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[Entered aooordlng to Aot of Congress, in the year 1901, by tn« William B. Oajia Oohpaht. In the VOL. SATURDAY, Dh( EMBER 73. 7, offloe of the Librarian ol Congress.} NO. 1902 1901. OLEA RINGS— FOR NO VEMBER 1901 AND 1900. CLEARINGS— WEEK ENDING NOV. ALSO SAME WEEK 1900, 1899, 1898. ALSO SINUS JANUARY 1 1901 AND 1900. November. 1001. New P.Ot 1900. % 1.338,148.169 5.7.14,039, 418 465,611,82 400. 1U2. 85 Ifll.tHM.rtr 144.895. 177 97,721,815 94,710, 314 86,820,141 33.109, 02l 12.704.:iJU 10.926, 36 80,375.896 12,250, -0 10,188,006 10.642, 441 5,743.448 5.196, 024 York.... Philadelphia Pittsburg.... Baltimore.... Buffalo Washington. Albany Rochester... r-14-6 4-11-5 +3-8 +117 4-10-3 t-00-3 -4'8 : 80. 100.500 Hartford ... 10.738.46'.; New Haven. 7.075,485 6,700,874 Springfield... •.887,1*00 Woroester... Portland Pall River... Lowell New Bedford. Holvoke Total N. Bng Chicago Cincinnati Detroit Cleveland. Milwaukee.... 070,518,080 009.358.985 81.972.900 68.808.9J9 Grand Rapids. Davton Kvansvllle . Bprtngtleld.IU Lexington Akron Kalamazoo.... Rockford... Springfield.. Canton Jacksonvllle.il Qulncy City. Portland Los Angeles. Seattle Spokane 10,879,882 7,048,693 5.358,078 4.400,576 1.961.970 8,341.875 2,831,812 2,535,500 8,015,760 1,681.628 1,444,938 1,683.289 677,8*8 1,864.784 1,840.795 726,823 17 888,482 13,2^8,106 10.SO7.856 16,792,293 0,017,201 Tacoma 5.M7.297 Helena Fargo 8.788.593 8.8U6.180 1.164 .010 Sioux Falls. Total Pacific Kansas City. 191,170.667 81,480,430 83,164,860 28,495,342 28,403.102 18,789,735 81.437,171 8,308,144 4,639,378 0,764,653 5,372,687 8,486,324 Minneapolis.. Omaha Paul Denver St. Joseph Des Moines... Davenport,... SlonxClty.... Topeka Wichita. 681612 Fremont Tol. oth'rW. St. HO*o Louts New Orleans.. Lonlsvllie Galveston Houston Savannah Richmond Memphis Atlanta Nashville Norfolk Augusta Knoxvllle Fort Worth... Birmingham... Macon.. Little Rook.. Chattanooga... 290,020.488 210,910.308 66,034,107 87.034.877 17,085.300 20.810,448 I9.926,62 J 16,007,822 18,254.863 18,176,425 7.981,331 0,300,173 0,291,858 8.941.029 0.973,301 4,928,164 3,04^,000 3,678,644 8.0^9,674 1,689,385 P.Ot. 015,234,368 4,241 ,108.080 fl*-8 874,814,061 1.471 785,838 - -274 088 900,8 091,808,085 83? ,103,470 --10-5 878,340.701 117.654.860 --104 129,738,830 130 127.868 -10-7 151,8i4.28b 1"7,835,101 07 267,675 --10-4 62 527.032 +7-1 58,850,017 03,700 830 51 647,875 +81-8 43 000,816 +06 47,882,071 18 040,900 -7-8 17,645,400 16 ,174,851 -31 14,702,138 7,308.290 ,183,401 fl8-4 18 225.794 -4-9M5 17,782 812 036,093,178 54,170,258,054 Hll-3 033 147,808 6,686,070,274 824,782,600 205,867,700 124,204,631 116,850,623 69,306,601 74,006,688 67,820,263 08,072.005 60,218,679 71,543.187 61.212,820 01,800,088; 89,420,121 30.517.287 24,874,193 27,825,34 81.074.029 20.004.084 14.758,180 10,700,716 10,860.140 16.813,036 14,808,498 16,288,134 7 874,418 13,205.03 It 081.720 6,010 201 +236 10,404,723.551 9,088,802,882 +100 030,148,809 107,008,015 05,750,010 112,018,045 120,417,390 01,487,398 48.740.78u 38,087,304 +14-6 16,435,081* 7485,684 1.805 040 4-106 1,171, 519 r85-0 578, 295 +17-1 900, 436 +87-9 890, 292 -4-38-4 650, 708 +380 80,845,501 4-191 1.078,789,871 100,084,012 t28"0 100.418,027 +38-0 145,780.536 11,876, 73C +33 131,584,02 4,70a, 113 ,36 54,301,486 4.941, 048' +12-1 64,512,443 671 -t-12'0 8,436. 30.0S4.121 8,3 8 884 -4-25-4 17,651,470 798, 968 +458 10,380,898 +30*7 +23-5 1,791,487.438 + 18-8 +38-4 4-0-2 +19-3 -005 4-8fC 0.457, ,62 +20-6 8,400. 974 +86-8 6,723, 420 •4-18-2 8.931, ,491 +307 2,083, ,790 4-10-8 622 K 48 +81-8 , 8,687,410,300 69s -4-4-8 603 +6-7 600 -8.6 040 +0-8 693,050,992 520,088,474 289,476,231 824,383.803 198,760,032 191,325,805 63,813,845 43,108,634 51,479,080 85,001,301 23,880,240 0,888,185 629,473,980 420,072,741 170.J01.05C 207,148,018 164,476.244 181,332,345 130,176,^86 00,028,479 78,082,002 05,859,022 68,890.035 89,507,674 68,336,170 42.896,276 81,5*6.000 80,400,586 81,847,038 14,966,764 -183 060 +5-8 60i —1-8 193 +8-8 -1-8 7,610 590 -10-1 6,763 533 -tt-8 8.827, 800 4-28-1 Springfield, Ohio... Jacksonville, 4,039 8.827 8,516 3.713 1,704 Outside N. Y. 3.485,784,450 8.054,857,761 Montreal Toronto Winnipeg Halifax Hamilton St. John Victoria Vancouver.... Tot. Canada... i^~ 86,681.683 54,957,814 21.632,461 7,572,301 8,788.233 3, '98,061 3.200.000 4,402,600 •.84,879,158 4-84-7 -12-8 +1-6 4,00.3,378 -4-0-8 *- +166 -85-8 +9-4 -4-7-3 3.046,012,67s- 143 ,808,600 178 776,653 228 161,606 160 398,312 188 853.290 86 ,978.088 08 ,730,752 7l ,780,240 --128 --468 +0-4 +181 149,ie0,36- +23-6 1 1 ;» I . 1824 027.007 116 817 871 6 240.800 1,800*46 126,204.110 146.080.870 16.030.060 18.076,378 12.046,884 6.872,811 7,000,000 4.018,738 8 620.058 2,010 915 1.834 169 1,016,471 871,188 411,933 431 408 406,658 468 000 406,730 466,891 803,081 877.071 148,006 278,882 840.876 140,024 84.480 131.820.780 122.188.101 18,017.700 7.120.718 10,000.00 5,408,332 4 008,800 3,101.106 1.808,008 1,812.670 1.117,480 1,002.107 985,414 442.857 541,3 18 810,14) 8.108680 1 702.948 985.09! 997,321 868.103 260.850 301.320 437.053 432.000 810,486 812211 251.414 240,865 105,828 171,945 171,287 130,013 Not lnolude d 813,884,278 88.036,298 8.864,700 8,808,178 3,402.638 8.170.470 1.108.881 1.068.006 176 060.064 21 303 017 8 016.304 8,135 388 2,288 231 2,154 506 508.888 1,087,631 1,001,581 548030 158.490 84.217.826 0.016.830 6.588.068 14,160.360 17,400 168 6,763 785 4.840.183 3 842 888 3,423.018 1,421,073 6*7,776 1,318,118 800,848 709 432 SO.480,479 6.101.001 4,050 507 8616.708 8,888832 +80 —0*0 +0-6 Norfolk Fort Worth Little Rook 2,180 083 1,808 276 1.139 890 1.280.098 682.040 1,961,741 1,250,000 688 000 001.006 801.483 868 480 503 047 188,466 788.728 85.006 301 80.468.207 18.874 060 7,160 192 4,712,000 4.720 581 6.618,766 8.784 909 4 010 785 8001140 1.176 780 1.144 0*2 1,093 830 406,821 704,066 015,186 077,000 688 600 847,887 191.109 850 tO 673 04.680.062 Total Southern... 8,093.744,004 1.806.819 439 Total all outside N. York- 606.000,920 080 093 004 16 150 874 11.040.120 4 588 017 Halifax 1743 824 757 430 57l"454 686 405 Total Canada 3-63-7 8 404,063 —11"* 8.198 310 1. 23.410 1,838.007 9.067 414 -7-0 +78-2 +25-7 —30-1 9W5 806 13 875 504 0.682 887 2 803,878 I.68O.OOO1 792 281 088.438 607 180 837 848 +18 -6-7 -2-8 +13-0 +19-8 -8*0 +16-0 +16-5 -12-J +18-9 -88-7 +44*0 -4*0 +18-7 +17-4 +09-0 +10-7 +8'0 +60-1 +20-0 +20-8 +18*4 +84-3 +1-0 +3-1 +57-0 +10*4 —7*1 +10-0 +10*1 +45-8 808 952 360 000 1,134.047.040 1.143.003.086 180701.800 114 558.701 6.770.8:>O 8.777.400 2416,19. 2 401.540 1,074,888 1.241.882 1,101,084 1.092,234 1,185.889 477.149 889.469 813.644 1,857.105 1.600 080 1.640.180 1,843.667 130.829,601 137 828 1«0 196.007.103 13.410 700 910 032 708 188 616485 110.078.800 18.007.050 077.829 0.100.187 6.354.397 5.090 800 2.035.866 1,514.849 1.703 717 1,018,810 936,122 7.447.643 8,183.644 5.543 351 4,680,400 2.861,131 1.808.870 1.660.878 1.084.831 033 028 761.801 816.713 341.838 488.080 3C0 800 310.138 170 058 184 364 880.088 954 104 245.895 880.631 444.974 323.70'J 333,490 254.641 267.814 234.011 130,890 -4-4*8 +16-4 +30*1 +50-6 +45-6 +14*6 In tot al. +21-6 +6-0 +88-6 +8*1 +48*8 +47-5 +7*8 +0'7 -4*3 —10-8 +48-6 +18*6 +18*4 -4-8 +4-4 +16-4 —8*0 +87-5 +11*8 +13-6 +4-7 +83-4 +0-9 +28*2 —4*0 170 603 631 18 887 871 8.782 040 171.866 888 90.882107 3 155 815 1.9.0635 1.016 008 8,301.710 1,040 880 1,600.000 1,800,068 2.045.005 1,260.576 976.781 844 056 848.084 68U.060 441,810 188 901 128461 30 807 676 18,484 888 82,71* 030 11.840,638 13 801 816 4 057.444 4 050.114 8.471.618 2 014.058 18,688.889 7.918.077 6 016.888 3 413 084 2,002 830 1,350 000 943,337 004,976 660.818 404.877 108.004 1,120,0061 818.894 989.494 456 6711 4T3.856 78.817 ! +8-0 +87-0 —14*7 -8-3 —18*1 +30*6 -80-4 +86-8 -16-6 +4*6 +10*8 -0-4 -84*0 +81-3 +790 1,034 012 +30*0 —14-0 +41*8 01 0,030 488. 63 48 714 561 34.043.733 13 538 101 7.280.078 4 606.150 4.600 093 3.691.041 8 383 080 8 019 123 1,738.632 1 241.017 1.809.783 647.770 480.806 867 078 40 378 888 88.107 333 18 003 102 7. 951. US 8,030 760 4 090.440 8.603 448 8.080 030 2 974 3091 1.728 013 1.318 916 1,118,791 692 801 605 464 D62 830 000 408 687.000 450 038 304,383 807 690 ! 830 404 101 889 +10*6 76,647 0*8 +18-2 1,4141 083 101 +186, + 84-2 -t-0-2 -4-9-3, +28*8 +61-3 601.040 104 14 029 448 -44 008 601; 8 880.166 1.50J IH>0 858.870 -170 673 283 -4-14-8 +11*4 451,020 -lO'il 850,507| 1.073.016 Not Include d In tot al. 4-1--0 8g«*UH-<3 80 507 |«0 85,724 4"8 768 600 1,443 844.039 +19-3 1,741,803 ,848 1.407.011.060 13 884.354 6 578 883 8.858,800 +8 +17-0 2.881.077 8.100 42-1.071,776 884 289 1,000.884 71*062 703 239 888,100 412 200 833.400 -4-0-0 888 680 281.021 280 088 +60-4 805.401 300,000 240,983 541 634 Not include d In tot al. 706,024 Not Include d In tot al. 48 000 481 +13-9 630,492 +88-0 371,267 +21-3 087.487 -(-10-7 380.414 +120 419,009 +68 34 693,570 +6-8 80, 185,040 -20 42, 478,171 +»•! 89,316, ,038 43,853, 180 Colorado Springs... Tot. other Wast.. +18-4 +15-9 -80-8 +13-8 667 406 00 70 80 115.044 337 70,466, 58V 88,780, 719 37,050, 810 Paul --13*2 16*8 664,450 200,087 +126 46 060.638 +61-6 80 500.812 +8-4 31 460,000 +0-8 24 409,72- +248 18, 040,996 +14-4 11 692.84 2 +291 58. r, 4,803 077 1,580.476 784.503 1,876.086 1,007,766 653,550 164,710 9t. 1898. P. Cent. t +18-0 1.089,130 017 1.001,138.114 1,100,860,31 +8-4 00 087.811 88.563,804 86.816,618 +166 95.371.97i 28.828 01* 80.710 018 -10-0 18.981.408 83.000 774 80.888.588 -f-18-i' 4.487 430 • 261.580 4.847 684 +20-8 B.207 542 2,084 98* 3 870 898 3 780 878 4-5-1 80. 1809. • 544,111 488,939 933,698 38 831,477 16.768910 16.788 583 +80-5 83, 814,315, ,040 684,584, 220 Table Clearings by Telegraph on page Tot.Mld.W«tt'n. +106 2.364,776,612 +11-6 1,524 962.778 +S4'2 488 559,897 +0-5 885 800,977 +0-2 4-14-1 85,612,035.509 30,430.112,046 08,060.486 47,660, 11,818 98? 6,021,438 8.481.056 3.778,236 8,151,00 111.... +651 66? +60-3 410 +817 000 +8-7 726 -11 916 +28-H 1,071, 000 +40 3 Jacksonville... Total South- 471,492,035 407,891. U9B + 16*0 4,308^078^858 3.708.977,003 + 13-4 Total all.... 9,868,912818 8,758.897.104 +la*6 108,724847518 77.123,1-0,840 +41-0 . New Bng... Indianapolis +5-2 +13-8 1001. 1900. 100.728,888 0.009,100 8.169,886 1.440.182 1.373,808 1.896,988 1,227,040 840,870 400,940 331.808 818.418 Total Middle 1,642,318,703 +17-7 836.330,636 653,581,078 304,370,610 833,797,490 200,126,440 217,753,698 77,834,484 43,760,316 61,443,622 62.306.211 25,581,026 7,244,008 283,800, 410 +81-4 168,096, 472 + 87-8 8.018, 859 Chester 'ireensburg Wheeling. W. Va... +480 1.958 213 +1H-0 1.005, ,558 +17-1 8,188, 600 -4-19-1 1,600 ,698 +26 9 1.348, 109 4-30*? 601 Wilmington +14-4 6.096, ,188 4-33-2 5,081 ,080 •cO'4 4.800, 239 -9-0 1,860, 333 63.297 84.697 19,857 24,508 24,888 15.182 13,685 11,101 1.382,843,838 03.194 684 88 660.008 18 703.706 6 180 00' 8.683,688 4.717.847 1,081.811 90O.S77 1,165,952 884.128 +14-8 +80-1 +9-3 +1*8 +11-8 2 9,498 147 fl4"0 154,839 ,178 71,910 ,100 60.005 ,090 26,085 ,514 83,811 ,134 18,798 ,876 15,990 ,040 New York Total 615,135,010 272,407,084 248.887,700 147,091,623 07,083,040 100,178,652 57.303,828 58,552,793 47,038,483 15,738,701 81,216,540 80,070.707 81,688,260 18,503,687 11,061.804 14,113,807 13.040,421 6,930.208 10,748,703 10,118,905 6,058.675 22.499, 700 1-40 8 15,948, 404 +39-8 10,617, ,199 -4-9-1 842.854 67B 93.803 647 12,82 1, 748 10,498, 705 1^,389, 71E 041,970,688 298,200,032 303,141,300 185,282,280 110,650,310 110.700,707 04,017.982 50,141,802 46.488,128 20,433,605 24,746 805 23,008,860 Week ending November 1001. 1 W 111 -11*7 +22-1 089,407,821 —1-9 7.402.251,119 6,843,046,724 577,122 ,809 +31"i 7,038,779,218 6,100.770,509 06,313 ,700 +83-6 890,848,050 781,157,050 86,694 4Pa +60-3 610,842,709 889,448,007 88,62*,, ,76" 1-13 Bloomington, Jackson, Mich. Tot. M. West 1.010,833,583 San Francisco. 109,875,360 8t. +0-8 -16-3 +10-2 +47*6 -11-0 47,120 ,703 1-36-4 11,476680 Toledo Lake 4-U\> 30.0i4.185 81.077,900 20,698,408 Indianapolis Peoria Salt -t-20'5 5tt.48f.45t Columbus Youngstown 0.066.49a 4,104.417 2.478,994 2,402.231 1,818,8*8 28,640, 600 9.640, ,488 6,622, 314 7,987, 049 6.800, ,970 6,217, ,860 4,715, 232 2.849, 890 2.710, 691 1,485, 046 1000. 1901. • +11-0 78 111,012.009 10.087 ,1)67.703 +60-0 4-10-6 Syracuse 0,455,4(17 4,303, 153 4-60-0 Sor.nton ... 4-22-0 4,360.168 8,660, 828 Wilmington. 1,610,200 1,895, 100 -208 Blnghaniton. 1.447,006 1.488 994 + 1-8 Chester 761,820 809, 12) -r-83-8 Frederick 1.074,493 1,840, 475 -4-84-9 Greensburg.. Total Middle 7.188.883.815 0.435,104, 683 4-11-8 91,501.843 014,023, 185 -87 Boston Providence.. ClearUuj$ at — pen Montht. ;:/, JO 1901. 1 82 803 VSO 018 000.707 010 868 083 16.865 988 10 134 807 3 204 334 1,107.833 786 008 601190 750.510 663.866 83 008 540 THE CHRONK LR 1180 pages 1213 to 1216 will be found extended extracts from the annual report to Congress of the Secretary of the Treasury, Mr. Lyman J. Gige. I »a [Vol. LXXin. wuek tne withdrawals from banks into the SubTreasury have been large. About $3,000,000 was so transferred In taking up bonds to decrease bank note Luis circulation. THE FINANCIAL SITUATION. Among the occurrences of the week have been the opening on Monday of the first session of the Fifty- seventh Congress and the delivery to the Senate and House on Wednesday of President Koosevelt's message. The reading of the message was listened to with marked attention and was in many particulars a sur- had been reported with apparent confidence and an air of absolute knowledge that some of the recommendations would be quite radical. Oa the contrary, the meseage was widely praised as a literary effort, as a clear, able and forceful discussion of the affairs which the President is expected to bring to the attention of Congress, and for the general conservatism of the recommendations. The first business to be attempted will most likely be a bill which was introduced by Senator Lodge, the first section of which provides a prise. It There haB been a decided advance in cotton this week and also a considerable rise in wheat. The movement in wheat has been due, in some measure at least, to recent substantial changes in conditions affecting the value of that product, tnough the speculative spirit is rampant and affects all kinds of produce One new cause for the current advance in wheat has been unfavorable dry-weather re- as well as grains. ports from a considerable portion of the winter- wheat Of course crop and add to belt. it would increase the call for the 1901 its value if, because of a poor yield next year in our winter-wheat districts, it was needed to help feed the world a month or two longer than Another cause for the advance was higher prices reported in the English markets, and from Berlin, and a good demand for export added to a smaller movement from the Northwest. As a result of these influences December wheat has risen above tariff for goods going into the Philippines; the second 83 cents, and the market is still quite buoyant. section, a tariff on goods coming into the United Cotton is also advancing. The Agricultural DepartStates from the Philippines; the third section enacts ment issued a report late Tuesday giving the probable that until otherwise ordered the laws of the United cotton production of the United States the current usual. States shall not be in force in the Philippines except year at 9,674,000 bales, of the average net weight of as ordered by the Philippine Commissioners, and the 468'2 lbs. per bale, which would be equal to 9,245,000 fourth section that all duties collected in the Philip bales of last year's average weights. If these figures pine Islands shall be paid into the Pnilippine Treas- are to be credited, the crop is smaller than any of ury. This Act covers, we assume, the program in- the estimates heretofore put out, and will command tended to meet the new conditions imposed by the a higher price than has lately ruled, for the world's Supreme Court decisions handed down this week. yield of cotton would in that case furnish a scant supply to meet the world's wants for current consumpA disclosure that proved to be somewhat unexpected tion. Indeed, according to Mr. Ellison's estimates, was the withdrawal on Monday of over two million dol- which we published in our issue of October 26, pages We say unexpected because the 877 878, the probable aggregate of the new crops in lars gold for export. drop in sterling exchange which began two weeks ago all producing countries would fall about one million had been so rapid and decided that the public banished bales short of meeting his figures of mill requirethe thought of any immediate recurrence of such an ments. Consequently it is no surprise that prices outtow. The large money-lenders were apparently also should have advanced this week, especially as the Decaught unawares, for there was quite a flurry in that partment estimates the last two years have come very market, the call rate rising on that day to 6 per cent close to the actual output. We can, however, hardly and the Stock Exchange being a good deal disturbed. help questioning the accuracy of the result. The esThe next morning, however, brought a more settled timate is certainly smaller than our idea of the crop, state of affairs, bank officers expressing the opinion gathered more from following its development pretty that continued ease of money was an assured fact. closely, as data secured now. we always do, than from We suppose the confidence thus announced as being It should be said, however, that Mr. Hyde, Statistician felt in the future of money as well as at presof the Agricultural Department, seems to have been ent was due to the expectation of a large return very diligent in his investigation. We give in our flow of currency to New York from the interior. cotton department pretty full indication of his a If we are to have a constant recurrence of gold methods, processes and conclusions. What authority exports, the receipts from the interior would have to he has for taking 468 pounds as the average weight of be large to cover that movement and the drain into bales we do not understand. No such result has bethe Sub-Treasury, which must be a weekly occurrence, manifest thus far through the marketing of the come although Secretary Gage has by using every device crop. been able to net a decrease in November of the currency so held. The result is that the cash in SubEiilroad earnings and bank clearings still continue Treasuries declined during the month ending the first to bear testimony to the activity of industrial affairs. But that has only been ac We print on another page our compilations of clearings of December $8,237,329. buying during November all the bonds for the month of November, and they show an increase complished by that were presented under the offer to purchase (cost- over the same month last year of 12£ per cent. This ing, principal and interest, $14,662,676) and also by is not so large a ratio of gain as for the months preincreasing the deposits in national bank depositories ceding, but in these preceding months we were com$2,056,441. It is a further noteworthy fact that since paring with decreased totals, while in November we August 1, to aid in keeping the money market undis- are comparing with an increase of 10*7 per cent last year. turbed by the Government movements of currency, Stock Exchange speculation can not be claimed to have tiie Secretary has added to the Treasury cash in the affected results materially, for the sales on the New York depository banks $10,935,543. It is also a fact that Stock Exchange in November 1901 aggregated only December THH CHROMCI 7, 1901.] 18,314,962 shares, as against 22,565,330 shares in No vember 1900, though in the market value of the sales there was a fairly close approach, the total for this year being 1,459 million dollars against 1,477 million 1181 K. An event of the week was the opening on Monday, with elaborate and appropriate ceremonies, of the South Carolina Inter State and West Indian ExposiIn its way thia Exposition promtion at Charleston. be as fruitful of good results as was the PanAmerican Exposition at Buffalo. It will serve to direct attention to the wonderful resources of the a matter of fact, outside of New York the ratio of improvement in clearings is larger than with this city included, the gain on that basis ises to being 14-1 per cent. We get a better idea of the ex pansion which is in progress by carrying the comparisons two or three years further back. Thus, while the aggregate for the present year is 9,854 millions, against 8,759 millions in 1900, in 1899 the total was only 7,909 the marvelous progress which this seccountry has made in recent years, and to tion of the As dollars last year. amount was but 0,478 millions, in 1898 the millions, Hence in no more than 5,386 the four years there has been an addition of over 80 and millions. in 1897 Outside of New York the expansion is hardly less marked, the amount for 1901 at 3,486 millions comparing with 3,055 millions in 1900, with 2,956 millions in 1899, with 2,505 millions in 1898 and with per cent. 2,264 millions in 1897. the story told by the returns We shall publish next week our Equally gratifying is of railroad earnings. review of the results for November. A preliminary statement for that month, which we have prepared this week, comprising 49 roads, records an increase of 11*27 per cent. As in the case of the bank clearings, continuous improvement in all the years immediately preceding. The increase last year was not particularly striking, the gain then having been only a little over 2 per cent, but in November 1899 the improvement amounted to 10*48 per cent, in 1898 The to 4-58 per cent and in 1897 to 20*79 per cent. gains come from all parts of the country from the Northwest, the Southwest, the Middle West, the this follows — North, the South. The statement of the Pennsylvania Railroad also again affords evidence of the industrial activity preThis statement is for the month of October, vailing. and shows both gross and net earnings. The Pennsylvania traverses the great iron and coal trolled but separately operated, like the — 1901. 1900. 1899. $ 1896. 1897. 1896. Gross earnings... Operat'g expenses $ 8.661,278 • 7,718,676 6.976,278 t 6.001,778 5.196.778 6.696.878 6,133.278 4,678,87*' 4,139,178 8,757,178 8,820,878 3 539,278 Net earnings.. 3,618.000 8,039,700 2,537,100 8,844,600 2,176,900 2,057,600 October. the still for it progress greater in the future. which It is also will store in serve, we are sure, to promote intercourse with neighboring countries, and particularly with the West Indies, which is one of the objects of the Exposition. The Spanish-American war has imposed new responsibilities upon the United States with reference to these West India Islands, and everything that is likely to prove to the mutual advantage of those islands and of the United States deserves to be in every way encouraged. As Mr. Depew so well said in his eloquent and felicitous speech, " mystery and distance have so fired our imagination and filled our minds that we have neglected the opportunities at our doors. Oar trade with the West India Islands has received little encouragement." Charleston and the State of South Carolina are well situated for promoting commerce with these islands. The people of the State, too, energetic and far-sighted, are and undone to fur- that nothing they will see to it ther this end. From is left the newspaper accounts it ap- pears that the Exposition, though not yet quite complete, promises to be a very creditable probably have a great many visitors. the exhibit of the South's resources prove a revelation. ficial The in securing the effect affair. It will To some of these will, we imagine, cannot but be bene- further development of South Carolina and the whole South, and obviously anything which operates to advance the prosperity of that pait of the country is greatly to the benefit of the whole United States. There was no change in official rates of discount by any of the European banks this week, and open market rates indicate an easy tone at the principal centres. One incident of the week was the failure on Thursday of the Dresden Savings & Loan Bank, which has a capital of 1,000,000 marks and 7,000,000 marks. deposits of The statement of the New York Associated Banks weekshowed again of $7,106,200 in loans, contrary last to general expectation, a decrease in this item having Philadelphia been looked for. The net gain in cash was $855,400, or only a very little greater than that indicated by our preliminary estimate. Deposits were increased Wilmington & Baltimore, the Northern Central, etc. The present improvement follows $726,000 increase in gross and $437,900 increase in net on the combined The following lines in the same month last year. furnishes a six-year comparison for the lines east of Pittsburg the only portion of the system for which we have the data for such a comparison. Linib Bast of PiTTBBune. to districts, extraordinary prosperity and hence is sharing which those two trades are enjoyiDg. The increases in earnings, therefore, keep rolling up month after month. For the lines east of Pittsburg and Erie the statement indicates a gain of $932,700 in gross and of $478,300 in net, and on the lines west of Pittsburg an increase of $797,600 in gross and of $284,400 in net, making the improvement on the combined lines and $762,700 in net— all in gross $1,730,300 and without counting (as for a single month we have previously pointed out) the various roads conin the South, • Jan. 1 to Oct. 31. Gross earnings. . 77.419,484 (10,970.481 69,487,784 54.040,684 52.78S.284 51,657,848 Operat'g expenses 49,887.877 16,819,477 41,899,277 17,088.877 36,878.477 36,888,585 $7,711,000 and the surplus reserve was reduced by $1,072,350, to $13,414,575. The statement of this week be affected by the payment into the Sub- Treasury by the banks of about $2,500,000, due to the intended retirement by some of the banks throughout the country of circulation aggregating this amount. The bonds securing the notes will, when the lawful money has been substituted therefor, be withdrawn probably for sale to the Treasury. Those banks in the interior which have thus made will doubtless prevision for retiring their notes, instead of directly . Net earnings.. 27,631,607 23,161.007 17,5U,'.07 16,972,207 16,906,807 14,769.313 forwarding to the Treasury the lawful money re quired to replace the bonded security, drew upon their balances with their New York correspondents THE CHRONIC 1182 who were directed to pay the money into the Sub- Treasury, thus accounting for the concentration of such payments at this centre. The noteworthy feature of these payments is that nearly the whole of the month's limit, under the law, of retirements of circulating notes was made on the first business day of the month. On Tuesday $2,417,273 20 gold was shipped to Europe, $506,228 44 by Baring, Magoun & Co., $1,658,089 78 by the National City Bank and $252,954 98 by G. Amsinck & Co. This makes a total of $50,324,902 46 sent to Europe since the beginning of the year. Payments for unmatured bonds at the New York SubTreasury during the week were $1,060,578 03, making $58,083,168 85 since April Money on 2. representing bankers' balances, has call, loaned at the Stock Exchange during the week at 6 per cent and at 3£ per cent, averaging about 4£ per cent. On Monday loans were at 6 per cent and at 3f cent, with the bulk of the business at i\ per cent. per On Tuesday transactions were at 5 per cent and at 3| On per cent, with the majority at 4£ per cent. Wednesday loans were at 4f per cent and at 4 per cent, with the bulk of the business at 4^ per cent. On Thursday transactions were at 5 per cent and at 4 per cent, with the majority at 4£ per cent. On Friday loans were at 5 per cent and at 4£ per cent, with the bulk of the business at 4f per cent. Banks and trust companies have loaned at 4$ per cent as the minimum. There is only a moderate inquiry for time money, commission-house lying upon call loans; borrowers generally the offerings are re- liberal 4 per cent for sixty to ninety days, 4£ per cent for four months and 4£@4£ per cent for five to six months on good mixed Stock Exchange security. The market for commercial paper is dull, with very little business in the city, merchants generally seeking accommodation at their banks instead of selling paper through brokers. Sales of moderate amounts are made to Eastern banks at 44@5 per cent for sixty to ninety- day endorsed bills receivable, 4|@5 per cent for prime and 5@5| per cent for good four to six months' single names. at The Bank of England minimum rate of discount remains unchanged at 4 per cent. The cable reports discounts of sixty to ninety-day bank bills in London The open market rate at Paris is 2f per 3£ per cent. cent and at Berlin and Frankfort it is 2£@3 per cent. According to our special cable from London the The LK. [Vol. LXXIII. offerings of commercial bills have been moderately large. these There was an impression among dealers in based upon advices from their correspond- bills, ents in the South, that the withholding of cotton for higher prices would become more general now that the Government estimate has placed the probable yield somewhat below the amount of production calculated by the cotton organizations. The Assay Office paid $1,275,262 61 for domestic bullion. Gold received at the Custom Ilouse during the week $171,578. Nominal rates for exchange are 4 85 for sixty- day ani 4 88@4 88£ for sight. The market was active and when there was an advance in rates for actual business compared with those on the previous day of three eighths of a cent for long, to 4 84f®4 84J, and of one eighth of a cent for short and for cables, to 4 87|@4 88 for the former and to 4 88g @4 88£ for the latter. The tone was strong again on Monday, especially for short, which rose one- eighth of a cent, to 4 87£@4 88; long was unchanged and cables were one eighth of a cent lower. On Tuesday the market was weak all around, in consequence of the offerings of bills against gold shipments and also because of a lighter demand, and long and short fell three- eighths of a cent, to 4 84|@ 4 84£ for the former and to 4 87^@4 87f- for the latter, while cables were one- quarter of a cent lower, at 4 88@4 88^. On Wednesday the tone was firmer for short, which advanced one- eighth of a cent, to 4 87|@ 4 87£; long and cables were unchanged. On Thursday the market was firm for long at an advance of one-eighth of a cent, to 4 84|@4 84f; short was steady at unaltered quotations, and cables were easy at a decline of one-eighth jof a cent, to 4 87 8L @4 88^. The tone was weak on Friday, when long and cables fell one- eighth of a cent and short one- quarter of a cent. The following shows daily posted rates for exchange by some of the leading drawers. strong on Saturday of last week, DAILY POSTED BATES FOB FOBBIGH EXCHANGE. MON., Fbi„ Nov 89. Dec. a. WKD., Dec 4. TtTHSL, Dec. 8. Thttb., FBI., Dec. 5. Dec. 6. ( 60 days 4 85 85 --5 85 86 85 \ Sight... 4 88* 88* 88* 88* 88* (60 day* 88* 485 85 85 86 85 86 }81ght... 4 88 89* 88* t8* E8* (60 day No. Amerlct,. JSlght... Sank of ( 60 day (Sight-. Montreal. Canadian Bank (SOdayt 486 488 485 488 486 488 85 85 85 fc8* 85 68* 88* 88* 88* 88* 86 88 86 88 86 86 88 86 88 86 36 88 86 68 66 85 88 86 88 86 88 86 88 86 98* 88* 88* 88* 88* 85 86 &5 86 86 88* 88* 88* 88* 88* 86 88 85 88 85 88 85 86 88 Brown Bros.... Baring, Magoun & Co. Sank British of Commerce. J Sight..., Heldelbach, Iok ( 60 days, elhelmer k Co {Sight.... (60 dayi. tiasardFreres... I leronanti' Bk. of Canada Sight,... (60 day*. (Sight..., The market 4 86 88* 485 4 88* 4t5 488 4 closed at 4 84±@4 84$ 86 86 88 for long, 4 &7g & and 4 87f @4 88 for cables. ComBank of England lost £21,861 bullion during the mercial on banks 4 83£@4 84 and documents for payweek and held £35,348,416 at the close of the week. ment 4 83@4 84±. Cotton for payment 4 83@4 83±, Our correspondent further advises us that the loss was cotton for acceptance 4 83f @4 84 and grain for due to the export of £50,000 to Austria and to repayment 4 84@4 84±. ceipts of £28,000 net from the interior of Great Britain. 4 87f for short The money following to gives and from the the week's interior by movements New York of banks. The foreign exchange market was quite strong on Saturday and on Monday, influenced by a demand to remit in settlement of maturing obligations. On Tuesday the tone was weak, reflecting the offerings of bills drawn against the $2,417,273 20 gold, which was shipped to Europe on that day, and the market was by a lighter inquiry, the urgent demand having been satisfied by the gold exports. On Wednesday the tone grew firmer by reason of a renewal of the inquiry, and it was steady to strong until Friday, when it became weak, influenced by higher rates for money. also affected Week Ending December fl, 1901. Osrranoy. Sold Rtcuved 6v Shirred bv N. T. Bank*. N. T. Bank*. 47,094,000 1.747,000 Total gold and legal tenders. 18.841,000 Wit Interior Movement. S4.927.000 929.000 Gain, t2.167.000 818,000 Gain. 6,858,000 Gain. ti,9S5.000 » With the Sub-Treasury operations and gold exports the result is as follows. Week Ending December 6, 1901. mts Bank*. Banks Out Of Banki. lift Chang* in Bank RolAinee. movement, as above 18,841,000 22,300.000 15,866.000 87,800.000 Gain. 12.985,000 Sub-Treasury oper. and gold exports 181.141000 t33.656.OO0 Loss. 12.516. oo« Interior Total gold and legal tenders. Loss 6,500.006 December 7, THE CHRONICLE 1901.] following table Indicates the in the principal European banks. The December 3*nk 0. amount oi Dulllot, December 1901. aUver. 1 6, 1909. Stiver. Totai M X X % Bold. 01*1. 4 1 398,583,274 ToLthls weak (18.668 887 104574769 423.843,666 89H.956 279 Tot. prev. w'k il7.tS0.980 103880833 4tl.190.818 899,881.986 99.850.800 898,678,885 1 * The division (between gold and silver) given In our table of ooln and bullion In the Bank of Germany and the Bank of Belgium Is made from the best estimate we are able to obtain; in neither case 1h it claimed o be accurate, as those banks make no distinction in their weekly returns, merely reporting the total gold and silver, but we t we make Is a olose approximation. The Austro-H unitarian Bank Statement Is now lisued In Kronen and belle? e the division lie cer Instead of Oniden and Kreutter. 'Die reduction of the former currency to sterling £ was by considering the Oulden to have the value of 60 cents. Ai the Krone has really no greater value than 20 cents, our cable correspondent In Loudon, in order to reduce Kronen to £, has altered the basis of conversion by dividing the amount of Kronen by 24 Instead of 20. SECRETARY GAGE ON OUR CURRENCY ARRANGEMENTS. It is always a pleasure to take up one of Secretary His name Gage's addresses or reports. is the synomyn sound money. He became a member of President McKinley's first Cabinet at a time when a man of character and pronounced opinions on currency questions was needed to steady the public mind and afford assurance that the stability of our money standard would be a foremost object of the Administration's As soon as the announcement of his appointpolicy. ment was made, a sense of security pervaded financial And although the monetary legislation circles. than had been andesired was deferred longer in ticipated, the continuance of Secretary Gage as a pledge the Administration was accepted that the needed laws would be passed; and in due time they were. "We mention these facts because, of although currency affairs are much now in a far more set- be done in that direction; and because the reappointment by President Roosevelt of Secretary Gage has been taken as a re newed assurance that further progress will be made tled state, there is loss after being tnus arbi- they have been required by the law under which they were organized to engage in the ordinary struggle of drawing upon others or decreasing Still ancredits to replenish their impaired reserves. our currency devioe, which, as it now stands, has no expansive power and, indeed, no contracting power; it is as fixed in volume, so far as being incapable of affording any relief in case other case in point 86 848.416 81.303.186 81.808,185 98,808 971 44.000.769 148.809.740 98.972,164 44,404.996 187 377.149 franc* 31i.200.000 16.588 000 48,788.000 86.714,000 18,761,000 40,476 001 Uerniau? V 68 190.000 6.038,000 74,838.000 79.988.000 6,901.000 79,18S,00( Russia Aus.-Hun«'y + 46,891,000 11,078,000 •6,969,000 88,340,000 9,864.000 48,204 .00C 14,008.000 17.176.000 81 184 000 13.908 000 16,860,000 80.268 0OC Spain 10.934.000 9 046.900 17,980,900 16.447.000 1,786.000 17.189.00C Italy 4,877.000 5,645.000 10,e92,QOC 6,741,500 6.133 100 11 874,600 Netherlands 4,919. 00C 4.667,000 8,813.000 1,406.000 8 038.000 1,619 000 Nat. Balw'm ' 86.8«N41fl t banks to make good their trarily depleted; for •/ Sold. 1183 left to by the completion of the work which under President McKinley's Administration was bo materially ad- of a monetary is strain, as if a statutory limit had been placed to it ; a kind of currency, as "devised for fair expresses it, Secretary Gage weather, not for storms" a dead failure whenever a — crisis occurs. No doubt the fact that our bank-note system provides a safe currency a quality which naturally enough was uppermost in thought at the time it was devised; but in these days it has become desirable to exists as to — might be made quite as freedom to conform to trade remember that safe without sacrificing it No doubt also a reserve is a source of safety to the bank and to commerce and is needful; but it might be carried by a central institution or in some manner that would not require on the occasion of every monetary strain the calling in of loans or a contest between banks to repair the loss at the expense of the merchants to whom the banks have loaned their credit or of other banks similarly situated. No doubt also the Government money is safe in Goverment vaults; but it could be made equally safe in bank vaults and not be withdrawn from commerce at all. These are truths which Secretary Gage has heretofore often brought to the attention of Congress, and has urged elsewhere in public addresses. On the present occasion, however, the portion of his report which has to do specifically with monetary affairs relates mainly to banking and to Government revenue. His estimate of the receipts and disbursements for the fiscal year ending: with June 30 1902 indicates a total surplus of $100,000,000; and if the revenue laws should remain unchanged and the appropriations should show no increase for the year ending with June 30 1903, the surplus would be $124,000,000. Such a surplus forebode* an active contest between the money market and the Sub-Treasury; it is, too, a condition highly inciting to large expenditures, and it will be a brave Congress if, having such an opportunity within easy reach, it with- movements. stands the temptation. That it is possible to use up all this surplus hardly needs to be shown. The extreme capacity of a legiscorrect the defects in our monetary arrangements. lative body for spending money has never yet been Of all nations in the world there is not one of any reached. At the same time we think our people will considerable pretensions to intelligence that has in be surprised to know that no recent Congress hasforce currency systems so unresponsive and, indeed, shown the freedom in the use of the public revenue it vanced. We say there remains much and yet to be done to commercial move- had the opportunity and pretext for doing. It is well ments as ours. The one idea of safety, to the exclu- known that each of the various departments of the sion of every other needful function, seems to have Government is required by law to make up estimates possessed and moved the public mind when they were of its possible needs as a preliminary to Congressional devised. The Sub-Treasury system Is a glaring illus- action. According to the estimates so made on this tration; during recent weeks and, jindeed, months, occasion, if Congressional appropriations should be in while our money markets have been developing accord with them, the above-mentioned surplus of a more and more strained condition, the Gov- $124,000,000 for the^fiscal year ending June 30 1903 ernment surplus revenue has been taking cur- would be reduced to $23,000,000. Secretary Gage gives rency continuously out of bank reserves, and, under an interesting compilation containing the annual figthe action of an inflexible statute, the money has been ures for ten years of three items— (1) the preliminary locked up in Government vaults regardless of conse- estimates like the one just referred to, (2) the year's quences, getting out only as bonds could be bought. appropriations, and (3) the year's expenditures. A second manifest example has been the effort of the We have added up the annual totals and averaged so antagonistic to financial THE CHRONICLE. 1184 [Vol. LXXIII. — in a 6 per cent locality the profit is only them omittiijg, of course the eleventh year and find that for the ten years the average prelimi- dredths and in an 8 per cent locality it nary estimates have been $461,208,977, the year's appropriations $445,488,925 and the year's expenditures $421,629,737. result, That is certainly quite and proves that there have been an interesting frugal, thrifty one huncredths. hf ty-one is hun- only thirty- We thus reach an invariable rule that prevails in the case of our bond-secured currency that the higher the rate the less the profit, and the lower the rate the greater the profit. That being — men always in Congress, as well as spendthrifts, and established, it follows in case of a crisis when money that the outcome has been at least far short of what goes very high, when the volume of notes ought to was brewing in the mind of Congress at the moment, increase so as to relieve the strain, the tendency and short of what the appropriations might have would be for the volume to decrease , and so Increase the strain; and when the rates for money are very low and the money market is congested, the tendency The to deal with, is a primary consideration, and will no would be towards larger issues that is, to make doubt receive the early attention of Congress. Mr. money more congested. Bat this is not the only emGage is conservative, and, like all conservative men, barrassment the present situation entails. Another is has a horror of a deficit. That is wise. He thinks, that United States bonds are getting scarce; it will however, it would be within conservative limits to re- soon be impossible to obtain them for currency purduce the revenue $50,000,000. At first sight it cer- poses in any considerable amount. In other words, tainly looks as if that proposal was less than ought to the expansion of the volume of the bank-note curbe ventured. Mr. Gage's similar suggestion last year rency has probably reached its limit. To illustrate the working of a bond-secured curwas even lower than the amount Congress supposed it had cut down revenue by its tax reduction, and yet rency its untimely and unnatural expansion and contraction it will be of interest to note what has taken the surplus as now appears is likely to be over $100, 000,000. It is to be said in explanation that two bills place and what is now taking place in the matter of carrying heavy appropriations failed a year ago, the increase and decrease under the existing bankone of which at least was supposed to have note system. When the latest changes were made In a pretty sure prospect of being enacted, and the national law it will be remembered that every both it was believed were in favor with the amendment tended towards expansion. That is to Administration. Consequently an estimate of rev say, the amount of notes issued on the bonds was enue reduction to be entirely safe ought proba- increased from 90 per cent to the par of the bond; bebly to have included among the prospective appro- sides that, the refunding bonds were 2 per cents priations one if not both of the measures referred to. issued at par, so that it became very profitable to take Besides that, Mr. Gage always includes the requirement out notes. The plan worked to a charm. Bank note though ob- currency increased from $204,900,000 February 13 for the sinking fund, an obligation which disregarded is 1900 to $236,000,000 April 26, to $283,948,163 Sept. served for long years has recently been At this as obligatory as any appropriation while the law remains 5, and to $328,845,067 September 30 1901. unchanged. The Secretary also calls attention in latest date (Sept. 30 1901) the maximum figure was reached. The foregoing includes a period when no this year's report to several incidentals which may re refunds on account of such large increase was legitimate or needed. It acted quire money; for instance (1), internal revenue taxes; (2) interest due States on ac- only as a stimulant to speculation and to congest the count of money borrowed for the equipment and sup- money market. Now, however, bonds have risen in price until it Is port of Federal volunteers during the Civil War, established in the Court more profitable to sell them than to use them for Pennsylvania having already Hence, notwithstanding money is of Claims a claim of over $700,000 on that account; note purposes. and (3) the findings which the Spanish War Claims higher and great stringency has been feared, bank Commission may give against the Government. To notes are on the decrease. Daring November the decrease was $1,986,428, and since December began the these may be now added the refund under the de Indeed, it is cisions of the Supreme Court handed down this week decrease has been much more rapid. of Customs dues paid by shippers of goods to the stated that this week the whole amount allowed by Still, notwithstanding these items, the law to be withdrawn in a month ($3,000,000) Philippines, etc. we feel that the revenue should receive more severe has been already arranged for that is, the legal cutting than the Secretary proposes. Of course as the tenders have been deposited and the bonds taken In the light of such conditions, it seems law stands Mr. Gage in his estimate must allow for up. in making ap- to us the extreme of unwisdom for Congress to the sinking fund. Congress, however, hesitate in giving the country an automatic curpropriations, will not regard that obligation. We have already referred to the limit in volume rency system. We are the most democratic peowhich attaches to the bank-note currency growing ple in the world and sticklers for freedom. Yet out of the fact that changes in the amount afloat are we allow our commerce to be fettered, our enterprises practically limited by the market price of United to be balked, our ventures to be hazarded by a system The reason for this is that the banker absolutely and wholly unrelated to commerce, out of States bonds. touch with the world's money markets. In other is shut in to the motive which the price of bonds or decreasing bank words, we put our business affairs in bondage to a affords for action in increasing Mr. Gage brings out the situation on this point note system that has not a single function that such a notes. clearly by stating that the tables prepared by the Gov- device ought to possess, except that the note is ernment Actuary show that to a national bank with safe. Under these circumstances the conclusion seems to bonds ruling at present prices and doing business in a locality where the rate of interest is 4 per cent, an ad- be unavoidable that a modification in the character of vantage equal to only seventy hundredths of one per the paper circulation in the United States has become cent per annum can be secured on note issuing, while well nigh imperative. been. subject of tax reduction, with such a surplus — — — — — — — — December 7 7, THE CHRONICLE. 1901.] there HE PRESIDENTS MESSA QE. is 1185 a vigorous argument for a comprehensive national undertaking of irrigation. The prospect of Foreign comment upon the Message is unusually another line of expansion in public work is one from Foreign countries which we shrink at first; yet the President's argument notable this year, for two reasons have now recognized the United States as a Dation for comprehensive instead of isolated action and the and begun to watch it with keen interest; next, for stress he lays on the importance of the subject are At the very least, it is all very eign observers find the document not just what they really weighty. : expected, and, unless secretly jealous of this country, A similar pleasant disap are agreeably surprieed. pointment has been somewhat felt here this week, because, while Mr. Roosevelt has been a most striking personality and greatly before the country, there has been a little aniiely lest he might be (to use a word of But he has happily dishis own) too "strenuous." pelled such a feeling. His message is long and strong, dealing with an unusual number of topics; it is composed with directness and vigor, and does not lack in substance and firmness. It is characteristic of the man, quite unlike what Mr. McKinley would have written, and may fairly be called rather unique in its No Ameiican to-day is more alive and alert class. than Theodore Roosevelt; but in his first public utterance as President he shows a self- repression and a conservatism quite unwonted and due to the sense of new suggestive. It was inevitable that he should speak strongly for both army and navy, and it is noticeable that he discriminates, declaring that the former is large enough for the present, but that the latter must be increased we are to retain the international position already Here he must be admitted to speak with au thority, as both observer and participant, and events if won. He do sustain him. canal, and What he vigorously indorses the Isthmian this has already become manifest destiny. Cuba is a better modus considers the need of vivendi through commercial measures (another term for reciprocity), and he would development as for the Philippines, have the opportunities for industrial promptly by carefully-granted franHere again he clearly presents the logic of utilized there chises. the situation. Great interest attached in advance to his utterances His tribute to Mr. McKinley, like that of Mr. Hay, about trusts, for something on that subject was comThis has gone beis outside the strict official programme, but is justi- pelled by the anti-trust agitation. demands, and yond non-reason and unreason, and has even taken fied by the rare occasion, is equal to its There ia a growing feel- some characteristics of mania. It has mainly been finds response in all hearts. ing that a line must somehow be drawn between lib- created by newspapers that want sensational matter, erty and license, and Congress will probably adopt actual or would-be legislators who court popularity, the first suggestion of the message by trying to find and party leaders who must have rallying cries and Beavers coma practicable method of excluding anarchists and " Issues;" still, it must be dealt with. The bine in a colony, ants in a anthill; mankind began to deporting the worst of those now here. pronounced anarchist is against all government, iacorporate when one savage first got a second one to responsibility. outsida human him move a heavy and necessity of combination run through all life. "Why should a corsociety. Agiin or, rather, still the country has a condi- poration be hated as soulless and denounced as an Any general (*. e., octopus ? Why should it be assumed in every case tion to deal with, not a theory. sweeping) tariff change would indeed be unwise at that the intent and effect of combination and consolithe present time or at any time. Economic stability dation is to raise prices ? It is not natural that this and continuity are prime requisites for prosperity; should be so, and experience proves that it is not so. and their opposites doubt, uncertainty and appre- It is not true that consolidation necessarily destroys hension are always to be avoided. So far the Presi- competition; moreover, there is a frequent competident is pithy and sound; but it is possible to heartily tion such as once carried passengers between New accept "the principle" of reciprocity without doing York and Boston for fifty cents and up to this day anything to carry it into practice, and a reciprocity so has occasional outbreaks of warring rate reductions strictly "the handmaid of protection" that the latter which is hurtful to all. The President's defense of wealth is sound. So is concedes nothing to it may be more than a barren ideality. To admit that "there is general acquiescence his recognition of the substantial service of captains and only his proper place is of help log; the law — — — — — our present tariff system as a national policy" is of industry. He justly states the close relation benot to admit that the country is content to retain it tween great aggregations of capital and our present unmodified. It was not expected that the message position in the international contest for commercial would propose specific changes, and its language is supremacy. Disaster, he truly says, spreads downproperly cautious; yet some will regret that it did not ward from the top ; in the long run all stand or fall lay more stress upon the country's pressing need of together; the times when capital is timid and idle are larger outlets and the fact that no "open door" can the "hard" times when workers go as best they can without work and wages. He does not mention the be made to swing in only one direction. in message relates to for- old fable, but the quarrel between belly and members estry [and irrigation, and has unusual authority from is handed down from generation to generation, and exceptional personal knowledge. The plea for con- the demagogue is always with us. The newest matter in the servation of forests and the creation of preserves strong, wise and timely. The statement is that utilizing the water now wasted could enable the Western half of the country to support a greater population than the whole country now has sounds startling, yet it may be well-founded. This part of the document The anti- trust case presents incidental injuries, cer- for instance, the commercial travelers whom great combinations make unnecessary have a grievance, but so had the canals, the inns, the stages and tainly; all tributary industries, in George Stephenson's time. The department some who happy as small store takes in as employes mention of what should and used to be "independent" and possibly should not be done in respect to water rights, and retailers, and there has been an "anti" attempt in abounds with specific THE CHRONICLE. 1186 [Vol. LXXIU. Chicago to prohibit the sale of more than two or three kinds of goods under one roof. It is always thus. PROPRIETY OF EXTENDING CITY DEBT LIMIT. Progress unsettles, compels readjustments and makes temporary grievances; but no human power, and We are glad to see that Controller- elect Edward M. As Grout has sounded a note of warning with reference especially none expressed in statute, can prevent. we grow, we muBt re-clothe ourselves. Statutes, how- to the rather free suggestions which are constantly ever positive and drastic in penalty, are as futile being made for increaalng the debt limit of this city. against natural currents in human affairs as they In an interview published in the "New York Times" would be against the tides of the ocean. They are on Monday of this week, Mr. Grout is quoted as sayemotional; they flatter the unthinking and serve the ing: " I should regard it as no serious impediment for demagogue; but they do harm by creating an uneasy the new administration if it be true that the improvements now under way or provided for are such as to prefeeling. The President sees this clearly, and by implication vent new and additional ones of an extensive nature says it, and fortunately his position gives him hearing during the next two years. With the rapid transit and influence. When he says also that combination tunnel and its extension to Brooklyn, the two new and concentration are rightfully subject to reasonable bridges over the East River, besides the one now supervision and control, hejmakes ajsafe general state. building, a new bridge over the Harlem, one over ment which nobody can deny. State and country Newtown Creek, the Hall of Records, the sites for the fifty or more Carnegie libraries, the Pablic already exercise an unquestionable right of control over common carriers, for instance, in return for what Library Building, the Atlantic Avenue improvement, has been given them; but when we attempt to define the many absolutely necessary new school houses, a reasonable limits and devise methods we put out to normal expenditure for street openings, gradings, Certainly great corporations ought to work in pavings, sewers and repaving, and the large list of sea. harmony with our institutions, as the President says; minor enterprises, all of which are now reckoned in yet it is merit rather than fault that he offers no spe- computing the city's debt and present debt-incurring cific measures to ensure such working, for the ones capacity, New York has already under way about as who have nostrums always ready are the quacks. II e much as any city ought to be doing at any one time." In this we think Mr. Grout is sound in his conclulays chief stress on publicity, and none will disCorporations sions as well as sound in his premises, and shows an insent from the general proposition. engaged in inter-State commerce (he says) should timate acquaintance with the city's financial affairs, be regulated if they are found to be working such as is very desirable in the highest financial a public injury. Aside from the question of jurisdic- official of the city's administration. It is refreshing, tion in Congress, this might be said, on moral grounds too, to find an official who will be in position to exerof all corporations; but when we speak of inter-State cise so much influence in the new administration, by commerce (a thing not yet fully defined as a matter of reason of his position, lay proper stress upon the need law), we should note that every business, corporate or for guarding against excessive outlays and the too individual, which goes beyond small retailing, is prac- ready incurrence of new debt. The tendency of the buys and sells beyond its times is all in the other direction. The great prostically such commerce, for it own State. Some national supervisory power over perity which the country is enjoying fosters habits of corporations doing an inter-State business should be extravagance and a disposition to pay little heed to held, says the President, "without interfering with future consequences. Labor finds itself fully emthe power of the States in the matter/' This seems ployed at better wages than ever before, manufacturer to have a knot: For instance, Federal Eupervision of and producer are netting large profits, aud capitalist insurance is a mooted topic. Waiwng the question and moneyed men all see their investments steadily whether insurance is "commerce," a difficulty there is rising in value. Every one is hence feeling happy, that the States would not let go of their own corpora- money is being spent freely, and the burdens of tions, and the President seems to suggest that they taxation, even when they are onerous, are borne This complacently and with comparative ease. need not be asked to. The subject is remitted to Congress, with others. cheerful situation, however, cannot be expected Experience teaches that after It is a large one, and not to be speedily disposed of. to continue always. Yet all may wisely remember that the trust problem the advancing tide has reached its flood, there will is subject to the higher law which extends over all, come an ebbing, and when business contracts and and that the problem has in itself more power of re- profits fall off, high taxes and a growing volume It behooves our straint and self- regulation than appears on the sur- of debt will become hard to bear. The anti-trust people who are really sincere, municipalities, therefore, to go slow we are referring face. and not merely demagogic, are largely frightened by in this not only to our own city government but to the NEW YORK — their own imaginations. administrative affairs of municipalities generally, the remarkable document is too On weighty and comprehensive to be fairly dealt with in an article of tolerable length. Ic appeals with unusual force to the wisdom and statesmanship in Congress, and we will hope that the challenge will not go without response. At least we have a document of spirit of unusual dignity, American in the best sense, strikingly wanting in the customary perfunctoriness, evidently expressing things the writer wished to say rather than in obedience to custom, and therefore a paper which has won the distinction of being actually bonds for certain purposes and for certain classes of works. It is contended that the debt-making authority as it now exists is too limited, and that in order to broaden the scope of municipal activities the prevailing Constitutional restrictions should be modified and in part removed, so as to allow much larger issues the whole, this read. optimism being dominant nearly everywhere in the matter of creating new obligations. As New York concerned, the subject derives importance by reason of the persistency with which views are advanced urging the removal of Confar as City is stitutional restraints with reference to the isBue of December 7, THE CHRONICLE 1901. was with the view to combating thia notion as carrying with it the possibility of mischievous results that Mr. Grout declared himself as above. It is needless to say that the ideas mentioned do not commend themselves to him at least not In their broad lie says that for the reasons Bet out in the aspects, remarks which we have quoted, he is not in favor of taking out of the city debt, by a Constitutional amendment, what the city has spent for docks, markets, &c, and what it is spending for rapid No greater temptation and opportunity transit. municipal extravagance, he well observes, could for be created than thus suddenly and at one stroke to expand the city's borrowing capacity by a hundred or more millions of dollars. "It is a wide and dangerous way which it is proposed thus to open, and careful restrictions should be imposed." We have never been able to get ourselves to look with approval on the proposal that the city's debtcreating power should be extended. "We know it is sought to make a distinction between city liabilities that bring revenue, such as rapid transit, waterworks and docks, and those that do not, such as parks and driveways. We also know that so excellent an official as Comptroller Coler is the special champion of the doctiine that income-producing outlays should be in every way fostered, he having gone so far this week in his speech before the Chamber of Commerce as to declare (we are quoting from the "Mail and Exof debt. It — 1167 The truth is, there is a point beyond which a city may not go, any more than an individual. For invery desirable to have parks, boulevards, handsome public buildings, and the like, but if under- stance, it is taking these things impose an undue tax on our resources, we are obliged to forego them. la one sense, all public outlays are intended to be product ive, even if they do not directly yield revenue. In providing healthier, better and pleaBanter surroundings, the hope is always to add to population and to assessed valuations, thus broadening the base upon which taxes are levied. The point beyond which, according to the teachings of experience, it iej not safe to go in the creation and assumption of obligations is expressed in the debt limit. Tnis limit ia not low in the case of the municipalities of New York. likely to The Constitution State. and is declares that the total of any indebtedness shall not exceed 10 per cent of the assessed value of real estate, but water debt may be created outside the limit. There are many States all which restrict municipalities to a much smaller max- imum percentage of indebtedness. Tnere are very few which allow so large a percentage. The financial position of not open to question. The New York City to-day ia desire, however, should be to keep it so. Since the greater city was formed merger in it of the surrounding municipaltiea by the that is since January 1 1898 up to December 1 1901 no less than $111,656,751 63 of new bonds have* press") "common sense dictates" that "improvements been Issued, not counting temporary loans or revenue which either are or in time are bound to become bonds payable out of the succeeding year's taxes* sources of revenue" "Bhould not be subject to any This, however, gives an exaggerated idea of the real debt limit." .For ourselves we cannot believe that addition made to the debt in the period covered, besuch a course would be wise. On the contrary, we cause it is offset by debt redemptions and contribuNew York City occupies are sure it would be highly mischievous and fraught tions to the sinking funds. with grave dangers. It is in precisely the class of a unique position in this latter respect. The yearly liabilities which is expected to become income- appropriations for redemption of the city debt are on bearing that the lack of sufficient caution is most an enoimous scale. In 1901 the amount so approlikely to develop. Human nature is always hopeful, priated and raised by taxation was $10,332,173, in 190O and expectations concerning the future are almost the amount was $7,939,073, in 1899 $12,046,061. In invariably too bright. It is to guaid against the addition the yearly increment of the sinking funds furdangers of this over-sanguine spirit and to pre- nishes a further amount available for the same purvent extravagance and inflation that debt limita- pose. It thuB happens that waile the gross aggregate tions are imposed. The results counted upon of the debt of the Greater New York for December 1 may be delayed or only partly realized, or not realized 1901 was $408,347,154 89, there were at the same date at all. To allow outlays of this kind to be multiplied sinking fond assets to the amount of $116,879,300 06, without limit however promising or meritorious reducing the net debt to only $291,467,854 83. Th e they may appear to be would be to invite sure net debt on January 1 1898 of all the municipalities disaster. now comprised in the Greater New York was $230,- — — — — The history of our country furnishes instances with- 437,022 26. Thus the net increase in the interval has out number of the force and application of this ad- been $61,030,832 57, of which, roughly, 12 million In the early days the different States pursued a policy much like that which our municipalities are now urged to adopt. That is, improvements of all kinds were entered upon. There was no intention to be reckless or improvident. Everyone thought that the outlays would prove immensely profitable, but in this everyone was mistaken. What followed the student knows, and the layman may know if he will take up an old volume recounting the financial difficulties through which so many of the newer States were obliged to pass. In those gloomy days the foundations were laid for the debt limitations, which everyone admits are needed as far as the incurring of debt for ordinary purposes is concerned, and which are just as surely needed in the case of outlays upon incomeproduciEg improvements. And the situation of a monition. municipality in that respect from that of a State. is was for water supply. This is a large but not necessarily an alarming figure. But heavy outlays will be required in the immedollars net The Comptroller is now advertising $7,891,000 bonds for sale on Thursday of next week, this amount embracing $2,500,000 of lUpid Transit diate future. Including said $2,500,000, $12,000,000 of bonds to build the Rapid Transit road have been issued thus far. As the road will cost altogether $36,500,000, there are over twenty-four millions still to be issued duiing the next two or three years. The cost of the extension of the road by means of a tunnel to Brookbonds. lyn will require so much more. Then there is, as Mr. Grout points out, the money required to finish the new East River Bridge, and also the money to build Bridge No. 3 and the Blackwell's Island Bridge, of course no different besides the long list of improvements specified by him. Obviously, therefore, Mr. Grout is iucontrovertibly THE CHRONICLE 1188 right when he as much borough the tax rate for the present year is $23 17 on the $1,000 and for the three years since consolidation the average has been $23 48. For the ten years preThe difference viously the average was only $19 44. between these two amounts does not indicate the full extent of the additional taxes exacted from property owners. It is well known that assessed values have Mr. at the same time been very decidedly increased. Coler in his speech this week took pains to say that the assessed valuation of city property had b6en raised so that the Rapid Transit contract could be signed. must not be supposed, either, that Manhattan Borough alone is suffering under the increased burdens. It In the suburbs the process of adding to values has been carried to still greater lengths. Under such circumstances, to let down the bars and allow the city to plan for still further large outlays (as is avowedly contemplated by those advocating a constitutional amendment) would seem to be a move of doubtful expediency. It will perhaps be urged that the Rapid Transit road will provide a large independent income; but that is a matter of the future, while the debt incurred to build it is an immediate, present fact. Mr. Grout makes some suggestions as to the conditions upon which it might ba safe to allow the city to capitalize Income-bearing property with the view to incurring debt beyond the 10 per cent limit. We need not con- upon the present occasion. Ic time enough to discuss them when the tax rate has been brought back to its old figure, and when it can be seen to what extent the expectations entertained of new revenue are likely to be realized. will be ITEMS ABOUT BANKS, BANKERS AND TRU3T CO'8- — The sales of bank stocks this week aggregate 172 shares, of which 107 shares were sold at auction and 65 shares at the Stock Exchange. Transactions in trust company stocks reach a total of 86 shares, all sold at auction. In the outside market there has been a strong demand for stock of the National Bank of North America, the bid price advancing 20 points on Monday to 270 and 15 points Tuesday to 285, with no sales; on Thursday 50 shares were sold at the Stock Exchange at 285, the last previous public sale having been made in January at 220. A sale of 15 shares of North American Trust Co. stock was made on the " curb " at 265. Banks— New York. Price. 