Full text of Commercial and Financial Chronicle : August 31, 1907, Vol. 85, No. 2201

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W

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i m

F

'

i r t a n

r t a l

e r r t H

IN C L U D IN G

Bank and Quotation Section (Monthly)
Railway and Industrial Section (Quarterly)
VOL. 85.

State and City Section (semi-Annual^;
Street Railway Section

SATURDAY, AUGUST 31 1907.

Week endnlg August 24.

Clearings at—

C lx r a m t lje *

NO. 2201.
Inc. or I
Dec.

• PUBLISHED WEEKLY.
T e r m s o f S u b s c r i p t io n — P a y a b le in A d v a
F o r O ne Y e a r .................................................................................................
F o r S ix M o n t h s ................................................................................................
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 ).......................................
E u rop ea n S u b s cr ip tio n m x m on th s (in c lu d in g p o s t a g e ...............
A n n u a l S u b scr ip tio n in L o n d o n {in c lu d in g p s t a g e ).....................
S ix M o n th s S u b s cr ip tio n in L o n d o n (in c lu d in g p o s t a g e ).............
C anadian S u b s cr ip tio n (.inclu .in g p o s t a g e ) .......................................

n ce

. . . . 1:5
___
7
.... £ 2
.... £ 1
... .$ 1 1

00
00
<);>
50
L is .
11 s.
51)

S u b s cr ip tio n in c lu d es fo ll o w i n g S u r p le m 'n ts —
B ank a XT) Q u o t a t io n (m o n th ly )
j S t a t e a n d C i t y (sem i-an n u a lly)
R a il w a y a n d I n d u s t r ia l (q u a r te r ly ) |S t r e e t R a il w a y (3 tim e s y e a r ly )
T e r m s o f A d v e r tis in g — P e r In c h S p a c e
T r a n sie n t m a tte r p e r in ch space (1 4 a g a te lin e s ) ...........................................
c T w o M o u th s
(s t im e s )................................
S ta n d in g B u sin ess C ards ' T h re e M o n th s (13 t im e s ) . ........... ..................
& ian u m a .Business c a m s
s i x M o n th s
(2 6 t im e s ) ................................
\ T w e lv e M o n th s (52 t im e s )..............................

$-4
22
29
50
87

20
00
00
00
00

C H I C A G O O F F I C E —P . B a rtle tt, 5 13 M o n a d n o ck B lo c k ; T el. H a r ris o n 4012.
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 arden s, E. C.

W IL L IA M
P. O. Box 9 5 S .

B . © A N A C O M P A N Y , P u b lis h e r s ,
Pine S t., C orn er o f P earl S t.,
N ew Y o r k .

P u b lis h e d e v e r y S atu rd a y m o m m s b y W I L L I A M B . D A N A C O M P A N Y .
■William B . D an a, P r e s id e n t; J a c o b S e ib e r t J r ., V ic e -P r e s . an d Sec.; A r n o ld
<3-. D an a, T rea s. A d d r e s se s o i all, O ffice o f th e C om pa n y.

CLEARING HOUSE RETURNS.
The follow ing table, made up b y telegraph, & c., indicates
that the total bank clearings of all the clearing houses of
the United States for the week ending to-day have been
$2,298,288,183, against $2,399,841,209 last week and
$3,107,359,860 the corresponding week last year.
Clearings— Returns by Telegraph.
Week ending Aug. 31.

Per
Cent.

1907.

1906.

$1,045,401,616
97,686,183
100,795,051
21,722,596
182,018,252
46,450,632
11,129,926

$1,751,227,220
108 029,310
118,493,931
19,996,530
180,461,715
39,910,425
12,172,178

— 40.3
— 9.6
— 14.9
+ 8.6
+ 0.9
+ 16.4
— 8.6

Seven cities, 5 d ays................... .............
O ther cities, 5 days______ •_____ _____

$L505,204,256
387,964,286

$2,230,291,309
315.498,761

— 32.5
+ 23.0

Total all cities, 5 d ays________________
A ll cities, 1 d a y. . . . . ___________

S I,893,168,542
405,119.641

$2,545,790,070
561,569,790

— 25.6
— 27.9

82,298,288,183

$3,107,359,860

— 26.0

New Y ork .
.
______ . ______
B o s t o n .................... ......................................
P h iladelph ia______ ________ ___________
C h ic a g o ____, _ _________

_ ______

New Orleans . . .................................

Total all cities for week_____

. ..

.

.

The full details for the week covered b y the above will be
given next Saturday. W e cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the la=t day of the week has
to be in all cases estim ated, as we go to press Friday night.
We present below our usual detailed figures for the previous
w eek, covering the returns for the period ending with Satur­
d a y n oon, Aug. 24, and the results for the corresponding
week in 1906, 1905 and 1904 are also given. Contrasted with
the w’eek of 1906 the total for the whole country shows a
loss of 2.7 5% . Outside of New Y ork the increase over
1906 is 6 .6 % .
W eek ending August 24.

Clearings at—
1907.

1906.

Inc. or
Dec.

1905.

1904.

$
$
1,375,820,650 2,351,389,489
126,551,846
136,845,568
49,048,830
51,258.191
24,960,735
22,606,875
7,636,788
6,768,669
5,642,061
5,150,372
5,129.670
3,935,398
2,635,824
2,755,793
1,868,381
1,914,983
2,105,023
1,365,267
1.237,376
1,134,498
1,286,288
1,037,089
1,136,413
1,036,334
930,858
991,519
576,732
504,004
425.000
411,785
487,373
399,888
389,500
410,500
250,000,
220,382
941,373!
750,268

$
$
%
— 41.5 1,574,201,906 1,015,784,038
— 7.5
129,885,807
91,640,595
+ 4.5
45,195,337
36,506,208
+ 10.4
22,027,945
19,931,245
+ 12.8
6,199,181
6.626,453
+ 9.5
4,243,205
3,202,268
3,512,654
3,362,354
+ 30.3
— 4.4
1,923,302
2,705,948
— 2.4
1,729,642
1,565,479
+ 54.2
882,021
1,341,878
964,672
+ 9.1
942,935
+ 24.0
1,180,076
950,962
+ 9.7
757,097
960,538
— 6.1
638,713
734,419
+ 14.4
449,409
388.242
296,747
+ 3.2
475,000
311,935
+ 22.0
397,943
385,500
— 5.1
339,500
+ 13.4
162,923
206,888
+ 25.5

Total Mldd'.e__ 1,611,270,082 2,588,670,511

— 37-4 1,796,631,540 1,186,374,455

New Y o rk ............
Philadelphia____
Pittsburgh______
B a ltim ore ______
B u ffalo__________
A lban y__________
W a sh in g to n ____
Rochester ...........
S cra n ton _______
S y ra cu se _______
R e a d in g _______
W ilm ington_____
W ilkes-Barre___
W heeling, W . Va.
E r i e ____________
Greensburg.........
Chester ................
B in gh a m ton ____
Franklin
_____
H a rrisb u rg _____




Boston ..............
P ro v id e n ce _____
H a rtfo rd _______
New H aven_____
P o r tla n d _______
Springfield______
W orcester______
Fall R iver______
New B edford____
L o w e ll__________
H olyoke________
Total New Eng
C h ica g o ________
Cincinnati______
Cleveland
D etroit__________
Milwaukee______
Indianapolis__
C o lu m b u s _____
T o le d o ________
P e o r ia __________
Grand Rapids. . .
D a y t o n _______
E v a n s v ille ____
Fort W a y n e ___
K ala m a zo o ____
Springfield, III .
aucron..
: _______
R o c k f o r d ______
L e xin g to n ______
Springfield, O __
Y ou n gstow n____
Canton__________
South Bend_____
D ecatu r________
Mansfield_______
Bloom ington____
Q uincy_________
Jacksonville, 111.
Jackson ________
Ann A rbor______
T ot. M id. West
San Francisco___
Los Angeles_____
Seattle . _......... ..
Salt Lake C ity__
P o r tla n d _______
Spokane________
T a co m a ________
Oakland________
Helena ________
F a r g o .......... ........
Sioux F a lls _____
San Jose________
Total P a cific..
Kansas C i t y ____
Minneapolis_____
O maha..................
St. Paul________
D enver__________
St. Joseph______
Des Moines . .
Sioux City______
W ich ita ________
L in c o ln ____
Topeka ________
D avenport______
Colorado Springs!
Cedar Rapids . . i
P u e b lo __________
F r e m o n t_______
Tot.other West
St. L o u is ............
New O rle a n s ___|
L o u is v ille _____
H ouston________
G a lveston ______
R ich m on d ...........
A t la n t a ________
Nashville ______ i
Savannah ______ |
M em phis_____
Fort Worth _
N o r fo lk ______
Uirmlngham _.
Mobile .............
K n o x v ille ____
Chattanooga ..
Jacksonville . .
Augusta...........
Little R o c k . . .
Charleston____
M a c o n ......... ..
B ea um ont____
O klahom a____
Total Southern
Total a ll_____
Outside N. Y .
Canada—
M ontreal______
T o r o n to _______
W innipeg______
O tt a w a _______
' aneouver_____
Q uebec________
H a lifa x _______
Ham ilton______
St. J o h n ............
London ..............
Victoria ........... ..
Calgary — .........
E dm onton.........
Total Canada

$
$
S
132,879,187 140,623,986
— 5.5
114,488,652
6,341,200
+ 1.7
6,234,800
5,647,400
2,847,402
2,012,512
+ 8.0
2,637,458
1,829,979 • 1,806,412
1,812,609
+ 1.3
1,748,544
+ 2.0
1,406,355
1,713,938
1,991,505
1,428,011 + 39.4
1,357,265
1,244,849
1,146,741
* 1,153,467
+ 8 .5
704,060
830,297
502,275
— 8.0
599,188
499,736 + 20.0
420,603
524,167
432,559 + 2 1 .3
375,915
428,671
429,678
— 0.2
317,900
151,198,752
157,783,616]
129,494,958
+ 4 .2
217,239,822
195,790,937; + 11.0
171,424,927
24,619,000
21,622,600 + 13.9!
18,665,550
17,652,075
14,717,546 + 19.9
13,742,869
13,396,183
11,463,395 + 16.9!
10,670,718
9,994,763
8,566,628 + 16.7
6,918,827
6,937,383
6,200,355] + 11.9
5,893,927
5,037,800| + 19.1
6,000,000
3,808,700!
6,191,833
4,992,091! + 24.0
3,253,145
2,607,225
2,265,164! + 15.1
2,653,688;
2,182,216
+ 1.0
2,159,897
1,979,416
1,600,115
1,418,708 + 12.8
1,340,502
1,516,787
+ 7.5
1,410,413
1,312,971
665,346|
757,553 — 12.2
695,392!
976,626
608,654
739,228 + 3 2 .1
727,520
602,016 + 2 0 .8
725,000*
523,714; + 67.1
875,000
439,000,
625,850
511,962 + 22.2
473,331!
633,073
406,095;
498,861 + 26.9
468,394 + 12.9
528,886
382,864
417,317] + 22.3
510,361
455,155!
441,664|
393,610 + 12.2
324,122;
531,675
390,290! + 36.2
325,095!
475,000!
330,178! + 43.9
289,938
308,938 + 10.8
342,305!
259,085
403,182
307,500, + 3 1 .1
329,212
357,970!
285,667 + 25.3
289,601!
258,653!
231,110 + 11.1
208,160
387,3421
229,513 + 68.9
189,188;
82,571!
111,548 — 26.0
62,373
318,760,426! 282,752,933 + 12.7 248,134,305
— 7.2:
38,485,821
41,462,569
33,400,203
10,081,845!
+ 0 .8 ;
10,000,000
9,017,867
4-2.0)
9,221,965
8,995,8961
5,771,186
5,925,529
4,601,552 + 28.8j
4,332,893
6,110,399;
5,000,000' + 22.2!
3,314,106
5,469,243!
4,220,387 + 29.6;
2,821,779
3,603,764 + 28.3 !
3,060,398
4,623,687
3,800,000! — 48.8
1,943,827
1,132,349!
628,904; + 80.1
' 829,585;
— 4.4:
399,803
407,3581
425,973
+ 6.2,
450,000'
423,760!
229,347!
_____ 453,700:
386,820: + 17.3
+ 0.9;
84,305,723;' 83,549,625
63,177,167
33,574,389;
22,656,077! + 48.2I
21,283,901
18,539,393’
14,769,674! + 25.51
11,896,080
10,456,370
8,982,560 + 16.4!
8,156,132
8,727,811!
8,675,827i + 0.6!
6,050,713
7,697,377
6.828,453 + 12.7
5,623,572
5,028,291!
4,558,717 + 10.3
3,730,595
2,076,499 + 28.21
2,661,948]
1,925,912
1,751,954!
1,381,7261 + 26.8!
1,360,375
1,079,2931 + 32.0'
1,425,000
1,063,471
1,029,774:
1,102,330
+ 7.0'
684 364
1,086,490;
+ 5.9i
'5 7 3 ,2 6 9
811,956:
574,899
661,626 + 22.7!
434,675 + 38.8
552,855
603,171
375,541
543,068
408,191 + 33.0'
509,654
375,465
430,958; + 18.3!
___ 408J109
+ 4.2;
262,255
287,880;
63,804,975
94,927,571r 74,946,294 + 2 6 .7 :
48,214,016
57,181,8621
49,627,003! + 15.2
12,356,109
15,598,612!
15,656,536! — 0.4
10.324,670
11,359,943
10,036,512 + 13.2;
7.203,033
12,305,594
10,162,075: + 21.L
5.280.500
— 6.2;
5,491,500
5,855,000
4,234,189
5,838,538;
5,243,415 + 11.3
2,622,432
3,320,622 + 17.6'
3,906,2941
2,544,419
3,637,206
3,077,699 + 18.2;
3,590,895
3,662,032 — 29.51
2,581,570
3.314,662
2,868,363! + 15.7!
3,317,860
1,839,614!
3,175,568
2,422,485 + 31.1!
+ 7.5,!
1.572,823
2,111,866
2,270,633
1,707,635 + 11.01
1,894,164!
1,487,733
1,289.512
1.158,087:
1,254,681!
1,277,224 + 40.3!
1.792,255
1.165.500
1,027,649 + 6 5 .4
1,700,000,
708,162
1,026,104; + 26.l!
1,294,249
910,706
950.661! — 4.0
912,700
1,333,693
911,468
+
20.5
1,098,036
774.674
902,305 + 10.3
995, (WO
814,255'
348,299 + 39.7)
486,302'
343,266
310.000! + 61.3
500,000,
300,720,
564,764 + 39.21
___ 786,088 _
139,378,6551 124,359,229 + 12.1] 112,094,558
,399,841.209 3 312,069,208 — 27.5;: ,413.337,503 1
,024,020,559; 960,679,719
+ 6.6 839,135,597
35,535,002
21,204.415
11,337,947
3,239.514
4,178,7951
2.111,229
2,135,7021
1,587,239
1,256,183
1,173,643
J,350,838
1,325,519;
__ 835,014
87,271.040

27.635,2001
19.810.262!
8,206,385!
2,815,078!
2.657,4701
1,526,143:
1.532,326
1,^15,186:
1,208,252,
915.978
740,202;
945.008;
652,850
69,960,340 ‘

+ 28.6
+ 70
t 38.2
+ 15.1
+ 57.2
+ 38.3
+ 39.3
4-20.7
+ 4.0
+ 28.2
+ 82.5
+ 40.3
+ 27.9
+ 24.8

100,529,667
4,921,900
1,860,782
1,683,040
1,362,997
1,167,867
1,097,682
505,773
282,255
356,861
395,170
114,163,994
157,099,535
19,384,200
11,936,694
8,717,461
6,752,684
5,318,970
3,624,800
2,881,338
2.630.141
1.701.141
1,322,905
1,131,538
” 681,156
588,906
487,000
448,140
388,116
503,162
424,111
474,806
■'314,866
175,306
422,760
282,397
209,214
169,729
58,492
228,130,568
25,988,148
5,351,665
4,147,493
2,483,477
3,244,441
1,920,686
1,811,805

' 486,485
449,313
233,103

46,116,616
24,177,769
13,481,766
6,626,770
5,387,865
4,148,372
4.405,283
1,609.857
1,039,931
1,008,142
" 804',863
583,601
314,949
326,293
' 178,808
63,767,976
44,967,479
12,415,620
9,466,185
6,085,024
4,272,500
3,648,196
2.060,591
2,190,399
2,924,376
2,411,502
1.194,099
1,237,255
1,039,981
1,050,666
726,774
634.634
933,298
587.942
706,829
290,945
276,324
99,119,954
737,673,563
721.889,525

23.666,393

18.873.012
7,768,851:
2.265,744
1,831,961
1,607,447
1,361,092!
1,148,788
928,720
883,182
626,179!

18,951.923
13,426.334
4,717,801
2.159.559
1.596,509
1,437,383
1,647,843
1,002,435
938,093
751,576
566,122

60.961,369;

47,225,578

490

THE CHRONICLE.
THE FIN AN CIAL SITUATION.

The week opened Monday under the influence of
a sudden inflow of hope penetrating Stock Exchange
circles and values. Such a change of sensation was
especially noticeable because of the black background
out of which it sprung. No surroundings could have
been more discouraging than those of the previous
week, growing gloomier day by day and ending in re­
ports of pending embarrassments and insolvency
among leading Wall Street firms, names being freely
mentioned. We need not repeat the facts nor the
threatenings.
The change which has since taken place has been due
to an accumulation of favorable rumors and incidents,
not large in themselves, but just the opposite of what
had been transpiring and threatening. No more seri­
ous and immediate danger overhung affairs than was
the money stringency; it was, too, a very sensitive
matter, needing skilful treatment, lest in administer­
ing a cure it might act so that other evils should be
furthered. Consequently, the first glimmer of hope
came from the rumor of the Secretary’s arrangement
for putting the money paid out of the Sub-Treasury
by him at points where the need was greatest, and
where it would be most efficacious and the beneficial
response quickest. Mr. Cortelyou adopted the plan
of distributions of 5 millions each week, extending over
a period of about eight weeks, so that the aggregate
of the new deposits would be from 40 to 50 millions.
Moreover, his plan provided for the concealment of the
amounts distributed to the selected localities. As New
York has substantially to supply the bulk of the reve­
nue payments into the Sub-Treasury, which is a con­
tinuing draft, and has also to provide, directly or indi­
rectly, for the crop demand, the logical point for special
relief was obviously this centre. A mere issue of
Treasury accumulations scattered promiscuously would
not remove the congestion in the least; on the
contrary, it would most likely have encouraged a brief
speculation, not at all desirable, and stimulated gold
exports to such an extent as to make them even larger
than Mr. Cortelyou’s disbursements. The generally
assumed locality of the banks receiving the deposits
and the speedy relief the action proposed started,
even before the movement had begun, was favorably
discounted in London as well as in New York, by lower
rates for time money here and a better market for our
finance bills in London.
A still more potent incident, if it shall turn out as
reported, is the sale of the 40 million dollar New York
City loan. Should it prove true that the success of
the loan has been secured by a syndicate of bankers
under the lead of Mr. Morgan, and that a large portion
of the bonds had been taken in Europe, the future of
the money market during the crop-moving period
would be in good part assured. No investor on this
side of the Atlantic has any doubt as to the high char­
acter of the security, and it has been nothing but the
taint imparted to all American bond issues and fears
with reference to future developments along the same
lines that has put New York City 43^ per cents in a posi­
tion to be slow of sale. Should the present offering be
disposed of satisfactorily, it would help in many ways to
clear up the doubtful financial problems of the moment.
Another minor and different class of incident is the
speeches of Governor Hughes, which he is now making




[Vol..

LXXX\.

at the county fairs in this State; they are being followed
with no little interest, as he is among the foremost
Presidential candidates. He avows his intention of
holding aloof from the discussion of political topics on
these occasions. Nevertheless, we see that he is re­
ported as affirming, in his addresses at Sandy Hill
and elsewhere, that the individual States have suffic­
ient power to curb and control railroad operations.
That would be an important declaration if it could be
used as an intended dissent from the doctrine of cen­
tralization advocated by Secretary Taft. The cen­
tralization proposals of Mr. Roosevelt and his Secre­
tary have always been the most disturbing of their
schemes. No provision of the Constitution, no un­
broken line of decisions, however long, is sufficiently
sacred to be safe from our iconoclastic Administration.
One year has elapsed since the Hepburn Act became
effective. While the measure is still approved by the
Administration, there are intimations from official
sources that it is the opinion of President Roosevelt
and his close advisers that the Hepburn Act does not
go far enough. The thirst for regulation and control
of the common carriers has not been appeased, in con­
sequence of which amendments to the present Act
will be the subject of discussion at the first session
of the next Congress. The new duties imposed upon
the Inter-State Commerce Commission by the Hepburn
Act have kept the members of the Commission ex­
ceedingly busy throughout the year, notwithstanding
their numbers were enlarged. Much of their time
has been consumed by the investigation of the cause
of traffic congestion and the shortage of fuel in the
Northwest. Hearings regarding the complaint of
the city of Spokane as to rates from Eastern points
to that destination being greater than to points on
the Pacific Coast have occupied much of the time of
the Commissioners, and no decision has been reached
in this very important case. An investigation of the
Harriman lines was another time-consumer. When
Congress convenes the Commission will submit some
reports of more or less interest covering the informa­
tion gleaned by the hearings.
Under the direction of Professor Adams, a uniform
system of railroad accounting has been adopted, the
fruit of which will not appear until the elapse of
another year. Some tariff regulations have been
promulgated, but the Commission has been slow to
exercise its authority as to the fixing of rates. Per­
haps the most astounding expression of opinion rela­
tive to the new law has come from Commissioner
Prouty, one of the older members of the Commission,
who declares that the Hepburn Act confers too much
power upon the Inter-State Commerce Commission.
Mr. Prouty is a lawyer, and his experience as a Com­
missioner fully qualifies him as a counsellor. At a
time when there is so much public clamor for more
authority, particularly from the States, the words of
warning from .Commissioner Prouty may well be given
careful attention.
Since January last there has been a shrinkage in
the market values of securities listed at the New York
Stock Exchange of over three billions of dollars. The
decline in the market values of stocks and bonds
listed upon the exchanges of Philadelphia, Boston and
Chicago will probably aggregate $750,000,000 more.
While it would be manifestly unjust to hold the Hep­

A ug . 31 1907.j

THE CHRONICLE.

burn Act responsible for the whole of the great loss,
there is no doubt that the Act played a part in causing
the tremendous decline in values. The Hepburn Act
and the attitude of the Administration, too, had their
influence in provoking the extensive crusade against
the railroads which was waged in many of the States.
To what extent Mr. Prouty voices the opinion of his
fellow Commissioners is not known, but it is very
probable that some of the younger members of the
Commission are not so conservative as are the more
experienced members, and the division of opinion in
this body is simply typical of the diversity which will
appear when Congress convenes. Perhaps one of the
most deplorable aspects of the situation is that at­
tempts may be made to create capital for political
purposes by continuing the outcry against the common
carriers. A loss of over three billions of dollars in
market values ought, however, to be sufficient to
cause every member of Congress to take a second
sober thought before he favors more drastic anti­
railroad legislation.
One incident of the week was the simultaneous call
by the Comptroller of the Currency and by the State
Superintendent of Banks for a statement of condition
of the institutions under their respective supervision
as of the coincident date of August 22d. The selec­
tion of this date by these officials gave no opportunity
for such preparation of the statements as is alleged
has been resorted to on occasions when calls have
been issued for approximate dates, and therefore
the exhibits of the two classes of institutions are
expected to show conditions of each class independent
of the other, affording data for interesting comparison.
The Comptroller’s call for statements of the condition
of national banks has been greatly delayed, and while
awaiting its issue, the presumption has been expressed
that some of these institutions have refrained from
effecting time loans in order to conserve their resources
so that a favorable exhibit might be made. We see
no sufficient reason for the assumption.
The shipment this week of one million gold, said to
be to Berlin, following an export of $1,100,000 last
week, as reported, for the same destination, caused
some speculation as to the reason for the movements,
for they were admittedly not the result of an exchange
operation. If, as was suggested, the gold was shipped
for the aecount of the Reichsbank, it and further
amounts, if they shall be forwarded, may have been,
or will be, procured for the reinforcement of that in­
stitution's reserve, thus making unnecessary the
advance in the official rate of the Bank, which has
been threatened. It seems quite possible that Ger­
man banking interests, which might be unfavorably
affected by a further advance in the Bank’s official
rate, have assumed any loss which would be incurred
by the export. Even if the ultimate destination of
the gold shall be Vienna, as has been reported, for the
liquidation of advances to Berlin bankers, the procure­
ment of the gold from New York doubtless allayed
apprehensions of attempts to obtain it from any
European centre.
One of the auspicious signs of the times just now is
the outspoken way in which many public men are de­
claring themselves against the tendency towards re­
strictive legislation which has created so much havoc




491

in the security markets and in the financial world gen­
erally. These utterances come from prominent men
in both political parties, and are the more significant
on that account. At Provincetown last week Con­
gressman William C. Lovering delivered an address
on “ Too Many Laws,” which has attracted consider­
able attention. He pointed out that legislation in
this country seems to be the panacea for all the ills
and evils afflicting our social and economic system.
Congress, he said, is a great law factory, to turn out
new statutes and to repair broken and worn-out laws.
State legislatures are vying with Congress and each
other in the number of laws that they shall place on
their statute books. "Laws! Laws! Laws! Every
way we turn we are met by laws.” Mr. Lovering
well said that too much legislation cheapens the law.
Too much legislation attenuates and impairs the vigor
of the law. Fewer laws, promptly and vigorously
enforced, would diminish crime.
A few days later at Marshfield, Mass., Congressman
Samuel McCall strongly denounced the growing ten­
dency to centralize power at Washington, and urged
adherence to representative government. He re­
ferred to the $29,240,000 fine imposed on the Standard
Oil Company as “ a fine of such proportions that it
allies itself with the tribute which a victorious natioD
imposes upon a vanquished one.” He expressed the
belief that the populistic agitation started, far more
than the legislation which resulted, has financially
and industrially done serious injury to the country.
Railroad building has been effectively stopped.
If a similar public sentiment had been aroused
sixty years ago, many of our
great com­
monwealths, he pointed out, would to-day be
unsettled areas still under the domain of the buffalo
and the wolf. He urged that an economical and in­
dustrial crisis at this time would be senseless and
wanton, and we should already have had one if our
prosperity had not been well-nigh invulnerable. In
arguing against a personal and in favor of a consti­
tutional regime, he quoted the words of Webster to
the following effect: “ The contest of the ages has
been to rescue liberty from the grasp of executive
power. On the long list of champions of human free­
dom there is not one name dimmed by the reproach of
advocating the extension of executive authority.”
Mr. McCall, therefore, warns against the prevailing
tendency to centralize all power at Washington and
then to have it all exercised by one man. “ I say,” he
declares, “ let the people keep, to be exercised under
their very eyes, all the governmental powers not
necessary to national unity and safety, and let them
adhere to representative government.”
In the same strain Judge Alton B. Parker, Demo­
cratic candidate for President in 1904, expressed him­
self in his address before the thirtieth annual conven­
tion of the American Bar Association on Monday of
this week. He spoke strongly against attempts on
the part of the Federal Government to despoil the
States of the powers and functions belonging to them.
He argued that such a course will not tend to smooth­
ness in the working of our dual scheme of government.
Already this has had its effect. The indignation of the
governing forces of many of the States has been
aroused. It is shown in the legislation of the year.
In his opinion it had not a little to do with the recent
conflict of judicial authority in North Carolina, and

492

THE CHRONICLE.

in this, we think, many persons will be inclined to
agree with him. Mr. Parker also ridiculed the idea
of bringing about a broader control by the Federal
Government of corporations on the strength of the
inherent or sovereign powers of the Government.
He showed that the Federal Government is limited
to the powers specified in the Constitution creating it.
The words uttered last week by former Justice of the
Appellate Division of the New York Supreme Court,
Morgan J. O’Brien, on his return from Europe, also
deserve to be quoted as an indication that leading men
are becoming strongly impressed with the dangers
attending a continuance of the present crusade against
corporate interests and are making strenuous efforts
to check the tide and set popular opinion right.
Judge O’Brien said: “ The Federal Government and
the State Governments can best serve the people by
suspending the ‘Holy War’ which has now come to
be regarded, whether rightly or wrongly, as involving
the general stability of business interests, until the
courts have had an opportunity to pass upon the
legal questions involved in legislation already enacted
and in prosecutions now pending. Surely, appropriate
remedies can be found for existing evils without vio­
lating Constitutional restrictions and we will be in a
much better position to determine what new legisla­
tion, if any, is necessary after the courts have ren­
dered judgment in the pending litigation. In a word
the legislatures have acted, executives have acted,
and we are now awaiting the judgments of the courts.
Let us have industrial peace until these judgments are
rendered.” All these are sound utterances and
timely, and if due heed be given to them there is no
reason why confidence in the financial and security
world should not be gradually restored.
Following the action of the Southern Railway Com­
pany last week, reducing the dividend on its preferred
shares, the Erie Railroad Company has this week
declared the usual dividends on both the first preferred
stock and the second preferred stock, but made these
dividends payable in dividend warrants, or scrip, re­
deemable in ten years. Application is to be made
to the Public Service Commission for leave to issue
such dividend warrants bearing interest at the rate
of 4% . The situation of the Erie Company in this
matter of dividends was somewhat different from that
of the Southern Railway Company. The latter re­
duced its preferred payment because the dividend at
the old rate had not been earned. On the other hand,
with the Erie there is no question of the dividend
having been earned. The Company’s income state­
ment for the fiscal year has been issued, this week, and
this shows that over and above the amount required
for the 4% dividend on both classes of preferred]shares,
and over and above expenditures of $1,642,029 for
additions and improvements, a surplus remained on
the operations of the twelve months in the sum of
$1,705,933. But though the dividends were fully
earned, the company could not spare the necessary
cash- for the purpose, as its new capital needs are
urgent and it cannot borrow money for these needs
except on onerous terms. Even companies with giltedged credit are experiencing difficulty in financing
their new capital requirements. It is not'surprising
that the Erie Company should not be able to do what
the strongest and best companies find it impossible




[V o l .

lxxxv

.

to do. In paying the dividends in scrip the company
is in effect borrowing from the shareholders and, as
the scrip is to bear only 4% interest, getting the
money on favorable terms.
The exceptional steps adopted, through the valori­
zation plan, to prevent the surplus product of coffee
in Brazil from exerting a demoralizing influence upon
prices are now largely a matter of history. But on
account of the size of the crop in 1906-07, very much
in excess of any previous yield, and the steps taken to
safeguard the planters, especial interest attaches to
the completed statistics of distribution, &c., which
are now available. In its issue of July 30 the “ Bra­
zilian Review,” published at Rio de Janeiro, furnished
exhaustive details covering receipts, exports, &c.,
for the full crop year from July 1 to June 30 inclusive,
and from them we have compiled all essential data
and present them to-day on page 539.
It appears that the actual commercial crop of 190607, that is, the amount of coffee marketed through the
various ports, reached 20,409,180 bags of the average
weight of 60 kilos (about 132 lbs.). This enormous
total compares with crops barely half as great in
each of the three preceding seasons, and exhibits an
excess of 4,132,715 bags over the previous record crop
— that of 1901-02. The details of production indicate
that the increased surplus in 1906-07 as compared with
the preceding year was very largely due to results
in the Sao Paulo district; the excess of yield there was
8,409,285 bags, or over 120%, against a gain of only
1,033,928 bags, or approximately 30j^% in Rio terri­
tory, and an actual decrease in the smaller sources of
supply. When comparison is made with the former
bumper crop (1901-02), Sao Paulo alone records an
increase of 5,227,118 bags, or about 513/£%, the de­
cline in Rio production having been 931,812 bags,
or 17.3%.
Remarking upon the fact that the size of the 1906-07
crop was as much of a surprise to planters as to any
one, the “ Review” states in effect that the deductions
drawn from the data published of condition and fruit­
fulness were drawn from insufficient facts, while esti­
mates of yield were based upon observation of too
limited areas. Consequently the “ Review” says the
wilful misrepresentation charged against Brazilian
traders was not justified; as a matter of fact, they are
as often misled as their foreign clients. Early indi­
cations seemed to be for a Rio crop smaller than in
1905-06, and Sao Paulo -was counted upon to give
about 12,000,000 bags instead of 15,392,170 bags,
as actually marketed. Estimates for 1906-07 were
based upon the large crop of 1901-02, the expectation
being that the yield would about equal that year’s
product; instead of which it was exceeded, as already
indicated, by over four million bags.
The explanation of the mistake made in the early
calculation for Sao Paulo seems to have been natural.
Following the bumper yield of 10,165,052 bags in
1901-02, production fell off materially, ranging between
6,402,769 bags and 7,423,002 bags in the succeeding
four years. This decline led to a belief that it was to
be attributed to impoverishment of the soil; conse­
quently a commission of investigation was appointed.
First estimates centred around a maximum outturn
for 1906-07 of 9,000,000 bags, and later the conviction
became quite general that the previous record would be

A ug . 31 1907. J

THE CHRONICLE.

beaten; but it was not until near the end of the season
13,000,000 bags would be
exceeded. The year’s extraordinary output no doubt
was owing to the anti-planting law being vigorously
executed in Sao Paulo, so that the breaking of new
ground was prevented; hence farmers were forced to
give special attention to improving and perfecting
the area already under cultivation. Old trees were
replaced by new, and all trees were cared for better
than ever before; this, favored by exceptionally good
weather conditions, brought the crop up to proportions
far beyond the most sanguine expectations.
The details of distribution are substantially known.
The exports to foreign ports in 1906-07 were, of course,
largely in excess of any former year. The aggregate
outward movement reached 17,702,329 bags (of which
13,817,141 bags were from Santos, Sao Paulo), which
compares with 10,956,398 bags in 1905-06, 10,222,878
bags in 1904-05 and 15,243,178 bags in 1901-02, the
previous record year. All receiving countries, with a
few unimportant exceptions, record increases over
1905-06 in amount of coffee taken, but the most not­
able gains are shown by France, Germany, Belgium,
Holland and the United States. It is to be explained,
however, that of the six and a half million bags in­
crease in the aggregate shipments to these last-named
countries, much the greater portion consists of coffee
purchased under the valorization plan and held in
warehouses at Havre, Hamburg, New York, Bremen,
Antwerp, &c., under the control of the Government of
Sao Paulo. Stocks of coffee at Brazilian ports on
June 30 1907, the close of the season, were 3,014,280
bags, against only 830,599 bags on the corresponding
date in 1906 and 1,034,066 bags in 1905.
As regards the valorization plan and its workings, a
few words are, perhaps, not out of place, and especially
when gathered from official sources. Dr. Jorge
Tibirica, President of the State of Sao Paulo, makes
reference to the subject in a message to the Legislative
Congress last month. After reciting the causes im­
pelling resort to the plan, he refers somewhat in detail
to the steps taken. The necessary funds, he states,
were secured by loans made abroad, amounting to
£4,000,000, and by drafts on bankers’ correspondents
to the extent of £3,454,847, and also 7,253,571
marks, which represented 80% on the value of the
coffee shipped by the State. According to Dr. Tibirica,
nearly 8,000,000 bags were purchased and payments
made, which payments included margins consequent
on the fall in prices. The coffee is in warehouses, as
noted above, under consignation contracts entered into
by the State, except 800,000 bags still to go forward
from Rio and Santos under like conditions. Further
purchases he believes to be unnecessary. The coffee
acquired is to be distributed only in response to con­
sumptive demand and at prices guaranteeing to plan­
ters the advantages it is the object of the Government
to secure, with due regard to the interests of the
Treasury. The President relies on the support of the
Signatory States in the Taubate Convention and upon
assistance from the Union Government in the execu­
tion of the economic policy.

that it was realized that

There was no change in official rates of discount
by any of the European banks this week; compared
with last week, unofficial or open market rates were
y2 of 1% lower at London, 3^8
1%
Berlin and




493

Frankfort, and steady at Paris. The feature of the
European discount market at the beginning of the
week was the recession in rates at London, which was
due in part to the announcement by Secretary Cortelyou that he would intervene for the relief of the domes­
tic money market through an increase in public de­
posits in the national banks. This, together with
other occurrences remarked upon above, relieved
apprehensions which had been entertained of derange­
ment to the European discount situation because of
monetary tension in New York, and made it prob­
able that there would be no need for further efforts
at least by the Bank of England, to protect its reserve
by raising its rate of discount; the improvement in
London was reflected at Continental centres and
especially at Berlin. The successful bi-monthly settle­
ment on the London Stock Exchange contributed to
activity and strength at the British capital. The
important gain in reserve by the Bank of England,
through absorptions of South African and market sup­
plies of gold, offset the influence of an adverse move­
ment in Continental exchanges at the close of the week.
The official statement of the New York Associated
Banks last week indicated an increase of $682,325 in
surplus reserve, to $9,976,400. This was the result of
a decrease of $2,768,425 in reserve requirements, less
a loss of $2,086,100 in cash. Loans were contracted
$8,070,100 and deposits decreased $11,073,700. The
bank statement of this week should reflect, among
other items, the shipment of $1,000,000 to Canada,
the transfer of $600,000 to Chicago and the export
of $1,000,000 to Germany. It may be noted that the
outstanding 4% bonds of 1907 have been reduced
through redemptions to $8,514,550.
The market for time money was lower this week
as the result of the announcement by the Secretary
of the Treasury of his plan for the relief of the mone­
tary situation through increased deposits of public
funds in the banks. The call by the Comptroller and
that by the State Superintendent of Banks for a state­
ment of condition of institutions under their super­
vision was made on Monday for the coincident date
of August 22.
Money on call, representing bankers’ balances,
loaned at the Stock Exchange during the week at 4%
and at 2 ^ % , averaging about 3% ; banks and trust
companies quoted 23^%as the minimum. Though the
stock speculation was active, at generally advancing
prices, rates for money were quite uniform until Thurs­
day at 3% and at 23^%, with the bulk of the business
at 2 % % . Then there was an advance to 4% , caused
by borrowing by the City of New York in anticipation
of its bond sale of September 10, and the market was
also affected by a demand for money until Tuesday of
next week, as the Stock Exchange will be closed Satur­
day and Monday.
The low rate on Thursday was
2% and the majority of the loans were at 3% . On
Friday transactions were at 4% and at 23^%, prin­
cipally at 3 % % . Time contracts on good mixed
Stock Exchange collateral were quoted at the close
of the week at important concessions compared with
those at the beginning. Rates were 5% for thirty,
53^% for sixty and 6@ 63^% for ninety days to four
months and 63^ @ 7 % for five to six months. Com­
mercial paper was nominally quoted at 63^% for sixty

494

THE CHRONICLE-

toninety-day endorsed bills receivable, 63^% for prime
and 6 ^ @ 7 % for good four to six months’ single names.
The Bank of England rate of discount remains un­
changed at 4j^ % . The cable reports discounts of
sixty to ninety-day bank bills in London 4% @ 4 % % .
The open market rate at Paris is 3 ^ @ 3 ^ % and at
Berlin and Frankfort it is 4 % % . According to our
special cable from London, the Bank of England gained
£831,827 bullion during the week and held £37,668,457
at the close of the week. Our correspondent further
advises us that the gain was due in almost equal pro­
portions to purchases in the open market and receipts
from the interior of Great Britain. The details of the
movement into and out of the Bank were as follows:
Imports, £434,000 (of which £6,000 from Paris and
£428,000 bought in the open market); exports, nil,
and receipts of £398,000 net from the interior of Great
Britain.
The foreign exchange market was active and lower
early in the week, primarily influenced by easier dis­
counts in London, the result of various incidents,
among which were the announcement of intervention
by Secretary Cortelyou for the relief of the domestic
monetary situation. These improved conditions at
the British capital stimulated the negotiation of loan
bills, the marketing of which had a direct effect upon
exchange, and there was also good buying by arbitrage
houses of securities for London account, against which
exchange was promptly drawn. There were also free
offerings of commodity bills against spot and future
exports of grain, and the pressure of these various
classes of exchange contributed to a more or less rapid
decline in rates until Wednesday, when the market
became less active at a partial recovery. One feature
was a fall of four centimes in the rate for exchange at
Paris on London, due to the reduction at the lastnamed centre of unofficial discounts; consequently,
francs were lower. There seemed to be an absence of
effort on the part of British bankers to restrict accept­
ances of American finance bills, there being less appre­
hension than was recently felt of derangement to the
London discount market by reason of the negotiation
of such bills in large volume. Should, therefore,
there be no unfavorable change in the situation, it
seems probable that considerable amounts of foreign
capital may be procured, through these bills, for financ­
ing American securities. It is reported that arrange­
ments have been made for placing in Europe a large
block of the New York City bonds that will be offered
on Sept. 10. Though there was a less active market
after Wednesday, the tone was steady, with only a
fractional recovery, which naturally resulted from the
previous sharp decline; the ending of the bi-monthly
settlement on the London Stock Exchange contributed
to a relaxation in the demand for cables.
There was an export of $1,000,000 gold this week,
which was understood to be for Berlin, but the desti­
nation was not positively announced. It is said,
though, that the metal was shipped for the account of
Berlin bankers, who are in this way liquidating ad­
vances which had been made by Vienna banks last
December; the export was made on special order and
not as an exchange operation.
Nominal quotations for sterling exchange were 4 833^
@ 4 84 for sixty day and 4 873^ @ 4 88 for sight. On




[V o l .

lxxxv

.

Saturday of last week the market was active and lower
at a decline, compared with the previous day, of 50
points for long to 4 8275@4 83, of 20 points for short
to 4 8720@4 8725 and of 25 points for cables to 4 8775
@ 4 88. On Monday there was a fall of 30 points for
long to 4 8265@4 8270, of 25 points for short to
4 8695@4 87 and of 25 points for cables to 4 8770@
4 8775. On Tuesday long declined 5 points to 4 8260
@ 4 8265, short 35 points to 4 8665@4 8675 and cables
45 points to 4 8725@4 8735. On Wednesday short
fell 10 points to 4 8660@4 8665 and cables 5 points to
4 8725@4 8730; long was unchanged. On Thursday
long rose 5 points to 4 8265@4 8270 while cables fell
5 points to 4 8720@4 8725; short was unchanged. On
Friday the market was barely steady, wiih a fall of 10
points in long, of 20 points in short and of 30 points in
cables.
The following shows daily posted rates for sterling
exchange by some of the leading drawers:
F rl.,
M on., Tues.,
W ed., Tlturs., F rl.,
A ug. 23 Aug. 2(>\Aug. 27 Aug. 28 Aug. 29 Aug. 30
Brown Brothers
160 days
& C o____________
ISight. _
Baring
160 days
& C o ____________
IS igh t. Bank British
S60 days
North America . . . . ISight . .
Bank of
J60 days
M ontreal________
I S ig h t..
Canadian Bank
J60 days
of Commerce ___ \ S igh t..
Heldelbach, IckelJ60 days
heimer & C o _____ ..I S ig h t .
Lazard
S60 days
Freres
_ _ ____ . . IS ig h t ..
Merchants Bank
J60 days
of C a n a d a ______
I S ig h t..

4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4

84
88
84
88
84
88Vi
84M
88Vi
8414
88 'A
84
88
84
88
84^
88Vi

84
88
84
88
84
88
84
88
84
88
84
88
84
88
84
88

84
88
84
88
84
88
84
88
84
88
84
88
84
88
84
88

84
88
84
88
84
88
84
88
84
88
84
88
84
88
84
88

83>*
87*4
84
88
84
88
83>*
87>S
84
88
83H
87H
83^
87^
84
88

83«
87X
84
88
84
88
83H
87
84
88
83Vi
87 X
83^
87 Vi
84
88

The market closed on Friday at 4 8250@4 8275 for
long, 4 8635@4 8645 for short and 4 8690@4 87
for cables. Commercial on banks 4 8215@4 8225 and
documents for payment 4 813^@4 82% . Cotton for
payment 4 813^@4 81%, cotton for acceptanoe 4 8215
@ 4 8225 and grain for payment 4 8 2 % @ 4 82%.
The following gives the week’s movement of money
to and from the interior by the New York banks.
Received by
Shipped by
N . Y . Banks. N . Y . Banks.

Week ending Aug. 30 1907.

iV#i Interior
Movement.

.

$5,536,000
1,605,000

$4,455,000 Gain $1,081,00#
1,147,000 Gain
458,00#

Total gold and legal tenders---------

$7,141,000

$5,602,000 Gala

C u rrency_________________________

$1,539,00*

With the Sub-Treasury operations and gold export*
the result is as follows.
Into
Banks.

Out o f
Banks.

Banks' interior movement , as above.
Sub-Treas. oper. and gold e x p o r ts ..

$7,141,000
25,800,000

$5,602,000 Gain
28,300.000 Loss

$1,539.00*
2.500,00*

Total gold and legal tenders______

$32,941,000

$33,902,000 Los«

$961,00*

Week ending Aug. 30 1907.

Not Chang* in
B a n t Boldines.

The following table indicates the amount of bulliom
in the principal European banks.
Aug. 29 1907.
Bank o/

England - .
France . .
Germany a
Russia d .
Aus. Hunb
S p a in ____
Ita ly .........
N eth’l ’d s.
Nat.Belg.a
Sweden . .

Gold.
£
37,668,457
112,259,480
36.671.000
117,154,000
45.483.000
15.505.000
34.269.000
6,032,700
3,212,667
4,249,000

| Silver.
£

38,774,666
10.163.000
6,938,000
12.136.000
25.829.000
4,983,700
5,613,100
1,606,333

Aug. 30 19*«.
Total.

|

Gold.

.

£
j
£
[
37,668,457' 38,514,765'
151,033,480 116,733,742
46,834.000! 36,511,000:
124,092,000 110.880.000
57,619,000 47,109,000'
41,334,000; 15.227,000
39,252,700i 29,712,000
11.645.800 5.522,600
4.819.000 3,322,000
4.249.000 3,880,000

Silver.
£
_________
42,076.972
11,000,000
6,942,000
12,248,000
24,846,000
3,887,800
5,743,100
1,661,000
____ . . .

Total.
£
38,514,76*
158,810,714
47,511,00*
116,822,00*
59.357.000
40.073.000
33,599,80*
11,265,700
4,983,00*
3,880,00*

T o t. week 412,504,304 106,043,133 518,547,437 407,412,107107,404,872 514.816.97*
Prev .week 409,406,140 105,109,335514,515,475 405,543,768107,064,374 512,608,142

I

I

1

a The division (between gold and silver) (riven In our table of coin and bullion
in the Bank of Germany and the Bank of Belgium is made from the best estimate
we are able to obtain; in neither case Is it claimed to be accurate, as those banks
make no distinction in their weekly returns, merely reporting the total gold and
silver; but we believe the division we make is a close approximation.
b The Austro-Hungarian bank statement is now issued in Kronen and Heller in­
stead o f Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was b y considering the Gulden to have the value of SO cents. As the Kronen
has really no greater value than 20 cents, our cable correspondent In London, in
order to reduce Kronen to Pounds, has altered the basis o f conversion b y dividing
the amount o f Kronen b y 24 instead of 20.
d The total of gold In the Bank o f Russia includes the balance held abroad—
that is. the amount held for Russian account in other Continental banks. The
proportion so held and consequently duplicated In the above statement is about
one-quarter of tbe total.

AUG. 31 1907.]

THE CHRONICLE

THE KING OF ENGLAND AN D INTERNATIONAL
PEACE.
Without attracting very great attention in this coun­
try, the conference between the King of England and
the German Emperor at Wilhelmshohe Castle, this
month, has attracted much thoughtful comment in
the European press. It is realized there, as perhaps
it is not in this country, how potent an influence may
be exerted by persistent and judicious efforts on the
part of the sovereigns of the several States. As to
the conference with the Emperor, no very plain details
have been obtainable, except for the positive state­
ments of King Edward to the Emperor that “ Your
Majesty knows it is my greatest wish that only the
best and pleasantest relations should prevail between
our two countries.” This is, no doubt, susceptible of
being taken as a mere expression of friendliness and
courtesy; but the European critics have not hesitated
to attach much greater importance to it. The mere
fact of the conference was, indeed, a matter of consid­
erable importance at the present juncture, when it is
well understood that the fixed purpose of the King of
England;, in his quasi-diplomatic visits to the other
sovereigns, has been to cement the peace of Europe
through the good offices of England.
What has actually been accomplished through King
Edward cannot be understood except by glancing over
the history of the past half-dozen years. Prior to that,
it will be readily recalled, England had for years been
living in constant dread, imaginary or otherwise, of a
serious clash with Russia over the question of the In­
dian frontier— a fear which had been nearly realized in
the Afghanistan incident of 1884. Feeling between
England and France was bitter to the last degree;
within very recent times it reached a point, in the
Fashoda episode of 1898, where soldiers and diplomats
began to talk of armed hostilities, and where the stock
markets acted accordingly; and the Dreyfus affair,
with its consequent misunderstandings between the
French and English people, had gone far to complicate
the matter. Of the strained situation which arose be­
tween England and ourselves at the close of 1895, n
the matter of the Venezuela boundary, and of the
more recent friction between England and Germany,
fomented by reckless journalists and interested traders,
we hardly need to speak. If one wishes to go further,
in looking at the possible course of international feel­
ing when left to these malign influences, one would
only need to cite the arguments addressed from many
quarters to England, as they have been very lately to
the United States, that war with Japan for the control
of the Paeifie Ocean is inevitable.
Now, let us see just what has been accomplished in
all these directions, and how it was accomplished. A
hard and fast treaty between France and England has
practically placed those two nations in the position of
joint guardians of the international public order; and
it was the good offices of the King which, against much
discouragement and doubt on the part of English
critics, started this propitious movement. Similarly,
in the case of Russia, it is no secret that the influence
of the King over his Imperial relative has done much in
converting the Russian nation into a friendly Power
with distinct and avowed leanings toward international
peace. What has been effected as between England
a id the United States cannot, perhaps, be faid so di­




495

rectly to the credit of the English Sovereign; that was
a natural drawing together of two peoples, separated
at times by foolish misunderstandings, but actually
united by bonds of friendliness and common purposes,
of which, in 1895, neither seemed to be fully aware.
In the Continental arrangements, however, the influ­
ence of the King is conceded by every critic; it is equally
conceded that the task has been accomplished through
the use of exquisite tact, which enabled the royal ne­
gotiator to accomplish the difficult achievement of
avoiding, on the one hand, intrusion on the rights of
his accredited Ministers, and on the other of averting
suspicion in the other party to the negotiation, through
inability to offer terms which it desired.
The power enjoyed in these regards by Queen Vic­
toria was great, but it was necessarily limited by her
sex and by her inability to employ the medium of cor­
dial and personal intercourse after the fashion of her
son. The natural result of all this achievement should
be particularly auspicious, if the expectations regard­
ing the German Emperor’s present attitude are correct,
for the removal of original causes of international dis­
agreement. It may, in fact, be said that the King’s
achievements carry the matter of averting war one
step further back even than does the work of the Hague
Tribunal. It is the intended office of that interna­
tional arbitration board to settle disputes which have
actually arisen, before they reach the stage of armed
hostilities; but it has been the office of the royal nego­
tiator to stop and arrange the disputes before they
actually arise. This was notably the fact in the ar­
rangement with France, which grew directly out of
the King’s diplomacy. England conceded certain
claims in Africa, on the Canadian coast and in
the Farther East; it received in return what was
virtually recognition of its hegemony in behalf of
peace.
It may be asked, what assurance does this existing
position give us for the future? No one supposes that
any Sovereign can be absolute in this matter of impos­
ing peace. It may at least be doubted if the King’s
achievement, great as the personal element in it has
been, could have been accomplished in its present form
but for the fact that his efforts were loyally sustained
by the English people, and, in the main, by the people
of the countries with which he was endeavoring to
establish good relations. At the present moment there
can be little doubt that the French, Russian and Eng­
lish people— to which, we sincerely believe, might be
added the American and the Japanese— are at one in
desiring to avert a clash of arms and to insure inter­
national peace. This is not to say that there is not
an element in each and all of these communities which,
for its own purposes, is striving against these beneficent
undertakings and endeavoring to block such plans as
those of an international tribunal or a royal negotiator.
To our mind, however, the opportunities of such a
class in the community are limited to an unusual de­
gree when the people, on the one hand, and the sover­
eigns on the other, are united in a desire for mainte­
nance of peace. The fact is plainly recognized by all
students of history that the great majority of wars
have been occasioned either by an angry wish of the
people for an international conflict, or by personal
machinations of sovereigns or ministers. In the
present situation, as Ave have reviewed it, it appears
to us that the weight of power in both directions leans

496

THE CHRONICLE.

[V o l .

lxxxv

so strongly in the direction of peace as to make a rup­ having produced 1,552,659 tons of iron in 1906 against
ture of good relations between the greater States en­ no more than 329,805 tons in 1890. When we come
to such States as Ohio and Pennsylvania, the growth
tirely improbable.
of the South pales almost into insignificance. In the
W H AT THE SOUTH HAS A T S T A K E .
sixteen years Ohio has increased its yearly output
Under the title ‘ T h e Slow Growth of the South,” by over 4,000,000 tons (its production in 1906 having
the “ Iron Trade Review” of Cleveland, an ably con­ been 5,327,133 tons against 1,240,330 tons in 1890),
ducted paper, in its issue of August 15th takes up a and Pennsylvania has increased its make of iron by
matter to which we have many times directed atten­ over 6^4 million tons— Pennsylvania having in 1906
tion, namely the fact that in its iron development made 11,247,869 tons against 4,415,329 tons in 1890.
the South has not fulfilled the expectations so sanThus the South, so far from taking the lead in exten­
guinely entertained twelve or fifteen years ago. It sion of iron-making, has lagged behind. The reasons
will be recalled that at this earlier date it was generally are a matter of deep concern. The “ Iron Trade
felt that by reason of her wonderful resources— the Review” thinks that the South has suffered by reason
ore, the fuel and the flux being all found in close of the rapid development of the Lake Superior ore
proximity, these constituting the chief elements in the region and also from the decay in the charcoal pig iron
economical production of iron— the South must in­ industry, in which the South had been prominent.
evitably and very quickly surpass all other sections Our contemporary shows, however, that Lake Superior
of the United States in iron-making. For Alabama, ores to-day labor under a heavy handicap, and because
which is particularly favored in the particulars noted, of that fact it thinks the South’s prospects are really
it was claimed that it would soon become the greatest better now than they have been at any time in the
iron-producing district in the world. Nothing of the past. It says that the fault lies much less with the
kind has happened. The promise of a dozen or more natural resources than with the way in which they
years ago has not been realized. An inquiry into the have been developed, adding: “ It has been difficult
causes of the disappointment should, therefore,be useful. to secure money for the South, and the money which
The “ Iron Trade Review” points out that the State has been secured has not always been wisely spent.
of Alabama made but 6.4% of the total production of Too much dependence has been placed upon the
the United States in the first half of 1907, although natural resources and not enough upon the work of
no special condition intervened, while in 1890 that man.” After making calculations going to show how
State contributed 8.9% of the total production. The heavy is the cost of laying down Lake Superior ore
five States, Virginia, Georgia, Tennessee, Alabama at the furnaces, it points out that the apparent neglect
and Texas, in 1890 made 15.4% of the country’s pig of the South as a field for profitable iron-making con­
iron, while in the first half of this year they made tinues up to the present time, in the following words:
barely 10%. It is true the production of these States
A few men in the South are fully aware of these
increased, having, indeed, doubled in the seventeen facts; the rank and file are not, and the bankers are
years, but the production of the .country at large during not. The South has not grown in the past fifteen
years as it should, nor is it so growing now. Without
the same period tripled.
The facts stand out even more strongly when, in­ going farther into the subject of what is now being
stead of the percentage method used by our contem­ done, Mr. Swank’s midsummer report can be cited,
this stating that of 29 blast furnaces in course of con­
porary, comparison is made of the actual output at struction in the United States on June 30, only one
the two periods. In our review of the iron statistics was in Alabama and none in any other Southern State.
for the calendar year 1906, in our issue of February 9, Of 3 furnaces being re-built, one was in Virginia and
we showed how small, both absolutely and relatively, one in Alabama. Of 13 projected furnaces not a
had been the growth in the South during the last three single one was in the South. Here is a total of 45
furnaces and only 3 credited to the South.
or four years, and the contrast becomes yet more
striking when we extend the basis of the comparison
Our contemporary touches only very lightly on what
further back— say to 1890. , In the year last named we consider the chief reason why the South has not
the total output of iron in the United States was only enjoyed that rapid expansion in iron-making to which
9,202,703 tons. In 1906, on the other hand, the coun­ it was entitled. We allude to the fact that it has been
try’s iron production was 25,307,191 tons. Here is found impossible to induce capital to venture into
an increase in sixteen years of somewhat over 16,- that part of the country with the same degree of free­
000,000 tons. Of this 16,000,000 tons increase how dom as in the North. The editor of the “ Iron Trade
much was contributed by the South? Its contribution Review” says: “ It has been difficult to secure money
has been no more than 1,723,056 tons. In other for the South.” That is the literal truth, and we need
words, while in 1890 the South made 1,744,160 tons not spend time in considering the intimation that
of iron, in 1906 it made 3,467,216 tons. Alabama, on bankers have not been fully acquainted with the ad­
which the most sanguine hopes had been built, shows vantages possessed by the South and which should
a ratio of growth about the same as the South as a secure certain pre-eminence for that section if other
whole, its output having risen from 816,911 in 1890 circumstances were the same. Why has it been diffi­
to 1,674,848 tons in 1906.
cult to “ secure money for the South” in face of her
With an addition of only 1,723,056 tons during the superabundant and inexhaustible resources? The an­
sixteen years for the whole South, what has been the swer is that the course of her legislators has created
record of the other leading iron-producing States? a feeling of distrust which has made investors and
Illinois alone has added almost as much as the entire capitalists afraid to lock up money to any very great
South, that State having made 2,156,866 tons of iron extent in enterprises in that part of the country.
in 1906 against only 701,106 in 1890. Even New York There has been during all this time a fear lest invest­
has enlarged its output by nearly 1J^ million tons, ments be denied that fair and considerate treatment




AUG. 31 1907.]

THE CHRONICLE.

which alone will secure the flow of capital unimpeded
in any given direction.
Hence, even when all the indications pointed to
very large profits, it has been deemed a wise precaution
to withhold large supplies of money until it had been
plainly demonstrated that the investment was assured
of the same protection, rights and safety as elsewhere.
Though the South offered various inducements, and
was undoubtedly anxious to secure the location within
her borders of new enterprises and undertakings, there
was not entire confidence that after the plants were
once established and the money lodged so that it could
not be withdrawn, there would be the same desire to
safeguard it as there had been to get it to come in.
Some capitalists and money lenders, having had un­
favorable experience of this kind, refused altogether
to send any more money in the same direction.
Another thing operated to prevent the influx of
outside capital on the scale needed, namely the atti­
tude of many— nay, most— of the Southern States
towards the railroads. It was, in the main, the way
the railroads were being treated that made it difficult
to secure capital for other ventures. If the railroad
industry could not count upon fair treatment, what
reason was there for thinking that money invested in
other branches of every-day activity would fare any
better? These are obviously considerations which
banking interests undertaking to make investments of
the money of their clients in States far from home
must take carefully into account, and, obviously, the
money for general industrial development— for the
mill, the furnace, the factory— comes in large part
from the same source as the-money that is applied in
railroad extension and development. Yet these are
considerations which the Southern legislators and
many of the Southern State officials have entirely
overlooked or completely ignored.
The policy pursued towards the railroads has been
injurious in another way. It ha^ prevented the secur­
ing of the additional transportation lines and railroad
facilities which the South so much needs. Even if the
hostility to railroad interests had not served to deter
investments in industrial undertakings generally, of
what avail would the erection of new factories, furnaces
and plants have been without the necessary railroad
facilities to bring their products within the reach of the
consumers?
We accordingly see there has been a double draw­
back to the development of the marvelous resources
of which the South is undoubtedly possessed. The
figures quoted above deal only with iron production.
If the inquiry were extended to steel-making and to
the finished forms of iron and steel,the lack of ade­
quate growth would be still more apparent. In fact,
in that case there would be in some instances evidence
of an entire lack of growth of any kind.
For years some of the Southern States have been per­
sistently hostile to railroad interests. Long before
the general wave of hostility which is now engulfing
the whole country had developed, Southern railroads
had vexatious and embarrassing legislation to contend
against on the part of many of the Southern States.
At times it seemed as if the movement were about to
die out, but after an interval it would be renewed
with fresh energy. In the more’recent crusade the South
has been prominent beyond all other sections of the
country, and this illustrates the spirit that has animat­




497

ed her legislators and statesmen all along. Recall what
has been happeninglately in North Carolina,in Alabama,
in Virginia, &c.— how confiscatory rate-reduction laws
have been passed; how the Federal courts have been
defied when they sought to interfere in protection of
the investments in these properties; how even laws
have been passed attempting to prevent those having
property interests in these States from having recourse
at all to the Federal courts on penalty of the confis­
cation of the property, or the imposition of fines and
penalties that were tantamou nt to confiscation. Con­
sider the numerous anti-trust laws enacted in Texas
and mother States, and note, as an illustration that the
same spirit is still rife, that the Legislature of Georgia
has just enacted a public service commission law,
modeled on that of New York, only much more radical
and drastic. Is it strange under such circumstances
that “ it has been difficult to secure money for the
South” and that, with unsurpassed resources, ironmaking is developing in a relatively small way?
The people of the South may be deluded into think­
ing that as, in face of all this, they have been enjoying
some degree of growth and progress, that this is evi­
dence that the policy towards the industrial interests
which they have been pursuing and which has served
to repel capital instead of attracting it, has done them
no injury. But this is a sad and serious mistake.
We cannot understand why the Southern people
should give the slightest degree of encouragement to
the politicians who are committing them in favor of
a policy so detrimental to the South’s best interests.
Suppose during the last two or three years the
Southern legislator had devoted his time and attention
to making the fair Southland an attractive field for
railroad investments instead of enacting rate-reduction
laws and taxing their ingenuity in devising other
contrivances for harassing and -embarrassing the rail­
roads in their financial and physical operations. How
different to-day would be the situation of these roads!
Every one of the large systems is in need of additional
capital for its development and improvement. But
this capital during the last two years has not been
forthcoming. The result has been that further growth
has been stunted and that the railroad systems have
not been able to move the traffic offering with due
economy and dispatch. Such growth as the South
has enjoyed during the last decade has been entirely
due to the reorganization and building up of three or
four of the leading systems. More than anything
else it has been due to the reorganization and recon­
struction of the lines embraced in the Southern Rail­
way System, through the good offices of J. P. Morgan
& Co. and those associated with them. These men
had faith in the South and also confidence that the
new money they were pouring into these undertakings
would be accorded equitable treatment. How have
they been rewarded? Note the course of recent
legislation already referred to, from which this system
has been the chief sufferer. Note also that the divi­
dend on Southern Railway preferred has just been
reduced and that the common stock is kicking round
in the market at 15@16— not much above the price
it commanded on the day of its issue after the payment
of very heavy assessments on the East Tennessee
Virginia & Georgia and the Richmond & West Point
Terminal stocks, the properties out of whose ruins the
Southern Railway System was created.

498

THE CHRONICLE.

Consider, too, the state of the income of the Southern
Railway. With an increase of $3,016,555 in the gross
earnings; for the twelve months ending June 30 1907
there was a loss of no less than $1,909,588 in the net
earnings; while at the same time the charge for interest
and rentals rose $1,412,257. Nor have the other large
Southern lines fared any better.
The Louisville
& Nashville added $5,254,949 to its gross earnings
during the same period of twelve months and was
able to save only $407,111 out of the amount for the
net, while the Atlantic Coast Line, with $1,903,082
addition to the gross, suffered a decrease of $1,646,747
in the net.
The editor of the “ Iron Trade Review” is of opinion,
as we have seen, that, owing to the increase in the cost
of the Lake Superior ores, the South’s prospects are
better now than they have been at any time in the
past. The truth is, this is really only a minor element
in the problem— of little avail or advantage so long as
the South adheres to a course which tends to drive
away the capital of which she stands in so much need.
Unless this policy is speedily changed her industries
must suffer a reaction worse than that which came
after the close of the Civil War. For without new
capital her railroads will fall into decay and with the
transportation facilities insufficient the same fate
must befall all other industries. Comptroller Plant
of the Southern Railway did not exaggerate a bit
when, in his testimony this week, he said that the rail­
roads cannot find a market for securities in the face of
State legislation tending to reduce rates below the
point where they can earn the money to pay for the
necessary improvements, and that the greater the
agitation against the railroads, the greater the proba­
bility of a decrease in general trade.
GEORGIA’S PUBLIC SERVICE COMMISSION
LAW .
Georgia is the first State, as far as our knowledge
goes, which has imitated the example of New York
and passed a Public Utilities bill. The measure is
modeled on that of this State, only that (as of course
would be expected) in some of its provisions it is even
more radical. The matter is of importance because
this piece of legislation marks another step tending to
repel outside capital. The fact that New York has led
the way in no way alters the character of the legisla­
tion or affects the validity of this conclusion. Both
States must suffer harm, but New York at least has
this advantage: It has enormous amounts of capital
right at its doors, some of which perhaps, by reason
of the propinquity to the field where the capital is to
be employed (some investors always preferring to put
their money in undertakings which can remain under
their own cognizance and surveillance), can be tempted
into the enterprises now under the ban, but Georgia
and the South have no such advantage. They must
rely in large measure for their continued development
and expansion upon outside capital; and where this
outside capital is asked to go far from home, the dispo­
sition always will be to look very carefully as to the
protection and security which is likely to be accorded
it in its new habitat. The least doubt, the least sus­
picion, is sufficient to keep it at home.
We referred to the proposed Georgia law in our issue
of July 13. The measure has since undergone altera­
tions and amendment, but finally passed both houses




[V o l.

lxxxv

.

of the Georgia Legislature and will become a law
through the signature of Governor Hoke Smith, whose
attitude of hostility to railroad and corporate inter­
ests is well known. We find the bill printed in full in
the “ Atlanta Constitution,” and this enables us to furnish
an outline of the same. The nucleus of the new commis­
sion is the present Railroad Commission, the member­
ship of which is to be increased from three to five.
The powers and duties of the Commission are extended
and enlarged so as to cover not only steam railroads
but street railways and transportation companies gen­
erally, including express companies and the like. Its
powers also extend to gas and electric light and power
companies and to telephone and telegraph companies,
or persons and associations furnishing telephone and
telegraph service. Not only that, but its jurisdiction
extends to docks and wharves; likewise to terminals
and terminal stations. And, as indicating the constant
tendency to enlarge the definition of what are termed
“ public service” agencies, even eotton-compress con­
cerns are brought under the control and dominion of
the Commission.
The “ Atlanta Constitution” says the Commission
is given practically absolute power over rates and all
details of public service rendered by the corporations
named in the Act. This is borne out by the provisions
of the new law, for Section 5 of the same declares that
“ the power to determine what are just and reasonable
rates and charges is vested exclusively in said Commis­
sion.” Its orders and circulars are to have the same
weight and force as an Act of the Legislature. While
it may hear complaints, the Commission is authorized
to perform the duties imposed upon it of its own initia­
tive and to require all common carriers and other pub­
lic service corporations to establish and maintain such
public service and facilities as may be deemed reasona­
ble— either by general rules or by special orders in
particular cases. The Commission is also vested with
authority to examine into the affairs of said companies
and corporations and to keep informed as to their gen­
eral condition, their capitalization, their franchises,
and the manner in which their lines are managed, not
only with respect to the adequacy, security and accom­
modation offered by their service to the public and
their employees, but also with reference to their com­
pliance with all provisions of law, orders of the Com­
mission and charter requirements.
As in the case of the New York law, the Georgia Com­
mission has authority to prescribe a uniform system
of accounts to be used by railroads and other corpora­
tions, the same to be, as far as practicable, in conform­
ity with the system of accounts prescribed by the InterState Commerce Commission. It also has authority
to examine all books, contracts, records and documents
of any person or corporation subject to its supervision
and compel the production thereof-. It may ascertain
the cost of construction and the present value of proper­
ties in Georgia owned by the corporations or companies
coming under its jurisdiction, and to that end may em­
ploy necessary experts.
Most important of all, the Commission may pre­
scribe rules concerning spur tracks and side tracks,
with reference to their use and construction, removal
or change, with full power to compel service to be
furnished to manufacturing plants, warehouses and
similar places of business along the lines of the roads,
and to fix the terms and conditions of their use. It has

A u g . 31 1907.|

THE CHRONICLE.

authority “ to order and compel the operation of suffi­
cient and proper passenger service/’ also the making
and operation of physical connection between lines of
railroad crossing or intersecting each other. It is also
allowed to fix penalties for neglect on the part of rail­
road companies to adjust overcharges and losses, and
is to prescribe the rules and penalties covering and
requiring the prompt receipt, carriage and delivery
of freight and the prompt furnishing of cars to ship­
pers and the transfer of cars through yards by
connecting roads. It may likewise order the erection
of depots and stations and the appointment and
service thereat. It may regulate schedules and com­
pel connection at junction points of competing lines.
All companies coming under its supervision must
get its approval before they can create any new stock
or bonds. For violation of an)’- provision of the law
or failure to comply with any order or requirement of
the Commission, a fine of $5,000 is fixed for each and
every offence. Every violation is to constitute a
separate and distinct offence, and in case of a con­
tinued violation every day is to be deemed a separate
and distinct offence. Actions for the recovery of the
penalties may be brought practically everywhere in
the State, and procedures to enforce such penalties
are to be triable at the first term of court at which
brought and to be given precedence over all other
business. On the other hand, the domicile of the
Railroad Commission is fixed at the Capital of the
State, in Atlanta, Fulton County, and no court of the
State other than the courts in that county are to have
or take jurisdiction in any suit or proceeding brought
or instituted against the Commission or any of its
orders or rules. The “ Atlanta Constitution” states
it is claimed that under the new law it will be prac­
tically impossible to suspend orders or circulars of the
Commission by injunction obtained in the Federal
courts. This may be the intention, but we imagine
the Federal courts will have something to say on that
point. Officers, agents and employees are also liable
to criminal prosecution for violation of the law or
failure to observe the requirements of the Commission;
and, furthermore, any officer, agent or employee is
also to be subject to indictment for the acts of subordi­
nate agents or employees where done by the approval
or direction of such officer, agent or employee.
The Commission is authorized to employ two or
more rate experts, and the office of Attorney to the
Railroad Commission is also created. The qualifica­
tions for membership on the Commission are in some
respects unique. Any person thirty years of age
who is qualified to vote as an elector in Georgia is to
be eligible to membership “ without reference to his
experience in law or in railway business.” But there
is a further condition that no such person shall be
eligible who is “ directly or indirectly interested in any
mercantile business or any corporation that is con­
trolled by, or that participates in, the benefit of any
pool, combination, trust contract or arrangement that
has the effect or tends to increase the cost to the public
of carriage, heat, light, power or of any commodity
or merchandise sold to the public.” The law provides
no test by which the disqualification here outlined is
to be determined, and if objection on that score should
be made against any Commissioner receiving the en­
dorsement of a popular vote (for while the Governor
is to have the original appointment of the two addi­




499

tional members, subsequent choice is to be by public
election), the proceedings might become decidedly
interesting.
As illustrating the spirit in which this new law is
to be administered, the action just taken by Governor
Hoke Smith in arbitrarily removing one of the three
men on the old board is decidedly suggestive. The
Commissioner removed is Joseph M. Brown. His
term would have expired, any way, on Oct. 15. Why
h e should not have been allowed to serve the short
time remaining of his term (less than two months) is
not apparent. His successor had already been elected
and it is this man the Governor has appointed to fill
the vacancy created by the suspension of Commissioner
Brown. Governor Smith refuses to make public the
reason for his action, and he is not required to state
these reasons until the convening of the next General
Assembly of Georgia, which will not be until June of
next year. It is not clear, either, why the Governor
should have delayed action until after the adjournment
of the late Legislature, which remained in session until
August 18. As it is, Commissioner Brown, who was
given no hearing by the Governor, will have no means
of vindicating himself until it is too late to do him
any good.
It is hinted, on the one hand, that the Governor’s
action grew out of developments of the last month or
two, notably the publication by Commissioner Brown
of statistics tending to show that, while the State Rail­
road Commission, by reducing freight rates during the
last few years has effected a saving to shippers of
$2,000,000, consumers have not been receiving the
benefit of these reductions; but such reductions have
been absorbed by the manufacturers and jobbers, who
have steadily advanced prices to consumers. Mr.
Brown himself asserts that the action is the result of
spleen— that during Mr. Smith’s campaign for Gover­
nor he repeatedly stated that his first official act,
should he be made Governor, would be to suspend Mr.
Brown from office. A third suggestion is that,
through the removal of Mr. Brown, the Governor, with
the new appointees, has obtained absolute control of
the new Commission as enlarged. Whatever the true
explanation, it does not augur well for a wise, impartial
and equitable administration of the new statutes, with
its far-reaching changes and transformatioas in the
relation of the State to its so-called public service
agencies.
RAILROAD GROSS A N D NET EARNINGS FOR
JUNE.
Our statement of the gross and net earnings of
United States railroads for June is somewhat incom­
plete, as is always the case with the exhibits for that
month. The reason is that June is the closing month
of the fiscal year of practically all of the roads, and
hence the returns are delayed awaiting corrections and
revisions so as to close up the accounts for the twelve
months. By reason of these corrections and revisions,
too, the results are not so conclusive or controlling as
are the corresponding results for other months.
Our present compilation, notwithstanding these
drawbacks, is nevertheless very comprehensive in its
character, as will be evident when we say that the June
total of the gross is over $132,000,000 and the June
total of the net over $41,000,000.
The feature so
conspicuous in the returns of previous months is again

500

THE CHRONICLE.

prominent. We refer to the large augmentation in the
expenses of the roads, which, however, on this occasion
is present in a somewhat modified form. With
$17,225,040 gain in the gross there is only $4,704,352
increase in the net. This is a decided improvement
over May, when, with $23,192,776 gain in gross, all
but $6,446,546 of this gain had been consumed
by increased expenses. Even as* it is, however, the
June ratio of increase in the net falls below the ratio
of gain in the gross. The latter for June is 14.99%,
the increase in the net only 12.95%. It is not clear,
either, that the fact that in amount the increase in
expenses for June is so much smaller than the increase
in May possesses any special significance. In June
last year many of the roads still suffered from the sus­
pension of coal mining, and this in many instances not
only served to reduce the volume of traffic, and there­
fore the earnings, but also, through the dislocation of
traffic movements occasioned by loss of the coal ton­
nage, acted to swell operating cost at that time.
Such extra cost was, of course, avoided the present
year. Finally, both the increase in the gross and the
increase in the expenses the present year in June
would have been larger than they are, were it not for
the fact that the month had one less working day
than in 1906, June this year having contained five
Sundays against only four last year.
1907.

1906.

Inc. or D cc.

June (84 roads)—
$
S
S
Gross earnings______________________ 132,060,814 114,835,774 + 17,225,040
Operating expenses . . ____________ 91,039,255 78,518,567 + 12,520,688
Net earnings______________________

41.021,559

36,317,207

+ 4,704,352

z T h e s e figu res c o v e r th e lines d ir e c t ly o p e r a te d east a n d w est o f P it t s ­
b u rg h an d E rie. T h e gross o n E a ste rn lines Increased $ 1 ,6 7 4 ,7 0 0 a n d th e
gross o n W e s te rn lines in cre a se d $97 3 ,1 0 0 .

12.95

June.
189 7
189 8
189 9
190 0
190 1
190 2
190 3
190 4
190 5
190 6
190 7

$
48,680,992
50,274,300
55,978,068
67,883,647
78,026,161
82,996,635
81,053,177
87,298,783
92,831,567
100,364,722
132,060,814

Year
Given.

Year
Preceding.

Increase or
Decrease.

$
14,371,918
14,943,497
17,855,957
21,843,152
26,223,611
26.679,487
23,988,925
26,894,483
27,567,407
31,090,697
41,021,559

$
13,120,127
14,045,315
14,068,508
19,666,585
23,318,642
25,455.584
22,106,804
24,594,095
26,391,704
27,463,367
36,317,207

$
+ 1,251,791
+ 898,182
+ 3,787,449
+ 2,176,567
+ 2,904,969
+ 1.223.903
+ 1,882,121
+ 2,300,388
+ 1,175,703
+ 3,627,330
+ 4,704,352

Increase or
Decrease.

S
$
47,044,545 + 1,636,447
46,902,366 + 3,371,934
48,136,823 + 7,84-1,245
60,652,419 + 7,231,228
72,941,846 + 5,084,315
76,865,429 + 6,131.206
70,435,646 + 10,617,531
86,656,352
+ 642,431
84,537,809 + 8,293,758
90,242,513 + 10.122,209
114835774 + 17,225,040

revealed. The Pennsylvania Railroad, while having
added (on the Eastern and Western lines directly
operated combined) $2,647,800 to its gross receipts,
managed to save only $634,400 of the amount for the
net, and the Atchison with $1,182,243 gain in gross
has only $191,518 gain in net, and the Rock Island
system, with $1,182,243 addition to gross, has only
$208,543 addition to net. These are merely a few
illustrations out of a long list of the same character.
In a number of instances the augmentation in expenses
has been of such magnitude as to wipe out the improve­
ment in gross, thereby causing a loss in the net. In
the following we show all changes for the separate roads
for amounts in excess of $30,000, whether increases or
decreases. It will be observed there is only one de­
crease in the gross, but over half a dozen in the net.

14.99
15.95

Year.
Year
Preceding.

.

P . C.

Net Earnings.

Gross Earnings.

lxxxv

P R I N C I P A L C H A N G E S I N GROSS E A R N I N G S IN J U N E .
In crea ses. |
In crea ses.
P e n n s y lv a n ia (2 ro a d s) _ _ z $ 2 ,6 4 7 ,8 0 0 ! S e a b o a rd A ir L in e ----------$15 8,75 5
S o u th e rn P a c i f i c ________ _1,852,251 ; C h ica g o & A l t o n ________
155 ,543
C a n adian P a c i f i c ________ _1,304,361 M ln n eap St P a u l & S S M
144 ,0 9 2
R o c k Isla n d s y s t e m _______1,1 8 2 ,2 4 3 i H o c k in g V a lle y ----------------142,361
A t c h T o p e k a & S a n ta P e 1 ,1 2 8 ,5 0 5 ! St L ou is S o u th w e s te rn . .
129,819
U n io n P a c fic ------------------- --- 1 ,0 7 0 ,3 8 8 N o rth e rn Cen tral
124 ,6 0 0
St L o u is & S an F r a n c is c o
8 0 0 ,0 3 3 T o le d o & O h io C e n t r a l ..
119 ,5 0 7
B a ltim o re & O h io ___
116 ,700
623,271 i P h ila B a lto & W a s h ____
Illin o is C e n tra l___________
116,084
5 82 ,506 ! M ob ile & O h i o . ...............
M issouri K a n sa s & T e x a s
1 0 1 ,8 1 6
4 9 3 ,6 8 0 |C ine N e w O rl & T e x P a c .
M issouri P a c s y s t (2 rds) .
92.518
426 ,4 1 7 W isco n s in C e n tra l_______
E r i e _______________________
62 ,034
4 1 1 ,9 1 7 ; B u ffa lo & S u sq u e h a n n a 61,3 7 6
B u ffa lo R o c h & P i t t s b . .
391 ,268 A la b a m a G rea t S ou th ern
L o u isv ille & N a s h v ille___
4 8 ,1 2 8
3 4 3 ,6 4 5 B a n g o r & A r o o s t o o k ____
S ou th ern R a ilw a y _______
47,0 0 1
315,7*35 A tla n ta B ’ ham & A t la n tic
N o rfo lk & W e s t e r n ______
3 8 ,2 0 6
2 7 3 ,3 4 0 : D u lu th S o u th S h ore& A tl
P a cific C o a s t______________
3 5 ,3 0 0
2 4 2 ,2 2 4 W e s t J e r s e y * S e a S h o r e .
3 4 ,8 6 6
C h esapeak e & O h io ______
2 3 4 ,1 2 5 T e x a s C e n tra l____________
K an sas C ity S o u th e r n ___
31,2 6 7
2 0 8 ,4 4 8 T o le d o St L & W e s t e r n ..
W h e e lin g & L a k e E r ie ___
2 0 2 ,8 0 0 ;
L e h igh V a lle y ____________
1 7 5 ,5 3 0 | T o t a l (44 r o a d s ) _______ $ 1 7 ,0 1 4 ,0 0 4
W a b a s h ___________________
1 72 ,454
D ecrea ses.
C o lo ra d o & S o u th e r n ____
1 7 1 ,0 9 0 ! A t la n t ic C o a st L in e ...........
$55 ,8 0 4

One important fact with reference to the June totals
deserves mention. Taking the roads collectively,
there has been no recent year when our compilations
have failed to show an increase, either in gross or in
net, though in some of the years these increases were
quite small. The following is the record in this respect
for the last eleven years.
Year
Given.

[V ol.

P R I N C I P A L C H A N G E S IN NET E A R N I N G S I N J U N E .
In crea ses. I\
In c r ea se s $729,411 St L o u is S o u th w e s te r n ___
$ 8 6 ,7 8 8
263 4 ,4 0 0 C h ica go & A l t o n _________
85,0 1 1
604 ,753 T o le d o & O h io C e n tra l___
7 1 ,6 5 8
4 7 7 ,0 5 7 W isc o n s in C e n tra l________
65,251
3 82 ,503 T o le d o St L o u is & W e s te rn
59.5 6 Z ’
2 9 6 ,0 7 6 . A la b a m a G reat S o u t h e r n .
32,321
278,081 !
2 26 ,445 i T o t a l (27 r o a d s ) ____
$5,548,056 '
208 ,5 4 3
191 ,518 A tla n tic C oa st L in e _______
$ 3 1 9,14 9
182 ,985 L eh igh V a lle y _____________
253 ,8 6 0
150,921 N Y O n ta rio & W e s t e r n . .
8 0 ,4 5 9
150 ,019 N a s h v C h att & St L o u i s . .
7 6 ,9 2 7
120 ,475 L o n g I s l a n d _______________
6 2 ,3 6 7
110,922 L e x in g to n & E a s te r n ____
36,039
108,723 N o rth e rn C e n tra l_________
32,6 0 0
103 ,890
96,7 4 6 T o ta l (7 r o a d s )..................
$861,401
9 3 ,9 9 7 ]

E r i e .............
............ ............
P e n n s y lv a n ia (2 r o a d s ) ___
Illin ois C e n tr a l____________
C a n ad ian P a c i f i c __________
U n io n P a c ific _____________
St L o u is & San F r a n c is c o .
B u ffa lo R o c h & P itts b u r g h
M issouri P a c ific s y s t (2 rds)
R o c k I s la n d _______________
A t c h T o p e k a & S a n ta F e .
K an sas C ity S o u th e r n ____
N o rfo lk & W e s t e r n _______
M issouri K a n sas & T e x a s .
W h e e lin g & L a k e E r ie ____
S o u th e rn P a c i f l o ..................
S ou th ern R a ilw a y ________
H o c k in g V a lle y ............... ..
B a ltim o re & O h i o ...............
S e a b o a rd A ir L in e ...............

z m e s e figures c o v e r lines d ir e c t ly o p e r a te d east an d w e st o f P ittsb u r g h
and E rie. T h e net o n E a ste rn lines in crea sed $4 3 1 ,7 0 0 an d th e n et on
W e s te rn lines in crea sed $ 2 0 2 ,7 0 0 .

Besides the roads furnishing exhibits of gross and
net, there are a number which make public only the
figures of gross. These latter comprise some impor­
tant systems and companies. Starting with the total
of the gross in the foregoing, we add these other roads
Note.— In 1890 the number o f roads included for the month of June was 121:
in 1897, 106; in 1898, 116; in 1899, 95; in 1900, 99; in 1901, 94; in 1902, 94; in
with a view to getting a total for the gross which shall
1903,86; in 1904, 80: in 1905, 77; in 1906, 80; in 1907 84; W e no longer include
the Mexican roads or the coal-m ining operations of the Anthracite Coal roads in our
embody
the results for every company from which we
totals.'
When arranged in groups evidence of the tendency have been able to procure figures of gross.
of expenses to increase is found in the circumstance
ROADS REPORTING GROSS BUT NOT NET.
that while all the different groups record increases in
1907.
In crea se. ; D ecrea se.
the gross, without any exception, two of the groups,
$
l
namely the anthracite coal group and the Southern R e p o r t e d a b o v e (84 ro a d s) 132 .0 6 0 ,8 1 1 1 1 4 ,8 3 5 ,7 7 4 ,1 7 , 225.040!
A la N e w O rl & T e x P a c —
264 ,922
N e w O rl & N o r E a s te r n .
group, show losses in net.
26 4 ,4 9 8 '
424
SU M M ARY B Y G R O U P S.
Gross Earnings.

N et Earnings.

Section or
G roup.
1907.
June.
Trunk Lines (5 ).
Anthra Coal (2)
East & Mid (1 3 ).
Mid West (1 2 ) ..
North West and
North Pac (11)
South W est and
Sou Pac (1 5 ) ..
Southern (26)___

S
36,320,418
4,074.639
5,582,450
8,820,021

1906.

1907.

1906.

Inc. ( + ) or
D ec. (— ).

S
8
S
S
32,464,976 11,533,163 10,083,761 + 1,449,402
3,875,336 1,565,494 1,899,813 — 334,319
4,816,516 1,664,190 1,502,740
+ 161,450
7,542,795 3,091,132 2,053,290 + 1,037,842

17,038,171

14.070,020

37,853,233
22,371,882

31,392,295 11,223,520
20,673,836 5,723,074

6,220,986

5,264,033

%
14.37
17.60
10.74
50.54

+ 956,953 18.18

9,734,002 + 1,489,518 15.30
— 56,494
5,779,568
.98

Total (8 4 )____ 132,060,814 114,835,774 41,021.559 36,317,207 + 4,704,352 12.95
Mexican (3 )____

2,865,448

2,652,061

962,772

898,104

+ 64,668

7.20

In the case of the separate roads, the part played by
the heavier operating cost is still more conspicuously




A la b a m a & V i c k s b u r g ..
V ic k s S h rev e & P a c ific . .
C en tral o f G e o rg ia _________
C h ica g o G rea t W e s t e r n ____
C h ica g o In d & L o u is v i ll e ..
C h ica g o In d & S o u t h e r n ___
C h ica go & N o r t h w e s t e r n ..
C h ic St P M in n & O m a h a ..
C in cin n ati N o r t h e r n _______
C lev e C ine C h ic & S t L o u is .
P e o ria & E a s te r n ________
D e n v e r & R io G ra n d e ______
D e tr o it T o le d o & I r o n t o n ..
G ra n d T ru n k o f C a n a d a ..
G ra n d T ru n k W e s t e r n . .
D e t G r H a v & M ilw ____
C a n ada A t la n t ic ________ j
G reat N o r t h e r n ____________
M o n ta n a C e n tra l________
G u lf & S hip I s la n d _________
In te r n a tio n a l & G rea t N o r .
L a k e E rie & W e s t e r n ______
L a k e S h o re & M ich S o u t h ’ n
M a co n & B ir m in g h a m ______
M ich igan C e n tr a l..... ..............
M id lan d V a l l e y ____________

122 ,596j
135 ,570
913 ,700
718 ,330
481 ,179
254 ,849
5,931 ,5841
1,148 ,448;
82 ,554'
2,323 ,844'
266 ,281!
2,012 ,900:
352 ,385

108,5721
113,246)
849 ,200 !
713 ,312
486,3311
169,4091
5 ,7 9 7 ,2 2 3 !
1,0 8 4 ,1 7 0 !
94,2 5 8
2 ,0 3 9 ,7 9 1 1
257 ,607
1 ,7 5 2 ,9 0 0
314 ,628

* 8 5 ,4 4 0
134,361
64,278,

3 ,8 2 8 ,780i

3 ,5 5 9 ,5 0 0

269 ,280 ,

4 ,9 6 2 ,3 4 0
249 ,1 4 6
206 ,3 3 6
599 ,0 0 0
422 ,8 9 5
3,7 9 1 ,1 0 3
10,900
2,3 7 6 ,1 2 5
92,223

4 ,4 2 3 ,2 9 0
250,542
184 ,995
548 ,0 0 0
402,461
3,5 5 7 ,2 9 8
12,705
2,1 7 3 ,4 4 3
37,391

5 3 9 ,0 5 0 '

14,024;
22,324
6 4 ,5 0 0 '
5,018

5,152

2 84,05 3 :
8,674!
2 60 ,000
37,757;

21 ,341
51 ,000
20 ,434,
233 ,805 j
202 ’,682
54 ,832

1,396

J u n e.

190 7.

N Y C en tral & H u d s o n R lv
N Y C h ica g o & S t L o u is ___
N o rth e r n P a c i f i c ____ ____
P itts b u r g h & L a k e E r i e ___
Sierra R a ilw a y ___ _________
S ou th ern I n d ia n a ____ __
T e x a s & P a c ific ____ ..______
T o r o n t o H a m ilto n & B u ff_ .
W e s te rn M a r y la n d ____ _____

$
8,6 8 4 ,2 6 0
821 ,568
6 ,333,921
1 ,3 8 6 ,5 0 4
2 69 ,300
3 7,179
1 35 ,566
1 ,2 4 8 ,1 4 8
7 5 ,322
5 25 ,085

1906.
$
7,6 4 9 ,6 4 5
791,631
5 ,4 4 7 ,2 2 4
1 ,3 5 9 ,7 7 6
257,801
36,377
132 ,797
1.0 0 1 ,5 1 7
65,297
462 ,5 0 0

In c r ea se .
S
1,0 3 4 ,6 1 5
29,937
886 ,697
26,728
11,499
802
2,769
246,631
10,025
62,585

T o t a l (121 r o a d s ) .
- 1 83 ,125 ,65 7 16 1 ,2 3 5 ,1 0 9 2 1 ,9 1 0 ,6 0 5
2 1 ,8 9 0 ,5 4 8
N et in crea se ( 1 3 . 5 7 % ) ____

D ecrea se.
5

20,0 5 7

In this way the total of the gross for the month in
1907, it will be seen, is brought up to $183,125,657,
and the increase over 1906 foots up $21,890,548.
The ratio of improvement is somewhat smaller than in
the other case, being 13.57%. In June 1906 the
improvement by the same method of computation
reached $15,777,008, or 12.11%— to which, of course,
the present year’s increase is additional.
A N A R G U M E N T FOR A U N ITE D S T A T E S B A N K .
(C o m m u n ic a te d .)

That our banking and currency laws need broad revision
is adm itted on all hands, as well as that there seems to be
no agreement on terms.
A great deal has been written about it, and some of this
will be curious reading some day if preserved.
I do not know which implied fate m ay overtake this con­
tribution. It resists, at least in part, what seems just now
to be a stream o f tendency.
Bankers have not unnaturally hesitated at issues of credit
notes, new to us in this generation, b y 6,000 banks over
a widely scattered field, and the idea o f a great Central bank
has been very unpopular.
A Government bank has been ably contended for b y
thoughtful men, and yet for some reason there has been
nothing doing.
W hat is said here can have little real merit unless, even in
such an atmosphere, under the test o f intelligent and thor­
ough criticism, it seems calculated to overcom e these o b ­
jections; to have in it the germ o f sound legislation; and to
be attainable in the public interest.
W hen more carefully put into form for enactment into
law it m ay be entitled:
A n A c t t o ch a rte r th e U n ite d S tates B a n k , t o be th e d e p o s ita r y o f all
G o v e rn m e n t fu n d s; o f th e re ce ip ts o f a G o v e rn m e n t P o s ta l S av in gs B a n k ,
a n d th e in v e s to r o f its s a v in g s , t o issue n a tio n a l cre d it c u r r e n c y u n d e r a
.3 0 % g o ld r eserv e, a n d th e G o v e rn m e n t arm ; a n d fo r o th e r p u rp o se s.
U N IT E D ST A T E S B A N K .

Capital 100 million dollars, to be paid in b y the G overn­
m ent, the national banks and the public, in about equal
amounts.
Behind the Bank shall stand the strength and credit of
the United States Government at the cost and burden of the
Bank. To this end the. Government shall be pledged to
issue its bonds up to $100,000,000 to maintain and defend
the Bank's gold reserve of 30% against both deposits and
circulating notes; and it shall act at once to restore the
reserve when it falls to 2 0 % , the Bank thereupon placing
securities and guaranties with the Secretary o f the Treasury,
approved b y him, for repaym ent in full to the Government.
The United States Bank m ay issue uncovered or credit
circulating notes to par of its capital, redeemable in g old ,
free of tax
C A P IT A L ST O C K .

The capital stock shall be in 100,000 shares of -SI,000 each,
$100,000,000, to be known, and stamped across the face,
as “ Governm ent,” “ Bankers ” and “ Public” shares.
The Governm ent shall take 34,000 shares and
pay in _____________ ___________________________ $34,000,000
The bankers’ shares shall be offered to all national
banks in proportion to capital; stock not taken
re-offered, &c.; 33,000 shares_________________ $33,000,000
The subscription to public shares shall be open to all
investors except national banks. State banks and trust
companies m ay own their shares pari passu, as national
banks their shares.
No one else shall hold more than $200,000 par
value; 33,000 shares___________________________ 33,000,000
The nearer relationship of national than of State banks
is recognized in the organization, bu t only in what seems
an appronriatejlim ited degree
The public shares m ay be




501

THE CHRONICLE.

A ug . 31 1907.]

widely held in office, shop and farm , bringing the people
closer to their Government. It is intended to conserve all
sound banking, and to bring about its solidarity in the
general interest. The Governm ent m ay take over, at b o o k
value, all United States shares held b y liquidating national
banks; and all shares acquired b y any bank beyond its
quota, and place them with new banks or otherwise. U nited
States Bank shares shall be exem pt from taxation. Those
not owned b y the Governm ent will be largely investm ent of
capital already taxed. Banks in clearing house cities m a y
underwrite the shares pending distribution. There shall be
no double stock liability, nor prior lien on notes. The
reserve, with the Government arm, is enough.
D IV ID E N D S A N D

E A R N IN G S .

Tw enty per cent of net earnings shall be carried at divi­
dend periods to surplus or reserve fund, till it reaches onetenth of the capital, and this shall be made good, if im paired,
in the same w ay. Dividends shall be declared semi-annually
out of net earnings up to 6% per annum. A n y available
net earnings in excess o f 6% shall be divided into tw o equal
parts at the end of each fiscal year. One part shall be paid
to stockholders in a special dividend. The other part shall
be turned into the United States Treasury in consideration
of the exclusive and valuable grants and immunities o f the
charter. This shall be a part of the contract in all subscrip­
tions to stock.
O R G A N IZ A T IO N .

“““

The United States Bank shall be, within its charter, under
the entire control of seven Governors, who shall have
attained the age of thirty-five years, had experience in large
affairs, and rendered efficient service as bankers, merchants
manufacturers or professional men. They shall be trained
m en, with successful records, worth in the m arket the equiva­
lent of the salaries they are to receive.
They shall be in active control of the business and policy
of the Bank. They shall appoint all officers and agents and
fix their compensation.
Their own salaries shall be fixed in the A ct at $20,000 a
year; for the head Governor $25,000.
The United States Governm ent, b y appropriate authority,
shall appoint, for its own and the public shares, four G ov ­
ernors for terms of three and six years, and triennially there­
after two Governors for six years.
The national bank shareholders, in their separate organi­
zation, shall elect three Governors for terms of tw o, four and
six years, and biennially thereafter one Governor for six
years, b y a two-thirds vote b y ballot, on at least tw o m on th s’
notice.
These elected Governors shall be taken from the active
banking field, and shall have served in responsible positions
in the larger clearing-house cities of the United States.
The public shareholders shall have their independent or­
ganization, for purposes o f orderly correspondence with the
Bank, and shall send list of names to the appointing powers,
from which, if approved, Governors shall be selected. This
will result in practical representation, bu t it seems appro­
priate that the Governm ent reserve to itself the right to
appoint a m ajority of the Board of Governors.
The Secretary of the Treasury, while he m ay be called
upon to act in an independent attitude in a remote con ­
tingency, shall still, b y virtue of his office, attend any Board
meetings and make any recom m edations he sees fit in the
interest of the Governm ent.
The five largest clearing houses in the United States shall
elect one man each, and these shall serve as a Board of Coun­
selors under rules that shall be worked out.
This seems to promise a stronger working m anagem ent
than a large Board of Directors elected in different States, &c.
This independent footing, the long terms of office, and
other conditions, are designed to save the Bank from even
the suspicion of adventitious or political influences that
settled the fate of the United States Bank experim ent in
Jackson’s tim e.
Its main office, all things being equal, will naturally be
in New Y ork , and the main branch in Chicago.
POW ERS

The United States Bank shall be the depositary o f all
Governm ent funds, taking over Governm ent deposits now
with national banks, on agreed terms, gradually, but as
soon as practicable; and of the national-bank-note red em p ­
tion fund

502

THE CHRONICLE.

It shall be a deposit reserve agent of national banks, the
interest herein to be at' least 3^% under the current national
bank rate for that service. It m ay, in its interest, open
accounts with other banks, bu y trade paper from them,
rediscount for them and make loans to them.
It m ay deal in United States and other bonds, receive
deposits, lend m oney, draw bills of exchange, and have home
and foreign agents and branches. It m ay do a home and
foreign m oney-order business in connection with banks
throughout the country, in their joint interest.
It shall n ot do an active checking business, to compete
therein with banks, which will save it a very expensive
equipm ent. It need pay no m oney over its counter except
to redeem its credit notes, and these redemptions will be
m ainly through clearing houses.
I t is designed to conserve and not to disturb; bu t the
powers given are broad enough to make it of dom inant un­
questioned strength in any crisis.
National banks in central reserve cities m ay keep 25%
reserve in their vaults as now required to do; or as an alterna­
tive they m ay keep 20% in their vaults and 10% in the
United States Bank.
In periods o f healthy normal expansion, of which they shall
be the judges, the Governors, b y unanimous action, m ay
reduce national bank reserve requirements one-fifth for
periods n ot exceeding four m onths. This action shall not
recur till at least three months after each closed period.
It shall publish weekly, or oftener, the am ount o f its
deposits and reserves, and the am ount of its circulating
notes, issued and afloat, to show the actual working of issue
and redem ption.
The National Bank A ct shall be amended in conform ity;
from the time this A ct goes into effect national banks shall
be allowed to retire $15,000,000 circulating notes a m on th ,
besides retiring at will any new initial or increased is­
sues.
ISSU E A N D R E D E M P T IO N

O F C R E D IT N O T E S.

The United States Bank m ay issue credit circulating notes
which it must redeem in gold or United States Treasury gold
certificates at its counter and branches.
It shall keep a 30% gold reserve against these notes and
deposits. It shall issue its credit notes freely, as required,
in m oving crops or otherwise. It shall use its reserve
freely in sound trade conditions and when credit is assailed
from any quarter.
All national banks, holders of its stock, m ay cancel these
issues b y cutting the notes, under reasonable regulations,
and send them home b y mail or express at the cost and e x ­
pense of the United States Bank.
This puts the burden of redemption where it belongs, on
the issuing bank; and it incidentally insures a cleaner cur­
rency. This will work out actual redem ption, at all main
points, through the unfailing cost factor to the United States
Bank. The lack o f this active principle o f redemption is a
great fault in our present system. W hen bank notes are
now measurably presented, new unsigned notes are sent at
once to the issuing bank to make their ineffectual round
again. Banks m ay keep these new notes on hand till trade
needs them (and even save the tax m eanwhile), and this
was, no doubt, intended in the law; but they rarely do this,
as interest on bank balances exceeds the tax and the profit
factor controls. The system is not good, and it com es near
being an endless chain of non-redem ption. A bank note is,
first o f all, a medium of exchange. It should be paid, can­
celed and destroyed when its work is done.
Increasing gold production and the greater use of checks
and other instruments in all highly enlightened States will
still further weaken the quantity theory of circulation,
especially as applied to bank notes. We need just enough
o f them to make the exchanges still made that w ay, even as
we need to have our legs just lon g enough to reach the
ground. Circumstances will alter cases, and a fixed rule
would be awkward, not to say distressing.
W hether we are entering a receding period o f business or
n ot, the effect of a law like this will be a wholesome reduction
of national bank notes, certainly when this m ethod is a p ­
plied to them. The contention that credit notes mean in ­
flation, under the strong reserves and through restraints o f
this A ct, breaks down com pletely. H ow can it be inflation
where the issuing bank “ pays the freigh t,” and all the banks




[V o l .

lxxxv

.

are connected up to keep redemption alive and currency lines
clean and taut?
The stoutest opponents of credit currency in general can
hardly deny that these notes will be safe; or that they would
be safe if issued up to 150% of the capital of the United
States Bank. They can hardly assert that they are likely
to be redundant. Our national notes, of course, are sa fer
secured b y United States bonds. These credit notes will be
safe b y the law o f their being, and be proportional and
efficient besides. Our bank notes, as we issue them , and
do not really retire th em , stand to these notes as a disordered
room to one that is swept and garnished.
THE TR EA SU RY AND THE CU RRENCY.

The attitude of the Treasury toward Governm ent deposits
and the m oney m arket has been all along one o f recognized
integrity and ability. It has rendered very great service
at critical times. It has been the one elastic home elem ent
in our rigid system. W e need it till we get something better.
This only makes plainer its inherent dangers financially r
and in a broader sense its greater dangers politically.
As an interference, a “ nice derangem ent,” it is a success.
As a permanent working plan it will becom e more and m ore
intolerable.
The United States bank will take the Treasury ou t o f the
m oney market, leaving to it the issue of gold certificates,
the redemption of legal tender notes, and its silver situation;
and it will relieve its head of a load of work, too heavy to
be borne along with his essential and im portant duties,
enough in themselves to test the endurance of any m an.
The National Bank A ct touched closely the lim it o f con­
stitutional pow er, bu t b y a com m on patriotic impulse it
has had the general sanction because it provided a secure
currency, m ade a m arket for United States bonds and
urnished the sinews of w ar in the crisis o f the nation’s life.
It does n o t work well, however, when banks freely inject
circulating notes into trade channels, under w eak, inefficient
redem ption, just on bond prices, with no provision in the
law to take them as freely out again. Not only so, but thisprocess has been kept at full head by active bond dealers
and the highly stimulated policy of the Treasury.
It has come to be looked upon as a public du ty , perform ed
with profit so far, to keep at high-water mark the quotations
of Government bonds and the volum e of national bank notes.
But banks cannot create increased lending power that
way (unless they borrow the bon ds), as is easily shown.
On the contrary, they m ay insidiously impair credit condi­
tions by these practices, although we m ay n ot notice i t r
but pass it b y , as we do indirect taxation, or the golden rule.
In such a situation the issue of more bank notes does not
mean better credit, any more than more food always means
better health.
It is com m endable to maintain a high m arket for United
States bonds, and they will rule high on their merits, and
the situation. Other related questions, however, should
be kept in m ind.
P O S T A L S A V IN G S B A N K .

The full im port of the United States Bank opening the
way for a Governm ent Postal Savings Bank, the post-offices
acting as receivers (and payers of small sums in w ithdraw al)
and the United States Bank acting as depositary and inves­
tor of its savings should be carefully considered.
It will foster th rift am ong the people throughout the land;
and it will bring vast sums into active use, that are now
buried and lost to com m erce, that nothing else will reach.
The Government should pay at least 2 i^ % on these de­
posits and they should reach the sum of $200,000,000 in
five years, perhaps very much more.
They will be a considerable factor in restoring the equili­
brium between liquid capital and business needs, now known
to be from various causes somewhat strained.
It will take care of United States bonds that will com e
on the market when national banks retire circulation,
which they will do when redemption is applied to their
notes, as it will be under the experience of this A ct.
England has $700,000,000 o f postal savings deposit,-;. It
seems too plain for any interest to make headway against it.
GENERAL

R E V IE W .

The United States Bank will strengthen the situation
all banks, yet they will never entangle it. It will have
outside ends to serve, and it will never be dom inated
any single interest. It will bring banking connections

of
no
by
to

AUG. 31 1907.J

THE CHRONICLE.

the G overnm ent where our trade interests lie, and where,
if less im peded, they will grow from natural causes.
This, particularly, is true over our northern border, and
in South Am erica, as was ably brought to the coun try’ s
attention during the year. It will be an impregnable insti­
tu tion, commensurate with our growing com m erce, and a
powerful influence in the m oney markets o f the world.
Corporations and trade combinations are the natural ou t­
growth of our expanding business. They are n ot evil in
themselves. They are only evil when used as instruments of
arrogance and oppression. Then th ey are looked upon by
throughtful men w ith a just indignation, in proportion to
their institutional deliberate and organized pow er for evil.
W ho shall separate the transportation, p u b lic service and
industrial organizations into their com ponent parts? They
should have a free course, provided always that w hen they
deal with the public interests they shall com e with clean
and uncorrupting hands; amenable to wholesome laws, and
mindful of the general advantage.
They have rendered a distinct service in making disastrous
panics unlikely now, except through successive crop failures,
o r profound political upheavals. W e m ay reasonably hope
to escape both o f these b y the general bou n ty of nature,
and our national good hum or and g ood sense. Men make
corporations that look ex actly alike, bu t they change
qu ick ly because G od, in his infinite m ercy, has made all
men different. Some years ago a United States Senator
was review ing financial history since the war, and much of
it he bore an able part in making. Party questions came in,
an d as he went on he said, "T h e Dem ocrats have no issues.”
In the connection no one seemed inclined to argue the
point; but Marshall Field, sitting near b y , said in an under­
ton e, “ I could g ive them an issue, the tariff.” The remark
m a y not have been entirely disinterested, bu t it had the
m erit of discriminating intelligence. No one has ever
accused him of astigmatism o f mental vision.
A fter the lapse of years the heads of some com binations,
conservative forces in m ost respects, of enorm ous earning
pow er, very able m anagem ent, and leaders in world pro­
d u ction , must have hard work to keep straight faces as they
take notice, with becom ing gravity, o f the obstacles so well
tended in the path of revision.
The incident is not “ lugged in .” Old party cries die hard,
o f course; but to-da y all intelligent men know the difference
between duties laid to m eet a labor condition and build up
an im portant industry, and the duties kept up all too long
to enrich these industries w hen they have surpassed all
com petitors.
M oreover, it has its bearing here. Not only will all such
privileges have to be coughed up, but no new legislation is
likely to com e from Congress unless it is asked on the broad
basis of the com m on weal.
The stored-up savings o f millions of men and women, of
relatively m oderate means, make up the bulk of that liquid
capital that, largely in bankers’ hands, has been generally
well used in com m erce. It has endowed them with their
earning power. They retain it, use it, and pass it on to more
highly organized and affiliated groups. M oving, or at rest,
“ still it is a charge; it is a possession, bu t partly in trustee­
ship . . .
we m ay not declare it an entailed estate.”
If this plan is realized in substance there will be some
shifting, but no loss, of this stored-up energy. To bring
the United States Bank to pass requires the cordial co­
operation of the general banking interests; and at the bank’s
head, with sound associates, a recognized leader of financial
strength and of broad ability and training. It will be a
wholesome sign of the times, which the times need, if as has
been seen in Senate, Cabinet and Court, men will step out­
side the narrower circle of private financial interests, to
serve this cause, at some sacrifice. And yet there will await
them the surer reward of a real public service.
The ends sought are these:
1. An actual trial and test of credit note issues, under
sound conditions, to point the w ay either to the extension
of their issue b y the national batiks under further safe­
guards; or to their control b y the United States Bank, with
increased capital resources and pow er, and to unified cur­
rency issues in that event.
2. A m oderate control of bank reserves; and a strong
Central Bank to m eet, in times o f great stress, the pressure




503

that is always felt with increasing intensity tow ard the
centre, as was so plainly marked in 1893.
3. A United States Governm ent Postal Savings Bank
system , made more easily attainable b y the charter of the
United States Bank.
4. A m oney-order system , that the banks owe it to them ­
selves to establish, that needs this central responsible head.
This will be of great practical value.
I hope these plans will be taken apart and put together
again, in m uch better shape, b y abler hands. There is a
great deal to do to complete them. They are n ot offered
as ready for the building, but only as having in them , per­
haps, some material for its enduring foundations.
B.
ITEMS A B O U T BA N K S, B A N K ERS AN D TRU ST CO’ S.
— The public sales of bank stocks this week aggregate 37
shares, of which 32 shares were sold at the Stock Exchange
and 5 shares at auction. Two lots of trust com pany stocks,
am ounting to 14 shares, were also sold at auction. A sale
of 5 shares of stock of the Nineteenth W ard Bank at 410
was the first public transaction in the ba n k ’s stock since
March 1906, when the quotation was 310.
S h ares. B A N K S — N ew Y o r k .
L o w . H ig h . C lose.
250
250
250
x22 C ity B a n k , N a t io n a l________
z lO C o m m e r c e , N a t . B a n k o f ___ 170
170
170
5 N in e te e n th W a r d ___ _________
410
410
410
T R U S T C O M P A N I E S — N ew Y o r k .
4 C en tral T iu s t C o .................... .1 7 0 0
1700
1700
10 V a n N o rd e n T ru s t C o ____ 300
300
300

T.ast p reviou s sale.
A u g . 190 7— 250
A u g . 190 7— 165
M a rch 1906— 310
J u ly 190 7— 1901
A p ril 1907— 2 9 9 %

x S o ld a t th e S to c k E x ch a n g e .

— The Governing Committee of the New Y ork Stock E x ­
change at a special meeting on W ednesday voted to grant
the petition of the members to close the Exchange to-day
(Saturday). No business, therefore, will be transacted on
the Exchange until Tuesday next— M onday, the 2d inst,
being Labor D ay. To-day is also a holiday on the London
Stock Exchange. The Produce,C otton and Coffee Exchanges
will likewise suspend business to-da y in addition to M onday.
— The program for the convention of the Am erican Bank­
ers’ Association, which is to be held on September 25, 26
and 27 at Atlantic City, N. J., was issued b y Secretary
James R . Branch on W ednesday. The order of proceedings
will be as follows:
F ir s t D a y ( W ed n esd a y) .
C o n v e n tio n ca lle d t o o r d e r at 10 o ’ c lo c k a. m . b y th e P r e s id e n t, G . S.
W h it s o n .
P rayer.
A d d re s s o f w e lc o m e b y H o n . E d w in C. S to k e s , G o v e rn o r o f N e w J ers ey .
R e p ly t o ad d ress o f w e lc o m e ,a n d a n n u al a d d re s s , b y th e P r e s id e n t, G . S.
W h it s o n .
A n n u a l r e p o r t o f th e S e c r e ta r y , Jam es R . B ra n ch .
A n n u a l re p o r t o f th e T re a su re r, A . A . Crane.
R e p o r t o f th e A u d it in g C o m m itte e .
R e p o r t o f th e E x e c u tiv e C o u n cil b y th e C h a irm a n , G . M . R e y n o ld s .
R e p o r t o f th e P r o t e c t iv e C o m m itte e .
R e p o r t o f C o m m itte e o n U n ifo r m L a w s b y th e C h a irm a n , E . D . K e y s .
R e p o r t o f th e A m e r ic a n I n s titu te o f B a n k in g b y th e P r e s id e n t, E . D .
H u lb e rt.
R e p o r t o f th e C o m m itte e o n B ills o f L a d in g b y th e C h a irm a n , L e w is E .
P ie rs o n .
R e p o r t o f C o m m itte e o n U n ifo r m W a r e h o u s e R e c e ip t s b y th e C h airm an
A . H . C u rtis.
,
R e p o r t o f S ta n d in g L a w C o m m itte e b y th e C h a irm a n , W illia m J . F ie ld .
R e p o r t o f C o m m itte e o n C e rtifica tio n o f M u n icip a l Secu rities b y th e
C h a irm a n , J o s e p h G . B r o w n .
R e p o r t o f C o m m itte e o n E x p re ss C o m p a n ie s b y th e C h a irm a n , F r e d . I.
K e n t.
P r a c tica l B a n k in g Q u estion s.
A d d r e s s b y H o n . C lau d e S w a n so n , G o v e rn o r o f V irg in ia .
A d d r e s s b y H errn K o m m e r z ie n r a t M o ritz I.e iffm a n n zu D u s s e ld o r f, d e le ­
g a te fro m th e C en tra lv e rb a n d des D e u tsch e n B a n k und B a n k ierg ew erb es.
A d d re s s b y W illia m S. W ith a m , o f th e W ith a m B a n k s, G e o rg ia .
R o ll call o f V ic e -P r e s id e n ts .
S econd D a y ( T h u rsd ay) .
C o n v e n tio n ca lle d t o o r d e r a t 10 o ’ c lo c k a . m . b y th e P r e s id e n t. G . S .
W h its o n .
P rayer.
A n n o u n c e m e n ts .
P r a c tica l B a n k in g Q u estion s.
R e p o r t o f th e C u rre n cy C o m m is s io n b y th e C h a ir m a n , A . B a rto n H e p b u r n ,
D iscu ssio n o f th e R e p o r t o f th e C u rr e n c y C o m m is s io n an d th<; C u rr e n c y
In w h ich d e le g a te s are in v ite d t o p a rticip a te .
A R e v ie w o f th e C u rre n cy C o m m is s io n ’ s R e p o r t an d o th e r S u g g e s tio n s,
b y H o n . C harles N . F o w le r , C h a irm a n C o m m itte e o n B a n k in g a n d C u rr e n c y ,
Th ird D a y (F r id a y ).
C o n v e n tio n ca lle d t o o r d e r a t 10 o ’ c lo c k a. m . b y th e P r e s id e n t, G . S .
W h it s o n .
n
P rayer.
P r a c tic a l B a n k in g Q u estion s.
A d d r e s s , “ O u r P re se n t and F u tu re P r o s p e r it y ,” b y M . E . In g a lls, P r e s i­
d e n t o f th e M e rch a n ts ’ N a tio n a l B a n k . C in cin n a ti, O h io .
A d d r e s s , “ S o m e E v e r G reen T o p ic s ,” b y J n o . T . P . K n ig h t, S ec r e ta r y o f
th e C a n ad ian B a n k e rs’ A s s o cia tio n .
C o n tin u a tio n o f D iscu ssio n o f P r a c tica l B a n k in g Q u e stio n s.
U n fin ish ed business.
R e p o r t o f C o m m itte e o n N o m in a tio n s .
E le c tio n s.
I n s ta lla tio n o f o ffic e r s e le cte d .

The meetings o f the Trust Com pany, Savings Bank and
Clearing House sections of the Association will precede the
regular convention; they will all meet on Tuesday, the 24th
— the Trust Com pany section at 10 a. m . in the North
Solarium of the Marlborough-Blenheim H otel; the Savings
Bank section at 10 a. m . in the South Solarium of the

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[V o l .

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.

M arlborough-Blenheim; and the Clearing House section in Fred. P. Bow den, Frank H . D am on, William S. Felton,
the M arlborough-Blenheim at an hour to be announced William P . Meehan, Leslie A . Friend, John C. K ennedy,
later. There will also be a meeting of the Organization of W illiam A . Jepson, Albert W . Flint, Thom as W . Buttimer,
Secretaries of State Bankers’ Associations during the evening M. G. Mitchell and V olney Skinner. The com pany is to
o f Septem ber 24. The program of the Savings Bank section locate in the Sears Building, at Court and W ashington
streets, in the quarters form erly occupied b y the Beacon
was published in full in this department a week ago.
The entertainments planned for the bankers and their Trust Com pany. As previously noted in this departm ent,
friends will begin on Tuesday, p. m ., with a roller chair it is to have a capital of $200,000. It will open September 10.
parade on the board walk, and will be follow ed on W ednesday
— Fred. E. Richards, President o f the Union Mutual Life
b y a reception and grand ball'at the M arlborough-Blenheim Insurance Com pany, has recently resigned the presidency
from 9 to 12 p. m . Following the business sessions of the of the Portland National Bank o f Portland, M e., and the
Association on Thursday, there will be an “ afternoon at the Union Safe Deposit & Trust Com pany o f that city. The
In let,” com m encing with a clam -bake, after which there will insurance com pany, which was the owner o f 1,545 shares
be a professional game of baseball, trips on ocean-going of the bank’s $300,000 capital and of the whole of the $250,000
yachts, &c. Thursday evening’s entertainment is styled a capital]of the trust com pany, has disposed of its entire holdings
“ go-as-you-please,” including complimentary freedom of in the bank and a m a jority of its stock in the trust com pany.
the piers, with their numerous forms of amusement; for
— Am ong the topics to be discussed at the annual meeting
Friday there has been arranged a musical treat in the form next week of the Pennsylvania Bankers’ Association at
o f a concert on the steel pier, from 8:15 p. m . to 10 o ’clock; Pittsburgh are the following: “ The Merits of the National
after the concert there will be a high-class cake-walk, in Banking System ,” b y Charles H . Treat, United States
which the best-known performers will participate. The Treasurer, and “ National Banks Versus Trust Com panies,”
courtesies o f the Atlantic City Y acht Club and the Country b y John G. Reading, President o f the Susquehanna Trust
Club will be extended during the entire meeting to members & Safe D eposit Com pany. Another topic is “ The Boston
and their families.
Clearing-House Method of H andling Outside Checks and Its
— The proposed Hungarian-American Bank o f this city, Advantages,” b y Charles A . Ruggles, Manager of the Boston
to which reference was made in these colum ns early in Clearing H ouse. Joseph W ayne Jr., Cashier o f the Girard
January, has been organized under the laws of the State of National Bank of Philadelphia, is President o f the A sso­
New Y ork, and will open ita offices on lower Broadw ay on ciation. The convention takes place on the 5th and 6th at
the first of O ctober. It will do a general banking business. Pittsburgh.
The purpose of its establishment is to provide for and
develop financial and commercial relations between this
country and the Magyar Kingdom in Southeastern Europe.
The new institution is capitalized at $400,000 (instead of
$100,000, as originally planned), bu t this am ount, it is
stated, will shortly be increased to $1,000,000. H alf of it,
$200,000, was subscribed b y the Central Credit Bank of
H ungary— a concern which controls the business of some
450 provincial savings banks in Hungary, with a capital of
$200,000,000, and which acts as the Hungarian agents of
the new bank. The remaining $200,000 of the capital stock
has been taken up, am ong others, b y John Alvin Y ou n g, of
the W indsor Trust Com pany; Le H oy W . Baldwin, of the
Empire Trust Com pany; Hallgarten & Com pany; E . Boross;
James Talcott; J. Frederic Talcott; Louis Ettlinger, of the
Am erican Lithographic Com pany; Christian Tietjen, of the
W est Side Bank; R . L . Calkins, of the New Y ork Central
Railroad; Max Goebel, of the J. L. M ott Iron W orks; R obert
E . R obin son , banker; James Ross Curran, of the Carnegie
Trust Com pany; H anover National Bank; E . A . Cruikshank;
James R . Morse, of the American Trading Com pany; E . J.
Gillies, of E . J. Gillies Coffee Com pany, and James H .
Schmelzel.
— The Mercantile Trust Com pany of Jersey City, N. J.,
has arranged for the construction o f a new building at a
cost of $22,254. The structure is to be 28 feet wide b y 80
feet deep. There are to be tw o mezzanine floors above the
main banking room , one in the front and one in the rear;
in the basement the com pany will have a m odern safe-deposit
departm ent. The exterior o f the building is to be of H allowell granite. The institution began business two years ago,
on July 10 1905. It has a capital o f $100,000 and surplus
and profits o f $51,000.
— The directors and officers o f the Aetna National Bank of
H artford, Conn., have issued invitations to a reception at
the H artford Club, September 9, from 3 to 6 in the after­
n oon , in honor o f the fiftieth anniversary of A ppleton R .
H illyer’s connection with the bank as officer and director.
— The officers of the newly incorporated L iberty Trust
Com pany of Boston, elected at a m eeting on the 23rd in st.,
are: President, George B . W ason, o f the firm of W ason &
C o., wholesale grocers; First Vice-President, Melvin O.
Adam s; Vice-President and Treasurer, Allan H . Sturges,
and Assistant Treasurer, Frederick Slader. The direc­
tors are Melvin O. Adam s, Charles W .
Bartlett,
George W . Bent, Edward E . B abb, B. Marvin Fernald,
Philip M. Tucker, Frank E . D im ick, William A . M cLeod,
Charles S. Dennis, Benjamin A . R obin son , E . H . Gowing,
W . H erbert A b b ott, J. E. Gilcreast, A . L. Lougee, Allan
H . Sturges, A . W . T oppan, E . J. Brow n, George B. W ason,




— A meeting of the stockholders of the Treasury Trust
Com pany of Pittsburgh will be held on W ednesday n ext,
September 4, to take action on the merger and consolidation
of the com pany’s business with that o f the Traders’ & Me­
chanics’ Bank o f Pittsburgh. James E . Glass has resigned
as President and director of the two institutions, and has
been succeeded in the presidency o f both b y William Ivem m ler Jr. James E. Barnett replaces Mr. Glass as director
o f the institutions. The bank has a capital o f $100,000,
surplus and profits o f about $125,000 and deposits o f $750,000; the trust com pany’s capital is $250,000; its surplus and
profits am ount to $55,867 and its deposits to about $300,000.
— The directors o f the German National Bank o f Cincinnati
have elected Louis J. H auck a Vice-President to replace the
late Edward H erzog. Cashier William C. W achs is also to
becom e a Vice-President when a new Cashier can be qualified.
W ith this end in view , the directors have created the offices
of Auditor and Assistant Cashier, the latter later on to take
the post now filled b y Mr. W achs.
— The Citizens’ Savings & Trust Com pany o f Cleveland,
it is announced, has com pleted arrangements for the opening
of a foreign exchange departm ent, equipped to handle, direct,
bills of exchange, foreign letters of credits, foreign drafts,
&c. The new department is in charge of Julius K ahn.
— Capt. J. H. Cutler, Vice-President o f the City National
Bank o f Evansville, In d ., died on the 25th inst as a result
o f injuries received several weeks ago. He was seventyeight years of age.
— William D. Dickey has just been appointed an Assistant
Cashier of the National City Bank of Chicago, his principal
duties being the cultivation o f the business o f the country
bankers throughout all tributary territory. For three years
past he has been Assistant Cashier of the Columbia National
Bank o f Indianapolis; before that he was for four years
connected with the American National in the same c ity .
He was for tw o years Cashier o f the private bank o f Weare &
Allison, Sioux City, Iow a., the oldest bank in the State,
and for m any years Cashier o f the Cumberland County Na­
tional Bank o f Neoga, 111. Besides these varied banking
connections, he was for tw o years in the United States
Treasury Departm ent under Secretary Gage.
— The new National Produce Bank of Chicago opened for
business at 132 East Lake Street on the 26th inst. Edwin L .
W agner, its President, is a young man o f considerable b a n k ­
ing experience and very, popular. He was officially con ­
nected with the Federal Trust & Savings Bank o f Chicago
from its organization until its merger with the American
Trust & Savings Bank, of which latter institution he has been
Assistant Cashier and in charge o f the savings department
for the past two years. Ralph N. Ballou, Assistant Cashier,

Ava. 31 1907.]

