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.
,
.
finanrial
unimema
r0ntrb
INCLUDING
lank and Quotation Section
and City Section (semi- Annually)
Street Railway Section {'^To^^T )
State
(Monthly)
Railway and Industrial Section (quarterly)
according to Aot of Con^n^ss,
Coneress. In the year
rear 1903,
1903. by William B. Dana
Da
Company, in the otllce of Librarian of Oougress, WasliinRton, D. O.
itered aooordine
A weoklT newspaper entered at Post Office, New York, bs secoud-class mutter— William B. Dana Comi>axv, Publishers, 7<1J^ Pino St., N. Y.
VOL.
SATURDAY, DECEMBER
77.
19,
NO.
1903.
ilce/c
Terms
dtronicle*
PUBLISHED WEEKLY.
Subscription—Payable in Advance
ol
One Year
ir
Six Slonths
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E Months Subscription in London (including postage). ..„.
»r
Clearings at
Boston
$10 00
6 00
13 00
.
7 50
£2
£1
ot
llj)
Mmm yearly)
I
Terms
148.
lie.
Advertising
—Per
Incli
Ii^o^^r^
Twelve Montlia
Si 20
,,_
.« S2 00
S^'
l-i^t=:;:::::::™::::r
(52 times)
LONDON AGENTS:
,
I'rovldenoe
,
New Uuven-
,
SprtUKlleld
orcester
,
w
Portland
Kail Riyer
Lowell
,
87 00
New England.
Cir.c'innati
Cley eland
Detroit
Milwaukee
Indianapolis
Columbus
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Peoria
K
Keaars. Kdwaros & Smith, 1 Drapers' Gardens,
C, -will take aoiK
nptioDs and aiiyertisements, and supply single copies of the paper at Is.
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Dayton
eh.
Akron.
>8t
WII.L.IA.TI B. DANA COMPANY, PabUsliers,
Pine Street, Comer ol Pearl 8treet,
Office Box 958.
NEW YORK.
CLEARING HOUSE RETURNS.
Byansville
SpriDgfleld.
Ill
Youngstown
Kalamazoo
Lexington
Canton
Rockford
Springfield.
O
Bloomington
Qnincy
The following table, made up by telegraph, etc., indicates Decatur.
Mansfield
the total bank clearings of all the clearing houses of the Jacksony ille
Jackson
nited States for the week ending to-day, Deo. 19, have Ann Arbor
>en $2,086,268,386, against $2,191,509,109 last week and
Total Mid. Western
lat
corresponding week last year.
1,358,513,287 the
Cl«irina»— Ifetums ov lelegraph,
Wuk Ending Dec
1902.
IflOS.
la
(W York.
$895,875,277
San Francisco
Los Angeles
P. Cent.
—we
Spokane
U0,10a.l46
Oladelphla,
iltimore
97,176,994
19,89«,938
153,098,031
45,769,769
19,923.337
*1,288.150,477
114.201,688
105.604.838
19,320,163
140,763,998
40,627.693
14,712.014
fL441,837,492
294.468,403
W.679.380,871
290,147,946
—141 Mmneapoliis
+1-5 Omaha
»1,736,305,893
349,962,491
$1,969,528,817
388,984,470
—11-8
*2,086,268,386
$2,858,513,287
—11-5
licaso
Louis
)w Orleans
,
Seyeo cities, 6 days
iier cities. 5 days
Total
all cities,
Total
5 days....
Ida;
ilcitlea.
all cities
for week..
—3-6
-«-o
+3-0
-I-8-8
+12-7
-I-35-4
.
Seattle
Salt Lakeaty..
Portland.
>ston
Tacoma
Helena
Fargo
Sioux Falls
Total Pacific.
Kansas City
6t.
St.
.......
Paul
Joseph.
—100 Denver
Des Moines.
BiouiClty.;
Topeka
week covered by the above will be Davenport
Wichita
iven next Saturday. We cannot furnish them to-day, clear- Colorado Springs...
Fremont
tgs being made up by the clearing houses at noon on SaturTotal other West'm
iy, and hence in the above the last day of the week has to
St. Louis
3 in all cases estimated, as we go to press Friday night.
New Orleans
The
2.528.292
l,NbS.8U0
1,680.128
887,121
1.030.037
1,037,309
481,585
649.939
50S.951
Holyoke
Total
131.011.980
7,230,1)00
Hartford
Chicago
Space
Ansleut matter per incii space (14 agate lines)
{Two Montiis
(8 times)
19U3.
New Bedford
Stibscription includes following Sections—
Statk and City (iiimI >
BANK. AND QcoT.\Tiox (montlily)
EUiLWATAND INDUSTRIAL (quarterly) STBEBT Kailwax (3
I
full details for the
149,485,738
at—
1903.
1902.
190L
1900.
$
ew Ytak
tiUadelphla...
IttSbOTRh.
altlmore
iilTalo
asWngton.
.
.
Ibany
'^Chester
rantou
racuse
ilminirton....
likes Barre-.
hee.ins
nKOamton...
eensboTir.....
ester
e
inklln. Pa...
I'otal
Middle.
1,388.929. 423
102.372, 719
86.680, ,427
21,322, 371
6395, ,318
4,386, 925
3,621 ,866
2,458 271
L591, ,993
1.273 669
1,157, ,371
83y, 199
65a, 2-,'4
443, bOO
477, 664
545, 5ao
l,Sn,026,2K
103,009.566
37.680,938
22,357.663
7,022,352
4.369.841
2,932.676
2,592.642
1,345,089
1.244,344
1,323,464
746,607
760,483
401.100
442,607
420,631
—31
—5-2
-2-7
-6-5
—1-8
—1-0
+22-8
-5-2
+18-3
+1-9
-125
+12-4
809,153
705,103
390,900
374,520
295.76;
—160
+10-6
+7-9
+29-7
439, 5«3 N"t incluiie d In to
20a,
1,662,949,755 1,300.727,<01
110,548,734
93.574,811
42,507,253
30.916,031
24,279,005
24,846,595
6.672,132
5,447,447
3.188.S31
3.060,fH4
5.795.027
3.213,700
2,130,306
2.057,424
1.200,103
L173,848
1,244.92'
1,090,150
1,009,2»S
902,572
tal.
Silt include d in to tal.
1,513,594,800 1,562,916,328
—8-2 1,861.076,559 1,467,236,597
+2-3
+20-8
607,200
577,214
562,543
506,616
4-10-3
-10-8
—13
9
,550,728
+32-1
404,654
405,791
435.947
341,375
304,540
—32-3
+9-8
+15-4
—7-9
+1-6
+9-6
+31-7
+9-5
21,620.617
16,930,910
7,448,759
6,682,955
4,234,176
4,510,733
2,259,828
1,350,348
1,447,509
946,000
913,978
588.350
146,295
21,141,600
17,104,606
7,313,850
6,990,014
5,057,405
4,294,992
2,376,643
1.742.742
1.599,098
860.000
549,901
575,263
160.690
20.644,509
19,824,07'
7,168,083
6,077,159
5,942,286
4,486,242
1.875.920
1,672,296
1,392,400
1,130,509
535,144
1,000,000
201,920
18,438,883
12,777.225
6,424,746
5,346.692
4,353,388
4,435,824
1.525.387
1,483.340
1,059,170
920,275
489,306
1,075,710
163,843
69,080,653
69,766,804
-1-0
71,456,545
68.493,789
66,.400,522
25,,501,301
11,,457,256
48,132,556
16,398,847
10,844,503
7,122,292
5,408,000
4,828,344
4.370.591
5.484,937
3,338,408
2,259,628
+17-2
63,998,632
17,952,944
10,419,952
6,622,743
4,325,600
4,258,138
4,266,044
4,171,826
3,230,501
1,754,734
1.671,509
1,511,003
1,190,584
655,317
2,282,070
1,186,815
723,000
600.648
38,808,785
18,856,333
9,793,232
4,809,870
4,483,000
3,967,372
5,715,386
4,417.284
2,738,683
1.554,916
1,725,507
1.500,000
1,000,000
659,849
2,368,049
870,797
815,000
414,640
475,893
^588
L732,447
1,,009,000
1,640.939
1,098,994
771,000
900,000
500,000
800,293
634.644
602,090
417,302
,333,614
933.211
^43.184,838
~-3
4-4-5
+12-9
4-50-5
+5-6
+32-9
+4-8
—8-0
+110
--44-3
18-4
23-9
--25-6
-
+180
-
-
118,845.091
-27-6
-32-9
-29-6
--418
-170
+91-8
Not include d
Not include d
2,191,509.109 2,208,401.503
-24-9
—0-4
in to tal.
in to tal.
+22-2
834236
553,592
185,269
121,198,553
104,778,190
2.508.681,780
1.038,646.078
-f-3-0
845,732,025
737,918,677
19,313,692
16.844,806
4,820,889
2,000.000
1,795,140
1,586,158
906,578
864,933
871,860
13,726,447
11,880,423
2,761.614
1,485.582
—
0-!
862,579,686
837,435,178
21.822,222
18,263,049
6,919.976
2,187,445
2,191,803
1,569,016
1,377,016
1,234,408
1,073,950
811,425
630.755
19,232,007
16,740,279
5.43«,K62
1,630,703
2,026,420
1,601,847
1,053,533
1.042.124
912.037
704,810
681.107
+18-5
+«-l
—7-4
876.356
58,081,095
51,124.391
+13-6
48,878,486
CanadaMod treal
Toronto
Winnipeg
Halifax
Ottawa
Quebec
424.500
268,0S0
3d7,137
l,026,f)32
ri8-5
37,871,143
2,,093,821
1,,459,004
New York.
+30'
44,395,355
Augusta
Outside
4-13
55
5.237 797
3,641,050
2,633,409
3,213,896
1,495,117
1,346,792
7,604,';
—21
+100
+2-1
902,454
all
14,269,900
+7-4
+6-9
4,-241.287
52,214,745
1,,064,299
Total
—71
132,828.201
17,250,050
11,510,439
8,431,732
5,836,801
3,982.802
2,947,300
2,889,641
2,972.573
1,231,275
1,094,537
1,036,177
405,800
450,275
310.447
365,181
669,939
346,336
351.595
296.814
244,406
227.300
1
53,815,226
Knoxville
Gnthrle
....
Total Southern
164,088,293
20,269,000
+154
1,584,753
1,277,372
Beaumont
169,665,872
22.939,040
2,754.953
2,186,497
3,388,878
2,645,326
1,200,884
L 162,456
I,,272,760
Jacksonville
Charleston
163,288.816
25,238.109
4,105.954
2,972,257
4,404.516
3,544,240
1,665,688
1,172,726
743.604
585,882
322,379
1.,979.384
Chattanooga
Inc. or
Dec.
606,029
740,628
312,304
—6-0
+41-5
—5-9
+0-9
4-80
+10-4
+1-8
3,,951,550
2,,800,000
2.,176.604
Macon
405,.S«9
28,507,459
5,611,702
4,392,066
4,211,206
3,538.683
1,992.294
2,132,140
858,881
691,641
278.613
7.,914,583
Little Bock.
1,403,173
1,203,876
+8-0
—4-0
—2-9
157.154,217
26,799,701
7,938,801
4,135,105
4,248,414
3,822,518
2,200,848
2,170.885
897,218
780,417
321,819
4,,852,648
Clearings
+55-4
667.470
522,285
200,600,487
Atlanta
12.
3^7.334
1,.54H,441
244.285.952
Memphis
......
1,870.219
1,851,170
1,099.407
1,449,101
1,080.002
151.095,90»
7,033,800
2,310,600
1,563,838
1,178,244
+5-4
5 ,141,000
4 442,107
Week endino December
48,s,783
247,564,679
Savannah.
Blrmtngham
+3-8
+7-7
260,847.854
9,,408,706
1902
2.974, 1 4«
1900.
50.000
134.176
175,000
Richmond-
New York the increase over
143,165,229
6,981,800
—44-9
+231
—2-9
—101
+330
2.991,»i33
190L
60,000
175,968
199,808
75,074
Galveston
Outside of
+54
—90
4-10-8
Houston
0*8 per cent.
3-0 per cent.
—5-6
3.381.789
1,647,262
1.503,581
1,002,313
652,300
697,134
648,736
787,252
640,852
433,134
650,679
355,580
328,301
360,639
261,117
197,552
169,240
181,114
157.882
eek, covering the returns for the period ending with Saturiy noon, Dec. 12, and the results for the corresponding
eek in 1902, 1901 and 1900 are also given. Contrasted with
16 week of 1902 the total for the whole country shows a loss
Norfolk
Fort Worth,
138,807,029
0,803.200
2,795,528
1,819.751
1,513,715
1,611.702
1.324.067
1,008.006
535,822
Inc. or
Dec.
163 584,403
23,214,250
14.504,797
10,686,'; 33
8,163,690
5,879,700
4,581,950
Lonisyille.
Nashville
1902.
176,589,901
22,255,550
14,089,474
9,922,389
8,763,137
6,286,508
4,484,900
3,889,729
3,731,795
1,952,412
1.709.446
1,310,220
607.000
721.863
715,819
702.354
551,318
572,230
440,966
330,481
378,886
332,059
265,201
216,595
222,894
198,317
86,410
We present below our usual detailed figures for the previous
I
endino December 12
—
^be
2008.
VancouverHamilton
St.
John.
London
Victoria
Total Canada
-+-91
+27-2
+34-2
-fS-l
—20
+30-8
+18-4
4-17-6
769.680
971.016
788.444
82,898,070
THE CHRONICLE.
tJ30-2
and Ubor
THE FINANCIAL SITUATION.
No
one can
much Bympathy
feel
with the pessi
mlstlc tone that has prevailed of late after scrutlnlz
Ing the figures of merchandise exports made public
this week by Mr. Austin, Chief of the Bareau of Sta-
and after a study of the prospect those figures
hold out. They show first of all an extremely gratifying state of our foreign trade the last two months.
Of course the closing quarter of the calendar year is
always noteworthy as giving larger aggregate exports
than any other consecutive three months and the
January movement is also in that particular of a like
[Vol. Lxxvii.
employed at high wages, every device
available should be used to keep the wheels of commerce as free as possible from friction. Unfortunately, at the moment the tendency of both political
parties seems to be to make labor overbearing and
fully
capital overburdened.
tistics,
This
character.
is
so for the well
known reason
There has been a notable change in progress in the
rates for foreign exchange during the last two weeks
which has attracted quite general attention. On December 7 the rate for short was 4 827690, which was
the lowest rate for sight sterling touched in at least thirteen years. Yesterday 4 86 for sight for to-day*s steamer
that
was bid, which shows an advance of over 2^ cents in
months the greater part of the surpluB ten days. This extreme and sudden change was not anof our cotton crop is marketed and a considerable por- ticipated, and yet it
teems to be easily accounted for.
tion of our wheat product.
This year, too, cot- The decline to this abnormal figure of December
7
ton being late in maturing, did not move In Septem- was due in the main to the large export
of cotton at
in those four
ter to the extent
it
usually does or to the extent
it
did
abnormal prices, referred to above, which, with other
October and later months this merchandise exports, swelled our surplus trade balance
deficiency had to be made up, and yet It appeared in October and November to an
aggregate of $161,that on the 13th of November 1903 the cotton exports 832,838, the outflow continuing in
a like volume the
had only reached 1,897,442 bales, against 1,970,778 early part of the current month of December.
last year.
Hence
In
Two
bales at the
same date
of
1902, or 73,336 bales short
weeks ago the pressure of cotton bills began to lessen.
of the previous year's movement.
On the Ist of It should be said in that connection that
December there had been an increase in the outflow the aggregated surplus foreign trade balances
compared with a year ago of only 241,293 bales, the for the third quarter of the calendar year
exports at that date being 2,658^600 bales, (that'Is from July 1 to September
totb.!
30, inclusive,) ooly
against 2,417,207 in 1903.
Aggregated $46,293,382; consequently the comparative
let-up in the pressure the current month of cotton bills
the quantity of cotton exported since the first of was the more quickly felt. This happened, too, at the
September that has been chiefly instrumental in roll- period when the ordinary demands for exchange, an
ing up these large export values, but It was the higher Incident to the season, are always large. They were
value of the staple that has prevailed middling up
due to requirements for remittances for maturing loans
lands ruling in New York Dec. 4 1903 at 12 66 cents and for mercantile settlements; also to cover gold imper pound (not having been as high since 1879), against ports not previously covered, to sending of holiday gifts
8*50 cents same date of 1902.
All this is important of money to relatives of foreigners In this country, for
to have in mind in estimating the comparative export interest on railroad and other securities held abroad
That is to say, granting the maturing at the close of the year; likewise for Govvalues in future months.
outflow
proportionate
of cotton to be in quantity like ernment remittances for Post Office and navy and
the movement in 1902, the better values so long as army purposes. We have been told that Post Office
they continue will keep the value of exports compara remittances on foreign money order accounts this
Another factor which week have averaged from 1300 to $400 dally. What we
tively higher than in 1902.
has contributed to swell our recent export values has have said previously with reference to exports of the
been the higher prices ruling for wheat and flour, cash cotton crop, etc., would indicate that unless the value!
wheat in New York being now, say, 92 cents a bushel, of cotton declines materially, foreign exchange is
Corn is lower, but likely to be lower again next month except money
against, say, 79 cents a year ago.
the quantity for export is greater. Altogether then should become very easy attended probably by furthe prospect compared with the previous year would ther Imports of gold.
seem to be In favor of materially larger net snrplusee
during at least the early months of 1904 than during
Important meetings of associations of manufacturare
the same months of 1903, though of course the total of steel products have been held the present week.
monthly export value after the current month of The general conclusion reached at these meetings wae
December will not be by several million dollars equal that there should be no further reductions in prices.
to the total for either October or November.
This action cannot be considered a surprise. The
A further circumstance likewise favoring a larger manufacturers of steel plate reaffirmed the ruling
value of the net exports In the early months of 1904 price, which Is on the basis of $1 60 per 100 pounds
than in the same months of 1903 is the prospect that for plates at Pittsburgh. This schedule, it is underthe exports of general merchandise will be in excess stood, is to be maintained during the whole of the
Extreme coming year. The Association of Nut & Bolt Mann
of 1903, and that imports will also be less.
These figures show clearly enough that
it
was not
—
—
—
peBsimistic views are not consistent
while these re
cuperative forces continue active. Enlarged SDrplnses
represent new economies, new accumulations of
Ae
facturers also reaffirmed the prevailiog schedules.
to steel billets,
rumor had had
price was to be
made.
It will
It
that another cut
be remembered that
marked down the
ii
th*
to spend and invest. Obviously, we manufacturers quite recently
account
here of bad laws or their harsh of billets from 127 a ton to $23 a ton. This was doD<
no
have taken
Progress is not compat- early in November, at the time when steel bars were re
Interpretation and the like.
ible with initability in values when capital is gunned duced from $32 a ton to $26 a ton, tin plates frc
for and the free development of enterprise is dls
$3 80 a box to $3 60 a box, with reductions alsl
conraged. If the desire is to secure active business amounting from $6 to $6 a ton in steel hoops ani
wealth,
new power
prlc)
Dec.
19, 1903.
THE
J
CJIRONICLE.
2303
not Frankfort. The statement of the New York Associbeen as large as could be wished, and reports were ated Banks last week showed a gain of $1,761,600 In
current of secret cats In prices, and f arthermore that cash, which amount closely agreed with that of
manufacturers were not entirely unanimous as to the 11,170,000 which was estimated by the Curonicle.
policy to be pursued in the future, very confident The deposits were decreased by the unusually small
statements had appeared in the newspapers asserting sum of $44,700 and the required reserve against
Bat deposits was thereby reduced $11,175, adding which
that further reductions might be looked for.
manufacturers yesterday decided to leave prices jast to the gain in cash ma^e the increase in surplus
They resolved, moreover, that they reserve $1,773,675 to $8,077,975. Computed upon
as they are.
would meet from time to time as occasion re- the basis of deposits less those of $36,808,700 of public
Furthermore, some of those present at the funds, the surplus is $17,280,160; the loans decreased
quired.
meeting explicitly denied that there had been a secret $1,108,600. The bank statement of this week will
cut in the price of billets on the part of outside reflect, among other movements, the transfer hence,
manufacturers.
through the Sub-Treasury, to New Orleans of $1,410,We have said that this action could be no surprise. 000 and hither from San Francisco $846,000. PreIn making the statement we have in view the fact that sumably, also, the averages of the $1,849,784 gold rethrough curtailment of production manufacturers are ceived from London on Monday and of $2,471,840
getting the situation well in hand. We referred last which arrived from that center on Thursday will also
week to the very large decrease in the output of pig be reflacted in the statement. The total arrivals of
iron. As a matter of fact, the production of steel has gold from England and Japan since the movement
been curtailed in a manner no less radical. " The began have been $16,087,208. This does not include,
Iron Age" has published figures showing that the however, $698,000 which arrived at Beaton on Friplants of the United States Steel Corporation, the day, completing the quota engaged by the NaMaryland, Lackawanna, tional Shawmut Bank of that city.
Pennsylvania,
The new
Oambrla,
Wheeling, Ashland, Republic, Jones & Laughlin, engagements reported this week were $3,750,000,
Clairton, La Baile, Bethlehem and Colorado companies making the total thus far $23,186,600, and the amount
produced only 553,067 tons in November, as compared supposed to be In transit is $7,401,292. The exchanges
with 829,215 tons in October, 966,363 tons in Septem- of refundable bonds for the 2 per cent consols have
ber, 993,664 tons in August, 987,866 tons in July, thus far amounted to $14,490,200 and the redempIt tions of 5 per cents of 1904 to $12,591,150.
1,021,839 tons in June and 1,037.266 tons in May.
the
steel
output
is
only
now
about
will be seen that
one-half what it was six months ago.
Money on call, representing bankers' balances, has
This shows one of the benefits accruing from the
loaned on the Stock Exchange this week at 6 per cent
concentration of the bulk of the iron and steel proand at 3 per cent, averaging about 5^ per cent. On
duction of the United States in the hands of a few
Monday loans were at 6 per cent and at 6 per cent,
large companies. When, as formerly, there were hosts
with the bulk of the business at 6^ per cent. On
of producers, it was exceedingly difficult to bring
Tuesday transactions were at 6 per cent and at 5^ per
about union of action in favor of restriction of output,
cent, with the majority at 6| per cent.
On Wednesindividual producers pursuing a go-as you- please polday loans were at 6^ per cent and at 4 per cent, with
Now there is really no need for conicy as a rule.
the bulk of the business at 6:^ per cent. On Thurscerted steps to reduce production, since the business is
day transactions were at 6^ per cent and at 4 per
concentrated in the control of a few large and ably,
cent, with the majority at 5 per cent.
On Friday
managed concerns. The officials of these companies
loans were at 5^ per cent and at 3 per cent, with the
do not have to come together and determine unitedly
bulk of the business at 5 per cent. Banks and crust
cut down output; they all know that the
to
companies loaned at 5^ per cent as the minimum.
la its
trade is depressed and that the market
The increasing ease in the call loan branch of the
present condition will not take a full supply; so
market this week was due to the offerings of the proeach is governed accordingly, and the conseqaence
ceeds of the imported gold, to loans of considerable
is
radical curtailment, such as we see has ocamounts of money which has been returned from
curred in the case of both pig iron and steel Ingots.
Western centres, where it had been sent for cropMuch the same statement may be made as to the out
bands.
As the demand
for
billets
recently has
moving purposes, and also to the lighter movement
put of various classes of finished products. The supdirectly and through transfers to Now Orleans. Time
ply can be curtailed and regulated in like manner,
loans on good mixed Stock Exchange collateral are
since in a similar way the number of producers
quoted at 6 per cent for sixty days, with but little
It would seem to follow from
has diminished.
business, 6|(^5i per cent for three to four months,
this that sooner or later there must come that greater
with a moderate inquiry, and 5 per cent for five to
stability in the iron and steel trades which all wellsix months, for which period some transactions are
informed persons have looked for as the result of the
Commercial paper is in better demand,
reported.
concentration of control of production in the hands
chiefly, however, from the Interior; but quotations are
of a comparatively limited number of large concerns.
unchanged at 6 per cent for sixty to nlnety^^day enBy greater stability is meant not that fluctuations In
dorsed bills receivable, 6@6^ per cent for prime and
prices will be eliminated, but that such prices will go
per cent for good four to six months* single
neither so high nor so low in the future as has been 6i@7
names.
the case in the past.
The Bank of Eagland minimum rate of discount
There was no change in official rates of discount by
any of the European banks this weekj compared with remains unchanged at 4 per cent. The cable reports
last week, unofficial or open market rates were easier discounts of sixty to ninety day bank bills in Loudon,
at London and firmer at PariSj at Berlin and at 3f @3^ per cent.
The open market rate at Paris is
THE CHKONICLE.
C'304
[Vol. Lxxvii.
The following shows dally posted rates for exchange
2i per cent and at Berlin and Frankfort it is 3^
According to our special cable from by some of the leading drawers.
per cent.
DA^ILT POSTED BiiTBS FOB FOHBiaH EXOHAMOB.
London, the Bank of England lost £477,791 bullion
MON.,
TuiS.
rBL,
W»D., Thus., FBI..
during the week and held £30,427,914 at the close of
Dee. 11. DfX. 14. Dec IS. Dee. 16. Dee. 19. Dee. 18.
the week. Oar correspondent further advises us that
81
82
4 80«
aoH
81%
82
Blown Bros
84
86
4 84
84«
86«
85H
| 8?kM?
the loss was due to imports of £8,000 from Australia,
81
81
81«
00 days 4 81
81)4
Bwrlng,
4 84^
84«
iJ^
8B
86
Ma«[oui * Co. Slffht
to exports of £70,000, of which £60,000 to Canada
4
80«
80^
82
80M
88
60 dan
Bank Brltlih
4 84«
il«
Blsht
84H
No. Ameiioa.
8SH
and £20,000 to Malta, and to shipments of £416,000
.
J
5
(
.
(
(
.
60 day* 4 80^
Montreal
(SiRht.. 4 84
Canadian Bank ( 60 day* 4 81
Bank of
net to the interior of Great Britain.
c(
foreign exchange market has been strong this
week, not only for sterling but for Continental drafts,
The
with more or less important advances each day in
response to a somewhat urgent demand for remittance. Bankers' bills appear to have been absorbed
almost as promptly as they have been offered, and the
supply of commercial drafts against cotton has been
Compared with the
in smaller volume than recently.
ow
rates ruling
cables
on December 6
for long
and
1
Commerce.
(
.
Seldelbaob, lok•Ikelmer A Co.
Laiard Frere*
<
(
. .
|
UerokanU' Bk.
of Canada
(
(
4
00 dayi
SiRht
4 80)4
4 84
.
^ig^^*
60 days
SIskt .
The following
to
84X
SIffht.
and from the
4
8U«
4
84
the latter were the lowest, as heretofore noted, for at
east thirteen years, there was a recovery by Thursday
of this week of two and a quarter cents in long and of
two cents in short and in cables. This reaction ends
period of depression in the foreign
exchange market, which was almost continuous for
thirty-one business days, it having begun on Nov. 2 and
for the time the
81
81
83
84
81
84M
84H
86^
82
85>i
81
81
81
81)4
84M
84M
84»
81»
86
89
85
82
85
85)i
86)4
82
82
85H
86)4
82
86)4
81
i2«
4 81
4 84«
84 la
81
i2«
84M
8m
8&
81
81
81>«
82
84«
84«
86
86^
gives the week's
interior
Week ending D4eember
18, 1808.
CiuTenoy
Gold.
Total KOld and legal tenders.
movement
New York
by the
for
and on December 7 for short, which rates for
BOH
of
Net Interior
MovemtiU.
Rteeived bv Shipped bv
N. T. Bankt. tf.T.Banki.
$7,778,000
$6,161,000
1,179.000
1,089,000
(8,961,000
$6,190,000
money
banks.
Gain. $9,621,000
Gain.
140.000
Gain.
2,7ei,«
With the Sub-Treasury operations and gold Imports
the result
is
as follows.
Week ending December 18,
Into
Outer
Banks.
Bonk*.
1903.
Banks interior movement, as above
Snb-Treas. oper. and gold Imports.
$8,961,000
26,300,000
tfetOhanoein
Bank
Holdintt.
Gain. $8,761,000
Gaia. 1,500.000
$6,190,000
28,800,000
Total KOld and legal tenders
$84,861,000 $89,(190,000 Gain. 4,261,000
culminated on Dec. 7, when the lowest prices for sight
nine
progress
were recorded; the recovery has been in
The following table Indicates the amount of bullion
for
ruling
now
rates
high
course
the
business days. Of
in the principal European banks.
gold
of
possibility
the
preclude
entirely
exchange
light
imports for the present, though the price of bars in
London was this week reduced to 77 shillings 11 pence
per ounce. As above stated, engagements of gold at
the British capital this week were $3,760,000 ; these,
however, were effected on Monday, and presumedly
negotiations therefor were concluded last week. The
arrivals of gold at this port from London this week
have been $4,321,624 and those at Boston $698,000,
leaving the amount supposed to be in transit from
the former
port
The '^Assay
$7,401,292.
Office
paid $1,016,217 27 for domestic and $1,000,491 49 for
foreign gold bullion. Arrivals of gold at the Custom
House for the week were $2,504,294, of which $614,475 consisted of foreign coin, $23 476 American coin
and $1,823,876 of bullion from Earope.
Nominal quotations for sterling exchange are 4 8H
@4 82 for sixty day and 4 86@4 85^ for sight. There
was little or no business In exchange on Saturday of
Compared with rates on the previous day
last week.
long advanced on Monday 15 points to 4 80@4 8025,
short 15 points to 4 8350@4 8360 and cables 20 points
On Tuesday long rose 40 points to
to 4 84@4 8410.
4 8040@4 8060, short 30 points to 4 838C@4 8390 and
Oq Wednesday
cables 20 points to 4 8420@4 8430.
long advanced 85 points to 4 8075@4 8090, short 30
points to 4 8410@4 8425 and cables 40 points to
4 8460@4 8475. On Thursday the market was active
and quite strong all day, with a rise of 75 points
for long
to 4
8160@4
8175,
of
70 points for short
8480@4 8490 and of 65 points for cables to
4 8626(^4 8540. The market was firm on Friday,
The market closed
closing at unchanged rales.
with long at 4 8160@4 8175, short 4 8480@4 8490
Commercial on banks
and cables 4 8520@4 8640.
4 8110@4 8120 and documents for payment 4 80^@
Cotton for payment 4 80i@4 80§, cotton
4 81f.
4 8110@4 8120 and grain for payfor acceptance
ment 4 81t@4 81f.
to 4
December
Bank
December
17, 1908.
18, 1002.
of
Gold.
Silver.
£
England
30,427,914
Stance
Oermany....
Rasala
Ans.-Hung'y
Spain
96,868,082
83,041,000
82,291,000
Jotal
Gold.
Sih-er.
Total.
£
£
£
£
80,487,914 31,148,760
81,14^,760
44,276,678 189,644,766 101,698,959 44,838,210 146,031.16»|
1 1,609,000
44,660,000 32,046,000 11,730,000 43,776,000
7,727,000 80,018,000 76,567,000 6,408,000 81,966,000
12,176,000 68,981,000 46,629,000 18,354,000 68,983,000
19,064,000 88,696,000 14,365,000 19,764,000 34,129,000
I
46,705,000
14,632,000
Italy
Netherlands
Nat.Belg'm.
I
21,316,000
3,835,200
!J4,e51,200
16,774,000
3,080,800
4,183.700
6,483,100
10,687.100
4,698,600
6,626,800
18,864,800
11,426,400
8,138,000
1,669,000
4,707,000
3,000,667
1,500,838
4,501,000
.
Tot.tbls week 830,008,696 106240278 437,148,961' 825,011,986 104702148 430,ei4,12»
Tot, prer. w'k 381,320,776 1019952U 486,815,987 327,004,063 10448SS33 431,482,680
COMMISSIONER WEIGHT ON
OF LABOR.
'SHE
FUTURE
United States Commissioner of
Philadelphia last Sanday on the
Carroll D. Wright,
Labor,
spoke in
labor question,
and
in the
course of his remarks
comment. Col.
Wright began by pointing out the change that has
already taken place in the relation of labor and capi-
made some
predictions which call for
he showed, consists not merely in the
obtaining of wages more than sufficient to keep body
and soul together. The great steps in the emancipation of labor was, in the speaker's judgment, the
raising of labor to a status higher than that of a mere
commodity, and the asserting of the right to make
contracts for the terms on which it shall be delivered
Bat the wage system still, in Col.
to employers.
Wright's opinion, "depends too largely for its equities
upon the generosity and great-mindedness of employOutlining what is to happen, whereby this flaw
ers."
in the system may be remedied, the speaker had the
tal.
This,
following to say.
that will take the place of that under
which mere wages are paid probably will be composed
The
of the profit-sharing and co-operative plans.
Investwork people will then acquire the Interest of
ors, the more capable will rise to their opportunities^
and the less worthy will find their level.
The system
Dec.
THE CHRONICLE.
19, 1903.]
2305
The first commeat which thoughtful people will gested In his speech is of that vague description which
make on Col. Wright's conolaaion Is, that the question lays stress on an ideal without giving proper considerIs left open, how the co-operatiye and profit-sharing
ation to the obstacles in the way of it, and which
plans are to come about.
We can see only three ways thereby does great harm to impulsive and untrained
in which such a system should be generally intro- listeners.
We have shown what would stand in the
duced. It might conceivably be established through way of his imagined plan if undertaken under the
yoluntary act of the employers in admitting em- auspices of the employers.
A workman listening to
ployees to a share in profits;
come through
successful
it
might conceivably
demand by
laborers, or
It
his outline of the future
might conceive the notion
that labor Itself ought to
demand
concessions of the
might happen through the starting of co-operative sort. But for what is It to ask ? Higher wages when
competition by the woikingmen themselves. We profits are higher ?
It asks this already
usually
doubt whether Col. Wright's imagined relations will with success and, moreover. Col. Wright's reported
be established on the scale he pictures through any scheme is to do away with wages. Is labor, then, to
—
—
demand
of these three agencies.
The most
and feasible of the three would be
action of employers.
With profit-sharing plans for
the benefit of employees, American industry is already
familiar.
They appear in various forms. Periodical
logical
readjustment of
the scale of wages, in line with
change in prices of products of manufacture is really
one of them, though not ordinarily so classed. An
annual "bonus," based sometimes on length of service, sometimes on profits of the year, sometimes on
both, is another. Allotment of stock in a corporation,
whether free or on terms of favored subscription, is
yet another.
All of these profit-sharing plans are ex-
perimental, and it is still too early to say what their prac-
outcome is to be. It would certainly be impossible to assume to- day the general application of any
The best minds among employers
of these theories.
are at work on the problem; for it is freely recognized
that interest of capital and labor in the experiment is
mutual. If labor gains through a larger contingent
share in profits, capital gains through labor's larger
responsibility and interest in its work, and this latter
gain is worth a considerable sacrifice.
But we do not think that this is exactly what Col.
Wright has in mind; for the paragraph which we
quoted above refers to a system which is not to supplement payment of dally or weekly wages, but to supertical
In this conception we certainly cannot follow him. We do not by any means believe that the
manufacturer of the future will take his workpeople
Into formal partnership on any such wholesale basis.
We do not look for an Industrial milleninm when so
much stock in an enterprise will be allotted for the
manager, so much for the laboring force and so much
The vital defect of any such
for working capital.
proposition is the wholly unequal footing on which
the various beneficiaries would be placed. Invested
capital takes a risk, not only of disappointing returns
but of total loss ; labor Invested on such a basis would
take no risk at all beyondlosspf nnremuneratlve time.
on a joint-stock basis? This,
it will readily be seen, would raise precisely the difficulty which we have described already in an imagined proposition of the kind by the employer. Are
worklngmen to offer their services in return for stock,
as capital offers its services ?
This we conceive to be
the practical presentation of the question. We do
not doubt that plenty of corporatiocs would be found
willing to "capitalize" the labor of their working
force on such a basis.
But how Is the workingman
to live in the meantime ?
participation
The whole
proposition.
It
appears to us, reduces
the third alternative above suggested. If the
wage system is to be replaced by "profit-sharing and
itself to
CO operative plans," let the worklngmen pool their
labor and engage the services of a manager on such
basis as
gible
Here is at least an intellidispense with the wage system as at pres-
might be
way
to
ent practiced.
feasible.
We
anticipate the answer, that a co-
operation on this basis has been tried and has broken
down Invariably. It has collapsed, in every case, be-
cause of the want of responsible and experienced leadership, which has its own personal Interests at stake.
But is it not a reasonable inference that a similar fate
would be in store for any such displacing of the wage
system as the ardent but hasty philanthropy of the day
conceives
?
sede them.
FIRE INSURANCE RATES AND METHODS.
An article
by Mr.
appeared in the
W.
last
0. Betts of Philadelphia,
number
of the
which
"Annals of the
American Academy," treats disapprovingly of fire Insurance methods, and argues that the business is highly
profitable and its current premium rates extortionate.
If this oonolnsion is correct, it Is
important; therefore,
let us examine the methods by which it is reached.
The writer begins by citing average dividend rates
paid yearly during the last decade and the prices of
insurance stocks at a certain date. Accepting these
do not sustain
the positions of the article. Of 139 company stocks,
stroy altogether the capital Involved, but would leave it is true that (as given in a compend referred to) 65
labor's earning capacity precisely where it was before* stood at 101-150, 26 at 151-200, 23 at 201-300, 13 at 301On the other hand, invested capital can go with- 400, and 12 at 401-1,400; but this is a misleading
out any return at all for a period of time, if it hopes grouping. Of the 12 last named, 4 stood at 401-5009
That
is
figures as arithmetically correct, they
to say, the failure of the enterprise would de-
for large returns
when
that period
past.
But
this
2 at 501-600, 3 at 601-700, 2 at 701-800, and only 1
Simple profit-sharif, as Col. Wright suggests, the system
ing, therefore
is to " take the place of that under which mere wages
are paid" would be unjust and objectionable to both
any higher; this one is a company which is sometimes
called the Chemical Bank among underwriters, having
Is
exactly what labor cannot do.
—
—
is
a very small capital and a very large surplus, and
is
a
very marked exception.
and labor. We strongly suspect that the laborThe market prices of insurance stocks and the rates
the
first
to
balk
be
at
a
system
dispenswould
man
of dividends paid are based largely upon book value,
ing with the old-fashioned system of "mere wages."
In which surplus is of course the chief factor, itfeither
We do not Imagine that Ool. Wright is so impracti. large book value nor a high dividend nor large surBut it plus proves conclusively that underwriting is prospercable as to waive all objections of this sort.
certainly seems to us that the economic doctrine sug- ous ; for dividends may be earned and paid temporcapital
ing
THE CHRONICLE.
'2306
[Vol. lxxvii.
aaderwrltlng Is conducted at a lose. Sab
tract from net premiums in a year the sum of losses
«nd expeniea paid, and the difterenoe is gain or loss^
are uot aware ot
Since assets are at interest, what may be called
"the baDklng side" may yield a divisible return, while
gregate stock of the companies
the underwriting side results in loss; therefore, a
citation of dividends and surplus is not alone con-
the
•rily wQile
and there
is
Uuderwritlng
it.
is
an open
field,
no fixed limit to organization, under
nothing prevents the turning of
according as It is a plus or a minus quantity ; then set say 60 millions of capital into the field before next
oyer against this the Increase or decrease in liabilities July except the fact that the owners of the capital do
as compared with those at the end of the preyious year, not think the prospect attractive.
Whether 60
and the result is the underwriting profit or loss in the millions more capital, which is not far below the agy««r.
clusive.
Mr. Betta perceives and admits the distinction between the underwriting and the banking sides, but he
chooses to treat underwriting loss as "elusive" and of
questionable verity.
is, notwithstanding, unpleasantly real, and in the thirteen years 1888-1900 there
It
liberal general laws;
would more or
than suffice to meet
for insurance, we do not stop to consider;
in this State,
demand
now lawfully operating
less
an excess of demand, and for soma years
past has been.
Evidence of this is furnished by the
fact that a bill now*in Congress (which substantially
ought to pass) to more effectually deny the malls to
irresponsible underwriting concerns is opposed by some
business interests on the ground that it would abridge
insurance facilities a plea which may fairly be parabut there
is
—
was an underwriting loss in seven years aggregating 58 phrased as averring that the public cannot get inmillions, against an underwriting profit of about 44 mil- surance enough, and therefore must not be debarred
lions occurring in six years.
The writer errs in say- from taking the contracts of irresponsible, or at least
ing tbat the law requires maintenance^of a 50-per-cent doubtful, issuers.
unearned -premium fund, "so that a policy holder
When we have bsfore us this undeniable fact of incanceling a policy maybe reimbursed the ratable portion of the premium paid." The statement is entirely
incorrect; this unearned
premium has nothing
to
sufficient
supply,
and
also
the fact, open to every-
bodys' observation, that capital persistently stays out
do of the
field, It
is
useless
to try to establish a third
with return in case of cancellation, but is held solely proposition, that rates are extravagant and profits
as a reserve against losses, it being assumed, as a rough large.
These three propositions do not fit, and
calculation, tbat about one-half of premiums will be they cannot be made to fit except by adding a
consumed in losses. A more surprising error is that fourth one: that there Is a shortage of capital
Mr. Bctts actually avers that all surplus rightfully available for investment, or that owners of capital are
belongs to the public and ought to be divided. To incompetent to handle it. The unsatisfied demand,
qaote his own words
and the refusal of capital to enter an open field in
All of this money, all of this excess charge over and which demand can never fail, dispose of all contenabove the amount necessary to recompense the custo- tion that underwriting is a safe and profitable busidians and the administrators of the public's contribuWhen competition, the universal regulator, retions, should be held in trust as the property of the ness.
Insuring public. By all ethical, moral and financial fuses to intervene, it Is certain that competition deems
rights, the conflagration fund belongs to the Insurers. the prospect uninviting.
But It never will be theirs unless the law is changed.
We could carry the analysis further if space perInstead, this fund will grow, and, growing too big,
mitted, but will add this: A joint-stock Insurance
some fine day it will melt away as an extra dividend
sufficiency of the mutual conof 40 or 60 per cent, or else it will amalgamate with company guarantees the
:
—
the dormant capital of 47 millions, so that the share- tracts called policies, which in form it writes in its
owners will own two shares of stock where now they own name. Behind them stand its assets, composed
own but one."
mainly of capital and surplus, plus temporary use of
We really must decline to take this seriously. If unearned premiums. Diminish the surplus and the
surplus in Insurance belongs to the public because It guaranty Is weakened. Same rates are too high and
came from the public, profits in any business that others too low; it Is beyond human foresight to make
might be mentioned belong to the public by the same them strictly exact. The conflagration hazard cannot
reasoning.
If
insurance surpluses were distributed
cannot be left out; it will
The only thing which has elasforce itself in.
reduction as would consume it then behind the pos- ticity enough to meet and absorb the shocks of this
sible losses should be left, rightfully, only the prem- hazard is the surplus, which to some persons has beiums of tbat year, for if stockholders were denied profi>^ come a rock of offense.
they could not be asked to assume deficits. Mr.
Betts's cheerful assurance that there will be no more
MINNEAPOLIS & ST. LOUIS REPORT.
be exactly foreseen, but
it
either as a dividend to policyholders or by such rate
—
conflagrations is not a warranty. He quite passes over
the fact that capital and surplus stand in constant
exposure and that repeatedly assessments have become
necessary and have been paid; in his exhibit of dividends and market values, also, he takes no account
of the stocks which paid nothing or of the fact that
128 companies with 30 millions of capital have been
"burned out" In this State since 1871, going by either
insolvency or discouragement.
s article is an apparent example of the too common handling of statistics for the purpose of supporting a predetcimlned conclusion. We have not space
to consider it in more detail, but this is certain: if
iuEurance la "highly profitable" and its rates are ex
tortionate (as alleged), owners of investment capital
H
The annual
RR. Company
report of the Minneapolis & St. Louis
furnishes evidence of the fact that in
a country of large area like the United States the
general crop situation may be exceedingly favorable,
while some particular locality may nevertheless have
As the fiscal
to contend with a diminished crop yield.
covers
the twelve
St.
Louis
year of the Minneapolis &
months to June 30 1903, the results of course are
based on the agricultural productions of the season of
That seasop, as the reader will recall, was one
1902.
country's leading grain crops proved of exceptional, even of phenomenal, proportions, and when
the harvests generally were exceedingly abundant.
when the
The Minneapolis &
St. Louis, nevertheless, suffered a
Dec.
falling off In Its
nation
Is
THE CHRONICLE.
19, 1903. J
tonnage and earnings, and the ezpla
found In the fact that
looal
conditions In
the territory tributary to the lines of this little system
during the growing and harrestlng period of 1902
were adverse, and that consequently the crop yield
diminished, Instead of (as In the country as a whole)
increasing.
From
the classified statement of freight given In
the report, It appears that the tonnage In agricultural
products In 1902-3 waa only 660,341 tons, against 804,-
331 tons
In
1901-2, the
amounted
to almost 18
contraction
per cent.
having
thus
There was
large decrease In the lumber shipments, which
also
fell
a
from
391,036 tons to 278,207 tons, a shrinkage of about 29
per cent. Nearly all other classes of freight, and
particularly merchandise
and 'miscellaneous
increased, so that In total tonnage the
articles,
reduction was
only from 1,940,26 S tons to 1,836,894 tons, a loss of
no more than 6 '33 per cent. It remains to be said
that there were really two Important causes of decrease In transportation receipts, namely (1) the re-
•2307
not sold, but are retained in the Treasury. Tne company's charges to capital account for the late year
were $379,035, which furnishes the reason for the $360,000 of bills payable created during the twelve months
and reported outstanding June 30 1903. A? against
this there are $282,000 of the company's 1st consolidated 6-percent bonds In its treasury and $1,160,000
of its first and refunding 4-per-centB, making $1,,
442,000 together.
President Hawley (writing under date of October 6)
states that the business outlook for the ensuing year
is good, especially in general merchandise and coal.
Although there was an excess of rainfall in Minnesota
and South Dakota, the crop conditions in those States
Continued wei weather after
are fairly satisfactory.
harvest, however, has delayed the movement of wheat
and unfavorably affected its grade. In Iowa the crop
of small grain is about the same as for the previous
The corn crop is not so heavy, but there is
year.
more marketable corn, he says, as the early frosts of
last year made a very large percentage of the corn,
duction In gr^ln shipments already referred to and unmarketable.
Mr. Hawley>lso points out that the increased cost of
(2) the completion during the year of the Chicago
Rock Island & Pacific Ry. Company's line from Albert labor and all classes of material over last year rendered
Lea to the cities of Minneapolis and St.Paul. Through it impossible for the management to effect a reducthe building of this piece of road the company sus- tion in operating expenses proportionate to the reductained a loss in revenue by the diversion of a portion tion In gross receipts. However, if there should be a
of the traffic to the R:)ck Island which was formerly reduction in the volume of traffic the current year, he
delivered to the Minneapolis & St. Louis for trans- thinks it will be practicable (especially as the propportation to points on the latter's line north of Albert
Laa. In face of these circumstances, the small loss
erty has been so greatly
recorded In total traffic must be considered noteworthy.
In the passenger earnings there was actually a small
further gain on top of the 25 per cent increase In 190102 a particularly gratifying fact, indicative of the
maintenance and transportation without detriment to
—
growth In population and in general business activity
of the country tributary to the road.
Notwithstanding the various offsets mentioned,
both gross and net earnings decreasad nevertheless.
In gross the falling off from the previous year was
$276,363, or 7*78 per cent. It was not found possible
to reduce expenses very greatly, so in the net the loss
was 1211,660, or 13*49 per cent. Considering previous growth, the present falling off can not be rerarded very large. We pointed out a year ago that
from 12,006,506 in 1896 97 gross had risen to $2,246,680 in 1897-98, to $2,500,004 in 1898 99, to $2,863,310
in 1899-00, to 13,275,603 to 1900 01, and then to $3,640,840 in 190102. The decrease the last year brings
seven years) to effect
improved during the last
greater economy in the cost of
the property.
RAILROAD GROSS AND NET EARNINGS
FOR OCTOBER.
As
gains in gross earnings are diminishing, com:«
p orisons as to net are also growing less favorable.
This is the same as saying that expenses, which have
baen such a prominent feature in the affairs of the
roads during the last twelve mouths, are not being
contracted in proportion to shrinkage in the increase
in gross.
Oar compilation this time covers the
month of October, and it will be seen that in the
gross the improvement for the month on the roads
reporting reaches $9,994,999, or 8 89 per cent.
This
Is not a particularly small gain, either In ratio or in
amount. But going back we fi ad that in September
he increase was $13,372,963, or 12*31 per cent; in
the amount for 1902-03 down to $3,286,472. The net
August, $16,783,293, or 14 99 per cent, and in July,
rose from $374,788 in 1896-97 to $950,959 in 1897 98,to
$17,835,572, or 18*23 per cent. The comparison as
$1,061,999 in 1898-99, to $1,262,802 in 1899-1900, to
to net shows similar results.
For October, the inin 1900-01, and to
I
$1,426,819
decrease
$1,568,465 in 1901-02.
The
to
now brings the amount for 1902-03 down
$1,356,806. The most noteworthy fact in the com-
pany's exhibit
is
that notwithstanding the decrease re.
ferred to, the income was sufficient to meet the 5 per
cent dividends which are being paid on both the com-
pany's
common and
preferred stock.
The
$5,534,846 or 16-48 per cent in August, and $6,463,153 or 20-25 per cent in July.
January
October.
(1C8 roadt.)
surplus
above charges for the twelve months was $511,916.
The call for the dividends was $500,000, leaving a
small balance
$11,916.
Of course the exhibit for
the previous year was much more favorable in the
fact that the balance above dividends for that period
of twelve months was $196,724.
The funded debt was increased during 1902-3 by
$609,000,to reimburse the company for cash expended
In the past out of current receipts for Improvement
and betterments. The bonds issued, however, were
—
crease readies only $2,407,665, or 6*88 per cent, as
against $4,370,652 or 11*68 per cent In Saptember;
1903.
1908.
Gross eam'8 122375.429 112,380,430
Oper. exp... 79.033,735 71 448,401
Net earn'B
As
43.341.694
40,934,029
In preceding
1 to Oct. 31.
(101 roads.)
Increaae.
1903.
1902.
iHcreast.
t
t
f
t
9,994,999 J89,031,693 866,066,104 122,965,S8&
7,687,334 970,749,490 584 897,244 85,853,246
2,407,666 tl8,2S2,203 281,168,660 37,113.848
months, the showing for October
has been decidedly improved both as regards gross
and net by the very large Increases reported by the
anthracite coal roads.
Tnese anthracite roads in
October were still comparing with the period of the
miners' strike last year, and therefore their improve-
THE CHRONICLE.
2308
dimensions in gross and
[Vol. lxxvii.
Southern Railway. In the following we show all
In gross the addition for this group Is 12,421^- changes exceeding $30,000 in amount, whether inalike.
or
196,
43i per cent, and In net $1,724,090, or 144-67 creases or decreases, in both gross and net.
PBIHOIPAL 0HAHOB8 IH OROSS SAKMIHOS IM OCTOBER.
per cent. Eliminating the anthracite coal group from
Increasea.
Increase*.
the results, wa would have an increase of only $7,573,- Lehigh Valley
RB.{...
$796,502 Cumberland Valley...
$73,600
Union Pacltto System.
792,717 Tol. & Ohio Central...
68,222
803 in gross and but $683,575 In net.
Cent, of New Jersey..
768,305 Colorado & Sonthern.
66,858
746,262 CUlo. Indpls & Louis..
60,740
As in previous months, also, the feature of Increased Phil. & Readlnif RR.*.
ment
Is
of exceptional
net,
& Santa Fe.
South. Pacific Syt^tem.
Atoh.Top.
expenses here disclosed derives additional significance
from the fact that the same feature was already observable in a marked degree in the returns for the
previous year.
Thus
in October 1902, while our totals
showed $6,277,165 improvement in gross, this was attended by such a large augmentation in expenses that
net earnings actually recorded a decrease of $416,786.
Of course the anthracite miners' strike prevailing at
that time played
its
part in producing this unfavora-
ble result, but as a matter of fact
augmented expenses
common
Pennsylvania Syst.
>
(2 roads)!
Baltimore
&
A
665.094
634,634
580,500
$
Ohio...
7
c
488,614
889,111
360.862
320,788
312,525
301,947
29t.l6i
286.470
266.197
257,331
236,194
195,840
8outhw...5*
Chesapeake <b Ohio...
Canadian Pacific
)
St. L. A San Fran
B.
O.
.
Chic.
& E
. .
IlUnoisJ
Illinois Central
Mo. Pacific & Ir. Mt. >
Central Branch ... 5
Southern Railway...,
Korf oik <k Western
Gr. Trunk 8ys.(3 r'ds).
LoulsvUle <& Nashville
Wabash
Chicago & Alton
Northern Central
N. Y. Ont. & Western.
120 800
109,385
103.777
85,963
79,996
79,657
76,698
then
to the roads nearly all over
Cln. N.O.ATex. Pac.
the country the Pennsylvania, for example, with Chic. Great Wostem..
Central of Georgia
$1,390,300 gain in gross, reporting $9,100 loss in net. Mo. Kansas &. Texas..
Mobile & Ohio
We show in the following the October totals for all
were
—
Hooking Valley
52,867
51,566
51.007
60,782
50,122
45,855
44,300
43,010
34.890
34,889
Nash. Chat. & St. Lonls
Cleve.Cln.Chlc.&8t,L.
Pere Marquettell......
Kanawha & Mich
Pacific Coast
Phlla. Bait. & Wash...
Ft, Worth & Den. City
Wheeling A L.Erie....
Ala. Qr't Souihern
Total (representing
44 roads)
$10,068,606
Decreases.
Denver A Rio Grande.
Minn. St. P. &8.8t.M.
Wisconsin Central
$59,489
46,250
43,634
42,832
41,918
32,576
Total (representing
6 roads)
$266,699
Louis Southwest...
Atlantic Coast Line...
Minn. A St. LoulH
8t.
These figures are for the Railroad Company; the Ooal A Iron Company reports an Increase of $1,904,532.
t Covers lines tlrectly operated east and west of Pittsburgh and Erie.
The gross on Eastern lines (Including Buffalo A Allegheny Valley
Division) Increased $178,600 and the gross on Western lines
*
the years back to 1893.
<
raw
Btou BarninQt.
<t
So. of
Tear
Tear
Oiven.
Precedin§.
'06(121)
Increase org
Iturecue.
Tear
Preceding.
t
+389,333
-2,733,803
+8,824,676
—1.776,516
84.364.703
64,969.058
—8.763,070
22,994.889
25,727,602
60,485.049
+5,1»2,498J
86.680,814
03,982,600
67,859,774
74,gOS,2«7
—8,893,832
84,162.741
28.805,630
25,038.287
-H,692,18S'
87.875,385
+4,381 29
3J.208,6S4
85,825,673
29,708,237
82,648,011 +10,791,82-! 39,761,61rt
+3,571,h65! 3S,239,f'98
38,658,688
+2.049,762
+8,495,447
+4,108,988
39,530.261
-280.359
15,303,549
37,600,947
+7.693,602
40,6'0,565
48,341,694
41,086,351
—416,786
40,034,029
+2,407.665
63.606,6 :0
66,617.543
62.680.26}
78,051,957
7S.189,5M
9
24,026,430
Increaee or
Decreate.
-8,9:^6,880
B9,020.240
81,205,9^8
OOdSfl)
93.139.83(i
'00(181)
01(111)
101.185,a4B
114,27i,6H0
'0X105)
118.017,914
100.811,588 +13,4'*3,045
105,7 »0,74B +6,27 M66
'03(108)
128,376,4^9
118,380.430
Jan.
Tear
Oieen.
•
Oct.
'06(183)
Net EarningB.
97,618.388
>M(1S0)
U6(12S)
-9«(11S)
•97(118)
08(118)
99(118,
•00(18<)
'•1( 90)
•aaaoo)
03(101)
643.60 l.Se»
473,378.38
<!
506,fle6.8S-^
49t.774.849
588,449.966
682.961,676
715,500.t59
820.»81,165
876,129.186
817,81J,5i5
e8<),031.693
+0.994,999
-6.804,529
059,890,610 -10.689.116 173,884.617 180,639,146
548.740,4^6 —76,868,164 144,508,757 173.863.534 —29,880.777
480.918,191 +26.782,697 164,631.876 148,881,732 +16,260.114
491,341,806 +3,458,04) 157,077,489 158,963,797
+114,642
618,817,432 +26,832,634 181.170,427 163,149.518 +18,020,914
074.402,141 +48.069 484 208.327.801 ieO.S09.S28 +17.817,873
061,156,043 +84.345,4 If 886,157,649 811,2?6.«8« +24,8fl0.709
744.578,lf0 +T6.403.005 868.^56,428
786,204,169 +88,926.0n 303,707,180
766.085.802 +51.128.723 86^,530,178
886,066,104 +122966689 318,882,203
249,566,330 +22.091,093
is
Southern Pacific Bys
Union Pacific System.
Phil. A Reading RR.*.
A.toh. Top. A Santa Fe.
them
stances this time,
it Is
better comparison as to
Chesapeake A Ohio...
Chicago A Alton
Norfolk A Western
Pere Marquette
LoulBvlUeA Nashville
Southern Railway
A Ohio...
B. A O.Southw...
Atlantic Coast Line.
Baltimore
>
J
Worth & Uenv.C.
Ft.
likewise
There are intrue, of roads which make a
net than heretofore. In this
individually.
belong particularly the Hirriman roads. We
may take for illustratloB the Union Pacific, which has
$792,717 gain in gross and $400,356 gain In net; the
Southern Pdcifio, which has $634,634 gain in gross
and $i 37, 306 gain in net, and the Chicago & Alton
which has $196,840 increase in gross with $119,935
Bat these are exceptions going to
increase In net.
prove the rule. The Pennsylvania Railroad (which
as we have already shown in October last year had an
exceptionally large increase in gross attended with a
decrease In net) this year repeats this experience,
having $580,600 gain In gross with $106,400 loss in
net.
The Erie has $17,459 gain in gross with $375,768 loss in net. The Illinois Central, with $312,525
gain in gross, has $123,041 decrease in net. So, too,
the St. Louis & Sin Francisco, with $320,788 gain In
Besides these there is
gross, has $35,666 loss in net.
a large number of roads which, while recording satisfactory improvement in gros3, have comparatively
small gains in net, such as the Baltimore & Ohio, the
Canadian Pacific, the Louisville & Naahvllle and the
43,988
41,865
41,020
37,892
37,256
34.749
34.413
.
Wheeling A Lake Erie
Mobile AOhlo
Canadian Pacific
Colorado A Southern.
Toledo & Ohio Central
is
NET
$704,095
659,434
437 .306
400,855
362,459
335,098
162,023
119.936
92,872
87,397
82,294
72,305
p.
okt
66,257
Lehigh Valley:
Cent, of New Jersey..
+7,020,436
281,168,860 +37,113,843
8611.509,748
true of the roads collectively
true of most of
class
OHANOEB IN
Increases.
PBIMOIFAI.
86»,678.79ii +44,028,390
KoTB.— We no longer Inolnde the Mexican roada or the ooal-mlnlng
operations of the anthracite ooal roads In oar totals. Figures foi
pvevlooa years have been revised In accordance with this change.
What
II
.
1 to Oct. 31.
•asdU)
iMoreased $401,900.
I These figures are for the Railroad Company only.
Ineludes Lake Erie A Detroit River Railway in both years.
5 For the total Baltimore & Ohio System, including roads controlled
but not wholly owned, gross for September increased $442,406.
BABNINOS IN OCTOBER.
Decreases.
$375,758
183.823
123,011
i06.71S
106.400
64,538
63,967
61,803
61,000
47,300
46,601
42,338
35,666
85.278
33,233
32.563
80,600
Erie
Mo. Pacific A Iron Mt.
Illinois
Central
¥azoo A Miss. VaUey.
Pennsylvania Syst.
(2 roads)!...
Mlnn.Bt.P.A8.8te.
Long Island
A Rio Grande.
Louis Southwest...
Denver
St.
Phil. Bait.
A Wash
Wisconsin Central....
Seaboard Air Line....
dt. L. & San Fran...)
Ohio.
A
East. 111...
J
Hash. Chatt. A St. L..
San Fran. A No. Pac.
Kan. City Southern...
W. Jersey
A
Seash
Total (re
19 roads)
$1,450,619
Total (representing
20 roads)
$3,851,997
t On the Pennsylvania RR. the net on lines directly operated east ot
Pittsburgh and Erie (Including Buffalo A Allegheny Division) decreased
$105,000 and the net on Western lines decreased $1,400.
Includes Lake Erie A Detroit River Railway.
t Does not Inelude results for Lehigh Valley Ooal Co. and other
controlled ooal companies, whleh latter show an Increase of $300,409.
* These figures are for the Railroad Co.; the Coal A Iron Oo. reports
an Increase of $305,056.
§ For the total Baltimore A Ohio System, including roads controlled
but not wholly owned, net for September increased $11,190.
II
When
arranged in groups the feature of Increased
expenses again appears. Oat of the eight groups reporting there are three that record diminished net on
that account.
The remaining five groups have increases, but outside the coal group the improvement
is not particularly large in any group, as may be seen
from the following.
SCMMAmr BT OBO0F8.
Section ob
aBoup.
N*t Bamitio$.
Qroei Baminoi.
1003.
1902.
1008.
1002.
I
f
lines. (10'
33.423,863
31,761,05^
10,252,298
10.679,86"
Aathr. Coal. (6
Mt. A Mid. (13
Mid. West' n.(l«
Northwest'ndl)
8.126,776
5.705,578
2,915,813
1,1«1,753
4,071,»<82
8,796,003
1.335,811
1,484,0 H)
e,588,38'»
e,e5S,4<:l
3,014,747
a.826,1 7
8.077,060
8,10t),000
8,309,428
3,433,1110
f^orth Paoltlc(4)
10,768,849
9,568,327
4.653,430
4,196.997
October.
Trunk
C
C
Inc.orUte,
t
-4«7,06S
P.O.
4-00
+1,721,090 144*67
—148.814
+188,670
-188.688
+456,483
9-90
«-e7
3-60
1087
Boathweitern &
BonthPao.(Sl;
a anthem ...(25
Total (106
Hezioan.
28,058,309
27.089,8:-
11,240,937
10.822,8fe
17,722,80fe
6,619.220
6,300.360
+418,671
+818.880
8*87
19,323,015
r'ds.. 142.875,429 118,3^0,430
43,341,694
40.03 l,02w
+2,407,666
5-88
1,066,733
1,049,193
+7.540
0-78
(8)
3,633.638
3.885,690
s-os
Dec.
THE CHRONICLE.
19, 1903.J
2309
SUMMABT BT ORODP8.
In no country in the world has national finance been so
quickly and so violently affected by political environment
Qroat aamingi.
Set BarMng$.
axCTION OB
and onrrent economic experience as in the United Statea.
GROUP.
This inflaence has been due to many causes in part to the
1903.
1903.
1908.
1908.
Inc. or Dte.
sudden break with the parent country in 1775, leaving ani<
,P. Cl
%
f
%
•
mosities which grew into suspicion or contempt for EuroJan. \t4)Qct. 31.
Trunk llnes.ilO) .S28.673.7;i 3Se.63*,230 97 817,091 91JiaS,T90 +fl.60«,30i
pean experience; in part to the abstract politioal philosophy
7-84
AnthT. Coal.t 5 ^9.1P7.3'ie S1670.2aei 30 99'.3hl 18,7'<4.181 +18.1.'-0,800 141-89 which early obtained a strong hold upon the reasoning of
East.tMtd..|13 41.080.SI9 35.«80 h^) 1.>,892.9SI ll,7tid,90<
+6211.. .a»
538 political leaders in America, and led to a confidence in abMia. West'n.(18) S4 218,9Ta 73 780,317 25.148.29
81,787,798 -f3,SS0.4U8 16-63
stract ideas beyond practical possibilities; and in part to the
Njrthwest'n.i:)' ti7.58:i.3i7 81. 439,071 8-'.943.1N8 32,444,1^1
2-22
+49S,00T
newness of our economic life and the enormous scale on
North P»oiac(4) 8;.487,ei9 78,86 l.rtOl 38,683,184 30.701,240 +1.^01,W44
8- 14
which the resources of the oountry have been developed.
Southwestern a
Giving to financial operations the scope above stated, it is
South Pa&(10> 139 703,S8e 187.474 ,98V| 46 5.S5.iai 45.143.086 + 1.441.106
3-19
Southern ... .(84 168 aj(i.869 147,101,53?! 49.789.957 43.861.789 +4,628,1 6.S 1000 indisputable tbat there is not in this country,
even to this
Total (101r'd») 939,081,69:1 888.006,104 318.28 .',908 281.188.'' 60 +87,113,843 13-20 day, an orderly, well considered system worthy to be called
Mexican
(8) 36.149.C18 i 9.955,971'
8-62
0.601,547
10.429.141
+887.£e4
such; we say this every now and then, and evidences of the
lack of such a system are continually about us more or less
+ In the case of the Central RK. of New Jersey and Lehigh Valley, the totals
oppressively. There may be those who deny the possibility
do not include Jane, the UKUres for that mouth not havinn been reported.
Besldei the roada which contribute returns as to of a financial system so well planned and well adapted that
it shall continuously work well.
Some might say that fingross and net, there are some others which make reancial systems (including currency measures) are only
turns only as to groas. In the following we show
matters of expediency, to be varied or even reversed acthese roads and add their earnings to the total of the cording to circumstances; and tbat the best wisdom, because
gross as shown in the above.
the only wisdom attainable, in public administration, is to do
the best which the circumstances permit, and not attempt to
ROADS REPORTING OKO!«S BUT NOT NKT.
plan far as to the welfare and the problems of posterity
October.
1903.
1903.
Increase.
Decr'se.
This has, at least, a practioal sound; and we know that in
Reported abovedOS
S
9
$
$
fact financial administration in the United States has been
roads)
..
122,375,429
112,380,430
9,994,999
Ala.N.O. &T.Pao.tentative and varying. The disagreeing decisions of the
N.Orl.&No.Ea8t
228.490
195,893
32,597
Supreme Court on the constitutionality of the legal-tender
Alat). & Vifksb...
121,882
108,170
13,712
VICK9. Shrev. & P.
134.670
119,649
15,021
clause are an instance of this, and so it has been from the
—
'
r
1
1
—
Oblo. & Northwest..
Chlo. Bt. P
5,648,178
1,243.406
33,907
165,196
4,823,922
183,050
20,120
684,511
482,364
35,958
7.166.763
8,244,068
MA Dm
EVIH18V.& Indlrtnap.
Evaiisv. A Terre II
GtNo.tSt.P.M.&M.)
Montana
Central.
Dlinols Southern...
1 <te Gt. No.
Internaf
Lake Erie & Weel'n
Mob. Jacks. &K.C..
New York Oentral..
Northern PaolfloH..
StL. Vand.<feT. H.
T. H. & Indianapolis
Torre H.
A
225.289
200.097
60,042
1,184.884
16,500
290,278
55,482
Pt-orla..
Texas & Pacific
TexasSab. V. Ji N.W.
Tol. St. L.
&
West.-.
Toron. Ham.ABufi.
4,811,811
1,327.252
38,949
149,922
4,702,712
174,496
14,583
665,966
424,823
20,197
6,799,355
5,328.185
222,624
179.945
53,569
1,168.901
18,600
262,542
43,801
Total (180 roads).
160,464,436 139.212,377
Increase (8-08 p.o.)..
Inolndes proprietary roads In botb years.
736,367
83,818
6,042
5,274
121,210
8.5S4
5,887
31,455
87,542
15,761
367,408
84,117
2,665
20,152
6,47J
15,930
2,100
27,736
11,681
11,458,619 206,560
11,282,059
II
be seen from the foregoing that when we include the roads which report only as to gross, we
get an aggregate Increase in gross for the month of
October in the sum of $11,252,069, or 8*08 per cent—
that is, the gross earninjrs for October 1903 foot up
1150 464,4R6. agr-tHst: $139,212,377 for Octobf^r 1902.
It will
S00U
Mijiticts,
Financial History of the United States (American
By Davis Rich Dewey, Pb. D., Professor
of Economics and Statistics, Massachusetts Institute of Technology. 16mo, pp. 530. New York, 1903: Longmans, Green
Citizen Series).
&Co.
Very much
of the controversial struggles in the
world-
upon the &eld of arms, and perhaps even including those sometimes— might be prevented at the outset
by agreeing upon the definitions of the subjects in dispute,
other than those
always easy to reach.
covered in a financial history, especially in this
peculiar country of ours? This the author endeavors to ex
plain in his opening paragraphs, as follows:
The term finance, according to the precise definition of
modern authorities, refers to the receipts and expenditures
of an individual, company or government.
"The supply and
application of State resources constitute the subject matter
of pubhc finance,' is the definition given by Prof. Bastable;
and successive American writers on this subject— Adams,
Plehn and Daniels use the term in substantially the same
sense.
In the following narrative of American experience
the expression ''financial history" will be given a broader
scope, and will also include some consideration of the monetary system of the country, buch as coinage and bank issues.
This extension is made partly for convenience, since the two
subjects of money and of finance in its narrowest interpretation are related in interest to the student of public affairs;
and partly because it is impossible to explain the policy of
the Government of the United States, either as to expenditures, or as to income, without reference to the development
of public opinion and experience in the management of its
albeit definitions themselves are not
Now, what
is
—
monetary operations.
—
beginning, though we may admit that it could not have been
otherwise.
For the people were politically learners, compelled to provide for commercial and governmental needs before they
had found out how; therefore rapid and critical experi
ments, involving disasters, began after the peace treaty of
1783. Indeed, such experiments began in the colonial period,
when the primitive barter was followed by paper, some of
which was bills of credit issued by the colonies in varying
forms and some was issued by banks on land security. These
expedients seemed easy, and also magically helpful; they had
teen used In Europe, and Interference with them here by
England was not cheerfully accepted, so that Franklin in
1766 told England that one of the causes of ill-feeling in the
colonies towards the mother country was her prohibition of
paper issues. So during the Revolution there was no welldefined plan; "Congress did [one month what it had opposed
in the month previous." Paper issues were most natural.
Upon the 241 millions of "Continental" issues were heaped
the 209 millions more by the States; the depreciation extended as far as 40 to 1 in silver, and the misery of that
chapter has been written and discussed as much as any portion of American history; yet that did not prevent resorting
to the same bad expedient of paper some 80 years later.
The first issues of anything like paper money by the United
States under the Constitution were during the war of 1812;
they were in the form of Treasury notes, all but the last
Issue being payable in one year and most of them fundable
juto stock; all except the later issues were of too large denomination to get into general use; none had any legaltender quality, " though it is likely that such notes could
have been issued had the war lasted a little longer." The
notes remained at par in specie until the banks generally
suspended, in 1814; and at the close of the war those remaining out were rapidly funded.
The changes in rates made by the tariff of 1816 were so
great that this tariff Is often said to be "the beginning in the
United States of the distinct application of the protective
principle to domestic industry by means of Customs duties,"
at least, protection was then admittedly adopted as a fundamental basis. Opposition to increased restriction was weak;
"the tariff question, possibly for the last time, was treated
in a broad and liberal spirit," receiving support from all
parts of the country, even South Carolina voting a majority
for it in the House, and Calhoun favored it, declaring that
"neither agriculture, manufactures nor commerce, taken
separately, is the cause of wealth— it flows from the three
combined, and cannot exist without each.
Yet by 1828 sectional divisions on the subject had become
marked.
The
tariff of
that year represented the high- water
and it was dubbed
" Black Tariff" and " Tariff of Abominations." The South
mark
of protective legislation before 1880,
THE CHRONICLE.
2310
[Vol. Lxxvii.
truth might be shown with respect to silver, but as the explanation is different and less simple, it will be delayed." If
which State, directly after Jackson's election in 1832, passed a writer makes a statement which is inaccurate, and proan ordinance declaring the tariff of 1833, with its amend- poses to correct it subsequently, he should state at the time
ments in 1883, to be null and void, and that they should not that it is inaccurate. In this instance we do not find the debe enforced in the State. The Clay compromise tariff of 1833 layed explanation, further along, and the impression natfollowed, which contemplated a gradual reduction in duties; urally conveyed by the language is that in case of all coins
and as it provided for progressive reductions until 1848, it nominal and intrinsic values, are the same, and that "this
was notable as being one of the few measures that proposed truth cannot be too firmly grasped." But if an experimenter
to restrict the power of future Congresses over the revenue- should melt a handful of silver dollars, retaining all the
The tariff of 1842 was highly protective; the Walker tariff of metal, he would find his experiment expensive. We do not
1846 swung in the other direction; that of 1857 made further impute ignorance on this point to Mr. BoUes, but so serious
reductions; but since 1861 there has bean little interruption a departure from accuracy of statement ought not to be
found in an educational text book.
to the sway of protection as a policy for its own sake.
The last two chapters, which deal very briefly with railThe loan and currency operations since 1860 are more fresh
way
finance and with some financial operations of banks, are
in memory. From the "contraction" or funding plan, of Mcall
that
attempt to fulfil the third specification of the title.
CuUoch, in 1865, which regarded the greenback as a promissory note to be met, it gradually came to be considered itself The book is really a text-book on the organization of banks
money rather than a promise to pay money and was glorified and the many details of their daily business operations. This
in phrase as "bloodstained'" and "the people's money." The is treated minutely yet compactly, point by point, of routine
struggle over paper infl'ition was succeeded by the enforced detail, each of the several officers, from director to booknotice two slips
coinage of silver in 1877-93. As the decline in the value of keeper, serving as topic for a chapter.
of
statement, however, in going over these pages: It is stated
silver led to this long struggle of attempted remonetization
by force of statute, the withdrawal of their bond foundation on page 278 that "no bank in Brooklyn or Jersey City is a
gradually retired the bank notes. The burdens and disad- member of the New York Clearing House," which -is not
vantages of the total lack of elasticity in the volume of cnr- at the present time correct; and the statement in paragraph
rency have continued undiminished to this day; they cannot 7, page 238, as to the manner of making deposits in savings
be relieved by any process of accommodation possessed by the banks, is not true of all institutions. These are not serious
Treasury, and there is no immediate prospect yet of agree- errors, but text- books should be strictly correct in statement upon any new plan of note circulation, one hindrance ments of fact and should not make statements too broadly
to it, and " it led to important political
development of nullification in South Carolina,"
was utterly opposed
resalts in the
We
being the unreasoning hostility to banks which still persists
and the notion (in some States remote from the seaboard)
that any such plan is probably connected with "Wall
and unqualifiedly.
We particularly like the observations.
In the brief chapter
on " directors "—and also those of pages 87-89 as to " attendance"— concerning the duties and responsibility of directors
Street."
These are matters fresh in memory, and we cannot take and the reasonable limitations thereon. This is all well and
space to touch further on the details of Prof. Dewey's history. clearly put; it defines the least a 'director may know and do,
But we have quoted bis own statement of the field under re- and the most which can properly be demanded of him.
The book is orderly and well-defined in arrangement, as
view and have mentioned some of the most striking events,
text-books
should be. It is well adapted for use in commerin order to bring out the singularity of this country as a
field of finance:
its diversity of products and interests, its cial schools; it should also be useful to the general reader,
powerful temptations to experiments, its natural indifference and, while it is always dangerous for a man to be his own
—
and the causes which have led to changes and
struggles in policies pursued. The notion that what binds
effete monarchies does not apply to a vigorous young republic has had some show of excuse; but it is time to learn
that the supremacy of the natural and higher law over mere
statute applies everywhere, even in the United States. We
need here a currency system which shall be truly systematic,
solidly founded, and having the elements of permanence.
Prof. Dewey's work may be of service in turning attention
to the subject as one for serious study, although its intended
place is as a text-book, It is written clearly and well, and
dispassionately, without advocacy of specific policies. Its
aids— such as the suggested reading for students, the references to authorities prefixed to each chapter, the minute topical index and the order of divisions by subject and chronology— are all that could be desired. The book is certainly
the most complete in its field, and the field iteelf has hitherto
been almost untouched as a whole.
to precedent,
Money, Banking and Finance By Albert S. BoUes,
Ph. D., LL, D., Author ot "Practical Banking," "Banks and
their Depositors," "Bank OfiBoers," and Lecturer also in the
Univerpity of Pennsylvania and Haverford College. Cloth,
12mo, 336 pages. Price, $1 26. New York, Cincinnati, Chicago; American Book Company.
The
volume may lead the prospective purexpectmore than it contains. The first word of the
title of
this
chaser to
should have been omitted, for all there is on the subject
of Money is in the first chapter, which treats of the nature and
uies of money; the characteristics of the precious metals
that make them superlatively adapted for use as money; the
economy and advantage of using substitutes which in themselves have no appreciable intrinsic value; the kinds of
money, which includes more than coin; the considerations
which determine the qaantity of money required for a
country and for a given volume of business. This presentation is compact and excellent, but on page 13, after stating
too broadly, that "the transformation of metals into coin
does not effect their value," and adding that if a gold coin is
mashed or melted and none of the material is lost the original tale value is unaffected, the author says that "the same
title
lawyer, the business man may get from it suggestions of
points of inqniry, at least, in his relations to banks.
A
History of the Greenbacks, With special Reference
to the Economic Consequences of their lasue.
By Wesley
Clair Mitchell, of the Department of Political Economy.
Price, $4. Chicago, 1903; the University of
8vo.; pp.578.
Chicago Press.
This volume
publications,
is
No. 9 in the second series in the decennial
which are announced as "issued in commemo-
ration of the completion of the first ten years of the University's existence, authorized by the Board of Trustees on
the recommendation of the President and Senate, edited by
a committee appointed by the Senate"— these titles belonging
The work is divided into two parts- the
to the University.
history, and the economic consequences of the Legal-Tender
Acts— and is a very nsefnl addition to the several historic
accounts of that melancholy time which have heretofore
appeared.
At the outset of his administration, Secretary Chase, a man
without financial experience, but having a confirmed belief
in hard money and a dislike for uncertain paper, said, referring to some of the early and supposedly temporary expedients, in which were included some one year interestwill be requisite
bearing notes, "the greatest care
to prevent the degradation of such issues into an irredeemable paper currency, than which no more certainly fatal expedient for impoverishing the masses and discrediting th^
government of any country can well be devised." This
degradation was effected gradually, like most descents. The
first contributing cause was resorting to the make-shift of
short loans, without foreseeing the inconvenience which was
liable to arise and did arise by their maturing while the
.
.
.
Treasury was still under heavy demands; this, however, is
to be ascribed to the general misconception at the time about
the probable duration of the war, and Mr, Chase himself, in
his report in 1863, explained his failure to recommend heavy
taxation t ) the extra session in July 1865 by pleading the
impossibility of foreseeing the severity of the struggle.
Another contributing cause was the persistent reluctance
or timidity of Congress about taxation
—not appreciating the
Dec.
19, I90r).|
THE CHRONICLE.
popnlar feeling, wholly disregardiog the declaration of leading jonrnals that un the language of one of them) "the
country presents the spectacle of a people praying to be
taxed." A further cause was a lack of coniidence in the
assistance and advice of the banks. The New York banks
by Mr. Gallatin, pointed out the evil consequences of the
proposed issue, when it was first mentioned in 1863, and
submitted an alternative plan whose main features were
heavy taxation and the sale of long-time bonds at their
market value, which value would be greatly enhanced by the
assurance that adequate taxation would give. But the sale
of bonds at their market value was particularly objected to,
being denounced in Congress as "shinning through Wall or
State Street." The notion that the dignity of the nation
required that its bonds be placed at par, in appearance, overbore and obscured the fact that, by a law beyond the powers
of any Legislature, the bonds would sell and did sell at their
market value, and below par. It was alleged at times that
the notes had not depreciated, but that gold, a commodity,
had risen— a mere quibble of statement which may have
pleased the apologists but did not alter the facts. A fourth
cause which led to the legal-tenders was the plea of neces*
sity, and the other excusatory plea that the issue was "only"
small and would not be carried beyond a moderate limit.
How the limit was sucessively set forward, and how even
the old excuses were gradually abandoned for the declaration that the promise to pay was itself payment, and that
anything is money which the fiat of government issues, are
fully set out; an additional chapter is also given to the history of previous unhappy attempts to make fiction pass for
truth in finance.
The chapters treating of the effects of the legal-tenders
upon prices, wages, rent, interest, profits, and the production
and consumption of wealth, are interesting, and they go into
that part of the subject more fully than any previous treatise
which we recall at the moment. Nor is it an objection to
this inquiry that it is not conclusive; it naturally could not
be, since so many possible factors affect wagej; yet the inquiry may still serve a useful purpose.
The chapter on the bearing of the legal- tenders upon the
cost of the war is al60 highly interesting. In 1867 Comptroler Hnlburd ascribed a third of the debt at that time to the
high prices paid by the Government while its outlays were
largest.
Other estimates are quoted, but after pointing out
why it is impossible to reach an accurate determination, Mr.
Mitchell thinks it probable that the lavishness cf appropriations is considerably traceable to the notes; that while the
notes may have made the people more ready to submit to taxation, it is unlikely that their net effect was favorable to revenue; and that It is safe to conclude that the paper currency
increased the debt incurred during the war by an amount
reaching into hundreds of millions. Upon the first of these
opinions he quotes from Secretary McCuUongh's report in 1867
that "as long as notes could be issued and bonds could be sold
at a premium or at par for what the statute made money,
there was a constant temptation to liberal if not unnecessary
expenditures; had the specie standard been maintained and
bonds been sold at a discount for real money, there would
have been an economy in all branches of the public service
which, unfortunately, was not witnessed." As to this view,
also, while it is not susceptible of positive proof, it is strictly
in accord with human nature,and therefore with probability.
The chapter on wages includes a detailed analysis of the
Aldrich report in comparison with material by J. D. Weeks
in the twentieth volume of the Census of 1880, with an incidental statistical attempt to show that there is an element of
truth in the "subsistence" theory of wages. At least the
author shows once more how easy it is to mass statistics of
small details without leading to much that is definite and
certain in conclusicn. On the whole this volume may be
commended for clarity of style, fairness of statement, distinctness of discrimination and soundness of reasoning. It
stould rank well in its class.
2311
Money;" "The Medium of Exchange, its Characteristics and
Composition and the Relation between its Constituent Elementf;" "The Standard of Value and Prices;" "The Quantity
Theory of Prices;" "Metallic Money;" "Government Paper
Money;" "Bank Currency, its Nature, Operation and Advantages;" "The Forms of Bank Currency and the Limits of
its Istue;" "Bank Currency, its Regulation and Safetyi"
"Chief Banking Systems of the World;" "Banking Machinery and Methods;" "The Foreign Exchanges;" "The
Bank Rates;" "The Theory of Bl-metallism;" "The History
of Bi metallism."
Contrasting this work, for convenience, with that [of Mr.
banking in its theory, its operations and
principles on the broad 8oale]while Mr. Bolles's goes into the
Mr. Scott states that his work
details of daily routine.
"aims to analyze and explain the complex media of exchange
of the great nations of the present day in such a way as to
reveal the nature and workings of each element and the reBolles, this treats of
between them all."
The opening chapters, on the nature and functions of
money and the exchanges, of course go over oid ground, but
are very satisfactorily done. In mentioning Qresham's law,
which is familiar to economists as merely the formal expression of the fact that undervalued coin always disappears and
the poorer money always drives the better out of circulation,
Mr. Scott states in afoot note that the law was discovered at
least two centuries before Qresham, being clearly stated in
Oresme's " De Origine, Natura, Jura et Mutationibus Monetarum," published in the fourteenth cnetury. But really the
" law " go98 back of even the first cantury, being imbedded
Whatever a person is to part with
in human nature itself.
lations
excepted) he instinctively selects the least desirable
specimen of the article which he has, provided, of course,
it must be and is received without a discount charged
to him because of its inferiority; the specked fruit, the small
egg, the worn coin, the soiled and tattered note, the least
valuable and desirable of several sorts of money which are
still current— one instinctively puts out the poorer first and
reserves the better and as this is in human nature it must
have begun with man. Hence this law, which bears the
(gifts
—
who merely formulated
something that statute cannot repeal, evade or suspend, even under the alleged warrant of necessity in war.
The nation which attempts to have two sorts of money, unequal in value, condemns itself to use the inferior and expels
the better from ordinary circulation.
The brief and well-written chapter on "The Quantity
Theory of Prices " is to be commended as a conclusive dename
it,
of the English Mint director,
is
monstration, as far as it goes, of the fallacy of the theory,
although more stress might have been laid upon rapidity of
movement as a factor in the relation between the volume of
currency needed and the volume of exchanges. As to this,
indeed, it seems to us that a suggestive analogy might be
drawn from the realm of natural philosophy, for just as
momentum in a material body in motion is the product of
the quantity of matter and the velocity (M=AXV), so the
quantity of currency needed to produce a given effect might
almost be stat ed in the same formula, momentum here representing effective use in performing exchanges. However.
Mr. Scott is doubtless correct in saying that this "quantity"
fallacy had some share in leading to the free-silver craze, any
sluggishness of trade or supposed unsatisfactoriness in prices
being readily ascribed, "by brilliant orators and skilful
casuists, in and out of Congress," to an assumed deficiency in
the volume of currency.
In his chapter on bi-metallism he states that bi-metallists
rely largely on what they call a natural compensatory action
by which, in case of a difference in value between gold and
silver, the increased use of the cheaper and the decreased nee
of the more valuable for monetary purposes would raise the
value of the former and lower that of the latter, thus tending to bring the two ratios together. But a tendency is not
necessarily effective to produce a result; and the weak point
in this theory, as he sees it, is the assumption "that gold and
silver are indefinitely interchangeable for monetary pur-
Money and Banking: An Introduction to the Study of
Modern Currencies. By William A. Scott, Ph. D., Director poses, and that the only limit to the possible substitution of
of the School of Commerce and Professor of Economic
the other in case of a threatened change of market
History and Theory in the Universitv of Wisconsin. 8vo, pp. one for
ratio is the entire discontinuance of the monetary use of the
882.
Price.$3. New Yofk: HeLry Holt & Co., 1903.
become relatively dearer." He doubts this,
The scope of this work cannot be better indicated than by metal which has
and inquires whether it is not at least "conceivable that the
citing its chapter heads: "The Nature and Functions of
THE CHRONICLE.
2312
dearer metal might still oontinne to serve as money, but at
an enhanced valuation as compared with the cheaper."
In his handling of this topic, and indeed throughout his
treatise, he seems to us sound, acute and fair; and while we
are not entirely sure of the present lack of text books on
money and banking, which he cites as occasion for making
this one, there is surely need of well-directed and correct
study of the subject of finance in our day and country, and
Mr. Scott has made a contribution which will not lead any
student astray.
Notes ox Electric Railway Economics and PrelimiNAKY Engineering; by W. C. Gotshall, New York: McCJraw
Publishing Company, 1903. 8vo., pp. 252. Price, $3.
This book is based upon a series of lectures delivered at
Lehigh University last spring, the subject of the course
being economics of preliminary determinations and of the
construction and operation of high-speed interurban electric
railroads. The author has filled out his lecture notes, adding matter thereto in some places, and has arranged the
topics to follow the order in which they would be taken up
in the actual investigation and construction of an under-
[YoL. Lxxvn.
peculiar point, while Mr. Gotshall considers curves undesirable and would have their radii as long as conditions permit,
he holds that the curves themselves should be short. This
seems strange at
first, and it Is contrary to ideas in steam
railroad practice; but he explains that a long curve is very
detrimental to high speed, because it is unsafe to take a long
curve rapidly, since the view ahead is obstructed. Electric
trains are short, often only a car or two, and are under
quicker control than steam trains are therefore It Is better,
as a choice of evils, to have a short curve and get quickly
over It (even If it is sharp) than to lose time in rounding a
long one or take the risks of running unexpectedly upon a
car ahead.
The high-speed interurban road and not electric roads generally is his subject. Therefore, and properly, he urges exclusive
right of way, no crossings at grade, and (above all) no single
track, which he says has been and is the cause of the greater
portion of railroad casualties and receiverships. Indeed, he
flatly declares that If the prospective business will not support the relatively small added cost of a second track It is
generally not worth going after. Highway lines, while precluding high speed, have an attractive cheapness of franchise yet not only must Ideal alignment and grade be sacrificed, but the "compensation" sure to be exacted for the use of
the high way should be considered a fixed charge and often more
than obliterates the apparent advantage of a cheap franchise.
Branch lines are generally not desirable, for these reasons :
trains on them are merely shuttle, involving a change operating costs are relatively large and the company is liable
at any time to be compelled by the authorities to run the
branch cars through to a terminus, to the disturbance of the
schedule. It Is better to plan the line to take in all desirable
points, if possible, even at the sacrifice of directness between
termini for it is not true that the shortest line between termini is necessarily the most profitable. And always, there
is no truer paradox than that a cheaply installed road is a
most expensive one.
Goods-carrying, Mr. Gottshall says, has been proved profitable, and is likely to develop enormously. The oatise assigned is "short headway," which is another term for frequency of movement. The policy of steam roads Is to make
every train, freight or passenger, a self-supporting unit,
which means long trains; so modern economy works for reduction of grades and curves and more powerful engines, so
as to reduce the cost of hauling a ton per mile. But at present the unit on electric roads is the car mile, not the ton
mile, Frequent Intervals, or short headway, increases the
riding habit, and the same law holds as to freight. To quote
;
;
taking of the type considered.
Mr. Gotshall is a member of the American Society of Civil
Engineers and of the American Institute of Electrical
Engineers, and has built a number of the pioneer electric
interurban roads in the Middle West; he has done other professional work in Paris, London and New York, and for
more than two years past has been president and chief
He is thereengineer of the N. Y. & Port Chester road.
fore entitled to rank as an authority, and the fact that the
publishing company also issues the "Street Railway Journal"
is a further guaranty of the competence of Mr. Gotshall.
At the very least, he is practical from first to last. In treating a subject which is necessarily technical, he has not considered technic for its own sake, but solely for the sake of
practical results. Taking up the project of a proposed highspeed interurban road, he begins with the preliminary investigation of the section of country in reference to the
probable earnings and expenses, and carries on the inquiry
tlirough the course of track location until the road is ready
for operation.
Evidence of the practical nature of his ideas is found even
on the closing page. Many preliminary reports, he says, are
remarkable for what they do not contain. The only important question is, what will it cost (if the subject is a
proposed reorganization of an existing company) and will it
pay Or, if a new road is proposed, is it a good, safe thing in
which it is worth while to go ahead and if so, why ? In his
own concluding words
':
;
Engineers and experts in making reports often appear to
ignore or forget the fact that the essential valae of their
reports lies in the conclusions and a brief statement of the
basis for those conclusions. The body of a report may contain as much statistical detail and general data as may be
required to pad out the document to make its outward appearance justify the fee but the client, on receiving the
document, will generally search the index for that part of
the report giving the conclnsions and the reasons therefor.