15 Commerce, Nat. Bank of 375 10 Fourth National Bank. 245 2 Market <& Fulton Nat. Bank... 267 1* *15 Ninth National BaDk 115 Shares. *50 North America, Nat Bank 20 Produce Exchange Bank 60 Western National Bank , of. Tkost Companies— New lork. 71 America, Trust uo. of 15 Bowling Green Trust Co 285 162V162 1* t29»a Last Nov. Nov. Aug. July Jan. Oct. Oct. previous 1901— 1901— 1901— 1901— 1901— 1901— 1901— — A special meeting of stockholders of the Guaranty Company was held on Friday to vote Trust upon a proposition "to authorize an extension of the business of the corporation and to alter its certificate of incorporation so as to include therein a provision for the transaction by the corporation of its ordinary business by branch offiaes in Manila, Philippine Islands and in Hong Kong and Shanghai, respectively." At the above-noted meeting resolutions authorizing such extension of business were adopted. It is officially stated that arrangements have already been made through the State Department and the War Department for the necessary permission to establish these branches. The company at present has a foreign exchange department and a correspondent in London, and it is therefore fully prepared to carry into execution its plan for the extension of its business. —The alterations to the premises occupied by the Seaboard National Bank, in the Welles Building, 18 Broadway, which changes were made necessary by the rapidly expanding business of the institution, have been completed, and the bank now occupies its new qiarters, consisting of the entire main floor of tbe building. When the Seaboard was incorporated in 1883 the office space consisted of a single room on the southerly side, which is now used as an officers' room the hank moved to more commodious quarters three years later. Tbe new premises which have now been completed include not only the first floor on the Broadway side but a large wing extending to Beaver Street, the whole embracing a space of more than 10,000 square feet. The apartments are fitted up in bronze and marbleand there is abroad corridor one huodred and fifty feet long extending to the rear. Another corridor, fifty feet long, extends under a marble vaulted ceiling to the executive officers' rooms, which are finished in Italian marble. The bank vault is of modern construction of welded chrome steel. The outer door is one foot thick, aud within are four small vaults with walls six inches thick. The safe is fitted with time and combination locks and electrical and other protective devices. The public entrance to the building, which leads through the basement, extends directly under the vault. The counters ia the principal banking room are of bronze and marble, and the chief decoration is a piece of sculptured marble by Carl Bitter. Perfect ventilation is obtained through the most modern appliances, and the heating is by steam coils. The artificial light necessary is supplied by about 800 electric lamps artistically arranged about the ceiling. There are, however, large windows on Broadway, on Beaver Street, and on a court in the rear, which latter is lighted by a shaft extending to the dome. The Seaboard's officers are: S. G. Bayne, President: S. G. Nelson, Vice President; J. F. Thompson, Cashier, and C. C. Thompson, Assistant Cashier. The directors are: S. G. Bayne, Edward C. Bodman, T. Wistar Brown, Lucius A. Cole, Francis V. Greene, Edward V. Loew, S. G. Nelson, Daniel O'Day, Franklin Quinby, William A. Ross and Joseph Seep. It may be noted that there has been no change in the bank's management since its organization except that which was caused by the death of William A. Pullman, its first President, about ten years ago. ; sale. 385 24/Ms 265 80 220 165>* 615>« 279V283 1e Nov. 1901— 276 189% Nov. 1901— 189^ Sales at the Stock Exchange. * .XXIII. "New York ing at any one time/' Bat if there were not all these specific and general objections to enlarging the debt limit, there is one other argument that is absolutely conclusive by itself on that point. We refer to the high taxes. In this sider these suggestions I has already not for sale. It was also reported that Mr. Morse had unsucas any city ought to be do- cessfully attempted to secure control of the National Shoe & Leather Bank. asserts that under way about [Vol. — The advance —The following were elected directors of the Bank of the James Talcott, M. C. D. Manhattan Company on Tuesday Borden, John S. Kennedy, Henry McHarg, John Sloane, : Stephen Baker, Hugh D. Auchincloss, Frederick G. Bourne, R. N. Paterson and Samuel Sloan. The officers of the bank are Stephen Baker, President; Henry McHarg, Vice-President; D. H. Pierson, Cashier, and W. E. Trotter, Assistant Cashier. in the bid quotation of the stock of the National Bank of North America in New York to 285 on Tuesday gave rise to rumors of attempts to buy the stock for control. Officers of the bank say they have no knowledge of Company such a movement, and also that control of the stock is closely held by parties who would not be likely to sell. No transfers of the stock have been made for a year at least. It is supposed that the advance in the quotation was chiefly due to the improving condition of the bank. grocers, — A meeting of the stockholders of the Fifth Avenue Trust sition will be held to increase on December 18 to vote the capital stock from upon a propo$500,000 to $1,000,000. —James E. Nichols of Austin, Nichols & Co., wholesale was last week elected a director of the New York National Exchange Bank. —Alfred Gwynn Vanderbilt was on Wednesday elected a —A report that Charles W. Morse had secured control of director of the Equitable Life Assurance Society. the Hide & Leather National Bank was emphatically denied This week's news brings the information of the proposed by the President, D. S. Ramsey, who said that the bank was consolidation of two more Boston banks. This latest merger — December 7, THE CHRONICLE. 1901. concerns the State National and the National Hide & Leather, the former taking over the latter. The State National, whose capital is $2,000,000, will reduce that item to $1,000,000, and then increase it to $2,000,000 by issuing 10,000 shares at $130 per share. For two shares of the Hide & Leather the stockholders of that bank will be ottered $140 in cash and one share of the State National, or $270 in cash for both of their holdings. It is expected that Mr. Samuel N. Aldrich will oontinue as President of the State National, while Mr. George Ripley, head of the National Hide & Leather, will become Chairman of the Executive Committee. Mr. Alfred L. Ripley, Vioe- President of the merged bank, will hold a similar position in the State National. —According to tne Baltimore "Sun," a number of shares of stock (said to be 625) of the Continental National Bank of Baltimore held by Mr. Wilbur F. Jackson, who resigned as President last spring, have been purchased by Mr. Eugene Levering, President of the National Bank of Commerce of Baltimore. The price paid is given as $95 per share. The further statement is made that the latter bank is seeking to control a majority of the stock of the Continental, of which there are 2.0C0 shares, and eventually merge the two instituMr. Levering is now a director of the Continental, tions. having been elected to the board a week sgo. A new building is being erected by the National Bank of Commerce at 24 and 26 South Street. The bank is at present at 15 South Treasurer, John F. Sawyer. Cashier of the First National, and Assistant Treasurer, Edwin W. Pease, Cashier of the Railroad National. The bank will occupy the quarters of the Merchants' National'Bank. — A new rule concerning low-priced stocks has been announced by the Board of Governors of the Philadelphia Stock Exchange. The rule is an amendment to Section 2, Article 4 of the by-laws, and provides that hereafter *' all stocks selling under $10 on which the commission is 6.' { cents per share may be dealt in in one sixteenths of a dollar." —A reorganization of the Omaha Loan & Trust Company SaviDgs Bank of Omaha, Neb., has taken place, the two departments, trust and savings, having been separated, so that each will hereafter be conducted independent of the other. The bank, which, as soon as the necessary formal action can be taken, will become the City Savings Bank, will continue in its present offices. The trust company, however, will locate elsewhere. The bank's entire authorized capital of $100,000 is now available, $50,000 additional having recently been paid in. Its new officers are: President, Mr. C. W. Lyman, President of the Commercial National Bank of Omaha; Vice President, John F. Flack, of the Conservative Savings & Loan Association, and Treasurer, Charles E. Bates. —Mr. Canby formerly Vice-President and of the National Bank of German town of Philadelphia. Mr. Charles W. Otto, the late President, and who last January completed fifty years of service with the institution, died a couple of weeks ago. Assistant Cashier Romaine Keyser has been elected VicePresident of the bank. Cashier, has Street. — 1189 S. Tyson, become President The Newport (R. I.) Trust Company, which was incorporated a short time ago, as announced in these columns on November 16, was organized on Tuesday of last week with a capital of $300,000 and a surplus of $120,000, all of its stock having been subscribed for at $140 per share. The officers The new Federal National Bank of Pittsburg opened on elected are President, Frederick Tompkins; Vice-PresiMonday of this week. The bank is located in the Park dent, Angus MoLeod, and Treasurer and Secretary, Thomas Building. It has a capital of $2,000,000 and a surplus of P. Peckham. The board of directors is a notable one, com$400,000. Mr G. A. Langfitt is President and G. W. Eisenprising George F. Baker, Edward J. Berwind, Samuel P. beis Vice-President and Cashier. Colt, George G De Witt, Henry F. Eldridge, Elbridge T. The North American Savings Company of Pittsburg, menGerry, George G. Haven, Jeremiah W. Horton, Thomas A. tioned in our issue of November 9, began business on the 25th Lawton, Lewis Cass Ledyard, Angus McLeod, E. Rollins Morse, L^vi P. Morton, C. L. F. Robinson, William G. ult. The offices it occupies (at Fourth and Market streets The institution was Roelker, Thomas F. Ryan, Jacob H. Schiff, James Stillman, have been completely remodeled. chartered under the trust company laws of Pennsylvania. Henry A. C. Taylor, Nathaniel Thayer, Frederick Tompkins, The announcement is made of the death of Mr. Patrick H. McKay Twombly, George Peabody Wetmore, Harry Payne Whitney and James T. Woodward. This is the com- Kane, a director of the city trust company of Pittsburg. Mr. pany which is to take the place of the Newport branch of Kane was one of the organizers of the City Savings Bank, the Industrial Trust Company of Providence, now located at predecessor of the trust company. Thames 8treet and Commercial Wharf, and in the spring a In a recent issue of the Chronicle a complete list of the handsome banking building with extensive safe deposit directors of the Prudential Trust Company of Cleveland was vaults will be built on the site now occupied. given. The officers of this institution are President, Samuel — : — — — —Savings departments were this week opened in connectwo of the trust companies of Jersey City the Commercial Trust and the Greenville Banking & Trust. That of the Commercial Trust is located, with the other offices of the institution, on the main floor of the company's building on Exchange Place. Interest at the rate of 4 per cent will be paid on all deposits up to $1,000 and 3 per cent on sums from $1,000 to $3,000. The deposits received by the Greenville Banking & Trust since the inauguration of the new department on Monday are stated to have exceeded expectations. The President of this company is Mr. Henry Lembeck; Vice-President, Thomas Cogan, and Cashier, Edward S. Pierson. — tion with —The National Bank of Commerce (converted from the Bank of Commerce) of Norfolk, Va., began operating under the national system on Monday. By the first of the year the bank's capital will be increased from $200,000 to $500,000. —The new Union County Trust Company of Elizabeth, N. F. Haserot; Vice-Presidents, James B. Hoge, S. W. Croxton and Charles E. Adams Secretary and Treasurer, T. E. Borton, and Assistant Secretary and Treasurer, Edward L. Howe. The completion of the organization of the Prudential Savings Company, chartered at the same time (last spring), and by the incorporators of the trust company, has ; been postponed indefinitely. —The semi-annual dividend of the Hartford National Bank of Hartford, Conn., just declared is 3 per cent, instead of 3% per oent, the amount previously paid since 1894. The reduction is made to offset the tax now collected by the State. — The Comptroller of the Currency has authorized the 10 per cent dividend payable Monday to the depositors of the Globe National Bank of Boston. This dividend, as noted in these£columns two weeks ago, Receiver Wing is enabled to pay through the directors, the latter having settled the claims against them by the payment of $240,000. —Mr. William L. Morse has been elected to the Presidency mentioned in these columns two weeks ago, and of which Governor Voorhees is to be President, is to take over the of the First National Bank of Marlborough. Mr. Morse sucFirst National Bank of Elizabeth. The trust company will ceeds the late George N. Cate, who held the position only » pay $175 for each share of the bank's stock, as well as all few months, the latter advancing from Vice President to the dividends to January 1, on which date the bank will cease head of the bank through the death of Mr. T. A. Coolidge. to exist. —The reduction in the capital stock of the Salem National Bank of Salem, Mass., from $300,000 to $200,000, voted on —The officials chosen for the Union National Bank of Lowell— the consolidated Railroad National, First National November 6, has been made. and Merchants' National banks— are President, Arthur G. —President James H. Eckels of the Commercial Nationa Pollard, President of the Merchants' National; Vice Presi- Bank, Chicago, will deliver a series of four lectures before dents, George S Motley (President of the Railroad National) the students of Princeton University during the third and Walter L. Parker, President of the First National Bank; week in January. The subjects will be as follows: "The J., THE CHRONICLE. 1190 Public's Interest in Economic Problems;" "The Relation of the General Government to the Country's Currency," "Banking and Finance;" "The Bank, Its Sphere of Operation, Use and Influence;" "The Newer Phase of Economic Development in the United States." —J. & Company have opened a branch banking The Rookery, Chicago, and, in connection with a B. Russell office in banking business, will deal in high-grade railroad, traction and corporation bonds, industrials of the better class and other investment securities. Mr. J. A. Cauldwell, the Chicago Manager and a member of the firm, was for several years with the banking house of Redmond, Kerr & Co., which is in itself a recommendation. The other members of the firm are J. B. Russell, C. D. Simpson, T. H. Watkins and C. B. Eddy— all Eastern capitalists, with banking offices at 66 Broadway, New York, Wilkesbarre, Scranton and Carbondale, Pa. —An additional dividend of 2 per cent has been announced by Comptroller Ridgeley and Receiver E. A. Potter to the creditors of the National Bank of Illinois, making 72 per cent in all now paid. Receiver Potter still holds as assets of the broken bank the Calumet Electric Railway and real estate to the combined value of nearly $3,000,000, which when disposed of will pay off every just claim 100 cents on the dollar. —A 25 per cent dividend to the creditors of the Le Mars National Bank, of Le Mars, Iowa, has been declared by the Comptroller. The failure of this bank occurred last spring. [Vol. LXXIII. The bank will remain in possession until early the coming year, when the building will be demolished, to be superseded by a modern office building. By fhe terms of the for $200,000. sale, it is stated, the bank is given a lease on banking rooms to be provided in the proposed structure. —The growth in the business of the banks, so conspicuous in other parts of the country, extends also to the Pacific Coast. An instance of this growth is furnished in the case of the Crocker- Wool worth National Bank of San Francisco. We have prepared the following statement to show this bank's growth during the last three years. Crocker-Woolworth National Bank, Ban Francisco. 30 1901 July 15 1901 Apr. 24 1901 5 18 Sept. 5 June 29 Apr. 26 Feb. 13 Deo. 2 1901 <t Profits. 8 1,000,000 1,000,000 1,000,000 1,000.000 1,000,000 1,000,000 1,000,000 1,000.000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000.000 1,000,000 Sept. Feb. Surplus Capital. Grots Aggregate Deposit*. Resources. $ 1,110,343 1,022,131 1,052,286 985,055 1,021,618 9 7,949,823 6,910,365 6,592.476 6.409.924 6,317,714 6,462,778 5,893,040 6,245,745 6.813,484 6,220,553 5,577,013 6,121,648 5,320,473 5,268,741 4,368,423 10,160,167 9,032,497 8,744,762 8,494,979 8,439,332 8,489,928 7,947,799 8,243.556 8.217,717 8,206,322 7,470,181 7.066,501 7,153,666 7,125,455 6,149,484 1900 1900 927,149 1900 954,758 907,811 1900 841,232 1909 895,768 1899 Sept. 803,169 7 1899 June 30 1899 854,852 Feb. 743,193 4 1899 766,714 Dec. 1 1898 Sept 20 1898 696,039 The foregoing shows marked development in every direction. In the three years deposits have risen from $1,363,423 to $7,949,823, and aggregate resources from $6,149,464 to $10,160,167. Over one million of the increase occurred durDeo. ing the last three months of the period. Surplus and profits have been raised from an aggregate of $696,039 on September The Colorado Banking & Trust Company has been or- 20 1898 to $1,110,343 on September 30 1901. The officers are ganized with a paid-up capital of |100,000, taking over the Mr. William H Crocker, President; C. E. Green, Vice-Prescombined business of the Colorado Finance & Safe Deposit ident; G. W. Kline, Cashier, and Wellington Gregg Jr., Company and the Lincoln Loan & Trust Company, both of Assistant Cashier. Cripple Creek. The new company will maintain its head —The first semi-annual dividend of 3 per cent, payable office at Cripple Creek, but has opened a branch office in the January 1, to stockholders of record December 15, has been Marquette Building, Chicago, with Mr. John H. Morse, its declared by the directors of the Albany Trust Company of Second Vice-President, in charge. Besides reputable mining Albany, N. Y., which has only been in the field since May, stocks and other legitimate Colorado enterprises, this com- 1900. pany will deal in municipal and corporation bonds, mort—Mr. Franklin L. Hunt, for ten years in the employ of the gages and real estate. The banking and trust departments Third National Bank of Boston, which ceased to exist on proper will be in charge of officials of large experience in Monday, owing to the consolidation with the National Shaw- — ' those lines. —Mr. Charles W. Gnnster, Cashier of the Merchants' & Mechanics' Bank of Scranton, Pa., has been appointed Manager of the Scranton Clearing House. —Patersoa and Dover, N. J., are jointly interested in the Trust Company, which has been organized for the latter city. The company enjoys the distinction of being the first organization of that nature to operate there. Control of the People's National of Dover has been secured and its business will be amalgamated with the new institution. The trust company has been capitalized at $100,000. Mr. H. F. new Dover Bell, President, and Mr. F. F. Searing, Vioe- President of the Company of new company. Citizens' Trust holders in the Paterson, are among the stock- & Co. of Chicago have removed their from 38 Broad Street to 7 Wall. The firm are members of the New York and Chicago Stock Exchanges. —King, Hodenpyl New York office —The Equitable National Bank of Cincinnati, Ohio, now occupies the main floor of the Union Trust Building, having recently removed from its old location on Third Street. The new offices have been fitted up at considerable and are intended to furnish added facilities for the transaction of the increasing business of the institution. -cost —Plans for the organization of a new trust company in St. mut, has accepted a similar position with Messrs. H. Poor & Co. Boston. W» , — Chicago bank stocks are advancing at a rapid rate. Commercial National shares, which were quoted in the November at 306, sold this week at 340; Metropolitan National shares have advanced from 265 to 295, and Savings from 177 to 210. American Trust Quotation Supplement & — The prominent Chicago Board of Trade firm of Schwartz, Dupee & Company, with branch offices in New York, St. Liuis and Washington, has announced its intention to retire from business on December 31, when the copartnership expires by limitation. This is a great surprise to both La Salle and Wall streets, as the business of this firm in commissions on grain, provisions, stocks, bonds and cotton was one of the largest and most successful in this country. The present partners are John Dupee, Isaac Bloom and Walter C. Cornstock. The firm holds memberships in the New York Stock and Cotton Exchanges, the Chicago Board of Trade and the Chicago Stock Exchange. —Logan & Bryan have rented from January 1 — The directors of the First National of Elizabeth, the commodious offices in the Chicago Board of Trade Building long occupied by Schwartz, Dupee & Co. Bank have advised depositors and stockLouis, Mo., are announced. Mr. Clark H. Sampson, origin- holders by circular, issued on Tuesday, that the Union ator, has been elected President of the enterprise, to be County Trust Company have offered to pay $175 per share known as the Colonial Trust, the capital of which has been for the stock of the bank, and also dividends up to January fixed at $1,500,000 and surplus at the same amount— 15,000 1, when it is proposed to effect a merger of the two institushares at $200 per share having been issued. Temporarily the tions. offices of the company will be in the Equitable Building, but —The First National Bank of Ballston Spa, New York, was permanent quarters have not yet been selected. Final details closed on Tuesday by order of the Comptroller of the Curof the organization are being rapidly pushed, in order that rency pending an investigation of a deficiency of $100,000, the company may begin business by December 20. The other alleged to be due to a defalcation. The capital of the bank officials chosen are: Isaac Schwab, First Vice-President; 's $100,000, and the surplus and undivided profits are $142,Paul A. Fusz, Second Vice-President; Edward S. Lewis, Later reports indicate that the bank will probably be 594. Third Vice-President, and Edgar G. Tilton, Fourth Viceopened again. The officers of the bank claim that the instiPresident. tution can be re- opened next week on a sound basis, even —The property on which the Third National Bank of Pitts- admitting that the $116,000 surplus will be wholly wiped burg stands was sold a week or two ago to Mr. Henry W.Oliver out through the bank's losses caused by the alleged embezN. J., capital $20O,0CO, , December THE CHRONIOLK. 1901.] When the bank was closed on Monday It had to New York $214,000; in Albany, $22,000. and cash dement. its 7, credit in The negotiable securities were $50,000 in vaults, §100,000. and loans were about $400,000 making together, exclusive of capital, $786,000 of assets, against which were $(>20.000 lia- The course of bank clearings at leading cities of the country month of November and since January 1 in each of the last four years Is shown in the subjoined statement. for the BANK CLEARINGS AT LEADING — (OOO.OOO* (Hearing*— tieturn* by lelegravh. Week Bnding December Seven oltlei, 6 oitles. 5 6 days. . Par Value Actual Value. 249,193,674 {«£ 124251887885 16.685,615 Oolumbus... St. Paul Hartford • 1,681,688,684 840.173,619 +4-9 +14-9 • 1,881,737.463 S66.814.S66 +68 +6-7 •2.178.96J.018 +6-8 31.518978 19089974,860 Eleven Month*, 1900 Aver'ae Par Value Price. or Quantity 78-7 Total value. 16,857,810 •1.U67.200 •146,083 790 690,770.860 798,779.875 Aver'ti Value, Price. 600 11117098887 • 1H3.774.300 76c. •37P.070.307 80 17,818,639 116-9 H.468,15- 76-0 •321,187 221-1 11689330722 •8057470.800 ee-5 788.B61.06ti 75 1-8C. 1016.652,680 20185110.888 Milwaukee.. btuflttlo Denver 1900. 1899. •8846081,610 66 37 83 59 59 36 30 28 26 82 28 11 19 - $ 614 677 40(5 615 5H4 400 168 146 95 92 66 72 63 36 60 47 37 29 27 26 23 22 24 10 19 L898. OITIK8. Jan. r 1901. 9 • 3,!»73 7:1,1 12 688 t>,832 141 129 89 95 66 61 49 88 63 45 35 29 26 27 24 22 24 10 17 490 7,039 822 6,015 139 2.046 78 1.H75 K4 74 H91 31 23 24 31 21 19 27 10 14 f Xov. 30. . 1899. 1898. ~#~ f 46,687 55.414 37,814 5,687 6,477 4,868 8,'JOO 6,998 4,944 4,241 4,380 3,282 1,525 1,486 1,315 1.472 1,402 881 1,095 1,073 58 57 45 30 56 35 1 to 1900. 886 529 421 5"S4 612 617 825 296 304 276 303 234 124 210 984 936 721 694 484 385 627 615 389 296 272 289 237 244 224 116 199 1,111 883 678 689 402 376 484 472 378 304 260 271 230 237 216 124 160 842 741 690 537 3-2 315 410 353 316 239 237 288 196 190 198 114 137 Total 9,382 8,346 Other ol ties.. 413 472 7.542 0,174 104349 72,?24 82,332 58,692 304 4,376 4,899 3,449 2,873 367 Total all... Outside N.Y. 7,909 6,478 108725 77.123 P5.781 61,58 2,956 2.505 35,613 30,436 30,367 24,251 9,854 3.486 8,759 3,055 ^EIoujc t arjjf t&Btaxatxtl\%l%uq\l&\L%zxBS [From oar own correspondent..! London. Saturday, November 23, 1901. from New York to Paris and the opposition reported from the Western States to the Northern Pacific Securities Company have created some apprehensions here, and consequently the market is more inclined to sell than to buy American securities. Other markets are entirely stagnant, and the mining department in general is utterly without life. Even in Paris, where there was some revival last week and an inclination to take a much more favorable view of the situation, activity has greatly The Actual 114,968,566 •7673897,480 1919,691,700 1801.188,706 87*1 11,627.070 (1,861,047 113-8 12.888,800 •942.913 89*6 (180,475 •369.677 298-8 •26178786370 19894340.583 Total Louisville... Minneapolis. Cleveland... Detroit Provldenoe.. $8,308,181,338 for week. or Quantity Grain, bash. 81 +811 + 647 -ro Eleven Month*, 1901. Bankstooks 82 ' •1.923,870.288 3 8.911. 113 . d«T all oltlei State bonds lnolimatl... Kansas City. New Orleans tfaltluiore... $1,047,862,805 873.907.418 dare dan all oltlei. BB. bonds.. Gov't bonds San Fran'oo. . Omaha -2-5 592 699 466 211 161 98 110 + 18-5 -7 3 Our usual monthly detailed statement of transactions on the various New York Exchanges is appended. The results for the eleven months of 1901 are given below and for purposes of comparison the figures for the corresponding period of 1900 are also presented. stock Louie PlttabarK.. 119.326,7(6 84,494,301 81.978.878 188.496 846 Orleani Ducrivtion. St. —0-8 8t.Loo.lt 1 Boston Philadelphia •1 188.069,619 Chloago Total 41 Ohloatro 831 116.388.810 100.138.046 20.870 971 161.962.060 Bl 838,798 10.627.7W8 tl. 1-0.174 Boston. Philadelphia Baltimore All oitles, P. Cent 1900. 1901. 7 Haw York Total - Mow York... 6,368 6,704 4,963 Clearings by Telegraph.— Sales of Stocks, Bonds, &c— The subjoined table, covering clearings for the current week, usually appears on the first page of the Chronicle, but on account of the length of the other tables is crowded out once a month. The figures are received by telegraph from the leading cities. It will be observed that aa compared with the corresponding week of 1900 there is an increase in the aggregate of 5 8 percent. Other Xott uxbtr. 9 1901. omitted, t bilities. Hew 1191 large gold shipments decreased. The volume of transactions in share properties on the New It York Stock Exchange each month since January 1 in 1901 end and 1900 is indicated in the following: ALBS OF STOCKS AT NEW TOBK STOCK EXCHANGE. 1901. Month Number of Share*. Jan reb March. 1900. Values. Par. Values. Number Actual. of Shares. Par. Actuai. • 30.285,055 2,911,531,860 2,081,745,276 0,843,716 946.681.487 687.243.018 21,908,822 2,126,037,460 1,678,947.69b 10,105,392 076,723,085 718,677,667 27,080,988 8,024.011,160 2.087,884,688 14,446,782 1,409,938.650 1,101,018,407 1st yr 79,248,846 7,661.480.450 5,758.677.661 34,485.890 3,333.238.962 2,606,088.092 April... 41,719,08614,089,407,800 3.515,023,287 14,772,078 1,434,106,700 977.081,461 May.... 36,292,203 3.440,179,575 2.683.101.409 0,619,473 June... 19,795,612 1.930,766 550 1,609,640,867 7,308,687 010,491,418 902.298.900 704,924,650 465,082,364 2dqr. 90,806,001 9,460,342,926 7,707,774,623 81,601,133 3,041,330.260 2,042,665,248 6 moi 178056746 17181883,876 13406468,884 86.087,023 6.874.569.212 1,649,594,236 July.... 16,024,688 1,577,408.460 1,215,378,902 August 10,772.081 1,055,617.850 832.061,498 8,230,493 4,020,654 690,848,700 893,267,760 Sept.... 13.900,196 1,380,178,850 1,007.337,661! 6,169,986 496,038,600 401.407.206 236,087,469 301,498,748 is still believed both in France and Germany that the of the South African war is very near at hand; but in France uneasiness is again springing up respecting the threatened coal strike. There have been partial strikes. Meetings of workpeople are being held all over the mining districts and the leaders of the miners are threatening to call out the men. Toe general opinion is that a general strike will not occur because the British and the Belgian miners have refused to assist by endeavoring to stop exports from this country or from Belgium. Still, there is a certain amount of apprehension in France; for if there were to be a general strike and coal were to be imported in large quantities from the United States, England and Belgium, it is feared that the workpeople would attempt to stop the imports and that bloodshed might follow. The best opinion, as stated, seems to be that there will be no strike, and in banking circles, in Paris more particularly, that opinion is strongly held. Still, there is an entire disinclination to engage in new risks of any kind. It is to be recollectei, too, that the losses resulting from industrial enterprises, and more particularly from industrial enterprises in Russia, have been very heavy; and consequently nobody is inclined to engage in new business. Even investment is on a smaller than ordinary scale. In Germany the crisis is as great as ever. Workpeople mos. 2ie842830 21,131988826; 18,68l28034f 81,508,136 7.864,608,262 5,489,487,666 Distress among are being discharged in large numbers. Oct... 14,036.082 1,871,786,4601 1,049,728,42'- 10,895,083 1,068,757,300 700,306,917 their families is deep; and producers complain that their Nor... 18.314.C62 1,748.173.35111.459.015 487l22.685.336 2,180.731.825 1,477,603.887 goods are accumulating on their hands because they cannot The following compilation covers the clearings by months seil. Naturally small failures are occurring all over the country almost daily, and the distress is widespread and deep. Since January 1. In Russia matters are quite as bad; and they are equally bad MONTHLY CLEARINGS. in Belgium, Spain and Portugal. Clearing*. Total All. C!ear4n»« Outride New York. Here at home the stagnation on the Stock Exchange is as Month. great as ever, and there is undoubtedly a tailing off in trade 1901. 1900. P.Ct. 1901. 1900. P.Ot in most directions. On the other hand, there is a very general feeling that if once the war were over there would be a • January. .. 10,716.440,805| 7,648,048,356 +40-2 3,316.325.932 2,978.468,861 marked revival. As a matter of fact new companies in exFebruary 8.368,808.924; 6.432.881.338 +89-(- 2,736.211.309 2.486.293, 1,289 +100 traordinary numbers are ready to be brought out whenever March 10.003.589,738 7,826,746,59; +31-2 3,116,749,004 2,790,289, 1,867 + 11-7 the market seems favorable to them; and various schemes lit qmar.. 20,078,839,466 21,701,610,191 +84-C 9,167,289.336 8,266,051 417 +11-0 are being prepared for the extension of the underground elec3d qr 40,786,884 4,013.101,950 8,114,778,061 15.421,113 1,490.039.060 039,893,421 ( April 12.010,428,193 7,472,974.161 +607 8,378,639,617 2.766,727 208 +22-4 May- 12,826,972,748 7,810,832,615 +76-4 3,500,540,363 2.833,686. 466 Jane. 10.106.778.513 6,667,016.610 +51-f 3,214.696.258 2,793.108, 269 fl6-l 2d qnar... 34.913,179.464 21,461.123,276 -62-91 10,119,076,228 8,383.720 982( +20-7 months. 64,021,018,919 •(-23 4 43.168,042,467 -48-4 19.286.385,533 16.638.772.84W +16'9 1 July 9,366,718,8541 0,260.030,184 +497 3,283,788.380 2,704,385 200 +21-4 August 7.986,144.19^1 .5.707,329,104 +39-S7,906,488,816 6.620,611,148 +41-5 3.066,595,238 2,623,040, 588 +21*1 2,919,305,26f 2,469,988, 614 9,259.688.924 7,697,394,302 f20-3 September. 3d qnar... 26,318.802,8«7 17,589,920,386 months +43^ +18-1 89.389,321,288 60.742,962,853 +47-1 i8.546.054.467 24,336,166,051 +17-3 October.... 9,531.618.614 7.621.319,923 +26-1 8,581,096,003 3,015.08:,,643 November. 0,853,912,018 8,768.897.104 +126 3,496,784.459 3,054.857,751 !+ll-l +176 trical railroads in the great cities, land, more and generally for the adoption of particularly in Eagelectrical energy in various directions. The impression, therefore, is widespread that as soon as the war is over there will be a gradual recovery. The war no doubt has cost a good deal of money; but it is to be recollected, on the other hand, that there has been exceedingly little speculation for several years, aud tbat even new companies had not been brought out in any serious number for fully a year before the war. There has, then, been little absorption of capital for several years; and the best informed are persuaded that as soon as gold begins to be shipped to London upon a large scale from South Africa, there will be a very marked revival in all departments of business. THE CHRONICLE. 1192 This week there has been an active demand for money, and the open market b as bad to borrow a considerable amount from the Bank of Eogland. The unexpected scarcity is dne partly to the fact that the Government has not paid out of the Exchequer as much as was antic ipated, possibly postpon ing payment for great contracts owing to particular circumstances and partly to a considerable instalment of a colonial loan which had to be paid up on Wednesday. Whether money will continue scarce or rot depends very largely upon the course of events in France. The Bank of France now holds a little over 96*^ millions sterling in gold, and tbe shipments from Ntw York are upon such a scale that it is evident the stock will increase for some time yet. The other banks are unable to employ the whole of their resources. It If a is notorious that they are holding idle very large sums. general strike breaks out they will probably continue that policy, and they may even withdraw some more of the money they are employing in London. On the other hand, if the fear of the strike abates, it is almost certain that the French banks will increase tbe funds they are employing in London. They cannot employ the whole of their money in France; and they do not care to risk it in Germany or Russia, or Belgium, or Spain, or Portugal. In London, however, they can always employ any amount they like at some rate or other; and therefore if there are no troubles in France, probably the supplies in London will be largely increased. The impression prevails that the contemplated Russian loan will not be brought out in Paris until the summer, that already ample preparations have been made for it, and that in fact the Paris market could spare a very large amount of gold, even tion of the if Russia were to require a considerable propor- loan in that metal. However that may be. it if the war is brought to an early close, the French banks will have no great difficulty in withdrawing any funds they require to withdraw from London by and by and therefore the expectation is general that the French banks will increase the sums they are employing here. In Germany there is such an utter collapse in almost every kind of business that there is no expectation of gold being taken for that country and until Russia is able to borrow again in France, she is not likely to take gold. The India Council continues to sell its drafts fairly well. It offeied for tender on Wednesday 60 lacf; and the applications were for nearly 2,200 lacs. The total amount offered for tender was disposed of at rates ranging from Is. 3 31 32d. to Is. 4 l-32d. per rupee. Next week 60 lacs will again be is new obvious that ; ; offered for tender. The following return shows the position of the Bank of England, the Bank rate of discount, theprioe of consols, &c 1901. Nov. 1900. Nov. 20. 1898 Nov. 23 1899. Nov. 22 81. 4 26,761,(160 for 4 9113-16 ao l-ieo. 171.072.000 Bank 3 Months. 4 Months. " 26 3 2 18-16 2 4 3«®3% sH®m 3« 6 Months. SX&3H 16 4 23 4 6 102 16-16 3 5-16@8% November BH 8 7-16 & m Joint Din'lH's Stock At 7-14 Call Oaf IH i®*H iH 3H iH 8V 1898-99. 27s. 28a. 4,220,030 7,323,749 26,823,430 28,711,587 9d. Od. 12,992,1.00 24,586,379 7d. 4<L 28a. 4a. 26s. 104. 3d. 3d. 26a. 26a. of wheat, flour and Last wee*. 2.225,000 qrs... 2,286,000 Flour, equal to qra... 335.000 vfalse qra... 480,000 1900. 1.690,000 1899. 1,555,000 ilO.OOO 420,000 This week. Wheat 300,000 635,000 1,140,000 370,000 English Financial .Tlarfcets— Per Cable. The daily closing quotations for securities, etc. at London are reported by cable as follows for the week ending Dec. 8. , London. Silver, Tuet. Bat. per ounce 25% 251i 6 9113 ie x904 x91 924, d. Consols., new, 2% p. ota. For account 01324 rr'oh renteadnParia) fr. 01271, 7238 Spanish 4a 638 & Santa Fe.. Preferred Baltimore & Ohio Preferred ..... . 6% 81*8 Anaconda Mining Atoh. Top. 72S4 81% 1034 1074 103 107 974 98 Canadian Pacific...... 117 Chesapeake & Ohio 504 Chioa. Great Western.. 25 4 116*8 Ohio. Mil. 173 47 Oen. Do Erie, & A Rio Gr., com.... 464 do Preferred. 96*3 43i* 740s common .......... let preferred 2d preferred... Illinois 50 254 St. Paul... 173i« & Nashville.. 911 Jft 814 82 81 103 4 1034 1074 984 117% 494 64 1064 97 4 116% 494 254 1704 1034 •Phlla. ARead •Phila. & Read, ,1st pref. Read.. 2d pref. 'Phila. southern Paclflo 763* 25*8 26 Preferred 1714 254 25 1724 1714 46>« 464 964 42% 744 594 1424 24% 25 244 154 264 544 1744 364 264 544 1734 172 354 604 264 53 173 36 60% 61 93 1034 764 254 1034 7e% 254 4034 40*8 414 304 624 31 61% 93 103 77% 26 9434 1054 924 44% 44is 43*8 95% 224 41% 684 104 35 624 354 954 96 1054 954 105% 95 22 444 954 224 924 444 954 23% 404 41 43 63 634 644 91% 92 110*8 15 36 61 93 93 30 631* 49*8 25 1434 111% 31 41 494 142% 1114 34*8 preferred Deb. "B" 984 744 594 594 414 95?e 221* 118 74 364 964 Wabash 97 117 964 «34 74% 604 61% 34% O. S. Steel Corp., com. pref.. do Do 1074 42*8 10534 92ig anion Pacific 1014 1064 64 46 95 61 % touth'n Railway, com. Preferred 6% 42^4 41 14 31 & 6% 46 95 154 76^ 60 814 1024 15% Pennsylvania 1< 1 74*8 24% 164 264 534 364 t04 934 »* T ia 92itie 734 251* 54 Preferred Y. Cent'l & Hudson.. 175 36i4 ST. Y. Ontario & West'n X60 Sorfolk & Western pref. 931* Do do Northern Pacific, pref.. 1031* «* la 734 25 27 54 174 m. 724 1114 2684 Tkure. 101 50 101-65 01-524 143 ST. * 25% 254 90H 16 914 91 3 1« 91% 1124 1431* llli* Mexican Central Mexican National Mo. Kan. & Tex., com.. Do Do 24is 18 90'^ie eoi* 1431* 61 Central Louisville 964 434 744 Wed. 1034 774 254 414 304 61% 35 954 104% 92 44 964 23 42% 654 Price o*r snare $omme*ciaiauA HUscellauemts %zxo& IMPORTS AND EXFORTS FOR THE WEEK. — The following are the imports at New York for the week ending for dry goods Nov. 28 and for the week ending for general merchandise Nov. 29; also totals since beginning first week January. 2<H 3&@4 4 2H 24 24 FOREIGN IMPORTS. For week. 1900. 1901. Dry Goods 1899. 1898. 81,994,383 9,727,446 Sl.849,517 10,772,018 81,726.446 6,507,225 $1,452,151 5.806,735 111,721.829 812,621,535 88,233,671 87,258,886 S98.425.241 S105.621.132 413,924,958 387,811,115 9en'l mer'dlse $95,010,130 878,379,485 $84,657,960 309,277,154 21 willing to pay more than 77s. 9d. for Bar their r»tes. limited inquiry for the Continent has absorbed all the amounts on offer in the open market, and, in addition, large sums have been sent direct from New York to Paris. Withdrawals to the value of £17.000 have been taken from the Bank during the week. Arrival*: Australia, £203,000; China, £4,000; Straits. £11, ©00; Bombay, £52,000; Cape Town, £29,000; New Zealand, £24,000; River Plate. £10.0C0; total. £333,000. Ship- have greatlv reduced A ments: Bombay, £32.500; Madras, £15,000; total, £47,500. Silver There have been steady sales of oash silver on New Yotk account, partly induced by the high exchange, and, although India has bought to a considerable extent, the whole tone of the market is weaK, closing to day at 26i ]e d. cash and 264d. forward. The Indian price IsRs. 6658. Arrivals: New York, £173.000; Australia, £5,000; total. £178.C00. Shipments: Bombay. £60,000; Hong Kong, £42,148; Madras, £2,500; Calcutta, £10,000; total, £114,648. Mexican Dollars— There have been no dealings since our last, but the price has partly followed sliver, and is now quoted at 26d. nominal. Shipment?: Hong Kong, £33,275; Manila, £3,350; Shanghai, £18,400; total, £55,025. The following shows the Imports of oereal produce into the United 1899-00. The following shows the quantities maize afloat to the United Kingdom: 2H iH iH 4 Abell write as follows under date of Gold— With the Bank not gold, buyers 1900-01. 24,478,826 Total ver. price wheat, week. 26s. 4 veraRe price, season. 26s. 4 27^d. 3J4@3k Sfc@4 39* 1901-02. 133.74s.OO0 SMos. IMos. Banks ?®m 1): Wheatlmported.owt.l 3,399.500 17,809,300 14,354,200 import* of floor 3,924,900 4,986,100 4,731,100 'ales of home-grown. 6,948,426 5,856,187 7,738,130 « Interest allowta for deposits b\ 3H®3H 3%@4 5-16@8% 3 3% Messrs. Pixley 8M Supplies available for consumption (exclusive of stocks on September 110 7-16 27«d 164.841,000 7ra.de Bids. 8 6« as follows: Bills. 9 4 " 20.412.A«5 81,813,436 43 8-16 899-iea 17a.H04.0oo 6.344,573 S6.6c6.t36 10.029,040 26,778,944 23.015,098 82,9; 7,063 81.261,k<28 Open Market Rates a: Oct. 17,445,171 26,015,641 «o,4W4 726 31.853.891 45 6-16 4 98 9-16 money have been London. Mot. 86,838,li!8 *l% percent. a «1 28,800,790 8.189,041 38 858.88S 13,310,»90 liabilities.. d.o. *j C e 89,144,165 8,180.107 11961,277 Consols, 2H percent Silver Olearinsr-House returns The rates X 87.919,898 17 525,808 26,301,410 23,916,477 35,212 617 ColnAbullion.bothdepartm'ts Prop, reserve to Bank rate £ 89.C71.140 Circulation Public deposit* Other deposits Government securities Other securities Reserve of notes and ooln. a [Vol. LXXIII. Kingdom during the eleven weeks of the season compared with previous seasons IMPOSTS. 1900-01. 1899-00. Imp'tS Of wheat, OWt.13,599,500 17,869,300 14,354,200 Barley 6,085,900 7,104,000 4,243,200 OatB 4,556,300 5,546,800 4,601,800 Peas 417.600 642,330 823,200 Beans 599,800 536,740 385,400 Indian oorn 9.069,700 10,497,600 13,039,800 Flour 3,924,900 4,986,100 4,731,100 1901-02. 1898-99. 12,992,600 7,593,600 3,436,870 522.1C0 547,230 9,653,900 4,220,030 Total Since Jan. 1 Dry Goods Gton'l mer'dlse Total 48 weeka 512,350.199 $493,432,247 $473,389,615 $393,935,114 * for one week later will be found our report of the dry goods trade. The following Is a statement of the exports (exclusive of The imports of dry goods In from the port of New York to foreign ports for the week ending Dec. 2, and from January 1 to date. EXPORTS FROM NEW YORK JTOR THE WEEK. ipeoie) 1901. For the week. °rev. reported Total 4 8 1900. 1899. 86,091,449 461,557,087 $7,171,130 489,694,393 428,038,094 1898. $5,905,578! $11,448,027 424,831,804 weeks $467,648,536 $496,865,523 $433,943,672 $436,279,881 Note.— Aa the figures of exports as reported by the New York Custom House from week to week frequently show divergence from the monthly totals, also compiled by the Custom House, we shall from time to time adjust the totals by adding to or deducting from the amount "previously reported." The following table shows the exports and imports of New York for the week ending Nov. 30 *nd sinoe Jan. 1, 1901, and for the corresponding periods in 1900 and 1899. ipeoie at the port of December 7, THE CHRONICLE. 1901.] BIPOBTS A*D IKFOBTf OF irBOIB AT BBW TOKK. Reports of Non Member Banks.— The following Is the itatement of condition of the non-member bank* for the week ending Nov. 30, based on averages of the dally result. *V omit twi rivhtim '00 in fill rvutw Imports. Exports. Sold. Since J an. Week. Pranoe 250.792 20.000 West Indies All other ooantrles. Total 1901 Total 1900 Total 1899 Week. 1. Since Jan. ) 1. •244.196 BANKS. C'api- 1,178,868 (00s omitted.) tai. $ $1,764,851 33.100,370 9,850,009 768,087 53,868 34,515 1.114,500 3,557 5,890 100.1. Jolambla 300.0 100,0 100,0 200,0 Eleventh Ward.... fourteenth Htreet. iannevoort *4, 543. 880 •0,947 46,693 41.592 10,627,347 14.011,598 Hamilton 200,(1 Mount Morris Imports. 260,0 800,0 200.U 100,0 Mutual Vlneteeuth Ward.. Week. 1. $1,036,620 $43,999,826 697,495 2,220 460 249,884 21,250 Germany West Indies Mexico South America Since J an. $ $25,283 4,720 223 232,193 2,532,707 586,034 87,261 ""183 6,379 24,431 3,091 All other countries. Total 1901 Total 1900 Total 1899 •6 562 71.780 49.254 $1,037,080 S44997.197 946.113 48.331,387 1.164.931 42.627.155 1 $3,368,421 4,862,322 3,643.023 IMasa (Overside State coin. New York City Clearing House Banks.—Statement of condition for the week ending Nov. 30, based on average of daily results. We omit two ciphers (00) in all cases. BANKS Bank $ of Loam. Specie $ S • N.T.... 3,000,0 3,166,3 19,026,0 2,060,0 2,093,0 33.545,0 2,000,0 1,136,7 13,471,8 2,000,0 3,317,2 13,676,0 1,600,0 3,097,0 19,889,1 1,000,0 367,8 4,657,0 City 10,000,0 6,680,3 113,879.9 Chemical 300,0 7,000,4 34.170,3 Merchants' Ex.. 600,0 6,397,4 368,8 •allatln 1,000,0 1,984,7 9,489,0 Bntoh.A Drov's' 300,0 1,188,4 73,1 Meeh.A Traders' 400,0 2,800,0 133,0 ereenwloh. 930.1 200,0 184,1 Leather M'f'r*.. 4.824,9 600,0 616,8 Seventh Nation' 1,700,0 4,714,1 Stated N. ¥.... 1,200,0 4,484,7 664,'i American Exoh. 5,000,0 3,411,3 28,463,0 Oommeroe 10,000,0 7,094,6 71,665.8 Broadway 8,863,8 1,000,0 1,687,3 Mercantile 1,000,0 1,361,8 14,609,1 Paolno 422,7 2,466,8 612,4 Oh at nam 5,946.7 460,0 977,9 People's 3,065,3 200,0 360,8 North America . 1,000,0 1,026,8 11,344,2 Hanover 8,000,0 6,666,2 47,34 a.o Irving 4,2? 6,0 600,0 476,3 OlUseng' 600,0 4.464.8 383,6 Nassau 3,691,9 289,8 600,0 Market* Fulton 6,066,0 800,0 1,013,3 3,8C>*2,& Shoe A Leather. 1,000,0 326,0 Corn Exchange.. 1,400,0 1,849,7 22,684,0 Oriental 3,148,0 300,0 406,9 Imp't'rs* Trad. 1,600,0 8,104,4 23,616,0 • •*-• • •--*•.».**,. 3,000,0 3,968,7 48,219,0 East River 1,240.9 350,0 160,9 Fourth 3,000,0 2,563,2 23,247,4 Central 1,000,0 586,2 10,638,0 Second 300.0 9,438.0 996,0 Ninth. 961,9 760,0 71,6 First. 10,000,0 11.407.H 76.071,6 N.Y.Nat'lBxoh. 600,0 336,0 4,165,7 Bowery 360,0 3,8*4,0 743,7 N. T. County.... 300,0 604,2 4,003,2 German A meri.. 760,0 404,8 3,458,9 Chase 1,000,0 2,667,3 42,874,1 Fifth Avense... 100,0 1,407,9 9,068,8 German Exoh... 684,8 2,869,8 200,0 Oennanla 2.983,9 200,0 866,7 Lincoln 300,0 1,014,8 18.849,1 9*rfleld 7,223.2 1,000,0 1.168.1 Fifth 2,142.9 300,0 371,7 Bank of Metros' 300,0 1,110.7 7,088,9 West Side 300,0 436,6 2,678,0 „ Seaboard. 600,0 1,016,8 12,045,0 Western 3,100,0 3,878,3 36,417,6 1st Nat., B'klyn. 630,4 300,0 4,187.0 Liberty 759,0 600,0 6,637,9 N. T. Prod. Ex.. 1,000,0 443,4 4,280.8 NewAmsterdam 360,0 603,3 7,847,2 Astor 418,5 860,0 4,081,0 Hide Leather. 600,0 389,1 2,694,2 Manhattan 8,368,0 5,626,0 1,790,3 3,418,0 3,366.4 Co... Merchant*' Mechanics' Ajnerloa Phenli 849,0 28,275.0 4.099.4 838.6 1,108,6 363,6 448.0 113.1 1,821,1 1,804,3 1 A A Total HeDevoeiti servi Legale. » Capital Surplui , 1,491,0 2,130,0 1,656.8 1,130,0 3.476,8 292,0 6,358.8 2.802,1 687,7 932,9 61,9 326,0 178.1 160,5 120.5 317.1 1,213.0 6.010,3 363,3 1,642,0 490,8 906,8 769,0 1,175.9 6,698,2 469,7 307,3 294.0 746,0 824.3 6,244,0 8.655,5 1.084.0 8,872,1 430.3 666,2 230.6 1,815,8 8,380,6 517,8 1,103,9 376,6 1,082,7 763,7 302,6 4.482,0 2,356,0 166,4 358,8 4,364,0 1,204.0 14,018,0 3,764,0 271.1 213,3 3,702,8 3,485,5 1,801.0 1,664.0 1,531.0 1,304,0 182,4 142,0 19,534.6 2,073,6 661.6 416,2 386,0 3330 690.1 294.5 627,1 266 11,825.1 1,768,6 3,073.6 864,2 313.4 860,1 413,7 632,0 2,032.6 2,393.7 1,673,8 361.4 411.7 187,8 1,424,8 461,7 388,0 342,0 1,176,0 2,189,0 8,381,8 3,673.6 610,0 632,0 1,128,1 426,0 679,7 334.6 1,146,1 944,4 703.3 235.7 397.0 107,8 P.C • 18.942,0 25-6 28,316,0 374 14,386,3 239 13.181,0 26'8 32,500,4 26-9 4,436,0 257 128,639,7 26-9 33.798.6 381 6,744,6 34 8 7,8tf0,6 35'9 1,473,6 28'8 8,336,0 200 869,2 333 6,671,3 86 6 31 9 4,484, 4.1586 32-6 28,836,0 314 61,184,4 238 6,133,2 236 16,601.6 267 8,898.0 271 6.012,9 36*9 3,061,8 327 11,182,5 23 3 62,429,0 268 4,302,0 227 6,254 5 26'8 3,002,7 223 8,648,0 279 4,429,2 238 27,208,0 251 2.115,0 247 21,753.0 266 61,631.0 289 1,644,3 31-2 24.348,7 25 4 18.333,0 26-2 10,444,0 26-1 900,0 360 76,768,1 28'6 4,011,1 26-8 3,574,0 200 4,335,0 20-4 3,320,3 238 51.734,8 26 2 9,978,0 24'4 3,450,6 30-8 4,580,1 20-6 16,761,6 26'4 7,429,3 380 2,312,6 269 8,002,8 23-5 2.879,0 36-3 14,022,0 24 41,769,1 26'2 4,228,0 246 6,417,1 24-2 4.161,7 268 8,995,4 232 4,000,0 23-4 1,916.0 26 8 '' 83.633.7 99.050.4 876 169.3 1761885 73.396.2 940 668 6 New York 284 Boston & Philadelphia Banks.— Below we furnish a summary of the weekly returns of the Clearing House Banks of New York City, Boston and Philadelphia. The New York figures do not include results for toe non- member Banks. H. Not If •• M ?. U •I 16. 28.. 80.. Phi a.» Not •• •1 • t $ 16.. 33.. 80.. Loam. Specie. • S 886,996,0 1773392 882,567,4 1765895 889,088.0 1771756 876,189,21761865 57,632,9 193.940,016.018,0 57.832.9 192,722.0 15.323,0 67,632,9 193,029.0 16,211,0 38,715,3 176,186,0 38,715,3 177.451.0 38.716.8 178,341.0 1 Legal*. 150,0 100,0 Brooklyn 300,0 Eighth Ward 100,0 fifth Avenue 100,0 Sings County 150,0 Manufaofrs' Nat'l. 252,0 Mechanics 600,0 Meoh's' <ft Traders' 100,0 Merchants' 100,0 Nassau National.. 300,0 National City 300.0 North Side 100,0 Peoples 100,0 seventeenth Ward 100,6 3p rague National.. 200,0 Twenty -sixth W'd. 100,0 Onion 100,0 ^allabout 100,0 $ • 950,419,1 946,084,3 932.957.5 940.668,5 81,821.4 31,982 6 81.972,4 31,976.0 7.918,0 222,299,0 8,465.0 317,344,0 8,415.0 220,833.0 56,114,0 56.230,0 54,903.0 , Broadway , , Borough of Richmond. of Staten Isl Bank 36,0 i»tNat.,Btaten Isl 100,0 Other Cities. st Nat., Jer. City. 400,0 Snd. Co. Nat., J.O. 350,0 2d Nat., Jer. City. 260,0 8dNat., Jer. City.. 200,0 1st Nat.. Hoboken. 110,0 2d Nat.. Hoboken. 125,0 i 210,870,0 210.260,0 210,160,0 We omit two cipher* in all these figure*. Including for Boston and Philadelphia the Item "due • 18260079 17044388 14920464 13328438 6,697.0 143.207.6 6,681,0 130.676.7 6,549,0 109,723,8 89,8 189,0 62,8 63.6 28,8 1778 4 103.6 3316,9 138,8 1431,3 36,2 1606.6 27,7 2476.0 198,0 1063.6 19,8 4011,0 843.0 1380,0 86,0 1072,1 46,2 2060,9 43.6 1502,0 50,2 691,8 11.7 441,5 13,1 788,7 8,8 770.1 9.8 209,6 7,8 361,6 8.6 841,8 99,3 166,1 107,0 I 11-08.0 164.6 283.0 l^O.O 260,8 180,2 083 68.0 04.8 124,8 94.8 108,7 161,2 216.0 72.2 171,0 183,0 8,0 35.01 *7,'3 6,0 62.U 2H84 8 0.8 162.3 262.6 167.8 364.9 82,0 68.6 168 186,0 2760,0 1884,7 1&&6 1406 1901,8 1890,3 1904,8 1.1 <:887,0 <J 1046 66.4 48.3 187.8 181,2 62.4 22,4 99,6 77,2 467.7 70,7 60 9 80,2 172,7 184.4 26,6 34,2 82,1 1067.7 4810,0 1778,0 1301.8 2746 4 1348,6 697,4 309.0 400.0 17,4 7,9 14,8 10.0 9.7 '6.4 938.1 b20,7 108,7 35.3 1004 338,1 136,1 180,8 167,4 84,8 78,9 61,0 437,3 360,8 186,8 23.8 636,6 573.5 144,7 123,8 78,2 243,3 54,2 80,5 55.9 1230,6 13.3 16.0 62,0 10,7 80,8 83.6 1606 6 113,8 362,] 126,8 89,9 04,4 07.6 837.8 373,0 08,0 04.4 484.0 1023,9 401.2 663,6 682.0 2620,4 318.0 8/81,7 173,7 1020.0 18,1 691,6 6,4 8941,0 180,0 3881.0 144,0 847,3 9.7 923,8 89,0 645.0 7,6 1078,3 131,2 548,8 14 1 827.3 27,9 833,2 35,2 100.6 467,0 308,0 149,0 43.9 61,3 30,3 38,0 51,5 65.8 39.9 95,6 140.2 84.1 26,0 26,8 24,7 168,3 164.6 67,4 49.3 297,0 287.0 40.8 64,6 88,8 17.0 40,8 66,8 28,8 93.8 36,6 1830,8 1786,0 990.4 806,6 008,0 718,3 3030,0 4107.1 981,3 719,9 4187,0 8880,0 864.3 973,8 643,8 997,4 671,6 733,4 814,0 6.9 1.0 18 1 46,9 10,0 85,8 3 5,0 43.1 41,8 78,1 83 66.6 86,8 694.8 702.1 16.2 86.7 25.7 30.0 87,5 87.4 8.3 864.2 063,0 807.7 600,1 303.1 242,6 469.2 4970,8 2202,8 1183.3 1022,1 2157,9 388,8 2876 79,1 68,9 39,6 866.7 188,5 191.8 375.5 209.0 143,6 113.8 982 68,8 15,1 64.6 37.3 37,8 6434,4 1898,4 1011,3 1305,3 2038.0 860,8 121,8 29.0 1 1789 20,7 110,9 57.3 4,8 > Auction Sales.— By Messrs. Adrian H. Muller & Son : Stocks. Stocks. 1.300 Bay State Gas Co Sa 100 Atl & Char. Air L. RR..165 300 Gen'l Carriage Co.. com. *8 629^ 60 Western Nat. Bank 100 Markoen Cop'r Oo.75c. per sh. 600 Glenwood & Polyteohnlo 5 Standard Oil Co College St. Ry $500 lot 697 50 Knickerbocker Steam230 Pennsylv'a Furnaoe Co. 32 boat Co ..$341ot 15 Bowltng Green Tr. Co.. .189% 103 B'klyn Ola. Tele* Co. $315 lot Cert. N. Y. Produce Exoh'ge 18 Eighth Ave. RB. Co $90 404 (all dues paid) 20 Alllanoe Realty Co Bonds 138 5 J. B. Stetson, oom 150*4 $1,000 Chicago Ry. Termln'l 2 M'ket & Fulton Nat. Bk.267!4 Elev. Co. 1st 6s. 1943 69\ 10 Fourth Nat. Bank 245 $1,000 Old Dominion 8S. Co. 100 Century Realty Co 104 100 gen. 5s, 1913, MAS 71 Trust Oo.of Amer 279%-283 18 $250 Aperwamis Club, Rye, 20 Produce Exo. Bk..l62 14-162»* N. Y 5% oert. of lndeb.'07.$105 15 Nat. Bank of Commeroe.375 $60,000 Glenwood & Poly10 Home Insurance Co 300 "a teohnlo College St. Ry. Co. 40 Issaquab Coal Co $20,000 lot lets 235s By Messrs. Richard V. Harnett Co.: . & Stocks. 90 10 Yale Building Co Hanking and financial. Spencer Trask BANKERS, & Co., ... NEW YORK 27 A 29 PINE STREET, Transact a general banking business; act as Fiscal Agents for corporations, and negotiate security issues of railroads and other companies. Execute commission orders and deal in INVESTMENT SECURITIESMembers N. V Stock Exchange. Branch Offloe. 67 State St., Albany Alexander M. White GKOHOK BaKCLAT Mokfat. Moffat Jr. White, & BANKERS, ... NEW YORK. INVESTMENT SECURITIES. Members New York Stoo« Exchange, No. 1 NASSAU STREET, Tracy & Co., Bankers, No. 40 Wall Street, CHICAGO. NEW YORK. Connected by private MILWAUKEE. wire. Dealer§ In High Grade Bonds. 9,824.0 111,319,9 9,822,0 122 623,6 9.748.0 93.124.6 to other banks." 1764.9 260H.C 1146,6 1366.8 1308,8 Totals Nov. 80.. 9062,0 f406.1 72616,83447,2 4365.0 8464,0 1777,3 77588,7 Totals Not. 33.. 9062,0 9406.ll72464,7 3357,9 4387,2 8294,8 1741,0 77702,6 Totals Not. 16..|?082,0 9406.1 72681,813380.2 4463.1 8871,8 2057,8 78784.6 OepoeiU.i Oirc'l'n. Clearing S 68,956,5 70.035,4 70.660,8 72,395.2 Net WUar'g Other Not** Agent. UkeJu Brooklyn Bedford banks. Capital <t Surplus. 180,888.1 182.673.1 23. 182,673,1 80.. 182,673,1 9. 16.. Bos. Not CItj, 10(7,0 140,9 217,0 126.6 83,8 30.0 100.0 69.6 168.7 147.8 222,6 139.6 383,8 43.7 76,4 369.1 223,8 30.8 100.0 rwelfth Ward 200,0 Twenty-third W'd. 100,0 200,0 nlon Hquare 100.0 forkTllle 100,0 Washington 200.0 96.1 Fidelity... Variok 100,0 69,1 200,0 64.1 Jefferson 82.2 Century 100,0 Wash'* ton Heights loo.o 100,0 United National... 1000,0 300,0 floro'a of Of the above imports for the week in 1901, $5,360 were American gold coin and $53 American silver coin. Of the exports during the same time $45,000 were American gold Ltepoeil.veilh Leg. T <£»'«.' Invest- Sv*ci* Borough of Manhattan. Jolonlal Silver. fran oe Loam A ur NBW YORK CITT 1,648.579 451,719 936.069 84,409 600 Exports. Since J an. tf plue. stents. $270,792 •46,686,200 2,000 47.483,724 44,248 26 034.616 Week. 1193 List Jo/ Current Investment Ofertngs sent on Application. yomh„. J culcago Stock Exchange. MemDers New York Stock Exchange. J Cominlxalon Orders Executed In nil Markets, THE CHRONICLE. 1194 vvvvvsAAnnn* (friizzttt. of Cent Payable Rallrondn (Hteam). & Santa Fe, prof Boaton <fe Allinny (qnar.) Chicago Groat Western, pref A Atcli. Topekii Delaware* Hudson (uuur.) Kan. City Ft. H. A Mom. pf., When Per Company. 2'-- 2 2 'i l-Vb Di o 4 .I.MI 1 34 Deo ga. (qu.).. 1 j^iii Pennsylvania <fe Norl li western hi. Joseph & Orund Island, 1st pref St. Louis & San Francisco, 1st pf. (qu.) Street llinlu-nvn. 2 1 81 8] Continental Pass., Philadelphia South Side Elev., Chicago (quar.) United Rys. & Eleo., Baltimore, pref .Ian 10 2 in 24 Deo 80 .Ian 2 1 $3 1 .. Books Closed. (Days Inclusive.) to 8 Holders of rec. to Deo 2.r to Nov as to lire 15 Holders of rec. to Deo 14 Dec 81 2 2* Dec Jan Uec 16 Deo 21 Dec 1 1 Deo 18 Jan 1 !>••<. :i Die 30 Jan 1 to Nov 30 of rec. to to San Francisco, 2%c. per §100 premium. United States Bonds. Sales of Government bonds at the Board include §50,500 3s, coup., at 108'4" to 10*%; $1,000 4s, coup., 1925. at 189%; §18.500 4s. reg., 1907. at 111% to 112^, and §5,000 5s, coup., at 107^. The following are the daily closi ng q uotations for yt'irlii range see third page following. St. Louis, par; I" > ; bank, par; commercial, $1 25 discount; Chicago. 50c. discount; Feb Jan Dec 31 Holders ; train IMVIIMMIV Name — ; Jan 9 Dec 9 Interest Dec of the Metropolis TriiHt Coiminnlen. Manufacturers', Brooklyn (quar.) do do (extra) N. Y. Life Insurance <fc Trust Williamsburg. Brooklyn 2 2 31 Deo 25 31 Dec 26 Dec- 20 Dee Deo 3 .Ian 2 10 2 r*lixci-lliin<-oiiM. American Beet Sugnr, pref. (quar.) American Snuff, pref. (quar.) American Sugar Betlniug, com. (qu.).. do do do pref. (qu.).- Celluloid Co. (quar.) do (extra) do Chi. Juno. Rys. & U.8tk.Yds.,com.(qu.) , do do do do Chicago Telephone (quar.) Suburban Homes Commercial Cable (quar. City pf. (qu.) do ) do (extra) Coal, Ltd., pref Maryland Coal do do (extra) New Orleans Gas Light Southern Cotton Oil Streets' West. Stable Car Line, & Co. 14 Deo 1 pref... (quar.) Dec 8 8 14 14 13 13 to to to 31 Dec to 3] Dec to 2 Dec to 2 Dec to 2 Dec 28 3 Holders of rec. to 2 Dec 21 to 2 Dec 21 to 1 Dec 18 16 Holders of rec. 15 Holders of rec. to 31 Dec 20 to 31 Dec 20 2 2 .Ian Dc-c-, Jan 14 Jan Dec Jan Dec 1 34 Jan Jan 1 4 Jan Dec 3 Jan 2 24 Dec 4 Dec Jan 1 3 4* Dec 16 Holders 34 Jan 1 Dei- 25 30 Dec 15 1 34 Dec 14 Jan 1 Dee 21 2 Equitable 111. <ias L., Phila., pref General Electric, com. (quar.) Swift 2 3 <fe Dominion Hal Jan 1*4 Jan 2 Dec 16 rec. 2 Holders of rec. Dec 16 Jan 2 to Deo 17 14 Jan 1-'., Holders of 2a, 2s, 2s, 2b, Jan Jan to to Jan 2 Jan Jan 1 Jan 1 Jan 21 Jan 21 Jan 1 Dec 1 Jan 1 Jan 1 Dec 31 Dec 7 Dec 31 Jan 1 Jan 1 t of rec. to to to Nov 30 Jan Jan Jan 1 2 1 Reduction & Refg., pref. (quar.). and county taxes, not to exceed one-quarter per cent, to be deducted. Transfer books closed from Dec 24 to Jan 1, inclusive, for certificates of stock, and from Dec 2 to Jan 1, inclusive, for N. Y. Security & Trust Co. certificates. X Payable on the original capital of 40,000 shares. TJ. 8. * State, city 1 registered 1930 coupon 1930 1930 .smaJ.reglstered coupon 1930 .small registered 1918 1918 coupon Nov. Periods ItnnliH. Bank Vol. I.XXIU. documentary commercial, sixty days, 4 83@4 84^; for payment, 4 84@4 84^ cotton for payment, 83@4 83 '4; cotton for acceptance, 4 83-^@4 84. The following were the rates of domestic exchange on New York at the under-mentioned cities to-day: Savannah, buying 75c. discount, selling 75c. premium; Charleston, buying 1-1(5, discount, selling 1-16 premium; New Orleans, 4 84 fStouTuers' I 30 Q —Jan Q—Jan Dec. Dec. Dec. Dec. 3 Dec. a 4 6 a 108 'lOS^g *z084 ', *10808 -108 34 -108»4 '108*4 1084 1084 '109 109 Q— Feb *1084 1084 108*4 '108*, '108% 108H Q— Feb "lOS^ 108 V 108»b 108*J '108% 108H Q— Feb Q— Feb 108 «108 1*108 108 i*108 *108 Q—Jan 1124 *a;114 111V- 1114 *1114 *111"» Q— Jan *1124i*1124 1124 1124 *1124:*1124 Q— Feb 139 4 1394 139-,,' 1394 '1394 *1394 Q— Feb 1394 13H 1894 139V*1394 *1394 Q —Feb 1074 1074 107 4 1074 *1074l*1074 com onQ— Feb'«1074 *1074 1074 1074 1074*1074 3s, 8a, 8s, 1918, small.registered coupon 8s, 1918, small registered 4s, 1907 coupon 4s, 1907 registered 4s, 1925 coupon 4s, 1925 registered 6s, 1904 6s, 1904 •This is ' ' ! i ' ' the prioe bid at the morning board: no salt wh made. State and Railroad Bonds.— Sales of State bonds at the Board are limited to §500 North Carolina consol. 4s at 106. The market for railway bonds has been steady to firm until to-day, when, in sympathy with the stock market, there was a tendency to weakness. The exceptional features were Manhattan consol. 4s, which accompanied the shares in their upward movement, and Wabash debenture Bs, which advanced nearly 3 points on an active demand. Both issues subsequently lost a part of the advance. Southern Pacific 4s were notably weak. Union Pacific conv. 4s were conspicuous for activity and declined to-day. Stock and Bond Sales.— The daily and weekly record of WALL. STttEET, FRIDAY, DEC. 6. 1901.-5 P. HI. and bond sales at the various stock Exchanges, forThe Money Market and Financial Situation.— Business stock given on this page, has been transferred merly to a place by circles throughout the country have been interested this week in President Roosevelt's message to Congress. The itself. It will be found to-day on page 1201. Railroad and Miscellaneous Stocks.