the shipments for the week and the stocks to-night, and the same items for the corresponding period for the previous year— is set out an detail below. ___________ I w jg d n B j< i< i< !< i!0 a g J M O 0 0 a ^ ;»< M g o 0 S ^ ;cu QWEo<_____ The above totals show that the interior stocks have de creased during the week 12,321 bales and are to-night 40,788 bales less than at the same time last year. The receipts at all the towns have been 5,883 bales less than the same week last year. OVERLAND MOVEMENT FOR TH E W E E K 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: August 2— Shipped — V ia V ia V ia V ia V ia V ia --------1 9 0 6 -0 7 -------- ---------------- 1 9 0 5 -0 6 -------- Since W eek. iSept. 1. 8 14 ,591 2 1 7 ,4 2 3 8 5 ,0 0 7 88,881 54,5 8 2 4 29 ,561 St. L o u i s , ...................................- . 3 ,7 4 8 C airo _______ ___________________ 396 R o c k I s l a n d ___________________ 190 L o u is v i ll e ........ ............................... 215 C in c in n a ti______________________ 134 o th e r r o u te s, & c ----------- -----------306 T o ta l gross o v e r la n d ........ ............_ 4 ,9 8 4 1 ,6 9 0 ,0 4 5 Deduct shipments—- W eek. 3,7 1 0 183 100 745 52 2 ,3 4 7 Since Sept. 1 . 530,641 201 ,6 2 7 4 4 ,858 102,002 58,141 270 ,365 7 ,1 3 7 1 ,2 0 7 ,6 3 4 O v erla n d t o N . Y . , B o s t o n , & c ___ 411 B e tw e e n I n te rio r t o w n s ____ ______ ____ I n la n d . & c ., fro m S o u t h --------------- 3 ,4 1 5 168,231 93,4 9 8 8 6 ,7 1 3 363 ____ 2 ,0 2 2 144,798 19,581 71,961 T o t a l t o be d e d u c t e d ........ ............- 3 ,8 2 6 3 4 8 ,4 4 2 2,3 8 5 236 ,3 4 0 L e a v in g t o ta l net o v e r la n d .a ----------- 1,158 1 ,3 4 1 ,6 0 3 4 ,7 5 2 971,294 a I n c lu d in g m o v e m e n t b y rail t o C a n ada. The foregoing shows the week’s net overland move ment has been 1,158 bales, against 4,752 bales for the week last year, and that for the season to date the aggre gate net overland exhibits an increase over a year ago of 370,309 bales. In Sight and Spinners’ Takings. ----------1 9 0 6 -0 7 ---------- --------------1 9 0 5 -0 6 ---------- Since Week. R e c e ip t s a t p o r ts t o A u g . 2 _______ 8,931 N et o v e r la n d t o A u g . 2 ------------------1,158 S ou th ern co n s u m p tio n t o A u g . 2 . . 4 8 ,0 0 0 Sept. 1. 9 ,6 5 4 ,1 5 9 1 ,3 4 1 ,6 0 3 2 ,2 8 2 ,0 0 0 T o t a l m a r k e t e d --------------------------- 58,0 8 9 1 3 ,2 7 7 ,7 6 2 In te rio r sto ck s In e x c e s s .................... a l2 .3 2 1 &2.115 C am e in t o sigh t d u rin g w e e k ___ 4 5 ,7 6 8 __________ T o t a In sig h t A u g . 2 .................... .................. 1 3 ,2 7 5 ,6 4 7 N o rth , sp in n ers’ ta k in g s t o A u g . 2 16,950 a D ecrease d u r in g w e e k , 2 ,6 3 1 ,7 1 8 Since W eek. 3 4 ,017 4 ,7 5 2 4 7 ,0 0 0 Sept. 1. 7 ,7 2 0 ,9 0 8 971 ,294 2 ,2 1 9 ,0 0 0 8 5 ,7 6 9 1 0 ,7 1 1 ,2 0 2 a 9 ,1 1 0 b218 7 6 ,659 _______ 1 0 ,9 1 0 ,9 8 4 32,296 2 ,3 7 0 ,0 5 1 b Less th a n S e p t. 1. Movement into sight in previous years: Week — 1905— 1904— 1903— 1902— A ug. Aug A ug. A ug. Bales. | Since Sept. 1— B ales . W 4 . . . .................... . . 1 0 5 , 7 6 5 1190 4-0 5— A u g . 4 ...................13,2 5 4 ,7 6 2 5 --------------------------- 28,879 1190 3-0 4— A u g . 5 __________1 0,0 5 0 ,4 2 8 7 ......................... ....... 2 4 ,944| 190 2-0 3— A u g . 7 _________ 10,6 5 3 ,7 6 8 8 . . . ......................... 47.3321 1901-02— A u g . 8 _________ 1 0 ,295,857 [V o l. l x x x v . QUOTATIONS FOR MIDDLING COTTON AT OTHER M ARKETS.— Below are the closing quotations of middling cotton at Southern and other principal cotton markets for each day of the week. Week ending August 2. Closing Quotations for Middling Cotton on — Sat'day. |M onday. Tuesday. Wed'day. Thursd’y. Friday 13 12^ 12^ 12 H G a lv e s t o n ______!13 N ew O rlea n s___ 112% M o b i l e _________ 12 K Sa v a n n a h ______ 12% C h a rle s to n ______ W ilm in g t o n ____ N o r f o l k ________ is yt B o s to n ________ 13.00 B a lt i m o r e _____ 13K P h ila d e lp h ia ___ 13.15 A u g u s t a ____ . . . 13 M e m p h is _______ 13 St. L o u is ----------- 13 H H o u s t o n _______ 13 L ittle R o c k ____ 12 H 13 12fs 12^ 123^ 13M 13 ^ 12.90 13 H 13.15 13 H 13 1 2.90 13J4 13.15 13^ 13 13K 13 13X 13% 13.00 13 % 13.50 13% 13 13% 13 12% 12.90 13}* 13.25 13 H 13 13X 13 M 12H 12« 13 13 12 H 12 M 13 1254 12^ 12% 13 I2yz 13 13 13.00 13^ 13.25 1334 13 13 X 13 12% 12% 12^ 12% 12% NEW ORLEANS OPTION M ARKET.— The highest, lowest and closing quotations for leading options in the New Orleans cotton market for the past week have been as follows: 1 Sat'day. Monday, Tuesday, Wed day Thursd'y, Friday, July 27. July 29. July 30. { July 31. Aug. 1. Aug. 2. July — R a n g e ----------C losin g — A u g u s t— R a n g e ----------C lo s in g ----------September — R a n g e _______ C lo s in g -........... October— R a n g e _______ C lo s in g _______ November — R a n g e ____ C losing'----------December — R a n g e _______ C lo s in g _______ January — R a n g e . . . ___ C lo s in g _______ M arch — R a n g e _______ C lo s in g ............. T on e— — @ — — 12.50 — 12.48 — © — — @ — .50 — — © — 12.50-.5 1 — @ — 12.52 — 12.50 — .75 — 1 2.41-.5 0 12 .4 0 -.4 5 1 2 .5 3 -.6 5 1 2 .5 6 .6 0 12.65 — — @ — 1 2 .4 2 -.5 0 12.41-.42 1 2 .5 0 -.5 4 12.58 — 1 2 .5 3 -.7 8 1 2 .4 3 -.4 6 1 2 .4 1 -.4 3 12 .4 1 -.4 3 1 2 .5 2 -.5 4 1 2 .5 6 -.5 9 12 .6 6 -.6 9 12.05-.1 1 12.0 6 -.2 1 1 2 .0 9 -.1 6 1 2 .1 4 -.2 4 1 2 .2 3 -.2 8 1 2 .1 8 -.5 0 1 2 .0 9 -.1 0 12.11-.12 12.10-.11 12.11 — 1 2 .2 4 -.2 5 1 2 .3 5 .3 6 — @ — — © — — @ — — @ — — @ — — © — 12.05-.0 7 1 2.07-.0 9 12 .0 6 -.0 8 1 2 .1 7 .1 9 12.20.22 1 2 .3 1 .3 3 1 2 .0 2 -.0 6 1 2.0 1 -.1 7 1 2.05-.1 0 1 2 .0 8 -.2 0 1 2 .1 9 -.2 4 1 2 .1 3 .4 5 12.0 4 -.0 5 1 2 .0 6 -.0 7 12.0 5 -.0 6 1 2 .1 6 -.1 7 1 2 .19-.2 0112.30-.3 1 12.0 6 -.1 2 12 .0 8 -.2 1 12.1 0 -.1 7 12 .1 4 -.2 6 1 2 .2 5 -.3 0 1 2 .2 1 -.5 0 12.10-.11 1 2.1 2 -.1 3 12.11-.12 1 2 .2 3 -.2 4 12.2 6 -.2 7 1 2 .3 7 .3 8 .26 — © — — @ — — © — 1 2 .3 6 .5 7 — @ — — 12.20-.22 1 2 .2 2 .2 4 12.21-.23 1 2.33-.3 5 1 2 .3 6 .3 7 12.48 .49 Q u iet. Q u ie t. Q uiet. Q u iet. S te a d y . Q u iet. S te a d y . S te a d y . Q u iet. Steady. S te a d y . S e ta d y . W E A TH E R REPORTS BY TELE G R A P H .— Advices to us by telegraph from the South this evening indicate that while rain has fallen in most localities the past week, the pre cipitation has on the whole been moderate or light,and that in Texas crops are claimed to be beginning to suffer for lack of moisture. From other districts there appear to be no complaints and some correspondents refer to further improve ment in the crop. Galveston, Texas.— Crops in Texas are beginning to suffer from lack of general rains. We have had rain on one day of the week, the rainfall reaching one hundredth of an inch. The thermometer has ranged from 78 to 90, averaging 84. July rainfall one inch and forty-six hundredths. Abilene, Texas.— The week’s precipitation has been twelve hundredths of an inch, on one day. Average thermometer 83, highest 100 and lowest 66. July rainfall three inches and twenty-four hundredths. Brenham, Texas.— We have had rain on one day during the week, the precipitation being ten hundredths of an inch. The thermometer has averaged 87, the highest being 100 and the lowest 74. July rainfall two inches and eight hun dredths. Corpus Christi, Texas.— Dry all the week. The thermo meter has averaged 83, ranging from 76 to 90. July rainfall fifty-three hundredths of an inch. Cuero, Texas.— It has been dry all the week. The thermo meter has ranged from 73 to 102, averaging 88. July rain fall two inches and fifty-two hundredths. Dallas, Texas.— We have had no rain during the week. Average thermometer 84, highest 100, lowest 67. July rain fall two inches and sixty-seven hundredths. Fort Worth, Texas.— We have had rain on two days during the week, the precipitation being eleven hundredths of an inch. The thermometer has averaged 85, the highest being 100 and the lowest 70. July rainfall four inches and twelve hundredths. Henrietta, Texas.— There has been rain on one day of the past week, the rainfall reaching thirty-eight hundredths of an inch. The thermometer has averaged 89, ranging from 68 to 109. July rainfall one inch and a half. Huntsville, Texas.— Rain has fallen on one day of the week* the rainfall being ninety-five hundredths of an inch. The thermometer has ranged from 71 to 99, averaging 85. July rainfall one inch and eleven hundredths. Kerrville, Texas.— We have had rain on one day during the week, the rainfall being ten hundredths of an inch. Aver age thermometer 82, highest 100, lowest 63. July rainfall two inches and seventy-one hundredths. Lampasas, Texas.— There has been rain on two days of tha past week, the rainfall being sixty-eight hundredths of an inch. The thermometer has averaged 86, the highest being 103 and the lowest 69. July rainfall three inches and four hundredths. A ug. 3 1 9 0 7 .j THE CHRONICLE. Longview, Texas.— Rain has fallen on one day of the week, the rainfall being forty-two hundredths of an inch. The thermometer has averaged 87, ranging from 77 to 101. July rainfall one inch and sixty hundredths. Luling, Texas.— Dry all the week. The thermometer has ranged from 73 to 99, averaging 86. July rainfall three inches and seventy-six hundredths. Nacogdoches, Texas.— Rain has fallen on two days of the week, the rainfall being fifty-five hundredths of an inch. Average thermometer 84, highest 97, lowest 71. July rain fall two inches and thirty-three hundredths. Palestine, Texas.— We have had no rain during the week. The thermometer has averaged 83, the highest being 96 and the lowest 70. July rainfall seventy-eight hundredths of an inch. Paris, Texas.— There has been no rain during the week. The thermometer has averaged 84, ranging from 70 to 99. July rainfall four inches and ninety hundredths. San Antonio, Texas.— There has been no rain during the week. The thermometer has ranged from 72 to 102, averag ing 87. July rainfall two inches and sixty-six hundredths. Weatherford, Texas.— Rain has fallen on two days of the week, the rainfall being two hundredths of an inch. Aver age thermometer 87, highest 104, lowest 70. July rainfall three inches and eighteen hundredths. New Orleans, Louisiana.— It has rained on two days of tli, week, the precipitation being four hundredths of an inch. The thermometer has averaged 73. Shreveport, Louisiana.— There has been rain on one day the past week, the rainfall being twenty-eight hundredths of an inch. The thermometer has ranged from 74 to 95, aver aging 85. Leland, M ississippi.— Rain has fallen the past week, the rainfall being one inch. Average thermometer 79.4, highest 92, lowest 66. Helena, Arkansas.— Crops have further improved. There has been light rain on four days the past week, the rainfall reaching seventy-two hundredths of an inch. The thermo meter has averaged 81, ranging from 69 to 96. July rain fall one inch and fifty-eight hundredths. Little Rock, Arkansas.— The weather the past week has been favorable for growing crops, beneficial rains having .fallen Cotton is fruiting nicely but is still four weeks late. We have had rain on one day during the week, the precipitation reaching thirty hundredths of an inch. The thermometer has ranged from 72 to 96, averaging 84. M em phis, Tennessee.— Rain has fallen just as needed and crop prospects are steadily improving. Rain has fallen on three days of the week, the rainfall being two inches and forty-one hundredths. Average thermometer 80, highest 94.6, lowest 68.3. July rainfall three inches and forty-eight hundredths. Nashville, Tennessee.— We have had rain the past week, the rainfall being forty-five hundredths of an inch. The ther mometer has averaged 81, the highest being 96 and the low est 64. M obile, Alabama.— Beneficial rains in the interior. The crop is developing promisingly, and opening in some sections. The week’s rainfall has been eighty-four hundredths of an inch, on four days. The thermometer has averaged 80', ranging from 73 to 91. M ontgom ery, Alabama.— Crops are steadily improving. It has rained on four days of the week, the precipitation reach ing one inch and forty hundredths. The thermometer has ranged from 71 to 92, averaging 82. July rainfall four inches and twenty-nine hundredths. Union Springs, Alabama.— Where not damaged by heavy overflows, the crop has made fair progress this week. The week’s rainfall has been four inches and eighty-five hun dredths. M adison, Florida.— We have had rain on two days of the past week, the rainfall reaching two inches. The thermome ter has averaged 82, the highest being 95 and the lowest 73. Augusta, Georgia.— Prospects are splendid in most of this territory, and conditions in the Augusta district warrant a fair crop. It has rained on four days of the week,, the pre cipitation being one inch and eleven hundredths. The ther mometer has averaged 81, ranging from 73 to 92. Savannah, Georgia.— We have had rain on five days dur ing the week, the precipitation being one inch and fifty-seven hundredths. The thermometer has ranged from 73 to 92, averaging 82. Charleston, South Carolina.— We have had rain on six days of the week, the precipitation reaching forty-four hundredths of an inch. Average thermometer 82, highest 90, lowest 74. Charlotte, North Carolina.— There has been rain during the week, the precipitation reaching seventy-six hundredths of an inch. The thermometer has averaged 79, the highest being 94 and the lowest 65. Stateburg, Soidh Carolina.— There has been rain on five days during the week, heavy on two, the precipitation reach ing two inches and twenty-one hundredths. The thermo meter has averaged 80, ranging from 70 to 92. Ardmore, Indian Territory.— Light rains over this section have been very beneficial and crop prospects have improved. Cotton is fruiting nicely and fields are in a fine state of cul tivation . 293 W O R L D ’S SUPPLY AND TAKINGS OF COTTON.— The following brief but comprehensive statement indicates at a glance the world’s supply of cotton for the week and since Sept. 1, for the last two seasons, from all sources from which statistics are obtainable; also the takings, or amount gone out of sight, for the like period. Cotton Takings. Week and Season. 190 6-0 7. W eek . S eason . 190 5-0 6. W eek . S ea son . V is ib le s u p p ly J u ly 26 _ . _____ 2 ,9 5 5 ,5 4 6 2 ,630,631 V is ib le supD ly S e p t. 2 ___ ___ 1 ,7 8 4 4 5 6 2 ,5 4 5 ,4 7 0 A m e rica n in sigh t t o A u g . 2 ____ 45,7 6 8 1 3 ,2 7 5 ,6 4 7 ’ 78 ,659 10,9 1 0 ,9 8 4 1 2,000 3 ,0 1 7 ,0 0 0 B o m b a y r e c e ip ts t o A u g . 1. ___ 6,000 2 ,5 3 9 ,0 0 0 O th e r In d ia sh lp ’ts t o A u g . 1 ___ 434 .0 0 0 16,000 8 ,0 0 0 3 63 .000 A le x a n d r ia r e c e ip ts t o J u ly 3 1 - 100 914 ,800 7 83 ,500 100 O th e r s u p p ly t o J u ly 31 .a 7,000 4 0 2 .0 0 0 7,0 0 0 4 9 6 .0 0 0 T o t a l s u p p ly ___________ _______ 3 ,0 3 6 ,4 1 4 1 9 ,8 2 7 ,6 0 3 2,4 7 8 ,3 9 0 1 7 ,6 3 7 ,9 5 4 D ed u ct — V is ib le s u p p ly A u g . 2 ___________ 2,8 3 2 ,6 0 7 T o ta l ta k in g s t o A u g . 2 --------------O f w h ich A m e r ic a n , _______ O f w h ic h o t h e r ________________ 2,8 3 2 ,6 0 7 2 ,2 4 8 ,9 5 9 2 03 ,807 1 6 ,9 9 4 ,9 9 6 1 21 ,707 12,4 6 5 ,1 9 6 82,1 0 0 4 ,5 2 9 ,8 0 0 2 ,2 4 8 ,9 5 9 229,431 1 5 ,3 8 8 ,9 9 5 172,331 1 1 ,3 7 0 ,4 9 5 57,100 4 ,0 1 8 ,5 0 0 a E m b r a c e s r e c e ip ts in E u ro p e fro m B ra z il, S m y rn a , W e s t In d ie s , & c. DOMESTIC EXPORTS OF COTTON MANUFACTURES — We give below a statement showing the exports of domestic cotton manufactures for June and for the twelve months ended June 30 1907, and for purposes of comparison like figures for the corresponding periods of the previous year are also presented: Quantities of Manufactures of Cot Month eiidine June 30. ton (colored and uncolored) Exported to— 1906. 1907. United K in g d o m ________________ G e r m a n y ______ ______________ 148,383 29,231 122,892 668,578 130,632 949,989 B r a z i l ....... ................... ............ ........ Chile_____________________________ Colombia ___________ _____ _____ V en ezuela________ . ................ .. Other South Am erica____________ Chinese Em pire_______________ British East I n d ie s .......................... H ongkong J a p a n __ _____________ __ British Australasia________ _____ Philippine Islands. - ___ ____ Other Asia and Oceanica................ British A frica ,- ___________ ___ All other A frica__________________ 2,946,898 233,242 668,919 1,649,833 79,248 843,256 1,191,462 1,071,950 236,911 645,724 3,086,840 141,545 5,000 5,290 1,538,273 752,153 251,257 47.259 20,000 1.841,769 131,054 921,274 2,433,673 161,178 541,490 959,291 1,095,952 438,067 450,520 23.499,621 941,911 36,805 25,528 650,071 722,857 4,152,914 404,645 227,243 Total yards of a b o v e ................. Total values of ab o v e __________ Value per yard________________ 16,384,144 $1,172,867 8.0716 British North Am erica___________ Central Am erican States and British H onduras____________ M exico ______ __________________ C u b a ______ _____ ___________ Other W est India and B erm uda .. Value of Other Manufactures of Cotton Exported to United K in g d o m ______________ Belgium ____ __ _ ______________ (ierm any __________________ ____ Other E u ro p e ___________________ British North Am erica. _ ........ .. Central American States and British H o n d u r a s ...................... Mexico _____________ ____ _______ C u b a ___________________________ Other W est Indies and Berm uda. South Am erica...................... .......... Chinese E m p i r e . ........................ Japan______ ___ _ . . . . British Australasia. ........................ British A frica. ........................ Other countries ............................ 199,503 12 Months end. June 30. 1906-07. 1905-06. 2,782,931 151,189 1,397,664 8,530,059 2,995,794 538,676 1,863,779 9,988,015 30,233,138 27,746,701 2,805,585 2,686,285 15,917,045 20,386,876 33,229,770 31,310,002 1,711,974 2,527 466 8,363,354 6,400,755 12,791,789 14,103,458 15,956,554 12,908,600 6,415,923 6,284,586 8,591,376 6,753,509 86,454,028 498,521,402 9,799,990 9,170,688 636,899 374,963 729,613 2,066,388 9,794,842 8,462,645 3,836,059 20,551,231 41,760,937 32,343,080 8,794,621 7,355,707 773,684 1,032,953 800 40,915,987 326,340,329 711,493,054 $2,781,908 $21,239,247 $43,181,860 $.0680 $.0607 S.0651 $67,780 4,155 5,625 8,261 78,534 $95,969 2,098 11,848 10.298 93,966 $989,454 18,538 61,858 75,344 973,205 $904,314 36,960 158,622 67,218 1,032,338 60,303 39,488 42,074 23,750 14,024 912 404 38.452 12,912 26,314 19,247 22,336 25,293 12,743 7,527 19,606 36,047 27,309 16,606 5,750 445,802 324,395 385,454 197,099 109,834 219,487 47,393 359,234 110,466 476,663 269,056 285,406 265,888 155,000 95,444 129,700 104,980 299,259 271,031 263,359 T o t a l ______________ ________ $422,988! $406,644 $4,794,226 $4,338,575 W aste, cotton m ill______________ Yarn . .. . . . ____ . All o t h e r ____________ ___________ $233,629 18,415 277,139 $203,828 41,901 275,315 $2,366,454 328,638 3,576,847 $1,852,154 365,452 3,205,992 Total manufactures o f ________ $2,125,038 $3,710,596 $32,305,412 $52,944,033 COTTON CONSUMPTION AND OVERLAND MOVE MENT TO AUGUST 1.— Below we present a synopsis of the crop movement for the month of July and the eleven months ended July 31 for three years: 1 90 6-0 7. 1 9 0 5 -0 6 . 1 90 4-0 5. 54,682 3 0 ,0 9 2 G ross o v e r la n d fo r J u ly ____________ b a le s . 29,391 ,688,297 1 ,203,389 1,5 3 8 ,9 4 1 G ross o v e r la n d fo r 11 m o n t h s ____________ 41,1 $5 1 3,566 15 ,490 N e t o v e r la n d fo r J u ly _____________________ 9 67 ,569 1 ,2 5 5 ,1 2 2 ,340,730 N et o v e r la n d fo r 11 m o n t h s _______________ 128 627 3 72 ,610 49,0 6 9 P o r t re ce ip ts in J u ly _______________________ ,653,072 7 ,7 0 8 ,6 2 7 9 ,7 9 9 ,8 6 4 P o r t receip ts in 11 m o n th s ________________ 1 88 ,426 3 06 ,250 1 9 3 ,9 7 5 E x p o r ts in J u ly ___________________________ 65,153 6 ,4 3 9 ,4 2 7 8 ,425,001 E x p o r ts In 11 m o n th s _____________________ 3 92 ,535 292 ,413 2 05 ,060 P o r t s to ck s o n J u ly 3 1 ____________________ ,628,385 2 ,3 5 6 ,9 8 5 2 ,3 1 5 ,6 4 6 N o rth e rn sp in n e rs’ ta k in gs t o A u g . 1 ____ ,266,000 2 ,1 9 5 ,0 0 0 2 ,0 3 5 ,0 0 0 S ou th ern c o n s u m p tio n t o A u g . 1 ________ O v e rla n d t o C a n a d a fo r 11 m o n th s (in 12 2 ,1 4 0 1 11,378 115 ,297 c lu d e d in n e t o v e r la n d )________________ 500 1 3 ,4 0 9 2 6 ,738 B u rn t N o rth an d S o u th In 11 m o n t h s ____ 6 ,6 5 5 6 ,0 6 9 31,324 S to c k at N o rth e rn in te rio r m a rk e ts A u g . 1 212 ,635 ! 2 8 8 ,1 1 7 544 ,1 5 6 C am e in sight d u rin g J u ly __________________ A m o u n t o f cr o p in sigh t A u g . 1 ___________ 13 ,2 6 4 ,8 0 2 '1 0 ,8 7 4 ,1 9 6 1 3 ,1 8 4 ,9 8 6 ............... 4 4 5 ,6 6 4 ! 3 71 ,855 C a m e in sigh t b a la n ce s e a s o n _____________ ________ i l l ,319,80011 3,55 6,8 41 T o ta l c r o p ___________________________________ 5 1 4 .6 3 5 1 0 .0 9 513.01 A v e ra g e oross w e ig h t o f b a le s ____________ 492.131 486.591 4 9 0 .7 8 A v e ra g e net w e ig h t o f b a le s ----------------------- JUTE BUTTS, BAGGING, &c.— The market for jute bagging has continued dull during the week under review, with prices unchanged at 9 ^ c . for 2 lbs., standard grades. Jute butts continue dull at 3@ 4c . for bagging quality. 