Full text of Commercial and Financial Chronicle : December 8, 1906, Vol. 83, No. 2163

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fitranrial
SATURDAY, DECEMBER 8,

VOL. 83.

C L E A R I N G S — FOR N O V E M B E R , S I N C E J A N U A R Y
N ovem ber.

1 AND

FOR

1908.

NO. 2163.

W E E K E N D IN G DEC.

1 1906.

W eek ending D ecem ber 1.

E le v e n M o n t h s .

C leartngs

I n c . or
I n c . or
I n c . or
1903.
D ec.
D ec.
1904.
D ec.
1905.
1906.
1906.
1905.
1906.
1905.
s
S
$
S
%
%
I c■ 0.8 95,447.934,022 S4.132.547,2S7 + 13.4 1,780.068,974 1,954,105.939 —8.9 2,299,046,043 1.300.392,524
New York_________ S.607.9S7.S12 8.542.671.211
+ 7.5 173,820,543 120,103,251
7.01S,638,S02 6.305.525,071 + 11.3 144,717.680 134,590,316
632.293.075 ++ 3.3
Philadelphia_______ 2653,598,$54
30.253.276
212,206,162
+ 3.3 33,006,831
2.4
45,411.787
46,904,986
2,411,291,443
+
5.8
17 330,816
2,278,120,520
Pittsburgh..................
121,160,762 + 4.3 1.313,701,681 1.159.233,786 + 13.3 27,921,111 30,155,622 —7.4 49,686,658. 23,777,062
126,369,750
Baltimore_________
+ 13.4 5,404,0667,679,770 8.035.438
32.697.080 + 8.4 360,396,725 318.922.098 + 13.0
6,558.466
35.448.319 21.969.050
iffalo____________
5,784,948
4.599.100
4.S50.347
4,287.180
+
13.1
264,168,349
+
14.2
+
9.S
24.130.870
231,234.252
'ashlngton_______
3.920,944
+ 12.2 4.847,421
5,854,709
5,218,522
266,712.410
+
31
.S
29.825.760 22.621,744
+
31.3
203.196,317
lbany____________
3.237.047
3,850.587 2,251,700
17.116.843
—4.2 182,497.591
2.6 2,057.410
16,392.343
+13.4
6.4
3.376,505 3,289,308
171,459.685
Rochester_________
++30.0
S.156.748
96,101.402
+ 10.0
S.974.678
2.291,724
1.763,346
+
84.772.1G0
jranton__________
1.453,192 1,513.940
7.226.079 + 19.0
80.172.626
S,597.203
70.094.042 + 14.4
1.394,421
1.363,781 ++ 2.3
Sjracuse__________
1.235,045
1.103,513
5.02S.257
+
32.6
1.G
+
15.3
6.667.205
1.209,859
62,624.868
54.319.674
Wilmington________
1,228.544
1.150.576
4.670.159 + 20.5
+
11.4
1,176.339
1,056,201
61,366,725
+
18.7
5,629.628
51,699,319
Shading__________
970,161
1,039.560
3.9
4.920.516
+29.2
7.9
4.735.89S
948,000
959,535 +—1.2
50.687,639
46,973.807
rtlkes-Barre______
028,974
3.703,792 ++2S.8
31.2
850,768
+
1.027.767
783,385
48,584,103
4.845.824
37,604,019
reeling_________
509,786
620.454
2.399.163 + 34.9
442,810 ++45.6
29,623.446
3.235.720
24,936,233
644.781
++5.6
18.8
rie______________
445,900
422,200
24.663,400
2.178.800
+
18.7
412,800
399,800
3.3
2.585.600
23
356.900
Hnghamton_______
424,244
2.157.096 + 3.4
+ 6.8
430.978
25.007.520
2.231.217
443.711 —17.5
++ 12.8
13.4
22.051,690
474,058
letter___________
+ 6.3
411,392
456,679
1.963.842
484,656
24.065.601
21.342,856
400,000
2.086.825
?
ns
burg________
269,536
1,190.642
—10.8
236.483
+
23.9
—4.0
'
13.369.684
1.143.104
rank! in __________
175,000
196,208
10,786.371
759,832 + 10.8
841,673
9.132,619
8.426.416 + 8.4
ierick__________
Total Middle........... 9.762,843,717 9,646,966,235 + 1.2 107,790,740.656 95,256.602,503 + 13.2 2,030,426,212 2,192,036.920 —7.4 2,587,748,145 1,515,301,460
681,657,223 + 10.6 7,615,890.418 6,942,814.390 +9.7 142,630,217 138,230,783 + 3.2 161,368,445 132,615.048
Boston ___________ 754.233.613
8,117,600
0.4 359,429.000 344.264.900 + 4.4
36.191.500 36.052.100
7.219,300 2.570,080
7,739,800 7,690,200 + 0.7 3,007,418
Providence________
13,118,032 ++22.1
167,124.067
147,850.609
3,033,720
3,179,601
—4.6
+
13.0
16.017.287
Hertford__________
1,819,777
9.182,793
+ 13.7 113,329,552
10.442.514
2,015,419
2,053,089 —1.9 2,174,696
104,474,871
++9.7
8.5
New Haven________
1,034.827
9.002.096
1,527,804
1,692.566
88.914,460
—10.5
8,055.837
81,053.056
1.814,315
—15.8
Portland__________
1.722.609
7.620,405 + 11.9
1,727,722
1,593,059
86,738,151
81.958,855
1,498,863
—13-3
+
5.8
8.526,581
Springfield_________
1,019.492
6,320,876 + 7.2
1,281.793 + 5.2 1,259.018
73.025,976
6.77S.344
70.647.080
1,348,057 1,030.706
3.4
Worcester_________
1,100.556
44,759.233
4.376,503 + 16.5
5.099.390
35.706.762 ++25.4
872.611
—
15.3
728.485
Fall
River_________
693.951
625.499
30,797.740
560.494
3,756,723 —9.3
3.425.118
28.056.066 ++ 9.8
613.096
+ 9.4
New Bedford_______
432.201
23.127,523
2,261,212
485.832
488,034
—0.5
5.8
2.250,229
21.853.50S
463.428
—0.5
573.324
22,881.261
2.112.280 +9.9
465.378
452,338 + 2.9
627.935
2.322.843
21.982,003 + 4.1
Holyoke___________
Total New England $53,343/256 775.460.243 + 10.0 8,626,017,381 7,880,662,100 + 9.5 162,230.797 158,509,075 + 2.3 180,759.849 152.306,085
975,378,958 899.2S8.374 + 8-5 10,039,854,244 9,147,147,776 + 9.8 205.472,606 190,584,403 + 7.3 195,753,394 185.392.341
g iicago___________
1,198,998.050
1,093,310,350
+ 9.7 21.786,600 21.421,450 + 1.7 25,805,450
+ 10.8
ncinnati_________ 111,478,200
16,082,922 24.254.000
14.594,408
762.135,932
74.408,582 100,652,200
704.711.773
64.641.084
13,995.389
13,189,600
+
6.1
+ 8.1
+
15.1
Cleveland_________
612,863,869 542.060,524 + 13.1 12.402.886 11,515,844 + 7.7 10,733,181 10,338.203
72,557.375 55,918,009 +30.0
Detroit____________
8,739,838
448,109.346 387.348.054 + 15.7
39.886,786
44.972,462
8.055.034 ++11.6
8,676.302
8,986.245
Milwaukee________
33,759.300 32,359.819 ++12.8
312.279,237
6,529.061
4.4
6,398.902
7.055.098
+
5.9
4.3 330.641.048
6.254,864
Indianapolis_______
4.522.000
246,851/500
230.497.000
+
1.2
4.741.100
+
7.1
20,194,400
+
13.0
22.813,500
4.880.200
4,823.200
Columbus_________
191,755.121
182.196,870 + 5.2
17.636.41S 16,850,426 + 4.5
3.147.739 2,923,412 + 7.6 3,978,034
3,375.718 3,633,091
3.615,772
136,675,428
—5.4
6.6
144.537.530
13.337.0S9 14,273,459 + 11.9
2,719.330
3,204,918
—
15.1
Peoria____________
107,110,912
99,084.042
2,067,114
1,987,934
2,097,772
+ 8.1
9.781.104
10,942.944
2,032,677
—3.1
rand
Rapids______
§ ayton___________
89,528,326
+ 10.9
78.718,408
1,760,580
+
13.7
7,222.560
8,011.030
1,362.178
1,387,454
—
1.8
1,704,705
75.443,785 + 10.2
1.413.306
7.923.973
1,463.687
+17.0
8.4
1,449,538
83,133.095
9.014.273
1,349,441
38,062,772
43.574.624
1.306,524
3.942,590 ++13.8
4.330.510
812.794
694,700
+
985,580
+
14.5
9 .8
vansville________
891.792
38,618.906
36.714,406
+
5.2
Kalamazoo________
618.595
+
4.1
748,580
3.061,539 —+ 56-6.7
3,262.553
594,375
30.478.637
—30.2
+ 1.9
29.906.259
828.930
701,176
2.543.158
496.267
711.988
2,697,988
Springfield,
111_____
26,676.129
582,ISO
464,844
+
25.2
655,187
29,813.298
2,509,557 + 0.1
2,511.857
+ 11.8
Lexington_________
595.068
24,110,642 + 12.9
307.402
27.221,278
55S
829
2,455.514
2,516.073
552.588
403.543
+
2-5
Youngstown_______
+
1.1
23,772.500 + 15.2
+ 31.3
27,391.510
643.000
608.400
2.095,500
550.000
418.900
2.738.055
Rockford _________
22.676,056
23,537,661
689,041
—3.7
1.801,741 ++ 30.7
15.4
414,497
372.964
+
11.3
547.720
2.079.909
Akron____________
20.736.888
0.2
19.607.196
—
17.2
336.749
+
5.8
1,780.924
313.979
378.458
443.326
1,784,586
Canton------ ---------18,457.005
366.342
§39.408
2.3
18,049.228
300,000
361,900 —17.1
1,709,528
1,734.864
Bloomington.........
16,400,149 ++12.5
—3.2
381.974
18,44943 9
1,520,152 ++2 11.5
339,512
388.226
.1
402,228
1,840,628
Springfield,
Ohio----15,133,016 + 8.4
282.060
16,398.275
—1.0
283.663
202.131
1,471,087
1,456.107
247,695 ++ 14.5
Quincy___________
270.000
14,775,863
330,596
323.395
15,777.113
245,401
10.0
+ 6.8
1,407,714
1,440.915
+2.3
Mansfield_________
12.231.196 + 0.6
12.299,936
215.561
1.064,732 —13.1
223,059
243,774
924.656
—8.5
237,675
Decatur ....................
11,142,720
262,462
11.902,183
+ 7.8
221.565
6.8
1,210,707
243,894
242,713
1.169,173
.Jacksonville,
111____
5,405.440 ++14.7
—2.7
6,197.277
24.2
100,000
123.473
572,489 ++3.6
102,799
122,100
711,786
Jackson ___________
30,360,800
36-051,151
—4.6
670.851
651.527
+
3.0
3,467.864
3,309,118
Ann Arbor.................
20,840.397
15,058,415
1,478,406 + 39.5
2.064,411
34S.645
323,067 + 7.3
Fort
SouthWayne.a_____
Bend.a______ 1,425,392,833 1.298.256,084 + 9.8 14.587.649,096 13.312.860.526 + 9.6 291,972.645 273,768.554 + 6.6 287,803,176 274.713,278
Total Middle West. 218,367.450 168,150,258 +29.9 1,795,121,484 1,665,562,428 + 7.8 46,999,424 35,645,200 + 31.9 36,700,014 38,438,003
436,832,120 + 20.3 11,800,088 8,384,261 + 40.7 8,908,309
7,064.831
17.9 525.677,703
53,627,100 45,474,824 ++ 37-3
San Francisco______
442,977,654 272.797.439
+ 39.9 4,887,539
4.750.000
8,432,462
+
62.4
6,027,388
31,155,919
42.777.721
Los
Angeles________
4.439.773
186,142,263 + 37.2
6.901.502
4,678,870 ++ 47.5
5,635.806 4,050.000
255,334,355 207,366,708
30,959,599 21,402.832
24.25S.635 + 27.7 258,052,594
Seattle
___________
39.2 4.550.000
5,895,431
4,234.127
+
24.4
+
66-3
35,589,801
Salt
Lake
City______
2.553 664
3,653,239 + 33.7 2.924.503 2.026,839
147.003.058
18.403,761 + 29.2 204.333.290
4,885.708
23,775,640
Portland__________
147.454,522 +39.0
184,601,150
19,494,061
4,328,979
+32.8
3,068,584
+
25.2
3,260,995
16.579,307
+
17.6
Spokane___________
—17.2
1.079.998
37.805,305
35,025,338 + 7.9
935,234
845,524
774.329
3,995,296 —2.4
3,899,059
Tacoma___________
934.102
23,416.005
27,701.068
437.582
639,302
—31.6
781,279
—
15.7
—25-9
3,023,000
4,082,239
Helena
___________
17.823.347 Not14,168.512
323,908
390.819
271.526
267.978
+
18-4
2.003.291
Fargo ____________
+1.3
+
25.8
1.692.257
Included total
in total
105,114.887
3.089
416 Not
Included
included In total
14,341.675
Sioux
Falls________
9.752,592 Not Included In
in total
1.338,169 Not
257,673
Not inc
uded in total
Not included In total
Oakland___________
San Jose........ ............. 433,516,722 335.195,328 + 29.3 3 , 745, 142,887 3,140.113,456 + 19.3 90.727,031 67,726,594 + 34.0 68,631,466 G5?728,029
Total Pacific_____ 123.941.950 110,555,843 + 12.1 1,203,628.882 1,087,557,591 + 10.7 24,930,612 20,573,911 + 21.2 24,706,759 21.151.765
17.042,762 ++ 25-9
26,698.270
817.004.155
21.461.729
Kansas
City_______ 106,240.195
1.7 889.158.660
+ 8.8
8,243.264 22,235.094
21.4
8.215.954
457,946.490
402.896,085
8.788,596
7,236,398
42.371.622 104,503.720
Minneapolis________
+
13.7
39.138,622 ++ 8.3
7,347,550
+
33.6
378.313.641
308,339.827
9.276.141
6,944.474
7,679.328
44.988.8C7
OSt.mPaul.......................
aha___________
+
22.7
36.358,006
+
23.7
314.351.571 298.311.046 + 5.3
6.197.912 4.147.424
5.672.092
+
0.2
6.046.877
6,036.125
34,518.388
+
16.8
29.567,435
3.446.342
+
13.2
5.057.850
234.162.800 214.053.406 + 9.4
Denver____________
3.901.130
20.358.195
21.079,584
—3-4
2.226.567 1,911.358 + 16.5 2.396.736 2.549.312
127.368.760
119.670.640
St. Joseph.............. ..
+11.7
6.4
10.906.312 +9.9
12.045.310
1.451.422
1,338,221 + 13.5 1.756.261
87.167.516
78.035.090
Des
Moines________
1,519.585
+
+
5-2
8.179.578
7,773.429
758.982
+ 14.1
1.054.550
52.892.342
50.202.920
764.307
Sioux
City_________
873.983
+
5.4
4.603.068
4.182.684
+ 10.1
1.028.446
41,728
283
'ichlta......................
825,162
932,270
933,451
49.505.103
4,360.282
—
11.5
+
18-6
4,0.53.888
+
5.1
Savenport_________
+ 38.2
964.827 1.590.951
41,002.553
38.452.543
733.105
530,487
4.046,630
+ 34.1
3.018.178
610.000
612.097
32.625,386
2,921.348
31.265.029 ++ 8.2
Topeka
..................
..
605,009
+
0.8
484.358
2.967.729
1.6
4.3
450.984
Colorado Springs___
492.226
4-6.3
26,030.186
24.060.610
463.163
2.440.757
+
6.9
+
10.7
2.283.677
367.716
22.893.826
368.672 + 22.3
2.351.568
Cedar Rapids______
450.618
8.9
++ 27.3
15.1
2,158.215 ++12.4
220.000
13.524.167 Not19.882.924
10.626,974
+
23.9
178,687
144.251
148.138
1.047.006
Pueblo ___________
931.898
Included In total
1.051.119 Not Included in total
34.227,608
5.077.722 Not Included in total
Fremont__________
Lincoln___________ 414.414.704 379.539.220 + 9.2 3.931.761.883 3,542,087.123 + 11.0 82.315.018 68,337.760 + 20.4 87.340.005 76.788.788
Total other West.. 266.202.495 261.595.680 + 1.8 2.700 ,655.350 2.039.253.458 + 2.3 54.975.771 55.254.689 —0.5 69.236.933 60.833.404
,124.814 848.779.659 + 6.8 25.523.329 23.409.S10 + 9.0 25.992.128 26.475.864
St.
906
0.2
110.030.034
NewLouis__________
Orleans_______ 109.760.994
12.581.023
11.983.024
594 ,053.556
547.400.645
11.050.616 +—3.6
52.444.008
8.5 10,657.155
+
4.5
50.165.135
8.695.359 11.126.88?
313,620.319 ++33.2
.754.452 201.260.000
11.976.015
21.1
Louisville_________
457
47.633.271
9.891,845
+
26.6
60.321.137
,459.500
Houston__________
+ 34.4 7.125.429
0.448.000 6.033.670
6.845.000
6,901.000
4O.162.fXJ0
9.138.500
+ 16.5
33.884.000 + 18.5 304
,796.911
Galveston_________
6.928.144
241
.420.523
7,484.970
219
27.917.400
—20.8
—9.0
—27.0
38.266.548
44.729.184
OKI .288
6.837,066 C.360.836 + 7.5 0.1
G. 163.830
29.293.042 31.576.095 —7.2 216 ,665.123
207.577.810
Memphis__________
+17.7
4.4
234
.364
.984
,952.694
Savannah
_________
18.314
5.778.697
27.029.353
5.316.293
+
8.7
275
+
+
15.6
23.387.516
4.059.149 3.030.098
164.730,049 + 27.9
Jchmond
________
24.367.351 20.641.300 + 18.1 210 .716.482
3,860.879 ++28.7
4.968.633 3.158.519
1.3
3.110.554
,914.037
D-anta___________
3.200.000
2.410.978
184
142.652.153
+
29.6
15.129.685
+
3.1
14.681.091
rashvJlle _________
,470.187
3.648 513 2.776.628 + 3] .4 2.077.208 2.003.161
119.674.021 + 16.5
139
18.442.528
+
35.7
13,593.968
1.857.721
85.841.728
Sort
Worth................
2.166.009
1 .836.149 ++ 38.7
18.0 2.090.018
77 .183.105
9.476,657
10.1
11.0S0.420 —+ 14.5
2.292.834
2.008.012
Augusta__________
92.812.911
2.626.564
110 ,030.818
+ 10.2
18.0
12.943.508
1.893.837
10.968.108
73.340.206 + 24.2
1 .520.542
.070.976
Norfolk___________
9.592.102
2.010.276
1.920.481 ++16.9
4.7 2.020.611
91
+ 9.5
8,760.825 +20.5
.371.326
Birmingham_______
1.447.534
49.175.7fX)
1.595.040
1.309.447
8,580.764
1.864.685
58
+
18.7
7.123.658
1.127.081
57.9.'
Little Rock________
1.260.869
10.5 1.418.694
61 ,806.453
1.132.369 ++ 21.0
6.703.574
+32.0
6.7
—
1.4
6.798.785
Charleston
________
940.148
8.',0.006
46.376.169
.237.780
+
6.309.391
1.321.713
1
092.413
.61
—6.4
6.739.937
.649.942
1.301
.254
Chattanooga ______
1.239.107
6.433.622
57.723.685
1.231.041
1.224.764
+
0.5
67
+
17.0
+
17.0i
5.507.995
.'84.099
015.964
745.212
54.607.908 + 10.9
Knoxville......
...........
1.024.793
60
1.050.000
+2.5
5.439.321
5.343.076
+ 1.8
1.107.004
662.551
•'1.570
Jacksonville_______
26.049.531
,007,601
862.693
666.675 + 29.4
+ 11.4
3.105.339
29
+—4.3
27.2!
.717.632
Macon____________
337,106
12.932.533
300.000
—11.9
*33.437
2.020.202
340.548
15
+ 21.6
Columbus,
1.978.371
10.896.4 14 + 9.3
18 .473.89
1.620.0^2 + 22.D
,903.9921
Beaumont Ga______
________
9.128.091
1,654,061
1.278,212 + 29.5
74
35.341,505,
5.797.470
+
57.5
Not Included in total ___25 .308,673 Not Included j In total
Mobile,
a __________
3
149
912
Wilmington. N. C___ 744.412.310 714.523,150 ” +4?2 6,862 ,196.695 0,324.430.1041 + 8.6 158.980.834 149.470,916 + 04 155.678.490 148.157.924
Total Southern___ 13,633.923,602 13.149.940,200 +3.7? 145 543 503.598j 120.45 0,761.9021 + 12.4 2.816.052.537 2.909,849.809 —3.3 3.307.801.131 2.232,996.664
Total al_________ 5.025.935.790 4.G07.269.049 + 9 . L 50.095.574.5701 45.324.214,616 + 10.6 1.036.583.503 956.053,870 + 8.5 1.068.815,088 926.603.04j
Outside New York.
a Not Included In totals for month and eleven montiis; comparison Incomplete,
nr 1able Clearings by Telegraph and Canadian Clearings on Pago 1J89
—

—

m

—

—

—

----

1374

THE CHRONICLE.
THE FIN A N C IA L SITUATION.

It is a general truth which hardly needs stating
that nothing is more venturesome than Congressional
legislation affecting a material factor in the make-up
of trade affairs. Given, for instance, a prosperous
state of business organized on the basis of certain
fixed conditions, the whole structure is endangered
whenever any important part of the inter-related fabric
is materially disturbed. For illustration, agitating
and revising a protective tariff, long existing and so
having become a part of all values, at a higher than
the ordinary or normal level, imperils those values;
they cannot on any fixed occasion be severely cut into
in the whole tariff domain or sphere of action without
jeopardizing the general situation. Consequently, if
that law is to be amended, would it not be wiser if it
were done by easy steps— that is, taking away by suc­
cessive legislation, in groups scientifically classified, the
supports where least needed. Arranging for a special
session of Congress next spring to do the whole work
would, we repeat,-not unlikely invite industrial chaos.
Besides, as the tariff has cultivated, built up, and as a
result led to large and wide investments in protected
industries, it is hardly seemly to do what would give
to the situation a kind of protection vultures give to
lambs. This refers only to those manufactures that
still need sustaining power to keep them going con­
cerns; or, in other words, those industries that cannot
live until they have had the use of their crutches a
little longer. Could not one such group of articles be
devised and passed upon at the current session, and
the remainder wait until some later regular session
may afford opportunity to revise other groups.
The above statement brings to mind the President’s
Message and his advocacy not only of the law limiting
the number of hours of railroad employees, but also
the statement he makes “ that it should be our aim
steadily to reduce tl\e number of hours of labor with
as the goal the general introduction of an eight-hour
day.” Queerly enough, this official document adds
“ there are industries in which it is not possible that
the hours of labor should be reduced.” What gives a
notable peculiarity to this sentence is that the only
exception in any way indicated or named as an ex­
ception is work on the Isthmus of Panama— the Gov­
ernment’s own special enterprise. The people’s en­
terprises are wholly disregarded. This exception is
notable also, because if there is any place on earth
where the eight-hour limit should be observed and
strictly enforced, it is Panama. The conditions of
health, as we all know, are such there that the utmost
care ought to be taken of those engaged in the work of
excavation. They are likewise merely children, unable
to care for themselves, and as such especially the
charge of the United States. Shall it be said of this
wonderfully prospered and beneficent Power that it
has a care for many things, but when it has a hard job
on its hands will have none of this eight-hour trumpery;
that it will push its work through, never minding at
what cost of life and health ?

[V o l . L i m n .

This and the previous broad endorsement by our
highest official of so radical and sweeping a change in
our industrial economy cannot fail sentimentally to
dissatisfy and disorganize the whole class of labor,
wherever at work. Even granting that an eight-hour
day may be safely and usefully adopted in special
cases, it can never become possible of application to
all wage earners. There are many kinds of business
that do not permit of such narrow and circumscribed
limits for work. We have room to mention only
one or two. The entire body of agricultural labor
can never be governed b y such a rule. When the hay
crop is in condition to cut and gather, will it
ever be possible for labor to leave the fields after
eight hours spent there? Much the same question
arises with regard to all crops. When wheat is ready
for the scythe, it must be gathered and put in shape
while weather favors it, and made safe from future rains.
Cotton must be picked when it is ready to be, regardless
of the eight-hour limit. And yet these idols of the
people, by preaching that the goal is possible of attain­
ment, is making it more and more difficult for the
agriculturalist to secure farm hands, and it can be
done only at greatly increased wages. To what extent
the whole farming interests are jeopardized b y the
eight-hour rule, pushed to its extreme, cannot be fully
known until a year of plentiful food crops in Europe
occurs, and abundant crops elsewhere leaves a very
poor market for our surpluses. With little demand
from foreign consumers, prices of food will decline
materially, but the eight-hour dogma with its influence
of high wages for farm hands will stick.
We may also mention the retail merchants and
dealers throughout the entire country; they are in
even a worse plight. This remark does not so much
have reference to our largest cities but is in a much
more eminent degree working great harm to this class
of employers everywhere else. W e have this week
been told by a merchant, one of the afflicted, from a
city of the second class, that the mercantile employees
in that place are getting so restless under this often
repeated story that an eight-hour day is every man’s
due, that their clerks are seeking to form a union and
make a demand on their employees for this short
limit to their work. Such a movement if it could be
successful would destroy the character and hence the
existence of the retail merchants as a body. Their
hours are necessarily long and have to correspond with
the habits and occupations of the people. Customers
are of all sorts and not a small part of them are farmers
who come to town after their day’s work is finished.
We add a single thought more respecting still another
class in which case this propaganda is becoming in its
remote influences especially vicious. The statement
has reference to the young men of to-day. This re­
striction increases greatly the difficulty of men of
small capital advancing to the top of any enterprise
they may be engaged in and especially in establishing
a new venture of their own. In other words, the eighthour law is good for a well-established industry with
abundant capital but increases the hindrances in the
way of a poor rival.

Among the factors contributing to the maintenance
But the President adds, “ the wage-earners of the
United States are of so high a grade that it should be of high rates for call money this week were, fore­
our object to do what we can in the direction of se­ most of all, manipulation, aided by the low reserve
curing the general observance’ of an eight-hour day.” condition of the Associated Banks, last week’s state­

D ec . 8 1906.1

THE CHKONICLE.

ment showing a surplus of only 81,449,125; the
fact that the return of that week was made up on declin­
ing averages for cash, owing in part to the transfer
hence on Friday of $1,550,000 to San Francisco; the
transfer on Monday of $750,000 to that city, and by
Thursday of $1,900,000 to New Orleans; and, further­
more, the low rates for domestic exchange at Chicago
and St. Louis, indicating that the return flow of money
from those centres, which seemed to have begun a
fortnight ago, had been arrested. Besides all that,
until Thursday there was no indication or the least
intimation that Secretary Shaw intended to intervene
for the relief of the market, although the prevailing
tension was in considerable part the result of Treasury
absorptions. Not only was call money maintained at
high rates, but quotations for funds for fixed periods
on collateral advanced to about the maximum of the
season—9 % for thirty, 8 @ 8 ) 4 % for sixty and 8% for
ninety days. The distribution of dividends and inter­
est, which did not become active until Monday,
seemed to have little or no influencempon the market,
except such as was observable through loaning on
call by some of the larger institutions at minimum rates.
The foreign exchange market reflected in lower
rates the monetary tension, and the fall in short sterling
seemed to indicate that the gold-import point might
soon be reached unless the declining tendency was
arrested. A rumor in London that gold shipments
to New York were possible was promptly denied; it
was stated that were there any indications of such a
movement the Bank of England rate would be
promptly advanced. It appeared that even if ex­
change should fall, by reason of the high money rates,
to figures which would make it profitable to import
gold under ordinary conditions, it would not be brought
here. This is so because the risk attending such im­
portations, growing out of the uncertainty as to the
continuance of monetary tension here, would tend to
deter engagements of the metal. Moreover, if an
attempt were made to procure gold in London for
shipment hither, the price of the metal would most
likely be advanced and other obstructive devices be
resorted to at the instance of the Bank of England.
The movement from London to Egypt was resumed
this week; the Bank of France appears to have sus­
pended releases of gold to French bankers for remit­
tance to the British capital, and conditions there are
such as to make necessary the protection by the
Bank of its gold stock and that of the bullion market
against withdrawals of the metal, especially for New
York. Therefore it seemed improbable that monetary
tension here will be relieved through imports of gold.
On Thursday Secretary Shaw announced, as stated
elsewhere, that he would on and after December 15
prepay without rebate the interest maturing on the
several interest dates between and including January 1
and May 1 1907; such interest amounts to about
$12,000,000. It may be noted that, as shown on
previous occasions when interest payments on the
Government debt have been anticipated, the relief
to the monetary situation which the Secretary sought
to extend has been ineffective of its purpose. It
therefore seems probable that similar unsatisfactory,
results will follow his present effort in that direction.
National banks holding the bonds as pledge for circula­
tion or deposits may take advantage of the Secretary's
offer, but individual holders will notbel ikely to do so.

1375

We have stated above that manipulation was the
chief cause for the high rates that have prevailed the
current week. This statement seems to have been
substantiated by the remarkable fall in rates for
money on call yesterday (Friday), after having loaned
in the money at 36%, to 2% by half-past two in the
afternoon.
Railroads in the Southwest are now showing more
striking gains in earnings than those of any other
section of the country and the reason becomes obvious
when one contemplates the report just issued by the
Kansas State Board of Agriculture with reference to
the year's bounteous harvests in that State. The re­
port points out that for the husbandmen of Kansas
the year 1906 was most fruitful—that it was an all­
round evenly balanced prosperous twelve months,
with an immense wheat crop, a big corn yield, and an
abundance of other grains and forage, with good prices
for all. Never before, it is stated, have the soil
products in Kansas represented so much wealth.
The rewards of industry are revealed in the year's
values of farm products and live stock, amounting
to $424,222,277, or $15,582,455 in excess of their
value in the best previous year. The total, we are
told, is about 85% larger than the value of the same
items ten years ago. The wheat crop is worth,
measured in dollars, more than that of any preceding
year; the corn crop ranks third in aggregate value;
the value of animals slaughtered, or sold for slaughter,
is $10,000,000 more than last year, and eclipses all
former records. The total yield of wheat, winter
and spring combined, is given as 93,292,980 bushels.
This is a quantity nearly 21% larger than the yield as
reported by the State Board for the year before.
It is over 28,000,000 bushels more than the yield in
1904 according to the same authority, and is the
second largest wheat crop produced by Kansas—
falling barely 1% below the record-breaking crop of
1903, which the State Board estimated at 94,041,902
bushels. It is proper to state, however, that the
United States Department of Agriculture at Wash­
ington credited the State in 1901 with a yield of nearly
100 million bushels. In value this year’s wheat output
is stated to outrank that of any previous year without
any exception, it being given a home value of $55,178,712. The record of wheat development in Kansas
has been most noteworthy. Twenty years ago the
value of the wheat grown was less than $6,000,000
and the yield about 9,000,000 bushels. Ten years
later the yield was over 50,000,000 bushels, worth
$34,000,000, while in the past six years, it seems,
Kansas has raised three crops of over 90,000,000
bushels each. The 1906 corn yield in Kansas is re­
ported at 187,621,214 bushels, or only 3,498,379
bushels less than the strikingly large crop of 1905.
Its value is put at $65,115,263 and it is declared to be
the most valuable corn crop ever harvested in the
State, surpassed only by the 1905 crop, which was
worth $3,603,381 more, and by the crop of 1902.
Thus Kansas is enjoying unwonted prosperity and the
railroads running through or into the State are reapin
large benefits as the result.
At a banquet given in Chicago on Monday night
under the auspices of the Citizens’ Industrial Associa­
tion, Professor J. Laurence Laughlin, of the Univer-

1376

THE CHRONICLE.

sity of Chicago, characterized Socialism as the philoso­
phy of failure. This seems an apt description. Pro­
fessor Laughlin said that when men who fail wish
society to do for them what they confess to being
incompetent to do for themselves, we have the ex­
planation of the demand for Socialism; and it must be
admitted there is force in the argument. The dis­
cussions at the banquet, however, related chiefly to
labor unions, in the right management of which busi­
ness interests feel such a deep concern. One of the
speakers, an attorney from Omaha, expressed the
opinion that labor unions were liable to criminal prose­
cution for violation of the Sherman Anti-Trust Law
because they use force and intimidation in attempting
to carry out their purposes and combine to injure the
business of manufacturers opposed to them through
means of the boycott. The question, however, it
seems to us, is a purely academic one, for the time
seems remote when we can hope to have it presented
for consideration and determination bj' the courts.
So long as the Standard Oil Company remains as a
target for attack it appears unlikely that labor unions
will have any reason to fear prosecution by the Federal
authorities. Professor Laughlin thought that the
dangerous abuse of power is to be found in stimulating
ignorance to act as the arbitrator of difficult things—
to make the unfit believe themselves the equal of the
fit in things hard to understand. Until the unions
learn that men are not equal in wisdom, ability and
business power, they will never select the wisest leaders
or escape from excesses. He urged that labor unions
must accomplish the good they aim at not by the
abuse of power and wild departures from good citizen­
ship, but by a sense of responsibility—by growing in
a knowledge of economic principles and by square
dealing with those whose interests are bound up with
their own. It is undoubtedly along these lines that
a remedy must be sought for the evils connected with
the administration of labor unions; for stripped of
these evils unions are capable of great good and can be
made to promote the welfare of the laboring classes,
which is the object of every considerate employer.
We have several times of late had occasion to refer
to the State Corporation Commission of Virginia,
particularly in connection with the attempts that
are being made to compel the railroads to transport
passengers in that State for two cents a mile. That
body seems to be endowed with unusual authority
over the railroads of the State, and hence it is inter­
esting to note that on Thursday of this week the
Supreme Court at Richmond, Va., handed down an
opinion upholding the validity and constitutionality
of the Commission and the powers conferred upon it.
After overruling the Commission on a technical
point, the Court is emphatic in declaring that the
Commission is legally constituted. It says the State
has the inherent power of regulating and controlling
public service corporations operating within her bor­
ders and of prescribing the facilities and conveniences
which shall be furnished by them. That point, it
says, is no longer open to question in this country.
The just regulation and control of such companies, it
is urged, has been a difficult problem for many years
and the Virginia Corporation Commission, as created
and defined by Article 12 of the Constitution, was
devised as a solution of the problem. In the estima­

[VOL. LXXXKI.

tion of the Court, the exigencies of the situation made
it necessary that the Commission should be clothed to
some extent with legislative, executive and judicial
functions. Taking this view the conclusion is reached
that the Sections of the State Constitution and the
statutes enacted in effectuation thereof, from which
the State Corporation Commission derives its existence
and powers, violate no provision of the Federal Con­
stitution and are in conflict with no principle essential
to the preservation of liberty. We may accordingly
expect the Commission to proceed vigorously to work.
There was no change in official rates of discount by
any of the European banks this week; open market
rates were steady at London, 3^ of 1% lower at Paris
and M @>% of 1% higher at Berlin and Frankfort.
The most notable feature of the statement of the
New York Associated Banks last week was the de­
crease of $2,954,300 in surplus reserve, to $1,449,125.
This was the result of a loss of $2,786,900 in cash and
of an increase of $167,400 in reserve requirements.
Loans were expanded by $5,084,000 and deposits
increased $669,600. There was a transfer this week
of $750,000, through the Treasury, to San Francisco
and of $2,170,000 to New Orleans.
The low bank reserves, continued absorptions by
the Treasury from the banks of cash, and the transfers,
as above noted, to San Francisco and New Orleans
seemed to make probable the extinction of the bank
surplus this week, and though the distribution of
December dividends and interest was actively in prog­
ress, there appeared to be no evidence of relief to the
market through the return of this money by the re­
cipients thereof in the form of deposits. Money on call
was in most urgent request because of the concentra­
tion of the demand upon this branch of the market
and also for the reason that the offerings of time loans
for the shorter periods were quite meagre. There
were some expectations that the Secretary of the
Treasury would relieve the monetary tension, because
it had been largely created through the department’s
withdrawals of funds from the channels of trade, and
it was thought likely that such relief would be in the
form of increased deposits in the banks. On Thursday
morning it was announced that the Secretary would
attempt to relieve the situation by anticipating with­
out rebate, on and after the 15th inst'., the payment of
Government interest which would mature between
and including January 1 and May 1 1907; this would
amount To about $11,940,000. This action by the
Secretary was disappointing for the reason that it
was felt that prepayment of interest would not pro­
vide sufficient relief to this centre, where the tension
was greatest, and there was no material recession in
rates for call money on that day. On Friday, how­
ever, after loans had been effected at the highest rate
of the week, it fell to 2% after the delivery hour in the
afternoon; this remarkable change had the appearance
of manipulation. Time loans were maintained at high
figures and rates for commercial paper were nominal.
Money on call, representing bankers’ balances,
loaned at the Stock Exchange during the week
at 36% and at 2%, averaging about 18%; banks
and trust companies loaned at 6% as the minimum. On
Monday loans were at 25% and at 6% ,with the bulk
of the business at 12%. On Tuesday transactions

D b c . 8 1906.]

THE CHRONIOEE.

were at 22% and at 12% with the majority at 13%.
On Wednesday loans were at 32% and at 6% with the
bulk of the business at 20% . On Thursday transac­
tions were at 35% and at 20% with the majority at
22% . On Friday loans were at 36% and at 2% with
the bulk of the business at 25% . Time contracts on
good mixed Stock Exchange collateral were quoted at
9% for thirty, 8@ 83^% for sixty and 8% for ninety
days; 7% for four, and 6@6J^% for five to six months;
the business was chiefly confined to the longer dates.
Commercial paper remains unaltered at 6@ 63^% for
sixty to ninety-day endorsed bills receivable, 6 @ 6 }^ %
for prime and 6^2 @ 7 % for good four to six months’
single names.
The Bank of England rate of discount remains un­
changed at 6% . The cable reports discounts of sixty
to ninety-day bank bills in London 5 3 ^ @ 5 ^ % . The
open market rate at Paris is 3)^ % and at Berlin and
Frankfort it is 53^ @ 5% % . According to our special
cable from London, the Bank of England lost £361,278
bullion during the week and held £32,901,866 at the
close of the week. Our correspondent further advises
us that large exports to South America and important
shipments to the interior were responsible for the loss
exhibited, purchases in the open market having been
quite free. The details of the movement into and out
of the Bank were as follows: Imports, £1,144,000
(of which £243,000 from Paris, including £41,000
American coin and £901,000 bought in open market);
exports, £800,000 (of which£550,000 to South America
and £250,000 to Egypt), and shipments of £705,000
net to the interior of Great Britain.
The foreign exchange market was active and lower
this week, influenced by dear money and, to some ex­
tent , by offerings of commodity bills and also of drafts
against securities which had been bought for European
account. A few franc finance bills were offered, and
it was reported that such drafts were now being more
freely negotiated at Paris at a fraction above the Bank
rate. At London, however, it was said that there
was a disposition to require the payment of finance
bills that would mature this month, and a partial rally
in exchange early in the week was reported to be due
to purchases of drafts for the settlement of such ma­
turities. The market was quite sensitive to the ru­
mors of probable intervention by Secretary Shaw for
the relief of the monetary situation, rallying after sharp
depression and then declining on offerings induced by
the absence of indications of Treasury aid. On Thurs­
day the announcement that Mr. Shaw would anticipate
interest on Government bonds on and after the 15th
seemed to be accepted as evidence that his measures
of relief would be confined to such advance interest
disbursements, and, therefore, that they would proba­
bly be only moderately effective. The market then
fell sharply and it remained heavy to the close. On
Friday the continuance of dear money rates caused a
sharp break in all classes of exchange to the lowest
rates of the week; this was followed by a partial re­
covery on the reduction in call money to 2 % . One
incident of the week was the decline in cable transfers
to figures which indicated that if there should be a
further slight fall, no change in the price of gold in
London, no advance in discounts at that centre and
assurances of the maintenance of tense monetary con­

1377

ditions in New York, it might be possible to import
gold from the British capital. There was, however,
an extreme probability that if an attempt were made
to procure the metal in London for shipment hither the
price would be advanced, and importations would,
therefore, be prevented.
Nominal quotations for sterling exchange are 4 80
@ 4 81 for sixty day and 4 85@ 4 86 for sight. On
Saturday the market was weak and, compared with
the previous day, there was a fall of 35 points for long
to 4 8040@4 8060, of 35 points for short to 4 8515@
4 8525 and of 30 points for cables to 4 8605@4 8615.
On Monday long declined 30 points to 4 8025@4 8030,
short 5 points to 4 8510@4 8520 and cables 5 points
to 4 8605@4 8610. On Tuesday long fell 5 points to
4 8020@4 8030, short 5 points to 4 8505@4 8515 and
cables 10 points to 4 8595@4 86. On Wednesday
there was a decline of 30 points all around— long to
4 7990@4 80, short to 4 8475@4 8480 and cables
to 4 8565@4 8570. On Thursday long fell 15 points
to 4 7975@4 80, short 10 points to 4 8460@4 8470
and cables 30 points to 4 8535@4 8545. The market
was unsettled on Friday and it closed at a fall of 50 points
for long, 45 points for short and 35 points for cables.
The following shows daily posted rates for sterling
exchange by some of the leading drawers:
F ri.,
M on ., Tues.,
W ed.. Thurs., F ri.,
Nov. 30 Dec. 3 D ec. 4 Dec. 5 Dec. 6 Dec. 7
Brown
J60 days
Bros. & Co-------- . . .1 Sight..
Baring
J60 days
& Co....... ............ — 1 Sight..
Bank British
(60 days
North America. ...( S ig h t -.
Bank of
(60 days
Montreal.............. . . . 1 Sight..
Canadian Bank
J60 days
of Commerce — . -.1 Sight..
Heidelbach, Ickel] 60 days
heimer & Co____
Lazard
]60 days
Freres..................-----] Sight. .
Merchants' Bank
160 days
of Canada....___ -.-I S ig h t --

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

8 1A
8 6A
81H
86 A
8 1A
863-2
81H
86 A.
S1K
8 6A
81 A
86A
81
86 A
8 1A
86H

81A
86^
81
86 A
8 1A
86A
8 lA
86A
8 1A
86 A
81H
863-3
8 1A
86 A
8114
86)4

81
86
81H
86 A
81H
86 A
81A
86 A
8 1A
86 A
81
86
81
86
sm
86*3

8 1A
86)4
81A
8634
81A
86 A
8 1A
86 A
81A
8 6A
8VA
86 A
81A
86 A
8 1A
86 A

8 0A
85 A
81
86
81
86
81
86
'81
86
' 80 M
85 A
8 0A
8 5A
81
86

80
85
81
86
81
86
81
86
81
86
80
85
SO
85
81
86

The market closed on Friday at 4 7925@4 7950 for
long, 4 8415@4 8425 for short and 4 8490@4 8510 for
cables. Commercial on banks 4 783^ @ 4 78% and
documents for payment 4 78% @ 4 79%. Cotton for
payment 4 7834 @ 4 78% , cotton for acceptance 4 78%
@ 4 78% and grain for payment 4 79% @ 4 79%.
The following gives the week’s movement of money
to and from the interior by the New York banks:
Week ending Dec. 7 1906.
Currency___________________________
Gold.........
Total gold and legal tenders______

Received Try
Shipped by
N . Y . Banks. N . Y . Banks.

Net Interior
Movement.

$5,783,000
1.608.000

$7,396,000 boss $1,613,000
1.406.000 Gain
202,000

$7,391,000 |

$8,802,000 Loss $1,411,000

Result with Sub-Treasury operations:
Week ending D ec. 7 1906.
Banks' interior movem’ t as above__
Sub-Treasury operations......................

Into
Banks.

Out of
Banks.

$7,391,000 f
22.300.000

$8,802,000, Loss
24,800,000 Loss

$1,111,000
2.500,000

$33,602,000 Loss

$3,911,000

Total gold and legal tenders______ | $29,691,000

Net Change in
Bank Holdings.

The following table indicates the amount of bullion
in the principal European banks:
Bank of

D ec. 6 1906.
Silver.

Dec. 7 1905.
Total.

Gold.

Silver.

£

£

£
1
£
................! 32,901 ,966 33 ,510.093|
Rneiand.- 32,901,866
,554.533
Franco__ I09.7-I0.5W 40,253.505 149,091
Germany. 28,730.000 9.579,0001 38,315 ,0001 31 .011,000
It'wia . .. 115.218.000 4,381,000119.399 ,000 114 .925,000
Alli-Hun. -10.910.000 11 819,000, 58,735 ,000 44 .901,000!
.003,0001
Spain____ 15,351.000 24,324.000 39.67:
Italy......... 31,707.000! 4.320.000 36,093
,045,000
.Vill lands 5.531,500 5.655.000 11.186 ,600 6
Vat.Relit. 3.213.333' 1.600,607 4.820 .000 3 .
................
3.961 ,000 3 ,750.000!
Sweden . .i 3,961,000!

,101 ' 1:

.oooi 1
,000 20
,002.100!
210,000

Total,
I

i

£

................! 33.510.693
43,509,160 159.003,699
10.587.000 I2.I4S.OOO
3.764.0001118.689,0u0
12.081,000! 50.982.000
22.867.000 .37.870.000
3.148,2001 29,103,200
0.015.400 12,047.500
1.005,0001 4,815.000
-------------; 3.750.000

Ini. week 393.336,295 101,94 1.172 495,280.4071395,112.326,103.550,7G0|-l!)8.809,092
Prev .week 394.706,722 102.509.566 497,216.2881397,040,261 103.969,988 .601,010,249

THE CHRONICLE

1378

[VO L. L XXXIII.

between those combinations which do good and those

THE MESSAGE.
On looking at this document the first feeling is
one of regret at its formidable and repellent length.
Whether this length is unusually great for the present
Executive is not important; it is evident that fluent
composition is a characteristic of Mr. Roosevelt and
a pleasurable occupation, while the variety of topics
to which he turns his attention leaves him little time
for the compactness of treatment and expression which
can be had only by deliberate work. We must, how­
ever, regret that the old-time brevity in annual
Messages seems now to have custom set against it.
The President’ s views had been indicated in ad­
vance, and they are pretty well known as to most sub­
jects. He somewhat cautiously suggests some law to
prevent abuse of the power of injunctions—for in­
stance, such abuse “ as is implied in forbidding labor­
ing men to strive for their own betterment in peaceful
and lawful ways.” It seems enough to say of this that
no such abuse has ever been known nor is it conceiv­
able. The proposition that judges are not immune
from criticism will hardly be denied in this country,
and the two-column discourse upon the dignity and
responsibility of the judiciary, the vice of lynching,
the just rule of equal treatment of white and black,
the value of education among the latter, and the folly
of attempts ‘to deny education, is all sound and of
lofty moral tone. The denunciation of those preachers
of discontent who stir up class discord is in line with
what was called the “ muck-rake” address. It is cer­
tainly a crime against the body politic “ to preach
hatred of the rich man as such, to carry on a cam­
paign of slander and invective against him, to seek
to mislead and inflame to madness honest men whose
lives are hard and who have not the mental training
which will permit them to appreciate the danger in
the doctrines preached;” and everybody recognizes
to whom this is meant to specifically apply. Yet, any
bad tendency becomes worse in proportion as it is
decorously veiled and receives sanction from high
authority; and it is not an untimely question whether
the course of the Government, however good the
motive, has not been towards arousing class bitterness
by conveying the inference that any large association
of capital is almost certainly hostile to the common
people. For when we follow through the next two
columns after these excellent sentiments against any
whose doctrine arrays brother against brother, we come
to the familiar determination to govern and repress
capital. Here we quote a few sentences:
“ In some method, whether by a national license law
or in other fashion, we must exercise, and that at ap
early date, a far more complete control than at present
over these great corporations. . . . We hold that the
Government should not conduct the business of the naation, but that it should exercise such supervision as will
insure its being conducted in the interest of the nation.”
It is unnecessary to state again the views of the
“ Chronicle” on this subject, and we must admit, in
justice to the President, that all through his remarks
under this sub-division, especially in the next following
quotation, a new realization appears of the difficulties
in what he has undertaken and a desire to qualify and
fix stricter bounds:
“ It is unfortunate that our present laws should forbid
all combinations, instead of sharply discriminating

. . . It is a public
evil to have on the statute-books a law incapable of full
enforcement because both judges and juries realize that
its full enforcement would destroy the business of the
country; for the result is to make railroad men violators
of the law against their will and to put a premium on
the behavior of the wilful wrong-doers.”
combinations which do evil.

It seems to us that the President has here made a
sharper criticism of his own past than it would be
courteous for others to make;

but immediately we

come to a recommendation of a graduated inheritance
tax, introduced by this remark:

“ The man of great wealth owes a peculiar obligation
to the State because he derives special advantage from
the mere existence of government. Not only should he
recognize this obligation in the way he leads his daily
life, and in the way he earns and spends his
money, but it should also be recognized by the
way in which he pays for the protection the State
gives him.”
We shall not stop to discuss this, but believe it
both specious and unfounded. If the rich man owes
any peculiar duty to the State, it is a moral one, arising
from his superior strength and his fraternal obligation
towards the less successful, and not in the least because
the State gives him any special advantage; on the
contrary, it might be plausibly urged that protection
of the poor man’s little is quite as special a favor as
that of the rich man’s much. A tax as proposed might
be urged for economic reasons, solely as a revenue
measure, but the President puts it on the other and
social ground of a semi-punitive or defensive one. He
feels that “ in the near future our national legislators
should enact a law providing for a graduated inheri­
tance tax by which a steadily increasing rate of - duty
should be put upon all moneys or other valuables
coming by gift, bequest, or devise to any individual
or corporation,” and he makes his meaning unmistak­
able in these sentences:
“ The prime object should be to put a constantly
increasing tax on the inheritance of those swollen for­
tunes which it is certainly of no benefit to the country
to perpetuate. . . . An income tax stands on an
entirely different footing from an inheritance tax, be­
cause it involves no question of the. perpetuation of
fortunes swollen to an unhealthy size.”
Upon the details indicated it is enough to say that
the discouraging tax would apply as well to the gift,
during the giver’s life, “ to any individual or corpora­
tion” (benevolent or otherwise) as to a bequest, and
that making the tax “ heavy in proportion as the indi­
vidual benefited is remote of kin” would tend away
from the stated desire to discourage the lineal trans­
mission of great fortunes. However, we do not enter
into any argument, for the proposition seems one not
open to serious consideration. One of the inalienable
rights declared in the immortal manifesto of the
original July 4th is certainly the right of every man
to do the best he can for himself by any means short
of oppression and robbery of others and to be protected
in the possession of the proceeds of his own energies.
This principle has come down from the first day of
the Republic, and it is well that the natural conse­
quences of the reverse proposition that at an uncertain
and varying line these proceeds may be wrested away
should be very carefully considered.

D ec . 8 1906.]

THE CHRONICLE-

The recent plans for currency reform receive a
gentle approval rather than a distinct commendation.
The possibility of trouble with Japan, a certainly
difficult and explosive subject, is treated with positive­
ness and a distinctness of hint at action by the Govern­
ment in assertion of all treaty rights which are perhaps
the most emphatic part of the document. Mainten­
ance rather than further increase of the navy is pro­
posed. American citizenship is urged for Porto Rico,
and a reduced Philippine tariff advocated. No infer­
ence is made to insurance. The homiletic matter upon
a number of topics (for instance, so-called race suicide)
as to which Congress has no power whatever, are be­
cause President Roosevelt feels moved to express his
views on a wide range of human life. The tone of the
whole Message is lofty in point of morals, and its liter­
ary style is good, as usual with him; but he would gain
in effectiveness could he bring himself to concentrate
more and not go beyond recommended propositions
into general disquisition.

S E C R E T A R Y S H A W ’S R E P O R T .
Secretary Shaw’s annual Treasury reports are al­
ways well worth reading. He possesses not only the
power of giving life to apparently dry statistics— a
faculty shared by few of his predecessors, Mr. McCul­
loch and Mr. Sherman being the only instances we
can recall in many years—but his remarks on current
financial questions invariably have what we should
call a strong human interest. The point of view is
always original; sometimes extremely bold. This is
what would be expected from a Secretary who has dis­
carded precedent so daringly when he felt that the
need of action was urgent. In none of his reports
does the quality of what we should call original specu­
lation on financial problems appear so strongly as in
the report given out this week.
We pass over the Secretary’s remarks on reform in
the bank note currency, most of which he has antici­
pated in former reports. His review of the routine
fiscal operations of the past year is, as usual, very
exhaustive; it is overshadowed in interest, however,
by his defense of the Treasury’s various operations in
the money market. Mr. Shaw presents perhaps the
strongest plea which has appeared for his offer of
special facilities through deposit of Treasury funds
with banks engaging to import gold. He denies that
the banks profited by the operation, asserting that
“ the various banks which imported this gold lost in
the transaction several thousand dollars, as established
by the books,” and he lays stress on the easier money
conditions caused by the subsequent gold imports.
What, however, we should have liked to see would
have been an argument which does not appear in the
report, as to whether the Treasury’s special facilities
could really do anything more than hasten a move­
ment of gold already impending. We think it some­
what unfortunate, for the impression it is likely to
make on the public mind, that Mr. Shaw should appear
to assume that the gold imports were primarily a result
of the Treasury’s “ special facilities.” We had sup­
posed that the financial community at all events entertins no illuston on that point. We got the gold
because our exporters of commodities and our borrow­
ers on the various European money markets had
established so large a credit balance in our favor that
it had to be paid in gold when its owners saw fit to

1379

draw upon it. Without such a condition the “ special
facilities” would have been useless. Mr. Shaw with­
drew them when the Bank of England advanced its
discount rate to 6 % . We are inclined to think, and
we believe the opinion in foreign exchange circles to
be, that it made little difference at that time what
action the Secretary should take. Exchange had
moved against New York because the effective bid
for capital, made by the Bank of England, turned the
balance of exchange in London’s favor, and continu­
ance of the Treasury’s special facilities could have
had no effect on the gold movement.
Secretary Shaw has already made known in inter­
views and speeches his opinions on the New York
money market. Taking for granted that the rates of
10 and 25% or higher for call loans are abnormal and
unnecessary, he now addresses himself, in his annual
report, to the question, how they can be prevented.
His first idea is what he calls a “ graduated reserve”
for national banks, to be determined and fixed by law.
We assume that this means something in line with
what Mr. Shaw has previously suggested— the fixing
for summer months of a higher minimum ratio of
reserves to liabilities than the present 25% , with a
change to the 25% minimum or less in times of strain.
Mr. Shaw himself, however, discovers the flaw in his
own project— namely, that the time when the higher
reserve was fixed might turn out to be the very
moment when a market crisis required the full use
by the banks of their credit facilities. Certainly this
would have been the case in 1893; it would have been
so in 1890, and again as recently as 1903.
From this Mr. Shaw passes to the really original
part of his recommendations. He frankly proposes
for the Treasury the role of paternalism over all the
finances of the country. To quote Mr. Shaw’s own
words, “ actual experience justifies the statement that
the American people hold the Secretary of the Treasury
quite largely responsible for financial conditions.
This being true, he should have that measure of dis­
cretion and authority requisite to enable him to fulfill
this expectation.”
It is not difficult to see what Mr. Shaw has in mind
in these rather singular remarks. Unpleasant experi­
ence has taught him that at critical moments in the
markets, the eye of Wall Street is turned at once to
the Treasury, looking for relief. We think, however,
that our readers are well aware that the only warrant
for such an attitude lies in the fact that the Treasury,
under our clumsy system of carrying cash balances, is
sure, when revenue overflows, to drain the market
automatically of its normal cash reserves. When the
Treasury is proved to be thus responsible for an unfor­
tunate money situation, markets will take the perfectly
proper ground that the Treasury must find some way
to undo the mischief which it has caused. But this is
very different from assuming without qualification
that the Secretary of the Treasury, as such, i3 respon­
sible for all vicissitudes in our financial conditions.
We do not admit any such principle and we certainly
disagree with Mr. Shaw in his view that the arbitrary
powers of the office ought to be increased in response
to it. On the contrary, the lesson of all the Govern­
ment operations of the last few years seems to us to
be, not that this constant interference in the market
is a good thing which ought to be extended and made
permanent, but that it is a very demoralizing evil*

1380

THE CHRONICLE.

forced upon us through conditions which ought them­
selves to be remedied and changed. Banking people
who have been brought up under constant appeals
to remoVe the Treasury from the market, and divorce
the Government from its dangerous entanglement
with money rates and Stock Exchanges, may be par­
doned for a mild astonishment when the Secretary of
the Treasury proposes to cure such evils by giving
them a permanent place in our legislation.
The truth is, Mr. Shaw’s theory leads in the end
inevitably to an absurdity. The following paragraph
frankly shows to what extremes Mr. Shaw himself is
logically driven by his ingenious reasoning:
“ If the Secretary of the Treasury were given
$100,000,000 to be deposited with the banks or with­
drawn as he might deem expedient, and if in addition
he were clothed with authority over the reserves of
the several banks, with power to contract the national
bank circulation at pleasure, in my judgment no panic
as distinguished from industrial stagnation could
threaten either the United States or Europe that he
could not avert. No central or Government bank in
the world can so readily influence financial conditions
throughout the world as can the Secretary of the Treas­
ury under the authority with which he is now clothed.”
This singular paragraph is followed in the report by
an argument going to prove that the head of the
Treasury has always been a disinterested man, with
the best of financial advice at his command. Let this
be granted; yet the question can hardly fail to occur
to mind, how does it happen, under such circum­
stances, that Secretaries of the Treasury have ever
made mistakes? We do not suppose that Mr. Shaw
would deny to his predecessors their share of human
blunders. And the tacit assumption of Mr. Shaw’s
plan is, that Secretaries will not blunder. But perhaps
the better way of commenting on Mr. Shaw’s plan of a
discretionary hundred-million-dollar fund is to ask why
this same idea, which is to be so effective in the hands of
the American Treasury, would not by inference be
equally useful when applied by the British Exchequer
or the French Finance Ministry or the Russian Treas­
ury. Either of these three financial offices, and a
great many others which we could name, have credit
enough to command the $100,000,000 with which
Mr. Shaw will undertake to do away with the most
annoying financial phenomena of the past. Why has
the discovery of this universal cure-all for money
market disturbances been reserved for this late day?
The answer, we strongly suspect, lies in the fact that
it is not a remedy at all, but a palliative, which if
misused or over-used in unskilled hands would be
quite as likely to injure as to help.

RIGHTS OF A STOCKHOLDER— HIS PROPOR­
TION OF NEW STOCK ISSUES.
The Court of Appeals on November 13 rendered a
final decision in the case of Stokes against the Conti­
nental Trust Company. Our readers will remember
this case, which has been watched with interest because
it involves the rights of a stockholder to join in sub­
scribing to any new issue of shares in his corporation.
In our issue of January 28 1905 we explained the de­
cision of the case by the Appellate Division of the
Supreme Court, which was in substance that the plaint­
iff had been too grasping. When the proposition was
that the new stock which the Continental Trust Com­

fVoL.

l ix x ih

.

pany issued in 1902 was to be issued to bankers at
$450 per share, and the plaintiff sought to obtain his
proportion of it at par, or $100 per share, the logic
against this, as we then pointed out, was clear and con­
vincing. But that decision did not cover the whole
subject.
We put the case that the stockholder should have
tendered payment for his proportion at the same fixed
price of $450, so that the shares then to be issued to
him would have represented a contribution equal to
that made in respect of the remainder of the issue,
and called attention to the fact that such a case wa*
not considered by the Appellate Division. Now the
Stokes case on appeal has been considered by the Court
of Appeals, and in the aspect presented by the argu­
ment and submission of the case before them, they have
decided that the Appellate Division was right in re­
fusing the contention of the plaintiff for stock at par
when it was worth at least $450 per share, and when
others were paying this latter sum into the treasury
of the corporation. They have gone beyond this and
considered and decided the point which was not taken
up by the Appellate Division, and the result is that
the plaintiff is secured in so much of his claim as ap­
peared to be equitable and reasonable, and given a
verdict for a much reduced sum representing the
difference between the $450 at which he should have
been allowed to subscribe and $550, the market value
at the time as fixed by the Court where the original
trial took place.
The opinion of the Court of Appeals is principally
interesting because it brings out with unusual clearness
the relations which shareholders in a corporation are
found to bear to each other when the fiction of cor­
porate personality is abandoned and the substantial
rights of the parties are considered as if it did not exist.
Judge Vann, who writes the opinion, points out that
while a shareholder does not own and cannot dispose
of any specific property of his corporation, yet he and
his associates own the corporation itself, its charter,
franchises and all rights conferred thereby, including
the right to increase the stock. Each shareholder has
an inherent right to his proportionate share, whether
it be of any dividend declared, of the surplus of the
corporation upon dissolution or otherwise, of the
opportunity to make a profit by the use of new money
in the old enterprise, and, finally and most important,
to preserve his proportionate vote and share in that
part of the management of the corporation which is
done at shareholders’ meetings.
A corporation, says Judge Vann, is somewhat like
a partnership, if such a one were possible, conducted
wholly by agents,where the co-partners have power
to appoint the agents, but are not responsible for their
acts. In such a concern the right to vote for directors
and upon propositions to increase the stock or mort­
gage the. assets is about all the power the shareholder
has. If he can correct evils it must be through his
vote. Hence his vote is vital and cannot be cut off or
curtailed by the action of all the other shareholders,
even with the co-operation of the directors and officers.
And when the amount paid in by the shareholders is
to be increased, it is a reduction of voting power if the
fractional vote of a holder of old stock is reduced.
He needs then more associates to make a majority
and to control. If, as in some States, certain things
can only be done by a two-thirds vote, or if the

D ec . 8 1906.]

THE CHRONICLE

minority shareholders have a right to cumulate their
votes for directors so that one-fifth of the shareholders
can elect one director in a board of five, the injury to
a holder of old stock by such a course as was pursued
in the case under discussion becomes even more
apparent.
This logic is not new. In the case of Gray against
the President, directors and company of the Portland
Bank, decided by the Supreme Court of Massachusetts
in 1807, and reported as early as the third volume of
Massachusetts Reports', the considerations which have
led to the decisions in this case were cogently stated and
laid down as law. Little if any authority has since
ranged itself upon the other side, while statutes and
decisions in the different States have supported the
leading case and the result reached in it. On the other
hand, however, the exigencies of modem corporate
management have often required the bringing in of
new interests, who bring business, add value and
profits to the stock, and naturally expect to be put
in a position as shareholders where they will reap their
reasonable share of the fruits of their energy. Such
was the case here. Messrs. Blair & Company, who
were to purchase the new issue of Continental Trust
Company stock, in amount equal to the old, represented
Marshall Field and others of Chicago, great dry goods
merchants. The increased capitalization was for the
purpose of enlarging the business of the corporation
through bringing into its management and shareholders
the gentlemen referred to, and of increasing profits
through their business connection and deposits.
Now if the shareholders of a corporation which se­
cures such an opportunity were partners in the sub­
stantial way which Judge Vann sets forth, it clearly
ought to follow that the great majority should be able
to tell to one or two discontented shareholders that
they could not remain in partnership unless they
accepted the new partners upon equitable terms. It
is insufferable that such an opportunity should be lost.
Such at first thought would seem to be the case here,
but second thought will show that such is not the
position into which the plaintiff Stokes was put. He
was never given the opportunity to get out. It would
have been perfectly legal to dissolve the old corpora­
tion, sell all its assets, including its good-will, in dis­
solution, and perhaps for a lump sum then distribute
the proceeds among all the old shareholders, and take
as shareholders in the corporation which purchased
the assets only those who saw and desired the benefit
of association with new and powerful interests. But
here Mr. Stokes had no opportunity to take his share
of the capital and surplus. On the contrary, the
effect of the proceedings was to sell against his consent
a portion of his share in the surplus. It follows that
both lawyers and financiers ought to recognize the
difference between the two matters. On the one
hand, the method of associating new interests in the
particular case was arbitrary in principle. On the
other hand, the end sought to be accomplished was
feasible, and could have been reached so long as Mr.
Stokes was not put under compulsion to give the new
interests some of his share in the old concern at a price
which looks fair but at which he did not wish to sell.
So far we have considered the point necessarily de­
cided in the particular case. The opinion of Judge
Vann, however, contains extraneous remarks of con­
siderable importance. Such remarks are known to

1381

lawyers as obiter dicta and are feared by the legal pro­
fession. Often they promote uncertainty and liti­
gation; but, on the other hand, they indicate the view
of the Court upon the whole legal problem in a broader
way than it is possible to do with a decision limited
to some precise point in litigation. The principal case
naturally suggests two other aspects of the general
question, and it is upon these that Judge Vann offers
important and interesting comment. First, what are
the limits of the right of a shareholder to take his pro­
portion of new stock? Must he have a right to sub­
scribe to his precise fraction, or is it enough to give
him any reasonable equal opportunity with others?
Judge Vann thinks that “ a majority of the shareholders
as part of their power to increase the stock may attach
reasonable conditions to the disposition thereof, such
as the requirement that every old stockholder electing
to take new stock shall pay a fixed price therefor.” So
far he is deciding the case before him. He goes on:
“ They may also provide for a sale in parcels or in bulk
at public auction,when every stockholder can bid.”
In a State where the minority can cumulate their votes
for director, this last remark would have applications
scarcely likely to have been foreseen by Judge Vann,
and would enable the majority to put a minority pre­
viously just able to elect one director in a most awk­
ward position. Enough of a new issue to deprive the
minority of this right might be offered for sale in bulk
at auction so that they would have in effect to bid
for the privilege to retain their directorship. Where
the consent of two-thirds is required to a mortgage,
a similar situation might be brought about. Hence
Judge Vann’s remarks on the point, while forcible
and interesting, seem to us neither logically or legally
as conclusive as his decision on the main point. He
farther remarks that power to issue stock for property,
if given by corporate charter, is in effect a power to
take the owner of the property into partnership upon
reasonable terms to be determined by the majority.
Upon this point one can scarcely differ from him.
In the matter of damages the recovery of the plaintiff
was substantial, being $100 per share upon 221 shares,
and based upon the difference between $450 and a
finding of a market value of $550 per share. As to
this, one cannot but sympathize with the dissenting
opinion of Judge Haight, which seems to establish
that if the plaintiff’s right was to take new shares
at $450 a share, the fair market value of his right was
nothing,and his damages should have been nominal.
The only thing which had caused his shares to rise
above that price was, as a stipulation admitted, the
very offer of Blair Bros, to bring to the corporation
the business and deposits which they would only bring
if admitted to be shareholders on these terms. Judge
Haight says with great force that the plaintiff should
not receive damages because of the value caused by
the plan he objected to.

P O P U L A R IZ IN G S T R E E T R A I L W A Y
S E C U R IT IE S .
The progress of the financial expedient devised by
Hon. Tom L. Johnson, Mayor of Cleveland, in his ef­
fort to build up a competing street railway in his city
and under his own control will be worth watching. That
Mayor Johnson is somewhat confident of its success is
suggested by the fact that he has already offered to pro­
mote a new street railway in Detroit, to be financed

13*2

THE CHRONICLE.

in the same way. There are signs, also, that he is
incubating a similar plan in connection with the Chi­
cago street railway situation, although it appears as
more likely that the form of proposal adopted will in
that case be to take over the existing lines rather than
to create a new system.
The essential element in Mayor Johnson's plan
is that it is an appeal for the support of those whose
small accumulations are usually deposited in savings
banks and not directly invested in productive en­
terprises. Naturally, an appeal to investors of this
class had to be couched in simple terms, without any
of the complications that grow out of different grades
of securities. Mayor Johnson, therefore, proposed to
build his road entirely out of the proceeds of stock. The
shares are to be sold at $90, but having a par value of
$100 were promised cumulative dividends at the rate
of 6% per annum, or 6 2-3% upon the sums actually
invested. In Cleveland $750,000 in par value of this
stock has been offered,and something like $400,000,
it is claimed., has been actually sold largely to small in­
vestors. The balance is said to have gone to Eastern
capitalists, whose names, it is reported, Mayor Johnson
has declined to make public, although repeatedly
pressed to do so.
The financial appeal to small investors in Cleveland
was supplemented by an appeal to civic spirit, which
the partisans of the new road have constantly claimed
as its basic principle, strengthened by repeated
assurances from the Mayor that his long experience
as a street-railway manager proves that a 3-centfare street railway can be operated at a profit. Never­
theless, the sale of shares to small local inves­
tors did not progress very rapidly or satisfac­
torily until the Cleveland “ Press,” a radical afternoon
daily, took up the work of promotion and publicly
stated that it would guarantee to all purchasers,
through its agency,1,a return of 6% per annum from
the time at which they paid for their shares. With
this aid the sale progressed as noted above; but in
subsequent’litigation—instigated to set aside, the fran­
chises of the new line on the ground that Mayor John­
son, who had induced the City Council to grant them,
was financially interested in the company— evidence
was introduced to prove that Mayor Johnson had,
with Mr. E. W. Scripps, guaranteed the “ Press”
against loss.
• The test of the plan to lead savings bank depositors
and other small investors to supply all or a large share
of the funds necessary to build the competing system
will come, however, when appeal is made for more
capital, as presumptively must soon be done if the
work goes on.
So far the company has suc­
ceeded in building but 13.6 miles of trackage,
although it began in the year 1903; and, although
it has had from one to four cars in operation every day
since Nov. 1, it cannot run a car to within two miles
of the business centre of Cleveland, and the slight traf­
fic it is receiving is not likely to encourage any con­
siderable body of potential investors to hand over
their modest accumulations. Practically, the com­
pany has exhausted its present capital, and if it
should be able to enter upon any of the additional
streets for which it has asked, more funds would be
mperatively required.
When further subscriptions are called for, a new
element in the situation may reasonably occasion diffi­

[VO L. L XXXIII.

culty. As a move in the struggle with the old company,
Mayor Johnson some time ago organized the “ Munici­
pal” Traction Company, to which the Forest City
Railway Company, the corporation holding the grants
from the city and appealing to the public for capital
subscriptions, was leased for fifty years (with privilege
of renewal for another period of years) at an annual
rental equivalent to 6% on all the stock it shall at
any time issue to construct and to equip or to purchase
its street railway system. Although the “ Municipal”
Traction Company was an attempt to popularize the
competitive line, it is not likely to popularize invest­
ments in its securities. For this leasing company
has only the nominal capital of $10,000; it has and
can have but five shareholders, who are its directors
and select their own successors at the will of a majority
of them, and the lease under which it holds the prop­
erty contains little protection for the real owners. It
effectually excludes them from any of the profits be­
yond the guaranteed 6 2-3% per annum, while the
guaranty itself is clearly worthless unless the amount
necessary to pay it can be annually earned at 3-cent
fares; moreover there is absolutely no protection against
loss through the inefficiency or malfeasance of the
lessee or its officers; nor is there any adequate pro­
vision enabling the owners of the property to force the
lessee to keep it in proper condition.
As it is upon this device of a holding company, not
actually in contractual relations with the city,
added to loudly proclaimed purposes, mainly philan­
thropic, that Mayor Johnson relies to gain the popular
support, it would scarcely deserve to be distinguished
as a money-making enterprise. This complication
is likely to reappear in Detroit and in Chicago if Mr.
Johnson extends his operations to the latter city.
There are other complications in Cleveland which may
or may not reappear elsewhere. Every franchise now
held by the Forest City Railway Company is chal­
lenged by the older company in litigation which is
being vigorously pressed. One of the contentions, to
the effect that Mayor Johnson’s financial interest in the
new company vitiates all the grants to it, has reached
a state at which such interest seems to be admitted
(by the confession of Mayor Johnson that he has guar­
anteed the stock and many of the debts of the new
company), and the only question really in issue is
whether the legal effect of his interest is as claimed by
his opponents. Other litigation for the same purpose
depends upon violations of State laws in granting the
franchises, and at least one of these grants looks
questionable.
Further than this, the new company
has depended for its progress upon the assumption
that the rights of the old company on certain streets
were soon to expire, or had expired, and that it could
succeed to these rights. A decision in one such case
adverse to the Mayor’s claims has already been ren­
dered by the Supreme Court of the United States,
and a case involving somewhat similar contentions is
now pending in that court.
On the other hand, Mayor Johnson and his associates
have just taken a step which may aid in financing their
project by popular subscriptions. The Depositors’
Savings & Trust Company, with Mayor Johnson as
President and many of his business and political as­
sociates as shareholders and directors, has been organ­
ized and will open its doors for business on Dec. 15.
Business men of Cleveland, confidently expect that it

Dec . 8 1906. J

THE CHRONICLE.

will look rather more favorably upon applications for
loans on the security of Forest City Railway shares
than do the existing banking institutions of Cleve­
land.
The considerations which have been noted are, many
of them, peculiar to Cleveland, and might not hamper
a similar effort to popularize street railway securities
in some other place. But the question whether a
3-cent fare can be profitable will apply whereever such
a plan is based upon a 40% reduction of the usual
5-cent rate. On this point as yet little is known as to
the extent of the stimulation of street railway travel
by reductions in fares, and it is probably upon their
hopes of such stimulation that Mayor Johnson and his
associates rely. The preliminary financial problem is
to make their hopes convincing to the investors to
whom their appeal is addressed.

T H E IN C R E A S E I N T H E D IV ID E N D S O F T H E
V A N D E R B IL T R O A D S .
The increase in the dividends of the Vanderbilt
roads has come rather unexpectedly, and yet cannot
be looked upon as a surprise. It is evidence of the
great prosperity which these lines, in common with,
the other railroads of the country,,are enjoying. For
quite a while it has been apparent that the matter of
raising the rates of distribution in the various prop­
erties was simply a matter of time and a question of
policy. The action now taken, therefore, like the
recent increases by several other prominent companies,
and notably the Union Pacific and the Pennsylvania,
is tantamount to an announcement that in the esti­
mation of the managers of these properties a point
in their development has been reached where the
policy of making larger returns to the stockholders
can be entered upon with prudence and safety, and
without jeopardizing any of the extensive improve­
ment and enlargement work projected for the future.
The New York Central has increased its quarterly
payment from 1J4 to lj ^ % , raising the stock from a
5 % to a 6 % dividend basis; the Lake Shore & Michigan
Southern has advanced its semi-annual dividend from
4 % to 6 % , placing that stock, therefore, on a 12%
basis against the previous 8 % basis; while the Michigan
Central makes a 3 % semi-annual payment against
the previous 2 % , thereby placing its stock on a 6 %
basis, compared with the previous 4 % .
That the Lake Shore payment Aould eventually be
raised was almost inevitable. Enormous amounts of
earnings have each year been applied to the making
of betterments, additions and improvements, while
the dividend rate has been kept unchanged. The
New York Central acquired control in 1898 by giving
$200 in its 3 }^ % collateral trust bonds in exchange
for SI00 par value of Lake Shore stock, so that the
payment of 7 % dividends gave the Central all that
was necessary to meet the interest on the bonds.
One per cent increase in the dividend was made in
1903, raising the yearly payment from 7 % to 8 % , but
this moderate advance has been the only change
made until the noteworthy raise now announced,
though in the meantime the traffic and revenues of
the road have been expanding in a very marked way.
It has often been urged that the New York Central
managers were unwilling to give the minority holders
an advantage by raising the rate, since thereby the
latter would get more profitable results than were

1383

being obtained by the holders who had accepted the
terms of exchange offered by the Central in 1898'
But this was at best only a sentimental consideration,
and the Central itself had so much to gain as the holder
of the vast majority of the outstanding stock of the
Lake Shore company from distributing all the avail­
able earnings,[that a course such as suggested had little
to commend it. The probability is that in keeping
the rate down the managers were governed by broad
ideas as regards the Lake Shore’s future and the Cen­
tral’s interest in its welfare and prosperity. It was
doubtless felt that by limiting dividends and applying
all earnings above the stated rate of distribution to
the improvement and development of the property,
the Central itself would in the end be the largest
gainer.
The point of importance now of course is that a
departure has at length been determined upon from
the course pursued for so many years. It has from
the first been evident that when once the managers
considered that the time had arrived where they could
forego such extensive application of earnings to im­
provement work, the advance in the dividend rate
must be very sharp. This is just what has happened.
And yet we do not imagine that the appropriations of
earnings for improvement work are to .be cut down to
merely nominal figures, or indeed that they have been
very materially curtailed in the year under review.
What has been decided upon, we imagine,is that the
amounts of these appropriations are not to go on in­
creasing year by year as they had in the past— that
instead possibly some deductions will be feasible from
the exceptional allowances of this sort previously made.
Of course there are no data to show what amounts
have been charged to expenses for improvement work
during 1906, but for the enlightenment of the reader
and investor it will be useful to recall just what the
charges to expenses in this way were during the pre­
ceding calendar year— 1905. In that year there were
included in the expenses $3,743,020 for new construc­
tion work and $3,360,773 for new equipment, or alto­
gether considerably over $7,000,000. The report for
that year in explanation of these extraordinary allow­
ances stated that the amount charged for new con­
struction included heavy expenditures to increase the
efficiency of present structures in connection with the
four-tracking of the main line to meet the demands
of increased traffic, while the outlays for new equip­
ment were stated to represent absolute additions to
the equipment in the shape of new cars and engines.
The $7,103,793 thus charged to expenses for new
construction and new equipment was equal to over
14% on the $49,466,500 of Lake Shore stock outstand­
ing, of which the New York Central company owns
$45,289,200. This indicates in an impressive way
the magnitude of these drafts upon earnings. The
amounts had been very large in the previous years
too, and, as already stated, were being steadily in­
creased, the aggregate for 1905, for instance, having
been $1,546,557 more than for 1904. The decision
to give shareholders larger returns means, it would
seem, that these outlays are no longer to go on further
increasing from year to year. As already stated, we
do not know what the amounts of the appropriations
for 1906 have been, but the fact should be clearly kept
in mind that, in comparing with 1905, weare comparing
with expenses which had included $7,103,793 of out-

1384

THE CHRONICLE.

lays o f this description. W ith this circum stance b e ­
fore him , let the reader note that the 1906 exp en di­
tures were larger by $2,068,200 than those for 1905—
this being on an increase o f $3,850,100 in the gross
■earnings. It would hence seem entirely safe to con ­
clude that betterm ent outlays in 1906 were o f large
proportions, even if possibly they did not quite com e
up to the exceptional figures of the year preceding.
This conclusion is o f im portance because the state­
m ent subm itted for the year (in part estim ated of
course) shows that 1 1 .1 4 % was earned for the stock
during the tw elve m onths over and ab ove the am ount
spent for im provem ents and charged to expenses.
The dividends to com e out of the year's incom e aggre­
gate 1 0 % (nam ely the 4 % paid in July 1906 and the
6 % to be paid in January 1907) and the surplus rem ain­
ing on the year’s operations ab ove the 1 0 % dividends
is $564,600. Figuring that the betterm ent outlays in
1906 ranged somewhere betw een five and seven m illion
dollars, it is easy to see that betw een 20 and 2 5 %
could be shown as earned for the stock w ith these
■extraordinary outlays elim inated. W e annex the fo l­
low ing statem ent to indicate the grow th in the co m ­
p a n y ’s earnings since 1890. It is proper to say th a t
in this com parison we follow the practice form erly
pursued of including taxes with the expenses. The
com p a n y ’s m ethod now is to include the taxes with the
fixed charges.
L A K E S H O R E & M IC H IG A N S O U T H E R N 'S IN CO M E.

Calendar
Y ears.

1890 -----------------1 8 9 1 ___________
1892 -----------------1893 -----------------1894 -----------------1895 -----------------1896 -----------------1897 -----------------1898 -----------------1899 -----------------1900 -----------------1 9 0 1 -----------------1902 ____________
1903 -----------------1904 -----------------1905 -----------------1906 a __________

Gross
E a rnings.

E xp en ses,
T axes and
Im prove­
m ents.

$
$
20,865,760 14,220,481
21,431,387 14,632,676
22,415,382 15,803,190
23,685,933 17,123,913
19,557,869 13,186,067
21,016,035 14,568,220
20,193,958 13,726,155
20,297,722 13,542,491
20,753,683 13,928,019
23,613,946 15,832,145
26,466,514 17,307,795
29,272,675 20.210,229
30,449,292 21,989,064
34,768,081 27,711,154
35,161,053 28.234,281
38,600.810 32,381,508
42,450,900 f34,449,700

Divide' ds per Share
F ix ed
N et
o f $100.
Charges,
E arnings. Less Other
E arned .
P aid .
In com e.
$
6,6 45,2 79
6,798,711
6,612,192
6,562,020
6,371,802
6,447,815
6,467,803
6,755,231
6,825,664
7,781,801
9,158,719
9,002,446
8,460,228
7,056.927
6,926,772
6,219,302
8.001,200

$
3,344,735
3,359,251
3,375,364
3,365,376
3,402,863
3,419,500
3,445,403
3,009,972
2,802,439
2,724,539
2,500,289
1,907,321
1,724,705
2,585.896
2,469,030
1,751,337
2,490,000

$
6 67
6 95
6 54
6 46
6 00
6 12
6 11
7 57
8 13
10 22
13 46
14 46
13 62
9 04
9 01
9 03
11 14

S
6
6
6
0
6
6
6
6
7
7
7
7
7
7
8
8
10

00
00
00
00
00
00
00
00
00
00
00
00
00
50
00
00
00

a Results for November and December estimated,
f Taxes taken same as in 1905, namely $1,050,000.

The foregoing furnishes a forcible illustration at once
■of the great grow th in the roa d ’s revenues and the small
portion of these larger revenues that has been allow ed
to accrue in the shape of increased net. In 1898, when
the Central acquired con trol, the Lake Shore’s gross
was only $20,753,683. In the year now com ing to a
close, the gross receipts were m ore than double this
am ou n t, being $42,450,900. Net earnings, how ever,
were on ly $8,001,200 in 1906 even after the 1 %
m illions increase in that year over 1905, w hich com ­
pares with $6,825,664 net in 1898. In other words,
w ith over $21,000,000 expansion in gross earnings,
the addition to the net earnings during the eight
years has been less than 1}z± m illion dollars.
The p olicy pursued b y the M ichigan Central has
been m uch the sam e. T hat is , net earnings have been
k ep t large enough to show the 4 % dividends which
were being paid fully earned. E verything b eyon d
th a t was applied for betterm ents and additions and
charged to expenses. In deed, in the M ichigan Central
case, it is m arvelous how stable the net earnings have
been kept from year to year in the face o f continued
expansion and large fluctuations in the gross revenues.
F rom the table which follow s it will be seen that while
during the last eigh t years gross earnings have risen

[V OLi. L .X X X I1I.

from $14,040,149 to $26,087,100, net earnings have
m oved up from $3,500,177 to no more than $3,604,300;
furtherm ore, in the last nine years the variation b e­
tween the high and the low o f the yearly net has been
only $404,000. In giving this table it is proper to
say th at, as in the Lake Shore case, we adhere to the
old m ethod of including taxes with the expenses,
m aking an estimate o f the 1906 taxes for this purpose.
In the com p an y’s return the item o f taxes is included
in the fixed charges.
C OM B IN ED

Y ears.
1.889__________
1890__________
1.891__________
1892__________
1893__________
1894__________
1895__________
1896---------------1897__________
189,8---------------1899__________
1900__________
1901__________
19 02__________
1903__________
1904---------------1905__________
1906a_________

E A R N IN G S

Gross
Earnings.
$
14,490,712
15,162,960
15,908,293
16,178,031
12,584,013
13,651,420
13,821,614
13,697,239
14,040,149
15,504,062
16,730,131
19,045,083
22,552,201
21,492,945
23,283,868
26,087,100

OF

M IC H IG A N
SOUTHERN.

E xp en ses,
T axes and
Im provem ents.
S
9,895,158
10,731,754
11,107,569
12,040.095
12,287,792
9,144,108
10,183,231
10,392,350
10,249,510
10,545,972
12,004,116
13,229,490
14,745,964
15.467,505
18,862,320
18,152,668
19,827,919
b22,482,800

CENTRAL

N et
E a rnings.
S
3,8 91,7 67
3,758,958
4,055,391
3,8 62,1 98
3,890,239
3,439,905
3,468,189
3,4 29,2 64
3,417,729
3,500,177
3,499,946
3,500,641
3,744,310
3,577,578
3,689,881
3,340,277
3,455,949
3,6 04,3 00

AND

Interest
and
Rentals.
$
2,512,527
2,454,332
2,439,287
2,404,363
2,401,804
2,401,184
2,402,201
2,394,565
2,415,024
2,419,935
2,414,285
2,404,218
2,455,514
2,210,778
2,144,952
2,155,973
2,423,308
2,621,800

CANADA
c Balance
before
C an. So
D iv id en d

s

1,379,240
1,304,626
1,016,104
1,457,835
1,488,435
1,038,721
1,065,988
1,034,699
1,032,705
1,080,242
1,085,661
1,096,423
1,288,796
1,420,813
1,569.861
1.247,775
1,348,453
1,362,100

a Partly estimated, b Taxes assumed to have been about the same as in 1905, or,
roughly, 8902,000.
c Including income from investments amounting to $3 79,000 in 1906, $315,821
in 1905, $63,471 in 1904, $54,932 in 1903 and 854,013 in 1902.