— The volume of busitenor of the message had been foreshadowed, however, by the President's previous utterances and anticipated to some ness in stocks averaged smaller this week than last and the extent, so that its effect in Wall Street was limited and of a market has been somewhat steadier until to day when it temporary character. It no doubt contributed somewhat was decidedly weak. There was a firmer tone on Wednesto the only buoyant period of the week at the Stock Ex- day following the publication of the President's message, change which occurred on Wednesday and during the early but the decline to day leaves closing quotations in most hours of Thursday. This was followed by a reaction that cases lower than our last- Rock Island was one of the carried prices to-day in most cases to the lowest of the week. strong features, selling up to 155%, a gain of nearly 9 points. The chief cause for this reaction may be found in money St. Paul, on the other hand, was weak, showing when at market conditions, which at present do not encourage ex- its lowest a loss of nearly 4 points. Manhattan Elevated tensive financial operations, speculative ventures or an in- was steadily in demand and advanced 7 points, all of which vestment demand for securities. Call loan rates advanced it has lost to-day. At the same time Metropolitan Street Railto 6 per cent on Monday, falling later to 5 and k% per cent way showed a loss, and Brooklyn Rapid Transit, after selling as the maximum. These rates were largely the result of down nearly 6 points, recovered a part of the decline. engagements of gold for export and the absorption of funds New York Central, Pennsylvania and Missouri Pacific were by the Sub-Treasury. Gold shipments for week. $2,417,273, active and covered a range of from 3 to 4% points. Chicago making total for the current movement of about $20,*- 38, 000. Terminal Transfer issues were notably weak. Reading. Erie, The open market rates for call loans on the Stock Exchange Louisville & Nashville, Southern Railway and Union Pacific during the week on stock and bond collaterals have ranged were also active, but fluctuated within a narrow range. Amalgamated Copper was by far the most active feature from 3% to 6 per cent. To-day's rates on call were 4% to 5 of the market and declined under liberal offerings. Ameriper cent. Prime commercial paper quoted at 4%@ 5 per cent. The Bank of England weekly statement on Thursday can Locomotive was strong on accumulating orders for showed a decrease in bullion of £21,861, and the percent- rolling stock. General Electric advanced 10 points on age of reserve to liabilities was 47 94, against 47'91 last rumors of a distribution of surplus to stockholders. Ameriweek; the discount rate remains unchanged at 4 per cent. can Susjar Refining and the iron and steel issues have been The Bank of France shows a decrease of 1,350,000 francs relatively steady. in gold and 2,075,000 francs in silver. Outside Market.— The outside market has been fairly acPrices have been irtive, especially the last three days. NEW YORK CITY CLEARING-HOUSE BANKS. regular, but with an upward tendency. A few securities, Differences 1901 1900 1899 however, have moved in the opposite direction. Noticeable from Nov. 30 Dec. 1 Dec. 2 previous week among those which have advanced are ^t. Louis Transit stock; this has moved from 31J^ to 36. United Railways of * $ Capital 83.622.700 74,222,700 69,422,700 St. Louis preferred has gone to 9034 from 89%. Hackensack Burplua 99.050.400 90,109,900 79,083,700 Meadows rose from 41 to 43% and closes at 43. U. S. ReLoans <& discounts 876.169,200 ino 7,106,200 804,498,100 682,159,800 duction & Refining common advanced from 34%to3~%, Circulation 31.976.000 Ino 2.600 30,670,000 16,480,900 Net deposits ...... 940,668,500 Ino 7.711.000 864,410,900 748,078,000 closing at 37^, and the preferred rose from 64% to 68%, Speole 176,186,500 Deo 989,000 166,896,000 145,314,500 closing at 68^. Storage Power sold up from %% to 10, Legal tenders 72.395.200.Inc 1,844,400 60,073,400 50,241,700 closing at 9%, and Brooklyn Ferry gained 3 points, reaching Reserve held. 248.581.700 Ino 855,400 226 968,400 195 656,200 20 to-day. Dominion Securities was 87% a week ago, but i3 Legal reserve. 236 167,125 Ino 1,927,750 216.102,725 187,019,600 89J4 this afternoon. New York Transportation ranged be- l tween 11 and 11% and little, Oil improved a 11% bid. Standard In 708% to-day. direction. Pocahontas Coal moved from 130 to Foreign Exchange. — The foreign exchange market has the other been generally firm on a good demand for bills. The sup- 126%, closing at 125 bid, 127% asked. The new Northern Securities stock, which closed at 107%(S108% last Friday, ply included drafts made against gold shipments. got down to 105 to-day, the Northern Pacific convertible Posted rates of leading bankers follow: American Can stocks were weak, 4s remaining at 110 bid. Sixty Days December 6 Demand especially to-day, the common dropping to 15% an(^ tne preferred to 60, against 18% and 65% last Friday. Copper Prime bankers' sterling bills on London. 4 85 4 88 ®4 884 Prime commercial 4 83 34 '04 84 stocks were affected somewhat by the downward course of Documentary commercial 4 83 ®4 844 .... Amalgamated Copper, but Greene Consolidated moved up Paris bankers' (Francs) 5 181s* @5 184 6 1688* ®5 15 ss Amsterdam (guilders) bankers 40 ® 40iie 40 4 ® 405i 9 about 10 points, closing at 29. New bonds quoted this week Frankfort or Bremen (reichm'ks) bankers 94i5 la © 96 95?i8 '* 95 4 were the Norfolk & Western Pocahontas purchase 4s (when * Less tie. issued) at 91%(§94% bid, and International Salt 4s which Surplus reserve Notb. — Returns 13.414.576'Dec of separate 1,072.360 10.865.675 8.636,700 banks appear on page 1193. To-day's actual rates of exchange were as follows: Bankers' sixty days' sterling, 4 84^@4 84% demand, 4 87%®4 87%; cables, 4 8r%@4 88; prime commercial, sixty days, 4 83% ; @ closes rising at to New stocks were Borden's Condensed Milk 95%@96% and N. Y. Stevedoring Co. at f-5@85%. sold at 72. at Outside quotations will be found on page 1201. Co. Exchange— Stock jNew York Stock <M < Record, Daily, Weekly and Yearly TWO \< — im; l'\ I I* STOCKS— It 1(1)1 A.s 7 AND LOWEST SALS PRICES Monday Saturday Nov. JO > I 83 •62 79 V loo',. Inc. •30 •02 33 2 •95 H. 00 02 63 Hi 07 %, 121 122 •121 147 •140 112% 118% 114% ! SO'- 78 •1!':; J193 13734 138 140 1(10 I0034 122 148 11:;', 118% B6 82 86 1 18 8.". 1 -. 180 47 4 86 1 864 193 ... 2 44 24 34 •92% •92 88 48 47', 48 74% 4H 88 4S 1' Si 47 4 »88 46 48% 47>i '208 212 1744 842 45 3« 94 •49 •60 •89 ; B9»4 274 274 - I 163* ; 89 4 242 45% 94 55 60 41 16'4 393^ * 42 42% 724 734 _ 684 59 \ 61 •85 4 t 2 , 93 4 17 48 s '. 1 s 1 ( 1 I 614 62 48% 74 4 1 212 6234 2 1 >fl 93>< 87 1 5 4 162 «148 •194 90 •120 •80 •70 192 189 145 84 84 8'4 63 4 644 84 634 64 82 82 14041403,; 39 39 70 76 81 82 13941404 884 384 754 754 •844 354 344 344 78 4 794 » 214 22 ' •45 45 3 •16 17 •40 45 72 4 734 180 130 . •77 78 1084109% 18841394 165 168 •894 41 •81 ,;24 147, •150 •107 « 93 2434 15 ^ 180 144 14% 14% i 57 20 172 241 68 264 241 ( 190 •50 •50 •39 Do 1874190 03 634 044 63% 64 63 63% 804 8 2 4 81 81 82 814 2 139 4 13934 140 140 13841394 384 384 38 38% 384 384 37% 38 •74 •73 -73 70 75 s, •73 75 75 34% 344 344 35 34 4 344 34 34 784 7834 78 34 79 '4 79 79 4 •784 794 21 204 2134 4534 45 45 44 44»4 46% 45 4 454 15% 154 •15 4 104 "154 104 •15% 164 •40 *40 40 42 424 {42 40 45 714 714 72 72 4 •72 74 704 71 41 •91 130 260 102 •39 •91 92 23% 244 4 165 41 92 Do Southwestern. prof 10 8,400 <fe 0,2011 Ho deb. ctf. A B pref Illinois Central owa Central Do pref Michigan. C.Ft.S.&M.,tr. cts. pfd Kansas City So. vot. tr. .. Do pref. vot. tr. ctfs. Keokuk* Des Do pref Lake Do h. Moines... & Western Erie . . pref Shore & M(il) 180 16934 171 10734 170% 51 50 60»4 614 •1174120 1174120 •89 |138 813 90 138 213 354 60% S9% 914 14 85 -89 91 169 4170% 107% 170% 1074169% 168% 171 50 4 494 5034 61 61% 50 4 504 50 •1174120 •1174120 •1174120 1174120 88 34 88 34 87 88 89 91 88 884 21242144 5214 214 34% 35% 34% 354 6934 604 *584 59% 92 914 914 92 •2124214 35 •212 35% 35 214 Mich. South'n etropolitan Street Met. West Side El. (Chic.) Do pref Central Nat'l tr. receipts .Michigan Central Minneapolis & St. Louis. Do pref ' %0% SO *82 84 82 14841504 150 •40 43 92 "75*"* 75* •40 83 -82 84 15034 1324 •40 43 84 151% 43 83 834 834 84 1494151 40 80 95 * 75 •80 40 85 95 76 614 80% 61 494 60 34 794 80% 594 604 494 504 794 80 68% 00 4934 5034 79% 804 694 60% 60 80 514 80% 594 00 4 1504 April 1954 J 'in 1 pref Cin. Chic. pre! 4 Doc 172% Doc Doc 220 122 1 4 Dec Nov Mai 20 175 li% Dec 39% Apr 70 Dec 118 Doc 80 Not 72 Apr 8 34 Doc 4 Mar 204 Mar 134 4 Doc 194% Deo 16% Jan 34 4 Deo 644J'n< 87 Dec I , J'ly2'J 12 Jan 9 12 4.1' no J'm 4 12 J 'no 6 39 4 Dec 6 J'm E 5 Apr Jan 17 Deo 21 6 9i%Nov25 35%Apr20 68% Apr 19 !' 21 May 9 J'l.v 10% Sep 80% Sep Ben 16 384'?K Oct 74 12 4 Mai 144 34 J'm 634 Mai 5% Sep 30 4. an 1 04 Mar 20% Nov 27% Doc 63 4 Deo 43% Deo 54% Mai 944 Apr 20 Deo 191 4 Deo 00 Deo 8% Deo 42% Deo 74% Deo 58 110 J'n. 132% Deo 11% Jau 27% Deo 39 Sep 58 Mai 10 Jan 25 Dec Jan 7 Sep 27 4 Sep 3 4 May 144 Oct 20 4 Mai 834 Eel) {197 Jan 47 4 Jan 68% Sop 84 J'n< 143% sop 244 Jan 70 Feb 10% Jan 174Apr 43% Apr 6 Deo 23 Dec 52 Deo 116 Deo ;240 Deo 89 May 89 4 Deo 116% Deo 182 Feb 37 4 Apr 84 4 Nov 17% Dec Mar 5 2% Sep {104 Jau 115 J'ne 46 4 J'm 714 Deo 87 4 J'm 104 4 Not 14 Sep 27 Apr 47 Nbi 09 Apr Sep 174Deo 9 38% Jan Jan 4 124 4 J 'noli 8 1974 Apr 4 Jan 474Deo 72 4 Deo Jan :ls'J4Maj 'J 844 Jan 52 89 100 63 234,059 137 250 14% 2 I 61%Nov25 924Nov22 J700 Mny 9 113 4 Mav 7 Deo 2 78 Feb Feb 25 103 4 Deo 2 Nov29 Jan 8 83 May 9 Jan 22 200 3334 Jan 72 Jan 2 600 57 Jan 3c '.' st. L. 100 49% Reading, vot'g tr. ctfs.. 1st pref. vot. tr. ctfs.. 7934 80% 684 59% 2d pref. vot'g tr. ctfs... 49 124,75(1 20,510 59.156 ran 2 1 1 \ Jir ;>ii 65 Jan .J'n. 22% Jau 07 8 Deo 864Doo 45% sop I Sep 27 5 NovlS 20 J'nel J'ne 7 52 Jan 32 4 45 34 Deo 53 Doo 67 Sep 91% Dec 46 May 02 Not 82 4 Sep 00 4 Deo lot 57 Mav 124% Sep 149 4 Deo Nov25 ! J'ne Jau 18 35 Doo Deo neo 2 65% Jan 73 4Deo SOS; Jan 78 J'n. 94 26 40 1 -May 9 :ss 22 94 86 80 -t '-.Jan Sep 4215% Jan 217 J'ue24 40 4 May 1 77 4 .Ian 21 14,466 3,870 100 * 87 I 5 15 37 69 Ry pref Do 2d pref Pennsylvania Peoria* Eastern Pere Marquette Do Jan 1 Pacific Coast Co Do Istpref Do ICO'.. 139%Jan21 l74%Nov25 125% J 'lu- 145% Dec 16 May 9 57% Sop 28 ll J'n. 244 Dec 97 Mar 1 120 Sop Is 75 J'n. lio Dec 900 47 Mar 1 96 Sop 28 29 J'no 584 Deo 100 Ma] 420 J'ly {409 Nov 7 420 Apr Jan {135 Mar 60 {lS44Jan 15 189 Feb 21 Do Istpref Do 2d prof I'lttsli. o 1084 J'm 1484 Doe 78,400 3,300 New York & Harlem N. Y. Lack. & Western... 1084108=8 I" 64 8 3 Doc 404 Doc 154Nov29 {191 NY. Central* Hudson. Y. Chic. * St. Louis.. Do 69 45 Doc Dec Apr Jan 454 Jan p 18 May May Mav 94% l"c J'n- J lie > I J'ly29 Jan 30 760 49 1,300 2,540 161,300 Morris* Essex Northern Pacific '82 83 84 83 1494150% 143 "81504 43 42% 42% *40 •.—.. 92 * 92 95 09 18 213 4 N. Y. N. Haven* Hartf. 170 {206%Feb27 344 35 N. Y. Ontario * Western. 32,415 24 May 9 67% 59 Norfolk * Western 51,592 42 Jan 10 Do adjustment, pref. 91% 91% 1,850 82 Feb 15 J0041004 10041004 10041004 10041004 100 41014 1004100% 76 78 78 77 77% 78 774 774 70 764 74 4 75 4 •100 108 102 105 •101 105 •100 104 10341034 •102 105 215 248 1 •212 35% 5834 59% 91% 91% 694 59% 914 91% Mar Si 39 4 Jan 4 61 Mar21 41 Jan 31 68 Aprl 81 Jan 4 95 Aprl 17 Jan 18 30 Apr20 9,250 167 4 May 9 208 Marl.", 65 Jan 2 67 34 Febl4 31 74 Jan 28 114Apr22 6,950 404 May 9 64 4Nov2" 4,000 6934 Jan21 824 Dec . 7,050 124 May 9 15434 j'ne29 2,000 21 Jan 21 4334 j'ne21 200 48 Jan 21 874J'ly 1 1,400 21 Jan 8 41 J'nel; 794 Nov21 3,060 784 Dec 800 13 4 Jan 25 Apr30 49 Apr 30 5,600 35 Jan 184 Oct 2 100 5% Jan 213 24 Jan 4 5 4 Sep 30 2,410 3934 Jan 21 76%Nov25 100 108 4 Jan 21 135% sop 2 7 {230 April {355 Nov22 16,440 67 Jan 3 834 Doc 5 112,500 76 May it lll 34 J'uel 416,785 83 May 9 145 Dec 5 38,719 150 May 9 177 J'ne24 500 27 Jan 9 41 Nov22 25 79 4 Jan 15 93 sop 18 10,200 1234 Jan 21 30 Mav 2 14,785 3% Jan 24 15 4 Oct 12 100 1074 Mar 4 180 Nov 25 884 0734 Jan 19 1114J'iyl9 300 10134 Jan 7 124 4 Oct 23 3,900 15 May 9 36%Kov26 Valley Kanawha* '•' 80 14 6,900 5,000 Wortli&Den. C.,stmp. Groat Northern, pref Green B. <fe W., deb. ctf. Do 77% L88 9 200 Deo .Mar Aug 68% Marll \ov22 13% Jan 8 22 4 Sep 30 24% May 9 454J'ne 4 20,865 59% Jan 21 73%Nov26 pref Hocking May I 25 1 J'n. 15 J'n. -21 66 68% Jan 21 680 540 71,300 Terre Haute.. <k 1 -May 94% Mai 700 294 Jan 21 534 May 6 80 Jan 21 !03%J'nel4 49 Nov 12 71 J'nc27 244 Mexican 14 4 Mexican 23 14 14 8 21 21 2,877 824 Long Island 1074 108% Louisville * Nashville... 135% 143 Manhattan Elevated... 41 4 15 160 180 & Evansv. 90 8 624 63 4 80% 8034 138% 139 a4 83 '4 108% 109 4 143 145 164% 167 West'n. Ft. Dodge. Detroit South. vot. tr. CUB Do pref. vot. tr. otls. Dnluth So. .Shore* Atl.. 8 82 4 Jan Jan Jan 8 1 «| •125 •248 82 May 10 1 Do pref 414 41% Eric 7134 72 Do 1st pref 574 58 Do 2d pref 190 Jan ' J'ly27 Dec 42 pi 23,900 110% Jan 75 4 102 J 'in 100 125 .Mar 2 16% Nov22 no Oct April 172 Feb 180 Mai 20 Jill 12,4 72 10% Jan 19 31 Aprlii 8% Oct 20.710 28 34 Dec 6 57% Apr 15 264 Ocl 6,850 73 JSIav 9 101 Nov 8 56 J 'in 100 115% Jan 12 124 Nov25 103% J'm 27% Jan 7 424Nov27 14 4 Jan 67 Aug 7 78 Nov27 46 Jan 8,400 5 Sep 6% Jan 21 18 Apr20 4,250 40 Jan 31 5934 Nov29 36 Sop 2, 1 80 104 Jan 4 28% Apr 29 14 Sep 7,050 105 May 9 185 4 Apr 8 L064Sep 1,5 It 188 4 Jan S 149 Nov26 171 4 Sop Om. pref Do :; 16 207 1 190 132 & Lack. Des Moines 15% 894 40 104 10% * 9 4 204 •61 *85 128 . Denver 60 41 16 72 4 73 6834 58 •014 63 •85 90 190 800 prof i;iw •_' 7.", 730 iolorado it So., vot. trust iiu istpf.vot.tr. ofs Do 2d pf. vot. tr. ctfs 93% 944 10% 10% {19% 19% 41% 42% ;u Jan 1204.1:111 Jan 24 J'n. 30 824 Apr 30 Lur30 1 104.1 .in 189 Dec 6 186 Apr Is 119% i" 27 Novll 1 90 4 Denver* Kio Grande 4 Nov22 May 3 29 May 27 Ma) 72 4 Jan 16*200 Delaware & Hudson 174 •45 89 1 138% Jan 9,100 4 16% Chloago Term'l Transfer 29 4 804 lio prof 97 4 974 Cleve. Cin. Chic. & St. I,. 1 20 123 Do prof •80 35 Lorain & wheel's •76 Do pref {58 4 584 27 27 V 175 175 4 242 242 45 40 94 50 944 00 "50 60 •30 41 16 17 40 40 \ 1 1,2011 Pacific <fc 1 1 Apr 22,776 1004 1064 107 4 1074 1084 120% 120% • 120 122 •120 122 12041204 12041204 118 122 35 35 35 35 35 34 34 4 354 35 35 344 34% 35 4 Minn. S. P. & S. S. Mane. •91 90 90 a4 91 91% 924 •894 914 93 89% 894 91 Do pref 34 2534 26 364 26% 204 204 26 204 25 264 2534 25% Mo. Kansas * Texas 53 53 63 514 524 52% 53 53 4 53 63 524 53 Do pref 10141024 101 1024 100% 102 4 101%103 34 1034 1054 103 1054 Missouri Pacific ' ' 1914 4534 17 •40 45 71% 72 130 133 •130 135 •128 134 •250 200 80 7934 82 4 82 82 83 10834 1104 10841094 1084109 13734 13934 13934 144 >4 137% 139 4 1044 106 1044105 4 16434 107 % HO 40 •39 41 *39 41 •91 *91 •91 92 92 92 2334 244 234 24 244 244 154 14% 14 34 14 4 14 4 14% 145 180 170 170 10041084 •106 108 34 •106 108 34 45 -16 . ( & Do 44 i 77 2,100 42 6,200 23 Iinhanap. 4b Louisv. Iiii 2,870 58 34 prcf Ibioago Milw. & St. i'aul 126,480 184 117.", 175 Do prcf 197 -l 1 1 a ihlo Alton lio prcf 'Inc. Hock Isl'd St. 1>. Minn. Chic. 148 194 15 124 55 'i Marl 9 Mar L6 May 87 5J886 64 4 Jan 16 u Jan 300 Jersey... ( in 21 .i.iii OC1 1 Ft. 192 4192 4 81 46 ' 471-. Ohio. 149% 163 65% 60 197 1 15% 18% 28% 88 99% 99 4 •85 191 1 1 2.2211 Chicago Great Western.. p. 0. debentures Ho 6 it. c. prof. "A".. Im 4 p. 0. prcf. "B".. 1 014 03 4 •024 034 •85 90 4 90 *85 20 50 1. prat ifu Burl a Qulnoy. Chicago <£ Kasl'n Illinois Do prcf 40% 744 74% 48*4 A ihlcago /</,, llighfit < Do 188% 138% 4 24% New of pi alci ( 198 18*9*" vmiMi 4-1 .,/ - 100 200 anada Southern 1 140-4147 14741514 '14.") *145 147 l.">0 146 145 •194 197 '194 197 194 197 1934 1934 194 19 4 184 19% 304 35% 86 33% 35 4 36 974 99 904 984 9034 98 123 123 123 •30 .... •30 .... "70 .... *74 144 14 34 144 144 14 4 144 6734 5734 58 67 a4 6&34 584 •27 27 4 27 27 27 27 S, 174 174 175 17034 17141744 241 241 242 243 212 242 •45 *45 404 *44 34 40 464 3 9334 93 4 9334 94 94 944 *50 •49 •49 65 65 *50 •50 •50 60 60 60 '39 41 42 {41 1634 104 16 16 15% 104 40 40% 89% 40 39% 40 •104 11 *104 11 {10 4 11 •194 204 20 20 19% 20 414 424 41% 42 4 41 34 424 72% 724 7234 73 4 724 73 50 4 58 68 58% 584 5834 90 24 47 4734 Shan 1 . Buffalo Booh, .v Pitteb'g. Do prel (tauadlan Pacific 'i 86% 77% 78 •92% J 88% 88% 46 464 88 ' 14% 154 • 188% I 4 14041 16\ \l46«ai47 •145 150 *194 197 20 20 804 36 97% 98 •120 123 •80 .... •74 69 88 47 7 47 34 88 ( 74 4 74... 744 5 76 L884 107 1684 163% 107-'., 166% 107 7L •1894 191 190 1904 190 190 188 190 205 208 200 211 2094 209% 208 210 Chicago A North Western 74% 76 1684109% 1664169 .19041904 189 191 ; 1 •774 78 •193 24 I' 88 •40 •47 J 181 484 48% 86 864 186% 138% •92 *»08 181 114 1 84 1 2 ' 128 114% 86% 774 7 7 % 934 •92 '_• •120 •142 I 198 '137% ic .\ , 49 4 A 1 181 8 1 Kailroitfl-. A! Dor Do prel 86% s .( 1 ! 111'., lsi •77% 78 137% 'h • •80 324 Aim •60 4 82 804 Vtcli TopeVa <v Santa 100 101 100% Do pre! mi i"i 1084 Baltimore .v Ohio 96 964 J90% Do prel 62% til Brooklyn Rapid Transit.. •CO 88% 122 147 </„ /,„,,, roBS Dt •80 80V 122 147 113% I 4 1044 106 96 86 122 122 147 so 181=14 181 % 4s 49 86 77 4 7 7% •180 48 % 40', ^77% 100'., 1034 KU'j 95% 81% 684 644 83 32 80 I (UUJ mw J-rtday Tliur.sduii I he. 5 4 •30 •60 78% 79% So-., 105 4 11 J>fC. U2 LOO% , Wednesday 3:; 89 78% no utsday Dec. 3 •80 38 ioo% 104% 864 'J . Jan Jan Deo 71% Doo 89 4 Deo 614-\ BANKS AND TRUST COMPxYNIES— BROKERS' QUOTATIONS Bnnks Banks RW TORE CITY Sid Ask America!;... 530 AmerExch.. 285 690 300 Broadway... 420 300 Aotor BoweiyH .... Bid Ask Banks Sid Ask Chemical.... 4100 4200 First (new).. 775 Citizens' 215 14thStreetH. 165 City 600 625" Fourth t245 Colonial H ... 300 Columbia^ .. 340 Commerce... t375 Corn Exchll. 435 (iallatin 410 Gansevoortl] Garfield 140 500 140 German Am! German Ex! 330 430 Bid Sid Ask Bnnks Banks Imp & Trad. 570 585 Mt Morris!!.. 160 195 Leather Mfr. 250 550 900 Market* Fill 2674 ... New AniHtcr Now York Co -Manhattan''. 310 t Bnnks Sid 250 IVnpli 190 Mutual!] .Nassau!! Ask N V Nat Kx. .Vow York... 19th W 1 Prod Bxoh! 1400 ....•• Seaboard 340 . . 1 T163% 1624 210 450 075 136 110 500 235 110 110 120 Scvciith,new Mechanics' 160 East River.. 145 270 285 Sboe<fc Loth. U15 11th WardH. 150 Mech & Tra' 160 Dr 135 145 Germaina' .. 500 286 •••.•• state" Mercantile.. 285 North 185 195 Emp'eStatel] 205 Greenwich 11 17.". .••••• .State. >f N Yj oriental' .... 17;. Century 11... 165 Merch Exch. 150 100 Fidelity^ .... 225 Hamilton!! .. 160 175 250 200 •••••• 12th Ward!,. I'aoilic", phase ...... 700 Merchants'.. 100 Fifth A veil.. 3250 Hanover 685 705 23d Wanlll.. 610 Chatham ... 330 350 Fifth Metropolis *1 650 Park ...... 325 Hide & L'ath 150 • Bid and asked prioes; no sales were made on thu .lav. a Ex dividend and rights, > Leas than LOO shares, St.uo hanks. x Kk rights. \ s Trust Co. oerttnoatee. 1 Sale at Stook Exchange or at auction this week. Stock "cornered" sales for "cash" were made as high as 1000. Batch's * Central 430 . f 'I || 18 500 190 910 320 Ask Stock Record— Concluded— Page 2 1196 STOCKS- HJOHSST Saturday A'ov. 30 Monday J)ec. 10 11% •58 •18 180 22 Tuesday Dec- 3 2 10 67 57 69*4 IS 20 20 71 1-2 27 •j 80S lj 180 52 »80% 82 180 1-2 71. 80 27% 27 60% 60 84 92% 344, 33*4 94 4(1', 11 92% 94 40% 40*4 '. 12U 61 L22 •10 20 % •31 34 '• lOs^lOS-'V, 169 100 120 *19 102% 103*4 34% 1- 21% 22i., 39% 40% 18 •81 52% •801-2 31 18 % 21% 107 Hi 108 •18 19 50 k) 51 30 30 k 21 211., 42 k) 43 42% 185 200 76 50' 200 14 *so 70*4 '.| 84 02 83*. 89*4 12 32*4 107% 107% L60 7 „ 22' H 40% *28 2 Si, "85 •203 42 86% 209 42% 26% • 62 72% 70% ;;i 21% 42% 43 "190 26*« 68 % k; •16 •40 31 88 20 50 28 *85 203 28 86 203 40% 41% 26% 26 % 63% 63% •16 *45 20 50 k 71% 82 71 27 k 28 k i;o'.i 27% *5 34 •190 200 •190 200 74"< 4 28 28 *85 *203 28 88 200 -40% 42 'a •85 28 1 86 202 202 20% 26% 63% 63' *10 20 60 31% 32 88 89 J* 20 200 75% 72% 2 10% 29% 85% 60*4 56*b •97 •97 98 *97 99 St. 33', 1 a- soo prrt 160 Do L.650 4,20f pri-f Southern l';irilio (Jo... Southern voting tr. ctfH.. 202 205 63 •17 202 39 125% 123% 125% 117%117% 117 99 *97 99 American Express 41% 41% American Grass Twine 26% 26% American Ice 04 64 Do pref 63 20 16 20 American Linseed Do pref 32% American Locomotive. 88% Do pref 51 5% American Malting Do pref 24 44>8 97 42 42 89 88 89 123% 124% sl2l% 123 110 117% 117% xll5% 97 99 97 99 Amer. Smelt'g Do & Befin'g. pref American Snuff Do 81, 05." ' ' pref American Sugar Rerinm Do pref American Tel'gh & Cable American Tobacco pref.. American Woolen 055.03 3,400 154 {95 14 46 34 98 % •42 % •85 156% 95% 47 000 99% 43% 861-2 46% 47% 98% 99 42% 42% *85 86% *9 11 16 153 -150 92 % •92 11 216 216 4 4 •215 •4 218 '9 11 16 11 15% 16% 15% 16 69 69 69% 69% 69% 69 •25 26% *24 26% 16 •31 •81 311-2 82 -4% 64 •35 •14 •73 •90 4% 65 36 >. 15% 12% 74 k 94 12'e 82 82% 15 % 16% {53 43 93>4 53 43% 94 75 •31 "81 -4% 4% 63% 65 12% 82% S2 15% 15% 53% 42% 43% 92% 94 3 4 •51 91% 91% 61 180 200 72 78 30% 30% *3l -81 82 82 *4% 4% 4% 4% 64% 64% 63% 64 *35 30 200 91% 91% 35 15 741. 15% 15% 74% 75% *90 95 •92 *92 94 '215 •4 *9 217 94 92 92 80 4% 180 200 4% 11 199 82 4% •92 94 53 43% 93% 63 •195 200 91% 91% 91% 93 150 151 *157 160 {192 91% 91k 147 63 -1-2% 125 •195 200 1 May 9 65% Jan 21 17 Apr 19 70 May 9 81% Jan 21 .1 11, .", 11 % Jan 8 1 . , -. - Do 81% J'ne North American Co., 1,000 3,470 100 1,150 200 100 21% J'ne HI '- 1 :, os % Dec ,'.' 1 I'm In c 1 13% J'ne 16 : %.Ilv 01 1 J'ne 3 Virginia-Carolina Chem.. Do pref & Dec Dec Sep .1 Co est'n Union Tele'gpli 91% 92% 152% West'gh'seEl&iM lgassen 102% Do lstpref 150 *100 c Dee Dec 14 27 Dec 13% Deo 58 % M ar 0% Mai 16 6 7o', 10 1 l>. 11. 20 Dec Jan 2,, Mil Not30 L86 Jan May • 11'- Jan 00% May 1 70%J 11, Mar 21%J'n* Jan -<150 69% Dec 6 1% Sep 26 130 Jnel7 ;,, 39*4 I), \|,r Apr Not 99% Nov , 8% Apr28 Sep 30 35 Jan 21 35 Jan 19 89 5% Feb 7 11 Apr25 51 24% Jan 22 49 4 Jan 24 89 33 70 95 8 37 92 15 81 23 Jan 18 Jan 21 Oct 12 Jan 21 Jan 2 Apr 22 J'nel4 12% J an J'ly 57' 149 400 2,800 2,600 1,702 810 400 440 300 16,645 1,300 1,800 1,100 Jan Dec 2 5 4 1 - .N'or 72 .In, Dec 118 3 8 106%Novl2 22 Apr 16 46 May 3 103%Novl8 50 84 J*lyl5 175 30% Mav 9 95% Jan 21 30 Mar 7 72% Mar 5 195% Jan 21 1% Apr 22 7 Mar20 11% Sep 13 55% Jan 21 21% Oct 4 70% Sep 30 19% Feb 5 65% Jan 22 3% Mar 6 49% Mar 7 19 Jan 18 12 Aprl2 65 April 400 {53 Jan 26 10,170 7% Mav 9 3,780 69% May 9 2,010 12% Oct 4 880 47 Oct 4 133,667 24 May 9 144,140 09 May 9 1,310 51 J'lyl2 116 Apr 2 6 165 {130 Jan 11 16,431 81 Jan 21 4,610 145 /Nov20 157 Nov27 Dec Not Not 2 6% Nov 75 Nor 55% Dec 10% Jan 103 Apr29 106% Feb 25% J'ne 81% Oct 32 % Sep 70% Sep 57 Nov lll%Apr 58% Jan 89% Nov Nov 70% Nov Sep 175 Nov J'nel7 Apr 38% May 90 May 41% Apr 86% Apr 1 2 2 2 8 S%J'nel3 70% J'nelS Apr 20 42 46 J'ne 204 Oct 17 170 5%May31 12% May27 96 Feb 28% Feb 79% J'ne 15% Aug 83 Aug 32% Oct 69% Oct j'nelS 20%J'ne21 52 Jan 2 24 82 200 60 " Mar21 Mar21 Apr 26 112 49%Novll 89 225 Nor Nov 76 65 May 10 93%J'nel3 1 201 95 Dec 29% Dec Dec 77% Dec Ma> 80 Jan 96 Jan 100 Jan 0% Jan 18% May 23 J'm 40% Nov 28 Oct 16 Marl4 25%J'nel2 Oct J'ly {98% Jan 140 Feb 22% Dec 70% Dec 54% Apr 183 Dec 10% Jan 50% Dec 131%Jan 21 Apr 3% AUf: Novl9 95%.T'ly 150 73% Feb 14 109 5,450 21,300 1,200 1,050 BR... United States Express... Wells, Fargo 1 57 5,281 133 new eop. Gas-L.cfc C. (Chic) Pressed Steel Car & Dec .III. 9«p Sep 61% Oct Pacific Mail Tenn. Coal, Iron I)ec |k% Dee 80 07 pref New York Air Brake 7* 53 •. 160 133 23% Jan 4 46% .In e21 11% Jan ::i 22 J'ne 4 45 Muv 9 60*4 Mar28 24 May 9 38 Mar28 14% Jan 21 26 J'nel7 38% Jan 17 49% Apr 17 10 19 600 700 200 150 36% Texas Pacific Land Trust 15% Union Bag & Paper 74% Do pref 63 29 5,256 2,810 ' 92 21 .", .". 1-2 ' 11% 12 United States Leather 81% 82% Do pref 15 15% United States Rubber.... 52 52 Do pref 42% 42% United States Steel 02% 93 Do pref 12% 82% 15% Dee 38% Mu> ', . 86 Do pref 217% Pullman Company........ 4% Quicksilver Mining "9 11 Do pref 15% 16 Republic Iron& Steel.. 68% 69 Do pref 23 24 Rubber Goods Mfg 71 71 Do pref 30% 30% Sloss-Shelneld St. & Iron {82% 82% Do pref •4% 4% Standard Rope & Twine.. 64 J.", 24%. Mar 9 35%.l'nel7 30 .I'm Apr 1"0 Apr 85 Apr 10 91% Jan 8 300 {109 Jan 12 210 Nov 19 }142 Mai 101 Dec 2,830 40% Dec 45 Nov.'.", 2,080 25% Oct 41%Marl5 27% J'ne 49% Apr 875 62 Oct 10 77% Mar22 00%. I'll. lib X„\ 16% Keb 5% Jan 24 30% J'ly 6 31 Jan 24 06 J'lv 8 34 % Dee 00 Fel 45,290 22%Augl3 33% Nov 19 13,220 83% Oct 91% Nov 19 S10 4% Feb 4 8 J'ne20 3 J'U( 7% Jan 200 22% May 3 30 J'ne25 lS'gJ'ne 31% Jan 22,896 38% Oct 69 Apr 20 34% J'ne 56% Dec 3,808 88 Feb 26 I04%j'ne20 85 J'ni 99 Nov 100 20 MarlO 49% J'ne 8 200 73 Apr 17 90 J'nel4 117,200 112% Oet 7 153 J'ne 8 95% Mai 149 Dec 215 •4 63 *35 •14 74 92 J lie 935 114 Sep 30 130 J'ly 19 L07 Mai 40 {94 Jan 7 100 Apr 1 137 Jan 2 150 J'ly 12 128 Ma\ 950 13% Marl.", 21% Jan 2 2] IDo pref 810 70 Mar22 82%JUy 1 70 Dec Anaconda Copper 23,920 30 Nov30 54% AprlO 175 Jan 18 22S AprlO 140 Jan Brooklyn Union Oas... 'Too 8% Jan 19 14% MarlO runsw. Dock & C. Imp' 6%J'n< 1,100 41% Jan 21 130%J'nel7 29% Sep Colorado Fuel & Iron. Do pref 116 MarlO L42%Apr29 117 )ct Col. & Hock. Coal & Iron. 3,340 12% Oct 23 25%J'i,el7 1 1 % J 'n. Consolidated Gas (N. Y.) 5.620 187 Jan 18 -'38 Apr 15 il04 Sep Continental Tobacco, pref 440 93% Jan 2 124 J'nelO 70 Ma> 800 127% Oct 10 l52%Aug29 Diamond Match 792 Distilling Co of America 6% Oct 14 10%J'nel8 52 Do pref 23% Sep 13 34% Nov General Electric 20.250 183% Jan 10 289% Dec 6 120 Jan Glucose Sugar Refining. 1,735 37 Oct 24 65 May 2 44 Ma\ 500 93% Mar 5 107 Aug 5 92 Dec Do pref 3.415 18%MaylO 28 Mar22 14% Mai International Paper.... 3,345 09 Jan 21 81% Sep 10 58 "Mai Do pref 1,200 54% Jan 2 100%May31 International Power 24 J'm {80 • 03% 64% 30 36% 15% 15% 75% 75% 12 12% 12 11% 12 \ 82% 82% 82% 82% 82% 15% 15% *15% 15 34 15% 52 52 J51% 51% *52 42% 43% 42% 43 % 42% 93% 92% 92% 93% 93 62% 62% 63 95 44% 45 99% 100 42 % 42% 15% 15% 69% 69% 24% 25 72 72 72% 31% *30 30% *72% 14% 15 "90 12 16 4% 35 *14 *72% 74 158% 102% 155% 159 69% 69% 23% 25 *81 82 61 •180 *75 75 31% 155 94 47% 46% 47% 45% 46% 98% 99 % 99% 100% 100% 101% 42 34 42% 42 34 -42 42% 42% 85 85% 85% 86 85 34 86 *9 J215%215% {219 219 *4% 41-2 4% 4>» «9 153 *92 46 36 M a> 6 ' 1,250 National Salt............. 154 154 93 '4 93% 1 0,51 1 > 31 6 78% .In. : l/.i/hrst 7 Jan 21 35*4 J lie 8 30,200 67% Jan 21 94% -Vov2 7 11,110 23% Jan 8 52% May 8 500 117 Mav 9 120% Jan 280 10', 26% M»y22 800 28 May 39% Ma>22 '-2 31 ] 2% Nov is 17 1K% '17% 18% •17 17 18 {18% 18% 17 18 17 80 79% 79% 80% 80% •79% 80% 79% 79 34 *78 79% 79 3 31% 30 81 30% 31% 30% 31% 30% 32 31% 32% 31 »212 215 *210 214 *210 215 *210 215 *210 214 210 215 *10% 11% •10% 11% •10% 11% *10% 11 '10% 11% 10% 10% 93 92 4 02 4 93 92% 92% 91% 92 92 02% 90% 91% •125 130 •125 130 '125 130 *125 130 *125 130 •125 130 18% 18% 17% 18% 16% 17% 18 18% 19% 18% 17% 18 217 217 219 219 % 218% 220 z216%217% 219 220 •218 220 115 115 110 116 129 129% 130 130% 130% 130% *127% '127% 130 130 *8 8% 27% 7\ *7% 8% o 77« 8 7% 7% •7% 8 •31% 33 •32 32 32 33 §31% 31% 32 32 32 32 270 280 273%277% 275% 279 275% 278 281 284% 280% 289% 40 40 39% 40 *39% 40% 39% 39*4 39^4 40 40 40 •90 100 -96 100 *90 100 •9(5 •96% 100 96 96% 100 20% 21% 21% 21% 21% 21% 21 20% 21 20% 21 21 " 70% 78% 78% 78% 78 78% 76% 77% {76*4 76*4 77 77 901-2 90 34 -89% 91% •89% 91 90 90 89% 90% 89% 91 8% 8% International Silver 8% 8 34 8% 9 8% 9% 8% 8% 8% 8% •45 43 49 51 *45 50 43% 45% 45% 45% 52 52 Do pref '48% 49 48% 48% •48% 49% 48% 48% Internat'l Steam Pump. 48% 48% *48% 49 •86% 87% 86% 86% *86 87% 86% 86% •86 87 87% *86 Do pref •92 94 94 *93% 95 *92% 94% '92% 94 '92% 94 94 Laclede Gas (St. Louis) •101 102 108 •102 •101 .... *102 '102 Do pref *12 14 -10 12 13 Manhattan Beach *8% 12 11% 12 34 12 14 14 43 4 44% 43% 43% National Biscuit *42% 43 '2 43 43 43 43 44 44% 103 103 •102% 103% •102% 104 •102 14 104 -10214 104 102% 103 Do pref 18% 18% 18% 18% 18 *18% 19 18% National Lead..... 18% 18 % •18% 19 3 3 "85 86% 86% •84% 87% 84% 84% 80 4 •85 86 4 Do pref . 21 Oct ) {145 Jan 8 {200 Nov 10 111 1% 41% 41% 26 26% 1 Jan 20 180% »ov27 Jan 4 Not20 75 J'lv 15 ss Marl 2 Jan 4 76% J lie 10 58% .M.v, 39 % Apr 30 16 41 % Jan 8 71 J nelO 2 :;,s;,o Louis Southwestern.. hi, 57 500 pnf HreHom ii» loU, Htf/h est I 17% 1,900 10. 1 JUOshare It Jan 65 1,860 Adirondack... Ban ran si 2<1 • Nov 7 .T » ti MiscellaueouM. •190 200 Adams Express 69% 73% malgamated Copper 3 *40% 50% •47 ( 124% 126% 123%126 34 123 •116 Si 11 7 k *116%117% 117 I)i» v. ]«t pref. v. tr.ctfs 20 pref. v. tr. otta 1% American Bicycle 12% Do pref 10% •10 29 30% American Car & Foundry 29% 85% 86 Do pref 85 34 28 28 American Cotton Oil... 28 % 28% '85 •85 80% Do pref 86 •201 41% 41% 26% 26% 63% 63 34 *16 *40 39 I)d UL '.. <st & 69% 69 33% 50% •46 32% 33 Si's 31% 32k< 32% 33% 31% 8934 89 % 88% 88% 89 % SO 88% 89% 5% 5% 85% 5% 6 5% 5% 5% 5% 5 34 •23 *24 *24 *23 24 24 25 25 25 25 45 42% 44% 42% 44% 43% 44% 44% 44% 43% 97 96% 97 97 95% 97 96% 97? •96% 97 •24 43 90 14 Do Do > st. Ijiw. 62*4 st. i,oiiis 70 % 72 60% 61 33% 34% 71% 74% *2% 4 3% 3% 3 3 8 8 •11 12% 10% 12k "11% 12% •10% 12% 29 29^ 29 29% 28% 29 28% 29% 85 85 k 85 84*4 86% 85 % 85% S5% 721-j > 20 52 68% sik •81 2S% Ct J. 10% 59% 9*«! f, 20*4 l.nu 0/ 97 1 51 On bam* Shares I . I : L8% 18% 50 29 A N 1 1 - 102*4 89% 90 :i'.' < 02 93 34 98 Do pref. vot. tr. etls. 98 98 10 ', 10 39% 40% r pexan <fc Pacific 40-<h 41'., 1-hiril Avenue (X. V. 1. .. 120% 120>4 •120 122 •120 1 22 20% 19% 10% Tol. St. D. & W. v. tr. e.t U L9% 19 34 '10 •82 32% 34 31 34 84 Do pref. vot. tr. ctf«. •107% los s: 107% 107% 107% 107 4 Twin City Kapid Transit. 15S 158 •158 1 62 L68 161 Do pref 400 102% 103' 102 103% 101 102 34 Union Pacific (22.70 89 90 Do pref 89% 00': 89% 90 18,932 2 ', 22% 22% 22% 21% 22% Wabash 33,200 1 1 Do pref 42% 41 41% 53,000 40% 4 % *18 19 19 Wheeling & Lake Erie... 18% 18% •18 300 :,l 51 51% 52 51% 52% Do 1st pref 2,010 •29 29 29 81 29 Do 2d pref 320 {29 20 3, 21 •1,000 20% 21% 20% 21% Wisconsin Cent. v. tr. cfs •42 Do pref. vot. tr. ctfs. 43 42% 42% 41% 43 4.100 201- 21*4 X the STOCK 88 1 i -. 1 180% 130% ):{(), , 59% 00 8 101' :n 71 88% 81*4 1 52*4 60% 60 88% * 59 *18 81 69 '., 10 (id 71'., ,;„ i 10% »18% 20 28% 28% '1 J-Ylday Dec. H 59% '-2 58 82 00*4 , •168 % 103*4 89% 90 21% 22 30% 40% 1 O 59% "120 20% •19 101 7 •26% 28 L20 *32% 36 61 81 "s I 608f, •190 *80 1 130% 180% i:io'., 62% 62% 71->, 69% 21 8% Kanyt >TO(l\> NEW YOKK Kiitlaml, pref 17% 71 •42 Dec. 5 10 57 71% 90 Dec. 4 L9 '., 90 Thursday 10 69 51 •59 Wednesday IS 180 80% .SALE PRICES 10 *57 130V 52% 61 nH AND LOWEST [Vol. LXXIII. io Dec Aug 2% Mar Aul' 70% Feb 7% Oct 10% Mar 8% J'ne 27% Feb 49 17% Oct 26 Nov 59% J'ne 71 Nov 4 % Mar 10% Jan 49 Oct 104 Feb 13 >o J'ne 21% Deo 10 J'ne 25 Feb 56% May 77% Feb 00 Apr 19 {45 Mar {59% Deo 16% May 2 7% J'ne 19 Jan 83%Aug28 65 J'ne 79% Nov 19%J'nel7 75% Deo 4 34 85 55 Jan 2 Jan 2 21 J'ly 44 Jan 74% Dec 104% Jan Apr 30 01% Apr 30 72 25 Mai'30 157 Nov27' Auu30 _99 Dec 4 120 J'ne 140 Deo 100% Mav 6 77% J'ne 88% Jan 152% Dec 6j BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS Banks HEW YOBK Bnnks Bid CITY Union SqU... 300 Ask 5th AvenueTl 100 First 295 Varick^i 225 Washingt'iO 200 West Sidelj 600 Kings . Western YorkvUleli 629% .. BROOK LYX BedfordU 240 Bid BROOKLYN 8th WardU .. \ Coll... Manufactrs'. Mechanicslj Mech & Tral Merchants'.. . 130 285 215 270 100 350 290 175 206 Ask 85 110 300 Bid Banks BROOKLYN 17th WardH. 130 Sprague 200 26th Wardfi. 140 UniontI 140 Wallaboutll . 105 ...... Trust Cos. CITY Atlantic Tr.. 2 SO N. Y. Ask 213 160 Bid C'IR'tyB&Tr 500 Central Tr'st 1850 City Trust... 385 370 Colonial Continental. 450 Farm Lo&Tr 1400 Fifth Ave Tr 1050 Guaranty Tr 700 '; [ 1500 1150 Knick'rb'k'r 720 Manhattan .. 475 Mercantile .. 975 Merchants'.. 350 Metropolitan 525 225 Nat City Broad wayH 250 North SideH 290 BrooklynH .. 120 People's!] Bowl'gGreen 189% t * Bid and asked prices; no sales were made on this day. Less tliau LOJ -01 ires. 1 Sale at Stock Exchange or at auction this week. s Trust Co. certificates. . Ask 530 1925 t Ex rigius. Bid Ask MortonTrnst 1190 1200 NYLiie&Tr 1300 1375 BROOKLYN' Brooklyn Tr N YSeo&Tr 1025 Flat bush North Amer. 260 270 Franklin Real Est Tr't 350 Hamilton StandardTr't 405 Tr Co of Am t279% 283% Kings Co Union Trust 1390 1410 L Isl L&Tr. USMtg&Tr 430 450 Mauufact'rs. Nassau Unit States 1090 "Washington. 425 450 People's . Bid 425 170 290 302 410 276 305 211 350 Williamsb's. 209 ',} Bauiis inarKe.l with a paragraph (1|) Ask 310 320 220 215*" are State banks. Stock Exchange -Bond Record, Friday, Weekly and Year PAtJEs (K(ii'\ i\«; mm New ¥ork ic BONOS Price -s"> Week's Friday stock kxckange Wkek Ending Dbo. 6 n. y. Bang* or .Sir. Lati Sale January />,; li Ask /;ui Jliyli y.oio No Low \ w Jlujli -. U U V TJ U TJ V TJ S 38 .1 registered la /< ooupon s 4s S 4s S 4s TJ S 5a TJ TJ TJ V bun. Is../. 1918 cull sin. ill registered ooupon regisUTcii V 1- 1907 y-J 1907 1926 1926 y-F 1 904 Q-J 19M s 5s ruinn. 11 I08>a loa 109 109 »a '01 Ool 109 1094No\ , Ol 1 4 Oct KIS-VIO'.' 107 L08»a 109 108 34 : >j Alabama Class Class class A 1900 J.J 1906 J-J 1901 J.J 1920 J-J 4 lo 5 B6s 4s Currency funding Is Dlst of Colaiubia 3-658 1924 t'-A Louisiana new consul 4a. .1914 J-J Small Missouri funding 1894-1996 North Carolina consul 48.1910 6s 1919 1933 So Carolina 4 4s 2040 Tenu new settlement 3s. .1913 Small Virginia final debt 2-3s...l99i Registered 6s deferred certfs Kaili 4 107 'in 108 60 1 1 1 1084H2 V ibe«iii*2" 18 hese a re pr ices 107 =8 1 1 20 lv I 914 91 '„ to o ;ir liar. 0) 97 96 to H. do 96 09 108 J 102 urn 125 1084 Knv'lli 1 1004109 '01 L09 120 107 100 134 100'.i Got '00 98 99 99 : ' "q 95 98 Nov'01 4 J 'lv 130 120 109 126 :, j 1064 1364 105 135 '01 Mar'OO Nov'01 Oct '01 Nov'01 96*9*99*4 94 4 96 93 4 98 4 10 3, 0111I See Bull K d= P See Cent of N J Ann Arbor 1st g 4s A.1995 Q-J AtoU T & S Fe gen g 4s. ..1990 A-O West <fc 199_ A-O Registered Adjustment g 4s /t-1995 Registered /tl995 Stamped Nov Nov A1995 No> Equip tr series A g 6S...1902 J-J Chic do St Louis 1st 68.. 1916 M-S Atl Knox di Nor 1st g 5s. .1940 J-D Atlanta & Danv See South Ry Atlanta 6i \ adk See South Ry Austin & N See Sou Pacific Bat Creek & S See Mich Cent 964 Sale 103 l4Sale 96 -, 103''s '.'.'.'.'. 94 92 94 Nov'01 94 34 92 94 34 109 94 "s Sale "•Ji" 9G4 103 102 1 109 US 10 65 92 90 . 108 M Beech Creek See Belle v NV & 934 95 103 93^4 Sale 96 34 97 103 103 1024 M 1054 Sale 1044 M-N 894 90 4 89 4 Q-J » 91 Sale Ki-J FA 110 M-S 97 97 24 1 109 97 105 104 125 5 1004104 103 100 4 390 1004110 90^ 73 874 914 91»b 234 88% 92 90 4J'ne'01 904 91 111 May'00 112 Nov'01 112 112 90*8 savfUW Debenture Gs 194 <fc West 1st g 4s gu..l998 Cl<fc -Mah 1st gug58 1943 Roch <fc Pitts 1st g bs. ..1921 Cousol 1st g Os 1922 Buttalu <fc Soulhw est See Erie Buffalo <fc Susqu 1st g5s.. 1913 Registered 1913 1st refunding a 4s rtl951 Bur Cedar R AS No 1st 5s. 1900 Con 1st & ool trust g 5s.. 1934 All 1174. 117% J-J A-O FA 117«b ... 1314 Apr'97 Oct '01 Nov'01 100 128 126 103 127 129 J.J J-D St .Ins consul lis.. 191 A- 104 101 » No price B 1044 103 1204122 122 M& lui 10J4 102 106 102 4 1314. 129 . A-O J-J J-J M-N F-A F-A 1064 Jan '99 Nov'01 100 loo 100% 101% 100% 101 90 Sale 90 90 4 J-J -s , 101 ill L20 34 , HI4 1384 125 L24 4 Nov'01 H3 , L18 34 II 54 Nov'OJ 10041144 113 117 1894 Oct '01 180 192 4 172 4 Apr '00 183 Oct '01 187 Nov'01 III 114 183 180 194 1134 115 34ll7 114 111 Sale 118 120 .... 118 114 W Nov'01 103 1014103 J-D 1174 J-J J-J F-A 1194120 119 J-D 118 1184 4 Friday; latest bid and asked this week. 119% Us-, aDueJau 123 34 0ct '01 .. 1104May'01 .. Oct 120% 1204 110411(14 185 '01 '01 188 1174119 108 110% 1104 Nov'01 1174 1174 38 114% 1194 1113 1174 116 116 no^^o 118% Nov'01 116 119% 116 J'lv'O] 34 Sep '01 118% 122 118 . 1084 1154117 110 110 1144 1214124" 1094 .... 1104 .... 1104111 130 125 Sale 130 106% Sale 09 4 - 12141254 123 122 113 110% 111 113 110% 1114 no'., Aug'01 .-.o Sep'OJ -- 1354 1414 123 4 127% 143% 143% 138% 143 1074 107% L074 l-'cb'Ol ... 113 130 Apr'01 ...11113 130 L294 129^ L06% 107 1064 Nov'OJ 99% l-.-i.'ol 864 Auir'OO Lll% 113 29 127 4 1314 120 4 132 4 lOS^ 110 1054 108 99% 99% Deo'00 1104 a.og'01 134 140 L88%Nov'03 1 10 1129 U24 1344142 1404 1414Ni.\'ol 138% 1384 1 104 1294 114 114 Jan '01 110% Oct '01 140 H04 107% 110% 1084 L08 114% 117 4 107-4 113 97 1 10(i-'j 108 .... 1404144 106% 1104 6s. ..191 1184116"" '•_ L20%Nov'00 135% 1364 1304 L36>s 1204 127 126% Nov'OJ 139=8 143% Apr'01 118 1094U1 111 Oct '01 103 Nov'98 Lie Nov'01 (in '00 111 107 Nov'01 107 8 May '01 110 Aug'01 108 Oct '01 U4 34 Ool 01 114 Oct 01 121 Nov'01 123 -May'01 Mar'01 Nov'01 J40 132 127 l*ii«e. l-:: 122 1014 111% 11 121 ;_ L10 Apr'01 114 4 -Nov'01 1937 J-J ,-.s .IJ El (ClllC) 1st g 5s.. 1'.' L3 Chic 81 40-yrlsl our5s.l928 1111.11 .">.-... 122 4 J-.l .".> |s 101% C M-N \ 1936 M-N 23 4 L014 1 1014 1 99 j 120 98 128>! 122 4 lol k L024 Nov'01 i 10'" 126 1234 103^ iVo" 11141144 LO 123 loo 105 115 119% ieo'99 1 Gns and Electric I.iulit Atlanta O L Co 1st g os... 1!' 17 J-D Mar'98 109 1164122 111% 1164 2 139 34 H2 4 1404 140 4 142 1034 Salt 102% 108V 11 102% 108 1 60 1034108 102% 103% 1034 103 108411'-' 109 111 1104 Nov'OJ 107 34ll0 107 Mar'OO MS 40-year cunsnl gold 110 4121 118 122\ 116 119 139 190' 1911 ws 1 >< .. 117 4 Sale 116 St I'd- s City 1st g ds. ..1919 gold 190 1114113 3 110 1144 1374J'lv".i;i 110 190! ^..hi 12G4 115 U8 34 Nov'01 1164119% 1174 Oct PM 1st 1st Cull -11,11 i :i 185 Registered 1917 General gold 4s 1988 Registered 1 988 DesM & Ft D lst4s....l!io.-> lst24s 1905 Extension 4s 1906 Keok d: DesM lst6s..„1928 Chic & St L /SeeAtchTdiSaFc Chic St Life N O See UK. nt Chic St Lit Pitts .Sct'PeunCn Chic St & O con 6s. ..1930 Ch St I'd; Minn l8tg6s 1918 Nor Wisconsin lat 6s. ..1980 Third Ave Aug'00 1204 119 Nov'01 114%Nov'0l 123% 126 110 123 1214 121% 116% Oct '01 117 119 114 133 1384 1114Nov'01 105 4 Feb '98 121% Street Knilwny 2s 1034U04 Mii st Ry— (Continued) Col&OthAvlst gn g 58.1993 M-S I.ex AvA 1* F 1st gu g5s L993 111 116 ion El(Chlo) 1st g4s. L938 FA 105% Met 103 .Mil El Rv A; I. 30-yr g 5s. L926 FA 98 Minn St Ry 1st en g 5s.. 1919 J-J 88 96 st Paul City <'ali con g 5s. 1937 J-J LOOM 101 11 140 L35 115 127 12'"* 2*5"" 1214 Nov'01 LIS 1921 1921 1933 1933 J'ne'00 1114 '-.. 112% 1284 L384 1224 1909 on Ncvl Ill ... 108 120 01 122% 1 122 1 I 113 1094 112', 1004100-4 1224123 Dea UOtft Minn 1st 7s.. 190' Milwifc Madison 1st 68..1905 North Illinois 1st 5s 1910 ott C F di St Paul 1st 5s 909 Winona & St Pet 2d 78..1907 Mil L s<k West 1st g6s 1921 Ext & Imp s fund g 5s 1929 Ashland Div 1st g 68..192.r Mich Div IstgOs 1924 1034 llo 111 -\..v 115% 114 I08 s4 121 in P., LG 103°bl07 111 Lug'01 11. I024 101 '. 03% Nov'01 111 87 "i 16 1*06% i 09% '.or, A.ug'0] L08»4 108 Convertible deb 5s ., L00%J 108 95 >:J4 108 3 Sale LSuDivg5s....l921 Registered sinking fund deb 5s Registered 80 loo% &D 41274 1 154 1 1 Debenture 5s J.J J-J J-J 4 r"j6**' 1 I Ball StPl8t7s$gRD.i902 Incomes Chic Ruck lsl& Pac Nov'01 95 102 b0\ 1084 "io" '4 101 •, Apr 00 101% Oi ul un 103% 112% 1044 Uta four 6s. 1907 Guaranteed J-J loo ** 86%" Salt 107%. Chic & Mo Riv Div 5s.. .1920 1910 Chic & Pac Div 6s 1921 Cliic& P Wlstg5s 1910 Dak& GtSog5s 1924 Far & Sou assu g 6s 1910 Hast & D Div 1st 7s 1910 1st 5s 1908 I& D Exten 1st 7s LaCrosse 1st 5s. ...1919 Mineral Point Div 5s 1910 1910 So Minn Div lst6s Southwest Div 1st 6s 1 909 Wi8& Minn Div g5s.... 1921 Mil <fe No 1st L 6s... .1910 lstconsol 6s 1913 Chicago <fe Northwestern Consolidated 7s 1915 Gold 7s 1902 Registered 1902 Extension 4s 18801920 Registered 1880-1920 General gold 3 4s 1987 Registered .wu»8 pl987 9-192 Sinking fund 6s. ..187 J-D A-O 103 1014 lol-s, 1914 Terminal gold 5s General g 4s series A..f I9,s;i Registered el989 General g 3 4s series B.el9S9 101 '-.. 110 115 4 114 Sale 100 108 103 1024 Sinking fund 5S...1879-1929 Registered 1879-1 92! 30 97 4 108 3 , 107 105 4 lo:. 4 105 4 Sep '01 h4 75 774 lie 00 32 34 34 628 20 364 8 21 194 204 340 95 Dec '99 102 J'ne'99 100 Oct '00 102 4 Nov'01 102 4108 1314 131=8 30 127 137 4 130 Nov'01 127 137 1064 1054 113 121 '91 1014 89 1902 £ gold R D lstC&M7s 1903 Chic Mil & St P con 7s.. 1905 131 1064 Sale 1064 76 Salt 34 V Sale 19 4 Sale No* "1 L01H 1024 Bale L024 87-8 87% s.7 4 . 96 119 lo;,'., 994 1st 7s 107 111 100 34 108 Nov'01 Nov'01 103 II 117 !i J'ue'O 107 r'„ 107»s 100 1934 193 Registered 193 Chicdi IndC Ry 1st 58.1986 Chicago <fc Erie See Erie Chic ln& Louisvref Os.,.1947 1947 Hell Hiding gold 5s Louisv N A <fc Ch 1 St Os. 1910 Clno Milwaukee & St Paul— 1054109 91 113 115 4,1 '01 consul g 08 General cousol 1st 5s MISCELLANEOUS BONDS— Continued 1 "a 1304 & Street Railway Brooklyn Rap Tr g 5s 1945 Atl AvBklvn imp g 5s. .1934 BkCity 1st con ;,s.l910, 1941 BkQCo& Scon gug 5s. 194 Bklyn Un El lsi g 4-68.1950 Kings Co El 1st g 48 1949 Nassau Elec gu e 4s 1951 City & S Ry Bait 1st g 58.1922 Conn Ry&L 1st & rel g44fl'51 Den Con Tr Co 1st 8 6s.. .1933 Den Tram Co cou g 6s.. 1910 Met Ry Co 1st gu g 68..1911 Det Cit St Rvlst con g 68.1905 Gr Rapids Ry 1st g5s...ol916 Louis Ry Co 1st con g 5s. .1930 Market St C Ry 1st g 6s. .1913 Met St Ry gen col tr g 5s. 1997 Bway& 7th AvlstcgSs 1943 Nov'01 ' ... ... I 106 1st 10441084 119 105 4 lo7 1 Registered Nov'01 1073* 1064 Nov'01 124 Nov'01 ... 117 Nov'OO 02 121 Debenture 5s 101 104 4 N 12 . 1 A-O A-O Ohio Cen RR & B of Ga col g 5s 1937 M-N Cent of (ia RR 1st g 5s..pl945 F-A Registered 2>1945 F-A Cousol gold 5s 1945 M-N Registered 1945 M-N lat pref income g 5s pl945 Oct 2d pref income g 5s pl945 Oct 3d pref income g 5s ^1945 Oct Mac At Nor Div 1st g 5s. 1940 J-J Mid Ga <fc Atl Div 5s 1947 J-J Mobile Div lstgSs 1940 J-J Centof NJ 1st cousol 7s.. 1902 M-N General gold 5s 1987 J-J Registered A1987 u.See Balti Han Nov'99 127 128 A-U 123 34 Registered 1934 A-O C B IFitiNWJ st gu 5s. 1 92 A-O 1164. 1134 Dec '00 M & St L 1st gu g 7s.. ..1927 J-D Canada South 1st 5s 190s J-J 107=6 Sale 107«8 107 34 3d 5a 109 34 1913 MS 1094110 109 Registered 1913 MS 107 Aug'01 Carb d; Shawn see ill Cent Carolina Cent AceSeab&Roau Carthage & Ad See N Y C ds H Ced R la F & N See B O R ds N Ceu Branch UPlstg4s... 1948 J-D 934 934 Sale 92 Cen Branch Ry See Mo Pac Central Ohio 118 34 1004. J-J J-D 115 LO 1 9 107 M 11 MS 1 ( I.I11C& 944 97 34 95 99 1 1 99 95 90 34 Car see Illinois Cent Bklyn A Moutauk See Long 1 Brunsik Wiai .Mf Buttalu N V d; Erie See Erie Bulfalo R d; p gen g 6s.. .193 >k J-J W-J A-O 112 ' 1939 1992 ueral gold 1 4a 1992 Kegisti red ralg Valley Lai k 6«....1940 B a a l«iv lsi cuii g 4a.. 1989 1989 2d conaol g 4a Warm Bpr Vai 1st g 6s. .1941 i-.li/ Lex A 11 8 gu g 6a.. 1902 Greenbrier By lal go «4s 10 chu- a All Kit s tuna 6a.. 1908 1949 lU'iuiidmgg Sa .Miss un B 1st 1 r a 6a.. 1912 Railway 1st lieu 34s. ..1950 1950 Registered lnc Bur <fc oodjkU 7a.. .1903 1905 ChiO A lowaDivos 1022 Denver Div 4s 1949 Illinois Div 34s lowaDlvaink hind 6a.. 1919 1919 Sinking fond 4a Nebraska Extension 48.1927 1927 Registered 1021 sontnwi stern Div 4s Joint bunds Bee Great North 1913 Debenture 5s 115 4. 108 4 1034... g 5a lsi i-i.nsui IOIS4 104 86 34 1 1 1 '-' 1 7 95 101 156 101% 1054 W alt d; Ohio pnorlg34s. 1925 Registered /il925 Gold 4s /il948 Registered /tl948 Conv deb 4s...-. 1911 P Jun & Div 1st g 3 4sl925 Registered pl926 South w Div 1st g34s... 1925 Registered lil'J: Monon Riv 1st gu g 6s. .1919 Ccn Ohio R 1st cg4 4s..l930 5a.. 1921 Hud R jengugSs 1020 cincA- B Hi 74 1 "U JlnjU 1112 1, 1 r, 74Aug'01 lit., ' '4 Cent See So By laba Mull Hee Sav Fla ds W Albany ifc Susq AIM Del <& Huil Allegheny Valley s«PeuuKK <fc 'ontinm ' Imp gu Bid <i 1 i 1 Alabama Allog J .v . lanvary It. 11 1074 lli:i4 Mai'lil J-J Am Dock 1m ii 1. 6 £ wiiUs is Coal 5a. .1912 on m (rua* 4»----ffl91o v a Long Brgeng4s 1941 N » See 80 Paoitti Paolflo Charles <t Bst Lai g 7s... a../, 908 I,, a .v Ohio n 8a aw '< Gold 6a '-' 1 Aug'OJ Oct "01 LOS 109 I no n the 1084 Oct 107 4 103 109 120 1 112 L87 I86'e 1 ""JO" A-O N ol C. u n ye Si tekrt Lamjr nr riday l.i-h L094Feb'99 J-J J.J ,v , 1 lo 1 108*" iiiS" 108 "NovOI 111=8 lll»s 111 >a 119 112' 4 Nov'OJ 1 1 '.!».. 1 3 ISI^i 189^ 1394Nov'(ll 140 139*8 LS9% 139V lU7'sUl7 n h 110 Ma\'(ll 107 »s 107=8 1074 107 'i .vi- V L064 uai 1. Am Dm '-, ENDING k 1 1 11 / 1 1 Korriitn Government 91T8 92% 91^4 91^ Fraukfort-ou-Maiii 848 aer 1.. M-B are price I on the basis ol luur marks I in HO Apr '01 Q.J V S of Mexico s t g 5s ol 1891 stute securities 41 09 or. 1 BTOOK . 1 V. S. (iimllllliciit S 2s consul registered. << 1930 Q.J tl 1880 (J s 2s consul ooupon S 2a oousol reg small.. << 1930 S 2s consul cup small. <( 1930 k L91H S 8s registered k 1918 H 3s cull pon S 3s reg small bonds. .Ac L918 BONOS KOHANQB I'tni/r 11741224 Us', 122% d Duo Apr Bos U Gas l'.klyn e Due .May 91%Oot>98 116% Sale 1164 110% /iDuo.i'ly fc Due Aug u Due Not tr ctfs s t a 5s. 1st con g ."..- V Gas y Due .) ne 1 939 J-.I M-N * Option sale Bond Record— Continued— Page 1198 BONDS STOCK KXCIIANCK N. Y. ENDING W'KI.K Price iday Dm. 6 1 5S |)KC. 8 I cm A li coii8oi8i78...r.in: ii l 2d gold 4 4s CiuD<fcl let CIStL&C &O Ciu S KIT'. n . 87 87*a Bale 110*2 A-O 1114. 1 gug 6s... 1941 M-N 107 117 ,l'h 'in .l,MI 119 : Ocl Consul rt (in 112*2115 WW 1st gold 4s fcl936 Eti uistered fcl930 Sifc CI con lstg 5s.. 1928 O O C I consol 7s 1914 Consol sink fund 7a 1914 General consol gold Os. 1 934 Cin & J-J JJ M-N M-N MS Q-F FA M M W 105 , 105 J'ne'01 100 100 Nov'01 104 '01 133 104 4. 104**2 No v'b'i 104*2104*2 98*2 76 95 Nov'01 115 116 98 75 115 129 '2 129*2May'01 75 834 83*2 89*2 45*2 F/-A 13G 118 83*2 83*2 78 77 83 90 M-N T03 Oct '01 Nov'01 Oct '98 1363s Nov'01 117 78 May'01 1936 J-J 147*2May'01 149 Aug'01 103*8 111*2 1104 91 M-N 91 1U*2 Feb'01 & East of Minn &eeStPM<fcM ast Ten Va & Ga See So Ry Elgin Jol & East lat g 5s. 1941 Ettz Lex & B San See C & O Elm Cort & No See Leh & N Y Erie lstextgold4s 1947 2d ext gold 5s 1919 3d ext gold 44s 1923 4th ext gold 5s 1920 6th ext gold 4s 1928 1st consol gold 7s 1920 1st consol g fund 7s 1920 Erie 1st con g 4s prior.. 199 Registered 1996 1st conaol gen lien g 4a. .1996 Registered 1996 Penn coll tr g 4s 1951 Buff N Erie 1st 7s.. 1916 Buff & S gold 6s 1908 CI110& Erie 1st gold 5a.. 1982 RR 1st gug 5s... .01909 Jeff Long Dock consol g 6s.. 1935 Coal & RR 1st cur gu 6s. 1922 Dock & Imp 1st ciir 6s. .1913 Y& W M-N M-N M-S M-S A-O J-D M-S M-S 116 113 119 114 120 106 Sale 112*2 119*2 115 .... 1 19 1164 111 123 123^4 .... 140*4 143 108 Oct 10834 111 102 12 85 110 102 93 116 112 116 '01 113 13 112*2113 Nov'01 Nov'01 115 119 111 12334 107 139 119*8 121 99 99 91 J'ly '01 Mar'01 Nov'01 140*2 Nov'01 100 F-A J-D 95*4 Sale 131*2 100*2 100*4 "89 34Safe" J-J *il8 '115 116 118 2d gold 44s 1937 F-A 99 General gold 5a 1940 P-A 110 34 Terminal 1st gold 5s... 1943 M-N '115 Regis $5,000 each. ..1943 M-N Wiik& Ealstgug5s.l942 J-D 123*6 Oct *01 107 137 Sep Nov'01 '01 118*2 Aug'01 109 116 118*2 118 94 103 117 Sale 109*4 Oct '98 Nov'01 Nov'01 Feb'01 H0 3 4 115*2Nov'01 108*2. Penn Co Eureka Springs 1st g 6s.. 1933 F-A Evansville & Terre Haute 109 *a 109*2 See 1st consol 6s 1921 lstgeneral gold 5s 1942 Mt Vernon 1st gold 6s.. 1923 Sull Co Branch 1st g 5s. 1930 Ev& Ind lsteon gug6s..l926 65 109 . . 111*2. 1st g 5s 1932 J-J L See Street Ry See P G C Co g & 1923 J-J F-A EdElIllBkn SeeKCoEL&P Ed E 111 See N Y G & E L H <fe P EqG LN Y 1st con g 5s. .1932 M-S Eq G & Fuel See P G & C Co 67 92 101 *a 105 109 Nov'01 D N -voo 109 109 95 101 & Oswegat Seen x*Cenl Grand Bap A ind Bee Penn !o I ra s lJ t \ Term See St 1. 6 \Y Q Han St JoSeeN C B H* oueatonle v.N See. <fc Hock Val 97-i Sale J-J 116 105 137 123*8 126 111 98*4 1202 11 Registered 108 consol g 4 *^s.l'. r.19 J-J 108 108 J-J 1999 let ext g 4a.. 1948 II oust E & \V Tex Sea So I'ac Houst & Tex Cen Bee So Pac ( :o Illinois Central 1st g 4a. .1951 Registered 1951 Col& H V Regis! Bred 1st gold 3s sterling Registered Coll Trust gold 4s Registered L O & Tex gold 48 & Shaw 1st g 4s... 1932 Chic St L& N O g 5s... 1951 Registered 1951 1951 Registered 1951 Memph Div 1st g 4s... 1951 Registered 1951 St L Sou 1st gu g 4s.... 1931 Gold3*2S Ind Bl & West See C C C & St 115*2 Apr '01 113*2 Mar'00 104 Aug'01 102*2 Apr 9s 115*2ll5*a 104 107 *» 104 58 Oct'Ol 102 Oct '01 105*4 105 4 104 102 102 106 102 106 106 MS Carb 103*2 1 09 *e 104 11{ A-O 110 106*4 1952 A-O 1952 A-O 1953 M-N Regiatered 1»£ Cairo Bridge gold 4s 1950 LouisvilleDlv gold3*28.1953 Registered 1953 Midland Div reg 5s 192] St Louis Div gold 3s 1951 Registered 1951 Gold 3*2S 1951 Registered 1951 Spring Div lat g 3*28. ..1951 Western Lines 1st g 4s. .1951 Registered 195] Bellevcfe Car 1st 6s 1923 Sale 104*2. J-J J-J 1951 J-J 1951 J-J 1951 M-S 1951 1st gold 3 *2S iod'i 98 M-N J-D 111 Oct Jan '01 '00 1023s. 100*2 103 102*4 Nov'01 128 May'99 90*4Apr'01 .102 J-J F-A F-A J-D M-S J-D J-D J-D J-D J-D J-D M-S 106 s* . 121 J-J J-J F-A J-J J-J J-J J-J 104 1143a. 101*4 Aug'01 '99" 112*2ll5*» May'01 124 109 106 124 126 130 124 _\ 130 Sep '01 12:;-. 101*4 101*4 101*4 Oct '01 105 91 101*4 102*e 101*80 100 Nov'IIO 114 Nov'01 124 90 130 124 130 90 Oct 106 109 109 102*aNov'00 108*2 107*4 105 '01 i'0'3" ib'6" I. J-J J-J Nov'01 98 sg 100 124 128 96 103 80 65 115*4119 99 J-J ; M-N 123*2126 125*2Nov 01 M-S 100*2 Sale 100*2 100=8 74*2 Nov'01 75 78 M-S 116*8 J-D 116*4 116*4 hS&MS A-O Kan C & Pacific See M K & T Kan City Sou 1st gold 3s. .1950 A-O Registered 1950 A-O Kansas Mid See St L & S F Kentucky Cent See L & N Keok Des Mo See C R I & P Knoxville & Ohio See So Ry 71*2 Sale 71*2 72*2 324 63*4 Oct '00 66^ 72** <fe Erie <fe WlstgSa.. 1937 2d gold 5a 1941 North Ohio lat gug 5s. .1945 L Sho & Mich S See N Y Cent Lehigh Val (Pa) coll g 5s. 1997 Registered 5s 1997 Leh Val N Y 1st gu g 4*28.1940 Registered 1940 Leh V Ter Ry 1st gu g 5s. 1941 Registered 1941 Leh V Coal Co 1st gu g 5s. 1933 Registered 1933 Leh & N Y 1st guar g 4s. 1945 Registered 1945 E1C& N 1st g 1st pf 6s. 1914 Gold guar 5s 1914 Leh & Hud R See Cent of N J Leh & Wilkesb See Cent of N J Leroy & Caney Val See Mo P Lake . Long Dock Long Island 121*2 Oct '01 118*2.... 1 IS *2 Nov'01 Ill 114*2 111*2 Nov'01 118 34 124*e 117 119*» 110 115*a 110*2May'01 110*21104 1103s Nov'01 108 34 Nov'01 118*2 Oct '01 109*2 Oct '99 109 J'ne'01 108*4 108*2 111 122*4123 J-J J-J A-O M-N M-N 110 109 J-J J-J A-O A-O 10834 J-J J-J M-S M-S A-O A-O . 97 HI 3! 114*21184 109 109 "55""ioS* Nov'01 119 116 101*8 Sep '99 See Erie 120*4 122*2 121 34 Nov'01 1st con 1st consol gold 4s M 123 107 9734 it 1 st 121 12* 100 105 104 100*4 102*o 101 101*2 104 105 J'ne'01 102 Oct '00 100 98*2 99*4 99 104*2 95 101 99*2 1024105 16 Feb'01 97 95 101 95 iio 3 4 109 MS 107 105 113 1094110 109*2 J'ne'01 112*2 112*2 113*2 117*2 Sale 113*4 116 102*2 103 117*4 114 102*2 Jan '99 May'00 Dec'00 112 '01 102 3 4 121 111 9934 117*2 Sep 1144 1044 110*2 114*4 M-N 11334 115*2 113 Nov'01 29 99 102 A-O 100 Sale 99 34 100 M-S 106 Dec'00 E H cfc Nash lstg 6s. ...1919 J-D 116 Apr'01 Lie" iil?" LCincfc Lex gold 4*2S... 1931 M-N 111 .... 103 Jau'98 Coll trust gold 5s 1931 Coll trust 5-20 g 4s. 1903-1918 Cecilian Branch 7s 1907 NYGELHifePg Columbus Gas 5s. ..1918 1 09 110 05 106 98 109 1 J-J 130*2132*2 130 Nov'01 SO 130 130*4 Gas and Electric Light Newark Cons Gas cong 5s 1948 Electric Light 1st 76'2lU 90 SeeSoPftoCo 114 Aug'01 N O & M 1st gold 6s.. ..1930 108 114 MISCELLANEOUS BONDS—Continued on Next Piure. ChGL&CCo SeePG&CCo Gasg5s 104*2 1.". g 5s./il931 Q-J /tl931 Q-J General gold 4s 108 1938 J-D Ferry gold4*2S 140 1922 M-S Gold la 1932 J-D Unified gold 4s 118*2121 1949 M-S Debenture gold5a 1934 J-D Bklyn& Mont lstg6s.. 1911 M-S 115 118«8 1st 5s 111 119 1911 M-S N Y B & B 1st con g 5s 1935 A-O 94 94 73 100 11034 N Y & R B 1st g5s 1927 NorShB lstconggu5sol932 Q-J 115*2115*2 Louis v & Nashv gen g 6s. 1930 J-D Gold 5s 107*2112 1937 M-N Unified gold 4s 1940 J-J Registered 1940 J-J 125*2 108*2 112 100 Nov'97 124 124 82*4 95*4 95% 144 92*o 96*2 136*2 Oct '01 136*2 136*2 J-J M-N 122 *a A-O 105*8 A-O 135*4 M-N 113 118 124 108 143*2 135*4 137 62 95*2 101*4 Nov'01 10034 99 Aug'01 89 34 9o s8 343 137 J-J J-J J-J J-J N Y & Green L gu g 5s. 1946 M-N MidRRofNJlstg6s.l910 A-O N Y Sus & W lat ref 5s. 1937 J-J Det Gas Co con 90 A-O 1916 J-J Atl g 5s.. 1937 J-J 102 01945 J-.l Sa ar.fc No 1st gu g Be. .1929 J-J Georgia Pacific Bet Bo i'.v M 90*2 »8 91 Pao( 5s KalA&GE 93 Nov'01 Be] L05 Mar'98 L04 1a 105V 90 >2 1 VG& Nor 1 jfi 105 105*4 Lei W 110*2 J-D 1995 J-D 19Li7 a SeeSo 100 I 110*8111*2 Ind Dec & 1st g 5s 1935 1st guar gold 5s 109*2112*2 1935 15034 153*2 Ind 111 & la lstg 4s 1950 Int & Great Nor 1st g 6s. .1919 151 151 2d gold 5s 1909 3d gold 4s 1921 100 104*2 108 111*2 Iowa Central 1st gold 5a. .1938 107 113*2 Jefferson RR See Erie See an & Mich See Tol & O C 91 96 K C & R & B 1st gu g 5s. 1929 103*2 .... Ill 110 J'ly '01 Detroit City 87*2 149 150 114*2117 llO'sNov'Ol 109*2 Nov'01 152 Oct 'O 1 151 Jan '01 111 Conn Ry & Con Gas Co 87 h 145*2 147*2 114*2 114*2 J'ne'99 1 22 102 Gold 4s 90*2 Sale 90 Dul& Iron Range 1st 5s.. 1937 A-O *110 115 114 Gas and 115 133*2136*2 118*2119*2 104*410434 117*8 11778 II934 119*2 J'ly '01 104 34 Nov'01 .... 1154.... 1st lien g 4s. 1995 Pitts 79*2 11734 123*2 136*2 140 136 34 140*2 138 139 140 ..., . DesMoi&FtD SeeCK&IP Des M & Minn See Ch & N W Des Moi Un Ry lat g 5s. .1917 Det M & Tol see L S & M So & 100*2 129*al30*2 118*2 Nov'01 M-S 11834 ... M-N 133 's... J-D 1364... J-D J-J s '/ High Ac Low A Hi. Low 100 J-.l i N 834 Sale 83 4 Sale 89 4 Sale Improvement gold 5a. ..1928 J-D Rio Gr So gu See Rio Gr So Den & S Weat gen 8 f g 5s 1929 J-D Erie 138*2 J'ly '01 191 M-S gu 7s. 1906 A-O 11438 Registered 1906 A-O Guar gold 6a 1906 A-O i'lOSg Registered 1906 A-O Rena & Saratoga 1st 78.1921 M-N i'50" Registered 1921 M-N Del Riv RR Bridge See Pa RR Denv<fe R Gr lat cong4a. 1936 J-J 10341034 2d 6s Dul So Shore 106 113S8 115'2 130 138 '111 4 Sale Sale 1943 11 oi Sine 1 133 98 & Jianqt 1- GtNor—C B&Qcoll tr4s 1921 Greenbrier Ry See Chea & O Nov'99 i.35" lat con Registered H 133 3 Regiatered Det <fc Mack ;' st .1 Gouv 102 <fc gcild :,h ll (-oiihol (Ula 104 'h May'99 V 115*2 Oct 131*2 J'ly Warren 1st ref gu g 3 "28. 2000 FA & Hud lat Pa Div 7a. 1917 M-S 144 Consol gold 44s li 104*4 105 99 Bel Alb* Sua '.IS',, A-O & N Y 1st 7s.. 1906 A-O Syr Ring 99 99 W N N J-J J-J 101 '01 '01 99 100 83 104*8 Sale J-I) & W 1st pref 4s. 1940 A-0 OInd& W 1st pf 58. ..(21938 Q-J Peo & East 1st con 4a. ..1940 A-O Income 4s 1990 Apr CI Lor & Wh con 1st g 5s. 1933 A-O Clev & Marietta See Penn RR Clev & Million Val g 5s. ..1938 J-J Registered 1938 Q-J Clev & Pitta See Penn Co Dak Oct no's. J-D 128 Ind Bl Col Midland 1st g 3-4s 1947 1st gold 4s 1947 Colorado & Sou 1st g 4s. ..1929 Colum & Green v See So Ry Col & Hock Val See Hock Val Col Conn & Term See & Conn & Pas Rivs 1st g 48.1943 & Gt So See C & St P alias & Waco See K&T Del Lack & Western 7s. ..1907 Morris & Essex 1st 7s. ..1914 1st consol guar 7s 1915 Registered 1915 Y Lack & 1st 6s. ..1921 Construction 5s 1923 Term & improve4s 1923 101 101 1014105 fe J-J 19:14 J-J Registered 100«B Jan J-J M-N 102\ 99 105*4 M L882 58.1918 A-O Ala By 1st pf g 5s. .. Ill A O TaJ 1 102*2 1 Ch get Pere Mai si g Be.. .1918 J.J gold :,n.. 1930 J. -' W Oa* 1024 .S'-e M <> bid D Co Lei *ae. 19 11 J-. Den C 1st g6e....l921 D Gr 1st g 3-4B.1928 J J w <t Ft .t itio / <al liar A: I J -I) Bo l'lii Pen (HI it J <V; .v. Dee. Ending: di 1st lanil gr <-xt Clearlield W& lint ', C (J A SI L C C C Bt L ,fc Mali -See 11 It & P Cleveland Cin Chic & SI Louis General g 4s 1993 Cairo Dlv 1st gold 4s 1989 M Dlv l8tg48. 1991 Cin St L Div 1st col trg4a.. 1990 Registered L990 Spr & Col Div 1st g 4s.. l'.no Val Div lstg Is... 1910 C I St \j& consol 6s.. 192(1 JTfergo '4 1(17'., See .S'ec wi.i k Dec '00 16 114 i/1'4"; 1 Ool '99 L18 J -J January ji Weeli'i J:,ni(/e or •vile I'ric.r. STOCK EXCHANGE N. Y. Since High Ho Low High L21 87 98 L1P4 Kin L08 ltOM» Jtanr/e o o Last Bale A si. Low Hi, Chicago Trr Trans g Is... l'.i JJ Ohic& West I Ist8fg0s..l9i:i U N General «olil lis 01932 Ohie & West M loll It y 5s. L92 oiiocok <t g gen goa ...ol919 jj Wreie'l Rang* or , LXXllL [Vol. 2 964 97 105 119 105 Nov'01 Oct '01 1184 Oct '01 Gas& ElecBergCocgos.1949 J-D 61 4 Oct '01 Gr Rap G L Co lat g 5s.. .1915 F-A 107 34 Dec'00 K C Mo Gas Co 1st g 5s. ..1922 A-O Kings Co El L & P g 5s.. .1937 A-O Purchase money 6s 1997 A-O 124 1244 1244 1244 EdElHBknlstcong4sl939 J-J 9S 101 97 4 Nov'01 LacGasLofStLlstg5s.el919 Q-F 108 Sale 108 1084 Mut Fuel Gas Co See Peop Gas * No price Friday; latest bid and naked this week, a Due Jan 112 5s.. .1948 Purchase money g 4s. ..1949 Ed El 111 1st conv g 5a. .1910 1st consol gold 5s 94 103 1995 NY&QElL&Plstcon g 581930 102 106 Paterson & P G & E g 5s. 1949 Peo Gas & C 1st gu g 6s.. 1904 2d guar gold 6s 1904 11841184 1st con gold Os 1943 Refunding gold 5s 6141024 194 CliG-L&Ckelstgug5s 1937 Con G Co of Ch lsTgug6s.'36 Eq G & F Ch 1st gu g Os.1905 123S.J 1264 Mu Fuel Gas 1st gu g 5s. 1947 96 97 4 Trenton G & El 1st g 5s.. 1949 Utica EL&Plstsfg 5s. 1950 107 110 Western Gas Co col tr g 5s 1933 d Due Apr a Due May A Due J'ly & Due Aug 1134 116 974 Sale 107*4 108 1224 104 974 108*4 116 116 94% 984 97 34 Nov'01 1214 Apr'01 103*2 104 105 1094 121 39 102 121»4 107 107 1024 lul 1* 1024 J'ne'01 1214123 ' Ill :o6 34 105 103 106 123 106 120 1114 Dec '98 107*2 105 34 105 3 Nov'01 4 Oct '01 109 Feb'01 110 105*4 106 109 107*21074 1074 Jan '01 q Due Dec s Option sale . Due Oct 126 108 104 34 102 102 109 123 1104 Nov'01 107*2 1044 J'ly '00 DECEMBER Bond Record— Continued— Page 1901. J 7, BONDS K. STUCK Y. Wi \< I Enuino i:k M. \ II Di. c. H I. r, A- NO A 1 MS I Be* C Id i o 111 I 1 W ., 1 101 Hi I 1 Mil Mil Mil 1 Oil', lO'J 1 1 1 12 1 1 % 1 1 110 N 100 \ \\ Minn .ft St Iowa Ex L 1st gold 78..1927 1st gold 7s lOO'.l 115H J-J 116% Sale Mur'01 100 105 Hi J-l) 82 Hi 83 Hi 74 30 H» 31^ 230 22 Nov'01 90%J'ly'01 -101%. J.D J-D MS 117 .... .... .... 120 Hi 121 120Hi 103>4 103 99 95 M K ATofTl8tgug5s.l942 MS J-D E-A J-D A-O 1900 .M-N 1920 1st oonsol gold 6s Trust gold 5s stamped. al91 JIN al91 1920 1920 Cent Br Ry 1st gu g 48.1919 LeroyAC VALlstgSs 1920 Pao R of Mo lat ex g 4s. 1938 2d extended gold 5s. ..1938 St L 1 r SI A Sgen con g 581931 Gen con stamp gtd g 5a 193 "Unified A ref gold 4s. .1920 Begisti-rcd 1020 Verdi V I A 1st g 5s. 1920 Mlae Riv Bridge Bee Chic & Alt Mob A Bimi prior lien g 5s 1945 Mortgage gold 4s 1945 W Mob Mob MS FA 91 111 122 106 110 116 123 122 100 Hi 106 M 102HU06 106% 108 116 116 J-J J-J 94 Hi Sale M-S 98 107 114 9134 111*2 117 119*2 125% 100*2 109*2 103 Nov'01 May'01 Nov'01 91 100 107 110 89*2 91 1 J-J A-O J-J J-J J-J 1997 J-J SIS 1884-1904 M-S Re gist deb 5a of. ..1889-1904 MS Debenture g4a 1890-1905 J-D Begistered 1890-1905 J-D Debt certs ext g 48 1905 M-N 1905 M-N Begistered Lake Shore coUg 8%s...l998 F-A Begistered 1998 F-A Mich Cent coll g 3%a 1998 F-A Registered 1998 F-A Beech Creek I8tgug4s.l936 J-J Begistered 1930 J-J 1936 J-J 2d gu gold 5s A Ad gu g 4a.. .1981 J-D Clearlield Bitum Coal Corp— l8t8fintgug48serA1940 J-J Cart 109 Hi 96 90 95 129 110*4 J'ly'00 »/ Nov'01 Nov'01 90 Nov'01 115*8 Nov'01 99 Oct '01 95*4 Nov'01 10534 10S% 106 Sep '01 109Hilll 110 110 109*2May'01 103Hil04Hi 103 34 103 34 103% 104% 103*2 Nov'01 109*2 Sep '97 99«4 .... 103*eApr'01 101% 101 101 100 101% 100 Nov'01 100 101% 100*8 Nov'01 97 Sale 96% 97*2 95 Nov'01 97 96*4 96 Sale 96 96 Mar'01 96 111 115 111*4 Sep '01 106 J'ne'98 118 97 126*2 130 111 116 95 • Apr '90 Hi ni|i4ll0% Nov'01 107 V 109% '01 100 105 107 102 196 195 134 102 206 202 % 136 108 110 47 102 108 107 105 Sep 117*2..., 108*4 114 108 103*2 104 1 A See So Pac Co A South 1st g 5s 1941 Norf A West gen g (5s 193 103% Jan '00 Sep '01 104 lOlHiNov'OS 110 Nor 112*4J'ly'01 .... 133% 133*4 134%.... 130 .... 131 Oct '01 132*2134*2 131%Oct*01 102% Sale 102 84 103 103 Nov'01 1 Improveni't A ext g 68.. L93 New River 1st g 6s 1932 A Ry 1st con g 4s. 1990 Registered 1000 IstgugSs 1022 ScioVANElsl gu g4a 1989 North Illinois See Chi A N North Ohio See L Erie A I W N CCAT 107*2 101*2 Sale I07*2j'ly'01 101% 101*2 1997 1907 105% Sale 105*4 a2047 02047 72»4 Sale 72 Sale W 110*4 4 132 112% 136 129% 133% 131 ' 42 134 99% 104 1U3 103 107%107% "i 99 104 47 103 106 W 4s. See Gt Nor 105*2 105% Nov'01 72% 72% 7134 72 103% 105% i'3":' 19 100% Nov'01 100 129 132 130 H2 111 114 100 09% 73% 09 72% 99»4 102 128 Nov'01 131% J'lv'00 i22%i22% 122%Feirol 110%117 Nov'01 101 15 100 106 88%May'00 89*2. 117%. 117 115%119 Nov'01 Y General gold 5s 1937 Ore A Cal See So Pac Co Ore Ry A Nav See Un Pac Ore RR A Nav See Un Pao Ore Short Line See Un Pao 95 105 NW 1946 J-D 104*2 108 106 107% 107*2 11034 109 Hi 109*2 101 IO6H2 103 106 34 102*4 104% 99% 102*4 103% 100% 100% 100 95 99 97% 93% 97 Hi 94 96 111 97 112% Sink fund subsidy g 6s.. 1910 1st g 4*28 1921 Registered 1921 Guar 3*28 coll trust reg.1937 C St L A P 1st con g 58.1932 Registered 1932 111*4 103*4 105 101 Penu Co gu 113 103*4 102 106 112 115% NAC Bdge gen gug4*28 1945 112 St L con gu g4»2S— Series A 1940 Series B guar 1942 Series C guar 1942 8eries D 4a guar 1945 Series E 3*2 guar g....l949 Pitts Ft A C 1st 7s. ..1912 . 114»4 11434. IO8H1. . W 138% 132*2 136 129% 131 1912 A1912 Nov'01 111 Nov'OO 120% 114*4 Nov'01 114 118 113 11734 llOHiFeb'Ol 10634 Nov'01 97 May'01 133 Oct "01 130*4 Apr'01 130 Apr'01 116%116% 114%NuV0l 100*4 10634 97 99 a4 132% 1.30% 135 186% 128 34l36% on Next Pn K e Coal and Iron Col Fuel Co gen gold 6s... 1919 M-N 103% 106% Feb'01 105 ColF A I Co gen a f g 5s. .1943 F-A 105 Sale 105 De Bardel C A I See T C A I Gr Riv Coal A C 1st g 6s.. 1919 A-O 106%. 95% Jan '97 A I lo7 107 108 WhLE APCCol8tg53.1919 100*4 106% 96*4 108 SI.iy'97 RochAPitCA Ipurm 58.1940 M-N Sun Ck Coal 1st gsf 6s... 191 J-D 105% 109% Tenn CoalTDivlstg0s.al917 A.-0 106 Birm Div 1st consol 6s. .1917 J-J 110 116 Cah C M Co 1st gu g 6s. 1 922 J D DeBarCA I Co gu g Os.ioio F-A 100 30 SIay'97 80 105 lstg 08.1926 J-D 111 1157« Oct '00 121*4 . 115 PCCA 110%114% Nov'98 Nov'01 121 122 121 113%117 107*4 Nov'01 111 J'ne'01 Dec'00 102 A 2d gold 5s 1920 J-D Pleas Val Coal 1st gsf 58.1928 J-J 113 108 102 122 122 JeffA Clear C '01 111*4 114%Nov'ol II2H2H334 112%Nov*01 ii'i'Tii" 113% Oct 112% Dec '00 114 CI Pgengug4HisserA.'42 Series B 1942 Series C 3*2S 1948 Series D3His 1950 Erie A Pitta gug3%8 B.1940 Scries C 1940 2d7s 3d 7a 111*4 Sale 103 ac of Missouri See Mo Pac Panama 1st sfundg4*2S..1917 100% 102 Oct '99 Nov'01 112 112HiJ'ne'01 1st g 5s. 1936 109 114 Oct '00 J-J 104 105 110 112 102 34 Nov'01 32 Jan '00 107 111 100 104% 65 100 s4 60 99 110»« Nov'01 105 Feb '00 11 I Manufacturing iV FA 101 55 Dev Co gu g 68.1909 J.J No price Friday; 110 121 122% 125*4 129 102 FeliOl 205 206*4 206 206 202% Nov'01 202%.... 133 .... 134%J'ly'01 100%May'01 100% Oct '00 1904 J-J Olearf Bit Coal ColC 1 ext 1st con g Os.1902 I 113 51 I2i.i, NYC J'ly'98 Coal and Iron A . Hi 1 NYARB See Long Island NY34W See Erie N Y Tex M Oswego A Rome See O C F A St P See C A Pac Coast Co 1st g 5s J-J West Union col tr cur 58.1938 J-J "113 Pd and real est g4%s... 1950 M-N 107 Mut Un Tel s fund 6s.. .1911 M-N 112 CA 113 ,/ W OIndRiver RR hio h Ool 125 M Comm Cable Co 1st g 4s. .2397 y-J Registered 2397 Erie T A T col tr g 8 f 5s.. 1926 MetTATlstsf g5s 1918 M-N MutUnTelCo See Westn Uu N Y A N J Tel gen g 5s.. 1920 M-N No Westn Teleg See West Un AB See N Y A H 122% May'01 1 MISCELLANEOUS BONDS-Conrtnued Can Coal Min See T C 116%Mn\do . Ill 107*8 Sale 125 110 Nov'OO I2534 St Paul-Dul Div g 48. ...1990 Registered 1990 StP A gen g 6s.. ..1923 127*2132 Registered certifies.. 1923 121 130 StPaulADul 1st 5s 1931 87*2 96% 2d 5s 1917 1st consol gold 4s 110 116 34 1968 99 101*2 Wash Cent 1st g 4s 1948 95*4 95*4 NorPacTerCo 1st g 6s.. 1933 Nor Ry Cal See 80 Pac Nor Wis See St P AO Nor A Mont See N Cent A See C C C A St 1. Telegraph and Telephone Northwestern Tel 7s .115*2 ;.;)% 125 110 .y-u-'oi 120%. 1905 1905 IstOs latest bid and asked S» L18%119 Oot 01 loii'.. . 1st 7s lo 10 10) Hj106% 'v ' Ang'O] no NP 131 125 129 129Hi 129 129 11334 .... 113% 113% 121 .... 113 Dec'99 118 120 111 Dec'99 92 N Y AN E C B A Q coll tr 4s 1st Am Telep A Tel coll tr 4s 1929 131 L2B 101 118% 131 1 Registered M of.. .1884-1904 Begistered 101 Hi ino', 1940 L940 100 100 105 107 113 115*2 110*4 67 114 119 Northern Pacilic 114*2110*2 116%j'ne'0l Prior lien ry A 1 gr g 289 84*4 96*4 93 % 94*4 Registered General lien gold 3s 115*2 116*2 98 190; J-J 199' J-J Registered Debenture 5s I II 87*2 New A Cin Bdge See Penn Co NO AN E prior lien g 6s »1915 A-O N Y Bkln A Man Bch See L I N Y Cent A H R lat 7s. ..1903 J-J 105% 106% 105% Nov'01 Gold mortgage 3 'as 1()1 lnoi, Convert deb certs$l,000 Small certs $100 Housatonic R con g 5a. .1937 N H A Derby con g 5s. .1918 87 106 100 108 108H1 115% 117 100% 122 106Hi 107% 91 103Hi teNYCent Registered 101% Sale s 1 117% J pi -ol L981 istcred Bat NY 128 Hi 118 Hi 120 lOOO 1931 N Y A North See N Y C A N YO A Wref lat g 4s.. 992 98 Regis $5,000 only 96 1092 34l05% N Y A Put See N Y C A 99 LAW W TAP LAN New HAD SeeNYNHAH NJJunoRR 6a Registered 4a 75 97 Nov'01 Oct '01 118->4 J-J A-O A-O 82 103 34 Sep '01 , LA E88ex See Del Chat A St Nash conaol goldL 1st 78.191 1st 58 1928 Jasper Branch 1st g 6a. .1923 McM M A Al 1st Gs.. 1917 Branch lat Os.,.,1917 Nash Elor A Shef See 27 .11% ,, 128 oonaol7a.l902 38*< 96*4 98% 1057, 105 Hi 102 103H»J'ly 01 91 Sale 91 lat extension gold 6s../<192" Q-J 125% General gold 4s 1938 M-S Montgom Div 1st g 5a. .1947 F-A *115 Cairo gu g 4s.. ..1931 J-J noo 8t Collateral g 4s «19S0 Q-F * 91 Moha \vk A SI al See N Y C A H Monongahela Riv See B A O Mont Cent See St P A Morgan's La A T See S P Co A Ill 1st consul 58 20 13 1 117 128 1934 lat g 6s 101s \' 1st ... . 11534 loo.. lis 91*8 116% 15% 10% 199 1st 7s 1 I93H Ka AAGB1 Malum ("1 KK 1st 5a.. 1934 Pitta McKA Y latguda. L982 MlohCent 98 98 Apr '01 102 98 105 F-A J-J Nov'01 81*4 Sale M-S E-A E-A J-J J-J Jack A lv C 1st g 68.1941 J-D A Ohio new gold 6a. .1921 J-D Morris 111 I .11 L07 1* 1 120*4 98% 10134 97Hi Begiatered 1 . . 103Hi 103 H» 103 Hz 103 98 ... 98% Sale E-A Registered 1 ! I 1st ext gold 5s 1944 SIN Dal A Wa 1st gu g 5a.. .1940 SIN let coll gold 58 Bale 1903 90 4 147 Hi Feb '01 119 J'ne'01 123HaApr'0l 122 Ha Feb '01 145%.... 81 34 Mlaaouri Pacilic 3d 78 1)4 gu ..2861 la 1 1934 SIN latconsol gold 5s lat and refund gold 4s. .1940 SherSh A So 1st gug 58.1943 Kan C A Pao lat g 4s.. .1990 A Neoaho 1st 7a.. .1903 1942 Mo K A E 1st gu g 5s Lat 1 Minn A St L gu See BURJc N M&Plst5sst])d48intgu 1986 J-J M 88M A A ] at g 4 int gu 1926 J-J M StP A S S SI con g 4 int gu '38 J.J Minn Un See St P M &S1 Mo Kan A Tex lat g 4s. ..1990 J-D Tebo 104Hi 105*1 .V: Ex lat gold 6a... 1921 A-O 125 South West Ex 1st g 78.1910 J-D 117 jrl990 10% . I A St nr at gu g 3 98* 86 a Harlem g SHje...2000 2000 34*2 Registered 23 N Y A North 1st g 5s. 192" R W o con lstext 5s. h 92 Oawe A R 2d gu g5a...