294 THE CHRONICLE- IN D IA COTTON MOVEMENT FROM ALL PORTS.— The receipts of cotton at Bombay and the shipments from all India ports for the week and for the season from Sept. 1 for three years have been as follows: A u g u s t 1. R eceip ts at— I W eek . B o m b a y ------------------- 1905-06 190 6-0 7. S in ce S ep t. 1. 6.0 0 0 2 ,5 3 9 ,0 0 0 T o t a l all— 1 9 0 6 -0 7 ___________ 1 9 0 5 -0 6 ___________ 1 9 0 4 -0 5 .................... 2 2 ,0 0 0 j2 ,6 5 8 ,0 0 0 S in ce Septem ber 1. F o r the W eek . B om bay— 1 9 0 6 -0 7 ____ ______ 1 9 0 5 -0 6 ___________ 1 9 0 4 - 0 5 .. . . . . . C a lc u tta — 1 9 0 6 -0 7 .......... ......... 1 9 0 5 -0 6 .. _______ 1 9 0 4 -0 5 .................... M a d ra s— 1 9 0 6 -0 7 ___________ 1 9 0 5 -0 6 ____ ______ 1 9 0 4 -0 5 _________ A ll oth ers— 1 9 0 6 -0 7 .. _______ 1 9 0 5 -0 6 ___________ 1 9 0 4 -0 5 ___________ 1 S in ce W eek , j S ep t. 1. 1 S in ce S ep t. 1. W eek . 1 2 ,0001 3,0 17,0 00 I Great C o n ti B ritain . n ent. 1904-05. Total. Great B rita in . C o n ti nent. Total. 1 6,0 0 0 8.000 16,000 16,000 8,0 0 0 17,000 3,000 1,000 1,000 4,000 1,000 1,000 9,000 7,0 0 0 3,000 145 ,000 1 14 ,000 42,000 154,000 121,000 4 5 ,000 4,000 2,000 1,000 4,000 2,000 1,000 5,000 3,000 3 ,0 0 0 34,000 46,0 0 0 15,000 39,000 49.000 18,000 2 000 1 000 1,000 6,000 4,000 8,0 0 0 8 000 5,000 9,0 0 0 14,000 21,000 12,000 227 ,000 172,000 232 000 2 4 1 ,0 0 0 193,000 2 44 ,000 3,0 0 0 1,000 2,0 0 0 2 9 ,000 15,000 26 000 ' 3 2 ,0 0 0 16,000 28,0 0 0 1,000 1,000 63,000 1 ,1 4 3 ,0 0 0 1,206,000 57,000 868 ,0 0 0 925.000 22,000 43 3 ,0 0 0 455 ,0 0 0 91,0 0 0 1 ,5 4 9 ,0 0 0 1 ,6 4 0 ,0 0 0 88,0 0 0 1 ,2 0 0 ,0 0 0 1 ,2 8 8 ,0 0 0 40,0 0 0 7 2 2 ,0 0 0 762 ,0 0 0 A L E X A N D R IA RECEIPTS AND SHIPMENTS OF COTTON.— Through arrangements made with Messrs. Choremi, Benachi & Co., of Liverpool and Alexandria, we now receive a weekly cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments for the past week and for the corresponding week of the previous two years: A le x a n d r ia , E g y p t, J u ly 31. 190 6-0 7. 190 5-0 6. 1904-05. R eceip ts (ca n tars) — T h is w e e k ______________ S in c e S e p t. 1 . . ______ 600 6 ,800,981 400 5 ,8 7 6 ,0 2 0 6,000 6 ,2 3 3 .0 4 3 T h is S in c e w eek. S ep t. 1. T h is ; S in ce w eek. S ep t. 1. T h is S in ce w eek. S ep t. 1. 3,750 2 17 ,5 9 8 204 ,784 * 5 0 0 347 ,279 1,200 1 16 ,128 3,0 0 0 203,439 ____ 174,006 1,500 327 ,533 500: 69,877 3,000 228,185 152,499 3 '6 6 6 331 ,785 700 7 5 ,3 5 0 JExports (bales) — To To To To L iv e r p o o l______________ M a n c h e s t e r ___________ C o n t i n e n t ____________ A m e r ic a _______________ T o ta l e x p o r ts _ _ ____ N o te .— A ca n ta r Is 99 lb s . 6,5 0 0 885 ,789 5,0 0 0 774 ,855 6,700 787 ,8 1 9 1 E g y p tia n bales w e ig h a b o u t 750 lb s. THE AGRICULTURAL DEPARTM ENT’S AUGUST R EPO RT.— The following statement, showing the condition of cotton on July 25, was issued by the Department of Agri culture August 2: T h e C rop R e p o r t in g B o a rd o f th e B u rea u o f S ta tis tics o f th e D e p a r tm e n t o f A g ricu ltu re , fro m th e re p o rts o f th e co r re s p o n d e n ts an d agen ts o f th e B u rea u , find s th e a v e ra g e o f c o t to n on J u ly 25 t o h a ve b e e n 7 5 , a g ain st 72 o n Jun e 25 1907, 82.9 on J u ly 25 last y e a r an d 74.9 at th e c o r re s p o n d in g d a t e in 1905. T h e fo llo w in g ta b le gives th e c o n d it io n o n J u ly 25 o f this y e a r , a n d th e p r e c e d in g y e a r , w ith th e r e s p e c tiv e 1 0 -y e a r av e ra g e s; also th e c o n d it io n o n Ju n e 25 1907: J u ly 25 J u n e 25 J u ly 25 10- Y e a r 1907. 1906. 1907. A v er a g e . N o rth C a rolin a . . 75 84 72 75 S o u th C arolina 81 79 72 81 G e o r g ia ----------------81 74 78 83 A la b a m a ................. 72 68 83 82 M is s is s ip p i----------71 88 67 82 L ou isia n a ----------71 66 88 84 T e x a s ____________ 75 72 86 82 A r k a n s a s ________ 68 84 67 89 T e n n e s s e e ________ 75 69 88 85 I n d ia n T e r r ito r y . 74 73 85 88 O k l a h o m a ............. 74 74 92 86 U n ite d S ta te s - 75 72 82.9 82.6 es in earlier years for all the States were, according to the Agricultural Department, as follows: 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; 80.1 in 1896; 77.9 in 1895; 91.8 in 1894; 80.4 in 1893; 82.3 in 1892; 88.9 in 1891; 89.5 in 1890; 89.3 in 1889; 87.3 in 1888; 93.3 in 1887; 81.3 in 1886, and 96.5 in 1885. As a matter of interest in connection with the foregoing report, we subjoin a statement showing for a series of years the acreage and yield, according to our compilations, and the condition on Aug. 1 (July 25) as reported by the Department: A rea, A cres. 1 9 0 7 -0 8 .................... ......................... .3 3 ,0 7 9 ,4 2 5 1 9 0 6 -0 7 ___________ 19 0 5 -0 6 ___________ --------------- -------2 8 ,8 0 8 ,4 1 5 1 9 0 4 -0 5 . . _______ 1 9 0 3 -0 4 ___________ -------------------------2 8 ,9 9 5 ,7 8 4 1 9 0 2 -0 3 ___________ 1 9 0 1 -0 2 . . . _____ 1 9 0 0 -0 1 .................... _____ - - - - - . 2 6 ,5 3 4 ,0 0 0 1 8 9 9 -0 0 _ ______ -------------------------2 4 ,1 7 5 ,0 0 0 1 8 0 8 - 9 9 .......... .. . .. -------------------------2 3 ,1 7 5 ,0 0 0 1 8 9 7 -9 8 ___________ -------------------------2 3 ,0 2 9 ,0 0 0 Y ield , B a les. 1 1,319,860 13,556,841 10,123,686 10,7 5 8 ,3 2 6 10,701 ,453 10,425,141 9 ,4 3 9 ,5 5 9 11 ,235,383 11,1 8 0 ,9 6 0 C on d ition . P e r C ent. 75.0 82.9 74.9 91.6 79.7 81.9 77.2 76.0 84.0 91.2 86.9 MANCHESTER M ARKET.— Our report received by cable to-night from Manchester states that the market is quiet for yarns and steady for shirtings. Merchants are buying very sparingly. We give the prices for to-day below and leave those for previous weeks of this and last year for comparison. [V O I*. L X X X Y . 1907. 32s Cop. Twist. June 21 28 July 5 12 19 26 Aug 2 1906. 8 * lbs. Shirt in gs, common to finest. Cot'n Mid. U p ls 8 * lbs. Shirt ings, common to finest. 32s Cop. Twist. C ot’n MU. U pl’s d. 11 1-16 @ 11 1-16® d. s. d. 1 2 * 6 11 1 2 * 6 11 s. d. @ 10 2 @10 2 d. d. 7.04 9 * 7.15 9 * @ @ d. s. d. 10* 6 8 10* 6 8 @9 @9 s. d. 9 9 d. 6.12 6.10 11 1-16@ 11 @ 10* @ 10* @ 12% 12^ 12* 12* @10 @>10 @10 @ 10 7.31 7.18 7.06 7.16 @ ® @ @ io * 10* 10 10* @9 @9 (a)9 @9 9 9 9 9 6.08 6.12 6.07 6.03 10* 12* 6 s* 5.98 @ 6 11 6 10 6 9 6 9 9 3 3 3 4 @ 10 4 * 9* 9 5- 16 9* 9% 7.28 9 5-16 @ 6 6 6 6 8 8 8 8 105* 6 7 * @9 SHIPPING N E W S.— As shown on a previousfpage, the exports of cotton from the United States the past week have reached 18,638 bales. The shipments in detail, as made up from mail and telegraphic returns, are as follows: T otal bales. Y O R K — T o L iv e r p o o l— J u ly 29— C a ro n ia , 50 fo r e ig n ____ J u ly 31— A r m e n ia n , 278 u p la n d , 1,249 fo r e ig n -------A r a b ic , 1 u p la n d , 819 fo r e ig n _____________ __________________________________ 2,3 9 7 16 T o M a n ch ester— J u ly 29— T itia n , 1 6 ________ - — ................... ............ T o H a v r e — J u ly 27— C a lifo rn ie , 284 u p la n d , 219 fo r e ig n ________ 503 T o M arseilles— J u ly 30— G erm a n ia , 2 0 0 ___________________________ 200 T o B rem en — J u ly 31— P rin zess A lic e , 2 1 1 ________________________ 211 T o A n tw e r p — J u ly 2 6 — F in la n d , 9 _________________________________ 9 T o G e n o a — J u ly 26— K o e n ig e n L u ise , 2 ,4 3 7 — J u ly 27— V ir g in ia , 2 0 0 ...........- ............................................................ ..................... ............2,6 3 7 T o N a p le s— J u ly 26— K o e n ig e n L u is e , 4 6 _________________________ 46 G A L V E S T O N — T o L iv e r p o o l— J u ly 2 6 — Ik b a l, 3 ,6 9 5 — J u ly 29— A m a z o n e n s e , 1 ,5 4 8 ________________________________________________ 5,243 T o A n tw e r p —-July 24— S k lp to n C a stle, 1 ,1 4 2 ____________________ 1,142 N E W O R L E A N S — T o L iv e r p o o l— J u ly 26— M e c h a n ic ia n , 4 ,5 0 8 ------- 4,508 T o H a m b u r g — J u ly 31— R a p a llo , 1 8 _______________________________ 18 T o R o t t e r d a m — J u ly 27— E th e lw o ld , 2 1 __________________________ 21 M O B I L E — T o L iv e r p o o l— A u g . 1— L in c a ir n , 1 5 6 ______________________ 156 S A V A N N A H — T o H a m b u r g — J u ly 26— A z a le a , 4 0 0 __________________ 400 T o G o th e n b u r g — J u ly 26— A z a le a , 200— J u ly 27— C la r e m o n t ,100 300 B O S T O N — T o L iv e r p o o l— J u ly 31— R e p u b lic , 2 2 5 ____________________ 225 T o S t. J o h n — J u ly 29— Y a le , 1 1 2 __________________________________ 112 B A L T I M O R E — T o L iv e r p o o l— J u ly 26— T e m p le m o r e , 1 4 3 __________ 14 3 P H I L A D E L P H I A — T o G la sg o w — J u ly 12—-C arth agin ian , 1 0 0 ______ 100 S A N F R A N C IS C O — T o J a p a n — J u ly 25— S iberia, 5 5 __________________ 55 S E A T T L E T O J A P A N — J u ly 23— T a n g o M a ra , 5 4 . . __________________ 54 T A C O M A T O J A P A N — J u ly 27— T r e m o n t , 1 4 2 . - ______________________ 142 NEW T o t a l ___________________________ ________________________ _________ 18,638 The particulars of the foregoing shipments for the week, arranged in our usual form, are as follows: G reat F ren ch G er- — O th .E u rop e— M e x ., B r ita in , p orts, m a n y . N o rth . S ou th. & c. J a p a n . N e w Y o r k ______2,413 703 211 9 2 ,6 8 3 ____ ____ G a lv e s t o n ______ 5,2 4 3 _______ ..................... .. 1,142 ...................................... N e w O rle a n s___ 4,5 0 8 ______ .......... 18 21 ______ ____ ____ M o b i le __________ 156 ______ S a v a n n a h ______ ____ _____ 400 300 ................................. .. B o s t o n __________ 225 _______ ................. .. 112 ____ B a lt i m o r e ______ 143 _______ P h i l a d e l p h i a . .. 100 _______ 55 S an F r a n c i s c o .. ____ ________) 54 S e a t t le __________ ____ ________ T a c o m a ________ ____ ________ 142 T o t a l ............... 12,788 703 629 1 472 2 683 112 T ota l. 6,019 6,385 4,547 156 700 337 143 100 55 54 142 251 18,638 The exports to Japan since Sept. 1 have been 222,822 bales from Pacific ports, 10,000 bales from Galveston and 4,517 bales from New York. LIVERPOOL.— By cable from Liverpool we have the following statement of the week’s sales, stocks, &c., at that port: J u lv 12. Sales o f th e w e e k ............b a l e s . 41.0 0 0 O f w h ic h s p e cu la to rs t o o k . . 1,000 3,000 O f w h ic h e x p o r te r s t o o k ___ SaJes, A m e r ic a n _______________ 35.000 A c t u a l e x p o r t __________________ 10.000 F o r w a r d e d ______________________ 62,0 0 0 T o ta l s t o c k — E s t im a t e d ______1 ,0 6 3 ,0 0 0 O f w h ich A m e r ic a n — E s t ___ 9 2 7 ,0 0 0 T o ta l im p o rt o f th e w e e k ______ 4 2 ,0 0 0 O f w h ich A m e r ic a n __________ 28,000 A m o u n t a flo a t -------------------. ____ 65,000 O f w h ich A m e r ic a n __________ 34,000 J u lv 19. 36,0 0 0 1,000 31,000 17,000 59 ,000 1 ,0 2 2 ,0 0 0 8 86 ,000 3 4 ,0 0 0 2 2 ,000 4 0 ,0 0 0 12,000 J u ly 26. 4 3 ,0 0 0 1,0 0 0 1,000 36,000 1 0,000 58,000 967 ,000 8 38 ,000 13,000 6,0 0 0 37,0 0 0 10,000 A u g . 2. 31,000 1,400 600 2 7 ,000 5,000 47 ,0 0 0 9 2 8 ,0 0 0 802 ,000 13,000 6,0 0 0 4 1 ,0 0 0 14,000 The tone of the Liverpool market for spots and futures each day of the past week and the daily closing prices of spot cotton have been as follows: Spot. Market 12:15 P. M. Saturday. M onday. Quiet. Fair business. doing. 1 J Tuesday. Quiet. W ed’day. Thursday. Friday. Moderate demand. Fair business doing. Quiet. M id .U pl’ds 7.12 7.16 7.20 7.23 7.26 7.28 S a le s _____ Spec.&exp. 2,000 500 8,000 500 6,000 500 7,000 500 7,000 500 5,000 500 Quiet at 1 * @2 pts. dec. B’ ly s t d y Futures. M arket. \ at 2 points opened J •decline. Market 4 P. M. ] Firm at }■ * @ 1 * J pts. dec. Quiet at 4 points decline. Steady, un changed. Steady at V ’y s t'y at Steady at * pt .dec. fij * @ 2 * 3@ 4* * Pt. adv. pts. dec. pts. adv. Steady at 3 @ 4 pts. advance. Quiet at * point decline. Steady at B ’ ly s t'y at 5H Pts. * @ 2 pts. advance. pts. dec. The prices of futures at Liverpool for each day are given below. Prices are on the basis of uplands, good ordinary clause, unless otherwise stated. The p rices are given in p en ce and lOOths. Sat. to A u g . 2. 12* p .m . d. J u l y ____ ______ J u ly -A u g - ______ A u g .-S e p . - - - S e p .-O c t . ______ O c t .-N o v - ______ N o v .- D e c . D e c .- J a n . J a n .- F e b F e b .-M c h . M c h .-A p r . ______ A p r .-M a y . M a y -J u n e — - 12 * p .m . 6 6 6 6 6 6 6 6 6 6 6 6 d 81 78* 66 54 * 49 46 * 45* 44 * 45 46 47 48 M on. T u e s. T h u s: 6 81 m eans 6 8 1 -1 0 0 d . W ed. T h u rs. Fri. 4 12* 4 12 * 12* 4 12* 12*i 4 4 p .m .ip .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . d. 81 Vi 78 66 54 * 49 46 45 44 44* 45 u; 46* 47* d. 86 * 81 69 * 57* 52 49 * 48 Vi 47 * 48 49 50 51 d. 86 7 9 '/, 67 * 55 50 47 y. 46 * 45 * 46 47 48 49 d. d. 85 86 82 79 70 67 55 57* 4 9 * 52 47 49 46 48 45 47 45* 47* 46* 48* 47 * 4 9 * 4 8 * j5 0 * d. d. d 88 76 63 H 58 53 54 53 53 * 54* 55 * 56* 89 77 64 58* 55 ^ 54 53* 54 55 56 57 d. d. ______ 83 * 71 * ;>8 * 53 50 49 48 48 U 49* 50* 51* 90 * '8 8 79 76* 65 62 59 * |56 * 56*153* 5 5 * 52 * 54*151 * 55 52 55 *1 5 3 56*154 57 * i55 A ug. 3 1907.] BREADSTUFFS. Friday, August 2 1907. Prices for wheat flour have shown more or less depression on most grades, though some have remained stationary. The upward tendency of wheat prices and the unfavorable tenor of the crop news from many sections have failed to stimulate the market in spite of the fact that stocks here are less than half as large as they were at this time last year. The attitude of the trade is still a waiting one. Few care to buy except to fill immediate requirements. Export trade has been lifeless. Corn meal and rye flour have been dull and steady. Wheat has advanced, mainly owing to persistent if not fully confirmed reports of black rust at the Northwest, cold weather there and rising foreign markets. It is a fact, too, that the Northwestern markets have latterly been advancing, despite reports from some quarters that no serious damage has yet been done by rust. Continental markets, moreover, have been especially firm, owing partly to wet weather in Germany and hot, dry conditions in Hungary, accompanied at times by sharp advances at Buda Pesth. Some of the Russian reports have been unfavorable. At times of late frost has been feared in the Northwestern section of this country, temperature falling to'34 and 38 degrees Fahrenheit, and the receipts of new winter wheat have not been so large' as expected, though of late they have increased somewhat. Showers at the Southwest have interfered with threshing. As to the movement, on a given day of this week the total pri m a l receipts were only 983,000bush., against 608,000bush, on the same day in the previous week and 1,239,000 bush, last year, which may serve as an illustration of an increase within a short time and yet of a noteworthy falling off from the figures of last year. Winter wheat has been held above exporters’ limits, which is one reason, it is believed, why the crop is moving so slowly, and certainly there has been no pressure to sell either spot or “ future” grain. The export trade, under the circumstances, has been light. Speculation has apparently come to a pause, although among some there is still a belief that the crop is sufficiently short both in this country and in Europe to suggest the possibility at least of activity in the speculation and higher prices later on. Others — an i certainly the facts, as near as they can be gathered, would seem to warrant their contention— hold that the de crease in the winter-wheat crop of this country on the one hand and damage to spring wheat on the other have been overstated. Meantime the actual situation here is that the market is firm though quiet. To-day prices advanced on cold weather at the Northwest, reports of rust, firm cables, small Argentina shipments, covering of shorts and commission-house buying. D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN NEW YORK. S a t. M o n . T u es. W ed . T h urs. F r i . N o . 2 red w in t e r ..................................... 9 8 % 98% 88% 98% 98% 98% S e p te m b e r d e liv e r y in e le v a t o r ____ 9 9 % 99 % 99% 98% 99% 99% D e c e m b e r d e liv e r y in e le v a t o r ____ 1 0 2 % 1 0 2 % 103 1 0 2 % 1 0 2 % 1 03 % M a y d elK 'ery in e le v a t o r .................... 1 0 6 % 1 0 6 % 1 0 6 % 1 0 5 % 1 0 6 % 1 0 6 % D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN CHICAGO. S a t. M o n . T u es. W ed . Th urs. F ri. S e p te m b e r d e liv e r y in e le v a t o r ____ 9 3 % 92% 92% 91% 92 92% D e ce m b e r d e liv e ry in e le v a t o r ____ 9 7 % 96 96% 95% 96 98% M a y d e liv e ry in e le v a t o r .................... 1 0 1 % 1 0 0 % 101 1 0 0 % 1 0 0 % 101 % Indian corn futures have advanced though the trading has been on a rather limited scale and there has been an absence of any very striking developments. There has been a noticeable disinclination to sell for the short account, how ever, owing partly to the fact that the supply of contract grade at Chicago continues small, and partly because of the strength of oats. The weather has been favorable in the main and most of the crop reports show that the crop is making satisfactory progress. The receipts have been small and at times there has been a better cash trade. The Liver pool market has shown strength. To-day prices advanced on cold weather, the rise in other cereals, firm cables and covering of shorts. D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D C O R N IN S a t. M o n . T u es. W ed . C ash c o r n . ................................................. 6 1 % 62 61 60% S e p te m b e r d e liv e ry in e le v a t o r ____ 6 1 % 62 61 % 62 D e ce m b e r d e liv e ry in e le v a t o r ____ 5 9 % 60 59% 60 NEW YORK. T h urs. F ri. 61 61 62% 63 60% 61 D A IL Y C L O S IN G P R I C E S O F C O R N F U T U R E S IN C H IC A G O . S a t. M o n . T u es. W ed . T h urs. F r i. S e p te m b e r d e liv e ry in e le v a t o r ____ 5 3 % 53% 53% 53% 54 % 54% D e ce m b e r d e liv e ry in e le v a t o r ____ 50 49% 50 50% 51 % 51% M a y d e liv e ry in e le v a t o r .................... 5 1 % 51% 51% 51% 52% 53% Oats for future delivery in the Western market have ad vanced, with the trading broad and active. The principal stimulating factor has been the bullish tenor of the bulk of the crop reports from nearly all sections. There has been not a little manipulation in the interest of higher prices, how ever. A bull clique headed by James Patten has given active support at times. These interests are supposed to have accumulated a “long” line of something like 10,000,000 bushels. Receipts have continued light and the principal selling has been to secure profits, few caring to take the “ short” side, owing to the fear of manipulation. To-day prices advanced on bad crop reports, bullish manipulation and general buying. D A I L Y C L O S IN G P R I C E S O F O A T S IN NEW YORK. S a t. M on. T u es. W ed. Th urs. M ix e d , 26 to321bs. 49% 49% 49% 50 50% W h i t e c lip p e d , 39 t o 38 lb s .... 51-53 51 % -5 3 5 1 % -5 3 5 2 % -5 4 53-55 295 THE CHRONICLE. F r i. 52% 54-56 D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D O A T S IN CHICAGO. S a t. M o n . T u es. W ed . T h urs. F r i . S e p te m b e r d e liv e r y in e le v a t o r ____ 3 9 % 39% 39% 40% 40% 41% D e ce m b e r d e liv e r y in e le v a t o r ____ 3 9 % 39% 39% 40% 4 0 % 42 M a y d e liv e ry in e le v a t o r ___________ 41 % 42 % 41 % 42 % 43 % 44 % The following are closing quotations: FLOUR. L o w g r a d e s ______________S3 25 @ $ 3 45 K a n sas s tr a ig h ts _______ $4 4 0 @ $ 4 60 S e c o n d cle a rs___________ 2 90 @ 3 10 K a n sa s cle a rs ___________ 3 3 0 @ 3 60 C l e a r s ___________________ 3 75 @ 4 10 B le n d e d p a t e n t s ________ 5 20 @ 5 90 S tra ig h ts ________________ 4 2 5 @ 4 50 R y e flo u r ________________ 4 6 0 @ 5 20 P a te n t, s p r in g __________ 5 00 @ 5 85 B u ck w h e a t flo u r _______ N o m in a l. P a te n t, w in te r __________ 4 50 @ 4 85 G ra h am flo u r ___________ N o m in a l. K an sas p a te n ts ________ ___ @ _____ C o r n m e a l ........ ................... 3 2 5 @ 3 40 G R A IN . W h e a t , p e r b u s h .— c. C o r n , p e r b u s h .— c. N . D u lu th , N o . 1 ___________ 1 0 9 % N o . 2 m ix e d ___________ f . o . b . 61 N . D u lu th , N o . 2 ____ f . o . b . 1 0 6 % N o . 2 y e llo w , n e w ____ f . o . b . 61 R e d w in te r, N o . 2 ____ f .o . b . 9 8 % N o . 2 w h ite , n e w ______ f . o . b . 6 1 % H a rd “ “ ____ f . o . b . 9 9 % R y e , p e r b u s h .— N o . 2 W e s t e r n ________ 88 O a ts— p e r b u sh e l— S ta te a n d J e r s e y _______ N o m in a l. N o . 2 w h it e ____________ 5 3 % @ 5 5 N o . 2 m i x e d ___________ 52 % B a rle y — W e s t e r n ________ N o m in a l. N o . 2 w h ite , c l i p p e d . .5 4 @ 56 F e e d in g ________________ N o m in a l. GOVERNMENT W E E K L Y W E A T H E R R E P O R T.