W e com e now to the statem ent o f the N ew Y ork
Central. W h at has already been said makes it plain
that the com pany is henceforth to reap direct profit from
its investm ents in the controlled roads.
Of course,
the main purpose in acquiring these properties was to
bind together in indissoluble union the various socalled Vanderbilt lines. Such action indeed it m ay
be said was absolutely necessary for the preservation
and continued existence of the system . The benefits
that have resulted are apparent from the wonderful
growth which all the different lines in the system
have sustained. In the case of the Central itself— we
mean the Central proper, em bracing only the mileage
east o f B uffalo— the grow th and expansion have been
no less n otew orthy than on the W estern lines. O b ­
serve that in 1906 there was a further increase in the
gross in the sum of $6,303,500 and that with this in­
crease the Central proper earned over 92 millions
gross— $92,399,100. Only five years ago, in 1901,
the total o f the gross was less than $70,000,000. W e
select 1901 for com parison because that was the first
year in which the B oston & A lban y results were in­
cluded. There have been other additions to the
mileage during the last dozen years, but the B oston
& A lbany has been the on ly increase o f real im portance
as far as concerns im m ediate earning capacity. In
the follow ing we furnish a sum m ary of the Central’s
incom e statements for each calendar year from 1893
dow n to the present time.
N E W Y O R K C E N T R A L & H U D SO N R IV E R .
Other
a F ix e d
Cal.
Gross.
Net.
In com e.
Charges.
P rofit.
D ividends.
S urp lus.
Y ea r.
$
S
S
S
S
$
$
'93 47.526,805 16,411,662
7 3 7,6S6 12,562,780 4,586,568 4,471,415(5)
115,153
'94 42,369,302 15,351,566
639,257 12,459.477 3.531,346 4.73S,826(5) d f.1,207,480
'95 45,141,064 15,539,339
701,944 12,910,294 3,330,989 3,954,2S3(4)
<11.623,294
•96 44,935,958 16,236,314
707.162 13,115.198 3,828,278 4.000,000(4)
df.171,722
■97 46,730,327 17,770,104
562,221 13,363,689 4,96S,636 4,000,000(4)
968,636
■98 47.010,806 16.830,689 4,146,829 16,066.580 4,911,938 4,000,000(4)
911,938
•99 52,162,047 20,000,461 4,402,923 16,836,771 7.556,613 4,250,000(414) 3,316,613
•00 55,410,625 20,196,579 4,891,327 17,455,703 7,632,203 5,562,500(5)
2,069,703
’01 /69,733,476/24,261.731/4,674,650/20,538,30278,398,079 5,750,000(5)
2,648,079
’02 71,944,962 23,323,205 5,097,440 21,040.375 7,380,270 6,384,318(5)
995,952
’03 79,909,415 23,S03,921 5,266,311 20.773,111 8,297,121 6,612,500(5)
1,684.621
•04 78,573,209 22 ,450,S23 6,468,737 21,364,821 7,554.739 6,612,500(5)
942,239
'0 5 86,095,602 24,594,851 6,523,499 22,392,502 8,725,848 6.612,500(5)
2,113,348
'06 92,399,100 25,716,400 7,490.000 22,188,000 11018,400 7,8 32,9 00 (5 M ) 3,185,500
N ote.— Includes N . Y. <fe Harlem, W est Shore, Walkill Valley, Rome Watertown
& Ogdensburg, Beech Creek, Mohawk & Malone. Carthage & Adirondack in all the
years, and Gouverneur & Oswegatehie from July 1 1893, N. Y . & Putnam from
Feb. 1 1894, Fall Brook System from May 1 1899. Boston & Albany from Jan. 1 1901
the St. Lawrence & Adirondack since Jan. 1 1905 and the New York & Ottawa
and the Ottawa & New York from Feb. 1 1905.
a Includes sinking fund charges.
/ Includes Boston & Albany for the whole year. The addition on account of
Boston & Albany in 1901 was as follows: Gross, S9,678,674; net, $3,582,042; other
income, S196.202; charges, including dividend, $3,353,340; surplus, $424,904.

D e c . 8 1 9 0 6 .]

THE CHRONICLE.

The general assumption is that the enlargement of
the dividends on Michigan Central stock and Lake
Shore stock rendered an increase in the Central divi­
dend inevitable. It certainly made the argument in
favor of an increase all the stronger. But it does not
seem to be correct to say that larger dividends on the
controlled properties were a necessary preliminary to
an advance in the Central’s own rate. Since the crea­
tion in 1898 of the collateral trust issues against the
deposit of Lake Shore and Michigan Central stocks,
the Central's income from investments (or “ other
income" as it is called) has become a very large and
important and a growing item, but the preliminary
return now furnished for 1906 shows that the divi­
dend could have been raised even without any further
increase in the income from investments. We have
stated that gross earnings in 1906 had gained $6,303,500 over 1905; the addition to net earnings was
only §1,121,600, showing that expenses were on a
large scale and that the outlays for improvement
and betterment work, as in the previous year, were
on a liberal scale. Y et even after such outlays the
return shows 7.38% earned upon the $150,000,000
stock outstanding, the $29,839,560 new stock recently
offered to the shareholders at par not yet having been
issued. This is the result with an increase of $966,500
in the other income, of which, however, as we shall
presently show, only about $537,000 is due to the
higher dividends on Michigan Central and Lake Shore
shares. With this $537,000 eliminated even then
full 7% would be shown to have been earned for
Central stock. As the increase in the dividend is
only to 6 % , it will be seen that a considerable margin
above the requirement for that purpose would remain,
even without any added income from the share
holdings in the two controlled roads.
The increase in the Lake Shore dividend and that
of the Michigan Central will add ultimately $2,147,854
to the yearly income of the Central, indicating how
important the item is. The Central holds $45,289,200
of Lake Shore stock, on which the increase of 4 %
per year in the dividend will furnish an added yield
of $1,811,568 per annum. Of Michigan Central stock
it holds $16,814,300, and 2% additional on this will
mean $336,286 more income to the Central. The
two amounts together make the sum of $2,147,854
referred to. In any event, however, only one half the
$2,147,854 added income could count in the results
for 1906, as the enlarged rate of distribution applies
only to the last half of the year. It is also noteworthy
that the increase for the half-year in the dividends of
these two roads would call for an addition of $1,073,927
as against the $966,500 increase actually recorded in
the Central’s other income.
On inquiry we learn that only such portion of the
enlarged dividends as will actually accrue during 1906
has been taken into the year’s accounts. As the divi­
dends are payable the latter part of January, this
means that the year will have the benefit of the higher
dividends for only five months. In other words,
the Central’s income from investments will cover only
9% on Lake Shore stock and 4J^% on Michigan
Central stock, instead of the full 12% and 6 % re­
spectively to be received hereafter. It is easy to
calculate from this that during 1907 the Central’s
income from investments will be further increased by
$1,610,891 by reason of the higher dividends on the

1385

two stocks— only $536,963 of the total increase on that
account being included in the 1906 results.

GOLD AND SILVER PRODUCTION OF THE
WORLD IN 1905.
Mr. George E . Roberts, Director of the United
States Mint, made public on Saturday the result of
his investigations into the world’s production of gold
in the calendar year 1905, and we are pleased to state
that, taken as a whole, it practically confirms the
statements we compiled and published in the “ Chron­
icle" of February 1906. Never before has there been
such close agreement 'between compilations of this
kind, although in all recent years the differences be­
tween the “ Chronicle" figures and those of the Mint
have been rather unimportant. In the present in­
stance, in a total production reaching more than
eighteen million ounces, with a value close to four
hundred millions of dollars, the divergence is barely
8,500 ounces, or $173,611. In other words, the result
disclosed by the “ Chronicle" in February last was
18,211,419 fine ounces, valued at $376,462,811,
which compares with the Mint’s total now made public
of 18,203,005 fine ounces valued at $376,289,200.
It is furthermore to be noted that the aggregates
for the large producing foreign countries are nearly
identical in the two statements. To reach results for
both Africa and Australasia it is necessary to secure
returns from many fields, and much care has to be
taken in their compilation, owing to the fact that not
always is the product stated in fine ounces, the degree
of fineness ranging according to locality. This is par­
ticularly true of the Australasian colonies, and it is
therefore quite significant how thoroughly that country
was covered b y us in January last, when we state that
the Mint gives Australasian production at $85,926,500
against our total of $85,894,181. As to Africa, the
Mint’s investigation must have followed much the
same lines as those pursued by ourselves, the aggre­
gate they give for that country being 5,482,305 fine
ounces, valued at $113,329,100, against our February
total of 5,494,473 fine ounces, valued at $113,580,646.
Closer agreement than here indicated could hardly
be possible, and it is all the more satisfactory to us
as the exigencies of the occasion (the publishing of the
year’s results so soon after the close of the period
covered) does not permit of as thorough a checking
of the statistics as we should desire to make.
It is to be said, however, that the compilations
are getting so much nearer an accord year by year
because in most cases the large producers make public
their product more promptly than formerly. The
minor producers are what are left to be worked for.
We get them in considerable part, but Mr. Roberts
rakes the field over later and gives the world a full
corrected result. The immense outflow of the African
mines is the notable feature; they record a total output
of 5,482,305 in ounces, aggregating $113,329,100 in
value.
For the United States the yield in 1905 as now stated
is more than the estimated result given out by the Gov­
ernment last January, and there is a satisfactory gain
over the total for 1904, the previous record aggregate.
Colorado maintains first position as a gold-producing
State, the output showing a moderate enhancement
as contrasted with 1904, and there has been a slight
gain in California. The greater part of the increase

THE CHRONICLE.

|:*«6

[V O L . L X X X I Il.

over 1904, however, was from Alaska. The excess for gain. On the other hand, small losses are indicated
the whole country is seen to have been 373,262 fine in Australasia and India. Altogether we are inclined
ounces, or over 9 % % . The details of yield by States to believe at the moment that the 1906 production will
are as follows:

approach close to twenty million ounces— say

GOLD PRODUCTION IN UNITED STATES.
------------ 1903------------- ------------ 1'904----------- - ------------ 1905------------Gold
Value.
Fine ozs.
Value.
Value.
Fine ozs.
Fine ozs.
Production.
Colorado___ 1,090,22!) $22,540,100 1,180,147 $24,395,800 1,243,293 $25,701,100
California___ 779,056 16,104,500 918,873 18,994,800 928,661 19,197,100
8,614,700 443,139
9,160,500
722,071 14,925,600
Alaska . - - - 416,737
7,024,600
334,460
6,826,700 339,815
6,913,900
South Dakota 330,242
4,889,300
4,411,000
5,097,800
236,520
Montana___ 213,571
246,606
4,357,600
130,192
2,691,300
Arizona........ 210,798
161,761
3,343,900
5,140,900
203,902
4,215,000
U t a h _______ 17,8,862
3,697,400
248,691
5,359,100
4,307,800 259,247
Nevada ____
163,895
3,388,000 208,390
1,570.400
72,742
52,032
1,075,600
Idaho ........
1,503,700
75,968
60,222
Oregon..
62,414
1,290,200
1,244,900
63,366
1,309,900
12,810
265,800
244,600
18,475
381,900
New M exico..
11,833
15,862
370,000
Washington-,. 13,540
279,900
327,900
17,898
367,600
South. States
12,186
251,900
18,493
17,783
382,300
38.500
1,802
Other States669
13,800
18,800
909

millions, valued at about $410,000,000.

19%

ITEMS ABOUT BANKS, BANKERS AND TRUST CO.’S.

— The public sales of bank stocks this w eek aggregate 192
shares, of w hich f4 2 shares were sold at the S tock E xchange
and 50 shares at au ction . The. table b e lo w , given in our
usual form , shows the actual sales o f New Y ork City bank
stocks m ade during the week at auction and at the Stock
E xchan ge. E xtensive tables show ing the bid and asked
Totals_____ 3,560,000 S73,591,700 3.892,480 S80,464,700 4,265,742 $88,180,700 qu otation s, deposits, surplus, & c., o f banks and trust com ­
As regards other countries, the Bureau’s compila­ panies in all im portant cities o f the U nited States are p u b­
tions indicate in a number of instances a tendency lished m onthty in the ‘ ‘ Bank and Q u otation ” Section, the
D ecem ber issue of which accom panies to -d a y 's “ C hronicle.”
towards decreasing production. Africa is a notable
Bid and asked quotations for all New Y ork City bank and
exception to this tendency, the output of that country trj*st com pan y stocks are also published w eekly in another
having increased 1,326,221 fine ounces, or $27,415,200, departm ent of the paper, and will be fou n d to -d a y on pages
placing it again far in the lead as a gold producer. 1395 and 1396.

Australasia supplements the loss of 1904 by a further
moderate decrease, and the same is true of Canada.
Russia shows a moderate loss.

The details for 1905

Shares. B A N K S .— New York. Low. High. Close.
x 142 Commerce, Nat. Bank o f . _ 181
18116 181

Greenwich Bank_______
Sold at the .Stock Exchange.

50

x

290

290

290

Last previous sale,

Nov. 1906—
March 1906—

181
290

— A bill perm itting national banks to. m ake loans on farm
lands as security, b u t lim iting the am ount o f such loans
1904. Only those countries producing a value of
to 25 per cent o f capital and surplus, was passed b y a vote
about $2,000,000 or more in the last year are stated
of 111 to 51 in the H ouse o f R epresentatives at W ashing­
separately.
ton on the 5th inst.

are herewith appended, comparison being made with

W O R L D ’S GOLD P R O D U C T IO N .
---------------- 1904---------------- — ---------------1905---------------F in e ounces.
Value.
F in e ounces.
Value.
§87,707,300
4,156,700 $85,928,500
A u stra la sia ___________ 4,245,744
United S tates_________ 3,904,980
80,723,200
4,265,742
88,180,700
A frica _________________ 4,156,084
85,913,900
5,482,305 113,329,100
Russia . . . . ____________ 1,399,857
24,803,200
1,078,358
22,291,600
Canada________________
793,350
16,400,000
700,820
14,486,800
East Ind ia_____ _____ 655,518
13,550,800
704,099
14,555,000
M exico _______________
609,781
12,605,300
738,262
15,261,200
C h in a _________________
217,688
4,500,000
85,919
1,776,100
Guiana.________________
187,637
3,878,800
199,773
4,129,600
K orea______ ___________
145,125
3,000,000
108,848
2,250,000
C olom bia ____________
95,513
1,974,400
125,001
2,584,000
B razil_________________
98,854
2.043,500
98,908
2,044,600
Austria- Hu ng-ary_____
102,423
2,117,300
118,877
2,457,400
Other E uropean______
13,555
280,300
12,868
266,000
Other South A m erican.
117,856
2,436,200
89,880
1,858,2.00
All other countries____
249,448
5,156.500
236,665
4,S92,400

—-A New Y ork Stock E xchange m em bership was reported
transferred this week for $82,500.
— Festus J.’ W ade, President o f the Mercantile Trust Com ­
pan y of St. Louis, in an address before the B ankers’ Club of
D etroit, M ich .,y esterd a y , discussed at length and w ith much
earnestness the plan of currency reform recom m ended by
the Currency Commission of the Am erican B ankers’ A sso­
ciation .

— An extra dividend of 5 % , in addition to the regular
semi-annual paym ent of 2 0 % . has been declared b 3!_ the
T o t a ls .______________1.6,793,419 5347,150,700
18,203,005 $376,289,200 New Y ork Life Insurance & Trust C o., payable D ec. 10,
The silver production of the world in 1905, according m aking 4 5 % for 1906, against 4 0 % paid previou sly.
— The Consolidated National B ank of this city , organized
to the Bureau, was 157,339,962 ounces, or over eleven
in
July 1902, will on Jan 2 1907 p a y its first d ividen d, being
million ounces less than in 1904. Production was
a semi-annual distribution of 3 % .

168,390,238

ounces

in

1903, 162,763,483 in 1902,

173,011,283 ounces in 1901 and 173,591,364 ounces in
1900.

The United States leads in silver production,

being followed by Mexico, Australasia, Canada and
Germany.

The greatest decrease has been in Mexico,

and only a few of the smaller producers have done bet­
ter than in 1904.

The details for 1905 make the fol­

lowing comparison with the results for 1904:
W O R L D ’S S IL V E R P R O D U C T IO N .
---------------- 1904----------------- ------------------- 1905---------------F in e
ounces.

M exico _____________ 60,808,978
United sta te s_______ 57,786,100
B oliv ia_______________
6,083,333
A u stra la sia __________ 14,558,892
G e r m a n y ____________
5,799,133
Canada_______________ 3,718,668
Peru _____________ <r_. 3,008,775
S p a in ________________
4,876,076
C h ili_________________
868,067
C olom bia ___________
946,066
Other E uropean_____
5,446,410
Other South Am erican
67,246
A ll other c o u n t r i e s . 4,525,864

C o in in g
va lu e .

$78,621,700
74,713,300
7,865,300
18,823,600
7,497,900
4,808,000
3,890,000
6,304,400
1,122,400
1,223,200
7,041,700
86,900
5,851,600

F in e
ounces.

54,652,893
56,101,600
2,834,298
12,561,600
5,820,947
5,974,875
5,169,659
4,000,000
397,853
679,245
4,423,006
150,149
4,573,837

C o in in g
va lu e .

$70,660,715
72,533,759
3,664,464
16,230,793
7,525,902
7,724,916
6,683,852
5,171,600
514,384
878,196
5,718,504
194,128
5,913,514

T ota ls______________168,493,538 $217,850,200 157,339,962 $203,414,727

During the

year now drawing to a close, accord­

— Bernard T iefenthal, a m em ber o f the firm o f A dolph
B oissevain & Co. of Am sterdam , H olland, died in this city
o n W edn esday. Mr. T iefenthal, who was here on a visit,
was n ot a m em ber of the New Y o rk firm of Boissevain & Co.
— The latest quarterly report of the U nited States Trust
C om pany of this city is particularly interesting at this tim e,
as it indicates the recent grow th m ade b y this institution
since its new execu tive, E dw ard W . S heldon, together with
Second V ice-President W illiam M. K ingsley, and their
associates, assumed office last M ay. A b ou t fifteen days
after the new adm inistration com m enced their duties', the
co m p a n y , in its statem ent to the State B anking D epartm ent
for May 12th, reported $48,212,315 deposits, $13,374,867
surplus and undivided profits (b ook value) and $63,707,181
total resources. At. the last bank call, on N ovem ber 14,
the United States Trust Com pany was able to show $59,178,647 o f deposit funds, a gain o f $10,966,331 in the last
six m onths; surplus and u ndivided profits of $ 1 3 ,7 4 2 ,4 8 5
and aggregate resources of $74,986,132.
-—W ilfre d J. W o rce s te r o f th e la te firm o f F la g g & W o r c e s ­
ter has b een m a d e A ssista n t S ecreta ry o f th e U n ited S tates

ing to the information we have at hand, there has T r u s t Co.
the gold-mining
— A t th e an nu al m eetin g on Ja n u a ry 8 o f th e sto ck h o ld e rs
industry in various localities. In the United States, o f th e C hatham N a tion a l B a n k o f th is c it y , a. p r o p o s e d

been considerable development of

if current reports are to be relied upon, an increased a m e n d m e n t t o th e articles o f a ssocia tion in crea sin g
yield of satisfactory proportions can be expected,
mainly as a result of augmentation of production in
Alaska and Nevada. The Witwatersrand bids fair
to add approximately 800,000 fine ounces to its 1905
output,

and from

other districts

of Africa

th e
n u m b er o f d irectors fro m elev en to fifteen , w ill b e v o t e d u p o n .
-— Joh n F . A r c h b o ld has b een elected a d ire cto r o f th e S ea­
b o a r d N a tion a l B a n k o f th is c it y , to su cceed th e la te D an iel
O ’D a y .
— G eorge J

B a u m a n n w as th is w eek elected V ic e -P r e s i­

about d en t an d a d ire cto r o f th e C om m ercial T ru st C o m p a n y o f
150,000 ounces more than last year seems a warranted N ew Y o r k , B ro a d w a y an d 37th S treet. M r. B a u m a n n ,

D e c . 8 1900. j

THE CHRONICLE.

who for m any years was associated with R . R . Moore on the
official staff of the New Amsterdam National Bank, has re­
signed his office as Vice-President of the latter institution.
The com pany started business about a m onth ago and at
the close of business last M onday had SI ,767,782 deposits,
$14,334 undivided profits, besides $500,000 capital and
$250,000 surplus. R . R - Moore is President and Ames
Higgins Secretary.

1387

to Ernest Knabe Jr. and his associates. In all about 2,500
shares have been transferred. The bank is said to have held
about 1,500 shares, 1,000 of which were taken as part p ay­
ment for its former bidding on South Street, purchased by
the Surety Company. The ban k ’s President, W . A. Mason,
is reported to have held 500 shares personally and the
directors individually about 600 shares. A ccording to the
“ Baltimore A m erican” the price is rumored to be in the
neighborhood o f $75 per share
The par is $100 per share.

— A semi-annual dividend of 4 % has been declared by the
— C E Campbell has succeeded Iv. C. DeRhodes as
Mutual Alliance Trust Co. of this city, payable Jan. 2. This
is the first dividend by this institution, w hich began business Cashier o f the Merchants’ National Bank of South Bend, Ind.
in July 1902.
— The directors of the First National Bank of Englewood
— The Metropolitan Trust Company of this city has in­ (Chicago) have transferred $80,000 from undivided profits
creased its quarterly dividend, payable Dec. 31, to 6 % , as to surplus, increasing the latter from $20,000 to $100,000,
against 5 % paid each quarterly period since Sept. 1905.
and making it equal to the capital of the institution.
— T he initial d iv iden d o f 2J;>%, bein g fo r the qu arter en d­
in g D e c .-31, w as d eclared b y the U nion E xch a n g e B ank of
this c it y , p a y a b le to h olders o f record D ec. 31. T he ban k
has been in business since June 1903.
— John H arsen R h oa d es, P residen t o f the G reen w ich
S avin gs B ank at 6th A ven u e and 16th S treet, this c it y —
an o ffice he h ad held fo r tw en ty -n in e yea rs— died on T h u rs­
d a y after a sh ort illness
M r. R h oa d es, (w h o was born
in 1S38) w as also V ice-P resid en t an d director o f the
W ood b rid g e C om p a n y, an d a m em ber o f th e b oa rd s o f the
B an k o f A m erica , th e L a w y ers’ T itle In su rance & T rust
C o m p a n y , the L in coln T ru st C om p a n y , the M adison Safe
D ep osit C om p a n y , th e U n ited S tates T ru st C om p a n y, the
W ash in gton T rust C om p an y and several industrial con cern s.
H e had been an a ctiv e m em ber o f th e C ham ber o f C om m erce
an d had served as Chairm an o f its finance co m m itte e . H is
so n , John H arsen R h oa d es Jr , is a m em ber o f the S tock
E xch a n g e firm o f R h oa d es & Co.
— N otice o f th e in ten tion to organ ize th e In terb oro T rust
C o m p a n j7 o f this c it y has been pu blish ed this week. T he
p rop osed in stitu tion is to loca te on B ro a d w a y , in the n eighb oorh oocl o f P ark P la ce. Its in corp ora tors are A lb e rt E .
W o o lf, L ew is J. M orrison, R o b e r t S teu art K e n n e d y , Jam es
H . F lora n ce, M ax L oew en th a l, S pencer G . W ick s, A . W .
B arn ard, Joh n A . F o le y , A lex a n d er B ritto n , Charles D .
M orrison, W illiam H
D ela n cey , A rth u r C. P erry and
M aughan C arter.

— Three small Illinois banking institutions conducted by
C. V. Chandler closed their doors on N ov. 30. They are the
Bank of M acomb, at M acom b, capital $50,000; the Bank of
Colchester, under the management of Chandler & lin es,
and the Bank of Bardolph, proprietors, Chandler & Sm ith,
The com bined deposits, it is reported, amount to about
$750,000. The funds were tied up largely in real estate and
in the bonds of the Macomb & W estern Illinois Electric R y .
Notices on the doors of the banks state that they were closed
“ pending negotiations subject to the conversion of the
property into ready cash.”
Mr. Chandler is Treasurer, it is
stated, of the W estern Illinois State Normal School at
Macomb and Treasurer of the City of M acomb.
— James W a tt, recentty Cashier of the German Savings
Bank of Des Moines, Iow a, has been chosen President, to
fill the vacancy due to the death of Charles W eitz. James
C. O’ Donnell succeeds to the cashiership.
— A t a meeting of the directors of the First National Bank
of Omaha held on the 28th u lt., John A. Creighton was
elected President of the bank to succeed the late Flerman
K ountze. Other changes occasioned b jr the prom otion of
Mr. Creighton from the vice-presidency arc the election of
F. H . Davis and Charles T . K ountze as Vice-Presidents;
Luther L. K ountze as Cashier and F. L. Davis as Assistant
Cashier. Charles C. K ountze has been chosen to fill the
vacancy in the board of directors.
— Arrangements are said to have been com pleted for the

— Fisk & R o b in s o n , in th e D ecem ber n u m ber o f their consolidation of the Southwestern Trust Com pany and the
■“ M on th ly B ulletin o f In v e stm e n ts,” pu blish a com p re­ Bankers’ Trust Com pany, both of Kansas City, Mo. The
h ensive stu d y o f th e cu rren cj1- reform plan recen tty agreed business of the tw o companies will be continued under the
u p on b y th e jo in t-co m m itte e o f the A m erican B an kers’ name of the Bankers’ Trust, which, as an enlarged institu­
A ssocia tion an d th e N ew Y o r k C ham ber o f C om m erce
In tion, will have a capital of $500,000. J. P. B atchelor,
c o n ju n c tio n w ith the analysis an in terestin g ta b le has been President of the Bankers’ Trust Com pany, will continue in
w ork ed o u t to show the p rofit under the p lan at different that capacity. M. FI. W ood s, President of the Southwestern
in terest rates to the banks in ta k in g ou t cred it notes Trust Com pany, will be a Vice-President of the consolidated
ta x ed at 2 J ^ % , and in issuing em ergen cy n otes ta x e d at 5 % . institution. C. H . Smalley will be Secretary and J. C.

Hughes Treasurer. The Southwestern Trust, capital $100,000, was organized in 1901 and in April 1904 the Surety
Trust Company of Kansas City was merged with it. The
Bankers’ Trust was chartered a little over a year ago to take
over the assets of the failed City National Bank of Kansas
— At a meeting of the stockholders of the Utica Trust & City. It reported a paid-in capital of $350,000 on June
Deposit Company of U tica, N. Y ., to be held on the 22nd 18 last.
— The Columbia Finance & Trust Com pany of Louisville,
in st, the question of increasing the capital of the institution
K y ., has changed its title to the Columbia Trust Company.
from $200,000 to $400,000 will be considered

— M em orial resolu tion s on the death o f W ilh elm u s M ynderse
w ere a d op ted on the 5th inst b y the trustees o f the Franklin
T ru st C om pan y o f M anhattan and B rook ly n B orou gh s.
Mr. M ynderse, w hose death occu rred N ovem ber 15, had
been a m em ber o f th e b o a rd since S ep tem ber 1901.

— Francis James, Vice-President of the Mechanics’ T rust
Com pany of Boston, Mass., died on the 30th ult. He was
■eighty-eight years of age.
— Plans are under way for the organization of the First
National Bank of Arlington, N. J ., the Comptroller o f the
Currency having approved an application presented b y the
projectors. The bank is to have a capital of $50,000.
Am ong those interested in the venture are John T. Sproull,
President of the Coal & Iron National Bank of this city,
James H . Callender, L. W . Lindblom , George Bayliss, J. B.
Hanna and Edward A . Strong.
— Frederick A . Leubbert has been elected to succeed
W illiam T . Vinton, resigned, as Cashier of the Dollar Deposit
Bank of Johnstown, Pa. He will enter upon the duties of
th e office on January 1.
— The stock held b y the Commercial & F arm ers’ National
Bank of Baltimore, and its associates, in the United Surety
Com pany of Baltimore is reported to have been disposed of

— The Manhattan Savings Bank & Trust Com pany of
Memphis, T enn., has increased its capital from $30,000 to
$100,000. As noted in a previous item , the increase is made
through the application of undivided profits to capital stock,
each shareholder receiving his pro rata portion.
— Detailed inform ation has com e to us regarding the
Commonwealth Bank, a new institution shortly to comm ence
business in R ichm ond. The original charter under which
the bank will operate was granted in 1896 to the Realty
Bond & Trust Com pany, which engaged in a private banking
and an insurance agency business on ly. A bout thirty days
ago this charter was amended, and the CommonwealthJBank
took over all the banking business of the Bond & Trust Com­
pany. The bank has an authorized capital of $200,000;
its paid-in capital is $100,000, and it has undivided profits
of $10,000. The institution will open about the 15th inst.
in its own building, which is now being remodeled and thor­
oughly equipped. It will conduct a general banking busi

1388

THE CHRONICLE.

ness, com m ercial as well as savings, and will be under the
m anagem ent o f H . L . D en oon , President; George C. W alters,
V ice-P resident, and W L . W alters, Cashier.
— The Third National Bank o f Colum bus. G a., is to in­
crease its capital from $200,000 to $250,000. The stock ­
holders will a ct on the d irectors’ recom m endation to this
effect at the annual m eeting in January. It is proposed
to dispose of the new stock to the present stockholders at
$175 per $100 share, and to place the prem ium ($ 1 8 7 ,5 0 0 )to
the accou n t o f surplus.
— The Central Bank & T rust C orporation o f A tlanta G a.,
w hich began business in the Candler Building last February,
will open a branch early in the co m in g year at M itchell and
F orsyth Streets, A tlanta.
— The new Am erican National B ank o f Shreveport, L a .,
is to be under the m anagem ent o f S. W . Sm ith, President;
S. B . M cCutchen, P . C. W idem an and E . S. W ood fin , V icePresidents; and M. A . M cCutchen, Cashier. The capital is
to be $150,000.
— W e are advised th at the M erchants’ National B ank of
G alveston, organized the present year, was placed in v olu n ­
tary liquidation on N ovem ber 24. The institution had a
capital o f $100,000. Its deposits on Septem ber 4 1906 were
$183,029.
— W illiam W iess is successor to George C. O ’ Brien as V icePresident o f the A m erican N ational Bank o f B eaum ont, T ex.
— The stockholders o f the Security Savings Bank of Los
A ngeles, at a m eeting on the 27th u lt., ratified a proposition
to increase the authorized capital o f the institution from
$500,000 to $1,000,000. A purchase o f a large am ount of
stock in the Southern California State B ank o f Los A ngeles
was effected b y interests in the Security Savings B ank last
spring and it is reported th at the tw o banks will be con soli­
dated the com ing year.
— A n application to con vert the California State B ank of
Sacram ento into the California National Bank has been a p ­
p rov ed b y the C om ptroller of the Currency. The capital
will be, as at present, $1,000,000.
— The B anca Popolare Operaia Italiana, o f San F rancisco,
in corporated N ovem ber 2 w ith a capital o f $250,000, began
business on N ovem ber 20. The b a n k ’s officers are J. F.
F ugazi, President; George M. Perine and Samuel B. Fugazi,
V ice-Presidents, and F . N. B elgrano, Cashier. F ifty per
cent of the capital is reported to have been paid in.
— The U nited States N ational Bank of P ortlan d , O re.,
has com pleted the extensive alterations to its banking room s,
upon w hich w ork was com m enced som e m onths a go, and is
n ow occu p yin g its rem odeled and enlarged quarters. Italian
m arble and solid m ahogany are the principal m aterials used
in the interior con stru ction. The addition o f m assive new
vaults o f the m ost approved ty p e is also a feature o f the im ­
provem ents m ade. This institution is at present enjoyin g
m arked prosperity; in five years the deposits have increased
over five and a half m illion dollars, having advanced from
$980,317 in 1901 to $6,699,958 in 1906. This grow th is best
displayed in the table given herewith, showing the b a n k ’ s
deposits for the past five years, as reported under the last
call each year of the C om ptroller of the Currency.
Deposits.
I
Deposits.
1906_____________________Y_$6,699,958 11903______________________ $2,659,112
1905_______________________ 4,807,257 11902______________________ 1,902,692
1904_______________________ 2,863,258 11901______________________
980,317

[ V O L. IrX X X III.

— A c c o r d in g to th e s ta te m e n t o f N o v e m b e r 12 th e d e p o sits
o f th e F id e lity T ru s t C o m p a n y o f T a c o m a , W a s h ., h a v e
g row n t o $ 3 ,0 0 8 ,1 9 0 , c o m p a rin g w ith $ 2 ,1 5 9 ,6 6 8 on N o v e m ­
b er 12 1905, $ 1 ,7 7 5 ,8 8 7 on N o v e m b e r 12 1904 a n d $ 1 ,602,809
on N o v e m b e r 12 1903. O f th e p resen t a g g reg a te resou rces
o f $ 3 ,4 4 5 ,2 8 9 , th e c o m p a n y re p o rts $ 1 ,1 4 0 ,9 8 4 as cash on
h an d an d in b a n k s.
S in ce A p r il 6 1906 th e u n d iv id e d p rofits
h a v e risen fro m $ 8 3 ,4 0 6 to $ 1 3 7 ,0 9 9 :
— T h e assets o f th e d e fu n c t A e tn a B a n k in g & T ru s t C om ­
p a n y o f B u t te , M o n t., h a v e b een in crea sed $ 1 0 0 ,0 0 0 th ro u g h
the re ce ip t o f a ch eck fo r th a t a m o u n t b y R e c e iv e r E u g en e
T . W ilso n fr o m F . A u g u stu s H e in z e . A lth o u g h M r. H e in z e
w ith d rew as P resid en t in 1903, h e fe lt th a t m a n y o f t h e
d e p o sito rs h ad reta in ed th eir rela tion s w ith th e c o m p a n y
in th e b e lie f th a t he w as still c o n n e c te d w ith it.
— T h e e ig h ty -n in th an nu al m e e tin g o f th e sh a reh old ers
o f th e B a n k o f M on treal o ccu r r e d o n M o n d a y an d on a n o th e r
p a g e w ill b e fo u n d a fu ll r e p o r t o f th e p r o c e e d in g s , in clu d in g
addresses b y Sir G eorge D r u m m o n d , th e P re sid e n t, an d E . S .
C lou ston , th e V ic e -P r e s id e n t an d G en eral M an ager. R e fe r ­
en ce to th e in crea sed bu sin ess o f th e b a n k , as r e v e a le d in its
sta tem en t fo r th e y e a r e n d in g O c t . 31 19 0 6 , w a s m a d e in
these colu m n s N o v . 2 4 . T h e rem a rk s o f P resid en t D ru m ­
m o n d g iv e an in terestin g re v ie w o f C a n a d ia n affairs.

AN T IC IPA TIO N OF INTEREST ON U. S. BONDS.
T h e fo llo w in g is th e circu la r issu ed b y th e T re a su ry D e ­
p a rtm e n t offerin g to p r e p a y w ith o u t re b a te th e in terest o n
U n ited S ta tes b o n d s m a tu rin g o n th e sev era l in terest d a te s
b e tw e e n Jan. 1 an d M ay 1 1907, b o t h in c lu s iv e :
1906.
TR E A SU R Y DEPARTM ENT,
D epartm ent Circular N o. 101.
Office o f the Secretary,
Loans and Currency.
W ashington, December 5 1906.
In pursuance of authority contained in Section 3699 o f the R evised Stat­
utes o f the United States, public notice is hereby given to the holders of
U nited States bonds that the interest m aturing on the several interest
dates between and including January 1 and M ay 1 1907 will be prepaid
without rebate on and after D ecem ber 15 1906.
Coupons m aturing on the dates in question m ay be presented for pre­
paym ent to the Treasurer or any Assistant Treasurer of the United States
Checks for the interest due January 1 1907 on registered bonds will be
mailed to the owners on or before the 15th instant. Owners of registered
bonds desiring prepaym ent o f the interest maturing between February 1
and M ay 1 1907 ^inclusive, m ust present their bonds to the Treasurer or som e
Assistant Treasurer o f the United States, w h o will stam p upon the fa ce
of the bonds the fact o f such prepaym ent and return them to the owners
with the interest for the periods m entioned.
National banks owning U nited States bonds deposited w ith the Treasurer
o f the United States to secure circulation or deposits m ay obtain pre­
paym ent upon application to the Treasurer. T he bonds so held, upon
which interest is prepaid, will be stam ped as above indicated.
The prepaym ent hereby authorized will continue on ly until Jan. 15 1907.
L E S L IE M. S H A W , Secretary.

Canadian Bank Clearings.— T h e clearin gs o f th e C anadian
ba n k s fo r th e m o n th o f N o v e m b e r 1906 sh ow an in crea se o v e r
th e sam e m o n th o f 1905 o f 2 0 .8 % , a n d fo r th e eleven m o n th s
the ga in reach es 1 8 .2 % .
November.
Clearings at—
1905.

1906.

Eleven Months.
Inc. or
Dec.

1906.

Inc. or
Dec.

1905.

g
$
Canada—
S
S
%
Montreal ___ 145,929,337 127.884.634 + 14.1 1.394.744.110 1,206,278,193
99,929,862
+
26.7
1.097,984,801
126,591.219
951,011,111
__
Toronto
Winnipeg_____ 63,667,080 48,522,178 + 31.2 448,192,323 321,640,296
13,952,887 11,662,258 + 19.6 121,98S,7S6 109,504,116
Ottawa
.
9,144.091 + 56.6 117.513,363
80,092,046
Vancouver -- 14,321,269
8,872,874 — 8.3
81,730,120
83,971,219
8,134,769
Halifax . .
8.621,527 + 4.6
84,060,606
79,003,339
9,018,303
Quebec........ - 7,851,494
7,024.804 + 11.8
61,809,180
70.412,773
Hamilton.. . .
5.046,69,8 + 8.3
48,350,701
5.466,394
54,963,038
St.John .
5,376,342
4,660,297 + 15.4
45,655,627
52,500,470
London
. ..
33,707,240
4,024,506
3.2S3.137 + 22.6
41.083,375
Victoria
32,561.047 X otm el-in to
6,945,824 Not incl, in total.
Calgary--------3 726.935 Notinci. in total.
12,979,447 Notinci. in to
Edmonton___

%
+ 15.6
+ 15.5
+39.3
+ 11.4
+ 46.7
1+2.7
? + 6 .4
+ 13.9
+ 13.7
+ 15.fr
+ 21.9
tal.
tal.

TotalCanada 404,333.600 334,652,360 + 20.8 3,567,414,864 3,01S,7S1,969 + 18.2'

J.
C. A insw orth is President, R . Lea Barnes V ice-P resi­
T h e clearin gs fo r th e w eek en d in g D e c . 1 m ak e a v e r y
den t, R . W . Schm eer Cashier and A . M. W righ t and W . A .
fa v o r a b le c o m p a riso n w ith th e sam e w eek o f 1905, th e in ­
H olt Assistant Cashiers.
— In deposits o f $10,832,492 reported b y the N ational
Bank o f C om m erce, Seattle, on N ov. 12, an increase of m ore
than a m illion and a half dollars is noted since June 25 1906—
the date of the consolidation w ith the W ashington National
Bank of Seattle. The ad d ition , $1,585,897 (or from $9,246,595) is equal to a gain o f $13,440 for each w orking day during
the fou r and a half m onths the enlarged bank has been in o p ­
eration. The institution has a capital o f $1,000,000, surplus
and profits of $532,354 and total resources o f $12,614,846.
M. F . Backus, President, is assisted in the m anagem ent b y
R . R . Spencer and R alph S. S tacy, Vice-Presidents; J. W .
M axwell, Cashier; O. A . Spencer and R . S. W alker. Assistant
Cashiei's. H . C. H enry is Chairman o f the board o f direc­
tors.

crease in th e a g g reg a te h a v in g b e e n 2 1 .2 % .

Clearings at

Week ending December 1.

—
1906.

C anada—

Montreal
_ .. .
T oronto____
Winnipeg - ------

Ottawa -- ------

Vancouver - —
Halifax . _
____
Q u e b e c ------------------Hamilton .
-----S t.Joh n
- - _
London ....................
V icto ria .. ------------Calgary ---------- —
E d m o n t o n .............
Total C an ada------

1905.

In c . o r
Dec.

S

%
%
31,286,965
26,999.761 + 15.9
27,792.199
22,409,S67 + 24.0
14,348,664
11.120.S74 + 29.0
3.163,862
2.608,263 + 2 1 .3
3.353,836
1.982,272 + 69.2
1.S00.000
1.888,913
— 4.7
1,775.235
1.762,726
+ 0 .7
1,529.369
1.554,119
— 1.6
1.231.755
968.416 + 27.2
1.184,947
17.7
1.006.448
1.02S.729
719.497
43.0
1.609.279 N ot included in total
850,079 N ot included in total
88,495,561

73,021,156

1904.

S

1903.

S

+
+

26,726,638
23,300,706
9,201,872
2,063,883
1.451,66S
1.823.436
1.577,378
1.495,708
1.057.673
927.539
760.706

21,261.737*
17,423,158
7,255,855
2,220,301
1.361,721
1,951,335
1,663.808
1,254,843
994,291
1.044,504
774,692’

+ 2 1 .2

70,387,207

57,206,245-

THE CHRONICLE

D e c . 8 1 9 0 6 .]

Clearings by Telegraph.— Sales of Stocks, Bonds, & c.—
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a month.
The figures are received by telegraph from the leading cities.
It will be observed that, as compared with the corresponding
week of 1905 there is an increase in the aggregate of 4.8% .
So far as the individual cities are concerned, New York ex­
hibits a gain of 5.8% , Boston 12.1%, Philadelphia 15.9%,
Baltimore 7.8% , Chicago 4.3% and St. Louis 3.0% . New
Orleans records a loss of 0.2% .
Clearings— Returns by Telegraph.
Week ending Dec. 8.

1389
H A N K C L E A R IN G S A T L E A D IN G C IT IE S .

November---------------------------Jan. 1 to Nov. 30—
(000.000s
1906. 1905. 1904. 1903.
1904.
1906.
1905.
1003.
omitted.)
s
S
$
$
S
S
$
$
New Y ork.......... .. . 8,608 8,543 8.338 4,008 95,418 81,133 00,148 00,473
Chicago ............... .
975
818
722 10,040
8.130
7,995
899
9,147
B o s to n ................. .
682
512
5,988
6.163
754
660
7,616
6.943
Philadelphia.........
552
7,019
6,306
054
632
5,152
5,347
449
St. L ou is.............. .
206
262
265
2,701
2,276
207
2,639
2,534
Pittsburgh ........ .
212
151
2,278
1.860
2,190
217
197
2.411
10S
143
San Francisco___ .
2 IS
126
1,795
1,386
1,666
1,394
Baltimore............. .
121
126
106
88
1,314
1,159
1,075
1,008
Cincinnati___ . .
1,060
92
1.199
111
101
99
1,093
1,113
Kansas C ity ........ .
124
1,204
1,08S
998
980
107
93
111
Cleveland_______
62
60
762
74
65
705
632
739
New Orleans_____
110
94
110
906
849
858
711
85
748
Minneapolis_____
106
85
889
661
105
103
S17
Louisville.............
40
594
4X3
52
50
49
547
507
73
56
613
479
D etro it...............
50
46
542
477
45
30
35
44S
3G9
358
M ilwaukee...........
40
387
Providence...........
3G
3 IS
324
31
30
359
3 14
36
Omaha .................
42
361
39
34
32
458
360
403
B uffalo_________
300
35
31
2S
293
33
319
29S
308
St. Paul.................
36
30
37S
282
45
33
285
Indianapolis___
32
28
26
290
34
331
312
291
21
D en ver................
34
30
23
314
298
209
217
Richmond ___
276
27
23
23
If)
234
217
189
220
Memphis .............
183
38
28
211
233
28
31
22
Seattle..................
202
43
31
443
273
189
IS
12
Hartford ---------10
12S
125
16
13
167
14S
Salt Lake City__
139
31
24
19
17
186
141
255

1905.

Per
Cent.-

St. L o u is ........ ............................ ..............
New O rleans_________________________

SI.S21.73S.995
151,132.744
139.S2S.231
26.735,433
a205.000.000
57,345,602
24,941,091

S I.721.470.779
134.S39.378
120.657.200
24,803,903
196,509,995
55,695,033
24.981,414

+ 5.8
+ 12.1
+ 15.9
+ 7.S
+ 4.3
+ 3.0
— 0.2

Seven cities. 5 days ------------------------------Other cities. 5 days— ------- --------------------

S2.426.722.096
400.000.7S7

S2.29S.957.702
390,429,746

+ 2.5

Total ............... -12,8S5 12,492 11,966
Other cities........... 058
555
749

7,OSS 138,520 123,365
4S2
6,092
7.024

94.598
5,203

94,968
4,946

Total all cities. 5 days---------------------Ail cities. 1 day----------------- --------------

62,826,722 ,S83
556,927.631

32.689,387,448
539,225.444

+ 5.1
+ 3.3

Total all........... .13,634 13,150 12,521
Outside New York . 5,026 4,607 4.1S3

8,170 145,544 129,457
3,562 50,090 45,324

99,800
39,652

99,914
39,499

Total all cities for week - ...................

S3.383,650.564

$3,228,612,892

+ 4.S

1906.

New Y o r k ------------------------------------------------Boston - .................................................- Philadelphia . . --------- -----------------------------Baltimore _______. ________ __________

-f-5.6

I*To n

a Partly estimated.

Our usual monthly detailed statement of transactions on
the various New Y'ork Exchanges is appended. The results
for the eleven months of 1906 and 1905 are given below:
Eleven Months. 1906.
Descript' n

Par Value
or Quantity.

Eleven Months 1905.

Actual
Value.

I.4.WD Par Value
Price. or Quantity.

263.S40.95S
S t’ k ' Sli’s.
) V a l . 32312S.763.425 321717,603,203
R R .bonds S564.37S.900 S549,825,260
G o v’ tb d s.
S1.713.SOO
SI,882,973
364.246,250
$58,663,491
State bd s.
Bank st'ks
$684,400
SI.326.295

Actual
Value.

Aver.
Price.

231,552.760
93.9 $21440,752,905 S1S691.236.196 S7.2
97.2 3754.265,700 $714,220,074 94.7
109.9
S I .160,699 106.6
$1,088,620
91.3 8196.227,850 $181,473,753! 92.5
193.8
S1.93S.446 242.3
$796,700

T o t a l .. S23759.7S6.775 $22329.301,222; 94.0 $22393.131.775 S19590.029.168 87.5
41S.652.450
343.952,540:82.le
Grain, bu.
446,906,075
420,356.080 94c.
T otal val. .................$22673,253,762

320010.385,248

The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1906 and
1905 is^indicated in the following:
8ALE3JOFJSTOCK3 AT TH E jN E W jY O R K ST O C K EXCHANGE
1906.
M ’th. Number

1905.

Values.

Shares.

Par.

Number
Actual.

Shares.

Values.
Par.

Actual.

$
$
$
$
J a iv - !3S.512,5483,513,80S,700 3,333,481,49S!20,792,558 1,931,154,400 1.374.870,687
Feb _ 21,699.800 1,968,990.6001,831.598,764 25,239,088 2,323,037,850 2,014.562,018
Mch_ 19.467.684 1,729,841,900 1,591,417,290 29,13S.83S 2,708,955,975 2.178,193,156
lstqr
A p r.
May.
June

79.6S0,032 7,212,641,200 6,756,497,552 75,170,484 6,963,748,225 5,567,625,661
24,330.919 2.158,016,9501,928,749,870 29,298,456 2,789,542,650 2,670,498,467
24,026.049 2.043,050,8001,879.476,284,20,517.560 1,911,014.550 1,758,624,018
20.340,391 1,744,464.300 1,563,947,686.12,576,469,1,132,492,100 999,484.627

2d qr 68,697,359 5,945,532,050 5,372,173,840 62,392,485 5,8S3.049.3005,428,607,112
6 m's 148377 391 13158,173.250 12128.671,392137562 969 12796,797,525 10990,232,773
July. 16,340,221 1.448.273,600 1,310,479,816 13,273,655 1,214.488.750 1,075,487,631
Aug. 31,804,816 2,847,353,75012,701,479,628 20,205.735 1,836,932,200 1,646,410,478
Sept. 26.018,2702,159.177,6502,155.974,S63 10,012,044 l 4SS,401,350 1,335,798,497
3d qr 74.169,307 0.454,805,000 6,167,934,307 49,491,434 4,539,822,200 4.057,696,606
9 m's 222546 698 19612.978.250 1S296.605.699 187054 403 17336,619.825 15053,929.379
Oct _ 21. S94,130 1,882,466.875 1.795.498,764 17,674,8074,634,368.380 1,458.970,410
Nov 19,400,130 1.633.318.300 1.625.498,740 20.823.550:2.469,704.700 2.178,330,407

The following’ compilation covers the clearings by months
since Jan. 1:
MONTHLY CLEARINGS.
Clearings, Total All.

Month,.'

1906.

|

1905.

Clearings Outside New York.
%

1906.

1905.

%

S
S
S
$
Jan___ 16,321.5 0 0 .2 7 9 1 1 ,8 4 8 .3 5 5 .8 8 5 '+ 3 7 .8 ; 5 .083,299,601 4 ,1 1 3 ,6 3 1 .3 3 0 + 23 6
Feb . . 12.4 6 2 .7 9 4 .0 3 5 1 0 ,6 5 0 .6 6 3 ,8 1 7 ! + 17.0 4 ,1 3 8 ,3 7 0 ,5 1 1 3 .5 3 2 ,3 4 4 .5 5 5 ' + 17.2
M ch . . 1 2,993.090.785 1 2 ,9 18.414.969, + 0 . 6 4 ,6 1 5 .8 5 6 .5 9 6 ; 4,187.006.472 + 10.2
1st q r.
April .
M ay .
J u n e ..

41,7 7 7 .3 8 5 .0 9 9
1 2,884,433.514
1 3,218.402.167
1 2.230.933.388

3 5 .4 1 7 ,4 3 4 ,6 7 l! + 18.0 13.8377526,708; 11,832,982.357 + 10.9
12.735.232.0151 + 1 . 2 4 ,3 41,197,947 4 ,0 5 4 .4 3 5 ,5 5 5 + 7.1
1 2 ,059.910.393 + 9 . 0 4.425,373,0881 4,175,862,976 + 0.0
1 0 ,8 1 5 ,0 6 9 .8 1 6 ! + 13.1 4,414,712,521 4.079.759.697] + 8.2

2d q r. 3 8 .3 3 3 ,7 6 9 .0 6 9 3 5 ,6 1 0 .2 1 2 ,2 2 4
6 mos.
July .
A ug . .
S e p t ..

8 0 .1 1 1 .1 5 4 ,1 6 8
11.639.986.823
13.131.717,90S
12.497 .4 5 8 .8 6 8

71.0 2 7 .6 4 6 ,8 9 5 i
10.868.702.211
10.9 0 2 ,7 2 8 .3 2 6 ,
10.885,727.807

+ 7 . 6 13,181,283.556 1 2,310.058.228

+ 7.1

+ 12.8| 27,0 1 8 ,8 1 0 .2 6 4 : 24.143 040,585 + 11.9
+ 7 . 1 4,383 .4 6 0 ,7 2 0 ! 4.027.669,659 + 8.8
■ , g
+ 2 0 4 4 .2 9 8 .5 1 6 ,8 1 2 3,921.963,406
+ 1 4 .8 4 .1 8 3 .6 2 6 .8 2 3 4,026,268.430 + 3 9

3 d q r . 3 7 ,2 6 9 .1 6 3 .5 9 9 3 2 ,6 5 5 .1 5 8 .3 4 4 + 1 4 .1 1 2 .865.604.455 1 1,975,901.495

+7 4

9 mos. 117380.317.767 103682.805.239 + 1 3 .2 3 9 .8 8 4 .4 1 4 .7 1 9 3 0 .1 1 8 .9 4 2 ,0 8 0 + 10.4
Oct - . 1 4,529.267.229 1 2 .6 2 4 .0 1 6 ,4 0 3 , + 15.1 | 5 .1 8 5 .2 2 4 .0 6 7 4.598 003.486 + 12.8
N o v . ., 13,634.0 3 6 .7 7 7 13.149,9 4 0 .2 6 0 ! + 3 .7 5 ,0 2 6 .0 4 8 .9 0 5 4 ,0 0 7 ,2 0 9 .0 4 9 + 9.1

1

The course of bank clearings at leadingVities of the country
for the month of November and since January in each of
the last four years is shown in the subjoined statement:

ctainil

isTxTlcxus

(F rom ou r ow n C orrespon den t.)

L ondon, Saturday, Novem ber 23 1906.
On Wednesday three-quarters of a million sterling was
withdrawn from the Bank of England for Brazil. It had
been known for some time that the Conversion Bill was sure
to be passed, and it was anticipated that as soon as it became
law gold would be taken to carry it into effect. It was,
however, not expected that it would be carried into opera­
tion very soon, and it was hoped, therefore, that the gold
withdrawals would be delayed till well into December or
possibly until the beginning of the New Year. On Monday
it became known that a considerable amount would be taken,
and on Wednesday it was learned further that the amount
would be as much as three-quarters of a million sterling.
The operation coming thus as somewhat of a surprise caused
a setback in all markets on the Stock Exchange. Gradually,
however, courage revived, people began to say that the
Brazilian Government had practically exhausted its balances
in London by taking this large sum, and that it would not be
able to borrow for a purpose which might compel the Bank
of England to put up its rate to 7% .
Whether the reasoning is good or bad remains to be seen.
At the present moment nobody knows how much gold will
be withdrawn for Brazil. All that is certain is that the new
President of the Republic is favorable to the conversion
policy; that therefore he is bound to do what he can to
make it a success; and that the bill fixes the value of the
milreis at 15d., while the exchange value of the milreis is
15 9-16d. It is therefore a profitable operation to send out
gold for the purpose of getting notes at 15d., which would
immediately have the purchasing power of 15 9-16d. It is,
accordingly, possible that the withdrawals of the Brazilian
Government may be aggravated by withdrawals on account
of banks and other exchange institutions; but it is too
early yet to speak with any confidence.
The money market is inclined to make light of the Bra­
zilian demand. In fact, the rates both of interest and dis­
count are decidedly lower than they were in the middle of
the week. In the Stock Exchange, however, a more serious
view of the matter is taken, and almost all markets are dull.
In Paris the withdrawal has also made an unfavorable im­
pression. Feeling there was quite as hopeful as it was in
London, and everybody was looking for a gradual improve­
ment which would lead to very active business as soon as
the New Year set in. Now the fear has been revived that
the Bank of England may have to raise its rate to 7 % , and
markets consequently are less cheerful. Moreover, there has
been a setback in Russian securities, which always depresses
the Paris Bourse. In Berlin markets are equally dull. The
money stringency shows no sign of abating. On the con­
trary, everyone is anticipating an extraordinary pinch at
the end of the year, ami there is still the fear that the Im­
perial Bank may raise its rate of discount to 7% . On the
other hand, trade continues wonderfully good in Germany.
The rates of interest and discount during the past day or
two have been declining, for the money market refuses to

1390

THE CHRONICLE

believe that Brazil will be in a position to take a large amount
of gold. Further, it is understood that the Indian drain
which was feared until this week is now averted, and those
in the best position to know are very confident that there
will be no Russian demand. If that he so, the drain upon
the Bank of England will be confined practically to Argentina
and Brazil, for the Bank of France is willing to allow £700,000
or £800,000 in gold to go to Egypt if required, and the best
informed are satisfied that Egypt will not require quite so
much. The belief is also very general that Argentina will
put off taking gold until the New Year. If all this happens,
those who are engaged in the money market predict that the
gold coming in from abroad will not only meet the Brazilian
demand, but will enable the Bank of England to considerably
ncrease its reserve. The Bank, in fact, has very materially
added to its reserve, for the Bank of France, unwilling to see
the Bank of England compelled to raise its rate to 7 % , has
been allowing a very considerable amount of gold to come to
London. In consequence the reserve of the Bank of England
now, in spite of the large withdrawal for Brazil, exceeds 2 1 %
millions sterling. The general impression is that gold will
continue to come for some time longer, that all the gold
offering in the open market will be bought by the Bank of
England, and that if only Brazil and Argentina have to be
financed, the Bank will gradually strengthen itself very ma­
terially. The more careful, however, shake their heads at
all this, pointing out that nobody can foresee what may
happen at any moment; that just as a little while ago nobody
expected the Brazilian Government to take three-quarters
of a million sterling in a single lump, so nobody can now
tell what may be done by Russia or India or some other
Government.
The India Council offered for tender on Wednesday 60 lacs
of drafts, and the applications];amounted to 540 lacs, at
prices ranging from Is. 4 l-16d. to Is. 4J^d. per rupee.
Applicants for bills at Is. 4 l-16d. and for telegraphic trans­
fers at Is. 4 3-32d. per rupee were allotted about 9 % of the
amounts applied for.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c.,
compared with the last four years:
1906.

1905.

1904.

Nov. 22.

N ov. 21.
£

Circulation_________ 2S.223.935
Public deposits___ 10,578,450
Other deposits____ 42,344,591
Go.vernnVt securities 15,458,666
Other securities___ 34,031,243
Reserve.notes&coin. 21,364,247
Coin & bull.,both dep 31,138,182
Prop, reserve to lia­
bilities--___ p. c.
40 5-16
Bank rate__ __p. c.
6
Consols, 2% p. c__
86 9-16
S ilver-----------------32% d.
Clear, house returns.225,200 000

ATov. 25.

£

£

£

28,542,335
13,346,971
42.257,151
17,039,131
33,578,440
22,882,009
32,974,344

1902.

1903.

Nov. 23.

Nov. 26.
£

27,489,810 2 8 ,2 0 2 ,1 6 5
8,700,648
6,Sc80,593
38,334,621 3 7 ,6 9 6 ,5 4 7
15.610,005 15,756,556
25,486,217 24,567,733
23,815,843 22,141,071
32,855,653 31,891,236

2S,731,310
12,914,559
39,458,623
17,512,457
30,378,683
22,398.561
32,054,871

41 1-16
50%
49 %
42%
4
‘ 3
4
4
89 5-16
88 3-16
88%
92 11-16
29. ll-16d.
27%d.
27%d.
21%d
222,090,000 176,593,000 159,020,000 171,902,000

The rates for money have been as follows:
Nov. 23.
Bank of England rate__ _
6
Open Market rate—
Bank bills—3 months___
5%
— 4 months___ 5 A m u
— 6 months___
5
Trade bills— 3 months___
6 @6 A
— 4 months___
6 @6 A
Interest allowed for deposits—
By joint-stock banks____
4
By discount houses:
At call- _ __________
4%
7 to 14 days. _____
4A

N ov. 16.

N ov. 9.

6

Nov. 2.

6

6

6
5% @6
5A @5 15-16
5%
5A @ 5 A
6A

5% @6
r> %

5%
6 @ 6%

5A @5 A
6 @6 A
om A

6%
4

om%

4

[V O L

The quotations for bullion are reported as follows:
GOLD.
London Standard,

Nov. 22.
s.
d.

Bar gold, flue, oz___ 77
9
U. S. gold, oz............76
4
German gold coin, oz. 76 4
French gold coin, oz_ 76 4
Japanese yen, oz___ 76
4

SILVER.
Nov. 22.
N ov. 151
d. j London Standard.
d.
d.
Bar silver, fine, oz___ . 32 9-16
77 9
76 4
76 4
76 4
76 4

N ov. 1 5
d.

32 15-16.
32%
35 9-1C
nom.

" 2 mo. delivery, oz. 32 9-16
[ Cake silver, oz----------. 35 3-16
Mexican dollars____ . nom.
1

The following shows the imports of cereal produce into
the United Kingdom during the season to date compared
with previous seasons:
IMPORTS.
1906-07.
Imports of wheat, cwt......................19,910,600
B a rle y ...............
8,056,700
Oats...... .............................
2,926,700
Peas-........ ...............
639,420
B eans...............
365,770
Indian corn.................................... 11,690,500
F lo u r .............. ........... ........... ....... 3,624,500
Twelve weeks.

1905-06.
20,611,200
8,011,200
3,221,400
670,425.
340,480
10.859,400
3,522,400

1904-05.
26,807,100
7,909,300
3,210,300
559,251
459,521
11.560,800
2,777.900

1903-04.
23,508,109*
11,554,641
3,639,527
709,739753,108
14.341,178
5.642,822

Supplies available for consumption (exclusive of stock on
September 1):
1906-07.
1905-06.
1904-05.
Wheat imported, cwt...... ........... -19,910,600 20,611,200 26,807,100
Imports of flou r---....................... 3,624,500
3,522,400 2,777,900
Sales of home-grown-------- --------- 7,730,744 10,271,019 4,475,777

1903-04.
23,508,1095,642,822
5,037,145-

Total ------------- ----------------------31,265,844 34,404,619
Average price wheat, week........... 26s. 4d.
28s. 7d.
Average price, season___________ 26s. 4d.
27s. 5d.

34,188,077
26s. 9d.
27s. 2d.

34,060,777
30s. 2d.
30s. 2d.

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
Wheat-------------Flour, equal to-----------Maize...... ............

This week.

qrs_ 1,598,000
qrs197,000
__qrs.
890,000

Lastweek.

1,704,000
211,000
875,000

1905-06.
1,603.000
237,000
670,000

1904-05.
2,895,000
175,000
1,080,000

English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London
as reported by cable have been as follows the past week:
London,
W eek ending Dec. 7.
Sat.
Silver, per o z_____________ d_ 32 A
Consols, new, 2% per cen ts-. 87 1-16
For account- _ _ _ ____ 87%
French Rentes (in Par )__fr_ 95.85
Russian Imperial 4s_ _
78%
Amalgamated Copper Co____ 117
b Anaconda Mining C o______ 14%
Atchison Topeka & Santa Fe 107%
P r e fe r r e d ____
______ 105
Baltimore & O hio_______ _
V22%
Preferred
_____ __ ____ 95
Canadian P a cific-. ________ 188%
Chesapeake & O h i o ______ __ • 67 A
Chicago Great W estern_____ 19
Chicago Milw. & St. P a u l ... .18 8A
.Denver & R io Grande, com _ .. m m
Preferred - ________ ____ 89
Erie, com m on______________ 45 %
1st preferred _ _____
■ 78 %
2d preferred _____ __ _____ 69 %
Illinois C e n tra l__ _____ . __. .181A
Louisville & N a sh ville. _
.150%
Mexican Central _ _ ____ 26 %
Missouri Kansas & T e x . , com . 44%
Preferred _ _________
. 76
National R R . o f M e x ic o ____ . e o A
N. Y. Central & Hudson R iv.136
N. Y. Ontario & W e st. , com . ■ 49%
N orfolk & W estern, com ____ 97%
Preferred _
_______
Northern Pacific____________ 231
a Pennsylvania_____________ 71%
a Reading C o ____
_____
76 A
a First preferred . __ __ 46%
a Second preferred- ___ . 50%
R ock Island Co __ . ______ ■ S3 A
Southern P acific. __ __ _.■ 97%
Southern Ry., c o m __ __ _ 35%
97 %
P r e fe r r e d ------- ----------Union Pacific, com __________ 193
Preferred ________________ 9 5A
U. S. Steel C orp., com . __ 49%
_____ 107 Vs
Preferred ______
W abash ______ __ _____ __ _ 21%
Preferred
-----------44%
D ebenture B ’s____________ . 83

a Price per share,

b £ sterling,

M on.
Tues.
W ed.
Thurs.
31 15-16 31%
31 9-16
31%
c86Vs
86 7-16 86 7-16 86%
c86 13-16 86 Vs
86 13-16 86%
95.95
96.12%
95.97A 95.95
77%
78
77%
77%
117%
118
117%
14%
14%
14%
14%
109
108%
107%
107%
105
105
105
105%
123
123%
122%
123
95%
96%
95%
96%
191%
192%
191%
193%
59
61%
59%
59%
18%
19
18%
18%
189
187%
1SS
188%
a4
44
44%
44%
88
88
88
89
46%
47%
47%
47%
78%
78%
78%
78
69%
70%
70
70
181
181
181
180%
152
151
150%
151
26%
26
26
26
44
44
43%
43%
75%
76
75%
75%
60%
61%
60%
60%
140%
136
13 8 %
139%
50%
51%
50%
50%
98%
97%
97%
97%
93
93
93
93
230
231%
229
71%
71%
71%
riU
76%
75%
76%
76
46%
46%
46%
46%
50%
50
50
50
_
_
33%
32%
33%
97%
98%
97%
98 .
36
35%,
36
35%
97%
97%
97%
97%
193%
194%
192%
193 %
95%
96%
96
96%
49%
49%
50%
50%
108%
108
108%
108%
21%
21%
21
21
44%
45
44%
44%
82%
82%
82
82

F ri.
31 13-16
86 3-16
86 9-16
96.27%
77%
116%
14%
106%
105
122%
96
193
59
18%
187%
44%
88
46
7S
69%180%
150
26
42%
75
60%
138
50%
97 %
93
225^
70%
75%
46?%
49%
32%
96%
35%
97
190%
96%
49%
108
21
44%
S l%

c Ex-interest.

Commercial and fpxscellmxcoits Utems

STOCK OF MONEY IN THE COU NTRY.— The following
table shows the general stock of money in the country^
4A
4 Vz
as well as the holdings by the Treasury, and the amount in
The Bank rates of discount and open market rates at the
circulation on the dates given. T h e s ta te m e n t f o r D e c . 1 1905
chief Continental cities have been as follows:
w ill be f o u n d i n o u r i s s u e o f D e c . 23 1905, p a g e 1772.
Rates of
Interest at—

P a ris-----------------3
B erlin--........... _____
Hamburg----------------Frankfort--------------Amsterdam ---------Brussels
............
Vienna -----------------St. Petersburg---------Madrid_____________
Copenhagen-------------

Nov. 24
Bank
Open
Rate. Market.
2%

0
6
6
5
4)4
4A
7A
4A

6

5%

5%

5 7-16
4%
4%

4%
nom.

6

4

Nov. 17.
Bank
Open
Rate. Market.

3
6
6
6
5

4)4
4A
7A
4A

6

3
5%

5%

5 9-16
4 15-16
4%
4 7-16

nom.
4

6

4%

4%
4A

4m

Nov. 10.
Bank
Open
Rale. Market.

3
6
6
6
5

4A
4A
7A
4A

6

3
5%
5%
5%
4 15-16
4A
4 7-16

nom.
4
6

N ov. 3.
Bank
Open
Rate. Market

3
6
6
6
5
4A

4A
7A
4A

6

3
5%
5%
5 3-16
4 14
4A

4 7-16
nom.
4

6

Stock of Money D ec. 1 1906.
in United
Held in
States.
Treasury d.
S

Gold Coin and Bullion. . 1,576,S9S,912
Gold Certificates .a ----Standard Silver Dollars. 561,424,530
Silver Certificates-^----Subsidiary Silver-------- 126,154,782
6,827,000
Treasury Notes of 1S90
United States Notes---- 346,681.016
National Bank Notes- _ 593,380,549

S
262,864,621
55,087,750
9,611
7,084.417
3,893,072
15,424
3,420,694
9,916,945

— Money in Circulation -----D ec. 1.
D ec. 1

1906S

685,974.422
572,972,119
84,211.919
470,118,583
122,261,710
6,811,576
343,260,322
583,463,604

1905.
S
649,040.390
477.154,249
83,326,228
470,964,248
108,776,379
8,435,722
343.196,550
521,240,773

Total _____________ 3,211.366.789 342,292,534 2,869,074,255 2,662,134,539
Messrs. Pixley & Abell write as follows under date of
Population of the United States Dec. 1 1906 estimated at 85,249,000; circulation
per capita, $33 66.
November 22:
GOLD.—The Bank continues to receive the bulk of the arrivals, and the total
receipts during the week amount to £1,580,000; of this, £862,000 is in American
gold coin, £49S,000 in bars, and the remainder in sovereigns, chiefly from Paris.
Aganst this, £786,000 has been withdrawn, South America taking £761,000.
Next week we expect from the Cape£701,000. Arrivals—Cape, £382,000; Bombay
£65,000; Australia, £12,000; West Africa, £2.000; total, £461,000. Shipments—
Bombay,£93,750; Calcutta, £15,000; total, £108,750.

a For redemption of outstanding certificates an exact equivalent in amount of
the appropriate kinds of money is held in the Treasury, and is not included in theaccount of money held as assets of the Government.
d This statement of money held in the Treasury as assets of the Government does
not include deposits of public money in National Bank Depositaries to the credit
of the Treasurer of the United States, amounting to $134,397,226 59.

SILVER.—After touching 33% d. the quotation for spot silver has fallen, until
to-day it is quoted 32 9-16d. The decline is chiefly due to the absence of orders
from the Indian Bazaars, and to speculative sales. At the close the market is
steady, with forward at the same figure as spot. The Indian price is Rs. 82 13-16
per 100 tolahs. Arrivals— New York, £110.000; Chili, |£2,000; total, £112,000.
Shipments—Bombay, £115,000; Calcutta, £62,000; total, £177,000.

Auction Sales — Among other securities the following, not
regularly dealt i at the Board, were recently sold at auctionr
By Messrs. Adrian H. Muller & Son:

MEXICAN DOLLARS.—There is nothing to report in these coin.
Shipments—Calcutta, £56,000.

Arrivals—Nil

Stocks.
25 American Surety Co________ 190
50 Greenwich B a n k ___________ 290
75 Lord & Taylor preferred___ 100

Bonds.

$1,000 Penn. Coal & Coke Co.
1st cons, and coll. 5s, 1953,
M.3& S __________________ 69 &

ganfeing aud ffitiaucial.
BANK OF MONTREAL.
PROCEEDINGS AT THE E IG H T Y -N IN T H ANNUAL
MEETING OF SHAREHOLDERS HELD DEC. 3 1906.
(From the Montreal “ Gazette.” )
The eighty-ninth annual general meeting o f the Shareholders of the
Bank of Montreal was held In the Board Room of the Institution on Mon­
day at noon.
There were present: H on. Sir George Drummond. K .C .M .G .. President;
Mr. E. S. Clouston, Vice-President and General M anager; Sir W illiam C.
M acdonald. H on. Robert M ackay, Messrs. James Ross, A . T . Paterson,
R. B. Angus, Michael Burke, F. S. Lym an. K .C .; Angus W . Hooper,
James Tasker, B. A . Boas, George Durnford. Henry D obell. J. S. Iveoch,
M. S. F oley, John Beattie, R. G. Starke, H. Cameron. W . Blackader,
James K irby, K .C .; James Croll, Lieut.-Col. Prevost, H. Paton, W . Stan­
w ay, A. G. Ross, W . D. Glllean, R ev. G. H. Parker (Com pton); M.
O'Shauglinessy, John Turnbull, J. Scott.
On the m otion of Mr. R . B. Angus, Sir George Drum m ond. President,
was unanimously voted to the chair, and on the motion of Mr. W . Stanway,
seconded b y Mr. James Tasker, it was resolved: “ That the following be
appointed to act as scrutineers: Messrs. F. S. Lym an, K .C ., a*nd Angus W .
Hooper; and that Mr. James Aird be Secretary o f the meeting.*1
T H E D IR E C T O R S ’ R E P O R T .
The report of the Directors to the Shareholders at their eighty-ninth
annual general meeting was then read b y Mr. E. S. Clouston, Vice-Presi­
dent, as follows:
The Directors have pleasure in presenting the R eport, showing the result
of the Bank’s business for the year ended o ls t October 1900.
Balance o f Protit and Loss Account 31st O ctober 1905______ $801,855 41
Profits for the year ending 31st O ctober 1906, after deducting
charges o f management, and making full provision for all
bad aud doubtful debts_____________ --------------------- . ---------- 1,797,976 43
Dividend
Dividend
Dividend
Dividend

1391

THE CHRONICLE.

D e c . S 1906. J

,
paid 1st March 1906________ _
paid 1st June 1906____________
2 H % paid 1st September 1906_____
2 ', % payable 1st December 1906 . . .

2
2

$2 .599 ,S31 84
$360,000 00
360,000 00
360,000 00
360,000 00

$1,440,000 00
Amount credited to Rest A c c o u n t ---------------- 1,000,000 00
---------------- ---- '2,440,000 00
Balance of Profit and Loss carried forw ard__________________ 8159,831 84
The sub-agencies at Fort Rouge (Winnipeg) and Ste. Anne de Bellevue,
mentioned in our last report as about to be established, were opened
shortly afterward. Since the last Annual Meeting branches have also been
opened in the city of M exico and at Saskatoon, and sub-agencies at Fenelon
Falls, St. Henri, Montreal; Uppertown, Quebec, and Bank Street, Ottawa.
The Ontario Bank having intimated th at'it was in difficulties and would
have to suspend, this bank, on 13th October last, assumed all its liabilities,
under a guaranty of other banks against loss, and it is now being liquidated.
In view of the change in the number of directors made by resolution of
the shareholders at the last Annual Meeting, and in order to bring the
By-laws of the bank into accord w ith the Bank A ct, as at present, it has
been thought well by the directors to have the existing by-laws consoli­
dated and amended to date. This has been done, and they are now
placed before you for confirmation.
A il the offices o f the bank, including the Head Office, have been in­
spected during the past year.
G. A . DRUM M OND,
P resid en t.

T H E G E N E R A L ST A T E M E N T.
The General Statement oz^ 31st O ctober 1906 is as follows:
L ia b ilitie s .

Capital S tock _______________________________________________$14,400,000 00
R e s t ______________________________________ $11,000,000 00
Balance of Profits carried forw ard________
159,831 84
Unclaimed D ividends_____________________
Quarterly D ividend payable 1st D ecem ­
ber 1906________________________________

$11,159,831 84
2,228 01
360,000 00
-----------------------

11,522,059 85
$25,922,059 85

Notes o f the Bank in circulation__________$12,036,097 00
Deposits not bearing interest_____________
30,842,380 93
Deposits bearing interest__________________ 99,059,070 61
Balances due to other Banks In Canada___
141,564 73

142,079,113 27

$168,001,173
Assets.
Gold and Silver coin current______ _____ $6,232,607 49
Government demand n otes_______________
5,374,510 25
Deposit with Dominion Government re­
quired by Act o f Parliament for security
of general bank note circulation ______
520,000 00
Due by agencies of this bank
and other banks in Great
B rita in __________________ .$5,597,767 93
Due by agencies of this bank
and other banks In foreign
c o u n tr ie s ............. ............ .. 3,027,768 24
Call and short Loans In Great
Britain and United S ta te s.29 ,784,242 00
--------------------- 38,409,778 17
Dominion and Provincial Government
s e c u r it ie s ................
1,346,087 68
Railway and other Bonds, Debentures
and stock s........... ...........................
8,999,865 20
Notes and cheques of other Banks .............
4,418,994 19
--------------------- $65,301.842
Bank Premises atMontrealand Branches___ ______
600,000
Current
Loans and Discounts In Canada
and elsewhere (rebate Interest reserved)
and other assets...........................................$101,814 ,453 38
Debts secured by m ortgage or otherwise__
183,955 04
Overdue debts not specially secured (loss
100,921 72
provided fo r )......... .............
------------------------ 102,099,330
Bank of Montreal,
Montreal, 31st October 1906.

12

98
00

14

$168,001,173 12
E. S. CLOUSTON.
G eneral M a n a g er.

T H E V IC E -P R E S ID E N T .
The Vice-President then spoke as follows
As the President will deal with the business of the country generally, I
will only refer to the statement of the alTalrs of the bank presented to you.
You will notice that the chief features are Increases of about $11,000,000 In
deposits bearing Interest and about $13,000,000 In our current loans.
These changes took place principally during the last month of our fiscal
year, and are the result of our undertaking the liquidation of the liabilities
of the Ontario Bank. The profits show an Increase of $160,000, due partly
to the good rates ruling In London and New Y ork, where we are com ­
pelled to carry a considerable portion of our reserve funds. The other
changes are of minor Importance, and do not call lor any special comment.
W hen In October the deplorable condition of the Ontario Bank was sub­
mitted for the consideration of a number of bankers, It was thought best,
In the Interests of all concerned, that the bank should be liquidated; and.
With the view of allaying any excitem ent which would probably be detri­
mental to the Interests of the commercial com m unity generally, It was
decided that this Bank should undertake to assume all the liabilities of
the Ontario Bank, under a guaranty from other banks In the event of the
assets being Insufficient to discharge them.
This bank Is also a party to
the guaranty, and we have agreed In addition to pay $150,000 for the g ood ­
will of the business. W e do not anticipate that there will be any claim
under the guaranty.
The liquidation is proceeding quietly, without any
public excitem ent or disorganization of the business of the country, with
a minimum of cost to the shareholders ol’ the Ontario Bank, and without
the loss of a dollar to cither noteholders or depositors. The record o f
Canadian banks in this respect is excellent. During the last quarter of a
century, by failures of banks which could be organized under our present
banking laws, the loss to depositors has been under $750,000. The note­
holders o f course have lost nothing. I speak only of banks that could be
organized under our present Acts. Other banks during that period failed,
involving loss to both depositors and noteholders, but they were acting
under old charters and under conditions which do not now exist— in one
case there was no double liability. Out of the 12 banks that have sus­
pended since 1S80, five only could obtain charters under our present system .
W ith respect to the general business o f the country, I can only repeat
my remarks of last year.t hat we are still in the full flood-tide of prosperity.
Railway earnings continue large, immigration Is satisfactory arid the farm ­
ing com m unity share with manufacturers and merchants the general well­
being, but in Its wake it Is feared will follow over-expansion, inflated values
and increasing speculations, particularly in real estate and mining stocks,
leaving wreckage behind when the tide ebbs.
There is still time to set one’s house in order and keep it there, 5ut the
tardy should, remember that the prolongation o f the day of grace may add
to the severity of the day o f reckoning.
TH E P R E S ID E N T ’S R E M A R K S .
The President, in m oving the adoption o f the Directors’ report, said:
In accordance with a practice of many years’ standing in this bank, I
attempt a brief review of the general trade o f the country.
Beyond question the general condition is one of great prosperity.
In all or nearly all branches of trade, manufacture and commerce con­
siderable advances in the volume o f trade have taken place as compared
with the preceding year.
The port of Montreal is now, it is satisfactory to note, much more widely
recognized a s’the eastern port of the Dom inion, and its efficiency the con­
cern not of the Province o f Quebec specially but o f the whole Dom inion.
It is therefore not entirely satisfactory to note that the business of the year
now ending shows little, if any, advance over the previous year.
The improvements of the port proceed but slowly, and much remains to
be done in the harbor, the channel and the Gulf to make it possible to claim
Montreal as a model port.
The present extreme rates of marine insurance are a great disadvantage.
Upon the whole the shipping business shows a fair season’s business, due
in part to a greatly increased importation of goods and increased passenger
trade, and the shipowners appear to be fa ir ly well satisfied.
In this connection it is in the highest degree satisfactory to note the
improved volume of passenger business, due largely to the appearance on
the route of four new steamers o f the Allans and Canadian Pacific Railway
Company. These boats, if only the pioneers, do much to rem ove the re­
proach which forced Canadian travel to New Y ork and B oston, and pre­
vented almost entirely general travel from reaching Canada, in effect
placing Canada and Canadian interests in the background. W e have the
shortest sea route from Europe, and are only beginning to secure a reason­
able share o f a business which may include not Canada alone, but a large
portion of the Western U nited States.
Taken in detail, I may. say the various important departments of trade
and commerce have done w ell.
The hardware trade reports “ a larger business during the past year
than at any former period in the trade’s h istory.”
The new application o f iron and steel in building structures, added to
the demand for other standard purposes, have caused a famine in these
materials and unexpected delays in many enterprises.
The dry goods trade is reported as never better, and one feature to which
I may refer later on is the much better and more expensive goods now in
dem and.
In woolens the report is that while still under a cloud from the operation
o f the preferential tariff it is better than last year, prices of all classes
having advanced.
In cotton advances in prices and an active demand are reported. Here
again buyers are said to be taking goods costing seven to eight cents a
yard, when not long ago four to five cents sufficed.
Boots and shoes— The demand has been good. Prices it is said have
not advanced in proportion to the advance in the raw material, though
now from 5 to 20 per cent above last year.
In leather a large business has been done in the home trade at an advance
o f one to two cents per pound. Raw hides having advanced all round
about 25 per cent.
W ool has brought very high prices during the year.
Some Idea of the value to the farming com m unity o f the cheese and
butter trade may be found from the following figures:
Cheese.— The cheese exported to Great Britain during the present season
was of the value of $22,401,132.
Butter.— Of butter $4,433,891, and Including what remains to be sent
out, we reach a total of over 33 millions of dollars. To these must be
added the home consumption, which Is every year growing In volume and
importance.
The great feature of the hour Is, however, tlie development of the North
Western provinces— Manitoba, Saskatchewan and Alberta- -in which the
capacity to produce excellent qualities of all kinds of cereals seems to be
assured beyond question.
Of wheat alone the present crop Is estimated at 85 million bushels, the
quality undoubted; the area under cultivation Is greater than last year,
but the yield per acre Is about 19 bushels, as against 23 la*-q year.
If the other grains, such as oats, barley and flaxseed. are taken Into ac­
count, and cattle exported to the value o f eight millions of dollars, we are
assured that the farmers have shared in the general prosperity.
The number of acres o f Canadian Pacific lands sold from January 1st
to October 31st 1906 Is 1,080,000. as against 653,300 acres in the corre­
sponding period of 1905.
The number of Immigrants entering Canada through Canadian Pacific
gateways from January 1st to November 7th 1906 Is 132,000, as against
96,000 in the corresponding period of last year.

1392

THE CHRONICLE

The best evidence of the extraordinary activity o f trade Is to be fou n d
In the railway tra ffic, which is trying to the utm ost the resources o f the
roads; new rolling stock Is being put into service as qu ick ly as acquired,
and the dem and is still unappeased.
In addition , we have three great trunk lines engaged in a ctive con stru c­
tion— the Grand Trunk to reach the P acific, the Canadian N orthern and
the Canadian Pacific in great stretches o f extension, the pace being only
lim ited b y the su pply o f labor.
The current com plaint is o f the increased cost o f livin g, and it is an
interesting question how far this is due to any increased cost o f what are
called the necessities o f life or to an advance in the style o f living and the
increased use of luxuries.
Doubtless both enter into the case, bu t this
Is to o large a subject for adequate treatm ent on this occasion
In this m atter som e evidence m ay be adduced from the fa ct that the dry
goods and other trades report the m ore costly class o f goods now being sold.
There is abroad in the w orld at large a prevalent idea that capital and
corporations o f all kinds are antagonistic to the general welfare. N ow it
w ould be an interesting question how m uch o f our present prosperity is
founded on substantial realizations o f our ow n, and how m uch is due to an
increased confidence in our future on the part o f outside capitalists.
The absurdity of regarding capital w ith suspicion is evidenced b y the
fact that the vast additions to our railways and other enterprises essential
to the opening up o f our cou n try w ould be im possible w ithout the aid o f
outside capital.
It w ould be contrary to all experience to hope for an unbroken con tin u ­
ance of the present con dition o f prosperity— periods o f reaction and of
suspended enterprise m ay be expected; but w c m ay be assured that the
surest means o f postponing their com ing and dealing w ith the bad times
when they com e is the exercise o f prudence and caution in prosperous
times like the present.
I beg to m ove: “ That the report o f the directors, now read, be adopted
and printed for distribution am ong the shareholders.”
If any shareholder
has any questions to ask, we shall be pleased to answer them .
The m otion for the adop tion o f the report was seconded b y the V icePresident, after which R ev . G. H. Parker asked several questions in regard
to ^dividends, and also as to the B ank’s prem ises, w hich were replied to
by the President and the V ice-President.
Mr. B. A . Boas spoke on the dividend question, and advocated the
possibility of higher dividends in the future.
The report was then unanim ously adopted.
C O N F IR M A M E N D E D B Y -L A W S .
It was m oved by the President: “ R esolved, that the con solidated
am ended By-laws o f the Shareholders o f the Bank o f M ontreal, laid before
the Shareholders and read, be and the sam e are hereby confirm ed, adopted
and passed by this meeting o f shareholders, and that the sam e be sealed
w ith the C orporate Seal o f the Bank countersigned b y the President
th e re o f.”
This was seconded b y the V ice-P resident, w ho rem arked: I think it is
hardly necessary to read the by-law s through; they are before the Share­
holders, and the changes are small and few. In paragraph III. the num ­
ber o f directors is increased from nine to ten. Paragraph V I. governs the
election o f an honorary President, w hich is a new position. N o. X . had
to be changed in order to enable us to carry out the quarterly dividends
and the closing o f the B ank’s books. As to N o. X I ., under the old b y ­
laws, if we appointed any local director, he had to be qualified to the e x ­
tent o f tw en ty shares. W e have thought it was hardly necessary to ask
a local director for an y qualification. N o. X I I I . has been stricken ou t, as
It is provided for b y a foot-n ote.
The m otion was then a dop ted, after which Mr. B. A . Boas m oved:
“ That the thanks o f the m eeting be presented to the President and
D irectors for their attention to the interests o f the B a n k .”
This was seconded b y Mr. H enry D obell, and was concurred in unani­
m ously.
Mr. A . T . Paterson m oved:
“ That the thanks o f the m eeting be given to the General M anager, the
Assistant General Manager, the Inspector, the Managers and- other officers
o f the Bank for their services during the past y e a r.”
In m aking the m otion , Mr. Paterson said that the im portance o f the
staff to the Bank was a point which must be patent to ev eryb od y. The
success o f the Bank depended, in the first place, upon the chief officers,
but the subordinate staff had a hand in carrying ou t their several offices.
T h e extension o f a ba n k ’s business necessarily carried with it an augm en­
tation o f the staff. W hen he first joined the Board o f the Bank o f M on­
treal the staff was under 300; now it was, he believed, som ewhat over 1,000.
Sir W illiam M acdonald seconded the m otion , w hich was unanim ously
adopted.
The V ice-President thanked the Shareholders, on behalf o f him self and
staff, for their Rind expression o f appreciation.
Mr. H . Paton m ov ed , seconded b y Mr. John Turnbull:
^•“ That the ballot now open fo r the election o f directors be kept open
until 2 o ’ clock , unless fifteen minutes elapse w ithout a v ote being cast,
when it shall b e closed, and until that tim e and for that purpose on ly this
m eeting he con tin u ed .”
This was unanim ously concurred in.
T H E D IR E C T O R S .
T he ballot resulted in the election o f the follow ing directors:
S IR W M . C. M A C D O N A L D ,
R . B. A N G U S,
A . T. P A T E R S O N ,
E . S. C L O U ST O N ,
THE
H O N . S IR
G E O R G E A . R O B E R T G. R E ID ,
JAM ES R O SS,
D R U M M O N D , K .C .M .G .;
E . B. G R E E N S H IE L D S ,
T H E R T . LION. L O R D S T R A T H HON. R O B E R T M ACKAY,
CONA AN D MOUNT R O Y A L
G .C .M .G .
A t the m eeting of the new ly elected directors held on T uesday, Sir Ge<
D rum m ond was re-elected President, Mr. E. S. Clouston Vlce-Presiednt
and Lord Strathcona H onorary President.