«1915 K W A O T R st gu g 5s. 1918 Utica A Blk Riv gu g4s. 1022 Nt Y chic A St L L3t g 48.1987 937 Begiatered 147*2 147 *2 N Y A Greenw Lake Bee Erie ml 119 122H MYitHar See N Y C A 123*2 123 Hi N Y Lack AW See D L A W 122%122% N Y L E A W See Erie 116%121»4 N Y' A Long Br See Cent ol N J N Y A N E Bee N Y N II A 11 97 105 N Y N H A Har 1st regis. 90S Nov'01 Nov'01 Muy'00 97 32 105 Ana J D *ib"6" 110*4 110 . id 80*8 82*4 103*8 Apr'00 M-S 1 1 1916 McKeeaA B MS g 1 Gold 3'vs Registered Hon a Tol >. O 14 LOO 1992 1980 - ..11 ffll . 2d guards 82 Hi Sale 30 Hi Sale 21 Hi 22 Low JliyK Shore oonaol 2d 7s L903 Lake 100 J-D J-J I--.. Lai red 1 1 Pacific 2d gold 4s . gu It A I'll Ihl a Mont at Shore 7 107 200 102 107 106*4 May'01 10514 106*4 116 110% "i'i 114 1 1 7 *-_ 106% Sale riy iiy A-O A-O .UK 1 High 1 i June mm. .1 \,.i LOHi ill LIB N AW A Mad fiMCbic&NW A Nortli See Ch M A St P A St P See Ch M A St P K 11 iicoine 6a N 78H) . . a Keglatered A-O AO 1 IO Continued i.uiii a law a al gu r 6a 19 12 gu 1 i> 1001 Mob A -Mai Lat I "3% 11, 1 ' 1 1 MOM. I. - 1 i', h I C( ni \ i20', Mai HI Hi X I 1 (HI , 115'. J Hi MS Tlfiihon Coal 8«t I. S A lUuiiliuttau l(v consul Is. L990 L90) Registered MetropolEl 1st g 6a.. ..1908 Han S Colonlz g 5a. ... 1 934 MoK'pt A B V S< N v Cent Metropolitan El .See .Man Ity Mex Cent consol gold 4s. 1 1 lat consul Income g 8a.al939 2d oonsol income g 3s..al939 1017 Equip * coll gold 5a 2d aeries gold 5s 1919 Mex Internal lat con g 4a. 1977 192 Mex Nat lat gold 0a 2d ino 68 A up h in pit.. /i ml 2d inoorae gold 6a B ... /i 1 9 1010 Mex Nortli 1st gold 68 Mich Cent See N Y Cent Mid of J See Erie Mil L 8 See Ohio * N \V I JI11//1 Nov'99 13 LOO Hi LAN N LN A A Cli I \\ I 120 L5 v STOI N. January No Low 120 '4 Jan in 73 Hs Ang'01 . LA limit BONDS V B nye Bin L20 Ms MS I o Sale I <tst y.'d Is 5 Bangs or Ask Low Bid Niishv (Continued 1980 J-J L20 M 2d gold 6a 112 Pensacola Div gold 6a... 1920 124 1921 St I. Div lat gold 6a 1980 M B 2d gold 3s Heudcr Bdge lata! 101 mi ii< plil 4a.. 1981 Ki iii u. kv m a m Lai g4%a 1946 ,v 114%* Fia a s Lat mi r 5a ..1931 111 Pens A All 1st gu g 6a.. 1921 1 L6% 8 A,N Alii rem gu g 68.. 1936 -li;. * L910 Sink fund gold 6a 100*4 J i'rl Bdge Co gu g 4a.. 1945 Iiouinv Week's Price t'ridau Dec. 6 1199 3 thla week, Sep '01 Nov'OO a Due Jan 101 < 104% Amer Bicyole s ext Am Cot Oil IndiiMriiil deben 5a 1919 M-S 4%s 1915 Q-E f Due May j/Duej'ne ADueJ'ly p Due Nov 60 100^ * Sale Sale Option 60 100% sale. 82 102 12u0 Bond Record— Concluded— Page I to \ DtA /'rice stock EXCHANGE Wkkk Ending iii a 8 Ranyi In, I, 1st real esi g4a. 1923 j/h/Ii January A'o 1.1:11 i 1 n,,/ii 1094 1094 109 vtiia (.ilii CIA Mar I)K RA Li (ir R.fc Sun 1st 102 1 107 1st -n g.| 4« 1941 1st g 48. ..1936 A Poo .sit A Pek Un 2d gold <: A st Nov'97 Mar'OO 11 2 Jan '01 Ml? .. 18«8.. D N .1 BB Can gen 48.1944 Pensaoola A Atl Bee LA Nasli Peo A East r.'-'i .. 1124-. Lewis A: 117 11X4 Muy'OO 1 112 1274 1st g 68....1921 61921 I' M n 68.1920 1st consol gold C8 L9S9 i't Huron l)iv 1st u 58. 1939 Sag Tub A 11 l8tgu.g4e.1931 Pine Creek reg gnar 6s.. .1982 Pitts cm A si I. Bee Penn Oo PltteOleTA 'I'oi lsi g 6s.. 1922 A 1 .18 .. . 1271 1 I2 S4 Sale 1 I4«a .111 1884 1334 -01 llil '00 101 Feb'01 L27 3 I12 4 112'i l 1 4 : <h 137 108 109 Nov'01 1144 115»4 1234. 115 1st . 120 184 Sep '01 1133*1184 120 98 .i'lv'97 til 4 on 'o: 101'hNov'OI 4Mar'01 99 4 99 Sale 92 101 4 Sale 96 95 97 105 83 4 80 B KAP Wat A Og See N Y Ceut 1014 10U 1014 1214 1LM 92 4 92 Apr'01 4 984 4 934 964 103 3 102 Aug'01 Oct '01 I0."> Web '01 84 Nov'01 9334 Nov'01 96 90 90 90 106 105 80 4 85 92 4 944 101 4 10141014 101»4Nov'01 97 do 94 894 98 Nov'01 M Br See T KK A of St L StL&S Fran 2d g Os 01 B 1906 110 110 2d gold Gs Class C General gold 6s General gold 5s 1906 1981 1931 1st trust gold 5s 1987 F RK gold 4s. 199G / Southw Div lstg 5s.. 1947 .Belunding g 4s 1951 Registered 1951 Louis So See Illinois Cent St 1st g 4s Ud ctfs.1989 St L S 2d g 4s inc bond ctfs...pl989 Gray's Pt Ter lstgug 5s 1947 St Paul A Dul See Nor Pacific St Paul A Man 2d Gs.,.1909 1st consol gold 6s 1933 lit;!;; Registered Reduced to gold 4 "as.. 1933 Registered 1933 [Dakota ext gold 6s 1910 1937 Mont ext 1st gold 4s Registered 1937 StL&S Sale 116 974 99 97 98 96 58 Sale 79 s8 Sale M 914102 72 3541014 71 824 97 794 7934 116 140 13734 Feb'99 1154H8 78 1154 Sale 1154 1154 1164Apr'01 1154 1164 Nov'01 103*8 1064 Nov'01 1014 106 May'01 113 34 1164 106 34 Sale 106 34 139 142 129 192'2 106 34 128 140 115 124 123»8 . 1244. Apr'00 Oct '01 Apr'97 132 124 121 120 . 1404. M-S Apr'99 1084. HI 1124. Gold 4s (Cent Pac coll).fcl949 Registered A&N W L'ent Pac 127=8. 112 93 140 124 Registered g 5s... .1941 gu g 4s 1949 1949 Mort guar gold 3 4s..fcl929 Registered Aug'01 104 110411134 £ee D . 94 1064 Feb '01 87 954 106410934 Aug'01 87 91 "s J'ne'01 87 914 91«8 [04 34 Feb'98 113 1H74111 \|,l 11G 110 10241024 994 1 4 1094 1144 '4 Oi no 1 89 111 1034 99Vi'ne'00 87 Sale 864 87 834 894 GU 112 105^4 Siale 1204 \..v'97 Iv'ol 121 1074110 «n M-N M- s M-S J-J .T-J MS 121 119 1194 r.24 114 128 i 128 127 4 J-J 90 120 93 J12 101 120 96 34 121 1 11741204 1194 117 121 lll' 8 llo 12 l!l'4 1244128 1244129 964 95 964 1234 121 1244 11034 Dec 00 Nov'01 Oct '99 109 1114 Sep '01 Oct '01 Ang'01 91 4 Sep '00 120 4 Nov'01 114 113 115 114 117 116 116 120»8 123 4 123 4. 110 34. 1014 J'lv'00 11034 83 108 M-N 1074 MS 1(19 It, Nov'01 127 4 964 974 964 M-S A-O M-N 11034 J'ne'01 127 M-S 120 io:v, 1114 07 ir>4 121 1204 Ufl Nov'01 128 1084 no 112 Sep '01 100?e 101 120 Mai O] 9G 34 Nov'01 122 119 L20 108 45 1064111 110 1144 Aur'01 I 101 119 . 10078 Sale 120 ]LM 96 97 4 102 114 117 116 1154. 1154. 1154. 1204- 117 ib'G""iio" J'ly'00 LA W A-O 1144 F-A 116 A-O 1124114 1144Nov'01 1st gold 5s M-S J-D 104 2d gold inc 5s Mar St 2000 02000 1931 LaDivBLlstg 5s Tol A O C 1st g 5s 1935 Western Div 1st g 5s... 1935 General gold 5s 1935 Kan A 1st gu g 4s.. ..1990 M 1947 1911 ^.1911 OreRyANavlstsfgGs 1909 Ore Ry A Nav con g 4s. 1946 Ore Short Line Istg6s..l922 1st consol g 5s 1946 A y Sale 99 J-J J-J M-N M-N 114 J'ne'01 1104H1 Nov'01 113 1174 1124115 4 103 1084 112=8 Nov'01 1 Nov'01 Nov'01 92 4 94 924 94 91 90 Oct '01 82 4 Nov'01 81 82 98 1004 100 Nov'01 107 1094 Nov'01 1064106 78 1064 106 s4 105 34 Nov'01 107 97 95 86 88 73 98 - 105«b Sale 1054 1067s 994 95 924 85=8 100 10641094 70 1034107 104 103 106 34 129 110 4i"i 110 10141054 125 115 130 121 1034106 117 113 119 113 Pa RR Rio Gr Wes C Co See Un Pacific A Black R See N Y Cent See Mo P er Val Ind A irginia Mid See South Ry W Wabash 1939 1939 1939 Series B 1939 Det A Ch Ext 1st g 5s. .1941 DesMoin Div lstg 4s.. 1939 St Chas Bridge 1st g 6s. 1908 Warren See Del Lac A West 1st gold 5s 2d gold 5s Debenture series A M-N 1184 Sale F-A J-J J-J J-J J-J A-O A P 1st 6s.. 1911 J-J W Va Cent L E 1st g5s. ..1926 A-O Wheel'g A g Wheel Div 1st gold 5s.. 1928 J-J Exten A Imp gold 5s. ..1930 F-A 1949 1st consol 4s Wilkes 115 Feb'01 104 104 1184 119 104 U5 4120 34 95 Nov'01 90 100 111 J-J A-O J-D J-D 115 113 1164 115 A-O 111 J-D 1024 98 A-O J-J J-J 1134116 1164 Nov'01 115 114 110 Apr'01 J-J J-D 1014102 1014 1024 129 Sale 128 129 F-A J-J 1194 Sale 1194 1194 103 4 Oct '01 /il946 Sep *104 117 4 J'ne'01 1908 J-J 113 Mar'01 1926 J-J Non-cuminc A 5s A Nor 1st 7s Utah Central See Utah A North See 119 95 J-J A East MS 11141124 "6*4*" Sale 111 96 1184 111 100 97 1104 Sale 28 117 119 111 34 100 1 22 17 -, Ill 91 3 s a ] e 96% 103 "a 61 5s 644 2870 40 110 111 Oct '01 95 98 Sep '01 110 1104 1104 1214 119 100 Mar'01 95 31 984 112 122 1004 40 112 Oct'01 May'01 112 113 112 70 111 1134H34 1174 U14116 34 113 4 Mar'01 114 115 113 120»4 1074114 J'ne'01 112 89 112 94 914 92 Sale 894 914 380 854 924 104 4 Sale 1044 ., 110 See Erie 10841134 Wil A Sioux F See St P M A M 107410734 Winona A St P See C A N W 100 1074 Wis Cent 50 yr 1st gen 4s. 1949 J-J 111 Oct '01 107 34 Nov'01 107 4 Oct '01 . ... N... iiii 199-', West N Y A Pa 1st g 5s. .1937 J-J 121 12134 121 100 100 99'4 lOO^ 100 Gen gold 3-48 1943 A-O 40 35 ... Income 5s rfl943 Nov 994 23 95»8 1014 West No Car See South Ry 954 148 83 954 West Shore See N Y Cent 89 96 100 01 107 109V, 11041144 1114 6 107 'w Feb'01 100 9234 89 Oct '01 111 J'ne'01 1024 102 4 : 120 WSee Nor Pac See Southern 99 994 92 34 Sale lu7 . JTy'Ol LOS Wash Cent Wash O A 00 91*4 ]n7-\ ol RR 1st con gold 5s » Dec'99 95 4 954 A:1929 Gal Har A S A 1st g 6s.. 1910 2d gold 7s 1905 Mex A Pac lstg 5s.. ..1931 111 123 . fcl949 1st gu 1st ref Penn M KAT See Utica W g 44s. ...1905 1 erA of 1 1134 192G M-s 193G M-N 1936 M-N Utah lll 34 0ct '01 1264 Jan '00 W So Oca A G gug4s..l918 rScioto Val A N E See Nor A Seab A Roalst5s 1926 Car Cent 1st con g 4s. ..1949 Slier Shr A So See M K & T Sil Sp Oca A G See Sav F A W Sod Bay A so 1st g 5s 1924 J-J So Car A Ga See Southern Southern Pacific Co— 2-5 year coll tr E 5s Gold 5s Uni N J RR 1 Sil Registered 1 9:'.8 Rich A Dan con g 6s 19l Equip sink fund g 5s..l9(l!i Deb 5s stamped 1927 Rich A Meek 1st g 4s... 1948 So Car A Ga 1st g 5s... .1919 Virginia Mid ser D 4-58.1921 1 St P 1st gold 5s 1934 St John's Div lstg 4s.. .1934 Ala Mill 1st gu gold 5s.. 1928 1st gug4s.. 1938 Brans A . Registered 1st lien convert 4s Registered 1937 Registered 1937 1st guar gold »s 1937 Registered 1937 Willdi S F 1st gold 5s.. 1938 Registered 1938 A Nor Pac See Nor Pac St P A S'x City See C St P M AO SFe PresA Ph Istg5s...l942 S A A A P See So Pac Co S F A N P 1st sink g 5s. 1919 Sav F A W 1st gold 6s.. ..1934 Div g 68.. 1930 Con 1st gold 5s 1956 1 Oils E Ten reor lien g 5s Registered 1938 1922 GaPac Ry lstg 6a Knox A Ohio 1 st g 6s. .192.") Mob A Ohio coll tr g 48. .1938 ANY 4 28 1074 894 1114S(?M I08 121 ETYaAGa AN ii3 N .1 A Danvlst g 4s 1948 A Yadlstgguar4s.l'.U'i 191G A Greenv 1st Gs -See 1 ua ui Jan '01 (5 '- 112 1918 1st g 6s 1 111 1 TolP A Wist gold 4s.. ..1917 1164H64 TolStLA Wprlieng34s.l925 1950 116 1204 50-year gold 4s 10241074 Tor Ham A Buff 1st g 4s.M946 106 106 Ulster A Del 1st con g 5s 1928 n Pac BB A gr g 4s. .1947 106 110 1908 1948 1948 Registered Atl Atl Col 1.17 BB J in n:i 1 •.in 107 .1 List g 44s.. 1939 18941944 97 4 984 St L M Bge Ter gu g 5s. 1930 Tex A N O See So Pac Co Tex A Pac E Div 1st g6s.. 1905 116 117 116 140 '4 143 4 140 EMinulstdiv Istg5s..l908 Minn Union lstg 6s Mont C 1st gu g 6s AlaCen R rpebo 1004 1004 l.ii, lo 1114 '4 187 11.: M-S 1-1 u 68.. ..1912 "is General 5s Guar stamped OA 1st cy gu 4s. .1924 FA West N C 1st con g 6s.. 1914 J-J Ala See L A N 1144 Spok Falls A Nor 1st g 6s. 1939 1144 Stat lsi Ry 1st gu g 4 4s.. 1943 '00 96 4 Oct '01 1004 Sep '01 974 98 I 92 4 '.'; I- 1364 Sunb A Lew 1124119 Syra Bing 116 1024 Oct W 110 110 125 1334 1324 Nov'01 116 i 1st gold 4s AN :un gold W W SAN 110 110 132 . Registered 11 n :j4 ma, 128 112 no Gilo 113 11:; lsi 1943 Southern — 1st eon g 5s 1994 Beglstered 1994 Mem Div 1st g 44-6s... 1996 St Louis div 1st e 4s ...1961 i Series L Nor Div 99 34 9'2 3 See Borne Rutland 1st con g 4 "as 1941 Rut-Canad 1 st gu g 4 4s. 1949 Tus A H See Fere Mara Sjg IiakeC 1st g s f 6s.. 1913 alt •fit Jo<fcGr lsi 1st g3-4s.. 1947 6t Law & Adiron lstg Os.1990 2<1 gold Gs 1990 St L A Cairo See Mob A Ohio St L A Iron Mount See M T St L K C A N See Wabasli St 99 lis 12] !l!) I937f M-N fis 1905-1937 M-N letgo8..191ll J-.I gu g 4b.. ..1937 J-J ;.-. I'lm:. O 1st 7s A s p Coast Sabine Di\ 1 ceitfs Ash 1st con 5s.l9'J7 guar g F.1912 A 1912 A Stamped '01 Tex 1 EA Gs series gold Gs -j SPacofN Mix Oct 120 Co Pitts 1 1 Nov'97 . 118 Bicli it Dan Sec South By Rich <ft Meek Sec Southern Rio Gr West 1 st g 4s 1 939 Cousol and col trust 4s .1114!* Utah Cent 1st gn g 4s.al917 Rio Qr June 1st gu g 58.. .1989 RiogrSo 1st gold 4s 1940 Guaranteed 1940 A •_' 1 Lou 1 u,i,h .1 60 Pol Axgn lBt*0scl9O9-lti 1905 A B I' ui Cal 1st g Gs si Gs aerlea B 905 A a! gOsHeriea C A 1l 1900 A 107 4 Oct '98 O .\u 106 106 I 1st eon YA 1997 Reading Co gen g 4s 199"" Registered Rensselaer A Bar see D A H Bocli •- vngt January i. .1 ( Pitts 1 .1 126" L27 -; N 112 H ATClst b :,h nit gn..l987 J on. -.oi g Oa In) gnar. ..1912 \ O 104 Gen gold 4a inl gnar.. 1921 A <> WaooA N \\'iii\ 1st g6a'30 MN a T 1st 7» 1918 A<; 138 M01 1st gold 6a 125 192(1 J X YT.v. Mei gu 1st g4«. 19121 A-0 ui 1114 No lal 1st gn 6a ... 1907 J 110 Guaranteed gold ... 1938 A O Ore a i.ii i>i giutr g 6a 1927 -J 106 s A a a !•;.-- tt gu g la. 1943 J h94 1st . PM A 1933 i in | 1«84 .1 4* PereMarq— KAi J . .. A*k ."is. 4 W deeiiiable. i N l933fMN i l, Pitts Ft A Ch St* Penn Co Pitts June 1st gold Gn 1922 Pitts A L Erie 2d g 68. .« 1 928 Pitts MoHtr.s A Y Bee N V V Pitts Sh A L E lstg68...1940 1st cousol gold os 1943 Pitta A West 1st g Is 1917 si M M 1 W 1; ,t i/ Hui ( gu.lsg.'HG 1st I Hauge ui a Dee. n , .1 L9 13 -is... 19 12 B Mge e\ I 1 -- ' lions 1910 / = 11 Pac Co ontlnxu ri V'G a N ,1 gu g 6a. 1924 Miiiilni i Consol gold .~>s Consol gold Is Alteg Val gen gn g ii,. EXCHANGE N. Y. STOCK Will- ENDING hi Una g 0a 1908 Con currency Bareg...f/1005 'cuiHiil si i [Vol. LXJLIII. BONUS pi Halt si 1. 11 A Ik Low llni rr Penn nv ii..<. v. 4 91 MISCELLANEOUS BONUS— Concluded. JHaiiulactiiring & HascellaufoiiK ItiuuNtriai Am Hide A L 1st 6 g Gs. 9 19 Am Spirits M lg 1st g Gs 9 Am Thread 1st col tr 4s.. .1919 . 1 . . t 1 trust gold 5s 1911 Gramercy Sug 1st gold 6s. 1923 IB Steel Co deb 5s 1910 Sale 80 90 1 Bar A S Car Co 1st g 6s... 1942 ConsolTobaccooO-yrg 48.1951 Distilling of America collateral Non-conv deben 5s Int Paper Co 1st con g 934 934 80 105 63 4 Sale 03^ 94 Nov'01 Jan '00 64 5b 01 864 8 90 98 75 16 85 624 674 Adams Ex col tr g4s 1948 M-S AmDkAImp5s See Cent N J Kkin Ferry Co 1st con g 5s 1948 F-A Bklu W A W H 1st 5s tr ctfs.. CliicJc A St Yard colg5s.l915 J-J Det M A M id gr 3 4s s A 91 A-O . 36 864 86 90 99 78 Apr'01 99 Jan '99 100 4 J'ne'01 10934 110 1913 1004 6s. 1918 1094H0 Knickerbocker Ice (Chicago) 1st gold 5s 93 Aug'00 192S 98 Nat Starch Mfg Co 1st g 6s 1920 108 107 Nov'01 Nat Starch Co s f deb 5s. .1925 914 92 Nov'01 .3tan Rope A T 1st g 6s. ..1946 554 56 55 4 Sale Income gold 5s 1946 5 34 7 64 74 V S Leath Co s f deb g6s..l913 M-N 1124113 1124 112 4 * No price Friday; latest bid and asked, a Due Jan & Due Feb d 82 90 100 105 1 754 76 '314*32' 1044 22 103 83 4 Oct '01 75 4 Nov'01 111 Mar'01 33 Nov'01 83 68 111 29 109 914 78 111 354 864 Hack Wat Reor lstg 5s. .1926 J-J 1004 lloboken LAI gold 5s... 1910 M-N Maa Sq Garden lstg 5s.. 1919 M-N 1004 Man Bch HAL gen g 4s. .1940 M-N 111 Newp Ne Ship A D D 5s rfl990 J-J N Y & Ont Land 1st g6s.. 1910 F-A J-J Oct '99 91 4 Nov'01 Co 1st g 44s 5-20 year. .1917 J-D 464 724 S Yuba Wat Co con g 6s. .1923 J-J Sp Val Wat Works 1st 6S.1906 M-S 54 12 101 Feb '97 1134J'ly'00 107 91 110 96 RR Secur Co 50-yr g 3 4s. 1951 St L Ter Cupples Stat'n A Prop 1124H54 Vermont Mar let Due Apr g Due J'ne h Due J'ly s f k 90 914 91"a 5S...1910 Due Aug n Due Sep p Due Nov q Due Dec s Option sal* December THE CHRONICLE. 1901.] 7, 1201 ma (.a* 0eoarlttM Volume Stock Exchanges of Business at I nillanapol Oo <;.is A-O 2101 N . Stocks Week ending mill Stale. <*e isi $1, 198,500 4,164,681 $405,1 L9.450 $19,261,400 840,876 709,280 733,460 Tuesday auay Thursday 1.021 758,812 Friday Total StooJts— No. shares Bank slums, par.. BO!(M Government bonds State bonds RR. and mis. bouds 1,000 400 5,000 75,000 $20,500 January 1900 1901 3,792,865 4,164.681 $406,110,450 $365,888,825 $24,623,801,076 $11483585,712 $145. 025 s-0,500 $187,076 $75,000 20.500 19.261.400 47"-. + 1,701.570 2,408,800 937.454. 600 $77,000 48,000 25.687.500 $6,884,810 2,005,200 489,431, SOO $19,356,900 $25,812,500 $497,771,310 $941,561 1 DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA EXCHANGES 6a L926 k }107% 09 % 2140% 111'-. 1 ' Newark Qaa 6a iou.u. Newark Conaol nis 100 .i < StOCk I'M ost on New En;.' Gas A is 0<J ImlColl Nat A- 111 100 ua Ml 1st 6s 1926 96 60 Pro\ Ldenoe ;.i> 94 Si Joseph (Ins ."is 1937.. J s7 SI Paul* las ;en ,'.s'l I.MS 15 Syracuse Qaa stock.. 100 SS J-J lsl 5s 1946 Western Gas— 5s See Bt'k Excli h list v,, I 1st I Weekending Dee 6 11 I 98 Cramps' I 88 % is 91 hsl — 40 109 110 71% 10.V 175 J-J 184" 100 Commercial cable Commer On Tel (N V).2 115 78 Emp<S> Bay Stat* Tel 100 oslo Erie TPleg <fc Telep See 84 1901 shares Total 98,403 115,735 Listed sa les sh a res Saturday .. Monday ... Tuesday ... Wednesday 73,5-15 86,500 33,233' 41,373- $576,975, 238,695! 19,749 18,976 17,270 na les 6,368 3,552 8,746 11,390 8,677 44,1511 $1,562,242 "hue d Lock. 100 'I si, CO ....26 a En BldglOU I 11. hi ii ' I HU U06 79 1 ii 1 1 90 15 3 5 100 red 1st Us Empire 1915 J J Steel l"o 4% Preferred arriage General Chemical 44 120 43 : 57 99% in terred Gorham Mfg Co com. 100 110 100 Hkr-Jones.Jew'lMill.ptd lsl Ba 1922 Herring lall-MarvinlOO 100 1st preferred 100 2d preferred 114 7S 26 83 97% 100 103 7% 6 Companies 60 101 13% 14%, 48 59 53 95 35 I-n-li rreil M-N 111 1 'i Havana Commercial. 100 i"ii" so 95 % 45 LOO LOO 100 loo L23 i'0'7" 5% Empire State sugar. .100 120 Atlantic. .25 Tel Tel<fc Cable of Am. 15 Electric . 100 Preferred .. llackensack M. allows 1 00 & Southern A I- 66 I'm vidence Telephone. 50 $70,100 217,050 162,300 194,300 202,000 715,583 6,4 IS 20,234 40,027 49,856 54,466 5s 1920 Pacific <fe Atlantic Bond Unlisted shares $7 4,500 160,020 69,310 113,100 16.618 20,503 22,619 Thursday.. Friday 11.598 16,998 20,507 15,679 1 4,383 20,943 Bond - 47 list II 100 Franklin 100 Gold & stock 4%a, 1905 Hudson River Teleph loo lo o 8n Mate Dominion Beourltlea.lOO nc Boal 100 100 Preferred LOO Electric, Vehicle 1 Pi Chea a Poto Teleph.. 100 55 iiliinei 1 C01 Ion 1 Unlisted shares Listed 'out lie Mill 1 OH 6 . li 1 60 38 \nier DlatTeleg(NY)100 Bell Teleph of Buffalo loo rim; Central A So Amei ...100 107 pi I 1 < 9 7', I 6a 1909 29 ilA 1 Mexican Telephone See Bosto 11 list New Eng Telephone Set Bosto list North west ein Teles;.. .50 L22 126 N Y<fcN J Telephone 100 168 171 Philadelphia HOC] J J 1917 o. 100 .1 a 11 in Heal consol Kii v, ks oom. 100 100 Preferred 0] Rubber Tire. .100 'mis Tobacco is. >" >ik >,l , 101 loo 10O .. . loinpn >s. Consolld 11 Boston Mill ', ( 1'. Total bonds 420 .0 ,1 CIA Telegr Jt Telephone 118.761,420 263.883.592 '_M 52 48 43 J-D I Dec H 1 to brougb Mfg Co loo pre! loo loo preti in <fc 1 I 1 1900 1901 IS, 000 "Woo 4.071.500 Week ending Deo 6 Sales at Sew York Stock Kxchantie 50,500 20,000 3,258.500 3,073.000 2,868,500 1,.".01, $500 $ (45.705,200 81,022.650 69,316.260 71,203 I) >0 64,261,100 78,611,300 174,232 M-N Madison(Wls) Gas lSullits . 80 103 Ext h Stk •* Lafaj 'eGaslal 6a*24 IjOkA Wal.'. N / Bonds Bonds Par valvs Shaitx Saturday Holiday Wedw Katl road L02 A-O 2102 1022 30 >u- 1 4s LOO 5h Ilk 40 l:ui I I 6»'15 El me... augay loos 5t> 1037 TRANSACTIONS AT THE NEW TOBX STOCS EXCHANGE DAILY. WKKK1.V AND YEARLY luiti ( M-Ji On 1920 1st Jackson IQl llldusiruil unci .ifk ' I 40 MS I Hoboken Land A 2% t 6% t ImplOO 110 M-N 106 25 5s 1910 26 International Salt certts .See Stk Exch list 100 96 J-D 6s 1948 3 2 26 t Iron Steamboat John B Steteon com. .100 130 150 100 130 140 Preferred ll 34 13 20 Lanaton Monotype Internat'l Silver Allegheny Co Lig'tColOo 1 66 170 Chicago Edison Co... 100 155 160 Edison El 111 Co Brk N Y Slock Exch Lawyers Mort Insnr.loo 23(1 235 95 100 1-v 1*8 Lawyers' Surety Elect ro-l'neuinic Trail 10 345" General Electric Co N Y Stock Exch Lawyers' Title Ins. ..100 335 115 100 200 Lonllard(I')pref Hartford (Ct Elec Lt 100 197 Madison so Garden. .100 KingsCo Elec L&PColOO 185 190 M N 55 65 92 2d 6s 1919 Narragan (Prov) El Co 50 7 7% 39 Mix Nat Construe. pll no NY'&QElL&PowColOO 37 12% 13 72 75 Monongahela R Coal. .50 100 Preferred 45 34 47 50 Preferred Rholsl Elec Proteo col 00 119 100 100 9 Mosli-r safe Co 12 storey General Elec. .10 19 20 100 14 National Carbon 16 United Electric of X J 100 si S3 100 68 70 Preferred 4s 1929 29% 31 Stamp loo Unit ElecLtife P0C0..5O See Ba lt list Nat Enam'g<£: 86 84 100 Preferred ) I Outside Securities tor Weekly Beview Street Kailways NEW YORK CITY BleeckSt& Ful F stk 100 J-J 1st nioit 4s 1950 B'way <fc 7th Ave stk. 100 lstmort 5s 1904. ..Jl) J-J 2d mort 5s 1914 Con 5a 1943 see stock B'way Surf 1st 5s gu 1924 2d 5s int as rental 1905 Cent'l Croaatown stk. 100 M-N IstM 6s 1922 Ceu Pk N & E Kiv stk 100 J-D Consol 7s 1902 Chnst'r& 10th St stk 100 Ave 5s See stock CoUt 9th Dry D E B <& Bat stk 100 1st sold 5s 1032. ..J-D F-A Scrip 5s 1914 Eighth Avenue stock 100 F-A 1014 42d<fc Gr St Ferry stk loo Ave 100 42d St -M & St N lstmort 6s 1910. ..Ms 2d income 6s 1915. .J-J Scrip lis Lex Av & Pav F os See St Ninth Avenue stock. 100 Second Avenue stocklOO lstmort 6s 1909. .M-N F-A Consol 5s 1948 Sixth Avenue stock. .100 Sou Boulev 5s 1945. .J-J 8o Fer 1st 5s 1919.. .A-O of Outside Market See 7th Page Preceding. 33 99 248 101 108 Tarry 36 & 29th Sts 251 4 Exch U14 J101 255 3120 210 J 102 110 list 116 103 125 220 101 104 180 190 Exch list Ave 111 113 408 415 106 118 110 103 116 107 5s 1909. .A-O 2107 A-O 114 Stock Exc h list BB<feWE5s 1933. .A-O 102 Brooklyn City stock.. .10 242 Con 5s .Set Stock Exch list Bkln Crosstn 5s 1908.J-J 105 Bku Hglslst5s 1941 A-O 105 Bkln QOo& Sub See Stk Exch Bklyn Kap Tran See Stk Exch Coney Island& BklynlOO 325 J-J 101 1st os 1903 6scrtlsindbt 1903. .J-J 100 Si 108 115 J-J 5s 1928 Louisv St Ry 5s 1930 J&J Lynn& Bos 1st 5s '24. J-D MinneapStRySs See Stk New Orleans City Ry 100 100 Preferred North Chic Str stock. 100 J-J 1st 5s 1906-16 North Jersey St stocklOO M-N 4s 1948 Pat Ry con 6s 1931. .J-D A-O 2d 6s 1914 243 list list 103 103 113% 114% 34 88% list 20 16 Exch list 29 100 30 105 Gas 1st consol 5s 1948. .J-J Consol 5s 1945 36% 89% 90 4 90% 91 353, » 91 97 Ist4sl951 J-D Ft Sc<fc Mem pf See Refgg4sl936.... Mex National (w i) ..100 Preferred (w i) 100 Prior lien 4%s 1926(w i) 110 1st con 4s 1951 (wi)... J-J * J-J 108 LE 109 N Y N Y Loan NY Stk & Imp Biscuit 6s 1911. NY Dock Co Preferred 160 40 si) 114 LOO 100 1 93% -A VTr ($20pd)loo loo Realty Corp El hsl 140 33 MS lst4s 1951 NY Exch loo 20 loo 12 145 132 10 9 27% 30 11 NY Nicholson 135 128 File Co.. ..loo 100 Ontario Silver 100 Otis Elevator com 100 50 Preferred Pittsburg Brewing Preferred Pittsburg Coal Preferred Pitts Plate Glass 50 100 100 100 93% 24% 43% 44 27% 27»a 92 I I 24*4 90 165 Plymouth Copper Co.. 10 t 5 126 Pocahontas Coal Subs 90 Pratt & Whitn pref. .100 339 Procter* Gamble LOO 90 H 167 5% 127% 95 341 205 LOO J 02 Royal BakPowd pref. 100 105 108 ockEx list. 94% 97 Rubber Goods Mfg SeeSt tk Ex list 25 Russell & Erwin 88 '4 88% Safety car Heat A Lt L0( L85' 140 14 a4 15 Simmons Hardw com 100 169 175 3 38 100 139 142 39 Preferred 147 loo 140 101 % 102 2d preferred 250 79 100 t 7'J's Singer Mfg Co 37 U 37% 110 Snap Hook & Eye.. 5% 105 105% Standard Milling Co.100 6>a 24 36 100 36% Preferred 69 71 71% 5s Ut list Standard OIL of N J. .100 700 710 2 20 Stand Undergd Cable 100 Preferred I i ' I Industrial and Miscel 18 Aberdeen Copper 25 115% Acker Mer & Condit...6s 100 112 Anialg Copper See Stock Exch 110 Am Agric Ohem See B OStOll 135 Amer Bank Note Co. ..50 t 55 155 Am Bicycle SeeNYStk Exch 117 14 American Can com... 100 Preferred 69^ 100 83 American Chicle Co. .100 Sloss-Sheltield list 20 list list 57 See Stock- Exch Standard Coupler com 100 Ion Preferred Stillw. Bier ASmVpt ion 115 125 Swift* Co 105 70 110 2101 102 lsi 6a 100 1919-1914. .. ..1 — -.1 32 25 f 11 U 114 Tennessee Copper. 75 Texas A- I'aciuc Coal. loo A-O 2106 110 60 h 1st 6s 1908 Title Guar <fc Trust... 100 525 86 6% 81% 53 Trenton Pottery com 1 on list , 20 88 \ Bait 21 100 Preferred 89% Amer Grapbophone...lO list 8 8 Binghamton Gas 95 A-O 2 93 6b 1988 Boston United Gas bonds Bosto u list Buffalo City (las stocklOO 8% 10 79% 81 1st 5s bonds list Exch Chicago G as See N Y Stk Exch list Nassau Elec pref 100 85 Cincinnati Gas & EleclOO 101% 101 34 83 94 6s 1044 A-O 112 114 Col Gas L& Heat com 100 96 J-J 1st 4s 1951 97 99 Preferred 100 102 >4 104 NewWb'g<fcFllstex4%8 106 108 1st 5s 1932 J-J 2107 Stein way 1st 6s 1922.J-J 2116% 117% Consol Gas (N J) stk.100 10 14 1st 58 1936 80 J-J 80% OTHKK CITIES Consum Gas (J City)— Buffalo Street Ry— 1st 6s 1904 M-N 2103 104 1st consol 5s 1931. .F-A $117% 118% Detroit City Gas 73 50 Deb 6s 1917 A.O 2106 107 Detroit Gas See N Y Stk Exch list Chicago City KR stk.100 184% 188 Essex <fc Hudson Gas 100 30 35 Chic Union Traocom.100 11 Fort Wayne (Ind) Preferred 3-3 100 47% 1st 6s 1926 48 61 Cleveland City Ry....l00 110 Gas&Elec Bergen Co 100 23 SO Cleve City 1st os 1909. J-J urand Rapids Gas— Cleveland Electr Ky.100 85^4 87 U 1st 5s 1915 F-A 2104% 105% Con 5s 1913 M-S Hartford (Ct) Gas L...26 t 49 108 57 Columbus (O) St Ry.,100 47% 49 Hudson Co Gas 23 26 100 Preferred 100 101% 103 5sgl949 101 102 Colom Ky con 5s See Ph ila list Indiana Nat & 111 Gas— Crosst'wn lst6s'33.J.D Jill 113 1st 6s 1908 M-N 56 60 2 Buyer pays accrued interest. f Price per share. t Sale prioe. 104 106 11 National Salt See National Surety New Central Coal ; OTHEK CITIES Light & Tract. 100 Preferred 100 Baltimore Consolidat See Bay State Gas 50 KC Exc Nor Pac new 4s (wi) x list Nor'n Securities (wi) 100 305 Pitts Bess& 50 Preferred 50 1083* 109% Seaboard Air Line 6'ee B 1927.M-N Amer 12 106 Prior lien g4 %s'30M<fc.S 21 03 99 103 Con mtg g 5s 1930. J&J 28 30 Income 5s 1930 Denver & South'n See s !k Ex listDetroit Southern See Stk Exch list Preferred See Stock Exch list 116 92 100 2113 108 Standard Gas com,...100 130 100 150 Preferred M-N 2116 1st 5s 1930., 1st 5s 90% 91% a Railroad 113% Chic Peo & St L pref. 1 00 NY 1st 5s 10 44 946 M-N J-D 94 95 80 81 i 112 % 114 40 Elec Lt Heat&Power Stock Exch Gold 5s See East River Gas— NY 1 68% i 9G MEW YOBK New Amsterdam st 5s 110 105% 107 J-J 1st 5s 1946 75 80 <fe 23d Sts Ferry 100 108 1st mort 5s 1919. ..J-D 2105 43 Union Ferry stock... 100 M-N 97 98 1st 5s 1920 104 109 100% 102 2 1 108 10th 2127% 2 Y&E Con 58 1946 New York <fe New Jersey 24 81 2100 38 94 112 100 Metropolitan Ferry 5s. N R Ferry stk.ioo M-N 1st 5s 1922 Hoboken stk.100 N Y <fe Hob Fy 175% 22 80 17% 19 NY<fcBlst6s 19 11. J-J 118 115 Con 5s 1948 See Stock Exch list 119 113 \ §118 4112 Ferry Companies Brooklyn Ferry stocklOO 80% 81 11% 12 102% 103 i Cent Union Gas 1st 5s... 2109 Con Gas (N Y) stock N Y Stock EquitGascon5sl932 See Stk E Mutual Gas 100 295 107 400 Ask Phila Deb Nor Un i- Brk C <fc N 5s 1939. J -J Gr St&New 1st 5s '06 F-A Gr'pt AiLoriiner St 1st 6s Kings Co. Elevated 1st 4s 1949 See Stock S-te Paterson.,100 4sgNovl 1949. ..M-N Lake St (Chic) El stk.100 NY& Con 5s g 1931 Inipt 5s Hob & 100 Ry 120 130 115 118 103 % 104% Rochester Ry (new). 100 400 410 Preferred 100 105 109 A-O 395 405 Con 5s 1930 J-D 50 2d 5s 1933 70 112 114 So Side El (Chic) stk.100 Syracuse Kap Tr 5s 194( 99 101 Unit Rys (St L Trans) 100 k Exc list 100 Preferred 196 205 J-J 217 220 Gen 4s 1934 107% UnitTr&Elec(Prov)100 5106 100 8117% 119% West Chicago St M-N 175 Cong 5s 1936 115 Jill tiaa .Securities 2108 110 BROOKLYN Atlan 30 87 Preferred Indianapolis St W 1st 5s '96 Twenty-Third St stk. 100 Deb 6s 1906 J-J Union Ky 1st 5s 1942 E-A Westchest 1st os 1943 J-J 28th Bid 101 Avenue See Stock Exch list P & M 5s 1928 104 107 YkersStRR 5s 1946A-Q 109 110 Third Street Railways Grand Rapids Ry....l00 Ask Bid 4 8 Preferred 10 Amer Hide A Leather 100 Preferred 100 6s See Stock Exch lisl Amer Press ASBOc'n.100 4 28 80 80 American Screw 100 Amer Shipbuilding... 100 Preferred 100 Am Soda Foun com.. 100 1st pref erred 100 2d preferred 100 American Surety 50 Amer Strawboard 100 Bonds 6s Am Typefo'rs Amer Woolen Amer Writing Company com Preferred Bond & 3 11 180 24 100 53 Exch Paper. 100 100 Preferred 6s 1919 Anthracite Coal Barney & Sm Car Preferred Bliss 97 55 1 8 67 70 3-3 100 100 100 120 130 50 50 95 99 6 65 15 190 25 56 list 2 9 70 80 18 125 140 135 Mort Guar... 100 405 10% 11 Copper 5 Brit'h Columbia Celluloid Co I 100 Cent Fireworks com. 100 Preferred 100 100 18 65 Preferred 100 8% Trow Directory new. .10(1 LO Union Copper 5 31% Union Steel & Chain. inn 37% 38% F-A stock. .100 See Slock 5 103 23 70 ion Preferred Union Switch <fe Signal 60 Preferred... 60 Union Typewr com.. inn 1st preferred lot' ion 2d preferred Iron Pipe...lOn ion Preferred 100 U S Cotton Duck loo Preferred U s Envelope com... lot 100 Preferred U S Glass common. ..inn 100 Preferred U S Reiluct&ReflninglOO 100 Preferred U SCast 72 69 70 5 5% 40 35 50 72 120 115 65 125 118 90 6% 5>-. 30 27 89 85 90 45 80 27* 75 34 '4 140 145 37 37% lstmort 6s 86J-See Stock 15 Universal Tobacco. ..100 U 8 Steel Corporation 68% 87% Kxch 20 48 100 Preferred Coal Iron & Coke. 100 "e\ 7 M-S 62 55 6s 1949 175 Westiugli Air Brake. .60 1172 Va White Knob Mining 100 21 Worthing Pump pref. loo 118 21% ; 20 THE CHRONICLE. 1202 [Vol. LXXIII. Boston. Philadelphia and Baltimore Stock Exchanges 8har« Prices -Not Per Centum Prices. —A Dailv and Yearly Record. Sales ACTIVE 8TOCKS. 1 Monday, Tuesday, Dec. 2. Saturday, Nov. 80. — - Dee. 8. 960 •166 •841 960 359 969 166 165 168 '941 •• • • • 188X 189* 189 160 "• • • ••• 183* •189 168 189 .68 159 79 65 55 189)4 60 56 • 09 909 74» 75 909 05 103* 14% 79X 76 04)4 33 83 194% 117 159 V39 61)4 aa« 23* 70 •47 91 67 77)4 77 19* 3 3 8* 80 90 L88 < 85* M 4694 16)4 7694 4)4 81 7694 494 1)4 2)4 •35* 8594 85)4 118 48* 46* 98* 99 1854 18* 73« 73X 78 73* •78X 79* 7-X gNACTIVE STOCKS 78)4 7e)4 ' 73* do • flldftncls MAT" " Pref CBdi Street " " 50 laUlS) Bohuylk. (Maine Central. (Boit) 100 Mlnenlll ASH. (Phil) 50 50 Heeqnehon'g V. " 60 Worth Penn.... " Store Marqu'te.(Bost)l00 " 100 Fref. SPatl Germ & N.(PhU) 60 " 60 Phlla. Traction ays Oo General! " .... Satland pref ..(BostllOO (PhU)100 (TnltedN J 85 UnPowA Trans Weit Bnd pref.(Boit) 50 WeitJer ASS.(PhU) 50 50 WeitNTAPa. " Wla Cent, new.(Bost)l0C 10t' " Pref Wor Nash A R. " 10C MISCBLLANHOU8. •••' ••••• • 170 64 • Pref Arosdlan Arnold Mining. • • » • • 118 101 83 • •••I ••*• 180 •* •• •••••• 3894 " (PhU) 173 41 (Bost) 95 " 6 A Tel " 100 90 Danv Bessemer (Phil) 1* " OeLong H & E 10 • •••1 •••••• 114 140 (Bo8t)100 " 8.11 . 6 83 694 1*9 89 42 «»•- 47* 87 7X 1* 80 98 ... ... 5C 5( ... , 5C ...100 ...100 (Bait.) " iJnlon Paolflo (Boiton ) ...10C " Preferred ...10C Union Traotlon, 817X Paid. (Phlla.). ... 5C United Ry ABleo. Oo (Bait.) . ... 5C Weit Hnd Street. (Boiton) ... 5( , 35* 15* 16 •B154 68 21 15 18 •76)4 3?4 77 4 85* 85 •15«g *61«4 2194 47 IX 4* 45* 9894 12)4 79 •78)4 • % 1 9 * * « I ) . I . STOCKS-BOND8 dBrew asstpd ( Bait) 100 " 100 Enroenthaier .. (Boit) 100 " **x Telephone 1C NewBngGiAC! " .... 8. (Phil) 178 9 5 SX 6X 6X 5 4 Palmetto Co.. ..(Phil) 85 ParrottSllACop(Bost) 10 32X Penn BleoVeh. (Phil) 50 ..... " Pref 50 60 111X Pennsyl Salt... " • • •• Pennsyl Steel!. " ••• .... • • • " Pref! 100 84X Phlla Co " 60 48* 13 14 PlantersComp! Boit) 100 ynlnoy Mining. " 25 151 • •• " Rhode III Mln.. 85 SX 4 •89 •75 Santa Ysabel G " 5 " 67 Seattle B.eotrie 100 " Pref 100 103X 3usquel AS!.. (Phil) 5 Tamarack Mln.(Boit) 25 365* • • • Tidewater St.. (PhU) 10 794 ee*ti 97 Torrington"A"(Boit) 8S 87 " 89 Pref 86 " 9 UnCopLAM'g 85 85* UnBlLAPowpf (Bait) 60 83 United Fruit (Bost) .100 88 " 25 US Mining..,. 14% V5' » 4-85 SO Si Utah Mining.. Warwlokl AS.(Phll) 10 ex Weitm rel Coal " 50 •••• s Winona Mlnlng(Bost) 85 3* Wolverine Mln. " 56 57 35 • • 1 ( • 1 1 SB's 100X Adjustment g 4s.. 1995 I 93* 94X Boston Term'l 3*s. 1947 {115* 117% Bos Un Gas 1st 5s. '39 JAJ \ 81 64 3d M Si 1939 JAJ { 69 60 Bur A Mo Rlv ex'pt 6s. JAJ hl9 . Non-exempt 6s. '18 4s. .1910 '89 38X 44C 140 77* 24 13* 88* 4 JAJ {107 JAJ hoo Sink fund Cent Vt 1st 4s 1930. .Q-F I 83 84 Oh Bur A Q 4s. 1922 FAA alOl IowaDlv 4s. 1919 A AC h08* ib'i' Chloago Juno 5S.1915 JAJ I110 113 • 4 * * ' 06 I&sfn 1st M 6s g.'Oe MAS 113 Fr BlkAM V 1st 6s '33 end {137 Unst'p'd 1st 6s.'3S AAO {135 Ultn Steel oonv 5s.' 10 JAJ {100* Debenture 54.1913 AAO ;101 "4», 106 KCCA Slst5sg.'36 AAO t K C Ft SAG 1st 7s.' 08 J AD {114 •••« • EOF SAMcon 6s.'28M AN K CM AB 1st 4s.. '34 MAS Income 5s. K C A M Ry AB 5s.'39 AAO • • * - i i {107 {115 LRookAF81st7s.'05JA.' {106 MarHAOnt6s...'25 AAO 1118 Mex Cent 4s g.. 1911 JA.1 80X 80 lit oon Ibo as g non-oum Sd con inc 3s non-oum.. iex 184 100 90 1937 AAO 8,307 84' 4,064 193 6,854 t 1108 I 59 {108 59X • • 1914MAS 1916 4s MAN Bonds— Baltimore. 5s A Pot Atl A Ch 1st 7s. 1907 JAJ AtlG-Llght 1 s 1 5 s 191 7 J AD Atl Coast L ctfs 5s JAD Anaoostla • » » i i 97X 98X lie 117 . . Bait Beit 1st 5s. 1990MAN BaltCPaslst 5s.l911MAN 106X 108 181% 181X Exchange 3XS.1930JAJ 111X US BaltAPlstBsml 1911AAO Bait Fundg 5 1.1916 MAN 1st 6s tunnel 1911..JAJ Bal Trao 1st 5s.l929MAN 115 117 Bxt A Imp 6S.1901MAS NoBaltDlv 51.194 2 J AD 1S1 Oonv'rtlble 5s 1 906MAN Central Ry 6s.. .1918 JAJ Consol 5s. . ..1932 I14H4 MAN 117 ChasRyGAB15s'99MAS 92 GaCarANlst5sg.l929JAJ GeorglaPlst5-6s 1923JAJ GaSoAFlalst5i.l945JAJ EnoxvTrac lst5s '38AAO Lake R Bl lstgu5s'42MA8 MaoonANlst 4*i '90MA6 Maryland Brewing 6s ... MetSt( Wash) 1st 5s'25FA New Orl Gas 1st 5s...Yar 95 114 94 138 114 114 111" 115 95 198* 114* U4X nix 83 9 129X June >4X Jane 91 June 9XJan. X Mar. 180 183 860 161 Jan. 915 Nov. Mar. 37 1694 16* Dec 58 4 Jan. 3C Dec. 1 Feb. 11 May 16 Dec 63* 4 Jan. 21 8% Dec. %De3. 4,754 3,704 8,51! 18 90 1 37* 34X 1,564 4 6 Nov. 19 9 159 18 18 18 19 4 8 153% June 80,170 4* 3,384 80 3,075 113 95* 30* 75' 33* 8,950 10* 40 54 i',467 16! 68 Jnly It May 39 Mar. 5 31% June 11 34* May 9 65M July 10 3-* Apr. 19 Aug. 3 Oct, 15 9 76 50 99 79X 7X 8X 16 Jan. Apr. Jan. Feb. Feb. Jan. Apr. 19 8 18 18 9 Feb. 14 99 Jan. 4 146 19 Nov. 14 38X Mar. 6 Dec. Dec. 4 6 8X Feb 18 June 90 41 9 Sept. 13 138* Jac. Feb. 4 48* NOV. 14 Jan. 4 30 Sept. • July 8 17 Mar. 90 Apr. 19 Jan. 18 55 Jan. 1C 7594 Dec. 6 4 Jan. 81 Dec. 6 d29 18-16 80 3-lo BOND8 Bid, Aah 99 100 Fund debt2-3s.l991JAJ West N C oon 61. 1914 JAJ 180 WestYaCAPlsteg.'llJAJ 115 181 WU A Weld 5s.. 1935 JAJ 99* 100 83* 85X 94X 94* 68X esx 110 ISO 110 115X* 184 Bonds- Philadelphia AlleVyBext7sl910AAo 183X 134 tr otfsl949 Atl City 1st 5s g..'19 88 38* 118 113* Asphalt Co 5s Balls Ter 1st 3s. MAN 1 926 JAD BergABBrewlst6s'2UAJ Cambria Iron 6s. 1917 JAJ CheiADCanlst5s.'18JA'' ChocAMem lstSsl 949JAJ ChooOkAG gen 5s'19JAJ ••••ft 116 '••••• 11194 118X Ry (Ind)con 5s.'33 109X Colum St Ry 1st oon Ss.'Sv. Con Trac of N J 1st 5s..'3. ibo Del A B Bk 1st 7s.'05 FAA BastAA 1st M 5s. '20 M A> l'l'ix Clt's'St Edison Blec 5s stk tr ctfs BlecA Peop's Tr stk tr ctf t BlmAWllm 1st 6s.'10 JAJ Income 5s.... 2862 AAO Hq 111 Gas-L 1st g 5s.l92h Hestonv M A F oon 5s. '24 HA B Top oon 5s. '25 A tO Ry 4s. .1933 • ••* »•••• "9*794 98* 117 107 108X 87X 88X Lehigh Nav 4*i. .'14 Q-J 113 RR4sg 1914 Q-F •••I Gen M4Xsg.. 1924 O-i • • Leh VC'llst5sg.'33JAJ 109X ••••I Leh Yal ext 4s.. 1948 JAD 117 ISO 2d 7s 1910 MAS 187 Consol 6s 1923 JAD Annuity 6s JAD Nat Asphalt 5s. 1951. JAJ 16* 17 New'k Con Gas 5s 48 J AD *•••• • •••• Newark Pass oon 5s. 1930 ••••• •••' NYPhllANorlst4s '39JAJ 104 •••• 84 Inoom e 4 s ... 1 039 MAN » • No Penn 1st 4s.. '36 GenM7i MAN • f • • • • •••• lb'e'x N Y Can 7s..'06 JAE 1939 AAO 109X 1939 AAO 95 Penn 8teellst5s.'17 MAN People's Tr tr certs 4s. '4; Phlla Elec gold trust otfs - • Cons 5s Cons 4s •••• •••• •••••« •••••• • •••• • ••• !•••• ioex 107X 100 Trust oertfs 4s...,,.,,. 66% PhABr gen 5g.'20 AAO 13C* 183 Gen 4s g.. 1920 AAO 108X Ph A Read 2d 5s.'33 AAO 130 Consol 7s.. 1911 JAD • ••• •••• Con 6s g... 1911 JAD M M M M Bxtl mp M4s g.'47 AAO 108X ae«« Con Mof '82 4s.'37 jAk, •••• 134X 185% • Terminal 5s g.1941 Q-h PWU A Bait 41.1917 AAO Collat trust 4s. 1921 Read Co gen *••••• JAJ 4i, 1997 JAJ Rochester Ry oon 5s. 1930 SohRBSldelst5s g'35J AD Soran Trao lit 61 S8M AN UnTraoPltti gen5s'97.TAJ ' 116X 117 t ' Pa A SIX 52X Income 4s 1949., ..JAD VlrgMldlst6s.l906MA8 107 81X SIX June 11 89X May *••••• 114X 97X 99 110 115 JAJ 107 108X 6s 1904 Series A 5s 1936.... JAJ 181 Series B 5s 1926.... JAJ 181 Pitt Un Trao 5s.l997 JAJ 115 PotomVal lst5s.1941.TAJ 108 SeoAvTn(Pltti)5s'34JAD 117 Sav Fla A West 5s '34AAO 118 85% 86 Seaboard A L 4s 1950.... Seab A Roan 5s.l926 JAJ 114 58 '41. AAO 108 110 So.Bound 1st 2d series 6s.. 1911 MAS 3d series 6s.. 1916 MAS 4th ser 3-4-5s.l981MA8 5th series 5s. 1986 MAS 1 108* Dec. 9 318* Apr. 99 16 113 180 Norfolk St 1st 5s '44. JAJ NorthCenv 4*s. 1 925 AAO Bl lst4s'49.MA6 1 July 98 17 99 1903JA. Penn gen 6ir... 1910 Var Comol 6io.. ..1905 Var Consol 5s r.... 1919 Yar Penn A Md Steel oon 6s. 197 114 NewpNAOPlst5s'38MAN 105 UnBHLAPlst4Xs'39MAN 39X 'May • 190 CharlCAA extSs.1909 JAJ 114 3d 7s 1910 AAO 102* Ga AAlalstpf 5sl945AAO Apr. 98 45 4 ll'<X Oct, Indianapolis 100 Bxt A Imp 5S.1933MA8 118 Chas City Rylst 5s '23 JAJ 105 CltyASub 1st 5S.1922JAD CltyA8ub(Wash) lst5s'48 ColAGrnvlst5-6.1917JAJ Consol Gas 6s.. 1910 JAD 1939 JAD 5s 19 148 39 il8xOet. 995 . 1907 AAO BOS* N TAN Bng 1st 71.05 J AJ {110 111 1st mort 6s.. ..1905 JAJ {107 • • • Rutland 1st 6s.. '02 MAN H01X Rut-Can 1st 4s 1949. JAJ 1101 Seat Elec 1st 5sl 980FAA W0494 105 Torrington 1st 5s 1918... West Bnd St 5s. .'02 MAN 8 ..... 103 4Xs Deb Jan. Jan. Jan. Jan. Jan. Jan. Jan. 70 x Dec 30 OOU 80 Jan. 94 Dec. X Apr. 79,788 43 996 1,800 40 38 15 6s UnBy A KCStJoACB7s.'07JAJ I New Bng lit 5i.. Tele 5s.'18 94 June 19 84 105 I 4,349 69 May 81 9 Apr. 96 99,854 12* Jan. 4 35 15 •16No85 1.144 13 3-16Jan.25 40* June 17 99,657 19 Jan. 4 31 11 -16No39 l,07f 30* June 91 994 Jan. 81 1,395 31X Jan. 81 54* Sept. 90 3,92 78* Jan. 4 139* May 9 906 83 Jan. 4 99 May 1 53,88b 84X Jane 10 37 Jan. 9 7,318 149* Dec. 8 18X Mar. 99 iee 9*X Jan. V 8 Apr. 38 Ask • 85 { NBGai AC 18 17 99 Baltimore—Conolu'd Ya (State) 3s new.'38JAJ Bid. Boston— Concluded. NewBng_oongen5i'45JAJ N B Cot Yarn Si 1939FAA assupd New Hav I A H 7,916 1.43P 30X . Apr. July Apr. Apr. I 185 •I 136 Jan. Apr. 8 8,694 87* Jan. 31 83X Nov. 16 1,174 45 Feb. 90 59X May 16 1,855 1,385 6,466 I BONDS Ask. Bid. am 87X • July Dec. 248 3 900 88' I4<* Jan. 31 169 861 390 4,378 90 iiiii 183 3514 85% 2BJ4 1* « U-le 4 7-16 11-le Philadelphia Blec! 5 paid.. (Phlla.). 20 88 Trinity Mining 95 »5 35 (Boston). ... 36 117 •117X 118 United Oas Improvement!.. (Phlla.). ... 60 United Shoe Machinery 48 46 46 4694 4394 (Boston) ... 35 39 89* Preferred ..........,.,..,, •• 89 2 344 9894 . ...96 " 1894 1994 18 ... 35 13X 1394 United States OH. ........... WelsbaohCo (Phlla.). ...100 75 79 Weitingh. Hlectric A Mfg. (Boston) ... 50 78* 75 75X " 80 Bl 79 80 80 Preferred 50 , b 29 9 16 89 15-16 a 89 11-16 3094 c 34 13-16 95X Domln Coal lst6s.'13MAS alio 119 86 . 1594 Centennial . J* Highest Jan. I 365 Jan. 1! 180 59* 488 189 11 41 . 1* 8)4 76 351 . »m 16)4 16* •76)4 77 3% 8 16-1 P 90 95 117 ...10C . 66% ee% V* 35* " paldreots.(Phlla.) ... 50 Mining (Boiton). ... 95 •61* 68 Consolidated Gas (Bait.) ...100 (Phlla.) ...100 90X 21)4 Comol. Lake Superior " 67 Preferred 6694 ...100 46* 4694 Dominion Coal (Boiton). ...100 If* 16 Brie Telephone " ...100 75* 76V Lehigh Coal A Navigation. (Phlla. ... 50 " 8% 8% Manaen Cot ...100 50 % IX National Asphalt T 8 SX Preferred! 60 • 90 New Bng. Cotton Yarn, pref .(Boston) ...100 188 188 New Bngland Telephone.... " 100 " , 35 25X 98X Old Dominion Copper!. ...„ 18 469*- 8194 ee* 66)4 46% 4*X ..... (Boiton). ...10C " !.. . ...10C Amer. Aitrlcal. Chemical Preferred! , 85* Camb.8teel.813V. 3494 1594 8X Oh A No M gu 5s. '31 MAN 5109 2X Ohl A W M gen 5s.'21 J AD M09 Ourr't Rlv 1st 5s.'37 AAO t 130 BOX DGRAWlst4s.'46 AAO {100 Kaeton Con EL (Phil) 50 Kdlaon El 111 ..(Bost)lOO 88 6 KlecCoof AmU (Phil) 50 ex rranklin Min'g.(Boet) 26 15 15* •3ener«J Elect.. " 100 881X S68X - 100 _«?ret " 100 jnd.Egyp Com 8 let Bnt 10 1 194 Int 8P«fcDynam(PhU) 60 •••I Iflv BoyaleTi.-(Boet) 85 80 SIX aan fao Rub..(Pbil) 50 " Pref. so M " " " , 2d preferred Seaboard Air Line Preferred 23 • !* Bonds— Boston. 6* 2* Am Bell Tel 4s.. 1908 JAJ A TAS F gen g 4s '95 AAO Pref. Domin Coal pt (Phlla.). ... 5( Company lit preferred. ,, (Phlla.). ...50 94 H American Alkali Preferred, 810 paid " ... 5C rl3Y*l»294 Amerloan Sugar Refining 1. (Boiton). ...100 188% 184)4 117ia 118 r' 15*. 1694 " Preferred! ...100 " 183* 163)4 I6'94 168)4 Amer. Telephone A Tel.Co.. . ...100 680 845 Calumet A Hecla " 640 640 ... 2E 330 »5)4 ... •81 88 12 = 14 195* 117)4 117* 160* 168)4 635 88 88 • 10 " 'tead'i'R 1 'till ConMercnrgold Penmylranla 70* 78% Amalgamated Copper! 75* • SON 81* 40X 43 6)4 H«8M" • . • Boeton KleoLt (Bost) 100 Cambria Iron. (Phil) 50 3am b SDrezel reot *'.... Oanton Co (Bait) 1 00 Dom Iron & 38U Old Col Mining. (Bost) 26 35 Osceola Mining. •• 11594 30 " 88 94 98% 94 9494 '93)4 28 105 107 109 910 910 310 . " " DUm State St.. 380 87 H «X " " DalyWest Mln 729*- 741, Lowest. 969 ) 38 3394 < 4 AmPnenmServ iJttost) OU <•••! 170 84 83 (Phil) Central 171 ••II 107 Am Gold Dredg(Bost) Amer. LAS.. 54 75J, Pref., •411 • ft.Uooei Mlnlng(Bost) Amer.Oement. (Phil) SJuinb Tel 88 < • t * 4 60 50 100 Choo. Okla. A G. trust oerta. (Phlla.). ... 61 Preferred Tr. certfs " ... 5C Fitch burg, pref (Boston ...10C liehUh Valley (Phlla.)'. ... 8C Maaiuchmettt Bleot. Cos. !. (Boiton). ...10C Preferred 1..,, " ...10C Mezloan Central " ...100 Northern Central (Bait.) . ... 5C Old Colony ...10( , , (Boiton) 7«X MISCBLL.—Concluded. *« 160 oaAMalnepf.(Boit)10C 170 100 301 Prov. » (Bceton A 100 160 <Oonn A Paisum " Conn River.... " 100 370 38* Qon*olTrPitts!(Phil) SO " Pref!... 50 6394 48 Sla South A Fla.(Balt)100 " 100 lit pref 97X " 100 78 •d pref •'rmant'n Pais(Phil) 50 steel 7194 •32 Dec A-mer. Railwajs(Phil) 50 A Charlotte(Balt) 100 »eth 910 190 159 7494 75)4 76)4 7«Hi 35 X5 7-1B 31)4 15 If 40)4 40 1-16 40* 38 10-16 40 d 3994 80)4 3994 13-16 27 37* 97* 87 87)4 87* 51 61 51% 51W 51*, 51*, •108* 10894 10194 10394 108 103 89* 89* 8894 8S% 89)4 80)4 3394 8494 34V* 34% 3394 849*15 '494 1494 1494 1494 16)4 94 •94)* 95 94 94* 94 was made. lale o\U Atlantic Mln'g. Baltio Mining.. 75* • 167 *40 Bid. Ask. RAILROADS.— Prices Heatonv •88)4 105 106 810)4 310)4 87* Range of Sales in 1901. Shares Boiton A Albany (Boiton). 10C Boston Klevated, fall paid.. •' lOf Boiton 4 Lowell " ...100 Moitun A Maine " ...10c Chio. Juno. A Un. Stock Tdi. " ...10( Preferred " ...10c 981 •14994 .... 3694 87 ... Week. Railroad Mtoeka. 980 167 133H 183)4 188 4% 5 87 83 94 •143)4 86*4 87)4 88* 88)4 94 94)4 34* 34)4 19* 8)4 85)4 4 13-16 9 4% 95 95 9!)4 117 117 117)4 117 46)4 <8H 419* 48 2894 2894 3894 89 1294 13X 13X 189* 90)4 iee 1 941 189 •158)4 169 80 139i9 95)4 84* 95 118 68 98 67 47 66X 90 188 • •••*•• 85)4 16 23 4)4 19* 3 4)4 695 35)4 16 •61)4 67 47 99 77 91 4* IK 160)4 160)4 619 61)4 22)4 47 76% •M 81 123)4 1259* 16)4 70 48 93 7494 8894 llx* U7)4 635 61« 23H 16H «1 961 186 369 X 16)4 Dee. 6. Dee. 5. •360 167 •341 •941 .... 190 190 180 I68J4 168* 16794 183 183)4 180 78" 79 76 7194 78 •54 5894 C4)4 5894 64 359 166 94 189 f Indicates unlisted. Friday, lllicellnneoua ntocka. 2&X 85M 96X 95X 16 61* 7194 21)4 81 133)4 196)4 U7 117)* 160 161!* 680 97 101 * 102)4 889f 89% 33H 339* 149* 15 94)4 94)4 81 54 196 117 161 635 8<1« b im 94 •93 81 95 97 84)4 7«« *m •33*4 9l0>s •51 90* 3W 33H l«X 14% 15 94 94 8>)4 3«% 90 90M SS* 83* 37)4 34)4 8494 101«4 109*4 •90 Dec. 4 •14394 74* 75 75 8-ie *6>A 34\ 95X 40X 40* 40 40 8-le 80H 80* 97 96* attt* 37 60* e^X 50* 60*i 84 55 '309 91(1)4 74)4 «B 03)4 7»X 78)4 143)4-143)4 •14294 87 87)4 3694 34* 84X •3J 94 94 94 3894 239* •83)4 106)4 '06)4 87X 38 84« 34X 84 04 •»8H 94* 1 191 188* 1 7PX 7W* •54* •148 941 859 165 941 • • 4 t •158 •357 166 Wednesday Thursday, of the 99X »9X •••••I *••• 109X • •••• •••••• • ••• 115X 08 Welibeohif5il930.JAD lAnd interest. Price lnolndes overdue conpo December 7, THE CHRONICLE. 1901.] 1203 Investment and Railroad Intelligence. RAILROAD EARNINGS. m railroad from whiofa regular weekly or monthly return! The following table shows the gross earnings of every Sti can be obtained. The drat two oolemma of figures give in- groai earnings for the Latest week r month, and the last two columns the earnings for the period from July I to and including BUOh latest week or month. i The return* of the street railways are brought together separately on t.'haiiyt' -Our yearly totals now all date from Jul) I. <t subsequent i><ige. Notice Latest KOADS Week (iru.ss I'll )'. 1 iic J-i, ) * At. i is' N O & lexa- Pac line. o a No Bast. Ootober. .. tout * totober. P. Ootober. Vlcksb'g Vioksb Sti A i .. .. IthwkNov Ann Arbor Ann Wash A Hal. ciit ember AtchTop A 8 Fe. Ootober. Atlanta A bar.. Atl Knoxv & No. Atlantic & Blrm. Atl Coast Line .. Atl Vald a West. Bait * Ann S L.. Bait A Ohio.... i t September November October... September Ootober. .. September October. B A O Southw. < Aroo^t October. Bangor Bath A Mammon September ttt Bellefonte Cent'J Bridgt & Baoo K. Buff Attica A Arc But! Koch A i.tButtalo ASusq. . October. September September IthwkNov BurlC Rap & No October. .. tthwk Oct Canadian ithwkNov Pacific Cent'l of Georgia IthwkNov Cent'l New Bug.. October.. Cent'l of N Jersej October. Central Paoltto. September Cent'l Pa A Wesl June Chattan Bouth'n. 3d wk Nov Ouesap A Ohio... IthwkNov Ohio Chic Chic Chi' Chio Chic A Alton Ry. October. Burl a Quiu October. A E Illinois. ithwkNov Qt Western. •tthwk Nov Ind AL'v... IthwkNov Milw <fe 8t F •iinwuNov Chic A North W'n October.. Chic Peo & St \j } Ootober.. BtLCh AStPj Chio R I AtPao.. Chic St P M & O Chic Term Tr RR lotober. or (lull'. Detroit Southern. IthwkNov A Mackinac. September Dul So Mi A Atl. 3d wk Nov E St L A Carond October. .. Det Erie October. Find Ft W A W.. Ft & Denv City Georgia RR Ga South A Fla.. Gila Val G A N.. Gr Trunk System Gr Tr A West'n Septeinbei Ootober. .. October. .. October. October.. . Evansv A Indian •IthwkNov Evansv A T H... ithwk N ov W Det Or H ithwkNov 2d wk Nov AM.. 2d wk Nov Great North'n — St P Minn AM. Ootober... Kast'n oi Mim.. Ootober... Montana Cent'l October... Total system. October. Hooking Valley.. IthwkNov . Houb A Tex Cent September Illinois Central.. October. . Illinois Southern October... Ind Deo A West'n July Ind 111 A Iowa... September A Gt North'n ithwkNov Drteroc(Mex) Iowa Central... WkNov.16 ithwkNov Iron Railway... October. .. Kanawha A Mid ithwkNov Kan City South'n October... Lehigh A Hudson Lehigh Val RR.. Leh Val Coal Co. Lexlng A Fast'n. November October. October. .. .. September Long Island October. Lou Hen A St L. October. Lonisv A Nashv. ithwkNov Macon & Birm.. October. Manistique October. (Mexican Central 4th wk Nov . Mexican Intern'l {Mexican Nat'l.. Mexican North'n {Mexican Ry Mexican South'n Mineral Range. Minneap A St L. M St P A 8 St M October. Honth am a, i 1.8,308 64,069 64,530 1,088,691 • 1,857 MO Kan A !i0 Pafl i el t',488 177.5 190,922 624,007 26 328,898 105,333 305.759 260,330 93.548 93,945 7IH.727 779,962 51,213 46,918 7.333 23,683 16,038 5,193 5,390,922 1,070,4 17 20,107,726 17,410,893 721,757 680,291 239,823 22 1.791 •JO 1,879 200,787 39,264 56,012 20,246 37,413 10,439 6,216 605,065 658,0 19 1,718,096 1,682,202 70, Ml 90,330 23,051 20,67 28.688 24,975 8.452 6,855 1 Jul] - I .. 4thwkNov May WkNov.16 2d wk Nov O.-tober. IthwkNov 4thwkNov Ziate -i l ) , ..ii e 54,562 59,122 nt 1 lentxal HhAkNov Wk .Nov s.i Total 1 i A Ithwk No\ Iron Ml llllWK No\ Branch ithwkNov ,137 'leva- Mob Jack A K 0. Mobile A OhiO..< November Mont A Alex Oull H-lobcr Nash Oh A St La. November Nev -Cal-Oro .... lin wk Oct \e\ ada Central.. September 1.2 19,000 1 .794 1.698 35,000 31 ,000 2,708 552,000 108,660 592,561 7,483 2,970 1,000 988,000 3,04'" I 556, loo 133,66 i 5,91 B YC 439,063 819,707 938,508 .,91 1 l.oo T.ooo 1 957,000 16,3 1,28 1,000 2.814 N A Hud Riv October... 6,915,319 n * oni a Wesl lotober. 521,701 207,1 19 N V SUBO A West October.. Norfolk A West'i/ ithwkNov Northern Central Jctober. North'n Pacific.*/ 3d wk Nov 1 1,0- 000 p.OOO 09. loo 2,5 .142 9,091 . 1,210 26,337,553 23.15 282,022 94,340 876,126 618,10 708,610 2,127,510 998,66 677,593 6,748,179 2,930,2'" 6,177 -,-76,050 14,572,888 7,25 I 1,639,877 - 40,124 1,0 15,195 1 PA 3.30J 29.1 19,173 3.45< 1.509,108 CCA 6,319.659 513.787 3O1.002 107,122 1,558,204 <!fc 1 '2,343,951 8,9 17,700 8,296,196 17.243,896 220,007 159,214 230,206 2.170,900 493,620 492.594 43.529 27,180 7,775.971 2,813,761 688.801 i 1 AN H 9 lx, 946 AN 1 1 . . 406,655 362,402 2,343,951 4,074,320 89,511 31,669 130,561 72.500 25,402,995 150,004 11,068 5,376,126 / 1 LA W .943 1,485,247 71.177 33.343 105,037 35,196 1,1 11,593 2,i56 356,i35 1,646,592 17.937 00,169 573.266 229.168 45,082 .477 4.548,749 814.146 447,990 1 1 AN : 63,158 l M I 6,187 3,202,107 L90 1,583,533 4,246,39". 17,399,112 15,595,110 Ohio A little 48,20' 16,991 552,450 September 482,414 16,428 136,803 Kanawha 58,576 lo 399,03-1 >5, 3,030 519,623 3,705 8,596 9,445 Pacille Ooa8tCo. August.. Vpril 11,372 Pacific Mail 185,175 355,86 3,501 19,760 2,513,761 5,591 3,359 12,887 11,020 Penn— EastPAE. October. 3,321 8,651,278 7.718,578 32,588,773 lnr. /9 7,0oo 2,42: 2,612 West E ... October. -,374 3,878,401 135,598 131,520 2,882,327 2,495,628 Pe re Marquette.. 3d wk Nov 170,873 77.D1 i September 675,334 502,898 1,984,732 288,233 87,553 234,781 Pblla A Erie 184,335 946,781 4,129.976 161,091 1,971,059 1,810,629 Phila Wilni AB.. October... 1,073,881 StL October... 1,975,938 1,694,225 7,282,108 1,048,000 781,0011 16.322,434 13,296,181 Pittsb i,6 lo 20175,413 3,293,30(1 3,019,642 Pittsb 220,378 West'n jeptembei 166,-60 145,41)0 241,995 103,709 429,975 219,648 53,008 58,964 Pittsb CI A Toi Seplembei 159,7-9 •September 53,989 47,750 1,543,880 1.028,815 5,967,059 5, 57,668 Pittsb Pa A F 60,419 68,469 1,820,588 3d wk Nov 1,874,070 1,805,864 5,740,137 5.376,126 Total system. 24,002 24,430 Plant System2,403 2,386 38,301 43,032 1,413 1,815 Ala Midland. 398,745 354,759 7,225,110 6,629,835 Brune A W'n. October /•679,768 /668,256 ^2,428,948 847.800 800,493 3,328,770 3,251,065 Chas ASav... 5,196,603 5,164,236 19,627,399 18,389,256 Bav Fla A W. 2,571,213 2,332,255 126,218 120,90 Sil 8 Oc A G„ 191.966 160,539 3,385,147 3,047,870 Reading Co.— 110,357 103,253 2,000,106 1,744,690 October. .. 2,870,88 1,878,281 10,160,719 Phil A Read October. .. 3,165,134 1,021,046 9,786,835 1,343,259 1,265,914 20,391.994 18,610,322 Coal A IrCo 4,546,105 4,184,225 17,005,901 15,696,264 Tot both Co's.. October. .. 0,030,021 2,899,327 19,953,554 75..".:. 82,i39 250,208 September 135,810 132,879 487.297 453.168 Rich Fr'ksb A P September 100,005 58,781 56,425 Rio Grande Jet.. 11,290 237. 28 12.228 2,944,491 2,615,839 11,435,358 9,976,257 Rio Grande So... 3d wk Nov 452,000 398,900 2,322,747 1,261,630 1,236.483 4,311.769 4,025,122 Rio Or'de West.. November 570,093 3 ,485 629,957 563,453 Rutland 27,238 September * 2,257,209 * 1,47 1,095 '109,990 532,701 *85,140 October. 148,331 130,650 St Jos AGrI 57,990 13,139 101,051 20,760 85,426 2,153,546 1,904.066 St LKen'et A So. October. September 17,070 362,59 370,008 7,859,152 7,115,147 StL Ark. 9,008 58,743 9.15. 47,302 1,025,494 911,900 St L A San Franp Ithwk Nov 540,157 484,250 44,922 2.951,209 229,189 100,490 1,164,443 878,029 St L Southwest 3d we Nov 168,006 202,295 111,720 101,390 2,355,418 2,078,416 St L Van A T 201,779 181,137 Ootober. .. 736,837 934,021 13,903 39,386 39,180 Sau Ant A A P. October. 305,423 345,034 14,817 428.100 San Fran 448,271 519,214 21,323 21,665 119,413 98,815 P.. October. 102,526 29,646 17.836 73,575 San Pedro LosAn112,856 108,148 807,168 291,415 2,892 2,106 geles A Salt L. 2d wk Nov 16,714 375,131 303,300 290,900 5,331,662 5,119,886 SFe PresAPh... 3d wk Nov 20.689 537,601 480,0 2 32,812 31,553 /079.768 f 668,256 C2.428.948 Sav Fla A West.. October 202,300 65,300 (J9,S57 218,182 Seaboard Air L.. 3d wk Nov 220,479 203,487 4,468,296 49,188 28,089 29,217 37,596 1,111,595 1,080,193 SoC AGaExt... October. 86,873 53,320 27,210 13,578 11,935 49,718 So Haven A East. September 12,570 15,605 3,757.162 3,158,337 14.672,153 12,976,518 Southern Ind 53.885 215,778 October. 35,250 146,09 151,933 So Miss A Ark ... October. 20.29 1 19,259 7.823 8,729 77,348 648,380 019,127 So Pacific Co b... October. 38,823 7,891,099 7,417,17 28,813.203 36,051 33,638 30,009 250,150 9,635 9,610 20,422 12,830 Austin A No'n. May 713.960 198,692 230,856 701,317 Carson A Col July 19,373 11,068 19,373 233,431 649,197 013,772 189,428 September 1,874,070 1,805,864 5,740,137 Cent Pacific 423,406 108,779 107,758 399,208 1,943 Direct Nav Co July 2,828 2,828 116,806 123,355 36,163 32,132 GalHar A S A. September 589,811 521,683 1,729,362 100,031 779,024 770,016 12,845,29'. 12,033,308 Gal 11 on- a No September 40,887 19,875 72,255 77,345 1,583,740 1,495,321 GulfW. T. A P. September 17,331 14,839 45,808 23,418 438,657 421,901 21,321 Hous. E. A iV.T. September 68,739 50,621 203,310 Hous. A Shrev. September 15,202 48,760 17,894 3,347,031 2,325,735 10,722,179 8,221,104 HousATexCeu September 517,476 504,520 1,325,890 663,374 505,066 2,189.210 1,640,334 2,456 3.938 Iberia A Verm'n July 3,938 015,838 153,003 192,526 716,142 428,690 Louls'a West... September 143,183 137,290 4.163,40b 3,023,327 13,557,227 10,577.580 Morgan's L A T September 723,071 596,124 1,951,071 27,090 121,207 109,786 2,284.635 2,034 904 NewMexA Ariz July 27,090 17,937 517,476 504,520 1,325,890 1,144,593 N Y T A Mex September 93,219 37,079 23,737 724,170 3,706,679 3,414,924 13,690,888 12,046,156 Tex ANOrl September 227,424 212,849 43,153 280,013 11,449 46,748 280.O13 229,168 11.199 Ore A Califor'a July 45,08'. 55,928 55,928 Sonora Ry July 44,538 69,698 59,698 44,538 99.015 143.302 104,354 415,700 291,419 So Pac Coast... July 99,015 98,177 155,249 161,099 2,184,487 2,111,162 So Pac of Cat .. September 1,735,548 1,559,459 5,382,712 987,404 67,200 75,200 1,418,900 1,497,890 So Pac of Ariz. September 334,010 288.291. 62,105 So Pac of N 7,450 60,629 1,060,31 1 958,046 September 200,920 152,80 7,647 4,306 26,508 900. 195 948.491 15,772,577 17,820 Southern Rallw'j ithwkNov 5, 5,072 27,354 451,780 379,003 Terre h a iud ... October. .. 26,484 157,207 154,025 202,556 500,055 391,096 1,682,792 1,466,979 Terre H A Peor.. Ootober. 60,249 55,280 270,235 29,218 165,278 36,214 184,058 Texas Central ... 3d wk Nov 25,001 19.956 2,894,058 1,645,123 10,087,553 8,023,633 Texas A Pacific.. IthwkNov 434 406,382 L83 1.873 17.500 49.700 2,138,415 679,000 6,921,100 6,153,718 Tex S V A N W .. October. .. 16,900 34.103 101,329 73,205 64,485 1,250,57 27,294 90,972 Tol & Ohio Cent 4thwkNov 25,101 Inc. 59 ,134 Tol P A West.... ithwkNov 509,677 Joe. 31 3,711 30,030 59,865 227.811 Tol St 61,502 242.088 IthwkNov 57,804 1,108,300 65,831 210,002 809,955 708,762 12,659,697 11,431,792 Tor Ham A Buff. 3d wk Nov 0,837 9,213 15.002 40,181 11,075 36,885 Onion Pac RR > 2.770 32,248 4,061 25,403 Oreg RR 4,797,260 4,542,367 17,110,362 } October.. 458,406 411,981 6,91 2,44 s 6,844,259 Oreg Sh Line. ) 501,070 483,923 1,917,066 1,738,450 Wabash ithwkNov 500,955 427,9:; 8,345,273 190.525 179,691 3,043,746 3,081,570 Jersey A Sea'e October, 260,730 237,;;.;" 1 ,755,709 43,89*. 309,588 56,240 570,079 Pitt.. September 95,338 596,506 102,167 821,088 89,600 80,300 1,578,200 1,013,300 Western of Ala .. June 57.832 15,830 275,0 13 Wheel A L K 15,096 828,280 280,0 13 1,236,885 289,278 Ootober.. 57,668 225,202 Wisconsin Cent.. IthwkNov 145,000 129,451 2,598.68'; 53,447 212.441 .905 10.-17 101,245 17,375 81,535 1,567,385 1,381,804 Wrightsv A T'n.. Ootober 212,032 132,056 2.859,108 1,918,697 Yazoo & Miss V.. October, 674,192 653,858 1,978.270 . . 700 •_',.'. 1 October. 3d wk Nov 2d wk Nov In N O A T Pac. 3d wk Nov CI Cln Ch A St L. 3d wk Nov Peoria* Kast'n 3d wk Nov Clev Eor & W hee November Colorado £ South ithwkNov Col Newb & Lau -eptember Col Sand A Hock 3d wk Nov Cornwall A Lei).. eptember Cumlierl d Val ej September Denver it Rio Gi IthwkNov ghocOkl A < ..1/ .1 Ala Int i ROADS S 18,579 Septembei Adirondack Ala -»t Southern. IthwkNov Latent Oroti Earnings i>uu to Latest Current Year rrr nt Year or Miiulli July Earnings 1 12,306 503, 171 is 1,000 1.9 266325 4,41^.030 47.000 1.092.721 509,440 927.546 li9.138 . W WVCenA 16,081,479 -.576 1,661: 286.546 739,745 1.030.384 -.293 .763 1.759.751 * Figures from October 1 are lor the railroad only, Mexloan currency. § Covers results on lines directly operated east or Pitteburp. a Includes Paducab A Memphis Division from July 1 in both years. b Includes the Houston A Texas Central and its subsidiary lines. Earnings ol the Cromwell Steamship Line, not previously reported, are now also included. c Results on Montgomery Division are Included in both years. d Includes St. Paul & Duluth for both years. r e Inoludes results on Sher. Shrev. A Southern, Mo Midland and San Autonlo extension for this year, but not for last year. f These figures the results on the Ala. Midland, Brunswick A Western, Charleston A Savannah, Savannah Fla. A West'n and Silver Springs Ooala A Gulf. ftre These figures include, besides the St. Louis & Sau Frauolsoo proper, the Kan. City Ft. Scott A Memphis and Ft, Worth A Rio Grande. g t, \ THE CHRONICLE. 1204 Totals for Fiscal Year. In the full page statement on the preceding page we show the gross earnings of all roads for the period from July 1, that being now tne beginning of the fiscal year of the great majority of the roads. There are, however, some roads that still have their own fiscal years. These with their dates are brought together in the following. Latest droit Earning*. Roads. Period. Current A Charlotte Atr Line. Bellefonte Central Burlington Cedar Rap. A No. Central of New Jersey Chicago A North- Western.... Chicago Rook Island A Pac. Chlo. St. P. Minn. A Omaha.. Choctaw Oklahoma A Gulf.. RR Mexican Southern Apr. lto Jan. 1 to Jan. lto Jan. lto Monterey A Mexican Gulf.... Jan. lto Northern Central Jan. 1 to Missouri Paclflo Central Branch Total May lto Paclflo Mall Pennsylvania, East of P. Westof P. AE.... A E. Jan. lto Jan. lto Jan. lto Jan. lto Pere Marquette Philadelphia A Erie Phlla. Wilm'g'n A Baltimore. Nov. lto Pitts. Clncln. Chlo. A St. L... Jan. 1 to Dec. 1 to Nov. 1 to Jan. lto Jan. lto Bio Grande J unction St. L. Vandalia A Terre H.... South Haven A Eastern South. MisBourl A Arkansas.. Terre Haute A Indianapolis.. Terre Haute A i-eorla Texas A Paclflo West Jersey A Seashore Nov. lto Nov. 1 to Jan. 1 to Jan. 1 to Tear. 9 1,193.630 42.257 85,3*1 4,327,005 4 048.323 14 060 677 12,847.259 20 919C02 19.384.436 17.759,61*- 15 533.536 9,186.264 8,526,842 164 815 214,022 H 2.575 758,321 132.290 131,040 1,784,790 1,429,710 4.527,822 3,926 184 25.563,141 22 233,290 19642,095 16,496.050 84,23' 96,441 15.778,934 15,824.234 4.847,203 4 410.475 6,970,223 7.M1.796 3 782 700 3,974 200 523,728 587,091 Nov. 14 Nov. 30 32,281.958 27,889 196 Nov. SO 1,226,437 1,239.811 Nov. 30 33 707.333 29,309 037 Oct 31 1,165,264 1,163,889 6,881,071 6,316,171 Oct. 31 Apr. 30 3,071,166 3,817,620 Oct. 81 77,419,484 69,970 484 Ino. 4.3 56.100 Oct 3i Nov. 21 8,142,067 7,300.509 Sept 30 4,969,448 4.203.M7 Oct, 31 ll,80h,248 11.324.249 Oct 31 17033,165 15,703.174 460,795 443,471 Sept. 30 Oct 31 2 046,570 1,943,526 51.7^7 52.188 Sept 30 153 709 180 824 Oct 31 Oct 31 1,590,016 1,620.016 55H.488 495,087 Oct 81 Nov. 30 10.873.P86 8,467 003 Oct. 31 3248.421 3.069 521 Apr. 1 to Sept. R0 Jan. to Oct. 31 Jan. to Oct. 31 Jan. to Oct. 31 June to Oct. 3' Apr. to Oct. 31 Jan. to Oct. 31 Nov. to Nov. 14 Cumberland Valley.... Jan. 1 to Sept 30 East St Louis A Oarondelet. Jan. 1 to Oct. 31 It. Worth A Denver City Jan. lto Oct. 31 International A Gt North'n. Jan. 1 to Nov. 30 Lehigh Valley Deo. 1 to Oct. 31 Lehigh Valley Coal Deo. lto Oct. 31 Manlstlqne Jan. lto Oct. 31 Mexican Central Jan. 1 to Nov. 30 Mexican International Jan. 1 to Oct. 31 Mexican National Jan. lto Nov. 30 Mexloan Railway Jan. 1 to Not. 16 Atlanta Previous Tear. 1 ,867.049 — Latent Wross Earuinsrs by Weeks. In the table which follows we sum up separately the earnings for the latest week. The table covers the fourth week of November and shows 1271 per cent increase in the aggregate over the same week last year. 4 th week of November. 1901. $ Alabama Gt. Southern Buffalo Roch. 64,069 51,213 & Plttsb'g. Paclflo Canadian Chicago <* East, liunoix Chicago Great Western. Chlo. Indtan'lis A Loulsv. Chioago Milw. A St. Paul Colorado A Southern... A Denver Evanav. Evansv. Rio Grande & . Indianapolis Terre Haute. A Grand Trunk West.. } Hav A Milw. ) Det. Gr. & Great Northern.. Kanawha A Mlohlgan... A Louisville A Nashville.. Louis P. A 8 «te St. Minn Ht. Mo. Kansas M A Texas Mo. Paoiflo A Iro n Mt Norfolk A Western St Louis 781 00( 175.418 354,759 120,9i)7 160,539 103,2^3 1,265.914 101.390 290.900 31,553 8,729 36,05 Decrease. $ $ * 64,530 4 6,918 131,520 461 4,295 4,078 267,^00 27.1^5 43.986 5.311 31,427 7,104 77,34 ft 10,1- .... ... 30 12,401/ 1,259 906 .... 2,772 779,024 770.016 9,008 121,207 155,249 62,105 27,354 809,95^ 109,786 161,099 ,629 .» 11,421 1,476 458,4 06 Minn. Increase. ...a . Hooking Valley Int 135/98 1,048,000 202,568 398,745 126.218 191,966 110,357 1,343.259 111,720 303,30< 32,812 7,823 38,823 1900 & . . San Fran A Paclflo Toledo A Ohio Central.. Toledo Peoria A Weat'n Texas . Wabash Total (39 roads)- Net Increase (12-71 190.525 101,245 212,032 456,137 1,249,000 35,000 439,063 546,157 966,495 434,44* 73,205 30,030 65,831 500,955 145,000 6' 26,4^4 708,762 411,981 179,69: 81,535 132,d56 444,698 957,100 31,000 376,126 484 256 948,491 406,382 64,482 25.460 57,804 427,937 129,451 12,024,891 10,668,502 p. o ) —— 5,850 870 101,193 46,425 10,831 19.7K 79,976 11,439 292.000 62,937 61,901 18,004 28,063 8,723 4,570 8,027 73,018 15,49 06 7,217 1,356,389 For the tuird week of November our final statement covers and shows 10*53 per cent increase in the aggregate over the same week last year. 56 roads, 3d wetk oj November. 1901. 1900. Increase. 9 Previously rep'd (47r'ds) ihattanooga Southern. Duiutn ^o Shore A At.. Mob. Jackson A K. City.. & Western... Santa Ke Pres. A Phcenu Pittsburgh Texas Central Toronto Ham. 9,036,704 1,815 37,5*6 2,708 893,179 93*,503 66,419 20,689 220,479 19,956 9,213 708.6K Total (56 roads) p. o.) Decrease. 229,89b 9 9 86,736 402 11,59* ,-38 68,469 16,714 203,487 25,001 3,975 16,995 6,*37 2,376 11,172,054 10,107,941 *B Net Increase <10"53 $ 9,843,14: 1,413 49.1*8 3,047 1,158,346 1,064.113 For the month of nished ntatements for Month November 49 roads (all that have furmonth as yet) show a? follow?: the. full of November. 1901. 1900. Increase. Per Cent. Oross earnings (49 roads) 40,789.643 36.658.029 4,131/14 11-87 It will be seen that there is a gain on the roads reporting in the amount of $4,1:11,614 or 11-27 per cent. Net Earnings Monthly to Latest Dates.— The table following shows the gross and net earnings of Steam railroads reported this week. A full detailed statement, including all roads from which monthly returns can be obtained, is given once a month in these columns, and the latest statement of this 1901. kind will be found in the Chronicle of Nov. Che next will appear in the issue of Dec. 21. 1901. - Or on Earnings. Ourrent Previous fear. Roads. Knox. A No.a Oct. July 1 to Oct 31... All. Atlantic July A Blrm'gh.Oct to i Oct 31 Bangor A Aroost'kbOct. July Att Oct 31 9 57.302 204,775 10,439 37,413 158.576 552,450 2,612 87,5^3 288.233 Tear. 9 40,959 16S615 6,216 20,246 136,808 482,414 2,422 77.644 234,781 ' — n > at rtMiiji 1> Current Tear, 9 23,809 76,735 4,544 13,450 65,270 23, — » Previous Tear. i 12,321 55,718 2,969 6,380 65,892 21?, 416 1,3^7 189.174 9,943 131,301 39,307 104,867 511,105 516,095 160,853 3,582.403 2.774,826 1,4 67,039 July 1 to Oct 31.... 12,816,434 10,547,471 5,221,270 Chattan'ga South. a Oct 7,606 8,636 def 4,126 July 1 to Oct 31.... 33.241 37,795 del. 1?>,41 Ohio. Burl. A Quln.bOct 5.196,603 5,164.236 2,270,203 July 1 to Oct 31.... 19,627.399 18,389,256 8.155,707 hlc. R.I. A Pro. a.. Oct. 2,944,491 2,615,839 1,365.855 Apr. 1 to Oct. 31... 17,759,618 15,533,536 6,599.515 > oi 'do A South, b Oct 497.245 467,518 149.623 July i to Oct 31 1,879,418 1.655,001 485,995 Denv. A Rio G'd*.b.Oct 1,131,937 1,122,288 447,741 July 1 to Oct 31 4,333.562 4.159,586 1,765,669 Oul. So. Sh.AAtl.b.Oct 231,160 237,203 69,107 July 1 to Oct. 31 971,747 958,154 382,003 Ft.W.ADen. City.bOct. 98/92 230,856 37.841 Jan. 1 to Oct 3i 1,734,790 1,429,710 447,676 108,733 1,078,174 4,075,724 dei.3,086 Buff. snff alo to 1 A Arcade Sept A B'Bqneh.aOct. July 1 to Oct 31.... Canada AtlanticJuly 1 to Sept 30 anadlan Pacific. a. Oct. I . 3 4 504 def.9,408 2,318,127 7,545,853 1,052.838 5,455,529 139,747 420.990 436,835 1,573,647 83,095 36e,775 48,095 320,470 Gas A Eleotiic Co. of Bergen County. Oct. June 1 to Oct. 31 .. 9ilaVal.GlobeANo Oct July 1 to Oct 31 » atiawna A Mich. a Oct. 22.251 10,145 24,400 7,543 95,212 52,690 35,621 116,480 32,132 20.204 17,396 36,163 116,806 123,355 5 7,920 65,613 26,612 105,793 84.315 17.588 81,918 59,688 363,503 305,745 July 1 to Oct 31... 1"3 107,934 Kan. City South.. a Oct. 500,055 391,096 175, 273,143 476,388 July 1 to Oct 31 1,682,792 1,466,979 Inc. 43,225 Long Island RB..... Oct. 59,134 Ino. Ino. 215,021 Ino. 313,711 July 1 to Oct 3i i.onlsv. A Nashv.fc.Oct 931,899 1,014,166 2.775,304 2,552,864 July I to Oct. 31 9,968,751 9,013,111 3,000.668 3.285,641 Mexican Centra i.. Oct. 508,741 445,246 1,456,159 1,481,059 Jan. lto Oct. 31.... 14,326,763 14,422,945 3,880,-66 4,424,309 176,982 200.658 483,923 Mex. International Oct 501,070 Jan. 1 to Oct 31 4,847,203 4,410,475 2,010,814 1,735,875 cM0,738 273,305 617,976 Mexloan National. Oct. 637,822 Jan. 1 to Oct. 31.... 6,366,064 6,576,254 c2,400,545 3,091,143 53.447 15,693 10,991 Mineral Range. b .Oct. 57,668 50,155 66,692 225,202 212,441 July 1 to Oct. 31 423,224 198,978 424.654 692,109 M.8t. P. A 8. 8. M.b Oct 605,591 2,187,369 1,514,616 1,200.536 July 1 to Oct 31 253,825 260,727 720,791 706.298 Nash Ch.ASt L.n..0ct 828,033 934,907 July 1 to Oct 3L... 2,604,926 2,609,546 58,782 282,022 169,626 M V. Ont. A West.aOct. 521.701 695,092 524,257 2,127,510 1,639,877 July 1 to Oct. 31 765.6< 7 629,915 1,632.059 1,455.767 Sort oik A West'n.a.Oct 5,863,492 5,502.904 2,554,091 2,227,669 July 1 to Oct. 31 161,973 316,573 618,107 819,707 Northern Central. b Oct. 6,881,071 6,316,171 2,042,u78 1 ,707,478 Jan. 1 to Oct. 31 Pennsylvania- 4.0OC 1,363,; [Vol. LXXIII. 2,050 5,045 94,233 Lines directly operated 8,671,278 7,718,578 3,518,000 3,039,700 East of Pitts.A E.Oct Jan. 1 to Oct 31 ... 77,419,484 69,970,484 27,531,607 23,151,007 Ino. 284,400 797,600 Inc. «est of Pitts. &E. Oct Ino. 2,256,100 Inc. 4,356,100 Jan. 1 to Oct 31..., 210.024 194,890 759.458 857,031 Pere Marquette. a.. Oct Jan. 1 to Oct. 31.... 7,635,982 6,842,590 1,831,411 1,606,176 570,136 523.936 946,781 1,073,881 Phll.WllnD.A Balt.bOct Nov. 1 to Oct. 31.... 11,808,249 11,324,249 3,948,721 3.735,521 lt6,809 103,683 317,779 418,767 Pltts.A West. Sys.b.Sept 360,092 510,521 1,255,350 1,016,871 July 1 to Sept. 30 50,408 60,835 130,650 148,331 Si Jos. A Gd. Isl.a.Oct 193,316 190,194 492.594 532,704 July 1 to Oct. 31..., 189,156 134,102 345,634 305,423 Ban Ant.AAran.P.aOct 325,364 319,891 918,946 934,021 July 1 to Oct. St.... 203,781 398,134 974,383 1,062,197 8eaboard Air Line aOct 608,482 3.772,235 3.436,119 1.279.235 July 1 to Oct. 31 7,891,099 7,417,177 3.168,194 3,030,000 Southern Paoltlo.a. Oct July lto Oct. 31... 