— Mr. James Berry, Chief of the Climate and Crop Division of the United States Weather Bureau, made public on Tuesday the telegraphic reports on the weather in the various States for the week ending July 29, summarizing them as follows: V e r v h o t w e a th e r p r e v a ile d o v e r th e ce n tr a l a n d eastern p o r t io n s o f th e S o u th e rn S ta te s d u r in g th e w e e k e n d in g J u ly 29, a n d th e m ea n te m p e r a tu r e w as n o r m a l o r slig h tly a b o v e on th e M id d le A t la n t ic c o a s t , in t n e W e s t G u lf S ta te s , o n th e S o u th P a c ific c o a s t , a n d o v e r m o s t o f W a s h in g to n a n d O re g o n . T h e w e a th e r w a s u n s e a s o n a b ly c o o l in t h e S ou th ern P la tea u region a n d U p p e r M issouri V a lle y , a n d s o m e w h a t c o o le r th a n u su a l in th e L a k e re g io n , U p p e r M ississip p i a n d O h io v a lle y s , a n d N o rth ern N ew E n g la n d . R a in is b a d ly n e e d e d in T e x a s and O k la h o m a , an d th e n eed o f m o is tu re is b e g in n in g t o b e fe lt in p o r t io n s o f M is s is s ip p i, T e n n es s ee, S ou th ern I n d ia n a , th e M id d le A t la n t ic S ta te s an d S o u th e rn N e w E n g la n d ; elsew here east o f th e R o c k y M o u n ta in s th ere is g e n e ra lly a m p le m o is tu r e fo r p r e s e n t n e e d s . T h e w eek w as c o m p a r a t iv e ly free fro m d e s tr u c tiv e lo ca l sto r m s, t.he s e v e r e s t 'o c c u r r in g in th e U p p e r O h io V a lle y . T h e re w as con sid e r a b le clo u d in e s s In th e S o u th A t la n t ic S ta te s a n d L o w e r M issouri V a lle y d u r in g th e la tte r p a r t o f th e w e e k , and p a r t ly c lo u d y w e a th e r p r e v a ile d o v e r th e w estern p o r t io n o f th e U p p e r L a k e region d u r in g t h e f o r e p a r t o f t h e w e e k ; elsew here e a st o f th e R o c k y M o u n ta in s th e sun sh in e w as n o rm a l o r a b o v e , b e in g g en era lly e x c e s s iv e in t h e W e s t G u lf d is tric ts . The statement of the movement of breadstuff's to market as indicated below are prepared by us from figures collected by the New York Produce Exchange. The receipts at Western lake and river ports for the week ending last Saturday and since Aug. 1 for each of the last three years have been: Receipts at— Flour. Corn. Wheat. R ye. Barley. Oats. bbls.im bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bu. 56 lbs. C h ica g o ____ 131,746 299,200 1,490,612 999,000 48,400 1-S.000 M ilw aukee.. 36,925 177,000 156,800 63,600 17,100 106,000 D ulu th_____ 120,000 99,441 775,279 4,613 84,965 8,993 Minneapolis. 236,290 9,230 56,130 56,700 1,024,340 1,300 44,000 75,500 31,100 D etroit_____ ’ 5 ,000 3,940 30,000 39,119 Cleveland___ 912 17,471 120,112 51,091 4.000 St. Louis.. . . 1,300 1,045 45,050 419,100 339,200 734,697 1.000 P e o r ia _____ 6,000 20,900 21,000 1,950 Kansas City . 1,157,000 76,200 181,000 T o t.w k .’07 Same wk. ’06 Same wk. ’05 341,583 466,317 348,265 4,238,927 8,460,599 7,285,068 2,034,765 2,693,748 4,021,330 2,503,967 2 <31,029 3,207,701 274,441 425,354 523,278 55,668 79,294 87,809 Since Aug. 1 1 9 0 6 -0 7 ... 20,623,179 241,284,928 216,859,770 196,891,512 66,910,044 957,992 1 9 0 5 -0 6 ... 20,454,367 235,628,883 193,335,598 223,915,072 76,079,239 7,708,017 1904-05.... 17,060,868 213,646,796 191,703,881 165,636,347 65,870,686 6,671,652 Total receipts of flour and grain at the seaboard ports for the week ended July 27 1907 follow: Receipts atBoston _ . _............. Portland.................. Baltim ore_______ R ic h m o n d ______ New O rlea n s.a .. Galveston_______ N orfolk__________ M obile. Flour, bbls. 107,635 22,851 643 58,090 40,362 4,350 9,998 Wheat, bush. 392,300 207,429 96,539 298,106 292,088 47,268 Corn, bush. 492,350 61,100 Oats, bush. 320,200 70,895 192,959 420,188 86,520 91,000 93,494 88,628 94,218 91,000 Barley, bush. 18,500 1,500 Rye, bush. 975 1,268 36,000 6,333 44,460 2,643 939,126 214,447 24,750 154,680 750 46,609 297,365 258,769 2,308.856 1,940,958 1,583,314 828,650 913,865 977,882 66,609 40,343 2,243 9,069 a Receipts do not include grain passing through New Orleans for foreign ports on through bills of lading. Total receipts at ports from Jan. 1 to July 27 compare as follows for four years: Receipts of— 1907. F lo u r ..................................b bls. 10,911,059 1906. 9,049,736 W heat...............................bush. 49,994,251 C orn_________________________ _66,449,078 O ats_________________________ _31,749,778 Barley ........................................ 2,972,350 R y e ............................................... 1,254,588 42,545,785 70,481,713 45,131,408 7,461,879 845,015 Total grain.............................152,420,045 166,465,800 1905. 5,795,567 1904. 10,517,745 14,318,446 65,323,059 26,901.343 4,246,835 201,915 25,600,407 34.009,361 24,597,309 1,686,503 519,253 110,991,598 86,412,893 The exports from the several seaboard ports for the week ending July 27 1907 are shown in the annexed statement: Flour, bbls. 43,336 26,064 643 41,903 29,362 3,033 5,232 6,333 74,680 2,643 319,000 >50 Total w e e k .. ..2,144,723 1,678,966 233,229 Week 1906 603,674 126,336 866,296 373,631 91,605 Exports Irom-— New Y o rk ......... B o s t o n ____ Portland Philadelphia . . . . Baltim ore......... . . New Orleans . _ G alveston......... N orfolk.............. M o n tre a l......... M obile_________ Wheal, bush. 440,441 491,104 96 439 159,734 40,000 Corn, bush. 659,089 25,714 __ 156,529 591,773 9,504 27,930 916", 905 183,677 24,750 Odls, bush. 48,658 __ Rye, Barley, bush. bush. 8,698 _____ Peas, bush. 1,812 54 5,169 18,203 8,698 _____ .......... 65.873 20,015 7,010 296 THE CHRONICLE. [V o l . l x x x v . it is difficult to purchase the former for any delivery this side of October. Medium and light-weight sheetings have ---------- FI OUT---------- -----W heat---------- ------------- Ct trn------ sold fairly well and in some cases agents are holding out for Since Since s!ightiy advanced prices. Since Seveial lines of low-count bleached Week July 1 Week July 1 Week July 1 goods have bet n placed upon a higher level during th^ week Exports ! o j week and July 27. 1907. 1907. July 27. 1907. July 27. since July 1 to— bush. bush. bush. bbls. bush. bush. but b', yers have not hesitated to pay full asking prices when in United Kingdom. .136,453 338,56S 1,935,986 4,528,101 493,028 1,492,887 Con tinent- _____ - 33,239 201,894 103,222 1,167,490 1,113,406 4 409,496 need of goods and some air forward orders have been placed So. & Cent. Am er, _- 6,614 54,911 2,454 37,952 13,015 39.640 Wide sheetirgs have been marked up and t ie demand for West Tndles______ - 23,725 107,070 2,500 3,700 68,822 217,748 these and for sheets and pi low cases is good. Manufactureis Brit. N o. A m . Cols. 75 416 3,239 Other cou n tries___ . 33,123 87,859 17,720 1,256 3,032 of denims, plaids and other coarse, colored cotton goods ....... have becomo firmer in their views and are unwilling to con T ota l___________ .233,229 796,541 2,144,723 5,756,651 1,678,966 6,161,531 Total 1906 _______ .126.336 866,296 2,870,250 603,674 2,891,614 597,173 tract very far ahead until the raw material situation is more The visible supply of grain, comprising the stocks in gran- settled; buyers are willing to place forward orders at c irrent ary at the principal points of accumulation at lake and sea- prices. Linings have moved freely at the advances :e x n "ly recorded. The demand for napped goods has exceeded exboard ports July 27 1907, was as follows: Wheat, Corn, Harley, pecta’ ions and it is dii'ficrl to secure anything like near-by Rye, Oats, Printed fabrics have bsen in gcoi request and bush. bush. bash. bush. deliveries. bush. New Y ork....... ................. 1,080,000 972.000 636.000 231,000 11,000 the ma ket is very firm. Advances are expected in ging afloat........... .. ....... hams; fine dress goods have continued to sell well. Printeis 347)66 B o s t o n _____ __________ 2.52,000 220.000 P h iladelphia__________ 590,000 487.000 101.000 are in some casss forced to purchase print cloths from second 303,000 121,000 Baltim ore_____________ 1,582,000 1,000 hands, the mills having all the orders that they can take New O rleans__________ 35,000 114.000 112,000 Galveston_____________ 549,000 27,000 care of; forward orders well into next year are being freely M o n tre a l_____________ 533,000 71.000 113.000 ’ 6,000 53,000 placed and prices are at the highest . T o r o n t o ............................................. 4,000 B u ffa lo________________2,716,000 1 ,193,606 597,000 122",000 54,066 W O O L E N . GOODS.— A large number of men’s wear afloat.................................. woolen and worsted goods buyers has been in town during T o l e d o ________________ 323,000 249.666 63.000 " ¥,066 ______ afloat_______ the week and buying has been on a more active scale, but D e t r o i t . . ........... ............. 332,000 37.000 12.666 278',000 still has hardly been satisfactory to sellers. The light afloat_______ ______ Chicago_______ ________ 8,909,000 442.666 13,000 908',666 211.666 weight market has continued very irregular in character “ afloat_______ ______ and from the actions of buyers it would seem that they are 63",000 ’ 4 ,000 M ilwaukee...................... 248,000 151",000 "4,666 afloat_______ ______ far from being sure of their ground and are eliminating their F ort W illia m ................. 2,567,000 own risk as far as possible and transferring this to the seller, Port Arthur___________ 4,179,000 D u lu th ________________3,ol9,000 19,000 154,000 233,000 by asking for cuts rather than placing orders for sample afloat_______ ______ pieces. Sales of low-grade woolens continue to show gains M inneapolis___________ 13,348,000 25,000 85.000 48,000 228,666 St. Louis_______________ 1,731,000 12.000 148.000 76.000 1,000 compared with the past few seasons, but worsteds still hold “ afloat_______ ______ th popular fancy. Cass!meres have sold well and the outlook Kansas C ity___________ 2,616,000 297’ 666 23,006 5,000 173.000 Peoria_________________ 7,000 3,000 for these is bright. W hile the buying of some lines has been Indianapolis___________ • 141,000 220.000 35.000 quite satisfactory to sellers, others have been practically On Mississippi R iver___ ______ neglected and these are being withdrawn from the market i ,0oY,666 71.000 On L a k es_____________ 2,135,000 On Canal and R iver___ 618,000 82.000 191,000 210,000 to make room for more which it is hoped will prove popular. High-grade worsteds have been generally opened and a satis 539.000 Total Julv 27 1907..46,829,000 7.968.000 3.559.000 639.000 Total July 20 1907..46,630,000 8.999.000 4.651.000 756.000 674.000 factory volume of ordeis has been booked. Dress goods Total July 28 1906.-28,381,000 5.215.000 5.043.000 1,364,000 1.098.000 have been more active and, while spring orders are lagging 4.898.000 716.000 Total July 29 1905..13,354,000 5.311.000 757.000 868.000 1.054.000 somewhat, the total business placed has been satisfactory. Total July 30 190 4 .. 13,093,000 5,K4t»,000 2.681.000 348.000 Total A ug. 1 1903.-13,415,000 6.990.000 6,485,000 658,000 FOREIGN D R Y GOODS.— Imported woolen and worsted dress goods are quiet. Silks have not been active but ribbons have sold fairly well. Linens continue very strong TH E DRY GOODS TRADE. and consrderable apprehension has been caused by the strike of dock laborers at Belfast. Burlaps are easier and diffi New York, Friday Night, August 2 1907. cult of sale. Trading in the primary cotton goods market has con tinued on a steady scale during the past week and a good Importations and Warehouse Withdrawals of Dry Goods. healthy movement has been generally reported. In some The importations and warehouse withdrawals of dry goods instances large ordeis for future delivery have been placed, at this port for the week ending July 27 1907 and since and spot or near-by supplies, where available, have been Jan. 1 1907, and for the corresponding periods of last year, eagerly purchased at top values. The course of prices has are as follows: been upwaids and advances have occurred in several lines with intimations that others are pending. Manufacturer, however, are proceeding cautiously in this matter, fearing to check the cons mptive demand by any radical action, although they claim that the situation warrants a still higher level. Buyeis, on the other hand, are equally careful in their purchases and there is a disposition to load up with goods at the pres nt time, when the margin of profit is so small. The jobbing trade has again been quite active, having been affected to some extent by the arrival of the advance guard of We stern and Southern buyeis on the annual excursions. The business consummated by jobbers during the month of July is reported to have been the largest in recent years and the outlook is for a fairly heavy month of August. The taw material situation has not been a great factor in the maiket but the various estimates issued of the condition of the growing crop have been followed with inter est, particulaTly by manufacturers of heavy goods. Export trade has been very quiet and there has been no renewal of bus’ness to China. The whole Chinese situation -is being very clos?’y watched, however, and a buying movement later in the year is confidently looked forward to. There h.. * been rather more activity in the woolen and worsted goods market, dress goods particularly being in better demand. The destination of these exports for the week and July 1 1907 is as below: IM P O R T S ENTERED FOR FOR 3 4 5 ,1 8 6 W IT H D R A W A L S 3 ,3 3 3 ,3 0 6 C O N S U M P T IO N WEEK AND JAN . 1907 1 M A R K E T. 2 , 5 2 0 .9 3 0 S IN C E THE 1 1 ,6 4 4 UPON 8 8 , 4 9 6 ,0 9 4 THROW N TH E AND 1900. 7 5 ,7 3 3 ,8 1 7 W AREH OU SE .......... - ......................... . 1 4 ,3 3 8 Week E n d in g July 28 1 9 0 0 . Since Jan. 1 1 9 0 6 . Pkgs. Value. Pkgs. V a lu e. _________ 3 0 5 ,9 2 5 2 ,7 7 0 ,0 4 5 4 ,8 7 5 ,2 2 8 3 ,9 3 3 ,1 4 0 2 ,2 5 8 ,4 9 9 1 ,5 2 5 ,7 6 5 Since Jan. 1 1 9 0 7 . Pkgs. V alue. 8 ,6 10 1 5 ,7 8 0 6 ,754 10 ,4 1 9 1 6 1 ,5 3 3 9 1 ,1 0 5 ,4 9 4 1 5 ,3 7 1 ,6 7 7 7 5 ,7 3 3 ,8 1 7 Week Ending Julv 27 1 9 0 7 . I ’ kgs. Value. 2 0 3 ,1 0 2 3 0 5 ,9 2 5 $ 8 ,4 2 9 ,2 6 2 2 7 ,0 3 3 ,4 7 0 2 1 ,7 9 7 ,5 8 5 1 1 ,4 5 3 ,5 1 8 7 ,0 1 9 ,9 8 2 8 4 ,7 8 2 2 0 4 ,2 2 4 1 0 2 ,9 6 8 8 9 ,3 9 5 3 8 ,9 0 9 5 0 9 ,0 2 7 $ $ $ 4 8 6 ,5 8 7 2 9 ,6 1 2 8 ,7 1 4 , 4 0 7 1 ,14 8 3 5 9 ,8 7 9 2 7 ,0 1 8 1 ,1 6 9 ,9 4 0 9 5 ,0 8 6 3 0 ,3 4 4 ,1 0 1 2 ,9 4 9 0 3 4 ,8 0 6 8 7 ,9 5 1 1 ,7 4 5 5 5 5 ,8 9 9 5 3 ,5 4 1 2 8 ,2 6 7 ,9 5 9 1,490 6 2 3 ,4 3 3 4 2 ,4 2 2 1 ,7 37 7 9 9 ,3 7 4 5 5 ,6 1 6 1 2 ,6 6 9 ,0 3 6 1 ,889 3 4 5 ,6 3 9 5 6 ,6 0 1 5 ,6 9 2 3 2 1 ,5 0 6 1 1 1 ,3 3 1 8 ,5 0 0 ,5 9 1 4 ,1 6 8 2 5 7 ,1 7 3 9 1 ,9 3 3 M a n u fa ctu re s o f— W o o l . . . ..... 334 1 0 0 ,6 6 0 9 ,3 7 6 2 , 9 4 8 ,7 1 7 254 C o t t o n . . . .. ............................ 860 2 4 5 ,6 4 7 1 9 ,8 6 4 6 , 3 1 8 ,3 0 2 C.19 S i l k ................ ............................ ............................ 444 1 1 3 ,5 3 2 6,858 3 ,7 4 0 , 6 9 6 207 • F l a x .............. 171 7 9 ,1 9 3 1 3 ,4 3 9 3 , 3 0 6 ,2 6 0 348 M is c e lla n e o u s ................... 1 ,5 8 1 2 4 ,8 7 0 8 0 ,9 8 2 2 ,1 5 5 ,2 0 8 5 ,2 3 7 5 2 0 ,2 7 8 2 ,5 2 0 ,9 3 0 M a n u fa ctu re s o f — W o o l ............. 1 ,5 8 7 C o t t o n ........... 3 ,5 7 7 S i l k ................ ............................ F l a x ................ ............................ ............................ M i s c e l l a n e o u s ____________ ________________ 6 ,6 6 5 1 1 ,6 4 4 T o ta l 1 8 ,4 6 9 ,1 8 3 8 8 ,4 9 6 ,0 9 4 P E R IO D . 3 ,6 1 0 ,8 9 1 4 ,9 9 1 ,6 2 6 3 ,9 9 1 ,0 2 0 2 ,5 4 3 ,3 9 9 1 ,5 2 7 ,1 5 8 SA M E 1 1 ,3 3 9 1 5 ,9 9 5 6 ,8 5 3 1 1 ,2 6 9 1 2 1 ,1 2 2 9 2 ,3 9 7 ,9 1 1 1 6 ,8 6 4 ,0 9 4 7 5 ,7 3 3 ,8 1 7 w i t h d r a w a l s _____ 3 ,3 9 0 5 6 3 ,9 0 2 1 3 0 ,5 1 9 for c o n s u m p t i o n . .1 4 ,3 3 8 3 .3 3 3 ,3 0 6 3 4 5 ,1 8 6 T ota l E n tered D U R IN G 1 6 6 ,5 7 8 3 0 5 ,9 2 5 3 ,0 4 1 ,2 0 8 O U SE 4 7 2 ,5 0 3 1 8 ,3 0 9 EH 3 , 2 8 7 ,5 3 3 7 6 6 ,6 0 3 2 , 5 2 0 ,9 3 0 1 0 6 ,9 6 5 ,2 7 7 FOR AVAR 3 , 8 9 7 .2 0 8 ENTERED 2 ,3 7 8 11 ,6 4 4 4 7 5 ,7 0 5 IM P O R T S m a r k e t e d - ............. . . 1 7 , 7 2 8 1 4 ,0 2 2 2 1 ,9 0 5 , 8 6 5 8 8 , 4 9 6 ,0 9 4 181 ,806 1 1 0 ,4 0 1 ,9 5 9 12,936 T o ta l 4 6 9 ,3 4 3 1 1 6 ,3 4 9 The value of these New York exports since Jan. 1 has been $6,576,734 in 1907, against $10,297,959 in 1906. Heavy brown drills and sheetings have been firmly held at recent top prices and a moderate trade has been effected; 4 ,3 4 2 9 0 1 ,5 2 9 1 2 4 ,1 5 7 3 ,3 3 3 , 3 0 6 3 4 5 ,1 8 6 4 , 2 3 4 ,8 3 5 801 963 74,2 3 7 (>,684 27,9 4 4 5,634 13,892 1,3 2 0 9,258 30,883 10,190 .......... ............................ c o n s u m p t i o n . - 1 4 ,3 3 8 Since Jan . 1 for i m p o r t s - ................... 1 8 ,6 8 0 Week. T o t a l ..................... ..........................................4 ,4 2 3 Since Jan. 1. ---------190 6--------- G rea t B rita in _________________ _______ 20 1,1 2 9 14 O th e r E u r o p e ______________________________ 2 824 5 C h in a _____________________ _________________ 1,190 14,3 9 9 6,1 2 2 I n d i a ................... ................................................... 35 ,1 1 9 __________ A r a b ia .............................................................. . . . 1 , 4 0 4 22,471 3 ,8 8 9 A f r i c a _______ __________ _______ _________________ 3,6 7 3 315 W est I n d i e s _______________________________ 573 13,4 1 3 878 M e x i c o ____________________________________ 17 1,417 72 C en tral A m e r ic a . ................. ....... .............. .. 74 8 ,6 1 0 312 S o u th A m e r ic a _________________________ 387 2 7 ,2 1 7 861 O th er c o u n t r i e s --------------------------- -------------- 753 1 8 ,077 468 W eek. M a n u fa c tu r e s o f— W o o l . . . ..... ............................ 455 1 4 1 ,1 9 8 9 ,6 6 8 3 ,9 8 1 , 1 0 3 646 1 9 5 ,7 5 2 C o t t o n ........... ............................ 957 3 4 4 ,5 5 2 2 0 ,8 6 4 6 ,9 3 9 , 7 5 3 810 2 8 5 ,4 7 6 S i l k _________________________ 749 1 9 3 ,1 0 9 7 ,838 4 ,1 5 5 ,2 8 0 294 1 3 7 ,2 7 0 F l a x ................ ............................ ............................ 299 1 3 9 ,9 7 5 1 5 ,2 4 9 4 , 0 8 5 .7 8 5 388 9 2 ,2 8 8 M i s c e l l a n e o u s ..................... 1 ,8 8 2 8 2 ,6 9 5 7 0 ,5 3 8 • 2 ,7 4 3 ,9 4 4 240 5 5 ,8 1 7 T o ta l ---------1 90 7--------- New York to July 27. T o ta l E n tered DOMESTIC COTTON GOODS.— The exports of cotton goods from this port for the week ending July 27 were 4,423 packages, valued at $284,547, their destination being to the points specified in the table below: S tate C and it y PUBLISHED WEEKLY. T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e F o r O ne Y e a r ............................... .......................................... ............................... $ 1 0 00 T o r S ix M o n t h s .......................................................................................................... (> 00 E u ro p e a n S u b s cr ip tio n (in c lu d in g p o s t a g e ).................................................. 11! 00 E u ro p e a n S u b s cr ip tio n s ix m on th s (in c lu d in g p o s t a g e .......................... 7 50 .A nim al S u b s cr ip tio n in L ou don (in c lu d in g p s t a g e )............................... £ 2 1 4 s . S ix M o n th s S u b s crip tio n in L o n d o n (In clu d in g p c s t a g e )........................ £ 1 3 1s. C a n a d ia n S u b s cr ip tio n (in c lu d in g p o s t a g e ) ..................................................$11 50 (Nnbicrrpti-on n ich m ex lo llo w in q S ection s — R a n k a n d Q t o t a n o x (m o n th ly ) 1 St a t e a n d C it y (sem i an n u ally) UAI1.WAY AXU 1NDUsi HiAi. i,qu arterly) | .vntKKT K a i l h a y (3 tu n es y e a rly ) T h e RAILWAY a x d I n d u s t r i a l S e ctio n , issnr d q u a rte rly , is fu rn ish ed w i t 'o u t e x t ia c h a rg e to e v e r y itunual s u b s c r ib e r o f th e COMMERCIAL a n d FINANCIAL C h h o n ic le . T h e STATE a n d CITY S e ctio n , issu ed sem i-an n u ally, is also fu rn ish e d ■without ex tra c/.arge to e v e r • su ,s e r io e r «>f th e c h r o n i c l e . T h e S t k e e t R a i l w a y S .c t i o n , .turned th r e e tim e s a y e a r, is lik e w is e f u r n ished w ith ou t e x tra ch a rge lo e v e i y s u b s c r ib e r o i th e C h r o n ic l e . T h e B a n k a n d q u o t a t i o n S e c tio n , is su e d m o n th ly , is also lu r n is h e d w ith o u t ex tra ch a rge to e v e r y s u b s c r ib e r o i th e C h r o n ic l e . T erm s ol 297 THE CHRONICLE. A u g . 3 1907.] A d v e r tis in g — P e r In ch S p a ce T r a n sie n t m atter p e r in ch s p a c e (14 a g ate lin e s }......................................... $4 20 T w o M o n th s (8 t im e s )................................ 22 00 T h r e e M o n th s (18 t im e s )................................ 