D IV ID E N D S .
^ W e have changed the method of making up our wee'
list of dividends. Heretofore our record has included o:
the dividends announced each week, but for the convenience
of our readers we now enlarge the scope of the compilation
solas to show also dividends previously declared, but the
date of payment of which has not yet arrived. In the new
form the statement indicates all the dividends announced
for the future by all large or important corporations.
Dividends announced this week are 'printed in italics.
N am e of Com pany.

Railroads (Steam).
Ashland Coal & Iron, common (quar.)__
Atchison Topeka & Santa F e , preferred- Atlantic Coast Line RR... common______

Atlantic Coast Line Co. (Conn.) (quar.)_
Beech Creek, guaranteed (qu a r.) ________
Boston & Lowell__ _____
_______
Boston & Maine, com. (quar.) (No. 165)
Buffalo & Susquehanna, common (quar .)_
Canada Southern ____ ______
______
Carthage Watertown & Sackett’s Harbor
Chicago & Eastern Illinois.pref. (quar.)_
Chicago Indianapolis & Louisville, c o m .P r e fer re d _________________________
Chicago <fc North Western, com mon ______
______
Preferred (quar.) ________

Cincinnati New Orl & Texas P ac., com_ _
Delaware Sz Hudson Co. (quar.)_______

P er
Cent.

When
Payable.

1

Dec.

2A

Feb.

3
2K
1
4
IK
IK
IK
214
IK
l.K
2
3K
2
2K
IK

Jan.
Dec.

Jan.

Jan.
Jan.
Jan.
Feb.

Dec.
Jan.
Dec.
Dec.
Jan.
Jan.

Dec.
Dec.

Books Closed.
D a ys Inclusive.

20 Dec. 16
to
1 D ec. 28
to
10 Dec 22
to
10 Dec. 1
to
2 Holders of rec.
2 Holders of rec.
1 Holders of rec.
9 Jan.
l
to
1 Holders of rec.
31 Holders of rec.
2 Dec. 13
to
28 D ec. 13
to
28 Dec. 13
to

Dec. 20
l
Jan. 9
Dec. 9

F eb.

D ec. 22

Nov. 24
Dec. 1
_______
Dec. 31
Dec. 22
Dec. 16

D ec.
Dec.
H olders Of rcc. D ec.
H olders o f rec. D ec

28

28
2
12
9
12
15 Dec. 9
to
Dec. 16
15 Holders of rec. Nov. 24

Name, of Corny a n y .

fVOL. LXIXD L
W hen |
P er
Cent. 1Payable.

Del. Lackawanna <fc Western (extra)--

Dec.
10
2 K Jan.
2 K 1Jan.
East M ahanoy.......................... .
2K Dec.
Greene R R ________________
Dee.
3
H ocking V alley, com m on ___ ______ ____
IK iJan.
P r e fe r r e d _____________ ____ _______
Jan.
2
I nterborough-M etropolitan C o .,p f. (quar)
IK Jan
Inter borough Rapid Transit {guar.) ____
2 H !Jan.
L ake E rie & W estern, p referred . ____ ___
2
Jan.
Jan.
Lake Shore <& M ichigan Southern .... __
6
M ichigan Central _______ _____ _ ____
Jan.
3
New Y ork Central & Hudson R iver {guar.)
V A !J an .
Jan.
New York & Harlem ... . _ .......... ....
5
Neu: Y ork Lack. & Western, guar, (guar.)
IK ,J an .
Norfolk & Western, co m m on _________
2K Dec.
Jan.
Rensselaer & Saratoga, guaranteed . . . . .
4
Dec.
St. Lawrence & Adirondack................. _ 5
Jan.
St. Louis & San Fran., 1st pref. (quar).
1
Jan.
3
W hile P ass & Y u kon
Street Railways.
American Railways, Philadelphia (quar.) j IK Dec.
Boston Suburban Elec. C os., pref. {gu a r.).
75e. Jan.
D etroit United R y . (guar. ) .......... .....
IK iFeb.
Forest City R y. {Cleveland)
IK
Johnslown (P a l) Passenger {gu ar.). ___
K Dec.
_____ Metropolitan Street R y . {gu ar.).
1K Jan.
New Orleans R y . & Light, pref. (ouar .)__
V A |Jan.
Tw in City Rapid Tran. M in n ., p f. (quar.)
IK Jan.
U nion Traction (Philadelphia) ___ ____
2K IJan.
United Trac. & E le c., Providence (gu a r.).
IK Jan.
Banks
Jan.
_
_ _.
Consolidated N a tio n a l. ___ _
3
Nineteenth Ward (quar.) (No. 2 2 ) ___
2K Dec.
Jan.
10
U nion Exchange (qu ar.) ___________
2K 1Dec.
Trust Companies
Dec.
Fifth (guar.) .
______ _. . __ ..
3
Dec.
M etropolitan (quar.) (N o. 40)__________
6
___
___ __ . _ _ 4
J an .
Mutual A lliance
Dec.
New Y ork L ife Insurance & Trust _____20
Dec.
E x t r a ____
. __________ _______
5
2
Dec.
Van Norden (quar.).------- _ __________
Extra _______
Dec.
__ ________ _____
2
W in d sor ______
_ ___ __ ____
Dec.
3
Miscellaneous.
A m er. Beet Sugar, pref. (guar.) (N o. 30) _
IK Jan.
A m erican Can, preferred (gu a r.) ____ ..
IK Jan.
A m er .C a r & F d ry., com . (quar.) (Vo. 17)
K Jan.
Preferred (quar.) (N o . 31) _____ ______
IK Jan.
Dec.
American Chicle, common (monthly)__
1
American Express (quar.) _ __ ______ .
Jan.
3
Amer. Graphoph., com. (quar.) (No. 36)
IK Dec.
American Ice (old company), preferred. d9
Dec.
American Ice Securities (quar.)-. __
IK Jan.
American Radiator, common (quar.)_.
Dec.
1
Am.er. Smelt.
Ref., com. (guar.) (N o. 13)
IK Jan.
Preferred (guar.) (N o. 30)___________
IK J a n .
Am erican S n u ff , common (quar .)_ _ __ .
2K J a n .
Preferred (quar.)
. . _ ___ _ _
Jan.
Amer. Sugar Ref., com. & pref. (quar.)_
IK Jan.
American Surety (quar.) (No. 70)__
Dec.
2
Dec.
2
-- - - ----- E xtra - _ ________
A m erican Tobacco, preferred (q u a r.) ____
IK J an .
April
American Writing Paper, preferred____
1
Barney & Smith Car, common (quar.)__
Dec.
1
Borden’s Condensed Milk, pref. (quar.).
IK Dec.
Butte Coalition Mining (q u a r .)____ -40c. Dec.
Butte E lectric & P ow er, common (q u a r .)..
IK Dec.
$20
Dec.
Calumet & Hecla Mining (quar.)______
Celluloid Com pany (q u a r.). ------------ ..
VA D ec.
9
Dec.
---------------------FJxlra ----------------Central Leather, pref. (quar.) ----IK Jan.
Jan.
Chic. Jet. R ys. & Un. Stk. Yds.com ..(qu.)
2
Preferred (quar.) _ ----- -----_ . _
IK Jan.
Childs C om pany, common (qu a r.) --------IK Dec.
Preferred (qu ar.) ------------------------------IK Dec.
Dec.
Cleve. & Sandusky Brew., com. (quar.)_
1
_ . -Preferred (quar.) --------IK iDec.
Dec.
Clyde Steamship------- __ ------------4
1
Dec.
Diamond Match (quar.)---------- --------2K Dec.
(F . T.) du Pont de Nemours Pow.com. (quar)
IK Dec.
du Pont Internat. Powder, pref. (quar.)_
IK Jan.
Preferred, extra,_
______ __ _ .
IK Feb.
Eastman Kodak of N. J., com. (quar.)_
2K Jan.
Preferred (quar.)- _
----------------VA Jan.
2
Electric Boat, common (N o. 1)
Dec.
2
Jan.
Preferred (quar.) (No. 14)----------------Dec.
Equitable 111. Gas Idght. P h ila ., p ref ------3
Federal Mining ^Smelting, com. (quar.)
IK Dec.
Common (extra)— ------- —
3 K Dec.
Preferred (quar.)
- - IK Dec.
General Chemical, preferred (quar.)-----IK Jan.
2
Jan.
General Electric (qu a r.) ------------------- —
2
Jan.
Great Lakes Towing, common. ---------Preferred (q u a r.)... — - -IK Jan.
Guggenheim Exvloralion (quar.) (N o. 16)
2K Jan.
Inner soll-Rand .preferred
....
—
Jan.
3
International Paper, pref. (quar.)--------IK Jan.
Jan.
International Silver, preferred (gu a r.) ----1
Intern.Smokeless P. & Ch., com. (quar.)
K Jan.
Common, ex tra .. -- - --------- —
K Reb.
Jan.
Knickerbocker Ice, preferred. . ---------3
Laclede Gas Light, common (quar.)----IK Dec.
___
- -Preferred__
2K Dec.
M ackay Com panies, com . & pref. (qu a r.).
Jan.
l
M aruland Coal, preferred ---------------------2K Dec.
Preferred (extra) ____________________
IK D ec.
National Biscuit, common (quar.) _ __ _ _
Jan.
1
Nat. Enam. & Stamping, pref. (quar.)__
IK Jan.
National Lead, common (quar.) No. 12
Jan.
1
Preferred (quar.) (No. 60). ------IK Dec.
Niles-Bement-Pond. com. (special)------- 40 7 Jan.
Philadelphia Electric. . . . ------- --2K Dec.
Quaker Oats, common (quar.)------- --- - IK Jan.
-----------—
Common. extra _ —
K Jan.
Quincy Mining (quar.)
. .
$2.50 Dec.
Railway Steel Spring, preferred (quar.).
IK Dec.
Republic I. & Steel, pref. (quar.) (No.23)
I K ^an.
2e
Jan.
Preferred, extra____________________
Rubber Goods Mfg.. pref. (quar.) (No.31)
IK Dec.
2
Safety Car Heating & Lighting (quar.).
IDec.
4
IDec.
Extra _____________________________
Sears-Roebuck & C o., preferred (quar .)___
IK Jan.
Standard Oil (quar.)--------------------------- S10 Dec.
Denver & R io (Grande, preferred.
Detroit & M a ckin ac, 'preferred __________

Streets Western Stable Car L in e, preferred
Swift d- Co. (qu a r.) ------------------------------U nion B ag J* Paper, preferred ( q u a r .)...
United Bank Note Corp.. pref. (ouar . ) . .

United States Leather, pref. (quar.).U. S. Red. & Ref., pref. (quar.) (No. 14)
U. S. Smelt., Ref. * Min., pref. (quar.).
U. S. Steel Corp., com. (quar.) (No. 12)_
Waltham Watch, common—
-----W hite (J.G.) dr Co,Inc., p ref (guar.) (N o .15)

2A

Tan.
IK J a n .
Jan.
1
JM J a n .

IK Jan.
IK Jan.
IK Jan.
K ^ ec.
IK Jan.
IK Jan.

B ooks Closed.
D a y8 Inclusive.

20 Dec. 6
15, D ec. 29
2 Dec. 16
15 Dec. 6

to

Dec. 19

V)
to

Jan. 15
Jan. 2

to

...........

19

14 D ec. 25
14 Dec. 25
2 D ec. 11
o Dec. 18
15 Holders o f
27 Holders o l
29 Holders of
15 Dec. 16
2 Holders ol
2 D ec. 16
21 Holders of
2 Dec. 16
31 Holders of
2 Dec. 16
15!

14
14
1
1
29
31
31
15
15
1
rec. Dec. 5

to
to
to
to
rec.
rcc.
rec.
to
rec.
to

Jan.
Jan.
Jan.
Jan.
D ec.
Dec.
Dec.
J an .
D ec.
Jan.

to

Jam.

to
15 Nov. 29
16 H olders o f rec
to
1 Jan. 11
Dec. 11
to
31
to
2 Dec. 21
to
15 Jan. 1
2 Holders of rec.
to
1 D ec. 11
2 Dec. 12
to
2
31
o
31

Dec. 21

2

rec. Dec. 22
to Jan. 2
Dec.

4

D ec. 15
Feb.
5

_______

Jan.
1
J a n . 14
D ec. 18
J an .
1
J an . 2

8
1

to

Jan.

to

Jan.

D ec. 22

to
to

J an .
J an .

31
31
2
10
10
31
31
29

Dec. 18
Dec. 22
D ec. 21
Holders o f
Holders o f

to
to
to
rec.
rec.

J an .
J an .
J an .
D ec.
D ec.

2
2
1
1
20
2
15
15
2
31
15
2
2
2
2
31
31
2

Holders o f
Dec. 16
Dec. 12
Dec. 12

rec.
to
to
to

D ec. 22
Jan. 2
Jan. 1
Jan.
1

Dec. 21
Dec. 23

2

1

1
1
1
4
4
Dec. 21
to
Jan. 1
Dec. 21
to
Jan. 1
H olders o f rec. D ec. 28

Dec. 15
to
Holders of rec.
Holders of rec.
Dec. 11
to
Dec. 16
to
Dec. 23
to
J an . 5
to
Dec. 15
to
Dec. 15
to
Dec. 15
to
Dec. 2
to
D ec. 16
to
D ec. 16
to
Dec. 16
to
lb Holders of rec.
to
15 Dec. 5
to
15 Dec. 6
to
19 Nov. 15
15 Hoders o f rec.
18 Holders of rec.
31 Holders of rec.
31 Holders o f rec.
2 Holders of rec.
2 D ec. 14
to
2 D ec. 14
to
10 Dec. 5
to
to
10 D ec. 5
to
15 Dec. 2
to
15 Dec. 2
to
31 Dec. 16
to
15 Nov. 27
15 Holders of rec.
to
15 D ec. 6
2 Holders of rec.
15 Holders of rec.
to
1 Dec. 1
to
1 Dec. 1
to
31 Dec. 27
o
to
z Dec. 21
15 Holders o f rec.
1
to
15 Dec
to
15 Dec. 1
to
15 Dec. 1
2 Dec. 23
to
15 Holders of rec.
to
15 Dec. 16
to
2 Dec. 16
2 D ec. 16
to
to
1 Dec. 16
to
] Dec. 16
to
1 Dec. 18
2 Holders of rec.
15 Holders of rec.
to
3 Dec. 22
to
15 Dec. 9
to
15 Dec. 9
2 Dec. 17
to
to
31 Dec. 20
to
31 Dec. 20
to
15 Dec. 29
to
1 Dec. 12
to
1 Dec. 15
to
15 Nov. 24
o Dec. 1
to
13 Holders of rec.
15 Holders of rec.
15 Holders of rec.
99 Dec. 8
to
to
20 Dec. 9
2 Dec. 13
to
2 Dec. 13
to
15 Holders of rec.
22 Holders of rec.
22 Holders of rec.
to
\ Dec. 15
15 Holders of rec.
to
1 Dec. 21
to
7 Dec. 14
to
15 Jan. 1
Q Dec. 19
to
2 Holders of rec.
to
1 Dec. 21
15 Holders of rec.
to
31 Dec. 9
1 Holders of rec.
2 Holders of rec.

Dec.
Dec.
Dec.
Dec.
Jan.
Dec.

20
15
1
16
2
31
J an . 15
J an . 2

J an .
J an .

Jan.
J an .
J an .
Jan.

2

2
2
9
9
2

Mch.lSa
Dec. 16
Dec. 16
Dec. 4
D ec. 12

Nov 20
Dec. 14 a
Dec. 14 a

Dec. 10
Jan. 2
J an . 2
Dec. 10
D ec. 10

Dec.
Dec.
Jan.
Dec.
Nov.
D ec.

Dec.
Dec.
Dec.
Dec
D ec.
J an .
D ec.

Dec.
Dec.
Dec.
Jan.
D ec.
Jan.
Jan.
Jan.
Jan.

Jan.
J an .

Dec.
Dec.
Jan.
Dec.
Dec.
D ec.
J an .
J an .

Jan.
Jan.
Jan.
Dec.
Dec.
Nov.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.

Nov.
Jan.
Jan.
Jan.
Jan.

16
16
1
16
30
16
20
20
16
16
30
1
8
9
9
9
2
15
1
1
2
1
1
1
20
20
2
16
16
31
1
1
15
1
1
16
9
23
5
5
20
20
2
2
8
8
8
1
21
1
7
15
2

Dec. 10
Jan. 1
Dec. 1
Jan. 1
Dec. 10
N ov. 30

a Transfer books not closed, b April 1 1907. d Representing part of dividend
accumulations since April 1902. e On account of accumulated dividends.
/ Stock dividend.

THE CHRONICLE.

D e o . S 1906.]

Statement of New York City Clearing-House Banks.—
The following statement shows the condition of the New
York City Clearing-House banks for the week ending Dec. 1.
It should be distinctly understood that as to all items
except capital and surplus the figures are the averages
of the daily results, not the totals at the end of the week.
In other words, in reporting loans and deposits and holdings
of specie and legal tenders, the practice is to take the aggre­
gate of the amounts for the several days of the week and
divide this aggregate by the number of days.
ire omit two ciphers (00) in all cases.
Banks

OCXs omitted.

Capital.

Surplus.

Loans

: Specie.

Legals. Deposits, a I Re­
s'rve

$
$
$
S
S
2.000.0 2,956.2
17,804.0 2.724,0 1,384,0 ,
Bank of X Y . .
22.508.0 4.640,0 2,269,0
Manhattan Co.
2.050.0 2.863.7
1.490.0
Merchants'___
2.000,0
2,525,2
11.736,3
935,0
3.000.0 3.680,6
19,117,0 2.478.0 2.067.0
Mechanics’ ___
1.500.0 4,083,5 20,739,7 3,623.3 2.079,8
America .. - 1.000.0
375.1
Phenix_______
6,953.0
1,271.0
114,0
City _________ 25.000.0 20.663.4 144.770,3 20,108,2 8.653.2
Chemical..........
300.0 7.9146
24.078,8
4.015.S 1.778,7
600.0
485.4
Merchants' Ex.
5,819,4
941.7
363.7
1,000,0 2,353,2
Gallatin______
S.304,2
943.4
598.4
553,2
Butch. A Drove
300.0
157,3
2,304.S
66,6
Mech. AT rulers’
700,0
3.56,9
6.397,0
949,0
807.0
646.9
Greenwich___
500,0
5,342,6
1.044,9
465,1
5.000.0 4,607,3 27.579,6 4.25S.7 1.071,8
Amer. Exch.._
Commerce____ 25.000.0 13.811 ,S 131.575,8 18.962.0 7,707,0
3,000.0 4.711.9 21,218.0 3.322,3 1,149,2
Mercantile___
772,7
500,0
3,159.8
440.4
398,3
Pacific ............
450.0
1.01$,2
Chatham. _ .
653,0
5.S02.8
806.0
200.0
466,3
167,4
People’s - ........
2,018.5
647.7
North America..
2.000,0 2.197,8
16,578,0 2,569,0 1,246,0
3.000.0
7.850.7
51,821.1
Hanover_____
9,172,6 5,544,0
Irvins:_______
1.000,0
1,157,8
7,439,0
1,150,8
381,1
S60.5
Citizens' Cent !.
2.550,0
19,228,7 3.036,7 1,651.2
352,5
262,4
368.2
500,0
3,239,7
Nassau______
Market A- Fult’n 1.000,0
1.518,4
1,338.7
7.235,5
502,4
.509,2 10,647,2 2.279.5!
Metropolitan __
2,000.0
182,6
6,353,0: 3.922,0
Corn Fb:change.
3,000,0 4,767,6 36,575.0
Oriental_____
10,061,9 2,454,7
750,0
1.202,9
448,0
Imp &Traders.
4,404,0 1,141,0
1,500,0 7,030.9 24,264,7
P a rk _________
3.000,0 8,144,2 69,734.0 16,250,0 3,739,0
123.4
1,281,6
232,2
182.4
East River___
250,0
Fourth ..........
3.000,0 3.083,1
18,276,8 3,348,2 1,76S,4
Second---------1,207,4 1,221,0
300,0
1,777.8
9,787,0
First ______
10,000,0 IS.109,2 S7.197.5 16,909,9 1.706,8
910,4
1.000,0
10,117,8 2,257,4
N. Y. Nat. Ex.
306,9
778,2
243,0
250,0
3,790,0
577,0
Bowen* _____
X. Y. Countv..
840,7
946,4
473,2
5,512.7
200,0
750,0
603,8
782,0
German-Amer .
4.207,9
191,9
Chase_________
1,000,0 6,137,0 4S,030,5 11,582,0 1.240,0
Fifth Avenue..
100,0
1,840,5
10,061,0 2,215,3
569,9
German Exch._
814,1
810,0
200,0
3,549,3
136.0
936,5
Germania____
200.0
4,801,7
492,1
718,7
Lincoln ______
300,0
1,670,4
11.981,3
969.5 2,022,9
1,000.0
1,540,0
G arfield_____
1,391.1
7,734,7
305,9
Fifth . . . __
250,0
456,6
3.096.6
533.0
242,9
Metropolis___
9,856,0
1,536,0
1,000,0
1,660,3
536,3
200.0
846,2
West Side----501.0
4,215,0
553,0
Seaboard..
1.000.0
1,260,1
16,540,0 3,704,0 1,512,0
300,0
1st Nat., Bklvn.
668,0
469,0
685,3
4,871,0
Liberty ______
1,000,0 2,224,9
1.653,0
478,6
10.106.3
N. Y. Prod. Ex.
1,000,0
571,4
5,944,9
1.326,8
464,9
New Am ster...
1.000,0
280,9
877,0
5,685,3
484,0
As t o r ________
350.0
1,005,0
727.7
4,871,0
253,0
State _________
100,0 3,542,3
12,682,0 3,795,0
179,0

s
%
15,741,0 26.0
25.606,0 26.9
13,296,4 126.0
18,012.0 25.2
21,737.9 26.2
5,SI 1.0 23.8
117,724.7 24.4
22,394.8 25.8
5.SS7.8 22.1
6.032.0 25.5
2,506.5 24.7
7,291,0 24.0
6.153.4 24.5
20,788.4 25.5
105,410,0 25.3
17,822.6 25.0
3.710.4 22.6
5.7S6,5 25.0
2,693,0 30.2
15,677,0 24.3
58.699,2 25.0
6.733,0 22.7
18,808,7 24.9
3,549,0 17.7
6,702,9 27.4
10,664,6 23.0
41,576,0 24.0
10,344,5 28.0
21,284.0 26.0
78.415,0 25.4
1,556,2 26.6
19,897,5 25.6
9.550,0 25.4
71,110,1 26.1
10,138,1 25.2
4,150,0 19.7
5,800.0 24.4
4,123,6 23.6
51,284,0 25.0
10.890.5 25.5
4,374,9 21.6
5,816,7 20.8
12,405,0 24.1
7,798,6 23.6
3.183,6 24.3
9,403,7 22.0
4,418,0 23.8
19,527,0 26.2
4,821,0 23.5
7,983,5 26.7
6,923,5 25.8
6.416.9 21.2
4,822,0 26.0
15,381,0 25.8

1393

New York City, Boston and Philadelphia Banks.— Below'is
a summary of the weekly returns of the Clearing-House banks
of New York City, Boston and Philadelphia. The New York
figures do not include results for non-member banks:
W e omit two ciphers (00) in all these figures.
Banks.

New York
Nov 3-Nov. 10Nov. 17. Nov. 24 - Dec. 1 _
Boston.
Nov. 10..
Nov. 17. Nov. 24..
Dec. 1
Phi la.
Nov. 10-.
Nov. 17-.
Nov. 24-Dec. 1-.

Capital
and
Surplus.

Loans.

Specie.

Legals.

$
274.326,8
274.326,8
271,326,8
277,759.7
277.759.7

$
1052.790.9
1045,498,2
1039,397,8
1043,468.3
1048,652,3

S
187,652,2
181,803,4
183.906,4
185,016,2
181,687,1

$
09,353,6
66,371.1
67,085,4
68,878,5
69,420,7

Deposits, a Circu­
lation.

Clearings ,

S
49.024.7
50,544,4
51.357.2
52,265,4
53,324,4

$
1,973,259,5
1.760.139,3
2,196,881,1
2,190,736.2
1,780.069.0

43,680,0 193.141.0 18,280,0 5,384,0 223,436,0 8.164.0
43,680,0 190,267,0 17,316,0 5,373,0 222,965,0 S,332,0
43,680,0 187,327,0 17.109,0 5,491,0 213.175,0 8,406,0
4.3,0S0,0 186.559,0 17,026,0 5,116,0 210,758,0 8,570.0

166,997.7
193,650,5
108,923,4
142,630,2

57.720.0
57.125,8
59,097,0
58,063,0

132,844,4
163,125,1
158,068,0
144,717,7

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

224,471.0
223,417.0
221,584,0
223,492,0

$
1015,824,1
998,754,5
994,480,5
997,965,1
998,634,7

255,316.0
256,708,0
256,286,0
255,949,0

14,456,0
14.487,0
14,482,0
14,469,0

a Including: lor Boston and Philadelphia the item “ due to other banks” and also
Government deposits. For Boston these Government deposits amounted on Dec. 1
to S3.571.000, on Nov. 24 to $3,559,000.

Imports and Exports for the W eek.— The following are the
imports at New York for the week ending Dec. 1; also totals
since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For week.

1905.

1906.

Dry Goods___ __ _ ............
General Merchandise______

S3,331,770
12.70u.160

S2,425,SOS
8,026,347

1904.

1903.

SI,964,756
9,983,498

$2,064,775
7.306,111

T otal.............. .................. $16,031,930 $10,452,155 SI1,948,254
§9,370,886
Since January 1.
Dry G o o d s........ ............. . _ 8150,136,935 $129,748,627 $111,676,304 $118,943,079
General Merchandise - .......... 559,698,188 517,107,910 453,098,716 423,051,758
Total 4S weeks............ ..... $709,835,123 $646,856,537 8564,775,020 $541,994,837
N ote .— As we are now able to obtain the statistics of weekly imports for onelweek
later than heretofore, the totals for all years in the above table have been adjusted
so as to cover the same number of weeks as the exports.

The following is a statement of the exports (exclusive^of
specie) from the port of New York to foreign ports fonthe
week ending Dec. 1 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1906.
For the week_____ _______
Previously reported__ __

1905.

1904.

1903.

$11,192,740 $11,303,071 $13,724,076 $11,694,105
565,586,123 498,409,964 448,692,941 464,823,581

Total 48 weeks__________ $576,778,863 $509,713,035 $462,417,017 $476,517,686

The following table shows the exports and importsTof
specie at the port of New York for the week ending D ec^l
and since Jan. 1 1906, and for the corresponding periods^in
.
Total _____ 119,150,0 155,609,7 1048,552,3 181,687,1 69,420,7 998,634,7 25.1 1905 and 1904:
a

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

a Total U nited States deposits included $14,246,500.

Reports of Non-Member Banks.— The following is the
statement of condition of the non-member banks for the
week ending Dec. 1 1906, based on average daily results.
W e omit two ciphers (00) in all cases.

Banks.

Capi­
tal.

Sur­
plus.

Loans
and
Invest­
ments.

Legal
Tender
Specie.
and
Bank
Notes.

Deposit with
Clear­
ing
Agent.

Other
Net
Banks. Deposits
&c.

N. Y. City.
Boroughs of
M an.& B r’x .

%
8
S
100,0
Wash. H'g'ts
168.8
834.9
Century___
200.0
152,6 1,318,5
Chelsea Exch
100.0
98,8 1,034,6
Colonial___
100.0 405.4 4,235,5
300,0 436,7 5,846,0
Columbia__
Consol. Nat. 1,000,0 1,122.4 7,297,4
200.0
148.4 1,000,2
F idelity----500.0
14th Street..
168.1 5.364,8
Hamilton__
200.0 225.7 5,179,7
500.0 635.0 4,153,7
Jefferson___
Mt. Morris. .
189.3 2.623,7
Mutual____
200.0 260,9 3.490,5
200.0 250,8 3,529.8
19th W ard..
100.0 318.3 3.958,0
Plaza ____
Riverside__
100,0
108,5 1.765,4
200,0 200,2 2,592.0
12th Ward..
100.0 164,9 1,789,4
23d W a rd ...
Union Exch.
750.0 789,3 7.606,0
100,0 383.2 3,222.0
Yorkvflle__
Coal Sc I .Nat.
500,0 5.50.9 4,704,0
200,0 204.3 1,359.4
34th St. Nat.
Batt.Pk.Nat.
200,0
116.5
681,3

S
14,5
33,8
71,0
96,5
328,0
660,3
17,3
182,3
262,8
11,3
142,4
2.3,5
17,7
227.0
22,1
34.0
70,6
418.8
39,2
718,0
321,7
102.6

S
32,7
68,1
43,3
335,5
289,0
64.5
57,8
347,6
215,1
301,9
108.7
392,3
302.4
219,0
116,3
251,0
188,0
207.7
360,8
177.5
6,8
21,4

B oro u g h __
200.0
150,0 2,660,6
150.0 408,5 2,731.5
Broadway . .
Brooklyn__
300,0
164.0 1,972.7
252.0 702.9 4,587,2
Mfrs’ Nat__
Mechanics' . 1,000,0 943,8 10.444,0
750,0 894.6 6,305,0
Nassau Nat.
300,0 638,0 3,319.0
Nat. City__
100,0 209,1 1.720,9
North Side..
Union.......... 1.000,0 1.077,1 11.736,0
Jersey City.
400.0 1,163,2 4.147,7
First Nat ..
Hud. Co. Nat 250.0 703,6 2,722,6
200.0 331,5 1.933,3
Third Nat—
Hoboken.
110,0 578,7 2,396,0
First Nat—
125,0 193,3 1,468,7
Second Nat.

43.4
17.5
145,0
339,6
249.7
233.0
137.0
20.6
299,0

218,0
183,3
71,0
158,0
574,3
467.0
361,0
116,1
598,0

2-18.1
160,0
214.7
109,9
272,6
34,3
508,2 i 170,5
1,020,8! 174,0!
705,0
362.0
72,0
44,1
168,5
900,0 1.001,0

3,061.6
2,889,3
2,220,2
4.688.2
12,063.0
5,739.0
3.070,0
1,811.0
13,093,0

191,6
106,5
35,1

277.8
86,3
91.6

2,542,6
259,6
341.8

460,0
97,3
12,3

2.442.2
2,063.8

160,0
65,2

28.9
35,0

161.1
52,6

96,0
79.5

2,207.8
1,530,7

Borough of
Brooklyn.

S
80,4
93,7
42,3
507,3
643,0
356,1
67,4
582,2
93,5
286,7
182,8
123,1
.340,3
208,0
102,1
180,0
J10,3
297,4
184,3
557,0
70.0
91,7

S
14,7
72,3
170.1
3,8
373.0
89,6
257.7
181,7
57,8
60,8
140.0
77.9
127.6
320,0
29,9
55,0
15,0

S
655,0
1,290.4
1,180,9
4.822,1

6,458,0
4,535,0
956,6
6,374,0
5.607,5
4,146,8
3,022,0
.3,641.9
4,020.2
4,085,0
1,894,7
2,904,0
2,191.1
7,322.4
3,707.4
4,467,0
1,411,5
538,4

Tot. Dec. 1 11237.0 15257,3 131732,0 5,858,6 7,373.7 12.982.8 4.682.2 l89088,1
Tot. Nov. 24 11237,0 15257.3 131227.3 5,920,3 7,588.6 12,105.9 4.724.7 137942.2
Tot. Nov. 17 11237,0 14744,9 131729.0 5,689.1 7.624,5 13,082.6 4.635,8 139447.3

Exports.

Gold.

Week.

Great Britain____________ ______
France ______ __________ ____
Germany __ _____ __________
West Indies__ ______ ____________
Mexico .......... . ............ .........
South America_____ _________
All other countries...... ....... .............

$2,500

Since Jan. 1

$686,528
1,130,576
4,122,581
34,350

Imports.
W eek.

$3,549
4,227
21,130
3,525

Since Jan. 1

$59,347,687
14.728,415
12,342,702
5,075,036
229.290
1,902,055
290,368

Total 1906_________________
Total 1905---____ _______
Total 1904____ _____

$2,500 $5,974,035
12,000 38.359,047
1,953.000 97,613,698

$32,431 $93,915,553
49,902 16,081,288
617,769 9,249,221

Silver.
Great Britain - ....................... .......
France_________ _
Germany______ __________
West In d ies___ _____ _ _________
M e x ico .......... .
South America__ _____ __ _____
All other countries_______________

$537,600 $42,045,149
1,611.200
13,760
—
110,502
100.000
430
—
11,974

$1,553
4,503
10
114,151
1,128,717
1.209.782
75,945

Total 1906_____ ______________
Total 1905___ _______ _________
Total 1904_______________ _____

S537.600 $43,893,015
963,465 33.319.881
338,074 34.711,510

Of the above imports
were American gold coin
Of the exports during the
gold coin a n d ______ were

$500
228,109
26,771
4,002

$259,382 $2,534,661
49,695 3.897,467
9,370
1.128,363

for the week in 1906, S2,995
and $4,502 American silver coin.
same time $2,500 were American
American silver coin.

$auliiug and ^financial.
Write for copy of our 12 page oircular of C o m p a r a t i v e V a l u e *
o f R a i l r o a d B o n d * describing about 60 issues listed upon the
N. Y. Stock Exchange Felling at less than par value, with high
and low range since January 1 1905

Spencer Trask & Co,.

Branch Office, Albany, N.Y.

WiUiam and Pine Sta., New York,

Mo f f a t & W hi te

M em bers N ew Y ork Slock E xch an ge.
6 NASSAU STREET.
HANOVER BANK BUILDING

D ealer* in Investm ent Securities.
COMMISSION O R D E R S EXECUTED FOR CASH O N L Y

THE CHRONICLE.

jlkmhjers’ (Samite.

U n ited S tates B o n d s .— Sales o f G overn m en t bon d s at the
B oard include $20,000 4s c o u p ., 1 9 2 5 ,at 1 3 0 % , $10,000 4s
reg ., 1907, at 10 0 % and $10,000 2s c o u p ., 1930, at 104.
T he fo llo w in g are the daily closin g q u ota tion s; for yearly

For Dividends see pave 1.392.

Wall Street, Friday Night, Dec. 7 1906.
The M on ey M arket and F in an cial S itu a tio n .— O perations
at the S tock E xch a n g e have been influenced a lm ost w h olly
b y m on ey m arket con d ition s th rou g h ou t the w eek. Call
Joan rates reached a m axim u m o f 2 0 % on M on d a y, 2 2 % on
T u esd ay , 3 2 % on W ed n esd ay , 3 5 % on T h u rs d a y ,a n d the
sam e or higher during the early hours o f business to -d a y ,
and p ra ctica lly all the business o f the w eek , in b o th tim e
and call loan s, has been done at abn orm ally high rates.
T he an nou n cem en t b y Secretary Shaw , after the close of
business on W ed n esd a y , th at on and after the 15th inst. he
w ould an ticip ate the p a y m en t o f a b o u t $12,000,000 of
interest on G overn m en t b on d s was d isappoin tin g.
In view o f these con d ition s it is a m atter o f som e surprise
th at secu rity prices h a ve been so well m aintain ed and that
fluctuation s in this dep artm en t h ave n ot been w ider.
T here w as, h ow ev er, a m aterial reaction in call-loan rates
a b o u t n oon to -d a y as the result o f rum ors which b eca m e
cu rren t at th at tim e to the effect th at T reasu ry o fficia ls
will further relieve the situation b y authorizing the purchase
o f som e $30,000,000 o f G overn m en t b o n d s n o t n ow used as
secu rity for bank circu lation or deposits.
•T he open m arket rates fo r call loans on the S tock E x ­
change during the w eek on sto ck and b on d collaterals h ave
ranged from 2 to 3 6 % .
T o -d a y 's rates on call were
2@ 36% .
Prim e com m ercia l paper q u o te d a t 6 @ 6 % %
for en dorsem ents and 6 @ 6 % % for b est single nam es.
•jTuo B an k o f E n glan d w eek ly sta tem en t on T hu rsd ay
sh ow ed a decrease in b u llion o f £ 3 6 1 ,2 7 8 , and the p er­
cen tage o f reserve to liabilities was 4 4.84, against 44.92
last week.
T he d iscou n t rate rem ains as fix ed O ct. 19th at 6 % .
T he B ank o f F rance show s a decrease o f 13,225,000 francs
in gold and 2,750,00 0 fran cs in silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1906..
Dec. 1.

Differences
from
previous week.

1905.
Dec. 2.

1904.
Dec. 3.

s
§>
$
8
116,472,700 115.972.700
119,150,000
140.800.500 135.187.700
Surplus . . .
158,609,700
...........
Loans and discounts__ 1,048,552,300 Inc. 5.084,000 1,023,8S2,300 1,090,602,900
Circulation..-__ . _____
54,066,500
53,324,400 Inc. 1,059,000
42.126.500
669,600 1,007,172,500 1,127,STS,100
Net d eposits_________ a 998,634,700 Inc.
181,687,100 Dec. 3,329,100 179,84.3,400 212,561,100
Specie ___ _____ _ .
69,420,700 Ihe.
77.947.500
74,515,100
542,200
Legal tenders. _______
R eser ve held
. . . .
25% of deposits_______
. Surplus reserve. . . . .

251,107,800 Dec.
249,658,675 Tnc.

2,786,900
167.400

1,449.125 Dec. 2,954,300

254.358.500
251,793,125
2,565,375

(V O L .

290,508,600
281,969,525
8,539,075

a $14,246,500 United States deposits included, against S14,269,500 last week and
$8,569,000 the corresponding week ot 1905. With these United States deposits
eliminated, the surplus reserve would be $5,010,750 on Dec. 1 and $7,970,800 on
Nov. 24.
Note.—Returns o£ separate banks appear on the preceding page.

F o re ig n E x c h a n g e .— T he m ark et was a ctiv e and low er
this w eek, influenced b y dear m o n e y and b y offerings o f co m ­
m od ity and som e secu rity bills and also o f fran c finance
drafts; the ton e was u nsettled a t the close.
T o -d a y ’ s (F rid a y ’s) n om inal rates fo r sterling exch ange
were 4 8 0 @ 4 81 for s ix ty -d a y and 4 8 5 @ 4 86 fo r sight.
T o -d a y ’s (F rid a y ’s) actu al rates fo r sterling exch ange were
4 7 9 2 5 @ 4 7950 for lo n g , 4 8 4 1 5 @ 4 8425 fo r short and
4 849Q @ 4 8510 for cables. C om m ercial on ban ks 4 7 8 % @
4 7 8 % and d ocu m en ts fo r p a y m en t 4 7 8 % @ 4 7 9 % .
C otton
for p a y m en t 4 7 8 % @ 4 7 8 % , c o tto n fo r a ccep ta n ce 4 7 8 % @
4J78% and grain for p a y m en t 4 7 9 % @ 4 7 9 % .
T o -d a y ’s (F rid a y ’s) actual rates fo r Paris b a n k ers’ francs
were 5 2 3 % @ 5 2 2 % a fo r lon g and 5 2 1 % @ 5 2 0 % a for
sh ort. G erm any ban k ers’ m arks were 9 3 % @ 9 3 13-16 for
lon g and 9 4 % @ 9 4 9-16 for sh ort. A m sterd am b a n k ers’
guilders were 39 1 5 -1 6 @ 4 0 a fo r short.
E xch an ge at Paris on L on d on to -d a y 25f. 2 5 % c .; w eek ’ s
range 25f. 26c. high and 25f. 2 3 % c . low .
T he w eek ’s range fo r exch an ge rates follow s:

range see third page following.
Interest
Periods

2s, 1930 .......... ___ registered
2s, 1930_____ ------- coupon
3s, 1908-1918- ___ registered
3s, 1908-1918. ............ coupon
3s, 1908-1918. .sm all coupon
4s, 1907 _____ ___ registered
43. 1907........... ______coupon
4s, 1925 _____ ___ registered
4s, 1925........... ______coupon
2s, 1 9 36..Panam a Canal reg

Dec.
1.

Dec.
3.

Q—Jan *103% * 103%
Q—Jan * 103 % *103%
Q— Feb * 1 0 2 % *102%
Q—Feb *10254 * 1 0 2 %
Q—Feb *102% *102%
Q—Jan *100% *100%
Q — Jan *101% *101%
Q—Feb *130% *13014
Q— Feb *130% *130%
Q — Nov *104 *104

Dec.
i-

Dec.
Dec.
5- | 6.

*10314 *10314 *10314
*103 54 104 *104
*10254 *10254 *10254
*10254 * 1 0 2 5 4 * 1 0 2 5 4
*10214 *10214 *10214
*100% *100% 1*10014
* 1 0 1 H *10114 *101%

*130% *130% *130%
*130% *130% *130%
*104 *104
*104
1
♦This Is the price bid at the morning board: no sale was made.

D ec.

7.

*10354
*104
*10254
*10254
*10214
10054
*101%
*13014
*13014

R a ilroa d and M iscellan eou s S to c k s .— In the sto ck m arket
the v olu m e o f business has been som ew h at restricted and
the ten d en cy o f prices was tow ard s a low er level until t o - d a y .
M ore norm al m on ey m arket rates w h ich d ev elop ed in the
course o f the business session to -d a y reversed the dow n w ard
m ovem en t w hich had been in progress and in m an y cases a
full re co v e ry follow ed .
Canadian P acific has been one o f th e e x cep tion a l features,
h a vin g ad van ced over 10 p oin ts, n otw ith sta n d in g the general
ten d en cy o f the m arket. T h e strength o f this issue is due
chiefly to a dem and in the L on d on m arket and is said to be
b ased on its excellent tra ffic reports and prosp ects.
New
Y o r k Central also a d van ced n early 5 p oin ts on th e higher
d ividen d rate an nou n ced . Chesapeake & O hio m ade a sim i­
lar record early in the w eek on the sale o f its interest in
the p ro p e rty b y the P enn sylvania, b u t su bsequ ently lost m ost
o f the gain. On the oth er h a n d , N orthern P acific d eclined
o v er 6 p oin ts, Union P aicfic n early 4 p oin ts and p ra ctica lly
the entire railw ay list, w ith the e x cep tion s n oted a b o v e ,w a s
low er, b u t recovered to -d a y . G reat N orthern sold on
T h u rsd a y ex . its interest in the ore prop erties and fluctuated
w idely b efore settling d ow n to a b o u t its p reviou s equ ivalen t.
V irginia I r o n , C oal & Coke has been th e stron g feature o f
th e industrial list. It sold up to 93, an a d v a n ce o f 17 p oin ts
w ithin the w e e k ,a n d ju st 40 p oin ts higher than it sold a b ou t
a m on th a g o. A n acon d a has cov ered a range o f n early 9
p o in ts, closing w ith a net gain o f 6. C olorado Fuel & Iron
is u p 2 % poin ts. T he U nited States Steel issues h ave b e e n
relatively steady.
For daily volume of business see page 1404.
T he follow in g sales have o ccu rred this w eek o f shares n ot
represented in our detailed list on the pages w h ich follow :
STOCKS.
Week ending Dec. 7.

Sales
for
Week.

Range for week.
Lowest.

Alice M ining___________ 1,600
7J4Dec
B ethlehem S t e e l________ 1,300 IS Dee
300; 6 2 !4 B e c
P re fe r re d ____________
400 11 2 6 Dec
B uffalo R o ch &, P it ts b ..
100 19014Uec
Can Pac subscriptions-.!
200 25c. Dec
C om stock T u n n e l______
do
incom e 4s_____ S3.000. 23e. Dec
10C 76 D ec
General C h e m ica l______
100 103 54 Dee
P re fe rre d ____________
General E lectric r ig h ts.. 9,011 1254Dec
400|
.80 Deo
Homest-ake M ining_____ I
200; Sl.SSDec
Horn Silver M ining_____
100| 5614Dee
I n g e rs o ll-R a e d _________
lOOj 96 Dec
P re fe rre d ___________ _
100 S4!4D ee
Iron Silver M ining______
100
5K D ec
M anhattan B each______
1001 43 D ec
New Y o r k D o e k ____ . . .
165 S3 Dec
P re fe r re d ------------------- \
N Y & N J Telephone___
2C 128 D ec
4 D ec
Ontario Silver M ining___ 2,655
1C 12714Dee
R om e W ater & Ogdensb
300
S254Dec
Standard Mining________
7 Dec
Tennessee Coal rights___ 3,800
200
8J4~Dec
V ulcan Detinning______

Highest.
1
6
7
6
7

8 D ec
21 Dee
67 Dee
126 D ec
190!4D ec
a 31c. D ec
i 24c. D ec
5 76 D ec
5 103MDee
6 1314 D ec
7 82% D ec
7 •Sl.S5Dec
7 5614Dec
5 96 D ec
5 S454Dee
4 o l^ D e c
7 43 D ec
4 S3 D ec
3 128 D e c
1 514 Dec
7 12754Dec
3 $2.S0Dec
1 8 D ec
1 914D ec

Rang s since Jan. 1.
Lowest.

Highest.

4 S2J4 Jan S9M
1 1714 Oci 26 M
1 6214 Dec 8854
N ov 153 %
6 124
7 15354 July 19014
1 10c. Mch 40C.
3 12c. ? Sept 30c.
5 74% Oct 8454
N ov 10614
5 102
N ov 12%
5" 12
80
i
iD ec 100
7 S i.70 Jan S254
7 41
Oct 56 M
5 9314 Oct 96'
6 S4!4 N ov $6
4
Ma37 1534
5
Jan 5054
T 34
E4
Jan S5%
Oct 15514
•5 124
555
4
1H June
7 127% D ec 136
4 %2% Oct So
1
7%. N ov 854
7
S54 Aug 1554
CO
•0\

1394

N ov
Aug
J une
Sept
Dec
Mch
Mch
Feb
Feb
N ov
N ov
Feb
Dee
N ov
■A p r
' Jan
Jan
Sept
le b
D ec
Mch
Jan
N ov

Jan

O utside M a rk e t.— In terest in the “ cu r b ” m ark et this w eek
centred alm ost w h o lly in Nipissing M ines, the tran sactions
in this stock reaching a b ou t 600,000 shares. T he m arket
fo r m ining shares has been com p letely dem oralized .
T he
refusal o f the G uggenheim s to go on w ith their o p tion on the
400,000 sliares o f N ipissing sto ck was the cause o f the break
in th at stock on S atu rday from 2 3 % to 1 9 % and to 1 4 % on
pyr_
-Long-Shorl-CablesT u esda y. L ater the trading becam e less excited and the
Sterling, Actual—
High_____ 4 8040
@ 4 8060
I4 8515
@4 8525
14 8605
@ 4 8615
stock recovered to 1 7 % b u t closes to -d a y at 1 5 % .
B oston
L o w -------- 4 7925
@4 7950I 4 8415
@4 8510
@ 4 8425
I 4 8490
C onsolidated Copper m o v e d d ow n fro m 33 to 31. C um berParis Bankers’ Francs—
@5 19%a !
High_____ 5 22%a
15 20
@5 2254
la n d -E ly brok e from 1 2 % to 9 % , then a d v a n ced ,'rea ch in g
15 21 %
L o w _____ 5 2354
@ 5 22%
@5 20% a |
1 2 % to -d a y . A fter a gain o f a b o u t 2 p oin ts to 28, Greene
Germany Bankers' Marks—
High...........19314
©93 15-16
@94 13-16 I
94%
C onsolidated Copper fell off to 2 5 % , closing to -d a y at 2 5 % .
94%
L o w --------- [93%
@93 13-16
@94 9-16 |
U nited C opper com m on m o v e d up from 7 5 % to 7 6 % and
Amsterdam Bankers' Guilders—
High................... ........ @ ........... . I 40
@40 1-16 |
to -d a y slum ped to 7 1 % , recoverin g to 7 2 % .
B utte C oalition
L o w ______ ______
@ ......... .. 139 15-16
@40
I
from 3 6 % ran up to 38 and then sank to 3 5 % .
N evada Con­
l- Less: a 1-16 of 1% . <2 1-32 of 1% . 7 i3 -3 2 o fl% .
solidated Copper fluctuated w id e ly , goin g dow n from 19 to
Plus: ft 1-16 of 1% . x 1-32 of 1% . y 3-32 of 1% .
1 6 % , then up to 1 9 % , the close to -d a y being at 1 8 % . CanT he follow in g were th e rates fo r d om estic exch an ge on anea Central ad van ced alm ost 10 poin ts to 4 0 % , b u t fell b a ck
New Y o rk at t h e ’u nd erm ention ed cities to -d a y . Savannah finally to 3 5 % . U tah C opper ju m p e d fro m 3 3 % to 36. G old
b u y in g 50c. per $1,000 d iscou n t; selling 75c. per $1 000 H ill fluctuated betw een 5 % and 6 m ost o f the w eek b u t t o ­
p rem ium . Charleston 10c. per $1,000 p rem iu m .
New d a y d rop p ed to 3 % , closing at 4 % . In industrials, In te r­
Orleans ban k 8 5c. per $ 1,000 d iscou n t; com m ercia l $1 15 per national M ercantile Marine issues were stron g, the com m on
$1,000 d iscou n t. Chicago par. St. L ou is 10c. per $1,000 a dvan cin g from 1 0 % to 1 1 % and the preferred from 3 1 % to
d iscou n t. -San F rancisco 20c. per $ 1,000 p rem ium .
33, b u t later sinking to 3 1 % . In tern ational Salt w ent dow n
^ S ta te and R ailroa d B o n d s .— Sales o f S tate b o n d s at the 2 poin ts to 24. H a va n a T o b a c c o open ed the w eek at 10, a
d rop o f 2 % points from last F rid a y ’s close, rose to 1 1 % and
B oard $5,000 V irginia 6s deferred tru st receipts at 22.
T he tran sactions in railw ay and industrial b o n d s continue sank b a ck to 1 0 % . T rading in Great N orthern Ore certifi­
lim ited in v olu m e b u t w id ely d istrib u ted , and the m ark et cates was transferred this w eek to the S tock E xch an ge.
Outside q u otations will be fou n d to -d a y on page 1404.
,
h a s-b een relatively stea d y .

New York Stock Exchange— Stock Record,
O C C U PYIN G
STOCKS—H JQ H E ST A K D L O W E S T
S a tu r d a y
L eo 1

M onday
L ee 3

104 V* 105 H 104 k 105 k
102
102
10 i k 102
136k 136k 137 k 137 k
119k 1193* 119*8 H 9 k
•92 k 93 S.
9 3 k 93k
7 9 k SO *5 8 0 k 81k
*80
8S
•80
88
185k 186 k
l8 2 k 183
•67
70
•67
6 sk
227 227 V. 228 2 2 S
58
61
5 0 k .7 k
*20
31 S.
SI
31k
75
75 *........ 76
l b k lfck
18
I S 1,
♦89
31
*St»
SI
♦73
74
*73
74
•20 V, 27 k
26k 36k
182k 184 k
182 k 1 -2
*19? 200 * 193 2u0
'204 207
2u7 2U?k
'231 240 •232 249
*170 180 •170 180
'175 185
*175 185
*9
12 k
•9
13
♦22
30
•22
30
~o
0
5
5
17
17
*17
IS
92 k 93
92k 9 -k
*113 120 *113 l i d
38 k 38 7e
38 k 38 L
63 k 69 V
•6 3 k 69
57
57
67 S 59
2 2 S 223 ^ 2 2 b k 230
*543 650 ♦548 569
4 2 k 4338
4 2 ^ 42*4
85
85 k
So
85 k
83
83 k
83*4 84 k
13k 19
19
lO k
38
38 k
*38
3Sk
4 4 k 45k
44
44k
• l 0 34 76*4
76
76k
*6 ?
63
67
63k
*65
75
•65
75
*85
95
*85
95
318 320
317 k>0 19
•81

*81

........
46

*45
*45
47
86
86
*85
87
*_____126
*.........126
*93 k 94
93 k 93 k
*175 176 L *1.5 1 1 6 k
3i
3 1k
7G
77
*76% 7 7 4
SO 3,
30 k «^Ok
52
62k
62 k 62 k
*65
72
•65
72
♦78
89
*73
8u
30 k 30 k •30 k 3 1 k
61% 62%
61", G2%
*y 1\, *-*o
*3U
32
*76
80
*76
80
62
62
*61k 65
146k 146 k 146k 147k
143 k 145
140 143
*106 112
* i 06 l l 2
25
25 k
‘35 k 255,
*185 190 *185 190
63% 633; *60
70
*92
99
*90
99
*146 148 *146 149
*165 k 169 k «164 1 i 0
41k 4 2 k
4 2 k 42k
73 k 73k
73 k 73k
i>4 3s y.j%
94 k 95 k
*142 146 *142 146
68 k 5 8 ki
5 8 k 09 k
29 78 39 j 29 k 2 9 k

T u e sd a y
L ee 4

W ed n esd a y
L ee 5

SA L E PRICES
T h u rsd a y
L ee 6

F r id a y
L ee 7

TW O

Daily, Weekly and Yearly

PAGES

STOCKS
N E W Y O R K STOCK
EXCHANGE

R a ilro a d * .
103 104
103 °g 105
1 0 2 k U’4 k 102*4 104 k A toh. TouekiufcSanta Fe
1 0 1 k 102
1 0 l k 101
1 0 1 k 1 0 1 k 101 k 102 k
Do p ref.................
136 k 136 k 136 136
136 k 137
135 135 k A tlanticC oiist Line H R ..
119 119 7g 118 k 119 k 117k H 9
117 k 1 1 8 k 1 >altimore<fc O h io ..........
93 k 93 k *92 k 93 k 394
92k 92k
94
I * Do pref.......................
79
k
80
k
?y% s i
7 8 k 80
78k 79 k Brooklyn Rapid T ransit..
•80
88
*80
88
*80
88
*80
88
Buffalo' <fc Susque, p r o f...
l b 6 k 187
lS5 186
1 8 6 k 188 k 186 k 194 k / Canadian Paeilic............
69
*67 k 6 8 s, * 68
67 k 67 k
67 k 67 k V anada Southern............
•226 230 *225 230 *220 225 *2 2 0 °28 Central of N ew J e rsey...
6?
57k
57
5 7 k Chesapeake Sr. O hio..........
6 7k 0 ,'k
0 6 k 53
32
30 k 30 k *29 k 31k •30
30
30
* ......... 73 ♦......... 73 * ......... 73 ♦......... 73
IS
18
IS
18k
18
13
17k 18 Chicago Great W estern ..
81
81
*79 k 82
* 7 8 k 82
* 7 8 k 82
Do 4 p. 0 . debentures
*73
74
•73
74
*73
74
*72
74
Do 5 p. c. pref. “ A ” ..
*26
26k
25k 26k *25 k 26k
25 k 26 k
Do 4 p. c. pref. “ B ” ..
180 k 182
1 > 1 k 184
180k 132
180 k 183 k Chicago M ilw. '& St. Paul.
♦197 2 u0 *196 ........ *195 198
198 198k
Do pref
208 208 k *206 209
207 k '-10
2o7 209k Chicago <& N orth W estern
238 238 k 238 238 *230 239 *230 237
Do p ref........................
IS ) ISO *170 180
*175 180 *175 180 Chic. St. P. M inn. & Oin.
*185 196 * 1 .8 185 *178 l 8 f>
1 S 1 181
Do pref........................
12
12
•10 k 12
* 10 k 12 Chicago T erm ’1 Transfer.
* 1 0 k 12
*22
29
*22
29
*22
29
*22
29
Do pref
*4 78 5
4 7g 4 7g
4k
5
4k
4 k Chicago u mon T ra ction .
17 k 17 k
1 6 k 16k
16k 16k
17
17 *2
Do pref........................
92
93
93
93k
*92
93 k *91
93 Cleve. Cin. Chic. & St. L.
*113 115 * 1 1 2 4 1 1 3
* 1 1 2 4 1 J4 *112 k 114
Do pref........................
38k 3bk
37 k 38 k
3Sk 38k
37 k 3 7 k Colorado & S o u th e rn ___
69 k 69 v
69
k
69
k
6 7 k 69k
*63 k 69 k
Do 1st p re fe r r e d ___
68
58k
5 7 k 5t>k
58 k
5 8 k 5 8 7g 57
Do 2d preferred.......
229 232
228 k 230 k 228 230
226k 229k r\elaware<& H u d s o n ,...
*548 550
r52U 65U *5_5 550 *525 550
A ^elaw. Lack. & W est’n.
43
43 k
4 ^ k 4^k
43
43k
43
43 D enver <fe R io Grande___
284 k S4*v
8 4 k 80 Vj * 8 4 4 86
S 0 V4 85 k
Do p ref........................
8i
82
82 k 82k ♦S3 k ........
82 k 83 Detroit U n ited ...................
*19
1938
18 k 19
18k 19 k
17 k 20 Duluth So. Snore So A t l..
*37
39
■*36 k 39
38
38 k
39
49 k
Do p ref........................
45
46k
45
45 k
4 4 k 45 k
41% 45% L ^ n e ...* .........................................................
76
76 '4
76
76
76
713
76
7 6 k Lli Do 1 st p ref.................
63
63 k
6 1 k 67 k
6 7 k 67 k *67
63
Do 2d p ref.................
68
70
*65 '7 5
*65
i0
*65
70 Evansv. cfc T erre H aute..
•85 ,95
*85
95
*85
95
*85
95
Do u ref........................
231 234 k Great N orthern, pref.......
317 k 319 k 316 318 c 2 3 3 k 250
81 k 85
81k 8 4 k
*81 . . .
vJICC.LI lia j OO \* .,LieU.
- ......... 15
*45
46
*42
46
*40
46
*42
46
TJl avana E le ctric............
*80
85
*80
35
*80
85
*80
87
1 1 Do p r e f..
* ........ 126
* _ ___ 126
* .........126
* _____ 1 *j 6
♦92 ^ 94
*92 k 91
§94
94
•92k 94
Do p r e f . . . . .................
175 175
175 1 1 6
175 175
175 175
' llin ois'C en tra l...............
STk 38
3634 37 k
37
3 /k
3 6 k 37k
7 o 7 77
76 k 7 7
76
76 *4
7 6 k 76k
Do p r e f .........................
31
31k *30
30
30 Iow a Central,....................
30k 30k *30
*52
53
5 2 ^ 5 2 k *51 k 52 k
*51
53
Do pref........................
*63
67
*64
70
*63
67
*63
67
i f anawlia & M ich igan ..
*78
80
80
80
80
80 k *79
80 !V.C.Ft.S.<feM.,tr. cts. pfd
30k
3 0 k 30k
2 9 k 30 Kansas City S o u th e r n ...
30 k 30 k *30
60 k 61
6 Uk 61k
6 0 k 61k
6 u k 62 k
Do p ie f........................
*30
32
32 k
3 0 k 30k \ ake Erie <& W e ste rn ...
3 1 k 5 1 k *31
♦77
80
80
80
80
79 k 7 *k *76
Do pref........................
*63
68
63
66 k *65
68
*63
63 Long Islan d........................
146 l 4 ? k 145 1 4 6 k 145 146k 144k 14 k L ouisville So N ash ville..‘.
143 k 144
142 k 443 k 142 k I4 2 k 142 143k , i anhattan E leva ted ...
*1 0 6
112
* l o 6 112 *106 112
*106 112
1M etropolitan S treet___
25
25k
21% 25% M exican Central...............
25 k 25k
2 4 70 25k
*185
200
*185 190 *185 190
*185 200 M ichigan Central..............
*61
65
*60
65 M inneapolis So St. Louis.
*63
69
*60
70
*90
97
*90
95
*90
99
*90
98
Do p ref........................
*146 148
140 146
145 1457g 146 149k M inn. S.'P. So S. S. Marie.
*165 170 *165 170 *164 169k 167 k 167k
Do p ref........................
41k 42k
40 k 4 2 k
39 k 41k Mo. Kansas So T ex a s.......
4 1 k 42 k
73
73
72
73
73k 73k
73
73k
Do pref........................
94
94k
94k 95k
94 k 95
9 2 k 94k M issouri P a cific...............
146 14 6 *145 149 *145 149 *145 149
Y[ asli. Chatt. & St. Louis
58 k 59
58k 58k
58k 58k I 'l at.of M ex, non-cum .pi
5 8 k 59
*26
^
2
9
k
29k 2 y k
2 9 k 29k
29k 29k
Do 2d p ref.............. .

132 134
134 136
i s i * 8 132
*63
65
64 k 65
6 4 k 65k
*112
129
116 116
117 120
86
S3 k
65 k 85 k
89
92
*19V 193 *190 193k $ 19 Lk 192 k
48 k 48k
4 8 'g 5U k 49
50k
*94
95
94k 95 k
9 4 7g 95k
90 k 90 k
*68 k 9 0 k
90 k 90 k
223k 224k 2 2 2 k 2 2 4 k 2 2 1 k 223k
*127 130
127 1 2 8 5* 128 128
*190 108 *1 0 0 108 * 1 0 0 108
•122
128 *122 128 *120 130
133-k 138k 138k 13'Jk 1 38k I4 0 k
*35
40
*35
49
•35
40
•S3 k 85
8 4 k 8 4 k *82 k 8 6
•100
108 ♦100 108 •L00 103
147 k 147 '6 147k 149 k 14 6 k 149
91
91
*90k 91
•90
91
98
*94
97 k •96
*95
97k
32 k 3 2 k
32k 32k
31k 32k
68
68 k
•67
68 k
67 k 68
72
72
7 1 k 72
72
72k
49 k 60
4 9 k 4 9 k ♦49
49k
*26
27
*25
27
•25k 27 k
*60
62
*6 » k 62
•60
62
94
94 k
94k 95k
94k 95k
*119 120 •119k 120 8119k 120
2 4 k 35
3 4 k 36 x
3 4 k 35 k
94k 94k
t i k 94k
9 4 k 94k
3 7 k 38
37k 88 k
37k 38
*123 126 ♦123 128
124 k 124 k
*28
29
•28
29k
28k 2d
84
34k
34
34
3 4 k 34k
,5 2 k 63kJ 52k 62k
62
62k

134°8 136 k 132 k 1 3 4 k 132 k 134 k
65
65
65
65
64 7g 6 4 k
*117 119 •*116 120 ♦115 120
89
90 k
90
90
89
91k
*190 193 *1893g 193 k *191 192 k
48 k 49 k
49
49k
48
4yk
92
92
92 k 93k
*92
92k
90k
90
90
*89
90 k *89
2 1 8 k 222
2204222
217 k 221k
125 125
126 k 127 *125 130
*100
108 * 1 0 0 108 * 1 0 0 108
•120 130 * 1 2 0 130 *120 130
1 3 8 k 139 k 137k 139k 1 3 7 k 139
38
38
*36
40
•35
40
85
*82
86
*83 k 86 k *82
* 1 0 0 108
♦100 108
* 1 0 0 108
146 148k 1 4 6 k 148k 146 k 143k
*90
91
•90 k 91
*8 9 k 91
*95
98
♦94
97
*96
97
3uk 3 1 k
3 1 k 3 178 3130 3 2 k
67
67k
67
67
67 k 67 k
*70
72
71
♦70
7 2 k *69
4 7 k 49
48
48 k
4 8 k 49
27
*25
26
*25 k 27k *25
*60
02
60
60
♦60
62
92 7g 94
94
94 ®0 93k 95
120 120
•1‘20 120 k *120 121
34
34k
33 k 34 k
34k 34k
94
94
94
94
94
94k
3 7% 37s,
37 “a 38 % 3 7 >a 37%
•123 126 *125 126 *1 2 2 126
29
29
2 8 k 28k
* 2 8 k 29 k
34
34
34
34k
3 4 k 34 k
62k 52k
5 2 k 53k
52k 62k

N. Y. Central & H udson..
N. Y . Chic. & St. L o u is ...
Do 1st p ref.................
Do 2d p ref.................
N. Y . N. Haven & H artf.
N. Y. Ontario So W estern.
N orfolk So W estern ..........
Do adjustm ent pref.
N orthern P a cific....*.___
lja c iiic Coast Co..............
-L Do 1st p ref.......
Do 2d p ref.................
Pennsylvania..................
Peoria <fc Eastern..............
Pittsb. Cin. Chic. <fe St. L.
Do p ref.................
L> e a d in g ...........................
£ 1*1 st p r e f.........................
2 d p r e f .........................
Rock Island Company___
Do p ref....... . . . . . ' . ___
St. L. <fes. Fr., 1st p r e f....
Do 2d p ref.................
St. Louis Southwestern..
Do pref....................
Southern Paciflo Co___
Do pref.........................
Southernr.tr. cfs. stmped
Do pref.
do
Pexas So Pacific............
JLhird Avenue (N. Y .).._
Toledo Railways So Light
ToL St. L. So W. v. tr. otfs
Do pref. rot. tr. ctfs.

R a n g e fo r Y ea r J9U6
S a tes o>
On o a s is of lUO-sfi a r e Lots
th e
W eek
S h a res
L ow est
H ig h e st

S a n g e fo r l^revxoui
Y ea r ( 1 9 0 5 )
L ow est

H ig h e st

181,461 85 k May 2 110 k S©P 11 7 7 k May 9 3 k M|U
4.205 9 8 k J ’ ly i 106 Jan 3 99 Jan 1 0 5 V S°P
1,300 13 Ik .E ly 3 167 k Jan 20 120 Jan 170 Apr
23,150 105 k Muy 2 125 k Sep 2 1 1 0 0 k Jan 117 Aug
1,1 2U 91 Oct 22 99 k Jan 5 91 Mar 100 Aug
46,151 71 J ’ ly 12 94 k Jan 26 5 Ok Mu) 9 1 w* Nov
S3 Jan 12 87 Eeb 8 84 Doc 9 1 k M»J
.. .
61,265 155k May 2 194 k Deo 7 13 0 34 Jan 177 k 8eP
300 65 k J 'ne3(J 7 0 7gJan 8 67 Nov 74k Aug
400 204 M ay 2 289 7e May 24 190 May 235 Oct
55,85u 51 k N ov 12 65ft8 Aug if) 45 k May 60 k Mai
622 25 k *8 ep 1- 3 k Oct 8
2 00 75 X 0 v 2 7 7 7 14 Oct f>
3,500 16 J ’ ne28 23°g Jan 20 1 7 k May '25 k Mai
IO j 79 k S e p 4 8 6 k Jan 17 83k May 89 Sep
71 k N ov 10 80 Jan 31 60 J ’ne 78 k Sep
800 2 4 k Nov 14 3 9 k Jan 22 29 May 37 k Apr
155,300 155 k May 2 1987a Aug27 168 k Ma\ 187 k Apr
300 177k May 2 2 l s Aug 1 7 182k Jan L92k A pr
7,750 192 A pr 27 240 Jan 15 a 191% J ’ ne 249 Jan
43U 225 Aug 9 270 Mar3U 234 Jan 265 k Eeb
100 168 J ’ne 8 198 Jan 15 150 Jan 225 Jan
15 0 175 N ovl4 202 Jan 15 195 Jan 230 Jan
100
9 k Apr 19 18k Jan 19
7 34 Jan 20 J ’ n«
26 Oct 30 42k Jan 2 . 17 k Jan 42 k J ’ly
1 ,0 Uu
3 78 May 21 1334 FeO 20
6 J’ ik 1 3 k Feb
1,100 i l k J ’ly 12 47 k Mai 12 303i J ’ ly 64 Eeb
2,600 9 0 k May 2 109k Jan 15 90 Jan 111 Mai
111) J’ly 19 118 Jan 23 115k J ’ ly 1 2 1 34 Mai
3,100 29 k Jan 4 41 Oct 3 22 k Jan 30 k Apr
2,950 6 6 k A p r 30 73 k Eeb 20 52 May 69k Dec
14,130 43 May 2 5 » D ec 3 32 k May 55 Dee
12,050 189 May 2 23 lk N o v 22 178k Mav 24U34 Oct
. . . . . . 437 k May 2 560 May24 335 Jan 498 k Oct
5,9«'U 36 ‘g May 2 5178 Jan 26 27k May 39k Deo
1,6 3 1 83 o o , 2 . 91 k J an 2 - 83*4 May 9 1 k Dec
1,70. 81 Dec 4 102 Eeb 9 7 6 k J an 96 k Dec
3,100 16 J ’ly 13 22 k Jan U
I l k May 2 2 k N ot
3,2: 0 32 Apr 28 45 ,l an 11 21 May 46k N ot
57,200 38 k May 2 50 78 Jan 16 37 k May o2k Aug
6 ,2 0 0 75 May 2 83 Jan 15 7 4 k May 85 k Aug
2 ,2 1 0 62 k Apr 27 7 6 k Jan i 6 55 k Jan
78k Aug
40u 68 Dec 4 76 Jan 2 63 J ’ ly 75 Aug
80 J ’ly 13 94 Aug - 85 Nov 96 .A u g
22,325 c -31 D ec 7 348 EeP 9 236 Jan 335 A pr
19,100 81 k Dec 6 85 Dec 6
92 Ln.Til n ')'>
n*p}i
113j Oct 25 23 k Jan 19 j 7 M ay 24 k J ’ne
33 k Jan 19 53 A u g l4 15 A pr 38 k D ec
2 0 0 7 7 k J an 15 9 734 May 8
50 J'ne 82 Dec
1 1 3 k Eeb 8
121k Dec
175 92 Si N o v i 6 9 9 k J oe 1 90 Jan 97-4 Nov
1,700 164 May 2 184 k J ’ne 7 152k Jan 183 Sep
8,093 33 58 J ’ne27 5 5 k May 10
3,000 70;k J ,jy 3 8 7 k MaylO
60 0 24 J ’ ly 12 34 14 Jan 12 24 May 32 Feb
200 48 J ’ly 17 6 3 k ' Jan 13 50 May 61 Dec
52 Mar 7 76 j ’ne 8 29 k May 58k Dec
400 77 O ct 22 84 k Eeb 7 8 1 k J ’ne 8 7 OCt
1,700 2 2 k J ’ly 3 3 7 k Jan 5 22 kM av 36k Dec
8,500 49 J ’ly 12 71 Jan 5 52 Jan 70 Eeb
1 0 0 27 k J ’ly 3 44 78 Jan 12 28k J ’ nfe 47 k D ec
20 0 7 5 Sep 25 § 9 1 k J an - 5 91 J’ ne 106 Mar
1,723 6 1 k Oct 27 81k Jan 16 50 k Mav' 7 3 78 Nov
8,800 136 k May 2 1 5 6 k Jan 19 £134 k Jan 157k S e p
3,589 140 Sep 25 162 Jan 26 161 May 175 Eeb
lu3 J ’ly 12 127 Jan 16 114 May 133 Aug
17,500 183q May 2 26 k Jan 19 18 k M ax 26 Mar
M arl 9 200 P ly 17 § 130 J ’ n< 155 Aug
T « • • • . 14:0
2 0 U 63 Aug 3 8 4 k Jail 11 56 k Jan 84k Oct
90 A pr 27 100k Jan 3 86 Jan i 06 Oct
• • - 1,770 141 k J a n 4 164 Mai 24 89 k Jan 145 Dec
300 163 k A pr 30 L8334 Jan n 148 Jan 173 Dec
43,200 29 May 2 4 3 58 Xov27 24 Maj 39 k Nov
4,0u0 64 k Apr 27 75 >4 N ov 27 56k May 73 Aug
14,30o 8 ->k May 2 106k Jan 20 94 k May 11u78 Alar
2 U0 133 May 3 149 k Jan 12 137 Jan 158 Apr
5,800 36 A pr 27 59k Dec 3 33 kA la) 45 Jan
1,500 18 k J ’neL6 30 Deo 1 17k J ’ne 24 k J an
32 7S J ’n e l 6
80 -4 Sep 4 83 Aug 4
169,480 126 N o v i 2 1 5 6 ^4 Jan 8 1 3634 May 167k Alar
2,600 o9 Mar 5 73 k A p r l7 42 Jau 76 ‘4 Dec
800 111 A pr 14 120-e Jan 27 114 J ’ iy 122 k Jan
3,650 80 May 3 92 Deo 4 74 May 95 Dec
20 0 190 J ’ly 10 2047a Jan 19 §191 k Dec §216 Sep
13,320 4 3 34 May 2 5 7 *-4 Jan 27 403s Jan 64 Mar
5,750 81 E eb 28 97 k Oct 2 76 Ma\ 88 k Alar
510 89 k A pr 12 96 Jan 6 9 1 k Eeb 96 Aug
66,763 L79kM ay 2 232 k Eeb 14 165 Apr 2 16 k Aug
900 L03 Jan 10 142 j ’ne 5 78 k J an 109 k OCt
1Oo Jan 0 106 Jan 29 100 Jan 108 Eeb
105 k J an 10 135 May 8 85 Jan 109 Oct
159,336 1 2 2 ^ j q y 2 147 k Jan 25 131k May 148 Aug
27 Jan 48k Apr
100 33 A p r28 46 k Jan i5
l o o 75 May 2 87 Jan 24 70 May 187k Alar
loO May 4 109 AugP* 106 Feb 112 Mar
806,850 112 May 2 £164 Jan 23 £79 Jan 143k Nov
100 89 Sep 28 96 Jan 2'i 90 May 97 8 ep
90 A pr30 102 Jan 20 84 Jan 101 N or
50,698 ^2 k J ’ly 13 3 2 k N o v 3 0 2 134 Dec 3 7 7g Jan
2,500 60 J ’ly 2 69k A u g20 60 k Nov 85 Jan
MOO 60 P eo26 7234 Apr 3 67 Dec 8 1 k Alar
2,00o 4 0 k J ’ly 17 51k Eeb 6 45 Dec 73 k Alar
2 0 k May 2 27% Jan 19 20 May 27 k Jan
200 4834 ^fay 2 6 3 k Sep 10 65 Nov 66 k A pr
71,244 61 May 2 97 k Sep 21 6734 Mav 7 2 k Eeb
19.•] 16 J’ly 2 120 k J ’ ne 6 1 1 6 34 Jajj 122 k Dec
S4,0u0 Sl% N ovlii 4 2 k Jan 26 28 May 38 Sep
2,500 ^4 N ov30 L03 Jan 16 95 Apr 102 k Ssp
6,600 28 May 2 40 k Oct 2 2934 Apr 41 Mar
100 121 Noviy z 139k Jan 17 120 Dec 141 Dec
400 28 k Deo 4 36 Jan22 22 k J an 37 k Apr
925 2 6 k J’ly 2 4 0 k Jan 19 34 k May 43k A.pr
MOO* 43 P ly 18 697e Jan 19 51k Jan 65 Apr

BANK S AN D TRUST COMPANIES— BROKERS’ QUOTATIONS
Banks

Bid

Bid | Aik
Brinks
Bid Aik
Bid Aik
Backs
Bid Aik
Bid Aik
Banks
Bonks
Banks
Chemical___ 4100 4250 Fifth.............. 340
260
240
170
Paciflcll.......
InterboroH..
M
etropoli’
nH
160
145
ITXW YORK
Citizens’ Ctrl 142 145
First....... ...... 700 710
Irving _____ 240 250" Mt Morris*,
Park.............. 450 460
240
Aetna............ 207k 215
C ity .............. 265 270
14th 8treet^]- 226
300
3(H) 325
People's^
J efferHon^
200 210
America\i . . . 525 535
Coal Sc Iron. 250 260
Fourth____ 210 214
Pheuix........ 170 180
Liberty .
500 620
NassaulJ
195 200
Amer Exch.. 245 250
Colonial Ti . . . 700
Plaza*,.......... 660 680
Gallatin....... 365 375
Lincoln. . .
1500 1700 New vVmster 200 210
As tor............ 650 750
M"anhat.^n^ 300 310
Columbia*, .. 450 325
600
N ew Y ork Oo 1200
Prod KxchD . 170 175
Garfield ..
Battery Park 125 135
Commerce... 1181 n a i > German Am* 160 165
Riversidel]".. 250 284
Market So Ful 265 275
N Y Nat Ex. 200 205
Bow ery*___ 320 330
Consolidated 160 165
Seaboard ___ 386 400
German Exfi 415
Mechanics’ . 245 255
New Y ork... 315 326
Batch’s Sc Dr 160 170
O’ rn Exch^j
308 312 k German iaD .. 500
Second__ . 700
500
Mech Sc Trail 165
L/6
N*ght dp Day
Century^ — 175 185
Discount^ . . . 150 160
Green wich
s Late*,i
2600
t290 305
160
250 7RH
C h ase.......... 1,000
Hamilton*]
East River.. 150 160
Merch Kich 170 176
2U7 k
34th 8treet
260
266 2 76
Chatham ..
295 305
Fidelity^! . . . . 200
Hanover....... 60 Jk 512 V Merchants’
1 2 th W a r d t. 360
165
156 170
L70
Chelsea E x eV 195 ......... Fifth AvsIL. 3800 4200 |Imp Sc Trad. 550
23d W ard 11.. 190 L—
Metropolis ij. 390
Oriental 11___ 270 280
• Bidand a sk e d prloea; no salea were made on this day. $ Leas than LOO sharea. f Ex-nghU. UState bank*, a ttx-dividend and ri^bu. 6 New stock,
f BmimwXStock K ir fim p or a t W dU ga this week.
c K i beneilcial interest In or© properties.
A A aartnrrmnnt paid a 8o*d at private aaU at this prtoa.
A ik

New York Stock Record— Concluded— Page 2

1396
S T O O K B— H I G H K B T A N D
S a tu r d a y
D ec 1

M onday
D ec 3

T u esd a y
D ec 4

LO W BBT B A L E P R IC E 8
W e d n es d a y
D ec 5

T h u rsd a y
D ec 6

JfYiday
D ec 7

STOCKS
N E W Y O R K STOOK
EXCHANGE

[Vol. lxxxiii.