28.813,263 25,402,b95 10,986,997 9,343,803 70,271 68,034 233,249 258,898 "oleoe AO.Cent.a.Oct 244,257 273,908 880,355 July 1 to Oct 31.... 1,023,010 14,606 27,629 38,637 58,404 Toronto Ham. A Buft.Oct. a.Oct 4,797,260 4,542.867 2,480.818 2,199,927 ulonPatlflo July lto Oct 31. ...17,110.362 16,081,479 8,355.684 7,295,592 37,788 41,638 237,330 260,730 W.Jersey A 8eash.k Oct 897,495 920.595 Jan. lto Oct. 31.... 3,248,421 3,069,521 9.472 9,"53 17,375 16,847 Wrlghtsv.A Tenn.bOct 24,382 16,227 57,7b3 45,905 July lto Oct. 31.... deducting taxes. m. ttot earnings nere given t»re alter . Wnt warnuigs nere given are oef ore deducting taxe* repairs c Of the balance here given there was charged oft for replacements and general expenses in Ootober $36,992, leaving . December 7, THE CHKONICLB. 1901. $203,746 applloable to Interest on bonds. From January 1 to Oot 31 there was chanted oil for this purpose $375. 156, leaving a balance of $2,025,889. These Matures are In Mexican currency, and are •onvertlble Into gold at the ourreut rate of exchange. Interest Charges and Surplus.— The following roarin. ti addition to their gross and net earnings given in the fore going, also report charges for interest, Ac, with the surpluabove or defloit below those charges. , — Previous Int., rtntalt, etc. Ourrent Roaat Atlautio&Birm'Kh.Oct » *-Bal. of Net Earn't.- Premoui Ourrent Year 9 Tear Tear. • I Year, i 1205 Our'nt Prev'ut Year. Year. Det.Unlted-rOortj— Rapid Railway St. 9 Nov lihwkNov Total Ouluth-Bup. Tract. Duluth J an Latest Oro9$ tiaming$. GROSS Earnings. / Ry Ootober... 38 678 th wli Latest Date Year. Tear. 9 8 + 6,223 7.018 83,104 4 u, 1 Ourrent Prer<<m« 7l.7!)2 ........ 37,116 25,270 ( 373/.I45 184,66' 15.767 169.748 Elgin Aurora A Sou Ootober... 28,57t301,0 . 259,395 October. .. 10,804 1*1 veaton City 11 arrlsbnrg Traction, October. .. 32,168 27,103 internat'l Traotlon>H0 501 234,152 3,998.787 2,216.663 Ootober. (Buffalo) l.ehiitli Traction October ... 10.758 7,893 107,809 93,602 9,257 London St. Ry.iCan.) Ootober... lO.lOf 116,814 97.641 Heplemliei 11.8U4 Lorain 4t Cleveland 9,756 76,775 76.068 5,969 Mad. (Wis.) Traotion October... 68,75* Vli»..H Kleo. CO.'S Ocober... 183 939 442.195 Montreal Street Ry. Ootober... 166.060 159.277 1,601,683 1,504,787 Ootober 6,434 Vluscatlne St. Ry 5,776 69,248 56.743 September 10 615 9.812 7a,4oi SewburgSt. Ry 76,391 ^ew Castle Traotion Ootober... 8,516 8.385 105.606 112,407 4 057 4,355 Sew London St. Ry. October... 60,600 54,260 61,47 9 46,426 Northern Ohio Tract October.. 514,279 434,398 Ootober... 4630 4,183 Olean St. Ry 46,429 43 054 Philadelphia Comp'j Ootober... 223,015 167.259 2,458,771 1,996,909 18,737 11,082 Pottsv'e Union Trao. Ootober 143,774 120,608 « » . 2.C83 2,461 886 8,3:-3 6.117 def.2.003 8,333 July 1 to Oct. 31.... 7S7.260 1,470,208 1,520,867 800.000 Ohio. Burl. & Qulnoj Oot July 1 to Oct 31.... 3,2(0,000 3,189,040 4,965.707 4,356,813 735,841 319,000 316,997 1,046,655 Ohio. R. lBl.4Pac.Oct. Apr. 1 to Oct 31.... 2,283,000 2,218,t>79 4,366,515 8,236.650 206.237 206,603 1243.146 {329.546 D«n. AK. Grande.. .Oct. 1782,234 819,614 1985,089 817.774 July 1 to Oct 31.... r *6,292 78,642 78, <25 *def.9.137 Dul. So. Bh. & Atl...Oot *69,399 "55,187 314,566 312,899 July 1 to Oct 31 *7,419 *15.744 11,447 10,735 Kanawha* Mich. ..Oot *89,808 *19,313 44,314 42,642 July 1 to Oot 31.... *8,484 *6,718 7,283 4,512 Mineral Range Oct. "18.763 *48,522 18,481 31,618 July 1 to Oct 31.... 100.401 152,510 160,3<6 101.315 WBShv.Chat.ASt.L.Oot 644,302 217,894 290,605 610,039 July 1 to Oct 3L ... 192,041 187,538 573,626 442,377 Norfolk A West'n... Oct. 788,526 750,488 1,785,565 1,477,181 July 1 to Oct. 81.... 118,018 68,838 97,006 126,052 Fere Marquette.... Oct f 06, 118 605,739 Jul 1 to Oct 81.... 1,225,672 1,100,058 8.750 52.085 41.658 8.750 St. Jos.&Gr.:i8l'd..0ct 35,000 155,194 158,316 35,003 July 1 to Oct. 31... "343.49 Southern Pacltlo...Oct a2, 403.449 *2,'U5,s41 July 1 to Oct 31... a8,825,397 "58,602 "36,760 33,734 39,827 Toledo & Ohio <:en.. Oct. "115.633 '109.409 135.284 159,576 July 1 to Oct. 31 ... 14,621 14,666 13,008 def.60 Toronto Ham. &Buff.Oot 2,083 After allowing for other lnoome reoeived These figures are after allowing for other lnoome and for discount I and exohange. After deducting $10,000 for Renewal Fund and bond conversion in Oot, 1901, and *15,000 in Oct., 1900. the surplus for the monih Is $233,146. against $214.i >46 a year ago. From July 1 to Oct. 31, 1901, the deductions for this purpose were $40,000, a year ago, leaving a surplus of $945,089 in 1901, against $60,00 against $722,234 in 1900. a These figures for Ootober include $1.041, ">31 appropriated for betterments and additions to properties and equipment; from July 1, to Oct. 31 the amount expended for these purposes was $3,375,227. * . . it Olways Co.Gen.— Roads Ootober 18.156 16,900 Ootober... 1,49: 1,3*3 September 20,991 20,727 October. October. Light Co's ttlohmond Traotion. 36,901 . . 166.909 Sacramento Eleotrlt Gas A Ry .. 531.5K St. Louis Transit Sohuylkill Traction, Nov'mber. 11,382 lorauton Railway... Ootober... 1 2,638 Sioux City Tract Ootober... 17.H96 Southern Ohio Tract staten Island Elec faooma Ry. <fe Power Toledo Rys. & Light. Toronto Ry. rwln City Rap. Tran anion (N. Bedford) Inlted Traotion— ) Albany City s United Traot (Pitts.) rrnlted Tract. (Prov.) Wll. &New CastleElec . October September . . 31.839 Ootober.., 84,087 Ootober... 114,666 Ootober... 152,514 October 270,953 Ootober 22,848 . . . . Ootober... 120.752 32,833 344,211 308,422 480,403 4,833,403 3,563,166 7,723 48,780 508,1 8 » 504,856 19,196 172,406 28,431 284.732 247,278 49,729 47,165 26.795 314,433 239,149 101,220 1,072,250 972,478 126,53>- 1,360,84 8 1,228,952 240.793 2,6 1.117 2,342,822 19,570 234,673 211,471 114,409 1,125,657 1,118,804 Ootober... 181,977 166,881 Ootober . 220,400 197,181 2,253,489 1,985,042 August 8,60S 6,200 46,167 80,559 . = > —We give below the gross and net Northern Pacific. earnings, etc., of the Northern Pacific for October and the four months to October 31. October. .-July 1 to Oct. 31.— 1900. 1901. <£ Gross earnings Operating expenses 1901. 4,553,641 .1,991.088 1900. j& JjK ft 3.389,965 15.013,819 11.8^8,293 1.497.314 7,143,275 5,813,800 2,562,553 Net earnings Taxes, rentals.bet'm'ts.&o 329.829 1,892,651 128,972 7,870,544 1,558,887 1,763,679 6.311,667 t These are results for properties owned, Strike of employes In October, 1901. 8treet Railway Net Earnings.— The following table give* the returns of Street railway gross and net earnings received this week. In reporting these net earnings for the street railways, we adopt the same plan as that for the steam roads that is, we print each week all the returns received that week, but once a month (on the third or the fourth Saturday), we bring together all the roads furnishing returns, and the latest statement of this kind will be found in the Chronicle of November 23, 1901. The next will appear the issue of December 21, 1901. — m — — Ne Gross Earnings. Ourrent Previous 6,044,493 1,114.266 Net operating inoome. 2,232,724 t 4,930,227 Miscellaneous income, not including land sales 49,867 yet income 2,282.591 Main system 26,2»8 Proprietary lines 67,160 206.861 254,107 1,830,839 26,*24 6.518,518 117,245 5.184,334 1*9.680 2,308.879 1,857,263 6,635.763 5,314,014 — Total Note.— Operations of the St. Paul A Duluth Included in both years. Schuylkill Traction.—The Schuylkill Traotion Co. (Glrardville. Pa.), reports gross earnings for November. 1901, at $11,382, against $7,722 in November, 1900. For the seven months from May 1 to November 30, 1901, earnings were $91,616, as against $75,264 for the same period of 1900. STREET RAILWAYS AND TRACTION COMPANIES. The following table shows the gross earnings for the latest period of all street railways from whioh we are able to obtain weekly or monthly returns. The arrangement of the table is the same as that for the steam roads that is, the first two columns of figures give the gross earnings for he latest week or month, and the last two columns the earnings for the calendar year from January 1 to and including suob latest week or month. STREET RAILWAYS AND TRAOTION COMPANIES. — Latent Qrots Earnings. jan. 1 to Latent Date Tear. Week orMo Our'nt Prev'ut Ourrent Prevwui Tear. American R'ys. Co.(. Ootober Augusta (Ga.) Ry. & Elec Nov'mber. Blnghamton RR October... . Br'klynRap.Tr.Oo.. Chicago & Mil. Elec. Oin. Newp. &Cov.... OityEleo. (Rome.Ga.) Olev. Chagrin F's El'o Cleveland & Eastern Cleveland Eleotrlo . Oleve. Ely A West... Cleve. Palnsv. & E. . . October... Ootober... September October . . Ootober... October... October... Ootober . . Ootober... Coneol. Trao. (Pitts.) Ootober Dart & W'port St. Ry Ootober... Denver City Tram.. Ootober Detroit & Port Huron Shore Line Ootober... Detroit U nlted 4thwkNov . . . . . Tear. Tear. $ $ 66.710 9 722,498 a 666.019 15,772 169,950 14,792 170,000 l,067,10f 991,454 10463946 15,253 12,49^ 147,413 610.642 "3,147 34.493 3,781 5,12» 4.125 39,365 8,765 7,201 75,163 200,280 194.6i5 1,905,914 22,786 J 6,812 208,728 15,639 14,075 189,823 277,008 257,180 2,529,557 9,789 7,685 105,124 141,366 114,373 1,255,921 157,049 152.494 82,378 18,031 16,884 31,009 76.086 Tear. 100t>6066 121 284 688.710 33.976 40,925 52,131 1,701.316 147,861 120,259 2,367,595 88,256 1,077,960 28.942 327,216 237,761 65.569 2.641,56=) 2,331.301 Earnings.—. Fear. 15,772 157,049 8,019 67,671 6,104 65.264 3,453 2,760 13.551 294,710 1,469,188 1,189 13,237 351,472 1,616,388 $ 18,031 169,950 Jan. 1 to Oot. 31 Previous Tear. 9 Tear. Roads. Augusta Ry. & Eleo.Oct Black River TractionJuly 1 to Sept 30 19,010 C1.& Ohag. F. Eleo.aOct 5,128 4.125 Jan. 1 to Oct. 31 39.365 40,925 Brooklyn Rap. Tr.a.Oct. 1,067.106 991,454 July 1 to Oct. 31 4,500,707 4,217,«12 Central Crosst'n (N. Y.)bJuly l to Sept 30 118,568 117,228 Clev. &Eastern.a..Oct. 8,765 7,201 Jan. 1 to Oct. 81... 75,163 52,131 Detroit & Port Huron Shore Line a Oct. 31,009 28.942 Jan. 1 to Oct 31 327,216 237,761 Duluth-Sup. Trao.. Oct. 37,116 Jan. 1 to Oct. 31 373,945 Lond.8t.Ry.(Can.)aOct 10,105 9.257 Jan. 1 to Oct. 31 116,814 97,641 . 36,704 4,141 32,038 12.262 138,614 16,155 164,870 3,749 44,539 39,106 8,758 22,275 11,761 103.17S 16,504 2,054 27,999 Lynchburg (Va.) Traotion & LlKht— May 1 to Oct. 31.... Schenectady Ry.b July 1 to Sept 30 Syr Lakes. & Baldwinsv.July 1 to Sept 30... Toledo Rys. & Lt a Oct. Jan. Earnings. 1 Ourrent i 83,359 33,926 47,492 22,807 23,605 8,603 44,530 114,666 to Oct. 31.... 1,072,250 40,614 101,220 972,478 15.453 60,049 556.126 12,771 49,126 457,145 82,489 34,065 33,572 Utica Belt LineJuly 1 to Sept 30.... 89,013 a Net earnings here given are after deduotlng taxes. b Net earnings here given are before deduotlng taxes. Interest Charges and Surplus.— The following Street railways, in addition to their gross and net earnings given in the foregoing, also report charges for interest, &c, with the surplus or deficit above or below those charges. , Int., rentals, etc. Ourrent Tear. Roads. Black River TractionJuly 1 to Sept 30.... 26,390 > Tear. 9 1,377 Central Crosst'n (N. Y.)— July 1 to Sept 30.... — Previous 9 ^-Bal.ofNet Sam's.—. Ourrent Previous Tear. 9 Tear. 9 *2,392 27.038 *11,795 •13,420 THE CHKOJVJCLE. 1206 ^-Bal.o/NetEarn's.— Previous Current -Int. .rentals, etc. Current Previous Tear. Ytar. Roads. CI <fc Chag. F. Elf o . Oct. . . Jan. 1 to Oct. 31 Clev. & Eastern... Oct Jan. 1 to Oct. 31.... Detroit & Port Huron 1,362 11,238 3,205 35,683 1,398 2,313 1,004 10,906 3,123 27,568 936 635 def.8,615 del.5,293 2,792 41,919 1.792 24,739 9,692 62,032 9,470 96,695 1.957 19,800 Jan. I to Oct. 31.... London Street Ry..Oct. Jan. 1 to Oct. 31 Lynchburg ( Va.) Traction 1,691 18,294 A Light— 1 to Oct. & 2.074 41,146 363 9,705 14,646 18,750 31.... Scheneotady By.— Julf 1 to Sept 30 Syr. Lahes. 185 2,331 5,310 4,875 '30,144 *14,980 6,700 87,812 339.542 6,700 34,271 340.508 •10,274 22,237 216,584 '7,757 14,855 116,637 Baldwinsv. July 1 to Sept i>0.... Toledo RyH. &L'ht..Oct. Jan. 1 to Oct 31 Vtica Belt LineJuly 1 to Sept SO.... 1900-01. Conduct'g transp'n. General Taxes Total '21,912 14,350 14,640 '20,441 1,33(5,803 (71-55) 387,514 51,243 551,458 16,321 559,719 14,975 531.541 11,777 438,757 566,779 574,694 543,318 373,749 339,741 331,820 cr. 2j£6 57,9tO 57,960 170,023 (Ha) 85,005 13 319,629 560,829 5,950 437.840 105,478 Total cr. 6,Sqj 57,960 (3) Total 431,709 7,048 Surplus... 1167 f|65 "82 1059, 1065 955 1000 1009 956 f58 1115 1108, Baltimore & Ohio H96 & Aroostook Bangor 1007 Boston & Maine 1'68 Buffalo Gas 954 Canada Atlaniic 840 Central of Georgia 720, 839 Chicago & Alton Chicago Burlington & Ouincy. .780, 787 H39 Cincinnati Ham. & Dayron 955 Cleve., Akr..n <s Columbus 953 Cleveland Lorain St, Wheeling 841 Colorado Midland 1109 Lake Superior Consolidated 841 Crucible Si eel of America 842. 897 Distilling Co. of America 842 Reaning Glucose Sugar 780, 896, 903 Great Northern Hall Signal Co. (bal. sheet of May 842 31,1901) 840 Indiana Illinois & Iowa 1069 Iowa Central City Ft. Scott & Mem. RailKansa« 1165 way (application to list) 1157 Lehigh & Hudson River 1007 Mai ne Cent ral 1057 Manhattan Ry 1110 Mergeni haler Linotype Page. Railroads, Etc.— (Con.)— Minn. St. P. & Sault Ste. Mane.... 897 Minneapolis & St. Louis 953, 961 1008 Mobile Jackson & Kansas City K'53 Mobile & Ohio 836, 781 Nash. Chat. & St. Louis N. V. Cent. & Hud. River. .719. 779. 790 953, 963 PaciflcCoast People's Gas Light & Coke (bal. 953 sheet of Oct. 1. 1901) 1158 Pittsburg Brewing Pittsburg <s Western 1109 Portland* Rumford Falls 1008 Pullman Co 898 Railroad Securities (official state953 ment) Reading Company 780 837, 846 Rio Grande Western 1157, 1164 Rutland 10u7 1059 St. Joseph & Grand Island 840 "t. Lawrence & Adirondack St. Louis & San Francisco 896, nil 954 >aata Fe Prescott & Pboenix Somerset R v 1008 Texas Central 954 8u6 Toledo St. Louis & Western 115H United Breweries of Chicago United Fruit 1060,1066 Vicks. Shreve. & Pac 1157 Western Union 783 Westingbouse Air Brake (bal. sheet of July 31, 1901) ... 849 Wheeling 4 Lake Erie 1058 Wisconsin Central ,...888, 85*. 8TRKBT RAILWAYS— Paot. 1059 Montreal Street Ry (Report for the year ending June 30, 1901, J The report of President E. Hawley, containing much important information regarding the operation and improvement of the property by the new ownere, will be found on pages 1217 and 1218. The following table shows the condition of tracks and bridges and the changes during the year : Change* during 1900. the year. 149'10 Inc. 5575 188 47 rails.mlles line and branches, 56-lb. steel 12423 rails.mlles 38-26 Branches, 50 lb. Iron rails, miles Metal spans on masonry, railroad, 2,726 linear feet 1,108 Wooden Howe truss bridge, lln'r feet. 45,045 Timber trestles, linear feet 1,097,800 Oak ties in track, nu-nber 670,900 Soft wood ties In track, number 130 00 Main line ballasted, miles 2220 Branch lines, ballasted, miles 242 85 Main line to be ballasted, miles 105-01 miles... Branch lines to be ballasted, Main June 30, 1901. 20485 Dec. 6-75 18172 Dec 21-24 27-76 10299 Dec. Inc. 1,224 3,950 Dec. 978 431 130 Dec 10-50 44,614 Inc. 88,000 1,186,800 Dec. 78,000 Inc. 15 Dec. 15 592,900 145 22-20 227-86 105 01 Statistics.— Statistics of earnings, expenses, charges, etc., have been compiled for the Chronicle as follows OPERATIONS AND FISCAL RESULTS: 190001. 506 1899-00. 1898-99. 1897-98. 513 609 509 602,248 539,634 664,225 478,455 " " luille. 17,184,864 16,471,423 14,784,479 13,079,724 2-35 ots. 2-365 ots. O 237 ots. 2-43 Ots. pass. p. mile. Rate p. Pass, oarried (No.).. 1,742,379 1,540.716 1,667,202 1,323,342 Fr't (tons) oar. 1 m. 252,497,682 265,417,072 205,650.328 155,993,134 0-823 ots. 0-709 ots. 696 ots 0-94 ots. Rate per ton per Freight (tons) oar'd Earnings— Passengers Freight m $ ..... Mail, express, etc.. Total $ 30. 1898. 1899. $ 283.576 27,715 201,456 207,537 34.485 173,405 152.618 40,994 129,682 4,986,162 350.233 2,498 5,240,725 13<,432 82,371 5,542,966 358,116 50,871 22,511,992 26,977,722 26,894,950 27,030,379 14,163,743 6,900,095 49,091 14,159,180 6,650,095 36,692 490,139 330,000 32,054 101395" 4,986,162 25,000 1,438 285,297 225,000 31.061 5,240.725 1,276 254,947 14,151,388 6,355,645 43,755 250.538 22,511,992 26,977,722 26,894,950 RR — Liabilities Stock (see Inv. Sup.) 14,179,707 Bonds (see Inv. Sup. ) 7,649,545 Int. due accrued.. 73,061 Misc. aoo'ts payable. 471,092 & Loans Taxe e acor u. not due , B'ds & st'ks in treas. Miscellaneous Income aocount Total —V. li, p. 1061, 1059. "2,941 47,o 69 29,508 5,542,966 16,902 639,682 27.030,379 Kansas City Southern Railway. (Statement for year ended June 30, 1901. The statement for the fiscal year ended June 30, 1901, as it will appear in the forthcoming annual report, and the results for the quarter ended Sept. 30 in 1900 and 1901 are furnished by Harriman & Co. in their bond circular (see page 1207) as follows: .—3 mos. end'g Sept. 30.-> 1D00. 1901. Gross receipts Operating expenses $1,075,893 ? Qlnft7 . 5*10,074 Taxes J Tear 1900-01. $1,182,737 „i i 881,0^ flfl , $4,753,066 8,369,403 114,600 Total operat'g exps. and taxes $910,674 Net receipts from operations $165,209 Miscellaneous income *Kau. City Sub'ban Belt Ry. Co. (net results) $301,215 83.484,003 $1,239,063 32,414 523 183,813 Income available for fixed charges Fixed charges $333,629 $•581,521 $1,453,399 790,903 Surplus for the year. $662,496 * The Kansas City Southern Ry. Co., by reason of ownership of bonds and stock, is entitled to receive the net earnings, and so they are included. The Kansas City Suburban Belt Ry. Co. is operated separate- ly.-V. 73, p. 723, 616. Iowa Central Railway. line, 70-lb. steel rails, miles line and branches, 60-lb. steel 61,948 257,617 163,550 104,713 Miscellaneous is June 30, 57,960 9 Assets— stock authorized.. ments. This index does not include reports in to-day's Chronicle. Page. 1W)8 1900. $ cr. j 607 472,212 102,482 CONDENSED BALANCE SHEET JUKE I.C & W. companies which have been published since the last editions of the Investors' and Street Railway Supple RAILROADS, ETC.— Alabama Great Southern Alabama ;& Vicksburg American Alkali 383,414 186,547 622,172 82,623 62,152 1,560.856 (73 6 Disbursements — Interest on bonds .. Other interest Rentals Dividend on pref'd. Miscellaneous Total reports of steam railroads, street 1897-98. 9 a 481,121 195,199 728,114 91,245 65,177 1,774.461 (76 2») 1,896.609 (8303) Net earnings.. Rentals and uilscel. Cash on hand Current aoo'ts coll'e. Balance of bonds and an index to all annual railways and miscellaneous Annual Reports.— The following Ave. miles operated Operations— 858,294 102,294 72,111 189899. Roadandequipment 21 ,577,124 21,126,080 21,017,994 21,161,177 ANNUAL REPORTS. Main Main 220,72-; 1901. Alter allowing for other Income reoelved. American Bicycle American Cotton Oil American Linseed American Maltiig American Soda fountain. American Typefounders American Window Glass $ 521,036 632,302 282,565 817,734 88,124 76,884 Supplies on hand... * 1899-00. $ Expenses— Malnt'oe of way, eto. " equipment. P. o. exps. to earns.. Oct Shore Line May Tear. Tear. 9 [Vol. LXXIII. 414,473 1,789,979 79,671 398,562 1,847,666 79.691 $ 354,844 1,693,260 72,471 323.529 1,472,710 72,110 2,284,123 2,325,919 2,120,575 1,868,349 $ Tori in gt on Company. (Report for the year ending Sept. 1, 19C1.) The report of Mr. H. H. Skinner, the President, says: The business of the various companies which are owned by your company has been satisfactory during the past year. Almost every line of produot has been Increased. The English business especially is increasing, and promises before long to become a considerable factor as an income producer. The Standard Spoke & Nipple Co., of whose stock your company owns a considerable majority, has done a fairly profitable business, but has charged off aU its profits to capital account, deeming it wiser to do so for this, Its first year, than to pay any dividends. The following is the income account for two years: TORBINGTON CO. INCOME ACCOUNT. Receipts— Dividends Exoelsior Needl* Co. Rent Excelsior Needle Co Dividends and interest 1901-00. 1899-00. $200,000 100.C0O from securities $100,000 107,500 66,974 10,654 Total receipts, eto $285,128 $312,771 $280,000 7,920 3,100 $280,000 10,300 $291,020 def. $5,892 $192,801 $292,379 sur. $20,392 $198,693 Profit Payments— Dividends and interest and directors' fees Salaries Miscellaneous Total payments ...'. Balance Cash assets Sept. -V. 1 9,249 8,522 2,079 71, p. 912. GENERAL INVESTMENT NEWS. RAILROADS. INCLUDING STREET ROADS. Atlanta Knoxville <fc Northern Rj.— Called for Payment. — The $117,910 certificates of indebtedness of 1897 (coupon scrip) has been called, and will be paid on Jan. 2, 1902, at the Bank York City, or at of the Manhattan Co., 40 Wall Street, New the office of Smith, Hammond & Smith, 509 Building, Atlanta, Ga.— V. 73, p. 1109. Baltimore & Co. and Speyer Ohio & Co. Prudential RR.— New Mortgage.— Kuhn, Loeb & have jointly purchased $20,000,000 of December 7, THE CHRONICLE. 1901. 1207 4 per cent Pitteburg Lake Erie & West Virginia Divis- at the Farmers' Loan &. Trust Co., New York, interest ceasrefnndiDg mortgage bonds, part of a total issue of $75,- ing Jan. 1. 1902. V. 78, p. 660, 662. ion 000,000. The new mortgage is made for the purpose of Chicago Union Transfer Rj.—Description of Property. financing the recent acquisitions of the Ohio River, Cleve- The "Railway Age" of Chicago in its issue of Nov. 15, and land Lorain & Wheeling, Pittsburg & Western, etc. It will the "Railway and Engineering Review'' of the same city In provide, also, for underlying issues as they mature and for its issue of Nov. 16, eaoh gave a long illustrated article deextensions, improvements, equipment and future require- scribing the great clearing yards for through freight which ments. The securities of the several companies no>v in the are being established by this company on the " Stick ney B. & O. treasury will be deposited as collateral security for tract," about 12 miles southweht of Chicago. This tract is the new bonds. The details of the issue have not yet been about 13,000 feet long and 670 feet wide and is crossed by no determined upon, but it is thought the bonds will mature in public thoroughfare. It is estimated that from 5,000 to 8,000 forty years, with a redemption feature after 1925. cars can be received, classified and dispatched from the yards The same bankers have agreed to take any part of the new per day. The Chicago Transfer & Clearing Co. is an allied B. & O. common stock not taken under the offer to theshare- corporation.— V. 73, p. 1159, 1063. holders.-V. 73, p. 1159, 1115, 1108. Cincinnati Georgetown & Portsmouth RR.— Authorized. Bine Grass Consolidated Traction Co.— New Enterprise.— The shareholders on Dec. 4 approved the proposition to inThis company filed articles of incorporation at Lexington, crease the capital stock from $523,000 (of which $125,000 is Ky., on Dec. 8, the authorized capital stock being $7,000,010 prefeireo) to $1,500,000, and to make an issne of $1,000,000 5 in $100 shares. The incorporators are: per cent mortgage bonds.— See V. 73, p. 1010, 782, H. O. Beatty, George B. Davis and H. B. Davis of Detroit, C. B. Chicago Great Western Ry.— Application to List.— The Knapp Jr., of Chicago, and W. J. Loughrldge, Hal P. Headley and M. company has asked the New York Stock Exchange to list Alford of Lexington. O. Hon. George B. Davis of Detroit, Mich., one of the leading $900,000 additional 4 per cent debenture stock.— V. 73, p. 783, 722. spirits in the enterprise, is quoted as saying: The company purposes to build trolley Hoes connecting Lexington Bonds Offered.—Cyrus Cleveland Elyria & Western Ry with the surrouudlng towns-Paris, Winchester, Mt. SterllDg, RichPhiladelphia are cffering at 101J^ and intermond, Versalilt b, Frankfort, Nloholasvllle and Georgetown, in all Pierce & Co. of about 140 miles of road. The power house will be located In Lexlng est a block of the first consol. mortgage 5 p. c. gold bonds, ton. The company will also ao a general lighting business, and make due 1920. Authorized issue, $1,500,000; outstanding, $1,000,artificial Ice. It will own its own coal fields and mine and transport to retire underlying bonds, $500,000. The No construction work Is expeoted to be done until next 000; in trust, Its own coal. spring, and no contracts will be let under sixty days, as it will take present offering of bonds will cover the cost of a 21-mile exthis length of time to get the necessary preliminary work done. The tension from Oberlin to Norwalk, making with the present main oilice will be in Lexington, with a branch oflioe In Detroit. mileage (69 miles) a total trackage of 90 miles. The extenBoone Rockwell City & Northwestern Ry.— Bonds.— sion, it is stated, will be ready for actual operation in the This company offers to investors, at par and interest, $1,- spring of 1902.— V. 73, p. 337. 800,100 5 per cent first mortgage gold ccupon bonds, due Colnmbns Wellston & Southern RR.— Sold.— This property Nov. 1, 1918, denomination of $1,000 each, secured by trust was sold at auction in Columbus, O., on Dec. 4, under order deed upon the railway constructed and to be constructed, of the United States Court, and bid in at $75,000 by Judge and upon the coal and other properties; interest payable on J. G. Reeves of Lancaster, for himself and Boston capitalMay 1 and November 1 at the American Trust & Savings ists, who propose to complete the line.— V. 72, p. 86. Bank of Chicago, the mortgage trustee, The company is Detroit Ypsilanti Ann Arbor & Jackson Ry.— Deal Not authorized to construct and operate a line of standard gauge from Boone, Iowa, to Rockwell City, Iowa, a dis- Closed. Treasurer S. F. Angus says the deal for the gale of railway property to the Everett- Moore syndicate has not been tance of 52 miles, and acquire coal land and operate coal the closed and he cannot say when it will be.— V. 73, p. 1159,957. advertisement says: mines. An Great Northern Ry.— New Director. — Frederick WeyerThe oompany has built and Is now operating that part of its line running from Gowrle to Fraser, and proposes out of this bond issue hauser has been elected a director, to succeed Col. "W. P. to refiu d Its present indebtedness, and extend Its line to Boone and Clough, who resigned to manage the Northern Securities Rockwell City, making connections andjliavtng joint trallio contracts 1061. with the Chicago & North Western Ry. Co., Milwaukee & St. Paul Co.— V. 73, p. 1160, Ry. Co Minneapolis & St. Louis Ry. Co.. Chicago Rook Island & PaHudson Valley Ry.— Extension.— Regarding the recently cific Ry. Co., Illinois Central RR. Co. and Chioago & Great Western authorized increase of the capital stock from $2,600,000 to Ry. Co. The road runs through th6 richest farming district in Iowa. The oompany owns also 3,500 acres of coal land and coal rights, and $3,000,000, we are officially informed that $200,000 of this is has In operation four mining shafts. * hioh. with buildings, machinery to be used at once to provide for the construction of an exand equipments, are valued at upwards of $1,000,100, whloh property tension from Ballston to Mecbanicville, which is expected is Included in said trust deed. to be in operation within six weeks. This line will be 13 The company is miles in length; 8 miles of it have already been graded. Office, 218 La Salle St., Chicago, Illinois. successor of the Marshalltown & Dakota Ry., Hamilton Bonds.— Of the bonds shown in our Street Railway SupBrowne, President, Boone, Iowa. See V. 69, p. 591. plement as underlying the new mortgage, two issues (the Boston Elevated Ry.— Report -The report for the year $4<0,0u0 Warn n County firsts and the $500,000 Greenwich ending Sept. 30 shows & Schuylerville bonds) now outstanding are, as stated last Gross. Net. Olh. inc. Bal.,8ur. week, subject to call and will be replaced by the new 5s; also Tear. Charges. 190O-O1 ....$10,792,993 $3,456,396 $76,503 $2,b96,360 $6 46, the $150,000 third mortgage 6s of the Glens Falls Sandy Hill 3,313,099 476,045 1899 00.... 10,141,209 95,785 2,932,839 & Fort Edward Street Ry. are payable at par on or after From the surplus as above were paid dividends amounting April 1, 1902. After the redemption of these last, the underto |575,f 00 (5% per cent) in 1900 01, against $337,500 (4}£ per lying liens, it is understood, will aggregate only $747,500. J-0i», leaving balance, f-urplus. of $61,539 in 19J0 01, cent) in 18W l There are no Saratoga Traction second mortgage bonds outagainst $138,514 in 1899- 00.—V. 73, p. 956, 615. standing, while the amount of the Stillwater & MechanicCanton-Massillon (0.) Electric Ry.— Sold.—This prop- viile second mortgage bonds is $250,000.— V. 73, p. 1160, 1061. erty is reported as sold to Philadelphia parties. Kansas City & Northern Connecting RR.— Pui chase ComCharleston & Western Carolina Ry. Report.— The report pleted.— Payment for this road, which was recently bought for the year ending June 30, 19ul, shows Dy John W. Gates, was made Nov. 30 in this city.— V. 73, p. new — — — — ; , : ft:- : Gross. Tear. 19C0-01.... $.63,297 00.... £93,946 1899 —V. 66, p. 953. Net. Other inc. $232,753 233,052 $2,474 3,237 Taxes. Charges. Sal ,sur. $42,700 $182,905 42,000 172,000 $9,622 32,289 Chatham & Lebanon Yalley RR.— New Bonds. —The new mortgage made to the Standard Trust Co. of this city as trustee sec ares $5L0,000 of 4 per cent $1,000 gold bonds dated July 15, 1901, and due July 15, 1951, principal and interest guaranteed by endorsement; interest payable at agency of Rutland RR. Co., New York City.— V. 73, p. 1111, 1061. — Chestnut Ridge RR. Sold. This chased at auction on Nov. 30 by James N. Y., for $31,000, subject, it is said, to 000. A meeting for reorganization has 20.— V. 73, p. 1111. property Deemer was par- of Yonkers, a mortgage of $40.been called for Dec. Chicago Burlington & Qnlncy RR.— Lease.— The lease of company's property to the Chicago Burlington & Qaincy Railway for 999 years at a rental to pay 8 per cent on the stock of the old company has bten placed on record. Pres- this ident Harris is President of both corporations. Called Bonds.— Ot the Iowa Division bonds of 1879 $74,000 5 per cents and $154,000 4 per cents have been drawn for payment in Boston or at the National Bank of Commerce in this city on April 1, 1902, at 105 and accrued interest for the 5s and 100 and accrued interest for the 4s. Interest will cease on April 1.— V. 73, p. 1111, 1061. Chicago & Eastern Illinois RR.— Called Bonds.— The fol lowing bonds iteued by the Indiana Block Coal RR. have been drawn for the sinking fund, viz.: Nos. 135, 137, 156, 188 and 193, for $510 each, and^No. 91 for $1,000. The principal and accrued interest of the bonds will be paid upon presenta'ion 1061, 957. Kansas City Sonthern Ry.— Bonds Offered.— Harriman & Co. are offering at 73 and interest $1,000,000 of this company's first mortgage 3 per cent fitty year gold bonds, of which there are $5:6, 197,510 outstanding. A statement of earnings for the year ended June 30, 1901, will be found on page 1206.—V. 73, p. 723, 616. Lake Superior & lsnpemiag Ry. —Called Bonds.— Two hundred first mortgage bonds ot 1896 have been selected by lot for redemption at 105 and acccrued interest on Jan. 1, 1902, at the office of the Farmers' Loan & Trust Co., New York.— V. 72, p. 1136. RR.—Settlement of Old Account.—The disputed claims arising out of the lease of the property made to the Reading in 1892, but abrogated in August, 1893, have been finally adjusted, and the Court will be asked to discharge the receivers of the old Reading Company. The last balance sheet of the Lehigh Valley an V. 72, p. 142) shows the claim against the Reading as $3,215,341, with contingent offsets of $1,104,487 for construction, $452,041 for equipment and $145,931 for unadjusted lease accounts, leaving a balance due the Lehigh Valley of $1,512,872. The basis of the settlement has not been made public— V. 73, p. 663, 391. Lehigh Valley — Long Island RR. Atlantic Avenue Improvement Begun. Appropriate exercises at the corner of Atlantic and Bedford avenues on Tuesday marked the beginning of the Atlantic Avenue improvement. This improvement will eventually remove steam service from the surface of Atlantic Avenue, and, in connection with the Rapid Transit tunnel, afford quick connection with Manhattan.— V. 73, p. 1160, 1011. THE OHKOMULh. 1208 Kj.— See Los Angeles Pacific Electric Ry. p. 1149. (Ky.) LonlSTille "Times' on Dec. Ry. Street 2 said below.— V. — Offer. — The 70, Louisville : It was learned to day on excellent authority that a strong effort has neen made recently by.'an Eastern syndloate to purchase jointly thn Louisville Ry. Oo. and the Louisville Gas Co. A verbal offer of 120 for both the oonimon and preferred stock of the Louisville Ry. Oo. aDd 115 for the Louisville Gas Oo. was made Both companies let it be known qulokly that these figures had no at'raotlon for them. Whether a renewed effort will be made at higher figures remains to be seen. Other conflicting rumors are given by tb« '"Courier Journal,'" which further quotes a stockholder as saying that for several months he was approached regarding a possible guaranty of dividends on a sliding scale. This latter statement recalls the mysterious United States Traction Co. mentioned in V. 73, p. 786, 554.— V. 78, p. 494. Manaos Railway.— New Securities. Tne shareholders will meet in Room No. 1,940 No. 25 Broad St. on Dec. 17, for the purpose of authorizing an increase in the capital stock from $70i>,000 to 51,400,000, and a second mortgage to secure $600,000 of 6 per cent 20-year gold bonds. Manhattan Ry.— Electric Trains. — Electric service is expected to be begun on the Second Avenue line within two or three weeks.— V. 73, p. 1061, 1057, 336. — New York.— Directors.— Thos. Ryan and Harry Payne Whitney resigned as directors Metropolitan Street Ry. of F. some time ago and were succeeded by Oren Root Jr., assist- ant to President Vreeland, and D. C. Moorehead, Auditor of the company. The resignations are, it is stated, without significance. Another Electric Line. In spring the plan is to change the 9th Avenue line from 53rd St. soutn into an electric road. Apphcation Denied. The Appellate Division of the Supreme Court yesterday denied the application for the appointment of Commissioners to determine whether or not the Kingsbridge Railway should be constructed, certain statutory requirements not having been complied with.—V. 73, p. 1160. — — — — Deposits. The readjustment Mexican National RR. managers give notice that deposits of over 993^ per cent of the outstanding second mortgage Saries "A" and "B" bonds, all of the income bonds and over 97}£ per cent of the stock (trust certificates) under the plan of Oct. 8 being assured, further deposits of bonds and stock will only be accepted upon a oash payment of 2 per cent on the par value of the bonds and $2 per share of stock deposited up to and includ- ing Dae. 31—V. 73, p. 1160, 1112. Michigan Central RR. Reincorporation.— The stock- holders on Dec. 4 voted to surrender the present charter and reincorporate under the Michigan general railroad law of The new incorporation will became effective at mid1897. night on Dec. 30. -V. 73, p. 1061, 616. Michigan Traction Co.— See Railways Co. General be- low.— V. 73, p. 445. New Hampshire Traction Co.— Purchase.— This company, having $1,000,000 of authorized capital stock, has purchased from Wallace D. Lovell of Newton, Mass., as managing owner, the following street railway properties: Exeter Hampton & Amesbury, Amesbury & Hampton, Dover Somersworth & Rochester, deabrook & Hampton Beach, all now in operation; the Haverhill Plaistow & Newton and Haverhill & Pialstow, nearing completion, and Portsmouth & Exeter, to be constructed next spring. When completed the system will extend from Haverhill in Massachusetts, northerly to Dover and Rochester, in New Hampshire, reaching Hampton Beach and Exeter, with connections to Portsmouth. The officers are: President, W. W. Woodman; Vice-President, C. H. Tenney; Treasurer, H. A. Tenney; Cierk, Samuel W.Emery. New York Brooklyn & Jersey City Rapid Transit Co.— See New York & Brooklyn Union Transportation Co. below. V. 71, p. 864. New York & Brooklyn Union Transportation Co.— Application Denied. The State Railroad Commission has denied the application of this company and the New York Brooklyn & Jersey City Rapid Transit Co. for permission to and Amesbury, — construct and operate railroad tunnels from Manhattan to Brooklyn.—V. 70, p. 280. Norfolk & Western Ry.—Pocahontas Coal— It is reported that the Norfolk & Western will acquire the property of the recently organized Pocahontas Coal & Coke Co., issuing therefor $20,000,000 of 4 per cent purchase money bonds. No official information is obtainable, but it is understood the project is being furthered by the Pennsylvania RR. Co. The acquisition of the extensive coal tract owned by the Pocahontas Co. will insure to the Norfolk & Western a large coal tonnage, which might otherwise lead to the building of a rival road.— V. 73, p. 957, 843. Northwestern Elevated RR. Co. or Chicago.— Called.— All of the first mortgage 5 p. c. gold bonds of 1900 nave been called for redemption Jan. 1, 1902, at 105 and accrued interest, at the Illinois Trust & Savings Bank, Chicago, 111.— V. 73, p. 1161, 957. Old Colony RR.— Stock recently authorized der, Peabody & Co. were at Sold.—The 1,500 shares of stock sold at auction on Nov. 29 to Kid- 210^.—V. 73, p. 1011, 957. Pacific Electric Ry. of Los Angeles, Cal.— Incorporated.— This company, whose authorized capital stock is $10,000,000 in $100 shares, recently filed articles of incorporation in California, presumably with a view to consolidating the street [Vol. LXXIII. railways of Los Angeles aud vicinity. Of the capital stock, $452,000 has been subscribed by the directors, who include besides A. Borel of San Francisco and Epes Randolph, John D Bicknell and J. S. Slauson of Los Angeles, the following officers of the Los Angeles Ry. Co., viz.: President, H. E. Huniington; Vice-President, Cb. de Guigne; Treasurer, I. W. Hellman. operate street follows: The company railway is lines empowered to maintain and aggregating 462 miles, as ifiles. Loe Angeles, northerly and easterly via Monrovia, Duarte. San Bernardino, Redlandsfand Riverside, to Santa Ana, with branches to Oovina, Pomona and Highland, tn all 145 Colorado St. In Pasadena to 81erra Madre 17 South Pasadena to East San Gabriel 5 Los Angeles to Whlttier and Santa Ana, with branch to Pomona.. 60 Los Angeles to Long Beaoh and Santa Ana, with branohes to Ban Pedro and Covina 85 Los Angeles southerly to San Pedro with branoh to Redondo 35 Los Angeles to Sinta Barbara 115 Pennsylvania RR. Trolley Servicz Discontinued.—It is announced that the trolley service between Mount Holly and Burlington, N. J., which was interrupted by the burning of the power house several weeks ago, will not be resumed; steam trains will take its place. New Equipment.—In addition to the 14.C00 freight cars already mentioned (V. 73, p. 1112) an additional lot of 4,000 has been ordered, all cars of 100,000 pounds capacity. The new locomotives to be purchased or built at the company's shops in 1902 include about 300 engines for the lines east and 100 for the lines west of Pittsburg. Bonds.— See Baltimore & Ohio and Norfolk & Western above.— V. 73, p. 1112, 957. Philadelphia Co. of Pittsbnrg.— Acquisitions Ratified. The several propositions covering the acquisition by lease and exchange of stock of all the street railway and electric light and power enterprises in and around Pittsburg that were not already under the control of the company were duly approved by the shareholders at the meeting on Dec. 4. Full particulars regarding these acquisitions were in the Chronicle of Nov. 23, page 1112. Exchange. The time for exchange of Consolidated Traction Co. stock has been extended until Dec. 24.— V. 73, p. 1112, — — 1011. (Quebec & Lake St. John Rail way.— Status.— The holders of certificates representing the old 5 per cent first mortgage bonds at a meeting in London recently approved the report of the bondholders' committee. resolution was also passed approving the transfer to voting trustees of a portion of the common stock of the company. The Chairman of the meeting said that the present bonded debt consists of £442,400 of first mortgage bonds (instead of £990,000 on all portions of the line, as originally created), and income bonds of £648,381, making the total £1,082,781, roughly, as against £1,000,000 previously. There is, he said, every reason to believe that the company will be prepared to meet regularly the first fixed charges, and it is hoped that the time is not far distant when a beginning will be made with the payment of interest on the income bonds. The two new series of first mortgage bonds and income bonds are in the denominations of £100 and £50. Messrs. Coates, Son Co. have undertaken, without remuneration, the distribution of the new securities. The readjustment plan was in V, 71, p. 391.— V. 72, p. 989. A & Railways Company General.— New Lines.—-This com- pany, which controls the Michigan Traction, operating 48 miles ot trolley lines in Kalamazoo and Battle Creek, Mich., and connecting the two cities, will extend the system about 40 miles easterly to Jackson, passing through Albion and Marshall. At Jackson connection will be made with the Detroit Ypsilanti Ann Arbor & Jackson Ry., which is building a line from Detroit to Jackson.—V. 73, p. 1011, 900. Reading Company.— Settlement. See Lehigh Valley RR. Co. above.—V. 73, p. 1161, 846, 837. St. Lonis & San Francisco RR.— Car Trust.— A 4 per cent car trust for $1,600,000 has been authorized, to cover the new equipment which was ordered not long ago. Executive Committee, Etc The Executive Committee, as increased from five to seven members, includes: B. F. Yoakum, Chairman; Frederick Strauss, Secretary; Nathaniel Thayer, Edward O. Henderson, James Campbell, H, Clay Pierce and — — Jamas J. S. A. Blair. is now Assistant Secretary and company.— V. 73, p. 1161, 1113. Ford urer of the Assistant Treas- Southern Ry.— Mortgage Trustee.—The original incumbents being dead, the Court has been requested to appoint the Guaranty Trust Co. trustee under the mortgages made in 1873 and 1880 by the Richmond York River & Chesapeake RR. Co.— V. 73, p. 116,1, 664. Southern Ohio Traction Co. Dividend Deferred Pending circular signed by President Will Christy Consolidation. and Secretary H. C. Ling, says: "The board of directors has in contemplation a consolidation of the company's property with several other railroad properties, the financial arrangements for which are substantially complete, and which consolidation, in the opinion of the directors, will result in decided advantage to the Southern Ohio Traction Co. The earnings of the company are larger than at any time since its organization and are in excess of the amount required to pay the regular dividend, but in view of the pending consolidation, the board of directors deems it wise to defer action with respect to the declaration of a dividend at this time," (see earnings on page 1107): also Western Ohio Ry. Co. below. V. 73, p. 844, 82. —A December 7, THE CHKON1CLE. 1901.] Springfield & Xenla (0.) Traction Co.— The company, as successor of the Little Miami Traction Co., has authorized a mortgage to secure $510,000 bonds. The work of oon struction. it is announced, has just been completed, and cars are expected to be in operation within sixty days. V. 72, p. — 776. Texas & New Orleans BR. New Bonda— Construction.— This company recently requested the Texas Railroad Commission to register $1,200,000 of 4 per cent first mortgage gold bonds on about 60 miles of new road on the Dallas division. This line is now completed south from Dallas to a point, on the Neches River, and north from Beaumont to a point 7 miles north of Nacogdoches, leaving an uncompleted gap of about 50 miles, which is now under construction. When completed the road, it is stated, will be 267 miles long, and will form a new route between Beaumont and Dallas and other points in North Texas.— V. 71, p. 664. Reputed Merger. See Tuscarawas Tuscarawas RR. Traction Co. below. Tuscarawas Traction Co.— Consolido t ion. This company has been incorporated with $350,000 authorized stock as a consolidation, it is stated, of the Tuscarawas RR. and Tus carawas Traction companies. The former operated about 10 miles of track between New Philadelphia and Uhricbsville, O., and the latter 5 miles from Canal Dover to New Phila- — — — The new company, 1209 the manufacture of at least that Immediately. The office is now number at that of Mr. of oollars weekly, commencing Downs, 44 Bread St.— V. 73, p. 84. Baltic Mining Co.— See Copper Range Consolidated Co. Bell Telephone Co. of Buffalo.— New Stock .— The $1,000,000 treasury stock is offered at par to the company's shareholders in amounts equal to 25 per cent of their present holdings. This issue will increase the outstanding stock to 15,(00,000— V. 70, p. 330. Bessemer Coke Co.— Increase of Stcck.— The shareholders will vote on Jan. 22 on a proposition to increase the company 's indebtedness. The company began business in 1MJ7, and is now described as the second largest independent manufacturer of coke in the Connellsville region, owniDg outright five mints and 770 ovens, and operating in all 1,000 ovens, with a capacity of over 600,000 tons of coke per year. W. Y. Humphreys, Lewis Building, PittBburg, is President. Bethlehem Steel Co.— Enlargement of Plant.—The direct- authored the enlargement of the plant in order to meet the Government's needs for armor plate for war slips. Vice President Borie is quoted as saying: We were requested by the United States Government to increase the capacity of our plant from 300 tons daily to 500 tons. Of course this means the Installation of much new machinery and the expenditure of a large sum of money. We are at present working en the large contract we were awarded by the Government last year. The ors have it is reported, will build about connect Canal Dover with Strasbnrg, alteration in the plant will begin at once. The old companies each tad $100,C00 outstanding bonds. It is supposed the extensions will cost about $500,000.— V. Twin City Rapid Transit Co.— Called Bonds.—Twenty 73, p. 1018, 786. ($20,0C 01 bonds issued in 1880 by the Minneapolis Street Ry. Co. Borden's Condensed Milk Co.— Preferred Stock.— This have been called and will be redeemed at 105 and accrued company, has reduced its common stock from $20,0i;0 000 to intereet on and after Mav 1, 1902, at the Farmers' Loan & $17,500,000, and has sold $3,750,000 of 6 per cent cumulative Trust Co., New York.-V. 73, p. 186. preferred stock for the purpose, so rumors say, of absorbing Utica & Mohawk Valley Ry. ( onsolidation Completed. several rival companies. Blair & Co brought out the new This company, formed last week by consolidation of the issue, which is now being quoted on "the curb" at 95@96^. Utica Belt Line and the Utica & Mohawk RR., on Nov. V. 69, p. 1195. 29 filed a certificate of merger of the Herkimer Mohawk Boston & Montana Consolidated Copper & Silver Mining Ilion & Frankfort Company, the Utica & Suburban Ry. Co., the Utica & Deerfield Ry. Co., the Little Falls & Herkimer Co.— On Monday the directors declared a dividend of $5 Street RR Co. and the Frankfort & Utica Street RR Co. per $25 share, but omitted the "extra" $5 which was included The terms of exchange are unofficially repotted for some of with each of the earlier quarterly distributions made this year. The present dividend is the November payment which the other companies as follows: Two shares f the stock of the Utioa & Mohawk RR„ issued prior to was delayed by the injunction modified last week. The Nov. 1, 1901, are convertible Into one share of the capital stock of dividends paid in 1901 on the $3,750,000 capital stock the consolidated company. The common and preferred oapttal stock (marly all of which is owned by the Amalgamated Copper of the Utica Belt Line RR. Co. are convertible into the preferred Co.) aggregate 140 per cent, this amount contrasting with stock of the new company, share for share. Each two shares of the stock of the Utioa Mohawk RR. Co., Issued subsequent to Nov. 1, the total in earlier years as follows TOTAL DIVIDENDS (PEE CENT) PAID IN CALENDAR YKAE8. 1901, are convertible Into one share of the common stock of the consolidated oompany.-V. 73, p. 1161, 723. 1901. 1900. 1899. 'J 8. '97. '16 '95. '94. '93-2. '91. '90. '69. '68 140 172 144 64 48 40 28 8 none 16 20 20 16 Warren & Corsicana Pacific Ry.— Bonds. The company Decision.— At Helena, Mont., on Dec. 3, the Supi erne Court, has applied to the Railroad Cjmmissioners of Texas for authority to issue bonds at the rate of $15,000 per mile on its in the litigation between the company and the Montana Ore road, extending from Warren to Campwood, Tex., 20 miles. Purchasing Co., confirmed the decision of Judge Clancy of An extension is projected from Warren to Corsicana, ab ut Butte denying the motion for an in junction to restrain the 150 miles. The capital stock is $100,000 in $100 shares. J. I. Montana Ore Purchasing Co. from working the Pennsylvania Campbell of Houston, Tex., is President; I. L. Campbell, mine pending a decision on the ownership of the mine by the Supreme Court. The decision also releases bonds for a large Treasurer and General Manager; Y. W. McNeil, Secretary. amount put up by Heinze to enable him to work the Rarus Western Ohio (Electric) Ry.— Mortgage.— This cempany Mine, which is part of the Pennsylvania. has made a mortgage to the Savings & Trust Co. of CleveCopper.— For the ten months ended Oct. 31 the total land as trustee to secure $3,000,000 of 5 per cent 20-year exports of copper are reported as 81,864 tons, against 150,065 bonds. The company recently increased its capital stock from $1,(00 000 to $3,000,000. A consolidation of this com- tons in the corresponding period of 1900, a decrease of 68,701 pany and the Southern Ohio Traction Co. (see above) has tons. Rumors that the Amalgamated Copper Co. has been selling large amounts of copper at prices ranging considerbeen rumored as pending.— V. 73, p. 237. ably below the 17 cent rate fixed some weeks ago (see ChronWorcester Railways & Investment Co.— See Worcester icle of Sept. 28, pages 634 and 664) have aroused much disTraction Co. below.— V. 73, p. 446, 392. cussion, but without eliciting proof of ihe claim, these in Worcester Traction Co.— Dissolution Approved.—The interest denying it emphatically.— V. 73, p. 1162, 724. shareholders on Nov. 29 voted to dissolve the corporation.— Central Union (Bell) Telephone Co.— Status.— An official V. 72, p. 628. report recently sent to the shareholders shows that in April there were 75,341 stations; on Oct. 31 91,485, a gain of 16,144; gross revenue in Jan. 1901, $192,889; in August, $220,435. On INDUSTRIAL. WAS AND MISCELLANEOUS. Nov. 14 C. H. Beers, a stockholder, dissatisfied with the reAmalgamated Copper Co.— Dividend.— See Boston & Mon- adjustment plan, applied to the Circuit Court at Chicago for tana Consolidated Copper & Silver Mining Co. below.— V. a receiver on the ground that the American Telephone & Telegraph Co., which owns a majoiity of the shares, is mis73, p. 1161, 1012. American (Bell) Telephone & Telegraph Co.-Output.— managing the property.- V. 73, p. 90l, 786. The output, of instruments for the month ended Nov. 20 in Cincinnati Gas & Electric Co.— New Stock.— The share1900 and 1901, and for the eleven months ended Nov. 20 in holders will vote Jan. 8 upon a proposition to increase the eaoh year, was: capital st( ck from $28,000,000 to $29,000,100. The new stock will be ''retained in the treasury to be sold at prevailing Month. 11 months. delphia. six miles additional to — — — < <fc — , , To Nov. 20- 1901. ..88,497 , 1900-01. 52,208 15,796 867,323 515,150 Total run, ber of instruments out Nov. 30 73, p. 958, 786. 2,467,966 —V. 60.987 « , 1600. Gross output Net output American Linseed Co.— Mortgage Released.—The lf-9900. ft76,5TO 319,460 1,899,965 $6,000,- 000 mortgage made last spring to the Morton Trust Co. as trustee has been released.— V. 73, p. 955, 959, 662. market rates as the financial necessities of the company from time to time demand."— V. 73, p. 618, 447. may Cleveland & Buffalo Transit Co.— Extra Dividend.— On Tuesday the shareholders approved the proposed increase in the capital stock lrom $750,000 to $1,000,000, iu accordance with the plan for distributing a portion of the accumulated surplus. See V. 73. p. 1063. Columbus & Hocking Coal & Iron Co.— Prop >sed Oil and Officers.— L. N. Downs and Dee Allen have been elected President, and Gas Company.—The company has issued a circular to its Treasurer, respectively, to succeed J. K. Tillotson and H. B. stockholders proposing to form a new corporation with $7C0,Hays. A circular to the stockholders under date Nov. 14 000 stock, to drill for oil and gas on the company 's lands. The says the company is without debt and has in its treasury $':0,- $10 shares of the new company will be offered at $3 a share American Pneumatic Horse Collar Co.— New 000 cash and $600,000 of its capital stock (authorized issue Mr. Tillotson continues to be one of the largest $2,000,000). shareholders. In a supplementary circular he says: The new management has, I am Informed, dosed contracts with oue wholesale harness house for the sale of 300 collars per week at a prloe that insures 100 per cent profit, and has completed arrangements for to the stockholders of the Hocking Coal & Iron Co. in amounts equal to their present holdings. The new company is to lease and operate (for oil and gas purposes only) such of the lands as are thought to be favorably located fur the purpose, granting to the parent company toe usual royalties, etc., given under such leases.— V. 72, p. 1185. THE CHRONICLE. 1210 Computing Scale Co.— In Operation— Notes.— The consolidation noted in V. 73, p. 1013 has been effected and the new company is therefore a going concern, la addition to the securities heretofore reported as authorized and outstanding, $205,000 notes have been issued in part payment for the property. The working capital is stated as $140,000 and the value of the tangible assets as $675,000.— V. 73, p. 1018. Consolidated Tobacco Co.— Dividend.— See Continental Tobacco Co. below.— V. 73, p. 844, 724. [Tol, LXXIII. business." Shareholders of record Dec. 4 are accordingly offered the right to subscribe at the Colony Trust Co.", Boston, to and including .January 10, 1902, for the new stock at $200 per share, at the rate of two new shares for every nineteen old t hares now held by them. Subscriptions are payable 30 per ceDt on or before Feb. 1, 1902, and the remainder on or before May 2, 1902, on which date certificates will be issued. The new issue will increase the outstanding capital stosk to about $7,800,400. The report for the year ended June 30, 1901 (not including the Boston Electric Light Co.) will be given another week.— V. 73, p. 1114, 786. Od Consolidation Coal Co. of Maryland— Called Bonds.— Twenty first mortgage bonds dated Jan. 1, 1897, have been Eiectrograpb Co. of America.— New Enterprise.—This drawn for the sinking fund and will be paid on presentation company has been incorporated at Dover, D-l., with a capi- on and after Jan. 1, 1902, at the Guaranty Trust Co. of York, at 105 with accrued interest, viz: New 2, 4, 7, 110, 113. 133, 163. 222, 261, 387,441, 540, 590, 604,639,668, 676, 685, 686, 742.-V. 72, p. 436. tal stock of $1,000,000 in $10 shares, American patents recently granted and has purchased the to H. R. Palmer and Thomas Mills of Cleveland, covering the transmission of halftone pictures, drawings, etc., by telegraph. Subscriptions are being received for $400,000 of the stock at $6 per $10 share. The company has no bonded debt. Officers and Directors: Continental Tobacco Co.— First Dividend on Common Stock.— A first dividend of 2 per cent has been declared on the common stock. About 99 per cent of this stock has been P. B. Squire, President, Vice-President Standard Oil Co., Cleveland deposited as part security for the 4 per cent bonds of the £. H. Buurne, Treasurer. Union National Bank. Cleveland; W. £* Bemls, Standard oil Co. of New York; John P. Taylor, Vice-President Consolidated Tobacoo Co. and treasurer Republio Iron & Steel Co.; Charles R. Huntley, VicePurchase. This company has purchased the machinery and President Cataract Power & Conduit Co Gen. Mgr. Buffalo General leaf tobacco owned by the Wetmore Tobacco Co. (V. 69, p. Electric Co., Buflalo; H. R. Palmer, M. E.. Cleveland; I. W. Durfee, Addison C. Thomas, Chicago; 1252), which was organized in 1899 as a competing concern Detroit; O M. Palmer, New York City James Martin, Chief News Editor, New York Tri bune W. H. K. Rose, by Col. C, Wetmore, the President of the Liggett & Myers Vice-President and Seoretary Electrograph Co., Cleveland. Tobacco Co. of St. Louis at the time it was sold to the Conti- — , ; M ; nental Company. The Wetmore Co., it is understood, will discontinue business and be dissolved. V. 73, p. 447. — R«e Building, Cleveland. O. & Iron Co.— New Directors.— Hank T. Cox Robert Winthrop & Co., Charles H. Zehnder, late President ot Dickson Mfg. Co., and David B. Gamble of Procter & Gamble, have been elected directors in place of W. L. Sims, E. K. Sumerwell and W. E, Scarritt, resigned.— V. 73, Steel of Copper Range Consolidated Company.— Consolidation.— This company was incorporated on Dec. 2 under the laws of New Jersey with office in |the Corporation Trust Co. Building, Jersey City, to acquire the stocks of the Copper Range Co. of Michigan and the Baltic Mining Co. of Michigan. The present authorized capital of the consolidated company is $28,500,000, in shares of $100 each. Stockholders representing a majority of the capital stock of the Copper Range Co. and the Baltic Mining Co. (each issue being $2,500,000) have agreed to accept shares of the new company in lieu of their present shares, on the following basis : For each §25 share of Baltic Mining Co. one $100 share, and for each $25 share of Copper Range Co. one and one half shares ($150 stock). The same terms are offered also to the minority holders. The exchange of all the old shares on this basis will call for the iseue of $25,000,000 of the stock of the new company. To provide adequate working the remainder ($3,500,000) of the new shares is offered at $40 a share to the shareholders of the old companies who shall deposit their stock with the AmeriTrust Co., in Boston, on or before Dec. 19. Rights can Loan to subscribe are not assignable until 51 per cent of the capital stock of each company has been deposited. Subscriptions are payable $8 per share Jan. 6; $20 Feb. 6, 1902, and $12 March 6. The right to subscribe will cease Jan. 6. Output. The officers, it is said, expect the new consoli- & — dated company to produce in 1902 between 10,000,000 and 15,000,000 pounds of copper at a cost of 8 cents per pound or less. —V. Office, Empire 70, p. 230. Crucible Steel Co.— Terms of Preferred Stock— Right to Buy, Mortgage or Sell Property.— The articles of incorporation contain the following: The preferred stook shall be entitled, In preference to the oommon stock, to cumulative dividends at the rate of 7 per cent yearly, payable quarterly, half yearly or yearly; that Is to say, dividends may be paid upon the common stock only out of the excess of earnings over and above the amount necessary to pay 7 per cent for tbe fiscal year and any arrearages of dividends upon the preferred stock. When this amount has been earned and paid, or earned and set aside for that purpose, then out of the excess dividends may be paid upon the oommon stock when and as determined by the board of directors either duriDg or at the end of the fiscal year. By aotion of the board of directors, without assent or other action of the stockholders except as hereinafter provided, the corporation may purchase or otherwise acquire, and may hold, use, lease, mortgage, pledge, sell, convey or exchange any property, real, personal or mixed, without as well as within said State of New jersey, and inpayment for any property may Issue or cause to be Issued its stock or its bonds, or other evidence of indebtedness, seonred or unsecured, provided, however, that the corporation shall not mortgage any property except by purchase-money mortgage, without the written assent, or pursuant to the affirmative vote in person or by proxy, at any meeting called In accordance with the by-laws, of the holders of at least two-thirds of Its preferred stock then issued and outstanding. With the written assent, or pursuant to the affirmative vote in person or by proxy, at any meeting called as provided In the by-laws, of the holders of two-thirds of each class of the stock issued and outstanding, the board of directors may sell, convey, assign, transfer or otherwise dispose of. the property, assets, rights and privileges of the corporation, as an entirety, for such consideration and on such terms p. 902. Equitable Illuminating Gas Light Co. of Philadelphia. —Called Bonds.—One hundred and thirty-six ($136,000) bonds of 1898 have been drawn and will be paid at 105 and interest at the New York Security & Trust Co., 46 Wall St. on and after Jan. 2, 1902. See numbers in advertisement on page viii.— V. 73, p. 959, 393. Erie Telegraph & Telephone Co.— Option Not Exercised. Dudley E Waters has not exercised his option on the stock of the Michigan Telephone Co. at $35 per share, and, it is understood, has discontinued all negotiations respecting the same. The Michigan Telephone Co., it is asserted, has a floating debt of about $2,000,000 in addition to its $2,500,000 of capital stock and $5,000,000 of outstanding bonds and its future requirements for construction. Plan. The price of the company's stock was much depressed this week by rumors that under the plan of readjust ment a heavy assessment, possibly 25 per cent, would be laid o,n the stock. It does not appear, however, that anything official regarding the plan has been given out.— V. 73, p.1162, — — 902. — G. H. Hammond Co. New Plant. The company intends to build a large plant at the Union Stock Yards, Chicago, instead of rebuilding the plant recently destroyed by fire at Hammond, Ind.— V. 71, p. 866. Havana Commercial Co.— Deposits.— Over four-fifth3 of the stock having been deposited under the agreement mentioned in V. 73, p. 1013, tne Reorganization Committee has extended the time for deposits of stock to Dec. 24 inclusive.— V. 73, p. 1063, 1013. Haverstraw (N. T.) Light & Fuel Gas Co.— Note.— The shareholders were to vote Nov. 29 upon a resolution authoriz- ing the delivery of the company's note to the order of the Construction & Manufacturing Co. for $50,000, payable one year after date thereof, and the delivery with it of $150,000 general mortgage bonds and $260,000 of preferred stock ss collateral on account of the work of construction, under agreement dated July 14, 1899. Hnntsville (Ala.) Gas Light Co.— Sale Jan. 6.—This company's property, it is stated, will be sold at public auction by Receiver Oscar R. Hundley on Jan. 6 under decree of the Chancery Court of Madison County, Ala. Inter State Independent Telephone & Telegraph Co. (Aurora, etc., 111.)— Officers.— The officers are President, Senator H. H. Evans, Aurora, 111.; Vice President, Frank Tracey, Springfield, O.; Secretary and Genet al Manager, E.R. Conklln, Jollet; Treasurer, A. B. Conklln, Aurora.— V. 73, p. 1064. Land & River Co. Reorganization Plan. The plan issued under date of Nov. 18 by the committee mentioned last week as they may determine. The following resolution of the board of directors prevent- says in part: The Land & River Improvement Co. was reorganized as the "Land ing stock of constituent companies being disposed of was & River Co.," under reorganization agreement, dated May 18,1897 passed Jan. 17, 1901: (see plan V. 66, p. 1045.) The demand for property at West Superior Resolved, That this company do certify to the said oommittee on during the last three years has been very limited. It would be diffistock list of the New York Stock Exchange that it will not at any cult to sell any large amount at any reasonable prioe, and the prices time in the future sell or otherwise dispose of any of the shares of the now ruling are lower than present population and business outlook at capital stock of the constituent companies entering into the forma- the head ox the lake wonld seem to Justify. The taxes have been paid tion of the Crucible Steel Co. of Amerioa, except with the consent or In full, to and including those of the current year, but default has been approval of two-thirds of the stock (oommon and preferred); and for made in interest upon the prior Hen bonds from and including the the better securing of this agreement the Oraolble Steel Co. of Amerooupons due Feb. 1, 1901. Foreclosure proceedings under the general ica agrees to stamp this stipulation upon the certificates of stock of mortgage have already been instituted, and further reorganization is the constituent companies held by It.— V. 73, p. 901, 844, 811. neoessary. The company's liabilities Include: Prior lien bonds sold for cash, Davenport (la.) Water Co.— Bonds Called.— The company $51 0,613 (after deducting $77,387 surrendered in exchange for land); will redeem all its outstanding bonds of Feb. 1, at the prior lien bonds held as collateral for loans (aggregating $350,034), Citizens' National Bank, Davenport, la., on Feb. 1, 1902. S. $474,00u,and aoorued Interest to July l,1901,$s6,ooo; purohase money mortgages of old company assumed by present company, $125,500, H. Griggs is President. and accrued interest to July 1, 1901, $9,670; general Hen bonds, Edison Electric Illuminating Co. of Boston.— Option. $1,265,000, and acorued interest to July 1, 1901, $i84,479; total In—•The shareholders on Dec. 4 duly authorized the issue of debtedness as of July 1, 1901, $2,655,262. Capital Block: Common, preferred. $750,000. Of these liabiUtles the following must, $747,700 new stock "to take care of the normal growth of $163,000; n any event, be paid in cash: Underlying mortgages, Including acorued , : — December 7, THE CHRONICLE. 