THE CHRONICLE

has occupied a similar position with the First National Bank
of Naperville, 111.; and Frank Collins, Assistant to the Presi­
dent, has been Cashier of the K enw ood- Trust & Savings
Bank (Chicago). The location of this new bank is primarily
to accom m odate the extensive commission merchandise busi­
ness o f South W ater Street and vicinity; and, with conserva­
tive management, it has every prospect of success.
— Nelson Morris, the well-known Chicago packer, died on
the 26th inst. at his home in that city after an illness of about
six weeks. Nelson Morris was born in a little village in the
Black Forest of Germany in January 1838, and, ten years
later, came with his fam ily to Am erica— an exile, w ithout a
dollar. A t the age of fifteen he began his business career
in Chicago as watchman at the old Stock Yards at wages of
$5 per m onth and board. In 1874 he established the first of
Chicago’s im portant packing plants. Year after year the
business prospered until to-day the com bined plants do an
annual business o f over $100,000,000. Mr. Morris was
prom inently connected with the financial interests of Chicago.
Besides being President of the packing firm of Nelson Morris
& Com pany, he was also President o f the Fairbanks Canning
Com pany, and was a director in the Union Stock Yards,
the St Louis National Stock Yai'ds, the National Safe D e­
posit Co. of Chicago, and the follow ing Chicago banks:
First National, First Trust & Savings, National Live Stock,
Stock Yards Savings, People’s Trust & Savings and W est
Side Trust & Savings.
— The Badger State Bank of Milwaukee has been incor­
porated with a capital of $50‘000. The new institution ex­
pects to open next m onth at Fond dvi Lac and North avenues.
•
— W ith his usual prom ptness, Ernest C. Brown, Secretary
o f the Minnesota Bankers’ Association, is distributing, in
volum e form , the report of the proceedings of the annual
convention, which was held last m onth— Juty 9 and 10— at
St. Paul. The b ook is in its custom ary complete shape, and
is accom panied b y a photograph, on a separate sheet, of the
delegates to the convention and their women folk. The
1907-08 officers o f the Association are: President, C. D.
Griffith, President o f the First National Bank, Sleepy Eye;
Vice-President, Joseph Chapman Jr., Cashier of the North­
western National Bank, Minneapolis; Secretary, Ernest C.
Brown, Assistant Cashier of the First National Bank, Minne­
apolis; Treasurer, A . C. G ooding, Cashier of the Union Na­
tional Bank o f Rochester.
— The title insurance and abstract plant o f the defunct
Minnesota Title Insurance & Trust Com pany of Minneapolis
was sold on A u gu st 13, we learn from the “ Commercial
W est,” under order of Judge Simpson, to Elbridge C. Cooke
and his associates. Mr. Cooke is President of the Minneapolis
Trust Com pany, but the purchase is not intended for the
latter. It is the purpose to organize a new corporation to
carry on the title and abstract departments, the com pany to
be called probably the Real Estate Title Insurance Company
and to have offices with the Minneapolis Trust Com pany.

505

has been re-elected Secretary and Treasurer of the Asso­
ciation .
— The Mechanics’ Bank & Trust Com pany of K noxville,
Tenn., organized b y Bird M. Robinson, of the Mobile
Jackson & Kansas City R R ., began business on the 24th
inst. The new institution takes over the business of the
Mechanics’ National Bank of K noxville, and starts with a
capital of $500,000 and surplus of $250,000. Mr. Robinson
is President of the com pany and S. B. Luttrell, who was
President of the Mechanics’ National, is Chairman of the
board of directors.
— The plan of the shareholders of the First National Bank
of San Francisco, Cal., to organize a trust com pany out of
a portion of the surplus funds o f the bank, spoken o f in our
issue o f July 27, has reached tangible shape. The proposed
institution has been incorporated under the name of the
First Federal Trust Com pany with a capital of $1,500,000
in shares of $50 each. The incorporators are Claus Spreckels,
James D . Phelan, R . Spreckels, George W hittell, J. W . Van
Bergen, &c. The bank and the trust com pany are to occu p y
the entire first floor of the new building now being erected
b y the First National at M ontgom ery and Post streets.
— A ccording to the Seattle “ Post-Intelligencer,” arrange­
ments were ratified b y the directors of the Seattle National
Bank o f Seattle, W ash., on the 22d inst., whereby interests
closely identified with the National City Bank of New Y ork
are to purchase a substantial share in the Seattle institution.
It is understood that, at present at least, there is to be no
change in ownership o f the present outstanding stock, but
$200,000 new stock is to be created. The directors have
passed resolutions providing for an increase of that am ount,
raising the capital from $300,000 to $500,000. The arrange­
ment, it is said, carries with it the official retirement o f
Vice-President Herman Chapin, w ho, while retaining his
stock , expects soon to relinquish the post to look after his
other interests. He will be succeeded b y Burt Clark o f New
Y ork , the representative o f the National City Bank, who
brought the negotiations to a successful term ination. The
New Y ork stock will probably, it is announced, have tw o
representatives on the board o f directors. It is reported,
to o , that J. W . Maxwell, now Cashier of the National Bank
o f Com m erce, Seattle, will have an executive position with
the Seattle National. The changes, it is stated, will probably
take place about November 1.
— Telegraph dispatches state that President W alter H.
Moore o f the Oregon Trust & Savings Bank o f Portland,
Oregon,which closed itsdoors on the 21st inst., has announced
his intention o f deeding unconditionally to Receiver Thomas
C. Devlin 6,000 acres o f wheat land in Sherman and Gilliam
counties (said to be valued at $300,000) to be used in m eet­
ing the claims of the depositors. The failure o f the bank,
according to the Portland “ O regonian,” o f the 22nd in st.,
was due to heavy investments in bonds of Om aha and T a ­
com a independent telephone companies. A statem ent of
the bank’s standing published in the “ O regonian” shows
am ong the resources, which aggregate $2,553,927, $448,213
o f Omaha Independent H om e Telephone Com pany securities;
$194,948 Puget Sound H om e Telephone Com pany holdings,
and $165,558 H om e Telephone Com pany No. 2 bonds.
Besides this, an item , “ bonds and warrants, $578,179,” is
also said to be largely telephone bon ds. The deposits in the
“ Oregonian’s” statem ent total $2,377,958.

— A t the annual meeting o f the Montana Bankers’ Asso­
ciation, held at Livingston on the 14th and loth inst.,
Secretary Frank Bogart in his annual report referred to the
growth in deposits of the financial institutions of the State.
In eleven m onths, from June 18*1906 to May 20 1907,the
deposits o f the national banks increased five million dollars,
or from $23,400,000 to $28,300,000, while those in the State
— The Bank of D rain, at Drain, Oregon, which had as its
banks for the same period increased $3,800,000, making Portland correspondent the Oregon Trust & Savings Bank,
the com bined increase in the two classes o f banks nearly closed its doors tem porarily on the 21st, pending arrange
$9,000,000. W ith the private banks included, a very much ments for securing a n ew correspondent, and until provision
larger growth would be shown, as out of the total 123banks is made for a supply o f cash to take the place of the funds
in the State 41 are private— the national institutions num ­ tied up in the Oregon institution. The Bank of Drain was
bering 45 and the State 37. President A . J. Bennett in his established some years ago as a private bank, bu t was incor­
annual address adverted to the laws passed at the late session porated as a State bank in January with a capital of $20,000,
o f the Legislature, one o f which prescribes conditions under of which $15,000 is said to have been held b y the Oregon
which foreign corporations m ay do business in Montana. Trust & Savings Bank. The officers o f the Drain bank
Under this measure, he states, it is required that there must expect to resume business shortly. The institution has
be set aside and paid into the treasury o f such branch a deposits of $85,000.
definite capital; such branch is not allowed to claim a greater
capital than its own individual capital, and this capital is
IM P O R T S A N D E X P O R T S FOR J U L Y .
not liable for obligations of the parent bank, except such as
The Bureau o f Statistics at W ashington has issued the
arise from the branch itself. Such branch is also subject statem ent of the cou n try ’s foreign trade for July, and from
to State examination and State law s. Mr. Bogart, who is it and from previous statements we have prepared the fol­
Cashier o f the Union Bank & Trust Com pany of Helena, low ing interesting summaries:




506

THE CHRONICLE.

F O R B IG N T R A D E M OVEM ENT O F T H E U N ITE D ST A TE S.
<Iu the tallowing tables three ciphers (000) are in all cases om itted.)
-1 9 0 6 -0 7 -1 9 0 5 -0 6 Exports.
Imports.
Excess.
Exports.
Imports.
Excess.
Merchandise.
$
$
S
$
S
S
January-M arch___ 510,499
382,703 + 127,796
457,880
324,352 + 133,528
April ......................
157,452
129,554 + 27,8 9 8
144,380
107,318 + 37,0 8 2
M a y _____________
126,512
134,759
+ 8,247
130,549
104,909 + 25,6 4 0
J u n e _______ _____
137,740
112,510 + 25,230
100,780 + 2 4,254
125,034
J u l y .................. ..
124,764
128,765
+ 4 ,0 0 1
111,693
102,593
+ 9 ,1 0 0
T o t a l s _________ 1,069,215
Gold and Gold in Ore.
January-M arch___
5,703
A p r i l ____________
2,220
M a y ____________
4,506
J u n e _____________
23,872
J u l y _____________
7,478

876,043 -t-193,172

969,536

739,952 + 229,584

11,647
4,975
2,682
2,165
3,391

— 5,944
— 2,755
+ 1 ,8 2 4
+ 2 1 ,7 0 7
+ 4,087

20,147
2,486
5,722
3,256
1,302

10,316
14,942
34,911
2,369
9,834

+ 9,831
— 12,456
— 29,189
+ 887
— 8,532

43,779

24,860

-r- 18,919

32,913

72,372

— 39,459

Silver and Silver in Ore.
January-M arch___
14,669
April ___________
4,863
M a y _____________
4,326
J u n e ___________ .
5.361
J u l y _____________
5,955

11,386
3,970
3,563
3,477
3,361

+ 3 ,2 8 3
+ 893
+ 763
+ 1,8x4
+ 2 ,5 9 4

19,165
4,214
5,540
4,518
4,361

12,677
2,834
4,406
3.760
3,278

+ 6,488
+ 1 ,3 8 0
+ 1,134
+ 758
+ 1 ,0 8 3

25,757

+ 9 ,4 1 7

37,798

26,955

+ 10,843

Totals _________

Totals _________

35,174

+ Excess o l exports.

[V o l .

and $1,342,452 silver in 1906. The shipments o f gold
during July were only $368 coin and the exports o f silver
were $364,625, almost all bullion. For the seven m onths
the exports of gold coin reached only $6,024, against $5,355,419 in 1906, and $1,688,446 silver was sent ou t, against
$2,443,591 in 1906. The exhibit for July and for the seven
months is as follows:
IM PO R TS O F G O LD AN D S IL V E R A T SAN FR AN CISC O.
Gold.

Silver.

M onths.
Coin.
1907.
January . . . .
February ____
M a r c h _______
A p r i l ____ i ___

Bullion.

Total.

Coin.

June _________
July ..................

S
218,546
198,013
127,583
378,094
98,736
285,070
311,069

S
952,342
198,038
127,583
379,594
98,736
285,070
311,069

Total 7 m os.

735,321 1,617,111

2,352,432

$
733,796
25
1,500

Bul'lon.

S
52,700
33,176
2,555
12,165
1,168
672
50,744

S
252,327
282,809
205,719
302,881
181,117
353,802
359,139

Total.
S
305,027
315,985
208,274
315,046
182,285
354,474
409,883

153,180 1,937,794 2,090,974

E X P O R T S O F GOLD A N D S IL V E R FROM SAN FRAN CISCO.
Gold.
M onths.

Merchandise.
Seven
Months.

$
1907 __ 1,069.215
1 9 0 6 ... 969,536
1 9 0 5 ... 848.899
1 9 0 4 ... 758,949
1 9 0 3 ... 789,465
1 9 0 2 ... 726,987

.

— Excess o l im orts

W e subjoin the totals for merchandise, gold and silver for
seven m onths since July 1 for six years:

E x­
ports.

lxxxv

Gold.

Excess \
o/
j E xExports ports.

Im ­
ports.

S
S
$
876,043 199,1721 43,779
739,952 229,584 32,913
674,454 174,445 40,991
579,531 179.418 69,532
594,932 194,5331 40,454
535,490 191,4971 28,161
1

Silver.

Excess
Im ­
E x­
ol
ports. Exports ports.

Excess
Im ­
ol
ports. Exports

S
S
S
S
S
24,860 18.919 35,174 25,757 9,417
72,372 -239,459 37,798 26 955 10,843
21,583 19,408 29,366 18,149 11,217
56,689 12,843 30,903 15,157 15,746
18,607 21,847 20,521 12,546 7,975
14,782 13,379 26,200 14,977 11,703

1907.
January _______
February ______
M a r c h __________
A p r i l....................
M a y ____________
June ___________
J u l y .......................

Silver.

Coin.

Bullion.

Total.

$

S

$

500
1,500

3,456

3,456
200
368

3,456

6,024

582,611

500
1,500

2,568

Bullion.

$
249,803
276,442
3,995
3,718
16,148
27,880
4,625

200
368

Total 7 m os___

Coin.

S
27,476

117,359
601,000
360,000

Total.
S
277,279
270,442
3,995
3,718
133,507
628,880
364,625

1,105,835 1,688,446

a Excess o l imports.

Similar totals for the m onth of July for six years make
the follow ing exhibit:
M erchandise.
One
Month.

190 7 ..
1 9 0 6 ...
1 9 0 5 ...
1 9 0 4 ...
1 9 0 3 ...
1902___

Excess
E x­
ol
Exports ports.

E x­
ports.

Im ­
ports.

$
128,765
111,693
107,930
85,223
91,813
88,791

S
$
124,764
4,001
102,593 9,100|
84,513 23,417
71.194 14,029
82,188 9,625!
79,14S 9,643j

S
7,478
1,302
1,159
1,083
9,118
7,884

Gold.

Silver.

Excess
Im­
E x■ol
ports. Exports, ports.

Excess
Im ­
ol
ports. Exports

$
S
3,391
4.0S7
9,834 a8,532
4,973 a3,814
8,925 a7,842
4,631
4,487
1,594 6,290

%
5,955
4,361
4,285
4,535
3,015
3,672

$
3,361
3,278
2,976
1.381
2,564
2,277

$
2,594
1,083
1,309
3,154
451
1,395

F O R E IG N T R A D E OF N E W Y O R K — M O N T H L Y
S T A T E M E N T .— In addition to the other tables given in
this departm ent, made up from weekly returns, we give the
follow in g figures for the full m onths, also issued b y our New
York Custom House. The first statem ent covers the total
im ports and exports o f merchandise and the Customs re­
ceipts for the seven months o f the last tw o seasons:
Merchandise Movement to Neic York.
Month.

Imports.

EX CE SS OF M ER CH AN D ISE IM PO R TS O R E X P O R T S .
1 month ending July 31—
7 months ending July 31—
1875________________Imports S3,677,266 1875________________Im ports $25,472,478
9,236,241 1876............ ____ ____ Exports 59,300,024
1876_____ __________Exports
2,416,060 1 87 7........... _________E xports 35,480,343
1877_____ __________Imports
1878_____ __________ Exports 10,662,751 1878............ .............. .E x p o rts 166,517,286
9,644,349 1879............ .............. Exports 124,680,960
1879_____ __________Exports
1880_____ __________ Exports 13,710,587 1880______ _________E xports -44,874,081
10,610,936 1881______ .............. .E xp orts 108,610,902
1881_____
11.187,337 1882............ ................ Im ports 50,624,367
1882_____
4,096,846 1883______
1883_____ __________Imports
513,032 1884______ ________ E xports 10,242,803
1884_____ __________Imnorts
3,362,624 1885............ ................E xports 51,951,069
1885_____
2,855,086 1886______
1 8 8 6 .J . . . .................. Imports
7,197,314 1887______
1887_____ __________Im ports
1888_____ __________Imnorts 14,157,356 1888______ ..............-Im ports 75,732,756
19,528,719 1889______ ________ Im ports 50,183,975
1889_____
1890_____ __________Im ports 23,114,472 1890______ _______ Im ports 41,835,835
4,373,142 1891______ _________Im ports 17,634,713
1891_____ _____ ____ Imnorts
7,368,263 1892............ _________E xports 40,157,149
1892_____
5,927.790 1893______ _________Im ports 62,872,231
1893_____ ..................Exports
12,687,890 1894______ _________Exports 59,182,709
1894_____ ________ Im ports
1895_____ __________Imports 16,484,057 1895______ _________Im ports 21,219,092
1896_____ __________Exports 15,609,237 1896______ _________E xports 90,565,677
17,429,209 1897______
1897_____
1898_____ _________ Exports 21,540'668 1898______ ................Exports 316,821,427
1S99_____ _________ Exports 34,824,426 1899______ ................ Exports 239,398,180
36,793,115 1900______
1900_____
36,370,075 1901______ _________Exports 324,781,593
1901_____
9,642,753
1902_____ _________ Exports
9,625,442 1903............
1903_____ ________ Exports
1904......... ________ Exports 14,029,536 1904______ ................ E xports 179,418,080
1905.......... ...............E xports 23,417,815 1905______
9,100,825 1906______ ................ E xports 229,584,223
1906______ _________Exports
4,001,291 1907______
1907______ _________Exports

IM P O R T S A N D E X P O R T S OF GOLD A N D S IL V E R A T
S A N FR A N CISCO .
The Collector of Customs at San Francisco has furnished
us this week the details of the im ports and exports of gold and
silver through that port for the m onth of July, and we give
them below in conjunction with the figures for preceding
m onths, thus com pleting the results for the seven months
of the year 1907. The im ports o f gold were m oderate,
reaching $311,069, w holly bullion and gold in ore. Of
silver there came in $409,883, m ainly bullion. During the
seven months there was received a total of $2,352,432 gold
and $2,090,974 silver, which compares with $3,209,500 gold




at New York.

|

1906.

1907.

1906.

1907.

5

1

S

S

S

s

a Excess of Imports.

In these tables of totals, gold ahd silver in ore for all years
are given under the heads respectively of gold and silver.
The follow in g shows the merchandise balance for each year
back to 1875:

Exports.

1907.

J a n u a ry .. 75,330,156, 65,414,702 54,687,930 57,601,992
February. 73,357,400 63,034,102 51,324,211 48,721,595
M a r c h ___ 82,462,921 67,654,570 55,793,585 53,287,747
A p r i l ____ 76,197,876 65,427,317 58,435,883 51,746.580
M a y _____ 71,828,155 61,183,930 43,263,112 52,512,865
J u n e ____ 66,852,548 59,275,738 55,609,847 49,134,772
J u l y _____ 75,554,451 67,679,926 58,503,816 44,601,649

19,970,981
18,090,641
18,595,668
18,453,762
16,920,907
17,214,679
19,368,068

1906.

s

18,703,721
16,322,548
18,038,705
15,191,258
15,243,987
15,519,921
17,955,839

T o t a ls .. 521,683,507 449,670,285 377,618,384357,607,200,128,620,706116,975,979
1
i
:
1
1

The im ports and exports o f gold and silver for the seven
m onths have been as follows:
Silver— New York.

Gold Movement at New York.
Month.

Im ports.
1907.

I

1906.

Exports.
1907.

1906.

J a n u a r y _____
February ____
M a r c h _______
A p r i l _________
May ------------June ................
J u l y ................ ..

388,41ol
290,015 1,367,113
1,230,143;
266,134
335,588
1,514,662 1,699,643
7,156
72,395
2.32K 848 11,806,868
269,610 29,455,503 2,902,213
438,3901
669,438 21,792,992
970,776 4,147,352 5,085,668

1,043,875
2,589,500
134,046
1,158,601
732,500
48,400
38,982

T otals______

7,133,839| 48,334,953 31,563,125

5,745,904

plane tar

Imports. | Exports.
1907.
431,575
251,933
318,195
201,234
245.482
415,115
656,922

1906.
2,575,282
3,556,548
4,592,814
3,779,379
405,836
3,893,673
4,694,149

2,420,456 23,497,681

(£o mmjcrcial g ng Us
(F r o m o u r o w n C o r r e s p o n d e n t.)

London, Saturday, August 17 1907.
It is curious what a little influence the meeting o f King
Edward and the Kaiser this week in Germ any, and the sub­
sequent m eeting between our K ing and the Austrian E m ­
peror, has had upon the Bourses o f Europe. A few years
ago such a m eeting would have been regarded as a veritable
“ bu ll” point; and, although it m ight have been difficult to
say w hat securities would have been selected, one could have
depended upon an advance in certain stocks. On the
present occasion the stock markets on both sides o f the
Atlantic seemed determined to see everything from the m ost
pessim istic point of view and ignore whatever is favorable to
the markets. It m ay be, of course, that the various agree­
m ents into which this country has entered with France,
Russia and, last but not least, with Japan,are regarded as

A

ug

£07

THE CHRONICLE.

. 3 1 1 9 0 ? .j

having so oom pletely secured the peace o f the world that no
The rates for m oney have been as follows:
further assurances are necessary. It m ay, on the other
A u g. 10.
A u g. 9.
Au g. 2.
Jidu 26.
4k
4
4
4
Bank of England rate______
hand, be that the shocks which the world has received during
Bank bills— 3 m onths____
4 k @ 4% 4 @ 4 k
3 1 -1 6 @ 3 ^
S 9 -1 6 @ 3 %
the past ten years— the Spanish-American W ar, our conflict
4M @ 4%
4k @ 4k
3%
Z% @ 3 %
— 4 m onths____
— 6 m onths____
5@ 5k
4% @ 4 k
4k
4@ 4k
in South Africa and the victories o f Japan over the Russian
Trade bills— 3 m onths____
4% @ 5
4 }i
4@ 4k
3 * i@ 4
— 4 m onths____
5@ 5k
4k @ 4k
4k
4@ 4k
Em pire— have caused the public to cease to feel that even
Interest allowed for deposits—
the m ost far-seeing statesmanship can secure us im m unity.
B y joint-stock banks..........
3
2k
2k
2k
B y discount houses:
W hatever be the reason, the fact remains that so favorable
A t c a l l . . ...........................
3
2k
2k
2)4
7 to 14 days_____ _______
3k
2%
2%
2J£
an augury for the international outlook has been absolutely
The Bank rates of discount and open m arket rates at the
ignored b y all the great bourses of the world.
Far more influential in disturbing the equanim ity of the chief Continental cities have been as follows:
markets has been the further break again this week in Wall
A u g. 16.
A u g . 9.
A u g . 2.
Ju ly 26.
Rates o}
S ank Open S ank Open
Bank Open
Bank Open
Street. W c were beginning to recover from the bad break
Interest at—
Rate. M arket.
Rate. M arket. Rate. M arket. Rate. M arket.
P a r i s ------------- ---------3k
3k
3k
3k
3k
3k'
3k
3k
of Thursday a week ago, w hen, on opening our papers on Berlin-----------------------5k
4%
5k
4k
5k
4%
5k
4k
am burg------------------- 5 k
4%
5k
4k
5k
4)4
5k
4k
Thursday morning o f this week, we learned that a further H
F r a n k fo r t ................... 5 k
4%
5k
4 7-16
5 y2
4 7-16
5k
4 5-16
5
5
4k
5
4H
5
4J4
heavy fall had taken place. The result has been a general Amsterdam _________ 5
B r u s s e ls ____________
5
4)4
5
4k
5
4k
S
4k
5
4k
5
4%
6
4%
scaling dow n o f prices once m ore, ranging from consols to V i e n n a ......................... 5 4 15-16
St. Petersburg_______
7
..
7
..
7
7
mining shares. During the week consols were at one time M adrid_______________ 4 k
4
4k 4
4k
4
4)4
4
5k
6 5k
6
5k
6
5k
quoted at 80 1-16, recovering to 82, and once m ore falling Copenhagen _________ 6
Messrs. Pixley & Abell write as follow s under date of
back to 8 1 % . This price compares with 88 at this time
twelve months ago. A year ago the Bank rate o f discount August 15:
G O LD .— There was no German dem and for gold this week, and after satisfying
was 35'2%; on Thursday it was advanced to 43^% . There
India and a small Continental order the Bank secures the balance, or about £250,000,
is a well-rooted prejudice against an advance of 3^% — every at the same price as last week. N ext week we expect about £384,000 from the
Cape. The Bank has received£408,000 in bars, while £83,000 has been withdrawn
rule is su bject to its exceptions, and the advance in the Bank in sovereigns for Singapore The Bank rate was raised to-day to 4 k %• Last
change, 4 % , April 25th. For the week: Arrivals— Cape, £482,000; W est Africa,
rate from 4 % to 4J^% this week is one o f them . W hen the £1,000;
W est Indies, £31,000; total, £514,000. Shipments— B om bay, £109,500;
heavy fall in prices took place a week ago an advance in the Calcutta! £32,500; Colom bo, £3,000; total, £145,000. For m onth of July: Arri­
vals— Straits, £12,000; Germ any, £23,000; H olland, £27,000; France, £16,000;
Bank rate very shortly seemed inevitable, bu t to have ad­ W est Africa, £87,000; U . S. A ., £577,000; India, £1G8,000; Australia, £372,000;
C ape,£2,255,000; B razil,£33,000. Shipments— Straits,-------; G erm an y,£207,000;
vanced the rate last week when the markets were in such a Holland, £92,000; France, £400,000; W est Africa, £7,000: U . S . A . , - -------; India,
£189,000; Australia, -------; Cape, ------- ; Brazil, £142,000.
critical condition m ight have led to a panic. To prevent
S IL V E R .— There have been some sensational m ovem ents in silver, the decline,
any ill effects from maintaining the figure at 4 % , the direc­ which began last week, becam e very marked on the 12tli, partly on weakness in the
Far East and partly in sym pathy with the stock market depression, and the price fell
tors devised the plan •o f declining all accom m odations to 31 5-lO d.; this was followed yesterday by a sudden jum p of 15-16d. for cash to
2 k d . and Id . for forward to 3 2 k d ., on large Eastern buying orders, with sellers
below 4 ]^ % . To show that there was no hurry, and that 3holding
back. This price brought out silver and wc closed !,{d. under the best.
they were themselves in no great alarm, they contented To-day we have re-acted to 31 13-lOd. for spot and 31 15-10d. forward, on sellers
trying to take advantage of yesterday’s advance. The Indian Government are still
themselves on Thursday last with merely advancing the rate buyers to a moderate extent. W e close steady. The price in India is Rs. 81 3-16
per 100 tolahs. F o rih e w e e k : Arrivals.— New Y ork, £140,000: W est Indies, £7,000;
43^% . Doubtless if necessary 5 % or even more will be total, £153,000. Shipments— B om bay, £100,000; Port Said, £650; Calcutta,
£263,800; total, £370,450. For month of Julv: Arrivals— U. S. A ., £598,000;
charged for accom m odation.
Germany, £11,000; France, £12,000; W est Africa, £3,000: India, -------•; Straits,
Shipments— U . S. A ., ------- ; Germany, £21,000; France, £97,000; W est
The reason for this measure is m ainly precautionary. -------;
Africa, £128,000; India, £1,174,000; Straits, £06,000.
The truth is that, far from being anxious to find profitable
M E X IC A N D O L L A R S.— There have been further transactions In Mexican dollars
at their melting value. Arrivals— New Y ork, £12,500. Shipments— Calcutta,
em ploym ent for our m oney, we are in the somewhat awkward £19,000.
position of having barely enough to go around. W e have,
The quotations for bullion are reported as follow s:
in any case, to find large sums for E gypt and South America
G OLD
A u g. 16.A u g. 9. |
S IL V E R .
A ug. 16.
A u g. 9.
in the approaching autum n, besides having to meet all the
London Standard.
s. d.s. d. | London Standard.
d.
d.
Bar gold, line, o z _____ 77 1 0 k
77 1 0 k IBar sliver, fine, o z ____ 31 13-10 31 15-16
usual demands that the London market has to face at this U . S. gold coin, o z ------ 76 5 k 70 5)4 \ “ 2 m o. delivery, o z . . 31 15-16 31 15-16
German gold coin, o z . . 76 5 k
76 5 k ICake silver, o z . ............ ..34%
34k
season. The Bank of France is unwilling to part with gold. French
nom .
gold coin, o z _ .7 6 5 k
76 5 k IMexican dollars_________ nom .
Japanese
yen,
o
z
_____
76
5
k
76
5
k
I
W e are anxious to avoid, if possible, again borrowing m oney
from the Imperial Bank of Russia, as we did last year, espec­
The follow ing shows the im ports of cereal produce into
ially as it will be almost essential for Berlin to obtain the United K ingdom during the season to date, com pared
assistance from that quarter if a serious crisis is to be avoided with previous seasons:
IM PO RTS.
in the German capital. So far as the New Y ork m oney
ifty weeks.
1906-07.
1905-06.
1904-05.
1903-04.
market is concerned, it is most im portant, if monetary ImFports
of wheat, cw t.......................90,207,052 90,232,190 98,728,400 87.988,436
Barley
.................................................18,871,134
19,868,000
20,304,700
30,728,426
troubles in Europe are to be avoided, that New Y o rk should O a t s . . . ................................................. 10,481,814 15,104,900 16,608,300 14,558,194
rely upon home supplies and not take gold from this side. Peas....................................................... 1,056,520 1,716,555 2,166,983 2,360,898
Beans .............................................. ..
422,490
576,110
1,418,610
2,122,948
The Secretary of the Treasury has, we learn b y cable, some Indian corn.......................................... 48,345,370 44,256,300 39,050,550 45,503,267
Flour ................................................... 12,810,972 13,927,870 10,546,920 18,546,943
$80,000,000 of unem ployed money in the Treasury which
Supplies available for consum ption (exclusive of stock on
could readily be let out for the assistance of the New Y ork
September 1):
m oney market. In London a 5 % Bank rate seems now
1906-07.
1905-00.
1904-05.
1903-04.
assured, and 6 % is b y no means im probable.
Wheat Imported, cw t.......................90,207,652 90,232,190 98,728,400
87,988,436
Imports of flour.............. _ .................12,810,972 13,927,870 10,546,920
18,546,943
One of the surprises of the week was the sudden advance Sales
of hom e-grown_______ _____ 34,157,012 27,806,588 14,766,218
17,111,916
in the price o f silver to 323^d. per ou n ce. For some little
T o t a l..............................................137,175,636 131,966,648 124,041,538 123,047,295
time past China has been selling silver to supply the needs Average price, w e e k ........................ 33s. 5d. 30s. 5d. 30s. 5d. 28s. 4d.
Average price, season ..................... 27s. lOd.
28s. lOd.
30s. 9d.
27s. 2d.
of the Indian Treasury for coinage purposes, and as there
The
follow
ing
shows
the
quantities
of
w
heat,
flour
and
was little demand for the metal here the market becam e dull
and prices tended to sag. W hether China had entered into maize afloat to the United K ingdom :
week.
Last week.
1905-06.
1904-05.
contracts which she was n ot able to fulfill, or what is the cause W h e a t . . ......................................qrs. This
2,215,000
2,340,000
2,417,000
2,345,000
140,000
173,000
110,000
is not known in London; but the fact remains that early last Flour, equal t o ........................... qrs. 130,000
M aize.............................................qrs.
970,000
1,030,000
1,203,000
1,325,000
week orders for about £500,000 worth o f silver from China
The British im ports since Jan. 1 have been as follows:
to be purchased in the London market were placed and no
1907.
1906.
D ifference.
Per
lim it as regards price was specified.
Imports—
£
£
£
Cent.
Ja n u a ry.................................................60,540,508
53,474,333
+ 7 ,0 66,1 75 + 1 3 .2
The follow ing return shows the position o f the Bank of F e b ru a ry...............................................52,927,347
47,527,253
+ 5,4 00,0 94 + 1 1 .3
......................... ..........................57,738,731
53,261,630
+ 4,4 77,1 01
+ 8 .4
England, the Bank rate of discount, the price of consols, & c., March
April ................................................... ..50,780,097
47,519,310
+ 9 ,7 26,7 87 + 1 0 .7
M a y ...................................................... .52,019,423
51,417.731
+ 1 ,2 01,6 92
+2 3
com pared with the last four years:
1907.
A u g. 14.
£
29,345,940
0,040,418
42,017,305
14,573,004
27,904,547
24,958,941
35,854,881

1906.
Au g. 15.
£
29,601,260
9,515,111
42,100,005
15,972,452
27,955,376
25,881,937
37,033,197

1905.
A u g. 16.
£
29,486,995
11,688,344
43,954,016
18,675,814
29,508,479
25,542,308
36,579,303

1904.
Aug. 17.
£
28,589,010
6,528,913
40,231,792
14,234,402
25,049,787
25,632,185
35,771,195

1903.
Aug. 19
£
29,342,618
8,660,488
43,311,120
20,545,841
25,063,349
24,570,187
35,737,797

Circulation................
Public d ep osits____
Other deposits_____
Governm ’t securities
Other securities-----Reserve notes & coin
C >ln&bull.,both dep.
Prop, reresve to lia­
bilities......... -p . c.
50k
50 1-16
47k
45k
54k
Bank rate_____ p . e.
4)4
3
3
3k
2k
Consol), 2 k p. c —
81%
87 15-16
90 5-16
90k
S8k
S ilv e r .........................
32 Wd.
2 5 k d.
3 0 k d.
27 k d .
26kC ea «house returns.205,504,000 251,409,000 237,068,000 200,284,000 205,107,000




J u n e ..................................................... ..47,810,648 47,881,000
July.........................................................52,213,304
48,007,799
Seven m o n th s.............................. 380,562,214

349,133,835

— 71,005
+ 3,6 0 5 .5 0 5

— 0.15
+ 7 .4

+ 3 1,428,379

+ 9 .0

The exports since Jan. 1 have been as follows:
Exports—
J a n u a ry ...............................................
F e b r u a r y .. . ......................................
March ----------------------------------------April ...................................................
M ay.......................................................
J u n e .....................................................
Ju ly........................................................

1907.
£
£
35,070,607
32,073,345
34,723,034
34,410,866
36,922,548
33,111,069
40,452,331

Seven m onths............................... 246,769,800

1906.
£
30,774,811
28,771,123
31,051,162
27,032,300
31,724.927
30,639,187
33,442,962
214,036,478

+ 4,2 95,7 90
+ 3,3 0 2 ,2 2 2
+ 3,0 71,8 72
+ 7 ,3 84,5 60
+ 5,1 97,6 21
+ 2,4 7 1 ,8 8 2
+ 7,0 0 9 ,3 6 9

DIJference.

Per
Cent.
+ 1 4 .0
+ 1 1 .5
+ 9 .7
+ 2 7 .3
+ 1 6 .4
+ 8 .0
+ 2 1 .0

+ 32,733,322

+ 1 5 .3

THE CHRONICLE.

508

The re-exports of foreign and colonial produce since
show the follow ing contrast:
Re-exports—
J a n u a r y _________________________
F eb ru a ry ________________________
March ______ __________ _____ _
April ____________________________
M ay______________________________
J u n e _____________________________
July______________________________

1907.
£
8,793,276
9,425,830
8,110,260
9,669,898
8,451,766
7,098,226
7,388,291

Jan. 1

1906.
Difference.
Per
£
£
Cent7,445,855 + 1,3 47,4 21 + 1 8 2
7,995,860
+ 1,4 29,9 70 + 1 7 .8
7,276,397 + 833,863 + 1 1 .6
7,332,086 + 2,3 37,8 12 + 3 2 .0
7,116,655
+ 1,3 35,1 11 + 1 8 .8
7,252,029
— 153,803 — 2.1
6,059,325
+ 1,3 28,9 66 + 2 1 .9

Seven m o n t h s .. . . _______ _______ 58,937,547
50,478,207
+ 8,4 59,3 40 + 1 6 .7
N ote.— The aggregate figures are official. They Indicate that slight adjustments
have been m ade in the monthly returns “is issued.

English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London
as reported b y cable have been as follows the past week:
London.
W eek ending Au g. 30.
Silver, per oz
_____ - d . 31 7-16
Consols, new, 2% p e r c e n ts ..
For account. .
...
|
French Rentes (in Paris), fr .
*.
Russian Imperial 4s________
!
do
do
New 5 s ___
Amalgamated Copper C o ____
*
b Anaconda Mining Co
Atchison T op & Santa F e ___
Preferred____________ - s
Baltim ore & Ohio Preferred................ ..... ....
o
Canadian P a cific^ _ ______
Chesapeake & O h i o _______
Chicago Great W estern_____
o
Chicago Milw & St Paul_____
Denver & RioGrande, c o m ..
z
Preferred__________ _____
p
Erie, c om m on ,- . . . __
o
First Preferred________
o
Second P r e f e r r e d ..____
o
<
Illinois Central____________
Louisville & Nashville............
Mexican Central. . . .
o
Mo Kansas & Texas, com ___
Preferred.
.
.....
§
National R R of M exico_____
q
N Y Central & Hud R iv R R .
N Y Ontario <fcWestern, com
3
Norfolk & W estern, com m on
H
Preferred. .
. ______
Northern P acific__ ________
a Pennsylvania. ___________
a Reading C o m p a n y _______
a First Preferred. i _______
3
a Second Preferred______
X
w
R ock Island C om p a n y..
Southern Pacific _____ w
Southern Railway, com m on .
o
Preferred. . . . . ______
o
rj
Union Pacific, com m on___
1
Preferred_____ ________
1
U S Steel Corp, c o m m o n ....
Preferred.
_____ _____
.
1
.
___
W abash ________
Preferred
______________
Extended 4 s ..... ...................
a Price per share.

6 £ sterling,

31%
82%
82%
94.50
73
83%
70
9
86%
93
90%
86%
168%
32%
10
125%
24
68
19
47
31%
136
196%
18
3314
63)4
49)4
103%
33
71%
84
120
59M
45 >4
40 %
39%
18
84
16
52
127
84
30 %
95
11
20)4
56

Tues.
31%
82 9-16
82 9-16
94.70
73)4
84 %
72%
9%
87%
93
91%
86%
171
33%
10
126%
22
68%
20)4
48
31%
138
108
1834
35
63)4
48 %
105
32)4
71
84
122
60%
46%
40%
39%
19
85%
16
53
129%
84
31%
96 %
11
20%
56%

c E x-dividend,

Wed.
Thurs.
31 5-16 31%
82 13-16 82 9-16
82 13-16 82 9-16
94.62%
94.60
73%
73%
84%
85
72
73
9%
9)4
88%
89
93
93
92%
91)4
86%
86)4
173%
cl6 9 %
33%
34%
10
10
127
123%
22
22%
67%
68)4
20%
19%
48
51
32 %
34
138
138
108%
109
18%
18%
35
35
63%
64
48
48
106
107%
32 %
33%
71
71%
84
84
122
124
60%
60)4
48
47)4
40%
41
39%
39%
19
20
85%
86%
16
16
54
54%
131
130%
84
84
32
32%
97%
96)4
11%
11%
20%
20 %
55%
56%

31 7-1
82 7-1
d82 11-]
94.55
____
_
72%
9%
88%
93
92%
86%
168
33%
10
123
22
67%
20%
50
36
138
109
18%
35
64
48
106
34
71%
84
123
60%
47%
41
39%
20 %
85%
16
54
130%
84
31%
97
11
20%
55%

d For O ctober account.

'Omrxcrcmt and I W s ccllau t cuts
National Banks.— The follow ing inform ation regarding
national banks is from the Treasury Departm ent:
A P P L IC A T IO N

TO

C O N V E R T IN T O
APPROVED.

N A T IO N A L

BANKS

T h e S a y lers v llle B a n k , S a y le r s v llle , K e n t u c k y , In to “ T h e S ay le rsv llle
N a tio n a l B a n k .”
C a p ita l, $ 2 5 ,0 0 0 .
T h e B la ir S ta te B a n k , B la ir, O k la h o m a , in to “ T h e F irst N a tio n a l B a n k o f
B la ir .”
C a p ita l, $25 ,0 0 0 .
T h e M erch a n ts ’ S ta te B a n k o f W im b le d o n . N o rth D a k o t a , Into “ T h e
M e r ch a n ts ’ N a tio n a l B a n k o f W im b le d o n .”
C a p ita l, $30 ,0 0 0 .
N A T IO N A L

BANKS

O R G A N IZ E D .

C ertifica tes issu ed fro m A u g . 20 1907 to A u g . 23 1 90 7, in clu sive.
8 .8 3 9 — T h e C itizen s’ N a tio n a l B a n k o f T ip p e c a n o e C ity , O h io .
C a pital,
$ 5 0 ,0 0 0 .
S. R . F e r g u s , P re s id e n t; S. D . H a r tm a n , V ic e -P r e s id e n t;
C h as. O . D a v is , C ashier.
8 .8 4 0 — T h e F irst N a tio n a l B a n k o f F r u lta , C o lo r a d o .
C a p ita l, $2 5 ,0 0 0 .
W . A . L o c k e t t , P r e s id e n t; S. G . L a n e , V ic e -P r e s id e n t; I . H . W h itte m o r e . C ashier.
8 .8 4 1 — T h e N a tio n a l B a n k o f H u r o n , S o u th D a k o ta .
C a p ita l, $5 0 ,0 0 0 .
C . E . B r y a n t , P re s id e n t; H . C. S h o b e r, V ic e -P r e s id e n t; G e o . C. Fu llin w eid er, C ashier; W . S . D a v is a n d H e n r y J . M o r v a y , A ssista n t
8 .8 4 2 — T h e N a tion a l P r o d u c e B a n k o f C h ic a g o , Illin o is. C a p ita l, $ 2 5 0 ,0 0 0 .
E . L . W a g n e r , P r e s id e n t; R . N . B a llo u , A s s is ta n t C ashier.
8 .8 4 3 — T h e F irst N a tio n a l B a n k o f T u rn e rs v ille , T e x a s .
C a p ita l, $ 2 5 ,0 0 0 .
A . P . D u n c a n , P re s id e n t; W . T . M c L a r t y a n d H . N . D a v is , V ic e P resid en ts; J. W . S h o r t, C ashier.
8 .8 4 4 — T h e N a tio n a l B a n k o f A la m a n c e o f G ra h a m , N o rth C a ro lin a . C a p ­
ita l, $ 5 0 ,0 0 0 .
E . M . A r m fie ld , P re s id e n t; J. L . S c o t t J r ., V ic e P r e sid e n t; C h as. A . S c o t t , C ashier.
C o n v e rsio n o f th e B a n k o f
A la m a n c e .

Auction Sales.— A m ong other securities the follow ing, not
regularly dealt in at the Board, were recently sold at auction:
B y Messrs. Adrian H. Muller & Son:
10
5
4
30

S tocks
V a n N e rd e n T ru s t C o ______300
19th W a r d B a n k ----------------- 410
C en tral T r u s t C o ---------------1700
S y r. B in g . & N .Y . R R . C o . 2215

S to ck s.
1100 K in g s C o . E le c . L t . & P .C o 110
I 7 W e s t c h e s te r & B r o n x T itle
& M tg e . G u a r. C o _______ 160

D IV ID E N D S .
The following shows all the dividends announced for the
future b y all large or im portant corporations:
Dividends announced this week are printed in italics.




Name ol .Company.

[V o l .
Per
Cent.

When I
Payable. I

lxxxv

.

Books Closed.
Days Inclusive.

Railroads (Steam ).
3
Aug. 31?Aug. 4
Alabama Great Southern, preferred____
to
Sept. 2
Atlantic Coast Line Company (quar. ) ____
to
Sept. 9
2% Sept. 10;Aug. 31
1 Holders of rec. Aug. 20
Sept.
Baltim ore Chesapeake & Atlantic, pref.
2
3 [Aug. 18
Sept.
to
Baltim ore & Ohio, com m on____
Sept 2
3
2
Sept.
3 Aug. 18
to
P r e fe r r e d _____ _______________
Sept 2
Sept. 30 Holders of rec. A ug. 31
Boston & Albany (q u a r.)______
2
Holders o f rec Sept. 3
Boston & Maine, com m on (quar.)
1% Oct.
3 1Holders o f rec Aug. 15
Preferred
(N o . 3 5 ) ________
Sept.
3
Sept.
3 \Holders o f rec. A ug. 20
Buffalo & Susq., pref. (quar.) (N o. 2 1 ) . .
1
to
O ct. 2
Canadian Pacific, com m on
ISept. 30 Sept. 1
3
to
Oct
2
Com m »n (ex tra )_____ _
% iSept. 30 [Sept. 1
1 ISept. 1
to
O ct. 2
2
Preferred ______________
IO ct.
4 Holders of rec. Aug. 20
Chestnut Hill (quar.)______
1% (Sept.
Chic. Milw. & St. Paul, com . and p r e f ..
3% 'O ct.
3 Holders of rec. Aug. 21
to
Cin. N. O . & T ex. P a c., pref. (q u a r .)..
Sept 2
2 Aug. 18
1% Sept.
Sept.
Cleve. Cin. Chic. & St. L ,, com m on -----3 Holders o f rec. July 31
Cleve. & Pittsburgh, orig. guar, (quar.)
2 Holders o f rec. A ug. 10
1% Sept.
Special guaranteed betterment (quar)
1
Sept.
2 Holders o f rec. Aug. 10
Delaware & Hudson Co. (quar.)________
2% Sept. 16 Holders o f rec. Aug. 26
to
Sept 9
E rie & Pittsburgh (quar.)________________
9 Sept. 1
1% Sept.
2i
Erie, 1st preferred_______________________
Holders of rec. Sept. 17
21
2d preferred__________________________
Holders o f rec. O ct. 10
Sept. 16 Sept. 6
Great Northern Ore Certificates___________ SI
tol
Sept 22
Illinois Central (No. 1 0 5 )................. ......
3% Aug. 311 Aug. 2
to
A ug. 21
1 Sept. 14
Manhattan R y ., guar, (quar.) (N o. 9 4 ).
to
Sept. 24
1% O ct.
Sept.
4 Holders of rec. A ug. 20
3
Ptiila. Germantown & Norristown (quar)
Sept. 10 Holders of rec. A ug. 24
2
R eading Company, first preferred______
Sept. 16 S e p t. 11
St. Joseph South Bend & Southern, com. .
1
to
Sept 16
to
Common (extra)_______________________
Sept .16
% Sept. 16 Sept. 11
to
P referred _______ . ___________________
Sept. 16
2% Sept. 16 S e p t .11
1 S e p t .17
to
1
O ct.
St. Louis & San Francisco, 1st pf. (qu.)_
O ct.
1
1
Southern Pacific Co., com . (quar.) (No. 4)
1% Oct.
to
Southern, preferred____________________
17 S e p t .22
Oct. 17
1% O ct.
2
1 S e p t.15
to
Mobile & Ohio stock trust certificates.
Oct.
Sept 30
to
1 Sept. 15
Union Pacific, com m on (qu ar.)............ ..
2% Oct.
O ct. 8
to
2
Oct.
1 Sept. 15
O ct. 8
Preferred_________________ _________
to
Utica & Black River, guaranteed______
Sept. 30
3% Sept. 30 Sept. 15
Street Railways.
to
American Railways (qu ar.)____________
Sept. 8
1% Sept. 14 A u g. 31
Chattanooga Railways, pret. (quar.) . .
1 Holders of rec. A ug. 20
XH Sept.
2 Holders o f rec. A ug. 25
Columbus (O .) R y ., com m on (q u a r .)..
1% Sept.
Galveston Electric C o., pref. (N o. 5 )_ .
3
Sept.
3 Holders o f rec. A ug. 22
2 Aug. 20
K ansasC lty R y . & Light, pref. (qu ar.).
Sept 2
to
1% Sept.
Northern Texas E lectrieC o., p re f.(N o .4)
3
Sept.
3 Holders o f rec. A ug. 22
Philadelphia Co., Pittsburgh, p r e f..........
2 Holders o f rec. A ug. 10
2% Sept.
Rochester Railway, com m on (q u a r.)___
1
Aug. 31 Holders o f rec. Aug. 27
Rochester Railway & Light, pref. (qu.)_
3 Holders of rec. Aug. 27
1% Sept.
3
O ct.
Savannah Electric Co., pref. (N o. 12)____
1 Holders of rec. Sept 12
Seattle Electric Co., pref. (N o. 14)______
3
O ct.
1 Holders of rec. Sept 10
South Side Elevated, Chicago (quar.)____
1
Sept. 30 Sept. 20
to
Sept. 30
Terre Haute Traction & Light, pref-----3
Sept.
1 A u g. 24
to
Sept 1
T w inClty Rap. Tran., M ln neap.,pf.(qu.)
1 Holders of rec. Sept 16
1% O ct.
2 Holders of rec. A ug. 19
W hatcom Co. R y . & L t., pref. (No . 8 ) . .
3
Sept.
Banks.
Chemical National (bi-monthly)__________
to
2% Sept.
Sept. 2
3 Aug. 25
Trust Companies.
Jenkins, Brooklyn (quar.)______________
4 Holders o f rec. Sept 29
1% Sept.
M iscellaneous.
Alabama Cons. Coal & Iron, p f . (q u a r.).
to
Sept. 15
1% Sept. 15 Sept. 4
Amerlcan Can, pref. (quar.)......................
1 Sept. 18
to
O ct.
1
1% O ct.
American Caramel, com m on (q u a r.)____
1
1% N ov.
Com m on (extra )_____________________
1
% N ov.
Preferred (quar.) .................... ...............
2
Oct.
1 Sept. 11
to
Sept. 30
1
American Chicle, common (monthly)____
Sept. 20 Sept. 15
to
Sept 20
Common (extra)_______________________
1
Sept. 20 S e p t .15
to
Sept. 20
American C o a l_________________________
5
Sept. 3 Aug. 23
to
Sept. 3
American Express (q u a r.).................. —
3
O ct.
1 Holders of rec. Sept 14
Am er. G raphophone, com . (qu .) (N o.39)
1% Sept. 15 Holders of rec. Sept. 1
American Radiator, com m on (quar.) —
1
Sept. 30 Sept. 22
to
Sept. 30
_____
Sept.
American Shipbuilding, com m on (quar.)! 1
2 Aug. 18
to
Common, e x t r a .. .....................................
2
Sept.
2 Aug. 18
to
Amer. Smelters Sec., pref. “ A ” (q u a r.).
1 Aug. 18
to
Sept. ~2
1% Sept.
Preferred “ B ” (quar.) (N o. 9 ) _______
1 Aug. 18
to
Sept. 2
1% Sept.
American Sugar Refining, com . (qu ar.).
1% O ct.
to
2 Sept. 1
O ct. 2
Preferred (qu ar.)........................... ..........
to
2 Sept. 1
O ct. 2
1% O ct.
American Telegraph & Cable, guar (qu.)
to
3 Aug. 16
Sept. 2
1% Sept.
2 Aug. 16
American Tobacco, com m on (qu ar.)____
to
Sept. 2
2% Sept.
2 A ug. 16
Common (extra )................ .......................
to
Sept. 2
7% Sept.
American Strawboard...................................
Sept. 25 Sept. 15
to
1
Sept. 25
Associated Merchants, common (quar. ) . .
1 A ug. 31
to
Sept. 2
1% Sept.
Common (extra)_______________________
1 Aug. 31
to
Sept. 2
% Sept.
Barney & Smith Car, com m on (q u a r .)..
Sept. 16 Sept. 5
1
to
S e p t .16
2
Preferred (qu ar.)_______ _____________
2 A ug. 22
Sept.
to
Sept. 2
British Columbia Copper (q u a r.)............ 25c. Sept.
4 Aug. 17
to
Sept. 4
E x t r a ______ ________________________ 15c. Sept.
4 Aug. 17
to
Sept. 4
Butte Coalition Mining (q u a r.)................
50c. Sept. 17 Aug. 31
to
Sept. 8
Butterlck Company (qu ar.)____________
Sept.
1
3 A ug. 16
to
Sept. 3
Central Fireworks, com m on____________
1 Aug. 21
to
Sept. 4
% Sept.
Preferred ________________ _____ ______
1 Aug. 21
3% Sept.
Sept. 4
to
Central Leather, preferred ( q u a r .)............
1% O ct.
1 Holders o f rec. Sept. 10
Childs Company, common______________
to
Sept. 10
1% Sept. 10 Sept. 6
Preferred (quar.)_____ ________________
1% Sept. 10 Sept. 6
Sept. 10
to
Consolidated Cotton D uck, preferred..
1
3
O ct.
Consolidated Gas, New Y ork (qu ar.)____
1
Sept. 16
Sept. 16 Aug. 28
to
Diamond Match (qu ar.)_______________
to
Sept. 15
2% Sept. 15 Sept. 1
duPont(E.I.)deNem oursPow.,com . (quar)
to
Sept. 1 5
1% Sept. 14 Sept. 6
Eastman K odak o f N .J ., com . (q u a r .)..
to
Sept. 15
2% O ct.
1 Sept. 1
Common, extra_______________________
to
O ct.
Sept. 15
5
1 Sept. 1
Preferred (quar.)
to
1% Oct.
Sept. 15
1 Sept. 1
to
Federal Mining & Sm elt., com . (qu ar.).
Aug.
27
Sept. 2
Sept.
16
1%
Common (extra )----------------- ---------to
Sept. 2
1% Sept. 16 A ug. 27
to
Preferred (qu ar.)_________________
Sept. 2
1% Sept. 16 Aug. 27
General Asphalt, preferred (N o. 4 ) ..
to
Aug. 31 Aug. 18
1
Sept. 2
to
General Chemical, c o m m o n _________
Sept.
3 Aug. 25
2
Sept. 3
to
Great Northern Paper (qu ar.)............
1 Aug. 27
Sept. 2
1% Sept.
1 Sept. 15
International Paper pref. (quar.)____
to
1% O ct.
Sept. 24
1 S e p t.18
International Silver, pref. ( q u a r .)...
to
O ct.
1
1% O ct.
1 Aug. 23
Sept.
Kings County E lec. L t. & Pow er (quar.)
to
2
Sept. 1
3 Aug. 25
Lord & Taylor, preferred......... ...............
3
(Sept.
to
Sent. 3
1 S e p t .15
1
IO ct.
M ackay Companies, com. <fc pref. (quar.)
to
Sept. 30
Sept.
3 Holders of rec. Aug. 20
Mahoning Investment C o .........................
2
15 Sept. 29
National Biscuit, com m on (q u a r.)____
to
O ct. 15
1% O ct.
1% i A.Ug. 31 Aug. 19
Preferred (qu ar.)___________________
to
A u e. 3 1
l% ft;S ept. 30 Sept. 11
National Enam . * Stam ping, pref. (qu.)
to
O ct.
1
ljS ep t. 14
National Lead, common (quar.) (No. 15)
to
1% O ct.
O ct.
1
1% -Sept. 16 Aug. 24
Preferred (quar.) (N o. 6 3 )___________
to
Sept. 16
1 % 6jSept.
3 Aug. 16
New England Cotton Yarn, com (quar.)
to
Sept. 2
50c. |Aug. 31; Aug. 16
Newhouse Mines & Smelters (qu ar.)____
to
Sent. 2
l% d :S e p t. 20 Sept. 13
Niles-Bement-Pond, com m on..................
to
Sept. 20
1% [Sept.
North American Co. (quar.) (No. 1 9 )-2 Holders of rec. Aue. ISa
Quaker Oats, com m on (qu ar.)__________
1% O ct. 15! Holders of rec. O ct. 5
% O ct. 151Holders o f rec. O ct. 6
Common (extra)........................................
Preferred (q u a r .)....... ..............................
1% Aug. 31 j Holders of rec. A ug. 20
Quincy M ining (quar.)......... ....................... $2.50 Sept. 25jSept. 4
to
Sept. 8
Railway Steel Spring, preferred (quar.)
1% jSept. 20iSept. 11
to
S e p t.20
Republic Iron & Steel, preferred (quar.)
1% O ct.
ljS ep t. 17
to
O ct. 16
Sears, Roebuck & Co., pref. (quar.)-------1 % i O ct.
1 ISept. 17
to
Sept 30
Sloss-Sheffield Steel& Iron.com . (quar.)
1% j Aug. 31i Holders of rec. Aug. 19
$6
Standard Oil (qu ar.)...................................
Sept. 14 Holders of rec. A ug. 19
Union Slock Yards, Omaha (quar.)-------1 Aug. 22
Aug. 31
to
1% |Sept.
United Bank Note Corp., pref. (quar.) —
1
1% jO ct.
1 Sept. 15
O ct.
to
United Cigar M frs., pref. (quar) .(N o . 5)_
Sept 2
1% iSept.
1 Aug. 21
to
U. S. Cast Iron Pipe & F d ry .,co m .(q u .)
1
Sept. 2
Sept.
2 Aug. 11
to
Sept. 2
Preferred (qu.ir.) (N o. 2 7 )....................
1% Sept.
2 Aug. 11
to
United States Envelope, preferred---------3
Sept.
1 Holders of rec. Aug. 17
United States Leather, pref. (quar.)-------1 Holders of rec. Sept. 10
1% O ct.
Sept. 30
U . S. Steel Corp., com . (quar.) (N o. 15).
to
% |Sept. 30 Sept. 12
O ct. 1
to
Virginia Iron. Coal & Coke--------------------5e
Oct..
1 Sept. 1
a Transfer books not closed, b Declared 6 % payable in quarterly Instalments.
d Also 1 % % , payable D ec. 20.
« Payable In stock at par. h Declared 7 % payable
In quarterly installments, i Payable In dividend warrants: also 2 % declared on
second preferred, payable to holders of record April 10 1908.

!• Statement of New Y ork City Clearing-House Banks.—
The follow ing statement shows the condition of the New
Y ork City Clearing-House banks for the week ending Aug. 24.
I t 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 o f the am ounts for the several days of the week and
divide_this^aggregate b y the number of days.
W e omit two ciphers (00) In all cases.
B<: ks
( s jm . t C

Capital.

$
B ank of N . Y ._
2,000,0
Manhattan C o.
2,050,0
2,000,0
Merehants’ ____
Mechanics’ ____
3,000,0
A m e r ic a ............
1,500,0
Phenix________
1,000,0
C ity ----------------- 25,000,0
Chemical............
3,000,0
Merchants’ E x .
600,0
Gallatin_______
1,000,0
Butch. & D rov .
300,0
Mech.&jTraders
2,000,0
500,0
Greenwich
Am er. E x ch __
5,000,0
Com m erce_____ '25,000,0
3,000,0
M erca n tile____
500,0
Pacflc _____ .
450,0
Chatham .
200,0
P e o p le 's ______
North America.
2,000,0
H an over______
3,000,0
Citizens’ C e n t..
2,550,0
N a ssa u _______
500,0
1,000,0
Market & Fult'n
M etropolitan . .
2,000,0
3,000,0
C ornE xchange.
O rle n ta l______
750,0
1,500,0
Im p. & Traders'
Park ................
3,000,0
East R iv e r ____
250,0
Fourth .............
3,000,0
S e c o n d _______
500,0
First __________ 10,000,0
2,000,0
Irving Nat. E x .
250,0
B ow ery_______
N . Y . C o u n ty ..
500,0
750,0
German-Amer .
5,000,0
Chase__________
100,0
Fifth A venue. .
German E x c h ..
200,0
G erm an ia_____
200,0
L in c o ln _______
500,0
1,000,0
Garfield_______
F i f t h __________
250,0
M etrop olis____
1,000,0
200,0
W est Side_____
Seaboard______
1,000,0
1st N at., Bklyn
300,0
L ib e r t y ......... ..
1,000,0
N . Y . Prod. Ex
1,000,0
New Amsterdam
1,000,0
State __________
1,000,0
14th Street____
1,000,0

509

THE CHRONICLE.

A u g . 31 1907.j

Surplus.
$
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
1,561,4
951,3
4,989,5
1,212,7
7,276,6
8,645,2
128,1
3,307,5
1,964,7
19,749,5
1,080,1
770,2
546,0
630,3
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.

Specie.

Legals. Deposits, a Re­
s'rve

S
$
16,226,0
2,085,0
24,700,0
4,650,0
2,760,0
13,882,0
19,833,0
3,042,0
2,893,7
20,630,8
1,682,0
7,651,0
157,096,4 39,734,6
4,389,8
24,661,0
1,120,8
5,816,5
910,9
8,420,8
492,5
2,229,3
2,868,0
16,256,0
1,406,7
5,870,0
4,069,2
26,736,2
137,851,2 18,277,2
1,676,1
18,431,0
317,5
3,108,5
5,357,3
479,0
402,9
1.955,4
14,930,0
1,959,8
54,295,1 11,895,4
2,309,2
20,280,1
3,695,7
159,8
1,282,6
0,995,1
10,833,7
2,337,7
6,389,0
36,679,0
1,487,1
10,366,9
3,878,0
24,567,7
72,540,0 17,676,0
191,4
1,247,9
17,778,3
2,666,8
1,295,0
9,672,0
93,043,2 19,555,9
2,770,2
14,591,5
662,0
3,310,0
920,8
5,263,8
3,814,4
773,7
50,522,6 12,237,8
9,444,3
2,059,7
200,0
3,570,5
4,619,1
702,7
12,661,6
1,378,7
7,223,9
1,278,9
2,945,1
517,1
9,335,5
585,0
419,0
3,917,0
3,267,0
14,921,0
4,386,0
359,0
12,246,1
2,504,4
6,267,4
1,369,6
4,522,0
958,1
13,751,0
2,944,0
7,202,1
787,5

$
1,802,0
2,200,0
1,085,0
2,069,0
2,509,1
113,0
2,100,0
1,643,7
334,9
573,5
53,9
1,634,0
381,6
1,238,8
11,072,6
856,1
480,3
907,4
359,7
1,599,3
5,567,1
1,900,9
511,9
586,2
109,5
5,176,0
429,4
1,305,0
3,169,0
132,8
1,953,1
1,037,0
926,6
927,6
83,0
460,4
192,0
1,247,3
613,7
736,0
781,1
1,980,9
283,8
173,9
1,406,5
569,0
1,691,0
361,0
492,8
411,6
264,6
158.0
382,9

$
14,207,0
27,400,0
15,349,0
19,247,0
20,860,1
6,899,0
141,434,8
23,020,5
5,997,7
5,795,9
2,021,0
18,656,0
6,109,6
19,563,8
114,323,1
12,830,3
3,331,9
5,205,3
2,415,9
13,994,7
63,131,4
18,714,0
3,912,0
6,692,0
10,670,8
42,908,0
10,317,0
21,053,0
80,981,0
1,391,8
17,330,1
9,041,0
79,679,0
14,010,8
3,565,0
6,019,3
3,626,1
53,968,5
10,306,0
3,869,5
5,684,1
13,349,9
6,925,9
2,888,2
8,644,8
4,171,0
17,448,0
3,785,0
10,637,0
7.171.1
5,106,3
15,592,0
7,131,4

%
27.2
25.0
25.0
26.5
25.9
26.0
29.5
26.2
24.2
25.6
27.0
24.1
29.2
27.1
25.6
19.7
24.0
26.6
31.5
25.4
27.6
22.4
17.1
27.9
22.9
26.9
18.5
24.6
25.7
23.2
26.6
25.7
25.7
26.3
20.9
22.9
26.6
25.0
25.9
24.1
26.1
25.1
22.5
23.9
23.0
23.6
28.4
19.0
28.1
24.8
23.9
20.0
16.4

T o t a ls ............ 129,400,0 161,407,4 ! 1088,152,0 203,036,8 69,035,5 1048,383,6 25.9
1
a

New Y ork City, B oston and Philadelphia Banks.— Below
is a summ ary of the w eekly returns of the Clearing-House
banks of New Y ork City, Boston and Philadelphia. The New
Y ork figures do n ot include results for non-m em ber banks:
W e omit two ciphers (00) In all these figures.

Banks.
New York
July 2 7 ..
Aug. 3 ._
Aug. 1 0 ..
A ug. 1 7 ..
Au g. 2 4 ..
Boston.
Au g. 3 . .
Aug. 1 0 ..
A ug. 1 7 ..
Aug. 2 4 ..
Phila.
A ug. 3 - .
Aug. 1 0 ..
A ug. 1 7 ..
A u g. 2 4 ..

Capital
and
Surplus.

Loans.

Specie.

$
290,820.6
290,807,4
290,807,4
290,807,4
290,807,4

$
1123,163,7
1126,950,7
1110.453,3
1096,222,1
1088,152,0

$
210,451,5
210,339,7
206,346 7
203,988,3
203,036,8

%
72,750,4
71,959,1
70,640,0
70,170,1
69,035,5

43,680,0
43,680,0
43,680,0
43,680,0

195,288,0
196,305,0
193,668,0
189,463,0

18,468,0
18,172,0
18,048,0
17,531,0

4,326,0
3,970,0
4,140,0
3,825,0

51,165,0
51,165,0
51,165,0
51,165,0

221,235,0
221,642,0
222,421,0
222,646,0

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

Capi­
tal.

Sur­
plus.

N. Y . C ity.
Boroughs 0/
M an.& B r’x.
$
$
$
W ash. H ’g’ ts
177,4
100,0
973,9
Century ____
149,6 1,210,6
200,0
Chelsea Exch
114,0 1,258,1
100,0
C o lo n ia l____
447,4 3,919,0
100,0
C olu m bia___
482,4 5,999,0
300,0
Consol. N at. 1,000,0 1,137,2 5,315,2
F id e lit y ____
200,0
860,5
147,5
H am ilton . . .
200,0
282,3 5,512,6
Jefferson____
500,0
683,8 4,055,2
Mt. Morris. .
250,0
218,8 2,324,3
M utual_____
200,0
295,0 3,235,2
19th W a r d ..
300,0
484,5 3,539,6
100,0
Plaza ...........
363,6 3,529,0
200,0
12th W a r d ..
221,7 2,483,0
100,0
23rd W a r d ..
180,6 1,681,6
750,0
Union E x ch .
882,8 9,611,9
100,0
397,9 3,435,0
Y o r k v llle __
500,0
590,9 4,816,0
Coal & I.Nat.
208,2 1,343,5
200,0
New Neth’l’d
124,3
200,0
840,4
Batt.Pk.N at.
Borough oj
Brooklyn.
B o r o u g h ___
169,1 3,580,0
200,0
Broadway . .
421,0 2,625,0
150,0
B r o o k ly n ___
123,4 1,973,0
300,0
Mfrs.1 Nat . .
727,3 4,596,1
252,0
Mechanics’ . 1.000,0
993,3 11,765,1
Nassau N a t .
945,6 5,294.0
750,0
National City
300,0
637,0 3,262,0
North S id e ..
100,0
217,6 1,532,7
Jersey C ity.
First Nat —
400,0 1,192,2 4,052,1
H ud. Co.Nat.
250,0
719,2 2,778,9
200,0
Third N at___
338,7 1,948,9
H oboken.
220,0
First N a t . . .
581,5 2,548,8
125,0
Second N a t .
202,1 1,813,4

Deposit with
Clear­
ing
Agent.

$
101,2
60,3
67,0!
546,0
399.0
199,3
59,2
228,2
179,7
288,1
136,6
182,6
71,2
160,0
124,2
525,1
228,3
453,0
109,3
83,1

Other
Net
Banks, Deposits.
&c.

$
13,1
10,3
82,6
160,0
304,0
492,9
8,6
301,5
9,6
115,4
16,2
41,9
319,0
45,0
66,7
348,8
43,7
866,0
60,6
133,2

$
56,9
49,1
47,5
321,0
244,0
186,4
51,6
246,7
185,8
97,4
250,6
847,5
234,0
220,0
162,7
228,1
368,5
168,0
12.1
36,7

58,0
12,5
149,8
314,8
235,2
233,0
123,0
22.8

205.6
148,6
75,9
154,2
680,9
476,0
351,5
118,8

297,3
186,6
412,5
633,3
885,7
1,006,0
543,0
59,2

73,9 4,095,0
31,8 2,609,4
109,5 2,446,8
161,2 4,776,6
157,3 12,601,6
4,997,0
141,0 3,834,0
309,4 1,804,9

183,7
101,7
54,4

304,8
74,0
119,2

1,543,4
166,4
503,4

380,0
120,4
26,2

5,163,7
2,276,1
2,273,6

132,2
66,5

26,5
53,5

145,4
60,6

68,2
75,9

2,137-3
1,862,3

S
12.4
139,9
242,0
100,0
793,7
119,9
58,7
4,3
815,0
96',5
84,6
65,0
10,0

S
855,1
1,024,9
1,509,5
4,723,0
6,279,0
4,292,9
769,0
6,896,1
3,700,5
2,736,1
3,157,8
4,932,7
3,679,0
2,777,0
1,976,2
8,313,0
4,056,0
4,891,0
1,141,0
721,8

Total Aug. 24 9,847,0 14857,9 113713,6 5,126,7 6,804,1 10,644,2 4.196.8 119309,9
Total Aug. 17 9,847,0114857,9 114276,1 4,762,8 7,191,4 11,696.4 3 754,9 120774,1
Total Aug. 10 9,847,Oj 14857,9 114669,2 4,813,6 7,058,2 13,584,1 3.768,7 122818,6




$
50,293,9
50,183,5
50,155,1
50,201,8
50,165,4

$
1,497,552,0
1,603,602,9
1,602,251,2
1,707,913,3
1,375,820,6

223,138,0
218.177,0
216,684,0
205,243,0

8,274,0
8,283,0
8,330,0
8,349,0

144,000,5
139,172,6
160,281,2
132,879 2

253,642,0
249,056,0
249,981,0
249,615,0

13,705,0
13,669,0
13,697,0
13,667,0

141,472,0
119,751,8
132,730,5
126,551,8

Im ports and Exports for the W eek.— TheTfollow ing are
the im ports at New Y ork for the week endingfA ug. 24, also
totals since the beginning of the first week|inf January:
F O R E IG N IM PO R TS A T N E W Y O R K .
For the week.
D ry G oods__________________
T otal______
.
______
Since January 1.

1906.

1907.

i
j

1905.

1904.

$4,040,907
11,260,323

$3,193,090
9,543,386

$3,055,967
10,060,328

$2,697,704
9,811,469

$15,301,230

$12,736,436

$13,116,295

$12,509,173

$125,538,664 $105,498,601
456,137,680 389,135,008

$91,173,250
360,700,556

$78,384,878
308,688,312

$581,676,344 $494,633,609 $451,873,806 $3S7,073,190
wwr

The following is a statement of the exports (exclusive o f
specie) from the port of New Y ork to foreign ports for th e
week ending Aug. 24 and from Jan. 1 to date.
E X P O R T S FROM N E W Y O R K F O R T H E W E E K .

For the w eek________________

1907.

1906.

1905.

1904.

$12,711,008
396,652,555

$12,467,591
392,670,684

$10,110,882
335,043,540

$8,518,850
304,067,209

Total 34 weeks______ __ . $409,363,563 $405,138,275 $345,154,422 $312,586,059
WiU

The follow ing table shows the exports and im ports of
specie at the port of New Y ork for the week ending Aug. 24
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 OF SPECIE A T N E W Y O R K .
Exports.

Reports of Non-Member Banks.— The follow ing is the
statem ent o f condition of the non-m ember banks for the
week ending Aug. 24, based on average daily results.

Banks.

$
1095,772,9
1099,302,4
1076,904,6
1059,457,3
1048,383,6

a Including for Boston and Philadelphia the Item “ due to otheribanks” and also
Government deposits. For Boston these Government deposits’ am ountedjon August
24 to $2,693,000; on August 17 to $2,695,000.

W eek.

j Legal
j Tender
Specie. \ and
| Bank
j Notes.

Clearings.

58,231 0
55,046,0
54,940,0
55,128,0

a Total United States deposits Included, $27,804,200.

Loans
and
Invest­
ments.

Circu­
lation.

Legals. Deposits, a

Imports.

Since Jan. 1

Great B rita in _______
F ran ce______________
G erm an y____________
W est Indies__________
M exico - .......................
South Am erica............
All other countries___

S501,249 $12,877,335
15,206,499
609,820
609,820
1,000
880,155
11,500
2,136,443
1,500,000

$13,359
2,272
22,398
6.950

$2,540,353
717,087
1,155,297
324,621
176,082
1,792,289
228,391

Total 1907................
Total 1906................
Total 1905________

$1,112,069 $33,221,752
6,000
5,815,504
116,000 37,816,987

$44,979
1S4.679
30,529

$6,934,120
49,823,164
6,631,133

Silver.
Great Britain ........... .
F ran ce...........................
G erm an y_ . ..................
W est Indies__________
Mexico _____________
South Am erica______
A ll other co u n tr ie s ...
Total 1907................
Total 190 6...............
Total 1 90 5...............

$866,817 $27,505,103
2,516,000
270.000
6,555
17,302
281,149
7,665
4,786
$1,154,119 $30,321,258
601,845 35,020,155
896,424 21,467,938

$2,259
2,270
158
118,978
775,963
596,204
10,442

$2,632
56.267
4,200
$63,099
15,016
67,475

$1,506,274
1,551,719
2,329,977

Of the above im ports for the week in 1907, $280 were
Am erican gold coin and S i ,800 American*‘silver coin. Of
the exports during the same time $ 1 ,0 0 0 'were j Am erican
gold coin and $17,025 were Am erican silver'coin.

§<mMtX0 itiid 27iimncial.
W e shall be pleased to mail investors copies o f the ninth
edition o f our 10-patte circular describing 65 Short-Term Notes
and Collateral T rust B onds with approxim ate m arket prices.

Spencer Trask & G v
W IL L IA M AND PIN E STS.,

M o f f a t

N EW Y O R K

& W

h i t e

Mem bers New Y ork S tock E xch an ge.
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

D E A LE R S IN INVESTM ENT

SEC U RITIE S.

C om m ission Orders Executed fo r Cash O nly.

THE CHRONICLE.

510

[V o l .

lxxxv

.

Orleans, bank, $1 per $1,000 discount; commercial, 75c. per
$1,000 discount. Chicago, 30c. per $1,000 discount. St.
Louis, 40c. per $1,000 discount. San Francisco, 25c. per
$1,000 premium.
Wall Street, Friday Night, Aug. 30 1907.
The M oney Market and Financial Situation.— Following
State and Railroad B on d s.— No sales of State bonds have
in the line of a reduction of the dividend on Southern R ailw ay been repor ed at the Board this week.
preferred shares referred to last week, announcement has
Business has been more active in the bond department at
been made of a suspension of cash dividends on Erie first the Exchange, owing to an increasing demand for a few is­
and second preferred and discussion as to the probability sues. The various Japanese bonds have been in better favor
o f future dividends on some of the local transportation shares. on some of the European markets, which was reflected in
The depressing influence of these events has been offset, in more activity and advancing prices here. Interboro-M etropart at least, by the announcement of a plan b y the Secre­ politan 4% s have recovered som ewhat more than the decline
tary of the Treasury to increase the Governm ent deposits noted last week, and Third Avenue, Reading, Burlington &
in local banks.
Quincy joint 4s, Brooklyn R apid Transit and U. S. Steel 5s
The latter has resulted in easier m oney market conditions, have been strong. Oregon Short L in e g .r .4 s have declined
especially for time loans, and a feeling of relief in financial over a point and U. P. 1st 4s, Northern Pacific 1st 4s and Cen­
circles. Coincident with the last-m entioned announcement tral Leather 5s have shown a tendency to weakness. Trading
is the report that a syndicate of prominent bankers proposes in other issues than those mentioned above has been limited
to take the whole or a considerable part of the issue of in volum e and fluctuations unimportant.
$40,000,000 New Y ork City bonds to be offered on Sept. 10.
United States B on ds.— Sales o f Governm ent bonds at the
On this report the outlook in the bond market is reported to
be brighter, although actual business shows little evidence of Board are limited to $1,000 4s reg., 1925, at 127 and $500 3s
reg., 1908-18, at 102. The follow ing are the daily closing
increasing volum e.
In other particulars the general situation is not materially quotations; for yearly range see third page follovnng.
different from what it has been for some time past. Gold
A u g.
Au g.
Aug. A u g. A u g.
Interest Aug.
to the am ount o f $1,000,000 has been exported to Europe
27
29
28
Periods
26
24
30
this week, although the quoted rates for exchange do not
*105% *105% *105% *1D5% *104%
1930 __________ registered Q— Jan *105
favor such a m ovem ent. The Bank of England’s weekly 2s,
2s, 1930. _____________coupon Q— Jan *105% *105% *105% *105% *105% 1*105%
statement shows that the percentage of reserve of that 3s, 1908- 18_____ registered Q— Feb *102% *102% *102% *102% *102 *102
institution, as recently reported, is being maintained. 3s, 1908- 18__________ couponjQ — Feb i*102% *102% *102% *102% *102 1*102
1908- 18____small coupon ^ — Feb *101% *101% i*101% *101% *101% !*101%
Business on the local Exchange to-day was dull and generally 3s,
127 !*126% *126% *126% *126%
4s, 1925 . . .............. reglstered|Q— Feb *126%
featureless in anticipation of the three days’ holiday which 4s, 1925. ...... ................c o u p o n Q — Feb *126% *126% *126% *126% *126% 1*126%
2s, 1936. Panama Canal regis Q— N ov *104% *104% !*104% *104% *104% *104%
is to follow.
The open m arket rates for call loans on the Stock Exchange
* This is the price bid at the morning board; no sale was made.
during the week on stock and bon d collaterals have ranged
Railroad and Miscellaneous S tock s.— Stocks have gen­
from 2 % to 4 % . T o-d a y ’s rates on call were 2 % @ 4 % .
Prime commercial paper quoted at 6 % @ 7 % for endorse­ erally shown a tendency to further recover from the low
prices at which they sold earlier in the m onth, but the m ar­
m ents and 6 % @ 7 % for best single names.
The Bank of England’ s weekly statement on Thursday ket has been irregular, and not in all cases are to-d a y ’s quo­
showed an increase in bullion of £831,827 and the percentage tations the highest of the week. For special reasons several
issues have advanced from 4 to 6 points, and a large portion
o f reserve to liabilities was 49.40, against 48.20 last week.
The discount rate remains at 4 % % , as fixed August 15. of the list is 2 or 3 points higher.
Third Avenue continued the downward m ovem ent noted
The Bank of France shows a decrease of 3,850,000 francs in
last week, touching 4 6 % , a loss of 32 points within two
gold and 425,000 francs in silver.
weeks. It has recovered 5 points of the decline. Southern
N EW Y O R K C IT Y C L EA RIN G -H O U SE B A N K S .
Railw ay preferred has been weak on the dividend reduction,
and the Erie issues declined on the suspension of cash divi­
Dil/erences
1907.
Jrom
1906.
1905.
dends. Inter-Met. and Manhattan Elevated have made
previous week.
A u g. 25.
Aug. 26.
A u g . 24.
substantial recovery from last week’s decline. Reading
$
s
%
%
closes with a net gain of 5 % , Northern Pacific, Great North­
118.150.000
129,400,000
115,972,700
C a p ita l______________
ern
and Brooklyn Rapid Transit 5 % , Canadian Pacific 5
151.092.000
161,407,400
139,492,800
Surplus______ _______
Loans and d iscou n ts.. 1,088,152,000 D ec." 8,070,100 1,071,132.800 1,144,607,900
and Union Pacific over 4 points.
46,107,500
50,165,400 D ec.
36,400
52,310,700
Circulation ------------All the active miscellaneous stocks show a gain, and in
Net deposits__________ *1,048,383,600 D ec. 11,073,700 1,053,851,700 1,181,084.500
186,032,800
951,500
203,036,800 D ec.
219.450.300
some cases, notably Amalgamated Copper, Smelting & R e­
Specie ______________
81,720,200
69,035,500 D ec. 1,134,600
84,799,000
Legal tenders. --------fining, General Electric and U. S. Steel preferred, a sub­
267.753.000
stantial advance has been recorded.
272,072,300 D ec. 2,086,100
304.249.300
Reserve h fk L --------262,095,900 D ec. 2,768,425 263,462,925
295,271,125
2 5 % of deposits--------For daily volume of business see page 520.
The following sales have occurred this week o f shares not
4,290,075
682,325
8,978,175
9,976.400 In c.
Surplus reserve-----represented in our detailed list on the pages which follow:

jF u u ik c c s '

(g a z e tte .

*$27,804,200 United States deposits included, against S27.797.300 last week and
$10,350,300 the corresponding week o£ 1906. W ith these United States deposits
eliminated, the surplus reserve would be $16,927,450 on August 24 and $16,243,400
o n August 17.
N ote.— He turns o f separate banks appear on preceding page.

Foreign E xch ange.— The m arket was active and lower
early this week, influenced b y a sharp fall in discounts in
London, the result o f Treasury intervention for the relief
o f our m onetary situation. A pressure of loan and security
bills caused a rapid decline in sterling until W ednesday,
when the fall was arrested; the tone was barely steady at
the close. Gold exports, $1,000,000 to Berlin.
T o-d a y ’s (Friday’ s) nominal rates for sterling exchange
were 4 8 3 % @ 4 84 for sixty day and 4 8 7 % @ 4 88 for sight.
T o-d a y's (Friday’s) actual rates for sterling exchange were
4 82 50 @ 4 8275 for long, 4 86 35 @ 4 8645 for short and 4 8690
@ 4 87 for cables. Commercial on banks 4 82 15 @ 4 8225
and docum ents for paym ent 4 8 1 % @ 4 8 2 % . Cotton for
paym ent 4 8 1 % @ 4 81 § i , cotton for acceptance 4 8215@
4 8225 and grain for paym ent 4 8 2 % @ 4 8 2 % .
T o-d a y ’s (Friday’s) actual rates for Paris bankers’ francs
were 5 20% @ 5 20a for long and 5 1 6 % /i@ 5 16% a for short.
Germany bankers’ marks 94 @ 9 4 % for long and 94 % @
94 15-16 for short. Amsterdam bankers’ guilders 40 2 1 @
40 23 for short.
Exchange at Paris on London to-day 25f. 1 5 % c.; week’ s
range, 27f. 19c. high and 25f. 15% c. low .
The week’ s range for exchange rates follows:
-Long-------------- -------------- ShortSterling Actual—
@ 4 8725
H igh______ 4 8275
@ 4 83
14 8720
@ 4 8645
L o w ______ 4 8250
@ 4 8275
14 8635
Paris Bankers’ Francs—
5 16Js
H igh______ 5 20a
@ 5 20
15 16% d
5 16%Ct
L o w ______ 5 21%
@ 5 21% ft |5 16%ft
Germany Bankers' Marks—
@ 95 1-16
H igh______ 94)4
@ 94%
! 95
@ 94 15-16
L o w ______ 94 W
@ 94 3-16
| 94%
Amsterdam Bankers' Guilders—
H igh............
.................................
1 40 3-16 @ 40 %
© 40 23
L o w ---------- ---------------------------I 40 21
Less:
Plus:

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

<U-32 o f 1 % .
z 1-32 of 1 % .

14 8775
14 8690

® 4 88
® 4 87

t
|

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

The following were the rates for domestic exchange on New
Y ork at the undermentioned cities to-day: Savannah, b u y ­
ing, 50c. per $1,000 discount: selling, 75c. per $1,000 pre­
m ium . Charleston, selling, $1 per $1,000 premium. New




STOCKS.
Week ending Aug. 30.

Sales
tor
Week

Range lor week.
Lowest.

Balaklala Copper...........
700 $7% Aug
9 Aug
Bethlehem Steel C orp___j
15(
P referred ____________ | 100 30 Aug
10 200 Aug
Chic Burl & Q uin cy____
Chic Un Tr tr rects_____
500 3 Aug
Preferred do
_____ i
500 14 Aug
Com stock T u n n e l______ j
200 24c. Aug
Des M oin es* Ft D odge.|
900 13 Aug
G t Northern subscript’n
rects, 60% p aid --------- 3,600;110% Aug
Homestake M ining_____
116| 69 Aug
Ingersoll-Rand, pref____
330j 91 Aug
Peoria & Eastern______ 1,000 25 Aug
U S Leather, preferred..
300i 90 Aug

Highest.

Range since Jan. 1.
Lowest.

27 $7% Aug
26! 9 Aug
26i 30 Aug
30200 Aug
27 3 Aug
28 14% Aug
24[ 24c. Aug
301 13 Aug

27, $5%
26, 9
20 30
30 200
27 2%
30 14
24 23c.
30j 12

26116 Aug
28; 70 Aug
29: 91% Aug
30[ 25 Aug
27, 96 Aug

30 105%
27 55%
30 91
30 18
30! 90

Highest.

$11
July
20%
Jan
65
Jan
218
Apr
3% May
17
July
M ch 50c.
Jan
Apr 18
Jan
Aug
Aug
Aug
Feb
Aug
Aug

Aug1121
85
Aug 94%
Mch 30
Augjl 14

M ay

Aug
Feb
Jan
Jan
July

Outside M arket.— The “ curb” market has been extrem ely
dull and uninteresting this week, though the general tone has
been firm. Price m ovem ents were generally narrow,
changes for the m ost part being small. A good gain was
made b y American T oba cco, the price m oving up from 225
to 245, but the stock was neglected the closing days of the
week. Standard Oil was conspicuously strong, and from
436 ran up to 451, easing off subsequently to 450. Consoli­
dated Steamship sold up from 2 % to 3. Manhattan Transit
sold down from 4 % to 4 % and up finally to 4 % . Chicago
Subway was com paratively dull and lost half a point in the
beginning o f the week to 18% ; but thereafter advanced to
21. It ends the week at 2 0 % . Western Ice m oved between
2 9 % and 3 0 % and closed to-day at 30. Consolidated Steam­
ship 4s rose about a point to 24 % , but dropped back finally
to 2 3 % . A sale of Erie 2d preferred dividend scrip was re­
ported at 55. Copper shares were quiet. Boston Consoli­
dated Copper sank from 19 to 17 %> but advanced to 2 1 % ,
reacting to 2 0 % . British Columbia Copper m oved up from
6 % to 7 % and back to 7. D avis-Daly Estates sold up from
9 % to 1 0 % and to-day to 1 0 % . United Copper com m on
dropped from 55 to 5 2 % , but advanced to-day to 54 % .
The preferred went down from 83 to 78 and up to 85. It
subsequently declined to 82. Greene-Cananea advanced
from 12 to 12 % and closed to-day at 12 % . Nipissing from
8 fell to 7 % , advanced to 8 % and ends the week at 7 % .
Outside quotations will be found on page 520. •

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
OCCU P>

TW O

STOCKS

STOCKS— H IG H EST A N U LO W EST SA LE PR ICE S.
Saturday
August 24

Monday
August 26

Tuesday
August 27

Thursday
Avgust 29

Wednesday
August 28

CAtJKK

N E W Y O R K STOCK
EXCH ANGE

Friday
August 30

R a ilr o a d s
85% 8634
86
t c h T o p e k a & S an ta Fe
85% 86%
87%
83% 85*8
84% 86
8312 85
*90
90
90
90
Do
p r e f____________
90
90
90
95
*8912 91%
7934 80% *7834 82% *81
82% 82% A t la n t ic C oa st L in e R R . _
79% 80
’ 79" 80%
82%
9034
8834 89%
90
a ltim o r e & O h io _______
89%
89% 90
88
89% 90
871* 883j
*83
Do
p r e f____________
87
*81
*81
87
*81
87
*81
87
87
*81
87
42
423g
41
41% 421*
43%
43% 44%
43% 473S B r o o k ly n R a p id T r a n s it . .
4012 41%
*¥
8434 *
843, *
8434 * . . . .
8434 *
8434 *
8434 B u ffa lo & S u sq u e , p r e f ___
16234 164
168 169% 167% 16S% zl63% 165% Canadian P a c ific ________
163% 166% 166% 170
6034 6034 60
62
60
61
*60
'a n a d a S o u t h e r n _______
64
*61
*62% 63%
63%
180 *170 180 *170 180 C en tral o f N ew J e r s e y ____
§170 170 *170 185 *170 180 *170
32% 3334 321* 33
32% 33% C h esap eak e & O h io _______
33%
31% 31%
33
31% 32%
*10
18
* 10% 18
*10
18 C h ica g o & A lt o n R R _____
*14
18
* 10% 18
19% *11
*
*
D o p r e f ________________
50 * .
50 * .
50 *
50
49
934
9%
934
9%
9%
9%
934
9% 10 C h ic a g o G reat W e s t e r n ..
934 10
*62
72
72
*60
*62
72
*62
72
*62
72
D o 4 % d e b e n tu re s ___
*60
72
*40
44
*40
D o 5 % p r e f “ A ” ______
*40
50
*40
50
45
*39
42
45
47
*12
D o 4 % p r e f “ B ” ______
§13% 13%
13% *12
13% *12
13%
13% 13%
12% 13
118% 120% 1195s 12034 119% 120% 120 131% C h ic a g o M ilw & St P a u l . .
118 11914 118 120
*146 147
D o p r e f ________________
*145%
*145
147% 147% 147 147
*14512
109 109
D o c o m c t fs 25 % paid
*106
109 109 *107 110 *107% 110 *109 111
109
D o p r e f c t fs 25 % pale!
127 127 *124 127
■*123 126
127% 127% 127% 1271* 128 128%
1403s 141
14334 144 C h ica g o & N o rth W estern
141% 142% 14334 144% 143 143
14012 142
D o p r e f________________
*200 210 *200 210 *200 210 *200 210 *200 210 *200 210
120 120 *120
120 121
124 124 C h ic St P M in n & O m aha
122% 123 §123 123
125
D o p r e f________________
*150
170 *150
170 *150 180 *150 180 *150 180 *150 170
*4
*4
*4
*4
*4
6
6
6
6 C h ica g o T e r m in ’l T ra n sfer
*4
6%
61*
D o p r e f________________
20
*13
20
*13
20
*13
20
*12
20
*13
20
*13
C h ica g o U n io n T r a c t i o n ..
D o p r e f________________
14% 14%
59
59
60%
59
59
59
*58
60% *59% 601* "61* 61 ’ C leve Cln C h ic & St L ____
D o p r e f________________
*95 102
*95 102
*95 102
*95
102
*95 102
*95 102
22% 22%
22% 22% C o lo r a d o & S o u th e r n ____
2211 22%
22% 221* 2134 21%
21% 22%
51% 51% *51
D o 1st p r e fe r r e d ______
5138 51%
51%
51% 54%
51% 5H4
51% 51%
40
*40
*40
40%
40
40%
41
*39% 41
D o 2d p r e fe rr e d ______
41
40% 42%
150 15134 151 152%
elaw a re & H u d s o n ____
149 152
148% 1491* 147 148% 150 151
440 440
440 440 *405 450 *425 470
elaw a re L a ck & W e s t ’n
440% 446% 445 460
21% 221»
23
2138 21%
21% 22% D e n v e r & R io G ra n d e ____
23%
21% 21%
21% 213f
D o p r e f ________________
70
70
*65
70'
65
70
§65
*65
*65
65
*65
65
64
63% 63% *63
*621» 70
*02
64
*63
651*
65
65 D e tro it U n i t e d ___________
834
734
7%
9
8
8%
9 D u lu th S o S h ore & A tla n
812
8%
8%
8%
8%
D o p r e f ________________
*17
*17
24
17% 17% *17% 24
*17% 24
24
*17% 22
18% 19%
19
20%
20
19% 20%
20% T ? r i e ............. ....................... ..
18
201,
18% 19%
4534 48
46
45% 47
45% 48
49
50
48
47% 48% -L* D o 1st p r e f ________
*30% 33
D o 2d p r e f ________
30
29% 30% *30
33
35
36
33
35% 36%
*65
*65
*65
*65
75
75
*65
*65
75
75
75
75 E v a n s v ille & T e rre H a u te
*80
D o p r e f ________________
*80
90
90
*80
*80
*83
*80
90
90
90
88
121 124% G reat N o rth e rn p r e f______
I I 8I2 120% 118% 12034 120 1211- 121% 122% 121% 123
T e m p c t fs fo r ore p r o p .
52
10
47
48
52
47
47%
52% 5514
55
4512 46%
G reen B a y & W ,d e b c t f A
Do
deb ctf E
*7%
30% *19
30% *19
3OI4 *19
*19
* 16"
a v a n a E le c t r ic ________
*23
♦
D o p r e f____________
95 *
95 *
95 *
95 *
95""
95 *
*75
*73
75
75
75
75
78
75
*73
75
74% 74% H o c k in g V a lle y t r r e c t s . .
A
Do
p r e f____
83 *
83 *
83 *
83 *_
83 * .
83
134 134
134 134 *132
llln ols C e n tr a l___________
132 132% 133 134
134% *132" 134
834
83s
8%
9%
9
9
9%
n t e r b o r o -M e t r o p o lit a n .
s%
8%
8U
914
2134 2134 21% 2234 223g 23
22% 26
D o p r e f _____________
26
261* 29
26%
16
16% I 6I4
16% 16%
15
16%
16
16% 16%
16% 16-% Io w a C e n tra l_____________
D o p r e f ________________
36
36
34% 35%
*34% 37% *34
35% 3534
34% 35% *34
*70
*70
*70
*70
75
75
*70
72
C F t S & M , t r c ts p re f
74
75
72
75
2234 23
2234 23
23
an sas C ity S o u t h e r n ..
23
23
24
24
23% *23% 25
D o p r e f ____________
50% 50%
51
51
*52
53
491» 4934
51% 52
53
53
*12
*12
20
*12
20
a k e E rie & W e s t e r n ___
*12
20
20
*12
*12
20
20
60
60
D o p r e f _______ ____
*45
60
*45
60
*45
*45
*45
60
*45
60
*45
*45
55
*45
55
*45
55
55
45
45
*45
55 L o n g I s la n d _______________
104% 1041* 104 105% 106% 107
1033.1 105
106% 106% 10634 10834 L o u is v ille & N a s h v ille ___
110 1141" 112 113% *113 118
11734 118% 118 11811 118 118
a n h a tta n E le v a t e d ___
45
41
40
42
40
42 *
40 *
e t r o p o llta n S tr e e t____
42
35
40%
18
is
18%
18%
17-8 18
18% 18% M exica n C e n tr a l__________
18% I 8I4
17% 18
*37
*37
39
*37
39
38% *37
38% *37
38% *37
38% M in n eap olis & St L o u is . _
D o p r e f_______
*75
77
78
*75
77%
77% 77%
78
77% 77%
77% 771*
*96 100
*95
98
*95 100
*95 100
*95 100
*95 100 ‘ M in n St P & S S M a r l e l . .
D o p r e f________________
12434 12434 *120
•*120 125
130
125 125
126 126 *123 130
3238 34%
32% 32%
34% 3434
34
33'% 34%
34%
34
35% M o K a n sa s & T e x a s ______
D o p r e f ________________
62U *61
62% 621- *62% 63
*61
62% *61
63
63
63%
6534 66I4 67
67%
66% 67%
64% 653J
67% 68% M issouri P a c ific ___________
6512 66
*120 125 *120
125 *120 125 *115 125 *115 125
120 121 "VT ash C h att & St L o u is . I
*441* 47
*44% 47
*44%
1 ’ at o f M e x , n o n -c u m p f .
*45%
*44% 47
*45%
*14
*14
16
16
16
D o 2d p r e f __________
16
16
16% *16%
*16% 18%
10034 103%
99% 102% 101% 10234 102% 104% 10234 IO4I4 103 105 N Y C en tral & H u d s o n . .
3034 3034 *29
30
31
29
32
32
32 N Y C h ic & St L o u is ____
*27% 35
29
«100
*99 105
D o 1st p r e f ____________
107 f*100 105
*99 105
*99 105
*95 105
*70
*63
75
*65
71
69
D o 2d p r e f____________
*63
75
*63
*62
75
75
158 158 *157% 160 5160 160 *157 163 *157 163 *157 160 N Y N H a v e n & H a rtfo rd
3134 3134 32% 32%
32
31
3U '
*31
321* 33
32% 321* N Y O n ta rio & W e s t e r n ..
6834 6834 69
*69
70
69
691* 69170
70
70
7OI4 N o r fo lk & W e s t e r n _______
82
*78
82
*78
*78
82
*78
82
*78
82
D o a d ju s tm e n t p r e f . .
120 122 N o rth e r n P a c ific __________
116% 1181; 116% 1187f 118 119% 119 1203. 119% 121
IOOI4 lOISj 100% 1021* 102% 103
102% 104% 103% 103% 103% 104%
D o s u b s c r ip r e c ts ____
*80
90
*80
90 ' *80
90
*80
90
*80
90
a c ific C oa st C o __________
*80
90
*80
*80
100
*80
100
*80
100
100
*80
100
*80 100
D o 1st p r e f ________
*80 100
*80
100
*80
100
*80
100 * *80
100
D o 2d p r e f ________
*80 100
♦116% 1167} 115% 1171; 116% 117% 1171* 118% 117 118
117% 118% P e n n s y lv a n ia _____________
74
*66
69
*65
*66
69
66
66
67
66 P ltts b Cln C h ic & St L ___
67% *67
*85
95
*85
95
*85
95
*85
95
D o p r e f ________________
*85
90
*85
95
9234 94
881 g 90*6
91% 93%
92% 9534 T J e a d ln g ________________
87% 91%
S9% 92
80
*77
*76
80
*76
80
80
80
*79% 80
80
80% -EVi 1st p r e f _____________
*72
76
*72
*72
80
76
*72
80
*75
80
*75
2d p r e f__________. . .
80
1734 ISI4
1734 18%
1834 1934
18% 1834
19% 20% R o c k Isla n d C o m p a n y ___
19% 19%
41% 42
42
42
43
D o p r e f________________
41% 42
44%
44
45
45
45
*60
65
*60
*60
65
*60
65
65
*60
*60
65
65 St L & San F r , 1st p r e f . .
31
31
32
*31% 33
*31
*31
D o 2d p r e f ____________
33
32
33
33
34%
*15
17
15% 151* *15
161*
15% 16%
1634 16%
17
17 St L o u is S o u th w e s te r n ___
40
40
40
40
42
42
43%
D o p r e f________________
43
44
44
441* 45
8 II4 83%
82% 83%
81% 833s
83% S4%
83% 841*
83% 85 S o u th e rn P a cific C o _____
108% 109
109% 109% 10934 109% 109% 110% 110% 110% 11034 110%
D o p r e f________________
15
14% 151*
15%
15% 15%
15% 1584
15% 15%
15% 15% S o u th e rn v t r c fs sta m p e d
50% 52%
501* 53%
52
*50
53
53
*51
D o p ref
do
53
53
53
24
24% 25
241*
26
25
e x a s & P a c ific __________
25% 25% *25
251*
25% 26
50
57% 60
5714
46% 50
50
47
53
52
h lrd A v e n u e (N Y ) ____
51
51%
*2312 24% *231* 24
*231* 241* *23
*2334 241*
25
24
24 T o le d o R a ilw a y s & L ig h t
24% 24%
243g 24% T oledo S t L & W estern___
24% 24%
24% 24%
24is 243s
24% 24%
4334 45
44% 4534
4534
463g
D o p r e f _____ _____ ______
45
46
4534 45%
*43% 44
8510 87
87
85
*871* 89
90% 90% *89
92
*90
95 T w in C ity R a p id T ra n sit .
123 126% 123% 126
124% 126% 126% 127% 126% 128% 126% 128%
n io n P a c i f i c ___________
82
82
*81
82
82
*80
82
§82
82
81
81
D o p r e f _______

A

B

__

_

_

(

Range lor Year 1907
Sales 01
On Oasis 01 100-store tots
the
Week
Lowest
Highest.
Shares

4,710
2,260
2,450
5,865
700
5,160
260
600
2,900
100
27,490
6,840
3,310

8134 A u g 15
89 A u g 13
1 1 A u g 15
87 A u g 17
85 J ’ne 19
37% A u g 20
83 F e b 16
155 M ch23
60 M ch 14
165 M ch 25
3034 A u g 20
Ms A u g 14
491; A u g 8
9% May27
64 A u g 19
391* A u g 17
12% A u g 2 6
117% A u g 15
145 M ch25
107 M a y 2 /
125 A u g 12
137% M ch25
197 A u g 19
115 A u g 19
160 J a n It5 M ch28
9 M ch27
25o A u g 17
11% Mch 14
58 A u g 12
100% J ’ly 16
21 M ay27
51 A u g 20
40 May27
147 A u g 27
440 A u g 17
20 A u g 15
647c A u g 17
61 J ’ne 15
7% A u g 28
17is A u g 2 7
18 A u g24
451* A u g 26
29% A u g 26

108% Jan
101% Jan
133% Jan
122 Jan
941* J a n
83% Jan
85% F e b
1951* Jan
651* J a n
219% Jan
56 Jan
27% Jan
69 ~ Jan
18 Jan
79 F e b
713. F e b
26is J a n
157% J a n
165*2 J
141 Jan
149 J a n
205 J a n
234 J a n
170 Jan
165 J a n
934 F e b
25 Jan
6% A p r
19% J an
92% J a n
108% J an
3878 J an
69% J an
58% J an
227% Jan
510 J a n
427x Jan
83% J a n
801* J a n
19% J a n
39 Jan
44% J a n
75% Jan
67 Jan

7
12
5
5
10
7
8
4
14
2
£
5
5
2
25
14
5
14
5
14
15
10
10
8
19
21
11
3
9
7
7
9
7
8
2
24
7
10
16
5
4
5
7
7

30,626
12,580

90
114
44

Apr 4
A u g 15
A u g 15

92 A p r
18934 J an
85 Jan

5
i
5

21,070
700
1.150
7,000
36,640
16", 700
400
10
3,350

__

_

D

_

..

720

100
1,200

H

_
.

_

3,300
’ ""366
1,010
41,030
200
300
1,122
3,000

J

K

200
’ ""566
4,920
5,310
1,710
1,010
100
2,100
1,600

L

M

_

_

.

_ _

200
3,780
3,005
2.500
3.500
’ " ’ 566
"""3 6 0
21,500
400
400
200
"~ 4 2 0
79,650
500
130
1,500
1,510
36,490
7,740

P

T

U

BA N K S
B a n ks.

Bid

N ew Y ork
A e t n a _____
A m e r ic a lf_.
Am er E x ch .
B a ttery P a rk
B o w e r y If___
B ron x B oro’
B u tc h ’ s & D r
CenturyU ___
C h a se _______
C h a th a m ___
C hels’a E x c U'

215
510
220
122
310
300
158
175
300
315
200

Ask

B anks.
C h e m ica l___
C itizen s’ C tr’
220
C i t y ________
525 Coal <S: I r o n .
230 C o lo n ia l'!___
132 C o lu m b ia IT.
325
C o m m e r c e ..
____ C o n s o lid a t’ d
162 C o p p e r ____
190 Corn E x ch f
350
D iscou n t 11.
East R iv e r .
------ 1F id e lity 1f._

Bid
395
138
248
230
700
.500
T170
160
205
285
150
150
185

AND
Ask
405
143
252
240
____
525
____
170
215
300
160
160
195

T R U ST
B anks.
Fifth A v e lf.
F i f t h .............
F i r s t ____ __
14th S treet 1
F o u r t h ____
G a lla tin ____
G a rfie ld ____
G erm an A m l
G erm an E x '
G erm an ia If.
G reen w ich *[
H am ilton If.
] H a n o v e r ___

89,560
300
556,800
400
" ’7,766
3.300
’ l",306
1,200
1,000
80,760
2,610
0,675
2,105
1,900
12,048
100
2,120
5,690
1.300
549,470
400

COM PANIES— B R O K E R S ’
Bid
3900
340
615
225
180
350
500
135
420
500
280
275
485

Ask
4200
___
630
300
190
360
525
1421;
____
____
295
500

B atiks.
Im p & Trad
In te rb o ro 11.
Irvin g N Ex
Jefferson U _.
L i b e r t y ____
L i n c o l n ____
M anhattan 1i
M arket & F ul
M ech an ics’ .
M e ch & T ra 1’
M erca n tile. .
M erch E x ch
M erch an ts’ _

Bid
520
155
175
210
490
1000
290
255
225
155
215
175
155

Ask
535
165
190
220
510

7% A u g 12
30 A p r
72 A p r 1
74?o A u g 30
83 A u g 14
128 A u g 12
8 A u g 20
20% A u g 20
15 A u g 2 4
30U M ch25
70 J ’ne 11
18 M ch 14
45 M ch 25
19% M c b is
55 A p r 5
45 J ’ly 23
103 A u g 12
110 A u g 24
35 A u g 30
15 M ch 14
38 A u g 2 2
76% A u g 9
90 M ay 28
119 A u g 20
30% M ch 26
59 M ch 26
fc3 A u g 15
119 M ch 22
/634 A u g 13
15 A u g 15
99% A u g 15
29 A u g 26
109 M ch25
70 M ch 26
158 A u g 22
30% A u g 17
«'8 A u g 20
80 M ch 14
113 A u g 15
96% A u g 14
85 A u g 14

14% J a n 17
47 J a n 3
86% Jan 4
114 M ch 6
94 J a n 5
172 J a n 3
39 J a n 23
75% J an 7
28% Jan 4
51 Jan 7
80 J a n 10
3034 Jan 5
6134 Jan 8
28% J a n 12
67% A p r 26
67% J a n 9
145% J an 5
146 F e b 13
107 Jan 23
27% J a n i
59 J a n 15
90 J a n 24
140% J an 3
168 Jan 3
44*8 M ch 1|
7234 Jan 4
9234 J a n 5
147 Jan 8
593s Jan 9
27 F e b 14
13434 J a n 10
631* Jan 7
110 J a n 16
9134 J a n 7
189 Jan 9
48% J a n 5
92% Jau 5
90% J a n 10
1891* Jan 7
134 F e b 13
124% J a n 7

95 M ch 20
114 M ch 14
65 A u g 17
91 J ’ne 3
85% A u g 14
79 J l y 9
75 A.ug 12
173s A u g 2 0
40% A u g 13
59 M ch 18
29 M ch25
15% A u g 22
40 A u g 13
69% M ch 14
108% A u g 24
14% A u g26
50% A u g24
24 A u g 26
46% A u g 27
23% A u g 21
2334 M ch 26
40 A u g 17
85 A u g 21
120% M ch U
75 A u g 14

125 M ch 8
1413g Jan 8
78 J a n 22
105%Jan 5
139% J an 7
92 J a n 7
94 J a n 8
30% J a n 5
64% Jan 5
70 J a n 11
4838 J a n 5
25% J a n 7
621* F e b 15
96% J an 14
118% J an 14
34 Jan 5
941* Jan 5
37% J an 7
123 Jan 8
29 Jan 7
3334 J an 5
54% A p r 12
108% J an 7
183 J a n 5
96 M a y 2

Range err lJrcvions
Year 1906).
Lowest

H Ig/KSl.

853s May 1101* Sep
106 Jan
£98 D ec
1677s Jan
131‘s J ’ly
16534 May 125% Sep
99% Jan
91 O ct
94is Jan
71 J ’ly
83 Jan
87 F eb
1553s M a; 2011- D oc
65% J ’ne
70% Jan
204 M ay 239% M ay
51% N ov
05Js A u g
25% Sep
35% O ct
70 D e c
77% O ct
16 J ’ue
23%< J an
86!- Jan
79% Sep
70 D ec
80 Jan
14% N ov
39% Jan
199% D ec
+146% D ec
J160 D ec 218 A u g
____ ___ ____ ____
____
____
" 192 A p r "240 J an
225 A u g 270 M ch
168 J 'n e 198 Jan
175 Nov. 202 J an
93j A p r
18% J a n
4234 J a n
25 D ec
133. F e b
3% M ay
11% J ’ly
47% M ch
109% Jan
89 D oc
110 J ’iy
118 J an
29% Jan
41 O ct
66% A p r
73% F eb
43 May
59 D e c
189 May 23434 N o v
43734 M ay 560 M ay
36% Ma>
51% Jau
911* Jan
83 O ct
79% D ec
102 F e b
227s Jan
16 J ly
32 A p r
45 Jan
38% M ay '507s Jan
7434 D ec
83 Jan
763k J an
62% A p r
76 Jan
68 D ec
80 J ’ly
94 A u g
Cl 78 D e c 34S F eb
70% D ec
85 D ec
m i* Nov
921* Jan,
113j O ct
23% Jan
33% Jan
53 A u g
77i4 Jan
973j M ay
____
____ .
92% N ov
99% J ’lie
164 M ay 184% J ’ne
553s M a y
33% J ne
703g J ’ly
873s M ay
3434 J a n
24 J iy
6334 Jan
48 J ’ly
77 O ct
841* F e b
22% J ly 37% Jan
49 J iy
71 Jan
447,1 Jan
27% J ’ly
75 Sep
§92% J an
8i34 Jan
61% O ct
136% M ay 1561* Jan
140 Sep
162 Jan
103 J ’ly
127 J a n
183s M ay
29% D e c
84% Jan
58% D ec
100% Jan
90 A p r
134 D ec
164 M ch
163% A p r. 18334 Jan
43% N o v
29 M ay
64% A p r
76 N o v
85% May- 10634 Jan
133 M ay 149% Jan
593, D e c
36 A p r
30 D ec
18% J ’ne
126 N ov 156% J a n
59 Mch
73% A p r
111 A p r \ 1207s J an
80 M a y
92 D e c
189% D e c; 204% Jan
4334 May,
57% J an
84 f eo
97% O ct
89% A p r
96 J an
179% M a y 232 % F eb
____
"l0 3 Jan
142 J ’ne
105 Jan
106 Jan
105% Jan
135 M ay
122% J iy
147% Jan
75 M ay
87 Jan
100 M ay 109 A u g
112 M ay 1164 Jan
89 S ep
96 Jan
90 A p r
102 Jan
22% J ’ly
32% N o v
60 J ly
6934 A u g
7234 A p r
60 P’ eb
40% J iy
51% F e b
M
ay
20%
27% J an
4834 May63*8 S ep
61 M ay
97% Sep
116 J ’ly
120% J ’ne
31% N ov 42% J a n
D
ec
93%
103 Jan
28 M ay
401r O c t
121 N o v £139% Jan
25% D ec
36 Jan
25% J ’ly
401* Jan
597s Jan
43 J ’ly
102 D ec
122%J an
138% M ay 1953s Sep
911* M ay
99% Jan

QUO TATIO NS.

Bid
B anks.
M etropolis 1 390
M etrop oli’nl 155
Mt M orrislf. 240
M utual 11___ 280
Nassau If___ 200
\ e w A m ster 190
30 5 " New Neth’i’d 210
N ew Y o r k Co 1200
265
235
N ew Y o r k . . 290
165
N ’ lit & D ayll 400
230
19th W a r d 11 T410
N orth A m e r 240
1S5
165
N o rth e r n ___ 170

Banks.
O riental I f . .
165"" P a cific If___
Park
290
P e o p le ’s I f . .
210
P h e n i x ____
200
P laza If____
225
P r o d E x ch 1
R iv e rsid e If.
300’ " S e a b o a rd ----410 ( S e c o n d ____
S tate If______
i££~ 112th W a r d H
180 |23d W a r d lf.

Bid
265
230
415
300
160
570
160
250
340
700
360
450
190

Ask
275
250
430
170 *
175*
260
360
40’0"'

----------------------------- ------------------ j o n this d a y .
i E x -rig h ts .
$ L ess th an 100 shares,
1i 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 s to c k
T Sale at S to c k E x ch a n g e or at a u ctio n this w eek ,
c E x b e n e llcla l Interest In o re p r o p e rtie s .
n S old at p r iv a te sale at this p r ic«
h 1st Instal’ m t paid,




New York Stock Eecord—Concluded—Page 2

512

S T O C K S—HIG H EST A N D LO W E S T SA L E PR ICE S.
Saturday
August 24

Monday
August 26

Tuesday
August 27

Wednesday
August 28

Thursday
Auqusl 2d

Friday
August 30

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

U nit R y s I n v ’t o f S an F ran
D o p r e f ________________
Y l f a b a s h ____ _____________
’ »
Do
p r e f___________
W h e e lin g & L a k e E r ie ___
D o 1st prel'____________
D o 2d p r e f __ _______
W isc o n s in C e n tra l________
D o p r e f ___ __
_______
In d u stria l& A lisce lla n e o u s
____ A d a m s E x rp e ss __________
*150
. . - *150
*150
*150
*150
*150
63g -^ M lis-C h alm ers___________
6%
“ 6.2
6%
6%
*5
*5%
5~7s
51578 " 6I4
57S
Do
p r e f ____________
19%
19
*16
19% *17
18% 18%
*15% 20
17%
*151- 19
69% 721- A m a lg a m a te d C o p p e r ____
70
69% 71%
6834 70%
71%
6934 67U 703g
67
A
m
e
r
A
g
ric
u ltu ra l C h em _
*16
18
18
18
17%
19%
17%
17%
17%
*15% 19%
*1512
D o p r e f ________________
82%
82%
95
*
*65
95 *
95
95 * . .
95 * ____
12 A m e r ic a n B e e t S u g a r____
12
11% 125S 12% 12%
*10l4 11%
11% 11%
I6'.4 11
D o p r e f ________________
75 * . . .
75 -f-____ 75
75 * ____
75 *
* -. .
75 * ____
___
*4%
5 A m e rica n C a n ____
*4%
5
5
*5%
*4%
*414
*4
5
5
5%
D o p r e f ________________
46% 46%
*45
*45
47
47
*45
47
46
46
*44% 47
38% 39% A m e r ic a n Car & F o u n d r y
3734 38-34 38% 38%
37% 38
3634 37136% 38
D o p r e f ________________
95
95
*92
*94
96
97
96
95% *94
*94
951- *94
3134 32 A m e r ic a n C o tto n O il______
32
32
3l7g 32
31-34 3134
3014 3038 3014 31
D o p r e f ____________ _
90 * ____ 90
*85
§87
88
*85
90
90
90
*85
*85
*185 205 *185 205 *180 210 *190 210 *190 210 *195 210 A m e r ic a n E x p r e s s ________
41- A m e r ic a n G rass T w in e ___
47g
*3%
*37g
4%
*3%
*37g
*37S
47g
*334
414
334 A m e rica n H id e & L ea th er
4
334 *334
3%
*334
334
4
*334
4
4
*312
D o p r e f ________
_ __
17
16% *15
16% *15
*16
16
*16
16% *15
17 ' 16
62
*45
57 A m e r ic a n Ic e S e c u r it ie s ..
*56
70
*50
*51
60
*50
60
60
*50
9 A m e r ic a n L i n s e e d . ______
834 *8
*8
8
8
*7% 10
7
7
*7
71D o p r e f.
. . . ___
35
*18
*18% 30
35
*18
17
17
17
17
*17
1715134 53I4 A m e r ic a n L o c o m o t i v e ___
52%
51
51%
51% 51-34 52
51
51151% 51%
D o p r e f ________________
*99 102
*98 1001- *99
100% 100 100 *100 103
98
98
4 A m e r ic a n M alt C o r p ______
4
*3%
31*3%
3%
*3
5
*3%
*3
5
*314
___
_ .
D o p r e f ..
22
22 * ____
23 * ____
22 * ____
*20
*20
25
25 * ____
89 A m e r S m elters S ec p r e f B
88 * .
*.
88 *
89 * ____
89 *
89 * ____
A
m
e
r
S
m
e
ltin
g
&
R
e
fin
in g
9734
94%
9434
94%
957S
961g
953g
9134 943g
9538
91%
93%
D o p r e f________________
95% 98%
95% 97
95% 96lg
95% 96
95% 9518 9434 96
____
*140 240 *140 240 *140 240 *140 240 *140 240 *140 240 A m e r ic a n S n u ff _ .
D o p r e f _______________
*74% 100
*74% 100
*74% 100
*741- 100
*74% 100
*74% 100
£34 A m e r ic a n S teel F o u n d rie s
§534
*53.,
5'g
*534
6
5%
534
534
6
*534
6
D o p r e f _______________
*32
35
*32 * 35
31
30
30
31
30
30
31
31
1121s 1137s 113% 113% 11334 114% 1133.1 114 2:112% 113% A m e r ic a n Su g ar R e fin in g .
113 113
D o p r e f ____________
11S% 119% *118 120 *115 117
*117 120 *118 120 *118% 120
*104 110 *104
107 *105 108 *104 107 *106 108 *105 108 A m e r ic a n T e le p h & T e le g
80 A m e rica n T o b a c (n e w ) , p f
*77
78
76% 76l4 78
76
76%
75% 751g
*7412 76
2234 23
§24% 24% §23% 24 A m e r ic a n W o o le n ________
21% 22%
22
*21^4 2214 22
D o p r e f ________________
87
86% 86% §87_
*85
86
86% 86%
8534 8534 *85
87
45% 46% < IA n acon da C opper PnrS2;>
46%
46
46%
46
44% 4534 453S 46
44
45
6%
6% d B a to p ila s Mining- P a r i 20
*5
6%
6
5%
0%
61*5
61*5
*5%
*90 110 O r o o k l y n U n io n G a s ____
*92 110
*95 100
*95 110
*95 110
*95 100
12% *10
12% *10
*9% 12% *10
11 - O r u n s w ic k D o c k & C Im p
*10
12110
10
*32
40 B u tt e r lc k C o ____ __
*32
*32
40
40
*32
35
*32
*32
35
35
*17
1818
18% /"C entral L e a th e r __________
*17% 181- *17% 18%
17
17
161- 167s
D o p r e f ..
_______
85
85
83-34 8334
83
84
84
83%
8434 8434 *81% 85
2334 24%
24
24
24%
?5 C o lo r a d o F u e l & I r o n ____
2234 24
22
23% 24
23
22 C ol & H o c k C oal & I r o n . .
21
21
21
*19
*19
*20
21
*19
21
21
21
102 102% 102% 1021- *101 104 C o n s o lid a te d G as (N Y )_ _
1021- 1021" 1011s 102 2100% 102
13% C orn P r o d u c t s R e f i n i n g ..
13
13%
13% 13% *13
*121- 1312
12% 121.1 *12% 13%
D o p r e f..
. . . .
§64
64
63
63
63
63
*6234 03
*63
65
63
63
D istille rs' S e cu ritie s C o r p .
677S
57
50%
56%
53
48
48%
53%
47
4612 47%
4714
*97 112 F e d e ra l M in in g * S m e lt’ g
95% 96% *96% 112
96
96
*100 125
*96 120
D o p r e f ________________
72
72 * ___
71
71 *
71
71
*72
73%
78 * . .
127% 127% G en eral E l e c t r i c _________
125 1251- 125% 126
124 124
120 122
121 123
100 *100 105 *100 109 G ra n b y C on s M S & P ___
100 100 §100% 1001s §100
§ 105 105
*5%
*a
6 I4 j n t M er M arin e s tk tr c tfs
8
6 I4 *6
6
6
6
*5%
6 <4 *534
Do
p r e f ______________
17
1734
17
17
1534 *16
17
*15
17
*15
18
15
14 In te r n a tio n a l P a p e r ______
14
13
13% 14
13
14%
12
13
*12
12%
13
D o p r e f ________________
*72% 721- *72% 7234
7234 7234 *72
73
*72
71% 71%
73
*40
*40
43 In te r n a tio n a l P o w e r . ___
*40
43 “ *40
43
*40
43
*40
43
43
213- 2134 *19
23 I n te rn a t S te a m P u m p ___
2134
20
19
19
21
19% 191*19
D o p r e f ________ _____ __
73
74
*69
72
72
*68
*64
72
*64
68
*65
67
64% M a ck a y C o m p a n ie s _______
04
64
63
64%
63
64
64
62
62
*61%
D o p r e f ___________ ____
♦ftO
65
64
§621- f2% *62
62
62
*597s 6234 *60
621"
a tio n a l B is c u it ________
70% 72%
72% 73
m % 72%
*69% 701" *691- 71
*691- 71
D o p r e f____________
113 “ -L”
11434 *110 1143, *110% 113 * u ;
1143} *112
*1101- 11434 *112
*10% 111- * ! l
11% N at E n a m e l’ g & S t a m p ’ g
103S 10%
10% 11
*10% 10-34
*101- 12
D o p r e f________________
*82
85
*82
*80
85
*82
87
86
87
*S2
§86
87_
47% 48l.|
48% 50% N a tio n a l L e a d ____________
4634 46% 43
46
44
46
4412 45%
D o p r e f ________________
*92
93
93
*92% 95
95
93 <4 93%
*9214 95
*91
95
10% 11 N e w h o u se M & S .P a r S lO
*101- 10%
10% 11
10% 11
10% 10%
101- 101106% 105)3/ *105 110
108% 110 N ew Y o r k A ir B r a k e ____
106 10634 106 10734 100 106
55
56
57% 59 N o rth A m e r ic a n C o .. new
54
*54
55
56
541- 543| *541- 56
25% p a c i f i c M a f l ______________
*23-% 25
25
*231- 25
23% 24
23% 237s *2234 24186-% -I e o p le ’s G rs - L & C (C h lc)
86%
86
80
*85
iS7
*85%
8634
86%
86
*85% 86%
*8
9
9
Slg P itts b u r g h C oa l C o _______
*8
s%
8
10
*8
*8
9
S»4
D o p r e f ____ __________
50
*45
48
*45
50
48
*45
50
•1?;
*40
*45
50
28% 29 P ressed Steel C a r__________
271- 27%
2634 27%
27% 27%
27 s 27%
27
27
D o p r e f________________
85
§85
§85
*82
85
84% 8ft
*82
86
82
85
83
155% 155% *153 158 P u llm a n C o m p a n y _______
158 *153 160 *153 150
*153
158 *153
I ) a llw a y Steel S p r in g ___
*34% 37
*14% 06
36
30
36
36
3414 34I4 34% 34%
*75
78 JLV D o p r e f ____________
*75
88
* ____ 88
88
87 * ____
*75
87 *
R
e p u b lic Ir o n & S te e l____
197g
20i4
20%
20
20%
19%
19
19%
*19
10%
2OI4
1912
D o p r e f __________ ____
7134 71%
571
71
71% 71% §72% 72%
70
*70
72
71
457s 46
4534 46
40% 45l4 4634 47 C lo s s -S h e ffle ld S t e e l& I r n
44% 46
45
45
*3
D o p r e f _____________
*135 150 *135 150 *135 150 *137% 150 *136 150 *136 150 T e n n C o a l, Ir o n & R R ___
34
:a u
34% 35
34
34%
*3312 35 ^ T en n essee C o p p e r P a r$ 2 5
31% 3U 2 3214 33
68 T e x a s P a c ific L a n d T r u s t .
68 * ____ 68 * ____
68 * -_ _ 68 * ____
69 *
*60
1 T n lon B a g & P a p e r ____
534
5%
5%
5%
'J
D o p r e f ____________
54
54
3134 31% U S C ast I P ip e 4; F o u n d r
29* ' *29" *3*0"
*21* 29*' "28% 28% *28% 28% *2s"
D o p r e f ________________
76
*75
90
90
77% *75% 77%
90
*75
*75
77% *75
95 U n ite d S ta te s E x p r e s s ___
*80
*80
95
*81
*80
95
95
95
*75
85
85
50 U S R e a lt y & I m p r o v e m ’t
*48
52
*48
52
*48
51
*48
50
*45
62
*48
13 U S R e d u c tio n & R e fin in g
13
*10
14
*10
15
*10
14
*10
15
*10
14
D o p r e f ________________
41
40
*35
41
45
*33
*32
35
39
39
*33
35
32
33 tyn lted S ta te s R u b b e r ___
30% 30%
*29
30
29
29
29
29
§30% 30%
D o 1st p r e f ________ __
90%
90
8834
S634
8834
89%
88
89*4
8634 S634
87%
87%
_
D o 2d p r e f ____________
§60
00
61
*58
62
*55
3134 30% 31% U n ite d S ta te s S t e e l_______
31
31% 31%
30% 313g
297s 307g ‘ 29% 31%
D
o p r e f ____ __________
95
94%
95
94%
9334
93% 94%
93
92% 933g
92lg 93
24 d U ta h C o p p e r ___ P a r $10
*21
23% *23
23
*23% 2434 24
23% 23%
V
lrg
tn la -C a ro lin a C h e » - *1934
20%
2
0
"
*20
22*
20%
20
20%
20
19%
20
19%
D o p r e f _______________
*95
*90 100
*90
97
97
*95% 100
95
95
*90 100
50 V ir g in ia Iro n C oal & C ok e
50
50
*45
50
*45
*45
*45
45
45
*250 300 " *250 300 *250 300 *250 300 *250 300 *250 SOO T X /e l l s F a rg o & C o ______
estern U n io n T e l e g . .
75
75
75
75% *74% 75
7538
76
75
75% 75%
*75
137 139 *134 139 *135 137 *130 13-7 *130 140 W e s t in g h ’ s e E l& M fg assen
*135 140
D o 1st p r e f ____________
165 * ____ 165 * ____ 165 + ____ 165 * ____ 165 * ____ 165
**18
*3334
* 10%
*19'8
912
21l4
1234
*14
32

22
38
11‘s
21
912111234
18132

*20
*31
11
*20
*9
*21
*10
*14
33

22
36
11
21
10
22
12
16
33

*19
*31
11
20
*9
*20
*11
*14
*32

23-34
38
11
21
11
23
15
18
36

*20
22
*35
37
11
i ll s
20
20
10
*9
*21
22
*11
13
18% *14
41% *32

22
*34
*11
20
*9
*20
13
*14
*31

BANKS
Ask
Bid
B anks.
B anks240
U n ion E x c H 220
B
ro o k ly n .
132%
U S E x ch U. 122%
W a s h H ’ htsT 230
First _______
W e s t SIdeTI. 600
H o m e B ’nkli
425
Y o r k v llle 11. 400
M a n u factrs’
M echanics’ Ti
M ontauk____
N a s s a u ____
B rook lyn .
N at C it y ___
N o rth Side T
B o r o u g h 1T-- 175
____ [ProspectPkT
B r o a d w a y U . 450
135 | T e r m ln a l..t
B r o o k ly n . . 115

Bid

385
175
400
305
160
250
305
360
160
140

24
38
11
20
10
22
13
16
41%

*20
*33
*11
20
S%
22
13
*14
*30

AND

TRU ST

Ask

T rust C o s .’
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 olu m bia . .
C om m ercia l
Com m onw ’h
E m p i r e ____
E q u ita b le T r
F arm L o & T

....
____
____
____
315
____
____

24
38
11%
20-84
9%
22
13
18
38

'

[V o l .