R a n g e to r Y ea r 1O00
h elu ge to r p r e v io u s
Babes O’
f/n b a s is o f 1 0 0 -s h a r e Lots
Year ( 1 0 0 5 )
th e
W een
| H ig h e s t
S h a res
L ow est
i L ow est l H ig h e s t

107% 107% Tw in City Rapid Transit.
2,487 107% Dec 6 1122 % J an 22 105 J an 123 H2 Apr
$ . 50 Oct 3 $150 Oct
Do p re f........................
053% Ma) fdd J'ne
184% 187 sj 183 % 185 % 1 fnion Paeilic................... 475,400 138% .May 2 |i95%Sep 4 113 Jan 151% Dec
2.86 76 187 3* 187% 188 *v 186% 188% 185% 187
93
93%
93
93
J,50' 91% May 2 99 % Jan 2 95% Nov 101% Feb
tJ Do p re f........................
94
93% 93% *93
94
92% « ^ 7e 93
64
64
04% 64% Un itR j's ln v ’t of San Frail
64 % 64 % 63% 64% *62% 63%
500 50 Apr 2u 98 Jan 18 21 % Jan 92 % Dec
•63 Ha 65
50 0 55 A pr 20 93 % Jan 17 64% Jan 94 % Deo
71% 71%
71% 71 *4
Do p re f........................
71% 71% *70% 71
*70 Ha 71 Ha 71% 71%
84 % Apt 19
m > J'ly
United R ysot St Lou. prel
f'o
Nov
20
20
20% 20%
20% 20%
2,500 18% Ply 12 2 6 % Jan 24 17% May 24 % Sep
*19% 20% W / a b a sh .................. ____
20% ^0%
19% 19%
42% 42% ' ^ Do p ro f......................
4 50 40 % Jan 3 55 ^ Feb - / J7 Ma\ 48 Feb
42% 42%
42% 43% *42% 43% *42
43
43 l4 4 3 14
36
*34
40 W estern M arylan d....... ..
35% 35% *34% 37
100 3 2 3 an 8 44 % jTic 4 27 Nov 30 Dec
*36
40
*34
36% *34
........ 16 A p r 28 M % Feb 6 , 15 Mav 19% Max
*16% 17 W heeling <fe Lake E r ie ...
*16% 17% *16% 17% *16% 17
*16% 17 Ha *16 *2 17
38
38
37% 38
37 % 3 7 %
800 36 May 2 4■'5% Feb 6 36 May 48 Feb
38% 38%
*37
39
Do i s t p r e f .................
*3/
39
22% 22%
*2 2
23
*22
23
21% 21%
200 2 ! •4 Oct 3 l 29% Feb 6 20 May j 28% Mar
Do 2d p ro f.................
*21% 23
*21 Ha 33
*25
26
*26% 26
*25
26 W isconsin Central............
26
26
100 23 May 2 33 J an 1 1 20 Apr 33% Aug
*25
26
*25 Ha 2 6 14
50% 50%
51% 61% *51% 52
400 44 J ’ly 2 64 JaD 15 45 Jan 64% Oct
Do p ref.......................
**51
53
51% 61% *50% 53
In d u stria l tfc iVUse ell
*280 300 *275 300
$240 J ’ n el4 3300 A ug27 §236 Jan $250 Feb
*280 300 *280 300 -280 300 *280 300
\ dams E xpress..............
16% 16%
16% 16% ■£3l U is-Chalm ers..............
17% 17%
17% 17%
2,645 16 JTy 3 27% Jan 24 13 May 24% Dec
17
17
17 Ha 17%
45% 45%
44% 44% "44
45%
46
300 40 Sep 22 67 Jan 24; 46 % M ay 68 Feb
45
45
Do p r e f......................
/*45H? 46 Hi *45
112%114
112% 114 Am al gam at e d Co p p e r ....... 305,5U0 92%.P ly 13 118% Feb 13 70 Jan i ) 1% Deo
113 113% 113% 114% 113% 114% 112% 114
25% 25% *25% 26 Am er A g ricu lt C hem ical.
26
26
645 20 J ’ly 3 34% Jan 2.
20 Jan 29% Apr
2 5 ^ 2 5 ‘t *25% 26%
*25% 26
*91% 94
*91% 94
*91% 94
*91% 94
91% N o v 2 1 102 Jan 25 89 % Feb 95 Aug
*90
94
Do p r e f......................
*91% 94
24
24
*23% 24 Am er B eet Sugar..............
24
24
*24
24%
2 4 % 25 %
21% 24%
3,200 20% May 2 35 Jan 6 23 ' Nov 35 Dec
*.
87 Ha * ......... 87% * ......... 87% *
82% Oct
89% Jan 8 77 Jan 89 Dec
Do pref
87% *......... 87% * _____ 87%
43% 45%
43% 44% American Car & Foundry 43,500 32% JTy 13 47 % Jan 24 31 May 43% A pr
45% 46%
45%
45% 46
44% 45H2 45
500 98% JTy 13 105 Jan 24 U91% Jan ; 04 % Apr
102% 102% 1U2 102
♦101% 104
Do p ref........................
102 102 *101% 105 *101% 105
32
32 Am erican Cotton Oil.......
*32% 33
*3L
32%
33
33
1,010 28 May 2 44% Jan 11 27% JTy 40 % Dec
33
33
*32% 33
*90
95
*90
92 %
*90
95
90% 91
Do p re f........................
300 90% J’ne20 95 Jan 10 ! 89% JTy 97 Feb
*90
93
*90
94
243 243 *241 245
245 245
*243 248 Am erican E x p ress............
200 215 A pr26 272 Aug iO1;$209% Jan J46 Feb
•240 245 $244 244
*9
9%
9
9
*8%
9% Am erican Grass T w in e ..
*9
9%
7% May 2 11% Jan 15
lo o
4% Ana 14 Jan
*9
9H
*9
9^
*6%
7 Amer H ide & Leather___
5% N ov21 10 Jan 26
7
7
7
7%
800
6 J’ ne 11% Dec
6%
6%
*6%
0%
*6%
7%
31% 31%
30
30%
31% 32%
30
31%
4,000 24 N o v i2 43 J an 2 ’) 29% Oct 55 % Mar
De p r e f.......................
32
32
28 Hi 29%
88
88 Am erican Ic e Securities.
88% 83%
87% 88%
1,300 35% Jan 2 9 ± 78 Sep 25 1 24% J Ty 36 Deo
88% 88%
88 Si 8 8 '2 88% 88%
18
18
*18
19
4Jah 23 Lee
lOO 17% May 7 29% Jan 2z i 1 5 L
*18
19
*17% 18% *17% 18% *17% 18% Am erican Linseed............
*38
40
*38
40
38% 38% *37 % 40
300 38 N ov 2 53% Jan 20‘ ! 36 Jan 48% Apr
Do p re f................. ......
*3 8 7s 40
*37
40
75 Am erican L o co m o tiv e ...
76% D ec
76
76%
75% 76%
74% 74% *74
6,800 53% May 2 78% Jan 4 ! 33 Jan
74% 75%
75Ha 76
*111 112 *111 112 *111% 112% 111% 111%
300 110% May 2 120% Jan 10 *103% Jan . 22% A pr
Do p re f........................
i l i a . n i 34 1 LI 111
*3 % 4 Amer. Malt. ctfs. of dep...
4 J ’ne29
4
4
*3%
4
*3%
4
6 % A pr 5 1| 5 Dec
5 % Nov
100
*3%
4
*3%
4
*24% 27
*25
27
*25
27
25 Jan 8 29% Apr 5 I 24% Dec 26 Nov
*25
27
*25
27
Do pref. ctfs. of dep..
*25
27
25 Sep lo 54% A j^rlb1
*26
30
*26
30
*26
80 Amer Pneum atic Service
*26
30
*27
30
*26
30
*59
62
*58
62
*59
62
60 Aug 7 88% A p r 12;
*59
62
*59
62
*59
62
Do pref
93% *92
93
*92
93
*92% 93 Am er Sm elters Sec pref B
100 92% Dec 1 101% Jan 1S| 97% Sep i02 Nov
*92
93
923-4 92% *92
152 153% 151% 15338 Am er. sm elt’ g
R en n ’ g. 72,600 138% May 2 174 Jan 18,! 79% Jan L70% Dec
151% 152% 152% 155% 152% 154% 152 153
115% 116
115%116
*115 116% 115% 115% 115% 115% *115 116
D o p r e f...,..................
1,654 113% Sep 28 130 Jan 12 111 % Jan i. 37 Deo
*200 240 <200 240 Am erican Snuff.
2u0 JTy 6 220 Jan 25 163 May 250 Nov
*200 240 *200 240 *200 240 *200 240
*98 100
*101 105 *101 105 *101 105
id o 1U0% Oct 22 107 Jan 26 99 J an 1 10 Dec
101 101 * .........101
D o pref
9% Nov20 15% Jan 17
lu% 10%
11
11 Am erican Steel F oundr’ s.
10% 11
11
11%
6% JTy 18% Mar
2,500
10% 10%
*10 Ha 11
47% 48%
47
47%
46% 47%
47% 48%
8,800 40 May 2 53% Jan 17 35 % J’ne 67 % A pr
46% 46%
47
47%
Do p re f........................
133%133% 133% 134% 134% 137% 135% 137% 134% 136% 133% 135% Am erican Sugar Refining 36,700 127% May 2 157 Jan 8 130 May 154% Dec
130 Sep 20 140 Jan 19 133 May M l Aug
'130 135 *130 135 *130 135 <130 135
*130 135* <130 135
Do p re f........................
*136% 139 *136 139 *136 139
136 136 <136% 139 Amer. Telepli. <fc T e le g ...
•136 137
100 130 J ’ly 18 144% Jan 19j: 131 Dec 148% Jan
*93% 100 Amer. Tobac. (new ), pref.
98% 98% §98% 98%
98% 99
98% 98%
. *98% 98%
1,155 96 JTy 3 109 Jan 22 91% JaD 109% Deo
32% 33 Am erican W oolen............
34% 34%
34% 34%
33
34
*34% 35
34
34%
4,600 28 N o v l3 48 Jan 61 20% Jan 47 % N ov
102 102
103 103
700 101 JTy 13 11038 Jan 24 93 Jan 108% Mar
*103 103% 103% 103% *103 104
103 103
Do p re f........................
282 286 Anaconda C opper.............. 110,400 223% May 4 300 F eb 13 100% May 295 D ec
283 Ha2 8 6
-280 281% 281% 287% 284% 288% 283% 287
*106 120
*106 120
107 107 <106 120 *106 120
100 105 %Nov26 178 Jan -3 175 Dec #215 Feb
B105 120
B r o o k ly n Union Gas___
16% -15% 16% -I~>runsw. D ock & C .Im p’ t
*15% 16% *15% 16% *15% 16%
1,500 13% JTy 9 21% A pr 14 10% Jan 22% Dec
15
15% *15
*46
49 B u tten ck Co......................
*45
60
*46
63
*46
50
50
50
l l u 40 A p r l6 70 May 9 50 Dec 60% Jan
*46
50
36% 36% / Central L e a th e r ............
37% 37%
37
37%
*37
37%
37% 37%
2,317 34 Oct 26 49 % Jan ^4 40 Sep 47 % Oct
37% 37%
102% 102% 102 102
102% 102% 102 102 Vp Do p r e f......................
'102% 102% 102 102
800 100 JTy 3 107% Jan 24 102% N ov 105% N or
66
67 % Colorado F u el & Ir o n ___ 95,700 40% May 2 83% Jan 26 38 May 59 Max
55% 56%
54% 66
64% 55
55% 56%
54% 57
85 J ’ne29 112% Jan 29 80 Aug 105 Mar
97%
*79
99
*79
99
*81
92% *81
*79
99
Do p re f.......................
*79
99
27% 27%
27
28% OoL & H ock . Coal & Iron. 13,245 17 Mav 2 30 % N oy 26 11% May 20 Deo
28
29
28%
27
27 % 28
27
28%
137% 137% 137 % 141
7,200 130=8 A pr27 181% Jan 23 175 Nov 214 Mar
*137 138
138 138% 138% 138% 138 % 139% Consolidated Gas (N . Y .).
21% 21% Corn Products R e fg _
217* 22 %
22
22
22% 22%
22% 22%
6,825 18% JTy 13 28 A pr 4 1
22% 22%
8 L% 82 "
81% 81% *81
80% 80%
80
8 o4
D o pref
1,365 74% May 2 85% A pr 2
S'l
82
82
71
71%
70% 71 D istillers Secu rit’ s Corp.
71
71%
3,850 51 J an 30 74% Sep 2o #34% Jan 54% Deo
7 1 14 7 1 78 71% 71%
70% 71
81% Jan 3 87% Jan 19 76 May 89% Feb
Electric Storage Battery.
80 ♦......... 80 * ......... 80
80 - ........ 80 * ........ 80 *
175 175 Federal M ining & Sm eltrg
*160 178 -160 178 -160 185
*160 185
id o 138 Jan 4 199 Jan 22 60 Jan 145 N ov
*160 185
95% 95%
96% 97%
96Ha 96%
D o p re f........................
700 y i JTy 3 112% Jan 22 75 Jan L10% N ot
*9 6
98
96% 9 6 H 96% 96%
7,410 160i4 J ’ly 13 184 Oct 9 169 May 192 Mar
177 177% 177 % 178 »<2 178 1783s 177% 178% 177 177% $163%165% General E le ctric...............
18% 18%
18% 18%
18% 18%
18 ^ 18% | nternational P aper.......
4,300 16% Sep 1-L 26 % Jan 15 18% J ’ne 25% Dec
, 18% 18%
18% 18%
82
82-, A Do p r e f ......................
*81% 82%
*81% 82%
1,100 80% Sep 22 90 Jan 13 76% Feb 88% Dec
81*8 8l*h
.. 82
82
82
82
*50% 69 International P ow er.......
61
52
*50% 69
*51
57
200 48 Sep 14 #95 Jan 29 48 Oct 100 Feb
*5 0 », 69
*51
59
40% 40% Internat Steam P u m p ___
42
40% 40%
300 28 Jan 15 60 May 8 26 Dec 40% Feb
*40
40% *40
4 1 78 4 1 7g *40% 42
83
83% *81
83% *81
81% 81% *80
300 79 Jan H 92 M ayl4 78% May 88% A pr
*81
83% •8 L
D o p re f........................
83%
74% 74% K nickerbocker Ic e ( Chic)
76
75%
75
76
7 5 l. 75 \
75% 75%
3,110 5 4 ?8 J ’ly 6 84% Sep 27 10 Jan 63 Den
75
75%
77*3 78
78
78%
77*4 79%
\Tational B iscu it............ 15,250 62 May 2 79% Dec 4 5 2 A ug 69% Dee
78
79
76% 78 % 77% 78%
113% Jan 5 118% Oct 8 110 Aug 120% Max
*116 117 * .........117
117 *116 117% - ........ 117% I <1 Do pref.
14
16 Nat Enam enng& Stamp’ g
15
15% 15%
15% 15%
1,300 12 May 2 18% Jan 15 11 Aug 31% A pr
15% 15%
15
15% *14
82 Sep 17 88% Mar 8 80 Aug 94 A pr
*84
87
*86
89
*86
89
*84
87
*84
87
Do p r e f..
*86
89
76% 76%
74% 75% National Lead....................
76
77%
5,900 66 May 2 95% Jan 19 24% Jan 89% Dec
75% 76
' *75
76
75% 75%
103 103
103 103
400 100% J’ ne 7 106% Jan 2z 97% Jan 115 % Deo
*102 103
Do p re f........................
103 103 *102% 105 *102 % 105
143% 144% N ew Y ork A ir B rak e.......
143% 143% 143% 143% *140 145
900 133 J ’l y i a 163% Jan 5 140 May 168% N ov
■•140 144 *140 145
91
82%
89
92%
89% 90
*89% 90% North A m erican Co., new 17,010 a7 % NovP2 107 Jan 12! 95% N ov 107 A pr
90 ~ 91%
89% 89%
40% 41% O a e iiic M ail...................... 13,300 28% J ’ne29 51% Jan 19 33 May 53% Deo
43% 44%
41
44
4 0 '8 42
41% 43%
40% 41%
92
92% T eop. Gas-L.& C. (Chic.)
92
92%
6,350 88 J T y 13 103 Jan 2| 97% May 115 % A pr
92
92%
9a
931.
92% 92%
* 9 1 % 92%
17% 17% P ittsburgh Coal C o..........
17
17%
17Sj 18
17% 17%
3,40 0 13% May 2 18% N ov23‘ 12% JTy 21 May
*16% 17%
17% 17%
60% 62
60
60%
59
60%
60% 61
7,100 50 JTy 3 62 % Jan 191 45 % JTy 80% May
Do p r e f....... ..............
*57% 60
60% 61%
54
543. Pressed. Steel Car..............
55% 55%
55
55%
64
5 4%
4,950 43 May 2 64% Jan 241 33 % Jan 58% Dec
54
55%
54% 55
98
98
99% 99% *99 100
98% 98%
465 95 May 2 105 Feb 1 87 Feb 1 0 1 % o c t
Do n ref........................
99% 99% *99% 100
184 184
187 IBS
4,009 180 D ec 5 270 N ov 9 230 May 258 Aug
189 189
180 183
180% 181% 180% 18 L Pullman* Com pany............
55% 56% g railw ay Steel S p rin g... 21,100 44 May 2 62% Jan 15 30 May 63 % Dec
56% 67%
56% 56%
57% 58%
53% 57%
56
57%
-100 103 *100 103
1,20b 973^ JTy 13 107 Jan 24 93 J an 106 Nov
*99% 103
100% 100% 101% 101% #99% 99% ilk Do pref.......................
38
39
38 % 38%
37% 38%
Republic Iron t£ S te e l. . .
8,900 22% May 2 40% Sep 19 15 Jan 36% Deo
38
38
38% 38%
37% 38
5,100 91 May 2 110% Jan 9 67 Jan 108 Deo
**100% 101% 101 % l u l % 101 i o i % 101 101% 101 101% 100% 101
Do p re f........................
74% 76 O loss-Shefiield St. <& Iron
75
76
75
75
76
76%
2,900 68% JTy 13 97 % Jan 12 60 Jan 118% Feb
75% 76
74% 75%
10 1 % Oct 1& Ll3 A pr 3 loO Jan 130 Feb
*104 108 * 104 110 *104 108 -104 HO kJ D o p re f........................
*104 110 * 1 0 4 n o
<160 162% Term. Coal, Iron & K it ...
550 129 Jan 2 $166 Nov3u 68 Jan 148 Dec
163 163
163 % 165 % *160 163% -160 163
164 164
*86
87 Texas P acific Land Trust
300 60 May 2 88 Oct 23 37% Jan 66 Deo
87
8 6% 8 6 %
*86
88
*85
87% *35
86 % 87
5 % Sep 7 15% Jan 19
8% J’ne 15% Oct
200
8%
8 ^ 9 Tnion Bag & Paper.......
60% 61
6 i% e i%
vJ D o p re f........................
450 52 Oct 15 84 Jan 18 68 Tan 82% Dec
46
46
46
46%
2,500 43% May 2 53 Jan 17 19% Jan 48% Deo
• 46
47
45
45% *44% 46 U. S. Cast 1. Pipe & Foun.
45% 45%
86% 86% *86% 86% *86
*85
86%
Do p re f........................
1.680 i>4 D ec i 96% Jan 24 79% Jan 97% A pr
84
85
86% 86%
87
375 109 May 1 138% Jan 26 $110 D ec 134 Feb
1 1 0 ^ 1 1 5 1 , United States E x p re ss...
115 § 117 *115 120
115% 115% *115 120 *115 120
*81
88
100 lD A u g lc 94 ^ Jan 20 77 Jan 98% Mar
*81
81 0 S R ealty <fc lm pTove’nt
*86
88% *87% 88% *87% 88%
88
88
*27% 30 U S R eduction & Re fin’ g
200 24 Mar 1 4 0 % j 'n e 5 18 Feb 40% A pr
*28
30
*27% 30
*27% 30
*28
3u
29
29
70
70
*70
73
*69% 72%
*70
73
100 60 Mar2^ 84 j 'n e 6 3 0 J an '<3 % Aug
Do
p r e i......................
*70
72
*69% 73
51% 61%
52% 53
2,550 38 J T y 13 59% Oct 2 33% Jan 58% Sep
51 % 51 % United States R u b b er___
*52
53
51% 51%
51% 52
440 #101% JTy 13 #115 Jan 15 98% Jan 118% A pr
D o 1st pref.................
108% 103% 107 % lu8% -106% 108 $108 108 $107% 107% $ 107%107%
75 May 2 #87 H2 Jan I d 75 Nov 83% D ec
*76% 79
*76
79
*76
79
*76
79
Do
2d p r e f ...............
*76% 79
*76
79
47% 48
47% 4 8 %
47% 48% #17% 48% United States Steel.......... 341,320 32=s
43
48%
1 3 oO l4 Oct 12 24% May 43 % Dec
47% 48%
104% 105% 104% 105
104% 105
104%105
104 4s 104 76
Do p re f........................ 25,740 98% JTy 3 113% ja n 20 90% May LU7 Deo
104% 105
40
41
40% 41%
*40
42
4,450 31 JTy 3 58 Jan 2 28% Sep 58% Dec
39% 40
40
40%
38 4s 39 3a Virginia-Carolina Chem ..
700 104 JTy 3 117% Jan 2! 103 % May 118% Dee
*106 % 110 *106% 110 *109 % 110 *108 110
109 109
109% 110
Do p ref........................
86
92
90
92
81
86
78
80%
8S% 904? V irginia Iron Coal & C .. 35,405 38 May 2 93 D ec 5| 36 J ’ne 52% Feb
83
93
412 233 Mar23 305 Oct 26! $226 % Dec 260 Feb
*295 303
300 305 *300 305 *3u0 305
300 800 *295 305
\\7 ells Fargo & C o.......
87% 87%
87
vV est'n U nion T ele’ gph
1,700 85 N ov26 91% Jan 26 92 Jan 95% J ’ne
*85
87
87% 87%
86>4 86 3,
86
86% *85
*150% 157 *150 157 *151 167 *150 157
154 154 *152 154
West’ gh ’ seE l & M f g assen
200 148 Aug 30 176 Jan 0 152 May 184 A pr
*167 185 *167 185 *167 185 *167 185 *167 185 *107 185
L62 N ov 16 188 Jan 22* 187 % D ec 197 Apt
Do I s t p r e f.................
*109

HOW

109% 109% *109

109%

107% 109

107% 108

BANK S AN D TRUST COMPANIES—BROKERS’ QUOTATIONS
H an k s
Union Exchi!
U S Excha’ ell
Wash. H’htsli
W est Sidell..
Torkviilell ..

BROOKLYN

B id

230
125
225
600
400

A sk

180

l i au k s

B id

A sk

BROOKLYN
First..............
H om e Bankl)
M anufactrs'.
M e e])an i csl]
Nassau .......
N at C ity.......
North Sidell ProspectPkH
T erm in a l. . . .
U n ion lj.........

390
160
400
290
250
300

305
260

T ru st C os.
N. Y. CITY
Bankers’ T r.
B ow l’ gGreen
BroadwayTr.
Central T r ’st
Colonial
Colum bia___
Common w ’th
E m fiire. . .
Equitable Tr
Farm Lo & Tr

B id

550
440
158
9000
380

400
Boron ghl)___ 160
150 165
310
Broad way 1).. 400
140
Brooklyn^ .. 135 ‘l45
228 238
1350
------- ---------t Bid and asked prices; no sales on this day. $ Less than 100 shares.
•Sale at Stook E xchange or at auction this week, o Ex stock dividend,

T ru st C o’ s B id A s k
T ru st C o ’ s
T ru st C o’ s B id A s k
M
ut.Allianee 210 220
BROOKLYN
F ifth A v e Tr 550 570
N Y D ife& T r 1000 1030 B rooklyn Tr
FnTtnn
310 330
N ew Y ork Tr 725
Citizens’ .......
Guaranty Tr
520
StandardTr’ t 410 425
F la tb u sh ___
Guardian Tr 228
•580
T itleG u & Tr 565 575
F ra n k lin ___
H u d s o n ____ 100
450
H am ilton___
T r Co of Am . 750 765
162
K nick Th’k ’ r 1150
50 T,flw T T ^ T r 275
Union T rust 1340 1360 H om e____. . .
285
Tunco In Tr.
U S M tg & T r 465
J e n k in s .......
390 400
395
U nit S ta te s. 1300
K ings C o ___
M anhattan.. 470 490
250
M Arran til ft
V an N ’denTr 300 310
L Is! L & T r .
850
85
W ashington. 400
N assau .........
Metropolitan 570
320
W indsor....... 215 230
People’ s .......
M ortonTrnst 700 800
450
W iliiam sb’ g.
130
1390 M u tu a l........
$ Ex-rights. 5 N ew stock,
c Ex-dividend and rie-h: s T rust Co. certificates. 11 Banks marked with a , t _ r iph (IT) are State
A sk

B id

A&t

150
270
325
330

165

200
450
300
265
325
220

350
350
185

350

banks.

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
OCCUPYING

BONDS
X . Y . STOCK E X C H A N G E
W rks E nding DEC 7

D r ic e
F r id a y
D ec 7

L. s . (-iovermneni
U S 2s cousol rsgiswred.rfl 980 Q-J
U S 28 cousol coupon___dl930 Q-J
V S 3s registered............ /cl9IS 4 - f
Q-F
V S 3s reg small bonds.. fcl91 Q-F
V S 3s cou small bouds.. A191S
"U S 4s registered.............A1907 Q-J
V S 4® coupon...................A1907 Q-J
U S 4s registered................1925 Q-F
8 4s coupon.................... 1925
-F
U S Pan Can 10-30 yr 2s./cl93o Q N
PhilmniM© islands 4 s .1914-34 W F
Pub wk< and imp re .r 4 s 1935 A. S
Pub wks and imp re g ...l9 3 6 A . V

TJ S 3s coupon................. A191S

J

b id

103%
104
102%
102%

4
W eek’ s
M ange o r
L a s t' S a le

A s k Low

U tah

104
104 4
103 4
1034

104 N ov’ 06
104
104
103 4 A ug’06
103 4 Oct ’On
107 J ’ ne’ U2
1 0 2 % ........ 104 4 Oct *05
100% Sale 100 % 1 0 0 %
1 0 1 4 102
102 N ov ’06
130 4 131
130% Nov*06
1304 131
130 4 130 4
*104 105
105 % Oct ’ 06
109 4 ........ 111 May’06

Foreign Ciovernineiit
Japanese Govt 6s sterl’ g.1911
2d series 6s...................... 1911
£ loan 4 4a ctls full pd.1925
2d senes 4 4 s ctls full paid.
£ loan 4s ctls full paid..1931
Repub of Cuba 5s exten debt..
U s ol Mexico s f g 5s Ol 1899
Gold 4s of 1904................1954

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

S ta te S e c u r itie s
Alabama chit fund 4 s ___ 1920
Dist of Columbia 3*65s___ 1924
Louisiana uew consol 4 s.. 1914
North Carolina cousol 4s. 1910
6s..... ....... ........................ - 1919
So Carolina 4 4 s 20-40....... 1933
Tenn Dew settlement 3 s.. 1913
Small.................................
Virginia tuna cieot 2 -S s... 1991
6s deterred Brown Bros ctfs.

J-J >102 ......... 111 M ar’02
F-A 115 ......... 1174 J 'n e’06
J-J * 1 0 1 % ........ 105 4 D e c ’04
J-J 101 ........ 101 J ’l y ’ 0b
A-0 128 132 122 J ’ne’06
120 M ar’00
J-J
97% 99
96% A ug’06
J-J
95 4 Dec ’04
J-J
95 ......... 95% Oct ’ 06
J-J
20
22
22
22

R a ilro n d
labama Cent b e e So Ry
A laba M uii b ee A t Coast Line
A lbany <fe Susa b e e Dei<fc Hud
Allegheny V alley £*eePenn KB
A lleg & W est b e e Bud R & P
A n n 'A rb or 1st g 4 s.........A1995
Atoll T 6c S Fe—Gen g 4s. 1995
R egistered....................... 1995
Conv g 4 s .........................1955
W arrants for 50-yr conv 4 s..
Adjustment g 4S.......... A1995
R e g iste re d ................. A1995
Stamped...................... h 1995
D ebentures 4s Series E . 1907
S en es F ..........................1908
Series G ..........................1909
S en es H .........................1910
S en es 1 .......................... 1911
Series K ......................... 1913
East Okla D iv 1st g 4 s ..1928
A ti K n o x 6c N See L <fc N
A tlantic Coast 1st g 4S.M P52
Cliaxies 6c Sav 1st g 7 s.. 1936
Sav F 6c W 1st gold 6 s.. 1934
1st gold 5s..................... 1934
A la Mid 1 st gu gold 5s . . 1928
Bruns & W 1st gu g 4s . .1938
L 6c X coll g 4 s .............. 01952
Sil Sp Oca 6c G gu g 4 s ..1918
A tlantic 6c Danv b e e South Ry
Austin 6c N W S ee Sou Pacific
Ohio prior l g 3 has. 1925
B altR&egistered................
A1925
Gold 4 s ............................A194S
R e g iste re d ................. h 1948
P J on 6c M D iv 1st g 3 4 sl9 2 5
P L E & W V a S y s r e f 4sl941
Southw Div 1st g 3 4 s . . .1925
R e g iste re d ..................A1925
M onon iiiv 1st gu g 5 s ..1919
Cen Ohio R 1st c g 4 4 s ..l 9 3 0
Pitts Ciev & Tol 1st g 6s 1922
Pitts 6c W est 1st g 4 s ... 1917
Bat Creek 6c S See M id i Cent
Beech Creek S ee N Y C 6c H
Bellev 6c Car See Illinois Cent
Bklyn 6c M ontauk See L on g I
Bruns 6c West s e e A ti Coast L
Buffalo X* Y 6c Erie S ee Erie
Buffalo R 6c P gen g 5 s ...1937
A ll 6c W est 1st g 4s g u ..l9 9 8
Cl 6c -Mali 1st iru g 5s___1943
R och 6c Pitts 1st g 6 s ... 1921
Consol 1st g 6s.............1922
Buffalo 6c Southwest S ee Erie
Burt 6c Susq 1st ref g 4s .d 1951
B u r C R 6c S See C R I 6c P
l&nada South 1st 5s....... 1906
C'2d
5 s .................................1913
R e g is t e r e d ..................1913
Carb 6c Shawn S ee 111 Cent
Carolina Cent See Seab A ir L
Carthage 6c A d s e e X Y C & H
Ced R la F (fe X s e e B C R 6c X
Cen Branch IT P 1st g 4 s ...1946
Cen Branch Ry b e e M o P ac
Cent of Ga EH 1st g 5 s ..p l9 4 5
Consol gold 5s..................1945
R egistered..................... 1945
1st pref income g o s___p l9 4 5
2d pref incom e g 5s___p i 945
3d pref incom e g 5 a ___p i 945
Chatt Div pur ruon g 4 s .1951
M ac 6c N or Div 1st g 58.1946
Mul Ga 6c A ti Div o s ___1947
M obile Div 1st e 5s....... 1946

3%

M ange
S in ce
J a n u a ry 7

Nov
M-N
F-A
F-A
F-A
F-A
F-A
F-A
M-S

93
100%
100
105

Sale
93
93
Sale 10 U% 101
101 100% N o v ’06
Sale 104
107
104% Oct ’ 06
9 2 4 ........... 9 2 4
924
95 Sep ’05
92%
93
~924 93
1 0 0 % ......... 99% May’05
99% Oct ’ 06
...........100
97 4 ......... 100 4 Jan ’ 06
9 6 % ........ 97
97
9 5 % ......... 98 4 N ov’ 04
9 3 % ........ 94 N o v ’06
9 5 % ........ 95% A ug’ 06

/yOii’ H ig h
10341054
10 103 104%
. . . . 102% 103%
. . . . 102
104%
....

lu 100%103%
102
104%
__ 129 1 3 1 4
20 129% 132%
. . . . 10 5 4 1 0 5 4
— 108% 111
....

__ 11741 18
. . . . 101
122

....

101
122

....

95% 96%

___
5

94 4
20

96%
23 4

11 90
17 i 100
99 4
1123 100%
100%
17 91

99
104 4
1034
110%
108%
97%

30

91

97

....

98% 99%
.... 10041 004
1 9 6 4 97
....

—

04
54
95% 1 0 1 4

97% Sale
97%
97% 43 97% 1 0 2 4
M-S
J - J 1 4 9 % ........
A-O 129 ......... 132% Jan *06 . . . . 132% 132%
A-C 114 ......... 112% Jan *04
114% N ov’05
M-N 110*4 ..
9 4 % ........ 99 4 M ar’ 06
99 4 99 4
J -J
90 89% 9 5 4
89%
90
89% Sale
M-N
97% A u g ’06
95% 99 4
96% ...
J -J
J -J
Q-J
A-O
Q-J
M-N
M-N
J-J
Q-J
F-A
M-S
A-O
J -J

9 3 % .........
i o i % Sale
101 .........
89 4 ........
94% 9 5 4
91% 92
8 8 4 .........
105 4
100% ..
112
96 ........

93%
94 4
95 J ’ne’ 06
101
1014
101 N ov’ 06
89 % N ov’06
93%
95%
91%
91%
89 Oct ’ 06
1 0 8 4 J ’l y ’ 05
109 A p r ’ 05
1 1 9 4 M ar*04
96 Oct ’06

4 9 2 4 97%
... 93
95
24 100 4 1 0 5 4
....
99% 1034
....
89 4 92
14 93 % 99%
20 89% 93
....
8 3 4 89

....

M-S *117% ......... 118% N ov’ 06
A-O 1 0 0 % ........ 1 0 1 4 A ug’ 06 . . . .
103 A p r’ 97
J-J 113
F-A 1 2 2 % ......... 124 A pr *06 . . . .
J-D 1 2 2 % ......... 125% N ov ’06 ••••
J -J

98

........

9S

95

100

11641194
10141014
124 124
L25% 128 4

N o v ’06 *••• 9 5 ^ 9 9 4

J-J
.VI-s
M-S

9 100% 103
102 ‘x
102% Sale 102
1 0 4 % ........ 104% N o v ’06 . . . . 103% 108%
1 0 3 4 ........ 103 N o v ’06 - *- - 103 105%

J-D

........

95

F-A 118 ........
M-N 1 1 0 4 Sale
M-N
Oct
89 ........
Oct
76 ........
Oct * .......... 7 0 4
J-D
90 ..........
J-J 109% .
J-J 109%
J-J 1 1 0 % ..........

95

Nov*06

118%
1104
113
89
76
70
93
115 4
115
115 4

118%
1104
A p r ’06
N ov ’06
76
70
J ’n o’06
D e c ’ 05
N ov’ 05
A ug’ 05

I*A t i KS

BO N D S
N. Y. STOCK E X C H A N G E
W kkk E nding d e c 7

3.2
v, k
5^
N
S

Xo

....

97%
97% 159 96% 1 0 1 4
$ 9 7 4 Saic.
; 96% Sale
97
97% 1S2 96% 101 %
t 92 Sale
91%
92% 363 9 0 4 95 4
j 91% Sale
91%
92% 297 8 9 4 93%
i S 3 4 Sale
83 4
84% 83 82
88
14 1014 108
4 1 0 2 4 ......... 102% 103
I 9 8 % ........ 97% N ov’06
97% 101 4
93 % Sale
93%
93% Oil 92% 96
;t
e$e
a
re
p
r
ices
0
n
th
e
b
a
s
is
o f $5 to £ .
t'J

Q-J
A-O
A-O
J-D

FOLK

90

95

1 118% 121
9 10941144
. . . L13 1)3
.... 89
99
1 75
93
91
6 70
__ 93
94 4
....

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

V^rtc*
Jt+tdav
D ec 7
Hiit

Week* 8
M ange or
L a st S ale

A s k L ow

H ig h

M ange
S in ce
^ O Jan
u a ry 1
X'u Low

H ig h

106 106
VI. N 104 4 ........ 106 Nov VO
7 125% 132
J-J 128% i; 0 128% 123%
1 125% 1314
Q-J 1264127% 126% 1.6%
J - J 1 1 1 4 ........ 111% 111 % 4 111% 113
J - J 107% 109 4
102 1024
M-N 1U0%........ 100% N ov ’ 06
100 102%
Q-M 100 4 Sale 100 4 100 4
N Y tfc L ong Br gen g 4s 1941 M-S
Cent Pacific See So Pacific Co
Ohas cfe Sav See A ti Coast Line
103 N ov’ 06
101% 106%
Clies 6c Ohio g 6s ser A ..A I9 0 8 A-O 102%105
Gold 6s.............................ol911 A-O 105 4 ........ 105 N ov’06 . . . . 105 110 4
7 116 1 1 9 4
VI-X 116 4116% 116% 116%
1st cousol g 5s..................1
116 J ’ne’06 . . . . 114% 116%
M-N
Registered..................... 1
106
46 103% 109
VI-S 105 4 Sale 105
General gold 4 4 a .............I
, ___
104 May’ 06 ___ 104 105
■VI-s
R egistered..................... 1
112 112
J -J 105 ........ 112 F e b ’06 ,
100 103 4
J-J 10 L4 ........ 103 N ov’ 06
97 4
97 4
3 95
97 4 Sale
96%
J-J
Warm Spr Val 1st g 5 s ..1941 M- S 107 ........ 113% Feb '05
93 4 ........ 99% F e b ’ 06
99% 99%
G reenbrier Ry 1st gu g 4s ’ 40 M-N
79 4 80
79 4
7 9 4 17 7 8 4 8 2 4
Chic 6c A lt RR ref g 3 s ...1949 A-O
24 76% 82
7 7 % ........ 77%
78
J-J
j .j
80 % May’05
Registered.
1 99% 102%
Clue Burl 6c Q - D e n v D 4 s 1922 F-A 1 0 U 4 ........ 101 ~ 101
93 4 71 91
93 4 ........ 93 4
95%
J-J
9 1 % ......... 90 Sep ’06 . . . . 90
90
R egistered.................... 1949 J-J
28 101 106%
Goid 4s...........................1949 J -J 104 Sale 103% 104
Iow a D iv sink fund 5 s ..1919 \-O *104 ........ 110% Jan ’05
2 99% 102%
A-O *100 ........ 100% 101
N ebraska Extension 4s. 192/ M-N 1 0 1 % ........ 102. N ov ’ 06 . . . . 102 107
104 l4 May’ U6 .... 104% 104%
R egistered..................... 1927 M-N
100 J ’ly '06 .... 98 100
Southwestern D iv 4s___1921 .M-S
Joint bonds S ee Great North
2 102 4 107
Debenture 5s................... 1913 M-N 103 ......... 103% 103%
Han 6c St Jos consol 6s. .1911 M-S 108 ......... 107% N o v ’06 . . . . 107% 112%
92 e c t ’ 06 . . . . 92
96%
Chic<fe E 111 ref 6c imp g 4s 1955 J -J
5 100% 104%
1st s f cur 6 s....................1907 J-D i ’0 0 4 ........ 100% 100%
1st consol g 6 s..................1934 A-O 1 3 1 % ........ 132 Oct ’ 06 . . . . 1294 139
4 L16 4 1 2 0
General consol 1st 5s___ 1937 M-N 1 1 6 4 1174 1164 1 1 6 4
1 1 8 4 Feb ’06 . . . . 1 1 8 4 H 8 4
R egistered..................... 1937 M-N
Chic 6c Ind C R y 1st 5 s .1936 J-J 114 ........ 1.15 J ’l y '06 — 1 1 441 18%
Chicago 6c E rie S ee Erie
128 137
Chic In 6c L ou isv ref 6 s ...1947 J-J 128% 131 128 N ov’06
R efunding gold 5s.......... 1947 J -J 113 % 115 114 4 J ’ne’ 06 . . . 1 1 3 4 1 1 4 4
L ouisv X A So Cli 1st 6s. 1910 J -J 106% ........ 105 4 Sep ’06 . . . . 1 0 5 4 1 0 8 4
Chic M il 6c St P term g 5s 1914 J-J *107 ........ i06 OCC ’ 06 . . . . 106 1084
103
6 1 0 541 11
General g 4s series A . .€1989 J -J *108 ........ 103
104 4 O c t ’06 . . . . 1 0 4 4 1 0 4 4
R egistered................... €1989 Q-J ........ 108
94%
94%
8 9 1 4 97
General g 3 4 s series B .€l989 J -J * 92% 94
Chic 6c L Su Div g 5s___1921 J -J 1 1 2 % ........ 115% Oct ’ 05
Il2* 118%
Chic 6c Mo Pviv D iv 5 s ... 1926 J-J 1 1 4 % ....... 112% Oct ’ 06
Chic 6c Pac D iv 6 s.......... 1910 J-J 1 0 6 % ........ 108 A p r ’06 . . . . 1 0 7 4 1 0 8 4
112 4 N ov’06 , . . . 1 1 1 4 1 1 5
Chic 6c P W 1st g 5 s....... 1921 J-J
Dak 6c Gt So g 5s.............1916 J-J 108 4 ........ 110 J ’ne’OO . . . . 1 0 7 4 1 1 0 4
1 3 7 4 J ’l y ’ 99
Far 6c Sou as8u g 6s....... 1924 J-J 125 . . .
11U 113
H ast & D D iv 1st 7s....... 1910 J-J 1 1 0 % ........ 110 O c t ’ 06
1st 5s............................... 1910 J-J 1 0 3 % ......... 106 A ug’ 04
182 4 A p r ’06 . . . . 1 8 2 4 1 8 2 4
I 6c D E xten 1st 7 s.........1908 J -J
LaCrosse <fe D 1st 5s___ 1919 J-J i i o % ......... 111 Nov *06 . . . . 111 1 1 3 4
M ineral Point D iv 5s___ 1910 J-J 1 0 3 4 ........ 106% A p r’05
So M inn D iv 1st 6s.........1910 J-J 107 108 107 N ov’ 06 __ 105 108%
Southwest D iv 1st 6s___ 1909 J -J 106 ........ 104 4 May’06 . . . . L0 4 4 1 0 6 %
W is 6c Minn D iv g 5s___ 1921 J-J 1 1 2 % ........ 112 Oct ’ 06 . . . . LI 2 115%
M il 6c N o 1st M L 6s. ...1 9 1 0 J-D 1 0 4 % ......... 106 A u g’ 06 . . . . 106 108%
1st consol 6s..................1913 J-D 1 0 3 % ......... 115 F e b ’ 06 . . . . 115 115
Chic <fe N orth w cons 7 s ___ 1915 Q-F 120 Sa 122*2 121 N ov ’ 06 . . . . 1 1 9 4 1 2 6
E xtension 4s.........1886-1926 F-A 102 ........ 101% N ov ’ 06 ___ 101% 1 0 5 4
9 9 4 . . . . 101 J ’l y ’06
L01 102
R egistered.......... 1886-1926 F-A
95
964
9 6 4 *11 95 1 0 0 4
General gold 3 4 s .............1987 M-N
96 N ov ’ 06
96
96
R e g istered ..................p l9 8 7 Q-F
111 O c t ’06 . . . . 111 113
Sinking fund 6 s ...1879-1929 A-O
1 1 4 4 F e b ’06
R egistered...........1879-1929 A-O
L144H 44
Sinking fund 5 s ...1879-1929 A-O 106 4 ......... 106% N o v ’06 . . . . 106% 109%
107 4 J ’ne’ 06 . . . . 1 0 7 4 1 0 7 4
R egistered...........1879-1929 A-O
1 101 104%
D ebenture 5s................... 1909 M-N 1 0 1 % ........ U01% 101%
101 S e p ’06 .... 101 101
R egistered..................... 1909 M-N
Debenture 5s................... 1921 A-O 106
107 4 N o v ’06 . . . . 1054112%
R egistered..................... 1921 A-O
108% J a n '04
1 1 3 4 N ov’06 ___ 113 117
Sinking fund deb 5s....... 1933 M-N 114
117 F e b ’ 06
117 117
R egistered..................... 1933 M-N
Des Mo 6c M inn 1st 7 s ..1907 F-A *102 .........
N orth Illinois 1st o s ___1910 M-S 1 0 2 % ........ 105% D e c ’ 05
101% Sep *06
Ott C F 6c St Paul 1st 5s 1909 M-S 1 0 2 % ..
10141014
101% N ov ’ 06
W inona 6c St Pet 2d 7s. .1907 M-N *1 0 1 % ..
1 0 1 %" 1 0 2 4
M il L S 6c W est 1st g 6s 1921 M-N 1 2 2 4 ....... 123% Sep ’ 06
122 4 1 2 0 4
E x t 6c Im p s fund g 5s 1929 F-A 1 1 6 4 ........ 116 4 Oct ’ 06 ... 114% 118
Ashland D iv 1st g 6 s ..1925 M-S 1 2 6 4 ......... 1 4 2 4 F e b ’ 02
L28 4 1 2 8 4
Mich D iv 1st g 6s.........1924 J -J 1 2 7 4 ..
1 2 8 4 F e b ’06
101 Oct ’ 06
Convertible deb 5 s___1907 F-A *1 0 1 % ..
101 101
98 ......... 109 Sep ’ 03
In c o m e s ........................ 1911 M-N
Chic R ock ls i 6c Pac 6 s ... 1917 J-J 119%119% 119 4 Oct ’06 ___ 117% 120%
R egistered..................... 1917 J-J 1 1 7 4 ........ 118% N ov ’ 06
1174 1 1 9 4
General gold 4s................ 1988 J-J l o l % 102 4 101% 102% 52 99 103%
J-J
101
........
100%
Sep
’
06
R egistered.................... 1988
99 102
92% Sale
91%
92% 52 91% 97
R efunding g 4 s .............. 1934 A-O
94
........
97 J ’l y ’ 04
Coll tru st S e n e s H 4s .. 1910 M-N
92
J 4 s.................................1912 M-N
92 4 N ov ’06
924 924
M 4s.................................1915 M-N
89 4 ........ 96 N ov’ 05
8 8 % ......... 93 May’ 04
N 4 s .................................1916 M-N
88 ........ 89 4 May’06
O 4 s................................. 1917 M-N
8 9 4 ' 89 4
bS 4 ........ 90 May’ 04
P 4 s .................................1918 M-N
77%
77% 103 75% 81%
Chic B. I & Pac R R 4 s ..2002 M-N
77 % Sale
79 Dec ’05
R egistered.................... 2002 M N
Coll trust gold 5 s .........1913 M-S
9 2 4 22 88% 98%
91% 92% 91%
Bur Ced R 6c X o 1st 5 s .1906 J-D
102% May’ 06 ___ 1 0 0 % 1 0 2 4
Con 1st 6c col tr g 5 s ... 1934 A-O 116 ........ 116% N ov’ 06
116% 119%
R egistered..................1934 A-O
1 204 Mar’03
A-O
C R I F & N W ls t g u 58.1921
107 ........ 111 N ov ’05
M 6c St L 1st gu g 7 s ..1927 J-D
Choc Ok 6c G gen g 5s .01919 J -J 1 0 4 4 ........ 109 N ov’ 06
105 106%
Consol gold 5 s.............. 1952 M-N 1 0 8 % ........ 111 May’06
111 111
K eok (fe Des M I s t 5 s ....l 9 2 3 A-O ........ 110
105% N ov’ 06 — 1U5 % 111%
Chic Ht E & N O S ee 111 Cent
Jen R R
B of Ga col g os 1937
Cent of X J gen’ 1 gold os. 1987
R eg istered ................. A1987
Am Dock Sc Imp gu 58.. 1921

iU l^C E LLAN E G O S BONDS—Continued ou Next Page.
S tre e t R a ilw a y
Brooklyn Rap T r g 5 »........1945
O
1st refund conv g 4 s ___ 2002
J
B kCU y 1st cou 5s.1916.1941 i J J
Bk Q Co <fe 3 con gu g 58.1941. M X
B klyn Un El 1st g 4-5a.l950
A
Stamped guar 4-5 b___ 1950 F-A
K in gs Co El 1st g 4s___ 1949
Stamped guar 4 s ......... 1949
X'assau Elec gu g 4 s ___ 1961
Conn Ry tfe L 1st <fc ref g 4 Mas ’ 51

1 0 0 % 109
Nov*06
94% 270 92 100
105 107
Oct ’ 06
100 104
Oct ’06
1054 113%
107 %
no
llo
F e b ’06
96
88
88
96%
89
89 %
89 4
85
85%
102 103%
N ov ’ u6
Stamped guar 4 4 s ..........1951
1 0 0 % 103%
103%
1 0 3 * 4 ....... 103%
Den Con T r Co 1st g 5 s ...19331A
95 J ’ne’ OO
Det United 1st con g 4 4a. 1932 J
93% 96 4
....... 9 3 14 93% Oct *06
00
H avana Elec consol g 5 s.1 952; F
95%
92 4 X o v ’ OGl.. . 92
.............19561 A
2nter-M et coll
*8*1*=8 Saif*
82 ,304 80% 90 4
81%
In tern a l T ra c coll tr 48.. 1949: J
79
84
*06
....... 80
79%
Louis Kv Co 1st con g 5 s ..1030 J
109 Mar»98 . . . .
Manila Elec 1st <fc coll 58.1953 M
98 100%
9 8 4 , 98 May* 061__
*N o price Friday; latest price this w eek.aD ue Jan U Due A pr eD u eM ay

1051b 105
y4 -Saif. ! 93%
.........109
105
........ 101 4 100
107% Sale 107
11iO
*87*’ *88 * 88
89
89 % 89
854
86 4 Sal*
103% Sale 103%

Sep

__

S tre e t R a ilw a y
Met St R y gen col tr g 5s. 1997 F A
R ef g 4 a ............................ 2002 A O
Bway<fe 7th A v 1st e g 5a 1943 J D
Col<fe 9th A v la t gu g 58.1993 M S
Lex A v <fe P F 1wt gu g 5a 1993 M S
Third A v e R R con gu 4s 2000 J J
Third A v e Ry 1st g 5 b.. 1987 J J
Met W S El (Clue) 1 s tg 4 s . 1938 F A
Mil El Ry tfe L 30-yr g 5 b. 1926 F A
Minn St R y 1st con g 5 a ..1919 J J
N Orl Ky (fe Lt gen 4 4 b ..1935 J J
St J ob Ry Lt If (fe P 1st g 5s *37 M N
Paul City Cab con g 5s 1937 J J
Underground of Lou 5a...1 9 0 8 J D
Union El (Chic) 1st g 5s 1945 A ()
United R R s Sah F re f 4a. 1927 A O
United R vh St L 1st g 48.1934 J J
W c h ic St 40-yr con g 68.1936 M N
g D u e J ’ne A-Duo J 'ly /c Due Aug

108 Sale
........ 34%
110 111
........ 114 %
113% 1164
9 0 4 ......
.........117%
91
92 4
1064111
........

90 %

92 4 Sale
......... 83%
86% 87%
o h u e Oct

108
84
113
115
113 4
90%
116 4

108
84
N ov'06
Oct ’ 06
Oct ’06
91
N ov’06
9 3 4 J ’ l y ’ 06
109 J ’l y ’ 06
107 4 F ob ’00
90 4 Sep ’06
103% Oct ’06
110 4 N ov’06
92 4
92 4
. 06 5 J iy ’06
83%
834
86 4 N ov’06
99 Dec ’97
pD ueN crr

4 108
3 83
___ n o
113
112
90
4 1164
93 4
109
. . . . 107 4
.... 89%
.... 103%
... 1104
7 924
13

71

11T
92
116%
119%
116%

95%
93%
109
119

107%
1)2%
103%,
110%’
98%
00

83 4
$ Up triou Sato ’

New York Bond Record— Continued— Page

1398
dec

7

iS ju r

W eek E nding

II p oiu tcf

—
N. Y. STOCK E X C H A N G E

J'rxce
JPriday
D ec 7

W eek?*
R a n g e or
L a st S a le

R ange
S in ce
^
P
-q
J an u a ry 1

B id
A ek L o w
H ig h No L ow H ig h
Ohio St L & Pitt# S ee Penn Co
Chic St P M & O con 6 s ...1930 J -D 129 h 130% 132 b N ov’ 06 mm 131 136
9 0 rj4 ......... 93 D e c ’ 03
Cons 6s reduced to 3 b s .l9 3 0
13134 1 3 5 14
Ch St P S c Minn 1st g 6s 1918 fVI-IS 129 ^2........ 13334 Oct ’ 06
Nor Wisconsin 1st 6 s ...1 9 3 0 Ji - tiv 128 ° 8 ........ 129b M ar’04
) 19 b 1243c,
1 1 9 b N ov’ 06
St P So S City 1st g 6 s ... 1919 A-O 119 ^2 ..
9 9 l4 ........ 99 b N 0 WO6
99b 101b
Chicago T er Trans g 4 s ... 1947 J - J
97 78 ........ 97'b N ov’ 06
96 100b
Coupon o i l ................................
110
114 38
l l l 78 ........ 1 1 1 b
3
H lb
Cluc<w W f«t Inn g e n g 6 s <71932
98a4 ........ 977e Oct ’ 06
97 7e 9 8 b
Consol 50 year 4 s............1952 J . J
Chic do w M ion s e e Pere M arq
Choc o & C ult S ee C R I & P
113 O c t ’00
Cin H So D 2d gold 4 b s ..- 1937 J . J
Cin D So i 1st gu g 5S ... 1941 VI-N 104 He........ 107 A ug’ 06 . . . . 107 112
C Find So Ft W ls t g u 4s g.’ N] .VI-IN
91 Mar’ 06 . ••• 91
91
Cin 1 <fc W 1st gu g 4 s. 1953 J -J ......... 94
C I St L So C See C C C So St 1.
Oin S & C See C C O St l
Clear he id & Mali S ee B R So P
Clev Cin C So St L gen g 4s 1993 J . f) 10l b Sale 10034 101b 49 100 b 10534
1 100 1 0 1 b
Cairo D iv 1st gold 4 s---- 1939 J - J l o l b l 0 1 s& 1 0 1 b 101 b
99 b ......... 98 A u g’06
98 101 t
Cin W So M D iv 1st g 4 s . 1991 J - J
9 7 ^ ......... 100 Oct ’ 06 ___ 98 b 103
St L D iv 1st coi tr g 4 s.. 1990 M-N
100 Oct ’ 04
Registered.................... 1990 M-IM
94 ......... 9 9 b F e b ’ 05
Spr So Col D iv 1st g 4 s .. 1940 M-S
9814 ........ 98 Sep ’ 06 . . . . 96
98
W W Val Div 1st g 4 s _ ..1940 J . j
103*6........ 105 J a n ’ 04
C 1 St 1j So C consol 6 s ..1920
99 o8 103 100
100
1 9 9 b 103 b
1st gold 4s................... £1936 O-F
Vr
99 b ......... 101 May’ 06 . . . . 101 X<>3
R eg istered .............. £1936 (;>. r
112 b 115
Cm 8 So Cl con 1st g 5s. .1928 J - J 1118s......... j 1 3 b J’ ne’ 00
C C C So i eonsoi 7 s.........1914 j .]) 117 ......... 118 b J T y ’ 06 . . . . 1 1 8 b 122
Consol sink fund 7 s___1914 J -1>
.134 135
General consol gold 6s. 1934 J - J 1 3 4 b ......... 134b N ov’OO
R egistered..................1934 J "J
1 0 4 b N o v ’ 01
Ind BL cfo W 1st p ref 4 s .1940 A-U .........103/
O Ind So W 1st pf 5 s...itt9 3 8 - J
96
96
8 96 101
Peo So East 1st con 4 s ... 1940 A-O ......... 96
7 2 7q Sale
72b
73
4 69
80
Incom e 4s.......................1990 Apr
Cl Lor So Wh con 1st g 5 s .1933 A-O U 2 b ........ 1 12b Oct ’ 06 ...t : 1 2 b 115 b
Clev Sr. M arietta See Pen n R i1
Clev So Mahon Val g o s . . . 1938 - J i i 3 b ) ........ 116b Jan *0o
Clev So Pitts See Penn Co
75
76
75b
75 b 15 71
79b
Coi Midland 1st g 4 s ........ 1947 .1 ../
9 1 b 92
9 91
96 b
Colorado So Son 1st g 4 s . . . 1929 F-A
91b
Colurn So Greenv See So Ky_
Col cb Hock ^ ai See Hook \ ai
Col So T oi S ee H ock V ai
Col Conn & Term s e e N So W
G o o d So Pas Rivs 1st g 4s. 1943 A-O
l vak So Gt So See C INI Sc St P
S et
So
1 .'alias t
104 70 1 07
Del back So \Vestern 7s __1907 M-S *1 0 1 34
So Es sex 1st 7 s ...1914 M-N 1 1 3 8 4 ........ 119 b N ov ’ 06
119 b 126b
nsol guar 7 s .....1 9 1 5 J -D 120 ........ 122 S e p ’ 06
121 127
Is
127 J ’ne’ 05
___
1st retf gu g 3 b s .......... 2006 J -D . . . . . . . . . . . .
124 b i 26 b
N
ek & W 1st 6 s ... 1923 j - j 123 b 126 b 1 2 1 3j Sep ’06
108 b 1 14 V
Jons' rueti on 5s.......... 1923 t - A 1 1 0 b ........ 108 Ausr’06
102:C A ug’ 06
102 " 1 0 2 39
term So im prove 4s___1923 M-N
N V 1st7 8..1906 A-O . . . . . . _____ 102 b A u g 506 . . . . 1 0 1 b 1 0 4 b
Syr
LlSt I’61' g llg 3828.2000 F-A ------- --------- 102 F e b ’ 03 ....
st
Div 7 s .1917 M-S 125 b ........ 133 F eh ’ 06 __i 133 133
Del s
149 AUg’ 01
R egistered.................... 1917 M- S
10-yr con v deb 4 s .......... 1916 J -D 112 Sale 11178 112 b 160 107 112 V
118
68 105 118
A ll) So Sus conv 3 b 9 -___1946 A-O 116 Sale 116
132 b ......... 142 b Mar’ 05
Reus So Saratoga 1st 7s. 1923
Del Pviv R R Bridge See Pa R R
99
9934 17 9 8 b 101b
99 \ Sale
DSliV So R Gr 1st con g 4s. 1936 J -J
106 108
Consol gold 4 b s ..............1936 1. T 105 ......... 106 O c t ’ 06
105 109
Im provem ent gold o s ...1928 J -1) 104 107 b 106 b N © v ’06
95 b
96
Rio Gr W est 1st g 4 s___1939 J -3 ........ 96
15 94 b 100
86 ......... 86 b
M geand col trust-4sA . 1949 A-O
88 b 26 8 6 b 92
93
9 4 b 97 Jan ’02
Utah Cent ls t g u g 4 s a 19.17 A-O
R io Gr 8o gu See Rio Gr Bo
Des M oi So Ft D /see M So St L
Des M A Minn S ee Ch So N W
110 Sep ’ 04
Des Moi Un R y 1st g 5 s ..1917 M- N
94
97
92 Oct ’ 06
Dettfe Mack 1st Lien g 4 s .1995 J-D
92
99 b
90 ......... 93 NovOO
Gold 4s.............................. 1995 J-D
90
9634
Detroit Southern—
r
\
fi
Q
........
86
86
Oct
’
06
86
9334
Ohio Sou D iv 1st g 4 s ... 1941
Dul«fc irou Range ls t5 s ._ 1937 A-O 110 b 111b 110 N ov ’ OU
L0934 114 b
112 b F e h ’ 06
R egistered.........................1937
112b*112b
2d 6s...................................3916 .} - J
Dul Short b in e See N or P ac
113b 113 V. 14 111 113b
Dul So Shore Sc A ti g 5 s ..1937 I- T
L 'a si of M inn S ee St P M So M
Ib a stT e n Va So G a S ee So Ry
Elgin J oi So East 1st g 5s. 1941 M-N 113 1 1 5 b 1 1 4 b N o v ’ 06
I 1 4 b l l 9 3s
Elm Cort So N o S ee bell So N Y
(Vl-N
107V
J
a
n
’
06
1
0
0
b
.........
1 0 7 b 1 07b
Erie 1st ext gold 4s.............1947
2d ex t gold 5 s ................... 1919 M-S 10938......... 114b F e h ’06
i l 4 114b
107 b 109 b
3d e x t gold 4 b s ................ 1923 fvtt- 8 105 b ......... 108 b A u g’ 06
4th ext'gold 5s..................1920 A -O 109 58 ........ 110 b Oct ’ 06
110b 1 15b
98 3q _____ 103 Feh ’05
5th ext gold 4 s..................1928 J -D
3 127 1 3 4 b
1st consol gold 7s............. 1920 M-S 128 b ........ 128b 1 2 8 b
133 133
1st consol g fund 7s....... 1920 M-S 128 ........ 133 F e h ’06
101 120 99 b 102
Erie 1st con g 4s p rio r.. 1996 J-J 100 . . . . . . 100
99 V 100 b
R egistered..................... 1996 I- J ......... 9 9 b 99 b Oct ’ 06
89b
9034 119 89 b 93 b
ASt eonsoi gen lien g 4 s ..1996 .1. J
90 Oct ?06
R egistered..................... 1996 J-J _____ 90
90
91 ^
91
92
91b
9 1 b 16 90
98
Penn coll tr g 4 s.............1951 F-.A
50-year con v 4s A .........1953 A-O 11)3 b Sale 102 b 104 197 10034 109 7e
1 1 9 ......... 127 N ov ’05
Butt N Y So Erie 1st 7 s.. 1916 J -D
Bull So S W gold 6s.........1908 J - J 1 0 1 b ........ 104 b F e h ’06
104 5s i0 4 V
Chic Sc Erie 1st gold 5 s.. 1982 M-R 116 b 117 1 1 6 b 116 b “ 3 1 1 6 b 12234
Jeff R R 1st gu g 5s___al909 A-O 1 0 1 b ........ 1 0 1 b N ov’06
100 101b
Long D ock; consol g 6 s.. 1935 A-O 130 ........ 129 N ov’ 06
129 135 b
Coal So R R 1st cur gu 6s. 1922 M-N 108 b ......... 118 JTy ’04
L0978 Sep ’ 06
109 b 1 0 9 b
Dock Sc Im p 1st cur 6 s ..1913 J -J 108 . . .
N Y Sc Green L gu g 6s. 1946 M-N 105 ........ 121b Oct ’ 05
N Y Sus Sc W 1st ref 5s. 1937 J-J 11434 115 b 116a4 O c t ’ 06
115 1 17b
2d gold 4 b e ................... 1937 F-A 100 102 100b 100 b
2 100 103
General gold 5s.............1940 F-A
104 b Oct ’06
104b 110
Term inal 1st gold 5 s .. .1943 M-N 1 1 4 b ........ 118 May’06
115b 118
R egis $5,000 e a c h ... 1943 M-N
Mid R R o f N J I s t g 6 s .l9 1 0 A-O 104 . . . __ 104 b O ct ’ 06
104 b HO
W ilk So Ea 1st gu g 5s. 1942 J-D
110 O c t ’06
109 113
1
163
4
.
.
.
.
.
E v Sc Ind 1st con gu g 6 s ..1926 J -J
116 A pr *00 . 0.. 1116 118

V ol . L i m n .

2

RO N D S
N. Y. STOCK E X C H A N G E
W eek Ending D eo 7

•«v
■*. »v•
“-I--

Erie So Pitts See Penn Co
Evans So T H 1st cons 6 s. 1921
1st general gold 5s
.1942
M t V ernon 1st gold 6 » 1923
Snil Co Branch 1st g 6 s 1930

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

1 1 7 b ........
106 b 108 V
108 ........
1 0 1 b ........

J-J
J-D
J-J

99 ......... 105 Mar’ 98
.........1 1 1 b 110 b 110 b 26 11 Ob
8 8 b N ov’ 06
8 6 b 90
84
91

A-O

10076 103

1 lin t& PereM See Pere Mar
Fla C So Pem n See Sea A ir Line
Fort St U D Co 1st » 4 b s 1941
Ft W So Den C 1st g 6 s
1921
Ft W So Rio Gr 1st g 4 s ... 1928
/ la l lia r So S A S ee Ho Pac Co
' T al H So H of 1882 1st 5s. 1913
Georgia So A la S ee Sea A Line
Ga Oar Sc N or S ee Sea A Ripe
Georgia Pacific S ee So Ry 7
Gila V G & N or See So Pac Co
Gouv So Oswegat See N Y Cent
Grand Rap So Ind See Penn RR
Gray’ s Pt Term See St L S W
Gt N or—C B & Q coll tr4 s 1921
R egistered, h
1921
Greenbrier Ry See Ches So O
(411If Sr. S I 1st ref Sr. t tr 5 ^ 61952
: an So ST J o See C B So Q
i &ousatonic See N Y N HSb H
Hock Vai i st consol g 4 b s 1999
R egistered............ .......... 1999
Col So H V 1st ext g 4 s ..1948
Col Sr, Tol ) sT, e.v 4s
1 955
H oust E So W Tex See So Pac

H r ice
F r id a y
D ec 7
B id

Week**
R a n g e or
L a st S a le

Ask, L o w

99 b Sale
J -J
Q-J * ......... 99

=
^z

H ig h No

117
117
106 b N ov’ 06
114 A p r ’05
106 l4 F eh ’06

100

99 b
9834

J -J

102 b 103 b 1 0 2 b

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

107

!
|

R ange
S in ce
Jo/nuary 1
L ow

H ig h

7 117 118
1 0 6 b 109 b
1 0 6 b 106b

N ov ’ 06

...

100 b L27
6
99

9 8 b 103

93 b 101 b
97 1 0 1 b

1 1 01b 105b

102b

107
........ 107
5 ] 04b
103 N ov ’ 06
103
98 b ........ 9Sb N ov’ 06
98b
......... 102
101b Oct ’ 06 ___ 100

1 10
103
101b

101*4

I 0 9 b 109b
J-J 109 ........ 1 0 9 b Sep ’ 06
1 0 4 b .Aug’1Mi
J -j
104b 1 0 4 b
J-J 10 2 b ......... 100 J ’ ue’ 06 . . . . 9 9 b 100
95 b JTy *00 . . . . 1 95 b 9 5 b
J-J
99 ......... 99 -2 J ’ ne ’ 06
! 99 b 1 0 1 b
A-O
70 Oct ’04
M-S
A-O 102 b 10434 10 2 34 N ov’ Ot* — 101 107b
102 Oct ’ Ol . . . .
A-O
ldl’ b 1 0 6 b
M-N 103 b SaLc 103b 103 b
jU00 100
100 May’06
M-N1
105 Augh 6 — |L05 105
J-D
91 b ........ 93 b N o v ’06
J-J
9 1 b 94b
F-A 104 b ......... 123 .Wav’ 9 9
75
8L
7 8 b A p r ’06
FA
78 b 78 b
78 ......... 80 Oct ’ 06 . . . . 80
J-J
82b
J-J
J -J
89 b ......... 93 b J’ ne’ 06
93 b 93 b
101 b Oct ’99
j -J
___
89 ......... 100 N ov’ 00 —
J-J
F-A lo 2 b
102 N ov’ 06
mj2
107b
Bellev So Car 1st 6s....... 1923 J-D m b : : : : : : 122 D e c ’ 05 : : : :
95 ......... 90 N ov’98
Garb So Shaw 1st g 4 s ... 1932 M-S
i 120b 123 b
J-D 1 2 1 b Sale 121b 121b
J-D
11934 Mar504 . . . .
Gold Mbs
1951 J-D .................... 93 5q M ay’ 04
B fteastored
195 1 J -D
99 b ........ 101 b A u g’ 06 ___! 1 0 1 b 1 01b
M ei n fill Div 1st g 4 s. . . 1951 J-D
y934 ........ 103 N ov ’ 04 __ . . . . . . . . . . . .
St L Sob 1st gu g 4s___1931 M-S
Ind Bi So W est See C C C & St L
Ind Dec So W 1st g 5s....... 1935 J-J 1 0 7 b ......... 1 0 6 b Pet ’ 06 ___ I0 6 5g 108 7g
I 1st guar gold 5s............... 1935 J-J ___ _ _____ 10 / b D ec 02 ___
98 100
93 Oct ’ 06 —
9 3 b 100
|Ind III So la 1st g 4 s.........1950 J-J
116 120
|f nt So Great N or 1st g 6 s ..1919 M-N .........1 1 4 b 116 Oct *06
99b Bale
99b
59b
4 98 1 0 2 b
2d gold 5s.......... ..............1909 M-S
7 7 b N ov’ 06
73
80
3d gold 4s......................... 1921 M-S ......... 78
111
111
Iow a Central 1st gold 5 s ..1938 J-D .........I l l
2 1109 115
Gold 4s....................
....1951 M-S . . . — 85
8 5 5g N ov’ 06 . . . . 83 34 88
Jefferson R R S ee Erie
i f ai A So G R See L 8 So M S
£Aan So Mich S ee Tol So O C
K C Ft S & M S ee St L So S F
K CcC M R So B S ee St L <fc S F
Kan C So P acific See M K So T
7 1 b Sale
Kan City Sou 1st gold 3 s.. 1950 A-O
71b
71b 56 70
75b
63 Oct ’ 00
Registered.
1950 A-O
K entucky Cent s e e L So N
Keok So D e s Mo See C R I<feP
K noxville So Ohio s e e So Ry
116b
2 114 119
J - J 1 1 6 b ......... 116
1 1 0 34 113 b
1-j 2d gold 5 s....... ............ ^1941 J-J I l l ......... 110b J ’i y ’06
117 117
North Ohio 1st gu g 5a
A-O 108 b ........ 117 Jan ’ u6
L Sho So M ich S See N Y Cent
2 109 1 1 1 b
Led Val N Y 1st gu g 4 b s .l9 4 0 J-J 109 c6 Sale 1 0 9 b 1 09b
R eg istered ...
i 940 J - J 107 ......... 1 1 2 b N ov’05
95 Oct ’06 . ... 95
Lehigh Vai (Pa) cons g 4 s .2003 M-N
98b
Leh V Ter R y 1st gu g 5s. 1941 A-O 116 b ......... 116 O c t ’ U6 . . . . 116 1 2 0 b
109 b Oct ’99
Registered
.1941 A-O
11 2 b A p r ’ 06 ___ 112 1 1 5 b
Leh V Coal Co 1st g'u g 5s. 1933 J-J
1.eh & N Y 1 st, gnar o- 4 s
945 M-S
9 6 b ......... 95 b Nov 06
95b 96b
Registered
1945 M-S
104
.........
113
b
Jan
’06
E 1 C & N 1st pf 6s
1914 A-O
1137e 11378
Gold guar 5 s "............... 1914 A-O
1 0 5 b Jan ’ 06
105 b 105 b
Leh So Hud R S ee Cent of N J
Leh So W ilkesb S ee Cent of N J
Leroy So Caney Val See Mo P
Long D ock See Erie
113b 117
0 - J 1 1 4 b ......... 113*4 N ov ’ 06
1st eonsoi 2*010 48
£1931 Q-J 1 0 0 b ........
General gold 4 s............... 1938 J-D ......... 99 s8 99 b N ov’ 06
95b 102b
Ferry gold 4 b s .. _____ 1922 M-S * 96 ......... 102 N ov’ 05
94 ......... 9 9 b Oct ’06
Gold*4s..............................1932 J -D
99 b 9 9 b
Unified gold 4 s ............... 1949 M-S ........ 96 b 9 6 b
9 6 k 12 95 78 1 U1 34
Debenture aoldS s.......... 1934 J-D 107 b ......... 110 J’ne’ 04
3 99 102 b
99b
Guar ref gold 4 s..............1949 .Vl-S ........ 99b 99
Bkiyn Sc M ont 1st g 6 s ..1911 M-S l u 3 b 1 L0i b 1 0 3 b
1st 5s....... .......................1911 M-S 101 ........ 1 0 1 b i o i b
N i B & M B ls t c o n g 5s 1935 A-O 1 1 1 b ......... 1 1 0 b N o v ’06
H O b llO b
111 111
N Y Sc R B 1st g 5 s T. ..1927 M-S 108 ........ 111 J a n ’ 06
N orS h B lstco n "g g u 5 s o l9 3 2 Q-J 1 1 0 b 112 b 109 N ov’ 06
109 109
Louisiana Sc A rk 1st g 5s. 192 7 M-S ........ 103 b 105 J’ ne’06
105 105
co u isv Sc N askv gen g 6s. 1930 J-D 11 4 b ........ 119 N ov’ 06
114b 1 2 0 b
Gold 58.............................. 1937 M-N 1 1 6 b ........ 1 1 6 b N ov ’06
116b 121b
7 9 8 b 104b
Unified gold 4 s . . . . . . __ .1940 J -J I0 1 5g Bale 101b 101b
R egistered.................... 1940 J -J
1 0 i b J ’l y ’ 06
100 101b
Coll trust gold 5s............ 1931 M-N .........110b 111b J ’ ne’ Od
111b 115b
97*8 Sale
5-20-yr col tr deed g 4s. 1923 A-O
17 9 5 b 100 b
97b
98
110
E H So Nash 1st g 6s___ 1919 J-D 110 Sale 110
1 110 110
2 liinois Centrai 1st 4« 1951
* Registered
1951
1st gold 3 b s
1951
Registered
1951
Extended 1st g 3 b H
1951
1st gold 3s ster 11n <?
1951
Coil T rust gold 4s^.........1952
Registered
1952
L N O So T ex gold 4s
1953
Registered.
1953
Cairo Bridge go id 4s___1950
LoutsvD iv& Term g3 bs.1953
Aluidle Div rev 6s
1991
Omaha D iv 1st g 3s....... 1951
St Louis Div<feterin g 3s. 1951
Registered
1951
Gold 3 b s
1951
R e <•■is tere ti
];) 51
Spring D iv 1st g 3b8-._1951

M ISCELLAN EO U S* B O N D S—C ontinued on N ext P a g e ,
G a s an d E le c tr ic L ig h t
Atlanta G L Co 1st g 5 s ...1947
Bkiyn U Gas 1st con g 5 s .1945
Buffalo Gas 1st g 5 s.......... 1947
Consol Gas con v deb 6 s
1909
Consum Gas s e e P G & C Co
Detroit City Gas g 5 s.........1923
Det Gas Co con 1st g 5 s ...1918
E d K IIU B k n S ee K Co E L & P
M E 111 See N Y G & E L H & P
2£q G JLN Y 1st con g 5 s ..1932
G as& E lec Berg Co c g 6s. 1949
Gen E lectric deb g 3 b s ..l9 4 2
Gr Rap G L Co 1st g 5 s ...1915
H udson C© Gas 1st g 5 s .. 1949
Kan C ity (M o) Gas 1st g 5s 1922
K ings Co El L <fc P g 6 s ...1937
Purchase money 6 s „ . . . . . jl997
Kd El H Bkn 1st con g 4s 1939

G a s an d E le c tr ic L igh t
Lac Gas L o f St L 1st g 5 s .£1919 Q-F 104 105 b 102% 1 0 4 b
R ef and e x t 1st g 5s. ^ .1 9 3 4 A-O 1 0 2 b 105 101 O c t ’06
105*4 Sale 1 0 5 b 10578 24 105 1 1 3 b
8034 Milwaukee Gas L 1st 4 s .. 1927 M-N
6 3 b ...... 64b
64 b 13 63
92% 94 O ct ’ 06
103
140 Sale 138
140 4 95 137 168*4 N Y G E L H & P g 5 s ...1948 J-D 102 b Sale 102
85
8534
Purchase m oney g 4 s ...1949 F-A
85 Sale
Ed E l 111 1st con v g 5 s ..1910 M-S 101 ......... 101bNo^r’ 06
J -J 101 102 101*8 N ov’ 06
109> 104
1st consol gold 5s........ 1995 J -J
F-A 100 _____ 1 0 1 b N ov’ 06 . . . . 100 1 01b
113 b J ’ ne’ 06
98 Oct ’ 06
NY&QE1 IxfeP 1st con g 5sl930 F-A . . . . . . i o o
103 N ov’ 05
N Y « fc R ich Gas 1st g 5s. 1921 M-N ........ 101
M-S
Pat Sc Pas G Sc E con g 5s. 1949 M-S
112 N ov’ 03
104*4 N ov’ 05
Peo Gas Sc C 1st con g 6s. 1943 A-O .........120
j -d ! . . . . . . . . . . . . 6 1 b O c t ’01 - *
120 ‘ J ’ ne’ 06
Refunding gold 5s..........1947 M-S .........106b 102 O ct ’06
F A
88 ____ _ 88
88
1 8 6 b 90
F-A 100 . . . . . . 107*4 D e c ’ 00
Ch G-L <fc Cke 1st gu g 6s 1937 J -J 105 108 106 Oct ’06
M-N 103 . . . . . . 103 b N ov’ 06
Con G Co of Ch 1st gu g 5 s.*36 J-D 1 0 1 b ........ 105 J ’ ne’ 06
103b 108b
103 b D e c ’05
A-O
M u Fuel Gas 1st gu g 5 s .1947 M-N
m
98 J l y ’06
95
93
A-O
98^*1
Syracuse L ighting 1st g 5 s .’ 51 J-D
A-O . . . . . . 116 b i l 7 N ov ’06
Trenton G Sc E l 1st g 5 s ..1949 M-S 106 _____ 110 M.ay’05
117 1*22
J-J
93 b M ar’ 06 . . . . 93 b 9 3 b W estchester L igh t’ g g 5&.1950 J-D 1 0 1 b _____ 106 b A p r *06
N o p rice F rid ay ; la te s t bldand ask ed th is w eek .*? Due Jan b Due F e b d Due Apr £ Dae May h Due JTjr fcDue Aug oD ueO et q Dae Dee
J-D
M-N
A-O
J -J

24 102% 1 0 8 b
101 104*4
93
94b
32 102 109%
92
44 84
100 104 b
113b 118
__ _ 98 104 b
117
101b
104
__ 106

-------

—

106
i

123
107%
107
106

108%

New York Bond Record —Continued— Page

D e c . 8 1906. j
BOM »
K -f. STOCK E X C H A N G E
W eek kndika D ec 7

/'rice
JYicta y
D ec 7

Louis v vfe NaahT-H C o n tin u ed j
L (fin <fc Lex gold 4 Sjs. .. 1931
N O A M 1st cold da---- 1930
N O cfc M 2d gold 6a.......1930
Pensacola Div gold 6 s ... 1920
St L D iv 1st gold 6s.......1921
2d gold 3s'..................... 1980
Ktl Knox & Nor 1st u5alV>4d
G ender Bdge 1st at g 6s. 1931
Kentucky Cent gold 4 s.. 1987
Lift N A M Ar M 1st * 4 4 » 1945
L <& N-South M joint 4s. 1952
N Fla tfe S 1st gu g 5 s ... 1937
Pens do A tl 1st gu g 6 s.. 19*2.1
S A N Ala con *ru g 5s.. 1936
Sink tuud c o la 6 s ........ 191 o
L A Jett Bilge Co gu g 4 s . . 1945
L X A <fc Oil S ee O I A L
Coal S ee L S A M S
M ahon
anhattan R y consol 4s. 1990
R egistered.................1990
M etropol El 1st g 6s---- 1908
M cK 'pt A B V See N \ Cent
Metropolitan El S ee Man Kv
Mex Cent consol gold 4 s .. 1911
1st consol income g 3s .a 1939
2d consol income g 3 s ..<71 .'39
Equip A coll gold 5s.......1919
ColL tr g 4 4 * 1st S er---- 1907
Mex Internal 1st con g 4s. C I .
Mex North le t gold 6s---- 1910
Mich Cent S ee N V Cent
Mid ot N J See Erie
Mil L 8 A W See Chic A N N\
Mil A North See Ch M A >t P
Miun A st L 1st gold 7 s ..lo 2 .
Iow a Lx 1st gold
.......loth
Pacific Lx 1st go hi O s... 192
South W est Lx 1 s t g 7 s .1 9 D
1st consol gold 5s............ 1934
1st and refund gold 4 s .. 1949
lies M A Ft L> 1st gu 4 a ...’35
XLm u A 8t L gu See B C R A N
M 8t P A 8 8 M con a 4 iflt g u ’ 3s
M 8 8 M A A 1st g 4 int gu 1926
Minn U n See St P M A 51
Mo van A T ex 1st g 4 s ... 1990
gold 4 s . ................... </j.99U|
1st ext gold 5s................. 1944
1st A refund 4s............... 2094
Gen s £ 4 4 8 .................. 1936
St L in v 1st ref g 4 s___2001)
Dal A W a 1st gu g 5 s ...1940
Kan C A Pac 1st g 4 s ... 1990
Mo K A L 1st gu g 5 s .., 194*2
M K A Ok 1st gu 5s....... 1942
51 K A T or T 1st gu g os. 1942
Slier Sh A So 1st gu g 53.1943
T ex A O k la ls t gu g o s ... 1 <43
M issouri Pacific 3d 7 s.......1906
1st consol gold 6s............1920
Trust gold 5s stam ped.alO lT
R e g is te re d ................ a 1917
1st coll gold 5s................. 1920
40-3’ : 1 - Id loan 4=s.......I
Cent Br Ry 1st gu g 43.1919
Leroy A C V A L i s t g o s 1926
Pac R of M o 1st ex g 4s. 1938
2d extended gold 5a...l93«8
St L Ir M A Sgen con g 5sl931
Gen con stamp gui g 5s 1931
Unified A rel gold 4 s.. 1929
R iv A G D iv 1st g 4s. .1933
V erdi \ I &
- -.1926
M ob A Birni prior lien g o s 1945
M ortgage gold 4 s............ 1945
Alob J A K C 1st con s g 5swl953
M ob A «duo new gold 6 s ..1927
1st extension gold 6 s../tl9 2 7
General gold 4s............... 1938
Montirom Div 1st g 5 s.. 194 <
St ^ A Cairo coil g 4s..^ 1930
Guaranteed •; 4 s........... 1931
M A u coll 4s s e e Southern
.Moliawk A .Mai S e e N V C A H
Monongaiieia Riv See B A D
.Mont Cent s e e St P A1 A 51
Morgan’ s na A T S ee S P Co
M orns A Essex See Dei L A \Y
Chat A St L 1st 7 s .1913
N ash.
1st consol gold 5s.........1928
Jasper Branch 1st g 6 s.. 1923
llC.M 51 \Y A A i 1st 6S..1917
T A P Branch 1st 6s___1917
.Nash Fior A Sfief S ee L A N
N at or M ex prior lien 4 4 » - 1926
1st consol 4s..................... 1951
New H A D s e e N Y N H A H
N J June R R See N Y Cent
New A Cm Bdge See Penn Co
.N D A N E prior lien g us.pi.915 A- O
.N Y Bkin A Man Bell S ee L 1
N Y Cent A H Riv g 3 4 s . 1997
Registered.................... 1997
Deben g 4 s.......................1934
Lake Shore coll g 3 lg s ...l9 9 8
R egistered..................... 199s
Mich Cent coll g 3 4ft___199S
R egistered..................... 1998
Seech Creek 1st gu g 48.1936
R egistered..................... 1936
2d gu gold 5 s................ 1936
Beech Or E xt 1st g 3 Has 51951
Cart A A d 1st gu g 4 s ...1981
Clear! Bit Coai l s t s 1 4s. 1940
Gouv A Oswe 1st gu g 5s 1942
Moh A Mai 1st gu g 4ft..1991
N J J one R gu 1st 4s. ..1986
N Y A P a lftt con gu g 4 s 1993

Bio
A sk
1 0 6 4 ........
127 ........
122 .........
...... ......
118 ........
70
75
........ 119
98 4 ........
102 ........
........ 95
112 4 ........
1 10 4 ........
I l l 6*.........
1 0 4 4 ........
95 .........
100
104

W eek’ s
L a n g e or
L a st s a t e
L ow

109
130
122 4
107 4
US
71 4
116
108
99 4
108
94 4
114
112 4
115 4
107
97

Sale

100
104
........ 104

S3
84 4
2 7 4 Salt
20 Sale

834
27
194

^-

H ig h No

8 4 4 122
28 41:
20*8 357

........ 137 J ’ne’ 05
1 1 1 4 Oet ’05
115 ......... 11S J’ne'06
113 4 M ar’05
109 112 110 4 N 0 s 70 6
........ 94
9234 N ov’ ub
97 A p r ’06
......... 98

97 4 Sale
8 64 Sale
102 4 1 0 3 4
84
86
88 ........
86
9L
101 108
94
96
112 ........
105 4 ........
106 .........
104 .........
119 4 120
10i% S ale
...... ....
105 ........
89 4 __ . . .
94 4 94%
luO _____
1 0 1 4 .........
117 120
113 4 Sale
9u%
92
100
108

Sale
.........
.........
........

125

125 4

109 .........
......... 92
97% ........

N igtx

130
17 2 4
! 117 4
120 4
714
110
1( S U
10 L
110
9.8
117%
112 4

100 4

1004 28 9 9 4 103%
A p r’05
N ov ’06 .... 102% 100

131

101
_____ 103

Low

Mar’0f> . . . .
J ’ne’ oG . . , , 128
MarH)d . . . . 122 4
Aug’ uO . . . . 107 4
N ov'06 . . . 117 4
Sep ’06 . . . . 7 1 4
J ’ ly V 6 .... n o
.Jjin ’06
1(K I,
Oct ’06 •••• 98
.
.
.
.
J’ l y ’00
108
Nov’ 06 . . . . 934,
N ov ’06 . . . . 111
M ar’06 . . . . 112 4
Alar*05
D ec *06 . . . .
May’ 06 —
97

2

1 0 0 4 ........ 1 0 0 4 i o o 4
........ 90 ^ 90*8 J ’ ly *01
105 ~ May’00

98

Lange
S in ce
J an u a ry J

—
—
—

754
16 4
14

984101

118

—
—
—

85
28
21

120 4

1164 ii4 4

90 4
97

97
97 4

Oct *06 . . .. 1 0 0 % 1 0 2 4
N ov’ 01

27 9 7 4 103
974
98
1 0 84 4 92%
S634
88
102 4 N o v ’06 — 102 107%
86 N ov’ 06 . . . . 82% 9 1 4
90
90 4 26 85 9 0 4
88 S e p ’ 06 —
88
tu
108 F e b ’06 . . . . 107 108
94 Oct ’ 06 . . . . 94
964
112 N ov’ 06 . . . . 110 116
V 104% 109%
I 06 4 1U64
106 N ov ’ 06 . . . . 105 109%
1084 Apr ’ 06 — 108-% 108 4
10534 A pr Ou . . . . 105% 109 4
103 Oct ’ 0 . . . . 1 0 L 104
118=8 i 11
1184 125
b 103 107%
104°s 105
....
107 4 F e b ’ 06
104 107 4
5 102 4 108 4
104 4 104 4
9 1 4 N ov’ 06 . . . . 90 4 9 4 4
94 4 N ov’ 06
93
99
110 Mar*U5
lu
A u g ’ 06 . . . . 101%105
118 J ’ne’ 06 — 116 120%
5 1114117%
113 4 113
116 Nov '05
4 89 4 94
9034
91
10 9 1 4 96
92
92
LOT 4 A p r ’06 . . . . 107 1 0 7 4
115% A p r ’ 06 — 113 115%
96 u ct ’05
98 Oct ’ 06 . . . . 9 4 4 98
127 4 N ov’ 06 . . . . 124% 128%
122 D e c 705
94 N ov ’ 06 ___ 93
99
114 4 J ’l y ’06 . . . . L13 82114%
92 4 A u g’ 06 ... 92 4 98
101 N ov ’04

1 113 4 119%
113
118 1204 118
1 112 115 4
113 4 bale 113 4 U 3 4
119 4 F e b ’06 .... 1194 1194
1174 M ar’05
113% .
113 “ J ’ly ’ 04
103
85

........ 1014 A ug’ 06
Sale
85
85

94% Sale
99
38%
36 4
........
85 4
101

........
Sale
87 4
87
874
........

I

1014105
82 4 87 4

944
96 154 91%
95 4 Oct ’06
92
98
99 4 13 98
884
6 « 4 22 86 4
87 4 Nov ’ 06 . . . . 85 4
5 86%
87 4
87 4
88 s* J ’ ne’06 . . . . 8 6 4
102 4 Sep ’06
102
102 M ar’04

99%
984
102 4
93
914
92 4
90 4
105 4

io5% ........
.........io3%
86 .........

1 0 0 4 103

95

A p r ’02

103
103
105 Oct ‘02
104 4 F eb ’ 06

2 103

103

104 4 1 0 4 4

ISOM)-**
N. Y. STOCK K X C H a N(
vvekk E nding dkg 7

1399

3
J'rice
t 'r u ia y
D ec 7

N Y Cent A H li—(C o n tin u e d )
Nor A Mont 1st gu g 5s. 1916 A O
W est Shore 1st Is gu ...2361 J-J
R egistered......... ......... 2361 J-J
Lake Shore gold 3S»s___1997 J-D
R egistered..................1997 J-D
Debenture u 4 s............. i928 M-S
Ka A A (- R 1st gu c 5s. 1938 J - J
Mahon O’ l R R 1st 5s.. 1934 J -J
Pitts McK A Y 1st gu 68.1932 r. .1
2d guar 6s....................... 1934 J -J
M c K eea A B V 1at g 6s 1918 J -J
Mich Cent 1st consol 6s. 1909 M-S
58......................................1981 M-S
R egistered.................1 1 Q-M
4s......................................1940 J-J
R egistered..................1940 1 1
J L A & 1st g 3
1951 \I c;
1st g 3 4 s .......................... 1952 M-N
Bat C A Stur 1st gu g 3s. 1989 f . n
N Y A Harlem g 3 4 s . . . 2000 M-N
Registered..................... 2000 M-N
N Y A North 1st g o s ... 1927 \ O
R W A O con 1st e x 1 5s ./tl 922 A -0
Oswe A R 2d gu g 5 s ... e l 915 F-A
R W A O T R 1st gu g 5s. 1918 ivl- N
Utica A Blk R iv g u g 4 s . 1922 J - J
N Y Chic A St L 1st g 48.1937 A O
Registered.........................1937 A -0
N Y A Greenw Lake S ee Erie
N Y A Har S ee N Y C A Hud
X Y Lack A W See D L A \V
N 1 L E A W S ee Erie
N Y A Long Br S ee Cent of N J
New York N ew H av A Hart—
H ousatonic R con g 5 s.. 1937 M-N
N Pi A Derby con cy 5s. 1918 M-N
N Y A North See N Y C A H
N Y O A W rel 1st g 4 s ..<71992 M-S
Regis 85,000 on ly.........<71992 M-S
N Y A Put. S ee N Y C A PI
N Y" A R B S ee Long Island
N Y’ 8 A W See Erie
N Y Tex A M S ee So Pac Co
Nor A Bontli 1st g o s .........1941 M-N
N orf A W est gen g 6s....... 1931 M-N
Im provem ’ t A ext g 6 s.. 1934 F-A
New R iver 1st g 6s.......1932 A-O
N A W Ry 1st con g 4s. 1996 A-O
R egistered..................... 1996 A-O
D iv ’i 1st l A gen g 4 s ... 19 14 J-J
Pocali 0 A C Joint i s .. 1941 J-D
C C A T 1st gu g 5 s.........1922 J-J
Scio V A N E 1st gu g 4s 1989 M-N
N orth Illinois See Chi A N W
N orth Ohio See L Erie A W
Nor Pac—Prior lien g 4 s ..1997 Q J
R egistered..................... 1997 Q-J
General lien gold 3s___<*2047 4 -P
R e g is te re d ..................«2047 4 -F
St Paul-Dui D iv g 4 s___1996 J -D
D ul Short L Lstgu 5 s ..1 9 it M-S
C B A O coll tr 4s s e e Gt X or
St P A N P gen g 6s___1923 F-A
Registered certide’s .. 1923 Ul cF
St Paul A Dul 1st 5s___1931 F-A
2d 5 s ............................... 1917 A O
1st consol gold 4 s.........1968 J-D
W ash Cent 1st g 4 s .........1948 Q-M
N or Pac Ter Co 1st g 6 s.. 1933 J-J
Nor Ry Cai S ee So Pac
Nor W is S ee C St P M A O
N or A M ont S ee N Y Cent.
Ind A W See C O C A St L
O hio
R iver R R 1st g 5s. 1936 J-D
General gold 5s................ 1937 A-O
Ore A Cai S ee So Pac Co
Ore R R A N av s e e Un Pac
Ore Short Line See Un Pac
Oswego A Rome S ee N Y C
O C F A St P S ee C A N W
Oz’rk A Cher C 1st gu 5s g.1913 A-O
Coast Co 1st g 5s___ 1946 J -D
F ac
ac of M issouri See Mo Pac
Panama 1st s fund g 4 4 s . . 1917 A-O
Sink fund subsidy g 6s.. 1910 vi- N
Penn Co—Guar 1st g 4 4 s . 1921 J - J
Reg ister ed..................... 1921 J-J
Guar 3 4 s coll trust reg.1937 M-S
Guar 3 4 s coll tr ser B ...1 9 4 1 F-A
T r Co certii’s gu g 3 48.1916 M-N
Gu 3 4 s tr ctfs O..............194 2 J -D
G - 3 4 s tr c tfs D .............. 1944 J -D
C St L A P 1st con g 5s. 1932 A-O
Cl A P gen g u g 4 4 s ser A . ’42 J - J
Series B .......................... 1942 A-O
S enes C 3 4 s ..................1948 M-N
Series D 3 4 s ..................1950 F-A
Erie A Pitts gu g 3 4 s B. 1940 J-J
S enes C.......................... 1940 J - J
N A C Bdge gen gu g 4 4 s 1945 J - J
P C C A St L g u 4 4a A ...194U A-O
S en es B guar................ 1942 A -0
S enes C guar................ 1942 M-N
Series D 4s guar.......... 1945 M-N
Senes E 3 4 guar g ___1949 F-A
Series F 4s g u a r .........1953 J-D
Pitts Ft W A C 1st 7 s . . . 1912 J - J
2 d 7 s.................................1912 J - J
3d 7s............................. /11912 A-O
Penn R R 1st real est g 4s. 1923 M-N
Consol gold 5s.................. 1919 M-S
Consol gold 48.................. 1943 M-N
Convertible g 3 4 s .......... 1915 J-D
Convertible g 3 4 s .......... 1912 M-N
A lleg Val gen gu g 4 s ...1942 M -S
Cl A Mar 1st gu g 4 4 s .. 1935 M-N
D R R R A Bge l s t g u 4 s g .’3G F-A
Gr R A l ex 1st gu g 4 4 s 1941 J -J

S ill

W eek ’ s
L a n g e or
L a st S a le

ASk L ow

H ig h

•5 ,.