Often the search is vain. Among some reports which have
been recently submitted to me for analysis was one consisting of 97 pages of legal-cap size paper, and literally bristling
with statistics, etc., but which did not contain one positive
conclusion or recommendation. The expressions "it would
appear" and " it seems," which have so long and faithfully
served the members of the legal profession, have no business
in the vocabulary of men representing themselves as railway
engineers or experts.
;
At the outset, he recognizes the promoter as " a prime
mover of civilization" by stirring things up and conceiving
new projects but before the promoters (the sensible ones,
we assume, he means) have gone far, they perceive occasion
for an engineer, whose duty Is, first of all, to make a prelim;
;
;
;
his words:
If the commercial interests of a community realized that
they could replenish their stocks upon a day's notice, they
would cease laying in supplies to last from a week to two
weeks, as is now the case; and through the saving thus secured in insurance, interest, warehouse handling, etc., could
afford to and would pay a higher rate to the electric road for
the express handling of goods than now paid to steam roads.
In other words, a raplJ and frequent train service, such as
electric roads can give, will not only materially increase the
freight and express business, but by eliminating the economically non productive conditions now existing between producer and consumer, will develop a most important land-
mark in political economy.
Some of the better class of
Interurbans, he says, even where
all or most of the line Is highway and hence limited to 16 or
20 miles an hour, are now getting $10,000 to $13,000 per mile
per single track per year from passengers and one-tenth as
much
for goods so he argues that the systems he advocates,
private
way and capable of 30 to 40 miles an hour, will
on
soon earn $12,000 to $15,000 per mile from passengers and
$2,000 to $3,000 per mile from goods and mails. The difference between the two classes of roads, it seems to us»
should be even more than this and ivhatever be thought of
the prospects. It Is already true that retailers In some towns
In the Middle West are replenishing stocks in the frequent
;
;
For the purpose of adNot manner suggested.
yet but to advise them whether to proceed to incur the exAs might be expected, Mr. Gotshall strongly prefers the
pense of a further and really conclusive investigation. The third rail to the overhead trolley. He also holds that the
inary inquiry into probable income.
vising his clients whether to proceed with construction ?
;
engineer should consider the population tributary to the
road per mile the receipts and rides per capita per annum
receipts per mile of road, etc. These giving favorable indications, he should proceed to study the physical characteristics, taking nothing without verificatioo, and he should
walk over the possible routes routes, not route. For one
;
—
many
lower cost than the
Moreover, he seems
to favor protecting the rail, while admitting that opinions
To right of way he devotes a chapter
still differ about It.
overwhelming Importance of the
he
reafBrms
the
which
in
private way throughout, which permits high speed, makes
rail can, in
other,
cases, be Installed for
and gives estimates to show
this,
;
:
Dec.
THE CHRONICLE.
19, 1903. J
freighting practicable
and helps get the utmost out
of the
territory.
We must not,
however try to follow him further, and yet
He insists
barely touched upon some details.
before
beginexpediency
upon
careful
study
of
throughout
and
foresight.
ning then, upon building with thoroughnees
Clearly, the homely motto of D^vid Crockett that one should
be quite sure he is right before going ahead has not always
been followed in electric plans and construction therefore,
would neceesarily be on the line of the longest axis, and the
check put upon north and south travel, with the resulting
economic loss, would have been avoided.
Value
we have
;
;
a work so well studied and so practically aimed as this
be of large value,
Principles of City Land Values.
must
By Richard M. Hard,
York, 1803.
In his preface, the author explains that
In 1895,
searched in
when put
mortgage department of
vain, both here and in Europe,
of the
in charge.
company, he
for boobs on the
his
science of real estate as an aid in judging values finding in
economic works merely brief references to city land, and
;
elsewhere only fragmentary articles, he conceived the plan
of outlining the theory of the structure of cities and of stating the average scales of land values produced by different
them. This was the genesis of what is certainly
an unusual book— the first one of the kind which has come
to our knowledge.
Sitnations available for defense determined the location
utilities in
of cities in ancient times
of this,
;
Rome,
Piiris
in urban, as in agricultural land,
he says,
the reTo quote
is
sultant of economio or ground rent capitalized.
upon this subject
In cities, economic rent is based on superiority of location
odI?, the sole function of city laud being to furnish area on
which to erect buildings, Urban eronomic rent is ascertaioed by deducting from the gross rent of land and building
second, taxes, insurance and reall charges for services
pairs and, finally, Interest on the capital invested in the
building. This interest on the cost of the building must exceed the average interest rate h? an amount equal to the
annual depreciation of the building, thus providing a sinking
fund snffioient to replace the building at the end of its life.
To make a correct showicg, the building most be suited to
the location and m>inaged with ordinary ability, or the apparent economic rent will have little or no bearing on the
value of the land.
The most important consideration governing suitability to
location Is that of proportion of cost of building to value of
land, the safe general rule being that the cost of building
should approximately equal the value of the land. Iq other
words, the typical successful property, land and building,
appears to earn double Intereat on the cost of the building,
one-half of which, capitalized as economic rent, gives a
value to the land equal to the cost of the building. Toe chief
destruction of capital comes from the erection of expensive
buildings on cheap lots while the erection of cheap buildings, known as taxpayers, on expenaiva land should not lead
to loss, although it may not lead to great profit. On a street
whose traffic is increasing rapidly, a business building costing several times the value of the land may profitably be
erected, since within ten years the value of the land may
overtake the cost of the building. If, however, the building
runs at a low return for ten years, the Investment may
prove a poor one, and the compromise of erecting one or two
stories of sufficient strength to later carry five or six Is
sometimes the best solution.
He further explains that the nearer cost of building is kept
;
;
8vo.
President of the L'»wyers' Mortgage Insurance Co.
Price, $1.50.
Published by the Record and Guide,
pp. 160.
New
2313
and London
examples. Trade routes or the lines of least resistance between the sources and the final markets of products
have in all ages located commercial cities at the points
where a break in transportation occurs. Whether the broad
distinction thus drawn between ancient cities of all kinds
and strictly commercial ones is or is not quite sound, examples of its correctness as to modern cities are many. New
York, as has often been said, grew because it is at the end
of the one topographically easy route from all the interior to
the Atlantic. Where a gulf exists, proceeds Mr. Hard, the
trading city is located at its inmost angle, as with Liverpool,
Hamburg, Venice and Naples. Where the trade route follows a river, cities arise either near the mouth, where
river and ocean navigation meet, as at New Orleans and
Philadelphia or at the head of rivers where river and creek
navigation meet, as at Albany, Richmond and Ss. Paul or
at a confluence of rivers, as at St. Louis and Omaha or at
a marked bend which changes direction, as at Cincinnati
and Kansas City. Facilities for crossing a river at some
point may start a town examples are Harrisburg, Reading, Rockford and Terre Haute. Extractive industries locate
and start towns, near raw materials, and even migrate to new
fields as the supplies of material are exhausted. Waterpowers also start towns. As Industries become more specialized, the importance of having a steady supply of trained
labor tends to draw them to the larger cities, but this Is
opposed by the danger of strikes there. These will sufifice
for examples of the causes which locate cities. They might
be summed up fairly well by saying that cities are gathering
points for either handling and distributing products or for
working them into more advanced forms, or for both,
A city being once started, the main directions of growth
Those which grow
are usually controlled by topography.
narrow
show
tangle
of
and
crooked streets
haphazard
a
evolved from old trails or cowpaths, generally surrounded
by rectangular plotting afterwards. Oar local transportation troubles here in New York, aside from the vast amount
of movement necessary, come from the unhappy narrow
shape of the island, contracted between two rivers; but some
critics are disposed to put blame on the lack of foresight in
the founders, a lack which is still present among their descendants, Mr. Hurd gives an explanation which Is Inter*
esting, even If not quite conclusive
are
;
;
;
:
:
Since in 1807 all commerce was by water. It was reckoned
that the chief traffic in New York would necessarily be between the Hudson and East rivers, for which reaaon streets
were placed 200 feet apart, while north and south avenues
were placed 600 to 900 feet apart, there being thus 14 avenues in?tead of 50. As a result, New York presents in the
main the unusual condition of having Its business streets
running In one direction and Its residence streets at right
angles. IE the commission had bad greater knowledge of
cities and could have foreseen the vast growtn of New York,
they would have realized that the chief internal movement
;
down to value of land the nearer the Income Is to being pure
ground rent, against which the sole charge is taxes on the
other hand, the more costly the building the higher the
maintenance cost. The chief errors are erection of costly
buildings In small cities, or In poor locations In large ones
but one striking chapter treats of errors in construction, the
architects having been permitted to work out designs which
were faulty from the point of rental utility. About thirty
cuts of unsuccessful buildings all over the country are given,
a dozen of them being faulty in giving up the ground frontage to imposing appearance and losing light and exposure of
store Interiors. These examples are worth careful study, and
we will mention three A corner store placarded for rental,
whose corner is " a granite quarry," the Jersey Central build;
:
ing at Liberty and Washington streets; a corner grocery
In Duluth, " massive," but having two doors and no windows, so far as the cut shows and a massive store front In
Portland, Oregon, occupied by a dealer in bicycles and sewing machines, who has mere silts for windows and can
put in them only a row of six bottles of oil to attract customers. (Page 106.)
Mr. Hurd's style as a writer is not always clear, and a
larger type would have also made the book more agreeable
to the eye. Yet the book gives evidence of diligent observation and search , and can be commended fully for its value In
suggestiveness
as examples of this we may mention the
;
;
chapters on "currents of travel," "types of buildings,'*
"rentals and capitalization rates," and "scale of average
values." The many plans of cities, hunted out of old records
Including eight showing the evolution of Paris from 56
B. C. to A. D, 1705— add to the book a historical Interest.
—
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'8
—The
public sales of bank stocks this week aggregate 109
shares, of which 79 shares were sold at the Stock Exchange
and 30 shares at auction, The transactions In trust company
stocks, all auction sales, reach a total of 300 shares, and include the first public sale of Lincoln Trust Co, stock, 100
shares of which were sold at 2983^ 300.
SAKK8— Yew Sork.
Shart*.
t2 City Bank, Na'lonal
*102 Commerce, Nat Bank of
6 Mount Morris Bank
206-212>4
Last previous sale.
Deo. 1903— 270
Deo. 1903— 2l3ifl
200
Mar. 1903—
Price.
26^
Tbost Companibb— A'ew York.
200
100 Bowling Green Truat Co
298ia-300
100 Lincoln Traet Co
293
Oct 1903— 200iu
First Bale.
* Of thla 77 shares were sold at the Stock Exchange.
Stock Exchange.
\
Sold at the
THE CHRONICLE.
•2314
— The
Colonial
Back
and James Loeb, and three daughters, Mrs. Jacob H.
remembered that the Mrs. Isaac N. Sellgman and Mrs. Paul M. Warburg.
of this city haa declared a dividend
of 5 per cent, payable Jan.
1.
It will be
board of directors in December 1898 adopted the conservative
course of deferring all dividends until the bank's eurplus
should equal its capital stock. On December 8 1903 the
capital was reported at $100,030 and surplus and undivided
profits at §225,405.
—
Mr. Kalman Haas, it is stated, will retire the first of the
year as President of the Mutual Alliance Trust Company of
His successor will be Mr, Paul Schwartz.
this city.
—Mr. Daniel J. Sully, of Messrs. Daniel[J. Sully & Co, has
been elected a director of the Merchants' Trust Company of
this city.
—The
annual meeting of Group VII of thej
New York
State Bankers' Association was held on Wednesday at the
Clarendon Hotel. Tne group is made up of banks of Brooklyn and LoDg Island, and the most important step taken by
the members at Wednesday's meeting was thej^carrying of a
motion offered by Mr. Stephen Qriswold (President of the
Union Bank of Brooklyn) advocating the establishment of a
local clearing house.
Mr. Qriawold is of the [opinion that
some plan can be devised whereby all the advantages which
are now derived from the New York Clearing [House by the
Brooklyn institutions can be obtained in'a similar manner
Special objection to continue
in the Borough of Brooklyn.
clearing through the New York association is due to the increased fees from $500 to §1,000 a year. Mr..Qriswold'fl suggestion that a committee of three be appointed^ to take into
consideration this proposed plan for a local] clearing house
was unanimously carried. Among other^^matters discussed
was the question of money orders, and on this point the following resolution was adopted
Resolved, Tbat this aBsoolatlon adopt a banking money^ordereyBtem
and that tlie President appoint a comoiltted of Ave to devlee a plan
whereby members can be famished uniform bank money orders and
proper adrertiatng matter In connection with the same at a mlnimnm
cost. The report of this committea shall be rendered to the exeoatlve
oouncll, which Is hereby empowered and requested to authorize such
expenditure as shall In their judgment be proper to enable the com.
mlttee to carry oat its reoommendatlons.
Mr. Henry E. Hutchinson (President of the Brooklyn
Bank) was chosen Chairman of the Group, and Mr. R, K.
Hald&ne (Cashier of the Coney Island & Bath Beach Bank)
was elected Secretary.
—The
annual banquet of Group VIII. of the New York
State Bankers' Association was held on Thursday night at
the Waldorf-Astoria. The group comprises the associated
banks of this city, and representatives of practically all
were present, over five hundred
bankers attending
absence
President,
the
gathering,
In
the
of
the
of
the
Mr. William A. Nash
Corn Exchange Bank,
who was kept away on account of illness, Gen, Thomas L.
James presided. The guests of hohor were: Mr.^Geo. F.
Baker, President of the First National Bank; Major-Gen.
Henry C. Corbin; J. H. DeRidder, President of the New York
Alex. Gilbert, President of the
Falton Naticnal Bank; E. R. L. Gould, Chamberlain
State Bankers' Association
Market &
;
New York; Comptroller Edward M. Grout;
Frederick D. Kilburn, Superintendent of the New York State
Banking Department; Bishop Henry C. Potter; William B.
Rldgely, Comptroller of the Currency; Rear- Admiral Frederick Rodgere; William Sherer, Manager of the Clearing
House Association; J. Edward Simmons, President of the
Fourth National Bank, and James Stillman, President of
of the City of
the
New York
Clearing- House Association.
—Solomon Loeb, one
Vol. Lxxvii.
of the original
members
of the firm
—A plan to
Company
reorganize the International
Bank
Schiff,
&
Trust
America was presented to the stockholders at a
meeting in this city on Monday, the Uth inst., and a reorganization committee of nine appointed. The company's several
oflSces were closed about the middle of October, the Mexican
of
being the first to suspend. It is proposed, according to
the plan submitted, to form a new holding company under
the laws of Delaware for the control of a new national bank
to be organized in Mexico, with seven branches at points
where branches of the old corporation already exist. The
central bank will be capitalized at $3,000,000 in Mexican
money and the branches at $200,000 each, making the combined capital $3,400,000, with which the stock of the banks
included in the old institution are to be taken over. Of the
new stock sixty per cent is to be taken by the underwriting
syndicate announced by President Hunt, and the balance by
the stockholders and depositors of the failed institution. Exclusive of this stock there is to be an issue of "founders'
bonds" to be distributed to the underwriters in addition to
office
whatever assets
may remain
tion plan provides for the
after liquidation.
payment
The
liquida-
of 50 per cent in cash to
persons having deposits of less than $500 silver, the remainder to be paid when and as collected from the assets; those
with deposits above $500 silver to receive 50 per cent in capital of the new bank at once, and the remainder In cash as
and when received from the assets.
According to the San Francisco "News Bureau of the 1st
inst the Seattle branch of the company has since its suspension on October 19 paid dividends to the depositors aggregating 60 per cent— one of 50 per cent on October 28 and a
'
later
one of 10 per cent.
—Mr. Ernest R. Adee, Vice-President of
Trust Company of this city, died on Sunday
the Mercantile
Tuxedo,
Mr. Adee entered the company's emin his forty-first year.
ploy as a clerk. His aptness led to his appointment as Secretary and Treasurer, from which he later advanced to the
Vice- Presidency. Mr. Adee was a son of the late George T.
Adee, for many years Vice-President of the Bank of Commerce, and son-in-law of Gen. Louis Fitzgerald, who for
twenty-seven years, to January of the present year, had
been the Mercantile's President.
last, at
—A
summary of results shown in the annual report of the
Canadian Bank of Commerce has been published, from which
bad and doubtful
it appears that, after providing for all
were
$1,004,217; surdebts, the net profits for the year
plus derived from purchase of ;the Halifax Banking Company's assets, $293,028; dividend payments, $584,600; transferred to surplus or
"rest
account," $500,000; circulation,
The bank's capital and sur-
$7,880,547; deposits, $62,783,655.
aggregate $11,700,000. The Canadian Bank of Commerce, with headquarters at Toronto, now has about 75
branches throughout the Canadian provinces. The Hon.
George A. Cox is President, Robert Kilgour, Esq., VicePresident; Mr. B. E. Walker, General Manager; Mr. Alex.
Laird, Asst. Gen. Manager, and Mr. A. H, Ireland, Chief In
Messrs. Wm. Gray and
spector and, Sapt. of Branches.
H. B. Walker are the New York agents, with offices at 16
plus
and 18 Exchange Place.
recently appointed by the board
Gansevoort Bank, corner of
the
of
Cashier
of directors
Avenue, this city, in place of
Ninth
Fourteenth Street and
H, M. Shelve, resigned, In January 1901 the Gansevoort's depoits were only $660,322, while they had grown to [$1,985,430
on December 8 1903 (the last bank call), an increase of over
$1,325,108 during the period mentioned. The bank has $200,-
—P. Maxwell Sayford was
of Knhn, Loeb & Co., died suddenly from heart disease on
Saturday at hi s home, 37 East Thirty-eighth Street. Mr. Loeb
000 capital, $73,360 surplus and profits and $2,268,780 total
was bcin in Germany some seventy-five years ago. He came
resourcei. In addition to its banking accommodations the
to this country in 1849, and was engaged in the dry goods
bank is equipped with fire and burglar proof safe deposit
business in Cincinnati until 1865, when became to New York.
vaults of the most approved construction, T, Albeus Adams
In 1867, with Abraham Kuhn and Samuel Wolfif, he formed
is the President, while C. W. Morse is Vice-President; P.
the firm of Kuhn, Loeb <fc Co. Three years ago he retired
Maxwell Sayford, Cashier, and H, F. Meehan, Assistant Cashfrom business. Mr. Loeb was active in charitable work, and
Besides the President and Vice President the other diier.
for a number of years was a trustee of Mount Sinai Hospital
rectors are: George Hotchkiss, Frank Frommel, Edward
and the Provident Loan Sosiety, and one of the founders of
Swann, C. H. Kimball, P. H. Keahon, J. H. Killough and
the Educational Alliarce. He was a member of the AmeriJohn Crane.
can Mnseam of Natural History, the Ne^ York Botanical
—The Lincoln Trust Company of this city, admirably
Garden and the Metropolitan Museum of Art. He leaves
two sons. Professor Moriis Loeb of the New York University located in the vicinity of Madison Square, just above 24th
Dec.
THE .CHRONIOLE.
19, 1903.J
with two entrances, oq© on Fifth Avenue and the
other on Broadway, calls attention to its "nniqae location"
in a well written and excellently illustrated pamphlet.
While outside the recognized banking district, the site is in
the very heart of the shopping district, and the centre of
that section devoted to great wholesale warerooms, the chief
retail mercantile establishments, the principal hotels, clnba
and places of amusements. The "New Financial and Commercial Centre of New York" is the designation given this
locality in the opening sentence of the pamphlet.
The
location is readily accessible from almost any point, both
surface and elevated cars, and the New Jersey and Long
Island ferries being within easy reach. This proximity to
the ferries makes it especially convenient to those living out
of -town, who journey to the city before the local banking institution opens and return after it is closed. Space is also
given in the pamphlet to the classes of accounts invited, the
loaning of the company's funds and various other pertinent
street,
subjects.
—The Oriental Bank of this city removed to its now
quarters at 183-184 Broadway on Monday of this week. The
premises are at the corner of John Street and Broadway, and
were formerly occupied by the Seventh National Bank.
Pending the remodeling of the building the Oriental had its
main office at 175 Broadway. Formerly the headquarters
were at Grand Street and the Bowery, this now being operated as a branch.
—Mr. Edgar McDonald, Cashier of the Nassau National
Bank of Brooklyn, was the guest of honor at an anniversary
dinner on the 9th inst., held in the Hamilton Club, Brooklyn.
The dinner given by President Thomas T. Barr and the
directors celebrated Mr. McDonald's forty years of oontinuous service with the Nassau National Bank. Altogether
thirty-five persons attended, including many bank'and trust
company officials prominent in New York City and Brooklyn.
President Barr cordiaUy welcomed the guests, and then VicePresident William A. Nash (President of the Corn Exchange
Bank, New York,) on behalf of the bank's officers and directors,
presented Mr. McDonald with a beautiful gold watch, chain>
pencil and seal as a token of appreciation and regard. Mr.
McDonald made a graceful response. Frank Bailey, Presl
dent of the Title Gaarantee & Trust Company Theodore
Stephen M.
F. Miller, President Brooklyn Trust Company
Griswold, President Union Bank, Brooklyn, also delivered
speeches. The occasion will long be a subject of delightful
;
;
remembrance with those who were
present.
23\r)
Jr., and the seat owned by Morris A. Peters was purchased
by Rnfus L. Sewall. It is understood that the consideration
in
each case was $18,000.
C. Bushnell, Cashier of the Yale National Bank
Haven, Conn., shot himself at the bank early on
Tuesday, his death occurring a fe^ hours later. An unexpected examination by United States bank officials and the
consequent fear of disclosure of a shortage in Mr. Bushnell's
accounts evidently prompted the act
Discrepancies of $17,It is expected,
000, it is stated, have been revealed thus far.
—Mr. Asa
of
New
.
however, that the entire indebtedness will come within $20,amount of the defaulting Cashier's bond. Mr. Bushnell had been in the bank's employ twenty-four years, and
became Cashier last Aoril.
000, the
—Within a week after their disappearance securities valued
Merchants' National Bank of
Baltimore have been recovered. The securities were stolen
from the bank's runner while he was atteading to the registering of a letter in the Baltimore Post-Office, and had been
secreted under the porch of a house on Jefferson Street, where
they were found by President Douglas H. Thomas through
clues furnished by a detective agency.
at $6,310 belonging to the
—The Federal National Bank of Pittsburgh, having received the formal consent of the Comptroller, resumed business on Monday. The suspension covered a period of about
two months, for which'.time the depositors whose money
was tied up will be credited with interest at the rate of 6
per cent per annum. Assurance is given by the new President, Col. Hugh Young, Ithat every dollar of bad or doubtful
paper has been charged to surplus fund and undivided
profits, and that there i8> good balance still left to the credit
of that account.
At the annual meeting next month (on the
12th) a reduction from $2,000,000 to $l,0O0,OO0:in the capital
will be acted upon, and it is possible also that steps towards
organizing a saving bank, to be jknown as the Federal Savings Bank, will be taken>t the same time.
—The members of the Pittsburgh Stock Exchange have
voted to suspend business on Dec. 36 as well as on Christmas day, following similar action by exchanges in the
East.
—The affairs of the Republic National Bank of Pittsburgh
are being wound up, the stockholders on October 39 having
A majority of the
authorized its voluntary liquidation.
bank's stock was obtained last spring by the Mortgage Banking Company of Pittsburgh, the latter increasing its capital
—At the annual meeting of the stockholders of the Merchants' National Bank of Newark, N. J., on January 13, the
for the purpose.
proposition to increase the capital from $200,009 to |500,OCO
will be acted upon. The proposed allotment of stock will be
at 310 to existing shareholders in proportion to their present
business some six
holdings.
Twenty per
cent of the purchase price
is to ac-
The Republic National was incorporated,
with a capital of $200,000, in October 1901, and opened for
months
later.
—Dr. Albert Blumberg, First Vice-President of the Washington National Bank of Pittsburgh, died on the Ist inst.
The bank was organized through the efforts of Dr. Blumberg,
and his zeal to promote^its prosperity during the six months
of its existence had been untiring.
,
which must be filed within thirty
days of the meeting, the remaining payment of SO per cent
being made within sixty days after the meeting. The artiOfficial announcement was made the latter part of last
cles of association are also to be amended so that the board
week that the pending consolidation between the Farmers'
shall consist of from five to fifteen members, the number to
Deposit National Bank of Pittsburgh and the Colonial Trust
be fixed by the shareholders at each annual meeting. At
Company of the same cityJhad been dropped. The circular
company the
subscriptions,
—
present there are but seven directors.
—A third
dividend to the depositors of the Central National Bank of Boston has been declared and will be paid on
or about the 21st inst. The amouat is for 5 per cent, and
with the two previous declarations (the first 65 per cent and
the second 20 per cent) makes a total of 90 per cent realized
by the depositors since the suspension on November 14, 1902.
The 90 per cent covers |1, 839,419, in addition to which, it is
stated, Receiver Frank D. Allen has paid other liabilities
which have been canceled by offsets aggregating $761,809,
thus making a total of $3,601,238 paid within the year, and
this without any assessment upon the stockholders.
—As a result of the efforts of ^Mr. Francis B. Sears, VicePresident of the National Shawmut Bank of Boston, it
seems likely that the Boston Sub-Treasury will shortly become a member of the Boston Clearing-Honse Association.
The matter has received the indorsement of Secretary Shaw,
who has suggested to Assistant Treasurer Harden that application for membership be made at once if the latter deems
the action wise.
—The membership in the Boston Stock Exchange of John
W. Belches was recently transferred to William Appletoa
issued to the stockholders of the bank bearing on the subject
reads as follows:
The Colonial Trast Co., not having compiled with the provisions ot
the agreement for the parohase of your shares, and aa by Its terms
snoh non-oompUanoerenderedilt null and void, we have, asyonr representative, declared the agreement ended by Its own conditions. Yon
are therefore entitled to receive back your certlfloates of stock and
will please present your receipt at your earliest convenience at the
Farmers' Deposit National Bank, and receive back the oertlflcfttes
deposited by you.
The plan was evolved during the early summer, and had
nearly reached completion. As our readers may recall, a
number of other banking institutions were included in the
movement and in fact several had actually been consoliAs part of the general plan, the American and Penndated.
sylvania Trust companies were consolidated in July, the
former taking over the latter institution; subsequently the
American was absorbed by the Colonial Trust, which in turn
was to have taken over the Farmers' Daposit National Bank.
The merger of the Columbia National, the Tradesmen's National and the Coluoabia National in the Farmers' Deposit
had also been partly consummated, the Colonial and the
Columbia now being in process of liquidation.
—
THE CHRONICLE.
2316
Mr. E. H. Jenniogs, who bas enoceeded Mr. T. H. Qiven
as President of the Colonial Trnst, will take active charge
of the affairs of the Trust Company, and will supervise the
group of institutions controlled by it, namely the Columbia
National, the Colonial National, the Tradesmen's National
and the Germania Savings Bank.
—The vacancy
Second Vice-President of the
Michigan Trust Company of Qrand Rapids, resulting from
the resignation last summer of Mr. Qeorsie E. Hardy, was
filled on the 7th inst., when Mr. Henry Idema was advanced
to.the position. Mr. Idema had been Third Vice-President,
and his promotion >as led to other changes— Mr. F. A.
Qorham advancing from Assistant Secretary to Third VicePresident, Mr. Qaorge Hefferan becoming Secretary in place
of Trust Officer, and Mr. Claude Hamilton advancing from
Second to First Assistant Secretary. Mr. Lewis H. Wlthey
is President of
the company and Mr. Willard Barnhart
in the office of
First Vice-President.
—
Mr. James C. Reber has tendered his resignation as
Cashier of the Winters' National Bank of Dayton, Ohio, to
take effect on January 1.
I
Vol. lxxvii.
—The new
Clarksburg, W. Va., bank, the Empire Nahas opened for business, The institution has a capital
of $250,000 and is under the management of Mr. V. L. Hightional,
and Edward B. Deison, Cashier.
—President S. W. Smith Jr. and Vice-President W. S.
Woodfin of the Louisiana Bank & Trust Company of Shreve-
land, President,
port. La., have, it is reported, disposed of their interests to
Mr. M. A. McCutchen. The institution began business sevmonths ago with a capital of $500,000. It absorbed the
Citizens' National Bank of Shreveport.
eral
— Mr. P. Q. East wick Jr., who has been Cashier of the San
Francisco Branch of the International Banking Corporation,
has been advanced to the position of Assistant Manager.
—Mr.
H. Sohively of the First National Bank of Oroville, Cal., has been elected Vice-President and Cashier of
the Commercial Bank & Trust Company of San Francisco.
C.
-Mr. Charles
has resigned the cashiership of the
Washington Trust Company of Seattle, Wash. His sucoessorJ
will be Mr. M. D. Barnes, receiver of the Seattle branch of*
the International Bank & Trust Company of America.
S. Miller
—
The Union Stock Yards Bank of Denver, Col., has been
known, on July 1 the Western Trust & Savings succeeded by the Denver Stock Yards Bank. The manageBank succeeded the Western State Bank of Chicago, a com- ment of the new institution (as reported in these columns on
plete change of management, officials and interests being co. June 13) purchased a controlling interest in the Union Stock
incident with the reorganization. At that time the deposits Yards Bank six months ago. The assets of the old bank and
in the bank were about 12,000,000. They now exceed $3,000,- its deposits were on November 30 transferred to the Denver
A regular quar- Stock Yards Bank. The latter has $iO,000 capital against
000, an increase of 60 per cent in 6 months.
terly dividend of 13^ per cent has just been declared, payable $30,000, the amount of the stock of the Union Stock Yards
The officers are: Mr. Gordon Jones, President;
Bank.
January 1.
—The old American Exchange National Bank of Chicago William F. Farren, Vice President, and Colin S. Campbell,
—As
is
has declared a final dividend of 1 per cent in liquidation. It
This will make a total of $106 par share
is payable Dae. 15.
the bank has distributed.
—The National Live Stock Bank, Chicago, has declared the
regular quarterly dividend of 3 per cent, payable Jan. 1 to
stockholders of record Dec. 31, and has also declared and
paid the usual extra dividend at the end of the year of 3 per
cent.
—President J, L. Brodrick and Cashier W. L. Collins, of
the Indiana National Bank of Elkhart, Ind. (which suspended
November 19) were arrested and each held under $5,000 bonds
on the 12th inst., charged with violating the national banking laws. It 's said that the deposits at the time of the failure
amounted to almost $600,000, with hardly anything on hand
as assets. An assessment of $100 per share has been made on
the stock by Receiver Bosworth.
,
— On the 3d inst. the Hamilton Trnst Company of St
Louis
Cashier.
—Attorney- General C. W. MuUan of Iowa has decided
that the savings banks of that State are prohibited, according to the statutes, from investing their funds in the capital
stock of another bank or trust company. In this ruling Mr.
MuUan agrees with ex- Attorney- General Remley, who, in
his opinion on the subject, stated that the "purchase of stock
by a savings bank, either of another bank or another corporation, is not one of the investments which the statute authorThe
izes; hence such investments are prohibited by law."
question in the present instance was brought up through in quiries concerning the matter made to the State Auditor.
Messrs. Meyer & Kiser, bankers, of Indianapolis, have
compiled and issued a very interesting booklet entitled
"Handbook on Indianapolis Securities." The booklet contains
a statement of the financial condition and a short descrip-
—
tion of the property of practically all of the corporations
whose stocks and bonds are listed on the Indianapolis Stock
was absorbed by the Commonwealth Trust Company of that Exchange. This valuable booklet also furnishes a comparison
The stock of the Hamilton ($500,C00) was very closely of the leading items in the New York bank statement for the
city.
held, and every share of the same was acquired by the Com- period beginning September 6 1902 and ending September 19
monwealth by purchase; no increase, however, was made for 1903, and a range of prices of seats on all of the principal
the purpose in the capital of the latter. The Hamilton was Stock Exchanges throughout this country and Canada for the
a little over a year old, having bea;un on November 15 1902. last six years,
Its business will be closed up as soon as possible and the charFedebation of Accountants' Societies.- Tbe Executive
The Commonwealth, it will be rememter surrendered
bered, took over another trust
n the present year.
— An
addition to the capital of the Swedish-American
National Bank of Minneapolis, Minn., is contemplated, and
the proposition will be laid before the stockholders at the
annual meeting on the 12th of the coming month. The pro.
posed increase
is
stands, so that
If
a million dollars.
which figure the present capital
approved, the capital will be raised to half
$250,000, at
of the Federation of Societies of Public Accountants in
United
States, acting upon a resolution passed by the
the
company— the Colonial— with- Board
delegates representing all the Federated Societies, at the convention held in Washington last October, has prepared and
approved a model constitution and set of by-laws. These
are intended for the guidance of professional accountants (in
States where no organizations have been made) in form-
ing local State societies for the advancement of the profession and for securing its recognition throughout the country.
With like authority the Executive Board has approved a
model bill for use in States where legislation has not yet
been secured establishing the degree of Certified Public
—The First National Bank of Birmingham, Ala,, whose
noteworthy progress during the past few years has several
times been called to the attention of our readers, has decided Accountant. The bill includes tbe best features of existing
to add to its capital. The approval of the stochholders will laws and also embraces many notes for the guidance of those
accordingly be asked on the 12th of January to the issuance who may seek this class of legislation.
of $200,000 of new stock, by which means the capital will be
If by this action of the Executive Board of the Federation,
increased to $500,000. The capital became ^*])0, 000 in Octo- uniformity of legislation establishing the degree of C. P. A.
ber 1902, the amount having then been increased^ from can be attained in a majority of the dozen or more States
$250,000,
that will seek to enact such legislation at the next sessions of
—Mr. Thomas C. Dunn, owing to ill-health, has tendered their respective legislatures, much good work will have
his resignation as Cashier of^the banking institution of T. been accomplished in furthering the interests of the profesW. House, of Houston, Tex., to take effect January 1. Mr. sional accountantthroughout the United States.
Printed copies of the bill can be secured from the SecreDunn has been connected with the institution for many
tary of the Federation, 52 Broadway, New York.
year?, atd his leave-taking occasions regret.
Dec.
4
;
:
THE CHRONICLE.
19, 1903.
HEW YORK BANKS COMPARED
WITH
ENGLISH JOINT-STOCK BANKS.
One
subjoia the totals for merchandise, gold and
for the eleven months since Jan. 1 for six
silver
years.
of onr sabecribers sends ns the following fignres,
comparing the condition of the National Banks of the city
of New York with that of 66 English Joint-Stock Banks.
He informs as that " the data as presented in the comparison
are almost of the same date."
COMPARISON BETWEK.V SIXTY-SIX ENGL19n JOINT STOCK BANKS
(BANK OK KNOI,AND /*^0T INCLUDED)
AND THE NATIONAL BANKS IN TUB CITY OF NEW YORK.
BNOLisn Banks.
New York Banks.
Per
Pti
Atiets—
Specie and
Afsati—
Caiih
We
2317
and biilnnce with
Bank of KiiKliincJ
84.800,000
Di'poslted with other
banks hi call and on
8hon notice
68,500,000
Investiueuts and securities
180.600,000
.
and
Discounts
.
.
11»4
Tenders
banks
Investments and se
18-68
lOSl
158,000,000
13-59
58-83
8,40J.00O
119
•
639,100,000
23,600,000
BullOings, etc
1903.
19*2.
plua;
85,600.000
profits
1-95
1901
19U0
1899
1898
*
816,400,000
17-83
other banks;
notes In circula8092,400,000
tion
8-2-17
705,000,000 100-00
1,207,800,0 JO 10 J-00
A— This Item consists of:
J-ie.lOO.ooo
Other securities
1CO,700.000
$197,100,000
B—This Item consists of
Deposits
8450,800.000
Governraent deposits
Due to national banks
Due to State thanks and bankers
Notes In circulation
b»,90ip,000
2SO.600.000
206,900,000
44,200,000
$993,400,000
Notes.—When compiling the above comparison, great care has been
taken to make all items identical on each balance sheet.
The comparison shows:
I. The cash assets of the National Banks in the City of New
York consist of:
17 percent
Specie and legal tenders to the extent of
1212 percent
Other cash resources
In
29^2 per cent
all
of their total assets;
Whereas the items, which constitute the cash
assets of the English banks, are 10 and 12
per cent, respectively.
In
22 percent
all
of their total assets.
5 8 per cent of all resources of the English banks Is invested
" Discounts and Loans "
in:
Whereas this percentage is only
52 per cent with the New York banks.
Moreover, 88 per cent of the resources employed by the English
bank originates from others than their own, so that they should be
considered as a liability of the banks to that extent.
The "Discounts and Loans" made by the New York banks originate
to the extent of 18 per cent from means of their own; consecLueutly
only 82 per cent Is derived from other resources.
II.
A
Ex-
t
$
Import*.
BiMStI
of Emport*.
•3,145 34,180
•8,H«9 43,720
t.0BUj3«,U15
•9.138 38 863
i"
%
21.899
23.708
28,85^
36,9^2
Similar totals for the five months since July 1 for
make the following exhibit.
QOLD
MlBOHANDiaa.
Witt
Ho*.
iBporti. Imports.
1903. 612,468 4O5.0S7
1902. 374.497 4 1 8.117
1901 6II6.5'«1 367,049
i900. 620.t2J 321,084
t899 •159, lc2, 339.789
1898 4U6,16ll25 3.566
*
and (rovernment
U. S. bonds deposited against circulation
deposits
of
six years
Exc***
of
~
to
87-86
Exeet*
Import* port*.
Bzoess of Imports.
fiur
Government deposits: due
Deposits: dae to other
banks: notes In uir619.400,000
oulation
$
Imports.
12.884
20,024
1,812,094
22,667
1.348.434
21,831
1,832,060 7«0.4r)2 .»7 I eOl 33.721 63,88)1
1,18«,2)0 7 2S 234 423960 33 62- 43,715 12,1x8 47,701 27.81!^ 19.948
1,117,096 379,826 3378;oll4,97] 149,400 *134,43o|47.08U 23.921 22,047
undivided
proHls
Deposits;
18-14
$
Bxportt
Pald- UD capital:
re-
erve; undivided
Ex-
917.782 3923.W 42,H82 48,087
874,»«0 337^34i3;l,l77 42,008
hO«,4H0 527011,'i3,0>9 3 1 ,970
1,810.120
HahiHUet-
LiabiHties—
Patd-uv) capital:
of
$"~
5:i'3.S
1,207,>)00,000 lOO-OO
705.000,000 lOO-OO
Bxct**
Export* port*.
%
and ad-
vauces
SILVIK.
OOLD.
18-82
A197,100,000
curllles
l)isc«>unts
-113,300,000
BuldlDKs, etc
303,000,000
Mo*. Export*. Import*.
Due from other
9-78
ad-
vances
centage.
Legal
MlBOHANDISI.
Eleven
$
Ex.
port*.
I
Im.
BILVBI..
Exe**$
Ex-
port*. Exports
t
port*.
i
$
207431 11,640 34,061 22,500 1H,014
135880 12,'JOl 28.819 13,918 11,208
23933V 23.548 36,042 12.49t i2,480
2989S8 23,284 46,780 23,452 28,493
2I9S98 5 9=8 22,826 * 16,358 20,141
242689 8.749 36,810 48,0U1 23.871
Exei**
Im- of
Ex.
port!.
$
port*.
~l~
11.914
1 1 ,462
1 3.223
4,700
9,710
9,257
18183 10,360
13.882 7,259
13,C09 10.3«2
Bxoeas of imports.
In these tables of totals, gold and silver in ore for
the years are given under the heads respectively of
gold and silver.
The following shows the merchandise balance for
each year back to 1876.
XOBSS OF MBB0HANDI8B IMFOBT8 OB BXPOBT8.
1 1 months ending Nov. 30—
5 m.onth» ending Nov. 30—
all
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
Exports. •2,920,595
Exports. 72.837,042
Exports. 62,808,577
Exports.113,848,888
Export8.115,248,376
Export8.110,198,223
Exports. 45,615,673
Exports. 21,109,792
Exports. 40,434,414
Exports. 60,175,571
Exports. 23,005,236
Exports. 21,814,848
Exports. 12,454,370
Exports. 2,754,283
Exports. 50,238,712
Exports. 15,176,764
Export8.104,962,401
Exports. 27,644,831
Exports. 126,618,.<?87
Exports. 67,661,820
Imports. 2,402,846
Exports.191,096,979
Export8.246,603,919
Export8.242,589,604
Exports.219,392,617
Exports.298 988,644
Exports.239,532,164
Exports. 155,879,626
Exports.207,430,545
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894:
1895
1896
1897
1898
1899
1900
1901
1902
1908
Imports.$lM,874,617
Export8.122, 900,825
Exports. 100,104,990
Exports.269,614,689
Export8.230,279,987
Exports. 141,361, 717
Export8.143,rtl 5,639
Imports. 18,327,238
Exports. 86,517,433
Exports. 70,931,406
Exports 78,318,929
Exports. 20,838,610
Imports. 14,635,757
Imports. 58,821,017
Exports. 19,681,466
Imports. 3,544,699
Exports. 91,700,830
Exports. 75,070,203
Exports. 65,172,081
Exports.126.047,392
Imports. 7,137,281
Exports.266,052,419
Exports.283,565,818
Exports.637,870,863
Exports.423,966,871
Exports.STl ,603,735
Export8.627,943,682
Exports. 837,733,647
Export8.392,337.945
Student on Financial Mattbes.
IMPORTS AND EXPORTS FOR NOVEMBER.
IFrom oar own oorresponaent.]
London, Saturday, December 5, 1908.
The Stock Exchange all throagh the week has been in a
Noyember, and from it and from previous statements cheerful and hopeful spirit, and with the exception of the
decided
we have prepared the following interesting sum- market for British railway stocks there has been a
The Bureau
of Statistics at Washington has issued
the statement of the country's foreign trade for
maries.
FOBKION TKADB MOVBMBHT OF THB URITBD STATES.
[In the foUowlnK tables three olpheri (OOOs) are tn alloaies omitted.]
1903.
,
BxporU,
Rlereh'dlBe. $
Jan.-Maroh. 391,873
April-June. 305.979
Jttly-aopu..
-^91.625
October
1«0,388
160,450
November..
Import*.
.
Eweeu.
$
$
$
264,087 +l'ir.844
a4S,717 +57,284
a46,055 +45.670
81.931 +78,487
77.062 +83.394
337,404
300,738
304.969
144,383
125,201
i^
1,212,694
1^^0,123 ""SirTii +39
Total
1902.
.
BvporU.
Import*.
$
aSl. Tie
aa4,98e
243.808
87.424
85.388
Mmteu.
I
+105.748
+7«.10«
+59,161
+56,904
+39.816
874.980+337,734
Geld and Gold In Ore.
Jan.-March.
Aprtl-June.
July-Sept...
October
November..
2,681
28,702
10,201
352
b93
42,882
Total
-5,762
15.078
+33.182
-7,464
17,865
—4,674
5,026
—10,367
11,365
5.208
10,720
1,481
720
5.789
7.448
11,719
11.119
5,981
+9,334
-2.846
-999
-9.85«
—5,261
-5,145
33.177
42,008
-8.829
+6.583
+1,003
+788
+406
+3,518
11,762
10,776
13,062
6,430
5.800
6.484
2,799
2.199
+5,338
+4,976
+6,688
+1,584
+1.584
8.890
5.S30
48,027
Silver and Stiver In Ore.
Jan.-March.
11,181
AprU-Jane.
6,825
7.408
3,144
6,063
July-Sept...
October
November..
Total..
.
..
+ Hzcess of
347l20
exports.
4.669
5,333
6,619
2,789
2.668
21,896
+12,«24
4,883
3,763
43,721
— Bxoeas of imports.
23/702
"^aO^
advance in almost every department. There still continaes a
fear that the strained relations between Russia and Japan
will result in war. Bat the fear is not shared by those who
ought to be best informed. At the Government offices and
amongst the great bankers there is a confident feeling that
the negotiations will end satisfactorily. It is noteworthy,
too, that in Paris, which is so closely connected with Russia,
and which therefore must be supposed to have made itself
well acquainted with Russian intentions, the conviction i
strong that there will be no hostilities. In Berlin, again
which so closely watches everything occurring in Russia,
^
the same confident belief.
is no question that there is an uncomfortable
feeling in this country because of the relations between
Russia and Japan. Were it not, indeed, for this feeling, it is
probable that the rise upon the Stock Exchange would be
much more marked than it has yet been. Next week the instalment upon the Transvaal loan will be paid. For the time
being it will sweep the outside market bare of supplies.
Probably it will compel the outside market to borrow at the
Bank of England, but it will end a monthly series of payments which have weighed heavily upon markets all through
there
is
Yet there
THE CHRONICLE
^318
the year, and the city pablic will breathe freely when the
last payment is completed.
^loreover, the report of the Labor Commission in the
Transvaal has now been published. All but two of the members are of opinion that there is not labor enough in Africa.
From which it follows that the import of Asiatic labor must
be permitted. Two members have dissented, but even they go
no farther than to maintain that the labor needed should be
white and not colored. The impression is therefore very
general that permission to import Chinese labor will be
given almost without delay. Still there is sufficient agitation in the Transvaal to make nervous people a little fidgety,
and coDsequently the mining market is not so strong as it
was
week.
Perhaps what has most icflaeuced the market is the
strength that has been shown by the New York Stock Exchange this week. The rise in American railroad shares is
especially welcome, and there is now a hope that the new
year will witness a decided revival in American securities.
Upon the Continent bualness has been active during the
week. In Qermany, more particularly, business has been
very good. Trade is reported to be steadily improving. The
prices of industrial securities, especially iron, coal, steel and
electrical, have again risen, and there is a very cheerful
feeling on all the German Bourses. German operators, too,
have been buying in this market on a large scale. They
have especially bought consols, the Transvaal loan, mining
shares and Brazilian bonds. In Paris attention has been
taken up by the issue of the Chansi Railway Company's
issue for £1,600,000, but French operators and great capitalists have been buying steadily, though not on so large a
scale as the Germans. They have also bought consols, the
Transvaal loan, mining shares and Brazilians. Amongst the
best informed, both here and In Paiis and Berlin, It is not
thought that there will be much further rise for the reBut everybody is looking conmainder of this month.
fidently forwaid to the new year, »8 they expect a marked
rite in prices and a great increase of activity in business.
As the week is drawing to a close money Is in fuller supply and somewhat cheaper than It was earlier, it is understood that the Bank of England is now so convinced that It
will retain control of the outside market for the remainder of
the year that it is paying back a considerable proportion of
what it borrowed from the outside market some time ago.
Next week, as already stated, the last Instalment on the Transvaal loan will be payable. It is anticipated tbat that payment will more than absorb what the Bink of England Is now
paying out, and consequently that the outside market will
again be denuded of supplies. Shortly the Christmas holidays will be upon us. The market will have to prepare for
those holidays, and then there will be the arrangements for
the end of the year. Therefore it is thought reasonably certain that the Bank of England will retain control of the out
last
market for the rest of the year. But it is not now"
thoaght probable that there will be any rise in the Bank rate.
It is believed that the demand for gold for Egypt is nearly if
not quite satisfied. Although small shipments are occurring
to Buenos Ayres, It Is not thought probable by the well
Informed that sufficient will be taken for Argentina to disside
turb the market. As for New York, while there is a strong
demand fcr gold in the open market, no gold for that centre
has been taken out of the Bank, and those in the beet position to be well Informed believe that none will be taken. If
none is taken the 4-per-cent rate will suffice but if gold
were to be taken from the Bank for New York, the rate would
undoubtedly have to go up.
The India Council offered for tender on Wednesday 60 lacs
;
and the applications amounted to 400 lacs at
per rupee. Applicants for bills at that figure
were allotted about 14 per cent of the amounts applied for.
The following return shows the position of che Banfc if
8ngland,the Bank rate of discount, theprioe of oonsols. &l.
oompared with the last three years
of its drafts,
Is. 4 l-32d.
:
1008.
Die. 2.
M
OlrnUtlOn
FabUo dapoitts
Otkar depOItU
1802.
Dec. 8.
IBOl.
Lee. 4.
»
M
M
98.686,880
7.836.082
S0,011.8&0
11.OV2.840
89,468.376
6,918,0««
40.2^bSlt
<»S71,07O
29,477,870
9.124,668
40,(07,780
17,62e,C88
40.8e8.I<'5
17,612.888
18.260,427
0OTanun«Iltl«e«rltl«l
i8.l7«.oau
29.81h,!'06
i0,b-/b,i06
nyjU.MO 8«l,948.684
Othar •••arltlM.>
>Ci.ilb2.H1&
81,007.144
88,046.740
ftSMrr* of nOt«f and COlD
10.624.760
OoiaAbvUton.bothdapartm'ti. 81.2)-2S74 82,S1W.B2& 86.848.110 81.208,186
«7 16-16
PTop.raiarvat oUabiatlai.p.a.
<2^
419-16
48M
4
4
4
4
•nk rata
paroant..
B29iot
ai^
88 16-18
87 6-ie+
OoDtoii.aM paraant
26Ua.
207-lOd
8918-10d
•ilTar
81 iS-lOd.
aiMl1V*-Hnii(» "atarna
810,146,000 847,^34,000 219,4W7,000 U1,4GO,000
*
Mx diTldecd.
Cue rates (or
money have been
as follows:
Intereit alio«*«d
09$n Market Rmtt$
6M»tfon.
^or(t<i)0(4t( t>«
Bank BiU$.
8 Uontht.
4
Joint Dit'tWt.
Stock At 7-14
Irade SUU.
Month$
Month$ SAtoa.
Nov.
Banks Call Dmvi
4 Jtfoi.
in
B«
8^
iH
2»
~4®4Ji
4 1-18
4 1-16
8K@8 16-16 3 1.^ ie(ij4
4
3 15-10
IS
20
27
Deo.
Pixiey
\lesHr8.
4»
3 16-lS
4«
4K®4M
4M®4^
8M
4M@4^ 4^@4V<
2M 8N
Abell write as follows under date of
4
<Sd
Dec 8:
Gold—The demand
New Yorb
bas been large and more than snfAfrican arrivals. We qaote to-day,
Bank has lost £395,000. of which
£275,000 has g >ne to Ki^ypt The only arrival Is £6,000 In sovereigns
from Egypt. Arrivals: South AJrloa, £.'>76,000; Australia, £11,000;
Straits. £1,000; total, £5S8.000.
Shipments: Bombay, £53,250; Colombo, £2.500; total, £.'V.'>,750.
Sllver-The course of silver has been again downward, there being
no support fort booming from India, while there have been farther
large sales on Kastern aooount, and offerings from America hare been
heavier. After dropping to 26i«d.. we r^-oovered to ZS'Jigd., but, today. In spite of better prices in I Qdia, we have fallen again to 26Hd.
ca«h and '^^SiSj^a. forward, closing dull. The Indian quotation is Ra.
e7i8
Arrivals: Ne'' YorK, £88,000; AuHralia, £4.000; total. £y2,OOu.
Shipments: Bomb-y, £193.000; Col imbo, £12,057; Straits.
£2.T.000; Madras, £12,500; total. £242,5'j7.
Mexican Dollars— Less business h«8 been done in these coin as the
East have not been such leady sellers, while Mexico quotes rates much
over our parity. Arrivals: Straits, £182,000. Shipments: Bombay.
for
liclent to absorb the heavy So th
789.. with no supplies left. The
£-JtJ,O0O.
The following shows the Imports Of oereal produce Into
the
(Jnited
season
Kingdom during
the thirteen weeks of the
compared with previous seasons:
lUrORTS.
1908.
1903.
[mp'ts Of Wheat OWt.2K,384,309
clMiey
„. 12,076,841
Jata...^
4,223,827
Pe«B
742,849
23,687,134
11,671,732
4,818.381
456,810
680,593
8,824,543
6,173,815
—
3e»ns
801,!S98
Cndlanoorn
flour
.
15,519,378
6,109,623
1901
1900.
17,024,900 20,333,500
8,654,000
7,168,900
5,156,600
6,430,100
521,800
748,530
635,500
581,440
10,315,600 12,927,600
6,025,700
5,899,600
Supplies available for consumption (exolusive of stock
OD September 1):
1903.
(Vhefttlmported.OWt. 26,384,309
(mportB Of flour
6,109,528
tales Of home-grown. 5,676,095
1902.
1901
28,587,134
5,173,815
17,024,900
6,025,700
8,142.312
6,517,7 56
Total
^ 37,069,927 85,278,704 31,192.912
25b. Od.
&7a. 10.
Iver.prlce wheat, week.26e. 6d.
26s. lid.
26s. Sd
Average price, aeason.STs. Id.
1900.
20,333.500
5,899,600
6,764,335
32.987.436
27b.
28s.
20.
Id.
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
LaMiioeeK.
1,355,000
365,000
1902.
1901
Wheat
a'B... 1,370,000
near, equal to qrs... 810,000
1,865,000
345,000
835,000
930,000
435.000
2,265,000
285,000
605,000
This week.
Valie
ars...
nsllak. Vln«n«lal MarKcss— Per Gakl*.
The daily closing quotations for securities, etc., at London
are reported by cable as follows for the week ending Dec. 18:
LOHDOH.
Sat.
lUver. per ounce
d
3onBOlB.,new.8>|i p.ota
8813i6
For account
25%
89
rr'chrenteB(iiiParlB)fr. 98 65
Inaoonda Mining
A Santa Wt..
Preferred
Baltimore A Ohio
Itch. Top.
Preferred
Janadian Faoific
Obeaapeake & Ohio....
Jhioa. Great Western.
4
70*4
95 1«
8188
91
122'a
33
17
Ohio. Mil. <b Bt. Paul... 116
Oen. A Rio Or., com.... 22
Do
do Preferred 74 »«
30
Stie, common
7OI4
lat preferred
51^
8d preferred...
134
Ullnoia Central
LoolavUIe A NaahviUe. 109 Ss
10
Mexican Central
18>«
tfo. Kan. A Tex., com..
39)^
Preferred
National RR. of Mex.—
38
lat preferred
7. Oent'I A Hadaon.. 128>«
f T. Ontario A West's 22ifl
5914
Sorfolk A Weatem
.
.
Do
do
pref.
Becoritiea....
BTorthem
Pennsylvania
Mon.
91
122^8
33
16>«
I47I11
76
2288
76i,
3iie
70»«
70%
do
¥abash..
Do
Do
*
pref..
....»
preferred..
Deb.
"B»
Price per aliare.
....
91
91
91
122%
122%
1221a
34i«
16i«
147
22is
74%
34
16ifi
1471*
iZ^
74%
30%
84
I6I4
146i«
22i«
7414
30ie
70ie
110%
llOifl
110
9%
10
10
18
1818
391s
I8J4
39>s
38
122%
2238
59>4
90
60%
60
93I4
4938
22ifl
80
SOH
80%
91
901s
21
2688
88^l
88i;iie 88iii<
8888
X 97-80 91 -ab 97-92i«
4
4
3 '8
70%
70%
69>«
95 >«
9514
95%
saifl
Slifi
80'8
110
10
81
4858
2178
80
Do
2P%
88»i«
13Si«
IO914
91
93
10i«
64>«
2f ^6
88%
Fn.
133i«
'Phlla.
Preferred
..».
7. B. Steel Corp., com..
Thur:
I33ifl
52
40
80
Preferred..............
7nlon PaoiJlc
3m
Wed.
31
70>4
b-l^
134
*Plilia. *Read.,lat pref.
tonth'n Railway, com..
34%
16>4
22i«
A Read^Sd pref.
tonthem Pacific
91
123
146%
2i^
4014
ARead
Tuet.
25l3ie 253,a
88l6j6 88i5„
89ie
U9ie
9d-57i« 98-57H
418
4
7088
7m.
9.s%
95%
8188
8214
ZU-'e
Phlla.
t9(K>
Dec. 5.
[Vol. lxxvii.
im
8&B8
87%
21
88
63
e2)«
62iji
10
1888
18i«
40
40 >4
70i«
52I9
I33>fl
40
52
38i«
123
2208
122%
22Jfl
22)«
60
90
93
6978
91
60
691a
91
98
90
6078
23i«
6088
60%
22''8
60%
22%
40
40
40
40
S01«
6068
2878
801a
31
49»8
8OI4
49ie
82
91
SO^a
5038
218b
80>«
8188
8H9
80is
80<^
91
91
91
111*
iCa
lO^a
66
21
89
63
5488
21
55 1«
2II4
88>4
39
93 >«
88
68
38 19
122ifl
21''8
80ifl
6S
381s
122
22
92i«
22i«
22
10%
56I4
21
38
68
.
Dkc.
THE CHRONICLE.
1903.
11).
©ummrvcial and i>XisccUancous|]lcxus
Delaware Klver RR. <fe Bridge
Minneapolis <& St. tiouls, com
do
do
vref
N. Y. New Haven A Hartford (quar.).
Southern
Norfolk <$>
(quar )
Northern Central
do
'.
Philadelphia A Erie, com
8t. Louis t% San Kran., let pref. (qaar.)
SoulUwestern
of
!*rr«««>t
Georgia
(J>ayi Inolu»iv«.j
Best.
do
Mantua
i£>
Holders
1>« Deo 29 Deo 32
3 Deo 39 Deo 2i
Deo 32 Holders
a
3>« Jan 16 Jan
1
2>« Jan l^ Jan
1
Jan
2
Deo
1
iJan
4
a
[Deo
1
Deo la*
Deo 29
Deo 3»
to
of roc. Deo 17
to
Jan 16
to
Jan 15
of reo.
to
to
Jan 1
Jan lu
IS Holders of reo. Deo .SI
30 Holders of reo Deo 38
to
2 Deo 2t)
Jan .<
6 Deo 17
to
Jan 6
11
Jan
Jan
2>a Jan
Fair.,
Phlla
,
com
do
do
pref
Metropolitan St. Ry., N. Y. (quar.)....
Beading (Pa Traction
8t Joseph (.\Io.) Ry. Lt. H & P.,pf.(qn )
Sao Paulo (Bni/.il) Tram. L. A P. (qu.)
Twin City R Tr., Minneap pref. (qu
)
)
,
Washington Water Pow 8pok.'ine(qu.)
West End Street, Bo.<(ton, pref
,
31
6
IHilDeo
Jan
Jan
Jan
Jan
1 \ Jan
760. Jnn
1^ Jan
iv» Jan
\\ Jan
1 >i Jan
4
Jan
1
Deo 24
Deo 21
Holders
Deo 18
Deo 1><
16 Deo 25
1
1
_
a
1
2
2
1
Holders
Holders
Holders
Deo 20
Holders
Deo 23
to
Deo 30
to
Jan 6
of rec. Deo 24*
to
Jan I
to
Jan 1
to
Jan IS
of reo. Deo 19
of rec Deo 19
of reo Deo 19
Jan »
to
of reo Nov 30
to
Jan 1
Hantaa.
6
S
4
4
Colonial
Hamilton
Mochanlog' National
Mercantile National
Merchant!*' National
National Park (cinar.)
North Side, Brooklyn
a>a
4
3
6
People's
State
10
Jan
Ja>
Jan
Jan
Jan
Jan
Jan
Jan
Jan
West Side
6
Tan
Yorkvllle
6
Jan
Bowling Green
3
Continental (qnar )
Flatbash, Brooklyn
Knickerljocker
do
(extra)
Mercantile (qnar.)
do
(extra)
Morton fqnar )
N. Y. Life Insurance & Trust
1>9
Jan
Deo
Jan
Jan
Jan
Deo
Deo
Dec
Deo
Deo
Jan
Deo
Tmnt Companlea.
3
10
7
6
6
6
30
North American
3H,
6
Real Estate
Guarantee & Trust (quar.)
Trnst Co. of America (quar.)
United ntates
HlBO«llane«aa.
Title
Alabama Steel <fe Shipbldg pref
American Iron & Steel Mfg pref.
American Shipbldg., pref. (quar.)
American Smelt. & Retg, com
do
do
(qu.)
do
pref. (qnar.).
Teleg. (quar.)
American Telep.
do
do
do
(extra)
American Type Founders, com. (qnar.)
do
pref. (quar.)
do
do
Central Coal
Coke, oom. (quar.)
do
do pref. (qnar.)
do
&
&
Century Realty
Corn Products, pref. (quar.)
Distil. Co. of America, pref. (quar.)
Dominion Coal, pref
Eleo. Stor. Battery, oom. & pref. (qu.).
Empire Steel
&
Iron, pref
23
16 Jao
3
Jan
1>4 Jan
Jan
Jan
Jan
IH Jan
\ Jan
1
Jan
1»4 Jan
l>g Jan
1>« Jan
3
Jan
1»4 Jan
1
Jan
31
18
26
19
20
22
2a
12
18
26
to
81 Deo 24
to
2 Deo 32
to
2 Deo 20
to
to
2 Dec 20
31 Dec 34
to
31 Deo 34
to
to
31 Deo 36
10 Holders of reo.
31 Dec 21
to
to
2 Deo 23
to
31 Deo 22
to
2 Deo 20
to
3 Deo 20
1
Dec 26
1
Holders of reo
16 Jan
14 Jan
1»4
1>«
1»«
to
to
to
to
to
to
to
to
to
to
to
6
16
15
19
16
16
18
3
11
16
to
6
1
Dec 36
Jan 1
Jan 1
Holders
Holders
Holders
Holders
Dec 27
Deo 36
Ju
to
to
to
to
to
of reo
of reo
of reo
of reo
to
to
to
5
Jan
Jan
Jan
Jan
Jan
Deo 30
Jan 3
Jan 1
Jan 1
Jan 3
Jan 13
Jan 16
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Dec 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan 1
Jan
Deo
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Deo
Dec
Jan
Jan
Jan
1
a*
I.";
14
6
16
15
11
11
31
31
1
10
15
Jan
3
Deo 25
to
3
Procter A Gamble, pref. (quar.)
Securities Corporation
Stan^lard Gas Lt., N. Y., oom.
pref..
Tetit Weller Co.. pref (qnar.)
Texas & Pacific Coal (quar.)
Tomngton Co., pref
&
)
United Fruit (quar.)
3
Jan
3
iJan
m'Jan
Jan
Jan
Deo
I'll Jan
!><] Jan
3 la Jan
>9 Jan
1^ Jan
a
21a
3
Dec 20
3 Deo ao
16 Jan 1
3 Dec 20
3
Jan
1
16 Holders
16 Holders
16 Jan 1
31 Deo 22
3 Deo 22
1 Dec 17
1 Deo 17
3 Deo 20
16 Holders
Jan 3
Jan 1
Jan 16
Jan 1
of reo Dec 31
of reo. Deo 81*
to
Jan 16
to
Jan 1
to
Jan 3
Deo 29
to
to
Deo 31
to
Jan 3
of rec Dec 31
to
to
to
to
Waek
190?.
9,>-e3
H44
t)»i.!<4a
l.BM
v.8.8»8
H!.fl4a
11.879
324 000
6.700
.W5,7no
2ai.00j
28,100
8,463,087
...
1.72i,t)l7
Bftl«.196Iba
Chicago
MUwaakee
.
203.070
40,800
Duluth
505,228
2,646.000
117.690
4.600
0,953
80.000
17.874
18,465
365.000
64.102
159,235
60,995
31.600
627,443
45,600
633.000
907,200
142,400
Minneapolis.
Toledo
Detroit
Cleyeland ...
St. Louis ....
Peoria
Kansas City.
Totwk. 1903
Same wk. '02.
Same wk. '01.
Since .duo. 1.
1003
1902..
1901_
1,82?.659
43,700
855.368
888.713
489,282
174,600
779.578
160,700
360,650
51.686
820.000
67,070
28,800
48.976
33.840
8,300
8.900
4,060
94
461,650
83,500
68,643
128,032
301,050
207,200
86,401
63,000
84,600
5,814.400
3.018.386
5,716,558
3.940.850
3,323 433
2,700,616
1,585.664
i.aoo.ocs
6.353,46^
4,202,310
8.967,695
1.710,183
36,030
9,000
826.086
197.884
300,698
0,3 JO
l.llB.297
'A 198.133
Total reoelptB at port! from Jan.
for f onr years:
a$$H9t tr-
1908.
1,68« 801
1
878.2^0
209,399
903,343
New
48,099
eil,10?
Orleans for forelitn
to DdO. 12 compare as
.bnih.
^nMt...
2o,84;.a'4
IMOl.
81.723,497
out)
I
bbli. 20,807,601
flour
1000.
21,080.734
180.030.103
164,197.h70
98,570,802
lorn
9d.H41
tlUl!
2i,a77,7lrt
104,U1,843
178, 76,^,483
;ata
laricy...
\r«k
91.2it)rtl8
4 6^9,4:i7
8,931.584
49.821,707
8,804 (19.1
6,4U5,080
69,74».168
6,155.940
3,6k8,084
75.3?7,912
10,147.714
8.728,989
855,005616
211,899.269
337.168.808
803.683.995
"
TOtalgraIn
98,S8fl,274
The exports from the several seaboard ports for the week
nding Dec. 12, 1908, are shown in the annexed statement:
Oarn,
FV/4«at,
Mxperti from— huek
York
(*aw
Boston
ortiand.
210.042
bbli-
101,430
81,183
Ma.
2i!4,ooo
....
I'hUadalphla..
47,69n
215,338
40,ouu
lO^.SSO
119.9U8
2.617
83,614
296,000
35.462
17,112
203.3H0
83.022
4.9«9
5,982
4,2e0
4,500
2.071
Ultlmora
fawOrlaani..
4awu'rtNaw»
40ntr«al
Ulraitnn
feme,
BarUy
bulk
kuik.
75,825
81,487
38,600
i84io
8,463
1,884
44,488
14,358
42.S'^u
750
2S0
189
10,105
MOO
Peasaoola
.ooiia
Hy:
Oatt,
bu$k.
#leur,
hutA.
846.528
28,698
200.>-OJ
PortArthur.. 160,000
874,278
Total WMk.. 1.090,801
<ain«tlma'08..1,687,e87 1,648.892
443,848
803,028
114,883
182,861
19.105
65,061
21,604
29l,2kt2
14.358
2i>,212
The destination of these exports for the week and since
laly 1, 1908, is as below:
-.Flour.-
MmporU tor
^ekandiinet
July
1
Week
Dec. 12.
to—
A 0. Amarloa.
YMt Indlai
lr.H.Am. OOlO'l
'thai toBntrlai
Tottl
(OtallBOl-Oa....
The
23.484
82.613
6.424
17,026
Oorn.-
-s
Sinee July
Dec. 12.
W^eek Sine* Juiy
nee. 18
1, 1908.
1903.
buth,
bbit.
initad Kingdom 829.249
jontlnant
85,052
I.
Week
1.1903.
bbit.
Wheat.
.
Since July
9.186,597
I.u4i.3i7
391.660
612,832
1,037,127
64%546
hueh
01*«1
88.808,416
1»,2C4,«34
7,314
4i7 670
12,6311,073
3?8,8''2
29&,4i2
84,718
207,871
14,339,306
888
10H,048
15.051
48^,010
89,187
31,334
991,256
7,628,5-6
7.935,011
1,620,331
1,037,867
40.316.535
70,836,259
871,272 28,438,779
l,618,2d2
5,878,66:
97.v<lH
443,818
893,988
visible supply of grain, compriising the stocks in
ranary at the principal points of accumulation at lake and
eaboard ports, Dec. 12 1908, was as follows:
fVitemk.
Oarn,
Oa(«,
knik.
»Uiik.
ku(fc,
Suifc.
k4»i».
362,000
800,100
82,000
468 000
ieV.ooo
47,000
784,0 Ou
"78,666
112,000
"2.000
830,,>C0
119,UU0
101.000
3,000
1,214,000
1,000
78,^c6o
468.000
i,79e.'o'd6
1,180.100
"o.iioo
8.^666
180,000
lao.ode
""6,000
"0,666
1,984,000
l,17l",60C
837,066
842,000
aisiiood
"16,000
846,'666
ll»lt«r««t—
<«wYork
oo
1,386.000
afloat...
Boston
.^.
.^.
Philadelphia
Baltimore
^^
^,
««irefton
dontraal
Poronto
„
Barlt*
10,000
ie3.<'<'>
31.000
6,471,000
"1.066
87,00f.
137,000
170 000
669,000
afloat..
SSO.OOP
•olado
'384,000
afloat
825.oot
afloat
....
2,580.aO(
afloat
411watik««
DO
afloat
fuWm'm*.Pt.Anh'r
»alntk
Do
Myt,
.
451.000
140,000
f69.000
1.013 ooo
1,767.000
....^^
toflalo
Do
Do
strolt
Do
«i«ago
Do
.
364,000
81,600
1,176,001
1.272,00f
1.000
410.000
30,000
397,000
8.641,001)
4,96e,oct:
1,006
15,000
1,433.000
117,000
81,000
87,000
1,471,0C0
87,000
594.000
i.OOO
865,aou
••-•••
8,137,000
192,000
63,o6b
111,000
87,000
173,000
588,uu0
80,000
30,000
2,000
65i,bo6
165,000
176 000
35,000
85.000
17,000
1,006,000
69,000
6,593,000
8,877.000
8.116.000
6.193,000
1,169,000
1.269 000
1,302,000
2,638,000
i.aoo.ono
6,038,000
6.833.000
8,841,000
2.H5S.000
3.482.000
afloat
afloat....^
'
5,6H4.0(10
5,498,000
ll,l-'7,000
8.13-t.OOO
5,74!i,000
9 987.000
Auction Sales- ^y Messrs. Adrian H. MuUer
Slocks.
BirgeOo
700
37,967,800 3.916.431
30,181.013 6,743,718
37.436,738 2,012,644
for
& Son
Slocks.
15 D. & M. Ohaunoey Real
100
Estate Oo
40 Calif. Kealty Syndicate > $360
500 Seminole Phosphate Co. 5 lot.
430 H. C. Miner Litliog. Co.. 60
100 BowllDg Green Tr. O0...200
100 Lincoln Trast Co.298>«-300
25 Nat. Bank of Oommerce.212^
80 Union Carbide Co., Va.. 25
100 N.Y. Loan & Imp. Co.. .105
200 Auto. Coal. & Weigh. 1
NY. Weigh. Barge <k
CoalOo
|
^*20,000
$8,000N.Y.Weigh.Barge
<bCoal. Co.lBt 58,
8.978,726 185.068,068 68,741,333 71,033.931
9,?87.22t 158.483.270 44,372,714 88.658,037
0,297.789 146,153,S36 66,938.016 67.483.367
The receipts of flour and grain at the seaboard ports
week ended Dec. 13, 1808, follow:
the
Ibi
1.764,630
49.882
'iy.iia
Ry*.
ButKOOlbi Bu*h.B«lbt B%th.3SU>$ Buih.i8lbi BU.S6
705.450
266,640
38.600
oUows
Total Dec. H. 1901.. 59,351,000
Totel Dec. 15. 1900. 61,082.000
Barley.
"iVisi
37.80S
1.410
4,600
647.748
879,900
. .
Oat«.
VO.viflS
»««k
8,900
1,760
IflO.OOO
so^.wsa
Breadstaffs Fl^area Brongrbt from Page 2349 —Th«
auMiisiHlpplBlTar.
statements below are prepared by as from figures oolleotad OBLakas
by the New York Produce Exchange, The receipts at OB aanal and tlrn.
Dec. 13, 1903.. 84,804,000
Western lake and river ports for the week ending Dec. IS Total
Total Deok 5. 1903.. .32,539,000
and linoe Aug. 1, for each of the last three years have been. ToUl Dec. 13, 1902.. 48,151,000
Corn.
kttik
8«',976
5,767
9,HS4
14.400
23.844
88.UH4
78.889
8,914
47.000
a5,l>-S
t,07l
'11.376
Peoria
iBdianapolla
Wheat.
kutk.
* Reoetpts do not Include grain passing through
porta on throuuh bills of lading.
Do
FUmr,
ieO.809
1.4
KaniaiClt7
ReeHpU ot—
1,144. ROO
77,6aO
lb4.6QA
12110
MUiBeapolli
st.Lonli
Transfer books not closed.
183,760
2(j7,887
4,i>i-5
New Udoani.. ^...M
4
1
Otis Elevator, pref. (quar.)
*
Jan
m Jan
Jan
General Chemical, pref (qnar.)
Knickerbocker Ice, Chicago, pref
N. Y. Air Brake (quar.)
Old Dominion 83
Union Ferry (qnar
iJan
25
3
,
,
8
3
Deo
2 Deo
3 Deo
3 Deo
a Dec
2 Deo
Deo
Deo
Deo
Deo
Deo
2
0»r%,
Milk
8,»-.0
69.980
UO.suB
Total wa«k...
^\
Rnllwara.
Brooklyn Uinoii Elevuted, prel
Cleveland Electric (quar.)
Colnm. Buckeye L. A Newnrk, pref...
67.698
*«iTaiton
P rtland. Ma
Pansaoola
xnblla
Port Arthar
il.Jobn, M.B....
Rootu Closed.
Railroad* (MtoamV
S
B >ston
Ujntraal. ......
P4ilad«lpkU,.
taw Orlaant*
<awport Nawa
-|-
Burl. Cellar UapUls <t Northern
Chlo. Iniliansp. <fc LonUvlUe, com
do
ilo
do
pref
ie8,8rt-<
(Kkmond
WTifn
Per
Ctnt PayattU
kuf>
448.600
407.698
«M«<»ttai—
NiwTork.
titimora
dividend:
Ifan^ of Covtpany.
in 9
e.
1
I
IfiOO
60
Nesmith
& Coastantine
Co.. oom
Inter. Pulp Co.,
$2 per sh.
$31
oom
2 Clinton Hall Assoc'n.. 50-55
Sonds.
$600 Crescent Athletic Club
subs, for 2d 20-yr. Ss.temp.
80
reo. full-paid
$100 Excelsior Club of B'lyn
2d 58. MAN
80
$700 Mex. GulfA Oomm. Oo.
let 58. '23, Sept. coup on.$515
$1,500 Oon8umer«' Ice Co.
let 5b, tr.oert., 'II,
M&N.$925
$500 Am. Yacht Club 48.'08. 7dH
$500UnadillaVaI RR IstSs,
1933 (dep. forreorgan)
$35
1922
J
200 Hell & Bogart Soap Co.$5,400 $5,000 Pitts. Stiaw. & North,
200
KB. Ist 48. F&A.
5 Mount Morris Bank
80
20 Amer. Blesel Engine Co.
$500 Durland Riding Acad.,
com
N. Y.,2d58
$55 lot.
51
1 Adirondack League Olab
$2,000 Uoion Carbide Co.,
(land not selected) .... $600
Va., ea
70
t.
THE CHRONICLE.
2S20
New ¥ork City Cleariugr House Kaiiks.— Statement of
condition for the week ending Dec. 12, 1903, based on average of daily restilts.
Me (^mit two ciphers (00) in all cases.
[Vol. lxxvu.
Mew York
City, Boston and Pliiladelpliia Banks.— Below
of the weekly returns of the Clearing House
Banks of New York City. Boston and Philadelphia. The New
York figiu-es do not include results for non-member banks.
is
a
summary
We omit two ciphers (00)
BXNKS.
Surplus
Capital.
Loatis.
Specie.
Legals.
t
Deposits Re.
S'
2,000,0
Mtri.1 lit Ills'
2,000.0
2,000.0
1.500,0
1,000,0
25,000.0
300,0
600,0
1.000,0
300,0
700,0
500,0
600.0
5,000.0
2 5, 001),
3,000.0
•J,050.0
Mtvhauics".
America
Phoenix
...
Ciiy
Chemical ..
Merch. Ex
.
Gallatiu
But.
Drov
it
M^cli.itTra.
(jreenwidi
Leath.iltrs.
Amt>r. ExcU.
Couiiuerce..
Mercantile
Paculc
CUatUaiu ...
People's ...
N. .\iiierica
.
Hauuver
42-2,7
...
45U,0
200,0
2,000.0
3.000,0
..
1,000,0
1.550.0
Irviiiir
Citizens'
Nassau
Mar.A Fult
500.0
1,000.0
1,000,0
2,000,0
750,0
1,500,0
3,000,0
250.0
3,000,0
1,000,0
300,0
10,000,0
1,000,0
250.0
200,0
750,0
1,000,0
100,0
200,0
200,0
300,0
1,000,0
250,0
1,000,0
200,0
500,0
300,0
1,000,0
1,000,0
500,0
360,0
SUoeitLtlir
Corn Kxch
Orleutal
.
...
Imp. <fc Trait
Park
£ast Kiver
Fourth
Central
Second
First
N.Y.Xt.Ex.
Bowery
...
N. Y. Co...
German Am
Chase
Fltth Ave..
Qerman Ex.
Germauia ..
Lincoln
GarfleUl
Filth
Bb.ofMet..
•West Side..
Seaboard
..
IstN.Bblya
laberty
N.Y.Pr.Ex
New
Amst.
A»tor
Total
t
*
$
^
Bk. of N. Y
MaiOiat. Co
15.253,0
19.863,0
10,99'^7
12,638.0
3,5 11, 'J
18.45'2,1
326,3
3.927,0
16,871,6 128,492,0
7,584,5 23,518.6
363,6
4.966,7
2,197,-.:
7.042.3
1'23,7
1,963,8
370,5
4,317,0
5-J8,l
2,156,2
541,1
4,537.7
3,837.4 28.542,0
11,132,8 127,110.9
4,558,2 21,130.0
600.5
2,928.6
5,535,8
1,080,0
394.0
1,936,5
2,056.4 13.481,1
6,523,5 43.842.7
5,646.0
1,065.5
6.957,2
685,4
313,0
2.466,6
1,274,1
6,ol7,7
327,9
5,95-2,3
3,286.t-
24.381.0
5,855,0
1,026,9
6,659,9
6,927,0
145,7
2,994.7
600.3
1,356,4
13,501,4
884,0
773,5
664,1
492,3
3,880,8
1,659.4
659,2
873,9
1,32'2,9
1,312,3
384,9
1,394,2
518,7
1,364,2
574,7
1,913,6
507,9
581,9
540,2
2,379.0
2.SS9.0
2.074,3
1,885.0
3,020,5
586,0
21.886.1
6.305,7
812.5
692,6
532,4
2'2.315,0
52,516.0
1.106.5
16.954.5
8,835.0
8.968,0
7'2.'284.1
21.-263.(1 23-i)
12.000.1 25-8
1,454.0 12,603.0 i6-4
2,143.5 19.417.5 26-5
313.0
3,475,0 25-8
6,794.8 110,522,8 2U-9
1.724.6 23,485,5 2'!-9
5,250,8 26-8
595,1
4.306,6 27-7
501.8
49,1
2,454,2 23-/
469,0
4.667,0 21-9
l,6-.i7,l 28-0
107,9
27-1
4,410.8
368,1
1,638,0 20,150,0 22-/
6.696,0 105,549.1 25-0
1,097,9 17,481,2 24-8
492,8
3.629,6 •20-6
8-28,6
5,286,15 25-V
596,1
2,589,3 29-1
1.704,9 11,813,8 26-9
4.993,8 50,572,4 •Mii
392,8
4.783,0 26-1
503,4
7,720,0 26-0
2 -.'7.
2,805,4 -20-6
618.9
6,183,5 25-4
168,6
6,565.3 24-.>
3,684,0 29,209,0 25 -5
1,164,2
5,454,9 2b:'
1,306,0 19,180,0 2,T-6
4,221,0 57,799,0 'I'i-'o
180,0
1,309,1 29
2,302,2 18,420,2 26 6
759,0 10.190,0 26-1!
9,607,0 2ir4
1,309,0
1,913,5 58,159,6 2 (-8
468.9
5,708,5 28-3
3,16-2,0 22-5
303,0
387.9
4,907,9 23-7
201.4
3,424,0 •M-2
1,529,2 41,713,0 26-6
291,2
9,463,0 25-,"">
3,516,7 23-2
685,0
471,7
4,597,4 19-4
1,896,7 10,019,6 21-9
35-2,6
6,667,9 26-7
161,4
2,454,8 24-6
389.2
8,317,4 25-H
347.0
3,401,0 2o-V
1,387,0 14,355,0 26-4
432,0
4,263,3 231
240,0
8,210,0 26-4
347,2
4,252,8 loS
513,6
6,889,1 23-3
190,0
4.891.0 21-7
1,0-J8,3
3,'249,9
255.7
530.8
1.^8.;'
1.479,0
8,506,2
887,2
1,509,2
352.9
955,7
1,443,2
3,789,0
240,8
3,617,0
11,773,0
199.9
2,697.4
1.957.0
1,132.0
14,292,1
I'l^.tj'l
407,0
775,8
626,4
9,596,4
2,122,9
13'2,0
423,6
298,7
1,430.2
443,9
1,690,7
530,0
2,403,0
554,0
1,929,0
ItH
86'2,2
873,0
18428567 259
115,57'2,7 132,221,0 880,893,8 152,333,6 66,458.3
...
P.C.
13,704.0 27-1
1,348,0
2.178,0
567,0
357.2
831,1
2.910.0
19.726.4
6.504.9
2,746,0
4.195.8
3.561,1
35,479,5
8.764,2
2,668,3
2,953,8
10,122,9
6,704,5
2,414,5
7,183,3
3.307.0
12.466,0
4.266,0
9.772,1
4,332,1
5,307,3
4,962,0
$
$
$
2,253,0
2,439,8
1.401,0
2,787,9
DC
Total United States deposits included $36,808,700.
—
Reports of Non-Member Banks. The following is the
statement of condition of the non-member banks for the
week ending Dec. 13, 1903, based on average of daUy results.
We omit two ciphers (00) in all cases.
Capiliil<t
B.C\KS
Surplus.
Loans.
$
$
N. V.
in all these figures.
Legals.
Specie.
De-
Circu-
posits, t
lation.
Clearings.
$
$
Nov21 245,447.0 8S7,--':!4,3 152,953,9 6-2,790,8 847,333,4
Nov28 247,793,7 8-^(>.^;t9.7 ir.2,241,2 64,27'2.() 841,552,(1
Dec 5 247,793,7 882,002,3 151, 611, 65,418,8 842,900,4
46,023,1 1,182,603,0
4(),036.5 1,016,401,2
46.058,1 1,306,392,5
Di-c 12 247,793.7 880,893,8 152,333,6 66,458,3 842,855,7 46,117,3 1,3-28,929,4
Bus.
Nov28 .52,635,4 181,084,0
Deo 5 52,635,4 179,513,0
Dec 12 52,635,4 177,2UO,0
5,598,0 194,817,0
5,858,(1 196,531,0
5,700,0 195,168,0
14,264,0
14,026,0
13,845,0
99,231,0
132,615,0
131,012,0
6.571,(1
6,5(i(i,l
6,586,0
Philn.
Nov28 48,167,1 182,955,0
60,540,0
204,428,0 11,047,0 103,616,8
49,920,0
Deo 6 48,167,1 18-2,771,0
203,294,0 11,047,0 120,103,8
Dec 12 48,167,1 183,413.0
49,5()4.0
202,969,0 1,056,0 102.372,7
t IncludinK for Boston and Philadelphia the item " due toother baiik.s,"
and al.so Government deposits. For Boston these Government deposits
amounted on December 12 to $6,414,000 on December 6 to $6,413,000.
1
;
—
Imports and Exports for the Week. The following are
the imports at New York for the week ending for dry goods
Dec. 10, and for the week ending for general merchandise
Dec. 11 also totals since beginning first week Januarj-.
;
rOREIGN IMPOKTS.
1903.
jTor week.
Dry Goods
General Merchandise
Total
Since Jan.
1902.
1901.
1900.
$2,064,775
7,306,111
$2,799,138
8,661,882
$2,216,680
9,41)6,101
$2,000,722
7,567,491
$9,370,886
$11,461,020
$11,682,781
.$9,568,213
1.
Dry Goods
General Merchandise
Total 50 weeks
$125,783,897 .$121,230,680 $102,,«»27,015 $109,161,540
442.012,506 427,439.417 432.435,575 401,532.922
.$567,796,403 $548,670,097 $535,262,590 $510.<!'.I4,462
of dry goods for one week later -will be found
dry goods trade.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Dec. 14, and from January 1 to date.
The imports
in our report of the
EXPORTS FROM
For the week
Previously reported..
Total 50 weeks
NEW YORK FOR THE
"WEEK.
1903.
1902.
1901.
1900.
$12,113,769
477,460,370
$9,965,393
459,334,044
$11,330,534
478,217,666
$11,155,473
606.599.014
$489,574,144 $469,299,437 $489,548,199 $617,754,487
Note.—As the figures of exports as reported by the New York Custom
House Irom week to week t'roqueutly show divergence from the monthly
totals, also compiled by the Cnstom House, we shall trom time to time adjust
the totals by adding to or deducting Irom the amount "previously reported."
The following table shows the exports and imports of
specie at the port of New York for the week ending Dec. 12
and since Jan. 1, 1903, and for the corresponding periods iu
1903 and 1901.
EXPORTS AND IMPORTS OF SPECIE AT NE^W YORK
KXPOKTS.
GoItU
Week.
Imports.
Since Jan.
Week.
1.
Since Jan.
1.
Deposit with
BAiTKS.
Capi-
Sur-
00s omitted.
tal.
plus.
Loans
(£
Invest-
Specie.
ments.
Net
Leg. T.
&Bank
Notes.
Other Deposits
Agent. Bks.Jcc
Clear'g
Man&Br'nx
$
Colonial
100,0
Columbia .. 300,0
14th Street.
100,0
Gansevoort.
200,0
Hamilton .. 200,0
Mt. Murria
250,0
Mutual
200.0
19th Ward
200.0
Plaza
100,0
Biverside ..
100,0
State
100,0
12 th Ward .
200,0
23d -Ward ..
100,0
Yorkville ..
100,0
Fidelity
200,0
Varick
100,0
Jeffer.son ..
400,0
Century ... 100,0
Wash. Hgts 100,0
United Nat. 1,000,0
$
209,2
270,0
110,5
64,0
114,0
109,8
209,5
197,7
243,8
103,3
498,6
100,5
93,1
271,0
116,4
64,3
266,2
2,335,6
74,2
3,00-2,0
225,0
1,713,2
1,799.1
2,468,5
2,081,3
2,446,7
1,255,6
2,741,0
1,059,1
6,896,0
1,416,0
1,276,9
1,970,7
684,4
733,3
1,757,4
79,9
96,0
155,0
123,2
27,9
16,6
53,2
574,3
121,4
105,8
581,6
1,955,6
317,3
162,2
533,2
348,6
51,0
662,3
599,6
167,8
166,2
80,4
273,6
120.2
2,052,1
1,443,7
3,066.1
6,808,0
194,0
22,7
461,0
67,0
53,6
34,0
13.4
2.2
8,6
6,3
9,9
203,9
199,7
109,0
83,9
68,8
104,1
91,3
217,8
128,4
175,0
108,1
261,0
203,0
143,6
195,6
39,9
61,5
85,1
44,1
26,6
43,6
244,0
138,0
160.6
129,7
124,4
273,2
164,6
214,4
134,0
156,3
69,4
89,4
488,8
54,4
303,0
351,0
61,0
137,4
49,7
25,0
106,1
20,1
80,1
160,6
183,1
382,9
464,2
87,7
488,0
476,0
48,3
105,8
70,9
3,0
91,6
65,9
50,0
54,5
298,3
68,5
67,6
745,0
281,0
158,0
93,7
29,1
9-2,6
1,8
62,3
87,0
198,6
37,3
68,1
99,0
34,0
185,5
35,5
2.668,0
3,114,0
1,970,7
1,826,8
2,674,3
2,747,5
2,589,8
1,597,0
2,981,0
1,130,2
8,160,0
1,876,0
1,509,0
2,007,5
629,5
791,2
1,789,3
555,7
465,2
1,172,1
Borough of
Brooklyn.
Brooklyn
.
..
MIrs.'Nat..
lleclianics'
Merchanta'.
Nassau Nat
Nat. City
..
North Side.
Peoples
17th Ward
.
SpraKueNat
tJnion
Wallabout
.
Borough ...
Borough OJ
JCichmond.
Bk. olSt. Is
115,0
300,0
252,0
500,0
100,0
300,0
300,0
100,0
100.0
100,0
200.0
200,0
100,0
200,0
72,1
77,8
994.6
4,053,0
2,789,0
980,0
1,246,6
631,4
1,201,6
1.303,3
782,«
1,440,7
23,2
110,3
265,5
170,2
11.4
187,0
125,0
12,9
39,1
9,3
121,0
62.6
40,0
14,3
75,5
108,2
497.1
691,1
23,7
41,2
400,0 1.067.1
4,110,1
193,7
250,0
250,0
200,0
646,5
290,5
282,4
2,178.1
1,121.8
1,342,2
88,0
8-2,7
First Nat...
110,0
Second Nat.
12.5.0
525,9
148.6
2,280,2
1,107,8
25,0
100,0
l8tNat..S.I
15,0
10,0
66,7
146.0
91,9
23,7
110,1
86,5
•
24,9
100,0
65,0
10,0
21,0
144,0
68,1
55,0
10,5
22,0
104,6
42,8
14,5
2.028,9
1,471,0
3,470,5
6.647,1
1,055,0
4,265.0
3,300,0
First Nat...
Hutlsoii Co.
.
Second Nat.
Third Nat..
$1,198,801 $14,566,364
4(J,)97
5.924,718
20,806
4,732.288
$972,880 $26,177,570
$44,000
'2,692,141
844
$164,606
Grni^.t RritAiii
France
"3.666
...
...
.
Germany ...............
West Indies
'""'926
All other c.onntries
'i'iei
Total 1903
Total 1902
Total 1901
369',855
27,584
249
8,349
3,550
169,863
15,200
247,926
887.621
Mexico
South America
58,446
1,067,432
351,708
6,747
$2,405
6,495
2,019
$10,919
45,304
$974,961 $30,183,871
564,530 33,012,160
645,772
46,524,714
1-2.604
$1,528,176
1,229,527
3,516,438
Of the above imports for the week in 1903, $26,873 were
American gold coin an(i $3,209 American silver coin. Of the
exports during the same time $107,000 were American gold
com and $
were American silver coin.
Auction Sales.
—See page preceding.
%'emh\uQ atid
^ixvcXucivCi.
541,4
636,5
282,1 6,135.3
393,9 10.320,0
66,8
10,4
4,8
1,764,4
1,048,8
37,8
188,0
213,5
340,5
119,0
49,3
37.9
39,1
141,7
40.9
31,9
71,2
2,057,0
1,054,5
Trask &
BANKERS,
Sp(lencer
728,9
1.447.2
71,2
27,8
65,8
Dec 12 8,512,0 1007>^7 79,868,5 3,680,5
Deo 6 8.512,0 100787 79.638,8 3,70t),0
Nov28 8,612,0 101089 78,900,4 3,632,9
$107,000 $33,324,710
1.022,404
28,748,784
2,020,440
51,149,747
.........