20 00 d u ly ce rtifie d u n d er th e seal o f said b o a r d , a c c e p tin g said b o n d s a n d c o u p o n s in fu ll s e ttle m e n t o f all cla im s an d d e m a n d s w h a tso e v e r a g a in st th e S ta te , and th a t said b o n d s an d th e p r o c e e d s th e r e o f shall b y said b o a r d o f tru stees, a n d th eir su ccessors, be fa ith fu lly a p p lie d t o th e m a in te n a n c e o f said U n iv e rs ity , as in te n d e d b y th e o rig in a l g ra n t o f C on gress. B O N D S — S IG N IN G A N D D E L I V E R Y . S E C T IO N 2. O n th e ta k in g e ffe c t o f this A c t , th e b o n d s an d c o u p o n s p r o v id e d fo r in s e ctio n o n e (1) o f th is A c t shall b e p r e p a r e d b y th e A u d it o r o f S ta te , and said b o n d s shall b e signed o n th e p a rt o f th e S ta te b y th e G o v e rn o r an d S e cre ta ry o f S ta te , and a tte s te d b y th e seal o f th e S tate, an d said c o u p o n s shall b e signed b y th e S e cre ta ry o f S ta te , an d d e liv ered t o th e T reasu rer o f th e said b o a r d o f tru stees o n th e filin g in th e o ffic e of said A u d it o r o f said r e so lu tio n d u ly c e rtifie d , as h e re in b e fo re p r o v id e d , an d said re so lu tio n and a c c e p ta n c e o f said b o n d s shall b e an d c o n s titu te a full an d final se ttle m e n t o f said cla im and o f all d e m a n d s o f said b oa rd o f tr u s tees a g ain st the S ta te o f I n d ia n a , an d shall fo r e v e r b in d said tru stees an d th eir successors in o ffic e . New York City.— Charter Revision Board named by Gov ernor.— On July 24 Governor Hughes appointed the follow ing as members of the Charter Revision Commission to inquire into the local government of the city and suggest legislation: Ex-Mayor Seth Low, Ex-Comptroller Edward M. Grout, William M. Ivins, Edward B. Whitney, William N. Cohen and Thomas M. Mulry, with James C. Meyers as the aldermanic member. The Mayor and the City Comptroller are ex-officio members of the commission. Greater New York Charter A mendment Relative to the Sale of Stock and Bonds.— The Governor on July 30 signed the amendment to the Greater New York Charter giving authority to the City Comptroller to sell at private sale at not less than par any portion of the stock and bonds remaining unsold after a public sale. See V. 85, p. 236. i B o n d C a lls a n d R e d e m p t io n s . S ix M on th s (2(3 t im e s )................................ 50 00 T w e lv e M o n th s (52 t im e s )................................ 87 00 C H I C A G O O F F I C E — P lin y B a rtle tt. 513 M o n a d n o ck B lo ck . L O N D O N O F F I C E —E d w a rd s & S m ith , 1 D ra p e r s ’ G ard en s, E . C. W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s , P in o S treet, C orn er ot P earl S treet, P ost Office B o x 9 5 8 . NEW Y O R K . N e w s Ite m s . Connecticut.— Legislature Adjourns.— The Legislature of this State adjourned Aug. 1. According to local papers this is the longest session ever held in this State. Hancock County (P. O. Carthage), 111.— Bonds Offered by Bankers.— Devitt, Tremble & Co. of Chicago are offering for sale the $125,000 5 % 1-10-year (serial) coupon court-house bonds awarded to them on June 7. See V. 84, p. 1443. Particulars regarding the issue will be found in the advertise ment on another page. Indiana.— Judgment Bonds Authorized by Legislature.— The Legislature on March 9 passed an Act (Chapter 244, Laws of 1907) over the Governor’s veto, providing for the issuance of $120,548 3 % 10-year bonds to be delivered to the Board of Trustees of the Vincennes University in full settlement of all claims and demands made by that board. The Act in full is as follows: PREAM BLE. W h erea s, b y th e A c t o f C on g ress, M arch 20 1804, o n e to w n sh ip o f la n d , c o m p o s in g tw e n ty -th r e e th o u s a n d a n d fo r t y (23,040) acres In th e V in ce n n e s a n d d is tric t, w as set ap a rt fo r a sem in ary o f learn in g In th a t d is tric t; and W h erea s, th e le g isla tive co u n cil an d h ouse o f r e p re se n ta tiv e s o f th e T e r r i to r y o f I n d ia n a , b y a n A c t p assed N o v e m b e r 29 1806, su p p le m e n te d b y an a c t passed S e p te m b e r 17 1807, esta b lish e d an d in c o rp o ra te d “ T h e b o a rd o f tru stees fo r th e V in ce n n e s u n iv e r s it y ,” t o ta k e and h old said la n d fo r th e use and m a in te n a n ce o f V in ce n n e s U n iv e rs ity : and W h erea t, th e S ta te o f In d ia n a , b y and p u rsu an t t o ce rta in A c t s o f Its leg islatu re In 1820, and s u b s e q u e n tly , to o k n ineteen th o u sa n d an d f o r t y (1 9 ,0 4 0 ) acres o f said lan d s a w a y fro m said b o a r d o f tru stees a n d assu m ed c o n tr o l and p ossession th e r e o f, and a p p ro p ria te d said lan d s t o Its o w n use a n d sold th e sam e an d used th e p r o c e e d s th e re o f; and W h erea s, th e A c t s o f said legislature an d o f said S ta te in so a p p ro p r ia tin g said la n d s, and th e c o n d u c t o f th e S tate in a ssu m in g c o n tr o l t h e r e o f and a p p ro p r ia tin g th e p r o c e e d s o f th e sale o f said la n d s, w as held b y th e S u p re m e C o u rt o f th e U n ited S tates t o have been w ron gfu l an d Illegal; and W h erea s, T h e S e cre ta ry . A u d it o r an d T reasu rer o f th e S ta te o f I n d ia n a , a m a jo r ity o f th e c o m m is s io n a p p o in te d b y th e general a s s e m b ly o f 190.1, " t o m ake full an d c a rcfu l in v e s tig a tio n o f said cla im an d all m a tters c o n n ected th ere w ith an d ascertain w h at a m o u n t o f m o n e y , if a n y , w o u ld fa irly c o m p e n s a te said U n iv e rs ity fo r th e d a m a g e s a n d losses sustain ed b y I t, g r o w in g o u t o f th e A c t s o f th e S ta te and its a gen ts re g a rd in g said lands, and a fte r a u d itin g the sam e be tw e e n th e S tate an d U n iv e rs ity on ju s t and e q u ita b le g ro u n d s , r e p o r t th eir lin d in g and r e c o m m e n d a tio n t o th e n e x t general a s s e m b ly ,” an d said S e c r e ta r y , T reasu rer and A u d it o r o f S ta te did m ak e r e p o rt t o th e last general asse m b ly o f such In v e s tig a tio n , and In c o n c lu d in g th e ir r e p o r t, th e ir lin d in g and re c o m m e n d a tio n s w ere as fo llo w s : ‘ ‘ A ft e r a full co n s id e r a tio n o f th is ca se and In v ie w o f all th e fa c ts , w e are c o n v in c e d th a t th is U n iv e rs ity has su stain ed losses and d a m a g e s b e y o n d a n y rep a ra tio n th a t has been m a d e b y th e S ta te . W e th e re fo re re c o m m e n d th a t th e sum o f o n e hu n dred an d tw e n ty th o u s a n d , liv e h u n d red an d f o r t y eigh t ($120,548) d olla rs b e a p p ro p ria te d to V in ce n n e s U n iv e rs ity as a ju s t a n d e q u ita b le se ttle m e n t o f this m a t t e r .” A n d o w in g t o th e lateness In th e session , w hen said re p o r t w as s u b m itte d , th e last general asse m b lv re c o m m e n d e d th a t a c tio n th e re o n b e p o s tp o n e d t o th e p resen t general a ss e m b ly ; and W h erea s, T h e S ta te o f In d ia n a has n o t ren d ered t o said b o a rd o f tru stees a d e q u a te c o m p e n s a tio n fo r said la n d s and th e losses th e r e b y su sta in e d , an d th ere is e q u ita b ly and ju s tly d u e t o said b o a rd o f tru ste e s b y re a so n t h e r e o f said sum so fo u n d d u e b y said s ta te o ffic e r s , a m o u n tin g t o o n e h u n d re d t w e n ty th o u s a n d , fiv e h u n d red and fo r t y -e ig h t (512 0 ,5 4 8 ) d o lla rs , w h ich su m , In b o n d s o f th e S ta te , w ith in terest c o u p o n s , th e said b o a r d o f tru stees w ill a c c e p t in fu ll se ttle m e n t an d p a y m e n t o f said c la im an d all d e m a n d s a gain st th e S ta te ; T h e re fo re , V IN C E N N E S U N IV E R S IT Y — B O N D ISSU E F O R . S E C T IO N 1. B e it enacted by the general assem bly o f the State o f In d ia n a . T h a t o n e hun dred and tw e n ty (120) b o n d s , ea ch in th e su m o f o n e th o u s a n d (1 ,0 0 0 ) d olla rs, an d o n e b o n d fo r liv e h u n d re d and fo r ty -e ig h t (548) d o lla rs , b e Issued b y th e S ta te o f In d ia n a , p a y a b le t o “ T h e b o a rd o f tru stees fo r th e V in ce n n e s U n iv e r s it y ,” o r b e a re r, at th e b a n k o f W in s lo w , L a n ie r & C o m p a n y , o f N ew Y o r k C it y , in th e S ta te o f N ew Y o r k , ten y e a rs a fte r the d a te th e r e o f, an d th a t said b o n d s b e a r th ree p er ce n tu m Interest p e r an n m u fro m d a te , p a y a b le s e m i-a n n u a lly , in e qu a l in sta llm e n ts, a n d th a t c o u p o n s fo r said several in stallm en ts o f in terest be issu ed, a tta c h e d t o said p r in cip a l b o n d s , be^lrlng th e sam e d a te th e r e o f, and fa llin g d u e at th e ’ ate said several Installm ents o f Interest m a tu re , and fo r th e p a y m e n t o f said b o n d s and c o u p o n s th e faith o f th e S tate Is irr e v o c a b ly p le d g e d ; P ro v id ed , T h a t a t th e tim e o f Issuing said b o n d s “ T h e b o a rd o f trustees t o r th e V in c e n n e s U n iv e r s it y ” shall file w ith th e A u d ito r o f S ta te a r e so lu tio n o f said b o a i d , Chicago, 111.— Special Assessment Bonds Call.— Walter H . Wilson, City Comptroller, on July 24 called for payment numerous issues of assessment bonds. The list of bonds call ed is a very lengthy one and was published in the “ Chicago Daily Journal” on July 24. Schuyler County (P. O. Lancaster) ,Mo.— Bond Call.— Call is made for payment Sept. 1 at the Merchants’ Laclede National Bank of St. Louis of railroad-refunding bonds Nos. 61 to 77 inclusive. Denomination $1,000. Shreveport, Caddo Parish, La.— Bonds Redeemed.— This city has purchased for redemption $40,000 5 % paving bonds issued in 1899. B o n d P r o p o s a ls a n d N e g o tia tio n s t liis week feave been as follews: Adams County (P. 0 . Decatur), Ind.— Bond Sale.— Of seven issues of 4 ^ % road bonds, aggregating $41,060, offered on July 16, $29,980 were awarded to the First National Bank of Decatur for $31,801 (106.074) and $11,080 were awarded to the Old Adams County Bank of Decatur for $11,086 74— or 100.06. Interest May and November. Asbury Park, Monmouth County, N. J.— Bonds Not Yet Sold.— No sale has yet been made of the $25,000 43^% 35-year sewer bonds offered but not sold on June 24. See V. 84, p. 1563. Ashtabula,[Ashtabula County, Ohio.— Bond Sale.— On July 29 the four issues of 5% coupon paving bonds aggregating $48,920, described in V. 85, p. 113, were awarded to the Farmer’s National Bank of Ashtabula for $50,043 37— the price thus being 102.296. A bid was also received from the National Bank of Ashtabula for $49,602 60. Securities are dated April 1 1907. Baldwin Township School District, Allegheny County, Pa.— Bond Sale.— Dispatches state that this district recently disposed of $60,000 4 V i% 30-year bonds at private sale. Baltimore, Md.— Sale of Sewer Stock.— This city recently awarded.$20,500 3 ^ % registered sewer stock to local parties at 95.50 and accrued interest. Denomination $100 and multiples thereof. Date July 25 1907. Interest April and October. Maturity April 1 1980. Banning School District, Riverside County, Cal.— Bond Offering.— Proposals will be received until 11 a. m. Aug. 5 by A. B. Pilch, Clerk of Board of County Supervisors (P. O. Riverside), for $24,000 5 % school bonds. Denomination $500. Interest annual. Maturity $1,000 yearly beginring three years from date of bonds. Certified check for 10% of bonds bid for is required. Bonded debt at present $2,500. Assessed valuation $564,674. Bay City, Bay County, Mich.— Bonds Not Sold.— No bids were received on July 29 for the $150,000 4 % local-improvement bonds described in V. 85, p. 237. Bayonne, Hudson County, N. J.— Bond Offering.— Propasals will be received until 8 p. m. Aug. 6 by the City Council for $146,000 5 % gold coupon tax bonds dated July 1 1907. Interest semi-annual. Maturity $36,500 on July I in each of the years 1910, 1911, 1912 and 1913. W . C. Hamilton is City Clerk and Chas. E. Annett is City Comp troller. Belhaven, Beaufort County, No. Car.— Bond Offering.— Proposals will be received at any time by R. W . Lucas, Secretary af the School Board, for $15,000 6 % . coupon graded-school-building bonds. Denomination $500. Date July 1 1907. Interest annually in Belhaven. Maturity i July I 1927. Assessed valuation for 1907 $600,000. These [ I bonds were offered without success on July 1 (V. 85, p. 52) ' as 5s. • ........................................ 298 THE CHRONICLE. Benton, Franklin County, 111.— Bond Sale.— This place on July 16 awarded at private sale an issue of $16,500 5 % sewer bonds to the Little & Hays Investment Co. of St. Louis. Denomination $500. Date July 1 1907. Interest semi annual. Maturity $1,500 on July 1 1912, $2,000 on July 1 1917, $5,000 on July 1 1922 and $8,000 on July 1 1927. Bessemer, Jefferson Comity, Ala.— Bond Election.— On July 23 the City Council passed ordinances providing for an election Sept. 9 to submit to the voters the question of issu ing $50,000 school, $25,000 Second Avenue storm-sewer construction and $7,500 fire-department bonds. Blasdell, Erie County, N. Y .— Bond Sale.— On July 22 an issue of $3,750 5 % village-hall and fire-house bonds was awarded to William D. Lawton for $3,775, the price thus being 100.666. Bloomington, Franklin County, Neb.— Bonds Not Sold No sale was made on July 1 of the $14,000 5 % 5-20-year (optional) registered water-works bonds described in V. 84, p. 1501. Boston, Mass.— Bond Sale.— This city has awarded $4,200 4 % Boston Tunnel & Subway bonds to various trust funds at par. Maturity July 1 1947. Brainerd, Crow Wing County, Minn.— Bond Offering.— Further details are at hand relative to the offering on Aug. 19 of the $39,000 5% coupon funding bonds mentioned in V. 85, p. 237. Proposals will be received until 8 p. m. on that day by the City Council at the City Clerk’s office. Authority Chapter 62, General Laws of 1907. Denomination $500. Date Aug. 15 1907. Interest semi-annually at the City Treasurer’s office. Maturity $2,000 yearly on Aug. 15 from 1908 to 1916 inclusive and $21,000 on Aug. 15 1917. Bonds are tax exempt , Certified cehck for 5% of bonds bid for, payable to the “ City of Brainerd” , is required. H . J. Spen cer is City Clerk. Briarcliff Manor, Westchester County, N. Y .— Bond Offer ing.— Proposals will be received until 4 p. m. Aug. 7 by Wil liam H. Coleman, Village Clerk, for $25,000 5 % coupon (with privilege of registration) bonds. These securities are part of an issue of $75,000 bonds authorized by Chapter, 21, General Laws of 1897, and election held July 30 1906. De nomination $1,000. Date Aug. 1 1906. Interest semi annually in New York exchange, if registered. Maturity $1,000 on Aug. 1 1927 and $3,000 yearly on Aug.| 1 from 1928 to 1935 inclusive. Certified check for 5 % of bonds bid for, payable to the “ Village of Briarcliff Manor,” is re quired. Bridgeport, Belmont County, Ohio.— Bond Sale.— On July 29 the $10,000 3 % 10-year street-improvement bonds described in V. 85, p. 113, were awarded to Louis Cook of Bridgeport at 103 and accrued interest— a basis of about 2 .6 7 % . Following are the bids: L . C o o k , B r id g e p ’t (f o r 3 s ) .$ 1 0 ,3 0 0 00 N e w F ir s t N a tio n a l B a n k , C ol. (fo r 5 s ) ____________ $10 ,3 1 2 00 W e il, R o t h & C o ., C in cin n a ti (fo r 5 s ) __________ 1 0 ,5 7 6 00 E m e r y , A n d e r s o n & C o ., S e a s o n g o o d & M a y e r ,C in C le v e la n d (fo r 5 s ) ______ 10,3 0 0 00 cin n a ti (fo r 5 s ) ________ 1 0 ,533 50 All bidders offered accrued interest in addition to their bids. Brighton, Adams County, Colo.— Bond Sale.— On July 2 $3,500 5 % 10-15-year (optional) bonds were awarded to the First National Bank of Brighton for $3,505— the price thus being 100.142— a basis of about 4.982% to the optional date and about 4.987% to full maturity. Denomination $500. Date July 1 1907. Bristol County, (P. O. Taunton) Mass.— Note Sale.— On July 30 the $200,000 5% 4-year Taunton Great River bridgeconstruction notes described in V. 85, p. 237, were awarded to Bond & Goodwin of Boston at 101.37— a basis of about 4.622% . The following bids were received: B o n d & G o o d w in , B o s t o n ___ 1 01 .37 |B ris to l C o .S a v .B k .,T a u n t o n -1 0 0 .65 B lo d g e t t , M erritt & C o . , B o s .1 0 1 .31 I R . L D a y & C o . , B o s t o n ____ 100.597 N . W . H arris & C o ., B o s to n -1 0 0 .6 7 7 1 S. A . K e a n , C h ic a g o __________100 .50 Bronxville, Westchester County, N. Y .— Bond Sale.— On July 26 the $18,400 5-24-year (serial) registered Front and De Witt avenues grading and paving bonds described in V. 85, p. 237, were awarded to E . Seymour & Co. of New York at par for 5s. This was the only bid received. Brookhaven Union Free School District No. 24, Suffolk County, N. Y .— Bond Offering.— Proposals will be received until 12 m. Aug. 13 by C. Fremont Howell, Clerk Board of Education (P. O. Patchogue), for the following bonds: $ 6 0 ,0 0 0 s c h o o l b o n d s a t n o t e x c e e d in g 5 % In te re st. M a tu r ity $ 4 ,000 y e a r ly on D e c . 1 fro m 1907 t o 1921 in c lu s iv e . 2 0 ,0 0 0 a d d itio n a l s c h o o l-b u ild in g b o n d s a t n o t e x c e e d in g 5 % In terest, m e n tio n o f w h ich w as m a d e In V . 85, p . 5 7 . M a tu r ity $2,0 0 0 y e a r ly o n D e c . 1 fro m 1912 t o 1921 in c lu s iv e . Interest June 1 and Dec. 1 at the Patchogue Bank. Certi fied check for 10% of bid is required. Official advertise ment states that the legality of these bonds has never been questioned and that the district has never defaulted in the payment of any of its obligations. Brownsville, Haywood County, Tenn.— Bond Offering.— Proposals will be received until 12 m. Aug. 10 by W . W . Croudell, Mayor, for the $30,000 5 % coupon street-improve ment bonds mentioned in V. 84, p. 1261. Authority Chap ter 293, Laws of 1907. Denomination $500. Date Sept. 1 1907. Interest annual. Maturity Sept. 1 1937. Certi fied check for $250, payable to W . W . Croudell, Mayor, is required. Total debt at present $39,500. Assessed valua tion 1907, $1,000,000. , [V o l . lxxxv . Buffalo, N. Y . — Bond Issues.— Resolutions have been adopted providing for the issuance of the following bonds: $10 0,00 0 3 )4 % s c h o o l-b u ild in g b o n d s t o b e ta k e n a t p a r as fo llo w s : $ 7 5 ,0 0 0 b y th e E rie R a ilr o a d G ra de C rossin g B o n d S in k in g F u n d a n d $ 25 ,000 b y th e P a rk B o n d R e d e m p tio n S in k in g F u n d . D a te S e p t. 1 1907. In te r e s t M arch 1 an d S e p t. 1. M a t u r it y S e p t. 1 1927. 5 0 ,0 0 0 3J4 % s c h o o l-b u ild in g b o n d s t o b e ta k e n a t p a r as fo llo w s : $ 3 0 ,000 b y th e P a rk B o n d R e d e m p tio n S in k in g F u n d a n d $ 2 0 ,0 0 0 b y t h e N e w Y o r k C h ica g o & S t. L o u is G ra d e C ross in g B o n d S in k in g F u n d . D a te A u g . 1 1907. In terest F e b . 1 an d A u g . 1. M a tu r ity A u g . 1 1927. 5,0 0 0 4 % b o n d s t o b e ta k e n a t p a r b y th e B a ile y A v e n u e S ew er S in k in g Fund. D a te A u g . 1 1907. M a tu r ity J u ly 1 1908. Principal and interest payable at the office of the City Comptroller. Burlington, Des Moines County, Iowa.— Bond Offering.— Proposals will be received until 4 p. m. Aug. 19 by Robert Kroppack, City Clerk, for $40,000 4 % coupon fire-and-police central-station-erection bonds. Authority Section 908, Chapter 12, Code of Iowa. Denomination $1,000. Date Oct. 15 1907. Interest semi-annually at the City Hall in Burlington. Maturity on Oct. 15 as follows: $3,000 in each of the years 1917, 1918 and 1919, $4,000 yearly from 1920 to 1923 inclusive and $5,000 yearly in each of the years 1924, 1925 and 1926. Burlington, Burlington County, N. J.— Bond Offering.— Proposals will be received until 8 p . m . Aug. 6 by Thomas S. Mooney, City Clerk, for $36,000 4J^% coupon bonds. Denomination_$500. Date July 1 1907. Interest semi-annuaL Maturity July 1 1937. Bids must be unconditional and accompanied by certified check on a national bank for 2 % of the bonds bid for, payable to Joshua Taylor, City Treas urer. Accrued interest to be paid by purchaser. The official notice of this bond offering will be found among the advertisements elsewhere in this Department. Cambridge, Guernsey County, Ohio.— Bond Election.— On Aug. 8 this city will vote on a proposition to issue $8,000 Gomber Avenue opening and extending bonds. Camden, Camden County, N. J.— Bond Offering.— Propos als will be received until 8 p. m. Aug. 15 by James E. Hewett, Chairman of Finance Committee of City Council, for the fol lowing bonds: $50,000 4 1 4 % 3 0 -y e a r h o s p ita l b o n d s d a t e d S e p t. 1 1907 o ffe r e d w it h o u t su ccess o n M a y 6. See V . 8 4 , p . 113 4. 150 .000 4 >5 % 2 0 -y e a r p a v in g b o n d s d a te d S e p t. 1 190 7, o ffe r e d w it h o u t su ccess o n M a y 6. S ee V . 84, p . 1134. 135 .000 4 ^ % 3 0 -y e a r flo a tin g d e b t b o n d s , d a t e d S e p t. 1 1907. 15,000 4 % % 2 5 -y e a r p a rk b o n d s, d a te d A u g . 1 1907. Registered bonds in lieu of coupon bonds will be issued at option of purchaser. Interest semi-annual. Bonds are taxexempt. Official circular states that there is no controversy or litigation pending or threatened concerning the validity of any of the above issues, the corporate existence or boun daries of municipality or the titles of the present officers to their respective offices. Certified check on a national bank for 2 % of bonds bid for, payable to the City Treasurer, is required. Delivery Sept. 16. Accrued interest to be paid by purchaser. Camilla, Mitchell County, Ga.