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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
1ȣ
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.

—

:

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<

;

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.

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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

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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

•
,

»
•
,

:
•
•
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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-

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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.

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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.