3,076,535
2,193,785
75,797
7,678,312
Total 1903
Total 1902
Total 1901
Silver.
1,391.1
674.2
1,111,0
1,339,3
98,1
4.5
10, .300
$7,277,664
-^ 929. 154
1.966,135
1,381,605
194,542
751,438
65.826
$20.2"89"98i
All other countries
WIIililAM
& PINE
SXU£:ii:XS,
-
Co.,
-
NE^V YORK.
Transact a General bankinc business; act as Fiscal
Accents for corporations, and neo-otiate security
Execute
issues of railroads and other companiesi
commission orders and deal in
INVESTMENT SECURITIES.
Members
Branch
N. Y. Stock Excham-'c.
Moffat
1,53-2,3
HOBOKEH.
Tot.
Tot.
Tot.
$792,764
..........
..
910,4
Jersey CITY
National
Germany
West Indies
Mexico
South America
N. Y. CITT.
Boroughs ot
Broadway
Great Britain
.
France.
Menibers
Mew
&
Office, 05
atate
St.,
Albany.
White,
ITork Htock Exchanee,
NASSAU STREET, CORNER WALL,
Dealers In Investment iiiecuritfes.
1
4,918,5 12907.'i 2 908,6 90,948,3
4.890..'; 9,029.5 2 ,909.. h7,'J14,7
4,841,8 8,670,8 2,578,4 85,440,7
TeU
582Q-5821 CorllandU
Telephone Stocks a Hpecialty.
;
Dbc.
THE CHRONICLE.
19, 1903. J
ly For IHtid^ndt §e» pagt gjig,
WALL. STUEET. FRIDAY. DEC. IS, 1903.-4 P.M.
The Money Market and Financial 8itnatlon.— The usual
2321
The market for railway bonds shows a considerable diminution in the volume of business, the transactions averaging
only a little over $1,500,000 par value per day, as against
about $3,000,000 htst week and a somewhat larger amount
for the corresponding week last year. This difference is
evidently due to a limited supply of investment bonds, as
bond houses report a better demand for securities of that
class, and a large percentage of business at the Exchange
has been in speculative issues.
period of inactivity in Wall Street incident to the holiday
season and closing weeks of the year has evidently been entered upon. The volume of business at the Stock Exchange
has been much smaller than the average of late, and changes
United Statea Bonds. Sales of Government bonds at the
in quotations are generally unimportant. A considerable
Board are limited to $500 4s, reg., 1907, at 110.
The
portion of such transactions as is recorded seems to have
following are the daily closing quotations; for yearly range
been for the purpose of taking profits on the recent advance,
see thira page following:
or for closing the year's accotints.
The news and developments of the week have been meagre,
JnUrtat Dee.
J)»o.
Dee.
Deo.
Dm. Jtec
Psriods
lli
16
14
10
17
18
but in 80 far as they affect Wall Street affairs are generally
of a favorable character. No great activity is looked for in Ss, 1980
registered Q—Jan •106>i *106>» •106S *106>a •IO6I9 •106%
ooapon Q— Jan •106 •106 *106 •106 •106 •106
the security markets, however, until after the opening of la, 1930
Is, 1930, amaJ.reglstered
a new year. A feature of the present situation is a steady Is, 1930, smaU ooapon
registered Q-Fei) •io7Ji •io7'>« *i07>i •iofii •i07V •io7i;
absorption of bonds by investors. This is more noticeable 8a, 1918
coupon Q-Feb -107'« "107'« *107>4 •107 >« *10T* •107U
in business done over the counter than at the Exchange, a 88, 1918 small.reglstared
Q-Feb
8s, 1918,
fact which is no doubt due to the limited amount of offer- 8s, 1918, small
conpon Q— Feb MOSS *106H •106 ^u "106»a *i06>3 •loes
*109
•109
•109 •109 •109
registered Q— Jan •109
4s, 1907
ings in the open market.
coupon Q-Jan *110 •110 •110 •110 •110 •110
1907
The money market is dull and easier on Treasury disburse- 4s,
registered CJ-Feb *133i« *183H *138>a •188 Vi •1834 •183V,
4s, 1926
coupon Q— Feb *133>« *133H •ISS-a *133v, •183'.^ *188»»
ments and additional gold imports. The latter, including 48, 1926
registered Q— Feb •Ktl", •lom *101»« •101>4 *101>« •lom
1904
metal now in transit and engaged for shipment, aggregate 6s,
coupon Q— Feb *101>« *101>4 •101 1« •101>» •lom •10H«
is. 1904
$23,186,000 during the current movement. An increasing
•This Is the price bid at the mornlne board; no ami* was made.
demand for bills of exchange to meet Jan. Ist obligations has
given a firmer tone to the foreign exchange market and cnused
Railroad and MiRcollaneons Stocks.— The market for
an advance in rates. It seems probable, therefore, (hat an shares has been dull, narrow and featureless throughout
abridgment or a suspension of the gold movement will ensue. the week. There was some show of strength on Monday
The open market rates for call loans on the Stock Exchange and Tuesday, but this soon disappeared, and prices have in
daring the week on stock and bond collaterals have ranged most cases drifted back to about last week's level. Monday
from 3 to G per cent. To-day's rates on call were 3 to was also the most active day, but even then the transactions
Prime commercial paper quoted at 6 per aggregated only about 600,000 shares. Of the active railway
53^ per cent.
cent tor endorsements and 6@63>^ p. c. for best single names.
list, St. Paul, North West., Can. Pacific, Illinois Cent., &c.,
The Bank of England weekly statement on Thursday have been relatively strong. Brooklyn Rapid Transit has
showed a decrease in bullion of £477,791 and the percent- continued active, and after selling up nearly 2 points above
age of reserve to liabilities was 4371, against 45'07 last week, last week's closing price has lost most of the gain. Atchison
the discount rate remaining unchanged at 4 per cent. The was weak on the announcement of a new bond issue. OtherBank of France shows a decrease of 3,875,000 francs in gold wise the net changes in this list are generally unimportant.
and an increase of 950,000 francs in silver.
Naturally, in such a market the industrials show the wider
NRW TOKK OITT OT.BARINO-HOnSB BANKB
fluctuations. The copper stocks have been strong on better
JHfftTinott
trade prospects. Amalgamated sold up to 493^, the highest
1902
1901
1903
from
quotation during the current movement, and Anaconda at
Dec. 13
J>€C. 14
I>e*.19
previous «o««k
80 showed an advance of 33^ points. Both close about 2
points below the highest. The iron and steel issues have
102,251,900
C»plt»l
116,673.700
83,623,700
•arplna
131,964,800
132.221.000
99.190,800 also had an upward tendency on improving conditions in
!<•*• A <llMoaiit0 880, 8 »S, 800 Dee 1,108.600 879,371,600 870,373,900 the iron and steel industry. When at the highest, Tennessee
Circulation........
46,660,700
48,117.800 Ino
59,300
31,879,000 Coal, Iron & Railway had advanced nearly 3 points,
and
Ket depoeita
»843,858,700 Deo
4t,700 878,731,200 933,168,300
•v«ete
162.338,600 Ino
722,000 158,869,300 164.468,800 United States Steel preferred closes with a net gain of nearly
6S,468,300|Ino 1.039,600
67,960,400
L«sal t«aiders
71,786,800 4 points, 2 of which accrued to-day.
General Electric and
KMerre held
ai8.791.9i)nllno 1,761,600 236,819,700 336,244,600 New York Air Brake have been steady, but Westinghouse
tS p. e. ol depoalta 310,713,826 Dec
11,176 218,432 800 230,789,676 ranged over 5 points, closing with a substantial net gain.
For daily volume of business see page 2330.
8.077,976 Ino 1,773.675
8.886,900
Bnrplna reseire
6,466.026
following sales have occurred this week of shares not
The
•$36,808,700 Omtea tjtatea deposits tnolnded, aK&inst 936,801,100 Uat
week and $40,164,''00 the corresponding week of last year. With these represented in our detailed list on the pages which follow.
—
Ualted States depoalts eUmlnated, the sarttlTis reserve wooid De $17,380,160
on December 12 and $15,606,675 on December 6.
Nora.— Betoms of seitarate banks appear on the preceding page.
—
Sales
STOCKS
WeeK Snding
Bcmge for WttJt
Dee. 18
Bcmge Hnee Jan.
1.
week
Foreign Exchange. The market for foreign exchange was
Agrlcul Ohem
100 18i9Decl6 ISVjDecie 13 Oct 2634B<et>
strong this week, influenced by a good demand for remit- Amer
Preferred-.11 69»iDecl6 69»4Deol5
eg^Dec SSiaJaa
tance and by a smaller supply of bills, G-old imports, American Coal
S3 184 Decl8 184 DeclS 184 Dec 310 J'ne
Cent
Amer
<&
80
Teleg.,
100
100
Dec
16
100
Dec
16
96
Aug 100 Dee
$4,320,840.
Detroit City Gas
1,300 70 Deol2 73 Dec 16
70 Dec 78 Deo
To-day's (Friday's) nominal rates for sterling exchange eeneral Chemical.
170 64 Dec 17 64 Dec 17 64 Dec 72 Feb
113 60 Decl4 51 Decie
were 4 81K@4 83 for sixty day and 4 85@4 85i^ for sight. To- Homestake Mining
60 Dec 66 Mar
Silver Mining
Horn
l-05Decl4 l-20Deol7 1 05 Dec l-26M«r
day's (Friday's) actual rates for sterling exchange were4 8150 lUmois Cent lea«ed lines 160
10 103>«Deol8 10Hi4Deol8 100»48ep
@4 8175 for long, 4 8480@4 8490 for short and 4 8520@4 8540 Nat Enamdb Stamping.. 100 C21 Doc 16 31 Deol6 12 Not 103>«De6
36 Mar
Dock
Y
N
100
20 De«14 20 Dec 14 16 Ocl 31 Feb
for cables. Commercial on banks, 4 8110@4 8120, and docuPhoenix Gold Mining... 14,100 09 Deo 15 •30 Dec 17 •09 Deo 30 Dec
ments for payment, 4 803^@4 81%. Cotton for payment, 4 803^ Bome Water & Ogdensb.
10 132 DeclS 132 Deo 18 130 Aug 1S9 Jan
@4 80?8; cotton for acceptance, 4 8110@4 8120, and grain for
Oatside Market. Very little interest has been manifested
payment, 4 815^@4 813^.
To-day's (Friday's) actual rates for Paris bankers' francs in the market for unlisted securities this week. The volume
were 5 21J^@5 20^* for long and 5 183^t@5 IS^^ for short. of business has been greatly reduced, and outside of a few
Germany bankers' marks were 9434@94 9-16 for long and prominent issues fluctuations have been within narrow limits.
Amsterdam bankers' guilders were Greene Consolidated Copper has been the active feature of the
95t(395 for short.
trading; after a gain of % to 13 at the opening on Saturday
39 15-16*1339 15-16 for long and 40 3-16@40 3-1611 for short.
Exchange at Paris on London to-day, 25 f ITJ^ c; week's weakness developed in this stock and on Monday the price
fell off to 11^8) ^^^ later it recovered somewhat, and to-day
range, 25 f. 18 c. high and 25 f. 173^ c. lov7.
it sold up to 123^.
Dealings in Northern Securities stock
The week's range for exchange rates follows
-BhorL-Long.-Cablet.
have been on a small scale, total transactions for the week
aUrU»g Actualsaggregating, it is estimated, only about 4,700 shares
'3 4 8176
4 8480 '3 4 8490
Sigh... \*Si60
4 8526 '9 4 8640
the price of these shares advanced a point early in the
'3 4 8036
® 4 8360
'Si 8410
Iiow... 14 80
4 8360
4 84
week to 91, but subsequently moved dovvm to 893^,
Pari* Bankers' Francs—
High... 6 31>«
'3 6 20S*
6 18«4
6 18»«t
closing to-day at that figure. Interborough Rapid Transit
'3 6 22>4
Low... 6 23^8
6a0<>8
5 20S'
declined 23^ points, to 92^. Standard Oil stock on Saturday
0«rt»an]/ Banktri' Marks—
gained 6 points, to 666, but on Wednesday receded to 6583^
'3 96
High...
95t
9419
^ 94^18
later there was a recovery to 663, at which price the
Low....
-W 94I16
94
® 94<^
94»ie
94»i6
—
.
I
|
I
I
I
I
I
I
;
was
made
to-day.
Buffalo Gas stock adearly in the week from 7 to 9,
&
iO^
but subsequently it dropped to 6%
the close to*
Ha ot 1%. Plus: H iie ot 1%. ** iga ol 1%.
day was slightly higher at Q}4. Hackensack Meadows
The following were the rates for domestic exchange on rose 43^ points, to 163^, but reacted to-day to 16.
New fork at the under-mentioned cities to-day: Savannah, American
Chicle common sold at 97 on Thursday,
decline
New Orleans, of 5 points from the last previous sale. Chesapeakea Transit
621^0. per $1,000 discount; Charleston, par
bank, $1 00 per §1,000 discount; commercial, $1 25 per 5s, which sold on the curb for the first time on
Thurs$1,000 discount; Chicago, 30@40c. per $1,000 premium; St. day of last week at 94, and later the same day at
93, were
Louis, 10c. per $1,000 premium; San Francisco, 75c. per considerably lower this week, dropping on
Monday from 90
$1,0C0 premium.
to 86. Cuban 6s of 1896 gained 10^ points on Tuesday, to
State and Railroad Bonds. Sales of State bonds at the 653^ on Wednesday they reacted to 64, but rallied later
Board are limited to $1,000 Virginia fund, debt 2-33 at 933^ on the same day to 653^ no other sales of these bonds have
and $5,000 Virginia 6s deferred trust receipts at 7.
been reported. Outside quotations v?ill be found on page 2330.
Amtterda^n Banheri" Guilders-
nigh...
IMW...
Less:
.
I
I
39i»i8» '3 39161,
39^8
89^81)
^18 ot 1%. t ^ss ol 1%. t
I
1
sale
last
40»i6
40>9'
'3 40*191;
'3
vanced
irregularly
I
;
;
—
;
;
New York
Stock Exchange -Stock Record, Daily, Weekly and Yearly
oc^up\^N«5 TWO i'ahes
STOCKS— JijeUKST ASD LOWEST SALK I'KICES
Saturday
Dtc 13
•?5
•55
67 >«
SO
57
68
Jfondat
Dee. 14
•25
•55
Wednesday
Dte,
80
25
}57
68 »8
92 Hj
67
OS's
iSl\
92
IS
Thursday
Dec 17
De«. Id
•25
•55
26
67
69 »*
93
•25
•55
27
57
684
25
55
683^
92«8
»2»>a
92 's
79'* 79^8
7yH,
79
79 H.
78^4 79
88
88
S3
88
88
88
88
88
48
50
48 « 49 °t,
49 Hi 60 Hi
6138
494 51^
49»B
»12l>
126
120 126
"20 127
120 126
120 126
•
\hM
160
150
•125 150
..160
118>«119«4 llSialUlHi 118>«11S^ 11841184
•64 4 66
'65
67
*t>4
65 4 '64 4 65 4
65Hj "64
•166 1581a {155 155
'156 158Hj 'l;i6 1684 16641564
32^ 32 ^a 32H 32^6 33»» 33', 33
33 >«
33
3338
S4S« 36 >«
36
35 >4
36
Sb\
36
354 35
3:")=fe
•dJiHi 70
68»k ^S'i^ *68>» 694 •684 69 4
69
69
»1S3 200
183 200
183 200
183 200 •183 200
•118 124
118 134
120^8 120^8 •1164121
•1164124
16a« 16
XbH 16
15<^ 16
154 1578
16«S 16
•85
87 S) •85
87
*Si
85»8i •85
85 'el •85
87
tie's 66>i!
67
66 67 •66 6"
67
67
67
27 28 •27 27»4 28 28 S) 27 4 28»8 •274 28^
U0(^141>« 140^6 142 »8 142»«14S»4 14238 143 4 14134 143
•171'sl78 4173 173
171 '8 17214 171 '8 171
1714 172 4
•163 164»a 163>«16o'4 164H;165<« 1644 165
165 16J3j,
211^2lis<
207 214 •207 212
78
78»»
the
lor Year
of
1903
Lowest
•
Highest
Arbor.
Ann
Do pref.
67^8 Atch.
91-8
& Santa Fe.
Topeka
100 26
55
54
10
87,295
Deo 15 41
Nov25 69
140
175
y
18»2
6*2
•17»»
6
133
•170
14U
175
•8
9
IS
18
6
6
75
•105
14
54
76
115
133
170
140
175
•8>«
Jan 10
Jan 21
78
}8S
b\
6^,
36
•
73^
77
«112
14
14
1434
144
54 >9 54 Hi
64
54
•22>8 23
22»4 234
23
158 158
158 15834 1584
242 Hi 242 Vj •242 250 •242 4
•21'* 22>«
22
22
2178
714 714 724 724 «7a
184 19 'g 19'8 19^8 194
•8
•8
8^*
9
8 ^'6
112
74'B
112
\6H
•67 4 694
•
•74 9
•114 12
29 4 29 4
67 4 67^8
60
65
80
4934
•58
•72
•45
•164
69
'74
16^4
16«8
69
69^
•74
9
114
12*4
29*8
30»8
674 68 V
4934
•58
•72
60^8
65
80
•454 60
•160
•
84
9
18
18
180
76
•12" 13
160
•72
•82
•72
774
112
143b
54
23 4
160
246
2l7e
73
194
84
•8
1634
693^
69
•74
12 «8
29Sb
677,
604
58
•72
454
80
•454 60
•160
75
13
160
•71
•71
•114 13
744 •72
74
84
834 834 83
84
128 1294 12834 129 4 12941304
•194 204 194 204 2034 214
38
38
38
39
{377, 37 7^
•254 304 •25
•25
31
31
6534 «674 674
6634 674
•19
•18
18 20
21
20
>36
•34
37
85
344 344
74*4
104
•72
•83
20
60
31
100
•53
60
.105 4 10534
140 4 141
92 4 9234
1214 122
•10
•40
•28
90
20
50
32
100
•63
57
•10
•40
•28
•90
9
12'%
304
684
6638
6734
fi77,
65
SO
•28
•90
36
20
60
31
100
53
56
36
•10
40
81
100
84
1634
68
74
69
12
29
12
•58
•72
65
80
Detroit South, vot.
Detroit United
Dtilnth So. Shore
Do pref
9
Evansv.
Do
454 454
195 •160
74
73
•114 13
12
•72
•72
744
83 84
83
160
•71
Ft.
195
73
5434
•1064107
1414142
•60
66
934
976
94^
•120 136 •120 135
69
60
60
60
•90 100
•90 100
62»4 63
524 64
•112 116
•112 115
•17
J8
1734 1734
94
•50
•3334
•10
•40
•90
20
60
31
100
•63
106
141
89
10634
14134
91
28
9^e
120
60
•90
•16
18
55
"50
938
97e
135
62
100
56
914 924
12141224 1214122
65
16
604 614
•90
18
56
•51
9%
938
120
}120
&
350
pref
Worth&Den.
C.,8tmp.
Green Bay&W..deb. ctf.A
deb.
ctf.
B
65
Kanawha*
66
•120
•60
•90
63
•112
Michigan..
C.Pt.S.<&M.,tr. cts. pfd
•17% 194 Kansas City
33
10
40
354
•28
•90
32
So. vot. tr. .,
pief. vot. tr. ctfs
Do
Keokuk* Des
20
60
Do
Lake
Do
100
•52
106
14034
56
•16
51
94
934
120
{62
•90
,
pref
Shore
*
^
Mich. South'n
Long Island
*
1064
141%
Louisville
122
18
65
Metropolitan Street
Met. West Side El. (Chic.)
]\/I
874 89%
121
Moines...
pref
Erie * Western..,
Nashville..
anhattan Elevate<l
. .
I'-Letrop. Secur., sub. rec.
Do pref
94 Mexican Central
* St. Louis.
100
Do pret
5234 6234 Minn. S. P. * S. S. Mane.
112 115
Do pref
174 174 17% Mo. Kansas * Texas
62
100
63
115
62
Feb
Feb
394J'ly27 72 4 Jan
78 Augll 91 Jan
"ibo 31 Sep 29 7434 Feb 24
160 Oct 12 209 Jan 22
'""'i 73 Deo 18 85 Jan 9
11 10 Augll 27 4 Jan 5
63 Sep 25 1064 Feb 20
100 77 Oct 19 994 Mar 2
125
4J'lyl5 151 Jan 10
6,668
620 16 J'ly27 48 Jan 12
425 304 Oct 12 77% Jan 12
200 25 4 Oct 9 47 4 Jan 6
1,120 62 4 Oct 12 8234 Feb 26
16 4 Oct 8 364 Jan 12
"'206 29 Oct 8 614 Jan 22
10 Oct 27 40 Mario
48 J'lyie {55 Apr23
234N0VI2 53 Jan 8
89 Nov24 118 Feb
275 Dec 9 3344 Jan
100 49 Dec 8 83 Jan
6.840 95 Sep 28 130 4 Jan 8
15,925 1264 Sep 28 1554 Jan 14
15,020 704J'ly24 12878 Jan 6
6,600 9979 Sep 29 142 7g Jan 6
100 17 Deo 7 38 Jan 8
ii835
Michigan Central
Minneapolis
474
Aug 6 20% Jan
Nov 12 3934 Jan
Oct 14 90 Jan
Aug 5 194Febl6
Novll 29% Feb 16
Ang 8 42% Jan 9
10
23
62 4 Apr 13
44 J'ly24
184,725
11,722
12,060
Terre Haute..
20
124
Do
744 Hocking
•254 30
7
Atl..
Great Northern, pref
Im
6434
1074 106 '8 1074
1414 14034 1424
92 4 934
914 934
1214 1223^ 121 1224
174 174 •16
18
105»4
1405b
&
734
14
55
1,500
450
Valley.
.".
84
Do pref
129412978^ 129412934 IUinois Central
21
21
21
21
owa Central
•38
38
38
40
Do pref
27
27
»U538 65%
200
tr. ctfs
pret. vot. tr. ctfs.
Do
294 Erie
6734 684
Do Istpref
49% 504
Do 2d pref
501^4
•184 204 •184
20
60
•8
1634
•454 60
60
180
74
13
75
84
6638
29 'e
72
80
21
89
21
39
294
50
•58
61
65
304 304
84
•154 16
684 684
•74 9
1238 12%
17
69
129412934
.
i»10
•40
•a8
'90
8
9
1634
9
•12
1234
30
30«8
67 '8 6838
50 'e 514
{58
58
72
52=8
110
Highett
614Dec
8.4 Nov
50 102
1,650 41
83
1,220 42
8
6
88
29
Oct 12 110
4S34
May
an 77 4 May
744 Jan 96% Sep
954 Jan 106 4 Sep
92% Dec 118 4 Sep
92 Dec 99 Sep
5434 Nov 72%J'ly
110 Apr 128 Ab«
139 Apr 145 Sep
1124 Jan 1454 Sep
71 Dec 97 May
165 Nov 198 Jan
42% Dec 57 4 Sep
294 Dec 45%J'ly
68 Nov 79 J'ly
{191 .rne {206 Jan
136 4 Sep 151 J'ly
22 Dec 35 Ang
89 4 Nov 954 J'ne
J
81 4 Dec
904 J'ne
Ana
33 Dec
1604 Jan
5134
19834
Jan 20034
Sep
Dec
2478
Aa«
Dec
Jan
44
23
60
Sep
186
Sep
204 4 Jau 271 Apr
230 Jan 2744AIW
152 Jan 206 Sep
140 Feb 170 4 Apr
194 79 Nov 210 Apr
15
29
1034
4434
Apr
Mar
Apr
Nov 108% Aug
Jan 124 4 Sep
93
118
14 4 Jan
3534 J'ly
4 Aug
594 Jan
79
28
5378 Sep
Jan
4 Nov 184 4 Jan
231 Nov 297 Feb
35 4 Dec 5134 Ang
864 Dec 9534 Ang
35 Dec 53% J'ly
153
Feb
Dec
26
J'ne
97
24
Sep
10434
67 4
Feb
Dec
Sep
484 Sep
Jan
Ang
8%8 Jan 3534 Apr
28% Dec 44% Jan
60 4 Dec 7534 Jan
41 4 Dec 6334 Jan
50 Mar 74% Mar
6478
May20 135
Feb
33
63
74
82
30
May
181
4 Mar
J
an
203 Dee
Jan 90 Ma;
Jan 29 4 Oct
Jan 106 Aug
70
9
66
81 4 Jan 98% Dec
137 Jan 173 4 Ang
35 4 Dec 5134 Ang
65 Nov 90% Apr
3378 Jan 50 4 Aug
75 Dec 88 Aug
9 Jan 39 Aug
44 Jan 6234 Apr
13 Jan 41 Sep
45 Jan 84 Apr
40 Dec 71 4 Jan
120 Oct 138 Feb
325 Apr 340 Apr
72 4 Nov 9178 May
102 4 Jan 159 4 Aug
128 Mar 158 Not
109 4 May 1344J'ly
1 35
Oct 174 Feb
35 Dec 43 Jan
Jan 20 89 Mar 9134 Mar
Mar 2 3 20% Dec 31 4 Mar
Jan 15 {150 Mar 192 Apr
Jan y 105 Jan 115 Apr
100
Nov 16 118 Feb 2
624 53
Ang
794 Feb 16
•110 115
115
1094 J 'ne 2 1324 Feb 17
"174 18
18
18
174
i*9()6 15 4 Oct 19 30 4 Jan
384 384 384 38^4 89
39 3^
3938
39
384 383.L 384 39
Do pref
4,750 33 Oct 12 634 Feb 10
9134 92 4
917, 98
927g 93«B
927, y3 4
92% 93% 92% 934 Missonrl Pacific
67,195 8534 Anglo 11578 Feb 10
•106 109 106 109
107 107 }107 108 »107 1084 »lo7 1084 JU ash. Chatt. * St. Louis
250 85 Oct 15 114 Feb 16
•364 39
•364 384 •37
37
•36
384 37
38
-3634 38
at.of Mex, non-com. pf
100 344 Mar 2 47%May27
-174 20
•16
•1734
18
•17
19
23
19
20
17 20
17 Novl9 284J'ue30
Do 2d pref
1174 1184 11734 118«8 1184119^, 1174119
118411834 118 1184 N. Y. Central & Hudson.
5,630 il2%J'lyl5 156 Jan 10
•23
234 26 •23 26
26
25
24 4 27
26
25 N. Y. Chic. * St. lA>uis...
26
500 194 Sep 28 45 Jan
•100 110 •loo 110
10534 10534 •100 110
•100 110
Do Istpref..
100 100 Oct 6 118 Jan 10
•58
•58
62
•58
•58
62
62
62
»b%
62
50 Sep 28 87 Jan 19
Do 2d pref..
•196 1964 1964 1964 194 197 •194 1964 194 197 {196 l'^6 N. Y. N. Haven * Hartf
236 tia74May26 2254 Jan 9
«214 214
21^^ 21^8
217, 22
21% 214 214 214 214 214 N. Y. Ontario & Western
6,650 19 Sep 28 354 Feb 5
•66\ 674 67
5734 584
57»4
6734 58
57% 5734 57
574 Norfolk * Western
5,710 53=V iio-rV' 764 Feb 10
•87
•87
•88
87 89 •86 89 {86 86
89
89
89
JfMVGh 2
Do adjustment, pref.
lit
•47
48 60
494 •48
60
50
50
61
"51
53
54 Pacific Coast Co
870 3934 Sep 29 72"^Janl0
•85 110
•85 110
86 110
•90 110
86 110
•90 110
80 J'ly30 100 Feb 13^
Istpref
Do
'
•68
'406 504 Augll 76 Jan 28
61
•584 60
69
69
•69 4 64
69
00
624 64
Dc 2* pref
1154 1167,1 lies 1174 117 118
117 117% 116%1174 116% 1177, Pennsylvania
.. 318,789 11034 N0VI2 157% Jan 10
•18
20
•184 20
184
20
20
20
•184 21
•18 4 20 Peoria* Eastern
200 15 J'ly24 39 Jan 8
•80
83
80
827, •80
•78
82
•78
«1
83 Pore Marqnette
200 74 J'ly27 914May 7
Do pref
J76 Sep 17 {76 Sep 17
•60
•60
634 •60
•SO
60 63 Pittsb. Cin. Chic. & St. L.
64
64
644 {59
59
10 55 Sep 29 94 Jan 7
•96
•96
90
1984 984 •96
•90
99
99
99
98
98
Do pref
80 90 Oct 7 115 Jau 17
43
444 434 44S 444 46
444 444 43% 444 434 44 4 Oeading, vot'g tr. ctfs.. 82,610 374N0VI6 694 Jan 2
77
77
774 774 •767, 7734 7878 7734 •7678 7734 7678 7734 itlst pref. vot. tr. ctfs...
200 73 Sep 28 89 7^ Feb 6
•69
*'oO
•634 60
61
604 604 60
60
61
•534 604
2d pref. vot'g tr. ctfs.
200 65%Novl7 81 Jan 6
264 25<8 25 4 26
2534 264
254 25 7e 264 25'4 237, 25 4 Bock Island Company
53,176 19 4 Ang 6 53% Jan 9
61
62
614 614 614 614 614 •61
314 614 604 614
Do pref
2,300 5334 Sep 28 86 Jan 9
30 Augll 72 Jan 28
Rutland, pref
•10
•11
•11
•11
•934 11
114 •10
12
12
7 Oct 1 1 5 4 Jan 2
13
12
Josepa&Gr'd Island.
St.
•36
•86
'36
•36
39
•35
IS«
S6
40
40
40
40
Do lat pref.
17 32 Oct 12 58 Jan 5
•15
16 17 •16 17 •15 17 •15 17 •16 17
16
13 Oct 1 247fiJanl9
Do 2d pref.
52^
Lowest
Aug 10 8978 Jan 10
84%AuglO 103 4 Jan 10
71% Sep 28 104 Jan 9
8234 J'ly25 963, Feb 11
294 Sep 28 714Febl7
-J.
•8^
lor JPrevio%tt
Year (1902)
Week
Shares
92 4
I»o pref
4,94:-!
79
Baltimore ifc Ohio
40,806
I * Do pref
88
1,133
4939 504 Brooklyn Rapid Transit.. 152,060
'120 127
ButtVUo Roch. & Pittsb'g.
121 Novll 150 Feb 9
'135
160
Do pref
140 Sep 3 160 Feb 9
118411878 /Canadian Pacitlo
3,720 115%Oot 14 13834 Feb 10
•64 4 65
V >jvnaaa Southern
57 4 Sep 24 78 4 Jan 5
15641564 Central of New Jersey...
"'iiA 153 Oct 17 190 Jan 19
323* 334 Chesapeake cfe Ohio
5,360 274NoTl3 53 4 Jan 19
35
3j%jCliicaso A Alton
5,S20 184 Sep 28 374 Jan
694 694
Do pref
500 60 Sep 29 73 4 Jan 7
183 200 Chicago Burl .fe Qnincy..
}170 J'ly2y J 184 Marl2
1164124 Chicjisrocfe East. 111., pref.
"ioVt 106 J'ly25 1384 Jan 29
154 1534 OluavKo tJreat Western..
6,050 13 Aug 6 29% Jan 9
•834 87
Ho 4 p. 0. debentures
83 4 Sep 28 9078 Jan 13
*^^
68
Do 5 p. o, i)ref. "A"..
400 63 Oct 15 85 4 Jan 9
274 27 4
Do 4 P.O. pref. "B".,
900 24 Sep 28 467gFeb 5
14134 14238 Chicago Milw. & St. Paul
72,960 1334 Aug 8 1834 Jan
172 172
Do pref
475 168 AuglO 1944 Jan 9
164 I6434 Chicago & North Western
2,030 163 Sep 28 224 4 Jan 14
207 214
Do pret
100 190 Ang 8 250 Jan 8
Chic. Rock Isl'd & Pacific
133 Oct 13 200 4 Jan 9
14134 1413^ 143
143 155 Chio. St. P. Minn. <b Om
21:^ 117
J'lyl4 162 Jan 21
175 175
180 180
177 185
Do pref
400 {165 NovlU 194 Jan 5
•84 9
"84 9 Chicago Tenu'l Transfer.
9
8 Ang 5 1978 Jan 9
1734 1734
1734 1734
17 4 17 4
Do pref
800 15 Sep 24 36 Jan
64 64
6
6
64 64 Cliicago Union Traction. 1,650 3 May23 174 Jan 128
Do pref
30 May22 5034 Jan 14
774 78
777, 78
76
77 Cleve. Cin. Chic. & St L..
2,200 66 AuglO 99% Jan 6
112 112 •110 115
110 115
Do pref
230 112 Dec 12 119 Jan 27
14
144 {14
14
14% 1438 Colorado & So., vot. trust 1,435 10 J'ly24 31 4 Jan 10
634 534 63 4 63 4 53
53
Do
let pf. vot. tr. cf s.
900 44 4 Aug 8 72 Jan 9
•23
2334
224 224 2278 227,
Do 2d pf. vot. tr. ctfs.
1,500 17 Aug 5 48 Jan
158415834 1574159
159 16078 Delaware* Hudson
2,000 149 Anglo 1834 Feb
'240 245
245 245
247 250
elaw. Lack. & West'n.
1,600 230 J'ly24 276 4 Jan
21
2134 •214 22
214 214 Denver* Rio Grande
400 18 Oct 12 43 Feb
72 74 {73 73
724 734
Do
pref
824 62 Novia 90 4 Feb
•18
•19
30
1834 22
Des Moines <fe Ft. DodKe.
985 li Sep 29
Jan
78>»
87 »» 87 'e
•132
•170
Kange
100-share Lots
ItnilroatlH.
27
67
6634
Sange
On basis
Sales Of
STOCK
KXCHAXUK
is
Dec.
27
57
674
92 4
68^6
92^8
STOCKS
NEW YORK
J-ridayi
1184Jan
36 4 Jan
12734
84
Apr
Not
90 Jan 139 Sm»
22 4 Dec 3534 Sep
51 Jan 6934 Sep
9634 Mar 125 4 Sep
80 Jan 122 Apr
3134 Dec 45% Mar
.
.
'
'
147 Nov
40 Nov
110 4 Nov
80 Nov
209 4 Jan
25 4 Dec
55 Jan
Feb
Dec
90
65
16878 Jan
57% Aog
124 4 Jan
100 Aug
255 Apr
37% Sep
80»4 Oct
J'ly
98
81
4 Sep
1004Jan 106 Mar
724 Dec 8434 Sep
Jan 170
147
30
71
Sep
Nov 47 4 Apr
Feb 85 4 Sep
80 May 93 Sep
80 4 Jan 105 4 Sep
113 Mar 128 May
524 Mai 78 4 Sop
7979 Mar 904 Sep
Jan
60
8078 Sep
334 Dec 504 Deo
71 Nov 85 4 Not
644 Dec 125 Apr
10 Dec 244 Aog
4934 Dec 81 4 Sep
244 Nov 42 Sep
BANKS AND TRUST COMPANIES—BROKERS' QUOTATIONS
Buika
VmW TO&K
America ..
Amer Exch.
Banks
Bid
600
215
Aator
700
Boweryl, ... 350
Batch's* Dr 140
Ij
Central
140
Century:;.... 170
Chaae
A$k
Colonial U
A*k
Bid
...
616
225
900
380
Columbia ..
Commerce. .6
160
156
180
Discount^...
East River..
Equitable ...
Ti
Consolidated
C'mExchgeli
• •
Chemical
Bid
A»k
•
iOO
Fe<leral 11
310 320
FideUtyTi .... 180
4000 4100 Fifth A veil.. 3700 4000
OltUena'
ISO 170
Fifth
:i75
City
First
525 600
t266
• Btd and asked pnoes; no sales wore in.vle on this
t B*le at Stock SxctLange or at auction thu weak.
Chatham
Banka
405
14th.StreetTI. 300
Fourth
325 350
196 205
390
t206 t2I24 Gallatin
160 166
Gansevoortlj 140
340 350
Garfield
500 .. .
156
German Ami] 150 160
150 160
German Exli 375
• 100 Germanialj .. 600
Greenwich 11 6300 310
95
HamUtonH .. 170
Hanover
500
Imp * Trad. 600
Irving
day.
(
220
Bid
Ask
Banks
Bid
275
180
310
New Amster 475
000
1050 New York Co 1500
N y Nat Ex 200
325
New York.. 270
240
19th WardU 150
245
North Amer. 209
150
Northern
120
230
230
175
OrientAlll
148
Leather Mfr. 290
Liberty
500
Lincoln.
950
Manhattanll. 310
.Market *Ful 225
Mechanics' . 235
Mech * Trail 140
Mercantile .. 220
Merch Exch. 165
185
Merchants'.. 165
Metrop newl 375 425
MtMorrislu. f200
MntuallJ..
Nassaulj .
Pacittcll
Ask
Banks
Bid
Phenix
190
525
220
:;80
213
130
'210
290
Plazall
Prod Exchll
165
..
600
Seaboard
Second
600
Shoe*Leth. 150
700
StateH
iUth Street.. 205
12th Wardll. 125
23d Wardll.. 120
Union ExohlJ 160
United
90
a Ex dividend and rights,
A»lc
100
450
Riversidell
190
Park (new).. 415
People'sll.... 260
scuuj oaut.'i.
i k;x riifiits.
in lOii 4n.ire.<.
-i
certitloatas.
h Aase^ament naid
i Los.s til
Trust Co.
550
615
230
Banks
JeH'ersonlJ... 140
b
290
660
i'70~
216"
160
100
New stoek.
.
r
Dec.
STOCKS—JiJOHKST AND LOWEST SALK PRICES
Saturday
Dee. IJ
Mondaij
Tuesiiax)
Dee.
Dec 15
H
t\iAa
Thursdaii
\V<:dnesday
Dee. Iti
Dee.
STOCKS
n
Dee.
NEW YORK
44»Q
•145
44H!
15 J
•30
"-J
•60
69
44=8 45
145 152 Hi
•IS Hi 14Hj
33 Hi
47 Vi
46
69
4434
144
•l;{'4
4ST,
47
20 H» 21
77
77 Hi
77
•60
60
4434
32
•20 >4
7C08
'
152H!
14
141
13
323|
}33
48
Hi
4838
411
--M"^
i-.n
••JO
24=8
25
20
23
'23
•20
•^•i
2II9
2Ho
21H!
{3;->'4
35 Sj
92
92
35 "g 35'v
92
92 H;
7H'8 773^
•S7
S8
•10 Hi I -2 Hi
•45
4i>
10 -8 19'^
1934
J
1"^
l-Si^
07 H
20
00
30
189
>••
'
SS.
28
-9^ lOH
•29
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14Hj
•74
12
90 H)
110
92
12 '2 S, 123
•120 121
•SilHi
•7
8H!
38
38
227
47
231
•24Hj
6
77
•76
'8
•16 '•J
48
90 Hi
100
120
7
•47
27
51
•661a 75
28H
70
12 H2
Iis3i4
•103»4 101
in 4 16^4
16658 65*8
23'* 23>4
165
10^4
1234
'
1234
183 18338
IO3S8 10334
1638 16H»
*6j
68
23 14 23 14
164 165
•10
11
63=8
•26
-29
•68
*8
50
33
78
10
37
JlOOifi lOOig
1618
81
128
47714
26
97'% 99I4
26
66
218
1818
76I4
634
40
18 >«
72H!
30
.
»4
'8
3138
31Hj
29
50
33
78
10
37
100
734
62
26
•29
70
144 Si
\1^
167,
17'4
Do latprof
Do 2d pref
Wisconsin Cent;.
•37 Hi
38
Hi
227
49 Hi
38
19
•278
3Hi
12
12
8
237g
10 Hi
30
8
28%
76H» 7678
3
•I6H1
19
•9
•28
3
1534
3
•I6H1
3
19
48 Hi 4914
91
9218
123
121
125 «
121
8Hi
104 Hi 104Hi
I6H1
67
23
23
164 Hj 165
lOHi 11
{64'4 64 '4
26 45
29 33
•
"4738 48-4
67
30
•81
•23
'183
6
34
34
3238
29
28 Si 29
S
39
103
8
8 Hi
67
30
205
738
751a
{414
7H2
76I4
414
34
36
43b
36
10
40
10"%
V
61^8 53
21I4
94
26
6Hj
5Hi
215
87
153
195
*9Hj
3»Hj
1038
52 Hj
25
93H>
-16
5H»
•200
IOHj
39Hj
103,
54
263g
95
25
\
26I4
"l2"'-I
{'29
Do
>
13 '4
18838
105
17
CoL
,
A
7%
103
7Hi
76Hi
77
4Hi
3438
4Hi
35H2
•9
40
10
40
1038 1034
52 Hi 54 >4
26Hi 28
95
'16
96
25
Iron...
A
Irou.
Consolidated Gas (N. Y.)
Coutinental Tobacco, pret
Corn Products
Do
pref
DistlUers Securit's Corp.
General Electric
International Paper..
Do pref
International Power..
Internat'l Steam Pump..
Do pref
997,
153^
•78
128 Hi
74
25
29
pref
83
Do pref
128 S New York Air Brake..
74 Xorth American Co., new
25
PaciHc Mail
9634 98
eop. Ga8-L.A C. (Chlo.)
7
27
'4 Pressed Steel Car
67
67
Do pret
215
333.
Do
National Lead
"ooo
200
2,182
3,412
21-8
•16'2
Pullman Company
300
200
5.5«)
1,846
6.640
100
125
8.225
1,900
300
22,515
2,613
250
100
33
34
30
6
1,020
3,390
511
793
2,155
1,900
110
200
230
145
665
Do
pref
Do
pret
900
365
410
19,090
1,360
450
900
300
2,000
4,820
4,535
413
500
S.
Cast
1.
Pipe
A
Foun.
100
700
pref
100
_
•101 103 101 103 • lol 103
United States Express...
7I4
7I4
7'4
714
7Si United States Leather
'71b
i^sso
7638 76 '6 *76\i 767l
76 Hi 76Hi
Do pref
2,810
•4
434
414
4
4 Hi U S Realty Construction
'4Sl
3,479
33S8 34
34I4 34'.
34 18 34 Hi
Do pref
2,451
914 IUI4
10
10
lUH, United States Rubber...
600
•39 Hj 40
•39 Si 40
•39Ha 40
Do pref
500
1014 lOHi
10'4 1034
1038 1034 United States Steel
34,394
5415238 53 Hi
53
54
56
Do pref
513,95n
2734
27
26% 27
26
26 Virginia-Carolina Chem..
8,00
.9579 9578
95 Hi
94H» 95
Do pret
762
A
10
94
16
21
210 •200 210 203
87 Hi
»7Hi 87 Hi 0:86
157
166 156H! 156
195 185 195 180
210
•15
20
21
Virginia I ron Coal A Coke
Vulcan Detinning
200
210 •202
{8678 se^e {8734 88 H
87
153 156Hi 156 158
156
•180 195 *1»5 195 185
Ainjl
S8=H Sop 2
Hi'-.,
Oct
1
5
24
79
155
65 '4
83
10
35
'-J
Kob20
Fob 24
J'ly 15
Jnn 7
Jan 7
(>S '4 Mario
6
3 '8 Jan 9
96 Fob 9
1
W,^ Mar
3
Highest
5534 Jan
77 Doe
65 4 Dec
85 4 -'''.T
90 J'ly
803«J'iy
Aug
.39
554 Mar SO Sop
56 Doc SI4 Sep
28 Dec 41-VAug
8934 Dec 98 4 Apr
Nov
iMay 93
9(»
24 4 Dec
43=8 Febld 37 Doe 5434
12878 Jan
122 Jan 134
3739 Jan 1
32 4 Nov 38
15 4 Jan :i3 4
317e Jan 9
48 Jan n 35 Jan 4934
Sep 2
Sep 2;
Oct 1 i 1224 Jan 23 107
Jan
Jan
1664 Auir
104=8 Jan 9 93 4 Doc
95 '4 Fob 1
86=8 Alar
20 Dec
'22''s Jan 13
60 Dec
64 4 Jan
3234 Feb 27
2134 Jan
37 Dec
5 5 '4 Feb 24
27 4 Feb 9 17 Jan
62 May 2
494 Jan
384 Feb 10 28 Jan
294 Feb 9 19 4 J an
554 Feb 6 39 4 Jau
J'ue 2 159
Aug
H
.\U(,'10
Oct 14
J'ly27
lti«8 0ct 12
27 Hi Sop 2 H
12 J'ly24
40 14 Nov 16
20 Sep 26
14HlOct 14
33 Novl3
Do pref
Wells, Fargo A
200
Co..
86
est'n Union Tele' gph
1564 West'gh'seEl A Al f g assen
195
Do Istpret
171
6
2I4
10
AuglO
J'ly29
Oct 30
Oct 8
4 Oct 8
16 Hi Oct 8
5 J'ly
23HjNov25
lOHiOct 15
6712 Oct 15
2 4 Mario
1
Sep
Feb
Sep
Oct
Sep
129 Aug
159 4 Feb
113 4 Aug
95 Aug
247^ Oct
Nov
{W
38=8 Sep
54 Sep
30 '4 Sep
66 Apr
'-2
4238 Sop
31 Aug
5739 Aug
{198 J'ly {240 Oct
53 Nov 79 Feb
284 Apr 37=8 Oct
93 Jan 6 85 4 Jan 9339 Oct
464 Feb 20 304 Jan 5734 Apr
93 Feb 13 86 Feb 99 4 Apr
414 Jan 2 324 Jan 4238 May
210 Jan 265 Aug
235 Feb
•2938 Jan
27 Dec 62 4 Aug
334 Dec 1334 Oct
114 Jan
3738 Jan
34 Dec 434 Sep
1134 Jan
9 4 J'ly 3179Jau
424 Jan 30 32 J'ly 67 Jan
1934 Jan 6
14 Dec 28 Apr
484 Jan 6 39 4 Dec 58 Mai
31=8 Feb 17
9534 Feb 17
54 Feb 2 6
14HjSep28 244 Jan 10
5278 Feb 17
99 4 Feb 16
3034 Oct 16
80^4 Oct 15
90
80
Aug
Sep
001
r
21
1-.
700 116 Aug 6
100 11714 Oct 8
7 Hi Oct 19
65 Oct 15
2,550 58 Oct 23
18: 170 Sep 24
50
5 Oct 15
40 AuglO
2,600 24 Nov30
90 AuglO
9SlNovll
1,680
AuglO
18,40rt 164
Standard Rope A Twine.
209
Teun. Coal, Iron A RR..
11,735
Texas Pacific Land Trust
350
200
Union Bag A Paper..
U.
-16
AuK
80,8>^0 10718
173
18 H:
ail way steel Spnng...
74 76 t)VDo pref
638
63, Republic Iron & Steel ...
38 Hi 3934
Do pref
1 6 '4
17 Si Rubber Goods Mf g
•71 Si 72 Si
Do pret
2934 30
Sloas-ShelHeld St. & Iron
26
Vi
24
600 60HiNov25
400 2 6 '4 Aug 6
82 J'ly27
100 24 NovlO
'<
Do
'101
A
pref
Hock. Coal
Manhattan Beach
*36'4 37i« National Biscuit
1534
904 Fob 24
88
78
170
SO
66
I
6,720
Uil..
pref
(loiorado Fuel
70
9973
Auk
1"
A
Buttenok Co
27
*
-34
33
&
Brooklyn Uniou (ias
ronsw. Dock A C.Imp't
7
50
J'ly2
i',8
41 Dec I
1 48 Hi Sep 2
Lowest
{204 Jan 30 235 Febll
A malftamated Copper..
75=8 Marl2
371,160 33"% Oct
17'4Nov2o 4134 Jan 19
Foundry
American DisLTelegraph
American Expre.<ta
210
•534
5Hj
210
pref. vot. tr. ctfs.
.tliHcell
7
47
56
darns lixpresR
Do
186 Si
104 104 {105
17
I6H1 1634
67
66=8 66=8
67
*22
22 Hi 23
23
165 165 Hi a;164 164
11
10<% 10=8 •10
•62
62 66
65
26 50 *26 50
29
29
29
29
70 75 •70 7
"8
10
10
33 '8
. tr. cfs.
American Cotton
90
30
186
275
500
870
8,02i1
Auiorican Grass Twine ..
•27,
3H iUaer Hide A Xieatlier
•11
14
De pref
3I8 American Ice
{7Hi
28 Hi 283^
Do pref
-9
lOHi Amorican Linseed
•28
30
Do pref
15Hi 16
American Locomotive...
7634 77Hi
Do pref
•3
334 American Maltine
•16Si 19
Do pref
4334 49 14 Amer. Smelt'g A Befin'g.
92
924
Do pref
107 126 Si American Snuff
92
Do pref
I22S2 1233 American Sugar Refiniufr
•12034 122
Do pref
125 125 Amer. Telepli. A Teleg..
•8
8 Si American Woolen
'66
78
Do pref
•71
77 Anaconda Copper
8
3312
74
Do
pref
193a Ajuorican Car
1)0 pref
1334
Hi
76
32
•27
6
101
103
Do
"t.
227
60
7Hj
Wabash
1718
76
6
i>ref
Wheello^^A Lake Erie...
77
6
Do
441-.
17
1334
48 Hi 4914
91
491
105 I26H1
92
123^ 125 '8
120 Hi 120 Hi
2,161
25 14
•66 Hi 68
30
30
•87
90
24 30
184 189
•6
7
12
8
147.640
racitic
prof
48
UTg
3*
Do
UiiltKyslnv'totSauD'rau
•2o'4
1434
64
Union
f^3
43
30
....
11
16
14Hi
52278 23^
16 434 165
•lOHi 11
78-4
11
26
30
I6H1
67
7734
8778
26
38
220
1,560
pret
4«78 49'"
221
47
1,300
'-..
36"4
15
318
Piicitlc
20
30
l-.t
A
Highest
2,676
hiril
3638
2838 2878
Ola
9 Is
104H2l04>-2
'16
17H2
6634 6634
'8
75'% 76«t,
•200
87
162
•180
12
8
32 >4 33
•27
29
•34
1
120
20
33
70 78
78
*8
•8
10
10
36
3934 371,
«37
37
37
37
}100l4l00l4 «99 100
•98
99 loo
§1538 1538
16
•15Hj 17
loHi ISHi 15
•77
"78
78 a3i4 78 8314
80
81
I28I4 I2SI4 128 Hi 1-28 Hi 12334 12834 128 Hi 1287e
'75
•75
'75
77
77
77
75
75
•24
•25
26
26
25
25
25
25
97I4
9734 98 Hj
9738 ySHi
98
97 Hi 98 Hi
26
26
263^ 2iV8
26
26
26
26
65 67 "06 67H2 66 Hi 67 HiHi 65 ig 6538
«215 215
'214 218
21734 2173. •215 218
17
17
17Hi 18
''I6H2 18Hi
•i6Hi 18
•75 Hj 76 Hj
75 Hi 74
74Hi 75H2 74
75 V
•6I4
6I4
7
Ola
638
7
6H2
6 Hi
3934 40 Hi
3838 39 Hi
38 Hi 39
39Hj 4014
1734 1836
17 Hi 18
17 Hj 18
17 Hi 18
70 72 Hi
«70
70
72
72
72
72
'28
{•29
•28
29
29
29
31
30
•72
•72
•72
•72
80
82
82
80
8
39
24
•92
•16
A
Lowest
60 '-i Oct I
85 J'liel
i^ioo 20 '4 Ah?1
loo Oct 1
"2()'6
17 '4 Oct 1
do
prof.
O. stock tr. ctf.^..
Avoiiuo (N. Y.)..
'22"' Toledo Railways & Liplit
Tol. St. L. ifc W. V. tr. ctfa
H3HJ 35
Do prof. vot. tr. ctf.s.
90 Hj 90 V Twin City KapiU Traiisit.
\\i~f
{127'« 1271s
•7
'7 Hi
8 Hi
8H;
66
78
*65Hi 76
•G5Hi 75
78
79
78
78
80
79
207 207
205 215 {211 211
"6
6
7
6
i6
»5Hi
•47
47 51 •47 50 '4
51
2778
27 Hi 28
26
26H2 27
70
70
...... 70
12 12 "12" 12 14
1238 1238
184 184^8 183 14 185 Hi I8434 188 Hi
•7Hi
SHi
50
26
70
.31 7g
•9
•88
10 H
Do
243, 'poxiia
2 1=8
115
787^
2834
lOHi
50 !«
{90 Hj 91
110 110
83
83
123Hjl24'e
119 121
121
•*!
2d
338
2^8
48I4
110
7
6\
16 Hi
92
i22>i 1-2438
76
210
•75H»
-2 '8
318
'6
•25
"9
1434
19
7
"i2i^
28
50i«
9034
•iJ
>101
77:'8
IntliiittrinI
33b
30
190
12
7^8
J30
76
•202
60
7738
36 Hi 36^8
•16 Hi 17'-;
38»8
227
6 Hi
19H)
lOHi
34*8
1434
I4I4
76
76
208
•27
'4
•201.J
47
IS'-
{lO's
I7l8
47 Hi 48"%
193^.
19
67 1.1
67
30 31
•77
90
•23
30
184 190
6
6
66 Hi
31
90
12
734
38
222
I9I4
"9
••29
39 '8
66 Hi
•29 Hi
•77
•23
186
•6
28
17H»
Hi
:
338
334
•66
•71
•203
40
18
•71
•28
•71
AK
2,565
prof
T.com stock tr otts
2il
7738
13
3234
8734 88
•10 Hi 12 H
45 'i 45'j
•49
50
26'•25
•1718 17 Hi
49 Hi
26
4738 49
'8
14
734
'4
37Hi
17
17
28
3H.
•100
•26 »4
66
•213
18
I>o
Jiange lor Year lUtKi
Range lor Previova
basis ot lUO-share lots
year(iyOJ)
On
Week
2034
777,
8734 88
•10 Hi 12 Hi
47'-^
•45
20 Si 20 H)
3t>34 37 >4
20\
1638
190
6
.279
11
45
49
1838
"2
43',
'n
68
'28 Si 31
•77
i'O
•75
19
4.><='4
197j,
•6,>
14 H.
77
-2 '8
•lliHi
•221
45
'24 Hj
13>*
iS^
27=8
16'%
37'%
184
6H»
3Hi
•2^8
16
•77
128
1384
69
44
152 Hj
2S'2'S
Share.
C.
600
13
St. liOUia Southweatoin..
8')(i
3234
Do prof
l'22.5l>0
4 8 '4 SoiiUiorn Paclflo Co
2034 Soullieriiv.tr. cfs. stinpoil 15.200
47%
781% 7918
79 Hi
88
88
•1634
IG-s
4G3t.
78^%
•25
•25
"2134
Sll
44Hj
2OI4
37
17H.
49
2ii
•163
•10
63 »8
•26
•28
•68
•7
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Hi
41
Do
49
26
50
••24
4-1 »8
25 V
37
*4S
225
120»
36'8
*16Hi
•lliSj
16^8
•118
23
77I4 791,
J8S
88
10 Hj 12 Hi
•45 '4 47
30°^
17
3f.'8
182
"-i
69
25 14 25 14
2434 25
115 120 •115 120
•23
20
25 1^
25Hl
2-2
22
22
22
•:)5>-j 36
34
35H;
•92 '4 93 Hi
92
92 '4
•2534
2:>'4
>4
1-20
'
152
13
33
483*
21-'8
21
77'% 78
'4
21
21 ^
77Hj 77-\,
no
•65 Hi
20 Hi
•77
•24
•184
•b
Hi
44»4
the
IjAS Fr.JPMACoclfs
Do Ist vrot
M.
24 '8
•lis
•220
•60
60
44'% 44'V
145 152 Hi
13
13
32
32
69 Hi
4434
Sales of
STOCK
EXCUANGK
1/
18
St.
70
•ISO
1
Stock Record— Concluded— Page 2
1903. J
11>,
7
1
.
Mar 4
9339 Jan 20
13438 Jan 8
126
234Dec
3678
Apr
Jan 1004 Aiir
Jan
7 4 May
Jan 29 Sep
89
5
21
37 Nov 49=8 May
87 4 Nov 100 '8 J'ne
404 Jnn 135 Oct
85 Jan 101 Oct'
113 Nov 135 4 Mai
115 Jan 122 Aug
I6O34 Jan 186 Apr
12 Dec 17 '8 Jan
73 Apr 804 Sep
80 Dec 146 Feb
210 Jan 253 Aug
Febl3
Feb 18
Feb 25
80 Jan 31
1254 Feb25
225 Jan 21
779 Dec 14"8 Apr
154 Jan 29
55 Jan 6 41 J'ne 53 Sep
824 Jan 6 733.4 Aug 1104 Apr
122 Jan 3 {130 Jan {140 Mai
'22 4 Feb 18
14 4 Jan 2479 Oct
222 Jan 7 205 Dec 23034 Apr
9434 Aug 6 119 Jan 2 114 Dec 1264J'u6
15SjNov24 35 Mar23 2634 Dec 3838 Ma»
60 iv'ov25 85 4 Jan 19 79=8 iJec 90 Mai
20 J'ly 24 3434 Jan 6 27 Dec 33 Dec
136 Sep 28 204 Feb 16 ol704Oct 334 Apr
9 J'ly 28 1978 Jan 5 16 4 Dec 23=8 Mat
67 Si Nov
744 Feb 6 70 Dec 774 Jau
23 Novl'J 73 Jan 19 49 Dec 199 Apr
29 Dec
464 May 8 40 Dec 574 Mae
70 Oct 12 894 Jan 12 82 Dec 95 Oct
9 Oct 19 Apr
6 4 Sep 28 13 MaylH
32 Oct 15 47=8 Feb 17 40 Nov 534 Mai
94 Oct 16 10678 -Mayll 10134 Dec 109 4 Apr
IO4N0VI6 29 4 Feb
154 Jan 32 Sep
75 Oct 15 95 Feb 10 784 Jan 96 Oct
105 Oct 12 177 Jan 2 US Mar 196 Apr
68 Sep 28 1244 Jan
88 Jan 134 Sep
4234 Jan 7 37 Nov 4939 Mai
17 Aug
3734 Sep 28 10838 Feb 10 984 Jan 1094 Sep
22 4Nov25 6534 Jan 26 39 Jan 63 4 Oct
6'2 4Nov25
95 Feb 20 3234 Feb 964 Oct
196 J'ly 15 2S534 Jan 14 215 Jan 250 Apr
16 .Sep 25 37 Feb 9 24 Apr 384 Sep
67 Nov25 90 Feb 2 5 30 Apr 904 Oct
5=8^ov27 22!% Feb 18 16= Jan 2484 Sep
3634 Nov27 8038 Feb 18
68 Jan 8338 Sep
12 J'ly 25 30 Feb 16 17i4F'eb 2539 Apr
60 J'ly 25 844 Feb 17 63 Jiy 7478 Mai
29 4 Jan 33 Sep
224 Oct 10 72 Feb 2
67 Nov24 974 Feb 18 804Ma> 954 Sep
339 Apr
34 Sep 19
4 Jan
64 Febll
25 '8 NovlO 6838 Mar21 49 4 Dec 74=9 Apr
22 AuglO 4934 Jan 7 35 Jan 444 Feb
44 J'ly 25 15 Jan 19 II4N0T 184 Apr
5734 Dec 4 7934 Jan 8 72 Jan 85 Apr
6 Sep a 15 Feb 20 104 May 17 Oct
33 Nov 6 55 Feb 25 42 May 69 Sep
95 Aug 8 1504 Feb 4 97 Jan 160 Aug
6 Sep 28 15 '4 Febll 104 Dec I514 Sep
71 4 Oct 15 9634 Mayl2 7979 Jan 914 Sep
4 Dec 17 284 Jan 2 20 Nov 32 Oct
30I4N0VII 73 Jan. 2 644 Nov 754 Oct
14 Jan 19=8 Oct
J'ly 27 194 FeblO
7
304 J'ly 27 58 Feb 10 49 4 Dec 64 Maa
10 NovlO 3979 Feb 6 2934 Dec 4634 Jam
79 Dec 9734 Jaa
4934 NovlO 8934 Jan
17 4 Sep '28 66=8 FeblO 54 Dec 7638 Apr
80 Aug 4 1284 Feb 18 120 Dec 13479 Sep
17 Sep 28 3979 Feb25
294 Nov 334 Nov
5 4 Dec 12 3334 Jan 9
70 Sep 14 81 Jan 19 734 Oct 814 Deo
8191 J'ly 14 2494 Feb 6 {135 Jan {256 Aug
122
169
14=8
1
3
1,499 804 Sep 28 93
4,562 130 Oct 13 221
160 Sep 19 224
Jan 14 3434 J'ly 97 4 Aug
Jan 7 1694Jan 233 Sep
Jan 7 180 Jan 234 Aot
BANKS AND TRUST COMPANIES— BROKERS' QUOTATIONS
Banks
Ask
Ask
Trust Co's Bid Ask Trust Co's Bid Atlc
MortonTrust 890 910
Windsor
iSO 210
"Wa8h.H'ht«l 200
Mannlacirs'. 325
270 290
Exchange Tr
Mut.AUiauce 225 250
"WestSideM.. 500
Mechanicell - 230
Bowl'gGreen t200
FarmLoATr 1350 1400 N Y LileATr 1000 1100 BROOKLYN
Merchants'.. 115
YorkriUeli.. 375
Broad wayTr, 145 155
Fif til Ave Tr 530
550
N Y Sec A Tr 1075 1175 Brook.vn Tr 375
Nassau
330
C'lR'tyBATr 425 450
Guaranty Tr 075 690
FlatLTi^a
North Amer. 250 260
190 200
BKOOKLTN
Nat City
310
Central Tr'st 1900 1975 Guardian Tr 155
Real Est Tr't 390 410
Franklin
165
300 340
North SideH 230
City Trust
310
Knick 'rb'k'r 870 890
StondardTr't 310 335
Harailton
290
Atlantic H... 105
People's!]
215
Colonial ..
300 325
Lincoln Tr... f2984 1300 Tr Co of Am. 227 232
tt:ing8Co
400
Borough^
150
17th WardH. 150
Commonw'th 50
70
McV'ck'rRty 220 230
Union Trust 1325 1400 LIsl L&Tr.
290
Broad wayH.. 300
Sprague
2104
Continental 650
Manhattan .. 500
USMtgATr 375 410 Nassau
250
Brooklj-nH .. 130
Stuyv'tHtal 180
Eastern Tr.. 128 135
Mercantile
1000 1050 Unit Stales 1500 1525 People's
350 376*
Oon'yIABBI 140
UnionT]
150
Empire State 155
Merchants'
200
VanN'denTr 220 230 Williamsb'g. 240 260
J^rst
WaUaboutU 150
400
Equitable Tr 675 i'oo" MetropoUlan 550 565
Washington 390
• Bid and asked prices; no sales on this day. { Loss than 100 shares,
d J. P. Morgan A Co. cortiticatoa.
t Ex rights,
\1 Sale at Stock Exchange or at auction tliia week. o Ex stock dividend. _ t Trust Co. certilioates. ^ Banks marked with a paragraph (D) are State banks
VarickH
Bid
200
Sid
Bonks
Trust Cos.
Bid
Ask
Trust Co's
Bid
Ask
CITY
Bankers' Tr
N. Y.
BKOOKLYN
.
.
.
.
,
.
New York
Exchange— Bond
Stock
Record, Friday,
Weekly and Yearly
OCCUPVlMi FOUK I'AOES
BONDS
STOCK EXCHANGE
Week Ending Dec 18
N. T.
U
V
"U
"U
C
£>
S
t<
V
V
S
"U
s-
"U
^
V
XT
"U
2s
23
28
23
38
38
3s
38
43
4s
4s
43
03
5s
i^
S
s;
S
S
TJ S
nu S
U
S;
52:
Range
or
Last Sale
Ask Low
Bid
Government
!>.
Week's
lYice
FYidau
Dee IS
106
Kange
So
Since
106
ii
January
Ao Low
Miyli
1063s Xov'03
IO5I2 106
con8oIre^rifitere<l.<n9S0
lilDoO
(X>usol coupou
§•3
J
JJ iyh
lOG
106
106isDec'03
BONUS
1091-2
10834
coosol reg siUiiU..tili»30
cousolcoupsiuiill.tiiyso
resristered
fcli)li<
Coupon
fcltUS
107 '4 IOSI4 1077gNov'03
107-4 108 »4 107
Dec '03
107 J'ne'02
rcg small bouils.-fciyit?
siuall bonds. .fcl91s
M90
registered
192
192
1904
1904
resristered
coupon
registered
coupon
93
oasis
Itie
01
95 Hi Feb '02
four m-arkf
98i,XoV03
n the
94
2 luse are pr ices
A
B5s
C 48
Class
Class
1906
1900
1906
1920
1924
Currency funding 48
Dist of Columbia 3-05s
Louisiana new cousol 4s. .1914
Small
Missouri tuuiUng
1S94-1995
Kortli Ciirolina consol 48.1910
1919
68
„
1933
So CaroUna 4 "28 20-40
Tenu new settlement 38. .1913
1061-2
S,
1333, 13612
13414 1371-2
10m.l01ia
10138 1033s,
ne do Liar.
961a 9b ^8
asix 0/ ato a.
to
10438 Sep '02
109i4Oct '00
J-J
J-J
J-J
lU
120
121
106
J-J
Mar'02
Mar'03
121
106
121
106
Apr '03
109i2Feb'99
J.J
J.J
104
A-O
136iaJ'ly'01
J-J
J-J
J-J
Siuall
Virgiiiia fund debt 2-38...1991 J.J
6s deterred Brown Bros ctfs.
120
96
95
Xov'02
Mar'Oe
Nov'03
97
94
93i.iKov'03
S312
931a
7
7
9453
7 Sale
931a 9414
931a 96
614
12
Itailroatl
Hee So Ry
laba Midi Hee At Coast Line
Albany i& Susq Hee l>el ifc Hud
AUegheuy Valley Heei'euaiiH
Aiieg & West See Butt K & P
Ani Dock & Im Hee Ceiitof N J
Alabama Cent
A1995
Ann Arbor Ist g 48
Atcli T ct S Fe gen g 43.. .1995
Ailjustment g4s
Kegistered
A.1995
/il995
4s.. 1928
DUic cfc St liouis Ist 6s. .1915
All K.nox & >i'or 1st g 53. .1946
Atlantic Coast 1st g4s./ll952
Charles i Sav Ist g Vs.. 1936
Sav F <fc \V l8t gold 68..1934
Ist gold OS
1934
St John's Div Ist g 48.1934
Ala Mid Ist ga gold os 1928
Bruns &
Ist gu g 48 1938
SU Sp Oca <fe (i gu K 48 1918
Atlantic & Danv Hee South Ky
W
Nov
M-N
Aostin <fc
)at Creek <fe S See Micli Cent
I
Jl>ait<fc Ohiopriorlg3i3a.l925
Begistered
/tl925
,,.,
/11948
Gold 4s
Kegistered
/il948
Conv deb 4s
1911
p Jun <fe Div Ist g 3 "381925
Kegistered
pl925
P L E & Va Sysref 481941
South w DiT Ist g 3 'as... 1925
Kegistered
?tl925
ilouon Riv 1st gu g 58. .1919
CenOhio K Ist cg4'i2S.. 1930
Pirts Clev & Tol Ist g 68 1922
Pitts <fe West l8t g 4s.. .1917
J P
<fe Co certts
Beech Creek See X Y C <fc H
Bellev & Car See Illinois Cent
M
W
M
<fc
MS
M-b
J-D
MS
J-J
A-O
A-O
J.J
M-N
J-J
J-J
<fc
Y
<fc
87=8
93iiar>ec'03
li
93
Sale
130 14
125
9334
4b
8912
125isXov'03
loo
iim
92\
93 1«
91^5,
Oct
95
125^,125 Js
123 Dec '99
95i4Nov'01
111 Apr '03
87 Aug'Ol
10814
111
11234
'giiabe'i^
'03
96 12
96
94'-iJan'03
10034
101
9934 Oct '03
Sale
Sale
y-J
MS
il-N
Q-F
M-N
J-J
Q-J
FA
M-S
94
*
871-2
"I"
...—
Nov'03
87 12 Nov' 03
937,
8a li Sale
93 »8
94
8912
8934
90 »4 J'ly '02
106 Si.
114'4J'ue'02
10934 Oct '03
A-O
'98
J-J
A-O
W l8t gu 58.1921
St L Ist gu
1927 J-D
F
95
107 Hj Oct
98 Ang'03
100*4 Feb '03
.100
<fc iN'
>'2d 58
1908 J-J
191i M-S
1913 M-S
Registered
Garb & Shawn See III Cent
CaroLuia Cent See Atl Coast Ii
•Carthage <S; Ad See
YC& H
See B C
X
Ce<l R la F <fc
N
N
113 la Nov'03
100
103
101 14 Sale
IOII4
II6I4
121 Apr'03
1201c Mar'Oo
118 Jan '02
103 Apr'9
124i4J'ne'03
12218 Nov'03
J'ne'02
See Balti
109 14.
104i2l04'g 10438 1043^
106 sale 106
1061a
107 Aug'03
loo's
92
•891*.
J'ne'03
& Ohio
<fc
pl945 E-A
194" M-N
1945 M-N
Street Railway
Brooklyn Rap Tr g 53
1945 A-O
Atl AV Bklyn imp g 58. .1934 J-J
LkCily 1st con 5s. 1916, 1941 J-J
Bky Codfc Scon gug 5s. 1941 M-N
Lklyn Un El Ist g 4-5s.l950 FA
Kings Co El Ist g 4s
1949 F-A
1951 J-J
Nassau Elec gu k 43
City <fc S Ry Bait Istg 58.1922
-Conn Ky<fe Ll8t<fcref g4ia8'51
Den Cou Tr Co 1st sr 58...1933
Den Tram Co con g 68. .1910
Met Ry Co 1st gu g 68..1911
911a
97
94
941a
Week's
Hange or
iiange
Since
Last Sale
January
Ist pref income g os
pl945 Oct
2d pret income g 5s
pl945 Oct
3d pref income g 5s
pl945 Oct
Cliatt Div pur men g 4s. 1951 J-D
Ma<5& Nor Div Istg 5s. 1946 J-J
Mid Ga<& Atl Div 5s
194 J-J
MobUe Div 1st g 58
1946
Cent of N J geu'l gold 5s. 1987
Registered
?tl987
Am Dock & Imp gu 5a. .1921
De & Hud R gun gu g 5s 1920
Leh & Wilks B Oo&l 5s. .1912 M-N
Con ext guar 4ias
9I910 Q-M
N Y & Long Br gen g 4s 1941 M-S
Pacific
Co
Cent Pacific .See So
Cbas&Sav Se« Atl Coast Line
Ches cfc Ohio g 68 ser A../il908 A-O
Gold 68
al911 A-O
1939 M-N
Ist consol g 5s
1939 M-N
Registered
1992 M-S
General gold4ia8
199"
Registered
1940
Craig VaUey 1st g 58
A Div 1st con g 4s.. 1989
1989
2d consol g4s
Warm Spr Val 1st g 5s.. 1941
Greenbrier Ry Istgugls '40 M-N
Chic& Alt RR ref g 3s. ..1949 A-O
Mailway 1st Hen 3ias...l950 J-J
1950 J-J
Registered
Chic B & Q— Ch & la D 5s 1905 F-A
1922 FA
Denver Div 43
1949 J-J
Illinois DivSias
Iowa Div sink fund 5s. .1919 A-O
1919 A-O
Sinking fund 4s
Nebraska Extension 4s. 1927 M-N
1927 M-N
Registered
1921 M-S
Southwestern Div 4s
Xortli
Joint bonds See Great
Debenture 58
1913 M-N
Han & St Jos consol 6s. .1911 M-S
Chic & E LU Ists t cur 63.1907 J-D
1934 A-O
Ist consol g 6s
1937 M-N
General consol 1st 5s
Kegistered
1937 M-N
Chic <fc Ind C By 1st 5s. 1936 J-J
Chicago & Erie See Erie
Chic In<fc Louisvref 6S...1947 J-J
Refunding gold 58
1947 J-J
Louisv
A «fe Ch 1st 6s. 1910 J-J
Chic MU <fe St Paul con 7s 1905
1914
Terminal gold 5s
General g 4s series A..el9S'J
el989
Registered
General g 3 Vs series B.el989
Chic& LSuDivg58....1921 J
Chic & MoBiv Div 5s... 1926 J
1910 J
Chic & Pac Div 6s
1921 J
Chic<fc P Wlstgos
1916 J-J
Dak & Gt So g OS
1924 J-J
Far <fe Sou assn g 68
1910 J-J
Hastdi D Div 1st 78
1910 J-J
1st 5s
1908 J-J
D
Exten
Ist
7s
I&
1919 J-J
LaCrosse & D Ist 5s
1910 J-J
Mineral Point Div 5s
1910 J-J
So Minn Div Ist 6s
1909 J-J
Southwest Div 1st 63
W18& Minn Div g 58 1921 J-J
N
ASiC
Low
63
28
18
J1i>/h
67 Dec' 03
28I4
2SI4 "i
10
1;
181a
92 Aug'()2
61
23
80
3979
27
16
108 14 Sep '02
102 J'ue'99
103 J'ly '03
10378
1033^
IO514
130 131
12734
II2I4
112
,103
103
12|l2«i4l34
42 1 •^5^4 i;;a^,
Nov'03 ... |108i4U3'a
105
Dec '03
-.-
IOOI4
23
13014
1 2834
13034
1-29
1
101
105
r
10614 Sale
IOOI4
103
llOVjJ'ly'OS
1071*
lllia
1141a Sale
11234
102 14 Sale
11034 Dec '03
114*4
1141a
11276 Oct '03
IO2I4
10234
94
106
•85
1061-.^
82
Sale
74
75
110iall2
IIOI2II4
103 Apr'Ol
112 May '03
lOliaDec'OS
95 Nov'03
1091a.
,102
112
112
97I4IO4
92
98
Oct '02
82
82
34
7934
7519
753^
lb
"(O34
H334
Apr'02
10434 Apr '00
10034 1011a 10034
10034
94I4
94I4
95
ig
10838....
109 Ang'03
lOlis....
10034 Nov'03
10538....
105 li Dec '03
100
105
...
J'ly '03
105
105
114=8.
120
111
128
1271a
105
100
109^8
110
,
168
llOH
.....
110
11478...
117
...
11214...
105
iOOia
10438 108
113 1177g
105 11038
127 1361a
113 121=8
Dec'02
Sep '03
128
79%
102ial0,s.4
Dec '03
105
100
831a
98*4 101 la
97
>ii)hi
109i»109i«
10034 1 04 ig
11334 1141a 11334 Dec '03
105 107 1051a 1051a
12938 Oct '03
11434 115
115
115
Sale
Il00ial04
9918 1021a
7 114 11934
UL'78ii5ia
78 100*4 10634
111
120=8
11 124*413034
108 J'ly '03
10 ig Nov'03
167 Oct '03
ll3i«
108
106*alllS
1
lti5
178
110*2111*4
103 112
m
IIII4 11114
11034
111 Dec'02
I0434 Jan '(,'2
116iaApr'03
118
118
111 la Sep '03
116iall6ia
11334 118=8
111 11334
112 1171a
116 1-2 117 la 1161a 116«^
11134
llliaNov'03
137 la J'ly '90
1291a
118=8
119 Dec 'OS
111=8
109
116 11934
10734 10734
10734
10638 10814 10734
183 Feb '03
I133(.0ct'0b
1131a...
107 ...
105*4 J'ly '08
11318
Dec'03
113H....
112 11234 11238 11238
116 117 lloia 1161a
llOia....
113 Oct '03
1141a.-. 116 J'ly'03
130=8--- 131
131
104'8 1031a Dec '03
10638 Oct '02
185
183
11234 115
105 14 IO5I4
llOia 1131a
109 7g 1131a
99141031a
9314102=8
MU & No Ist L 68. ...1910 J-D
fl913 J-D
94 106
Ist consol 68
& Northw cons 78 1915 Q-F
Chic
87>a 91
1886-1926 F-A
Extension 48
93S8 971a
1886-1926 F-A
Registered
29
99 Sale
99
99
1987 M-N
General gold 3ias
861a 9034
103 Nov'98 "2
Registered
.pl987 y-F
11334
11334
Sinking fund 68. ..1879-1299 A-O
111 la Dec '03 "2
1879-1929 A-O
109-*4 10934
Registered
A-O
*ir6"-!II 1091a 110
Sinking fund 5s.. .1879-1929
10634 Mar'03
1879-1929 A-O
Registered
98 100 la
IOOI4IOOI4
1909 M-N
Debenture 5s
,1051a 105 la Dec '03
104 Sep '03
1909 M-N
Registered
110
1921 A-O 10334 110 110
Debenture 5s
114 Oct '01
1921 A-O 108
Registered
114 la Ang'03
1933 M-N 11234
Sinking fund deb 58
123 May'Ol
1933 M-N
Registered
FA
10714
Des Mo & Minn 1st 78. .1907
112 1181a
M-S 10234
106 Nov'02
MUw <K; Madison 1st 6s.. 1905 M-S
10538
108 Oct '02
1910
North Illiiiois 1st 58
105=8 Nov'03
Ott C F & St Paul Ist 5s 1909 M-S 10514
I2414I28
M-N
110^8
110=8 Nov'03
Winona & St Pet 2d 7s. .1907
12218 12538
12776Dec'0o
r-i778
MU L S & West Ist g 68 1921 M-N
119
1191a 10
Ext & Imp 8 fund g 58 1929 F-A 11914
142 la Feb '02
AslUand Div 1st g 6s. .1925 M-S 13112
J-J
131^4
13134
Dec
'03
1924
Mich Div lstg6s
16 10034 105
107*8 Ffcb'Ol
1907 F-A 102
Convertible deb 5s
120 122
109 Sep '03
1911 M-N 107
Incomes
1201a 1201a
124=8 >'ov'03
Chic Rock Isl<fe Pac 6s... 19 17 J-J 124Sg
J-J
120^4
Nov'03
125
Registered
1917
J-J
10335
Sale
102%
1031a 67
la
gold
1988
General
48
102 105
un Jan'O
Registered
19S» J-J
1041a 1087^,
98 Ang'03
Coll trust Series B 4s. ..1904 M-N
104^107
997gJ'ue'02
1910 M-N
H48
1915 M-N
991a J'ly '02
48
9939 J'ne'02
1916 M-N
N 4s
87 Aug' 03
1918 M-N
P4s
94I4
-M-N
70 165
6938
Sale
69
Chic R I & Pac RR 4s. .2002
92
88*4 Jan '03
KeL'LStered
2002 M N
74
75 i53
74 Sale
1913 M-S
Coll trust gold 5s
109 Mar'03
Choc Ok & G gen g 58 .ol919 J-J 104
1041a 10834
'03
95
J-J
Is
Oct
95
14
De8M& FtD Ist 48.... 1905
122 la 122 la
9II4
90 Oct 'Oi
1905 J-J
Ist 2 las
9434 Jan '03
95»8
Extension 48
1905 J-J
19 102 109
l04i2Nov'0
1923 A-O 10434
Keok & DesM Ist 08
M
1
Ao Low Jiigh
117
113
119
134
104 la
112
113
116
130
101
951a 101
112
11334
110*8 112 la
110
106
10634 1071a
10378 109
104
104
1051a 112
114i2ll8*a
105=8 105=8
110=8 11538
132=8
1141a 125
]27>
331*
128=8
1
109
109
121*4 1271a
120
99
107
»a
98
127
108
107
93
M
B of Ga col g os 1937 M-N
Ga KR 1st g 5s. .331945 F-A 116
Registered
Consol gold 58
Registered
1014
K&
Cen Branc!iUPlstg4s...l948 J-D
Ceu Branch Ry See Mo Pac
Central Oluo
113121UH!
100 ....
114 ....
123 "a....
119 ....
(Z1951 J-J
M <fe
g 78
(<anada South 1st 5s
104
1041a JTy '03
11812 122 la Jan '03
107
104
105 la Sep '01
Sale
10334
i>iISCKLLA>£:OU!9
BUNDS—Continued
IOOI4
Met
IOO'4'IOO
110 Jan
108 109 108 Oct
100 lOOiaSep'OS
100*8 Sale
99
100 la
85 Sale
85
85
•7913
85 la Jan '03
'99
'03
99*4 1071a
39
90
95
91
A-O
Oct
110
106
98
60 94
1021a
104*4
89 '2
81
851a 851a
J-D
J-J
821a
68=8
88*4
691a
107
95*4
90
9434
95
89
88*4
8934
109
98 3g
93
9434
104 4 108*2
on Next Fnee.
Street Rail\vay
100
96"
'03
"96'^
Ry—<Con>Ref g 4s2002' A-O
Col<fe9thAvl8tgu g 58.1993 -M-S
ST
LexAv<fcPFl8tgug5sl993
Third Ave BR con gu 4s 2000
Third Ave Ry 1st g 58. .1937
.MetWS El (Chic) lstg4s. 1938
J'nc'OO
Cit
GaM and
.\.pr
F-A
90
961a
4'l 88
Dec'03 ..1112 121
10 1144121*4
115
9834
9534
13 91
9534 Sale
96
7 115 122
119 Sale 11734 .119
94*4 102*3
95 Nov'03
106 Oct '99
88
115
115
88
115
115
106 la.
97
A-O
A-O
J-J
.VI-N
110
J'ne'02
.
J-J
09 14 Apr'03
1091a Dec'99
753.,
75
Atlanta
109*4 113
1
75
la
Sale
8438J'ne'03
99 Dec '97
10;
75
84
80*4
So 7,
Electric Li^lit
G L Co Istg 58. ..1947 J-D
Hklyn U Gas Ist con g 58.1945 M-N 11234 Sale 11234 113'4
Uae .day yDue.j'ue /(.Uue./'ly te Duo Aug oD ue Oct p Due .N'or
110*4 120
110 1171a
e
J-J
J-J
El
W
,
M-S
Ry & L 30-yr g 58.1926 F-A
Minn St Ry let con g 5s. .1919 J-J
St Jo Ry Lt H&P l8t g 58.1937 M-N
.\IU
.St Paul City Cab con g 58.1937
Union El (Chic) Ist g 58. .1945
United RRs San Fr 8 f 4s. 1927
Uniteil Rys St L Istg 48.1934
Chic St 40-yT cons g 58.1936
J-J
J-J
StRyl«tcong5s.l905 J-J
103 Nov'Ol
Gr RaiiiiLs Ry 1st g5s...ol916 J-D
Louin Ry Co Istcou g5s..l930 J-J
109 Mar'98
Market St CRy Istg 68. .1913 J-J
Met St Ky gen col tr g 58.1997 F-A 113i4Salb 113
II314
Bway&7tli Avl.>(t cp5s 1943 J-D 112
111 la 112
*No price Friday; latest price lliui weeK. a Due Jan <( Due
Del
2
114i2 0ct '02
931-2
A-O 100 '8
Eur Cedar R & Xo Ist 5s. 1906 J-D
Con Islcfe col trustg5s.. 1934 A-O
Registered
1934 A-O
of
10
Erie
Keguitered
RR
9318
115
109
J-J
y-J
see Erie
Buaalo K cfc P gen g 58. ..1937 M-S
All <fe West 1st g 4s gn..l998 A-O
194Li J-J
Cl<fc Mah Ist gu g53
Boch & Pitts Isl g 6s. ..1921 F-A
Consol 1st g 68
1922 J-0
Buffalo <& Southwest See Erie
Bull <& Susq 1st rel g 4s.dl951 J-J
Cent
99^4
871^
J'ly '03
75
87
96I4
91
971a 102^8
97 102*8
92^4
86
75
75
9284
84
931a 941a
100 ig 334
Montaok See Lons; 1
West See Atl Coast L
Boltalo >'
Cen
88
Dec '03
& Yadk See South By
N W See Sou Pacilic
Atlantic
1
92
9934
99'4
S7I4
87
71.1995 JS'ov
Stamped
East Okla Div let g
CR
92
99»4 Sile
1995 A-O
liegistered
Bkiyn
Brans
Q-J
AG
JTice
fYidav
Dec IS
Bid
B&
102i-2Mar'02
J-J
F-A
109
109 112'4
10914112
133 Si lo4'4 I34I4 Xov03
101»4
lOlHiAng'OS
101>4
lomNov'OS
ForeiKii Government
Fraukrort-OQ.Main 3Vjs ser 1.. M-S
These are price s on
t: S oC Mexico B 1 g 58 ot 1899 t^-J
&>tnte Securities
Alabama class 4 to 5
106 4110
lOTiaNov'Oo
109 110 109 Dec '03
no 111 110i4Dec'0i
133 Wj 13414 13334 Nov'03
A190
coupon „
10634 1091
106 »a
cou
STOCK EXCHANGE
Week EIkdino Dec IB
Central of G&—(Continued)
N. Y.
9 11214117
sOption sale
;
.
Dec.
Bond Eecord— Continued— Page
19, 1903.]
iYice
J-Yidav
Dec 18
STOCK EXCHANGE
Week EyniNo r)EC IS
N. Y.
WeeiCs
Last Sale
ASk
hia
Lone
Cliic&StL 5«eAtohT<fcSaPe
L N O aee 111 Cent
L <& Pitts i>ee Peun Co
P M & O con Gs...l930 J-D
Cliic St
Cliic St
5.®
January
St Pifc
Minn IstgGs liUS M-N
Nor Wisconsin 1st
St P & S City 1st s
63...1i>:-i(> j..r
Os... 19111
A-O
1
Migh Ko Low Jiigh
13018 131
130i«
130 's
rj0»4
76
110
78...1iH)r> .A.-0
19,H7 J.J
104
105
Cm
H & cousol 8
2il sold 4ias
1)
f
Cin D <fe I 1st fru K 5s. ..1941
C I St L <fc C 6'e« C O C <fc St L
Cin S & C Sf« C C C St Li
Clearneia <fc Mah See B R A P
Clev Cin C & St L gen g 48 1993
Cairo D\\ 1st gold 4s
1989
Cin W<fc M Divlstg4s.l991
St L Dir 1st col tr g 4s.. 1990
Registered
1990
Sur at! Ool Div Isl g 48. .1940
Val Div 1st g 48... 1940
C 1 St L cfe C cousol GS..1920
WW
l8tgold4s
M-K
J-D
J-J
J-J
M-N
M-N
M-S
126
M-N
A193ti Q-F
Registered
fcl930
Stfe CI con 1st g 5s. .1928
CCCite I cousol 7s
1914
Consol sink fund 7s
1914
General consol gold Os. 19o4
Registered
1934
Ind Bl &
1st pret 4S.1940
1st pt 5s...(a9o8
O Ind cfc
Peocfc East 1st con 4s... 19411
Income 4s
1990 Apr
CI Lor <fc N\ai con 1st g 5s. 1933
Clev tfc Marietta Hee Peun RR
Clev & Mahon Val s 08...1938 J.J
Clev <fc Pitts -See Penn Co
ColMiiUand 1st g 4s
1947 J-J
Colorado & Sou 1st g 4s.. .1929 FA
Coluui & Greenv ,SiC<! So Ry
Col <fc Hock Val See Hock Val
Col Conn <fc Term *'ee >.' &
Conn <fc Pas Rivs 1st g 48.1943 A-0
6ee C
& St P
I \ak & Gt So
AC
AG
12SVilS6<>8
130I4I37
126 126
Sop 'KJ
121i4l)eo'03
76S>1)KC'03
109 1-2 Oct '03
VH\\
121
1\H 86
109Sill63>,
,
1123), Sale
95 >*
9S ^
97 Hj
99 i-jlOl
98
1041-jDec'OS
113 Oct '0(1
11238 112»e
104Vil0.1i.j
llli«115
95io
95Vi
101i->Oct '0
98 >!ov'03
100
95
95
99
100
Oct '02
103
102 Dec '02
94I2 Aus'03
99
9SI4IOO
100
J 'alias & Waco
Del Lack
<fe
Western
<fc
"
Morris & Esses 1st 7s. ..1914
1915
1st consol guar 78
Registered
1915
2000
Ist ref gu g 3 >-2S
M-S
M-N
Warren Ist ref gu g 3 ^28. 2000 FA
Del & Hud 1st Pa Div 73.1917 M-S
Registered
1917 M-S
Alb & Sus 1st con gu 7S.190G A-O
Registered
1906 A-O
Guar gold 68
1906 A-O
Registered
1906 A-O
Bens <fc Saratoga let 78.1921 M-N
Registered
1921 M-N
Del Riv RR Bridge See Pa RR
Denv & R Gr Ist con g 48. 1936 J-J
Consol gold 4>a8
Deo '03
95
9734 104
Ill»8ll4i4
120 129
129
130
127ial333(,
.
100 i-j.
951.2
60
130
ioii-lNoV'bl
95»2
62
95 H,
60
IIII2
60
109
Oct
WT^.
12S
J'ne'02
DeeMoi&FtU -SeeCR&IP
Minn See Ch N W
Des M
Des Moi Un Ry Ist g 58. .1917
Det M & Tol See L S M So
Det & Mack Ist Uen g 4s. 1995
93
55
109
'03
56
&5
1q
Sale
Saie
56ia
84»4
lilt's Sale
129'..!
lll'^s
,
,
140
12934
.
113
.100
i09*
113
561a
S0\
82
94 V
I29I4I33I2
130 I34I2
113
12534 13 1 1q
10334 1 15
10134 103
10134 Sep '03
109 Nov'(i3
102
i36i«
1681211338
102 102
136 13718
Feb '03
136i2J'ly'(l3
149 Aug'Ol
107 12 Dec '03
122 J'ne'99
10539 Dec'03
107>2.
I0714.
105 Is.
104i«.
1411a.
140
1301.J
105
10538
147i2J'ne'02
9913IOO
96
i07' ili'i^
11138Peb'02
14334 Nov'02
.
97
99"% 100
106=8 May'03
97
se
19
S6
9714IOOI4
10414107
103 12 108
94
99
82
92
103 12 Dec '03
96
96
84
111
96
93
93
Dec '03
Jan '02
92^2.
3S
80
93
lOO-a
Dsc '03
11412 114i-2Nov'03
East of Minn -SeeStPM&M
aat Ten Va & Ga See So Ry
W
W
M-N 1181a.
115
M-N 109
M-S 1121s
M-S Ill
114 May'03
112 Nov'03
112 Aug'03
llSi^Dec'OS
AG
J.D
M-S
.M-S
J-J
J-J
J-J
J-J
11218
lUO's
132=8
1141-4
10
91
931.2
97
861a Sale
F-A 891,.