— Bonds Voted.— Bond Offer ing.— An election held July 24 resulted in a vote of 88 to 17 in favor of propositions to issue $12,000 5 % bonds for the purchase of an ice plant and for the improvement of the water and light plants. Maturity 1932. Proposals for these bonds will be received until Aug. 5. Campbell County (P. O. Jacksboro), Tenn.— Bpnd Offer ing.— Proposals will be received until 12 m. Sept. 2 by the County Road Commission at the office of the County Judge for $100,000 road bonds. Bids to be based on bonds carry ing 4 % , 43^% and 5 % interest. Authority Chapter 585, Acts of 1907. Denomination not less than $100 nor more than $1,000. Date Oct. 1 1907. Interest semi-annual. Maturity Oct. 1 1937, subject to call after Oct. 1 1917. Certified check for $2,500, payable to the County Road Com mission, is required. Canton, Stark County, Ohio.— Bond Sale.— On July 29 the $1,800 4% 10-year coupon park bonds described in V. 85, p. 114, were awarded to the Firemen’s Pension Fund Trus tees of Canton at 101.50 and accrued interest— a basis of about 3.818% . This was the only offer received. Carrollton, Carroll County, Ohio.— Bond Offering.— Pro posals will be received until 12 m. Aug. 20 by Sam Q. Mor row, Village Clerk, for $18,240 5% coupon paving bonds. Denominations $700 and $1,124. Date Aug. 20 1907. Interest semi-annual. Maturity part yearly on Aug. 20 from 1908 to 1917 inclusive. Certified check for 5% of bid, pay able to the Village Treasurer, is required. Bonded debt, not including this issue, $21,000. Assessed valuation 1906 $562,000. Celina School District (P. O. Celina), Mercer County, Ohio. — Bond Offering.— We are advised that the $15,000 4 ^ % school-building-completion bonds to be offered at 12 m. Aug. 5 (V. 85, p. 237) are coupon in form and are exempt from all taxes. Maturity $1,000 on Sept. 1 1934 and $2,000 yearly on Sept. 1 from 1935 to 1941 inclusive. Chambers County (P .O . Lafayette), Ala.— Bond Election. — Reports state that the Commissioner’s Court has passed an order providing for an election to be held Sept. 21 to vote on the question of issuing $120,000 5% 30-year^road-improvement bonds. A ug. 3 1 9 0 7 .1 THE CHRONICLE. Chester School District (P. O. Chester), Thayer County, Neb.— Bond Sale.— This district on July 20 awarded $8,000 5 % school bonds to W . E. Barkley Jr., President of the Lin coln Safe Deposit & Trust Co. of Lincoln, at 100.95. Inter est annual. Maturity twenty years, subject to call at any interest date. Chisholm School District No. 40 (P. O. Chisholm), St. Louis County, Minn.— Bond Sale.— This district recently awarded the $70,000 5 % coupon school bonds described in V. 84, p. 1066, to the Commercial Investment Co. of Duluth at par. Maturity part yearly on July 31 from 1912 to 1918 inclusive. Clay Center, Clay County, Kan.— Bonds Authorized.— On July 12 the City Council passed ordinance No. 128, which provides for the issuance of $25,000 electric-plant bonds. These securities take the place of those voted on July 12 1906 (V. 83, p. 846), the first issue having been canceled. Cody School District No. 6 (P. O. Cody), Big Horn County, W yo. — Bond Offering.— We are advised that the $7,500 6 % school-building bonds to be offered at 2 p. m. Aug. 5 are coupon in form and mature Aug. 1 1917. For other details of bonds and terms of offering, see V. 85, p. 238. Coles County (P. O. Charleston), 111.— Bond Offering.— Proposals will be received until 2 p. m. Aug. 6 by Geo. S. Boulware, County Clerk, for $225,000 4 % coupon funding bonds. Authority Chapter 113, Revised Statutes of 1905, and election held June 8. Denomination $500. Date July 1 1907. Interest annually at the State Treasurer’s office in Springfield. Maturity part yearly on July 1 from 1908 to 1927 inclusive. Certified check for $5,000, payable to the Finance Committee, is required. Total debt, includ ing this issue, $231,000. Assessed valuation for 1906, $6,874,000. Concordia Parish School District, La.— Bond Offering.— The Board of School Directors, D. C. Strickler, Secretary, (P. O. Vandalia), is offering for sale $6,750 5 % bonds. Covina School District (P. O. Covina), Los Angeles County, Cal.— Bonds Voted.— This district on July 1 au thorized the issuance of the $60,000 5 % high-school-building and site-purchase bonds mentioned in V. 84, p. 1384, by a vote of 122 to 54. Maturity part yearly from 1918 to 1928. Crowell Independent School District (P. O. Crowell), Foard County, Tex.— Bonds Registered.— On July 26 $4,500 5% 10-20-year (optional) school-house bonds were registered by the State Comptroller. Cumberland County (P. O. Portland), Me.— Bonds Awarded in Part.— On July 24 $100,000 of the $300,000 3 ^ % 15-year court-house bonds offered without success on June 29 (V. 85, p. 115) were awarded to W . H. Harris & Co. of Boston at 100.0955. Cuyahoga County (P. O. Cleveland), Ohio.— Bond Offering. Proposals will be received until 11 a. m. Aug. 28 by the Board of County Commissioners for $12,633 4 % coupon bonds for the purchase of the title to the Cleveland and Mayfield Plank Road and the Independence and Parma Plank Road. Authority Sections 4875-1, 4875-2, 4875-3, 4875-4 and 4875-5, Revised Statutes. Denominations, twelve bonds for $1,000 each, one bond for $500 and one bond for $133. Date Sept. 1 1907. Interest April 1 and Oct. 1 at the County Treasurer’s office. Maturity $7,000 on Oct. 1 1917 and $5,633 on Oct. 1 1918. Certified check for 10% of bonds bid for, payable to the County Treasurer, is required. Purchaser to pay ac crued interest. Julius C. Dorn is Clerk of Board of County Commissioners. David City, Butler County, Neb.— Bond Offering.— Pro posals will be received until 5 p. m. Aug. 14 by W . S. McCoy, City Clerk, for $22,000 5 % gold water refunding bonds. Authority Sections 38 and 39, Chapter 9, Laws of 1905. Denomination $1,000. Date Sept. 1 1907. Interest an nually at the Nebraska Fiscal Agency in New York City. Maturity Sept. 1 1927, subject to call after Sept. 1 1909. Bonded debt, including this issue, $25,000. Assessed valu ation for 1907 $451,000. Daviess County, (P. O. Washington) Ind.— Bond Sale.— We have just been advised that the following award was made on April 15 of three issues of 4>£% gravel-road construction bonds aggregating $15,170, offered on that day: 299 Aug. 1 1907. Interest semi-annual. Maturity Aug. 1 1937, subject to call after Aug. 1 1912. East Orange, Essex County, N. J.— Bond Sale.— On July 8 $100,000 4 % 40-year school bonds dated July 1 1907 were awarded to J. S. Rippel of Newark at 100.25. Denomina tion $1,000. Interest semi-annual. Edgefield County (P. O. Edgefield), So. Car.— Award Postponed.— Owing to the absence of certain members of the County Commission no award was made on July 27 of the $20,000 6 % 20-year Dean or Pine Grove Township and the $20,000 5 % 30-year Johnston Township coupon railroadaid-construction refunding bonds described in V. 85, p. 238. Elizabeth City, Pasquotank County, No. Car.— Bond Offering.— Proposals will be received until 12 m. Sept. 2 by R. T. Whitehurst, City Clerk, for $30,000 general-streetimprovement and $20,000 stone-curbing-purchase 5 % bonds. These securities are part of an issue of $120,000 authorized by an Act of the General Assembly ratified March 1 1907. Denomination $1,000. Date Sept. 1 1907. Interest annual. Maturity Sept. 1 1927. Certified check for $1,000 is re quired. Bonds will be delivered from time to time in such amounts as is needed. Purchaser to pay accrued interest. Elkhart School District (P. O. Elkhart), Elkhart County, Ind.— Bond Sale.— On July 24 $60,000 4 % central-schoolbuilding bonds were awarded to Dick, Miller & Co. of Ind ianapolis for $60,200— the price thus being 100.333. De nomination $1,000. Date Aug. 1 1907. Interest' semi annual. Maturity part yearly on Aug. 1 from 1912 to 1917 nclusive. Elkins, Randolph County, W . Va.— Bonds Voted.— This town by a vote of 289 to 120 authorized the issuance of $30,000 water-works and $10,000 sewerage 5 % bonds. Date of sale not yet determined. Maturity from twenty to thirtyone years. Elkins Independent School District (P. O. Elkins), Ran dolph County, W . Va.— Bond Sale.— On July 27 the $60,000 5 % gold coupon school-house bonds described in V. 85, p. 175, were awarded to E. H. Rollins & Sons of Boston at 101.125 and accrued interest. Following are the bids: E . H . R o llin s & S o n s, B o s t o n $ 6 0 ,6 7 5 (S e a s o n g o o d & M a y e r , C incinE m e r y , A n d e r s o n & C o ., C le. 60,625 n a ti ________________________ $ 6 0 ,0 7 5 W h it e & W h it e , W h e e l i n g .. . 6 0 ,1 0 0 | A . J . H o o d & C o ., D e t r o i t . . . 60,0 6 5 Maturity $15,000 on Aug. 1 in each of the years 1912, 1917, 1922 and 1927. Ely School District No. 1 (P. O. Ely), White Pine County, Nev.— Bond Offering.— Proposals will be received at any time by Allen C. Bragg, Clerk of the Board of School Trustees, for $15,000 6 % coupon school bonds. Authority an Act of the Legislature approved March 28 1907. Denomination $1,000. Date July 2 1907. Interest semi-annually at the County Treasurer’s office in Ely. Maturity $1,000 each six months from Jan. 2 1908 to Jan. 2 1915 inclusive. Bonds are exempt from taxation. Certified check for 10% of bid, payable to the Board of School Trustees, is required. Total debt, this issue. Assessed valuation 1907 $1,000,000. These bonds are part of the $35,000 bonds mentioned in V. 85, p . 238. Fayetteville, Washington County, Ark.— Bond Sale.— The following bonds have been awarded to Whitaker & Com pany of St. Louis: $ 1 1 0 ,0 0 0 5 % g o ld w a te r im p ro v e m e n t d is tric t b o n d s . D e n o m in a tio n $ 1 ,0 0 0 . M a tu rity as fo llo w s : $ 7 ,0 0 0 , In 190 8, $ 9 ,0 0 0 y e a r ly f r o m l l 909 t o 1911 in c lu s iv e , $ 1 0 ,0 0 0 y e a r ly fr o m 1912 t o 1914 in clu s iv e , $ 1 2 ,0 0 0 in 191 5, $ 1 1 ,0 0 0 in 191 6, $ 1 3 ,0 0 0 in 1917 an d $ 10 ,000 In 1918. 9 0 ,0 0 0 5 % g o ld sew er Im p r o v e m e n t d is tric t b o n d s . D e n o m in a tio n s $ 1 ,0 0 0 , $500 an d $100. M a tu r ity as fo llo w s : $ 2 ,0 0 0 In 1 90 8, $ 3 ,0 0 0 y e a r ly fro m 1909 t o 1911 In clu sive, $ 4 ,0 0 0 in 1 9 1 2 , $3,0 0 0 In 191 3, $4,0 0 0 y e a r ly fro m 1914 t o 1917 In clu siv e, $ 5 ,0 0 0 y e a r ly fro m 1918 t o 1922 In clu sive, $6,0 0 0 In 1923, $ 6 ,0 0 0 In 192 4, $ 7 ,000 in 192 5, $ 6 ,000 In 1926 a n d $ 6 ,0 0 0 in 1927. Date of bonds Aug. 1 1907. Interest semi-annually at the St. Louis Union Trust Co., Trustee, St. Louis. Findlay, Hancock County, Ohio.— Bond Offering.— Pro posals will be received until 12 m. Aug. 19 by Wm. Demland, City Auditor, for the $25,000 4J^% water-works refunding bonds mentioned in V. 85, p. 238. Authority Section 2701, Revised Statutes. Denomination $1,000. Date Sept. 1 1907. Interest semi-annually at the City Treasury. Ma turity $1,000 each six months from Sept. 1 1908 to Sept. 1 1920 inclusive. Certified check for 3 % of bonds bid for, payable to the City Treasurer, is required. Purchaser to $ 2 ,4 9 0 4 H % JH en ry A lk m a n , e t a l, g r a v e l-r o a d -c o n s tr u c tio n | b o n d s aw a rd e d t o th e P e o p le ’ s N a tio n a l B a n k o f W a s h in g to n fo r $ 2 ,5 0 0 — pay accrued Interest. Official circular states there is no th e p r ice th u s b e in g 1 0 0 .4 0 1 . D e n o m in a tio n $124 50. litigation or controversy pending or threatened affecting the 5,9 3 0 4 ^ % Jam es H W ils o n , e t al, g r a v e l-r o a d -c o n s tr u c tlo n b o n d s a w a rd e d t o J . F . W ild & C o . o f I n d ia n a p o lis fo r $ 5 ,9 4 5 — th e validity of this issue and that the city has never defaulted in p r ice th u s b e in g 1 0 0 .2 5 2 . D e n o m in a tio n $296 50. the payment of any of its obligations . 6 ,7 5 0 4 M % iT h e o . T . J o n e s , e t al, g r a v e l-r o a d -c o n s tr u c tlo n b o n d s a w a rd e d t o J . F . W ild & C o . o f In d ia n a p o lis fo r $ 6 ,7 6 7 — th e p r ice Fort Jennings Special School District (P. O. Fort Jen th u s b e in g 1 0 0 .2 5 1 . D e n o m in a tio n $337 50. nings), Putnam County, Ohio.— Bond Offering.— Proposals The above bonds are dated May 16 1907 and mature one will be received until 12 m. Aug. 10 by Alois H. Grote, bond of each issue every six months from May 15 1908 to^Nov. Clerk Board of Education, for $10,000 5 % school-building 15 1917 inclusive. Interest annual. bonds. Authority election held April 20 and Sections ^Des Moines, Polk County, Iowa.— Bond Sale.— On July 18 3991 and 3992 Revised Statutes. Denominations, ten bonds $78,000 43^2% registered city-hall-site bonds were awarded of $500 each, five bonds of $800 each and one bond of $1,000. to Emery, Anderson & Co. of Cleveland, at par. These Date Sept. 2 1907. Interest semi-annual. Maturity on bonds take the place of the $78,000 4J^% registered city-hall- Sept. 1 as follows: $500 yearly from 1909 to 1918 inclusive, site bonds awarded on April 29 to Mac Donald, McCoy & Co. $800 yearly from 1919 to 1923 inclusive and $1,000 in 1924. of Chicago, which sale was never consummated. See V. 84, Certified check for $500, payable to the Board of Education, p. 1262. is required. Purchaser to pay accrued interest. Dubois School District, (P. O. Dubois) Clearfield County, Fort Pierre Independent School District (P. O. Fort Pa.— Bond Offering.— Proposals will be received until 12 m. Pierre), Stanley County, So. Dak.— Bond Offering.— Propos Aug. 8 by Frank Hutton, Secretary of School District, for als will be received until 8 p. m. Aug. 30 by F. G. Fischer, $25,000 4J^% school bonds. Denomination $500. Date President of School Board, for $19,000 5 % school bonds. •100 THE CHRONICLE. Authority Section 2424, Chapter 103, Laws of 1905; also vote of 117 to 5 at election held April 16. Denomination £500. Interest Jan. and July. Maturity twenty years, sub ject to call after ten years. Certified check for 2 % required. Bonded debt at present $5,000. Floating debt, $9,008. Assessed valuation 1907, $457,507. Frankfort and German Flatts (Towns) Union Free School District No. 1, Herkimer County, N. Y .— Bond Sole.— On July 30 the $21,000 4 K>% registered school bonds described in V. 85, p. 175, were awarded to O’Connor & Kahler of New York City at par and accrued interest. This was the only bid received. Maturity $1,000 yearly on Jan. 1 from 1920 to 1940 inclusive. Franklin, Norfolk County, Mass.— Bonds Awarded in Part. — This city has sold at par $170,000 of the $175,000 4 % bonds authorized for the purchase of the plant of the Franklin Water Co. See V. 84, p. 1565. Frio County Common School District, Tex.— Bonds Regis tered.— The State Comptroller on July 22 registered $3,000 4 % 15-20-year (optional) school-house bonds of this district dated May 15 1907. Glassport School District (P. O. Glassport), Allegheny County, Pa.— Bond Offering.— Further details are at hand relative to the offering on Aug. 5 of the $50,000 4Vo%, coupon (with privilege of registration) bonds mentioned in V. 85. p. 176. Proposals for these bonds will be received until 7 p. m. on that day by Boyd Wilson, Secretary of the School Board. Denomination $1,000. Date June 1 1907. Interest semi-annually at the office of the United States Mortgage & Trust Co. of New York City. Maturity on June 1 as follows: $1,000 yearly from 1910 to 1919 inclusive, $2,000 yearly from 1920 to 1933 inclusive and $3,000 yearly from 1934 to 1937 inclusive. Bonds are exempt from taxation. Bid to be made on printed form furnished by the district and must be accompanied by a certified check for 3 % of bonds bid for. drawn on a national bank or trust company, and made pay able to the “ Glassport School District.” Purchaser to pay accrued interest. Bonds to be delivered Aug. 15. Granite Falls School District (P. O. Granite Falls), Yel low Medicine County, Minn.— Bond Sale.— On July 1 $14,000 4 % 19-28-year (serial) school-building bonds dated July 17 1907 were awarded to the State of Minnesota at par. Denomination $1,400. Interest annually on July 1. Guttenberg School District (P. O. Sta. A , Weehawken), Hudson County, N. J — Bond Sale.— This district lias awarded the $53,900 5% coupon school bonds offered but not sold last November to R. M. Grant & Co. of New York City. Denominations $1,000 and $900. Date Jan. 1 1907. Interest semi-annual. Maturity part yearly on Jan. 1 from 1910 to 1936 inclusive. Hamilton, Butler County, Ohio .— Bond Offering.— Propos als will be received until 12 m. Aug. 29 by Thad Straub, City Auditor, for $8,773 02 Seventh Street and $27,707 64 Dayton Street 4 f 2% coupon improvement assessment bonds. Date Aug. 1 1907. Interest semi-annual. Maturity one-tenth of each issue yearly on Aug. 1 from 1908 to 1917 inclusive. Certified check for 5 % of bid, payable to the City Treasurer, is required. Accrued interest to be paid by purchaser. Bond Sale.— On July 31 the $20,000 water-works and the $5,000 electric-light 4 % 15-year coupon refunding bonds described in V. 85, p. 115. were awarded, it is stated, to the Western German Bank of Cincinnati at 101.504— a basis of about 3.868% . Hamilton, Ont.— Debenture Sale.— Of the four issues of 4 % debentures aggregating $422,000 described in V. 84, p. 1443, the $105,000 debentures maturing part yearly for 20 years and the $62,000 water-works debentures maturing in 30 years were awarded to Aemilius Jarvis & Co. of Toronto at 91.43. We are advised that the other two issues aggregating $255,000 have not yet been disposed of. Harris County (P. O. Houston), Texas.— Bond Offering.— Proposals will be received until 12 m. Aug. 12 by the County Auditor for $500,000 4 % coupon road and bridge bonds. Denomination $1,000. Interest semi-annually at the County Treasurer's office in Houston. Maturity forty years, subject to call after ten years. Certified check (or cash) for 2 % of bid, payable to O. E. Amerman, County Judge, is required. Hartsville School District No. 32 (P. 0 . Hartsville), Dar lington County, So. Car.— Bond Offering.— Proposals will be received until 12 m. Sept. 20 by the Board of School Trustees, M. S. McKinnon, Chairman, for the $25,000 5% coupon school-building bonds mentioned in last week’s issue. Authority, Section 246, page 522, Acts of 1907. Date July 1 1907. Interest semi-annually at the Bank of Harts ville. Maturity July 1 1927. Bonds are exempt from all taxation. Certified check for $1,000, payable to M. S. McKinnon, Chairman, is required. Purchaser to pay the cost of lithographing and issuance of bonds and all other ex penses. The official notice of this bond offering will be found among the advertisements elsewhere in this Department. Hempstead Union Free School District No. 14 (P. O. Woodmere), Nassau County, N. Y .— Bond Offering.— Proposals will be received until 8 p. m. Aug. 5 by the Board of Edu cation, E. C. Smith, President, for $10,000 5 % gold coupon [V o l . lxxxv . school-house-addition bonds. Authority, election held July 1 1907. Denomination $500. Date Aug. 20 1907. In terest annually on Dec. 1 at the Bank of Lawrence. Ma turity $500 yearly on Dec. 1 from 1908 to 1927 inclusive. Certified check for $500, payable to D. Hewlett, Treasurer of the Board of Education, is required. Bonded debt at present, $5,775. Assessed valuation 1906, $712,852. Hendricks County (P. O. Danville), Ind.— Bond Sale.— On July 15 $12,080 4 )4 % gravel-road bonds (two issues) were awarded to J. F. Wild & Co. of Indianapolis for $12,085— the price thus being 100.041. Denomination $212 and $90. Date July 15 1907. Interest May 15 and Nov. 15. Ma turity part every six months beginning May 15 1908. Holloway, Swift County, Minn.— Bond Sale.— On July 18 the $4,000 4 % tow'n-hall bonds mentioned in V. 84, p. 1384, were awarded to the State of Minnesota at par. Denomina tion $500, except one bond for $1,000. Date July 22 1907. Interest annual. Maturity $1,000 on July 1 1915 and $500 yearly on July 1 from 1916 to 1921 inclusive. Howell, Livingston County, Mich.— Bonds Defeated.— An election held July 15 resulted in the defeat of a proposition to issue sewer bonds. Huxley School District (P. O. Huxley), Story County, Iowa.— Bond Offering.— Proposals will be received until 1 p. m. Aug. 10 by O. J. Severeid, Secretary, for $5,800 5 % school-building bonds. Interest semi-annual. Ma turity part yearly from five to ten years. Certified check for $100, payable to the Treasurer, is required. Purchaser to furnish blank bonds. Iberville Parish School District (P .O . Plaquemine), La.— Bond Offering.— Proposals will be received until 3 p. m. Aug. 16 by C. J. Brown, Secretary of the School Board, for $30,000 5% coupon bonds, for the construction of a highschool-building at White Castle, the building of two district schools and the remodeling of another district school. De nomination to suit purchaser. Maturity 20 years, subject to call after ten years. Certified check for $1,000, payable to the Secretary of the School Board, is required. Innisfail Public School District No. 210 (P. O. Innisfail), Alta.— Debentures Not Sold.— No sale was made on July 15 of the $23,000 5% school debentures described in V. 84. p, 1565. Maturity part yearly for thirty years. Island County School District No. 19, W ash.— Bond Sale. — On June 1 $1,000 5% 3-10-year (optional) school-house bonds were awarded to the State Board of Finance at par. Denomination $200. Date July 1 1907. Interest annual. Iva School District (P .O . Iva), Anderson County, So. Car. — Bid Rejected.