1901. Interest to July 1, 1901, $135,170; borrowed to pay taxes and forotin-i purposes and seoured by collateral which must be protected, $71,ouu, total. $200,170. The reorganized company will Issue oapltal stock not to exoeed the following amounts: First preferred 6 p. o. oumnlatlve x Heoond preferred a p. o. cumulative y Third preferred 5 p. o. cumulative z $500,000 l.OOO.Oi 2.00o,0()0 VOO.Ooo Common x To be a first charge upon all the property. It shall be redeemable or may be exchanged for land at par and aoorued dividends. ,\'o </u * be paid vpon the second or third preferred or common stod; until all the first preferred shall have bet a it tin d as aforesaid. dends shall y To be a charge upon the assets subject to the charge of the drst preferred; after retirement of the tlrst preferred It shall be redeemable or may be exchanged for land at par and aoorued dividends. z To be a charge upon the assets, subject to the charge upon the tint and second preferred; and to be redeemable or exchangeable at par and aoorued dividends for laud after the retirement of the first and second prcfei red. The holders of the existing bonds of both clauses agree to pay a contribution of 20 per cent of their par value and aoorued interest to Dec. 1, 1! 01, receiving tlrst preierred stock at par for the amount of such contribution. The holders of prior lien bonds will receive also seoond referred stock at par for the prinoipal and aoorued iiiterest of their E onds, and third preferred stock at par for the amount of 50 per cei t of suoh principal and accrued interest. The holders of general lien bonds will receive also third preferred stock at par for the amount of their principal and aoorued interest and common siook at par for the amount of 25 per cent of suoh principal and acorued Interest. Stockholders agree to pay a contribution of 10 per cent and to receive first preferred stock atjpar for the amount of suoh|oontiibution and oommon stock at par, one share of new stock for eaoh share of old. Payment of the above contributions will be made in not less than three instalments, at Intervals of not less than thirty days, and on not less than thirty days' notioe to be given after this agreement shall have been deolared operative. The company's office is at 30 Broad St.— V. 73, p. 1163. . Madison County (N. Y.) Was & Electric Co.— Purchase.— This company, incorporated at Albany on Nov. 19 with $200,000 authorized capital, now owns, it is ttated, the plants and franchises of the Oneida Gas Light Co. and the Power Co. and the Warner Electric Light Oneida Light Steam Power Co. The directors are: George 8. Bheppard. John A. Underwood, Fred. H. Lynn and Mark L. Wllhelm of Penn Yan and Oeorge M. Wilhelm of Oneida. Manufactured Rubber Co. Status. The "Philadelphia Times" quotes Treasurer C. E. Piatt as saying: The company Is not doing satisfactorily, but we have out down onr expenses to an almost nominal sum. and hope for better business in the early future. Our works at Metnohen. N. J., turned out 9,000 pounds of manufactured rubber during Ootober. We find that the manufacturers are slow to try new Ingredients when they are using their own. Tiie Introduction of our one patented compound is therefore somewhat slow, while the competition hampers us in our four or five other prodnots.— V. b9, p. 796. Telephone Michigan Telephone Co. See Erie Telegraph Co. above.— V. 73, p. 902, 137. Montreal & Boston Copper Co.— Listed in Boston.—The Boston Stock Exchange recently listed $2,850,000 of this comauthorized capital stock, par value of pany's $3,000,0i shares |5. The property includes 115 acres of land in the Osoyoos Division of the Yale District in British Columbia on a branch of the Canadian Pacific Ry. Shipments of ore, now 150 tons per day, to custom smelters, 10 miles distant, "will be increased to 300 tons per day" when a smelter has been leased or built. The directors are: H. H. Melville, President; J. N. Qre^nshlelds, First Vice-President Thomas Crockett, Second Vice-President; J. C. Maodiarmid, H< n Delancy NJooll, William Mitchell, G. Creighton Webb, W. A. Beal, J" W. Allison. W. N. Coler Jr. & & — — & Nicaragua Canal.— Treaty.— The new Hay-Pauncefote' treaty, providing for the construction of an Isthmian canal, was sent to the Senate on Dae. 4. It was published in full in the New York "Times" of yesterday. Report.— The report of the Isthmian Canal Commission was also sent to Congress on Dae. 4. majority of the Commission favor the Nicaragua route, estimating the cost of the canal by this route at $189,864,063. The estimated cost of the Panama route is $144,233,358, but, the report says, it would cost $109,14l,n00 to obtain the Panama concession. Other facts from the report will be given another week. To Authorize Construction. Two bills looking to the construction of a canal via the Nicaragua route were introduced in the Senate on Wednesday, one by Senator Morgan, the other by Senator Perkins.— V. 73, p. 1114. A — New England Was & Coke Co.— Interest Paid.—The $400,000 interest due Dec. 1 on the 5 per cent bonds was paid promptly, but the money was not advanced by Kidder, Peabody & Co. The "Boston News Bureau" says: Under the terms of the agreement whereby Kidder, Peabody & Co. were to take charge of the New England Oas & Coke Co., they were to furnish $1,000,000 cash out of which the Deo. 1 Interest was to be paid. Stone & Webster were employed to make a report on the oompany, which report Is understood to have been unfavorable, and the banking interests decided not to take hold of the matter. If Kidder, Peabody & Co. came into the Coke Co. Mr. Whitney was to retire Deo. 1. but now Mr. Whitney will continue as President. The trustees held a two flays' meeting in New York and raised the money neoessary to make up the $*00,000 interest to be paid Deo. 1. The oompany had received the $125,01-0 from the "Addicks oompanles" for gas oonsumed, hut there was still in excess of $100,000 needed to meet the.December lbt interest, and the trustees felt disinclined to loan the oompany additional money, as they already! held practloaily all of the $1,300,00. floating debt. It is understood that he trustees have Interested New York banking interests in the property, who will undertake the reorganization, provided their investigation of the i oompany is satisfactory. & J. W. Seligman & Co. of this city, it is understood, is the firm that is now considering the advisability of undertaking the reorganization.— V. 73, p. 1163, 1114. New York Inter Urban Water Co. of Mt. Vernon.— Neio Securities.—-The company has made a mortgage to the West End Trust Co. of Philadelphia.as trustee, to secure $2,500,000 1211 thirty year 5 per cent gold bonds, dated u.-t. 1, lfaOl, of which $1,250,000, together with the entire $1,500,000 authorized stock, has been issued to acquire the properties of t New York Suburban and Mainaroneck water companies. We learn officially that the American Pipe Manufacturing Co. and the West End Trust Co. are large- holders of the stock (all issued as common) and, together with other parties, are in control. The offictrs are: President. Joseph T. Richards; Vlce-1'resldeutand General Manager, Joseph 8. Keen Jr.; Secretary, Oeorge M. Hunting; Treasurer, II. Bayard Hodge.- V. 73, p. 1163, 85. &j - Omaha Water Co.— Proposed Ordinance Extending Franchise Held Invalid.— The Supreme Court of Nebraska, onNov. 21. in the case of Poppelton, a taxpayer, against Moores et al., affirmed the judgment of the lower courts, granting a permanent injunction to forbid the city authorities from passing an ordinance extending from June 11, 1900, to Sept. 1, 1908, the right of the company to exercise its franchise free from the city's option to purchase, without compensation to the city, and without submission of the question of such extension to a popular vote. The Court held that such extension is forbidden by section 19 cf the Omaha city charter. The "Omaha Bee" says: By the terms of its franchise the company was subject, after twenty years from Jnne 11, 1880, to have its plant taken at any time by the city upon a valuation to be made by three engineers, one to be seleoted by the olty. one by the water-works company, and these to choose a third. In 1807 a proposition was made by the oompany to furnish water for the Exposition if the oity's right to purchase were postponed to September 1, 190P. An ordinance providing for the postponement of the original ordinance was introduced in the City 'inn. ell, and was pending for passage when by the interposition of an injunction its further consideration was prevented.— V. 71, p, 915. Panama Canal Co.— Offer to Sell.— At Washington on Deo. 2 President Hutin presented to President Roosevelt the formal offer of the company to sell its property and franchises to the United States. See Nicaragua Canal Co. above.— V. 73, p. 1114. ( Pennsylvania Electric Vehicle Co.— Reduction of Stock. The company, — stated, has decided to reduce the par value of its shares of capital stock from $50 to $10. Thereare $2,000,000 of preferred and $4,000,000 of common stock.— V. 68, it is p. 430. Pennsylvania Steel Co.— Regularly Listed in Philadelphia. —The Philadelphia Stock Exchange has regularly listed the companv's $10,750, 0C common stock and $16,500,000 preferred stock— V. 73, p. 902.845. Pittsburg Plate Glass Co.—Stock Increased.— The share holders on Monday authorized the proposed increase of the capital stock from $10,000,000 to $12,500,000. The new stock is to be sold at par pio rata to present shareholders.— V. 73, p. 725, 680. Pocahontas Coal Co.— See Norfolk " Railroads."—V. 73, p. 1114, 1014. Rogers Locomotive Works Co. & Western Ry. under — TheSuit Abandoned Co. and the American Locomotive Co. to re open the foreclosure sale has been dismissed at request of the plaintiffs. (V. 72, p. 1283.) Capitalization and Property. The stock and bonds of the company were described last week (page 1064). Jacob Rogers's statement regarding the business under the old regime was in V. 71, p. 433.— V. 73, p. 1064, 86. suit of the International Power — St. Charles (Mo.) Water & Improvement Co.— City's Purchase.— The city recently purchased the company's water- works plant. St. Louis National Stock Yards Co.— Bonds Offered.—The First National Bank of Chicago and Lee, Higginson & Co. of Boston are offering at 99}£ and interest the unsold portion of the company's total authorized issue of $2,500,000 4 per cent 30-year first mortgage $1,000 gold bonds, dated July 1, 1900, and due July 1, 1930^ interest payable January and July, at the National Bank of the Republic, New York City, or at the American Trust SaviDgs Bank of Chicago, the mortgage trustee. circular says: These bonds are a drst mortgage on all the property of the company, which Includes about 600 acres of land well adapted and equipped for stock-yard purposes, situated just north of East St. Louis. 111., and 25 miles of railroad having oonnection with all railroads centering In St. Louis and East 8t. Louis. The gross earnings for the year ending Dec. 31, 1900, were $543,470. and net. » 304,319. For the year 1901 (November and December estimated), the oompany reports the net earnings as $352,000; interest on the entire issue of tlrst mortgage bonds will be $100,000. The oompany has paid regular dividends at the rate of 6 per cent per annum on its .-tuck for the last eleven years. The yards can accommodate dally 10,000 head of cattle, 25,000 head of hogs, 12,000 head of sheep and 7,000 he »d of horses and mules. The oapltal stock is owned largely by the packers, Nelson Morris, J. Ogden Armour, S. W. Allerton. Edward Morns, Ira Morris and the Swifts. The stock yards were first opened for business in 1873. These bonds have been Issued to recover in part large expenditures made for improvements, to retire all bills pa> able and other obligations, and to furnish the means to make further Improvements and additions. The company's outstanding capital stock is $4,000,000, par value of shares, $100; dividends payable quarterly (January, A etc.)-V. 71, & p. 140. Shawinigan Water & Power Co.— Bonds Offtred—O iver C. Fuller Co. of Milwaukee are offering at 101 and interest $200,000 of this company "s present issue of $l,000,0u0 tir6t mortgage 5 per cent bonds, dated Jan. 1, 1900, and due Jan. 1, 1910. but subject to call at 105 and interest after Jan. 1, 1903 Bank of Montreal, Trustee. An advertisement say^ The company is looated on the St. Maurice River, about halfway between Quebec and Montreal, Canada, on the Great Northern Kw, and having purchased from the Oovernment the river bed at Shawinigan Falls, has the exclusive right to the water. The two rivers, the St. & ; : m2 THE 0HRON1CLK. LVol. LXXIIL provements, the holders of the old common stook to be permitted to subscribe therefor at par pro rata for sixty days from Jan. 1, Maurloe and the Hliawinlgan, running parallel, near together, one of them 140 feet below the other, and emptying Into It below the falls, constitute one of the most easily controlled natural water powers on this continent. No dam is necessary, and this unuxual feature enables the oompany to develop the water power at a very small expenditure; more than 100,000 horse power is oapable of development. A number of large manufacturing oumpanles have r^oently looated there, among tbnni the Pittsburg Reduction Co., the Shawlnlgan Falls Eleotrlc Light Co., the North Shore Eleotrlo Ry. Co., the Belgo-Ganadlan Pulp Co., the St. Maurloe Water Supply Co.. the Hhawlnlgan Carbide Co. and the St. Maurloe Brick Co. The capital stock Is $6,000,000. The present annual net Income from long-term leases of 23, 5 10 horse power to the above-mentioned companies ant others Is $142, JO), or about three times the interest ($50,000) on the outstanding bonds; 12,000 additional horse power has been applied for by companies already there at a prloe which will add $.*> 5,250 to the gross lnoome per annum without any Increase of operating expenses, and negotiations are pendlDg with other comare repanies. The bond issue Is limited to #l,50u,000; *500,0i served for futuie extensions; $500,000 have been purchased by one been sold to Eastof the largest banks of Canada and $300,0110 have ern investors Simpson-Crawford Co.— Capitalization. This new company, which is being organized to succeed to tbe business of Simpthe old retail dry goods firm of Simpson, Crawfoid son, it is said, willistue $3,500,000 of 6 p. c. debenture bonds call for the and the same amount of stock in $100 shares. first instalments of the subscriptions for these new securities has been issued by the Colonial Trnst Co. See V. 73, p. 964. Standard Oil Co. Negotiations.— Press dispatches from London report that the company is negotiating for the purchase of the Shell Transport & Trading Co. (capital £i 0(0,000) with a view to getting control of its Borneo and Far Eastern oil business. It is reported in this city that the deal has be<-n definitely arranged, one statement being that the Standard Oil Co. will i?sue its stock in exchange for the stock of the other company, At the Standard Oil offices any knowledge of the matter, is denied. V. 73, p. 1014. Staunton (Va.) Lierht & Power Co.- Receiver.— Circuit 1902 United States Alan a facta ring Co. Plan Effective.— The holders of all of the common stock and of over 90 per cent of the preferred stock of this company, and holders of over 80 per cent of the stock of the Holly Manufacturing Co., having assented to the agreement dated July 15, 1901, the said agreement has been declared effective. Further deposits of stock will be received without peDalty at the Metropolitan Trust Co. to and including Dec. 16. See plan in V. 73, p. 1117. United States Mining Co.— Stock in Place of Bonds. Upon the $300,000 of 7 per cent convertible bond* subscribed for in February, 1900 (see V. 70, p. 384), only 40 per cent In place of calling the ($320,000) has been paid in to date. remaining 60 per cent ($480,000), the company has arranged to issue 38,400 shares of new stock ($960,000) at $15 per $25 share, which gives the subscribers the same amount of stock as if they had taken the bonds with the 100 per cent bonus in stock and then converted the bonds into stock. The bondholders who take the stock in lieu of further payment on the bonds pay lor the new stock in four equal instalments, Dec. 1, Jan. 1, Feb. 1 and March 1. The "Boston News- — — & A Bureau" says: When the outstanding $320,000 of bonds have been converted into stock and the minority Centennial-Eureka stook has bf-en turned In, the company will have a trifle under 425, 000 shares of stook ($10,625,000) outstanding. The oompany receives $576,000 through the above issue, whloh will pay for its smelter In full, pay all floating debt, mine development up to the time it becomes a producer, and leave a oash balance of about $100,000. The authorized capital stock is now $12,500,000.— V. 73, p. 36. United States Redaction & Refining Co. -First Dividend. 29 declared a quarterly dividend on its preferred stock of \% per cent from the net earnings for — —This company on Nov. Court Judge Samuel Houston Letcher at Staunton on Nov. the quarter ending Oct. 31, 1901, payable to stockholders of placed this company (formed in March, 1899, as a consoli- reoord Dec. 20, 1901. Dividend checks will be mailed on Jan. dation of the City Street Car Co.), the Augusta county Eiec The office is at 52 Broadway.— V. 73, p. 394, 36. 1, 1902. trie Co. and the City Gas Co, in the hands of Richard D. United States Telephone Co.— Mortgage.— The mortgage Apperson of Lynchburg as receiver, on application, it is un- recently reported as made to the Cleveland Trust Co., as derstood, of the mortgage tiusteee. Henry Marquand of trustee, we learn was th6 first mortgage, dated Jan. 2, 1899, this city was President, and the failure of his firm precipand securing 5 per cent gold bonds due Jan. 1, 1919, interest itated tbe receivership of the Light & Power Company. The payable Jan. 1 and July 1. Of these bonds are 1 , $1,800,000 quoted as faying that the street railway will not until spnrjg, but that the other plants will continue business as heretofore. Sweetser, Pembrook & Co —Stock Offered —This company, incorporated on Nov. 27 under the Laws of New York, with $1,500,000 of authorized capital stock, in $100 shares, of which $750,000 is 6 per cent cumulative preferred, with preference also in liquidation over tbe common stock, and dividends accruing from Jan. 1, 1902, has disposed at par of all its receiver is outstanding, the mortgage haviog provided for the issue at once of $1,000,000 and upon the acquirement of additional property of further bonds to the extent of 85 per cent of the cost of such additions.— V. 70, p. 133. Venedocia Oil & Gas Co.— Increase of Stock— This New Jersey corporation doing business at Lima, Ohio, has increased its capital stock from $600,000 to $1,000,000. TVetmore Tobacco Co. of St. Louis.— Sold.— See Continental Tobacco Co. above.— V. 69, p. 1252. Wliitaker Iron Co— Called Bonds.— The company will redeem at the Bank of Wheeling, in Wheeling, W. Va., on Jan. 1, 1902, all of its bonds dated Jaly 1. 1895, and secured by a mortgage recorded in Ohio Co., West Va., and Cecil Co., resume operations common stock and $250,000 of the preferred stock. Subscriptions at par for the oalance, $500 000 of preferred stock, will be received until the close of business Dec. 14, 1901, by the Merchants' Trust Co., 320 Broadway. A circular says: In order to perpetuate the business. It has been deolded to Incorporate the old established dry goods business of 8weetser. Pembronk 376 and 378 Broadway, corner White St.) The withdrawal <fc Co. (37i of capital, due to the decease of partners, has made it necessary to Increase the present amount employed by the firm, and In order to secure this $500,000 of the preferred stock Is hereby offered for public subscription. The new corporation will purchase for cash the assets of every nature and description of the firm, subject to existing liabilities, and will start in business with a net Investment of $1,000,000 in tangible property necessary to the business and $,tOO,000 cash in the treasury, and under the management of tbe following officers and directors: J. Howard Sweeteer, George L Putnam, Joseph H. Bumsted, Robert Lockhart. Howard P. Sweetser, William M. Woods, Herbert Forrest. Thenetproflts for the year ending Deo, 31, 1899, were $246,041; for the year ending Dec 3i. 190(, $243,991, or more than five times the amount necessary to pay the dividend on the preferred stock. A reserve fund of $250,000 has been created, and no dividends on the common stock in exoefs of 6 per cent per annum will be declared until suoh fund shall have been fully accumulated. Md. , Swift & Co.— New Stock.—The shareholders will vote at the annual meeting on Jan. 2 on the following propositions First— That in order to provide necessary moneys for its greater business, capital stock be increased from $20, 00.0O0 to $2^,000,000. Second— That each shareholder shall have the privilege of subscribing at par for one share of such new stock for every four shares of stook registered in his name on the transfer books at the olose of business on Deo. 14, 1901, suoh subscription and pa>meut for new stook to be made in full at the company's office in the city of Chicago on or before Feb. 3. 1903 The new shares will be entitled to particlSate in all dividends which may be deolared payable on and after larch 1, 1902.— V. 72, p. 248. Syracuse (N. Y.) Lighting Co.— Increase of Stock.— The shareholders on Nov. 29 authorized the increase of the cntnmon stock from $1,500,000 to $3,000 000. There is also $1,000,000 of 5 per cent non cumulative preferred stock out — : ( ' 5 Tbe National Bank of Cuba, which began business July 18th, 1901, has issued its first finaacial statement, which will be found on page iv. The Bank is the Government depository for the Island of Cuba and has its head office at Havana, with braiches at Santiago, Cienfuegos, Matanzas and Cardenas, and correspondents at all other commercial points. The board of directors and the shareholders comprise influential men in Cuba and New York. Among the directors in Havana are Mr. Francisco Gamba, President of the Chamber of Commerce, and head of the Reciprocity Commission which has recently come to the United States to effect better trade relations with Cuba; Mr. Luis S.Galban, a large importer of provisions in Cuba; Venancio Sierra, dealer in hardware; Juan Pino, an authority on tobacco in Cuba; Rafael Fernandez, wholesale deahr in dry goods; Donato Arguelles, a capitalist, and Elias Miro, an importer of provisions. The directors, we are informed, are well fitted to pass upon applications for loans from the fact of their long residence on the Island and their wide commercial experience, which enables them to know the standing and commercial responsibility of those seeking for credit. L 'aos are made almost entirely upon collateral security, such as stocks and bonds which are dealt in by the Stock Exchange in Havana, and also on warehouse receipts for sugar and tobacco. The prevailirg rates ot interest are from seven to ten per cent. standing.— V 73, p. 621, 36. Tennessee Manufacturing Co. of Nashville.— Reorganiza The Commercial Trust Company of New Jersey pubHon Plan. —This bankrupt company has outstanding: $700,- lishes its card in this number of the Chronicle on page x, 000 capital stock, $250,000 first mortgage bonds and $250,000 and on page 5 of the Quotation Supplement of even date second mortgage bonds. A committee consisting of Samuel is a statement of its condition on the date tbere indicated. J. Keith, President Fourth National Bank; Edgar Jones, As stated on page 536 of the current volume, the company is President Union Bank & Trust Co., and Joseph H. Thomp- in its new building at 15 to 21 Exchange Place, Jersey City, son, President Nashville Trust Co., request dep sits of the accessibly located adjacent to the Pennsylvania RR. ferries, old securities on or before Dec. 25 with any one of the three where, besides having excellently appointed offices for its institutions represented by them, under a plan which provides banking and trust business, it has for rent safe deposit vaults a" follows: of the best modern construction and with latest appliances For the issue of $600,000 new stook In $100 shares, of which $500,for security. In the list of directors appear names well 000 to be preferred cumulative 6 per cent from Jan. 1, 1902. The old first mortgage bonds to be exchanged, $ for $, for the new pre- known in the financial world. ferred stook; the seoond mortgage bonds at the rate of $ ,000 in bonds E. D. Shepard & Co., 81 Nassau St., are off ering Laramie for $200 of new preferred, and each $700 of old stook to be exchanged Details are confor $ 00 new common stook. Also $200,000 of the new preferred to County, Wyo. 4 per cent refunding bonds. be sold at par to provide working capital for new maohinery and im- tained in their advertisement on page 1229. — 1 1 — , December 7. THE CHKONICLK. 1901. Izyoxls and 1213 Ipocuwjeuts. REPORT OF THE SECRETARY OF THE TREASURY, ANNUAL REPORT ON THE We give below portions of the report to Congress by Lyman J. Gage, the Secretary of the United Mr. States Treasury : Treasury Department Washington, D. C, Dec. 2, 1901 Sir— I Government from all sources (by fiscal years endedJune 30, 1900 and 1901, were : $100,000,000 00 450,698 49 2.965,119 65 3,986,176 19 1,778,454 91 1,621,558 52 1.493,321 24 Customs fees, fines, penalties, etc.. Immigrant fund Deposits for surveying publlo lands Payment of Interest by Paolfio Rys. Sales of lands and buildings Tax on national banks Home, permanent fund Miscellaneous Sales of ordnance material Trust Funds, Department of State.. Prize money to captors, Spanish War Prize money to Navy Peaslon Fund, Spanish War Arkansas bonds redeemed License fees, Territory of Alaska... Sales of claim against Sioux City & RR 3,414,933 75,977 711,791 585,082 247,258 1,316,516 236,897 1,681,473 492,623 841,216 703.054 537,621 217,490 49 70 43 70 90 62 53 05 06 03 42 58 69 3,291,716 76,307 675,706 537,404 273,247 1,173,466 3,842,737 1,998,554 247,926 1,364,405 257,265 68 58 95 81 19 43 68 00 62 18 66 217,477 76 85,000 00 84,087 90 2,122,841 24 Dividend paid by receivers of Union Pac. RR. for account of Kan. Pac. Part payment of Central Pacific The expenditures for same period were: 821,897 70 3,338.016 49 102,354,579 29 $699,316,530 92 Total 133,942 89 4,576,247 10 111,631,193 39 RR. Indebtedness Postal servloe. $669,595,431 18 the For the oivil establishment, including foreign Intercourse, public buildings, collecting the revenues, Dlstrlot of Columbia and other miscellaneous expenses $117,327,240 89 For the military establishment, including rivers and harbors, forts, arsenals, seacoast defences and expenses of the war with Spain and in the Philippines 144,615,697 20 For the n aval establishment, including construction of new vessels, machinery, armanent, equip- ment, Improvements at navy yards and expenses of the war with 8paln and In the Philippines. For Indian service For pensions.... For Interest on the publlo debt For df floienoy in postal revenues. For Postal Servloe Total expenditures . 60.506,978 47 10,896,073 35 139,328,621 99 32,342,979 04 4,954,762 21 111,631,193 39 $621,598,546 54 Surplus or deficit $98,542,411 37 134,774,767 78 55,953,077 10,175,106 140.877,316 40,160,333 7.230.778 102.354,579 72 76 02 27 79 29 $590,063,371 00 sr.$77.717,984 38 sr.$79,527,060 18 ESTIMATES FOR FI8CAL YEAR 1902. The revenues of the Government for the current fiscal year are thus estimated upon the basis of existing laws: From Customs Fromlnternal revenue From From miscellaneous sources Postal Servloe Total estimated revenues The expenditures follows for the fiscal year 1903 will be: $250.(00 000 00 290,000.000 00 40,000,000 00 132,0*0,630 00 Total estimated revenues $712,020,630 00 Total estimated appropriations, exclusive of sink€88.848,318 47 ing fund Or an estimated surplus of... land Pacific FISCAL YEAR 1903. estimated that upon the basis of existing laws the 1900. 225,676 47 1,384,663 49 779.522 78 2,836,882 98 4,008,722 77 232,655 75 Depredations on publlo lands Soldiers' of revenues of the Government for the From Customs From Internal revenue From miscellaneous souroes From Postal Service $295,327,926 76 283.164.871 16 9,992,374 09 Tax on sealskins and rent of seal Islands Bales of Indian lands Sales of Government property Sales of publlo lands Dlstrlot of Columbia Navy pension, navy hospital, clothing and deposit funds Fees— consular, letters patent and 00 Or a surplus of the 1901. $307,180,663 77 238,585,455 90 Customs Profits on coinage, bul'n.deposlts.eto. 12,731,256 94 137.000.000 00 29,000,000 00 118.»>33,042 $588,633,042 00 It is Source. Internal revenue 1 To.ooO.OOOOO 11,000,000 00 Total estimated expenditures \ RECEIPTS AND EXPENDITURES. warrants) for $ 1 10.000,000 00 1 5 UOO.OOO 00 For the civil establishment For the military establishment For the naval establishment For the Indian service For pensions For interest on the publlo debt For Postal Servloe have the honor to submit the following report The revenues FINANCES. $250,000,000 282,010,000 40,000,000 116,633.042 00 00 00 00 $688,633,042 00 same period are estimated as * * # * .. * $23,172,31153 * * REDUCTION OF REVENUE. Revenue and expenditure are ever-recurring subjects of legislative inquiry and action. How to appropriate wisely for the legitimate objects connected with Governmental duty and responsibility, and how to take up from the people in a just and equitable manner the means to provide for necessary expenditure, are problems which challenge the best statesmanship in their solution. These questions become complicated and troublesome when, by reason of war or other serious disturbing influence, extraordinary expenditures are required and extraordinary revenues become a necessity. When such emergencies are passed and a return to simpler conditions becomes possible, wisdom and prudence are again needed to make a wise readjustment. Expenditures being reduced and taxation not correspondingly abated, revenue in excess of need is the inIf, on the other hand, taxation be too evitable result. greatly reduced, the depressing and disturbing influence of a financial deficit is certain to appear. The war with Spain was an emergency involving extraordinary expenditure. The provision made by Congress for an increased revenue appears in the light of events to have been timely and judicious. The short duration of that war, the disbandment of the volunteers, and, later on, the reduction of our military forces, now exposes us to the evils of a revenue greater than reasonable requirements demand. The estimates for the fiscal year ending June 30, 1902, indicate a surplus of $100,000,000. For the next fiscal year, 1902-190?, there is to be an estimated surplus of a little more than 123,000,000. It will be noticed that the estimates of expenditures for such year, 1902-1903, are more than $83,000,000 in excess of the probable expenditures for the current fiscal year, 1901-1902. It is further to be observed that estimates coming in from the several departments for a year not yet entered upon are not conclusive that the sums so estimated will be appropriated by Congress, or, if appropriated, actually disbursed by the Treasury. There are certain refunds on account of internal-revenue taxes to which under the law the contributors are entitled. The sum required will approximate $5,000,000. The State of Pennsylvania has recently established in the Court of Claims a claim of over $700,000, for interest paid on account of money borrowed by it for the equipment and support of its Federal volunteers during the Civil War. With this claim thus adjudicated, other States in a similar position will no doubt follow, and from data at hand piobably $5,000,000 or $6,000,000 will be required to satisfy all. To what extent the Spanish War Claims Commission will give findings against this Government is at present unknown. There are also possible large refunds before us in connection with duties and taxes collected on the commerce between the United States and its insular possessions. These are some of the factors in the calculation, and they cannot at present be determined; but they suggest caution against too radical reduction in revenues now established. Nor in this presentation has account been taken of the requirements of the sinking fund established by the Act of February 25, 1862. To satisfy its requirements the use of over $50,000,000 annually in the purchase and cancellation of outstanding bonds will be necessary. The present year's surplus wij be about $100,000 000, one-half of which has been, or will be, applied to the use of the sinking fund. It is apparent that absolute accuracy in future estimates concerning receipts and disbursements cannot l>e reached. Enough appears, however, to justify a conservative reduction in taxes. Congress must be the final judge as to what particular objects of taxation and in what degree reduction in rates THE CHRONICLE. 1214 shall apply. In my opinion it would be within conservative limits to reduce revenue to the extent of $50,000,000. As a first step in that direction I recommend for consideration the repeal of all the miscellaneous taxes known as war taxes. These items (exclusive of the increased tax on fermented liquors, tobacco, tea and mixed flour) are estimated to produce §27..100, 000. They are in their nature vexatious, in some instances oppressive, and. separately considered, yield but small revenue. BANKING. Admirable in many respects, experience shows that our banking system is devised for fair weather, not for storms. This can be clearly shown. The individual banks stand isolated and apart, separated units, with no tie of mutuality between them. There is no obligation of duty from the strong to the weak or exposed, nor any method of legal association for common protection or defense in periods of adversity or depression. The function and office of a bank is to give its money obligations in exchange for the money obligations of its customers and dealers. This is the business the bank chiefly prosecutes. If it receives the promise to pay of a borrower, the obligation of the bank is evidenced by an open credit to the borrower upon its books, or it may be by issuing to him a corresponding sum in its circulating notes. In either case the transaction is the same exchange by the bank of its obligation to pay against the borrower's obligation to pay. This is made plain by a glance at the reports furnished by the banks to the office of the Comptroller of the Currency. At the period of their last report, the national banks as a whole held obligations against the public to an amount in excess of $3,018,000,000, while the public enjoyed a total of credits upon the books of the banks to an amount in excess of $3,044,000,000. These credits on the bank's books are called "deposits " It is a convenient name, but it is a misnomer if by its use it is intended to represent deposits of actual money. The truth is. that although money forms an element in the daily deposits of the banks, in the daily average receipts as a whole not over 10 per cent is in cash. The other 90 per cent consists of checks, or, to speak more simply, orders for the transfer of existing bank credits from one person to another. It is these orders for the transfer of bank credits that transact the business of the country, and, out of all comparison with coin or paper money as to extent and volume, they constitute the "currency" of which trade and commerce in all large affairs make use. It is important that this be comprehended. Bank notes, "greenbacks," gold and silver coin, perform in the field of circulation a very important part, but their use is substantially limited to retail transactions, the payment of wages, and the smaller affairs of life. For all larger matters, bank checks or credit transfers are the effective currency; the real medium of exchange and m<ans of payment Now, loan of credit by the bank is essentially a manu facture or crea' ion of the medium of exchange. Banks do not primarily lend money: they give credit. Credit so given may indeed be availed of by the borrower to secure money, either in the form of coin or bank notes, but in much the larger degree the credit obtained is made the subject of transfer from buyer to seller, to be re-transferred again and again in the course of trade So we have these phenomena. In the operations of trade the dealer desires a larger, if a temporary, power to obtain goods or commodibank credit which he can transfer to another by ties. drawing his check is as effective as actual money and is less troublesome. He negotiates his notes with his banker, and obtains the desired credit, which, as before described, becomes the subject of multiplied transfers. In due course of time he disposes of the goods or commodities he had purchased, and with the avails he takes up his note at the bank. The situation is thus restored to its former status. The credit obtained by the trader is canceled. The total volume of bank credits subject to transfer in the avenues of trade has been contracted to the amount involved in the transaction described. It is no strain on language, nor does it do any violence to truth, to say that through the loaning operation of the banks the medium of exchange is expanded by millions every day, and is contracted by millions every day. the general average in both directions being about constant about constant, because the buying and the selling in the community must be substantially equal. There are, however, at least three causes which operate to increase the demand upon batiks for these credit facilities, and thus to augment the total of loans or bank credits. These causes may be thus enumerated: rise in prices of commodities and securities; an increase in the volume of these things; an enlarged activity in the sale and transfer of goods and securities. On the other hand there is an influence which limits the ability of the banks to continue indefinitely expansion in their loans. That influence is the cash reserves held or controlled by them. A responsible duty assumed by the banker is to be ready at all times to redeem in cash any credit due from him to the public. Failure to do that means insolvency. Hence his cash resources must bear a proper relation to his liabilities in this regard, and the National Banking Act fixes minimum percentages which it is the bank's legal duty to maintain. Now, it is an observable fact that, given business activity and a prosperous course to industry, there goes on pari passu a steady expansion in the means of exchange fur- — A — A [Vol. 1 .XXIII. nished by bank credits. Bank loans are increased, and the so-called "deposits, " which are credits at momentary rest, show larger totals. At last the diminishing ratio of cash reserves puts a strain on the expanding movement and impedes further development in that direction. When this situation is reached, we have the familiar symptoms of prosperity. Trade is active, manufacturers busy, and labor well employed. Within the limits of the general equilibrium thus reached there ought to be indefinite continuance in the happy conditions. But it is a familiar fact in the past, and it will be a recurrent fact in the future, that unsettling influences come in at unexpected periods to disturb finances and menace credit operations. Some large financial institution has been managed with reckless disregard to its best insolvent; a interests; a large commercial house become political party espouses doctrines injurious to public and private credit; war is threatened: harvests fail: a high range of prices sends gold abroad for better bargains. Some one or more of these events occurring in succession, or possibly operating together, disturbs confidence in the situation. Credit loses in some degree its former power: cash becomes relatively the more important: the moneyed reserves of the bank tend downward; uncertainty and fear ; supersede former confidence and courage. These evil circumstances are not peculiar to any one country: they are common to all countries. The striking contrast is to be found in the way in which they are met and overcome, and the comparison is wholly unfavorable to Explanation is to be found in our defective banking us. system. No sooner do the symptoms of financial and businese trouble appear than the banks, under the ruling principle of self-preservation, suspend to the farthest limit posThey sible their operations of loaning and discounting. cease to give credit upon their books in exchange for debt obligations from their dealers. The daily creations of the necessary medium of exchange, bank credits, cease, or become entirely inadequate to commercial requirements. The daily natural liquidation of credits continues, resulting in contraction. Business men. carrying goods and securities by the aid of bank credit, are obliged to sell with little regard to cost. Contemplated enterprises are abandoned; orders for future delivery of goods are rescinded, and, as these successive steps mark the downward movement, the banker becomes the more reluctant to perform his important function of loaning his credit for commercial and industrial uses. We thus perceive that the bracing support which had promoted and sustained business progress without which, indeed, such progress would have been impossible— is withdrawn at the very moment when support is the most needful. What should be, under such circumstances, an orderly, conservative movement to more secure conditions becomes a disorderly flight, an unreasoning panic, in which at last the entire business public is helplessly involved. We have not far to look to see this well illustrated. The so-called panic of 1893 Within a period of less than twelve is a marked example. months bank credits (deposits) were contracted to a total of more than 400 millions, while the actual cash holdings of the banks were increased by nearly 50 millions: that is to say, a volume of bank credits before available for transfer in the ordinary channels of trade was suddenly diverted to the payment of pre-existing indebtedness from the public to the banks. This is shown by the fact that "loans and discounts" were reduced during the period to an amount substantially corresponding to the fall in deposits. Some of the liquidation was no doubt voluntary on the part of bank debtors, but much the larger part was enforced, to the disadvantage of the banks as well as their debtors. Many bank failures occurred and business bankruptcies were — numerous; factories and workshops were closed; and unemployed labor suffered the pains of want. Nor could these evil consequences, under the limitations of our banking system, have been avoided. Unless modifications be made whereby the strength of association can be secured, and the surplus power of the safe and strong extended in confidence to the support of the weak and exposed, a repetition of the disastrous time. phenomena of 1893 awaits only the progress of Argument has been put forward for a system which multiplied contemplates a large central bank with brat ohes. That system does, indeed, afford the elements which would give the highest assurance of protection against the present evil of individual banks, each an independent unit, with no bond of cohesion, no power of cooperative action, no ability to co-ordinate for the general goed or for mutual defence. But the proposition for large central banks, with broad powers for the establishing of branches, offends the common instincts of our people, and may fairly be looked upon as at present impossible of realization. Cannot the advantages of such a system be gained in an justly boast of our political entirely different form ? system, which gives liberty and independence to the township, and a limited sovereignty to the State, while it confers upon the Federal Government ample powers for a common protection and the general welfare. Cannot the principle of federation be applied, under which the banks as individual units, preserving their independence of action in local relationship, may yet be united in a great central institution ? Formed by some certain percentage of capital We contributed by the banks themselves, and its management created to the suffrage of all, it would represent the interests December 7, THK CHRONICLE. 1901.,' of the whole country. With limited powers of oontrol over membership in the interest of commou safety, confined in its dealings to the bunks and to the Government it could become the worthy object of a perfect public confidence. By the concentration of unemployed reserves from sections where such reserves were not needed, it could redistribute them in part as loans where most needed, and thus bind together for a common strength and protection the loose unrelated units, in whose separation and isolation the greatest weakness of our banking system is now to be found. its . THE CURRENCY. 1215 The requirement now made by the law for the deposit of United .Sut> i bonds with the Treasurer of the h ttes as a condition precedent to the issue of oiroulatil by element of the bank furnish.- tie desired pity. But if it be true that a diminishing volume of G ernmenfJ bonds will operate to make It impossible to supply these n Iful instruments of exchange in is proper volume, then not modifioal present requirements the course of wisdom? The answer to be in th- affirmative. There this question must conservative ill character. if modifications. which, adopted, can be demonstrated to afford all the Deoessarj quirements of safety give the desired condition of supply to increasing demand, and at the same time make the banknote a more economical and useful factor in business afi • ;i , living presented as above the defects of our banking system in their larger aspects, 1 venture now to speak of that important medium of exchange designated the currency, meaning by that, word paper money, whether issued by the Government or by the banks under the powers conferred upon them by the l*w. Excluding Treasury notes of 18!K), now in course of extinction, silver certificates, and ^r old certificates, which represent actual coin held for their redemption, there are now extant in the public service $346,000,000 of Government notes (greenbacks) and a little more than $360,000,000 of national-banknotes. Neither of these cm with economic propriety be called money real mone\. They are alike promises to pay, and their value rests upon the ability of the maker of the promise to perform the obligation set forth in the promise. Under the provisions and conditions of the law as it now stands, the limit in volume of these obligations is substantially reached. As to the greenbacks, their amount is fixed by statute, while in the case of the bank-notes their volume is practically limited and controlled by the market price of United States bonds. This is so because bankers will not, any more than ether men, assume responsibility or risk without material motive, and the present as well as the prospective price of United States bonds robs banks of any motive for the issue of bank-notes. To speak exactly on this point, the carefully prepared tables of the Government actuary show to a national bank doing business in a locality where the rate of interest is 4 per cent an advantage equal t© seventy hundredths of 1 per cent per annum on note issuing, while in a 6 percent locality the profit is fifty-one hundredths, and in an 8 per cent locality it is thirty-one hundredths. These figures conclusively show the absence of inspiring motive in the direction of any material increase in banknote circulation. It is therefore apparent that unless conditions change or legal restrictions be modified, the country's supply of paper mooey cannot be responsive to any material increase in demand. At this point it is also wise to keep in mind that our population, now aggregating about 78,000,000, will within the next fifty years increase to a probable 190,000,000. If the present volume of paper money is no more than adequate to the present population and to current domestic trade, it is evident that timely provision must be made for a possible increase to meet the enlarging requirements of larger population and increasing trade. The question is not remote. It is immediate. If, then, it be conceded that our present system is faulty in that it is inflexible, not responsive in possible supply to future requirements, in what way can the element of supply be made adaptable to demand ? In what has been already said under the head of "Banking." it has been truthfully shown, I think, that in its broader sense the currency which our larger internal commerce uses consists of transfer orders or checks, drawn against credits supplied by banks. In furnishing these credits the bank finds its profitable occupation, and in their use those who carry on trade or prosecute industry and enterprise find their needs on the whole well served. Now. there is no difference whatever in principle between the banks* obligation to pay, expressed by a credit on their books, and an obligation expressed in the form of a note Eayabie to bearer, which may be transferred from hand to and. If it be of public advantage that bank credit be made available through the machinery of checks or transfer orders to those who can make the more convenient use of the credit in that form, there can be no primary reason whv to those who find th-ir requirements better served by the bank's credit in the form of bank notes they should not be I — issued. There is, however, a secondary reason why the quality and character of notes so issued should possess higher elements of stability and safety than are exacted in open cred- its on the books of the bank. This reason is apparent to every ODe. It is found in the fact that the relation between the bank and its borrowers is voluntary on both sides, and may be terminated at the choice of either. The bank note, however, passes from one to another by a principle of quasi pressure. Operating in the smaller transactions, circulating often far from its place of issue, the test of redemption or payment cannot always and everywhere be promptly applied. It would appear right and reasonable, then, that the governing power should surround the bank credit, utilized in the form of bank notes, with such necessary guards and guaranties as may be required to make them safe, free from risk of loss, in the hands of those who have little choice as to whether or not they will receive them in exchange for their wares or the payment of wages. Having done this, the Government's responsibility may rightfully be said to terminate. 1 shall indulge in some practical suggestions on ti fairs. points a little later. Preliminary thereto, I want to refer to the greenbacks and the desirability of relieving the Treasury from tbe Bponsibility which attaches to their redemption. This reIt has BDOI sibility at the present time rests very lightly. heen. however, a heavy burden in the past, and may become in the future a source of public anxiety and financial embarrassment to the Government. Thoughtful men of a Hairs and financiers have long argued for the refunding of these notes into time obligations, but such arguments have failed to convince the people of the propriety of canceling a debt bearing no interest to create in its stead one equally large charged with the burden of interest. If, however, in a modification of the law relating to bank currency the burden of redemption can equitably be transferred from the Treasury to the banks, without interest cost to the Government, then the objection to their retirement can no longer be urged. That this result can be attained there is substantial ground for believing. It is, of course, quite possible that any scheme involving several related questions, however well thought out in any single mind, may. when the light of fair criticism from many minds be thrown upon it, appear defective in parts or unworkable as a whole. Subject to that result, the following modifications of the National Banking Act are suggested for the consideration of those who feel responsibility in the matter. No claim for originality in conception is made, for in part, if not as a i whole, they have found expression by those who have most carefully considered the important questions involved. By necessary amendments to the law provide: That any national banking association which shall deposit 30 per cent of its capital in the form of United States bonds at their par value, and 20 per cent of its capital in United States legal-tender notes, with the Treasurer of the United States, as security therefor, shall be entitled to issue its circulating notes to an amount equal to its paid-in and unimpaired capital. In addition to the deposit of security so required, banks permitted to issue notes as above shall pay semi-annually to the Treasurer of the United States in trust, an amount equal to one-eighth of 1 per cent on their capital stocks, respectively, such payments to constitute a "guaranty fund" for the protection of the notes of any bank which by reason of insolvency shall become unable to pay its notes on demand. "When a bank thus privileged shall become insolvent, the Treasurer of the United States, as trustee for the noteholder, shall sell the bonds held as security and credit the amount so realized to a special fund for the redemption of the notes of such insolvent bank. He shall also credit to such account an amount equal to the United States legaltender notes originally deposited by said bank as security. He shall further transfer from the general " guaranty fund " to the credit of the special redemption fund of such insolvent bank an amount, in addition to the amount realized from the bonds and legal-tender notes, sufficient to equal the total of the outstanding circulating notes of such insolvent bank, and this fund so constituted shall be applied to the payment of such outstanding notes. For the amount thus taken from the "guaranty fund " the Treasurer of the United States, as trustee, shall be empowered and required to assert claim against the receiver of the insolvent bank, and shall be entitled to receive dividends in the same proportion as the general creditors of such bank. Dividends so received by him shall be restored to the credit of the •guaranty fund." Neither the present law, requiring a deposit of 5 per cent of a bank's circulation as a current redemption fund, nor the present system of redemption, need be changed. There are minor details, non-essential in character, which for the sake of simplicity are omitted from consideration. now some estimates of the effects of incorporated into the law. If I am not mistaken it would lead to an importaut increase in the capital of the national banks. Their total capitalization at present is §663.000.000. They have a surplus and undivided earnings fund of $480,000,000, the larger part of which could be put into the form of capital. With the moderate advantage afforded under the law so amended, a movement towards reorganization under the National Act would take place in banks now doin.ii business under State laws. It is safe, I think, to estimate that within three years the total capital of the national banks would increase from the present amount of $663,000, to $1,000,000,000. With the right to issue circulating notes to par of their capital, there I venture these to present amendments if THE CHRONICLE 1216 possibility of increasing the paper money supply, as population increased, by the difference in amount would be the |Vol. LXXIII. gradually released for sale in the general market, to the advantage of the private investor. The impounding of the geenbacks as security for the bank-notes would relieve the overnment from all the burden now incident to their redemption, to the extent of two hundred millions. For the balance of one hundred and forty-six millions in legal tender notes which would then be outstanding, the one handred and fifty millions in gold now held as a special redemption fund would be excessive. If this were reduced to one hundred and forty six millions, the greenbacks would become virtually what they ought to be in reality - gold cer- banks from time to time have actually failed.it was asthese banks enjoyed the privileges above proposed, they would at the time of their failure nave had outstanding the full amount of notes allowed. The guaranty fund was then charged with the difference between the value of the securities held by the Treaeurer of the United States in trust and the face amount of their outstanding notes. Afterwards the guaranty fund was credited with the amount which would have been realized by the Treasurer had he received the same percentage in dividends upon his claim for the guaranty fund as the final liquidation of the banks showed was paid to depositors. The result of this shows that all note-holders would have realized the face value of such notes without any delay; that the guaranty fund, instead of being exhausted, would have steadily grown, and that on the 1st of January of the present year there would have been an unused surplus to the credit of the guaranty fund of $27,421,950 This demonstration, drawn from past history, furnishes better evidence of the entire sufficiency of a guaranty fund, to the end designed, than is usually enjoyed in human affairs when it is sought in any direction to guard against the contingencies of the tificates. future. sumed that had between present supply (greenbacks and bank-notes both inof, say, seven hundred and six millions and one thousand millions, or, in round amount, three hundred millions. When the banking capital reached a thousand millions there would be tied up in the Treasury three hundred millions in bonds and two hundred millions in greenbacks as security for an equal amount of bank notes issued. Two beneficial results would follow: Some sixty millions in United States bonds now imprisoned as security would be cluded) In my opinion the obligation of the Government 'o pay the notes of insolvent banks should be rescinded. Fidelity in the discharge of its duty as trustee should be the end of its responsibility. While its absolute guaranty remains a feature of law, the broad question will again and again recur, if the Government is to take the ultimate and final risk of bank-notes, why should it not enjoy the immediate and continuous profit arising from the circulation of paper money issues? There is a good answer to this plausible inquiry, but it is not obvious, and to make the answer clear would require a more extended treatment than this opportunity affords. Thus the problem of national finances would be greatly There is one more objection which will be advanced— the only one that in my opinion possesses any real merit. It will be affirmed that, with our svstem as it is -banks constituted independent units, scattered over the land, with no general effective control anywhere lodged, with no principle of co-ordination or co-operation the note-issuing function should be quite prohibited except upon absolute security, with ample margin deposited in advance. It might be broadly affirmed that while this weakness continues to exist banks should create no liability, either to note-holders or depositors, and in what is said under the head of "Banking," I have argued that to this general weakness there should be addressed an appropriate cure. The best that can be said under present conditions is that simplified. Objections of various and vigorous kinds will be offered if our system be defective it is much better than none. to the propositions above indicated. It will be asserted, on Banks are as essential in the business affairs of the people the one hand, that to give banks privileges so great will in- as railroads and ships are essential in the transportation of duce the creation of banks organized for the sole purpose of commodities. The note-issuing function, within the limits note-issuing, and that the consequence will be a repetition of entire safety, is as legitimate and as serviceable to the of the former evils of a "'wildcat" currency. On the other community as is the issuing of bank credit in any other hand, it will be objected that the inducements to embrace form. It is a question in which the convenience of the peothe provisions contemplated are insufficient, aud that the ple and the economical use of bank credit are concerned. scheme would fail for that reason. The first-named objec- The objection last considered, then, is good as a general tion will not stand the test of fair examination. As to the criticism to our system of banking, but will not apply with second, it will appear that, though the inducements are not any peculiar force to bank note issues of currency under the large, they are sufficient. As previously noted, the advan- conditions of joint security from bonds and a sufficient tage to a bank to issue circulation under present laws is guaranty fund. equal, under the bes-t possible conditions, to seventy hunPRESENT CONDITION8..FA.VORABLE TO REFORM. dredths of 1 per cent on its capital stock, and perversely enough the present system works to reduce the advantage On April 1, 1898, the interest-bearing debt of the United in those regions where bank-notes are the most useful form States was $817,366,680. Incidental to the war with Spain in which bank credit can be extended to the borrower. the debt was increased so that on November 1. 1899, its Where the rate of interest is 4 per cent, the advantage or highest point, the amount stood at $1,046,049,020. Two years profit is seventy hundredths of 1 per cent; where the rate of later, or on November 15, 1901, the debt stood at $954,027,150, interest is 8 per cent, the profit falls to thirty -one hun- showing a reduction of $92,021,870. dredths of 1 per cent. This statement covers only the face amount of the debt. In comparison with this statement, it may be well to Interest is as much a part of a debt as is the principal, and show the advantage or profit under a system modified as this feature of the debt has been anticipated and paid to an suggested. The result has been carefully worked out by the amount nearly as great as has been the reduction of the Government actuary, and is as follows In a locality with principal. By the application of $43,582,004 of the pnblic the interest rate at 4 percent there would be a profit of moneys, interest to the amount of $54,548,424, which would 2*08 per cent, provided the whole circulation could be kept otherwise have been a charge against the Treasury during out all the time. If only 75 per cent of the limit allowed the next seven years, has been paid, so that, broadly speakcould be kept in circulation, the profit would be 1*87. In a ing, the public debt within two years has been reduced by 6 per cent locality, under like conditions as to average cir- the sum of $146,570,294. culation outstanding, the profit would be 2 35 and 1*74, reIt is to be noted also that the cash fund in the Treasury spectively, and in an 8 per cent locality the profit would has risen from $226,166,944 on April 1, 1898, to $322,514,732 rise to 3'8 if all the circulation could be kept out, or 2 20 if at the close of business on November 15, 1901, an increase of only 75 per cent of the limit could be utilized. Thus, quite $96,347,788. The effective reduction of the debt and incontrary to ur present system, bank notes could be the creased cash on hand exceed in their total the Spanish war better employed in those regions where bank notes are most bonds sold, amounting to a little less than $200,000,000. required for the people's use. Yet under no conditions anyAs a consequence of the operations resulting in this very where would the advantages be sufficient to organize banks satisfactory condition of things, the annual interest charge with a view to the profit on circulation alone. Where cap- on account of the public debt has been reduced from $40,ital is scarce and interest the highest, the inducement would 347,884. where it stood November 1. 1^99, to $28,471,228 on be the greatest, but the ability to secure deposits would November 15, 1901. even there be necessary to induce a bank's organization On April 1, 1898, the annual interest charge was $34,387,The advantage of circulation as proposed would be helpful 377. There is therefore shown an annual reduction in into sustain a bank where deposits must be small, and thus terest, dating from the present time, of $5,916,149, as comthe two co-operating would no doubt bring the benefits of pared with a period just ante-dating the Spanish War. The a bank to localities much in need of the services a bank facts indicate a condition of unparalleled strength in the renders. Treasury and go far to explain the superior credit of the Again, it will be alleged that the security furnished by United States as measured and illustrated by price quotathe proposed guaranty fund would be inadequate; that tions in the world's financial markets. bank failures would soon exhaust its supposed protec ion, It would, then, appear that the present is the most proand losses would sooner or later fall upon bank-noteholders. pitious hour in all our history, and as favorable a one as we This is an important matter, and all reasonable doubts in may hope for in the future, to enter upon judicious measthis particular should be removed. The proposition in- ures to eliminate such elements of financial weakness as volves the contribution of one eighth of 1 per cent annually experience has brought into view, and to perfect, if poson the capital of all banks whicn may avail themselves of ble, our now imperfect system of currency. Careful reits provisions. forms are to be desired revolutionary measures are to be In order to get some data on this point and to bring the feared. In the direction towards better conditions in banklight of experience to bear upon it. a careful analysis of the ing and cunency the attention of Congress is earnestly inhistory of national banks for the last thirty six years has vited. been *ade. A hypothetical tax of Oie eighth of 1 per cent *• * * * * * * * was charged against all the national banks from their organ- |* L. J. GAGE, S cretary, ization to date, and the amount so accruing was passed to the credit of the imagined guaranty fund. As individual To the Speaker of the House of Representatives. — : - < ; I December 7, THE CHRONICLB. 