J-D 12434
85*4
8612
90
1999
C0I& H V latest g 4s. .1948
So
Pac
Tex
See
Houst E &
Houst <fc Tex Gen See So Pac Co
Illinois Central Ist g 4s. .1951
1951
Registered
Registered
W
96
9534
9934
98
791a 88
97
24
125i3J'ne'03
II7I4
11534 12II2
J-J
I1714 Sale
11718
101
129 Tg
M-N
1121.2
J-J
II4I4
10758
IIOI4
Ang'02
13018 Nov'o3
112i2Nov'03
1 13 li Nov'03
109 Oct '98
110 Dec '03
99 Nov'03
10li4Dec'03
11 OI2 Nov'03
AG
M-N
J-J
106
F-A
98
F-A IOII2 103
M-N 112
M-N
A-O 11034
J-D 105 Hi 108
111
111
10734 Nov'03
12834 1341a
112 1121a
Il£i2ll4
Registered
Detroit City Gas g 53
1923 J-J
Det Gas Co con 1st g 5s.. .1918 FA
EdElIUBkn SeeKCoEL&P
EdEIll Se«N Y'G&ELH&P
Eq G LN Y 1st con g 5s. .1932
Eq G & Fuel Se« P G & C Co
Ga8<fc Elec Berg Co eg 58.1949
Gen Electric deb g 3ias..l942
Gr Rap G L Co Ist g 58.. .1915
Hudson Co Gas 1st g 5s. .1949
Kings Co El L & P g 58. ..1937
Purchase money 63
199
Ed El 11 Bkn Istcon g48 1939
lAcGasLof StLlstg5s.el919
Milwaukee Gas L 1st 4s. .19"
No price
71
98 "a Sale
102
M-S '112
74
981a
105
112
J-D
J'ne'03
981a
J'iie'03
Nov'03
611a Oct '01
F-A
86
MN
103'
A-O
116
115i8Nov'03
93i4MaT'03
105 Is Sale
87 'a
10434
FA
AG
87
J-J
Q-F
M-N
85
Nov'03
10734
Dec '00
102
Oct
87 14
Friday; latest bid and asked this week.
'03
IO5I4
871.
73
103
74
107
107
106
1021411234
70
85
LN
O&Tex gold 4s. ...1953
1953
Registered
1950
Cairo Bridge gold 4s
Louisville Div gold 3 1.28.1953
1953
Registered
1921
Middle Divreg53
1951
StI-ouisDiv gold 3s
1951
Registered
1951
Gold 3ia8
1951
Registered
Spring Div Ist g S^as... 1951
Western Lines 1st g 4s. .1951
1951
Registered
&
BeUev
Carb<fe
Chic St
Shaw
Ist g 48. ..1932
L&NO
g
5s.. .1951
1951
1951
Gold 3ia8
Registered
1951
Memph Div 1st g4s...l951
1951
Registered
1931
St L Sou 1st gu g 4s
Ind Bl & West see C O C <fc St L
Ind Dec &
1st g 5s
1935
1st guar gold 58
1935
Ind lU & la 1st g 4s
1950
Int & Great Nor 1st g 6s. .1919
2d gold 58
1909
3d gold 4s
1921
Iowa Central 1st gold 5s. .1938
Refunding g4s
1951
Jefferson RR See Erie
Registered
W
lOoig
1131a 125
93I4 961a
10234 lOSia
87 14 87 14
93
9038
903«
367
1
871-..
96
89
941a
10238 10614
Sale
1053,1
100
10 104
J'ne'03
4
Oct *03
1 3 la Mar'OO
99 la Oct '03
94 Mar'03
9914001 '03
93
J-a
J-J
FA
.
123
82
112'a.
80
J-J
J-J
J-J
J-J
.
93
)1 la
FA
IO634
F-A
115
99
M-S
94
99
.
J-D 1171a.
J-D 117 14
J-D
J-D
J-D 10234
J-D
.
102 14
.
101
AI-S
101
M-N
M-S
M-S
J-D
'
94
99 14
la
10334
lOOHjlOO'a
911a 99
May'99
82
82
8534
Oct
911a
97
'03
103
Is
118
117
111
1251a
117
102 14 10618
102 14
Mar'02
107 12 Sep '03
107 la Dec '02
97 Sep '03
118'al20 1181a Dec'03
9812 100
98^8
90
70
70 Nov'03
lO^s^Dec'OS
10834
8818 88 Dec'03
IO712.
107 la.
J-J
J-J
J-J
14
102"
102141041a
124 Ma.v'Ol
90 Xov'98
119 Nov'03
117 Oct '03
104 =8 Apr '02
.
10534
it'si'i-i
101 !« Oct '99
100 Nov'OO
103 1« Sep '03
J-J
13
11214114
103 Nov'03
102 Oct '01
102
102
104=8 May '02
1061a Mar'03
911a Oct '03
10319
109
100
1 1
1
OS's.
M-N ioi" io2'
M-N
J-D 10438.
MS
106
10712 107^2
55
97 102
118 412318
94I4IOO
75
70
108 1151a
88
93 la
See L S
See Tol
&O
68»4 Sale
671a
W
J-J
J-J
AG
Oct '00
118
112
lllia 111
Nov'03
Dec'03
Nov'03
109
641a
7138
11512 120
lO'.i
113=8
1091a 1141a
104
109 la Oct '99
109 Dec'03
91 Oct '03
104
91
105
97
100
Max'OS
100
100
117
118
Jan '03
118
118
9934
1003, 102
100
100
100 12 Nov'03
100 Oct '00
9834 Dec'03
111 Jan '02
.
AG
AG
J-J
108H.
,
10814.
.MS
M-S
A-O
A-O
94
113^2114
12
/tl931 Q-J
1938
1922
1932
1949
1934
Ferry gold4iaS
Gold 4a
Unified gold 4s
Debenture gold 58
& Mont Ist g 6s. .1911
Bklyn
11194
20
110i2Feb'02
M-N 'lOeiaIO714 lu7
J-J
107k
10634 lOOiaJ'ne'Oz
J-J
113=8 J'ne'03
118
Leroy <fe Caney Val See Mo P
Long Dock See Erie
Long Island Ist con g 5s./il931 Q-J
Ist consol gold 4s
General gold 43
117
6834
63
1950 A-O
Kentucky Cent See L <fc N
Keok & Des Mo See C R I & P
1911
Ist 5s
N Y B M B 1st con g 5s 1935
N Y R B 1st g 5s
1927
cfe
J-D
M-S
J-D
98
M-S
99
J-D
M-S 11034 II2I4
M-S 103^8 105^8 105 '4 Mar'03
A-O 108 !«
112 Mar'02
112 la Jan '02
M-S I0518
112 la Apr '02
Q-J 105
J-D
M-N
J-J
J-J
115
110 la Sale
100 sale
116
116
llOia
IIOI2
lOOSp
100
100
109
113
M-N 109
J-D 111
Jan
9914IO2I4
100ial02
96 la 100 la
IO514IO514
114iall8
IIOH-IIS
97ial01ia
'02
109
Nov'03
109 11434
111121141a
on Next Page.
Gas and Electi-ic I-ight
Mnt i^el Gas Co See Peop Gas
Newark Cons Gas con g 5s 1948 J-D 103
NYGELH&Pg
5s.. .1948 J-D
Purchase money 4s. ..1949
g
Ed El lU 1st conv g 5a. .1910
1st consol gold 5s
1995
NY<feQElL(fePl8tCong58l930
Paterson & P G <fe E g 5s. 1949
112 112
Peo Gas & C lat gu g 68. .1904
2d guar gold 6s
1904
Istcon gold 68
833, 8514
1943
Refunding gold 5s
1947
101
105
100
&MS
KCFtS&M SeeStL&SF
KCi&HB&B SeeStL&SF
Kan C & Pacific See M K, & T
A GR
Kal
an & Mich
<fe
92 la 99
105 105
92
A-O 100
1923 J-D
Car 1st 6s
114
79^8
'03
92 le Sale
105
MS
9734 103
99 106=8
74
Oct
9114
J-J
1952 A-O
1952 A-O
gold 48
NorShB Ist con ggu5a 01932
Louisv & Nashv gen g 63.1930
Gold 58
1937
Unified gold 4s
108 117
1940
Registered
1940
CoU trust gold OS
110 11212
1931
E H & Nash 1st g 6s. ...1919
1071a 112
108
Electric Lis:ht
Gas Ist gSs
1947 A.O
Ch G L <fe C Co See P G <fc C Co
Con Gas Co See P G & C Co
Buffalo
Mar'98
1021.J
102=8 Oct '03
J.J
J-J
1951 J-J
1951 J-J
1951 A-O
1951
31-28
N
9414
87
I2512I3018
M-N
A-O
lO-l
1221a
<fc
N
May'03
8S1-2
JJ
1921 Q-J
ifc
80
92
10818114
Oct '03
131'-2Nov'0i>
130 ATig'03
98I4
9812
107
116
100
J'ue'O
100
St Jo See C B
Q
Han
ousalonic See N Y N H A H
7512 85
10178J'ne'03
130
98 '•Sale
107
102 Hi
73
75
Hock Val l8tcousolg4ias. 1999 J-J
MISCELLANEOU?' BONDS—Continued
iinti anil
W
Knoxville & Ohio See So Ry
Lake Erie & Ist g 58. .1937
2d gold 58
1941
North Ohio lat gug 5s. .1945
L Sho & Mich S See N Y Cent
Lehigh Val (Pa) coU g 53.1997
lllSglia
Leh Val N Y 1st gu g 4ias. 1940
Registered
1940
U2I2II5
Leh V Ter Ry 1st gu g 53.1941
Registered
1941
Leh V Coal Co Isi gu g 58.1933
114 114
111 11314 Leh<feN Y 1st guarg4s.. 1945
Registered
1945
112 112
El C &
Ist g 1st pf 68.1914
1131a 1131a
Gold guar 5s
1914
lOl'a 1017g
Leh & Hud R See Cent of
131 139
J
WiLkeab
Leh
<fe
See
Cent
of
NJ
130 135
75I2 Aug'03
111
105
J
Kan City Sou Ist gold 38..1950 A-O
Feb'Ol
1937 A-O
1916 J-J
J-J
74
U17
Greenbrier Ry See Clie3 cfe O
Gulf &Sllstretcttg58 61952 J-J
<fe
36
93
J
J-D
103
103
112
1
No Low High,
-S'ee
Registered
g 58..193
KIgin Jol & East Ist g 5s.l941
Elm Cort <fe N o .See Leh <fe N Y
Erie 1st ext gold 4s
1947
2d ext gold'5s
1919
3d ext gold i^a
1923
4th ext gold 5s
1920
6th ext gold 4s
1928
1920
let consol gold 78
1920
_st consol g fund 7s
Erie 1st con g 4s prior. .1996
Registered
1996
i.8t consol gen lien g 4s. .1996
Registered
1996
Penn coll tr g 4s
1951
Butt>f Y<fc Erie 1st 73.. 1916
Biifl:<fe S
gold 63
1908
Chic& Erie ist gold 58.. 1982
Jeff RR 1st gu g 5s
al909
Long Dock consol g 6s. .1935
Coal <fc RR 1st cur gu 6s.l922
Dock & Imp 1st cnr 68. .1913
N Y <fc Green L gu g 58.1946
Xi Y Sus <fc
1st ref 58.1937
2d gold 4I2S
1937
General gold 5s
1940
Terminal Ist gold 5s... 1943
Regis So, 000 each. ..1943
MidKRotX J 1st g 63.1910
Wilk<& Ealstgug58.1942
Georgia & .\la
Ga Car <fe Nor
Extended IstgSias
Oct '98
ISOiij
110
<fc
W
IIOI4
Ill's 13 7
lll'^s
129i2Nov'(>3
130
130
86i2Nov'03
111
111
AU
1921
Ft
& Rio Gr Ist g 4s... 1928 J J
'all lar As S A See So Pac Vu
^ Till H <fc H of 1SS2 1st 58. 1913 A-O
CoUlYust
58
S5
Det Sou 1st g 4s
Ohio Sou Div 1st g 4s. ..1941 MS
Dnl<& Iron Range Ist 5s.. 193 A-O
Registered
2d 63
Ist s 4'.2S.T.U1
Registered
M-N
J-D
1995 J-D
1951 J-D
Dul So Shore
Co
100
82
<fe
Gold 43
1>
Ist gold
<fe
<fe
U
W & Den C l8t gt>8
1st gold 33 sterling
1936 J-J
Improvement gold 58.. .1928 J-D
RioGr West 1st g 4s. ...1939 J-J
Consol and col trust 4s 1949 A-O
Utah Cent 1st gu g 4s al917 A-O
Rio Gr So gu See Rio Gr So
Den <fe S West gen s f g 58 1929 J-D
Kort St
Registered. A
941.2
1127gNov'03
120 J'ly'03
J-D 130
J-D 127
J-D
N \ Lack& W Ist 68. ..1921 J-J
Construction 53
1923 F-A
Term & iinprove48
1923 M-N
Syr Bing & N Y 1st 7s. .1906 A-O
<te
^if//i
IKiSj Nov'03
lis
103
So See iMi M & SI 1'
UntikPori'M .See I'rre Miir
Flu C & Penin See Sea Air Lino
1.,''argo
CB&Q
X
7s... 190
Penn Co
Sua A Ijiuo
See Sea A Line
Gi'oriria IMciilo See So Ry
Gila V O <fc Nor Bee So PaC Co
103
Gouv ifc Oswogat See N Y Cent
iiMJ" tJrand Kapit Ind -See Penn Rll
IO312 Grav's Pt Terra -See St L S
coll tr4s 1921
Gt Nor—
11238.
121^4
121 12.
.
Am Low
Hanu'
5^
Since
5 = Jauiiaru
/
W
M
-See M K
See
Pitts
ifc
<fc T H lat cons 6s. 1921
Istgeneral gohl 5b
1042
Mt Vernon Ist gold Os.. 1923
Sull Co Bnvncli 1st g 58.1930
Kv ite Ind l«l con gu g 63.. 1926
Kt
J-J
Cin
WW
130i-!Dcc'03
130«-jDeo'(W
nee IS
Hiii.
Kvuns
WeeK's
Haniie or
l.ant Sale
/y«ce
hVidati
N. Y.
Krte
Chicago Ter Trans s -is.. .1114 J.J
Chic tfc West Ina >:en ir tjs t/llCJ-J
Mich »SV« Pere Marq
Chic <&
Choc 0& Gulf .Se«CRI<fcP
W
k.o
STOCK EXCHANGE \Z'^
Week En'dino Dec 18
S4
Since
<fe
Clue St
Cli
liONOS
Kange
Kange or
2325
2
F-A
M-S
J-J
105
90
104
116
108
1061a
91
90 14
103=8 Nov'03
II912 114 Avig'03
10034
10034
P-A
M-S
10034 Sale
.M-N
100=8
100'4
J-D
A-O
M-S
ChG-L&Ckelstgng5sl937 J-J
101iaJ'ly'03
lOOig
lOOife
116
116
100
104
107i4Sale 107
104
1031a
,
Con G Coof Chlstgng5s.'36 J-D
Eq G & F Ch Ist gu g 6s. 1905 J-J 102=8
Mu Fuel Gas 1 st gu g 5s 1947 M-N
.
Syracuse Lighting Ist g 5s. '51 J-D
Trenton G & El 1st g 5s. .1949 M-S
107
90 14
Oct '03
Nov'03
IO7I4
104
1021a Dec'03
100
Nov'03
109
Feb'Ol
102 la 112
97I4
87
102 107
114 119
99 la 107 la
101
100
103V>
102 14
116 1251a
103 IO712
100 109
102121081a
IOII2IO3I4
100 105
981a.
103
aDueJan i^DueFeb dDueApr eDueMay /vDueJ'ly fcDueAug
Due Oct gDueDeo
s Option sale
23-26
Bond Record
BOM»>
STOCK EXCHANOK
Week Kmunh pec IS
N. T.
LouisT
Xasliv
«.fc
L Cui A Lex
NO
ife
N u*
M
.\i
s.'olil-i>-jS...ll>31
1st }:oM
L Uiv
lis.
M-N
liUid
JJ
eol(li>s...li>'JO
M-S
1st KoKl
lyjl
tjs
itohl 3s
Heuiler Biljre 1st
IV'Sll
NA
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.M ist
.fc
;: -1
His liU:>
109
MS
J
M-S
M-S
M jomt 4s.lllo'2
Jelt H>lKt>Co>;uK4s..l9-lo
L N A iV CU
M»lK>u Coal
C
iiee
A'co
*L
I
LS
il
«&
Jiigli
So
IOSI4 Jan '03
1261* Dec '03
122-<^ .\ug'03
116as .Mar' 02
125 4 A\ig'02
75 J'ue'02
....
2 1*4 ....
N. Y.
January
1
Hiqh
Loto
NY
N
92
84
111
111 Deo '03
111 Nov'03
10.M4Oct '03
.
1114.
109 "a.
103
93
M-S
.
1 1
.
100
110
104
110
113
S
101>al02
1014
10-:
103^8
Dec '02
IIU
110
Sole
1044
99
ibs" 1114
IIOI4
*
CtiUSolgoU143..1911 J-J
Ist o*>usol incoiiie k 3s.al939 J'ly
cousol income g 38..al939
Equip* coUgoliios
1917
•2il series colil os
1919
Coll tr g 4SiS Isl .Ser
1907
Mex Internal 1st con g 48.1977
Stiuupetl guarauteeil
197
Mex North 1st ;joUl 6s. ...1910
2«l
Mich Cent
*'<;«
NJ
N V Cent
Jly
A-O
MU
MU
MU
N
FA
Sale
J-D
'
92
Missouri PacLlic 3d 7a
1906
1st consol gold 63
1920
TriLsl gold 08 stamped. al91
Registered
ol917
Ist coll golilos
1920
Cent Br Ry 1st gu g 43.1919
Leroy & C V A L, Ist g Ss 1926
Pac K o£ :Mo l8t ex g 4a. 1938
2d extended gold as. ..1938
St L Ir -M&Sgeucou g5sl931
Gen con stamp gtd gas 1931
Uuihed .fc rel gold 4s.. 1929
Riv & li Div ] 8t g 48. . 1 933
193.:
Kegistered
Verdi V 1 &
l8t g as. 1926
Mob <& Birm prior lieu g 58 1945
Morti^UKe gold 48
1945
Mob Jack & K V 1st g 5s. 1946
Mob & Ohio new gold 63..1927
l8t extension gold 63../tl927
193.-5
General gold 48
Moulgom Div Ist g as. .194"
St L Ji Cairo coU g 4s..«1930
Guaranteed g4»
1931
<& U coU 4s see Southern
W
See^ V C <fc
Mouongaliela Riv
See
&X
N
UK
N
N
N
X
&
NH
111»4...,
ns^.... 123
121
1141a
115 115^4 113
97 Sale
97
J-D
.M-N
MS
Juu'02
Kov'03
97
Apr'Ol
Regis
96I4
96 >a Sale
78 Sale
99
78
99
86 Oct '02
101 Oct '03
864 NoT'03
107
107
100
1004
95
75
97
774
9S4
86
-M-N
96»8
85
1044
101
101
864 90
1054111
10038
<fe
V»
Iron Coal
Wh L E<fc
121
1114 Nov'03
123 4Mar'03
.
127
110
1044.
no*4ll24
123 41254
J'ue'02
Dec '01
1064Nov'00
J-J
MS
994 Oct
9688-
684.
M-N 100
M-N
A-O 114
A-O 1174.
'03
971a
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104
.
ibo"
Sep''b3
.
115
Oct
.
97
100
106
117
102
122
100
'03
115
lis
1173h 117*8
113*4 Jan '02
12 117
1224
104
100
102
107 4
105
103*4
128*4 131*4
105
101
1064
106
105
W
10141074 North Illinois See Chi & N W
89
944 North Ohio See L Erie & W
Nor Pac— Prior lien g4s..l997 Q-J
10134
100 1054
107«8ll3
99
lol's
10134
J-J
iim»ii3
A-O
111^8 sale
112 Dec '03
lllStl
111
10934001 '03
86 'a
86
CC<& T
10738
86 >a Sale
J-J
M-N
921a
MX
91% Deo '03
V
gug 58
N E Ist gu g 48
<fe
Regi,slered
StPauUDul Div g 48
111
914
Regi.stered
C B & Q coU tr 43
P & N P gen g
91=% 91*8
.See
1997
a2047
a2047
1996
1906
J-J *110ia.
J-J
93
llO4J'iy'00
93 Apr '02
J-D
102
JD
'
J'ly '02
121 la.
12234 Dec'03
94
Ill
120
93
112
93
'
113
90
Oct '03
Dec'03
112
1254
97 4
1154
90
110
93
Feb '03
984Nov'03
J-J
127 4
122
119
93
984 984
102 4 Sale
100
(i-J
7034 Sale
Ci-F
Q-F
J-D
J-D
69
98
•
'
6s
1923
Registered certilic's..l923
St Paul <fc Dul Ist 5s
1931
2d 08
1917
Ist consol gold 48
1968
Wasli Cent Ist b4s
1948
Nor Pac Ter Co Ist g 6s.. 1933
Nor Ry Cal see So Pac
Nor Wis See C St P M cfe O
1224
1114
.
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98
103 4
73
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86
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91
106 41>ec'03
103 Nov'03
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89
91
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9278
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certif's
ite
P
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108
100
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,
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91
104
1024103
102
97
P C Co 1st g OS. 1919
jrnday; latest bid and asked
,
M-S
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104
104
4 104 112
97
98
27 90 105
69
714 121 604 96*4
115 J'ne'02
107 May'97
102 4 Oct 'O:
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105
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91
100
103
105
97
67
32
J'ly '03
week,
Dec'03
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Dec'03
68
Jan
91
91
99
107*4
1004112
36
95
65
103
ii2
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68
96
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121
127
11241124
105
107
964 98
110
1164
1144May'03
114
1144
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111
102
102
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96
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1084Aug'03
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.
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108
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120
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.
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10741144
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112
92
96
4 Oct 03
Nov '03
11 6 4 Feb 01
1064 Nov 02
93 Dec 03
127 "g Oct 02
119*4 Sep 03
130 Apr 01
1064 Oct 03
119*4 128
100
1064
Next Page
Telephone
Telep & Tel coU tr 48 1929
Conim Cable Co Ist g 4s. .2397
Registered
2397
Erie T <fe T col tr g s f 58.. 1926
T
Ist
f
gas
1918
-Met T &
s
Mut Uu Tel Co See Westn Un
N Y ife N J Tel gen g 5s.. 1920
No We.stn Teleg See West Un
West Union col tr cur 58.1938
Fd and real est g 4 48... 1950
Mut Un Tel s fund 68.. .1911
1904
Northwestern Tel 78
.Hnnulactaring He Industrial
Amer Bicycle 8 f deben 58 1919
1915
Am Cot Oil ext 4'as
Am Hlde<fe L 1st s tg68.. 1919
Am Spirits Mfg Isl g68.. 1915
«
109 4
96
93
117
FA
W
Dec'03
102 Apr'03
102 Apr'02
11078 Dec'03
106 Mar'03
102 Nov'98
91 4 Oct '03
104
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gu g 3H!S.19i6 M-N
g 53.1932 A-O
1932 .^-0
CI & Pgen gug 4 48 ser A. '42 J-J
Series B
1942 A-O
Scries C 34s
1948 .M-N
Series D348
1950
Erie<fe Pitts gug348 B.1940 J-J
Series C
1940 J-J
N<fcC Bdgegengu g 4 4s 1945 J-J
P C C & St L gn 4 48 A. 1940 A-O
Series B guar
1942 A-O
Series C guar
1942 M-N
Series D 48 guar
1945 M-N
Series E 34 guar g
1949 FA
Pitts Ft
& C Ist 78. ..1912 J-J
2d7s
1912 J-J
3d 78
A1912 A-O
Penu RR 1st real est g 4s. 1923 M-N
Cousol sterling g 63
1905 J-J
Con currency 6s reg...ffl905 Q-M
BONDS—Continiiefi
1064 Feb '02
g5.'J.19al
f as. 1928
'
1044.
J-D
1st con
Am
Sale
96^8 101
94 4 Feb '02
111 4 Oct '03
108 4 J'ly '02
1921 J-J
3H!S coll trust reg.1937
Guar3iasooll tr ser B...1941
TeicKi'npli nntl
103
96
70
Oct '03
964 Nov'03
'.
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. .
994
y94Nov'02
1061a
03 's
100*8
Dec '02
99 »8
881a 89
86*4 Sale
871a 89
104
9541054
994
1014
14
70*4 45
Oct '03
96 "lb
110«8.
Registered
101i4Nov'03
109 4 Sep '97
70*8
68
96
F'-A
1st s tiind g 4 4s.. 1917
Guar
C St L
lOlH,
1011a
964
874 94
93
1024 145 994104
7 997gi03'^
1024
132 J'ly '99
112 4 J'ly '0.-;
107 Nov'03
A-O
Sink lund subsidy g6s..l910 M-N
Peun Co— Guar Isis44s.l921 J-J 110*4
95
127
126 1324
94 "8 101 'a
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1014
1164
133 4
128
cfc
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100
96 Sep '03
884
89
1074J'ly'01
98
984
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W
J'ly '02
Dec '99
9938
114
130
123
See N Y' Cent
W
See C C C & St L
Olnd
hio River RR Isl
as. 1936
Tr Co
Sale
Feb "03
A«g'03
Nov'03
Nov'03
Nor & Mont
Coast Co 1st g 5s
1946
Pac
ac of Jtissoun See Mo Pac
1084115
A-O 110«8.
100
114
130
127
127
101
Oswego <fc Rome See N Y C
O C F & St P iSee C (fc N
12o»4 124
102*4 Dec'03
754 7534
100
F-A
Q-F
J-D
g
General gold 5s
1937 A-O
Ore & Cal See So Pac Co
Ore RR &, Nav See Un Pac
Ore Short Line <Spe Un Pac
122
Dec'03
Gt Nor
St
M-S
1064
984
1922 J-J
1989 M-N
1st
Registered
General lien gold 3s
1094115
108
82
1084....
1264--..
Improvem't <fe extg6s..l934 F-A 127 1284
New Kiver Ist g Os
1932 A-O 1264
N <fc Ry 1st con g 48.1996 A-O 96»8Sale
Registered
i99ti A-O
Pocali C<fc C joint 4s.. 1941 J-D
88 's Sale
Soio
AO
1941 M-N
1931 M-N
Nor<fe South l8tg5s
Norl& West gen g 6s
1054
92 4
93
100 May'Ol
9741034
100
<fc
1054
Sale
923*
FA
M-S
<fe
105
105>4l06
J-J
only
II8I4
F-A
FA
S5, 000
<fe
105
105
Q-F
994
100
.
Dec '03
&C Ist g 58.1949
* .No price
.
M-S
FA
124
139
121
139
.
111*4
M-N
Nov'03
Jau'03
121
139
.
1114.
1184
.M-S
.M-S
Convertible deb g 58
1911
Gr Riv Coal <fc C l8lg68..1919
JelI<SsClearC<fe I Ist g 68.1926
2d gold as
1926
Roch<fcPltC& I pur mas. 1946
Tenn Coal gen Ss
1961
Tenn Div 1st g 68
ol917
Blrm Div Ist consol 68. .1917
Cah C M Co Ist gn g 6e.l922
De Bar C I Co gn g 6S.1910
1204.
128
121
MS
105*4 107 i-j 105 's
JIN 118
Cah Coal Min see T C I ife R
Col C <fc I Dev Co gu g 5a. 1909
Col Fuel Co gen gold 68... 1919
Col F <fc 1 Co gen s f g 58. .1943
f
118*4-
<fc
N Y Put See N V C J71992
H
N Y & R B See Long Island
N Y S W See Erie
N Y Tex & M See So Pac Co
4
10541114
102 la
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l8t «
97*4 105
.
NoT'Ol
103
J-J
u
FA
11134,
10541114
0.S
1054
<fc
Coal and Iron
C
J-J
J-J
J-J
J-J
J-J
di;
J-J
1997
Debenture 58 of. ..1884-1904
Rfgistere<l
1884-1904
ftegisl deb 5h of. ..1889-1904
Debenture g 48
1890-1905
Registered
1890-1905
Debt certs exl g 48
1905
Registered
1905
tAke Shore coUg 3'2»...1998
Regi8tere<l
199H
Mich CentcoU g3»28....1998
Reiristereil
1998
Beecli Creek Istgug 43.1936
Registered
1936
2d gu gold 5s
1936
Beech Cr Ext Ist g 3 "^ 61951
Pleas Val Coal Ist g a
106
<fc
4 Apr '03
98
J-J
H
<fe
ibss8'"ib8^j
1054 105 4
J-D 100 Sale 100
100
J-D
99*8 Dec '06
F-A 108<%.
114 Feb '02
Jic
KegiHtered
Kan & H C
Sale
1051-jSale
J-J
«fc
<fc
142 Deo '03
112 4 Deo '03
14m....
B <& O
&
Oct '02
105
ib54Nov'bi
cfc
Mont Cent See St P :si <& M
Morgan's La <& T See S P Co
Morris <fc Essex See Del L & W
NasliChat <fc St List 78.1913 J-J
McM M
&
W&
914 97
U
192n
Ist cousol gold as
Jasper Branch 1st g 6s. .1923
\V
Al l8t 6s. .1917
1917
T P Branch 1st 68
Xasli Flor <fc Sher See L
Mex
prior
lien
4*23.1926
Natol
1951
l8t cousol 48
<fc H
New iiiSc D see H Y
Y Cent
See
J June
New&CinBdge Aee PennCo
O <k E prior lieu g 6s pl915
Y Bkln Man Bch See L 1
N y Cenld; Kit g 3 "as. 1997
343
N
18*4
'.'.'.'.'..
RW&OTRl8tgug5s.l91K M-N
104" Oct"'b"3
Uticatt Blk Riv gug 48. 192'. J-J 1054....
N Y Chic & St L l8t g 48.193' AO 103 1034 1034 1034
Registered
103 May'03
1937 A-O
N Y Green w Lake See Erie
N Y & Har See N Y C Hud
N Y Lack W See D L W
N Y L E & W See Erie
1414146
1124116*4 N \' Long Br See Cent of N J
123 4123 4 N Y & N E See N Y N H & H
New York New Hav & Hart—
Housatoiuc R con g as. .1937 M-N 1244.
109 120»8
131*4 Apr'03
95*4 103*.
N H Derby con g 53.. 1918 M-N 112
N Y N E l8t 78
1905 J-J 1024.
1064 May'03
Ist 6s
1905 J-J 102
101 Sep '03
N Y' & North See N Y C H
N Y O & W ret Ist g 4s..j/1992 M-S 101 4 Sale 1014 1014
ios'ii'aV'bo
<fc
Alal
28
92
80
124 284
90»8J'ly'0]
FA
M
92 4
92
Kan C & Pao Ist g 48. ..1990 FA SO^a
Mo K i, Ist gu gas... 194.; A-O 108
100»4 99*4
M K dj T o( T Ist gu g as. 1942 .MS
102'-.. 1024
Slier Sli& So 1st gug 58.1943 J-D
Mohawk &
7
74
.M-S
.M-S
See SI P
ikii.
let g 48.. .1990 J-D
2d gold 4s
£^1990
Ist oxt gold 58
1944 M-N
St L i)iv 1st ret g 4s
2001 A-O
Dal & \Va l8t gu g as. ..1940 -M-N
Mo Kan&Tex
60
15
W
M
Minu Uu
74
7178
14
N
South West Ex Ist g 78.1910
let oousol gold as
1934
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Minn i St L gu See B C R & X
St i' d; S S il con g 4 lut gu '3s
M<S; P l3to8stpil4sintgu 1936
S S M <fc A l8t g 4 Int gu 1926
M
M
65
70>4
.\-o
nee Erie
L S <& SV nee Cliic <& \V
<& MaU See Chic <fc
& SorXh See Cli il <& St P
Miou <& St L> 1st gold 78. .1927 J-D
1909 J-D
Iowa Ex 1st gold 78
Paclllc Ex 1st gold lis. ..1921 A-O
Mill ot
6a
54
70 >a Sale
14Hi 15
8
7»a
1
Ao Low Higfk
1986 F-A
2361
1997
Registered
1997
Det Jlon tfc Tol 1st 7s. 1906
Ka A:& G R Ist sii o 5s. 1938
Mahon C'l RR ist 5.-*. .1934
Pitts McK & Y 1st gu 6s. 193L
2d guar 63
1934
McKeesife B Vlstgtts 1918
Btich Cent Ist cousol 6s. 1909
58
1931
Registered
1931
48
1940
Registered
1 940
J L<& S l8tg 348
1951
Ist g348
1952
Bat C <fe Stur l8tgug38.1989
Y cfe Harlem g 3 4s... 2000
Registered
2000
N Y <fc North Ist g 5s. ..1927
R
O con I8text5s./tl922
Oswe <fe R 2d gn g 58...el915
105 4
110
Since
Jnnvary
1074 J'ly '00
,
\''<fc
Registered
1064114*4
Mar'Oo
Mar'Ol
104
105
Pu 1st con gu g4s 1993 A-O 162"
Norcfc Mont 1st gug 5s. 1916 A-O
West Shore 1st 4s gw... 2361 J-J i 08 a^
964100
10741074
JJigii
Mange
So
"95" Apr''b2
96"
FA
Registered
Ask Low
Bid
MS
liOke Shore gold
auliuttau Ryconsol48.1990 A-0
Keiristered
1990 A-O
Metroi>i>l El Ist g 6s
1908 J.J
Man S \V Colouir g ;>s
1934 J-D
McKpt B V Hef X Y Ceul
Metropulitau El Hee Man Ry
UexCeut
*H
N
Dec '03
90"a 90
Cent
Heek's
Jiange or
Last Sale
Friday
Dee IS
li—( Continved
Cartife Ad 1st gu R 4s.. .1981 J-D
Clearf Bit Coal 1st s 1 4s. 1940 J-J
UoiiVit Oswelstgugas 1942 J-D
Moh &, .Mai 1st gu g 43. .1991
J June R gu Ist 4s...l9S(i
OS 14 108 4
1204 129
122*4122*4
•
MS
Price
STOCK EXCHANGE
Week Enpi-n-o Dec IS
Since
1
113 Nov*99
97*4 99V, 97 Tj, Dec 01104 »8...
107 4 J'ne'Or
J-J
l;K'>J J-J
itu ic 5s. ..1937 F-A
Pens ife Atl 1st srti i; t>s..H)-.'l K-A
S >fc N .\la con tu i as. .1931) FA
Sink tunil goUltW*
1910 A-O
LA
Ask Low
[Vol. lxxvii.
3
mtM>s
A'<liii;«
si
io7>.i!!!Ii;
N-Soutl>
Registered
N Kla ite S 1st
L<lLi
Last Sale
126
st ptjs.li'ol
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l.A-
Dec IS
103>4....
126»«
...1930 J.J
•2.1
Weelc's
Xanye or
Bill
Cvntnntfitj
f
J.i iroUl d.s
Pensacola l)iv
bt
—
Price
J-Yiiiav
—Continued— Page
Due May ^DueJ'ne
/i
J-J
y-j
M
93
f.i
M-N
1104.
M-N 105
.
107%
M-N 1014102
M-N 104
J-J
Sale
964 964
96 4 Apr '03
100 4 Apr'02
1001-2 Oct '00
109 Oct '99
110*4 Nov'03
11034
1054 J'ly '03
1054 1084
107*8 1074
101*4
101*8
107 4J'ne'03
105
1124
110
100*4 105
1074109
J-J
M-S
Q-F
M-S
M-S
Dae J'ly
34 Feb '03
95
95
70 Dec'03
88 Dec'03 <1
Due Not « Option sale.
95
67
jo
97
70
88
34
90
66
80
42 4
101
9S
944
1
—
—
1
Dec.
1!),
Bond ReCOrC— Concluded— Page 4
11)03.
BONUS
Ask
RR
^^
Migh
Sale
100
102
100
110
98
108
V N J RK & Can geu 4s. 1944
Peusacola t& Atl Hee IjA N'a.-<li
Peo <& East See C C C <& St h
Peo ifc l"ek Uii l8t g Cs....l9'21
2a gold 4'.js
&1921
Pero Marq— Ghifo
as 19'J1
122
92
100
WM
lis
Fliutit r .M
192lt
1st cousol uold ;)3
1939
Pt Hiirou i)iv Ist g 08.1939
Since
1
118
11 1st
107
111
Die 03
117
Mivy'OO
"
106
92
Nov'03
95 J'ne'03
109 Apr '02
118 Deo -03
107 "a lOS
109 Dec '03
Hj
Sale
110
gug 48.1931
Southern Pno Co (Continued)
II A TC 1st g58intgii..l937
114
106
93''»107it.
No of
107
12
111
106iall3
Piue Cioek rag guar Gs... 1932
137
A
.
112
II7I4 J'ly'03
98 J'ly'97
.
n3^
11634 117'4
l20ioDec'02
go^gsale
96^8 173
96iaJ'ly'03
92 Doc '03
9634
92 >a
llOiaFeb'03
76 ATig'03
9-^
Mar'03
.107
76
.
9334
96
89
98
96 If
96
1-.
37
St Louis So See llliuois Ceui
Ist g 4s bd otf8.1989
St L S
2d g48 inc bond ot£8...pl989
^
t Cousol gold 48
1932
Gray's PtTerlstgug 58 1947
St Paul A Dul See Nor Pacific
Si Paul
A Man 2d 68. ..1909
1st consol gold 68
1933
W
^
M
Registered.
1933
1910
1937
1937
KMinnlstdlv I8tg6s..l908
Nor Div Ist gold 48
1948
Minn Union Ist g 6a
1922
Mont C l8t gu g 68
1937
Registered
1937
£ 1st guar gold 58
1937
Will
Ist gold 58.. 1938
St P A Nor Pac See Nor Pac
ext let gold 48
Registered
/
;
ASF
StPAS'xClty ,S««CStPM&0
Salt LakeC 1st g s f 68.. .1913
SFePres A Ph Ist gSs... 1942
i
:
W
W
SAN
1031a 106
1031a 106
J.J
A
M.
J
J
J
J
J
J
J
J-J
J D
J
J
D
D
J J
F A
F A
J
J
F
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D
D
A
D
MN
'Gila VGANl8tgag68.1924 M N
Hooa E A W T l8t g 53.1933 M N
1st guar 5s red
1933 M- N
;
'
3 1083,1121,
'03
112
109
90
91
II
Low High,
100
102
113
J 'ly '03
102 "a
77
78
108 109
108 109
10234
Deo '03
77 '4
78
107 Oct '03
IIII.J Apr'0:<
HI
101^8
101
lOl's
101
102 4
102 Oct '(I
106 Si Mtiy'o;;
102
Feb '03
Nov'03
107'.j Sep '03
A Lew See Penu RR
SyraBingANY SeeDh&W
'reboAN 6'€eMKAT
i-j
9419
Seu'<12
Jan
'8
102
103
'01
10234 102a4
31
72
801a
11014
107
IIH9
7g
10534
IO4I4
10534 IOOIq
108
108
109
11934
10-i
119i2ll9»4
los 11934
lOO"^ Sale
100=8 lOiia^
10S34 J'ne'03
10712 110
1057a 110
10834 112
110
102 14
Oct '03
Oct '02
102
102
118>4
114
103
.
103
114
Sale
112'.i
98
14
1
1
n
'4
'.13
14
9534 Sale
9534
Nov'03
11534
II4I4
116
114
Ocl'03
Oct '03
11638117
Il0'all2
119
117
Dec '03
110i2Nov-()3
92
IIOI4II8
107
120 ly Nov'03
122 Nov'03
116 la Oct '03
107 Nov'03
92 Sep '02
1024.
1021a
109
105
1081a.
123
112
115
109
IO9I4
1191a
.
.
11514
.
119
984
901a 91
116
112
114
116
H6i«
119V,
P.01.2ll5»4
II9I4 124
122
1244
1021..;
Feb '02
Feb '03
Jan '03
118
114
107
11134
102
108
112 112
115 115
lOS no's
II312I13B8
9II4 93
116 1161-1
109 H,
113iaMay'03
9'.
92
.
'ii'i'is!
U5
9278
9.-;3.
Mar'Ol
120
91
90
106
101
llliall8>«
IIII4II7
89
97 H
110iall3i9
Aug'()3
9434
113
113
II214
103'el03>«
'b
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1
Sale
113
LAN
llo'4
117 J'ly'OO
97 12 1041a Sep '02
Simb
120 129
6 1081a 115
98
98
1
92
98
100 J'ne'03
1 er A of St L let g 4ia8..1939
100 100
84 Sale
84
8409 163 7834 91'8
1st con gold 58
18941944
117 llSVj 119 Dec'03
St L
Bge Ter gu g 5s. 1930
118 124
"26
78
7812
79
731a
741a 881a Tex A N O 8e^ So Pac Co
103 ....
Tex A Pac E Div 1st g 6s ..1905
1st gold 5s
2000
92^2 Sale
93
2dgoldinc5s
46 891a 971a
92H
$2000
751.
75»4 Sale
30 637e 85 la
LaDivBLlstg 5s. ....1931
76
&d\
7034 266 66
70>aBale
To! A O C let g 5s
1935
86
Western Div Ist g 53. ..1935
General gold 5s
1935
11038 Sale 110»8 110*8
Kan A
Ist gu g 48.... 1990
110>4ll3^
Dec'03
133
133
Ist gold 4s.... 1917
I2714I3514 Tol P A
140 May'02
TolStLAWprlieng3ia8.1925
109 la Dec '03
50-year gold 4s
1950
loa 1111a
109S.
lieisApr'Ol
Tor Ham A Buff Ist g 4s. A1946
llO'alllV! 111 Nov'03
A
Del
Ist
con g 5s 1928
Ulster
1091a 114
100^4 10034 Dec'03
n Pac
lgrg48..1947
100 104
Registered
106 May'Ol
1947
103>4.
104 Ang'03
let lien convert 48
1911
103 1061a
Registered
1911
128 Apr '02
Ore Ry A Nav eon g 43.1946
121
Ore Short Linelstg63..1922
134 Mar'03
134 1341*
1321a.
115 Apr'97
Ist consol g 5s
1946
116
Dec'03
48 A participating
1927
11014 1181a
116>a....
Utah A Nor Ist 78
iia 11712 114»8 Dec'03
1908
114'^ ll*"^
Gold 58
1926
Uni N J RR A C Co See Pa RR
Utah Central See Rio Gr Wes
Utali A North See Un Pacific
111 Aug'Ol
Utica A Black R See N Y Cent
105
11334 Dec '01
er Val Ind
<Se« Mo P
V irglnia Mid See South By
Va A South w't 1st gu 58.2003
84^8 Wabash 1st gold 53
1939
72\ Sale 711a
73 14
64
2d gold 58
1939
98 la Sale
9314
9734 103 Sa
99
Debenture series A
1939
90 Oct '03
90
901a
951a
Series B
1939
102
100 Sep '00
Ist lien equip s fd g 5s. .1921
100
Det A Ch Ext 1st g 5s. .1941
]06iaFeb'02
101
IO6I4 Aug'03
DesMoin Div Isl g 48. .1939
IO6I4 10934
106
Om Div 1st ir 3'2S
1941
10738
107
107
107 llOH
Tol A ChDlT 1st g 48... 1941
llli4May'03
IIII4IIII4
St Chas Bridge 1st g 6s. 1908
Warren ,See Del I^ac A West
Wash Cent See Nor Pao
101
102 Jan '03
102 102
Wash O A
See Southern
95ial00i8 West N Y A Pa 1st g 5s. .1937
97 14 Sale
9714
97»B
Gen gold 3-43
1943
3734
9218
87^ Sale 871a
84
Income 5s
til94
95 Apr'02
West
No
Ry
10212 1051a Feb '03
105ial05ia
Car See South
West Shore See N Y Cent
9933 Sale
9918
9938 96 96 102
99I4 99I4
Va Cent A P Ist g 6s.. 1911
99 14 Mar'03
Ist g 53.. .1926
84 14
82
84
881a Wheei'gA
841a 84 \i
Wheel Div 1st gold 58. .1928
Exten A Imp gold 5s. ..1930
107 14 111 110i4Feb'03
HOI4II2
1st consol 48
1949
99<%
105 105
105 Feb '03
104
103 109^8 Wilkes A East See Erie
1061a Oct '03
AM
lOlialogia WU A Sioux F See St P
103 Sale 1021a 103
Winona A St P 6'ee C A N
106 Sale 105
105
103 105
Wis Cent 50-yT Ist gen 4s. 1949
102 102 la Dec '02
.
,
i
94
BRA
Mont
W
81
W
Dakota ext gold 6s
M
NoT'03
112V
Dec
1
A'o
N(>v'(»2
103
Sabine Div l8tg68....1912
1943
Con gold 58
Southern— Ist con g 6s
1994
Registered
1994
Mob A Ohio coUtr c4s.. 1938
Mem Div 1st g 4i-j-5s... 1996
St l^)uia (liv 1st g 4s
H>51
1918
Ala Cen R lat g 6s
Atl A Danvl8tg48
1948
Atl A Yad Ist g guar 4s. 1949
Col A Greonv lat 69
1910
Div g 53. .1930
Con Ist gold 5s
1956
El Ten reor Uen g 5s
1938
Ga Pac Ry Ist g 68
1922
Knox A Ohio 1st g 6s.. .1925
Rich A Dan con g 68
1915
Deb 58 stamped
1927
Rich A JSIrck Istg4s...l948
So Car A Ga Ist g 5s. ...1919
Virginia Mid ser C68...1916
Series D 4-53
1921
Series E 5s
1926
General Ss
1936
Guar stjimped
1936
1st cy gii 4s. .1924
OA
West N C l8t con g 68. .1914
Ala See
Spok FaUs A Nor 1st g 63.1939
Stat Isl Ry Istgu g4i28..1943
M
Begist€re<l
1933
Be«tuc€<l to gold 4»g8.. 1933
-
A D...190C;
A F...1912
M
KCAMRABl8tgu5s.l92U
Seaboard Air Line g 48 ...1950
Coll tr refund g 5s
1911
Car Cent Ist coa g 48...1949
Fla Cen A Pen Ist g 5s. 1918
Ist land gr ext g 5s ...1930
Consolgold5s
1943
Ala Ry Ist con 5s ol945
jf Ga A
Ga Car A No lstgug53 1929
Seab A Roa 1st 5s
1926
Bher Shr A So See
KAT
8U Sp Uca A G See Atl Coast I.
Bod Bay A So Ist g 58
1924
So Car A Ga See Southern
So Pac Co— CoU tr g 4'qs..1905
Gold 48 (Cent Pac coll). A:1949
Registered
A:1949
A A N 1st gu g 5s.. ..1941
Cent Pac Ist ref gu g 48 1949
Registered
1949
Mortguargold3iaS..fcl92y
Registered
/l;1929
Gal Har A S A let g 6s.. 1910
2dgold78
1905
Mex A Pacl8tg5s
1931
87
104'ut05»4 1041% Dec '03
104 "12 Sale 1041a 1041a
125 Nov'03
1251s
112>3ll4 11234 113
2d gold 68 Cliiss C
1906
General gold 68
1931
General gold ds
1931
StLA S F RR cons g 4s. .'96
SoutUw Div l8lg68..1947
Refunding g 48
1951
K C Ft S A JI cong6s..l92>^
K C Ft S A M Ry ref g 4s 1 930
8 A A A P 6e« So Pac Co
8 F A N P 1st sink 1 g 58.1919
BavFAWest 5e« Atl Coast L
Scioto Val A N E See Nor & W
110ian2i.j
75
75
92
92
lOmNov'Ol
1949
Tus A H See Pere Jlaro
Sag
t Jo A Gr l8l l8t g 48. ..1947
St L.aw A Adirou 1st g 53.199t)
•2dgoUi Gs
1990
81 L A Cairo See Mob A Ohio
8t L A Iron Mount See M P
St L K C A N see Wabash
StLMBr i««TRR AofStL
St LA S Fran 2d g 68 CI B 1906
/
cl910
1905
1905
ETVaAGa
Bio Gr West See Den A Rio Gr
Kio iVr Juuo Isl gu g 58... 1939
Bio gr Su Isl gold 4's
1940
(juaraiitee*!
194U
Boch it PitU See B R A P
Borne Wat A Og See N Y Cent
Rutland Isl con g4'!]8
1941
'
I
SPacotN Mexl8tg68..1911
S P Coast Ist gug 48.. ..1937
1905
Tex A N O let 78
Bieli it Uau nee Soutl\ Uy
Bioli <b Aleck See Southern
,
St
lat guar g 6s
S Pof Cal lat g 6a
1st g lis seru's \i
1 3tg 6s series C
1st g6s aeries E
Nov'97
120 Oct "01
112 la Dec '02
118^4
Ill's.
Registered
1997
Jersey Ceut coll g 48. ..1951
Bensselaer A Sar nee D & H
'^s.
1
I12ie
1 1
High
130
122
,
1'2034
1912
1st con guar g 58
1937
Stamped
1905-. .1937
W
Rut-Caua<l lat gu g 4
Cal
126
1920
gu 1 st g 4.s 1 9
gu g (is .... 1 907
gold 5m
1 938
1st gold 6s
PlttvS Cin
St L See Peiiii Co
Pitta Clove A Tol i'M U A O
Pitts It
J6 CU
Hee Peiin Co
192',
Pitts Jimc 1st goUlUs
Pitts it L Erie 2d g 53...al92.'
puts .McKees & Y See X V con
Pitts SU <& t, E l8t g 08...194O
letooiisol gold 5s
1943
Pitta & West nee B A O
Pitta V it Ash lat oou OS. 1927
1997
Keaduig Co gou g 4s
1121..
Januarxil
1271-jFeb'O-.
Sofof Argu Iatg6s...cl909
m;
Ask Low
Since
or
.
G unran ti'e<
116
Last Sale
"91" "92"
Ore A Cal lat guar g 5s. 1927
S A A A Pass lat gu g 48. 1943
127
05
Dee 18
W
1st gold 68
120
96
Range
113
Consol g 68 int guar... 1912
Gen gold 48 int guar.. I!t21
Waco A N di v 1 st g Os '30
Morgan's La A T 1st 78. 1918
N Y T it M ex
104 lain
J-'ridaii
Bid
Jiigh
Range
Week's
JVice
STOCK K.XCHANGE
5 a;
Week E.ndinh Dko 19
N. T.
January
Low
2327
ItONDS
Range
2 114
121
.""".
i:
SagTusA
114
114
106 Aug'O:!
95 'j
95
102 Nov'97
112»4 Mar'OO
109
106
1 '.14
K
Lotp
3^
fCtmtintted)
DK K KA Bgelst su48«.'.Si)
Or K it I ex l8t gu g 4 i-js
8au A Lewis Ist g 4s. ..1930
f
Kattge or
Last Sals
Dec 18
Consol gold 03
1919
Cousol polit 4a
li'-i;
Convertible k 3><js
19r.
AlleK \'al lieu gu g 4s...l94'2
CIA Mar 1st gii g 4'-iS..19;!o
;
Week's
Price
fYidaii
STOCK EXCHANGE
Wkkk Ending dec 18
N. Y.
Penu
1
AG
10S»8.
11438
F-A
.
A-O
10714 J'ly'03
IO714 11234
114i2Dec'03
110
115
118
100
102
IIBI3
115
J'ne'03
100 Sep '03
M-S 100
J-D ll4i2Saae 1141a 115
Mar 85
90
81 J'ne'03
9 113
81
'
J.J
J-J
i'i
110
113 Dec'03
111 Sep '03
105 Nov'O
90 Nov'03 "6
90=2
90 k'
84 Dec'03
68I2
12
70
10934
113
A-O 108
J-D 103
SOifl
A-O
1177g
100
1084111
109
110
105
113
113
107
97
92
86
88
88
90 la 92
82
83
83 '8
80
70 Sale
68
A-O
98
98
J-D 921a 95
98 Apr '03
IO6I4 Dec'03
IO6I4 11014
J-D 106
J-J 102 la Sale 1023^ 102 12 232 99i8l03»8
99 IO3I9
102 >2 Dec'03
J-J
M-N 9514 Sale 95
95 la 579 9058 10714
1051410514
10514 Jan '03
M-K
98^8 Sale
9876 13 9634 102
J-D
98 la
1 120
1274
123
F-A 123 124 123
9 109
114
J-J 113iall4 1131a 114
92 12 141 87 4 98I4
92 Sale
91=8
F-A
115 Nov'02
J-J 110
11412 Apr'02
J-J 106
J-J
J-J
,
AW
y
J.J
101
102
101
la
101
12
8 100
'
J-J
60^8 Sale
M-S
J-J
A-O
M-S
A-O 106
5934
OlSg 775
104'2Dec'02
108 Nov'03
108 13.
J-J
81 la
.
514
105
97 May'(l2
80 Nov'03
98 ]\lar'0:
109 la Mar'03
W
LE
,
M
,
J-J
1171a 1171-^
9578 Oct '03
A-O
Nov "io".
J-J
112
108"'
ib94
114
1184
....
106 108
112 1164
IIOI4IIOI4
110 110
93»4
85
112
112
A-O 11058-..
11218 J'ly'03
J-J
F-A
1
108 'a...
9441014
Mar'Ol
40
llOia--..
8434
10979
"so" "854
W
'
1034
15 1124118
11334 114
11334
114
F-A lOOBgSale 106 '2 10()'^4 4 103 4111
100 10178
lOlia Apr'03
95
J-J
Wl-N
10 14 Nov'03
110 Mar'03
M-S
'
8714
88I2
87
J-J
*
8934
90'-4
8919
90
33
1014
102
15
12
W
Dec'03
86
92i«
MISCELLANEOUS BONDS—Concluded.
Uannfactarins &. Industrial
Am Thread Ist ool tr 4s. ..1919
Bar A S Car Co 1st g 6s.. .1942
Oon8olTobacco50-yr g 4S.1S51
Distil Sec Cor conv Isi g 58.'27
Distm of Ainer coll tr g 58.1911
Steel Co deb os
1910
Non-conv deben 58
1913
Int Paper Co Ist con g 68.1918
Knlcker Ice (Chic) Ist g 58.'2S
m
lAekav
Steel Ist g 5s. ...1923
JTat Starch Mfg Co Ist g 68 1920
Mlscelianeons
J-J
J-J
F-A
A-O
77
66»8 Sale
61 Sale
J-J
J-J
92
5638
604
99
99
100
A-O
F-A 106
A-O
A O
M-N
77
106
IO6I4
.
9078.
93
93
89
64
77
77
80
514
6734
Jan '00
5738 185
614 30 68
Sep '03
Jan "99
May'02
B'kl'n FerryCol8lcon8g58'48 P-A
Chic Jc A St Yard col g 53.1915 J-J
DetM AMldgr incomes. .1911 A-O
Hoboken LAI gold 58.. .1910 M-N
Mad Sq Garden 1st g 5s.. 1919 M-N
Man Bch HAL gen g 48.. 1940 M-N
914 974 Newp Ne Ship A D D 5s dl990 J-J
Feb '03
103
93
Nov'03
Nov'03
De«'03
89
IO6I4
77
9834 100
Adams Ex coltr g43
1948 M-S 1014102
Am Dk A Imp 58 6'eeCenlNJ
AmSSCooI WVag5s....l920 M-N
1004.
84
110
93
NY Dock
50-yrl.stg43..1951
80
St Joseph Stk Yds 1st 44s. 1930
St L Ter Cupples Stat'n A Prop
68
Co Ist g 448 5-20 year.. 1917
134
1144 S Yuba Wat Co con g 68.. 1923
91
Sp Val Wat Works Ist 68.1906
80
U S Bed A Ref Ist s f g 68.1931
95
Nat Starch Co 8 f deb 58. .1925 J-J
64
Btan Rope A T Ist g 68. ..1946 FA
35 4 Sale
3434
354 11 33
Income gold 5s
1946
1% 20 1
14 1
LeathCo sf deb g68.. 1913 M-ii 1074-... 107 Dec'03
58
106
W 8 Shlpbldg coU A mge
68. '22 F-A
91
91 Jan '03
'lat s f 5s g "A"
1932 J-J
23
25 4 J'ly '03
« 8 Steel Corpcoltr2d5s.d'6S M-N 70 Sale 684 704 2772 65 87»8
Ko price Frldar; latest bid and a«ke<L a Dae Jan 6 Due Feb e Due Mar d Due Apr ADueJ'17
it
Due Aug
«
F-A
90
1014106
10034 J'no'02
73
111
83
Mar'03
Mar'Ol
50
Feb '02
90
73
76
72" "964
83
894 96
90
J-J
J-D
108
J-J
M-S
1014
108 Nov'03
1134J'ly'0O
79 Aug'03
Due Oct p Due Not gl>ae Deo
«
104
108
""7*9""
"8"6*
Option sal*
BOSTON STOCK EXOHiNGE-Stock
Share
Saturday
Monday
Dte. :3
Vte. 14
Pricest
— Not
Trtesdav
Dec. 15
Per Centum Price*
BOSTON STOCK
>'r«<<oi/
Dec. 17
Dec.
68 Hi 63%
68% 6834 67% 6734 66%
67%
93
93
92 Ha 92 "^
92% 92 >* 9134
92 Hi
244 244
244 245
244 245
244 24">
244 Ha 244 '•J
2-lJ
140 1403^ 140 14034 14034 140*4 14034 1403j 14034 1403,
14t)
233 235 ••>S3 235
235 235
235 235
230
235
23o •-'35
168
165 166
166
166 166
168 IbS
166
ll>3
170
LastSale no
170
Pec '0
171
•I7l>
•294
•294
Last Sale 2.<J5
2i'4
Nov'Oo
••JiU
139 142
139 141
139 141
139% 139 H;
141
•13i>
»119 ....
•119
119
119 121
119 121
IJl 121
fjastsalc 1S4
184
Deo "03
184
184
160
J^ast Sale
Deo '03
165
.163
,163
•270"
•270
Last .Sale i?72% Deo'03
•JYo"
136 136
135 135
'136
136
136 136
Last Sale 4-i
Mar'03
•1
174 .... *
174
174
174 174
174
-20
•18%
Last
-JO
20
Sale
Dec'03
lit
ISHi
"76
77
76
76
76
76
76
70
76
76
77
77
IOI4
•9% lOHi •9 Hi 10
•914
10>«
lO's
"i»>4
•9-a lOHi
196 "4 197 1194 14 195
195 195
195 % 195 H; 195
195 '4
197 197
161 14 161 H;
LastSale 223
213 -•-'a •213 225 *221
Deo'03
*J15 '2-25
199 •201
199 '4 199^4
20U 202 19S'4 201
200
••JO I
20J
•79'
•7«!
"79
79
•79
82
81
82
Si's
79% 797^
•70
•70
•72
•70 74'
74
71%
71
74
70
H;
71
•36
•36
*36
40
39
36
37
40
39
39 Hi
4U
•So
Last Sale 75 '4 Oct '03
•40
•40
•40
Last Sale SO
•40
75
75
75
beb'03
75
92
92
78% 78*8 "is
78 >« 79 S
78% 78
77'« 77'»
78 Hj 79 14
78Hi
8734 88^4 •87% 87%
S734 88
•87»4 88»4 -S734 88'4
88
88 >*
163
163
163 163
'163 ...
163
163
89 Hi '89
89% 89 Hi «9
89 »a S9H,
89 Hi 'S9'a
Si*"- 89 Sj
89 Hi
110%110 *110
IIOH2III
110 Ul
'109 Ul
110 110
Ul
16 "a 16 Hj
Last Sale c;s% J'ly'03
'145
145
145
146
67 »5,
91
68% 68%
07^
•92^4
>y
9'2^4
•
'
'.J
14>«
68
•3^
14
69
14^8
68^8
4
•3>a
•15H:
•15V.
16
12J>4l23
'l-JO'i
124
•7I4
125
66>-j
•3>a
4'4
8
•5»a
•230
105
115
8
•734
66»4
•3'a
'
8
6
233
165
•5Hs
l**
122
69%
101
•
16
78^4
182
•i"*
l"*
6^4
•2
3
103
•47»a 48'2
29
29
10
10%
51»4 53
••70
^85
8
•71a
•
81
•75
•90
80
100
•15
124
67
•3%
4'4
r
•3%
4>,
"8% 8%
•6%
•734
6634
67
115
7SHi
182
8
•5%
6
230
164
3834
1%
1%
*2
3
101 Hj 103
48 >a 48 >a
29i«
29>«
lOHi IOHj
52 7g 5378
••70
-85
8
•7>a
80>a SOHj
76
125% 122%
121 '4 120%
12634 125%
25
8
•2
3
'"2
100
49
48%
49 Hi
29% 29%
1034
1034
32% 54 "4
•70
•85
8
8
80
80
«80
98
•75
•85
80
90
2
•4
2
2
98
29
3
101
49
29 >4
17
12334
121
1253j
8-^4
Last Sale
230
8
•534
230
230
78%
'
165
38%
78%
781.
8
Dec'03
230
165
38%
78%
177% 175
177H2
1% 1% •1%
1%
LastSale 40
Aug'03
122 122 Hi 122
122
LastSale y
j'iie'03
218
218
217
LastSale
LastSale
217
6»4
101%
SSi^
Last Sale 28
100% 103
3Hi
8%
8
67
•6% 7
•6% 7
7
IOII4 •101 "4101% '10114101%
25
70
17
'164 Hi 166
3834 39%
3938
218
101
8
6
233
165
l\i
J
100%101H2 100
634
lOlHi
Aug'03
Sep '03
Nov'03
100
48% 48% a47%
47 Hi
29'4
29
29
29
LastSale 7%
Deo'03
LastSale 7734 Oct '03
Last Sale 10
Oct '03
LastSale 38^ Dec'03
10 14 10 Hi
10%
10%
5214 53%
53% 54»8 54
55%
••70
•85
LastSale 75
Xov'03
-(% 8
•7% 8
7"8
7%
81
80 Hi 80
81
•75" 80
Last Sale 73
Dec'03
10%
1014
r
•90
100
Top
Do
Boston
Boston
Boston
Boston
Do
Boston
FelOO
1,711
UHI
100
cte AlUiiny
Klovateil
100
100
tfc Lowell
100
<k Maine
pref
100
* Providence 100
432
98
517
40
i>r<'t
Cliic Juno
Do
:>auta
.v.-
Ky
<fc
U S Y 1 Ot
100
Con* Mont Class 4.. 100
Conn .ft I'ass Riv prel 100
Connecticut Kiver...llH>
100
Fitchburfr pret
Houston El'trio com. 100
j'Maine Central
100
Mass Electric Cos
100
Do pref
100
Mexican Central
100
N Y N A Hart.... 100
Northern N H
100
Norwich & Wor pref loo
Old Colony
100
Pere Marquette
100
Do pref
100
Rutland pref
100
Savannah Elec com.. 100
Seattle Electric
100
Do pref
100
Union Pacific
100
Do pref
100
Vermont <& Mass
100
West End St
50
Do pref
50
Wisconsin Central.:. 100
Do pref
100
pref
H
Wore Nash
&
Roch..lOO
Lotoest
54 14
85
244
134
230
161
170
•290
Amer Agricul CUeni.lOO
Do pref
100
AmerPneuServ
50
Do pref
50
Amer Sugar Reliu
100
Do pref
100
Amer Telep & Teleg.lOO
Amer Woolen
100
2>a
4434
••50
46%
•4
11
•18
••80
•25
-734
20^4
••40
•4
435
4»4
•50
•4
47% 48%
2
434
4734
••50
434
4334
1
•50
1
11
11
-ISHi 19'a
•10
•19
11
20
•10
•19
11
-87 H;
•87 »a ••80
••25
•50
^50
734
734
8H2
•80
•25
•80
•50
•80
••25
•80
•30
1
11
19
21
•60
5
435
••07
•08
1534 IS'^e
7
••93
4»«
43% 47%
2I4
434
•90
100
2
2
*90
100
-95
44 "a 46^4
1
20^1 20 "a
••40
-60
734
8%
20% 20 Hi
7%
20
20
7Hi
20 14
•30
•30
432
433
07
433
•6
16
7
•95
•95
4
'10
11
435
•07
•OH
1534 1534
•6
7
•'•96" •95"
432
07
•08
1534 1014
6% 614
•93
^95
15%
•08
•734
20
»H,
20%
434
434
44%
4^34
35 H,
75
112"* 112 14
46
46%
35
35
•74% 75 Hi
46
35
47
35
1
10
73.
20
•40
2 Hi
435
2>4
Lasi Sale 40
••90
^92
45
34
46 Hi
34 Hi
7434 70
•90
2(^%
44%
33
76
Aug 10 89% Jan 10
AuglO 10314 Jan 10
Feb
Jan
4
5
>50
Apr
8
J'ue 5 195
J'ue 6 177
J'lylT 305
Sep 2 157
Not It! 125
Jan
5
J'nelli 262 Hi
Aug 6 154
Aug
7
Apr 22
Marl3
Jan 6
Jan 2
196%Mar'24
Marl9
Feb 19
143HiFeblO
170
286
42
180
Mar
9
FebK
N0VI8 3734 Feb 18
116 75% Nov 7 96 Jan
17
40
S%Novl3 2S%Apr25
500 tl«SHiMay21 225 Jan 7
9 16 1
14
220
13 196
100 74
13
130
30
7
75
20
1.713
24
Dec
18
Aug
b
J'ly25
Sep 25
J'lylo
J'ly
8
Jan 5
91% Oct 14
6634 Aug 8
83HiOct 14
Sep 8
5 a;162
261 87 Hi Aug 7
S9 108 Sep 10
12 15% Nov 6
3818 J'ly 23
Sep 24
4 144
760
753
80
180
9
173% Mar 3
Marll
Sep 25 232
212%Febl3
Novl3 26
66%Nov25 86 14
Febll
Feb 14
Adventure Con
25
25
Dec
76% Dec
4 Jan
19
Sep '^3
7
.Mar 2
Sep 26 24 Mar 4 21 J'ne
9,190 107% Oct 12 134i4Jan 8 112% Nov
355 UG AugU 122%Feblw 115 Jan
5,015 114% Oct 8 lUOHiFeblS 155 Mar
(53^ Oct 15
14% Feb 24 12 Dec
300
830 65 Oct 15 7914 Jan22 73 Apr
3% J'ly 2 534 Jan 22
334 May
115 Oct 23 127 Jan 6 122% Apr
C%Nov 6 62% Jan
15
Jan
1,100
5 Hi Oct 1(3
8^4 Jan
7 Nov
" '22'4
J'ly
24
225
310 Feb 17 244 Jan
107 138 Sep 28 204 Feb 16 i|17134 Oct
4834 Feb 20 36% Nov
21,634 30 J'ly 2
3
12
1,555
2
Deo 14 18
Jan
i
Highest
74% Jan 96 ^> Sep
95% Mar 106 "Sep
256 Hi Dec 266 May
149% Dec 173 JNlar
236 J'ne .48 -\pr
190HiNov 209 Apr
171 Oct 183 Apr
297% J'ue 307 Mar
150 Sep 172 Mar
123 Nov 136 Mar
196 Nov ;02 Jan
160 J'ne 1_ 66% Feb
280 Oct 295 Feb
141 Dec 148 Mar
47 J'ly 50 J'ne
172 Jan 178%J'ly
33 Dec 45% Apr
92 Jan 99 J'ne
22% Dec 31 Mar
210 Jan J54 Apr
170 Jan 175 Jan
230 Jan 238 Apr
206 Dec 217 Ai)r
as May 85% Sep
79% May 91 J'ly
64% Dec 125 14 Apr
25 Nov 31 J'ly
58 Jan 90 May
103 Oct 110 Mar
93% Dec 113 Aug^
Mayll
Jan 9
Jan 20
Jan 12
8434 Jan 10
104% Jan 6
104% J an
95 Jan 2
86% Mar
178 Feb25 172 Jan
97 Feb 10 92% Oct
116 Febl4 lll%Dec
26% Jan 15 19%Jan
52 Jan 15 39% Jan
150 Jan 14 145 Nov
91
85
71
25
100
10
Tel
<fc
100
Dominion Iron <fc St
East Boston Land
Ellison Elec Ilium.. .100
General Electric
100
Mass'chusettstiasCoslOO
Do pref
100 2,5U5 74% J'ly 24 88% Feb 17
Mergenthaler Lino.. 100
100 IG434 Aug 10 190 Feb 2
1% Oct 12 2% Jan 29
Mexican Telephone.. 10
500
2434 J'ly 10 86 Jan
N E Cotton Yarn pref 100
N E Telephone
100 ""S6 121 NovlS 139 Jan
9 Apr 24 20 Jan 6
Plant Comp new com. 100
PuUmanCo
112 197 J'ly 15 237 Jan 9
100
63^ Dec 9 10
Feb 13
Reece Button-Hole.. 10
30
SWLft cfc Co
171 99 J'ly 27 132 Jan
100
J'nell
25
2634 Jan 15
Torrington Class A.. 25
28 J'ly 8 2934 Jan
Do pref
23
134 Jan 12
5 Apr21
Union Cop li'd & Mg. 25
91 Augl3 111 Jan 10
United i^mt
100
,331
3«%Oct
19
63 Jan 2
United Shoe Mach... 25
684
Do pref
370 •27 Aug 11 31% Feb 5
25
7 Sep 30 15%Pebll
US Leather
100
7134 Oct 15 95% May 6
Do pref
100
9 Oct i
18%Pebl6
U S Rubber
100
33 J'ly 27 57 Hi Jan
Do prel
100
U S Steel Corp
100 •2,861 10 NoviO 39% Feb
Do pref
100 10,543 4934 NovlO 89% Jan
•50 Jan 14 80 Mar 4
West End Land
25
7%Novl3 28 Jan 12
West Telep <fe Teleg.lOO
23
Do pref
100
110 71 Oct 23 102 F"eb28
67 Oct 26 108 Feb 2
Westing El & MIg... 50
8O34 Oct 1 110 Jan 29
Do prel
50
82
170
94% Aug
178
99
117
J'ly
Mar
J'ne
34% J'ly
55
152
'2
Sep
Hi
Max;
32% J'ly
91
J'ly
May
May
135% Mar
934
3734
123
Sep
185% Apr
17% Jan
8O34 Jan
4 % May
1303, Apr
.
79% Aug
9% Mar
285
May
33234
Apr
4134 No-a
Nov 87 14 Oct 1
Jan 190
Sep
l%Dec
87
135
21
216
6
100
26
28
33^ Apr
Nov 93%J'ne
Jan 151 Apr
Dec 41 % Sep
Jan 250 J'ly
Jan 10 Is Oct
Jan 177 J'ly
Oct 27 Jan
Jan 30 Oct
l%Aug
2% Mar
85% Jan 117
Sep
46
57i4May
29
33% Apr
Jan
Jan
11% Jan
80% Jan
15i4Sep
91% Sep
19% Oct
13%Jan
Jan 62% Mac
29% Dec 4634 Jan
79% Dec 97%Jani
72% Mar 1^12%Apr
22 Dec 33% Apr
49
91
Feb 106%Apri
86%Jan 115% Apr
89
Jan 117
Apn
12% Dec d 24% Apr
434 Mar
2 Aug
53% Nov 78% Feb
l%Nov 334 Apr
3% Jan 3 8% Mar
50
414 Allouez
48% Amalgamated CopperlOO 48,801 3334 Oct 14 75% Marl'.
50
Feb 9
li4FeblO
Oct '03 Amer Gold Dredging 5
6 Jan 2 1234Mar21
6 Dec 16%J'ly
Am Zinc Lead & Sm.
200
11
15% J'ly 24 31% Feb 25 21 Nov 35 Jan
25
Dec'03 Anaconda
Sep
'406 •75
26
6% Feb 9 3 Hi Jan 13% Mar
•81
Aicadian
25
Apr 9 •95 Marl9 37% Dec
•25
1
Jan
25
„
Sep '03 Arnold
Oct
6
9 Dec
7
Feb 10
6 Dec
14%
Atlantic
133
25
8H.
20 14 Bingham Con MintSi S 50 1,295 20 Deo 1 39% Feb 10 20% Jan 3934 Apr
-40
Bonanza (Dev Co)... 10
600 •40 Declb •90 Maris •40 J'ly II20 Max
2% Oct 13 8 Feb 3
5% Sep 10%Mari
Oct '03 British Coltun (Ltd). 5
&
<
Hecla.... 25
19 400
10
25
Central Oil
25
Sep '03 Cochin Tr Co rects.. 10
•OS
435
Calumet
LastSale OS
May'03 Catalpa (Silver)
15% 10
1434
15 Centennial
LastSale
3d
•74
414
47%
Last Sale i9%
"•80
1
•81
Last Sale 50
Last Sale
435
2%
434
47% 49%
LastSale
Loivett
Jiiiifiest
10 133
110
184 Nov2I
160 Jan 5
270 Aug 7
252 131 J'ly20
42 Mar 9
10 173HiMftylo
iVIiaiiig
2>9
Hange lor Previous
Year (lUO-Jj
Week
SUare/,
67
J^o pref
66%
Last Sale 3%
Kov'03 Boston Land
Last Sale 115\t Oct '03 Cumberl Telep
814
12234
101 H.
35
126
8
67
4I4
217H» 217
101
16
123
121
8
67
123% •122
'
70
3%
16
217'a '217
7
-6>a
6%
1318
334
115
•
13%
13
69% 70
69 Hi
78'4 78%
78% 78%
'175 176
•173 178
1H>
13
12534
12034 12 1»4
126 12734
124-4
121
1^24% 126 Hi
8
8
8
67 >4
6
•3%
122^4 •122
122»4 •122
102
124
121
124^4
120^4
124^4
115
8
•69
69
•3% 4
•15% 16
Atcli
lor Year
1903
the
AliscellaiieoiiN
13% 13%
230»8230i« 233 233
165
164 164
3334 3934
37% 39
183
101
25
69
4
216'Q216'rj 217
6»4
•13% 14
>4
'163
36>8 3738
78'«
78
182
•JO "a
1
124
8
66'4
•
123
iL'tl^i
14
0/
EXCHANGE
IS
Bange
Sales
.ST<»CK.«*
Thursday
Wedneniay
Dee. 16
Weekly and Yearly
Record, Daily,
Cons Mercur Gold...
•ao
'03 Continental Zinc
Sep
5
25
45% Copper Range Con ColOO
20
34 Daly. West
J'ly 24 551
Feb 10 •10
J'ly 24 31%
Marl 2 420
Febll •10
Fob 10 11
Dec 650
Apr 12
Feb,
Jan
12
534
Sep 23
100
76 Dominion Coal
Do pref
100
113
'2
"2
2%
12
2H!
314
2<a
Deo'03 Elm River
2>a
FrankJln
7% 7H2 *7
23
V%
7% 7H:
7% 7%
8
7«8
7>a
334 J 'ly 24
6%Apr23
4I18
4I32
•4
1,490
4ii«
Gran
by
ConsobdateiL
10
4%6
4iie
4I3J
4%
4h8
4h6
3 Jan 12
2% Dec o1% Jan
• 02
•75
••60
•00
300 •50 Deo 8
•85
'75
•IJ2
•75
Guanajuato Cousol.. 5
% •75 ••50 •75
J'ly
15
Feb
17%
Feb 9
934 Dec 25
5%
V
6''4
634
740
•634 .—
6% 6% •6% 7
6H, Isle Koyale (Copper). 25
6%
J'ly
24
3
18
Feb
6
12
% Dec 21 %May
.
4
•4
4
•4
4
160
4%
4
25
4»2
4
4
'4
4Hi Mass Consol
%Mar
2% Jan 23
l%Sep
3%
•oO Dec 7
•30
••50
••50
••50
Last Sale 75
1
1
25
1
1
Dec'03 MayHower
5I4
43^ Dec 16 11% Feb 9
7 Nov dVi I4 Mac
5I4
434
434
434
434
660
25
6
5% 5I4
434
434 Michigan
6
I4 SepH
J'ly24
49
58
Feb
13
Jan
d27
•37
637 31
•35 Hi 37
3»
36% 36% 36
36
36
36 Hi
25
36 Mohawk t
6 Oct
8 Marl3
2 Nov 4
3 J'ly
•3
•3
LastSale 3%
•3
4
4
4
Dec'03 Montana Coal <fc Coke 25
4
434 Max
•90
2% Jan 10
l%J'ly
•70
•85
••75
•90
••70
•85
•32 Hi ••75
125 •55 Nov30
•70
70 Montreal <& Boston.. 5
1
Miiyii
•75
134 Jaa<
1
Jan
1% Jan 23
LastSale 76
25
ilay'OS National
•50
J'neiy
75
Dec
2%
Feb
9
4% Mar
•75
•1
•1
•V5
•1
25
1% •1
IHi
IH,
IHi Old Colony
IHi
Oct
Feb
8
Nov
25
23%
Feb
5
9
14
%
•9
9
•9
95
10
9
9%
9
Old Dominion (Cop).. 25
10
805 43% J'ly 24 79 Feb 9 47 % Nov 8934 Feb
25
59
59
59
59
58% 59
59
59
58 "a
08 Osceola
58
5a
666 16 J'ly 24 34 Fob 10 21 Nov 34 Feb.
22
23
2234 •2234
22% 2234 22
22
22
21
22 Parrolt(Silv& Copp) 10
21
5 May
3 Dec
2% Dec 17 7%Pebll
•2
423
25
3
3
3
Phcenix Consol t
3
3
3
3
2% 2i'',fl •2%
J
8.
118 80 Oct 15 126% Feb 6 100 Nov 147 Feb
85
25
•85
86
85
85
"a734 90
90
86
85
85 Quincy
4 F'eblO
l%J'ue 314 Mar
125 75 Nov 13
•1
25
1
1%
1
1% 1% •H7% •8V Hi
1\
1% Rhode Island
1%
4 Feb
3 Jan 23
l%Sep
1 J'ly 24
425
1^4
1^4
134
1=4 Santa Fe(Gold& Cop) 10
IHi 1*4
*1%
1% 1%
•1H»
•l>a
V-'i
Dec
3
Nov 18 May
7
14%Apr23
8
8
10 1,710
8
8
8
r\ 7% •734 «
8
8 Shannon
S
7%
J'ly
Feb
Dec
281
24
190
ieb
75
140
6
25
•86
•85
•86
25
•85
90
90
90
86 Tamarack
90
»5
25 N0VI3 l«i6Feb 9 50 Jan
3Hi J'ne
Last Sale So
25
Nov'03 Tecumseh
1338 Mar 18% J'lyi
1734 Jan 28 3334 Marl2
LastSale 33
25
.)'ly'03 Tennessee
70 Sep 2 106%Feb20 d'ii Jan 125 Feb
Last Sale U
25
Sep '03 Tnraountain
4i4J'Jy24
14
Feb
9
8 Dec 18% Mat
'0
•4
•4
210
•434
25
•4^4
434
434
434
434 Trinity
7 i.jNov23 3134 Jan 2
27 Sep 35% J'ly
100
LastSale
Nov'03 United Copper
18'-,
18 '4 UnitedStates Jfining 25 1,090 l<>i4J'iy24 27% Feb 9 1314 Jan 23 Dec
17 78 17^8
18
17
18% 18Hi I8I4 18 Hi 18
18
Si8Nov27 17 Mar 16 13 Nov 18% J'ly
441
•8
834
«34
•8% H34
8% .13., •8
9
MS.
8H:
83b Unit States Coal &Oil 25
4^85 12,5«0 22 Jau24 33%.\lay23 19% J'ly 27% Feb
3014 3034 x29
29=>4
30'4
Utah Con (Gold)
30 Hi
29
29 Si 2934
30
29
29%
Oct
•>
7
<>
l.-SgDeclO
9
Feb 9
4 Dec
886
25
Victoria
2
2
2
2
2
1% 2
6 A
5 '3 J'ly 24 11434 Mar 16 dl Jan
485
•7 Hi
734
Winona
25
7
7>4
7
7 Hi
7% 714
T^
7Hi ^i
7Hi
65
r)eS,
Jan
'28
77
Marl2
42
221 61 J'ly
25
•67% 6i% 68
68
68
68 Wolverine
68
67 H» 68
68
68 >2 58 Hi
2% .Marl 7 •50 Nov 1-34 J
•9'.»
100 75 Oct 22
•9<»
•99
25
•95
•87%
1**
•87%
h. Wyandot
New stock. rA8.s'tpaia. t Ex-rights. aEx-tliv.& right* y
6JBeIorepay'tota,-i»e.i3'tscjille<lin 1903. d Before pay'tota-iaess'tscalled in 190^2. -iJul and asked.
74
•111
74
112
Ul
'2
113
7534
7534
11214112^4
113 •Ul
Ul
Last Sale
6%
4
3
9
1
•
>
1
;|
I
Jan 28 Man
9%J'ly 3
6% Dec 834 May
50
25 J'nel8 •40 Sep 22 25 Apr
2 Jan
"'556 •ij5 Novlo 1^^32 Jan 2
2% J'ly
1% Jan
10% Sep 24 16 Mar24 15 Oct 19-'4 J'ly
65i4 0ct
J'ly
24
75
Mar
Feb
13
4334
37
16,765
590 31 NovlO 48 Hi May 7 18% Mar 56 J'ly
250 59% Oct 13 131% Jan 10 54 Jan 146 Hi Sep
10 106 Oct 16 118% Feb 6 113 Dec 119 Jan
2 Oct 2
5 Marl7
1% Jan 5% Mar
7 J'ly 23 14 Feb 9
7% Deo 1534 Feb
500
1,113
—
5.
Dec.
BOM>si
^;
Week's
Kanye
lYidav
Dee 18
Bid
98
98
Am Bell Telephone 4» lOOS J-J
Am Telep & Tel coll tr 4s.l!)'-';i JJ
Nebraska Isl 7<s..l'.iOS MS
AtohTop €& S Ke Ken g 48. li>'.»r> .\-o
Adjustment s 4»
J'ly 1995 Nov
Ask
"-i
97
<fc
Improvement 4s
87
BostUuUaslst
OS trrecta-19;t9 J.J
19;>9 J.J
OS trust receipts
191S J-J
19 IS J-J
Sinkmi; tunil 43
1910 J-J
Butte* Boston 1st 6s
1917
Alo K 1st 7s.l9U> M-N
Ce<tar Hap
1909 J-1)
2(178
Cent Vermt 1st k 4s.. May 1920 li-K
Chic Burl it Q extend 4s. l9o:> J-J
Iowa Div Ist OS
1919 A-O
lowaDlv Ist 48
1919 A-O
Debenture os
1918 M-N
Denver Kxteu 4s
1922 FA
Nebraska Exten 48
1927 M-N
B<fc SW8l4s
1921
Illinois Div ;i»-js
1949 J-J
Joiul bonds Ace Gl Northern
Chic Jo liy A Stk Yds 5s .1915 J-J
Coll trust reliiuding s 4sl940 A-O
Oh Mil ifc SI P Dub I) 6s.. 1920 J-J
Ch M A St P Wis V dlv 6sl920 J-J
Chic it NoMich 1st cru 5s. 1981 M-N
Chic it
Mich sen 5s. ...1921 J-D
Concord ife Mont cons 48.. 1920 J-D
Conn <fc Pass K Ist g 48. ..1948 A-O
Current lliver 1st 53
1927
Det Gr Hap it
1st 48... 1946 A-O
Dominion Coal 1st 63
1918 M-S
Eastern 1st gold 63
1906 .M-S
Fitohburg 48
1904 M-S
4s
1927 M-S
lis
AO
97
101 Sj
1
86
92
129^8 Nov'08
117-4 Feb'08
84 Deo'oa
99»4
99^^
>)bi
82
MS
W
AC
84
101
U3'-jll3'u
io2;s,n8
80
91
111
1150b
105
Keb'08
10534
98
100 'b
98 »e
98
90
99
96 V2
105
Philadelphia and Baltimore Stock
Monday
Tuesday
Dec. 15
14
Dec.
110
135-2 138
185 --2 137-2
Dec '03
91 1« 132 87-4 94 --2
9034 Deo '03
87-^ 94
1921 Q.J
*
No
Dec. 17
(Sor Bonds and Inactive
lYiday
18
08 -a
Stocks see below)
Dec.
Dec '08
75
104
95
103
102
Nov'08
J'ne'08
Mai'd'95 H
Nov'o;'
102
95
:
"-i
F-A
J-J
M-N
J-J
J-J
F-A
100
103
M-S
M-N
M-S 101
M-N
M-N
M-S
M-N
100
101
105
99 -2 Sale
J-J
J-J
J-J
latest bid
Daily,
06
'b
1
!
104-4
106-8
106
102
lors, 10334
119
110
96-u
9(t
106
101
107
107
9Sv, lOlSi
92 "« 106
38
lU
1051.2
108
'02
'02
--2
J'no'08
Apr "08
10234 1(1234
-s Nov'03
102 104-4
98 14 1 05
11
9910
-H
87-4 J'ly '01
11238 Oct '03
and asked.
1|
1123b 11238
Trust Co.
oils.
Weekly, Yearly
£ange Jor Year
1903
Sales
the
Of
'-2
103
102 --2
02 ^z
10234
102
99
F-A
Sep
Oct
(!2 'y
102
lOOTg lOO's
9438 Nov'03
100-2 101 -a
102
26
10
75
9-4
Oct '(18
102-2
102
106 'b Mar'08
102 IX'C'08
10134 Nov'03
112 Miiy'Ol
100 -s Oct '02
119 J'ly '08
105 Oct '02
100 J'ne'02
102 Mar'02
90 Nov'08
101 Nov'08
107 Feb'08
102
101
91
13-8
75
'-2
99
11434 lis
6S-.2 7834
J'lie'O:!
'-2
124-4
lOC-e 108 -a
i07--2 111-8
101
104
12138 123-4
102 102
1021-2
J -I)
Exchanges— Stock Record,
SOi-j
130
104
11'2-a
114
95
79
--2
1143, Oct '08
69 1-2 Dec '08
15-V Dec '08
9 '4 Sep '03
F-A
;
'08
118
Aug'li3
122
102
J-J
J-J
price Friday
ACTIVE STOCKS
Thursday
100
gr g4s.l947 J-J
1
Sep
100
109
106-8 .Mivv'03
lOS Dec '08
101-4
101-S
107>.j
100
96-2 10«)
101-a
96'-2
126'-2
Dec '08
96
....
A-O
1907 A-O
190S A-O
1915 X-O
1911
Umt<?d Fruit conv gen OS. 1911
1908
Vermont* Mass 5s
West Kud Street Hyg 58.. 1902
1914
Gold4'-2S
1916
Gold debenture 4a
1917
Gold 43
Western Teleph & Tel 58.1932
Wisconsin Cent 1st gen 4sl 949
Wisconsin VaUey Ist 7s. .1909
price for all Boston Bonds.
Cenciiin Prices
Wedne.<ida!/
J)ec.l6
SO
190(>
1st lienconv 4s
IO4I12IO7I4
Nov'03
136
136
90
KH&
Union Pac
II2I4 112-4
99 -2 10334
95i.ilOO
NoTK— Buyer pays accrued interest in addition to the pnrcha3e
••iaturday
Dee. 12
128
127 >2
107
107 "2
Si
1
J'ly
J'ly
1905
1905
1924
Old Colony gold 4s
con
1940
Ky
Nav
43..
<b
Ores
g
1922
Oreg Sh Line Ist g 6s
Bepub Valley Ist s I 63. ..1919
1902
Kutland 1st 6s
Kutland-Canadlnn 1st 481949
Savannah Klcc 1st cons 53. 1952
1980
Seattle Klec 1st g 5s
1918
Torriuglon 1st g 5s
96
Oct '08
Oct '08
100-4 l)ec't)3
tr
EngTelepli 6s
-.J
Low High
.Vo
Jlipll
9ti
96
J.J
Jan 1939
Jan 1939
January 1
107 >-j....
09
118 1 18 -.2 118
.Sj) 1
1st 68
16
125
100
J -I)
1
Hiiice
Last Hale
12s
M-N
M-S
NYifeN Engl8t78
108 1.J 10734
123
100
102
4 a.. 191
6s
6s
5s
1(I5'.|
"-.i
Share Prices — Not Per
New
99^8 Nov'08
106»4 Uec'O
11
A-O
.\0
rec.1929 J-J
MinueGen Elec con k 58 1929 J1929 F-A
New Kng l-ol Yarn 58
»-j
Dec '03
A-l)
si
Ist cons mc 8s
2d cons ino 83
Mich Telep cons 5s
'.I
Deo '08
93
,
.
un>>4
105 Vj 106
97 Nov'03
123 .... 125 J'ly '08
123 .... 128 Oct 'O:
101 103
102 Nov'03
104H2l05'a 105 '4 105 '4
109 »4 Mar'02
112»i Jan '03
99 Dec '08
100 101
96 Nor'08
95
97
106
106 NOT'08
105
104 !•< Dec '03
lOO'a Mar'02
111-4 .May'02
90 14 Sale
7 '4 1 1
SS
80
99
99^4
107-\107'f
99 102
16
'O:
106
J-J
1
1
Mexican Central cons
1290^ 132 ''4
1
"95"
Cons 1st 4s
1912 A-O
Mani lloiiKliitOut Ist68.1925 A-O
99 >a
97
J-J
.V-O
7s.. 1907 J-J
I. Kit Ft Sill IdKr lst.7s...l9i)5 J-J
Maine Cent cons 1st 78. ..1912 A-O
KauCStJoitCB
Hanye or
Ask Low
iitii
101
Oct
clSis
Deo IS
deben 58
1910
Noncoiivert ilebeu 5s... 1918
la Falls it Sioux V, 1st 7s. .1917
Kan C Cliint Spr Ist 58...1ii2.'i
KanC Ft Sit Gull l8t78..190.s
KanC FtScottit M 68....192S
Kan (; M it B Ken 4s
1984
Income 5s
Mar 1984
Kan C it M Hy it Br Ist 5sl929
Hi
107-'8
OS's Sale
»remiElk<SrMoVl8t68..1933 A-O 135
Unstamped 1st 6s
1933 A-O 135
Begi8tere<14s
33
113
113
105 >Q J'ly •02
99a» Oct ''.18
100 J'no'Ol
WliKK EMUIMU Dku 18
Illinois Steel
113'.jll8'-2
90 Hj l'eb"08
Bur lb Mo Kiv ex Us
Non-exempt Us
& Q ooU tr 43 1921
24
99 'e Jau'02
101 Mar'08
112 >.j Jan '08
113 Keb'08
issue 78... 1901 M-N
Bost & Mon
Boston Terminal 1st S^-js. 1947 F-,\
Gt Nor C B
94
ITice
Jiigh
99 V
90
98 Sj 9S^i
e~.
Week's
BOSTON STOCK KXCH'GE
1
VliV\ -Vpr'Ol
3it
W
Low
29
99 ^<
99 ^s
87
87
104 »Q Apr'OO
FA
U)l>;')
Jaiivary
Fob '('8
1907 J-I>
1944 J-,1
Ijowell 4s
Mrtiue4'-j3
ifc
Since
I?
Jiign
98H<
98»3
.
'2(t
Lcno
Sale
Salt
BONUS
A" (I nj/e
or
Last Sale
<fc
Boston
Boston
2329
Boston Bond Record.