"ioo

1,852
500
300
300
300

1,650
600
264,050
300
100
2,450
400
4,710
800
1,200
20
800
100
""6 9 0
231
4,050
637

89,900
4,225
550
400
3,400
300
600
1,140
582
16,525
500
" "io o
600
1,120
6,900
600
1,500
1,320
481
11,125
500
200
2,769
255
500
500
2,100
300
700
100
800
200
1,440
100
200
14
7,641
200
3,200
3.810
1,000
700
1,111
400
100
3,395
660
100
600
’ 2",060
1,625
1,900
1,300
600
100
941
450
100

" 'lo o
500
875
1,720
120
185,165
34,451
700
800
100
100
" moo
200

.

Range 1or Previous
Year (1906).

Range tor Year 11)07
6’o/es on
uie 1On basis of 100-share lets.
Week
Shares
Lowes!.
| Highest.
100

lxxxy

Lowest.

| H ighesi

50 A p r
55 A p r
18 D ec
301- D ec
16 A p r
36 M av
21>4 O ct
23 M ay
44 J ’ly

t'8 Jan
931-J an
261- J au
53% F eb
21% Feb
48% F eb
291- F eb
33 Jan
04 Jau

§150 A u e 1 4 § 3 3 0 J ’nezu 5240 J 'n e
4 A u g 10; iG78 Jan 5 !
16 J 'lv
40 Sen
1 5 % A u g i6 : 4334J a n 3
65 A u ? IS i 12178 J a n 6
923s J ’ly
15 M ay27
253gJan 8
20 J 'lv
82% Aug30| 95 F e b 20
90 D ee
10% M a y 22; 231- J an 7
20% Mav
827g O ct
75 M en 5
80 “ J an 21
4I4 A u g 16
71- A p r 11
43 A u g l9
601- A p r 10
31 M ch25
4514 J an 14
32% J ’ly
921- M ch25j 103 Jan 12
981- J ’ly
27 M ch2;.
36 1 -J ’l y 27
28 " M ay
90 J a n 21
go Dec88 M ch 13
180 A u g 19 247 J a n 5 215 A p r
8i4 J an 11
334 A u g 20
77« May6% J a n 10
512 Nov3ls A u g 30
3U i-Jan 7
24 " N o v
151- A u g 12
8
8 " Jwc*ix
an 2
>U J
« ’ly 31
OX
£)js
X
50
35m J * a
1(>34 D ec
7 A u g26
19% Jan 10
35 D e c
17 A u g 26; 36 Jan 7
6334 May
491- Aug2Ci
7534 F e b 15
1081- D ec
98 A u g 241 n i l - J a n 21
2 l - J ’n e l 0 : §71; A p r 2
22 “ J ’ne 11
4o ' F e b 21
92i4 D ec
86 M ch25i 9318J an n
(90 A
Aungc r15u 2155
i . i t f .Tan
Jan 7 1381- May92% A u g 20 11738 J a n 7 112 “ D e c
1921- J ’ly 12 205 J a n 18 200 J ’ ly
§95 A p r l 102 J 'u e 7 100 D e c
103^ J a n 5
934 Nov51» M ay22
471, J a n 7
28-34 A u g 21
40 M ay
107U A u g 15 137% F e b 13 1271- M ay
118 " A u g 8 131 J a u 2
1281- D e c
c l 0 4 i - J ’n e i4 133 J a n 4 130 J ’ly
9834 Jan 5
96 J ’ly
74% a uS 15
361, J a n 7
21% A u g 20
28 N o v
85
13 102's
a n1 0
b 101 J ’ly
80 A
" u“ g
BIO
i u z 's J
00-1
$42 A u g 15 30234 F e b 16 22312 M ay
,*51- A u g 281 $9% M ay 13!
105 " M ay2‘j 125 M ay lj 1051- N o v
10 M a y 21
141- Jan 4 ;
i3 i4 J ’ly
31 A u g 14' 49% J a n 3 :
40 A p r
I 6I4 A u g 15
40 F e b 15
33-34 D ec
9834 D e c
83 A u g 28 102 F e b s;
22 A u g 24
5778 Jan s!
40is M ay
19% A u g 20
283s A p r 55
17 M ay
991, A u g 15 140% M ch 1 1303s A p r
11*8 A u g 14
2434 Jan 221 1814 J ’ly
741, M aj
62?s A u g l7
88 J a n 28
41 A u g 20
78 F e b 13
51 " J a n
951, A u g 28 163 Jan 161 138 Jan
71 A u g 27
97 J a n 14
91 J ’ly
120 A u g 26
163 J a n 22 1156 D e c
100 A u g 15| 152 F e b 131
6 A u g 20|
77s M a y 2
15 A u g 26
24 A p r 2ol
1114 M ay27
I 8I2 J an 7
16% Sep
70% M ay 22
81 F e b 11 80 D e c
40 M ch 14
5034 J an 15! 48 Sep
19 A u g 27
41 J a n 7I 28 Jan
6 0 i-A u g i9
81 J a n 141
Jan
7“
59 " A n g l o
59 A u g 15
t,uu ^ 1
66*4 A u g 21
86I4 Jan 15! 62 .Mav
1101- J 'n c 4 117a8 M ch 6 [ 1131? J au
10 A u g 20
153sJan 5 * 12 M ay
79 M ch 28
87 F e b 15 82 Sep
421- A u g 17
70)4 J a n “
66 M ay
93 " A u g 2 9
103 Jan 100% J n c
$10 A u g 22
$20-34 A p r
98 M ay27; 1411- J a n 7 133 J ’ly
50 A u g 17! 8934 J a n 4 ,
871" N o v
211- M cb25! 4 i i 2 J a n 5 ;
2834 J ’ ne
84 “ A u g 15, 98% J an 4 '
88 J 'ly
734 A u g i9 ;
1678 J a n i 5
13% M ay
48 A u g2 8 ; 60% Jan 4
50 J ly
25 A u g 12
57 Jan 10
43 M ay
82 Aug24| 9978 Jail 24
95 M ay
150 M ch 14
180 D e c
3134 A u g l 5
571, d an 10
44 M ay
87 A u g 13
991- F e b 15
9734 J 'ly
4" 1 “ J a n "7
22% M ay
181. A u g 21
91 M ay
681-A u g 19 100 J a n 7
7734 J an 7
42 M ch 14
68% J ’ly
9214 J'n C 22 107 J an 11 104% O ct
130 M ch 26 162 J a n 4 129 Jan
$30 A u g 15 $5312 M ch 1
85 Jan 17
60 M ay
60 A u g 13
8ig J a n 15
5I4 J ’n e 2l
6% Sep
6i Jan 7
52 O ct
50ig M ch25
491- J an 5
43% M ay
27 A u g23
89 Jan 15
83% D e c
74 M ch26
85 A u g 24 §117 J a n 9 109 May
90% J a n 4
75 A u g
48% A u g21
30% J a n 28
24 M ch
101- A tfg 20
68 J * n 7
60 Mch
35 A u g 20
52% F e b 16
38 J 'ly
27*2 A u g 13
85 A u g 20 1097* J a n 7 z 104«4 J ’ly
78ig J a n 7
75 M ay
60 A u g 15
6038 J a n 7
32% J ’ly
29% A u g 15
9834 J ’ly
M l* A u g 15 10734 J a n 7
$2112 A u g 20 $3912 M ch 4
39% J a n 7
19 A u g 12
31 J ’ly
95 A u g 20 108 J a n 9 104 J ’ lv
97 Jan 23
38 M av
45 A u g 20
;ou m
250
M ay
a y 7t 300 J ’ ne 3 283 Mch
74% A u g 19 i 85 J a n 10 x8334 D e c
ISA A u g l5 j 154 J a n 2 148 A u g
162 N o v
§145 A p r 26 §160 M ay23

5300 A u »
27% J on
07 Jan
118% F eb
34% Jan
102 Jau
35 Jan
891- Jan

20 J ’n e l ?
32 A u g 17
10*s A u g 12!
1934 A u g 19
81j A u g 30
2114 A u g24
111- A u g 23
1338 A u glH
30% A u g 23!

62 Jan
T l’s J a n
18% Jan
38i-> Jau
I63j Jan
3784 Jan
213, Jan
511- Jan

|

471- Jan
105 " Jau
44i4 Jan
95 Jan
272 A u g
1 is4 J an
10 Jan
B4% S«p
29% Jau
53-s Jan
7812 Jan
120% Jan
16134 Jan
174 Jan
130 Jan
220 Jan
107 Jan
15i4 Jan
5314 Jan
157 Jan
140 Jan
1445, J a n
109 Jan
48 Jau
H03S Jan
300 ' F e b
178 Jail
21-14 A p r
70 M ay
4978 Jail
107%'Jan
83% J an
3014 N o v
18134 Jan
28 A p r
S534 A p r
743s Sep
199 Jan
1127s Jan
184 O ct

--- --- --- ....

....

26% Jan
90 Jan
r95 J an
00 M ay
92 M ay
79% D e c
118% O c t
18% JAS
881" Mch
953s Jan
106i4 Jan
16334 Jan
107 Jan
51% J an
103 Jan
18!s N o v
621- J an
ij 4<k J £111
105 F e b
270 N o v
6234 J an
107 Jan
4134 D e c
110% Jan
97% Jan
113 A p r
{166 N o v
88 O ct
15% J an
84 Jan
53 Jan
967g Jan
138%.- Jan
94i2 Jan
40% J ’ne
84 J ’ne
59% O ct
z l l 5 Jan
x87% Jan
50% O ct
113i4 J an
58 Jan
117% Jan
93 D e c
305 O ct
94% J a n
176 Jan
188 Jan

CO M PAN IES— B A N K E R S ’ Q U O TATIO N S.
Bid

Ask

340
460
420
150
200
11700
205
210
100
340

375
490
430
160
215

1190*

215
220
405
1210

Trust Co’ s.
Fidelity_____
Tflfth A v T r .
F u lt o n ______
G u a ra n ty T r
G uardian T r
H u d s o n ___
K n ic k ’ b ’ ker
Law T I & T r.
L in co ln T r . .
M an h a ttan .
M e r c a n tile ..
IM e tro p o llt’ n
IM orton T r ’ st

Bid
210
275
475
215
90
1175
230
310
825
570
650

Ask
220
550
313
506
230
100
1200
250
330
430
875
590
700

Trust Co’ s
M utua! .
M ut A lii’ nee
N Y U fe & T r
N ew Y o r k T r
S tand ard T r
T itle G u & T r
Tr Co of Am
U n ion Trust
U S Mtcr&Tr
U nit S ta te s .
V a n N 'd e n T r
W a s h in g t o n
I W in d s o r ___

Bid
120
180
1000
620

Ask
130
195

_

640
4C0
460
445
690
710
1250 1300
440
420
l l.r > 1200
T300
400
185
200

_

Trust Co’ s.

Bid

B rooklyn .
B ro o k ly n Tr
C itizens’ ___
F latbu sh . .
F r a n k lin ___
H am ilton . .
H om 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 illla m s b ’ e

425
130
260
300
315
140
210
475
300
250
300
220

A tk

140

_

315
330
150

_
....

270
320

....

• B id an d asked p rices: n o sales o n th is d a y . J Less th a n 100 shares. t E x -r ig h t s . (iN'ew s t o c k . cE x- d iv id e n d an d rig h ts. rfN ow q u o t e d d o lla rs per sbari
tS a le at S t o c k E x ch a n g e or at a u c tio n th is w e e k .
s T ru st C o. c e r tific a te s . fiB a n k s m a r k e d w ith a p a r a g r a p h (ID are S ta te b a n k s.




New York Stook Exchange— Bond Record, Friday, Weekly and Yearly
O C C U P Y IN G
BONDS
N . Y . STOC K E X C H A N G E
W e e k E nding A u g u st 30
U. S> ( i o v e m m e n t
XT S 2s- c o n so l reg iste r e d , d l 930
U 3 2s c o n s o l c o u p o n ___ d 1930
U 8 3s r e g is t e r e d _______ £ 1918
U 8 3s c o u p o n .....................fc l9 l8
U S 3s r e g sm all b o n d s ., tel 918
U S 3s c o n sm all b o n d s. .4:1918
U H 4s r e g iste r e d ........... .. 1 9 2 5
TJ 8 4s oO trpon____________ 19'
U S P a n O s n 1 0 -3 0 y r 2 s . f c l 9 3 f
3?hUn>pino isla n d s 48.1914 -39
P u b w k s aud Im p rest 4s 1935
P u b w k s an d im p r e g ...l9 3 G
l%>roijsm G o v e r n m e n t
Jap an ese G o v t 6 s s te r l’ g .1 9 1 1
2 d series Os........................ 1911
£ loan 4% s c t ls lu ll p d . 1925
2d series 4% s ct£s lu ll paid.
& loan 4s c t fs fu ll p a i d . . 1931
R e p u b o l C u ba 5s e x te n d e b t ..
U S or M e x ic o « 1 g o s o£ 1899
G old 4s o f 1 9 0 4 .................1954
S t a t e S e c u r i t ie s
A labam a c u r r fu n d 4s . .. .1 9 2 (
C is t o f C olu m bia 3*65s___ 1924
D oalsiana nevr con sol 4 s . .1911
N orth C a rolin a co n s o l 4 s . 1910
6a............................................ 191
8 o C a rolin a 4% s 20 -4 0 ........1933
T en n n ew settlem e n t 3 s ..1913
V irgin ia fu n d d e b t 2 - 3 s .. . l 9 9 i
6s def e rre d B ro w n B r o s c tfs .
C n ilr n a i!
labam a C en t See S o K y
In ba A1icU s e e A t Coast L in t
A lb a n y <fc Susa See D ei * Hui;
A lle g h e n y V a lle y A'eePeim KK
A lie g * W est s e e B u ff 11 & P
A n n A r b o r 1st g 4 s ........../tl9 9 5
A Icli T & 8 F e —G en g 4 s . 1995
R e g is te r e d .......................... 1995
A d ju s tm e n t g 4 s ........... /tl9 9 5
B e g is t e r e d ...................h 1995
S tam ped........................ /i.1995
C o n v g 4 s ............................1955
10-year c o n v g 5 s ......... 1917
D e b e n tu r e s 4s S eries P . 1908
S eries G ........................... 1U0S
S eries H .......................... 1910
S eries 1 ............................ 1911
S eries K ...........................1913
E a st O kia D iv 1st g 4 s ..1 9 2 8
A t l K n o x <fc NT Set L & K
A tla n tic C oa st 1st g 4 s ./t l 9 5 2
C h arles <fe Sav 1st g 7 s .. 1930
Sav F & W 1st g old Os.. 1934
l o t gold 5 s ...................... 1934
A la M id 1st g u g o ld 5s ..1 9 2 8
Brunsefc W l s t g u g 4 s ..1 9 3 b
L & N c o l l g 4 s ...............01952
S il S p O ca & G g u g 4 s ..1 9 1 8
A tla n tic & D a iiv See South Ky
A u stin & H W See S ou P a cific
olt & O hio p rio r l g 3 % s . 1925
R e g is te r e d ................. ftl9 2 5
G old 4 s ............................. A1948
B e g is t e r e d ...................7t.l948
P itts J uno 1 st g o ld 6 s . . .19 2 2
P Ju n & M D iv 1 st g 3 % sl9 2 5
P L E <fc W V a S ys ret 4 s l9 4 1
Sou tliw D iv I s t g 3 % s . . . l 9 2 5
R e g is t e r e d ...................A192"
M ou on K ir 1 st g u g 5 s . . 1919
Ceil O h io R 1st O g 4 % s ..l9 3 0
Ol L o r & W oon 1st g 5s 103
O hio R iv e r R R 1st g 58.1936
G en era l g o ld o s ............. 1937
P itta C iev <fe T o i 1 s t g 6s 1922
P itts & W e st 1st % 4,8...1917
S tat l s l K y 1st g u g 4 % s 1943
B a t C reek 6c S See M ic h C ent
B e e c h C reek See N Y C <fe H
B elle v & Car See Illin o is Cent
B k ly n & M on ta u k See L o n g 1
B r u n s & W e s t See A t l Coast L
B u ffa lo N Y <fe E r ie See E rie
B u ffalo R <fc P g e u g 5 s ...1 9 3 7
A l l & W e s t 1st g 4s g u . .l 9 9 8
C l & M ali 1 st g u g 5 s ___ 1943
R o c li & P itts 1st g O s... 1921
C on sol 1st g 6 s ............. 1922
B u ffalo <fc Southw est; See Erie
B a ft <fc Susq 1st r e f g 4s.«tl951
B u r O R d k N See C R I <fc P
tanada S ou th 1 s t 5 s . . ...1 9 0 8
'2 d 5 s ................................... 1913
B e g i s t e r e d .. . .. ............. 1913
C arb <fe S h a w n See i l l C ent
C a rolin a C en t See S eab A ir L
C arthage <fc A d See N Y C & 11
Cod R l a F & N See B O R A N
Cen B ra n cn B y See M o P a o
C en t o f G a R R . l s t g 5 s ..p l 9 4 5
C on sol g old 5 s ...................1945
R e g is te r e d ................. ...1 9 4 5
1s t p ref in com e g 5 s ....* » 1 9 4 5
S t a m p e d ..................................
2u p r e i in com e g 5 s ----- p l 9 4
S t a m p e d .................................
3o p rei in com e g 5 8 . .. . p l 9 4 5
S t a m p e d ..............................

P ric e
W o v
A u g u s t 30

W eek's
M ange or
L a st Sale

R an ge
S ince
Jan u ary 1

B id
Q-J
Q-J
Q-F
q -f
q .f
Q -F
q

-f

«j-F
Q-N
w- f
Q-S
Q -F
A-O
A-O
F-A
J -J
J -J

M-S
Q-J
J -D

*7
J-J
F-A
J-J
J -J
A-O
J-J
J -J
J -J

FOUR

A sk Low
H ig h
195*2 A u g ’ 07
*2 105 *« A u g ’07
102 10 i 102 4 J ’ ly ’ 07
10S*-4 J ’l y ’ 07
102
103
107 J ’ n e ’02
i o f % * ” * ' 10i*2 O ct 'Oi
1 2 6 % 1 2 7 % 1287b J’’n e 'o 7
127
1 2 6 * 2 1 2 7 % 127
1 0 4 -4 1 0 5 V !05 *8 O ct ’ 06
ill
M ay’ 06
109*2 ...

Low

lOi^iosia

H igh

1 04*8 105*2
104*« 1061

105 % 106

103*41023,
102*8 1 0 4

1287s 130a4
127 1 3 0 \

9 9 34 82 96*4 1 0 0 %
99
88
99=8
86*s
87% 403 8 6
94%
8 6 *» 5!
1:4*2 9 2 7g
80%
79
4t> 75 % 85*4
t 7 8 % ........
78^
103
6 98 *4 1 0 3 *4
t ......... 103
1027
7*2 A u g ’ 07
.......... 99
96%
99
9 I S 92
2 91*2 95
91*2
91*-.
Kese a r e p r ices 0 n the 0 M W o ! $o to
* 99% Sale

967s100%

i 1*9“s Sale
i 87 *8 Sale
i 86% bale

il» * a
..........100
......... 100

: : : : : : "27

111 M ar’ 02
117*2 J ’n e ’Ot
105*2 D e c ’ 04
100*4 A p r ’ 0^
126 M a r’ 07
120 M ar’ 00
94 A u g ’ 07
93 x4 M ay’ 07
28 A u g ’ 07

1 0 ()* t 1 0 0 * 4
126
126

92
96
1)3*4 95*4

20

30*4

A

B

C

Q-J
A -O

A-O
X ov

Nov
M-N
J-D
J -I)
F-A
F-A
F-A
F-A
F-A
M-S
M-S
J-J
A-O
A-O
41-N
J-J
M-N
J -J

83
85 V,
95
97
-. 97>i 96*4 A u g ’07
87*8
a7 *2
80 A p r ’07
85
85*<
85 % Sal*
92 Sale
88\
92
98
1 0 0 «8
IOO % Sale
-. 99>2 101 J ’l y ’ 07
98 SB May’ 07
96 F e b ’ 07
98*a N o v ’ 04
94 N o v ’06
93 M ay’07
9 0 Hi .

81*2 91

% Sale

89*6 .

89

' 105
.
• 105
.
9 2 14 .
8 0 '8 .
1 90
.

J -J

93

90

9S 7

80*2 89*2
94
94

J -J
M-S
M-S

F-A
M-N
M-N
Oct

8 6 " *90 *
89
96
85*2 90*4
105% 105%
ib'y% i i ’3%

112
10-J

118%
103 hi

118

123*2

100
......... i o i 34 1 0 1 a4 A u g'07
97 * 2 .......... 100*4 M a j’ 07

99% 102%
101 105*2
100% 100*4

99®s 100i» 99*4

102
!!!!!!

Sale
« i'

..........

65

116

116 M a r’ 01
102
103
113 A p r ’06
85*2 J ’l y ’ 07
8 8 M ay’ 07
70 J ’n e ’07
66*2 A u g ’ 07
50 J ’l y ’ 07
45
45

A-O .......... 99%
77 % Sai*3
J -J
J -J
99 * i o i *
M-N
F-A 100 Sale
F-A
F-A
F-A
J -J- 1......... 81
......... 101 \
J-J
J -J
96% 98%
A-O
J -J ■.*.*."! *85*
F-A
6 3 % Sal*A-O
I* t< m a t True cell tr 4#.. 1949 J - j ' 6 3 % ........
L o u is R y C o 1st c o n g 5 s .. 1930 J -J
'M an ila E le c 1st & c o ll 5 s . 1953 M-S

*80 **.” "'

• N o p n o e F rid ay; la te st p rioe th is w eek.




100 A u g ’ 07
73%
77*4
100% A u g ’ 07
9 8 % A u g ’07
98% 100
98
98
87 F e b ’ 07
80%
80*-.
82 A u g ’ 07
98% M ay’07
93% J’ n e’ 07
95 J ’ n e’ OO
85 A u g ’07
80% J ’ n e ’ 07
57 %
03 >*.
69*4 J ’ ly '07
108 Mar'S)., 98 M av’ lH

a D u e Jan

d uu<*

116

102

111

85
85
70
66%
50
45

M IS C E L L A N E O U S
S tr e e t R a ilw a y
B r o o k ly n R ap T r g 5 s ........1945
1st re fu n d c o n v g 4 s ___ 2002
B k C it y 1st co n 5 s .1 9 1 6 .1 9 4 1
Bk
C o & s oon g u g 5s. 1941
B k ly n U n E l l s t g 4 - O S .1 9 5 0
S tam ped s u a r 4 -5 S ....1 9 6 0
K in g s C o E l 1st g 4 s ___ 1949
S tam ped g u ar 4 s ..........1949
N a ssa u E leo gu g 4 s ___ 1951
C oiin By & L i s t .t r e f g 4 % s ’ 61
S tam ped gu ar 4 % s ......... 1951
D en C on T r C o 1st g 5 s . ..1 9 3 3
D e t U n ited 1st oo n g 4 % s .l9 3 2
H a v a n a E lee c o n s o l g 5a. 1952
X n ter-M et ©oil 4 % s . . . . . . . . l 9 5 6

93*2
92*2
102%
101*2

89*4 96%

......... 85
O ct

89
89 %
96
97*2

92*,

........

9 2 1a 92*4

92%

8 8 * » 108*4
97
100%
99
101
98%
98%
96
96

113 *s M ay’ 07
103 *a F e b ’07
103 A p r ’ 97
124 A p r ’ 06
118 J ’n e’ 07

114*2 .

86

93*4101*4

J -J
89
89 7a Sale
Q-J ......... 8 9 *i 89 \ J ’n e ’o ?
96
96*s
96*4 Sale
A-O
Q-J
95
96*2 97 hi J ’ly ’ OV
120 UCt ’ 01
J -J
86 J ’n e’07
M-N
89 A u g ’07
89
M-N
J -J
0 6 *,
86*2 85*2
89 O ct ’ 06
-J
-A *100 ......... 1 0 5 7g F e b ’ 07
M-S 1 0 0 * 4 ......... 109 A p r ’05
A-O 1093* ......... 109*4 J ’ n e ’07
J-D
116 Alay’OO
1 1 3 *2 K o v ’ 06
A-O
A-O ■110
I I S 's M a r’04
94 M a r’07
J -J >■88
100 X o v ’ 04
J-D

-MS
A-O
J -J
F-A
J-D

102*2

86
86
S4*2 9 2 %

i i i 'i j j j j a n ’ Ot)
112<^ J a n ’ 04
114*8 N o v ’Oo
99*2 M ar’06
80*2
6 0 ‘s
94 J ’l y ’07

-iii’ i " !

95

..J
17
5
1

...

’2?

BONDS
N. Y . STO C K E X C H A N G E
W e e k E n d in g A

ugust

P r ic e
F r id a y
A u g u s t SO

30

C e n t o f G a R R —(Con.)
Ohatt D iv p u r inon g 4S.1951 J-D
M a c <fc N o r D iv 1st g 5 s . 1946 J-J
M id G a & A t l D iv 5 s ___ 1947 J-J
M o b ile D iv 1st g 5 s ........1946 J-J
Ceil K K & B o f O a co l g 5s 193r' .71- .\
C en t o f N J g o n ’ l g o ld 5 s . 1987 J -J
R e g is t e r e d ...................7t,1987 Q-J
A m D o ck & Im p g u 5 s .. 1921 J -J
L e & H u d l i gen g u g o s 1920 J - J
L eh & W i l t s B C oal 5 s . .1912 M-N
Con e x t g u ar 4 % s ___ ,grl910 Q-M
N Y & L o n g B r gen. g 4 s 1941 M-S
Cent P a cific See So P a cilic Co
C e n tV e rm o n t 1st g u 9 4 s.«1 9 2 0 Q -F
Chas & S av See A t l C oast L in e
Clies & O hio g 6s s e r A . ./i I 9 0 S A-O
G old 6s ............................... 01911 A-O
1st c o n s o l g 5 s ...................1939 M-N
R e g is te r e d ...................... 1939 M-N
G en eral g o ld 4 % s ............. 1992 M-S
R e g is te r e d ...................... 1992 M-S
C ra ig V a lle y 1st g 5 s ___ 1940 J -J
K & A D iv 1 s t c o n g 4 8 . . 1989 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 . .l 9 4 J M-S
G re e n b r ie r R y l s t g u g I s ’ 40 M-N
C h ic <fc A lt R B re f g 3 s . . . 1949 A-O
R a ilw a y 1st lien 3 % s ...l 9 5 0 J -J
B e g is te r e d ...................... 1950 J -J
C h ic Burl & Q— O en v D 4s 1922 F-A
Illin o is D iv 3 % 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 r a s k a E x te n sio n 4 s .1927 M-N
B e g is t e 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 an <fc S t J o s c o n so l 6 s . .1911 M-S
Chic<fe E 111 r e f & i m p g 4s 1955 J’ -J
1st s f c u r 6 s .....................1907 J -D
1st co n so l g 6s ...................1934 A-O
G en eral c o n so l 1st 5 s ___ 1937 M-N
B e g is te r e d ...................... 1937 M-N
C h ic & In d C B y 1st 5 s . 1936 J-J
C h ica g o <& E r ie See E rie
C liic I n <fc L o u is v r e f 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 & Oh 1st 6 s .1910 J -J
C h ic M il & S t P te rm g 5s 1914 J -J
G e n e ra l g 4s se rie s A . . #1989 J -J
-J
R e g is te r e d .....................e l9 8 9
-J
G en eral g 3% s se rie s B .e l9 8 9
C b ic & L Su D iv g 5 s ___ 1921 J - J
C h ic & M o B iv D iv 5 s . ..1 9 2 6 J -J
C h ic & Pac. D iv 6s ........... 1910 J-J
C h ic & P W 1 s t g 5 s ........1921 J -J
D a k & G t S o g 5 s ............. 1916 J-J
F a r So S ou assu g 6s ........1924 J -J
H a s t & D D iv 1st 7 s ........1910 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 rosse & D 1st 5 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 Gs..........1910 J-J
S o u th w e s t D iv 1 st 6s ___ 1909 J -J
W is & M in n D iv g o s ___ 1921 J - J '
M il & N o 1 s t M L 6 S ....1 9 1 0 1J-D
1 st c o n s o l 6s ...................1913 J-D
F
C h ic & N o r t h w co n s 7 s ___ 1915
A
E x te n s io n 4 s ..........1886-1926
R e g is t e r e d ............18S6-1926 F -A
G en eral g o ld 3 % s ............. 1987 M-N
R e g is t e r e d ...................j>1987 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 5 s . . .1379-1929 A-O
R e g is te 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 t e r e d ...................... 1921 A-O
S in k in g fu n d d eb 5 s ........1933 M-N
R e g is te r e d ...................... 1933 M-N
N o rth I llin o is 1st 5 s ___ 1910 M-S
O tt C F & St P a u l 1st 5s 1909 M-S
W in o n a & St P e t 2d 7 s .. 1907 M-N
M il L S & W e s t 1st g 6s 1921 M-N
E x t & Im p s fu n d g os 1929 F-A
A sh la n d D iv 1st g 6 s . .1925 M-S
M ic h D iv 1 s t g 6s ..........1924 J -J
I n c o m e s .......................... 1911 M-N
C hlo R o c k l s l & P a c 6 s . . .1917 J -J
R e g is t e r e d ...................... 1917 J -J
G e n e ra l gold 4 s ................. 1988 J -J
R e g is t e r e d ...................... 1988 J -J
R e fu n d in g g 4 s ............... 1934 A-O
C o ll 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 ................................... 1910 M-N
O 48....................................1917 M-N
P 4 8 ................................... 1918 M-N
C h ic 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
C oll tr u s t g old 5 s ......... 1913 M-S
B ur C ed R * N o rth e r n
C on 1st & c o l t r g 5 s ...1 9 3 1 A-O
R e g is te r e d ................... 1934 A-O
C R IF ife N W I s t g u 5 s .l 9 2 1 A-O
M & S t L 1st g u g 7 s ..19 2 7 J-D

W-eek’ s
R a n g e or
L a st Sale

L ow
H ig h
93 J ’ n e ’ 06
115*2 D e c ’ 05
115 N o v ’Oo
115 *2 A n g ’ 05
1-8 A u g ’ 07
120 % Sale 120% 121
120 Sale 120
120
1 0 7 % ......... 107 A u g ’ 07
98% ■
» 8 *«.
*100 ,

9 8 s4

98*<

98*4 A u g ’ 07
88

M ay’ O'

102% J ’ l y ’ 0'
101% ...
104 . ..
105 J ’l y ’ 0'
110
109 % 110% 110
116 J ’n e ’ 06
100 A u g ’ 07
104 M ay’ 06
112 F e b ’ 06
............ 9 4 * 2 97% M ay’ 07
90 J"’ n e ’ 07
113*4 F e b ’ 05
99% F e b ’ 06
100
76 J ’l y ’ 07
65*2 A u g ’ 07
*62*
80 ‘a M ay’ 05
97 *? A u g ’ 07
98
87% A u g ’07
90 Sep ’06
9 7%
97 *v
97 *2 Sale
1 0 5 % ........... 106
M ay’07
100*2 101
100*2 A u g ’ 07
101 A u g ’ 07
......... 100
101*4 D e c ’06
100 J ’l y ’ 06

88*-4

1 0 0 ^ A u g ’ 07
10 5% J ’ly ’ 07
92 A p r ’ 07
100*2 J ’ iy ’ 07
128*6 J ’ly 0 i
108 *2 108 S.
118% F e b ’ oti
.......... 113% F e b ’ 07
9 9 7t

.......... 92
101 ........
125 ........
l u S l4

....

105

......... 124
......... 109
iu 2% Sale
l*0*i

Sale

r104
......i.........
m
107

Sale

103% .
105

9 8 % .........
1 0 0 % 103

1 0 0 % .........
106

1 0 1 % ..........
117'-4 120
100 Sale
88*4

92

107 ** 1" “

100

101

104*8.
103
110*2
. 109
100
100% .
1 0 2 *8 .
118*2 .

. 114*4

V3

94*2

87 "*2 Sale
87
87
65% Salts
83

85

116 117
'1 1 1 % ........
10-1 ........

121 A u g ’ 07
111% J ’n e ’ 07
102% 102*4
102
102
101
101
104*s O ct ’ 06
89 J ’l y ’ 07
116 ’-4 O ct ’ 05
109 A u g ’07
104 A u g ’ 07
107
lu 7
106 J ’ n e ’07
137% J ’ i y ’ 99
105% J ’iy ’ 07
100*2 j ’l y ’ 07
182% A p r ’ 06
106*2 J ’iy ’ 07
102 *a A p r ’ 07
102 A u g ’07
102% A u g ’07
106
106
106% F e b ’ 07
107 J ’ n t ’ 07
118% M ay’ 07
100
100
104 F e b 07
94*4 J ’ l y ’ 07
95 F e b ’ 07
107 J ’ n e’07
100*4 J ’ n e ’07
105*2 105*2
107% J ’ n e ’ 06
100 *2 A u g ’07
99% J ’ n e’ 07
107 J a n ’ 07
103 J ’ n e ’ 07
1 1 3 ^ A p r ’ 07
117 F e b ’ 06
105 *4 D e c ’ 05
100% M ay’07
100 ?8 A u g ’ 07
120 J ’l y ’ 07
113*2 M ay’07
142% F e b ’ 02
128% F e b ’ 06
109 S e p ’ 03
114 J ’ l y ’ 07
116% M a r’ 07
94
95
99*4 F e b ’07
87
87*2
97 J ’ l y ’ 04
92 *2 N o v ’ 06
90*4 J a n ’ 07
93 M ay’ 0-1
90*4 F e b ’ 07
84
84
65*4
65*2
79 D e c '06
83 *2
85
119
3 19
1 2 0 % M a r ’ 03
111 N o v ’ 05

Range
S in ce
aqjQ J a n u a r y 1 ;
L ow H ig h

98

108

120%126U
120 126 .
106*4111 |
98% 100*2
9 7 % 101
85

89 %

100 105
104 107
109 116
99% 105%
96*2 1 0 0 %
90
92%
75% 80
65*2 76%
97% 100 *a
87% 92%
97%
106
98%
100

103
106
104
102

99% 104
105 % 109
92
92
100% 103
126 1 2 8 's
108*2117 %
i l 3 S 113 %
121

126%

107
102
102
100

lil%
105
106*4
107

88% 93*4
109 ’ 1*1*3%
104- 105%
107 112
106 106%
105*2 109

100*2100%
106 *2 108*4
102*2 103
102 105%
1 0 2 * sl0 4
106 110%
10 6 % 1 0 7
107 111%
1 1 8 % 12 1
100 102
104 104
92% 98
t*5
95
100 107
100l4 106%
105% 107
i b o '*8 i o 2 %
98 101
107 107
103 103
113*2 114%
100%
100%
120
113

102%
101%
123%
113%

114
116*2
94
99%
86%

117%
116*3
100 %
99%
91%

90%

90%

90%
84
65

90%
90
77

82

91%

114% 119

B O N O S — C o n tin u e d o n N e x t P a « e .

.. . 100
83

90
90
76
74*4
65
66

PAGES

S tr e e t R a ilw a y
M e t S t R y g e n c o l t r g S s.1997
R e f g 4 s ................................2002
B w a y & 7 t h A V 'l s t c g o s 1943
C o l & 9 t l i A v l s t g u g 5 s . 1993
L ex A v < fe P F l8 t g u g 5 s l9 9 3
T h ird A v e R R c o n g u 4s 2 000
T h ird A v e R y 1st g 5 s . .1 9 3 7
M e t W S E l (C h ic) 1st g 4 s . 1938
M il E l R y & L 3 0-y r g 5 s .1926
M in n S t R y 1st c o n g 5 s .. 1919
N O rl R y & L t g e n 4% s ..1 9 3 5
S t J o s R y L t H & P l s t g 5 s '37
86 % 8 t P a u l C ity Cab c o n g 5 s . 1937
93
U m tergron n d c f L o n o s . . .1 9 0 8
82
U nion E l (C h ic) l s t g 5 s .. 3 945
73
U n ite d R R s San F r s f 4 s . 1927
U n ited R y s S t L 1st g 4 s . 1934
W C h ic S t 4 0-yr co n g 5 s .1936

107
73% 92%
100%
98%
98% 108
98 104
87
89
80 U, 8 8 %
79
86
98% 1 0 2 %
98% 98**
85
K )%
53
63

e-Dire M ay

g D u s J’ n e

A D u e 'J ’ly

F-A ......... 100
101 J ’l y ’ 07
.......... 70
73 A u g ’ 07
A-O ►
J -D 101 104
104 % A u g ’07
M-S 107% Sale 107% 107%
107% 107%
M-S
J -J
64%
68
68 toale
J -J
10S*4 J ’l y ’ 07
93% J ’ ly ’ 06
F-A
F-A
109 J ’l y ’ 06
J -J
107% F e b ’06
90 % Sep ’ 06
J -J
80
M-N
103*4 O ct ’Oti
J -J
U0%TSTov’ 0t>
70 J ’l y ’ 07
J -D
69
A-O
100 J a n ’07
72
A-O
‘ *72% 72
J -J
79% J ’l y ’ 07
M-N
99 D e c ’97

fc D u e A u g

o D u o O ct

p D u e N ov

100 108%
73
85
104% 113
107% 113%
107 % 110
64% S9
108*4 114%

70
94
100 100
67
83%
7 9% 86
s Optir*” Sale

New York Bond Record— Continued—Page

514
BONUS
ST. Y . S T O C K E X C H A N G E
W kkk E n din g a u g u s t 30

eS'i
-'('*■

J -J
M-'N
K e o k & D m M 1 s t 6s___ 192.' A-C
C h ic St L tfc N O See 111 C en t
O hio S t L & Pitta b ee P erm Ct
C h ic S t P M & O eon 6 s ...l9 3 < j - r
C on s 6s red u ced t o 3 % s.l93< j - r
C h S t P <& M in n 1st g 6s 191> «A-.N
N o r W isco n sin 1st 6 s . .. l 9 3 (
S t P & S C ity 1st g 6s . ..1 9 K A -0
C h ica g o T e r T r a n s g 4 s . . .1947 j . j
C ou p on o f t .................................
C h ic & W es t Xnd g e n g 6s g \935 Q-M

S p r <fe C ol D iv 1st g 4 s . .1 9 4 0
W W V a l D iv 1st g 4 s . . . 1940
0 I S t L & C c o n s o i 6 a ..1 9 2 0
R e g is t e r e d ............... fcl936
C in S & Cl c o n 1st g 5s. .1 9 2 8
C C C & 1 c o n s o l 7 s ..........1914
G en eral co n so l g old 6s . 1934
R e g is te r e d ...................1934
I n d B1 & W 1st p r e f 4 s . 1940
0 In d & W 1st p f 5 s ...iQ 9 3 8
Peo<fc E a st 1st con 4 s . ..1 9 4 0
I n c o m e 48........................ 1990
C lev & M a rietta See P e n n R R
C le v & P itts See P en n Co
C ol M id lan d 1st g 4 s ......... 1947
C olorado <fe Sou 1st g 4 s . ..1 9 2 9
C olam <fe G re e n v

See So R y

M-N
11-N
J -J

j-r>

......... 127*s

128
128
93 D eo ’ 03
131*4 F e b ’07
12934 M a r’04
112 *3........ 1173s J ’ l y ’ 07
97 34 A p r ’ t/7
109*4 M ay’07
108 ......... 110 J ’l y ’ 07

113
102

102 %
..........

95

96*4

‘ *94** ” 96*"
94
M-N • 93
•Vi-N
M-S
J - J * 90 .........
M-N 103*4
9 8 * 2 .........
Q-B
96
97
Q-F
J -J
J-D 1 1 5 * 2 .........
J-D
J -J 125 1 2 9 ^
A -0
Q-J
A-O
Apr
J -J
P-A
M-N

89
53

126*4 131
131*4 131*4

Oct. ’ 00
J ’ n e’ 07

116%
9734
97
109*4

1 2 0 °„
97*4
109*4
113

102

105*4

89
53

62
65
84 Sale
......... 91

63
84
95

89
53
64
84
F e b ’ 07

1
i

89
53

95
7234

14
ti

62
84
95

74*4
94*8
96

1 03 *4......... 102*4 M ay’ 07
110 *3......... 117 *2 A u g ’ 07
117 _____ 121% A p r ’ 07
127 J ’n e ’ 05

101*8104*2
117*2 117 H
12 1 % 1 2 1 %

119*8120*4 122 J ’ly ’07 . . . . 122 122*4
106*2.......... 107*4 A u g ’ 07
107*4 111*2
97 J ’l y ’ 07
97
97
102 F e b ’ 03
133 F e b ’ 06
149 A u g ’ 01
92*4 Sait
90*2
92*4 146 90*2 109*4
88*4 Sale
88*4
8 8 7b 23 87*2110
133*2 D e o ’ 06
94
94
102*8 J a n ’ 07
105 *2 IPeb’ 07
109 M ar’ 05
76 D e c ’ 06
89 Jan ’ 05
88 h
»0
87*4 F e b ’ 07
110
92
89

2

92
97*4
1 0 2 * s l 0 2 *s
1 0 4 \ 105 *i

27

8 8 7a 95
87*4 87*4

Sep >04
M a r’ 07
A p r ’ 07

92
89

92
92*2

86 O ct ’ 06
107 A u g ’ 07
112 *2 F e b ’06

107

111*2

110

110

112

J ’l y ’ 07

11034 J ’n e ’ 07

M-S
A-O
,1-D
M-S ......... 128
M-S
94*2 . .
J -J
J -J
J -J "79**2 SalV*
J -J
F-A
81
84
A-O
73 Sale
A-O .......... 68
J-D • 1 173s.........
J -J
M-N ......... 113*2
.........
J -J •105
101 * « .........
A-O
M-N
J - J 102 * „ .........
M-N •106 ..........

107*2 J a n ’ 06
107*2 J ’n e ’ 07
103 *sM ay’ 07
108 J ’ly ’ 07
100 J ’ n e ’ 07
128 A u g ’ 07
133 F e b ’06
94
94
9 9 *aO ct ’06
79
79*2
85*2 F e b ’ 07
80
80*2
73
78
68 A u g ’07
117*4 J ’ l y ’ 07
1 0 4 b8 F e b ’06
L13*» 113*4
116*2 Jan ’Oj
101 A u g ’ 07
126 M ay’ 07
118 Sep ’ 06
10 9 7g O ct ’ 05
121 *2 D e c ’ 06

110*4 11034
107 *a 109
103*8 103*8
108 108
100 1 0 0 7s
. . . . 125 129*2
7

H u d so n C o (ia s 1st g 5 s .. 1949
K a n C ity (M o ) G as l s t g 5s 1922
K in g s C o El L <fc P g 6s . . . 1937
P u rc h a s e m o n e y 6 s . . . . . . i 9 9 7
E d Ei 11 B kn 1st con g 4 s 1939
W o p rtoe

A-O
J -J
J -J
F-A

100 102
101
101
60
65
63 A u g ’ 07
108*2 Sale 107
109*4
9 8 * a ......... 97*fe A u g ’ 07
100 A p r ’ 07

VI- R
J-D
F ft ......... 84 *i
.1 D 106 *2 Sale
F-A
M-N ♦102*2
A-O
A-O
A-O ......... 118
J -J

R e g is t e r e d ...................... 1952
L N O & T e x g o ld 4s ...1 9 5 3

116 *2 M ay’07
93*2 M ar’ 06

O m aha D iv 1st g 3 s ........1951
S t L o u is D iv & te r m g 38.1951
R e g is te r e d .......................1951
G o ld 3 *28. .
1951
S p r in g D iv 1st g S * is ... 1951
W e s te rn L in e s 1st g 4 s . .1951
C arb & S h a w 1st g 4 s . ..1 9 3 2
C h ic S t L & N O g 5 s . . .1951
G o ld 3 * a s

1951

Weelc’ s
R a n g e or
L a st Sale

,TA -0
ft-n
A -0

116 J ’ ne'07
103*2 J ’ly ’ 07
114 A p r ’05
106*4 F e b ’06

J -D

105*2 107
_____ 85

L ow
H ig t No L ow
108*2 J ’ly ’0 r
108
100*4 D e c ’ Ot
100 A u g ll
100
110% M ay’ O"
110%

91*4 Sale
89*4

J -J
J -J

103
110%

103% 104%
105*2 105%
r
116 116
103*2106%

M a r’ 07

89*4
89*4

100

9 1 \ 149
*)
89*4

103

89*4 98%
8 8 % 96>a

100

101

A u g ’07

100

102

A u g ’07 . . . . 100*4 105%

99

F -A

98

A p r ’ 07

1 yy

*102
104 J ’l y ’ 07
107% A p r ’ 07
J -J
100 J ’n e ’ 07
,1-J
,|.,T
95*2 J ’ly'<H3
A-O
91*4
70 O ct ’ 04
M-S
ft-O
100 J ’l y ’ 07
98 M ay’07
A -0
98*2 A u g ’ 07
M-N
M-N
97 M ay’07
102*4 Jan ’ 07
j-n
89 M ay’ 07
j -j
F-ft
123 M ay’ 99
F-A
78*2 A p r ’ 06
78*4 F e b ’ 07 . . . .
J - J .......... 80
.T-J
89 M a r’ 07
J -.l
.1 - J
101 *« O ct ’ 99
J -J
100 N o v ’ OO
F-A
97*4 A u g ’ 07
,1-D
M-S
.......... 97 M a r’ 07
J-D il*6 *‘
118*4 A p r ’ 07
J-D
119*4 M ar’ 04
J -D
93% M ay’ 04
,1-T>
j-n
100 *2 M ay’ 07
M-S
97

M em p h D iv 1st g 4 s . ..1 9 5 1
S t L Sou 1st g u g 4 s ___ 1931
In d B1 & W e s t See C C C & St L
I n d 111 <fc l a 1st g 4 s ..........1950 J - J
I n t & G reat N o r 1st g 6 s ..19 1 9 M-N
M-S
3d g o ld 4 s ............................1921 \r-s
Io w a C en tral 1st g o ld 5 s . . l 9 3 » J -D
G old 4s
1951 M-S
J e ffe rso n R R See E rie
I Z a i A & G R See L S & M S
t V a n & M ic h See T o l & 0 C
K C F tS & M
See S t L & S F
K C & M R & B See S t L & S F
K an C & P a cific See M K & T
K an C ity S o u 1st g o ld 3 s . .1 9 6 0
A -0
K e n tu c k y C e n t See L & N
K e o k & D es M o See C R I & P
K n o x v ille & O hio See So R y
If ake E r i e & W l s t g 5 s . . 1937
L i 2d g o ld 5 s ........................ 1941 J - J
N o rth O hio 1st g u g 5 s .. 1945 A-O
L S ho & M ic h S See N Y Cent
L eh V a l N Y 1st g u g 4 *28.1940
J -J
L e h ig h V a l (P a ) c o n s g 4 s .2 0 0 3 Vi-N
L e h V T e r R y 1 s t g u g 5 s .1941 A -O
R e g is t e r e d ......................... 1941 A-O
L eh V Coal C o 1st g u g 58.1933 J-J
L e hM-S
& N Y 1st g u a r g 4 s . .1 9 4 5 M-S
M-S
E l C <fe N 1st p f 6s ........1914 A -0
G old gu a r 5 s...................1914 A -0
L e h & H ud R See C en t o f N J

H ig h
1 1 0 *»

105 M a r’ 9&
105
106
33 106** i i T "
82 *a A u g ’ O7
82
87
100

J -J
Q -J

R ang« •
S in e*
J an u ary i

102%

99

104 104
107% 107%
|100 1 0 0 %

98
98
98
97
102*4
89

102%
98
103%
97
102*4
91

78%

78%

88*4 89
97*4 102
97
97
118*4 118*4

100*2 1 0 0 %
97
97

93 *2 M ay’ 07
93*2100
114
114 A u g ’ 07
111 115%
*97*^
98
98
” 4 95
99%
60 *7*0** 65 J ’l y ’ 07
65
79
101
100 101*2 101
101 111
79*2 82 J ’ n e’ 07
82
85

69

112

69** A u g ’ 07
63 O ct ’ 00

67%

73

112
J ’ n e’ 07
A p r ’ Ov

r- 111 114
106*2 107%
110 1 1 0 %

106 A u g ’ 07
106 M a y’ O^
95 O ct ’ 06
112*2 112*2 A u g ’ O?
109*2 O ct ’99
113*2 112*2M ay’ 07
95% J’n e ’ 07

104*4 107%
106 106

112
106*2 107
110

104*a 106

112*2113%
i*1 2 *% i '12^
95% 96%

113% Jan ’06
106*4 J a n ’ 00

99*2

110%

•110%

♦
-------*104%
•100%
*105

95
96
93
94*2

94

110%

8 110*4 114%

J ’l y ’ 07 . . . .

92

99*4 O ct ’06
9 4% A p r ’ 07 . . . .
110 J ’ n e’ 04
95 *a 94
94*s 47

94

95*a

94

99%

100 M ar’ 07
100
L10**K o t ’ 06
1*05
105 A p r ’ 07
109 N o v ’Oti
100 A u g ’ 07 ___ i *00

109%

99

i'0 2 %

i*03%

B O N D S —C o n tin u e d o n N e x t P a g e .

1 101
S3
*38 104
97*5
100

116

P r ic e
F r id a y
A u gust 30

104% A u g ’ O'"
105 *2 A p r ’ 07
116 A p r ’ Ot

L e ro y <fc C a n ey V a l See M o P
L o n g D o c k See E rie
L o n g I s l’ d—1st co n g 5 s .A 1 9 3 1 Q -J
Q -J
G e n e ra l g o ld 4 s .................1938 J-D
F e r r y g o ld 4 * a s ................. 1922 M-S
G o ld 4 s ................................. 1932 J-D
U n ifie d g o ld 4 s .................1949 M-S
D e b e n tu r e g o ld 5 s ............1934 J-D
1 11 3 V 119
G u ar r e f g o ld 4 s ............... 1949 M -S
B k ly n & M o n t l s t g 6 s . .1911 M-S
A-O 100*4 101
1st 5 s ................................. 1911 M-S
126 130
N Y B & M B l 8 t c o n g 5 8 l 9 3 b A-O
M-fig 5 s ........1927
N Y & R B 1st
N o r S h B 1 st c o n g g u 5 s o l 9 3 2 Q -J
. . . ..................... U L o u is ia n a & A r k 1 s t g 5 s . 1927 M-S
91

107*«
78*,
139*4
100
100

IOC 105
105 F e b ’07
61*a O ct ’01
80
87
86*2 A p r ’ o7
103
10534 59 102 *a HO**
107*4 D e c ’ 00
102 J ’ l y ’ 07 . . . 102 104
98 D e c ’ 06

la te s t bid aad a sk e d th is w e e k .» D a e J a n




G en eral gold 5 s ............. 1941
T erm in al 1st g o ld 5 s . .. l 9 4 r
R e g is 5 5 ,000 e a c h ... 1941:
M id R R o f N J 1st g 6S.191C
W ilk <fe Ea 1st g u g 5 s . 1942
iv c fe In d 1st co n g u g 6 s ..1926
E r ie & P itts See P e n n Co
E v a n s & T H 1st c o n s 6 s .1921
1st g e n e ra l g o ld 5 s ..........1942
M t V e r n o n 1 s t g o ld 6s . . 1923
S u il C o B ran ch 1st g 58.1930
L 'u r g o & S o See Ch M <fc S t I
*- lin t A P e r e M See P e re M ar
Fla C <*> P e n in See Sea A ir L in e
F ort S t U D C o 1st g 4 *28.1941
F t W & D e n C 1st g 6 s . . ..1 9 2 1
B’t W c fc R io G r 1st g 4 8 ... 1928
/ _lal H a r & 8 A See S o P a c Co
' T al H & H o f 1 8 8 2 1 s t 5 s :i9 1 3
G e o rg ia <fc A la See Sea A L in e
G a Car & N o r See Sea A L in e
G eorg ia P a citio See So R y
G ila V G & N o r See So P a c Co
G o u v & O sw e g a t See N Y Cent
G rand R ap & In d See P en n R R
G ra y ’ s P t T e r m See S t L S W
G t N o r —C B & Q co li tr 4s 1921

[V o l. lx x x v .

B id
Ask
1fl7
_____ 1 OS
FA
F-A * ........ . 99 *s
M-N •108
M-N
A -0 103
j-r
i0 5 ~
j-j

’ *7*3 *7*9 * *8 8 *
85*2 85*2
14 8 0
91*2
? 72 IO334
68
87
. . . 116*2 120*2

J -D
M-N

s i

E rie — (C o n )
H V S u s & W 1st r e f 5 s . l 9 3 r

C airo B r id g e gold 4 s ___ 1950
L o m s v D iv & T e r m g3 *28.1953

M 1 8 U K l i li A N £ 0 [ J S
O a s a n d E l e c t r i c L ig h t
A tla n ta G L C o 1st g 6 s . ..1 9 4 7
B k iy n U G as 1st c o n g 5 s .1945
B u ffa lo G as 1st g 5 s ___ ...1 9 4 7
C on s ol G as co n v d eb 6 s ___ 1909
D e tr o it C ity G as g 6s ..........1923
D e t G as C o c o n 1st g 5 s . . .1 9 1 8
E d E l 111 B k n 6 e e K C o E L < fc P
E d E 1 1 1 S e e N Y G < fc E L H < fc P
E q G L N Y 1st c o n g 6 s ..1 9 3 2
G a s & E le c B e r g C o c g 5 s. 1949
G en E le c tr ic deb e 3 *28. . 1942
10-yr g d e l) 5s (s u b s c rip ) 1917

BONDS
N. r . STOCK E X C H A N G E
W e e k K itoing A u g u s t 30

95
95
95 102
99% J a n ’ 07
99% 99%
95 A u g ’ 07
95
98*9
93*2 A ujj’ 07
93
9 8 34
97 J a n ’ 07
97
97
9 9 34 F e b ’ 05
G re e n b rie r R y See Ches * O
98 Sep ’ 06
G u lf & S 1 1st r e f & t g 5s 61952
105 J a n ’ 04 . . . .
L t an & St J o See C B & Q
9 8 7g J ’l y ’ 07
*9*7*4 ‘ *9*9** 1 1 o u s a to n ic See N Y N H & H
95 A u g ’ 07 . . . . 95
99*2 H o c k V a l 1st co n s o l g 4 *23-1999
109 J ’n e ’ 07
109 109
118*2 J a n ’ 07
118*3118*2
Coltfe H V I s t e x t g 4 s . .1 9 4 8
C o l & T o l 1st e x 4 s ........ 1955
127 J ’l y ’ 07 . . . . 1*2*7* 132
H o u s t E & W T e x See S o P a c
H o u st & T e x C en See So P a c Co
10 4 * a N o v ’01
| llin o is C en tral 1st g 4 s . .1951

91
Sale

J u a s t T e n V a <fc G a See So R y
E lg in J o l <fe E ast 1st g 6 s . 1941 M-N
E lm C ort & N o See L e h & N Y
M-N

P e n n c o ll t r g 4 s ............. 1951
60 -y ea r c o n v 4s A ..........1953
do
S eries B ...1 9 6 3
B u ft N Y & E r ie 1 st 7 s .. 1916
B u ft & S W gold 6s ..........1908
C h ic & E r ie 1 st c o ld 6 s ..1 9 8 2
C le v & M ahon V a l g 5 s . 1938
J e ff R R 1st g u g 6s ___ «1 9 0 9
L o n g D o ck co n s o l g 6 s . .1 9 3 6
C o a l& R R 1st c a r g u 6 s . 1922
D o c k & I m p 1st o u r 6 s ..1 9 1 3
N Y <fe G reen L g u g 6 s .1946

R ange
S in ce
Jan uary

83 Jan ’ 07 . . . . 83
83
104*2 F e b ’ 07
104*2 105
107 *a D e c -02

88

R e g is t e r e d ...................... 1917 M S
J -D
A ll) & S u s c o n v 3 % s ........1946 A-O
M-N
D el R iv R R B rid g e See P a R R
94 § a le
D e n v & R G r 1st c o n g 4 s . 1936 J -J
J -J
Im p r o v e m e n t gold 5 s . . .1 9 2 8 J-D
R io G r J u n e 1st gu g S s .1 9 3 9 J -D
R io g r S o 1 s t g old 4 s ___ 1940
J -J
R io G r W e s t 1st g 4 s ___ 1939 J - J * 89 7g .........
M g e and co l tru s t 4 s A .1 9 4 9 A -0 ......... 78
U ta h C en t 1st g u g 4s a l9 1 7 A -0 .......... 93
D e s M o i & F t D See M <fc St L
D es M oi U n R y 1st g 5 s ..19 1 7
D e t <fc M a c k 1 s t lien g 4S.1995 J-D
G old 4 s ................................. 1995 J-D
D e tr o it S ou th ern —
O ln o S ou D iv 1st g 4 S ...1 9 4 1 M-S * ......... 91
Dnl<& Ir o n R a n g e 1 st 5 s . . 1937 A-O
........109
A-O
2d 6s ..................................... 1916 ,|-,T 1 0 5 * a .. .. . .
D u l S h ort L in e See N o r P a c
D a l S o S h ore & A t l g 5 s . . 1937 J - J

E r i e 1st c o n g 4s p r i o r ..1996
R e g is te r e d .......................1996
1 s t c o n s o i g e n lien g 4 s . . 1996

5p

A 3l Low
H igh No Low H ig h
109 N o t ’ 0< m
111 M »y ’ 0(
......... 101
103 J ’n e ’ 07
103 103

j -j
j -j

C ol & T o i See H o c k V a l
C ol G onn & T e r m See N & \V
Conn & Pa3 l ii v s 1st g 48.1943 A -0
T \ a k <fe G-t So See C M & St P
1 -’ alias & W aoo See M K & T
D el L a ck & W e s te rn 7 s . . . 1907 M-S
M o r r is & E s se x I s t 7 s . . . l 9 1 4 M-N
J-D
J-D
J-D
N Y L a ck & W 1st 6s . ..1 9 2 1 J -J
F-A
T erm & im p ro v e 4 s . . ..1 9 2 3 M-N
W a r r e n 1st r e t g u g 3 % s.2 0 0 0 F-A

1 s t co n s o l gold 7 b ............. 1920

Wee/Cs
R a n ge or
L a st Sale

B id

C h ic B o c k l & P a c—( C o n )
C h oc O k & G g e n g 6s .o l9 1 !

C h ic & W A lich s e e P e r e Marc
C h oc 0 * Q u it See C K I * P
C in H & D 2d g old 4 % s ...l 9 3 7
C in 1) & L 1s t g u g 5 s ...1941
C F in d & F t W l<5t g u 4 8 g .’ 23
C in 1 & W 1st a n g 4s_195b
I n d D e c & W 1st g 5 s . ..1 9 3 5
l s t g u a r g o ld 5 s ............. 1935
C I S t L &> C See C C C & S t L
Oin S & C See 0 0 C S t L
C learfield & M ail See B R & P
C le v C m C & S t L g e n g 4s 1993
C a iro D iv 1 st g o ld 4 s ___ 193S
C in W & M D iv 1st g 4 s . 1991
S t L D iv 1st c o l t r g 4 s . .1991

J m ce
F rid a y
A u gu st 30

2

117

t i u a n d E l e c t r ic L ig h t
L a c G a » L o f S t L 1 s t g 5 s .e l9 1 9
R e f and e x t 1st g 5 s ........1934
M ilw a u k e e G as L i s t 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 IU 1st c o n v g 5 s .. 1910
1st c o n s o l g o ld 58..........1995
N Y & Q E 1 L & P 1st co n g 5 s l9 3 0
N Y * B ich G as 1st g 5 s . 1921
Pat & P a s (i & E c o n g 6 s. 1949
Peo G as & C 1st c o n g 68.1943
Ch G -L & C k e 1st g u g 5s 1937
C on G C o o f Cb 1st g u g 5 s .’ 36
M u F u el G as 1st gu g o s . 1947
S y ra cu se L ig h tin g 1st g o s . ’ 51
T re n to n G & E l 1st g 5 s . .1 9 4 9
W e s tch e s te r L ig h t’ 2 g 58.1950

b O n e F e b d D a e A p r « D a e M ay h, D ue J ’ly

Q -F
AO
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J -D
F-A
M-R

J -J
F -A
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J -J
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M-N
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100*4
100
89
98
*77** 79
100
112
96
96

101% 101%
, 1 0 1 * a l0 6 %
10l*a J ’ n e ’07
1 0 0 *2 1 0 2 %
91*2 Jan ’07
91*2 91%
99 J ’ ne'07
98*2 103%
79 *2 A u g ’ 07
79% 84%
100 *« A u g ’ t>7
99 101
113*4 J ’ n e’06
95 A p r'O ? . . . . ‘ *95** **99**

H O 1*. J ’ ne’ 07
100 A u g'0 7
100 J’ l y ’07
99
101 *2 M a y’<)7
99*i 100 J ’ n e'07
104*2
110 M ay’05
101*2 F e b ’ 07 . . . .

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100 103%
100 105 %
1 0 0 % 108
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N . Y . STOCK E X C H A N G E
W eek Kn m n <> A u g u st 30

New York Bond Record— Continued—Page
P r ic e
F rid a y
A u g u st CO

H ange
ifince
J an u ary 1

W e e* *
R an ge or
Last Sale

BOM U»
N. Y. STO C K E X C H A N G E
W e rk E nding A u g u st 30

3

515

P r ic e
F r id a y
A u g u s t 30

Low H ig h N Y C en t & H R— ( Continued.
B id
A sk L ew
H lq n
C art & A d 1st g u g 4 s . ..1 9 8 1 J -D
114*s 117
115 J ’ ne’ 07
L o n is v & N a s b v g e n g 68.1930 J -D ..........115
108 1173<
G o n v & O sw e 1st gu e 5s 1942 J-D
108
M
a
r’
O'
111
........
G old 5 s ................................. 1937 M-N
M oh & M ai 1st g u g 4 s . .1991 M-S
96*s 1 0 1 78
96*8 Salt
96**
96V
U n ified gold 4 s ................. 194 0 J - J
N J J un o R g u 1st 4 s . ..1 9 8 6 F-A
1 0 1H- J ’ly '06
R e g is te r e d .......................1940 J -J
N
X * H arlem g 3*28...2 0 0 0 M-N
107
D
e
c
’
05
S in n m o d gold Os............. 1910 A-O
N Y & N o rth 1st g 5 s . ..1 9 2 7 A-O
[*06*2 109
1<‘6
C oll tru st gold 5 s ............. 1931 M-N 106 Sale 106
91 A u g'0 7
& P u 1st c o n g u g 4 s 1993 A-O
»2 »4 98
5-20-yr co l tr deed g 4 s .1923 A-O .......... 94
N o r & M o n t l s t g u g 58.1 9 1 6 A O
112 113*2
E H * N ash 1st a 6 s . . ..1 9 1 9 J -D 1 1 1 1* ............. 113>2 M »>’ 07
Ptr.e Creeit r e * gnar 6s. 1932 J D
L C i n * L e x g o ld 4* 2 8 ...1 9 3 1 M-N 105 ........ 109 M a r’05
......... 1 -4
R W<fc O c o n 1 s t e x t5 s ./i,1 9 2 2 A -O
i 2 l ' " 125 78
I 2 5 7g M ay’ O
N O & M 1st gold O s ....1 9 3 0 J-J
O sw e & R 2d g u g 5 s ...e l9 1 5 F-A
122 v* M ar'U N O & M 2(1 gold 6a........1930 J -J •.............. 120
R W & O T R 1st g u g 5 s .1918 M-N
107*4 A u g ’ 06
P en sa cola D iv gold o s . ..1 9 2 0 M-S
117 120
R utland 1st con g 4 *28.. 1941 J - J
S t L D iv 1st gold Os........1921 M-S 112*4 * " " 117 M ay’07
O g& L C liam 1s t g u 4s g l9 4 8 J -J
62*3 A u g ’ 07
62*2 72*3
2d gold 3 s ........................ 1980 m -S
R u t-C anad 1 s t g u g 4s . 1949 J -J
116 J ’ l y ’ 06
A tl K n ox & N o r I 8 t p 5 s l 9 4 6 J
108*2 Jan ’ 06
St L a w & A d ir 1st g o s . 1996 J-.J
H e n d e r B d g e l s t s f g 6 a ,1 9 3 1 M-S
95 J ’ n e ’ 07
2d gold 6 s........................ 199fi A-O
95
97=8
K e n tu c k y C e n t gold 4 s . .19 8 7 J - J
U tic a & B lk R iv g u g 48.1922 J -J
108 J ’ l y ’06
L * N & M & M l 8 t g 4 * 3 8 l 9 4 5 M-S
.bake S h ore g o ld 3*28___ 1997 J-D
80
92
86*3 8 6 7s 87*2 A p r ’0
L & N -S o u t h M jo in t 4 s .l9 5 2 J -J
113*2 M a r’ O
R e g is t e r e d ...................1997 J-D
1 13*2 113*2
N Kla * 8 1st g u g o s . ..1 9 3 7 F-A
D e b e n tu re g 4 s ............. 1928 M-S
N * C B d g e g e n gu g 4 *as 1945 J -J
112 J a n ’ 07
112 112
25-year g 4s ...................1931 fJi-N
P en s * A t l 1st g u g 6 s . .1921 F-A
111 M ay’ 1.7
109 **.111
K a A <fe G R 1 st g u c 58 .1938 J - J
S * N A la c o n gu g 5 s .. 193l! F-A 107*2
97 M ay’06
M ah on C ’ l R R 1st 5 s . .1 9 3 4 J -J
L * Jett B dge Co g u g 4 a .. 1945 M-S
P ilts <& L E rie 2d g 5 s .a l9 2 s A-O
L N A * Ch See C I & L
P itts M c K & Y 1st gu 6 s. 1932 J -J
ahon Coal See L S & M 8
95*2 100°g
97 *1 97*2 A u g ’ 07
2 d g n a r 6 a ........................ 1934 J - J
anh atta n R y c o n s o l4 s . 1990 A-O
104 A p r ’ 05
M c K e e s * B V 1 s t g 6 s 1918 J -J
K e g is te r e d ...................1990 A -0
M io h C en t 1st co n s o l 6 s .1909 M-S
1 0 0 7e Sale 10034 1 0 0 's
i o o *4 i03*a
M etrop ol E l 1st g 6 s ___ 1908 J -J
5a.........................................1931 M-S
M c K ’ p t <fc B V See N Y C en t
R e g is t e r e d ...................1931
M etrop olitan E l bee M an B y
77
86
4 s .........................................1940
7 8 34 77H2 A u g ’ O1
M ex C en t co n s o l g old 4 s . .1911 J - J
17 Sale
16*2
18*2
15
273,
R e g is te r e d ...................1940 J-J
1st con sot in co m e g 3 s .a l9 3 9 J ’ ly
13
14
10
21
12
15
J L <fe S 1st g 3*28............1951 M-S
2d con sol in co m e g 3 s ..a l 9 3 9 J 'ly
1st g 3*28 ............................1952 M-N
E q u i p * c o ll g o ld 5 s ........1919 A-O
90 4. 9 o »8 -i’i y ’ o i
B a t C & S tu r 1st g u g 38.1989 J -D
M ex In te r n a t 1 st co n g 4 s . 1977 M-S
105 M ay’ OO
N Y C h i c * St L 1st g 4 s 1937 A-O
M ex N o rth 1st gold 6 s . . ..1 9 1 0 J -D
K e g iste re d ...................... 193^ A-O
M ich C en t s e e N Y C en t
W e s t S h o re l s t 4 s g u ...2 3 6 1 J -J
M id o l N J See E rie
R e g is t e r e d ...................... 2861 J -J
M ilL S & W
See C h ic & N W
N Y & G reen w L a k e See E rie
M ii & N o rth See Ch M & S t P
130 M a r’ 07
130 130
M inn * St L 1st gold 7 s . .1 9 2 7 J-D
N V & H a r See N Y C * H ud
105 A p r ’07
105 105
Io w a E x 1st gold 7 s ........ 1909 J-D
N Y L a ck & W See D L & W
118 J a n ’ 0*
L18 118*2 N Y L E & W See E r ie
P a cific E x 1st gold 6 s ...1 9 2 1 A-O
113*4 M a r’ 05
N Y * L o n g B r See C en t o f N J
South W e s t E x 1st g 7 s .l9 1 0 J-D
103
A
u
g
’
O
107
103** 1*10*9 N e w Y o r k N e w H a v & H a r t—
1st oon aol gold 5 s ............. 1934 M-N
86 A u g ’07
, 90
87
94
1st a n d r e fu n d gold 4 s . .1 9 4 9 M-S
H o u s a to n ic R co n g 5 s .. 1937 M-N
97 A p r ’ 06
. 96
D es M & F t D 1 s t g u 4 s ... ’ 35 J -J
N H * D e r b y con c y 5 s .l9 1 8 M-N
N Y * N o rth See N Y C & H
M in n * S t L g u See B C R & X
98 J ’n e ’07
96
99
M s t P * S S M c o n g 4 in t g u ’ 38 J - J
N Y O & W re f 1st g 4 s . .01992 M-S
102
J
’
n
e
’
07
102
102*8
M S S M & A 1 s t g 4 l n t g u 1926 J - J
R e g is $ 5 ,0 0 0 o n ly ..........01992 M-S
M in n U n See S t P M * M
N Y * P u t See N Y C & H
94
95 ** 58 94
94 Sale
98*4 N Y & R B See L o n g Is la n d
M o K an * T e x 1st g 4 s . . .1 9 9 0 J-D
6
8
0
3
<
81
*s
80
81
81Si
88
2d gold 4 s .......................... p.i990 F -A
N Y S & W See E rie
3 100*2105
101
101
104
1st e x t gold 5 s...................1944 M-N i o l
N Y T e x * M See So P a c Co
81
86
81
83*2 83 A u g ’ 07
1st * r e fu n d 4 s .................2004 M-S
N or & S o u th 1 s t g 5 s ..........1941 M-N
7 82
84*2
82
8 4 34 82*2
G en s i 4*28.....................1936 J - J
88*8 N o r f & W e s t g e n g 6 s ........1931 M-N
84 M ay’07
82
87
S t L D iv 1st r e f g 48___ 2001 A-O .......... 85
I m p r o v e m ’ t & e x t g 6 s ..19 3 4 F-A
104*2 J a n ’ 07
104*2 104*2
D al & W a 1st g u g o s . ..1 9 4 0 M-N ..........105
N e w R iv e r 1 s t g 6 s ........1932 A-O
96 *2 A p r ’ 07
H5 *3 95H,
K an C * P ac 1st g 4 s . ..1 9 9 0 F-A ......... 96
N * W R y 1st c o n g 4 8.1 9 9 6 A -O
iO O ^ M a y ’ o ?
106 >2 112
M o K & E 1st g u g 5 s ...1 9 4 2 A-O
R e g is t e r e d ...................... 1996 A -O
1 102 107*4
102
Sale’ 102
M K & O k 1st g u 5 s ........1942 M-N
D iv ’l 1 st 1 * gen g 4 s . . . 1944 J - J
103 *2 A u g ’ 07
102 106*2
M K & T of T 1st gu g 58.1 9 4 2 M-S ..........104
P o c a h C & C jo in t 4 s . .1941 J -D
105 A u g ’ 07
104 105
S h e r S h & So 1 st g u g 58.1 9 4 3 J -D
C C & T 1st g u g 5 s ..........1922 J -J
103*2 M a>’ 07
T e x * O kla 1 s t g u g 5 s . . . 1943 M-S
103*3 107
S010 V & N E 1st g u g 4s 1989 M-N
M o P a cific 1st c o n g 6 s . ..1 9 2 0 M-N
11538 120
116*4 116 A u g ’ OV
N o rth Illin o is See C hi * N W
2 100 105
. 101i« 100*2 101
T r u s t g o ld 5s s ta m p e d .a l9 1 7 M
N o rth O hio See L E rie & W
107*2 F e b ’ 06
R e g is t e r e d ...... ............ a.1917 M-S
N o r P a c— P r io r lie n g 4 s .. 1997 Q J
98*4 A u g ’ 07
98
98*4 105
1st c o ll gold 5 s ...................1920 F-A
R e g is t e r e d ...................... 199^ Q -J
8 6 A u g ’07
86
90
40-year g old loan 4 s ........1945 M-S
G en eral lie n g o ld He___ «2 0 4 7 m-F
96*3 9 7 *a 97 *s M ay’07
97*3 98
3d 7s e x td a t 4 % ............... 1938 M-N
R e g is t e r e d ................... «2 0 4 7 Q -F
90 J ’n e ’ti7
90
C en t Br R y 1st g u g 4 8 .1 9 1 9 l: -A .......... 92
9 6 34
S t P a u l-D u l D iv g 4 s ___ 1996 J -D
92 A p r ’ 07
92
Cen B ran ch U P l s t g 4 s . l 9 4 « J-D .......... 90
9i*2
D u i S h o rt L 1st g u 5 s ..1 9 1 6 M -S
110 M a r’05
L e r o y & C V A L 1 st g 5s 1926 J - J
C B * y c o l l t r 4 s SeeG t-N or
95 A u g ’07 ... "98** i o i 3i
P a c U o f M o 1st e x g 4 s . 1938 F-A
* 98
Bt P & N P ge n g 6 s ___ 1923 F-A
110 . . . .
116*6 M a r’07
116 117*4
2d e x te n d e d g o ld 5 a ...1 9 3 s J - J
R e g is te r e d c e r titic ’s .. l 9 2 3 0 -F
5 108 114
108
S t L I r M * S g e n c o n g 5 s l 9 3 1 A-O 107*2 109 \ 108
S t P a u l & D u i 1 s t 5 s . . ..1 9 3 1 F -A
109*2 J’ n e’ O'
G en oon stam p g t d g o s 1931 A-O
109*2110*4
2d 5 s ..................................1 91 . A -O
83 A u g ’ 07
'H i '
80
88*8
U n ified & r e l gold 4 s .. 1929 J - J
1st c o n s o l g o ld 4 s ..........1968 J -D
88 A u g ’ O
85
88
85
R i v & G D iv 1st g 4 8 ..1 9 3 3 M-N
92*3
W a s h C en t 1st g 4 s ..........194b Q-M
107 *2 A p r ’06
V e r d i V I & W 1st g 5 s . 1926 M-S
N o r P a c T e r C o 1st g 6 s ..1 9 3 3 J -J
98 D e c ’ 06
M ob J * K C i s t co n s g 5 s . 1953 J -J
N o r R y C al See So P a c
123*4 M ay’l»7
121 *4 124
M ob * O hio new gold 6 s ..19 2 7 J -D 117
N o r W is See C S t P M & O
122 D e c ’05
1st e x te n s io n g o ld 6 s..A 1 9 2 7 Q-J
N o r & M o n t A'ee N Y C en t
83 A u g ’ 07 Ill " * 3 " ” 94*"
83 “a 85
G en eral g o ld 4 s ................. 1938 M-S
In d * W 6'ee C C C * St L
M on tgoiu D iv 1st g 5 s . .1 9 4 7 F-A 1 0 2 *2 ............ 108*2 M ay’ u7
108*4 108*2
h io R i v R R See Balt & O
92 *a A u g ’ 06
S t L & C airo c o ll g 4 s ..e l 9 3 0 Q -F
O re * Cal See So P a c Co
101
N
o
v
’04
G u aran teed g 4 s ............1931 J-J
O re R R * N a v See Un P a c
M & O co ll 4s See Southern
O re S h o rt L in e See U n Pao
M oh aw k & M ai See N Y C & H
O sw e g o & R o m e See N Y C
M on on gah ela R iv See B & O
O C K & S t P See C & N W
M on t C en t See S t P M & M
a c C oast C o 1st g 5 s ___ 1946 J-D
M org a n 's L a * T See S P Co
a c o f M is s o u r i See M o P a c
M o r n s & E ssex See D el L * W
Panam a 1st s fu n d g 4 * 3 S ..1917 A-O
1143a n g S g P en n R l i 1 s t real e s t g 4 s . 1923 M-N
V ] ash Chat & S t L 1st 7 s .1913 J - J
.... 1 1 5 3i 114*2 A u g ’ 07
112*2
A
u
g
’07
*112
>*..........
1st con sol g old 5 s ..........1928 A-O
111*2116
C on sol g o ld 5a...................1919 M-S
11 6 *2 M ay’O 1
J a sp e r B ra n ch 1st g 6 s . .1 9 2 3 J -J
116*2 116*2
C on sol gold 4 s ...................1943 "»1-M
117*4 M a r'05
M cM M W & A 1 1st 6 8 ..1 9 1 7 J -J
C o n v e r tib le g 3 *38........... 1912 M-N
113 J ’l y ’ 04
T * P B ra n ch 1st 6 s ___ 1917 J -J
C o n v e r tib le g 3 *26........... 1915 J-D
Nash F lor & S lief See L A N
A lle g V a l ge n g u g 4 s . ..1 9 4 2 .Vl-S
8 9 \ J ’l y ’ 07
N a t o f M e x p r io r lie n 4*38.1926 J -J
98*4 102*4
D R R R & B g e l s t g u 4 s g . ’ 36 F-A
79
80
1st con sol 4 s .......................1951 A-O
79 *9 A u g ’07
79*3 8 7 >2
P liiia B a l & W 1st g 4 s . .1 9 4 3 M-N
NTe w H * D
S eeN Y N H & M
Sod B a y * So 1st g 5 s .. .19 2 4 J - J
N J J u n e H R See N Y C en t
S u n * L e w is 1st g 4 s . . . 1936 J - J
N ew & C in B d g e See, L o u & N
U S J R R & Can ge n 43.1944 M
N O & N E p r io r lien e 6s® 1 9 1 5 A -O
P en n Co— G u ar 1 s t g 4 * 2 S .1921 J -J
N Y B k ln * M an B cu See L I
R e g is te r e d ...................... 1921 J -J
N Y C e n t * H R iv g S V s . 1997- J - J
89 Salt83
89
81 88
94<%
G u ar 3*as c o ll tr u s t r e g . 1937 M-S
R e g is t e r e d ...................... 1997 J -J
........ 89*4 89*8 A u g ’07
89 *« 93
G u a r3 * 2 S 0 0 lltr ser B ...1 9 4 1 F-A
D e b e n g 4 s ........................ 1934 M-N
93 *s
94
93*4
93
99
T r Co c e r t ii’ s g u g 3*28.1916 M-N
80 ......... 79*«
81*2
L ake Sh ore c o ll g 3 V . . . 1998 F-A
79*« 88*2
G u 3*28 tr c t fs C ............... 1942 J -D
R e g is te r e d ...................... 199 8 F-A * 76 .......... 78
78*a
78
87
G - 3 *as t r c t f s D ............... 1944 J -D
M ic h C en t c o ll g 3 * 3 8 ....1 9 9 8 F-A
8 3 A u g ’ 07
. . . . 78
80
87 *4
G u a r 15-25 y ar g 4 s ___ 1931 A -O
R e g is te r e d .......................1993 F-A
8 4 34 J a n V 7
84*4 84*4
C l * M ar 1st g u g 4 * s s . .l 9 3 5 M-N
B eech C re e k 1st g u g 4 s . 1936 J - J
102 F e b ’ 07
102 102*4
Cl * P g e n g u g 4 *28ser A . ’ 42 J -J
R e g is t e r e d ...................... 193 6 J - J
102 M a r’04
S e rie s B ............................ 1942 A -O
2 d g u g o ld 5 s ................. 1936 J - J
S e rie s C 3*28...................1948 M-N
B e e c liC r E x t lB t g 3 * 3 8 b l9 5 1 A -O
S e rie s D 3*ss...................1950 F -A

.

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105 o c t '02
101 *2 J ’ l y ’ 06
1.10*2 M ay’ 07
101*4 D e c ’ 06

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187"* N o v ’ 97
110>s J ’ n e’ u7
103 A u g ’ 07

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110*4 114

106 *8 O ct ’ On
94 M ay!07
94 M ay’07
122 J a n ’06

103 ......... 103 7t A u g ’ 06
93 *%......... 9 2 34 A u g ’ 07
9 2 ’ 8 M a r’ 07
.......... 93
91*3
92
91*2 92
89 *2 Sale
89%
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103

103

94
94

95
95

90*a
9 2 78
91 S
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96
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99*9
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.......... 125*2 M a r’06
.......... 107 *2 N o v ’06
.......... 139 J a n ’ 03
'1 1 8 * 3 .........

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110

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10 3 *3......... 104 D e c ’ 06
H 8 * 4 J ’ l y ’ 06
119 J ’ n e’ 06
10034 J a n ’ 07
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94 *2 D ec ’ 06
92 ^ M ay’ 07

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92*3 94 **

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102*4 M a r’ u7
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126*9 J ’n e’ 07
129 J ’ n e ’07
......... 129
m * 4 O ct ’ 06
94
......... 94*2 93
95
100 F e b ’ 06
85*4 88 J ’ l y ’ 07
85
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97 A u g ’07
60*3
66
70 M ay’ u7
9 6 34 Jau ’ O';

12

94

126
129
93

101%

130
129
99*«
96 *«
91**

92
96
97
65*3
70
95»4

99 <9
102 >4
102
74
71
95\

102^ ; : : : :
102

117*4 117*4
106*2 108*4

83
109

123*2 12234 J ’ n e’ 07
132 J ’l y ’99
117 *4 J ’ly ’ u
106*2 May’07
98 *9 O ct ’u6
___ _
93 M uy’ Oo
114
113°8 M a j’ O^

113^113^

101

........ 1023, J ’ly ’ 07

....

120

122*4

...

O

...

P

.....

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105

A u g ’ 07

103 7S ......... 103’ s J ’l y ’07
111 *2 Sep ’ 04
io o "* I " ' " 106 A u g ’ 08
92*4 Sale
91*3
92*4
88 *a Sale
87*3
88*2
97 100 S 99 J ’ n e ’ 07
97 * 3 .........
107 >3 O ct *06
10VS

102*3 109
10234 103
101 1037,
9 0 34 IOO**
87*2 95
99
99

J a n ’ 03

110 >3 Sep *04
103*4 A u g ’ 07
100*2 104
..........103*4 H )376 J ’i y ’ 07
90*2 J ’ n e’ 06
‘ 84** " " "
84 M ay’ 07
93 .......... 94 J ’l y ’ 07
84*4
89 O ct ’ 06
8 2 * 4 .......... 90*2 M ar’ 06
.......... 95
97 *3 J a n ’ 07
110 J a n ’ 06
108*4 A u g ’ 03

.....

103*4 107
101 103*4
83
84
93*4 98
97*3 9 7 1*

98*3 D e o ’ 03
96 J a n ’04

M IS U E lil (lNEOUS BONOS—Continued on Next Pagre
C oa l and Iron
C ol F * I Co g e n s 1 g 5 s . .1 9 4 3 F-A
86
85
84*3 85
C o n v e r tib le d e b g 5 s ___ 1911 F -A
87 A p r ’ 07
C ol F u el C o g e n g o ld 6 s .1919 M-N
107*3 O ct ’04
G r R i v Coal & C l s t g 6 s l9 1 9 A -O
102*8 A p r ’ 06
C learf B it C oal 1 st s 1 4 s ... 1940 J-J
95 A p r ’ 02
C o l l n d u l s t * c o il 5s g u .,1 9 3 4 F -A
61 Sale
48*3
51
C o n tiu ’ ta lC l s t s l ' g u 5 s g .1 9 5 2 F-A
107*8 D e c ’ 04
Jett * C lear C * 1 1st g 5 s .l9 2 6 J-D
107 M ay’ 97
K a n * H C & C 1 s t s f g 5 s .l9 5 1 J - J •” ” " i ' 0 8 " 105 >3 D ec *06
P leas Val Coal 1st g s f 5S.1928 J - J
106 O ct -00
S u n d a y O r c e * C o g 5 s ___ 1944 J -J
......... 75
78 F e b ’ 07
T en n Coal fcen 5a ...............1951 J - J
85
89
88
^*4
T e n n D iv l s t g 6 s ........a l9 1 7 A O ’ 102 ....... 100 J ’ n e'07
B irin D iv 1st co n s o l 6 s . .1917 J-J
106 J ’n e 07
Cali C M C o 1st g u g 6 s .l9 2 2 J -D
102
D e c ’ o3
D e Bar C * I Co g u g 6 s .1910 F-A
97 ......... 100 F e b ’ 07
V a I ron C o a l& C o l s t g 5 s .l9 4 ii M-S
90*4
91 Sal*)
91
V ic--t o______________________________
r F u e l l. t s t 5a......... 1953 J - J
93*9 F e b ’07.........
_______~
H o p r ice F riday; latest bid aud agked. a D u e J a n & D u e r e b




85
87

100*8
87

43*3 76*4

T e l e g r a p h a n d T e le p h o n e
A m T e le p & T e l c o ll tr 4s 1929
C om m C a ble C o 1st g 4 s ..2 3 9 7
M e t T * T l s t s f g o s ........1918
M ic h . S tate T elep . 1st 5 s . 1924
N V & N J T e l g e n g o s . .1 9 2 0
W est U n ion c o l tr c u r 5 s .1938
F d and real est g 4 *38...1-9 50
M u t U n T e l a fu n d 6 s . . . 1911
N o rth w T e l g u f 4 * 2 S g ..l9 3 4
M a n u fa c t u r in g Jk I n d u s t r ia l

78
78*2
86
95
Am C ot O il e x t 4*<2S........... 1915
100 106*2 Am H id e & L 1st s f g 6 s . . l 9 1 9
104 *2 106 >2 A m e r I c e S e cu r d eb g 6 a ..l9 2 5
Am S p irits M fg 1st g 6 s , .1 9 1 i
100 100
A m T h rea d 1st c o l tr 4 s . ..1 9 1 9
90
98
A m T o b a c c o 4 0-yr g 6a___ 1944
93*3
s............................................
........ 93*2-____ 4......
......................................... 1961
*
c D u e .v ia r U D a e A p r * D u e J ’ly /cD u e A u g 0

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

78 h J ’l y ’ 07
96 *2 J ’n e ’ 06
104 F e b ’ 07
.......... 99*3 97 F e b ’ 07
105 *s J ’l y ’ 03
98 A u g ’ (>7
9 1 34 Sale
9 1“4
w l34
104 A p r ’ 07
103 J ’ly *04

78*« 90 )
104
98

104 ,
98 1

T s"
91
104

io a "'
io o \
10 4 .

83 ......... 87*4 J ’ly ’ 07
85
3S ‘
88 ........ 88 A u g ’ 07
86
......... 75
79 J ’l y ’ 07
79
88
100
100 A u g ’ 07
98 103*t
8 6 * 2 ......... 8 6 7s A u g ’ 07
S676 9S
100*2 Salts
» 5 34 100*s
95*4 1 1 0 *
66 Sale
63
64
m L IO UJ
63
7 »\
D u e o c t p D u e N o v 2 D u e D eo « O p tion

.....

New York Bond Kecord— Concluded— Page

516
UUMJ.O
N . Y. STOCK K X C H A X G E
W e e k E n din g A u gu st 30

f* fl

“l 9!

P e n n C o^ -iC on tin u ed j
iSrie & P itts g u g 3*23 B .1 9 4 0 J -J
S eries O............................1940 J -J
G r R & I e x 1st g u g 4*28 1941 J -J
P itts F t W & C 1 st 7 s . . .19 1 2 J - J
2d 7 s ................................... I D li J -J
3d 7 s ................................>11912 A -0
P itts i ' 6b A sh 1st con 5 s .1927 M-N
P C < ? & S t L g u 4 % s A .. . 1 9 4 0 A -O
S eries B g u a r .................1942 A-O
S eries C g u a r .................1942 M-N
S eries D 4s g u a r ............1945 M-N
S eries E U*2 g u ar g ___ 1949 F-A
S eries F 4s g u a r ......... 195i> J -D
C S t L & P 1st c o n g 5 s .1932 A -O
P e n sa co la <fc A t l See L & N asli
P e o & E a st jSee C C O & S t L
Peo
P e k U n 1st g 6 s . . ..1 9 2 1
2u gold 4 *2S...................... i)1921
P e re M a rq —(Jli <fc W M 5s 1921 J -D
F l i n t * P M g 6s ............... 1920 A-O
1 st c o n s o l g o ld 5 s ..........1939 M-N
P t H u r o n D iv 1st g 5s . 1939 A-O
SagTus<fc H. l s t g u g 48.1931 F-A
PhU B & W See P e n n R R
P liila«fc R e a d in g con s 7 s . 1911 J-D
P itts C m & S t L S ee P e n n Co
P itts C ieve & T o l See B & O
P itts F t \V <As Cli See P en n Co
P itts M c K e e s & Y See N Y Cen
P itts Sli <fc L K 1st g 5 s . . .19 4 0 A-O
1st c o n so l g o ld 5 s ............. 1943 J - J
P itts <fc W e s t See B & O
15 e a d in g C o g e n g 4 s ........1997
.
R e g is t e r e d ......................1997
J e r s e y C en t c o ll g 4a. ..1 9 5 1
R en ssela er <& Sar See D & H
R icli <fc D an See S ou th l iy
R ic li <fe M e e k See S ou th ern
R io O r W e s t See D en & R io Or
R oeh <fc P it t s See B R <fc P
R om e W a t & O g See N Y Cent
R u tla n d See H / C en t
i^ a g T u s & H See P e r e M arq
O t J o & G r Is i 1 s t g 4 s . ..1 9 4 7 j - j
S t L >& C a iro See M ob £ Ohio
St L & Iron M o u n t See M P
St L K C & N See W abash
S t l i M B r See T R R A o f S t L
S t JLouis <& S an F r a n c i s c o G en era l g old 6s ................. 1931 j - j
G en e ra l g o ld 5 s ................. 1931 j - j
S t Li <fc S F R R oon s g 4 s . . ’ 96 j - j
S o u th w D iv 1st g 5 8 ..1 9 4 7 A-O
R e fu n d in g g 4 s ............. 1951 J -J
5-year g old n otes 4 *2 .-1 9 0 8 J-D
S t L M & S o E a s t g u 4 *2gl909 J-D
K C F t S & M c o u g 6s .. 1928 M-N
K C F t S & M R y r e f g 4s 1936 A-O
K C A M R & B 1st g u 5s. 1929 A-O
O z’ r k & C h C l s t g u 5 s g . l 9 1 3 A -O
S t L o u is S o See Illin o is C en t
St L S W 1 s t g 4s bd c tfs .1 9 8 9 M-N
2 d g 48 in c bond c t f s . . . 2)1989 J -J
C on sol g o ld 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 & D u l See N o r P a cific
S t P a u l M & M a n 2d 6 s . . .1 9 0 9 A-O
1st c o n s o l g old 6s ..............1933 J -J
R e g is te r e d ...................... 1933 J -J
R e d u ced to g o ld 4 *2 8 .-1933 J -J
R e g is te r e d ...................1933 J -J
D akota e x t g old 6s ..........1910 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 58 ..1 9 0 8 A-O
N o r D iv 1st gold 4 s ___ 1948 A-O
M n in U n ion 1st g 6s___ 1922 J -J
M on t C 1 st g u g 6s ..........1937 J -J
R e g is t e r e d ......................1937 J -J
1st g u a r g o ld 5 s ............1937 J -J
W ill & S F 1 s t g old 5 s . . 1938 J-D
S t P <fc N o r P a o See N o r Pac
S t P & S ’ x C it y S eeC S tP M d fcO
S A & A P a s s l s t g u g 4 s . . . 1943 J -J
S F e P r e s <fc P li I s t g 5 s . . . l 9 4 2 M-S
8 F & N P 1 s t sin k I g 5 s . 1919 J - J
S a v F & W e s t See A t l C oast L
S c io to V a l & N E See Nor<fc W
S ea b oa rd A i r L in e g 4s ...1 9 5 0 A-O
C oil t r refu n d g 5 s ......... 1911 M-N
A t l-B ir m 3 0 - y r ls t g 4 s .e l9 3 3 M-S
C a r C en t 1st c o n g 4 s . ..1 9 4 9 J-J
F la C e n «fc P e n 1st g 5 s . 1918 J - J
1st la n d g r e x t g 5 s . ..1 9 3 0 J-J
C on s ol g old 5 s ............... 1943 J-J
G a & A l a R y 1st c o n 5s o 1945 J - J
G a Car & N o 1st g u g 5s 1929 J - J
Seab & R oa 1st 5 s ............1920 J -J
S h er S h r & S o See M K <fc X
S il S p O ca «& G See A t l Coast L
So Car <fc G a See S ou th ern
S ou th ern P a cific C o G old 4s (C en t P a c coll).& 1949 J -D
R e g is t e r e d ................... A:1949 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 gold 3 *28. . &1929 J -D
T h ro u g h S t L 1st g u 4s ’ 54 A-O
G al H a r & S A 1st g 6 s . . 1910 F-A
M e x & P a c 1st g o s ___ 1931 M-N’
G ila VG <S?N 1 s t g u g 5 s . 1924 M-N
H ou s E & W T 1st g 58.1933 M-N
1st g u a r 5a red ............1933 M-N
H & T C 1 s t g 5 s in 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 gold 4s in t g u a r ..1 9 2 1 A-O
W a c o & N W d iv 1st g 6 s ’30 M-N
A <fc N W 1st g u s 5 s ___ 1941 J - J

u

B id

Ask Low
HiaU
92 A p r ’ 07
98*4 A p r ’ 04
l o 8 S e p ’06
127% O ct ’ 02
119 J ’n e ’ 06
119 A p r ’ 04
116 M ay’ 05
'1 0 7
.
107*« J ’l y ’ 07
............. 1 0 8 1 * 1
............1 0 8 *■, 107 >-4J ’l y ’ 07
l l 2 * 2 .) ’ ue’ 05
CO?, M a r’ 07
......... 100*4
91 F e b ’ 07
82=8

■112

Low
92

H igti
92

107 *8 109 w,
106% 109*4

115*2 J ’n e’ 07

-1 0 4 % _____ 123 *g Jan ’ 05
100% D e c ’ O.i
109 A p r ’ 02
112 *2 A n g ’ 07
> ii2 % i* i3
10034 A p r ’ 07
106 *2 Sep ’ 06

98
91

100*4
91

115

116*2

n o *4 115
10l)*4 100*4

115*2 M a r’ 06

120
98
93

93*11
91

80

117*4
106 .

.....

91S

76

Saie

110
77

Sale
Sale

......... 89
......... 77
70 Sait
1 0 3 % ........
......... 127
. 106
1041* .
100% '
na

M a r’ 06
J ’i y ’ 97

92 4
93
95 4 M ay’ 07
91 A u g ’ 07

82

91
95*4
90

J ’ n e’ 97

90

118
118
106
106
91 F e b ’ 07
102*4 A u g ’ 05
75
76
98 N o v ’ 06

80*2 Sale
......... 104

68
96 \
85
. 107

7 5 " *82*2

116
77

116
73

119
82*4

97

M ay’ 07

97

97S

83
95
77
83
70
79
101 % 1 0 l* g

89*2
89 °t,
79% J ’l y ’ 07
70
71
101*6 A p r ’ 07
103% J ’ n e ’ 07
130 J ’n e ’ 07
134 D e c ’ 06
105 >2 J ’l y ’ 07
116% A p r ’ Ol
104 A u g ’ 07
98% A u g ’ 07
100*4 O ct ’ 06
101 *s A u g ’ 07

80
102
110

103
130

104** ib'7 *4
97% 100*2
I 0 o % 101*8

48

67%
68
96*2 J ’ n e ’ 07
88 J a n ’ 07
y 6*2 M a r ’06
107*4 A u g ’ 06

11

85
86 *v
84 J ’ n e ’07
94 A u g ’07
93% J ’ n e ’ O?
82 *2
*8*2*^ S a le ’ 62%
90% J’ n e ’ 07
........
90
104 _____ 103*2 A p r ’ 07
..........105 ^ 105 J ’ n e ’ o7
..........108
106*4 J ’ly ’ 06
107*4 F e b ’ 05
1 0 0 *4 ........ 104 A u g ’ 06
109
........ 109*2 109*-;
l l l % J a n ’ 07
1 1 0 * 4 ...........
93% J ’i y ’ 07
......... 92
116 D e c ’ 06
109*o F e b ’ 06
Sale

93*2

.....

10558
131

1 0 5 '*2 i o 8 *i

80*;,
A u g ’ 07
O ct ’05

109*2 M ar’ 05
106 M ar’ 07
110 J a n ’ 05
106 M a r’07

85

92*2

118 123*2
105*2 110 *i
91
93

124 M ay’ 07
125 A u g ’ 07
136*4 M ay’06
115 *2 M ay’ 07
115*2 D e c ’06

108 “2 .

9 8 34
95%
96 *2

73

116

BONDS
NT. Y. ST O C K E X C H A N G E
W eek E ndlnu A u gu st 30

Mange
Since
J a n u a ry 1

Jhrtce
j
Week's
b r id n y
Mange or
A u g u s t JO
L ast Sale

130

131*2

112

115*2

80
102

87
108*4

65
82»,
96*2 100*2
88
89

106

107%

106

106

85
84
93
93 %
82*4
90%
103
105

90*2
88
100%
99
86
98%
105*2
1 0 6 :,4

109*4 111*2

111

112

91*2

94^

S ou th ern Pac C o—( C on tinue a j
M o rg a n ’ s La di T 1st 7S-1918 A-O
1st g o ld 6s ...................... 1920 J -J
N o o f C al g u a r g o s ......... 1938 A-O
Ore & Cal 1st, gu a r g 5s. 1927 J -J
So P o f A r g u l s t g 6 s . . . c l 909 J -J
1st gu ar g 6s ............... c l9 1 0 J -J
S o P a cific o f C al—
I s t g O s s e r ie s E & F ...1 9 1 2 A-O
1st g o ld 6s ...................... 1912 A-O
1st c o n gu a r g 5 s ......... 1937 M-N
S P a c o f N M ex 1st g 6 s ..1911 J -J
So Pan Coast 1st g u 4 s g .l9 3 7 J - J
Tex<fc*sTO S a b D iv ls t g 6 s .l9 1 2 M-S
C on gold 5 s .....................1943 J - J
- o P a c R R 1st r e f 4 s ..........1955 J -J
S ou th ern — l e t c o n g 5 s ___ 1994 J -J
R e g is te r e d ...................... 1994 J - J
M oh & O hio c o ll tr g 4 s . .1 9 3 8 M-S
M em D iv 1st g 4 * 2 -5 s ...1996 J -J
S t L o u is d iv 1st g 48___ 1951 J -J
A la Cen It 1st g 6s ..........1918 J -J
A tl tfc D an v 1st g 4 s ........1948 J -J
2d 4 s ................................. 1948 J - J
A t l <fe Yad 1st g gu a r 48.1949 A-O
C ol & G re e n y 1st b s ........1916 J-J
E T V a & G a D iv g 5 s . .1 9 3 0 J -J
Con 1st g old 5 s ............. 1956 M-N
E T e n re o r lien g 5 s ........1938 M-S
G a M id lan d 1 s t 3 s ........... 1946 A-O
G a P a c R y 1st g 6 s ..........1922 J -J
K n o x & O hio 1st g 6 s . . .1 9 2 5 J -J
4l o b ifc B ir p rio r iien g 5s 1945 J -J
M o r tg a g e g o ld 4 s ......... 1945 J -J
R ic h & D an c o n g 6s ___ 1915 J -J
D e b 5 s stam p ed ............. 1927 A-O
R ich & M e sk 1 s t g 4 s . . . 1948 -M-N
So Gar & G a 1st g o s ___ 1919 M-N
V ir g in ia M id s e r C 6 s . . .1 9 1 6 M-S
S eries D 4 -5 s................. 1921 M-S
S eries E 5 s ...................... 1926 M-S
G en eral 5 s .......................1936 M-N
G u ar stam p ed........... 1936 M-N
W O & W 1st c y g u 4 8 ..1 9 2 4 ' F-A
W e s t N C 1st c o n g 6s . . 1914 J -J
S & N A la See L & N
S p o k F a lls & N o r 1st g 6s. 1939 J -J
rp e r A o f S t L 1st g 4 *28..1 9 3 9 A -O
A 1 s t c o n gold 5 s ___ 1894-1944 F-A
G e n r e fu n d s i g 4 S..........1953 J -J
S t L M B g e T e r g u g 5s. 1930 A-O
T e x * N O See So P a c Co
Tex<fe P a c 1st g o ld 5 s........2000 J-D
2d g o ld in c 5 s ...................?2 0 0 0 Mar
L a D iv B L 1st g 5 s ........1931 J - J
W M in W <fc N W 1st g u 5s ’ 30 F -A
Tolcfc O C 1st g 5 s ............... 1935 J - J
W e s te rn D iv 1st g 5 s . . .1 9 3 5 A-O
G e n e ra l g o ld 5 s .................1935 J-D
K a n & M 1st g u g 4 s ___ 1990 A-O
T o l P<fc W i s t g o ld 4 s . ...1 9 1 7 J -J
T o lS tL < fc W p r l i e n g 3 *28.1925 J - J
50-year g o ld 4 s .................1950 A-O
T o r H a m iii B u f f l s t g 4 s ./i l 9 4 6 J -D
ls te r & D e l 1st co n g 5s 1928 J-D
1st r e fu n d g 4 s ........... 1952 A -O
U n P a c R R <fc 1 g r g 4s ...1 9 4 7 J -J
R e g is te r e d ...................... 1947 J - J
2 0-y r c o n v 4s (s u b s c r ip )..’ 27 J -J
O re R y cfc N a v c o n g 4 s . 1946 J-D
O re S h ort L in e l s t g 6 s . . 1922 F-A
1st c o n s o l g 5 s ............... 1946 J - J
G uar r e fu n d 4 s ............. 1929 J -D
R e g is t e r e d ...................1929 J -D
U tah <fc N o r 1st 7 s ..........1908 J - J
G o ld 5 s ..............................1926 J - J
U ni N J R R & C Co See P a R R
U tah C en tral See R io G r W es
Utah & N o rth See U n P a cific
U tica & B la ck R See N Y Cent
andalia co n so l g 4 s ___ 1955 F-A
era C ruz < fcP ls tg u 4 *281934 J - J
V e r Val In d & W See M o P
V ir g in ia M id See S o u th R y
V a & S o u th w ’ t 1st g u 5 s .200 3 J -J
aba sh 1st g o l d 6s ........1939 M-N
2d gold 5 s ...................1939 F-A
D e b e n tu re series A ........1939 J - J
S e rie s B ............................ 1939 J - J
C ertificates o f d e p o s it___
1st lie n e q u ip s f d g o s . .1921 m -"s
1st lie n 50 y r g term 4 s . 1954 j - j
1 s t r e f and e x t g 4s ___ 1956 J - J
D e t & Oh E x t 1st g 5 s . .1941 j . j
D e s M o in D iv 1 s t g 4 s . .1 9 3 9 j - j
Om D iv 1st g 3 *2S............1941 A -O
T o l & Ch D iv 1st g 4 s . . . 1941 M -S
St Cha8 B r id g e 1st g 6s . 1908 A-O
W a b P itts T e r m 1st g 4 s . 1954 J-D
2d g o ld 4 s ............................1954 J-D
W a rre n See D e l L a c & W e st
W a s h C e n t i 'e e N o r P a c
W a sh O & W See S ou th ern
W a sh T e n n l 1st g u 3 *28.-1945 F-A
W est M a ry la n d 1st g 4 s . . .1 9 5 2 A-O
G en <fc c o n v g 4 s ............. 1952 A-O
W Va C en t & P 1st g 6s 1911 J -J
W e st N Y <fc P a 1 s t g 5 s ..1937 J-J
G e n g o ld 3 -4 s.....................1943 A-O
I n c o m e 5 s ........................ d l9 4 3 Nov
W e s t N o Car See S ou th R y
W h e e l’ g & L E 1 s t g 5 s . ..1 9 2 6 A-O
W h e e l D iv 1 s t g o ld 5 s . .1 9 2 8 J - J
Exten<fc Im p g o ld 5 s . ..1 9 3 0 F-A
R R 1st c o n s o l 4 s ___ '....1 9 4 9 M-S
20-year e q u ip s f 5s ...1 9 2 2 J -J
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 e n t 50-yr 1 s t g e n 4s 1940

U

4

[V o l

P rice
hrinnii
A uijust 30

ss-5 i
05

Mange
o incc

11 J a n u a r y 1

Hid
’ 115

Ask\Low
H ig h A’oj 'Low
....... 127 S e p ’ 06
116 N o v ’ Ob
112 F e b ’ in
112
98
•98*2 . . . . 100% J 'ly ’07
103%
1 0 3 S 104 A p r ’ 07
!04*4
104 *4 F e b ’ 07

i l iy/it

* 1 10

107

107 A p r ’0
114*2 D ec ’04
116 M ay’ 07
104 M a r ’ O

88 Sale
......... 102
.......... 85
......... I l l
84
85
“ 89

107

103% i0 4

107*2 F e b ’0
104 Sep ’ 06
88
s8 '

101

112

101
104
104%

iV«" l i e "
107*2 107*2
S7% 95
101 113%

102

114 N o v ’06
82 A u g ’ 07
113 *2 M ay’u7
84*2
84*4
113 J a n ’06
96 J ’ u e’Oti
92 J ’ n e ’06

8/4
94
113*2 116
SO
94%

111 F e b ’ 07
■1 1 0 % ......... 110% J ' l y ’ 07
......... 113S» 112 Si 1 1 2 *-,
1......... 109*4 110-2 J ’ n e’ 07
68
’ .............
67*2 J ’l y ’07
114 A u g ’ 07
II ” " i'1’2 117*4 M ay’ 07
115% A p r ’ 06
. . . 90
96 O ct ’05
109*4 A u g ’07
III i o i *2 102*2 A u g ’07
98 F e b ’oa,
! ! ! I 06* 105 A u g ’ 07
112 O ct ’06
108*2 D e c ’ 00
113 D e c ’ 05
107*1, M ay’ 07
107 M ay’ 07
......... 90*2 96*s Jan ’ 07
106 110
108S< M ay’ 07

111 111
110% 113%
112*2 117%
U 0 * 2 ll 4
67 *2 69 *4
113*4 H 9 %
116 118%
109*4 113
102% 103

117 J ’l y ’ 00
111 J ’ l y ’07
111*2 J ’n e ’ 07
90 A u g ’07
111 D e o ’ 06

104

106*8

106*2
107
94%
108*2

111
110
96*s
109*2

108 111
111*4117
90
94

11 2 *2 ......... 112*2 A u g ’ 07
92 N o v ’06
......... 90
110 M ar’ 06
1 0 6 '2 N o v ’04
107% A u g ’ 07
111 M ay’ 04
......... 105
102 M ay’07
......... 100
......... 90
91% M ay’ 07
83
84
83 Sale
82
8 6 *s 83*2 A u g ’ O
74
74
74 Sale
*87 ......... 95 D e c ’06
110 M a r’07
......... 104
93 Sep ’ 06
97% Sale
96*2
98
97 A u g '0 7
87 *2
€>8
87*4
-------- 96*2 94 A u g ’ 07
116*2
1 1 5 * 2 ......... u s - ?
107*2 107*2
80*4
87
85*4 S al e
87% M ar’ o7
i o i ” IIIIII 103*2 F e b ’ 07
105*2 J ’ly ’ 07

111*2118%

1 0 7 % 111
i ‘o’0 %
90*4
80
83*2
73

102*2
97
89
87*2
82

110

110

96*2 102%
97 101*2
87*2 93
94
99*2
116 126
107*4114
80*4 94%
87% 87%
103 103*2
105 *2 105 *3

.....

I 0 2 7s F e b ’ 06
98 Sep ’ 06

V

W

W eek’ s
R ange nr
Last Sale

lx x x v .

110 M ay’ 07
106% 107*4
96
96*2
90 J ’ n e’ 07
61 J ’ l y ’ 07
. 63
62 J ’ n e ’ O 1
' 102* 102 M a r’07
93 M ar’ Oo
52%
55
Saici
104*2 A u g ’ 07
105
97 N o v '0 4
80
K'eb’ 07
97*4 96% J ’ n e ’07
1.00 M ay’ 07
100
67
67*2 6 6
20
20
‘ 20 * Sale

106 1 1 1 4
106% 114
96 105*2
90
90
57
76*a
57*2 75

107*2
107 Sale
96*2 Sale

101

84 ......... 87 *2 J ’l y ’ 07
69%
70
70 Sale
50
50
50
55
106*2 A u g ’ O
..........106
1 1 2 * 4 ......... 112*2 A u g ’ 07
89*4 J ’ ne’ 07
34 F e b 07

78

Sale

83

Sale

*80 "
96%
100
66
19

*8*6*4
96*11
102
80
32 *a

87
69%
50

87%
82*2
68

111*2115*2
89*4 9 3 %
34
34

105 A u g ’ 07
110 D e c ’ 06
111*2 A u g ’05
78
78
102*4 D e c ’ 05
82

102

5 2 :|s 67 *2
104*2 109

105

103

* 7 8 " *87%

12

32

89

ftllSsCKLiLiANEOUSi B O N Us»—C o n c lu d e d .
iU a n u t a c tu r in g & I n d u s tr ia l
B eth S te e l 1st e x t s f 5 s . . 1926
C e n t L ea th er 20-year g 5s. 1925
C on sol T o b a c c o 50-yr g 4S.1S51
D istil S e c C or c o n v 1st g 5 s .’ 27
i n t P a p er C o 1st c o n g 6 s .1918
C on sol c o n v s f g 5 s ........1935
I n t St 1’ um p 10-yr c o n v . 6s ’ 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 o s ___ 1923
N a t S ta rch M fg Co 1st g 6s 1920
N a t S ta rch Co s f d eb 5 s .. 1925
R e p u b I < fc S l s t & c o l t r 5 s . l 9 3 4
If s L e a th C o s f d e b g 6 s . .l 9 1 3
U S R e a lty <fe I con v d eb g 5 s ’ 24
U S Steel C orp— ( cou p ,(il9 6 3
S f 10-60 y r 5 s . ( r e g , . d l 9 6 3
V a -C ar Chom c o l t r 5a g . .l 9 1 2
W e s tiu g h o u s e E & M s t 5 s ’ 31




J-J •
95
96 A u g ’ 06
A-O
88*2 Sale
88*4
89
F-A
65
65
64
A-O
76
77
72
75*4
F-A 105 106
105
105 *»s
J-J
88 A u g ’ 07
88
J-J
97 100
97 A u g ’ 07
A-O
97*2 O ct ’ 05
94% Sale
94%
90S
A-O
M-N •76*a
83*2 A u g ’ 07
J -J
70 A p r ’ 07
AO
95*-. 92 A u g ’07
M-S 103*4 104
104 A u g ’ 07
80
80
J -J
80 Sale
M-N
93*2 Sale
92
93 *i
M-N
02*2
93*4
A-O
96 % 97*2 A u g ’07
J -J
87% Sale
87*2
68*4

94 88*4
4 63%
20 70
2 101%
87*2
97

99
73
90
108*2
92
106

12 *9*4% ib*i’ *
82
84
70
70
92
97
102*4 106*4
95
1 77
i 10 90*2 99*4
90
9 9 1*
97
99
0 1 87*2 97*2

M is c e l la n e o u s
A d a m s E x c o l tr g 4 s ..........1948 M-S
91
91
91
A m SS Co o f W V a g 5 s ___ 1920 M-N
100% J ’ n o ’02
41 O c t ’06
B ’k l ’ n F erry Co 1st c o n s g 5s ’ 48 F A
101 M ay'07
101
C h ic J c & S t Y a rd c o l g 5 s . 1915 J -J
70 Sep ’ 06
D et M & M Id g r in co m e s . .1911 A -O
62
62
52
I n t M erca n M a rin e 4 *28..1 9 2 2 A-O
63 Saie
85% J ’l y ’ 07
l u t N a v ig a tio n 1st s f 53.1922 F-A .......... 85
50 F e b ’ u^
M an B c h id & L g e n g 4 s . .1 9 4 0 M-N
N e w p N e S h ip & D D 5 s d l9 9 0 J -J
88 A u g ’ 07
N Y D o ck 50-yr 1st g 4 s ..1951 F -A
87*2
‘ b 7 * 2 ........
b 5 A u g ’07
P r o v id e n c e S e c d e b 4 s -----1957 M-N ......... 85
84*2
P r o v id e n t L oa n S oc4*2S .19 21 M -S
99 M ay’ 06
100 *2 S ep ’ 05
St J o s e p h S t k Y d s 1st 4*28.1930 J-J
St L T e r C u p p le s S ta t’ iiitr Prop
Co 1 s t g 4 *28 5-20 y e a r ..1917 J -P
S Y 'uba W at C o c o n g 6 s . .19 2 3 J -J
112 J ’ ly >04
Sp V a l W a t W o r k s 1st 68.1906 AI-S
113*2 J ’l y ’ 00
____________________________________________________________________________
U S Red & R e f 1st s f g 6s . 1931
90
90
80

b D u e F eb

d D ue A p r

103
lu l
70%
85%
95
90

96

« DN
u oe M
p rice
ay F
^riday;
D u e J ’la
nete st
A bid
D ueand
J ’lya skped
D th
a eisNw
o reek,
# O pa tioa
D u e Sato
Jan

CHICAGO STOCK EXOEA?T&E-3tock Record-D aily, Weekly and Yearly
b 'lO O K S — H IG H R S T A N D L O W E S T S A L E P R IC E S
S a tu rd a y
A u g u s t 24
•150 160
*3%
4
>
13%
" l i j " 19
*2
3
*14% 16*2
*45
49
•
82
*
23%
*
64
* . . . . . . 40
*2 i % 2 2 %
60
*08
*80
81
28
28
•94
95
32
*28
4%
44%
•135
*120
6 034
1 0 3 34
*35
*34
»
*45”

1%

6

70*4

70 %

111

* ......... 70
•112% 115
•30
35
•88
88%
103 103%
•141 145
*96% 98
1*8
1°6

10

*24

•150
*3%
*_____
19
*2 %
*14%
*45
*
• ___ _
*
•35
*2 1 %
*58
*80
28%
*94
*23

10

25

T u esd a y
A u gust 27

W ed n esd ay
A u qu st 28

160
150 150
4
3%
3%
13% * 1 2 % 13 %
19*2
20
19
* 2%
3%
3%
•14% 15*2
16
49
*45
49
* .......... 82
82
23% * ____ _ 23
*
64
64
40
* 3 5 " 40
2 2 % •2 1 % 2 2 %
63
62
*58
*80
82
81
28%
28*4 •28
95
95
*94
32
•26
32

4%
43g
4 38
44*a *43% 46
.......... *135 140
125
* . . . 125
60 34
58
60
10334 103 % 103 %
•35 . .
37
*34
37
109
•106 109
50
•45
50

*1 3 8 140
*35
38
107 107
•105 % 106
124 124
4 0 % 41

*110

M on d a y
A u g u s t 26

43s
45
*135
*
“ 08
*
*35"
*34
*106
*45

43g
45%
140
125
58%
104
. . ..
36%
109
50

*150
*3
19%
*2 %
*14
*45
•..........
•_____
*
•35
* ____ _
*53
•80
-2 8
•94
•28
4%
45%
•135
♦___ _
•53 ’
* ____
•35
*34
•106
47

T h u r sd a y
A u g u s t 29

160
4
13%
20
3%
16*2
49
82
23
64
40
22%
63
81
28%
95
32
4%
45%
140
125
____ _
105
37
109
47

*1
1%
*1
1%
•L
1%
‘5
6
5%
5%
*5
6
137 139
137 137
135 135
*35
38
37
37
3 7% 38
■......... 108
105 107
107 107
'1 0 5 % 100
'1 05 % 106
'1 0 5 % 106
124 124
124 % 125
124 % 125
*40
42
*42
42
*41
43

7 0 ‘ 8 70*8
110*3 1 1 0 %

' _____ 71
'112*4 113

7 0%
11 1

70*4
1 11

' .......... 70
112% 115

71
111
.........
■112%

72
111
70
115

34% 35
•3434 35
34% 34%
88% 88%
88
89
* 8 % 88%
102*4 103% 103 Si 103% 103% 103%
140 145
' ......... 145
* ......... 145
98
*97
98
9 7 34 9 7 34 •97
•1%
134
*1%
1>
l n8
1*8
10
10
9=8
9%
9%
9 7e
*21
25
*24
25
*24
25

STO C K S
C H IC A G O ST O C K
EXCHANGE

F r id a y
A u g u st 3 0

it m t r o n d s
*150 ICO •150
160
Ch ic C ity i i y ............... 100
*3
3%
*3
4 C h ic & O ak P a r k ........100
L a s t S a l 14
J ’ n e ’ 07
D a p r e f .................100
19“« 20
2 0 C h ica g o S u b w a y ........100
1934
L a s t S a l f •?%
J ’ly ’ 07 C h ic U nion T r a c t ___ 100
L a s t S a l e 18
J ’l y ’ 07
D o p r e f . . . . ......... 100
L a s t S a l e 45
A u g ’O? K an s C ity B y & L t ..1 0 0
L a s t d a l e 81
A u g ’ 07
D o p r e f.................100
*22
23
22%
22*9 M e tro p o l W S E l e v .. 100
L a s t S a l e 64
J ’ly ’ O'
D o p r e f .................100
C a st S a le 46
J ’l y ’ 07 N o rth C h ic S t r e e t ___ 100
L a s t S a le 2 2 %
A u g ’07 N o rth w e s te r n E l e v .. 100
L a s t S a l e 58
A u g ’07
D o p r e f.................100
80
*80
81
bO S ou th Side E l e v ......... 100
28
23
28%
28*4 S tr e e ts W S table C L 100
L a s t S a le 97
J ’l y ’ 07
D o p r e t .................100
L a s t S a l e 33
J ’l y ’ 07 W e s t C h ic S tr e e t........ 100
M is c e l la n e o u s
*4%
*4%
4 3«
4 34 A m e r ic a n C a n ............. 100
*45% 46% •46
47
D o p r e f . . . , -------- 100
L a s t S a l e 137
A u g ’07 A m e r R a d ia to r ......... 100
A u g ’ OL a s t S a l e 120
D o p r e t .................100
*59
59% •58%
69% A m e r S h ip b ld g ............100
103
"103 l u 6
105
D o p r e f . ...............100
L a s t S a l e '38
A p r ’ 07 A m er S tra w B o a r d ..........
L a s t S a l e 34
A u g ’ 07 B o o th (A ) & C o ..........100
L a s t S a l e 10 8
J ’l y ’ 07
D o p r e f .................100
*45
48
45
49
Cal * C h ic C anal & D 100
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 s t S a l e 16
-Mar’0 6 C h ica go A u d ito r iu m ........
L a s t S a le 1
J ’l y ’ 07 C h ic B r e w ’ g & M a lt’ g ___
•5
6
*5
6
D o p r e f ........................
135 135
131
C h ic E d is o n .................100
39% C h ic P n e u m a tic T o o l. 100
39% 39% "3 9 %
107
10634 107
107% C h ic T e l e p h o n e ..........100
>105 106
105% 105% C h ic T it le & T r u s t . .. 100
125 125*1 *122
122
D iam on d M a t c h ..........100
*41
42
43
43
I llin o is B r ic k ............. 100
L a s t S a l e 32*4
N o v ’ 05 K n ic k e r b o c k e r I c e . ..1 0 0
L a s t S a l t 80
F e b ’ 06
D o p r e t .................100
L a s t S a l e 41
A u g ’ 07 M a so n ic T e m p l e ...............
L a s t S a le 2 %
J ’ n e ’07 M il & C h ic B r e w ’ g ...........
L a s t S a l e 26*4
J ’l y ’ 07
D o p r e f ........................
7 2 % 7 2 Si
72 N a tio n a l B is c u it ........100
72
111% 1L 1% 111
112
D o p r e f .................100
L a s t S a le 2
A u g ’ 07 N a tio n a l C a r b o n ........100
L a s t S a l e 222% A u g ’07
D o p r e f .................100
L a s t S a l t 5*4
M ay’ 05 P a g e W o W ire F e n c e .
L a s t S a l e 9 9 's
J ’l y ’ 06 P e o p le ’ s G as L & C ’kelOO
34%
37% Sears B o e b u c k c o m . 100
•34
34*4
•8 8 % 90
88a4
89
Do
p r e f................. 100
103 % 10334 I 0 3 ag 104
S w ift * C o .....................100
140 143
140
145
T h e Q u aker O ats C o . 100
97
97
*96%
98
D o p r e f ........... ...1 0 0
1 3„ U n it’d B o x B d * P ColOO
•1%
1*4
1%
10
lt>
10
10%
D d p r e f................. 100
L a s t S a l e 2 4 ‘8
A u g ’07 W e s te rn S t o n e ............100
M in in g
L a s t S a l e 52%
J a n ’ 07
igham C on M in in g 50
L a s t S a l e 10
N o v ’ 06
L a s t s a l e 16
M a y ’07 D a ly -W e s t ..................... 20
L a s t S a le 4
N o v ’ 06 H u b b a r d -E U io tt..........