1901. 1217 IOWA CENTRAL RAILWAY COMPANY. ANNUAL REPORT FOR THE YEAR ENDING JUNE New York. September 23d, 1901. MILEAGE. At close of year the Maim Link Branch ks Company operated 111., to North wood, Iowa Oskuloosa to Alula, Iowa Peoria, : i I am l >i 1 1 ii to Kclinoiid, Iowa 506-13 miles, viz.: MUea. 354 98 2B-14 20 00 Mluervu Junction to Story City, Iowa Newluirg to State Center, Iowa O. M Junotloii to Montezuma. Iowa New Sharon to Newton, Iowa Lynnville Junction to Lynnvllle. Iowa 84-61 26-64 18*61 27 7ft 2-50 50618 Total operated 116-00 Sidings. 6221 9 Total miles of traok Of the above 50613 miles, 500*06 miles aro owned by this Company and 6-07 miles are leased (since increased 37 miles by lease ot Iowa Central & West. See "General Remarks.") The spur track to the Hocking coal mines, 8*58 miles, previously reported as main line track, has been added to the mileage of sidings. A re-survey of the line between Peoria and Northwood developed that the distance between those points had heretofore been over-stated by*42 of a mile. These changes reduced the 51013 miles operated as of June 30th, 1900, to 506*18 miles for the year just closed. GENERAL INCOME ACCOUNT. Receipts from— This Tear. $414,473 32 Passenger Mall Express 60,64043 16.815 97 1,789.978 66 2,215 09 Freight Miscellaneous Total reoelpts $2,284.123 47 Operating expenses.. 1,820,725 83 Increase Decrease. P. O. 399 $15,91116 317 58 -58 $884 03 57,6fe7 05 546 61 4-»n 8-i2 32-76 .... $41,795 73 1 80 358 $62,917 75 Receipts over operat- lngexpenses $468,897 64 Earnings over operating expenses, as above Interest from Investments Interest, discount and exchange $104,713 48 18-43 $463,397 64 27,750 00 1,826 63 Traoba^eand other rentals 16,659 fc7 5,007 38 Miscellaneous reoelpts Total receipts Deduct for— $514,641 32 Taxes Interest on funded debt Traokage and other rentals $75,884 45 373.748 78 57,960 00 507,593 23 Leaving a surplus from operations of Add premium on t OPERATING EXPENSES. The operating expenses were 79-71 per cent of the gross earnings, as against 76-14 per cent for the previous year. ^-Changes during Year.—* This tear. Maintenance of Way and Structures Maintenance of Equip. Conducting Transp'n. General Expenses bonds, less miscellaneous payments $7,048 09 93,41)9 28 $632,301 282.565 817,734 88,124 Way Deereuse. Increase. 97 $71,999 28 24 51,485 55 45 17 14,270 35 $1,820,725 83 Maintenance of ^-Changes duringYear.—* L901. 12,919,390 ton miles, or 4*8*J per cent. The total earnij .-< of $">7,fro DO freight traffic were $1,788, 05, or 8*12 per cent, and, as will be seen from tlie foregoing oomparlson of the several olas*ea of commodities transported during the year, this is due mainly t<> diminished shipments of merchandise freight. The average rate received per ton per mile irai 709 being "018 cents, or 1*87 per cent, greater than tb< previooa year: but he a\ erage haul per ton shows a rtltghl decri The earnings per as compared with the preceding year. freight train mile wore $1*6022 as against $1*5832 the previous year, an increase of -069 cents, or 4*50 per cent. The average train load of commercial freight was 226*02 tons, an inorease of 5*77 tons, or 2*62 per cent. The number of tone of commercial freight carried per loaded car was 17 77 tons, an increase over last year of 4 90 per cent. Total The receipts and expenses were: ao, P. O. 12 85 22-28 $74,837 43 H-38 19-32 3-58 $62,917 75 and Structures.— The condition of the track and bridges was greatly improved during the year. There were laid, replacing lighter rail on the main line, 5575 miles of 70-pound steel rails, the lighter rails removed being substituted on branch lines and sidings to replace light steel and iron rails at a cost of $106.843 01. the entire cost being charged to operating expenses. The new steel bridge over the Des Moines River was put in place during the year, the cost aggregating $69,217 29, of which $44,781 97 was charged to operating expenses and the remainder to capital account. For renewing and strengthening the Mississippi River bridge and other bridges there was expended $20,656 32, and the entire amount charged to The expenses for repairs of roadway operating expenses show a decrease of $63,275 80. This is due to maintenance of roadway being charged in the previous year with the cost of revising grades and alignment, while the cost of such improvements made during the year just closed was charged to capital account, the improvements being of a permanent character. Maintenance of Equipment.—The equipment was maintained in good condition during the year. Two engines were rebuilt at the Company's shops forty-two engines re; Surplus for the year surplus to June 30,1900 $100,457 37 1,437 90 Aid two, new boilers four, new fireceived general repairs five, new tanks two, new cabs six, new sets of boxes fourteen, new sets of tentires; three, new tender frames der trucks sixty-four, standard couplers thirty-two. new Westinghouse air-pumps fifty-one engines were painted and revarnished and forty tenders were equipped with metal brake beams, at total cost of $118,651 56. Repairs of passenger cars increased $14,495 89, and at the close of the year only two passenger cars were in the shops undergoing repairs and only four required light repairs. "She freight car equipment generally was kept in good order, but, owing to the general bad condition of the cars at the time the present management took over the property, it w ill be necessary to make a considerable amount of repairs on the cars before they will be in thorough condition. There were added to the equipment during the year 300 steel under frame box cars of 40 tons capacity each, 5<> ballast cars, one plow car, one Vulcan steam shovel and one Lidgerwood rapid unloader: but their cost, $296,150 73, was charged to capital account. For repairs and the purchasing of shop machinery and tools there was expended $30,209 73, of which $18,209 73 was charged to operating expenses and the remainder to capital account. Conducting Transportation.— The expenditures pertaining to this department decreased $74,837 43, or 8 38 percent. This is partly due to increased efficiency over last year in train and car loading. ; Surplus .Tune 30, 1901 $101,895 27 The results from operations during the year under review, compared with the results of the previous year, show a decrease of $11,795 73, or 1-80 per cent, in gross earnings, and in operating expenses an increase of $62,917 75, or 3*58 per cent, leaving a net decrease of $104,713 in earnings over operating expenses. <8, or 18*43 per cent The earnings from local passenger traffic increased $27,590 36, or 9-81 per cent, but there was a decrease of $11,91*0 53, or 10-93 per cent, in earnings from through passengers, leaving a net increase in the total earnings from passenger traffic of $15,911 16, or 3-99 per cent, over the pre ceding year. The number of passengers carried was 664,225, an increase of 61,977 passengers, or 1029 percent. The number of local passengers carried was 599,990, an increase of 55.083 passengers, or 10 23 per cent, and the number of through passengers carried was 64,235, an increase of 6,294 passengers, or 10-86 per cent. There was an increase in local passengers carried one mile of 687,127 passenger miles and in through passengers carried one mile an increase of 26,314 passenger miles, making a total increase in passengers carried one mile of 713,441 pas senger miles, or 4-33 per cent. The revenue per passenger per mile was 2-365 cents, being a slight decrease as compared with previous year, and this is due to a decrease of 1*48 miles in average distance traveled by each passenger. The commercial freight carried during the year amounted to 1.667.202 tons, a decrease of 75,177 tons, or 4-31 per cent, as compared with last year. The number of tons of all agricultural products carried was 424,749, a decrease of 2,826 tons, and made up 25 48 per cent of the total commercial tons carried. The number of tons of coal, coke and other products of mines carried was 742,963, an increase of 98,950 tons, and amounted to 44-56 per cent of the total commercial tons carried. The total number of tons of commodities, other than agricultural, coal, coke and other products of mines carried during the year was 499,490, a decrease of 171,301 tons, and formed 2996 per cent of the total commercial tons carried. The number of tons carried one mile amounted to 252,497.•683, as compared with 265,417,072 last year, a decrease of - ; ; ; ; ; ; ; ; T GENERAL REMARKS. In their report last year, your Board of Directors stated that it would be necessary to spend considerable sums of money to put the property in good physical condition and to bring the equipment up to the requirements of the Company's traffic. Asa step in this direction, the following expenditures were made during the year in improving the property and for purchasing additional equipment, which sums have been charged to capital account: $296.150 73 Equipment Construction Betterments aud Improvements 65,241 48 73.810 40 $435,205 61 cost of the box and ballast The first item represents the cars and road service equipment added to the Company's rolling stock during the year, as referred to elsewhere. THE CHRONICLE. 1218 The charge to construction embraces the cost of constructing 3 miles of new spur tracks to the flocking and Black Hawk Coal mines, 5-80 miles of additional sidings, the cost of real estate, installing steam heating and duplex water systems at the Marshalltown shops, constructing interlocking plants and signals at Ackley and Mason City, and new shop tools and machinery, The expenditure for betterment sand improvements represent part of the cost of replacing the Des Moines River bridge, the cost of increasing yard facilities and of revising the grades between Hampton and Northwood. Marshalltown and Oilman, and the Lacey Hill and Eddyville grades. Contracts have been let for replacing, during the ensuing year, the wooden truss bridge over Lime Creek and the light steel truss bridges over Timber Creek and Skunk River. When these bridges are in place, and Ihe remaining bridges along the line are re-painted, all permanent bridge structures will be in good physical condition. While the bridge over the Mississippi River at Keithsburg was generally renewed and strengthened during the year to sustain heavier rolling stock, the management contemplates replacing this bridge in the near future by a modern and more substantial structure. About 21 per cent of the lineal feet of trestle and pile bridges will be renewed during the present fiscal year. Because of inferior timber used originally in the erection of this class of structures, they must be rapidly replaced in order to insure safety and reasonable expenditures for renewals in the future. The work of ballasting the main line track and reducing grades where they exceed seven tenths of one per cent (the established maximum) will be pushed as rapidly as possible. During the year the Company sold $749,000 face value of its First Mortgage 5 per cent Bonds, and the proceeds were applied toward the payment of indebtedness created largely for purchasing new steel rails, locomotives and freight cars. new agreement entered into under date of July 1st, 1901, with the Burlington Cedar Rapids & Northern RR. Co., which provides for the joint and equal ownership, in perpetuity, of that portion of your Company's line of road from Manly Junction to Norwood, Iowa, and of the Burlington Cedar Rapids & Northern RR. Company's line of road from Nortwood, Iowa, to Albert Lea, Minnesota. Since the execution of this agreement, the Illinois Central RR. Co. has, by mutual agreement between this Company and the Burlington Company, been granted trackage rights over the joint tracks referred to between Glenville and Albert Lea, sharing the cost of maintenance and operation. The Company has also leased for fifty years from July 1, 1901, the Iowa Central & Western Railway Company's line of road from Belmond to Algona, Iowa, a distance of 37 miles, upon the condition that it shall maintain the property, paying, in addition to all taxes lawfully assessed, 20 per cent of all gross earnings accruing from the operation of the property. The Company further obligates itself to apply these earnings accruing to the Iowa Central & Western Railway Company from the lease of its property toward the payment of inteiest on and the principal of the mortgaged indebtedness of the latter Company. Since the close of the year the Company has, in accordance with the action of the stockholders at a special meeting held on July 31st, 1901, executed a First and Refunding Mortgage to secure an issue of bonds not exceeding $25,000,000. This mortgage is a lien upon the now existing railways of the Company, subject only to the first mortgage of August 1st, 1888, and will be a first lien upon the railroad of A the Iowa Central & Western Company and the Keithsburg Bridge Company as soon as the outstanding bonded indebt edness of those properties has been retired, which is to be done without delay; it will also be a first lien upon any new mileage or other property which may be hereafter constructed or acquired. The bonds are dated March 1st, 1901, and are for $1,000 each, payable in gold coin on March 1st, 1951, being interest at the rate of four per cent per annum, payable semi annually on March 1st and Sept. 1st each year The Company has issued and sold $2, 000, (00 par value of these bonds, and the proceeds realized therefrom will be applied to redeem at par, on December 1st next, $591,000 6 per cent bonds of the Keithsburg Bridge Co., to purchase additional equipment, to revise controlling grades, recon struct certain bridges and make other necessary improve ments for the purpose of operating the property more ad vantageously. The outlook portends, in view of the present condition of the grain crop, that the harvest for the ensuing year will be below tbe average of last year. The corn crop will probably yield about 70 per cent of last year's crop and oats about 75 per cent. Although this apparently indicates a falling off in agricultural tonnage, it does not follow that such a diminution will occur, as it is believed a large surplus from last year's corn crop remains in the cribs of the farmers, and with the marked advance in the price of corn and other agricultural products this reserve will be released and marketed during the present fiscal year. The increased price of agricultural products will also have a tendency to stimulate the natural growth of merchandise and other tonnage, which constitute the greater volume of the Company's freight business. By order of the Board. E. HAWLEY, President. [Vol. LXXIII. 'Qhz (^ommtxcivil Qimts. COMMERCIAL EPITOME. Friday Night, Dec. 6. 1901. session of the Fifty- seventh Congress has been the feature of the week. The President's Message was awaited with much interest and was well received. The question of reciprocity treaties is now receiving much attention in the business world, and there also has been considerable agitation ie'ative to the tariff. Tbe hide and leather trades have been making strenuous efforts to have the import duty on hides removed, and the tea trade has appeared to be anxious to have the war revenue import tax of 10c. per povnd on tea abolished. The speculative markets have been active; prices for all kinds of grain have made a considerable The convening of the first advance and cotton values bad a sharp upward turn on an unexpectedly small estimate by the Agricultural Bureau of the yield of the present crop. 1901. Fork Lard Nov. 1, 1901. 6,119 1,086 1,465,227 197,920 51,969 5,350 3,9*8 2,v22 1,400.805 220,547 58,433 Dec. 1, Slockt of MercKandist. ...bbls tos Tobacco, domestic Coffee, Rio Ooffee, other...Ooffee, Java, &c Sugar Sutcar Molasses, foreign Sides Ootton...... Rosin ?plrlts turpentine ar Bice, E. I Bloe, domes tlo Linseed Saltpetre Jute butts hide bags bags mate hhds bags, Ac hhds, No bales bbls bbls bbls bags bbls bags bags bales Manila hemp.... .........bales ..bales Sisal hemp bbls.and sacks Flonr 561 188,800 None. 27,400 82,615 17,603 2,077 468 2,100 6,000 None. 2.100 None. 2,104 2,871 97.000 991 194,063 None. 26,300 75,105 21,658 Dee. 1, 1900. 3,750 8.825 9,432 665,149 89,477 155,262 None. None. None. 19,700 48,366 28,837 984 372 2,592 2,000 5,600 5,700 6,000 None. 2,000 None. 3,409 7.10U 95.200 None. 540 6,500 100 11.021 1,947 111.900 Lard on the spot has advanced sharply on light offerings, but at the higher prices only a email amount of business has been transacted. The close was firm but quiet at 10 -20c. Refined fcr prime Western and 9-55@9-80c. for prime City. lard has had only a limited sale, but prices have advanced, and the close was firm at 1035c. for refined for the Continent. Speculation in lard for future delivery has been fairly Buying has been fairly general, stimulated by deactive. creasing receipts of hogs. The close was firm. DAILY CLOSING PRICES OF LAKD FOTORES. Fri. Sat. Hon. Tutt. Wed. TKurt 9 92 1007 987 9*95 10-15 1017 Deoember Pork has had a fair jobbing sale in the local market, and prices have advanced to |16 25@17 50 for mess. Cut meats have been firm but quiet. Tallow has been firm but quiet, closing with buyers at 5Jgc. Cotton seed oil has been firm and higher, prices advancing to 38@38>£o. for prime yellow. Butter has been in light supply and firm for choice creameiy grades. Cheese has been in good export demand and higner. Fresh eggs in better supply and prices have weakened slightly. Brazil grades of coffee have had only a limited distributing of the usual holiday dulness. sale, feeling the influence There has been no pressure to sell, but under the large available supplies in sight there has developed a slightly easier undertone, and prices have shown a tendency to sag. The close was steady at 6%c. for Rio No. 7. West India growths have been quiet but steady at 9c. for good cucuta. East India growths have been firm. Speculation in the market for contracts has continued on a moderate scale only, and, influenced by easier foreign advices, prices have weakened slightly close was firmer. Following are closing asked prices: 7 20e. 6 95o. Aug 655o May Deo 7-30e. 705o. 8ept 6-60o. June Jan 7-40o. 7-lOc. Oet 680o. July Maroh Offerings of raw sugar have been small and prices have held steady at 3%c. for centrifugals, 96 deg. test, and 33^c. for muscovado, 89- deg. test. Refined sugar has been quiet at 4 90c. fcr granulated. Teas have been active and firm. Spices have been firm and pepper and cloves have advanced, Kentucky tobacco has been firm, with light offerings here and at the Western markets. Receipts were reported limSeed leaf tobacco has ited, owiEg to the severe weather. had only a small sale for the week, the business transacted being limited to an occasional light trade. Prices steady. Spot supplies of Straits tin have continued limited, but with the November squeeze over, prices for spot tin have declined from those ruling at the close of last week, final quoIngot copper has been quoted tations being 2560@263. nominally unchanged, lccally at 16'50@17c, but the London market has been decidedly unsettled. The market for lead has been dull and unchanged at 4-37J^c. Spelter has held steady at 4 30c. Pig iron has teen in fairly active demand and firm at $13@16. Refined petroleum has been unchanged, closing steady at Naphtha 7-65c. in bbls., 8'75c. in cases and 5-lOc. in bulk. has been unchanged at 9'05c. Credit balances have been unchanged at $1 30. Spirits of turpentine has been quiet but the close was firm at 37^@88c. Offerings of rosin have been limited and prices have held firm at $1 55@1 60 for common and good strained. Wool has been more active and firm. Hops have been quiet and barely steady. ; - December THE CHKON1CL1&. 7, 1901.] COTTON. Friday Night, December In addition to above exports, our telegrams to-night also <ive ua the following amounts of ootton on shipboard, not oleared, at the ports named. add similar figures for New York, which are prepared for our special use by Messrs. 1901. G, 1219 We The Movement of the Crop, as Indicated by our telegrams from the South to-night, is given below, For the week ending Lambert* Barrows. Produce Exchange Building. evening the total receipts have reaohed 332,905 bales, against 321,431 bales last wees and 823,069 bales the previous week, making the total receipts since the 1st of Sept., 1901. 3,709,945 bales, against 3,675,040 bales for the same period of 1900, showing an increase since Sept. 1, 1901, of 34, 905 bales. this MutipU at— Hon. Mat. Tuet Wed. Tkure. 5,182 8,394 5,467 1,950 Pt. Royal, Ac 1,796 N'p't 1,522 2.017 2,361 2,166 3,957 3,158 5,427 3,935 2,813 503 1,045 516 4,078 1,584 1,856 2,287 192 2,133 Boston......... 1,042 100 *V*6 102 54 52 Baltimore Phlladel'a, Ac. week 61,268 Tot. this 25 21,289 941 9,188 9,215 1,908 584 39,199! 70,468 54,700 37,968 59,307 322,905 The following shows the week's total receipts, the total since and the stock to-night, compared with last year, Sept. 1,1901, raw Since Sep. 1, 1901. Tail wee As. Stock 1900. 1901 Reeeipti to Dec. 6. Galveston. 76,752 1,057,955 Sab. P., Ac. 23,323 5,316 Slew Orleans 96,917 1,016,898 97,421 Mobile 9,036 79.634 P'saoola.Ac. 7,271 Savannah... 49,341 651,198 Br'wiok.Ao 76,675 8,679 Charleston. 14,717 147,446 749 67 P.Royal.Ao. Wilmington. 11,616 178,519 266 25 Wash'n, Ac. 21,289 231,318 Norfolk 8.307 941 CTport N.,Ao 52,744 New York... 9,138 39,282 9,215 36,471 Baltimore . 1,998 584 11,239 Phlladel.Ac . week. Since Sep. 1, 1900. 1901. 52 1000. 172,215 192,383 268,511 32,113 322,156 30,934 145,925 5,329 40,929 119,684 10,711 15,357 10,475 89,958 968,004 1,164 12,762 99,147 1,214,173 7,852 79,393 1,915 49,676 40,510 581,475 46.822 4,621 5,065 164,678 14.227 36,753 10,523 61,336 43,000 7,044 4,23d 868,294 .. 388 190,795 20 20,105 408 213,385 1,728 6,425 12,921 1,822 20,390 22,337 84,814 16,802 761 8,738 36,388 2,587 97,771 44,000 13,604 3,513 322,905 3,709.945 306,284 8.675,040 Totals 12,314 872,362 Orleans. . .. In order that oompanson may be made with other years, we give below the totals at leading ports for six seasons. 12,046 21.108 2,198 10.881 2,844 40,612 8.524 7,193 1,469 5,500 8,400 19,500 7.500 8.235 13,160 12,000 2,500 12,006 6,000 4,350 li'.boo 5,000 10,000 fcsjaaua 219,436 108,917 110.625 19.544 S0.115 20,888 87,421 53,508 Total 1901.. 99,793 29,630 39.891 42,350 20,344 232.008 640,354 Total 1900.. Total 1899.. 70,033 13.222 48,730 22.851 21,541 177,277 82.981 17.252 83.963 30,4 15 214/111 681,017 867,824 davannah . . Norfolk New York Other ports • Speculation in cotton for futare delivery has been active at a considerable advanoe in prioes. The feature of tke week has been the Bureau report, which, as issued at noon Tuesday, estimated the yield of the present crop at 9,674,000 bales of 468 pounds average weight. The report was a decided surprise to the trade, the estimate made being much smaller than was generally expected, and caused consternation among the bear interests. Immediately following the announcement of the estimate, prices made a sharp upward tarn. There was active buying by shorts to cover their contracts and outsiders came into the market as fairly free buyers for investment account. The foreign speculative markets also were greatly influenced by the Bureau's estimate, prices for futures in Liverpool making a sharp advance, with the Continent reported buying freely in that market. Daring the latter part of the week there was some reaction from the high prices reaohed. Recent buyers took advantage of the advance in prices to realize profits and were free sellers. The movement of the crop continued fairly full, receipts being in excess of those for the same week last year, and among some of the trade there developed a disposition to accept the Bureau's estimate with much reserve. The South has been reported a fair seller of cotton at the advance in prices. To-day there was a slightly easier market early, but on outsiders and shorts buying there developed a steadier undertone and the close was firm, with prices 1 point lower to 1 point higher for the day. Cotton on the spot has advanced, closing at 8 5-16c. for middling uplands. the rates on and off middling, as established Nov. 20, 1901, by the Revision Committee, at which grades other than nlddling may be delivered on oontraot, are as follows. Fair o. 1-14 on Good Middling Tinged Even Middling Fair 0-80 on Strict Good Mid. Tinged.c. 0-20 on Strict Good Middling 050 on Strict Middling Tinged 006 off Good Middling 32 on Middling Tinged 012 off Low Middling Low Middling 0*14 off 8triot Low Mid. Tinged... 034 off off Middling Stained 050 off off Strict Low Mid. Stained... 106 off 1-00 off Low Middling Stained 1-50 off Strict 038 072 Striot Good Ordiuary Good Ordinary On this basis the offloial prioes for a few of the grades for the past week— Nov. 30 to Dec. 6— would be as follows. 1901. 1900. 1899 82,068 96,917 9,036 49,344 14,784 11,641 21,289 75,467 66,038 9,090 39,800 7,210 14,888 14,421 1,507 21,103 109,149 108,411 14,495 43,474 18,262 19,049 31,928 1,526 46,679 80,620 113,609 20,607 47,233 22,290 18,009 26,180 1,232 37,318 792 Low Middling... All others... 941 86,885 91,126 99,147 7,852 40,510 5,117 12,334 20,105 1,728 28,365 32,858 Tot. this wk. 322,905 306,284 249,524 392,968 367,098 278.468 middling aood Middling., middling Fair... Heceipi* at— Galves'n.Ao New Orleans Mobile Savannah... Ao Wllm'ton, Ac Ohas'ton, Norfolk N. News, Ae. Blnoe Sept. 1 1897. 1898. 1896. 62,579 89,605 17,570 28,921 11,976 7,524 26,643 3709.945 3675.040 3295,376 4802.169 4509,764 4099,341 The exports for the week ending this evening reaoh a total of 283,220 bales, of which 149,352 were to Great Britain, 86,797 to Franoe and 98,071 to the rest of the Continent, Below are the exports for the week and sinoe Sent, 1 1901 fV»*k Mniint Dec. 6. 1901 Brwwted Hxporti 6rmt Worn— Wru.nct Brit'n. QalTSiton Sab. Past. Ao.. Haw Orleans.. 14,897 48.213 18,30(1 Mobile Peniaoola 10,089 Brumwiok Charleston Port Royal Wuk. 419,189 179,409 243,910 5,000 40.587 103,106 7,060 34.', 1-0 117.168 8,468 8.221 841,508 15,518 726.482 48.047 78,892 390.117 57.810 66,907 267.114 15,767 26.260 300 6,327 88,805 1,700 38,087 10.698 26.870 130,731 27,040 9,088 5,033 89,674 3.562 232,343 13,984 9,068 UPLANDS. Sat. 700 atood Ordinary, uow Middling.. trlon 7 00 737 7-99 7-99 8-37 8-69 7-31 7-93 8-31 8-63 917 911 HIonTncK Wed Ta. Frl. 762 800 9ood Middling, 8 00 8-32 8-80 8-32 8-80 •diddling Fair.. GULF. Sat. 37 8-C9 9-17 7-56 8-18 7-62 762 7-56 824 8'24 856 8 62 818 856 8-57 9-05 8-88 9-36 8-94 9-42 862 894 942 8-88 9-36 Tuea Wed Tk, Frl Sat. iTIon 6-50 i^ow Middling.... Middling Striot Low Middling Tinged. 9ood Middling Tinged 8 825 857 905 (STAINED. 731 793 831 863 911 7-25 7-87 7-25 7-87 8 25 ilood Ordinary. Frl. 737 7-62 (fiddling Toes Wed Th. 650 681 750 766 7-50 7-81 7-97 6-87 7-87 8-03 8-37 687 7-87 6-81 7-81 7-97 8-31 8 03 766 8-37 800 831 The quotations for middling upland at New York on Dec. 6 for each of the past 82 years have been as follows. . 8 00 1901. ...o. 8-31 Oontin«nt. Orimi France Britain. 76 230 20,799 21,182 36,785 83,953 85,376 8.831 . 1,000 1877....0.117 19 1893. ...0. 7l5 ie 1885. ...o. 93s 1876 10 7s 12ii8 1884 1892 9»s 13i« 7" 1875 1883 lOBia 1891 8ii6 10*8 14*8 1874 97 16 1882 1890 5»s 12l 18 1578 1873 5*8 10>4 1881 1889 19*3 1872 12 9*8 1880 1888 13*4 1871 19 1* 1879 1887 lO^a 83e 15i« 1870 1878 5% 9»s 1886 93ia Note.—On Oct. 1, 1874, grades of ootton as quoted were changed. According to the new classification Middling was on that day quoted *sc lower than Middling of the old classification. 1900 1899 1898 1897 1896 1895 1894 103, 8 MABKBT AND 169,329 9,281 10.818 227.848 BALES. .. Wtlmlnsrton.. Norfolk N'port N..A0. New York.... Boiton Baltimore.... PhlladeipDia. San Fran.. 4a. Total lotai Oonti- 8.221 ... 1901, to Dec. 6, 1001 ( 8,027 SaTannah 1, Hxporlid to— ft«fU 40.584 6,000 From Sen to- stock. Total. 49,078 63,298 35,400 21,385 12,000 14.500 10.350 26,000 Charleston 11,616 941 News, <*o« New York Great GerOtker Voatl Britain Fr'nee many. For'gn wile. Galveston (57 1,374 1,653 1,998 201 WUmlngton.... Wash'ton.&c. New Leaving at— 76.752 6,316 96,917 9,036 7,271 49,344 8.679 14,717 3,497 2,127 67 1,754 25 2,499 2,779 Dec. 6 foiai #rt. 10,954 14,531 22,200 7,879 11,782 9,406 6,316 Bab. Pass, Ac. New Orleans... 20,712 7,815 18,846 35,958 10,532 13.552 195 659 1,915 1,600 1,543 3,124 Mobile 6,228 Pensaoola, Ac. 1,043 10,703 9,469 7,643 8,177 6,449 6,903 Brunsw'k.&o. OH BHirBOAKD, NOT OLKAUKL) FOB— 14,827 14,887 161 6,451 400 500 5,816 9,612 5.719 «,7ia 10.816 127,901 7,569 92.178 66,823 23,462 400 16.473 9,612 5.159 11.384 6,159 898 200 U9.852 88,797 1,400 85.782 1.200 Total, 1900... 118.990 66,721 39,385 85,788 96,071 888,220 1,345.770 336.83811,080,303 2.762.911 45.300 102,847 287,227 1.856,738 303,817 1 985,262 8,636,837 1 Futures Spot Markbt Closed. Market Closed. Q't but st'dy Q't but st'dy Quiet Tuesday... Quiet at 5,8 adv. Klrni Wednesday Quiet at 1,8 adv. B'rly steady. B'rlyeteady. Thursday.. Quiet Friday Quiet at 1,6 dec Firm... Saturday ..Quiet Monday Total I..1 1 n ' Sales or Spot Jft»- port. I a Contract. Oon- Con- lump. tract. Total. 16 .... 16 15 14,800 14,815 900 352 900 352 393 15,700 16,033 THR CHH1N1CLB. 1220 Futures. -a to ' O — Highest, lowest and olosing price? at New York. -a«a coco I o-i «a«a COCO »a K> to , , ' I I CH|)> «a-a WW WW 05W O505 ~a~a I «a<i «a«a *?*? vj»a -it: WO ooto <l-a I I o«a WW 00 CO «j-a 00f- CO *" 1 9 i -ao «a»a COW co C0O5 cow co-i a I 19 ocoo oo-a oooo coo o© OO 00 00 00 00 9 9 ocw cooo 19 «a<i coco 0DO Oco ceo I a.© 19 9 «a«a COCO c I I I I 9 I I •»<» IT. '*?*, -i «a«a WO! 01 c. -J -J Om WW WW WW WW »J<1 05 WW to 5* oco CO) oo CO OOOO 00 00 «a«a codi wo I W05 COO cow COOO 9 oooo I K> -J CO iJ I M I I OO 6© OO oo 00 00 00 00 I I I I 05 co 9 0000 wo I 9 I O-a I I I 0000 00 CO I I ' I ' 19 I I 9 I 9 I 9 \ 9 I 0000 0000 00 00 00 00 oooo coco 19 cow 9 -a -a •0 00 coco CO© WW I 9 I 9 «a«a COCO ^^ I 9 «a-a coco I 9 «a«a »J00 <10) -aoo «aoo -a oo <JO0 CO© k0k3 coo wto qoo CO© «aoo coo 05 CT t- coo W05 COO wco •a-a «a*a O'to «a«a cobb «a«a coco «a-J coco »a-a coco «j tot: «a«j coco v<r^ i9 19 o-j 19 9 -a^a CCCD kOkO «a«a »a«a «JC0 I O a- co #-m I Is 19 •a-a coco . co 19 «a-a coco W05 »a«a coco 9 I 9 CD© I 9 coo ©«a •o-a • • coco «a»a • coco 9 9 I 8 WO 9 >w o I 1 OS 9 | 9 I 9 I let 1 w (0 9 I °? I 9 I °? 9 i2 CO 9 I " 05 ' CO I 1 CO M , °? ' o xi • m r^ 05 m co O WCO ODM© HOMj^KHMtOH k3_IO CO tOCDta t^ WOO MOO ^a "x to© * ksls w o ©e/Va w V.T^"— w*«a co'V]'ir» o m ko 00- m "— co to — Otf^C. ~ towec. *-MO-i:?. wcr. ©cc^i*. — c; m co ^ m co co 9 co IB- •~i I if- j ^co*>.cocoM<]if>t-ai^. , f*owcco5wO'££»^akaco>]ocwOxwowo) l ** ft CO + tOM t* i* ooM^MMuc»a*.*»MCO"-a k *-*<i-4^-mo*»*.o M^apt op OD — jo »- a »a © m oc <i od co >io_c oo^-o 10 1^ OS tc w #» oo . ' ' odcoow K) to mk, w©"V; wtooo uo oo © c 00 io a 05*-i od m c ©coo: co m a w^iao w m cotoocr. *noeoo:05uLonowMwc;'toto*-~aco>o^)eo«] 19 coco I I 00 eo '2 CO w w |9 9 9 19 00 , 1 I ' • w M ^J"mco» 50MM kSM mow <>wkaw ©"» 05 co <i» o © © 00 tclt- 60"*^ oa eoW «a oc w o ©"io^a e oj »a WMco©coi^.*.o5©r4W<iMC.'<eoo5x»a — coet-j»-eoocw~4©^c» "to I ' to p ooo50©w<cocowi^ao©coco©M©i^i^ciK«ai^kOwkO*Mowo5 05 19 m w« MCOCO<JOCOOOCO|fk; 00 * I cable and telegraph, is as follows. Foreign stocks, as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures for to-night (Dec 6), we add the item of exports from the United States, Including in it the exports of Friday only, 1901. 1900. 1899. 1898. Stock at Liverpool ..bales. 548,000 486,000 749,0001,113,000 Stock at London 16,000 2,000 3,000 7,000 Total Great Britain atook. 665 uoo 502,000 751,000 1,116.000 Stock at Hamburg............. 13,000 15,000 16,000 13,000 Stock at Bremen 126,000 211,000 210,000 241,000 Stook at Amsterdam.... „ 1,000 1,000 Stock at Rotterdam 200 200 300 Stook at Antwerp 3,000 4,000 5,000 7,000 Stook at Havre 107,000 84,000 197,000 180,000 Stook at Marseilles 2,000 2,000 4,000 4,000 Stock at Barcelona 52,000 27,000 75.000 30,000 Stook at Genoa 25,000 26,000 58.000 35.000 Stook at Trieste 2,000 3.000 10.000 5,000 Total Oon tinen tal stooks . 330,000 372.200 571,200 5U.300 Total European 8 cooks.... fc85,000 874,200 1,32^,200 1,637,300 India ootton afloat for Europe 11.000 35,000 15.000 5,000 Amer. ootton afloat for E'rope. 840,000 690.000 422,000 874,000 Egypt, Brazil, Ac aflt.f or E fpe 51,000 79.000 77,000 64 000 Stook in Alexandria, Egypt. 186,000 144,000 170,000 203,000 Stook in Bombay. India India."."..... 106,000 171.000 213,000 175 000 Stook in United States ports 872,362 868 294 1,082.435 1,823 825 Stook In D. 8. Interior towns. 665.730 692,5 15 805,019 709,639 United States exports to-day 53,405 38,811 24.738 4b. 208 Total visible supply 3.6/0,497 8,592,840 4,121,392 5,047,972 Of the above, totals of Amerioan and other descriptions are as follows © cop ka W top H m ee-'MH «J os'©"® 00 toM"co 473,000 428.000 659.000 1,022,000 294.000 345.000 538,000 475.000 Amerioan afloat for Europe... 840.000 690,000 422.000 874 000 United States stook 872,362 863,294 1,032,435 1,323,825 United States interior stooks. 665,730 692.525 805.019 709,^39 United States exports to-day.. 53,405 38,811 24,738 46 208 Total Amerioan 3,198,497 3,062,640 8,531,192 4,450,672 Mast Indian. Bratil, ticLiverpool stock 58.000 75,000 90 000 91,000 Londonstook 7,000 1G 000 2,000 3,000 Continental stocks 86,000 27,200 33.200 46,300 India afloat for Europe 35,000 11,000 5.000 15000 Egypt. Brazil, Ac. afloat 51,000 79,000 77.000 64.000 Stock In Alexandria, Egypt... 186.000 144,000 170.000 203,000 8tock in Bombay, India 106,000 171,000 213,000 175,000 Total East India, Ac 4 2,000 530.200 590,200 597,300 Total American 3,198,497 3,062,640 3,531,192 4,460,672 Total visible supply.......3,670,497 3,592,840 4,121.394 5,047.97"2 Middling Upland, Liverpool.. 4 1ad. 35 32 d. 59i 6 d. 41 Middling Upland, New York.. 513 ia c. 10 '-80. 85i e o. 7"i 6 o. Egypt Good Brown, Liverpool 5i6i8d. 738CL 4%d 63s d. Pernv Bough Good, Liverpool 7d. 73gd. 7Sfcd. 6%d Broach Fine, Liverpool 4« 3 2d. 513 le d. 43sd. 3>4d Tinnevelly Good, Liverpool. . 43 16 d. 4Jad. 5*d. 3d. Overland Movement fob the Week and Since Sept. 1.— below a statement showing the overland movement 'or the week and since Sept. 1, as made up from telegraphic eports Friday night. The results for the week ending Dec. 6 and since Sept. 1 in the last two years are as follows. 1901. December 6. Week. (hipped— Via St. Louis .. _ ..... been 143,000 bales. 45,952 6,534 1900. Since Sept. 1. Bine* Week. Sept. 1. , 604,175 101,820 741,019 20.935 11,565 2,257 139.736 21,929 29,471 11,046 18,782 3,807 132,691 63,708 18,128 34,757 ...... ...... <feo..„ Oeduet shipments— Overland to N. Y., Boston, Inland, Ac. 423,631 108,349 3,655 31,996 52,266 25,004 96,118 187,989 36,782 214,527 ,,. Via Loulsvllie.... Via other routes, 1,002 12,170 4,623 22,013 322,462 55.058 52,230 15,U3 450 24 14,034 3,264 66.080 7,856 34.391 3,382 114,954 16,697 91,294 Via Paduoah Ac. from Booth Leaving total netoverland*. 86,537 416,186 65,038 526,492 movement by rail to Canada. The foregoing shows the week's net overland movement this year has been 56,537 bales, against 65,038 bales for the week in 1900, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 110,306 bales. Including 1901. in Sight and Spinners' Taktngs. Week. 1900. Since Sept. 1. Week. Since Sept. 1. 822 905 3,709.945 306.284 3,675,040 louthern consumption to Dec. 6.. 50.537 36,000 416,186 65,038 475,000 31,000 626,492 415,000 415,442 4,601,131 402,322 4.616.532 81,718 536,425 40,560 442,882 Game Into sight during week. 447,160 5,264,430 5,137,556 Total In sight Dec. 6...... . The above figures indicate an inorease in 1901 of 77,657 bales as compared with same date of 1900, a loss of 450,895 bales from 1899 and a decline of 1,377,475 bales from 1898, c? ffe give W- tW Continental imports past week have ? The aoove totals show that the interior stocks have intrecued during the week 31,718 bales, and are to-night 26,795 3ales less than at same period last year. The receipts at all towns have been 20,897 bales lean than same week last year , bales. MtOWMMMkOMtOCO lo . American— co 0"*j~aococcTio <jt~to+-i>-p-00+-0*oto ®V "© w"o w"-Jw'bjoo©"^' abo o»l"'e ow H>)MO0DC0OUw>CD0, >-t9«HOKC0aiC>M toxcotoi^Mwcoto, ifrwooo -a ~a-»toww©ife-Oifr.Miuo co^-tow 00 I ta Liverpool stook Continental stocks si i(»-ook.o5^j coco CO CO O W \o"i* "^ OB W \g 'J-. I -J 00 I ' CT. >Z oioodm; tooo»coo5©oo© wm wj- oooe coa OD p. Ct k5 m to ©lo co"-a "m"cc Vj aV od co 05*-- © co* 05 co m'vVco'h CCOCD-JW0O05t0t3. OJO«jH!fliaffiJ,aivC*C'Jlv~ hCJ-C ©woii^GD-auo -j~j. cok to co to o> oo x> c 05 ^ «> icccw^totOM©«a 9? M M © M M O co M © M CO © H The Visible supply op Cotton to-night, as made up hy I CO 00 \j)'a CO re i. koco*acoo5Wtoo50coto<iaoo^cococb>aM~^-ow^coaocMoow WOO w 19 # i ^i f^ 'I Ki *»XC0M I O-J00 O 0CCC *- wweow -a oo I ^ CO CO K w_M ©o a^ co co © co„—_m coweo©*ifr*-05wc»eo MtftCOWlH ta*to»o m »o 1a'co*-> I M CO WM^a 3; t* tOl-OJM 05 00 WtOlOW C0MTO- Mj^wp* M MCO to k9 » coQoco<jc»"«a^jMabOco"o— V)i*.©.aa5' ecOMbcooW©"soe tcco ifkOoi»aoowaoDWow©tOH- wi^-joo; oioc*- to oo » ki x to 3 co rftcocoA^otoatowcococctoo talcs' ^Mto^w^oooaMta^a 4 • I ?. CK3C0W*,t0OK)C0W<lt3OeCWt0MWC0a00DXWOi-i«aoy,M^O ^acocooMCooooaM^ix-jMcosos-awoMWi^cDi^MOf-tseo-j •a oo ooo CO© C05 i I oooo WW W© 05M t- I M ©M O WM *> «a»a coco 66 9 00 M OO * CO MQ Wco OM ©M CM ©6 M I^M wco -a -a •a -j 05 CO 19 I C ~J»0 1 OO ©e 66 66 6© v.© COM UN WM WM -a tO CO **<» oo co co w^"»BQC*05<jV is ©05 05 00<1 i* to I oooo I*- CO W05O5^ 9 00 00 -4 05 M o> coo coo 9 I iM ^W^WMj^JOM WMCOMtt^ M^MCOOS >- CO CO 05W ©ox 01 w"-r co « w «a— V m ;oV"«- oo m"mos Vce'a* To o wlo bo I S*tOCDO5CO1l-ieOCCi*-O!MasCO©©^lJ*klO~J!eMMe0 iOCWM>-CO WOXCT. *-XM^fJi W<1 J'Xi' ^^C W C Cb 05 OM 9 <i«a coco CD C0 «a<l -a I MM CO I I 9 I -J lf>. I I I ~J«a If- -a-a I KCO «3<l WW I *a-a O OA I o«a w WW WW -J 0005 coco WW CR WW WW WW «a^ WW WW WW * 19 9 19 19 9 9 9 99 9 *3 I O »*• 19 3 o. i; q, ww WW WW wo WO) •-05 ^co wo 00 33 MtO CEO WW 9 <i«a coco «a»a o.a WW CO COD W LXXIU. [Vol. . orth'n spinners tak'gs So Dec. 6.. 103,623 705,481 89,546 Movement into sight in previous years. Bales. Since Sept. 1— Week373,171 1899-Dec 8 1839— Deo. 8 492,507 1898-Dec 9 1898— Deo. 9 458,2^8 1897— Dec 10 1897— Dec 10 342,522 1896— Dec 11 1896— Dec 11 782,069 Bales. 4,880,868 6,271,308 5,925,732 5,291,756 December 7, THE CHRONICLE. 1901. Quotations for Middling Cotton at Otuer Markets,— Below are closing quotations of middling ootton at Southern and other principal cotton markets for each day of the week. CLOSING QUOTATIONS FOK MIDDLING OOTTOB Week ending Dee. 6 Tuei. 7«« 738 74 . 74 74 7 5 i« 74 74 74 74 Savannah.. Charleston Wilmington. Norfolk .. 8 . . 788 74 738 >,r 7*h 74 74 74 74 74 7 7 ie 77,8 84 Mi* Louis.... Cincinnati Loularllle . . . 73s 73s 74 7Tia Houston 73e 76 18 7*8 Philadelphia 8t 74 7l» l6 74 n\ 74 74 74 74 8 74 8»ie 74 74 74 74 74 Augusta — Memphis Wcdnee. n» 7% 74 8 Oalveston. New Orleans Mobile Baltimore ifon. Satur. 7 8 6 lfl 8 84 7> B 18 7"ie 74 74 74 7'ie The closing quotations to-day (Friday) ON— Thuri. JYi 7 13 i« 74 74 inch. The thermometer has averaged 70 and the lowest 29. """le 71>16 I«w 7Hi 7»« VI * 84 8 84 74» lo i« x !l " 74 74 74 74 1 74 B*j 8 8U 74 Atlanta Charlotte Columbus, Miss Eufaula 7&is 78s 74 — hundredths of an inch. Light snow last night. The thermometer has ranged from 27 to 65, averaging 46. The following statement we have also received by telegraph, showing the height of the rivers at the points named, at 8 o'clock Dtc 5, 1901, and Dec. 6, 1900. . 74 74 74 74 at other important Feel Memphis Nashville Shreveport... Tlokaburg. Nashville Natohei 74 78i 6 74 74 1901. Heeeipti at- — 57. — 269 1900. Since Week. receipts 1899. Since Week. Sept. 1. 115,000 For the Week. Since Week. Sept. 1. 183,000 38,000 41,000 Sept. 1. 35,000 Since September S08.000 1. Mmporte Great Britain. Continent. Qreat Total. Continent. Britain. total. Bombay— 1901 1900 — We Shreveport, Louisiana. There has been rain on two days of the past week, the precipitation being eighty-two nun dredths of an inch. The thermometer has averaged 55, highest being 72 and lowest 38. Columbus, Mississippi.— It has rained on three days of the week, the precipitation being one inch and five hundredths. The thermometer has averaged 41, ranging from 22 to 61. Vicksburg, Mississippi. There has been rain on four days during the week, to the extent of two inches and eighty-nine hundredths. The thermometer has ranged from 40 to 68, 2-4 05 23 ootton at Bombay and the shipments from all India ports for the wook ending Dec. 5, and for the season from Sept, 1 to Dec. 5 for three years have been as follows: from— —We 72 96 70 it tele- Oalveston, Texas.— Rain has fallen on one day of the week, the rainfall being thirty-six hundredths on an inch. The thermometer has ranged from 52 to 72, averaging 62. have had no rain during the Corpus Christi, Texas. week. Average thermometer 62, highest 84, lowest 50. San Antonio, Texas.— Rain has fallen on one day of the The thermometer has wetk to an inappreciable extent. averaged 58, the highest being 78 and the lowest 38. Fort Worth, Texas. — Dry weather has prevailed all the week. The thermometer has averaged 55, ranging from 36 to 74. have had no rain the past week. The Palestine, Texas. thermometer has ranged from 40 to 66, averaging 53. New Orleans, Louisiana.— "We have had no rain the past 6, 'OO. 24 1 Movement from all Ports.— The India Cotton . Feet. 30 Above sero of gauge. Above aero of gauge. Above zero of gauge. Above tero of gauge. Above aero of gauge. Hew Orleans gressed well. Average thermometer Dec Dee. 6, '01. Z"»« graph from the South this evening indicate that although rain has fallen in almost all sections during the week the precipitation has been light as a rule. The temperature has been low, with scow in portions of the Carolinas, Tennessee and Arkansas. The marketing of cotton has pro- week. — Charlotte, North Carolina. The weather the past week has been cold, with li^ht rain on one day, the rainfall being twenty i« Raleigh Little Rook ... 74 Montgomery... 7»i« Shreveport 74 Weather Reports by Telegraph.— Reports to us by Columbus Oa being Greenwood, South Carolina. Cotton all picked. Light We have hud rain on one day during the this week. week, the precipitation reaching twenty hundredths of an inch. The thermometer has averaged 47, ranging from 33 01. 74 74 74 the highest 5.2, suow Southern markets were as follows. Athena 1221 2,000 • Ualoutta— 1901 1900 189a 4,000 8,000 2,000 4,000 6,000 2,000 26,000 75,000 4,000 26,000 87,000 4,000 1,000 3,000 7,000 3,000 3,000 8,000 3,000 1,000 3,000 3,000 7,000 1,000 3,000 10,000 1,000 3,000 1,000 8,000 24.000 24,000 9,000 24,000 30,000 9.000 22,000 56.000 113,000 17,000 56.000 135,000 17,000 ...... 12,000 • 1,000 -....- 1,000 Madras— 1901 1900 1899 4.11 others— 1901 1900 1899 •..••• 1,000 3,000 1,000 Total all— >•>> 1901 1900 t899 7,000 6,000 3.000 4,000 7,000 10.000 3.000 According to the foregoing, Bombay appears to show an oompared with last year in the week's reoeipts of 3,000 bales. Exports from all India ports record a loss of 8,000 bales during the week and since September 1 show a increase decrease of 79,000 bales. Alexandria Receipts and Shipments of Cotton. Through arrangements we made with Messrs. Davis, averaging 51. Benaohi & Co., of Liverpool and Alexandria, we now Little Rock, Arkansas.—The north half of this State is covered with snow. Rain has fallen on two days of the week, receive a weekly oable of the movements of cotton at the rainfall reaching three hundredths of an inch. The ther- Alexandria, Egypt. The following are the reoeipts and shipments for the past week and for the corresponding mometer has averaged 48, ranging from 34 to 69. Arkansas. Cotton is about all picked. Rain has week of the previous two years. Helena, — on three days during the wtek, to the extent of fortyseven hundredths of an inch. The thermometer has ranged from 33 to 69, averaging 47. Rain has Memphis, Tennessee.— Light snow Thursday. fallen on three days during the week, to the extent of twenty-six hundredths of an inch; now threatening. Average therfallen mometer 406, highest Alexandria, Bayvt, December 4. teoelpts (oantars*) This week Since Sept. 275.000 2.432,000 280,000 2,925,000 This week. — 1899. . . 1 69 lowest 29. 1900 1901. Since Sept. 1. Tkii week. Since Sept. l. 320,000 3,266,000 This Since xseek. Sept. 1. There has been rain on two days of Nashville, Tennessee. the week, the precipitation reaching twenty-four hundredths of an inch. The thermometer has averaged 46, the highest being 66 and the lowest 26. Mobile, Alabama. It has rained on two days during the week, to the extent of one inch and fifteen hundredths. The thermometer has averaged 51, ranging from 33 to 63. Montgomery, Alabama.— Rain has fallen on three days of the week, the rainfall being eighty-eight hundredths of an inch. The thermometer has ranged from 30 to 68, averaging This statement shows that the receipts for the week ending Dec. 4 were 280,000 oantars and the shipments to 49. all exports (bales)— To Liverpool — — Total Europe ..... 27.000 232,000 46,000 213.000 42,000 304,000 Aoantarls98 pounds. * t in 16,000 95.000 33,000 133.000 21.000 157,000 11,000 137,000 13,000 80,000 21.000 147,000 Of which to Amenoa In 1901,30,101 bales: In 1900 17,197 bales; 1899. 33.327 bales. Europe 27,000 bales. Selma, Alabama. We have had rain on three days of the Manchester Market. Our report received by cable week, the precipitation being one inch and forty five hunco-night from Manchester states that the market is firm for dredths. Average thermometer 55, highest 70 and lowest 32 8avannah, Oeorgia. We have had rain on two days dur- both yarns and shirtings. The demand for both home trade ing the week, to the extent of thirty hundredths of an inch. and foreign markets is improving. We give the prices for to-day below and leave chose tor previous weeks of this and The thermometer has averaged 53, ranging from 34 to 69. Augusta, Oeoraia. The continuous freezing weather from last year for comparison. the 15th to the 30th of November ruined all the young bolls. 1901. 1900. They are soft and squashy and can make nothing. Rain has 84 lb§. Shirt-lOott'n 84 lot. SKxrt OoU'n fallen on three days during the week, to the extent of thirty 32f Cop. ingt, common] Mid. **£ P°9- ingt, common Hid. hundredths of an inch. The thermometer has ranged from TwUt. Twist. TJpld* to finest. to finest. TJpldt 26 to 68, averaging 49. south Carolina. We have had rain on three Charleston, a. d. d. d. a. d. a. d. d. 8. d. d. f»74 3 f»8 14 47 1S 84 994 44*7 11 days during the week, to the extent of thirty-five hundredths Nov.l 7 " 4 B 1« 84 994 8 64 «74 1408 4497 11 of an inch. Average thermometer 51, highest 68 and lowest " 1564 »74 O 97 104 * 6 5 98 — — — — 35. Stateburg, South Carolina.—It has rained lightly on two days of the week, to the extent of three hundredths of an " 22 6"i«»74 " 29164 074 Deo 6|6is lg »?4 97 9 0>«O7 1497 9 18 18^89938 4'8*» &7 1(,o93n 4 u 3j 84"o»3h' 10444 184 994 54»8 5 '5 e "«g 6 ©8 o 54 54 5»16 THE CHRONICLE. 1222 [Vol. LXXIII. Cotton Consumption and Overland Movement to Dec. 1. Treasurer, J. H. Abraham directors, Maurice Stern, H. R. consequence of the crowded condition of onr columns LabouRsie, H. C. Lndlow, E. Sevilla, M. E. Du Qaesnav, this week, we omit giving the usual extensive details of the Wm. Overton, M. J. Sanders. E. Allgeyer, A. Brittin, F. B. overland movement. Below, however, we present a synopsis Hayne, T. D. Mather and R. T. Hardie. for the month of November and the three months ended Cotton Crop of Central Asia —Advices from St. PetersNov. 30 for three years. berg of date November 23 state that ; — In 1900. 1901. bales. Gross overland for November QroM overland for 3 months Net overland for November Net overland for 3 months Port receipts In November Portreoelpts In 3 months Exports In November Exports In 3 months Port stock* on November 30 Northern spinners' takings to Deo. 1.... Southern spinners' takings to Deo. 1 Overland to Canada for 3 months (included in net overland) Burnt North and South In 3 months Stock at North'n Interior markets Dec. 1 Game in sight during November Amount of crop In sight Dec. 1 Came in sight balanoe season Total orop Average weight of bales . 1899. 337,112 683,505 263,065 548 801 1,442,009 1,223,422 1,091,162 3,448,308 3,362,916 3,023,593 921,244 747.138 1,145,367 2,537,809 2,361.088 1,989,476 865,660 851,532 1,013,166 644,032 692,523 922,380 445,000 364.000 370,000 325,892 542,458 223,438 375,201 388.540 639,199 260.968 461,454 18,671 28,471 25,109 10 6,578 13,623 10,938 22,057 13,686 1,937.447 1,757,728 1.621,641 4,773,509 4,815,708 4,475,394 5,609,438 4,964,165 10425141 9,439,559 S09-08 508-63 510 38 Agricultural Department's Cotton Report for Decem x ber 1. The report on cotton issued by the Agricultura Department on Dec. 3 is as follows: — The Statistician of the Department of Agriculture reports 9,674,000 bales as the probable cotton production of the United States. The area picked or to be ploked Is estimated at 26,802,239 aores, a reduction of "30.216 acres or 2-6 per cent from the aoreage planted. The total production of lint cotton Is estimated at 4,529,954,000 lbs., an average of 1 69 lbs. per aore picked or to be picked. The estimated area, in thousands of aores, after eliminating all aoreage that has been entirely abandoned, Is as follows: Virginia 51 Louisiana. 1.87f 7,59° North Carolina 1,388 Texas 2,026 2.431 Arkansas South Carolina 3,754 Alabama Mississippi Tennessee 182 3,295 3,062 Georgia Florida Missouri Oklahoma Indian Territory Total more than last year.] The estimated production by States, in pounds, [This is 7*06 per cent aore, is as follows of " Despatches from Askabad report that the ootton crop in Russian Central Asia has turned out very badly. Rain has damaged the plants throughout almost the whole of Turkestan Better reports, however, have been reot-lved from the districts of Margelan and Hokand, where there Is a good crop of inferior sorts of cotton, though the crop of the first quality is poor. In Bokhara the orop Is small, but good-class ootton has not suffered. — HaiPPiNu news. As shown on a previous page, the •sports of ootton from the United States the past week have reached 282,220 oales. The shipments In detail, as made up from mall and telegraphic returns, are as follows: Total baUt. N»W York—To Liverpool, per steamer Cevio, 4,719 To Hull, per steamer Consuelo, 1.000 To Havre, per steamer La Gascogne, 61 upland and 100 Sea Island To Bremen, per steamer Roentgen Lulse, 2,814 To Lisbon, per steamer Peninsular, 600 To Genoa, per steamers Karamania, 999 Spartan 4,719 1 ,000 161 2,814 600 Prince, 418 ...Trave, 498 1,915 To Venice, per steamer Pooasset, 125 125 New Orleans-To Liverpool -Nov. 30— Str. Phidias. 3,405 Deo. 3— Steamer Patrician, 21,109 Deo. 6— Steamer Colonian. 19,500 44,014 To Hull— Nov. 30— Steamer Melbeok, 699 To Belfast— Deo. 5— Steamer Malln Head, 3,500 To Havre— Nov. 30-Steamers Eidsvold. 5,201; Ollargau, 4,706 Deo. 6— 8teamer Berriz, 6,400 To Bremen— Deo. 4— Steamer Laura, 8,754 Deo. 5— Steamer Prah. 8,500 To Hamburg— Deo. 6— Steamer Hoerde, 2,479 To Rotterdam— Deo. 5— Steamer Llanover, 2,150 To Copenhagen— Nov. 30— Steamers Ainmere, 600; Rod- „ ney. 960 .. To Barcelona -Nov. 29— 8teamer Argentlno, 5,200 To Corunna— Dec. 6— Steamer Berriz 300 To Genoa—Nov. 29- Steamer Argentlno, 4,358 To Venice— Deo. 2— Steamer Gottfried Sohenker. 4,002 To Trieste—Deo. 2 - Steamer Gottfried Sohenker, 3.284 Oalveston—To Liverpool— Nov. 30—Steamers Bengali, 14,498; Sir W. T. Lewis, 10,744. ...Deo. 2— Steamer Mon. tenegro, 15,342 To Havre—Nov. 30—Steamer Manitoba, 14,897 To Bremen—Nov. 27— steamer Caatleileld, 6,703 ...Deo. 3 89* —Steamer Koln, 11,249 58 To Hamburg -Deo 22—Steamer Bardsey, 2.147 .... 295 400 Sabine Pass—To Liverpool— Deo. 6- Steamer Hirundo, 5,000. mobile—To Bremen— Deo. 4—Steamer Huntollff, 8,<!21 26,802.239 fBNSACOLA— To Liverpool— Nov. 2i-8teamer Ida (additional), Deo. 4 -Steamer Ernesto, 5.460 567 Fernandina—To Hamburg— Nov. 26—Str. Elswlok Manor. 300 lint cotton per Savannah— To Liverpool— Deo. 4— Steamer Lynalder, 9,989 upland and 50 Sea Island 260 To Havre— Deo. 2— Steamer Dart, 3,897 upland and 1,136 699 3,500 16,306 17,254 2.479 2,150 1,560 5,200 800 4 ,358 4 ,002 3 ,284 40,584 14,897 17,952 2,847 5,000 8,231 6,027 300 10,039 176 Louisiana 142 Texas 159 Sea Island 5,033 141 Arkansas 173 Deo. 2 To Bremen - Nov. 29 -Steamer Aldgate, 8,000 167 Tennessee 136 Steamer Dart. 2,598 Georgia 10,598 117 Oklahoma 196 Bri7N8wiok— To Liverpool—Nov. 30— Str. Mounttlelds, 5,384.. 5,384 Florida 214 156 Indian Territory To Manchester— Nov. 30— Steamer Mounttlelds, 3,634 Alabama 3,684 Mississippi 205 Missouri 196 Wilmington—To Liverpool— Dec. 4— Steamer Wandby, 14,827 14,827 In addition to the Department's ordinary crop-reporting agenoles, Boston— To Liverpool— Nov. 2d Steamer Devonian, 1,854 ... Deo. 3— Steamer CesNov. 30— Steamer Mlohlgan, 6 15.000 ginners and 5,000 bankers and merchants have furnished valtrlan, 3,299 5,159 uable Information concerning aoreage and production. The ginners 4,716 have also reported the amount of cotton ginned between Aug. 15 and Baltimore— To Liverpool—Nov. 29— Str. Rowanmore, 4,716. To Havre Nov 25— Steamer Inohmoor, 400 400 Nov. 20 this year and last year, with the average gross weight per To Hamburg—Nov. 28-Steamer Brlsgavia. 500 500 hale and the average weight of bagging and ties. This has enabled 1,300 the Statistician to determine the average net weight of bales for eaoh 8an Franoisoo— To Japan— Deo. 3— Steamer Doric 1.300 3,437 separate State and for the entire cotton belt, and these weights have Portland, Ore.— To China— Nov. 29— Str. Indrapura, 3,437.. 4,875 been used in estimating the total number of bales produced. The Seattle—To Japan—Deo. 3—Steamer Kinshiu Mara. 4,875... average net weight for the entire cotton belt is 468*2 lbs., whioh is Total 2 82,220 believed to be the lowest average in at least ten years. The large number of light bales being marketed and also some reduotion In the The partioulars of the foregoing shipments, arranged in proportion of lint to seed ootton are subjects of frequent comment by onr usual form, are as follows. correspondents of all classes. Oreat French Qer- <-Oth.Brrope-~. Mexico, On the basis of the Department's figures of acreage and tie. Japan. Total. Brii'n. ports, many. North. South. yield per acre, as given above, the indicated yields in pounds New York. 5,719 161 2,814 2,640 ...... ...... ll,ooi 105,106 N. Orleans 48,21^ 16,306 19.733 3.710 17,144 for each State would be as below. Virginia North Carolina South Carolina — . . Slates. AgricuWl Depart' 8 Estimates of Indicated crop. Pounds. Yield per acre. Acreage. Florida Indian Ter 176 142 141 167 117 156 205 260 159 173 136 196 214 196 8,981,280 197.025,142 342,804,699 626,954,406 21,293,298 514,059,000 627,605,450 356,963,360 1,207,229,442 350,535,541 121,629,152 57,880,956 85,697,798 11,294,696 26,802,239 North Carolina South Carolina.... 51,030 1,387,501 2,431,239 3,754,218 181,994 3,295,250 3,061,490 1,372,936 7,592,638 2,026,217 894,332 295,311 400,457 57,626 169 4,529,954,220 On the basis of the average net weight of 468'2 pounds as reported by the Department, the indicated crop would be, as stated above, about 9,674,000 bales. For the season of 1900 01, however, the average net weight per bale was 490 lbs., and applying that figure to the foregoing total in pounds we reach an indicated crop of 9,244,800 bales. Thus far this season the average net weight is about 488 lbs. upon which basis the above aggregate would give a yield of 9,282,700 bales. ; New Orleans Cotton Exchange Annual Election.— At the annual election of the New Orleans Cotton Exchange held on Monday, Dec. 2, the following ticket was elected President, S. P. Walmsley Vice President, Simon Weis ; • Galveston. 40,584 14,897 20,799 ...... JJ|VVV .....a Sab. Pass, Mobile ... Pensaooia. Fernand'a. ...... 0|A*.l 6,027 ...... a ..... ...... ...... • •*•• 300 avannah. 10,039 5,033 10,598 Brunswlok 9,068 Wllmingt'n 14,827 Boston 5,159 Baltimore. 4,716 **an Fran.. 400 .... .... .... 148,352 36.797 62,965 1 OjUW y,^j*i 6,027 300 25,670 9,068 14,827 5,159 5,G16 1,300 3.437 4,875 have been 35,782 bales from New York the past Satur. Liverpool c. Manohester, ask.e. 1,300 3,437 4,875 76.280 9,612 282,220 8.710 19,784 Exports to Japan since Sept. the Pacific Coast. Ootton freights at as follows. • 500 Portl'd.Or. Seattle.... rotal.... ...... ...... ...... ZfoA. Tues. 13 19 13 19 13 19 18930 week have been Wednes. Thurs. 13 19 13 19 Fri. 13 19 18920 18920 18920 18920 Havre Bremen c. Hamburg c. 18® 20 17% 19®20 Ghent Antwerp c. 18-211* 18-211* 18-21% 18-211* 18-211* 18-211* c. c. Reval, via Hull .. e. Reval, via Canal. t. St. Petersburg... c. Barcelona c. 13915 26*27 17i« 19920 13915 26927 33 32 27928 27928 17** 17i* 17i* 17i* 19920 19920 19920 19920 13915 13915 13315 13915 26927 26927 26927 26927 32 82 32 32 27928 27928 27928 27928 30 30 30 30 30 30 20-22 J* 20-221* 20-221* 20-221* 20-221* 20-221* 28 28 Trieste 28 c. 28 28 28 Quotations are cents per 100 lbs. or fractions of a penny per lb. Genoa c. December 7, (HE CHRONICLE. 1901. — Livebpool. By oable from Liverpool we have the following statement of the week's sales, stooks, &o., at that port. bales. galea of the week Of wlilon exporters took... Of which speculators took. Bales American Dec. 6 45,000 1,400 Forwarded Of which American— Est'd. Total Import of the week Of whisk American afloat Of whloh Amerloan 46,000 1,000 56,000 400 400 39,000 15,000 87,000 291,000 220,000 161,000 132,000 481,000 452,000 Total stock— Estimated 50,000 1,400 300 Actual export Amount Nov. 29. Nov. 22. Sov. 15 43,000 5,000 65,000 358,000 289,000 137,000 129,000 430,000 402,000 40,000 9,000 92,000 495,000 419,000 238,000 214,000 854.OO0 317,000 2.100 48,000 7,000 82,000 648,000 473,000 142,000 125,000 370,000 332,000 1,000 The tone of the Liverpool market for spots and futures each day of the week ending Dec. 6 and the daily olosing have been as follows. prices of spot cotton, Bat'day. \Monday. Tuesday. Wed'day. TKursd'y Spot. Market, / In buyers' Moderate favor. demand. 18:30 p. m .\ Moderate demand. Moderate demand. Easier. 4" 82 4 B 16 * 9 ie 4*2 8,000 9,000 10,000 10,000 8,000 500 Bales. * B ie 5,000 Mid. Upl'dB. Bpeo. Firmer. Friday. 500 500 500 500 500 Aexp 4% Futures. Steady at 1-04 decline. Market opened. Easy at Steady at Steady at Steady at Firm at l-04@3-A4 partially lif -64- 13-64 4-64 (& 5-64 8-64 <A 3-04 1-64 ad t t advance. decline. decline. decline. Steady at Steady at Market, 4 P. M. % Ik pt. decline Very 2 pti. Br'ly Bt'dy Br'ly st'dy at pu. ax@'< pts. adv. advance. decline. steady at point decline. Firm 2@2K l'-'@15 I I pti. decline. of futures at Liverpool for each day are .rlv^n Prioes are on the basis of Uplands Good Ordinary Olause, unless otherwise stated. f^T The prices are given in pence and 641a*. TKus : 3 63 means The prices below, 8 : . and 4 01 means 4 <SS-61<i.. l-64d. Sat. [Hon. Tnes. Nov. 30 Dec. 2 Dec. 121* F. 1 . . . 1 12% 4 P. H. P.M. T limit. Dec. 5. Frl. Dec. 6. 12% 4 12% 4 12^3 4 P.M. P.M. P.M. P.M. P. M. P. M. 415 4 15 4 12 4 12 412 411 4 11 4 10 Jan. -Feb.... 4 10 4 104 09 Feb.-Mch.. 410 4 10 4 09 4 09 4 09 4 08 Moh -Apr April-May.. 4 09 4 094 08 May- une. 4 09 4 09 4 08 Jnne-Jnly. 4 09 4 09 4 08 July- uk .. 4 09 4 09 4 07 ....403 Ang.-8ept.. 8ept-Oct Nov.-Deo Dee.- J an . 4 Wed. Dec. 4 d. d. November 12% . P. M. P. H. P. M. 3. 4 29 4 30 4 25 4 27 4 25 4 25 4 27 4 28 4 23 4 25 4 23 4 23 4 26 4 27 4 22 4 24 4 22 4 22 4 25 4 21 4 23 4 21 4 21 4 24 4 20 4 22 4 20 4 20 4 24 4 20 4 22 4 20 4 20 4 23 4 19 4 22 4 20 4 20 23 4 19 4 21 4 19 4 19 4 09 4 09 4 09 4 4 08 409 4 09 4 22 23 4 18 4 21 4 19-119 4 04 4 05 4 05 4 17 18 4 13 4 16 4 14 4 14 4 13 4 14 4 15 4 11 4 12 4 13 4 12 4 10 4 09 4 11 4 11 4 09 411 4 09 4 09 4 11 . Jute Butts, Bagging, &c— There has been practically no for bagging the past week, but quotations are unchanged at 5%c. for \% lbs. and 5%c. for 2 lbs., standard grades. Car lots of standard brands are quoted at h% (3> 6c, f. o. b , accordidg to quality. Jute butts continue dull at lK@!%c. for paper quality and 2%@2J^c. for bagging quality. demand BREADSTUFFS. Friday, Dec. 6, 1901, Following a sharp upward turn to prices for the grain, there has been a decided advance in values for wheat flour. The volume of business transacted locally the past week has been fairly heavy, the decided strength shown by the market having a tendency to stimulate the demand from jobbers and bakers. Sales of fairly good lines of spring patents have been made and bakers also have received considerable attention. Winter- wheat flours have sold freely, and the demand for city mills has been fairly brisk at advancing prices. Rye flour has been firm and higher, but the business transacted has been limited. Offerings of buckwheat floor have been limited and prices have advanced. Corn-meal has been firm and higher. Speculation in wheat for future delivery has been on an extensive scale. There has been active "bull" trading here and at Western markets, and prices have advanced sharply. Considerable outside speculative interest has been shown and persistent buying by outsiders for investment account has added materially to the general strength of the market. The two principal bull points for the week have been a rapidly decreasing movement of the spring-wheat crop and the unfavorable weather reports from the Southwest, it being claimed that continued dry weather in the western section of the winter-wheat belt was hurtful to the new crop. European markets have followed close after the up-turn to prices in the domestic markets. Early in the week there was a fair amount of speculative buying for foreign account, but at the close this demand had largely subsided. The strength of the markets for the coarser grains has continued an important faotor in the situation. Owing to the high prices ruling for feedstnffs, the amount of wheat that will be used for feedstuffs during the present season will be much in excess of 1223 the usual takings. The spot market has been firm and higher, but only a limited amount of business has been transacted, as the advance in prices has checked the export demand. To day the market opened higher but reacted under profit-taking sales. DAILY CLOSING PRICES OP HO. 2 KKD WINTKK WI1KAT IN Mon. Sal. Tues. Wed. 8-M 4 83% Oaah wheat f. o. b 84% 86% ho\, Hi% 82 Dee. delivery In elev 83 hl'4 83 March delivery In elev. 85% NEW VOUK, TKurs. FrL 86% H3% 85% 84% 86% 83% 85% . . 830* 82% 83% 84% 85 DAILT CLOSING PRIOBB OP MO. 2 SPRING WHEAT IN CHICAGO. Hat. Mon. TKurs. Tues. Wed. Fri. 75"% 74 73 75 s* Deo. delivery in elev 73% 75% 74% 76 74% 76% 76% Jan. delivery In elev May delivery In elev 77 78% 78 79% 79% 79% Indian corn futures have been active at steadily advancing General conditions surrounding the market have prices. not changed in any important particulars. The weekly visible supply statement showed steadily decreasing stocks. Advices from interior points have reported only a very moderate crop movement, and country acceptances and offerings May delivery in ele 7 have continued light. The cash demand has continued good, even at the high prices ruling. In the speculative market there has been extensive buying by large operators, and shorts have bought with some freedom to cover contracts. Foreign markets have been firm, but only a small amount of export business has been transacted; still, with the shortage in supplies, the foreign demand is largely a matter of indifference. To-day there was a higher market on good general buying. NEW DAILT CLOSING PRIORS OP NO. 2 MIXED CORN IN Mon. Tues. Bat. Wed. 71"% Oash corn f. o. b 70% 70% 70% 88% 68% Deo. delivery In elev May delivery in elev 68% 69 69% 69% 70% 70% YORK.. TKurs. 73 71% Fri. 73% 72% 72% 72 DAILY CLOSING PRICES OP NO. 2 MIXED OOBN IN CHICAGO. Afi Wed. TKurs. Sat. Mon. Tues. Deo. dellverv In elev 62 62% 64% 62% 63% 64% May delivery In elev. 64% 64% 65% 67 67% 67% July delivery In elev 64% 65% 66% 67% 67% 64% Oats for future delivery at the Western market have been There has active, and prices have continued to advance. been good general speculative buying, stimulated by the strength shown in prices for other grains and the continued activity of the cash demand, which has continued sufficiently free to readily absorb offerings even at the advancing prices. Locally the spot market has been fairly active and higher. To-day the market held firm. DAILT CLOSING PRIOES OP OATS IN YORK. Fri. Sat. Mon. Tues. Wed. Thurs. NO. 8 mixed In elev 49 50 51 49 51% 51% Wo. 2 white In elev 52 54% 52 52% 53% 54% DAILT CLOSING PRIOBB OP NO. 2 MIXED OATB IN CHICAGO. Fri, Sat. Wed. TKurs. Mon. Tues. Deo. delivery In elev 42% 45 42% 42% 44% 44% May delivery in elev 43% 45 45% 43% 43% 45% July delivery In elev 38% 41 89 39 40% 40% Rye has been firmer but quiet, Barley has advanced, but business has been quiet. Following are the olosing quotations: FLOUR. Fine...,— Nominal. Patent, winter.... $3 85 ©4 10 8upertiD«s ... 2 65 ©2 70 City mllle, patent. 4 55 ©4 65 Kxtra^No 5J. V 2 85 ©2 90 Byeflour.auperflne 3 20 ©3 70 Extra, No 1 .,„_.. 2 90 ©3 10 Buokwheat flour.. 2 10 ©2 15 Oleara........ .......... 3 10 ©3 45 Corn meal— Straights ... 3 50 ©4 00 We«tern,eto 3 50 ©3 60 Patent, spring ._.. 3 95 ©4 65 Brandywlne .. 65 (Wheat floe u. Lucks Bella at prices below those for barrels. NEW ) Wheat, per bnaii — Hard Dolntn, M J o. 1 N'thernDnL, Ko.l Bed whiter, No. 3 o. GRAIN. Corn, per bush,— 90%»92% 83%985% 84%©86% Hard N. Y. No. 2. 82%a>84 Oate—Mlx'd.p.bnah. 51 ©58 White 52 ©56 No. 2 mixed, No. 2 white. e. 71%»73% 7l%»73% 73%»74% 73%»74% 65%©70 Weetern mixed No. 2 mixed Western yellow Western white Bye, per bnah— Weetern 67 State and Jersey Barley— Western 63 62 Feeding of breadstuffs to market as indicated 51%©52% 53%955 ©71 ©72 ©64 The movement in the statements below is prepared by us from figures collected by the New York Produce Exchange. The receipts at Western lake and river ports for the week ending Nov. 80, and since Aug. 1, for each of the last three years have been: at— *tt\*ti Pleur. WKsa.1. Corn. Oat.v BarUy. m* BbU.lOOlbi Bush.dOlbi Bu»h.6eib> BusK.Mlbt Buih.iBlbi Btt.661 m.oae 1,014,400 tfllwaokea 67.726 ;mutn 11.700 456,000 8,881.169 Jhiaaico Xlnneapolli. 