19, 1903.1
BOSTON STOCK KXCH'GE 2t
Wekk EjiDiNo Dec 18
5i
Alch
J
Mange
lor I'revioua
Yeardwrij
Week
Shares
Miyhest
Lowest
Highest
Lowest
Baltimore
69
S9
13
59
59
59-2
86-8
86-«
13-2
22=8
S^e
90
13-4
13-2
22-2 22-2
2268
13-2 13-2
22-2 22-2
8^8
8^6
59
58-2 58-2
86
90
13
22
13-2
•86
90
13-8 13-e
22
•834
•834
"57-2 58-2 Consolidated Gas
100
50
88
88 Northern Central
13 13 -i Seaboard Air Line
100
*22
'2212
Do prel
100
334
834 United By <fe Eleotric. 50
175
93
1,055
SM
72 -2 Jan 5 62-4 Jan 74-8 Sep
84 --2 Oct 23 118 Jan 12 104 Jan 125-4 J'ly
58-2 Dec 16
11-4 Oct
9
Oct 9
Oct 19
28-4
-
45
2
2 3 'a
401-4
Dec
Dec
3
13
Oct
Jan
Jan
14-4 Jan
830
20
8
Oct 27
-8
776
I7-4N0VI3
2634
55 -8
17
Aug
Aug
Mar
1
Apr
3434
Philadelphia
'^.
17S8
1734
1734
-s
^
34
'
-4
58-2
37-2
6Si6
• 34
1
64-2 64-2
36-4 36-2
3-s
64-2
36-4
8 le
1
64-3
36-4
3-s
57"ie
589ie 59
3712
3734
37^8
3834
681a
6-4
63l6
614
22
38-2
3OI4
4534
8234
*10l2 11
21«8 225i8
•3834 39 14
30
306, e
45 i% 4534
8312 83-2
PHILuUJELPHIA
*10l2 11
2218 22-2
*3834 39-4
30
30
8334
4534
8334
»45i2
Bid
Ask
Inactive Stocks
American Cement
Amer
Iron
<fe
Steel
10
50
American Railways. ..50
Bell Telephone
6-2
is
50
4334
53
Cambria Iron
50
Central Coal & Coke. 100
Preferred
100
Consol Trao Pitta
50
Preferred
50
Danville Bessemer... 1-2
Diamond State Steel...
Preferred
Preferred
Gen Asphal pf int
Germantown Pass
.
2
*64'a 65
36
36-4
2''8
5838
3834
30-4
4534
8334
58=8
38 'l
2^8
5838
38-2
6-8
6-8
6-8
11
*10
22ii6
21-16
38 S-
•38
lO
*38
39
278
64
3d
2H3ia
*29i4
45-4
83-2
29-2
45-4
8334
29-4
45 --2
83 v^
*19
Ry 1st con
E & A 1st M 5a
Elec
8
8-2
66
&
Ist 5s. '33
1920
Peo Tr stk
M-N
tr ctfs
Elm & WU 1st 6s 'lO.J-J
Eq n Gas-L 1st g 5s 192S
Indianapolis Ry 4s. 1933
Interstate Rys
3-3-2-48 1943
F-A
Lehigh Nav 4-23 '14.Q-J
RRs 4s g
1914. Q-F
GenM4i-2Sg.1924.Q-F
Leh V C Ist 58 g '33.. J-J
Leh V ext4s Ist 1948. J-D
2d 7s 1910
M-S
Consol 6s 1923
J-D
Annuity 6s
J-D
Leh V Trac l8t4s'29.J-D
Nat Asphalt 5a rects
New Con Gas 5s 1948 J-D
Newark Pass con 5a 1930
NY Ph & No lat 4s '39 J-J
112-4
108
ib8-4
1053,
11134
9812 "9834
3-2
Bid and asked prices; no salea on
-8
38
Nov
6
Deo 11
Jan
9«i6Jan
5
2
Jan 2
Feb 5
34-2N0VI3
1 -2 Sep 29
1,740
45''8
Jan30
4
Jan 6
ii6J'nel5
i4J'ne 8
-2
6,759
7,015
2,539
>8Sep
Aug
64
7
553gNovl2
Oct 12
35
5 Aug 6
10-4 J'ly 15
1
Feb 18
FeblO
Jan 6
Feb 10
9 Jan 8
17^8 Jan 5
7834
4734
May 29 -s Sep
6 Dec 36 Apr
33 Dec 80-4 Apr
65 Nov 7934 Sep
29-4 Nov 38-2 Dec
278 S'eb 5" 16 Oct
-4 Aug
34 J'ly
23
^16
Oct
8i4J'ne
I834N0VI6 .34Hi6Jan 2 26i4Mar
36 Sep 28 44-18 Feb 6 40 Mar
220 2734 N0VI6 40 -8 Jan 6 30 Jan
1,133 40^8 Sep 29 4734 Feb 16 32 Jan
1,251 76 Oct 12 116-2 Jan 31 101 -2 May
20 Aug28 31 Marll 24 Jan
102
Lowest
is
U Trac Ind gen 58' 19. J-J
V Trao Pit gen 5s '97 J-J
s
f
107
98-2
111-4
Bonds
IISI4
& Pot 53
Atl ifc Ch 1st 7. ..1907 J-J
Atl Coast L(Ct)ctf s 5s J-D
Ctfs of indebt 4s
J-J
Bait CPass Ist 5s '11 M-N
Bait Fundg 5a. 1916 M-N
Kxehaniie 3 -2s 1930 J-J
Refunding 3 -28 1952J-J
Bait
1st 6s ml '11 A-O
1st 6a tunnel. .1911 J-J
Bait Trac 1st 5s. .'29 M-N
No Bait Div 5s 1942 J-D
Convertible 5s. '06 M-N
Central Ry 6a. ..1912 J-J
Consol 5s. ...1932 M-N
Ext & Imp 53.1932 M-S
Chas City Ry 1st 5s '23 J-J
Anacoatia
10434'
ibo
&P
ex-dividend.
t
Ex-rights
Consol Gas 6s. ..1910 J-D
1939 J-D
58
Gadi-Alaistcon 58 '45J-J
Ga Car & N 1 st 5s g '29 J-J
Georgia P 1st 68... '22 J-J
GaSocfe F'la 1st 5s 1945 J-J
G-B-S Brew 3-4s 1951M-S
2d income 5s 1951 M-N
KnoxvTrac 1st 5s'28A-0
54\ LakeR El Ist gu5s'42M-S
58 1930. J-D
76
11934
Penn & Md Steel con 6s.
Pa * N Y' Can 7s '06. J-D
Con 5s 1939
A-O
Con 4a 1939
A-O
97
Penn Steel Ist 5s '17 M-N 10434
People's Tr tr certs 4s '43 103
i6i"
P Co lst& col tr 5s'49 M-S 108
||
125
99-4
R E Side
139-^
iC9" 110
No Penn Ist 4s
this day.
104
Met8t(Wash)lst5s'25FA
BALTIMORE
ibo"
138
70
104-4
48 interim ctfs
S
ifc
'21.
Inactive Stocks
Atlanta* Charlotte. .100
AtlauCoastL {Conn)100
Canton Co
100
Georgia Souife irja...l00
1st pref
100
2d pref
100
G-B-SBrewmg
100
MtVernon Cot Duck
Unit Elec L & P pref .50
49-2
108-2
101 14
112
119
111
101-2
tr
134 J'ly
Jan
43 -2 Dec
3-8 Jan
7334
36;67'2
2
Terminal 5s g 1941. Q-F
Welsbach
108-4
.
Westmoreland Coal. ..50
Jan 10
4034
7934
106
392
W B col 48 J-J
Rochester Ry con 58 1930
P
Income 4s 1939. ..M-N
'36. .M-N 110
96-2
Deben 6s 1905
M-S
Penn gen 6s r 1910. .Var 113 115
Consol 6s c 1905... Var
Consol oar 1919. .Var 11434
43
8,669
2,995
ConM 6s g 1911.. ..J-D
Ex Imp M 48 g '47. A-O
ConM of '82 48 '37.J-.T
5a 1932
H (& B Top con 5s '25 A-O
23-2
lie
prel
Cambria Steel
18-4
Bid Ask
BALTIMORE
PHIL,.\JDELPHIA
PHILADELPHIA Bid Ask
Phil Elec gold trust ctfs.
98-8 98^5 Chas Ry G cfe El 5s '99 M-S
Bonds
63-4 Charl C <fc A ext 5s. '09 J-J
Al Val E exl 78 1910 A-O 116 11634
Trust certifs 4a
63
2d 78
1910A-O
AmRysconv5s 1911. J-D 9734 98', P & E gen M 5 g '20. A-O II4I2 115
City & Sub 1st 58.. '22 J-D
Atl City 1st 5s g '19. M-N
Gen M 4s g 1920..A&O 104
Balls Ter 1st 5a 1926. J-D
93
Ph & Read 2d 53 '33. A-O 124-2 126-2 City & Sub(Was)lst5s'4&
Col&Grnv lst68.1916 J-J
Berg&EBrw 1st 6s'21 J-J
Con M73 1911
J-D 119-2
ConTracof N J
N
'
58-2581318
3838 39-4
6^16 e^ia
•lOSi 11
22iia 22-4
17^8
7,
^B
Col St
50
Harrison Bros pref... 100
Indianapolis St
100
Inter Sm Pow, <& Cheni.50
Keystone Telephone ..50
Preferred
50
Lit Brothers
10
Little SchnylkUl
50
Minehill & Schuyl H..50
Nesquelioning
50
Haven Iron & Steel.
2
North Pennsylvania.. 50 103
Pennsylvania Salt
50
Pennsylvania Steel.. 100
Preferred
100
Phila Co (Pitts) pref.. .50
423<
Phil German & Norris.50
"96"
Phila Traction
50
Eailways General
10
Susqueh Iron ifc Steel..
Tidewater Steel
10
United
J RR <fc C. 100 266
tlnitPow & Trans
25
United Trac Pitts
50
Preferred
50
Warwick Iron & Steel. 10
3
West Jersey & SeaSh.50 60
N
18
l?'
Che & D Can 1st 5a '16 J-J
Choc & Me Ist 5s 1949 J-J
Ch Ok & G gen 5s '19 J-J
100
ctfs.
619
1-a l"i6
64-a 64-2
36-4
36
279
2'8
*38»2
•2934
*4538
83-2
50
50
50
7l6 Consol liake Superior. .100
2-8
100
Do pref
64 Lehigh Coal & Nav.... 50
36-4 Lehigh Valley
50
MarsdenCo
100
3
Nat Asphalt Tr Co rects 50
Do pref Tr Co rects 50
5334 Pennsylvania BR
50
38-2 Pluladelp'a Co (Pittsb) 50
6-8 Philadelphia Electric. 25
Phila Bapid Transit ... 50
11
22-8 Reading
50
3812
Do 1st pref
50
29-2
Do 2dpret
50
45-2 Union Tracton
50
83-2 United Gas Impt
50
WelsbachCo
100
Do
18-8 18-4
Bethle Steel 68 1998. Q-F
Eaaton Con Eiectnc.SO
Electric of America... 50
Elec Storage Batt
100
American Alkali
»-8..
'h.
18
88^16
10-2 11
21-2
38-2
*29»4
45-2
82-2
18
-4
"»16
»64-2 65
36-2 36-2
3-8
3»*
5713^8
37-8
63ia
18
Mt Ver
215
85
45
96
62
8
50
99
70
2
89
108
106
90
105
121
91
106
122
'.2
115
114
105
Sav Fla&West5s'34 A-O
Seaboard A L 48 1950 A-O
Seab <& Roan 5s 1926. J-J
South Bound 1st us. .A-O
UEl L&P Ist4-2S'29 M-N
Un Ry & El 1st 43 '49 M-S
J-D
Va Mid
113
111
Hi
Series B us 1926.... J-J
Pitt Un Trac 5s 1997. J-J
PotoVal 1st 5s 1941.. J-J
SecAvT(Pitts) 58 '34 J-D
lncome4s 1949
110-4
116
119
101
Ist 63 1906. .M-S
2d series 6s 1911. ..M-S
3d series 63 1916. .M-S
4th ser 3-4-53 1921. M-S
5th aeries 5s 1926. M-S
Va (State) 3s new '32. J-J
Fund debt 2-3s 1991. J-J
West
C con 68 1914 J-J
WesVa C&P 1st 6g'll J-J
N
Wil
Sep
50''8
Apr
9-2
Sep
Oct
Sep
Sep
18''8
393i6
45 -8
40Oi6OCt
4334
Feb
126 May
40 -2 Sep
Bid
Ask
83
112
90
11(1
112
90
117
114
92
118
lU'^M 112-8
U2-.2
112
lOri
107
107-2 108-2
121
122
113
49
29
100
116
115
63
13
114
49-2
29
-.J
102
65
15
5s. .Var
Norfolk St 1st 58 '44.. J-J
North Cent4-2S 1925 A-O
J-J
6s 1904
Series A 5s 1926. ...J-J
40
114
117
100
Ist 5a.
Npt N&O P 1st 58'38 M-N
35
11 2
Duck
230
10
1-2
Cot
Incomes
New Orl Gas 1st
85
& Weld 58.. 1935. J-J
107
110
100
109
102^6 103-8
118-2 119-2
IIH 119-a
110
112
114
112
72
72-2
109-2
lO^
80-2 82
105
91-4
5634
105
112
110
108
109
93
9138
57
111
95
94-2 95
114
112 iVi-a
116
THE CHRONICLE.
2330
Securities
iiojt
Volume
of Business at
Stock Exchanges
Jackson Gas Co
:>s s 1937
Kausas City Gas
1i5» 1922
TRAJtSACTIONS AX THE J{ EW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY
Stocks
Railroad
Par
Shares
£onds
10
98
Gas
100
Preferred
."...100
Lalay'eGaslst 68'24.-M-N
90
1:
376.297
*32,042.700
69i>.l537
63,9ii-J,;<50
5'.',008,tU)0
519..U1
\-
uy
,
30,3(53,350
39,406,600
43,3J4,900
419,580
456,741
Thursday
tTulay
Total
$261,338,400
2.7122.38"
i;Otfc
$500
$5,000
foOO
$0,000
1902
1903
January
1
to
Dec IS
1902
1903
—
183.175.315
166.121,354
4.267,260
2,722,33
Stocks No.sUares
*261,338,4O0 $396,700,700 i;14,563.496,5o0 $17,306,149.1)00
Par value
$6o8.1o0
*725.000
40,200
$7,900
Bank shares, par..
BONDS
QoTerument bonds
State bonds
RR. and mis. bonds
Total bonils...
$20,000
35,000
10,684.000
$1,142,550
466.600
665,487,400
$1,340,500
3,64iMt00
859,903,150
$9,888,5001 $16.739,000
$667,096,550
$864,884,550
$500
0,000
$9,S82,000'
DAILY TRANSACTIONS AT THE BOSTON AND I'HILADELPHIA
EXCHANGES
Boston
Weekending
Dec IS
iyv3
Saturday
Monday
Tue.-'day
Wednesday
.
Thursilay
Friday
Total
I'/iiladelphia
Bond
Unlisted
shares
Listed
sharef
sales
12,840
21.33S
24.023
13,302
14.186
12.577
6,159
11,848
17.440
10,887
11,486
9,088
9S.2G6
6'3,906|
Listed
shares
71
IndCNat&
Exch
III
G5
108
135
73
list
8
61
.100
J-D
192G
Providence Gas
50
St Joseph Gas 5s 1937. J -J
StPaulGas Gen 5s'44M-S
Syracuse Gas 5s 194G.J-J
United uascfeElec,N J 100
Preferred
100
96
94
86
95
12
54
101
88
96
38
80
UnlisUd
Bond
shares
sales
Telejir
Telephone
HAraerTelegife Cable 100
BeU Teleph of BulValo 100
liCeutral & So Amer .100
Chescfe Poto Teleph. .100
5s 1909-29
JJ
UCoraniercial Cable ..100
Commer Un Tel (N y).25
Emp <fc Bay State Tel 100
Franklin
11.924
12,463
13,179
12,150
9,947
9,057
4,454
6,450
4,776
4,686
3,554
9,138
$28,000
83,900
$292,700
63,720
33,057
$349,750
57,0'iO
57,150
61,100
72,600
80
100
97
36
82
102
100
115
78
47
110
Outside Securities
Weekly Review
sitreet
of Outside
llailwnys
82
53
120
1i
NEW YORK
1
CITY
33
Bleeck St<& Ful ¥ stk 100
92
Ijlst mort 48 1950 ..J-J
242
Avestk
..100
7tU
UB'y <fe
99I9
lilst mort 58 1904 ..J-D
.
J2dinort 58 1914 ...JJ 104
Con 58 1943 See Stock Kxch
B' way Surf Ist 58 gn 1924 4107
2d 58 int as rental 1905 } 99
HCent'l Crosst'n stk..lOO 265
lilstM OS 1922 ...M-N 4118
.
Ask
«
36
96
245
100
106
Ust
110
100 Vj
266
120
210
190
6
&
23d Sts Ferry 100
Ist mort 5s 1919. ..J-D
66>2 UUniou Ferry stock .100
2
2\
Hist 5s 1920
M-N
99
4 98
Railroad
4111 113
4111 113
BofUo & Susq prof ...60
Exch Ust
Clilo Peo & St L pref.lOO
10th
20
LakeSt(Chic)Elstk.lOO
Ist OS 1928
J-J
HLonisv St6sl930..J&J
Lynn<fe Bos l8t68'24.J-D
MinneapStRy68 SeeStk
NewOrlRysCo
11
100
10
Preferred
205
100
31
32
EKstk.lOO
(fc
HCeuPkN
4»28 1952
J-J } 79H! HO^
180
l}ciir'l'r<fc 10th St stk 100
North Chic Str stock. 100
80
88
Colit 9th Ave 5s See Stock Eich list
North Jersey St stocklOO
17
21
Dry D E B& b—
M-N
67
673,
1932...J-D
108
110
48
1948
lilst Koldos
Pat Ry con 68 1931. .J-D 4121 124
98
99
llscrip 58 1914 ....F-A
2d 6s 1914
A-O 4100
UKighlh Avenue St.. .100 405 410
Rochester Ry
74»4 78
106
100
liscrip 68 1914 ....F-A 105
410
415
Preferred
100
1I42d<fcGrStF'y8tk..lOO
94'!i
70
Con 5s 1930 Bee Phila list
75
^42d St M & St N Av 100
2d 5s 1933
J-D 4101 102 '2
107
Ijlst mort 68 1910 .M-S 105
So Side El (Chic) stk. 100
93^ 91>2
90
96
^2d income 68 1915 J-J
Syracuse Rap Tr 58 194G 4 99><t 100 >«
Lex Av & Pav F 58 See St k Exc Ust
1212 13 14
Metropol Securities See Stk E X list! UnitRy8(StL Trans) 100
Preferred
100
67
GO
Metropol Street Ry See Stk E X Ust
Oen 48 1934
See Stk Exch list
NinUi Ave«u« itock.lOO 190 200
Exch
UnitBysSanFran SeeStk
list
Second Avenue stocklOO 205 207
Wash Ry & El Co.... 100 11
103
lllsl mort 58 1909 M-X J102
100
iO^ 41 'o
F-A {111 112
Preferred
Cou80l5a 1948
J-D
71^4 72
48 1961
HSlxth Avenue stock 100 175 180
50
HWest Chicago St ....100 45
60a Boulev 58 1945. .J-J 4108 109
75
..A-O
4105
108
..M-N
1919.
HCon
68
1936..
4
85
Ist
5s
g
So Far
Third Avenue See Stock Exch list
Goa Securities
P <$; M 58 192« 102 106
Tarry
Yker8StRR58l946A-0 104 105
NEW TOEK
'96
l8t
58
4110
114
29th
Uta
28th A:
Cent Union Gas Ist 6s. 4105 106
IJTwenty-Th'd St stk 100 402 405
J-J
101
Con Gas (N Y) stk. See St k Exc h list
98
Deb68l906
EquitGascon58l932 See Stk E I list
Union Ry Ist 58 1942 F-A 114 116
106
108
lIMntual Gas
100 260 290
We8tche8tl8t58'43J-J
New Amsterdam Gas
•
50
96
31
91
4
90
123
162
82
115
103
6
6
109
Ust
75
93
103
109
102
60
Pitts Bess
31
72
50
Preferred
50
Va <S> Southwestern.. 100
20
W
BBOOKLTN
Atlan
Ave
Con 58(4
Impt 5»
58 1909. .A-O 4100
1931.,
^-^
1*J^
See Stock fcxc h list
99
5s 1933. .A-O
B
237
Brooklyn City stock ... 1
Exch
Stock
liat
See
5s
Con
Bkln Crosstn 08 1908. J-J 103
Bi WE
101
110
243
114
IU2
Gr'pt <&Lorlmer St 1st 6a 102
Kings Co. Elevated
1st 4s 1949 See Stock Exch Ust
100
Nassau Elec prof
H'ihi 84
A-O 109 112
68 1944
See St k Exc h Ust
Ist 48 1951
N Wb'K<fcFlatl8tez4>a8 100 103
Bteinway 1st 68 1922.J^ 4114 116
OTHKBCTTIBS
Buffalo Street By—
1st eoDMl 58 1031. .F-A 4111
Deb 6« 1917
A.O 4104
Chicago City Ry stk. 100 160
Chic UnlonTra««e«8t'ck Exch
Cleveland Kleetr Ry.lOO
66
Columbas(O)8tBy..l00 84?,
Prelerred
100 104
Coliun Ry eon Sa £te Ph Ua Ust
CTout'wiilrt6a*83.J-D 108
D«trolt United Ry^ee Stk Exch
4
Bayer pays accrued
98
1
3
30
40
8
98
32
92
4
U-N
4101
2
6
10
100
20
116
100
100
100
HAmer Bank Note Co. 50
American Can com... 100
Preferred
100
LightFuel<feP of "\WalOO
HLonllard (P)pref ...100
27
123
Madison Sq Garden.. 100
2d 6s 1919
M-N
Manhattan Transit
20
60
Construe. pflOO
6
R
76
SO
American Chicle
47
66
50
t
31^4
32
4
(Jo. .100
90
100
75
Preferred
'4
100
82
92'<i
143
61a
20
100
9H
37
IS
.
38
101
>4
172
285
28
16
134
9
Coal. .50
89^2 HOntario SUver
35
Otis Elevator com
7
40
,
'
104
903.1
28
50
100
1 00
100
100
100
100
28'(i
ioa>a
20
92
20
78
95
25
,
221a
82
106
,
'^
3
1
3
105
100
18
41
110
125
20
45
6h
166
4
23
78
25
Preferred
Pittsburg Brewing
Preferred
Pittsburg Coal
Preferred
Pratt <fe Whitn pref..lOO
Procter* Gamble.. ..100
Preferred
100
Realty Assoc (Bklyn) 100
Koy.al Bak Powil pref.lOO
Russell <fe Erwin
25
Safety Car Heat <fe Lt 100
107
99
61
t
175
Seminole Mining
t
6h
4
6
26
3
100
100
100
50
50
100
100
5
49'
42
NorAraLum'r&PulplOO
92 V.
llPreferred
,
:
'
HNew Central Coal
20
New Eng Uonsol Ice. 100
N Y Biscuit Gs 1911. M-S
N Y Mtge & Security.lOO
HNew York Dock ....100
Industrial and Miscel
HAlUs-Chalmers
:
i
80
'
25^
IGHj
57
95
325
17
57>*
101
350
•
197»4
100
63
American Elevated
"2
>4
Simmons Hardw com 100
Amer Graphophone...lO
Preferred
2d preferred
234
t
.
.
103
BknHKt«l8t5s 1941 A-O 105 106
BklnQCoiiE Sub .See Stk Exch Ust
Bklyn Bap Tran See Stk Exch Ust
J-J 4 78
79
Ret g 48 2002
HConeyls.A Bklyn ..100 340 1360
101
l8t cons K 48 1948. .J-J 100
Brk C <& N 6« 1939. J J 111
GrSUfeNewl8t58'06F-A 100
17
106
100 122
121
8^8
8
100
Preferred
10 t
30
96
Simpson Crawford Co 100
AmMaltingGs 1914. J-D 95
80
85
Dob si Gs '24 op '05. .J-J
Amer Press Assoc'n.lOO 75
2412 Singer Mlg Co
100 335 340
Amer ShipbuUding. . 100 20
3
4
8o\ 87 Standard MUUng Co. 100
Preferred
100
20
17
4
Preferred
100
Am Soda Foun com.. 100 2
68
71
70
60
5s
IstprefeiTod
100
16
Standard OU of N J..100 659 663
14
2d preferred
100
25
30
105 12 American Surety
Standard Coupler comlOO
1st coDsol 68 1948. .J-J 105
50 IGO 165
Preferred
100 115 130
N Y G EL H&P See Stock Exch Ust Am Strawboard 6S...F-A 4 90 100
50
160
250
Storage
Power
H
N Y & East River Gas—
Amer Tobacco com... 50
SwUt cfc Go See Boston St k Exc h'g»!
Ist 58 1944
J-J 4109
111
IJPreferreti
100 126 140
101
Ist 5s 1910-1914. ...J-J 4100
Consoles 1945
108
J-J 4105
Am Typefo'rs com... 100 28 32
92
Tennessee Copper
25 t 27 "a 28
87
Nor Un Ist 5s 1927. M-N 4103 lOG
Preferred
100
90
85
234
214
Pacific
Coal
<&
100
125
HTexas
^Standard Gas com ..lOU
135
Amer Writing Paper. 100
10 14
A-O 4105 107 >«
l.st Gs 1908
10
llPreferred
100 145 155
Preferred
100
440
673,
68
Title Guar & Trust ...100 426
1st 6s 1930
M-N 4110 112
58 1919
J-J
150
25
Title Ins Goof N Y..100 125
15
TI Barney & Sm Car ... 1 00
11
OTHSR CITIXS
8
125
TrentonPotteries
comlOO
115
llPreferred
100
80
76
Preferred new
100
Amer Light & Tract. 100 86
45
BUss Company com
50 140 160
80
Trow Directory new.. 100 70
Preferred
82
Preferr6<l
100
86
50 140 160
"8
Union Copper
10
Baltimore ConsoUdat See Bait list
Bondife Mtg Guar.. ..100 310
80,7
Switch
Union
<fe
Signal
>*
115
120
50
Bay State Gas
50
he Borden's CondMilk..lOO
105 ^
Preferred
50
97-2
Blnghamton Gas Ss 1938 4 95
Preferred
100 106 110
98 103
^4 Union Type-wx com.. 100
BuUalo City Gas stocklOO
V, 8^4 Camden Land
3 t
^
Ist preferred
100 104 107
1st 5s 1947 See Stock Exch Ust
Celluloid Co
100 116 118
106
102
2d
preferred
20
100
15
Chicago Gas See N Y Stk Exch list
CJent Fireworks com. 100
3
UiiitBoxboardA Pap. 100
3*i
60
55
96>2
Preferred
Cincinnati Gas & EleclOO * 96
100
20
21
134
1^4
Prolcrred
100
99 10234 Central Foundry
100
Col Gas L <& Heat comlOO
2
1
12
100
10
U S<JottonDuck
Preterred
95
Preferred
100
100
98
20
55
U S Envelope com... 100
ConsolGa8(N J)—
Dob 68 1919 op 'OlM-N 60
63
67
100
100
II Prof erred.
J-J
97
Century Realty
100
l»t 6s 1936
90
US Light* Heat.... 10 6
Ciiesebrougli ilfg Co 100 420 460
Consum Gas (J City)—
Refining .100
26
26
M-N 4100 101
Ohio Pneumatic Tool. 100
1st 6s 1904
1i U S Red &
92
llPreferred
...100
88
50 t
TDetroit City Gas
TIClamn(H B) Istpref 100
91
ShipbuUding.
..100
87
S
>2
preferre<l
100
TiU
Hudson
Gas
100
112d
Essex A
87
89
100
95
85
llPreferred
100
61
65
ifCommon
Fort Wayne 6s 1926.. J -J
60
Bonds— See Stock Exc hllst
Col <fe HockCoal&I pf 100
SGas & El Bergen Co 100
Corp
new
58
See Stk E X Ust;
85
Steel
US
J-J
Ist g 6s 1917
rand Rapids Oa»—
4102 102 >•
3»
34
Col trsf 5s '51 opt '11
F-A 4100 102 '^ Compressed Air Co. ..100
Hist 68 1915
75
65
Col tr 8 f OS '51 not opt.. 410212 103
Consolid Car Heating 100
Hartford (Ct) Gas L...2d
49
51
2
!<•
25
Universal Tobacco.. .100
15
67'<! 59
100
Hudson Co Gas
IJCons Firew'ks com .100
2
100
Preferred
65
65
100
HPreferred
See Stock Exch U«t
6s g 1949
Gu 126 160 4
334
.l-f.
4
West & Bronx T &
Cons Ry LtgA Relrlg. 1 00
IndiAna Nat <ft lU Gas—
1'2| Westingh Air Brake.. 60 U30
Consoi Rubber 'l'ire..l00
M-N ..iia i63
Ist 68 1908
"»>»
15
White Knob Mining. 10 t 8^
12
Debenture 4s
Indlan^oUs Gas stock 50 - ---*-(^ 75
10
Worthing Pump pref.lOO 106 110 j
M-N 4 102 "2 105
Cons storage BatteryiOO
1st 68 1920
Eicliange, but not a very active security.
a Ex rights.
1 Price per share.
i| sells ou Stock
f Sale price.
»-2
•
1514
96
Preferred
Mosler Sato Co
National Carbon
Preferred
TJNat Euam <fe Stamp
H Preferred
National Surety
;
Alliance Realty
I219
130
100
Preferred
100
Hudson Realty
Interboro R T (full paid)
Monongahela
88
&LE
46
59
100
15
106
Prior Ueng4'2S'30M&S 4102
88»2
82
llPreferred
100
Con mtg g 58 1930. J<fcJ
22
16
N Y Transportation. ..20
Income 58 1930
Ust
Exch
Nicholson
FUeCo....lOO
Ch R I A Pac 58 See Stk
8914
»8
9
23
30
1I5s 1910
Houston Oil
Mex Nat
86
4
6
10
Hoboken Land <fe ImplOO 200
e list
2-2
8»2
En6Conv4sAprl'53A<ftO
Northern Securities.. 100
IHi
100
NewBrunsCannelCoal
Deposited stocjt
Undeposited stocic
1^
70
8
Intornat'lBankingColOO 140
6
Int'n'l Merc Marine. 100
1912
Chicago Edison Co. ..100 145 147
Preferred
100
97
Edison El 111 Brk 4s N Y Stock Rxcb
Col tr deb 4 '2l922op'07
Gen Eldebgaios SeeSt'k Exch Ust
9
International Salt
100
36
Hartford (Ct) Eloc Lt 100 226 250
I8tg5sl951
140 160
International SUver.lOO
1j Kin^sCo ElLJfcP Co 100
30
Preferred
Narragan (Prov) El Co 50 1 03680 87
100
6^4
512
1st Gs 1948
Rights
J-D 4 97
NY <Si Q El L &P0WC0IOO 30 40 John B Stetaon com.. 100 165
70
50
Preferred
Preferred
100 130
100
Kitchener Gold Minin.g.6 t
Rholsl Elec Protec ColOO 130
%
23
20
United Electric of N JlOO
Lanston Monotype
7*4
20 t
63 "i Lawyers Mort fnsur.lOO 165
63
4s 1929
J-D
Lawyers' Title Ins...lOt) 280
B ANY Ist 68 1911. J-J 107
Con 58 1948 See Stock Exch
N Y & E R Ferry stk. 100 73
1st 5s 1922
M-N 4 90
Bid Ask N Y&Hobcon 5s'4G.J-D 102
4H4 48
Hob Py Ist 5s 194G M-N 4107
80
89
N Y & N J l8t 58 1946. J-J 100
list
4'a
29
70
130
15
26
60
Companies
Brooklyn Ferry stocklOO
Street Railways
Grand Rapids Ry
100
Preferred
100
IndianapoUs St Ry S-ie Phila
J C Hob <fe Paterson.aOO
16
48gN0Tl 1»4»„.M-N 66
102
20
Co. .100
100
Preferred
Hecker-Jones-Jew'l MIU
IslGa 1922
M-S
Herring. Hall-MarvinlOO
1st preferred
100
2d preferred
100
1i4'28.
Market voiU be found on a preceding page.
Bid
A*k
80
16
35
24
31
Preterred
Havana Tobacco
Ferry Companies
A
Bid
HackeusackMeadowslOO
Hall Signal Go
100
Havana Commercial. 100
104=8 105 S
150 166
Stock
1905
Hudson River Teleph 100 80
Northwestern Telag. 50 120
1!N Y<feN J Telepho .100 145
53 1920 See Stock Ex Chang
78
Pacific <fc Atlantic
25
Providence Telephone. 50 (106
IJSouthern <fe Atlantic 25 100
Tel Telife Cable of Am. 15 t
1JGold<fc
Electric
$25,500
24.000
95,200
93,000
26,000
29,000
100
100
Aliscel
t
&
li«%o
Jimhanye
GO
1st Gs
$9,832,000
Week ending Dee IS
Sales at
York Stock
91,000
$1,686,000
1,432,000
1,802,500
1.587,500
1,494,000
1,980,000
15
99
100
Lo.s&WabVlst6s'25.J-D
51
.M:idison Gas 6s 1926.A-0 4105
Xewark Gas Gs 1944. Q-J 4134
Cou.sol Gas. .100
and
100
Cout Tobac deb 78'OoA-O 4101
Cramps' Sh & En Bhlgl 00
llCrucible Steel
100
4
llPrelerred
2812
100
Cuban Gs of 1S9G
65
IIDiamoud iSIatch Co. 100 128
Dominion Securities. 100
5
Electric Boat
100
20
Preferred
100
49
Electric Lead Reduc'n.50
Preferred
1
50
Electric Vehicle
5'4
100
Preferred
100
8
Electro-Pueum'ic Tran 1
Empire Steel
4
100
Preferred
100
UGeneral Chemical ..100
64
llPreferred
100
93
Gold Hill Copper
1
%
Gorham Atfg Co com. 100 125
Preferred
100 125
Greene Consoi Copper.lO f 12\i
Guggenheim Expiorati'n 120
lO.i
100
A-O
Newark
liiduMtrinl
Cousol Tobacco
81
A-O
5s 1948 Sfe Stock
Sat'irlny
Ask
Bid
50
IlLaclede
V S
Bonds
State
<tc
Bonds
valtie
[Vol. lxxvii.
:*
'
I
166
Ust
68k
86
10914
.
1
M
1
109>3
list
interest.
..
Dec.
..
THE
1903.
11),
t..
.
|
.
.
o
•i33l
CHliONlCLE.
inuestmcnt ixml $>ailvoacl |utelltgence.
RAILROAD GROSS EARNINGS.
^ The
following table shows the gross earnings of every Steiam railroud from which regular weekly or monthly returns
can be obtained. The first two colnmns of figures give the gross earninurs for the latest week or month, and the last two
columns tlie earnings for the period from July 1 to and including such latest week or month.
The returiis of the street railways are brought together separaielij on a .'iubsequent page.
/
July
Latest ifross Larninns
ROADS
Ala Gt Southern.
Ala N O & Texas^ N O ct NoKast.
Ala * VlohsU'j:
^
Vloksb SU A I'.
Allegheny Valley
Ann Arbor
AtcUTop A S Ko.
|.
Atlautav<c Blrm..
Atlttiitu A:
CUar..
AtlKuoxv A No.
Atlantlo <fc Btrm
All Coast Liuo..(
Bait (t Ann S Ij..
Balt<b Ohio
Total System. .
*
Aroosi
BathAHam'il8i)'t
Bellelonte Cout'l
BrUttfi & Saco K.
BanKi>i"
ButtlioohcSi Pitt.BiUlalo <feSu8n...
Cauadlau North..
OanaUian PaoliU
Cane Belt
Ceufl
Current
Weefc
or
of Ueorfjtt.
Oent'lofN.lei*sei
Central PuolOo..
Chattuu South'n.
Chesap it Ohio...
Chio«: Alton Ry.
Ohio Gt Western.
Chic lad itVv...
Cbio MUw & St 1^
ChHjife North W'l)
Ohio St P M & O.
Chlo Term Tr KK
CtnNO&TPao.
ClCiuChife StL.
Peoria <fe East'n
Colorado cV South
ColNewb & Laa.
1st
(o Latest
Year
44.699
60.116
1,351,761
1,171,430
1,033,861
510.238
101.051
587.01*
111,31&
511.399
13o,30e<
iiic. 363.997
Inc. 68,014
October.
945,1-JO
32,8Ji>
32,858
861,121
2d wk Deo
Ootober... 6.570.025 5.910,931 23,428,164 20,506.994
45,450
34,414
24.3U
18,480
Aujjust
833.585
797,57 1
September 2i)7.2l>l 26 4. 02 S
314,464
54,012
294.602
51.712
November.
133,018
'.i2,515
76.488
35.657
Ootober...
706. 7-19 1,800,383 6.065.420 6,017,691
Ootober ..
41.261
13,001
30,834
8,955
September
Noveoiber. 319.863 5,029.951 •29.2-j6.272 26,729.753
31,360,263
28,836,107
Nov'ber. s. 5,647.693 5,413,379
705.705
193.505
178,624
594,7 1«
October...
9.334
3.312
3,291
8.781
September
31.2641
5,936
5,485
25,273
November.
4,50"
16,981
17.993
3,947
Ottober...
2d wk Deo 110,279 116.84'l 3.762,429 3.430,713
3-i3,3sO
327,966
97.277
96,654
Ootober...
84,700
59,400 1,359,200
852,600
3d wk Nov
2d wk Deo 922.000 824.000 22,42-2,763 20,254,757
41,295
5S.807
16,01
24.630
September
Istwk Deo 201,280 187.590 4,189,057 4,039,794
7,583,711
4,762,447
1,943,011 1,184.706
Ootober
2,219,669 1,982.945 8,461,092 7,855,107
Octooer
2.301
4«.837
1.770
52,012
Istwk Deo
1,714,738 1,325.627 6,504,111 4,716,-209
Ootober.
4,194,835 3,495,807
1,121,227 925,38
Ootober.
Istwk Deo 143,117 133,943 3,899,881 3,432,146
96,179
95,328 2,510.724 2,240.020
Istwk Deo
Ootober... 4,838,538 4,614.702 17.594,875 16.883,383
Ootober... 5543178 4,811,811 If aO,291.G57 17,548,953
Ootober... 1,243,406 1,327,252 4.311,566 4,44.8.338
736,277
767,829
28,596
31,942
1st wk Dec
96,701 3,019,005 2,543,050
Istwk Dec 118,672
7.675,186
6,858,666
October.. 1,848,51 1,797,510
920,720
262,016 245,127 1,044,684
October..
Istwk Deo 104,574 131,757 2,889,962 2.779,960
22,497
75,837
61,375
19.318
October...
198,592
129,321
49,275
37.937
OotoOer...
32,442
5,712
33,631
7,660
October...
99,825
17,394
20.190
93,137
October...
770.524
192,731 119,231
444,466
Ootober...
206.7-15
196,0-15
117.102
Copper Kauge....
Cornwall
Corn wall <fe Leb
Cumberl'd Valley
Denv. <& Rio Gr. 2d wk Deo
Klo Gr. West. J
Det & Maekinao- Octoher..
.
KOADS
WeeK
C'H rreiu
or Mantli
Year
/
271,600 337,000 8,263,268 8,447,658
327,233
72,443
273,967
80,811
760,075
29,186
654,798
26,813
Detroit Southern. Istwk Deo
1,23-2,956
40,419
42,719
1,271,377
DulSoSh&AU.. l8t wk Dec
16,y44,307
14,179,340
3,835,611
3,318,152
October...
Erie
170,046
8,547
170,167
6,868
Evansv & Indian 3d wk Nov
866,775
29,144
32,453
814,310
Evansv (V T H... 2d wk Dec
4,852
9,614
13.075
2,103
F'rchild&N'r'e'n Ootober...
19,615
20.853
6,455
6,367
Fariav<!fe Powhat September
92-2,524
FcW&i)©uvOity October... 285,800 242,790 1,037,795
822,458
781.095
269,026 240,714
Ootober...
(Jeorgia RR
692,276
624,227
G» South & Fla.. November. 129,969 140,248
134,555
98,211
35,843
24,36
QUaValG & N.. October..
Gr Trunk System istwk Deo 659,353 611,233 16,475,467 14.488,180
114,728 107,180 2,437,275 1,975,843
L Gr-Tr. West'u. 4:thwk Nov
30,55-.;
582,032
32,580
536,015
P"I>etGrU<feM.. 4ihwk Nov
Great Northeru.. November 4,047,399 4,116,780 19,889,506 19,568,163
161,106
873,316
837,773
131,806
Montana Oent'l November.
-''
Total system. November. 179.205 4,277,886 20,762,82-.; 20,405,936
831,006
741,636
40,096
35,559
Gnll&ShipIslaud lat wk Deo
97,340
94,456 2,980,299 2,765,591
Hocking Valley.. 2d wk Dec
Hous tic Tex Cent October... 593,327 600,213 1,924,961 1,928,397
277,1-16
83,754
93,336
293,958
W.Texas. Ootober...
66,448
20,249
25,326
82,619
Hous & Shrevep't October...
Illinois Central.. November. 4,103,151 3,741.380 20,257,752 18,269,883
84,548
13.931
67,699
20,383
Illinois Southern November.
491,973
540,923
IndlU &Iowa... October... 138,195 144,799
118,867 2,859,279 2.661,088
Int «fe Gt North'n 2d wk Dec 124,015
111,400
93,090 2,253,700 2,083,050
JLnteroc (Mex)... WL-Nov 2S
43,64-..;
44,144
1,115,389 1,140,053
Iowa Central
2d wk Dec
2-2,311
781,128
455,215
29,598
Kanawha & Mioli 2d wk Dec
569,417
573,451
2,103,450 2,003,955
October...
Kan City South'u
LakeEne&Westn November. 406,510 391,821 2,332,491 2,047,098
t,ehlgh Val RR.. October... 2,557,103 1,760,601 10,744,692 5,915,762
60,f3l9
246,603
46,444
192,359
Lexiug & Eaet'u. October...
l)u:. 267 ,246
Inc. 9 ,933
Long Island
October...
212,761
42,762
164,311
52,000
Loalslaua & Ark. October...
72,303
72,303
68,815
68,815
Xou Hend <fe St L. July
Louisv iSc Nashv. Ist wk Dec 740,235 690,280 16,410,337 15,172,572
12,244
60,448
67,994
13,088
Maoon <& Birm. November.
'
j..}
H&E
t
..
Wk Nov28
t
99,0(10
wk Die
Mex loan Oent'l.
let
Mexican
I'ltern.
October.
Alex loan
Ry
|.
IMexloauSdiiMi'u
iMlUen it So'w'n..
Mineral Range..
Alinneap it St L.
MSt P <& S St M.
4thwKNov
26,070
5,01
Ootober...
wk Dec
2d wk Dec
l8t wk Deo
Mo Kan *; Texah 2d wk Dec
MoPao&lrou-Mt 2d wk Deo
Central Branch 2d wk Deo
2d wk Deo
Total
Mob Jack KG. Wk Deo 5.
1st
lu.y
iTeotoua
Year
5,098
32,372
5,185
29,952
458,951
549,4 2 H
Man'tee&(Jr.Ka- October...
Manls * No Kast October...
917,346 ManlstKiuo
November.
451,916 Maryl'd \. I'eun.. October...
t'aciUo.
November.
November.
November.
Latest iiroas JuanHnya
Uatt
treoious
Year
Vxtrreiu
Year
.Ui»i</t
wk Dec
1
10,953
68.600
158.782
352,76
726,000
2»,000
I
754.000
I
to
V-urreiil
Year
*
12,213
31.530
130,451
27,726
3 1.50s
4,703
31.029
123.319
455,715 10.773,373
58 1,35^ 2,l()8,8^i2
107.600 2,2iii,8u0
25,005
436.429
4.317
17,632
254.253
9.217
04.085 1.479,315
127,833 3.650,881
324.376 8,791,836
6S7.00() 19,Sh().003
.410,000
21,000
708.000 20,72O,OO:i
16!t,97-i
5.100
8.287
125,116 122,010 3,368,431
189,925 188,491 4,511.030
192,203 192,471 4,835,731
16,8H7
98,083
16,336
Nev-Cal-Oregon November.
13,631
3,612
4,679
Nevada Central.. Ootober...
N Y O & Hud Rlv November. 6,600,886 6,427,977 34,765,894
N Y Out <fc West. October... 493,4S4 384,149 2,460,371
840,003
N Y Sufiq it West Ootober... 142.373 131,581
Norfolk* West' II Istwk Deo 362,339 352,964 9,860,021
768,907
3,611,077
889,707
Northeru Central Ootober.
North'n Pacillc. November. 4.548,847 4.379.490 22,731,504
41,192
247,712
52,280
Ootober...
Nor Shore (Cal)..
17,277
77,869
19,637
Ohio Rlv& West.. October...
550,729 504.874 2,216,526
Paoitlo Coast Co. Ootober...
ePenn— EastP&E Ootober... 10725575 10546975 43,443,018
Jne. 2,10
Inc. 40 1,900
October...
cWest P & E.
Pere Marquetrto w 2d'wk Deo 199,753 197,727 5,479,616
PhilaBalt&W'Bh October... 1,189,181 1,144,881 4,759,676
October... 748,544 615,583 2,987,158
Phlla <t Erie...
3,325
10.330
3,288
Octoiier...
Pine Blf Ark R
2,247,777 2,085,760 8,867,095
Pittsb C C & St L Ootober.
19,08
4,247
Raleigh & C Fear Ootober...
lieadmg Railway October... 2,990,804 2,244,542 12,117,226
Ootober... 2,421,528 516,996 10,419,088
Coalit IrCo
Total Both Cos October... 5,412,332 '2,761,538 22,536.314
88,900
341.977
Rich Fr'ksb & P September 110,277
57,7o0
64,985
169,915
Rio Grande Jot.. September
208.271
7,086
9,672
Istwk Deo
Rio Grande So.
Rock lel'dSyst'm September 4,390,597 4,027,5-25 12,741.639
487,966
131,523 130,916
October...
St Joa & Gr I
3,357,892 3,037,104 12.632,768
St E& San Fran (/ Ootober.
166,»97 148,302 3,626,825
St I.Southw\>8t .. 2d wk Dec
StLVan&TH.. November. 199,045 186,916 1,073,875
660,333
San Fran i&N P.. November. 103,550 110,192
Seaboard Air L.. Ist wk Deo 277,481 255,809 5,571,68t)
76,765
560,405
Not^ember.
115,473
Southern Ind
So Pacillc Co b... October... 8.913.845 8,279.211 32,753,907
Central Pacific. Ootober... 2,219,669 1,982,945 8,461,092
GalHar&S A. October... 609,672 613,261 2,314,948
135,767 122,178
516,626
Gal nou8(te No October...
18,250
15,689
60,024
Oulf WT&P.. October...
181,156 166,037
643,056
Louis'a West... Ootober...
Morgan's L & T October... 450,076 414,202 1,507,54'.
41,889
168,324
56,915
N
.. Ootober...
Oregon & Calit. October... 394,793 352,846 1,522,929
87,978
454,479
So Pac Coast.... Ooiober... 117,422
SoPao RRCo.. October . . 2,976,806 2,788,57» 11,241,460
So PaoSS.Llaes September 379,405
Ootot)ei-...
344,580 287,901 1,321,517
Tex&NOrl
Southern Railw'y Istwk Dec 875,909 801,712 19,9^53,475
919,170
TerreH&Ind... November. 164,957 151,16b
45,440
269,522
43,319
Terre H & Peor.. November.
22,273
14,866
353,295
Texas Central ... Istwk Deo
Texas & Paciho.. 2d wk Dec 264,417 251,436 5.562,104
November.
16,000
68,584
18,000
Tex S V & N
16,609
16,277
50,092
Tilt Thorn & Gulf. September
68,690
59,569 1,8-26,392
Tol & Ohio Cent 2d wk Deo
T0IP& West .... 1st wk Dec 21,768 25,225 572,436
62,423 1,467,288
Istwk Ddc
Tol StL
61,917
242,044
10,182
9,280
Tor Ham & Bull. 3d wk Nov
Un Pac System October... 5,675,576 4,882,859 19,982,259
252,801
October...
52,557
65,650
Virginia & So W'n
2d wk Dec 422,614 366,113 11,217,085
Wabash
Jersey <t Sea'e October... 280,130 267,830 2,046,769
2d wk Deo
75,623
71,874 2,145,855
Wheel <t LE
5'2,167
16,427
14,883
Wm'sport&N.Br. September
Wisconsin Cent.. 2d wk Dec 114,000 108,859 3,168,346
19,992
56,596
Wrightsvife T'n.. Ootober...
18,010
Yazoo & Miss. V. November. 820,162 786.291 3,197,385
ifc
Dec
NashCh & HtL.. 2d wk Deo
INat'l RRolMox 2d wk Dec
Mobile
it
Ohio... Istwk
.
.
YT&Mex
W
.
&W
.
W
Latest Uatt
freoious
Year
43,940
114,815
46.547
112.845
9,247,224
2.18H.443
2.129.000
391,871
16,536
243,501
1,753,494
3,618.461
8,522,652
17,722,772
559,100
18,281.872
97,234
3,12S,432
4,174,7-27
4,367.5.92
97,764
14.632
32.702,996
l,480,'27O
500,869
8,712,369
2,784,177
22,059,903
214,364
(i8.
534
2.056,952
40,248,218
9,80O
5,077,144
4,434,976
2,222,759
10,012
7.939,047
8,097,357
1,170,822
9,208,179
273,599
159,818
273,366
11,535.539
416,594
10,765,290
3,489,513
991,148
625.726
5,413,158
373.745
30,065,905
7,855,107
2,198,741
359,433
67,115
672,068
1,507,596
161,790
1,364,833
385,306
9,916,382
1,097,061
18,589,837
790.227
250,512
285,579
5,221,970
67,300
46,994
1,447,753
527,'248
1,369.618
180,785
17,803,829
204.834
9,900,842
1366,669
1.920,708
52,050
3,124,786
61,268
3,059.689
.
VARIOUS
E0AD3
Gross Earnings
Current Year
Inc.
Allegheny Valley
Jan. 1 to Oct. 31
Atlanta & Charl Air Line. Apr. 1 to Sept 30 $1,597,188
68,390
Belief onte Central
Jan. 1 to Nov, 30
2,539,525
Canadian N orthern.
Jan. 1 to Nov 21
31
1125,088,386
Chicago & North Western. June 1 to Oct.
9,908.583
Chic St P Minn & Omaha. Jan. 1 to Oct. 31
,
Cumberland VaUey
Jan.
International &;Gt North'n Jan.
Lake Erie
Western
Jan.
Manistee & North Eastern Jan.
Mania tique
Jan.
&
Maryland
& Penns7lvania Mar.
Missouri Pacific
Central Branch
.
Total
tMexicaxi Centralt
Mexican International
.
Jan.
Jan.
Jan.
Jan.
Jan.
1 to Oct. 31
1 to Deo. 14
1 to Nov. 30
1 to Oct. 31
1 to Nov. 30
1 to Oct 31
1 to Dec. 14
1 to Dec. 14
1 to Deo. 14
1 to Dec. 7
1 to Oct 31
1,655,323
5,396,405
4,780,236
319,483
64,189
225,938
39,410,487
1,433,000
40,843,487
•23,319,679
5,889.431
&
FISCAIi YEARS.
Previous Year
BO ADS
Qrosa Earnings
$730,820 JMexican Railway
tMexicau Southern
tNational RR of Mexico...
Northeru Central
1.473,712
53,726
1,544,911
21,549,321
9,853,538
1,002,340
4,932,359
4,285,865
287,051
97,802
N orth
Sliore
ePennsy., East of
eWestof P&E
Pere Marquette
P
&
1
1
1
1
Mar. 1
E... Jan. 1
w
Phila Baltimore &Wash..
Philadelphia & Erie
Pitts Cin Chic & St Louis..
202,894 Rio Grande Junction
34,461.025 St L VandaUa
Terre
..
1,029.100 Terre Haute & Indianap .
35,490,125 Terre Haute & Peoria
19,492,894 Texas & Pacific
5,299.157 West Jersey & Seashore.
&
Jan.
Apr.
Jan.
Jan.
H
.
Jan. 1
Jan. 1
Nov. 1
Jan. 1
Jan. 1
Dec. 1
Nov. 1
Nov. 1
Nov. 1
Jan. 1
Jan. 1
to
to
lb
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Current Year Previotis Year
Nov. 28
Nov. 30
Dec. 14
$4,944,300
688,378
10.583,115
31
8,651,171
Oct
490,715
Oct 31
Oct 31 103,598,194
,
,
Oct 31
Deo. 14
Oct 31
Oct 31
Oct. 31
Sept 30
Nov. 30
Nov. 30
Nov. 30
Deo. 14
Oct 31
Inc.
10,862,298
13,494,049
6,595,162
20,747,941
486,598
199,045
164,957
43,319
11,147,634
3,771,521
$4,589,500
647,865
8,654,485
6,876,771
407,729
93,668,094
5,323,300
10,006,746
12,230,749
5,241,180
18,778,421
468,304
186,916
151.168
45,440
10,440,343
3.444,421
t Kesnlts on Monterey
Mexican Gulf are Included from Maroh 1, 1dQ2.
H Includes trans-Missouri lines
J Mexican currency.
In 1903, ipaking length of road on which earnings are reported 7,357 In 1903, against 5,876 mUes in 1902.
b Includes the Houst. <t
Xex. Cent and its subaid. lines in both years and for both periods.
Includes
the Chicago <& Eastern
e Covers lines directly ooerated.
g
niinois In both years.
t Including Sav. Flor.
in both years.
w Inalso
Florida
Southern
Petersburg
Rys.
West, and
and Sanfo'rd & St.
* Approximate lor June.
cludes Lake Erie
Det Riv. Ry. from Jan. 1 both years.
sincludes earnim^s of VaUey RR. of V a., Ohio &
lAtUe Kanawha, Clev. Term.
Val., Clev. Lor.
Wheeling, Kavenawood Spencer <& Q. and Ripley & mil Creek, not wholly ownecl, bnt
i«ontroUed and ojjerated by the B. & O.
&
&
&
&
THE CHRONICLE.
•2332
Latest d^ross Eamlngri by Weeks.—In the table whloh
follows we sum up separately the earning^ for the second
week of December. The table covers 22 roads and shows
5*27 per cent Increase In the aggregate over the same week
last year.
2d
toetk of
Ann
.
Deeem^r.
1908.
9
ArDor. ..............
BoilUoRooli. A PlUsVfi.
cTaniMllan Paoltlo
Denver A Rio Grande*..
Evans. & Terre Haute...
Hooklnx Valley
Int. A Great Northern..
Iowa Central
Kanawba
............
St fitlotLi«ran...
Unneapolls <k St. LoolB.
BAG. Kansas & Texas
Mo. Paolllc & Iron Mt....
Central Branoh.
HaeliT. Chat.
A. St. ixjuls.
National RR. of Mexico.
Pere MarQnett«t
ft.
Loma sonthwestem..
Texae
&
Paolflo
<b Ohio
W«l)IM»h ....
Xoledo
Central..
32,859
110,879
922,000
271,600
29,144
97,346
124.015
44,144
29,598
68.600
352.764
726.000
28.000
189,925
192.308
199,758
166.897
264,417
68,690
422.614
75,623
114.000
1902.
Inertate.
S
82,858
116.844
824.000
337,000
82.453
94.456
118.867
43,641
22,311
64.085
324,376
687,000
21.000
188,491
192,471
197,727
148,302
251.436
69.569
866.113
71,874
108.859
Decrease.
9
9
1
6,565
98',ob6
65.406
8,309
'*a,896
5,148
502
7,287
4.515
28.388
39,0O0
7.000
1,434
""268
"2'.626
18.595
12,981
9.131
56 501
3,749
5,141
[Vol. lxxvu.
—
iiroiis
j:.uvntHgs.
Ciirrent
Tear.
Roods.
—
.>e( £.ufiititys.
Precious
Current
Previous
Year.
Year.
Year.
,
Baltimore & OhioTotal system z ..Nov. 6,617,693 5,413,379 1.741.786 2,011,980
Jtiiy 1 to Nov. 30.. ..31.880,263 28,836,107 11,759,635 11,172,632
Bangor <&ArooBt'kbOot
193,505
178,624
81,696
75,438
July 1 to Oct 31
708,705
694,718
279,272
238,729
Bath<& Hamm'ds.bSept
3,312
3,291
1.505
1,870
July 1 to Sept 30
9.334
8,781
3,967
3.467
Belief onte Centr'l bNov.
5,936
5,485
2.568
2.749
Jan. 1 to Nov. 30
68,390
63,726
28,258
20,612
Brldgt & Saoo R.b Oct
3.497
4,507
1,620
1,837
July 1 to Oct 31...
16,981
17,993
7,093
7,145
8nfl. R. & Plttbs.b.Oot
710,166
704,513
317.673
327,758
July 1 to Oct 31
2,887,167 2,602,215 1,369.215 1.208,098
SnOalo A S'sqneh.aOot
96,654
97,277
38.388
63,147
July 1 to Oct 31
343,380
327,966
126,443
152,365
Canadian Northern. Sept
270,800
182,300
91,100
69.400
July 1 to Sept SO
776,400
445,500
262,000
171,000
Canadian Padtlo.a.Oot 4,488,764 4.127,402 1.654,027 1,616,135
July 1 to Oct 3116,498,763 14,579,688 5,608,922 6.565,502
Oane Belt
Sept
16.017
24,630 def.4,606
7,866
July 1 to Sept 30....
41,295
68,807 del. 19,240
21,236
Oatsklll
Mountain By.b —
July Ito Sept 30
41,123
39.453
23,254
22,061
Gent, of Georgia. a. Oct
959,995
879,999
336.097
346,298
WheeUng A Lak e Erie. .
July Ito Oct 31.... 3,143,340 3,060,272
782,294
912,929
Wlaoonnln Central
Cent.of N.Jersey. a. Oct
1.943.011 1,184,706
889,833
229,899
Total (22 roads)
4.530,471 4,308.734
302,279
75.542
July 1 to Oct 31.... 7,683,711 4,762,447 3,407,636 1,239,236
Ret Increase (5-27 p. o.)
226,737
Oentriii Pacl«c.b..Oct
2.219,669 1,«82.945
952,744
828,188
July 1 to Oct 31
8,461,092 7,855,107 3,669,410 8.436,839
* Inolades Rio Qrande Western,
Indades
Detroit
Lake Erie &
t
Ohact'n'ga South. aOot
6,565
9.288 def.1,816
1,125
River Ry. for IwtK years.
,Tuly 1 to Oct 31
41.454
36,874
777
6,214
1.714.738 1,325,627
601,187
Ohfsap. & Ohio. b.. Oct.
442.164
For the first week of Ddcember our final statement covers
July 1 to Oct 31.... 6,504,111 4,716.209 2,334,070 1,476,462
49 roads, and shows 6*21 per cent Increase in the aggregate Chicago & Alton. a.Oct 1,121,227
925,387
301.761
1421,696
July 1 to Oct 31.... 4,194,835 3,495,807 1,523,946 1,260,985
over the same week last year.
753,616
284.798
265.301
839,869
OhIo.Gt. West'n.b Oct
890,579
777,195
July 1 to Oct 31.... 3,000,391 2,633,142
\st toeek of December.
1903.
1902.
Inerecue.
Deereate.
461,102
225,210
521,842
201.778
Chis. Ind.&Louls.a.Oot
846,526
745,924
July Ito Oct 31.... 1,999,602 1,755,481
S
9
9
9
Frevionsly rep'd i22r'dBi 4,662.708 4,403,776
294,260
35,328 Ohio. M. dj 8t. P.a.-Oot 4,838,538 4.814,702 2,039.945 2,019,604
Alabama Gt. Southern ..
60,116
44,699
15,417
July Ito Oct 31... 17.594,875 16,883,383 6,724,565 6.467,210
Central of (Jeorgla
201.280
187,590
13,690
147,658
61,234
Chlc.Ter.Transf.b.Oot
158,027
58,899
2,:^04
Chattanooga Hoathem...
1,770
584
569,368
588.028
236,673
244,695
July 1 to Oct 31...
Chlo. Great Western
143,117
133,943
9.174
Olu. New Orl. ATex. Pao.— See under Southern Ry. 8y8tem|below
Chlo. Ind'pUe & Loulsv..
96.179
95,328
851
397,872
Chlo. Term. Transfer....
31,912
1,848,517 1,797,510
422,945
28.596
3,846 Ol.tin.tJhlc.&St.L.aOct
118.672
Cln. N. O. & Texas Pao..
96,701
21,971
July Ito Oct 31.... 7,675,186 6,858,666 1,936,655 1,679,816
Colorado & Southern
104.574
131,767
27,183
245,127
262,016
50,184
55.340
Peorla<kEas'n.a..Oct
Detroit Southern
26,813
29,185
2,372
218,419
224,639
920,720
July Ito Oct 31.... 1,014,684
Dttlutti So. Shore 4 AU..
40,419
42,719
2.300
633,631
566,773 dl99,888Sd 165,139
Oolor'do & South. b. Oct
Gr'nd Trunk of Canada j
July Ito Oct 31... 2,287,805 2,115,386 d6:^6,73ti d535,415
Grand Trnntr West.. >
659.353
611,283
48.120
22,497
19,318
9,761
8,379
Det. Gr. Hav. <fc MUw. >
Oolum.Newb.A L.b.Oct
20,335
40,096
61,375
30,791
OtilX <b Ship Island.
35,569
75,837
4,537
July 1 to Oct 31 ..
Loolsvllie & NashvUle..
740,235
690,280
49,955
22,183
23,588
49.275
87,937
Copper Bange a ...Oct
455.715
Mexican Central
458.971
8,256
129.321
99,257
72,291
198,592
July Ito Oct 31 ..
Mineral Range...........
10,953
9,217
1.736
7.660
5.712
1.995
1,727
Oct
Oornwall.a
Minn. St. P. & S. Ste. M.
168,782
127,833
30.949
11.885
32,442
33,631
8,772
July Ito Oct 31....
Mob. Jackson & K. CltyH
8,287
6,100
3,187
20,190
Mobile A Ohio
125.116
122,010
6,487
7,053
3.106
17,394
Cornwall ALeban.. Oct
Nashv. Chat A St. Loals.
169.205
175.817
98,187
49,400
40,433
6,612
*• - —
99,825
July 1 to Oct 31...
Bio Grande Southern...
7,086
9,672
2.586 Oumt)erland Val.b.Oct
38,046
119,281
47,504
192,731
SeaDoard Air Line
277.481
265,809
21,672
323,573
354.465
31... 1.655,328 1,002,340
Oct
Ito
Jan.
801,712
Bautnem Railwav ......
875,909
74,197
637.726
699,529
1,629,687 1,689,176
TDen.cteRloG'rte.b.Oct
Texft»r>^nTr»l
22.273
14,866
7,407
Jmy Ito Oct 31... 6,406,768 6,322,158 2,524,074 2,671,404
25,225
Toledo Peoria A Weat'n
21.768
3,457
28,796
62.423
506 Detroit A Mack' o.aOct
22.614
ToL St. L.<k Weat
61.917
80,811
72,443
273,967
107,848
91,117
327.233
July 1 to Oct 31....
Total (49 roads)
610.631
9,128,822 8.595,269
77,078 Detroit Southern.h.Oct
27,059
24,349
156.832
183.548
...
133,510
Ret tnorease (6-21 p o.)..
..
533.553
505.608
115,857
602.450
July Ito Oct 31....
73,285
259,206
98,800
233,636
DoLSo. Sh.&Atl.b.Oct
T Week ending Deo. 5.
364,325
426,616
July Ito Oct 31.... 1,007,267 1,031,488
860,478 1.236.236
Oct 3,835,611 3,818,152
Net Earnings Xonthly to Latest Dates.—The following Erle.a....
July 1 to Oct 31... .16,914,307 14,179.340 5,256,875 4,509,818
shows the gross and net earnings to latest dates of all Steam FalrohlldA N. East Oct
20
1,810
4,852
2.103
det.436
3,306
13,075
9.614
July 1 to Oct 81 ..
railroads famishing monthly statements. The compilation
def.Sie
6.367 def.1,056
6,456
Powh't'n aSept
includes every road from which we can get returns of this Farm V. &Ito Sept 30 ..
979
20,853 def. 1.779
19.615
July
110,165
72,910
242,790
character, and in that form is given once a month. Early Ft.W.<f!i Den. CHy.bOct
285.800
880,710
251,999
922,524
July 1 to Oct 31.... 1,037,795
returns are published from week to week, as soon as issued,
121,980
104,318
240,714
269.026
Oct
Georgia BR.a
but for the convenience of our readers all the roads making
7til.095 q236,05Z q292,698
822,458
July 1 to Oct 31 ..
returns are brought together here in the week in which we Georgki South. & Florida—See under Southern Ry. System.below.
22,620
24,862
16,369
36,843
publish our monthly article on net earnings say about the GllaVal.Globe&N.aOct
84,396
98,211
59,487
134,555
July 1 to Oct 31....
20th of the month.
824,385 eriff 819,032
2,514,084 2,394,805
Or. Trunk of Can... Oct
July Ito Oct SI. ...10,455,188 9,181.014 3,416,769^3,210,429
— Gross Earnings.
Net Earnings.
71,051
64,724
**6,745
581,547
Or. Trunk West.. .Oct
Previous
C'irrent
Previous
Current
196,120
168,381
July Ito Oct 31.... 1,948,647 1,581,613
Year.
Yeai:
Year
Tear.
29.636 jfiCE 28,226
113.876
126,042
DetGr. H.&Mll.Oct
Eoads.
$
$
$
141,129
132,370
431,172
483,729
July 1 to Oct 31...,
Alabama Great Southern See under Southern By. System below.
71,693
62.318
253,322
171.828
a.Oct
Isl...
Ship
OuU&
Inc. 68.014
Deo. 6.897
Allegheny Valley. ..Oct
258.707
195.515
656,526
638.502
July 1 to Oct 31....
Inc. 118,171
Inc. 730,820
Jan. 1 to Oct 3i....
216.511
195.046
507,070
559,927
aocklng Valley. a..Oct
62.679
67,652
180,238
175,608
888,200
811.005
Asn Arbor. fc
Oct
July Ito Oct 31... 2.232.379 2,083,132
226,272
231,972
715.76y
632,898
Joly 1 to Oct 31...
262,629 Mt 281,181
«00,213
593,327
Honet.ATex.Cen.bOct
6,576,025 5,910.931 t3,005,908 t2,670,810
512.173 ,« 798,830
At0h.T.<k8. Fe.b Oct
July 1 to Oct 31 .. 1,924,964 1,928,897
July Ito Oct 31..-. 23,428,164 20,506.994 19,609,958 t8,077,516
29,269
10,572
Houst.E.&W.T.b...Oct
,,85.75*
^tl-llt
297,364
264,028
126,701
116,976
14,286
28,460
tl'ta<b Char.A.L.aSept
293,968
277,146
Ito Oct 81 ..
July
301,615
306,739
833.585
797,674
July 1 to Sept ao
10,123
9.183
25,326
20,249
Houst.&Shreve.b.Oct
9,578
4,635
24,344
18,480
14,679
26,190
Atlanta & Birm.a..Aug.
82,619
66,448
July Ito 31 Oct .-.
17.830
11,828
34,414
46,460
July 1 to Aug. 31-...
minole Central... a.Oct 4,357,333 4,044,808 1,235,260 1,358,301
9,511
65,476
61,007
9,043
Atl. Knox. A No. a Oct
1 to Oct 31... .16,154,601 14,528,503 3,880,935 3,866,572
55,906
240,590
61,488
262,752
July 1 to Oct 31...
48,824
38,071
14*.V89
138,195
ni. &IOwa.a..Oct
lo.ess tnd.
147,318
22,515
9,091
89,049
35.657
540,933
Atlantic &. Blrm'gh.Oct
491,973
July Ito Oct 31 ...
45,737
31,704
133,048
76.488
July 1 to Oct 31...
r37,629
r30,897
227,786
219,523
Central.a ...Oct
794,583
750,550 Iowa
844,760 rl46,260 rl20,485
1,756,749 1.800.383
aA.tiant Coast h.a.Oct
826.976
July 1 to Oct 31....
6,065,420 6,047,691 2,058,776 1,917.127
July 1 to Oct 81
11.336
29,570
105.174
155,296
Kanawha* Ml oh. a.Oct
104,016 def.9,420
297.068
Baltimore <& &.nnap»ll6
596,148
1 to Oct 31....
Jl^
8,563
4.016
8,955
Sept
13,004
Short Llne.a
194.161
161,598
669.417 „ 578,451
13,758
*«10,171 Kan.01ty8outh.a..0ct
30,834
41,261
July Ito Sept 30...
541,288
502,316
1 to Oct 31.... 2.103,450 2,003,955
July
BaU.A Ohio r^.b. Nov. 5,319,863 6,029,951 1.703,840 1,574,979
See detailed statement below.
July ICO Nov. 30.. ..29,226,272 26,729.753 11,165,368 10,393,166 Lehigh Valley RR.—
^
...
—
—
,
.
ijj
jX
^
Dec.
THE CHRONICLE.
19, 1903.]
— Oroxx
.
Roads.
Lexl&K'n&East.b.Oot.
Kariiiiiyg.
—
.
.
Set Karniiigs.
Curittit
Tear.
Prfcioua
Vurrent
Pitrious
Tear.
Tear.
Tear.
$
$
.
2333
,
$
$
15,634
10,835
68,622
78,199
Deo. 63,967
L>«o. 38,899
Itoads
—Current
Grogg Earnings. —
rrecious
..
Tear.
Tear.
$
$
Set Karninijx.
rrevious
Ciirrent
Tear.
Tear.
$
.
$
57,300
61,866
Southern Indiana. b Oct
91.172
119.960
153,074
July 1 to Oct 31....
219.950
444,932
296.980
July 1 to Oct 31
ISouth.Pao.Bjst.a.Oct 8.913,845 8,279,211 3,410,019 2,972,713
LODKlslandb
Oot
Ido.
9,933
July 1 to Oct bl....
1110.267,246
July 1 to Oct 3l....32.753,907 30,065,908 10.634.281 10,498,400
828,188
962,744
Central Paoltlo.b.Oct
2,219,669 1,982,946
Lools'nadE Arkan.aOot.
42,762
yl2,.'>0l
52,000
y9,369
July Ito Oct 31.... 8,*61.092 7,853,107 3,559,410 3,436,839
July 1 to Oct 3J. .
212,761
164,311
y49,46B
y47.845
134.387.
136.322
Gal.Har.AB'ii A.bOot
613,261
609.672
Loa. Hen. &8t. L.bJoly
73.303
68,815
35,716
24.755
431,906
79,920
July 1 to Oct 31.... 2,314,948 2,198,741
Loulsv. * SaBhv.b.Oot
3.413.903 3,166,572 1.205,777 1.123,433
28,078
56,180
Gal.Hous.ANo.b.Oct
135,767
122,178
July 1 to Oct 31.... 12.581,417 11.525.828 3.938.364 3,691. .07
122.838
516,626
359,433
198.381
July 1 to Oct 31...,
Maoon & BlnningbOct
16.445
17.706
1.161
2.037
5,427
def.2,862
18.260
15,689
Gnlf W.T.APao.bOot
July 1 to Oct 31...
48.204
54.906 det.6.636
def.779
67,115
9.859
60,024
1,622
July Ito Oct 31 ...
MaDiHT«e&Or.Rap.Oct
5,098
12.213 def.2.965
8,07:^
166,f37
63.107
91,160
LoQlalanaWest.b Oct
181,156
July 1 to Oct 31....
31.530
43.940 def.7.o96
8.765
672.068
294,002
643,086
165,644
July 1 to Oct 31.-..
Maul8teeANo.E.a.Oct
32.372
27.726
13,869
13,531
1<'2,851
414,202
199.818
450,076
MVn'sLa.&Tex.bOct
Jan, 1 to Oct 81....
319,48a
287.051
163.132
138.7«9
491,215
631,719
July Ito Oct 8i..-. 1,507,642 1,607,696
Manlstlqne.to
Nov.
6,185
4,703
222
def.620
41,8«9
86,918
16,603
28,614
N. Y.Tex. * M.b. Oct
Jan. I to Nov. 30....
64,189
97,802
80i5
39,283
161,790
4.«,b98
168.324
75,863
July Ito Oct 31....
Maryland* Penn.. Oct
39.952
31.029
9,778
10,407
352,846
394,793
167.654
112.080
Oregon A Oallf.b. Oct
Mar. 1 to Oct 31....
226.938
202.894
74.200
61,.'!i8l
674.189
422,238
July Ito Oct 31.... 1,522.929 1,364,833
c Mexican Ceuc.e.. Oct
2.226,681 1,995,171
690,061
516.108
117,422
34,120
11,019
87,978
So. Pae. Coast.. b. Oct
Jan. 1 to Oct 31.. ,20,848, 993 17,165,808 6.009,4'2B 4,974,907
454,479
385,306
126,093
41,558
July 1 to Oct 31...
c Mex. Interni»t'1...0ct
549,438
684.358
222.822
221.407
2,976,806 2,7e8..'>78 1,323,737 1,163,800
p8o.Pao.RR. Co. bOct
Jan. 1 to Oct 3i ... 5,889,431 6,299.157 2.834.632 2,022,617
July Ito Oct ol.... 11,241,460 9,916,382 4,733,791 4,111,292
BiIlUe*4 8ouihw.a..Oct
6,012
4,317
2,154
894
136,381
879.405
So.Pao.SS.Llnes.bSept
July 1 to Oct il ...
17,632
16,536
7.2«3
4,659
91.oll
287,901
344,580
44,54»
Texas
<s N. Orl.b. Oct
Mineral Range. b... Oct
5l,»24
48,140
7,558
10,066
297,444
1,097,061
210,080
1 to Oct 31 ... 1,321,817
July
Jnly 1 to Oct 31
196.847
185,668
34,248
33.383
Southern Raiiway Syst —
Minn.* at. Lome. a.Oct » 299.164
341,996 vl33,702 vl35.743
Southern Kaiiw a Oct 4,166.663 3,872,389 1,354,535 1.282.280
Joly 1 to Oct 31.... 1,080.302 1,317,764 V449.832 v649,4a.'>
July I to Oct 31. ...15,859,974 14,282,403 4,664,185 4,304.430
M. 8t.P.*8.». M.b Oct
802,550
844,468
454.614
819,152
277,458
236,438
639.675
716,373
Mobile
&Ohlo.a.. Oct
July 1 to Oct i>l ... 3,732.446 2,740,010 1,455,015 1,460,498
809,552
710,964
July Ito Oct 31..., 3,578,097 2.361,542
Mo.Kan.ATexas.a.Oct 1,974,414 1.894,857
745,900
749,231
133,684
128,883
507,973
608,750
Cln. N. O.&T P.a.Oct
July 1 to Oct 31 -. 6,359,660 6.265,018 1,853,296 2,108,531
624,687
504,648
July 1 to Oct 31..., 2,364,743 1,979,867
Mo, Pac. System, b. Oct 4,067,476 3,765,529 1,334,306 1.508,129
69,401
239,431
70,566
274.320
Ala. Qt South a.. Oct
Jan. 1 to Oct 3.. ...35.783,487 30,592,126 11,497,526 9,866,775
894,910
254,116
239,672
July 1 to Oct 31..., 1,086,244
Mob. Jacks. & K.O.Oct
35,95i4
20,197
12,087
38,607
43,463
129,119
153,745
Ga.Bouth.AFia.aOct
July 1 lo Oct 31..-..] 127,506
73,578
46,290
136,273
185,509
483,979
862,307
Jnly 1 to Oct 51 ...
Mobile & Ohio— See uuder Sonthern Ry. System Delow.
27,708
74,332
30,905
81,703
rexaBOentral.a....Oot
Nash. Ch.&8t.L.b..Oot
nS73,853 ii822,287 n210,313 n246.586
48,287
50,290
203,392
226,870
July Ito Oct 31 ..
July 1 to Oct 31 ...113344.819 n3044,698 u933,559 n969,312 Tlft.Thomasv.AG.bSept
16,609
6.914
16,277
7,934
cNat'lRR. ofMex. Oct
857,526
22,653
21,996
806,161
243,850
80,092
46,994
311,678
July Ito Sept 30...,
Jan. 1 to Oct 31 ... 9,410,624 7,491,014 3,085,034 2,604,024 Toledo A O. Cell i.a. Oct
281,712
92,200
57,787
849,934
NeT.-Cal.-Oregon.a Oct
16.''61
392,174
221,669
23,921
26,392
12.602
July Ito Oct 31. .. 1,390,954 1,078,937
July 1 to Oct 31...,
81,196
39,08<i
81,428
40,041 ToLPeorla&West.bNov.
17,937
19,604
91,276
97,888
JTevada Central.. ..Oct
502.023
125,680
125,193
3,612
4,679
550,668
119
3,323
July 1 to Nov. 3<J ..
July 1 to Oct 3i ...
13,634
14,632
2,521
5,144 e Union Pac.8v8t.aOct
5,675,576 4,882,869 2,868.549 2,468,194
H. y,Ont. & West.aOct ifB 493.484
384,149
84.232
36.755
July 1 to Oct 31.. ..19,982,259 17,803,829 9,351,241 8,878,627
Jnly 1 to Oct 31 ..t 3,460,371 1,480,270
682,9t9
166.894 Virginia A Southw. Oct
21,769
29,068
52,557
65,650
N. Y.8U8. AWest.aOct
91,518
142,373
131,581
22.667
252,801
204,834
81,566
22,042
July Ito Oct 31....
Jnly 1 to Oct 3i...,
840,003
300,669
312,563
112,696 Wabash. b
614.136
606,709
..Oct 2,206,295 1,970,096
Norfolk* Weat'n.a Oct 2,031,099 1,744.629
816.103
723,331
July Ito Oct 31..., 8,567,562 7,436,240 2,591,771 2,326,351
July 1 to Oct 31... 7,785.574 6,760,990 3,134.353 2,818,735
280,130
267,830
12,838
43,488
W.Jersey A 8e.»8n.b Oct
Northern Central. bOct
889,707
768,907
991,495 1,008,795
226,273
223,173
.,
3,771,521 3,444,421
Jan, 1 to Oct 31
Jan. 1 to Oct 31..., 8,651,171 6,876,771 2,010,978 1,917,978
373,969
128,780
408,889
88,895
Wheel. AL. Erle.b. Oct
North Shore (Cal.)b Oct
52,280
517.836
326,842
41,192
15,290
12,926
July Ito Oct 31.... 1,650,284 1,422,129
Mar. 1 to Oct 3i....
490,715
407,729
216,594
173,786 WmsD'rt&No.Br.aSept
16,427
14,883
3,761
5,826
Ohio River A West. Oct
19,637
17.277
52,167
52,050
16,720
22.245
5,731
4,597
July 1 to Sept 30 ...
July 1 to Oct 31....
77,869
63,534
20,013
20,304 Wisconsin Centr'l.b Oct
642,432
223,553
270.154
609,856
PaoSfio <Joa8t Company -See MlBoellaneons Companies.
909,971
956,351
July Ito Oct 31.... 2,446,816 2,377,334
Pennsylvania—
10,648
xl8,010
xl9,992
5,129
Wrlghtsv.ATenn.bOct
Iilnes directly operated
11.692
25,830
x61.268
x56,596
July Ito Oct 31 ..
JEastof Pltt8.diE.Oct 10.725,575 10,846,975 3,774,897 3,879,397 VazooAMlBS.Val.aOot
730,330
191.372
758,954
298,087
J Jan, 1 to Oct 31....103598194 93,668,094 32,623,363 32,667,763
317,876
366,023
July Ito Oct 3i.... 2,377,223 2,273,398
WestoIPltts.&E Oct J Inc. 401,900
Dec.
1,400
(4 Netsaruinga nere^i^lven are alter aeduotlng taxes.
Inc. 5,323,300
Jan. 1 to Oct 31
Deo. 227,500
k Wet earnings hereglvenaireDeforedodnotlngtftxes
Pere Marqnette.a..Oct [11.051,137 ||l, 000,355
||363,421
||281,024
Jan, 1 to Oct 31. ... 9,63!i,233 118,764,440 ||2,983,510 112.238,420
e These figures are in Mexican currency, and are convertible Into
gold at the current rate of exchange.
Phllcklelphla Co.— See statement on page 2031.
d Net, after deducting taxes. Is $178,511 and $147,081 for 1903
Phlla. & Erle.b
748,544
Oct
615,683
252,176
223,546
Jan, 1 to Oct 3i..., 6,595,162 6.241,180 2,137,363 1,790,809 and 1902 respectively tor October, and from July 1 to Oct. 31 net
is $594,396 this year against $463,184 last year.
PhU. Bait &Wach.b Oct 1,189,181 1,144,881
573,036
620,336
e Results on Monterey A Mexican Gulf Included from March 1, 1902 >
Nov. 1 to Oct 31. ...13,494,049 12,280,749 4,063,021 4,189,821
and Cuernavaoa & Paoiilo, Rio Verde Branch, etc., since Jan. 1, 1903.
PlneBlufl Ark. R...Oct
3,288
3,325
1,714
1,414
f Thirty per cent of gross earnings.
July Ito Oct 31....
10,330
10,012
l£ 2,077
3,282
Length of road having been reduced in July, 1903, by 562 miles
g
Pitts. C.C.& St. L.aOct
2,247,777 8,085,760
616,395
615,291
Jan, 1 to Oct 31
20,747,94118,778,421 5,316,324 5,133,052 on aocoant of sale of pare of the Oregon Short Line system, figures for
1902 have been revised to conform to the new basis.
Raleigh & :j. F»»ar.a Oct
4,247
1,759
h Includes Iron Railway Oo.'s earnings in both years.
July 1 to Oct 31...,
19,082
9,451
I Houston A Texas Central and Its snbsidfary lines are included,
Beading company—
Phlla.&Read'er b Oct
2,990,804 2,244,842 1,075,782
713.328 both for the month and for the period from July 1.
July 1 to Oct 31. ...12,117,226 8,097,357 4,826,992 2,130,850
J These figures include results on the Buffalo A Allegheny Valley
Coal & Iron Co. b Oct 3,421,528
516,996
143,392 (lf.161. 684 Division In both years.
July 1 to Oct 31... .10,419,088 1.170,822 1,024,399 df. 956,761
k Expenses increased this year on account of expenditures for ImTotal both Co. 'e.bOct
5,412.332 2,761,538 1,219,174
.^51,659 provements.
July 1 to Oct 31. ...22,536,314 9,268,179 8,851,391 1,174,089
For September after adding other Income total net Is $1,438,750
this year, against $1,910,167 last year. For the three months after
Reading Co. b... Oct
121.015
109,9.'52
July 1 to Oct 31
472,696
459,392 adding other Income total net Is $4,558,384 this year, against
$6,286,837 last year.
TotalallComp'R.bOct
1.340,189
661.611
n Includes Paduoah A Memphis Division In both years. Expenses
July Ito Oct 8i
6,324,087 1,633,481
for October, 1903, include $79,965 paid for additions to property,
Rich. Fred. & Pot.. Sept
88,900
110,277
32,711
17,271 against $62,682 In October, 1902. From July 1 to Oct 3i oh»rge8
61, '84 Include $259,(:>77 spent for additions to property agaln8t$17l,752 last
July Ito Sept 3o...
273,599
341,977
104,321
Rlo Grande Jtinct.. Sept
fl9,495
64.985
57,789
fl7.337 year.
fl45,979 1140,492
Dec. Ito Sept 3U...,
468.304
486,598
p Includes results on former Southern Paolflo of Arizona, Southern
R10»rande8oata.l Oct
35,352
11,122
57,888
30.925 Pacific of California and Southern Pacific of New Mexico.
211,321
169,035
75.595
109,045
July 1 to Oct 31 ..
q Including remittances from connecting roads, total net Income for
Book Island Co.a... Sept 4,390,597 4,037,525 ml,375,140 inl,659,012 the period July 1 to Oct 31 Is $266,052 this year, against $322,692
Jtlly 1 to Sept 30 ...12,741,639 11,535,539 m4,871.883 lii4,886,440
last year.
r For October additional Income Is $5,708 this year, against $1,903
131.523
St. Jos. A Gd. Isl.b Oct
130,916
33,146
57,906
487,966
July 1 to Oct 31....
416,594
100,485
142,752 last year. From July 1 to Oct. 31 additional income this year Is
$20,(>82 against $10,606 last year.
8t. Li. * Ban Fr. (Inolnd.
a Including earnings of Savannah Florida A Western In both year?,
Chic. & E. Ill) b.. Oct
3,357,892 3,037,104 1.256,688 1,292.354
July 1 to Oct 31. ...12,632,768 10,765,390 4,763,696 4,386,611 and also Florida Southern and Sanford A St. Petersburg Ry. In both
years.
St.LontsS'west.b. Oct
733,500
779.750
279.500
340,600
V For October additional Income is $13,055 this year, against
July 1 to Oct 31.-.. 2,524,665 2,485,148
819,548
806,226 $15,0.^3 last year. From July 1 to Oct. 31 additional Income Is
Ban Fr. A N.Pac.aNov.
103.560
110,lf2
13,524
17.173 $52,035 this year, against $59,921 last year.
660,333
July 1 to Nov. SO....
625,726
194,008
234,913
X Includes $5 16 " other Income" for October this year, against
Seaboard Air LilneaOct 1,137,032 1,160,879
305.784
348,122 $376 last year. From Jnly 1 to Oct. 31, other income included,
July 1 to Oct 31,.-. 4,196,509 4,133,117 1,011,800 1,145,090 amounts to $1,799 this year, against $1,431 last year.
60.819
246,603
46,444
192,359
i
II
m
THE CHRONICLE.
23;u
-
y
Ineluillni! Jother inoome. total uet for October 1m $11,067 this
-'ui#t J18.789 last jear. From July 1 to Got. 31 total net is
lU year asjHiust <>oi,003 last year.
-
T
z
.V
I
A
Valley RR. of Vlr^inli*. Ohio
Little KanaValley, Clev. Lorain <fc Wlieellnjt. Riivt^nswood
les e;iraln)t3 of
wha. nr>v. Term.
&
Spencer*
uienvllle and Ripley ^^ .Mill Creek, not wholly owned, but
controUe^l and operated by the Baltimore
Ohio.
t Fir October. IJUi, taxeit
»ud rentals auionnted to $189,947.
a«raln<it *iss.lli>, after d«(1notlnjr which net for October, 1903, was
Frotn July 1 to October 31, 1903,
$2,815,961. against f3,487,690
taxes !ind rentals anioant«dto37l8, 914 this year, axalnst $746,406
year,
after
deducting
laat
which, balance Is $8,891,0 14 this year
against $7,331,109.
U Includes Lake Erie A Detroit River Railway for both periods.
H Inolades Rio Orande Western for both years.
&
Interest Cbar^es and Snrplvs*— The following roads, In
addition to their gross and net earnings given In the foregoing, also report charges for Interest, &o,, with the surplus
above or defiolt below those charges,
.
•
Int., lietitals, etc.
—
Current
Prerious
Current
I'reviotis
Year.
Yenr.
Year.
Year.
$
$
$
Jioads.
Atlantic <k Blrm'Kh.Oot.
July 1 to Oct 31
.
Bellefonte Central. Nov.
Jan. 1 to Nov. 3o ..
Brldgt. A 8aco Rlv.Oot.
July 1 to Oct. 31....
Buffalo AS'squeh. Oct.
Jtily 1 to Oct.
31....
-lial.of Xel ICani'gs.—.
3,521
14,083
2,471
9,108
433
522
5,229
5,918
507
507
2,U26
13,237
49,269
2,080
12.-281
49.786
5,570
31,654
2,130
23,029
1,113
6,067
•36,243
*115.314
8.182
22,596
2.227
14,694
1,330
5,065
*48,702
*128,211
CatskiU Mountain Ry.—
July 1 to Sept 30
1,915
2,043
21,339
20,018
511,151
Gent, of N. Jersey.. Oct
402,299
878.182 df.172,400
July 1 to Oct 31 ... 1,989,363 1,548,215 1,418,268 df. 308,979
Clev cln.Ch.&St. L.Oct
287,007
233,261
160,365
189.684
July 1 to Oct 31....
945,924
942,172
990,731
737,644
Peoria & East
Oct
33,688
33,688
16,496
21,652
July 1 to Oct 31 ..
134,753
134,758
83,666
89,886
Copper Range
Oct
8,437
5,875
17,713
18,746
JiUy 1 to Oct 31
26,062
23,500
73,195
48,791
Cornwall & Leban..Oct
4,096
8,942
2,891
3,111
July 1 to Oct 3 1
16,256
15,872
33.144
24,561
IDsn. A R. Orande.. Oct
342,982
318,102
t389,438
1299,694
July 1 to Oct 31 ... 1,334,676 1,280,627 tl,257,485 tl,445,155
"10,784
Dul. 8o. 8h. & AtL..Oct
88,654
88,642 *df. 14,742
*12,731
July 1 to Oct 31 ..
354.588
354,567
•74.41Z
Gil» Val.GlobeA N.Oct
116.456
116,978
16.164
8,391
July 1 to Oct 31....
1[27,579
1Ii;7,630
56,817
31,777
Gulf A Ship Isl
19,449
•53,118
•47,004
Oct
15.391
•182,307
•140,007
July 1 to Oct. 3 1
77,316
56,285
Hooking Valley
•167,383
•112,904
76,597
82,142
Oct
•629,116
•545.424
311,974
296,115
July 1 to Oct 31
Indiana 111. A la.. ..Oct
17,833
17,833
20,238
30,991
71,383
July 1 to Oct 31
71,333
17,716
76,985
•9,460 *def,3,246
Kanawha A Mich. ..Oct
15.183
30,658
82.178
July 1 to Oct 31
54,681
*24,238^def.6l.756
Maryland A Penn..Oct.
2,875
2,875
6,903
7,532
Mar. 1 to Oct 31 ...
23,000
23,000
51,200
38,581
•549
Mineral Range
10,691
Oct
9,696 *df.8,076
July 1 to Oct 31
39,781
38,786 *df.4.933 •df.4.805
337.019
310,656
418,881
Mo. Kan. A Texas.. Oct
438,575
July 1 to Oct 31.... 1,297,103 1,246,036
556,193
862.495
C.Oct
8.333
3,754
Mob. Jacks.
33,333
July 1 to Oct 31....
12,957
149,581
Nashv. Chat.A8t.L.Oct
150,387
60,732
95,199
599,126
603,149
334.434
366,164
July 1 to Oct 31
2,191
Wey.-Cal.-Oregon...Oot
1,875
10,411
13,886
8,767
7,500
30,315
32,541
July 1 to Oct 31....