»,

Chicago Bond Secord
liO N U S
C H IC A G O S T O C K E X C H ’ G E
W kkk E n ding A u g u st 30

P r ic e
F r id a y
A u gu st 30

W eek’ s
R a n g e or
L a st S a le

B id
Low
H ig h
A m e r B is c u it 6s ................. 1910 F -A
A m e r S tra w b oa rd 1st 6 s ..19 1 1 J - J
100 M a r’ 07
C ass A v e & F G (S t L )—
6 s .......................................... 1912 J - J
........101% 101
J ’l y ’ 07
C h ic B oa rd o t T ra d e 4s ...1 9 2 7 J -D ..................... !100
M ay’ 07
C h ic C on sol B r * M lt 6s ........... J - J
..................... fl0 3
A p r ’ 04
C h ic C on sol T r a c 4 % s........1939 J -D
......... 58
55 A u g ’07
C h ic E d is o n —
D e b e n t 6s .......................... 1913 J-J
97% 100 A u g ’ 07
1 st g o ld 5 s .......................A.1926 A - 0
.101 100 J ’l y ’ 07
C h ic A u d ito r iu m 1st 5 s . ..1 9 2 9 F -A ......... 100
9 6 34 J a n ’ 06
.......... 98
C h ic D o c k C o 1st- 4 s ............1929 A -O
C h ic N o s h o r e E le c 6s ___ 1912 A - 0
87 F e b ’06
C h i c * M i l E le c B y 5 s . ...1 9 1 9 J - J
C h io F iie u m T o o l—
7 8 Sale
1 st 5 s ................................. a-1921 J -J
78
78
Ohio B o c k I & P a c B B 4S.2002 M-N
79 N o v ’04
C olla t T r u s t g 5 s ............. 1913 M -S
80 A p r ’04
C om m on w ea lth E l e c t 5 8 ........................................ &194S M-S
.101 100 J ’l y ’ 0'
I llin o is T u n n e l 5 s ............1 9 2 8 J -D
90 D e c ’ (16
K a n s C ity B y * L t C o 58.1 9 1 3 M-N
96% 9 6 % J ’l y ’07
K n ick e rb o ck e r I c e 1 s t 5 s . 1928 A - 0
95
95 J ’n e ’ 07
L a k e S tr e e t E l—
9 0 Sale
1 st 5 s ................................... 1928 J - J
90
In c o m e 5 s .......................... 1925 F eb
M ay’ 05
M e tr W S id e E l—
1st 4 s ................................... 1938 F A
85
87%
A u g ’ 07
SO
83
E x te n s io n g 4s .................1938 J - J
81
N o rth C h ic S t 1 s t 5 s ..........1909 J - J
_____ 90
D e c ’ 06
1 s t 5 s ................................... 1916 J -J .
R e fu n d in g g 4 % s ............1931 A -O
A u g ’ 06
N o C liic C ity B y 4% s ...1 9 2 7 M-N
F e b ’07
N o rth W e s t’ n E l—
9 0 Saif
89%
90
1 st 4 s ................................... 1911 M-S
O g d en G as 5 s ...................... 1945 M-N t
91=8 9 0 A u g ’ 07
P e a rs o n s -T a ft 5 s .................1916 J -D
100 % M ar’ 06
4 - 4 0 s ..............................................M-S
94 ......... 94
94
4-60s S eries E ............................M-N
96 ......... 98 J ’l y ’ 07
4-808 S eries F ............................k-N
98 ......... 99 % S e p ’ 06
P e o p le ’ s G a s L * C I s t 6 s .l 9 4 3 A -0
1 1 6 % J fn e ’ (J7
. R e fu n d in g g 5 s ...............1947 M-S
100 A p r ’Oy
C h ic G as L t * C 1st 5 s .. 1937 J - J
99 % Sale
99%
99%
C o n s u m e rs’ G as 1st 5 s . . *936 J -D ..........100
101 A p r ’07
M u tu a l F u e l G as 1st 5 s . 1947 M-N
103% F e b ’ 06
S ou th S id e E le v 4 HjS..........1924 J - J
ys
9 8 A u g ’07
S w i f t * C o 1 s t g 5 s ........... 1914 J -J
100 % Sale 100
100%
U n io n E l (L o o p ) 5 s ............1945 A-O
......... 99
95 A u g ’ 07
U n io n P a c ific o on v 4 s ___ 1911 M-N
114 N o v’ 04
U n ite d B o x B oa rd 6s ................. —
71% 71%
71%
W e s t C h ic S t 1 s t 5 s ............1928 M-N
90
90 M ay'07
T u n n e l 1st 5 s .....................1909 F -A
68% S e p ’ 05
D e b e n t 6s ..........................1914 J-D
73 J ’n e ’<J7
C on sol g 5 s ........................ 193s M-N
73 J ’ n e ’ 07
W e s t D iv C ity B y 4 % s ..l9 3 2
J
8 7 D e c ’ 06
W e s t ’ m S to n e Co 5 s ........1909 A -O
96 % Jan ’ 06

.....

N o t o .—A c c ru e d in te re s t m us t be added to all

Sales
o / the
W eek
Shares

R a n ge to r y e a r
1907

R an ge tor P rev iou s
Y ear ( 1 9 0 6 )

H ig h es t

Low est

H ighest

4 150 M a r l9 205 A jir e 140 Sep 200 Jan
400
3 % M ay 14
5 Jan 24
7 :,t Jan
5 D ec
13 b’e b l S 1 C A p t 6 15 D ec 28% -Jan
15 M a r l4 4 6% J a n 2 3 934 J ’ly 6 v) M ay
6% Apr 3
4 J ’ly 13% Keo
2*8 M ay 15
14 A p r 23 1 9 % Jan 9 1 2 % Maj 46% M ar
48 A u g l 6 65 Jan 16 54% Jau 6 ^% F eb
81 J ’ly 29 8 7 Jan 17 8.) O ct 9 3 % F eb
2 l 34 A u g l4 28 Jan 24 25 Oct- 30 J ’ne
72 % N o v
62% J ’ne21 72 J a n 15 65 % O ct
3 4 % A p r 10
J ’ ly 16 25 M ar 85 M ar
21 J ’ne29 25 % J an 25 23% J ’ly 28 % F e b
5S A p r2 4
J ’ly 17 60 M ay 68 % M ar
4 75 M ar 14
Jan
89% A p r 99 J n e
0 0 t' 28 M a i2 5
Jan 1
27 May 3 5 :,4 N ov
95 A p r 3
M a y l8 97 I /e c 102 J ’n e
20 M ar 19
A p r 3 23 A p r 60 F e b
710
250

75
64
240
67
25
254
50

4%
43
129
120
58*4
103
30
34
106
47
165

A u g l3
A u g 20
Jan 7
A ug20
A u g 27
J ’l y 18
Jan 2
A p t 20
A p r 20
A u g28
F e b 27

7%
60
137
130
80%
109
40
40
111
54
165

1
5
129
37
105
102%
119%
39

Jan y
A u g22
M ar21
A u g 27
AugiiO
M a r l6
Jan 24
A u g l7

1 Jan 9
6 % J ’ne 5
149 A p r 3
51 F e b 8
134% A pr 4
1 1 2 % M a y l3
129% M ay Jo
57 M ay 2

41
2%
25
677 69
190 109%
70
107

A p r il
A p r 10
A u g21
A p r 24
J a n 14
Jan 7
M ar28
J ’ne b
F eb S
Jan 8
F e b 27

6 J ’ ne
51 J ’ly
115 Feu
128% D ec
54 Jan
L01 Jan
17
Feb
36
Jan
106
n et
55 M ay168 •%M ay
16 F e b
1 M ar
6
N ov
136 J ’ly
4 8 % D ec
101 A p r
103 May
118 J ’ ne
4 1% Sep

11% J a n
72 J a n
130 N o v
136 Jan
81 N o v
112 N o v
3 1% D e c
40
Feb
113% J ’ ne
64 Feb
175 M ay
16 % F e b
1 M ar
7 Jan
165 F e b
63 F e b
139 J an
118 J a n
147 Keb
7 1 34 J an

79% F eb 8 0 F e b
A u g l3 46 J a n 11 46 M ay 48 S ep
Jan 23
1 34 May
2% Fet>
2% J a n 23
F e b 5 2 7 M a r 4 21 J ’ ne 23 M ar
A u g 2 0 8 6 J a n 14 62 May 79% D e c
A u g 22 11734 J a n 7 113% Jan 119 O ct
A p r 18 84% J a n 11 78 Jan 95 M ar
A p r 9 120 J a n 17 112 D ec 122% M ar

88% J’ly 93% M ay
160 34% A u g 2 8 57 Jan 10 50 A u g 63 % D ec
124 8 8 A p r 19 95 Jan 26 92% N 01 99 Sep
1,545 101 % M a r l5 113% Jan 16 101% Jan 119% Sep
130 133 A p r 9 173% M ay 3 LI 5 May i 52 % J an
45 97 A u g 2 9 102a4 J a n 16 9 9 % D ec 10634 F eb
275
1 Jan 2
2% A p r 8
3< D ec
2->4 Jan
6 Jan 2 1 2 \ A p r 8
1,400
5 % D ec 17% J an
2 2 % J ’n e l2 30 F e b 14 28 D e c 42 M ar
3 2% J a n 24

3 2% J a n 24

16% A p r Id

20

J a n 22

2 9 34 J ’ne
7 “4 J ’ly
14% M ar
3% J ’ly

4434 F eb
14 % M ar
20% N ov
4% O ct

Chicago Banks and Trust Companies
R an ge
fo r y e a r
1907
ATo. \Lovo H ig h

NAM E

B a n k ers N a t io n a l ........
C a lu m e t N a tio n a l..........
C h ica g o C it y ...................
C om m ercia l N a tio n a l..
101 102
C o n tin e n ta l N a t io n a l..
100 100
C ook C o S tate S a v in g s
C orn E x o lia u g e N a t .. .
D re x e l S ta te ...................
55
61
D ro v e r s D ep N a tion a l
100 100
E n g le w o o d s t a t e .........
H100 101
F e d e ra l .N ational.........
F ir s t N a t io n a l...............
F ir s t N a t E n g le w o o d ..
F o re m a n B r o s B ’ k ’ g Co
F o r t D e a r b o r n N a t ___
H a m ilto n N a t io n a l ___
77
81*8 H ib e r n ia n B ’k ’g A s s ’n
K a sp a r S tate B a n k ___
M o n r o e N a tio n a l
M u tu a l B a n k ___
100 10234 N a t B a n k o t B e p u b lic .
N a tio n a l C it y ........
98% N a tio n a l L iv e S t o c k ...
96
N o r t h A v e S tate
N o r t h S id e S ta te S a y ..
19 8 8
93*8 O akland N a tio n a l
f r a i r i e N a tio n a l.,
P ra irie S t a t e ..___
90% B a ilw a y E x c h a n g e ___
S o u th C h ica g o S a v in g s
85
S e c u r ity - ..........................
State B a n k of C h ieag o.
S t o c k Y a r d s S a v in g s . .
75
75
U n io n B a n k o f C h icago
U n ion S to c k Y d s -State
13 8 9 % 92
A m e r T r u s t * S a v g s ..
90
95
C e n tr a l T r u s t C o o f 111
t'h io a g o S a v B k * T r ..
94
97
C h ic a g o T i t le & T ru st.
.C itizens T r u s t & S a v ..
98
98
C o lo n ia l T r u s t & S a v ..
115% 115% D r o v e r s -T r u s t & 6 a v . .
;100 102% ’F a rw e ll T r u s t C o ....... .
26 9 9 % 1 0 4 3< S fW r s tT r u s t* S a v in g s
101 102
1 H a rris T r u s t & S a v . . .
................... Jfilinois T r u s t & S a v . .
9 7 34 101
K e n w o o d T r * S a v in gs
^ 0 0 102% L a k e V i e w T r * S a v ..
95 100 ELMerchantB’ L ’ n & T r Co
......... M e tro p o lita n T r & S av
75
N o r t h e r n T r u s t C o ___
85
90
N o rth w e s t T r & S a v ...
P e o p le s T r u s t * S a v ..
3
73
LP ulnnan T r u s t & Sav.
70
78
tB o y a l T r u s t C o .............
S to c k m e n ’ s T r * S a v . .
U n io n T r u s t C o .............
W e s te rn T r u s t & S a v .
C h ic a g o bo nd p r ice s.
W S id e T r & S a v B k ..
W o o d la w n T r * S a v B k

100

100

O utstand­
S u rp lu s if
in g
In
Proflts\
S tock t
190 5

IH vid en d R ecord
In
1906

Per
iod

L a st P a id

%

$2 ,000 ,000 $ 1,263,311
8
8
Q -J J ’ly ’ 07, 2
100,000
S34.84H
5
A n . Deo ’0 6 , 6 ,
5
600,000
10
f 140,90b
10
J - J J ’ly ’0 7 , 5
o 3 ,000 ,0 0 0 4.233,317
12
12
Q -J J ’ly ’07, 3,
4,000,000 3,065,021
8
8
Q -J J ’ly ’07, 2
50,000
i 7,47 4
6
6
Q-J J ’ly ’0 7 , 1%
12
3,000,000 4,764,477
12
Q-J J ’ly ’07, 3
2 00 ,000
3 7 ,451
6
6
Q -J J ’ly ’0 7 , 1%
3 56 ,072
600,000
8
8
Q -J J ’ly ’0 7 . 2
i 33,53V) . . . .
200,000
3
Q -J J’ly ’ 0 7 , 1%
500,000
84,215 B eg an busin ess O ct 16, 1905
12
8 ,0 00 ,000 7 ,459,753
12
Q-J J ’ly ’07, 3
10
150,000
155,396
1 0 + 1 0 Q-J J ’ly ’0 7 , 2%
500 ,000
631,541
P r iv ate Ba uk
6
1 ,0 00,000
886 ,4 3 9
6
Q-J J ’ly ’ 07, 2
500 ,000
F -A J ’ly ’ 07, 2%
181 ,898 . . . .
8
1,500,000 1,123,683
10
Q -J J ’ly ’0 7 , 2
200 ,000
107,770
53,623 . . . .
300 ,000
” 3 Q-F Au g '0 7 , 1
Jan. J a u ’ 07, 4%
250 ,000
§81,213 . . . .
6
2,000,000 1,227,1*9
Q-J J ’ly ’07. 2
‘ *6
1,500,000
384 ,392 B e g a n b u s in ess tfeo 5. 1907
1,000,000 1,388,398 h 2 + 3 1 2 + 3 Q -J J ’l y ’0 7 . 3
200 ,000
56,367 B eg an b u sin ess D ec 8, 1906
46,215
6
6
Q-J J ’ly ’0 7 , 1%
50,000
?3 4 ,3 2 5
100,000
6
Q -J J ’ly ’07, 1%
6
69,148
250,000
109 ,531 " h
c5 00,000
1138 Q-J J ’ly ’ 07. 2c
250,000
« 1 4 ,5 8 6 B e g a n bu sin ess J u ly 3, 1908
200.000
4
471,046
Q -J J ’ly ’0 7 . 1 %
5
300,000
488 ,278 O rga n iz e d O ct 12. 190 6
1,000,000 1,123,423
»
Q -J J ’ly ’ 07, 3
S
250 ,000
4155,373 N o n e
435,'JW B eg an M ay 1, 190 5.
200 ,000
453 ,030 N o n e
200 ,000
Q -J J ’ly ’ 07, l*m
6
3,000,000 2,513,137
8
8 Q -J J ’ly ’0 7 , 2
990,953
2,000,000
5%
7
Q -J J’ ly ’0 7 , 1*4
n 500 ,000
n 9 1 ,0 3 6 . . . .
....
Q j" J ’n e ’ 07," i %
6 ,000 ,000 4*12 20313
6
6
50,000
46,198 . . . .
.... ...
....
543 ,506 5 + 5
600,000
10
Q-J J’ly ’0 7 , 2%,
6
200.000
78.34U
Q -J J ’ ly ’0 7 , 1%
6
41,071 O rg a n iz e d A p r 3 1 9 0 f
1.500,000
1
2,000,000 1,219,4-27
1,250,000
3 4 7 ,2 5 6 B e g a n b u s in ess F eb 4. 1907
4 ,5 0 0 0 0 0 7 ,9 8 2 ,2 2 8 12 + 4 1 2 + 4
II A u g ’0 7 , 1
200,000
435,437 . . . .
Q-J J ’ly ’ 07, 1%
200 ,000
Q-J J ’ly ’ 07, 1
28,157 . . .
3,000,000 4 ,462,542
12
12
Q-J J ’ly •07, »
750,000
6
355 ,6 0 1
Q -J J ’ ly '0 7 , 1%
6
1,500,000 41,345,084
8
8
Q -J J ’ly ’ 07, 2
200,000
440.003 O rga n iz e d J ’ly 28, 1906
200 ,000
454 ,9 3 8
185,701 " s
&700,000
8 Q -J J ’ly ’0 7 , 2
453 5,42 9
6
500,000
8
Q -F Aug; ’ 07, 2 v!
200,000
45,300 I n c o r p orate d M arch. 1905
1,000,000 1,031,808
1,000,000
315 ,084 '* 6
6 + 1 Q -J J ’ly ’ 0 7 , 1%
200,000
427,862 B egan bu sin ess Sep 5, 190fr
200,000
Q -J J ’ly ’ 07, 1%
425.743 -----6

.

R D iv id e n d s are paid Q -J, w ith e x t r a p a y m e n ts Q -F. 1j I n c lu d e s s p e cia l d iv id e n d o f 30 % p aid D e c. 18. 1906.
* B i d a n d a sk e d p r ice s ; n o sa les w e r *
m ade on th is day.
t N o priae F rid a y ; la to s t p r ice th is w e e k , a D a e D e c. 31. a D u e J u n o .
c Capital in c re a s e d J a n . 1 .1 9 0 7 fr o m $ 2 5 0 ,0 0 0 , a cash d iv id e n d
o f 30 p er c e n t b e in g d e cla re d and to be taken as p a rt p a y m e n t fo r n e w s to c k ,
b D n eJ u tv .
k. C apital in c re a s e d fro m $30 0 ,0 0 0 , a s to c k d iv id e n d o f 3 3 * .
p. c. b ein g d ecla red in p a rt p a y m e n t th e re fo r.
n C apital and su rp lu s t o b e in cre a se d .
o C a pital in c re a s e d fro m $ 2 ,0 0 0 ,0 0 0 an d $ 2 ,0 0 0 ,0 0 0 a d d ed
su rp lu s,
t A u g . 22 fo r N a tio n a l B a n k s an d A u g . 20 ’07 fo r S tate in s titu tio n s , e x c e p t th o s e d e s ig n a te d b y a (4), w h ic h are o f M a y 20 an d M ay 21, r e s p e c t ­
iv e ly . a; A s o f J u ly 1 , 1907.




BOSTON STOGK EXGHANG-S— Stock: Record, Daily, Weekly and Nearly
SH A R E PRICES— N O T PER C E N T U M PRICES
Saturday
August 24

Monday
August 26

Tuesday
August 27

Wednesday
August 28

Thursday
August 29

Friday
August 30

STOCKS
BO STON STOCK
EXCHANGE

Sales
o1 the
Week
Shares

Range 1or Previous Year

Range 1or Year

(1906)

1007

Lowest

Highest

RaiJroads
831- A u g 2 0 107i2 J a n 7
226
87
87 A t c h T o p & S an ta F e . 100
86I2 861^
851- 8512 *8683 865s
831- 83’ 8
84% 8434
89 A u g 13 1 0 J a n 8
D o p r e f------------------ 100
Last Salt 89U A ug’ 07
*90i2 91i2 *901- 9U 2 *89l2 901- *8912 9 0 1 42 213 J ’ly 9 240 F e b 7
216 B o s to n & A lb a n y ____ 100
220 220 *217 220 1216
215 215
215 215
*215 220
260 129 A u g24 152 J a n 2
130 B o s to n E le v a t e d --------- 100
130 130
130 130 * ____
130 130
129 130
129 129
100
35 200 J ’ne 19 231 J a n 7
____ . . . . * ____213
208
208 B o s to n & L o w e ll___
* ____ 213 *
213 * ____ 213
70 152 M ch 14 170 M ay 8
156
156 B o s to n & M a i n e ___ _ 100
* ____ 158
156 156
155 156
156 156
156 156
16 158 M ay 4 165 J a n 3
____
____
. . . . ____ ____
____
D o pre'f------------------- 100
160 160
1294*2 J ’n e 21 301 F e b 25
A ug’07 B o s to n & P r o v ld e n c e . 100
Last Sale 297
297 * ____ 297
*1111 297 * ____ 297 *
8 J ’ly 1
15 F e b 16
’ I60
*12
14 B o s to n S u b u rb a n E l C o s .
*1 0
11
12
*12
14
12
50 A u g 8
65 J a n 15
D o n r e f___ - _______
AUK’ 07
Last Sale 50
2834 Jan 2
19U A u g 15
*20 201 - 20*8 2014 203S 2012 20U 2034 2012 20i2 1912 191- B o s to n & W o r K lee C os__ 1,156 68
J ’ ly 22
80 J a n 23
D o p r e f ____
___
Aug’07
*_
*
«. 68
Last Salt 70
G8 * - .
68 * ____
5( 135 A u g 2 6 160 J a n 17
135 C h ic Ju n e R y & U S Y . 100
130
135 135 *134 135 *134 135 *134 135 *134
*120
110 A p r 8 120 J a n 2
D o p r e f.
_ . 100
Last Sale 110 A ug’07
1841.1 A p r 25 188 F e b 13
Last Sale 18414 Apr’07 Con & M o n t Class 4 . , 100
152 J ’ly 17 156 M ch 11
Last Sale 152 Juiy-07 C on n & Pass R l v p r e f . 100
250 A u g 12 280 Jan 8
Last Sale 250 AUg’ 07 C o n n e c tic u t R iv e r ___ 100
"126 120 J ’n e 15 135 J a n 9
124
124 F itc h b u r g p r e f _ . ___ 100
124 124
*123
12312 123’lr 123U 1231- *12312
10 b75 J ’ne 1 114 M ch22
* ____
G a R y & E le c t r ic ____ 100
80'
78
78
-8 0
80 ’ *75
*80
88 M ch 7
82 M ay29
D o p r e f- __________ 100
Last Sale 83
Aug’07
*81
83
*80
83 " *8212 8 3 " *821- 83
190 A u g 17 198 Jan 11
100
Last Sale 190 Aug’ 07 M aine C e n tr a l.
201- Jan 9
12 A u g 12
14
141- M ass E le c tr ic C os____ 100 1,025
13
*13
____
13
1212 13
12l2 121- *1212
50 A u g 23
71l2 J a n 9
246
D o p r e f.
___ __ 100
50
*50
51
5U *,____ 50 *
50
50
50
50 "
2534 J a n 2
193j M ch 9
.
Last Sale 1934 Mch'07 M e x ica n C e n tra l_____ 100
*171- 181*171- 1812 *171- 18l2 *18
*673 158 A u g 26 19012 J a n 2
1581- N Y N H & H a r tfo r d . 100
15812 15812 158 1581- 15812 15812 158
158l2 15912 158 159
152 M ay23 160 J a n 8
100
___
Last Sale 152 M ay’07 N o rth e rn N H
222 A p r 23 226 F e b 2
A pr’07 N o rw ich & W o r p r e f . 100
Last Sale 222
” 32 185 A u g 21 20014 J a n 7
1S7 O ld C o l o n y ______. ? . 100
187 187 *1S6
186 186 *186
187- *185 187
187
52 J a n 16
5 J ’ly 31
Last Sale 8
Aug’ 07 P ere M a r q u e t t e ______ 100
*814
29 A u g 28
57 J a n 18
"5 (
D o p r e f ._
______ 100
*29
30
30
*30
*30
33
....
3 3 " ~29~ "2 9 " *29
26 J ’ ne 5
45 J a n 24
Aug’ 07 R u tla n d p r e f ------------- 100
*30
Last Sale 30
*30
35
*30
33
A
u
g
7
J an 21
82
94
____
100
*
*
Seattle
E
le
c
t
r
ic
_______
*
____
82
A
u
g’07
Last
Sale
82
82
80
*82
'
*1111
93 A u g 20 103 J a n 7
100
Aug 07
D o pref . *94
Last Sale 95
*94
95
95
*94
*93
95
12634 12S3s U n ion P a cific _______ 100
~876 1221.4 A u g 14 1821- J a n 7
124 1245s 125U 12614 12634 12712 127U 128
12312 124
93 J a n 15
813s A u g 20
D o p r e f ____ _______ 100
Last Sale 813s Aug’ 07
* 8 U - 8212 *8134 821- *81i2 8212 *8112 82i2
1501* J ’ ly 22 170 J a n 30
Last Sale 150is July ’ 07 V e r m o n t & M ass______ 100
95 J a n 25
84 J n e 19
______ 50
"8 1
851” WTest E n d St
851- 8512 * ____
86
8512 8512 8512
85
85
*85
99 J ’n e 28 110 M ch 4
D o p r e f____________ 50
31
*100 101 *101
___
101 101 *100
.
*1 0 0
101 " *100
1 140 A u g 28 147 J a n 15
W o r e N ash & R o c h . . 100
140 140
M iscella n eou s
26 Jan 8
5C
15 J ’ne 5
18
18 A m e r A g rlc u l C h e m .. 100
*171- 18
18
18 * ____
18 * ____
*16
95 F e b 7
78 J ’ne 10
543
D o p r e f- . _______ 100
82
82
82
83
82_ 83*"
82
8 II4 8II4
SO
8012 * - . 143. Jan 8
41,
A
u
g
26
50
413
A
m
e
r
P
n
eu
S
e
r
v
ic
e
.
_
5
5
5
5
478
5
5
4I0
5
415
4I4
33 Jan 8
11 A u g 17
25f
D o p r e f____________ 50
1134 12
111H34
III4 H I4
*11
111?
12
III4 1112
*11
113 A m e r Su g ar R e fin ____ 100 1,50( 109 A u g 15 137U F e b 11
114 I I 4I4 Z112
11212 11314 11312 114
1121S 113
1121- 113
21( 118 A u g 13 13134 J a n 16
D o p r e f____________ 100
118
118
119 120
119 119 *119 120U 119 1201g 119->S 120
107
107U A m e r T e le p & T e le g . _ 100 1.154 1033. A u g 12 134l2 J a n 2
1061- 1071- 107 107
106 107
105 10534 105 106
22 A u g 14
36i2 J a n 7
100
A
m
e
rica
n
W
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le
n
____
Last
Sale
2214
Aug’07
*2134
2214
*
2212
2312
2212
*21
22
* 2112
85 A u g 13 102i2 J a n 8
D o p r e f.
________ 100
’ 437
8634 87
8634 87
87
87186
86
8618612 8612 8614 J a n 15
3 M c h 28
....
___ 10
* 31May 07 B o s to n L a n d - .
Last Sale 312
4
*314
4
*314
*31102 A u g 12 115 J a n 10
C u m b erl T e le p & T e l. 100
10212
10212 102 102 *1 0 2
*102
10212
10212 **102
1634 MCH26
25 F e b 19
____
Last Sale 2 2 *"" Aug"07 D o m in io n Ir o n & S t . .
25
25 * ____
*2334 24
61* A u g 13
914 J a n 3
67s
Aug 07 E ast B o s to n L a n d ----Last Sale 6ls
7 * ____
612 * ____
*61678 * ____
*171 200 A p r 12 230 J a n 7
206 E d iso n E le c I liu m ------- 100
* . . . 207 * ____ 2061- 2O6I4 20612 20612 20612 * ____ 2061- 206
at? 120U A u g 26 162 Jan 24
125 126
12512 12614 G eneral E le c t r ic _____ 100
125 125
122 12314 120U 1221a 124 124
497° A u g 26
665s J a n 16
50
5134 M assach u setts G as CoslOO 2.88 r
50l8 50l8
5012 501501S 5015OI4 5034 49'8 51
8612 A p r 20
80 M c h 26
D o p r e f ___ __ _____ 100
48/
80
80
80
80
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80
80
80
80
80
80
80
33 199 J a n 2 215 M ch 1
206 M ergen th aler L in o ___ 100
205 205 *20512 20712 206
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205 205
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434 J a n 19
2
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____
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____
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3
70
70 * ____
* ____
70 * ____
68
68 * ____
70
90 J a n 12
100
84 May2<!
D o p r e f. ..
Aug" 07
Last Sale 87
85
* ____
85 * ____ 85 * . .
87 *
“ 3C 108 A u g 6 126 J a n 7
108
108 N E T e le p h o n e _______ 100
108 108 * ____ 108 *107 108 *107 108
*108 109
161 153 A u g 2 0 182 J a n 7
155
158 P u llm a n C o ___________ 100
156 158
158 158
157 157 *157 158
157 157
*914 A p r 5
10
11 J a n 10
Aug’07 R e e c e B u tt o n -H o le *934 10
Last Sale 984
*934 10
*934 10
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1011, A u g 20 113 J an 16
100
S
w
ift
&
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____________
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* 10212 10314 102U 10234 103
221" J an 12
20 ” n e 13
1
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20 T o r r in g to n Class A ___ 25
21
*20
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* ____
21
21 * ____
247g M a y 8
271- J ly 26
D o p r e f ____________ 25
4
____
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251- 251li4 A u g 2
67g J a n 24
A ug’07 U n io n C o p L ’ d & M ’g . 25
2
Last Sale 112
2 “ * ____
2 * ____ ” 2” * . . .
*484 10334 M ch i i 113 A p r 25
10712 10834 1081- 1087S 10S34 109 U n ite d F r u it_________ 100
107U 10734 10714 IO8I4 108 108
A
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Jan 2
40
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41
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29 J a n 4
25
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26
26
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26
26
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26
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503s J a n 7
100
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______
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orp
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s
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91 A u g 15 10734 Jan 7
D o p r e f____________ 100
065
94I4 95
94
9414
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9 J a n 12
5 M ch 25
W e s t T e le p & T e l e g . . 100
25
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512
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82 J a n 17
61 A u g 28
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Jan 18
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69
69
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80 F e b 28
76 M ay 6
D o p re f—
50
Last Sale 76
M ay’07
1
M in in g
612 F e b 20
2 J ’ ne. 5
234 A d v e n tu r e C o n _______ 25' 1.400
234
212 l2 *2l2
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234
3 1 234
rf 3
2^8
741. Jan 14
32 A u g 15
305
*33
35 A llo u e z ________________ 25
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35
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35
34
34
35
35
36
35
Jan 5
A
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32.51S
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29 A u g 13
53 Jan 22
26Q
29
2914 A m Z in c L e a d & S m ._ 25
30
2914 29I4 29
2914
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30
j 2914 2914 *29
25
4334 A u g 16
75 F e b 16
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46
4614 A n a c o n d a ________
4638 461?
4534 4534
46
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25
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412 J ’ne 4
5
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2812 M ay 6
565
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25
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11- A sh B e d ........................... 25
22 F e b 28
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14 ‘ A t la n t i c _____________
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18 A u g 15
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20
2014 B o sto n C o n C & G (rets) £1 1,790
1834 2OI4
2012 2012
181s 183S
39i8 J a n 7
171- A u g 15
197g 20i8 X1914
20 B u tte C o a litio n _______ 15 5,582
1958 2018
19
20
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198
A
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86 714
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714 C a lu m et & H e c la —
715 720
714 715
715 715
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47 F e b 18
789
19~8 A u g 15
22U
2214 C en ten n ia l------------------- 25
22
22
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f 2012 211 J
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5734 A u g 20 105 J a n 14
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20
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ly
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Aug’07 D o m in io n C oal . . . . 100
Last Sale 50
98 A u g 23 114 J a n 12
D o p r e f___________ 100
'
Aug’07
iMst Sale 98
4ig J a n 10
12
1U
A
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134
134 *114
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11
1012 101\ 11
260
99 A u g 24 151 F e b 8
100 100
100
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9934 100
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1214 1212
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1214
t 12
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514 J a n 11
234 A u g 16
____
Aug’07 G u a n a ju a to C o n s o l. . . _5
*234
Last Sale 234
*234
f- *234
3612 j a n 14
25 2,980
131s A u g 15
15i2 1534
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151- 1512
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25
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10
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9
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6958
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681- 68167
68
67I4 681134 J a n 18
____
Aug’07 M on tan a C on sol C & C 10
3l2 M ay 7
Last Sale 2
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; *2
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15
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____
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15 7.124
6412
6612 N o rth B u tt e ________
6434 6516434 66
66
65
64163
621- 63121; J a n 4
25
1 M ch 14
A u g’07 O ld C o lo n y ----------------*
Last Sale 1
II4
1!4 *
1I4 * . . .
U4 * __
63 F e b 14
25 8,793
271.1 A u g 15
2912
303g O ld D o m i n i o n ____ __
29-% 297g
28U 2934 291- 3014 2934 3012 291- 30
968 100 A u g 15' 181 F e b 21
106
108 O s c e o la _______________ 25
106 107
107 107
105 106
105 105
106 106
1434
1434 P a rro t (S ilve r & C op p) 10
460
12i2 A u g 15 1 35 Jan 14
14i8 1434
1434 1434
1412 1412
1414 14U
*15
1 Jan 51 '3 Jan 26
A u g’07 P h o e n ix C o n so lid a te d 25
*
Last Sale 1
1
1 *
1 *
* 1 ” * ___
25 3.070
87 A u g 28 148 F e b 6
S9
90 Q u in cy
_____ ______
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93
94
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A u g 15! el23j J a n 15
25
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2123^
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10 4.54C
12U A u g 15
14I3
141- S h a n n o n _____________
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1314 131133s 1334
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20
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25
74
92
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I 7I4 T r in ity - - - - - - ...........
16
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16
16
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245
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54
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M
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15
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f___________
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67
79~8
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82
82
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____
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85
79
83, A u g 20! 1314 Jan 22
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9
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9
9
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70 j an 2
50 1,538
3S3t 3834 39
39
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3834 39
39
3834 3834 3834 383,i
38 A u g 12
49 J a n 7
D o p r e f____________ 50 1,562
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39r’s
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391391- 3913914 3914
39U 391351, A u g 17 j 79 Jan 14
4234 4312 43
4334
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6
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25
____
Last Sale l.oeu J’ly 07 W a s h in g t o n __________
A u g 9' 14 “ Jan 23
57.'
25
5
5 W i n o n a ______________
51514
514
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512
51- ""512
F e b 11
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142
25
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142
143
145
142 144
145 145
142 142
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3SS J a n 22
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325 .90 A u g 14 1
1 *.75
1
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1 *.75
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1
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68

*102

_

_

.

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

c Before pay’ t ot assess’ ts called in 1907.




* Til-1 and asked prices,

cl New stock,

e Ass't paid,

h Ex-rights,

a E x-div. and rights.

Lcncest

Highest

86*4 J ly
z977s D e e 1
D ec239
147 A u g
230 D e c
160 Dec164 O ct
2991« D e c
13 N o v
63 Jan
25 Jan
721o Jan
156 O ct
U712 J 'ly
18734 N ov
158 O ct
285 O ct
132 O ct
95 Jan
89 D ec
197 M ch
17 Jan
59i2 J an
215s A u g
190 J ’ly
155 Sep
228 J 'ly
198 D ee
53 Sep
50 Jan
4712 N o v
65 Jan
95 Jan
13912 M ay
91 M a y
170 Sep
92 D e c
107 S ep
150 F e b

110i- Sen
10518 Jan
25714 F e b
160 Jan
2461- A p r
1801- A p r
17512 M ay
3141- A p r
27as F e b
75 F eb
391- A p r
gO A p r
182 Jan
127 Jan
190 M ch
163 A p r
298 A p r
145 Jan
107 A p r
95 Jan
200 D ec
23 J ’n e
75 J ’ne
28U D e c
207U Jan
163 F e b
233i2 M ch
210 Jan
531- O ct
OS O c t
64 Jan
99 O ct
106 F e b
195 Sep
9934 j an
178 A p r
101 J an
1161- A p r
1501- F e b

21 J ’ ly
90 D ec
1012 D ec
26 A u g
128 M ay
130 D ec
128 J ’ly
28 N o v
10034 D ec
334 Jan
115 J ’ly
21"4 IMOV
5% j a n
225 D ec
157 D ec
44 M a y
8412 D ec
190 M ch
3 J an
27 M ch
80 M ch
126 D ec
180 D ec
913 Jan
10134 J ne
221.1 D ec
25 J 'ly
2 J ’ne
103M M ay
*601- D ec
28is D ec
3234 j iy
99 J n e
8 N ov
79 imov?
733, O c t
75 INOV

34 J an
102 Jan
29 M ch
46 A p r
156?8 J a a
141 Jan
14478 Jan
4734 J an
11034 F e b
412 J ne
11834 M ch
34 A p r
10 A u g
250 Jan
184 O c t
6434 J ne
90 s e p
210 D e c
534 s e p
60 i\OV
9011 N o v
1411- A p r
2681- N o v
11 D ec
120 Sep
23 F eb
271- INOV
5ig D e c
H334 M ay
86<8 r e D
325s J ’ly
501S O c t
1131S F e b
1712 J a n
9812 Jan
86 F e b
98 Jan

412 D e c
3112 J 'ly
921- J 'ly
«5g AUg
57i2 M ay
2is J

812 O ct
5514 D ec
118 F e b
<Z45 D e c
74 F e b
1514 N o v
- -- J ’ ne ' “ 214' D ec
134 j iy
.90 S e p
1034 Mayi 281.1 j a u

__

25 J ’ ly
.45 M ay
205s
25 u iy
107 J 'ly
675 M a y
i7 i2 f *y
.35 u e c
6634 >» iy
14 m en
e i i - O ct
113 N o v
1>2 J 'ly
1412 M ay
131 D ec

497S F eb
.90 O ct
353s O ct
42 O c t
184 D ec
900 D ec
40ls D ec
.70 Jan
861- Jan
211- N o v
84 F eb
122 M ch
312 D ec
26I4
140

412 Jan
J ’ly

718 Jan
293s Jan

61.40 J ne
13 N o v
103j J 'n e
5412 Mch
l^ D ec
11 Jan
7434 Mch
.70 J ’ ly
33 J ’ ly
93 M ch
223 J 'ly
.60 M ay
80 J 'ly
31 J 'ly
i i s j *y
534
90 J ne
734 J ne
57I4 M ai
88 .ian
91.1 ? e P
51 Men
43 M ch
S2i4 £ ne
578 No\
.00 Jan
4 J ’ ly
131 Jan
.70 J ’ ly

12i8 Jan
11- J an
1434 jjci;
221- u c c
85 ' D ec
71- F e b
233s u c t
1171- u c t
2i.<t D ec
6634 O ct
151 D ec
48 Jan
2h D e c
114 Jan
91S D ec
53s N o v
187g N o v
122 Jan
201« D e c
78 F e b
111 F eb
143* M ch
66 J an
477S S ep
6 !*3 J an
9U M ch
21 D ec
1M; O ct
190 D e c
2* D e c

151__
--—
J iy

6 Ex-stock dividend

5 id

Boston Bond Record.

A U G . 3 1 1907.|
Ht J M »
B O ST O N ST O C K K X O H ’ t t t
W eek En din g A u g u st 30

I T ice
F r id a y
A u g u s t 30

Bui
A s*
A m B ell T e le p h o n e 4 s ___ 1908 J - J
97 7b Sal*
A m T e le p ifc T e l co ll tr 4s. 1929 J - J
80 Sale
A m W n t P a p e r 1st s 15s g 1919 J - J
A tc h de N e b ra s k a I s t 7 s . . l 9 0 8 M-S
A ten T o p <fc S F e g e n g 4 s . . 1996 A-O
A d ju s t m e n t g 4 » ___ J ’ ly 1995 N ov
S t a m p e d .................J ’ly 1996 M-N
B o sto n E le c t L ig h t l s U j s . 1908 M-S
O olisol 5 s ............................ 1924 M-S
B oston <fc l<owell 4 s ............1916 J - J
B oston ofc M ain e 4 Ha*..........1944 J -J
B oston T erm in a l ls t3 H a s .l9 4 7 F-A
„
Bur «fc M o K iv e x 6s ........... 1 9 1 8 j J . j
.N on-exem pt Os.................1918 J . J
S iu k m g lu n d 4 8 ............... 1910 J -J
B u tte at B oston 1st Os___ 1917 A-O
Ceilar R ap <k M o K 1st 7 s. 1910 M-N
2(1 7 s ..................................... 1909 J-I>
C en t V e rm l 1st g 4 s ..M a y l 9 2 0 Q -F
C B <fc
Iow a D iv 1st 6 8 .1 9 1 9 A-O
Io w a D iv 1st 4 s ............... 1919 A -O
D eb en tu re 5 s .....................1913 M-N
D en v er E x te u 4 s .............1922 F-A
N e'braska K x te n 4 s ........1927 M-N
B <fc 8 W s t 4 s ...................1921 M-S
Illin o is D iv 3 Has............... 1949 J - J
J o in t bonus See « t N o rth e rn
C liic j o Ky & Stk Y d s 6s .1 9 1 5 J-J
C oll tru s t re lu m lin g g 481940 A-O
Ch M ll <te St 1' D u b 1J 6s .. 1920 J - J
Ch M & St P W is V d iv 0 s l9 2 0 J . J
C h ic <fc N o M ien 1 st g n 5 s .1931 M-N
C h ic <fe W M ich ge n 5 s ___ 1921 J -D
C o n cord <fc M o n t c o n s 4 S ..1 9 2 0 J-D
C on n ifc l'a s s K 1st g 4 s . ..1 9 4 3 A-O
C u rren t R iv e r 1st 5 s ..........1927 A -O
D e t O r K ap & W 1st 4 s . . .1 9 4 6 A-O
D om in ion Coal 1st s I 5 s . .1 9 4 0 M-N
F itc h b u r g 6s .........................190 8 M-N
4 s .......................................... 1915 M-S
4 s .......................................... 1927 M-S
F r e m t E lk & M o V 1 s t 6 s ..1 9 3 3 A-O
U n stam p ea 1st 6s ........... 1933 A -O
at. N o i O B & Q c o ll tr 4s 1921 J - J 1J91 *d Sale
R e g is te r e d 4 s ___________ 1921 Q-J
90 Hi.........

Weokfs
R an ge or
Last Sate
Loir
H in h
H73.*
97
7!»7(,
80*6
irt*2 J ’ n e ’07
104 M ar’ 06
94 a4
94
H S 7 \ M »y ’ 07
853g J ’ n e ’07

<

Rant/e
Nince
J a n u ary 1

s|

BON D>*
BOSTON STOCK E X O H ’ G E
W kkk E nding A c « u st 30

Low H ig h
96*4 9 m3*
7H
90*4
1182 H83

Illin o is S teel d e b e n 5 s ___ 1910 J -J
N o n -c o n v e rt deben 5 s . ..1 9 1 3 A-O
l a Falls<fcSioux C i s t 7 s .. 1917 A -O
K an C C lm & S p r 1 st 5 s . .. l 9 2 . ‘> A-O
1 9 4->4 n o i 3? K an C F t S & G u ll 1st 7 s . . 1908 J-D
K an C F t S c o tt & M 6s ___ 1928 M-N
1I8T»8 92
8 5 ^ 9 I 34 Kan C M & B gen 4 s ........... 1934 M-S
A s s e n te d in c o m e 5 s ........1934 M-S
K an C & M B y & B r 1st 5 s l9 2 9 A-O
M ain e C en t c o n s 1st 7 s . ..1 9 1 2 A-O
C on s 1st 4 s ........................ 1912 A-O
M aro H o u g h & O n t 1st 6 s .1925 A-O
I0 5 3i 107*8 M e x ica n C en tral c o n s 4 s . .1911 J - J
l s t c o n s i n c 3 s ........... Jan 1939 J ’ ly
2d c o n s m e 3 s ........... J an 1939
M ich T e l e p l s t 5 s .................1917 i'.%
M in n e G en E le c c o n g 5s 1929 j - j
N e w E n g Cot Y arn 5 s ___ 1929 F-A
N e w E n g T e le p h 6s ........... 1908 A-O
83
90
5 s .......................................... 1915 A-O
5 s ............................................1916 A-O
98®g 100*->
moo‘8 moo1* N e w E n g la n d c o n s g 5 s . . . 1945 J -J
B oston T e r m 1st 4 s ........1939 A-O
9 7 7s 9 9 3»
N Y N H & H c o n d eb 3 *2s l 9 5 f> J -J
97 Hi 97 Hi o l d C o lo n y gold 4 s ............. 1924 F-A
9 0 ^ 91 Hi O reg B y dc N a v con g 4 s . . l 9 4 6 J -D
O re g Sh L in e 1st g 6s ........1922 F-A
100 102 Hi R e p u b V a lle y 1st s f 6 s ...1 9 1 9 J - J
R u tlan d 1st co n ge n 4 His. 1941 J - J
94, Hi 95
R u tlan d -C an adian 1st 4 s l9 4 9 J -J
Savannah K lee 1st c o n s 5s. 1952 J -J
Seattle E le c 1st g 5 s ..........1930 F-A
97 Hi 100
T e r r e H a u te E le c s 5 s ___ 1929 J-J
lOOHi 102
T o r r in g to n 1st g 5 s ........... 1918 M-S
99
99
U n io n P a c R R < f c l g r g 4 s .l 9 4 7 J - J
1st lien c o n v 4 s .................1911 M-N
U n ited F r u it c o n v g e n 5 s . 1911 M-S
89
90
U S Steel C orp 10-60 y r 5 s. 1963 M-N
93 100
W est E n d S tr e e t K y 4 s ___ 1915 F-A
98
98
G old 4 Has..............................1914 M-S
G ola d e o e n tu r e 4 s ........... 1916 M-N
G old 4 s ................................. 1917 F-A
W e s te rn T e le p h & T e l 5 s . 1932 J -J
14 88*4 97*4 W is c o n s in C en t 1st g e n 4 s l9 4 9 J - J
W is c o n s in V a lle y 1st 7 s ..1 9 0 9 J -J
9 0 7s 96
i6
ue

....
...

110 F e b ’ 04
101 S e p ’ 06
114 M a r’ 06
112 Jan ’ 03
li»534 J ’l y ’ 07
102 Sep ’ 05
99®8 O ct ’06
100 J ’ n e ’01
123 ‘4 N o v ’ 06
I l l ’ s J ’i y ’05
83
83
109 M ay’ 05
9 9 34 J ’n e ’07
m OO^May’O?
9 7 78 J’ ne’07
102 V J ’ n e’ 06
97*2 M ay’ 07
90 M ay’07
101
101
95 F e b ’ 07
122 A p r ’ 06
120 F e b ’05
97*2 J ’ l y ’ 07
100 .J’ ly ’ 07
99 M a r’ 07
112*4 Jan ’ 03
104 N o v ’ 06
89 M a r’07
93
A.ug’ 07
98 A p r ’07
103 *8 A p i ’ 06
100 M ay’ 07
13434 N o v ’ 06
140 A]>r’ 05
89
U9LH>
92 A u g ’ 07

N otk — Bu y e r pays a ccru e d in te re s t in a d d itio n to the p u rch a se p r ice fo r all B oston B onds.

WetK’ s
R an ge or
Last S a le

R n ce
F r id a y
A u g u st SO

Range
Since
January 1

Bin.
ASK Low
H igh
......... 98 Hi J ’l y ’ 07
97
97 Hi
97 H>
97 \ 99
122*4 N o v ’ 0<'
98 M ay’ 07
100 H; Salt 100 Hi 10 0 's
114 ......... 115
115
9 4 Hi D e c ’ 06
89 A u g '0 7
9.1 M ay’07
113*8 N o v ’06
101*4 Sep ’ 05
118 M h> ’ 04
78*2 78 A u g ’ 07
26 Hi n c t ’ Or
1734 A u g ’ 06
96

97

Loin M iy h
9 8 Hi 98H»
97 100*4
9 8 " 9 8 *<
100*8 100 >2
114 120
>•9
99

78

102 Hi A n g ’ 04
9 4 Hi A u g '0 7
100 M a r’ 07
100 *« J a n ’ 07

85 *a

94 Hi 100 •«
99*2 100
100 *sl00*#

Hi A u g ’ 07
101 Hi Sep ’06
1il0278 Jan ’05
n ‘21 *8 M ar’ 06
102 A u g ’ 07
107 H2 N o v ’ 05
102 M a i’02
98*2 M ay’06
100 1 0 1 H, 100 Hi A u g ’ O i
97 A p r ’ 07
99 *2 N o v ’ 06
99*8 J ’l y ’ 07
1150*6 A p r ’ 06
110*2 A u g '0 7
108 Hi 110
Ul)278 A u g ’ 07
100 Hi J a n ’ 07
1 0134 A p r ’ 07
1023g J an '06
99 >2 M ay’ 07
86
67
86
86
H94Hi S e p ’ 05
109 «8 A u g ’ 05

" N o p r ice F r id a y ; la te s t bid an d ask ed.

92
101

96 Hi 10634

102" ios"
100
97

105
97

106

jio a

107” i l 2 34
119 2 7s 1199’*
100*2 100 *«
1 0 13* 102
99 *i i00*J
86
99

D F la t price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
S h a r e I’ r ic e n — Piot P e r C e n tu m P r i c e s
tla tw iim i
A u g u s t2 i

M onday
A u g u st 26

*10^
ll^
*47
80
*9

l l 3* !* .........
49
30V,
9>*

......... ..20
•5s* 6
8OH1 8OH1
66*4 56*4
58
6 8 °e
38Hj 39
7 34
1 6 ’4
44
*38*2..39 Hi
* 3 6 Hi..37Hi
63 Hi..53**
84 34..8 4 34
......... ..27

48
30
*9

13
1134
48
30
9H»

0 Hi
6 H»
gO3!, 8038
65
06*4
57 »ie
38Hi
7 ’«
15*2
43 78
■*38Hi
*36 Hi
53^
84*2

58*8
38Hi
7 'l
15*2
45 »»
39 Hi
37 Hi
53*a
84 Hi

T u esd a y
A u gu st 2 ?

87 Ha 88 Hi
* ll* a
* 23H i.........
•11*4 l l 3.

.....

‘ 47
48
30*4 30=8
9
9
6 H)
80
56*4
1
58 Hi
*38
7*3,6
15*2
44*5ig
*38*2
*364
53Ha
85

W ednesday
A u gu st 28

......... .. 8 8 H1
*12*2 15
*24
30
11*2 11*2

i n a c t i v e S to c k s !
A lle g h e n y V a l p r e f ___ 50
A m e r ic a n C em e n t........50
37
A m e r P ip e M fg ......... 100
B e ll T e le p h o n e ............. 50
60
44
C am bria I r o n ................. 50
C en tral C oal & C o k e . 100
C on sol T r a c o f N J . .. 1 0 0
67*4
D iam on d S ta te S t e e l.. 10
P r e f e r r e d .....................10
E a ston C on E le c tr ic O.bO
45
46
K lee S tora g e B a tt___ 100
P r e f e r r e d ................... 100
F t W a y n e & W V ........100
G erm a n tow n P a ss ........60
In d ia n a p olis S t ........... 100
In d ia n a u n io n T r ___ 100
In s u r a n c e Co o f N A . . 10
19*2
I n t e r Sm P o w & C h em .50
K e y s to n e T e le p h o n e ..5 0
P r e f e r r e d .....................50
K ey sto n e W a tc h Case. 100
L it B r o t h e r s ...................10
15
L it t le S c h u y lk ill........... 50
M in e h ill & S c h u y l H .. 5 0
69"
N H a v e n I r o n & S t e e l.5
N 01 t h e m C e n tr a l......... 50
N o r t h P e n n s y lv a n ia ..50
P e n n s y lv a n ia S a lt........50
P e n n s y lv a n ia S t e e l.. 100
P r e f e r r e d ...................100
99 S 100*2
P h ila C o (P itt s ) p r e f .. . 50
P h il G erm an & N o r r i s .50 151
90
P h ila T r a c t io n ...............50
R a ilw a y s G e n e r a l........10
S u s q u e li Iron <fc S te e l. . 6
T id e w a te r S te e l........... 10
P r e f e r r e d .................... 10
T on op a h M in in g o f N e v l
10^
U n io n T r o f I n d ......... 100
U n ited N J l i l t & C .. 100 240"
|Unit T r a c P itts p r e f .. 60
W a r w ic k I r o n * S t e e l.10
7
7 7b
W e s t Jersey & s e a s h .5 0
52
62Hi
W e s tm o r e la n d C o a l....5 o
W ilk e s (4ss
K i e c . .i o o

88*4
17
32
11 Ha

48
31
9*8

68 7»
38Hi
?1618
4-I91b
41
37Hi
54
8 5 34

58®b
•38
7 13!#
16
4 0 618
•40
•37-*4
54
86

69 *t
713le
16
4 6 7«
41
38
64*4
8 6 3o
27

S T O C Iv S

Sales
or t/u
W eek
Shares

t Y id a y
A u g u s t 30

CFor B on d s a n d In a c tiv e
S tocks see b elo w )

80
88
•87
•12
15
30
•23
* 11*2 12

B a lt i m o r e
Con. G as E l. L. & P o w .1 0 0
D o p r e l.....................100
N o rth e rn C e n t r a l.......... 60
Seab oard ( n e w ) ............... 100
D o 2d p r e f............. 100
U nited B y <fc E l e c t r ic .. 50

48
31
9
•3
•18
•634
81
58
* 78
5813ia
39
7^16
15*2
46*4
41
38
54*4
86
•25

P h & R e a d 2d 5s ’ 3 3 . A -O
C o n M 7s 1 9 1 1 ........J -D
C on M 6s g 1 9 1 1 .. .. J-D
E x I m 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 c o l tr 4s ’ 2 1 .J-J
P o r tla n d R y 1st 5s 1930.
K och R y & L c o n 5 s ’ 54J-J
U T r a c I n d g e n 5 s ’ 19. J-J
U n R y s T r c t fs 4 s ’ 4 9 j& J
U n ite d R y s I n v 1st c o ll tr
s f o s 1 9 2 6 .................M -N
U T r a c P it g e n 5s ’97 J-J
W e ls b a c h s f 5s 1 9 3 0 . J-D
W lk s -B G & E c o n 5 s ’55J-J
B A L T IM O R E
I n a c t iv e .S to ck s
A la C on s C oai& I r o n .1 0 0
P r e f ..............................100
A t l a n t a * C h a r lo tte .. 100
A tia n C oa st L in e R R . 100
A tla n C oast L (C o n n ) 100
C anton C o .....................100
C on s C o t D u ck C o r p . . . 50
P r e f e r r e d .................... 50
G e o rg ia S ou & F l a . .. 100
1st p r e f ...................... 100
2d p r e f ........................ 100
G -B -S B r e w in g ............100

1] E x -r ig liu .

114
107Hi
102

ibT
’

94'

94*2

108

94

ioi*

'3 0 0

JJig hest
33 Hi Jan 15 35
8 J M ay 2 9 85
86 M a r l J 97
13 J ’ly t 23*4
28 J ’ne27 48
10 Ha M a r l2 15

R ange lor P r e v io u t
Y ear (1 9 0 6 )
fjow est

H ia hest

J a n 9 35 Ha D ec 41 J ’n «
Jan 10 80 O ct 90 J’ n «
Jan 26 97 J ’ly 1 1 1*4 D e c
Jan 7 2 i D ec 32 Jan
Jan 7 48 D ec 62 Hi Jan
J ’ne27 13 D ec 19 J an

9 4 34
105"
9«r«»

10 1
93*4 94
98Ha 99
67*4 6 7 34
lb'i*4

||$ 7 .5 0 paid,

B on ds
A n a c o s tia & P o t 5 s ...........
A t l & Oil l s t 7 . . .1 9 0 7 J-J
A tla n C L R lt 4 s l9 5 2 M -S
A t l C oast L (C t )c t fs 5s J-D
C tfs o f in d e b t 4 s ___ J-J
5-20 y r 4 s 1 9 2 5 ..........J-J
B a lt C P a s s 1 st 5s ’ 11 M-N
B a lt F u n d g 5 s. 1916 M -N
E x c h a n g e 3Has 1930 J-J
B a l t & P l s t O s m l ’ l l A -O
B a lt T r a c 1 s t 5 s . . ’ 29 M -N
N o B a lt D iv 5s 1942 J-D
C e n t’ l R y c o n 5 s l9 3 2 M -N
E x t * Im p 5 s . 1932 M -S
C has C ity R y 1 st 5 s ’ 23 J-J

t $15 paid,

t $10 paid,

Chas R y G & E l 5 s ’ 99 M -S
108
Cliarl C & A e x t 5 s .’09 J-J
2d 7 s .................1910 A -O
C it y & S u b 1st 6 s . . ’ 22 J-D
C i t y * S u b (W a s ) l s t 5 s ’48
C oal <fe 1 R y 1st 6s ’ 2 0 F -A
C o l& G r n v I s t 6 s .l 9 1 6 J-J
C on sol G as 6s . . . 1910 J -D
5 s ........................ 1939 J-D
G a & A la 1st co n 5s ’ 45 J-J
G a C a r & N l s t 5 s g ’ 29 J-J
63*4 70
G e o rg ia P 1st 6s . . . ’ 22 J-J
G aSo & F la 1 st 5s 1945J-J
”e s "
G -B -S B r e w 3-4s 1951M -S
2d in c o m e 5s 1951 M -N
K u o x v T r a c 1st 5s ’ 2 8 A -0
L a k e R E l 1st g u 5 s ’42M -S
M em p h is S t 1st 5 s ’ 45 J-J
80
M etS t( W a s h )l8 t5 s ’ 2 5 F A
M t V e r C ot D u c k 1st o s .
N p t N & O P l s t 5 s ’38 M-N
82
80
G e n e ra l 6s___ 1941 M -S
225
260
N o rfo lk S t 1st 5 s ’ 4 4 . . J-J
90
85
N o rth C en t 4 Has 1925 A -O
10
9
S eries A 5s 1 9 2 6 ___ J-J
30
26
Series B 5s 1 9 2 6 ___ J-J
20
9^*2 P itt U n T r a c 6s 1997.J-J,
90
P o to V a l 1st 5s 1 9 4 1 ..J-J
70
Sav F l a & W e s t 5 s ’ 34 A-O
Seab oard A L 4s 1950 A -O
Seab <fc R oan 5s 1 9 2 6 . J-J
100
100*2 Sou th B o u n d 1st 5 s ..A -O
U E l L<fcP 1st 4Has’ 29 M -N
” 8 9 ” ” » o " U n Ry<fe E l 1st 4s ’49 M -S
In c o m e 4 s 1 9 4 9 ........J-D
102*2
”80 ”
76
F u n d in g 5s 1 9 3 6 ...J-D
80
75
V irg in ia M id la n d —
1 0 1 34 102
2d se rie s 6s 1 9 1 1 .. . M -S
3d series 6s 1 9 1 6 ..M -S
107*4 109
94*2 9 5 34
4th ser 3-4-58 1 9 2 1 .M -S
100
5th series 5s 1 9 2 6 -M-S
1 0 8 " V a (S tate) 3s n e w ’32.J -J
107
112
110
F u n d d e b t 2-3s 1 99 1. J J
105
W e st N C eon 6s 1914 J-J
W e s V a C & P l s t e g ’ l l J-J
W il <fc W e ld 5 s .. 1 9 3 5 .J-J
100

i £35 paid,

a R e ce ip ts ,

b $25 paid.

51 Jan
39*4 N ov
12 78 N o t
14 J a n
48 J a n
23 34 J an
118 Jan
86 J ’n*
'Albie J a n
73**18 J a n
a54 *2 M ar
9« 16 O ct
231*4 Jan
83 Jan
4715i8 J a n
51 Jau
65 A u g
101 Feb
32 M ar

R id

B A L T IM O R E

P H IL A D E L P H IA

B onds
A1 V a l E e x t 7s 1910 A-O
A l t & L V E le c 4 Has’ 3 3 .F -A
A m R y s c o n v 5 s 1 9 1 1 .J -D
A tl C ity 1st 5s g ’ 1 9 .M -N
B a lls T e r 1st 5s 1 9 2 6 . J-D
Berg<fc E B r w 1st 6s’ 2X J^I
B e th le S teel 6s 1 9 9 8 .Q -F
C h o c * M e 1st 5s 1949 J-J
Ch O k <fcG g e n 5 s ’ 19 J-J
C ol S t R y 1st co n 5s 1932
C on T r a c o f N J 1st 5 s . ’33
E & A 1 st M 5s 1920 M -N
E le c & P e o T r stk t r c t fs
E q II G as-L 1st g 5s 1928
H & B T o p c o n 5s ’ 25 A -O
In d ia n a p o lis R y 4 s . 1933
In t e r s ta te 4s 1943 .. F-A
L e h ig h N a v 4Has ’ 14.Q -J
R R s 4s g ........1 9 1 4 .Q -F
G en M 4His g ,1 9 2 4 .Q -F
L eh V C 1st 5s g ’ 3 3 .. J-J
L eh V ex t 4s 1 st 1 94 8. J -D
2d 7 s 1 9 1 0 .................M -S
C on sol 6s 1 92 3 ........J-D
A n n u ity 6s ............... J-D
G e n c o n s 4s 2 00 3. M -N
L eh V T ra n oon 4s ’3iJ -D
N e w C on G as 5 s 1948 J -D
N e w a r k P a ss c o n 5 s 1930
N Y P h & N o 1st 4s ’ 39 J-J
I n c o m e 4 s 1 9 3 9 ...M -N
N o O h io T r a c c o n 5 s ’ 19.J-J
P e n n g e n 6s r 1 9 1 0 ..V a r
C o n so l 5s r 1 9 1 9 ...V a r
P e n n & M d S teel c o n 6s.
P a & N Y Can 5s ’3 9 .A-O
C on 4s 1 9 3 9 ............. A-O
P e n n S te e l 1st 5s ’ 17 M -N
P e o p le ’ s T r t r ce r ts 4s ’ 43
P Co ls t & c o l tr 5 s ’ 49 M -S
Condfc e o lt r 5s 1951 M -N
P h il E lec g o ld tru st c tfs .
T r u s t c e r tifs 4 s ...............
P <fc E g e n M 5 g ’ 2 0 . A -O
G en M 4s g 1 9 2 0 ..A & O

101

30

M ange lo r y e a r
190?

P h ila d e lp h ia
310 47 HaA u g 2 9 51 Jan 2 50 34 Sep
A m e rica n R a ilw a y s ___ 50
48
3 1 34 C am bria S t e e l ................. 50 3,736 28 *4 A u g 13 47Hi J au 24 30 a4 Jan
350 8 n i 6 A u g t * 1 1 :*6 J a n 14 11 M a\
9*8 E le c t r ic C o o f A m e r ic a 10
5 G en A sp h a lt tr c t l s ___ 100
6 N ov
4 M ay 18
8 J an
D o pret tr c t f s ___ 100
20
19 M ay 21 36 J a n 25 31 D c 285
5 7a A u g 15 16 J a n 8 14Ha N ov
V*, Lake S u p e rio r C o r p .. .. 1 0 0
B en igh C & N a v tr ctfs . 50
81
301 78 M ar 14 U»3 J a n 7 100 D ec
59
L eh igh V a lle y ................. 50 4,323 6 2 34 A u g lo 7 8 7* J a n 5 65 May
35
1 M arsden C o...................... 100
2 *2 J an 7 *716 O ct
* 3 ie J ’l y 2 6
59 ** P e n n s y lv a n ia K K .......... 50 2,665 573ig A u g lS TOUieJan 8; 6 i-js J iy
P lu la d e lp ’a C o (P it t s b ) . 50
101 38 Hi A u g23 48*4Jan 4 47 A p r
39
8 P h iladelph ia E le c t r ic * . 25 2,o85
7 H, M a r 14
9 Apr 4
6 *e D ec
P lula R a p id T r a n s it s . . 50 7,035 15*e M ar27 $ 26 *8 M ay 6 019*4 D e c
16
4 7 34 R e a d in g ............................ 50 6 5 ,-5 5 42^18 A u g 15 6 9 s!. Jan 7 56*4 M » '
D o 1st p r e f............. 50
41
10 40 Ma>24 453a Jan 11 4 3 ^ A p r
D o 2d p i e f ............... 50
30 36 Hi A u g 15 47 J a u 14 44 7g Maj
38
5 1 34 U n ion T r a c t o n ............... 50 1,101 53 M a r l4 603b J ail 22 58*«D e4
87
U n ited G as I m p t............ 50 3,321 80 H, M a rl 4 96 *8 Jau 6 5|81 Hi M aj
W eis b a ch C o ...................100
27
25 May21 30 F e b 18 25 D ec

P U I I /A D E I , P H I A

* B id and a sk ed p r ice s ; n o sales on tlus day.




88*4
* 12 *2
*24
11*2

47*2 48
31
31*4
9
*4
6
*15
19
6*2
6
6*8
6 H1
80
Si
81
80*2
5 8 ”,
5 i\
58

*47
31
*9

6 Hi
80
67
I
5 8 34
5 8 s4
38*2
38*2
71518 7 13ia
16
15*2
45 7g
45®s
39 Hi *40
37 *2
37*2
54
53 Hi
85
8 5 34

P H 1 K A D E I .P H 1 A

A C T IV E

T h u r sd a y
A u g u st 29

A sk

88
100
108
1 0 0 **
101
109
102*2 103
107*4 108
100
102*2
100
103
112*4 113*4
105
106
50
5 0 Ha
2 » 34 21>s
100
103
I K ! 7* 1 11**
106 *4
100
100
107 *4

io'ti"
79

102*2
100
108
108
102 *2
105
105
68*4
100
100
88
8t5
50*2
7 734

79*a

6 8 Ht
102'*
90
86*4
60\
78*4

105
104
104
105
86
90
85
90
105
110
1 0 2 V 103
109Hi 110*2

e $30 paid.

-520

THE CHRONICLE.

Volume oi Business at Stock Exchanges
T B A N S A C T IO X S A T T H E S E W Y O R K STOCK E X C H A N G E
D A IL Y , W E E K L Y A N D Y E A R L Y
Stocks

W eek en d in g
A u g u s t 30
l'J07

Shares

R a ilr o a d <bc
B onds

Vs

Slate
B on d s

B on d s

$ 28 ,091 ,60 0
46,2 4 6 ,9 0 0
34,3 8 0 ,6 0 0
41,8 4 6 ,5 0 0
26,655,1.50
35,645,275

$58 9,00 0
998,000
1.058.000
1.265.000
7-17,500
926 ,500

* 2 3 ,5 0 0
124.500
243 .000
283 .500
135 .000
155.500

2 ,465.444 $ 3 1 2,86 6,0 25

$5,584,000

$ 9 6 5,00 0

3 20 ,816
524,594
399,741
489 ,165
313,744
417,384

S a t u r d a y _______
M o n d a y ...............
T u e s d a y ...............
W e d n e s d a y ..........
T h u r sd a y .............
F r i d a y ..................
T o t a l .................

B a r v a lu e

6 a les a t
JSew Y o r k Stock
E xch a n g e

$1,500

J a n u a r y 1 to A u g u s t 30

W eek en d in g A u g u s t 30

1900

1907

190t>

1907

$1,000
500

144 ,567 ,50 6
S to ck s —JSIo. shares
7,549,755
1 9 6 .5 2 8 ,4 2 8
2,405,444
P a r v a rn e _____ $212,86 6,0 25 $63 9,31 4,3 00 $12,445,594,800 $17,453,800,600
$ 3 6 4,40 0
$10,700
$222,900
$3,2 0 0
B a n k shares, p a r ..
BONDS
$1,4 1 0 ,0 0 0
$5 0 8,30 0
$1,500
$10 5,00 0
G o v e r n m e n t bonds
33,184,600
53,172,050
613,500
965,000
S tate b o n d s . . . . . . . .
4 3 0 ,985 ,30 0
2 5 7 ,897 ,90 0
13,270,500
5,584,000
B E . an d m is. bonds
T o ta l b o n d s ___

$6,550,500

*13,9 8 9 ,0 0 0

*29 1 ,5 9 0 ,8 0 0

* 485 ,567 ,35 0

D A I L Y T R A N S A C T I O N S A T T H IS B O S T O N A N D P H I L A D E L P H I A
EXCHANGES
W eek en d in g
A u gu st 30
xyui

P h il a d e l p h i a

B o sto n
B on d
sales

L isted
sh a res

U nlisted
sh a res

B on d
sales

L isted
sh ares

U nlisted
sh a res

S a t u r d a y ........
M o n d a y .........
T u e s d a y ..........
W ednesday. .
T h u r sd a y ........
F r i d a y ............

12,558
18/222
14,114
19,226
9,901
14,633

9,190
13,356
6,815
11,475
5,005
10,909

* 9 ,0 0 0
45.500
12,0t;0
29.000
14.500
36.000

10,474
18,816
17,413
20,428
12,628
13,420

3,542
4,688
2,949
2,963
2,959
3,079

$6,0 0 0
12,600
13,500
59,200
3 9 ,8 0 0
38,000

T o ta l______

88,654

56,750

$ 1 4 6,00 0

93,179

20,140

* 169 ,100

Outside Securities

A W e ek ly R eview o f O utside M a rk et w il l be round x>n a p r e c e d in g pa g e.
S tr e e t R a ilw a y s

B id

A sk

NEW YORK CITY

22
B le e c k St<fc F u i F stk 100
75
1) 1st m ort 4s 195 0 ..J -J
UB’ y & 7th A v e stk ..1 0 0 200
98
1]2d m o r t 5 s 1914 ... J - J
C on 5s 1943 See S to ck E x ch
B ’ w a y S u r f 1st o s g n 1924 100
U Cent’l C rosst’ n s t k . .1 0 0 220
U ls t M 6s 1922 ...M -N 108
IJ C en P k N & E B s t k . 100 130
1jChr’ t’ r<fc 10th S t stk 100 130
C o life 9th A v e 5s See S to ck EiC li
D ry D E B & B—
f ll s t g old 5s 1 9 3 2 ...J -D 100
fls c r ip___5s
F -A
1 9 1 480
E ig h th A v e n u e s tk ,.1 0 u 300
98
IjS crip 6s 1 9 1 4 ___ F -A
1142U & G r St F ’ y s t k . . 100 300
50
42d S t M & St N A v . . 100
I jl s t m o r t 6s 1910 .M -S 2100
08
1 [2diu com e 6s 1915 J-J
I n t e r -M e t — See S to c k E x ch a’ ge
L e x A v <fc P a v F 5s See St k E x c
M e t r o p o lS tr e e t R y . See S tk E x
N in th A v e n u e s t o c k . 100 120
S econ d A v e n u e stocklO O 125
111st m ort 5s 1909 M -N <100
C on s ol 5s 1 9 4 8 ___ F -A 3104
flS ixth A v e n u e s to c k 100 140
S ou B o u le v 5s 1 9 4 5 ..J-J 4 95
S o F e r 1st 5s 1 9 1 9 ...A -O <100
T h ir d A v e n u e See Stock hxcL'
T a rr y W P <fc M 5s 192S < 95
Y k e r s S tliR 5s 1 9 4 6 A -0 i 92
2Sth <fc 29th Sts 1st 5s ’ 96 < 90
liT w e n iy -T h ’ d St stk 100 300
U nion R y 1 st 5s 1942 F -A i 95
W e s tch e s t 1st 5s ’ 43 J -J i 95

27
80
220
104
list
105
270
115
160
150
list
103
88
350
105
375
70
102
73
lis t
list
lis t
160
130
102
108
170
100
103
list
100
96
95
360
lo o
100

BROOKLYN

A tla n A v e 5s 1 9 0 9 .. A -0
C on 5s g 1 9 3 1 ..........A -0
B B <fc W E 5s 1 9 3 3 ..A - 0
B r o o k ly n C ity s t o c k .. . 10
C on 5s See S to c k E x ch
B k ln C r o s s tn 5s 1 9 0 8 .J-J
B k n H g t s 1 st 5s 1941 A-O
B k ln Q C o < fc S u b iS'eeStk
B k ly n lia p T r a n See Stk
UConey Is. <fe B k ly n ..1 0 0
1st c o n s g 4s 1 9 4 8 ..J-J
B r k C & N 58 193 9.J-J
G r’ pt & L o r im e r S t 1st 6s
K in g s O’. E l—4 s See Stock
N assau E ie c p r e f ....... 100
5s 1 9 4 4 ...................... A - 0
1st 4s 1 9 5 1 ............See St
N W b ’ g & F la t l s t e x 4 %s
S te in w a y 1st 6s 1 9 2 2 .J-J

4 90
4 95
95
130
list
98
90
E x ch
E x ch
100
75
95
102
E x cli
•65
95
k Ext
99
5 95

98
100
......
190
100
lint
list
150
85
105
.........
list
75
105
h list
105

OXHEK CITIES

B u ffalo s t r e e t R y —
1 st c o n s o l 5s 1 9 3 1 ..F -A
D e b 6s 1 9 1 7 .............A .O
C h ica g o C ity R y
See C
C olu m b u s (O ) St R y .-lO O
P r e f e r r e d ........ . . . . . . 1 0 0
C oium R y c o n 5s See Ph
C ros st’ w n l s t 5 s ’ 33.J-D
G ra n d R a p id s R y ___ 100
P r e f e r r e d ...................100
L a k e S t (C h ic) E l
See C
IlL ou isv St 5s 1 9 3 0 ..J & J
L y n n & B os 1st 5s ’ 2 4 .J-D
IJNew O rl R y s & L g t 100
11P referred
100
IfGen M g 4 *28 ’ 35 See
N o rth C h ic S tre e t See C
P u b S erv C orp o f N J1 0 0
T r e tfs 2% to 6% p erp e t
C oll 5s g n otes ’ 09 M -N
N o rth J e rsey S t R y 100
1st 4s 1 9 4 8 ......... M -N
C on s T r a c o f N J . .. 1 0 0
1st 5s 1 9 3 3 ........... J-D
N e w ’ k P as R y 5 s ’ 30J-J
R a p id T ra n St R y .,1 0 0
1st 5s 19 2 1 ............A -O

<104
107
5103
h ica g o list
100
107
lo8S*
ila list
}1 0 0
104
58
60
7 y ^ S3
h icago list
105
3103
102
$100
19*2 20
•JO
62
S tk E x list
h ica go list
»9
90
58
60
J 92 *v 93 %
35
....
as
< H6
66
68
<102
103
<104
106
230
<105

i B u yer p a y s a c c r ’ u in i.




S tr e e t R a ilw a y s
P u b S e r v C orp N J (C o n )
J C H o b & P a t e r s o n lo o
4s g 1 9 4 9 ............. M -N
So J G as E l <fc T r a c 100
G u g 5s 1 9 5 3 ........M -S
N o H u d C o R y 6s’ 14.T-J
5s 1 9 2 8 .....................J-J
E x t os 1 9 2 4 ........M -N
P a t C ity c o n 6s ’ 3 1 . J-D
2d 6 s ___ 1914 o p t A -O
So Side E l (C h ic)
See C
S y ra cu se R a p T r os 1946
T r e n t P <& H 5s 1943J-D
U n ite d R y s o f S t L —
Com v o t tr c t f s ........100
HP r e fe r r e d ................. 100
G en 4s 1 9 3 4 ___ See Stk
U m t R y s S a n F r a n jiieeStk
W a s h R y & E l C o ___ 100
P r e f e r r e d ...................100
4s 1 9 5 1 ...................... J -D
1] W e s t C h ica go S t ___ 100
UCon g 5s 1 9 3 6 ___ M -N

B id

A sk

35
5 61
112
< 96
<100
<100
<100
<112
<100
h ica go
4 9«*s
<100

.........
63
115
98
lOU
115
list
101
101

23 \ 24
62 ** 62ia
E x c h list
E x ch list
35 *2 38
73
75
79 *6 81
28
32
. . . . . . 70

G a s S e c u r i t ie s
NEW YOKK

C en t U n G as 5a g ’27.J& J
Con G as (N Y ) ........ See St
1i M u tu al G a s ............... 100
N e w A m sterd am G as—
1st co n s o l 5s 1 9 4 8 ..J-J
N Ytfe L R G a s 1st 5 s ’ 44J-J
C on sol 5s 1 9 4 5 ..........J-J
N Y & R ic h m o n d G as.10 0
N o r U n 1st 5s 1 9 2 7 .M -N
IJStandard G as co m ..1 0 0
llP r e f e r r e d ........ ^ ...1 0 0
1st 5s 1 93 0............. M -N

< 92
96
k E x c li lis t
»150
160
< 85
< 95
< 91
33
< 90
7180
»100
i 98

90
tUO
94
36
98
102

OTHEB CITIES

90
A m e r L ig h t & T r a c t . 100
83
P r e f e r r e d ...................100
%
B a y S tate G a s ............... 50
B in g h a m to n G as 5s 1938 < 90
B r o o k ly n U n io n G as deb
6s 1909 c o n v ’ 0 7 . . . M -S 100
5
B u ffalo C ity G as stocklO O
1st 5s 1947 See S to c k E x c h
C on G as o f N J 5s ’36 J -J < 89
C o n su m e rs’ L H <fe P o w —
5s 1 9 3 8 ........................ J-D <100
E liz a b e th G a s L t C o .. 100 275
E sse x & H u d son G as 100 112
37
F o r t W a y n e 6s 1 9 2 5 ..J-J
53
G as & El B e rg e n C o .. 100
1jGr R a p G i s t 5 s ’ 15 F -A < 95
98
H u d so n Co G a s ............100
In dian a N a t <& Hi G ae—
10
1st 6s 190S............. M-N
50
In d ia n a p o lis G a s ..........50
1st g 5s 1952........... A-O < .........
J a c k s o n U as 5s g ’ 3 7 .A -O 4 93
50
K a n sas C ity Gas
100
l|Lt>dede G a s ............... 100 n .........
75
IjP re fe rre d ............... 100
L a ia y ’ e G a s l8 t 6 s ’ 24.M -N
25
L o g * W a b V l s t 6 s ’ 25.J-D
M adison G as 6s 192 6.A -O <103
N e w a r k G as 6s 1 9 4 4 .U-J <125
87
N e w a r k C o n so l G a s ..1 0 0
IjC on g 5s 1 9 4 8 ........J-D 104
N o H u d so n L H <fc P o w —
5s 1 9 3 8 ...................... A -O <100
1JO& In d C N a tc fe 111 .1 0 0
1st 6s 1 9 2 6 ______ ..J -D
65
Fat <fc P as G as & EleclOO
11 C on g 5s 1 9 4 9 ___ M -S t 99
S t J o s e p h G as 5s 1 93 7.J-J 4 78

93
85
100
105
8
list
92

iie "
43*2
55
99
104
20
55
95
99
' 94”
100
43
35
108
128
89
105

25
70
101
86

E l e c t r ic C o m p a n ie s
C h ica g o E d iso n Co See C h ica go list
1|KingsCo E l L<fcP Co 100 107 i i i o
X a rr a g a n ( P r o v ) El Co 50 t ........... 98
42
NY&
E l L & P o w C o lO O
48
P r e f e r r e d ...................100
50
57
U n it e d E le c t r ic o f N J 100
60
63
4s 1949 ...................... J-D < 60

t P r ic e p e r sii. t Sale p rice .

[V o l . lx x x v .

T e le s rr A : T e l e p h o n e
B id
1 | A m e r T e le g & C a b le lo o t
70
11C en tral & So A m ar. 100! 100
O om m er U n T e l (N Y ).2 5 113
lim p & B a y State T e l 100
75
45
11G old <fc S t o c k ........... 100 110
H u d so n R iv e r T e le p h 100
59
11N Y & N J T e l e p h ...1 0 0 100
IjN o rth w e ste rn T e le g . 50 105
P a oilic & A t la n t ic ........25
70
IJSouthern & A t la n t ic 25
93

A sk j I n d u s t r ia l a n d iU is c e i
B in
A sk
2
3%
90 i c o n s R y L ts & R e fr ig .lO O
3
5
ICO
C on sol R u b b e r T i r e . .1 0 0
P r e l e r r e d ...................10o
12
20
20
30
D e b e n tu re 4s 1951 AcfeO
55
Cons Steam slip L in e s. 100
3*,
23»„ 23%
C oll t r 4s l i / 5 7 ___ J& J
S
61 ’•i C on s S to ra g e B a it e r y io u
11
E
x
c
h
111)
C orn P ro d R e f See S tock
list
7
115
IlC ru cioie S te e l............l o o
6 34
05
65
llP r e le r r e d ....... ......100
78
100
U Diam ond M a tch C o . 100 1 125 *125%
43s
D o m in io n C o p p e r(n e w ) 10
4*2
7
F e r r y C o m p a n ie s
D ou gla s C o p p e r ............. 5
8*4
25
31
c /ie c tric B o a t............... 100
83
1
87
B ro o k lyn F e rry stocklO O
P r e f e r r e d ...................100
34
2
8
B & N Y 1st 6s 1 9 1 1 .J-J i 98
E le c tr ic V e h ic le ..........100
50
a
10
N Y & E R F e rry s tk . 100
P r e fe r r e d ...................100
9
60
12
75
1st 5s 1 9 2 2 ............. M -N
58
63
103
N Y & H o b c o n 5 s ’46..T-D < 97
P r e fe r r e d ...................100
40
51
102
H o b F y 1st 5s 1946 M -N < 98
11F e d e ra l S u ga r o f N Y 100
70
100
75
N Y & N J 2d 5s 1 94 6. J-J < 95
U P r e fe r r e d .................100
40
63
70
30
10th & 23d Sts F e r r y 100
IlG eneral C h em ical ..1 0 0
80
96
99
1 s t m ort 5s 1 9 1 9 ...J -D < 60
11P r e fe r r e d .................100
13*
2
25
24
IJUnion F e r r y s to c k .1 0 0
G old H ill C o p p e r _____ 1 t
86
85
1.11st o s 1 920 ............M -N
G re e n e C a n a n e a ........... 20 t 12*4 12%
G re e u e C on C o p p e r ...10 r .........
1*2 l 15ia
G re e n e C on sol G o ld ... 10 t
S h o r t-T e r m N o te s
13,
G re e n e G o ld -S ilv e r .... 10 t
1 “3
.91
170
A m C i g s e r A 4 s ’ 1 1 -M -S i 89
G u g g e n h e im E x p lo ’ n .100 130
1
90
S er B 4s M c h l5 ’ 1 2 .M-S < 87
H a ck e n s a ck W ater Co —
A m T e l & T e l g 5 3 ’ 10 J -J « 9 o34 96*4
R e f g 4s 52 o p 1 2 . ..J -J i 88
93
H a ll S ig n a l C o ............100
A t la n C oa st L o s ’ 1 0 .M-S i 95 ht 96
62%
95
9
C e n tC r o s s ’n g u 5 s ’ 09M-N i 92
H a va n a T o b a c c o C o . .100
11
12
Ches & O hio 6s J ’ e 28 ’ Oo i 9 7 7(, 9 8 \
P r e fe r r e d ................... 100
16
55
6s, J u ly I, 1 9 1 0 .............. i 9 9 3g 99 76
l s t g 5a J u n e 1 ’ 2 2 . J-D
65
Ch R I & P a c 4% 5’O^A-O i 98*2 99*s H e ck e r-J o n e s -J e w ’ l M ill
C h ic 60 W In d 5 s ’ 10 F & A 5 97*a 93
1st 6s 19 2 2 ............... M -S 102
105
70
35
C in H a m & l ) 4 ‘'iS’ 0 8 .M -S
80
H e r ’ g -H a ll-M a r,n e w .lO O
45
C C C & S t L 5s, J u n e ’ 11 i 97
9 7 34 H o b o k e n L a n d * Im plO O 200
......
95
E r ie 6s, A p r 8 1 9 0 3 ......... < 94
115s 1 9 1 0 ...................xM-N <100
......
5
I n t e r b R T g 4s 1908 M-N i 95
96 *2 H o u s to n O i l ................. 100
25
93
5s M ch 1 9 1 0 ............. M-S < 90
35
9 5 1* H u d s o n R e a lt y ........... 100 120 135
K a n C S o g 5s A p r ’ 12 J - J i 94
ft0 . . . . . .
96*4 l ln g e r s o ll-R a n a c o m . 100
L a c k S t e e lg o s 1 9 0 9 ..M -S < 95
8y*s 91
5s g 1 9 1 0 .................... M-S < 93*2 94 “2 llP r e le r r e d ...................10U
135
L a k e S h & M So 5 s’ l o F-A « !17*2 97 \ In t e r n a t ’ lB a n k in g C o lO O 125
L o u & N a sh g 5s ’ 1 0 .M-S § 9734 9 8 3b I fln t ’n ’l M e r M ar See Stk E x c h list
95
105
M ic h C en t 5s 1 910 . . . F - A < 97 ^ 9734 ln te rn a t’1 N i c k e l ___ 100
80
87
97
M m n & S t L g 5 s ’ l l . . F -A i 96
P r e f e r r e d ...................100
12
14,
M o Pa c 5s F e b 10 ’ 08. F-A < 99
99*2 In te rn a tio n a l S a lt___ 100
47
N a t o f M ex 5 s ’ o 7 .o p t A - 0 i 99 7e 100%
53
1st g 5a, 1 9 5 1 ......... A -O
6
N Y C en t 5s 1 91 0___ F-A < 97 >2 98
8
In te r n a tio n a l S i l v e r . l o o
60
P e n n Co g u 4 “vs 1907M -N i 99 \ 100
P r e f e r r e d .................100
68
97^
Fa R R o s M ar 15 ’ 10.M-S < 97
1st 6s 1 9 4 8 .................J-D 105
107%
45
95
St L M S o ’east 4 S.s’09 J -D < 94
L a ck a w a n n a S t e e l ... 100
52
S t L & S F g 4 “2 ’ 0 8 . . . J -D i 34
96
Lanston M o n o ty p e ........20 t 11*2 12%
S o u th ’n c o llt r 5s ’ 0 9 . A-O < 95
96*2 L a w y e rs M o rt C o........100 18S
195
52
S ou th R y g 5s 1 9 1 0 .. F-A i 90
92
IjLeh ifc W iik e s b C o a l.50
70
U S R u b b e r g 5 s ’ 0 8 .,M -S « 9s** 983* L o rd & T a y l o r . .. ........100 125
135
97
W a b a sh 5s, M ay 10 1909 i 94
95
P r e f e r r e d ...................100
101
W e s tin g li E l * M 6S.1910 \ 99% 99 *2 S L orilla rd ( P ) p r e f . ..1 0 0 125
135
W h e e l’s & L E 5s ’ 0 8 -F -A \ 95*2 96*2 M a ck a y C om pa n ies See S tk E x lis t
15
22%
M adison So G a r d e n .. 100
75
R a ilr o a d
90
2d 6s 1 9 1 9 ............... M -N
3
4
U M anhatt B e a ch C o . 100
C h ic P e o & S t L p r e f. 100
4*4
M anhattan T r a n s it ___ 20 t
4%
13
D e p o s ite d s t o c k ___
17
M e x N a t C on stru c.p flO O
U n d e p o s ite d s l o c k ........ . . . . . .
2
M itc h e ll M in in g ............10 f
2%
90
P r io r lie n g 4 ^ s ’SOM&S
M o n o n g a h e la R C o a l..5 0 1 6
55
Con m tg g 5s 1 9 3 0 .J& J
P r e f e r r e d .....................50 t 26
85
I n c o m e 5s 19 3 0 ...............
3
95
M o r tg a g e B o n d C o . . . 100
92
C h ic S u b w a y .................100
19
to o
21
N at B a n k ot C u b a___ l o o
F t W <& D e n Cy s t d .,1 0 0
97
170
105
N a tio n a l S u r e t y ......... 100 155
G rea t N o rtlie n O re See Stk E x list N e v a d a C o n s’ d* C o p p e r .5 t 1058 10%
N Y N H <fc H artford—
N e v -U ta h M in <fc ts in .lo r 3 %
4
25
C o n d e b 3 12 S l9 5 6 . J& J i 93
50
95
IlN ew C en tral C o a l ___ 20
N o rru ’ n s e c u r it ie s S tu b s
87 S 112*2 N J T e r D o c k * I m p . 100
30
P itts Bessefc L E ..........50 t *6
30
N V B is c u it 6s 1 91 1. M -S i o o "
P r e fe r r e d .....................50 t 65
70
N YM tge<& S e c u r it y .100 180
190*"
^0
HR a ilroad S e c u r itie s C o.IlN ew Y o rk D o c k ___ 100
70
I ll. C. stk .tr. c f s. ser. A ’ a2
92
li P r e f e r r e d ............... 100
S eab oard C o m p a n y—
N Y T r a n s p o r t a t io n . ..2 0 f 3
3%
90
toO
1st p r e fe r r e d ........... loO
N iles-B em - Pond co m . 100
100
C om & 2d p r e f.S e « B a ll E x ch lis t
5 t
N ip is s in g .N un es........
8
Sea.board A ir .Lino—
1|Ontano S i l v e r ..........100
3
C oil o s e x t M a y ’ l i . M - S i 93
97
O tis E le v a to r c o m ___ 100
32
P r e le r r e d ...................100
87
In d u s t r ia l a n il M i s c c l
P itts b u r g B r e w in g ___ 50 t ’ 2634 27
A h m e e k M in in g ......... 25
75
P r e f e r r e d .....................50 f ......... 47%
A llia n c e R e a lt y ......... 100 ib ’.>" 115
P itts b u r g Coal Sec Stock E x c h list
A llis C h alm ers C o 1st- m
%
P o p e M a u u ta c tu r in g .lo O
%
s f 5a ’ 36 o p t ’ 1 6 .. J - J < 65
70
1st p r e le rr e d .
100
30
.........
A m e r ic a n B o o k ..........100 150
7
165
2d p r e le r r e d ........... 100
97
A m e r ic a n B r a s s ......... 100 115
105
120
P ra tt & W h itn p re f..lO C
IJA m encan Can See S toc k E x list
145
R e a lty A s s o c (B klyn )IO O 138
92
A m e r ic a n C h icle C o ..1 0 0 150
98
170
Royal Bak P o w d p re f. 100
120
P r e f e r r e d ............. . ..1 0 0
85
135
Satety Car H e a t * L tlO O
95
40
A m G ra p h o p lio c o m .. 100
60
S e n e ca M in in g ........... 25
50
P r e f e r r e d .................100
S in g e r M tg C o ............. 100
140
76
2 *2
A m e r H a r d w a r e ......... 1 Oo 120
125
S tand ard C o r d a g e ___ 100
3%
33
A m M a lt in g 6 s 19 14. J- D
95
1 st M .g .0 s .’ 3 i r e d .. A .O
99
37%
5 *2
95
A m e r P r e s s A s s o c ’ n.lO O
A d ju sU M .5s. A p r 1,1931
100
6%
40
A m Soda F o u n c o m .. 100
Standard C o u p le r com lOO
%
1
50
1 s t p r e fe rr e d ............. 100
P r e f e r r e d ...................100 l o o
20
120
5
7
3
2d p r e fe rr e d ............. 100
Standard M illin g C o .1 0 0
20
A m St F o u n d 6s ’35 A & O <-------- 87
25
A m e rica n s u r e t y ..........50 18o
75
1st 5s 1 9 3 0 ............. M -N
190
77
A m e rica n T h rea d p r e f . . 5 r 3 *2
Standard O il o f N J ..1 0 0 450
5
160
A m T o b a c (n e w ) c o rn lo O 220
S w ift & C o See B o sto n St k E x c h’g «
240
A m T y p e fo ’ ra c o m ...1 0 0
36
40
1st 5s 1 9 1 0 -1 9 1 4 ...J - J 4100
101
75
P r e f e r r e d ...................100
94
IJTexas <fc P a cific Coal 100
85
98
A m e r W r itin g P a p e r .100
1
2
1st 6s 1 9 0 8 ............... A-O <104
....
150
P r e f e r r e d ...................100
18
i'60
T it le In s C o o f N Y ..1 0 0
21
1st s f g 5s ’ 19 op ’ 0 9 . J - J
81
83
T o n a p a h M in ( N ev ad a). 1 t 10*2 11
U B a r u e y * Sm Car ...1 0 0
15
61*-, T r e u to n P o tte r ie s com lOO
84
1j P r e fe r r e d .................100 n ......... 140
90
P re fe rre d n e w ___ 100
36
UB e till’ m S teel C orp .100
10
45
.1 0 0
13*4 T r o w D ir e c to ry
IJPref e r r e d ............... 100
31
60
U nion C op p er M in e s .. 5 f ......... ..........
75
B liss C om p a n y c o m ___ 50 125
30
135
U nion T y p e w r c o m .. 100
110
P r e f e r r e d .................... 50
125
135
116
B o n d * M tg G u a r ___ 100 330
345
2d p r e fe rr e d ............. 100 109
113
B o rd e n ’ s Con d M il k ..1 0 0 155
U nited B k N o te C o r p ..5 0 t 5 2 *^ 5 7%
165
P r e f e r r e d ...................l o o
105
108
P r e f e r r e d .................. 50 t 49
51
75
B ritish Col C o p p e r .........5 t
7*4 1[United<JigarM fg.,pf.lO O
90
7
52
B u tte C oa lition M in .. 15
53%
19*2 20 *2
2
80
C a sein C o o f A m com .. 100
P r e f e r r e d ...................100
3
85
P r e f e r r e d ...................100
U S. C a s u a lty ............. lOo 220 240
75
25
C a su alty C o o f A m e r . 100 125
140
U s E n v e lo p e c o m . . . l o o
40
C e llu lo id C o ...................100 120
85
1j P r e le r re d .................100
130
92
C en t F ir e w o r k s c o m .100
10
U S S teel C o rp o ra tio n —
15
{1
0
5
P r e f e r r e d ...................100
6070
Col tr s 15s ’ o l o p t ’ 11 ..
109
C e n tra l F o u n d r y
100
C ol tr s f 5s ’ 51 n ot o p t .. <105
2*4
109
1*4
P r e f e r r e d ...................100
U S T i l G u & In d e m .1 0 0 . . . . . . 100
12
14
D eb 6s 191 9 op ’ 01M-N
11U tah C op per Co. See S tk E x list
65
70
C e n tu ry R e a lt y ......... 100
185
195
37
W a te rb u ry Co, c o i n .. l o o
39
C h eseb rou g h M fg Co 100 410 440
P r e le r r e d ...................100
95
C ity I n v e s tin g C o ___ lo o
80
W e stciica te r & B ro n x
IlClatiiu (H B) c o m ___ 100 100
T it le & M o rt G u a r . 100 167*, 172%
30
90
30%
W e s te rn I c e .................100
111st p r e le r r e d ......... 100
93
1!2d p r e fe rr e d ............100
W e stin g h A ir B r a k e ..5 0 1 143*2 . . . . .
S tk E X lis t
C ol & H o c k CoaliS-1 pi 100
76
H W est Eltfe M fg — 5s See
1st g 5s 1 9 1 7 ......... J -J < " * 2 " 85
o *4
W h ite K n o b M in ......... 10
%
101%
23,
97
C ol tr 6s O ct 1 9 5 6 ..J -J
“»
31
C on soliil Oar H eating: 100
36 1 W o r th in g P u m p n r e f.1 0 0 108 113

a lix -r i^ u ts . z K i - d i v . I X e iv stock.

u S eils on Sc’ k K xch ., o a t nut a v e ry a c tiv e se c u r ity .

A u « . 31 1907.]

521

THE CHRONICLE,

%nvzsimmt and Railroad Jutelligmce.
R A ILR O A D

g r o c s

e a r n i n g s

.

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

Current
Y ear.

P reviou s
Y ea r.

J u ly 1 to Latest D ate.
C u rrent
Year.

P rev io u s
Y ea r.

A la G reat S outhern — Sec S ou t h e m R a il
A la N O & T e x P a c.
N O & N E a s t___ 1st w k Au;
51.000
46.000
320,520
302 584
25.000
147,977
131 732
A la & V ic k s b u r g , 1st w k A u g
23.000
28.000
2 4.000
144 030
V ic k s b u r g Sh & P 1st w k A u g
159,698
3,513
2,570
41 4 13
A la T en n & N o r t h . . .JunQ
45,876
k A te h T o p & S F e . . f t m e ........... Y,85o,5a2|6,Y15'o«
.653,401 8 5 ,8 5 1 ] ;co5
A tla n ta & C h ari___J u n e _
361,020
317 ,426
291 ,954 4,061 242
A tla n B lrm & A tl . . J u n e ______
154,783! 107,782
,595 866 1 ,128 327
A t la n tic Coast Line J u n e ______ 2 ,0 9 7 ,1 0 4 12,152,908
,771,527 24,868 445
B a ltim o re & O i i i o . . J u l y ______:7 ,251 ,903 6,5 4 4 ,8 4 6
251 ,903 6,544. 846
264,644
16,516
B a n g or & A r o o s to o k J u n e ______
,221,696 2,496 788
B e lle fo n te C e n t r a l.. J u l y ...........
5,531
3,775
5,531
3. 775
B r id g e to n & S a co R J u n e ______
4,484
4,675
47,050
47 ,568
B u ff R o c h & P i t t s . . 3d w k A u g
179,919
167,915
,365,193 1,063 837
B u ffa lo & S u s a ____ J u n e ______
167,578
105,544
,853,856 1,522 ,740
C a n ad ian N o r th e r n . 3d w k A u g
155,700
133,200
,482,700 1,006 400
C a n a d ia n P a c ific ___ 3d w k A u g 1,5 4 6 ,0 0 0 1,3 2 6 ,0 0 0
,605,274 10,112 968
217 ,600
216 ,100
C en tral o f G e o r g ia .. 3d w k A u
,611,700 1,593 ooo4 6 4 ,5 0 8 ,1 ,8 5 0 ,2 0 3
Cen tral o f N J e r s e y . M a y ____
,249,172 21,883 ,710
2,839|
3,274
C h a tta n Sou th ern . . 2d w k A u g
23,326
23 075
,430,680 2 ,196,555
C h esapeake & O h io . J u n e ____
,7 9 6 ,8 5 6 :2 4 ,6 0 2 ,986
11
2,872
C h esterlield & Lanc.j M ay _____
51,912
35 638
911,557
C h ica g o & A lt o n R y j J u n e _____ 1 ,067,100
,809,426 11,586 094
174 ,700
C h ic G reat W e s te rn 3d w k A u g
158,369
,178,375! 1,260, 551
C h ic In d & L o u is v 3d w k A u g
125,879
843 ,317
871, 742
130 ,883
C h ic In d & Sou th ern — See N ew Y o r k Cen |tral.
C h ic M ilw & S t P a u l M ay ______ 4,926,5651 4,34 0,2 43
,669,422 50,649 ,321
C h ic & N o rth W e s t. June
5 ,9 3 1 ,5 8 4 5 ,7 9 7 .2 2 3 68 ,878,929 63,481 ,545
C h ic St P a u l M & O . J u n e ______ 1,148,448 1,084,170114 ,035,306 12,943 ,745
C h ic T erm T ra n R R 4th w kJune
4 1 .818'
45,645j 1 ,716,4S7 1,731, 200
Cln N O & T e x a s P — See S ou t hern R a il w a y .
C in cin n a ti N orthern.
See N ew Y ork Cen tral
C iev Cin C h ic & St L '
See N ew Y o r k Cen tral.
199,324
C o lo r a d o M id la n d - _ IJ u n e ______
174,656
,454,608; 2 ,132,664
278,907
ft C ol & Sou th S y s __3d w k A u g
286,175
,8 13,507 1 ,810,153
Col N e w b & L a u r .- Jun e _ .
17,942
289,120
17,675
311,954
78,122
679 ,286
65,385
C o p p e r R a n g e _____ June
819,292
19,1S3|
205,215
C o r n w a l l ___________J u n e _______
17,572
220,971
41,345
33,667
484 ,196 !
441 ,7 1 0
C orn w all & L e b a n o n ! J u n e ______
467 ,700
D e n v & R io G ra n d e !3d w k A u g
396,800
,317,300; 2 ,838,800
D e tr o it & M a ck in a c 3d w k A u g
27,353
24,315
181,979!
171,279
99,141!
D e t T o l & I r o n t S y s!2 d w k A u g
85,072
546,730!
50S .064
76,
£>ul So S hore & A t l_ i3 d w k Aug"
66,012
554 ,0 0 8 '
472 ,0 2 5
E r i e ________________ |J u n e _____y 4.913,951 4*502,034 03 ,914,827,50 ,002,634
E v a n sv ille & T e r H i— See R o c k Isla n d S y s t e m ,
j
F a irch ild & N B « . - . | J u n e ______
1,619:
1,6 7 3 '
18 ,809
22,294
F o n d a John s & G lo v iX t m e ______
68,073
8 4 ,6 1 5 ’
7 74 ,536
728 ,710
G eorgia R R ________ IJ u n e ______
210,4351 199 ,140 3 ,016,455, 2,8 4 2 ,4 9 3
G eorgia Sou th & F lja — See Sou th e m R a lilw a y .
G rand T ru n k S y s t - . 3d w k A u gl 887 ,381 } 538,506* C ,734,877 6,1 6 8 ,2 8 9
807,545
Gr T ru n k W e s t . . 12d w k A u g
129,147! 117,321
720,69.3
D e t Gr H & M llw i2d w k A u gl
42,650
41,798
252,989
259,591
C an ada A t la n t ic .1 2d w k A u gl
46,966
46 509
297,682
271.827
G reat N o rth e r n ____ July .......... 5 ,0 6 6 ,6 0 2 4 ,7 7 6 ,4 3 6
,066,602 4 ,7 7 6 ,4 3 6
M on ta n a C e n tra l- J u l y ...........I 233,571| 247,515
233,571
247,515
T o ta l s y s te m ____ J u ly _____ [5,300,173 5 ,023,951
,300,173 5,0 2 3 ,9 5 1
G u lf & Ship I s la n d . 3d w k A u g l
48,443
45,317
372,654
334 240
R o c ld n g V a lle y ____ J u n e ..........
674,247
531 ,886
907,044 6 ,4 3 9 ,8 0 6
Illin ois C e n t r a l ____ J u l y ______ 4 ,7 0 2 ,8 1 9 4 ,3 4 2 ,1 4 6
7 02 .819 4 ,3 4 2 ,1 4 6
I n te r & G reat N orth 3d w k A u g
138 ,000
133,000
9 60 ,000
917 ,000
a ln t e r o c e a n ic (M ex) 3d wlc A u g
121,867
9 61,624
9 39 ,926
116,459
57,141
I o w a C en tra l_______ 3d w k A u g
56,332
4 14 ,238
4 03 ,176
213,311
,377,659 2 152,759
191,892
-K anaw lra & M lc h _ . J u n e ______
847,777
8 47,777
689 ,850
689 ,850
K an sas C ity S o u t h . J te y . . . . .
L a k e Erie & W e s t ’n — See N ew Y o r k Cen tral
L a k e Shore & A1 Sou — See N ew Y o r k Cen trai.
L eh igh V a l l e y _____ J u n e ______ 3 ,348,393 3 ,1 7 2 ,8 6 0 0 6 , 0 68 ,429 3 2 ,7 8 9 ,8 5 6
L e x in g to n & E a s t - . J u n e ______
51,797
5 84 ,438
47,449
528,912
L o n g I s la n d ______. . . J u n e ______
Inc.
D ec . 7, 704
879 ,468
'L o u is ia n a & A r k ___ J u n e ______
115,073
2 16 ,837 1 ,0 5 7 ,5 2 6
101,062
994,520
8 92 ,375
L o u is v ille & N a s h v . 3d w k A u g
9 15 ,5 6 5 6,3 4 7 ,0 3 3
12,143
13,060
12,149
M a con & B lr m in g .. Ju ly --------16/060
44,rrC-;[
44,*34
M antetec & N o East M a r c h ____
6,974
13,036
* 6 ]974
M a n lstiq tie _________ J u ly . —___
18", 03 6
29,732
27 688
360,547
M arylan d & P e n n .. J u n e ______
360,298
479,422*28, 4 92,107 2 5 ,794,867
a M exica n C e n tr a l.. M ay _____ 2 ,9 9 5 ,9 8 2
166,672
149 ,445 1, 2 55,193 1,044,381
a M exica n I n t c r n a t . 3d w k A u g
160,500
7 91 ,500
735 ,200
133 ,500
a M exica n R a ilw a y . 1st w k A u g
8 54 ,490
780 ,1 0 6
21,987
“ ~r31
T T M exlcan S outhern 2a w k A u g
M ich igan C en tral___ — See N ew Y o r k Cen tral..
2 8 ,320:
10,667
71,7 0 6
159 ,613
M id lan d V a lle y ____ 1st w k A u g
13,946
121,652
16,508!
100 ,319
M ineral R a n g e _____ 3d w k A u g
589,276
68,858
73,282
542 ,380
M ln neap & S t L ou is 3d w k A u g
230,164
,792,363 1,6 6 2 ,1 8 3
221 ,768
M in n St P & S S M . 3d w k A u g
,634,833 3 ,0 3 5 ,7 5 0
492,519; 4 17 ,437
M o K ansas & T ex a s 3d w k A u g
998,000! 877 .000
,834.000 6 .3 4 6 .0 0 0
M o P a c & Iro n M t _ . 3d w k A u g
237,000
40,000|
35,000
247 ,000
C en tral B r a n c h . . 3d w k A u g
,081,000 6 .5 8 3 .0 0 0
T o t a l ____________ 3d w k A u g 1,038,0001 912 .000
M ob ile & O h io .......... — See S out h e m R a il!w a y .
,238 469 1 1 ,1 2 0 ,9 8 0
N a sh v C h att & S t L J u n e _____ 1,113,794 1 ,128,519
294,285i 270,024
,289,506 1 ,9 9 3 ,2 4 8
a N a t R R o f M ex . . 3d w k A u g
141 ,692
142,632
H id a lg o & N E _ . 3d w k A u g
19,662
17,597
51,338
39,280
8,542
6,530
N ev a d a -C a l-O re g o n 3d w’ k A u g
61,249
N e v a d a C en tra l____ J u n e ______
8 ,3 6 1 1
6,811
84,489
N Y C h ic & St L ou is — See N ew Y o rk Cen tral.
726,246, 702 ,473 8,2 0 2 ,3 6 1 7 ,2 6 5 ,0 5 7
N Y O n t & W estern J u n e ______

Latest G ross E a rn in g :.
ROADS-

W eek or
M on th .

Current
Y oar.

N Y C & H u d R iv e r J u ly - _
L a k e Sh ore & M S J u ly . .
L a k e E rie & W est J u l y __
C h ic In d & Sou th J u ly „
M ich igan C e n tra l. J u l y ______
C leve C C A S t L . J u l y ____
P e o ria & E a stern f u l y ____
C in cin n ati N o r t h . J u l y ______
P itts & L a k e E rie J u l y ______
R u t l a n d __________ J u ly
N Y C h ic & St L . J u ly
N Y Susq & W e s t . . M a y ______
N o rfo lk & W e s te rn . Jun e
N o rth e rn C e n t r a l.. J u n e ______
N o rth e rn P a c ific ___ J u l y ------P a cific C oa st C o ___ J u n e ____
d P e n n — E a st P & E J u n e ____
d W e s t o f P & E . J u n e ______
P e o ria & E a stern . .
See N ew
P h ila B a lt & W a s h . Ju n e .. ____
P itts Cin C h ic & S tL J u ly
P itts & L a ke E r i e — See N ew
R a le ig h & C h a riest- June _
R a le ig h & S ou th p ort Jun e _
R e a d in g R a ilw a y _ . May
C oal & Ir o n C o . M a y ______
M ay ______
T o ta l b o th cos
R ic h F red & P o t ___ June
R io G ra n de J u n e ___ J u n e _____
R io G ra nde S o u t h . . 3d w k A u g
R o c k Isla n d System J u n e ______
e St L & San Fran June
f E v a n s v & T e r H June
T o t a l o f all lin e s . J u n e _____
R u t l a n d .......... ............ — See N ew
St J os <Se G rand I s l. M a y --------St L o u is & S au F ran — See R o c k
St L o u is S o u th w e st -3d w k A u g
f c S W d A ir L i n e . . JTTfiC______
Sierra R a il w a y .___
S ou th ern I n d i a n a .. «
:::::
c S outhern P a c C o . . J u n e ______
S ou th ern R a ilw a y . _ 3d w k A u g
M ob ile & O h io ___ 3d w k A ug,
Cin N O & T e x P . 2d w k A u
A la G reat S o u t h . 2d w k A u g
G e o rg ia S o & F la . 2d w k A u g
T e x a s c c n t r a i _____
WR A u f
T e x a s & P a c i f i c . . 3d w k A u g
T id e w a te r & W e s t . J u n e ______
T o le d o & O h jo Cent J u n e _____
T o le d o P e o & W e s t . 3d w k A u g
T o le d o St L & W e s t 3d w k A u g
T o m b ig b e e V a lle y . . J u n e _____
T o r H a m & B u ffalo July -------U n io n P a cific S y s t . J u n e _____
V lrg ln la & So W e s t . J u l y ______
W a b a s h ____________ 3d w k A u g
W e s te rn M a r y la n d - 3d w k A u g
W e s t Jersey & S e a . J u n e _____
W h e e l & L a k e E r ie . 3d w k A u g
W isc o n s in C e n t r a l.. J u n e ______
W r ig h ts v & T en n i lie J u i y _____
Y a z o o & Miss V a lley J u l y ______

P reviou s
Y ear.

Ju iy 1 to Latest D a te
Current
Y ea r.

8 ,7 6 9 ,3 1 8 7 ,7 2 9 ,2 2 2 8,7 6 9 ,3 1 8 7 ,7 2 9 ,2 2 2
3,8 0 4 ,8 7 6 3,584,431 3 ,804,876 3,584,431
398,485
433 ,239
398,485
4 33 ,239
235,225
166,078
235,225
166,078
2 ,386.& 4 ol2,118]971 2,3 8 6 ,8 4 3 2 ,118,971
,512,463 2,143,364 2,3 1 2 ,4 6 3 2 ,1 4 3 ,3 6 4
234 ,676
244 ,637
234,676' 244 ,6 3 7
84.136
84,136
88,353
88,3 5 3
1 ,433,695 1,315,773 1,4 3 3 ,6 9 5 1,3 1 5 ,7 7 3
286,276
286 ,276
249 ,923
249 ,923
809 ,256
808,722
809 ,256
808 ,7 2 2
204.427 2,8 4 7 ,7 9 9 2 ,5 0 6 .3 1 3
295,289
2 ,7 5 1 ,3 8 3 2,4 7 8 ,0 4 3 3 1 ,1 6 4 ,3 7 7 2 8 ,4 8 7 ,7 6 3
1 ,165,702 1 ,0 4 1 ,1 0 “ 12,6 1 6 ,9 4 8 11,1 2 5 ,5 4 8
6 ,9 5 5 ,4 0 7 5,6 8 8 ,9 2 6 6 ,955,407 5 ,6 8 8 ,9 2 6
488 ,046 7,406,491 6 ,3 0 8 ,4 0 8
730 .270
14035487 12360787 157554690 141773990
I n c . 97 3,100
JTIC.8 ,99 1,800
Y o r k Cen tral.
1,4 8 1 ,1 1 7 1,364,417 16,6 8 3 ,8 4 9 15,1 9 7 ,3 4 9
2,712,727 2.407.051 2 ,7 1 2 ,7 2 7 ! 2,4 0 7 ,0 5 1
Y o r k Cen tral.
4,846
4,316
69,808
58,233
101,707j
10.137
5,695
64,282
3.995,910 3.289.052 39,5 3 7 ,5 5 5 36 ,959 117
,769,300
3,407,558 2 ,773,783 35 418 016
7,4 0 3 ,4 6 8 6 ,062,835 74 955,571
,728 417
179,360 1,9 8 1 ,8 0 5
207,645
,764,856
827,918
679,070
72 124
65 689
12,454
89,190
1 2 ;i3 8
83,869
,237,854
5 ,3 5 7 ,5 6 0 4 ,1 7 5 ,3 1 7 60,2 3 8 ,4 1 5
,975,217
4 ,148,851 3 ,3 4 8 ,8 1 8 4 9 ,9 5 8 ,7 7 8
162,924
166,660 2 ,2 6 7 ,2 1 4
,163,679
9,6 6 9 ,3 3 6 7 ,6 0 0 ,7 9 5 112464410 95 ,376,752
Y o r k Cen tral.
154.612
124,266 l ,5 9 7 ,7 3 l' 1 ,4 0 7 ,6 6 7 ,
Isla n d S y s te m .
214,346
188.1S3T
1,4 3 0,MS’ -r:?5$,9r>e>
* iUM*
4,
“ ,2 1 8 ,SIS l6 ,427,941 1 5 ,1 1 6 ,9 4 6
" ’ " 4 6 ’,222
38,441
40,222
38,441
137.270
113 ,526
137,270
113 ,526
1 1 0 82898 9,230,647 124942522 110563254
1,1 1 9 ,3 2 7 1 ,0 7 9 ,5 7 8 8 ,1 2 5 ,4 3 1 ! 7 ,593,658170,241 1 , 4 2 ^ 2 4 1 1 .3 0 5 ,1 4 9
183,134
164,010
146,988 1 ,098,210j i 4?43.520<
78.S49
72,062
" - ,629
'
4SS.045521
sf.S iro
StT*,544!
245 $ 5
23,131
16,654
137,437
100 ,59o
239,551 1,9 9 5 ,1 8 9 1 ,6 8 5 .6 8 4
273 ,057
8,137
8,862
94,291
8 8 ,527
439 ,542
320 035 4,8 6 6 ,6 5 9 4 ,0 7 2 ,1 5 9
21,119
23,582
157,184
164 ,356
87,742
93,912
593,785
612 ,065
5,173
5,333
75.1 1 6
5 1 ,8 2 6
7 3 ,6 5 4
62,739
73,654
62,739
6,5 8 5 ,6 9 2
507,281 ’6 ,0 4 0 ,7 2 6 5 7 ,281,542
102,648
84,862
102.648
84,862
566 ,297
562 ,007 4,013,744, 3 ,9 7 3 ,4 2 8
125 ,828
106,561
863,690
782 ,070
536,424
501,124 5 386 ,258 5.0 1 3 ,8 5 8
128 ,719
111,784
959 ,262
750 ,8 1 4
704 ,392
611,874 7,5 7 7 ,1 7 7 7 ,1 1 8 ,5 7 5
18,077
19,908
18,077
19,908
667 ,733
5S8.467
667,73-3,
588,467

V a riou s F iscal Y ears.

P reviou s
Year.

P erio d .

A tla n ta & C h a rlotte A ir L in e ___
B e lle fo n te C e n tra l----------------------Vlanlst.ee & N o rth e a ste rn _______
M a n ls t lq u e ______________________
M ex 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 S h o re & M ich ig an South
L a k e E rie & W e s t e r n _________
C h ica go In d ia n a & S o u th e r n .
M ich ig an C e n tra l_____________
C leve Cin C h ic & St L o u is ------P e o ria & E a s te r n _____________
C in cin n a ti N o r t h e r n --------------P itts b u r g h & L a k e E r ie ______
R u t l a n d _______________________
N ew Y o r k C h ica g o & St L ou is
N o rth e rn C en tra l------------------------d P e n n — E a st o f P itts & E r i e ..
d W e s t o f P ittsb u rg h & E r i e ..
P h ila B a ltim ore & W a s h ln g to n .
P itts Cin C h ica g o & St L o u is ___
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 & S eash ore-------------

P reviou s
Y ea r

M ch 1
Jan
fa n
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
D ec
Jan
Jan

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

.June
J u ly
M ch
Ju ly
Apg
Aug
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J unc
Jun e
Jun e
Ju n e
J u ly
Jun e
Aug
Jun e

1,452 ,308
36 ,919
136 ,482
38 ,193
4,762 ,700
854 ,490
55,700 ,213
“ 5,394 ,412
2,831 ,022
1,734 ,723
16,220 .823
14,752 .232
1,676 ,597
563 ,940
8,475 .739
1,672 ,772
6,030 ,278
6,346 ,194
79,141 ,549
i n c . 4,92
8,178 211
18,648 ,503
464 ,388
10,388 ,932
2,327 ,452

1,329,77.1
31,759
133 ,406
64,166
4 ,2 3 1 ,8 0 0
780 ,1 0 6
5 0 ,6 0 8 ,4 4 6
2 4 ,191,528
2,9 5 8 ,6 1 8
1 ,312,341
1 4,738,114
13,5 0 5 ,8 8 2
1 ,7 0 6 ,1 9 3
564 ,1 1 4
8 ,3 6 2 ,9 2 9
1 ,517,791
5 ,6 9 4 ,7 2 2
5 ,4 7 5 ,7 9 4
6 9 ,8 2 6 ,8 4 9
0,300
7 ,513,411
1 6 ,5 5 9 ,6 1 0
370,725
8,2 8 9 ,1 8 4
2 ,1 7 0 ,5 5 2

AGGREGATES OF GROSS EARNIN GS— W eekly and M onthly.
M on th ly S u m m aries
2d
3d
4 th
1st
2d
3d
4 th
1st
2d
3d

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

Jun e
Ju n e
Ju n e
J u ly
J u ly
J u ly
J u ly
Aug
Aug
Aug

(44
(41
(42
(42
(43
(44
(42
(44
(46
(39

r o a d s ) ____
r o a d s ) ____
r o a d s ) ------r o a d s )------r o a d s )____
r o a d s )____
r o a d s ) ____
r o a d s ) ____
r o a d s )____
r o a d s )____

C u r’ nt Y e a r P r e v ’s Y ear I n c . or D ec .

%

t
9 ,2 4 7 ,6 1 0
9,317,171
12,909,684
8 ,5 8 7 ,1 4 0
9 ,4 2 1 ,8 9 6
9,7 4 7 ,0 0 3
13,9 4 7 ,9 7 7
9,602,427
1 0 .067,077
9,674,151

16.88
14.28
10.84
11.39
10.93
10.68
13.77
8.54
7.87
9.03

t
1 0 .808.646
10.648,101
1 4 ,309,499
9 ,5 6 5 ,2 5 3
1 0 ,452,143
10,7 8 7 .8 9 6
15,8 6 9 ,5 6 3
1 0 ,422,864
1 0,859,109
10,5 4 7 ,8 4 8

+
+
+
+
+
+

S
1,5 6 1 .0 3 6
1 ,330,930
1 ,399,815
+ 978 .113
1 ,030,247
1,040,893
1 ,921.586
+ 820,437
+ 792,032
+ 873,697

M o n th ly S u m m aries.
M on th
M o n th
M on th
M onth
M onth
M on th
M o n th
M o n th
M on th
M o n th

O ct
N ov
D ec
Jan
F eb
M ch
A p ril
M ay
Ju n e
J u ly

1906
1906
1906
1907
1907
1907
1907
1907
1907
1907

(119 r o a d s ).
(123 r o a d s ).
(127 r o a d s ) .
(123 r o a d s ) .
(122 r o a d s ) .
(118 r o a d s ) .
(118 r o a d s ) .
(121 r o a d s ) .
(121 r o a d s ) .
(65 roads) .

C u r'nt Y e a r P r e v ’ s Y e a r In c . or D ec.
198 ,733 ,22 9
186 696,274
1 8 4 ,235 ,59 5
173 .212 .30 5
162 ,283 ,99 2
180 ,539 ,53 2
188,130,451
19 5 .943 .30 5
183 .125 ,65 7
9 0 ,3 0 8 ,4 0 7

S
179 ,405 ,26 7
175,727,985
170 ,746 76!)
162 ,623 ,88 3
152,555,191
1 6 4 ,645 ,00 9
1 5 4 ,8 9 4 ,7 4 8
1 6 5 .890 ,34 5
1 6 1 ,235 ,10 9
8 0 ,9 8 2 ,3 0 5

+
+
+
+

19 ,3 2 7 ,9 6 2 :1 0 .7 7
1 0,971,289 ! 6 . 2 4
13,488 8 2 6 i 7.30
10,588,422 ! 6 .5 1
-1-9,72S 8 0 lj 6 .(1 5
+ 1 5 ,8 9 4 ,5 2 3 ' 9 . 6 5
+ 3 3 ,2 3 5 ,7 0 3 21.4 5
+ 3 0 ,0 5 2 ,9 6 0 18.12
+ 21,8 9 0 ,5 4 8 13.59
4 9 ,3 2 6 ,1 0 2 11.52

a M exica n cu rre n cy ,
b In clu d es earnings o f G u lf & C h ica g o D ivision ,
c In clu d e s th e H ou ston & T e x a s Central a . i l Its s u b sid ia ry lines in b o th
y ea rs,
d C ov ers lines d ire ctly o p e ra te d , e In clu d es th e C h ica g o & E astern Illinois In b o th y ea rs.
/ I n c lu le s E v a n s v ille & In d ia n a R R .
h In c lu d e s
earnings o f C ol. & S o u th ., F t. W o rth & D e n v e r C ity and all a ffilia te d lin es, e x c e p tin g T r in ity & B razos V a lley R R .
k In clu d e s In b o th y e a r : saru ln es
o f D en ver E nid & G u lf R R ., P e co s S ystem and S an ta Fe P re sco tt & P h o e n ix R y .




522

THE CHRONICLE.

L atest Gross Earnings b y W eek.— In the table which
follows we sum up separately the earnings for the third
week of August. The table covers 35 roads and shows
9.0 6% increase in the aggregate over the same week last year.
In c r ea se . D ec r e a s e .