648.703 35,160 .... 1,471.450 635,460 187,900 174 800 476.CO0 18,764 98.869 186,400 48.000 36.489 49.140 llevelanfi it. Loan (mat . . ... wk.'OO. .•am a wk.'BS. Hne$ Au%. 1BS1 1900.... 1899 140,776 867,860 34.129 14,997 119,371 50,267 8,061 88.879 174,864 43,782 20,400 170.858 eo.duo 480.940 164,847 812,000 405,600 7,147 60.000 6.0C0 67.200 4,200 318,800 448,000 363,400 93.600 366.631 7,1*7,606 8,621,494 8.940,087 1,466.969 77.876 301.684 486,882 4,818.622 4.133,765 1,788.577 1.323,72* 6,401,456 8,22;, 965 2,978,240 1,477,893 77.866 187,817 8.887.804 132,684,057 49,436,416 61.486404 7,898,968 113,648,618 68,b67.818 66,294.321 7.618,818 1C9.624.048 P 6 829,182 70.767,174 84,0S8,087 City. rot.wk.i9oi iame 168,690 48,811 6.0OO Oetroit 8,670,800 300 .... 1. 5,688,447 24,218,841 8,300,64* 80.1? 1.868 3,1*7,690 The receipts of flour and grain at the seaboard ports week ended Nov. 30, 1901, follow: the for THE CHRONICLE. 1224 imurf HswYcrk 100,108 69.040 Boston Montreal.., Philadelphia 101.210 2,Wo7 11,710 Rlebmond Orlesni* Bewport News. 711,181 Norfolk ealreiton Portland. Me juebeo Bt.John. N.B 714 8,821 I Uati. 161800 82'1.3'V) 71,675 4.050 iai.461 41,812 eU.f.34 36818 230,88 i 21,716 25,000 48.163 19.330 36,500 buth "v.. buth. 10.726 700 buth. 117,300 S.'OO 26.516 8,400 1,376 15.328 1.128 606.718 H 8,865.919 637,488 161.500 1,185,404 87,670 week 1900 849,017 1.664.631 6,718.808 1,008.607 41.692 177.669 Total receipts at ports from Jan. 1 to Nov, 30 compare as follows for four years: Rtceivts of- 1901. DblS. 20.8J8.741 rowWheat. Oats.... Barley 1900. 20,200,819 ...bosh. 148,976,110 " 108,0f 6,001 .. " 67,706.694 .. " 4,906.533 " 8,805,585 .. Corn.... Bye Total grain . " . 828,839,920 1898. 19,917,689 1899. 20,246.103 91.384.18J 16«.3i5,i74 78,185.284 9,831,984 2,648,348 . . . 109,419,247 186.88M88 87.9S4.073 12,824,950 6,467,6b3 848,365,199 401,964,151 126,952,340 187.752.008 87,875.288 6/H4.H6 14,186,378 482.370.116 The exports from the several seaboard ports for the week ending Nov. 30, 1901, are shown in the annexed statement Wheat Mxmortt /rem— bush, Corn. Hew York Bolton 162.769 48.966 120.000 339.160 Portland, Me. Philadelphia.. Baltimore Hew Orleant.. Norfolk Hewo'rtNeWi 26,7 bblt u Bye, buth. Pi«i. buth. 68.256 1,561 99.426 14.361 8.821 84.835 29.800 86.339 146 714 88,857 64,129 600 000 40 000 Oat I. buth /(our, buth. 220.113 179,892 196206 .Sari* buth. 12,340 Bt.John.N.B. 10037 8,671 2.576 414 Quebec 65,991 713,010 Total week.. 1.908.955 8.068 843,002 17,529 62,398 14,951 87.663 10,365 27,273 119,547 127.692 Same time '00.. 992.110 6,618,075 210.102 637,176 The destination of these exports for the week and since Sept. 1, 1900, is as below: Flowr. 1 S. 4 C. America. Week Nov. bush. 1,014,. 57 877.748 432.641 487,464 77.824 165,668 8,984,807 7.004.694 1,903,956 902,110 84,278,918 40,661,263 48,056 12,050 .~lf4S,O02 Total Total 1900 210,198 , Since Juiy 1, lwOl bush. :i0 10,428 17,609 2.316 9,065 WSSt Indies Br.N.Am. Colo's Other countries The Wheat. . Week Since July Exports for 1,1901. week and since Nov. 80 bbls. bbls. July 1 to— Dnltea tv.n«doai 177.008 4,3m 416 125,667 1,126 803 Oontlnent. 50 154,246 -Oorn,Since July 1, lwoi. bush. bush. 80-1273 9.341.682 857.643 8,336 021 25,694 £64,037 12.728 492 671 6,600 160,270 2,081 157,213 Wetk Nov. '0 80,135,683 713,919 19,041,707 65,796,464 6,613,075 63,495,891 supply of grain, comprising the stoc&s li granary at the principal points of accumulation at lake and seaboard ports, Nov. 30, 1901, was as follows in visible Do teasei, buth. 3,646,000 1,820.000 714.00c 1.037 000 6S3.00U 175,000 85.000 88.001 4,960,000 . afloat Detroit afloat 1.000 1.067.0JU 66.000 426,000 907,000 293,000 256.000 W 1,112 on' 71,000 173.000 36 o 88,000 flerlM butt butk. 80,000 186,000 1.010 176,000 17,000 68, jtj 35 1, 087,00* ' 81,000 140*,UOO ' 6.679,000 5,838,000 afloat 210,000 '90,6'tJO Pt.WllI'm*Pt.Arthur Dalnth 919,000 '80*000 v afloat 1,010.000 0,236,000 ' 29,001 47&000 1 077.000 '68, 000 ' 140,00 •••• 57,000 887,")o'y 883.000 26,000 81,000 162,000 191.000 46.000 24,000 2.u00 5,486,000 1 83.000 879.000 _ 17.000 570,000 207,000 25.000 37.000 878.000 190.00C Total Nov. 30. 1901.. 62 396,000 11,887.000 11,464,000 9 448.000 6,603.000 6,498,000 11,819.000 6,185,000 6,546.000 2,564,000 2,618,000 1,326.000 1,863.000 1,022.000 3,007.00t 2,570,00' afloat ... Peoria....: Indianapolis On Mississippi Hirer On Lakes..:.. On oanal and rlrer. . Nov. Total Dec. Total Dec. Total Dec. 62,179 000 55,778 000 24,098,060 11712.000 20.369,000 62,000 105,000 218 1,801 285,694 1 Foreign Dry Goods. -The tendency of the market for upwards, with a strong market for the raw material. Dress goods are quiet but firm Linens in fair demand at full prices. Burlaps are inactive, but not lower than last week. Importations and Warehouse Withdrawal* of Dry Goods* The importations and warehouse withdrawals of dry goods at this port for the week ending Dec. 5, 1901, and since January 1, 1901, and for the corresponding periods of last year are as follows: S iPFill *: S: o- S o, • . 3.910,001 • , » • , : • • , • » 1 • t z, . * r . •a! s . . 1 to "cOCO If «a- ©if CO-OM COtOMM to if B H U0CX COW! H«0.3l^ O if . • i r; : . . — 1 to ! 01 i — coto a>"-4 CO 1 ! OtO -J® ; 1 pi • : »: OJ> . . i • ' ' O Si 1 • • c — — CO otiexao 'co tcoco a, "^OJtO — 1 ! 1 4 X B . 00 1 1 If CX 1 coto 1 COf 00— if If If I oooexto » -a ix "x a JS ex ex if CO CO ata © to if CO to CD 00 CO* — O M ODCO o-to excx — 3,838.00 New Yobk, Friday, P. M., Dec. 6, 1901. The market for the general run of dry goods has not shown any increase of moment in the volume of business passing, but in the cotton goods division there has been a sensibly firmer tone during the past few days. This is directly attributable to the character of the Government report, and its influence upon the market for raw cotton. The low estimate of yield given by the Government is as a rule regarded with doubt, but it has nevertheless had the effect of causing most sellers to adopt an even more reserved attitude than of late. It has also caused more inquiry from buyers for staple lines but in only an occasional quarter have better prices been paid. The stock condition of the market is in favor of sellers, apart from the course of the raw material, and the reports of business doing in various jobbing centres are generally favorable. for men's- wear woolens and worsteds shows an unusually well-sold oondition in heavyweights for quick delivery, and the leading lines of staples in light-weights for spring are also sold ahead to the extent of production. Buyers realize this in their efforts to make further purchases, and some of them are willing to pay a slight premium for quick deliveries. The tone of the mirket is very firm for staples, and in fancies there has been less irreg- X H if co 09 O — — tOM — -0*. <!»-© if If to tO if © 05 if J' — O O O — O , 1 . A 00 to co -j to#» ex <kC0l-'CTl P— -a Ocx ao O w , — tOOO to to 00 O CO "JO CO CO CO t~ co ix to ooco^if -a Cn toco s 00 tfk ex — JO s ow — joo'W<ia> OtOODMW t 0000 — oo^f^a X cof 1- f toco -J CO*- CO so if co 00 ex CDi-" CXO coo »0 a il—cxcaex <JO-0lf 00 as — co to w to to 00 at) -• GO Vo, ~° Oto 1 to co if 01 to -aw — <i y> if ao 7: too »4cooeaM to -a 00 ' O CO en ® so — if — —© -J --C u Cd r- r* — © to EXi If If to j> 4 > H X If © 90 to cc td X -j uo 4 T a to • • . 1 . • • . • • 91 a "3 SB (0 1 ' * n oexexoos xexco »ao CO COO CO to — cooex — o*.<m if CO 10 CO *» •S5 SJ it -s • O 0a 1 9 H O X H l». CO© to©© «8 1 J? —COM OtO M ©MX if to ex co oo CO CO Ol if — ©co — toco ex 0. ~ r* r* § e 4 9 K O c* to X M OOUOM co^,o E If <» -5 — n <» CO coto 7. •-0 enco©COCO 1 coto 1 If 10 if © coto f ex 33 n M to. OM©XtO — -a-aoaoco ro * co-aaooo 0'— — ao'*^ if 00000 to*-oj — "C ~* CJ »< a a 1 0^. IS la S, >< — — if M -s — oxoa a ©a a 06— _ '0» £ Of a — - ©to O oo'to ooexrexco ocoexto — — CO - O-JUl o« CO tOO oto If . . •X-. f <l(0 — 00 — ex- ex coo co co — n X c c — . S5 co a. « CO Ol CO 7100 ©exec f I | d M ! O £1 — — to , — — CO 00 to 05 en f CO OS© exo coo oto If© if— x ex — to f ex»a — — -J — WX cnOCO * CO © a en © If ex 05 en if — 0B — © If ex 00 to CO COO CO H OtO co sexoto CO CO© ~a — © w«a to ex OCX JO — — . — to ©exaoexH* 01 M — w -aooo — t> -» »aao — 00 "co MIOCX— «J "if "to OCOOCOOO ©-a co *. »o — < tnVcOO*sI •aoocotftf O toco JO CXO5 0OCXM to to &OCS CO If no tO ex — GO GO tO if 00 CO GO if QOO en CO 00 — — — © © — If M tOO — tO 10 CO 05 CO COO — o« 01 -4 1 CO *- © 03 *> aa c if I If to — 33 to ©ex -a to — ex coo -jo co©to — co ©CO M OOM — tooo © MO ^1 OOOO z <)# loco CO 00 to If CD u — a 00 — , 1 — 00 tO — — 01 O CO M © 1 1 too OOO COtO 10— iff to 00 to if 0^1 too 05 ~J CO C0OI CO if 01 If OtO if to 00 to if to CX CO 00 CO CO to acif os 00 ! 1 CO 00 Ol CO Ol — CO 4 H K — GO 1 ** CO • ..... kill .•II . 33 — CO en 00 • O —Ml • g: ! o* lit • — 1 I S • I g3s§|S 1 *;:S to M ex© . 1-3 «itoyioito CntO GO CX » *—• 1 O K ooff-JO — to : • 1 0> v S ©CO 1 2 SI | * « * Si S: F H % c . 1 1 1 • IT* l-k B> 2 a- O S »5So° — |.M; fSE 0| 9 *— p >» . co S.ilHOO. • : t s »4 ; : ---1 to 5 3 m A H is to -a 129.001 4,001 THE DRY GOODS TRADE. gjWooLEN Goods. —The market 661 9 261 651 silks is 00 to 23, 1901.. 48.918.000 1. 1900.. 2, 1899.. 8, 1898. . , 1 A . i'otai 3 432 60 60 301 2,218 1,536 140.887 12,743 27,569 4,265 28,686 2,981 11,416 44,657 8,836 • •>>•> *..•• The value of the New York exports for the year to date has been $10,248,628 in 1901, against $12,809,234 in 1900. The home demand for brown sheetings and drills has improved slightly, but there has been no increase of business on export account. Prices are firm in both light and heavy weights, with most sellers holding for higher prices or forward deliveries. quiet business in ducks and brown osnaburgs has been done at previous prices. In bleached cottons the low grades are firmer and medium and fine grades steady, with a moderate business. Wide sheetings are firm and cotton flannels and blankets quiet at previous prices. All weights of denims are very firm, owing to scarcity of supplies, and in other coarse colored cottons prices are well maintained. Staple prints have been in qaieter request than of late, but are well sold ahead and firm in tone. Fancy prints are selling in moderate quantities at steady prices. Staple and fancy ginghams are well sold up and very firm in price. Regular print cloths are firm at 8c, with a small business. In odd goods prices show an occasional advance of l-16c. per yard. ••• 1.521,000 771.000 236.910 24 , Total. * 16*0,000 Do 8 8 Oentral America. South America... Other Countries. 228.00 667,000 113,000 KansasClty Week. Since Jan. X 4,061 1,486 86.S01 6.016 39,932 9,673 21.830 1,926 5,887 49,729 9,569 886 Mexico •3 87.000 416,000 13,208,00" 8.350.000 1900. 2. Arabia..... ...... Africa West Indies 20.00 afloat Minneapolis at Louis Dec. 9,000 •• Milwaukee Do 22.000 1,160,000 242, Oatt, buth. afloat Toledo Do lie.rinc •-. Galveston Montreal Toronto BuBalo Do Do OhlOaBO Do "8,000 buth. 733,000 afloat Boston Philadelphia Baltimore New Orleans Do 563,000 17,000 471,000 at— Corn, 692,000 stors Hew York Great Britain.... Other European. China India 1901. Week. Since Jan. 1 Nbw Yobk to 10,461 72,361 40.H36 10,415 Oalveiton.. Domestic Cotton Goods.—The exports of cotton goods from this port for the week ending Dec. 2 were 8£6 peonages, valued at J47.511, their destination being to the points specified in the tables below 10,365 714 77,884 278,953 82.000 Montreal ularity than before. The clothing trade is satd to be doing an excellent business, and this, with the well-sold condition of the market, augurs well for the new heavy-weight season. A few new lines have been opened, but it is not likely that any important movement will be made in this connection for the next two to three weeks. Business in overcoatings con- tinues good at firm prices. 54.120 66,00t 10,087 414 Total week, Hi Berlin Corn, h*nh. 447.450 805.048 746.000 SMO.WOS 27H.1SW 10,174 881,000 77.H84 40.000 174.860 7,vsna Hfl.ioi Baltimore Hew Wheat. buth .Flour. bhlt at— [Vol. LXXIII. I 1 V-i A O — X "x W to 01 J ©? aooiooo'co 00 if CO If CO 0*1 O cO • t * -yi X co©oe>© — 00 CO © M to to to to •». 1 00 •< u n ^, s *sowpo a» *— — — ooaoo S3 coaooex#s OS S — p a © O — | 3 «a — coto ex 05 X — *- X to OOCOCO — — ©Olf CO © 00 coco O (ox*oa if <e5 ©X 5 M 3 — © «0 S • 1 December St^te 7, THE CHRONICLK 1901.] wn liornlmri Huge. Dembtmewt. City 1075. Kail RlTflr, Mam 1125. Payette Oo Ohio. 1075. .Fillmore (N. Y.) Boh. « mount. Pnee $15,000 10 -M 4,100 101-463 Maturity. Riitr. . 3"* 5 101 1 190J 1904 4 3 * 4 4 L907-1918 1125. .Fond-da Lao, 1175. .Fremont, Ohio 1175. Kl. ii out. Ohio 1227 Gloucester Co., N. J.. 1227. .Grant Twp Kan 1075. Greenfield, Bfau 1075. .Oullderland (N. Y.) 8. DIM No 7 1175. .Hamilton Co.. Tenn.. 4 5 3 1*! 1802 1811 4 5 1904-1918 If. 11911 11)21 1O0 1176 Hamtramck. Mich 1175. Hendricks, Minn 4 5 19.il 1025. .HUlburn, s Y 1075. HIikIh Co., MIsh 1175. Hornellovllle. N. Y.... 1227. .Jacksi n Co 111 1075. Jackson Co Minn 1126. Jacksonville, Fla 237. La Ciohhu. Wis 1076. .Latroi.c, Pa 1175. .Lauderdale Co., Miss. 1126. .Lewis Co Wash 1025. .Liberty, N.Y H76. .Lima, Ohio 1176. .Lima. Ohio 1176. .Lima, Ohio 1025. .Little Falls (N J.)Sob. Dist 1076. .Lorain, Ohio 1176. .Los Angeles, Cal 1176. Mercer Co.. N. J 1126. .Middletown, Conn 1176 Missoula Co. (Mont.) Boh Dlst.No. 1 1176. .Mr. Carroll. Ill 1076. .Mt. Vernon, N. Y 1176. .Nassau Co., N. Y 1126. .Newburgh N. Y 5 1902 1903 tly06 1421 1921 1902-1921 1911 Dint Index. An the news matter appearing in this Depart1901, to Oct. 5, 1901, inment for tbe period from July clusive, was published in the Chronicle of Oct. 12, 1901, pages 806, 807 and 808. index to all t">, MUNICIPAL BOND SALES IN NOVEMBER. November has proved to be a very quiet month Our compilations show the municipal bond market. that but $6,814,644 bonds were sold. A smaller Nov- ember aggregate than this has not been recorded for some years past. We do not include in our total the $600,000 bond issue put out by Sin Juan, Porto Rico, nor do we emorace over $400,000 of bonds included in the totals of earlier months and re-sold during the month under discussion. Temporary loans to the amount of $158,979 and $62,730 Canadian loans are also excluded. The largest sale during the month was WU . . in that of Los 19 4 . , . Townsend, Scott & Son and Wilson, Colston & Co., Baltimore, at 107*635 The latter city —a basis of about 4*466 per cent. by the present sale takes a step in the 1 4 May 3, 4 4 :, 4 3^ 3>s 4 4 2.000 10.000 5O.00O 66,000 10.0OO 18,000 31,000 2,000.000 25,000 53,000 101-48 100-322 100 45.000 1,^00 40.000 85,000 101-333 100 102-65 105-33 3,0t 100166 Chronicle where a full account of sale is 2,914 62 2,466 7.i Location Rate. 1124. Akron (O.) 8oh. Dist.. 4 1225. .Albany, N. Y 3*2 3i« 1225. .Albany, N. Y 1225. .Albany. N. Y 3^ 3-2 1225. .Albany, N. Y 1225. .Albany. N. Y 3** 1174.. Baltimore. Md 8-a 1226..Bellalre (Ohio) Sen. Dist 4 1174. .Be view, Minn 5 1074.. Bird Island (Minn.) Son Diet 5 1174. Bloomlnuton, 111 4 1226.. Bond Hill, Ohio 5 1226. .Bowling Green, Ohio. 4 1124..Brooktleld, Mo 4 1174. .Buffalo, N. Y 3 1174.. Caldwell. Ohio 5 1124. .Calhoun Co.. Texas... 4 1174. .Carthage. Ohio 5 1126..Caruiher«viile. Mo... 4 1075. Chattanooga, Tenn 1226.. Obico, Cal 5 1024..Cohoes, N Y 3^ 1175.. Clifton. Kan 5 1075. Colorado Bpgs., Colo. 4 3** 1175. .Columbus, Ohio 1175.. Concord, N H 3 1175. Covington, Ind 5 1226. .Crawford Co., Ill 4 1226.. Denver, Colo 6 Den ver, Oolo 1226.. 6 1025.. Defiance, Ohio .. 4 1025.. Detroit, Mich. (2 Is. . sues) 1226. Douglas, . Ga 1025..Edgewood, Pa 1075..Esoanaba, Mich 3*a 6 4 4 Maturity. 1912-1915 1902-1921 1902 1921 190-M921 1902 1921 1902-1906 1922 1903-1912 1906-1911 1911 1902 1911 1903-1912 1911 1902 190B-1915 11906-1941 1902-1911 11911-1921 1903-1942 1902-1905 11903-IH12 U9U-1916 1919 1902 1913 1909-1917 1903-19il 46,000 105-75 83.000 101 7,OlO 115-871 40,000 101-499 85,000 11100 5,000 103 30,000 108-50 15,000 100 33,000 100 66,000 UO0-132 5,000 101 52 S.nOO 100-454 13,000 101-50 1902-1912 1907 1906 71,000 102-274 1902-1911 1902 1906 1930 1920-1922 3,600 1,000 62,500 30,000 101-816 103-66 1931 25,000 30,000 (2 Is- sue*) 4 4 3*3 4 U901-1921 1921 1907 1914 1904 1908 1902-1921 1229 Wilklnsburg. Pa 1027 .Wills Point, Texas . 1907-1919 1931 *1915 1924-1929 1921 1927-1931 4i« 100 97-80 100 100-91 101-509 100 101146 10055 112035 13,500 46,687 32,000 81,000 30.000 30,000 8,r00 25,000 60,000 19021921 1906 1906-1920 1902-1930 101-50 100-295 105-03 105-14 105-27 12.000 1,825 1902-1907 1920 1921 1921 3*2 3*9 3*2 8*2 4»9 3*a 8-a 107-33 50,000 8,000 10,000 84.124 7,000 46,000 109.096 10,000 "l92l" 4 100 10010 101-25 10<i-59 101176 102-35 101-785 (2 1921 1903-1907 1903 1907 1903-1908 5 5 issues) 1078 Youngstown, Ohio 1078 .Youngstown, Ohio 12Z9 .Youngsville, Pa . 5 5 105765 105-58 lul-833 640 3,000 given. Amount. Total (101 municipalities, oovering 141 separate issues) ... $5,913,442 Aggregate of sales for whloh no prioe has been reported (26 municipalities, oovering 26 separate issues) 901,202 Price. $35,000 100886 9,lOO 10033 22,000 102-28 55,OuO 10230 56.000 10231 157,500 100-49 16U.0001110O 15,000 3,500 6,0 O 102 100-886 102 80 100 10,693 26,626 103662 6,500 ICO 361 25.U00 100 3,77011100 5.000 105 46 12,000 100 5,104 103629 26,i00 100019 100,000 100 45,000 102 10,685 100-047 5.000 10050 69,000 J101 522 180.000 101-288 6,000 100 25 9,000 lo8 90,0' 102 103-92 4 1229 .Saginaw, Mich 1076 .Bandy Hill. N. Y 1127 .8harp»burg, Pa. 1077. .Sin-radon (Pa.) Bohool November Bond Bales. Page 100 101-313 104-292 104-27 10,1 'Oo 4 Dist 1229 .Saginaw, Mloh. Dist November 1900. 1078 .Utloa, N. Y. (3 issues) Mass In the following table we give the prices which were 1178 ..Waltham, Mass H78 .Waltham, 1178 .Waltham, Mass paid for November loans to the amount of $5,913,442 lo78 .Ware, Mass .West Issued by 101 municipalities. The aggregate of sales 1027 .West Covington, Ky.. 1027 Rutland. Vt the 108-916 100 103-328 4 1076 .Rockford, 111 1127. .Rock Island (111.) Sch. 112 and 136 for the case of each loan 10- 5 »5 100662 100,000 ) month $6,814,644. In reference is made to the page of 00 SO, 000 1911-1921 I the total bond sales for the 100 492 103 07 12,000 26,0 O 400,i UP21-1931 . $901,202, and »*36 102*40 106 666 IOO 101-125 108*27 1 1908 -'l911 1902 1^40 1931 1907-1908 1902-1916 , is 104-67 oOO 1929 1931 1902-1911 1931 3*4 3ia . which no price has been reported Oo I 11911-1921 1903 1905 S 4*2 rendering homeless over one-third of the population ana destroying many millions of property. Bch. Dist. 4 1127 Skaneateles, N.Y 3 ** The number of municipalities emitting bonds and 1127 South Portland, Me. 3 ^ 4*2 1077 .8tarkeCo Ind the number of separate issues made during Novem- 1178 .Throop (Pa Sch. Dis. 5 i27 .Toledo, Ohio 3»« ber 1901 were 127 and 167, respectively. This con- 1127 .Toledo, O (24 Issues). 4 1178 .Versailles. Ohio 5 trasts with 144 and 172 for October 1901 and with 1229 .Vlroqua (Wis.) Bohool for . 1911 '1921 1906-1916 19 2-1911 1902-1911 1102-1911 1 3^ 3 948 1P06-1911 1903-1912 1902-1941 1916 1921 4»a 5 5 , : destructive conflagration that swept the city on 12 36,1 i 11911-1921 tl92l-193l 4 * 13 102 289 100 102 073 20,000 1924 6 3»« Dist 1077 .Seward. Neb 1127. .Bioux Falls (8. Dak.) restoration of the conditions that existed prior to the 1 10. liVi 4 , 10. 11109 5 3*s , . 103-20 6.00O 40.0oO 1921 1918 1 3»« This city had failed in previous at1076 .Newburyport. Maes.. 8*2 tempts to sell $2,000,000 3f per cent water bonds, but 1228. .Newmarket, N. II 100. .New Philadelphia. O. 6 succeeded late in November in disposing of the bonds 1177. .New Roohelle, N. Y... 6 1026. .New York City 3 at par to the Commercial Investment Co. of Duluth 1076. .Oglethorpe. Ga 5 1076 Ohio Btaie University. 4*4 and the Trowbridge & Niver Co., Chicago. The city of 1228. .Otego, N. Y 4 1177. .Paeiflo Co., Wash Jacksonville on November 15 sold $400,000 5 per cent 1026. Peoria Twp 111 8*3 4 22^-year gold water-works and improvement bonds to 1126 .Petoskey, Mich 1177. .Redlands, Cal 4^ Angeles, Cal. 225 1 10156 2.500 101-28 5,000 10110 25,500 101 b86 81,000 109-855 5,000 106-20 10.000 100-25 15,000 100 Total bond aales for November 1901 §$6,814,644 Average of dates of maturity, t Subject to call In and after the earlier year and mature In the later year. Not Including $458,979 of temporary loans reported and whloh do not belong in the list; San also dies not include $62,730 of Canadian loans, the $600.0> Juan, Porto R100, loan and over 8400,000 bonds re-sold daring tbe * t> month. U Taken by sinking fund as an investment, considerations. i And Bond Proposals and Negotiations veek have been as follows other this : Albany, N. T.— Bond Sale.— On November 30 the four issues of 8}4% 1 20 year (aerial) t onds, aggregating $142,100, were Co., Cleveland, as follows awarded to The Lamprecht Bros. : $9,100 bonds for re-surfacing Watervllet Ave. 22,000 bonds fur widening Broadway at 102-28. a basis of about 3 24$. Riverside Hark boring ar lo -.mi, a busi:- 01 about a37!t. bonds lor re-surlacing Madison Ave. at ib»:-3l, a basis of about 3-237*. the same day the $157,500 %%% 1-5-year (serial) im- at 10233. a basis of about 3-23«*. 56,001. 5(1,000 On - :< provement bonds were awarded as follows Home Sav. B'k, 1-year bonds.. ©100-11 Albany Sav. B'k. 4-yr. bonds. ..3100-68 Home Sav B'k, 2 vear bunds. Oil 00". Albany Sav. B k, 6 yv. bonds. ..® 101 00 : I I Albany Sav. B'k, s'-yr. bonds... @10Vi0 | from those mentioned above were Isaac W. Snerrill, Poughkeepsie; Hudson City Savings B ink; Albany City Savings Institution Spencer Trask Sons, Cleveland, Co., New York; W. J. Hayes The houses represented at the sale aside ; & & IHE CHRONICLE. 1226 and the National Savings Bank of Albany. For fall descripChronicle Nov. 16, p. 1074. Alexandria, Ont.— Debenture Sale.— On November 30 the $8,500 5g debentures were awarded to Geo. A. Stimson & tion of bonds see Co., Toronto, at 110. Following are the bids Geo. A. Stlmi-on & Co.,Toronto. 110-00 J. M. Gill Central of Can. Ln. & Sav. Co... 109-470 H.O'Hara 107-12 Canadlun Life Imperial Life : 108-28 I 10160 101-00 I For description of securities see Chronicle Nov. 23, p. 1124. Allentown, Pa.— Bond OJJering.— Proposals will be received until 5 p. m., December 17, by A. L. Reichenbach, City Treasurer, for $22,000 %y % 5-30-year (optional) redemp% tion bonds. No subscription at less than 102*50 will be considered. deposit of 5% of the amount of bonds subscribed for must accompany proposals. Anthony, Kan.— Bund Sale.—This city has sold at private sale to the Anthony Security Co. of Anthony an issue of $50,000 5% bonds. Securities are in denomination of $500. Principal will mature in 1921, subject to call $1,000 yearly for the first ten years and $2,000 yearly for the next ten years. Aylmer, Ont.— Debenture Offering.— Proposals will be reWarnock, Town ceived until 7 p. m., December 14, by Treasurer, for the following debentures A Wm. : $20,000 1% electric-light debentures, dated Dec. 28, 1900. Principal will be repayable In twenty annual Instalments, the yearly payment of both principal and Interest together being $1,401 04. First payment Dec. 28, IMOl. 38,000 4* water debentures, dated May 1, 1901. Principal will be re-payable in thirty annual instalments, the yearly payment of both principal and Interest together being $2,197 51. First payment May 1, 1902. Baltimore, Md.— Bond Offering.— Proposals will be received until 12 m., December 23, by David Ambach, President of the Commissioners of Finance, for $1,000,000 i%% " Western Maryland Railroad 1952 Refunding Loan." Interest on these bonds will be payable January 1 and July 1. Bonds are dated Jan. 1, 1902. The city does not tax its own bonds and will pay the tax imposed on this issue by the State of Maryland. The official notice of this bond offering will be found among the advertisements elsewhere in this Department. Bell aire (Ohio) School District. Bond Sale.— On November 25 the $15,000 4# Second Ward school bonds were awarded to the First National Bank of Bellaire at 102 and accrued interest. For description of bonds see Chronicle Nov. 9, p. interest. 9, p. 1024. For [Vol. LXXIII. full description of bonds see Chronicle Nov. Colorado.— Warrant Sale.— ThiB State has sold through a company an issue of $31,000 Capitol- building warrants. These warrants draw 5% interest, and it is said local brokerage that a conservative estimate of their life is about six years. They are issued in various amounts monthly against revenues to be derived through tax levy and appropriation, and are usually taken by the Pablic School or Permanent Income funds of the State. Connellsrllle, Pa.— Bond Sale.—On December 2 the $35,000 4% 16^-year (average) sewer bonds were awarded to R. Williams & Co., Pittsburg. For description of bonds see C Chronicle Nov. 30, p. 1175. Crawford County, 111.— Bond Sale.— On November 1 the $90,000 4<$ 1-9-year (serial) refunding bonds were awarded to N. W. Harris about 3 656g. & Co., Chicago, at 101 '56— an interest basis of For description of bonds see Chronicle Oct. 19, p. 864. Danbury, Conn.— Bond Offering.— Proposals '.will be reP. m., December 27, by the Town Seleotmen, for $225,000 %\0> funding bonds and $50,000 %%% high-school bonds. Securities are in denomination of $1,000, dated Jan, Interest will be payable semi-annually at the Im1, 1902. porters' & Traders' National Bank, New York City. Principal will mature Jan. 1, 1932. A certified check for 1% of the par value of .the bonds bid for, payable to the town of Danbury, must accompany proposals. These bonds have been approved as to their legality by Messrs. Dillon & Hubbard, New York City, and will be certified to as to genuineness by the United States Mortgage & Trust Co. of New York. The official notice of this bond offering will be found\among ceived until 2 the advertisements elsewhere in this Department. Davidson County (P. O. Nashville), Tenn.— Bond OfferProposals addressed to C. B. Harwood, Chairman of Committee, will be received until 12 m., December 12, for $250,000 4# coupon turnpike bonds. Securities are issued uning. — der the authority of Chapter 448, Laws of 1901. They are in denomination of $1,000, dated Jan. 1, 1902. Interest will be payable semi-annually at the office of the Trustee of the county. Principal will mature in 20 years, subject to call 1024. Bond Hill, Ohio.— Bond Sale.— On November 30 the $26,- after 10 years. Successful bidders will be required to deposit a certified check for $2,500. These bonds were offered 626 10 5% 1-10 year (serial) Paddock Road bonds were awarded to the Provident Savings Bank & Trust Co. , Cincinnati, for sale on November 25 as %% per cents, but failure to effect a sale necessitated an increase in the interest rate to 4£. at 103-662. Following are the bids : Defiance, Iowa.—Bond Election.—An election will be held Premium. Premium, $976 00 Seasoneood & Mayer, Cincin.... $768 60 December 9 to vote on the question of issuing $5,000 electricProv. Sav. Bank & Tr. Co., R. Kleybolte & Co., Cincinnati.. 932 00 P. S. Briggs & Co. Cincinnati... 632 65 light-plant bonds. 33282 Inter-State Life Ins. Co., Cin... 691 93 German Nat. Bank. Cincin Denver, Colo.— Bond Sale.—On November 23 $2,500 6£ For description of bonds see Chronicle Nov. 2, p. 972. High and Race streets improvement bonds, maturing in 13 Bowling Green, Ohio.— Bond Sale.— On November 30 the years, were awarded to the Bellan- Price Investment Co. $6,500 4£ sewer bonds were awarded to Rudolph Kleybolte of Denver at 101 '28. On the same day an issue of $5,030 6% Co., Cincinnati, at 100*361. Following are the bids South Broadway improvement bonds, payable in seven years, R. Kleybolte & Co.. Cincin. .16,623 60 P. S. Briggs & Co.. Cincinnati. $6,501 25 was awarded to the International Trust Co. of Denver at 0,505 00 New 1st Nat. B'k, Columbus.... 6,500 00 W.J. Hayes & Sons. Cleve 6,503 00 Denlson, Prior & Co., Cleve. 101*10. For description of bonds see Chronicle Nov. 30, p. 1174. Dickson, Tenn.— Bond Issue Enjoined.— An injunction was Bowmanville, Ont.— Debenture Offering.—Proposals will obtained on November 25 restraining the Mayor and Board be received until December 10 by John Lyle, Town Treas- of Aldermen from selling the $35,000 5% 30-year water and urer, for the following debentures light bonds which were to have been disposed of on Dec. 2, I 1 I | & : . . i . . I : The bonds have been awarded to J. M. Holmes of 1901. Chicago at par. 6,000 i% debentures, payable in twenty equal Instalments of $367 90 (which Douglas, Oa.— Bond Sale.—On November 18 an issue of amount Includes both principal and Interest due), beginning Dec. 1, $5,000 6# 15-year (avsfrage) school bonds was awarded to the 1902. 6,000 4jtMebentures, payable In ten equal instalments of $616 45 (which amount First National Bank of Barnesville at 1C6-20 and accrued inincludes both the principal to be paid and the interest due), beginning terest. These bonds carry interest payable annually. Dec. 1, 1902. Accrued interest is to be paid by purchasers. 1'over, N. J.— Bond Sale.— On December 2 the $60,000 4£ Cameron, Marshall County, W. Ya.—Bond Sale.— On Dec. water bonds offered for sale on November 18 were awarded 2 the $7,000 6% water-works bonds were awarded to Wm, M. to the Morris County Savings Bank of Morristown at 102- 08 and accrued interest. Following are the bids Nowell of Cameron at 108-714. Following are the bids Penhale & Fisher, New York.., 100-90 $7,610 00 9. A. Kean, Chicago Morris County Savings Bank.,.102'08 Wm. M. Nowell. Cameron $7,210 00 101-70 7,421 00 W.J. Hayes & Sons, Cleve.... 7.010 00 Dick Bros. & Co., New York Lawrence Barnum & Co., N. Y. 100-36 Denlson, Prior & Co., Cleve. 50 C. F. Blanchard (for $5,000)... 6.1CO0O J. D. Everitt & Co., New York. .101*20 State Savings Bank, Toledo... 7,342 For description of bonds see Chronicle Nov. 23, p. 1125. For description of bonds see Chronicle Nov. 2, p. 972. Charleston County, S. C. Temporary Loan.—B. R. BurBond Sale.— We are advised by SeasonDurham, N. net, County Treasurer, desires to borrow $6,000 at the lowest good & Mayer, Cincinnati, that they have purchased an issue $3,800 -US debentures, payable in twenty equal instalments of $279 68 (which amount includes both principal and interest due), beginning Nov. 15, 1902. r : : . . C— rate of interest offered. of $200,000 ±y % bonds. 2 Charlotte, Mich.— Bond Offering.— Proposals will be reEverett, Mass. Loan Authorized. The Mayor has been ceived until 12 m. to-day (December 7), by Mark B. Warren, authorized to borrow $100,000 temporarily. for $20,000 water and $30,000 sewer bonds. Interest on bonds Georgetown, Ont. Debenture Sale. On November 26 the will be payable semi-annually in Detroit. The sewer bonds $10,000 4%g debentures mentioned in the Chronicle Novemare dated April 1, 1902, and the principal will mature $4,000 ber 23 were awarded to Geo. A. Stimson & Co., Toronto, at yearly on April 1 from 1907 to 1914, inclusive. The water 102*40 and accrued interest. Following are the bids bonds are dated Nov. 1, 1901, and the principal will mature G. A. Stimson & Co., Toronto... 102*40 H. O'Hara & Co 100-10 78*00 $5,000 yearly on November 1 from 1915 to 1918, inclusive. Central Can. Loan & Sav. Co.... 102-27, C.J. 8mith estate, Ottawa 102-26 Rate of interest is to be named in bids, but must not exceed Imperial Life Assurance Co.... certified check for 5% of the par value of the bonds Gloster, Miss.— Bond Sale.— The $23,000 5% 20-year water4%. bid for, payable to F. P. Underwood, City Treasurer, must works and electric- light bonds offered but not sold on Aug. accompany proposals. The present bonded debt is $16,000 1 have just been disposed of to the Bank of Gloster at par. and the assessed valuation is placed at $2,350,000. Gloucester, Mass.— Bond Offering.— Proposals will be reChico, Cal.—Bond bale.— On November 6 the Board of ceived until 5 p. m,, December 12, by Edward Dolliver, City Trustees sold at private sale to E. H. Rollins & Sons, San Treasurer, for $780,000 Z%% coupon water bonds. SecuriInterest will be payable Francisco, an issue of $45,000 5% sewer bonds at 102 and ac ties are in denomination of $1,000. crued interest. Securities are dated Jan. 1, 1902, and will semi- annually at the National Exchange Bank of Boston. mature two bonds yearly for forty years. Interest will be Principal will mature $26,000 yearly on October 1 from 1902 payable January 1 and July 1. to 1931, inclusive. These bonds have been prepared under Cincinnati (Ohio) School District.—Bond Sale.— On Dec. the advice of ex- Attorney- General A. E. Pillsbury, and have Palmer of 2 the only bid received for the $50,000 3# school bonds was been approved by Messrs. Storey, Thorndike that of Farson, Leach Co., Chicago, at par and accrued Boston. Accrued interest is to be paid by purchasers. — — : I I A & & December "!, IHE CHRONICLE. 1901. Gloucester County (P.O. Woodbury), N. J.— Bond Sale.— 80 the $20,000 4* 110 year (serial) road-improvement bonds were awarded to Thompson, Tenney & Crawford, New York, at 102*289— an interest basis of abont Following are the bids Q'539f C. R. Williams A Co.. Phlla... .10166 Thompson. Tenney A Crawford, lotto 102289 Jm.. I). Everltt A Co.. N. Y New York lui 90 10100 Sutler A StevenBon, Phlla M. A. Stein, New York Securities are in denomination of $500, dated Jan. 1, 1902. Grant Township, Kan. Bond Sale.— This township has sold at par to L. A. Bigger of Hutchison an issue of $12,900 6% bonds to refund the Omaha Hutchison & Gulf RR. aid bonds called for payment Jan. 1, 1902. Hempstead Union Free School District No. 15, Nassau Connty, N. Y. Bond Offering.— Proposals will be received by the Board of Education— N. J. Pettit, Clerk— at the Lawrence Hich School in Lawrence until 2:80 p. m. December 10 Securities were authorized at meetings for $25,500 5% bond?. On November : . of the district held June 15 and Nov. 4, 1901. They are In denomination of $1,000, except one bond, which is for $500, all dated Nov. 1, 1901. Principal will mature $500 on Nov. 1, 1906, and $1,000 yearly thereafter from 1907 to 1931, inclusive. Accrued interest is to be paid by purchaser. certified check on a national or a New York State bank for 5g of the amount of bid, payable to Geo. W. Craft, District Treasurer, must accompany proposals. A Henderson (Texas) School District.— Bond Election.— An election will be beld December 9 to vote on the question of issuing $8,000 school- house bonds. The proposition has already been once submitted to the people, but it has been discovered that the election was not held in accordance with the law, and hence a new election has been called. Indianapolis, Ind.— Bond Offering.— Proposals will be received until 12 m., December 12, by George T. BteuDig, City Comptroller, for $195,000 Z%t emergency bonds. Securities are in denomination of $1,000. dated Dec. 14, 1901. Interest will be payable January 1 and July 1 at the banking house of Winslow, Lanier York City. Principal will Co., mature $5,000 on July 1, 1902, and $10,000 every six months thereafter. otrnfied check for 2%t of the par value of the bonds bid for, payable to Armin C. Koehne, City Treasurer, must accompauy proposals. & New A Jackson Connty, III.— Bond Sale.— Arrangements have been completed for the sale of the $66,000 4* (1 20-year (serial) funding and refunding bonds of thisoouniy to Farsoo, Leach & Co. of Chicago. As stated in the Chronicle October 12, the price to be paid by the Chicago tirin is par and a pre- minm of $325. Jackson County (P. O. Scrauton), Miss.— Bond Sale. - On December 2 the $10,000 5% 10-year bridge bonds were awarded to SeasoDgood & Mayer, Cincinnati, at 108-666— an interest Following are the bids basis of about 4'64*. : Seusongood 4 Mayer. Clncln. R. KleybolteA Co.. Clnolu N. W.llarrlsA Co., Chicago ,.108'fliMJ he is ready to sell the $9,000 4* 10-year bonds voted on October 19 to build a hose house. The price at which Mr. Crissey holds the bonds is one that will net a basis of 3-25$ interest. Kingston School District, Ulster Connty, N. Y.— Bond Offering.— At 2 P. M. December 19 this district will sell at public auction an issue of $30,000 4% bonds. Securities are Interest will in denomination of $1,000, dated Dec. 19, 1901. be payable annually on December 19. Principal will mature $8 000 yearly on December 19 from 1902 to 1911, iD elusive. A deposit of 10$ of the purchase money will be required of the purchasers. La Crosse, Wis.— Bond Sale.— On November 29 the $12,000 3%% 10-20-year (optional) refunding water bonds were awardCo., Chicago, at 100-562 an interest ed to Farson, Leach basis of about 3 434$ if bonds are called at their optional date and 3*461$: if allowed to run their full time. Following ar© the bids Farson. Leach & Co.. Chic... 112,067 50 W.J. Hares 4 Sous, Cleve... 112.012 00 — & : I N. W.Harris A Co., Chicago.. 12,027 00 tion of $5f 0, dated Nov. . 1, 1901. NEW all Taxation in the State of except for State Purposes. TOWN OF DANBURY, New York, Principal and Interest Payable in Cold. EXECUTORS. ADMINISTRATORS. GUARDIANS AND OTHERS HOLDING TRUST FUNDS ARB AUTHORIZED BY SECTION 9 OF ARTICLE 1 OF CHAPTER 417 OF THE LAWS OF 1897 TO INVEST IN THIS STOCK. SEALED PROPOSALS WILL P,K RECEIVED BY THE COMPTROLLER OF THE CITY OF NEW YORK, at his office. No. 280 Broadway, in The City of New York, until liJOl, lliTH DAY OF DECKMBEK, at 2 o'clock P. M., for the whole or a part of the following described Registered Stock of The City of New York, bearing interest at ihe rate of CENT, per annum, to wit: THREE AND ONE-HALF PER •2.500.000 OO CORPORATE STOCK OF THE * 150,000 OO CORPORATE STOCK OF THE CITY OF NEW YORK, FOR THE FOR OF NEW YORK, CITY CONSTRUCTION OF THE RAPID CONSTRUCTING A BRIDGE OVER ONE TRANSIT RAILROAD. THE HARLEM RIVER, FROM Principal payable November 1, 1948. HUNDRED AND FORTY-FIFTH 1,000.000 OO CORPORATE STOCK OF THE STREET TO ONE HUNDRED AND CITY OF NEW YORK. FORTY-NINTH STREET (CHAP FOR SCHOOL-HOUSES SITES AND TER 986. LAWS OF 1895). THEREFOR IN THE BOROUOHS Principal payable November 1, 1941. OF MANHATTAN AND THE 250.000 OO CORPORATE STOCK OF THE BRONX. . SCHOOL-HOUSES AND SITES IN THE BOROUGH OF BROOKLYN. Principal payable November 1. 1941. 200.000 OO CORPORATE STOCK OF THE CITY OF NEW YORK, FOR SCHOOL -HOUSES AND SITES THEREFOR IN THE BOROUGH OF THEREFOR QUEENS. Principal payable November 1. 1941. 750,000 OO CORPORATE STOCK OF THE CITY OF NEW YORK, FOR THE NEW EAST RIVER BRIDGE. Principal payable November 1, 1941. 750,000 OO CORPORATE STOCK OF THE OF NEW YORK, CITY FOR OVER THE EAST BETWEEN THE BOROUGHS OF MANHATTAN AND A BRIDCF. RIVER QUEENS. Principal payable November 1. 1941. LOANS. ^275,000 Exempt from 1941. named Interest (rate to be 1—L- 3&% CORPORATE STOCK OF THE CITY OF NEW YORK. 1, 1 For description of bonds see Chronicle Nov. 23, p. 1126. Lawrence, Nassau County, N. Y.— Bond Offering.— Proposals will be received by N. J. Pettit, Village Clerk, at the office of Fred. Ingrabam, 192 Broadway. New York City, until 12 M. December 9 (postponed from November 25), for $6,500 gold coupon park bonds. Securities were authorized at the election held March 19, 1901. They are in denomina- 1 November 10300 10100 Chicago — $7,89 ,000.00 Principal payable Co., 10801 LOANS. 900.000 OO CORPORATE STOCK OF THE CITY OF NEW YOHK, FOR A. Kean. Chicago Johu.Nuvuen A 108 26 PROPOSALS FOR THURSDAY, THE 8. For description of bonds see Chronicle Nov. 16, p. 1075. Jamestown, N. Y.— Bond Offering. We are advised by President E. B. Criesey of the Board of Public Works that •i NEW 1227 OF NEW YORK. FOR CONSTRUCTING A BRIDGE OVER THE HARLEM RIVER. FROM ONE HUNDRED AND FORTY-FIFTH STREET TO ONE HUNDRED AND FORTY NINTH STREET (CHAPTER 986. LAWS OF 1895. AND CHAPTER 719. LAWS OF 1900). CITY Principal payable November 1. 1941. C50.000 OO CORPORATE STOCK OF THE OF NEW YORK, FOR CITY THE USES AND PURPOSES OF THE DEPARTMENT OF DOCKS AND FERRIES. Principal payable November 1, 1941. 241.000 OO CORPORATE STOCK OF THE NEW YORK. FOR OF CITY FIRE DEPARTMENT PURPOSES. Principal payable November 1. 1941. 500,000 OO CORPORATE STOCK OF THE oF NEW YORK, CITY FOR THE NEW AQUEDUCT. Principal payable October 1 1921. A Deponit of TWO PER CENT. (In money or certified cheek on ii National or State Bank in the City of New York) required. For fuller information see CITY RECORD. Copies to be procured at No; 2 City Hail. CONN., M* FUNDING AND HIGH SCHOOL BONDS. Sealed proposals will be received by the undersigned Selectmen of tbe Town of Danbury, Conn., until two o'clock P.M., on the 27th day of December, If 01, at the office of the Selectmen in said Town of Danbury, for the purchase of all or any part of $226,000 S]4% Funding Bonds of said Town, and $5",0o0 3Ji* High School Bonds of said Town. Bonds to be registered or coupon in form at the option of the purchaser, said option to be exercised at the time of making nids. of tbe denomination of 1,000 each, to be dated January 1st, 1902, and to mature thirty years after date without option of prior redemption. Interest payable semi annually at the Importers' & Traders' National Bank in the City of New York. Both interest and principal payable in lawful money of tbe United States of America. Each proposal must be accompanied by a certified check on a National Bank payable to tbe order of the Town of Danbury, to the amount of two per cent of tbe face value of the bonds btd for. Bidders must use the printed form of proposal furnished by tbe undersigned. Accrued interest to be paid by the purchaser. The bonds will be approved as to their legality by Messrs. Dillon & Huboard of New York City, whose opinion will be furnished to the purchaser and will be enitraved under the supervision of and certified as to their genuineness by the United States Mortgage A Trust company. The right is resei ved to reject any or all bids. Delivery of the ponds will be made on January 10th, 1902. at eleven o'clock A. M. at the office of the United States Mortgage A Trust Company, 69 Cedar Street, New York. I'RNER. ALEXANDER 'IT CXANUER.>Se THOMAS T. ALEXANDER, Selectmen. H1TE, HANFORUT. WHIT ) [ ) I Dated Danbury, Conn., December New Orlenns, I. n.. 4n. Town ol Covert. N. V.. Allenhurst, N. J.. W«. 3d, 1901. 3Xs. Perth A in boy, N. J.. 4s. Southern Pines, N.C., (is. York (Pa.) Count? T ruction Co., sold 5u. EDW. C. JONES & NEW YORK, - PHILADELPHIA, - - 1 112 SO. CO., NASSAU STREJBT FOURTH STREET BIRD s. CQLER, Comptroller. THE CITY OF NEW YORK. DEPARTMENT OF FINANCE. COMPTROLLERS OFFICE. NOVEMBER 25TH. 1901 LANDS IN NORTH ANT» SOUTH DAKOTA AND TEXAS Correspondence with owners solicited. THEAfflALGAMATKn LAND COIUPANV New & Co., BANKERS, WANTED: 31 Nassau Street. Blodget, Merritt York. Attractive ">. Minnesota Bonds Yielding an exceptional net return. Write for UAKKY II. full particulars. POWELL. A Woodstock. Vermont. 16 Congress Street, Boston. 13 Wall Street, CO.. New Yerk. STATE, CITY & RAILROAD BONDS. THE CHRONICLE. 1228 Wm. must not exceed 4%. Principal will mature $500 November 1 from 1906 to 1918, inclusive. Accrod bide) in yearly on Win. said that the $180,- S< liool District.— Bond Offer- & at 101. Newton, Mass.- Bond Sale.— On December 5 $50,000 V/^% sewer bonds maturing Dec. 1, 1931, and $35,000 Z%i Washington Street bonds maturing Dec. 1, 1926, were awarded to LOANS. ATLANTIC CITY, N. BONDS. City of Atlantic City proposals for year. Interest will commence January 1st, 1902, and the stock will be deliverable the following day. This stock is issued by virtue of Ordinance No. 18, approved March 9th. 1898 (amended by Ordinance No. 32, approved February 8th, 1900), authorizing the issue of $1,000,000 of stock for 'he purpose of paying to the holders thereof the Western Maryland Railroad 0% 1^02 Loan, amounting to »1,000.000 issued by the Mayor and City Council of Baltimore NATIONAL BANK, NEW YORK 1st, 19>>2. The will J., denominations of *l,000each, MATURING JULY DATED OCTOBER 1ST, 1921, without option, free from tax, with interest at 4 per cent, payaole semi-annually at the HANOVER CITY. stmi-annually, BANK. at The Board of County Commissioners of Fergus County, State of Montana, will, on the 19th day of December, A.D. 1901, at the hour of 2 o'clock P.M. at their office in the City of Lewlstown, In said County, receive proposals tor the sale of Fifty Thousand Dollars of Fergus County Rerun ding Bonds, issued for the purpose of redeeming a like amount of the bonds of said County, of the issue of 1891, now outstanding and redeemable. The bonds to be Issued pursuant to the provisions of Article a. Part 4, Title 2, of the political Code of the State of Montana, »nd the laws amendatory thereof said bonds will bear interest at a rate not to exceed 6 per cent per annum and will be payable January 1st, 1922, and redeemable after the 1st day of January. 1912. Bidders must state the minimum rate of interest that they will purchase bonds drawing. Bonds to 1*5 108T2 ' INVESTMENT SECURITIES. 238-240 La Salle Street, CHICAGO. S. T. Office. 1442 Broad-Exchange Bid*. MacDonald, McCoy & Co., CITY. rignt to reject any or all bids. The legality of these bonds has been approved by Dillon & Hubbard, of New York, whose certificate as to legality will accompany the bonds when delivered. The bonds will be engraved under tbe supervision of and certified as to their genuineness by the United States Mortgage and Trust Company of New York. Dated Nov. 16, Interest lcth AND CORPORATION BONDS. HANOVER NATIONAL the NEW YORK LARAMIE COUNTY, WYO. FERGUS COUNTY, MONT., H Refunding Bonds. GOLD REFUNDING BONDS. 105611 106 H in denominations of $1,000 each, dated January 1st, 1901, maturing January 1st, 1906, without option, free from tax, with interest at 4 per cent, payable Blank forms of proposal and full Information furnished on application to A. M. HESTON, Comptroller. $50,000 H7 106-01 > $15,000 GOLD COUPON FIRE.HOUSE BONDS, MUNICIPAL J. Clerk Commissioners of Finance. - Sealed proposals will also be received for The City Comptroller will receive sealed bids for these bonds until 12 o'clock M. of MONDAY, DECEMBKK 9TH, 1901. reserving, however the SEWELL THOMAS, 106018 106810 li.6 106811 IO6O0 receive sealed city does not tar its own issues of stock and pay the tax imposed on this issue by the State of Maryland in place of the holders thereof. Proposals must be sealed and addressed to David Ambacn, President of Commissioners of Finance, and marked " Proposals for W. M. RR., 1952 Refunding Loan." The right is reserved to reject anv and all bids. DAVID AMBAi H, President Commissioners of Finance. The will 43 106'6A9 KtVf>3 <i.v. 9135.000 1ST, 1901. lOfl-08 INVESTMENTS. Qeo. D. Cook Company, GOLD COUPON PAVING BONDS, in 1W17 lonnt 10AB54 Rockvllle Centre, Nassau County, N. Y.— Bond Offering.— Proposals will be received until 4 p. M., December 10, by Proposals will be received until noon, Monday, December 3d, 1901, at the Mayor's Office, City Hall. Baltimore, for the purchase in whole or in part of $1,000,000 registered stock ot the City of Baltimore, known as " Western Maryland Railroad 196a Refunding Loan," bearing interest at the rate of 3>$ per centum per annum, payable semi annually on the 1st day of January and July of each and every ! 107-08 000 water bonds. ^150,000 REGISTERED STOCK. 107 O3 Chronicle Nov. 16, p. 1076. Ridge town, Ont. Debenture Offtrir.g.— Proposals will be received until 12 m December 10, by Jas. Roshton, Town Treasurer, for $10,000 town- hall debentures; which will mature part yearly for twenty years. Rio Vista, Cal.— Bond Election.— An election will be held to-day (December 7) to vote on the quettion of issuing $20,- reported that an issue of $83,000 bonds has been sold to Jose, Parker Co., Boston, City of Baltimore, Md., 100186 Parker, S. Dak.— Bond Sale.—On December 2 the $10,000 4%<j bonds were awarded to the Nort hwestern National Life Innnance Co. of Minneapolis. For description of bonds see is $1,000,000 106'19 106'21 - Otego, N. Y.— Bond Sale.— This town has sold an ifsue of $15,000 4* bonds to the First National Bank of Oneonta at par. Securities are in denomination of $1,0(0, dated Oct. 1, 1901. Principal will mature $1,000 yearly on October 1 from 1902 to 1916. inclusive. , NEW Ii70i p. 1177. were rejected. LOANS. - 1W260 Offering.— Attention is called to the advertisement of New York City elsewhere in this Department, offering for sale $7,891,000 3J^<r gold corporate stock. Proposals for these securities will be received until 2 p. m., Dec. 12, 1901, by Bird S. Coler, City Comptroller. For full description of securities see Chronicle last week, — NEW 106°b0 106 »H7 )07'077 107t)75 New York City.—Bond A Newmarket, N. H.— Bond Sale.— It liond*. li)7-2t»7 official — and maturing January < <>.. Co.. . are advised by A. D. Hensley, Secretary of the School Board (P. O. Bay City), that he will receive bids until 12 m. December 20 for $5,(00 5% 5 20 year (optional) schoolhouse bonds. Securities are in denomination of $500, dated April 1, 1901. Interest will be payable annually. The district has no other indebtedness. Monntain View School District, Santa Clara County, Cal. Bond Offering. Proposals will be received until 10 A. M., December 16, by Geo. E. Rea, Chairman of the Board of County Supervisors, tor $7,000 6% 3 9-year (serial) gold bonds. Securities are in denomination of $1,000. Interest will be payable annually on Jannary 1 at the office of the County Treasurer. certified check for 10$ of the amount of the bonds bid for, payable to Henry A. Pfister, County Clerk, must be deposited with the said Clerk by all bidders. Nampa, Idaho. Bids Rejected. All bids received November 27 for the $9,0U0 5% 10-20-year (optional) water bonds — * 133.' oo ireuh. at. r Bntut*. 107"80 „ Doston Boston K. II. ItollliiH A Son, Ho, ton N W. Harris A Co., Boston Adams a. Co., Boston BloilKct. Merrill <V Co.. Boston I'erry. Coffin & Burr. Ronton Oeorse a. Kei-nalil & Co., Boston Parson. Leach 4 Co.. New York M. P. Skinner & Co.. Bom on K. L. Diiy & Co., Boston .. Lee, HlKKinson 4 Co.. Boston Denison. Prior & Co Boston W.J Hayes A 8m, BostonBlake Bros 4 Co.. Boston 000 i% refunding bonds offered for sale last July have been disposed of at 101 to the Merchants' Loan & Trust Co., Chicago. The bonds are part of an issue of $200,000, of which $20.0P0 was sold in July. Matagorda Coont j (Texas) .... A . II. Allen Kxtn>>n».k proposals. ing— We 106-50, respect- : lm dated March 1, 1902. A certified check tor $1,000, payable to A. T. Wright, City Treasurer, must accompany is and Co., Boston, at 107-30 (50.000 $1,000, Logan County, Ky.— Bond Sale.— It & Following are the bids ively. interest is to be paid by purchaser. A certified check on a national or a New York State bank for |650, payable to James Baker, Village Treasurer, must accompany proposals. LewlBtown, Mont.— Bond Offering.— Proposals will be received until 2 p. m., January 9. by E. P. Chandler, City Clerk, for $">O,0O0 5% lo 20-year (optional) gold water and sewer coupon bonds. Securities are in denomination of Allen II [Vol. LXXIII. 90L Due 10 20 years. May and November at 1 UNION TRUST CO., NEW YORK. 814.00O 000 0,095,000 400,«0h Over J ,000 Actual Property Value Asseeised tor-taxation Only Debt, thi- inane Population, lOOL Legality approved by Messrs. Dillon & Hubbard. Cheyenne, the State Capital, is the County Seat, OFFKRED BY E. D. S HEP A It & CO., Bankers, 31 Nassau St., New York. I) 171 La Salle Street, Chicago. T. B. POTTER, MUNICIPAL and orikinc BUNU5 CORPORATION i 172 Washington Street, CHICAGO, - ILLS. • LIST ON APPLICATION. MUNICIPAL BONDS and CORPORATION Netting from 3^ to 6£ always on hand. DUKE M. FARSON & CO. 115 Dearborn St, CHICAGO. Send for our Investment Circulars. ; at par. Proposals should be addressed to "C. M. Kelly, County Clerk, Lewistown, Fergus County, Montana," and marked " Proposals lor bonds." The Boatd of Commissioners reserve the right to reject any or all bids. By order of the Board of Commissioners, MUNICIPAL AND BANKERS, sell M. KELLY, County THE BEST Clerk. Corporation BONDS. E. H. ROLLINS & SONS INDUSTRIALS, Paying from 7% to 10*. STANTON, 3 Broad St. J. S. Service Public SAMUEL PHI LLIPd, Chairman. Attest: C, MASON, LEWIS & CO. BOSTON. Denver. San Francisco. BOSTON, CHICAGO. ttanadnock Building, MUNICIPAL RAILROAD CORPORATION 00 Devonshire St. _-,._- BONDS* Choice Issue*. Street Railway and Gas Companies. LIST ON APPLICATION. December W. 7, THE CHRONICLE. 1901. Principal will mature Jan. Se$10,< 00 water bonds. denomination of $500, dated Jan. 1, 1902. Interest, at a rate not exceeding 4$, will be payable semiannually. Principal will mature $500 yearly on January 1 from 1907 to 1926, inclusive. Securities will be sold to the Geo. Rorer, Village Clerk, for curities are in Tipton County, lud.— Bond Sale.— On December 3 the $4,800 5% gravel-road bonds were awarded to J. F. Wild Co., Indianapolis, at 102*104. Following are the bids Wild & Co liic1ittnapolls.M,901 00 C. H. limn Columbus J tt.860 00 State Bunk of Tipton 4,881 00 John A. Jay, Kokoino i.hi>~ 00 & : parties offering to take them at the lowest rate of interest. certified check for $500, payable to Edwin Wallace, Village Treasurer, must accompany proposals. Saginaw, Mich.— Bond Sale.— This city has sold the following boDds at par to the Forest Lawn Trust of Saginaw I H fito. The above bonds are all dated Oct. 1, 1901, and the interest will be payable semi- annually. On November 27 a $1,000 4<£ bond, to run one year from Nov. 15, 1901, was sold to the Second National Bank of Saginaw at 100-10. This bond is the first of an iseue of $200,000 to be put out for the construction of a bridge across the Sagi naw River at Genesee Avenue. Sharon, Pa.— Bond Sate.— The $60,COO 'i%% 5 30 year (op tional) sewer bonds offered for sale on Nov. 11 have been awarded to Alexandria McDowell at 'price not stated. For description of bonds see Chronicle Nov. 2, p. 975. Sioux Falls, S. Dak.— Bond Sale Postponed.— ere advised that the sale of the $210,000 20-year water bonds, proposals for which were asked for "on or before December 1," : 1 Dick Bros. South Omaha, Neb.— Bond Sale.— It is said that the $35,344 15 10-year district paving, grading and sewer bonds and the $24,586 71 10-year refunding special-improvement bonds offered for sale September 30 have recently been sold to Spitzer & Co., Toledo, as six per cents. Springfield, Ohio.— Bond Sale.—On November 19 the $3,039 77 6% 1 10 year (serial) Columbia Street improvement bonds were awarded to the First National Bank of Barnesville. For description of boiids see Chronicle Oct. 26, p. 925. Superior, Wis.— Temporary Loan. The Bank of Commerce has loaned the city for school purposes the sum of $17,000 at 6% interest. Loan will mature in February. Tatamy, Northampton County, Pa.— Bond Offering. Proposals will be received at any time for $4,000 i%% schoolbuilding bonds. Securities are in denomination of $100. — — 4% Court House Rebuilding Bonds. Pated November 1,1001. Denominations $1,000 each *21,000due November 1, 1»<'2. 24,000 due November 1, 1901. 26,000 due November 1, 1905. 17,000 due November 1, 1906. Price yielding »"4 per cent. Assessed valuation $19,309,778 96,54H,890 Actual valuation Indebtedness, including this issue S28,(X)0 Population. Census 1900, 6?,8i3. City of Bloomtngton is the county seat. The entire bonoed debt of this county was created to rebuild the Court House destroyed by Are about two years since. McLPan County is not only the largest In the state, 1,166 square miles, but is one of the most fertile and wealthy. Legality of issue approved by Storey, Thorndlke & Palmer, Boston, Mass. WILD & J. F. INVESTMENTS. W. HARRIS & CO., N. V. | N. W. KgKers, 1'ittsuurg 101(0 W. Harris 4 Co., New York.. 1007& For description of bonds see Chronicle Nov. 23, p. 1128. Windsor, Ont. Debenture Offering.— Proposals will be received until 12 m., December 15, by Stephen Lusted, City Clerk, for about $34,000 A% local improvement debentures. Yonkers, N. Y. Bond Offering.— Proposals will be received until 4 p M, December 10, by the Board of Water Commissioners, John C. Shotts, President, for $50,000 3^^ water bonds. Securities are dated Dec. 16, 1901. Interest will be payable April 1 and October 1. Principal will mature April 1, 1921. One-half of the bonds are issued under Chapter 36. Laws of 1873, as amended by Chapter 195, Laws of 1895, and the remaining bonds are authorized by Chapter 36, Laws of 1878. as amended by Chapter 530, Laws of|1900. YonDgsville, Warren County, Pa.— Bond Sate.— This borough has sold an issue of $3,000 5£ town-hall bonds to John Siggins of Tidioute, Pa., at 101 833. Securities are in denomination of $500. dated Sept. 1,1901. Interest will be payable semi-annually at the office of the Borough Treasurer. Principal will mature $500 yearly on September 1 from 1903 to 1908, inclusive. has been postponed. McLEAN COUN TY, ILLINOIS, & Co., Philadelphia. 10161 101-26 New York M. A. Stein. We $88,000 I I 1 INVESTMENTS. . . For description of bonds see Chronicle Not. 23, p. 1128. Uxbridge, Out.— D>benture Offering.— Proposals will be received until 8 P. m., December 16, by Charles Kelly, Mayor, town-hall debentures. Securities will mature for $4,(00 part yearly for twenty years. Viroqua (Wis.) School District.— Bond Sale.— This district has sold an issue of $18 500 \%% bonds to the First National Bank of Chicago at 101*50. Wilkinsburg, Pa —Bond Sate.—The $60,000 Z%H street-improvement bonds offered for sale on November 30 have been awarded to C. R Williams & Co., Pittsburg, at 101 785. Following are the bids 101-786 Fidelity Title A Trust Co 101-17 C. R. Williams 4 Co., Pblla. : 10-ycur (serial) sewer bonds. In denomination of fctOO. 600 4% 1-10 vi-Mi- (serial) street-Improvement bonds, In denomination ol 1932, subject to call after five 1, years. A 13,000 if 1229 INVESTMENTS. THE GRAND PRIX, BANKERS. 31 NASSAU ST., CHICAGO. NEW YORK. BOSTON Deal exclusively In municipal-, Railroad and other bonds adapted for trust funds and savings. ISSUE TRAVELERS' LETTERS OF CREDIT A VAILARLE IN ALL PARTS Of THE WORLD Quotations furnished for purchase, sale or exchange WE OFFER. TO YIELD ABOUT 3*. 8400,000 CO., Bankers, (Total Issue, $1,000,000) Indianapolis. Butte Electric & Power Co. WAS AWARDED AT THE PABI8 EXPOSITION TO WHITING'S STANDARD PAPERS. They are the only American papers which have ever received this— the highest lionor that can be oonferred. It means they are the most perfect made. Insist on having them for your fine correspondence and your office stationery. Are you using Whiting's Ledger Papers In you Blank-Book temples and booklet free. Butte, Mont., 8END FOR LIST December Investments. MUNICIPAL, RAILROAD AND CORPORATION BONDS. FARSON, LEACH & hol.yoke. mass.. Denomination, $1,000. Maturing 1 NASSAU ST.. & 80 years. & Rudolph Kleybolte NEW YORK And 160 Duane Street, New York. SECURE BANK VAULTS. Co. CITY. INVESTMENT BONDS. 8END FOR Perry, Coffin 1 to CO., NEW YORK. CHICAGO. WHITING PAPER COMPANY, S per cent 1st Mortgage Sinking Fund Gold Bond*. Burr, LIST. OENISON, PRIOR & CO. CLEVELAND. GENUINE W ELDED CHROME STEEL AND IRON tound and Flat Bars and 6-ply Plates and AnglM FOR 8AFB8, VAULTS, Ac BOSTON. Cannot be Sawed, Cut, or and positively drilled, Burglar Proof. MUNICIPAL BOND8. C. STANWOOD & Co. INVESTMENT BONDS, E. 6o State Street, 121 BANKERS, Devonshire Street BOSTON. BOSTON. CHROME Kent Ave. Reap and Hooper 8 .leMan'f'ersln the D. 8. R. FULTON & CO., Municipal Bonds, 171 la salle street, CHICAGO. sent GOLD BONDS upon application." TROWBRIDGE A NIVER First National Bank Building, & K.Y Mayer, W, Corner Third and Walnat CINCINNATI. OHIO. Street*. MUNICIPAL BONDS. " Full description of specially attractive 5% 1. Seasongood *. High -Grade F. WORKS. Sts., BROOK VW. STEEL, •sued In City. County, A. G. Becker I CO., CHICAGO. Town and School Bonds leading prosperous States of the Union, lnveet- •specially adapted tor safe and permanen nent for Estates and Trust Funds. & INCORPORATED. Co., I COMMERCIAL PAPER, 8. W. Cor. Monro* « La Salle 8u., Cnleig*. THE CHRONICLE. 1230 Banks. ffttratxctal. LXXIII. [Vol.. •Insurance. iwww>^rfvywifjvw WE OFFER, Canal Bank, MCU ORLEANS, 8UBJECT TO PRIOR SALE (dnocesBor of N. O. Canal OFFICE OF TUB LA. a Banking Co.) CAPITAL, 81,000.000. CHOICE OKLAHOMA FIRST MORTGAGES en Improved farms, worth from 2>« to the amount loaned thereon, 5 time* C MORRIS, President. EDWARD TOBY, VIoe-Presldent. HDOAR NOTT, Cashlsr. Correspondents — National City Bank, National ; FIRST NATIONAL BANK SURPLUS AND PROFITS, 81.000.000 - 8700,000 Transacts a Genera Banking and Foreign Kxohange Business. Collections receive Special Attention. OFFICERS Each of the securities has been personally ex amlned by one of oar salaried examiners. Write for our latest offering. UNITED STATES DEPOSITARY. Capital, 81. 300,000 Wichita, Kansas. Winne:Buiiding, Mention F. J. Klpp. Cashier. a. Bioilow, Pres't. • M. Bigblow, V.-Prest. T. E. Camp, Ass't Cashier v. The First National Bank OF SAN FRANCISCO, CAL. WINNE & WINNE, this vaver. Accounts Solicited. Travelers' Credits issued, availa- ble in all parts of the world. Ladd ASSETS PORTLAND, OREGON. Transact a General 1859. Hanking Business Philadelphia St., in process of liquidation, any- s A * AU sigl SPECIALTIES. * D T A D . CO., Electric Railway, Gas, Electric Light, and Power Transmission Properties for Financial Insti- L Electric Railways, Electric Power Plants Electric Financed MANUFACTURING COMPANY. WALL UTRBBT. HtSW YORK. Cannon Hill, HASKINS & Street. SELLS, Certified Public Accountants, THE TABULATING Attachment to the BROAD 30 NEW YORK. ST., 204 Dearborn St., CHICAGO, ILL. 30 Coleman LONDON, St., E, C. Remington WM. FRANKLIN HALL, Typewriter Accountant, EX a n g e B U g B0ST(,N MAS8 ' Performs Tabular and Statistical work of iS s t a te S t;eet every description quickly and accurately. Boobs audited. Examinations and Investiga< tions conducted with the utmost Wyckoff, Seamans 327 Broadway, & New care and efficiency. Benedict, LIFE INSURANCE CO., NEWARK, AMZI DODD, N. J. PRE8IDENT 1901.... 174,311,468 26 Assets (Market Values) Jan. 1, Liabilities (N. J. and N. Y. Standard). 68,186,108 84 New York. KEISTER & CO., 52 Broadway, D. A. - Public Accountants and Auditors, wall 80 street, new york. & MUTUAL BENEFIT POLICIES Dennis, Patterson, Teele CERTIFIED PUBLIC ACCOUNTANTS. New York. SO Broad Street. Contain Special and Peculiar Advantages M. orpins 6,126,364 »1 which are not combined POLICIES OF hahn, bonds, Ct. Broker in Investment Securities, In the ANV OTHER COMPANY. Interest received during the year. 9346,028 89 Kent received during the year. 23,833 86 were estimated In 1899 and previous years. $416,202 81 occurred and were estimated and paldln 1900 1,101,744 24 $1,517,947 05 150,807 00 Less salvages Beturns of Premiums A Expenses. $399,096 13 The Company has the luff Awmti tO WALL STREET vis follow- * United States' and state of New York Stock, Bank and City, $5,537,024 00 other Stocks Loans secured by Stocks and special deposits In Banks and Trust Company Beal Estate oor. Wall & William Streets, cost.... $1,050,000 00 Paid toward erec- 1,693,805 82 622,873 59 ing Other real estate and claims due NEW YORK. 76,000 00 1,747,873 59 Premium Notes and Bills Re1,156,783 60 ceivable Cash in the hands of European bankers to pay losses under policies payable In foreign 195,818 81 183,434 83 countries Oashln Bank Amount $10,514,740 65 Six per cent Interest on the outstanding oerbe paid to the holders thereof, or their legal representatives, on and after Tuesday, the fifth of February, next. The outstanding certificates of the issue of 1895 will be redeemed and paid to the holders thereof, or their legal representatives, on and after Tuesday, the fifth of February next, trom which date all Interest thereon will oease. The certificates to be produced at the time of payment, and canceled. A dividend of Forty per cent Is declared on the net earned premiums of the Company for Uie year ending 31st December, 1900, for which sertlfioates will be Issued on and after Tuesday, the seventh of May, next. By order of the Board, rtfloates of profits will JAMES PARK, York. Benefit $3,407,886 18 1900 J. Public Accountant and Auditor, The Mutual ber, the Company... LONDON CORRESPONDENTS! J. G. WHITE A CO., Limited. 22 a College from 1st off tion oflnew build- Light and Designed and Built, THE AMERICAN HX WHITE & tutions and Investors. in Premiums marked $4, 107,209 79 $1,367,640 05 Engineers, Contractors, 29 BROADWAY, N. Y. Investigations and Reports on CORDAGE 1 G. J. States. TRANSMISSION ROPE. Marine Premiums rotal financial. Will bay the assets of estates where in the United 1st January, 1900, to 31st December, 1900 §3,278,413 5* Premiums on Policies not 828,796 26 marked off 1st January, 1900. Losses paid during the year which Collections Given Spboial Attention 618 Walnut premiums on Marine Risks from Til ton, ESTABLISHED IN Ashland Block, Chicaero, 1900: $369,862 25 & BANKERS, CO., New York, January 22d, 1901. The Trustee*, In conformity with the Charter of the Company, submit the following statement of Its affairs on the 31st of December, January, 1900, to 31st Decem- Surplus, 81,000,000 S. O. Murphy, President. JAS. K. Lynch, Cashier. J amis Mofpitt, V.-Pres. J. K. Movvitt. Asst.Cash. Commercial and CO. I General Banking Business. REALIZATION INSURANCE .-;.. ; : National Bank, Boston, First National Bank. Chicago. UAPITAL per cent interest. ATLANTIC MUTUAL Bank of Commerce, New York Boatmen's Bank, N. W. National Bank. Chicago Merchants Louts OF MILWAUKEE, Netting the investor 6 J. H. CHAPMAN, Secretary. TRUSTEES: liustav Amslnok, Francis M. Bacon, Vernon H. Brown, Waldron P. Brown, William B. Boulton, Oeorge Coppell, loseph H. Chapman, George C. Clark, lames Q. De Forest, James H. Dunham, William E. Dodge, Cornelius Eldert. Ewald Fleltmann, Edward Floyd-Jones, Horace Gray, Clement A. Grisoom, Leander N. Lovell, Clifford A. Hand, Anson W. Hard, John D. Hewlett, Charles D. Leverlch, Levi P. Morton, W. H. H. Moore, Charles H. Marshall, George H. Maoy, Frederic A. Parsons, George W. Qulntard, John L. Rlker, A. A. Raven, Gustav H. Schwab, William C. Sturges. RAVEN, Pr—UUnU PARSON8, Vite-Prtt't. CORNELIUS ELDERT, *d Tiet-Pru't. A. A. F. A. Tirso P J'»HNBON.f* Vim-Prufi.