— A bid of $6,061 (101.016) submitted by C. II. Coffin of Chicago was the only offer received on July 25 for the $6,000 20-year coupon school-building bonds described in V. 85. p. 55. Tlfis bid was rejected. Kanawha County (P. O. Charleston), W . V a.— Bond Elec tion.— An election will be held Aug. 17 to vote on the ques tion of issuing $300,000 5% main-road-permanent-improveinent bonds. Authority Section 26, Chapter 43, Code of West Virginia. Denomination $1,000. Date July 1 1907. Interest semi-annual. Maturity $50,000 on July 1 in each of the years 1912, 1917, 1922, 1927. 1932 and 1937. Kcnsas City School District (P. O. Kr.nsas City), Jackson County, Mo.— Bonds Not Sold.— No satisfactory bids were received on Aug. 1 for the $600,000 4 % 20-year gold coupon school-building bonds described in V. 85, p. 240. Kenedy School District (P. O. Kenedy), Karnes County, Texas.— Bonds to Be Sold to State.— We are informed that arrangements have been made with the State for the sale of $12,000 school-building bonds. Knox County (P. 0 . Vincennes), Ind.— Bond Sale.— The following award was made on June 20 of $21,040 4 ^ % Vin cennes Township bonds and $6,193 4J^% Palmyra Town ship bonds offered on that day: $ 2 1 ,0 4 0 4 )4 % V in ce n n e s T o w n s h ip b o n d s aw a rd e d t o J. F . W ild & C o. o f In d ia n a p olis at p a r and a ccru e d Interest. 6,193 \ y2 % P a lm y ra T o w n s h ip b o n d s aw ard ed t o J. F . W ild & C o. o f In d ia n a p o lis at p ar and a ccru e d Interest. D e n o m in a tio n S319 65. The above bonds are dated June 15 1907. Interest May 15 and Nov. 15. Lakewood, Cuyahoga County, Ohio.— Bond Offering.— Proposals will be received until 12 m. Aug. 10 by B. M. Cook, Village Clerk, for $26,678 5 % coupon general improve ment (city’s portion) bonds. Authority Section 1536-213, Revised Statutes, and an ordinance passed by the City Coun cil June 3 1907. Denomination $1,000 except one bond for $678. Date June 15 1907. Interest April 1 and Oct. 1 at the Cleveland Trust Co. of Cleveland. Maturity Oct. 1 1917. Bonds are exempt from taxation. Certified check for 5% of bonds bid for, payable to the Village Treasurer, is re quired. Purchaser to pay accrued interest. Lancaster, Lancaster County, Pa.-— Bonds Authorized.— The City Council has authorized the issuance of $87,233 permanent-street-improvement bonds. Lawrenceburg, Lawrence County, Tenn.— Bond Offering. — Proposals will be received until 4 p. m. Aug. 20 by Jas. T. Dunn, Secretary, for $25,000 5 % coupon water and light bonds. Date March 1 1906. Interest semi-annually in New York City or Lawrenceburg. Maturity twenty years, sub ject to call after ten years. Purchaser to pay accrued in terest. Delivery of bonds Sept. 1 1907. A ug . 3 1907. | THE CHRONICLE Lexington, Davidson County, No. Car.— Bond Offering^— Proposals will be received until 4 p. m. Aug. 10 by Jno. H. Moyer, Mayor, for $10,000 5 % coupon street-improvement bonds. Denomination $500. Interest semi-annually at the Bank of Lexington. Maturity forty years, subject to call after twenty years. Libertyville School District No. 70 (P. O. Libertyville), Lake County, 111.— Bids Rejected.— All bids received on July 25 for the $10,000 4 % school-building bonds described in V. 85, p. 116, were rejected. Lincoln County, (P. O. Ivanhoe) Minn.— Bond Sale.— This county has awarded $11,167 4 % drainage bonds to the State of Minnesota at par. Denominations $667, $1,500 and $4,500. Date June 29 1907. Interest annually in July. Linden, Iowa County, W is.— Bonds Voted and Sold.— By a vote of 99 to 89 this city on July 16 authorized the issuance of the $8,000 5 % water-works bonds mention of which was made in V. 84, p. 1137. These securities have been awarded to the Bank of Linden. Logan City, Cache County, Utah.— Bond Sale.— On July 16 an issue of $45,000 (not $40,000 as first reported) 4J/£% 20-year refunding bonds was awarded to the Utah State Land Board at par. Denomination $1,000. Date Aug. 1 1907. Interest Jan. 31 and July 31. Logan County (P. O. Bellefontaine), Ohio.— Bond Offering. — Proposals will be received until 2 p . m . Aug. 12 for $17,000 4 % county ditch bonds. Authority Sections 4481 and 4482, Revised Statutes. Denomination $500. Date Aug. 12 1907. Interest semi-annually at the County Treasurer’s of fice. Bonds are exempt from taxation. A deposit of $250 is required with each bid. Official circular states that there is no litigation pending or threatened affecting this issue and that there has never been default in the payment of principal or interest. Loudonville, Ashland County, Ohio.— Bond Offering.— Proposals will be received until 12 m. Aug. 12 by Bernhard .Strauss, Village Clerk, for $15,696 5 % Main Street improve ment bonds. Authority Section 2835, Revised Statutes. Denomination $392 40. Date Aug. 1 1907. Interest semi annual. Maturity $784 80 each six months from March 1 1908 to Sept. 1 1917 inclusive. Certified check for 5 % of bonds bid for, payable to the Village Treasurer, is required. Purchaser to pay accrued interest. Louisville, Jefferson County, K y.— Bonds Awarded in P art.— Up to July 30 $413,000 of the $1,000,000 4 % 40-year old coupon sewerage-system-construction bonds offered on uly 10 (V. 84, p. 1503) had been disposed of to local brokers at par and accrued interest. Luzerne County (P. O. Wilkes-Barre), Pa.— Bond Sale.— On July 25 the $150,000 4 % 1-20-year (serial) coupon court-house-erection bonds described in V. 85, p. 177, were awarded to Graham & Co. of Philadelphia. McMechen, Marshall County, W . V a.— Bond Election Proposed.— This city proposes to hold an election to vote on the question of issuing sewer bonds. These bonds, if au thorized, will take the place of the $25,000 5 % coupon sewer bonds offered on May 18 (V. 84, p. 1137), an error having been discovered in the election held April 25. Mercer County (P. O. Celina), Ohio.— Bond Offering.— Proposals will be received until 10 a. m. Aug. 17 by T. A> Weis, County Auditor, for $22,000 4 % 'coupon Will Road pike bonds. Authority Title 7, Chapter 8r, Revised Statutes Denomination $500. Date Sept. 1 1907. Interest semi annual. Maturity $1,000 each six months fromMarch 1 1908 to March 1 1914 inclusive, $1,500 on Sept. 1 in each of the years 1914,1915,1916 and 1917 and $1,000 on March 1 in each of the years 1915, 1916 and 1917. Cash deposit of $100 is required. Bond Offering.— Proposals will also be received until 10 p. m. on the same day (Aug. 17) by T. A. Weis, County Auditor, for $28,500 4 % coupon Felver Road pike bonds. Authority Title 7, Chapter 8, Revised Statutes. Denom ination $500. Date Sept. 1 1907. Interest semi-annual. Maturity on Sept. 1 as follows: $2,500 yearly from 1908 to 1910 inclusive and $3,000 yearly from 1911 io 1917 inclus ive. Cash deposit of $100 is required. Merkel Independent School District (P .O . Merkel), Taylor County, Tex.— Bonds Registered.— An issue of $10,000 5 % school-house bonds maturing April 25 1927 was registered by the State Comptroller on July 27. Middletown, Butler County, Ohio.— Bond Offering.— Pro posals will be received until 12 m. Aug. 26 by N. G. Oglesby, City Auditor, for $1,129 40 4 % Woodside Avenue improve ment assessment bonds. Authority Section 75, Municipal Oode. Date Aug. 15 1907. Interest semi-annually at the National Park Bank of New York City. Certified check for $75 is required. Accrued interest to be paid by purchaser. Milden Public School District No. 1735, Sask.— Debenture Offering.— Proposals will be received until Aug. 20 by Ernest Duff, Secretary-Treasurer, for $1,500 debentures. Ma turity part yearly for ten years. Milton (P. O. Boston), Norfolk County, Mass.— Tempor ary Loan.— The Treasurer has borrowed $25,000 until Dec. 9 from Blake Bros. & Co., of Boston, at 5.19% discount. Mineola, Nassau County, N. Y .— Bond Offering.— Pro posals will be received until 8 p . m . Aug. 5 (postponed from July 19) by the Board of V llage Trustees for $40,000 coupon 301 or registered water-system-construction bonds. Denomina tion $500. Date July 1 1907. Interest (rate to be named in bid) semi-annually. Maturity $2,500 yearly on Julyfcl from 1912 to 1927 inclusive. Bonded debt, this issue. Certified check for $1,000, payable to Joseph Smith, Village President, is required. Monett, Barry County, Mo.— Bids.— The following bids were received on July 23 for the $7,000 5 % 10-20-year (optional) coupon public-sewer bonds, awarded on that day (V. 85, p. 240) to the William R. Compton Bond & Mortgage Co. of Macon at 101.256 and accrued interest: W illia m R . C o m p t o n B o n d & M o r tg a g e C o ., M a c o n __________________a $ 7 ,0 8 8 L ittle & H a y s I n v e s tm e n t C o ., S t. L o u is ______________________________ 7 ,1 4 2 S . A . K e a n , C h ic a g o ______________________________________________________ 7 ,0 7 0 7,011 C . H . C o ffin , C h ic a g o .............................................................................................. a A n d a ccru e d in terest Morris, Man.— Debentures Not Sold.— No sale was made on July 10 of the $15,000 4 ^ % refunding and the $3,500 5 % debentures described in V. 84, p. 1566. Moscow School District No. 1 (P. O. Moscow),-Latah County, Ida.— Bond Sale.— This district has awarded $1,000 5 % school-house bonds to the State of Idaho at par. De nomination $500. Date July 1 1907. Interest semi-annual. Murray, Calloway County, K y.— Bond Offering Postponed. — We are informed that the offering of the $19,500 4 % 5-20year (optional) coupon water-works and electric-light bonds which was to have taken place July 26 (V. 85, p. 240,) has been postponed until 8 p. m. Aug. 23. Newark, Licking County, Ohio.— Bonds Authorized.— On July 15 the City Council passed a resolution authorizing the issuance of $5,000 4 J^% coupon refunding light bonds. Denomination $500. Date Sept. 1 1907. Interest semi annually at the office of the Sinking Fund Trustees. Ma turity $1,000 yearly on Sept. 1 from 1910 to 1914 inclusive. New Barbadoes Township School District (P. O. Hacken sack), Bergen County, N. J.— Delivery of Bonds.— We are advised that the $30,000 43^% coupon school-building bonds to be offered on Aug. 5 will be delivered to the pur chaser on Sept. 16 and not Sept. 15 as stated in the first advertisement. See V. 85, p. 241, for description of bonds and terms of offering. New Haven, Fayette County, Pa.— Bond Offering.— Pro posals will be received until 12 m. Aug. 5 by W m . K . Huster, Borough Clerk, for $11,500 4 gol d refunding bonds. Denomination $500. Date Sept. 1 1907. Interest semi annually at the Union Trust Co. of Pittsburgh. Maturity $1,000 yearly beginning Sept. 1 1910. Bonds are exempt from all taxes. Certified check for $1,000, payable to the “ New Haven Borough,” is required. Bonded debt, includ ing this issue, $15,500. Assessed valuation, $589,935. New Orleans, La.— Bond Offering.— Proposals will be re ceived until 3 p. m. Aug. 27 by the Board of Liquidation of the City Debt for the $175,000 to $200,000 4 % coupon school-teachers’-salary bonds offered but not sold on July 23. See V. 85, p. 241. Denomination $1,000. Date Jan. 1 1907. Interest semi-annually. Maturity, Jan. 1 1927, subject to call after Jan. 1 1917. Certified check for $5,000 on the entire issue and for 3 % on amounts less than the entire issue is required. Past-due interest coupons will be canceled before delivery to purchaser. Newton, Catawba County, No. Car.— Bond Offering.— Proposals will be received until 4 p. m. Aug. 15 by W . B. Gaither, Mayor, for $75,000 5 % coupon water, sewer and light bonds. Denomination $1,000. Date July 1 1907. Interest semi-annual. Maturity July 1 1937. Certified check for 2 % of bonds bid for, payable to the Town Treas urer, is required. New York City.— Bond Offering.— Proposals will be re ceived until 2 p. m. Aug. 12 by Herman A. Metz, City Comp troller, for $15,000,000 4 % gold registered or coupon cor porate stock and bonds as follows: $ 9 ,0 0 0 ,0 0 0 4 % c o rp o ra te s to c k fo r v a rio u s m u n icip a l p u rp o se s, m a tu rin g M a y 1 1957 A 2 .5 0 0 .0 0 0 4 % c o r p o r a te s to c k fo r w a te r s u p p ly , m a tu rin g M a y 1 195 7. 1 .5 0 0 .0 0 0 4 % c o r p o r a te s to c k fo r th e co n s tr u c tio n o f th e R a p id T ra n sit R a ilr o a d . M a tu rity M a y 1 1957. 2,0 0 0 ,0 0 0 4 % a ssessm en t b o n d s, m a tu rin g M a y 1 1917. The above bonds are exempt from all taxation save for State purposes. Interest May 1 and November 1. Bonds or stock issued in coupon form can be converted at any time into registered bonds or stock and bonds, or stock issued in registered form can be converted at any time into coupon bonds or stock in denomination of $1,000. Either money or a certified check drawn to the order of the City Comptroller for 2 % of the par value of the stock or bonds bid for must accompany proposals. Chapter 274 of the Laws of 1904, which applies to the sale of bonds of the City of New York, provides that “ allor-none” bids cannot be considered by the Comptroller unless the bidder offering to purchase “ all or none” of the bonds offered for sale shall also offer to purchase “ all or any part” thereof. The off cial notice of this bond offering will be found among the advertisements elsewhere in this Department. 302 THE CHRONICLE. North Andover, Essex County, Mass.— Temporary Loan.— A loan of $10,000 has been negotiated with Bond & Goodwin of Boston at 5.40% discount. Loan matures Nov. 15 1907. Norwood (P. O. Ind. Sta. H, Cincinnati), Ohio.— Bond Sale.— On July 26 the $4,000 4 % 25-year fire and policestation-equipment bonds described in V . 84, p. 1566, were awarded to the Atlas National Bank of Cincinnati at 101.875 — a basis of about 3.883% . Oakland, Alameda County, Cal.— Bonds Valid.— Bond Offering.— The State Supreme Court has rendered a decision sustaining the validity of the $992,000 43^% gold coupon public-park bonds mentioned in V. 84, p. 1566. Proposals will be received for these bonds until Aug. 5. Oberlin, Lorain County, Ohio.— Bond Sale.— On July 26 the $38,000 4 % West Lorain and North Professor Street paving assessment bonds offered on June 29 (V. 84, p. 1445) were awarded to the State Savings Bank Co. of Oberlin at par and accrued interest. Maturity $2,000 on July 1 1908 and $4,000 yearly on July 1 from 1909 to 1917 inclusive. Omaha, Douglas County, Neb.— Bond Sale.— On Aug. 1 the $100,000 sewer-renewal, $75,000 paving-renewal and $200,000 renewal \ X A % 20-year coupon bonds described in V. 85, p. 178, were awarded, it is stated, to E. H. Rollins & Sons of Chicago for $385,638 75— the price thus being 102.834 — a basis of about 4.288% . Orangetown Union Free School District No. 4 (P. O. Nyack), Rockland County, N. Y .— Bond Sale.— On July 26 the $75,000 5-29-year (serial) registered school bonds de scribed in V. 85, p. 178, were awarded to N. W . Harris & Co. of New York City at 100.354 and accrued interest for 4 ^ s — a basis of about 4 .4 7 % . Following are the bids: [V o l . lxxxv . Raymond School District (P. O. Raymond), Lancaster County, Neb.— Bond Sale.— On July 20 $3,500 5 % 10-20year bonds were awarded to W . E. Barkley Jr., President of the Lincoln Safe Deposit & Trust Co. of Lincoln, at 101. Interest annual. Roane County (P. O. Kingston), Tenn.— Bond Offering.— Proposals will be received until 1:30 p. m ., Aug. 5, by J. C. Pope, County Clerk, for $60,000 5 % coupon refunding bonds. Authority, Chapter 190, Laws of 1907. Denomination $100. Date, day of sale. Interest annually at the County Trustee’s office in Kingston. Maturity 20 years, subject to call after five years. Certified check for $600, payable to E. C. Rob erts, County Trustee, is required. Rochester, N. Y .— Temporary Loans.— The following bids were received on July 29 for $549,000 water-works-improvement notes and $100,000 local-improvement notes: a S e cu rity T ru st C o ., R o ch e s te r: $ 5 4 9,00 0— 5 .8 7 3 ^ % . h O n eid a S a v in gs B a n k , O n eid a ; $ 5 0 ,0 0 0 eith er issue— 5 % . d B r o a d w a y S av in gs I n s titu tio n , N .Y . $ 2 5 ,0 0 0 lo ca l-im p ro v e m e n t— 5 1'o. d M on roe C o u n ty S a v . B a n k ,R o c h e s te r ; $ 1 0 0 ,0 0 0 —-5 VS % and $5 p rem . B o n d & G o o d w in , B o s to n ; $64 9 ,0 0 0 — 6 % an d $25 p rem iu m . B a n k fo r S a v in g s, N e w Y o r k ; $ 1 0 0 ,0 0 0 — 5 )4 % an d $12 p rem iu m . a A w a r d e d $54 9 ,0 0 0 w a te r n otes, ft A w a rd e d $ 5 0 ,0 0 0 lo ca l-im p ro v e m e n t n o te s . d A w a r d e d $ 2 5 ,0 0 0 lo ca l-im p ro v e m e n t n o te s. The Bank far Savings declined to accept a portion of the loan. Rockaway Township School District (P. O. Rockaway), Morris County, N. J.— Bond Sale.— On July 27 the $4,000 5 % 3-6-year (serial) coupon school-house bonds mentioned in V. 85, p. 178, were awarded to the First National Bank of Rockaway at 101— a basis of about 4 .75% . A bid of 100.375 was also received from C. S. Dickerson of Denville. N . W . H arris & C o .. N e w Y o r k (fo r 4 V £ s)----------------------------------- $ 7 5 ,2 6 5 50 Roeding School District, Fresno County, Cal.— Bond-Sale. R u d o lp h K le v b o lt e & C o ., N ew Y o r k (fo r 4 .6 0 s ).............................. 7 5 ,1 1 0 00 — On July 22 the $10,000 5 % 1-10-year (serial) gold coupon O ’ C o n n o r & K a h le r, N e w Y o r k (fo r 4 .7 5 s ) .......................................... 7 5 ,3 7 5 00 school-building bonds described in V. 85, p. 178, were Ferris & W h it e , N e w Y o r k (fo r 4 .7 5 s ) ------------------------------- ------------ 7 5 ,0 5 5 00 J o h n D . E v e r itt & C o ., N ew Y o r k (fo r 5 s ) ................................... ....... 7 7 .6 7 7 50 awarded to N. W . Harris & Co. of Los Angeles at 100.78 Palisade, Mesa County, Colo.— Bond Offering.— Proposals and accrued interest— a basis of about 4.838% . A bid was will be received until 8 p. m. Aug. 2 0 'by K . H. Cannam, also received from the Los Angeles Trust Co. of Los Angeles Town Clerk, for $75,000 6 % water-works-system-construc- at 100.40. tion bonds. Authority an Act of the General Assembly Sacramento, Sacramento County, Cal.— Bond Sale.— This approved April 4 1877. Denomination $1,000. Date June city has awarded the $300,000 4 % 1-40-year (serial) coupon 10 1907. Interest semi-annually at Kountze Bros, in New city-hall bonds offered on July 1 (V. 84, p. 1387) to the York City or at the Town Treasurer’s,office, at the option of National Bank of D. O. Mills & Co. of Sacramento for purchaser. Maturity June 10 1922, subject to call after $300,010 (100.003) and accrued interest. June 10 1917. Certified check for 1% of bonds bid for, pay Saginaw, Saginaw County, Mich.— Bond Offering.— The able to D. L. Rusk, Town Treasurer, is required. Bonded debt, this issue. Official circular states there is no litigation following 4 % bonds are being offered at par and accrued interest by Wm. Seyffardt, City Comptroller: pending or threatened concerning the validity of this issue. A m o u n t. P u rp o se . D a te. D en o m in a tio n . M a tu r ity . Pendleton, Umatilla County, Ore.— Bond Offering.— Pro $ 2 ,0 0 0 B rid ge ............................................ J u ly 20 1907 $ 1 ,000 1912 2 .0 0 0 S treet im p r o v e m e n t............... J u ly 25 1907 500 190 9-1 912 posals will be received until Aug. 21 by John Hailey, Acting 4 .0 0 0 S treet im p r o v e m e n t __________J u ly 25 1907 1,0 0 0 190 9-1 912 City Recorder, for $135,000 bonds. Certified check for 4 .0 0 0 S treet Im p r o v e m e n t ______ . . A u g . 1 1907 400 19U8-1917 8 .0 0 0 S treet im p r o v e m e n t __________A u g . 1 1907 1 ,0 0 0 190 9-1912 $2,500, payable to the Mayor, is required. 7 .0 0 0 S tre e t I m p r o v e m e n t _________ A u g . 1 1907 700 190 8-1917 Ponca City, Kay County, Okla.— Bond Sale.— This city 1 0 ,0 0 0 S tre e t im p r o v e m e n t __________A u g . 1 1907 1,0 0 0 190 8-1917 9 .0 0 0 S treet im p r o v e m e n t __________A u g . 15 1907 1 ,0 0 0 1909-1917 has awarded the $20,000 sewer and the $12,500 water-works 4 ,5 0 0 S treet im p r o v e m e n t __________Aug.|15 1907 500 190 9-1917 5 % 20-year bonds offered on June 18 (V. 84, p. 1445) to St. Bernard School District (P. O. Station No. 17, Cin the Oklahoma Bond & Trust Co. at par. cinnati), Hamilton County, Ohio.— Bond Offering.— Pro Portland, Cumberland County, Me.— Bond Sale.— On July posals will be received until 12 m ., Aug. 30, by Chas. J. 27 the $55,000 4 ^ % gold coupon Durham Street school- Lohmann, Clerk of Board of Education, for $3,000 5 % cou building bonds described in V. 85, p. 241, were awarded to pon school bonds. Authority Section 3994, Revised Stat N. W . Harris & Co. of Boston at 103.301. Following are utes as amended April 15 1904. Denomination $500. Date the bids: day of sale. Interest March 1 and Sept. 1 at the Citizens’ N . W . H arris & C o ., B o s t o n .1 0 3 .3 0 1 K ln g s le y & A d a m s ,W o r c e s t e r 1 02 .50 Bank of St. Bernard. Maturity Sept. 1 1917. Certified L e e , H ig g in s o n & C o ., B o s t . .1 0 2 .3 5 6 C a n al N a t. B a n k , P o r t l a n d .-1 0 3 .2 6 M errill, O ld h a m & C o ., B o s t .1 0 3 .1 8 9 M a c k a y & C o ., B o s t o n -----------1 02 .35 check for $150, payable to the Clerk of the Board of Educa C harles H . G ilm a n , P o r t la n d .1 0 3 .1 7 6 P e r r y , C o ffin & B u rr, B o s t o n 102 .345 tion, is required. A . B . L e a ch & C o ., B o s t o n - .1 0 2 .2 9 3 G e o . A . F ern a ld & C o ., P o r t -1 0 3 .1 6 R u d o lp h K le y b o lt e & C o ., B o s t. 103.03 B lo d g e tt, M erritt & C o ., B o s -1 0 1 .5 4 St. Charles, Saginaw County, Mich.