No

-105 .......
106 ........ 1064 106 4 18
104% 105
101 % 105
4
9 4 % ____ 95 4
964
9 > A ug’06 . . . .
99% Sale
99 4
99% 24
116 .......
117% ........ 125 4 M ar’06
17.2-8........ 139 J a n ’03
....
425 4 ........
.. ............ . . . .
109 ........
lo3 4 ........ 107 4 n n e ’oo ...
1 1 5 % ........ 1 184 J ’l y ’06
119 J ’ ne’ Ot
103 ........ 104 4 Mar’06 . . . .
106 4 N ov’OO
* 92 ........
. 9 1 4 95
97 S e p ’ 06

Lange
sin ce
J a n u a ry 1
Low

H ig h

104
103 4
95
96
964

109
197 4
1014
99%
191%

122 4 125 4

107 4
1 184
119
1044

__ _ _
107%
120
119
1044

96% 98 4

................... 1 0 1 4 J ’ly *06 .... 10L 4 1 0 1 4
........ 119 4 Mar'05
2 1 1 1 4 118
1134
................... 113% Jan ’02 — ...................
Iri

1 1 3 4 ........ 113 4

1 0 0 4 ” ” ” 103% A ug’ 06
lo 2 % Sait 102% 102 4
lu l 4 ....... 100% Oct ’06

1 1 5 % ......... 124
100

103% 104
10 102 106
100% 100%

F e b ’06

124

125

5 99 4 194%
1 0 1 4 100%
101
1014
1 0 1 4 J ’ ne’OG . . . . lu l

104
1 8 % ........ 129
1 -9 ‘4 ....... 1-502
I 2 <"j, ------- >- 7 4
99 % Sale
99%
100
9 6 % ........ 97
9 0 % ........ 90%
105
lo 9 4
98 Sale
98

S e p ’06
N ov’ cc
F e b '06
Oct ’ 06
99%
F e b ‘ 06
N ov’ oO
91
F e b ’05
98

104 111
. . . . 129 132%
139% 130%
. .. 127 4 1 2 7 4
25 | 9 8 4 1 9 2 %
... loO 190
__ | 96
99 4
34 I 90% 9 5 4
3

98

103 4 sale 1034 103% 42 102
------- -------- 10*2% 103
b [102
7 5 sale
74
7 5 101 74%
* 74 ......... 75 X o\ ’ uG . . . . 74%
4 95
95
95
1 0 1 4 .........
123

......... 123%
132
1 12 ......... 113
1 0 7% __
108 4
97 . . .
98 4
9 0 4 ........ 93
1 1 6 % ........ 117

N ov’06
J ’l y ’ 99
M ar’06
X o v ’06
Oct r< 6
May’Or
N ov’ 06

99
1094

99
1094

. . . . 113 113
. . . . 107% 110
. . . . 9 8 4 100
. . . . 91
93
- - •- 115 117

116 116
1104114%

1 9 8 4 100%
lu LOO4 1 1 4

101

......... 103 J ’ l y ’06
102 A p r’02
i0 7 1 0 7 4 107 4 N ov’ 06
105 J ’l y ’ 06
88 4 ......... 90 4 J ’ne’06
87% 90 4 90 Oct ’06
95% 96
96
96
8 6 % ......... 89 Oct ’06
86 ......... 90 4 M ar’ 06
1 2 0 4 Sep ’06
107 ......... 1084 A u g ’ 03
Iu6 .........
9 8 4 D e c ’05
96 J an 04
94 _____ 9 6 4 Jan ’06
98% Apr ’04
1 0 2 4 .........
10^4 Oct ’ 06
•
-m. . ... 110% S e p ’ 06
112 4 J’ ue’05
99 J ’ne ’ 06
90 ^ ......... 9 0 4
904

1064
106
78 4
76
101

1224125

116 May *06
io 7 4 i ’l l 4 113 4 N ov’ 06

........ 100
109 4 Sale

193

103

106%

.... 104 4 108%
. . . . 105 105
... 9 0 4 9 0 4
.... 90
92%
5 96
98
. . .. 89
89
. ... 90 4 90 4
. ... 117 4 1 2 2

mmmm 9 6 4

964

108 4 112%

•••• 1 0 9 4 1 1 2 4
1

99
99
89% 94%

127%
119
119
102 4 1 0 5 4 104%
1 11
ipfi
93 4 Sale
93 4
9b 4 99 4 99
104 4
110

Oct ’02
J’ne’06 __ 1 1 7 4 1 1 9
A p r ’04
Oct ’ 06 .. 1 0 4 4 1 0 6 4
sop ’04
A ug’03
94 4 64 5 924 101
99% 83 96 106%
Oct ’05
J a n ’ 05

105

Sep ’06 —

......... 108

106

i'08%

AUSCELLANKOU8 BON 1)54—Continued on Next P a g e
Coni and Iron
Col F A I Co gen ft f g 5a..1943
Convertible deb g 58___ 1911
Col C A I Dev gu 5e g ..!9 0 9
Col Fuel Co gen gold 6a. 1919
Gr Riv Coal A C lat g 6el919
Colorado Industrial
1st m?e A coll 5s gu___1934
Contin’talC ls ts I g u 5 «g .l9 5 2
Jell A Clear C A I 1st g 5s. 1926
2d gold 5s..........................1926
Kan A H C A C lftt ft fg 58.1951
Pleas Val Coai lftt g « / 5ft. 1928
Tenn Coal gen 5s.............. 1951
lenn Div 1st g 6ft....... al917
Birm Div let consol 6ft..1917
Cah C M Co 1st ga g 6». 1922
De Bar C A I Co gu g 6S.191U
V Iron Coal A Co lat g 5 b. 1949

F-A
F-A
J-J
M-N
A -0

9 9 4 Nov*06 •—
88 J’ly ’00

09
85

100
____

98

......... 1 0 7 4 Oct ’04
102% Apr’06

9 7 4 1075
88 102 4
109% i02%

Telegraph and Telephone
Am Telep A Tel coll tr 4a 1929
Comm Cable Co lat g 4 s ..2397
Met T A T 1st s f g 5s....... 1918
N Y A N J Tei gen g 6 s.. 1920
West Union col tr cur 5s. 1938
Fd and real est g 4 48...195U
Mot Un Tel s fund 6 s ...1911
Northw Tel gul 4 4ft g ..l9 3 4

F-A
75% Sale
83 4
75
77% 333 73
F-A
107% Dec’ 04
J-D
107 May’97
J-D
102 4 Oct ’(>3
M a n u f a c t u r i n g A I n du st r ia l
J-J I l l l l l i b e " 1054 1064
1 105 4 1 0 5 4
J-J
Am Cot Oil ext 4 4ft.......... 1915
105 Oct ’00
J-J
97% Sale
07%
97% 12 97 1014 Am Hide A L lftt a I g6ft..l919
A -0 106 ........ 1084 1081<
1 106 1104 Amer Ice Secur deb g 6a..1926
J-J 1084 109 4 108 4 N ov’06
Am Spirits Mfg let g 6 a ..l9 1 5
1064 111
J-D
Am Thread 1st col tr 4a...1919
102 Dec *03
F-A 102 ........ 102
1 100 103% Am Tobacco 40-yr g 6s___1944
102
M-S
05 ........ 95
4a....................................... 1951
96 4 18 01% 98 4
*No pnoe Friday; latcet bid and aaked. eDueJan b Due Feb e Due Mar d Doe Apr A Due J ’1/ fc Due Aug •

J-J
Q-J
M-N
M-N
J-J
M-N
M-N
J -J

92
904
1094
105 4
104 4 105 4 104 4
100
____ 101
1064
103

j9 1 % _____

Nov’06
J’ne’OG ....
May’06
J’ly '03
104 4 ii
100 4
0
Mar’06 ....
J'ly ’04

90% 9 5 4
96 4 98
103

100

10 04

100

1084107

04
98
Q-F ......... 94
94 N 0VO6
M-S ........ S9% 89
89 4 40 80 100 %
90
00 ........ 90
1 36% »4
A-0
08 104
M-S 1 0 1 4 ........ 103 Nov’Od
92
03
0 14 Nov’06
J-J
884
70 1094 l i t
A-O 110 Sale 109 4 n o
F-A
77 4 Sale
77 4
78 118 76% 84
Due Dot p Duo Nov q Due Dee t Option Hale

New York Bond Record—Concluded—Page 4

1400

[Y ol . lxxxiii

V.
N. Y. STOCK E X C H A N G E
WKKK KNDINCi DEC 7

So ^
3$

/-rice
b'ridaAt
J)ec 7

Wee it's
R a n g e or
Last Sale

R anu?
Sine'1
e yJcvnuarq 1

Hid
Ash Low
U kj/i Ao Low Hiqn
Penn UK—( C on tin u ed )
107*2 110 V
Phila Hal 6c W 1st g 4 b. . 104 3 M-N . . . . . . . . . . . . 107*2 Oct ’ 06
Son 6c Lewis lttt g 4 m. . .1936 -) - J 100 >4........
........ n o
110*2 Sep \)4
U JMJ HH 6c Can gen 43.1.944
Pensacola 6c A tl See L 6c Nash
Peo 6c East See C C C 6c St L
Peo
Pek Un 1st g 6s___1921
r 113 ____ 123 *8 Jan ’ 05
2u gold 4%tt.................... 91921 M-N ........ 99 100?4 D ec’05 . . . .
109 A p r’02
PereM arq—Ulitfc W M 5s 1921 T. p.
P lin th P M ,u 6s..............1920 A O 115 118 113 *2 N ov’00 .... 112*2 118
105 N ov’OH
1st consol gold 5s......... 1939 M-N ........ 109
105 110*2
PL Huron L>iv l s t g 5s. 1939 a (\ 1 0 JC8 ........ 106 *2 Sep ’ 06
106*2 111*2
.......: 95
Sag Tutted H lstg u g 4 S. 1931
Plul B 6c W
Penn RR
Pin)a 6c Heading cons 7s. 1911 J-D . . . . . . . . . . . . 1 15 *2 Mar’06 ___ 115*2 115*2
137 N ov’ 97
Pme Creek reg guar 6 s... 1932 i .n
Pitts Cm <& St L See Penn Co
Pitts Clove & Tol See B <fe O
Pitts Ft W 6c Cli See Penn Co
120 Oct ’ 01
Pitts J one 1st gold 6s.......1922 T. .1
Pitts 6c L Erie 2d g 5 s...a l9 2 8 A { \ ] 07 % ___ 107 *2 N ov’06
107*2 107*2
Pitts M cKees 6c Y S e eN Y Cen
Pitts Sh 6c L E 1st g 5 s ...1940 \ _n 115*2........ 120 Mar’06
118 120
1st consol gold 5s............ 1943 T_J 116*2........ 98 J ’ly ’97
Pitts <fc West See B 6c O
Pitta Y & Asli 1st con 5 s.1927 VI.N 108*2 ...... 116 May’ 05
99*2 IIS’ 97*8 102 5g
I > eading Co gen g 4s.......1997 1- T 99*2 Sale 99*4
XV Registered....................1997 1.7
100*2 J’ne’06
99*2 100*2
97 "
97 *8 18 9558 101*2
Jersey Cent coll g 4 s ... 1951 A O 97 Sale
Rensselaer 6c Sar See D 6c H
Rich 6c Dan See South Ry
Rich & Meek See Southern
Rio Gr West See Den 6c Rio Gr
109 Mar’05
Rio Gr Juno 1st gu g 5 s ... 1939 .T.n
76 D e c’05
Rio gr So 1st gold 4s........ 1940 r. .i
89 Jan ’ 05
G uarau teed......................1940 J - J
Roch 6c Pitts See B R 6c P
Rome W a t& O g See N Y Cent
106*8 Oct ’ 05
Rutland 1st con g 4%s___ 1941 _T. J
Og&L Cham 1st gu 4s g.1948 J-J
y2 ........ 98 *2 J’ne’ 06
98*2 100*2
Rut-Canad 1st gu g 4 s ... 1949 .1- .T
101*4 N ov’01
ag Tus & H See Pere Marq
S t Jo & Gr 1st 1st g 4 s...1947 J-J 92 95 91*2 N ov’06
90
94*2
St Daw & Adiron 1st g 5s. 1996 J-J ........ 124
122 Jan ’06
122 122
2d gold 6s......................... 1996 A-O
St L <fc Cairo See Mol) 6c Ohio
St L <& Iron Mount See M P
St L X C & N See Wabash
St L M Br See T R R A ot St L
St Louis & S an Fran cisco—
General gold 6s................1931 J-J 12634 12734 12634 12d34 10 125 128*2
General gold 5s............... 1931 J-J 112 ........ 112*4 N ov’06 . . . . 109*2 114
93 N ov’ 06 . . . . 92
St L & S if R R cons g 4 s ..’ 96 J-J ........ 93
95*2
Southw Div 1st g 5 s ..1947 A-Q
102*4 Aug’ 05
153
Refunding g 4 s............ 1951, J-J
81 a4 38
83 7g
84*4
84*4 Sale
5-year gold notes 4*2—190# J-D
98 N ov’ 06
95*4 98
X C F t S & M con g 6s.. 1928 W-N 118-38........ 120*8 J’l y ’ 06
120*8121
A-fi
K C F t S & M R y ref g 4s 1936
81 34
8134
82*8
81
87 78
K C & M R & B ls t g u 5s. 1929 A-O
St L M & So East gu 4 %gl909 J-D
St Louis So See Illinois Cent
8t L S W 1st g 4s bd ctfs.1989 M-N
95*2 16 94
94
95 *2 95
9934
86 Oct ’ 06 .. 82*2 89
2d g 4s inc bond c tfs...p l9 8 9 J -J
86
87
Consol gold 4s................. 1932 J-D
79*4 Sale 79
79*4 19 76
82
Gray's Pt Ter l s t g u g 5s 1947 J -D 101 . ......
St Paul & Dul See Nor Pacific
St Paul M & Man 2d 6s. ..1909 A-O 106*8106*2 10o3s N ov’06
105*4 109*2
13378 N ov’06
1st consol gold 6s............ 1933 J-J 13378
133 137*2
Registered.................... 1933 J-J
140 ~Hay’ 02
Reduced to gold 4*28—1933 J-J 111 .
, 111 N ov’ 06
107 112*2
116*8 A p r’ 01
Registered...............1933 J-J
Dakota ext gold 6s........ 1910 M-N 106*2........ 1 0 6 *2 N ov ’ 06
106*2 111
100
Mont 6xt 1st gold 4s___1937 J-D ........ 100*2 100
i 100 104*4
100*4 Oct ’ 06
Registered.................... 1937 J-D
100*4 100*4
lOlSgAug’ Oe
E Minn 1st div 1st g 5s. .1908 A-O 100*4
101*11015«
Nor Div 1st gold 4s___1948 A-O
Minn Union 1st g 6 a ....1922 J-J 120 ........ j.24 May’ 05
Mont C 1st gu g 6s........ 1937 J-J ........ 134*2 133 Oct ’06
133 136
Registered.............. .1937 J-J
136*4 May’06 __ 136*4 136*4
1st guar gold 5 s .......1 9 3 7 J-J 115*2........ 116 Aug’06
116 119*2
W ill 6o S P 1st gold 58—1938 J-D 115*2 ........ 121*2 Oct ’ 06
6 t P & N o r P a c See N or Pac
S tP & S’x City See C St P M 6cQ
S Ee Pres 6c Ph 1st g 5 s ... 1942 M-S 106*2108*4 107*4 107*4
5 107*4 112*2
S A & A P See So Pac Co
S F & N P l s t sink t g 5 s.1919 J-J 108 . . . . . . 110 Oct ’05
Sav F & W est See A tl Coast L
Scioto Val 6c N E See Nor 6c W
Seaboard A ir Line g 4s —.1950 A-O
32 34
82-4
5 82
92
Coll tr refund g 5 s ........ 1911 M-N i b o
100
10038 3 100 104*8
92 Oct ’0o
Atl-Birm 30-yrlst g 4s.el933 M-S
83
97
Car Cent 1st con g 4 s ... 1949 J-J
94*2 100
96*2 Mar’ 06
96*2 97
Fla Cen 6c Pen 1st g 5s. 1918 J-J 106 ........ 107*4 Aug’ 06
107*4 10934
1st land gr ext g 5s ...1930 J -J 105
Consol gold 5s..............1943 J-J 106% ..
] 09 *2 Mar’06
1 1 0 *2 May ’06
Ga 6c Ala R y 1st con 5s o 1945 J-J
110*2 H I *2
110 J a n ’05
Ga Car & No ls t g u g 5 s 1929 J-J 109*8 Seab 6c Roa 1st 5 s._...........1926 J-J 10734 ........ 108 Aug’ 06
103 110
Slier Shr <fc So See M K & T
Sil Sp Oca & G S ee A tl Coast L
Sod Bay 6c So 1st g 5s....... 1924 J-J
102 J a n ’ 03
So Cai' 6c Ga See Southern
So Pac Co—R R 1st ret 4s. 1955 J-J
9634 Sale
96*4
96*2 31 94*8 9738
Gold 4s (Cent Pac co ll). te l 949 J-D
12 8978 9638
89 *2 90
89 7s
90
R egistered................. &1949 J-D ........ 91
90
90
1 90
92
109*2 F eb ’ 06
A 6c N W 1st gu g 5s___1941 J-J 105
109*2 110
dent Pac 1st ref gu g 4s 1949 F-A 100 *8 Sale 100
100*4 17 98*4 10234
Registered.................... 1949 F-A
98 *8May’ 06
98*8 98*8
Mort guar gold 3%s..A:1929 J-D
86 Sale
86
86 a4 i 86
89
Through St L 1st gu 4s ’54 A-O
95 Oct ’ 06
95
95
99 78
Gal Har & S A 1st g 6 s..1910 F-A 105 107 105 N ov’06
105 106
Mex 6c Pac 1st g 5s___1931 M-N 1n8 %
109 N ov’06 **** 109 11T34
106*4 J’l y ’ 06
Gila YG<feN ls t g u g 5 s . 1924 M-N
106 108*4
Hous E 6c W T 1st g 5s. 1933 M-N
107*4 F e b ’ 05
1st guar 5s red..........1933 M-N 102 106*2 104 “ Aug’ 06
103*2 105*2
H & T C 1st g 5s int g u ..l9 3 7 J-J 111 1 1 1 34 111*4 111*4
2 109 *2 1117q
Consol g 6s int gu ar... 1912 A-O 110 112*2 llO ^ N ov06 __ 11038115
Gen gold 4s int guar.. 1921 A-O ........ 94
94 N ov’06
93*4 99*4
W a c o & N W div 1st g 6 s ’ 30 M-N
127 *2 F e b ’ 02

N . Y. STO< ' K EXOIlA.NG r.
W eek lxdinu Dec 7

/; *
V. i.

l ‘ r<
SYtUU 11
Dec 7

W eek’ *
R ange 07
Last Rale

ww
~W

R ange
S in ce
y. J a n u a ry 1

Uni
lituli AO Lon> -// ujh,
A Hu LOO)
Souuieru Pac Co—iConUn't*'** ,
J±~ 127
Morgan’s La 6c, T 1st 7s. 19; - A- (> 123*8 ........ i27 Sep ’i>6
r. 1 ] 16 ^
i \6 X ov ’ UO
] 16 118
A. 1
10 1% -\o\ ’ 06
10138 101°8
(-xiiaranreed gold 5s
!*.(.; . v .n
113 J an ’ol
—
101
*2
99
Aug’
06
Ore 6c Cal 1st guar g 5s. 1927 j - j
09 102*2
1. T 87 ‘v
87
87 *- 40 85 4 90
So P ol Ar gu 1st g 6 s".. .cl 909 J-J 105:,h 106*2 105 Oct ’06 — .1 10434 105*2
1st guar g 0 s
cl91<) J-J
107 N ov’0*
100*8 107
So Pacific ol’ Ca< —
111 Aug’ 06
i l l 113a4
ls tg 6 sseries K 6c F...1912 A O 1 U8
1st gold 6 s
l u 12 A-O
1 i 4*2 D ec’o4
119 J a n ’06
1st con guar g 5s
19;»7 M-N l i b *2
119 119
1083& J’ Jy’05
Stamped
.1905-1937 M-N
104 12 Sep ’ 06 ■ ■*1 1*04*2 1*0*5\
S Pac ol N Mex 1st g 6 s.. 191 1 J-J lUo
So Pa c Coast 1at, gu 4a g 10M7 j . 1
111 *4 Jan ’ U6
Tex<fe N OSab D iv 1st g 6s. 1912 M-S
111*4 1111*
104 S e p ’ 06 ... .1 L04 110
Con gold 5s..................1943 J - J 104
Southern—1st con g 5s___1994 J-J 116 Sale 1157e 116*4 16 115 119H
116 117*«
Registered.
..1994 J - J 115 7e 116 114 N ov’06
12 93
93
93
Mob 6r. Ohio onl 1tr g 4s 193>> M-c
94
98*2
119 N ov’06
Mern Div 1st g 4*2-5s...l996 J-J 117*2
115 119*2
97 Hs
97 *2 Nov’06
St Louis div 1St g 4s
1951 J - J
04 *2 99?^
113 Jan ’06 ___ 113 113
Ala Cen Ii 1st g 6 s
1918 J - J 114*6
92
96 J’ne’06
A tl 6c Danv 1st g 4s.......1948 J - J
96
963b
92 J ’ne’06
92
92 '
2d 4s
___
1948 J - J
91*4
93
Atl 6r, Yad 1at g guar 4a 1949 A-O
Col 6a Greenv 1 at 6a
191 6 J - J 112*2
116 *2 May’05
115 N ov’ 06 .... L14 *4 110
E T Va 6c Ga Div g 5s.. 1930 J-J 115*4
116 11934
11658 N ov’ 06
Con 1st gold 5s........... 1956 M-N 116 ^
112 Oct ’ 06
E Ten reor lien g 5a.
193.3 iVl- s
112 116*2
68
73*4 Aug’06
72*4 72*4
Ga Midland 1st 3s_____ 1946 A O
i 119*2 123
120*2 120*2
Ga Pac Ry 1st g 6s........ 1922 J-J 12038
Knox 6a Ohio 1 at g 6a 1925 J - J 121*4 121 L 1223b A pr’ 0;.
122*4 122*s
1125W116
Rich 6c Dan con g 6s
1915 J - J 114*2 115L 114 *2 N ov’ 06
11234 Jan ’ Oo .... 1 1234 112%
Deb 5s stamped
1927 A-O 109*2
87
RSr.h 6r. Meek 1at, g 4a 1948 M-N
98 F eb’05
106 N ov’ 06 — 105 108*i
So Car 6c Ga 1st g'Ss.”. ’ ’ 1919 M-N 106
Virginia Mid aer O 6a 191 6 M-S 111 *4
112 Oct 06
i 12 112
107 N ov’ 06
i 07 107
Series D 4*5s...............1921 M-S 107 *2
113 D e c’ 05
Series E 5s................... 1926 M-S 109*4
1 111*8114*2
111*2 1118
General 5s................... 1936 M-N 110*2
109 *2 May’ 06
Guar stamped.......... 1936 M-N 10 7 *8
109*2 114*2
94 *2 Oct ’06
9434
94*2 94*2
W O 6c W 1st c y gu 4s.. 1924 F-A
i
W est N C 1st con g 6s 1914 J-J 112*4
112*2 112*2
111 4 1 X 4 ?
S & N Ala See L 6c N
Spok Falla rfe Nor 1at g 6a 1939 J - J
117 J’l y ’ 00
90
100 N ov’ 04
Stat Isl Ry 1st gu g 4*2S..1943 J -D
Syra B m g & N Y See D L 6c W
109 May’ 06 .... 109 112
11*er A of St L 1st g 4*28.-1939 A-O 107*2
X 1st con gold 5s___1894-1944 F-A 11 ( *2 Sale l i 7 O c t ’ 06 . . . . 119 120%
95M 96*4 96 N ov’ 06 .... 9478 100%
Gen refund s l g -as........ 1953 J-J
11034 N ov’ 06 .... 11034 111
St L M Bge Ter gu g 5 s.1930 A-O 110*2
Tex & N O See So Pac Co
2 116 124
Tex & Pac 1st gold 5s.......2000 J-D 117 Sale 117
117*2
92 N ov’06
2d gold ion 5s................ <72000 Mar
85 102
100
110 Mar’06
La "Div B L 1st g 5s___11931 J -J
10834 HO
106
*2
N
ov’
04
W M in W & N Y Y ls tg u 5s ’ 30 F-A
111*2 115%
Tol 6c O C 1st g 5 s......___1935 J-J
115 114*2 N ov’06
i l l May’04
W estern D iv 1st g 5 s ... 1935 A-O
106 Aug’06
General gold 5s...^ ........ 1935 J-D 103 *2
106 109
97 N ov’06 . . . . 95% 99%
Kan 6c M 1st gu g 4s___1990 A-O
96*8 97
90
....
90
*2
X
o
v
’
06
Tol P 6c W 1st gold 4 s .... 1917 J-J
92
89*2 93%
89
89 *8 90 N ov’ 06 . . . . 88% 90
Tol St L & W pr lien g 3 *28 .1925 J-J
80*2
81
32
81
50-year gold. 4s...............1950 A-O
Sale
7y% 84%
92
Tor Ham 6a "Ruff 1fitg 4a 7^1946 J-D
99 *2 N ov’ 05
.
.
.
.
112*2 N ov’ 06
110 113%
I flster 6c Del 1st con g 5s 1928 J-D
93
93 Sep ’ 06
vJ 1st refund g 4s___...1952 A-O
93
94%
1033
4
104
107
103
7
r
Sale
102 *2 106*4
Un Pac R R 6c 1 gr g 4s ...1947 J-J
5o
102
1023
4
1023
4
101*4 106%
Registered. .7.. T......... 1947 J-J
99 Sale
99
99 4 31 99 102 ~
Ore R y & N av con g 4s. 1946 J-D
10
120 120
Ore Short Line l s t g 6 s .. 1922 F-A 123 *4 Sale 123*4 12358
1 116 119
1st consol g 5s.......... ..1946 J-J 115 117 116*4 116*4
53
94
943
4
94
97%
Guar refund 4s........... 1929 J-D
94*2 Sale
94*4 Oct ’ 06
94% 94%
Registered................ 1929 J-D
104
105
Aug’
06
105 105%
Utah 6c Nor 1st 7s........ 1908 J-J
110 J’ne’06
110 110
Gold 6s.......................... 1926 J-J 109
Uni N J R R & O Co See Pa RR
Utah Central See Rio Gr Wes
Utah 6c North See U n Pacific
Utica 6c Black R See N Y Cent
Y7 andaiia couaol g 4s
1955 F-A
10278 F eb’ 06
102 7« 105
98 Sep ’ 06 . . . . 98
98
V ©ra Cruz & Plstgu4*2Sl934 J-J ‘ 9838 lbii
Ver Val Ind 6c W See Mo P
Virginia Mid See South Ry
Va 6c Southw’t 1st gu 5S.2003 J-J
113*4 113*4 10 108 114%
\ \ f abash 1st gold 5s.......1939 M-N 112 113
112*4 113*8 10 1 12 J4 1 1 9 I
105*4 30 104 109
W
2d gold 5s................ 1939 F-A 105 105*2 105
95 N ov’06
Debenture series A .......1939 J-J
87*2 98
7834 Sale
78*2
80*4 io o 72*2 86%
Series B ........................ 1939 J-J
100 100
100 Sep ’ 06
1st lien equip s fd g 5s.. 1921 M-S 100
92
93 Mar’ 06 .... 93
98
1st lien 50 yr g term 4 s.1954 J-J
.
.
.
108 111%
Det 6c Ch E xt 1st g 5s. .1941 J-J 111 112 111*2 N ov’ 06
97 N ov'04
Des Moin Div l s t g 4 s..1939 J-J
85 *2 May’06
83
84
85%
Om Div 1st g 3*2S.^...... 1941 A-O
*
92
95%
Tol 6c Ch Div 1st g 4 s ... 1941 M-S
9734 94*4 Aug’06
109 *2 Mar’ 03
St Chas Bridge 1st g 6s. 190S A-O
W ab Pitts Term 1st g 4s. 1954 J-D
79*2 Sale
7 8 'a
80*2 47 8134 9 § Z
32
33 148 32
32*2 Sale
41%
2d gold 4 s ........................ 1954 J-D
Warren See Del Lac & West
Wash Cent See Nor Pac
Wash O 60 W See Southern
84 Sale
17 82*8 8S%
W est Maryland 1st g 4 s . . . 1952 A-O
83*2
84
70%
1 0 4 Sale
Gen 6c conv g 4 s ........... 1952 A-O
70*4
71*2 14 69
4 114 118
West N Y 6c Pa l s t g 5 s..1937 J-J 116 1 I7 78 116** 116
9234 94
92 78 97%
Gen gold 3-4s..................1943 A-O
927e N ov’ 06
30
31
30 May’ 06
Income 5s..................... <71943 Nov
West N o Car See South Ry
W Va Cent 6c P 1st g 6s.. 1911 J-J 106 *2
106*2 Aug’ 06 . . . . 10o><2109
2 10958 114
Wheel’ g 6c L E 1st g 5 s ... 1926 A-O 109*8
109 58 110
Wheel Div 1st gold 5s.. 1928 J-J 110*2
110 ~ 110
2 110 112%
Exten 6 r- Fmp eold 5s__1930 F-A 109*4
111*2 Aug’ 05
87
R R 1st consol 4s.............1949 M-S
86
93%
89
8678 N ov’ 06
20-year equip s f 5s ...1922 J-J
102*4 D ec’ 05
Wilkes & East See Erie
s
W il 6c Sioux F See St P M 6c M
Wis Cent 50-yr 1st gen 4 s .1949 J-J
95
90*4 Sale 90
90*4 26 89

M ISCELLAN EOU S" RO N D S—C oncluded.
M iscellan eou s
Jllanulacluring & Industrial
Adams E x col tr g 4s........ 1948 M-S 102% Sale 102% 102*2 26 102 1(14%
Beth Steel 1st ext s f 5s.. 1926 J -J
94
95
96
96
96 Aug’06
Cent Leather 20-year g 5s. 1925 A-O
98% Sale
98
93*4 49 9634 102% Am Dk 6c Im p 5s See Cent N J
Consol Tobacco 50-yr g 4s. 1951 F -A
77%
100% J’no’ 02
7 8 Sale
6 77
S334 Am SS Co of W Y a g 5s---- 1920 M-N
78
* 4 i“
Distil Sec Cor conv 1st g 5 s.’27 A-O
B’k l’n FerryCo 1st cons g 5s ’48 F -A
41 Oct ’ 06
87 3e Sale
87
87% 59 81
90
Int Paper Co 1st con g 6s. 1918 F-A 107 Sale 107
108 J’ne’05
107
2 105% 110% Chic J c & S t Yard col g 5s. 1915 J - J
69%
DetM & M Idgr incom es.. 1911 A-O ........ 66
Consol conv s f g 5s.......1935 J - J
70 Sep ’ 06 —
92 3s 0 92 100
92
92% 92^
Int St Pump 10-yr conv. 6s T3 J - J 102 ........ 102
102
2 101 1043e Hoboken L & I gold 5 s ... 1910 M-N
Knicker Ice (Chic) 1st g 5 s.’ 28 A-O
Mad Sq Garden 1st g 5s. .1919 M-N
97% Oct ’ 05
Lackaw Steel 1st g 5s___1923 A-O 102*4 Sale 102*4 102% 20 101% 10834 Man Bch H & L g e n g 4 s ..1940 M-N
50 Feb ’02
Nat Starch M f g Co 1st g 6s 1920 M-N
80
80% Sale
80% 25 80
93% Newp N e Ship & D D 5s <71990 J - J
Nat Starch Co s f deb 5 s ..1925 J - J
N Y Dock 50-yr 1st g 4s.. 1951 F -A . . . . . . 94
94
94
2 93
70
73
7234 Nov'06
7234 77
99
R e p u b l& S lst<fccoltr5s. 1934 A-O
Provident Loan Soc 4*23.1921 M-S
99 May’ 06
95% 97*2 96
96 % 30 92*4 98
U & Leath Co s f deb g 6 s .. 1913 M-N 105 106 105
100*2 S ep ’ 05
105
1 L05 109% St Joseph Stk Yds 1st 4*28.1930 J - J
CJ S Realty & I conv deb g 5s ’ 24 J - J
96 Sale
96
97
25 90% 99% St L Ter Guppies Stat’n # Prop
U S Steel Corp— ( coup .<71963 M-N
97%
Co 1st g 4*23 5-20 year..1917 J-D
9734 Sale
977g 504 9534 101%
Sf 10-60 yr 5s. \ reg ..cll963 M-N
112 J’ly ’ 04
9734 Sale
97%
98
24 9558 100% S Yuba W at Co con g 6 s..1923 J - J
Va-Car Chem col tr 5s g._1912 A-O
113% J’ly ’ 00
98
99
97 Oct ’06
97 101% Sp Yal W at W orks 1st 6s.l906 M-S
Westmghouse E cfc M s f 5s ’ 31 J - J
97
97
*6 95 i e i
98% Sale
98
9S %
24 98
98% U S Red & R ef 1st s f g 6 s.1931
.....................................
* No price Friday; latest bid and asked this week, a Due Jan 5 Due Feb d Due Apr e Due May p D u e j ’ne ft Du© J ’ly p Due Nov ^Option Sal*

CHICAGO STOCK EXCHANGE—Stock Record-Daily. Weekly and Yearly
S T O C K S —H I G H E S T A N D L O W E S T S A L K P R IC K S
S a tu r d a y
D ec 1

►150
*54
*16

195
54
18

...................
63
*85
*264
*70 4
40
*25
*63
•89
•35
101
•SO

6S
874
27 4
72
40
264
65
90
354
101
32

56
56
►127 132
’ 1 2 6 4 130

Monday
D ec 3

*150

T u esd a y
D ec 4

197^ *150

1974 *150

190

6*8
6«e
_64
6s4
6%
5 6 4 56 4
5 6 4 564
564
*128
*128 130 *128 130
126 4
1 2 8 4 1 2 8 4 *12 6 4 130
77 4 77 4
7 7 4 7 7 1*
77 4

Week
Share'

L ow est

KiiilroiulM
Oct ’06 Chic City R y ..............100
140 Sep 28
Chic Pass R y ....................
5^
•5 4 • 5 4 Chic A Oak P ark .......100 ’ 3 l"»
f>4 Nov 5
15Q *15
15
Do p ref................1001 l*2o 15 Dec 6
15 4
‘290 •\*4 J ’ly
49*11 50 U 50 4
50^ Chicago S ubw ay........10u!
*4 'a 5 ^
1U0
*4^4
5 4 Clue Union T ra ct___100
1 J i y 12
L a s t S a l e 1? \
N ov’ 06
Do p re f............... 100
1J 4 Mu\ 18
6 2 62 K 62 4 62 4 Ivans City Ry A L t .. 1001
9. 5 4 4 Jan 2
150 8 i Oct 3 1
85 Hs 85 ki *85 4
Do prer................100
86<4
L a s t 8’ a l e 27 4
25 Oct 30
Nov’lh M etropol W s K iev .. 100
*70*a 72
10b 65 4 Oct 23
i)o p ref................100
*704
72 4
45
70 25 M sir 14
*38
*38
45 North Chic s tr e e t___100|
*26
27 4 *25
100 23 4 J ’ly 24
26 4 North w estern Elev..lO<)
-62
*62
65
50 60 May 23
65
Do
nret.............. 100’
90
90
90
90 South Sine K iev ......... 100
367 89 4 Apr 3o
L a s t S a l e 35
N ov’ OO StreetsW Stable C L 100
27 May 18
*101 103
* 101
45 98 Jan 26
103
Do
p re t..............lOo
L a s t S a l e 31
N ov’ 06 W est Cine S treet....... 100
23 A pr 10
M is ce lla n e o u s
6 4 Am erican Can.............100
564
Do p ref...,. —___ 100
130 Amer Radiator......... 100
130
Do
p re f..............100
77 Amer S hipoldg.......... 100
L a s t S a l e 110
N ov’ 06
Do
pref..............100
L a s t S a l e 31
Sep ’06 Am or Straw B oard.........
*38
39
3S4
3 8 4 Booth (A ) A C o .........10U
L a s t S a l e 10 S
Sep ’ 06
Do
p re f..............100
Last s a le 5S
N ov’ Oi Cal A Clue Canal A D100
L a s t S a l e 175
May’ 05 cen tral T rust B an k .. 100
L a s t S a l e 10
Alar’06 Cluoago A uditorium .......
Last Sale 1
N ov ’Ou Chic B rew ’ g A M alt’g ___
Last Sale 6
N ov ’06
Do p re f......................
144 144 *140
143 Chic E d is o n ................ 100
50
50
'5 0
504 Chic Pneum atic T ool. 100
* 115 116 •114
115 Cine T e le p h o n e ........ 100
*109 110
•1094
1094 Chic T itle A T r u s t... 100;
1 2 4 4 125
124
1243s Diamond M atch.........10U!
*47 4 4 3 4
47 4 Illinois B rick .............100
47 4
L a s t S a l e 3 1 1*
N ov’ 05 K nickerbocker I c e . .. 100
L a s t S a le 80
F e b ’ Ou
Do p r e l................ 100
L a s t S a l e 17
J ’ne’06 London & Chic Oontr___
Doc ’04 M anufacturers’ F u e l.......
Last Sale 9
L a s t S a l e 46
N ov ’06 M asonic T e m p le ..............
L a st S a lt 14
J ’l y ’ 06
L a s t S a l e ‘2 2
Sep ’06
Do p r6 f......................
7 s 4 National B iscu it........100
77*4
78 4 7 8 4
1164117
Do p ref............... 100
*1164 1174
*85
86 National C a rb on ........100
N ov ’ 06
L a s t S a l e 119
Do p r e f................100
L a s t S a l e O34
May’ 05 Page W o W ire F e n c e ___
L a s t S a l e 92 4
J ’l y ’06 People’ s Gas L A O’ kelOO
63 4 6 3 4 *62
63 4 Sears R oebuck com . 100
94
94
94
Do
pret............... 100
94 4
112 4 1124 Sw ift A C o..................100
1 354 136 The Quaker OatsCo.lOU
100
100
994100
Do p re f...............100
1
1
1
1 4 U nit’d B ox B d A P ColOO
Do p re f................ 100
74
74
74
7*
30 W estern S ton e........... 100
"29 4

6ka 6 4
6%
64
56 4.
56
5 6 4 *56
130 *127 130
130
130 *12 6 4 1.30 *126 4
77*2 774
77
77 4

354
35 4 *31
37
*37 4 40
110 *106 110
58 * 06
58

*1
14
>1
14
i ’4
*6
64
*6
64
64
144 *140 144 * 140 144
50
504
117 117 *.........116
* ........ 116
109 109 * 1 0 9 4 1 0 9 4 109 4 1 0 9 4
12434 125
125 125*8 125 125
* 4 7 4 4 3 4 * 4 7 4 49
*4 74 48 4

78
79
77^3 7 8 4
77
78 4
78 4 78j4
1 1 6 4 1 1 7 4 1164 1164 1 1 6 4 1 1 7
1164 1174
8 6 4 8 6 4 *85 4 8 6 4 *85
86 4
•85 4 86 4
115 117 *115 117 * ........ 118
*115 116
*59
6 2 4 *63
6 2 4 *61 ........
9 3 4 94
93
94
9334 93^
1 1 0 4 1 1 0 4 11041197* 1 1 0 4 H I 3*
135 135 *135 136
136 136
100 1004 *100 101 *100 1004
1
1
1
1
1
1
74
74
7*8 7 4
74
m
*25
30
29 4 29 4

/V c 7

R a n g e fo r Y ea r
1906

S a les
0 / the

L a s t S a l e /-itf

14
*1
*6
64
144 *140

117 1L8
109 4 1 0 9 4
125 125 4
*4734 4 8 4

J Y t d a »/

D ec 6*

*5 4
54
54
54
-5 4
54
16
16
*15 4 17
* 1 5 4 17
50
50
50 4 5 0 4
*5
5'\
5
5
*17
184
k16
17
63
*62
63
•6‘i
634 * 62
85
*85
SO3*. 85
*85
So 4
*2634 28
*2 6 4 28
*26 4 28
72 4 7 2 4 *70 4 73
* 70 4 73 4
*38
44
41
42 * ........ 45
26
26
*25
27
*25
264
65
64
64 4 *62
*62 4 65
"90
92
90
90
90
90
*3 4 4 3 5 4 *34 4 35 4 *34 4 3 5 4
*100 4 1014 *100 4 1014 *101 103
..............
•2932
•29
33 *

35 4 *31
*31
35 4 •31
*35 4 36 4 *35 4 3 6 4 *36
►106 110 *106 110 *106
*56
58
*56
•1
w6
144

Thursday

W ed n estta y
D ec 5

STO CK S
C H IC A G O STOCK
EXCHANGE

63
63
93*4 94
1113** 1134
*135 133
100 100
78
1
74
7=8
* 2 9 4 30

491
6 J ’ ne28
555 51 J ’ly 13
50 115 Feb 9
43 128 4 Dec 3
605 54 Jan 13
101 Jan 11
17 F e b 28
20 36 Jan 23
108 Jan 25
55 May 20
1684 May 18
_ _. m^m 16 F e b l3
____
1 Mar 6
6 N ov i 4
3> 136 J’ly 31
125 49 May 2
A pr 27
10 l u l
35 103 May 3
628 118 J ’ ne 6
10 41 4 Sep 1

R a n g e tor P ro 10 us
Y e a r ( 1 9u5 )

H ig h e st

200

Jan

H ig h est

L ow est

5 180

Jan 205

’ 7 4 Jan 17 ” 4 ” Jv iy
28 4 .1 an 2 16 J ’ly
5 » May l 1 40 Oct
6 4 . I’ m*
1 3 4 Feb 20
•164 M a rl2 26 J ’ lv
6 8 4 Feb 9 30 Jaii
9 3 4 Feb S 82 4 Jan
30 J ’ne 8 20 Jan
72 4 N o w 3 59 4 Jan
85 Mar 12 55 J ’ ly
28 4 Feb 23 21 Alftv
68 4 Mar 1 60 Mai
99 J ’ ne :• 9 0 4 Ma\
3 5 4 Nov 1*2 27 Aug
102 J ’ne 15 96 Dec
60 F e b 19 40 J u t
1 1 4 Jan 20

72
130
136
81
110
31
40
113 4
64
175
16 4
1
7
165
63
139
118
147
714

7 9 4 Feb 23 80

Jan 25
N ov 7
Jan 17
N ov 5
Oct 19
Sep 22
Feb 6
J ’ ne 2
Feb 0
May 31
Feb 28
Alar 6
J an 16
Feb 15
Feb 9
Jan 15
Jan 9
Feb 7
J an 23

84
60
76
125
38
98 4

35
105
50
148 4
10
4
6
153
32
125
95
134 4
55
11
Feb 28 63

74
28
874
13 4
51
60
93
28 4
734
99
26
68
100
30
193 4
72

Oct
Jan
Deo
Aug
Feb
Feb
Sep
sep
O ct

Sep
Feb
Deo
Oct
Aug
Sep
Alar
Feb

Dec 14 4 Apr
Jan 73 4 A pr
J an 119 Dec
Feb 134 Dec
Jan 5 9 4 Sep
Jan 105 4 Alar
Oct
Mai
J ’ ly
Feb
Jan
J’m
J ’ne
Jan
Jan
May
A pr
Feb
J ’ne
Feb
Feb

40
112
70
150
10
l
7
172
584
143 4
118
145
67
42
75

Jan
Aug
Oct
Alar
Jan
Jrn
Jan
Feb
Dec
Feb
Dec
Aug
Nov
Nov
Oct

46

May 2 2 48 Sep 25 44 4 Alai 48 4 Aug
24F eb 3
2 J an
2 4 Oct
21 J ’ne2* 23 Mar 7 19 Sep 23 Oct
3,128 62 May 2 79 D ec 4 5 2 4 Aug 674 Deo
351 1134 Jan 4 119 Oct 24 1104 Aug 120 4 Mar
5 78 Jan 5 95 Mar 3 41 Jan 80 4 Dec
115 Feb 21 1 2 2 4 Alar 9 110 Jan 120 J ’ ne
5 A nr
5 4 Alay
995e May 1 1 0 a4 A pr
8 8 4 F ly 10 93 4 Alayl7
20o 50 A ug 2 63 4 Dec 6
768 9 2 4 Nov 3 99 Sep 13
2,176 1 0 1 4 Jan 17 119 4 Sep 27 101 Dec 114 Jan
137 115 MaylO l5 2 4 J a n 5 46 Jan 165 Dec
412 9 9 4 D ec 6 1064 Feb 15 8 6 4 Jan 109 4 N ov
2 4 Jan 12
3,736
4 Nov21
2 4 A pr
1 4 J ’ly
2,665
8 Aug 16 Deo
6 4 No v 2 8 17 4 Jan 20
150 29 4 J ’ly 23 42 Mar 2 7 23 Feb 41 Aug
1 34 May29

M in in g
Last
Last
Last
Last
Last
Last
Last
Last

S ale
Saif
Sale
Sale
Sale
Sale
Sale
S ale

*54
3 6 *<2
2 9 34
10

19 4
4
65 4

74

Mar’ Oo Adventure C o n ......... 25
Mar’06 A llo u e z ........................ 25
J’ne’Ob Bingham Con M ining 50
N ov’ 06 Black M ountain...............
N ov’ 06 D a ly-W est................... 20
N oy’ U6 H u h bard -E lliott..............
F e b ’ 06 No B u tte...................... 15
.T’ne’ 06|Shannon
10

Chicago Bond Kecord
■v* 0
BONDS
CH ICAG O STOCK E X C H ’ G h
54
W eek E nding D ec 7
Am er B iscuit 6s ..
1910
Am er Strawboard 1st 6s. .1911
Cass A v e A F G (St L) 5s 1912
Chic Board or Trade 4s .. .1927
Ohic Consol Br A Alit 6s .
Chic Consol T rac 4 4 s ___ .1939
Chic Edison debent 6 s ... .1913
1st sold 5 s ___________ /l19*26
Chic A uditorium 1st 5 s.. .1929
Cliic Dock Co 1st 4s. .
.1929
Chic N o shore Elec 6 s ... .1912
Chic A Af il H1c.c. Kv 5 s
1919
Chic Pneum T ool 1st 5s .a !9 2 1
Chic R ock I A Pac R R 4s 2002
Collar T ru st er 5s _
191:-:
Commonwealth E lect 5 s .51943
Illin ois T unnel 5 s .......... .1928
Kans City Ry A Lt Co os .1913
K m ck erb cker Ice 1st 5 s .1928
Lake Street El 1st 5s___ .1928
Incom e 5 s ............
.1925
Mfctr W Side E l 1st 4 s ... .1938
E xtension g 4 s .............. .1938
North Chic St 1st 5 s....... .1909
1st 5 a .............................. .1916
R efunding g 4 4 s ......... .1931
N o Chic City Ry 4 4s .. .1927
N orth W est ’ 11 El 1st 4 s.. .1911
Ogden Gas o s .................. .1945
Pearsons-Talt 5s.............. .1916
4 -4 U s......................... .
4*603 Series E ...............
4'80s Sen es F ...............
People s Gas L A C 1st 6s. 1943
R efunding g o s ............ .1947
Chic Gas Lt A C 1st 5s. .1937
Consum ers’ Gas 1st os. .1936
M utuai Fuel Gas 1st os .1947
South Side E iev 4 4 s ....... .1924
Sw ift A Co 1st g 5 s ......... .1914
Union El (Loop) 5 « ......... .1945
Union Pacific eonv 4s ... .1911
U n :te d R o x Board 6 s___
W est Chic St 1st 5 s......... .1928
Tunnel 1st 5 s................. . 1909
D ebent 6 s ...................... .1914
Consol g 5 s .................... . 1936
W est Div City Ry 4 4 s. .1932
W est’ rn sto n e Co '5 s ___ 1909

P r ic e
Kriaay
Dec 7
B id

W eek 's
R a n g e or
L a s t S a le

A s k L ow

534 Alar 7
36 4 Mar 7
293* J ’nelO
7 4 J ’ly 14
1 4 4 Mar 7
3 4 J ’ly 26
85 l4 Feb 23
6 F e b 24

6 4 Feb 26
3 6 4 Alar r<
4 4 4 Feb2i
1 4 4 M ar29
2 0 4 N ov 5
4 4 Oct 2
8 5 4 F e b 23
7 7fi .Fuel 6

Chicago Banks and Trust Companies
|o

R ange
S in ce
J a n u a ry 1

H ig h N o. L ow

F-A
J -J
9 9 '8 ------- 99 t6 AJay’ 06 . . . .
J-J
1 0 l ;js N ov’ 06
101 ~ M ar’06 . . . .
J-D
103 A p r '04
J-J
J-D ......... 55
55 J ’ne’ 06
J-J
1U0 4 N ov’ 06
7
A -0 1 0 0 4 AOl 100 4 100-8
9634 Jan ’ 06
F -A ........ 100
A -0
7 7 4 90
87 F e b ’06
A -0
J-J
J-J
8 1 4 83
814
814
i
M-N
79 N ov’ 04
80 A p r ’ 04
M-S
M-S 102 4 103 4 103 Oct ’06
J -D
90 ........ 87 N ov’ 06
M-N
9734 ........ 973.j N oe’ 06
A -0
99
99 4 99*4 -Nov’ 06 . . . .
95 Oct ’ 0 .
J-J .........100
16 Alav’Uo
Feb
23
F A
91
91
9 o 76 91
J -J
85
8 5 4 23
85 Sale
6
J-J
90 Sale
90
90
J-J
79 Aug’06
A-0
M-N 475
80 J ’i y ’ u(> . . . .
85
M-S *90
90
90 4 90
9
M-N
9 2 7#
93
92
93
2
J-D 1 0 U 4 ......... 100 4 Alai ’06
M-S
97
97 ........ 97
M-N
98 ......... 99 Oct ’06
M-N
9 9 4 ........ 99 4 S e p ’ Uo
A-0
118 N ov’ 06 ___
M-S * ........102 4 102 4 N ov’ 06
J -J LU434 Sale 104 4 104a4 18
J -D 103 4 salt 1 0 3 4 103 4 1U
M-N
103 4 F e b ’ 06 . . . .
J-J ........ 101
101
10L
J-J 102 102 v* 102 N ov’ OO ___
A-O
100 N ov’06 —
.......1U0
M-N
114 N ov’04
77
77
75 Sale
3
M-N ......... 89*% 90 N ov’ OO
F
68 4 sep '05 —
J-D
69 N ov’ U6
M-N
6
70
70
J -J ........ t i
87 N ov’ OO
A -0
96 4 Jau '06

N ote.—A ccrued interest mas t be added to all Chic ago bo nd

H ig h

9978 1 0 0 34
ioi*^ 1 0 3 4
101 ’ 101
55
55
10041 04
10041034
9 6 4 964
87

87

80

90

102 4
87
y74
99
95

105 7b
95
100 >4
lo o
100

91
85
90

95
89
90

79
91
80
924
90
944
89 10U 4
100 4 1004
97
99 7a
99 100
99 4 100
118 120
1014 1057«
1 0 141 08
104 105 7{.
1034 193 4
101 105-*,
1014 1034
100 105 4
65
80

77
1014

60
85
55
844
85
95 4
96 4 ^6 4
price a.

NA.1IE

O u tsta n d ­
S u r p lu s d
in g
P r o fits f
S to c k f

Bankers N a tio n a l....... $2,000,000
Calumet N ational........
100,000
Chicago C ity.................
500,000
Chicago S avings.......... k 500,000
Commercial N ational.. fc‘2 ,000,000
Continental N ation al.. 4,000,000
Cook Co State Savings
50,000
Corn E xcliauge N a t... 3,000,000
Drexel State.................
200,000
D rovers Dep National
600,000
Englewood state ........
200,000
Federal N ational.........
500,000
First N a tion a l..
8,000,000
First N at E nglew ood ..
100,000
Foreman Bros B ’k ’g Co
500,000
Fort Dearborn N atl.
1,000,000
Hamilton N a tion a l___
500,000
H ibernian B ’ k’ g A ss’ n 1,000,000
Kaspar State B an k ..
200,000
Monroe N a tion a l........
200,000
Mutual B a n k ...............
250,000
Nai Bank of RepubLic. 2,000,000
National L ive S tock ..
L000JJ00
N orth Side State S av ..
50,000
Oakland N ational.........
100,000
Prairie N ational.........
250,000
Prairie State...............
250,000
Pullman i/oan A S av ..
300,000
Railway E x ch a n ge___
250,000
South Chicago Savings
200,000
State Bank of Chicago. 1,000,000
Stock Yards S a v in g s..
250,000
200,000
Union Bank of Chicago
Union Stock Yds Stale
200.000
Am er T ru st A S av g s.. 3,000,000
Central T rust Co of 111 2,000,000
Colonial T ru st A 8 a v ..
600,000
Drovers T rust A S av ..
200,000
First T rust A Savings /cl ,0 0 0 ,0 0 0
Illinois T rust A S av.. 4,Y 00 000
Kenwood Tr A Savings
200,000
Lake View T r A S av ..
200,000
L ive Stk T r A Sav Bk
200,000
Merchants’ L’ n A T rC o 3,00<4000
M etropolitan T r A Sav
750,000
Northern T rust Co Bk 1,500,000
Peoples T rust A Sav
200’i>00
Royal T rust C o ............
500,000
Union Trust C o ..
1 ,0 0 0 ,0 0 0
W estern Trust A Sav. L ooo.ooi)
W Side Tr A Sav B k..
200,000
W oodlawu T rA S av Bk
200,000

D iv id e n d
In
1904

$1,179,169
8
36,365
136,450 8-f-5
k 75,307
1,97 6,6 1 1 12
2,377,066
8
5,103
6
4,195,81)4 12
20,215
6
8
325,701
29,804
72,213 Began
6,733.619 12
135,603 6-1-4
642,324
P riv
3 IS, 185
6
175,4 35
1,086,8 i 5
8
71,879
20,13'.
....
05,*>05 Began
1,084^733
6
1,327,470 12+3
8.440
6
30,365
6
66,379
119/323 TJ38
213,587
8
3,54 0 Began
54,299
5
897,637
6
147,57-:
34,436 Began
42,891
2,374,525
7
939,154
4
534,995
5
63,703
6
J,533,392
7,403,522 12+4
33,766 Began
32,167 Orgtt
$8,147 I ucor
3,947,487 12
319,124
6
8
1,017,415
45^609
514,336
6
825,4 65
289,567
6
14,553 Began
22,762 —

In
1905

P e r­
iod

R ec o rd
L a st P a id

%

8
Q-J Oct ’ 06, 2
N one J - J J ’iy ’06, 5
10
J-J J ’ly ’06, 5
12
8
6
12
6
8

Q-J
Q-J
Q-J
Q-J
Q-J
Q-J
Q-J
busin CSS
||12 Q-J
"10
y-J
ate Ba 11k
6
Q-J
8

Oct ’ 06, 3
Oct ’06, 2
Oct ’ 06; 14a
Oct ’ 06, 3
Oct ’06, 14a
Oct ’06; 2
Oct ’06, 1 ^
Oct 16, 1905
Oct ’ 06, 3
Oct ’OO; 2*a

Oct ’06, 14a
......
Q-J Oct ’06, 2

Q-F
ess
Q-J
Q-J
Q-J
J -J

Nov
Oct
Oct
Uct
Oct
oco

’ 06, 1
2. 1905
’06, 1 4j
’06', 3
’00, 14a
’06, 3

8
8
busin
4
8
N one
May 1,
N one
8
54
5+ 5
6

Q-J
Q-J
ess
Q-J
Q-J

Oct
Oct
July
Oct
Oct

’06, 2
’oo; 2
3, 1906
'06, 1 *4
’00, 2

190
Q-J
Q-J
Q-J
Q-J
Q-J

5.
Oct ’06, 1 4
Oct ’00, 2
Oct ’06, I 3*
Jan ’07, 2 4i
Oct ’06, 14a

12 + 4
Jan 3,
sized
porate
‘ 12
6
8

II
1 90
Nov
d M
Q-J
J -J
Q-J

Nov ’00, 1
5
18, 1905.
arch, 1905
Oct ’06, 3
J ’ ly ’00, 3
Oct ’06, 2

busin
6
12+3
6
6

0

Q-F Nov ’ 00, 2

0
Q-J Oct
busin ♦•as Sep
Q-J Oct
—

’00, lhi
D, 1905
’OO, 1 ^

fl Dividends a: *: paid Q-J, with extra payments Q-F.
* Includes special (lividend or 3iM,, declared Aug. Id. 1904.
t N ov. 12, ’06 for National Banks ana N ov. 13, \)Q for State institutions, except those designated by ($), which are of date Sept. 4 and 5, ’ 06, respectively.
* Bid and asked prices; no sales w ere made on this day.
t No p rice Frulay*, Latest price tin* week.
aD ue Dec. 31.
b Due J une.
h Dae J uJy.
tc Capital and su rp lu s to be increased.

BOSTON STOCK EXCEiNGrE—Stock Record, Daily, Weekly and Yearly
S h are P rice*—Not P er Centum P rices
S a tu rd a y
D eo 1

M onday
D ec 3

T u esd a y
D eo 4

W ed n esd a y
D ec 5

T h u rsd a y
D ec 6

fY id a y
D ec 7

STOCKS
BOSTON STOCK
EXCHANGE

S ates
the
Weelc
Hharee
01

R a n g e lo r Year
190 6
L ow est

H ig h e st

R a nge lor D revtou*Y ea r(1 9 0 5 )
Low est

H ig h est

R ail roa d s
Atch Top So Santa FelOO 1,190 86% J’ly 12 110% Sep 11 77% Ma) 93% Mar
Do pref............... 100
105 98% P ly 3 105%Jan 3 99 % Jan LU5% Sep
Boston <& A lbany___ 100
102 239 Dec 5 257% Feb 19 253 Dec 201 Apr
Boston Elevated....... 100
118 141 AuglO 160 Jan 16 152 Nov 158% Apr
Boston So Dowell....... 100
12 232 Nov 16 246% Aj>r 2 £241 May 249 Mar
Boston So M aine....... 100
201 161 Oct 2' 180% Apr 2 17o Dec 185% Mar
Last
164 Oct tO 175% May 4 i 71 J arj L75 Apr
l)o oref............... 100
300
Boston & Provider!cel00
16 300 Nov2 - 314 v Aj)r24 9»5 Jan 311 Dec
*300 ........ *300 ........ *300 304
*800
1,169 25 J a n l7 39% Apr 7 13 % J an 35 Mar
26% 26%
26% 26%
26%
Boston& Wor Elec Co
26% 26%
20% 26%
78
Do n re f___ ___
17 72% -Ian 16 90 Apr 7 63 % Jan 82 % Apr
«
78 *........ 78 *........ 78 *........ 78
50 156 Oct 27 182 Jan 12 150 Jan 182 Mar
Chic June Rv&TJS Y100
* 169 % ........ *159% ........ 160 160 *160
120
120 120
Do pref _
100
6 117 % P ly 26 127 Jan 16 123 Nov 132 Feb
Last
]87% Nov 8 190 Mar 2 4 186 Jan 189% Mar
Con So Mont Class 4. 100
Last
158 o o l 27 163 Apr b L60 % Jan 167 AugConn So Pass Riv nref 100
1
.......
Last
2-<5 Oct 1 298 Apr 2 285 Jan 300 Aug
Connecticut R iver... 100
*133% ........ M 3 3% ........ 135
28 132 Oct 27 145 Jan 3' 141 Dec 148 M ar
*........ i s 4
Fitchburg pref...
100
•i.83% -Last
Ga Ry So E lectric___ 100
95 Jan 8 107 Apr 27 59 % Jan 92 Oct
89
89
90
90
Do p r e f.............. 100
56 89 Dec 4 95 Jan 2 86 J an 96 Nov
L a s t S a i e 198
Oct ’ 06 Maine C entral...
197 Mar 27 198 Apr 13 175 Jan 192 Dec
100
19% 19%
19% 19%
20
20 Mass Electric Cos___ 100
804 17 J an 5 23 J’ ne 8 13 Oct 23 Apr
19% 19%
19
19%
10% 19*4
70
70
70
70
70
70
70
70
493 59% Jan 2 75 JTie 8 55 Nov 70 % Mar
Do pref............... 100
70
70%
70
70
21% Aug2 2 25 % Jan 9 19% May 25% Dec
Ang’ 06 Mexican Central
100
*25% 28% *24 % 25% *24% 25% *24% 25% L a s t S a l t 21%
190% 191 N Y N H & H a rt.... 100
190% 191 ~ 190% 192
555 190 P ly 11 207 *4 J an 27 a 192)4 Dec 215 % Sep
192 192*a 192 192% 191 192
L a s t S a l e 155
Oct ’06 Northern N H
100
155 Sep 2 163 Feb 7 16 4 Oct 167% May
L a s t S a l e 228
Aug’06 Norwich Sr. Wnr nref 100
228 J’ ly 12 233 % MarlO 232 Jan 233 May
_______ ... *200% 202 *200 202
200% 200% 200% 2U0% Old Colony................ 100
7 200 P ly 18 210 Jan 15 205 % Jan 212 Apr
*200*3 202
Oct ’ 06 Pere M arquette..
*53
58 Sep 2 . 53% Oct 1 7 0 J an 102 Feb
*53 ........ *53 ........ *50 . . . . . . L a s t s a l e 55%
100
N ov’ 06
50 Jan 15 65 Oct l i
52 % Dec 87 Feb
*69 ........ *59 ........ *54 . . . . . . L a s t . s a l e 6 0
Do pref...
100
*59
L a s t S a l e 50
N ov’06 Rutland pref
47% Nov b 64 Jan 4 50 Apr 72 Jan
1 00
*95
97
L a s t S a l e 95
D e c ’ 06 Seattle E lectric....... 100
*95
97
*95
97
65 J an 10 99 Oct 2 5U Jan 67% Aug
*95
97
100 100
101
101
7 95 Jan 10 106 Feb 20 93 % Jan 102 Sep
Do pref............... 100
*100 102 *100 102 rl0 0 102 *100 102
187 187
lb8 188% 187 188*4 186% 186% 185% 186% 184% 185% Union Pacific........... 100 2,352 139% May 2 195 Sep 4 113 Jan 151% Dec
93
93
5u 91 May 3 99% Jan 2 95 Sep 101% Feb
*93% 94%
Do pref
1 00
*92 % 93*2 *93% 94% *93% 94
172
172 Vermont Sr. Mass
18 170 Sep 2-i 178 Apr 4 L72 Jan 1-80 Oct
172% 172%
100
93% 93% * ........ 93%
93% 93% *93
41 93 N ov22 101 Jan 2 93 Jan 102 Sep
93% West End St........
50
93*2 93*2 *........ 93%
37 107 Sep 1 116% Apr 9 110 Dec 117 % Apr
109
110
*110 ........ 110 110 *110 ........ *110 . . . . . . n o n o
Do p ref...
50
L a s t S a l e 27%
25% May 9 27% Oct 8 21 % Jan 31% Sep
Oct ’06 Wisconsin Central
100
L a s t S a l e 60
Oct ’05
Do pref
5 5 % Aug 60 % Sep
100
L a s t S a l e 150
A p r’ 06 W ore Nash Sr. "Rnch 100
150 Feb 5 150% F ebl6 146 Mar 151 Nov
-VlisceilaneowM
25% 25%
Amer Afrricnl Chem i 00
75 21 J’ly 12 34 Jan 27 j 19% Jan 29 % Apr
*91% 92
92
92
92
92
91% 91%
146 91 May 2 102 Jan 26- 86 J an 96 % Sep
91% 92
Do p L . ......... 100
91*2 92
13
13%
12% 13
12
12% Amer Pneu Serv....... 50 2,33- 11 J an 3 29 Mar 21
13% 13%
4% Apr 15 Dee
13
13*4
13*2 13*2
30
30 % *30
30
30 % 29
617 26 Aug 9 46 Apr 2 20 Jan 36% D ec
30
30%
*30
30%
30%
29*4
Do pref............... 50
134% 134% Amer Sugar Retin___ 100 2,927 1.28 M ay 2 156% Jan 8 13U% Ma\ 154 % Dec
*133*4 133% 134 134*4 134% 137% 135% 137% 135 135
132
14 131 May 2 141 Jan2t 132 May 140 % Aug
131*2 131 *2 132% 132% 132 132
131 132% *128 132 *128
Do pref............... 100
136*4 136% 136% 137
136% 136% Amer Telep So Teleg. 100 1,459 128 J ’ly lu 144% Jan 17 130% Dec 148 Jan
137 137*4 137 137 % 136 137
*34% 35
34*8 34% *34
33*
33 Amer W oolen........ 100
493 28 N o v i; 47% Jan 24 21 J an 47 Nov^
34%
33*4 34
*34*2 35
102
102%
103 103*2 103% 10334 102% 103
102% 103% 102% 103
Do pref............... 100 1,158 101 Nov 9 110% Feb 2- 92 % J an 109 Mai
*3% 4%
4% J ’ ne
*3% 4% L a s t S a l e 4
*3% 4%
N o v 06 Boston Land:
10
3% Mai
3% Jan 11 4% J ’ne 7
*3% 4%
i 115 J ’ly 30 118% M arl2 1116 Aug 124 Jan
*117 117*2 117*4 117% *117 117% 117 k 117k *117 117% *117
117% Cumberl Telep So Tel 100
1,985 21%Nov23 3 4 Apr 3 17 Jan 28 Dec
27% 27%
25% 25%
26%
27% Dominion Iron So St.
27
27%
26
26*5
26*2 27
*8
8%
8 % 8%
‘8
8% East Boston Land___
850
5% Jan 31 10 Aug 3
7% Jan
*8
9
*8 *4 8 %
*8
8*2
5% J’ ly
225 225 *225 ........ 230 230 "225
230 Edison Elec Ilium , 100
83 225 Dec 1 250 Jan 13 239 Dec 257 Apr
225 225
225 225
167 General Electric
i on
33 i 161 P ly 14 184 Oct 9 169 % Mav 191 Jan
177% 178
177% 178% 178*4 178% 176% 178% $167
58% 59 % 58 % 59
68%
58% Mass’chusettsGasCoslOO 2,201 44 May 3 64% J’ ne 18 38% Jan 51% Aug
58 % 58%
59
"59
58% 58%
85 %. 85 % 85 % 85%
85 % 85%
85
85
85% 85%
85% 85%
7o 1 84% May 17 90 Sep 14 80 '4 Jan ^3% May
Do pref............. . 100
210 Mergenth&ler Li n o .. 100
10 19U Mar 2 b 210 Dec 7 $185 % J'ne 206 Apr
*207 210 ♦2U5 210 *205 210 *206 210 *2 0 1 209% 210
4% 5
865
3 J an 2 ' 5% Sep 17
1 Feb 1!3 % Dec
*4% 4%
*4*4 4%
*4*4 4%
*4 %
4% M exican Teleph one.. 10
*4% 4%
*68
59
59
59
58 % 58 %
62 27 Mar 26 60 Nov22 25 Nov 27 % Dec
6U
60
58% 58%
N E Cotton Yarn . . . . 100
*88
89 *........ 89
*89
90 *........ 89
L a s t S a l e 69
80 Mar 26 90 % Nov ^4 So Nov 30% Nov
N ov’ U6
Do nref
100
45 128 Sep 4 141% A pr 6 131 Dec 1 40 *4 Apr
129% 129% 129% 129% 129% 129% N E Telephone____ 100
129*4 129*4 129% 130 *129 130
.j *.......„•
%*
% L a s t .sa i l %>
* _ ___
*2 * __
N ov’ 06
2 % Jan
% Noz 12 1 * } 6 Jan 15
1 Feb
*........ 10 *........ 10 *........ 10 *........ 10 ~ L a s t ,s a we
Sep ’06
Do pref
too
10 J an 17 ‘ Jan
186 188
189*2 190*2 187% 189
181 183
181 184
181
182 Pullman Co................ ld o 1,296 181 Dec 5 26b % Nov 8 230 Mas 258 Oct
9 to .1an 1 i 10 *v (let 30
10% 1O'*2 *10 ........ * 19 ........
10%
10%
2u5
10% Feb
10% 10*4 *10
10
111%113
n i U % l U % 109% U 1 * l i.O % . . . . . . 112 113
112
112 Swift & Co................ 100
181 101% J5ne22 1 -9) Sep 28 100 Dec 114 Jan
*20
23
*20
23
*20
23
23 V. . . . .
20 Torrington Class A .. 25
20 22 <4 Dec 5 23 Feu 12; 18 J’ly 23 Jan
22*4 22*4 *2u
*25*2 27 Hi *25% 27% *25% 27% *25% 27% L a s t S a l e 27% N ov’ 06
25 J ’ly 28 27% Nov 5 25 M a) 27 Aug
Do p ref............... 25
*3% 4
*3% 4
L a s t S a l e 5%
4 % Aug
*3 % 4
2 J’n e li
4% Nov 2
2 % May
Nov’ 06 Union Cop L ’d <fe M g. 25
*3*2 4
109 109% 109 109*4 1U9 109% 108 108% 108% 108 % 108% 109 United Fruit............. 100
691 103% May 2 113% Mayl7 103 Apr 115 Feb
69
70
70
70
70
70
69
69%
69
69% Un Shoe Mach Corp. 25 1,239 69 Nov30 b6 'k Feb J 57 J’ne 90 Aug
69% 69%
2 8 % 29
28% 28%
30U 28 % Dec J1 32 % J ’ iy 23 £30 % Dec 34% Aug
28% 29
28% 29
28% 28%
Do pref...........
25
*28%
29
47% 48%
48
48%
48% U S Steel Corp.......... 100 10,860 32% J’ly 2 50 % Oct 1 J■ 24% May 45% Dec
47% 48% £47%
47 k 48
47% 48%
104% 105% 105 105% 104% 104% 105 1U5
lu4% Lu4% 104% 105
Do p re f.Y .......... 100 1,003 99 J’neSO 113% Feb 1 91 May 107 Dec
•50
-50
ocO *40 Jan 26 •75 Sep lb! •40 Mai ■67 % J an
25
*9% 10
*9
10
*9% 10
*9 %
10 W est Telep & Teleg. 100
iu
8 Nov 7 i t *$■J an 1cS: 11 Dec 2 2 % Feb
*9% 10
9
9
79% 79% *79
*79
80
79
79
79% 80
79
80
65 79 Nov 2
98 "2 J an 19, 90 Oct 104 Feb
80
Do p r e f............. 100
ni l
L a s t S a l e 78
78% Oct 8 86 Feb 7 82 % Oct 92 Mai
Oct ’ 06
75 Nov22 98 Jan IT 91 May 100 Oct
75
N ov’ 06
50
Mining
5
5
434 4*i>16
5
5*4
5 % 5% 11 5
4% Nov 2 2 8% Oct 11! f 2% Mav U 0% Oct
5
(Hke d ik e Adventure Con’. ........ 25 2,895
48
49
47% 48%
48
48%
47 *4 48
47
47 k
4S
52°4 A llou ez....................... 25 18,223 31 %J ’ly 10 52% Dec 7 18 Apr 49 Oct
113% 113% 113% 114% 113% 114% 113*4 113% 112% 114
112% 113% Amalgamated CopperlOO 26,893 92% J’ly 18 L18 Feb 18 70 Jan 111% Dec
*32
34
32
32
3 2 *4 32 % 30 % 32
*31% 34
32%
32% Am Zinc Lead <& Sin. 25
400
8% AuglO II54 Nov30
8 J ’ ne 15% D ec
57*? May 2 74- Feb 14 25% May 73 % D ec
70*8 N ov’ 06
25
12% 13
7 Nov
2 % J ’l y i3 15% N ov 19
1 ' May
~l6
14%
12% 13
9*4 10%
12% 13%
9%
11 A rca d ia n .................... 25 85,438
% J’ ne 5
3 Nov
1%
1%
1 % 1 % w1% 1%
400
2 J an 3 ‘4 5 J’ne
*1%
2 Arnold ...................... 25
*1%
1%
Ik
lk
15% 15%
15
15%
14
14
14
14
15*4 16
13%
13% A tla n tic..................... 25 2,655 10% May28 28% Jan 6 12% Ma\ 26% Oct
31% 33
32% 32%
32% 32%
31
31%
30% 30%
30%
30% Bingham Con Min<fe S 50 1,9/5 25 J’l y i3 49% Feb 14 28 May 37-2 Dec
‘ 60
-60
* “65 *85
225 •45 May29 ■90 Oct 13 ■50 May •95 Oct
•60 *6U *........
*•60 *75
*70
“75 Bonanza (Dev C o)... 10
30%
31% BostonOonC&G(rcts) £1 3,00U 20% Mario 35% Oct 11
31% 3i%
33
33
32
32%
31% 31%
5% Jan 35 Dec
31
31%
3 6 % 3 7% 36 % 38
3(3*2 36%
15 10,439 25 P ly lo 42 Oct 4
36 % 36%
Butte Coalition
165 1 /0
170 178 ' 174 184 £169 176
169 ( :ain-met Sr, A riz
168 169 “ 168
10 4,424 10? J ’ i y i l 184 Dec 4
860 860
860 860
860 860
860 860
855 860
855
860 Calumet So H ecla___ 25
61 675 May 2 8 80 Nov / 601 J’ne 720 Dec
3/
38%
38
38%
35% 38
36
37
38
38*4
38
40% C entennial................ 25 15,303 17% J’ly 13 40% Dec 7 16% Mar 34 % Oct
‘ 49 ‘50
•49 *49
•48 *49
•49 ‘50
*49 *49
•50
*50 Cons Mercur G old... 5 3,020 *48 Dec 3 '70 Jan 2b *30 Mar •75 May
83% 84
82
82%
81
82%
79%
b0% Conner Range Con ColOo 10,37U 66% J’ ly lo 86% Jan ^0 64 Jan 85 % Dec
80
81
80% 81%
20% 21
20% 20%
20% 21
20
20
20
20 Daly - W e st................ 20 1,836 14 Mar 19 21% N ovl9 11 % Mar 22 Nov
20
20%
3U0 61 % Oct 25 84 F eb 13 60 Jan 86% Maj
100
54 113 Nov 17 123 Mar 19 113 Jan 1-0 Dec
113
113 “
100
*i% j
*1%
2
65 U 1% J’ly 31
4 Oct
2 .May
*1%
2
2% Jan 12
*1%
2
1%
1% Elm R iver__________ 12
1%
1%
22
23
22% 23*4
20% Oct
22% 23%
21% 22
21% 21%
22
22% Franklin..................... 25 6,257 14 ‘-2 May 2 2 6 % Seii _ 7
8
Apl
13% 13%
13
13
13%
13% Granby Consolidated 10 1,065
9%.Jan 17 15 Oct 9
13% 13%
13% 13%
5 Jan 10% Dec
1 3k 13k
27
28%
26*4 2 6°8 26% 28
26% 26%
26
27%
25%
26% Green© Consolidated. 10 3 1,637 19% J’ly i2 61% Apr 16 20% j ?ue 32% Dee
*4%
5
*4% 5
5 % 6%
*4% 5
50
*4% 5
••00.00 •
4 % J an 5 7% Jan 18
7 % Apr
3 Jan
Guanajuato Consol.. 5
24% 25%
24
24
23% 24
24% 24%
23% 23%
23%
23% Isle Royale(Copper). 25 1,890 15% J’ly 14 29% Jan 6 17% Ma\ 28% Jan
900
8% 8%
8
8
8
8
7%
7% Mass Consol.............. 25
6 % J’ly 14 12 % Jan 13
6 May 13 % Mar
8% *3%
8k
8k
*•76 *95
*80 -SO
*•80 -95 *........ *95
400 •40 J’ne27
1% Oct
*•75 *80
•7o
‘ 80 Maytiower.................. 25
l% J a n 4| •70 J’ne
13% 14
14% 14%
14
14%
13% 13%
13
13*4
13%
13% TYfevico Cons M Sr. S 10 2,8 V5 1-3 Nov 13 14% Dec 3
18% 19%
18 % 18%
18%
18% M ichigan................... 25 4/8.8 10% J’ne22 19 % Nov 30 10% Jan 18% D ec
19*4 197& 19% 19%
18*4 18%
74
75
74
75
74% 75
76
79%
73% 76%
77%
78% M ohaw k..................... 25 7,019 54% Mar 5 79% L ec 6 48 Ma\ 64% Dec
2
2%
6% D ec
1% Nov27
7% Feb 13
2
2
2
2%
2
l 13ie 3%
2 JTy
1%
1% Montana Coal<fe Coke 25 4,849
17
18%
18 8? 18%
18% 18%
18*4 19
18% 19%
17%
18 Nevada Consolidated 5 3,50u 11 Jan 26 23% Oct 9 10% Dec 13 Dec
111%112
111% 112% £109% 109% North Butte............... 15 10,295 74% Mar 6 117 % Qct 31 34 Aug 93 Dec
112 114% 112 114
111%112
*1%
2
2% Oct
1% 1%
1%
1%
940 •70 J’ly 17
2 N o v i 6 •75 May
1%
1%
1% 1%
1%
1% Old Colony................ 25
56% 57
55% 56*4
56*4 5 6%
53%
54% Old D om inion........... 25 5,905 33 J ’ly 13 66% o c t 24 23% May 36% D ec
54% 55--2 53% 54%
136 138
135 % 136% 135 % 136
135 135% 135 136
135
138 O sceola....................... 25 8,235 93 Mar 7 138 Dec 7 88 Feb 115 Oct
29% 30
29%
29% 29 b? 29
28
28
28
28
27
27 Parrott (Silv So Copp) 10 1.876 22% J ’ly 14 48 J an 2 22 J ’ne 47 Dec
1% 1 *4
* 1% 1%
30U •60 May 10 1 % J an 4 •50 J'ne
3% Jan
* 1% 1% , n %
1 *8
1 *8
1
1 Phoenix Consol.......... 25
1%
109 109
106 109
109 109
107 108
103 106% £102% 103 Quincy........................ 25 1,764 80 J ’ly 16 114 Jan 11 95 Ma> 118 Jan
6% 7
6% 7%
8% Oct
7
7%
6%
6%
3% J ’ly 16 8 %J an 19
5%
6
1% May
5%
5% Rhode Island............. 25 7,08.>
4% 4 %
4%
4%
4% 4%
4% 4%
3 Jan
5% N ov21
1 % Mas
4*8 4%
1*8 J’ly 26
4
4 % Santa Fe(Gold So Cop) 10 6,855
18% 18% JS18
17% 18
9 Jan
15% 17
15% 16%
18*4
6d8 Feb
5% Jan *0 18% Nov2b
15 %
1 6 % Shannon..................... 10 17,108
110 111
U 0% 110% 108 108
108 108 *107 n o
326 90 j !ne 9 122 Jan 2 101 May 140 Mar
107
107% T am arack ................ . 25
18% 21
20
21%
20% 21%
20
20%
2 Feb 16% Oct
9 Apr 28 21% Dec 3
19% 20%
19%
20 T ecu m seh .................. 25 19,436
*co
- »T. t r TvWufi
L a s t S a l e 49
40 May 2 52 Jan 6 24% J’ne 53% Dec
25
11
11
10% i i %
11
11%
7 % J an 13% Feb
10% 10%
7% J’nel9 13 N ovlb
10%
11 Trinity........................ 25 4,845
10% 11
75% 75%
75
75
75
75*4
75
75 *____ 74 *........
9 Mai 75 Dec
74 United Copper.......... 100 1,110 57% May 2 78 Feb 7
94
94
50 88 Jan 9 111 F eb 21 74 %.Nov 88 Dec
100
*9% i o
9% 9%
9%
9%
9 % Api 13% Dee
9% Sep 8 14% Mar30
*9% 10
9% 9%
9%
9% Unit States Coal &OU 25 1,215
63 % 63 % 63% 63%
62% 63%
61% 62%
61% 62%
61%
62% TT K Smelt. Ref Sr.Min. 50 3,044 51 Mar 5
45
46
45
45 % 45
46
45%
45 *4
45
45 % 45
Do nref
45%
50 3,726 43 M ar 5 47 % Sep 17
65
65
65
65%
64% 65
64% 65%
64% 65
62%
64% Utah Con (G o ld )....... 5 5,94b 52% J’ne28 69% Jan 12 39% Mai 58% Nov
7% 7%
6% 7 !
6% 7
6 % 6%
9% M arl4 c 2 Maj t7% Oct
5% Nov22
6% 7
6%
6% V icto ria .................... 25 2,775
11
11
4 J ’ly 3 13% Oct 9
7 % Dec 15 % F©b
11*4 116S 1 1 % 1 2 % 1 L 1 1 % 1 0 % 1 0 % 11
11
W inona....................... 25 5,305
161 161
166 166
170 172% 169 169
168 168
166
167 W olverine ................ 25 1,328 131 Jan30 172% Dec 4 105 Jan ]34 Dec
2 % 2%
2 % F eb
2
2
2 38 L>ec 1
1 % J’ne
2k
23ft
2
2
2 % 2*4
2
2 Wyandot..................... 25 4,475 ‘ 70 J ’ly 19
105 105*8
102)8X02*8
240 240
*160 ........
*•2519
102% 162%

105% 105%
*101% 102%
240 240
162 152
232 232%
161% 162%

103% 104% 103%103%
* 101 % 102 % 101% 101%
240 240
239 240
152 152 *162 164
*232 ........ 232% 232%
162 162 *........ 162

Before pay’t of asses ®’ ts called in 1005.

103% 104
101% 101%
240 240%
153 153
*232 ........
162 162

*104%
*102%
*240
152%
♦232
161%

104%
103%
........
152%
........
161%
S a l e 165
N ov’ 06
300 *300
305
27%
28
27*4
80
78
78
160% 160% 160%
120
S a l e 1 8 7 \ N ov’06
S a l e 158
Nov’06
S a l e 285
Nov'06
135
135
135
S a l e 105
N ov’06

d Before pay’ t of ass’ts called in 1904. * Bid and asked.

New dock. fA sT tp a id . t Ex-rights. a Ex-div. So rights.

J403

Boston Bond Record.

D e c . S 1906.
^3
•*» ©

B U M )»
BOSTON STO CK K X C H ’ U E
W eek Ending 1)eo 7

is

A m BeLl T eleph on e 4 «____190S
A m T elep <fe T el coll tr 48.1929
A m W rit Taper 1st s 15s g 1919
A tch
N ebraska 1st 7 s .. 1908
A tch T op Ss S Fe gen g 4 s ..1995
A d ju stm en t g 4 s ___JTy 1995
Boston E le c t Light 1st 6e. 1908
C onsol 5 s ........................... 1924
Boston & L ow ell 4 s ...........1907
4 s.......................................... 1916
Boston ifc M aine 4 4 s ..........1944
Boston T erm inal 1st 3 4 a - 1947
Bur Sc M o R iv ex 6 s...........1918
N on -exem p t 6 s.................1918
S in k in g turn! 4 s ............... 1910
Butte «fc Boston 1st 6 s___ 1917
Cedar Hap «fc M o R 1st 7s. 1916
2d 7 s ....................................1909
Cent V erm t 1st g 4 s ..M a y l9 2 U
0 B &
Iow a D iv 1st 5s. 1919
Iow a D iv 1st 4 s ............... 1919
D ebenture 5 s .................... 1918
D enver E x ten 4 s............ 1922
N ebraska E x te n 4 s ....... 1927
B A 8 W $ t 43.................. 1921
Illin ois D iv 3 4 s ............... 1949
Joint bonus S ee G t N orth ern
Chic Jo Ky A 8tk Yds 5s .1915
Coll trust refu n d in g g 4 s l9 4 0
Ch Mil A St T D ub D 6 s .. 1920
Ch M A St P W is V div 6sl92l)
Chic A N o M ich 1st g u 5s. 1981
C hic a W Mich gen o s ___ 1921
C oncord A M ont cons 4 s .. 1920
Conn A Pass K 1st g 4 s ... 1948
Current R iver 1st 5 s .........1927
Det Gr Rap & W 1st 4 s ... 1946
D om inion Coal 1st s t 5 s . .1940
F itch bu rg 5 s ........................ 1908
4 s ......................................... 1915
4 S .................................... ...1 9 7 7
Frem t Elk A 51 o V 1st 6 s .. 1988
U nstam ped 1st 6 s........... 1938
Gr N ot C B A Q coll tr 4s 1921
R eg istered 4 s.................... 1921

J. J
J-J
J-J
M-S
A-O
Nov
MS
M-S
J-D
j.j
J-J
F-A
J-J
J-J
J-J
A -0
M-N
J-D
Q-F

Price
FYiday
Pec 7

Kange or
Last sa le

A-O

A-O
M-N
M-N
M-S
M-S
A-O

A-O
J -J
Q-J

12

98 Sale
9 0 4 Salt

107 4
*994
123 4
86

A-O
A-O

J-J
A-O
J -J
J -J
M-N
J-D
J-D
A-O

BONDS
BOSTON STO C K K X C H ’ G B
W eek E nding D ec 7

High A o L o w H iq ti
98
98 4
97 4 100
16 8 9 4 95
90 4
91
HS7 4 N ov ’ 06
085 4 8 8 4
lo t
10l4
104 Mar* 06
9 9 4 100 Vi 1 0 0 4
1004
9 9 4 11034
92 ......... 924
9 2 4 97
924
A s k Low

P in

M-N
F-A
M-N
M-S
J -J

Kange
Since
January J

W e e k 's

994100
1 0 1 4 .......