N. y. Ont. A West... Oct
g84,104
S61,618 def.29,872 kp,f.24,863
421,329 def. 75,992
jTUy 1 to Oct 31... S<:61,640 £242,886
224,391
Norfolk * WeBfn....Oct
212,933
591,712
510,298
893,063
847,093 2,211,290 1,968,642
July 1 to Oct 31....
12,910
2,380
1,050
North Shore (CaL).. Oct
11.876
110,088
83,956
106,603
Mar. 1 to Oct 31...
89,830
1173,726
11135,767
11194,695
Pere Marquette.. Oct
11145,257
Jan. 1 to Oct 31 .. 111,623,135 111.326,212 111,460,375
11912,208
483
1.106
931
608
Pine Blufl Ark.R. ..Oct
def.355
2,432
1,932
July 1 to Oct 31....
1,360
—
—
—
AK
Beading-
—
888,000
3,662.000
7,708
BloOrande Junot...Sept
77,083
Deo. 1 to Sept 30
17.833
Bio Grande 8onth..Oct
73,408
July 1 to Oct 31....
20.588
8t. Tos. A Gr. l8l'd..Oot
77,404
July 1 to Oct 81 ...
8t. L.A San Fran.(lnolud
Ohlc.
A East
111.).
Oct
y848,528
895,721
3,582,884
7,708
77,083
19,033
77.805
19.404
75,611
452,189 df.234.110
2,772.087 df.l949403
11,787
9,629
63.896
63,409
'df.6.442
•13,093
•5,404
•86.040
11,558
38,502
67,141
23,081
y772,606
•439,745
•555.033
•1,527,6^2 1.477,190
def.9.060
def.5.502
81.091
121.563
461.689
df.9548J0
28,322
25.125
37,954
40,017
2,887
3.908
10,573
9,917
•91,622
•19.519
•272.519
•63,014
def.5.004 def.2.934
10,312
12,503
12,322
43.866
892
3,320
7,31^1
14,931
'84,212
'130,562
•843,265
'885,475
July 1 to Oct 31... y3,397.415 y8,063,516
2S.584
22,675
San Fran ANn Pao.Nov.
112,917
113,375
July 1 to Nov. 30 ...
Oct 52,937,926
I 8onth6rn Pao
July Ito Oct 31. ...§11783,637
2,683
2.583
Oct
Texas Central
10,273
10.383
July 1 to Oct 31
4,027
4,027
Tilt. Thomasv A G Sept
12.030
12,080
July 1 to Sept 3o
88,719
40.779
lolsaiy A Ohio Cen..Oct
156.501
160,448
July 1 to Oct 31
22,53^
22,941
ToL Peo. A WeHl...Nov.
116.268
112,689
July 1 to Nov. So
9,447
Virginia A 8o. Wesr.Oot
37,700
July 1 to Oct 31....
2,8R8
2,506
Wn)Si)ort A No. Br. Sept
7,314
8,401
Jiily 1 to Sept 30
145,037
146,119
Wisconsin Central.. Oct
685,246
684.487
July 1 to Oct 31
—
—
After allowing for other Income received.
These ngurea are after allowing for other Inoome and for dlsoonnt
and exchange. The sum of $10,000 18 deducted every month from
•nrplns and placed to credit of Reoewal Fund.
*
t
Includes Rio Grande Western for both years.
These tlgures Include $1,458,472 appropriated for betterments and
additions to properties and equipment In October, and $5,726,867
during period from July 1 to October 31.
g Includes Lake Erie A Detroit River Railway for both periods.
T These ttgures Include $148 appropriated for betterments and
additions to properties and equipment In October, 1903, and $670
in October. 1902. From July 1 to Oct 31 Hgures Include $2,316 for
betterments and additions this year, against $2,447 last year.
s These are net charges after allowing for other Inoome received.
1 Houston & Texas Central and Its subsidiary lines are Included,
Doth for the month and for the period from July 1.
r Inolades guaranties on certificates Isanad for Ohio. A £. 111. stock
t
5
LBHIOH VALLBT BAn.ROA.D OOUPAHT.
October.
,
1903.
Net earnings
Total Income
Int.,
taxes (est.) and
other deductions
Addll'ns Almprovem'ts.
to
Oet.31
1902.
.
9
4$
1,760,601 10,744,692
1,570,867 6,226.467
I
5,915,762
6,005.504
189.734
68,657
4.618,225
157,616
911,683
258,391
4,675,741
def.6,708
487,466
57,667
485,330 1,9R4,615
119,000
230.667
1,954,682
466,000
645,133'
604,380
2,420,683
366,650 df.845,939
oth. conir'U'd coal cos.
def.89.742
83,034
8,195.282
2,480,469 df.2,427,390
8,784 df.291,625
Total net Inoome
July 1
1903.
893.829
17,864
Total deductions....
Netlncome
Net inc. Lehigh Val. and
.
S
2,557.108
1,663,274
Other Inoome
,
1902.
$
Gross earnings
Operating expenses
875,334 dX.637,664
165,093
def.986,880
2,645,652 df.3,414,270
Misoellaneons Companies.
—Current
Gross Earnings. —
Previous
Oompaniea.
Amer. Light A Trao.Sept
Jtily 1 to
Sept
A''e/ Earnings.
Current
Previous
,
.
Yenr.
Year.
$
$
rear.
30....
Gas Co. .. Nov.
Oct Ito Nov. 30....
Buffalo
A Hook. C. A Ir.Sept Ill8,108
Apr. 1 to Sept 30.... I1II6.42I
Col.
Onmberland Telegraph A
Telep. i"o
Sopt
Month of Oct
Edison Elec. Ilium. Co. of
Brockton, Mass.. Oct.
Nov. 1 to Oct 31
FaU River Gas Works
Co
Oct
Oct 31..-.
to Oct 81
—
Jtily 1 to
Jan. 1
Lowell Electric
Corporation
hl5,7S6
1183.597
291,579
302,203
9,721
104,282
184,484
1234,532
30,147
60.817
14.568
96,108
,
Yenr.
35.741
72,023
12,460
68,868
100,153
112,587
9,082
94,442
33,166
112.062
265,801
4.322
30,480
2,110
35,15S
14,171
46,737
104.192
Light
21,479
72.551
187,688
91,229
276,876
869.037
23,024
158,948
20,906
69.662
168,071
75.125
223,141
569,533
20,907
189,987
8,853
27,647
65.197
33,701
92.342
336.586
11,925
78,829
73.058
595.195
9,458
25,401
63,278
25,801
73,196
175,778
9.548
68,132
71.695
605,838
49.266
159,411
804,874
_
2,216.5:^6 2,066,952
Philadelphia Co.- See statement on page 1288.
Pittsburg Coal Co Oct
24.8!S9
80,528
115.564
466.486
22,946
70.912
99,742
417,019
763,273
590,583
6.507.646
722,106
533,643
4,124.070
Oct.
July 1 to Oct 31
Jan. 1 to Oct 31
Mexican Coal A C.Sept
July 1 to Sept 30 ...
Jan. 1 to Sept 30 ...
Mexican Tel'phone Sept.
Mar.
1
to Sept 30....
Mllwauk.OasL. Co.Oct
Jan. 1 to Oct 31
Minneapolis
Gen. Elec-
Oct
Oct 81 ..
Paciflc Coast Co.. aOct
July 1 to Oct 31
tric
Co
July 1 to
52,230
178,827
550,729
of Nov
Jan- 1 to Nov.
Month
30
Pocahontas Collieries
Company
Jan. 1 to
All ooixpanlea
Oct
July 1 to Oct 31
[Vol. lxxvii.
Oct
Oct 3i
20.748
422,341
t The proportion of the dlvldenci on preferred stock for September
was $46.98ft. leaving a surplus of $37,4i9. For the 3 months the call
for the dividend was $140,953, leaving a surplus for these 3 months of
$93,579.
ta
Net receipts are from coal sales before deducting general ex'
penses.
Interest Charges and Sarplns.
—
Oompanita.
Edison Eleo. Ilium. Co. of
Bmokton. Mass.. Oct
Nov. 1 to Oct 31
Fall River Gas Works
Oct
Co
July 1 tb Oct 3 1
Jan. 1 to
Oct
31
—
,
Lowell Eleotrio Light
Corporation
Oct
July 1 to Oct 31....
Jan. 1 to Oct 31....
Mexican Coal <* C. .Sept
July 1 to Sept 30....
Jan. 1 to Sept. 30....
Minneapolis Gen. Elec.Oct
trie Co...
July 1 to Oct 31....
Pocahontas Colli eries
Company
Oct
Jan. 1 to Oct. 31
Zr,.l.,
Mentals,
etc.
—
-
-Hal. of Net Earn'gs.—^
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
1.3i8
730
10,720
8.988
94
280
805
2,964
19,760
1,380
26,169
14.077
46,457
103,387
1.3 "iS
757
4.635
10,713
9,918
29.637
90,829
4.690
ll,0i5
10,229
29.914
85.549
7.497
23,012
54,484
23.783
62.705
245,757
62,223
16,672
43,283
90,224
10.368
38,556
8.28^
32,678
13.996
41,972
14,713
38,334
dl4.185
d 144,248
d Charges include sinking fund and
G.563
278,033
preferrel dividend.
8.701
20,711
—
..
Dec.
11>,
THE CHRONICLE.
1903. J
2335
— Gross Eariiiiiffs. —
STREET BiLlLWAT8 AND TBACTIUN COMPANlKh
La tut Sroti Jlamingi.
Oboss
\
Week or Mo Our'nl
Tear.
Jan. 1
Pm^ut
,
to
Lattsi Da(«
Current \Previou$
Tear.
Tear.
Tear.
»
i
9
209,011
94,038 1.244,479 1,051.791
Albany & Hadson ... September 30,176
Amerloan K'ys. Co.||. November 104.832
Aar. El^lnAChlcRy October...
Btngbaiuton Ry
November
Boston ^v Worcester.. November
BarUngt'n (Vt) Trao. November
dl91,314
3S,878
16.909
18,675
5.670
Oal. Gas & Eleotrlo.. September 248.922
•Cent. Penn. Tract... November 38,704
Chloago A Mil. Eleo. November 30.218
Cln. Dayton ATol.Tr. October. .. 46,667
21^,213
15,975
192,840
dl4S.167
70.132
6,550
d690,05l
37.277
471.743
63,i84
14,112
41,747
268,161
438,153
419,263
177.248
386,701
Light & Traction... September 110,719 99,147
Citizens' Ry. & Light
(Maeoatlne, Iowa).. October. ..
9,5C6
7.941
Oleve. A So. W. Ir.Oo. November 37,861 427.924
Cleve. Palnav. <k E.
October...! 18,332 16,980
Col. Buohey^ Lake &
Newark Eleo. Ky.. iNovember 12,714 ll.Sll
905,686
806,582
Oln.
Newp. A
.
Covlni!;.
81,543
72,670
411.749' 1376,135
183,21s
168,875
.
I
><
.Y«/ Kartiiiigh.—^
Ciirmi'
Prerioiis
Ourretit
Prrrious
irtir.
year.
Year.
12,678
16.90J
218,218
21.U52
18.676
148,167
11,919
15,975
192,840
6,658
6,971
100,558
10,016
6,948
80.708
6,069
6,840
80,332
88,704
471,743
87,277
419,263
4.714
124.646
14,264
167,966
37,861
411,749
27.924
276.136
14,952
169,227
11.421
122,169
20,257
16,350
12.714
13,161
11,811
9.627
5,689
3,807
5,981
3,674
4,214
57,174
48,458
25,638
22,863
327,730
3,623,151
33,464
376,352
188,897
33,686
346,259
9,822
140.473
1,647,072
12,318
176,05a
89,790
10,709
165,135
10.201
136,237
1,563,418
13.043
1." 8,698
7,583
88,719
5,926
73,827
48,960
3.944
57,576
2,942
34,436
Year.
lioatit.
Hennlngt. & H'Kiok V.b.—
July 1 to Sept. 30
Biaghamton Rv.b. Nov.
Jan. 1 to Nov. iO
Boston A Worcester. Oct.
Month
of
Nov
.......
July 1 to Nov. 30
Central PeiiuHylvuDla
Traction Co
Nov.
Jan. 1 to Nov. 80. ..
Cleveland Southwextern
Traction Co
Nov.
Jan. 1 to Nov. 30
uokeye L. &
Newark.Eleot Ry.SepU
Columbus
'
Mouth of Oct
Mouth of Nov
DauvilleUrbana&ChamNov.
palxu.a
12,M8
I
Dan. Urb. & Champ.. Ncveu.bdr 57,174 43,458
Dart & Wport8t,Ry. August
19.201 81.066
95.514
91.596
Detroit Unlt*<rt Ry..u let wk. Deo 74.630 7i>,665 4,107.947 3.693,826
Dulnth-8up. Tract... 2d wk.Deo 10.868 10,H13 592,460 610,425
East. Ohio Traction.. September 21,676 21,007
153,214
14S,40ti
Elgin Aurora & Sou. November 34,615 33,464
417,79«; 375,352
Eleo.
Ry.Co.
Havana
Wk.Deo 13 128,862 123,804 11245,482 11050,237
Honolulu Rapid Tr.
October... 26.136 18.464
<k Land Co
228,17^I 151,685
Hoaghton Co. St. Ry September 16,478 l3,^8l d54,820> d52,396
1
I
1
Houston Eleo. St. Ry. October. ..
Indlanap. it Enst. Ry November
36.313
16.871
Indianap.ShelbyvlUe
A Soatheastern Tr. September
10,075
33,836
9,822
296 449 3.335.537 2.850.816
Ootober... 1,958,571
)
1,919,741 d7,6J8,783
September
JaokBonvlUe Eleo.Oo.
Lake Shore Eleo. Ry
Lake Street Elevated
Lehigh Traction
Lehigh Val. Trao. Co.
October...
October...
20,436 17,511'
55,338 41.975
November c64,979 063,684 ic
November 10,686
7,583
[September' 110,640
Street Ry. Dep
Kleotrlo Light Dep. September. 14,256
Lexington Ry
.. .. October...] 30,377
November
November
November
MU. Klec.Ry.4Lt.Co November
Mll.LtHeat&Tr.Co. November
Montreal Street Ry.. WkNov.l4
Muncie Hartford &
Ft. Wayne
Kovember
XiOndonSt. Ry.(Can.)
aiAd. (Wis.) Traction.
Met. West side Eiev..
'
Street Ry. Depart.. Ootober...
Eleotrlo Light Dep. October...
Ootober...
.
11,654
7,601
171,222
257,816
33,566
44,191
rl02,661[
r70,218
r24,620 rl8.336
p27,481
r22.048
64,279
68,(j88
411,138
686",88*8
810,623
423,224
1,128,463 1,056,934
937,535 777.672
66,37 3
43,926
85,335
79.696
r65,835|
6.051
2,772
3,258
4.406
5,393
3,223
4,276
4,775
Oaa Department... Ootober...
Wew London 8t. Ry
August
Norfolk Ry. <fe Light.
Nor. Ohio 1 r. & Lt. Co.
Nort hern Texas Trao.
Northwestern Kiev..
d7, 291, 431
62.4d0
162,118
528 250 884.549
710,863' 687,170
128,4851
88.719
64,2i2
202,391
89,032
678,715 577,678
12,425 115,666
99,467
24,964 266,969 226.422
157,943 139,662
12,356
85,499
5.926
73.527
165,433 1,871.874 1.745.'-84
237,390 2,756,330 2,477,128
29.374 390,315 324,821
40,090 1,992,028 1,834,505
10,621
Mask. lY. A Light. Oo.
68,098
69,049 63,362
[November 40,358 30,796
November 107,133 100,854
Oakland Trans. Cons Ootober... 99.624 81,955
Olean St. Railway... September
9,051
5.512
Orange Co. Traction. September 11,687 10.069
Oreg. Wat. Po. <fe Ry. October... 23,864 12,904
Philadelphia Oo.aud
Affiliated Corpor's. October... 1,283,916 1,148.298 12,611,898 11,255,274
Pottsv. Union Tract. November 18,251 13,06»i 180,316
148,974
Pueblo <t Suburban
Tract <fe Light' g Co September 47,191
368.707
Bya Co.Gen.— Roads. Ootober... 26,186 22,628 270.789; 229,679
Light Co'e
Ootober.
l,9.'i5;
1,943
18,7491
17,443
Rochester Railway .. November 104,563 90,682!l,162,107 1,005,225
November
[
I
Rookford Belolt <s
JanesviUe
November
9,788
122,211
at. Louis Transit
November 592,769 553,577 6.683,731 5,894,102
Sao Paulo (Brazil)
Tram. L't & Po. Oo. WkNov.22 22,150 27,3911,138,428 1.000.511
1
Savannah
Elect. Oo. ootober...
43,697 41.004
.Boranton Rallwav... Ootober... 70,915 56,29u: 690,492 435,223
Seattle Electric Co... October... 186.501 173,005 1,725,108 1,5 ;42,295
Sonth Side Elevated. November 215,097 124.948 1,483.961 1,296,454
Bprlngfl'd & Xenla Tr jWk D00.13
684
52,397
Syraouse Rap.Tr Ry [October... 70,015 59.585 664.150 690,513
Tampa Electric Co... .October... 27,147 20,683
Terre Haute Elec.Co. !Ootober... 44,409 88,258
ToL Bowl.Gr.A So.Tr. October... 26,240 21,195
Toledo Rys. & Light. November 140.718 125.936 1,609,299 1,319,483
Toledo & Western....
otober... 17,797 12.748 d75.0il
Toronto Railway
Wk.Deo 12 44,154 35,383 1.990.»24 1,671,267
Twin City Rap. Tran. llttwk Dec 78,473 70,300 3,781,384 3,349,466
Union Trao. of Ind.. 'October... 94.319 81.202
788,3n4
916.«i0
United of San Fran . Ootober
568,690 605.048 5,149,267 4,534,426
Va. Pass. <fe Power Co lOctober... 124,365
Wash. Alex. <b Mt. V. September! 21,287 17,666 173,3301 155,483
West. Ohio Ry
October... 21,175
d94.60t
To ungsto w n- Sharon October... 42,255
425.47t
I
I
.
I
.
I
Spanish
I
These are results for properties owned.
silver.
c Results for main line.
d Figures here are from July 1.
n These earnings include the Detroit United By., Detroit ib Port
Huron Shore Line and the Sandwich Windsor Sc Amheratborg By.
r These figures are from Mar. 1.
t Figures for 1902 cover only the (Jlev. Elyrla A Western By. Co.
For the past six months figures are those of the Harrisbnrg Trao-
nonCo.
Street Railway Net Earnln^rs.—The following table gives
the returns of Street railway gross and net earnings received
this week. The general summary which we furnish once a
month, and in which we bring together all the roads from
which monthly returns can be procured, will be given
December
26.
.
.
Houston
Elect. Co.. Oct.
Nov. 1 to Oct 31
Ind'p'lls & East. Ry.Nov.
July 1 to Nov. 30..-.
Lehigh Traction.. Nov.
Jan. 1 to Nov. 80....
Madison Traction Nov.
Jan. 1 to Nov. 30
Milwaukee Eleo. Ry. <fe
Nov.
Light Co..b
. .
Internat'l Tract. Co.
System (Buffalo).. October... 332.191
Interurb St.Ry(N.Y
IthaoaStrtet Ry
d89,898;
Detroit United By.ii (all
properties) .a
Nov.
345.100
Jan. 1 to Nov. 30
4,033,417
Klgln Auro. <k So.
Nov.
34,615
417.796
Jan. 1 to Nov. 30
206,678
JolT 1 to Nov. 30....
36,813
423,696
16,871
89,898
10,686
128.485
7,601
86,499
8.'^,067
16,225
148,377
6,910
def.1,333
29,909
678
28.167
257,816
237,390
Jan. 1 to Nov. 30.... 2,756.330
Milwaukee Light, Heat &
2,477.128
131.233
1,363.377
131,512
1.309,842
29,374
324,821
16,530
195.395
12,874
141.169
Nov.
Traction Co b
Jan. 1 to Nov. 3o
Mnncie Hartford & Fort
.
Wayne
Nov
Mar. 1 to Nov. 30....
33,566
390,315
10,621
102,661
5,098
53,091
Mortb. OhioTrao.&Lleht
Nov.
69,049
810,623
40,358
423,224
63,362
680.888
30,796
31,028
369,838
15.880
193,119
28.690
305.745
14.735
31.329
28,201
104,563
Rochester Ry. Co. bNov.
90,682
Jan. 1 to Nov. 30
1,152,107 1,006.225
July 1 to Nov. 30....
550,771
477,805
Rookford Belolt <b JanesviUe
Nov.
9,788
122,211
Jan. 1 to Nov. 30
43,697
Savannah Electric. Oct.
41,004
Nov. 1 to Oct 31....
513,207
474,638
173,005
Seattle Electric Oo.Oct
186,501
Jan- 1 to Oct 31
1,725,108 1,522,295
27,147
20,683
Tampa Elect Co. Oct
226,6bl
295,825
Nov. 110 Oct 81....
Terre Haute Elect.. Oct
44,409
38,258
818,845
Nov. 1 to Oct 30....
456,534
123,936
Toledo Rys.A L'ht.aNov.
140,718
1,509.294 1,319.483
Jan. 1 to Nov. 30
11,949
50,716
666,190
272.788
2,954
46,213
476.110
238,066
4,460
60,828
17.433
206,931
47,884
496,541
11,524
130,681
16,274
156,150
65,508
728,110
17.025
197,970
65,946
462,872
8,545
93.194
16.247
56.442
70,119
656,594
Oo.a
Jan. 1 to Nov. 30....
North. Tex. Tract. bNov.
Jan. I to Nov. 30
Poughkeepsie Clty&WapplncerB Falls Ry.—
July 1 to Sept 30
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes,
n These
earnings include the Detroit United Ry.. Detroit <& Port
the Sandwich Windsor A Amherstburg By.
Huron Shore Line and
iuieresi i;tiarges and Surplus.— The following Stebet
'allways, in addition to their gross and net earnings given In
the foregoing, also report charges for interest, &o,, with the
.urplus or deficit above or below those charges.
-JSal. of Net Earn'gs.^
Int., Rentals, etc.
Previous
Ciirrent
Current
Previous
—
—
Roads.
Bennlngt. & H'siok Val.—
July 1 to Sept bO
Detroit United Ry. n (all
properties)
Nov.
Jan. 1 to Nov. 30
Elgin Aurora & So. No v.
Jan. 1 to Nov. 30
July 1 to Nov. 30....
Honnton
Elect. Co.. Oct
Nov. 1 to Oct 31....
Ind'p'lls
AEast.Ry.Nov.
July 1 to Nov. 30
Milwaukee Eleo. Ry. &
Nov.
Light Co
Jan. 1 to Nov. 30....
Milwaukee Light, Heat Sa
Traction Co
Nov.
Jan. 1 to Nov. 30
Northern Ohio Traction
Nov.
& Light Co
Jan. 1 to Nov. 30
North. Texas Tract Nov.
Jan. 1 to Nov. 30
Poughkeepale ItyA Yapplngers Falls Rv.—
July 1 to Sept 30
Rochester Ry. Co... Nov.
JaiL 1 to Nov. 30
July 1 to Nov. 30
Rookford Belolt <te JanesNov.
viUe
Jan. 1 to Nov. 30..,..
Year.
Year.
Year.
Year.
$
$
$
$
2.555
2.446
*3,017
"2,667
84.007
912.890
9,172
94,182
45,862
81,109
866,306
9,049
93,814
45.247
6,250
*59,209
*769,571
3.146
81.871
43,928
2,628
74,197
6.035
30,200
*58,280
*735,961
3,994
64,884
89,810
9,975
*59,840
*.579,915
•65,474
*594,232
*1,667
*41.168
*3,C77
*38,467
8.273
124,471
6,207
91,234
11.673
118,661
11.261
*6.677
*25,177
*288,404
'145,438
def.*760
*22,478
•207.548
•116,419
8,081
80,938
4,167
18,750
2,080
72,805
796,308
67,663
732.287
14,863
154,356
102,731
9,'<04
22,755
244,867
9,673
101,885
17,017
187,084
6,499
25,914
282,464
129,427
5,102
24,827
273,023
124,416
2.708
28,124
474
1.742
32,704
3,830
THE CHRONICLE.
2336
-
Int.,
Hentals,
Seattle Electnc Oc
Jan. 1 to Oct.
Tampa Elect. Co.
Nov. 1 to Oct.
-Oct
31 -.
.Oot^
31....
Terro HanteElPCt
Nov. 1 to Oct
Toledo Bys. *T.t
Jan. 1 to Nov.
.Oct
31 ...
.Nov.
oO....
—
ofXel Earn'c/s-^
Current
/--Bal.
.
Previous
Year.
Tear.
Year.
Year.
$
*
$
JRoads.
Sarannab Electric. Oct.
Nov. Ito Oct 81....
etc.
Current
10,449
117,687
22,906
241.153
2,047
24.317
8.399
82.241
40,811
448,907
9,583
6,984
7,442
89.344
24.978
33.578
243,115
255,888
6.fi60
9,477
106,864
71,2 27
9.626
7.875
73,909 dcM8,607
24,697
31,380
279,203 . 236,314
22.373
219,757
1.885
21.967
6.P21
75,049
3=1.739
430,230
After allowing: for other Income received.
earnings Include the Detroit UnU«d Ry., Detroit & Port
Huron Shore Line and the Sandwich Windsor & Amherstburg Rj.
*
n These
ANNUAL REPORTS.
Annnal Reports. — The index
is
to "Annnal Reports," which
omitted to-day, will be found in Chronicle of Die. 6.
Choctaw Oklahoma & Galf Railroad.
C Statement of Nov. «4, 190SJ
The statement to the Philadelphia Stock Exchange
in connection with the listing of |5,411,000 five per cent consolidated
gold bonds of 1952 says :
These bonds bear date May 1, 1902, and are not redeemable prior
to maturity In 1952. The Issue la limited to $30,000,000, at not exoeedlDK $1,000,000 for the coal estate and $15,000 per mile for each
mile of completed r.iilroad alreaay constructed and owned, and
• I5.0u0 per mlie for each mile of railroad hereafter to be constructed
or acquired. Of the $30,000,000, bonds for $9,025,000 are reserved
for the redemption of $S. 500. 000 general mortgage bonds of the
company and of $3,525,000 bonds of the Choctaw & Memphis RR.
The consolidated cold bond mortgage is a first Hen on all the
franchises and property formerly owned by the Western Oklahoma
RR. Co., Including railroad from Elk City, O. T.,to the OftiahoniaTexas State line, 40. miles, and Hailey vlUe Junction, I. T., to Ardmore.
I. T.. 117 miles; on the property bna franchises formerly owned by
the Hot Springs RR. Co.. inoludlni^ railroad from Hot Springs, Ark.,
to Malvern, Ark., and a line from Benton, Ark., to Butterfleld, Ark.,
40 miles; on the property and franchises formerly owned by the
Choctaw Northern RR. Co., Inoluaing a railroad from Geary, O. T., to
Alva, O. T., and from IngersoU, O. T., to Anthony, Kan., 137 miles;
and a lien on all other property and franchles of the Choctaw Okla-
Gulf RR Co., subject to existing liens.
There have been issned of the consolidated gold bonds on account of 827-3 miles of completed railroad (not including the Choctaw Northern RR ), at $15,000 per mile, $12,409,000; on account of
coal estate, $1,000,000; on account of Choctaw Northern RR. pur-
homa &
chase,
$1,027,000;
total,
$14,43«,000;
less
reserved for general
Memphis bonds, $9,025,000; balance available for issue, $5,411,000. The proceeds were used as noted below:
Purchase of Western Oklahoma KR $3,000,000; purchase of Choctaw
Northern RR. Co., $1,027,000; purchase of Hot Springs RR. Co
$600,000; purchase of equipment. $435,000; final payment for line,
mortgage and Choctaw
<fe
,
,
HalleyvlUe to Ardmore. I. T., $319,000. Of the $16,827,500 outstanding capital stock, $15,827,100 is owned by the Ohicago Rock
Island & Pacidc Ry. Co., and has been pledged as collateral under its
trust agreement securing $24,000,000 four per cent gold bonds of
1902.
Following are the income account and balance sheet for
the year ending June 30, 1903
INCOME ACCOONT JULY 1, 1902, TO JUNE 30, 1903.
:
Earnings
Operatmg expenses...
Net
Other income
$6,251,658
4,130,707
$2,120,951
19,983
$2,140,934
Total
Taxes
$205,093
43,370
Rentals
Interest on bonds and
equipm'C obligations
853,196
81,101,659
$1,039,275
30, 1903.
Liabilities—
Ruad and equipment $33,345,213 Common stock
$9,827,500
Stock owned
x269,800 Preferred stock
6,000,000
Advan for oonstmo'nBonds and oar trusts. 16,922,000
C.
O &
T.
RR
1,377,964
5,508
29,049
32,415
648,011
35,289
229,265
North. RR.
Hazen
L. Rock &.South. RR.
Rock Isld. Coal Co..
<fe
Material
&
supplies...
Cash
Due from agents
Due from cos. and
alvid
682,327
19,190
Deferred assets
TotaL
Current liabilities aoooant operation
I. & P. loan aoct.
constra'n uDsidiary
$36,574,032
1,199,311
lines
1,111,885
Equipm't and renewal
lunds
202,908
taxes,
aoorned
Profit
and
228,336
loss
Total
1,082,092
Minneapolis & St. Loais Railroad.
^Report for the year ending June 30, 1903. J
Hawley says
department for the year decreased $185,'?32. or 28-31 per cent,
amountini; to $711 per mile of road, as aealnst $992 for the previous
year, due to a charge to these expenses lust year of $223,799 for improvements aeainot a similar charge of $114,779 this year. During
the year. 13 05 milee of track were relald with 80-ib. steel rails to replace 11 l^hter ralli*. and 2-30 miles of sidings were constructed
Terminals.— Expenses of terminals increased $19,9Sv». representing
this company's proportion of rental paid the St. Paul Union Depot Co.
and the Northern Pacific RR. for the use of the Union Depot terminal
of this
facilities in St. Paul.
During the year fhe company made additional advances of $11,991
on account of the purchase price of one-ninth of the capital stock of
the St. Paul Union Depot Co., mahlng a total advanced to date of
$100,000. Since the close of the year the company has received capital stock of the Depot Company to the par value of $100,000, upon
which It will receive guaranteed dividends of 4 per cent per annum.
Betterments —There was spent for permanent betterments, $379,035, which was charged to the capital account. Of this, $ ?28,S20 represents expenditures for reoonstraotlon of the line between Hopkins
and Ohaska, and the remainder, $50,215,was for engine houses, eto.
The work of changing the lire and reducing the grade bstween Hopkins and Ohaska, Minn., is progressing rapidly. Its cmpletlon will
greatly increaoe th"^ hauling oap»clty of engines over this section,
where the trafflo is more aense than on any portion of the line.
Bonds —The funded debt was Increased by $609,000 additional 4
per cent first and refunding mortgage bonds. Issued to relmbtirse the
oompanyfor improvements and betterments. These bonds are now
in the treasury.
Outlook.— The business outlook Is good, especially in general merchandise and coal. Although there was an excess of rainfall in Minnesota and South Oakota, the oropcoudltlons in those Slates are fairly
satisfactory. Continued wet weather after harvest;, however, has de
layed the movement of wheat and unfavorably affected Its grade. In
Iowa the erop of small grain Is about the same as for the previous
year. The corn crop is not so heavy, but more of it is marketable.
The increased cost of labor and all classes of material over last year
made it Impossible to effect a reduction in operating expenses proportionate to the reduction in gross receipts; but if there should be a reduction Id the volume of tratllo for tho coming year, it will be practicable to effect economies In maintenance and transportation.
Balow are shown
statistics for three years
:
STATEMENT OF FAB8SNGEBS AND FBEIOHT OABRIBD.
1900-01.
1902 03.
190102.
Passengers carried— Total
Passengers carried one mile
939,088
857,937
1,044,585
43,320,082 41,434,831 34,859,713
45-14
89-58
4« 37
Averace passengers per train
2-019 ota.
2*070 ots.
A V. revenue per pass, per mile... 2*034 ots.
1,886,894
1,940,766
1,766,287
Tons carried- Commercial
Tons carried 1 m11fr-Commerol'1.179,e07,497 204.515.108 210,799,911
1-145 ots.
1-235 ots.
Aver, revenue per ton per mile.. 1-239 cts.
Ettrningsper pass, train mile
Eamingsper
Gross earnings per mile
Train load—Commercial
do All freight
do
$1-13
$316
$331
$5,074
243'98
$5,509
265-77
$5,141
26403
27501
The comparative statements
Chronicle are as follows
the
$096
$108
$308
...
freight train mile..
of earnings, etc.,
28874
32144
compiled for
:
EABNINGS AND EXPENSES.
1901-02.
190203.
642
642
Average miles operated...
Barntngsfrom—
$
$
1900 01.
638
$
1899-00.
514
$
Passengers
901,939
2.224,521
Freight
Mail, express and miaoel. 139,012
876,486
2,526,763
137,591
703,826
2.413,134
158,544
2,117,553
143,920
3,266.472
3,640.840
3,275,504
2,863,309
470,328
304,532
123,978
119,275
656,060
278,728
915,615
121,971
122,346
594,754
807,046
841,353
106.631
107.938
614,331
298,747
691,527
95.903
98,878
2,027,942
1,237,530
217,415
2,094,726
l,446.lvO
185,036
1,956,617
188,807
1,699,386
1,163.923
200,266
1,454,945
1,631,156
1,507,694
1,364,189
56,050
886,980
47,451
886,980
56,711
897,220
66,716
892,540
309
Total
Expenses —
Malntenanoeof way, etc..
Conducting traneportat'n. 1,009,884
Generull
Total
Net earnings
Other income
1,318, S87
601,838
Deduct—
Rentals
Int. paid during year
Miscellaneous
Diva, on prof, stock
Divs. on
common
(5)200,000 (5)2oO,000 (5)200,000 (5)200,000
stock... (5)300,000 (5)300,000 (4)240,000(li2)90,000
Total
Balance, eurplns.
$36,574,032
.
President E.
Way and Structdbes.— The cost for maintenance
etc.,
X Includes Searcy & Des Arc BR., $330,000; O. O. & T. RR., $9,200;
Hazen & Northern RR $5,300; Little Rook & Southern RR., $ii0,300;
Ohootaw & Chickasaw RR., $5,000.
The last previously published balance sheet was that of
Oct. 80, 1901, in V. 74, p. 203,— V. 77, p, 249, 198.
Oenebal Results.— After
«
Maintbnanck of
Total
O. R.
Interest,
In-
— operat. acol.
c. and in through of 6 23 per cent.
In commercial ton mileage there was a decreaseof 9-60 per cent in local and 13-24 per cent
in foreign, caaslng an average decrease for both classes of 12-18 p. o.
The reduction In freigit traflio was enured principally by a decrease
of 20-79 percent (95,215 tons) in the shipments of grain, 19 46 per
cent (50.038 tons) in flour and 2885 p. o. (112.829 tons) in lumber. In
the shipments of live-stock, dressed meats, coal, merchandise, furniture and other artiolps. there was a larite increase.
Taxes
BALANCE BUEEt JNUK
Assets—
of 3"63 p.
Malnt. of equipment
Total
Sorplus
Vol. lxxvii.
I
in substance:
the payment of taxes. Interest on funded
debt and all other fixed charges, there was a surplus of $511,915, out
of which dividends of 5 p. c. were i)ald on both the preferred and common stocks, aggregating $500,000. The decrease in gross transportation receipts was due to two causes. The crops fell considerably .short
of the yield for the previous year, and In conHequunce the company
sustained a large loss in revenue by reduction in grain ehipmeuts.
Owing to the completion during the year of the Chicago Rook Island
& Pacific Railway Company's line from Albert Lea to the cities of
Minneapolis and ."^t. Panl, yonr company also sustained a loss in revenue by the diversion of a portion or the traflio to the Rock Island Co.
which was formerly delivered tj this company for transportation to
points north of Albert Lea.
Receipts from the trauHportation of passengers Increased $25,463,
or 2-90 per cent; due to an increase of 14-73 per cent in the number of
local passengers carried. The receipts from freight tratllo decreased
11-86 per cent. In oommerclal tonnage there was a decreaae In looai
1,443,030
11,915
1,434,431
1,393,931
1,239,565
196,725
113,762
124,624
BALANCE SHEET JUNE
80.
1902.
1901.
$
$
$
28,624,167 28,145,400 28,334,258
R;ad and equipment
87,000
93,000
87,000
Investments
80,269
202,923
66,029
Companies and individuals
88,234
100,026
40,821
Agents and conductors
19,685
19.685
19,678
U. 8. P. O. Department
838.000
1,448,000
833,000
company's bonds in treasury
311.540
224,303
244,772
Materials and supplies]
307,9ti6
267,561
193.344
Cash
147,601
286,769
34,770
Loans and bills and miscellaneous
1903.
Assets-
81,034,285
Total assets
LiabiUties
6,000,000
common
Stock,
4,000,000
Stock, preferred
BoBrts (eee INVESTOBS'SUFF'M'T). 18,480.000
30,072,626
29,927,889
6,000,000
4,0u0,000
17,871,000
147,034
218,733
57,782
96,453
360,000
165,587
18'>,757
6,000,000
4,000,000
18,151,000
90,199
191,866
64,094
98,332
—
Audited vouchers
Accrued interest on bonds
Taxesnotdue
188,599
71,186
99,322
Audited pay rolls
payable
RolllnK stock replacement fund ..
217,<»27
Appropriation for iuiprovements.
19,337
Miscellaneous acooanlg
1,281,433
Income account
132,123
194,650
60,472
1,269,517
1,072,793
31,034,288
30,072,626
29,927,889
Bills
."
Total liabilities
77, p. 2280.
-V.
64,767
204,838
:
Dec.
:
THE CHRONICLE.
19, 1903.]
fiaffalo
(Report for the year ending Sept.
wagons and equipment, nearly $t)00.000; tools and
machinery and personal property, about $400,000, and minor and
miscellaneous Items. Under ordinary business conditions, therefore,
$->7(;,000;
SO, 190S,)
President Alex. C. Humphries says in substance
"Gknbral Results —The net protlte for tbe year were $341,212 and
there wan required for bond Interest $290,290, leavluir a surplus of
:
»S0,962. ThlB 18 about $2,000 tuorease over the preoeillDK year. This
increase was seonred In tho faoo of Inuieased cost of manafuoture dne
to Increased cost of raw materials— coal and oU.
The Natural Gas t'ouipHny's mains have been extended daring the
year, tbe price oonttunes at 30 cents per thousand feet, and as the gas
Is osed with Welsbach burners for illumination, the competition oonttnuts to be most dUHoult to meet
Our cales of gas w^re Increased 3*55 per cent, contrastInK with 2*61
per cent In 1901-02 and 8*75 per cent In 1900-01. There was a net
Inorea»e In meters In use of 385; In the preoedluR year there was a
decrease of 241 meters. We made a not gain In Kas cooking stoves
and other fuel appliances of 78i. In the prooedlnK year there was a
loss of 36 appliances, and darluK the next preoedlnu year a «aln of
1.080. The gain in appliances for the last year, namely 783. Is enoonra>;lnK lu view of the lucreased activity of the natural gas competition.
Extensions. Etc.— DnrlnK the year $30,166 was expended for extenvlon of plaut, InolndinK mains, services and luiprovemeuts at
works. Part of this amount was received from thu sale of plant from
abandoned works. After providing for the extensions there Is left a
snrplus of quick assets over tloatiuK debt of 9133.002. There are$9.'S.000 bonds available as additional working capital whenever a sale Is
deemed advisable.
Tax K8 —The Ford franohl«e tax is still In court. In oharglno; up
taxes last year we followed the preoedent established when the Ford
franchise tax was tirst imposed, by charging to operating expenses an
amount equal to tbe taxes previously paid.
Th.^ results for four years compare as follows
1902-03.
1901-02.
1900-01.
$3('3,939
1341.312
$339,137
Net profits
290,250
Interest on bonds
290,250
290.250
Balance, surplus... $50,962
$18,887
BALANCE SHEET SEPTEMBER
1903,
1908.
Atstts—
t
C
Plant Hnrt eqnip. .14,eS9,99S 14 ,613,422
6-l,4M8
49,147
Materials Miid sup.
Treasury bonds...
95,000
96,000
Oaa
ss.ioa
12.810
81.496
bills
City of
Buffalo
Aoo'tSi'fe bills rec'le
Open
oucstr. accts.
rash
MIscellaneoas
3,2961
S6.007
18,i>53
39,12-1
17,SI9
ll.'^,208
iw,0ii9
2,040
1,960
Total
.. .14.984.093 14.894,894
- V. 77, p 2»9. 84.
$13,689
1899 00.
$288,394
290,250
def.$l,856
30.
1903.
1902.
Habilities—
$
t
Stock, common
7,000,000 7,000,000
Stock, pref.. 61
1.713,000 1.710,000
Gold 6 p. c. bonds. .5,900,0
5,90 1,000
Booch repairs
19,.399
18.802
2.'i,199
Accounts payable...
28,312
Oonsum's deposi^v 69.189
68,;ilO
Miscellaneous
87,600
51.225
Profit and loss
169,706
118,745
.
Total..
....14,984,093 11,894.894
American lee Company.
(Report of the Stockholders' Committee, dated Dec.
11, 1903.)
the stockholders' committee— John A
Sleicher, (i, Clem. Q-oodrich. A.
Nickerson— says in part
General Remarks. —The committee has Inppeofed every pleo« of
real property and every plant leased or owned by the company. This
compelled us to visit Washington, Baltimore. Philadelphia, Boston
and New \'ork; to make a trip up the Hudson River for an inspection
of the Ice houses on either side of the river for a distance of nearly 70
miles, and a trip over the Penobscot and Kennebec rivers, in Maine,
where the company virtually controls the natural ice fields. The company insisted that this physical examination of Its properties should
be made preliminary to the opening of the books to our expert, John
flonrlgan of Albany, whose work has been most satisfactory. Important mitters are still under investigation, including a condition in
Boston which seems not to be tolerable, and which is In process of
adjustment. As to these matters, it may be deemed Jadiolous to present them In a supplemental report.
Payment of Floating Dbbt. Etc.— On July 1. 1903, the notes payable were $1,241,677; on Oct. 31 it stood at $357,557, a reduction of
$881,120. Daring the three months ending Sept. 30 the floatiDg debt,
represented by notes and vouchers payable, was reduced by $792,251. With the exception of $52, 435, the entire amount thus paid is
the outcome of normal routine operations, without adding one dollar
to the permanent obligations. The company towards the close of each
year u»uaiiy disposes of a large part of its horses, and the receipts
from this source, with other payments and earnings, will, it is believed, almost wipe out the notes outstanding.
During the 3 ear also, iu accordance with the collateral trust agreement, $140,600 was expended for the purchase at 95 of f 14-<,000 of
the collateral trust bonds, which bonds have been canceled. The
management also purchased and canceled $166,000 additional of
The report
these bonds.
This showing
of
C
made
after a very cool summer. If the customary
heated term had prevailed, the earnings would have been largely increased. During the past year a policy of reirenohmect has been pursued, which can be carried much further and which should reduce the
is
operating expenditures by over $150,000 per annum, as oomoared
with 1902.
During the calendar year up to Nov. 1 the company has sold over
2,000.000 tons of ice. Prices were generally maintained on a fair and
Just level, both by the American Ice Company and by its few oompeti
tors who were able to survive. The troubles of the company really
date to the outburst of public condemnation and dUfivor In i9oa'
Earnings were seriously aiminished, but the management seemed to
believe ihat the future would provide better things, and therefore continued during 1901 and part of 190^ the payment of dividends on the
common shares at the rate of 4 per cent per annum, imperiling not
only the company's property, but its reputariou and credit in so doing.
But for the Indiscretion of the management at this time, your committee believes he dividends on the preferred could have been earned and
paid regiJlarly every year. In Baltimore and Philadelphia the coal
and wood business has yielded a enbetantlal profit, and it is not improbable that a plan to provide funds to carry on the coal and wood
business In New York and other cities will be ultimately developed.
Pbopbrtt.— We found in the Maine department 52 ice-houses, apparently in excellent condition, capacity upwards of 1,100,000 tons,
and Inventoried at $1,350,000. The New York department includes
84 Ice-houses, mainly along the Hudson River; although there are
several on the lakes near New York, including an enormous property
(valoe probably $500,000) at Rockland Lake and a short steam railroad to coijvey Ice thence to a tunnel raoBing under the bluff to a
Bhlppmg point on the Hudson River. This and the Hudson River
property, with tbe bridges, shops, artificial ice plants, and stations in
New York City and Brooklyn, is Inventoried at $5,'/0>,000. The Philadelphia properties stand on the books at $4,100,000, and Include
wharves and blocks of real estate. The Baltimore properties are
valued at $l,700,u00 and the Washington real estate at $800,000.
On Nov. 1 our accountant found that the unsecured debts, amounting to a little less than $7.oO,000, were more than balanced by good
current accounts receivable; that the bonded debt was secured by the
stocks and bonds pledged as collateral, acd that there still remain
$15,000,000 of book value of property, made up of real property,
t
to over $13,000,000; vessel property, $829,000; horses,
amounting
Gas Company.
2337
Is noUilng between this real property of the book value of $15.
000,000 and the preferred stock of the company. While these book
values in many InsUmoes are thought to be exoeKSlve. the committee
must admit that In several cases the book values of blocks of real
estate were not extravagantly above the assessed values upon which
taxes are paid, and the members are of the opinion that a valuation of
$10,000,000 for these properties would probably be given by expert
appraisers, and that, even at forced sale, they would realize within 25
there
per cent of that figure
Bdnds— The
total Issue of bonds under the collateral trust agree•'•.OOO.OOO. The Central Trust Co has authenticated of
these only $2.i'4O,000, of which the sinking fund has retired $148,000;
In addition the management has canceled $166,000 from the sale of
gecnrttles. A further $300,000 is held by the trustee for thebondholders
of the Knlokerhooker Ice Oo. of New York. This leavps $2,326,000 of
the bonds In the hands of individual owners. To secure these, the
American Ice Co. has simply deposited with the Central Trust Co.,
trustpo. Its holdings of ftooks and bonds of the par value of $3,000,100, and book value of $6,304,748 in theoompanles it has absorbed or
which Ir, controls. Of the remainder of the collateral trust bonds,
amounting to $2,0()0,000, $1,783,000 are reserved to offi'et certain
specific obligations, including the real estate mortgages already men-
ment was
tioned aggregating $516,737, mortgages which have been paid and
canceled, amounting to $277,000, and mortgage bonds on the underlying companies. Including the Knickerbocker of New York, the
Rldgewood, the Hygienic and others, $1,568,000. Of these uuderlvIng bonds, the American Ice Oo. itself owns li'391,9^0, so that the
actual UabilittPs against these $2,060,000 bonds not Issued is only
$1,176,050. The collateral trust bonds are not a lien on the proper-
Our expert reports that "every outstanding bond of the company
was sold for 95 and accrued interest." It was hoped that the Income
on the securities pledged would provide for the Interest on the bonds,
hut while the income did not realize expectations, your oommittee
is of the opinion th»t the Issue proved a benefit to the ocmpany.
IMPROVKMENTS, ETC.— For the first time in several years, the company, during the past year, made liberal expeu'iiures to Improve its
Ice houses, shops, boats and barges, and it also erected a new Icehouse, with a capacity of over 20,000 tons, at Green Lane, on the
Perkiomen River, in the Philadelphia division, from which a supply of
natural ice can be expected. This will take the place of
the far more expensive artificial product of our Philadelphia factories
or of ice from the distant fluids in Maine, and obviously yield a handsome profit. President Schoonmaker agrees with your oommittee
that the surplus earniogs In future, after payment of the dividends on
the preferred stock, should be applied in part to Improvements and
extensions. This will not require heavy disbursements, as these properties are all now in reasonably good condition
The Icehouses on the Hudson will be filled this winter with an entirely new crop of ice. and as new ice can be loaded much more
cheaply than Ice that has been harvested for years and has become
compacted, a saving In this Item of not less than $150,000 is estimated
for the next season.
Recommendations —We recommend that the President be authorized to borrow only on the recommendation of the board of directors;
also that the charter be changed so as not to permit the directors to
mortgage the company's property or Issue bonds without consent of
two-thirds of the stockholders.
We recommend the elimination of dummy directors and that a fair
proportion of the directors and of the executive committee be made
up of representative stockholders In preference to salaried employees.
A centralized, thoroughly elliolent and vigorous management also
finest
would save money.
If the books were closed Deo. 1 instead of Deo. 31, and the annual
meeting held between the 20th and 3l8t of December the stockholders if not satisfied would have a chance to voice their dissatisfaction at the annual meeting. We recommend a change of the date
of the annual meeting accordingly. [The report contains various
other suggestions.— Ed ]
By unity of action along proper lines much can be done at the next
annual meeting to restore this great corporation, in whose large and
increasing earning capacity your committee has great faith, to a condition of surprising prosperity and progress.
The balance sheet
of
Nov.
1,
1903, follows
BALASCB SHEET NOV.
$95,269
Current accounts
391,950
498.877
1,171,690
Btocbs, bonds, etc
6,528,751
wood.
etc...
General property (see
fnrthf^r below).
Real estate, boats,
15,725,0.S5
etc
Good-win
Preferred stock
$14 ,692,200
28 ,871,100
Common stock
'Open accounts, bills
744,690
payable, etc
,328,000
Collateral trust bonds
Real est. mortgages..
516,737
Bonds of underlying
companies
xl ,568,000
61,956
JSurplus account
Fire insur. reserve
74,643
Reserve fund for in-
vestment
19,543,734
Total
$13,955,326
Total
1903.
Liabiliiies—
AtsetB—
Cash, mortgages and
notes receivable
Stocks and bonds of
underlying cos
Ice, coal,
1,
:
100,000
$13,955,326
'Dec. 1 this Item had been further reduced by almost $100,000.
X A like amount of collateral trust bonds is held by the trustee to
See "Bonds" above.
This surplus stands after $100,000 had been set aside as a "reserve
fund for lnv»-8tment," and compares with a deficit of $162,493 reported at the last annual meeting in March, 1903. This surplus does
not by any means represent the net earnings for the current year, for
the surplus would have been several times as large had not the inventoried value of the ice on hand, carried over from other years, been
fixed at an extravagant figure per ton. Had the ice on hand, of which
there was a large amount, been ch-»rged at actual cost, the net profits
obviously would have been far In excess of the surplus reported. The
real earnings are more fairly disclosed, therefore, by the reduction of
the floating debt during the year amounting to nearly $300,000.
retire these at maturity.
J
The general property account,
$35,268,789, as
shown
above balance sheet, includes, Nov, 1, 1903:
REAL PROPERTT— LAND, BUILDINGS, MACHINERY, FIXTURES,
Maine
Hudson River
New York
City
Brooklyn
Pennsylvania
;
$1,350,913
4,026,768
1.045,282
177,272
3,444,494
New Jersey
Baltimore
Washington
in the
ETC.
$858,967
1.710,841
793,964
$13,208,501
$32,495
152,776
Safes, office furniture, etc
829,067
104 barges and scows, 2 steam launches,! naphtha launch.
3,351 horses, $576,893; harness, $86,235; 2,748 wagons,
1,255.526
$592,698
Improvements
Ice, coal, wood, tools, etc
Good-will- account
Total
246, «91
19,543,734
$35,268,789
THE CHRONICLE.
2338
The report also gives a list of the real estate and other
property
It is much to be hoped that in the supplementary report
a list of the leased properties will be given, together with a
statement of the rental payable therefor; also a list of the
collateral pledged to secure the collateral trust bonds of the
American Ice Co.— V. 77, p. 1748, 197.
Harbison- Walker Refractories Company.
(Report for year ending Sept, SO, 1903.
President S. C. Walker, in the first annual statement, says
in substance:
DnrinK tour montha beginning April 23 we had serlons labor
troubles at 33 out of a total of 32 i>l»nt8. These troubles wore costly,
not only In actual •expenditures of money bat also In loss of basluess
fromlnatiUlty to till orders. The Issue at stake was whether your officers should continue the management or turn i:^ over to walking
delegates. All of our works have been running for three months and
Daring September we made more brlok
and are now In position
(when called upon) to make more brlok than before the strike.
Recognizing that ?oort management can be secured only by a keen
personal interest in the company, we have arranged our schedule of
salaries on a low hxrd bai>ls, supplemented by a percentage on net
protits, thus patting them on a f>eif-adjastable sUdtnc so^le, this applying from the higher officers down to foremen of works Your of
fleers and directors, moreover, are owners of 75 p. o. of the preferred
and 80 per cent of the common stock. There are now 312 holders of
preferred and 164 of common shares.
The profit and loss account and balance sheet follow:
PBOFIT AND L088 ACCOCNT FOK YKAB ENDING SEPT. 30, 1903.
Net protlte after deduotim; bonus account ($289. 84T) expenditures for all ordinary repairs and maintenance,
which covers depreciation of plants
$l,i58,581
Deduct
Extraoriilnary expenditures, remodeling kilns, works, etc.,
and increasing the capacity and etUolenoy or aame
$103,834
Charged off for depreo'n of mining and tram-road outfits ...
35,821
Charged olf fur deple'n of clay, coal and gauloter properties
23,314
the Btr'ke
than
In
Is
practically over.
any month prevl
>a8 to the strike,
•
Net
profits
Interest on bonds
Six per cent dividend on preferred stock
Surplus for the year
$1,295,612
$172,741
563,134
$559,737
BALANCE SHEET SEPT.
30. 1903.
Liabilities—
AtseU—
Bonds
(Common stock
Properties and franchises of con8tlt.co8.$28,756.987
Betterm's, completed.
226,9 15
Preferred stock
Betterm'8,uno"mprd.
Deferred otiartes to
83,720
Surplus.,
Interest and taxes ac-
future operations...
Inventories, at cost..
x3«2,087
827,168
404.839
Cash
Accounts receivable.. jl,369,651
Bills receivable
15,182
Total
$32,066,579
crued
Depletion fund
Pay-rolls
Acconnts payable
Bonus due employees.
Total
z$3,3 15.000
18,000,000
9,600,000
678,094
89,9.=iO
23,314
95,9'4
y249,376
14,871
$32,066,579
xinolndes clay, ooal and gauister, tram andmlne oatflts ($296,848),
advanced royalties, etilpping, prospecting, uuoompleted extraordinary repairs, etc.
yAooonnts
of constituent companies against each other omitted.
zTotal ifsae, $3,500,000, less purchased and canceled for sinking
fund, $175,000; purchased and cauoeled from proceeds of sale of property, $10,000.-V. 76, p. 868.
GENERAL INVESTMENT NEWS.
[Vol. lxxvii.
mortgage securing these bonds is limited to $500,000; issued,
The bonds are dated Oct. 1, 1S08, and are due
$200,000.
Oct. 1, 1923, but subject to call as an entire issue (not less) at
115 and accrued interest. The coupon interest is payable on
April 1 and O^t. 1 at the offije of the trustee, the City Trust
Co., Boston, Mass. President, C, H. French, Canton, Mass.;
Treasurer, A. Stuart Pratt, 84 State St., Boston; General
Managers, Stone
Webster, 84 State St., B )stoa. The road,
at last accounts, extended from Reidville, Mas?, (where
connection is made wiih the Old Colony Street Ry. for Boston), via Canton, to Stoughton, Mass., about ll>i miles of
track, with branches proposed.
&
Bradford Bordell & Kinzaa Rj.—New Owners.— F. H. &
W. Goodyear, the leading stockholders of the Buffalo &
Susquehanna RR., are now the owners of this property,
which was recently foreclosed.—V. 77, p. 2279, 1745.
Bnffdlo Hi Sasqaehanna BR.— Purchase by Ooodyears.—
See Bradford Bordell & Kinzaa Ry. above.—V. 77, p. 1801,
C.
1289.
Cane Belt BR. (of Texas).- Bonds Offered.— The Lincoln
Trust Co. of St. Louis, the mortgage trastee, is offering at
101 and interest a block of the first mortgage 5 per cent gold
bonds due 1921. A circular says
The mortgage authorized an issue of $^,000,000 of these bonds at
the rate of not exceeding $15,000 per mile of completed road; but
only $750,000 have been Issued and are now outstandlns-, and the
Cane Belt KR. Co. has since bound itself by an agr.-iemeai duly filed
for record that no bonds shall ba issued under said mortgage in addition to the $750.0
now oucstanding except in subordination to the
Hen of said $760,000 on the entire rsillroad now oonstruoted. The entire capital stock is owned by the Atchison Topeka & S.tnta Fe Railway Co. The bonds are secured b? a first and only mortgage at a rate
of leos than $7,000 per mile on the road, about 110 miles long, extending from Sealy, Texas, to Matagorda on Matagorda Bay. This road,
which has been recently completed, traverses a region which is the
most productive rice and sugar district In the State of Texas. Along
the line are located five large rice mills with a total capacity of over
4,000 barrels of rice per day, and two large euear mills with a total
output of 225,000 pounds of sugar per day; also various other growing Industries. Bonds and Interest payable in New York or St, Louis.
at the option of the holder; they are sutyect to call after 1906 at par
and Interest.— V. 77, p. 2097.
Chicago & Eastern Illinois RR.— Called Bonds.- Indiana
Block Coal RR. bonds Nos. 109, 116, 174 and 189, for $500
each, and Nos. 36 and 78, for $1,000 each, will be paid upon
presenta'tion to the Farmers' Loan & Trust Co., interest
ceasing Jan. 1.— V. 77, p. 1530, 950,
Coal & Coke Rj,—New Stock and Bonds.—This company,
of which ex Senator
Q, Davis is President, has increased
its authorized issue of capital stock from $5,000,000 to $10,000,000 and has filed a mortgage for $10,000,000 with the
Trust Co. of West Virginia, at Elkins, as trustee. The construction of the road is practically all contracted for and
the work well under way. Compare V. 77, p. 823, 250.
H
Concord
&
Montreal
RR.— New
Sfocfc
—The New Hamp-
shire Railroad Commission will hold a hearing Jan. 4 on the
company's petition for authority to increase its capital stock
by $150,000 for the purpose of purchasing the bonds and
stock of the Concord Street Ry., and provide means to pay
the expense of changing the gauge and purchase new equipment for said street railway. V. 76, p. 1406.
—
Decatnr
(III.)
Railway & Light Co.
— /ncorporaied.—This
company has been incorporated
BAILB0AD8. INCLUDINe STREET B0AD8.
Atchison Topeka & Santa Fe Rj.—Sale of Bonds.— It was
announced on Thursday that the company had said $'0,000,its general mortgage bonds to J. P. Morgan & Co., to
000 of
provi(3e for the purchase of additional rolling stock, for double tracking and the building of extensions. On June 30,
1903, the company held in its treasury $2,185,336 of general
mortgage bonds ($]8S, 797, 500) shown in its balance shpet,
and in addition the report for the year then ended said (see
V. 77, p. 633)
"There remain nniseued general mortgage
bonds amounting to over $15,000,000, of which more than
$10,000,000 are now available." The right to dispose of $3,OOO.COO of the bonds yearly for improvements, additions, etc.,
had not then been exercised for several years.
An oflBcial statement says:
The rale was made to provide funds to be used during the next year
for additional locomotives atd cars, for tbe construction of extensions
referred to in the annual report, and for double-tracking portions of
the line. The company has no floating debt, and never had any.it
being the policy of the manaKement to provide In advance for the
contemplated capital expenditures. The additional equipment is
needed to meet the requirements of the company's traffic, as the company for some time past has been unable to take care of the buslnesn
offered, and it is e.xpected that the additional equipment will result
In an increase of erosH and net earnings. The proceeds of the bonds
are not required for Improvements of existing property, the Burplus
earnings being more than sufflcitnt for that purpose.
:
J. P. Morgan & Co. tave re-sold the bonds to insurance
comparies in this country and to foreign investors, largely
on the Continent.
£><6en<ure«.—The $3,500,000 paid for the serial debenture
bonds which were redeemed last February dees not appear
in the company's income account, or in its profit and loss
statement, for the reason, as explained, that the redemption
was a cash transaction and that the bonds as paid are properly refundable. Compare V. 74, p. 150, 204 and V. 75, p.
880.— V. 77, p. 2279, 2C98.
Bine Hill Street Rj.— Bonds.—The Massachusetts Railroad Commission has authorized the company to issue $200,000 of 20 year 5-per-cent bonds for the purpose of paying
floating indebtedness incurred in construction and equip
ment and in the purchase of real and personal property. The
in Illinois, with $1,300,000 of
authorized capital stock, in $100 shares, to take over the
Electric Co., the Decatur
property of the Decatur Traction
Gas
Electric Co. (V. 69, p. 79, 1105; V. 66, p. 857) and the
Decatur Steam Heating Co., which covers all of the street
railway, gas lighting, electric lighting and central-station
steam heating in the city of Decatnr, or the suburbs thereof.
The new company has made a mortgage to the City Trust
Co. of Boston, as Trustee, to secure $1,300,000 of 5 p. c. gold
bonds, dated Dec. 1, 1903, and due in 1933, but subject to call
at 105 on six months' notice. Of these bonds $585,000 are
outstanding; $113,000 are reserved for future extensions and
$602,000 to retire at or before maturity all underlying bonds,
viz.: Decatur Gas
Electric Light Co., $390,000, and Stre»t
Railway, $212,000. The new company owns 17 miles of track.
&
&
&
&
President. W. B McKinlfiy. Compare Def^atur Traction
Electric Co. in our Street Railway Section, page 1926,
and in Chronicle, V. 77, p. 1533, 88.
Dearer & SoathweBtcru By.— Time" J^Jcc/ended.— The time
bonds under the reor-
for the deposit of general mortgage
ganization plan (V. 77, p. 1542,) has
29.— V. 77, p. 2159, 2035.
been extended to Dec.
Hudson & Manhattan RR.— Jersey City Tunnel Franchise
Granted.— The Board of Aldermen on Tuesday granted this
company a franchise to build a tunnel under the North
River.
Albert C. Wall is President and Marshall Van
Winkle, Vice President. Compare V. 76, p. 1248.
Interborongh Rapid Transit Co., New York.-Capa^ity of
Road.— Daring the rush hours the subway, it is calculated,
will be able to handle about 43,000 passengi-rs an hour, viz.:
50 trains on the local tracks, each train having six cars and
carrying 80 passengers per car (52 seated), 24,000 passengers;
80 eight-car trains on the express tracks, 19,200 passengers.
The total capacity of the road Is estima" ed at 150 million
passergers a year. The road is expected to begin operations
next May.
iric^en«»or,s.— The suggestion of the Metropolitan Street
interests for a separate subway is mentioned under
Railway
the caption of that company. August Belmont says in sub"The Interborough inherited a transfer contract
stance
with the Third Avenue surface road. This contract expires
:
—
Dec.
thp: chronicle.
19. 1903.]
next April. No effort on the part of the Metropolitan has
been made to elaborate any arrangement for transfers. The
completion of the new subway would take at least four td
five years, and it would seem rational, in view of Mr. Ryan's
statement, to relieve the existiojj: congestion by a transfer
arrangement on the crosstown lines with the present Hapid
Transit system. If such an arrangement is good at no cost
at all, it cannot be bad at a reduced cost at present."
The "New York Tribune" had the following qaotation
The company will not lay out any new work antU It ban farni junt
what It hiiB «ot In the wny of a dlvlilend earner. The riiterborou«h
has aesunied the burden of paylns; lnt«reBt on an Investment of $;<«3,:
^00,000 as a tunnel rental. It started out to Ret an electrical equipment for $6, COO. 000. and has put Into It. or will have by the time the
road la running. abo\it §16.000.000. The oi>nipany wante to know
bow the people like the roml before It builds farther. If the Bronx
shows signs of rapid building: up. aa It probably will, then the comfiauy may, at no distant day. ur>:e the biiUdlnfr of a new East Side
But It Is more likely. If the Rapid Transit Commission seeks adIne.
ditional traffic facilities, to BUi;ii:e8t that an additional traok be built
on the Seoond Ave. elevated line, luasrauch as such an addition could
be bnllt in a year or two, while a new subway would take three years
to build.
Without additional legislation at Albany the city will not be able to
lend Its credit for the buthUnit of any more sujways. There Is a margin of lei« than $6.O0O,OOO left for subway purposes under the Act
authorl/Jni; an expenditure of $riO. 000,000 for the present subway.
This $6,000,000 will not go a (treat way in the construction of new
tonnels. It would be sutilolent for the building of the spur between
42d 8t. and Union Square, but that strip of new tunnel would not b^ a
l»r«e element In taking care of the steadily growlUK volume of traffic
which may be expected In this olty In the next live years.— V. 77, p
2159, 1874.
Kansas City Mexico & Orient Kj,— Further Subscription,
—President StilweH« arrived in Kansas City on Dec. 11,
having obtained while abroad a large amount of new money
for the enterprise. The "Kansas City Star" says:
Mr. Stilwell says that during his trip abroad he added 200 of the
best known names In European tlnanolal circles to the list of stockholders In the Orient companies. He has added $5,000,000 to the
unonnt previously subscribed by Holland stockholders for the bnlldIngof the line.
"We are making wonderful progress." he says. "Half of the 1.700
miles of the system Is graded and 325 miles Is in active operation.
The line from Topolobampo to Fuerte. a distance of 70 miles, will be
oompleted in live days. Then the first subsidy of $800,000 from the
Mexican Government will become due. It was this that took me to
the City of Mexico.
The list of new stockholders Includes some of the best known
financiers in England. France Italy and Oermany, to say nothing of
the Holland stockholders who are already In the enterprise."
The completion of the Orient system, he says, is now fully
assnred, and he expects to have the road in complete operation within two years.— V. 77, p. 2098, 510.
21MV.)
Mortgage, $1,000,000; present issne $300,000, and no more
can oe Issued except for 75 per cent of actual cost of further extensions and ti<»tterment8.
The comp.'^ny has already expended over
$3SO.O0O In New Albany and Jeffersonvllle, Including the Interurban
Hue. Its policy is to dl-pose of preferred stock and bonds In about
e(|Tal annonnt. Preferred stock soil to date. $130,000.
The entire system was not oompletod and In opera'lon until Aug. 1,
1903. The gross reoMlpts stnoe tint d ite were »•< tollowi<: Gross receipts, August, Hepteiiiber and O'liob r, *2!>,.19); operatlmr »»xpense8,
4119,737; net earntnics. !j!i»,659. The following estimate la made: Gross
earnlni;s for twelve months, *1 17,684; operatlnif expenses, 60 per
cent, $70,551; net earnings, $17,033; deduot the annual rentals of the
New Albany Street Railway, $lf>,7f>0; balance, *31,283, applicable to
interest on bocas and for other purposes. No estimate has i)een made
of the probable freight earning'*, which are sure to be greater than
ordinary. The gross earntni;s of the system extended Into Louisville
win not be less than $250,000 annually.— V. 77, p. 769, 349.
stock.
Metropolitan Street Ry., New York.— Subwai/ Propoaitton.— Thomas F. Ryan nnd Paul D. Cravath, representing
the Metropolitan Street Railway interests, have informally
communicated with the Rapid Transit Commission with
reference to the possibiiity of the Metropolitan interests becoming a competitor for the contract for construction and
operation of a new north and south underground rapid transit railroad in the Borough of Manhattan in case the city
should decide to build such a one on routes to supplement
the Metropolitan surface system.
Mr. Rvan, as quoted, says
The Metropolitan Seonrlties Co., which, through Its ownership of all
:
the stock of the Interurban Street Ry. 00., now controls the entire
Metropolitan Street Railway System, is not anxious to add to Its responsibilities. At the same tune we realize that while many of our
lines win be able for some years to come to take care of the increased
tralHo, some of the longitudinal lines, such as those on Broadway and
the Bowery and Third, Sixth, Eighth and Ninth avenues, during certain hours of the mornlni; and> even! nsr, encounter a oongestlon of
traflBc so great as to be justly termed intolerable.
In this situation It seems that the only relief possible mast come
from the construction of tunnels extending the entire length of the
Island and so connected by transfer arrangements with our crosstown
surface lines as to attract a substantial portion of the long-haul
1
riders.
See also "New York Times" of yesterday and laterborough
Rapid Transit Co. above.— V. 77, p. 2159, 611.
Misaonrl JKansas & Texas Rj.—Land Grant Claim.— This
company recently served formal notice on the Secretary of
the Interior at Washington of ita claims for every alternate section of land, 10 sections per mile, on each side of its
line through the Indian Territory, within 20 miles of the
road, under an Act passed in 1883 granting lands to the
State of Kansas to aid in the construction of the Kansas &
Neosho Valley RR and its extension to Red River. The
grant so claimed aggregates 2,500 sections or 1,580,000 aores.
Kansas City Railway & Light Co.— CaWed Sonds,— Forty- —V. 77, p. 2093, 1874.
six Corrigan Consolidated Street Railway Consolidated Street
Maskogee Southern RR.—New Stock and Bonds. — This
Railway Co. first mortgage 5 per cent gold bonds will be paid company has recently filed notice in Oklahoma of an increase
at the Central Trust Co, Jan. 3, 1904, at 110,— V. 77, 2380, in the capital stock from $2,000,000 to $5,000,000, and has
951,
also made a mortgage to the Illinois Trust & Savings Bank of
Lake Street Elerated RR., Chicago.— Deposits.— The Chicago, as trustee, to secure $5,000,000 bonds. The comtime for depositing securities under the plan was extended pany was chartered to build a road 200 miles, from the point
on Tuesday until to-day. On Wednesday the "Chicago Inter- where the Arkansas River enters Oklahoma from Kansas
Osean" said that the deposits to the close of business the southeasterly through the Oiage Indian nation and Indian
previous day were calculated to have reached the following Territory, to the point where the Red River crosses the eastC. N. Haskell of Ottawa,
figures, viz.: Stock, $8,460,000 out of $10,000,000; income ern boundary of Indian Territory.
bonds, |8l0,Ui'0ont of !f 1,026.500; first mortgage bonds, |5,- Ohio; W. R. Eaton and William T. Hutohings, of Muskogee,
680,000 out of 15,860,000. The plan is expected shortly to be I. T.; Horace Speed, Luther West and T. J. Lowe, of GathThe certificate of increase
rie, Okla., are the incorporators.
declared operative.— V. 77, p. 2035, 1874.
of stock is signed by H. W. Seaman, who is President of the
Loaisville Bridge Co. Settlim'mt.— All pending litigation
with the Pennsylvania RR. has been settled on a basis of 8 Ozark & Cherokee Central Ry. ('Frisco system); J. C. Fierbaugh, W. M, Swiney and J." C. Daflln, as directors.
per cent on the stock from the first default of dividend to
Nevada County (CaL) Narrow Gauge RR.— Dividend.
Nov. 1, 1903. It is said a cash dividend of 10 per cent will
be declared, leaving over 6 per cent in the treasury with A dividend of $5 per share (5 p. c.) was recently declared on
which to settle pending litigation with the Louisville & the $251,200 capital stock. This is said to be the fourth dividend since the company's organization. The road extends
Nashville. See V. 76, p. 705.
LonlsTlIIe & Sonthern Indiana Traction Co., New from Colfax to Nevada City, Cal., 22 J^ miles, and has outAlbany, Ind.— Bonds Offered.— Trowhridge & NIver of Chi- standing about $234,000 first mortgage 7s, payable in annual
cago are offering at par $250,000 first mortgage 5 per cent instalments increasing from $4,000 in 1902 to $20,000 in 1924.
For year 1991 02 the gross earnings were $114,511; net, $40,gold bonds, dated Sept. 15, 19(33. These bonds are due Sept.
interest, taxes, etc., $27,607; balance, surplus. $12,451.
058;
15, 1928, but are eubjact to call after 10 years at 105; denomMrs, S A, Kidder is President, Grass Valley, Cal.—V. 62,
inations |500 and $1,000; interest payable March 15 and
—
A
Sept. 15.
circular says in part:
This company Is organized under the general railroad laws of In-
RR
diana. It Is the lessee of the New Albany Street
whose franchise runs for forty-eight years and is very liberal, allowing the carrying of freight at all hours. The lease is for 2.5 years, with the
privilege of renewal for a like period. The leased Hue consists of lO^s
miles of track, practically all relald duilns the past year with 77>«Ib. steel rails, white oak ties and rook ballast; about 5 miles are paved
with brick or asphalt. The company Is also owner of the line connecting New Albany and Jeftersonvlll", 4I9 miles, on private right of
way, with system in Jefft^rsonville Ave miles of track. Total mileage
leased, lO^s miles; mileage owned. 9^ miles.
The fiacchlBes owned are for a term of 50 years, and permit the
hanllng of freight at any hour on the Interurban lines, and In Jeffer•onvllle during cerain hours of the night, and on one street at any
hour of the day. The company farther proposes to extend Its line
from Jeffersonvllle into Louisville, under Its contract with the Big
Four Bridge Company, thus serving a total population of 270,100. It
is also the purpose to butlrt connections with lines at present operating from Cincinnati to Aurora, Ind.. 30 miles; from Indlanaoolls to
Oolumbas, 40 miles, and from Evansvllle to Newburg, Ind., 12 miles:
also to French JJok Springs, Ind.
This company operates Glenwood Park, on Silver Creek, about ten
acres wooded and ten acres cleared, for athletic grounds. It was
opened July 1 of thi« year. Owing to the large traffic of the interurban line, it has been determined to double tr»ok between New
Albany and Jeffersonvllle The girder rails are 90-lb. Lorain section;
"T" rails 73 and TT^fl-lb Carnegie section; ties, whit-i oak; crushed
stone ballast; Ftandard steam railroad speclfloations; bridge across
Sliver Creek cost about $20 OuO
A contract with the United Gas
Electric Co. of New Albany and JefTersonvlUe, which Is under same
management, supplies e'ectrloUy on a very favorable basis. Car
equipment: New Albany Sreet Ky., 26 care; Interurban line. 8; Jeffersonvllle Street Ry., 4; electric locomotive, 1. Stock authorized, $2.,
&
000,000
common stock and
$1,000,000 6
p.
o.
cumulative preferred
p. 883.
New York & Northern litL.—Niles Suit,— Jai^e Haight, in
the Court of Appeals, has handed down a decision in the
suit which was brought several years ago attacking the reorganization of this company as the New York
Putnam,
The Judge
with the New York Central in control.
holds that the damages, if any, belong to the corporadon and
not to the individual stockholders, and that the jadgtnent of
the lower court dismissing the case should be aflBrmed with
It is further held that the New York & Northern
costs.
should have either brought the suit or been made a party in
the action. The suit was brought by Robert L. Niles, as a
stockholder in the New York & Northern, asrainst the New
York Central and surviving members of the firm of Drexel,
Morgan
Co, Louis Marst^all and N, A, Eisberg appeared
for the appellants nnd Thomas Th»cher for the respondents.
See V. 74, p. 380 V. 68,- p. 135, 83,
&
&
;
New York & Patnom RR.— Favorable
D'cisiow.— See
New
York & Northern RR, above.— V, 74, p. 380.
North Shore RR., California.— Bonds.— The " San Francieco
News Bureau"
says
:
The rumor that the road was
to he sold to the Sante Fe (Atchison) Is
clearly without foundation. It Is, however, hlehly probable that a sale
of snme kind is in prospect and that the holders of the 5 p, c. bonds
will be allowed to place the same In escrow with the Mercantile Trust
Co. of San Franolsoo, receiving at time of deposit 2 p cln ca?ih, or $20
per bond; also the May coupons when due, and, further, this deposit to
be made with an option for the sale of the bonds at par and Interest on
June 1, 1904. -V. 77, p. 2159, 1534.
THE CHRONICLE.
•2340
—
PennsylTania RR.— Compilation. See notice on page
3343.— V. 77. p. 2159. 1875.
Philadelphia Bttltimore & Washington RR.— Washington Station.— The 'Railroad Gazette" of Dec. 4 contained an
illustrated article regarding the proposed union terminal
V. 77, p. 1634.
station in Washington. D.
Pabiic SerTlce Corporation of New Jersey.— See Somerset
Union & Middlesex Lightiog Co. under "Industrials" be-
C—
low.— V. 77, p. 2099, 1875.
Raritan RlTer RR.—Sale
Denied.— C. W. Woolford,
Secretary of the Baltimore
Ohio RR replying to onr inquiry as to the report that his company has purchased the
Raritan River RR. fays: "Having no information upon the
subject, I referred tbe matter to our President, who states
that he knows nothing more about it than what he sees
in the public press." President Frank H. Earl, of the Raritan River RR. Co., when asked as to the truth of the report
that the road had been sold to some one, replied "the statement is not true."— V. 77, p. 38.
Rock Island Company. Eirninga and Bonds of Subaidi-
&
,
ary Comjjaniei^.-Sex* ChOPtaw Oklahoma & Gulf RR. on
page 2336—V. 77, p. 1751, 1742.
St. Clair Madison & St. Lonis Belt RR.- Sold.— 3*-e
Terminal Railroad Association of St. Louis below.— V. 76,
p. 811.
San Antonio & Aransas Pass By. Decision.— At Austin,
Tex., on Dec. 14, Judge Peon of the 26th Dietrict Court of
Texas, handed
down
a decision in favor of tbe State in the
brought at the instance of tbe State Railroad Commission to sever all relationebiD between the Southern Pacific
Co. and the Aransas Pass Railway. The decision perpetually
enjoins the Southern Pacific from voting any of the stock of
the Ararsas Pass and the latter from in any way recognizing
the Southern Pacific as the bolder or owner of any of its
stock so long as the Southern Pacific shall own or control,
directly or indirectly, any of the stock of the Galvesion
Harrisburg & San Antonio Ry. Co.— V. 77, p. 629, 452.
suit
Seaboard Air Line Ry.— Collateral Notes.— The funds obtained from tbe
new
interests (V. 77, p. 2036) are represented
by an issue of $2 500,000 of 6 p. c. notes, secured by a deposit
of stocks and bonds and other securities with the Morton
Trust Co. These notes are due in six months, with option of
renewal, but are subject to call at par at any time on ten
The syndicate taking the notes receives a IJ^
commission.
Inspection of Property. President John Skelton Williams,
accompanied by the principal officials and directors James A.
Blair, T. Jefferson Coolidge Jr. and Thos. F. Ryan, has just
completed an inspection of the Seaboard lines. Mr. Williams
says the trip was most satisfactory; the road is in fine condition, and in view of the prosperous conditions in the South
the outlook for traffic is excellent. About 6,000 men are engaged in building the extension from Atlanta to Birmingham, on which work is being prosecuted day and night. It
is expected that the new line will be ready for operation in
days' notice.
p. c.
—
April.-V. 77, p. 2160, 2099.
Sonthern Rj.— Called Bonds.— Charlottesville & Rapidan
Rft. bonds aggregating $18,400 will be paid at the Philadelphia Trust, Safe Depisit & Insurance Co., Philadelphia, Pa.,
on Jan. 1. 1904.— V. 77, p. 2281, 1226.
Springfield & Xenia Traction Co.— Comwii^ee.— The
bondholders' committee includes W. S. Hayden, W. H. Lamprecht, J. M. Button.— V. 77, p. 1747.
Syracuse Lakeside & Baldwlnsville (Electric) Ry.— Receiver.— Capt. W, B. RockWfU, the General Mduager, has
been appointed temporary receiver in a suit for interest on
the bonds.
Temlsconata Rj.—New So»Ki«.— Application has been
made to the Dominion Government for power to make an
issue of prior lien bonds, out of which certain liabilities
will be met; to issue general mortgage bonds in exchange for
existing main line and St. Francis branch bonds; to provide
for the payment of overdue coupons; also to fix the main
office at London, England.— V. 73, p. 728.
Tennensee Ceniral RR.— Decision.— See "Clarksville" on
page 2350. State and City Dr^partment.
Voting Trust —The subscription of $1,000,000 by the city
of Nashville is on the condition that a majority of the stock
shall be deposited for 99 years with the Union Bank
Trust
Co. of Nashville to vote against consolidation with either of
the other lines of road entering the city. Certificates of
deposit will be issued therefor.— V. 77, p. 2180.
Terminal Railroad Association of St. Louis.— Temporary
Loan. Tbe First National Bank of this city has loaned the
company $4,500,000 on a six months' note. The money will be
used in connection with the improvements cow in progress.
Purchate of Alton Bridge. The St. Louis "Globe-Demo-
&
—
—
crat" says:
The Alton bridge prop«rty taaa been aoqnlrnd by ten of tbe fourteen
terminal linea in th« 8C. Louis asBoolatlon. Tbe four diaaentlnK Hues
were theOhloagoA Alton, the BQrllDgton.theSouthfTnanrt the Illinois
Central. The property will provide an inlet and outlet for tbrooKh
From WeBt Alton the BarllnKton tracks
tratlic Enst, West and North.
anri bridge over the Miitsoarl River will famleh the Bt. Loula Inlet.
It
l8 Raid that $40,000 wiil be neoeesary to put the property In good condition. The Drlce paid by tbe new owners Is said to have been $1,000,000. The bridge bears a bonded indebtedneas of $800,000 at 4 p. o.
The Alton bridge was owned by the
Lcu;s Belt RR. Co.,who8e $800,000
St.
&
St. Clair Madison
of 4 p. c. are described
[YOL. LXXVII.
on page 1438 of our "Railway and Industrial Section."— V.
77, p. 1634. 512.
Twin City Rapid Transit Co.— Farther Facts as to New
Bonds.— To secure the bond issue described last week, the St,
Paul City Ry. Co. and the Minneapolis Street Railway Co.
have filed a consolidated mortgage for $10,000 000 to the
Central Trust Co. of New York, as trustee. The bonds are
dated Oct. 1, 1903, and are due Oct. 1, 1928; Interest 5 per
c^nt per annum, payable semi-annual y; denomination,
$1,000. The bonds are guaranteed as to principal and interest by endorsement by the Twin City Rapid Transit Co. The
present issue thereof, $3,500,000, has been sold to a syndicate
who are offering the bonds at par
headed by Vermilye & Co.,
and interest. Compare V.
77, p. 2281.
FFnlted Gas & Electric Co., New Albany, Etc.— Bonds
Offered,— See Louisville
Sonthern Indiana Traction Co.
&
above.— V. 77, p. 361.
Washington County
RR Maine.- SoZd.— At the foreclosure sale in Calais. Me., on Dec. 17 the property was knocked
down to F. W. Whitredge of New York, President nf the
company, for $2,300,000, the upset price fixed by the United
States Circuit Court. The suocpssor company has been organized under the name of the Washington County Ry., with
12,600.000 stock. It is commonly believed the road will be
leased to the Maine Central RR. Co.— V. 77, p. 2099, 197.
,
&
West End St. Ry., boston.— i3onds O^ered.— Vermilye
Co. are offering at 105 J^ and interest the unsold portion of
the $500,000 48 due Aug. 1, 1932, which they recently purchased,- V. 77, p. 2282, 2160.
Western narjland RR. Extension of Syndicate. —The
managers of the syndicate which underwrote the 4 per cent
50 year bonds have proposed an extension of the syndicate
agree oient until July 1. 1904.
Construction, JEte.— The contractors have over 1,200 men
at work pushing the construction of the 60-mile line from
Cherry Rnn to Cumberland, connecting the Western Maryland and the West Virginia Central, The contracts call for
its completion by Jan. 17, 1905.
Substantially all the property required in connection with tide water line in Baltimore
has been acquired and the line is expected to be in operation
next April. The $3,500,000 to pay for the first-named line is
on deposit with the Mercantile Trust Co. of this city.
Tne equipment has been increased through the purchase of
13 new large-type freight and passenger locomotives, 1,000
50- ton steel coal care and also improved passenger equipment. Large amounts have also been expended in the general betterment and development of the system.
Earnings.— ¥or the year ending June 30, 1903, the system.
still consisting of two disconnected divisions (the Western
Maryland and its subsidiary coal road, the West Virginia
Central & Pittsburgh), shows
:
EARNINOS OF SYSTEM FOB TEAR ENDING JUNE 30, 1903.
Gross earnings of railway lines
Operating expenses and taxes
93,712,f)33
2,3f)8,634
Netearnitkgs of railway lines
Net
profits. coal
and othernepartments
$1,354,199
983,968
MlBOellaneous receipts after taking up timber royalty notes
($225,721). charKing off all nncolleotlble aoooanta and
other miscellaneous debits ($107.607)
Total net Income
Fixed charges
181.098
$2,519,260
1,303,878
Surplus
$1,216,382
The
total net income, $2,519,260, as above, represents an
increase as compared with the year ending June 30, 1902, of
$367,245.
For the three months ended Sept. 30, 1903. the total net income was 3552,629, an increase of $49,897 over the same
period in 1902 ; fixed charges, $364,271 ; balance, surplus,
$288,358. The fixed charges include accrued interest on the
$25,000,000 4 p. c. first mortgrage bonds of 1902.
Earnings of Controlled Company.— See Potomac Valley
in V. 77, p. 2160.— V. 77, p. 197.
RR.
INDUSTRIAL. SAS AND MISCELLANEOUS.
Amalgamated Copper Co.— Favorable Legislation.— Qov.
Toole has signed both the change of venae bill and the
measure providing for a review of the facts in equity oases
by the Supreme Court. Under the term^ of these Acts it
will be possible for the Amalgamated to secure hearings in
the many cases with F. A. Heinze before district judges
other than those at Butte. Steps have been taken to have
the Acts passed upon by the courts.— V. 77, p. 1875, 1534,
American Smelting & Refining Co.— Common Stock Dvidend iVo. i.— The directors on Tuesday declared a dividend
of 134 per cent upon the $50,000,001) common stock, payable
Jan 14th, 1904, to stockholders of record Dec 81st. The
company was formed in April, 1899. and its preferred stock
(now $50,000,000) has ever since received dividends at the
full rate of 7 p. c. per annum.
The "New York Times" says "The earnings for the past
month were the largest since the formation of the company.
The surplus, it is stated by a director, now amounts ro between $7,000,000 and |8. 000,000, and its cash and other quick
assets to about $23,000,000."
Pur rhase.— The smelter at Everett, Wash., owned by the
Federal Mining & Smelting Co., has been purohased for a
sum officially stated to be less than $1,003,000. The transaction involves, it is believed, a new contract for the smelting
:
— ——
Dec.
—
—
THE CHRONICLE.
19, 1903. J
of the Federal Company's outpnt (aee V. 77 p. 403) and establishes friendly relations wich that important company.—
V. 77, p. 1535^
Bill StyTwi.— PresiAmerican sugar Kellnlng Co.—
dent Rooeevelt on Dec. 17 signed the Cuban Rdoiproeitv Bill,
the fall text of which was published in the "Jonrnal of Commerce and Commercial Bnlletin" of Dec. 17. Along with
other conceeions, the Act reduces by 20 p. c. the rates of
duties on Cuban sugar, tobacco and other products of the
The " convention shall go into effect on the tenth day
soil.
after the exchange of ratifications, and shall continue in
force for the term of five years from date of going into effect,
and from year to year thereafter until the expiration of one
year from the day when either of the contracting parties
shall give notice to the other of its intention to terminate the
,
Cubm
8ame."-V. 77, p. 771, 851.
American Telephoue & Telegrraph Co.— Output. The output ot instruments for the month and eleven months ended
—
Nov. 20 wag:
.
To Nov. 20—
Gross ontpnt (nrnnber)
Net output (i)uniber)
Total outstanding
Dividend.
—V.
—
Month
1903.
,
1902.
96 963 93.487
64,666 56.649
11 Months
1903.
1002.
1.020.941
994.422
>
,
.^79,928
3,730,848
573,740
3,099.346
—The nsnal January dividend has been declared,
2341
plants, purchase additional real estate, construct several large holdmiles of large pumping mains to convey gas to localities re-
ers, l»y
mote from the workx, extend the general-Bupply mains and install
thousands of new house servloeH and meters; additional funds being
required therefor in excess of the surplus already expended for that
purpose; and
Whereas, in the Judgment of the board of directors, the Interests of
the Htookholders will be bent subserved by the luorease of the capital
stock from Sl.'i.OOO.OOO to $20,000,000. and pending the Issue of the
stock by thn Issue and sale of $3,000,000 convertible debentures to
meet the requirements of the increased capital stock. 30.000 sharei
to be held for ttte redemption of the debentures, and when it
shall become necessary to provide additional funds, the remaining
20,000 shares, or any purt thereof, to be sold or disposed of as the
board of directors may from time to time decide; therefore It Is
Resolved, That if the stockholders consent, the capital stock shall
be Increased from 91^,000,000 to $2U,oO0,00i<; and the compauy shall
issue and sell to the stockholders or their asglgns. at par, coupon debentures uggreeating $3,UOO,000. In denominations of $1,000 and
$-<00 each, bearing interest at the rate of 6 per cent per annum, payable semiannually on ^ept. 1 and March 1, and convertible, at the option of the holder, into stock, on the basis of one share of stock for
each $100 of debentures with unmatured coupons, ou and after three
years from the date of Issue ot the said debentures on any day when a
coupon falls dn& Bnoh debentures as may not be converted into
stock shall mature and be redeemed In cash at face value five years
after date of Issue.
ReHolved, That the debentares shall be offered at par pro rata to the
stockholders of record, payable on March 1, 1904. Subscriptions may
be paid during the month of February, 1901. and lnter>»st at the rate
of 6% p*-r annam will be allowed to the 1st of March, 1904.— V. 77, p.
2282, 1876.
77, p. 2160, 2086.
—
Canada Cycle & Motor Co.— Plan. At the adjourned
Aatomatlc Electric (Telephone Manafaotnrlngr) Co., Chi- annual meeting on December 8, First Vice-President J. W.
cago— JVew Stock. The shareholders will vote at the annual Flavelle, announced that the propjosed reorganization will
meeting during the third week in January on a proposition not be carried out so long as there ia prospect of litigation.
to iccrease the capital stock from $3,C0:,000 to $5,000,OCO, The plan contemplates the cancellation of the $3,000,000
—
$1,000,000 thereof to be offered in the near future to stockholders, probably at par. The proceeds will be used for ex-
tensions.— V. 76, p, 812.
Bay State B&a Co. of Delaware.— See Boston Consolidated
Gas Co. below.— V. 77, p. 771, 695.
Bethlehem Steel Co.— Supposed Subsidiary.—The Jnragna
Iron Co.. a Pennsylvania corporation, has increased its aithorCompare V. 77.
ized capital stock from $10,000 to |600,000.
p. 1227.
Boise-Payette Blver Electric Power Co.— Beceivership
Suit Withdrawn.— At Boipe on Dec. 12 J. H. Richards, attorney for the Mercantile Trust Co. of Boston, as mortgage
trustee and plaintiff in the receivership suit, aeked that the
case be dismissed. The bondholders, it is alleged, are willing
to co-operate with the stockholders for the improvement and
extension of the power plant and the protection of the compMy's creditors.- V. 77, p. 2282.