T h ird w eek o f A u g u st.
B u ffa lo R o c h e s t e r & P itts b u r g h
C a n a d ia n N o r t h e r n ______________
C a n a d ia n P a c ific ________________
C en tral o f G e o rg ia _______________
C h ica g o G rea t W e s t e r n __________
C h ica g o In d la n a p & L o u is v ille . _
C o lo ra d o & S o u th e r n ____________
D e n v e r & R io G ra n d e ___________
D e tr o it & M a c k in a c ______________
D u lu th S ou th S h ore & A t la n t ic G ra n d T ru n k o f C a n a d a _______ )
G ra n d T ru n k W e s t e r n _______ }•
8 8 7 ,3 8 1
D e tr o it G ra n d H a v e n & M Ilw j
C a n a d a A t la n t ic ______________J
G u lf & S h ip I s la n d _______________
4 8 ,4 4 3
In te rn a tio n a l & G rea t N o rth e rn
1 3 8 .0 0 0
1 2 1 ,8 6 7
I n te r o ce a n lc o f M e x ic o __________
5 7 ,1 4 1
I o w a C e n t r a l ____________________
L ou isv ille & N a s h v ille___________
9 9 4 ,5 2 0
1 6 6 ,6 7 2
M ex ica n I n t e r n a t io n a l__________
M ineral R a n g e ___________________
1 6 ,5 0 8
M in n eapolis & St L o u is __________
6 8 ,8 5 8
2 3 0 ,1 6 4
M in n eap olis St P a u l & S S M ___
M issouri K an sas & T e x a s _______
4 9 2 ,5 1 9
M issouri P a cific & Ir o n M t n ____
9 9 8 .0 0 0
C en tral B r a n c h ----------------------4 0 ,0 0 0
1 8 3 ,1 3 4
M ob ile & O h io ___________________
2 9 4 ,2 8 5
N a tion a l R R o f M e x ic o _________
H id a lg o & N o rth e a s te r n ______
1 9 ,6 6 2
N e v a d a C a liforn ia & O r e g o n ___
8 ,5 4 2
R i o G ra n d e S o u th e r n ___________
1 2 ,1 3 8
2 1 4 ,3 4 6
S t L ou is S o u th w e s te r n _________
S ou th ern R a ilw a y _______________ 1 , 1 1 9 , 3 2 7
2 7 3 ,0 5 7
T e x a s & P a c ific __________________
T o le d o P e o r ia & W e s t e r n _______
2 1 ,1 1 9
T o le d o St L ou is & W e s t e r n ____
8 7 ,7 4 2
W a b a s h ___________________________
5 6 6 ,2 9 7
W estern M a r y la n d _______________
1 2 5 ,8 2 8
W h e e lin g & L a k e E r ie ___________
1 2 8 ,7 1 9
T o t a l (39 r o a d s ) __________
1 0 ,5 4 7 ,8 4 8
N e t increase ( 9 . 0 3 % ) ___________

%
1 2 ,0 0 4
2 2 ,5 0 0

220 ,000
1 ,5 0 0
1 6 ,3 3 1
5 ,0 0 4
7 ,4 6 8
7 0 ,9 0 0
3 ,0 3 8
1 0 ,1 4 0
8 3 8 ,5 0 6

3 ,1 2 6
5 .0 0 0
5 ,4 0 8
809
1 0 2 ,1 4 5
1 7 ,2 2 7
2 ,5 6 2
4 ,4 2 4
8 ,3 9 6
7 5 ,0 8 2

121 ,000
5 .0 0 0
1 2 ,8 9 3
2 4 ,2 6 1
2 ,0 6 5

2,012
2 6 ,1 8 3
3 9 ,7 4 9
3 3 ,5 0 6
2 ,4 6 3
6 ,1 7 0
4 ,2 9 0
1 9 ,2 6 7
1 6 ,9 3 5
9 ,6 7 4 ,1 5 1

91 5 ,8 7 3
873 ,697

4 2 ,1 7 6

For the second week of August our final statement covers
46 roads and shows 7.87% increase in the aggregate over the
same week last year.
S econd w eek of A u g u s t.

1907.

1906.

$

$

P r e v io u sly r e p o r te d ( 4 0 ro a d s) - 1 0 , 4 2 6 , 8 9 3
A la b a m a G rea t S o u th e r n _______
7 8 ,8 4 9
C ine N e w O rl & T e x a s P a c if ic . .
1 6 4 ,0 1 0
D e tr o it T o le d o & Ir o n to n - . .
9 9 ,1 4 1
G eorg ia S ou th ern & F lo r id a ____
4 0 ,5 3 4
M ex ica n S o u th e r n ___________ .
2 6 ,5 5 1
T e x a s C en tral
. . _
2 3 ,1 3 1

In crea se.
$

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

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

1 0 4 ,3 9 0

T o t a l ( 4 6 r o a d s ) _______ _____ __ 1 0 , 8 5 9 , 1 0 9 1 0 , 0 6 7 , 0 7 7
N et Increase ( 7 . 8 7 % ) _____________

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

1 0 4 ,3 9 0

Net Earnings M onthly to Latest D ates.— The follow ing
shows the gross and net earnings to latest dates of all STEAM
railroads furnishing m onthly statements. The com pilation
includes every road from which we can get returns of this
character, and in that form is given once a m onth. Early
returns are published from week to week, as soon as issued,
but for the convenience of our readers all the roads making
returns are brought together here in the week in which we
publish our m onthly article on net earnings— say about the
20th of the m onth. B e s i d e s t h e c o m p a n i e s f u r n i s h i n g m o n t h l y
r e tu r n s , ice h a v e a d d ed th is tim e th e r o a d s w h ic h m a k e q u a r te r ly
r e tu rn s.
--------Gross E a rn 'g s-------------------N et E a rn in g s -—
C u rren t
P rev io u s
C u rren t
P rev iou s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
R oads.
$
$
$
$
A la b a m a G rea t S o u th e rn — See u n d er S ou th ern R y . S y ste m b e lo w .
A la T e n n & N o rth e rn ___ Ju n e
3 ,5 1 3
2 ,5 7 6
298
1,152
4 5 ,8 7 6
4 1 ,4 1 3
23,8 3 5
2 2 ,2 4 0
J u ly 1 t o Ju n e 3 0 _______
A t c h T o p & San F e . b . . J u n e 7 ,8 5 6 ,5 9 2
6 ,7 2 8 ,0 8 7 d 2 ,9 3 2 ,6 1 4 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 (2 3 4 ,8 1 5 ,5 0 3 d 3 0 ,7 9 2 ,5 2 5
A t la n t a B irm & A t l . a - . J u n e
1 54 ,783
107,782
4 1 ,9 7 9
34,756
J u ly 1 t o Ju n e 3 0 _______ 1 ,5 9 5 ,8 6 6
1 ,1 2 8 ,3 2 7
3 8 6 ,0 5 7
298 ,5 8 7
A t l & C har A ir L i n e . a - - M a y
3 7 1 ,8 5 0
325 ,8 8 3
9 0 ,4 8 7
54,175
M ch 1 t o M a y 3 1 _______ 1 ,0 9 1 ,2 8 8
1 ,0 1 2 ,3 4 7
209 ,8 2 8
196 ,442
A t la n t ic C oast L i n e . a . - J u n e 2 ,0 9 7 ,1 0 4
2 ,1 5 2 ,9 0 8
384 ,4 9 3
7 0 3 ,6 4 2
J u ly 1 t o Ju n e 3 0 -----------26 ,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 a ltim o re & O h i o . b -------J u ly 7 ,2 5 1 ,9 0 3
6 ,5 4 4 ,8 4 6
2 ,3 0 4 ,5 8 8
2 ,1 9 6 ,8 5 9
B a n g o r & A r o o s . b ____ Ju n e
264 ,644
216 ,5 1 6
97,6 9 8
86,052
J u ly 1 t o Ju n e 3 0 . ........... 3 ,2 2 1 ,6 9 6
2 ,4 9 6 ,7 8 8
1 ,0 8 8 ,4 0 1
951 ,877
B e lle fo n te C e n t r a l .b ___ J u ly
5,531
3 ,7 7 5
2,165
74
J a n 1 t o J u ly 3 1 .............
36,9 1 9
31,7 5 9
11,7 8 2
5,539
B o s to n & A l b a n y .b —
A p r 1 t o Jun e 3 0 _______ 3 ,1 2 6 ,6 9 9
2 ,7 8 5 ,1 0 2
5 6 2 ,0 7 6
9 95 ,919
Jan 1 t o Ju n e 3 0 _______ 5 ,8 1 2 ,0 0 0
5 ,4 2 0 ,1 1 2
845 ,7 1 7
1 ,7 3 7 ,6 0 8
J u ly 1 t Ju n e 3 0 _______ 12,097,301 1 1 ,2 0 5 ,0 7 4
1 ,9 4 3 ,1 0 4
3,7 4 6 ,4 5 1
B o s to n & M a in e .b —
A p r 1 t o Jun e 3 0 ............. 10 ,4 9 9 ,3 0 2
9 ,7 3 3 ,5 9 5
3 ,0 5 8 ,7 6 0
2 ,1 3 2 ,0 7 9
Jan 1 t o Ju n e 3 0 _______ 19 ,7 0 3 ,0 7 6 1 8 ,8 3 4 ,3 2 0
4 ,5 4 0 ,8 9 4
3 ,9 3 4 ,1 0 2
J u ly 1 t o Ju n e 3 0 ............. 4 1 ,1 2 5 ,2 5 6 3 9 ,2 1 4 ,2 0 2 1 0 ,1 5 6 ,8 5 9
9 ,8 6 0 ,8 3 4
B o s to n R e v B c h & L y n n .b —
A p r 1 t o Ju n e 3 0 _______
2 1 1 ,8 4 6
2 0 8 ,9 2 0
2 3 ,755
18,434
Jan 1 t o Ju n e 3 0 ----------3 49 ,788
340,431
2 1 ,585
18,179
J u ly 1 t o Ju n e 3 0 ----------7 9 9 ,5 6 0
7 2 9 ,5 2 3
8 6 ,0 7 0
80,1 2 6
B r id g e to n & S a c o R I v . b Ju n e
4 ,4 8 4
4 ,6 7 5
1,3 5 0
2,031
J u ly 1 t o Ju n e 3 0 _______
4 7 ,0 5 0
4 7 ,5 6 8
1 3 ,6 7 6
15,214
B u ffa lo R o c h & P i t t s .b - J u l y
8 5 6 ,6 2 7
5 6 0 ,0 9 2
3 8 2 ,7 6 0
190 ,334
B u ffa lo & Su sq R R . a . - J u n e
167 ,578
105,544
2 5 ,0 0 6
30,7 1 7
J u ly 1 t o Ju n e 3 0 . ........... 1 ,8 5 3 ,8 5 6
1 ,5 2 2 .7 4 0
5 3 9 ,1 9 7
535 ,2 1 3
C a n ad ian N o r t h e r n ______J u ly 1 ,0 2 4 ,2 0 0
6 0 3 ,8 0 0
3 6 1 ,9 0 0
205 ,900
C a n ad ian P a c l t ic .a ______J u ly 7 ,0 0 8 ,1 7 4
5 ,9 6 7 ,9 6 8
2 ,5 0 6 ,8 5 3
2,3 7 1 ,8 1 1
C en tral o f G e o r g i a .a ____ M a y
9 5 5 ,7 3 5
8 7 5 ,0 8 7
142 ,258
208 ,295
> • J u ly 1 t o M a y 3 1 -----------1 1 ,2 9 6 ,8 4 8 1 0 ,5 4 6 ,8 6 1
2 ,4 9 7 ,4 1 6
2 ,9 5 9 ,3 7 5
C e n tr a lo f N ew J ersey _ b .M a y 2 ,4 6 4 ,5 0 8
1 ,8 5 0 ,2 0 3
1,2 0 2 ,4 6 1
7 49 ,538
J u ly 1 t o M a y 3 1 ............. 2 4 ,2 4 9 ,1 7 2 2 1 ,8 8 3 ,7 1 0 1 1 ,3 2 9 ,8 5 2 1 0 ,1 9 5 ,6 3 9
C h atta n S o u t h e r n .a ____ J u n e
12,323
12,000
d e f. 909
350
J u ly 1 t o Ju n e 3 0 .............
160 ,4 5 2
1 37 ,678 d e f. 3,840
9,381




[V o l .

lxxxv

.

--------Gross E a rn 'a s-------- --------N et E a rn in g s-------C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ear.
Y ear.
Y ear.
Y ear.
R oads.
$
$
$
$
Ches & O h l o . b . ............ .J u n e 2 ,4 3 0 ,6 8 0 2 ,1 9 6 ,5 5 5
9 09 ,710
905 ,9 3 0
J u ly 1 t o Jun e 3 0 _______ 2 5 ,7 9 6 ,8 5 6 2 4 ,6 0 2 ,9 8 6
9 ,1 4 6 ,5 5 3 9 ,7 3 3 ,3 3 8
C h esterfield & L a n c a s .b .M a y
5,711
2,872
2,2 8 9
824
J u ly 1 t o M a y 3 1 _______
5 1 ,912
35,638
2 2 ,6 5 9
13,931
C h ica g o & A l t o n . . _ a - - J u n e 1 ,0 6 7 ,1 0 0
9 1 1 ,5 5 7
3 8 5 ,8 4 6
300 ,8 3 5
J u ly 1 t o Ju n e 3 0 _______ 1 2 ,8 0 9 ,4 2 6 1 1 ,5 8 6 ,0 9 4
4 ,4 1 5 ,9 7 4 3 ,4 1 3 ,0 1 0
C h ica g o G t W e s t e r n .b - - M a y
7 4 9 ,0 9 6
7 2 0 ,3 6 5
185 ,720
1 99 ,699
J u ly 1 t o M a y 3 1 _______ 8 ,7 4 0 ,9 8 8 8 ,1 2 6 ,9 2 6
2 ,3 7 7 ,0 0 8 2 ,3 4 0 ,1 9 7
C h ic In d & L o u i s v . a - - - M a y
521 ,4 1 5
510 ,841
153 ,655
157,720
5 ,4 2 2 ,0 4 5
1 ,6 7 1 ,1 6 5 1 ,8 3 0 ,9 8 0
J u ly 1 t o M a y 3 1 _______ 5 ,4 8 6 ,6 3 5
C h ic T e r m T r a n s f e r - b .- J u n e
1 4 2 ,2 2 9
1 4 5 ,5 1 0
6 0 ,1 8 3
6 2 ,737
J u ly 1 t o Ju n e 3 0 .......... 1 ,7 1 6 ,4 8 7
1 ,7 3 1 ,2 0 0
6 6 0 ,8 6 2
6 1 5 ,1 6 0
Cln N O & T e x P . — See u n d e r S o u th e rn R y . S y s te m b e lo w .
C leve Cln C h ic & St L o u is - b —
A p r 1 t o Ju n e 3 0 _______ 6 ,7 7 5 ,1 9 8 5 ,8 4 5 ,9 8 0
1 ,7 5 2 ,5 8 3 1 ,3 1 5 ,4 2 7
Jan 1 t o Ju n e 3 0 ............. 1 2 ,4 3 9 ,7 7 2 1 1 ,3 6 2 ,5 1 9
2 ,7 2 3 ,0 6 3
2 ,5 1 2 ,4 8 3
C o lo r a d o M id la n d -a ____ Ju n e
1 9 9 ,3 2 4
1 7 4 ,6 5 6
4 2 ,1 7 0
27,577
J u ly 1 t o Ju n e 3 0 _______ 2 ,4 5 4 ,6 0 8 2 ,1 3 2 ,6 6 4
580 ,591
5 1 5 ,7 5 1
C o lo r a d o & S o u t h e r n -a .J u n e 1 ,1 5 7 ,2 8 1
986 ,191
2 8 6 ,7 2 8
2 7 4 ,0 5 9
J u ly 1 t o Ju n e 3 0 .......... . 1 3 ,4 4 5 ,3 5 1 1 1 ,6 5 3 ,4 4 5
3 ,8 6 3 ,2 3 7
3 ,4 3 9 ,1 3 8
C o lu m b N e w b & L a u .a . Ju n e
17,942
17,675
d e f5 ,2 1 1
1,172
J u ly 1 t o J u n e 3 0 _______
3 1 1 ,9 5 4
289 ,1 2 0
35,915
51,748
7 8 ,1 2 2
65,3 8 5
2 9 ,0 8 7
26,448
C o p p e r R a n g e .a ________ Ju n e
J u ly 1 t o Ju n e 3 0 ______...
8 1 9 ,2 9 2
6 7 9 ,2 8 6
2 8 5 ,9 3 6
2 5 9 ,1 6 6
C orn w all R R - a - - - - ____ Ju n e
19,183
17,572
9,6 4 0
9,6 1 2
J u ly 1 t o Ju n e 3 0 _______
220 ,971
2 0 5 ,2 1 5
1 04 .546
105,394
C o rn w a ll & L e b . b ____ Ju n e
4 1 ,3 4 5
3 3 ,6 6 7
2 1 ,7 3 9
18,262
J u ly 1 t o Ju n e 3 0 _______
4 8 4 ,1 9 6
4 4 1 ,7 1 0
2 4 3 ,2 0 2
2 38 ,348
D e l L a ck & W e s t — L e a se d lin es In N Y S ta te —
A p r 1 t o Jun e 3 0 _______ 3 ,2 4 9 ,1 7 4 2 ,4 2 7 ,7 1 3
1 ,6 7 5 ,7 3 3
9 81 ,119
Jan 1 t o Jun e 3 0 _______ 6 ,2 8 1 ,2 7 6 5 ,1 1 1 ,5 7 7
3 ,2 8 3 ,8 6 9
2,3 6 1 ,4 4 1
6 ,8 8 0 ,8 5 1 5 ,3 0 2 ,5 7 8
J u ly 1 t o Ju n e 3 0 _______ 12 ,8 4 4 ,5 0 6 1 1 ,0 2 3 ,0 5 5
S y ra cu s e B in g h a m to n & N Y . b —
A p r 1 t o Ju n e 3 0 _______
4 0 7 ,6 1 7
3 4 9 ,5 3 5
177 ,391
86,691
J an 1 t o Ju n e 3 0 .............
7 3 0 ,2 8 4
663 ,8 5 2
3 1 9 ,7 2 8
233,281
J u ly 1 t o Ju n e 3 0 _______ 1 ,5 0 0 ,8 8 4 1 ,3 8 9 ,8 2 2
5 8 9 ,4 7 3
510,841
D e n v e r & R io G r a n d e .b .M a y 1 ,8 4 8 ,3 0 8 1 ,7 0 2 ,4 8 2
7 0 7 .8 5 6
653 ,321
J u ly 1 t o M a y 3 1 _______ 1 9 ,3 4 3 ,9 7 4 1 7 ,9 0 3 ,6 6 2
7 ,2 6 8 ,9 4 4 6 ,8 9 6 ,5 7 1
D e tr o it & M a c k l n a c .a -- J u n e
114 ,829
105 ,129
1 5 ,938
2 3 ,8 1 8
J u ly 1 t o Ju n e 3 0 _______ 1 ,3 1 1 ,2 7 3 1 ,1 5 4 ,8 2 6
219 ,921
2 0 3 ,1 5 4
D u lu th S o Sh & A t l .b _ .J u n e
314 ,4 6 3
2 76 ,257
88,271
89,201
J u ly 1 t o Ju n 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
D u n k irk A lle g h V a il & P i t t s - b —
A p r 1 t o Jun e 3 0 _______
6 2 ,5 6 8
6 6 ,0 2 5
d e f l2 ,0 7 8 d e f l6 ,1 2 0
1 24 ,914
128 ,825
d e f l,2 1 0 d e f l3 ,9 5 9
J an 1 t o Ju n e 3 0 _______
J u ly 1 t o Jun e 3 0 - ...........
2 8 6 ,3 5 5
3 0 2 ,1 2 5
10,086
1,468
E r ie .a _______ ___________ Ju n e 4 ,9 1 3 ,9 5 1
4 ,5 0 2 ,0 3 4
1 ,8 7 5 ,1 5 5 1 ,1 4 5 ,7 4 4
J u ly 1 t o Ju n e 3 0 _______ 5 3 ,9 1 4 ,8 2 7 5 0 ,0 0 2 ,6 3 4 1 5 ,7 4 7 ,7 8 8 1 4 ,1 2 7 ,7 9 7
F a irch ild & N E ’n . b . . . J u n e
1,619
1,6 7 3
91
346
J u ly 1 t o Jun e 3 0 _______
18,809
2 2 ,2 9 4
d e f.2 ,5 2 5
5 ,3 8 5
F o n d a Jo h n s & G lo v .a .J u n e
68,073
84,6 1 5
33,4 2 3
5 2 ,4 1 9
7 7 4 ,5 3 6
7 2 8 ,7 1 0
392 ,351
4 0 2 ,5 2 5
J u ly 1 t o Ju n e 3 0 _______
G enesee & W y o m in g .b —
A p r 1 t o Ju n e 3 0 _______
3 8 ,3 8 6
4 9 ,1 3 3
20,7 8 1
13,555
Jan 1 t o Jun e 3 0 _______
58,021
7 6 ,9 4 8
2 6 ,0 7 3
16,692
J u ly 1 t o Ju n e 3 0 _______
1 2 9 ,0 2 3
1 6 0 ,0 1 4
4 5 ,2 7 5
4 8 ,147
G e o rg ia R R . a - . ------------- Ju n e
2 1 0 ,4 3 5
1 9 9 ,1 4 0
51
2 4 ,080
J u ly 1 t o 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 7 8 ,6 7 9
G ra n d T ru n k S y s te m o f C a n d a a —
G r a n d T r u n k R y _____ M a y 3 ,1 6 0 ,7 9 1
2 ,7 0 6 ,7 4 7
1 ,1 7 4 ,7 7 3 1 ,0 3 9 ,9 7 1
8 ,8 4 8 ,2 6 9 8 ,1 1 3 ,4 2 8
J u ly 1 t o M a y 3 1 _______ 3 0 ,8 8 0 ,8 5 9 2 7 ,9 1 8 ,1 3 4
G ra n d T r u n k W e s t .. M a y
4 7 8 ,8 6 3
4 0 0 ,5 1 2
6 4 ,7 2 4
57,911
J u ly 1 t o M a y 3 1 _______ 5 ,5 1 7 ,2 5 6
4 ,9 1 2 ,6 8 1
7 8 3 .0 6 8
7 8 7 ,9 9 2
D e t G r H a v t& M il w .- M a y
110 ,4 6 9
1 0 6 ,0 8 9
1,460
6 ,8 1 3
J u ly 1 t o M a y 3 1 _______ 1 ,6 3 0 ,7 2 8 1 ,4 5 5 ,6 8 6
3 37 ,652
385 ,7 3 4
C a n ada A t l a n t i c ______M ay
158 ,648
190,280
d e f . 15,086
27,739
J u ly 1 t o M a y 3 1 - ........... 1 ,7 8 3 ,8 2 9
1 ,7 7 4 ,7 1 0
9 0 ,7 1 2
361 ,1 1 5
G re e n w ich & J o h n s o n v llle .b —
A p r 1 t o Ju n e 3 0 _______
24,881
17,961
10,398
6,6 8 9
J an 1 t o Jun e 3 0 .............
4 5 ,9 5 9
35,051
17,457
12,322
J u ly 1 t o Ju n e 3 0 _______
9 1 ,1 6 0
7 3 ,0 1 9
3 2 ,6 6 2
26,133
G u lf & Ship I s la n d .a -----M a y
211 ,5 1 2
201 ,2 4 2
5 5 .408
66,0 6 0
J u ly 1 t o M ay 3 1 . ........... 2 ,2 7 9 ,8 8 1
1 ,9 5 3 ,7 8 4
5 6 9 ,6 1 5
6 2 9 ,3 3 9
H o c k in g V a l l e y . a -----------Ju n e
6 7 4 ,2 4 7
531 ,8 8 6
2 8 7 ,1 7 9
1 83 ,289
J u ly 1 t o Ju n e 3 0 ----------- 6 ,9 0 7 ,0 4 4 6 ,4 3 9 ,8 0 6
2 ,1 9 7 ,2 3 5 2 ,2 5 8 ,0 3 5
Illin ois C e n tr a l.a -----i - . 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
J u ly 1 t o Ju n e 3 0 -----------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
I n te r o c e a n lc o f M e x lc o .J u n e
6 2 0 ,6 8 9
6 2 0 ,6 6 2
1 56 .046
1 46 ,632
J u ly 1 t o Ju n e 3 0 _______ 7 ,1 9 2 ,9 2 3
6 ,4 6 0 ,3 2 7
1 ,8 9 5 ,4 6 5 1 ,8 8 5 ,8 4 9
Io w a C e n t r a l.a ---------. . . J u l y
2 4 5 ,6 1 1
2 3 4 ,8 2 5
* 6 3 ,4 5 0
fi51 ,74 6
K a n a w h a & M ic h ig a n .a -J u n e
213 ,311
191 ,892
4 0 ,4 5 9
4 3 ,0 5 2
J u ly 1 t o Ju n e 3 0 _______ 2 ,3 7 7 ,6 5 9 2 ,1 5 2 ,7 5 9
5 1 5 ,6 9 5
536 .1 2 7
K a n sa s C ity S o u t h e r n .a . J u ly
847 ,7 7 7
6 8 9 ,8 5 0
2 9 9 ,9 3 8
2 2 5 ,0 8 2
L a k e C h a m p la in & M o r ia h , b—
Ju y 1 t o Ju n e 3 0 _______
188 ,701
173 ,2 4 2
4 9 ,2 4 0 d e f l7 ,7 2 3
L a k e E rie & W e s t e r n .b —
2 ,5 2 5 ,3 7 9
591 ,421
615 ,869
Jan 1 t o Ju n e 3 0 . ........... 2 ,4 3 2 ,5 3 8
L a k e S h ore & M ich S o u t h , b—
A p r 1 t o Ju n e 3 0 ............. 1 1 ,1 6 0 ,3 9 9 1 0 ,5 8 3 ,8 4 4
2 ,5 6 6 ,4 9 2 2 ,0 9 5 ,2 9 8
J an 1 t o Ju n e 3 0 . ...........2 1 ,5 8 9 ,5 3 7 2 0 ,6 0 7 ,0 9 6
5 ,2 7 6 ,2 6 5
4,1 9 5 ,9 8 1
J u l y l t o Ju n e 3 0 . ...........4 3 ,5 2 6 ,8 1 9 4 1 ,0 4 0 ,9 6 2 1 0 ,9 4 8 ,8 6 0 7 ,1 4 3 ,1 8 1
L e h igh & H u d s o n R l v . b —
A p r 1 t o Ju n e 3 0 _______
245 ,9 5 2
164 ,114
9 6 ,5 6 9
83,7 5 9
Jan 1 t o Ju n e 3 0 _______
433 ,4 3 4
336 ,637
156 ,703
138 ,376
J u ly 1 t o Ju n e 3 0 _______
8 0 5 ,2 9 8
626 ,9 7 0
3 0 6 .0 7 9
254 ,302
L eh igh V a lle y _ b -------------Jun e 3 ,3 4 8 ,3 9 3
3 ,1 7 2 ,8 6 3
o l , 3 7 0 ,0 9 9 o l , 623 ,9 5 9
J u ly 1 t o Jun e 3 0 _______ 3 6 ,0 6 8 ,4 2 9 3 2 ,7 8 9 ,8 5 6 0 1 3 ,9 5 4 ,1 7 8 0 1 2 ,6 3 7 ,6 4 6
L e x & E a s t e r n .b .............Ju n e
51.797
4 7 ,4 4 9
d e fl4 ,6 7 1
21,3 6 8
J u ly 1 t o Ju n e 3 0 .............
5 8 4 ,4 3 8
5 2 8 ,9 1 2
199 ,953
2 3 1 ,6 5 9
L ittle F a lls & D o lg e v llle .b —
A p r 1 t o Ju n e 3 0 _______
14,111
13,226
4,7 9 7
3,3 2 7
J an 1 t o Jun e 3 0 _______
26,891
26,7 7 6
11,119
8,271
J u ly 1 t o Ju n e 3 0 _______
5 8 ,9 7 9
5 5 ,1 8 5
25,3 3 7
20,204
L o n g Isla n d R R . b —
A p r 1 t o Jun e 3 0 _______ 2 ,7 9 8 ,0 4 8
2 ,7 6 8 ,9 9 1
6 4 4 ,8 2 9
738 ,7 3 3
Jan 1 t o Jun e 3 0 _______ 4 ,4 6 7 ,0 9 9
4 ,1 7 3 ,6 1 3
4 1 0 ,7 5 0
575 ,0 9 7
J u ly 1 t o Ju n e 3 0 _______ 9 ,8 8 9 ,0 8 0
8 ,6 4 6 ,8 7 3
1 ,9 5 0 ,0 8 7 1 ,5 7 3 ,5 5 0
L o u is ia n a & A r k . a ____ Ju n e
115 ,0 7 3
101,062
3 6 ,734
3 1 ,794
J u ly 1 t o Jun e 3 0 _______ 1 ,2 1 6 ,8 3 7
1 .0 5 7 ,5 2 6
3 6 8 ,0 7 8
3 71 ,344
L o u ls v lle & N a s h v . b .. J u n e 3 ,9 9 3 ,5 2 5
3 ,6 4 9 ,8 8 0
8 3 4 ,8 2 6
8 1 2 ,9 8 1
J u ly 1 t o Jun e 3 0 _______ 4 8 ,2 6 3 ,9 4 5 4 3 ,0 0 8 ,9 9 6 12,4 8 2 ,6 4 3 1 2 ,0 7 5 ,5 3 2
M a n ls t lq u e .b ____________ J u ly
6 ,9 7 4
13,036
d e f 610
9 ,2 5 9
Jan 1 t o J u ly 3 1 _______
3 8 ,1 9 3
6 4 ,166
d e f3 ,1 4 8
28,7 6 6
M arylan d & P e n n a . a . . .Ju n e
2 9 ,732
27,688
8,3 5 8
7,4 3 3
J u ly 1 t o Ju n e 3 0 .............
3 6 0 ,5 4 7
3 60 ,298
123 ,3 0 5
120 ,219
M e x ica n C e n t r a l -------------M ay 2 ,9 9 5 ,9 8 2
2 ,4 7 9 ,4 2 2
897,031
6 3 3 ,9 8 9
J u ly 1 t o M a y 3 1 _______ 2 8 ,4 9 2 ,1 0 7
2 5 ,7 9 4 ,8 6 7
8 ,5 7 6 ,5 4 2 7 ,7 5 9 ,4 2 2
M exica n I n t e r n a t io n a l..J u n e
838 .4 3 2
650,881
290,501
202 ,8 7 9
J u ly 1 t o Jun e 3 0 . ........... 8 ,5 7 2 ,7 6 6
7 ,3 1 4 ,2 0 5
2 ,8 6 6 ,4 0 2 3 ,1 3 6 ,7 5 5
M ich igan C e n tr a l.b —
Jan 1 t o Ju n e 3 0 ............. 1 3 ,8 3 3 ,9 8 1
1 2 ,6 1 9 ,1 4 3
2 ,5 0 2 ,5 5 8 2 ,2 8 5 ,2 2 6
M ineral R a n g e .b .......... .J u n e
67,4 7 0
57,7 2 2
14,290
9,5 7 8
• J u ly 1 t o Ju n e 3 0 . ...........
786 ,941
7 3 9 ,3 4 0
1 «9 ,7 9 6
163,261

A v g . 31 1907.]
------- G ross E a rn 'o s-------C u rren t
P r e v io u s
Y ear.
Y ea r.
R oads.
$
$
M in n S t P & S S M . b - - - J u n e 1 ,1 5 9 ,7 9 0
1 ,0 1 5 ,6 9 8
J u ly 1 t o Jun e 3 0 ............. 1 2 ,8 9 2 ,0 7 6 1 1 ,5 7 4 ,4 6 0
M ln n ea p & St L o u i s . a .- J u l y
3 6 2 ,8 1 4
318 ,575
M issou ri K a n & T e x . a - - J u n e 2 ,1 1 3 ,1 6 1
1 ,619,481
J u ly 1 t o J u n e 3 0 - - .r 7 - 2 6 , 1 8 3 , 9 5 4 2 1 ,1 5 9 ,1 4 0
M o P a c S y s t e m - b _______ J u n e 4 ,0 3 1 ,3 1 9
3 ,6 0 4 ,9 0 2
Ju y 1 t o Ju n e 3 0 _______ 4 8 ,7 0 3 ,3 3 6 4 4 ,5 6 6 ,9 1 6
N a sh v C h a tt & St L - b . - J u n e 1 ,1 1 3 ,7 9 4
1 ,1 2 8 ,5 1 9
J u ly 1 t o Ju n e 3 0 _______ 1 2 ,2 3 8 ,4 6 9 1 1 ,1 2 0 ,9 8 0
N a tio n a l R R o f M e x ic o . Ju n e 1 ,4 0 6 ,3 2 7
1 ,3 8 0 ,5 1 8
J u ly 1 t o Jun e 3 0 ............. 15 ,8 7 4 ,6 6 6 1 4 ,0 3 9 ,3 0 0
H id a lg o & N o r th e a s t-J u n e
7 6 ,073
92,0 0 9
J u ly 1 t o Ju n e 3 0 _______
986 ,336
N e v Cal & O r e . a _______ Ju n e
25,5 6 0
22,839
J u ly 1 t o Ju n e 3 0 _______
267 ,304
2 29 ,925
N e v a d a C e n t r a l- b ______Ju n e
8,361
6,811
J u ly 1 t o Ju n e 3 0 _______
8 4 ,4 8 9
6 1 ,249
N ew L o n d o n N o r t h e r n -b —
A p r 1 t o Ju n e 3 0 _______
266 ,2 2 2
2 84 ,490
J a n 1 t o Ju n e 3 0 _______
481 ,261
5 42 ,016
J u ly 1 t o Ju n e 3 0 _______ 1 ,0 4 9 ,1 2 9
1 ,1 0 4 ,7 2 5
N Y C en tral & H u d R i v . b —
A p r 1 t o Ju n e 3 0 ............. 2 5 ,1 4 2 ,1 2 6 21,5 8 6 ,9 7 1
Ja n 1 t o J u n e 3 0 _______ 4 6 ,9 3 0 ,8 9 6 4 2 ,8 7 9 ,2 2 6
N ew Y o r k C h ica go & St L o u is - b —
A p r 1 t o Ju n e 3 0 _______ 2 ,6 3 7 ,7 2 4
2 ,4 3 9 ,8 2 2
J an 1 t o Jun e 3 0 _______ 5,2 2 1 ,0 2 1
4 ,8 8 5 ,9 9 9
J u ly 1 t o Ju n e 3 0 _______ 1 0 ,2 3 7 ,2 2 9
9 ,6 5 1 ,8 1 8
N Y O n ta r io & W e s t_ a ..J u n e
726 ,2 4 6
70 2 ,4 7 3
J u ly 1 t o Ju n e 3 0 _______ 8 ,2 0 2 ,3 6 1
7 ,2 6 5 ,0 5 7
N ew Y o r k & O t t a w i - b —
A p r 1 t o Ju n e 3 0 _______
41,1 6 4
39,661
J an 1 t o Ju n e 3 0 _______
72,5 3 2
68,292
N e w Y o r k & P e n n .b —
A p r 1 t o Ju n e 3 0 _______
2 5 ,046
26,6 0 4
J a n 1 t o Ju n e 3 0 _______
51,828
52,415
110 ,840
J u l y l t o Ju n e 3 0 _______
107,108
N Y & R o e k a w a y B e a ch _b
A p r 1 t o Ju n e 30
145 ,307
133 ,3 2 8
J a n 1 t o J u n e 3 0 _______
185 ,725
164 ,269
6 04 ,010
J- u -ly '1 t o J- u n e 3- -0 - .
4 8 0 ,2 1 7
N Y Su sq & W e s t . a ____ M a y
2 95 ,289
204 ,427
J u ly 1 t o M a y 3 1 ............. 2 ,8 4 7 ,7 9 9
2 ,5 0 6 ,3 1 3
N o r fo lk & W e s t e r n .b ..J u n e 2 ,7 5 1 ,3 8 3
_______
2,4 7 8 ,0 _4 3
J u ly 1 t o Ju n e 3 0 .............3 1 ,1 6 4 ,3 7 7 2 8 ,4 8 7 ,7 6 3
N o rth e r n C e n t r a l .b ____ J u n e 1 ,1 6 5 ,7 0 2
1 ,0 4 1 ,1 0 2
Jan 1 t o J u n e 3 0 _______ 6 ,3 4 6 ,1 9 4 5 ,4 7 5 ,7 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 s t o f P itts & E r l e _ .J u n e l 4 ,0 3 5 ,4 8 7 1 2 ,3 6 0 ,7 8 7
J a n 1 t o Ju n e 3 0 _______ 7 9 ,1 4 1 ,5 4 9 6 9 ,8 2 6 ,8 4 9
W e s t o f P itts & E r ie . .J u n e
In c.
9 7 3 ,1 0 0
J a n 1 t o J u n e 3 0 _______
I n c . 4 ,9 2 0 ,3 0 0
P h ila B a lt & W a s h . b - . . J u n e 1 ,4 8 1 ,1 1 7
1 ,3 6 4 ,4 1 7
J a n 1 t o Ju n e 3 0 _______ 8 ,1 7 8 ,2 1 1
7,5 1 3 ,4 1 1
P itts Cin C h ic & St L . a - J u l y 2 ,7 1 2 ,7 2 7
2 ,4 0 7 ,0 5 1
J a n 1 t o J u ly 3 1 _______ 1 8 ,6 4 8 ,5 0 3 1 6 ,5 5 9 ,6 1 0
R a le ig h & C h a r le s t o n s - J u n e
4 ,8 4 6
4,316
J u ly 1 t o Ju n e 3 0 _______
6 9 ,808
58,2 3 3
R a leig h & S o u t h p .a ___ Ju n e
10,137
5 ,6 9 5
101 ,707
J u ly 1 t o Jun e 3 0 _______
64,282
R a q u e t t e L a k e _ b—
A p r 1 t o Ju n e 3 0 _______
5,582
6,368
Jan 1 to J u n e 3 0 _______
14,021
11,715
R e a d in g R a ilw a y C o—
P h lla & R e a d i n g .b ___ M a y 3 ,9 9 5 ,9 1 0
3 ,2 8 9 ,0 5 2
J u ly 1 t o M a y 3 1 _______ 3 9 ,5 3 7 ,5 5 5 3 6 ,9 5 9 ,1 1 7
2 ,7 7 3 ,7 8 3
C oal & Iron C o . b ____ M ay 3 ,4 0 7 ,5 5 8
J u ly 1 t o M a y 3 1 . ...........3 5 ,4 1 8 ,0 1 6 3 0 ,7 6 9 ,3 0 0
T o ta l b o t h C o s - b ____ M ay 7 ,4 0 3 ,4 6 8
6 ,0 6 2 ,8 3 5
J u ly 1 t o M a y 3 1 _______ 7 4 ,9 5 5 ,5 7 1 6 7 ,7 2 8 ,4 1 7
R e a d in g C o ___________ M a y
_______
_______
J u ly 1 t o M a y 3 1 _______
_______
_______
T o t a l o f all C o s _______ M a y
_______
_______
J u ly 1 t o M ay 3 1 _______
_______
_______
R ic h F red s & P o t o m a c .J u n e
2 07 ,645
179 ,3 6 0
J u ly 1 t o Ju n e 3 0 . ........... 1 ,9 8 1 ,8 0 5
1 ,7 6 4 ,8 5 6
R io G ra n d e J u n c t io n ___ Ju n e
7 2 ,1 2 4
65,689
D e c 1 t o Ju n e 3 0 _______
4 6 4 ,3 8 8
3 7 0 ,7 2 5
R io G ra n d e S o u th e r n , b -J u n e
51,058
46,411
J u ly 1 t o Ju n e 3 0 _______
611 ,638
562 ,9 0 5
R o c k Isla n d S y s t e m _ a ._ J u n e 5 ,3 5 7 ,5 6 0
4 ,1 7 5 ,3 1 7
J u ly 1 t o Ju n e 3 0 .............6 0 ,2 3 8 ,4 1 5 5 1 ,2 3 7 ,8 5 4
S t L & San F r a n - a . - - Jun e 4 ,1 4 8 ,8 5 1
3 ,3 4 8 ,8 1 8
J u ly 1 t o Ju n e 3 0 _______ 4 9 ,9 5 8 ,7 7 8 4 1 ,9 7 5 ,2 1 7
E v a n s y & T erre H -a - J u n e
162 ,9 2 4
1 66 ,660
J u ly 1 t o Ju n e 3 0 _______ 2 ,2 6 7 ,2 1 4 2 ,1 6 3 ,6 7 9
T o t a l a ll L i n e s .a ____ Ju n e 9 ,6 6 9 ,3 3 6
7 ,6 9 0 ,7 9 5
J u ly 1 t o Jun e 3 0 ...........1 1 2 ,4 6 4 ,4 1 0 9 5 ,3 7 6 ,7 5 2
R u tla n d R R . b —
792 ,6 5 8
A p r 1 t o Jun e 3 0 _______
692 ,6 1 7
J an 1 t o Jun e 3 0 _______ 1 ,3 8 6 ,4 9 7
1,2 6 7 ,8 6 8
J u ly 1 t o Ju n e 3 0 _______ 2 ,9 1 7 ,8 3 7
2 ,6 8 7 ,6 6 4
S t J os & G r I s l a n d .b ___ M a y
154,612
124 ,266
J u ly 1 t o M a y 3 1 _______ 1,5 9 7 ,7 3 1
1 ,4 0 7 ,6 6 7
St L a w r e n c e & A d ir o n d a c k . b —
A p r 1 t o Ju n e 3 0 _______
102,791
89,602
J an 1 t o Jun e 3 0 .............
198,536
170,951
J u ly 1 t o Jun e 3 0 . ...........
397 ,3 8 8
339 ,2 3 2
S t L ou is S o u th w e s te rn . b J ’n e
855 ,804
725 ,9 8 5
J u ly 1 t o Ju n e 3 0 _______ 1 0,5 5 3 ,1 3 1
8,9 8 9 ,5 6 3
S e a b o a rd A ir L i n e . b — Ju n e 1,3 7 7 ,5 7 3
1 ,2 1 8 ,8 1 8
J u ly 1 t o Jun e 3 0 .............1 6 ,427,941 1 5 ,1 1 6 ,9 4 6
S o u th B u ff R y C o . b —
A p r 1 t o Ju n e 3 0 .......... ..
165 ,9 6 8
122 ,784
Jan 1 t o Ju n e 3 0 _______
3 0 9 ,5 8 2
236,487
J u ly 1 t o Ju n e 3 0 ----------5 82 ,406
4 32 .122
S o u th e r n I n d i a n a .b ____ M ay
136 ,759
121,421
J u ly 1 t o M a y 3 1 ............. 1 ,5 0 6 ,1 3 7
1 ,3 2 3 ,4 4 9
S ou th ern P a c i f l c . a ______J u n e ll ,0 8 2 ,8 9 8
9 ,2 3 0 ,6 4 7
J u ly 1 t o Jun e 3 0 _______ 124 942522 105632547
S ou th ern R a l l w a y .a - . - J u n e 4 ,6 0 9 ,3 0 5
4 ,2 9 3 ,5 7 0
J u ly 1 to Ju n e 3 0 _______ 5 6 .6 5 7 ,9 9 1 5 3 ,6 4 1 ,4 3 6
M o b ile & O h l o . a ____ Ju n e
9 2 6 ,3 7 6
8 10 ,292
J u ly 1 t o Ju n e 3 0 . ...........1 0 ,7 5 9 ,5 1 6
9 ,4 4 5 ,9 2 7
C in N O & T e x P a c . a . Ju n e
8 53 ,493
7 5 1 .6 7 7
J u ly 1 t o J u n e 3 0 - ........... 8 ,7 7 8 ,8 4 7
8 ,4 5 4 ,8 9 6
A la G rea t S o u t h . a . . . J u n e
378 ,459
317 ,083
J u ly 1 t o Ju n e 3 0 ............. 4 ,1 6 9 ,4 5 6
3 ,7 7 4 ,6 2 0
G eorgia S o & F l a . a - .J u n e
189,881
16 6 ,1 6 ?
J u ly 1 t o Ju n e 3 0 ............. 2 ,2 7 3 ,3 4 2
1 ,9 4 4 ,9 4 5
S t a t e n Is la n d R y . b —
A p r 1 t o Ju n e 3 0 , ...........
5 7 ,0 1 3
62,129
Jan 1 t o Ju n e 3 0 . ...........
99,101
108 ,084
• J u ly 1 t o Ju n e 3 0 .............
211 ,541
227 ,904




THE CHRONICLE.
------- N et E a rn in g s------C u rren t
P r e v io u s
Y ear.
Y ear.
$
$
4 2 5 ,5 3 2
4 4 0 ,7 7 4
5 ,4 5 8 ,5 2 9
5 ,7 8 9 ,9 0 1
f c l3 0 ,353
6 07 ,302
457 ,2 8 3
8 ,5 0 8 ,5 0 7
5 ,7 4 4 ,5 9 8
1 ,2 9 9 ,7 1 9
1,0 7 3 ,2 7 4
16,1 8 8 ,2 7 1 1 4 ,2 8 4 ,4 1 5
2 09 ,985
286 ,912
2 ,5 0 8 ,3 0 9
2 ,7 6 6 ,0 6 8
5 16 ,225
548 ,5 9 3
5 ,7 2 2 ,8 3 1
5 ,4 1 3 ,2 5 2
10,738
35,0 6 9
249 ,826
13,590
1 0,404
145 ,995
103 ,0 1 1
1,591
355
30,221
30,155

fcl22,002

deX323
d e f 2 5 ,300
4 6 ,7 3 5

14,336
d e f3 2 ,7 2 5
87,351

5 ,9 4 4 ,4 8 2
6 ,2 5 8 ,8 1 9
9 ,5 3 0 ,3 8 2 1 2 ,1 0 3 ,3 1 2
6 54 ,908
1 ,1 3 6 ,6 5 5
2 ,5 5 5 ,4 0 4
195,395
2 ,5 5 8 ,0 1 5

4 8 9 ,2 1 0
903 ,760
2 ,1 9 5 ,5 6 7
275 ,854
2 ,0 3 1 ,7 7 0

3,6 7 9
3,6 8 8

320
def751

7,321
16,099
34,085

8 ,6 3 4
13,348
30,662

46 ,5 0 9
5,0 5 7
176 ,561
7 1 ,0 0 6
7 8 4 ,4 2 6
1 ,1 0 7 ,5 7 2
11 ,6 4 9 ,8 4 3
2 7 2 ,3 1 5
1 ,0 9 5 ,7 8 4

3 4 ,078
d e f4 ,7 1 0
113 ,097
7 6 ,0 9 7
7 5 9 ,0 7 3
956,651
11,423,141
304 ,9 1 5
1 ,1 6 2 ,3 8 4

4 ,4 0 2 ,5 0 4
3 ,9 70,804
1 9 ,9 7 2 ,0 4 6 19 ,5 37,146
I n c . 202 ,700
I n c . 782 ,700
3 65,435
3 7 4 ,2 3 5
1 ,4 2 5 ,5 6 0
1 ,741,160
685 ,843
606 ,674
4 ,1 9 3 ,6 1 8
3 ,776,326
657
146
17,545
14,926
1,453
3,2 1 9
25,857
28,3 3 6
d e f3 ,2 0 6
d e f 988

970
3,7 1 6

1 ,5 6 9 ,9 8 8
1 4 ,5 9 8 ,4 1 9
239 ,255
1 ,9 2 9 ,8 3 4
1,8 0 9 ,2 4 3
1 6 ,5 2 8 ,2 5 3
133 ,576
1 ,4 3 4 ,1 5 0
1 ,9 4 2 ,8 1 9
1 7 ,9 6 2 ,4 0 3
67,421
628 ,694
« 2 1 ,6 3 7
n l3 9 ,3 1 5
17,938
228,451
1,3 4 8 ,9 5 6
1 7 ,5 1 8 ,2 3 9
1,3 9 4 ,2 0 2
1 6 ,6 7 6 ,9 3 5
57,397
1 ,0 2 0 ,3 2 8
2 ,8 0 0 ,5 5 5
3 5 ,2 1 5 ,5 0 2

1 ,0 8 6 ,8 2 6
1 4 ,0 2 0 ,7 9 8
d e f .3,0 2 4
1 ,5 4 9 ,5 5 3
1,0 8 3 ,8 0 2
15,5 7 0 ,3 5 1
140,309
1 ,4 1 1 ,6 9 6
1,224,111
1 6 ,9 8 2 ,0 4 7
6 7 ,664
63 6 ,5 6 0
n l9 ,7 0 7
n l l l ,217
15,135
238 ,275
1 ,1 4 0 ,4 1 3
1 4 ,5 3 8 ,9 0 9
1 ,0 9 8 ,1 2 6
1 3,6 3 4 ,8 3 7
65,336
959 ,9 8 0
2 ,3 0 3 ,8 7 5
2 9 ,1 3 3 ,7 2 7

227 ,402
3 8 2 ,9 1 8
8 05 ,086
6 0 ,3 2 8
6 26 ,465

219,701
3 98 ,946
8 85 ,859
26,100
4 35 ,131

37,0 5 9
82,826
165,206
2 74 ,376
3 ,3 5 7 ,0 3 2
383 ,6 1 2
3 ,4 7 9 ,9 0 0

3 9 ,130
86,356
154 ,998
187 ,5 8 8
2 ,2 9 0 ,1 1 9
2 89 ,615
4 ,6 0 3 ,4 8 6

18,347
7 ,4 4 8
18,495
24,457
3 7 ,0 3 9
6 0 ,800
5 8 ,836
51,658
624 .1 3 3
5 23 ,348
2 ,5 3 0 ,4 6 9
2 ,641,391
4 1 ,8 2 5 ,5 9 8 3 5 ,0 4 7 ,3 6 0
1 ,1 7 6 ,5 9 6
1 ,0 6 7 ,8 7 3
1 1,958,711 1 3 ,8 6 8 ,2 9 9
1 37 ,529
152,775
2 ,9 0 0 ,4 9 3
3 ,1 1 6 ,4 3 1
202 ,085
195,867
1.7 4 7 ,4 1 1
2 ,0 6 2 ,2 2 8
52,196
8 4,5 1 7
712 ,7 5 6
782,881
28,603
22,4 9 3
4 2 5 ,2 8 6
393 .1 3 4
d e f .7 ,3 0 5
d e f . 16,622
d e f .3,720

6,615
d e f .4,915
d e f .3,563

523

--------G ross E a rn 'o s ------- --------N et E a rn in g s-------C u rren t
P rev io u s
C u rren t P rev iou s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
R oads.
$
$
$
$
T e x a s C e n tr a l.a ________ Ju n e
9 5 ,0 3 6
6 0 ,1 7 0
16,7 0 5
1 4 ,970
J u ly 1 t o Ju n e 3 0 _______ 1 ,2 4 4 ,1 0 7
945,241
4 2 9 ,6 2 8
* 7 0 ,9 2 2
T id e w a te r & W e s t e r n _ b .J u n e
8 ,8 6 2
8 ,1 3 7
2,6 9 4
1 ,2 4 4
J u ly 1 t o Ju n e 3 0 _______
9 4 ,2 9 1
88,5 2 7
16,0 2 7
19,5 6 8
T o le d o & O h io C e n t .a - - J u n e
4 3 9 ,5 4 2 3 20 ,035
1 7 5 ,6 3 6
1 0 3 ,9 7 8
J u ly 1 t o Ju n e 3 0 _______ 4 ,8 6 6 ,6 5 9
4 ,0 7 2 ,1 5 9
1 ,5 4 7 ,0 2 9 1 ,0 0 4 ,2 7 2
T o l P e o r ia & W e s t - b . . . J u n e
129 ,5 5 6
1 0 0 ,9 5 6
4 1 ,3 6 3
1 8 ,0 3 5
J u ly 1 t o Ju n e 3 0 _______ 1 ,3 0 0 ,2 1 2
1 ,2 9 3 ,3 9 0
289 ,151
2 5 3 ,9 5 9
J u ly (1907 a n d 1906)
93,4 0 3
9 9 ,1 0 0
1 3 ,3 1 0
20,551
T o le d o St L & W e s t - a - - J u n e
3 7 7 ,1 7 7 3 4 5 ,9 1 0
p l 6 1 ,2 7 6
p l 0 1 ,7 1 4
J u ly 1 t o Ju n e 3 0 _______ 4 ,1 8 1 ,9 6 3 4 ,2 0 5 ,0 4 8 p i , 260 ,9 9 2
p i , 0 6 3 ,4 3 3
T o m b lg b e e V a lle y ______J u n e
5,3 3 3
5,1 7 3
907
1,3 3 5
J u ly 1 t o Ju n e 3 0 _______
7 5 ,1 1 6
5 1 ,8 2 6
1 7 ,614
17,893
U n ion P a c i f ic - a ............... Ju n e 6 ,5 8 5 ,6 9 2
5,5 0 7 ,2 8 1
2 ,6 3 9 ,2 7 3 2 ,1 9 9 ,5 9 6
J u ly 1 t o Ju n e 3 0 _______ 7 6 ,0 4 0 ,7 2 6 6 7 ,2 8 1 ,5 4 2 3 3 ,3 9 6 ,1 0 4 3 0 ,3 1 7 ,7 7 0
V ir g in ia & S o u t h w .b ___ Ju n e
9 9 ,385
90,5 6 1
4 4 ,8 0 3
3 5 ,4 5 7
J u ly 1 t o Ju n e 3 0 _______ 1 ,0 6 2 ,9 0 9
1 ,0 1 1 ,3 3 5
351 ,4 4 2
4 0 4 ,8 3 9
W a b a s h .b _______ _______ J u n e 2 ,4 9 3 ,7 9 5
2 ,3 2 1 ,3 4 1
7 9 1 ,5 5 8
8 0 2 ,7 1 3
J u ly 1 t o Ju n e 3 0 . ...........2 7 ,4 3 2 ,4 6 7 2 5 ,0 1 5 ,3 7 8
7 ,9 2 7 ,3 2 7 6 ,9 3 7 ,4 9 6
W Je rse y & 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
1 6 5 ,6 5 5
1 7 1 ,0 5 5
J a n 1 t o Ju n e 3 0 _______ 2 ,3 2 7 ,4 5 2
2 ,1 7 0 ,5 5 2
1 0 5 ,8 3 2
5 2 4 ,0 3 2
W e s te rn M ary l a n d - a - - . M a y
5 3 7 ,3 8 6
4 6 5 ,4 5 4
2/220,475 t/1 97,7 17
J u ly 1 t o M a y 3 1 _______ 5 ,0 8 7 ,8 4 5
4 ,3 3 9 ,5 9 1 2/1,679,042 ffl,5 1 2 ,6 5 6
W h e e lin g & L a k e E r i e .b Ju n e
611 ,2 1 1
4 0 8 ,4 1 1
2 1 7 ,5 2 5
9 7 ,0 5 0
J u y 1 t o Ju n e 3 0 _______ 6 ,2 3 0 ,8 9 1
5 ,3 1 9 ,8 9 0
2 ,1 0 5 ,5 2 3 1 ,5 6 3 ,8 2 0
W lso c n s ln C e n t r a l - b - - - J u n e
7 04 ,392
611 ,8 7 4
310 ,8 5 7
2 4 5 ,6 0 6
J u ly 1 t o Ju n e 3 0 _______ 7 ,5 7 7 ,1 7 7
7 ,1 1 8 ,5 7 5
2 ,8 4 7 ,0 8 4 2 ,5 7 6 ,0 9 9
W r ig h ts v & T e n n il l e .b - J u l y
S18.077
s l9 ,9 0 8
3 ,8 4 4
7 ,5 6 3
Y a z o o & Miss V a lle y - a -J u n e
733 ,8 6 8
7 1 6 ,1 6 7
9 6 ,0 2 3
9 6 ,0 5 0
J u ly 1 t o Ju n e 3 0 _______ 9 ,4 9 9 ,6 6 0
8 ,6 7 1 ,2 5 0
1 ,4 2 6 ,6 8 5 1 ,3 1 2 ,2 6 8
a N e t earn in gs here g iv e n are a fte r d e d u c t in g ta x e s ,
b N et earn in gs here g iv e n are b e fo r e d e d u c tin g ta x e s .
d T h e c o m p a n y n o w in c lu d e s ea rn in gs o f th e D e n v e r E n id & 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 tt & P h o e n ix R y . in b o t h y ea rs,
F o r Ju n e ta x e s a n d rentals a m o u n te d t o $ 3 2 4 ,9 9 5 , a g a in st § 2 0 4 ,8 7 7 in 1 90 6,
a fte r d e d u ctin g w h ic h , n e t fo r J u n e 1907 w as $ 2 ,6 0 7 ,6 1 9 , a ga in st $ 2 ,5 3 6 ,2 1 9
last y e a r .
F ro m J u ly 1 t o Ju n e 30 1907 ta x e s an d ren tals vrere $ 2 ,6 6 1 ,8 0 8 ,
a ga in st $ 2 ,3 9 4 ,0 1 0 last y e a r.
h F o r J u ly 1907 a d d it io n a l in c o m e w as $ 9 ,0 5 0 , a g a in st $4,723 in 1 90 6.
fc F o r J u ly 1907 a d d itio n a l in c o m e w as $ 1 3 ,3 6 5 , a g a in st $ 2 0 ,2 4 6 in 1 9 0 6 .
n T h e se figu res r e p re se n t 30 % o f gross ea rn in g s.
o In c lu d in g o th e r In c o m e , t o t a l In co m e (e x c lu s iv e o f resu lts o f c o a l c o m ­
p an ies) fo r Ju n e is $ 1 ,4 3 1 ,4 0 5 in 1 90 7, a g a in st $ 2 ,0 1 2 ,9 4 6 In 1 90 0, a n d fo r
p e r io d fro m J u ly 1 t o Ju n e 30 is $ 1 4 ,8 9 9 ,3 1 6 in 190 7, a g a in st $ 1 3 ,4 4 6 ,4 9 8
in 1&06.
p F o r Ju n e 1907 a d d it io n a l In com e w a s $ 6 ,5 4 8 , a g a in st $ 6 ,7 0 9 ; a n d fr o m
J u ly 1 t o Ju n e 30 w as $33 ,834 in 190 7, a g a in s t $25 ,075 la st y e a r .
s In c lu d e s $102 o th e r In com e fo r Ju n e 190 7, a g a in st $451 in 1906.
V F o r M ay a d d itio n a l In co m e a n d n e t p r o fit s fro m c o a l, e t c . , w ere $ 8 0 ,4 8 4
th is y e a r , a g a in st $53 ,8 8 0 last y e a r , a n d fro m J u ly 1 t o M a y 31 w ere $64 3 ,3 7 7
th is y e a r , a g a in st $77 6 ,7 3 4 last y e a r .

Interest Charges and Surplus.— The follow ing roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, & c., with the surplus above
or deficit below these charges:
— I n t ., R entals, & c .—
— B a l. o f N e t E 'n g s .—
C u rrent
P r e v io u s C u rren t
P r e v io u s
Y ear.
Y ea r.
Y e a r . Y ea r.
R oads
$
$
$
$
B a n g o r & A r o o s t o o k ___ Jun e
7 0 ,1 7 2
6 1 ,772
27,5 2 6
2 4 ,2 8 0
J u ly 1 t o Jun e 3 0 _______
7 9 7 ,0 7 6
6 6 5 ,2 8 4
2 9 1 ,3 2 5
2 8 6 ,5 9 3
303
300
1,8 6 2
d e f. 226
B e lle fo n te C e n tr a l_______ J u ly
J a n 1 t o J u ly 3 1 _______
2,121
2,1 0 0
9,661
3 ,4 3 9
B o s to n & A lb a n y —
A p r 1 t o Ju n e 3 0 . ...........
862 ,7 9 3 9 2 8 ,6 1 6 z d e fl8 9 ,0 8 3
2 1 7 5 ,5 7 4
Jan 1 t o Ju n e 3 0 _______ 1 ,7 4 8 ,1 2 3 1 ,8 7 0 ,1 6 l2 d e f6 9 4 ,5 2 8
2 7 7 ,8 3 9
J u ly 1 t o Ju n e 3 0 _______ 3 ,5 5 7 ,7 9 6 3 ,8 5 1 ,0 6 8 2 d fl ,2 2 2 ,5 4 9 2:310,802
B o s t o n & M aine—
A p r 1 t o Ju n e 3 0 ............. 2 ,1 0 4 ,2 6 5
2 ,1 1 3 ,8 8 7 x l , 159,621
2 2 1 8 ,2 9 8
Jan 1 t o J u n e 3 0 _______ 4 ,1 7 9 ,8 6 7
4 ,1 8 8 ,0 3 1 2 7 3 5 ,2 5 3
2 7 4 ,5 7 0
J u ly 1 t o Ju n e 3 0 _______ 8 ,2 3 3 ,2 3 7
8 ,2 9 4 ,7 1 4 2 2 ,6 2 7 ,9 8 1 2 2 ,1 8 8 ,2 0 5
B o s to n R e v e r e B ell & L y n n —
A p r 1 t o Ju n e 3 0 _______
15,510
15,6 0 8
2 1 2 ,7 3 9
2 6 ,4 7 2
J an 1 t o Ju n e 3 0 _______
3 1 ,053
3 1 ,512 2 d e f.8 0 5 2 d e f.6 ,1 0 6
J u ly 1 t o Jun e 3 0 _______
62,390
6 2 ,192
2 4 3 ,1 8 9
2 3 6 ,0 2 1
B r id g e to n & S a c o R iv e r .J u n e
543
543
807
1 ,4 8 8
J u ly 1 t o Ju n e 3 0 _______
6 ,5 1 6
6 ,5 1 6
7 ,1 6 0
8 ,6 9 8
C en tral o f N ew J e r s e y . .. M a y 685 4 ,1 5 9
6 5 1 3,95 9
3 4 8 ,3 0 2
2 3 5 ,5 7 9
6 6 ,6 1 1 ,7 9 3 3 ,9 8 9 ,2 0 3
3 ,5 8 3 ,8 4 6
J u ly 1 t o M ay 3 1 _______ 6 7 ,3 4 0 ,6 4 9
C h ica g o G rea t W e s t e r n .M a y
180 ,1 4 8
1 72 ,907
5,5 7 2
2 6 ,7 9 2
J u ly 1 t o M a y 3 1 _______ 1 ,9 5 8 ,8 3 1
1 ,8 8 6 ,0 6 3
4 1 8 ,1 7 7
4 5 4 ,1 3 4
C leve Cin C h ic & St L o u is .—
A p r 1 t o Ju n e 3 0 _______ 1 ,1 3 7 ,3 5 9
1 ,0 8 7 ,9 3 3 265 9 ,8 0 1
2 2 6 8 ,2 8 0
2 ,1 3 7 ,9 1 2 2 5 4 1 ,3 3 2
2 4 4 9 ,7 3 4
Jan 1 t o Ju n e 3 0 _______ 2 ,2 3 5 ,5 1 9
C o p p e r R a n g e ___________ Ju n e
8,4 3 7
8 ,4 3 7
2 0 ,6 5 0
18,011
J u ly 1 t o Ju n e 3 0 _______
101 ,250
101 ,2 5 0
1 84 ,686
1 5 7 ,9 1 6
3 ,4 8 2
4 ,1 2 3
2 1 8 ,9 8 2
14,1 3 9
C orn w all & L e b a n o n ___ Ju n e
J u y 1 t o Ju n e 3 0 _______
44,0 1 1
4 9 ,8 2 4 2 2 0 7 ,4 6 4
188 ,524
D e l L a c k & W e s t — L e a se d lin es In N Y
S ta te —
A p r 1 t o Jun e 3 0 - ...........
609 ,6 6 9
6 1 5 ,2 3 2 1 ,0 6 6 ,0 6 4
3 6 5 ,8 8 7
J an 1 t o Jun e 3 0 _______ 1 ,2 2 4 ,4 3 6
1 ,2 3 0 ,4 6 3 2 ,0 5 9 ,4 3 1
1 ,1 3 0 ,9 7 8
Ju ly 1 t o Ju n e 3 0 _______ 2 ,4 5 7 ,8 9 0
2 ,4 5 7 ,8 9 0 4 ,4 2 2 ,9 6 1
2 ,8 5 3 ,8 0 7
S y ra cu s e B in g h a m to n & N
Y—
A p r 1 t o Jun e 3 0 _______
28,4 7 5
4 6 ,0 7 7
148 ,9 1 6
4 0 ,6 1 4
Jan 1 t o Jun e 3 0 _______
5 7 ,7 5 0
9 2 ,3 6 2
2 6 1 ,9 7 8
140 ,9 1 9
J u ly 1 t o Jun e 3 0 _______
133 320
188 ,6 2 7
4 5 6 ,1 5 3
3 2 2 ,2 1 4
D e n v e r & R io G r a n d e - .- M a y
348 ,3 1 0
3 3 8 ,6 4 7 d 3 5 9 ,6 0 8
<J314,674
J u ly 1 t o M a y 3 1 . ........... 3 ,8 7 5 ,6 0 9
3 ,7 9 6 ,1 5 2 d 3 ,636 ,1 6 6 <J3,3 4 5 ,7 0 6
D u lu th S o Sh & A t l ____ J u n e
1 11 ,904
117 ,113 2 d e f2 2 ,869 2 d e f2 7 ,2 7 7
J u ly 1 t o Ju n e 3 0 ----------- 1 ,0 5 5 ,4 8 6
1 ,1 6 5 ,7 6 4 2 d e f 5 5 ,5 3 3 2 d e fl5 6 ,336
D u n k irk A lle g h V a l & P itts —
A p r 1 t o Jun e 3 0 _______
3,5 4 6
3,5 4 6 2 d e fl5 ,4 6 4 2 d e f l9 ,5 4 6
Jan 1 t o Ju n e 3 0 _______
7,0 9 2
7 ,0 9 2 2 d e f8 ,0 2 2 2 d e f2 0 ,7 9 6
J u ly 1 t o Jun e 3 0 .'______
1 3 ,5 5 9
12,8 4 7 2 d e f2 ,9 5 1 x d e flO ,6 8 4
G en esee & W y o m in g —
A p r 1 t o Ju n e 3 0 . ...........
6,9 2 5
7 ,0 0 0
13,855
6,555
J an 1 t o Ju n e 3 0 _______
13,561
14,419
12,511
2,273
J u ly 1 t o Ju n e 3 0 _______
27,561
2 8 ,119
17,713
2 0 ,0 2 8
G eorg ia R R _____________ Ju n e
a 5 1 ,4 7 6
a 5 0 ,7 8 7 2 d f.5 1 ,1 8 9 r d f.2 6 ,6 8 5
J u ly 1 t o Ju n e 3 0 _______ a 6 1 8 ,8 4 9
a 6 1 8,72 1 2 d f.l3 8 ,2 9 1
2 1 7 6 ,7 7 8
G re e n w ich & J o h n so n v ille —
A p r 1 t o Ju n e 3 0 _______
6 ,1 3 3
4 ,6 0 0
2 4 ,6 8 7
2 2 ,2 5 4
Jan 1 t o Jun e 3 0 _______
10,833
9 ,2 0 0
2 7 ,3 5 9
2 3 ,6 3 8
J u ly 1 t o Ju n e 3 0 _______
20,2 3 3
1 8 ,400
2 1 3 ,6 8 7
2 9 ,1 1 2
H o c k in g V a lle y ..................Ju n e
99,4 8 4
111 ,0 7 3 2 2 7 6 ,4 8 8
2 1 6 7 ,7 8 2
J u ly 1 t o Ju n e 3 0 _______
8 1 5 ,1 9 0
7 9 4 ,2 2 4 2 1 ,8 2 7 ,4 8 1 2 1 .7 7 2 ,9 3 4
K a n a w h a & M ic h ig a n ..J u n e
20,479
19,251
2 2 1 ,2 2 5
* 2 4 ,8 3 0
J u ly 1 t o Ju n e 3 0 .............
2 5 5 ,7 2 6
2 3 7 ,7 3 4 2 2 6 7 ,0 7 4
2 3 0 6 ,1 7 0
L a k e C h a m p la in & M o ria h —
J u ly 1 t o Ju n e 3 0 . ...........
4 ,4 2 6
3 ,9 5 8 2 4 5 ,2 9 8 * d e f 2 1 ,274
L a k e E rie & W e ste rn —
Ja n 1 t o Ju n e 3 0 . ........... 4 7 6 ,1 0 7
504 ,5 5 6 1 1 1 8 ,8 5 2
* 1 1 9 ,7 4 0

52i

THE CHRONICLE.

[V o l .

lxxxv

.

— I n t .,f R en tals,’ & c .— — B a l l o t N et E 'n g s .—
C u rrent
P rev io u s
C u rrent
P reviou s
C u r r e n t^ iP r e v io u s
C u rrent
P r e v io u s A
Y ea r.
Y ear.
Y ea r.
Y ea r.
Y e a r .~ *
■ Y ear.
Y ear.
Y ea r.
C om p a n ies.
a<...
$
$
$
S
$
$
$
4 8 8 ,0 4 6
L a k e S h ore & M ich S o u th —
June
7 3 0 ,2 7 0
1 07,013
P a c ific C o a s t . ____ __
1 13 ,093
6
,3
0
8
,4
0
8
J u ly 1 t o Ju n e 30
7 ,4 0 6 ,4 9 1
1 ,4 1 9 ,8 8 0
A p r 1 t o Ju n e 3 0 . ........... 2 ,1 4 0 ,0 0 0 1 ,7 7 9 ,9 9 9 z l ,401,492 3:1,140,299
1 ,3 7 2 ,4 1 8
J a n 1 t o Ju n e 3 0 - ........... 4 ,2 0 6 ,6 6 7 3 ,4 2 9 ,9 9 9 2:3,019,598 3:2,415,982
P itts b u r g h C oa l C o ___ -J u ly
5 77 ,323
4 6 1 ,6 3 2
J u ly 1 t o Ju n e 3 0 _______ 8 ,3 1 2 ,1 3 7 6 ,8 3 9 ,9 9 9 2:7,090,228 £ 4 ,5 1 1 ,8 4 6
Jan 1 t o J u ly 3 1 .
3 ,1 0 2 ,4 3 2
2 ,8 4 6 ,0 5 4
L e h ig h & H u d s o n R iv e r —
P o c a h o n ta s C o ll’s C o . . .M a y
15,900
25,171
A p r 1 t o Ju n e 3 0 - _ . ___
1 52 ,064
7 7 ,9 6 4 rrdf.37,537
3:10,753
86,0 7 8
J a n 1 t o M a y 31
1 39 ,297
J a n 1 t o Ju n e 3 0 _______
1 98 ,509
114 ,5 8 4 3:df.23,848
£ 2 8 ,7 5 0
19,704
13,9 5 7
8 ,4 5 9
T a c o m a G as L ig h t C o_a M ay
3 ,3 6 3
J u ly 1 t o Ju n e 3 0 _______
'2 8 4 ,7 2 6
186 ,769
3:43,388
3:72,491
7 7 ,8 1 3
156 ,016
1 14 ,254
Ju n e 1 t o M a y 3 1 . .
4 4 ,0 3 7
L it t le F a lls & D o lg e v llle —
,
Jun
e
35,491
3
3
,594
2
1
,8
0
8
U
S
T
e
le
p
h
o
n
e
C
o
.
______
20,835
A p r 1 t o Jun e 3 0 _______
2,5 1 5
2,3 2 5
3:2,525
1,002
1 35 ,284
Jan 1 t o Ju n e 3 0 . .
2 3 4 ,0 3 8
221 ,033
127 ,416
J a n 1 t o Jun e 3 0 _______
5,0 3 6
4,8 7 5
3:6,491
3,396
54,9 0 7
2 4 9 ,4 7 0
190 ,8 8 7
V ic t o r F u el C o __________ Jun e
31 ,690
J u ly 1 t o Jun e 3 0 _______
10,136
9 975
3:15,609
10,2 2 9
2 ,6 3 1 ,3 0 1
5 9 3 ,2 1 0
2 ,1 8 7 ,2 8 7
4 84 ,742
J u ly 1 t o Ju n e 3 0 .
L o n g Isla n d R R —
12,907
4,4 8 3
W y o m in g V a l G a s & E l a Jun e
11,935
4 ,3 2 9
655 ,8 4 3
6 2 5 ,7 7 2
3:71,190
3:150,652
A p r 1 t o Ju n e 3 0 _______
8 6 ,570
36,332
26,2 1 0
J an 1 t o Ju n e 30
J a n 1 t o Jun e 3 0 _______ 1 ,236,511
1 ,1 3 2 ,2123:def692,06l3;d ef42 6,5 75
J u ly 1 t o Jun e 3 0 _______ 2 ,6 9 2 ,7 4 7
2,295,8363 :def490,479 3:def323 ,769
a N e t earn in gs h ere g iv e n are a ft e r d e d u c t in g ta x e s .
M a ry la n d & P e n n a ______J u n e
3,9 8 3
3,8 3 3
4 ,3 7 5
3,600
b N e t earn in gs h ere g iv e n are b e fo r e d e d u c t in g ta x e s .
J u ly 1 t o Ju n e 3 0 _______
60,007
5 8 ,000
6 3 ,298
62,219
10,627
9,3 3 3
3:3,836
3:383
M in era l R a n g e _________ Ju n e
c D e cre a se d u e t o e x p e n s e s in c u r re d In c o n n e c t io n w ith G as C o m m is sio n
J u ly 1 t o Ju n e 3 0 ----------126 ,666
146,091
3:44,105
3:19,422
I n v e s tig a tio n , in cre a se d ta x e s an d in cre a se d p r ice f o r c o a l, o il, & c.
M ich ig a n C en tral —
g T h e se resu lts are In M e x ica n c u r r e n c y .
J a n 1 t o Ju n e 3 0 _______ 2 ,1 1 5 ,5 1 9
1 ,9 6 0 ,4 5 5
3:637,677
3:525,203
M issouri K a n & T e x a s ,. J u n e
4 2 3 ,7 6 4
382,471
183 ,538
7 4 ,8 1 2
Interest Charges and Surplus.
J u ly 1 t o Ju n e 3 0 ----------- 5 ,0 0 3 ,3 3 6
4 ,5 0 0 ,5 4 4
3 ,5 0 5 ,1 7 1
1 ,2 4 4 ,0 5 4
— I n t ., R en tals, A c .—
~ B a l . o [ N et E ’n gs.—
P rev io u s
C u rren t
N a sh v ille C h att & St L - J u n e
151 ,844
153 ,025
58,141
133 ,887
Cu rrent
P rev io u s
Y ea r.
Y ea r.
J u ly 1 t o Jun e 3 0 _______ 1 ,7 9 4 ,3 2 8
1 ,7 9 4 ,5 3 1
713 ,981
971,537
Y ea r.
Y ea r.
C o m p a n ie s .
$
$
$
N e v C al & O re ..................Ju n e
3,3 0 2
3,187
3:13,237
3:7,379
32,7 5 0
C u m b T e l & T e l C o ______J u ly
36,522
132 ,309
125 ,526
N ew L o n d o n N o rth e r n —
_______
269
,365
225
,8
5
6
Jan
1
t
o
J
u
ly
3
1
1
,0
0
4
,5
0
7
9
37
,065
A p r 1 t o Jun e 3 0 _______
63,7 5 3
64,871 3;def44,241 a:def44,965
C u y a h o g a T e le p h o n e C o . Ju n e
18,4 3 7
17,8 6 8
Jan 1 t o Ju n e 3 0 _______
11,1 9 5
126 ,842
1 2 7 ,9 6 6 3 :d e fl2 5 ,8 6 9 3 :d e fl4 9 ,1 3 1
6 ,7 0 5
252 ,4 9 8
2 5 3 ,7 0 6 3 :d e fl6 8 ,0 1 8 3 :d e fl4 2 ,9 9 1
J u ly 1 t o Jun e 3 0 _______
E d iso n E l C o (B r o c k t o n ) Ju n e
1,411
4,065
741
3,0 8 3
N Y C en tral & H u d R iv e r —
Jan 1 t o Ju n e 3 0 _______
4 ,9 9 0
3 1 ,266
4 ,3 8 6
19,487
A p r 1 t o Ju n e 3 0 _______ 5 ,7 6 8 ,1 6 9
5 ,5 3 2 ,7 5 3 3:2,727,874 3:2,379,619
F a ll R iv e r G as W o i k s .. J u n e
196
514
11 ,113
9,8 5 3
1 1 ,0 5 5 ,5 7 9 3:2,947,367 3:4,292,968
J a n 1 t o Ju n e 3 0 _______ 1 1 ,4 9 4 ,0 9 1
Jan 1 t o Ju n e 3 0 _______ ______883
6 3 ,6 2 4
3,692
5 5 ,2 3 0
N Y C h ica g o & St L o u is —
H o u g h to n C o K1 L t Co_ .J u n e
2,1 8 8
3,2 2 0
2,187
3 ,1 7 2
A p r 1 t o Jun e 3 0 _______
3 39 ,735
3 0 3 ,1 1 9
3:317,367
3-201,906
Jan 1 t o Jun e 3 0 _______
15,001
15,0 0 0
43,7 0 3
39,96i>
Jan 1 t o Jun e 3 0 _______
651 ,343
611 ,294
3:489,962
3:314,534
L o w e ll E le c L t C o r p ____ Ju n e
529
657
6,492
3,728.
J u ly 1 t o Jun e 3 0 _______ 1,6 7 6 ,2 9 1
1 ,5 1 2 ,5 6 7
3:909,501
3:722,664
J a n 1 t o Ju n e 3 0 _______
6 ,1 5 0
5,8 5 8
46,8 6 3
40,060N Y O n ta rio & W e s t - - - J u n e
80,501
67,2 6 4
114 ,894
208 ,5 9 0
M in n e a p o lis G en E le c t - - Ju n e
2 1 ,208
8 ,9 0 8
1 6 ,8 8 2
13,925
903 ,2 3 2
8 4 4 ,2 7 0
1 ,6 5 4 ,7 8 3
1 ,1 8 7 ,5 0 0
J u ly 1 t o Jun e 3 0 .............
Jan 1 t o Ju n e 3 0 _______
1 0 9 ,3 9 0
5 3 ,732
104 .040
1 4 0 ,9 8 9
N ew Y o r k & O tta w a —
P itts b u r g h C oal C o ______J u ly
234 ,282
26 7 ,5 5 5
343 .041
194 ,0 7 7
A p r 1 t o Ju n e 3 0 _______
14,911
1 4 ,8 1 0 3 :d e fl0 ,720 s ;d e fl4 ,003
J an 1 t o J u ly 3 1 _______
1 ,6 3 1 ,3 7 9
,793,640
1 ,4 7 1 ,0 5 3
1 ,0 5 2 ,4 1 4
29,191
29,0 9 0 3:def24,569 3:def29,002
Jan 1 t o Ju n e 3 0 _______
P o c a h o n ta s C ollie rie s___ M a y
/1 6 .5 5 6
J20 ,2 6 7
d e f.6 5 6
4 ,9 0 4
N ew Y o r k & P e n n a — ■
J an 1 t o M a y 3 1 ____
J’83,4 7 5
/8 6,8 7 1
2 ,6 0 3
5 2 ,4 2 6
A p r 1 t o Ju n e 3 0 .............
5,2 0 4
5,3 6 7
2,1 1 7
3,267
U
S
T
e
le
p
h
o
n
e
C
o
_______
Ju
n
e
13,610
12,688
8,1 9 8
8,1 4 7
10,869
10,428
5,230 2,920
Jail 1 t o Ju n e 3 0 _______
Jan 1 t o Ju n e 3 0 _______
82,0 4 8
5 3 ,2 3 6
77,197
50,219'
J u ly 1 t o Ju n e 3 0 _______
22,6 7 5
2 2 ,1 0 5
11,410 £,5 5 7
20,140
V ic t o r F u el C o _________ J u n e
19,632
3:43,745
3-22,318
N e w Y o r k & R o c k a w a y B e a ch —
J u ly 1 t o Ju n e 3 0 _______
2 2 9 ,0 1 4
3:461,490
2 2 7 ,7 4 0
3:364,573
A p r 1 t o Jun e 3 0 _______
2 3 ,8 9 6
19,484
3:23,506
3:15,421
W y o m in g V a il G as & E le c —
Jan 1 t o Ju n e 3 0 ----------38,9 5 4
3 4 ,205 3:def31,588 s :d e f3 6 ,688
Jan 1 t o Ju n e 3 0 _______
27,775
},5 5 7
defl.56,"\.
J u ly 1 t o Jun e 3 0 _______
8 1 ,0 0 4
163 ,064
3:102,978 3:def46,440
27,775
N o r fo lk & W e s t e r n ______J un e
4 3 0 ,8 6 7
8 53 ,207
6 76 ,705
608,444
f
In
clu
d
e
s
sin
k
in
g
fu
n
d
a
n
d
p
re
fe
rre
d
s
t
o
c
k
d
iv
id
e
n
d
.
J u ly 1 t o Jun e 3 0 ----------- 4 ,7 1 1 ,6 9 5
4 ,1 2 0 ,7 9 0
6 ,9 3 8 ,1 4 8 7 ,3 0 2 ,3 5 1
R a q u e tte L a k e —
x A ft e r a llo w in g fo r o th e r inCom e r e c e iv e d .
A p r 1 t o Ju n e 3 0 ----------3,1 2 5
3,1 2 5 3:def5,973 3:d e fl 824
Jan 1 t o Ju n e 3 0 ----------6 ,9 4 9
6,7 5 8 3:def7,332 3:def2,509
STREET RA ILW A YS AND TRACTION COMPANIES.
R e a d in g C o m p a n y ...........M a y
8 9 0 ,5 0 0
867 ,881
1 ,0 5 2 ,3 1 9
356 320
9 ,5 4 6 ,6 9 6
8 ,1 6 6 ,9 0 3 7 ,4 3 5 ,3 5 1
J u ly 1 t o M a y 3 1 ----------- 9 ,7 9 5 ,5 0 0
Latest G ross E a rn in g s.
J a n . 1 to latest date.
R io G ra n d e J u n c t i o n - .. J u n e
8 ,3 3 3
8 ,3 3 3
1 3 ,3 0 4
11 374
N a m e of
D e c 1 t o Ju n e 3 0 .............
5 8 ,3 3 2
5 8 ,3 3 2
8 0 ,9 8 3
52^885
R oad.
W eek or
C u rrent P rev io u s
P rev iou s
R i o G ra n de S o u t h e r n - ..J u n e
17,577
17,501
3:362 3:d e f2,366
Y ea r.
\ M o n th .
Y ea r.
Y ea r.
1 t o Ju a e 3 0 . . . ^ . .
212 .420
2 1 4 ,3 4 9
3:25,511 • a:32,324
$
i
R u tla n d
J u l y ........... 302 ,034 276 ,275
185 ,4 4 8
179,321
3:53 915
3:52,904
A p r 1 t o JUiie 3 0 . ; ____
J u l y --------- 152,252 135,797
JAfi 1 t o Jun e 3 0 _______
368 ,7 0 7
3 3 1 ,2 5 0
3:38 206
3:92,481
22,011
20,240
A p r i l ______
7 3 3 ,7 9 2
6 33 ,047
3:120,453
3:300,726
J u ly 1 t o June 3 0 _______
183,174 159,928
10,808
S t J os & G ra n d I s la n d ..M a y
20,8 3 2
2 1 ,4 2 8
3 9 ,4 9 6 4,6 7 2
12,360
J u n e ...........
21,302
20,686
J u ly 1 t o M a y 3 1 _______
2 2 6 ,5 4 8
2 3 1 ,6 3 9
399 917
203 ,492
G ape B re to n E le c C o . J u n e ______
67 ,192
75,682
Cen tral P en n T r a c ___
St L a w ren ce & A d ir o n d a c k —
61,727
67,298
Chari C on R y G as& E l J u l y ___ __
A p r 1 t o Ju n e 3 0 _______
1 9 ,5 2 9
18,6 2 4
3:17,865
3:20,734
117,096
97,425
C h ica g o & M ilw E le c
J a n 1 t o Ju n e 3 0 _______
3 8 ,6 9 9
3 8 ,3 4 9
3:45,047
3:48,549
67,747
66,048
J u ly _____
J u ly 1 t o Jun e 3 0 _______
7 9 ,1 6 5
7 8 ,0 8 7
3:87,482
3:78,048
34,401
32,630
J u l y --------St L o u is S ou th w estern . .J u n e
173 ,137
151,961
3:226,396
3:68,983
67,965
J u n e _____
59,058
J u ly 1 t o Jun e 3 0 _______ 1 ,8 5 2 ,1 3 8
1 ,7 5 5 ,6 5 2 3:1,712,543
3:697,054
7,700
2d w k A u g
2d w k A u g 147 ,483 135 ,609 4 ,0 4 8 ,9 4 8
3 ,6 2 0 ,2 6 8
S ea b oa rd A ir L in e _______ Ju n e
328 ,2 4 9
3 1 6 ,9 6 9
3:56,074 T d ef8,778
3d w k A u g
18,018
15,723
5 24 ,265
4 8 0 ,4 0 9
J u ly 1 t o Ju n e 3 0 _______ 3 ,9 5 4 ,4 9 7
3 ,647,6083 :def458,301
3:992,120
Ju
ly
_____
186,101
173
,676
1
,1
8
3
,9
1
8
1 ,0 6 9 ,8 3 3
S o u th B u ffa lo R y Co—
J u n e ______
41,030
32,183
233 ,672
180 .822
A p r 1 t o Ju n e 3 0 _______
6,201
9,2 0 0
3:912
3:9,154
J a n 1 t o June|30_______
14,103
1 7 ,922
3:4,466
3:6,656
J
u
n
e
_____
V
a
lle
y
T
r
a
c
t
i
o
n
..
107,307
93.648
569,277*
4
9 1 ,8 8 6
J u ly 1 t o Ju n e 3 0 .............
3 3 ,7 1 6
3 5 ,1 3 9
3:27,594
3:2,073
J u n e ______
36,521
32,165
1 7 0 ,3 0 6
139 ,4 6 2
S ta te n Isla n d R y —
M ay _____
271,213! 233 ,155
A p r 1 t o Ju n e 3 0 . ...........
8 ,5 7 9
7,5 2 0 x d e f.4 ,6 4 0
3:1,821
35,395
W k A u g 25
29,162 1,1 3 8 ,9 2 3 !
997",280
Jan 1 t o Ju n e 3 0 _______
1 7 ,116
15,794 2 :d e f.l9 ,951 2: d e f .l 6 ,553
33,9 7 4
32,091 x d e l .1 2 ,183 3 :d ef.25,763
J u l y l t o Ju n e 3 0 _______
29,706
J u l y ______
28,880
22,437
20,151
J u n e ______
T e x a s C e n tr a l___________ Ju n e
2 ,5 8 3
2,5 8 3
1 4 ,122
12,387
59,076
51 ,158
J u n e ______
J u ly 1 t o Ju n e 3 0 .............
3 0 ,9 9 8
3 0 ,9 9 8
3 9 8 ,6 3 0
3 3 9 ,9 2 4
329
,6
0
0
2
62
,724
____
J
u
ly
T o le d o & O h io C e n t r a l..J u n e
3 8 ,048
43,0 2 3
3:212,853
3:73,534
12,613
12,170
M a y ______
J u ly 1 t o Ju n e 3 0 _______
4 4 4 ,0 7 5
4 6 7 ,5 9 0 3:1,185,295
3:553,925
26.846
J a c k s o n v ille E le c C o . J u i j .e ______
34,162
o le d o P eoria & W e s t ..J u n e
21,6 3 4
21,5 6 7
19,729
d e f3 ,5 3 2
515 ,816 457 ,788
K a n C ity R y & Light J u a i e _____
J u ly 1 t o Jun e 3 0 _______
2 8 7 ,4 7 9
2 7 5 ,6 0 0
1,672
de f2 1 ,6 4 1
47,5 0 8
L e x & In te r R y s C o . . J r a n e ______
45,4 7 5
J u ly (1907 an d 1 9 0 6 ) . .
2 3 ,926
2 3 ,9 6 8 s:d ef3,116
d e f3 ,4 1 7
210,457 191 ,223
J u ly _____
J u n e ______ 324 ,626 295 ,947
a C h arges here In clu de r o a d re n ta l (p a id b y lessee) a n d o th e r d e d u ctio n s
6 5,672
77,762
J u n e ___ __
64391
M on trea l S treet R y * W k A u g 24
74,021
b In c lu d e d in fix e d ch a rg e s are e x p e n d itu r e s fo r ren e w a ls, a d d itio n s an d
J u ly ______ 138,850 112,368
I m p r o v e m e n ts a m o u n tin g t o $13 5 ,1 4 3 fo r M a y , a g a in st 5 5 8 ,7 8 5 In 1906,
44,272
J u n e _____
4 8 ,668
a n d t o $ 1 ,1 5 0 ,0 8 2 fro m J u ly 1 t o M a y 31 190 7, a g a in st $ 1 ,4 7 0 ,2 5 8 .
N O R y & L ig h t C o . . J u l y ______ 4 66 ,748 443,831
d T h ese figu res are a ft e r a llo w in g fo r o t h e r in c o m e an d fo r d is c o u n t an d
J u l y ______ 2 09 ,040 183,744
exchange.
T h e su m o f S i 0 ,0 0 0 is d e d u c t e d e v e r y m o n th fro m su rp lu s an d
J u n e ______ 2 54 ,247 150,750
p la c e d t o th e c r e d it o f th e ren ew al fu n d .
J u n e ______
7,891
7,170
x A ft e r a llo w in g fo r o th e r In com e re c e iv e d
N orth w estern E le v . . J u ly ______ 1 41 ,890 113 ,627
27,001
18,500
J u ly - - - 16,513
15,219
Miscellaneous Companies.
147.199 116 ,794
P u g e t S o u n d E lec R y
R io de Ja n e iro T ram
------ Gross E a r n ’gs------- ------- N et E a rn in g s ------3 ,4 7 2 ,9 8 4 '
L ig h t & P o ^ e r . . J u l y ........... 5 48 ,998
C u rren t
P rev io u s
C u rren t
P rev io u s
272 990
R o c k fo r d & I n t e r u r .. J u n e _____
232 ,717
49,0 3 3
58,987
Year.
Y ea r.
Y ea r.
Y ea r.
S t J o s e p h (M o) R y L t
C om p a n ies.
$
$
$
$
H e a t & P o w e r C o . J u ly -------7 5,0 3 8
78,2 8 4
B u ffa lo G as C o __________J u ly
15,0 9 6
S a o P a u lo T r L t & P J u n e ........... 162,971 164,138
1 3,380
O ct 1 t o J u ly 3 1 _______
58,224!
0256,401
S a v a n n a h E le c tr ic Co J u n e ______
51,836
277 ,800
S o u th Side E le v a te d J u l y ______ 1 73 ,496 143,833!
C u m b T el & T e l C o . b . - J u l y
474,851
445 ,081
168,831
1 5 8 ,2 7 6
13,078'
Sou W isco n s in R y Co J u l y ______
16,666
Jan 1 t o J u ly 3 1 _______ 3 ,3 6 1 ,8 0 3
1 ,2 7 3 ,8 7 2
3,0 8 0 ,9 2 1
1 ,1 6 0 ,9 2 1
8 8,936:
S y ra cu se R a p T r R y . J u n e ______ 103,083
C u y a h o g a T e le p h o n e C o .J u n e
6 4,4 3 3
5 9,6 3 2
29 ,632
2 4 ,573
3 6,937!
T a m p a E le ctric C o . . A p r i l ______
42,383
E d is o n E lC o (B r o c k to n ) a Jun e
T o le d o R y s & L ig h t . M ay ______ 1 73,990 167,847
14,172
1 1,341
5 ,4 7 6
3,824
834,881
784,391
J a n 1 t o Ju n e 3 0 _______
69,488
63,8 7 0
T o r o n t o R a ilw a y ____ W k A u g 24
9 1 ,279
7 8 ,8 6 2
3 6 ,2 5 6
23,873
T w in C ity R a p T r a n . 2d W k A u g 127 ,446 145,430 3 ,6 6 8 ,5 0 4 3 ,3 3 3 905
F a ll R iv e r G as W k s . a .- J u n e
2 9 ,397
28,331
11,309
10,367
U n lte d R R o f San F r . J u n e ______ *1 5 2 ,1 2 6 448,4551
J a n 1 t o Ju n e 3 0 _______
1 81 ,910
6 4 ,507
1 63 ,573
58,922
U n ite d R y s o f St L . _ J u l y ______ 941 ,878 901,554, 6 ,2 2 9 ,4 9 0 5 ,8 5 1 ,1 8 $
H o u g h t o n C o E l L t C o .a Jun e
15,571
14,467
5 ,4 0 8
5,3 5 9
14,477
47,504
W e s t C h ester R y ____ J u ly ...........
9.745
73,9 8 4
Jan 1 t o Ju n e 3 0 _______
121 ,682
110 ,6 2 6
58,7 0 4
54,9 6 9
1 2 5 ,7 6 ?
27,362
W h a t c o m C o R y & Lt J u n e
___
20,310:
1 64 ,428
K e y s to n e T e le p C o . a ___ M a y
88,421
44,2 6 7
31,4 2 3
7 0 ,6 0 6
J u ly 1 t o M a y 3 1 _______
908 ,311
4 3 0 ,7 6 4
3 3 4 ,1 8 8
7 4 6 ,2 4 0
a F ig u re s fo r th e m o n th in b o th y e a rs In clu d e o p e r a tio n s o f th e S cra n ton
R y ., a cq u ire d Jan . 1 1906. b F igu re s are fro m F e b . 1. c T h e se figu res are
L o w e ll E le c L t C o r p . a . - J u n e
23,401
1 9,7 3 4
7,021
4 ,3 8 5
J an 1 t o Ju n e 3 0 _______
fo r co n s o lid a te d c o m p a n y ,
d T h e se are resu lts fo r m a in lin e , f N ow In­
151,961
1 34 ,923
5 3.0 1 3
4 5 ,9 1 8
c lu d e s 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 K y . a n d D e tr o it
M ex ica n L t & P o w C o . .J u l y
200 ,6 0 2
1 18 ,503
M on roe & T o le d o S h o rt L in e R y .
h T h ese are e a rly p r e lim in a ry retu rn s;
M in n ea p olis G en E l e c .a .J u n e
68,5 7 3
2 5 ,7 9 0
35,133
5 8,3 0 3
decrease d u e t o e a rth q u a k e , Are a n d s trik e a m o n g e m p lo y e e s . A u g . 26 t o
•Jai} 1 t o Jun e 3 0 _______
3 87 ,627
447 .5 2 5
2 13 ,4 3 0
194,721
S ep t 5 1906.

__

___

__

__

5

%




A ug . 31 1907.]

525

THE CHRONICLE

Street Railw ay Net Earnings.— The following table gives
the returns of S T R E E T railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which m onthly 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 o f July 27 1907. The
next will appear in the issue of September 7 1907.
--------Gross E a rn ’gs------- --------N et E a rn in g s-------C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ear.
Y ear.
Y ea r.
Y ea r.
H oads.
S
$
$
$
C en tra l P e n n a T r a c C o . . J u l y
75,6 8 2
6 7 ,1 9 2
22,0 0 0
16,677
J a n 1 t o J u ly 3 1 _______
4 2 3 ,2 9 2
3 8 3 ,8 0 9
8 1 ,0 8 6
4 7 ,651
C h a rleston C on s R y - b - - J u l y
6 7 ,298
61,7 2 7
28,6 7 9
27,163
M ch 1 t o J u ly 3 1 _______
302,941
2 7 2 ,2 1 4
1 1 7 ,2 7 4
1 09 ,506
_______
8 ,7 5 2
D e tr o it J a c k s o n & C h ic .J u ly
3 8 ,440
F e b 1 t o J u ly 3 1 _______
2 0 2 ,3 0 6
_______
4 1 ,0 2 1
D e tr o it U n it e d ___________ J u ly
663 ,9 1 5
5 9 8 ,5 7 5
280,291
2 60 ,999
J a n 1 t o J u ly 3 1 ----------- 3 ,7 5 9 ,2 8 0
3 ,3 5 4 ,7 2 7 1 ,4 2 9 ,5 1 4
1 ,3 3 9 ,0 8 3
D u lu th S treet R y C o . b - J u l y
8 3 ,921
7 5 ,4 7 0
4 7 ,8 4 8
4 2 ,4 8 0
J a n 1 t o J u ly 3 1 _______
4 7 0 ,0 4 2
4 3 1 ,7 0 8
2 3 2 ,9 1 6
2 0 7 ,2 4 2
H o n o R a p T r & L n C o _ b J u ly
2 9 ,7 0 6
2 8 ,8 8 0
13,6 4 6
1 1 ,807
Ja n 1 t o J u ly 3 1 ----------2 1 0 ,1 5 8
1 9 8 ,8 0 8
9 4 ,7 2 8
8 1 ,535
N e w O rleans R y & L t - b J u ly
4 6 6 ,7 4 8
4 4 3 ,8 3 1
1 79 ,038
179 ,1 4 6
J a n 1 t o J u ly 3 1 _______ 3 ,5 3 2 ,9 0 3
3 ,3 4 2 ,9 1 9 1 ,6 7 3 ,0 2 2
1 ,5 3 7 ,7 6 7
N o r O h io T r & L t C o . . . J u l y
2 0 9 ,0 4 0
T 83,744
98,891
8 2 ,8 0 7
Jan 1 t o J u ly 3 1 ............. 1 ,0 5 8 ,2 9 7
935 ,6 8 3
4 3 4 ,7 4 5
3 5 4 ,6 6 0
O g d e n sb u r g St R y . b —
J u ly 1 t o Ju n e 3 0 _______
3 3 ,4 4 4
3 0 ,5 6 5
1 2 ,985
1 2 ,029
O k la h o m a C ity R y ...........J u ly
27,001
18,5 0 0
1 1 ,406
9,9 0 3
1 42 ,387
9 4 ,5 6 5
52,1 5 5
4 2 ,6 3 9
J a n 1 t o J u ly 3 1 _______
K lo lie J a n eiro T ra m C o .J u ly
5 4 8 ,9 9 8
_______
1 89 ,849
Jan
t o J u ly 3 1 ............. 3 ,4 7 2 ,9 8 4
............. 1 ,1 1 5 ,6 5 0
..
R o c h S y r & E a stern . b —
t o Ju n e 3 0 _______
5 4 ,3 9 6
_______
19,463
R o c k fo r d & In t e r u r b a n .J u n e
58,987
4 9 ,0 3 3
29,380
2 4 ,563
2 72 ,990
2 3 2 ,7 1 7
114 ,232
8 7 ,4 3 6
J a n 1 t o Ju n e 3 0 .............
hi

a N et ea rn in gs here g iv e n are a fte r d e d u c t in g t a x e s .
o 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

Interest Charges and Surplus.
— I n t ., R en tals, <fcc.— — B a l. o f N e t E ’ n g s.—
C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ea r.
Y ear.
Y ear.
Y ear.
R oa d s.
$
$
$
$
C h a rleston C ons R y ____ J u ly
1 3 ,517
13,0 1 7
1 5 ,1 6 2
1 4 ,1 4 6
M ch 1 t o J u ly 3 1 _______
6 7 ,5 8 3
6 4 ,9 3 3
49,691
4 4 ,5 7 3
D e tr o it J a c k s o n & C h ic . J u ly
15,0 1 2
_______ z d e f. 6,1 1 4
F e b 1 t o J u ly 3 1 .............
0 0 ,0 7 5
_______ z d f.4 8 ,1 4 8
D e tr o it U n ited R y ______J u ly
117 ,0 0 9
1 05 ,463
167 ,918
160 ,143
J an 1 t o J u ly 3 1 ----------7 9 6 ,0 1 2
7 1 0 ,2 0 5
6 65 ,475
6 5 5 ,2 0 8
D u lu th S t R y C o . ...........J u ly
17,991
1 7 ,8 7 6
2 9 ,8 5 7
2 4 ,6 0 4
Ja n 1 t o J u ly 3 1 .............
1 23 ,923
1 2 2 ,9 3 0
108 ,9 9 3
8 4 ,3 1 2
H ono R a p T r & Ld C o ..J u ly
6,2 4 9
5 ,2 5 7
2:7,864
3:7,011
Jan 1 t o J u ly 3 1 .............
4 2 ,8 8 7
3 6 ,8 0 2
£ 5 6 ,5 8 4
2:48,191
N e w O rleans R y & L t _ _ . J u l y
1 66 ,972
158 ,120
12,066
2 1 ,026
1 ,0 7 1 ,0 9 7
5 1 0 ,8 2 3
466 ,6 7 0
J an 1 t o J u ly 3 1 ----------- 1 ,1 6 2 ,1 9 9
N o r O h io T r & L t . ...........J u ly
4 3 ,6 2 4
4 0 ,6 6 0
5 5 ,267
4 2 ,1 4 7
J an 1 t o J u ly 3 1 ----------2 9 6 ,3 5 9
2 8 0 ,4 1 3
138 ,3 8 6
7 4 ,2 4 7
O g d e n s b u rg St R y —
J u ly 1 t o Ju n e 3 0 .............
1 8 ,7 6 7
14,829 2:def5,717 2:def2,710
R o c h S y r & E a ste rn —
A p r 1 t o Ju n e 3 0 _______
2 7 ,0 4 3
_______ x d e f.7 ,0 8 9
R o c k fo r d & In te r u r b a n —
Jan 1 t o Ju n e 3 0 _______
6 4 ,7 5 8
57,9 1 8
4 9 ,4 7 4
29,518
x A ft e r a llo w in g fo r o th e r In co m e r e c e iv e d .

A fter providing for interest and sinking funds, the result­
ing surplus cash income for the year was $403,731, equivalent
to 10% upon the preferred stock. In the fiscal year 1906-07
the com pany transported about 1,100,000 tons of coal and
coke, com paring with about 500,000 tons in 1906 and 227,000
tons in 1905.— V. 84, p. 748.
^
i

American Locomotive Co.
{Report for Fiscal Year ending June 30 1907.)
The report, which will be cited at greater length another
week, permits the following comparison:
a l 9 0 6 -0 7 . a l9 0 5 -0 6 .
G ross e a r n in g s _________________________ $ 4 9 ,5 1 5 ,4 8 6 $ 4 2 ,5 4 7 ,8 7 6
M a n u fa c tu r in g , m a in te n a n c e a n d a d ­
m in is tr a tiv e e x p e n s e s _______________ 4 2 ,7 4 4 ,3 8 1
3 6 ,0 8 5 ,3 7 1

190 4 -0 5 .
$24 ,1 5 0 ,2 0 1
1 9 ,7 9 6 ,5 3 3

N et e a rn in g s ________________________ $ 6 ,7 7 1 ,1 0 5
In te re st on b o n d s o f c o n s titu e n t c o m ­
p a n ie s , bills p a y a b le , & c ___________
4 1 2 ,8 9 8

$ 6 ,4 6 2 ,5 0 5

A v a ila b le fo r d iv id e n d ______________$ 6 ,3 5 8 ,2 0 7
D iv id e n d o n p re fe rre d s to c k (7 % ) . _

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

$ 4 ,2 4 1 ,4 8 1
11,7
,75500,0
,00000

S u rp lu s............... ..................... ...................
$ 4 ,6 0 8 ,2 0 7
A d d it io n s a n d b e tte r m e n ts ___________
v6)
E x tr a o r d in a r y Im p ro v e m e n t a n d b e t ­
te rm e n t f u n d ________________________
2 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
D iv id e n d o n c o m m o n s t o c k _______ (5 % ) 1 , 2 5 0 ,0 0 0 (1 > 4 )3 12,500

$ 4 ,4 3 0 ,6
93
$2,491
481
c l1,8
,083,557
0 1 ,5 6 4

B a l a n c e .............................. ....................... $ 1 ,3 5 8 ,2 0 7

$ 4 ,3 5 3 ,6 6 8
1 1 2 ,1 8 6

2 81,812

__________
__________

$ 1 ,1 1 6 ,6 2 9

$60 7 ,9 2 4

a E m b r a c e s th e o p e r a tio n s o f all th e p r o p e r tie s , In c lu d in g th e R o g e r s
a n d M on trea l p la n ts , n o t In clu d e d In p r e v io u s y e a rs.
b In 1906-07 $ 1 ,6 9 2 ,8 5 8 w as e x p e n d e d fo r a d d itio n s an d I m p r o v e m e n ts
a n d ch a rg e d a gain st th e fu n d o f $ 2 ,0 0 0 ,0 0 0 c r e a te d Ju n e 30 190 6.
c I n v e s tm e n ts In M on treal p la n t .— V . 8 4 , p . 933.

National Enameling & Stamping Co.
{Report for Year ending June 30 1907.)
President F. G. Niedringhaus says in substance:
T h e y e a r ju s t c lo s e d has been a p ro s p e ro u s o n e , a n d th is Is re fle cte d b y
th e v e r y g r a t ify in g Increase In th e su rplu s o r u n d iv id e d p r o fits a c c o u n t .
It w a s o u r earn est desire t o re d u c e th e flo a tin g In d e b te d n ess o f th e c o m ­
p a n y d u rin g th e p a s t 12 m o n th s , b u t an in cre a se In th e v o lu m e o f b u sin ess,
a m o u n tin g t o o v e r $ 1 ,5 0 0 ,0 0 0 o v e r th e p r e c e d in g y e a r , n a t u r a lly req u ired
th e e m p lo y m e n t o f a la rge r a m o u n t o f w o rk in g c a p it a l.
T h e p la n ts o f th e c o m p a n y are in sp le n d id c o n d it io n , a n d w e are b e g in n in g
t o realize th e s u b s ta n tia l e c o n o m ie s w h ic h t h e e x p e n d it u r e s f o r e x t e n s io n
a n d im p ro v e m e n ts d u r in g th e p a s t y e a rs h a v e b r o u g h t w it h it.
R E S U L T S F O R Y E A R E N D I N G J U N E 30.
190 6 -0 7 .
G ross p r o fits , a ft e r c h a r g in g c o s t o f
m a te ria ls , w a g e s , salaries, sellin g
expenses,
t a x e s , o p e r a tin g e x ­
$ 1 ,5 7 6 ,3 9 6
p e n se s, b a d d e b t s , & e ______________$ 2 ,4 6 4 ,1 9 4
D ed u ct—
$91,927
$87 ,0 0 0
R e m u n e ra tio n o f o ffic e r s , & c ________
4 4 1 ,8 8 0
R e p a ir s a n d ren e w a ls, & c ____________
517 ,4 9 4
171,616
I n t e r e s t ________________________________
220 ,8 8 3
P r o p e r t y a c c o u n ts a n d m is ce lla n e o u s
__________

$ 1 ,4 6 0 ,2 6 7

$70 5,42 3
$ 8 7 0,97 3
598 ,262

$ 6 4 2,62 3
$ 8 1 7,64 4
5 9 8 ,2 6 2
( 2 ^ ) 3 8 9 ,7 9 5

T o t a l ........................... ............................
$825,377
N et p r o fits _____________________________ $ 1 ,6 3 8 ,8 1 7
D lv s . p r e f. s t o c k (7 % p e r a n n u m )___
598 ,262
__________
D iv id e n d s c o m m o n s t o c k _____________

1 9 0 4 -0 5 .

$ 9 5 ,0 0 0
3 9 4 ,0 2 2
1 33 ,435
2 0 ,166

T o t a l d iv id e n d s ...................................
$ 5 9 8,26 2
$59 8 ,2 6 2
$98 8,05 7
B a l a n c e _________ ________________ s u r .$ l ,040,555 s u r.$ 2 7 2 ,711 d c f.$ 1 7 0 ,4 1 3
B r o u g h t fo rw a r d fro m p r io r y e a r ____
a 6 0 8 ,0 4 9
5 8 5 ,3 3 8
1,0 0 5 ,7 5 1
U n d iv id e d p r o fit s ................................... $ 1 ,6 4 8 ,6 0 4

$85 8 ,0 4 9

$ 8 3 5,33 8

a A ft e r d e d u c t in g $ 2 5 0 ,0 0 0 tr a n s fe rr e d t o gen eral reserve a c c o u n t ,I n ­
c re a s in g th e t o t a l t o $ 1 ,5 0 0 ,0 0 0 .

ANNUAL REPORTS.
Erie Railroad Com pany.
( Preliminary Statement for the Fiscal Year ending June
30 1907.)
The results from operation of “ all lines” of the com pany
are officially reported as follows:
190 6-0 7.
1 90 5-0 6.
1 90 4-0 5.
M iles o p e r a t e d . ________________________
2,1 6 9
2,151
2,151
G ross e a r n in g s _________ __________ _____ $ 5 3 ,9 1 4 ,8 2 7 $ 5 0 ,0 0 2 ,6 3 4 $ 4 5 ,7 2 4 ,7 3 8
W o r k in g ex p en se s an d t a x e s __________ 3 8 ,1 6 7 ,0 3 9
3 5 ,8 7 2 ,8 3 7
3 3 ,1 4 2 ,2 0 8

B A L A N C E SH EET J U N E 30.
1906.
1907.
1907.
1906.
I
$
S
I Liabilities—
S
|Pref. stock issued. S ,546,600 8,546,600
Plant, good will,
& c_____________ 24,548,687 24,263,4591Com. stock lssued.15 ,591,800 15,591,800
|Mortgage d e b t____ 1 ,250,000 1,500,000
Materials and sup­
plies ___________ 5,392,782 4,215,8781Bills & a c cts .p a y ’e 3 ,255,115 2,457,841
Accts.& bllls receiv. 1,203,200 1,077,9841Reserve a c c o u n t-. 1 250,000 1 ,000,000
25,000
96,357 j Accrued Interest..
20,833
P aym ’ts in adv’ ce .
101,677
149,565
1 4 9 ,5 6 5
52,5001Div. pay. July 1 - .
M iscellaneous____
129,746
858,048
C a sh _____________
336,365
422,6761B alance__________ 1 (>48,604
T o ta l___________ 31,712,517 30,128,855
— V . 85, p . 408.

T o ta l..................... 31,712,517 30,128,855

N e t e a r n in g s .................... ........................$ 1 5 ,7 4 7 ,7 8 8 $ 1 4 ,1 2 9 ,7 9 7 $ 1 2 ,5 8 2 ,5 3 0
O th e r in co m e , ln cl. c o a l co m p a n ie s
(less in t. an d sn k ln g f u n d ) ________
4 7 5 ,0 2 2
537,301
1,0 4 8 ,6 8 9

American Thread Company.
{Statement for Fiscal Year ended March 31 1907.)

T o t a l ........ .............. .............................. ...$ 1 6 , 2 2 2 , 8 1 0 $ 1 4 ,6 6 7 ,0 9 8 $ 1 3 ,6 3 1 ,2 1 9
D ed u ct— In terest o n b o n d s , <5cc. (.less
Int. on P en n . c o ll. b d s . & sin k . f d .) $ 1 0 ,319 ,1 5 2
$ 9 ,6 5 0 ,4 5 4
$ 9 ,2 2 4 ,6 2 3
A d d it io n s an d I m p r o v e m e n ts ________
1 ,6 4 2 ,0 2 9
1 ,9 2 6 ,9 7 3
1,3 6 0 ,5 5 5

A t the annual meeting on July 25, of the English Sewing
Cotton C o., Lim ited, which owns all the com m on stock, it
was announced that the results of operation of the American
Company would not be published as usual for the year
ending March 31 last. The follow ing balance sheet as of
March 31 1907 was filed with the Massachusetts Commis­
sioner o f Corporations, which we compare with that contained
in the report of the com pany issued last year:

B a la n c e ____ __________________________ 5 4 ,2 6 1 ,6 2 9
$ 3,089,671
$ 3 ,0 4 6 ,0 4 0
D iv id e n d s on 1st p referred s t o c k - . ( 4 % ) 1 ,9 1 5 ,6 9 6 (4 )1 ,9 1 5 ,6 9 6 (4 )1 ,9 1 5 ,6 9 6
do
2n d
do
(4 % )
6 4 0 ,0 0 0 (4) 640 ,0 0 0 (4) 6 40 ,000
S u rp lu s......................................................... S I .7 0 5 ,9 3 3

$53 3 ,9 7 5

$49 0 ,3 4 4

The annual report, with tabulated statements, will be
published at an early date.— V . 85, p. 405.
Buffalo & Susquehanna Railroad.
(Preliminary Report for Fiscal Year ending June 30 1907.)
A v e ra g e m iles o p e r a t e d _______________
G ross e a r n in g s _________________________
O p e r a tin g ex p en se s an d t a x e s ________

1 90 6-0 7. 1 90 5-0 6.
190 4-0 5.
255 .58
243 .0 3
172.46
$ 1 ,8 5 3 ,8 5 6 $ 1 ,5 2 2 ,7 4 0
$ 1 ,1 2 9 ,8 6 5
1 ,3 1 4 ,6 5 9
9 8 7 ,5 2 7
753 ,2 4 5

N et earnings
--------------------------------N et In co m e fro m In v estm en ts, & c ___

$ 5 3 9,19 7
9 4 ,5 2 2

$ 5 3 5,21 3
10,424

$376,620
142,137

T o t a l a v a ila b le I n c o m e .......................
In terest on b o n d s ___________ __________

$ 6 3 3,71 9
3 58 ,409

$ 5 4 5,63 7
2 9 1 ,3 9 0

$51 8,75 7
192,337

:S ln k ln g fu n d c h a r g e s - ..............................

$ 2 7 5,31 0
36,954

$ 2 5 4,24 7
7 ,7 4 2

$32 6,42 0
2,406

$23 8 ,3 5 6

$ 2 4 6,50 5

$32 4,01 4

N e t i n c o m e .................... ........................
A .m t. ln c l. in o p e r . e x p . a n d c r e d ite d
t o ren ew a l r ese rv e , in e x ce s s o f a c ­
t u a l r ep la cem e n ts d u r in g th e y e a r .

128,421

101 ,799

2 1 ,489

S in k in g fu n d fo r re tirem en t o f fu n d e d
d e b t , d e d u c t e d fro m In co m e a c c t . .

$36 ,9 5 4

$7,742

$2,406

N e t in c o m e o v e r a c tu a l req u ire m e n ts
f o r o p e r a tin g th e p r o p e r t y , in terest
a n d t a x e s - ........................................... ..

$403,731

$35 6 ,0 4 6

$34 7,90 9




B A L A N C E SH EE T M A R C H 31.
1907.
1906.
|
1907.
Assets—
$
$
I Liabilities—
S
Plant, &e________ 12,970,511 12,694,896(Com. stock, $3 50
S t o c k ln t r a d e .n e t
| p a i d u p .............. 4,200,000
c o s t . - .................. 5,644,046 4,960,97115% pref., fully paid 4,890,475
Accounts, receiv14% first M. bon d s. 6,000,000
b le .n e t - ..............11,730,893 f 1,016,445 |Eng. Sewing CotCash ____________ \
-i
341,484| ton C o., L t d . . . )
f
A dvance payments J
[
3 8 ,2911Accounts payable. U ,888,250^
Sundry Investm’ ts.
2J6.209
229,8401Bond int. accrued. J
I
|D epreciation fund. 2,361,588
|Div. on com . stock
I payable in J u l y . l l , 221,3461
|Balance f o r w a r d ../
I
T otal.................... 20,561,659 19,281,927!

1906.

S
4,200,000
4,890,475
6,000,000
351,164
770,410
60,000
2,076,9S7
588,000
344,891

T o ta l.....................20,561,659 19,281,927

New Building.— The construction of a new mill at Fall
R iver six stories high and measuring 306x145 feet was begun
late in May last.^—V. 83, p. 268.
Central Foundry Co.
{Report for Fiscal Year ending June 30 1907.)
President August Heckscher, Aug. 22 1907, says in part:
T h e re s u lts o f th e o p e r a tio n s o f th e c o m p a n y d u r in g th e y e a r s h o w a
su rp lu s o v e r ch a rges o f $ 9 0 ,4 4 7 , w h ic h b a la n ce has b e e n w ritte n o il fo r d e ­
p r e c ia tio n In v a lu e o f p r o p e r tie s an d e q u ip m e n t.
T h e n e t ea rn in gs o f t h e

526

THE CHRONICLE

C en tral Ir o n <Sb C oal C o . and o f th e C en tral R a d ia to r C o ., w h o se s to c k s are
o w n e d b y th e c o m p a n y , w ere 8 2 2 7 ,1 6 0 .
D u r in g th e y e a r , o w in g t o th e high a n d flu c tu a tin g p r ic e o f p ig Iron,
m o r e p a r ticu la r ly fro m D e ce m b e r t o J u n e , th e earn in gs o f th e C en tral Iro n
& C oa l C o . h a v e bee n large a n d th e e arn in g s o f th e C en tral F o u n d r y C o.
h a v e b een im p a ired co r re s p o n d in g ly .
T h is sh ow s th e w is d o m o f th e m a n ­
a g e m e n t In esta b lish in g a n d e q u ip p in g In th e S o u th a fu r n a c e p la n t o f Its
ow n.
Y o u r c o m p a n y , th r o u g h Its o w n e rsh ip o f th e C en tral Ir o n & C oal
C o ., c o n tr o ls Its o w n m in e s , c o a l p ro p e rtie s a n d b la s t fu r n a c e , an d is th u s
Itself th e p r o d u c e r o f Its p r in cip a l raw m aterial.
T h e ea rn in gs o f th e c o m b in e d c o m p a n ie s s h o w a h e a lth y Increase o v e r
t h e p r e v io u s y e a r.
T h e a m o u n t o f business d o n e in th e w a y o f to n n a g e
a lso sh ow s an Increase o f fro m 5 % t o 15 % .
I t has been fo u n d d iffic u lt , if n o t im p o s sib le , in th e p a s t, a fte r th e m e e tin g
o f th e sh areh olders In A u g u s t, t o secure th e a tte n d a n ce o f a q u o r u m o f th e
d ir e cto r s fo r th e p r o m p t tr a n s a c tio n o f th e business o f th e c o m p a n y .
The
d ir e cto r s h a v e th erefo re c o n c lu d e d t o p re se n t fo r y o u r a c t io n a t th e m e e t ­
in g o n A u g . 29 a r e s o lu tio n w h ich co n te m p la te s th e c lo s in g o f th e b o o k s
a t th e en d o f th e ca le n d a r y e a r , Instead o f Ju n e 30, as h e r e to fo r e , and In
t h a t c o n n e c t io n It Is also p r o p o s e d th a t th e n e x t a n n u al m e e tin g o f th e
sh a reh old ers shall tak e p la ce In M arch 1909 in stead o f A u g u s t 1908.

The results for the fiscal years ending June 30 are:
1906-07.
E a rn in g s fro m sales, less
o p e r a tin g c h a r g e s ____
D ed uct—
B o n d In terest___________
R e p a ir s an d ren ew als at
p la n ts _________________
R e p l a c e m e n t s __________

$467,171

.

$23 1,78 0
127,1661
1 7 ,778]

1905-06.

190 4-0 5.

190 3-0 4.

$ 4 9 3,76 9

8 5 1 1,42 3

846 7,50 4

$ 2 3 1,78 0

8 2 3 1,78 0

$ 2 3 1,78 0

36,095

42,705

17,290

[V o l .

lxxxt

.

an d had been s ta n d in g o n th e b o o k s fo r a co n s id e ra b le tim e .
A g a in st this
p o ssib le loss o f $ 5 5 ,0 0 0 , h o w e v e r , th e c o m p a n y ’ s b o o k s s h o w a reserv e o f
$18 ,3 4 6 .
C apital S tock— -The a u th o rize d Issue o f th e c a p ita l s to c k is $ 1 4 ,0 0 0 ,0 0 0 ,.
d iv id e d in to $ 7 ,0 0 0 ,0 0 0 o f 7 % c u m u la tiv e p re fe rre d s to c k and 5 7 ,0 0 0 ,0 0 0
co m m o n stock .
T h e c o m p a n y has still In Its tre a su ry $85 0 ,0 0 0 o f e a ch
class o f s t o c k .
N o d iv id e n d s h a v e e v e r b e e n d e cla re d o r p a id o n eith er
th e p re fe rre d o r c o m m o n s t o c k .
T h e cu m u la te d d iv id e n d s o n th e p referred
s t o c k a m o u n t t o a b o u t 5 0 % , o r 8 3 ,3 2 5 ,0 0 0 .
A s accru e d d iv id e n d s ai*e
n o t co n s id e r e d a lia b ility o f th e c o m p a n y until earn ed an d d e c la r e d , th e
a ccru e d d iv id e n d s are n o t in clu d e d in th e liabilities o n th e b a la n ce sh eet.
D eb en tu re 6 % B o n d s o f M a y 1 1 9 1 9 .— T h e a u th o rize d Issue o f these b o n d s
w as $ 4 ,0 0 0 ,0 0 0 .
O n Ju n e 30 1906 th e c o m p a n y h ad o u ts ta n d in g $ 3 ,8 6 3 ,0 0 0 '
d e b e n tu re b o n d s , 137 h a v in g been p u rch a se d an d c a n c e le d , as req u ired by
th e sin k in g fu n d p r o v s lo n s , as fo llo w s:
" A t th e en d o f e a ch six m o n th s p e rio d o f e a ch o f th e c o m p a n y ’ s fiscal
y e a rs , th e c o m p a n y ’s a u d ito r s shall a sce rta in an d r e p o r t t o th e d irectors
th e a m o u n t o f Its n e t p r o fits earn ed d u r in g said s ix m o n th s , a n d th e C en tral
Foundry^ C o . w ill th e r e u p o n p a y t o th e M e tro p o lita n T ru st C o ., as tru stee,
a sum o f m o n e y e q u a l t o 33 1-3 % o f th e n e t p ro fits o f th e C en tral F o u n d r y
C o. d u rin g th e said six m o n t h s , an d b e fo re p a y in g a n y d iv id e n d s u p o n eith er
its preferred o r c o m m o n s t o c k , fo r said six m o n th s p e r io d , less, h o w e v e r ,
th e a m o u n t p a id o r accru e d d u r in g said six m o n th s fo r in terest u p o n said
d e b e n tu re s , t o be held an d d is p o s e d o f b y said M e tro p o lita n T ru st C o. as a
sin k in g fund fo r th e p u rch a s e , r e d e m p tio n an d p a y m e n t o f said d e b e n tu re s ,
<fcc.”
N o b o n d s h a v e b e e n p u rch a s e d fo r a c c o u n t o f th e s in k in g fu n d d u r in g th e
p e r io d o f M ay 1 1900 t o Ju n e 30 1906.
P re se n te d be lo w Is a c o n d e n s e d gen eral b a la n ce sheet as o f Ju n e 30 1906,
c o m p a r e d w ith J u ly 1 1902, and sta te m e n t o f in c o m e and p r o fit and loss
fo r fo u r years e n d in g Ju n e 30 1906.

$9 0 ,4 4 7
$22 5 ,8 9 4
8 2 3 6 ,9 3 8 1 % 821 8,43 4
B a la n ce , s u rp lu s -------N o te .— 'The net ea rn in gs o f th e C en tral Ir o n & C oal C o . and o f th e Cen tral
R a d ia to r C o ., w h ose s to c k s are o w n e d b y th e C en tral F o u n d r y C o ., w ere
In 1 9 J 0 -9 7 $ 2 2 7,16 0 a d d itio n a l. S ee b e lo w .