— Bond Offering.— T lm b e r la k e & W e b b , P o r t H u n t , M an n & S a lto n s s ta ll, Proposals will be received up to and including Aug. 12 by land ............... ............................ 1 01 .2 6 2 B o s t o n _____________________ 102.91 B lak e B ro s. & C o ., B o s t o n . -1 0 0 .4 0 E . H . R o llin s & S o n s . B o s t - -1 0 2 .5 3 C. H. Clipper, Village Clerk, for $2,500 5 % electric-light A d a m s & C o ., B o s t o n -------------102.511 bonds. Denomination $500. Date Sept. 1 1907. Interest Maturity on Aug. 1 as follows: $1,000 yearly from 1908 annually at place designated by purchaser. Maturity $500 to 1912 inclusive and $5,000 yearly from 1913 to 1922 in yearly on Sept. 1 from 1909 to 1913 inclusive. Certified clusive. check (or cash) for 2 % of amount of bid is required. Bonded Temporary Loan.— On the same day (July 27) the $50,000 debt at present $900. Assessed valuation 1907, $296,000. temporary loan notes described in V. 85, p. 241, and ma Bonds are coupon in form and are exempt from taxation. turing Oct. 1 1907, were awarded to Brown Bros. & Co. of St. George Special School District No. 5 (P. O. St. George), f Boston at 4.875% . Following are the bids: Dorchester County, So. Car.— Bond Sale.— On July 25 the B ro w n B ros. & C o ., B o s t o n . .4 .8 7 5 % H u n t , M a n n & S a lto n s ta ll, B o s t o n .................... ................... 5 .5 0 % L o r in g , T o lm a n & T u p p c r , $7,000 6 % 20-year coupon school-building bonds described G e o rg e H . B u rr & C o ., B o s t . 5 .9 5 % B o s t o n ______________________ in V. 85, p. 242, were awarded to J. L. Barringer of Florence B la k e B ro s. & C o ., B o s t o n - . 5 .3 7 % A bid for $105,470 (100.447) was submitted by W m . A. at par. This was the only bid received. Salisbury, Rowan County, No. Car.— Bond Election.— On Read & Co. of Boston for both issues. Pottawatamie County (P. 0 . Council Bluffs), Iowa.— Oct. 1 a proposition to issue $300,000 5 % 30-year municipal Bond Offering.— Proposals will be received until 9 a. m. improvement bonds will be submitted to a vote of the people. Aug. 21 by the Board of County Supervisors for $21,637 80 Denomination $1,000. Santa Ana School District (P. O. Santa Ana), Orange (or such less amount as may be equal to the special tax in the district remaining unpaid on said date) 6 % Pigeon County, Cal.— Bond Election.— On Sept. 25 the propositions Creek Drainage District bonds. Date July 1 1907. Interest to issue the $37,500 public-school and the $12,500 highsemi-annual. Maturity $2,500 yearlf on July 1 beginning school-land bonds, which were defeated at the election held 1912. Certified check for $250 is required. Purchaser to July 12 (V. 85, p. 179), will again be submitted to a vote of the people. pay accrued interest. W . C. Cheyne is County Auditor Sauk Rapids, Benton County, Minn.— Bond Sale.— On Preble County (P. O. Eaton), Ohio.— Bond Sale.— This July 27 the $25,000 20-year water-works bonds described county on July 27 disposed of the following bonds: in V. 85, p. 179, were awarded to F. E. McGraw of St. Paul $4 800 4 % C o u n ty D itch N o . 242 b o n d s t o th e P re b le C o u n ty N a tion a l B a n k fo r $ 4 ,8 0 4 — th e p rice th u s b e in g 1 0 0 .0 8 3 . D e n o m in a at par for 6s. tio n $800. 568 4 % C o u n ty D itc h N o . 260 b o n d s t o O . M . W ils o n o f F a lrh a v e n fo r Schenectady, Schenectady County, N. Y .— Bonds Pro $572— th e p rice th u s b e in g 1 0 0 .7 0 4 . D e n o m in a tio n $14 2. posed.— The Common Council has adopted a resolution pro Interest February and August. viding for the submission to the legislature of a bill author Pulaski County (P. O. Somerset), K y.— Bond Election.— izing the city to issue $75,000 bonds for the erection of a An election will be held Nov. 5 to vote on the question of garbage-disposal-plant and $125,000 bonds for the purchase of a park or parks. issuing $200,000 turnpike-building bonds. A ug 303 THE CHRONICLE. . 3 1907.J Scipio Township, Seneca County, Ohio.— Bond Offering.— Proposals will be received until 12 m. Aug. 17 by D. D. Hilsinger, Township Clerk (P. O. Republic), for $15,000 coupon road-improvement bonds. Authority Section 8050, Revised Statutes. Denomination $500. Date Sept. 2 1907. Interest semi-annually at the Republic Banking Co. of Republic. • Maturity $1,000 each six months from Sept. 2 1913 to Sept. 2 1920 inclusive. Certified check for 5 % of bid is required. Seattle, King County, W ash.— Bond Election.— An elect ion Will be held Aug. 20 to vote on the question of issuing $75,000 5 % 20-year warrant funding bonds. Interest semi annual . Seward, Seward County, Neb.— Bond Sale.— This city recently awarded $15,000 43^% 5-20-year (optional) re funding railroad-aid bonds to local investors at par. De nomination $1,000. Date July 1 1907. Interest annual. Shelby, Cleveland County, No. Caro.— Bond Offering.— Proposals will be received until 8 p. m. Sept. 2 by Ryburn & Hoey, City Attorneys, for $100,000 coupon water-works and sewerage bonds at not exceeding 5 % interest. Au thority Act of General Assembly 1907. Denomination $1,000. Date Oct. 1 1907. Interest semi-annually at the Town Treasurer’s office. Maturity “ not less than 30 years nor more than 50 years.” Certified check for 2 % of bonds bid for, payable to the Town Treasurer, is required. Official circvlar states that there is no litigation pending or threat ened and that the town has never defaulted in the payment of any of its obligations. Bonded debt, not including this issue, $35,000. These securities are part of the $115,000 bonds mentioned in V. 84, p. 1015. Shelby County (P. O. Sidney), Ohio.— Bond Sale.— This county recently awarded, it is stated, an issue of $19,000 4J^% ditch-improvement bonds to the Citizens National Bank of Sidney at par. Sheridan School District No. 7 (P. O. Sheridan), Sheridan County, W yo.— Bond Sale.— On July 16 $10,000 5 % schoolbuilding and furnishing bonds were awarded to the State of Wyoming at 101. Denomination $1,000. Date July 1 1907. Interest semi-annual. Maturity $1,000 yearly on Jan. 1 from|1910 to 1919 inclusive. N E W Sheyenne School District (P. O. Sheyenne), Eddy County, No. Dak.— Bonds Voted.— This district recently authorized the issuance of $15,000 school bonds. These securities, we are informed, will be taken by the State. Shickley School District (P. O. Shickley), Fillmore County, Neb.— Bond Sale.— On July 20 an issue of $10,000 5 % 9^-y ear (average) school bonds was awarded to W . E. Barkley Jr., President of the Lincoln Safe Deposit & Trust Co. of Lincoln, at par. Interest annual. Shreveport, Caddo Parish, La.— Bond Sale.— This city has awarded the $75,000 4 % 40-year coupon city-liall bonds offered without success on June 11 (V. 85, p. 1506) to the Commercial National Bank of Shreveport at par, the city allowing $3,000 commission and $200 attorneys’ fees. The bank agrees to pay the city 4 % interest on the portion of the money remaining on deposit. We are informed that about $18,000 of the $40,000 4 % 40-year coupon park-purchase bonds will be taken by the owners of the park land and that the balance will be disposed of as the money is needed. Skamania County School District No. 20, W ash.— Bond Sale.— On July 20 $1,000 5 % 2-20-year (optional) gold school-house bonds were awarded to the State Board of Finance at par. Interest annual. Sumter School District (P. O. Sumter), Sumter County, So. Car.— Bond Sale.— On July 6 the $30,000 20-year coupon school-building bonds offered without success as 4J^s on July 1 (V. 85, p. 59) were awarded to W . R. Todd & Co. of Cincinnati at par for 5s. Sunnyvale School District, Santa Clara County, Cal.— Bond Sale.— On July 22 the $11,000 5 % 2-12-year (serial) gold coupon school bonds described in V. 85, p. 179, were awarded to the Bank of Sunnyvale at 102.025 and accrued interest. A bid was also received from the Los Angeles Trust Co. of Los Angeles for $11,100, or 100.909. Tecumseh, Johnson County, Neb.— Bond Offering.— Pro posals will be received until 4 p . m . Aug. 6 by Frank L. Dinsmore, City Clerk, for the $16,000 5 % electric-light-plantconstruction bonds voted on July 9. Interest semi-annually at the fiscal agency of Tecumseh in New York City. Ma turity twenty years, subject to call after five years. N E W L O A N S . $ $ 1 5 , 0 0 0 , 0 0 City 0 3 E W Y O F ou r (4 % ) TAX EXEM PT GOLD R K P er C I T Y C e n t. STOCK AND BONDS Issued in Coupon or Registered Form. Interchangeable at will after purchase. T o b e S o ld M o n d a y , A u g u s t 1 2 ,1 9 0 7 At 2 o’clock P. M. AS FOLLOWS : $13,000,000 Corporate Stock, Payable May 1, 1957 2,000,000 Assessment Bonds, Payable May 1,1917 EXEMPT FROM TAXATION, EXCEPT FOR STATE PURPOSES THESE LEGAL STOCKS AND IN V E S T M E N T S FOR BONDS ARE TRUST FU N DS. S en d b id s in a s e a le d e n v e lo p e , e n c lo s e d in th e a d d r e s s e d e n v e lo p e . A D E P O S IT OF T W O P E R C E N T . O F P A R V A L U E M U ST A C C O M P A N Y B ID . Such d e p o s it m u s t be in m o n e y o r c e r tifie d c h e c k u p o n a s o lv e n t B a n k in g C o r p o r a t io n . F o r f u ll e r i n fo r m a t io n see “ C it y R e c o r d ,” p u b lis h e d at R o o m N o . 2, C it y H a ll, N e w Y o r k . Consult any Bank or Trust Company, or address 6 , 0 0 0 of BurlingtoD, N. J., 4 & % N L O A N S B O N D S . S e a le d p r o p o s a ls are I n v ite d fo r th e p u r c h a s e o f th e w h o le o r a n y p o r t io n o f an issu e o f 5 3 6 ,0 0 0 in 0 4 p e r c e n t b o n d s o f t h e C ity o f B u r lin g t o n , N .J . , in d e n o m in a tio n o f $500 e a c h , d a t e d J u ly 1, 1 9 0 7 , p a y a b le J u ly 1, 1 9 3 7 , w ith s e m i-a n n u a l in te re st c o u p o n s a t t a c h e d a n d c o n t a in in g a S in k in g F u n d p r o v is io n . B id d e r s w ill s ta te th e p r ic e in w o r d s a n d in fig u res t h e y o ffe r fo r e a ch b o n d In d o lla rs a n d c e n t s , t o w h ic h w ill b e a d d e d a c c r u e d In terest fr o m J u ly 1, 1 93 7, t o d a te o f d e liv e r y . T h e r e c o r d o f th e p r o c e e d in g s a u th o r iz in g th e issu e m a y be in s p e c te d u p o n a p p lic a t io n t o th e C ity C lerk , a n d c o p ie s o f t h e O rd in a n c e w ill b e fu rn ish e d u p o n r e q u e s t t o h im , b u t th e c it y w ill n o t fu rn ish a t Its e x p e n s e a n y c o p ie s o f th e r e c o r d e ith e r b e fo r e o r a ft e r th e a w a r d . C o n d itio n a l b id s w ill n o t b e c o n s id e r e d . T h e rig h t is r eserv ed t o r e je c t all o r a n y b id s r e c e iv e d , an d t o m a k e aw a rd as m a y b e t o t h e b e s t In terest o f th e c it y . B id s m u s t b e a c c o m p a n ie d b y c e r tifie d c h e c k s d r a w n o n a N a tio n a l B a n k fo r a t le a st t w o p e r c e n t o f th e a m o u n t b id u p o n , t o b e fo r fe it e d In th e e v e n t o f fa ilu re fo c o m p ly w ith th e term s o f th e a w a r d , su ch c h e c k s t o b e m a d e t o th e o r d e r o f t h e C ity T re a su re r. K«J P r o p o s a ls are t o b e a d d re s s e d t o t h e C o m m o n C o u n c il, e n d o r s e d " P r o p o s a ls fo r B o n d s ,” and file d w ith th e C ity C lerk a t o r p r io r t o e ig h t o ’ c lo c k p . m ., o n T U E S D A Y , A U G U S T 6 t h , 1 9 0 7 , a t w h ic h tim e t h e y w ill t>e p u b lic ly o p e n e d a n d rea d In th e p r e s e n c e o f t h e C o m m o n C o u n c il a n d s u ch o th e r s as m a y de sire t o b e p r e s e n t. C. P A N C O A S T S M I T H , F R E D E R IC K P E T E R , G E O R G E W . S IS O M , F in a n ce C o m m itte e . JO SH U A T A Y L O R , C ity T rea su rer. ' T H O M A S S . M O O N E Y , C ity C lerk. D a t e d A u g u s t 1, 190 7. M U N I C I P A L A N D R A I L R O A D B O N D S . LIST ON APPLICATION. H E R M A N A. M E T Z, Comptroller City of New York SEASON GOOD & MATER, 280 B r o a d w a y , Mao Donald,McCoy & Co., M U N IC IP A L AN D C O R P O R A T IO N ifix L a S a lle S tre e t, I N V E S T M E N T C h ic a g o . B O N D S L i l t * » fx > n r e q u e s t . S T A N D A R D 41-43 Wall St. A U D I T C O . 43-49 Exchange PI, NEW YORK F a r n s w o r t h , PERLEY MORSE. P rei. I BOSTON CLK TK LAN D an 4 P H IL A D E L P H IA , H E N R Y C . D A V IS , S * c y .} D e n is o n B O N D S , m e r c a n t i l e L i b r a r y B u i l d i n g ;, C IN C IN N A T I. N ew Y o r k . & C e r tifie d P u b lic A C C O U Ilt a ilt S T e le p h o n e 2280-8270 B ro a d THE CHRONICLE. 304 [V o l . lxxxv . Terre Haute School City (P. O. Terre Haute), Vigo County, on May 1 from 1918 to 1943 inclusive. Certified check for Ind.— Bond Offering.— Proposals will be received until 10 5 % of bonds bid for, drawn on a State or national bank or a. m. Aug. 10 by the Board of School Trustees, Adolph trust company and made payable to the “ Board of Educa Neukom, Secretary, for $200,000 4 % school funding bonds. tion,” is required. Arthur J. Prall is District Clerk. The Authority an Act of the General Assembly approved March bonds will be approved by Adrian D. Sullivan, Borough 12 1907. Denomination $1,000. Interest semi-annually Attorney, whose opinion as to their legality will be delivered at the Terre Haute Trust Co. of Terre Haute. Maturity to purchasers. These securities were offered without suc $10,000 yearly on Sept. 1 from 1912 to 1931 inclusive. cess as 4s on July 8. Bonds are exempt from taxation. Certified check for Warren, Trumbull County, Ohio.— Bond Offering.— Pro $5,000 is required. posals will be received until 12 m. Aug. 19 by Chas. B. Troy, Rensselaer County, N. Y .— Revenue Bond Sale.— On Selby, City Auditor, for the following bonds, mention of July 29 $100,000 revenue bonds were awarded to the Troy which was made in V. 85 p. 181: Savings Bank of Troy at par for 4s. Maturity Oct. 19 1907. 5380 5 % c o u p o n E lm Street Im p r o v e m e n t ( c i t y ’ s p o r tio n ) b o n d s . % c o u p o n N o rth T o d A v e n u e im p r o v e m e n t (c lt y s p o r t io n ) b o n d s . Union City, Erie County, Pa.— Bonds Voted.— The election 2,7 2905 55 % c o u p o n W o o d la n d A v e n u e im p ro v e m e n t ( c i t y ’s p o r t io n ) b o n d s . held June 18 resulted in favor of the proposition to issue the 535 5 % c o u p o n N o rth A v e n u e I m p r o v e m e n t (c it y 's p o r t io n ) b o n d s . fire protection bonds mentioned in V. 84, p. 1266. Denomination $500, except one bond for $230. Date Utica, Oneida County, N. Y .— Bond Sale Again Postponed. July 1 1907. Interest March 1 and Sept. 1 at the office of — The sale of the $152,500 school-building and the $100,000 the Sinking Fund Trustees in Warren. Maturity $500 each delinquent tax 4 % registered bonds which was to have taken six months from March 1 1909 to March 1 1912 inclusive and place July 29 (V. 85, p. 180) was again postponed, proposals $230 on Sept. 1 1912. Delivery of bonds Aug. 24. Pur begin received, this time until 2.30 p. m. yesterday, Aug. 2. chaser to pay accrued interest. Van Wert County (P. O. Van Wert), Ohio.— Bond Sale.— Westfield, Chautauqua County, N. Y .— Bonds Voted.— This county has awarded the $5,600 4 % coupon road- On July 20 this town, by a vote of 366 to 58, authorized the improvement bonds offered on July 20 (V. 85, p. 180) to issuance of $35,000 bridge bonds. Details of bonds and the People's Savings Bank of Van Wert at par. date of offering not yet decided Vermilion Parish Drainage District (P. O. Abbeville), La. West Salem, La Crosse County, W is.— Bond Offering.-— — Bond Election Postponed.— An election which was to have been held July 17 to vote on the question of issuing $40,000 Proposals will be received until 8 p. m. Aug. 6 by S. W . Sixth Ward Drainage District bonds has been postponed Brown, Village Clerk, for $3,000 5 % water-works bonds. Date Oct. 1 1907. Interest annually on April 1 at West indefinitely. Salem, W is., or at Chicago, 111., at option of purchaser. Victoria, Victoria County, Te x .— Bonds Voted.— This city Maturity $500 yearly on April 1 from 1915 to 1920 inclusive. on July 15 authorized the issuance of $15,000 5 % 1-40-year Certified check for $150, payable to the Village Clerk, is re (optional) water bonds by a vote of 133 to 74. Date of sale quired. These bonds are part of an issue of $15,000, of not yet determined. which $12,000 were awarded on March 14 (V. 84, p . 830) to MWallington School District (P. O. Rutherford), Bergen Rudolph Kleybolte & Co. of Chicago. Total debt, including County, N. J.— Bond Offering.— Proposals will be received this issue, $16,000. Assessed valuation $600,000. until 8 p. m. Aug. 9 by the Board of Education for $13,000 Wetaskiwin, Alta.— Debentures Not Sold.— No sale was 5 % coupon public-school-addition bonds. Denomination $500. Date May 1 1907. Interest semi-annually at the made on July 2 of the four issues of 5 % debentures aggre Passaic National Bank of Passaic. Maturity $500 yearly gating $172,500, described in V. 84, p. 1448. N E W # 2 N E W L O A N S . 5 , 0 0 0 SCHOOL DISTRICT No. 32, H A R T S V I L L E , 5% N O N - T A X A 8 L E S . R L . D A Y B O N D S . C X D 6 I1 S C S . R ig h t reserved t o r e je c t a n y o r all b id s. A d d res s all b id s t o “ B o a rd o f T ru ste e s S c h o o l D is t r ic t N o . 3 2 , H a r ts v llle , S. C . , ” a n d en d o rse p la in ly o n th e e n v e lo p e th e w o rd s " B i d fo r b o n d s. F o r 'fu r t h e r In form a tio n a p p ly t o th e C h a irm a n . M . S M c K I N N O N , C h airm an . J. E . M IL L E R . \ J . J . L A W T O N . / T ru stees. C O M A N H A T T A N U S T 37 W all Street. BOSTON. NEW Y0KK. New York City Bonds E X E M P T F B O II S T A T E , O O S N T I AN D C IT Y T A X E S M U N I C I P A L JOHN I. M P A N W ATERBURY, Y President. Vice-Presidents JOHN KEAN, AMOS T. FRENCH, W . N. DUANE, CHARLES H. STOUT. The Manhattan Trust Company re ceives deposits bearing interest and sub ject to cheque, payable through the New York Clearing House. D IR E C T O R S AN D Public Service Corporation BONDS. E . H C O W a l l S t ., c o r . N a s ia n , N e w Y o r k 85 Congress Street, R O L L I N S & S O N S . BOSTON Denver. & M C O .. T R C . C O U P O N & B A N K E R S . S ealed p r o p o s a ls w ill b e re c e iv e d b y th e B o a rd o f T ru stees o f S c h o o l D is trict N o . 32, e m b ra cin g ’ th e to w n o f H a r ts v llle , S . C -, u n til 12 o ’ c lo c k n o o n o f th e 2 0 th d a y o f S e p te m b e r 1907 fo r th e p u rch a s e o f T w e n t y -F iv e T h o u s a n d D olla rs fiv e p e r c e n t n on t a x a b le c o u p o n b o n d s , t o be d a t e d J u ly 1st, 1 90 7, a n d p a y a b le 20 yea rs a fte r d a te. In teres t p a y a b le J a n u a r y t h e 1st a n d J u ly th e 1st o f ea ch y e a r a t th e B a n k o f H a r ts v llle , H a r tsv llle , S. C . T h e p u rp o s e o f this Issue o f b o n d s Is t o m e e t th e c o s t o f c o n s tr u c tin g an d e q u ip p in g a n ew s c h o o l b u ild in g In th e said to w n fo r th e use o f th e said s c h o o l d is tric t. C ertified c h e c k fo r 8 1 ,0 0 0 00, p a y a b le t o th e or d e r o f M . S. M c K in n o n , C h a irm a n , t o a c c o m p a n y all b id s an d t o be fo rfe ite d In case o f failure o f p u rch a ser t o c o m p ly w ith his b id . N o b id s fo r less th a n p a r an d a c c r u e d Interest w ill b e c o n sid e r e d , an d ea ch b id m u st Inclu de e x p e n s e s o f lith o g r a p h in g an d Issuance o f b o n d s an d all o th e r E R V I N M I S C E L L A N E O U S . L O A N S . Coicage. San Francisco Francis R. Appleton James J. Hill Robert Bacon John Kean George F. Baker John J. Mitchell August Belmont E. D. Randolph Walter P. Bliss Grant B. Schley H W . Cannon S. L. Schoonmaker R. J. Cross John I. Waterbury Rudulph Ellis Amos Tuck French R T. Wilson P A N Y , New Issue B A N K E R S . P e r r y , C o ffin & B u r r , ^New York Stock E xchange, em era ^ Stock Exchange. I N V E S T M E N T BONDS FO R B . S H E R M M U N IC IP A L A N BONDS and La S alle & M C o ., - ana NKW Y O R K and H ig h -G r a d e I N T E R C H A N G E A B L E or R e g i s t e r e d Tax B o n d s Exem pt, T. W. STEPHENS <fe 00., 2 W A L L ST., NEW YORK S tre e t, B lo tig c t, u n ic ip a l, C o u n t y , B R A U N , Y ork B an k , T m it F ir e I n m r a n e e S to c k s 4 3 E x ch a n g e P la ce W a ln a t & C IN C IN N A T I, O. S tr e e t, C H I C A G O P R I M R O S E N ew 409 C I T Y M ATU RIN G M AY, 1957 C O . K le y b o lt c Y O R K Gold, BOSTON A lb e r t ) CORFOKATION ) 2 0 5 & 4 % C o u p o n ' SO State Street, Drexel B uilding, Philadelphia. 43 Exchange Place, N«-w York F . B O N D S IW T E S T M E N T N E W S t a t e , P u b lic M e r r itt 6c C o , BANKERS, S e r v ic e 6 0 S ta te S tr e e t, B o s t o n S « N A SSAU S T R E E T , MEW V O K .K . 'S e c u r i t i e s 2 2 . C o rre sp o n d e n ce Solicited STATE, C IT I ft RAILROAD BONDS. A ug. THE CHRONICLE. 3 1 9 0 7 .j Wheelersburg Special School District (P. O. Wheelersburg, Scioto County, Ohio.— Bond Offering.— Proposals will be received until 12 m. Sept. 2 by the Board of Education, J. B. Fullerton, Clerk, for $10,000 4 % school-house-enlargement bonds. Interest semi-annual. White Plains, Westchester County, N. Y .