Boston (Rubber) Belting Co.— iZepor i.-The following is
pronounced to be materially correct:
The annual report for the year ended Oct. 1, 1903, shows net profits
from sales of §103,940. In addition the company received $69,173
damages from the city of Boston on the 8tony Brook account and
$28,608 as Interest from investments In bonds. During the year newequipment wasi purchased and plant remodeled to the extent of
$60,000, which was ohareed to operating expense. In addition to
paying the regular 8 p. c. dividend, calling for $80,000, the company
paid during the year an extra 6 p. o. (*60.000) from proceeds of the
Stony Brook account. The reserve fund on Oat. 1, 1903, was iSOO.OOO,
invested in bonds. The directors declared a regular quarterly dividend
of 2 p. o. payable Jan. 1. This dividend is No. 137.— V. 77, p. 952.
Boston (Mass.) Consolidated Qas Co. Proposed Consolidation, This company, which it is proposed shall merge the
local operating companies of the Massachusetts gas companies, as authorized by the State Legislature last spring,
filed on Dec. 10 articles of incorporation with nominal (|10000) authorized capital stock. James L. Richards is President. Compare V. 76, p. 1804. On the same day Judge
Hammond of the Massachusetts Supreme Court, in the case
of the Bay State Gas Co, of Delaware vs. the Boston Gas
Light Co., et al, in effect denied the motion tor a preliminary
injunction to prevent the consolidation, the defendants agreeing not to make any transfer without first giving six days'
notice. The Court ordered the defendants to fi.le a bond if
they declared a dividend, so that the plaintiff's interests shall
be protected. Attorney-General Parker on Dec. 15 ruled
that the special Act of the Legislature authorizing the consolidation constitutes the charter of the new company and
that no certificate beyond the agreement of association for
the incorporation of the company is necessary to permit it to
do business. Compare V. 76. p. 1357.
—
—
Bowber Fertilizer Co. Liquidation. The directors have
declared a dividend in liquidation of 80 p. c. on the $1,000.000 capital stock, payable Dec. 81, in Am. Agricultural
Chemical preferred stock to stockholders of record on Dec. 19.
A similar 60 per cent distribution was made on April 14.
Some further distribution will probably be made later on.
V. 76, p. 867.
Bristol Goodson Water Co. Plant Sold— Bonds Assumed.
Bristol, Tenn., on page 2350, State and City Department.
President
Brooklyn Union Gas Co. New Securities.
James Jourdan announces by circular of Dec. 10 the plan of
the management to increase the authorized capital stock
from 115,000,000 to $30,000,000, and pending the issue of the
new stock to issue $3,000,000 of 5-year 6 per cent coupon debentures, convertible, $ for $, inlio stock on or after three
years from date of issue. These debentures are to be offered
at par to shareholders of record on a date to be fixed to an
amount equal to one-fifth of their respective holdings. The
circular gives the resolutions adopted by the directors on
Dec. 3 in substance, as follows:
Whereas, The increased and increasing business of the company has
compelled it to reoonstiaot and materially enlarge Its manof aoturlng
—See
—
common stock; also the reduction of the preferred stock to
1600,000 (of which $100,000 to be held in the treasury) by
reduction of the par value of the shares from $100 to $80
each. The directors last year surrendered $1,000,000 of the
preference stock to a trustee for distribution among the
small shareholders, and those least able to bear the loss, just
as soon as the reorganization can be effected. The profits the
first year were reported as $300,000; for 1899-00 as $195,000;
for 1900-01 as ;f;2,000; for 1901-02 a loss of over $130,000 was
r -ported; for 1902-03 profit $30,000,
The liabilities, which in
:..
2 were $1,092,900, were on July 31, 1903, $777,565.
Total
assets, $1,819,639, viz :
Cash, $24,709; aoooants and bills receivable. $.551,791; bloycleg»
moc"- vehicles and accessories, $324,178; raw material and supplies*
f 143,.ib "; insurance, duty, freight, stationery and oflioe supplies'
$53,305; real estate and buildings, $73,55><; machinery, tools, patterns
furniture and fixtures, $148,718.
Compare V. 69, p. 643; V. 77.
p. 1748.
Clalrton Steel Co.— See Crucible Steel Co. below.—V. 77,
p. 1227, 149.
Colorado Fael & Iron Co. Proposed Bond Issue— Further
— The funding plan of DiC. 11 says:
Facts,
It was foand that the improvements originally planned and others
which were deemed necessary in order that the entire plant might be
worked to the best advantage required for their completion large
sums of money in addition to those provided by the sale of tha debentures. To obtain additional ineneys, the company disposed of certain
railroad and other properties in July. 1908, to Edward V. Gary, acting
for persons owning large interests in the company, and Mr. Gary paid
sum of $5,400,000. Thereafter, when it was
ascertained that the money thus provided was not snffiolent, Mr. Cary,
acting for the same nersona, agreed in November. 1^08, to make additional large purchases from tha company and to pay therefor the
sum of $7,591,200.
The committee believe that the most advantageous course for every
one Interested in any way In this property. Is the carrying out of some
plan whereby the properties of the company and the properties bought
by Mr. Cary may be re-asaembled under a comm )n ownership and all
the properties be preserved and worked together as an entirety; and
that to this end common stock to the amount of about $6,200,OoO and
bondsnot to exceed $46,000,000 be Issasd, each bonds to be secured
for those properties the
by mortgage.
The following alternative plans have been suggested :
1. That Mr. Gary convey all the properties so purchased to the Fuel
Company or to the committee, or to a company to be organized under
the direction of the committee, which may acquire the property of the
Fuel Company at any sale thereof.
That an Issue be authorized of 30-year 5 p. c. convertible oonaolldated first mortgage bonds limited to $45,000,000, which shall be
secured by a morr gage as a direct charge upon the properties to be
conveyed by Mr. Cary and upon all tha property of the Fuel Company; or
2. That Mr. Gary convey all the properties so purchased by him to
a corporation organized or to be organlzad. which shall make a like
authorized Issue, limited to $45,000,000 of 30-year five per cent convertible gold bonds, seourea by mortgage as a direct charge upon the
properties so to be acquired from Mr. Cary, and upon all debentures
of the Fuel Company that may from time to time be acquired by such
new company by purchase or in exchange for its bonds.
After the execution and delivery of said mortgage, and the delivery
by the J uel Company of the increased stock hereinafter mentioned,
the stock of the new company shall be transferred to and become the
property of the Fuel Company, which shall guarantee the principal
and Interest of said bonds.
The new stock, $6,200,000, and the new 30-year 5 p. c. consolidated first mortgage bonds, issue limited to $45,000,000,
are to be applicable as follows:
Bonds.
Stock.
Holders of ontstandlng debentures, approximately $14,000 000, wlU be entitled to receive 20 p. c. or the amount of the principal
of their debentures In new common stock,
and 100 p. c. In new bonds (interest and debentures being adjusted), say
$14,000,000 $2,800,000
For raising approximately $13,600,000 for
the re- purchase of properties and for additional capital, say
17,000,000
3,400,000
Reserved for retirement of the outstanding
issue of $6.0 0,000 first mortgage bonds
6,000,(300
Balance in the treasury available for additional capital and for future requirements
of the company, say
8,000,000
Total
$45,000,000
-f 6,200,000
THE CHRONICLE.
2342
Bonds exchanged for debentures shall be convertible into
stock of the Fuel Co., under provisions similar to those by
which debentures are now convertible. These provisions may
be extended to all other bonds, if the committee find it adThe mortgage shall contain provision for a sinking
visable.
fund after the expiration of a reasonable time, to be fixed by
the committee. The Continental Trust Co. of New York is
to be the trustee of the mortgage.
The stockholders' meeting set for Dae, 15 was adjourned
until Jan. 12.— V. 77, p. 2383, 2100.
[Vol. lxxvii.
of billets. The Ciairton was also reported as admitted,
along with the following companies, to membership in the
steel billet association:
La Belle Iron Works. Sharon Steel Hoop Co., Inland Steel Co.,Port8
mouth Steel Co.. Allegheny Steel & Iron Co., Otis Steel Co., of Cleve
land, O.. and the Maryland Steel Co. of Sparrows Point, Md.— V. 77, »
1296,1292.
Det>atar(in.)61a8 & Electric Co.— Merger.— See Decatur
Ry. & Light Co. under "Railroads" above.— V. 69, p. 1105.
Douiinloa Coal Co. Refunding.— The company is said to
contemplate making an issue of $10,000,000 of 5 p, c. bonds
Compressed Air Co.— ^o Receiver.— Judge Lacombe in the to retire the $3,000,000 of 8 p. c. preferred stock at 1 15 and the
State's Circuit Court on Thursday denied the applica$3,571,000 first mortgage 68 at 110, and for other purposes.
tion of Madeline Haghes and other stockholders for a re- The "Boston Transcript" says:
No case, he says, was made out. The Morton Trust
ceiver.
It is expected that within a comparatively short time the shareCo., trustee for the first mortgage bonds, upon which inter- holders will be asked to approve of a plan for organizing the
finances.
A bill has been Introduced in the Nova Scotia Legislature
est coupons are in default, can, it is understood, if desired,
which win allow of a bond Issue for the taking up of the preferred
bring foreclosure proceedings. See V, 76, p. 268.— V. 76, p. shares, and also the first mortgage bonds. The $2,635,000 which ts
Unitea
1410.
Consolidated Late Saperlor Co.— A8$eta Sold.— The reor&ranization committee having failed to obtain the final
$3,000,000 of the $8,000,000 cash required to ensure the success of the plan (V. 77, p. 1296), the securities pledged to
secure the Speyer loan of $5,050,000 (see list, V. 77, p. 771,)
were sold at auction in this city on Tuesday (Dec. 15) by
order of Spever & Co., and were, bid in for the firm by E, C,
paid to the Dominion Iron & Steel Co. In consideration of the breaking of the lease comes from the Bank of Montreal. This bank will
take & per cent bonds of the new issue In exchange for the cash.
See Dominion Iron
Steel Co. below.— V. 77, p. 1296, 826.
&
Dominion Iron & Steel Co.—J.c< Passed.— The Nova
Scotia
on Dec. 11 passed the Act annulling the lease of
the Dominion Coal Co.
New President.-J. H. Plummer of Toronto has been
elected President, succeeding Jas. Ross.— V. 77, p. 2037, 1296.
Henderson (the only bidder) for $4,500,000. Prior to the
Federal Mining & Smelting Co.— Firat Dividend —This
sale the Stanley Electric Mfg. Co. served notice that it is
the owners of the machinery in the electric-lighting plant of company has declared a first quarterly dividend of 1*75 per
the Michigan Lake Superior Co., the purchase price, $60,000, cent on the issued preferred stock. The authorized caoital
not having been paid. Notice was also given by other parties stock is $20,000,000 preferred and $10,000,000 common; of the
of a lien on the Algoma Cent. & Hudson River Ry. for labor common $5,250,000 is outstanding and of the preferred $10,-
and material.
A stockholder also protested
against the sale.
Subsequently Speyer & Co. issued the following; "Speyer
& Co. announce that having purchased for the participants
in the advances under the agreement of Dec. 23, 1902, the
security for the loan to the Consolidated Lake Superior Co.
which matured June 30, 1908, they are requesting authority
from the participants in the loan to admit the Consolidated
Lake Superior's stockholders to an interest in the liquidation
Legii^lature
500,000.
Sa/eo/'5meZ(er.— See American Smelting & Refining Co.
above.— V. 77, p. 408.
Helena (Mont.) Water Works Co.— Municiptl Plant.—
The city's representatives recently accepted the offer of the
Congress Constructior Co., Chioago, 111., to install a munioipal water-supply system for $579,000. The system is to be a
natural gravity one, and includes a conduit line of about 24
of the security or the reorganization of the properties. It is miles outside city limits and a distributing system of about
anticipated that the stockholders' contribution will be about 40 miles within city limits. The city has not been able as
yet to sell its bonds to meet the expense. —V. 77, p. 695.
|8 a share."
Previous to this announcement John R, Dos Passos, New
International Finance [& Development Co.— Not Sold.—
York counsel for the reorganization committee, issued a The securities referred to last week were not sold. See plan
statement in which he said that strenuous efforts had been V. 77, p. 2161, 2288.
made to obtain a further postponement of the sale for three
International Salt Co.— See National Salt Co. below. Y.
weeks. A bill in equity was filed to have the agreement
77, p. 1297, 1228.
under which the sale took place declared null and void, but
Maine Water Co.— See Kennebec "Water District on page
upon the announcement of Speyer & Co. that the shareholders would be permitted to participate in a reorganization, it 2297 of last week's Chronicle.— V. 77, p. 2038.
Mansfield Coal & Coke Co.—Bonds Offered.— 'S. W. Halsey
was stated that the suit would lie as a matter of protection to
& Co., New York and Chicago, and the Municipal & Corthe stockholders, but that it would not be pushed actively.
The $6,000,000 cash promised in support of the plan re- poration Securities Co., Pittsburgh, Pa., are offering on a
cently under consileration includes, it is stated: From un- basis "to net the purchaser about 5 p. c. interest" the enderwriters to the Speyer syndicate, $2,300,000 and upwards; tire issue of $400,000 6 per cent first mortgage sinking fund
fresh subscriptions to the stock about $2,000,000; fresh and gold bonds, guaranteed principal and interest by the Pittsburgh Coal Co.
These bonds are dated Oct. 15, 1908;
outside underwriting, $3,000,000; total of over $6,000,003.
due series A to series J, inclusive, $40,000 each year, reiVetc Plan$.—A press dispatch from Philadelphia yesterspectively, from Oct. 15, 1934, to Oct. 15, 1913; interest payday stated in substance
It is said that Speyer k Co. bave asked all having an Interest In the
able April 15 and Oct. 15 at Colonial Trust Co. (the trustees),
$5,050,000 loan to pledge themselves to pay an additional snm. If Pittsburgh denomination, $1,000
free of tax in PennsylDeoessary, up to one-third of the amount of the loan. This plan would
A circular says in substance
provide $1,683,333. The agreement authorlzse the bankers to dispose vania.
—
:
;
;
:
of the various properties as they see lit. It is rumored that the banfters
contemplate the sale of certain of the propertiss which need not neoes
earily helonj? to the company. It Is reported that the Algoma Central
Railway may be sold to the Canadian Pacltlc Ry. Co. Aooordlns: to the
plan, Speyer <fe Co. are to reorganize and liquidate the company.
The list of sabsoribers to the Speyer syndicate shows that the Fidelity Trust Co. of Plilladelphia eubscrlbed *5OO,000; the First National
Bank of Philadelphia and the Commercial Trust Co. of Philadelphia,
each 1300,000; Kohn, Loeb & Co., $250,000; K. J. Berwlnd, $100,000.
Canadian Plan.— Judge MoMahon, in the Superior Court
at Montreal on Monday, declared the Consolidated Lake
Superior Co. insolvent and appointed J. J. Carruth and the
Toronto General Trust Co. as liquidators.
press despatch from Toronto to the "New York Evening Poet" on Dec. 16 said
Messrs. Shields, Conmee. B. J. Olergne and Coyne anlta In saying
that the sale was not valid and will not affect the order of the Canadian court. The reorganlzln'; syndicate represented by Messrs. Drummond and Clergue claim to have secured .$6,500,000 toward the underwriting of a new company, chiefly from New York capitalists.
James Conmee say a the basis of the underwriters' plan provides for
the issue of $i0.000,000 stock and $10,000,000 bonds. Tnose who
Bubiorlbe will get for their $3,000,000 the $10,000,000 bonds and a
bonus of $10,000,000 scock. That will leave $i0,iJO0,000 of treasury
stock. Old shareholders may come In on the arrangement by paying
an amaesBment of $3 a share.- V. 77, p. 2^82, 2037.
A
:
These $400,000 bonds are the entire authorized first mortgage issue
secured on all of the property, mines, cars, equipment, etc., of the
company, which was purchased within the year by the Pittsburgh Coal
Co. for $1,000,000 cash; since that time there has been expenfied
on It over $100,000 for new steel cars and other Improvements. The
net earnings for the calendar year 1902 were $196,804 average net
earnings for last five years, $180,018. A sinking fund for the bonds
is provided for by a paj ment of fifteen cents for every ton of coal
mined. The company owns actual assets approximately $1,200,000.
This mine, which has been in successful operation for seventeen
years, Is situated at Carnegie, about 5 miles from the city of Pittsburgh. There are 825 acres of unmLned coal, running In a ti-foot vein,
which yields from 6,000 to 7,000 tons to the acre of the best quality of
Pittsburgh vein, a high-grade steam bituminous and domestic coal.
The output and earnings since 1899 have been
;
Net.
443,634
435,656
$266,914
288,S05
294,694
$170,907
178,886
196,804
304,655
449,850
244,758
206,197
303,3tJO
1903.
"The net
Expenies.
$437,826
467,391
491,498
Tonnage.
Tear.
1900
1901
1902
9 months —
Gross,
Pittsburgh Coal Co., after deducting operating expenses, royalties and depreciation fund for
the calendar year 1909, amounted to $4,706,687, and for the
ten months ended O^t. 31, 1903, to $5,917,062."— V. 76, p 976.
Masgacbnsetts Gas Companies.- Merger of Constituent
Companies. See Boston Consolidated Qas Co. above.— V. 77,
profits of the
—
Cr&mp Steel Co. CoUInsrwood, Ont.— Suit.— The North
American Trust Co. of New York brought suit for the p. 2161, 1228.
National Salt Co.— United Salt Co. Set Free.— The litigaamount overdue on a promissory note dated Oct. 31 last,
payable a month later, viz.: $52,600 and if610 interest; the tion involving the acquisition of the $1,000,000 stock of the
company has confessed judgment, but the judgment has not United Salt Co. of Cleveland ended last week in an agreebeen recorded. The steel company's main office is in Toronto. ment of the various interests, to the effect that the United
Company shouU again become an independent concern. This
—V. 77, p. 300.
leaves the Cleveland concern independent, and at the same
Cracible Steel Company of Amerlen.— Dividends Stistime relieves the National Company of its obligations to the
divito
suspend
the
Dec.
15
voted
on
directors
pended.-The
Company. See references under United Salt Co.
Cleveland
dend on the preferred stock, as foreshadowed by the anV. 77, p. 2101, 1297.
below.—
1227.
nouncement in V. 77, p.
New York Loan & Improvement Co.— Reduction of
Agreement.— li&to in November an arrangement was
Stock.—
The shareholders will ment Jan. 8 at 12 o'clock noon,
the
supply
was
Steel
to
Ciairton
Co.
reported by which the
Pittsburgh Steel Co.'s wire and fencing mills at Moneesen, at the office, rooms 308 308, No. 71 Broadway, for the purPa., with steel billets, the amount required being stated at pose of voting upon a proposition to reduce the capital stook
the time as 6,000 to 8,000 tons a month, or practically enough from $1,432,800 to $1,406,400, the par value of shares to reto take the Ciairton Company ont of the market as a seller main $100.— V. 74, p. 99.
'
—
—
Dec.
THE CHRONICLE.
19, 1903. J
2343
F Oblo Corporation Law.— Stockholders' Double Liabil ty
Eliminated.— The voters of Ohio at a recent election adopted
by a vote of 751,783 to 3'',9S8 the amendment eliminating
the double liability of stockholders of Ohio corporations.
An' Ohio paper says:
This liinendment is not retroactive and stookholders are still liable
to tht^ double amount of th><ir boUUn<8 ou all bauda laaaed and debts
made before the talclnR ell'aot of the amendment. For this reanon
almost every corporation In the State Is now maklDK prtM-aratlons to
refund lt« bi>nds and U8ue them under the Blni;le Hablllty, Unl-^fs
they do. the old double-lltkblllty clause will hold good so loug as the
bonds remain unpaid
The amendment, it is iinderstood, took effect on Nov. 21,
when the official announcement of the vote was made.
People's Has Light & Cohe Co.— Rehearing Denied.— The
Illiuois Supreme Court on Dec. 11 denied the application
for a rehearing in the quo warranto cnse attacking the validS^e V. 77, p. 1536.
ity of the Qaa Consolidation Act of 1S97,
Decline in Natural Oiis. This company has notified the
oonpumers of Its natural gas, which is brought by pipe line
from Indiana, to lay in a supply of coal, as "the pressure Is
not nearlv so strong as it has been in former winters." V.
—
—
77, p. 1856.
Pittebargh Coal Co.— Onaranteed JBouds.—Sse Mansfield
Coal & Coke Co. above.— V. 77, p. 2U38, 1877.
PlainQeld f N. J ) ^as & Electric Co.— Con<folidati)n
See Somerset Union & Middlesex Lighting Co. below.— V. 76,
p. 1146.
COMMERCIAL EPITOME.
Fbiday NI3HT. Dec.
18, 1908.
A fairly pood undertone appears to prevail in most of the
commercial ma- kets. With the holiday season and the customary stock tiklng period at hani, the volume of business
tr-insacted with first hands for prompt delivery has been small.
R fleeting, however, increasiug coofiJence in the future,
buyers in several lines of trade have shown an increased
contract against their prospective requireReports from the iron market have been of a
healthier situation, and for Southern grades a slight advance
Climatic condltiona have
in prices has been established.
and favorbeen seasonable throui^hotit the country,
able for a full development of the retail trade in seasonable
goods. The distribution of holiday goods is understood to be
large.
In the speculative markets there has been a revival
of the bull movement In cotton, and prices have advanced to
a new high record for the season. The bill carrying into
effect the reciprocity treaty with Cuba has finally been
pa^eed by (Congress.
Lard on the spot has sold slowly and under moderate
offerings prices have weakened slightly. The close was easy
debire
to
ments.
Somerset Union & Middlesex Lighting Co.— Connolida- at 6'80o. for prime Western and 6'00@6'25c. for prime City.
Iforfflfa^e.- This company was organiz<^d on Ddc. 3, The demand for refined lard has been of a small, hand-tounder New Jersey lawp, in the interest of the Public Service mouth character and prices have declined, closing at 7*00c.
Corporation as a consolidation of the Somerset Lighting Co., for refined for the Continent. Speculation in lard for future
the Plamfield Gas & Electric Lighting Co. (V. 76, p. 1146) delivery has been fairly active and prices have been easier
and tbe Citizens' Electric Co. The new company has made under tree selling prompted by large receipts of swine. The
a mortgage in favor of the Fidelity Trust Co. of Newark, close was easier.
DAILY avosma pbiobb or labo vnTUBBs in ohioaoo.
as trnstee, to secure $3,750,000 bonds. H. Q. Runkle is
tion
—
Preeident.
i8fa(.
Southern States Lamber Co.- Ca/ted Bonds.-Thlrty first December del'v.... 6-50
6-60
del'T
mortgage bonds will be paid at the rate of $1,025 per bond, Jan.
665
May del'V
with aocrufcd
Knickerbocker Trust Co., 66
interest, at the
Broadway, on Jan.
2,
1904.— V.
75, p. 1358.
Topeka Water Co. Decision Regarding Purchase by City.
—Set* "Topeka" on page 2350 "State and City Department."
—V.
77, p. 2103.
United Salt Co,, Cleveland.— Sae National Salt Co. above,
and compare items concerning that company and the Inter
national Salt Co. in V. 78, p. 755, 1196; V. 74, p. 678; V. 71,
In April, 1901, A. W. Lamson
p. 1272; V. 72, p. 186, 286.
and J. B. Zsrbe were appointed receivers of the United Co.
See V. 72, d. 725; V. 73, p. 960 V. 74, p. 383. The stock of
the United Salt Co. is f 1,000,000.
;
United States Realty & Constrnction Co.—The time
within which stockholders may deposit their holdings
with the protective committee of which James Speyer is
Chairman has been extended to Jan. 9. It is stated that a
large amount of stock has already been deposited with the
committee. -V. 77, p. 2163, 2103,
United States Shipbailding Co.- Denied— At Newark,
N. J,, on Dec. 16. Judge Andrew Klrkpatrick denied the application of the Mercantile Trust Co. of New York, as trustee
for the 116,000,000 first mortgage, for the appointment of an
additional receiver.— V. 77, p. 2287, 2163.
United States Steel Corporation.— Bii/ef PricesUnchanged,
—At a meeting in this city yesterday the leading mauufactnrers of steel billets agreed to make no change in the price
of their products. It was also decided to meet quarterly in
order to exchange views on the situation. The manufactur
era of steel plates, nuts, bolts and structural steel have also
reaffirmed their prices.
—V. 77,
dfon
Wed.
647i«
rues.
e-42i«
6 4213
632>fl
6-32ia
6-62»9
660
6 5a»«
6-47ifl
Ihuri.
6-40
OSTifl
6-57i«
Wri.
6'37ifl
635
6-57^3
The demand for pork has been quiet but prices have held
firm, closing rat $12 75@13 50 for mess, $13 00@15 25 for short
clear and $16 00@16 25 for family. Cut meats have been
quiet and unchanged, closing at 5%@6c. for pickled shoulders, 10@10J^c. for pickled hams and 83^@9>^c. for pickled
B-^ef has beea quiet and easy,
hellies, 14@10 lbs. average.
closing at $8 50@9 00 for mess. $9 50@10 25 for packet, $10 00
@10 50 for family and $14 50@16 00 for extra India mesa
Las held
4^c,;
Tallow
steady
at
busiin
tea.
Stearines
have been
has
been quiet.
qaiet
ness
and easy at 7^c. for lard etearine and 6>^c. for
oleo-etearine. Cotton-seed oil has advanced, closing firm at
36@36^c. for prime yellow. Butter has been in fair demand
and steady at 16@25o. for creamery. Cheese has had a moderate sale, with prices unchanged at 9@12c. for State factory,
Freeh eggs have advanced, owing to small refull cream.
ceipts, closing at 36c. for best Western.
Brazil grades of coffee have been unsettled. During the
week prices showed a reactionary tendency, influenced by
an increase in the crop movement. The close was firm at
6^0. for Rio No. 7 and 8}^c. for Santos No. 4. West India
growths have te^n quiet, but there has been no pressure to
sell and prices have been well maintained, closing at 9c.
for good Cucuta. Speculation in the market for contracts
has been active. Reflecting weaker European advices and
under long liquidation, prices declined during the first half
of the week. Subsequently bull support was given to the
market and prices rallied. The close was firmer.
Following are the closing asked prices:
6-80o. Aug
Deo ...«...» ..~ 6-450. March
7-35c
Jan...
6 450. May............ 7-05e. Sept............. 7*45o
6-650. JtUy
Feb
7-25o. Oct
7'50c
Raw sugar has been firm but quiet. The effect of the
Cuban reciprocity treaty had been discounted. The close
was steady at 8%c. for centrifugals, 96 deg. test, and 8J^c. for
muscovado, 89-deg. test. Refined sugar has been quiet but
steady at 4'45c. for granulated. Other staple groceries have
I
p. 2163. 3103.
I
—White & Kemble,
of No. 56 Pine Street, have issued a
remarkably complete atlas and digest of the mortgages of
the entire Pennsylvania System. The map shows in colors
the portion of road covered by the various mortgages.
The digest, besides giving tables of mileage, capitalization
and earnings, presents the details of all securities, underlying
und otherwise, of the system, and in many instances extracts from the various mortgages, giving information invaluable to the investor.
—Attention is called to the advertisement of Edward L.
Brewster & Co., Chicago, offering North Shore Electric Co.
first mortgage bonds.
The bonds cover electric-light and
power service over 27 miles of territory north of Chicago.
Full particulars regarding the issue may be found in the
Cheomclk of December 5, page 2163.
N. W. Harris & Co. are offering to investors $400,000 Illinois Central collateral trust 4s of 1953. These bonds are part
of an issue secured by deposit of $85,840,000 out of $35,904,
000 Louifeville New Orleans & Texas Railway bonds, making
it practically a first liea on the line, extending from Memphis to New Orleans and branches, 798 miles.
small lot of Borden's Condensed Milk Co. stock is
offered for sale by Cornelius P. Rosemon, 33 Wall Street.
The stock pays regularly 8 per cent dividends, and there has
just been distributed an extra dividend of 1^ per cent, mak-
—
—A
ing 93^ per cent for the year.
—E.
H. Rollins
&
Sons invite the attention of investors to
Wyandotte County, Kan., 4}4 per cent bonds. Full particulars may be found in the advertisement on another page.
been unchanged.
Kentucky tobacco has had only a limited sale, but there
have been fair deliveries on old contracts and prices have
held to a steady basis. Seed-leaf tobacco has been in fairly
active demand for the better grades, offerings being readily
absorbed on a full basis of values. The demand for foreign
grades of tobacco has been fairly active and prices have been
well maintained.
Straits tin has again advanced, although at the close, reflecting a sharp break in foreign markets, a reactionary movement developed, and much of the advance was lost, closing at
Ingot copper has been firmly held. There has been
27-50c.
fair export buying, but tbe demand from the home trade has
been limited, closing at 12-87)^@12'6234c. for Lake. Lead
has advanced, closing at 4'30@4'373^o. Spelter has been in
better demand, closing firm at 5c. Pig iron has been firmer,
prices showing a tendency to harden, closing at $14 75@15 25
for No. 2 Northern and $13 25@13 50 for No. 2 Southern.
Refined petroleum has been firm, closing at 9'50c in bbls.,
12 20c. in cases and 6-60c. in bulk.
Napcha has been unchanged at 12'40c.
Credit balances have held firm, closing
at $1 90. Spirits turpentine has been firmer bat qaiet, closing ar, 591^ @ 60c.
Rosins bave been steady, closing at
@
2 55
2-6ac. tor
active and firm.
common and good
Hops have been
strained.
Wool fairly
active at advancing prices.
THE CHRONICLE.
2344
COTTON.
Friday Niqht, December
18, 1908.
The Movement of the Cbop
as Indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening the total receipts have reached 399,873 bales,
against 335.350 bales last week and 369,148 bales the previons
week, making the total receipts since the Ist of Sept., 1908,
4,64j?,341 bales, against 4,891,839 bales for the same period of
1903 showio!? an increase since Sept. 1, 1903 of 356,403 bales.
at—
Receipts
Mon.
Sat.
Titet.
Wed.
Thurt.
Total.
Fri.
Galveston.
11,819 14,458 27,174 12,415 17,086 19,028 101,980
Sab. Pass, &o.
1,694
1,694
New Orleans. 10,987 16,451 15,620 16,471 13,929 11,300 83,758
Mobile
720 4,069 1,511
487
767 1.136
8,690
Pensacola, <&c.
1,072
1,072
Savannah
8,659 9,606 9.623
6,5£9 9,581 9,100 53.128
6,941
Bninsw'k, &c
6,941
332
Charleston.. ..
652 1,075
719
330 1,669
4,677
57
Pt. Royal, &o.
57
Wilmington. .
3,136 1,686 2,364 1,819
949 3,250 13,204
14
14
Wa8h'ton,&c
Norfolk
8.508 3.914 4,544 2.909 1,540 4,094 20.509
.
.
962
N'ptNews.Ao.
962
••
Vol. iKxvjj.
In addition to above exporti, oor telegrama to-nlght also
give as the following amonntt of cotton on shipboard, not
cleared at the porta named.
add ilmllar figure* for
New York, which are prepared for our special ase by Messrs.
We
Lambert
St,
Barrow*, Produce Exchange Building.
OM SHtPBOARD, HOT OLBARBD TOB—
£*awiHg
Dee. 18 o<-
Qrtat
Britain
Kew Orleans.
Galveston.. ..
Btr-
Othtr
Oooit-
many.
For'ffH
v>i$e.
Total.
Mtoek.
9,129 12..S90 8,587 12,935
4»,241
10.931 55,178 27,002 10.151 167.538
9,000 7,000 13,600 4,700 4,000 38,300
100
100
2,000
i6"6o6
4,R00 16,800
12,280 12,280
z.eoo
600
3,200
8,000
t'ooo
15,000
227.550
138.386
95,002 30,591 94.365 45,237 31,334 296,459
625.486
Total 1902,. 68,142 65. 97253,191 37,801 20,609 245,715
Total 1901.. 115,922 52,976 69,202 31,804 17.720 287,624
832,454
741,312
Savannah..
..
Charleston...
MobUe
Norfolk
New York
Other ports
.
Total 1903..
64,27.'?
Speculation in cotton for future delivery
82,073
15,280
31.383
10,732
67.579
57,504
was compara-
tively quiet during the first half of the week. Fluctusitions
in prices were within a narrow range, and consequently there
were no important changes. Oa Thursday, however, there
developed renewed activity to the speculation and prices
The rise in values started in Liverpool.
The private cable advices received explained that the ad1,088
1,068 vance in the English market was due to heavy buying by
Baltimore.
45
195
609 Continental houses. It was stated that these interests had
224
87
58 ••...
PhUadelp'a, Ao
purchased cotton rather freely for forward shipment from
Tot. this week 3^,596 50,259 61,829 41,205 44,538 61.445 298,872 irresponsible Southern exporters of cotton, and now that
The following shows the week's total receipts, the total since prices are far above the figures at which the contracts were
made, these sellers were defaulting on their contracts, leaving
Sept. 1, 1903, and the stocks to-night, compared with last year.
buyers with no cotton where they supposed they had their
1902.
1903.
Stock.
requirements covered and were forcing them to again enter
Reeeiptt to
the
market as purchases. The Southern spot markets have
Since
T^U Since Sep. TMt
Sep.
Dec. 18
1903.
1902.
reported an improved demand for actual cotton and prices
week..
week.
1, 1902,
1. 1903.
have been advanced. The movement of the crop has conGalveston... 101,980 1,646.091 54,297 1,288,101
300,928 189,890 tinued large, the amount "in sight" for the week being con8ab.P.,&a
1.69i
45,314 15,011
51,582
siderably larger than last year, and the amount of cotton
New Orleans 83,758 1,100,398 76,040 1,218,208 270,791 381,839 marketed thus far this year now exceeds the quantity marMobUe
8,690 147,865
129,916
8,678
48,183
38,770 keted during the same period last year. To-day the market
77,324
203
was active and higher, prices being advanced to above the
P'saoola, <&c
1,072
60,809
New
York.
Boston
WllminKton.
Wash'n, &o.
Norfolk
53,123
6,941
4,677
57
13,204
14
20,509
816,607
87,587
132,087
883
274,306
N'port N., Ac
962
4,311
1,917
6,124
7,678
3,563
Savannah...
Br'wlck, Ao
Charleston..
P. Royal, <fcc
New
York.
Boston
Balttmore.
Phlladel,Ac
126
60
67
317
895,379
.
509
1,068;
603
161
805,548
73,652
162,129
231
254,235
290
274,888
14,262
14,831
20,601
11,566
11,016
44,345
3,987
11,324
5
15,457
11
24,801
592
2,270
2,339
2,097
373
298.872 4,648.241 260,830 4,391,839
Totals
advanced sharply.
115
509
120,373
9,497
15,380
179,546
15,309
18,967
28,012
1,206
70,779
34,000
9,099
3,393
44,715
8,354
29,668
384
141,962
24,000
11,777
5,297
921,946 1,078,169
In order that a comparison may be made with other years,
the totals at leading ports for six seasons.
we give below
Reeeiptt
at—
1903
1902.
1901.
1900.
1899.
103,674
83,768
8.690
93,128
4,734
13.218
20,509
69,308
75,040
8,678
44,345
11,329
15,468
24,801
962
592
10.199
11.269
89,102
82,883
7,716
61,276
13,375
10,080
19,993
397
17,611
86,308
73,606
6,356
33,686
7,000
3,989
14,683
2.642
39,302
48.377
63,693
9,648
83,647
4,316
8,871
17,646
1,748
30.847
122.697
96,953
10,084
37,854
9,383
10,363
32,970
1,149
41,427
260,830 292,433 267,531
218,793
362,8 iJO
13c.-per-pound mark. Bull interests were reported aggresive
operators and there was free buying for the account of
shorts to cover their sales. The close was strong at a net
gain for the day of 16@31 points. Cotton on the spot has
advanced, closing at 13'05c. for middling uplands.
The rates on and off middling, as established Nov, 18, 1908,
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows.
....^..,^0. 1*30 00
F»ir..._
9fl4dUBg Fair ......^
Itrtot Good Middling
Gtood
MlddUag
Low
Middling
Low Middling
Strict Good Ordinary
Strict
.
^
0-96 on
0-62 on
0-44 o>
0-14 ofl
0*88 off
0-78 off
1"00 ofl
New
Orleans
Mobile
Savannah
...
Chas'ton, Ac.
WUm'ton, Ac
Norfolk
N. News, Ac.
All others...
Tot. this
wk.
81iic« Sept. 1
298.872
The exports for the week ending this evening reach a total
of 292,957 bales, of which 134,271 were to Great Britain, 29,581
Below
to France and 189,105 to the rest of the Continent.
are the exports for the week and since Sept. 1, 1903.
Bxvorted
Exvvrt*
Great
1
Brit'n.
^'^i
Galveston.... 42.568
Bab. Pm8, &c.
19,556
NewOrlean*.. 66,804
9,926
MobUe
••••
12625
Penaaoola
....
29,608
00.718
200
200
61.961 128.191
6.660
660
660
10,917
82,442
8,006
Ckarleaton....
Port Royal....
.
13,052
Boston
Baltimore
1,976
100
2.00S
100
038
.....
1,609
8,e7i
8S3
4,170
PkUadelpbla..
San rran., *«_
8.486
124J871
94.408
8,486
18.
1903
Total.
ssi.cei 189,277
23,822 16,308
9,2»e
28.486
118.e70; *0.196
369,307
528.178
7,124
62,068
87.016
87.016
209,65"
255,902
9.565
61,969
..
13,852
.
832.22' 1,094.720
83,48H
43,051
274.867 765,a«6
87,624
66,119
40,883
73,618
609.116,283,393
6,880
Low
Middling..
Middling
Gk)od Middling.
Middling Fair..
GULF.
Sat.
Good Ordinary.
1/Ow Middling..
Middling
Good Middling.
Middling Fair..
STAINED.
mon Tnes
185,642
56.890
84,608
16,950
27
»a,848
1.300
1,600
09.81P
2T8,C03
68,935
66,161
18.158
20.432
8.016
81.688
1.189
20.405
77,599 200,894 1,383,520 839,773 1.369.383 3,092.646
IVed Th. Fri.
11-45
12-07
12-45
lZ-89
13-41
11-45 1170 12'0S
12-07 12-12 12 67
12 45 12 70 13 05
1;<S89 13 14 lii-39
1341 13-66 13 91
Mon Taes
XVeA Th. Fri.
1170 11-70 11-70
11 70 11-95 18-30
12 32 12-32 12-32 12-32 1257 12'9S
12 70 12 70 12-70 12-70 1295 1330
1314 1314 lit-14 13-14 Itf 39 13-64
13 66 13 66 1366 13-66 13-91 14-16
Sat.
Hon Tnee
JWed.
Th. Fri.
10-95 10-95 10 95 1095 11-20 ll-ftS
11-95 11-95 1195 11-96 12-20 12-56
Strict Low Middling Tinged... 1211 12-11 12-11 1211 12-36 12-71
1245 12-45 12-45 12-45 12 70 18-05
Good Middling Tinged
Low Middling
Middling.
The quotations for middling upland at New York on
Dec. 18 for eaoh of the putst 88 years have been as follows,
1887....C.10B8
1879. ...0.12^
1896....e. 8ie
1903.. ..0 13-05
8I61S
1886
9^ 1878
1902
8 65 1894
5%
II614
1877
1893...... 7l6ia 1885...... 9)4
1901
8^
1876......12i«
1884
lOiBia
1892....^10
1900. ....„10
7I3
13618
1891.^.-. 7i5ie 1888
lOTia 1876
1899
14>«
1038
1882
1874
5i3ig 1890
.. 938
1898.
16i«
12
.10>4
1878
579
1881
1897.
1889
20%
9\
1880
1896
1888
lH^is 1878
...
73ie
Note.—On Oct. 1, 1874, grades of cotton as qnoted were changed.
According to the new olassifloatlon Middling was on that day qaoted
3bo. lower than Middling of the old olaaslfloatlon.
HABEET AND SALES.
SPOT Marebt
OLO8BD.
1.000
29.881 139.106 292,987 1,394,894 486,859 1,478,980 3,360,233
28.827
Good Ordinary.
Sat.
11-45 11-45
1207 12-07
1245 12-45
12-89 12-89
1341 13-41
....
89.894
200
2,060
Total, 1902....
Continent.
1,000
Kew 7ork
Total
Sept. 1. 1008, to De(
Bxportetl to—
Great „
lotal
^'*'^'
Week. Britain.
8,000
Wllmlnston...
Norfolk.
M'port N., 4«..
From
nenU
Conti-
6,660
Savanjiali
Bmnswtck
—
to
Strict
1898.
4643,241 14391,839 4800.928 4254,387 3742,742 5503,922
Wt*k Ending Dee. 18 ,1903.
Btrlet liow Mid. Tin red... 0-84 off
Mlddllnj? TlnRod
0-50 off
Strict Good Ord. I^nge4... 0-84 off
Low
Middling Stained
050 off
Low UUd. 8taln«d... 106 ofl
1-50 off
80 ob Low Middling Stained
Onthlsbaslathe odSolal prices for a few of the grades for
the past week— Dec. 12 to Doc. 18— would be as follows.
.....
41ood Ordinary.—
..
Strict Good Mid. Tinged..
UPLANDS.
Galves'n, &c.
Good Middling ringed ..o. Even
MlddUng Tinged
0-06 off
0-12 off
MiddUng Tinged
Strict
Unlet, 6 pts. adv.
Satnrday
Monday... yalet
Hteady
Tuesday
Wednesday Quiet
Thursday.. (4nlet,25pta.ad
(^ulet, 35 pte. ad
Friday
.
.
Total.
rOTUBBi
Tik.i.Mn
Mabket
Closbd
itort.
ov Spot
OonMump.
a Oohtbaot
Oonirmet.
total.
B'rly steady.
l^ulet
(Steady
steady
Finn
200
"2*5
strong
225
800
300
500
1,000
1,600
1,026
1,600
2,900
8,426
300
300
«
«
Dec.
«
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The above totals show that the interior stocks have insreased during the week 7,482 bales, and are to-night 45,341
bales leaa than same period last year. The receipts at all the
towns have been 57,317 bales more than same week last year.
Overland Movement for the Week and Sinoe Sept. 1.
below a statement showing the overland movement
for the week and since Sept. 1, as made up from telegraphic
reports Friday night.
The results for the week ending
Dec. 18 and since Sept. 1 in the last two years are as follows;
We give
1902.
1903.
December 18.
.^..
371.000 392,000 559,000 470,000
46,000
Manebeater stook.....
Oontlnencal st^jcas...... ..^._ 458.000 321,000 331,000 309.000
783.000 685,000 795,000 669.000
Amerloan
afloat for Bnrope.
_
.'.....
921,945 1,078.169 1,028.936 1,018,203
United States Stock
UnltedStateslnterlor stocks. 526,141 571,483 716.264 785,305
28.485
19,943
26.025
107,185
United States exports to-day
Total American
8,208,271 3,076,136 3,446,143 3,307,533
Mast Indian, Bratil, de.—
65,000
72.000
80.000
72,000
LiTerpool stock....„ .... .....
12.000
6.000
8.000
7,000
London stook
30.200
36.000
26,000
88 000
Oontmentai Btooks...^ .......
64.000
17,000
50,000
53.000
India afloat for Bnrope . .....
72.000
46,000
81,000
74,000
g7Pt.Braxll, Ac, afloat
BtMk in Alexandria, Egypt.. 191.000 182 000 203.000 174,000
211,000
155,000
146,000 189,000
Bteek In Bombay, India.. ._
Total Bast India, Ao.......^ ^^^'900 618.000 554.000 595,200
.....3,208,271 3,076,136 3,446.143 3,307,533
Total American..
3,790,271 3,694,136 4,000,143 3,902,783
Total risible supply..
4l9j2d.
6»«d.
4-52d.
saddling UplandI, Liverpool..
7.00d.
lOSjee.
8-700.
8Ho.
MlddUns Upland; New fork.
13-05e.
7i8d.
8^i.
8\d.
Bgypt 6bo«I Brown, Liverpool
7%d.
798d
7d.
9-50d.
7-2Jd.
Pern f Boagb Gk)od, Liverpool
6S8d.
41533d.
^Sisd.
Broaeh Flue, Liverpool.......
4\d.
4as33d.
SSied.
Tlnnevelly Sood. Liverpool...
Gkd.
4»isd.
Continental importa past week have been 236,000 bales
The above figures for 1903 show an increase over last week
of 118,020 bale8,a gain of 96,135 bales over 1902, a decrease of
155,143 bales from 1901 and a loss of 112,463 bales from 1900,
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5.000
5,000
3,000
5,000
156.000
87,000 121.000 103,000
2.000
2,000
8 000
2,000
^
27.000
18,000
42 000
^ 41,000
44,000
30,000
38,000
-..^ 37,000
2,000
3,200
2,000
2,000
took at Trieste...^..
Total Oontlnental Btooks.
491,000 346,000 367,000 339,200
Tetai Buxopean Btooks....' 988.000 825.000 998,000 893.200
53.000
54.000
17,000
60,000
India ootton afloat for Bnrope
Amer.oottonafloatforE'rope. 783,000 685.000 795.000 669,000
72.000
74,000
81.000
46,000
Bgypt, Brazil. Ao.,aflti. for E'pe
took In Alexandria, EKypt... 191.000 182,000 203 000 174.000
took In Bombay, India
„ 146,000 189.000 155 000 211,000
Btoek In Dnlted States ports., 921,945 1,078,169 1,028,936 1,048,203
toek In n.B. Interior towns.. 526,141 571.482 716,264 785,305
2-»,485
26.025
19,943
United States exports to-day.- 107,185
XOtalTlBlble supply.. ._... 3.790,271 3,694,136 4,000.143 3,902,733
Of tbe abCTO, totals of Amerloan and otner deaorlptiona are as follows:
.
5550 *kp_-
M CC oV a'a'o^'ix
^l<l"biOM<l'aD':x% 60 ''«'-
l(k
s
Stook at Havre
took at Mareemes....
Itoek at Baroelona
Stook at Genoa
bales.
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cable and telegraph, is ai follows. Foreign itocki, as well
the afloat, are this week's retnrns, and consequently all
foreign Qgarei are brought down to Thursday evening
Bat to make the total the complete flgnrei for to-night
(Deo. 18), we add the item of ezporti from the United States.
Including in it the exports of Friday only.
1901.
1903.
1902.
1900.
Btoekkt Liverpool...... bales. 448,000 472.000 620.000 64z,000
Btowfc >t I^ndOB....^......^,^
12 000
8,000
7,000
6,000
Btoek at tfaaoheater,..^ ..^..
46,000
lotai Ureal Urltaln stock. 497,000 479,000 626.000 554,000
»o«k at Hamburg. ...^
.^
12.000
8 000
13 000
15,000
took at Bremen ......^....^ 236,000 157.000 169,000 155 000
IdTerpool atook
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movement— that Is the receipts
the
week and since September 1, the shipments for tne
week and the stocks to-night, and the same items for the
>-
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At the Interior Towns
corresponding period of 1902
1
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t^tm*
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for the
S8
1
THE CHRONICLE.
—Highest, lowest and closing prices at New York.
0600068
1
—
8
19, 1903.]
Futures.
1
«
..
Weak.
tint!
liiHSC
Ktpt
t.
lffC«.
»»pt.
X
Shipped—
Via 8t. LonlB........... ...........
Via Cairo .......................
Via Paduoah
Via Book Island
Via LonlsvUle
Via Olnolnnatl
.
..
Via other rentes, Ao
17.533
15,034
Total gross overland..... ......
Oeduet $/iipmentt—
Overland to N. Y., Boston, Ac.
Between interior towns..........
Inland, Ac, from Sontli.....
Total to be deducted...........
313,053
95,304
104,002 30,318
184,401
7,441
25
5,283
iJ462
3,214
22,128
11,362
2,667
11.415
81,644
1,294
13,828
66,165
14,066
123,206
46,530
358,845
66,420
616,911
2,186
521
415
19,282
10,233
15.898
7,079
3,388
878
68,013
18,211
21,680
3,122
46,413
11,345
97,904
i",208
1,426
1,345
9.984
Leaving total net overland*. .. 43,408 318,432 45,075l 519.007
movement by rail to Canada.
Ihe foregoing shows that the week's net overland movement
nhiji year has been 48,408 bales, against 45,075 bales for the
«eek in 1903, and that for the season to date theas;gregatenet
iverland exhibits a decrease from a year ago of 205,575 bales.
*
Including
1903.
1902.
In BigM and, Spinnert
Tahingt.
«i»SS
8ept.
1.
irc«k.
i^tnec
««p<. 1.
Receipts at ports to Ceo. 18
298,872 4,648,241 260,830 4,391,839
Net overland to Deo. 18
43,408 313,432 45,075 519,007
soutbem consumption to Deo. 18. 42.000 621,000 40,000 633,000
384,2805-582 673 SARnnK 5,643,846
7,432 514,5891
965 508,404
Total marketed
Interior stooks in excess.......
Came Into
sight during week.. 891,762
Total in Bight Dec. 18
346,860
Nortk'n spinners' Uk'gs to Deo.
1
85,316
837,832 68,186
.Movement into sight in previous years.
Bale*.
Weeh—
8inct Sept. 1—
893,068 1901-Dec 20
1901-Deo. 20,
388,442 1900— Deo. 21
1900- Deo. 21
311,821 1899— Deo. 22
189 -Deo. 22
,
18 98 -Dec. 28
„
6,052'260
6,097',212
493,902
1898-Deo. 23
883,834
Bale*.
„
5,968,030
6.112,578
6,620,403
7,217,144
THE CHRONICLE.
2346
I
Vol. Lxxvii.
Quotations pob Middling Cotton at Othkb Markets. Below are olosing quotations of middling ootton at Southerc
and other prinoipal ootton markets for eaoh day of the week
OLOSIHO QOOTATION8 FOR inSDUMO OOTTON ON—
Montgomery, .A'abawa.— Picking is about finished and ootton is bsing marketed rapidly. It has rained on two days of
the week, the precipitation reaching fifty-eight hundredths of
an inch. The tiiermometer has ranged from 30 to 62, averWeek ending
aging 47.
Dee. Id.
Batw.
iron.
Am*.
Wednet. Thur$.
Setma, Alabama.—
*y».
have had no rain the past week.
Average thermometer 49, highest 69 and lowest 29.
9»lve«ton... 12
12
1214
12iia
I21l«
1201S
Mobile, Alabama.— Weather in the interior has been fair
12i«
l2ie
New OrleauB 12>8
12S}S
I"l6
1211i8
12
12
and cold. Cotton is moving freely. There has been rain
MobUe
12
1214
12
12V
12i«
12
12
BAvannata.
12]«
12&,s
here on two days of the week, the rainfall reaching one inch
127.
11^8
Charleston
12
U'e
llVd)12 12
1238®7,8 and twenty-one
hundredths.
WllHilagton. 12
12
12
12
12
12»« ^
]2i«
Madison, Florida.— Dry all the week. Average thermomeiv:>4
Horfol*
12W
I214
I214
IQ\
12-45
124S
12-45
12 40
1245
Boston
12-70
ter 53, highest 76, lowest 38.
12-25
12-25
ia-2i
12-25
12-87
Baltimore
12-fO
Augusta, Georgia. -Rain has fallen on one day of the
12-70
12-95
Philadelphia 12 70
12 70
12-70
I.=1-30
week to the extent of thirteen hundredths of an inch. The
I2i«
Augusta.... 121*
123,a«i4 I214
12^
12^
MeaiphlB.... 12
13
12
12
1214
thermometer has averaged 43, the highest being 60 and the
I213
12»«
12>«
l2ie
12)4
St. Liools
121s
1238
lowest 26.
1U6,«
Houston
lli5ia
lUBie
121,«
I214
12iie
Savannah, Georgia.— We have had rain on one day during
1^-1-2
I2I38
Little Rook.
lHa
li-'a
11>S
11«>B
the week, to the extent of three hundredths of an inch. The
The olosing quotations to-day (Friday) at other Important thermometer has averaged 49, ranging from 34 to 68.
Southern markets ^ere as follows.
Stateburg, iSouth Carolina. The weather has been windy,
Athens.....^
12 >s
Oolumbos, Miss 12 >«
Nashville
ll^g
cold and inclement. Rain has fallen on one day during the
Suiaula
tlaoU
Natohes
laTiB
I'^is
week, the rainfall reaching twenty-one hundredths of an
12i«
1214
LoolBYlUe
Balelgh
Charlotte
123,
inch. The thermometer has averaged 43 5, ranging from 26
Oolombus. Ga. 12
MontKomery.
Shreveport..., 1238
l23|e
New ubleans Option Market.—The highest, lowest and to 62.
Greenteood, South Carolina. There has been rain on one
olosing quotations for leading options In tne New Orleans
day during the week, the rainfall being twenty-one huncotton market the past week have been as follows.
dredths of an inch. The thermometer has ranged from 27 to
We
.
..
.
—
—
. .
—
I
\
Mondaj Tuetday, Wed'day, Thurtd'y Friday,
Sat'day.
Dee. 12.
Dec. 14.
Dee. 16.
Dec. 15.
Dec. 17.
Dee. 18
DEC'BKB—
Ran^
Cloalne
12-22 9-S3 12 14»-22 12-Ql»-26 12-J2 9-23 12 43 9 60,12-69 »-9a
12 2-29-23 12-l«0-32 12 20 d 22' l'2-25»-27 12-61 9-61 l2-9.?»
—
...
January—
RanKe ....
il2-30»-45 12 22»-83 12-29* 37
Closing... I12-S19 32 12-27 »-29 12 30 di 31
March—
Range
ClOBmg
'
!
I
12 69» 74 12-52» 65 12 R8» 67 12-61W67 12-82 9-02' 12 99 9 37
13 01<»-02 13-32 9 38
12 619 62 12'M« 69 I2'613'6a 12-66 9
. .
May-
Range.... 12699-84
Closing . 12-729 73
2 64»-77il2 699-79 12-72 » 79 13-94 'I-17;i3-189 64
2 699 69|12-729-73il2 789-79 1316 9 17113 61«-62
.
July—
Range
—
Closuig
12 30* -37 12-51»-73|l2 67 9 04
12 36 9 37 12-72 9-73 18-019 -02
.
Tone—
Spots
Options.
.
!
12-800-93 12-739 86 12 789 88 12-849-90 13 049-30 13 809-68
12-819-821 12-789-79 1282 9-83 2-88 9 -89 13 29 9 30 13 639 64
i
Steady.
Quiet.
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
Firm.
Steady.
Steady.
Steady.
Weathek Reports by TELEaRAPH.— Telegraphic
advices
to us from the South this evening indicate that, while rain
has fallen in most sections daring the we^k, the rainfall on
the whole has been light. Temperature, however, has ruled
rather low at many points. Picking has made good progress
and the movement of cotton to market continues quite
averaging
48,
87.
Dec. 17, '03. Dec
1903.
itetipta
at—
Suuibaj
—
48.
Abilene, Texas.— I'^ has rained on one day during the week,
to the extent of twenty-two hundredths of an inch. Average
thermometer
45, highest 64, lowest 28.
—
Shreveport, Louisiana. There has been rain on one day of
the past week, the precipitation reaching one inch and
eighty-six hundredths. The thermometer has ranged from
28 to 68, averaging 48.
New Orleans, Louisiana.— We have had rain on one day of
the week, the precipitation reaching ninety hundredths of
an inch. Thermometer has averaged 52.
Columbus, Miasiasippi.—ThQ weather has been dry all the
week. Average thermometer 45, highest 66 and lowest 24.
Leland, Mitsissippi, There has been rain during the week,
the rainfall reaching one inch and five hundredths. The
thermometer has averaged 40, the highest being Gl and the
lowest 21.
Vicksburg, Mississippi. We have hai rain on one day the
past week, to the extent of fifty-six hundredths of an inch
The thermometer has averaged 45, ranging from 31 to 63
Helena, Arkansas. Not much plc>?ing has been done this
have had rain on one
week and there is little left to do.
day of the week, the rainfall being ninety-one hundredths of
an inch. Average thermometer 38, highest 55 and lowest 28.
We have riad rain on one day durLittle Rock, Arkanaas.
ing the week, the precipitation reaching thirty three hundredths of an inch. The thermometer has ranged from 21 to
59, averaging 40.
NanhviUe, Tennesaee.—We have had rain on two days during the wef-k, the rainfall reaching forty-fix hnndreths of
—
—
—
We
—
an inch.
17 to
The thermometer has averegtd
35,
ranging from
f54.
Memphis, Tennessee.— lAght snow Wednesday. Marketing
It has rained on two days of the week, ihe precipiThe
tation reaching eighty-beven hunlredths of an inch.
thermometer naa averaged 36.9, ranging from 30'8 to 56.
active.
312
2
83 3
22
32
25-8
64,000
tfreui
firitain.
total.
2,000
16,000
6,000
14,000
17,000
6,000
1,000
1,000
286.000 60.OOU
298.000
2,000
1,000
3,000
1,000
0reai
Ooni%'
5.000
3,000
I.
fotai
Britain.
53,000
82,000
58,000
64,000
32,000
1,000
7,000
11,000
8,000
8,000
11,000
3,000
2.000
2.000
10.000
1,000
3,000
12,000
1,000
3,000
3,000
4,000
4,000
4,000
3,000
32.000
34.000
26.00O
85.000
34.000
26.0OO
17,000
21,000
6,000
20,000
22.0O0
6.000
11,000
8,000
102,000
107,000
61.000
113.000
110,000
64.000
1
61, <
Madias—
1903
1902
1901
4.11 other*—
1903
1902
1901
ttpt. 1
Minee September
Mi«xt.
2,000
1,000
4in«s
ir«(*.
ttpt. 1.
281.000 43.000
Oont\-
1901.
Mintt
Week
for the Week.
MuporU
irom—
1901
dalontta—
1908
1908
1901
aging
8-7
1-8
1-4
1902.
JSinct
Sept. 1.
Wttk.
ctombay—
1908
1902
rain on three days of
the week, the rainfall reaching seventy-three hundredths of
an inch. The thermometer has averaged 49, ranging from
34 to 64
Palestine, Texas. There has been rain on three days the
past week, the rainfall being ninety-four hundredths of an
inch. The thermometer has ranged from 28 to 68, aver-
41
India Cotton Movement from all Ports.— The receipts
of ootton at Bombay and the shipments from all India ports
for the woek ending Dec. 17, and for the season from Sept. 1
to Dec. 17 for three years have been as follows:
San Antonio, Texas,— We have had
est 88.
18. '02.
Feet.
F$et.
lleirOrIeana._ .....M... Above uro ol gauge.
tfemphls....^... ....^.Aboveiero of gauge.
ffaahvlUe
...... Above sero of gauge.
Shreveport
Above lero ot gan ge.
yieksburg
...
Above sero of gauge-
free.
Galveston, Texas.— It has rained on one day of the week,
the rainfall reaching fourteen hundredths of an inch. Average thermometer 51, highest 59 and lowest 43.
Corpus Christi, Textw.— It has rained on th-ee days of the
week, to the extent of five hundredths of an inch. The thermometer has averaged 53, the highest being 68 and the low-
—
Charleston, South Carolina. There has been rain on two
days during the week, the precipitation reaching eleven
hundredths of an inch. The thermometer has averaged 47,
the highest being 68 and the lowest 34.
The foliowmg statement we have also received by telegraph,
showing the height of the rivers at the points named, at
3 o'clock Dec. 17, 1903, and Dec. 18, 1908.
00
total aU-
1903
1902
1901
—
Alexandria Receipts and Shipments of Cotton.
Through arrangements we made with Messrs. Choremi,
Benaohi & Co., of Alexandria, we now reoeive a weekly
cable of the movements of ootton at Alexandria, Egypt.
The following are the receipts and shipments for the
past week and for the corresponding week of the previous
two years.
Alexandria, Egypt
Decemoer
Iti
1903.
1902.
1901.
Receipt* (oantars)*-
ThlB week
Since Sept. 1
Exports (bales) —
To
To
To
To
*
Liverpool
Manchester
Continent
America
2 70,000
3.625.651
Thii
week.
Hinee
Sept. 1.
320,000
3,844 064
This
week.
Since
Sept. 1.
350,000
Z,f>'>i.^02
Thie
week.
Since
Sept. 1.
97,522
6,823 103,729 110,551 80,304
^4,714 11.084 6^.265 7,4:^7 47,992
9.00ti I!i6,804 13,904 143,104
ll',800 121,-141
800 15,600
4,026 39,487
3,526 35.73b
4,000
Total exports_.^ 16 300 289,377 30.438 331,616 85,917 310,887
pounds.
A cantar Is 98
New
England Mill Situation.— Curtailment of production is being discussed at Fall River and other New England cotton-manufacturing centres. The consensus of opinion is that concerted action should be taken at once in order
that the movement may be efifectlve. Final action is hardly
expected before early spring.
I
—
Dec.
THE CHRONICLE.
19, 1903. J
Ma>xhkster ilARKET.— Oar report received by cable
to-night from Manchester states that the market Is firm for
both yarns and shirtings. Merchacts are buying very sparingly.
give the prices for to-day below ami leave those
for previous weeks of this and last year for comparison.
We
1903.
190S.
8i«
lb$. ghirt- Oott'n
8S< Oop. ingt, eommoti Mid. 9o r,
'liS°.^'
Tw$t.
^^"Upida
to finest.
d.
Nv.18 8%
" 20 8^1
d.
d.
8.
ftQf'Xt
"
U 9i6
" 18 9*8
6
9
f>8
5
5
" 27 813,8»9S8 5
Deo. 4 8i6i«(»9»,« 5
MO
•9»8
ag^e 6
m
m
d.
8.
OS
98
OS
5
096,a 6
d.
d.
d.
614
602
7li8
71,8
t>30 7ie
3
6
6 84 7>,6
6
668 71,8
7J« 700
«8
m
f»8
98
«8
|8>«
lb: Bhirt- Oott'n
common Mid.
Upldt
tifinett.
»»»fl".
1
8.
d.
6
li«»7 7>« 4-44
li«»7 74 4-54
is
d.
8.
d.
«8ii85 2 97 8
454
»8
5 1»*»7 74 4-48
98
5
IVi*?
«8iia5
li«(»7
74 4-54
7»« 4-52
EuBOPEAN Cotton Consumption to Dec. l.— By cable
we have Mr. Ellison's cotton figures brought down to
December 1. We give also revised totals for last year that
to-day
Comparison may be made. The spinners' takings in actual
bales and pounds have been as follows:
New
Orleans Cotton Exchangk Annual Election.— At
the annual election of the New Orleans Cotton Exchange
held on Monday, Dec. 7. tbe following ticket was elected:
President, A. Brittin; Vice-President, M. E DuQaesnay;
Treasurer, J. H. Abraham; directors, Maurice Stern, H. R.
Laboulsse, E. Sevilla, F. P. Hayne, R. T. Hardie, R. N. G.
Smith, A. C. Ahrons, L. B. Steele, Norman Eaetls. L. H.
Fairchild, H. R. Gould and Jnles Mazerat.
At a meeting held on Wednesclay, Dacember 9, the new
board of directors of the New Orleans Cotton Exchange reelected Mr. Henry G. Hester Secretary and 8up-»rintendent
for his thirty-fourth consecutive term. Mr. R. H. Lea was
continued as Assistant Secretary and Assistant Superintendent, a position he has occupied for some years.
The following committees were also appointed: Finance
E. Sevilla, Chairman; R. N. G. Smith, L, H. Fairohlld. Supervision— M. E. Du Qaesnay, Chairman; Robert T. Hardie,
H. R. Labouisee, F. B. Hayne, Norman Eustis. Other committees will be chosen later.
A seat on the New Orleans Cotton Exchange was purchased on Monday of this week by Mr. Daniel J. Sully of
this city for $5,000. This is a considerable advance over recent values. About three months ago seats were selling in
the neighborhood of |3,000, and within two weeks sales are
said to have been
Qreat Britain
Ott, 1 to Dee. 1.
583,000
499
265,967,000
Total.
782,000
484
378,488,000
1,315,000
490
1
644,455.000
For 1902.
Takings by spinners... bale*
Average weight of bales.lbs
Takings In poonds
569,000
497
282,793,000
846,000
488
412,848,000
1,415,000
491-6
695.641,000
According to the above, the average weight of the deliveries
in Great Britain is 499 pounds per bale this season, against
497 pounds during the same time last season. The Continental
deliveries average 484 pounds, against 488 pounds last year,
and for the whole of Europe the deliveries average 490*1
pounds per bale, against 491'6 pounds last season.
Our
dispatch also gives the full movement for this year and last
year in bales of 500 pounds.
1903.
Get. 1 to Dee. 1.
Bales of 500 lbs. each,
eh-eat
000s omitted.
Britain.
1902.
Continent.
Total.
Spinners' stock Octl.
Takings In October...
190,
446,
289,
486,
479,
Total supply
Oct., 4 wks.
230,
200,
735.
400,
965,
600,
Spinners' stock Nov. 1
SO,
342,
336,
468,
365.
810,
372,
260,
803.
400,
1.175,
Oonsamp. Nov., 4 wks.
Snlnners' stock Deo.
112.
403.
515.
40,
Oonsamp.
Takings In November.
Total supply
1
The comparison with
last
year
Oreat
Britain.
[
660,
1
318,
381,
373,
638,
312,
260,
699,
396,
1,011,
52,
808.
803,
445,
355,
753.
360,
260,
748,
396,
1.108,
656,
100.
352.
452,
made more
is
Total.
267,
65,
;
Continent.
656,
striking by
bringing together the above totals and adding the average
weekly consumption up to this time for the two years.
Ot.l to Dee.
BaUs of 500 lbs.
1903.
1
each,
000s omitted.
Spinners' stock
OoV
Breat
Britain
40,
Continent.
53J,
446.
757,
Supply
Oon«nmpt'n, 8 weeke
872,
1,203,
460
Spinners' stock Deo. 1
Takings to Dec.
1
1
1902.
Total.
4S6,
Great
Britain
55.
1,289,
565
800,
1,775.
1.260.
620.
620,
112
403.
615,
*80,
100.
100.
160.
165.
100
Continent.
318
826.
1,144
Iota
873,
1.391,
1.764
792,
1,312.
852,
452,
99,
99.
164.
Weekly Consumption
000s omitted.
In October.........
Tn November.
66,
65.
164
The average weekly rate of oonsomptlon in Oreat Britain Is as
given by Hr. Ellison, after allowing for stoppage of spindles in
65.
*
oonseqaence of short supply of cotton.
that the weekly consumption is now
185,000 bales of 500 pounds each, against 164,000 bales of
like weights at the corresponding time last year,
The total
spinners' stocks in Great Britain and on the Continent have
increased 150,000 bales during the month and are now
63,000 bales more than at the same date last season.
The foregoing shows
New York
Cotton Exchange.— By a practically unanimous vote, Saturdays Dec. 26 and Jan. 2 are to be observed
as extra holidays by the New York Cotton Exchange.
Jute Bctts, BAGaiNO, Etc.— The demand for bagging daring the past week has beea inactive, with prices unchanged
at B^gC. for IX lbs. and 6^c. for 2 lbs., standard grades. Jute
bntts quite dull at 1}{ @ \%c. for paper grades and 2 @ 2)^c.
for
bagging qualiiy.
made
at |4,000.
Curtailment in Great Britain Suggested.— The Secretary of the American Cotton Manntactnrers' Association,
Continent.
For 1903.
TaklDRs by spinners... bales
Average weight of bales.lbs
2347
Mr. C. B. Bryant of Charlotte, N. C, received Dec. 17 the
following cablegram:
MANonESTBR, Englanrl, Deo. 17.
Bryant, American Cotton Manufacturers' Aisociulion. Charlotte, N. C:
LanoaBhlre snggeetlnK short-time in cotton trade to defeat cotton
gambling. Will yon call meeting to see If your asaooiatlon Is prepared
Trade meeting called here for the
to Join International movement
Master Spinnebs' Fedebation.
29th. Reply.
J
The following cablegram was forwarded
in reply:
Ohaelottb, N. O.. Dec. 17.
Master Spinners' Federation, Manchester, Kngland:
Committee of American Ootton IVIanufaoturers now endeavoring to
solve short-crop oottnn situation.
Amebican Ootton Mamcfactdbbbs' Association.
committee appointed at Charlotte to
which we made reference last week will act independently of
the American Cotton Manufacturers' Association.
It is stated that the
Cotton Boll Weevil— Proposed Legislation.— A
bill
appropriating |500,000 to be expended in combatting the
Mexican cotton boll weevil has been under consideration at
Washington by the sub-committee of the House Committee
on Appropriations, and a report to the full committee has
been agreed upon. Press dispatches indicate that the report
will recommend authorizing the Secretary of Agriculture to
UEe the unexpended balance ($250,0CO) of the appropriation
made by the last Congress for the extinction of the foot-andmouth disease of cattle and sheep. This appropriation will
be made immediately available, and the question of whether
a further appropriation shall be made for the next fiscal year
or not will be considered when the Agricultural Appropriation Bill is taken up.
Shipping News. As shown on a previous page, the
exports of cotton from the United States the past week have
reached 29^,957 bales. The shipments in detail, as made up
from mail and telegraphic returns, are as follows:
—
New Yobk—To Liverpool, per steamer Cevlc, 1,014
To Monchester, per steamer
Tintoretto, 138 upland
Total bales.
1.014
and
913 Sea Island
1,051
100
Havre, per steamer St. Helens. 100
Bremen, per steamer Kaiser Wlihelm II., 105
105
I.i60
Antwerp, per steamer Vaderland, 1,150
Genoa, par steamer Victoria, 700
700
Naples, per steamer Victoria. 50
50
Rbw Oblbams-To Liverpool Deo. 11—Steamer Colonial.
18Dec. 15— Steamer Oolonlan, 18.7 00.... Dee.
1?.989
,
45.180
Steamer Wayfarer, 18,491
To London— Dec. 12— Steamer Oallfornlan, 3,374
3,374
Steamer
Rathlln
Head,
To Belfast-Dec. 177,750
7,750
To Havre— Deo. 12— Steamer Yola. 9.097
9,097
829
To Marseilles Deo. 16-Steamer Gottfried Schenoker, 829.
Deo. 15
To Bremen— Dec. 17— Steamer Alabama, 13.8S2
42,417
Steamer Mlchlaran, 28,565
To Rotterdam- Deo. 18 - Steamer Barotsl, 900
900
To Antwerp— Deo. 12 Steamer Oallfornlan, 1,624
2,374
Deo. 17-Steamer Acanthus, 750
1.200
To Copenhagen -Deo. 17 Steamer WUtser, 1,200
11,190
To Genoa-Dec. 1ft— Steamer Dinnamare, 11.190
To Trieste— Deo. 16-Steamer Gottfried Schenoker, 2.955.. 2,955
825
To Venice -Deo. 16— Steamer Gottfried Schenoker, 825
100
ToVeraCruz Deo. 13 -Steamer Dagfln, 100
Oalvebton To Liverpool— Deo. 11 Steamer Jamaican, 8,310
To
To
To
To
To
Deo. 16-8teamer
Dec. 12-Bteamer Imani, 12,386
Mlra, 7.172
Teodora
de Larrlnaga,
15—
steamer
To Manchester- Deo.
10.200
To London— Dec. 12—Steamer Cayo Largo, 4.490
Deo. 16
To HaTre— Dec. ll-Steamer Montenegro, 6,778
—Steamer Mlneola. 12,777
To Bremen— Deo, 12— Steamers Cayo Bonlto, 10,246;
Frankfurt, 15,734
To Reval-Dec. 14-8teamer Erna, 2,62^
SABINE Pass- To Hamburg Dec. 12— Str. Cheviot Range. 200
MoarLB— To Bremen— Dec. ll-Steamer Cel&eno, 6.600
27,868
10,200
4,490
19,555
25,980
2,626
200
6,600
550
Febnandina— To Rotterdam -Deo. 16— Steamer i.lv. 550
Savannah— To Liverpool Deo. 12—Str. london Bridge, 2,162 2,162
12
To Manchester— Deo.
-Steamer London Bridge, 1,761
Deo. 16-Steamer Llncluden, 8.617
10,363
To Bremen- Deo. 18-Steamer OalJlope, 9,S9l
To Beval—Deo. 18-8teamer OaUiope, 2,450
To Barcelona— Deo. 12-Bteamer Arlmat«a, 3,226
To Genoa-Dec. 12— Steamer Arlmatea, 1,150
To Flume— Deo. 12-8teamer Arlmatea, 50
To Trieste-Dec. 12 Steamar Arlmatea. 2,300
To Venice Dec. 12-Steamer Arlmatea, 650
To Piraeus -Deo. 12— Steamer Arlmatea. 203
Bbunswiok-To Liverpool— Dec. 16— Steamer Gorjistan. 8,006
9,891
2,450
3.226
1,150
50
2,300
650
200
8,006
THE CHRONICLE.
'2SAS
BREADSTUFFS.
Total baUt.
WiLMiNQTOK—To Bremen— Deo. 17—Steamer Soarthoe, 13,952. 13,952
BOBTOW-To Liverpool— Dec. 10— 8t«amer MlchUan. 25
Dec 15— Steamer Wiulfredlau, 3 upland and 260 Sea
[Vol. lxxvii.
Friday, Dec. 18, 1903.
business in the market for wheat fljur has been quiet,
To Mancbester— Deo. 11— Steamer Oaledontan, 550
but there has been a fairly full movement in the way of shipTo Yarmoutli-Di>c. 15-8teamer Boston. lOrt
1,975 ments on old purchases, it being understood that mills in
Baltimori;- To Liverpool -Dao. 11 -Steamer lodore, 1,976...
1,000
To Bremen— Dec. 16— Steamer Hannover. 1,000
699 seme instances were forcing jobbers to take deliveries. Mills,
To Hamburg -Dec. 10 Steamer Nlcomedla, 699
317 as a rule, have been reported fairly well sold ahead, and
SAN KaANOisco— To Japan— Dec. 12— Steamer Clilna. 317
1,939
r*ooMA— To Japan—Deo 12— Steamer Hyades, 1.939
I,2o0 there has been no pressure to make new sales. Prises have
giATTUE-To Japan— Deo. 16— Steamer lyo Maru, 1,200
292,957 been quoted unchanged and steady. Rye flour has been firm
Totekl
foregoing
shipments
particulars
of
the
for
the week but quiet at unchanged prices. Buckwheat flour has had a
The
limited jobbing sale at steady prices. Corn meal has been
arranged in our usnal form, are as follows.
Oreat French Oer- ^Oth.B'rope—^ Mexico,
quiet but steady.
dtc.
Japan. Total.
Brii'n. ports, many. JVort/i. South,
Speculation in wheat for future delivery has been quiet.
750
100
105 l,lftO
4,170
New York. 2,085
lOi)
128,101 Fluctuations in prices have been within
N. Orleani 56,304 9.926 42,417 4,474 14,970
a narrow range and
90,718
aalTeston. 43,558 18.555 25,980 2.625
'200
200 the net change for the week has been unimportant. Early
Sab. Pass
......
6,660
Mobile.....
......
6,660 ...... ...... ...... ......
......
550
550 in the week bullish foreign statistics had a strengthening in......
FernancVa
9,891
3,460
7,576
32.142
fluence. The supply of wheat afloat for Europe showed a
8a7annali.. 12,525
8,006 considerable decrease, due to a falling off in the world's exBrnnswlok 8,006
18,952
13,952
WUmlngt'n
ports.
The movement of the spring-wheat crop was
9ii8
838
100
Boston
3,674 small, receipts at primary markets showing a sharp
1,699
Baltimore. 1,975
317 falling off as compared
San Fran
317
with last year.
Offsetting,
1,939 however,
1,939
Tacoma
the effect of the small spring-wheat movel,80o
1,200
Seattle
ment was a full movement of the winter-wheat crop.
200 3,456 39l!,967 The American visible supply of wheat showed a substantial
134,271 29,581 100,904 11,249 23,296
Total
The exports to Japan since Sept. 1 have been 20,405 bales increase and this was placed against the more bullish charfroai the Pacific Coast.
acter of the foreign statistics. Advices from Argentina have
Cotton freights at New York the pa«t week have been reported erratic climatic conditions for the wheat crop in
as follows.
that country. The winter-wheat crop in this country reported generally well protected by snow. The spot market
has been more active and steady, fair sales being made to
JVi
Jfon.
Itui. Wednet. Thun.
8atur.
exporters, principally for shipment via outports. To-day
12
12
12
12
13
c.
Liverpool
the market wag firmer on reports of damage to the crop in
17
17
17
17
17
Mamobeeter
Argentina and decreasing receipts. The spot market was
25
85
26
25
25
e.
Havre
fairly active.
The sales for export here and at outports were
20
20
20
20
20
....e.
Bremen
660,000 bushels.
20-22)« 20-3219 20-32 Is 20-8 21*
c. 20-821*
Hamburg
DAILT CLOBINO PBI0B8 OF MO. 2 BBD WINTBB WHBAT IN
YORK.
21
21
31
31
21
......e.
Qhent
Sat.
Mon.
Tues.
Wed. Thur$.
Fri.
15
16
e.
Antwerp
15
16
16
e2i«
Oaah wheat f. o. b
91
90>«
91^
91
91%
901*
89ifl
Deo. del 1 very in elev
90
90
90 3e
91it
30
30
30
Beval, lndlreet..e.
30
SO
85B8
841)8
85^4
85ifl
May delivery In elev
85
85
35
85
Beval, via Canal.c.
85
85
35
81i«
July delivery In elev
8V%
82
8138
SCg
81%
Baroel'na.lBd'r't.e.
25
25
25
36
25
DAILT CLOSING FBICBS OF NO. 2 8PBINO WHBAT IN OHIO AGO.
18
18
9«nea
e.
18
18
18
8at.
Mon. Tuet.
Wed. Thuri.
Fri.
78i«
Xrleate, aaked. ..e.
27
27
27
27
37
Deo. delivery in elev
7868
79
79'8
7»\
79^
May delivery In elev
SIBb
SlSs
82>«
Si's
8l3e
SO'^a
50
Janan (via 8aez).e.
50
50
50
50
76''8
75''8
July deuvery in eiev
76'*
76%
76%
76H
Qaotatloas are oenta per 100 Iba.
Indian corn futures have been quiet and no Important
Liverpool. By cable from Liverpool we have the following
changes have occurred in prices. The Illinois report of the
statement of the week's sales, stocks, &c., at that port.
corn crop of their State indicated a consideraoly smaller
yield than the Government figures, but the Iowa report
Nov. 27
Dee. 4
Dee. 11.
Dec. 18
showed a comparatively full yield for that State. Daring
the week exporters came into the market as fairly good
31.U0O
bales,
Sales of the week
83.U01
38,000
8^,000
l,00r
2.000 buyers, and this had a steadying inflaence upon values.
Of which exjiortera took. ..
2,00(
1,000
AdOf whlob apeoolators took.
• >
1,000
1,000
2,000 vices from the interior markets, however, have reported a
30.00«
Sales Amerloan....
84,000
28,000
30,000
Actual export
4.000
16,000
6,000 comparatively quiet demand for cash corn; prices in the New
6,000
Forwarded
70.000
88,001
78,000
96,000 York cash market have held to a steady basis. To-day the
Total stock- Estimated
80S,00<
379,000 408,000 443,000 market was firmer on stronger advices from the interior. The
Of which American- Est'd.
232,00(
293.000 327,000 371,000 spot market was fairly active and firm.
Total Imoort of the week
109.00<
143,000
110,000
138,000
DAILY OLOSINO PBIOEB OF NO. 2 HIXBD COBH IN
YORK.
Of which Amerloan
85,00<
117,000 115,000 120.000
Amount afloat
430,000 375,000 887,000
896,004
.,
Sat.
Men. Tuet.
Wed. Thurt.
Fri.
352.00(
391,000 821.000 828,000 Oash corn f o. b
Of which Amerloan
&2i«
52'«
f>i>*
53^8
52^
52%
5214
52
Deo. delivery in elev
52
S2>4
52
51>a
The tone of the Liverpool market for spots and fatnres May delivery in elev
49''8
4914
49>4
49^
49^
*9H
each day of the week ending Dec. 18 and the dally closing
DAILY CLOSINO PBIOEB OF NO. 2 MIXED COBM IN CBtlOAOO.
prices of spot cotton, have been as follows.
8at.
Wed. Thuri.
Fri
Mon. Tues.
4IS8
42
42>4
Deo. delivery in elev
41%
tX'^t
41k
48i«
43S8
48>4
43>4
43>«
43%
May debvery in elev
Bpot.
MaVdav- Monday, Atetilav. Wtd'day. thurad'y Wridw
43i«
43i«
4314
43^8
43
July delivery in elev
43%
have
been
for
future
delivery
market
Market,
Oats
at the Western
Moderate Qnlet.
Quiet.
Quiet.
Qalet.
Quiet.
12:30 F.H \
demand.
quiet. Under light offerings, absence of speculative interest
and a light trade demand, prices showed a fractional loss
6-70
7-00
692
Mid. Upl'dfl.
6 76
674
676
early in the week. Business in the local spot market has
388
550
100
Island
New
',.
NEW
—
-
•
NEW
,
,
Sales
Spec.
.
4,000
6.000
5,000
7,000
5,000
5.000
200
500
600
500
500
300
& exp.
ment.
Fiilures.
\
Market
opened
Iteady at Qalet at
Market,
4 p. H.
jtead?
nnob. to
ld2 pu.
4pt8.
advanoe.
Qnlet at Qnlet but Steady
Oaler,
decline.
2 pis.
decline.
1 pt. dec.
at
10 pts.
steady;
ancbanK'd advance.
steady ar i^tead; at Unsettled Fev'igh at
204^ pta.2M-5}iptl.'4^®6 ptB 11-18^ Ol»<iu>T/it pts.
<4dvar>CA.
ftdranoA.
decline.
adTanoe. advance advance*
Qnlet
at
8<»8 pt8.
at
'
I
I
The
prices of fatnres at Liverpool for each day are given
Prices are on the basis of Uplands, Good Ordinary
clanae, unless otherwise stated.
below.
Sat.
Dec. 12
non.
Taca.
14
Dee. 15
X>ee
Thura.
Dec. 16
Dec. 17
I219I 1 I12i«| 4 |l2ifl
4 I2is| 4 12>fll 4
|P. M. P. M. P. M. P. M. P.M. F.H. P. U. P.K. P.M.'f. H.
\
d.
\
d.
\
d.
\
d.
66 6 626 58 6
!6 62 6 58 6 53 6
Dee.-Jan
ian.-Feb... '6 54 6 536 49 6
Feb. Mob... '6 53 6 52 6 48 6
Mch.-Aprtl. ,6 51 6 50 6 47 6
6 51 6 49 6 45 6
April-May
May- one.. ,6 50 6 48 6 41 6
Jnne-Joly ,6 48 6 46 6 48 6
Joly-AaK... e 45 6 43 6 40 6
AOK -'^ept . 6 32 6 806 24 6
December
'6
.
,
1
,
8«pt.Oct. .
Oct
.xov..
been quiet, but prices have been quoted unchanged and
steady. The close was firmer on a decreasing crop move-
58
63
49
48
47
46
15
I
d.
I
d.
6 62 6 61
6 57 6 57
6 53 6 53
6 51 651
6 50 6b(.
6 49 6 49
6 4'i 8 48
6 46 6 4(
6 44 6 4S
d.
d.
I
•}62 6 68
8 58 6 62
8 64 G 5-1
•5 52 6 56
6 51 6 55
6 50 6 54
6 49 6 53
6 47 6 51
d.
d.
6 79 6
6 76 6
671 6
6 69 8
667 6
6 68 8
6 65 6
6 63 6
43
41
44 6 48 6 60 6
38 6 81 6 31 8 32 6 38 6 48 6
Dee. 18.
12 >s
4
P.K. P.IL
d.
d.
78 6 83 6 86
74 6 84'6 81
70 6 8016 77
63 6 78 8 76
to7 6 76 6 74
66 6 75 6 73
65 6 74 6 72
68j6 72!6 70
60 rt68 6 66
47 6 54 6 63
DAILY OLOSINO PBIOBS OF OATB IN NBW^ YORK.
Tfiura.
Wed.
Fri.
Mon. Tues.
Sat.
4II4
41ia
4114
42
41ifl
il^
No. 2 mixed in elev
42
4214
4Z>4
4314
No. 2 white in elev
42H
421a
DAILY OLOSINO PBIOEB OF NO 2 MIXED OATS IN OBIOAOO.
Ihurs.
Wed.
Fri.
Sat.
Mon. Tues.
3518
3514
34 '8
34%
Deo. delivery in elev
8514
34''i8
May
delivery in elev
35''8
July delivery in elev
84^8
36%
3608
36''8
36%
36''8
83T«
3if9
34
34
33%
Following are the closing quotations:
FLOUB.
Patent, winter
$4 20 '94 45
Fine..
.$2 90 'a>3 00
City mills, patent. 4 70 '95 25
Superfine
3 20 ®3 25
Rye flour, superfine 3 00 '33 65
Extra, No. 2
3 25 ®3 30
Buckwheat floor.. 2 10 '32 30
Extra. No. 1
3 30 ®3 40
Corn mealUlears
3 50 ®iOO
2 90 '32 95
Western, etc
4 00 -8)4 26
Straights
Brandywine
2 95 '08 00
4 60 '35 35
Patent, spring
OBAIN.
0.
0.
c.
Corn, per buah—
0.
Wheat, per bush—
Western mixed
50 '358
f. o. b
H DuL.No. 1
f. o. b.52i«
No. 2 mixed
N'thern Uul., No. 1. f o. b.94>«
No. 2 yellow
t. o. b 56
Red winter. No. 2.. f. o. b.92»«
f. 0. b.53
No. 2 white
Hard winter. No. 2. f. o. b.9313
89'«'®
i3%
Bye, per bushOatfl— Mixed, p. bush.
58 363%
Western
41 '345
White
56 'ai^S^
'343
42
State and Jersey
No. 2 mixed..
53 '384
42ii'343ifl
Barley— West
No. 2 white
44 ©47
Feeding
.
j
Dec.
THE CHRONICLE.
19, 1903.]
Exports of Urain and Floor from Paelll« Ports.— The
and flonr from PaciQc ports for the week
ending Dec. 17, as received by telegraph, have been as
follows: From San Francisco, Dec. 11, to the United Kiugdom, 20'»,000 bushels barley; Dec. 13, to United Kingdom,
80,000 bushels wheat; Dec. 14, to Japan and Cluna. 8,000 btils.
flonr; Dec. 17, to China and Japan, 313,00) bushels wheat;
Dec. 16, to China and Japan, lli,000 bushels wheat. From
Portland, Dec. 15, to the United Kingdom, 169,000 bushels
exi)ort8 of grain
wheat.
Combining these figures with those for previous weeks, we
have the following, which covers the exports to foreign
countries for the period since July 1, 1903, comparison being
made with the corresponding period of 1903.
MwportM
Flmtr,
Wlieat,
Corn,
OatB,
/Vwn—
bbl$.
biisK.
huth.
buth.
Ban Fran.
Paget 6'd.
Barley,
bush.
btl$h.
363
344
Bye,
1,097.667
789 000
743.800
461,700 1,658,000
19,747
41.350 0,038.220
iSO.OOO
130.000
Total.. ..1.78l,9ft6 3,499,467
Tot. 1902.1.650,077 13.400,000
19,747
23,051
291,350 6,762.220
707
700,000 6,600.000 171,230
Portland..
2349
DoMKSTio Cotton Goods.—The exports of cotton goods
from this port for the week ending Dec. 14 were 4,383
packages, valued at |280,080, their destination being to the
points specified in the tables below:
Nbw Tokk
Tfi
llRn
Wfk
other Haropean...^....^..
Ohlna
..
.
I n (11 a.. .^. ....... ...... ...„
liabla
MineeJan.l.
900
600
Alrloa
3
678
West iBdlei...... .... .... ....
81
Mexico
.^.. .... .....
146
Oentrftl Amerloa. .... .... ....
loath Amerloa.............. 1,724
188
Other Oonntilei. ........ ....
26 027
4,362
290,804
Total
Wttk. Mine* fan.
30
€3
1,610
1,181
115,869
14,801
39,878
9,083
"272
_.
694000
Exports ok Breadstuffs, Provisions, Cotton and
PsTRat^BOM. — The exports of these articles during the month
of November, and the eleven months, for the past three years
have been as follows:
1808.
1908.
\4.
2.037
1.139
119,756
"295
20 864
126
26.484
10.872
24.194
2.086
9,813
64.691
18,660
2.787
284,494
"18
497
48
147
2.844
11,661
68,501
9.949
K
1,669
New
fork exports since Jan. 1 to date
The value Of these
b»s been $14,435,310 in 1903, against $18,133,646 in 1902.
In a number of quarters heavy-weight sheetings and drills
are held at prices >^c. to '^^c. per yard above what buyers are
willing to pay, and where buyers and sellers come together,
only moderate quantities are dealt in these are for quick
delivery and bring
to 3^c. above last week in some cases.
The quotations for bleached cottons have been openly advanced 3^0. to 3>^c. for all fine and medium grades, and occas;
1902.
1903.
Exports
from
V. 8.
Soveitiber.
ilMontTu. November.
11
1901.
Month* Xovember.
llMontTk*.
Quantities.
Wheat.bU8h.
Flour. ..bbls.
Wheat... bu.
6,3S4,9SS
1,771.967
67.789.731
17,104,851
8,882.S56 120.810.'?22
1.799,362
18,110.237
13.656.630 168.019.818
1.694,388 17,612.784
Corn. ..bush.
13.208.784 144,761,674
5,961,487 86.659.013
16,919.934 1»3,30H.838 81,281,106 247.877,846
1.903.17?
9.844.617
2.807.566 100.954,471
Tot. bush..
19.160.871 231,420,587
18,823.862 203,151.605 94,088,671 347.631,817
t
«
11.226.403 180.5?7,832
1
t
18.879,184 150,579,741'
1,251,C02
7.986.062
Values.
Wh't 3l flour.
Corn i meal.
Rye
Oats & meal.
Barley
3.83J.260
48,377,924
7.154
1,559.472
145.138
1.515,801
587.932
4.631.583
881,156
346.936
783.081
2.480,817
3.834.348
4.088, 118
$
«
16.631.760 1S8.930.683
1.920,78(1
50.703.891
39.865
1,391.807
740.305 10.308,040
579.5S7
3.233.286
BrMstulTs....
15.2' 6,867 176.6fl2,41'^
16.881.36' 168.86'',919
18.901.637 263.687,046
Provisions*.
16.155,44: 180.755.169
67,988,2H4 305,947,184
14,627,446 189.865,161
35,389,0il 843,398.046
18.147.66*^ 204.613,656
Cotton
Petrol'm,4c.
6,482.604
62.850,873
Tot. value. '06,Se6,202 726.185.63««
80,448.030
43.699.505 267,301,883
6.150,607 85,170.163
71,022.7l(- 84'',057,158
85,907,516 779,658,762
0,234.916
Inoladia^ oattle and hoi^s ia all months and years.