C E N T R A L F O U N D R Y CO. S T A T E M E N T O F IN C O M E A N D P R O F IT
A N D L O S S F O R F O U R Y E A R S E N D E D J U N E 30 1906.
G ross sales____________________________________________________________$ 1 1 ,316 ,47 51 ,3 4 3 ,7 2 2
L ess— F re ig h t, returns, a llow a n ces a n d bre a k a g e s -----------------------

B A L A N C E SH EE T J U N E 30.
1907.
1906.
|
1907.
1906.
Assets—■
$
$
i Liabilities—
$
$
Props. & equlpm ’ t 14,896,348 14,962,482 j Capital stock ____al3,300,000 14,000,000
Treasury s t o c k .. .
(00,000iDebenture bonds. 3,863,000 3,863,000
Stock of sub. c o s .. 1,200,000 1,200,0001Accrued bond Int.
38,630
38,630
A c c ’ ts & bills rec’le
650,506
574,506 |Bills & acc’ ts p a y .
562,989
240,747
I n v e n to r ie s.......... 1,100,057
631,2081Discounted notes
Cash ____________
39,523
65,544 [ r e ce iv a b le ..........
40,583
Deferred chges. &
IR e s e rv e s ................ 6167,160
acc'ts unadjusted
45,345
Discounted notes

N e t s a l e s ..................... ....................... ........................................................... $ 9 ,9 7 2 ,7 5 3 .
C o st o f g o o d s s o ld —
R a w m aterials u s e d ___________________________________$ 3 ,8 5 9 ,5 4 8
D ir e c t la b o r ___________________________________________ 1,2 2 1 ,8 7 4
I n d ir e ct la b o r __________. . . 1 ___________ ______'_______ 1,1 64,822
I n d r e c t e x p e n s e s _____________________________________
5 9 5 ,6 4 6
P u rch a se o f p arts t o c o m p le t e _______________________
108 ,363

re c e iv a b le ______

M iscellaneous____

40,383

_______

8,637 i

T o t a l ................1 7 ,9 7 2 ,3 6 2 18,142,377]

T o ‘ a I................... 17,972,362 18,142,377

a Also $700,000 held in treasury.
b Includes reserve for unearned profits on goods in warehouses, $55,525: reserve
t >r deferred charges and unadjusted accounts, $49,996, and general reserve, $61,639.
S T A T E M E N T O F E A R N IN G S O F C E N T R A L IR O N & C O A L CO . A N D
C E N T R A L , R A D I A T O R C O . F O R . Y E A R E N D I N G J U N E 30 1907.
N e t ea rn in gs a fter d e d u c tin g o p e r a tin g e x p e n s e s____________________ $3 1 5,85 5
A d d — S u n d ry in c o m e s . In clu d in g sto re p r o fit s _________________ _____
39,234
T o t a l n e t I n c o m e ..................... ................ ......................................................... $35 5,08 9
D id u c t — B o n d in terest and c o m m is s io n _____ ____________ $ 45 ,0 0 0
D e p r e cia tio n o f p ro p e rtie s and e q u ip m e n t ________ ______ _ 44,9 8 7
A m o u n t set aside fro m earnings a c c o u n t o f fu rn a ce re ­
lin in g ........................... .............................. ........................................ 10,5 6 9
C h arges again st p r o d u c t io n , carried t o reserve a c c o u n ts ,
fo r d e p r e c ia tio n o f m in era l re s o u rce s _______________ 27 373
------------$1 2 7,92 9
$227 160
B a la n ce o f ea rn in gs— Surplus f o r y e a r ____________________________
Surplus b r o u g h t fo rw a rd fro m last y e a r _____________________________
4 9 ,7 0 7
P r o fit and loss surplus at Ju n e 30 190 7____ ___________________________ $ 2 7 6,86 7
C E N T R A L I R O N & C O A L C O . B A L A N C E S H E E T J U N E 30. '
1907.
1906.
|
190 7.
1906.
A ssets—
$
$
| L ia b iltie s —
*> $
9
(a $ "rr
P r o p s . & e q u l p t . l ,625,458 1 ,6 6 1 ,7 0 5 1C a p ita l s t o c k . . . 1 ,0 0 0 ,0 0 0 1 ,0 0 0 000
B ‘ ls & a c c ’ ts rec
87,791
9 5 ,4 2 7 j B o n d e d d e b t ___ 5 0 0 ,0 0 0
500 000
C i s h ----------------- -4 ,0 3 5
1,595 |Bills & a c c ’ ts p a y ^85,680
289^110
D e f.
ch gs.
&
|A c c r ’d b o n d in t . &_______
5,0 0 0
a c c ’ ts u n a d j’d 1 07 ,572
46,791 |R e s . fo r re p la ce N o te s r e c ., d is c ’d
60,858
7 5 ,4 3 3 i m e n ts, & c ____
7 8 ,1 5 2
106 641
I n v e n t o r i e s ____
1 1 2 ,3 3 4
1 2 0 ,8 5 4 1D is co u n te d n o te s ►
,
’
I r e c e iv a b le ____
60,8 5 8
75,4 3 3
[ P rofit & loss s u r .
273 ,3 5 8
25,621
T o t a l--------------- 1 ,9 9 8 ,0 4 8 2 ,0 0 1 ,8 0 5 |

T o t a l __________ 1 ,9 9 8 ,0 4 8 2 ,0 0 1 ,8 0 5

C E N T R A L R A D I A T O R C O . B A L A N C E S H E E T J U N E 30.
1907.
1906.
1907.
1906.
A ssets—
$
$
i L ia bilities— ’
$
$
P r o p ’t y & e q u ip m ’ t .1 4 3 ,7 1 5 1 4 8 ,0 8 7 1C apital s t o c k ............2 0 0 ,0 0 0 200 000
Bills
n ,n „ a n d a c c ’ t srec_ 5 1 ,6 3 3
4 0 ,2 2 4 |Bills & a c c o u n ts p a y 89,2 3 8
78^706
C i s h ........ .....................
2,204
9 5 0 1R e se rv e s ___________
5,0 0 0
9^374
D jfe r r e d ch a rges &
I D is co u n te d n o te s r e c 2,200
a c c ’ ts u n a d ju s t e d . 10,010
7 ,7 4 6 |P ro fit & loss su rplu s 3 ,5 0 9
7,722
N a tes r e c . , d is c o u n t ’d 2,200
In v e n t o r ie s __________ 90,185
9 8 ,7 9 5 !
T o ta l

.......................2 9 9 ,9 4 7 295,8021

T ota l

....................... 2 9 9 ,9 4 7 295 ,802

R ESU LT OF SPEC IAL E XAM IN ATIO N BY PU BLIC ACCOUNTANTS.

A t t i e annual meeting of the stockholders held in Jersey
City Aug. 23 1906, it was voted to have the books of the com p in y , a s well as the books of the subsidiary companies, in
vestigated b y a certified public accountant other than those
who have heretofore audited the books of the com pany.
In accordance with this resolution, Haskins & Sells were em ­
ployed to make a thorough audit of the books and accounts
covering the four years ending June 30 1906. Their report
follows:
P r o p e r tie s .— P rop ertie s a c c o u n t w as o p e n e d In J u ly 1899 In th e a m o u n t
o f $ 1 5 ,9 4 3 ,7 0 0 .
O w in g t o th e a b se n ce o f d e ta ile d r e c o rd s , th e c o m p a n y ’s
a c c o u n t d id n o t sh ow th e c o s t o f th e v a rio u s p la n ts a cq u ire d at th e tim e o f
t h e c o m p a n y ’s fo rm a tio n , an d w e are th e re fo re o b lig e d t o a c c e p t th e a m o u n t
a b o v e s ta ted as th e a ctu a l c o s t o f th e p ro p e rtie s at th a t tim e .
T h e o n ly
a d d itio n s t o p r o p e r t y a c c o u n t sin ce J u ly 1899 Is o n e ite m o f $202 fo r land
p u rch a sed at S o u th P itts b u r g h ,T e n n .
T h e c r e d it t o th e p r o p e r t y a c c o u n t , a m o u n tin g t o $ 3 0 2 ,6 4 2 , co n sists p rin ­
c ip a lly o f p r o p e r t y s o ld , Are losses, m e lte d e q u ip m e n t and th e p a r v a lu e o f
137 d e b e n tu re b o n d s , p u rch a se d at a p r ice o f a p p r o x im a t e ly 9 4 y2 % (th e
e x a c t figu res c a n n o t be a s c e r ta in e d ).
T h e c o m p a n y has o n its b o o k s a reserv e a c c o u n t fo r d e p r e c ia tio n o f pla n ts
w h ic h , at Ju n e 30 1906, a n o u n t e d t o $ 1 ,1 0 9 ,3 4 4 .
T h is reserve has been a c ­
c u m u la te d fro m y e a r t o y e a r b y ch arg es a g a in st o p e r a tio n and cr e d its t o th e
reserv e a c c o u n t.
T h e reserve a c c o u n t at Ju n e 30 1906, ap p lie d again st th e
p r o p e r t y a c c o u n t , w o u ld s h o w a b a la n ce in th e la tte r a c c o u n t o f $ 1 4 ,5 3 1 ,9 1 5 .
T h e fo llo w in g Is a list o f the fo u n d rie s and th eir lo ca tio n : B a ltim o re , M d .;
N e w a r k , N . J .; B essem er, A la .; A n n is t o n , A la .; V in c e n n e s , I n d .; S ou th
P it t s b u r g h , T e n n .; M e d in a , N . Y .
A d d ition s to P r o p e r tie s .— T h e c o m p a n y has e x p e n d e d an d ch a rg e d t o
th is a c c o u n t t o Ju n e 30 1906 $ 4 1 8 ,6 4 7 .
T h ese e x p e n d itu r e s w ere m a in ly
fo r n ew c o n s t r u c tio n , im p ro v e m e n ts , e q u ip m e n t , m a c h in e r y an d w o rk in g

patterns.
to

A c co u n ts R eceivable.— T h e a c c o u n ts r e ce iv a b le a t Ju n e 30 1906 a m o u n te d
$ 5 7 7 ,8 3 1 , o f w h ich a p p ro x im a te ly $ 5 5 ,0 0 0 w as c o n s id ere d d o u b tfu




$ 6 ,9 5 0 ,2 5 8
L ess— In crea se In In v e n to ry o f finished g o o d s ____ C r . 217 ,250
------------------

6 ,7 3 3 ,0 0 3

G ross p r o fit __________________________________________________ $ 3 ,2 3 9 ,7 5 0
S ellin g e x p e n s e s ______________________________ ______________________
4 8 7 ,9 2 4
Selling p r o fit ............... ......................................................... ..........................$ 2 ,7 5 1 ,826G eneral e x p e n s e s ___________________________________________________
429 ,944
N e t p r o fit o n s a le s _________________________________________________ $ 2 ,3 2 1 ,8 8 2
O th e r in c o m e ________________________________________________________
190,453G r o s s ln c o m e ____________________________ _______ __________________ $ 2 ,5 1 2 ,3 3 5
D ed u ctio n s fro m Incom e—
B o n d in te re s t____ ______ _________________________________ $92 7,12 0
In te re st o n lo a n s ________________ ______________ _______ _
34,564
C ash d is co u n ts a llo w e d _________________________________
121,462
M isce lla n e o u s____________________________________________
166,510
------------------ 1,2 4 9 ,6 5 6
N e t in c o m e _____________ __________ ____ __________________________$ 1 ,2 6 2 ,679D educt P r o fit a nd L o ss Charges—
D e p r e cia tio n o f p la n ts and e q u ip m e n t ________________ $ 1 ,1 6 5 ,2 1 3
M iscellaneous _______ ______ _______________ _________ ___
41,331
------------------ 1 ,2 0 6 ,5 4 4
P ro fit and loss surplus fo r p e r io d ________________________________
L ess— P r o fit a n d loss at b e g in n in g o f p e r io d _______________________

$ 5 6 ,1 3 5
1,875

P r o fit and loss at Ju n e 30 1 9 0 6 ........ ......................................................

$ 5 4 ,2 6 0

CE N TR A L F O U N D R Y CO. G EN ER AL B A L A N C E SH EE T J U N E 30 1906 A N D
J U L Y 1 1902.
1906.
1902.
j
1906.
1902.
June 30.
July 1.
June 30.
J uly 1.
Assets—
$
$
Liabilities—
%
$
Props. & p la n t..-16 ,094 ,99 7 15,970,730 Pref. stk. outst’ g . 6,650,000 6,650,000
C. I . & C. Co. stk . 1,000,000
..............|Com . stk. outst’g . 6,650,000
6,650,000
C. R . Co. stock ___
200,000
_______ D eb. 6% bds. due
Misc. treas. secur’ s
38,137
28,707 i 1919 --------------- 3,863,000 3,863,000487,867
269,759 Int. accr’ d on deb.
Finished goods___
R a w m a t.& up’s .
204,836
104,230;
bonds ..............
38,630
38,630
Cash in banks and
; Taxes accrued____
5,318
1,142
71,237
133,S87 , Bills & acc’ ts p a y .
312,338
69,634
on hand----------Bills & acc’ ts r e c ..
577,852
804,547 , Discounted notes
D oubtful acc’ ts rec
55,130
_______ I rec. (see contra)
293,839
..
Sundry exps. paid
; Reserves—
in advance, &c_
12,512
10,489
Deprec. of plants 1,109,344
39,818
Notes rec. disc’ ted
> Deprec. of plant
(see contra)____
293,839
_______ j
equipm ent___
41,331
....
I Uncollectible aci
c o u n t s ______
18,346
12,000
Profit & loss bal._
54.260 D r. 1,875
Total ..................19,036,407 17,322,3491
Total ................19,036 ,407 17,322,349
Central Iro n & Coal C o .— T h is co m p a n y w as org a n ized u n d er th e law s o f
N e w J ersey M arch 1 1901 w ith an a u th orized ca p ita l o f $ 7 5 0 ,0 0 0 , w h ich w as
la ter increased t o $ 1 ,0 0 0 ,0 0 0 .
T h e en tire issue is ow n ed an d held In th e
trea su ry o f th e Cen tral F o u n d r y C o. T h e p rop erties o f th e C en tral Iro n &
C oal C o. e m b ra ce a p p ro x im a te ly 6,350 acres o f m in eral lands c o n ta in in g
v a lu a b le d e p o sits o f iron In b ro w n an d red o re , coa l an d lim eston e.
It has
ta k e n several yea rs to a ccu m u la te these p rop erties and p ro p e rly d e v e lo p e
th e m , to arrange fo r railroad facilities and t o co n s tru ct and eq u ip a m odern
fu r n a c e ; b u t th e tim e has arriv ed w here th e c o m p a n y Is ea rn in g a p ro fit
u p o n th e in v e stm e n t.
C entral R adiator C o m p a n y .— T h is c o m p a n y w as In corp ora ted u n d e r th e
law s o f N ew J ersey on F e b . 26 1903 and Is op e ra te d as a s u b sid ia ry c o m p a n y
o f th e C en tral F o u n d r y C o.
T h e a u th orized ca p ita l s to ck was $ 1 0 0 ,0 0 0
w h ich was later Increased t o $ 2 0 0 ,0 0 0 , th e en tire Issue b e in g ow n ed and held
In th e tre a su ry o f th e C en tral F o u n d r y C o .
T h e p la n t is lo ca te d at L ans
d a le , P a ., an d Is used e x clu s lv e y fo r th e m a n u fa ctu re o f ra d ia tors.
[T h e b a la n ce sheets o f Ju n e 30 1906, as rep orted b y H a sk in & Sells, fo r
th e C en tral Iro n & C oal C o. and th e C en tral R a d ia to r C o .. are In corp ora ted
Into th e c o m p a r a tiv e sta tem en t a b o v e g iv e n fo r th o se co m p a n ie s In c o n n e e
tio n w ith th e b a la n ce sh eets o f Ju n e 30 1907 sh ow n In th e ann n al r e p o r t.—
E d .J — V . 84, p . 1430.
A s s o c ia te d M e rch a n ts ’ C o m p a n y .

(Report for the Half-year ending Aug. 1 1907.)
T h e r e s u lts f o r t h e h a lf-y e a r c o m p a r e a s f o llo w s :
6 m onths to
6 m onths to
6 months to
A u g . 1 1907.
A u g . 1 1906.
A u g . 1 1905.
N et e a rn in g s________________
$ 7 1 0 ,8 6 7
$ 6 9 5,83 5
$603 557
D iv id e n d s o n 1st p re f. s to c k
( 3 % )1 8 1 .7 2 5
( 3 % )1 8 3 ,7 8 3 ( 2 ^ % ) 1 1 9 , 4 8 7
D iv id e n d s o n 2d p re f. s t o c k ( 3 % ) 1 77 ,583 ( 3 % ) 1 77 ,5 8 3 ( 3 % ) 164,722
F o r c o m m o n s t o c k _______
$ 3 5 1,55 9
D iv id e n d s o n c o m m o n ____ (4>$ % )2 7 4 ,0 9 2 ( 4

$33 4,46 9
% )2 6 8 ,9 7 »

$ 3 1 9 ,3 4 8
(4 % ) 2 2 4 ,4 2 4

R e m a i n d e r _______________
S u rplu s b r o u g h t f o r w a r d . .

a $ 7 6 ,7 6 6
1 ,5 2 6 ,2 9 7

a$ 6 5 ,2 1 0
1 ,2 8 7 ,6 6 9

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

S u r p lu s ...................................

$ 1 ,6 0 3 ,0 6 3

$ 1 ,3 5 2 ,8 7 9

$ 1 ,1 4 2 ,4 1 1

a In clu d in g $701 “ a d ju s tm e n t o f Interest ex tin g u ish ed '* In h a lf-y e a r
e n d in g A u g . 1 190 7, $283 In h a lf-y e a r en d in g A u g . 1 1906 an d $ 2 2 ,9 1 3 In
h a lf-y e a r e n d in g A u g . 1 1905.

A ug . 31 1907. j

THE CHRONICLE.

B A L A N C E S H E E T A U G U S T 1.
A s sets—
1907.
C a sh ....................................................................................... ......... $ 7 5 3,06 3
4 5 ,0 0 1 shares (o u t o f 9 0 ,0 0 0 ) o f th e s t o c k o f H . B .
9*C laflin Co.rt_____ ________ ________________ __________ 5 ,0 0 0 ,0 0 0
A ll th e p r im a ry secu rities o f: J . M cC reery & C o . ,N .Y .;
a * S te w a r t & C o ., B a lt .; J. N . A d a m s & C o ., B u ffa lo .
R a n d $ 2 ,4 0 0 ,0 0 0 d e b . b d s . O 'N e in -A d a m s C o -.N .Y .
(a g g reg a te p ar v a lu e )----------------------------------------------- 8 ,1 0 0 ,0 0 0
J u n io r secu rities, y ie ld in g m o r e th a n 10 % an n . inc.fc 5 ,0 0 0 ,0 0 0

.

--------

1906.
$ 2 ,7 0 2 ,8 7 9
5 ,0 0 0 ,0 0 0

5 ,9 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0

--------

T o t a l ..................................... .......................... .....................-$ 1 8 ,8 5 3 ,0 6 3 $1 8 ,6 0 2 ,8 7 9
** L iabilities—
F irst p referred ca p ita l s t o c k ............... ..................... ......... $ 6 ,0 4 1 ,6 0 0
$ 6 ,114 000
S e c o n d p referred ca p ita l s t o c k ___________________ 5 ,0 7 3 ,8 0 0
5 ,0 7 3 ,8 0 0
C o m m o n ca p ita l s t o c k ___ __________ __________________ 6 ,1 3 4 ,6 0 0
6 062 ,2 0 0
S u r p lu s --------------------------------------------------------------------------- 1 ,6 0 3 ,0 6 3
1 ,3 5 2 ,8 7 9
T o t a l .......... .................................................. .................. - . . $ 1 8 , 8 5 3 , 0 6 3 $ 1 8 ,6 0 2 ,8 7 9
T h e secu rities ow n e d as a b o v e g iv e th e A s s o c ia te d M e r ch a n ts ’ C o . en tire
o w n ersh ip o f Jam es M cC reery & C o ., S te w a rt & C o . an d J. N . A d a m & C o .;
a n d ow n ersh ip o f fo u r -fifth s o f th e d e b e n tu re b o n d s , tw o -th ird s o f th e in ­
c o m e b o n d s an d fo u r -fifth s o f th e ca p ita l s t o c k o f O ’ N e ill-A d a m s C o. and
fo u r -fifth s o f th e c o m m o n s to c k o f C. G . G u n th e r’ s S o n s.
D u rin g th e h alfy e a r 422 shares o f first p re fe rre d s to c k w ere c o n v e r t e d Into c o m m o n s to c k .
a T h e shares o f th e H . B . Clafiin C o . h ad a b o o k v a lu e as o f J u ly 1 1907
o f $ 5 ,4 3 9 ,1 5 4 ; J u ly 1 1906, $ 5 ,3 0 1 ,6 4 6 . 6 T h e in c o m e o n $ 5 ,5 0 0 ,0 0 0 in
1907 an d on $ 5 ,3 8 0 ,0 0 0 In 190 6.

Pittsburgh (P a.) Terminal W arehouse & Transfer Co.
{Official Statement.)
President Buchanan in a circular dated July 23 1907 says:
O u r ea rn in gs are n o w s u fficie n t t o p a y Interest a n d t a x e s a n d a b s o r b
all e x p en ses fo r m a in te n a n ce an d c o n d u c t in g business w ith a surplus at
th e e n d o f Ju n e, w h ich m a y be e x p e c t e d t o s te a d ily In crease.
In ou r last a n n u a l re p o r t w e e s tim a te d o u r g ross ea rn in gs a t $ 1 5 5 ,1 2 0
p er a n n u m : sin ce th e n w e h a v e Increased th e s e b y th e a m o u n t o f $ 5 3 ,1 9 0
per a n n u m , a n d on Ju n e 30 1907 th e sp a ce o c c u p ie d w as p r o d u c in g $2 0 8 ,3 1 0
p e r a n n u m , b e in g 6 3 % o f th e w h o le sp a ce a v a ila b le , w ith m o s t g r a t ify in g
In d ic a tio n o f a c o n tin u in g Increase d u r in g th e cu rre n t six m o n th s .
W hen
th e r em a in in g sp a c e is o c c u p ie d a t t h e sam e ra te s , it w ill p r o d u c e $12 2 ,0 0 0
p e r a n n u m a d d itio n a l t o th e a b o v e , o r a t o t a l o f $3 3 0 ,3 1 0 p e r a n n u m , w it h ­
o u t ta k in g in t o a c c o u n t r e v e n u e fro m th e p r o p o s e d h a r b o r tr a n s fe r b u ild ­
in g , w h ich p rom ise s t o be v e r y p r o d u c t iv e w h en c o n s t r u c te d .
[A n Illu strated p a m p h le t issu ed several m o n th s a g o de scrib e s th e c o m ­
p a n y ’ s series o f f o r t y fir e p r o o f w a re h o u s e s as coverlner th ree c it y b lo c k s and
c o n ta in in g 1 4 ,0 0 0 ,0 0 0 c u b ic fe e t, w ith jd ir e c t c o n n e c t io n w ith th e p rin cip a l
ra ilro a d s e n te rin g th e c it y .]

Ill the annual report issued under date of Jan. 22 1907
President Buchanan said:
A s a lrea d y in tim a te d t o y o u , th e en tire b o n d Issue o f th e c o m p a n y w h ich
w as a u th o r iz e d at y o u r s p e cia l m e e tin g o n O c t . 18 1906 w as p r o m p t ly s o ld ,
a n d th e v e r y s a t isfa c t o r y fin a n cia l c o n d itio n o f th e c o m p a n y re fle cts o u r
su c c e s s in this d ir e ctio n .
B A L A N C E SH EETS OF D E C . 31 A N D M A Y 31 1906.
D ec. 31, M a y 31, |
D ec. 31,
M ay 31,
1906.
1906. I
1906.
1906.
Assets—
S
$
I Liabilities—
S
$
Real e s ta te ________ 2,850,263 2,840,000ICapltal s tock _______ 2,000,000 2,000,000
Warehouse constr'n. 1,170,540 1,401,7701Bonds South Hide
Power plant const’ n . 230,233
219,668| property . ........... 1,750,000 1,000,000
General office b l d g .. 111,457
101,892|Mtge. Sixth Ward
13,727
12,007) property__________ 110,000
110,000
Bridges_____________
R R yards, sidings,
i Balance of contracts
other bldgs, sewers,
I u n a d ju ste d ______
46,270
152,009
& c.............................
9,548
8 ,9 0 3 1Sundry accounts, intW ork on contracts
| erest, < tc _________
14,510
17,898
u n a d ju sted ______
46,270
152,009 j Bills payable_______
______
550,000
E x p . applicable to
|Interest on bonds and
period of constr’n - a l9 8 ,173
138,4891 m ortg ag es_______
16,947
5,320
Cash ______________
120,118
70,627|Taxes ....... .......... ..
36,333
19,500
Bills rec., open accts.,
ISurplus......... ...............1,131,183 1,129,882
& c.............................
47,742
32,110 i
Incorporation ex p —
7,172
7 ,1 3 4 1
Total

........... 5,105,243 4,984,6091

T o t a l ....................... 5,105,243 4,984,609

a These are to be apportioned on (Inal adjustm ent, being made up as follow s:
Interest charges, $145,453; taxes, $43,695; general expenses, $111,105: total, $300,253; deduct credits, rents, storage, drayage, hauling, <&c., $120,080; balance as
above, $198,173.— V . 83, p. 972, 442.
(T h e fo llo w in g w as fu rn ish e d us u n d e r d a te o f M arch 1 1907: ’ ‘ T h e Issue
o f 1st r e fu n d in g 5 % 3 0 -y e a r g o ld b o n d s , a m o u n t a u th o r iz e d , $ 2 ,0 0 0 ,0 0 0 ;
o u ts ta n d in g , $ 1 ,7 5 0 ,0 0 0 .
D e n o m in a tio n $ 1 ,0 0 0 .
D a te o f b o n d s N o v . 1
1906; m a tu r ity N o v . 1 1936, n o t s u b je c t t o call fo r p rio r r e d e m p tio n .
In te r e st p a y a b le , t a x fre e , N o v . 1 a n d M ay 1 , at P itts b u r g h T ru s t C o . (th e
m o r tg a g e t r u s t e e ) , P itts b u r g h , P a ., an d C o lo n ia l T ru s t C o ., New’ Y o r k , N . Y
P r io r lien s o u ts ta n d in g — b e in g first m o r tg a g e 5s. s u b je c t t o call on o r
a ft e r M ay 1 1909 a t 105.
See V . 7 8 , p . 2015— $ 1 ,0 0 0 ,0 0 0 , o f w h ic h m ore
th a n o n e -h a lf h a v e a lre a d y b e e n e x c h a n g e d ; a m o u n t o f n e w b o n d s re­
s e r v e d t o retire th e s e , $ 1 ,0 0 0 ,0 0 0 .
“ O f th e n e w b o n d s th ere are re se rv e d fo r o th e r p u rp o se s “ $25 0 ,0 0 0 fo r p a y ­
in g a n d d isch a rg in g a n y e x p e n s e s Incurred in refunding- th e o u ts ta n d in g
b o n d s o f th e c o m p a n y a n d o f a c q u ir in g a d d itio n a l real e sta te n ece ssa ry fo r
s a id w areh ou ses a n d p la n t a n d o f m a k in g a d d itio n s , im p ro v e m e n ts or
a lte ra tio n s t o sa id m o rtg a g e d p rem ises, an d said b o n d s , o r th e p r o c e e d s
t h e r e o f, e x c e p t in g w h en tn e sa m e are t o b e u sed fo r t h e p u r p o s e o f re fu n d in g
o u t s t a n d in g b o n d s o f th e c o m p a n y shall b e w ith d r a w n fro m t h e h a n d s o f
t h e tru s te e o n ly u p o n re s o lu tio n o f th e b o a r d o f d ir e cto r s o f th e c o m p a n y ,
d u ly certified t h a t It is assu m ed n cce ssa ry a n d e x p e d ie n t t o a c q u ir e such
a d d itio n a l real e sta te o r t o m a k e su ch a d d itio n s , im p ro v e m e n ts or a lte ra ­
t io n s , a n d t o b e a c c o m p a n ie d in a ll cases w ith th e e stim a te s o f a r c h ite c ts
a n d engineers; such real e s ta te o r a d d itio n s . Im p r o v e m e n ts o r a lte ra tio n s
shall Im m ed ia tely be and b e c o m e s u b je c t t o the lien o f th is m o r tg a g e .”
S to c k a u th oriz ed an d issu e d , $ 2 ,0 0 0 ,0 0 0 , all c o m m o n ; p a r o f sh ares, $100.
C o m p a n y ow n s In fee p r o p e r t y c o v e r e d b y b o n d s in 30th W a r d , P it t s b u r g h ,
a n d also a b o u t 1 25 ,000 s q . f t . In 6th W a r d , P itts b u r g h , n o t c o v e r e d b y th e
b o n d s b u t s u b je c t t o p u rch a se m o n e y m o rtg a g e o f $ 1 1 0 ,0 0 0 .— E d .)
V.
■83, p . 9 7 2 , 442

Corn Products Refining Company.
(Statement to New York Stock Exchange July 17 1907.)
The statement made to the New York Stock Exchange in
connection with the listing of $2,173,000 of the 25-year 5 %
sinking fund gold bonds dated N ov. 1 1906 says in substance:
A b stra ct o f T ru st A g re e m e n t; T itle G u arantee & T r u s t C o ., N . Y . C ity , T rustee.
A r t . I . T h e issue o f said b o n d s is lim ite d t o $ 2 ,8 4 3 ,0 0 0 o f p r in cip a l,
n u m b e r e d c o n s e c u t iv e ly fro m 1 t o 2 ,8 4 3 , b o th in c lu s iv e , t o b e issu ed o n ly
In e x c h a n g e fo r an e q u a l a m o u n t o f o u ts ta n d in g first m o rtg a g e 3 0 -y e a r
6 % gold b on d s o f N a tio n a l S ta rch M a n u fa ctu rin g C o.
A r t . 11. A s a sin k in g fu n d th e c o m p a n y w ill a n n u a lly , o n o r b e fo r e N o v . 1
in e a ch y e a r , u n til all th e b o n d s Issued h e reu n d er are fu lly p a id , p a y t o th e
said tru stee th e sum o f $ 1 1 4 ,0 0 0 , t o b e a p p lie d b y th e tru ste e t o t h e r e ­
d e m p tio n o f said b o n d s at p ar and in te re st.
B o n d s so t o be re d e e m e d
shall b e d ra w n b y lo t an d c a n c e le d .
A r t. V I .. A ll or a n y p a r t o f th e said b o n d s m a y b e re d e e m e d a t p a r an d
in terest on a n y in te re st d a y , w h en d ra w n b y lo t b y said tru stee.
A r t . V I I . T h e c o m p a n y m a y m a k e p ro m is s o ry n o te s in th e o r d in a r y
c o u r s c o f b u sin ess, b u t it is h e re b y c o v e n a n t e d th a t In case th e c o m p a n y
sh all h erea fter e x e c u t e a n y m o r tg a g e u p o n its p r o p e r t y , t o se cu re th e p a y ­
m e n t o f a n y b o n d s h e re a fte r t o b e issu ed b y it, o t h e r t h a n a p u rch a se m o n e y
m o r tg a g e c o v e r in g p r o p e r t y p u rch a se d o r t o b e p u rch a se d b y th e c o m p a n y ,
o r in case th e c o m p a n y shall g u a ra n te e th e p a y m e n t o f a n v bond® {w u^ d
u n d e r a n y m o r tg a g e h e re a fte r m a d e b y a n y c o m p a n y lin w h ic h th is c o m ­




527

p a n y shall b e d ir e c t ly o r in d ir e c t ly in te re s te d , c o v e r in g a n y p r o p e r t y n o w
c o v e r e d b y th e first m o r tg a g e m a d e b y th e N a tio n a l S ta r c h M a n u fa c tu r in g
C o ., s u ch m o r tg a g e shall in c lu d e all b o n d s Issu ed u n d e r th is a g r e e m e n t an d
th e n o u ts ta n d in g , an d th e h o ld e rs o r reg iste re d o w n ers o f a n y o f said b on d s
sh all h a v e th e p r iv ile g e o f e x c h a n g in g th e sam e fo r an e q u a l a m o u n t , p a r
v a lu e , o f a n y b o n d s se cu re d b y su ch m o r tg a g e .
A r t . I X . In ca se a n y d e fa u lt sh all o c c u r as in th is a g re e m en t p r o v i d e d ,
th e e n fo r ce m e n t th e r e o f b y a n d th r o u g h said tru ste e o r th e sa id h old ers
o r reg iste re d ow n ers o f said b o n d s as h e r e in a b o v e p r o v id e d shall b e u n d e r
an e xp re ss tru st a n d in a c c o r d a n c e w it h t h e la w s o f th e S ta te o f N e w Y o r k
C a p ita liza tio n o f C o rn P r o d u cts R efin in g C o .
C orn P r o d u cts R e lin in g C o. has n o o th e r in d e b te d n e s s e x c e p t c u r r e n t
o b lig a tio n s in c u r re d In o rd in a r y c o u r s e o f bu sin ess. N o n e o f its p r o p e r tie s
is s u b je c t t o th e lien o f a n y m o r tg a g e e x c e p t Its p la n t lo c a te d a t G ra n ite
C ity , 111., w h ic h w as ta k e n o v e r s u b je c t t o $ 3 0 0 ,0 0 0 1 0 -y e a r 6 % first m o r t ­
gage g o ld b o n d s d a te d N o v . 10 1903.
T o t a l a u th o r iz e d ca p ita l s t o c k $ 3 0 ,0 0 0 ,0 0 0 7 % c u m u la tiv e p referred
s t o c k a n d $5 0 ,0 0 0 ,0 0 0 c o m m o n s to c k .
Is s u e d : p re fe rr e d $ 2 8 ,3 8 1 ,5 0 0 ;
c o m m o n $ 4 9 ,1 8 6 ,4 0 0 ; p ar v a lu e o f shares $10 0. P re fe rre d s to c k u n issu ed ,
$ 1 ,6 1 8 ,5 0 0 ; c o m m o n s to c k u n issu e d , $81 3 ,6 0 0 ; all o f w h ic h w ill b e issu ed
In e x c h a n g e fo r o u ts ta n d in g p re fe rre d and c o m m o n s to c k s o f C orn P r o d u c t s
C o m p a n y , o n t h e basis o f t w o shares o f n e w s t o c k fo r e v e r y th ree shares o f
th e sam e class o f s to c k o f C orn P r o d u c t s C o . 1
1 . S ecu rities Owned by C o rn P r o d u cts R efin in g C o .
_
O wned.
Issu ed .
C o m P r o d u c t s C o m p a n y — P re fe rre d s t o c k . ............. $ 2 4 ,9 5 3 ,0 0 0 $ 2 7 ,3 8 0 ,7 4 0
4 5 ,2 1 5 ,5 0 5
do
do
C o m m o n s t o c k ________ 4 3 ,9 9 5 ,1 5 7
N e w Y o r k G lu co s e C o— C a p ital s t o c k (re m a in in g
49 % b e in g o w n e d b y C orn P r o d u c t s C o . ) _______
1 ,2 7 5 ,0 0 0
2 ,5 0 0 ,0 0 0
C ereal Su g ar C o .— P re fe rre d s t o c k - ..............................
3 5 ,000
7 5 ,0 0 0
do
do
C o m m o n s t o c k __________________
285 ,8 0 0
4 2 5 ,0 0 0
G ra n ite C ity C h ica g o & A lt o n R R . C o .— C a p. stk _
5 ,0 0 0
5 ,0 0 0
N a tio n a l S ta rch M fg . C o .— F irst m t g e . b o n d s ____
2 ,1 7 3 ,0 0 0
2 ,8 4 3 ,0 0 0
2 . S ec u r itie s Owned by C o rn P r o d u cts C o m p a n y .
O w ned.
Is su ed .
$ 2 ,5 0 0 ,0 0 0
N ew Y o r k G lu co se C o .— S t o c k ..................................... $ 1 ,2 2 5 ,0 0 0
C orn P r o d u c ts M fg . C o . (fo r m e r ly G lu co s e Su g ar
R e lin in g C o .) — P re fe rre d s t o c k _______________ 1 3 ,6 0 0 ,2 0 0
1 3 ,6 3 8 ,3 0 0
C o m m o n s t o c k ........................................................... ....... 2 3 ,6 9 8 ,1 0 0
2 4 ,0 2 7 ,3 0 0
M o r t g a g e . . . ...................... ................................. ..............
1 ,2 5 0 ,0 0 0
1 ,2 5 0 ,0 0 0
N a tio n a l S ta rch C o.'— P r e fe r re d s t o c k ____________
_______
700
C o m m o n s t o c k --------------------------------------------------------9 9 ,3 0 0
9 9 ,3 0 0
S e co n d p referred s t o c k ________ ______ ______ ______
1,0 0 0
364 800
C orn P r o d u c t s C o ., L t d .— S t o c k ......................... ............
£ 2 0 ,0 0 0
£20^000
C orn P r o d u c ts C o ., L t d — S t o c k - ............. - ____________
M 4 0 ,0 0 0
M 4 0 ,0 0 0
3. S ec u r itie s Owned by C o rn P r o d u cts M a n u fa c tu r in g C o.
T e rm in a l railro a d s c o n n e c t in g th e p la n ts o f th e
O w ned.
Issu ed
v a r io u s c o m p a n ie s —
Ch e . P e o . & W . R R . C o . in I l l i n o i s —C a pital s k .
$ 5 0 ,0 0 0
$ 5 0 ,0 0 0
C h )c . P e o . & W . R R . C o . in I o w a — C a p ital s t „ c k
5 0 ,0 0 0
5 0 ,0 0 0
Illin o is V a lley B e lt R R . C o .— C a p ita l t o c k ____
2 5 ,0 0 0
2 5 ,0 0 0 0
C ry sta l C ar L in e — C a p ita l s t o c k __________________
2 0 0 ,0 0 0
2 0 0 ,0 0 0
4 . S ecu rities Owned by N a tio n a l S tarch C o .
O w ned.
Issu ed .
N a tio n a l S ta rch M fg . C o .— S e c o n d p r e f. s t o c k ____
$ 3 6 3 ,8 0 0
$ 3 6 4 ,8 0 0
C o m m o n s t o c k ______________________________________
4 ,4 3 9 ,4 0 0
4 ,4 5 0 ,7 0 0
Statem en ts as to P la n ts , & c.
1. T h e C orn P r o d u c t s R e fin in g C o . o w n s th e p la n t a t G ra n ite C it y , I II.,
fo rm e r ly o f S t. L o u is G lu co se C o . an d p la n t a t W a u k e g a n , 111., fo r m e r ly o f
W a rn e r Su g ar R e fin in g C o .; also o p e r a te s a s e c o n d p la n t a t W a u k e g a n ,
111., h e ld u n d e r lease.
2. C orn P r o d u c ts C o . n e ith e r o w n s n o r o p e ra te s a n y p la n ts .
For
d e s c r ip tio n o f p la n ts o f N ew Y o r k G lu co se C o . a n d Cereal Su g ar C o. a n d
o f G ra n ite C ity p la n t (fo r m e r ly S t. L o u is G lu co se C o .) and W a u k e g a n p la n t
(fo r m e r ly W a r n e r Sugar R e fin in g C o .) , refe re n ce Is m a d e t o a p p lic a t io n t o
list th is c o m p a n y ’ s s t o c k in V . 82, p . 1321; V . 7 4 , p . 108 6. S in ce said
a p p lic a t io n w as m a d e , S t. L o u is G lu co se C o . a n d W a r n e , S u g a r R e fin in g
C o . h a v e been d is s o lv e d and th e ir p r o p e r tie s a c q u ir e d b y C o m P r o d u c t s
R e fin in g C o .
T h e n a m e o f G lu cose R e fin in g C o . has b e e n c h a n g e d t o C orn
P r o d u c ts M fg . C o .
Illin o is Su g ar R e fin in g C o . a n d C h as, P o p e G lu cose C o .
h a v e been d is s o lv e d a n d th e ir p la n ts a c q u ir e d b y th e C orn P r o d u c t s M fg .C o .
U . S . G lu cose C o . has be e n d is s o lv e d a n d Its assets d is trib u te d a m o n g its
s to c k h o ld e r s .
N a tio n a l S ta rch M a n u fa ctu rin g C o . has n o assets, a ll o f its
p r o p e r tie s h a v in g been c o n v e y e d t o N a tio n a l S ta rch C o ., b u t it has a b o n d e d
d e b t an d c a n n o t b e d is s o lv e d u n d e r th e law s o f K e n t u c k y u n til said d e b t
has been p a id . C orn P r o d u c t s C o ., L t d ., o f E n g la n d , an d C o m P r o d u c t s
C o ., L t d ., o f G e rm a n y , are a g e n c y c o r p o r a t io n s , t h r o u g h w h ic h th e p r o d u c t s
o f th e se ve ra l c o m p a n ie s are m a r k e te d in th o s e co u n tr ie s .
3. C orn P r o d u c t s M a n u fa ctu rin g C o . (fo r m e r ly G lu co se Su g ar R e fin in g
C o .) ow n s th e fo llo w in g : P la n t a t B u ffa lo , N . Y . (fo r m e r ly A m e r ic a n
G lu cose C o .) ; p la n t a t P e k in , 111. (fo r m e r ly Illin ois S ugar R e fin in g C o );
p la n t a t V e n ic e , 111. (fo rm e rly o f C h as. P o p e G lu cose C o .) ; p la n t a t C h ic a g o ,
111.; p la n t at D a v e n p o r t , Io w a ; p la n t a t P e o r ia , 111.; p la n t a t G e n e r a , 111.;
real e sta te a t D a v e n p o r t , I o w a .
S in ce a p p lic a tio n t o list ca p ita l s to c k o f C o m P r o d u c ts R e fin in g C o .,
A m e rica n G lu cose C o . has been d is s o lv e d a n d its assets a c q u ir e d b y C o m
P r o d u c ts M a n u fa ctu rin g C o .
F o r d e s c r ip tio n o f a b o v e p la n ts refe r e n c e is
m a d e t o a p p lic a tio n t o list ca p ita l s to c k o f C o m P r o d u c t s C o . d a t e d A p r il 10
1 9 0 2 ; V . 7 4 , p . 108 6. O f th e a b o v e p la n ts o n ly th o s e a t C h ic a g o , D a v e n ­
p o r t an d P e k in are o p e r a te d . T h e p la n ts at R o c k f o r d , 111. (fo r m e r ly
o w n e d b y th e G lu cose Su g ar R e fin in g C o .) a n d a t M a rsh a lito n , I o w a , h a v e
been so ld .
4. N a tio n a l S ta rch C o . o w n s p la n t (and tr a d e m ark s) a t O sw e g o , N .Y .
(fo r m e r ly o f O sw e g o S ta rch F a c t o r y ) ; p la n t a t W a u k e g a n , 111. (fo r m e r ly o f
U n ite d S tates Sugar R e fin e r y ); p la n t at
In d ia n a p o lis . I n d .; p la n t a t
B u ffa lo , N . Y . ; real e sta te at S t. B e rn a rd , O h io ; real e sta te a t N e b ra sk a
C ity , N e b .; real e sta te a t D es M oin es, I o w a ; real e sta te a t G len C o r e , N . Y .
T ra d e m a rk s fo rm e r ly o f T . K ln g s fo r d & S o n s.
F o r d e s c r ip tio n o f p la n t
a t W a u k e g a n , 111. (fo r m e r ly o f U . S. S ugar R e fin e r y ) see a p p lic a t io n t o list
C o m P r o d u c t s C o . s t o c k in V . 74; p . 108 6. F o r d e s c r ip tio n o f o th e r p la n ts
a n d p r o p e r tie s o w n e d b y N a tio n a l S ta rch C o . see a p p lic a t io n t o list o f
N a tio n a l S ta rch C o . d a te d A p ril 1 1901 (co m p a re V . 7 0 , p . 7 4 2 ).
A ll o th e r
p la n ts a n d p r o p e r tie s fo rm e r ly o w n e d b y N a tio n a l S ta rch C o . h a r e b een
so ld a n d th e ir p r o c e e d s e ith e r a p p lie d t o th e s in k in g fu n d o f th e N a t io n a l
.Starch M fg . C o. 6 % firstS m ortgage b o n d s o r p a id in t o th e tre a su ry o f th #
com pany.
B on ded D eb ts o f A b o v e C o m p a n ies.
T otal.
I n T r e a s ., <*•«. B a l.O u ts t’ t
C orn P r o d u c t s R e fin in g C o . 2 5 -y e a r
5 % s in k in g fu n d g o ld b o n d s d a te d
N o v . 1 1 9 0 6 _ ............................................ $ 3 ,1 7 3 ,0 0 0
_______
$ 3 ,1 7 3 ,0 0 *
N ew Y o r k G lu co se C o . first m o r tg a g e
6 % g o ld b o n d s .......... ............................
1 ,9 0 8 ,4 8 0
.............
1 ,9 0 8 ,4 8 0
N a tio n a l S ta rch C o . 5 % d e b e n tu re
b o n d s d u e J u ly 1 1 9 2 5 - ....................
3 ,7 1 5 ,0 0 0
a $ 1 5 0 ,0 0 0
3 ,5 6 5 ,0 0 0
U . S . Sugar R e fin e r y first m o rtg a g e
6 % g o ld b o n d s , d u e D e t. 1 1 9 2 1 ..
1 ,0 0 0 ,0 0 0
c5 6 8 ,0 0 0
4 3 2 ,0 0 0
N a tio n a l S ta rch M fg . C o . first m tg e .
6 % gold b o n d s; due M ay 1 1920 2 ,8 4 3 ,0 0 0
5 2 ,1 9 3 ,0 0 0
6 5 0 ,0 0 0
S t. L o u is G lu co se C o . first m tg e . 6 %
g o ld b o n d s , d u e N o v . 10 1 91 3____
3 0 0 ,0 0 0
.............
3 0 0 ,0 0 0
T o t a l . ........................................................... $ 1 1 ,9 3 9 ,4 8 0
$ 2 ,9 1 1 ,0 0 0
$ 9 ,0 2 8 ,4 8 0
a O f th e $15 0 ,0 0 0 in tre a s u ry , & c ., $ 1 0 0,00 0*is o w n e d b y th e N a t io n a l
Starch C o . an d $ 5 0 ,0 0 0 b y th e C o m P r o d u c ts C o . b O f th e $ 2 ,1 9 3 ,0 0 0 in
tr e a s u r y , & c ., $ 2 ,1 8 3 ,0 0 0 is o w n e d b y th e C orn P r o d u c t s R e fin in g C o .
an d $ 1 0 ,0 0 0 b y th e N a tio n a l S tarch C o . c O f th e $ 1 ,0 0 0 ,0 0 0 first m o r tg a g e
b o n d s o f th e U n ite d S tates Su g ar R e fin e r y . $ 4 9 1 ,0 0 0 are h e ld b y U n ite d
S tates M o rtg a g e & T ru s t C o ., as tru s te e o f N a tio n a l S ta rch C o . d e b e n tu re s ,
a n d $ 7 7 ,0 0 0 b y M a n h a tta n T ru st C o ., as tru ste e o f N a tio n a l S ta rch M a n u a e tu rin g C o . m o r tg a g e sin k in g fu n d .
T h e a n n u a l r e p o r t o f t h e lC o r n lP r o d u c t s R e fin in g C o .,
w h i c h w a s p u b l i s h e d i n t h e “ C h r o n i c l e ” o f J u l y 6 1907
( p . 39), g i v e s t h e i n c o m e a c c o u n t o f t h e c o m p a n y f o r t h e
y e a r e n d i n g F e b . 28 1907; a l s o t h e c o m b i n e d a n n u a l s t a t e ­
m e n t fo r “ A ll C o m p a n ie s ” a n d t h e jb a la n c e s h e e t o f th e C o rn

528

THE CHRONICLE.

Products Refining Co. as of Feb. 28 1907. These figures are
also furnished to the Stock Exchange, together with the fo l­
low ing data for the underlying companies:
1. C om Products Co.— Balance Sheet Feb. 28 1907.
Assets—
$
I Liabilities—
S
Securities, c o s t ______________ 72,028,1541Preferred stock_______________ 27,380,710
Mortgage from Corn Products
|Common stock------------------------ 45,215,505
Manufacturing C o__________ 1,250,0001Accounts payable____________
750
C a s h __________________ _______
2,5331 Accrued t a x e s ...........................
1,243
46,8751S u r p lu s ---------------------- ----------729,324
A ccounts receiva ble................ ..
Total assets _______________73,327,562 i

Total liabilities............ .......... 73,327,562

C om Products Co.— Income Account for Year ending Feb. 28 1907.
D ividends received on New Y ork Glucose Com pany’s stock (4 0 % )------ $490,000
Interest, net balance______________ ___________ __________ _______________
35,031
Sale of office fixtures______________ 1 . . ---------------------------------------------------108
Total ................ ..................... ..................... ........ ....................................................
Deduct— Taxes and administration expenses.......... ...... ..................... ..........

$525,139
19,727

Balance, surplus_______________________________________________________ $505,412
Total surplus Feb. 28 1906, $227,296; surplus as above, $505,412; total, $732,708;
deduct adjustm ents, $3,382; total surplus Feb. 28 1907, $729,324.
2. Corn Products Manufacturing Co.— Balance Sheet Feb. 28 1907.
Assets—
$
| Liabilities—
$
Beal estate, plants, and securij Preferred s t o c k _______ _______13,638,300
ties c o s t ___________________ 38,463,184 ICommon stock________________ 24,027,300
Mortgage receivable__________
5,163 IM tge.payable to Corn P rod.C o. 1,250,000
Cash in banks and on hand___
986 ,6241Accounts payable____________
345,149
N otes and accounts receiva ble,' 2,102,913 SInterest accrued on m ortgage,
46,875
822,5451Beserved for taxes___________
57,102
Merchandise _
21,1731 For profit-sharing__________
175,000
TJnexpired insurance premiums
| For items awaiting adjustm ’t
37,352
|Surplus Feb. 28 1 9 0 7 ..- .......... 2,824,524
Total a ssets............................. 42,401,602|

Total liabilities .................... -42,401,602

Corn Products Manufacturing Co.— Income Account for Year ending Feb. 28 1907.
N et profit from o p e r a tio n .._____________________________________________ $2,102,970
Less—
IBeserve for profit-sharing____ $175,000
Interest on m ortgage_________
$46 ,8751Miscellaneous...............................
18,737
88,200(Additions and betterments
Insurance ___________________
T a x e s _________________ _______
78,3801 written oft
_____ _________
367,092
Care of idle plants____________
20,7 8 6 1
Total deductions....... ................. ...... .................................. ................... ............... $795,070

[V o l .

lxxxv

.

United States Telephone Company, Ohio.
(.Report for Year ending Dec. 31 1906.)
The report, issued some time ago, permits the following
comparison:
E A R N IN G S , E X P E N S E S A N D CH ARGES.
1906.
1905. |
1906.
1905
Earnings■—
$
$
j Net Earnings—
$
$
Toll service........................ 514,986 461,2721Net earn in gs...............-..2 4 2 ,6 3 8 170,444
Line rentals...................... 38,956 22,7431Incom e from lnvestm’t s . 18,102 ______
Miscellaneous___________________
9201
--------------------------------------------------- 1 Total Income_________ 260,740 170,444
T otal.................. .............553,942 484,934| Deductions—
Other co .’ s rev. & d ls cs.-1 5 1 ,890 136,2181 Interest on bonds______ 107,800 103,198
-------------------------- IBentals— leased circuits. 7,231
2,315
Gross earnings..............402,052 348,718 IBeserve for bad accts.,&c 6,311
3,397
ExpensesService expenses_______ 46,971 64,6991 T otal............................121,342 108,910
M aintenance___________ 48,570 60,1401Balance_________________ 139,398 61,534
General_______ _________ 49,948 43,2701Dlv. on pref. stock (6 % ) 27,631 19,515
11,7491D iv. on com . stk. (2 )4 % ) 53,250 ............
T a x e s ..... ........................... 14,105
Interest and e x ch a n g e .. Cr. 180C r .l,5 8 5 1
Total dividends______ 80,881 19,517
42,017
Expenses and t a x e s ... 159,414 178,274 |Balance, surplus.............58,517
B A L A N C E SH EE T D ECE M BE R 31.
1905.
1906.
1905. |
1906.
A s s e ts ^
$
$
| Liabilities—
8
$
Property and p lan t_-4,701,726 4,556,798 (Common s t o c k --------3,100,000 2 , 000,000
10,3541Preferred stock......... 782,500
500,000
Leased circu its..........
34,208
3 6,6 1 9 1Mortgage b o n d s ------ 2,480,000 2,260,000
Materials and s u p p ..
81,079
286,854
441,955
Treasury stock— pref
30,000 136,8001Current liabilities—
104,0001Deferred liabilities_________
17,224
324,000
Treasury bonds_____
______ |Accrued liabilities___
18,788
Cash________________
16,330
Current assets______
280,093 314,022|Surplus......................... 148,493
97,607
3,0921
Deferred assets_____
______
In v. In other c o s .a . . 1,504,300
Total assets............6,971,736 5,161,6861

Total lia b ilitie s ...6,971,736 5,161,686

a Includes com mon stock, $1,317,369; preferred stock, $11,308; bonds, $75,623.
— V . 84, p. 1186.

Balance, surplus for the year______________________ ___________ - . _______.$1,307,900
Total surplus March 1 1906, $1,516,623; surplus as above, $1,307,901; total sur­
plus Feb. 28 1907, $2,824,524.

Waltham Watch Co.
{Balance Sheet of March 31.)
The balance sheet of March 31 compares with those of
the predecessor com pany, the American W altham W atch Co.
of the same date in previous years as follows:

3. National Starch Co -Balance Sheet Feb. 28 1907.
| Liabilities—
Assets— ___________________________ $
$
Beal estate, plants and securi­
|Preferred stock ____________
700
ties , cost_____________ _____ .7,7 0 8 3 3 4 1Common stock........................
99,300
O ffice furniture and fixtures___
1,0911N at. Starch Mfg. Co. IstM . 6 % 2 ,843,000
Mortgage receivable___________
5 ,0 0 0 1Nat. Starch Co.debentures 5% _3 ,816,000
IXJ. S. Sugar Befinery 1st M. 6%
Current assets—
Cash in bank and on hand___
64 5611 bonds, $1,000,000; less sinkA ccounts receivable................
319,6861 ing funds, $568,000_________ 432,000
Merchandise_________________
658,5571 Accounts payable_____________ 694,867
TJnexpired insurance prem iums.
19 7 2 1 1Interest accrued on bonds_____
97,070
|Beserved for t a x e s ......... ............
10,000
Sinking fund deposits and in­
vestm ents___________________
198,1661For uncollectible accounts_____
10,131
1Surplus Feb. 28 1907__________ 972,048

A ssets—
1907.
R e a l e s ta te _____________________________
$97 6 ,3 9 3
F u rn itu re a t A d a m s H o u s e ___________
6 ,0 5 0
O th e r real e sta te a n d b u ild in g s _______
127 ,330
M a c h i n e r y _____________________________
2 ,4 3 5 ,5 9 1
M e r c h a n d i s e ___________________________
886 ,6 3 2
E n glish a n d C a n a d ia n ca s e s __________
31,525
S u p p lie s ________________________________
1 ,2 2 2 ,8 3 5
M o v e m e n ts in p r o c e s s __________________
1 ,5 8 5 ,8 7 0
P a te n t lig h ts , tra d e m a rk s, & c _______ * 4 ,5 0 1 ,0 0 0
D ue fr o m a g en ts a n d L o n d o n o f f i c e . .
2 47 ,555
A c c o u n t s r e c e iv a b le ............. ................ ..
29,954
C a s h .................................................................
8 1 ,7 7 0
V a lu e o f in su ra n ce p o lic ie s ____________
3 5 ,7 2 9

Total a ssets________________ .8,975,116 | Total liabilities..........................8,975,116
National Starch Co.— Income Account for Year ending Feb. 28 1907.
N et profits from op era tio n ._______________________________________________ $647,077
Deduct—
Interest on bond s____________ $382,710!Additions and betterments
Insurance ___________________
35,8421
(net) to Feb. 28 1907______ $708,963
T a x e s ________________________
2 5 ,1 3 3 1Miscellaneous_________________
692
Maint. and care of idle plants.
3 ,8 1 6 1
-----------------Total deductions......................................................... ........................................... 1,157,156

T o t a l............................................................. $ 1 2 ,1 6 8 ,2 3 4
L ia bilities—
P re fe rre d s t o c k ________________________
C o m m o n s t o c k _________________________
B ills p a y a b le ___________________________
A c c o u n ts p a y a b le _____________________
S u rplu s .................... ................... ...................

$ 4 ,0 0 0 ,0 0 0
7 ,0 0 0 ,0 0 0
360 ,000
87,273
720 ,961

T o t a l . ......................... ......... A___________ $ 1 2 ,1 6 8 ,2 3 4

190 6.
$7 9 4,17 5
6 ,0 5 0
126 ,8 3 0
2 ,2 8 6 ,7 3 5
8 4 6 ,9 0 0
3 6 ,5 5 3
1 ,0 9 7 ,4 8 0
1,4 4 6 ,9 8 1
1 67 ,8 3 2
8 0 ,5 3 9
2 8 ,229
2 1 0 ,9 2 8
2 9 ,3 7 5
$ 7 ,1 5 8 ,6 0 7

1905.
$ 7 8 1 ,2 3 9
8,0 5 0
1 43 ,956
2 ,1 4 3 ,5 9 7
7 5 6 ,0 4 4
47,681
1 ,0 2 9 ,3 2 4
1 ,3 3 4 ,1 8 0
180 ,1 2 5
145 ,364
16,0 0 0
2 7 7 ,0 5 3
29,3 7 5
$ 6 ,8 9 1 ,9 8 8

$ 4 ,0 0 0 ,0 0 0

$ 4 ,0 0 0 ,0 0 0

7 7 ,0 5 4
3 ,0 8 1 ,5 5 3

41,8 4 6
2 ,8 5 0 ,1 4 2

$ 7 ,1 5 8 ,6 0 7

$ 6 ,8 9 1 ,9 8 8

♦This extraordinarily large item is due to expenditure in rebuilding the com pany’s
principal plant at Oswego, N. Y . , w hich was destroyed b y fire.— V. 85. p. 348, 39.

•This Item In clu des in 1907, “ p a te n ts , p a te n t r ig h ts, tra d e -m a rk s, tr a d e
n a m e s a n d g o o d w ill” ; th e ite m s sh o w n in p r e v io u s y e a rs w ere te r m e d
“ p a t e n t r ig h t s .”
T h e d iv id e n d s h e r e to fo r e p a id a n d d ce la re d on th e s to c k o f th e n ew
c o m p a n y w e re : O n th e $ 4 ,0 0 0 ,0 0 0 p r e fe rr e d , 3 % e a c h on D e c. 1 1906 an d
Jun e 1 190 7, a n d o n th e c o m m o n , 1 % % e a c h J a n . 1 a n d J u ly 1 1 90 7.—
V . 8 4 , p . 698 .

American Dye wood Co.
(Balance Sheet of Dec. 31 1906.)
The follow ing balance sheet has been filed in the office of
the Secretary of the Commonwealth of Massachusetts at
Boston.

Warren Bros. Co.
(Balance Sheet of Jan. 1 1907.)
The follow ing balance sheet was filed with the Secretary
of the Commonwealth o f Massachusetts at Boston:

♦Deficit for p e r io d ............................ . ....................................................................
510,079
Total surplus March 1 1906_______________________________________________ 1,482,127
Total surplus Feb. 28 1907....... .................................... ..................... ...................
972,048

1908.
Beal est. & ma ch’ y _ . 569,500
Merchandise .............. 490.991
Cash & debts rec’ ble. 269,534
Goodwill & tradem’ k s l,000,000
S t o c k s . ....................... 170,140
Treasury s to c k s .___ 750,000

1905. |
1906.
$
| Liabilities—
$
587,7581Capital stock_______ 2,894,000
358,9481Accounts payable___ 104,291
353,740 IFunded d e b t _______
150,000
1,000,000 ISurplus . ___________ 101,874
184,890|
750,0001

Total . . __________3,250,165 3,235,3371
— V. 83, p 1172.

1905.
$
2,894,000
110,741
1.50,000
80,596

Total ...................3,250,165 3,235,337

Cuyahoga Telephone Company, Cleveland, O.
(Report for Fiscal Year ending Dec. 31 1906.)
The report, issued some time ago, shows:
E A N RIN G S, E X P E N S E S A N D CH ARGES.
1906.
1905. |
1906.
1905.
Earnings—
S
$
I Deductions—
$
$
Telephone ren tals______ 618,453 488,451 j Interest & exchange____ 19,819 19,316
Building rentals________ 48,362 53,179! Electric bu ild ln # r........... 25,642
T o i l s - __________________ 46,612 44,3011Interest on bonds............135,000 124,464
Miscellaneous___________
2,730
1,5561Ground rent, & c_______
4,417 3,000
-------------------- :----- | B e s e rv e s .................... ..
20,000 27,679
Gross earn n g s - .......... 716,157 587,487 |Div. on pref. stock (6 % ). 81,104 51,398
Expenses—
j D iv. on com . stock (3 % ). 45,000
O p era tin g .......... ............... 92,776 77,577 |Employees’ share p r o fits ______
13,482
Malnt. and extraordinary 135,598 146,9721
General_________________ 77.003 82,299!
T a x e s . _____ ___________ 33,661 25,2851
Expenses and t a x es. . .339,038 332,133 j T otal.
Net ea rn in gs___________ 377,119 255,354 |Surplus

.330,982 239,340
. 46,137 16,014

G EN ER AL B A L A N C E S H E E T DEC. 31.
1906.
1905. |
1906.
1905.
$
$
i Liabilities—
Assets—
$
$
5,994,637 5,582,136 jCommon s t o c k ......... 1 .500,000 1,500,000
Property and plant
Treasury stock, pref.
63,900
526t400 |Pref. 6 % stock_____ 1 ,500,000 1,500,000
______ |Mortgage b o n d s _____2 933,000 2,700,000
Treasury bonds_____
233,000
64 ,2271Current liabilities___ 391,199
Material and supplies
68,112
584,543
170,4301Deferred liabilities..
Current assets______
84,022
18,361
7,383
Deferred assets.........
2,931
8 ,5 9 8 IBeserve accounts___
36,969
1,541
|Profit & loss, surplus
67,073
58,324
Total assets______ 6,446,602 6,351,7911
— V . 85, p . 102.




Total lia b ilitie s ...6,446,602 6,351,791

1906.
1906. I
1907.
1907.
$
j Liabilities—
$
Assets—•
$
$
37,700 ICapital stock_______ 3, 403,800 3,089,000
Beal e s ta te .................
38,646
264,704 j Accounts p a y a b le .. . 161,115
103,830
M achinery.................. 290,047
221,7751 Funded d e b t__
33,000
25,000
Material ___________ 246,058
458,474
701,7391Floating d e b t ............ 475,989
Cash & debts receiv. 892,256
ISurplus
33,774
179,398
G ood will, patent
288,436
rights, trade mks_2,139,206 2,137,0601Profit and loss
103,653
26,803
Bonds and stocks,
j Suspense____
144,731
162,326
other com pan ies.. 914,276
805 ,8611B eserves____
T otal________
- V . 81, p. 556.

.4,520,490 4,168,842|

T o ta l.........................4,520,490 4,168,842

Vulcan Detinning Co.
(Report for Fiscal Year ending March 31 1907.)
President Samuel R . Beardsley, in the report issued some
time since, said:
T h e an n u a l sta te m e n t o f y o u r c o m p a n y fo r th e fiscal year*en d in g M arch
31 1907 sh o w s an a d d itio n t o surplus o f $20 ,3 6 6 a fte r p a y m e n t o f fo u r q u a r ­
t e r ly d iv id e n d s a n d m a k in g liberal d e d u ctio n s fo r d e p r e c ia tio n a n d b e t t e r ­
m e n ts .
T h is re s u lt Is e s p e cia lly g r a tify in g , h a v in g been a tta in e d In th e
fa c e o f th e v e r y high p rices paid fo r raw m a te ria l a n d d esp ite th e fa c t th a t
th e Sew aren p la n t w as h a m p e re d c o n s id e r a b ly d u rin g its r e c o n s tru ctio n
a n d th e e re ctio n o f t h e n e w a d d itio n t h e r e t o . T h e c o m p le tio n o f th ese Im ­
p r o v e m e n ts w as d e la y e d u n til J a n . 15 1907, sin ce w h ich tim e th e c o m p a n y
has h ad th e b e n e fit o f t h e a d d itio n a l o u t p u t . D u rin g th e y e a r th e c a p a c it y
o f th e p la n ts has been Increased 40 % .
O u r en tire p r o d u c t io n fin d s a r e a d y
a n d Im m e d ia te m a r k e t, so t h a t t h e p resen t fiscal y e a r w ill e n jo y t h e fu ll
results o f t h e Im p r o v e m e n ts .
T h e en tire co st o f n e w c o n s tr u c tio n a n d
e q u ip m e n t has be e n p a id fro m su rp lu s a n d cu rre n t ea rn in gs, a n d n o In­
d e b te d n e ss has been Incurred o n a c c o u n t th e re o f.
W ith t h e large s t o c k o f raw m a te ria l n o w In o u r y a rd s an d b y th e Increased
c o n t r a c ts fo r tin scra p w h ic h w e h a v e m a d e u n til Jan . 1 1908, a s u fficie n t
s u p p ly is assu red t o run fu ll tim e d u rin g th e ba la n ce o f th is y e a r .
In th e
sam e m a n n e r t h e g re a te r p a r t o f o u r p r o d u c ts Is likew ise so ld ah ea d fo r th e
sam e p e r io d a t s a t is fa c t o r y p rice s, th u s assu rin g us a y e a r o f c o n tin u e d
c o m m e r c ia l p r o s p e r ity .
F o r th e p u rp ose o f p r o v id in g a c c o m m o d a t io n s fo r th e g ro w in g n u m b e r
o f m en e m p lo y e d y o u r b o a r d o f d ir e cto r s has ta k e n s te p s t o e r e c t a n u m b e r
o f dw ellin g s n e a r th e p la n t a t S ew aren . T h is e n te rp ris e , w h ile e n tire ly selfs u p p o r t in g , w ill g r e a tly assist th e m a n a g e m e n t In se c u r in g a n d r e ta in in g
e ffic ie n t la b o r .
It w ill b e th e p o lic y o f y o u r d ir e cto r s to re sto re t o th e cash reserve t h e
a m o u n t e x p a n d e d In v a r io u s c o n s tr u c tio n s a n d t o co n tin u e th e p a y m e n t o f
he d iv id e n d s o n a 5 % b asis u n til th e c a s h re se rv e Is so re s to re d .

AUG. 31 1907 J

THE CHRONICLE.

529

B A L A N C E SH EE T M A R C H 31.
1907.
1906. |
1907.
Assets—
$
$
| Liabilities—
S
Plants, land, patents.
|Preferred stock _____ 1,500,000 1,500,000
& c________________3,796,990 3,736,4441Common stock_____ 2,000,000 2 ,0 0 0 ,0 0 0
Cash & cash Item s.. . 1
f
86,2721Accounts payable
A ccounts recelv’ ble. J-187,760-{
22,6331
(not d u e ) ................ 113,307
59,301
Mdse, and su pplies.. J
I
97,967 j D ividen d-payable___
______
33,750
XJnexplred Ins., & c_ .
2,350
3,1 6 2 1Sur. & res’ ve fund . . 373,793
353,427
------------------------------- 1
-------------------------------T o t a l.................. ..3 ,9 8 7 ,1 0 0 3,946,4781 Total ....................... 3,987,100 3,946,478
— V . 85, p. 44.

Chicago Passenger Ry. Co.— Notice to Bondholders.— See
Chicago Railways below.— V . 83, p. 1037.

GENERAL INVESTMENT NEWS.

This committee under date of Aug. 23 called for deposit
of the securities of the follow ing companies with the Harris
Trust & Savings Bank, Chicago, depositary, or Farmers’
Loan & Trust Co., New Y ork City, sub-depositary, on or
before Sept. 9, for exchange for,new securities per plan below .

RAILROADS, INCLUDING STREET ROADS.
Arkansas Valley & Western R y.— Merged.— See St. Louis
& San Francisco R R . below .— V. 78, p. 1167.
Atchison Topeka & Santa Fe R y.— Listed.— The New Y ork
Stock Exchange has listed $20,172,000 10-year 5% converti­
ble coupon bonds, due 1917, for $1,000 each, and has author­
ized the listing of $5,884,000 additional bonds from time to
time when issued and paid for in full, making the total am ount
authorized to be listed $26,056,000.— V. 85, p. 468, 283.

)

Blackwell Enid & Southwestern RR.— M erged.— See St.
Louis & San Francisco R R . below .— V . 76, p. 704.
C e n t r a l of Georgia R y.— N o Dividend on Third Preferred
Income Bonds— Only 3.729% on Second Preference Issu e.—
The directors on Aug. 24 declared annual distributions o f 5%
on the first preference incom es and 3.729% on the second
preference incomes, but om itted, as unearned, any paym ent
on the third preference issue.
D ivid en d R ecord o f P r e feren ce In co m e B on d s.
’ 96
1st p r .(.$4,000,000)
2 d p r . (§ 7 ,0 0 0 ,0 0 0 ) . 0
3d p r. ($ 4 ,0 0 0 ,0 0 0 ) . 0

’ 97. ’ 98. ’ 99. ’ 00. ’ 01. ’ 02. ’ 03. ’ 0 4 . ’ 05. ’ 0 6 .
2M 2 2
3 >£ 5
3
5
5
5
5
0
0 0 0
0
0
0
2
5
5
0
0 ^0
0
0
0
0
0
5
5

1907.
5
3.7 2 9
N on e

The annual report, it is stated, will not be ready until the
October meeting of the board, and in the meantime the usual
preliminary statement has not been published.
Committee to Represent Dissatisfied Bondholders.— A t a
meeting of holders of preference incom e bonds held in New
Y ork City on Thursday, the follow ing com m ittee was a p ­
pointed to protect the interests o f those bonds, in view of
the action of the com pany in reducing the dividend paym ent
thereon:
C. A ltseh u l o f L a za rd F reres, R . W a lte r L e v y o f M a itla n d , C o p p e ll & C o .
and E rnest G ro e s b e ck o f G ro e s b e ck & C o ., o f th is c it y , a n d F re d e rick
W illia m S c o tt o f S c o tt & S tr in g fe llo w , o f .R ic h m o n d , V a ., a n d J . F . M in is,
o f S a v a n n a h , G a.

The bondholders contend, that except for the com pany’s
m ethods of bookkeeping, the full 5% dividend on all three
classes of incomes would be shown to have been earned.
The “ 'Savannah New s,” voicing the feeling of the consider­
able local interest in these bonds, says:
T h e b o n d h o ld e rs be lie v e th e y h a v e 't w o r ig h te o u s c o m p la in t s , th e r e c t if y ­
in g o f e ith er o f w h ich w ill b rin g t o ligh t a su fficie n t sum t o m ake u p th e
d e fic it o f $ 7 5 0,00 0 re q u ire d t o give fu ll in te re st t o a ll cla sses o f in c o m e b o n d s ,
th e n et earn in gs h a v in g been n e a rly $33 5 ,0 0 0 b e lo w th is su m .
T h e first a n d easiest sou rce fo r th e m issin g b a la n ce is t o ta k e It fro m th e
e a rn in g s o f th e O ce a n S tea m sh ip C o ., w h ic h Is a cre a tu re o f th e C en tral o f
G eorg ia .
T h e b o n d h o ld e rs h a ve been In fo rm e d th a t th e n e t ea rn in gs o f
th e stea m sh ip c o m p a n y fo r th e fiscal y e a r ju s t clo s e d w ere a b o u t $ 7 2 0 ,0 0 0 .
T h e se c o n d so u rce fro m w h ich th e d e fic it ca n be m ad e u p , so th e b o n d ­
h o ld e rs c la im , Is b y re a d ju s tin g a ch a rg e o f so m e $26 3,00 0 w h ic h t h e y
c la im sh ou ld h a ve been ca rried t o ca p ita l a c c o u n t Instead o f b e in g m ad e
a c h a rg e a ga in st In c o m e .
B esides th is , th e C en tral is h o ld in g b a ck $ 1 5 0,00 0
t o p a y th e cla im s o f th e lu m b e r m e n , sh o u ld t h e y fin a lly be fo rc e d t o r e p a y
th e 2 ce n t p er h u n d ie d o v e r c h a r g e .
T h e b o n d h o ld e rs m ak e th e c o n t e n t io n
th a t th is sum w as c o lle c te d o v e r a n u m b e r o f yea rs a n d sh o u ld n o t be m a d e
a c h a rg e a ga in st a n y o n e y e a r , c e r ta in ly n o t a ga in st th e p a s t o n e .

Particular stress is laid upon the claims o f the incom e bon d­
holders for some distribution from the large net earnings
of the Ocean Steamship C o., which, it is understood, were
over $700,000 the last year. The steamship stock is part
of the collateral securing the Central R R . & Banking Co.
collateral bonds, the interest charge on which is greater
than the dividends now received from the collateral. A
dividend from the Steamship Com pany, it is asserted, m ight
properly be paid, relieving the com pany from this burden
occasioned b y the collateral bonds, and enabling it to deal
more liberally with the income bondholders. Compare
informal proposition recently made b y the management in
V. 85, p. 468.
Chicago & Alton R R .— Change m Control.— See Toledo St
Louis & Western R R . below .— V. 85, p. 468.
Chicago City Ry.— Rehabilitation.— The report o f the
Board of City Engineers shows that from February to June
1907 $683,605 was expended for rehabilitating the property
as follows: A ctually expended, $683,605; residue of 70% o f
gross receipts set apart for maintenance, operating and re­
pairs, $49,083; balance, $634,522; brokerage and construc
tion, $95,178; total to capital account, $729,700.
The engineers estimate that $16,000,000 in all (including
the m oney expended as above stated) will be required to
complete the work of rehabilitation, v iz .,-$5,000,000 during
the calendar year 1907, $6,000,000 in 1908 and $5,000,000
in 1909. The final $15,000,000 (of the $16,000,000) the
engineers report that they propose to expend about as follows
T r a c k . . . . ___________ ____ .$ 1 ,4 0 0 ,0 0 0
Cars _____________ _
— - 3 ,8 0 0 ,0 0 0
R o t a r i e s ----------------------------- 1 ,0 0 0 ,0 0 0
P o w e r H o u s e ______________ 2 ,2 0 0 ,0 0 0
C om p a re V . 8 4 , p . 1 5 5 0 .— V . 8 5 ,




C o n d u it ____________________ $ 1 ,5 0 0 ,0 0 0
Car H o u s e s ________________
600 ,0 0 0
S u b w a y ____________________ 1 ,5 0 0 ,0 0 0
M iscella n eou s ___________ _
300 ,0 0 0
p 39.

Chicago Railways.— Notice to Holders of Old Securities.
— The reorganization com m ittee, as enlarged b y the arbi­
trators to include three Chicago men representing the b on d­
holders, stockholders of the underlying companies and the
holders of certificates o f indebtedness, consists of:
L . C. K r a u t h o ff, 60 W a ll S t ., N e w Y o r k C ity .
G e o rg e W . W ick e rs h a m , 40 W a ll S t ., N e w Y o r k C ity .
J o h n C. H a t e ly , 70 B o a rd o f T r a d e B u ild in g , C h ic a g o .
S e y m o u r M orris, 135 A d a m s S t ., C h ica g o .
W . T . F e n to n , 171 L a S a lle S t ., C h ica g o .

W e s t C h ica g o S tre e t R R .
N o rth C h ic a g o C ity R y . C o.
C h ica g o P a ssen g er R y . C o.
C h ica g o W e s t D iv is io n R y . C o.
W e s t C h ica g o S tre e t R R . T u n n e l C o .
N o rth C h ic a g o S treet R R . C o.
C h ica g o U n io n T r a c tio n C o.

The official notice says in substance:
B y fo r c e o f th e d e c is io n o f th e U . S. S u p rem e C o u rt In th e s o -ca lle d
“ N in e ty -n in e y e a r c a s e ,” w e are a d v is e d t h a t , w ith r e s p e c t t o lin es o f ra il­
w a y o f th e v a rio u s c o m p a n ie s a b o v e n a m e d (e m b ra cin g 3 0 6 .0 4 m iles) in
th e syste m s o p e r a te d b y th e re ceiv ers o f th e C h ica g o U n io n T r a c tio n C o .,
all rights t o o p e r a te 136 .44 m iles a b s o lu te ly e x p ir e d o n o r b e fo r e J u ly 1 1907,’
rig h ts o f o p e r a tio n o v e r 70 .3 5 m iles are s u b je c t t o te r m in a tio n b y th e c it y
o n six m o n th s ’ n o tice and u p o n p a y m e n t o f th e a p p ra ised v a lu e o f th e
p h y s ic a l p r o p e r tie s , a n d th e rig h ts o n 9 9 .2 5 m iles e x p ir e fr o m tim e t o t im e ,
be g in n in g in th e e a rly p a r t o f 1908.
T h e rig h t t o o p e r a te b y e lectrica l
p o w e r in th e p r in cip a l business s e c tio n o f C h ica g o is s u b je c t t o te r m in a tio n
o n s ix ty d a y s ’ n o tice a t th e w ill o f th e c it y .
A sale o f th e v a rio u s p r o p e r tie s,
th u s d e p r iv e d o f o p e r a tin g rig h ts, In th e e n fo r ce m e n t o f th e several m o r t ­
ga g e liens c o u ld h a r d ly b e e x p e c te d t o realize e n o u g h t o d isch a rg e m o r e
th a n a fr a c tio n o f th e m o r tg a g e d e b ts .
A n o p p o r t u n it y is, h o w e v e r ,
offe re d t o th e h o ld e rs o f th e b o n d s and o th e r se cu rities o f th e a b o v e -n a m e d
c o m p a n ie s t o p a r ticip a te in th e g ra n t o f n ew rig h ts b y o r d in a n c e o f th e
C ity o f C h ica g o t o th e C h ica g o R a ilw a y s C o . u p o n th e te rm s o f a p la n o f
re o r g a n iz a tio n and r e a d ju s tm e n t, p re p a re d an d a p p r o v e d in c o n fo r m it y
w ith th e o rd in a n ce .
In general, w e are a d v is e d (a) th a t a ll th e rig h ts o f th e N orth C hicago
C ity R ailw ay C o . h a v e e x p ir e d , e x c e p t as t o a b o u t 1 % m iles on W ells St
fro m R a n d o lp h n o r th t o Clark: (b) th a t all rig h ts o f o p e r a tio n as t o on e th ird o f th e C hicago W est D iv is io n R ailw ay C o. h a v e e x p ir e d , a n d as t o th e
re m a in d e r th e c it y m a y te rm in a te th e rig h t t o o p e r a te b y e le c t r ic it y on
Its fo rm e r ca b le lines on s ix t y d a y s ’ n o t ic e ,
(c) t h a t all th e rig h ts o f th e
N orth Chicago Street Railroad C o . t o o p e r a te o v e r 16.05 m iles o f tr a c k h a v e
e x p ir e d , an d th e a v era g e life o f th e rig h ts o f o p e r a tio n o v e r th e rem a in in g
19.7 m iles is a b o u t t w o y e a rs a n d e ig h t m o n th s .
It has n o rig h ts a ffo r d in g
it an e n tra n ce t o th e d o w n -to w n d is tric t,
(d) T h a t th e a v era g e life o f th e
u n e x p ir e d rig h ts o f th e W est Chicago Street R ailroad C o . is five y ea rs a n d
seven m o n th s .
It has n o rig h ts a ffo r d in g it an e n tra n ce t o th e d o w n t o w n
d istrict.
I f all th e c o m p a n ie s jo in e d In o p e r a tin g th e lin es as t o w h ic h th e ir rig h ts
h ave e ith e r n o t y e t e x p ir e d , o r are s u b je c t t o te r m in a tio n on p u rch a se b y
th e c it y , it is b e lie v e d t h e y c o u ld n o t m a k e a p r a c t ic a l o p e r a tiv e sy ste m as
th e ir rig h ts o f o p e r a tio n b y e le c t r ic it y on fo rm e r ca b le lines are s u b je c t t o
te r m in a tio n b y th e c it y , as a b o v e s ta te d , a n d o n e v e r y o n e o f th e fo r m e r
ca b le lines th e rig h ts, o r a p a r t o f th e r ig h ts ; o f o p e r a tio n h a v e e x p ir e d .
W e are in fo r m e d th a t th ere is n o t a rig h t o f o p e r a tio n o v e r a c a b le lo o p le ft
in th e d o w n -to w n d is tric t; th a t th e righ ts o n A d a m s S t ., F ra n k lin S t .,
W a s h in g to n S t ., L a S alle S t., M o n ro e S t. and D e a rb o rn S t ., fro m M on roe
t o R a n d o lp h , h a v e all e x p ir e d .
T h e W a s h in g to n S t. tu n n el o r d in a n c e has
e x p ir e d and th e V a n B u re n S t. tu n n el Is le ft in a cce ssib le b y th e e x p ir a tio n
o f th e F ra n k lin S t. o rd in a n ce .
D u rin g th e fo u r years o f th e re ce iv e rs h ip , in o rd e r t o k e ep th e p ro p e rtie s
to g e th e r , all Interest ch arges and th e rentals o f u n d e rly in g p ro p e rtie s h a v e
been p a id ; b u t In so d o in g th ere h a v e a c c u m u la te d In d ebted n esses o f th e
rece iv e rs, fo r th e p u rch a se o f e q u ip m e n t, fo r d a m a g e s re su ltin g fro m p e r ­
son a l in ju ries and fo r o th e r p u rp o s e s , t o m e e t w h ic h , t o g e th e r w ith th e
n ece ssa ry e xp en ses o f re o r g a n iz a tio n , it is e stim a te d a b o u t $ 4 ,0 0 0 ,0 0 0 w ill
be r e q u ir e d . A s id e fro m th e p r o v is io n m a d e t o raise th a t f u n d , all secu rities
re p resen tin g a n y Interest in th e a m o u n t p a y a b le b y th e c it y o f C h ica g o
in th e e v e n t o f p u rch a se are b y th e p la n d is trib u ta b le t o and a m o n g th e
h old ers o f th e p re se n t o u ts ta n d in g b o n d s o f th e v a rio u s Issues a b o v e m e n ­
tio n e d , and th e h old ers o f th e s to ck s o f th e N o rth C h ica g o C ity R a ilw a y C o.
an d th e C h ica g o W e s t D iv is io n R a ilw a y C o .— su ch s to c k h o ld e r s re c e iv in g
in Series B b o n d s an a m o u n t re p re se n tin g th e ir share o f th e e q u it y In th e
p r o p o r tio n a te a m o u n t o f th e p u rch a se v a lu e fisted in th e o r d in a n c e , a fte r
d e d u ctin g th e ir r e s p e c tiv e m o rtg a g e s .
A s t h e en tire m o r tg a g e in d eb ted n ess
o f th e C h ica g o R a ilw a y s C o . Is lim ite d t o th e a m o u n t p a y a b le b y th e c it y
in th e e v e n t o f p u rch a se (tre a tin g th e b o n d s d e p o s ite d as s e c u r ity fo r th e
5 -y e a r 6 % n o te s as o b lig a tio n s t o th e e x t e n t o n ly o f th e n otes secu red
t h e r e b y ) , it w ill be p e r c e iv e d th a t u n d e r t h e p la n e v e r y b o n d h o ld e r is offered
d o lla r fo r d o lla r in a n e w b o n d In trin sically w o rth Its fa c e v a lu e ; an d his
o n ly c o n t r ib u tio n t o th e r e a d ju s tm e n t is th e d iffe re n ce b e tw e e n th e in te re s t
n o w p a y a b le o n his b o n d a n d 4 % p e r a n n u m fo r fiv e yea rs an d 4 14 % th e r e ­
after.
U nless th e o r d in a n c e is a c c e p te d b y th e C h ica g o R a ilw a y s C o. o n o r
b e fo r e S e p t. 14 1907, it b e c o m e s null a n d v o id .
I f n o t a c c e p t e d , th e C ity
o f C h ica g o w ill u n d o u b t e d ly exe rcise th e rig h t t o te rm in a te th e o p e r a tin g
rig h ts w h ich are s u b je c t t o such a c tio n , and n o e x te n s io n o f th e u n e x p lr e d
righ ts ca n be re a s o n a b ly e x p e c t e d .
T h e u n d e rsig n e d th e re fo re urge all
se c u r ity h old ers t o d e p o s it th e ir secu rities u n d e r th e p la n o n o r b e fo r e
S e p t. 9 190 7, th e d a te fix e d fo r th a t p u r p o s e , t o th e e n d th a t a s u ffic ie n t
n u m b e r m a y thus e v id e n c e th eir assent t o th e p la n and so ju s t if y th e c o m ­
m itte e In d e cla rin g It t o be o p e r a tiv e and In p r o c u r in g th e a c c e p ta n c e o f
th e o r d in a n c e b y th e ra ilw a y s c o m p a n y .

P lan .— The following is a summary statement of the plan
of reorganization and readjustment:
A u th orized I ssu e o f S ecu rities.
F ir s t M ortga ge 20- Y e a r 5 % B on ds r e d e e m a b le at p a r and a c c r u e d In terest
o n a n y in terest d a y , t o b e issued o n ly t o p r o v id e fu n d s t o c o m p ly w ith re ­
qu irem en ts o f o r d in a n ce co n c e r n in g r e h a b ilita tio n , & c ., an d o n ly fo r
a m o u n ts n o t in e x ce ss'o f th o se certified t o b y b o a r d o f S u p erv isin g E n g ln etrs as p r o v id e d In o rd in a n c e , & c ________. .A m o u n t o f Issue n o t lim ite d .
Consolidated (or Second) M ortga ge 20- Y ea r Cold B on d s, r e d e e m ­
ab le at p a r an d a ccru e d Interest o n a n y in terest d a y , n o t t o
e x ce e d (a u t h o r iz e d )_____________________ ________ ____________$ 3 2 ,8 0 0 ,0 0 0
o f w h ic h Series A , h a v in g p r io rity o v e r b o n d s o f
Series B .................... ................................................................ S I 5 ,9 0 0 ,0 0 0
and Series B ________________»___________________________ 1 6 ,9 0 0 ,0 0 0
O f Series A , b o n d s t o a m o u n t o f $ 6 ,7 6 7 ,2 0 0 are reserved fo r use o n ly as
c o lla te r a l t o 6 % 5 -y e a r n o te s (a u th orized t o be issued t o a m o u n t n o t In
e xce ss o f $ 5 ,0 0 0 ,0 0 0 fo r p a y m e n t o f real e sta te m o r tg a g e s, r eceiv ersh ip
and re o rg a n iz a tio n e x p e n s e s ), an d b e a r interest at 5 % . ~ A ll o th e r c o n s o li­
d a te d b o n d s o f b o th series be a r Interest a t 4 % u n til A u g . 1 1912 an d th e r e ­
a fte r at 4 Yj % .
20- Y ea r 4 % S in k in g F u n d In com e D eb en tu res (e n title d t o a
sin k in g fund o f 4 % p er an n u m . If e a r n e d )______•____________ $ 5 ,0 0 0 ,0 0 0
5 - y e a r 6 % C ollateral N o tes, r e d e e m a b le at p a r on
o r a fte r 3 ye a rs fro m d a te (secu red b y p le d g e o f
c o n s o lid a te d b o n d s as a b o v e s t a t e d ) , n o t to e x ce e d $ 5 ,0 0 0 ,0 0 0
10-Y e a r 6 % Collateral N otes, secu red b y p le d g e o f
$ 4 ,8 0 1 ,2 0 0 d e b e n tu re s , r e d e e m a b le at p a r o n o r
a fte r 3 y ea rs fro m d a te , Interest p a y a b le o n ly If
e a r n e d , b u t Interest o n c o lla te ra l t o be ap p lie d on
a c c o u n t o f in terest o n n o te s , a n d n o d iv id e n d s t o
b e p a id o n s to c k u n til th e se n o te s are r e tir e d ____ $ 5 ,0 0 0 ,0 0 0
C a pital s to ck _________________________________________________________
$100,000
T h e ca p ita l s t o c k is t o s e rv e as a basis fo r th e issu e o f P a r tic ip a tio n C er­
tifica tes re s p e c tin g d s tr ib u tio n o f d iv id e n d s , an d o f ca p ita l in case o f liq u i­
d a t io n , re p re se n tin g In all 262 ,5 0 0 e q u a l p a r ts , o f w h ich Series 1, 1 3 2 ,5 0 0
p a rts; Series 2, 20.000][parts;JSeries 3 ,1 6 0 ,0 0 0 /p a rts ; Series 4,150,000| parts»

530
T erm s o f E xch a n g e fo r

THE CHRONICLE.
O utstandng

B on d s and O ther Indebtedness.
— C h ic. RaU w avs Co—
P r e s e n t S ecu ities —
A m o u n t — C on sol. M . B d s .— D e ­
t a c h $ 1 ,0 0 0 t o r e ce iv e )
O ut.
S er. A . S e r . B . ben's
...........
.........
N o r t h C h i. C ity R y . C o .— 1st M ____ $5 0 0 ,0 0 0 $ 1 ,0 0 0
S e c o n d m o r tg a g e b o n d s ________________ 2 ,5 0 0 ,0 0 0
1,0 0 0
---------------C h ica g o W e s t D iv is io n 1st M .b o n d s ...........4 ,0 1 2 ,0 0 0
1 ,0 0 0
..........................
N o rth C h ic a g o S t. R R . 1st M . b o n d s ____ 3 ,1 7 1 ,0 0 0
200
800
------R e fu n d in g b o n d s ________________________ 1 ,6 1 4 ,0 0 0
______
1,0 0 0
------W e s t C h ica g o S t. R R . 1st M .b o n d s ______3 ,6 8 3 ,0 0 0
200
800
-------C o n s o lid a te d m o r tg a g e b o n d s __________6 ,3 1 7 ,0 0 0
--------1,0 0 0
------C ertificates o f in d e b te d n e s s ____________
4 9 7 ,0 0 0
______
600 $400
C h ica g o P a ss. R y . c o n s o l. M . b o n d s -------1 ,3 0 6 ,0 0 0
______
1,0 0 0
------W e s t C h ic. S t .R R . T u n n e l C o . 1st M . b d s .1 ,5 0 0 ,0 0 0
500
500
------10- Y e a r 6 % colla.t. notes, secu 'd
b y pledge o f $ 4 ,8 0 1 ,2 0 0 debens.
J u d g m e n ts , p r o m is s o r y n o te s and c e rtifica te s o f In d ebted n ess o f
receiv ers o f N orth C h ica g o S t. R R . C o ., W e s t C h ica g o S t. R R .
C o. and C h ica g o U n ion T r a c tlo h C o ___________ ______________________ $ 1 ,000
Term s o f E xch a n g e fo r O utstanding Stocks.
Stock,
------------T o be E xch a n ged fo r -----------Out.
B on d s. ------- P a rticip a tio n C tfs .-------P a r $100. C o n .B . S er. 1. S er. 2. S er. 3. S er. 4.
N o . C h ic. C ity R y . s t o c k . . $ 2 4 9,90 0 1 8 0 % 3 7 1 % ........... ........ ..................
C h ic . W e s t D iv . R y . s t o c k .
624 ,6 0 0
8 0 % 3 3 9 % ______ ______ ______
C h ica g o P a ss. R y . s t o c k —
610 ,3 0 0
25%
4 3 % --------- --------N o rth C h ic. S t. R R . s t o c k . 5 ,9 2 0 ,0 0 0 --------- 8 1 J 4 % 1 6 . 3 %
........... ...........
W e s t C h ic. S t. R R . s t o c k . _ 9 ,9 8 9 ,0 0 0 --------51 % 1 0 .3 % --------- --------C h. U n lo n T r .C o .c o m .s t o c k 2 0 ,0 0 0 ,0 0 0 ______ ______ ______ ______
25%
5 0 % ______
do
d o p r e f. s to c k 1 2 ,0 0 0 ,0 0 0 ______ ______ ______
N o te .— T h e p a r ticip a tio n c e r tific a te s , h a v in g n o p a r v a lu e , th e p e rce n ta ge s
In th e ir case rep rese n t th e n u m b e r o f shares an d fr a c t io n o f shares issu able
in e x c h a n g e o r p a rtia l e x c h a n g e fo r e a ch $100 s t o c k o f th e se v e ra l old
c o m p a n ie s ; fo r In sta n ce , 371 % m ean s m e r e ly 3.71 shares in t h e s h a p e o f
p a r tic ip a tio n certifica te s .

The participation certificates are b y the plan as finally
adopted divided into the follow ing four series with no par
value (instead of three series with par value o f $100 as first
proposed), series 1 alone being entitled to cumulative
dividends, viz.:
N o . Sfiares.
(а) Series 1.
“ E n title d t o p r io rity in d is trib u tio n o f d iv id e n d s u p o n
th e said ca p ita l s to c k t o th e e x te n t o f $8 fo r e a ch p a rt re p resen ted
b v aald certifica te s re s p e c tiv e ly fo r each an d e v e r y y e a r c o m m e n c ­
in g w ith th e y e a r e n d in g A u g . 1 1908, and in th e d is trib u tio n o f
c a p ita l t o $100 fo r ea ch said p a rt b e fo r e d is trib u tio n t o ce rtifica te s
o f a n y o th e r series” __________________________________________________ 132 ,5 0 0
(б) Series 2.
“ E n title d s u b je c t to th e p rio r rig h ts o f Series 1 an d
in p r io rity o v e r Series 3 an d 4 in th e d istrib u tio n o f d iv id e n d s
u p on th e said ca p ita l s to ck to th e e x te n t o f $8 fo r each p a rt repre­
sen ted b y said certifica tes re s p e ctiv e ly in a n y y e a r en d in g A u g . 1,
b e g in n in g w ith th e y e a r en d in g A u g . 1 190 8, in w h ich th e a m ou n t
o f d iv id e n d s earned an d p a id u p o n said ca p ita l s to c k shall e x ceed
th e ag g reg a te a m o u n t o f $8 fo r each an d e v e r y p a rt represen ted
b y certifica tes o f Series N o . 1 o u ts ta n d in g , b u t w ith o u t th e right
t o m ak e u p d eficien cies in a n y y e a r fro m d iv id e n d s o f su bse­
q u e n t y ea rs; an d e n title d in th e d istrib u tio n o f ca p ita l a fte r th e
a y m e n t o f th e fu ll a m o u n t o f $100 fo r each p a rt rep resen ted
y certifica tes Series 1 o u ts ta n d in g t o re ce iv e up t o $100 fo r
e a ch and e v e r y p a rt represen ted b y said certifica tes Series 2
b e fo re d istrib u tio n to certifica tes o f Series 3 and 4 _________________ 20,0 0 0
(e) Series 3 e n title d s u b je c t t o th e p r io r rig h ts o f Series 1 an d
Series 2 a n d in p r io r it y o v e r Series 4 in th e d is tr ib u tio n o f d iv i­
d e n d s u p o n th e said c a p ita l s t o c k t o th e e x te n t o f $8 fo r e a ch
p a r t rep resen ted b y said ce rtifica te s re s p e c tiv e ly fo r ea ch an d
e v e r y y ea r, co m m e n cin g th e y e a r e n d in g A u g . 1 1908; an d in
th e d is trib u tio n o f c a p ita l t o $100 fo r e a ch s a id p a r t b e fo r e d is­
tr ib u tio n t o c ertifica te s o f Series 4 ------------------------------------------------------- 6 0 ,000
id) Series 4 s u b je c t t o th e p r io r rig h ts o f Series 1 an d Series 2 and
Series 3 e n title d t o share p r o ra ta in a n y e x ce ss o f d iv id e n d s
u p o n th e said c a p ita l s to c k re m a in in g a fte r p a y m e n t o f th e full
1 a m o u n ts u p o n Series 1, 2 and 3 as a b o v e p r o v id e d , and in th e
i d is trib u tio n o f c a p ita l a fte r th e fu ll p a y m e n t o f $100 fo r ea ch
a n d e v e r y p a r t rep resen ted b y certifica te s o f Series 1, 2 an d 3 ____ 5 0 ,000
N o te .— P r o v is io n is m a d e in th e a greem en t a u th o riz in g th e Issue o f th e
sa id p a r ticip a tio n certifica te s an d d e fin in g th e ir rig h ts fo r th e e x e rcise o f
th e v o t in g p o w e r u p o n th e s t o c k o f th e C h ica g o R a ilw a y s C o . fo r a p e r io d
o f 5 yea rs fr o m A u g . 1 1907 an d u n til th e 1 0 -y e a r 6 % co lla te ra l n o te s shall
b e p a id o r retired b y a b o a r d o f v o t in g tru ste e s, w h o shall be A . C. B a rtle tt,
C harles H . H u lb u r d , A lb e r t A . S p ra g u e , C h a u n ce y K e e p an d C harles G .
D a w es; and in case o f th e d e a th , re s ig n a tio n , refu sal o r In a b ility t o a c t
o f a n y o f th e m , th e v a c a n c y so cau sed shall b e filled b y th e re m a in in g
tru stees o r tru stee so n a m e d .

fVOL. L XX X V .

T h e c o n s o lid a te d c o m p a n y has o u ts ta n d in g $ 1 ,0 0 0 ,0 0 0 c a p ita l s t o c k
a n d $ 5 1 1 ,0 0 0 first m o r tg a g e 2 0 -y e a r 5 % g o ld b o n d s , p a r t o f an au th oriz ed
issue o f $ 1 ,0 0 0 ,0 0 0 , d a te d A u g . 1 190 6, an d d u e 1926, b u t s u b je c t t o call
o n a n y in te re st d a te o n o r b e fo r e A u g . 1 1909 a t p a r an d in terest a n d
a fte r A u g . 1 1909 at 105 a n d Interest. T h e un issu ed b o n d s are reserved fo r
b e tte r m e n ts .
F o r th e y e a r e n d in g J u ly 31 1907 t h e g r o s s e a rn in gs w ere $ 2 3 6 ,1 2 6 ; o p e r ­
a tin g e x p en ses an d ta x e s $ 1 7 6 ,6 1 3 ; net e a rn in g s , $ 5 9 ,5 1 3 .
P r e s ., W a r r e n
B lc k n e ll, P re s, o f th e C le v e la n d C o n s tr u c tio n C o . o f C le v e la n d , O .; V lc e P r e s ., W . A . A lle n ; T re a su re r, J . F . H a rp e r; S e c . an d M g r., A . J. D u n ­
ca n Jr.

Colorado Southern New Orleans & Pacific R y.— Leased.—
This com pany has leased its property to the St. Louis & San
Francisco for 999 years. The line, which is in course of con ­
struction, extends from H ouston, T ex ., to Baton R ouge,
L a., 303 miles. It is about com pleted and will be put in
operation early in the coming year. The road has trackage
rights into New Orleans from Baton Rouge over the Y azoo
& Mississippi Valley R R . (Illinois Central system ), and will
give the R ock Island-St. Louis & San Francisco system an
entrance into that city; see map in “ Railw ay and Industrial’ *
Section, pages 116 and 117.— V. 84, p. 507.
Erie RR.— Dividends Payable in Scrip.— The directors on
W ednesday declared dividends o f the same amount as here­
tofore, but this time they are to be paid in scrip, both in the
case of the $16,000,000 second preferred stock and the $47,892,400 first preferred. The official statement says:
O u t o f th e surplus earn in gs fo r th e y e a r e n d e d Ju n e 30 last a d iv id e n d o f
2 % o n th e first p r e fe rre d an d also a d iv id e n d o f 4 % fo r t h a t lineal y ea r on th e
s e c o n d p re fe rre d s to c k w ere d e c la r e d .
T h e se c o n d pre fe rre d d iv id e n d is
p a y a b le in t w o eq u a l In stallm en ts o f 2 % .
T h e d iv id e n d o n th e first p r e fe rre d is p a y a b le O c t . 1 1917 t o s to c k h o ld e r s
o f re c o rd o f S e p t. 17 1907 an d th e d iv id e n d o n th e se c o n d p referred is p a y ­
a b le N o v . 1 191 7, 2 % t o s to c k o f r e c o rd O c t . 10 1907 an d 2 % t o s to c k o f
r e c o rd A p ril 10 1908.
T h e d ir e cto r s fu r th e r r e s o lv e d th a t d iv id e n d w a rra n ts s h o u ld be issu ed
e v id e n c in g th e lig h t Of th e se v e ra l h old ers o f th e first an d s e c o n d p referred
s to c k s t o re ce iv e d iv id e n d s as a b o v e d e c la r e d . A p p lic a t io n w ill a t o n c e be
m a d e t o th e P u b lic S e r v ic e C o m m issio n fo r le a v e t o is s » e d iv id e n d w a rra n ts
b e a rin g Interest a t th e ra te o f 4 % p er a n n u m .

The com pany’s dividend record follows:
D iv id e n d s (all cash) —
11901.
O n 1st p r e fe rr e d , p e r c e n t - - ^
O n 2 d p r e fe rr e d , p e r c e n t .- J

190 2.
3
--

190 3.
3J4

190 4.
4

1905.
4
2

1906. 1907.
4 A p r . ,2
4 A p r . ,2

Preliminary Report.— See “ Annual R eports” on a preced­
ing page.— V. 85, p. 405.
Fort Smith & Van Buren Bridge Co.— Merged.— See St.
Louis & San Francisco R R . below .— V. 83, p. 213.
Georgia & Florida R y.— Second Syndicate Call.— The
International Trust Co. and M iddendorf, Williams & Co. of
E
Baltimore and John L. Williams & Sons o f R ichm ond, V a .,
as managers of the syndicate which last year purchased
nearly $6,000,000 bonds for the com pletion and equipm ent
of the road, have issued a second call for 20% to the sub­
scribers to the underwriting, to be paid Sept. 25. The first
installment of 20% was paid Aug. 15 last. Compare
V. 85, p. 345, 221.
Great Northern R y.— First Dividend on Certificates of
Beneficial Interest in Iron Ore Properties.— See Great North­
ern Iron Ore Properties under “ Industrials” below .—
V . 85, p. 405.
Hocking Valley R y.— Favorable Rate D ecision.— Judge T .
M. Bigger, in the Common Pleas Court at Columbus, O hio,
late last m onth rendered a decision reversing the Ohio State
Railroad Commission, the Court holding that the H ocking
Valley was justified in making a lower rate from Columbus
to Lancaster than that o f the Scioto Valley (Electric) R y .,
Lease.— The order entered b y Judge Grosscup on Aug. 12 if necessary to meet com petition b y the latter.
authorizing the lease of the North and W est Chicago Street
T h e H o c k in g V a lle y fix ed Its ra te b e tw e e n C o lu m b u s an d L a n c a s te r o n
railways properties to the Chicago Railways C o., it is stated, a basis o f 1.2 ce n ts p e r m ile and also m a d e a lo w rate o f 1.6 ce n ts b etw een
C o lu m b u s a n d L o g a n , th e n e x t co n s id e ra b le s ta tio n o n Its line s o u t h f o f
provides in effect as follows:
L a n c a s te r . A c itiz e n o f A th e n s , a p o in t still fu rth e r so u th o n th e H o c k in g

T h e r e ceiv ers lease th e p r o p e r t y t o th e C h ica g o R a ilw a y s C o ., w h ic h Is
em p o w e re d t o c a r r y o u t In e v e r y r e s p e ct th e o r d in a n c e o f th e c it y t o th e
com p an y .
T h e n ew c o m p a n y Is a u th o riz e d t o b o r r o w m o n e y , issue b o n d s
In a c c o r d a n c e w ith th e p r o v is io n o f th e o r d in a n c e , t o p r o c e e d w ith th e re ­
h a b ilita tio n o f th e p r o p e r t y and t o c o m p ly w ith th e o r d in a n ce in referen ce
t o th e sale o f th e p r o p e r t y t o th e c it y o r a c o m p a n y d e s ig n a te d b y th e c it y .
T h e c o m p a n y is requ ired w ith in t h ir t y d a y s t o d e p o s it w ith th e C h ic a g o
T itle & T ru s t C o . th e s to c k s and secu rities re q u ire d in th e o r d in a n c e t o
th e c o m p a n y .
T h e lease Is fo r 20 yea rs, o r u n til th e p r o p e r t y Is so ld b y
a d ec r e e o f c o u r t o r final d e c r e e o f th e c o u r t c o n c e r n in g th e p r o p e r tie s is
e n te r e d , it b e in g h o p e d t o g e t cle a r title w ith in t w o o r th re e y e a rs. T h e
s treet ra ilw a y s w ill b e o p e ra te d b y th e C h ica g o R a ilw a y s C o ., an d th e
r e c e iv e r w ill h a v e n o o th e r d u t y th a n th a t o f a lessor o f th e p r o p e r t y .
T h e o r d e r in clu d e s an in ju n c tio n restra in in g all parties fro m In terfering
w ith th e p ossession o f th e C h ica g o R a ilw a y s C o. o r w ith th e a c ts o f th e
c o m p a n y a u th orize d In th e o rd e r .
(C o m p a re V . 8 5 , p . 404 .)

A ppeal.— The appeal from the order approving the re­
organization plan, which is set for Sept. 5, was granted by
Judge Grosscup on application made as follows:

V a lle y ap p e a le d t o th e R a ilr o a d C o m m issio n to o r d e r th e rates red u ced
fro m C o lu m b u s t o A th e n s , t o w h ich p la c e th e rates w ere le ft on a 2 -c e n t
basis, a lleg in g th a t th e H o c k in g V a lle y , In m a k in g lo w e r rates t o s o m e
p o in ts th a n t o o th e rs , w as u n ju s tly d is c rim in a tin g . T h e C om m ission
d ir e cte d th e H o c k in g V a lle y t o raise its rates b e tw e e n C o lu m b u s an d L a n ­
ca s te r t o th e le v e l o f th o se o f th e S c io t o V a lle y , an d t o raise its rates b e tw e e n
C o lu m b u s and L o g a n t o th e basis o f 2 ce n ts p e r m ile .
It w as sh ow n th a t
tra v e le rs h ad b e g u n t o b u y tic k e ts fro m L o g a n t o L a n ca ster o v e r th e
H o c k in g V a lle y and fro m L a n c a s te r t o C o lu m b u s o v e r th e S c io t o V a lle y ,
a n d th e c o u r t held th a t th e H o c k in g V a lle y w as ju stfie d in m a k in g a low
th ro u g h rate fro m L o g a n t o C o lu m b u s In o r d e r t o secu re th e tr a ffic all th e
w a y . T h e lo n g -a n d -s h o r t haul cla u se o f th e O h io law Is c o n s tru e d in t h e
sa m e w a y th a t th e U n ite d S tates S u p rem e C ou rt d id a sim ilar cla u se o f
th e I n te r -S ta te C o m m e rce A c t , lt b e in g held th a t c o m p e titio n Is on e o f th e
elem en ts t o be co n sid e re d in d e te r m in in g w h e th e r u n d e r th e la w a g rea ter
ch a rg e m a y b e m a d e fo r a lo n g e r th a n fo r a sh o rte r h a u l.— V . 8 5 , p . 339.

Interborough-Metropolitan Co.— Subway Held Not Liable
for Franchise Taxes.— Justice Fitts in the Supreme Court at
A lbany on Aug. 27 granted the application of the InterborB y th e M erch a n ts ’ L o a n & T ru s t C o . o n b e h a lf o f th e b o n d h o ld e rs o f , ough R apid Transit Co. to set aside the assessment of the
th e N o rth C h ica g o C ity an d W e s t D iv is io n R a ilw a y co m p a n ie s ; th e Illin ois
State Tax Commission for special franchises in 1905 (the
T r u s t & S a v in gs B a n k , in b e h a lf o f W e s t C h ica g o S tre e t R R . b o n d s , and
H e n r y C ra w fo rd , w h o had p r e v io u s ly ap p e a le d in b e h a lf o f ce rta in s t o c k ­
valuation being $9,000,000). In 1906 the valuation was
h old ers an d b o n d h o ld e rs in th e N o rth an d W e s t S treet c o m p a n ie s .— V . 8 5 ,
fixed b y the State Commission at $18,000,000 and in 1907 at
p . 468 , 404.
Chicago Union Traction C o.— Deposits— Reorganization $24,000,000.
T h e C o u rt h o ld s th a t th e co n se n ts an d fra n ch ises u n d e r w h ic h th e u n d e r ­
Plan.— See Chicago R ys. a b ove.— V. 85, p. 159.
g ro u n d railw ay w as co n s tr u c te d a n d is n o w b e in g m a in ta in e d are v e s te d In
Chicago W est D ivision R y .— Notice to Bondholders.— See an d b e lo n g t o th e c it y an d t h a t th e c o n t r a c t an d lease p r o v id in g fo r t h e
e q u ip m e n t, m a in te n a n ce a n d o p e r a tio n o f th e ra ilw a y b y th e r ela tor Is
Chicago Railways ab ove.— V. 84, p. 1052.
n o t a s p e cia l fra n ch ise w ith in th e m e a n in g o f s u b d iv is io n 3 o f S e c tio n 2 o f
th e t a x la w . T h e r e la tio n In th e c a s e , lt is s t a t e d , Is th a t o f th e lig h t o f
Citizens’ R ailw ay & Light Co. of Fort W orth, T exas.possession fo r a term o f ye a rs u n d e r a c o n t r a c t o f lease, w h ile ow n ersh ip o f
Consolidation— Securities.— This com pany was form ed b y th e p r o p e r t y t o be t a x e d is a c o n d it io n p r e c e d e n t t o th e ju r is d ic tio n t o t a x .
the consolidation of the Citizens’ Light & Power C o., operat­ T h e C ou rt fu r th e r s a y s : “ B u t e v e n t h o u g h It m ig h t be held th a t th e rig h t
e x e rcis e d b y th e r e la to r t o o p e r a te th e ra ilro a d w as a s p e cia l fra n ch ise, th e
ing an electric-light plant in Fort W orth, Texas; the Arling­ sam e Is n o t t a x a b le , as th e Interests o f th e r e la to r th erein w ere e x e m p t
ton Heights Street Railw ay C o., operating a system of street fro m t a x a t io n u n d e r S e c tio n 35 o f th e R a p id T ra n sit A c t as a m e n d e d .”
Rumors— Denial.— The price of the shares of the M etro­
railway between Fort W orth and Arlington Heights, a sub­
urb of Fort W orth; and Fort W orth & Rosen Heights Street politan Street R y ., which are guaranteed 7% per annum b y
Railw ay C o., operating a street railway in Fort W orth, the New Y ork City Street R y ., fell yesterday to 35. The
from Fort W orth through North Fort W orth to Rosen total issue is $52,000,000, of which $42,740,000 is owned
Heights, suburb of Fort W orth; total 13 miles of tracks. b y the Interborough-M etropolitan Co. The shares of the
The bonds o f these companies were redeemed at the time Third Avenue R R ., which is leased to the Metropolitan
Street R y . on a sliding scale, paying 5% at present and in­
of the consolidation.




A ug . 31 1907. j

THE CHRONICLE.

creasing later to 6% and then to 7 % , dropped during the
week to 4 6 )4% , closing yesterday at 51. Of that com pany’ s
outstanding shares, am ounting to $15,995,800, $7,880,000
was at last accounts owned b y the New York City R y . and
the Metropolitan Securities Co. The shares of the Inter­
borough-M etropolitan Co. have also continued extrem ely,
weak, and usually careful financial writers have reiterated
on alleged good authority, that plans for a reorganization of
the system are pending. The board of directors of the Inter1borough-M etropolitan Co. m et on Aug. 27, and after the
meeting the following statement was given to the press:
T h e u su a l m eetin g s o f th e b o a r d o f d ir e cto r s a n d e x e c u t iv e c o m m itte e s
w ere h eld at th e o ffic e o f th e c o m p a n y th is m o r n in g . T h e s u b je c t o f re­
ce iv e rs h ip o f a n y c o m p a n y w as n o t e v e n m e n tio n e d .
It w as o ffic ia lly
a n n o u n c e d th a t a ll su ch ta lk is e n tire ly w ith o u t f o u n d a t io n .— V . 8 5 , p .
46 9 , 221.

Kansas City Railway & Light Co .— All Subscribed.— Press
reports state that all of the $4,125,000 refunding notes,
Series A , have been subscribed for at 95. Compare V . 85,
p. 284, 339, 469.
La Dicha & Pacific RR. — Bonds Ready.— The Mitchell
Mining Co. announces that the bonds of the La Dicha &
Pacific R R . will be ready for delivery b y the Guardian
Trust Co., No. 170 Broadway, on Sept. 3, including paym ent
of Sept. interest coupon.
J. McD.Mellen is Secretary.—
V. 83, p. 1411.
Lake Shore & Michigan Southern Ry. Go.—-Listed in
London.— The London Stock Exchange has listed the $35,000,000 4% 25-year gold bonds (1931) for $1,000 each,
Nos. 1 to 35,000.— V. 85, p. 345, 284.
Los Angeles Pacific Co.— New Mortgage.— A m ortgage for
$20,000,000, it is stated, has been executed to the Southern
Trust Co. of Los Angeles as trustee, though at last accounts
not placed on record, to secure an issue of $20,000,000 bonds,
o f which about $12,000,000 will be used to retire at or before
m aturity the existing bonded debt.
The Los Angeles “ Tim es” of Aug. 21 said:
T h e re tire m e n t o f th e o ld b o n d s w ill'le a v e a m a rgin o f a b o u t $ 8 ,0 0 0 ,0 0 0
t o be e x p e n d e d In Im p r o v e m e n ts . T h e m o s t c o s t ly w o rk w h ich th e c o m ­
p a n y has p la n n ed Is th e b u ild in g o f v a rio u s s u b w a y s b y w h ich th e sh ortest
p o s sib le lines t o H o lly w o o d an d S a n ta M o n ica w ill b e s e cu re d , a n d th ro u g h
w h ic h h ig h -sp eed tra in s w ill b e ru n at fre q u e n t in te rv a ls. T h e n e w ro llin g
s t o c k w ill c o m b in e all th a t Is n ew est in e le ctr ic t r a c tio n .
T h e n e w cars
w ill b e th e finest In th e c o u n t r y .
T h e rails th r o u g h o u t th e e n tire sy ste m
w ill be 9 0 -lb . steel.
T h e r o a d -b e d w ill b e ro c k -b a lla s te d th r o u g h o u t.
A t t r a c t iv e sta tion s w ill b e b u ilt, an d th e L o s A n g e le s d e p o t , w h ich w ill be
be tw e e n F o u rth and F ifth streets o n H ill, w ill h a v e m u c h gre a te r tra ck
sp a ce th a n th e P a cific E le c tr ic d e p o t In th e H u n tin g to n B u ild in g .
N ew
p o w e r sta tion s a n d s u b -s ta tio n s o f a ttr a c tiv e de sign w ill b e b u ilt— In s h o r t,
b y th e tim e all th e co n te m p la te d Im p ro v e m e n ts h a v e be e n c o m p le t e d ,
th ere w ill b e little r e m a in in g o f th e $ 8 ,0 0 0 ,0 0 0 le ft a fte r re fu n d in g th e e x is t­
in g b o n d s o f th e c o m p a n y .— V . 8 2 , p . 751.

Massachusetts Electric Companies.— New Bonds.— This
com pany’ s controlled properties (the Old Colony Street R y .
and the Boston & Northern Street R y .) have applied to the
Massachusetts Railroad Commission for authority to issue
$200,000 and $450,000 bonds, respectively, under their first
m ortgages o f 1904, m aking the am ounts outstanding there­
under $3,092,000 in the case o f the Old Colony and $2,626,000
in the case o f the Boston & N orthern.— V. 84, p. 51.
Metropolitan Securities Co., New York.— Sale Enjoined.—
The com pany on Aug. 21 b y its Secretary, Edward W . Sayre,
gave notice that b y virtue of a lien held b y it against the
personal property below described, it would sell such personal
property at public auction on Sept. 5:
• A n a ssign m en t o f c e r ta in a g reem en ts o r c o n t r a c ts h e r e to fo r e e n tered
in to b y P a tr ic k H . F ly n n a n d R o b e r t S . B u ssin g re la tin g , a m o n g o th e r
m a tte rs, t o th e p r o p e r t y , ra ilro a d s , fra n ch ise s, righ ts and priv ile g e s o f,
o r a lleg ed t o b e o f , th e P e o p le ’s T r a c t io n C o .. th e N ew Y o r k W e s tch e s te r &
C o n n e c tic u t T r a c t io n C o ., th e E d e n w a ld S tre e t R y . C o. an d th e N o rth
M ou n t V e r n o n R y . C o ., th e c o n t r a c ts b e a r in g d a t e as fo llo w s : (1) M ain
ag re e m e n t, d a te d F e b . 4 1901; (2) a d d itio n a l a g re e m e n t, d a te d F e b . 4 1901;
(3) su p p le m e n ta l a g re e m e n t, d a te d D e c . 9 1901; (4) s e c o n d s u p p le m e n ta l
a g r e e m e n t, d a te d Ja n . 27 1902; also th e b o n d o f th e F id e lit y & D e p o s it C o.
o f M a ryla n d fo r $ 6 0 0 ,0 0 0 , s e cu rin g th e p e r fo rm a n ce o f said c o n t r a c t , said
b o n d b ein g n o w o r fo rm e r ly In th e c u s t o d y o f o n e Charles W . C h u rch J r .,
o f 26 C ou rt S t ., B o r o u g h o f B r o o k ly n , C ity o f N ew Y o r k , w h o h o ld s p o s ­
session th e r e o f w it h o u t title an d fo r th e u n d e rsig n e d .
T h e n am es o f th e person s fo r w h o se a c c o u n t such p erson al p r o p e r t y Is
h eld are P a tr ic k H . F ly n n , W illia m A . B o la n d . Jam es S h e v lin , M ich a el
J. K e n n e d y , as sole e x e c u t o r o f M ichael J. C o ffe y , d e c e a s e d ; J o se p h F .
M cL ea n an d M argaret M c C a r ty , as co -a d m in is tr a to rs o f th e e sta te o f J o h n
M cC a rty , d ecea sed ; P . F ra n k K e e n a n , F re d . C. C och eu an d F ran k D .
C ream er.

On Aug. 23 William A . Boland, of 31 Nassau Street, b y
Van Sinderen Lindsley as counsel, obtained a preliminary
injunction from Justice John J. Brady in the Supreme
Court restraning the com pany from holding the aforesaid
sale. A suit in equity was begun b y Mr. Boland in 1903
against the first seven o f the individuals here nam ed, in
which he alleges that the control, of the trolley companies
above m entioned was sold b y said defendants in 1901 for
$1,600,000 to R obert S. Bussing, representing interests iden­
tified with the Metropolitan Securities Co. Of the purchase
price $1,000,000 was paid down and Mr. Boland demands
the paym ent of the remaining $600,000, claiming that the
Securities Co. has acquired all the properties covered b y
the contracts and assumed the obligations o f Bussing. The
Metropolitan Securities C o., on the other hand, claims that
the aforesaid agreements of purchase were pledged b y Flynn
to secure a loan of $200,000 obtained from K uhn, Loeb &
C o., and that, having purchased Flynn’s n o te ,it should be
permitted to sell the collateral. Pending the settlement of
his suit, Mr. Boland desired to restrain the sale of the c o l­
lateral. On Aug. 27 Justice G uy, after hearing argument
from the com pany, made the injunction permanent pending
the trial of the action.— V. 83, p. 152.
New York Westchester & Connecticut Traction Co.—
Litigation.— See Metropolitan Securities C o., New Y ork ,
. b ov e.— V. 71, p. 30




531

North Chicago City Ry.— Notice to Bondholders.— See
Chicago Railways a b ove.— V. 84, p. 1552.
North Chicago Street R R .— Notice to Bondholders.— See
Chicago Railways above.
C.
S. W . Packard, Chairman of the committee for the
protection of the first mortgage bondholders of the North
Chicago Street R R . C o., states that it has not been deemed
advisable to take any action in reference to the request for
the deposit of bonds b y the Chicago Street Railways reor­
ganization committee in its notice dated Aug. 23 1907,
pending the hearing on appeal of the Fidelity Trust C o.,
trustee of the m ortgage, which will be had b y the Circuit
Court of Appeals at Chicago on Sept. 5 1907.— V . 84, p. 997.
Ohio Electric Ry .— Increase oj Stock to $25,000,000.— This
com pany, which was incorporated under the laws of Ohio on
May 16 1907, to take over several properties controlled b y
the Schoepf syndicate in Ohio, has filed a certificate of in­
crease of capital stock from $100,000 to $25,000,000, half
of which is preferred. Compare V . 84, p. 1248.
The com pany, according to the “ Cincinnati Inquirer,”
will shortly take over the property of the Cincinnati Northern,
Lim a & Toledo, Indiana Columbus & Eastern, Columbus
Buckeye Lake & Newark, Columbus Newark & Zanesville,
D ayton Springfield & Urbana, Urbana Beliefontaine &
Northern, Columbus London & Springfield and the Columbus
Grove City & Southwestern.
The preferred stock, it is said, will be entitled to dividends,
if earned, at the rate of 2% in 1908, 3% in 1909, 4% in 1910
and 5% thereafter.— V. 84, p. 1248.
Oklahoma City & Western R R .— Merged.— See St. Louis
& San Francisco R R . below .— V . 73, p. 1112.
Ozark & Cherokee Central R y.— Merged.— See St. Louis &
San Francisco R R . below .— V. 80, p. 1424.
Philadelphia Co. of Pittsburgh.— Mortgage for Pro-posed
Leased Line.— See Pittsburgh Canonsburg & W ashington
R y . below .— V. 84, p . 1248.
Pittsburgh Canonsburg & Washington R y.— Mortgage.—
This com pany, it is stated, has made a mortgage to the Safe
D eposit Trust Co. of Pittsburgh, as trustee, to secure $750,000
bonds, and has made a lease of its proposed line to the W ash­
ington & Canonsburg R y . C o., which is controlled b y the
Philadelphia Co. of Pittsburgh. (See page 85 of “ Street
R ailw ay” Section and V. 75, p. 667; V. 81, p. 1666.) The
road, it is said, is projected to run between W ashington, Pa.,
and Pittsburgh via Canonsburg and the Pittsburgh and
Charleroi line.
Quebec Bridge & Railway.— Portion of Bridge Structure
Falls.— A large part of the river section o f the southern end
of the bridge which extended from the shore some 800 feet
out over the river, supported only b y the main pier, fell on
Aug. 29, causing the death of over seventy workmen who
were engaged in building the structure.— V. 85, p. 347, 222.
St. Joseph South Bend & Southern RR.— Extra Dividend.
— This com pany has declared the usual semi-annual dividend
of 1 % , also an extra dividend o f 3^% > on its $500,000 com ­
m on stock. An extra dividend of the same am ount was
paid in 1905 but ho extra distribution was made in 1906.
The dividends are payable, together with the custom ary
2 )4 % on the preferred stock, on Sept. 16 to holders of record
Sept. 10.— V. 81, p. 841.
St. Louis Iron Mountain & Southern R y.— Listed.— The
New Y ork Stock Exchange has listed $643,000 additional
River and Gulf divisions first m ortgage 4% 30-year coupon
bonds, due 1933, for $1,000 each, making the total am ount
listed to date $28,986,000.
Earmngs.— For 11 m onths ending May 30 1907:
G ross e a r n in g s ___________ $ 2 2 , 0 5 1 , 9 9 4 1T o ta l n e t In c o m e _________ $ 9 , 8 3 1 , 2 7 5
N e t e a rn in g s ______________ 8 , 3 3 7 , 9 6 6 Charges __________________
5 ,1 5 6 ,0 4 9
O th er In c o m e ____________
1 , 4 9 3 , 3 0 9 1B a la n ce , s u r p l u s ________
4 ,6 7 5 ,2 2 6
T h e ch a rg es ( $ 5 , 1 5 6 , 0 4 0 ) In clu d e ; In te re st o n b o n d s , $ 4 , 0 6 9 , 2 0 2 ;
ren tals a n d ta x e s p a i d , ? 5 6 9 . 1 7 1 { s u n d r y a m o u n ts . $ 5 1 7 , 6 7 6 . — V . 8 5 , p . 2 2 2 .