914
104
96

.......
98

105
98

122

126
103

100

101

100
90

110 F e b ’ 04
104 4 A p r ’00
101 Sep ’ 06
114 M ar’U6
1 1 2 4 Jan »03
105
108
102 Sep ’ 05
9 9 4 Oct ’06
100 J ’n e’Ol
1 2 3 4 N ov '0 6
111 4 J ’l y ’05
86
b6
109 M ay’05
101 A u g '06
102 4 J ’ ly ’06
994
994
1024 J ’ne'06
99 J ’ly *06
914
914

101

1914
1124
104
9.1
98'
103 4
1034

104

1344 ....
1 3 4 4 .......
98 4 Sale
9 7 4 98

100 4

134 4
140
984
984

105
N o v ’ Oi
A p r ’06
F e b ’05
A u g’06
O ct ’ 06
J ’n e ’ 06
Jan ’ 03
N o v ’ 06
Sep ’ 06
Sep *06
Sep ’05
A p r ’05
O ct ’ 06
N o v ’ 06
Apr ’ 05
984
984

Illin ois Steel deben 5 s ___1910
N on -co u v e rtd e b e n 5 s ... 1913
la Falls A Sioux C ist 7 a .. 1917
Kan C Clin A Spr 1st 5 a ... 1925
Kan C F t S A Gull 1st 7 s . . 1908
Kan C F t Scott A M 6 s . . . . 1928
Kan C M A B gen 4 s ...........1934
A ssen ted incom e 5 s ....... 1934
Kan C A 51 Ky A Hr 1st 5s 1929
101 1 0 1 4 K a n C St J o A C B 1st 7s. .1907
M aine Cent con s 1st 7 s ... 1912
114 114
Cons 1st 4 s ........................1912
107 4 1114 M aro H ough A Out 1st 6s. 1925
M ex icon Cent ral cou s 4 s .. 1911
1st con s m e 3 s ...........Jan 1939
9*9 4
99
2d cou s in c 3 s ...........Jan 1939
123 4 1 2 3 4 M toll T e le p ls t 5 s .................1917
M inne Gen F lee coil g 5s 1929
N ew E n g Cot Yarn 5 s -----1929
S6
............*9*6”
N ew E n g T e le p h 6 s...........1907
6 s ......................................... 1908
100 101
5 s ......................................... 1915
102 4 104
99 100 4 N ew E n glan d con s g 5 s ... 1945
B oston T erm 1st 4 s....... 1939
1**24 105 4
97 4 9 Vi4 Old C olony gold 4 s ..............1924
90 4 94 4 O reg R y A N av con g 4 s ..1946
O reg Sh Line 1st g 6 s....... 1922
R epub V a lley 1st s t 6 s ...1 9 1 9
103 4 107
Rutland 1st con gen 4 4 s . 1941
97
994
Rutland-Canadian 1st 4s 1949
122 124 4
Savannah E lec 1st co n s 5s. 1952
Seattle E le c 1st g 5 s .........1930
103 103
ie r r e H au te E lec -j 5 s ___ 1929
101 105
i o l 4 1014 Torringt.on 1st g o s ...........1918
Union Pac R R A l gr g 4 s . 1947
1st lieu con v 4 s .................1911
100
106
U nited Fruit co n v gen os.1911
90
97
U 8 Steel Corp 10-60 y r 5s. 1963
98 101
W est E n d S treet R y 4 s ___ 1915
G old 4 4 s .............................1914
Gold debenture 4 s ........... 1916
9 9 4 10242
G old 4 s ................................ 1917
1344 137 4
W estern T elep li A T e l 5s. 1932
964 1014 W iscon sin Cent 1st gen 4 sl9 4 9
9 6 4 1 0 1 4 W iscon sin V alley 1st 7 s .. 1909

N oth — Buyer pays a ccru ed in terest in a d d ition to the purchase price lor all Boston Bonds.

S a tu rd a y
P ec 1

Jj nni a a y
P ec 3

*23 ^

24

1 0 8 4 103*4
*23 4 24

*50
*154

154

r5»> .........
154 154

514
39
114

Oi
39 4
U4

*31
32
1 4 4 15
*106 107
7 9 4 80 4
694
48
*34
214
7 3 13!8

6 '
48 4
84
214

74
* 4 5 4 46
*47-2 4 8 4
624 624
97
97

’ r ic e s — Not P e r C en tu m P r ic e s

A 8k

rl u e s d a y
P ec 4

234

234

51
15

51
15

W e d n e s o .a y
P ec 5

T h u rsd a y
P e c 6*

*504 5 1 4
3 8 4 38 4
114 114
6
6
314 314
15
15
105 4 105 4
7 9 7s 80 4

*51
514
384 384
114 H 4
*6 4
7
*31
32
15
15
105 4 1 0 5 4
79 h 8 0 4

69 4 69 4
48
48
84
84
2 1 4 "2 1-.
74 74 4 e
"45
45
* 4 / 4 48 4
62
62 4
97
974

69 4
- 4 8 '-4
*8^
23
73 4
*45
*47 4
62*8
97

69 48 4
S l4
22
74
45 4
4b 4
62 4
97
___

69 6911ie
48 4 48 4
"8 4
84
22
22
73 4 74t lie
45 4 45 4
*47 4 48 4
62 4 6 2 4
964 974

701its
48
b5ie
324
747ie
45 4
48 4
62 4
974

......

P H IL A D E L P H IA
I n a c t iv e !M o ck s
A lle g h e n y VTU p r e i___51
A m erica n C em en t....... 10
A m er Gas of N J ....... 100
B eR T ele p n on e............ 50
Cam bria I r o n ................ 5b
C entral Coal 6c C o k e .lo o
C onsol T ra c of N J ...1 0 0
D iam ond sta te s t e e l .. 10
P r t d e r r e d ................... 10
E aston Con E lectric b.5u
E le c Storage B a lt___ l o o
P r e fe r r e d ..................100
F t W ayn e A W V ....... 1 0 0
G erm antow n P ass....... 50
In dian apolis S t...........l o o
Indiana L nion T r ___ 100
In su ra n ce Co 01 N A .. 1<1
In te r S 111 P ow 6c C bem .60
K eyston e i eleph on e ._5u
P r e le iT f* '................... 50
K ey s 1on »*W atch Case. 10u
L it B r o th e r -................. lu
L ittle S ch u y lk ill...........50
M iuehiR 6c S ch u yl H ..5 0
N H a v e n iro n 6c S te e l.5
N o itiie rn C en tra l.........5o
N orth P e n n s y lv a n ia ..50
P en n sylva n ia s a lt ....... 50
P en n sy lva n ia S te e l.. 100
P reierre< i................. lu o
P hiia Co (P u ts ) p r e i...5 o
Phil G erm an 6c N o r r is .50
P hiia T ra ctio n .............. 50
R a ilw a ys G en eral....... l o
Susqueh Iron 6c S t e e l..5
T id ew a ter S teel...........lu
P r e fe r r e d ................... lu
T onopah M in in g o f N e v l
U nion T r 01 Im i.........luo
U nited X J R R 6c C .. 100
U n it T ra c P itts p re f..5 u
W a rw ick Iron <fe s i e e l .l u
W est J ersey <fc s e a s h .5 0
W ostm oreianu Coal__ 5u
W ilk e s Gas <fe E le c .. 1UU

B ia

A sk

94
” 53’
7 6 14

”69'

.......
23
.

..

144
24
108
ll3
48
964

194
254
8
9u

S a tes
o f th e
W eek
sh a res

B a lt im o r e
Consolidated G as........... 100
*108 109 N orth ern C e n tr a l......... 50
108 4 1 0 8 4
23 4 2 3 4 *......... 2 3 4
23 4 2 3 4 Seaboard (n e w ).............. 100
Do 1st p r e i.............lOo
D o 2d pref._ ____100
50
50
50
50
*50
E le c tr ic .. 50
1 4 78 1 4 76 U nited R y
* 1 4 4 1 5 4 *....... . 1 5 4

*504 5 1 4
514 514
3 8 4 39 4
38 7g 39
1 1 4 114
114 114
-6
7
6
6^
*3i
32
*31
32
14^8 i5
1 4 4 15
106 106
*105 -2 lu 7
80
814
80 4 81
697i0
48
84
2 L4
7 •>'4
45 4
* 47 4
6297

( F o r B o n d s a n d In a c tiv e
S to c k s see b e lo w )

F r id a y
P ec 7

. . . ___. . . . . .

P H IL A D E L P H IA

1;

h ig h

......... 1 0 0 4
100 Ha 10u4
......... 123 4
......... VI7 4
102 4
1 18 4
118 4
94 4
94 4
93 4
92 4

AO

AO
J-D
M-N
M-S
M-S
A-O
J-J
A-O
A-O
A-O
J -J
J ’ly
J’ ly
J- J
J.J
F-A

102 4
994
100
1004
1064

99*4

A-O
A-O
A-O

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

103

F-A

104

J -J
M-S
J -J
M-N
M-S
M-N
F-A
M-S
M-N
F-A
J-J
J -J
J -J

A u g ’ 04
994
O c t ’06
O ct ’ 06
A p r ’ 06

105

107 4 1 1 0
i ’0u*4
1 0 0 4 .......
” 99 4 1 0 0 '

65
230
205
225

L ov cest

S2
97
23 4
85
50
144

1014
1224
100
106
123 4
99 4
94
1044
102 4
115
84
26 4

1004
1014
1004 1014
104 107

Sep ’06
Jan ’ 05
M ar’ 06
Jan ’0'>
N ov ’ 05
M a i’ 02
98 HaMay’06
104 O ct ’ 06
102 D e c ’05
99 4 N ov ’06
1103 4 N ov’ 06
1150 4 A pr M)6
106 4 N o v ’06
197 4
H97 4
100 4 Sep ’ 06
103 J ’l y ’06
1 0 2 4 Jan '06
101 4 N o v ’ 06
100 N o v ’06
1194 4 Sep ’ 05
109 A u g ’ 05

101 4 1 0 1 4
1121*61121*®
103 103
98
984
1 0 3 4 109
99 4 100
102 411044
1150 4 1 5 5
105 1 1 2 4
1J98 11004
10041024
102 \ 103 4
1024 1024

100 4 1 0 2 4
99 4 1 0 3 4

1) F la t price.

Yearly

W e e k l y ,

R a n g e fo r Y ear
1906

H iu K

101 4

97
100

1014
11024
11214
103
107 4
102

J-I)
J -J
J -J
J -J
J-J

O ct ’bC
Nov’06
N ov ’ Oh
S e p ’ 06
N ov ’ 06
118 4
94 4

K ange lo r P r e v io u s
Y e a r(1 9 0 5 j

H ig h e s t

J’ ne 7 92 J’ne20
J ’iy 5 1094 N o v 2 2
D ec 5 32 Jan 17
8ep 20 9 14 .\lai3o
Dec 5 62 •>>.1an 5
8ep 13 19 Jan 15

L o w est

83
99
214
S3
47 4
12 4

H ig h e s t

Ma} 90 A p r
May 1104 Sep
Jan 34 " D ec
Mai 9 1 4 N ov
J an 64 D ec
A pi 18 M ar

P h ila d e lp h ia
*51
15 50 J4 Sep 10 54 Jan 27 48 Jan 5 4 4 Apr
5 1 4 A m erican R a ilw a y s___ 50
38 4 3 8 4 Cam bria S t e e l................ 50 6,109 3 0 4 Jan 5 3 9 4 Novi-0 243-i May 32 D ec
12 4 Feb
i l k 1L4 E le ctric Co of A m erica 10 4,647 11 May 9 1 2 7g Nov2<* 10 4 Jan
6
160
6 N ov23 14 J an 4
6 Gen A sphalt tr c t l s ___ 100
8 4 Dec 17 4 J an
200 31 Dec 7 48 J an 19 36 N ov 49 Jan
31
31
Do prei tr e t t s ___ 100
15
15
Lake Su p erior C orp ___ 100 1,205 1 4 4 N ov26 23 Jan 15 14 4 m *m 2 5 4 M ar
389 101 4 May 2 i 18 J an 19 io u 4 J ’ ly 1 2 3 4 Nov
105 1054 L em gli C & N av tr ctfs. do
7 9 4 80 L eh igh V a lle y ................ 50 12,501 65 M ay 2 86 J ’ ne 8 52 4 Jan 90 4 N ov
2 4 Dec
t7ie O ct 8 3 lo i0 Jan 10
5 4 Jan
*2 4
2 4 M arsden C o .....................100
6 S 4 69 4 P en n sylvan ia R R ......... 50 7,215 6T*8 J ’ly 0 73H10 Jan 22 65l3i0 Ma\ 73 'l Aug
343 47 A p r 20 ao4 M ar 2 b 4 0 4 Jan 5 5 14 N ov
4 8 4 4 8 4 Philadelp’ aOo (P it is b ). 50
6 4 D ec 7 93ig O ct 17
8
J ’ ne 12 A p r
64
6 4 Philadelphia E le c t r ic !. 25 3,358
2 2 4 23
Phila Rapid T r a n s itu .. 50 8,602 ^20 4 N ov2 § 3 4 4 J an 2 < t 174 J an 0 3 6 A p r
I d 4 74°ift R e a d in g .......................... 50 50,780 5 6 4 May 3 83 J an 23
N ov
3 9 4 Jan
45 4 45 4
32 43 4 A p r 10
Do 1st p re f............. 50
Jan 23 45 May 4 7 's Aug
*47 *9 48 4
Do 2 d p i e t .............. 50
4 4 4 •l ay 2 5 L j an 23 4 2 J an 50 4 N ov
62 4 63
U nion T ra ct o n .............. 50 2,75 i 6 l4 N ov2u 6-j A ug 2
5 8 ‘4 Mar 6 3 4 O ct
97
96
United Gas lm i)t........... 50 5,489 1: 1 May 16 101 Feb 15 90 J ’ ue 1 2 5 4 A pr
*25
28 W eis bach C o ..................10U
2 9 4 A n g l4 32 M ar 1 20 Feb 31 N ov
B id

A sk

Ronds
A1 V a l E e x t 7s 1910 A-O
9 4 A lt A L V E le c * 4 s ’33.F -A
102
A m K y s c o n v o s 1911. J-D —
5 3 4 A tl C ity 1st 5s g T 9 . M-N
48 4 Balls T e r 1st 5s 1926. J-D
B e rg & E B rw 1st 6s’ 21 J-J
Betiile Steel 6s 1 9 9 8 .Q-F
119 4
^16 Che & D Can 1st 5s T 6 J -1
C h o c M e 1st 5s 1949 J-J i 12 ’
Ch Ok Sc G gen 5s T 9 J -J 106
Y i ” Col S t R y 1st con 5s 1932
C o n T r a c o f N J 1st 5 s .’ 33 106
E & A 1st M 5s 1920 M-N
E lec Sc P eo T r stk tr ctls
97 4 98
Eq II G a s -L is t g 5s 1928
11 & B T op con 5s ’ 25 A-O 105 4
85 ”87”
Indianapolis R y 4 s. 1933
26 4 In tersta te 4s 1943 ..F -A
67 4 674
1 1 4 L elngli N a v 4 4 s T 4.Q -J .........
.......
R R s 4s g ....... 1 9 1 4 .Q-F
Gen M 4 4 s g . 1 9 2 4 .Q-F
106 4
15
Leh V C 1st 5s g ’3 3 ..J-J 112 *’
Leli V ex t 4s 1st 1948. J-D
2d 7s 1910.................M-S
122
3
C onsol 6s 1923....... J-D 120
109
A n n u ity 6a...............J-D
1494
97 4 974
Gen con s 4s 2 0 0 3 .M -N
Leh V' T rac 1 s t4s ’ 2 9 .J-D
N ew Con Gas 5s 1948 J -D
N ew ark Pass con 5s 1930
48 4 N Y P h Sc N o 1st 4s ’39 J-J
In com e 4s 1 9 3 9 ...M -N
9 7 4 N oO h ioT rac con 5sT 9.J-J
N o Penn 1st 4s ’ 3 6 ..M -N
7b P enn gen 6s r 1 9 1 0 .. V ar 107*4 108*'
Consol 5s r 1 9 1 9 ... Var
Penn Sc M d Steel con 6s. 11234
20 4 Pa Sc N Y Can 6a ’3 9.A O
Con 4s 1939............. A-O 101
254 4 P6DU Steel 1st 5 s T 7 M-N
P eople’ s T r tr certs 4s ’43 1 0 1 4
8 4 P Co lHt<fe col tr 5s’ 49 M -S 1 0 7 4
Con<fc col tr 5s 1951 M-N 101 4 101 4
60
9 u ^ Phil E lec gold trust ctfa.
99 4 100
70 4 7 L
T ru st cert if s 4 s..............

• Bid and asked prices; no sales on this day.

L ow

100 4
100
122 4
98

" N o price F rid a y ; latest bid and asked.

A C T IV E S T O C K S

§5

* *

L ast s a l e

Kange
Since
January 1

.Vo Low
100
LOO
122 4
V»7 4
102 4
1174
94 4
92
92 4
101 J ’l y ’06
100
100 100 Ha 1 0 0 4 Sep ’06
100 4
1134
113°8 Nov’06
1 0 1 4 Sep ’ 05
1 is
M >i\ ’04
....... 120
/ i)°4
81
83 1|834 N ov ’ Oi
25
27
26 4 O ijc ’ 0 0
194
174 A u g ’ 05

Hid

J-J
A-O

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily,
S h are

Week’s
Kange or

i'TlCt'
F r id a y
P ec 7

- b

||$7.60 paid.

P H IL A D E L P H IA
P & E g e r M 5 g ’ 2 0 .A-O
Gen M 4s g 1 9 2 0 ..A & O
Ph 6c R ead 2d 5s ’ 3 3 .A-O
Con M 7s 1 9 1 1 ....... J-D
Con M 6s g 1911___ J-D
E x Im p M 4s g ’4 7 .A-O
Term inal 5s g 1 9 4 1 .Q-F
P W Sc B col tr 4s ’ 21. J-J
Portland R y 1st r s 1930.
Koch R y A L cou 5 s ’ 54J-J
U T ra c Ind gen 5s’ 19.J-J
U n R y s T r ctfs 4 s’49J<feJ
U T rac P it gen 5s ’97 J-J
W elsbacli s 1 5s 1 9 3 0 .J-D
W lk s-B G A E con 5 s’55J-J
B A L T LU O R E
I n a c t iv e s t o c k s
A la Cous Coaicfc Iron . 100
P r e i ............................ 100
A tlanta Sc C h arlotte.. 100
A lla n Coast Line R R . 100
A tlan C oaetL ^C onn)l00
Canton C o................... 100
Cons Cot D uck C o r p ...50
P r e fe r r e d ................... 50
G eorgia Sou A F la ... 100
1st p r e f..................... 100
2d p r e f....................... 1 0 0
G-B-S B re w in g ........... 100
B onds
A nacostla 6c P o t 5 « ...........
Atl & Ch 1st 7 ... 1907 J-J
A tlan C L K R4s 1952M-S
A tl Coast L (C t)ctfs 5s J-D
C tls of inuebt 4 s ___ J-J
6-20 y r 4s 1925......... J-J
B a ltC P a ss 1st 5 s ’ l l M-N
B alt Fum lg 5s. 1916 M-N
E x ch a n ge 3 4 s 1930 J-J
Balt Sc P lM Oh m l T 1 A-O
Balt T ra c 1st 5 s ..’29 M-N
N o B alt D iv 5s 1942 J-D
C on v ertible 5 s .’06 M-N
C en t’ l Ry con 5 b1932 M-N
Ext<fc Im p os.1 9 3 2 M S
t f 15 patd.

j $10 paid.

B id

A sk

B A L PLHORE

111 4 1124 Clias C ity R }rl s t 5 s ’ 23 J-J
1014 103
Clias R y G 6c E l o s ’ 99 M-S
—
—
C'harl C 6c A e x t 5s. ’09 J -J
ilU 4
2d 7 s................ 1910 A-O
107 4 ........... Citycfe Sub 1st 5 s .. ’ 22 J-D
1 0 3 4 10 4
Oity<& Sub( W hiajlst 5s’48
121
Coal Sc 1 R y 1st 5 s ’ 20F-A
102
Col A G rn v 1st 6 s.1916 J-J
C onsol Gas 6 s . . .1 9 1 0 J-D
—
—
5 s ....................... 1939 J-D
97 4 9 7 4 Ga Sc A la 1st con os ’ 45 J -J
85 4 —
Ga Car Sc N 1 st os g ’29 J-J
G eorgia P 1st 6 s . . . ’ 22 J -J
74
GaSo Sc Fla 1st 5s 1945J-J
......... ......... G -B -S B rew 3 -4 s l9 5 lM -S
2d incom e os 1951 M-N
K n ox v T ra c 1st os ’28A-C
60
6 2 4 L ak eR El 1st g u 5 s’42M -S
M e tS t(W a sh )lst5 s’ 2 5 F A
90
94 4 M
t V'er Cot D u ck 1st os.
I n c o m e s ..........................
i ’3 5
N p tN A O P 1st o s’ 38 M-N
327 4 355
G eneral 5s___1941 31-S
90
92 4 N orlolk St 1st 5s ’4 4 ..J-J
12 4 13
N orth Cent 4 4 s 1925 A-O
33
34
Series A os 1 9 2 6 ....J -J
36
37 H.
Series B os 192 6 ___ J-J
98
84
87 4 Pitt Uu T ra c os 19 9 7 .J-J
74
8 4 Poto Val 1st os 1 9 4 1 ..J-J
Sav Flack W est 5s ’34 A-O
Seaboard A L 4 s 1950 A-O
1034 1 0 4 4 Saab Sc Roan 5s 1926. J -J
iu 3 4 1034 South Bound 1st 5 s ..A O
97 *< 9 7 4 U El LckP 181448*29 M-N
108
Un Ry Sc El 1st 4 s ’49 M-S
109
95
Incom e 4« 1949....... .7 -1 >
89
Va M id 1st 6s 1 9 0 6 ..M -s
91
103
2d s e n e s 6s 1 9 1 1 ...M -s
104
3d series 6s 1916..M -S
109 4 11 >4
4th ser 3-4-os 1921..M-S
1 0 1 4 10 2 S
oth series os 1 9 2 6 .M-S
Va (State) 3s new ’3 2 .J-J
112 114
Fund debt 2-3s 1991.J -J
115 116
W est N C con 6b 1914 J-J
W e sV a C & P 1st 6 g ’ l 1 J J
112
Wil Sc W eld o s . . 1935. J -J
113
$ $ 2 0 paid.

a Rooeipw.

5 $25 paid.

B id

102 4
93
115
109 4
110
U»3
105 4
114
LOG
1104
1094
110
120 4
ill
684

33
105
115
114
844

A sk

94
112
104
105 4
i 15
1064
110 4
1104
i 13
584
33 4

844

95
100
......
Lu8
103
115 4
.115 4
1 10
113
1 •4
62^ 824
108
110
112
93 4
88*, 89
60
60 4
107 4
110
1 10
1 1l
954 9 6 4
96
964
: 10
113
lu7 4 108
117 118

1404

THE CHRONICLE

Volume of Business at Stock ExoGanges

[V ol . L i x i m .

G a s S e cu ritie s
Industrial and .Hixcet * H ix
A eh.
H id
A 8k
^Crucible s te e l.......... lot
33
12*4 1 2 34
Losr&W abV l8t6fl’ 25.J-Ir 28
Mailm* n Gan On 1920. A-O 4106 Hi III)
P r e ie ir e d .................10t
80S1
N ew ark Gas On 1944.Q-J §133 1134
Cuban us of 1890............ . 100 *104
N ewark Consol G as..l()ol 9 0
91
'U24H2 $125
T R A N S A C T IO N S A T T H E N E W Y O R K STOCK E X C H A N G E
IfCon g 5s 1948....... .1-D 100 107
D A IL Y , W E E K L Y A N D Y E A R L Y
No Hudson L H <fe P ow —
j f ........
58 1938 .................... A-O §108
E ie ctn c Boat..............iuu
25 | 30
i|OA IndO N alcfc 111 .100 ___
4
68
75
S to c k s
W eek e n d in g
1st 0s 1920..............J-D I 2 0
10
29
E iectn c V eh icle.........lo o
14
R a ilr o a d &c
S ta te
U S
D ec 7
71
Pat & Pas Gas & Elec 100
08
P re ferred .................
17
20
B onds
B onds
B onds
P a r v a lu e
1906
S h a re s
]\ Con g 5s 1949___M-S 2 100
Empire Steel...............106
li*3
0
8
I’ r e lc n o t l................. ]<)<
43
91
St Joseph Gas 5s 1937.J-J j$ 90
48
$50,000
$644,100
42
198,723 $18,629,800
Federal Sugar, com .. 100
S a tu rd a y ............
Telegr A Telephone
90,000 $2 o’ 00*6
.1,880,000
63,539,500
736,870
*•)
Preferred . .............
78
M o n d a y ..............
174.500
1,636,000
67,0 i 3,050
781,4 67
IjAmer Telegtfc Cable 1001 SB
75
92 |ljGenerai Chemical _.10o
78
T u esd a y____ ___
7(6256,300
1.764.500
"iu’,6’66 iiCentral & s o A iuer. 100 140
304.500
838,338
105
1; P referred............... iu< ! l o l
145
W ednesday........
266.500 .............. Commer U n Tel (N Y ). 2 5' 115
1.220.500
56,4 70,900
670,584
Gold H ill C op ijer........ ] If 4 V 4 \
Thursday............
1 0 ,0 0 0
247,000
1 , 193,006
68,100,900
Emp <fe Bay State Tei lOOj 75
789,957
26
Greene Con C op p er... 1( J 26
F rid a y ................
E ran k iln .......................100, 45
2
oo
Greene Consol G o J d ...l 0 |t X%
2
40,000 IJGoid <fc S t o c k .......... 100
$8,938,100 $1,132,500
Greene G old -silv er__ 10 V 1 78
T o t a l................ 4,015,939 $344,010,450
jI udson Hi ver Te 1eph 1 00
290 310
75
80
J a n u a r y 1 to P e c 7
W eek e n d in g Dec 7
1lN Y & N J T e ie p li... ; 0 U 126 128 H
S a les at
^N orthw estern T eleg. 50 120
ef
s 52 op 12. J-J § 90
93 4
N ew Y o r k S tock
95 100
Pacific tfc A tlan tic....... 25
Hall Signal C o .......... 100
75
83
1905
1905
Excha/nge
1906
1906
10
fiSouthern & A tlantic 25
99
11
Ha va na T o bacco Co.. 100
103
23
P referred ...................106
27
6,138,331
238,586,617
267,856,897
4,015,939
Stocks—N o. share,
Electric Companies
66
1st g 5s June I ’ 2 2 .J-D
70
Par v a lu e....... . $344,010,450 $592,632,600 $23,471,7 73,275 $22,128,843,175
hicago list
H ecker-Jones-Jew ’ l Mill
$813,000
$698,600
$12,800
$14,200
Bank shares, par.
135
1st 6 s 1922.............. M-s I 105
L09
i 45
N arragan(P rov) El Co 50 f 100 H. 105 Hz H er’ g- Hail-AI ar,ne w . l o o
BONDS
32
36
$1,115,620 N Y & Q El L&PowColOO
$1,753,800
$27,000
$40,000
G overnm ent bond
H oboken j^and a liu p io o | 20 0
57
63
199,665,450
65,378,750
2,519,600
l , i 32,500
P re fe rre d ............... 100
State bonds..........
e 5s 1910..................M-N |£101
80
85
769,789,800 United E lectric ot N J lo u
573,317,000
13,524,600
8,938,100
EE. and mis. bone
H ouston O i l ................ 106 1
10
80
6
4s 1949 .................... J -D § 69 Hi 70 Hi
47
P re fe rre d .................. lo o
51
$640,449,550
$970,570,870
$16,071,200
$10,110,600
130 140
Total bon ds...
Hudson R ealty.......... 101
Terry Companies
7 I ngersoll-Rauu com . i 06
54 E
I v 11P re ferred .................. 10* 1 93 Hi
Brooklyn Ferry stocklOO
A
D A IL Y T R A N S A C T IO N S A T T H E BOSTON A N D P H I L A D E L P H I A
B & N Y 1st 0s 19.11. J-J j§1 0 0
Interii&C’lBankmgUolOO 135 145
EXCHANGES
10
N Y & E R Ferry s t k . 1 0 0 : 68
74
In t’n ’i M erc M arine. 106
11
80
1st 5s 1922............ M-N'
P referred .................. 100
30:h 31 Ha
86
P h ila d e lp h ia
B o s to n
N Y & H ob con 5 s ’46. J-D §1U5 107
Col tr d 4 V 2 2 0 p ’ 07A-O
76 H 77
W eek e n d in g
Cnternat’l N ic k e l___iOe 100
120
§108 Hz 110
D ee 7
85 100
§105
P r e fe r r e d .................. 10'
B
o
n
d
U
n
listed
L
is
te
d
B
o
n
d
U
n
listed
L
is
te
d
1906
21
30
23
10th & 23d Sts F erry 100
International Salt___10(*
37
s a les
sh a res
sa les
sh a res
sh a r e s
sh a re s
62
65
1st m ort 5s 1 9 1 9 ...J-D § 80
1st g 5s 1951.......... A-O
85
4
30
33
international S ilv e r.lu e
6
$20,800 I] Union Ferry stock .100
$ 6 ,0 0 0
3,752
863
3,780
Saturday ....... 39,669
50
90
fll&t 5s 1920 .......... M-N
P referred .................. l o t
52
92
106,500
22,927
8 ,0 2 0
27.000
11,678
M o n d a y ......... 73,853
1st 6 s iy 4 8 ................J-D 107 110
3.-,500
9,249
26,119
10,970
2 0.0 00
T u esd a y......... 64,912
R a ilr o a d
70
73
Lackawanna s t e e l... lot
51,200
6,099
19,361
27.000
5,766
W edn esday. . 103,364
Lanston M onotype.......20 f 14*8 14H*
28,800 Chic Peo & St L pref.100
4,574
6,391
18,351
14.000
Thursday....... 53,902
D eposited stock ............
Lawyers M ort ln su r.100 185 195
79,600
9,903
18,807
7,000
7,403
F rid a y ........... 48,782
50
U ndeposited stock .......
IjLeh
W ilkesb Coai.oi
P rior lien g 4 Hzs’30M<£?S
90 100
Lord <& T a y lo r............ 100 125 135
38,708
$325,400
109,345
45,960 $ 1 0 1 ,0 0 0
T ota L ......... 384,482
57 v,
Con m tg g 5s 1930.J&J
P r e fe r r e d ..................100 100
103
Incom e 5s 1930..............
6
flLonJiard (P ) pref ...1 0 6 140 L50
12
Chic Subw ay................ 100
7 2 34 73
0 OH2 50-N Mack-ay Companies ..106
Ft W <fc Den Cy std .,100
68
98 105
P re fe rre d .................. lo o
69
Great N orthen Ore See Stk E x list Madison Sci G arden ..100
15
25
N Y N H
H a rtfo rd 75
2d 6 s 1919...............M-N
A W e e k ly R e v ie w o j O u tsid e M a r k e t w i l l be f o u n d o n a p r e c e d i n g p a g e .
Con d e b j^ s lO o O . J & J §1 1 2
TjMauhatt Beach C o . 100
5Hi
7
113
N ortii’n Securities Stubs 20 0 225
Manh Bell H otel & Land.
Penn, gu g 4Ha% notes
P r e fe r r e d ..................100
7
S tr e e t R a ilw a y s
S tre e t R a ilw a y s
B id
A sk
A sk
N o v i 1907..........M&N § 9S34 9 9 14
B id
84
90
UGen. g. 43-1940...M . N
Pitts Bess <te L E .........50 t 32
N orth Chic Street S ee C hicago list
NEW YORK CITY
37
Manhattan T ran sit___ 20 t 4 Hz 4-h
P u b Serv Corp of N J100
96 l o o
P referred .................... 50 t 70
13
31
Bleeck St& Ful F stk 100
33
17
M ex N at Construe.pflOO
75
65
90
T r ctfs 2% to 696 perpet
1]lst m ort 4s 1950 ..J-J
92
66 E Railroad Securities Co.—
M itchell M in in g .......... lu t
6
Coll trust 5s gold notes
IILC.stk.tr. cfs.ser.A ’ 52
91
UB’y & 7th A v e stk ..100 230 238
M onongaheia R C o a l..50 t ........
8
95
1909 optional___M-N § 95
Seaboard A ir Line—
P re fe rre d .................... 50 i 25
96
m2 d m o rt 5s 191*1 ...J -J 100 104
26^
50
C o lltr5 s 1907 o p ...M -S
N orth Jersey St R y 100
Con 5s 1943 S ee Stock Exch list
99 38 99 7b M ortgage Bond C o ... 100
97 Hi 102Hi
1st 4s 1948........ M-N § 75
N at Bank ot Cuba___ 100 104 112
B’ way Surf 1st 5s gu 1924 5104 1 U6
70 Hi S ea b oa rd C o.... S ee B alt Exch list
77
Cons T rac of N J ...1 0 0
78
N ational Surety......... 100 170 20 0
IJCent’ l Crosst’ n stk .. 100 290 330
in
d
u
stria
l
an
d
M
iscel
1st 5s 1933.......... J-D §106 107
mist M 6 s 1922 . ..M -N 111 115
N evada Cons’ d C opper.5 t 187& 19
Ahm eek M in in g ......... 25 t90 100
N ew ’k Pas R y 5s ’ 30J-J § 1 1 1 113
37
TlCen P k N & E R stk.100 195 200
42
11N ew Central O o a i___ 20
A lliance R ealty..........100 132 Hi 137 Hz N J Ter Dock<fc I m p .100
Rapid Tran St R y ..l0 0 250
1jChr’ tT & 10th St stk 100 165 171
1st 5s 1921.......... A-O §108
A llis Chalmers Co 1st m
Ool<& 9th A v e 5s S ee Stock Exch List
N Y B iscuit 6 s 1911.M-S 102 Hz
J C H ob & Paterson 100
35
s f 5s ’ 3 6 opt’ 16 w i. J - J § S3
Dry D E B <fe B—
83 34 N Y M tge & Security. 100 19o 200
42
Ijlst gold 5s 1 9 3 2 ...J-D 108 n o
4s g 1949............ M-N § 71H2 72 Hi A m erican B o o k ......... 100 148 150
1|New Y ork D o c k ___100
45
So J Gas El <fc T rac 100 118 120
Am erican B rass......... 10** 130
Ii P r e fe r r e d ...............lo o
Scrip 6 s 1 9 1 4 ___F-A 100 102
82 Hi 85 Hi
4
Gu g 5s 1953....... M-S § 97
99
5
A m erican Can c o m ... 100
E ighth A ven u e stk.H O t 370 385
6 I4
64i N Y T ransportation . . . 20
55
99 101
N o H ud Co R y 6s’ 14»T-J §108 110
P re fe rre d ..................100
TTScrip 6 s 1914 ....F - A
56 Hz N iles-Bem -Pond com . 100 150 160
15
5s 1928...................J-J §108 110
15i*
N ipissing M in e s .......
U 42d& G rSt F ’y s tk ..100 375 400
5
Am erican Chicle C o.. 100 190 196
55
70
434
E x t 5s 1 9 2 4 ....... M-N § 1 0 0 103
5
P re fe rre d ..................100 100 105
42d S tM & S tN A v .,1 0 0
UOntario S ilv e r ......... 100
50
Pat City con 6 s ’ 31. J-D §115
54
Otis E levator com ___100
Hist m ort 6 s 1910 .M-S 102 105
Am Graphopho com .. 100 X 42 58 44
60
70
2d 6 s ___1914 opt A-O § 1 0 0
83
96
P r e fe r r e d ................. 100
P re fe rre d ..................10u
112d incom e 6 s 1915 J-J
99
84
So Side E i (Chic)
S ee C hicago list
Phoenix S ecu rities..........
Inter boro-M etropolitan—
A m er H ardw are........ 100 115 118
31V 32
Common. S ee Stock Ex cha’ ge list Syracuse Rap Tr 5s 1946 §105H> 106 Hi A m i c e S ecurities___See Stk E x list Pittsburg B rew in g ___5o
50
P referred S ee Stock Ex cha’ge list T rent P & H 5s 1943J-D §1 0 1
104
P re fe rre d .................... 50
51
A m M a ltin g 6 s 1914.J-D 105 106
95 100
4 ^ % bonds. See Stock Exch list U nited Rys of S tL —•
Pittsburg Coal S ee Stock E xch list
A m er Press A ssoc’n.100
Com v o t tr c t f s ....... 100
2
1
Lex A v & Pav F 5s S ee St k E x c list
4
Pope M anufacturing. 100
44 Hi 45 Hi A m Soda Foun com .. 100
3
81 7fe 82
60
mPref erred............... 100
1 st preferred............. 100
1st p re fe rre d .......... lOu
“f Metropoi Securities 100
70
42 Si
Gen 4s 1934___See Stk E xch list
17
5
Met.ropol Street Ry. 100
13
2 d preferred............. 100
2d p referred .......... iOu
10
U nitR ysS anF ran SeeStk E xch iist
98 102
Pratt & W hitn p re f.. 100
Ninth A v en u e s to c k .100 170 180
A m er Steel F oundries—
W ash R y & El C o___100
43
43 Hi
P ublic Serv Corp of V a—
Second A ven u e stocklOO 195 203
M 6 s 1935.............. A & O § 9 7 14 98
P re fe rre d ................. 100 ^ 87
87Hl Am erican Surety.........50 190
95
l s t m g 5s Ju iy 1936 opt
711st m ort 5s 1909 M-N 5100 102
97Ha
4s 1 9 5 1 .................... J-D
Realty assoc (rsklyn)luO 155 160
8 6 ^ 8 6 Hi Am erican Thread p re f.. 5 r 4
5
Consol 5s 1948___F-A § 1 1 0 112
1)W est Chicago S t ___ 100
31
35
Royal B a k P ow d pref .1 0 0 106 108
11Sixth A ven u e stock 100 172 175
A m T o b a c (new ) com iuO 36o 380
mCon g 5s 1 9 3 6 ....M -N
$70
Sou B oulev 5s 1 9 4 5 ..J-J § 1 0 0 104
P refd.......... S ee Stock Exch list Safety Car H eat cfe Lt 1 00 280 290
So F er 1st 5s 19 1 9 ...A -O §105 106
4s and 6 s ......... S ee Stk Exch list Seneca M in in g .......... 25
G a s S e cu ritie s
38
Third A ven u e S ee Stock Exch list
384j Singer M ig C o.............lou 480 500
A m T ypefoT s com_._10u
NEW YORK
96 100
104
P re fe rre d ..................100
8
Tarry VV P & M 5s 1928 § 1 0 2
Standard Cordage___100
9
2H
104
55
Cent U n Gas 5s g ’27.JcfcJ §1 0 0 E 102
3
Y kersStR R 5s 1940A-O §101
Am er W riting Paper. 100
1st M .g .os.’ hsi re d .. A.O
58
23
Con Gas (N Y) stk. See St k E x c h list
P re ie rre u .................. 100
2334
16
28th & 29th Sts 1st 5s ’ 96 §104 106
Adj us t. M. 5 s. A pr 1,1931
18Hi
86 V 87 ^ Standard Coupler oomlOU
Conv deb 6 s ctfs N'eeStk E xch list
44
U Tw enty-Tli’ d St stk 100 375 400
1st sf g 5s ’ 19 op ’0 9 .J - J
72
IjMutuai G a s ..............100 170 200
P re fe rre d .................. l o o 120 130
Umon Ry 1st 5s 1942 F-A §106 107
‘[[Barney & Sm ca r . . . 1 0 0
74
N ew Amsterdam Gas—
1j Preferred................ 100 140 145
W estchest 1st 5s ’ 43 J -J §105
108
9
7
Standard M illing Co. 100
18
18 V
1st consol 5s 1 9 4 8 ..J-J § 98 100
P re fe rre d .................. lou
32
27
‘flBethi’in Steel Corp .100
BROOKLYN
60
N Y & East R iver Gas—
64
79
^ P r e fe r r e d ...............100
1st 5s 1 9 3 0 .............M-N
80Hi
107
Atlan A v e 5s 1 9 0 9 ..A-O § 99 101 Hi
1st 5s 1944...............J-J §1 0 2
1st ext 5s — See Stk E x chang e list Standard Oil of N J ..1 0 0 530 535
C on soles 1945.........J-J § 98 100
Con os g 1931.........A-O §105 107
Bliss Company com ___50 140 145
Sw ift & Co S ee B oston Si k E x c h’ ge
98 100
N Y & R ichm ond Gas. 100
38
P re fe rre d ....................50 130 134
1st 5s 1910-1914...J -J §102
B B & W E o a 1 9 3 3 ..A-O
105
B rooklyn City s t o c k ...l o 2 2 0 230
N or U n 1st 5s 1927.M-N § 1 0 0 102
B on d& M tg G uar___100 375 385
Tennessee C opper....... 25 t 48
49
Con 5s S ee Stock E xch list
UStandard Gas com ..100 100 115
IjTexas & P acific Coal 100
B orden’ s Cond M ilk .. 100 180
185
74
B k in C rosstn 5s 1908. J-J 100 102
11Preferred ..............100 100 120
1st 6 s 1908.............. A-O §105 i i o
P referred ..................100 110 115
British uol C opper........ 5 t -‘ 3
B kn H gts 1st 5s 1941 A-O 103 107
1st 5s 1930............ M-N 104 108
T itle In s Go of N Y ..1 0 0 175 ISO
353
4
Exch
iist
Bkln Q Co & Sub S ee Stk
Butte Coalition M in .. 15
36 *4 Tonapah M m (N evada). 1 f .........
OTHER CITIES
2
Casein Co of A m com.. 100
Bkiyn Rap Tran S ee Stk Exch list
5
TrentonPotteries com 100
14
17
60
150
mConey Is. Bltlyn .. 100
A m er L igh t & T ract. 100 # 1 1 0 112
75
P re fe rre d ................. 10 1
Preferred new ___ 100
93
98
90
93
P referred ................. 100 # 98
1st cons g 4s 1948.. J-J
99
39
Trow D irectory n ew .. 10 0
Casualty Co of A m er. 10 0 118 123
49
1
B rk C <fc N os 1339.J-J 105 108
Celluloid C o..................100 132 137
U nion Copper. .............10 \ I
Bay State G a s ..............50
%
15
Gr’ pt ifeLorimer St 1st 6 s 103
92
U nion T ypew r co m .. 100
Binghamton Gas os 1938 § 96
18
87
Cent Firew orks com . 100
68
K ings Co. Elevated—
Brooklyn U nion Gas deb
73
Preferred................... 100
122
1 st preferred............. 100 117
3V
1st 4s 1949 See Stock Exch list
125
6 s 1909 conv ’ 0 7 ...M -S 115
Central F oundry.......100
2 d preferred............. 100 117
122
334
15
Nassau E lec pref....... 100
65
75
5
IS
60
Buffalo City Gas stocklOO
8
P re ferred ..................100
U nited Bk N ote C o rp ..50 t 58
5s 1944.................... A-O 100 107
Deb 6 s 1919 op ’ 01JVLN #74
P referred ............... 50 t 52
1st 5s 1947 S ee Stock E xch list
78
54
93
1st 4s 1951...........See St k Exc h lisi Consol Gas of N J —
95
Central L eather.........See Stk E x list U nited cig a rM fg ., pf.100
73
H
z
104
75
1st 5s 1936............... J-J § .......- 95
Century R ealty........ 100 190 2 0 o
United Copper.............100
N W b ’ gtfc £ 'la t ls t e x 4 H2S 100
Steinway 1st 6 s 1922.J-J §1 1 0 113
P r e fe r r e d ..................100
Consumers’ L H & P o w —
96
92
Cnesebrough M fg Co 10U 420 430
OTHER CITIES
Chic Pneuni Tool. S ee Ch icago list
5s 1938......................J-D §104
U, S. C asualty............ 100 225
Buffalo Street R y—
40
Elizabeth Gas Lt C o.. 100 '275
City Investing C o___Lou 102 105
U s E nvelope c o m ... 100
1st consol 5s 19 3 1 ..F -A § 1 1 0 111
Essex & Hudson Gas 100 126 129
I] P referred................ 100
98 101
ijOlaflin (H B) com ---- 100 104 110
Deb 6 s 1917............ A.O §105
96
Fort W ayne 6 s 1 9 2 5 ..J-J
U S R ub 2d p f See Stock Exch list
Vl1 st prei erred.........100
42
96
Chicago City R y
s e e C hicago list
U S Steel C o rp o ra tio n Gas & El Bergen C o.. 100
112d preferred.......... 100
58
60
Columbus (O) St R y ..l0 0 101 102
Grand Rapids Gas—
Col tr s f 5s >51 opt ’ l l .. U 1 2 1* 1 1234
Colo Industrial. See Stoc k Ex list
P re fe rre d ................. 100 109 109 Hi 111st 5s 1 9 1 5 .......... F-A §1 0 2 103
75 V 76
CoUfc H ock Coal & I pf 100
C o ltr s f os ’ 51 not o p t.. $112^4 113
Colum Ry con 5 s S ee Ph ila list
L20
Hudson Co Gas.......... 100 109 112
87
U S T it G u & Indem .100
1st g 5s 1917........ J -J § 82
Crosst’ w n l s t 5 s ’33.J-D §107 109 b Indiana N at
til Gas—
97 IOIH2 Utah Copper C o.......... 10 t * 34^2 36
Col tr 6 s Oct 1956..J-J
55
Grand Rapids R y ___ 100
69 7*
1st 6 s 1908............ M-N
60
Consoiid Car Heating 100
W estchester & B ron x
25
28
P referred ................. 100
Indianapolis G as.........50
C onsH y Ltg& R efng.lO O
87 " 90
69
3 H2 T itle & M ort G uar. 100 175 182
74
Lake St (Chic) El
See C hicago list
5v
165
W estingh A ir B ra k e ..50
1st g 5s 1952.......... A-O § 1 0 0 103
6
Consol R ubber T ire .. 100
mLouisv St os 1930..J<feJ §1 1 1
15
IJWest E lec & M fg—
P re le rre d ..................100
18
100
1 1 1 H Jackson Gas 5s g ’3 7 .A-O § 95
Lynn<& Bos 1st 5s ’ 24. J-D §107 Hi 110
Kansas City G as.........100
35
Con sf 5s See Stock E x c In list.
D ebenture 4s 1951 AcfcO
38
50
iJNew Orl R ys & L g t.S e e Stk E x list 11Laclede G as..............100
8
11
W hite K nob M in .........10
Cons Storage B atteryiou
Hi
100
mP re fe rre d .............. s e e Stk E x list
P referred..................... 10
1i P r e fe r r e d ..............100
Corn Prod R ef S ee Stock E x ch list
100
2Hi
mGenM g 4 H2 8 ’ 35 See Stk E x list Laray’ e G a slst o s ’ 2 4. M-N
15
W orthing Pump pref.100 115 118
20
Cramps’ ShcfeEn BldglOU
42
48
§ B uyer pays 2<ccr’ d int. f P rice per sn. $Sale price, a Ex-rights. x Ex-div. i N ew stock. TJSells 011 St’ k E xch., hut not a very active security.

Outside Securities

D m 8 190(5.]

THE CHRONICLE.

1405

Investment and jllailtoad Intelligence.
RAILROAD

GROSS EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. T h e r e tu r n s o f th e s treet r a ilw a y s a r e b ro u g h t to g eth er s e p a r a te ly on a s u b s e q u e n t p a g e .
Latest G ross E a rn in g s.
W eek or
M o n th .

ROADS.

July 1 to L atest D a te.

Current ! P r ev io u s
Y ea r.
Y ea r.

$
8
— See Sout hern Rail way.

C urrent
Y ea r.

Prey Intis

$

$

July 1 to Latest D a te,

Latest G ross E a rn in g s.
W eek or
M o n th .

ROADS.

Y ea r.

C urrent
Y ea r.

P rev io u s
Y ea r.

C urrent
Y ea r.

P rev iou s
Y ea r.

$

Ala N O
N O <fc

2d wk Nov
51,000
52,000 1,148,439
964,630
28,000
26,000
I’ d wk Nov
533,756
428,312
2d wk Nov
29,000
26,000
372,450
557,618
k A t eh Top a S Fe. October __ 8.462,882 7,029,456 29,756,479 25,724,902
336.877
324.310 1.043,466
Atlanta & Chari. . September
988,988
September
120,909
95,513
363.787
276,573
October __ 2,212,313 1,9S6,461 7,918,658 7,181,935
Baltimore & Ohio. October __ 7.321,458 6.853,792 28,125,241 25,568,514
October
321,309 229,298 1,007,064
780,580
October . _
5.250
5.19S
IS ,602
20,094
September
4,287
4,049
14,346
16.34S
223,289 3,627,202 3,942,004
192,886
Buff Roch & P itts. 4th wk Nov
165,392
140,163
597,132
522,945
Buffalo & Susq------ October
173,108
682.862
717,905
192,053
Cal Northwestern. October __
230,S00
186,900 3,379,900 2,255,400
Canadian Northern 4th wk Nov
Canadian Paciiic— 4th wk Nov 1,770,000 1,642,000 31,380,792 25,669,251
329,796
290,833 5,025,090 4,851,845
Central of Georgia. 4tli wk Nov
2,158,112 8,997,116 8,638,015
Central of N Jersey October
3,971
4.185
56,306
65,435
Chattan Southern. 4th wk X ov
Chesapeake & Ohio. October __ 2,147,032 2,039,665 8,420,510 7,782,844
September
4,051
3,286
S ,658
10,160
Chesteriield & I
Chicago & Alton Ry October __ 1,212,729 1,097,778 4,489,486 4,130,056
234,440 254,654 4.196,605 3,820,378
Chic Great Western 4th wk Nov
146,964 2,616,276 2,637,155
140,045
Chic Ind & Louisv_ 4th wk X ov
Chic Ind & Southern — See New York Cen tral.
Chic Milw 6c St Paul October __ 5,808,239 5,598,603 21,269,544 19,283,583
Chic & North W est. October __ 6,596,898 6,148,512 24,233,597 22,204,452
Chic St Paul M & O . October _ _ 1,415,873 1,367,479 4,829,750 4,594,441
39,816
43,226
719,553
724,378
Chic Term Tr R R _ . 4th wk Nov
Cin NO & Texas Pac — See Sout hern Ra ilway.
Cincinnati Northern — See New York Cen tral.
Clev Cin Chic & St L — See New York Cen tral.
184,336
718,439
232,841
879,751
Colorado M idland-_ October __
297,056
276,404 5,578,284 4,964,705
h Col & South Sys__ 4th wk Nov
90,928
29,044
27,171
99,156
Col Newb 6c Laur__ October ._
72,107
55,715
214,117
173,471
Copper Range_____ September
62,034
14,052
19,339
76,879
C o rn w a ll_________ October __
42,761
35,079
135,521
116,170
Cornwall & Lebanon September
Denver & R io Gr__ 4th wk Nov 511,800 482,800 9,018,179 S,513,283
27,931
520,622
428,702
29,039
Detroit & Mackinac 4th wk Nov
79,043
97,530 1,653.622 1,583,806
Det Tol & Iront Sys 3d wk Nov
27,102
24,019
113,185
61,071
Dul R L 6c W innip. October __
78,814
84,406 1,452,300 1,359,331
Dul So Shore & A tl. 1th wk Nov
4,877,066 4,412,628 18,194,446 17,210,299
E r i e _________ ____ October
Evansville 6c Ter H — See Rock Island S ystem.
1,627
5,586
8,044
2,278
Fairchild & N E:__ October
241,792
222,822
Fonda Johns! & Gl_ September
298,906 274,052 1,001,669
953,448
Georgia R R _______ October
Georgia South & Fla — See Sout hern Rail way.
Grand Trunk S y s .. 4th wk Nov 1,111,832 1,050,556 18,957,778 17,348,133
109,861 2,338,251 2,149,805
Gr Trunk W e s t .. 2d wk Nov 117,496
32,654
697,288
596,270
31,578
Det G r H & Milw 2 d wk X ov
823,346
857,465
48,981
46,436
Canada A tlantic. 2 d wk Nov
Great Northern____ October . . 5,919,964 5,469,193 20,573,430 17,654,076
964,659
877,485
239,018
Montana Central- October __ 272,471
Total system ____ October __ 6,192,435 5,708,211 21,538,089 18,531,561
45,212
918,505
757,432
42,810
Gulf & Ship Island. 3d wk Nov
602,280
599,508 2,433,443 2,269,736
Hocking V alley____ October __
Hltnois C en tral____ October ._ 4,876,771 4,351,144 18,352,711 16,076,035
271 ,000 236,000 3,718,104 3,073,681
Inter & Gt Northern 4th wk Xov
231,011
130,299 2,820,933 2,421,697
clnteroceanlc (Mex) 4th wk X ov
66,064
71,110 y ,337,142 1,241,170
Iowa Central______ 4th wk Xov
793,221
725,465
193,127 183,368
Kanawha & M ich .. October __
778,917
632,271 2,843,868 2,279,751
Kan City Southern. October
Lake Erie 6c W est’n — See New York Cen tral.
Lake Shore & M Sou — See New York Cen tral.
Lehigh V alley_____ October __ 3,177,149 3,031,261 12,609,704 11,489,032
194,674
180,193
43,466
42,055
Lexington &*Est’n.. October __
In c . 45 2,721
In c . 76, 343
Long island_______ October
419,041
304,178
105,032
79,292
Louisiana & Ark an _ October
Louisville 6c Nashv. 4th wk Nov 1,239,660 1,088,320 19,779,084 17,489,357
55,934
17,074
53,578
15,819
Macon & B irm ing.. October
33,034
31,604
Manistee & No E . September
4 ^905
37,209
42,131
4,547
Manistique________ October __
135,447
132,235
36,159
37,340
Maryland 6c P e n n .. October __
a Mexican Central. _ Xovemher 2,574,375 2,152,430
208,253
172',803 3,217,748 2,654,850
a Mexican Internat. 4th wk Xov
127,700 119,900 2,629,800 2,322,600
a Mexican R ailw ay. 2d wk Xov
431,991
25,662
20,499
455,078
a Mexican Southern 2d wk Xov
— See New York Cen tral.
Michigan Central
321,846
333,807
21,937
17,330
Mineral Range_____ 4th wk X ov
89,039
99,547 1,650,392 1,712,790
Mlnneap 6c St Louis 4th wk Xov
293,264 296,122 5,891,970 5,128,694
Minn St P 6c S S __ 4th wk Xov
816,104
683,048 11,017,581 9,460,726
Mo Kan 6c Texas__ '4th wk Xov
'4th wk Xov 1,375,000 1,314,000 19,942.184 17,936,336
707,322
897,313
4th wk Xov
45,000
52,000
•1th wk Nov 1,420,000 1,366,000 20.649,506 18,833,649
T o t a l _____ _
123,989
235,046
120,751
57,331
A u g u s t__
b M(*btle Jack 6c
—See Sout hem Rail way.
Mobile 6c Ohio
October _.
996,162 919,658 3,800,656 3,462,814
Nash Chatt 6c S
4th wk Xov
389,391
358,760 6,077,779 5,348,377
a Nat R R of Me
4th wk Xov
24,601
419.388
Hidalgo <5: N
97,355
109,922
34,465
27,745
October
17,169
28,012
October . .
8,558
5,430
— See New York Cen tral.
N Y
;October __ 693,757 662,412' 3,062,399 2,809,869

N Y C & Hud River N ovem ber. 8,082,340 7,633,787 41,457,765 39,159,953
Lake Sii & M S . . \ ovember J ,4 Jo ,5o6 3,411,442 18,374,903 16,884,727
415,402 471,554 2,274,377 2,292,685
Lake Erie & West November
892,290
189,265
Chic Ind & S ou .L November.
202,666
952,259
Michigan Central. N ovem ber. 2,352,132 2,167,858 11,345,123 10,530,578
Clove C C & St L. N ovem ber. 2,056,893 2,055,725 11,062,655 10,244,721
312,052 1,328,706 1,351,386
Peoria 6c Eastern N ovem ber.
253,781
392,907
82,194
469 ,342
68,535
Clncin Northern. N ovem ber.
Pitts & Lake Erie N ovem ber. 1,261,897 1,213,165 6,305,173 5,668,700
214,476 1,311,272 1,204,490
R u tla n d ________ Xovctnber.
233,420
806,107 753,619 4.085.468 3,786,615
N Y Chic & St L . N ovem ber.
944,727
290,480 255,728 1,008,504
N Y Susq 6c W e s t.. October
Norfolk & W estern. October _ 2,552,352 2,393,037 10,078,929 9,313,331
Northern Central _. October __ 1,120,507 1,009,407 4,209,777 3,730,577
7,003,284 6,262,694 25,058,980 21,740,315
Northern Pacific___ October
621,827 1,787,668 1,872,837
602,048
Pacific Coast Go__ September
13686484 12427784 52,265,707 47,460,707
dPenn— East P & E October
In c . 3,18 3,600
I n c . 1,05 7,100
d W est P 6c E ____ October
Peoria & Eastern — See New York Cen tral.
Phila Balt 6c W ash. October . . 1,461,281 1,282,781 5,688,776 5,080,076
806,930 780,090 2,391,804 2,298,009
Philadelphia & Erie September
Pitts Cin Chic 6c StL October __ 2,724,624 2,447,184 10,252,842 9,291,320
Pitts 6c Lake Erie — See New York Cen tral.
15,144
19,832
5,051
8,118
Raleigh6 c Southport September
Reading R a ilw a y .. October . . 3,828,428 3,689,337 13,884,105 13,789,754
Coal & Iron Co._ October
3,703,813 3,747,550 10,242,481 10,439,029
7,532,241 7,436,887 24,126,586 24,228,783
Total both cos__ Octo her
380,405
414,397
119,915
126,724
Rich Fred’ksb’g&P September
172,763
202,861
63,231
77,366
Rio Grande J u n c t.. September
243,686
264,015
15,176
f 16,153
Rio Grande S o u th .. 4th wk Nov
R ock Island System October __ 5,369,337 4,842,715 19,726,694 17.915.078
4,338,726 3,719,928 15,881,442 13,971,587
e St L & San Fran October
777,414
202,405
808,879
204,381
f 33vansv & Ter H October __
9,912,444 8,765,048 36,417,015 32.664.079
Total of all lines. October
Rutland
— See New York Cen tral.
406,527
432,245
128,152
135,835
St Jos 6c Grand Isl. September
St L & San Fran —See Rock Island Sy stem .
St Louis Southwest- 4th wk Nov 272,363 243,972 4,362,128 3 ,7G6,067
Seaboard Air L in e .. September 1,188,696 1,201,450 3,546,138 3,425,400
127,365
165,629
44,645
32,498
Sierra Railway____ October . .
477,347
546,962
127,205
Southern In d ian a._ October _ _ 141,389
^Southern Pacific Co September 9,714,238 8,881,660 28,671,713 25,662,778
Southern R a ilw a y.. 4th wk Nov 1,388,332 1,440,755 23,343,673 22,001,847
323,201 4,192,474 3,737,952
Mobile 6c Ohio__ 4tli wk Nov
319,948
166,895
147,058 3,395,975 3,121,581
Cin N O & Tex P . 3d wk Nov
67,694
70,010 1,541,467 1,408,706
Ala Great South. 3d wk Nov
515,801
153,517
447,988
176,528
Ga South & F la .. September
381,983
447,323
23,992
29,615
Texas Central_____ 3d wk Nov
550,965 461,647 6,345,035 4,987,887
Texas & P a c ific ___ 4th wk Nov
22,446
21,099
7,605
6,357
Tidewater 6c W est. September
377,632 1,743,898 1,506,144
409,069
Toledo 6c Ohio Cent October
39,451
572,333
537,089
36,452
Toledo Peo & W est. 4til wk Nov
97,085
95,918 1,764,942 1,788,757
Toledo St L 6c West 4th wk Nov
15,315
10,198
3,439
3,773
Tombigbee V alley. _ September
238,154
261,795
65,964
67,835
Tor Ham 6c Buffalo October _ _
7,046,969 6,708,394 25,960,619 24,132,350
Union Pacific Syst _ October
402,245
420,222
76,296
77,691
Virginia & So W est. N ovem ber,
610,665 12,002,090 10,626,809
636,280
W a b a sh ___________ 4th wk Nov
99,623 2,284,071 1,949,936
122,353
Western M aryland. 4th wk Nov
331,930 2.422.469 2,261,469
372,330
West Jersey & S E_ October . .
140,042 2,615,796 2,394,186
Wheeling & Lake E 4th wk Nov 150,785
50,044
54,083
15,799
14,304
W ’msport- & N Br_. September
649,150 2,602,781 2,491,366
662,119
W isconsin Central. _ October
54,606
50,807
22,018
23,393
Wrightsv & Tenn__ Septern ber
774,961
616,068 2,731,256 2,062,880
Yazoo 6c Miss Valley October

Current
Y ea r.

P eriod .

V a r io u s F is c a l Y ea rs.

Atlanta & Charlotte Air Line__
Bellefonte Central_____________
M anistique____________________
Mexican R a ilw a y _____________
Mexican S ou th ern _____________
New York Central_____________
Lake Shore 6c Mich Southern.
Lake Erie & W estern________
l Chicago Indiana & Southern
Michigan Central____________
Cleve Cin Chic 6c St Louis____
Peoria 6c E astern,......... ..........
Cincinnati N orth ern ________
.Pittsburgh & Lake Erie_____
R u t la n d ____________________
N Y Chicago & St Louis_____
Northern Central_____ _____ ___
d Penn East of Pitts 6c Erie-----d West of Pitts 6c Erie_______
Phila Baltimore & W ashington.
Philadelphia & Erie____________
Pitts Cin Chic 6c St Louis______
Rio Grande Junction___________
Texas & P a c ific _____________
West Jersey 6c Senshore......... ..

Mch
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Jan
Jan

1 to
to
to
to
to
to
1 to
to
to
to
1 to
1 to
to
to
to
to
to
to
1 to
to
to
to
to
to
to

Sept
Oct
Oct
Nov
N ov
N ov
Nov
N ov
N ov
N ov
N ov
N ov

N ov
N ov
N ov
N ov
Oct
Oct
Oct
Oct
Sept
Oct
Sept
Nov
Oct

30
31
31
14
14
30
30
30
30
30
30
30
30
30
30
30
31
31
31
31
30
31
30
30
31

P r ev io u s
Y ea r.

$2,233,217
49,574
83,726
5,453,700
1,049,883
78,349,516
35,051,671
4,582,056
1 ,929 163
21,257,737
20.475,744
2,658,290
772,556
11,721,992
2,346,782
8,129,525
8,726,671
109435556
91,900
12,150,087
5,943,102
21,830,245
483,799
12,948,523 10,633,871
4,593,121 4,093,721
$2,373,239
46,586
88,366
6,098,800
1,086,899
84,336,987
38,981,999
4,709,756
2,098,522
23,964,265
22,425,173
2,790,262
945,103
13,352,329
2,579,140
8,971,167
9,685,571
122092556
/nc.7,5
13,202,087
6,057,726
24,405,401

573,586

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
M o n th ly S u m m aries.

4th week
1st week
2d week
3rd week
4th week
1st week
2nd week
3d week
4th week

Sept
Oct
Oct
Oct
Oct
Xov
Xov
X ov
X ov

(41
(43
(43
(43
(39
(44
(43
(44
(39

roads)____
roads)____
roads)___
roads)____
roads)____
roads)____
roads)____
roads)____
roads;____

C ur'nt Y ea r F r e t's Y ear.

s
13,560,315
10.170.700
10,735,986
11 ,035,972
1G,733,537
10.509.849
1 1 ,028,072
11 ,194,251
14,425,052

s
12,823,209
9.249,351
9.750,257
9,778,276
14,263,100
9,584,732
9,938,002
10,496,593
13,335,839

In c . or D e c.

5
4-737,106
4-921 ,349
4-985,729
4-1,257,696
4-2.470,377
4-925,097
a . 1,090 ,070
4-697,658
4-1.089,213

%
5.75
9.90
10.1 1
12.86 1
17.39 1
9.65 !
10.97 !
6.84 1
8.05 1

M o n th ly S u m m aries.

Month
Month
Month
Month
Month
Month
Month
Month
Month

Feb
Mch
April
May
June
July
Aug
Sept
Oct

1906
1906
1906
1906
1906
1906
1906
1906
1906

(118
(110
(111
(124
(113
(117
(118
(122
(68

roads).
roads) _
roads).
roads).
roads) _
roads) _
roads).
roads)
roads).

C u r'n t Y ea r P rev 's Year.

In c. or D ec.

%

$
142,656,542
159,258,800
136,685,537
152,183,742
140,010,301
168 ,336 ,4G1
179,191 ,945
184 ,55 1.471
86,705.590

$
4-29,761 ,285
4-15,280,450
4-8,079,762
4-13 ,625,870
4-15,777.008
4-20.322.896
4-19,350,923
4-12,097,951
4-8,788.150

26.36
10.61
6.78
9.83
i1
13.73
12-11
f .58
1 l .26

$
112,895,257
143,978,440
128,005,775
138,557,872
130,233,293
148,013,565
159,835,022
171 ,553,520
78.007,440

a Mexican currency, b Includes earning : of Gulf 6c U 'icago IT . Mon.
c Includes the Houston 6c Texas Central and It subsidiary, lines in both
years, d Covers lines directly operated, e Include the Chicago 6c Eastern Illinois in both years. / Includes Evansville 6c Indiana Kit. h Includes
earnings of Col. 6c South.. I t. Worth 6c Denver Cltv and ml affiliated lines, excepting Trinity & Brazos Valley RR. It Includes In both years earnings
of Denver Enid 6c Gulf R R .. Pecos System and Santa F IT ;cott 6c Phoenix Ry. / Figures prior to April 10 1905 arc those of the Indiana Illinois 6c Iowa
and Indiana Harbor of Indiana.

1406

THE CHRONICLE

[V ol .

-----G ross E a rn 'g s ------Latest Gross Earnings by jWeeks.— In. the table which
C u rren t
P rev io u s
Y ea r.
Y ea r.
follows we sum up separately the earnings for the fourth
R oa ds.
$
$
week of November. The table covers 39 roads and shows Duluth So Sh Sc A tl. b_ _ .Oct 291,473
260,050
July 1 to Oct 31______ 1,186,523 1 ,090,212
8 .0 5 % increase in the aggregate over the same week last
E
r
i
e
.a -----------------------Oct 4,877,066 4 ,412,628
year.
July 1 to Oct 3 1 ........... 18,194,446 17,210,299
17 ,210,299
F ou rth w eek o f N ovem ber.
Buffalo Rochester Sc Pittsburgh
Canadian N orthern_____________
Canadian Pacific________________
Central of G e o r g ia -._____________
Chattanooga Southern— -------Chicago Great W estern _________
Chicago Indianapolis & L ouisv.
Chicago Terminal Transfer_____
Colorado & Southern (including*
Ft Worth & Denver C ity )____
Denver & Rio G rande___________
Detroit Sc Mackinac____ _________
Duluth South Shore Sc A tla n tic.
Grand Trunk of Canada_______ ]
Grand Trunk W e ste r n _____ 1
Detroit Gr Haven & M ilw _. |
Canada A tla n tic_____________ I
International Sc Great Northern
Interoceanie of M exico_______ . .
Iowa C e n tr a l.__________________
Louisville Sc Nashville___________
Mexican Central____ _____________
Mexican International_________
Mineral Range____________ ______
Minneapolis Sc Ft L ou is__________
Minneapolis St P Sc S S M _______
Missouri Kansas Sc T e x a s_____ Missouri Pacific Sc Iron M tn ____
Central Branch ___________
Mobile Sc Ohio ________ _________
National R R of M exico_____
Rio Grande Southern________
St Louis Southwestern_______
Southern R ailw ay_______________
Texas Sc Pacific________________ _
Toledo Peoria Sc W estern _______
Toledo St Louis Sc W estern . . .
W a b a s h ____________________ ______
W estern M aryland_______________
W heeling & Lake Erie___________

In crea se. D e c r e a s e .

1906.

1905.

$
192,886
230,800
1 ,770,000
329,796
3,971
234,440
140,045
39,816

3
223,289
186,900
1,642,000
290,833
4,185
254,654
146,964
43,226

297,056
511 ,800
29,039
78,814

276,404
482,800
27,931
84,406

20,652
29,000
1,108

1,111,832

1,050,556

61,276

271,000
231,011
66,064
1,239,660
819,295
208,253
21,937
89,039
293,264
836,104
1,375,000
45,000
319,948
389,391
15.176
272,363
1,388,332
550,965
36,452
97,085
636,280
122,353
150,785

236,000
130,299
71 ,110
1 ,088,320
630,925
172,803
17,330
99,547
296,122
683,048
1,314,000
52,000
323,201
358,760
16,153
243,972
1,440,755
461,647
39,451
95,918
610,665
99,623
140,042

35,000
100,712

$
30,403

3
43,900
128,000
38,963

_
214
20,214
6,919
3,410

___

5,592
—

_____ A
5,040

151,340
188.370
35,450
4,607

--______
10,508
2,858

__

133,056
61,000

_____ _
7,000
3,253

30,631

977

28,391

52,423

89,318

2,999

1,167
25,615
22,730
10,743

151,816

14,425,052 13.335,839 1,241,029
Total (39 roads)_____ ______
1,089,213
Net increase ( 8 .0 5 % ) _____ _____

For the third week of November our final statement covers
44 roads and shows 6 .6 4 % increase in the aggregate over
the same week last year.
Third week o f November.

1906.

1905.

$

c

fncrease. Decrease.
$

9,620,255
70,010
2,974
147,058
42,810
470,811
12,536
130,139

659,332

T o t a l (44 road s) ____ ...____ 11,194,251 10,496,593
N et in crea se (6.64%) ___ _____ _

785,442
697,658

P r e v io u s ly r e p o r te d (37 r o a d s ) _ 10,203,272
67,694
A la b a m a G reat Southerly
__ .
2,291
C h a tta n o o g a S o u th e r n _________
C in cin n a ti New O rl Sc T e x P a c . ,
166,895
45,212
G u lf Sc S h ip Isla n d . . .
M e x ica n C entral..
573,693
R io G ra n d e S o u t h e r n _____ . . . .
13,525
W h e e lin g & L a k e E rie
. _____
121.669

$

76,315
2.316
683

19.837
2,402
102,882
989

" 8/170

87,784

For the month of November the returns of 47 roads show
as follows:
M onth of November.
G ross earn in gs (47 r o a d s ) ____

1906.

1905.

Increase.

$

$

$

%
$

61,381,933 57,575,481 3,806,452

6.62

4 ,351,144
Illinois C entral.a_______ Oct 4,876,771
July 1 to Oct 31______ 18,352,711 16 ,076,035
494,653
Interoceanie of M exico. Oct
559,723
July 1 to Oct 31_____ 2,215,694 1 ,982,542
183,368
Kanawha & M ich igan .a.O ct
193,127
July 1 to Oct 31______
793,221
725,465
Lehigh Sc Hudson R iver, b—
July 1 to Sept 3 0 ..........
141,335
179,659
Jan 1 to Sept 30______
516,296
391,690
43,466
42,055
Lexington Sc Eastern. b.O ct
180,193
July 1 to Oct 31______
194,674
Long I s la n d .b __________Oct
Inc 76,343
Inc 452,721
July 1 to Oct 3 1 ...____
Louisville Sc Nashville. b .O ct 4,139,835 3,579,772
July 1 to Oct 31______ 15,720,569 13,837,552
Mexican International__ Oct
715,991
556,519
July 1 to Oct 31______ 2,576,983 2,070,939
66,646
Mineral R ange, b________Oct
71,718
260,264
July 1 to Oct 31______
266,139
Minn St P Sc S S M .b ___Oct 1,347,854
1 ,226,125
July 1 to Oct 31______ 4,780,171 4,068,328
Nash Chatt Sc St Louis. b.O ct
996,162
919,658
July 1 to Oct 31______ 3,800,656 3,402,814
National R R of M e x ico ..O ct 1,252,781 1,107,467
July 1 to Oct 31______ 4,859,804 4,202,972
Hidalgo & N ortheast.. Oct
85.504
July 1 to Oct 31_____
341,839
27,745
Nevada Cal & O reg on .a.O ct
34,465
July 1 to Oct 31______
109,922
97,355
N Y Ontario Sc Western a Oct
693 .757
662,412
July 1 to Oct 31______ 3,062,399 2,809,869
255,728
N Y Susq Sc W estern.a. .O ct
290,480
944,727
July 1 to Oct 31______ 1,008,504
Norfolk Sc W estern. b_ _Oct 2,552,352 2,393,037
July 1 to Oct 31______ 10,078,929
9,313,331
Northern C en tral.b_____ Oct 1,120,507
1,009,407
Jan 1 to Oct 31______ 9,685,571 8,726,671
Pennsylvania R R — Lines directly operated—
East of Pitts Sc Erie
O ct13,686,484 12,427,784
Jan 1 to Oct 31_____ 122,092,556 109,435,556
West of Pitts & Erie ..O c t
Inc 1,057,100
Jan 1 to Oct 31______
Inc 7,591,900
Phil Balto Sc W a sh .b■>___Oct 1,4
1,461,281 1,282,781
Jan 1 to Oc
L____ .13,202,087 12,150,087
i
. . _Oct
502,4-15
319,603
j
I
4,216,853 2,650,031
C o.O ct
Jan 1 to Oct 311_ M - - - , -----------_ ._
Rio Grande Southerni -.bb.O
.O ct
56,812
50,638
July 1 to Oct 31L _ _ _ _ _ _ _ _ _
210,310
190,646
St Louis Southwest, b>__ Oct
985,419
844,052
July 1 to Oct 31L____-T 3,416,740 2,945,628
Toledo Sc Ohio CentralL.a
a .O
-O cctt
377,632
409,069
1,743,89-S 1,506,144
_
July 1 to Oct 3 1 .._
Union P a c i f ic .a .___ ___ Oct 7,046,969 6,708,394
July 1 to Oct 31!L--------- X->5,960,619 24,132,350
Virginia Sc Southwest .b .O c t
91,009
82.424
July 1 to Oct. 31.
343,926
324,554
L ---W /
372,330
_ b.O ct
331,930
1_____ ^ 4,593,121 4,093.721
649,150
W isconsin Central b ___
___ Oct
662,119
July 1 to Oct 3 1______ 2,602,781 2,491,366
774,961
Y azoo Sc Miss Valley .a__Oct
616,068
L__ Si-/ 2,731,256 2,062,880
l

Net Earnings Monthly to Latest Dates.— The table fol­
lowing 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 kind will be found in the issue of Nov. 24 1906. The
next will appear in the issue of Dec. 22 1906.
■Gross E arn'gsC u rren t g P r ev io u s
Y e a r.
Y ea r.
R oa ds.

Atl & Chari Air L in e .. .Sent
Mch 1 to Sept 30.
Atlantic Coast Line. a. _ .O ct
July 1 to Oct 31
Bangor Sc A roostook, b _ .Oct
July 1 to Oct 31.
Canadian N o rth ern ___ _ .Oct
July 1 to Oct 31.
Chesapeake Sc O h io .b . . .O ct
July 1 to Oct 31
Chicago & A lt o n .a ._ . Oct
July 1 to Oct 31
Chicago Great 'Western.. b Oct
July 1 to O ct 31.
Colorado Midland a. _ . .Oct
July 1 to Oct 31.
Colorado Sc Southern.a _ .O ct
July 1 to Oct 31.
Copper Range a______ .Sept
July 1 to Sept 30.
Cornwall, a ___ _
July 1 to Oct 31
Denver & Rio Grande. b.O ct
^ ^ J u l y 1 to Oct 31
Bul’ Rainy L Sc W in n .b ..O c t
July 1 to Oct 31

$
336,877
2,373,239
2,212,313
7,918,658
321,309
1,007,064
’ 815,100
2,638,200
2,147,032
8,420,510
1,212,729
4,489,486
970,202
3,438,911
232,841
879,751
1,200,576
4,424,469
72,107
214,117
19,339
76,879
1,900,016
7,213,479
727,102
113,185

$
324,310
2,233,217
1.986,461
7,181,935
229,298
780,580
557,100
1,688,600
2,039,665
7,782,844
1,097,778
4,130,056
•871,126
3,063,943
184,336
718,439
1,033,070
3,901,026
55,715
173,471
14,052
62,034
1,840,135
6,778,083
24,019
61,071

N et E a r n in g s

C u rren t
Y ea r.

P r e v io u s
Y e a r.

5
104.033
638,093
606,390
1,773,213
135,046
377,834
324,200
[928,800
1818,048
3,197,719
463,528
1,769,515
f 330,468
1,154,260
68,028
T257,668
F 4 0 3 .il 8
1,370,847
30,815
99,201
'4,425
T33,9 70
797,497
2,911,073
9.49o
40,137

S
102,080
527,534
729,773
9 ,240,570
109,583
322,132
258,200
622,600
817,965
3,104,488
367,549
1,317,295
315,126
1,043,123
F47,255
170,282
368,241
1,258,897
29,498
85,836
7,292
30,262
746,112
2.747,14 2
12,546
31,032

N et E a rn in g s ------------C u rren t
P rev iou s
Y ea r.
Y ea r,

$
85,383
427,880
1,594,375
5,624,852
1,332,697
5,043,799
121,737
497,763
43,157
200,340

S
80,800
396,911
1,276,726
5,393,956
1,297,006
4,378,729
141,784
493,844
60,383
206.102

84,711
56,365
223,087
164,897
16,867
12,744
80,025
65,924
Inc 38,979
Inc 254,913
176,247 1,057,448
4,276,279 4,024,530
241,196
244,222
843,844
858.236
19 ,545
24,491
55,046
77,499
746,131
738,076
2,510,159 2,319,284
202,564
194,851
810,725
805,931
402.237
458,027
1,744,343 1,538,834
28,052
104,451
9,533
23,892
47.453
70,226
188,106
209,612
890,032
1,134,398
75,928
103,731
294.732
313,832
990,324
962,114
3,837,510 3,705,795
295,773
291,373
2,321,378 1.715.178
4,828,887 4,449,787
38,128,288 32,710,388
Inc 370.900
Inc 2,598,100
615,636
692,936
3,761,62 2 3,341,522
233,S52
43.687
1,640,459
747,986
15,076
22,657
251,098
189,648
17,896
22,619
88,134
82,732
398,172
292,816
1,213.146
787,175
107,324
112,925
472,221
640,865
3,523,323 3,357,928
12,729,434 11,739,669
5,157
22,083
75,679
124,070
def4,862
50,438
1,406,695 1,264,495
244,554
249,449
959,733
1,024,491
25,138
def7,904
defl2.743 def241,294

a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.

Interest Charges and Surplus.
— I n i .. R en ta ls, & c.—

It will be seen that there is a gain on the roads reporting in
the amount of $3,806,452. or 6 .6 2 % .

Lxxxm,

C u rren t
Y ea r.
R oads.
6
Bangor Sc A roostook____Oct
70,717
261,832
July 1 to Oct 31_____
Chicago Great W estern ..O ct c l7 5 ,404
July 1 to Oct 31. . _ _
C699.814
Copper Range . .
..S e p t
8,438
25,312
July 1 to Sept 30 ____
Denver Sc Rio Grande___Oct
361,405
July 1 to Oct 31._
1,414,458
87,641
Duluth So Sh & A t l_____Oct
350,564
July 1 to Oct 31______
Kanawha & Michigan__ Oct
21,041
July 1 to Oct 31______
85,297
Lehigh & Hudson River—
July 1 to Sept 30
42,733
Jan 1 to Sept 30 .
152,359
Mineral Range . _
. Oct
9,946
July 1 to Oct 31 . —
39,785
Nashv Chatt Sc St Louis .O ct
149,469
July 1 to Oct 3 1 _____
597,877
Nevada Cal Sc Oregon. -O ct
2,750
12,665
Julv 1 to Oct 31. __ .
N Y Ontario Sc W estern.O ct
75,897
296,354
July 1 to Oct 31 — .
Norfolk Sc W estern_____ Oct
369,873
July 1 to Oct 31--------- 1,469,382
Pocahontas Collieries C o.O ct
/2 5 ,459
Jan 1 to Oct 31 — . 7172,247
Rio Grande Southern — Oct
19,328
73,110
July 1 to Oct 3 1 --------36,104
Toledo Sc Ohio C en tral..O ct
July 1 to Oct 31 ---- _
144,247
Wisconsin Central--------- Oct
150,714
Julv 1 to Oct 31 —
606,636

— B a l. o f N et E ’ngs.-

P r ev io u s
Y ea r.

C u rren t
Y ea r.

36,087
114,516
9,446
37,785
149,590
598,736
2,142
9,544
72,6S8
278,738
334,540
1,341 ,493
716,089
7157,643
17.817
72,947
36,815
149,327
148,944
597,770

£46,055
£74,805
£14,688
£38,273
45,382
208,054
£22,452
£62,458
133,715
838,044
592,241
2,368,128
deflO .383
78,851
£4,142
£19.581
£77,452
£499,713
£100,334
£420,488

P r ev io u s
Y ea r.

S
S
§
61,972
47,611
64,329
116,002
129,451
192,681
155,064
144,106
cl7 ! ,020
c6S4,942
454,446
358,181
8,438
22,377
21,060
60,524
25,312
73,889
<2440,507
356,097
<2395,070
1,388,435 <21 .582,704 <21,456,918
86,641 rrdefl ,341 £def4,879
£53,541
346,564
£80,487
20,093
£22,633
£40,788
SO,674
£117,100
£127,979
£20 ,'278
£54,376
£10,290
£18,039
52,974
211 ,989
£7,391
£39,026
115,418
611,294
655,784
2,364,302
6,568
32,005
£445
£13,3^ ^
£70,853
£324,841
£99,549
£374,909

c Charges include interest on debenture stock.
d These figures are after allowing for other income and for discount and

exchange. The sum of §10,000 is deducted every month from surplus and
placed to the credit of the Renewal Fund.
f Includes sinking fund and preferred stock dividend.
x After allowing for other Income received.

1407

THE CHRONICLE

D e c . 8 1900

---- G ross E a rn 'g s ------

STREET RAILW AYS AND TRACTION COMPANIES.
Latest G ross E a rn in g s.
R oa d.

W eek or
M o n th .

C u rren t
Y ea r.

$
36.499
Albany & H udson__ September
230,005
October
.
.
a American R ys C o . .
cAur Elgin A Chic Ry October . . 109,738
21.968
Binghamton Ry_ . . October . .
Birm Ry Lt A Power O ctober___ 181.241
67,136
Boston & Worcester- A u g u s t__
12,236
Brockton & Ply St Ry September
7,409
Burlington tvti Tiac October _.
21,564
Camden ATren ton Rv September
24,267
Cape Breton Elec Co. September
60.768
Cent Penn T raction. _ October . .
51,924
Chari Con Ry Gas &El October
39,663
Chattanooga Rys Co O ctober__
88,905
Chicago A Mllw Elec. October . _
74,658
d Chicago & Oak Park November.
22.916
Cleve Painesv iUe A E October . .
50.499
Cleveland A- Southw . O ctober__
17.792
Columbus RR Co------ September
83,568
Dallas Electric Corp. September
4.704
Detroit Mon A* Toledo 3d wk Nov
99,171
Detroit United R y — 3d wk Nov
19,672
Duluth Street R y __ 4th wk Nov
E Liverpool TrALtCo September
31.220
East St Louis A Sub. October __ 190,945
35,905
El Paso Electric_____ September
Ft W ayne A Wabash
93,492
Valley Traction__ October . .
31,821
Galveston Electric Co September
Georgia R v A E lec. . July _____ 237.100
21,199
Hartf A Spring St Ry September
30.7S0
Havana Electric R y . \Yk Dec 2.
Honolulu Rapid Tr A*
Land Co - . _ _ . . September
30 8S5
Houghton Co St R y . - September
22,689
52,535
Houston Electric Co. September
Illinois Traction Co__ October __ 280,339
Iudianap Col A South September
24,910
11 .025
Jackson Consol T rac. October _ _
Jacksonville Elec Co. September
26,968
Kan Citv R y A Light October
531.071
69,730
Lake Shore Elec R y . October __
46,482
Lex A Interur Rvs Co October __
13,191
Lorain Street R y ____ September
11,675
Madison A Int T r a c .. October __
Manila Elec Ry Sc Ltg
Corporation . __ October _. n76,000
Met W est Side E le v .. N ovem ber. 228,706
Milw Elec R y Sc Lt Co October _ _ 307,475
56,539
Milw Lt Ht A T r C o _ . October _.
Montreal Street R v . . Wk Nov 24
59,988
Nashville R v & L t __ October _ _ 132,611
X J A H R RvA* FyCo October
35,197
X O Ry A Light Co__ October ._ 495,967
Niagara St C A T o r .. October __
22,058
Nor Ohio Tr A L t . L . October __ 134,890
X orf A Portsm Tr Co October __ 124,656
Northern Texa^ Tr Co September
76,338
Northwestern Elev __ N ovem ber. 139,857
Oklahom a City Ry__ October __
15,835
PeekskUl Light A HR October . .
12,151
Pitts M’ K A G reen .. September
21 647
Portland Rvs Co
September fcl47.982
Pu^et Sound Elec Rv September
78,240
St Joseph (Mo) R y Lt
Heat A Power Co _ November.
67,619
Savannah Electric Co September
49,805
Seattle Electric Co.
August _
269,S53
South Side Elevated. N ovem ber. 141,421
Syracuse Ran Tr R y . October __
95.923
Tacom a Rv A P C o .. September
72,727
Tampa Electric Co__ September
40,023
Terre Haute T A L Co September
78,820
Toledo Rys A L ight. October ._ 176,960
Tol Urb A Inter Ry__ October _ _
28,792
21.654
Toledo A W'estern__ September
Toronto R a ilw a y ___ W k Dec 1
59,138
Tri-City R v A Lt Co. October
143,434
Twin City Rapid Tran 3d wk Nov 108,579
United R R o / S F . . . October
*541 ,008
United Rvs of Bait. September
622,841
United Rys of St L ._ October ._ S31.460
Wash Alex A Mt V er. October
22,671
Western Ohio R y C o. October
35,040
W hatcom Co Rv A Lt
C o ........... .............. September
23,369

1 to latest date.