Note —All of the above flKures are based on the monthly preliminary
retnrnsl^saed by the Bareaaof Statistics, and cover aboat 98 per cent
of the total ezporti.
jV For other tables asnallr nrlveo hero see paare 2319«
*
THE DRY GOODS TRADE.
%
ionally J^c. for lower qualities. The demand is moderate,
but only limited stocks are held in first hands. Wide sheetings are steadily tending upwards, with a quiet business
Advances of
doing. Sheets and pillow cases are very firm.
Denims
3ic. are reported in ducks and brown osnaburge.
and tickings are generally Jic. higher and other coarse, colored cottons tend against buyers. Business is chit fly in spot
goods, there being little disposition on the part of either
buyers or sellers to make forward contracts. Kid-finished
cambrics have been advanced %c. and finer deEcriptions of
cotton linings }<^c. to J^c. per yard. There has been no change
in the price of staple prints, but some lines have been withdrawn from the market for the time being. Fancy prints
are very firm. Ginghams continue in a strong position.
Regular print cloths have advanced to SJ^c, at which a
small business has been done. Odds are in fair demand, generally on the basis of 33^c. for regulars.
Foreign Dry Goods.— Fine grades of fancy dress goods
are in fully average request at steady prices, but only a limited demand otherwise. Silks are quiet at previous prices.
Ribbons are in moderate demand and irregular. Linens rule
dull but firm. Burlaps very firm, with a good demand.
Importations and \¥areltonae urithdraivmle ol Dry Gooda
The Importations and warehouse withdrawals of dry goods
at this port for the week ending Dec. 17, 1903, and since
January 1, 1903, and for the corresponding periods of last
New York, Friday, P. M., Dec. 18, 1903.
There has been considerably more business proposed to year are as follows:
sellers this week than has been put through.
Buyers have
M
H
o
shown more disposition to operate, but at prices prevailing =»
o to
ft ?
m
a week or ten days ago and not now open to them. They
•^
Si
are in part following an advancing market, only rarely keep- 5 at
!iiri° mB
«
t
ing abreast of it, and then for but moderate quantities to o o
al
w
sji ! i
t m
m
o
meet their current requirements. In nearly all departments e» 0m
J
a
iilll
prices have been advanced during the week, with sellers in r si
numerous instances putting them to a level admittedly con- CO to
CO
Ota 1^
K)
siderably above what buyers are up to the present time will- o
GO
ato 00(0 bSUV
ex
oa»o>to
00
ing to pay for forward contracts. Of goods to be made
to
to
^>
there is practically nothing offering, even at the prices quoted -0
i^itktaaoo
OCX}
-J
«J
tSMMWM
to-day. Mills with cotton on hand are not willing to fcrego 00
CO
Ol
o oo
cutstowio
any advantage which may accrue later from curtailment of CO
Offl
m
production by mills not equally well situated, and the latter
en
03
are not in the market for business on a losing basis. Indien® tOMMtOM
o
eg
OiO<OC)0a
cations are, therefore, that the process of adjustment in the
<1
03
-5
a
00 00
CO M
cotton goods market will be slow and business moderate at
v>
a
the best for some time to come. In the woolen goods divis- CO OICD
M
w M
to
ion the demand shows some improvement, and in some quar- K> OtO
<l
totocxooo*
00 J^*»
ters a firmer tone is noticeable. Busiress is uniformly quiet cn oV wceo:xo
O
-J<ltOwith jibbers and with retailers runs mainly to holiday
00
I*'-'
•
I
•
I
(
•
cf)
•»!
t-*
i»>.
I
I
I
^
i
^
goods.
Woolen Goods. —The demand
'r£>
men's wear woolens has
shocvn an improvement during the week, more business
being done in light weights than for some time past. The
call is chiefly for staple lines and medium grades of fancies. In
staples some sellers report being able to secure an advance
of 2}^c to 5c. per yard, but most of the business is beicg
done at old prices. The call for worsteds is also somewhat
better than of late, but the increase in business is not material, nor enough to have any effect upon prices.
The overcoatings division has shown further now lines open, some at
last season's prices, others at a decline of about five per cent.
Among the latter are important contributions to the over
coatings supply, and this has a tendency to unsettle the
price situation. A fair amount of business in the new sea
son's goods has been done up to date.
For cloakings there
is a moderate call, without special feature.
Tne markefor wo )len and worsted dress goods shows a steady tone, but
only a quiet business doing, Taere is no change in prices of
for
flannels, blankets or carpets, all of
which are well
situated.
CO
to
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cocoa 00 CO
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THE CHRONICLE.
•2350
gTME
y^TJD
City D£fy^pTM£NT.
[Vol. Lxxvii.
Maturity, Jan. 1, 1934, subject
will be certified to as to
1,
genuineness by the United States Mortgage
Trust Co.,
New York City. Certified check on a national bank for 2%
of bonds bid for, payable to the City Treasurer, required.
oflBce of
the City Treasurer.
to call after Jan.
1914.
Bonds
&
Index.
news matter appearing in tiiis DepartAn
from Jaly 4, 1908, to Sept. 26, 1903. inment
clnsive, was published in the Chronicle of Ocst. 8, 1908,
pages 854, 855 and 856.
index to all the
for tlie period
The
official
notice of this bond offering will be
the advertisements elsewhere in this
found among
Department.
Amsterdam, N. Y. Bond Sale,— On December 15 Farson
Leach & Co., New York City, were awarded $21,000 4«
sewer bonds at 107 '38. Interest will be payable semi-annuItems.
ally and the principal will mature |7,000 In each of the years
ClarksTille, Tenn.— Decision in Favor of Bonds.— The 1946, 1947 and 1948.
following, relative to the proposed bond issue in favor of the
Aosonia, Conn. Bond Offering. Proposals will be reNashville & Clarksville RR. (now Tennessee Central RR,), is ceived by Stephen Charters, Mayor, for the $75,000 d^i gold
:"
taken from the Memphis "Appeal
building bonds olfered but not sold on October 12. Dduomi-
>
News
—
Cl_VRKSVu.i.E. Teiin.. Dec 8.— In the Chancery Court here Jndce Sfont has
the demurrer and dismissed the bill In th« iiijuuction suit of the
Ked Uiver Kurnaoe t\nup*ny et nl. vs. ihecity of tHarksvilieand the Tennessee
t'entral Hailroail Company, which sought to prevent the issonnce by the city
of Clarksville of $10' ,00<i In boiidsto pay the city's subacription to the stock
of said railroad as voted by the people som» months auo. The case whs argued
last week. An aupeal was taken, lu renderm»; his decision, Jndtre Stout takes
the Kround that the city uovernment Is a branch of the State uoverumeDt,
and had the city acted illecally In votinc the bonds, that action was ritlOed by
a bill passeil t>y the State Let'iolature at its last session and was consequently
made lei:al; that the city holds the same position to the Stale that an agent does
to his principal.
!>n»tBiiieJ
The appeal
of Appeals.
was heard December
10 in the
Chancery Court
Denver, Co\o.— Charter Delegates Elected.—This city on
December 8 elected delegates to the new charter convention.
As will be remembered, the charter which was drawn up
some months ago failed to be adopted at the election held
September 32.
Indiana.— Gravel- iJoad Act Constitutional
—The
Indian-
apolis "News" oi December 9 stated that "the Supreme Court
has declared that the gravel-road law, enacted last spring,
The suit decided was brought by Melvin
is constitutional.
L. Bowlin to prevent the construction of a road in Tipton
County and the collection of assessments for its cost. The
objections urged against the Act were that the title was defective and that the Act provided for taking property without due process of law, and also conferred class privileges."
MoDtana. Legislature Adjourns. The State Legislature
extraordinary seesion on December 1 adwhich convened
journed December 11 after passing the "fair trial bill,"
which permits changes of venue in civil oases, and also a bill
providing for the review by the Supreme Court of matters of
tact as well as law. The measures passed by the Legislature
have all been approved by the Governor. See V. 77, p. 2171,
It is stated that proceedings are under way to have the Supreme Court pass upon the constitutionality of the abovementioned Acts
Topeka, Kan. Bond Issue Valid. The State Supreme
CJourt on December 12 declared valid the $350,000 i% water
bonds which this city proposes to issue to purchase the existing water plant. The opinion was written by Justice Green,
the following being the syllabus of the case :
—
m
—
A petition asking the Mayor of a city to IsBue a proclamation for an election
to voio bonds used In the pnrchate of a system of water-works need not be
sobmltted to the City Council.
A city may parchase a system of waterworks subject to an encumbrance
payable In the future.
Where a petition and proclamation for a city election to vote bonds to be
used in the purchase of a system of water works specifically mentioned the
statute under whicD the bonds are to be issued, but which fall to state the
denomination, rate of interest, or when such bonds shall become due, are not
void tor these reasons when the statute referred to provides that " said b )nds
shall be Issued in denominations of not less than (10 nor more than tl,<i00 and
shall ran for a period rot to exceed twenty years, and shall bear Interest at
a rate not to exceed six per cent." By reference the statute becomes a part of
the petition and proclamation. The Council may Issue the bonds In any denomination, at any ra'e of Interest and payable at any time within the limits
prescribed In the atatute.
An existing indebtedness or obligation on the part of acity is not a necessary
condition precedent to its power to vote bonds to be used in the purchase or
construction of a public utility.
A geoeral Act which provides that It shall take eOect and be In force from
and after Its publication in the"o£Bclal city paper" will become operative
from and after Its publication In the official. State paper, notwithstanding such
provision.
To ascertain how many votes are east upon a proposition. In the absence of
fraud or mistake the \eml and countable ballots found In the ballot box at the
close of the polls, upon which the voter has Intelligently expressed himself, is
primarily determinate of the question.
See V.
77, pp. 1553
and
103;
V.
76, pp. 1372, 1819
and
1105.
Date, July 1, 1908. Interest semi-annually
Ansonia National Bank. Maturity, July 1. 1923.
Attica, Ohio.— Bonds Voted.— Th\B place on December 1
nation, $1,000.
at the
voted to issue |6,250 electric-light bonds. The vote was 195
for the issue and 16 against.
Augasta, da.— Bonct Sale.— John W. Dickey of Augusta
was the successful bidder for the $106,000 At 30-year retnnding bonds, dated Jan. 1, 1904, offered on Dec. 1, 1903. The
price was not made public. See V. 77, p. 2067, for description of bonds.
Avon-by-the Sea, N. J.— Bond Ojferinflf.— Proposals will be
received until December 21 by John Thompson, Mayor, for
Denomination,
$66,000 5^ gold water and sewer bonds.
$500.
Interest, January 1 and July 1 at the office of the
Borough Collector. Maturity, 25 years.
2i deposit required with bids. The borcugh has no bonded debt at present and the floating debt is $18,000. Assessed valuation for
A
1903, $556,375.
Baldwin Township (Pa.) School District.— Bond
district, it is stated,
&
$30,000 Oct.
1930.
1,
BirmiDgham, Ala.— Bonds Authorized.—The Mayor and
Board of Aldermen have authorized the issuance of the following bonds
:
$2,000 9% 10-year Seventeenth Street Improvement bonds.
8,000 e* 10-year street-improvement bonds.
500 6t 10-year sanitary sewer bonds
600 6% 10-year street sidewalk bonds.
5.CO0 if% 10-year street sidewalk bonds.
1,000 6% 10-year street-sidewalk bonds.
1,500 flS 10-year Btreet-sldewalk bonds.
2,000 6* 10-year sidewalk and gutter bonds.
12,000 6* 10-year streei-lmprovement bonds.
2,000 6$ lO-year street-improvement bonds.
Interest annually at the
City.
Blakely, Ga.—Bond Safe.— This city has sold an issue of
$15,000 water-works bonds to Robinson-Humphrey Co. of
Denomination of bond?,
Bond Proposals and Negotiations this
week have been as follows
Alliance, Veh.— Bonds Fofed.— This
:
city
has voted to
S'ate.—
has sold an issae of $70,000 43^!i
school bonds to William M. Bell
Co. of Pittsburgh.
Balistun Spa, N. Y.—Bond Offering.— Ptovoaskla will be received until 12 M., December 29, by C. O. McOreedy Jr., Village Treasurer, for $12,000 sewerage and judgment bonds at
not exceeding 5^ interest. Denomination, $500. Date, Jan.
Interest, semi-annual.
Maturity, $500 yearly on
1, 19U4.
January 1 from 1909 to 1932, inclusive. Certified check or
New York draft for 10^ of the proposed purchase price, payable to the above-named Village Treasurer, required.
BarbertoD, Ohio.- Danomtnatton of Bonds.— At the request of the Provident Savings Bank & Trust Co. of Cincinnati—the purchasers of the $60,000 5% water and the $15,000
5^ fire-department bonds mentioned in V. 77, pp. 2295, 2057
and 1554— the denominations of these issues have been
changed from $3,000 and $750, respectively, to as follows :
Water bonds, forty of $1,000 each and forty of $500 each;
fire department bonds, twenty of |500 each and twenty of
$250 each.
Batavia (N. Y.) School District.— Bond Ofering.— Proposals will be received until December 26 by lue Clerk of the
Board of Education for $27,000 4.% registered school bonds.
Denomination, $1,000. Date, Jan. 1, 1904. Interest, semiannual. Maturity, $2,000 yearly, beginning Jan. 1, 1912.
Certified check for 5% of bid required.
Bay County, Mich.—Bond Sa^.— On Dec. 16 N. W. Harris & Co, of Chicago were awarded $60,000 i% refunding
bonds at 102-098. Denomination, $1,000. Date, Oct. 1, 1908.
Interest, semi-annual. Maturity, $80,000 Oct. 1, 1925, and
This
$500.
Hanover National Bank, New York
Atlanta.
Bolton,
Ont.— Debenture Sale.— The $5,000 5;^ debentures
mentioned in V. 77, p. 1886, have been awarded to George
Alliance, Ohio.— Bond Sale.— Oa December 16 the $21,600 Smith of Bolton at 102. Following are the bids
i% retuLdiDg bonds describtd in V. 77, p 2171, were awarded
$B,005
$5,100 Wm. C. Brent, Toronto
Geo. Smith, Bolton
to the Alliance Bank Co. at 100*25 and interest. A bid of W.J. Smith, Burk's Falls
5,100 O. A. Stlmson & Co., Toronto.... 6,005
par was also received from Seasongood & Mayer, Cincinnati.
Braddock, Pa.— Bonds Proposed.— T tie issuance of $20,000
Altoua, N. Y. Bond Sale. This town has sold at par to manicipal-light-planc bonds is bpiag considered.
Eva A. Casey of Altona and M. Bates of Plattsburg an issue
Bristol, Tenn.— Pwrc/iase of Water Plant and Proposed
of $2,000 4i town-house bonds. Securities are dated Deo. 4, Issue of Bonds.— The Nashville *• Bauner" contains the fol1903.
Interest annually on February 15. Maturity, $500 lowing relative to the purchase of the water plant of this
yearly from 1904 to 1907, inclusive.
city:
Bristol, Tenn., Dec. 12.— The city of Bristol, Tenn., has just closed an ImAltoona, Fa.— Bond O^erinp.— Proposals will be received
portant deal, havlne purchased the Bristol-Goodson Water Works. King's
until 2 p. M,, December 23, by S. M. Hoyer, Mayor; Wm. M. SpriuB. sou h of Bristol, and the I'restm Sprlnifs. east of Bristol. The price
paid
this property was »il2,ft00. In this deal the city assumes the payment
issue |8,000 city-hall bonds.
:
I
|
—
Kelly, President
Common
for
Council;
Dr. Geo. F. Tate, President of Select Council, and Henry D. Alexander, Chairman
Joint FiDance Committee— same being appointed by the
Councils to sell and deliver the bonds— for $229,000 4% re
funding improvement bonds.
Denominations, $500 and
|1,0C0.
Date, Jan. 1, 1904. Interest semi-annually at the
of $100,000 in water-works bonds of the Bristol-Goodson Water Company, and
will pay the balance at the rate of (-.2,500 per annum. In tnis connection the
city will issue bonds in the sum of $l0i\000 for the purpose of exti^ndiug the
pipe mains to reach a new supply of water. It is felt that this deal means a
permanent solution of the water question in Bristol.
Ttie plan is to begin next spring the work of providing a new supply of water
Barlington, N. J —Bond Sate.— On December 15 $15 000
A% West Pearl Street a^sepsment bonds were awarded, $2,000
to local Investors at 103'33 and $13,000 to the Burlington Sav-
Dec.
THE CHRONICLE.
19, 1903.]
Denomination, |500. Date, Oct. 16.
Interest, Eemiannual. Matniity, |7,500 in live years
1903.
and $7,500 in ten vears,
Butte Connty (P. 0. Belie Fonrche), S. n&k.—Bond Offering,— Propoe&\s will be received until 4 p. m.. Jan. 7, 1904,
by A. 8. Shockley, County Auditor, for |65,O0O b% funding
Denominations from |100 to |1.000, at option of
bonds.
purchaser. Date, Jan. 1, 1904. Interest semi-annually at
Belle Fourche, or, at option of purchaser, at
York City
or Chicago. Maturity, Jan. 1, 1924, subject to call after
Jan. 1, 1909. Authority, vote 266 for to 43 against at election held Nov. 24, 1908.
Bonded debt, including this isdue,
$82,000: assessed valuation 1903, as equalized, $3,078,899.
iups iDPtitnticn at 102.
New
Calhoan ;Conuty (P.
0. Marahali),
Mich.- Bond «aie.—
On December
15 the |20,000 4« poor-house bonds described in
V. ,77, p. 1886, were awarded to the Commercial Savings
Bank of Marshall at par.
Camden, >. J.— Bond Sale.- On December 10 the |90,000
it 30-year school bonds described in V. 77, p. 2171, were
awarded to Dominick
Dominick of
York City at
106'91.
&
New
Canyon City (Tex.) Independent School District.— .Sonds
Sold in Fart.— We are advised that of the $12,000 6^ schoolbonse bonds which this district has been offering for sale,
|3,000 have been disposed of and the remaining $9,0(:0 are still
on the market. These bonds are described in V. 77, p. 1761.
Carbtndale (Pa.) School District.— Bond »ate.- On December 16 the $15,000 4% 10-20-year (optional) coupon bonds
described in V. 77, p. 2171, were awarded to the Carbondale
Miners' & Mechanics' Savings Bank at par.
Cascade County (P. 0. ttreat ¥a\l»), SLouU—Bcmd
ing.
Offer-
— Proposals will be received until
10 a. m., Jan. 20, 1904,
Clerk, for |10,000 4^% 10-20 year
by Fred. L. Hill, County
coupon bonds. Secnrities are issued under author
ity of Article 3, Chapter 2, Title 2, Part 4, Political Code of
Montana. They are in denomination of $1,000. Interest will
be payable January 1 and July 1 at the oflBce of the County
Treasurer, A New York draft or a check certified by a Great
Falls bank, payable to the Connty Treasurer, for $500, muSf
accompany proposals. These are the bonds originally adver.
tised for sale December 15, but as he notice of offering could
(optional)
t
not be published the required number of times prior to the
opening of bids, the date of sale was extended to Jan. 20, 19C4
at a meeting of the Board of Connty Commissioners held
December
The
7.
of this hand offering will he found
the advertisements elsewhere in this Department.
offlcial notice
Cattarangas Connty, N. Y.— Bonds
—
JS'ot
among
to be Issued at
Present, This county, as stated last week, has authorized
the issuance of $57,0C0 jail bonds. These bonds, we are advised, will not be issued until April or May of next year. See
V. 77, p. 2295, for description of bonds.
Chandler, Okla.— Bond Hale.— The City Council has accepted an offer made by N. D. McQinley for an issue of
$35,000 b^i water bonds. The price was par.
Bond Offering.— Hhia city has for sale an issue of $15,000
2351
on blanks fnrnisbed by the city. Accrued interest to be paid
by purchaser.
Theofjicial notice of this bond offerivg icill be fcund among
the advertisements elsewhere in this Department.
Fifth Louisiana Levee District.— Bond 0^e7tng.— Propnsals will be received until 12 M., December 28, by the
Board of Commissioners, at the office of the Board of State
Engineers, Cotton Exchange Building, New Orleans, for
$69,000 5^ 40 60-year (optional) refunding bonds. Securities
are dated Jan. 1, 1904. Interest semi-annually at the fiscal
agency of the State of Louisiana or at the office of the State
Treasurer. Certified check for $1,000 required with bids.
J. T. McClellan is President of the Board of Commissioners
and A. T. Lane Secretary.
Franklin, Ohio.— Bond Saie.— On December 7 the $5,000
5% 25 year refunding bonds described in V. 77, p. 2059, were
awarded to Seasongood
Mayer, Cincinnati, at llO'SO and
interest.
Following are the bids
&
:
Seasongood
8.
Kuhn &
W«ll, Kotb
Union
Sivv.
ft
Marer, CInoln. .fS.615 00
0,51000
(MncmnHll.. 6,461 00
Bk.i Tr. Co.. CIn.. (^.377 00
Sons,
Cliiclniiiitl....
* Co..
*Co..Clncm
UoUinan & Co., CIn.
a. lileybolte
Feder,
.')..S75
. .
.
00
B.S50 00
Denlson, Prior & Co., CleTOland aud Boston
$5,810 EO
New l8t Nai liHDk.Colnmhus. S 306 00
Ilnyden, Miller & Co.. Clove.. 5,2'72 60
P B. BrtKuK » Co.. Clncin
6,251 25
Prov. Sav. BH. & Tr. Co., Cln.. 6.225 00
Slate Sav. B'k Co., Toledo
5,112 BO
Franklin County (P.O. Frankfort), Kj. -Bond Sale.— On
December 4 an issue of $57,000 6% funding bonds was awarded
&
Denomination,
to P. S. Briggs
Co., Cincinnati, at par.
Interest. Junuary 1 and July 1 in New York City. Ma$500.
turity, $2,000 July 1, 1913, and $5,000 yearly oa July 1 from
1914 to 1924, inclusive.
Galveston Connty, Texas.— Boncfs Js.sued. —The Connty
Treasurer up to Dec. 8, 1903, collected $642,500 to the credit
of the sea-wall bond account. This is $85,000 in addition to
the amount reported in the Cueoniclk Oct. 8 as having been
paid for up to that time.
(Gardiner Water District, Gardiner, Me.— Bond Offering.
Propf'sals will be received until 10 a. m., December 28, by
Henry Richards, Chairman of Trustees, for $275,000 4% gold
water bonds. Authority, Chapter 82, Laws of 1903. Date,
Jan. 1, 1904. Interest semi-annually at the Maine Trust
Banking Co. of Gardiner. Maturity, Jan. 1, 1934. These
bonds are issued to pay the cost of the plant, property and
franchises formerly belonging to the Maine Water Co. within
the limits of this district and the towns of Pittston, Ran-
—
&
dolph and Farmingdale.
GlenoldcD, Delaware County, Pa.— Bond O^eHnflf.— Proposals will be received until December 30 by the Borough
Council for $29,500 4% 30-year sewer bonds. Denomination,
Interest, January 1 and July 1, free of State tax.
$500,
Certified check for 2i of the amount bid, payable to the Borough Treasurer, required. Harry Hibbert is Chairman of
Finance Committee.
Greenville (Pa.) School District.— Bond* iVb< SoZd.—The
$45,000 4i bonds which this district offered on December 15
have not as yet been sold. H. M. Homer is Secretary Board
of Education.
Hamilton Connty (P. 0. Cincinnati), Ohio.— Bend Offering.— Ftopoauls will be received until 12 m., Jan, 9, 1904. by
the County Commissioners W. H. Blair, President, and
Geo. C. Zimmerman, Clerk— for $185,000 4% Elizabethtown
Bridge bonds. Denomination, |500. Date, Jan. 15, 1904.
Improvement twnds.
Interest semi-annually at the office of the County Treasurer.
Chillicotbe, Ohio.— Bond!« Authorized.— A resolution has Maturity, Jan. 15, 1924. Certified check for $500 required
passed the City Council providing for the issuance of $34,500 with bids.
bonds to take up the floating debt of the city.
Harrison, N. i.— Certificate of Indebtedness. The Town
Collin^wood, {)tit.— Debenture Sale.— On December 5 the Council, at a meeting held December 8, ordered a certificate
|14,300 4^? local-improvement debentures were av/^arded to of indebtedness drawn in favor of the Newark Paving Co.
the Dominion Securities Corporation of Toronto at 101*377. for
The certificate carries 5^ interest and is issued
$24,440.
Securities are dated Dec. 1, 1903, and will mature part yearly for the pavirg of Cleveland Avenue.
for twenty years.
Huntington (W. Va ) School District.- Bond Offering.—
Dallas Connty, Texas.- Bonds Not Yet Sold.—The $500,- Proposals will be received until 13 m., January 11, by the
000 d% 10 40-year (optional) road and bridge bonds mentioned Board of Education, at the office of the Huntington National
in V. 77, p. 659, have not yet been sold.
Bank, for $25,000
building bonds. Authority, election
Donglas Connty, Kan.— Bond O^ertng.— Proposals will be held Aug. 1, 1908, 4K^
Denomination, $500. Date, Jan. 11, 1904.
received until 12 ii.. December 22, by Geo. A. Flory, County Interest annually
at the National Park Bank, New York
Clerk, for §50,C00 i}i% 20-year bridge bonds of |100 each and City. Maturity, 30 years, subject to call after 10 years.
W.
$27,000 4}4% 11-year refunding bonds of $1,000 each.
Both H. H. Holswade is President, and J. K. Oney Secretary, of
issues are dated Jan. 1, 1904.
the Board of Education.
Donglas School District No. 27, Cochise County, Ariz.—
HnntSTiUe, Ala.— Bond Sale.- On December 10 the
Bond O^ertng.— Proposals will be received until 12 m., De- 5% 15-30 year (optional) gold funding bonds described$40,000
in V.
cember 31, by E. R. Pirtle, Clerk Board of School Trustees, 77, p. 2172, were awarded to A. S. Fletcher of Huntsville at
for $20,000 5% 20-year school bonds. Denomination, $1,000.
101 and interest. Following are the bids
Each bidder must deposit a certified check for lOjj of bid
lOfOO
A. S. Fletcher, Huntsvllle
F. L, Fuller & Co. (less <600
with M. D. Scribner, County Treasurer, at Tombstone. These Mtna. Insurance Co
100'75
conimlsslon)...
Par
Par
S. A. Kean, Chicago
bonds were origioally offered on Nov. 30.
Dancan, Ind. Ten— Bo?id SaZe.— This town has sold an
Ingham County, Mich.— Sor-d SaZe.-It is stated that the
issue of |25,00u water bonds at par. Date, Aug. 1, 1903. In- $o6,C00 4% court-house bonds offered but not sold on Dae. 7
terest semi annually in Chicago. Maturity, Aug. 1, 1923.
have been disposed of to the Ddtroit Trust Co. See V. 77,
East Orange, N. J.— Bond Q^erinfif.— Proposals will be re- p, 2172, for description of bonds.
Jasper County ( P. 0. Rensselaer), Ind.— Bond S'aie.— On
ceived until 8 p. M,, December 28, by Louis McGloud, City
December 10 the $6,500 6% ditch bonds described in V. 77, p.
Treasurer, for $250,000 i% water bonds. Denomination. 2059, were awarded to E. L, HoUingswoith of Rensselaer at
|1,000. Date, Dec. 1, 1903. Interest semi-annually at the par and interest. This was the only bid received.
Jersey City, N. J,— Bonds Authorized— Temporary Loan.
office of tlie City Treasurer.
Maturity, Dec. 1, 1933. Bonds
This city will issue $250,000 4% bonds to refund a like
are coupon in foim, with privilege of registration. Certified 8 mount of
7^ water bonds maturing Jan. 1,1904. The new
check for 2% of par value of bonds bid for, payable to the bonds, it is stated, will not be issued until after the first of
City Treasurer, required. Bonds will be certified to as to the year, and to meet the old bonds when due the Board of
genuineness by the United States Mortgage & Trust Co. of Finance has authorized a temporary loan of $250,000, which
will be advanced by the local banks having city's
New York City, and their legality approved by J. H. Cald. sum
money on deposit. The new bonds when sold will be'used to
well, E?q., also of New York City. Proposals must be made retire this temporary loan.
—
—
:
—
unrj
:^oo:^
v.y-nx\v^/x\iOJUJi(.
JSchooi District No. 1.— Correction.—
that tbe official clrcnlar offering for sale on
December 31 $70,0W 'i}4% gold bonds contained an error, in
that It stated that the iuterest on these bonds would be payable annnally, whereas it should have read semi-annually on
January 15 and July 15. Other details of this offering will be
found on pages 2296 and 2297 of last week's Chroniclk,
Kansas Cit J, M.O.— Bonds Authorized.— The City Council
on December 7 passed an ordinance providing for the issuance of the $2,175,000 bonds authorized at the election held
September 22. These bonds are for the following purposes
f 1,100,000 for water improvements, $100,000 for improvement
of fire system, $225,000 for hospital improvements, §250,000
for market houses and $600,000 for boulevards.
Bond Offering, Proposals will be received until 2 P. m.,
Kalamazoo (Mich.)
We are adTise<l
.
—
Jan. 4, 1904, by James A. Reed, Mayor, and A. E. Gallagher,
City Comptroller, for $500,000 4% coupon water bonds— part
of the issue referred to above. Denomination, $1,000. Date,
Jan. 1, 1904. Interest semi-annually at the office of the City
Treasurer or at the Criental Bank, New York City. Maturity, Jan. 1, 1924. The validity of these bonds will be
approved by Messrs. Dillon & Hubbard of New York City,
whose opinion as to their legality will be furnished to the
purchaser or purchasers. Bias must be made on blank forms
furnished by the city and must be accompanied by a certified
check on a national bank in Kansas City, Mo., for 2% of the
par value of bonds bid for, payable to the Treasurer of Kansas City,
Mo.
offlcial notice of this bond offering will be found among
elsewhere in this Department.
advertisements
the
Kern City, Cal.— Bonds to be Issued.— Steps are being
taken icokicg towards the issuance of $10,000 bonds for bet-
The
ter fire protection.
Le Sueur Center (Minn.) School District No. 91.—Bond
O^erinp.— Proposals will be received until 2 pm. December
by C. C. Kolars, District Clerk, for $4,500 5% school-buildDenomination, $500. Date, Dec. 28, 1908. InMaturity, $1,000 yearly on July 1
terest, January and July.
from 1905 to 1907, inclusive, and $500 yearly on July 1 from
1908 to 1910, inclusive. Bonds are exempt from taxes. A
$50 deposit required with bids. Bonded debt of district,
2»,
ing bonds.
Assessed valuation, $179,000.
$8,000,
muturing in
1923.
Denomination,
Interest, semi-annual.
1908,
»
I
V/iJ.
JJ^V.VV LX.
Date, Sept.
$1,000.
1,
—
Minn.— Bond« Authorized. The City Counon December 11 authorized the issuance of $175,000 permanent-improvement, $75,000 revolving-fund and $165,000
MinneapiillB,
cil
bridge
4<f
30-year bonds.
Mizpah School District No. 8, Itasoa County, Minn.—
Bonds Fofed.— This district has voted in favor of issuing
$2,000 school-house bonds
MonroTia, Cal. Bonds Proposed, The Water Committee
recommends to the City Council that $25,000 bonds be Issued
to complete certain contemplated improvements.
Morgan County, laA.— Bond Offering. Proposals will be
received until 2 p. m., Jan. 4, 1904, by Eph. L. Qops, County
Treasurer, for $19,000 4>i^ gravel-road bonds. Denomination, $960.
Date, Jan. 1. 1904. Interest payable at the
Indiana National Bank of Indianapolis. Maturity, $950 each
fix monlha from May 15, 1904, to Nov. 15, 1913, inclusive.
Either cash or certified check for $500 required with bids.
Morris School District, Stevens County, Minn.— Bond
Sale. This district has sold at par to the State School Fund
$16,000 4!j; sooool bonds. Denominations, seven for $1,000
and one for $9,000. Date, Jan, 1, 1904. Interest, annual.
Maturity from 5 to 12 years.
—
—
—
Mount Ternon,
N.
Y.—Bond
Bids,
—Following are the bids
December 9
for the $100,000 5% tax relief bonds
awarded, as stated last week, to Edmund Seymour
Co. of
received
New York
City
&
:
100*858 N. W. Harris A Co., New York.. 100-81
E. Seymour & Co., New York
100'29
O'Connor & Kahler, New York.lOO-7HB Oeo. M. Hfttin. New ?ork
W. .1. Hayes & Sous. ('Ieveland.l00'{i9 Eastern District Savings Bank,
I. W.Sherrill, Pouahkeepsle.... 100-59
Farsou, lieacb &Co., New York.100'62
Brooklyn, (25,0UU
Bond Offering,— The Common Council
lOS'SO
will receive bids
until 8 p. M., Jan. 5, 1904, for $30,000 5% redemption bonds
ma-
turing Jan. 1, 1910. Securities are in denomination of $l,000i
dated Jan. 1, 1904. Interest semi-annually at the office of
certified check for $1,000, payable to
the City Treasurer.
Mount
Vernon,
must accompany proposals. Au*
City
of
the
thority for issue, Section 165, Chapter 182, Laws of 1892, as
amended by Chapter 692, Laws of 1896; also Section 200,
Chapter 182, Laws of 1892. A. W. Reynolds is City Clerk.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Muskegon, Mich.— Date of Bond ^Section.- December 23
has been designated as the day on which the question of
Issuing $100,000 bonus bonds will be submitted to a vote of
the people. These bonds were referred to in V. 77, p. 2122.
We are informed that these bonds if authorized will be
turned over to the Chamber of Commerce to be used in securing factories.
New Bochelle, N. Y. Bond Offering,— Propoaa}B will be
received until 8 P. M., December 22, by Charles Kammermeyer, City Clerk, tor .$36,000 5% sewer certificates of indebtedness. Authority, Section 209, Chapter 128, Laws of
Denomination, $1,000. Date, Dec. 22, 1908. Matu1899.
Certified
rity, five years, subject to call after one year.
check for $1,000, payable to the City Treasurer, required.
Purchasers must pay accrued interest.
Niagara Falls, N. Y.—Bond Sale.— On December 11 the following bide were received for $7,000 4% water sewer redemp-
A
Lincoln County (P. 0. Merrill), Wis.— Bond Sate.—This
county on December 10 sold an issue of $20,000 i^i courthouse bonds. Tnese bonds are now being offered by N. W.
Harris & Co. of Chicago. Denomination, $1,000. Date,
Nov. 30, 1903. Interest annually on June 1 in Chicago.
Looisvllle, Ky.—Bond 8ale.— The Commissioners of the
Sinking Fund on December 12 sold $190,000 3^i 40-year gold
refunding bonds to the Star Fire Insurance Co. of Louisville— a corporation recently formed with a capital of $250,000, part of which was invested as above and the balance in
United States bonds. With the securities just sold, $890,000
of the $800,000 issue offered but not sold last June have now
been placed..
Lojalton School District, Sierra County, Cal.— Bond
Sale.— Ot the $4,600 5$ bonds of this district offered on December 7, three bonds of $450 each, maturing one bond on
December 15 of each of the years 1905, 1907 and 1909, were tion bonds
100'20
8. A. Kean, Chicago
awarded to Mrs. Mary Ann Stumpf of Downieville at 101. I. W. Sherrlll, Poughkeep8le....l02"29
.101-00
The entire issue is In denomination of $450. Interest, annual. W. R. Toad & Co., Cincinnati.
Denomination, $1,000, Interest semi-annually at the HanMaturity, $450 on December IB in odd years from 1905 to
National Bank, New York City. Maturity, Jan, 1, 1924^
over
1923, inclusive.
Bond O^ertngr.— Proposals will be received until 8 P. M.,
McKeesport, Va.— Bonds Defeated.-The City Councils
have defeated the ordinance providing for the issuance of December 29, by the Board of Public Works, care of George
$500,000 improvement bonds, reference to which was made
F. Diemer, City Clerk, for $30,000 4% bonds. Denomination,
in V. 77, p. 2297.
Macuu, iia.-Bonds Voted, The proposition to issue $40,- $1,000. Interest semi-annually at the Hanover National
000 sewer and $20,000 town-hall i% bonds resulted in a vote Bank, New York City. Maturity, Jan. 1, 1924. Certified
of 871 to 12 in favor of the issue. Bonds were described in check for $1,500, payable to the City of Niagara Falls, reV. 77, p. 2059.
Quired. Accrued interest to be paid by purchaser.
Matagorda County, Texas.— Bond* Registered.— On DecThe offldal notice of this bond offering will be found among
ember 10 the State Comptroller registered an issue of $60,000
4% 10-40-year (optional) road and bridge bonds, dated Oct. 10, the advertisements elsewhere in this Department
I
. .
|
—
1903
Jliddlesex County (P. 0. London), Ont.— Debenture Sale.
—The following bids were received December 7 for the $38,000 4^ consolidated debt debentures described in V. 77, p.
1887
Hanson Bros Montreal
Dominion Secnrities Co
:
,
W. C.
Brent, Toronto
$38.160 00
38,1
'.0
00
Brown, Mltohell 4 Co
M. O'Hara&Co
$87,451 25
37,430 00
3s,055 CO
Milwaokee, Wis.- Bond Sate.— On December 14 the $280,000 i% 1-20 year (serial) bonds (four issues) described in V. 77,
Kahler, New York
p. 2297, were awarded to O'Connor
City, at 103'07. Following are the bids
&
:
O'Connor Kabler, N. Y....$2fi8,536 00
Karson. Leacb ft Co.. ChlC. 237.12-100
Blake Broo.iCo.. Boston... 2«7,170ao
Ko IfniA Sods. Bost. 287.120 00
St,
KH
R. Klerbolte
&
Co., Chic... $284,231 00
Uares & Sons, Cleve.
2-3.711! 00
A. Kean. Chicago
2»0,28000
Harris & Co.. Phlcairo.
(|-<0.i 00 school, $50,000 tunnel bonds)
182,787 50
C.H. Coffin ($80,000 BChool). 80,D!6 00
VV. J.
ji.
N.
W
A Co.. Mllw'kee. 287.000 0)
K.I.. Day A(;o., Bostnn
886,606 20
N. W. nai.ey * Co., Chic... «8l,fl6fl uo
VenniJie&Co. New York. Ii81.424 00
Millimm Towu'^hip, N. J.— Bond Sate.— John D. Everitt
& Co., New York City, have purchased at private sale $70,000 4^4 sewer' bonds. Securities are part of an issue of
$140,000 bonds, one half of which was placed some months
ago. Tbe issue is dated Sept. 1, 1903, and matures $70,000
O. C. Fuller
Sept.
1,
1928,
and $70,000 Sept.
1,
1983— the part just sold
Oliver County (P. 0. Center), No. Dak.— Bond Offering.—
Proposals will be received until 10 a.m., Jan. 4, 1904, by Wm.
V. Kiebert, County Auditor, for $5,000 6^ 10-year court house
bonds. Denomination, $1,000. Date, January, 1904. InterThe county has no bonded debt and the flonting
est, annual.
debt is $2,676. The assessed valuation for 1903 is $590,460.
Oxford, Chenango County, N. Y—Bond Offering.— Ptoiposals will be received until 2 p. M., December 30, by the Board
of Trustees, at the office of Samuel S. Stafford, for $9,265
registered pavement bonds at not exceeding !^% interest. Interest, rate to be named in bids, will be payable semi-annuMaturity, $1,853 yearly
ally on March 1 and September 1.
on September 1 from 1904 to 1908, inclusive. The village has
a bonded debt of $23 000. The assessed valuation is $690,169,
Paonia, Colo.— Bond« Voted, This town has voted to issue
$40,000 5% water- works bonds. Denominations, $100, $500
and $1,000.' Date, Jan. 1, 1904. Interest semi-annually at
the office of the Town Treasurer. Maturity, 20 years, subject to call after 10 years. Date of sale not yet determined.
The town has no debt at present. H. L. Moller is Town
Clerk and Recorder.
Paterson, N. J.— Bond Q^eringr.— Proposals will be received until 2 p. M., Dec. 21, by Joseph Macdonald, Chairman
—
-L
XXJ-J
Committee on Finance,
Date, Feb. 6. 1904. Interest Bemi-annualiy at the Richland
Ccunty Bank of Richland Center. Maturity, $1,000 yearly
on February 6 from 1905 to 1984, inclusive. Bonds outstand-
at tbe ofBoe of the City Treaenrer.
1-4-year (serial) police-station bonds, dated
Deo. 1, 1908, and $55,000 4% 30year renewal bonds, dated
Dec. 1, 1903. Denomination, $1,000. Interest, semi-annnal.
check for 5% of the amount bid for, certified by a national
or State bank, payable to the City Treasurer, required.
Philadelphia, Pa,— Loan Bill Vetoed— Bill raaseii Over
F«<o.— The Select Couticil this week declined to concur witti
the Common Council in paseingthe resolution recalling from
the hands of the Mayor the $16,000,000 loan bill parsed early
in the month. The Mayor thereupon on December 17 returned the bill to Councils without his approval, .stating that
in his judgment separate ordinances should be passed for
each item in the bill, so that the people could express their
opinion on each of the proposed issues at the coming spring
election. The Mayor does not approve of all the items contained in the bill.
Upon receipt of the Mayor's message, the bill was passed
over his veto without a dissenting vote in the Select Council
and by a vote of 183 to 16 in the Common Council, and wHl
therefore go before the people at the ooming election. For
details of this bill see V. 77, pp. 2178 and 2174.
Portsiuoatb, Ohio.— Bond Of/ertnp.— Proposals will be received until 12 M., Jan. 4, 1904, by Filmore Mueeer, City
Auditor, for $23,000 5,-?; city-building bonds. Authority, Section 2835, Revised Statutes of Ohio. Date, Nov. 12, 1903.
Denomination, $500. Interest semi-annually at the ofiioe of
Winslow, Liinier
Co., New York City. Maturity, $2,000
Nov. 12, 1908, and $3,000 yearly Nov. 12, 1909, to 1915, inclusive. Certified check for 5% of the par value of the bonds
bid for required and the purchaser must pay accrued interest.
Keynolds (Town), P. 0. Long Prairie, T< dd Coauty, Minn.
Bond Offering. Proposals will be received until 2 p. m.,
Jan. 2, 1904, by C. E. Gatches, Town Clerk, for $1,700 6^
bonds. Denomination, $283 33, except one bond for $283 35.
Date, Dec. 1, 1903. Interest annually in Long Prairie. Maturity, one bond yearly on December 1 from 1905 to 1910, inclusive.
Blchland Center, '^is.—Bond 0#ertngi.— Proposals will be
received until 7:80 P. M., Jan. 5, 1904, by J. M. Ferebee, City
Clerk, for $20,000 i% electric-light bonds. Authority, vote of
303 to 85 at election held Oct. 6, 1903. Denomination, $1,000.
for $40,000 i%
ing, $6,000 53, issued for water purposes. Assessed valuation, equalized, $1,855,297, and the real value about $2,500,Certified cbeck for $500 required with bids.
000.
BochoHter, N Y. Temporary Loan.— The City Comptroller on Decf^mber 14 borrowed $100,000 from the Monroe
County Savings Bank at 4'97!< and $110,000 from C. 8. Lunt
Co. of Rochester at 5f, Tbe following bids were received:
A
&
Monroe Co, Sav. B'k
C 8. 1.unt
to Oct.
f ARSON,
MEW YORK.
$100,000®4*07<
1,
&-00«
I
j
K. E. Jcnnlgon, New
Security Trast Co
York
5"1M
6*iH
1912, inclusive.
—
,
:
Sevlt dltcb bonds, matarine one bond of $220 each Biz months from
July 1, )H04, to Jan. 1, lnO«. inclustlve.
8.640 5% Little Bark Creek b^nds, muturlnK one bond of $660 each six months
from July 1, Itt 4, to Jan. 1. l»o«. Inclusive.
690 6S Ed. Keed ditch bonds, njaturinK one bond of $116 each sizmonths
from July 1, 1U04, to Jan. 1, 1907.
$880
fi<
Bonds are
all
dated Jan.
at the office of the
1,
Interest semi-annually
1904,
County Treasurer.
INVESTMENTS.
Rudolph K ley bolte& Co.
INVESTMENTS.
and Sell
00..
Public Securities,
eaiCAGO.
..
KucheDter
Josepb, Mich.— Bond OjTcrmf;.— Proposals will be received until 8 p. M., Jan. 13, 1904, by Thomas S. Rofe, City
Clerk, for $25,000 10-20-year (optional) refunding bonds.
Securities are issued to refund improvement bonds falling
due March 4, 1904. They are in denomination of $500. In*
terest, semi-annual. Bids are requested for bonds carrying
i% and 5% interest. Certified check for 6% of bid required.
The offlcial notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Salem, N. J.— Bond Sai«.— This city has sold to local citizens at par an issue of $27,000 road improvement bonds.
Sandasky County (P. 0. Fremont), Ohio.— Bond Offering.
Proposals will be received until 12 M December 26, by S.
M. Fronizer, County Auditor, for the following bonds
We Buy
LEAOH &
Co.,
St.
—
INVESTMENTS.
&
Bocky Biver, Ohio.— Bonds Authorized.— The Village
Council has paased an ordinance providing for the issuance
of $8,000 6% North Ridge road bonds.
Denomination, $500.
Date, Jan. 1, 1904. Interest, April 1 and October 1 in Rocky
River. Maturity, $600 each six months from April 1, 1906,
&
—
—
Vy'-L-l.XWyil x\^j-ii:j.
BANKERS,
STOCKS
BONDS
and
DSALKRS nr
MUNICIPAL, RAILROAD and
B08T0II
STREET RAILWAY
Both Listed and Unlisted.
BONDS.
PHIiiADELFHIA.
Fractional
stocks
of
lots
at
close
1
NASSAU STEEET, NEW YORK.
market prices a specialty.
&
Perry, Coffin
Interest Paid on Daily
Burr,
INVESTMENT BONDS
H.
C.
WHITE &
SI lilberty
60 State Street,
St.,
CO.,
and Time Deposits.
The Audit Company
OF AUGUST
NewBELMONT
York.
New York.
Acting President.
WILLIAM
BOSTON.
NASH,
LIST.
Audits,
Service
Corporation
E.H.ROLLINS & SONS,
OENISON, PRIOR & CO.
CLEVELAND.
New York.
INTESTMENT BROKERS,
HieHEST QRADE RAILROAD
29 Wall Street
BONDS.
San Francisco.
Chicago.
T. B. POTTER,
MUNICIPAL and
BONDS,
CORPORATION
-
A. G. Becker
&
COMMERCIAL PAPER,
W. Cor. Monroe & La
BROADWAY,
NEW YORK.
N. T. Consolidated Stock Bxcliangre.
BONDS AND 8TOCKS
•
Salle Sts., Chicago,
OF
<'«leDbone288<' Cortiandt
"p\ Q
Bi^
O
W INT i-/
Marsln.
Establlibed 1868
AND STOCK
CERTIFICATES
Handsomely engraved, or
In cbespfr style, partly
printed from tyye (not cheap looking). Send for
100
certificates $3 lo $25.
samples and estimate.
Seal press, |l 50. Quick work.
Al
BERT
105 William
B. KIIVO
Street,
ILLINOIS,
NEW YORK
LIFE BUILDING
CHICAQO.
-
for Cash or on
Correspondence Invited.
TV
Co.,
(ryCORPORATED.)
S.
66
Baarht and Hold
LIST ON APPIilCATIOK.
THE AUDIT COMPANY
Banker and Broker,
IL.L.ft
•
•
NEW YORK:
Mutual Life Baildings,
43 Cedar Street.
PHll,ADEL.FHIA.
CHICAGO.
H. Smith,
Fred.
Member
172 Washic^ton Street,
Examinations, Appraisals.
BOSTON.
VICKER8 A PHELPS,
BOSTOSf.
CHICAGO,
MITCHBU.
GEORGE W. YOUNG. Treasurer
SEND FOR
BONDS.
Denver.
J.
THOMAS
AHD
Public
JOHN
Vice-Presidents.
L. GREENE,
Vice-President and Qeneral Manager.
INVESTMENT BONDS.
MUNICIPAL
A.
.
-
&
CO.,
New York.
Pub/io
MoGOunianis and MudHon,
OFFICERS
U A. WALTON, President.
W. LITTLE, Vice-President.
G. D. ORGAN. Sec and Treat.
C. W. KNI8BLY. Maaactn
DIRECTORS:
A.. Q. BBCKXB, A. G. Becker & Co., Chicago.
V. W. LITTLB, V.-Pres. Peoria Gas A Elec. Co., Peoria
F.
A. BTTHXB.Cash'rNat'l Livestock Bank, Chlo«BO.
B. WALSH, Pres. Chtcaeo National Bank, Chloaeo.
U A. WAiTOH. V.-Pres. Equitable Trust Co., Chicago.
*.
J,
THE CHRONICLE.
2354
Scranton, Pa.— Bond Sale.— On Daoember
eritt
&
Feb.
1,
7
John D. Ev-
They are in denomination of $1,000.
30, 1903.
Date, Jan. 1, 1904. Interest, 3^, payable semi-annually at
the office of the State Treasurer. Maturity, Jan. 1,1944,
subject to call after Jan. 1, 1909. The entire original iseue,
excepting $54,000, is held in the various State funds. The
whole of the new issue will be absorbed by the State funds,
$234,000 in exchange for present holdings and $54,000 to be
purchased with cash on hand.
Toledo, Ohio.— Bonds Sold.—'No bids were received December 9 for the five issues of 4<8 street and sewer bonds,
aggregating $13,627 85, described in V. 77, p. 1763. Subsequently, however, four issues, aggregating $11,255 05, were
taken by the Sinking Fund Trustees and the remaining issue,
$2,372 80 Twenty-first Street paving bonds, was taken by
John H, Speilbush at par and interest.
Bonds Authorized. The City Council on December 7 passed
ordinances providing for the issuance of the following bonds:
proved April
Co. of New York City were awarded an issne of
$60,000 4* registered bridge bonds at 101'50. Tbeae bonds
take the place of the |41,000 4* issue awarded to tbe same
firm on September 83, which issue hss been withdrawn. The
recently awarded bonds are in denomination of $1,000. Date,
February
Interest,
1904.
1
and Ancnst
1.
Maturity,
|3,000 yearly on February 1 from 1905 to 1934, inclusive.
Proposals will be received
Stielton, Neb.— Bond Offering.
until 8 p M., Jan. 6, 1904, by Rod. C. Smith. Village Clerk,
for $19,500 55< 5-20 year (optional) water-works bocds. The
village has no other bonds outstanding. The assessed valuation is #675,000 and the real value about |800,000.
^hernian, Texas.- Bond iSate.— On December 7 the |30,0r0
5^ refunding bonds described in V. 77, p. 2123, were awarded
Co., Toledo, at 102'48 and interest. Following
to Spitzer
are the bids
—
—
&
:
Spitier
4
Co.,
Toledo
180.733 001
Seasoneood & Mayer,
Clii....t30,e56 40
Date, Sept. 1, 1903. Interest
$7,139 06 4^ Clark Street assessment bonds.
seml-annnally a1 office of City Treasurer Maturity, " not to exceed
f7sJ0 In an» one yeir oetween lt04 and i9i:5, inclusive.'
2,6S8 78 4% Ut:ih Street assessment bonds. Date. Oct. 20, 1903. Interest
geml-annunllvat nfflce of City Treasurer. Maturity, "not to exceed
t5'i0 In any one year between 1904 and 1908, inclusive."
These bonds are part of an issue of ?35,000 l-35year (serial)
bonds, of which |5,00D have been taken by the sinking fund
as an investment.
Springfield, Ohio.— Bond O^eritjg.— Proposals will be reBauer,
ceived until 7:30 P. M., Jan. 12, 1904, bv Charles
Clerk of the City Council, for the |25,O0O A% hospitalimprovement bonds mentioned in V. 77, p. 2081. Date, Jan.
Denomination, $l,000.ilnterest, March 1 and Septla, 1904.
ember 1 at ofiBje of the City Treasurer or at the Importers' &
Traders' National Bank, New York City. Maturity, $5,000
yearly on September 1 from 1921 to 1935, inclusive. Certified
cteck for $1,000 required. Authority for bond issue, Sections 2835, 2836 and 2837, Revised Statutes of Ohio.
Bond Sale.— On December 8 the $60,000 i^i water bonds
described in V. 77. p. 2061, were awarded to R, L. Day
& Co., Boston, at 110 668 and interest.
Tampa, Fla.— Bond Ordinance Vetoed.— The Mayor has
vetoed an ordinance passed by the City Council to submit
the question of issuing $100,000 improvement bonds to a vote
C
of the people.
—
—
Toniab, Wis.— Bonds Not to be Issued at Present. We are
advised that the matter o^ issuing $15,000 street and sewer
bonds has been deferred for the prf sent.
Texas.— Arrangements Made for Refunding Bonds. The
State officials have made arrangements for the refunding
of the $283,000 1% bonds which mature in 1904. The new
bonds are issued under an Act of the State Legislature ap-
NEW
NEW
LOANS.
1^30,000
Sealed proposals vrlU be received by the Board of
Public Works of the City of Niagara Falls. New Yorfe,
Tuesday. December 29. 19t'3,
for the purchase of bonds of said city amounting to
thinv thousand dolUrs (130.000 00).
Said bunds will be thirty (30) in number, of one
thousand dollars (|l,iOOCO) each, all of whicn will
be payable January 1st, 1»'24, with Interest temiannuailyat the rate of four percent (4%) per annum,
prtncipiil payable at Hanover National Bank, INew
York City, and the Interest payable to the registered
holders of said bonds. In New York exchange Such
bonds are City of Xla^rara Falls Tenth Street Underground CrossiDK bonds Series "I," and numbered
one to thirty, inclusive.
Each bid must be accompanied by a certifled check
of some responsible bankina institution for J 1,500 On,
made payable to the City of Niagara Falls, N. ¥.. as
a enarauty that the bonds will be taken upon delivery, wiihlu two weeks from oate of award, and
must state price of bonds and accrued interest. All
such bids to be enclosed In a sealed envelope, marked
'"Proposal for Bonds."
The Board of Public Works reserves the right to
reject any or all bids.
tl7,709,«P0 00
Awes-'ed valuation
1.391,695 00
Bonded indebtedness
P.
.VJ.,
Population
By oraer of the Board of Public
GEORGE
Dated NIacrara
F.
Falls. N.Y.,
25,000
Works
DIEMEK,
December
City Clerk.
16, 1003.
BOARD OF EDUCATION
OF THE
Township
of
Weehawken,
HUDSON COUNTY,
N.J.
4% BONDS.
received
by the underSealed proposals will be
slmiPd until «;I6 P. M. JAXUAKY 27. 1H0». for the
pnrchKse of $46,400 *% coupon bonds of the BOARD
OF EDUCATION OF THE TOWNSUIP OF \V H EHAWKE^, in the County of Hudson, N.J. Bonds
will be d>ited DECBMBER 1, 1»03, and mature
DE(;EMREK 1. im2. Interest payable semi-annuHlly
at tbe Hu'tBijn Trust Co In West Hoboken, N. J.
Bonds wi'l be of the denomination of $1,000 each,
except one bond, whlcn will be for $t00.
The bonds will be enuraved under the supervision
of, and certified as to their genuineness by, the
United States Mortgage & Trust Co., and their
legalitv approved by J. H. Caldwell. Esq., of New
York City, whose opinion as to; legality, or duplicate
thereof, will be delivered to the purchaser.
Each id must be accompanied by a certified check
on a National Bank or Trust t'ompuny f'r 3 per cfnt
of the amount of the bonds bid for, pavable to the
Board of Education of the Township of Weehawken,
N.J.
Bids will be opened at the ofHce of the Board of
Education at School No. 3, Liberty Place, UIghwocd
Park. Iloboken, N J.
The right is reserved to reject any or all bids.
For further particulars and form of bid address
Arthur V. Briesen. Cl<irk of the Board of Education,
Station I, Hotjoken, N. J.
t
T.
I>.
MURPHY.
rhairman Finance Committee.
Weehawken, N. J., December
1>),
1903.
Union Connty, Ohio.— Bond Sale.— On December 12 an
issue of $6,5r0 5^ road-improvement bonds was awarded to
the People's Bank of Marysville at 100*553 and interest. Denomination, $650. Date, Sept. 1, 1903. Interest, semi-annual. Maturity. Sept. 1, 1908.
Upper Sandn«ky, Oiiio. Bond O^ermgr.— Proposals will be
received until 12 m., Jan. 14, 1904, by W. C. Ruopp, Village
Clerk, for $60,000 d% 1 10-year (serial) street-improvement
bonds. Denomination, $6,000. Date, Jan. 1, 1904. Interest
semi-annually at the Fourth National Bank, New York City.
Certified check for 1% of the amount of bonds bid for, payable to Chas. E. Frederick, Village Treasurer, required.
Debenture Offering.— Proposals will be
Vanconyer, B.
received until 12 m., December 26, by Thos. F. McGuigan,
City Clerk, for $99,000 3^^ and $50,000 4^ debentures. Interest will be payable semi-annually at the office of the City
Treasurer. Maturity, forty years.
C—
NEW
LOANS.
j^soo,ooo
City of Niagara Falls, N. T,,
Street Improvement Bonds.
np to 8 o'clock
[Vol. lxxvii.
KANSAS CITY,
MO., East
WATER BONDS.
Sealed proposals will be received by the undersigned (the Mayor and the City Comptroller of
Kansas City, Mo.) until January 4, 1904, at 2 o'clock,
P. M., for the purchase of all or any part of $500,000
four per cent Water Works Coupon Bonds of the
City of Kansas City, Mo.; bonds to be of the denomination of Ji.OOO each, to be dated January 1. 1904,
and to mature Jan. 1, 11*21. Interest payaole semiannually. Principal and interest payable at the ofiBce
of the City Treasurer of Kansas City, Missouri, in
Kansas City, Mo., or at the Oriental Bank In the
City and State of New York, at the option of the
holder.
of the bonds will be approved by
Messrs. Dillon & Hubbard of New York, whose
opinion as to the legality, or duplicate thereof, will
be delivered to the purchaser or purchasers of said
bonds.
Each bid must be made on a blank form furnished
by the City and must oe accompanied by a duly
certifled cbeck on a National Bank doing business in
Kansas City, Mo., payable to the order of the Treasurer of Kanfias City, Mo., for two per cent of the par
value of the bonds bid for. The right is reserved to
reject any or all bids.
Delivery of the Bonds will be made on January 15,
1904, at 11 o'clock A. M. at the ofBce of the City
Comptroller of Kansas City, in KMnsas City, Mo.
Bids will be received at the office of the Mayor of
Kansas City, Mo., In tbe City Hall In said City, but no
bid will be entitled to con^ideratlon unless received
by or before the hour above set for receiving bid..
Printed circulars containing more deflnito and
detailed information with reference to said Bonds
and blank forms for bids, can be bad on application
to the City Comptroller of Kansas City, Mo., or to
Messrs Dlilon & Hubbard of New York City.
The
legality
JAMES A.RKED,
Mayor of Kansas City, Mo.
A. E. GALLAGHER,
Comptroller of Kansas City, Mo.
City of St. Joseph, Mich.
REFUNDING BONDS.
City of St. Joseph, Mich., is about to refund $25,000
of Bonds originally issued for Improvement purposes
falling due March 4. 1W04. It Is proposed that the
new bonds shall be In the denomination of $500 each,
and run twenty years, with the payment optional
after the loth year. Sepnr.,te sealed bids are inviied
for the entire issue, or any portion thereof, on a basis
of both 4 per cent and S per cent iuteresi, payable
semi-annually. Sealed bids will be received at the
oflice of the City < l^rk until m p. m., Jan. l-i. 1904, at
which time bids will be opened at the rooms of the
Common <;ouncll. Each bid must be accompanied
by a certified check for 5 per cent of the amount
thereof. Right is reserved to reject any or all bids.
THOMAS. S ROFE
City Clerk.
LOANS.
^sc>o,ooo.
Oranee, New Jersey,
WATER BONDS.
Sealed proposals will be received at the ofiBce of
theundersigneo in the City of East Orange, N. J.,
until Dec. 2aDh, 1903, at 8 o'clock P. m., for tbe purchase of all or any part of $ 6' ,oo0 4% coupon Water
Bonds of said city. Bonds to be of the denomination of $1,000 eacQ. dated Dec. 1. i903, maturing 30
years after date. Interest payable semi-annually.
Bidders must use tbe printed form of proposal
furuiehed by the undersigned.
Bonds will be engraved under the supervision of.
and certified as to their genuineness by, the United
& Trust Company, and their leJ. H. Caldwell. Esq.. of New
whose opinions as to legality will be fur-
Slates Mortgage
approved by
gality
York
City,
nished to the purchaser.
For printed form of proposal and circular of particulars addre"S the undersigned, or the United
States Mortgage & Tpust Company.
THOMAS
EDWARD
W
1.
JACKSON,
CONDIT.
STEPHEN W. OUGHELTRBE,
JBKOMK D. GEONEV,
WILLIS L. BRoWNBLL.
I
I
-piT^a-nrc,
>
"tniftaft
*"rn
t/ommiiiee.
|
)
LOUIS McCLOUD,
City Treasurer.
J^SSQ,000
City of Altoona, Pa.,
Refunding City Bonds.
Sealed proposals will be received by the underDec. 23, 1903, for the purchase
signed until P.
of $22M,0tO4 per cent bonds of the City of Alti ona,
Pa.. Issued lor the purpose of refunding a like
amount of 6 per cent Improvement Bonds now outstanding. Bonds to be of the dcn«mlnation of $500
and $1,0U0; to be dated Jan. 1. 1904, and to mature 80
years after date, with option of redemption after ten
vears; interest pavable semi annually Jannary 1 and
July 1; both principal and Interest are payable at the
office of the ity Treasurer of Altoona, in Altoona.
Pa., bonds to be delivered .Ian. 12, 1904. A certifled
check on a National Bank for 2 per cent of the
amount of the bonds bid for, payable to the City
Treasurer of Altoona, Pa., must accompany each
bid. No bids will be conjldered at less than par and
accrued interest. The bonds will be engraved ucdcr
the supervision of, and certifled as to IliPir genuineness by, the United states Mortgnge & Tiust Co. of
New York City. The right is reserved lo reject any
oral! bids
M
s;
,
I
S.
HO YER, Mayor,
M. KELLY, President Common Council.
(iEOROE F. TA'I'E, President Select Council.
M.
WM.
Dr.
HENRy
D.
ALRXANDEH, Chm. Joiht Fin. Com.
Committee appointed bv Councils to
sell and deliver the bonds.
Financial Statement.
Assessed valuation of taxable proiierty
1903
Bonded Debt including this issue
Sinking fund, March
Bonds
Cash
$18,5=2,216 00
1,188.000 00
31, 1903.
$61,100 ro
BI.OOT 34
$122,707 34
Total
Population.
Census, 1900
Estimated, 1903, over
88,07
62,CO
—
Dec.
,
THE CHRONICLE.
19, 1903.
&
Coat 111 '26, and $5,800 5^ grading bonds to Denison, Prior
of Cleveland and Boston at 102-45. Following are the bids
WeehaTvb en Township School Dist., Hndson County, N
J.— Bond Offering.— FToy)oasila ^ill be received until 8:15 p.
M., Jan. 27, 1904, by T. D. Murphy, Chairman Finance Com-
:
Estabrook
.
E U. Rollins * Son». Chic... SO,.( 86 00
Declson. Hrior *Co., CleveM,650C0 Kane & Co.. Minneapolis
6o, 571 00
land Jt Boston
51,457 Ot) (^has. It. (^otUn. ChlcaKO..
John NuveeD .* Co.. Chic
50 H'0 Oil
51,41300 John Uolmes, ChlcoKo
Nat. Bank of Uecornh ...
5o,,-^60 no
K. Kle>bolie&Co.. t;\Tioln.... 61,400 00 Mason, Lewis & Co., Chlo.
60.,100 00
8ea.*oni:ooil * Mayer, CIncln. 51,V!l5 00 a. A. Kean, CblcaKC.
60,,050 00
Winneshiek Co. Slate Bank,
V. L. Fuller & Co., Cleveland. 50, 060 00
.
.
50,951 00
Woodlawn, Ala.— Bomis Foted.—The election held November 21 resulted in an unanimous vote baing cast in favor of
the Issuance of 1 15,000 5% 20-year school bonds.
Wyoming, Ohio. Bond Election. At the spring election
next year the question of issuing |50,000 sewer bonds will be
submitted to a vote of the people.
Toun^irgtown, Ohio.— Bond Sale. The two issues of 5%
bonds described in V. 77, p. 2062, were awarded as follows
$125,000 5J filtration- plant bonds to Es^abrook
Co,, Boston,
—
—
:
&
NEW
Prior*
Donisoii,
:
LOANS.
* Co.. Boston
N. \V. H-iiTis
f emi-annually at the Hudson Trust Co. of West Hoboken.
Maturity, Dec. 1, 1932. The legality of these bonds has been
approved by J. H. Caldwell, Esq., of New York City, and
they will be certified to as to genuineness by the United
States Mortgage & Trust Co., also of New York City. Certified check on a national bank or trust company for S% of
the amount of bonds bid for, payable to the Board of Education of the towEshipof Weehawken, required with bids. Full
particulars maybe had of Arthur V. Briesen, Clerk Board of
Education, Station 1, Hoboken, N, J.
The offlcial notice of this bond offering will be found among
the advertisements elsetohere in this Department.
Winneshiek County, Iowa.— Bids. — Following are the
bids received December 8 for the^SO.OOO 43^^ court-house
bonds awarded, as stated last week, to W. J. Hayes & Sons,
Cleveland
W.J. Hayes 4 Sons, CleTe... $62,667 00 F.R. Fulton A Co.. ChlcaKO..»!iO, O05CO
Farson. Leach * Co. Cbic,... 68.403 00 H. M. Bectitel & o..I)nVport 6f ,715 00
NEW
.t
Co.. Clovolnnd
Co.. ChlciiK,!
and Boston
.1.
1S7,U6
.fc
Co..
1
laii.aftO
1.S4, 701115
134.S75 00
.
of Oil City, Pa., made the
$122,500 for |115,0O» bonds maturing from
1905 to 1927, inclusive, or |21,G'jO for 520,000 bonds maturing
from 1915 to 1918, inclusive.
Bond 0#erin(;.— Proposals will be received until 2 p. M.,
I. Davies, City Auditor, for the followJan. 4. 1904, by
:
Wm.
ing bonds
:
brlr1:;e, viaduct and culvert repair bonds of (760 eacli.
MataritT
$7^0 yeatly on Oct. 1 from llt(»5 to 1«14, Inclusive.
('lOU
on
1 from
bonds
or
$6uo
Maturity,
yearly
Oct.
tlie-enKii
e
each.
6.000 t%
$7,500 Si
lvt)5 to )lil4, Ircluslvo.
2,600 5% Shehy Street (iradinR bonds of $620 each. Maturity, $520 yearly on
Oct. 1 fr.'ui 19i)t> to i9ii!», incltisive.
1,423 6^ Scott Street BCwer bonds. Denomination, $286. Maturity, one bond
yearly on Oc. 1 from 1905 to IwuO. Inclusive.
726 6% .lohuson street eradlUK bonds. Maturity, one bond ef $145 yearly on
Oct. I from 1905 to iHOii, Inclu.Hlve.
3,500 6% Dallas Avenue sewer bonds of $700 each. Maturity, one bond yearly
on Oct. 1 from 1906 to IbOM, Inclusive.
575 b%
Oak
Oct.
1
Hill
Avenue sidewalk
from 1905 to
botids.
liOw. inclusive.
Maturity, one bond $120 yearly on
Oct. 1 from IHOd to l« 9, Inclusive.
3.000 5% Dallas Avenue sidewalk bonds.
from 1900 to 1«09, Inclusive.
Maturity, one bond $600 on Oct. 1
Bonds are dated Jan. 11, 1904. Interest will be payable
semi- annually at the office of the City Treasurer. Purchasers must be prepared to take the bonds not later than
Jan. 11, 1904, the money to be delivered at one of the city
certified
banks or at the office of the City Treasurer.
check for 2i of the amount of bonds bid for must accompany
proposals, which must be made for each block separately.
A
NEW
LOANS.
($500,000) dollars
of bonds, issued by authority of Act 14 of the General Assembly of 1898, for the purpose of redeeming
the bonds of this Board issued .July 2d, 1893.
These bonds are of $1,000 denomination, dated
January 1st. 1904, and are due flftv years from date,
and redemable forty years from date, at the option
of the Board.
They bear 5 per cent per annum Interest, payable
semi-annually by the Fiscal Agency of the State
In New Orleans, or by the Treasurer, Baton Rouge,
Louisiana, on January Ist and July 1st of each
year, interest coupons attached to bonds.
These bonds are secured by taxation and forced
contrlbutioni and sale of lands, and are absolutely
safe.
Sealed bids will be received for all or any part
of the above issue of bonds at the office of this
Room
New
Excbarge
1, Fourth Floor Cotton
Orleans, Louisiana, up to MONDAY,
DECEMBER 28TH, 1903, at 12 o'clock M., at which
time all bids will be opened. Cash or a certified
check for an amount equal to 5 per cent of offer
Building,
must accompany each bid.
The right to reject any and all bids
For further information apply to
and
MacDonald, McCoy
&
Co.,
La Salle
Cblcago.
&
F.
BRUSH,
W. REYNOLDS,
Mayor.
City Cltrk.
FULTON & CO.,
Municipal Bonds,
171 LA SALLE STREET,'
CHICAGO.
121
Stanwood &
16
Conoress Street, Boston.
36
NASSAU STREET, NEW YORK.
& RAILROAD BONDS
Co.,
BANKERS,
Devonshire Street,
Co.,
BANKERS
Philadelpbla. STATE, CITY
17, 19o3.
MUNICIPAL BONDS.
BANKERS.
Boston.
R,
Street, Cbicago.
Blodget, Merritt
Savings Banks, Estates, Trust
E^nds and conservative private investors.
MASON, LEWIS & CO.
F.
,
EDWARD
A.
E. C.
Stiltabie for
Write for CireiUar.
M
CORPORATION
BONDSe
Z7I
Corporations,
Notice of sale of Redemption Bonds of the City of
N.Y.. the Fifth
day of January, 1904.
The Common Council of the City of Mount Vernon
will at its chamhprs in the Lucas Building. Depot
Place, on the H'lFTH DAY OF JANUARY, 1904, AT
receive sealed proposals
EIGHT O'CLOCK P.
for the purchase of THIRTY (30) REDEMPTION
BONDS of said City, numbered consecutively as
Issued from 241 to 270, Inclusive, and that said bonds
will be sold to the highest bidder at a public sale to
be held at said time and place.
These are a series of bonds which are authorized to
be issued under and pursuant to Section 1.55 of
Chapter 182 of the L»ws of 1892 as amended by
Chapter f9i of the Laws of 1898 and also under and
pursuant to Section 200 of Chapter 182 of the L iws
of 1892. Each bond will be for the principal sum of
One Thousand (»1,000) Dollars, and wlil bear interest
at the rate of FIVE (5«) PER CENT, PAYABLE
SEMI-ANNUALLY at the oWce of the City Treasurer in the City of Mount Vernon. They will be
dated January 1, 1904, and payable on the first day of
January, 19l0.
Eacn bid for the redemption bonds must be
accompanied by a certifled check for One Thousand
(tl.O 0) Dollars to order of City of Mouat Vernon as
an evidence of good faith.
The said Common Council will at said time open
such proposals as may be received and accept the
highest thereof if it deem it for the best interest of
the City to do so; but it reserves the right to reject
any and all proposals should it deem it advisable.
By Statute the bonds cannot be sold for less than
par ana accrued Interest.
Mount Vernon, Westchester County,
reserved.
Ulnnlclpalitles,
Railroads
Six Year Redemption Bonds.
MAURIN,
MUNICIPAL AND
Mount Vernon
Dated December
is
President,
Donaldsonville, La.
Op W. J. McCUNE, Secretary,
Cotton Exchange BulIdinK, or Gretna, La.
INVESTMENT BONDS
OF
hnndered thousand
LOANS.
SALE OF 6%
The Board of Commissioners of the Lafourche
Basin Levee District offers for sale on DECEMBKK
any or all bids.
Bids should be marked "Bids on Bonds" and
addressed to Fred. L. Hill, County Clerk, Great Falls,
Cascade County, Montana.
By order of the Board of County Commissioners
of Cascade County, Montana.
FRED. L. HILL, County Clerk.
Maturity, one bond $116 yearly on
600 5% McGuffey Street sidewalk honds.
Notice Is hereby given that in pursuance of the
provisions of Article 8, Chapter 3, Title 2, Part 4, of
the Political Code of the State of Montana, and of
the order duly made by the Board of County Commissioners of Cascade County. State of Montana, at
a meeting of said Board held on the 7th day of
December, 1B03, the said Board of County Commissioners, will, on the 20TH DAY OF JANUARY
1904, at 10 o'clock A. M. of said day, at the office of
the County Treasurer of said County, in the District
Court House in the City of Great Falls, Cascade
County, Montana, under and by virtue of the order
aforesaid and authorized by the resolution duly
adopted bv said Board at a regular meeting thereof
held on the 7th day of December, 1903, at the office
of said Bo<rd in the District Court House in the
city of Great Falls, Cascade County, Montana, sell
coupon bonds of said County of Cascade, to the
amount of TEN THOOSAXD DOLl ARS, drawing
Interest at the rate of FOUR AND ONE HALF per
centum per annum, payable semi annually on the
first day of January and the first day of July of each
year, which bonds will bs of the denomination of
ONE THOUSAND DOLLAR? BACH, and shall be
YE.A.RS AFTER
redeemable and payable
THE DATU; CF THEIR ISSUE, provided, however
that said bonds shall be redeemable, at the option
of the obligor, AT aNV TIME AFTER TEN
YEARS from the date thereof. The said coupon
bonds will be made payable at any National
Bank designated by the purchaser and the said
County of Cascade will delivtr such bonds at said
bank to the order of the purchaser. The Interest
on said bopds will be payable at the ofBce of the
Treasurer of »ald Connty of Cascade.
Sealed proposals for the purcbas-e of said bonds,
•ubject to legality, will be received up to the time of
sale and the party or parties offering the highest bid
and price therefor will receive said bonds. A New
York draft or check certifled by a lireat Falls bank,
payable to the order of the County Treasurer of
Cascade County aforesaid, to the amount or $500,
must be deposited wiih the County Treasurer aforesaid by e.'ich bidder as a guaranty of good faith.
Said Board of County Commissioners reserves the
right to reject
5,i-n 00
5,353 00
00
00
The Lamberton National Bank
following offers
Lafourche Bagin Le\ee District.
V.
00
13«.0rR 00
Union ^avlims Bunk JtTruKl Co., Cincinnati
Feder. Hol/,iiian \ Co. and S. Kiilin i Sons, Glneln.. 1:hS,750 00
Provident SnvlnK.s Hank & Trust Co., Cinoiunatl ... i;t2,5OU0O
1:11,602 60
New First National Bank, Columbus
Louisiana State Levee Bonds, City Of
Board,
6,356 90
:17
IH,-),!!:!? ftO
18f>,"a.%
1H6,()('0
.
K. Kievtiolto A Co., Cincinnati
N. W. halsev *Co., New V..rk
SfatcSavink's ll'ink Co. 'I'oledo
16,429 86
13«,6M7 50
Chicago
F. I,. Kuller&Co. Cleveland
Weil. Roth & Co.. Clnolniirtil
,«nipreeht Bros. Co Cleveland
Farson. I.eaoh
Cascade County, Mont,
COUPON BONDS.
TWENTY
Bonds.
»13 i.076 00
13H,S37 50
138,60^00
137,2.S7 00
W Mayes A Rons. Cievoland
Seasonfod & Mnver, Cincinnati
#soo,ooo
28th, 1903. five
Grading
Jlondf.
est
Uecjrah
96,300
>i85,oao
Fillnitton
mittee, for $45,400 i% coupon school bonds. Denomination,
Date, Dec. 1, 1903. Inter51,000, except one bond for f400.
i
2355
BOSTON.
A BAKGAI.N IN
Gilt-Edge VERMONT
Bonds.
Write for circular.
Our fancy 1904 Calendar free to Investors.
MAliUY
B. POU^EIili
&.
W«odatoek, Vermont.
CO.
THE CHRONICLE.
•2356
^'mst
[Vol. Lxxvir.
<2P0m)yauies.
MERCANTILE
INTERNATIONAL
OLD COLONY
TRUST COMPANY, TRUST COMPANY, TRUST COMPANY,
B08T0N.
niASS.
ST. LOUIS.
Capital,
Surplus,
BOSTON, MASS.
CAPITAL.,
«3,0OO,0OO
6,500,000
81,500,000
S.000,000
$1,000,000 00 SURPLUS
Transacts a General Banking Bnsinens.
3,000,000 00 Allows
Interest on Dally Balances Subject
to Check.
Fntmacta a GvnernI Tmat. Financial and
CHARTER FERPETCAl..
Trustee
Under Mortgaaes.
Keal Kstate Baitlness.
Transact* a General Bnnklns and Tmst
Transfer Asrent, Realstraiti
laterest Paid on Dt>po*lts Subject te Check.
Company Baalneaa.
BOARD OF DIRECTORS
OFFICERS:
Jefferson CooUdge Jr., Chairman.
SOLICITS THE BUSINESS of Indtyldnals, Firms, Gordon T.
FK8TDS J. WADH, President.
Abbott.
OUver Ames,
Corporations and Trustees.
0. W. Amory.
Samuel Carr.
CORWIN n. SPKNOEK, yio»-Pr«s.
P.
INTEREST
ALLOWED
B.
Cheney,
on
Deposits, Subject to
T. Jefferson CooUdge,
LORENZO K. ANDERSON. Vice- Pr««.
Charles H. (ottlng,
Philip Dexter,
Check. Special rates on time deposits.
JONATHAN RICK, Vlce-Pres.
ben
S. Draper,
George F. Fabyan,
ACTS
AS
EXECUTOR,
Administrator,
Guardian. Frederick P.
C. H. McMillan. Secret»ry.
Fish,
George P. Gardner,
Trustee and AssUmee, and as Trnatee Under Reginald Foster,
J. B. MOBERLT, AmC Secretary
Walter Hunnewell,
niortsases from Railroads and other Corpora- Henry S. Howa
George v. L. Meyoi.
GEORGE W. WILSON. Trea«nrer.
Laurence
-
Capital
Surplus
^y
p
^^'QQK j2
'
Officer.
DIRBOTORS:
C.
Oeome Warren Brown,
W Bell,
Brown.
Paul
James O. Bntler,
James Campbell,
Yalle
L. D. Doster,
Gaass,
C. F.
Reybam,
Jonathan Uloa,
Harry i^cullin,
Oorwln H. Spenoei.
Joseph Bpteselhalter,
John S. SulllTao,
Festns J. Wade,
UastaT Cramer,
Henrr
Grlese<]leck Jr.
R. C. Kerens.
SAFE DEPOSIT VAULTS.
VALLEY
MISSISSIPPI
Robert M. Morse,
William W. Crapo,
FOURTH & PINE
CO.,
STS., ST.
Nichols,
Thomas F. Temple,
A. N. Burbank,
C. J. H. Woodbury,
OUrer W. Mink,
Aaron Dayla Weld.
Albert 0. Honghton.
JOHN M. GRAHAM, President.
HENRY Ij. JEWETT, Secretary.
FARNHAM 8UITH,
Aaa't 8e«>r.
CITY TRUST
CO.,
B.
INOOBFOBATXD
CAPITAL, SURPZVS
>
.«
/)/)/l />/l/)
EHmer B.Adams. D.R.Francis,
Wm.D.Orthweln,
OFFICERS.
8. Walsh. President.
BRECKnmiDOB Jokes, let V.-P. and ConnBeL
John l>. Davis, Second Vice-President
Sahtbl E. HoFP5iA>r, Third Vlco-Pres.
JULirs
pBEDERfCK VrERLiNO, Tmst Officer.
Hk>tit Simple Ajies. Asst. Tmst Officer.
William G. Lacket. Asst. Trust Officer.
ECGENE H. Benoist,
Real Estate Officer.
WlLBCTE B. Price, Safe Deposit Officer.
TRUST COMPANY,
CHICAGO.
-
AUTHORIZED BY LAW TO BBCBIVB
character from
and
coorti,
eorporatlons and Indlrlduals. Takes entire cbarce
of estates, real and personaL Acts as asent for the
rectatrallon and transfer of bonds and stocks. and
the payment of ooapons, Interest and dlrldends. A
iMral depository for conrt and trust fands.
ON DEPOSITS of money
INTER K3T
retwyable on demand, on notice, or at a fixed date,
OB which special rates of Interest are allowed.
ALLOWED
TRUST FUNDS AND TRUST INVESTMENTS
are kept separate and apart from the asaets of the
ANDREW McNALLT.
JOHN M. HMTTH.
J. R. WAX8H.
WALTON.
BLOUNT,
MAURICE BOSBNFELD,
M.
L. A.
Jf.
B.
WALSH, President.
A. WALTON, Vice-President.
C. D. ORGAN. Secy, and Treasnrar.
C. HUNTOON. Asst. Secy. A Caahlar
I*.
Trustae under Mortgages, Transfer Agent,
Registrar of Stocks and Bonds.
PHILIP STOCKTON, President.
CHARLES FRANCIS A DAMS 2d. V.-Prai.
GEORGE 8. MUM FORD, Secretary.
GEORGE W. GRANT. Treasurer.
HENItY 3. GREW 20, Aast. Treasurer.
DIRECTORS:
Charles F. Adams 2d,
George B. Keith,
8.
Bartlett,
BOSTON MASS.
....
-
ANNUAL.
1903
laaoe.
Authorized to act as executor and to recelre and
hold money or property In trustoron deposit from
Courts of Law or Equity, Executors, Administrators, Assignees, GuEkrdlans, Trustees, Corporations
and Individuals.
Also acts as Trustee under Mortgages and as
Transfer Agent and Registrar of Stocks and Bonds.
N.
W. JORDAN,
B. A.
WILLIAM
B.
76)4 PINE
DANA COMPANY,
STREET,
NEW
YORK-
W. WhltUet
President.
COFFIN, Treasurer.
C.
Rhode
H.
BOWKN, Secretary.
O W. AURYAN8BN. Asst. Se&
Island
Hospital
Trust Company,
PROVIDENCE,
R.
I.
CAPITAIi
81,000,00*
SURPLUS EARNINGS
oTer.... 81, 400,000
Royal C Taft.
Robert H. I. Goddard,
Geo. W. R. Matteson,
William D. Ely.
Robert I. (jammell,
William BInuey,
William B. Weeden,
Edward D. Pearca,
Robert Knight,
John W. Oanielsou,
Herbert J. Wells,
John
Pegram,
C.
Lyman
B. Goff,
Rowland G. Hazard.
Ne.son W. Aldrloh,
Samuel
R. Dorrancs^
O. Stnrges,
Howard
Stephen O. .Metcalt
Wslter R. C.<iUender,
Gilbert A. Phlllipe,
Edward Uolbrook,
James
E. SuiltTan.
INTEREST ALLOWED ON DEPOSITS SUBJECT
TO CHECK.
HERBEBT J. WELLS. President.
BOARD UF DIRECTORS!
SAM'L R. DORRANCB, Vice-President.
WM. ENDICOTT. President.
EDWARD S. CLARK, Secretary.
0HA8. H. DALTON. Vice President.
WILLIAM A. GAMWELL, Asst. Sec'y.
CHA8. F. CHOATH. Vice-President.
PRESTON H. GARDNER. Asst. SeoT.
J. LEWIS 8TACKHOLH, Vice-President.
Alfred Bowdltch,
Alexander Cochrane,
T. Jefferson CooUdge,
George Dexter,
Philip Dexter,
WUliam Famsworth,
Morris Gray,
Franklin HaTen,
Amos W.
Stetson.
Lawrence M. Stooktoa,
James J. Storrow,
The Trust Company of
Nathaniel Thayer,
North America
603-506-507 Chestnut St., Philadelphia.
WHITNEY, Actuary.
H- N. MARB. Secretary.
81,000,00»
rBBDBRICK W. ALLEN, Asst. Sec. k Treas. CAPITAIi
FRANCIS B. JKWBTT, Trust Officer.
Beele.
Registrar,
Executor.
Trustee,
Acts as
D. B.
PORTLAND
TRUST COMPANY
Incorporated April
28, 1887.
We
Is^ue coupon certificates- of- deposit for two
three, four or flye years, on which we pay interest
at the rate of four per cent per annum as per semiissue cull Interest
annual coupons attached.
bearine certificates- of- depoNit at various rates, as
defined In our b<-ok of ILLUSTRATIONS, ooplei
of which we shall be glad to furnish.
We
Price, 8!£.00.
P. L. SaltoiutaU.
Charles
DIRECTORS:
$1,000,000
3,000,000
-
Albert A. Pope,
N. \V. Rice,
Royal Roub'ns,
Issaac T. Burr,
Samuel Carr.
Gordon Dexter,
Eugene N. Foss,
W. Seward Webb,
W. Wlnslow.
TRUST COMPANY,
-
Atkins,
8. Bird.
William A. Russell,
NEW ENGLAND
OAPITAIi,
T.
P. Howe.
W. Jordan,
David P. Kimball,
John Lawrence.
8. E. Peabody.
Francis Peabody Jr,
George W. Brown,
Charles B. Perkins,
Howard Stockton,
Philip Stockton,
Charles A. intone,
Qulncy A. Shaw Jr.
Nathaniel Thayer,
Elmer
N.
Hobart Ames,
Maxwell Norman,
Robert T. Patne 2d,
T. Jefferson Coolldge Jr,
Charles E. Getting,
George A. Draper,
William F. Draper,
Frederick P. Fish,
Robert F. Herrlck,
Francis L. Hlgginson
James R. Hooper.
aii4
BOARD OF DIRECTORS:
C. F. Adams 2d,
F. Lothrop Ames,
Bdwin
OF OREGON.
Financial Review.
Secretary.
...
CAPITAIi,
Charles
" Tkt OidMt IVust Ovmpaitu/ in Orenon."
OFFICBBS:
M. liAMSON, AssU
AMERICAN LOAN &
TRUST COMPANY,
Henry C. Weston,
George WIgglesworth.
DIBECTOB8:
WILLIAJl BEST.
F.
F.
Frederick P. Flah,
eompany.
PHIPPBN, Asst, Treasurer.
POUSLAND, Assistant Treasur«.
BLMKRFOVH, Secretary.
JOSEPH G. STUARNS, A ss't. SeorcUfT.
JULIUS R WAKEFIELD, Trust Offlcw.
F. G.
B.
OFFICERS:
SURPLUS,
$500,000
275,000
•zeente tnuts of eTery
B. A.
trator and Trustee.
The
EQUITABLE
Capttal paid up
Surplus -
R. HAR-t )
JAMES A. PARKER, >yice-Presldauts.
PIERRE JAY,
)
Depositary for Court Funds, and authorlied
to act aa Executor, Guardian, Admlnla-
Sidney
THE
Weston.
FRANCIS
A legal
John
Hknkt C. Ibbotson, 8d Asst. Sec'y.
W.DA VTESS PiTTMAN.Bond Officer.
C.
$1,000,000
$1,400,000
$1,000,000 SURPLUS EARNINGS,
Transacts a General Banking and Trust
Snrpluo,
1,000,000
Company Business.
Tranaacta a General Trnst and
INTEBB8T ALLOWED ON DEPOSITS Subject to
Banking: BuHlneas.
Check. Special Rates on Time Deposits.
....
....
Orlando H. ALford,
Brock, Secretary.
HrGH R. Lyle, Asst. Secretary.
k.
Henry
GORDON ABBOTT, President.
C. S. TUCKBRMAN, Vlce-Pres. and Treaiure^,
and othei niortanKes, ainu as Agent for the
Reslntevingc and Transfer of Stock.
Wllllam'n Bacon, Arfrust Gehner. H. Clay Pierce,
Uorray Carletou. Geo. H. Goddard.J. Ramsey Jr.
Charles Clark,
Moses Rumsey,
8. K. Hoffman,
Chan. H. Huttle. JuMus t*. Walsh,
John D. Dans,
E. L Drummond, Breckln't'eJones.RoUa WeUa,
Wm. F. Molker.
An«. B. EwlnK,
Jambs
8. Tnokermaa.
Stephen M. Weld,
BOSTON. MASS.
and I-ROFITS.S *0,UUU,UUU IntarMt Allowed on Deposits subject to CliMk
Acts HN Trustee uiitler Rallroud
A Qeneral Tnut Company bii«inen traaMCted.
niRKCTORS.
Richard OIney,
Nathaniel Thayer,
Lucius TutMe.
R. Reed.
Charles
1900.
STATE 8TS12T, BOSTON, MASS.
Capital,
LOUIS.
Patrick A. Collins,
John M. Graham.
Lyman
«0
TRUST
W. Murray Crane,
James Phillips Jr.,
Claflln,
John U08R,
Emerson McMllltn,
D. I). Walker,
George W. WUson.
Henry
Separata Accommodatlona tor Ijadlea.
DIRECTORS:
WUliam
H. MoHtnan.
William Maffltt,
OeorRS D. Markham,
Dan. O. Na^ent,
liorenio B. Anderson,
James
MInoi,
tions,
M|fr9-8afe Dep.Dept.
r
-
and as ReElatrar and Transfer Asent.
Ne'w Bnritlnr-proot and FIre-prool
WILLIAM MAFFITT. A8»t. Treasurer.
JOHN H. KRUSK, Aist, Treasarer.
JACOB KLKIN, ConnseL
TIROIL M. HARRia Tmrt
•
BEN J.
1.
CUHEN,
President.
B. JLEE
PAGET.
comes Surety. Complete set of Sale Deposit Vaults.
Interest on Deposits.
ADAM
HENRY
Trxut Officer and Sec'y, HENRY B. BARTOW.
President,
A. 8TULL.
O. BRBNOLH.
A Treasurer,
2d Vice-President, JOSEPH S.CLARK.
1st Vlce-Pres.
DIRECTORS:
James Crosby Brown,
John Cadwalader,
E. W. Clark Jr.,
Kdwln S. Dixon,
Eugene L. Ellison,
Joseph C. Fr.ley,
Harry C. B'rancis,
Henry L. Gaw Jr..
Howard 3. Grahnm.
Secretary.
F. Houston,
Levering Jones,
Samuel
J.
Howard W.
Lewis,
Malcolm Lloyd.
John Mollhenny,
Clement B. .Newoold,
John W. Pepper,
William K. Head,
Frank 8amucl,
Adam A. Stnll,
Edward D. Toland,
Joseph K. VWainwright,
OPorifO B. Wilson,
William D. WInsor,
UaaoJ. Wlstac.
I
@FedFRASER