St. Louis Memphis & Southeastern RR.— M erged.— See
St. Louis & San Francisco R R . below .— V. 83, p. 272.
St. Louis & San Francisco RR.— New Securities Authorized.
— The stockholders on Aug. 27 form ally approved the plan
(V. 84, p. 1488) to authorize an increase in the com m on
capital stock of $100,000,000 and the making of an issue
of $115,000,000 general lien 15-20-year gold bonds. Of
500,000 shares outstanding, it is stated, 440,000 shares, in
round numbers, voted to approve the mortgage.
The circular describing the purposes for which bonds could
be issued under this mortgage was given at length in the
“ Chronicle” o f June 22, page 1488. Under this m ortgage
bonds are reserved to take up at or before m aturity $62,816,000 of various bond and note issues upon the paym ent o f
which this mortgage will becom e a first lien on 1,526 miles of
road. It will also be a lien on 3,798 additional miles, sub­
ject to existing mortgages. A provision of the mortgage
allows of the issuance of $10,000,000 of the new bonds
during the next two years for im provem ents, but no im medi­
ate issue under this provision is contem plated.
Lines Merged and Leased.— The St. Louis & San Francisco
has executed long-term leases (m ostly 999 years— see that
com pany above) for the following properties;
C o lo r a d o S o u th e r n , N e w O rleans & I L ittle R o c k & T e x a s R y .
P a cific R y .
|Pitts. & C o lu m b u s R y — S p rin gfield .
F a y e tte v ile & L ittle R o c k R R .
I c o n n e c tin g R y .
S t. L . & San F r a n . & N . O rleans R R . I

The follow ing have been deeded to the St. L. & S. F.:

53^
S t. L o u is M e m p .& S o u th e a ste rn R R .
B la c k w e ll E nid & S o u th w e ste rn R R .
A rk a n sa s V a lle y & W e s te rn R y .
F t . S m ith & V a n B u ren B rid ge C o .
— V . 8 5 , p . 470 .

THE CHRONICLE.
JO za rk & C h erok ee C e n tra l R y .
|O k la h o m a C ity & W e s te rn R R .
IS u lp h u r S p rin gs R y .
|

St. Louis San Francisco & New Orleans R R .— Leased.—

See St. Louis & San Francisco R E . below .— V. 76, p. 480.
Stony Creek RR.— Guaranty, & c.— W e have been favored
with the following:
F o r m o f A g reem en t fo r E x ten sio n o f $ 3 5 0 ,0 0 0 F ir s t M . B o n d s D u e O ct. 1 190 7.
K n o w A ll M en :
T h a t in c o n s id e r a tio n o f th e a ssen t o f th e
o w n e r o f th is b o n d t o th e e x t e n s io n o f th e tim e f o r p a y m e n t th e r e o f and
t h e r e d u c tio n o f in terest th e r e o n , as h e re in a fte r p r o v id e d , th e S t o n y C reek
R R . C o. has a g reed , and h e re b y d o e s agree, t o p a y t o th e b e a re r o f said b o n d '
th e p r in cip a l t h e r e o f, n a m e ly , th e su m o f $ 1 ,0 0 0 , o n th e first d a y o f O c t o b e r ,
A . D . 1957, an d t o p a y in terest th e r e o n , cle a r o f all ta x e s , fro m O c t . 1 1907
a t th e rate o f 4 % p er a n n u m , p a y a b le s e m i-a n n u a lly , o n th e first d a y s o f
A p r il an d O c t o b e r in ea ch y e a r , at its o ffic e in th e c it y o f P h ila d e lp h ia , on
p r e se n ta tio n and d e liv e r y , as th e y s e v e ra lly b e c o m e d u e , o f th e interest
w arra n ts o r c o u p o n s fo r su ch in terest w h ich are o r shall be a tta c h e d h e re to ;
It b e in g d is t in c t ly c o v e n a n te d and agreed th a t n e ith e r th e said b o n d n o r
a n y o f th e term s th e r e o f is in a n y w ise ch a n g e d e x c e p t as herein e x p re s s ly
p r o v id e d , and th a t th e h o ld e r o f said b o n d has assen ted h ereto o n ly o n c o n ­
d it io n th a t th e p a y m e n t o f th e p r in cip a l an d in terest o f said b o n d an d said
ta x e s shall b e , an d c o n tin u e t o b e , secu red b y th e said m o r tg a g e t o th e sam e
e x t e n t as h e r e to fo r e , an d th a t th e lien and p r io r it y o f said m o r tg a g e , an d
th e rig h ts an d p ow e rs o f th e tru stee and o f th e b o n d h o ld e rs th e r e u n d e r , sh all
In all resp ects b e an d re m a in u n im p a ire d an d u n c h a n g e d .
I n W itn e ss
W h e r e o f, said c o m p a n y has cau sed its c o r p o r a te seal t o be h e re u n to a ffix e d
th e sam e t o be d u ly a tte s te d , an d this a g re e m e n t t o b e sign ed b y its P re si­
d e n t , th is lirst d a y o f O c t o b e r 1907.
(S ign ed " S t o n y C reek R a ilr o a d
C o m p a n y ,” b y P r e s id e n t; a tte s te d b y its S e cre ta ry .)
F o r m o f C ou p on .
O n th e first d a y o f ____________ _ th e S t o n y C reek R R . C o . w ill p a y to
b e a r e r , at Its o ffic e in th e c it y o f P h ila d e lp h ia , S20, cle a r o f all ta x e s , be in g
s ix m o n t h s ’ Interest th e n d u e o n Its e x t e n d e d 1872 m o r tg a g e b o n d N o ____
F o r m o f G uaranty.
F o r V a lu e R e c e iv e d , R e a d in g C o m p a n y h e r e b y gu a ra n te e s 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 a n d in terest o f th e w ith in b o n d a t th e tim e , an d
In th e m a n n er th erein sp e c ifie d , an d c o v e n a n ts , in d e fa u lt o f p a y m e n t o f
a n y p a r t th e r e o f b y th e o b lig o r , t o p a y th e said p rin c ip a l an d in terest o f
th e w ith n b o n d as th e sam e shall b e c o m e d u e , u p o n th e d e m a n d o f th e
h o ld e r t h e r e o f.
In W itn e ss W h e r e o f, T h e said c o m p a n y has ca u se d Its c o r p o r a te seal t o
b e h ereu n to a ffix e d , d u ly a tte s te d , at P h ila d e lp h a , th e first d a y o f O c t o b e r
190 7.
(S ign ed “ R e a d in g C o m p a n y ,” b y Its P r e s id e n t a t t e s t e d b y Its
S e c r e t a r y .)— V . 8 5 , p . 470 .

Sulphur Springs R y.— Merged.— See St. Louis & San Fran­
cisco lif t , a b ove.— V. 77, p. 1747.
Toledo Railway & Terminal Co.— Report of Special Master.
— The “ Toledo Blade” of Aug. 23 gives the follow ing par­
ticulars from the report of H arry E. K ing, Special Master,
in the recent foreclosure proceedings:
T h e r e p o r t says th e sale b r o u g h t $ 2 ,0 0 0 ,0 0 0 ; t h a t th e b o n d s Issued
a m o u n te d t o $ 3 ,5 0 0 ,0 0 0 , a n d w ith th e in terest th e r e o n and Interest on
c o u p o n s , & c ., th e to t a l a m o u n t n o w d u e Is $ 3 ,8 3 8 ,5 2 1 ; an d th a t a fte r
$ 2 6 ,5 0 0 , re p re s e n tin g fe e s , & c ., t o b e p a id t o a tto r n e y s an d R e c e iv e r
J u d so n H a r m o n In th e litig a tio n , Is d e d u c t e d fro m th e $ 2 ,0 0 0 ,0 0 0 , sale
fig u re, th ere is o n ly $ 1 ,9 7 3 ,5 0 0 t o b e a p p lie d o n th e d e b t , w h ic h le a v e s th e
d e fic it $ 1 ,8 6 5 ,0 2 1 .— V . 85, p . 347 , 100.

Third Avenue RR., New York.— See Interborough-M etro­
politan Co. a b ove.— V . 85, p. 100.
Toledo St. Louis & Western R R .— Proposed Acquisition.—
Further Particulars.— The follow ing is the official an­
nouncem ent regarding the proposed acquisition of a con­
trolling interest in the Chicago & Alton from the R ock Island
system :
S u b je c t t o c e r ta in c o n d it io n s , w h ic h w ill n o t b e fin a lly d e te r m in e d fo r
t e n d a y s t o t w o w e e k s , a tr a d e has b e e n e ffe c te d b y w h ic h th e T o le d o S t.
L o u is & W e s te rn a cq u ire s c o n t r o l o f th e C h ica g o & A lt o n .
T h e a c q u is itio n o f th e C h ica g o & A lt o n b y t h e T o le d o S t. L o u is & W e s te rn
R R . p la ces th e la tte r c o m p a n y In a p o te n tia l p o s itio n in th e tr a n s p o r ta tio n
a ffa irs o f th e M id d le W e s t . A sy s te m w h ic h re a ch e s w ith its o w n rails
D e tr o it , T o le d o , S t. L o u is , C h ic a g o , P e o r ia an d K an sas C ity , a n d serves
th e rich an d p o p u lo u s t e r rito r y ly in g b e tw e e n th o s e c itie s , m u st be an Im ­
p o r t a n t fa c to r in th e tr a n s p o r ta tio n w o rld .
B y th e c o n s tr u c tio n o f a b o u t 7 m iles o f ro a d fro m P a n a m a , o n th e T o le d o
S t. Louis & W e s te rn R R . , t o L itc h fie ld , o n th e C h ica g o & A lt o n , a line can
b e es ta b lish ed b e tw e e n P a n a m a and Kansas C ity o v e r th e s y s t e m ’s o w n
rails s h orter b y seve ra l m iles th a n th e sh o rte st lin e v ia S t L o u is .
T h is
r o u te w ill, b y a v o id in g th e d e la y s a t E ast S t. L o u is , h a v e a d is tin c t a d ­
v a n ta g e In p o in t of t im e o v e r th e S t. L o u is g a te w a y , a n d , b y h a u lin g th e
t r a ffic o v e r the s y s t e m ’s o w n b r id g e at L o u isia n a acro ss th e M ississippi
R i v e r ,e ff e c t a large s a v in g t o b o th roads as a g ain st p re se n t c o s t t o e a c h .
T h e esta b lis h m en t o f th is r o u te s h o u ld stre n g th e n b o th th e C lo v e r L e a f and
t h e A lt o n o n h ig h -g ra d e M issouri R iv e r tr a ffic .
T h e term s u n d er w h ic h th e C h ica g o & A lt o n has be e n a c q u ir e d b y th e
T o le d o S t. L ou is & W e s te rn p r o v id e th a t th e la tte r shall i=sue its co lla te ra l
tru s t b o n d s secu red b y th e C h ica g o & A lto n c o m m o n a n d p re fe rre d s to c k
p u r c h a se d o n th e b asis o f 4 % , at p a r , fo r 6 3 ,800 shares o f th e p re fe rre d
s t o c k , and 2 % fo r th e first fiv e yea rs an d 4 % fo r th e se c o n d fiv e yea rs
o n 1 4 4 ,2 0 0 shares o f c o m m o n s t o c k at 35.

The Chicago & Alton has outstanding $19,542,800 com ­
m on stock and $19,544,000 preferred stock, of which there is
included in the sale $14,420,000 com m on and $6,380,000
preferred. On D ec. 31 1906 the Union Pacific held an addi­
tional $10,343,100 of the preferred shares. The R ock Island,
it is said, was prom pted to sell its holdings b y the fear of
litigation, on the ground that the Alton and R ock Island
are com peting lines.— V. 85, p. 470.
Twin City Rapid Transit Co.— Favorable D ecision.— Judge
Lochren in the United States Circuit Court on Aug. 24
granted a permanent injunction prohibiting the city officials
from publishing or enforcing the six-tickets-for-a-quarter
ordinance passed b y the Minneapolis City Council on Feb. 10
last.
The Court held that the ordinance of 1875, ratified b y the
Legislature in 1879, was still in force and prohibits the City
Council from reducing the fare below 5 cents. Compare
V . 84, p. 451 /?509.
Washington & Canonsburg Ry.— Lease.— See Pittsburgh
Canonsburg & W ashington R y . ab ove.— V. 81, p. 1667.
West Chicago Street R R .— Notice to Bondholders.— See
Chicago Railways a b ove.— V. 85, p. 406.
West Chicago Street RR. Tunnel Co.— Notice to Bond­
holders.— See Chicago Railways a b ov e.— V. 85, p. 406.
West Penn Railways.— Bonds Offered.— The Municipal
& Corporation Securities Co. o f Pittsburgh, Pa., is offering
for sale $50,000 first mortgage 5% gold bonds, part o f the




[V o l .

lxxxv

.

authorized issue of $6,000,000, of which $4,706,500 is n ow
outstanding, $504,000 is reserved to retire underlying liens
and $789,500 for extensions, & c., at not exceeding 90% of
the cost. For the year ending June 30 1907 the gross earn­
ings were $1,491,543, contrasting with $1,287,910 for the year
ending June 30 1906; net earnings $664,413, against $585,820;
interest on outstanding bonds, including bonds of subsidiary
companies, $390,604; net income after paym ent of all in­
terest and fixed charges, $273,809.— V . 85, p. 285.
Wisconsin Central R y.— Correction.— We are inform ed
that the statement which appeared in this column on Aug. 17,
taken from one of the best of our exchange papers, was so
misleading and full of mistakes that it could not have been
given ou t, as it purported to be, b y an officer o f the com pany.
The facts of the matter are that the Duluth extension
begins at Owen, a point on the main line just west of A bbots­
ford, and runs to Superior and D uluth, a distance of 162
miles. The property acquired for terminals at Superior
and Duluth has cost $1,900,000, and the buildings and im ­
provements necessary will bring this up to about $2,600,000.
The line will probably be opened to Duluth b y D ec. 15, bu t
the freight and passenger stations will not be com pleted in
Duluth at that time. The total cost of the line will aggre­
gate about $8,000,000. The maximum grades against
southbound business on this line will be three-tenths o f
1% , or about 15 feet to a mile.
The increase in gross earnings for the m onth of July will
amount to about $115,000, 50% o f which, we are inform ed,
should be net.
A large volume of the business has been handled at low
rates, and an officer of the com pany states that it has little to
fear from any general rate reductions.— V . 85, p. 406.
Youngstown & Ohio River (Electric) R R .— Bond I s s u e Entire Line to be Completed by Dec. 31.— This com pany, in­
corporated under the laws of Ohio on Dec. 8 1905, its author­
ized capital stock being now $2,500,000, o f which $1,700,000
is outstanding, has made a first mortgage to the Citizens’
Savings & Trust Co. of Cleveland, as trustee, to secure an
issue o f $2,500,000 20-year 5% gold bonds. These bonds
are dated June 1 1907 and are due June 1 1927, but are sub­
ject to call on any interest date in any amounts at 101 and
interest; denomination $1,000 (c*& r); interest payable
D ec. 1 and June 1 at office o f trustee. Of the authorized
am ount, $1,500,000 is outstanding and $1,000,000 is re­
served for extensions, im provements and additions.
The com pany is building from the terminus of the Salem
R R ., at D epot St. in Salem, O ., through the city of Salem, to
a connection with the tracks of the Stark Electric Railw ay Co.
It is also building a railroad from a connection with the
Salem R R . at W ashingtonville, through Leetonia, Lisbon
and W est Point to East Liverpool, Ohio, a distance of 38
miles. A t Leetonia, Ohio, connection is made with the
Youngstown & Southern R R . (see page 104 of “ Street
R ailw ay” section), and b y a traffic arrangement the cars
o f the Youngstown & Ohio River R R . will be operated into
the city of Youngstow n. A t this time the railroad of the
Y oungstow n & Ohio River R R . Co. is com pleted from its
connection with the Stark Electric R y . in Salem, through
W ashingtonville, Leetonia and Lisbon to West Point. It
is expected that its entire line will be com pleted b y D ec. 31
1907.
The Youngstow n & Ohio River R R . Co. entered into a
lease with the Pittsburgh Lisbon & Western R R . Co. under
date of May 1 1906 of the Salem R R ., so called, being a
railroad extending from D epot St., in the city of Salem, to
and into the village of W ashingtonville, both in Columbiana
County, Ohio, to a connection with the Niles & Lisbon
branch of the Cleveland & Mahoning Valley R R ., Erie R R .
C o., lessee. This lease runs for 99 years from May 1 1906,
and the Youngstow n & Ohio R iver R R . C o., under the terms
of this lease, pays 4% interest upon an agreed valuation of
$150,000, i. e ., $6,000 per annum.
The officers are R . F. Dennison, President, and F. S.
W hitcom b, Secretary and Treasurer. The Cleveland Con­
struction C o., Cleveland, O ., of which Warren Bicknell is
President, W . E. Davis, Vice-President, and Charles S.
Thrasher, Secretary and Treasurer, has the contract for
building the road.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Beet Sugar Co.— Status.— The follow ing state­
ment, which appeared in a recent issue of the “ Boston News
Bureau,” is, we understand, substantially correct:
T h e c o m p a n y w ill s h o r tly b e g in th e o p e r a tio n o f Its six th sugar’ f a c to r y
w h en th e p la n t a t L a s A n im a s , C o lo r a d o , w h ich is b e in g b u ilt b y o u ts id e
ca p ita l a n d leased b y th e su g a r c o m p a n y Is o p e n e d .
T h e n ew fa c to r y w ill
h a ve a c a p a c it y o f a b o u t 600 to n s o f beets per d a y .
F ro m th e b e g ln n n ln g , b o th b e fo re an d d u r in g th e p e r io d c o v e r e d b y th e
A m e r ic a n S u g ar R e fin in g C o m p a n y ’s c o n t r o l, th e fixed p o llc v o f th e A m e r i­
ca n B eet S u g a r C o . has been t o s te a d ily tu rn b a c k Into p r o p e r t y a s u b ­
stan tial p o r t io n o f ann u al net ea rn in g s, m a k in g n o d iv id e n d d is trib u tio n
b e y o n d th e 6 % o n th e o u t s ta n d in g $ 4 ,0 0 0 ,0 0 0 o f preferred sto c k .
The
result has been a su b sta n tia l in crea se In th e p r o p e r t y assets b a c k o f th e $ 1 5 ,0 0 0 ,0 0 0 c o m m o n s t o c k . In clu d in g several new su g ar fa c to r ie s , a d d itio n s
t o e x is tin g fa c to r ie s and th e o p e n in g u p o f an e x te n s iv e sy s te m o f Irrigation
in th e A rk a n sa s V a lle y o f C o lo r a d o .
T h is Irrigation system has ren d ered ara b le m a n y th o u s a n d acres o f h ig h ly
p r o d u c t iv e lan d an d has Increased its sellin g v a lu e In m a n y cases fro m 100
t o 200 % .
M a n y acres o f la n d w h ich th e c o m p a n y Is ca r r y in g o n Its b o o k s
at $50 p e r acre are k n o w n t o h a v e a p re se n t m a rk e t v a lu e o f arou n d $300
p e r a cre.
T h is Increase in land v a lu e s , c o n s e r v a t iv e ly e s tim a te d a t fro m
$ 2 ,0 0 0 ,0 0 0 t o $ 3 ,0 0 0 ,0 0 0 , has n o t be e n ta k e n up in p r o p e r t y a c c o u n t an d
re m a in s as a su b sta n tia l e q u lt v b e h in d th e c o m m o n s t o c k .

The same paper adds: “ the expansion work has been
practically com pleted, and this fact, together with the steady

AUG.

3L 1907.J

THE CHRONICLE.

increase in net earnings from year to year, is considered b y
m any sugar experts as justifying the beginning of dividends
on the $15,000,000 com m on stock, half of which is owned
b y the American Sugar Refining Co. The conservative
interests in the managem ent, however, are disposed to keep
these earnings in the com pnay and build up a still stronger
surplus and reserve.— V. 84, p. 1180.
American Light & Traction Co., New York.— Option to
Subscribe for $1,500,000 6% Convertible N otes.— The com ­
pany offers to its shareholders the right to subscribe at par
on the com pany’s warrants at its office, 40 W all St., New
Y ork , on or before Sept. 14, for $1,500,000 6% collateral
trust gold notes, either pro rata or for amounts larger than
their pro rata share, the am ount to be allotted in the latter
case to depend on the extent to which the other shareholders
subscribe for their pro rata allowance.
The notes will be
dated O ct. 1 1907, with interest payable on April 1 and Oct. 1
and will be convertible dollar for dollar into the com pany’s
capital stock, either com m on of preferred, at the option
of holders. Subscriptions are payable 33 1-3% Oct. 1 1907,
33 1-3% Jan. 1 1908 and 33 1-3% April 1 1908, with interest
at 6 % per an. from O ct. 1 1907 on deferred payments; but
any subscriber may pay in advance if he chooses and receive
interest from date of paym ent. W hen the paym ents have
been made in full, the notes will be issued. President Em er­
son McMillin in the circular, dated Aug. 9, says:
T h e A m e rica n L ig h t & T r a c tio n C o m p a n y o w n s o r c o n tr o ls th e fo llo w in g
p u b lic u tility c o m p a n ie s :
M ilw au k ee G as L ig h t C o .
I M ad ison (W is co n s in ) G as & E le c. C o.
D e tr o it C ity G as L ig h t C o.
I B in g h a m to n (N ew Y o r k ) G as W o r k s .
S t. P a u l G as L ig h t C o .
|San A n to n io (T e x .) G as & E le c t. C o .
S t. C ro ix P o w e r C o .
I San A n to n io (T e x .) T r a c t io n C o.
G ra n d R a p id s G as L ig h t C o .
! M u sk eg on T r a c tio n & L ig h tin g C o.
S t. J osep h (M issouri) G as C o .
|Q u e b e c -J a c q u e s C a rtier E le c t r ic C o .
C o n s o lid a te d G as C o . o f N e w Je rse y . |
T h e p ro p e rtie s o w n e d an d o p e r a te d b y these several a u x ilia ry c o m p a n ie s
are g r o w in g r a p id ly and d e m a n d large a d d itio n s o f ca p ita l each y e a r.
The
p o o r m a rk e t fo r b o n d s m a k e s it a d v is a b le fo r th e A m e r ic a n L ig h t & T r a c tio n
C o . t o p r o v id e ca p ita l fo r th e several a u x ilia ry c o m p a n ie s , ta k in g th e re fo r
th e secu rities o f th e lo ca l co m p a n ie s an d ca r r y in g th e m u n til su ch tim e
as th e securities c a n , in th e o p in io n o f th e o ffic e r s o f the c o m p a n y , be sold
a t fa ir p rices.
T o p r o v id e fu n d s fo r th e a u x ilia ry c o m p a n ie s , th e b o a rd
o f d ir e cto r s o f th e A m e r ic a n L ig h t & T r a c t io n C o ., t h r o u g h its e x e c u t iv e
c o m m it t e e , has a u th o riz e d th e issue o f c o lla te ra l tru st n o te s in th e t o t a l sum
o f $ 1 ,5 0 0 ,0 0 0 , p a y a b le a fte r t w o , th ree o r five ye a rs fro m d a te , as th e s u b ­
scrib e r o r p u rch a se r m a y e le ct, and b e a rin g in terest a t th e rate o f 6 % p e r
a n n u m , p a y a b le se m l-a n u n a lly , o n A p ril 1 an d O c t . 1.
T h e c olla tera l tru st n o te s w ill b e d a te d O ct. 1 1907; w ill b e p a y a b le in
g old c o in o f th e p resen t sta n d a r d , and th e p a y m e n t o f th e n o te s w ill be
secu red b y p le d g in g t o an d d e p o s itin g w ith a tru stee secu rities o w n e d b y
th e A m e r ic a n L ig h t & T r a c tio n C o. o f m ore th a n d o u b le th e v a lu e o f th e
n o te s issu ed. T h e c o lla te ra l tru s t n o te s m a y b e c o n v e r te d Into e ith e r
th e c o m m o n o r th e p re fe rre d s t o c k o f th e A m e r ic a n L ig h t & T r a c tio n C o.
a t p a r; a d ju s tm e n ts o f Interest o n n o te s an d o f d iv id e n d s o n s t o c k t o be
m a d e at tim e o f c o n v e r s io n .
I t is n o t e x p e c t e d th a t this Issue o f n o te s w ill a d d a n y th in g t o th e e x ­
p en ses o f th e A m e rica n L ig h t & T r a c tio n C o.
T h e Interest t o be r e c e iv e d
fr o m a u x llla rv c o m p a n ie s w ill b e am p le t o care fo r Interest o n notes.
D a ta p erta in in g t o s to c k s th a t are t o be p le d g e d as c o lla te ra l se c u r ity w ill
b e fu rn ish ed t o s to c k h o ld e r s on a p p lic a tio n at th e general o ffic e o f th e
c o m p a n y , 40 W a ll S tre e t, N e w Y o r k C i t y .— V . 8 5 , p . 158.

American Seating Co.— Injunction.— Judge Landis in the
Federal Court at Chicago on Aug. 5 issued an injunction
permanently restraining the com pany and other concerns
engaged in the church and school furniture business, which
were charged with violating the Sherman Anti-trust Law,
from carrying out the agreements between them, alleged to
constitute a ijionopoly. In May last fines were im posed on
the various companies reported to aggregate about $28,000.
— V. 83, p. 891.
American Steel Foundries.— Circular Asking Proxies.—
Swartwout & Appenzellar, 40-42-44 Pine Street, New Y ork,
agreeably with their previous announcement, have sent a
circular to the stockholders saying:
F r o m th e p u b lis h e d re p o rts (ten m o n th s o f th e fiscal y e a r c o m p le t e d ,
w ith t w o m o n th s e stim a te d ) th e n e t earn in gs this y e a r w ill s h o w a b o u t
17 % earn ed o n th e preferred s to c k .
T h e c o m p a n y is r u n n in g its p la n ts
t o th eir fu llest c a p a c it y , w ith su fficie n t c a p ita l t o d o this w ith o u t a n y
borrow ed m on ey.
T h e P r e s id e n t, in a le tte r t o a s t o c k h o ld e r as r e c e n tly
as Ju n e 15 1907, sta te d th a t p e r s o n a lly he Is n o t in fa v o r o f p a y in g a n y
d iv id e n d s at th is tim e .
T h e p referred s to c k is e n title d t o 6 % d iv id e n d s , w h ich are c u m u la tiv e ,
an d n o th in g has been p a id sin ce A u g u s t 1904.
F o u r o f th e o ffic e r s , In clu d in g th e P re s id e n t, h a v e a c o n t r a c t, w h ich
has still three yea rs t o ru n , u n d e r w h ich t h e y re c e iv e , in a d d itio n t o salaries
a bon u s based o n th e n et earn in gs u n d e r w h ich w h en n et earn in gs a m o u n t
t o $ 2 ,5 0 0 ,0 0 0 (as w ill p r o b a b ly be th e case th is y ear) th e ir b o n u s a m o u n ts
t o $ 4 5 1 ,6 6 6 . C o n sid e rin g th a t th e o ffic e r s p r o lit p e rs o n a lly th r o u g h d e ­
la y in g th e r e su m p to n o f d iv id e n d s , and th a t th e P r e s id e n t’ s In flu en ce Is
fra n k ly sta ted t o be used again st a n y d iv id e n d p a y m e n t , w e , as s to c k h o ld e r s
an d as rep resen ta tiv e s o f a v e r y large n u m b e r o f s to c k h o ld e r s , are so lic itin g
p r o x ie s (In th e n am e o f P a u l A p p e n z e lla r , E d .) t o be used at th e n e x t ann u al
m e e tin g , w h ich o c c u r s th e first T u e s d a y In O c t o b e r .
T h e p ro x ie s w ill
b e used fo r th e e le ctio n as d ir e cto r s o f su ch s to c k h o ld e r s as w ill m o re c a r e ­
fu lly c o n s id e r s to c k h o ld e r s ’ in te re sts.— V . 8 5 , p . 2 2 3 ,1 6 2 .

American Sugar Refining Co.— Status of Beet Sugar A u x­
iliary.— See American Beet Sugar C o., a b ove.— V. 8 5 ,'p. 348.
American Telephone & Telegraph Co.— Cancellation of
Niyht Rates.— The com pany announces that, owing to the
congestion of traffic occasioned b y the reduced night rates,
wbi-ch have gone in force daily at 6 p. m ., all such rates will
bo canceled, beginning Sept. 1, full rates to be charged at
all hours.— V. 85, p. 406, 348.
Chicago (Bell) Telephone Co.— Stock Subscribed.— The
$4,000,000 new stock recently offered at par to the share­
holders, it is announced, has all been subscribed fo r .— V . 85,
p. 163.
Cleveland (O.) Furnace Co.— Bonds Offered-—Further Facts.
— Peabody, Houghteling & C o., a^ stated last week,
are offering at par and interest the entire issue of $900,000
first mortgage 6% serial gold bonds, dated July 1 1907 and
payable in installments on Jan. 1 from 1909 to 1922, both in­
clusive, viz.: $60,000 yearly 1909 to 1918; $70,000 yearly
1919 to 1921, and $90,000 in 1922, bu t redeemable in the
reverse of numerical order on Jan. 1 1911, or on interest dates
thereafter, at 103 and interest. Denom ination, $500 and




538

$1,000 each (c*). Interest payable Jan. 1 and July 1 at
office of trustee, the Superior Savings & Trust Co. of Cleve­
land, Ohio.
Abstract of Letter from President D. T. Croxton, Dated Cleveland, Ohio, Aug. 1

1907.
T h e c o m p a n y w as o rg a n iz e d in th e sp rin g o f 1903 a n d its fu r n a c e w as
c o m p le t e d in th e fall o f 1903 a n d has be e n in c o n tin u o u s o p e r a tio n sin ce t h a t
tim e .
T h e c o m p a n y has a fu ll-p a id ca p ita l s to c k o f $ 1 ,0 0 0 ,0 0 0 , an d d u r in g
th e thx-ee ye a rs e n d in g M arch 31 1907, d u r in g w h ic h th e fu r n a c e has been in
c o m p le te o p e r a tio n , It has p a id in d iv id e n d s $ 1 4 0,00 0 an d a c c u m u la te d
fro m earnings an a ctu a l surplus o f o v e r $ 6 3 6 ,0 0 0 , be sid e s m a k in g lib era l
rese rv e fo r ren ew als a n d re lin in g.
T h e p r o p e r t y se cu rin g th e se b o n d s co n sists o f a p p r o x im a t e ly 35 a cres o f
v a lu a b le d o c k p r o p e r ty in th e g e o g r a p h ic a l ce n tre o f th e c it y o f C lev ela n d ,
an d w ith in t w o m iles o f its d o w n t o w n c e n tre .
T h e la n d has a fr o n ta g e o f
1,500 fe e t on th e C u y a h o g a R iv e r , a n d ,in a d d it io n t o Its e x c e lle n t w a te r
tr a n s p o r ta tio n fa cilitie s , is s e rv e d b y th e m ain line o f th e B a ltim ore & O h io
R a ilw a y , th e W h e e lin g & L a k e E rie , th e N e w b u rg & S o u th S h ore B elt R a il ­
w a y a n d th e C levela n d B elt R a ilw a y .
T h e p la n t co n sists o f a fine m o d e r n
blast fu r n a c e w ith a c a p a c it y o f 120 ,0 0 0 to n s o f p ig iro n p e r a n n u m , t o g e th e r
w ith c o m p le t e , u p -t o -d a t e e q u ip m e n t, In clu d in g r a ilro a d sw itc h e s , trestles,
b o ile rs , en gin es, ca s tin g h o u se , slag p la n t an d o re a n d c o k e -h a n d lin g m a ­
ch in e r y .
T h e p la n t w as o rig in a lly In stalled w ith a v ie w t o e c o n o m ic d u p li­
c a t io n in th e n ear fu tu r e , an d th e c o m p a n y n o w has u n d e r c o n s tr u c tio n a
se c o n d fu rn a ce o f lik e ch a r a c te r an d c a p a c it y , w h ic h w ill b rin g th e an n u a l
c a p a c it y o f th e p la n t up t o 240 ,0 0 0 to n s .
T h e c o m p a n y has ta k e n th e u tm o s t p r e c a u tio n t o en sure its raw s u p p lie s .
I t ow n s s u b sta n tia l in terests in five iro n ore c o m p a n ie s , has a c o n tr o llin g
interest, in an im p o rta n t lim e sto n e an d tr a n s p o r ta tio n c o m p a n y on K e lle y ’ s
Isla n d , in L a k e E rie , an d a m o s t fa v o r a b le c o n t r a c t w ith th e R e t o r t C ok e
O v e n C o. o f C le ve la n d , O h io , w h o se p la n t sta n d s o n th e la n d o f th e C le v e ­
la n d F u rn a ce C o .
T h e c o m p a n y ’s en tire p r o d u c t Is h a n d le d b y th e w e ll-k n o w n firm o f
R o g e rs , B ro w n & C o ., th e largest d ealers in p ig iro n in th e w o r ld ; 70 % o f
its o u t p u t , w h ic h is a t p re se n t c o n fin e d t o f o u n d r y a n d m a llea b le ir o n , is
d is trib u te d in th e c it y o f C lev elan d alo n e .
T h e h e a v y lo ca l d e m a n d fo r
b a s ic p ig Iron , w h ic h th e c o m p a n y has h e r e to fo r e be e n u n a b le t o s u p p ly ,
has n e c e s s ita te d th e e r e c tio n o f a s e c o n d fu r n a c e , w h ic h w ill be u s ed c h ie fly
fo r th e m a n u fa c tu r e o f this class o f Iron.
T h is b o n d Issue o f $90 0,00 0 Is
m a d e fo r th e p u r p o s e o f b u ild in g th is s e c o n d fu r n a c e , an d also fo r r e fu n d in g
th e in d e b te d n e s s o f th e c o m p a n y in to a m o r e p e rm a n e n t fo r m .
A f t e r th e
c o m p le tio n o f F u rn a ce " B , ” w h ich is e s tim a te d t o c o s t a p p r o x im a t e ly
$ 7 0 0 ,0 0 0 , th e s to c k h o ld e r s w ill h a v e an a d d itio n a l In v e stm en t in su rplu s
a c c o u n t o f a t least $ 1 5 0 ,0 0 0 , an d a fte r t h e Issuance o f th e se b o n d s th e c o n ­
d it io n o f th e c o m p a n y w ill b e a p p r o x im a t e ly as fo llo w s :

Approximate Balance Sheet as ofMarch 3111907, After Issuance of These Bonds.
Resources ($ 2 ,8 4 2 ,4 5 4 ).
I
Liabilities ($ 2 ,8 4 2 ,4 5 4 ).
R e a l e s t ., b u ild in g s ,m a c h .
C a p ital s t o c k ______________$ 1 ,0 0 0 ,0 0 0
a n d e q u ip m e n t---------------$1 ,9 1 3 ,2 8 0 |S u r p lu s ______________ ______
7 8 6 ,6 5 2
C ash, a c c o u n ts a n d bills re|R e s e r v e fu n d fo r ren ew als
c e lv a b le an d in v e n t o r y .
7 5 5 ,6 6 6 )
a n d r e p a irs ______________
4 6 .2 9 2
9 00 ,000
I n v e s t, in real e s t ., an d in
|B o n d s _______________ ______
iro n o re & tr a n s p o r t, c o s .
159 ,733 A c c o u n t s p a y a b le ________
109 ,510
13,7 7 5 |
Sun d ry o th e r assets _______
I h a v e n o h e s ita tio n in p r e d ic tin g th a t th e fu tu r e ea rn in g s w ill en a b le th e
c o m p a n y t o b u ild u p a large su rplu s an d m a k e lib e ra l retu rn s t o Its s t o c k ­
h o ld e rs, a fte r p r o v id in g fo r b o t h p r in c ip a l a n d in te re st o f th ese b o n d s as
th e y m a tu re .
R e s u lts fo r the T h re e Y ea rs E n d in g M arch 31 1 9 0 7 , as D eterm in ed b y
P u b lic A c c o u n t a n ts .
N e t e a rn in g s fro m o p e r a tio n (n a m e ly , $ 4 5 2,26 2 in 1 90 6-0 7; $ 2 5 5 ,270 in 190 5-0 6; $12 2,51 4 In 1 9 0 4 -0 5 ), a fte r p r o p e r re s e rv a tion s
fo r renew als a n d re p a irs______________________________________________$83 0 ,0 4 6
R e a l e sta te p r o fit s ____________________________________________________ I .
1^060
T o ta l n et p r o f it s . ............... ..................................................................................$ 8 3 1,10 6
P a id o u t in in te re st o n b o r r o w e d m o n e y ............. ............................ .............. $ 5 4 ,4 5 4
P a id o u t In d iv id e n d s ___________________________________________________ 1 40 ,000
T ra n sfe rre d t o s u r p lu s 'a c c o u n t ____________________________________ .$ 6 3 6 ,6 5 2

We are inform ed that the issue of $162,000 bonds made
in 1902 is being retired.— V . 85, p. 471.
Cunard (Steamship) C o.— Rate W ar.— This com pa n y ’ s
action in charging low rates on its new steamer Lusitania
has been follow ed b y a pretty geperal unsettling of rates
between the continent and New Y ork . The French line,
for instance, has made a reduction of $20 in the east-bound
first cabin rates on La Provence,m aking a ticket cost $75,
or about $15 less than the Cunard Com pany’s price.— V. 80,
p. 1365.
Duquesne L ight Co., Pittsburgh, P a .— Bond Issue.— This
com pany, which recently obtained a perpetual franchise
from the city of Pittsburgh for both electric light and power
has made a m ortgage to the Fidelity Title & Trust Co. of
Pittsburgh, as trustee, to secure an issue o f $10,000,000
first mortgage 5% 40-year gold bonds dated July 1 1907
and due July 1 1947,'bu t subject to call on any interest period
at 110. Denomination $1,000; interest payable Jan. 1 and
July 1 at office of trustee. Sinking fund provision, D ec. 31
1912 to Dec. 31 1916, 1% of all bonds outstanding; D ec. 31
1917 to 1921, 1 ^ % ; D ec. 31 1922 to 1946, 2 % . Of the
authorized issue $1,000,000 is to be put out at once.
The authorized capital stock is $500,000; par o f shares
$100. Pittsburgh “ M oney” has the following:
T h e c o m p a n y , w h ich Is b u ild in g a g reat e le ctr ic lig h t an d p o w e r sy s te m
n P itts b u r g h , is c o m p le t in g its arra n g e m e n ts fo r th e e x te n s io n o f its
s y s te m t h r o u g h o u t th e w h o le o f th e c it y , an d fo r th is p u r p o s e has arra n ged
fo r an issue o f $ 1 0 ,0 0 0 ,0 0 0 b o n d s .
F o r th e p u rp o s e o f c o v e r in g Im m e d ia te
e x te n sio n s an d im p ro v e m e n ts n o w u n d e r w a y , $ 1 ,0 0 0 ,0 0 0 o f th is a m o u n t
will b e Issued t o th e c o m p a n y an d an a d d itio n a l $ 4 ,5 0 0 ,0 0 0 Is In p roces s
o f u n d e rw ritin g at th e p resen t tim e .
W h e n th is a rra n g em en t Is m a d e
th e c o m p a n y w ill at o n c e sta rt th e e r e c tio n o f a large p o w e r p la n t o n th e
M o n o n g a h e la riv e r o n an e x c e lle n t site o b ta in e d so m e tim e a g o .
T h is
p o w e r p la n t w ill be o p e r a te d b y steam tu rb in e s and w ill b e co n s tr u c te d
at first w ith a c a p a c it y o f n o t less th a n 10,000 k w . an d so arran ged th a t
t h e c a p a c it y c a n b e in crea sed t o 5 0 ,0 0 0 k w . at a n y tim e , c o n v e n ie n tly .
In th e m e a n tim e th e c o m p a n y is r a p id ly Increasin g Its bu sin ess an d
o p e r a tin g its te m p o r a r y gas en gin e p la n t In th e heart o f th e E a st L ib e r t y
d is tric t.
T h e business has a lre a d y o v e r lo a d e d th is p la n t an d a d o u b le
c o n n e c tio n has be e n m a d e b e tw e e n th e P h ip p s p o w e r p la n t o n D u q u esn e
W a y an d th e E a st L ib e r ty p la n t, and th e P h ip p s p la n t th ro u g h this a rra n g e ­
m en t is fu rn ish in g p o w e r t o th e resid en tial s e c tio n .
T h e c o m p a n y has
t h o r o u g h ly e q u ip p e d th e S c h e n le y F a rm s d is tric t w ith the. m o s t m o d e r n
o f u n d e rg ro u n d c o n d u it c o n s tr u c tio n , all u n s ig h tly w ires b e in g o u t o f sig h t,
and th e best e x a m p le o f m o d e r n c o n s tr u c tio n In th e U n ited S ta tes. T h is
c o m p a n y Is n o w fu rn ish in g th e street lig h ts In th is s e c tio n .
T h e a c u te
m o n e ta r y c o n d itio n s o f th e p a s t y e a r has been th e o n lv th in g th a t b as d e a y e d th e c o m p le t io n o f th e p .a n ? o f th e c o m p a n y ere th is.

The officers are R obert C. Hall, President; S. P. Austin,
Secretary,and R . H . Binns, Treasurer. Compare V . 83,
p. 893.
F ay (J. A .) & Egan C o., Cincinnati.— Extra Dividend.—
This com pany paid on Aug. 20 the regular quarterly dividend
°f
on the com m on and an extra dividend of 2 % ; also

534

THE CHRONICLE.

the regular quarterly dividend of 1 % % on the preferred
stock .— V. 84, p. 573.
General Asphalt C o.— Fine on Subsidiary.— R ecent press
dispatches place the am ount of the fine im posed on Aug. 12
on the New Y ork & Bermudez Asphalt Co. as 24,000,000
bolivars (about $4,600,000), the cost of subduing the M atos
revolutioi}, but state that it was also provided that the com ­
pany pay other sums to be assessed "under five particulars”
b y a commission of experts, “ which are expected to am ount
to $10,000,000 m ore,” including the loss of Governm ent reve­
nue through the revolution, the killing of Venezuelan citi­
zens, &c. Compare V. 85, p t 407.
Great Northern Iron Ore P roperties.— First D ividend.—
A first dividend of one dollar per share has been declared,
payable Sept. 16 to the holders of the permanent certificates
of beneficial interest, of which 1,500,000 were issued last
Decem ber to the stockholders of the Great Northern R y .
share per share. Chairman Louis W . H ill, 32 Nassau St.,
New Y ork, under date of Aug. 26 said:
T h e tru stees h a v e d ir e cte d th a t a d is trib u tio n o f o n e d o lla r p e r share
b e m a d e o n S e p t. 16th 1907 t o h o ld e rs o f th e ir p e rm a n e n t c e rtifica te s o f
b en eficia l in terest in th e a b o v e p ro p e rtie s as th e y m a y a p p e a r o f r e co rd
o n th a t d a te .
T ra n sfe r b o o k s w ill be c lo s e d at 3 p . m . S e p t. 5 an d w ill b e
reo p e n e d at 10 a. m . S e p t. 23 1907.
H o ld e rs o f te m p o r a r y c e rtifica te s
sh ou ld p resen t th em fo r e x c h a n g e in to p e rm a n e n t ce rtfica te s at o n c e .
S u ch
e x c h a n g e s , in v o lv in g tra n sfe r, m a y b e m a d e t o th e clo s in g o f th e b o o k s
S e p t. 5. T h e re a fte r, u n til S e p t. 23 e x c h a n g e s m a y b e m a d e th a t d o n o t
I n v o lv e tra n sfe r, A ft e r S e p t. 23 e x c h a n g e s in v o lv in g tra n s fe r w ill b e
re s u m e d , and in su ch cases th e a b o v e d is trib u tio n w ill b e m a d e t o th e
r e g istered h o ld e r o f th e p e r m a n e n t ce r tific a te s Issued in su ch tr a n s a c tio n s

James J. Hill, Chairman of the board of directors, is quoted
regarding the dividend in substance as follows:
T h e $ 1 ,5 0 0 ,0 0 0 fo r th is d iv id e n d Is a lre a d y In h a n d .
It has been e a rn e d ,
b u t it d id n ’t c o m e fro m a n y p a y m e n ts m a d e b y th e U n ite d S ta te s Steel
C o r p o r a tio n .
T h e S teel in te re sts h a v e n ’ t y e t begu n t o m o v e a n y ore .
T h e p a y m e n t ju s t d e cla re d Is n o th in g t o w h a t Is c o m in g .
W h e th e r th e
tru s te e s In ten d t o a n n o u n ce a n o th e r disb u rse m e n t o f $1 50 a sh are b e fo r e
th e e n d o f this y ea r, I d o n ’t w a n t t o s a y . T h e tru ste e s w ill p a y o u t th e
p rofits w h en t h e y are e a r n e d .” — See V . 8 3 , p . 81 8 , 9 6 9 , 1 22 8, 1290; V . 8 4 ,
p . 69 3 , 749 , 996.

Independent Telephone Securities Go.— Foreclosure.— See
United States Independent Telephone Co. below .— Y . 85, p.
407.
L a Belle Iron W orks, W heeling, W . V a .— To Authorize New
Stock for Stock Dividend.— T he shareholders will meet Sept.
10 to vote on increasing the capital stock from $7,500,000
to $10,000,000 (par of shares $100), for the purpose of m ak­
ing a stock distribution of 33 1-3% , as foreshadowed in V. 85,
p. 287.
(T. B .) L aycock M anufacturing Co., Indianapolis.— Stock
Offered.— The Central Trust C o., Registrar, J. F. W ild & C o.,
J. T. Elliott & Sons and I. N. Richie & Son, all of Indianapo­
lis, offered on N ov. 20 1906, at par, $225,000 of this com pany'total issue of $400,000 cum ulative 6 % preferred stock (pa$100). Dividends payable quarterly. An advertisement
said:
O f th e to ta l issue $175,000*w as used t o retire a lik e a m o u n t o f o u ts ta n d in g
p referred s to c k issu ed In 1902. T h e r e m a in d e r Is t o b e a d d e d t o th e c a p ita l
a n d u sed in retirin g its bills p a y a b le , in c lu d in g th e b a la n ce d u e o n th e n ew
b u ild in g s a n d p la n t. T h e c o m p a n y m a n u fa c tu r e s a ll k in d s o f brass an d
ir o n b e d s , w o v e n w ire an d sp rin g m a ttre sse s, w ire an d c a n v a s c o t s , steel
c o u c h e s an d d a v e n p o r ts .
Its g o o d s are so ld th r o u g h o u t th e U n ite d S tates
a n d In som e fo re ig n co u n tr ie s . T h e fa c t o r y s ite , w h ic h c o n ta in s 40 acres
Uess th e railroa d rig h t-o f-w a y ) Is situ a te d o n E a st 21st S tre e t.
T h e new
b u ild in g s are 882 fe e t lo n g an d 270 feet w id e .
A d m in is tra tio n b u ild in g 3
stories; m a in f a c t o r y , 1 s t o r y .
T h e engine, a n d b o ile r r o o m s are In a sep a r­
a t e bu ild in g; p o w e r , e le ctr ic a l t h r o u g h o u t.
T h e n e t e arn in g s fo r so m e
y e a r s sh ow a fr a c tio n less th a n 10 % o n th e to t a l sales, a ft e r d e d u c t in g o p e r ­
a t in g ex p en ses a n d all ch a rg es e x c e p t d iv id e n d s on th e s t o c k . T h e n et
p r o fits fo r last y e a r w e re 546 .0 4 9 .
A n n u a l S a les.
188 6.
1890.
1895.
1900.
1905.
1906.
$ 2 1 ,6 5 9
$53 ,575
$ 69 ,892
$329,071
$47 8,47 5
$ 5 0 0,00 0 (est.)
F I N A N C I A L S T A T E M E N T O C T . 1 1906.
R esou rces ($8 1 3 ,3 7 0 )
I
L ia b ilities ($81 3 ,3 7 0 )
R e a l e s ta te ___________________ $52,5001 C o m m o n s t o c k _______________ $30 0,00 0
B u il d i n g s ____________________ 2 1 2 ,5 0 0 S u rp lu s ________________ ______ 113,248
M a c h in e r y a n d e q u ip m e n t . _ 1 3 5 ,0 0 0 1P referred s to c k is su e d _______ 175,000
M e r ch a n d is e __________________ 149 ,0 0 0 ] A c c o u n t s a n d bills p a y a b le ,
S t o c k s , b o n d s, bills a n d ao| In clu d in g b a la n ce o n new
c o u n ts r e c e iv a b le __________ 251,2801
p la n t _______________________ 225 ,0 7 2
C a s h _________________________
13,040|
D ir e c to rs : W illia m H . L a y c o c k , P r e s .; C h as. E . C o ffin , V lc e -P r e s .; T b o a .
B. L a y c o c k . S e c . a n d T r e a s .: Is a a c K . R ic h ie a n d J o h n H . L y t le .

Newark (O.) W a terw ork s.— City M ay Purchase.— As
stated in our State and City D epartm ent on July 27, the
citizens o f Newark, O ., will vote Sept. 16 on a proposition
to issue $200,000 bonds for the purchase o f this plant, owned
b y H . M. Verrell of Portland, M e.— V . 82, p. 104, 1215.
Orlando (F la.) W ater & L ight C o.— New Stock.— This
Delaware corporation in May last filed a certificate of increase
o f capital stock from $150,000 to $300,000.
T h e c o m p a n y b eg a n b u sin ess In 190 1.
It o w n s th e S o u th F lo r id a Gas
& E le c tr ic L ig h t C o.
B o n d e d d e b t a t last a c c o u n t s w as $ 8 7 ,5 0 0 .
P r e s i­
d e n t , J . A . B e e b e r, W illia m s p o r t, P a .; T re a su re r, J. M . C h e n e y , O rla n d o .

Otis Fibre Board C o.— Foreclosure Sale.— The W orcester
Trust C o., trustee under a m ortgage dated June 25 1905,
will on O ct. 26 sell at public auction all the real and per­
sonal property of the com pany situated at Russell, Hampden
County, Mass. Of the purchase price, $10,000 is to be paid
a t the time o f the sale and the balance in 30 days.
Pittsburgh Oil & Gas C o.— New Preferred Stock.— The
stockholders will vote Sept. 9 on a proposition to authorize
$5,000,000 of 7% cum ulative preferred stock in addition to
the $6,000,000 com m on stock now outstanding, of which
sufficient is to be used to pay the floating and bonded debt
and the balance for general purposes. The new stock will be
preferred as to assets as well as dividends.— V. 85, p. 288, 280.
Pittsburgh (P a.) Terminal W arehouse & Transfer C o.—
Description of Refunding Bonds.— See “ Annual R ep orts” on
a preceding page.— V. 83, p. 972.




[V o l .

lxxxv

.

Pope Manufacturing Co., H artford, Conn.— Creditors’
Committee.— A t a meeting in Chicago, at which 191 creditors
were represented holding claims aggregating $1,300,000
against the com pany and its subsidiaries, the follow ing
committee was appointed to confer with the creditors, who
num ber about 1,000, and w ith the receivers “ with a view to
ascertaining the best settlement obtainable” :
G eorg e A . Y u le o f th e B a d g e r B rass M a n u fa c tu r in g C o. o f K e n o sh a , W is .,
C h a irm a n ; L . M . W a in w r lg h t o f th e D ia m o n d C h ain & M a n u fa ctu rin g C o.
o f In d ia n a p o lis , I n d .; C harles N . G ille tt, C ashier o f th e F irst N a tio n a l B a n k ,
C h ica g o : C. F . S p lit d o r f o f th e S p lit d o r f L a b o r a t o r y , N ew Y o r k , a n d F . A .
Y a r d o f S w a rto u t & E v a n s , N ew Y o r k .
C o m p a re V . 85, p . 4 0 8 , 403.

Quincy Mining Co.— Dividend Reduced.— A quarterly divi­
dend of $2 50 (1 0 % ) per $25 share has been declared, payaple Sept. 25, comparing with $4 50 (1 8 % ) paid at the last
two quarterly distributions.
A n n u a l D ivid en d R ecord (P e r Cent) S in ce 1889.
’ 90. ’ 91. ’ 92. ’ 93. ’ 94. ’ 95. ’ 96. ’ 97. ’ 98. ’ 99. ’ 0 0 . ’ 0 1 . ’ 02. ’ 03. ’ 04. ’ 05. ’ Q«.
32 4 0 28 24 32 48 80 48 26 38 36 36 28 22 20 24 50
— V . 84, p. 577.

Rocky Mountain (Bell) Telephone Co .— D ecision.— News­
paper advices state that Judge W . H . H unt in the U. S.
D istrict Court at Helena, M ont., late last m onth, on the ap­
plication of the Montana and W yom ing and Mutual Tele­
phone companies, granted an order compelling the R ock y
Mountain Com pany to furnish connections when desired,
at reasonable compensation.
T h e C ou rt h o ld s t h a t o n e c o m p a n y c a n n o t w it h h o ld th e use o f its lines
fr o m a n o th e r , e v e n th o u g h it b e c o m p e t in g .
T h e R o c k y M o u n ta in c o m ­
p a n y resisted o n th e g ro u n d th a t Its lines w ere b u ilt fo r Its p a tr o n s a n d n o t
fo r th o s e o f co m p e t in g c o m p a n ie s .
J u d g e H u n t fo u n d fo r th e c o m p la in a n ts ,
a n d s ta te d th a t w ith in a fe w d a y s he w o u ld n a m e a c o m m is s io n t o fix th e
d iv isio n o f ch a rg e s w h e n use o f th e lin es is m a d e b y c o n n e c t in g lin es.
— V . 8 5 , p . 38.

Shannon Copper Co .— Called Bonds.— N inety-six ($96,000)
first mortgage gold sinking fund 7% bonds have been drawn
b y lot, and will be paid at par an d interest on Sept. 1 at the
Boston Safe Deposit & Trust C o., trustee.— V. 83, p. 1040.
United States Independent Telephone Co., Rochester.—
Foreclosure Proceedings.— The Security Trust Co. of R oches­
ter, as m ortgage trustee, has filed suits to foreclose the m ort­
gages of the United States Independent Telephone Co. and
the Independent Telephone Securities Co. See letter to
bondholders in “ Chronicle” of Aug. 17, page 409.
United States Smelting, Refining & Mining C o.— A cqui­
sition.— The com pany, it is reported, has issued 15,984
shares ($799,200) of its preferred stock in exchange, share
for share, for the stock o f the Real del Monte Mining Co.
not already ow ned. On D ec. 31 nine-tenths of the stock
was ow ned, acquired at a cost of $3,554,382. Compare
V. 84, p. 1243; V. 82, p. 396.
The Real del Monte property produces gold and silver,
one mill being in operation and a secondis to begin operations
this fall. The estimated yearly profits beginning 1908 are
stated to be in excess of $1,000,000, over $15,000,000 net
profit in ores being already in sight.— V. 85, p. 44.
Vulcan Steamship Co., Cleveland, O.— Bonds Offered.—
Peabody, Houghteling & C o., Chicago, are offering at par
and interest $140,000 first mortgage serial gold 5s, dated
April 1 1907 and due $14,000 yearly on July 1 from 1908 t»
1917 inclusive; but subject to call at 105 on any interest
date; interest payable Jan. 1 and July 1 at office of First
Trust & Savings Bank of Chicago, trustee. These bonds
cover the new steel steamship William B. D avock, recently
launched; contract price $280,000. Capital stock $145,000.
Y ork M anufacturing Co., Saco, M e.— Plan Ratified.— In
accordance with the plan outlined in V. 85, p. 416, the stock­
holders of the Y ork M anufacturing Co. on Aug. 22 voted t*
sell all the property of the com pany as a going concern t*
the Saco River Manufacturing C o., which has since taken
the name of Y ork Manufacturing Co. Of the $1,800,009
stock o f the new concern, $1,200,000 goes to the shareholder*
of the old com pany of record Sept. 3, who are also offered the
right to subscribe at par, on or before O ct. 1, for the remaiming $600,000 new stock, the subscriptions being payable
one-half Oct. 15 and one-half Jan. 15. The new shares wifl
be dated Jan. 15 1908 and participate in dividends declared
after D ec. 2 1907.— V . 85, p. 416.
— The Stone & W ebster Engineering Corporation of Bos­
ton, Mass., has placed a permanent representative in the
Western and Middle Western field, Mr. Charles T. M ordock,
form erly manager of the Terre Haute Traction & Light Co.
at Terre H aute, In d., for Stone & W ebster, having been ap­
pointed to this position. Mr. M ordock will make his head­
quarters wTith Mr. Arthur J. Veitch, Messrs. Stone <fc W eb­
ster’s financial representative in Chicago, in the firm’s offices
at 604 First National Bank Building. This engineering cor­
poration is now actively engaged in the construction of m any
im portant electric railway, power and lighting systems.
— The firm of Philbrick & Hall was dissolved Aug. 31
and a copartnership form ed under the firm name of Hen­
drickson, Hall & C o., consisting of C. Le R oy Hendrickson,
m em ber o f the New Y ork Stock Exchange: J. W illet Hall and
Edward Tw orger, general partners, and Frederick M. H oy t,
special partner. The new firm will continue to occu py the
offices of Philbrick & Hall at 25 Broad Street.
— Allen G. H oy t, who has had charge of the bond depart­
ment of the National City Bank of this city ever since its
nception, has severed his connection with th at institution
to becom e a m em ber of the banking firm of N. W . Hal­
sey & Co.

A ug.

’% \ x t

C o m

m

e r c ia l

J p m

Friday Night, August 30 1907.
General trade has continued good on the w hole, though
here and there some slackening is reported. Collections,
however, are somewhat slower than recently in spite of a
better feeling among many regarding the financial situation.
Prices have remained firm as a rule, but a further decline
in copper has occurred.
L A R D on the spot has been dull but firm on light offer­
ings. City 8 % c . and Western 9c. Refined lard has been
somewhat easier at times, owing to the dullness of trade
but offerings have continued moderate. Refined Conti­
nent 9.60c., South America 10.10c. and Brazil in kegs 11.40
@ 1 1 .50c. Speculation in lard futures has been m oderately
active. Prices have shown irregularity, but the changes
have not been very marked. September liquidation has
had a depressing effect at times. There has been good
investm ent buying of January, however, in expectation of
a rally after the September liquidation has been com pleted.
Packers have been the principal sellers of the distant de­
liveries. A liberal m ovem ent of live hogs has been a bearish
factor o f late
D A I L Y C L O S IN G P R I C E S
Sat.
S e p te m b e r d e liv e r y ______9 .0 5
O c t o b e r d e liv e r y ________ 9.1 7 * *
J a n u a r y d e l i v e r y . ............. 8.7 5

O F L A R D F U T U R E S IN
M on.
T u es.
W ed .
9 .1 5
9.0 5
9 .0 0
9 .2 7 ^
9 .1 7 ^
9 .1 2 ^
8.92 X
8 .8 5
8.8 0

COTTON.

e s .

COMMERCIAL EPITOME.

CHICAGO.
T h urs.
8.90
9 .0 2 !^
8 .7 2 ^

F ri.
8.95
9 .0 7 ^
8 .7 2 X

P O R K on the spot has been quiet but firm on light offer­
ings. Small jobbin g sales have been made o f late at $17 75
@ $ 1 8 50 for mess, $16 50@ $17 75 for clear and $19 for
fam ily. Beef has been firm. The production has been
moderate and the offerings have been absorbed b y a steady
jobbin g dem and. Mess $10@ $10 50, packet $11 @ $11 50,
fam ily $13@ $13 75 and e^tra India mess $21@ $22. Cut
meats have been firm but without notew orthy change.
Trade has been quiet. Pickled shoulders 8 % @ 9 c ., pickled
hams 1 2 ^ @ 1 2 ? 4 c . and pickled bellies, 14@ 10 lbs., 10J4@
13c. Tallow has been steady with supplies and demand
light. City 6J^c. Stearines have been quiet and steady;
oleo 8 ^2c - and lard 1 0 % @ l l c . Butter has been active
and firm; Creamery, extras, 26c. Cheese has been m oder­
ately active and firmer; State, small, colored, fine 1 3 % c.
Eggs have been quiet and firm; Western firsts 2 0 @ 2 1 c.
O IL .— Cottonseed has been quiet and firm; prime sum­
mer yellow 55 @ 5 6 c.; winter 5 9 @ 6 0c. Linseed has been
quiet. Buyers have shown a disposition to hold off for
lower prices but crushers have not increased the offerings.
City, raw, American seed, 4 3 @ 4 4 c.; boiled 44@ 4 6 c. and
Calcutta raw, 70c. Lard has been firm with a fairly active
jobbin g trade. Prime 7 5 @ 7 7 c. and No. 1 extra 57@ 5 8 c .
Cocoanut has been quiet but strong. An increase in the de­
mand would probably cause an advance. Cochin 1 0 @ 1 0 ^ jc.
and Ceylon 9 @ 9 )oC . Peanut has been quiet and steady;
yellow 6 5 @ 8 0 c. Olive has been fairly active and firm;
yellow 7G @ 80c. Cod has been quiet and steady; domestic
3 6 @ 3 8 c. and Newfoundland 4 0 @ 4 2 c.
C O FFEE on the spot has been dull and easy. R io No. 7,
6 J 4 @ 6 % c . W est India growths have been quiet and
steady; fair to good Cucuta 85^@9|^c. The speculation in
future contracts has been active at times J owing to further
switching from September to distant options. The fluctua­
tions in prices, however, have been slight. Wall Street in ­
terests have sold at times, but Europe has been a buyer and
there has been a certain amount of bull support from local
dealers. The receipts at Rio and Santos have shown a ten­
dency to increase, but the m ovem ent thus far this season
is much smaller than for the same time last season. There
has not been any increase in outside public interest in the
speculation.
The closing prices were as follows:
A u g u s t -----------------5 .6 5 c . I D e c e m b e r ________ 5 . 8 0 c . [ A p r i l ______________6 .0 5 c .
S e p te m b e r _______ 5 .6 5 c . J a n u a r y ___________ 5 . 8 5 c .) M a y _______________ 6 .0 5 c .
O c t o b e r ____ _____ 5 .7 0 c . |F e b r u a r y _________ 5 .9 5 c .| J u n e _______________ 6 .0 5 c .
N o v e m b e r ___ _ 5 . 7 5 c . [ M a r c h ___________ 6 .0 0 c .| J u ly _______________ 6 .1 0 c

S U G A R .— Raw has been dull but firm on small offerings.
Centrifugal, 96-degrees test, 3.92c.; m uscovado, 89-degrees
test, 3.42c., and molasses, 89-degrees test, 3.17c. Refined
has been quiet and steady; granulated 4 .7 0 @ 4 .8 0 c. Spices
have been firm and m oderately active. Teas have been firm,
with a good distributing demand. Hops quiet and steady.
PETROLEUM has been firm, with a good dom estic and
export demand. Refined, barrels, 8.45c.; bulk 5.00c. and
cases 10.90c. Gasoline has been active and firm; 86 degrees
21c. in 100-gallon drums. Naphtha has been in good demand
and firm; 7 3 @ 7 6 degrees 18c. in 100-gallon drums. Spirits
o f turpentine has been fairly active and easier at 58@ 58J^c.
Rosin quiet and steady; com m on to good strained $4 30.
TO BAC CO .— Trade in domestic leaf has been rather quiet,
but prices have remained firm. The last crop is being sam­
pled, and it is expected that m ost o f it will be ready for the
market shortly. R eports in regard to the new crop have
been unfavorable in some respects. Moisture is still needed
in some districts. Sumatra in good request and firm,
CO PPE R has been dull and easier; lake 1 8 J ^ @ 1 8 ^ c . and
electrolytic 173^@ 18c. Lead has been quiet and steady at
5 .0 5 @ 5 .1 5 c. Spelter has been dull and easier at 5 .5 0@ 5 .60c.
Tin has been dull and easier; Straits 36 .60@ 36.75c. Iron
has been quiet and steady; No. 1 Northern $21 70 @ $ 22 20.




535

THE CHRONICLE.

3 1 1 9 0 7 .)

Friday Night, August 30 1907.
T H E M OVEM ENT OF T H E CR O P as indicated b y our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
21,688 bales, against 11,357 bales last week and 8,763
bales the previous week, making the total receipts since
the 1st of September 1906, 9,714,160 bales, against7,935,863
bales for the same period o f 1905.-06, showing an increase
since Sept. 1 1906 of 1,778,297 bales.
R eceip ts at—

S a t.

G a lv e s t o n ___ ___
P o r t A r t h u r ____
C o rp u sC h ristI,& c
N e w O rle a n s ____

M on.

T u es.

W ed .

* F r i.

T h urs.

T otal.

1,790

2,688

3,136

2,260

3,203

8 ,3 6 4

16,441

149
7

~80
7

134
13

"4 4 3
2

"~ a o
46

'2 9 8

r ,i3 4
75

832

246

485

*433

403

~532

2,931

226

48

2

"81

"3 6 2

167

" ‘ 29

'1 0 8

"4 6 7

2
247

23
247
8

4,6 3 2

2 1 ,6 8 8

P e n s a c o la _______
J a c k s o n v ille , &c
B r u n s w i c k ______
5
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 tN e w s & c
N ew Y o r k _______

1

82

"8 0
21

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 .

2,784

3,103

8

____

____

4,103

3,353

3,718

The following shows the w eek’s total receipts, the total
since Sept. 1 1906, and the stocks to-night, compared with
last year:
190 6-0 7.
R eceip ts to
A u g u s t 30.

T h is
w eek.

S tock .

190 5-0 6.

S in ce S ep
1 1906.

T h is
w eek.

S in c e S ep
1 1905.

1907.

G a lv e s t o n ------------- 16,441 3 ,8 8 8 ,8 9 2
P o r t A r th u r
132,823
C orpusC hrist i , & c .
71,835
1,134 2 ,2 9 6 ,5 2 5
N ew O rleans
258,4 69
75
M o b i l e ___________
1 45 ,257
P e n s a c o la --------------------7,760
J a c k s o n v ille , &c
2,931 1 ,4 6 8 ,1 3 2
S a v a n n a h ___
1
170,609
B ru n sw ick _
149,726
362
C h a r le s t o n ____ __
1,270
G e o rg e to w n ____
322 817
W i l m i n g t o n ____
N o r f o lk . .
467
5 87 ,235
42,991
N e w p o rtN e w s, &c.
23,064
23
72 ,855
247
62,879
11,021
8
P h il a d e l p h i a ____

56,071 2 ,6 5 6 ,6 0 0
111,690
38,837
18
5,549 1 ,6 5 3 ,1 4 2
1,650
250 ,350
2,235
160 576
22,5 7 6
6,721 1 ,5 1 4 ,9 5 3
182,193
338
176,381
12
1,290
______
325 ,818
644 ,8 1 9
1,742
268
50,242
6,575
63,8 2 2
65,682
10,317

552
9,758
_______
170 ,834
4,0 1 6
2,312
1,712

21,688 9 ,7 1 4 ,1 6 0

74,6 0 4 7 ,9 3 5 ,8 6 3

275.636

T ota l . .

______

85,238
_______
33,573
1,671
10,873
695
4 402

1906.
52,3 1 8
15,273
4 ,3 5 5
----------17,1 6 4
685
3,4 6 4
_______
475
9,928
8 4 ,6 3 4
2 ,2 6 6
2 ,0 6 7
1,250
193,879

In order that comparison m ay be ihade with other years,
we give below the totals at leading ports for six seasons:
1907.

R eceip ts at—

1906.

G a lv e s to n , & c.
N ew O rleans .
M o b ile _ .
Savannah —
C h a r le s to n , &c
W ilm in g ’n ,& c
N o rfo lk ____
N ’ p o r t N . t &c
A ll o th e r s ____

16,441
1,134
75
2,931
362

56,089
5,549
1,650
6,721
350

467
"2 7 8

1,742
268
2,235

T o t a l th is w k .

22,688

7 4 ,604

1905.

1904.

4 5,3 6 2
5,576
1,410
29,315
1,919
551
2,295

1903.

47,930
5,420
537
22,237
759
34
516

1,388
439
256
2 ,6 5 5
236
100
70

1902.

1,465

52

436

38,188
13,453
1,448
34,158
8 ,0 7 7
9 ,7 1 8
1,835
588
1.304

87,893

7 7 ,485

5,580

108,769

S ln ce Sept . 1 . 9 ,7 1 4 ,1 6 0 7 ,9 3 5 ,8 6 3

The exports for the week ending this evening reach a total
of 14,751 bales, of which 5,669 were to Great Britain,
1,082 to France and 8,000 to the rest of the Continent.
Below are the exports for the week and since Sept. 1.
Week ending Aug. 30
Exported to—
Exports
Jrom—

Great \
Conti­
Britain. F r ’nce nent.

G a lv e sto n ____

2,956;

____

3,405

Corp.Christl,&<
New O rleans..

515

"678

2,318

.........

Fernandina . _

. . . . .

....

Charleston____
W ilm ington.

I”

1111

Newport News
New Y o r k ____

1,736;

404

309
153!

____

B a ltim o re ____
San Francisco.
Seattle ............
T a co m a ______
Portland, Ore
P e m b in a ..........
D etroit_______

II

1

‘ ""87

1

5,669 1,082
Total 1905-06.

2,184
6

: : : : :

1907.

From Sept. 1 1906 to Aug. 30 1907.
Exported to—

Great
Total. Britain. France.

Conti­
nent.

Total.

6,361 1,774,439 462,177 1,111,63613,348,252
75.801! 132.823
56,962
578
578
3,511 927 308 283,791 860,562 2,072,221
74,760 28,000
00,406 103,235
50,357 155,678
69,979 29,342
100
100
..............
166,760 50,866 708,673 926,299
89,721
52,519 142,240
21,393
21,393
125*342 6,666 180,265 317,607
3,112
5,981
9,093
4,420
1,720
6,140
4,324 214,124 41,975 235,470 491,569
6 138,987
18,422 157,409
309
89,942 6,182
68,097 164,221
36,454
240
4,737
41,191
7,512
7,512
81,123
83,123
:::::
96,537
96,537
50,098
50,098
1,000
:::::
1,000
4,176
4,176
" 9",679
9,679

8,000 14,751 3 79n.06ll908.402 3.703.71 lis. 402.174

13,00524,977 19,817 57,7992,902,846 778,345 2.920,288|0,601,479
I
1

In addition to above exports, our telegrams to-night also
give us the follow ing amounts of cotton on shipboard,not
cleared, at the ports nam ed. W e add similar figures for
New Y ork.

THE CHRONICLE.

F a i r ...................... c 2 .0 0 on
Strict mid fair____1.75 on
Middling fair______ 1.50 on
Barely m id. fair__ 1.25 on
Strict good m id ____1.00 on
Fully good m id____0.88 on
G ood m id d lin g ____0.76 on
Barely good m id__ 0.57 on
Strict m iddling____0.38 on
M id d lin g..... .......... _ Basis

Strict low m id ._e 0 14 off
Fully low m id_____ 0 32 ofl
Low m iddling_____ 0.50 ofl
Barely low m id____0.70 off
Strict good o rd ____0.90 off
Fully good ord ____ 1.07 ofl
Good ordinary_____ 1.25 ofl
Strict g’d m id. tgd_0.30 on
G ood m id. t in g e d .. Even
Strict m id. tinged ..0 .0 6 off

Middling tinged. _e 0.12 off
Strict low m id. ting 0 46 off
Low m id. tinged___0.90 oil
Strict g’d ord. ting. 1.20 off
Fully m id. stalned_0.42 ojj
Middling stained___0.50 ofl
Barely m id. stained 0.78 off
Strict low m stain. 1.50 off
Fully 1. m stained. 1.75 off
L ow m id. stained. .2.00 off

The official quotation for m iddling upland cotton in the
New Y ork market each day o f the past week has been:
Aug. 24 to Aug. 3 0 —
S at.
M id d lin g u p la n d ...........- ............. . 1 3 . 3 5

M on.
13.50

T u es.
13.55

W ed . T h u rs.
13 .5 5
13.55

F r i.
13 35

N E W Y O R K Q U O TA TIO N S FO R 32 Y E A R S .
The quotations for m iddling upland at New Y ork on
A ug. 30 for each o f the past 32 years have been as follows:
8 .2 5 1 8 8 3 -C -. ...10.12
1907 c — ..1 3 .5 5 1 1 8 9 9 c . . . . 6.25 1 8 9 1 . c ___ .
. .1 2 . 9 4
1906
9 80 18 9 8 ______ . . 5.75 1890 _ . . . 11.00 188 2 ___
1 9 0 5 ____
1 9 0 4 ____
1 9 0 3 ____
1 9 0 2 ____
1 9 0 1 ____
1 9 0 0 ____

...1 1 .1 5
...1 1 .6 5
...1 2 .7 5
. . . 9.00
. . . 8.62
. . . 9.62

1 8 9 7 ______ . _ 8 .2 5
1 8 9 6 . . . . . . 7.88
18 9 5 ______ . . 8 .1 9
1894. . . . .
6 .8 8
1 8 9 3 ........... . . 7.62
1892 ____ . . 7.19

11.50
1889— . .
1 8 8 8 ____ . .1 1 . 0 6
. 9.88
1 8 8 7 ._ 1 8 8 6 ____ . . 9 .1 9
1 8 8 5 ____ . .. 1 0 . 3 1
1 8 8 4 ____ . . . 1 0 . 9 4

1 88 1 ____
1880. . .
1879. . .
1 87 8 ____
1877. . .
18 7 6____

.

.1 3 .0 0

. . . 12.00

_ . 12.50
- ..1 2 .1 9
- ..1 0 .9 4

. - - 11.88

M A R K E T A N D SA LES A T N E W Y O R K .
The total sales of cotton on the spot each da y during the
week at New York are indicated in the follow ing statem en t.
For the convenience o f the reader we also add colum ns w hich
show at a glance how the market for spot and futures closed
on^same days.

S a t u r d a y ..
M o n d a y ___
T u e s d a y ...
W ednesday
T h u rsd a y F r id a y ____

Spot M arket
Closed.

Futures
M arket
Closed.

S t e d a y ........................
S t e a d y , 15 p t s . a d v .
S te a d y , 5 p ts . a d v . .
S t e a d y _____________
S t e a d y _____________
S t e a d y _____________

V ery stea d y .
S t e a d y ----------F i r m ________
R a s y ,------------S t e a d y _______
S te a d v _______

T o t a l ____




Sales of Spot and Contract.
Con- Con- |
Export sum ’n. tract. \Total
361
2,250

66

...
2001

115

100

361
266
2,3 6 5

100

"5 0 0

r.oi4

500

2,0 1 4

2,7 5 0

1,656

700

5,106

12.53@ 12 .67 12.56@ 12 .65 12.52@ 12 .59 12 3 0 @ 1 2 .6 7
12 .5 2 — 12.54 12.57— 12.58 12 .5 5 — 12.56 —
—
—
„
------- -------------------@
— - —@
— 1 2 .6 7 @ 1 2 .6 8 —
@
—--------- @
— 1 2 .6 7 @ 1 2 .6 8
—
@
12.4 1 — 12.43 1 2 .4 8 — 12.50 1 2 .6 4 — 12.66 12.55— 12.57 12.60— 12.62 12.58— 12.60 —
—
—

12.50@ 12 .68 —
@12.73 1 2.65@ 12 .72 12.62@ 12 .65 1 2 .4 3 @ 1 2 .7 3
12.6 8 — 12.69 12.6 0 — 12.61 12.65— 12.66 12.63— 12.64 — • —
—
„
_
Range —
@
------- @
---------- @
— |—
@
------- @
-----------@
----------- @
Closing —
—
------- —
---------- —
— —
—
------ —
---------- —
---------- -------------------July —
_
Range —
@
------- @
-----------@
— 1 1 2 . 7 8 @ -------@
— —
@
■
— 1 ^ .7 8 @
Closing —
—
------- —
---------- —
— —
—
------ —
—
—
-----|
1 2 .5 4 @ 1 2 .5 8
1 2 .5 2 — 12.54
12.43@ 12 .47
1 2 .4 6 — 12.48

1 2 .4 4 @ 1 2 .5 0
1 2 .4 5 — 12.46
1 2 .30@ 12 .39
1 2 .3 8 — 12.39

Range
Closing
.4 prll —
Range
Closing

Range
Ciosing

1\] CLTCtl________ ■

Range
Closing

12.3 8 @ 1 2 .6 2
1 2 .6 1 — 12.62

12.^ 5 @ 1 2 .5 9
—
—
— ,

1 2 .2 1 @ 1 2 .5 9
—
—

12.43@ 12 .59 12.45@ 12.57 12.40@ 12 .50
12.4 3 — 12.44 12.46— 12.48 1 2 4 4 — 12.45
—
1 2 . 2 5 @ ------- @
---------- @
------------------------------@
--- @ 1 2 . 5 9 —
@
—
1 2 .3 2 — 12.34 1 2 .3 9 — 12.40 12 .5 6 — 12.57 12.46— 12.48 12.49— 12.51 12 .4 7 — 12.49
1 2 .3 4 @ 1 2 .4 3 12.27@ 12 .54
1 2 .3 6 —
— 1 2 .5 3 — 12.54
12.21@ 12 .30
1 2 .2 9 — 12.30
Range
Closing

F eb .—

12.11@ 12
—
—
1 2 .3 2 @ 1 2 .4 1
12.35— 12.36

>0
—

1 2 .1 8 @ 12 39
—
—
—
1 2 .3 0 @ 12.34
1 2 .2 9 — 12.30

1 2 .32@ 12.38
12.31— 12.33
• •
12.35@ 12.49
12.38— 12.39

. . . .

1 2 .06@ 12 .31 12.24@ 12 .39
12.3 0 — 12.31 12.24— 12.25
11.98@ 12 .07 12.0 9 @ 1 2 .2 0
1 2 .0 6 — 12.07 1 2 .1 4 — 12.15

Range
|Closing
Jy o v .—
IRange
Closing
D e c .—
Range
Closing

—
@
— 12.1 8 @ 1 2 .2 4 —
@
— 1 2 .36@ 12.39
1 2 .1 0 — 12.12 1 2 .1 9 — 12.20 12.3 4 — 12.35 12.2 7 — 12.28
• ■
12.11@ 12 .20 12.2 4 @ 1 2 .3 2 12.18@ 12 .43 12.34@ 12 .50
12.19— 12.20 1 2 .2 6 —
— 12.4 2 — 12.43 12 .3 4 — 12.35

1 1 .3 5 @ 1 1 .7 3
—
—
—
**
12.25@ 12.37 1 2 .19@ 12 .29 1 1 .9 8 @ 1 2 .3 9
12.28--12.2fii 12 .2 3 —
------—
—
11.55@ 11 .73 1 1 .55@ 11 .67
11.65—
— 1 1 .6 3 — 11.65

•
11.60@ 11 .73
11.59— 11.60
11.46@ 11 .68
11.6 8 — 11.69
US Range
Closing

October—

Speculation in cotton f o r ‘ future delivery has been more
active, at an advance in prices. Stimulating factors have
been the latesness of the crop, as reflected in the strikingly
small m ovem ent, the firmness of the spot markets, favora­
ble reports in regard to the condition of the dry goods trad e,
and bullish crop accounts from Texas, where drought still
prevails in m any sections. The small receipts have had the
effect of causing some who recently were bearish to change
their opinions on the market, at least for the time being.
Spinners are paying high prices for September deliveries and
farmers show no anxiety to sell. Owing to the telegraphic
strike, the weather bulfetins from Texas have been incom ­
plete. Reports have been received from about half of the
stations in the State, however, and they have shown no pre­
cipitation except very light showers, which, m any believe,
have done more harm than good b y causing an increase in
shedding. Many private reports of an unfavorable charac­
ter have been received, and published reports have been of
the same tenor. It is expected by m any that the ginners’
report, which is to appear on Sept. 9, will show that only
about 75,000 bales had been ginned up to Sept. 1, as com ­
pared with about 400,000 for the same time last year. The
Governm ent condtion report is to appear 011 the same date,
and there is a fear am ong m any that it will show further
deterioration in the crop. The recent bear leader appar­
ently has abandoned the short side, for the time being at
least, owing principally to the small crop m ovem ent and the
expectation of bullish Governm ent statements early next
m onth. The Liverpool advices have been favorable in the
main to bullish interests, and spinners have been buying
more freely there. Prominent local and Southern bulls
have been good buyers and shorts have covered freely. At
times the m arket has shown the effects of heavy liquidation
for local, Southern and W all Street interests, and there has
been more or less selling for short account, owing to the be­
lief that a reaction was due. It is believed b y not a few ,
m oreover, that the crop m ovem ent is likely to increase m a­
terially in the near future. Crop reports from the Eastern
section of the belt have, as a rule, been more favorable, m any
contending that the prospects were good for a yield fully as
large as last year, if not larger. ” T o-day prices fluctuated
within narrow bounds, but in the main were easier, owing
to the issuance of 75,000 September notices and local and
Southern liquidation. Spot cotton has been quiet. Mid­
dling here closed at 13.55c.
The rates on and off middling, as established N ov. 2 1 1906
b y the Revision Committee, at which grades other than
m iddling m ay be delivered on contract, are as follows:

— 1 1 .3 5 @ 1 1 .6 9
—

2 4 4 ,0 2 6
140 ,9 6 9
237 ,1 2 6

------- —

31,610
52,910
90,304

11,62@ 11 69 11.61 @
11.62— 11.65 —
—

1,310
3,487
6,910

11.44@ 11 .54 —
@11.69
11 .6 2 — 11.65 11 .5 4 — 11.57

9,3 8 3
22,420
27 .059

11.35 @
— 11.45@
—
1 1 .3 5 — 11.37 1 1 .4 4 — 11.47
sj
11.35@ 11 .43 1 1 .4 7 @ 1 1 .5 4
1 1 .4 2 —
— 1 1 .5 0 — 11.51

8,200
2,735
13,120

Range
Closing

7,3 7 8
9,787
12,355

200

300

S ept .—

5,3 3 9
14,481
30,8 6 0

"4 4 3
4,0 0 0
1,700
500

August —

T o t a l 1 90 7,
T o t a l 1 90 6.
T ota l 1905.

443
1,000

31,6 0 8
14,912
8,197
4 ,4 0 2
1,228
5,758
169 ,134
8 787

TVec/f.

500

1,965
20,326
2,676

F riday,
Aug. 30.

1,000

Total.

385
650
1,900

310
800

Thursday,
Aug. 29.

1 116
6,791
776

Wednesday,
Aug. 28.

154
3,885

F U T U R E S .— The highest, lowest and closing prices at
New Y ork the past week have been as follow s:

Tuesday,
Aug. 27.

N e w O rleans .
© a lv e s to n —
S a v a n n a h ___
C h a r le s to n ___
M o b i l e ----------N o r f o l k _____
N ew Y o r k ___
O th er p o r t s . -

Leaving
stock.

M onday,
Aug. 2ft.

GerOther Coastmany. Foreign wise.

Saturday,
Aug. 24.

On Shipboard, N ot Cleared fo rGreat
August 30 at— Britain. France

[V©L. L X X I V .

June —

536

T H E V IS IB L E S U P P L Y OF C O T T O N to-night, as made
up by cable and telegraph, is as follow s. Foreign stocks,
as well as the afloat, are this w eek’s returns, and conse­
quently all foreign figures are brought down to Thursday
evening.
But to make the total the com plete figures
for to-night (F riday), we add the item of exports
from the United States, including in it the exports of
Friday only.
August 30—
S to c k a t L i v e r p o o l --------S to c k a t L o n d o n ------------S to c k at M a n c h e s t e r ------

1907.
7 8 0,0 0 0
24.0 0 0
58.000

es_

T o t a l G rea t B rita in s t o c k ______
S to c k at H a m b u r g ................ ............
S to c k at B r e m e n __________________
S to c k at A n t w e r p ------------------------S to c k at H a v r e ___________________ _
S to c k a t M arseilles..............................
S t o c k at B a r c e l o n a ----------------------S t o c k at G e n o a ____________________
S t o c k at T rie ste ................. ................

1905.
7 23 ,000
51,000

1904.
190 .000
30.000
18.000

8 6 2 ,0 0 0
4 4 0 ,0 0 0
796 ,0 0 0
18,000
19,000
14,000
140,000 8 4 ,0 0 0
199,000
------------------------------126 ,000
62,0 0 0
80,0 0 0
3,000
4,0 0 0
3,000
18,000
7,0 0 0
18,000
2 2 ,000
21,0 0 0
9,000
38,000
5,0 0 0
3,0 0 0

2 38 .000
43.0 0 0
61.000
4.0 0 0
71.0 0 0
3.000
2 3 .0 0 0
19.000
18.000

3 65 ,000

T o t a l C o n tin e n ta l s to c k s —

1906.
380 ,000
16,000
4 4,0 0 0

T o t a l E u ro p e a n s t o c k s ---------------1 ,2 2 7 ,0 0 0
In d ia c o t to n a flo a t fo r E u r o p e ___
110,000
A m e r ic a n c o t to n a flo a t fo r E u ro p e
3 1 ,679
E g y p t,B ra zil, & c.,afloat fo r E u ro p e
19,000
S to c k In A le x a n d ria , E g y p t ...........
20,000
S to c k In B o m b a y , I n d i a --------------560 ,000
S to c k in U . S. p o r t s ----------------------275 ,636
7 9 ,6 5 4
S t o c k In U . S. In te rio r to w n s .
875
U . S. e x p o r ts t o - d a y .

2 0 2 ,0 0 0

22,000

326 ,0 0 0

242 ,000

6 4 2 ,0 0 0 1,1 2 2 ,0 0 0
109.000
50.000
184.000
1 21 ,073
18,000
12.000
46,000
28,000
607 .0 0 0
627 ,000
193,879
327 ,430
9 6 ,276
132,040
9,298

480 .000
23.000
54.000
18.000
55,0 0 0
330 .000
103,444
60,4 4 3

T o t a l v isib le s u p p ly ____________ 2 ,3 2 3 ,8 4 4 1 ,7 7 9 ,5 2 6 2 ,5 4 5 ,4 7 0 1,1 2 3 ,8 8 7
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 a s fo llo w s :
Am erican —
2 87 ,000
118,000
6 59 ,000
6 60 ,000
L iv e r p o o l s t o c k -------------------bales .
45.000
13,000
47,0 0 0
39,000
M a n ch ester s t o c k __________________
128 ,000
147 ,000
290 ,000
C o n tin e n ta l s t o c k — --------------------- 262 ,000
184,000
5 4 ,000
121 ,073
31,679
A m e rica n a floa t fo r E u r o p e _______
3 27 ,430
103,444
193,879
U . S. p o r t s t o c k s ___________________ 2 7 5 ,6 3 6
132,040
96 ,276
6 0,4 4 3
79,6 5 4
U . S. In te rio r s t o c k s ----------------------9,298
875
U . S. e x p o r ts t o -d a y -----------------------

.......

.1 ,3 5 5 ,8 4 4

East Indian, Brazil, & c .—
L Iv re p o o l s t o c k ------------------------------- .
L o n d o n s t o c k --------------------------------M a n ch e ste r s t o c k __________________
C o n tin e n ta l s t o c k __________________.
I n d ia a flo a t fo r E u r o p e ___________
E g y p t , B ra zil, & c ., a flo a t ------------S to c k In A le x a n d r ia , E g y p t --------S to c k In B o m b a y , I n d ia ---------------.

121.000
24,000
11.000
103,000

110,000

19,000

20,000
560 ,000

T o t a l E a st I n d ia , & c ___________ . 968 ,0 0 0
.1 ,355,844

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

4 76 ,8 8 7

63,000
36,000
1 09 ,000
18.000
46,000
607 ,0 0 0

7 2 ,0 0 0
3 0 ,000
5,000
114,000
2 3,0 0 0
18,000
55,000
330 ,000

886 ,0 0 0
907 ,000
8 9 3 ,5 2 6 1 ,6 3 8 ,4 7 0

647 ,0 0 0
476 ,8 8 7

93,0 0 0
16,000
5,000
55,000
50,000
12.*00
28,000
627 ,000

22,000
6,000

.2 ,3 2 3 ,8 4 4 1 ,7 7 9 ,5 2 6 2 ,5 4 5 ,4 7 0 1 ,1 2 3 .8 8 7
7 .4 9 d .
5 .4 1 d .
6 .6 4 d .
5 .8 3 d .
1 3 .5 5 c .
1 1 .1 0 c .
9 .8 0 c .
1 0 .9 5 c .
M id d lin g U p la n d , N e w Y o r k ____ .
8H d.
.1 1 5 -1 6d . 10 15-16d .
8 ^d.
1 0 .7 5 d .
8 .5 0 d .
9 .5 5 d .
P e r u v ia n , R o u g h G o o d , L iv e r p o o l1 1 2 .0 0 d .
6d.
. 6 5 -1 6 d .
5 d.
5H d.
B r o a c h , L in e , L iv e r p o o l --------5 9 -1 6 d .
.5 1 3-16d 5H d.
5 l-1 6 d .

Continental im ports past week have been 27,000 bales.
The above figures for 1907 show a decrease from last week
of 100,077 bales, a gain of 544,318 bales over 1906, a do
crease of 221,626 bales from 1905, and a gain of 1,199,95V
bales over 1904.

A u g . 31 1907.]

537

THE CHRONICLE.

A T T H E IN T E R IO R TO W N S the m ovem ent— that iss
the receipts for the week and since Sept. 1, the shipm ent,
for the week and the stocks to-n ight, and the same items for
the corresponding period for the previous year— is set out
in detail below.

-

g.

W eek ending
A u g u s t 30.

2

T
o
w
n

G a l v e s t o n ______
N e w O r le a n s ___
M o b i le __________
S a v a n n a h ______
C h a r le s to n _____
W ilm in g t o n ____
N o r f o l k ____ ___
B o s to n ________
B a l t i m o r e ______
P h ila d e lp h ia ___
A u g u s t a ________
M em phis _ _ ____
S t. L o u is _______
H o u s t o n _______
L ittle R o c k ____

W ed' d a y . T h ursd 'y. F r id a y .
13 %
13 %
13
13

13%
13
13
13%
13.35
13%
13.80

13%
13.35
13%
13.75
14
13
13&

13%

13
13%

13 9-16
13 %
13

13 9-16
13%
13

13 9-16
13%
13 3-16

13 9-16
13%
13%

13%
13.50
13%
13.80
14

13%
13.55
13%
13.80
14

13%
13.55
13%
13.80

13 Ye

13%

13%
13.55
13 34
13.80
14
13 %
13%

13%

12%

12%

13

12%

_

A l a b a m a ...................................... .....................
116
21,81230311222i 23,922
89! 1,235
“
___________________
841 178,525461,198
580
169,232
3221 3,963
“
_________________
100
107,544100S5
1,231
106,789
908 1,409
__ 158
A r k a n s a s _______________
1
68,093
30
600
2
53,084
“
_____________
25| 241,752 246 4,300
29!
181,013
815! 13,745
Georgia
....................__
25!
23,025
25
.................
389
29,823
327; 1,302
"
................
70
107,523
170
1,250
107!
91,741
1,094 2,057
“
................................... ........................
12
143,4021152,497 42
49,963
208 1,111
_____
650
370,244
607
5,993
1,795
360,814
1,814 8,0 7 5
"
“
..... ......
30 & 55,126
60
523
117
73,157
5,469 3,260
_
_
56,440
25
325
447|
68,593
919 2,441
“ ■
“
...........
54,481 137|
2,700
495
44,738
869! 1,373
K e n tu c k y , n e t _
31 *» 8,543
ll!
60
31
7,568
6 125
L o u is i a n a ______
1 0 ! 197,603
6 6 i 3,534
263j 103,902
___________ 1,839
'
M is s is s ip p i _____
__________|
51,599 100, 1,500
1 .1 9 4 1
38,145
1,013!
128
______ _____________
__
66,921
100
900
__________
42,107
____ 156
I
“
“
______
________
80,012
____
300
______
62,885
____ 100
i
“
........... ................................................
99
97,354224!1,21152! 74,913
379 514
••
______
14!
74,089 158|
210
181
48,234
45| 342
“
______
lj
86 141
84
667
82j
70,103
14 983
______ _____________
55,179
____________200
2
52,777
64! 280
“
M is s o u r i _______
592
814,734 930
4,323
1,006)
551,701
3,134: 13,501
North C a rolin a _
2!
19,214
2
200
47!
16,767!
75! 351
O h io _____________
486
155,281 3286,430
201!
162,698
9 5,195
South C a ro lin a _
_
22,004
____
37
1,448
20,865
3,225 2,765
T e n n e s s e e ______
729
957,653 5,036
19,443
1,182]
800,489
2,090| 5,670
“
______
________
20,839
____ 2,418
'
9
14,051
28 642
T e x a s . ................... ........................
......
16,724
........3601,820
10,787
1,641! 1,416
___________
___
39,029
____
___ __________________________
12,540
_________
“
•• ___________
____
99,567
___
___
__
80,690
_____(
________
“
___________
___
33,731
____
___
__
18,872
J
________
“
___________
17,956)2,965,606 . 13,57418,079 50,211 2,186,760 53,493! 22,1 4 0
___________ __________________________
__________
98,981
____
___
__ I 66,346
“

T ota l, 33 t o w n s ____

E u fa u la ,
M o n tg om ery ,
Selma,*
Helena.*
I.lttle R ock,*
Alban y,*
Athens,*
A tla n ta ,
A u gu sta ,
C olum bus,
M acon,*
Rom e,*
L ou isville,
S h revep ort,
Colum bus,*
Greenville,*
G reen w ood,
M eridian,
N atch ez,
V ick sb u rg ,
Yazoo City,*
St. L ouis,
R a leigh ,
Cincinnati,
G reen w ood ,
M em phis,
N ashville,
Brenham ,*
Clarksville,
Dallas,
(Honey G rove,
IH ou ston ,
(Paris,

j

C losin g Q uota tions fo r M id d lin g C otton on —

!W$g«
•ro n i o C

e®ii mriQp
§p..*“
iiff3*
- Cj"

Q U O TATIO N S F O R M ID D L IN G CO TTO N A T O T H E R
M A R K E T S .— Below are the closing quotations o f m iddling
cotton at Southern and other principal cotton markets for
each day of the week.

s

.

-

22,204
79,65463,185j5,699,619
78,050; 96,2 7 6

M ovem ent to August 30
1907. M ovem ent to August 31
1906.
. --------------------------R eceipts.
Ship- \ Stocks R eceipts.
S h i p - S tocks
— ----------------- ------------------ --------------------ments.
A u g . ----------- •*------------------merits. 1
Aug.
W eek. | Season.
W eek, j
30.
W eek. , Season. W eek. | 31.

21.033j7,388,771

* T h is y e a r ’ s figu res e s t im a t e d — n o t r e c e iv e d on a c c o u n t o f strik e .

The above totals show that the interior stocks have de­
creased during the week 1,171 bales and are to-n ight 16,622
bales less than at the same tim e last year. The receipts at
all the towns has been 42,152 bales less than the same week
last year.

___

__________ i

O V E R L A N D M OVEM EN T F O R T H E W E E K A N D
SINCE S E P T . 1.— W e give below a statem ent show ing the
overland m ovem ent for the week and since Sept. 1, as
made up from telegraphic reports Friday night.
The
results for the week and since Sept. 1 in the last tw o years
are as follows:
--------1905 - 0 6 -------S in c e
W eek .
S ep t. 1.
3,134
548 ,9 7 6
69
202 ,290
149
45,0 9 4
70
1 03,209
65
58,654
1.386
276,418

T o ta l gross o v e r la n d - _______ - 2,787 1 .706.7S7
D ed u ct shipm en ts—
O v e rla n d t o N . Y . , B o s t o n , & c- 278
169 ,819
B e tw e e n In terior t o w n s.
93,498
In la n d , & c ., fro m S o u t h ________ - 2 492
96,3 5 2

5,8 7 3 1 .2 3 4 ,6 4 1

________

--------19( [)6-07-------A u g u s t 30—
S in c e
W eek .
S h ip p ed —
S ep t. 1.
V ia S t. L o u i s . . . . __________
930 . 825 ,3 2 7
V ia C a i r o ---------- ---------------------------150
2 18 ,167
V ia R o c k I s la n d _________________
# 5 ,2 3 0
V ia L o u is v i ll e ___
_____________
273
90 ,749
____
281
V ia C in cin n a ti _______
55 ,102
. . 1,153
V ia o th e r r o u te s , & c _______
4 3 2 ,2 1 2

T o t a l t o b e d e d u c t e d ___________ - 2,770
L e a v in g t o t a l n et o v e r l a n d - a _____

1,341

146 ,396
24,4 3 8
7 8 ,214

359 ,6 6 9

1,341

249 ,0 4 8

17 1 ,3 4 7 ,1 1 8

4 ,5 3 2

9 8 5 ,5 9 3

a In c lu d in g m o v e m e n t b y rail t o C a n a d a .

The foregoing shows the w eek’s net overland m ov e­
ment has been 17 bales, against 4,532 bales for the
week last year, and that for the season to date the aggre­
gate net overland exhibits an excess over a year ago of
361,525 bales.
----------1 9 0 6 -0 7 ------------------------1 9 0 5 -0 6 ---------I n S ight and S p in n er s ’
S in c e
S in c e
T a kin g s.
W eek .
S e p t. 1.
W eek .
S ep t. 1.
R e c e ip t s at p o r ts t o A u g . 3 0 --------- 2 1 .6 8 8
9 ,7 1 4 ,1 6 0
7 4 ,604
7 ,9 3 5 ,8 6 3
Net overland to A u g . 3 0 _ ..................
17
1,3 4 7 ,1 1 8
4,5 3 2
985 ,593
S o u th e rn c o n s u m p tio n t o A u g . 3 0 . 4 9 .0 0 0
2 ,4 7 6 ,0 0 0
4 7 ,0 0 0
2,398 404
7 0 ,7 0 5 1 3 ,5 3 7 ,2 7 8
a l ,171
M 6 ,6 2 2
C am e in t o sig h t d u rin g w e e k ___ 69,534
69.534

1 26 ,136 1 1 .3 1 9 ,8 6 0
a l0 .3 5 4
638,901
115 ,782

1 3 ,5 2 0 ,6 5 6
N o rth , sp in n ers’ t a k in g s to A u g .30 19,010
a D ecrea se d u r in g w e e k .

2 ,6 8 0 .0 8 5

11 ,2 8 0 ,9 5 9
4 9 ,4 6 4

2 .4 5 3 ,9 4 8

b Less th a n S e p t. 1.

Movement into sight in previous years:
W eek —
B a les.
19 0 5 — S ep t. 1 .............................. 139 ,488
1 90 4— S ep t. 2 .............................1 0 5 ,0 5 8
1903— S ep t. 4 .............................. 3 0 .627
1 90 2— S e p t. 5 .............................. 162 .227




S in c e S e p t. 1-

B a les.

N E W O R L E A N S O P T IO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sat' d a y , M o n d a y , T u esd a y, W ed ’ d a y , Thursd 'y, F r id a y ,
A u g . 24. A u g . 26. A u g . 27. A u g . 28. A u g . 29. A u g . 3 0 .
A u g u s t—
R a n g e _______

—

@

—

—

@

—

—

@

—

—

©

—

—

©

—

—

@

—

Closing______ 12.95 — 12.85 — 13.00 — 13.00 — 13.10 —
Septem ber—
Range C lo s in g _______
O ctober—
R a n g e _______
C lo s in g ----------N ovem b er—
R a n g e _______
C lo s in g ----------D ecem ber—
R a n g e _______
C lo s in g _______
Jan u ary—
R a n g e _______
C lo s in g _______
M a rch —
R a n g e _______
C lo s in g _______
T o n e—
S p o t __________
O p t io n s ______

— (5) — — @ .95 1 2 .9 2 -.1 0 1 3 .1 2 -.1 3 — @
12.95 — 1 2 .9 3 -.9 7 13.10 — 13.05 — 13.12

— ;<£ —
— •
— 1 2 .9 7 -.0 4

1 2 .4 8 -.7 6 1 2 .6 6 -.7 6 1 2 .6 0 -.8 2 1 2 .7 5 -.9 0 1 2 .7 9 -.8 7 12.7 5 -.8 5
12 .7 2 -.7 3 1 2 .6 6 .6 7 1 2 .8 1 -.8 2 1 2 .7 6 -.7 7 12.8 3-.8 4 1 2 .7 7 -.7 8
—

@

12.57

—

—

©

—

— 12.51

—

@

— 12.60

—

—

@

— 1261

—

—

@

— 12.67

— @ _
— 1 2 .6 4 —

—

12 .3 8 -.5 8 1 2 .4 9 -.5 9 1 2 .4 5 -.6 7 1 2 .5 9 -.7 5 1 2 .6 3 -.7 0 1 2 .6 0 -68
12.56- 57 1 2.50-.5 1 1 2 .6 6 -.6 7 12.60 — 1 2 .6 6 -.6 7 1 2 .6 3 -.6 4
1 2 .4 2 -.6 3 1 2 .5 5 -.6 5 12 .5 0 -.7 1 1 2 .6 4 -.7 9 1 2 .6 6 -.7 5 1 2 .6 4 -.7 2
1 2 .6 1 .6 2 1 2 .5 6 -.5 7 1 2 .7 1 -.7 2 1 2 .6 4 -.6 5 1 2 .7 0 -.7 1 1 2 .6 6 -.6 7
12 .5 3 -.5 5 1 2 .6 7 -.7 4 1 2 .6 5 -.7 2 1 2 .7 7 -.8 3 12 7 8 -.8 4 1 2 .7 6 -.8 0
12.7 0 -.7 2 1 2 .6 5 -.6 7 12 .8 0 -.8 1 1 2 .7 5 -.7 7 1 2 .7 8 -.7 9 1 2 .7 6 -.7 7
Q u iet.
S te a d y .

Q u iet.
S te a d y .

F irm .
S te a d y .

S te a d y .
S te a d y .

S te a d y .
S te a d y .

D u ll.
S te a d y .

R E C E IPTS FROM TH E P L A N T A T IO N S .— The follow ­
ing table indicates the actual m ovem ent each week from the
plantations. The figures do not include overland receipts
nor Southern consum ption; they are simply a statement of
the weekly m ovem ent from the plantations of that part of the
orop which finally reaches the market through the outports.
Receipts at the Ports.
Week
end’g—

1907.

July 19 10,553
•• 26
8,030
Aug. 2
8,931
9
7,469
"
16
8,763
“
23 11.357
“
30 21,688

1906.

1905.

Stock al Interior Towns Receipts from PlantaVns.
1907.

1906.

1905.

1907.

25,601 104,182 115,217 158,701 176,666
30,538 97,193 106,482 144,069 160,200
34,017 74,337 94,161 134,959 142,195
24,699 62,871 88,226 123,750 129,901 " 1,534
31,276 50,218 83,695 117,872 126,254
4,232
48,901 53,138 80,825 111,260 127,528
8,487
74,604 87,893 79,654 100,906 132,040 20,517

1906.

1905,

7,550
15.906
24.907
13,490
25,398
42,289
64,250

91,231
80,727
56,312
50,577
46,571
54,412
92,405

The above statement shows: 1.— That the total receipts
from the plantations since Sept. 1 1906 are 9,697,538 bales;
in 1905-06 were 7,896,962 bales; in 1904-05 w e r e _________
bales.
2 .— That although the receipts at the outports the past
week were 21,688 bales, the actual m ovem ent from plantartions was 20,517 bales, the balance being taken frocs
stocks at interior towns. Last year receipts from the plan*tations for the week were 64,250 bales and for 1905 they
were 92,405 bales.
W E A T H E R R E P O R T S B Y T E L E G R A P H .— Our advices
b y telegraph this evening indicate that rain has fallen in
m ost sections of the South outside of Texas during the
week, but that the precipitation has, as a rule, been light
or moderate. In Texas dry weather has continued to pre­
vail and it is claimed that the crop is deteriorating in conse­
quence. From some sections of Alabam a there are reports
of deterioration and boll-w orm s, bu t from elsewhere we hear
no complaints. Picking is under w ay in earlier sections
but the m ovem ent o f new cotton to m arket is quite light as
yet.
Galveston, 7'exas.— D rought still prevails pretty m uch over
the State and the crop continues to deteriorate. Growth
has stopped and bolls are opening prematurely. W e have
had a trace of rain on two days during the week. The ther­
m om eter has ranged from 79 to 88, averaging 84.
Abilene, Texas.— D iy all the week. Average therm om eter
85, highest 96, lowest 74.
Brenham, Texas.— There has been no rain the past week.
The thermometer has averaged 88, the highest being 96 and
the lowest 72.
Corpus Christi, T exas.— W e have had no rain during the
week. The thermometer has averaged 82, ranging from 76
to 88.
Dallas, Texas.— D ry all the week. Average therm om eter
87, highest 101, lowest 73.

636

THE CHRONICLE.

Fort Worth, Texas.— W e have had a trace o f rain on one
day during the week. The thermometer has averaged 86,
the highest being 98 and the lowest 74.
Huntsville, Texas.— Rain has fallen on one day o f the week,
the precipitation being thirty-six hundredths of an inch.
The thermometer has ranged from 74 to 96, averaging 85.
Kerrville, Texas.— It has been dry all the week. A ver­
age thermometer 84, highest 98, lowest 69.
Lam-pasas, Texas.— W e have had no rain during the week.
The thermometer has averaged 84, the highest being 100
and the lowest 68.
Longview, Texas.— W e have had no rain during the week.
The thermometer has averaged 84, ranging from 69 to 98.
Palestine, Texas.— D ry air the week. The thermometer
has averaged 83, the highest being 96 and the lowest 70.
San Antonio, Texas.— Rain has fallen on one day of the
week, the precipitation being tw o hundredths of an inch.
The thermometer has ranged from 72 to 96, averaging 84.
New Orleans, Louisiana.— W e have had rain on two days
of the week, the rainfall being seventy-six hundredths of an
inch. The thermometer has averaged 84.
Shreveport, Louisiana.— It has rained on one day during
the past week, to the extent of sixteen hundredths of an inch.
The thermometer has ranged from 70 to 96, averaging 83.
Helena, Arkansas.— Cotton is doing well. Our first bale
arrived on the 27th, or one day earlier than last year. There
has been local rain on two days the past week, the precipita­
tion reaching one inch and twelve hundredths. The ther­
m om eter has averaged 82.1, ranging from 69 to 93.
Memphis, Tennessee.— Moisture is desired in some localities,
bu t reports are generally good. Five new bales received to
date. It has rained on one day of the week, the rainfall
reaching tw enty-four hundredths of an inch. Average
thermometer 81, highest 93.8, lowest 65.
Nashville, Tennessee.— There has been rain on one day the
past week, to the exeent of fifteen hundredths of an inch.
The thermometer has averaged 75, the highest being 92 and
the lowest 57.
M obile, Alabama.— Crop reports are generally favorable
and cotton picking is making fair progress in some sections.
Boll-worms are reported as doing damage in middle Alabama.
W e have had rain on four days during the week, the rainfall
reaching one inch and seventy-four hundredths. The ther­
m om eter has averaged 82, ranging from 71 to 96.
Montgomery, Alabama.— The cotton crop is deteriorating.
W eather has been entirely too hot and rain is needed. Much
cotton is open and picking is general. W e have had rain on
one day during the week, the precipitation reaching tw entytw o hundredths of an inch. The thermometer has ranged
from 70 to 96, averaging 72.
Union Springs, Alabama.— Owing to high temperature,
plants are shedding all young fruit and opening prematurely.
There has been no rain the past week. The thermometer
has averaged 85, the highest being 96 and the lowest 69.
Savannah, Georgia.— W e have had light rain on three days
of the past w eek, the precipitation reaching four hundredths
of an inch. Average thermometer 83, highest 96, lowest 73.
Charleston, South Carolina.— W e have had rain on three
days of the week, the rainfall being thirty-five hundredths
of an inch. The thermometer has averaged 83, the highest
being 94 and the lowest 73.
Charlotte, North Carolina.— Rain has fallen during the
week, the rainfall being seventy-four hundredths of an inch.
Average thermometer 71, highest 91, lowest 63.
The follow ing statement we have also received b y tele­
graph, showing the height of rivers at the points named
at 8 a . m . o f the dates given :
N e w O r l e a n s ___________ A b o v e
M e m p h i s _______________ A b o v e
N a s h v i ll e _______________ A b o v e
S h r e v e p o r t _____________ A b o v e
V i c k s b u r g ___________. . . A b o v e

z ero
z e ro
z e ro
z e ro
z e ro

of
of
of
of
of

A u g . 30 190 7.
F e e t.
gauge.
6 .0
gauge15.4
gauge.
8 .0
gauge.
0 .6
gauge.
19.0

A u g . 31 1906.
F e e t.
6 .0
12.2
9.4
9.4
18.9

A L E X A N D R IA R E C E IPTS A N D SH IPM EN TS OF
C O T T O N .— Through arrangements made with Messrs.
Choremi, Benachi & C o., of Liverpool and Alexandria, we
now receive a weekly cable of the movements of cotton at
Alexandria, E gypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
A lex a n d ria , E g y p t,
A u g u st 28.

190 6-0 7.

190 5-0 6.

1 90 4-0 5.

R eceip ts (cantare) —
T h is w e e k _____________
S in ce S ep t. 1 ___________

900
6 ,8 6 2 ,4 9 4

1,000
5 ,9 5 9 .8 8 3

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

E x p o rts (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 t a l e x p o r t s _________
N o te .— A ca n ta r is 99 lb s .

T h is
S in ce
week.. S ep t. 1.

2 ,0 0 0 2 12 ,6 0 2
1 76 ,182
r ,6 6 o 3 4 1 ,4 6 4
6 9,4 7 8

3 ,2 5 0 240 ,4 1 3
____ 159 ,454
2 ,5 0 0 363,041
500: 8 0 ,4 1 5

5 ,8 0 0 913 ,115

3 ,0 0 0 7 9 9 .7 2 6

6 ,2 5 0 843 ,3 2 3
1

E g y p t ia n b a le s w e ig h a b o u t 750 lbs.

This statement shows that the receipts for the week were
900 cantars and the foreign shipments 5,800 bales.




lxxxv

.

W O R L D ’S S U P P L Y A N D T A K IN G S OF C O T T O N .—
The following brief but com prehensive statement indicates
at a glance the w orld’s supply of cotton for the week and since
at a glance the w orld’s supply of cotton for the week and since
Sept. 1, for the last tw o seasons, from all sources from which
statistics are obtainable; also the takings, or am ount gone
out of sight, for the like period.
190 5 -0 6 .

190 6 -0 7 .

C otton T akings.
W eek and S eas/n .

W eek .

S ea so n .

W e ek .

S eason .

1,8 7 4 ,9 3 2
V is ib le s u p p ly A u g . 2 3 __________ 2 ,4 2 3 ,9 2 1
2.5 4 5 ,4 7 6
1 ,7 7 9 ,5 2 6
V is ib le s u p p ly S e p t. 1 ___________
115", 782 1 1 ,2 8 0 ,9 5 9
” 69’ 534 1 3 ,5 2 0 ,6 5 6
A m e r ic a n in sig h t t o A u g . 3 0 ___
4.0 0 0 2.5 6 6 ,0 0 0
12,000 3 ,0 7 0 ,0 0 0
B o m b a y r e c e ip ts t o A u g .2 9 ------4 1 8 .9 3 5
7.000
22,000
5 21 .000
O th e r In d ia s h ip ’ ts t o A u g . 29
7 94 ,651
200
100
-9 1 5 ,0 0 0
A le x a n d r ia r e c e ip ts to A u g . 28 _ .
5 16 ,770
4,770
4,0 0 0
4 2 4 .0 0 0
O th e r s u p p ly t o A u g . 28 a ------2 0 ,2 3 0 ,1 8 2 2 ,0 0 6 ,6 8 4 1 8 ,1 2 2 ,7 8 5
D cd u ct—
V isib le s u p p ly A u g . 3 0 __________ 2 ,3 2 3 ,8 4 4

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

207.711 17.9 0 6 .3 3 8
139,611 1 3 .0 5 8 .3 3 8
68,100 4 ,8 4 8 ,0 0 0

T o ta l ta k ln g s to A u g . 3 0 . . . . .
O f w h ich A m e r ic a n ___________
O f w h ic h o t h e r ___ _____________

1,7 7 9 ,5 2 6

227 ,158 1 6 ,3 4 3 ,2 5 9
164,978 I f , 0 2 5 ,9 0 3
62 180 4 ,3 1 7 ,3 5 6

a E m b ra ce s re ce ip ts in E u ro p e fro m B ra zil, S m y rn a , W e st I n d ie s , & c.

COTTON C R O P C IR C U L A R .— Our Annual Cotton Crop
Review will be ready in circular form about Friday, Sept. 6.
Parties desiring the circular in quantities, with their business
card printed thereon, should send in their orders as soon as
possible, to ensure early delivery.
JU TE B U TTS, B A G G IN G , & c.— The market for jute
bagging has been extrem ely quiet during the week, and prices
are nominally unchanged at 9 % c . for 2 lbs., standard grades.
Jute butts continue dull at 3 @ 4 c . for bagging quality.
IN D IA COTTON MOVEMENT FROM A L L P O R T S .—
The receipts of cotton at Bom bay and the shipments from all
India ports for the week and for the season from Sept. 1 for
three years have been as follows.
1 90 6 -0 7 .

A u g u st 29.
'Receipts at—

W eek .

I S in ce
W eek . | S ep t. 1.

4 ,0 0 0 e , 6 9 6 ,0 0 0

G reat
B rita in .

Total.

C o n ti­
n ent.

T otal.

1,000

1,000

1,666

1.000

2,0 0 0

63 ,000 1 ,1 9 6 ,0 0 0 1 ,2 5 9 ,0 0 0
902,304
054 ,9 9 6
52,692
480 .9 9 5
5 02 ,997
22,002

__

3 ,0 0 0
2 .0 0 0
2,000

3 ,0 0 0
2,0 0 0
2,000

10,000
6,638
2,937

152 ,000
123,115
6 0 ,739

162,000
129,753
65,676

3 ,0 0 0
2 ,0 0 0
3 ,0 0 0

3 ,0 0 0
2,0 0 0
3,000

9,000
3,207
3,701

54,0 0 0
57.651
32,3 6 9

63,000
60 ,858
36,0 7 0

13,000
3,0 0 0
7 ,0 0 0

16,000
3 ,0 0 0
11,000

2 3 ,0 0 0
24,6 7 8
23,404

27 3 ,0 0 0
2 0 3 ,6 4 6
2 7 1 ,6 3 6

296 ,0 0 0
228 ,324
295 ,0 4 0

2 0 ,0 0 0
7,0 0 0
13,000

2 3 ,0 0 0
7,0 0 0
18,000

3,0 0 0
4,0 0 0

T o t a l a ll—
1 9 0 6 -0 7 ___________
1 9 0 5 -0 6 .. _______
1 9 0 4 - 0 5 .. . . . . .

S in ce
S ep t. 1.

S in c e S eptem ber 1.

F o r the W eek .
C o n ti­
G reat
B rita in . n ent.

W eek .

4 . 000|2,5 66 ,000

E x p o rts fro m —

B om bay—
1 9 0 6 -0 7___________
19 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 adras—
1 9 0 6 -0 7 ___________
1 9 0 5 -0 6 ___________
1 9 0 4 -0 5 _________
A ll o th e rs—
1 9 0 6 -0 7 ____ ______
1 9 0 5 -0 6 ___________
1 9 0 4 -0 5 ___________

1 9 0 4 -0 5 .

1 90 5-0 6.

S in ce
S ep t. 1.

12,0 0 0 3 ,0 7 0 ,0 0 0

B o m b a y ____________

3,0 0 0
5,000

105 ,000 1,6 7 5 ,0 0 0 1 ,* 8 0 ,0 0 0
87,2 1 5 1 ,2 8 6 ,7 1 6 1,378,931
845 ,7 3 9
897 ,783
52,044

According to the foregoing, Bom bay appears to show an
increase compared with last year in the w eek’s receipts of
8.000 bales. Exports from all ports India record a gain of
16.000 bales during the week and since Sept. 1 show an
increase of 406,069 bales.
M ANCH ESTER M A R K E T .— Our report received by
cable to-night from Manchester states that the market
is firm for yarns and quiet for shirtings. The demand for
both yarns and cloth is im proving. W e give the prices for
to-day below and leave those for previous weeks of this and
last year for comparison.

S in c e ! T h is
T h is
S in ce
w eek. S ep t. 1. w eek. S ep t. 1.

2 2 5 ,2 1 5
209 ,649
3->8,668
119 ,583

2 .5 0 0
____
2 .5 0 0
800

[V o l .

8
lbs. Shirt- Cofn\
ings, common 1 Aftd.
to Jinest.
Upl’s\

32* Cop.
Twist.
July
19
‘J0
Aug
?,
9
16
23
30

d.
10 H
10 %

(4
«e

d. 8. d.
12H 6 9
12H 6 9

<iii 121*
WK
10 15-16 12 5-16
10^
to 123^
10 13-16-12 3-16
12 X
11
@

6
6
6
6
6

9
9
8
7H
8

32* Cop.
Twist.

s. d.
@10 3
@,10 4

d. d.
7.06|9H
7 .1 6 j9 ^

@ 10
@ 10
@ 10
fc 10
@10

7.28 9 5-16 @
7.40,9>i
@1
7 29!9H
<w
7.27;9
@
7.49,8 15-16®

4H
5
4X
4
5

8 K lbs. Shirt­
ings common
to Jinest.
S. d .

@
®

6
6

8
8

6
6
6
6
6

7H @ 9
7 @9
6 @9
5 @9
4H @9

@9
@9

s. d.
9
y
8H
8
7
6
6

A u g . 31 1907.J

B R A Z IL IA N C O FFEE C R O P .— From the “ Brazilian
R eview ” of July 30 we have com piled the follow ing, which
covers in brief form the production of coffee in Brazil and its
distribution for the last four seasons— 1903-04 to 1906-07
inclusive.
Y ea rs en d in g J u n e 30—
R eceipts a t-

190 5-0 6.

1906-07.

190 4-0 5.

B a g s.
I B a gs.
3 ,4 0 6 ,0 3 5 2 ,5 9 1 ,5 6 7
6 ,9 8 2 ,8 8 5 7 ,4 2 3 ,0 0 2
397 ,2 4 4
389 ,3 8 2
179 ,349
229 ,1 1 2
4 0 ,1 0 2
13,780

I B a gs.
R i o ........ ........................... .............. 1 4 ,4 3 9 ,9 6 3
S a n to s _____________________
V ic t o r ia _______________ ______
B a h i a ________________ ______
O th er p o r t s _________________

T o ta l c r o p ................................... 2 0 .4 0 9 ,1 8 0 1 1 ,0 5 5 ,3 7 8 1 0 ,5 9 7 ,0 8 0 1 1 ,1 9 3 ,5 0 6
A v e ra g e w eig h t o f b a g s 60 k ilo s , o r a b o u t 132 lb s.
190 6-0 7.

1905-06.

190 4-0 5.

1903-04.

B a gs.
3 ,4 8 8 ,9 1 6
4 12 ,3 8 4
1 ,0 6 7 ,8 1 3
3 ,1 2 6 ,8 9 4
198 ,624
1 ,4 1 6 ,6 4 4
9 29 ,045
3 31 ,094

B ags.
1 ,9 5 8 ,1 9 5
2 11 ,483
7 96 ,997
8 60 ,9 5 3
216,951
4 34 ,032
823 ,165
356 ,653

B a gs.
1 ,6 2 8 ,2 8 4
178 ,643
4 04 ,3 1 7
3 38 ,632
1 57 ,8 4 0
2 30 ,976
585 ,272
196 ,678

B a g s.
1 ,9 7 4 ,5 0 9
278 ,4 1 4
529 ,050
1,1 1 3 ,8 4 5
131 ,329
323 ,654
582 ,2 1 2
183 ,152

T o ta l E u r o p e _______________ 1 0 ,9 7 1 ,4 1 4
A s ia ............ ....................................
49,828
1 60 ,764
A fr ic a . . ____ _______ . . .
6 ,3 1 0 ,4 5 2
U n ite d S t a t e s _______________
S o u t h A m e r ic a ________________
209,871

5 .6 5 8 ,4 2 9
56,573
172,924
4 ,8 5 3 ,5 1 8
214 ,954

3 ,7 2 0 ,6 4 2
40,681
131,795
6 ,1 6 7 ,4 7 3
162 ,287

5 ,1 1 6 ,1 6 5
40,127
102 ,988
5 ,6 4 6 ,7 2 5
146 ,702

E xp orted to—
G e r m a n y ._ _________ _______
G rea t B ritain . ___________ .
H o l l a n d . . . ________ _______
F r a n c e ------------- ----------------------. . . ___
I t a ly _ _____ . .
B e l g i u m ____ ________________
A u s tr ia -H u n g a r y ______________
O th e r E u r o p e .................... .........

T o t a l e x p o r t s _______________ 1 7 ,7 0 2 ,3 2 9 1 0 ,9 5 6 ,3 9 8 1 0 ,2 2 2 ,8 7 8 11 ,0 5 2 ,7 0 7

J u n e 30—
190 7.
________

|

B ags.
1 ,0 7 1 ,2 2 2
1 ,9 5 3 ,0 5 8

.

T o t a l____________ ___________

3 ,0 2 4 ,2 8 0

1906.

|

B a g s.

190 5.

|

B a gs.