Jan.

P rev io u s
Y ea r.

C u rren t
Y ea r.

P rev iou s
Y ea r.

$
34.323
217.456
100,948
22,728
158.345
63.324
10,104
7.161
14.128
21.572
55.447
48.128

$

$

2,288,184

2,066,003

255,249
1,573,242
348,299

234.085
1,302,414
313,983

62,028
73.222
21,871
48,729
15,321
82,690

-- _
567,917
536.466
410,023
722,448
765,783
230,553
539,133
•— _ *

490,584
493,683
473.89
746,960
207,190
4 19,432

91.816
15,166

b2 57,792
5,120,553
701,662

4,541,940
601,885

159,722
24,979

1,524,342
279.777

1,305,2 i.3
208,592

80,992
24.700
202,994
14,038
26,436

914,671
237,314

7S1.697
199,267

136.791
1,409,830

107.477
1,317,731

258.374
171 ,372
428,874
2,443,647
177,727
124,025
234,272
4,519,144
734,534
443,550
108,209
106,974

240,066
1 18,458
372.340
1,976,682
154,158
104,849
233,798
4,001,046
660,208

_____

26,554
20,338
45,432
233,936
22,227
10,057
25,070
466,860
71,140
11,512
9,098
19S.414
278,391
oO ,4 / 5
54.435
102,556
35,671
397,800
21,571
130,080
117,680
57,973
125,395
10,800
10.5S7
17.785
215.369
55,143

__

7*732,750
2,251,615
2,894,478
591.581
2,863,965
1,138,073
366,892
4,714,151
225,447
905,285
1,229,092

93,381
93,859
2,057,450
2,653,661
514,701
2,499,550
947,858
301,911
210,484
846,593
1,121,151

C u rren t
Y ea r.

R oa d s.
$
Rochester Railway, b—
July 1 to Sept 30...........
645,863
Jan 1 to Sept 3 0 ........... 1,681,601
67,619
St Jo R yL tH tA P ow C o.N ov
Jan 1 to Nov 30...........
759,289
Staten Island Midland, b—
77,115
July 1 to Sept 3 0 ..........
Jan 1 to Sept 3 0 ______
164,819
Tacoma Ry& Pow C o .a .S op t
72 727
143,434
Tri-City R y A Lt Co .a ..O c t
Apr 1 to Oct 31______
946,900

N et E a rn in g s
C urrent
P rev io u s
Y ea r.
Y e a r ..

P rev io u s
Y ea r.

$

$

$

545,849
1,421,366
64,095
681,927

259,007
673,020
32,297
367.875

263,059
642,740
32,811
328,367

71,657
144,760
60.555
120,179
829,405

27,314
49,022
25,046
58,252
372,511

25,104
10,097
20,878
39,225
296,811

a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
d Beginning Oct. 1 1906 Includes earnings of Canton-Akron R y.
f Figures are for both Railway and Lighting departments.

Interest Charges and Surplus.
— Int.', R en ta ls, dec.—
C urrent
Y ea r.

P r ev io u s
Y ea r.

R oa d s.
$
Dallas Elect C orp_____ -Sept
15,449
Lake Shore E lect_____ __Oct
20,450
Jan 1 to Oct 31.
204,202
New Orl R y A L t Co__ _ _Oct
162,294
Jan 1 to Oct 31.
1,563,954
d Nor Oh Tr A Lt Co
_-O ct
39,548
Jan 1 to Oct 31.
243,699
Puget Sound Elect Ry_ -Sept
17,980
Rochester Railway—
July 1 to Sept 30107,389
Jan 1 to Sept 30300,895
Staten Island MldlandJuly 1 to Sept 3013,400
Jan 1 to Sept 30.
44,687
Tacoma R y A Power _ _. Sept
12,141
Tri-City R y& L t Co_- _ _.O ct
28,087
Apr 1 to Oct 31173,511

— B al. o f N et E 'n g s .—
C u rren t
Y ea r.

$
15,511
20,404
204,040
142,189

P r ev io u s
Y ea r.

S
13,926
9,618
96,332
39,604

39,196
246,498
15,088

$
9,803
10,100
129,431
76,507
596,224
15,288
172,011
30,241

8,557
130,758
14,235

95,815
277,079

#154,363
#381,281

#173,090
#375,650

13,400
45,461
11,127

#17,136
#14,220
#5,794 #def27,240
9,751
12,905
30,165
199,000

d Beginning Oct. 1 1906 includes earnings of Canton-Akron R y.
# After allowing for other income received.

ANNUAL KHPORT3.

Annual Reports.— The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since the last editions
of the ‘‘ Railway and Industrial” and “ Street Railway”
sections.
This index docs n o t include reports in to-dav;s “ Chronicle.”

R ailroads—
P a g e.
R a ilroa d s — (C o n .)
P a g e.
Alabama Great Southern............ 1224 V ic k s b u r g S h re v e p o rt A P a cific. 1344
103,008 Alabama A Vicksburg_________ 1344 V irg in ia A S o u th w e s te r n _________ 1038
141 .273 Atlanta Birmingham A Atlantic. 1093 W a b a s h R R ________________ 9 6 4 , 975
1 ,397.321 Ann A rbor______________________ 1034 W h e e lin g A L a k e E r ie ____________1287
Atlantic Coast Line____1287, 1295 W isco n sin C e n tr a l...................9 6 4 , 985
Baltimore A O h i o ............. 1030,1041
In d u strial C om panit.s —
681,927 Bangor A A roostook___________ 1094 A m e rica n C a r a m e l_______________ 1346
64,095
759,289
48,721
473,674
431.759 Buffalo A Susquehanna___1091,1116 A m e r ic a n C o tto n O il_____ 1 2 2 6 , 1237
Canadian N orthern____________ 1092 A m e r ic a n M a ltin g _______________ 1097
224,936
138,234 1,573,629 1,494,536 Canadian P a c ific ________________ 966 A m e rica n S h ip b u ild in g ................ 967
83.728
901,698
790,385 Chicago Burl & Q uincy. . .963, 974 A m e rica n T y p e fo u n d e r s ________ 1097
Chic R ock Island A Pac R R ___ 1094 B ergn er Sc E n g e l B re w in g ________1100
60,555
294,714 Cincinnati Hamilton A D ay ton . 1033 C on su m ers’ G as C o. o f T o r o n t o . 1226
33,034
339,882
455,899 Cincin New Orl & Texas P acific. 1225 E d is o n E le c 111 Co o f B o s t o n ____ 1095
54,987
588,485
165,511 1,688,034 1,573,293 Cleveland Lorain A W heeling___1169 F ed era l M in ing Sc S m e lt in g ____ 967
252,004 Cleveland Terminal A V alley__ 1168 G ra n b y C on sol M in ’ g , S .A P o w .. .1095
289,232
26,766
180,236 Cripple Creek Central___________ 1167 G reen e C on sol C o p p e r ____ 1095, 1114
25,108
177,648
Cuba R R _______________________ 1092 H a rb iso n - W a lk e r R e fr a c to r ie s . .1 2 2 7
52,365
Detroit A M ackinac_____________1168 H o m e s ta k e M in in g _______________ 1170
120 ,179
95,717 5,008,867 4,194,032 Detroit Toledo A ironton...........1034 In d e p e n d e n t B rew in g , P i t t s ____ 1173
Georgia Southern A Florida____1093 In te rn a tio n a l P a p e r ______________ 1034
638,319
4.898,099
Great N orthern__________1090, 1103 In te rn a tio n a l T e x t B o o k _________1227
758,710 7,608,284 7,014,783 Iowa Central.................................. 965 L a cle d e G as L ig h t (sta te m e n t
O c t. 1 9 0 6 )______________________ 1169
235,284
210,838 Kansas City Southern__________ 1288
25,156
Louisiana A Arkansas____1032,1046 L a k e S u p erior C o r p ______________ 1096
Louisville Henderson A St Louis.1169 M assach u setts G as C o m p a n ie s -. 967
Mexican International__ 1092, 1121 N a tio n a l S teel Sc W ir e ___________ 1346
14,661
Mexican N orth ern ______________1344 N ew E n g lan d C o tto n Y a r n ___.1 3 4 6
Minneapolis A St Louis. .1091, 1113 P a c ific C o a s t_________________9 6 8 ,1 0 4 7
a
gures or tne montu in both years Include operations of the Scranton Missouri P a cific_______________ 964 P a cific M ail S te a m s h ip __________ 1096
H y.. acquired Jan. 1 1906. b Total is from March 1. c These figures are Mobile & Ohio . _____
1166 P ittsb u rg h B re w in g ______________ 1174
for consolidated com pany, d These are results for main line, h These are National R R of M exico. _ 1091, 1119 P u llm an C o ________________ 1 2 2 6 ,1 3 4 6
early preliminary returns; decrease due to earthquake, fire and strike X evada-California-Oregon_____ 1345 R e p u b lic Iro n Sc S te e l___________ 1035
among employees, Aug. 26 to Sept. 5 1906.
Jc Decrease due to Lewis &r New Orleans A N ortheastern..1345 S ierra M ad re L a n d Sc L u m b e r . .1 0 9 5
C irk Exposition last year. I Beginning Oct. 1 1906, Includes earnings o
Northern Pacific_________1091, 1109 S ta n d a rd M illing _______________
968
Canton-Akron R y . in both years, n Figures for both railway and lighting Pennsylvania Co.
(statement
U n ite d F r u it _____________ 1 2 8 9 , 1297
departments.
year ending June 3 0 )_________ 1224 United States Finishing........... ..1 2 2 6
Pere Marquette..... ....................
1032 United States G ypsum _________ 1095
Rock Island C o_____963, 984, 1093 Virginia Iron Coal A C oke______ 1035
Street Railway Net Earnings.— The following table gives St. Joseph & Grand Island_____ 1167 U. S. Reduction & Refining____ 1096
the returns of STREET railway gross and net earnings San Francisco A North Pacific. .1169 U. S. Steel Corporation (quar). _ 1097
Air Line______________1031 Westlnghouse Elec. A M fg_____ 1226
reported this week. A full detailed statement, including all Seaboard
Street R a ilw a ys —
Southern Indiana______ ______ ..1 2 8 9
1227
roads from which monthly returns can be obtained, is given Southern R y . . . __________ 965. 977 Boston Elevated.................
Boston Sc Worcester St. R y . __ 1227
R R . Assn, of St. Louis
once a month in these columns, and the latest statement of Terminal
(statement to Stock Exch.)__1168 Chicago Union T raction ________1346
this kind will be found in the issue of Dec. 1 1906. The Texas Central__________________ 1034 Montreal Street Railway________ 1169
Toledo St. Louis & W e s t e r n __ 1166 New York City R y ....... ................ 966
next will appear in the issue of Jan. 5 1907.
Union Pacific........... ........... 1343.1351
------- G ross Karri'qs------- ------- N et E a rn in g s ------Current
P r ev io u s
C u rren t
P rev io i . s
Interborough Rapid Transit Co., New York.
Y ea r.

R oa ds.

Chattanooga Rys Co. . .Oct
Jan 1 to Oct 31_____
Cleve Palnsv Sc East’n.a Oct
Jan 1 to Oct 31...........
Dallas Electr Corp.a. ..Sept
Ft W Sc Wab ValTrCo. .Oct
Jan 1 to Oct 31...........
Lake Shore E le c t .a ____Oct
Jan 1 to Oct 3 1 ______
f Manila El RY&LtCorp Oct
Jan 1 to Oct 31______

$
39,663
410.023
22,916
230.553
83,568
93,492
914.671
69,730
734,534
76,000
732.750

New Orl Ry Sc Lt Co. b.Oct
495,967
Jan 1 to Oct 3 1 ____ 4,714,151
Xorf Sc P'tsm’th Tr C o..O ct
124,656
Jan 1 to Oct 31______ 1,229,092
d Nor Oh TrALt C o .a ..O ct
134,890
Jan 1 to Oct 31______
905.285
Peeksklll RR A L t ..........Oct
12.151
Jan 1 to Oct 31...........
120.963
Puget Sound El Ry_a._Sept
78,240

Y ea r.

%

1,368,260
146,573
120,963
171 .069
£1,237,578

Y ea r.

Y ea r.

$

S
7 .7 1G

10,068
107,350
25,252
37.705
349,878
30,556
333,633
36,600
361.250
_____
238.801
397,800
___ __ 2.160,178
49,733
117,680
1,121.151
465,781
54,836
130.080
415,710
846,593
5,139
10,587
57,037
103,008
48,221
55,143
21,871
207,190
82,690
80,992
781,697
71 ,140
660,208

1,276,769

9,688
87.995
29,437
32,367
298,120
30,022
300,372
—

181 .793
53,608
442,884
47,753
383,256
5,104
45,473
29,332

{B a la n c e S h e e t S e p t . 30 1906.)
Sep. 30'06. A p r . 30'06.
Sep.30’06. A p r .30 '06*
A ssets
§
§
Liabilities —
S
S
Lease & equipt. ..27,112,381 26,581,431 Capital stock____ 35.000.000 35.000,000
Stkfi. A bonds of
4% 3-yr. g. notes. 15,000.000 15,000.000
250,000 ..............
other companies 20,939,509 20,253,846 Int. due Sc accr’d .
762.339
N. Y. Citydnsusp.) 384,577 ........... - Rentalsdue & accr. 541,198
Real estate.......... 1.186.176 1,874.377 Loans - ................. 3.500,000 2.500.000
162,334
Supplies ..............
G81.062
619.681 Sundries................
147,667
Traffic accounts .
9,260
10,114 Manhat. Ry. lease
Brooklyn-Manhat.
accou n t..........
377.323
377,323
Rap. Tr. HR. . 2.616.904 2.283,932 Due for wages___
132.952
113.966
Due by Man. Ry. x 3 . 452.1831 4,587,135 i Due for supplies,
Mlscell. open acc'ts 258,441/
taxes, Sec . . . . .
584.416
631.274
Gash on hand....... 2.119,682 1,219,623 ! Due on open acc’ t—
August Belmont
Manhat. guar’ ty fd. 4,057.987 1.057.987
Loans (bills re c.). 3,585.000 1.892,000
Sc Co ............. 6,653,994 f 3,815.879
Various............
30.023)
ITepald Insurance
122,143
135,475
Sundries................
378.768
174.244 Taxes In litigation. 3.186.048 2.825.548
Profit Sc loss—surp. 1.785.785 2.515.851
Total ................ 67.204.073 63.689,847

T o ta l................ 67.204,073 63,689.847

x Sec V. 83. p. 1228.

Compare earnings in V. 83, p. 1347, 1228.

THE CHRONICLE

1408

New York Central & Hudson River RR.
{ P a r t l y E s t i m a t e d S t a t e m e n t f o r F i s c a l Y e a r e n d . D e c . 31 1906.)
1906.
1905.
1904.
1903.
$
$
$
$
Gross e a r n in g s-------------- 92,399,100 86,095,602 78,573.208 79,909,415
Operating expenses------ 66,682,700 61,500,751 56,122,385 56,105,494
N et e a r n in g s --............ 25,716,400
Other In com e___
___ 7,490,000

24,594,851
6,523,500

22,450,823
6,468,736

23,803,921
5,266,311

G ross in c o m e -- _ — 33,206,400
Charges and t a x e s -------- 22,188,000

31,118,351
22,392,551

28,919,559
21,364,821

29,070,232
20,773,111

N et in co m e__________ 11,018,400
8,725,800
7,554,738
8,297,121
D iv id e n d s_________(5 3^ % )7,832,900 (5)6,612,500 (5)6,612,500 (5)6,612,500
B alan ce, surplus.........

3,185,500

2,113,300

1,684,621

942,238

As to increased dividend and earnings for the three months
ending Dec. 31 see item on a subsequent page.— V. 83,
p. 1037, 818.

Lake Shore & Michigan Southern Railway.

( P a r t l y E s t i m a t e d S t a t e m e n t F i s c a l Y e a r e n d i n g D e c . 31 1906.)
1906.
1905.
1904.
1903.
$
$
$
$
Gross earnings__________ 42,450,900 38,600,810 35,161,053 34,768,081
x Operating expenses___ 33,399,700
31,331,510 27,184,280 26,750,993
9,051,200
4,015,000

7,269,300
3,518,663

7,976,772
2,570,970

8,017,088
2,336,869

N et in co m e __________ 13,066,200
Charges and ta x es_____ 7,555,000

10,787,963
6,320,000

10,547,742
6,090,000

10,353,957
5,882,926

B alance for s to c k ____
5,511,200
4,467,963
4,457,742
D iv id e n d s _________ (1 0 % )4 ,9 4 6 ,6 0 0 (8)3,957,320 (8)3,957,320

4,471,031
&3,709,988

N et earnings_________
Other i n c o m e __________

S u r p lu s ______________

564,600

510,643

500,422

761,044

b 7V2 % .
x O perating

expenses include expenditures for new equipm ent, con ­
stru ction and betterm ents am ounting in 1903 to $4,527,136, against
$2,768,788 in 1902; in 1905 and 1904 not sta ted .

As to increased dividend, see New York Central & Hudson
River R R . item on a subsequent page.— V . 83, p. 155.

Michigan Central Railroad,

(P a r t l y E s t i m a t e d S t a t e m e n t F i s c a l Y e a r e n d i n g D e c ,
1906.
1905.
1904.
$
$
$
Gross earnings__________ 26,087,100 23,283,868 21,492,944
Operating expen ses____ 21,520,800
18,865,916 17,041,014
N et earnings _ _
O ther in c o m e __ _____

31 1906.)
1903.
$
22,552,200
17,973,470

4,566,300
379,600

4,417,952
315,812

4,451,930
63,471

4,578,730
54,932

a Charges and ta x e s____

4,945,900
3,958,800

4,733,764
3,760,330

4,515,401
3.642,626

4,633,662
3,388,890

N et incom e ...
____
D iv id e n d s ___________ -

987,100
(5)936,900

973,434
(4)749,500

872,775
(4)749,520

1,244,772
(4)749,520

Gross incom e

_____

B alance, surplus_____
50,200
223,934
123,255
495.252
alncludes Canada Southern rental in 1904, 1905 and 1906. v iz .: $375,0 00'
in 1903 Canada Southern share of earnings was $355,088.

As to increased dividend , see New York Central & Hudson
River R R . item on a subsequent page.— V. 83, p. 1229, 970.

Lake Erie & Western RR.

{P a r tly E s tim a te d S ta te m en t fo r F i s c a l Y e a r en d . D e c ,
1906.
1905.
1904.
$
$
$
Gross earnings _
5.247.200
5,037,295
4,998,010
O perating expenses____
3.895.200
3,665,294
3,692,994

31 1906.)
1903.
$
5,218,728
3,830,593

N et earnings
Other in com e _____ __ _

1,352,000
11,400

1,372,001
8,311

1.305,016
600

1,388,135
4,959

Gross incom e _
F ixed charges and taxes

1,363,400
1,002,800

1,380,312
1,006,799

1,305,616
939,128

1,393,094
904,084

Net incom e __
360,600
D ividend on p re fe rre d -(3 % )3 5 5 ,2 0 0

373,513
(3)355,200

366,488
(3)355,200

489,010
(4)473,600

18,313

11,288

15,410

B alance, surplus __ _
— V . 82, p. 1438.

5,400

Mexican Central Ry.

30 1906.)
Below will be found a brief comparison of the results for
the late fiscal year. The report will be given at greater
length another week.
(.R e p o r t f o r F i s c a l Y e a r e n d i n g J u n e

------------- Y e a r s en d in g J u n e 30------------1905-06.
1904-05.
1903-04.
Gross earnings (M exican currency) __$28,376,806 $26,097,699 $26,002,202
O perating e x p e n s e s _________________ 19,810,645 17,599,176
19,619,872
N et earnings (M exican cu rre n cy )____ $8,566,161
do
(U . S. cu rre n cy )______$4,287,862

$8,498,523
$4,118,173

$6,382,330
$2,886,846
I N C O M E A C C O U N T F O R Y E A R E N D I N G J U N E 30 1906.
( U . S . C U R R E N C Y .)
1906.
|
1906.
N et earnings_____________ $4,287,862 | D e d u c t —
Interest oil T am p ico H arIT am p .H arb.C o. rent. acct. $161,746
bor Co. b o n d s__________
139,325 Interest on b on d s________ 3,952,582
N et inc. Coah. & P ac. R R .
1 9 ,9 7 1 1A c c t s ., & c ., charged o ff_ _
142,775
M isc. int. & other in co m e ,
29,796 ID iscount on g old n otes___
105,465
W ith draw n from sub. fund 1,000,000 |B etterm ’ts & im p rov em ’ts
695,546
---------------- I T otal d ed u ction s______.,$5,058,114
T otal _________________ $5,476,9551 B a l., su r., for y ea r____ _
$418,841
— V . 83, p. 1229, 1171.

Western Maryland RR.

{ R e p o r t f o r F i s c a l Y e a r e n d i n g J u n e 30 1906.)
The report, which will be cited at greater length another
week, shows results as follows:
1905-06.
R ailw ay gross earnings______________ $4,802,094
Operating expenses and ta x e s______
3,105,682

1904-05.
$3,900,249
2,512,421

$901,845
593,261

N et earnings, r a ilw a y s ___________ $1,696,412
$720,044
N et profits coal and other departm ’ts
82,071
Interest on deposits, & c_____________

$1,387,828
$42S,311
60,997

$308,584
$291,732
21,074

Interest, rentals, &c

$2 498,527
2,247,018

$1,877,136
1,671,039

$621.391
575,979

Balance, surplus. _
— V. 83, p. 273.

[$251,509

S206,097

$45,412

In crea se.

(VOL. L H i m ,

Coal & Coke Railway Company of W est Virginia.
{ R e p o r t f o r F i s c a l Y e a r e n d i n g J u n e 30 1906.)
President H . G. Davis, Elkins, W . V a., Aug. 14 1906,
says in substance:
G e n e r a l. — The road was operated its entire length for a part o f the last
six m onths of the fiscal year just ended, but for the greater x^art o f the year
its traffic was confined to the ends o f the line. The m ovem ent o f through
freight was started Dec. 3 arid the first passenger train between Elkins and
Charleston was run on .Jan. 21. After the entire line was opened, Its opera­
tion was carried on w ith m uch difficu lty , owing largely to the presence of
a num ber o f w ork-trains engaged In the final shaping up o f cuts and fills and
tunnels, and it can be properly said that the full and uninterrupted opera­
tion o f the road did not begin until July 1906. The financial results of th e
year ju st passed should not, therefore, be taken as a measure o f its earning
power. N otw ithstanding this, the gross revenues from the operation of th e
railway alone were $550,000, an increase of m ore than 40% over the pre­
ceding year. The coal departm ent earned a net profit of $61,000. T h e
road m ost of the w ay traverses coal lands, large portions o f w hich have been
heretofore entirely w ithout railroad facilities.
Its resources will soon be
m ade prod u ctive, and the road itself, w ith its feeders, will originate a large
volum e of traffic. The mines at Ooalton are producing 1,000 tons o f coal
and 300 tons o f coke daily. The tw o new mines which the Davis Colliery
Co. has ju st opened should in a short tim e be shipping at least 1,000 tons
of coal a day, and this am ount should be steadily increased. Other mines,
independent o f the railroad p rop erty, are being opened b y the owners
thereof, and the mines on the low er end, or Elk R iver division, which have
been in existence for a num ber o f years, are preparing to increase their ou t­
put now that through service in both directions is provided. T hrough
freight between Baltim ore and other A tlan tic ports and W estern shipping
points is being carried and this traffic should largely increase. A substan­
tial developm ent is prom ised o f the tim ber lands accessible to the railroad*
w hich before its com pletion were beyond the range o f railroad transporta­
tion. The outlook for a steady and substantial grow th in the com p an y ’s
business is very encouraging.
R o a d . — The road extends from Elkins to Charleston, 175 miles; Belington to M abie, 17 miles; Morris Creek branch, 3 miles; tota l, 195 miles.
Less: trackage arrangement w ith W estern M aryland R R . (Elkins to R o a r­
ing Creek J u n ctio n ), 8 m iles, and R oaring Creek Junction to Leiter, 1 m ile;
road ow ned, 186 miles. Extensions are contem plated from Gilmer dow n th e
Little K anaw ha R iver to G lenville, 11 m iles, and from Gassaway up the
Elk R iver to Sutton, 6 miles.
W e connect with the Baltim ore & Ohio at Belington; w ith the W estern
M aryland at Roaring Creek Junction, 8 miles from Elkins; w ith the K ana­
w ha & Michigan (T oledo & Ohio Central lines) at Charleston, and b y ferry
there w ith the Chesapeake & Ohio. The W estern M aryland, having com ­
pleted its road between Cum berland and H an cock , now has a continuous
line from Baltim ore to Elkins, and to a connection w ith the tracks o f the
Coal & Coke road at R oaring Creek Junction. T h e Coal & Coke road, in
addition to its Baltim ore Sc Ohio con n ection , is therefore in position t o
handle freight o f the W estern M aryland, or G ould lines, via Charleston
either to or from the W est. A t Charleston it also delivers and receives
freight to and from both Eastern and W'estern points, via the K anaw ha &
Michigan and Chesapeake & Ohio roads.
C onnection is made w ith the follow ing standard-gauge coal and lum ber
roads: A t Blue Creek, with the K anaw ha & W est Virginia (form erly the
Im boden & Odell r o a d ), 20 miles in operation and projected to be 35 or 40
miles in length; at Strange Creek, with the M eadville & Sum m erville R R . ,
of about 5 miles; at D undon, near the tow n o f Clay, w ith the B uffalo Creek
& Gaulen road, o f about 8 m iles, which runs through the “ Cam eron la n d s,”
a tract o f abou t 100,000 acres of valuable tim ber and coal lands w hich the
owners thereof are arranging to develop; at M idvale, a road o f 20 or 25 m iles,
through a h eavily tim bered cou n try, is under construction, 5 miles having
been com pleted. A t Frenchton, the Frenchton Sc A rlington R R . Is
projected.
T e r m in a ls and S ta tio n s . — W hen th e com pan y purchased the Charleston
Clendennin & Sutton R R ., it secured at Charleston old established term inals
especially well fitted for yard and freight service. T h e passenger service
had outgrow n the station facilities and arrangem ents were m ade w ith the
K anaw ha & Michigan R R . for the join t use o f its station, which is new ,
well arranged and well located. A t Elkins we use the station and yard fa ­
cilities o f the W estern M aryland R R . A t Belington the Baltim ore & Ohio,
the W estern M aryland and the Coal & Coke enter the tow n in close p ro x ­
im ity and the conditions suggest a join t station.
C o m p a n y ’ s S h o p s . — A bou t m idw ay in the com p a n y ’s line, the tow n o
Gassaway has been established, and the com p a n y ’s shops have been built
These shops, which are now in full operation, have been laid out upon a
com prehensive scale, to provide for repairing engines and cars and also to
build cars. The m achinery is all electrically driven. This group of repair
shops is of brick and steel, and includes rou n d house, m achine shop, erect­
ing shop, boiler shop, w ood-w orking shop, coach and paint shop and store
house.
A g r e e m e n ts . — Contracts have been m ade w ith the Baltim ore Sc Ohio R R . ,
the K anaw ha & Michigan and the W'estern M aryland under w hich w e in­
terchange traffic and w ork in harm ony w ith those com panies. T h e road
is therefore in friendly relations w ith all o f its connections.
E q u ip m e n t. — The equipm ent includes 30 locom otiv es, 18 passenger cars,
1,843 freight cars, &c.; total cost o f a b ov e, $1,634,168. This sum does
n ot, how ever, represent the entire cost o f the equipm ent, as nothing has
been charged for that portion thereof w hich was secured w ith the Charleston
Clendennin Sc Sutton R R . and the R oaring Creek & Belington R R . , con ­
sisting o f 7 locom otiv es, 7 coaches and com bination cars and 115 freight
cars.
O f the abov e equipm ent, 400 gondolas were purchased through a “ car
trust” running ten years, financed b y the F idelity Trust Co. o f Baltim ore.
Of this “ car trust” there are outstanding Coal Sc Coke R y . trust bonds or
warrants to the am ount of $220,000, o f w hich $27,500 is payable annually.
T w o hundred gondolas were purchased upon a five-year paym ent basis,
and o f these notes there are outstanding $136,333 98.
C o a l L a n d s . — The com pany has in its coal properties a very valuable
asset. It was principally to develop these lands that the road was p ro­
jected , and its line was therefore laid so as to traverse this coal field. The
railroad owns, in round num bers, LOO,000 acres of coal lands and coal m in­
ing rights, all carefully selected within actual coal areas along its route, in
R an dolph . B arbour, U pshur, Lewis. Gilmer and B raxton counties, W . V a.
In the greater portion of these coal lands, the measures are above water
level, and the coals can be easily m ined b y drift. T h ey have been opened
in m any places and the character and extent o f the seams have been th or­
oughly established. A m ong them are the Pittsburgh, Sew ickley, Masontow n , M ahoning, Upper Freeport , K ittaning and New R iver seams. In
addition to their steam -producing qualities, m ost of them are also excellent
coking coals, and the m anufacture o f coke is expected to be one of our m ost
profitable resources. N ow th at the road is com pleted, special attention is
being given to the opening o f mines on these properties. A t Copen R u n , tw o
m ining plants have been established b y th e D avis Colliery C o., about a m ile
apart and abou t nine or ten miles east o f Gassaway. These plants will de­
velop the celebrated Pittsburgh vein o f coal.
D a v is C o llie r y C o . — The mines on the properties o f the R ailw ay C om pany
are operated and their products m arketed b y the Davis Colliery Co. That
com pany owns about 25,000 acres o f coal lands and coal m ining rights in
the well know n Roaring Creek coal field in R andolph and B arbour counties.
It is the largest operator in that region and one of the leading m ining co m ­
panies of the State. A t Coalton, on our line. 15 miles from Elkins, is situ­
ated its principal plant. It has all the m odern m achinery for m ining coal
and 200 coke ovens built within the last tw o or three years. The daily
capacity of this plant is 2,000 tons o f coal and 325 tons of coke. In add i­
tion to this plant, the com pany has tw o others near b y , on the W est Virginia
Central Sc Pittsburgh R y ., one at H arding, w ith a daily capacity of 1,000
tons of coal and 150 tons of coke, and one at Junior, w ith a daily capacity
of 500 tons of coal and 100 tons of coke. These three plants are. therefore,
capable o f producing daily 3,500 tons of coal and 575 tons of coke. The
D avis Colliery Co. has its ow n sales offices, fully equipped, at Philadelphia,
Chicago and Elkins, and branch offices in B altim ore, St. Louis and M ilwau­
kee.
O ther C o a l-M in in g P l a n t s . — There are fifteen coal-m ining com panies on
the line of the road, operating som e tw en ty mines. A t the eastern end they
mine the Freeport vein, and on the Charleston, or Elk R iver division, they
produce both cannel and splint coal.
T h e railw ay com pany location is fortunate in having a m arket b oth East
and W est for the coals and coke produced on its lines. It ships to the Lakes
and other points in the M iddle and W estern States as well as to the Eastern
seaboard b y the Baltim ore Sc Ohio and W abash systems on the north and
the* K anaw ha Sc M ichigan (Ohio Central lines) and Chesapeake Sc Ohio on
the south.

RESU LTS FO R YE A R -E N D E D J U N E 'S0
1905.
1906.
1905.
1906.
194.713 Tons fr’t car’d *560,561
476.810
Pass, carried205,838
do 1 mile- 3,902,832 3.210.364 Tons 1 mile - .20,277,733 11,989,885
I Rate per ton
Rate per pass.
2.96 cts. | per mile____ 1.66 cts. 1.92 cts
per mile____ 2.95 cts.
.r Includes: Bituminous coal. 253 ,185 tons; coke. 70,327: products of
agriculture. 14.980: forest products, 188,876:.manufactures, 23,904; merchandlse, 6,754; miscellaneous, 2,535.
1906.
1905.
1906.
1905. 1

$

$

$

Passenger traffic__ 115.479
91,967 , Maintenance of way. 96,439
Mlsc. freight. traffic.263,481 179,075 j Malnt. of equlpm’t . 86,031
Coal & coke traffic . _ 73,330 53,143 i Gcftiductlugtraosp’n 150,853
Car serv Ice.... .......... 81,781 55.49 5 Car service_________ 20,646
Mail, exp. & fceleg - 10,999
8,058 IGeneral expenses__ 33,638
Mlscell. sources------ 5,613
2,816
Gross earnings__ 550,683 390,554
Net Income: Railway------------------Coal department------

Operating exps

$

77,354
64,975
97,445
13,227
16,228

.387,607 269,229
.139,996 105,340
.*61,022
_____

201,018 105,340
Total ............. - ------------------- ------------ -------------------------(As the road was not completed until the fiscal year was well advanced,
the Interest on the bonds to April 1 was charged to construction, April 1
being the last regular Interest payment date.)
x Net earnings of coal department in 1905-06, S110.904: rental, $49,882;
nett income $61,022. In 1904-05 the coal department during six months’
operation showed net earnings of $15,118. all consumed by rental.
B A L A N C E SH EET J U N E 30 1906.
L ia b ilities—
Assets
$
Real estate and stocks____12.196,662 Capital sto c k ____________ 10 ,000 .000
Cost of road & improves._ 7,899,319 Funded debt (1st M. bds.) 9 ,268,000
101,176
Equipment owned______ 1,343,004 j Accounts payable_______
Equipment leased----------291,165 Bills payable, etc------------ 1 ,904,657
i Equipment bonds for
Davis Colliery Co. (mine
220,000
leased equipment______
improvements. &c.)___
135,627
423,582
Material on hand_________
140,586 ; H . G . D avis, open a c c 't .110,042
Due from car service_____
11,213 <Vouchers & pay-rolls-------7,179
Agents & conductors_____
10,309 i Reserve fund lor taxes___
9,770
Interline freights— .........
9,639 iFor destroyed cars........... ..
2 ,687
U. S. mail service------------1,966 j Agents’ drafts------------------8,304
Open accounts___________
16,440 ; Acc’ts prior to Jan. 1 1903
25,000
C a s h ____________________
24,467 |Davis Colliery C o ........... ..
Total .
— V. 81 p. 264.

1409

T H E C H R O N IC L E

D e c . 8 1906.1

22,080.397!

22,080,397

Total

Interborough-Metropolitan Company, New York

{Balance Sheet Sept. 30 1906.)
J Assess
—
$
I Liabilities—
$
Interb. Rap. Tran. Co.
jCom. stock.100,000,000
stock, at cost_________ 104,533,1421 Reserved *7,071,114Metropolitan St. Ry. Co.
|Pref. stock. 55,000,000
stock, at cost________ 68,126,920!
Reserved *9,619,700
Metropolitan Secur. Co.
ICollat. trust
stock, at cost_________ 28,204,125 1 4 ^ % bds. 70,000,000
512,091;
Reserved *2,195,000
Real estate_____________
! Interest account_______
Acer’d div. on Interb.
762,813! Pref. div. of Oct. 1_____
Rapid Transit Co_____
l Income account_______
Accrued div. on- Metro.
741,655!
St. Ry. Co. stock-------4,161,458
C a sil___________________
Total ________________207,042,204;

$
92,928,886
45,380,300
67,805,000
33,095
567,253
327,668

Total ________________ 207,042,204

• Reserved against outstanding stocks not acquired.
p. 217. 509,692.)

(Compare V. 82,

expenses of the Philadelphia office other than strictly corporate expenses
of The American Railways Co.
Construction and Equipment.— We have expended during the year
$518,047 in construction and equipment as follows:
Altoona <5c Logan Valley
|Bridgeton Electric Co_.........
$9,712
Electric Railway Co_____ $215,830 j Home Electric Light &
Chicago & Joliet system____
17,202 i Steam Heating Co.,Tyrone
3,378
People’s Railway C o ______ 67,3011 Franklin Real Estate Co—
3,256
Springfield Railway Co.........
28,273 |Dellwood Park Co. ------------ 110,399
Bridgeton & MillevlUe Trac[Scranton Ry. Co. (6 m o s ,).. 54,973
tlon Co______ _______- —
7,717
(The report describes In considerable detail the nature of these expendi­
tures.— Ed.)
S T A T E M E N T FOR FIS C A L Y E A R E N D IN G J U N E 30.
1905-06.
1904-05.
Interest and dividends on bonds and stocks owned------$331,831
$303,211
•Miscellaneous Income............................................................. 154,881
141,043
Gross income---------------- ------------------- ------------------------- $486,712
Deduct—
General expenses ------------------------------ --------------------------$297
Printing and registration of stocks and bonds------------4,207
Legal expenses. & c .................... ......................... ...................
2,203
Taxes
_____ __________ _______- .......... .............................
13,000
Interest on funded debt________________________________ 121,775
Dividends paid (6 % )............. - -------------- ------------------------- 251,385

$444,254

Total deductions................................................................... $392,867
Balance surplus for year-------------------------------------------93,845
Total surplus to end of previous year__________________ 357,820

$415,500
28,754
418,066

Total________________________ _________________________$451,665
Charged olT— Depreciation, Chicago Union
Traction Co. stock________________________ $71,250
Adjustment of taxes People’s Ry. Co. of
Dayton, 1S99 to 1905 inclusive____________ 30,944
Transferred to fire insurance fund----------------- -----------Profits from sale of securities and property, Cr. 57,618
44,577

$446,820

Surplus end of year

$407,088

$44,434
1,042
1,09 8
12,200
121,983
234,743

89,000
$357,820

• Chiefly interest on advances made to sub-companies and deducted from
their earnings before dividends were declared.
BALANCE SHEET JUNE 30.
1906.
1905.
1906.
1905.
Liabilities—
$
§
Assets—
$
$
Stocks andSibonds
Capital stock............ .5,051,300 3,915,500
owned (cost)___ *6,135,188 3,226,433 Coll, trust convert.
aBillsreceivable, &c.3,876,207 3,427,441
5% bonds------------2,435,500 2,435,500
Furniture & fixtures.
4,023
3,253 Trustee Scranton Ry.
Engineering Dept.
pref. stock________1,495,000
______
instruments--------1,159
1,216 Bills payable_______ 975,000
........ .
Fire ins. fund invest- 126,480
107,420 Vouchers, etc.,pay'ie
37,782 12,960
23,S12 Accident insur. fund.
Interest accrued___
15,387
5,468
5,669
Fire insurance fund.
130,365 109,541
Call loans__________ 300,000
103,692
Taxes
&
int.
accrued
24,633
15,480
Casli on hand______
62,895
Profit & loss, surplus
407,088 357,820
Total _.

...10,562,136 6,852,470

Total--------------- 10,562,136 6,852,470

a Chiefly advances to subsidiary companies.
* See list on page 76 of “Street Railway Section.”—V. 83, p. 686.

Torrington Company.

{Report for Fiscal Year ending Sept. 1 1906.)
President Henry H. Skinner Sept. 12 1906 says in sub­
stance:

The business of the past year has been very satisfactory, our proportion
of the earnings of the corporations owned or controlled having amounted
On Sept. 11 1906 the company owned $33,902,800 of the to over $480,000. Substantially all of the balance of these earnings be­
the dividends and rent paid to the Torrington Company has been em­
335,000,000 stock of the Interborough Rapid Transit Co.; yond
ployed In the extension and improvement of the various properties. Our
on Sept. 25 1906, $42,380,300 of the $52,000,000 stock of factory in Coventry, England, and our houses in London and Buenos
Ayres have added materially to this result, and during the year we have
the Metropolitan Street Ry.; and in March 1906, $28,118,000 started
a factory in Germany which is expected to become an important
stock (75% paid) of the $30,000,000 stock of the Metropoli­ factor In our profits.
The Excelsior Needle Co., which we own, and the Standard Company,
tan Securities Co.
of which we own a two-thirds interest, have each added to their lines of
See Interborough Rapid Transit Co. below and compare business, so that it has become necessary for the Standard Company,
which has occupied part of the Excelsior factory, to build for Its own uses.
V. 83, p. 152.— V. 83, p. 1228.
This plant, now in process of erection, is expected to be occupied in No­
vember.
The National Needle Co. and the Puritan Manufacturing Co., also
*American Railways Company.
owned, have each had a very prosperous year, and our concerns in New
York, Philadelphia, Boston, Brockton and New Haven have shown marked
{Report for Fiscal Y ear\ending June 30 1906.)
Improvement. The machine shop In Torrington has been operated to Its
President J. J. Sullivan in the report issued last August full capacity in the manufacture of new machinery and the improvement of
old for your various plants.
says in substance:
Business for the ensuing year promises to be unusually good.
General Results.— For the year ending June 30 1906 the gross earnings
Out of the cash and cash items as reported Sept. 1 1905 the only payment
of the subsidiary companies were $2,099,816, being an increase over the has been $96,970 for the purchase of the Coventry Swaging Co. and there
preceding year of $627,878, of which $463,849 was due to the purchase of lias been received $3,700 for the redemption of thirty-seven shares of the
the Scranton Ry. and its operation for the last six months of 1905-06. United Awl & Needle Co., a concern partly owned by us, leaving a cash
The Increase on the same properties that were owned in 1904-05 was there­ balance on hand Sept. 1 1906 of $166,781.
fore $164,029. or 11.14% . After paying all fixed charges, interest and
The company has no indebtedness of any kind except Its first mortgage
taxes the net income is $345,230. There was paid in dividends to our stock­ bonds.
holders $251,385, showing an increase of $16,642 over the amount paid the
INCOM E ACCO UNT FOR TH E Y E A R S E N D IN G SE PT . 1.
previous year and leaving a balance of $93,845 to be credited to surplus
1905-06.
1904-05.
1903-04.
account, which, after certain adjustments, amounted on June 30 1906 to
Receipts—
$407,088.
$208,1381
$183,374
$179,307
Surplus Account.— As shown in the report for 1904-05, certain bonds Dividends from sub-companies______
6.223 j
In our treasury were sold at a profit, which profit was carried to the credit Miscellaneous income________________
100,833
110,000
110,000
of the bonds still held. These bonds, viz., $1,100,000 Altoona & Logan Rentals ____________ _____ ______
Valley Electric Ry. 4*/4% bonds, were sold during the year, and the profit
Total receipts......... ...........................
$315,194
$293,374
$289,307
carried to surplus account. The sale of the Springfield Light & Power Co.,
Payments—
referred to In the last annual report, has been finally closed by the payment
$50,000
$50,000
$50,000
of the notes received in settlement. The profit realized on the sale nas been Interest on bonds..... .........................
230,000
230,000
230.000
carried to the credit of surplus account, the total profit on this sale and T) 1vldends (7% ) ____________________
Salaries and directors' fees................
8,480
7,440
6,838
on that of the 4 ^ % Altoona bonds being $57,617.
949
2,759
2,109
The sum of $71,250 has been deducted from surplus account to make Sundry payments ...................................
the book value correspond with the market value of Chicago Union Traction
Total payments_______ _____ ______
$289,429
$290,199
$288,947
stock as of June 30.
$25,765
$3,175
$360
On June 30 we reached an agreement with the city of Dayton as to certain Surplus for year______________________
$166,781
$234,286
$231,111
taxes which have been In dispute for the years 1899 to 1905 Inclusive, and Cash and cash assets end of year.........
settlement was made on that date at $30,944, which was charged to surplus — V. 83, p. 629.
account.
Passengers Carried.— During the year we carried 48,879,689 passengers,
North Shore Electric Co., Waukegan, &c., 111.
showing an Increase of 15,657.676: of this increase 11,118,827 Is due to
{Report for Fiscal Year ending Sept. 30 1906.)
the purchase of the Scranton Railway Co., leaving a net increase on the
properties previously owned of 4,538,849, or over 13%.
Russell, Brewster & Co., New York and Chicago, who are
Purchase of Scranton R y .— During December 1905 we agreed to purchase
the stock of the Scranton Railway Co. for $3,500,000, being the par value offering at par and interest a block of the first mortgage 5%
of the preferred and common stock. On Jan. 5 1906 we took over the
property. The $1,500,000 of preferred stock we paid for In 5% trust gold bonds (dated Oct. 1 1902, due Oct. 1 1922; interest
certificates. As regards the $2,000,000 of common stock, we paid $1,000,- April 1 and Oct. 1; redeemable at 105 and interest after
000 In cash and gave notes for $975,000, due Dec. 15 1906. The remaining
$25,000 worth of stock has been nearly all acquired since and paid for In Oct. 1 1912; issued and outstanding, $2,075,000) report:
cash. (V. 81, p. 1850.)
These bonds are secured by a first mortgage on the entire property,
New Stock.— On Jan. 31 1906 our capital stock was Increased by $1,135,- subject to certain bonds not yet due on underlying properties recently
800, to $5,090,100, In order to provide In part for the purchase of the acquired. Additional bonds may be issued under the mortgage for not to
Scranton R y., and for other corporate purposes. Stockholders were given exceed 75% of the actual cash expenditure for the acquiring of material
the privilege to subscribe at par for 30% of their respective holdings, under additions to Its permanent Investment. The mortgage provides for a de­
which right 21,940 shares of additional stock lias been Issued full paid; preciation reserve equal to not less than 2% of the amount of bonds out­
1,552 shares have been Issued $25 per share paid, the remaining $25 per standing, to be set aside eacii year.
share will become due and payable on Sent. 15 next.
The growth of the company since Its organization In 1902 has been rapid
New Park.— In November 1905 we purchased 63 acres of land three miles and earnings have more than kept pace with the extension of the system.
from Joliet and one mile south of the city of Lockport, and the Dell wood The company has acquired by purchase practically all of the lighting sys­
Park Co. was formed to develop the same, your company subscribing for tems of the suburban towns and villages surrounding Chicago, extending
all of Its capital stock; up to June 30th $78,750 had been paid In.
from Waukegan on the north to Crete and Stegcr on the south. Existing
General Expenses.— The marked decrease In our general expense Is caused plants were either modernized or tfie plants have been dismantled and
by the new policy of charging direct to the underlying companies the current furnished from central stations conveniently located. The corn-

1410

THE CHRONICLE.

p a n y now ow ns an d operates seven m odern generating p la n ts located a t
W a u k e g a n , H ig h la n d P ark , E v a n s to n , M a y w o o d , Blue Isla n d , H a rv e y
an d Chicago H e ig h ts.
T h e new gen eratin g station a t M a y w o o d , recen tly
c o m p le te d , Is ru nning to Its lull c a p a c ity . T h e one a t Blue Islan d Is rap idly
nearing com p letion an d will be In lu ll operation b y th e end o l the year.
At
W a u k e g a n th e old p la n t Is being replaced by a m odern one In w hich m a ­
chinery o f the latest ty p e will be in stalled .
T h e co m p letio n of these p la n ts
will pu t the co m p a n y In excellen t position to m e et the ra p id ly Increasing
d em an d for electric ligh t an d pow er.
T h e c o s t o f p roducing cu rren t, It Is
exp ected,w ill be m a teria lly reduced an d op eratin g e xp en ses will be lessened.
T h e territory served show s a p op u lation o f a b o u t 1 7 5 ,0 0 0 , w hich Is ra p id ly
grow ing.
P resid en t, Sam u el In su ll; V ice -P re sid e n t, F ra n k .T. B aker; Secretary
an d T reasu rer, F . W . In su ll.
D irecto rs:
S am u e l In su ll, L ouis A . F er­
gu so n , F ran k J. B aker, Charles W . S p a ld in g , E d w ard P . R u ssell, W illia m
A . F o x an d Charles H . R an d le .
R E S U L T S F O R Y E A R S E N D IN G
1 9 0 5 -0 6 .
1 9 0 4 -0 5 .
$ 5 4 4 ,2 4 2
$ 3 7 0 ,8 3 2
Gross’ earnlngs 2 3 9 ,1 5 6
3 5 5 ,9 3 6
O p eratin g exp en se s------N e t _____________
In terest __________
B a la n c e /s u r p lu s .

S E P T . 30.
1 9 0 3 -0 4 .
$ 2 2 4 ,6 3 8
1 4 7 ,0 3 4

1 9 0 2 -0 3 .
$ 1 4 0 ,2 8 0
8 9 ,0 3 8

$ 1 8 8 ,3 0 7
9 5 ,3 9 2

$ 1 3 1 ,6 7 6
6 5 ,2 7 8

$ 7 7 ,6 0 4
3 5 ,2 5 2

$ 5 1 ,2 4 2
2 7 ,5 0 0

$ 9 2 ,9 1 4

$ 6 6 ,3 9 8

$ 4 2 ,3 5 2

$ 2 3 ,7 4 2

B A L A N C E S H E E T S E P T . 30.
1 90 5 .
1906.
1906.
L ia b ilit ie s —
A s s e ts—
$
$
$
C apital s to c k - ..- 2 ,5 0 0 ,0 0 0
P la n ts, re a l'Ie s4 ,8 5 9 ,3 2 8 3 ,1 6 2 ,9 4 9 B onds ______ - . 2 ,0 5 0 ,0 0 0
ta t e , <fec.
2 ,4 5 6 Surplus _
3 ,2 9 7
1 6 9 ,1 0 0
C u stom ers’ c o n ’s
Bills p a y a b le . __ 2 6 2 ,5 0 0
A c ’ unts an d bills
1 2 6 ,3 8 6
8 3 ,3 5 4 A c c ’ts p ay ab le
8 5 ,3 3 5
•receiv ab le------1 6 7 ,1 2 1
8 0 ,4 5 5 B on d In t. ac cr’ d
5 1 ,2 5 0
Cash
------1
8
,0
7
1
3
9
,3
5
5
D
ep
reciation
reM aterials on li’nd
0 ,5 6 6
8 6 ,2 0 0
8 ,8 9 9
serve ______
O pen a c c o u n t s --

1905.
$
1 ,6 0 0 ,0 0 0
1 ,5 0 0 ,0 0 0
1 1 5 ,6 8 6
5 3 ,9 6 5
3 7 ,5 0 0
4 6 ,7 0 0

T o t a l - - - - - . 5 ,2 0 4 ,3 8 6 3 ,3 5 3 ,8 5 1
T o t a l _________ 5 ,2 0 4 ,3 8 6 3 ,3 5 3 ,8 5 1
N o t e .— “ In ad d itio n to the liabilities g iv e n a b o v e , th e co m p a n y has ta k e n
over certain properties w hich are su b je ct to ou tsta n d in g bonds as follow s:
C a lu m et L igh tin g C o ., $ 2 0 0 ,0 0 0 ; E v a n s to n Pleating C o ., $ 1 2 5 ,0 0 0 ; L a
Grange Service C o ., $ 2 6 0 ,0 0 0 ; to ta l. $ 5 8 5 ,0 0 0 .
T h e interest on these bonds
has been trea ted as ren tal o f p ro p e rty , an d has been included in th e item
o f e x p e n se s.” — V . 8 3 , p . 1 3 5 0 .

Pittsburgh (Pa.) Reduction Co.
(B a la n ce S h eet A u g . 31 F i l e d in M a s s a c h u s e tts .)
1906.
1905.
I
1906.
1905.
$
$
I L i a b i li t i e s —
$
$
7 4 2 ,7 5 7
5 8 5 ,2 9 0 |Capital s to c k s . . 3 , 8 0 0 , 0 0 0 3 ,8 0 0 ,0 0 0
M a c h ’v & b l d g s .3 ,9 7 0 ,0 3 4 2 ,9 4 4 ,7 3 9 |A c c ’ts p a y a b le . . 9 8 1 ,7 2 2
2 7 3 ,9 1 2
M aterials, & c ___
6 6 3 ,9 4 0
6 2 4 ,9 0 0 |F loatin g d e b t . . .
4 7 0 ,0 0 0
Cash & d e b t s r e c .l ,6 5 9 ,3 1 3
8 5 9 ,3 2 5 j P rofit & lo s s _____3 ,3 9 9 ,3 2 2 1 .7 7 1 ,3 4 2
P a te n t rig h ts___
3 8 5 ,0 0 0
5 4 1 ,0 0 0
In v e s tm e n ts _____ 7 6 0 ,0 0 0
7 6 0 ,0 0 0 ]
A ssets—

Real estate ______

T o t a l __________ 8 ,1 8 1 ,0 4 4
— V . 83, p . 8 95.

6 ,3 1 5 ,2 5 4 1

T o t a l __________ 8 ,1 8 1 ,0 4 4

6 ,3 1 5 ,2 5 4

{B alan ce S h eet o f N e w S u b s id ia r y J u l y 31 1 9 0 6 .)

P O W E R & M I N I N G M A C H I N E R Y C O . B A L A N C E S H E E T J U L Y 31 ’ 06
| L ia b ilitie s —
ElyLss££s—
$
$
P la n t a t C u d a h y , W I s --------- 4 4 5 ,3 0 6 C apital sto ck —
P ref. sto ck ( 8 % cu m .) . . 2 , 0 0 0 , 0 0 0
b M ach in ery, p a te n ts , & c _ .2 ,4 2 7 ,0 4 3
C o m m o n s to c k ____________ 1 ,5 0 0 ,0 0 0
£ C a s h ________________________
1 3 ,1 7 6
1 9 3 ,0 0 0
x Bills re ce iv a b le -----------------9 4 ,3 6 4 B on ds (see V . 8 3 , p . 7 5 4 ) . .
3 7 8 ,5 4 1
a: A c c ’ts re ce iv a b le ---------------- 5 3 2 ,1 4 0 A c c o u n ts p a y a b l e __________
2 5 3 ,4 4 1
x M a t’ls & w ork In progress 7 7 0 ,0 5 2 S u r p lu s _______________________
x R e a l estate sold fo r-----------4 2 ,9 0 0
T o ta l

Atlanta & Charlotte Air Line Railway.— P r o p o s itio n

to

1 1 9 1 0 .— The
stockholders’ protective com m ittee, W . E m len R oosevelt,
Chairman, has requested the owners of stock deposited with
the United States Mortgage & Trust Co. under the agreement
of M ay 1 1906 to consent to an extension of the agreement
until M ay 1 1910.
A circular says in substance:
E x te n d

S to c k h o ld e r s’

A greem ent

U n til

M ay

T h e co m m itte e has had several conferences w ith officials o l th e S ou th ern
R y . concerning th e proposition to place u p on yo u r property a m o rtgage
o f $ 1 5 ,0 0 0 ,0 0 0 , and as a condition o l consenting to a m odification of the
operating agreem ent o f M arch 26 1 8 8 1 , so as to perm it such an Increased
m o rtg a g e, has insisted th a t th e Southern R y . Co. should agree to p ay a
su b sta n tia lly increased d ividend u p on your sto ck .
In consequence of this
d em and and the present condition of th e bond m a rk e t, th e Southern R y .
Co. h n a lly d ecided for the present sim p ly to exte n d th e present m o rtg a g es
for three years a t 4 ^ % , th e v o tin g right o f th e b o n dh olders being
canceled .
f t is believed th a t w ith the grow ing tr a ffic , the d ouble-trackin g o f th e
road and other Im p rovem ents ca n n ot be long d ela y e d , and th a t th e question
of m o d ifyin g th e operating agreem ent so as to perm it th e issuing of bonds
In excess o f th e present a m o u n t o f $ 5 ,5 0 0 ,0 0 0 has been o n ly p ostp o n ed .
Therefore it seem s desirable for securing th e o b je cts con tem p la ted In the
agreem ent o f deposit th a t th a t agreem ent should be extend ed for a period
o f three years.
M eanw hile th e position o f yo u r sto c k , w ith th e lixed
charges o f the c o m p a n y reduced nearly 3 0 % and the v o tin g pow er o f th e
bondholders ca n celed , is m a te ria lly stren gth en ed .
See V . 8 3 , p . 1 34 7 V . 8 2, p. 1322, 1155.

Bay Shore Terminal Co., Norfolk, Va.— L itig a tio n . — The
appeal from the injunction granted b y Judge W a d d ill, which
restrained F . D . Zell from prosecuting an action outside o f
the jurisdiction of the Eastern District of Virginia, in volv­
ing the ownership of some of the bonds of the com pany, has
been set down for a hearing before the United States Circuit
Court of Appeals on D ec. 10.
Pending the hearing and
the determination of the question as to the right of Zell to
appeal from the order of Judge W ad d ill confirming the sale
to E . B . Sm ith & C o ., the paym ent of the balance ($ 71 0 ,00 0 )
of the purchase price b y the latter will not be made and, of
course, possession not be taken b y th em .— V . 8 3 , p. 1 29 0,
1227.
Boston Elevated RR.— B o n d s fo r R e f u n d i n g .-— The W e st
E nd Street R ailw ay Co. has applied to the M assachusetts
Railroad Commission for authority to issue $ 5 0 0 ,0 0 0 4 %
30-year bonds, dated A u g. 1 1902, to refund a like am ount
of 5 % plain bonds of the Boston Consolidated Street R y . due
Jan. 1 1 9 0 7 .— V . 8 3, p. 1227, 93.
for the year ending Sept. 30 1905:

The following statem ent was furnished to the New Y ork
Stock Exchange last September in connection with the listing
of $ 2 ,5 0 0 ,0 0 0 additional preferred and $ 5 ,5 0 0 ,0 0 0 additional
com m on stock which was to be used “ to pay for the entire
capital stock of the Power & Mining Machinery C o ., con­
sisting of $ 2 ,0 0 0 ,0 0 0 preferred and $ 1 ,5 0 0 ,0 0 0 common
(compare V . 8 3 , p . 754; V . 8 2 , p . 1044; also V . 7 9 , p . 7 3 7 .)

.4 ,3 2 4 ,9 8 2

Francisco and G a lv e sto n ; (3) to p a y for the acquisition o f variou s sm a ll
lines w hich It Is d eem ed desirable to ow n .
C om pare V . 8 3 , p. 1 3 4 7 , 8 1 7 .

Boston Suburban Electric Companies.— R e p o r t . — Report

International Steam Pump Co.

T o ta l

[V O L . L X X X III.

4 ,3 2 4 ,9 8 2

b M ach in ery, to o ls , fu rn itu re, n ew sewer m a in , fo u n d ry tools an d flasks,
erecting to o ls , e q u ip m e n t, p a tte r n s, d raw in gs, L o o m is E x p e rim e n ta l Gas
P la n t, electrotyp es an d p ate n ts.
x T o ta l liqu id assets, $ 1 ,4 5 2 ,6 3 3 ; less lia b ilitie s, $ 3 7 8 ,5 4 1 : n e t, $ 1 ,0 7 4 ,0 9 1 .
N e t liquid assets gu a ra n teed b y B e n jam in G u ggenheim ( V . 8 3 , p . 754) to
be $ 1 ,1 0 0 ,0 0 0 ; ad d itio n al cash gu aran teed b y B e n ja m in G u g gen h eim ,
$ 1 ,6 5 0 ,0 0 0 ; t o ta l, $ 2 ,7 5 0 ,0 0 0 .
T h e item o f liqu id assets a b o v e ( $ 1 ,4 5 2 ,6 3 3 )
includes “ on ly cash on han d an d in b a n k , b o ok accou n ts a n d bills receiva­
b le , m a te ria l, su p p lies, scrap an d m erch an d ise m a n u fa ctu re d and in process
o f m a n u fa ctu re , u nexpired Insurance, cash for L in d en p ro p e rty , and certain
agreed im p r o v e m e n ts .” — V . 8 3 , p . 7 5 4 , 6 2 4 .

G E N E R A L IN V E S T M E N T N E W S .
RAILROADS, INCLUDING STREET ROADS.
“ '•'Alabama & Vicksburg Ry.—

V i c e -P r e s i d e n t . — D. D. Cur­
ran, General Manager, has also been elected Vice-President
of the New Orleans & Northeastern R R ., A labam a & Vicks­
burg R y . and Vicksburg Shreveport & Pacific R y .—-V . 8 3 ,
p . 1345. 3 22 .

Atchison Topeka & Santa Fe Ry. — T o A u th o r iz e N e w S e ­
c u r itie s . — A meeting of the shareholders, it is announced,
will be held on Jan 30 to authorize an increase in the com ­
pany’s capitalization b y the issue of additional stock or
bonds, or b o th , as the shareholders m ay determine, in order
to provide for the com pany’s capital requirements.
A cir­
cular will be issued shortly regarding the m atter.
In the
m eantim e it is impossible to learn whether it is a fa ct, as
announced by the “ New Y o rk Sun” of D ec. 6 , th a t the
shareholders will vote on propositions (1) to increase the
lim it of issue of com m on stock from $ 1 5 2 ,0 0 0 ,0 0 0 (with
$ 1 0 1 ,9 5 5 ,5 0 0 outstanding) to $ 2 5 0 ,0 0 0 ,0 0 0 , and (2) to
make a new series of convertible bonds with a view to the
issue of either stock or bonds to a total of possibly $ 2 5 ,0 0 0 ,0 0 0
some time next year.
The only official information obtainable is as follows:
T b e proceeds o f tb e new securities w ill be applied as follow s: (1) th e a c­
quisition o f addition al rolling sto ck and other facilities for han dling th e
rap idly increasing traffic; (2) to p a y for th e con struction o f a p roposed line
from T e x ic o , N . M ., to a point on the G u lf Colorado & S a n ta F e lin e , w hich
w ill give the A tch iso n , w ith Its present ro a d , th e shortest line betw een San

Y ea r.
G ro ss.
1 9 0 5 - 0 6 _______________________ $ 1 9 7 ,7 8 0
1 9 0 4 - 0 5 _______________________ 1 6 4 ,5 5 6

N et.
$ 1 5 3 ,5 2 0
1 3 3 ,9 6 1

D iv id e n d s .
$ 1 1 7 ,7 9 7
8 8 ,1 9 6

B a l ., s u r .
$ 3 5 ,7 2 3
4 5,7 6 5-

— V . 83, p. 154.

Buffalo & Lake Erie Traction Co.— B o n d I s s u e . — A ppli­
cation has been made to the New Y ork Railroad Com m is­
sion for authority to make a m ortgage for $ 1 2 ,0 0 0 .0 0 0 .—
V . 8 3 , p. 1290. 1170.
Canadian Northern Ry.— P u r c h a s e . — See Quebec & Lake
St. John R y ., below .—-V. 8 3 , p. 1092, 1036.
Chesapeake & Ohio Ry.— S a le o f P e n n s y lv a n i a H o ld in g s .—
See Pennsylvania R R ., b elow .— V . 8 3 , p. 1036, 751.
Chicago & Milwaukee Electric RR.— B o n d s O ffe r e d . — A . C.
Frost & C o ., 108 La Salle Street, Chicago, are offering, b y
advertisement on another page, a block of W isconsin D ivi­
sion first mortgage 5 % bonds, dated Jan. 1 1905 and due
Jan. 1 1925, without option of earlier redemption; interest
payable Jan. 1 and July 1 in Chicago or New Y o rk .
The
com pany operates 110 miles of trolley line, extending from
E vanston , 111. (where connection is made for Chicago),
though W aukegan and Kenosha to R acine, e tc ., with an
extension to Milwaukee under construction to be com ­
pleted early in 1 90 7.— V . 8 3, p. 562.
City Electric Railway of Rome, Georgia.— P r o p o s e d N e w
N a m e a n d S tock I n c r e a s e . — This com pany, -which recently
passed under the control of a Louisville syndicate, has ap­
plied to the Secretary of State in Georgia for an am endm ent
to its charter changing its nam e to the R om e R ailw ay &
Light C o ., incorporating a lighting feature, and increasing
the capital stock to $ 50 0,00 0
The principal office will be
in R om e, with branch office in Louisville, K y .
See V . 8 3 ,
p. 1290.

Cleveland Alliance & Mahoning Valley Ry.— N e w C o m ­
p a n y . — The following has been confirmed for the “ Chronicle.” '
This com pany was organized N ov. 22 with the follow ing directors (and
officers): President. D avid M orlson, V ice-President o f the D im e Savings
& Banking Co. o f Cleveland: Treasurer, F. H. Tow nsend, Secretary and
Treasurer o f the D im e Savings & Banking Co.; Secretary, C. R . M orley
o f Alliance, O .. President o f the Stark Electric R R .; .1. W . H olcom b , E.
W lebenson, o f the U nited Savings & Banking C o.; Russell Brow n and
H enry Boehm ke, all o f Cleveland.
T h e line will run from Cleveland through R aven n a to Alliance w ith a
branch from Ravenna to N ew ton Falls. T h e com pa n y has leased 15
miles from Ravenna to N ew ton Falls from the B. & O ., paying S5.000 a
year w ith an option to purchase any tim e inside of five years at $100,000.
F rom N ew ton Falls the com pany will have to build 4 miles to Leavittsbnrg
where it will connect w ith the M ahoning & Shenango R ailw ay & Light C o.,
giving a through line from Y oun gstow n to Cleveland. The Cleveland
A lliance & M ahoning Valley R ailw ay Co. will have a total trackage o f 74
miles. The pow er plant w ill be located at R avenna and will cost about
$175,000. The com pany Is at present capitalized at $10,000, w hich w ill
shortly be increased to $2,500,000, w ith an equal am ount o f bonds.
Ferro Carril al Pacifico, Costa Rica, C. A .— Called B o n d s .—
Notice is given th at in accordance with the contract entered
into between John S. Casement and the Governm ent o f
Costa R ica on D ec. 3 1902, forty bonds of the com pan y,
ranging in number from 22 to 1416, were drawn on N o v . 17
for redemption.

Forest City Ry., Cleveland.— F i r s t

D iv id e n d fr o m R e n ta l. —

This 3-cent fare line on D ec. 3 declared a first quarterly

D ec . 8 1906.]

1411

THE CHRONICLE.

dividend of 1)4% 011 the outetunding^stock (said to be $750,000) from the rental received from the Municipal Traction
Co., a company with $10,000 capital stock. Operation was
begun on Nov. 1. Compare V. 83, p. 94, 213.
Great Northern Ry.— O re C er tific a tes in U n liste d D e p a r t­
m e n t . —Temporary certificates for ore properties have been
admitted to quotation in the unlisted department of the
New York Stock Exchange to be dealt in in dollars and cents
per share.— V. 83, p. 1347, 1290.
Hocking Valley Ry.— T im e fo r D e p o s its E x t e n d e d . — The
time for depositing under the consolidation plan the stocks
of this company and the Kanawha & Michigan Railway Co.
has ‘‘at the request of the holders of important interests in
these companies,” been further extended to and including
March 1 1907. See plan in V. 83, p. 271; V. 83, p. 818, 751.
Indianapolis Traction & Terminal Co.— B o n d s . — The com­
pany, it is understood, has issued $750,000 additional bonds
during the last year, making the total outstanding issue
$3,750,000. See V. 81, p. 264; V. S2, p. 627.
Kansas City Mexico & Orient R y. — B o n d s O ffe r e d — S ta tu s.
— The United States & Mexican Trust Co., City of Mexico
and Kansas City, Mo., and Richardson, Hill & Co., Boston,
are offering for subscription $1,000,000 of the first mortgage
4 % 50-year gold bonds of 1951 at par, each bond carrying
with it a bonus of 40% of 4 % non-cumulative preferred and
40% of common stock. A prospectus, supplementing that
already published in V. 75, p. 1253, says in substance:
C o n s t r u c t i o n . — The road will extend from K ansas C ity, M o., to T op olo
bam po Bay, M exico 11,(529 m iles— E d .], being nearly 500 miles shorter be­
tween Kansas City and the Pacific waters than any existing line; and w ith
its proposed extension from San A ngelo to Spotl'ord Junction, T exas, and
in connection w ith the M exican X ational and International lines of railw ay,
will form the m ost direct route from all points (excepting the extrem e
Southeastern part) in the United States to the City of M exico.
(Com pare
map on page 1(5 of "R a ilw a y and Industrial” section.)
There tire 629 miles of the system in operation, as follow s; W ichita,
south. 200 miles; Sw eetw ater, n orth, 82 miles; Chihuahua, east, S3 miles;
Chihuahua, w est (Including Chihuahua <&Pacittc R f i , , 125 m iles), 190 miles;
T op olob a m p o, east, 74 miles. A n d over 300 miles m ore are graded, in
connection with the Missouri Pacific line from Osage City to Kansas C ity,
it is anticipated that there will be 1,116 miles o f the system In operation
shortly after July 1 1907.
V o tin g T r u s t . — The stocks o f the railroad com pany are held in a voting
trust until Jan. 1 1917; meanwhile votin g trustees’ certificates w ill be
issued. The voting trustees are: A . E . Stilw ell. W . W . Sylvester, W . A .
Rule and W . S. W oods, Kansas City; R ob ert H . Law , Chicago; D ouglas J.
Neame. H arold D. A rbu th n ot, Lewis R en dell, Baron B oxall and H . J.
Chlnnery, all o f London, England.
C a p it a liz a t io n . — The railway com pa n y is em pow ered to issue for each
mile o f com pleted road; com m on stock , $20,000 per mile; 4% preferred
stock , $20,000 per mile; 4 % 50-year first m ortgage gold bonds, $22,500 per
mile; w ith an additional $2,500,000 bonds in respect o f the m ountain section
of about 100 miles and $15,000 bonds per mile for each mile of yard and
terminal tracks. It is estimated that after the com pletion o f the railroad
there will be left in the treasury the follow ing securities, viz.; For each
mile of com pleted road. S7.500 first m ortgage bonds, $4,000 preferred stock
and $7,500 com m on stock. These securities will be at the disposal of the
railway com p a n y , acting by its directors in con ju n ction w ith the finance
com m ittee for purchase o f equ ipm ent, im provem ent o f roadbed and other
purposes.
C o n c e s s i o n s . — Concessions have been granted b y the R epu blic o f M exico
containing the m ost liberal provisions for exem ption from im port duties
on construction and operating materials and rolling stock required b y the
railway com p a n y , and for the practical freedom o f the railw ay com ­
pany from M exican taxation (except the ordinary stam p tax) for con
siderable terms o f years, varying in length, bu t all longer than the directors
calculate should be sufficient for the com plete construction of the line.
S u b s id ie s . — The follow ing subsidies have been granted b y the Mexican
G overnm ent and b y the States o f Chihuahua and Sinaloa, w hich , together
w ith any further subsidies w hich m ay com e to the railw ay com pa n y from
other sources, go to the International C onstruction Co. in part paym ent o f
their con tra ct for building the railroad in M exico : $3,000,000 M exican
G overnm ent bonds o f redeem able interior debt for the m ountain w ork,
estim ated at 250 kilometers: $7,000 like bonds per kilom eter for the part
west of the m ountains; $600,000 from the State o f Chihuahua in 5 % bonds of
that State; $200,000 from the State o f Sinaloa in 5 % bonds of th at State,
the w hole approxim ating in value $3,000,000 gold.
S te a m s h ip L i n e . — Arrangem ents have been m ade w ith the H am burgAm erican line in conn ection w ith a projected steam ship service from
T op olob a m p o to the Orient.
E s tim a te d E a r n i n g s . — Estim ated gross daily earnings $30,700, viz:
Live stock and w ool. $5,000; ore, $9,000; coal, $2,500; tim ber, $2,500;
co tto n , grain, & c., $2,000; m erchandise, $3,000; m achinery, $500; fruit,
$400; sugar, $300; passengers, $5,000; mail and express. $500.
T ota l gross earnings per annum (estim ated), $11,205,500; dedu ct operatng expenses (6 5 % ), $7,283,575; net earnings per annum , $3,921,925:
interest on bonds, $1,440,000; 4% on preferred stock , $1,024,000; 5 % on
com m on stock . $1,000,000, leaving a surplus of $457,925.— V . 83, p. 1290,

11170.

New Y o rk , leaving $220,000,01 the issue outstanding.— V J 8 1 ,
p . 1723.
M ahoning Coal R R . — N o L o n g e r L i s t e d .— The preferred
stock ($ 6 6 1 ,0 0 0 outstanding) has been stricken from the list
of the New York Stock E x ch an ge, being held m ostly by one
person. The com m on stock ($ 1 ,5 0 0 ,0 0 0 ) is still listed .—
V . 6 6 , p . 897.
M aryland Electric R a ilw a y s.— E q u i p m e n t .— See United
R ailw ays & Electric Co. of Baltim ore b elow .— V . 8 3 , p. 9 70 ’
M assachusetts Electric C om panies .— C alled B o n d s .— Bonds
to the following am ounts have been called for paym ent at
the International Trust C o ., Boston:
WztAt 103 and yin te r e s t o n J a n . 1 1907— B o n d s o t $500 ea ch .
N orfolk Suburban Street R y . 1st 5s Nos. 7 ,1 3 , 96, 126----------------------- $2,000
N orfolk Central Street R y . 1st 5s Nos. 4, 23, 47, 69. 89 ______________ i 2,500
W est R ox b u ry & Rosliiulale Street R y . 1st 5s N os. 31, 115, 190
202, 2 4 9 ............................... .......................................................... .................... 2,500
A t 105 a n d I n terest o n F e b . 13— B o n d s o f $1,000 ea ch .
D lgliton Som erset & Swansea Street R y . lst,M . 5s Nos. 53, 6 3 ,7 1 ____ 3,000
— V . 83, p. 818, 626.

M ichigan Central R R .— In c r e a se d D i v i d e n d s .— See New
Y ork Central & Hudson R iver R R . below .
S ta te m e n t fo r H a l f - Y e a r .— Earnings for the six m onths
ending D ec. 31 (partly estimated in 1906) were:
6 M o s . e n d in g
G ross
N et
D e c . 31—
e a r n in g s .
e a r n in g s .
1906___________ $13,468,000 $2,281,100
1905 ___________ 12,556,700 2,306,900

O th er
in c o m e .

F ix ed
ch a rg e s.

B a la n c e
t o r stock..

$179,200 $1 ,998,300
169,400 1,903,700

$462,000
572,600

From the balance as above were paid dividends am ou n t­
ing to S 562,100 ( 3 % ) in 1906, against 8 3 7 4 ,7 0 0 ( 2 % ) in 1905,
leaving a deficit of $ 1 0 0 ,1 0 0 in 1906, against a surplus of
$ 1 9 7 ,9 0 0 in 1905.
S ta tem en t fo r C a len d a r Y e a r .— See "A n n u a l R eports” ^on
a preceding page; also editorial on Vanderbilt R oads.
D iv id e n d s to B e P a i d Q u a r te r ly .— The directors have
voted to pay all further dividends quarterly to conform with
the m ethod of the New Y o rk Central, instead of sem i­
annually as heretofore.
The first quarterly paym ent it*is
understood, will be made in April n e x t.— V . 8 3 , p . 1229, 9 70 .
N ew Orleans R ailw ay & L ig h t C o .— R e d u c tio n o f S to c k o f
O rlea n s L ig h tin g C o .— See th at com pany under “ I n ­
dustrials” below .— V . 8 3 , p . 272 .

N ew

N ew Y o rk Central & H udson R iver R R .— In c r e a se in
D i v i d e n d s .— The directors on W ed nesday declared a quar­
terly dividend of 1 ) 4 % > payable Jan. 15 to stockholders
of record D ec. 1 5. This m akes the total dividends paid for
1906 5 ) 4 % and increases the annual rate, if paym ents are
continued on the same basis, to 6 % , contrasting with:
D IV ID E N D S .—
Since 1891 ( % ) ______

1893.
5

1894.
5

1895. ’96-98. 1899.
4 R 4 y ’rly
4

1900 to O ct. ’ 06.
5 yearly (Q .-J .)

The com pany’ s outstanding capital stock is $ 1 4 9 ,4 4 2 ,5 0 0
and this will be increased to $ 1 7 9 ,2 8 2 ,0 0 0 when the $ 2 9 ,8 3 9 ,5 6 0 new stock offered to shareholders of record Nov.'s30
1906 has been paid for in full.
This new stock does not
participate in the dividend just declared.
In c r e a se in D i v id e n d s b y S u b s id ia r y C o m p a n i e s .— On T ues­
day the directors of the Lake Shore & Michigan Southern R y .
declared a semi-annual dividend of 6 % , payable J a n .129
to stockholders of record D ec. 3 1.
This m akes the total
dividends payable from the earnings of the calendar year
1906 1 0 % and increases the annual rate, if distributions are
continued on the new basis to 1 2 % per annum , contrasting
with the following rates during the calendar years 1891 to
1906, inclusive:
L A K E S H O R E \ ’91. ’ 92. ’93-97. ’ 98. ’99. ’ 00. ’01. ’02. ’03. ’04. ’ 05. '06.
Since 1890, % . _ / 6 K 6 H 6yrly. 6 H
7
7
7
7
7
8
8
8

The directors of the Michigan Central R R . on Tuesday
declared a semi-annual dividend of 3 % , payable Jan. 2*9
to stockholders of record D ec. 3 1.
This declaration increases
the am ount distributed to shareholedrs from the earnings
of the current calendar year to 5 % and places the stock,
if the same rate is continued, on an annual basis of 6 % ,
contrasting with the following:

La Dicha & Pacific RR.— S u b s c r ip tio n . — The present
issue of 81,000,000 bonds, it is announced, has been sub­
scribed for by the shareholders of the Mitchell Mining Co. M IC H . C E N T .l ’ 83. ’ 84. ’ 85-86. ’87-89. ’ 90. ’91. ’92-.94 ’95 to J u ly ’06.
nil. 4 yrly . 5
5
5 14 y ’rly.
4 yearly.
Both the ties and the rails for the road have been ordered. D iv. Per cent, j 5 3
Compare V. 82, p. 1157.
The increase in revenue to the New Y ork Central as a
Lake Shore & Michigan Southern Ry.— In crea sed D i v i ­ result of an increase in the dividend rates as above indicated
d e n d . — See New York Central & Hudson River R R ., below. would be as follows:
T o ta l
N . Y . C e n t. . — D i v . to N . Y . C e n tr a l—
S ta tem en t fo r H a l f - Y e a r .— Earnings for the six months
S to ck .
O w n s.
O ld R a te .
N e w R a te .
ending Dec. 31 (partly estimated in 1906) were:
Lake Shore__________$49,466,500 $45,289,200 (8)3,623,136 (12)5,434,604
6

M os.

en d 'd

G ross

N et

O th er

F ix ed

B a la n c e

D e c . 31—
e a r n in g s .
e a r n in g s .
In com e.
ch a rg e s,
t o r stoc k .
1906 ...................$21,843,800 $4,855,200 $2,365,000 $4,125,000 $3,095,200
1905..................... 20,433.800 2,947,200 2,558,700 3,410,000 2,095,900

Michigan Central___ 18,738,000 16,814,300 (4) 672,572
T o t. dividends paya------------------hie to N. y . C en t.................................................... $4,295,708

Compare editorial remarks on a preceding page.

(6)1,008,858
-----------------$6,443,462

From the balance as above were paid dividends amount­ ” •N e w O f fic e r s .— The following new officers are announced:
ing to 82,968,000 (6%) in 1906, against 81,978,700 (4%)
G. .1. Grammer as Vice-President in charge o f the freight traffic o f the
in 1905, leaving a surplus of 8127,200 in 1906, against 8117,- entire New Y ork Central system , with headquarters In Chicago. Charles F.
D aly, Vice-President o f the Lake Shore & Michigan Southern, the Michigan
200 in 1905.
Central and the New Y ork Central, the Cleveland Cincinnati C h icago Sc
S ta tem en t fo r C a len d a r Y e a r . — See "Annual Reports” on a St. Louis and the Lake Erie Sc W estern roads, thereby m aking him V icePresident o f the New Y ork Central system In charge o f passenger traffic.
preceding pa^e; also editorial on Vanderbilt Roads.
Ira Place was made Vice-President o f the New Y ork Central lines east o f
C h a n g e in D iv id e n d P e r i o d . —The directors have determined Buffalo and will also be In charge o f the legal departm ent. A lbert H.
Harris.
General A ttorn ey o f the New Y ork Central lines. Vice-President
to change the dividend period from semi-annual to quarterly o f the Lake
Shore, Michigan Central and Cleveland Cincinnati C hicago Sc
to conform with the practice of the New York Central & St. Louis.
Hudson River RR which makes distributions to its share­
S ta tem en t fo r C a len d a r Y e a r .— See “ Annual R eports” on
holders in January, April. July and October. The first a preceding page; also editorial.
quarterly payment, it is understood, will be made in April
Q u a rterly S ta te m e n t .— The earnings for the three m onths
next.— V. 83, p. 155.
ending D ec. 31 (partly estim ated in 1906) were:
Lake Superior & Ishpeming Ry.— Bonds.— The company 3 m o s . e n d in g
G ross
N et
O th er
Is/ c h a r g e s 1 B a la n c e
. 31—
e a r n in g s .
e a r n ln o s .
in c o m e . * a n d ta x e s .
fo rd s .
has called $45,000 first mortgage bonds for payment on Jan. 1 1 9D0e6c ,.................$24,736,909
$6,124,200 $2,675,000 $5,612,100 $3,187,100
1907 at 105 and interest at the^Farmers’ Loan & Trust Co., 1905..................... 23.518,200 6,254,200 1,953,800 5,728,600 2.479.400

1412

THE CHRONICLE.

[V

o l

.

l x x s h i

.

Dividends amount to $ 2,2 3 8,00 0, (1 ^ /2 % ) in 1906, against
Sao Paulo (Brazil) Tramway Light & Power Co.—
$1,653,100 (1 J 4 % ) in 1905, leaving a balance, surplus, of Option to Subscribe. — Shareholders of record Dec. 15 are of­
$949,100 in 1906, against $826,300 in 1905 — V . 83, p. 1037, fered the right to subscribe at par ($100 per share) at the
818.
office of National (trust, Co , Toronto, on or before Dec. 22
New York New H aven & Hartford Railroad Company. 1906 for the $ 1,000,000 new stock, authorized N ov. 2 3, to
— D ecision. — The United States Supreme Court on D ec. 4 the extent of two shares for every fifteen shares held by them
handed down a decision affirming that of the Connecticut respectively. Subscriptions are payable:
Supreme Court rendered late in 1904, sustaining the con­
Tw enty-five per cent with application; 25% Jan. 21 1907; 25% Feb. 21
1907; 25% March 21 1007; witli the privilege of paying in full on applica­
stitutionality of the law of Connecticut under which the tion
or at any time prior to March 21. The shares will rank for dividend to
New Haven road obtained by condemnation the two shares the extent of the amount paid thereon from date of payment.
of the New Haven & Derby not already owned. The title
A circular dated N ov. 15 says in substance:
to the New Haven & Derby was transferred by deed in
The increase in capital is to assist in the installation of additional works
comprising: (a) A large dam at Santo Am aro to provide a storage reservoir
N ov. 1905. Compare V . 80, p. 117; V . 81, p. 1493.
New York Short Line R R . — Bond, Issue for Subsidiary of
Reading Co. — The shareholders of this com pany, controlled
by the Reading C o., will vote Jan. 30 on making an issue of
$1,400,000 bonds which presumably will be guaranteed by
the Reading Company. The road is a cut-off extending
from Cheltenham to Neshaminy Falls, 9J^ miles, opened
May 1906. See report of Reading C o., V . 8 3, p. 756; also
see V . 78, p. 2335.
Norfolk & W estern R y . — New Bond Issue Underwritten . —
The shareholders, it is understood, will shortly be offered
the right to subscribe for $ 14 ,5 76 ,0 00 of the $ 3 4 ,0 0 0 ,000 convertible bonds authorized by the stockholders on
Oct. 9. Brown Bros. & Co. and the Guaranty Trust Co.
have underwritten the issue. The proceeds are to be de­
voted to double-tracking and the purchase of additional
equipment. Compare V . 83, p 890, 575, 435, 3 8 0 .— V . 83,
p. 1348, 1037.

which will make possible the developm ent of additional power at the Parnahyba hydraulic plant up to a maximum of 20,000 horse-power as and
when required, (ft) The extension of the Parnahyba power station, im ­
mediately increasing the capacity b y 4,000 K . W .— equal to 5,600 horse­
power. (c) The installation of an underground distribution system for
electric lighting and power throughout the commercial and thickly settled
residential portions of the city. W) The extension of the high-tension
transmission line to various points in the outskirts of the city, where the
rapidly-increasing consumption of power necessitates much greater facili­
ties than originally installed, (e) The extension of the tram wav lines and
additional equipment. (/) Other improvements.
The above have all been rendered necessary b y the increased demand for
power and light in the City of Sao Paulo, the population of which is increas­
ing at a rapid rate. Heretofore large expenditures on capital account have
been met out of surplus earnings, and down to the end of the present year
the com pany will have expended on this account the sum of about Si ,500,000. The heavy expenditure necessary for the purposes above indicated,
however, cannot be entirely met from this source.— V . 83, p. 1348, 1230.

St. Lawrence & Adirondack R y .— Dividends. — The follow­
ing is a revised statement as to the com pany’s dividends:
S e p t. 27 ’ 01.
No. 1 ,2 ) 4 %
— V . 83, p.

1348.