— Bond Offering. — Proposals will be received until 8 p. m. Aug. 19 by the Board of Trustees, John J. Brown, President, for the follow ing bonds: 5 1 9 ,0 0 0 4 y2 % fu n d in g b o n d s . A u th o r it y C h a p te r 616 , L a w s o f 190 3. M a tu r ity A u g . 1 1937. 2 0 ,0 0 0 4 % m a c a d a m b o n d s A u t h o r it y C h a p te r 8 0 , L a w s 1 90 6. M a ui t u r it y $ 5 ,000 o n A u g . 1 e a ch o f th e y e a rs 193 0, 194 0, 1941 a n d 1942. 9 .0 0 0 4 % sew er b o n d s . A u th o r it y C h a p te r 609 . L a w s 188 7. M a tu r ity A u g . 1 1937. 9 .0 0 0 4 % sew er re fu n d in g b o n d s . A u th o r it y C h a p te r 609 , L a w s 1887. M a tu rity A u g . 1 1937. Denomination $1,000. Date Aug. 1 1907. Interest semi annual. Certified check on a State or national bank or trust company for 5 % of bonds bid for, is required. Peter Paul ding is Clerk of Board of Trustees. Wichita, Sedgwick County, Kan.— Bond Sale.— This city has awarded $17,000 5 % 20-year bonds dated May 1 1907 to Spitzer & Co. of Toledo at par. Denomination $1,000. Interest semi-annual. Woodsfield, Monroe County, Ohio.— Bond Sale.— On July 29 the $7,780 52 5 % Market or Marietta Street improvement assessment bonds described in V. 85, p. 120, were awarded to the Security Savings Bank & Trust Co. of Toledo at 102.39 and accrued interest. Following are the bids: S e c u r ity S a v in gs B a n k & IW e il, R o t h & C o ., C i n c i n ..$ 7 ,9 4 4 52 T r u s t C o ., T o l e d o _______ $7,9 6 6 52 S. A . K e a n , C h ic a g o ----------- 7,881 66 H a y d e n , M iller & C o ., C le v . 7,9 6 2 52 |N e w F irst N a t . B k .. C o lu m . 7 ,8 6 6 52 Maturity $389 03 each six months from March 1 1908 to Sept. 1 1917 inclusive. Woonsocket, Providence County, R. I .— Bond Sale.— On July 19 $200,000 4 20-year funding bonds were awarded to Blodget, Merritt & Co. of Boston at 102.19 and accrued interest— a basis of about 4.336% . Denomination $1,000. Date June 1 1907. Interest semi-annual. These securities were offered as 4s on June 24; all bids received on that day being rejected. Wyandot County (P. O. Upper Sandusky), Ohio.— Bond Offering.— Proposals will be received until 12 m. Aug. 13 by J. N. Traxler, County Auditor, for $4,800 5 % roadimprovement bonds. Authority an Act of the General Assembly passed April 4 1900. Denomination $480. Date July 1 1907. Interest semi-annually at the County Treas urer’s office. Maturity $960 yearly on Jan. 1 from 1909 to 1913 inclusive. Certified check (or cash) for $300 isjrequired. Yonkers Union Free School District (P. 0 . Yonkers), Westchester County, N. Y .— Bond Offering.— Proposals will be received until 8 p. m. Aug. 5 by J. H. Claxton, Secretary Board of Education, for $60,000 4 ^ % registered school bonds. Authority Chapter 543, Laws of 1899. Date Aug. 1 1907. Interest April 1 and Oct. 1. Maturity $10,000 yearly on April 1 from 1951 to 1956 inclusive. Certified check for 5 % of bonds bid for, payable to the Treasurer of the Board of Education, is required. Purchaser to pay accrued interest. Delivery of bonds Aug. 15. Youngstown, Ohio.— Bond Sale.— The following bids were received on July 29 for the seven issues of 5 % paving and sewer bonds, aggregating $34,740, described in V. 85, p. 120. $ 7 ,000 $ 3 ,7 3 0 $ 10 ,885 $ 6 ,545 F ed eral S t. M a rk et St. & E d w ardsS t. C rossm a n A v sew er S t. L o u is A v e . pa vin g pavin g bonds. bonds. bonds. bonds. H a y d e n ,M ille r & C o .,C le v .a $ 7 ,117 50 a $ 3 ,7 9 2 00 a $ l l ,0 6 7 00 a $ 6 ,6 5 4 00 D e n is o n & F a r n s w o r th .C le . 7,1 1 7 00 ............. 11,065 00 S e a s o n g o o d & M a y e r, C in. 7,1 0 7 10 _______ 11,051 54 6,6 4 5 13 B reed & H a rriso n , C in c__ 7,1 0 5 00 _______ 1 1 ,0 4 8 ,3 0 6 ,6 4 3 18 _______ 10,9 9 7 00 6,6 1 2 50 W e il, R o t h & C o ., C i n e .. 7,071 50 O tis & H o u g h , C le v e la n d . 7,071 00 _______ 10,995 00 N e w F ir s t N a t .B k .,C o lu m . 7,0 4 3 00 3,750 00 10,955 00 6 ,5 8 0 00 H o e h le r & C u m m in g s ,T o l. _______ _______ 11,056 50 .. $1,7 0 0 $2,2 8 0 $ 2 ,600 H illm a n S t. H illm a n S t. M y r tle A v e Sew er N o . 1 S ew er N o . 2 sew er bonds. bonds. bond s. W m . W ir t , Y o u n g s t o w n _______ _______ a $ l,7 2 4 50 a $ 2 ,3 1 2 87 H a y d e n , M iller & C o ., C le v e la n d ____ 1,718 75 2,305 25 a $ 2 ,628175 N e w F irst N a tio n a l B a n k , C o l u m b u s .. 1,071 00 2,2 8 2 00 2,6 0 2 25 a S u cce ssfu l b id d e r s . M I S C E L L A N E O U S . M I S C E L L A N E O U S . C asuV plluT $ 12 , 0 0 0 , 0 0 0 T it l e a n d 305 O F F IC E OF TH E g u a r a n t e e T R U S T c o m p a 176 Broadway, New York. 175 Remsen Street, Brooklyn. 198 Montague Street, Brooklyn Banking n y A T LA N T IC M U T U A L IN SU R A N C E C O M P A N Y . N e w Y o r k , J a n u a r y 2 2 d , 1907. Dept. Examines & guarantees Real 'Estate Title*, Loans Money on Bond and Mortgage. Furnishes Mortgages to Investors. Mcceives Deposits subject to check, alloicinc Interest. Does all Trust Company Business. FINANCE COMMITTEE. In Charge o f Banking Interest* KDW ARD T. BEDFORD. CLAR EN CE H . K E L S E Y . E D G A R L. M ARSTON. W ILLIA M H . NICHOLS. JAMES H. O L IP H A N T . CH A R LE S A. P E A B O D Y . JACOB H . SCH IFF. JAMES S P E Y E R . E D W A R D O. ST A N LE Y CLARENCE H . K ELSEY . President. FRAN K B A IL E Y , Vice President. E D W A R D O. ST AN LE Y, Second Vice President. Manager Banking Department. CLINTON D. BU R D ICK Third Vice President. J . W R A Y CLEVELAN D, Secretary. ARTH U R TE R R Y , Treasurer. FR AN K L. SN1FFEN Manager Brooklyn Banking Department. T le T rustees, in co n fo rm ity w ith the C harter o f the C o m p a n y , subm it the follow in g statem ent o f its a ffa irs on the 31s* o f D ecem b er, 190 6. P re m iu m s o n M arin e R isk s fro m 1st J a n u a r y , 1 90 6, t o 31st D e c e m b e r , 1 9 0 6 _______ P re m iu m s o n P o licie s n o t m a rk e d o ff 1st J a n u a r y , 1 9 0 6 _______________________________ §3 ,1 9 0 ,2 4 1 67 582 ,1 9 1 98 T o t a l M arin e P re m iu m s _____________________________________________________________________ $ 3 ,7 7 2 ,4 3 3 65 P rem iu m s m a rk ed o ff fro m 1st J a n u a ry , 1 90 6, t o 31st D e ce m b e r , 1 9 0 6 ....................... I n te r e s t re c e iv e d d u rin g th e y t a r ___________________________ $ 3 5 6,45 7 98 R e n t, less T a x e s a n d E x p e n s e s ______________________________ 125,501 85 $ 4 8 1 ,9 5 9 83 $ 3 ,0 8 1 ,7 1 4 32 L osses p a id d u rin g th e y e a r w h ich w ere e stim a ted in 1905 a n d p re v io u s y e a r s _______ ______ __________ ______ ______ $ 3 0 9 ,8 1 7 14 L osses o c c u r r e d , e s tim a te d a n d p a id in 1 90 6______________1 ,0 0 9 ,2 2 4 32 $ 1 ,3 1 9 ,0 4 1 46 L ess S a lv a g e s _______________________ $ 10 7 ,1 7 6 57 R e -in s u r a n c e s ______________________ 1 5 0 ,1 9 0 74 25 7 ,3 6 7 31 $ 1 ,0 6 1 ,6 7 4 15 R e tu rn s o f P r e m iu m s ________________________________________________________ $62 ,411 11 E x p e n se s, In clu d in g o ffic e r s ’ salaries a n d cle rk s’ co m p e n s a tio n , s ta tio n e ry , n ew sp a p ers, a d v e rtis e m e n ts , e t c .................................................... $ 3 4 4 ,0 9 8 27 T h e C o m p a n y has th e fo llo w in g A ssets, v iz .: U n ited S tates a n d S ta te o f N ew Y o r k S to c k , C ity , B a n k a n d o th e r S e cu ritie s ______ S p e cia l d e p o s its in B a n ks a n d T ru s t C o m p a n ie s ............................... _ ......................................... R ea l E sta te co rn e r W a ll a n d W illia m S ts ., a n d E x ch a n g e P la c e _____ $ 4 ,2 9 9 ,0 0 0 00 O th e r R e a l E s ta te a n d cla im s d u e th e C o m p a n y ________________________ 7 5 ,0 0 0 00 $ 5 ,6 9 7 ,1 0 8 00 7 0 0 ,9 6 6 67 4 ,3 ^ 4 ,0 0 0 00 P rem iu m n o te s an d B ills R e c e iv a b le ..................................... ....................... ...................................... Cash In han ds o f E u ro p e a n B a n k ers t o p a y losses u n d e r p o licie s p a y a b le in fo re ig n c o u n t r ie s ________________________________________________________________________ _______ Cash in b a n k ___________________________________________________________ _____ __ 1 ,1 9 1 ,9 7 4 88 A g g r e g a t i n g ......................................................................................................................................... $ 1 2 ,7 9 7 ,8 2 3 72 2 7 1 ,1 4 2 54 562 ,6 3 1 63 E s t a b lis h e d 1 S 8 3 . H . C . S p e e r & S o n s C o . First Nat. Bauk Building, Chicago C IT Y A N D R O N H 9 C O U N T Y T O W N S H IP — ■ l U B O N D S WITHOUT C O U P O N S w ith steei-plate border®. o r lithographed* o r part ly p rim ed from typ e. I f th e latter, th e e can be D E L IV E R E D IN F E W DAYS C ertificates en gra ve d in best m anner, o r partly lith ograp h ed and partly p rinted A L B E R T B . K I N G & CO ., 8 0 6 B r o a d w a y , H . I Atlantic Mutual Insurance Com of All Years Bought and J O H N M. G IL L E S P IE , Room No. 518 Atlantic Building, 49-51 .Walk Street.n m m NEW YORK. A dividend o f Six per cent Interest on the outstanding certificates of profits will be paid to the *tolders thereof, or their legal representative!?, on and after T u e sd a y the F ifth of F eb ru a ry next. T h e o u ts ta n d in g certifica tes o f th e issue o f 1901 w ill b e re d e e m e d a n d p a id to th e h old ers th e r e o f, o r th e ir legal rep re se n ta tiv e s, on a n d a fte r T u e sd a y th e fifth o f F eb ru a ry n e x t, fro m w h ich date all Interest th ereon w ill cea se. T h e certifica tes t o b e p r o d u c e d a t th e tim e o f p a y m e n t , a n d ca n ce le d A d iv id e n d o f F o r ty p er ce n t is d ecla red o n th e n et earn ed p re m iu m s o f th e C o m p a n y fo r th e y ea r en d in g 3 1st D e ce m b e r, 190 6, fo r w h ic h , u p o n a p p lic a tio n , certifica tes w ill b e Issued o n and a fte r T u e sd a y th e s e v e n tn o f M ay n e x t. B y o rd e r o f the B o a rd , Q. ST A N TO N F L O Y D -J O N E S . S ecreta ry . G U S T A V A M S IN C K , F R A N C I S M. B A C O N , JO H N N . B E A C H , W IL L IA M B. B O U L T O N , VERN O N H. BROW N , W A L D R O N P. B R O W N , JO SEPH H . CH APM AN , G E O R G E C. C L A R K , C L E V E L A N D H. D O D G E , C O R N E L IU S E L D E R T , R IC H A R D H . E W A R T , TRU STEES. H E R B E R T L . G R IG G S , C L E M E N T A . G R IS C O M . AN SO N W . H A R D . M O R R IS K . JE S U P , L E W IS CASS L E D Y A R D , F R A N C IS H . L E G G E T T , C H 4 R L E S D. L E V E R IC H , L E A .N D E R N . L O V E L L , GEO RG E H. M \CY. CH ARLES H. M ARSH ALL, A. vtf. H . K . M O u u E , N IC H O L A S F . P A L M E R . H E N R Y P A R IS H , D A L L A S B. P R A T T , G E O R G E W . Q U IN T A R D , A. A. R A V E N , JO H N L. R I K E R , D O U G L A S R O B IN S O N . GU STAV H. SCH W AB, W IL L IA M A . S T R E E T . RAVEN. President. C O R N E L I U S K T .n u D T . V ice-P resid en t. ,T4 MT^q t „ U v r v Q S T O N , M V ice-P resid en t. S 4 N F O P T 1 E . C O ^ B , 3 d V ice-P resid en t. C H A R L E S E . F A Y , 4th V ice-P resid en t. 306 THE CHRONICLE. [V o l . lxxxv . Trust Companies. M e r c a n tile T r u s t C o. C I T Y St. Louis, Mo M em ber S t. L ou is Clearing’ H o u se A s s o c ia tio n Capital and Surplus, $9,500,000 F E S T U S J. W A D E . P resid en t. W M . M A F F IT T , T reasu rer Commenced business Nov. 16, 1899 RESOURCES N o v .16,1899 $1,667,051 19 Nov. 16, 1900 $4,429,448 02 N o v .16, 1901 $11,780,418 95 Nov. 16, 1902 $21,882,734 64 Nov.16,1903 §21,756,471 73 Nov. 16,1904 $26,508,716 93 Nov. 16, 1905 $27,292,163 57 Nov. 16, 1906, $27,984,599 63 The Proof of Good Service is Constant Growth CENTRAL TRU ST COM PANY O F IL L IN O IS, CHICAGO Capital, - - - Surplus and Profits - BANKING, SAVINGS AND DEPARTMENTS. C ity Capital & Surplus, - - $4,000,000 T ra n sa cts a General T ru st and B a n k in g B u sin ess In te re st A llo w e d on D e p o s its S u b je c t to CheckA cts as T ru stee under R a ilroad and o th e r M ort g a g e s ; also as A g e n t fo r the R e g is te rin g and T ran sfer o f Stock. A legal D e p o s ita r y fo r C o u rt F u n d s , and a u th o r ized t o a c t as E x e c u to r , G u a rd ia n , A d m in is tra to r a n d T ru stee. D IR E C T O R S . P H I L I P S T O C K T O N , P residen t. Charles F . A d a m s 2d. G e o rg e E . K e ith , O rla n d o H . A lfo r d . G ardin er M . Lane. F . L o th r o p A m es. A r th u r L y m a n , J o h n S. B a rtle tt, M axw ell N orm a n , Charles E . C ottin g. R o b e r t T . P a in e 2d, A lv a h C ro ck e r, A n d r e w W . Preston. L iv in g s to n Cushing. R ic h a r d S. R ussell G eorg e A . D ra per. H o w a r d S to ck to n . W illia m F . D raper. Charles A . S ton e, W ilm o t R . E v an s. G alen N . S to n e , F red erick P . Fish, Q u in cy A . S haw J r ., R o b e r t F . H e rrick . N a th an iel T h a y e r, F ran cis L. H lg g ln s o n , H e n ry O . U n d e rw o o d , H e n ry C. J ack son , W . Sew ard W ebb. S id n e y W . W in slo w . B o s to n S a fe D e p o sit AND B O SIO iN Al A b a Acts as Trustee under Railroad and other Mortgages and is authorized to act as Executor. Quardian, Administrator and Trustee. Capital - - - Surplus (Eamecl) $1,000,000 2,000,000 TRUST C H A R L E S E , R O G E R S O N , P re sid e n t. J A M E S L O N G L E Y , V ic e -P r e s id e n t. W I L L I A M C. W I L L I A M S , V ic e -P r e s ’t . G . E . G O O D S P E E D , T re a su re r. W . L . W H I T N E Y . A s s t. T reasu rer. H E N R Y A . F E N N , S e c. & M g r.S afe D . D ’t. H . D . H E A T H F I E L D , A ssista n t S ec. F . J. B U R R A G E , A ssista n t S e cre ta ry . Com pany, C H A R T E R E D 1836. A c ts as E x e cu to r , A d m in is tra to r , T ru ste e , A ss ig n e e a n d R e ce iv e r. F inan cial A g e n t fo r I n d iv id u a ls or C o r p o r a tio n s . In terest A llo w e d on In d iv id u a l and C orp o ra tio n A c c o u n ts . A c t s as T ru stee ot C o rp o ra tio n M o r tg a g e s . D e p o sita r y u nd er P la n s o f R e o r g a n i2a tio n . R eg istra r an d T ra n sfe r A g e n t. A s su m e s en tire ch a r g e o f R eal E s ta te . S afes to R en t in B u rg la r -P r o o f V a u lts. E . B . M O R R I S , P re sid e n t. W . N . E L Y , 1st V ice -P re s id e n t. A . A . J A C K S O N , 2d V ice -P r e s id e n t. C . J . R H O A D S , 3d V Ice-P res. a n d T reasurer. E D W A R D S. P A G E , S ecre ta ry . M AN AGERS: E fflln g h a m B . M orris, C. H a r tm a n K u h n , J o h n A . B row n Jr. Jam es S p e y e r, B e n ja m in W . R ich a rd s A u g u s tu s D . J u llllard J oh n B G a rrett, E d w a rd J . B e rw ln d , W illia m H . Jenks. R a n d a l M o rga n , W illia m H . G aw , E d w . T . S to te s b u r y , F ra n cis I . G o w en . Charles E . In gersoll, J o h n S to r y Jenk s J r. G e o . H . M cF a d d e n , H e n r y T a tn a ll, H e n ry B . C o x e Jr. Issa c H . C loth ier. E . C. F e lto n . T h o s . D e W lt t C u y le r, N E. Cor. Broad and Chestnut Streets, PHILADELPHIA. T h e T rust Com pany of N o r th A m e ric a 503-50^-507 Chestnut St., Philadelphia. C A P IT A L ...............................................$1,000,000 ADAM A. STU LL, President H E N R Y Q. BR EN G LE , 1st Vtce-Pres. & Treasurer. JOS. S. C L A R K , 2d Vlce-Pres., Superv'g Trust Dept. CHAS. P . L IN E A W E A V E R , Sec. & Asst Trust Olflcer DIRECTORS. Henry G. Brengle, J. Levering Jones, James Crosby Brown, Malcolm Lloyd. John Cadwalader. John Mcllhenny. E. W . Clark Jr., Richard Wain Melrs, Eckley B . Coxe Jr., Clement B. Newbold, Edwin S. Dixon, John W. Pepper. Eugene L . Ellison. Wi 11am F. Read, Joseph C. Fraley. Frank Samuel, Harry C. Francis, Adam A. Stull, Henry L. Gaw, Jr., Edward D . Toland, Howard S. Graham, Joseph R . Walnwright. Samuel F. Houston, William D. Wlnsor. BOSTON, MASS. Capital and Surplus, = $7,000,000 T R A N S A C T S A GENERAL B A N K IN G B U S IN E S S . ALLOW S I N T E R E S T ON D A IL Y B A LA N C ES S U B JE C T TO CHECK. TRUSTEE U NDER M ORTGAG ES. TRAN SFER AGENT. R E G IS T R A R . B O A R D OF D IR E C T O R S : T . JKFFEHSON COOLIDGE J R., - . . . C h airm an G ord on A b b o tt, H e n r y S. H o w e , O liv e r A m e s , W a lte r H u n n e w e ll, C. W . A m o r y , T h om a s L .L iv e r m o re , C h arles F . A y e r , C h arles a* A lelien , Sam uel Carr, G e o rg e v . L . M ey er, B . P . C h en ey, L a u r e n c e M in ot, T . Jetterson C oolldge, R ic h a r d O ln ey, C h arles E. C ottin g, R o b e r t J. P a in e, ? d . P lu lip D e x te r , P h ilip L. S alton stall, E b e n S. D raper, N a th a n iel T h a y er, F r e d e r ic k P . F is h , L u ciu s T u ttle. R e g in a ld F o s te r, S tep h en M . W eld , G e o rg e P G ard n er, C h arles W . W h ittie r . R o b e r t F. H e r r ic k , The N E W E N G L A N D TRUST COM PANY, BOSTON, MASS. T rust Com pany CAPITAL and SURPLUS,$10,000,000. CO. O L D C O L O N Y B U N K E R H IL L B R A N C H : T R U S T C O . S qu are, C H A R L E S T O W N . M A S S. BO STON . MASS- Transacts a General Trust and Banking Business. $2,000,000 Interest Allowed on Deposits Subject to Check 900,000 CH ARLES G . D A W K a , President. W . IR V IN G O SBO RN E, Vice-President. A . U H R L A U B . Vice-President. W ILLIA M R . D A W E S , C ashier." L . D . S K IN N E R . Asst. Cashier. W ILLIA M W . G ATE S, Aset. Cashier. A . G . MANG, Secretary. MALCOLM McDOW Jii,Lp Asst Secretary. G irard T r u s t TRU ST 50 S T A T E S T R E E T . CAPITAL. $1,000,000 SURPLUS $2,000,000 Safe Deposit Vaults Authorised to act as executor and to receive and hold money or property in trust or on deposit from Courts of Law or E quity, Executors. Administrators. Assignees, Guardians, Trustees, Corporations and Individuals. Also acts as Trustee under Mortgages and as Transfer Agent and Registrar of Stocks and Bonds. Interest Allowed on Deposits Subject to Check. OFFICERS. D A VID R . W H IT N E Y , President. CH ARLES H . D A L T O N , Vice-President. CH ARLES F CH OATE. Vice-President. FR A N K L IN H A V E N . Vice-President. JAMES R . H O O P E R , Actuary. H E N R Y N . M A R K , s e c r e ta r-. F R E D K W . A L L E N . Asst .Sec A T reas. THOMAS E . E A TO N , A sst. Treasurer. FRAN CIS R . JE W E T T . Trust Olhcer BOARD OF D IR E C rO R o WUllam E ndlcott, Chairm an. Walter 0. Baylies, Frederick P . Fish, Alfred Bowditch, Morris Gray, Charles F . Choate, Franklin Haven, Alexander Cochrane, James P.. H ooper, Kdmund D . Codman, James M. Prendergast. T. Jefferson Coolldge. George S . Silsbee, Charles H . Dalton. Lawrence M. Stockton, George Dexter. Nathaniel Thayer, Pbtllp Dexter. George VVlsglesworth. William Farnsworth. David R . Whitney Mississippi Valley Trust Cat Fourth & Pine Sts., St. Louis Kfw-j n n n CAPITAL, SURPLUS and P / J O F / r s / * ® ’ 0 0 0 *0 0 0 , G E N E R A L FIN AN CIA L AN D F ID U C IA R Y BUSINESS TR AN SA CTE D A DIRECTORS D . R . Francis R . J. O 'Reilly,M D August Gehner Henry W . Peters S. E. Hoffman H. Clay Pierce Chas. H. Huttig J. Ramsey Jr. Breckln’ge Jones James E. Smith W . J. McBride R obt. H. Stockton Nelson W. McLeod Julius S. Walsh Saunders Norvell Rolla Wells W m . D . Orthweln OFFICERS JU LIU S 8. W A L SH , Chairman o f the Board B R E C K IN R ID G E JONES, President JOHN D . D A V IS , Vice-President SAM UEL E. HOFFM AN , Vice-President JAMES E. BR O C K , Secretary H U G H R. L Y L E , Asst. Secretary H E N R Y O. IBBOTSON , Asst. Secretary C. H UN T T U R N E R Jr., Asst. Secretary LO U IS W . F R IC K E , Asst. Secretary FR E D E R IC K V IE R LIN G , Trust Officer H E N R Y SEM PLB AMES, Asst. Executive Officer CH A RLE S M. P O L K . Asst. Trust Officer W ILLIA M G. LA C K E Y , Bond Officer WM. McC. M AR TIN , Asst. Bond Officer TOM W . B E N N E TT, Real Estate Officer GEO. K IN G SLA N D , Asst. Real Estate Officer C. W . M OR ATH , Safe D eposit Officer John I. Beggs W ilbur F . Boyle James E. Brock Murray Carleton Charles Clark Horatio N. Davis John D. Davis Aug. B. Ewing M a r y la n d 1 ru st C o . BALTIMORE, CAPITAL, - $ 2 ,0 0 0 ,0 0 0 D IR E C T O R S Joslah L . B lack w ell. G rier H ersh , G . C ly m er B ro o k e , G e o rg e C. Jenkins, H . C arroll B row n , Jo sh u a L e v erin g , O scar G . M u rray, J o h n W . C astles, J o s e p h R . F o a rd , H e n r y F . S h oem a k er, B . H o w e ll G risw old Jr Jam es S p ey er, A . B a rto n H e p b u rn , D ou gla s M . W y lie. J o h n T . H ill, L . S . Z im m e r m a n O F F IC E R S G R IE R H E R S H ......................... P residen t L . S. Z I M M E R M A N ____ 2d V ic e -P r e s t. C A R R O L L V A N N E S S _______ T reasurer J E R V I S S P E N C E R J r . . . A s s t . T reasu re I V A N S K I N N E R _______ A sst. S ecreta ry NOW R E A D Y . W T r u s M ILW AUKEE. i s c o n s i n Capita’ , Surplus, - - - - - t C o , $500,000 100,000 FINANCIAL REVIEW, 1907 ISSUE. 320 Pages. Transacts a General Trust Co Business. A yearly book of statistics covering a series of years’ crop figures, money Buys and Sells rates, range of prices for securities dto, High Grade Investment Bonds. OFFICERS. O L IV E R C. F U L L E R , President. F R E D E R IC K K ASTEN , Vice-President G A R D N E R P . ST IC K N E Y . Treasurer. F R E D . C. BEST. Secretary R . L. SMITH. Asb’ i Secretary PRICE, TWO DOLLARS. Commercial & Financial Chronicle, 76J^ Pine Street, New York.