830 ,599

SH IP P IN G N E W S.— As shown on a previous page, the
exports o f cotton from the United States the past week have
reached 14,751 bales. The shipments in detail, as made up
from mail and telegraphic returns, are as follows:
Total bales.
Y O R K — T o L v e r p o o l— A u g . 27— -C e v ic, 853 u p la n d , 16
fo r e ig n ____ A u g . 28— A r a b ic , 802 u p la n d , 66 fo r e ig n ____ _____
1,7 3 6
T o H a v re — A u g . 23— H u d s o n , 389 u p la n d , 15 fo r e ig n __________
404
T o B rem en — A u g . 28— F r ie d r ic h , 8 7 5 ______________________________
875
T o H a m b u rg — A u g . 23— B o s n ia , 1 5 0 ______________________________
150
T o V e n ic e — A u g . 26— G e r ty , 1 5 5 ___________________________________
155
T o T rieste— A u g . 26— -G erty, 4 _____________________________________
4
T o F iu m e— A u g . 26— G e rty , 1 ,0 0 0 ________________________________ 1,0 0 0
G A L V E S T O N — T o L iv e r p o o l— A u g . 2 4 — I n d o r e , 2 ,9 5 6 ______________ 2.9 5 6
T o H a m b u rg — A u g .
1 ,1 8 9 _____________________________________ _ 1,189
T o B a rce lo n a — A u g . . . . 2 ,2 1 6 ____________ ______ __________________ 2,2 1 6
N E W O R L E A N S — T o L iv e r p o o l— A u g . 26— M e x ica n , 3 1 5 ___________
315
T o L o n d o n — A u g . 24— E to n ia n , 2 0 0 _______________________________
200
T o H a v r e — A u g . 24— E to n ia n , 6 7 8 ............................. .............. ..............
678
T o O p o r to — A u g . 23—- P i o I X , 1 0 0 _________________________________
100
T o B a rce lo n a — A u g . 23— P io I X , 9 6 2 _____________________________
962
T o T rieste— A u g . 27— T e re sa , 1 ,2 5 6 _______________________________ 1,2 5 6
B O ST O N -— T o Y a r m o u t h — A u g . 27— B o s t o n , 6 _______________________
6
B A L T IM O R E — T o L iv e r p o o l— A u g . 16— V e d a m o re , 3 0 9 ____________
309
P H IL A D E L P H IA — T o
M a n ch ester— A u g .
13— M a n ch e ste r E x ­
ch a n g e , 153_____________________ __________________________________
153
87
T o H a m b u rg — A u g . 24— B a rce lo n a , 8 7 ____________________________

NEW

T o t a l . . ............. ............................................. ............................ ...............................1 4,751

The particulars of the foregoing shipments for the vreek,
arranged in our usual form , are as follows:
G reat F r e n c h O er- - -O th .E u r o p e — M e x .,
B r ita in , ports, m an y. N orth . S ou th . & c . J a p a n .
N e w Y o r k ______1,736
404 1,0 2 5
____
1,159
G a l v e s t o n ______2,956
____
2,216
....................
____
1,189
515
____
____
2 ,3 1 8
....................
N ew O rle a n s___
678
B o s to n ________
____
B a lt i m o r e ______
309
P h ila d e lp h ia ___
153
87
T o t a l ________

190 4.
B a g s.

C.
c.
c.
c.
c.
c.
. .c .
. _c.

1 ,0 3 4 ,0 6 6 ; 1 .7 0 2 ,0 0 9

SEA ISLA N D COTTON M OVEM EN T.— W e have re­
ceived this (Friday) evening b y telegraph from the various
ports the details o f the Sea Island cotton m ovem ent for the
week. The receipts for the week ending to-night (Aug. 30)
and since Sept. 1 1906, the stocks to-night and th e same
item s for the corresponding periods of 1905-06, are as
follow s:

T o t a l ..................................

1

-------1905-06------This
Since
iveek.
Sept. 1.
2
63,381
10
13,712
____
24,822
____
15,840
____
1,425

57,039

12

119,180

-------Stock----------1907.
1906.
711
1,176
53
21
____
____
____
____
52
10
816

1,207

The exports for the week ending this evening reach a total
o f — bales, of w h ic h ___bales were to Great B r ita in ,____to
France a n d ___to Continent, and the am ount forwarded to
Northern mills has b e e n ___bales. Below are the exports
for the week and since Sept. 1 1906-07 and 1905-06:
W eek end. A u g .30. — Since Sept. 1 1906— Northern Mills
Great Fr'nce
GreatFrance,
Since
Exports trom—
Britain &c. Total. Britain.
& c.
Total. W eek. Sept. 1
Sav an n ah ..............................................................
8,512 2,622 11,134
____ 17,095
C h arleston...................... ............ ........ ........................
..... ........................ ......
2,932
Brunswick, & c_...................................... ........
5
____
5
.
11,132
New Y o r k .................. .................. ........ ........
5,024 1,985 7,009
........................
B o s t o n _________________ _____ ____ ____
275
____
275
Phila. and Baltim ore........................... .. ........
1,387
682 2,009
Total

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

15.203

5,289 20,492

____

31,159

Total 1905-06 .......................................................

30,844

9.153 39,997

____

78,537

A considerable portion of the Sea Island cotton shipped to
foreign ports goes via New Y ork, and some small amounts via
B oston and Philadelphia. Instead of including this cotton
for the week in which it leaves the Southern outports, we fol­
low the same plan as in our regular table, of including it when
actu ally exported from New Y ork, <fcc. The details of the
shipm ents of Sea Island cotton for the week will be found
under the head o f “ Shipping News” on a subsequent page.
Quotations Aug. 30 at Savannah— For Georgias, extra fine,
2 8 @ 3 0 c .; choice, 3 0 @ 3 lc .; fan cy, 34c.

F IR S T BA LE OF W A SH IN G TO N C O U N T Y , M ISS.,
C O T T O N .— The first bale of cotton of the 1907-08 crop
raised in W ashington County, Miss., was received at Green­
ville, Miss., on Friday, August 30th. It classed good m id­
dling, inch and one-eighth staple, and was bought b y A .
B lu m .




1 ,0 8 2

2,301

5,6 9 3

14,751

Cotton freights at New Y ork the past week have been as
follows, quotations being in cents per 100 lbs.:

H a v re
B rem en .

-------1906-07------This
Since
Receipts to Aug. 30—
week.
Sept. 1.
Savannah
.......................
1
34,272
C harleston...................................... ..
8,044
B run sw ick......................... ..
........
8,080
J a ck son v ille_____ ________
____
6,455
New Y ork, & c.................... .
........
188

5 ,6 6 9

T otal.
4 ,3 2 4
6,361
3,511
6
309
240

The exports to Japan since Sept. 1 have been 222,875 bales
from Pacific ports, 10,000 bales from Galveston and 4,642
bales from New Y ork.

Stocks at—

R i o _____________

539

THE CHKONICLE.

S a t.
17
16
a25
18
18
20
26
28

M on.
17
16
a25
18
18
20
26
28

T u es.
17
16
a25
18
18
20
26
28

W ed .
17
16
a2 5
18
18
20
26
28

T h urs.
17
16
a25
18
18
20
26
28

F r l.
17
16
a25
18
18
20
26
28

28
18
32
45

26
18
32
45

28
18
32
45

28
18
32
45

2S
18
32
45

..c . 2 5 @ 3 0
c.
18
32
c.
43
a And 5% .

L IV E R P O O L .— By cable from Liverpool we have the fo l­
lowing statement of the week’s sales, stocks, & c., at that port:
A u g . 9.
Sales o f th e w e e k . ............. b a le s . 3 7 ,0 0 0
O f w h ich s p e c u la to r s t o o k . .
1,000
O f w h ich e x p o r te r s t o o k ____
1,000
S ales, A m e r i c a n __________. . . . 3 1 ,0 0 0
A c t u a l e x p o r t ___________________
3 ,0 0 0
F o r w a r d e d ....................................... 5 8 ,0 0 0
T o t a l s t o c k — E s t im a t e d _______ 8 7 8 ,0 0 0
O f w h ich A m e r ic a n — E s t - - - 7 6 1 ,000
T o t a l Im p o rt o f th e w e e k ______ 12,0 0 0
O f w h ich A m e r ic a n __________
5,0 0 0
A m o u n t a flo a t _________________ 4 5 ,0 0 0
O f w h ich A m e r ic a n .................. 12,000

A u g . 16.
A u g. 23.
A u g . 30.
3 7 ,0 0 0
3 3 ,0 0 0
5 3 ,0 0 0
1,0 0 0
2 ,0 0 0
9 ,0 0 0
2,0 0 0
1,0 0 0
3 ,0 0 0
2 9 ,0 0 0
2 7 ,0 0 0
4 0 ,0 0 0
6,0 0 0
6,0 0 0
6,0 0 0
4 6 ,0 0 0
5 2 ,000
5 0 ,0 0 0
8 5 4 ,0 0 0 8 1 8 ,0 0 0
7 8 0 ,0 0 0
7 2 7 ,0 0 0
6 9 3 .0 0 0
6 5 9 ,0 0 0
2 9 ,0 0 0
2 1 ,0 0 0
17,0 0 0
10,000
7 ,0 0 0
4,0 0 0
3 4 ,0 0 0
2 7 ,0 0 0
3 0 ,0 0 0
6,0 0 0
4 ,0 0 0
8 ,0 0 0

The tone of the Liverpool m arket for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follow s:
Saturday.

Spot.
Market,
12:15
P . M.

M onday.

Tuesday.

W ed’day.

Thursday.

Friday.

Moderate
dem and.

Fair
business
doing.

Good
dem and.

1
J

Q uiet.

Steady.

Moderate
dem and.

M id.U pl’ ds

7.35

7.47

7.44

7.49

7.46

7.49

S a le s _____
Spec.&exp.

6,000
1,000

5,000
500

8,000
1,000

8,000
500

14,000
4,000

12,000
2,000

Steady at
Quiet
Steady at
8 points unch. @ 1 8 points
p t. a d v .
advance.
advance.

Steady at
6 points
decline.

Quiet at
2 * @ 3 pts.
pts. dec.

) Very st’dy Barely st’ y B ’ y st’ y a t Steady at
lp t .dec . @ 8 ^ @ 9 H
>at 6 @ 9 * at 5 @ 9 *
J pts. adv. pts. adv. Y pt. adv. pts. adv.

Firm at
Y @ 1 Pt.
advance.

Quiet at
3 @ 4 pt .
decline.

Steady at
Futures.
Market
\ 4 @ 5 pts.
opened
J advance.
Market,
4
P . M.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis o f uplands, good ordinary
clause, unless otherwise stated.
S at.
A u g . 24
12*
to
12>*
A u g . 3 0 . p .m . p .m .

M on.

T u es.

W ed.

T h u r s.

F ri.

12*
4
12 *
4
4
12 *
12*
4
12*
4
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .

d.
d.
(1 .
d.
A u gust .
6 98
09
05*
A u g .- S e p .
6 86
97 * 93 Y
83
S e p .-O c t
6 T A Y 86
O c t .- N o v .
6 66
77 Y, 74 *
N o v .- D e c .
6 62 * 7 2 * 6 8 *
D e c .- J a n .
71
6 61
67
J a n .- F e b . ____ 6 60
69 m 65 *
F e b .-M e h 66
6 60 Y 70
M c h .-A p r .
67
6 61 Y 71
A p r .-M a y
6 62 W 7 1 * 6 7 *
M ay-Ju n e . . . . 6 6 3 * 7 2 * (68 *
J u n e -J u ly

d.
06*
94 *
81 Y
74 Y
69
67 Y
66
66 Y
67 Y
68
69

d.
d.
d.
06
13
09
01
94
03
97
82
89
90 Y 84
74
81
83
78
69
76
78
72
67 Y 74
76
70
75
66
73
69
66 Y 73 Y 75 Y 70
67 Y 74
76
70
68
74 Y 76 Y 71
69
75
77
72

a
d.
Y 15*
Y 03 «
91
84
78
Y 77
Y 75 Y
76
Y 76 Y
77
77 Y

A
13
01
88
81
76
74
73
73
74
74
75

Y
Y
Y
Y
Y
Y

d.
12*
00 Y
88
81
75 Y
73 Y
72 Y
72 Y
73
73 Y
74

540

THE CHRONICLE.
D A IL Y

BREADSTUFFS.
Friday, August 30 1907.
Prices for wheat flour have advanced, owing to the rise
in wheat and unfavorable crop reports from both the spring
and the winter-wheat belts. The rise, however, has further
restricted business, the trading on some days having come
almost to a standstill. The reports in regard to the markets
at the Northwest and the Southwest, however, have been
m ore encouraging. A t Minneapolis the sales for the week
exceeded the output. Exporters there have shown more
interest in the market. The reports from the Southwest
have been more favorable than for some time past, though
business was hampered b y the telegraph strike. R ye flour
has been quiet and firmer. Corn meal has been dull a n d .
steady.
W heat has advanced, owing m ainly to persistent reports
of damage to the crop at the Northwest, bullish foreign crop
and market advices and general buying. The Liverpool
market has shown not a little strength at times and the same
is true of Berlin. Unfavorable advices have been received
concerning the crops in Russia and Germany. W et har­
vesting weather has been reported in various parts of E u rope,
while in this country winter wheat in stack has been more or
less damaged by excessive rains. Frequent showers have
occurred in the Northwest, where spring-wheat harvesting
is in progress, and are said to have caused damage. The
reports of frost damage have lacked confirmation, owing to
the difficulty of communicating with the Northwest on
account of the telegraph strike, but the claims have caused
active buying, n ot only to cover shorts but also for long
account. The w orld’s shipments have continued small as
com pared with the figures of a year ago. The stock at Min­
neapolis has been decreasing at a rapid rate and reports in
regard to the flour trade at the Northwest have been more
favorable. The export demand, though less active than
recently, has nevertheless been fairly good at times.
H eavy liquidation occurred on the rise, causing some re­
action. There was also more or less short selling b y those
who believe that the damage to spring wheat has been
exaggerated. The temperatures at the Northwest of late
have been warmer. Reports in regard to the crop in Argen­
tina have continued favorable. The domestic cash trade
has been sluggish and stocks at Chicago are very large, the
supply of contract grade being over 10,000,000 bushels.
T o-d a y prices were irregular early as there was more or less
evening up before the holidays, bu t later an advance took
place, ow ing to bullish crop reports from the Northwest,
unexpectedly strong cables, reports that Russian crops esti­
mates are being reduced, predictions of frost for parts of
Canada, an active demand for export, heavy buying b y com ­
mission houses, light Argentina shipments and covering of
shorts.
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN N E W Y O R K .
Sat. M o n . T u es. W ed . T h urs.
F ri.
99%
98%
99%
97%
99
N o . 2 red w in t e r ........ .............................9 7 %
S e p te m b e r d e liv e ry In e le v a t o r ____ 9 8 % 100 % 100 'A 100 %
99 % 100 %
D e c e m b e r d e liv e ry in e le v a t o r _____ 1 0 2 % 104 % 1 0 4 % 104 % 103 % 104 %
M a y d e liv e r y in e le v a t o r .................... 1 0 6 % 1 0 8 % 1 0 8 % 1 0 8 % 1 0 8 % 1 0 8 %
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
Sat. M o n . T u es. W ed .
S e p te m b e r d e liv e r y In e le v a t o r ____ 90
91 %
90%
90%
D e c e m b e r d e liv e ry in e le v a t o r ______9 5 %
97 %
96%
96%
M a y d e lv e r y in e le v a t o r ___________ 1 0 1 % 1 0 3 % 1 0 2 % 1 0 2 %

C H IC A G O .
Th urs.
F ri.
89%
90%
95%
96%
102% 103%

Indian corn futures have advanced, owing to the rise in
wheat, unfavorable weather and crop reports from some
sections, buying b y bulls and commission houses and cover­
ing o f shorts. Excessive moisture has been complained of
and at times the temperatures have been too low . The
Liverpool market has shown considerable strength, influenced
b y unfavorable crop news from this country and Roum ania.
The receipts have been moderate and contract stocks at
Chicago continue at a low stage, am ounting only to about
150,000 bushels. A t times heavy realizing has occurred,
causing some re-action. Larger country offerings have been
reported of late, and some increase in the receipts is expected
shortly. To-day prices advanced, ow ing to the rise in wheat,
unfavorable crop reports from Kansas and Illinois, 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
S a t.
Cash c o r n ....................................................6 5 %
S e p te m b e r d e liv e r y in e le v a t o r ____ 67 %
D e c e m b e r d e liv e r y in e le v a t o r ______ 67
D A IL Y

M I X E D C O R N IN N E W Y O R K .
M o n . T u es. W ed. T h urs.
F r i.
67%
67
66%
67%
68
69
68 %
67 %
68
69 %
68%
66%
67 %
67%
69

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
S a t. M o n . T u es. W ed .
S e p te m b e r d e liv e r y in e le v a t o r ____ 5 9 %
60%
60%
59%
D e c e m b e r d e liv e r y In e le v a t o r ______5 7 %
59%
58%
58 %
M a y d e liv e r y in e le v a t o r ___________ 5 8 %
59%
59
58%

C H IC A G O .
T h urs.
F r i.
59 %
60 %
58 %
58%
59%
59%

Oats for future delivery in the Western m arket advanced
for a time in com pany with other cereals. Many bullish
crop reports have continued to be received from all sections.
Threshing returns indicate a smaller yield than was at one
time expected. The receipts at Chicago have been small
and the proportion of contract grade in the arrivals has
shown no im provem ent , and the stock of contract oats there
has been wiped out. But of late prices have weakened on
heavy liquidation, partly b y leading bulls. There has been a
good shipping demand at Chicago. T o-day prices advanced
with wheat. Many unfavorable crop reports were received,
the offerings were light, shorts covered and bulls gave sup­
port.




M ix e d , 26
t o 32 lb s

Wh i t e

[V o l .

C L O S IN G P R I C E S O F O A T S I N NEW Y O R K .
S a t.
M on.
T u es.
W ed .
T h u rs.

63

63

63

63

.

lxxxv

61

F ri.
58

c lip p e d ,
36 t o 38
l b s ______6 7 % - 6 8 % 6 7 % - 6 8 % 6 7 % - 6 8 % 6 6 % - 6 7 % 6 5 % - 6 6 % 63 -6 5
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 I N 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 lv e r y In e le v a t o r ____ 5 0 %
51%
50%
50
50%
51%
D e c e m b e r d e liv e r y in e e v a t o r ______4 7 %
48%
47%
47%
47%
48%
M a y d e liv e r y in e le v a t o r ___________ 4 9 %
49%
49
48%
48%
49%

The following are closing quotations:
FLOUR.
L o w g r a d e s ______________?3 35 @ > 3 60 K an sas s tr a ig h ts _______ $4 4 0 @ $ 4 55
S e c o n d cle a rs ______. ___ 3 00 @ 3 10 K an sas c le a rs ___________ 3 75 @ 4 10
C l e a r s ___________________ 4 0 0 @ 4 20 B le n d e d p a t e n t s _______ 5 40 @ 6 00
S tr a ig h ts ________________ 4 15 @
4 30 R y e flo u r ............. ................ 4 5 0 @ 5 10
P a te n t, s p r in g __________S 25 @
5 90 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 60 @ 4 80 G ra h am flo u r ___________ N o m in a l.
K an sas p a t e n t ! _______ _ ___ @
___ C o m m e a l_________________ 3 30 @ 3 45
G R A IN .
W h e a t, p e r b u s h .—
C o m , p e r b u s h .—
c.
>T. D u lu th , N o . 1 . . . ________ 115
N o . 2 m i x e d _______ ____f .o .b .6 8
N . D u lu th , N o . e ____ f . o . b . . l l 3
N o . 2 y e llo w , n e w ____ f . o . b . 7 0 %
N o . 2 w h ite , n e w ______ I . o . b . 6 9 %
R e d w in te r , N o . 2 -------I .o .b . 99
R y e , p e r b u s h .—
-------I .o .b . 88
H a rd
“
“
N o . 2 W e s t e r n __________
86 @ 90
O ats— p e r b u s h .—
S ta te an d J e r s e y _______ N o m in a l.
N o . 2 w h i t e ..................... 60
@ 62
B a rle y — M a l t i n g ________
87 @ 90
N o . 2 m i x e d ___________
58
F e e d in g ------------------------- N o m in a l.
N o . 2 w h ite , c l i p p e d . . 63
@ 65

G O V ERN M EN T 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 o f
the United States W eather Bureau, made public on Tuesday
the telegraphic reports on the weather in the various States
for the week ending Aug. 26, summarizing them as follows:
T h e w e e k e n d in g A u g u s t 26 1907 w as a b n o r m a lly c o o l in th e u p p er L a k e
r e g io n , ce n tra l v a lle y s a n d m id d le P la te a u r e g io n , and lig h t t o h e a v y frosts
o c c u r re d in n e a r ly all o f th e e x tr e m e n o rth e rn S tates fro m M o n ta n a t o
N ew Y o rk .
T h e te m p e r a tu r e c o n d it io n s o n th e A t la n t ic an d P a cific C oa sts
d iffe re d b u t slig h tly fro m th e n o r m a l, w h ile in th e G u lf S tates th e w e a th e r
w as c o n s id e r a b ly w a rm e r th a n u su a l, e s p e c ia lly in th e w e stern d is tric ts .
D r o u g h t co n tin u e s in N e w Y o r k , n o rth e rn O h io , a n d w e stern A la b a m a ,
a n d w ith in cre a sin g s e v e r ity o v e r th e gre a te r p a r t o f T e x a s . I t has been
p a r tia lly re lie v e d in N e w E n g la n d , O k la h o m a and S o u th D a k o t a , and w h o lly
r e lie v e d in n o rth e rn N e w J e r s e y , P e n n s y lv a n ia , M ississip pi, A rk a n sas an d
M issou ri. T h ere w as m o r e th a n th e usual a m o u n t o f clo u d in ess In th e
m id d le an d so u th e rn R o c k y M o u n ta in r e g io n s , K e n t u c k y , T en n essee
a n d th e S o u th A t la n t ic S tates; elsew h ere th e sun sh in e w as a b o v e th e a v e r ­
a ge. T h e w e e k w as a lm o st e n tire ly free fro m lo ca l sto rm s o f s e v e r it y .

The statement of|the m ovem ent of breadstuffs to market as
indicated below are prepared b y us from figures collected b y
the New Y ork 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—

Wheat.

Flour.

Corn.

Oats.

R ye.

Barley.

bbls.imibs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA&lbs. bu. 56 lbs.
42,071
1,619,042
119,900
125,912
1,030,347
2,643,866
C h ic a g o -----9,900
177,600
78,000
198.000
85.000
M ilw aukee..
49,655
140,802
2,000
* D u lu th ___
10,000
81,750
19". 520
156,120
568,460
43,990
201,870
Minneapolis.
12,000
515.000
73.000
354,500
16,924
11,506
14,700
D etroit_____
800
25,085
303,181
Cleveland___
49,098
1,268
' 2,600
’ 9 ,036
52,380
825,655
757,800
944,340
St. Louis___
64,000
484,000
13,500
224,400
P e o r ia _____
260,200
1,035,000
271,000
Kansas C ity.
325,265
438,562
379,326

5,002,550
3,715,025
4,106,396

2,553,559
2,7S2,608
3,684,197

5,394,257
5,928,040
4,814,188

356,620
496,383
678,637

92,527
93,666
113,841

Since Aug. 1
1907_____ 1,391,098
1906_____ 1,670,886
1905_____ 1,385,185

24,506,794
24,436,106
21,460,767

10,888,604
10,059,183
13,135,886

15,820,083
19,818,870
23,747,163

854,269
1,591,427
1,881,374

284,555
345,801
456,367

T o t.w k .’07
S a m e w k .'0 6
Same w k .’05

Last week’s report.

Total receipts of flour and grain at the seaboard ports for
the week ended Aug. 24 1907 follow:
Receipts at—
New Y o r k _______
B o s t o n ....... .............
Portland______
P h iladelph ia-------B a lt i m o r e ............
R ic h m o n d ______
New O rleans_____
Newport News____
N orfolk....................
Galveston _______
M o b ile ___________
M o n tre a l................
Total w eek_____
W eek 1906_______

Flour,
bbls.

Wheat,
bmh.

Com ,
bush.

Oats,
bush.

Barley,
bush.

R ye,
bush.

6 6 ,1 9 2
3 3 ,6 1 8
321
9 4 ,6 4 9
6 8 ,1 2 4
6 ,7 0 0
1 4 ,9 4 6
1 4 ,2 8 4
3 ,3 2 2

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

1 0 0 ,3 7 5
1 2 1 ,3 1 6

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

6 ,0 0 0
1 ,6 7 0

1 1 ,7 0 0

______

______
______

___
47,000

______
______
______

______
______
______

______
318,492

82,786

1,200

1,047,059
1,664,177

90,456
26,072

1 5 ,5 0 9

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

3,150
30,659

680,524

______
37,000
13,000
210,323

335,965
387,731

3,685,182
4,444,691

742,944
666,452

______
______

2 ,6 0 9

74,477

a Receipts do not Include grain passing through New Orleans fo r foreign ports on
through bills of lading.

Total receipts at ports from Jan. 1 to Aug. 24 compare as
follows for four years:
Receipts of—
1907.
F lo u r __________________ bbls. 12,118,597

1906.
10,564,182

1905.
6,779,621

1904.
11,519,824

W heat________ ________ bush.
C orn.................. ______________
O ats________ ______________
Barley _____ ______________
R y e . ............... ______________

62,689,637
70,755,657
35,456,073
3,295,633
1,287,785

57,065,189
73,337,762
49,980,665
7,605,573
943,255

17,019,210
69,558.532
33,420,754
4,653,296
251,599

29,931.514
36,900,944
28,317,920
2,067,957
545,282

Total g ra in ..................... .. .173,484,785

188,932,444

125,503,391

97,763,617

The exports from the several seaboard ports for the week
ending Aug. 24 1907 are shown in the annexed statement:
Oats,
bush.
24,076
21,595

Wheat,
Exports from—
bush.
New Y o rk ..............
381,903
P ortlan d ...............
112,000
B o s t o n __________ 457,356
P h iladelph ia ------ 330,180
B altim ore_______
204,000
Newport News___
48,000
New O rlean s____
72,000
Charleston----------------N orfolk..................
G alveston_______
109,038
M obile....................................Montreal________
526,443

Corn, Flour,
bbls.
bmh.
377,546 56,137
321
" 6 ,850 26,039
136,321 29,521
7,930
135,556
14,284
6,683
71,039
3,322
1,950
3,150
10,535

102.855

Total week____2,240,920
Week 1906 ............ 2,060,511

956,231 159,872
384,420 192,246

150,048
426,986

24,920
13,000
190,999

""1 2 0

Rye, Barley,
bush.
bush.
21,595

Peas,
bush.
825

:::::
-----

"V, 420

■ "3 6

..........
:::::
21,595
24,994

-------31,557

855
2,191

The destination of these exports for the week and
July 1 1907 is as below:
---------- Flour------------------------IFheal--------------------------- Corn-

Week
Exports }orweek and Aug.24.
since July 1 to—
bbls.
United K ingdom ___
Continent__________
So. &Cent. Am er___
W est In d ies_______
Brit. N o. A m .C o ls ..
O ther cou n tries____

89,929
23,763
20,453
24,801
767
99

Since
July 1

Since
July 1

Week

1907.

A ug. 24.

bbls.

bush.

Week
Aug. 24.
bush.
bush.
1907.

643,137 1,422,817 10,388,130
388,331
818,103 3,583,178
115,362
83,030
210,217
4,900
10,223
98,694
17,720

T otal...................... 159,872 1,465,964 2,240,920 14,076,958
Total 1906 ________ 192,246 1,322,643 2,060,511 10,494,271

540,825
352,282
26,156
29,260
6,850
858

Since
July 1
1907.

bush.
,899,465
,093,466
81,830
367,950
12,266
5,244

956,231 11,460,221
384,420 5,674,943

The visible supply of grain, comprising the stocks in gran
ary at the principal points of accumulation at lake and sea
board ports Aug. 24 1907, was as follows:
Wheal,
bush.

New Y o r k _____________ 1,431,000
“
a flo a t ______ _________
B o s t o n ....... ...................
565,000
966,000
Philadelphia ................
B altim ore......... ............ .. 1,137,000
New O rlea n s __________
169,000
G alveston_____________
554,000
M o n tr e a l_____________
833,000
T o r o n t o ______________
_______
Buffalo ______________ 1,809,000
_______
a flo a t ______
T o l e d o _______ _____ 1,617,000
“
a f lo a t ______
_______
D etroit ....... .......... ........
328,000
“
a f lo a t ______
_______
Chicago _______________11,312,000
a flo a t ______
_______
M ilw aukee......................
288,000
a flo a t ______
_______
Fort W illiam __________ 3,083,000
Port Arthur___________ 4,040,000
D u lu th ....... .................
2,574,000
“
a flo a t ______
_______
Minneapolis __________10,224,000
St. L o u i s . .. .................. 3,751,000
a flo a t ______
_______
Kansas C ity....... ............. 4,631,000
P eoria_________________
3,000
In d ia n a p olis................ ..
781,000
_______
O n Mississippi R iver___
On Lakes_____________
912,000
O n Canal and R iver___
510,000
Total
Total
Total
Total
Total
Total

A ug. 24
A ug. 17
A ug. 25
Aug. 26
A ug. 27
A u g .29

541

THE CHRONICLE.

A u g . 31 1907.]

1907.-51,518,000
1907_.50,953,000
1906.-31,229,000
1905. .12,912,000
1904.-11.988,000
1903.-13,203,000

Corn,
bush.

Oats,
bush.

Rye,
bush.

Barley,
bush.

361,000

188,000

166,000

10,000

200,000
275.000
988.000
140.000
108.000
94,000

9.000
74.000
45.000
50.000

2,666

285,666
3.000
41.000

*7~666

85,000

VoV.ooo

112,666

28,000

154,660

153,666

io",66o

108,666

18,000

17,000

152,000

120,000

2i¥,666

101,000

47,000

1,000

7,000

24.000

50.000

<,000

63,000

’ '27,000
73.000

’ o4,666

36,000
2 ,000

35.000
15.000

160*,000
118,000
174,000

" 55,666

183,000
42,000

37,000
108,000

3.883.000
4.925.000
2.507.000
5.106.000
3.898.000
5.888.000

1,622,000
1.348.000
5.870.000
10,374,000
6.329.000
6.996.000

63.000
186,000
36.000

12,000
4,000

593.000
600.000
1.357.000
852.000
1.004.000
568.000

249.000
363.000
846.000
737.000
814.000
689.000

TH E D RY GOODS T R A D E .

been considerable trading between second-hands. Bleached
goods continue exceptionally firm, and prominent lines are
not to be bought except “ at value.” Where possible, buyers
are substituting low -count goods, which are consequently
very firmly held. W ide sheetings, sheets and pillow cases
have been quiet and unchanged. Manufacturers of coarse,
colored cotton goods are favorably situated in the matter
of forward sales, and with a strong raw material market
prices show a hardening tendency. Linings have been
m oderately active at the recent advances. Napped goods
are particularly scarce for near-by delivery and are firmly
held. Prints continue active, and sales during the week
have been fully up to the recent big average. Announce­
ment of a further advance in price is expected shortly.
Ginghams are very strong and future sales have been heavy.
Print cloths have been quiet, principally owing to the fact
that manufacturers have no goods to offerf or near-by ship­
ment and buyers are well covered ahead. Prices, howfcver,
continue very strong.
W O OLEN GOODS.— Sellers have been somewhat sur­
prised during the week to find a revival of interest am ong
buyers in the m en’s wear woolen and worsted goods market,
as they were anticipating a quiet "betw een seasons” period.
There has, however, been some fair buying during the week
of low-grade lines, and sentiment, in consequence, has be­
come more cheerful. It was known, of course, that buyers
would have to come into the market later on and operate
with a good deal of freedom, owing to the smallness of initial
ordering; but it was hardly expected that this purchasing
would make itself felt for some time to com e, and its appear­
ance therefore has been all the more welcom e. There is
little new business in heavy-weights, but manufacturers are
busy trying to keep up their deliveries, and not always with
success. Complaints of slow deliveries are frequent, and
are m ainly due to the inability of the manufacturer to secure
yarns from the spinner. There has been little change in the
character of business in the dress goods market during the
week, but buying has been on a moderately active scale,
and the situation generally is regarded as satisfactory. It
is becom ing more and more evident that plain staple goods
will largely predominate this season and that fancies will be
comparatively quiet. The number of lines of fancies already
shown has been unusually small, and the season is already
pretty well advanced. Prices are very firm, and further
advances would not be surprising.
FO REIG N D R Y GOODS.— Im ported woolen and worsted
dress goods are quiet and without particular feature. Silks
are quiet with buyers still hesitating. R ibbons have been
in good demand. Linens continue very strong with buyers
complaining of slow deliveries. Burlaps are slightly firmer.

IM PO RTS
EN TE RE D
FOR
CO N SU M PTION

$

3,206,278

Week Ending
Aug. 2 4 1907.
Pkgs.
Value.

......... ...........................1 0 ,5 1 9

Mantt&dsraea of—

Total

FOR
THE
WEEK
AND
SINCE
1906 .

$

8 6 ,1 8 4 ,1 4 8

Since Jan. 1 1 9 0 6 .
Pkgs.
Value.

344,227

JA N . 1
1907 AND

$

2,466,992

Week Ending
Aug. 25 1906.
Pkgs.
Value.

10,310

$

100,369,747

Since Jam.l 1907.
Pkgs.
Value.

390,430

559,257 1 0 3 ,886 ,64 3

215,030
344,227

1,398
387,22834,999
10,327,696 1,021
286,317
31,536 9 ,7 3 2 ,2 4 8
W o o l --------- -------------------Cotto* ------ ---------------------------------------2,946
971,640 106,797
34,195,098 2,361
704,90698,4983 0 ,361,191
S i l k ----------1,830
9 80,73160,695
31,956,916
1,612
761,332
49,249 2 5 ,0 0 1 ,0 2 9 .
1,670
432,51860,979
13,9f6,1 91
1,517
315,839
61,896 1 2 ,7 4 2 ,8 0 6
F l a x ----------- -------------------M iscellaneous ................
2,675
434,161 126,960
9,939,846 3,799
398,598
103,048 8 ,3 4 6 ,8 7 4

607,692
2,466,992

W AREH OU SE
W IT H D R A W A L S
TH RO W N
UPON
THE
M ARKET.
M anufactures o f—
W o o l ........... ........................
454
169,310 11,172
3,582,182
494
154,817
10,468 3,377 515
C o t t o n _____
709
241,42922,777
7,320,318
538
167,675
18,195 5 ,6 2 4 ,7 6 9
S i l k ............. ................................................
259
139,366 7,932
4,273,521 280
136,052
7,658 4 ,3 6 3 ,9 8 #
F l a x ............. ........................................................................
540
151,75715,734
3,882,682 386
87,18812,1062 ,6 3 1 ,3 9
M is c e l la n e o u s ________ _____________
2,755
102,956 93,626
2,434-,884 1,465
61,960 166,603 1 ,7 0 4 ,8 2 9

3,074,684

1 7 ,7 0 2 ,4 9 s
6 ,1 8 4 ,1 4 8

13,473

530,687 105 ,4 9 8 ,6 0 1




3,163
10,310

200 ,0 2 2

121,869,334

2,8 4 8

The value of these New York exports since January 1 has
been $7,388,413 in 1907, against $11,423,766 in 1906.
While buying of heavy brown drills and sheetings has not
been active during the week, the condition of the market
is such that prices have held very firm. Mills are well sold
ahead and spot supplies are scarce. Medium and light-weight
sheetings have been in fair request for near-by shipments,
bu t few are available, and in these as in other lines there has

21,493,587
100,375,747

126 ,4 1 5

6

541,671

4 ,1 4 2 ,1 7 0
5 ,8 4 4 ,5 4 9
4 402,241
2,969 226
1,9 5 6 ,2 6 7

261
1,524
179

10

4,011,096

IM PO RTS EN TERED
FORW A R E H O U S E
DURING
SAME P E R I O D .
M anufactures o f —
473
153,185 11.663
4,625;236 764
238,862 13,091
W o o l ...........................................................
C o t t o n . .......................................................
876
301,10424,309
8,127,187 611
187,508
18,702
S i l k _______ _____________
283
136 7008,925
4,639,105
182
84,776
7,779
F l a x ............. ................................................
654
161,64717,507
4,676,543 389
90,544
13,016
M is c e lla n e o u s _________
1,124
81,99377,943
3,094,846 783
124,408
133,872

19,314 453
8 6 ,1 8 4 ,1 4 8

” 40
783

919
1,062
7 5,801
6,7 0 0
3 1 ,288
7,281
17,522
1,452
10,075
36,621
11,301

Since
Jan. 1.

3,193,090

968
15,216
5,617
23,333
3,715
15,056
1,627
9,519
30,809
19,353

45

13,039

T o t a l . ................................................................ 1,254

Week.

125,538,664

G rea t B r ita in _____________________________
4
O th er E u r o p e ____________________________
..........................................
3
C h in a _________________________ _________ ___ ______
I n d i a ______________________________________
2
A r a b ia _____________________________________ ______
A f r i c a _____________________________________
7
W e s t I n d i e s _______________________________ 382
M e x i c o ____________________________________
84
C en tral A m e r ic a ___________________________ 119
S o u th A m e r ic a ____________________________
281
O th er c o u n t r ie s ___________________________ 372

1906---------

Since
Jan. 1.
1,202

m a r k e t e d ............. -..15,236

530,777

834,629140,347
25,162,917 2,729
726,098 186,460
390,430 100,375,747
10,310
2,466,992
344,227

W eek.

Total

4,040,907

3,410
3,206,278

---------190 7---------

New York to August 24—

Total w ith d r a w a ls ____
4,717
804,818 151,241
Entered for c o n s u m p t o n .. 10,519
3,206,678
390,430

im p o r t s ................ ...1 3 ,9 2 9

Total

Total ......... ........................
Entered for c o n s u m p t lu n _ _ 1 0 ,519

sNew York, Friday Night, August 30 1907.
The principal activity in the cotton goods m arket during
the past week has been am ong jobbers, who have been kept
unusually busy b y the large num ber of buyers at present in
the market. These have been operating in a manner that
suggests great confidence in the future, and purchases for Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
fall have been on a very heavy scale. A t first hands the
week’ s business has been light, and commission agents have at this port for the week ending Aug. 24 1907 and since
had a welcome period of quiet after the heavy business trans­ Jan. 1 1907, and for the corresponding periods o f last year,
acted during the past few m onths. There have been some are as follows:
inquiries, however, for goods for near-by shipment, and where
these have been available buyers have been perfectly willing
to pay sellers’ full asking prices; in the m ajority of cases,
however, seekers after such goods have m et with disappoint­
m ent, as few have any for sale. The whole tone of the
market remains very firm, and the scarcity of supplies is
likely to become even more accentuated as a result of the
general shutting down of New England mills during the past
week to enable the operatives to take a week’s vacation prior
to Labor D ay. While this will permit o f necessary repairs
being m ade, it will cause manufacturers to fall still farther
behind with their deliveries and add to the strength of the
statistical situation. While business at first hands has
fallen off tem porarily, it is generally thought that there will
be some good re-ordering after the com ing holiday, and the
whole market continues in a very strong position with no
signs of weakening. E xport business is very dull, with few
inquiries and still less business. There has been some re­
ordering of m en’s wear low-grade woolen and worsted goods
during the week, and a fair am ount of activity has been dis­
played in the dress goods market.
DOM ESTIC COTTON G OO D S.— The exports of cotton
goods from this port for the week ending Aug. 24 were 1,254
packages, valued at $106,980, their destination being to the
points specified in the tables below:

542

State

THE CHRONICLE.

a t ib

C

it y

B

ew u tw ek t

.

N e w s Ite m s.
New York City.— Aqueduct Contract L et.— The contract
for the building o f the Ashokan D am , which is part of the
new 161 million dollar aqueduct, has been awarded to Mac
Arthur Bros. & C o., and W inston & C o., whose join t bid
was $12,669,775. As stated in V. 84, p. 763, this aqueduct
is for the purpose o f bringing water to the city from the
Catskills, in accordance with plans approved b y the Board
o f Estimate and Apportionm ent in O ctober 1905.
B o n d P r o p o s a l s a n d N e g o t i a t i o n s tliis \r^ek
hare been as follows:
Allegheny County (P. 0 . Pittsburgh), Pa.— Bond Offering.
— Proposals will be received until 12 m . Sept. 18 b y F. P.
B ooth, County Comptroller, for S I,000,000 4% coup, bonds.
D enom ination $1,000. Interest semi-annually at the County
Com ptroller’s office. Maturity thirty years. Bonds are
exem pt from taxation. Certified check for 1% of bid, paya­
ble to the County Commissioners, is required.
Argentine School District (P .O . Kansas City), Wyandotte
County, Kan.— Bond Sale.— We are advised that the $25,000
5 % 20-year high-school-building bonds voted b y this district
on June 8 have been sold to the State School Fund.
Asbury Park, Monmouth County, N. J .— Bond Sale.— On
Aug. 19 $100,000 4 ^ % 30-year school-building bonds were
awarded to Edm und Seymour & Co. of New Y ork City at
par and interest. Denomination $1,000.
Atchafalaya Basin Levee District, La.— Note Offering.—
Proposals will be received until 12 m. Sept. 23 by Victor M.
L efebvre, President of the Atchafalaya Basin Levee Board,
at the rooms of the Lafourche Basin Levee Board, Cotton
Exchange Building, New Orleans, La., for $340,000 5 %
notes. A uthority Section 2 of A ct No. 9 of the Acts of Gen­
eral Assem bly for the year 1900. Denom ination $20,000.
D ate, day of acceptance of bid of successful bidder. Interest
annual. Maturity one note yearly from 1911 to 1927 inclu­
sive. Certified check for $5,000 is required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Barberton, Summit County, O.— Bond Sale.— On Aug. 26
the tw o issues of 5% coupon storm-sewer and paving bonds,
aggregating $12,158 05, described in V. 85, p. 481, were
awarded to H ayden, Miller & Co. o f Cleveland at 101.747.
Following are the bids:
H a y d e n ,M ille r& C o .,C le v -_ $ 1 2 ,3 7 0 55| B reed & H a rriso n ,

C in ___$12 ,323 55

Beaver City, Furnas County, Neb.— Bond Offering.— Pro­
posals will be received up to and including Sept. 20 b y W . L.
Leonard, City Clerk, for the $25,000 6% water-works bonds
voted on Aug. 5. Denomination $500. D ate, day of de­
livery. Interest payable at the Nebraska Fiscal A gency in
New Y ork City. Maturity tw enty years, subject to call
after five years.
Beltrami County (P. O. Bemidji), Minn.— Bond Sale.— We
have just been advised that the $l(j0;000 5 % 10-year funding
bonds described in V. 85, p. 52, were awarded on July 9 to
the Harris Trust & Savings Bank of Chicago at 100.94 and
interest.
Big Horn County School District No. 6, W y o .— Bond Sale.
— On Aug. 5 an issue of $7,500 10-year building bonds dated
Aug. 1 1907 was awarded to the First National Bank of
Laramie at par for 5 % s. Purchaser to furnish blank bonds.
Denom ination $500. Interest January and July.
Big River School District, Mendocino County, Cal.— Bond
Sale.— On Aug. 6 an issue o f $6,000 6% 12-year schoolbuilding bonds o f this district, dated July 3 1907, was awarded
to the Bank of Ukiah for $6,281 50, the price thus being
104.691— a basis of about 5.4 6 3 % . Denomination $500.
Interest annual.
Blanchard School District (P. O. Blanchard), Page County,
Iowa.— Bonds Not Sold.— No satisfactory bids have yet been
received for $5,000 5 % building bonds offered on Aug. 1.
Booneville, Davis County, Ark.— Bonds Not Sold.—-No
sale was made on Aug. 10 of the $20,000 4% building bonds
offered on that day.
Bradley County (P. 0 . Cleveland), Tenn.— Bond Sale.—
An issue o f $25,000 5% coupon road-construction bonds of
this county has been purchased b y the Harris Trust & Sav­
ings Bank of Chicago. Denomination $1,000. Date July 1
1907. Interest semi-annually at the Cleveland National
Bank in Cleveland, Tenn. M aturity July 1 1937.
Brainerd, Crow Wing County, Minn.— Bond Sale.— On
Aug. 19 the $39,000 5 % coupon funding bonds described in
V. 85, p. 298, were awarded to the Trow biidge & Niver Co.
of Chicago at par and 6 % interest from date of bonds to day
of delivery. Purchaser to pay cost of preparing bonds. A
bid of $39,235 was also received from Em ery, Andeison &
Co. of Cleveland. Maturity $2,000 yearly on Aug. 15 from
1908 to 1916 inclusive and $21,000 on Aug. 15 1917.




[V o l .

lxxxv

.

Bryson City, Swain County, N. C.— Bond O ffering.—
Further details are at hand relative to the offering on Sept, '2
of the $20,000 5% coupon water-works bonds m entioned in
V. 85, p. 482. Proposals for these bonds will be received
until 8 p. m . on that day b y L. Lee Marr, M ayor. Denom i­
nation $1,000. Date Sept. 1 1907. Interest semi-annually
at the Chase National Bank of New Y ork City. Maturity
Sept. 1 1937. Certified check for 2% of bonds bid for,
payable to L. Lee Marr, M ayor, is required. Bonded debt,
this issue. Assessed valuation for 1907, $250,000.
Butler (Borough), Butler County, Pa.— Bonds Awarded in
Part.— Of the $20,000 4 % coupon funding bonds m entioned
in V. 85, p. 174, $11,000 have been sold to lo c a l’people at
par.
Chelan County (Wash.) Union High School District No. 4.
— Bond Sale.— On Aug. 24 $8,000 school-building bonds
were awarded to the State of Washington at par for 5s.
Following are the bids:
S tate o f W a s h in g to n ( 5 s )______$ 8 ,0 0 0 1S. A . K e a n , C h ica g o ( 6 s )______ $ 8 ,0 0 4
W m .D .P e r k in s & C o S e a t t . (5>S) 8,0 0 0 ]

Denomination $1,000. Date Aug. 24 1907. Interest
annual. Maturity tw enty years, subject to call after one
year.
Chillicothe Independent School District (P. O. Chilli cothe), Hardeman County, Texas.— Bond Offering.— Pro­
posals will be received until 12 m ., Sept. 5, b y L. W . Allred,
Secretary Board of School Trustees, for the $15,000 5%
coupon school-building bonds registered b y the State Com p­
troller (V. 85, p. 482) on Aug. 16. Denomination $1,000.
Date June 13 1907. Interest annually in Austin, T exas,
New York and Fort W orth. Maturity tw enty years, su bject
to call after ten years. Bonds are exem pt from tax.
Christian County (P. O. Hopkinsville), K y .— Bond Sale.—
On Aug. 6 $100,000 5% turnpike-extension bonds were
awarded to Walter F. Garnett & Co. of Hopkinsville at 103
and accrued interest. These bonds are authorized b y a vote
of 3,329 to 1,653 cast at election held N ov. 6 1900 under
Section 4748B, K entucky Statutes. Denomination $1,000.
Date July 1 1907. Interest semi-annual. Maturity July 1
1937, subject to call after July 1 1927. A like issue of bonds
was awarded in June to E. H . Rollins & Sons o f Chicago.
If the above sale takes the place of the former one, we are
not informed as to w hy the earlier sale failed of consum ­
mation.
Cleveland Heights, Ohio.— Bond Offering.— Proposals
will be received until 12 m. Sept. 10 b y William G. Phare,
Village Clerk, at the Fairmount Post Office in said village,
or at his office, No. 204 American Trust Builidng, Cleveland,
for the following bonds:
$ 20 ,466 4 X ’ % c o u p o n L ee R o a d Im p ro v e m e n t assessm ent b o n d s.
A u th o r ­
i ty , S e c tio n 1 53 6-2 81, R e v is e d S ta tu te s.
D e n o m in a tio n
$ 1 ,0 0 0 , e x c e p t o n e b o n d o f $46 6. M a tu rity o n O c t . 1 as
fo llo w s : $1,466 In 1908, $ 2 ,0 0 0 y e a rly fro m 1909 t o 1916
Inclu sive and $3,0 0 0 In 1917.
$1,6 7 2 4 }■£ % c o u p o n L ee Road im p ro v e m e n t (c it y 's p o r tio n ) bonds.
A u th o r it y , S e ctio n 153 6 -2 1 3 , R e v is e d S ta tu tes.
D e n o m i­
n a tio n $ 50 0, e x c e p t o n e b o n d o f $172.
M a tu rity on O c t . 1
as fo llo w s : $172 in 1911 an d $500 In e a ch o f th e years 1913,
1915 and 1917.

The above bonds will be dated the day of sale. Interest
April 1 and Oct. 1 at the Village Treasurer’s office. Cer­
tified check for 10% of bonds bid for, payable to tho. Village
Treasurer, is required. Purchaser to pay accrued interest.
Columbia, Boone County, Mo.— No Bonds Issued.— We
are informed that the $15,000 5% electric-light bonds re­
cently registered by the State Auditor (V. 85, p. 175) were
not secuiities issued b y this city.
Coulee Drainage District (P. O. Collinston), Morehouse
Parish, La.— Bonds Not Yet Sold.— Up to Aug. 26 this
district had not yet disposed of the $35,000 5% coupon
drainage-eanal bonds offered but not sold on July 13. The
Secretary of the district, W indsor Pipes, President o f tho
Bank of Collinston, informs us that he does not think it
would be advisable to re-advertise these securities at this
time, owing to the condition of the m oney market. The
bonds are now being offered at private sale and are described
in V. 85, p. 53.
Crawford County (P. O. Bucyras), Ohio.— Bond Offering.
— Proposals will be received until 12 m. Sept. 6 by J. I.
Smith, County Auditor, for $50,000 5% coupon R oad Dis­
trict No. 1 bonds. Authority, Section 4757-16, Revised
Statutes. Denomination $1,000. Date O ct. 1 1907. In ­
terest semi-annually at the County Treasurer’s office in
Bucyrus. Maturity on Aug. 1 as follows: $17,000 in 1919,
$17,000 in 1920 and $16,000 in 1921. Cash deposit o f $300
is required.
De Leon, Comanche County, Texas.— Bond Sale.— This
city has awarded the $6,500 5% 10-40-year (optional)
water-works bonds registered b y the State Com ptroller on
July 17 (V. 85, p. 238) to H . N. Swain of Dallas at 103.
Denomination $500. Date Jan. 2 1907. Interest semi­
annual.
Des Moines, Polk County, Iowa.— Price Paid for Bonds.—
We are inform ed by Em ery, Anderson & Co. of Cleveland
that the $78,000 4J^% registered eity-hall-site bonds were
awarded to them on July 18 (V. 85, p. 299) “ at a premium
of $1,000, accrued interest and blank bonds” — not par,
as we were at first erroneously advised b y one of the city
officials.

AUG. 31 191)7.'

THE CHRONICLE

513

Door County (P. 0 . Sturgeon Bay), W is.— Bond Sale.— On
Aug. 1 the $18,000 11-19-year (serial) coupon jail-building
bonds dated Sept. 1 1907 and described in V. 85, p. 238,
were awarded to Rudolph K leybolte & Co. of Chicago at
104.611 for 5s— a basis of about 4.572% .

coupon refunding bonds. Denom inations, 17 bonds of
$100 each, 50 bonds of $500 each and 50 bonds of $1,000
each. Date Oct. 1 1907. Interest semi-annual. Maturity
Oct. 1 1940, subject to call after Oct. 1 1917. Bonds are
exem pt from taxation.

Edwards County (P. O. Kinsley), Kan.— Bond Sale.—
This county on July 27 awarded an issue of $20,000 5%
bridge-building bonds to the Kansas State School Fund at
par. Denomination $1,000. Date July 1 1907. Interest
semi-annual. M aturity July 1 1922, subject to call at any
time.

Kalamazoo, Kalamazoo County, Mich.— Bonds Awarded
in Part.— Of the $70,000 4% street-im provem ent bonds and
the $85,000 4% city-im provem ent bonds mentioned in V. 84,
p. 1264, $40,000 of the form er issue and $30,000 of the latter
issue have been awarded to the Sinking Fund Commissioners.

Essex County (P. O. Salem ), M ass.— Note Offering.— Pro­
posals will be received until 11 a. m. Sept. 3 by M oody K im ­
ball and James C. Poor, County Commissioners, for the dis­
count of $125,000 bridge-building notes. A uthority, Chap­
ter 371, Acts of 1903. Date Sept. 3 1907. Maturity March
3 1908.
Exeter, Fillmore County, Neb.— Bond Sale.— We are ad­
vised that the $15,000 5% 5-20-year (optional) coupon
funding bonds offered w ithout success on July 15 (V. 85,
p. 175) have been disposed of at private sale.
F ort Jennings Special School D istrict (P. O. Fort Jen­
n ings), Putnam County, Ohio.— Bonds Not Sold.— All bids
received on Aug. 10 for the $10,000 5 % school-building
bonds described in V. 85, p. 299, were rejected.
Fort Stockton Common School D istrict No. 1 (P. O. Fort
S tock ton), Pecos County, T ex a s.— Bonds Not Sold.— No
award was made on Aug. 15 of the $15,000 5% 15-20-year
(optional) gold registered school-building bonds described in
V . 85, p. 239.
Fram ingham , M iddlesex County, M ass.— Bonds Not Sold.
— No bids were received on Aug. 29 for the $30,000 4%
coupon water bonds described in V. 85, p. 483.
Grand Marais, Cook County, M inn.— Bond Sale.— This
tow n has awarded the $3,500 6% 10-year coupon funding
bonds offered on July 29 (V. 85, p. 176) to Crawford Living­
stone of St. Paul at par.
Greenfield, Franklin County, M ass.— Bond Offering.—
Proposals will be received until 12 m ., Sept. 4, b y William
Blake Allen, Treasurer, for the follow ing bonds:
$ 3 5 ,0 0 0 4

% registered lib r a r y b o n d s.
M a tu rity $ 5 ,0 0 0 on O c t . 15 1908,
$ 1 0 ,0 0 0 o n O c t . 15 190 9, $ 1 0 ,0 0 0 o n O c t . 15 191 0, $ 5 ,0 0 0 o n
O c t . 15 191 1, $ 5 ,0 0 0 o n O c t . 15 1912.
5 ,0 0 0 4 )4 % registered p a rk b o n d s .
M a tu r ity O c t . 15 1914.
14,0 0 0 4V£ % registered s c h o o l b o n d s . M a tu rity O c t . 15 1915.

■ The above bonds will be dated Oct. 15 1907. Interest
semi-annually at the office of the Town Treasurer.
Halbur, Carroll County, Io w a .— Bond Sale.— We are ad­
vised under date of Aug. 22 that the $3,000 5^> 10-vear
water-works bonds offered on Aug. 1 (V. 85, p. 239) have
been disposed of.
Harris County (P .O . Houston), Texas.— Bonds Not Sold.—
No bids were received on Aug. 12 for the $500,000 4% 10-40year (optional) coupon road and bridge bonds described in
V. 85, p. 300.
Horton School District (P. O. Horton), Brown County,
Kansas.— Description of Bonds.— We are inform ed that the
$12,000 5% school-buliding bonds recently awarded to the
State School Fund at par (V. 85, p. 239), are dated Sept. 1
1907. Denom ination $500. Interest semi-annual. Ma­
turity tw enty years, subject to call after ten years.
Huntingdon, Carroll County, Tenn.— Bond Offering.—
Proposals will be received until N ov. 1 b y W . W . Murray,
M ayor, for $10,000 6% coupon street-improvement bonds.
Denom ination $500. Date D ec. 1 1907. Interest semi­
annually at the Bank of H untingdon. Maturity D ec. 1 1927.
Bonded debt at present, $18,000. No floating debt. As­
sessed valuation for 1907 is $437,000.
Huxley Independent School District (P. O. Huxley), Story
County, Iowa.— Bond Sale.— On Aug. 10 the $5,800 5 %
coupon school-building bonds maturing part-yearly on June
1 from 1912 to 1916 inclusive, described in V. 85, p. 362,
were awarded to Em ery, Anderson <fc Co. of Cleveland at
par.
Ishpeming, Marquette County, Mich.— Bond Sale.— This
city has awarded $35,000 5% water-main and pump-house
construction bonds offered on July 15 to Mason, Lewis & Co.
of Chicago at 102.03 and accrued interest. The following
bids were received:

K ing County (P. O. Guthrie), T exas.— Bond Sals.— This
county has awarded the $1,575 4 % 5-10-year (optional)
bridge-repair bonds registered b y the State Comptroller on
June 25 (V. 85, p. 55) to the State School Fund at par.
Lafourche Basin Levee D istrict, L a .— Note Offering.—
Proposals will be received until 12 m. Sept. 23 by Victor
Maurin, President of the Lafourche Basin Levee Board,
Cotton Exchange Building, New Orleans, L a., for $340,000
5 % notes. A uthority Section 2 of A ct No. 9 of the Acts of
the General Assem bly of 1900. D enom ination $20,000.
Date, day of delivery. Interest annual. M aturity $20,000
y eaily from 1911 to 1927 inclusive. Certified check for
$5,000 is required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Libertyvilie School D istrict N o. 70 (P. O. Liberfcyville),
Lake County, 111.— Bonds Awarded in Part.— Of the $10,000
4% school-building bonds, bids for which were rejected on
July 25 (V. 85, p. 301), $3,000 have been sold to local in ­
vestors at par.
Lorain Tow nship (P. O. W orth in gton), M inn.— Bond
Sale.— On Aug. 26 $1,850 10-year refunding bonds were
awarded to G. W . Patterson for $1,887 50 (102.027) for 5s.
Denominations: 4 bonds of $300 each and 2 bonds of $325
each. Date Sept. 2 1907. Interest annual. M aturity
Sept. 1 1917.
M abton, Yakim a County, W a sh .— Bond Sale.— This town
has awarded the $7,000 20-year coupon water-works bonds
and the $7,000 15-year coupon funding bonds offered on
Aug. 1 to the State o f W ashington at par for 5s. For de­
scription of these securities see V. 85, p. 240.
McMechen, Marshall County, W . V a .— Bond Election.—
The election to vote on the question of issuing the $25,000
5% sewerage bonds mentioned in V. 85, p. 301, will be held
Sept. 5. Maturity from 1917 to 1937 inclusive.
M amaroneck, W estchester County, N. Y . — Bond Sale.—
On Aug. 21 $100,000 sewer bonds were awarded to Rudolph
K leybolte & Co. of New Y ork City at 100.215 for 4.60s.
The follow ing bids were received:
R u d o lp h K le y b o lt e & C o ., N ew Y o r k (fo r 4 .6 0 s ) ________________ $ 1 0 0 ,2 1 5
A . B . L e a ch & C o ., N e w Y o r k (fo r 4 .7 0 s ) _______________________ 100 ,2 4 5
O 'C o n n o r & K a ’n ler, N e w Y o r k (fo r 4 .7 0 s ) _____ _________________ 1 0 0 .2 3 7
N . W . H arris & C o ., N e w Y o r k (fo r 4 .8 7 5 s )____________________ 100 ,0 1 8

00
00
50
00

Denomination $1,000. Date Sept. 1 1907. Interest
semi-annual. Maturity $4,000 yearly on Sept. 1 from 1912
to 1936 inclusive.
Marion County (P. O. Marion), Ohio.— Bond Sale.— On
Aug. 10 this county awarded $5,700 5% turnpike assessment
bonds to W . H . Harkness of Marion at 101. Denomination
from $220 to $450. Date Sept. 1 1907. Interest semi­
annual. M aturity one bond every six m onths.
Marseilles School District No. 155 (P. O. Marseilles), La
Salle County, 111.— Bonds Not Sold.— No sale was made on
Aug. 26 of the $15,000 4% 8-22-year (serial) school-building
bonds, a description of which was given in V. 85, p. 427.
Marshall, Harrison County, Texas.— Bond Offering.— 'T his
city will offer at public auction at 4 p. m ., Sept. 10, $60,000
5% 10-40-year sidewalk-paving bonds dated April 1 1907.
Interest January and July at the H anover National Bank
in New Y ork City. Successful bidder will be required to
deposit a check for $1,000, certified b y any bank in Marshall
and made payable to H . S. R ice, City Secretary.
Massey, Ont.— Debenture Offering.— Proposals will be re­
ceived until 5 p. m ., Sept. 15 (this date falls on Sunday,
but is so given in the official advertisem ent), b y R obert
Wright, Town Clerk, for $10,000 5% debentures. Interest
annual. M aturity part yearly for tw enty years.
M ason , L e w ls& C o ., C h ic .a $ 3 5 ,710 5 0 I S . A . K e a n , C h ic a g o _____ $35 ,0 7 0 00
O ’C on n or & K a h le r, C h ic . « 3 5 ,4 4 4 50 A . J. H o o d & C o ., D e tro ita 3 5 ,0 5 fi 00
Matawan Township School District (P. O. Matawan),
W . J. H a y e s& S o n s , C le . a35 ,351 3 1 1A . B . L e a ch & C o .. C h i c . .a 3 5 , 025 00
N. J .— Bonds Not Sold.— No bids were received on Aug. 20
-----------|W m . G . M a th e r, C le v e ___ a3 4 ,3 0 0 00
a A n d a ccru ed Interest.
for $16,000 4 ^ % school bonds offered on that day. D e­
A uthority, Section 4, Chapter 10 of the City Charter, nomination $500. Interest semi-annually at the Farmers’
and election held June 21 1907. Date July 1 1907. De­ & Merchants’ Bank at Matawan. M aturity $1,000 yearly
nomination not less than $500 or more than $1,000, as m ay on May 1 from 1915 to 1930 inclusive.
be desired by the successful bidder. Interest annually in
Menominee County (P. O. Menominee), Mich.— Bond Offer­
Chicago or New York. M aturity $2,500 yearlv from 1908 ing.— J. C. Guay, County Treasurer, is offering for sale the
to 1914 inclusive, $7,500 in 1915, $5,000 in' 1916 and $5,000 $20,000 43^% agricultural-school-building bonds voted on
in 1917.
May 20. See V. 84, p. 1264. Denom ination $500. Interest
Jackson, Jackson County, Mich.— Bond Sale.— We are ad­ annually on April 1 at the County Treasurer’s office. Ma­
vised that the issue of $115,000 4 % paving and sewer bonds turity April 1 1922.
offered on Aug. 5 has been awarded to the Jackson City
M'idletown, Butler County, Ohio. —Bond Sale — On Aug.
Bank of Jackson at 101.50. Bonds are.dated Sept . 3 1907.
26 the $1,219 40 4% 1-10-year (serial) coupon W oodside
Jefferson County, (P. O. Charlestown) W . V a .— Bond Avenue im provem ent assessment bonds described in V. 85,
Offering.— Proposals will be received until 10 a. m. Sept. 2 p. 383, were awarded to the Merchants National Bank of
by W F. Alexander, Clerk of County Court, for $76,700 4% Middletown for $1,220 40 (100.081) and accrued interest.




544

THE CHRONICLE.

Bond Offering.— Proposals will be received until 12 in.
Sept. 16 b y N. G. Oglesby, City A uditor, for $1,407 60 4%
East Third Street im provem ent assessment bonds. Author­
ity Section 75, Ohio Municipal Code. Denom ination $140 76
Date Aug. 29 1907. Interest semi-annually at the National
Park Bank, New Y ork City. Maturity $140 76 yearly on
Aug. 29 from 1908 to 1917 inclusive. Certified check for
$75 is required. Purchaser to pay accrued interest.

[V o l .

lxxxv

.

$ 2 6 ,0 0 0 ,0 0 0 4 H % c o r p o r a te s to c k fo r v a r io u s m u n icip a l p u r p o s e s , m a tu rin g
M a y 1 1957.
7 .0 0 0 .0 0 0 4
% c o r p o r a te s t o c k fo r w a te r s u p p ly , m a tu rin g M a y 1 1957.
2 .0 0 0 .0 0 0 414 % c o r p o r a te s t o c k fo r th e c o n s tr u c tio n o f th e R a p id T r a n s it
R a ilr o a d .
M a tu rity M ay 1 1957.
5 .0 0 0 .0 0 0 4 )4 % assessm ent b o n d s , m a tu rin g M ay 1 1917.

The above bonds are exem pt from all taxation save for
State purposes. Interest May 1 and November 1.
Bonds or stock issued in coupon form can be converted
Mercer County (P. O. Celina), Ohio.— Bond Offering.— at any time into registered bonds or stock and bonds, or
Proposals will be received until 10 a. m . Sept. 21 b y T . A . stock issued in registered form can be converted at any
Weis, County Auditor, for the following bonds:
time into coupon bonds or stock in denomination of $1,000.
$ 12,500 4
% c o u p o n S m ith R o a d p ik e -im p r o v e m e n t b o n d s .
M a tu rity
Either m oney or a certified check drawn to the order of
on O c t . 1 as fo llo w s : $ 1 ,000 y e a r ly fro m 1908 t o 1912 inW"
'*'* elu siv e a n d $1,500 y e a r ly fro m 1913 t o 1917 in clu s iv e .
the City Comptroller for 2 % of the par value of the stock or
r 14,000 4 }4 % c o u p o n R o m e i a n d J o n e s R o a d p ik e -im p r o v e m e n t b o n d s .
j,,
M a tu r ity on O c t . 1 as fo llo w s : $ 1 ,0 0 0 in 1908, $ 1 ,000 In 1909
bonds bid for must accom pany proposals.
an d $1,500 y e a r ly fro m 1910 t o 1917 in clu sive
Chapter 274 of the Laws of 1904, which applies to the sale
8,000 4 M % c o u p o n K e o p p e l R o a d p ik e -im p r o v e m e n t b o n d s .
M a tu rity
on O c t . 1 as fo llo w s : $500 y e a r ly fro m 1908 t o 1911 in clu s iv e
of bonds of the City of New Y ork, provides that “ all-or‘
a n d $1,000 y e a r ly fro m 1912 t o 1917 in clu s iv e .
7 ,5 0 0
% c o u p o n N ow R o a d p ik e -im p r o v e m e n t b o n d s.
M a tu rity
none” bids cannot be considered b y the Comptroller unless
on O c t . 1 as fo llo w s : $500 y e a r ly fro m 1908 t o 1912 in c lu s iv e
*
a n d $1,0 0 0 y e a r ly fro m 1913 t o 1917 in clu s iv e .
the bidder offering to purchase “ all or none” of the bonds
28 ,500 4^2 % c o u p o n F e lv e r R o a d p ik e -im p r o v e m e n t b o n d s.
M a tu rity
on O ct. 1 as fo llo w s : $2,5 0 0 y e a r ly fro m 1908 t o 1910 in ­
offered for sale shall also offer to purchase “ all or any part”
clu sive a n d $.3,000 y e a r ly fro m 1911 t o 1917 in clu siv e .
2 2 ,0 0 0 4 }4 % co u p o n W ill R o a d p ik e -im p r o v e m e n t b o n d s.
M a tu rity
thereof.
$1,000 ea ch s ix m o n th s fro m A p ril 1 1908 t o A p r il 1 1914
The official notice of this bond offering will be found among
in c lu s iv e , $1,5 0 0 on O c t . 1 1914 an d $ 1 ,000 on A p ril 1 a n d
$1,500 on O c t . 1 in e a ch o f th e ye a rs 1915, 1916 an d 1917.
the advertisements elsewhere in this Department.
Authority, Title 7, Chapter 8, Revised Statutes, as
Norfolk, Norfolk County, V a.— Bond Election. — Local
am ended. Denom ination $500. Date Oct. 1 1907. Inter­ papers state that an election will be held in Septem ber to
est semi-annual. A cash deposit of $100 is required with vote on the question of issuing $100,000 city-hall and audi­
bids for each issue. Five of the above issues of bonds were torium and market bonds.
offered w ithout success as 4s on Aug. 17.
Norristown, Montgomery County, Pa,— Bond Election.—
Mitchell, Scotts Bluff County, Neb,— Bond Offering.— On N ov. 5 the electors of this borough will vote on a propo­
Proposals will be received until 4 p. m ., Sept. 19, for $6,000 sition to issue $300,000 bonds for the paym ent of the floating
6 % water bonds.
Denomination $500. Date June 1 1907. debt, construction of sewers and roadways, enlargement
Interest annual. M aturity June 1 1928, subject to call after and extension of municipal electric plant, im provem ent o f
June 1 1912. Certified check for $300 is required. H . O. park and other municipal purposes.
Eastman is Village Treasurer.
Nutwood Drainage and Levee District, Jersey and Greene
Monessen, Westmoreland County, Pa.— Bond Offering.— Counties, 111.— Bond Sale.— An issue of $250,000 6% bonds
Proposals will be received until 11 a. m . Sept. 10 for $40,000 of this district has been purchased by Farson, Son & Co. o f
43^% school bonds. Denomination $10,000. Date June 1 Chicago. Denominations $500 and $1,000. Date Aug. 1
1907. Maturity $10,000 on June 1 in the years 1922, 1927, 1907. Interest semi-annual. Maturity on Aug. 1 as follows:
1932 and 1937. Bonds are exem pt from taxation. Certi­ $11,000 in 1913, $11,000 in 1914, $12,000 in 1915, $13,000 in
fied check for $1,000 is required. J. M. Jamieson is Secre­ each of the years 1916, 1917, 1918 and 1919, $13,500 yearly
from 1920 to 1930 inclusive, and $15,500 in 1931. Total
tary.
debt, this issue.
Monrovia School District (P. O. Monrovia), Los Angeles
Olean Union Free School District No. 1 (P. O. Olean),
County, Cal.— Bonds Voted.— Reports state that an election
held Aug. 19 to vote on the question of issuing $4,000 bonds Cattaraugus County, N. Y .— Bond Sale.— On Aug. 27 the
$28,000 4J^% 13-22-year (serial) coupon or registered East
resulted in favor of that proposition.
Olean school-building and site-purchase bonds described
Moss Point, Jackson County, Miss.— Bond Offering.— in V. 85, p. 363, were awarded to the Order of Golden Seal,
Further details are at hand relative to the offering on Sept. 3 R oxbu ry, N. Y .
of the $10,000 6% coupon school-building bonds mentioned
Oneida County (P. O. Utica), N. Y .— Bond O ffering.— Pro­
in V . 85, p. 484. Proposals will be received until 8 p. m . posals will be received until Sept. 12 b y H enry W . Roberts,
on that day b y C. M. Fairley, City Clerk. A uthority, County Treasurer, for the $55,000 3 )^ % court-house bonds,
Sections 3415-16-19-20, Mississippi Code 1906. D enom i­ mention of which was made in V. 85, p. 428. Denom ination
nation $500. Date Aug. 1 1907. Interest annually on $1,000. Interest Feb. 1 and Aug. 1. Maturity $5,000
April 1 at Chicago or New Y ork. M aturity one to tw enty yearly on Feb. 1 from 1908 to 1918 inclusive.
years. Bonds are exem pt from all taxes. Certified check
Oxford, Furnas County, Neb.— Description of Bonds.—
for $500, payable to the City Clerk, is required. Bonded
W e are advised that the $15,000 5% 5-20-year (optional)
debt at present, $10,000. Assessed valuation, $1,100,000.
gold coupon water-works bonds awarded on July 31 to the
Murray, Calloway County, K y .— Bonds Not Sold.— No National Construction Co. of South Bend at par (V. 85.,
bids were received on Aug. 23 for the $19,500 4 % 5-20-year p. 485), are dated July 31 1907. Denomination $500.
(optional) coupon water-works and electric-light bonds Interest annually on Jan. 1.
described in V. 85, p. 301.
Park City School District No. 5 (P. O. Park City), Yellow­
Nelsonville, Athens County, Ohio.— Bond Sale.— W e are stone County, Mont,— Bond Sale.— We have just been ad­
advised that the $12,500 4% general-improvement bonds vised that the $15,000 10-20-year (optional) coupon schooloffered bu t n ot sold on Juljr 22 (V. 85, p. 240) have been house bonds offered on July 26 (V. 85, p. 117) were awarded
awarded at private sale to K leybolte & Co. of Cincinnati.
to the State of Montana at par for 4 ^ s .
Newark, Licking County, Ohio.— Bond Offering.— Pro­
Passaic County (P. O. Paterson), N. J.— Bond Offering.—
posals will be received until 12 m . Sept. 9 b y Frank T. Proposals will be received until 2 p. m . Sept. 3 b y William
Maurath, City Auditor, for the following bonds:
T. Fanning, Chairman of Finance Committee of Board o f
$ 5 ,0 0 0 4 K % cou p on
r e fu n d in g b o n d s . A u th o r it y , S e ctio n 2701, R e ­
Chosen Freeholders, for the follow ing bonds:
v ise d S ta tu te s.
D e n o m in a tio n $500.
D ate S e p t. 1 1907.
4 ,0 5 0 5 %

M a tu r ity $ 1 ,0 0 0 y e a r ly o n S e p t. 1 fro m 1910 t o 1914 in clu siv e .
*ow pon s tr e e t-im p ro v e m e n t ( c it y ’ s p o r tio n ) b o n d s . A u th o r it y ,
S e c tio n 2703, 2707 and 2706 R e v is e d S ta tu te s.
D e n o m in a ­
tio n $ 50 0, e x c e p t o n e b o n d o f $ 55 0.
D a te J u ly 1 1907.
M a tu rity $ 1 ,0 0 0 y e a r ly o n J u ly 1 fro m 1908 t o 1910 ln cu s lv e
an d $ 1 ,0 5 0 o n J u ly 1 1911.

Interest semi-annually at the office of the Sinking Fund
Trustees in Newark. Certified check for 5% of bonds bid
for, payable to the City Treasurer, is required. Purchaser
to pay accrued interest.,
New Bremen, Auglaize County, Ohio.— Bond Sale.— This
city has awarded the four issues of 5 % coupon street-improvement bonds offered on Aug. 1 and Aug. 5 to the First City
Bank of New Bremen as follows: $5,500 Washington Street
(village’s portion) bonds for $5,710, the price thus being
103.818; $1,000 Main Street (village’s portion) bonds and
$1,000 Monroe Street (village’s portion) bonds at 101.9485
and $1,000 First Street (village’s portion) bonds at 101.095.
For description of these securities see V. 85, p. 177 and 117.
New Haven, Fayette County, Pa.— Bonds Not Sold.— Up
to Aug. 24 no award had yet been made of the $11,500 4 ^ %
gold coupon refunding bonds offered on Aug. 5. See V. 85,
p. 301, for description of these securities.
New York C ity.— Bond Offering.— Proposals will be re­
ceived until 2 p . m. Sept. 10 b y Herman A. Metz, City
Comptroller, for $40,000,000 4 Y%% gold registered or coupon
corporate stock and bonds as follows:




$70 ,0 0 0 4 H % c o u p o n b o n d s fo r th e r e b u ild in g o f S tra igh t Street B rid g e
in th e c it y o f P a te rs o n an d fo r o n e h a lf o f th e co s ts o f re­
b u ild in g th e W a g a r a w B rid g e o v e r th e P a ssa ic R iv e r b e ­
tw e e n th e c o u n tie s o f B ergen and P a ssa ic.
M a tu rity on
S e p t. 1 as fo llo w s : $ 1 0 ,0 0 0 In e a ch o f th e years 1914, 1 91 *
and 1916 and $ 40 ,000 in 1927.
20,000 4J4 % c o u p o n b o n d s fo r th e c o n s tr u c tio n o f a b r id g e b etw een th e
co u n tie s o f B ergen and P a ssa ic o v e r th e P a ssa ic R iv e r .
M a­
tu r ity S e p t. 1 1919.

Denomination $1,000. Date Sept. 2 1907. Interest
semi-annually at the First National Bank of Paterson.
Certified check for 1% o f bid, payable to John L. Conklin,
County Collector, is required. Bonds to be delivered on or
before Oct. 1. Purchaser to pay accrued interest.
Penetanguishene, Ont.— Debentures Not Sold.— No sat'sfactory bids were received on Aug. 20 for the $23,000 4J^%
high-school debentures, the $15,000 4J^% public-school
debentures and the $2,150 4 % cement-sidewTalk debentures
described in V. 85, p. 428.
Petersburg School District (P. O. Petersburg), Pike
County, Ind.— Bond Sale.— On Aug. 27 an issue o f $4,000
5% school bonds was awarded, it is stated, to Breed &
Harrison of Cincinnati.
Philadelphia, Jefferson County, N. Y .— Bond Ojfbring.—
Proposals will be received until 12 m . Sept. 2 by J. H . La
R u e, Village President, for $6,000 coupon or registered
electric-light bonds. Denomination $500. Date Sept. 15
1907. Interest payable semi-annually at the Bank of Phila­
delphia, N. Y ., in New York exchange. M aturity $500

A u g . 31 1907.(

54 5

THE CHRONICLE.

yearly on Sept. 15 from 1912 to 1923 inclusive. These bonds
were authorized b y a vote of 95 to 29 at election held Aug. 5.
Platteville, Grant County, W is.— Bond Offering.— Proposals will be received until 6 p. m ., Sept. 3, b y Phil. D .
Hendershot, City Clerk, for $20,000 4 Yi°7o coupon sewerage
bonds. Denom ination $1,000. Interest March 15 and
Sept. 15 at the Commercial National Bank in Chicago.
Maturity tw enty years. Bonded debt, including this issue,
$46,000. Assessed valuation, $2,830,376. These securities
take the place of the $20,000 4% sewerage bonds awarded
on July 10 to the Harris Trust & Savings Bank of Chicago
(V. 85, p. 178), which sale was never consum mated.

H o e h le r * C u m m in g s, T o l . $ 63 ,107
S e cu rity S av in g s B a n k &
T r u s t C o ., T o l e d o ______ 63,0 0 7
I R . K le y b o lt e & C o . , C in e . 62,7 0 2
i; H a y d e n ,M ille r & C o ., C le v . 62,5 3 7

0 0 1W . J. H a y e s & S o n s, C le v _ $ 6 1 ,698
(O tis & H o u g h , C le v e la n d . 6 0 ,6 5 5
00 S. A . K e a n , C h ic a g o ______ 60,601
50 |D en ison
&
F a rn sw o rth ,
50 j C l e v e l a n d .._____________ *2 6 ,0 6 8

00
00
50
00

* F o r $ 2 5 ,0 0 0 J o s e p h C o x S to n e R o a d b o n d s .

Redondo, Los Angeles County, Cal.— Bond Sale.— On
Aug. 19 the $30,000 5% 15-year city-hall bonds voted on
Aug. 5 (V. 85, p. 429) were awarded, it is stated, to J. G
Adams & Co. at private sale.
Republic Township School District (P. O. Republic),
Marquette County, Mich.— Bond Sale.— On Aug. 1 the
$30,000 5% coupon high-school-building bonds described in
V. 85, p. 241, were awarded to the Commercial Bank o f
Pontiac, Oakland County, Mich.-—Bond Sale.— On Aug. Iron Mountain at 101. Interest annually on March 1 at the
19 the $26,000 5 % paving bonds dated Aug. 5 1907 and First National Bank of Chicago. Maturity $2,000 yearly
described in V. 85, p. 428, were awarded to the Am erican on March 1 from 1908 to 1922 inclusive.
Savings Bank of Pontiac at 100.096 and accrued interest.
Richmond (P. O. Torah), Stearns County, Minn.— Bond
Following are the bids:
O ffering.— Proposals will be received until 7 p. m . to-da y
A m e r ic a n S a v . B k ., P o n tla c .$ 2 6 ,0 2 5 |S. A . K e a n , C h ic a g o _________ $ 2 6 ,0 1 3 I
(Aug. 31) b y the Village Council for the $8,000 6% waterMaturity $5,000 yearly on N ov. 1 from 1908 to 1912 works-and-sewerage-system-construction bonds voted on
inclusive and $1,000 N ov. 1 1913.
July 24. Denom ination $500. Date July 15 1907. Interest
Preble County (P. O. Eaton), Ohio.— Bond Sale.— On semi-annual. Maturity on July 15 as follows: $1,500 in each
Aug. 24 the tw o issues of 4 % ditch bonds, aggregating of the years 1913, 1915 and 1917 and $3,500 in 1919. John
$5,100, described in V. 85, p. 429, were awarded to the Gertken is Village President and Jos. V ogt is Village R e­
Preble County National Bank of Eaton at par. A bid was corder.
also received from A . E. May.
Roane County (P. O. Kingston), Tenn.— Bonds Not Sold.
Putnam County (P. O. Greencastle), Ind.— Bond Sale.— — Up to Aug. 26 no award had yet been made of the $60,000
The follow ing bonds were disposed of on Aug. 8:
5% 5-20-year (optional) coupon refunding bonds offered on
Aug. 5. For description see V. 85, p. 302.
$ 3 0 ,2 0 0 4 } 4 % m a c a d a m -r o a d b o n d s a w a rd e d t o t h e F irst N a tio n a l B a n k
o f G reen ca stle fo r $ 3 0 ,5 0 5 , th e p r ice th u s b e in g 1 0 1 .0 0 9 .
Rome Special School District of Green Township, Adams
13,6 5 0
% m a c a d a m -r o a d b o n d s a w a rd e d t o th e R o a c h d a le B a n k o f
R o a ch d a le fo r $13 ,715 66, th e p r ic e th u s b e in g 1 0 0 .4 8 1 .
County, Ohio.— Bond Offering.— Proposals will be received
Denominations $205, $275, $210, $420, $300, $310 and until 12 m . Sept. 15 (this date falls on Sunday bu t is so
.j472 50. Date Aug. 15 1907. Interest May 15 and N ov. 15. given in the official advertisement) b y A . S. W am sley, Clerk
M aturity part each six m onths from M ay 15 1908 to N ov. 15 Board of Education (P. O. Stout) for $1,000 6% bonds.
1917 inclusive.
A uthority Section 3994 of the General Statutes. Denom ina­
Putnam County (P. O. Ottawa), Ohio.— Bond Sale.— On tion $100. Interest annual. Maturity $100 yearly on
g
Aug. 24 the six issues of 5 % road-im provem ent bonds aggre­ Sept. 15 from 1908 to 1917 inclusive.
Sag Harbor School District No. 11 of the^Town of South­
gating $60,500, described in V. 85, p. 364, were awarded to
Hoehler & Cummings of Toledo at 104.309 and accrued int­ ampton (P. O. Sag Harbor), Suffolk County, N. Y . — Bond
: Offering.— Proposals will be received until$|12 m .$S ept. 4
erest. The follow ing bids were received:

N E W LOANS.

N E W LOANS.
# 2 5 ,0 0 0

SCHOOL DISTRICT No. 32,
HARTSVILLE, S. C.
5% NON-TAXABLF COUPON B O N O S .
Sealed p ro p o sa 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, em bracingth 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 20th d a y o f S e p te m b e r 1907 fo r the
p u rch a se o f T w e n t y -F iv e
T h ou san d
D ollars
five p er ce n t n o n -ta x a b le c o u p o n b o n d s, t o be
d a te d J u ly 1 st, 190 7, an d p a y a b le 20 y e a rs a fte r
d a te .
In terest p a y a b le J a n u a ry t h e 1st an d
J u ly th e 1st o f e a ch y e a r at th e B a n k o f H artsv ille , H a r ts v 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
a n 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
t o w n fo r th e use o f th e said s ch o o l d is tric t.
C ertified c h e c k fo r $ 1 ,0 0 0 0 0 . p a y a b le t o th e
o r 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 b e 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 lo r
less th a n p a r a n d a ccru e d in terest w ill b e c o n ­
sid ered , an d each b id m u st in clu d e e xp en ses o f
lith o g r a p h in g an d Issuance o f b o n d s and all o th e r
ex p en ses.
R ig h t reserved t o r e je c t a n y o r all b id s .
A d d ress all b id s t o " B o a r d o f T ru ste e s S ch o o l
D is tr ic t N o . 32, H a r ts v llle , S. C .,” an d en dorse
p la in ly on 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 rth er In fo rm a tio n a p p ly t o th e C h airm an .
M . S M c K I N N O N , C h airm an .
J. E . M I L L E R . \
J . J . L A W T O N , ] T ru stees.

M U N IC IPA L
AND

Public Service Corporation
BONDS.
E. H R O L L I N S & SO N S.
BOSTON
Denver.

Chicago.

Sun Francbco

Albert Kleyboite & C o .,
4 0 9 W a ln n t Street,
C IN C IN N A T I, O.

Municipal,
County, State,
[and H ig h -G ra d e

Public

Service

$ 4 0 , 0 0 0 , 0 0 0

NEW YORK CITY
Four end One-half (45496) Per Cent,
fiOLD TAX EXEMPT STOCK AND BONDS
Issued in Coupon or Registered Form,
Interchangeable at will after Purchase.

To be Sold Tuesday, Sept. 10, 1907
At 2 o’clock P. M.
AS FOLLOWS:

$35,000,000 Corporate Stock, Payable May I, 1957
$5,000,600 Assessment Bonds, Payable May 1 ,1917
E X EM PT FROM TAX ATIO N , EXCEPT FOR S T A T E PURPOSES

THESE STOCKS AND BONDS ARE
LEGAL INVESTMENTS FOR TRUST FUNDS.
Send b id s in a se a le d e n v e lo p e , e n c lo s e d in th e a d d re s s e d e n v e lo p e .
A D E P O S IT O F
T W O P E R C E N T O F P A R V A L U E M U S T A C C O M P A N Y B ID .
S u ch d e p o s it m u s t b e 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 ankin g C o r p o r a tio n .
F o r fu lle r in fo r m a t io n s e*
“ C ity R e c o r d ,” p u b lis h e d at R o o m N o. 2, C ity H a ll, N ew Y o r k .

Consult any B ank or T ru st C om p an y, or address

H E R M A N A. M E T Z , Comptroller, City of New York
2 8 0 B roa d w a y, N e w York.

C. B. VAN N O S T R A N D ,
36 W A L L 8TKKKT,

S ecu rities
Correspondence Solicited




Investment Securities

THE

SOUTH,

Property and Investments of every
Kind in all Southern States.
METROPOLITAN INVESTMENT CO.
G E O . a K DW AH DS President, Charleston, 8 C..

546

THE CHRONICLE.

b y Brinley D . Sleight, Clerk of Board of Education, for the
$60,000 4% school-building bonds m entioned in V. 85, p.
1071. Denom ination $3,000. Date O ct. 1 1907; Interest
payable annually at the Peconic Bank in Sag H arbor. Ma­
turity $3,000 yearly on O ct. 1 from 1908 to 1927 inclusive.
Saginaw, Saginaw County, Mich.— Bonds Awarded in
Part.— Only part of the $20,000 4% 1-10-year (serial) sewer
bonds described in V. 85, p. 485, was disposed of on Aug. 26.
These were purchased b y local investors.
St. Joseph, Berrien County, Mich.— Bond Offering.— Pro­
posals will be received until 5 p . m . Sept. 1 for $20,000 4J^%
viaduct bonds. A uthority, election held April 1 1907.
Interest semi-annual. Certified check for $200 required.
Sault Ste. Marie, ChippeWa County, Mich.— Bond Offerin g .— Proposals will be received until 4 p. m ., Sept. 9, b y
Thos. Blain, City R ecorder, for $15,000 4% 20-year firedepartment bonds. Denom ination $1,000. Date Aug. 1
1907. Interest semi-annual. Certified check for $500
required.
San Antonio, Bexar County, Texas.— Bond Sale.— We are
advised that the $150,000 4
20-40-year (optional) cou­
pon refunding bonds offered on Aug. 1 (V. 85, p. 242), were
awarded to E. H. Rollins & Sons of Chicago at 100.276and
interest. Bonds are dated Aug. 1 1907.
Sharon, Mercer County, Pa .— Bond Sale.— This borough
has disposed of at par the $50,000 4% 10-20-year (optional)
im provem ent bonds offered bu t not awarded on July 16.
See V. 85, p. 242.
South Haven, Van Buren County, Mich.— Bond Offering.
— This city is offering for sale the $2,500 power-house bonds
voted on July 8. Denom inations: $1,500 and $1,000. Date
July 15 1907. Interest (rate not to exceed 5 % ) payable
Jan. 1 and July L a t the H anover National Bank in New
Y ork City. Maturity $1,000 on O ct. 1 1912 and $1,500 on
O ct. 1 1913.
Steuben County (P. O. Bath), N. Y .— Bond Sale.— On
Aug. 29 the tw o issues of 5% registered court-house and
jail-repair bonds, aggregating $50,000, described in V. 85,
p. 430, were disposed o f, it is stated, at 103.162. The
$30,000 court-house bonds mature $5,000 yearly on May 1

iV O L . L X X X V .

from 1913 to 1918 inclusive, while the $20,000 jail-repair
bonds mature $5,000 yearly on May 1 from 1908 to 1911
inclusive.
Stow Township School District, Allegheny County, P a.—
Bond Sale.— This district has awarded $50,000 5% school
bonds to Lawrence Barnum & Co. of Philadelphia. Denomi­
nation $1,000. Date Aug. 1 1907. Interest semi-annual.
M aturity part yearly to 1934.
Superior School District (P. O. Superior), Nuckolls
County, Neb.— Bonds Not Sold.— No sale has yet been made
of the $30,000 5% 10-20-year (optional) coupon high-schoolbuilding bonds offered on A ug. 1. See V. 85, p. 118, for
description o f these securities.
Syracuse, N. Y .— Bond Sale.— On Aug. 27 the $25,000
j
j 4 /^ % 1-20-year (serial) registered Salina School bonds,
j described in V. 85, p. 430, were awarded to the People’s
Mutual Life Insurance Association and League at 102.50
and accrued interest— a basis of about 4.2 0 4 % .
Bonds Not Sold.— No bids were received on A ug. 27 for
the $200,000 court-house, $160,000 local-im provem ent and
$50,000 intercepting-sewer 4 j^ % registered bonds described
in V. 85. p. 430.
Tiffin, Seneca County, Ohio.— Bids Rejected.— All bids
received on Aug. 29 for the $25,000 4% 15-year coupon re­
funding bonds described in V. 85, p. 430, were rejected.
Topeka, Kansas.— Bond Offering.— Proposals will be re­
ceived until 5 p. m . Sept. 9 b y C. B. Burge, City Clerk, for
$82,689 70 5% coupon im provem ent bonds. M aturity onetenth yearly. Certified check for 10% of bid required.
Troy, N. Y .— Revenue Bond O ffering.— Proposals were
asked for up to 11 a. m. yesterday (Aug. 30) for $100,000 4%
certificates. Date Aug. 30 1907. M aturity Oct. 19 1907.
The result o f this offering was not known to us at the hour of
going to press.
Bond Offering.— Proposals will be received until 11 a. m .
Sept. 3 b y Hiram W . Gardinier, City Com ptroller, for the
follow ing bonds:
$ 5 6 ,2 3 0 16 4 % 1 -2 0 -y e a r (serial) registered p u b lic -lm p r o v e m e n t b o n d s .
D a te A u g . 15 1907.
M a tu rity A u ? . 15 1927.
7 4 ,7 1 8 71 4 % l-2 0 -y e a r (serial) reg isterd p u b lic -b u ild in g b o n d s .
D a te
A u g . 1 1907.
M a tu rity A u g . j l <1927.

HEW LOANS

NfeW LOAMS

N E W L O A NS .
# 1 ,0 5 3 .6 5 3 .0 1

^ 3 4 0 ,0 0 < >

Atchafalaya Basin Levee District Lafourche Basin Levee District
NOTES.

won s

O F F I C E B O A R D O F C O M M IS S I O N E R S
A T C H A F A L A Y A B A S IN L E V E E D IS T R IC T .
N ew O rlean s, L a ., A u g . 2 2 n d , 190 7.

O F F I C E B O A R D O F C O M M IS S I O N E R S
LAFOURCH E
B A S IN
LEVEE
D IS T R IC T .
N ew O rlean s, L a ., A u g . 2 2 n d , 1907.

Notice to Capitalists and Investors

f • T h e B o a rd o f C om m issio n e rs o f th e A t c h a fa la y a
B a sin L e v e e D is tr ic t, in c o n fo r m it y w ith a n d b y
a u t h o r it y o f S e c tio n 2 o f A c t n u m b e r 9 o f th e
A c t s o f th e G en eral A s s e m b ly o f th e S ta te o f
L o u isia n a o f th e y e a r 190 0, w ill r e c e iv e sealed
b id s o r p r o p o s a ls fo r th e p u r c h a s e o f th e n o te s
o f sa id B o a r d .
S aid n o te s w ill b e s e v e n te e n In n u m b e r ; said
n o te s w ill b e o f th e d e n o m in a tio n o f $ 2 0 ,0 0 0 e a c h ,
d a t e d u p o n th e d a y o f th e a c c e p t a n c e o f th e b id
o f th e su c c e s s fu l b id d e r , a n d w ill b e p a y a b le
as fo llo w s :
N o te O N E (1) w ill b e p a y a b le in 1911.
“
T W O (2) w ill b e p a y a b le In 1912.
“
T H R E E (3) w ill be p a y a b le in 1913.
F O U R (4) w ill b e p a y a b le in 1914.
F I V E (5) w ill b e p a y a b le In 1915.
•'
S I X (6) w ill b e p a y a b le in 1916.
"
S E V E N (7) w ill b e p a y a b le in 1917.
“
E I G H T (8) w ill b e p a y a b le In 191 8.
“
N I N E (9) w ill b e p a y a b le in 1919.
“
T E N (10) w ill b e p a y a b le in 192 0.
“
E L E V E N (11) w ill be p a y a b le in 1921.
•• T W E L V E (12) w ill b e p a y a b le in 192 2.
“
T H I R T E E N (13) w ill b e p a y a b le in 1923.
“
F O U R T E E N (14) w ill b e p a y a b le in 1924.
“
F I F T E E N (15) w ill b e p a y a b le In 1925.
“
S I X T E E N (16) w ill b e p a y a b le in 1926.
“
S E V E N T E E N (17) w ill b e p a y a b le In 1927.
Said n o te s w ill b e a r in terest at th e ra te o f 5 %
p e r a n n u m fro m d a te u n til p a id , in te re st p a y a b le
a n n u a lly u p o n th e d a t e o f Issuance; said n o te s
w ill b e sold t o th e p e rs o n o r p e rso n s o ffe r in g th e
h ig h est a m o u n t o f cash fo r s a m e .
T h e b id s m u st
b e fo r th e en tire Issue o f s e v e n te e n n o te s .
S aid n o te s w ill b e d e liv e re d u p o n th e a c c e p t a n c e
o f th e su ccessfu l b id .
T h e B o a rd reserves th e
r ig h t t o r e je c t a n y an d all b id s .
•Said n o te s , p rin c ip a l an d in te re st, are secu red
b y th e fu n d s o f th e A t c h a fa la y a B asin L e v e e
B o a r d , as p r o v id e d fo r in S e c tio n 2 o f A c t n u m b e r
9 o f th e A c t s o f 1900.
S ea led b id s w ill b e r e c e iv e d a t th e ro o m s o f
th e L a fo u r c h e B asin L e v e e B o a r d . C o tto n E x ­
c h a n g e B u ild in g , N ew O rlean s, L a ., u p t o 12
o ’c lo c k a. m ., S e p te m b e r 2 3 . 1907.
Said b id s m u st b e a d d re sse d t o th e P re sid e n t
o f th e A t c h a fa la y a B asin L e v e e B o a r d .
A ll b id s m ust b e a c c o m p a n ie d b y a c e rtifie d
c h e c k fo r $ 5 , 0 0 0 0 0 , w h ich w ill be h eld as s e c u r ity
f o r c o m p lia n c e w ith th e b id .
V IC T O R M . L E F E B V R E ,
P r e s id e n t .

Notice to Capitalists and Investors.
T h e B o a rd o f C om m issio n e rs o f th e L a fo u r c h e
B a sin L e v e e D is t r ic t , In c o n fo r m it y w ith
an d
b y a u t h o r it y o f S e c tio n 2 o f A c t n u m b e r 9 o f
t h e A c t s o f th e G en eral A s s e m b ly o f th e S ta te o f
L o u is ia n a o f th e y e a r 190 0, w ill r e c e iv e sealed
b id s o r p r o p o s a ls fo r th e p u rch a se o f th e n o te s
o f said B o a rd .
S aid n o te s w ill b e se v e n te e n in n u m b e r ; said
n o te s w ill b e o f th e d e n o m in a tio n o f $ 2 0 ,0 0 0 e a c h ,
d a t e d u p o n th e d a y o f th e a c c e p t a n c e o f th e b id
o f th e s u cce s s fu l b id d e r , a n d w ill be p a y a b le as
f o llo w s :
N o te O N E (1) w ill be p a y a b le in 1911.
T W O (2) w ill b e p a y a b le In 1912.
T H R E E (3) w ill b e p a y a b le In 1913.
F O U R (4) w ill b e p a y a b le in 1914.
F I V E (5) w ill b e p a y a b le in 1915.
S I X (6) w ill be p a y a b le in 1916.
S E V E N (7) w ill be p a y a b le in 1917.
“
E I G H T (8) w ill b e p a y a b le in 1918.
N I N E (9) w ill b e p a y a b le in 1919.
T E N (10) w ill b e p a y a b le in 1920.
E L E V E N (11) w ill b e p a y a b le In 192 1.
T W E L V E (12) w ill be p a y a b le in 1922.
T H I R T E E N (13) w ill be p a y a b le In 1923.
“
F O U R T E E N (14) w ill be p a y a b le in 1924.
F I F T E E N (15) w ill b e p a y a b le In 1925.
S I X T E E N (16) w ill b e p a y a b le in 1926.
S E V E N T E E N (17) w ill be p a y a b le in 1827.
Said n o te s w ill.b e a r Interest at th e ra te o f 5 %
p e r a n n u m fr o m d a t e u n til p a i d , in te re s t p a y a b le
a n n u a lly u p o n th e d a te o f issu an ce; said n o te s
w ill be so ld t o th e p e rs o n o r p e rso n s o ffe r in g th e
h igh e st a m o u n t o f ca sh fo r sa m e .
T h e b id s
m u s t b e fo r th e e n tire issu e o f s e v e n te e n n o te s .
S aid n o te s w ill be d e liv e re d u p o n th e a c c e p t a n c e
o f th e s u cce ssfu l b id .
T h e B o a rd reserves th e
rig h t t o r e je c t a n y an d all b id s .
S aid n o te s , p rin c ip a l an d in te re s t, are se cu re d
b y th e fu n d s o f th e L a fo u r c h e Basin L e v e e
B o a r d , as p r o v id e d fo r In S e c tio n 2 o f A c t n u m b e r
9 o f th e A c t s o f 1900.
S ealed b id s w ill b e re c e iv e d at th e r o o m s o f
th e L a fo u r c h e B a sin L e v e e B o a r d , C o t t o n E x ­
c h a n g e B u ild in g , N ew O rle a n s, L a ., u p t o 12
o ’c lo c k a . m ., S e p te m b e r 2 3 , 1907.
Said b id s m u st b e a d d re sse d t o th e P re s id e n t
o f th e L a fo u r c h e B a sin L e v e e B o a rd .
A ll b id s m u st b e a c c o m p a n ie d b y a c e r tifie d
c h e c k fo r $5,000 0 0 , w h ic h w ill be held as s e c u r ity
fo r c o m p lia n c e w ith th e b id .
V IC T O R M A U R IN ,
P re s id e n t.

CITY

OF

OTTAWA

OE3EN TU R - S
T e n d e rs a d d re sse d t o th e u n d e rs ig n e d , an d
m a rk e d 'T e n d e r fo r D e b e n tu r e s , ’ w ill be r e c e iv e d
b y th e C o r p o r a tio n o f th e C ity o f O tta w a a t th e
o ffic e o f th e C ity C lerk u n til W e d n e s d a y th e
1 1 T H D A Y O F S E P T E M B E R , 1907, a t 4 p . m ..
fo r th e p u r c h a s e o f d e b e n tu re s t o th e a m o u n t o f
$ 1 ,0 5 2 ,6 5 3 .6 1 .
4y$ P E R C E N T D E B E N T U R E S .
8 0 -y e a r d e b e n tu re s t o th e a m o u n t o f $47 7 ,0 0 0 (H)
4 PE R CENT D EBE N TU RES.
1 0 -y e a r d e b e n tu re s t o th e a m o u n t o f $ 1 5 6 ,K)0 28
20
“
"
...................................
2 0 4 ,0 5 3 33

30

40

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

110,000 0«

.........................................................
105 ,500 00
In terest p a y a b le h a lf-y e a rly at O tta w a .
T e n d e rs w ill b e r e c e iv e d fo r th e w h o le o r p a rt
o f t h e a b o v e , b u t a n y te n d e r fo r 4 }£ % d eb en tu re*
as w ell as fo r 4 % d e b e n tu re s m u st sta te a sep a ra te
p rice fo r e a ch su ch cla ss o f d e b e n tu re s.
D e liv e ry
w ill b e m a d e at th e B a n k o f O tta w a , O tta w a .
In all cases a c c r u e d in terest w ill b e a d d e d t o th e
ra te te n d e re d .
T h e h igh est o r a n y te n d e r n o t n ecessa rily
a c c e p te d .
F u rth er p a rticu la rs an d d eta ils o f d eb en tu re*
ca n b e o b ta in e d o n a p p lic a tio n t o th e C ity
T rea su rer, O tta w a .
G. H . W IL S O N .
C h airm an F in a n ce C o m m itte e .
O tta w a , 2 0 th A u g u s t, 1907.

F. B. SHERMAN & CO.
MUNICIPAL

AND

)

[BONDS

CORPORATION 1

205 La Salle Street, CHICAGO

I N V E S T M E N T BO ND S
L is ts u p o n

req u est.

Denison & Farnsworth,
•JO .S T O 'V

f i l , K V K L A « n »»»«! P H I L A D E L P H I A

MUNICIPAL AND R A ILRO AD

Blodget, Merritt & C o ,

BONDS.

BANKERS,

L IS T O S

E m a b lnh«*d

A P P L IC A T IO N .

6 0 State Street, Boston

SEA8O*TG00D & MATER,

3 « WASSAD STREET, NEW YO R K .

m ercantile Library B u ild in g ,
C IN C IN N A T I.

STATK C l f f & RAILROAD BOND8.




/

H . C . Speer

Sc Sons

C o.

First Nat. Ha >k Building. Chicago
CITY COUNTY
AND TOWNSHIP

A u e. 31 1907. |

547

THE CHRONICLE.

Interest semi-annual. Certified check for n ot less than
West Conshohocken School District (P. O. West Con1% of the bonds, payable to the “ City of T roy ” is required. shohocken), Montgomery County, Pa.— Bond Offering.—
Purchaser to pay accrued interest.
Proposals will be received until 8 p. m . Sept. 9 b y Benjamin
Truckee Sanitary District (P. O. Truckee), Nevada Riles, Secretary of the Board, for $9,000 4% school bonds.
County, Cal.— Bond Offering.— Proposals will be received Denominations: $100, $500 and $1,000. M aturity ten years.
until 8 p. m .» Sept. 7, b y F. M. Rutherford, Secretary Sani­
White Plains, Westchester County, N. Y . — Bonds Not
tary Board, for $16,000 5% gold coupon sewer-construction Sold.— No sale was made on Aug. 19 of the four issues of
bonds. Authority, Chapter 161 and Am endm ents, Statutes 4% and 4J/£% bonds, aggregating $57,000, offered on that
of 1891. Denomination $800. Date Aug. 1 1907. In ­ day. For description of these securities see V. 85, p. 305.
terest semi-annually at the County Treasurer’s office at
Wildwood, Koochiching County, Minn.— Bond Sale.— On
Nevada City. Maturity $800 yearly on Aug. 1 from 1908
to 1927 inclusive. Certified check for 10% of bid, payable Aug. 17 the $8,000 6% 4-11-year (serial) road and bridgeconstruction bonds dated July 31 1907 and described in
to the Secretary of Sanitary Board, is required.
V. 85, p. 181, were awarded to the Commercial Investm ent
Tulsa, Ind. Ter.— Bonds Not Sold.—^No sale was made
Co. o f Duluth at par. No other bids were received.
on Aug. 19 o f the $30,000 school and the $25,000 sanitaryWindsor, Ont.— Debentures Not Sold.— No sale was made
sewer 5% 20-year gold coupon bonds described in V. 85,
on Aug. 8 of the $20,000 4% m acadam -pavem ent debentures,
p. 430.
Tyron Township (P. O. Lynn), Polk County, No. Caro.— the $10,000 4 j^ % water-works debentures and the $49,440 80
Bonds Not Sold— Bond Offering.— No award has yet been 4 }4 % local-im provem ent debentures described in V . 85,
made of the $12,000 6% 20-year coupon good-road bonds p. 244.
which this township has been offering at private sale. For
Wooster, Wayne County, Ohio.— Bond Offering.— Pro­
description of these securities see V. 85, p. 243. Proposals posals will be received until 12 m . Sept. 21 by J. B. Minier,
are now asked for until Sept. 20. F. S. W ilcox is Chairman City Auditor, for the follow ing bonds:
•f the Finance Committee.
$ 1 6 ,0 0 0 4 % (less a n y ca sh p a y m e n ts b y p r o p e r t y ow n ers) B e v er S t. p a v in g
assessm en t b o n d s .
D e n o m in a tio n $500.
M a tu rity $2,5 0 0 o il
Vermilion, Alberta.— Debentures Not Sold.— Up to A ug. 22
S e p t. 15 1008 an d $1,5 0 0 y e a r ly on S e p t. 15 fro m 1909 t o 1917
» o sale had y et been made of the $12,775 6% debentures
in clu s iv e .
3 ,1 0 0 4 % (less a n y ca sh p a y m e n ts b y p r o p e r t y ow n ers) C o lu m b u s A v e .
described in V. 85, p. 59.
p a v in g assessm en t b o n d s .
D e n o m in a tio n $31 0.
M a tu r ity
Wakeman Township (P. O. Wakeman), Huron County,
$310 y e a r ly o n S e p t. 15 fro m 1908 t o 1917 in clu siv e.
2 ,2 5 0 4 % (less a n y cash p a y m e n ts b y p r o p e r ty ow n ers) s ew er-con Ohio.— Bond Sale,.— This township has sold at par the $5,000
s t r u c tlo n assessm en t b o n d s .
D e n o m in a tio n $450.
M a tu r ity
4;Hj% »oTjpon road-im provem ent bonds offered but not sold
$450 y e a r ly o n S e p t. 15 fro m 1908 t o 1912 in clu siv e.
3 ,* 0 0 4 Vi % B e v e r S t. p a v in g b o n d s ( c i t y ’s p o r t io n ),
D e n o m in a tio n
-•n July 22. See V. 85, p. 243.
$50 0. M a tu r ity S e p t. 15 1912.
Wallington School District (P. O. Rutherford), Bergen
Bonds are dated Sept. 15 1907. Interest semi-annual.
County, N. 3 .— Bonds Not Sold.— Up to Aug. 22 no sale had
yet beea made of the $13,000 5% 11-36-year (serial) coupon Certified check for 5% of bonds bid for, payable to the City
public-sehool-addition bonds offered on Aug. 9. See V. 85, Treasurer, is required. Purchaser to pay accrued interest.
p. 304, for description of bonds.
Wyandotte, Wayne County, Mich.— Bond Sale.— On A ug.
Waterloo, Seneca County, N. Y . — Bond Sale.— On Aug. 14 21 the $20,000 4 ^ % 30-year coupon municipal-electric$9,000 5% funding bonds were awarded to Leonard Story light-plant-extension bonds, a description of which was given
•f W aterloo at par. Denomination $1,000. Date Aug. 14 in V. 85, p. 431, were awarded to A. J. H ood & Co. of D etroit
1907. Interest annually in July. Maturity $3,000 yearly at par and accrued interest. A bid of par was also received
from S. A. Kean of Chicago.
•n July 1 from 1908 to 1910 inclusive.

N t w LOANS.

INVESTMENTS*.

j» 2 7 ,0 0 0

ERVIN & C O M P A Q

Township of Weehawken,
HUDSON

COUNTY.

fcOAO IMP^OV

N J.

M- NT BONDS.

U n ^ rr C h apter 1 2 9 , law s o f N ew J e r s e y ,
for 1 9 0 5 ,
Sealed p rop os a ls w ill be r e c e iv e d b y th e T o w n ­
sh ip C o m m itte e o f th e T o w n s h ip o f W e ch a w k e n
in th e C o u n ty o f H u d s o n , N . J ., on T H U R S D A Y ,
S E P T E M B E R 5 . 1907, at eiirht o ’ c lo c k p . m .,
a t th e T o w n s h ip H a ll, 105 B ulls F e rry B ran ch
R o a d , fo r the p u rch ase o f th e fo llo w in g 4 Vi %
sem i-a n n u a l c o u p o n b o n d s.
A m o u n t, $ 2 7 ,0 0 0 .
P u r p o se .
I m p r o v e m e n t ' o f " C lifto n
R oad.
M a tu r ity , $ 1 ,0 0 0 on J u ly 1. 1915 to 1 9 2 3 , $ 2 ,0 0 0
on J u ly 1, 1924 to 1932.
In te r e s t, J a n u a ry an d J u ly .
D e n o m in a tio n , $1,0 0 0 e a c h .
D a ted J u ly 1. 1907.
T h e b on d s w ill be d e liv e r e d 'u p o n p a y m e n t o f
th e p u rch a se p r ic e .
E ach p r o p o s a l m u st
be
a c c o m p a n ie d b y a d e p o s it o f liv e h u n d red d o lla rs ,
c it h e r m o n e y o r a c e rttie d c h e c k on s o m e r e ­
sp o n s ib le b a n k o r tru s t c o m p a n y , d ra w n t o th e
or d e r o f th e T rea su rer o f th e T o w n s h ip o f W e e h a w k en .
T h e T o w n s h ip C o m m itte e reserves th e rig h t
t o r e je c t a n y an d all b id s If d e e m e d fo r the
In terest o f th e T o w n s h ip so t o d o .
B y o r d e r o f th e T o w n s h ip C o m m itte e .
THOM AS CA RR O LL.
T o w n s h ip C lerk.

BANKERS,

u

i

bonds

(M er York Stoat Exchange,
1Philadelphia M e Saukang«.

F oin

43 Exchange Place,
’Jew York

YORK

Perry, Coffin & Burr,

INVESTMENT BONDS.

m r v E m r e ir r

60 State Street,

Qrexei B«2UUtng

BOSTON

Phil&daiaki&fc.

ACCOUNTANTS

8ARROW, WADE, GUIHR/E & CO
CERTIFIED PUBLIC ACCOUNTANTS.
(New York and Illinois.)

N E W YORK,
Broad Exchange Building,
26 Broad Street,

,

CHICAGO,

SAN FRA MCI SOS

Monadnock Block.

787 Market Street.

New Issue

NEW

IN V E S T M E N T S .

NEW ORLEANS,
Hibernia Bank Bldg,

LONDON, ENGLAND,

C IT Y

18 S t 8within's Lane, F. 0., Cable, " Adorjest

4% INTERCHANGEABLE
Coupon or Regi st ered

Bonds

Gold, Tax Exempt,
M A T U R IN G M A Y , 195 7

T. W STEPHENS & CO..

GUNN, RICHARDS & CO.
PUBL'C ACCOUNTANTS

2 W A L L ST., NEW YORK

MacDonald, McCoy & Co.,
MUNICIPAL

43

EXCHANGE

PLACE,

NEW

YORK

CITY

AND CORPORATION

BONDS.

i$i La Salle Street, Chicago.



Also at CHICAGO—First National Bank Building.
BOSTON—50 Congress Street.
MONTREAL—Bank of Ottawa Building.

548

THE CHRONICLE.

(Gampantes.
Mercantile Trust Co. C ITY TRUST CO.

[V o l .

lxxxv

.

%xix&X

SO S T A T E S T R E E T . BO STON . M A S S

St. Louis, Mo
M em ber

S t. L ou is

Clearing H o u se

A s s o c ia tio n

B U N K E R H IL L B R A N C H :
C ity Squ are. C H A R L E S T O W N . M A S S.

Capital and Surplus, $9,500,000

F E S T U S J. W A D E .
P resid en t.

Capital & Surplus, - - $4,000,000

W M . M A F F IT T ,
T reasurer

T ra n sa cts a General T ru st and
B a n k in g B u siness
In te re st A llo w e d on D e p o s its S u b je ct to Check.
A ct* as T ru stee u nd er R a ilroad and o th e r M ort­
gages; also as A g e n t fo r the R e g iste rin g
and T ran sfer of 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 act as E x e c u to r , G u ard ian , A d ­
m in istrator an d Trustee.
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 an ,
Charles E. C ottin g.
R o b e r t T . P a in e 2d.
A lv a h C rocker,
A n drew W . Preston,
L iv in g s to n Cushing.
R ic h a r d S. R ussell.
G eorg e A . D raper.
H o w a rd S to ck to n .
W illia m F . D raper.
Charles A . S ton e,
W llm o t R . E vans.
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 errick ,
N athaniel T h a y e r,
F ran cis L. H ig g in so n ,
H e n ry O . U n d e rw o o d .
H e n ry C. Jack son .
W . Sew ard W ebb.
S id n e y W . W in slow .

Commenced busings Nov. 18, 1899
RESO URCES

N o v .16, 1899
$1,667,051 19
N ov. 16, 1900
$4,429,448 02
N ov. 16, 1901
$11,780,418 96
Nov-

16,

1902
$21,882,734 64

N ov .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

CENTRAL
TRUST COMPANY
OF ILLINOIS,

B O STO N

Interest A llow ed on D eposits S ubject to Check
A cts as Trustee under Railroad and other
M ortgages and is authorized to act as E xecutor,
Guardian, A dm inistrator and trustee.

CH ARLES G . D A W E b j President.
W . IR V IN G OSBO RN E, Vice-President.
A . U H R LA U B , Vice-President.
W ILLIA M R . D A W ES, Cashier.
),. D . SK IN N E R . Asst. Cashier.
W ILLIA M W . GATES, Asst. Cartiler.
A . G . MANG, Secretary.
.siA l COLM McDO W tj_,L, Asst Secretary.

Capital - * - > $ 1,000,000
Surplus (Earned) 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 ice -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 lc e -P r e s ’t .
G . E . G O O D S P E E D , T reasu rer.
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 a fe D . D ’t.
H . D . H B A T H F I E L D , A ssistan t S ec.
F . J . B U R R A G E , A ssistan t S e cre ta ry .

Girard Trust Company*
CAPITAL and SURPLUS, $10,000,000.
C H A R T E R E D 1836.

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

MANAGERS:

PHILADELPHIA.

The Trust Company
of North America

G ord on A b b o tt,
O liv e r A m e s,
C. W . A m o r y ,
C h arles F . A y e r,
Sam uel Carr,
B. P . C h eney,
T . J e ffe rso n C oolidge,
C harles E . C ottin g,
P lu lip D e x te r,
E b e n S. D raper,
F r e d e r ic k P . F ish ,
R e g in a ld F oster,
G e o rg e P G ardner,
R o b e r t F . H e r r ic k ,

CAPITAL,

$1,000,000
S U R P L U S $1,000,000
Safe Deposit Vaults

Authorised to act as executor and to receive and
hold money or property in trust or on deposit from
Courts ot Law or Equity, Executors, Administrators.
Assignees, Guardians. Trustees, Corporations and
individuals.
Also acts as Trustee under Mortgages and as Transfer
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits Subject to Check .
OFFICERS.
D A V fD R . W H IT N E Y , President.
CH ARLES H . D A L TON, Vice-President
CH A RLE S F CH OATE. Vice-President.
F R A N K L IN H AV EN . Vice-President.
JAMES R . H OO PE & . Actuary.
H E N R Y N . M A R R , Secretar .
F R E D K W . A L LK N . A sst.S ec.*T reas.
THOMAS E . EA TO N , Asst. Treasurer.
•
FRAN CIS R . JE W E T T . Trust Officer
BOARD OF D lK B C iO R j
William E ndicott, Chairman.
Walter C. Bayhes,
i ’rederxk P . Fish,
Morris Gray,
\ifred Bowdltcb,
Jnarles F . Choate,
Franklin Haven,
James P.. H ooper,
Alexander Cocnrane,
James M. Prendergast,
admuad D Codman,
George S. Slisbee,
1. Jefferson Cooiidge.
Jharles H . Dalton.
Lawrence M. Stockton.
Jeorge Dexter.
Nathaniel Thayer,
I'a'ilp Dexter,
George Wigglesworth.
iVililanri Kvn^worth.
David R . Whitnev

Fourth & Pine Sts., St. Louis
C A P IT A L , SU R PLU S
l® o ROO 0 0 0
and PROF I TSJ* , OUU, UUU.
G EN ER AL FIN AN CIA L AN D F ID U C IA R Y
BUSINESS TRAN SACTED
DIRECTORS
John I, Beggs
D. R , Francis
R. J. O 'Reilly ,MD
H enry W . Peters
Wilbur F . Boyle August Gehner
H . Clay Pierce
James E. Brock 8. E. H oilman
Murray Carleton Chas. H. Huttig J. Ramsey Jr.
Breckln'ge Jones James E. Smith
Charles Clark
Horatio N. Davis W. J. McBride
Robt. H. Stockton
John D . Davis
Nelson W. McLeod Juiius S. Walsh
Aug. B. Ewing
Saunders Norvell Rolla Weils
VVm. D . Orthwein
OFFICERS
JULIUS S. W ALSH , Chairman of 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 UGH R . L Y L E , Asst. Secretary
H E N R Y C. IBBOTSON, Asst. Secretary
C. H U N T T U R N E R Jr.. Asst. Secretary
LOUIS W . F R IC K E , Asst. Secretary
F R E D E R IC K VIERLLNG, Trust Officer
H E N R Y SE M PLE AM ES, Asst. Executive Officer
C H ARLES M. P O L K . Asst. Trust Officer
W ILLIA M O. LA C K E Y . Bond Officer
WM. MeC. M AR TIN . Aast. Bond Officer
TOM W . BEN N ETT, Real Kstate Officer
GEO. K IN G SLA N D , Asst, Real Estate Officer
C. W . M ORATH, Safe Deposit Officer

W isconsin T rust C o ,

C A P I T A L ...................................................$1,000,000

M ILW AUKEE.

ADAM A. STULL, President.
H E N K Y G. ER EN G LE , 1st Vlce-PnM. & T r aturer.
JOS. S. C L A R K , 2d Vice-Pres., Superv'g Trust Dept.
CHAS. P . L IN E A W E A V E R , Sec. 4 Asst Trust Officer




B O A R D OF D IR E C T O R S :
. . . . C hairm an
H e n r y S. H o w e ,
W a lte r H u n n e w e ll,
T h o m a s L. L iv e rm o re ,
C h arles S. .viellen,
G e o rg e v . L . M e y e r ,
L a u re n ce M in ot,
R ich a rd O lney,
R o b e r t J. P a in e , 2d,
P h ilip L. S alton stall,
N a th a n iel T h a y er,
L u ciu s T u ttle.
S teph en M . W eld ,
C h arles W . W h ittier.

T . J e f f e r s o n C o o l i d g e J k .,

Mississippi Valley Trust Co.

5 0 3 -5 0 5 -5 0 7 C hestnut St., P h ila d e lp h ia .

DIRECTORS.
j . Levering Jones,
H enry G. Brengle.
James Crosby Brown, Malcolm Lloyd,
John Mclthenny,
John Cadwalader,
Richard W*in Metre,
E. W . Clark Jr.,
Clement 8 . Newbold.
Eckley B. Coxe Jr.,
John W . Pepper,
Edwin S. Dixon,
Eugene L. Ellison.
W. iiam F. Read,
Frank Samuel,
Joseph C. Fraley,
Adam A. Stull,
Harry C. Francis,
Edward D . Toland,
Henry L. Gaw, Jr.,
Josenh R . Wainwright,
H oward S. Graham.
William D. Wlnsor.
Samuel F. Houston,

M ASb

Transacts a General Trust and
Banking Business.

900,000

E friingh am B . M orris,
C. H a rtm a n K u h n ,
Jam es S p e y e r,
J o h n A . B row n Jr.
A u gu stu s 1). Ju llliard
B en ja m in W . R ich a rd s
E d w a rd J . B e rw ln d .
J o h n B G a rrett,
R a n d al M organ ,
W illia m H . Jenk s.
E d w . T . S to te s b u r y ,
W illia m H . G aw ,
Charles E . In gersoll.
F ra n cis I . G o w e n ,
J o h n S to r y Jenk s Jr.
G e o . H . M cF a d d e n ,
H en ry B . C ox e Jr.
H en ry T a tn a ll,
E . C . F e lto n .
Issac II. C loth ier,
T h o s. D e W lt t C u y ler,
N E. Cor. Broad a n d C h estn u t Streets,

T R A N S A C T S A G E N E R A L B A N K IN G
B U S IN E S S . A L L O W S I N T E R E S T
ON
DAILY
BALANCES
SUBJECT
TO
CHECK.
T R U S T E E UNDER M ORTGAG­
ES.
TRAN SFER AGENT.
R E G IS T R A R .

BOSTON, MASS.

Trust Company

$2 ,000,000

E . B . M O R R I S , P re sid e n t.
VV. N . E L Y , 1st V ice -P re sid e n t.
A . A . J A C K S O N , 2d V ice -P re s id e n t.
C . J. R H O A D S , 3d V lce -P re s. a n d Treasurer.
E D W A R D S. P A G E , S ecre ta ry .

Capital and Surplus, - $7,000,000

AND

CHICAGO

BANKING, SAVINGS AND
DEPARTMENTS.

BOSTON, MASS.

The NEW ENGLAND
Boston Safe Deposit TRUST COMPANY,

The f roof of uood Service is Constant Growth

Capital, - - - Surplus and Profits

OLD C O L O N Y
T R U S T CO.

Capita1, - - - - Surplus, - - - - -

$500,000
100,000

Maryland Trust Co.
B ALTIM ORE.

CAPITAL,

2 000,000

$ ,

D IR E C T O R S
Joslah L . B lackw 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 ,
J osh u a L e v erin g ,
J o lin W . C astles,
O scar G . M u rray,
Josep h R . F o a rd ,
H e n r y F . S h oem a k er,
B . H ow ell G risw old J r ., Jam es S p e y e r,
A . B a rton H ep bu rn .
D ou g la s M . W vlte.
J oh n T . H ill,
L. S . Z im m e r m a n
O F F IC E R S
G R I E R H E R S H ......................... P resid en t
L . S. Z I M M E R M A N ____ 2d V lc e -P r e st.
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 .
F I N A N C I A L R E V IE W .

1907 ISSUE.
320 Paget.
PRIC E, TW O D O LLA RS.

Transacts a General Trust Co Business.

Commercial & Financial Chronicle,
76
Pine Street, New York.

Buys and Sell5?
High Grade Investment Bonds.

William D. Marks, Ph. B.C.E.

OFFICERS.
O L IV E R C. FU LL ER , P r e s e n t .
F R E D E R IC K H ASTEN . Vice-President
GARDNER P . ST IC K N E V, Treasurer.
l

• • • -

FRED. C. BEST Secrctarv
it. L , SM ITH , Ass’ i Secretary

Consulting Engineer and Statistician.

G AS W O R K S
E L E C T R IC L IG H T W O R K S ,
E L B C T R I'j R A I L W A Y S , O IL M u T O R CARS.
Pa k R o w B ld g .
N ew V ork C ity.

Experienced In Municipal Cause*.