F e b . 18 ’ 02.
N o. 2 ,2 ) 4 %

July 1 ’ 03.
N o. 3, 3%

D e c . 30 '05.
N o. 4, 1 H %

St. Louis Brownsville & Mexico R y .— B onds. — The Texas
Railroad Commission has authorized the issue of $1,0 7 0,00 0
bonds on 142 miles of completed track from Robstown to
Bay City, an average of $7,500 per m ile.— V . 83, p. 891.
Seaboard Air Line R y .— New Bonds— Option io Subscribe . —
A meeting of the stock and voting trust certificate holders
Northern Pacific RR.— ■N otice to Holders of Unassented has been called for Jan. 10 1907 to vote on a proposition
Stock. — The committee consisting of Charles Fearon, Chair­ to authorize an issue of $18 ,0 00 ,0 00 5 % bonds as contem­
m an, W alter Raleigh and Gordon Monges, all of Philadel­ plated in the financial plan of 1905 (V 80, p. 1972). Of
phia, representing the old Northern Pacific Railroad Co. these bonds it is proposed to issue forthwith approxim atestock which did not assent to the last Northern Pacific ly $ 7 ,3 0 0 ,0 0 0 and to offer them to the stockholders and voting
reorganization plan, has called for a deposit of the stock trust certificate holders of record Jan. 3 1907 at 9 0 % of the
with the Fidelity Trust Co. , Philadelphia. Copies of the par value ($1,000) and interest, to the extent of 1 2 % of
agreement which stockholders are asked to sign can be seen their respective holdings. A circular dated Dec. 4 1905
at the offices of Charles Fearon & C o., N o. 333 Chestnut S t., says in substance:
or at the Fidelity Trust Co.
Since Dec. 31 1903 there has been expended for betterments, im prove­
There are about 25,000 known unassented shares, com­ ments and equipment for the Seaboard Air Line R y .. lor the paym ent of
of the railway then outstanding, for advances for construction
prising the holdings of the pool formed after the reorganiza­ obligations
and operation of the Atlanta & Birmingham Air Line R y ., for the acquisi­
tion in 1896, and of this number about 20,0 0 0 shares have tion of securities of companies whose railroads are, or when com pleted will
already been deposited with the Fidelity com pany. The be, feeders of the Seaboard Air Line R y . , and the payment of bonds of the
com pany, about $14,000,000, divided approxim ately as follows:
committee is endeavoring to establish a value for the un­ For construction and betterments, and for the purchase of m a­
terials and supplies_______________________ _ _________________________ $ 2 ,5 0 0 ,0 0 0
assented shares.— V . 61, p. 1155.
For equipm ent, including cash paym ents and equipm ent n o t e s .. 2 ,5 0 0 .0 0 0
Pennsylvania Com pany. — Sale of Chesapeake & Ohio Stock. For notes and open accoun ts__________________________________________ 2 ,8 0 0 ,0 0 0
For reduction of vouchers____ _____ __________ _____________ _______ _
3 0 0 ,0 0 0
— See Pennsylvania R R . below .— Y . 83, p. 1229, 1224.
F or advances account A tlan ta & Birm ingham Air Line R y ______ 4 ,6 0 0 ,0 0 0
F
or
securities
purchased
and
paym
ent
of
b
o
n
d
s_______________
_
_
1
,0
0 0 ,0 0 0
Pennsylvania R R . — Sale of Chesapeake & Ohio H oldings . — F or advances account construction of various lines owned and
It was announced on Dec. 3 that the company had sold to
sundry sm all p a y m en ts_____________________ ______________________
3 0 0 ,0 0 0
During this period there have been received the proceeds of the 8 5 ,0 0 0 ,0 0 0
K uhn, Loeb & Co. all the system ’s holdings of Chesapeake &
3-year bonds due March 1 1 907, the surplus earnings of the com p any and
Ohio stock, amounting to 156,300 shares, of a par value of the proceeds of sale of certain securities held in the treasury of the co m ­
p an y , the balance being provided through the issuance of the co m p an y’s
$ 1 5 ,6 3 0 ,0 0 0 , namely:
Holdings of Pennsylvania R R .,
notes for the am ount required.
It is expected that on F eb. 1 1907 the
$ 10 ,1 30 ,0 00 ; of Pennsylvania Co., $ 4,0 0 0,00 0; of Northern am
ount of notes outstanding will be app roxim ately 8 7 ,0 0 0 ,0 0 0 , about
Central R y ., $ 1 ,5 0 0 ,0 0 0 . The report that the New York 8 6 ,0 0 0 ,0 0 0 of w hich will be held b y the Seaboard Co.
order to provide for the paym ent of this indebtedness and to care
Central lines might take over the shares is denied.— V . 83, forInthe
future developm ent of the property, it is proposed to authorize
p . 1348, 1229.
an issue of 8 1 8 ,0 0 0 ,0 0 0 of bonds secured b y a m ortgage or deed of trust
Northern Central R y . — Sale of Chesapeake & Ohio Stock . —
See Pennsylvania R R . below .— V . 83, p. .1291, 492.
Northern Pacific R y . — Unassented Stock of Old C om pany . —
See Northern Pacific R R ., below .—-V. 83, p. 1348, 1099.

Philadelphia Rapid Transit Co.— M r. Earle Withdraws H is
Resignation. — A t a meeting of the board of directors on
Dec. 4 Geo. H . Earle Jr. withdrew his resignation as a
director, having concluded that he can be of more service to
the public and the company by remaining in the board.
It is rumored on "g o o d
authority” that a plan is un­
der construction looking to the issue of $ 25 ,0 00 ,0 00 new
stock to provide for extensions.
Compare V . 83, p. 1291
Philippine Ry.— Status of Construction.— The following in­
formation has been given out by W illiam Salomon & Co. in
connection with the underwriting of $ 15 ,0 00 ,0 00 of 4 % 30year bonds, on which interest is to be guaranteed by the
Philippine Government:
X
T he 300 miles o f road to be built are distributed over the islands of
P an a y, Negros and Cebu, the m o st densely populated islands in the Philip­
pines, and am ong the best producers. Negros alone produces half the
«ntire sugar crop of the islands, and considerable h em p , and P any and Cebu
is unusually rich in coffee, hardwoods and coal.
A ctu a l construction
was begun on Cebu on N o v . 13 and on P an ay N o v . 1 4, and about 700 men
are now a t w ork.
Unless unforeseen delay occurs in the delivery of m ateri­
als, 20 miles of track on Panay and 20 miles of track on Cebu should be
com pleted during M ay 1907.
There have been shipped b y w a y o f Suez
four 50-to n Baldw in locom otives, and there will shortly be shipped fifty
4 0 -to n flat cars and fifty 30-to n ballast cars.
A b o u t 4 ,0 0 0 tons of 7 0-lb .
rails have already been purchased and are now en route and 4 ,0 0 0 tons
more will be shipped abou t F eb. 15 1 907.
Contracts have been awarded
for 1 5 0 ,0 00 A ustralian hardwood ties for delivery betw een now and A pril
n e xt.

None of the bonds has yet been issued, nor has any
public offering been m ade.— V . 83, p. 970. 493.
Quebec & Lake St. John Ry.— S ale. — The “ Montreal
Gazette” of N ov. 29 says:
T he com pany has passed into the control of the Canadian N orthern,
Messrs. M ackenzie & M ann having secured 5 1 % of the total capital of 8 6 ,0 0 0 ,0 0 0 at $34 per share. T h e m ain line extends from the city of Quebec to
R ov erva l, on the shores of Lake S t. John, w ith a branch from Chambord
Junction to Chicoutim i, and a second im portant branch is now nearing com ­
pletion from Riviere a Pierre Junction to S t. T ite , the centre of an im portant
pulp and lum ber d istrict.— V . 8 3 , p . 1 3 4 8 , 9 6.

Reading Com pany.— Bonds for S ubsidiary . — See New York
Short Line R R . above.— V .f8 3 , p.|888_^755.

and collateral trust agreement covering (subject to existing liens) all the
physical property of the railw ay and such securities as in the ju d gm en t
of the directors m a y be deemed advisable.
T h e bonds are to bear interest
at the rate of 5 % per annum , p ayable sem i-annuallv, to m ature on F e b . 1
1 9 3 7 , and to be redeem able at par upon any interest date at the pleasure
of the com pany.

New Chairman for Executive Committee.— James C. Blair,
having retired as Chairman of the Executive Committee,
Alfred W alter, President of the road, has been named as his
successor.— V . 83, p. 1171, 1037.
Southern R y .— Called B onds. — Charlottesville & Rapidan
R R . bonds aggregating $10,900 will be paid at the Phila­
delphia Trust, Safe Deposit & Insurance C o., Philadelphia,
P a ., on Jan. 1 1907.— V . 83, p. 1348, 1291.
Toledo & W estern (Electric) R ailw ay.— Sold. — A t the
receiver’s sale on Dec. 5 the property was bid in for $337,575,
the upset price, by J. R . Nutt of Cleveland, representing the
Citizens’ Savings & Trust Co. of Cleveland. The purchaser,
it is stated, is required to meet the bond interest due last
July, amounting to $37,500. This sale wipes out the stock.
V . 83, p. 1099, 563.
Union Pacific R R .— Investigation. — The following was
given out at W ashington, D. C ., on Dec. 6:
The Inter-State Com m erce Com m ission has to -d a y ordered an investio-ation of the relations betw een the U nion Pacific and Southern Pacific R ail­
w ay system s growing out of their com m on m anagem ent and control. Frank
B K ellogg and C. A . Severance of S t. Paul have been retained to take
charge of the investigation, w hich w ill extend from N ew Y o r k to San F ran­
cisco"— V . 8 3 , p . 1 3 5 1 , 1343.
^3

United Railways & Electric Co. of Baltim ore.— No Interest
on Incom es. — -The directors on N ov. 30 unanimously voted
that “ no paym ent be made on Dec. 1 1906 on account of
interest on the income bonds and no dividend be then de­
clared on the preferred stock,” the earnings for the six
months ending N ov. 30 being insufficient therefor.
New Equipm ent. — The Maryland Electric Railways Co.
has ordered 40 semi-convertible high-speed cars, to cost
about $6,000 each. These cars will be leased to the United

D bc . 8 1906. i

THE CHRONICLE,

1413

Railways & Electric C o ., making “ nearly 500 new cars common and $ 4 ,0 1 0 ,0 0 0 preferred being in the treasury. A
added to the equipment since the fire in 1 9 0 4 .” — V . 83, limited amount of the treasury preferred was offered on
the New York curb on Dec. 6. A n advertisement, say:
p. 1230, 1038.
Three-sevenths of tills Issue has been allotted to a London syndicate.
W iscasset W aterville & Farm ington R R .— S o ld .— This
Preferred and com m on stock share equally In all,distribution of dividends
property was bid in at foreclosure sale on Dec. 4 by Carson C. over 7 % . Properties consist of a producing mine and one-half interest in
Peck of New "York for § 9 3 ,0 0 0 , subject to certain liens. Re­ another property in Centre of Untie Camp, Montana, and controlling
Interest In about ICO acres near the North Butte and other active copper
organization not perfected as y et. The gross earnings for properties. Shalt No. 1, down over 500 feet, has Just been equipped with
the year ending June 30 1900 were 842,050; operating ex­ machinery sufficient to sink to 1,500 feet, has about 4,000 foot of drifts
cross-cuts, and Is already a producer .The Superintendent estimates
penses §51,4 1 8; taxes, S2S9. Receiver, W illiam D. Patter­ and
that above the 500-foot level there is sufficient ore here to supply an output
ol 1,000 tons per day for several years. He states that the present output
son.— V . 83, p. 103S, 089.
can be increased to 300 tons dally in a few weeks. At Shaft No. 2, which
W isconsin Central R y . — N e w O ffic e r .— Henry C. Starr, of is down only 75 feet, the second shipment of ore has been made, which
averaged
$22 per ton. Development on a large scale is being actively
Richm ond, In d ., has been elected Vice-President and
carried on. Am ong the officers and directors are: Win. L. Moyer, New
General Counsel to succeed Howard Morris, resigned.— V. 8 3, York; F . O n Lewis, flMontrcal; lion . B. F. White, Dillon, M ont.;
D r.
G. IS. Blackburn and J. II. Leyson, Butte, Mont.; Sir Frederick W .
p. 9S5, 904, 891, 819.

INDUSTRIAL, GAS AND MISCELLANEOUS.
Alpha Portland Cement Co.— Im p orta n t A g r e e m e n t — R o y a l­
t i e s .— See North American Portland Cement Co. below .— V .

8 1, p. 560.

American Car & Foundry Co.— D iv id e n d s on C o m m o n R e ­
s u m e d .— The directors on Dec. 6 declared the regular pre­
ferred dividend, No. 31, 1 % % , and resumed distributions
on the common shares, declaring dividend No. 17, ) 4 % ,
both payable Jan. 1 1907 to stockholders of record Dec. 11.
Dividend record of common stock; 1900, 1 % ; 1901-1902,
2 % yearly; 1903, 4 % ; 1904, Feb , ) 4 % ; M ay, 3 ^ % The new steel car plant at M adison, 111., has just been
completed and is turning out from 40 to 50 cars daily. Presi­
dent Eaton issued the following:

llorden, Ottawa; Alexander R obertson. New York and Scotland;
The
Viscount Tem pleton, London; Clias Howard W eston, Boston; H on. Lee
Mantle, Butte; Freeman I. Davison and Robert G . Mc.Meekln (Presi­
dent of the Trl National Corporation), Boston.
Butte (M ont.) Electric & Power Co .— In creased D ivid en d
on C o m m o n .— A quarterly dividend of 1 ) 4 % has been de­

clared on the 8 3 ,0 0 0,00 0 common stock, payable Dec. 15
to holders of record Dec. 12, contrasting with 1 % quarterly
(4 % per annum) paid from Dec. 15 1905 to Sept. 15 1906,
inclusive. Previous to that time semi-annual distributions
of 1 3 4 % each (3 % yearly) were made from March 15 1903 to
Sept. 15 1 9 0 5.— V . 8 2, p. 1441.
Canadian Bounties on Iron and Steel .— T o B e R en ew ed for
F o u r Y e a r s .— The revised Canadian tariff was brought down

N ov. 29 by Hon. W . S. Fielding, Finance Minister
W hile
making many small changes, it contemplates no general in­
crease or decrease in duties. The measure, to which much
As all of the plants are running to their fullest capacity, requiring the space is given in the “ Iron A ge” of Dec. 6. continues the
carrying of au amount of material much greater than heretofore, also as bounties on iron and steel, which were to terminate on July 1
there is a necessity for increased working capital for starting up the new next, for a four-year period, beginning Jan. 1 1907, the rates
steel car plant at Madison, 111., and a like amount will he required for start­
ing the new steel car plant at St. Louis, with the necessary expenses for of last year being taken as the starting point, but with an in­
permanent Improvements, an unusual demand is made on our resources at crease from 35 cents to 81 for the first three years, then 50
the present time, which will explain the necessity of being conservative
cents in the difference between the rates paid on pig made
in deciding the rate of dividend on the com m on stock.
from Canadian ore and rates paid on the product of imported
E a r n in g s . — The net earnings for the three months endnig
ore, viz.:
Oct. 31 1906 were S I ,7 7 9 ,9 8 3 , contrasting with S I ,657,054
B o u n tie s on A r tic le s M a n u fa c tu r e d i n C a n a d a fo r C o n s u m p tio n In C a n a d a .
for the quarter ending July 31 last and S717.739 for the
C a len d a r
-------- -x P i g I r o n , fr o m --------— y I r o n B a r s
S teel In g o ts.
quarter ending O ct. 31 1905.
Earnings for the half-year Y e a r .
C a n a d a O re.
F o r e ig n O re.
(C a n . P i g ) . (50% C a n .P ig )
ending Oct. 31 were 83,4 3 7,03 7 in 1906, against SP 343,050 1907 ___________ $2 10 per ton $1 10 per ton $1 65 per ton $1 65 per ton
1908 ___________ 2 10 per ton 1 10 per ton 1 65 per ton 1 65 per ton
in 1905.
Dividends on the preferred stock call for 8525,000 1909 .................. 1 7 0 per ton 0 70 per ton 1 05 per ton 1 05 per ton
_______ 0 90 per ton 0 40 per ton
0 60 per ton 0 60 per ton
each three months and on the common stock at the rate just 1 9 1 0
declared, for 8150,000 quarterly.— V . 83, p. 563, 97.
x Payable according to proportion o f each class of ore used, y “ Puddled
ba rs." Rolled wire rods, also, under certain conditions, receive a
American Cement Co.— A g r e e m e n t. — See North American iron
bounty
Portland Cement C o.— V . 8 3, p. 1100.
During the year ending June 30 1906 the bounties paid to
American Cotton Co.— Sale — S u b sid ia r y P r o p e r ty . — The the Dominion Iron & Steel Co. on iron, steel and articles
entire property in Alabam a of the subsidiary Alabama made from steel aggregated 8957,337; to the Algoma Steel Co.
Cotton Products C o ., including four complete gin plants (Lake Superior Corporation), 8535,190; to Hamilton Steel &
and thirty round-bale presses, was bid in at receiver's sale Iron C o., $ 2 0 0,69 2 , and to Nova Scotia Steel & Coal C o.,
at Montgomery on N ov . 24 by Brayton Ives, of New Y o rk , $187,693.
Chairman of the reorganization committee of the American
Central Oil C o., B o sto n .— C onvertible B o n d s .— The share­
Cotton Co., for 8 3 0 ,5 5 0 .— V . 81, p 509.
American Oak Leather Co., Cincinnati.— N e w S to c k . — A holders have been offered the right to subscribe to $125,000
of an authorized issue of $200,000 20-year collateral trust
certificate has been filed increasing the authorized issue of
6 % bonds, convertible into stock at. par at anytim e, and sub­
capital stock from 8 2 ,7 0 0,00 0 common to 85.0 0 0,00 0 com­
mon and preferred from 8800,000 to 8 2,5 0 0 ,0 0 0 . Compare ject to call at 102)4 and interest.
V . 8 3, p . 3 8 1 ,2 1 5 .— V . 78, p . 1781.

American (Bell) Telegraph & Telephone Co.— N e w
— See Pacific States Telephone
— V. 83, p. 1292, 971.

P o lic y .

& Telegraph Co. below.

Atlas Portland Cement Co.— A g r e e m e n t. — See North
American Portland Cement Co. below .— V . 82, p. 1324.
Automatic Electric Co., Chicago (Telephone Manufac­
turing).— N e w S to c k . — Of the 81,0 0 0,00 0 new stock, in­
creasing the outstanding issue to 8 5 ,0 0 0 ,0 0 0 , 8135,000 was
sold to the stockholders at par and the remaining 8865,000,
it is announced, has been sold to Eastern banking interests.
The “ Chicago Inter-Ocean” of N ov. 29 said:

Subscriptions are payable 10% at once, 40% Jan. 15 and 50% Feb. 15,
The proceeds will be used in part to double the capacity of the subsidiary
United Oil & Refining C o., which, It is stated, lias expended $560,000 upon
its plant and $85,000 in perfecting Its method of refining Texas petroleum.
Profits of $108,288 in tw o years have been spent in construction and ex­
perimenting. Large returns are expected.
B a la n c e S h eet o f C en tra l O il C o . S e p t. 30 1906.
1A abilities ($1.543.722).
A s s e ts ($1,543,722).
Capital stock _____________$1,501,250
Stocks, sub-companies,
168
leaseholds, &c_________ $1,341,458 Accounts payable_______
8,500
Notes receivable__________
125,650 Notes p a ya ble___________
Profit and loss...............
33,803
Accounts receivable_________________ 51,174
Cash____ ____
24.774
Oil on hand _____________
664
— V. 79, p. 625.
Chambersburg (P a .) Engineering C o .— B on d s O ffe r e d .—

Ristine & Conklin, Philadelphia, areofferingat par andinteres,
SlOOjOOO first mortgage 5 % gold bonds of $1,000 each (c*).
The com pany reports that It has 52,737,Sol of orders on its hooks for de­
livery before March 1 1907. Unfilled business for delivery after March 1 part of an authorized issue of $200,000, all outstandingt
1907 aggregates S3.500.000. The corporation has Just doubled the size of Dated Oct. 1 1906 and due Oct. 1 1926, but redeemable on
its ulant and the new department will go into operation Jan. 1.— V . 83,
any interest day at 105 and interest. Interest passable
p . 325.
April 1 and Oct. 1. Girard Trust Co. of Philadelphia,
Brooklyn Ferry Co.— Time for D e p o sits E x t e n d e d — The trustee. Sinking fund, $10,000 a year, beginning imme­
tim e for depositing the 5 % bonds with the Knickerbocker diately. A first and only lien upon all property now owned
Trust Co. has been extended to Jan. 1. There have already or hereafter acquired. “ The net earnings for seven months
been deoosited more than 8 6,000,000 out of the total issue ending July 31 1906 were $ 49,809, equivalent to 8 )4 times
of 8 6,5 0 0 ,0 0 0 .
the interest charges.”
Capital stock, 8100,000, par $100.
F oreclo su re D e c r e e . — Supreme Court Justice K elly
in
A bstract o f L etter fro m P r e s id e n t W m . I t . D erbi/shlre, C h a m b er sb u rg , P a .,
Brooklyn on A ug. 4 ordered the foreclosure sale of this
O ct. 29 1906.
com pany’s property under the mortgage of 1898, K nick­
This com pany, organized In 1897 under the laws o f Pennsylvania, has
erbocker Trust C o., trustee. The amount clue for principal developed a superior line of steam hammers and hydraulic machinery, and
the demand for Its products is so great that Its facilities have been and a ft
and interest on the 86,500,000 bonds is stated a s 86,724,653. constantly taxed to fill it. The plant is situated on a tract o f 20 acres.
Buildings, steel and brick construction. A large Iron foundry tins been
— V . 8 3, p. 1100, 971.
recently added, equipped with three 2 0 -ton air furnaces and cupolas,
Buffalo (N. Y .) Gas Co.— E a r n in g s, & c . — For fiscal years electric traveling cranes, &c. This Is fitted for making the heaviest iron
castings, up to 200,000 lbs. In a single piece. The earnings of tIlls foundry
ending Sept. 30:
are not shown In the statements up to date, as It lias been but recently
Year.

Sales o f Gas.

1905-05.............._ Decreased ’ 34%
1904-05________ Decreased 2.39%
— V. 83. p. 494.

N et P rofits. B o n d In terest. B a l ., S u r

5313,575
324,104

$ 2 9 0 ,2 5 0

290,250

$ 2 8 ,4 2 5

33,854

Butte Central & Boston Copper Corporation.— N ew C o m ­
p a n y . — This corporation was recently organized under the
laws of Maine with 815 ,0 00 ,0 00 of authorized capital stock,
of which 8 5,000,000 is 7 % cumulative participating preferred
and 810,000.000 common stock.
Par of shares, 810.
Of
this stock there has been issued for property *4 ,6 0 0 ,0 0 0
eommon and $990,000 preferred, the remaining 8 5,4 0 0 ,0 0 0

started. A modern steel foundry Is now In course of erection, to be equipped
with three 40-ton open-hearth steel furnaces to supply the extremely heavy
steel castings constantly used b y the com pany. The dema d for the com ­
pany’s products has constantly Increased and has necessitated repeated
additions to Its facilities In every department. These additions have been
paid for out o f the earnings of the com pany. A conservative e-tlmate of
the value of the plant. Including the new steel foundry. Is $650,000. The
net earnings for the past five years have averaged $5 1,556 per year, or nenrly
5 H times the Interest on the bonds, which Is but $10,000 per year. When
the steel foundry and the Iron foundry arc In full operation, these earnings
should be more than doubled.
Childs Restaurant C o .,N . Y . — D ivid en d In c rea sed . — W ith

the regular quarterly dividend of l ’M %

on the preferred

1414

THE CHRONICLE.

stock ($1,000,000) the directors have declared a quarterly
dividend of 1 ) 4 % on the common stock ($ 3 ,0 0 0 ,0 0 0 ), both
payable Dec. 10 to holders of record Dec. 4. This increases
the annual rate for the common stock from 4 % , to which it
was increased in Sept 1905; prior to that time 3 % had been
paid regularly since organization in 1902.— V .8 1 , p. 670.
Consolidated Arizona Smelting Co.— S tock O f f e r e d — This
company, organized in March 1906 under the laws of New
Jersey as a consolidation of the Arizona Smelting Co. and the
De Soto Mining C o., has a share capital of $ 1 5 ,0 0 0 ,0 0 0 , of
which $ 1,725,300 is in the treasury; par of shares $10.
W illiam P. Bonbright & Co., the fiscal agents, 24 Broad S t.,
New Y ork, are offering a block of this treasury stock at $5.50
a share (subject to change), to provide for doubling the
capacity of the smelter.
No bonds
A circular sa ys:
The copper reduction works of the com pany at H um boldt, Ariz.., were
completed, to their present capacity In October 1906 and are believed to
represent the most modern practice In every respect. A report, by ex ­
perts says: The present capacity Is approxim ately 600 tons every 24 hours,
which, it is expected, will be increased to 1 ,50o tons within six months at
com paratively small cost. The present receipts of custom ores at the
smelter are from 400 to 500 tons per day, exclusive of the ore derived from
the com pany’ s Blue Beil and De Soto mines, which may be depended upon
to produce from 300 to 500 tons per day as at present developed. The
average of the ore shipped from the Blue Bell mine at the present time is
shown by the reports of the mine manager to be about 4% copper and
$2 50 in gold and silver: average width of the vein being over 20 feet. The
De Soto mine has produced some 12,000 tons of ore within the past ninety
days, averaging about 5% copper and $2 50 in gold and silver. These
tw o properties, adjoining each other, consist of upwards of 90 claims.
The present output of the smelter is from 20,000 to 30.000 pounds of
copper bullion ber day, which carries from 8 to 9 ounces ol gold per ton and
from 125 to 200 ounces of silver, it is believed that when the entire present
plant is in operation, as it is expected to be within two months, the output
will be doubled. Under these conditions, and with the. enlarged plant, it
is anticipated that the smelter alone can earn from $125,000 to $150,000
net per m onth, to which should be added the net profits from the Blue Bell
and De Soto mines, which should be taken at from $15,000 to $20,000 per
m onth. Estimates of earnings with extension im provem ents completed
show 10% to 15% per annum upon the stock.
Directors— President, J. L. Elliot, 71 Broadway: Vice-President, L-.
Vogelstein, 90 Wall St.; Treasurer, W m . Schall Jr., 49 W all St.; G. G .
Haven Jr.. F. E. Underwood, Charles J. P eabody, Charles D. Chapman,
Henry A. James and Frederick Bull.
Transfer agents and registrar,
National Bank of North America.
Consolidated Gas Co., New York.— In crea se in W a g e s .—

The company announced on Dec. 3 an increase of about 1 0 %
in the salaries of all its employees who have been receiving
less than $2,000 a year. The increase affects about 6,500
of the 8,000 men and will increase the expenses of the com­
pany by $400,000 a year. An officer of the company is
quoted as saying:
This extra $400,000 w ill be paid out of the contingent fund, which is
made up of a percentage of the x'eceipts for every thousand feet of gas sold ,
and is set aside for emergency uses. Fortunately the com pany hasn’t had
to touch this fund for a long time.
F ir s t U n it of N e w P la n t in O p era tio n .— The first of these

six units of the power plant of the subsidiary Astoria Light &
Power Co. was placed in operation on Monday, its present
output being about 2 ,0 0 0 ,0 0 0 cubic feet daily. W hen all six
units are in full operation they will produce
about
9 0,000,000 cubic feet. Compare V . 80, p. 470; Y . 79,
p. 105; V . 8 3, p. 1349, 971.
Cornell Steamship Co., Chicago, 111.— B o n d s O ffe r e d .—
The Detroit (Mich.) Trust Co., the trustee, is offering at par
5 % interim receipts to be exchanged for $130,000 first
mortgage 5 % gold bonds of $1,000 each, dated April 1 1907,
payable in ten annual installments on Jan. 1 ,interest payable
Jan. 1 and July 1 at office of trustee.
The bonds will be secured b y a first mortgage on the steel steamship
John Mitchell, now building at the Great Lakes Engineering W orks, De­
troit. Length of vessel 440 ft., beam 52 ft., depth 28 ft., capacity 7,500
tons (e st.), cost $275,000. Com pany, controlled b y Chas. W . Elphicke
and associates, was incorporated in Ohio in October last w ith $150,000
authorized capital stock. Office, Mentor, Ohio.
Corn Products Refining Co .— S u b sid ia r y to Change N a m e .

— See Glucose Sugar Refining Co. below
E xch a n g e of B o n d s . — See National Starch Manufacturing
Co below .— V. 83, p. 1101, 820.
Crimora Manganese Co.— Sale D e c . 1 3.— This com pany’s
property, embracing about 948 acres of land near Crimora
Station, on the Norfolk & Western R y ., in Augusta County,
V a ., on which are located mines, equipment, & c., is adver­
tised to be sold under foreclosure of mortgage of 1904 (Cen­
tral Trust C o., trustee) on the premises, Dec. 13, under order
of the United States Circuit Court for the W estern District
of Virginia.—-V . 83, p. 438.
Cumberland-Ely Copper Co.— N e w S to c k . — The share­
holders will meet at Portland, M e., Dec. 17, to vote upon a
proposition to increase the capital stock from $5,0 0 0,00 0 to
$ 6 ,5 0 0 ,0 0 0 . The “ New Y ork Tim es” of Dec. 6 says:

[V O L . L X A X III.

East Jersey Water Co.— See Hudson County W ater Co.
below .— V . 81, p. 729.

Electric Boat Co.— First Dividend on Common Stock . —
The directors on Dec. 5 declared, in addition to the regular
quarterly dividend of 2 % (N o. 14) on the $2,597,500 pre­
ferred stock, payable Jan. 2, a first dividend, 2 % , on the
$ 4,999,600 common stock for the calendar year 1906, pay­
able Dec. 31 to stockholders of record Dec. 2 6 .— V . 77, p. 513.

Equitable Illuminating Gas Light Co. of Philadelphia.—
Called Bonds — One hundred and seventy-three ($173,000)
bonds of 1898 will be paid at 105 and interest at the New
York Trust C o., 26 Broad Street, on Jan. 2 1907.
See num­
bers in advertisement on another page of this issue.— V . 83,
p. 1 1 0 1 ,2 1 5 .
General Electric Co.-— L ic e n se e .— See National Electric
Lamp Co. below.— V . 83, p. 1101, 893.
Glucose Sugar Refining Co.— Change in N am e. — This sub­
sidiary of the Corn Products Refining Co. (see V . 7 4, p. 1086;
V . 82, p. 1321), has called a meeting of the shareholders to
change the name from the Glucose Sugar Refining Co. to
Corn Products Manufacturing Co.— V . 7 4, p. 382.

Goldfield Consolidated Mining Co.— Am algam ation .—This
company has been incorporated, it is understood, under the
laws of W yom ing, with $50 ,0 00 ,0 00 capital stock, in shares
of $10 each, to takeover the control of the following Coldfield
companies on the stock basis shown below, the par value of
their shares being $1 each.
A u th o r iz e d
Stock..
M ohaw k __________________ $ 1 ,0 0 0 ,0 0 0
J u m b o ___________________ 1 ,0 0 0 ,0 0 0
R ed T o p ________________ 1 ,0 0 0 ,0 0 0
L a g u n a __________________ 1 ,0 0 0 ,0 0 0

Iss u a b le
T h e refo r .
$ 2 0 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0

T otal Stock __________ $ 4 ,0 0 0 ,0 0 0

$ 3 2 ,0 0 0 ,0 0 0

S tock
Is s u e d .
$ 7 1 0 ,0 0 0
7 0 0 ,0 0 0
8 5 5 ,0 0 0
8 0 7 ,0 0 0
$ 3 ,0 7 2 ,0 0 0

Is su a b le
T h e refo r .
$ 1 4 ,2 0 0 ,0 0 0
3 ,5 0 0 ,0 0 0
4 ,2 7 5 ,0 0 0
1 ,6 1 4 ,0 0 0
$ 2 3 ,5 8 9 ,0 0 0

W eir Bros. & C o., New Y ork, are interested.

Great Western Power Co., California.— Bond Issue — P ro­
posed P la n t . — This com pany, recently organized under the
laws of California with $25,000,000 of authorized capital
stock in shares of $100 each, as the operating companj^ for
the Western Power Co. of New Jersey (per plan in Y . 83,
p. 4 99 ), has made a mortgage to the Central Trust Co. of
New Y ork, as trustee, to secure an issue of $25 ,0 00 ,0 00 of
$1,000 5 % gold bonds dated July 1 1906 and due July 1 1946,
but subject to call after five years at 106 and interest. In­
terest payable January and July in Nev/ Y ork, San Fran­
cisco, Boston and London, Eng. Am ount outstanding,
$ 8,5 0 0,00 0. Sinking fund 1 % per annum on outstanding
bonds.
(Compare V . 83, p. 499.)
The W estern Power Co. of New Jersey (the holding com­
pany) has $18,000,000 of authorized capital stock, all issued
or shortly to be issued, of which $6,0 0 0,00 0 is 6 % preferred,
cumulative after five years. President, Edwin Hawley;
Vice-Presidents, Frank H . R ay and P . Stockton; Secretary
H . P. W ilson; Treasurer, F . M . Tompkins. Office, 111
Broadway, New Y ork.
W e have the following regarding the proposed plant of the
Great W estern Power Co.:
The works will be located at the head o f the north fork of the Feather
R iver and will afford, when com pleted, 4 0 0 ,0 0 0 electric horse-power for
transmission to San Francisco, distance 175 m iles.
Its present pow er p la n t,
developing 4 0 ,0 0 0 horse-power, will be located at Big B end, C a l., on the
Feather R iver.
T he w ater will be taken through the fam ous tunnels built
at this point b y the Big Bend Tunnel & Mining Co. over tw e n ty years ago
at a cost o f $ 1 ,2 5 0 ,0 0 0 .
The Big Bend tunnel is 1 2 ,0 0 0 feet long, 16 feet
high and 15 feet w ide, connecting tw o points on the Feather R iver, between
which the river runs 13 miles around a m ountain and falls 600 feet.
T he
projected line o f the W estern Pacific runs parallel with the power system
from the lower tunnel practically to the Big M eadow s, where the reservoir
will be established.
It is expected that pow er, light and heat will be fur­
nished b y the new com pany to all the towns of Northern and Central
California.

Guggenheim Exploration Co.— Dividend Increased. — The
directors on Dec. 1 declared a quarterly dividend of 2jz£%
on its capital stock, payable Jan. 2 to holders of record Dec.
15. This places the stock on a 1 0 % annual basis, contrast­
ing with 7 % , the annual rate of the fifteen preceding quarterly
dividends.
Compare V . 82, p. 1436, 1442 — V . 83, p.
1039, 40.
Hudson County (N. J.) Water Co.— Unfavorable D ecision.

— The Court of Errors and Appeals recenty handed down
a decision sustaining the constitutionality of the law for­
bidding the diversion of the potable water of the State of
New Jersey to another State. This invalidates the contract
with the city of New Y ork to furnish water from the Passaic
Compare
Of the 300,000 new shares (par $50), 200,000, it is planned, will be River to Staten Island (Richmond Borough).
turned over to the Nevada Consolidated Mining Co. to purchase a half­ V . 81, p. 729; V . 81, p. 1317.
A n appeal has been taken
interest in the Nevada Northern R R ., which is practically completed.
Stockholders will be given the privilege of subscribing to the remaining to the United States Supreme Court, argument being set
100,000 new shares at $12 50, and an underwriting arrangement has been for December 26.
made. The proceeds of the sale of the 100,000 shares will go to pay for
the com pany’s interest in the new smelter and concentrator near E ly, N ev.,
in which the Nevada Consolidated Company has an equal share. Compare
V . 83, p. 1039.
Denver (Colo.) Gas & Electric Co.— Contract with C i t y .—

In accordance with the vote at the city election on May 15
an ordinance was adopted by the City Council on Sept. 4
by a vote of 11 to 4, ratifying the contract by which the
company is to furnish street lighting at $60 a year for each
electric arc lam p, a reduction of $30 on previous prices,
under a contract running for ten years from June 1 1906.
This ordinance, which was published in full in the “ Denver
Republican” of Sept. 7 authorizes the company to purchase
the Lacombe Electric C o.on the condition that a release be
secured from that company of the contract to pay $90 a
year for arc lights. Compare V . 83, p . 40. •, •

T he decision was unanim ous, Justice M ahlon P itney writing a lengthy
opinion. T he Court says th a t the right claimed is derived b y grant from
the E ast Jersey W a te r Co.
The A c t of M ay 11 1 905, it is stated, am ounts
to a repealer of the power of any com pany organized under the general
corporation A c t and its supplem ents to transport w ater out of the State even
if such power is assumed to have been acquired under th e latter acts.
The
Court further says: "T h e State of New Y o r k , or the people thereof, have
no inherent right to withdraw a supply of w ater from the'territory of New
Jersey by artificial means.
T h e control of fresh w ater running In the
natural stream s, and in lakes and ponds that have outlet in such streams
(subject to the interests of riparian owners thei'ein), resides in the State in
its sovereign capacity as representative, of and for the benefit of the people
in com m on: and the Legislature m a y prohibit the abstraction of such
w ater, save for riparian uses and for purposes authorized b y legislative
gran ts.” — V , 8 1, p. 1 3 1 7 .
‘ f

Hydraulic-Press Brick Co. of St. Louis.— Stock Increased.
— The company on Dec. 1 filed a certificate of increase of
authorized capital stock from $ 3,500,000 (of which $3,000,000
outstanding, all of one class), to $ 10 ,0 0 0 ,0 0 0 , of which

D e c . 8 1900.]

1415

THE CHRONICLE.

$5,500,000 is preferred 6% cumulative and $4,500,000 com­
mon stock, preparatory to completing on Jan. 1 the meagre
of the fourteen controlled companies named in V, S3, p.893‘
The certificate just filed states the assets of the company
as $7,402,494 and liabilities $503,740.—V. S3, p. S93.
Imperial Paper Mills of Canada, Limited, Sturgeon Falls,
Ontario.— P la n M o d i f i e d . — Receiver John Craig writes:
T h e draft of the reorganization plan has been considerably m odified
since It was first brought to the notice o f the debenture holders and we
have not been advised, nor do w e expect to be advised, of the changes
w hich mav ultim ately be m ade, until these are com p leted .— V. 83, p. 1330,
1232.

Industrial Alcohol Co.—See New York & Kentucky Co.
below, and compare Distillers’ Securities Corporation, V. 83,
p. 1349; V. S3, p. 972.
Ingersoll-Rand Co.—D i v i d e n d s —The directors on Dec 5
declared the third semi-annual dividend of 3% on the pre­
ferred stock, payable Jan. 1 1907 to holders of record
Dec. 15 The coupon on the bonds will be payable at the
office of the comoany on and after Jan. 1. Compare V. S3,
p. 1176, 1232.
Lawrence (Pa.) Cement Co.—See “North American Port­
land Cement Co. below.—V. 79, p. 2799.
Lawrence Gas Co., New Castle, Pa.— R e c e iv e r D isc h a r g e d .
—Judge Porter, in the Common Pleas Court on Nov. 13, on
application of the Safe Deposit & Trust Co. of Pittsburgh,
discharged General Manager McCaskey of the Pennsylvania
& Mahoning Valley Electric Ry. as receiver, he having been
appointed as such in February 1904 in proceedings brought
by the railway company on its claims for advances. The
railway company claimed that the obligation due to it was
entitled to priority over the claim of the trust company, as
trustee of the $50,000 of 6% bonds issued about 1886, but
the Court held otherwise. The bonds, it is understood, are
held by two or three persons. Compare V. 78, p. 1113.
Lookout Mountain Iron Co., Battelle, Ala.—L itig a tio n .—
The “Iron Age” of Nov. 15 said:
A t B irm in gh am ,A la., the Court has confirm ed the sale o f the p rop erty
to Charles A . Stevens o f Cincinnati, representing the bondholders. The
property cost over S i ,000,000. There was an issue o f $300,000 o f bon ds,
which were used as collateral for loans m ade b y the com pany. These loans
were renewed, and the creditors claim that at the tim e o f the last renewal
the com pany was insolvent, so that the bonds held b y the First National
Bank of Cincinnati and others were in effect a preference. Litigation has
been begun against the bondholders and others, and it is not likely that the
furnace will be started at an early d a y .— V . 83, p. 1174, 821.
S a le D e c .

Manhattan Beach Hotel & Land Co.—
21.—An
advertisement on another page of this issue announces that
the foreclosure sale of this company’s property, including
the Manhattan Beach and Oriental hotels at Coney Island,
will take place at 189 Montague St., Brooklyn on Dec. 21.
Compare V. 83, p. 1350, 216.
Mexican Electric]Light Co.—L is te d in L o n d o n . —See Mexi­
can Light & Power Co. below.—V. 83, p. 497.
Mexican Light & Power Co., Ltd.—L is te d in L o n d o n .—
The London Stock Exchange has granted special settling
days for Mexican Electric Light Co., Ltd., $6,000,000 5%
first mortgage gold bonds and for Mexican Light & Power
Co., Ltd., $13,650,000 capital stock in shares of $100 each
and $12,000,000 5 % first mortgage gold bonds. Compare
V. 83, p .497,490.
Milwaukee (Wis.) Independent Telephone Co.—F r a n c h ise
G ra n ted . —The City Council of Milwaukee on Nov. 12, by a
vote of 45 to 1, granted a franchise to this company, which
was incorporated in Wisconsin on May 18 1902 with $50,000
authorized capital stock. Schedule of annual rates: For
business telephones, $36 to $60; for residence telephones,
$15 to $24. The directors are:
President. H. D. Crltchfleld, Buffalo; First V ice-P resident, E. A . W adham s, Milwaukee; Second V ice-President, G. S. V an N ortw lck, A ppleton;
Secretary, Clifford A rrick, Indianapolis; Treasurer, H ow ard Greene, Mil­
waukee; .John M. Baer, A ppleton : \V. W . Cargill. La Crosse; C. J. Chapin,
Milwaukee; J. C. Harper, Madison: B. J. H ubbell, Buffalo; A . P. K lctzsch ,
George P. M ayer, WUmer Sleg, R ichard G. W agner, J. B. W hitnall, Mil­
w aukee, and Richard Valentine, Janesville.

President Critchfield was recently quoted as saying:

W e contem plate building a modern telephone system for 16,000 lines Im­
m ediate capacity (capable of being Increased to 40,000 lines) at a cost, In­
cluding $150,000 for ground and building, o f approxim ately $2,050,000.
Our plan contem plates the Issuing of bonds In an am ount equal to the cost
o f the p rop erty, upon w hich we propose to pay 5% Interest, and the Issuing
o f a like am ount o f stock , on w hich we expect to pay from 3% to 4 % per
annum .

Missouri Land & Live Stock Co.— R e d u c tio n of S to c k .—
The shareholders are requested in London to send their share
certificates for endorsement of the proposed return of capital
of 9s. per share which was made Nov. 28.—V. 82, p. 573.
Montana Coal & Coke Co.—P o s s ib le R e o r g a n iz a tio n .—The
interest due Dec. 1 on the 5500,000 6% bonds was paid at
maturity at the Central Trust Co., New York; but plans,
it is stated, are under consideration for reorganizing the
company on lines yet to be determined. The floating debt
is said to be about $400,000. The directors are: President
E. L. White, Joseph A. Coram, T. E. Hopkins and II. W.
H. Smith, Jersey City. The “Boston News Bureau” last
week quoted a leading stockholder as saying:
F or eight years previous to the formation o f this c o m p a n y ,th e p roperty,
on a much smaller capitalization and with smaller equ ipm en t, paid $1 20.000
per annum In dividends, and for Its first tw o years the Montana Coal ft.
Coke Co. also paid dividend" o ' $120,000 per annum . At that time It was
planned to enlarge materially the production and about $500,000 was e x ­
pended In this w ork. The plan was all right, but a large floating debt was
created.
Later there was trouble with the eom n an y’s production, antag­
onism on the nart of som e o f the sm elting Interests, and, as a clim ax, the
com p a n y had serious labor trou ble, all o f which added to the lloatlng debt
and Interfered with tee com pa n y 's operation. The com pa n y has also su f­
fered through Incapable managem ent at the mine. ■ ■ ; -j ;

The com pany owns valuable properties and a plant capable o f producing
10,000 tons of coke per m on th . If It had the necessary w orking capital and
sufficient m oney to properly open Its mines. W ith an expenditure o f but
$25,000 In the equipm ent of a new shaft to open Its N o. 3 vein, as yet unm lnable, but know n to contain 3,000,000 tons o f coal, It Is figured that the
com pany can produce coke for $ 1.50 per ton less than present costs.
W e now propose to organize a com pany under Maine laws, Instead of
New Jersey, and save $4,000 per annum In taxes; Issue $1,000,000 o f bonds
which will take care of the present bonds and lloatlng deb t, and have slock,
holders pay 50 cents per share, which will start the new com pany oil with
no lloatlng debt and $100,000 o f w orking capital.— V. 83, p. 072.

•National ElectricjJLamp Co.—

—

B o n d s O ffe r e d
S ta t u s .—
Lawrence Barnum & C o ., Philadelphia, New Y ork and
Boston, recently offered at 95 and interest $ 10 0 ,0 0 0 first
collateral trust 5 % gold bonds, scries “ A , ” dated N ov . 1 1902
and due N ov . 1 1932.
Interest payable May 1 and N o v . 1
at United States Mortgage & Trust C o ., New Y o rk , trustee.
A sinking fund is provided for the redemption of 3 1 -3 %
of “ A ” bonds outstanding each year, either by purchase in
the open m arket, or, if they cannot be bought below par,
the bonds are to be drawn for redemption at par and interest.
A fter N o v . 1 1911 the sinking fund m ust pay 106 and interest
if the bonds are drawn for redem ption. The com pany raserves the right to retire any or all of the bonds by purchase
at 106 and interest. A circular says in substance:
Funded debt: First collateral trust 5 % sinking fund gold bonds (tw o
series o f $2,000,000 e a c h ), authorized, $4,000,000; outstanding, $2,457,175.
Capital stock (In shares of $100 each ), preferred, $150,000; com m on ,
$500,000. The com pany has paid dividends o f 5% on the preferred stock
since form ation, and last year a first dividend o f 10% was paid on the com ­
m on stock.
The com pany was organized in 1901 (under the laws o f New Jersey) and
acquired a num ber o f the m ost im portant concerns m anufacturing incan­
descent lamps in the United States, and now owns the entire stock of 20
different com panies and the controlling interest in four others. N one o f
the underlying com panies the stock of w hich is deposited as security for
these bonds has any m ortgage indebtedness, excepting bonds o f the New
Y ork & Ohio C o., $56,000: and the N ational Electric Lam p Co. has no
m ortgage debt, excepting $75,000 on its fa ctory property in Cleveland.
The Indenture securing these bonds forbids the creation o f any m ortgage
or other indebtedness, except current accoun ts, that will be a prior lien
to these collateral trust bonds.
The com pa n y entered into an agreem ent w hereby it secured a license
under patents o f the General Electric Co. relating to incandescent lam ps,
and since has operated under a com m ercial p olicy in close harm ony w ith the
latter concern.
E a r n in g s to r P a s t T h r e e Y e a r s .

Gross p r o fit s _________________________
D epreciation on plants & adjustm ents
D epreciation , g ood -w ill______________

1905.
$618,727
168,461
30,000

N et e a rn in g s______________
B ond in t e r e s t _______________
D ividends on preferred (5 % )
D ividends on com m on (1 0 % ).

$420,266
$127,162
7,500
50,000

1904.
$379,085
83,537
30,000
$265,548
$123,278
7,500

1903.
$553,642
97,688
30,000
$425,954
$102,156
7,500

$235,604
$134,770
$316,298
Balance, s u r p l u s . . . - .......... - ...........
For the first fou m onths o f 1906 the com pany reports gross earnings o f
$284,728 and net earnings o f $222,154 after charging off $62,593 for depre­
ciation. The interest charges for the full year call for $127,161.

W e have also the following inform ation:
The collateral trust 5 % bon ds, series “ B , ” are dated Ju ly 1 1905 and
due July 1 1935, are secured b y collateral trust deed m ade to the A m erican
Loan & Trust Co. o f B oston as trustee, w hich pays the interest th ereon
Jan. 1 and July 1. A m oun ts now outstanding about $1,300,000 " A ”
and $1,100,000 “ B .”
Retired b y sinking fund about $150,000 “ A ” and
$12,000 “ B .” Series “ B ” bonds are su bject to call as an entire issue or an y
part at any tim e u pon fou r w eeks’ n otice, as in m ortgage provid ed , at 106
and interest; and for sinking fund purposes upon the same n otice on or
before July 1 1912 at par; after that tim e, on or before m atu rity at 106.
The sinking fund for Series B is 3 1-3% annually o f the outstanding bonds.
The Series “ A ” an d Series “ B ” bonds cover different properties and are not
first and second m ortgages— both are first m ortgages.
Officers: President, J. B. Crouse; 1st V ice-P res., F. S. Terry; 2nd V lcePres., B. G. Trem aine; Secretary, J. M. See; Treasurer H . A . Trem aine.
O ffice, 149 Broadw ay New Y ork.
D e c is io n R ev ersed .

National Enameling & Stamping Co.—

— The United States Circuit Court of Appeals on D ec. 6
handed down a decision reversing that rendered by Judge
Lacom be in June 1905, which sustained the patents involved
in the suit of the com pany and the Lalance & Grosjean
Manufacturing Co. as plaintiffs against the New England
Enam eling Co.
Judge H o lt wrote the main opinion, a con­
curring opinion being also written b y Judge W a lla ce.
Judge
H olt says in part:
The evidence shows th at all enamelers are constan tly trying new form ulas,
and that a few succeed while m ost fall. W hy som e succeed and others
fail no one knows. All the experts agree that In the present state o f chem ­
ical science it Is Impossible to state w hat chem ical action takes place when
glass Is produced by the fusion of sand and certain fluxing substances.
All that is known Is that the Ingredients are fused and glass results.

An appeal, it is supposed, will be taken.
p. 215; V . 8 2 , p. 7 5 5 .— V . 8 3 , p. 433.

National Starch Manufacturing Co.—

Compare V . 8 1 ,

E x c h a n g e o f B o n d s .—
A m ajority of the first m ortgage thirty-year 6 % bonds
having been deposited to be exchanged for Corn Products
Refining Co. sinking fund bonds under the plan of O ct. 1
1906, the plan has been declared operative.
Further de­
posits will be received at the Title Guarantee & Trust C o .,
176 B roadw ay, till Jan. 2 1907.
(See plan under Corn
Products Refining C o ., V . 8 3 , p. 8 2 0 .) — V . 8 0, p 119.
R e d u c tio n o f C a p ita l S t o c k .—
This com pany has filed a certificate decreasing its capital
stock from $ 2 ,0 0 0 ,0 0 0 to $ 1 0 ,0 0 0 , the par value of shares
remaining $100.
The stock is all owned by the New Orleans
Railway & Light Co. See page 68 of “ Street R ailw ay”
Section.— V . 8 2 , p. 6 95 .
O p tio n s A s k e d .—
President Duffy is sending out circular letters to the stock­
holders, informing them that he has been requested to give
an option until March 1 1007 upon his holding in the com pany
at $3.50 per share for the common stock and $135 for preferred
stock.
He has concluded to com ply, reserving the right to
include any present stockholder of the com pany who m ay
desire to co-operate. The com pany has an authorized
capital of $ 6 ,0 0 0 ,0 0 0 , of which $ 3 ,0 0 0 ,0 0 0 common and
$ 1 ,0 0 0 ,0 0 0 preferred have been issued. Assum ing that all

New Orleans Lighting Co.—

New York & Kentucky Co., Rochester.—

1416

THE CHRONICLE

[V O L . L X X X K L

by power
pursuing
customers
out winter
of
of

•f the stock is taken over, the purchasers will pay $11,850,000
lor the entire issue. It is commonly supposed that the option
is desired in the interest of the proposed merger under title
©f the “ Industrial Alcohol C o ./' which will be a subsidiary
•r ally of the Distilled Securities Co. (Compare V. 83,
p. 1349, 1039, 971, 820.)— V. 82, p. 338.
Nipissing Mines Co.— Option Forfeited.— The Guggenheim
interests on Dec. 1 surrendered their option on a large block
©f the stock because, as is generally understood, the sellers
declined to grant them an extension of time that was sought
for the purpose of further examining into the company’s
titles. A Toronto dispatch Dec. 3 said:

wa> o n ly p a r tia lly d e v e lo p e d a n d large Increases are e x p e c t e d
a m o re a c tiv e p o lic y ,
i t is p r o p o s e d to fu rn ish e le ctric lig h t a n d
t©
sev era l n e a r -b y p la ces w h ich are n o t n ow se rv e d .
A b o u t 1,000
d esire g a s as s o o n as It m a y be s u p p lie d .
H ou ses w ill be p ip e d th is
and th e c o m p a n y in te n d s to la y m a in s as so o n as th e fr o s t is
th *
grou n d .
T h e c o s t o f In stallin g w ill be a b o u t $ 8 5 ,0 0 0 .
A con tra ct ha§
b e e n e n te re d in to
th e H a rtfo rd G as L ig h t C o. fo r th e s u p p ly
ga*
u n d e r p ressu re a t re a so n a b le w h o lesa le r a t e s .— V . 8 3 , p . 821.

th a t th e y fa ile d t o m a k e s u b s e q u e n t p a y m e n ts . T h e se c o n d p a y m e n t
w o u ld h a v e been p a y a b le t o - d a y if th e y h ad c o n c lu d e d t o p r o c e e d fu rth e r
w ith th e bu sin ess. T h e y h a v e n o w d e c id e d n o t t o e x e rcise th e ir o p tio n
w ith reg a rd t o th e p u rch a se o f th e re m a in d e r o f th is b lo c k o f s to c k a n d h a v e
so n o tifie d th e v e n d o r s .
C o n c u r r e n tly w ith th is n o t ic e , t h e y h a v e issu ed
t o th eir sev era l su b scrib e rs th e fo llo w in g circu la r le tte r :
D ea r Sir: W e h a v e d e te rm in e d n o t t o e x e rcise o u r o p t io n fo r th e p u rch a se
• f th e N ip issin g M in es C o. s to c k .
I f y o u w ill re tu rn us p r o m p t ly th e c e r ­
tifica te fo r th e — shares d e liv e r e d t o y o u b y u s, w e w ill re tu rn y o u th e fu ll
a m o u n t o f y o u r first p a y m e n t.
I f y o u h a v e so ld th e s to c k p lea se in fo r m us
w h a t y o u h a v e r e c e iv e d th e r e fo r , a n d w e w ill sen d y o u a c h e c k fo r th e
d iffe re n ce b e tw e e n th e su m so r e c e iv e d a n d — d o lla r s , th e a m o u n t o f y o u r
first p a y m e n t.
[S ig n ed : D a n ie l G u g g e n h e im , M u rra y G u g g e n h e im .]
T h e e ffe ct o f th is n o t ic e is th a t M essrs. G u g g en h eim h a v e a ssu m ed w h a t­
e v e r losses m a y arise o u t o f th is tr a n s a c tio n , so th a t n o t o n e o f th e ir s u b ­
scrib ers w ill lo s e a sin g le d o lla r .— V . 8 3 , p . 1102.

T h e m e a n in g o f th e re -fin a n cin g o l th e P a cific S ta tes T e le p h o n e C o. Is
th e A m e r ic a n T e le p h o n e & T e le g ra p h C o. has d e cid e d th a t th e fu tu r e e x ­
p a n sion o f its su b sid ia r y sh all be p r o v id e d fo r th r o u g h th e issue o f b o n d *
ra th e r th a n s to c k .
T n e a d v a n ta g e s o f th is p lan are t w o fo ld .
O n th e o n *
h a n d , it reliev es th e p a re n t c o m p a n y fr o m th e o b lig a tio n o f ta k in g u p it*
a llo tm e n t o f n ew s to c k fr o m y e a r to y e a r a n d it g iv e s th e in v e stin g p u b lic ,
in th e field c o v e r e d b y th e te le p h o n e c o m p a n y , an o p p o r t u n it y to in v e s t ifc
its se cu ritie s, th u s m a k in g m o re d iffic u lt th e fin a n cin g o f in d e p e n d e n t c o n ­
cern s.
T h e S an F ra n cisco d isa ster is in n o w a y re sp o n sib le fo r th e re ­
fin a n cin g , w h ich h a d been a rra n g e d fo r w eek s b e fo r e th a t ca ta s tr o p h e .
In
fa c t , th e o n ly d e p a rtu re fr o m th e o rig in a l p lan s is th a t $ 3 ,0 0 0 ,0 0 0 o f
S ta te s s to c k w h ich w as to h a v e been issu ed w ill n o t b e p u t o u t.
U n d e r th e C a lifo rn ia law s a c o r p o r a tio n c a n n o t issue b o n d s In e x ce s s o f
its o u tsta n d in g ca p ita l s to c k .
T h e p re se n t a u th o riz e d s t o c k o f th e P a c ifi*
S ta tes C o. is $ 2 0 ,0 0 0 ,0 0 0 , o f w h ich $ 1 7 ,0 0 0 ,0 0 0 h as been Issu ed , th u *
lim itin g th e p o ssib le b o n d issue to $ 2 0 ,0 0 0 ,0 0 0 , a su m w h ich th e d ir e c t o r *
fe lt w as t o o sm a ll to ta k e ca re o f th e d e v e lo p m e n t o f th e n e x t e ig h t o r ten
y e a rs.
T h e fo r m a tio n o f th e n ew c o m p a n y , w ith a n a u th o riz e d s to c k
Issue o f $ 5 0 ,0 0 0 ,0 0 0 , o f w h ich a b o u t $ 3 5 ,0 0 0 ,0 0 0 w ill b e Issued a t o n c e
w ill p e rm it th e a u th o riz a tio n o f a sim ilar a m o u n t o f b o n d s , w h ic h w ill b e
issu ed in lo ts o f $ 3 ,0 0 0 ,0 0 0 to $ 4 ,0 0 0 ,0 0 0 y e a r ly t o p r o v id e fo r fu tu r #
g r o w th .
T h e n ew c o m p a n y w ill b e k n o w n as th e P a c ific T e le p h o n e & T e le g r a p k
C o ., a n d w ill ta k e o v e r b y p u rch a se th e p r o p e r t y o f th e P a cific S ta tes C o m ­
p a n y in C a lifo rn ia a n d w ill lease its p r o p e r t y o u ts id e o f C a lifo rn ia .
In
a d d itio n , th e new c o m p a n y w ill lease th e p r o p e r t y o f th e o ld S u n set T e le ­
p h o n e C o ., w h ic h has a b o u t $ 2 ,5 0 0 ,0 0 0 o f b o n d s still o u ts ta n d in g , b u t
w h ich w ill b e re tired a t m a t u r ity .
T h e A m e r ic a n T e le p h o n e C o. has e x te n s iv e p la n s fo r th e t e le p h o n ic
d e v e lo p m e n t o f th e P a c ific co a s t.
D u rin g th e first fo u r or fiv e m o n th s o f
1906 th e n u m b e r o f n ew in sta lla tio n s In th e te r r ito r y c o v e r e d b y th e P a c ific
S ta tes C o. a v e ra g e d 3 ,3 0 0 m o n th ly .
I t is p la n n e d b y e n e rg e tic c a n v a s s t*>
in crea se th is n u m b e r to b etw een 8 ,0 0 0 a n d 1 0 ,0 0 0 n ew in sta lla tio n s m o n t h ly .
T h e P a cific C o a st a lrea d y has th e g re a te st te le p h o n ic d e n s ity o f a n y p a r t o f
th e U n ite d S ta te s, b u t th e fa c t th a t o n ly 2 0 ,0 0 0 fa rm s are n ow s e r v e d byte le p h o n e in th is t e r r ito r y , w h ile in C a liforn ia a lo n e th e re are 150,000 farm s.,
has su g g e ste d a field o f e ffo rt w h ic h th e te le p h o n e c o m p a n y w ill a t o n e *
e x p lo it.
O f th e 5 1 ,0 0 0 te le p h o n e sta tio n s d e s tr o y e d b y th e S a n F r a n c is c o fire ,
2 1 ,0 0 0 h a v e a lr e a d y b een r e p la c e d , a n d th ere are ord ers o n h a n d fo r 4,00&
m o r e , w h ich m ea n s th a t 5 0 % o f th e loss has b e e n m a d e g o o d .— V . 8 3 , p . 6 9 0 .

with

Pacific States (Bell) Telephone & Telegraph Co.— P r o p o s e d
C o m p a n y .— Advices from Boston,
where the main office of the American Telephone & Tele­
graph Co. is located, state that it has been virtually decided,
subject to ratification by the shareholders, to form a new
company with $50,000,000 capital stock, consisting of $32,0 0 0 ,0 0 0 preferred shares and 818,000,000 common, to tak*
A tto r n e y -G e n e r a l F o y a n n o u n c e s t h a t n o p r o te s t h as been filed w ith h im
over the stock of the Pacific States Telephone & Telegraph
a g a in st th e title o f th e N ip issin g M in es C o ., n o r d o e s h e k n o w o f a n y a p p li• ation b ein g in te n d e d .
P re m ie r W h itn e y a n d M in ister o f M ines C och ra n e Co. on a basis of one share of preferred and one share of
a lso say s th a t h o fiat has b e e n a p p lie d fo r .
common in the new company for each share of the present
The announcement of the forfeiture of the option was company, and to authorize an issue of bonds to provide for
made on Saturday, Dec 1, through Guggenhcimer, Unter- extensions and improvements throughout the company’s
myer & Marshall, in a statement saying in substance:
territory, which embraces California, Oregon, Washington,
O n O c t . 30 th e M essrs. G u g g e n h e im t o o k an o p tio n fr o m a n u m b e r o f
Nevada, and parts of Idaho and Montana. As a result of tht
g en tlem en fo r th e p u rch a s e o f 4 0 0 ,0 0 0 shares o f th e c a p ita l s to c k o f th e
plan, the stock of the present company has risen from 105 to
N ip issin g M ines C o . a t $25 p er sh a re.
O n N o v . 1 th e y p a id $ 2 ,5 0 0 ,0 0 0 on
a c c o u n t o f th e p u rch a s e p r ic e .
O n m a k in g th is p a y m e n t th e y r e c e iv e d fo r
112 from Nov. 15 to Nov. 24 on the San Francisco Exchange.
th e m se lv e s a n d th e ir s u b scrib e rs 4 0 ,0 0 0 shares o f th e s t o c k , le a v in g in th e
The “ Boston News Bureau” of Dec. 4 said:
h a n d s o f th e v e n d o r s 6 0 ,0 0 0 sh ares o f th e s to c k as a fo r fe it in th e e v e n t

North American Portland Cement Co.— New Company
Controlled by Leading Cement Interests.— This company was
incorporated under the laws of New Jersey on Nov. 23 with
$10,000,000 capital stock in shares of $100 each, of which
$9,900,000 is common stock and $100,000 is 8% pref. stock,
carrying the right to elect the directors by the cumulative
method. The preferred may be increased to $250,000.
The company’s stock, it is stated, will be held solely by the
leading Eastern cement companies—namely, the American,
Atlas, Alpha, Lehigh, Vulcanite and Lawrence. No
bond issue proposed. The officers are:
P re s id e n t, J. R o g e r s M a x w e ll; V ic e -P r e s id e n ts , A . F . G e rs te ll, H . C. T r e x le r , R . W . L e s le y , E R . A c k e r m a n , H o w a r d W . M a x w e ll a n d J o h n B . L o b e r
S e c r e ta r y , J. B . W r ig h t; T re a su re r, E . M . Y o u n g .

The “ Philadelphia Financial Bulletin” of Nov. 24 con­
tained a statement which we condense as follows:
T h e s ix Interests w e re b r o u g h t to g e th e r as th e resu lt o f a su it in stitu te d
b y th e A tla s C o m p a n y a g a in st th e M a r tin ’ s C reek C em en t C o . (o w n e d b y
th e A lp h a C o m p a n y ) fo r in frin g e m e n t u p o n p a te n ts c o v e r in g a p p a r a tu s fo r
b u rn in g p u lv e riz e d fu e l, w h ich is u sed in th e r o ta r y k iln .
T h is litig a tio n
has b e e n p en d in g fo r s ix y e a rs , a n d if w o n b y th e A tla s C o m p a n y w o u ld
h a v e g iv e n th a t c o m p a n y a c o m m a n d o f th e c e m e n t tr a d e o f th e c o u n t r y .
A s a resu lt o f n e g o tia tio n s , th e su it w a s w ith d r a w n a n d th e fo r m a tio n o f
th e n ew c o m p a n y d e te rm in e d u p o n . T h e a g re e m e n t in v o lv e s th e jo in t
o w n ersh ip o f n ew w o rk s to b e c o n s tru cte d in th e fu tu r e , b u t it d o e s n o t in
a n y w a y a ffe ct th e e x istin g p la n ts , w h ich w ill c o n tin u e e n tire ly se p a ra te and
in d e p e n d e n t in th e m a n u fa ctu re a n d sale o f th e ir o u tp u t.
T h e v a lid ity o f
th e p a te n ts Is a c k n o w le d g e d b y th e o th e r c o m p a n ie s , a n d th e A tla s a grees
t o assign th e m to th e n ew c o r p o r a tio n , w h ic h is to lice n se th e o th e r p r o d u c ­
in g co m p a n ie s o n th e b a sis o f su b s ta n tia l r o y a ltie s.
I t is s ta te d th a t u n d e r
th e se p a te n ts p ro d u ce rs o f v ir tu a lly a d r e c o g n iz e d b ra n d s o f c e m e n t w ill
a lso b e a d m itte d as licen sees.
T h e p la n is e x p e c te d g r e a tly t o b en efit th e
c e m e n t tr a d e , w h ic h h as b e e n in ra th e r a d e m o r a liz e d c o n d itio n fo r sev era l
y e a rs p a st.
T h e n ew N o rth A m e r ic a n P o r tla n d C em en t C o. w ill im m e d ia te ly begin
th e co n stru ctio n o f five d iffe re n t p la n ts , lo c a t e d in th e S o u th , o n th e sea­
b o a r d a n d in th e W e s t. T h e n ew c o m p a n y is a p a te n t-h o ld in g a n d m a n u ­
fa ctu rin g c o r p o r a tio n , fo u n d e d o n ra th e r u nu su al lin e s, and th e s ix o ld
c o m p a n ie s jo in in 's u b s c r ib in g t o its c a p ita l s t o c k , $ 1 0 ,0 0 0 ,0 0 0 o f w h ich is
a u th o riz e d .
A b o u t $ 5 ,0 0 0 ,0 0 0 o f th is w ill b e issu ed in th e n ear fu tu r e fo r
th e co n stru ctio n o f fiv e p la n ts.
T h e s ix co m p a n ie s in v o lv e d in th e a g re e ­
m e n t w ill su b s crib e t o th e n ew s to c k in p r o p o r tio n t o th e ir p re se n t p r o d u c ­
tio n .
T h e re w ill, h o w e v e r , b e n o re g u la tio n o f th e p r o d u c t io n o f e a ch c o m ­
p a n y ; ea ch c o m p a n y w ill b e fre e t o m a r k e t w h a te v e r p r o d u c t it c a n .
It is
b e lie v e d th e fo r m a tio n o f th e n ew c o m p a n y is w ell w ith in th e a n ti-tr u s t
reg u la tion s.

Northern Connecticut Light <&Power Co— Bonds Offered.—
Baker, Ayling & Co., 50 Congress St., Boston, are offering
at 101 and interest $100,000 first mortgage 5% sinking
fund bonds, non taxable in Connecticut, dated Dec. 1 1906,
due Dec. 1 1946. Interest payable June 1 and Dec. 1 at
Connecticut Trust & Safe Deposit Co., trustee, Hartford,
Conn. A circular says in substance:
T h e c o m p a n y o w n s th e W in d s o r L o c k s E le c tr ic L ig h tin g C o ., th e E n fie ld
E le ctric L ig h t & P o w e r C o. a n d a gas fra n ch ise in th e sa m e p la ce s s e r v e d
b y th e e le ctric lig h t co m p a n ie s (all p e rp e tu a l fr a n c h is e s ). S erv es e x c lu s iv e ­
ly W in d s o r L o c k s , E n fie ld , T h o m p s o n v ille , W a re h o u se P o in t a n d B ro a d
B r o o k , a n d b y a g re e m e n t w ith th e H a r tfo r d G as L ig h t C o. th e g a s d e p a r t­
m e n t w ill serv e th e to w n s o f W in d s o r a n d S o u th W in d s o r .
T o t a l p o p u la ­
t io n , o v e r 2 0 .0 0 0 .
A ll in d e b te d n e ss o f th e c o n s titu e n t co m p a n ie s w ill
b e re tire d and th e b o n d s h erein offe re d w ill b e se cu re d b y an a b s o lu te first
m o r tg a g e . T h e ea rn in gs fo r th e y e a r e n d in g O c t. 31 1906 w e re : G ross
$ 2 9 ,7 5 6 : n e t, $ 1 4 ,0 4 5 ; In terest o n b o n d s n o w o ffe r e d , $ 5 ,0 0 0 ; su rp lu s,
$ 9 ,0 4 5 .
Capitalization .— C o m m o n s t o c k , $ 1 5 0 ,0 0 0 ; p re fe rre d s to c k , $ 1 5 0 ,0 0 0
(p ar o f sh ares, $ 1 0 0 ); b o n d s a u th o r iz e d , $ 3 5 0 ,0 0 0 ; b o n d s issu e d , S I 0 0 ,0 0 0 .
B a la n ce o f b o n d s c a n o n ly b e ce rtifie d as fo llo w s : F o r e v e r y $ 1 ,4 0 0 e x p e n d e d
o n new c o n s tr u c tio n , $ 1 ,0 0 0 b o n d m a y b e issu ed p r o v id e d th e n e t ea rn in gs
fo r six m o n th s are eq u a l t o a t le a st 1 lA tim es th e In terest o n b o n d s o u t ­
sta n d in g an d th o s e p r o p o s e d t o b e Issued. T h e p re se n t m a n a g e m e n t has
alrea d y in v e ste d in th e p r o p e r ty o v e r $ 5 0 ,0 0 0 a b o v e th e p resen t b o n d issue
o f $ 1 0 0 ,0 0 0 , a n d p la n s h a v e a lre a d y b e e n p e r fe c te d fo r a d d itio n a l in v e s t­
m en ts.
S in k in g fu n d , b e g in n in g D e c. 1 1 9 1 1 , a n a m o u n t e q u a l t o 1 %
o f th e o u tsta n d in g b o n d s t o b e in v e s te d in th e se b o n d s a t 110 or less.
If
th e y c a n n o t b e p u rch a se d a t th is p r ic e , th e tru ste e m a y a t its d iscre tio n
eith er b u y th ese b o n d s a t a h ig h er p rice o r in v e st in b o n d s le g a l fo r C o n ­
n e c tic u t sa v in g s b a n k s.
T h e tw o co m p a n ie s co m p ris in g th e e le c tr ic lig h t d e p a r tm e n t h a v e b e e n
in su ccessfu l o p e r a tio n a b o u t fo u r te e n y e a rs.
E ith e r c o m p a n y a lo n e earns
m o r e th a n th e en tire b o n d in te re st. T h e W in d s o r L o c k s C o. secu res th e
g re a te r p a rt o f its p o w e r (a b o u t 250 h .-p .) from th e W in d s o r L o c k s Canal
(C o n n e cticu t R iv e r p o w e r) u n d e r a 9 9 9 -y e a r c o n t r a c t a t a sm all ren ta l.
T h e r e is a lso a n a u x ilia r y stea m p la n t.
A n ew stea m p la n t is b ein g c o n ­
str u c te d a n d th e E n field p la n t w ill b e d is m a n tle d a n d u sed as a s u b -s ta tio n .
T h e sa v in g w ill, it is t h o u g h t , b e la rg e .
T h e b u sin ess o f th e o ld c o m p a n ie s

E n la r g e m e n t — S u c c e s s o r

that

Paclfi*

Pfister & Vogel Leather Co., Milwaukee.— ATew S t o c k .—
This company on Nov. 7 filed at Madison, W is., a certificate
of increase of authorized capital stock from $4,500,000, of
which $500,000 was preferred (5% cumulative) to $6,000,000^
consisting of $5,000,000 common and $1,000,000 preferred.
(Compare V. 79, p. 625.) An officer writes:
T h e n ew s to c k is to b e su b s crib e d fo r a n d issued as n eed ed b y o rd e r o f
th e * b o a rd o f d ire cto rs.
T his is a clo s e c o r p o r a tio n a n d th e s to c k is n o t orr
th e m a rk e t.
W e fo u n d th e in crea se t o b e n ecessa ry on a c c o u n t o f a s o m e ­
w h a t la rg er v o lu m e o f bu sin ess a n d also o n a c c o u n t o f th e in crea sed v a lu e
o f m a te ria ls.
[O fficers: F r e d . V ogel J r ., P resid en t: C has. F . P fister, V ic e P re sid e n t: A u g . H . V o g e l. 2d V ic e -P r e s id e n t an d S e cre ta ry ; A u g . C. H e lm h o lz , T rea su rer; G u id o C. V o g e l, G en eral M an ager.
T an n ers a n d cu rriers
a n d sellin g a g e n ts fo r W estern L e a th e r C o. a n d U n ite d S ta te s G lu e C o.
b o th o f M ilw a u k e e , W is .— E d .] V . 8 1 , p . 558.

Pillsbury-Washburn Flour Mills Co.— R e p o r t . — The “ Lon­
don Financial News” of Nov. 20 had the following:
T h e n e t p ro fits fo r th e y e a r e n d in g A u g . 31 a m o u n t t o £ 9 2 ,4 9 6 , a n d
a fte r p a y in g th e in te re st on th e d e b e n tu re s th ere rem a in s a b a la n ce o f
£ 4 2 ,5 7 6 , w h ic h it is p ro p o s e d t o d ea l w ith in th e fo llo w in g m a n n e r: O n *
y e a r ’ s d iv id e n d on th e 8 % c u m u la tiv e p re fe re n ce sh a res, £ 4 0 ,0 0 0 , t o a d d
t o g e n e ra l r e se r v e , £ 2 ,5 7 6 .
T h e e x p e c ta tio n th a t th e y e a r u n d er r e v ie w
w o u ld g iv e s a tis fa c to r y resu lts has n o t b een fu lfille d : fo r , a lth o u g h d u rin g
th e e a r ly p a rt o f th e y e a r th e p rofits w ere v e r y e n c o u r a g in g , in th e s u c­
ce e d in g eig h t m o n th s , o w in g t o a d e clin in g w h e a t m a rk et , t o th e a b se n ce
o f fo r e ig n tr a d e , a n d t o th e co n se q u e n t e x c e s s iv e ly k een c o m p e t it io n , n o
p ro fit o f im p o r ta n ce on m illin g c o u ld b e m a d e , a n d th e resu lts fo r t h o
en tire p e r io d c a n o n ly b e co n sid e re d as d is a p p o in tin g .
T h e grea t a d d it io h
t o th e c o m p a n y ’ s w a te r p o w e r , m a d e so m e y e a rs s in ce b y th e e r e c tio n
o f th e lo w e r d a m a n d e le c t r ic p o w e r -h o u s e , has p r o v e d s a tis fa c to r y , a n d
as a t th e p resen t tim e th e re is an in cre a se d d e m a n d fo r m o re p o w e r th a n
th e c o m p a n y is a b le t o s u p p ly , it has b een co n sid e re d d e sira b le t o m a k p
so m e fu rth e r e x te n sio n s.
W o r k has th e re fo re b een c o m m e n ce d to w a r d s
th e e r e c tio n o f an a d d itio n a l d a m a n d p o w e r-h o u se o n H e n n e p in I s la n d
(w h ic h is o w n e d b y th e c o m p a n y ), a n d w ill, it is h o p e d b e c o m p le te d
w ith in th e cu rre n t fisca l y e a r .— V . 8 1 , p . 1853.

Potter Ore Co., Birmingham. Ala.— G u a r a n te e d B o n d I s s u e ,
— This company, incorporated in November last, with &
nominal capital stock of $2,000, has increased its stock te>
$800,000 (par of shares $100) and has made a mortgage to
the Birmingham (Ala.) Trust •& Savings Co., as trustee, to
secure an issue of $700,000 first mortgage 25-year 5%
sinking fund bonds of $1,000 each, dated Dec. 1, which will
be guaranteed jointly, principal and interest, by the Tennes­
see Coal, Iron & RR . Co. (V. 83, p. 973) and the Republic
Iron & Steel Co. Interest payable at Hanover National
Bank, New York City. As consideration for the property,
Mark L. Potter, of Brookhm, it is understood, receives th«
entire issue of bonds and $100,000 in cash. F. H. Crockard
is President and L. Hoover Secretary of the Potter Ore Co.
The “ Engineering & Mining Journal” of Oct. 27 says:
T h e P o tte r p ro p e rtie s a re fr o m 12 t o 14 m iles so u th o f B irm in g h a m , a n d
c o n sist o f 1,800 a cre s, u n d e rla id b y red ores t o an a m o u n t exceeding*
6 0 ,0 0 0 ,0 0 0 to n s .
T h e T en n essee a n d R e p u b lic c o m p a n ie s h a v e beefc
ta k in g ore fr o m lea sed m in es o n th ese la n d s fo r so m e t im e . T h e ores are
co n sid e re d a m o n g th e m o s t d e sira b le in th e R e d M ou n ta in D is tr ic t, ca rry in g
su fficie n t lim e t o b e p r a c tic a lly s e lf-flu x in g . T h e y ru n a b o u t 3 8 % in iro©
a n d fr o m 14 t o 1 6 % in lim e.

1>BC. 8 1 9 0 b . |

THE CHRONICLE.

E ailw ay Steel Spring C o.— Application to List. — The com ­
pan y has applied to the New \ ork Stock E xchange for au­
th ority to Lst the §4,362,000 first m ortgage 5% sinking fund
bon ds of 1921.— V. 82, p. 508, 513.
R epu blic Iron & Steel C o.— Guaranteed Bonds.— See P otter
• re C o., a b o v e .— V. 83, p. 1293, 1040.
Sears, R oebuck & C o., C h ica g o.— Application to List .—
The New Y ork Stock E xchange has been requested to list
the $10,000,000 of 7 % cum ulative preferred and $30,000,000
toram on sto ck .— V. 83, p. S95, 629.
Sloss-Sheffield Steel & Iron C o.— Preferred Dividend.—
The executive com m ittee o f the board o f directors has recom ­
m ended the paym ent of an annual dividend of 7 % on the
preferred stock during the year 1907, to be distributed quar­
terly on the usual dates, Jan. 2, April 1, July 1 and O ct. 1.—
▼. 83, p . 629.
Tennessee Coal, Iron & R a ilro a d C o .— Guaranteed Bonds.—
•ee P otter Ore C o., a b o v e .— V. 83, p . 1294, 973.
T exas Com pany (Oil), B eaum ont, T e x .— Increase of Capital
Stock.— This com pany recently increased its capital stock
from $6,000,000 to $12,000,000 and the new shares have all
been underwritten
by
a New
Y ork syndicate at
$125 a share (parSlO O), and the underw riting is now 10%
paid. The proceeds will be used to enlarge the refinery at
Port Neches and to build 480 miles of 8-inch pipe line, with
um ping stations and steel tankage, in order to pipe oil from
ndian T erritory to H um ble, T e x . From that poin t the oil
will be sent via the com p a n y ’ s existing pipe lines to its re­
fineries at P ort A rthur, 90 miles distant, and P ort Neches
near B eaum ont, 70 miles. The tw o refineries have a ca­
p acity of 6,000 barrels of oil d aily. No bonds . Last May
♦he old board of directors was re-elected as follow s:

J

Jo h n W . G ates. Lewis H . L apham , A rnold S chlaet, J. S. C ullinan, J. L.
A u try , T . J. Donnoerhue, C. P . D odge, W . T . L em an and R . C. H olm es.
O fficers: J. S. C ullinan. P resident; A rnold S chlaet, V ice-President; J. L.
A u try , S ecretary. C om pare V*. 78. p. 101.

1 4 1T

Wilkes Barre (Pa.) Gas & Electric Co.— New Directors.—
Gen. C. B . D ougherty and W . H . C onyngham , both of
W ilkes Barre, P a ., have recently been elected directors of
the com p an y, the full board at present being as follow s:
Gen. C. 11. D ougherty, J. N. T hom pson and W . H. C onyngham . all of
Wilkes Barre; R . I.. Forrest. H. S. Graham, G. B. Llnnard and F. II.
Shelton, all o f Philadelphia: C. C. Cuyler and P. G. Gosslcr. New Y o rk .—
T he officers remain unchanged.

Description of Plant.— See “ E lectrical W o rld ”
Y ork for N ov. 2 4 .— V. 82, p. 285.

of

New

Worcester (Mass.) Brewing Co.— Status.— This West
Virginia in corporation, recently referred to (V . 83, p. 973),
filed the follow ing in M assachusetts on O ct. 11 1906:
Assets (5750,358)—
I L ia b ilitie s (5750,358) —
Real estate____ 5330,0001Capital stock.. ........................ .........................5308,888
M achinery, &c............ ............... 150,000 | A ccounts p a y ab le .......
43,597
Cash and debts receivable. - 167.297 Funded d e b t________
141,008
Floating d eb t_______________
87,06*
Materials. & c................... 70,939
M erch a n d ise__________
32,122
I Prollt and loss______________ 178.S95

— In an advertisem ent elsewhere in this issue, Messrs.
P otter, Choate & Prentice., H anover Bank B uilding, this
city , discuss the relative merits o f railroad bon d s versus
guaranteed real estate m ortgages. The contention o f the
banking firm is that railroad bonds are better investm ents
at the present time than guaranteed m ortgages. A fter
elucidating their p oin t, the bankers offer investors what they
describe as “ a 4 % 50-year term inal b o n d , gu aranteed ,both
principal and interest, b y endorsem ent on each b on d , sep­
arately and collectively, b y tw o railroads whose com bined
surplus earnings (not capital) am ount to m ore than nine
times the par value of the terminal bon d s outstanding,
and more than 238 times the interest charges upon the
sam e.” The advertisem ent will be found on the ad ver­
tising page opposite our tabular presentation of bank
clearings.

— Attention is called to the statem ent of The L iverpool
Rolling Stock.— The com p an y recently ordered 275 steel
& L ondon & Globe Insurance Com pany appearing on another
■nderfram e tank cars o f 8,000 gallons ca p a city, weighing
page. The com pan y nam ed is no new applicant for the
$0,000 lb s., and 25 steel underfram e tank cars of 12,000
patronage of the Am erican people. It has been with us for
gallons cap acity, weighing 100,000 lb s., for Septem ber to
nearly sixty years, and has satisfied its obligations steadily
N ovem ber 1907 delivery.— V . 83, p. 973.
in times of disaster as in tim es of prosperity. The San Fran­
T oled o (O.) Shipbuilding Co .— First Dividend.— This com ­ cisco loss was m et b y drafts upon its hom e offiee in E ngland.
pany, organized late in 1905, under the laws of M aine, has In past years it has built up large reserves to meet extraor­
declared a first annual dividend o f 7 % on the capital stock of dinary em ergencies, and has accordingly been prepared t«
$1,100,000. The com p a n y, it is stated, will extend its plant m eet its engagements under the severest strain. It will be
as soon as practicable, having b ou ght 200 feet m ore p rop ­ seen that the funds o f the United States branch are p rac­
e rty . giving it 1,100 feet o f river fron tage. Compare V . 81, tically undiminished and a handsom e surplus of $5,217,p. 1615.
199 59 is shown.
T renton (N. J .) W ater C o.— No Bidders.— The entire $200,— A nnouncem ent is m ade in our advertising colum ns of
•00 stock of this com pany (par o f shares $100) was offered at
the dissolution of the bon d firm o f H . C. Barroll & C om pany,
auction in W ilm ington D el., on D ec. 3 b y R eceiver George
Chicago, and the organization of the firm of Clark L . P oole
W harton P epper, of the B ay State Gas C o .,b u t no bidders
& C om pany as its successor, with offices in the Chicago First
appeared, although the auctioneer called for bids at SI ashare.
National Bank B uilding. Mr. Barroll retires from active
— V. 83, p. 1294.
participation in the business to look after pine-land interests
U nited States Steel C orporation .— Increase in Wages.— on the Pacific coast. Mr. P oole has been in the b on d bu si­
The com pany on N ov. 23 issued the follow ing announcem ent ness for 12 years, w ith Barroll & C o., T h om pson, T enney &
w hich, it is said, applies to abou t 68,000 em ployees who are Crawford and M ason, Lewis & Co. Edw ard C. Cronwall, the
alassed as general laborers, including those who did n ot other partner, was for several years associated with Duke M.
participate in the advance given the steel workers r e c e n tly
Farson & Co. and has been a partner of Barroll & Co. since
Com m on labor a t th e m an u factu rin g p lan ts of th e subsidiary com panies
•f th e U nited S tates Steel C orporation will be increased 10 cents per day, the organization of the firm tw o years ago.
•om m encing Ja n . 1 1907; and day an d tu rn labor will be ad ju sted accord­
— The bond house o f Coffin & Com pany announces the
ingly. N otices to th is eflect will be posted by th e respective com panies rem oval of its New Y ork office from 25 Pine Street to 34
ab o u t Dee, l 1900.— V. 83. p. 1360, 1123.
Pine Street, second floor
The telephone call num bers
U nited Steamship C o., Jersey C ity .— Bonds Offered.— The 6100-1-2-3-4-5 John remain unchanged. The firm ’s other
D etroit Trust Co. offers at par and interest the unsold $200,- offices are at 35 Congress Street, B oston , and 421 Chestnut
000 of the $350,000 authorized issue of first m ortgage serial Street, P hilad elp h ia,w h ere they are represented b y Charles
•»% gold coupon bonds of $1,000 each, dated July 2 1906. Francis Coffin.
Interest payable Jan. 1 and July 1. B oth principal and
— W m . A. C. E w en, 2 W all Street, a bon d expert, offers
interest payable at the D etroit Trust C o., trustee, or the
First National B ank, New Y ork . P repaym ent of bonds his services to investors seeking safe investm ents at better
m ay be m ade at 102 and accrued interest on any interest than a 4 % yield; see advertisem ent with heading “ Are
Bonds C h e a p ? ” in another colum n. Mr. Ewen has a rail­
p aym en t date.
T he bonds will be secured by th e tw o steel steam ships “ S a n ta M arla" road bon d to yield 5 % to w hich he invites the attention of
a n d “ S an ta R ita;” length 430 feet, beam 43 feet 7 Inches, d e p th 33 feet, investors.
»*nnage 5.270 gross. 3,860 net. T otal bond Issue, S350.000, m aturing
•535,000 annually to Ju ly 1916. T o tal Insurance carried, 5600,000.
— Charles W . W ood s, who resigned on the ls t inst. as
B eth of th e vessels were b u ilt In 1902 by th e A m erican Shipbuilding Co.
at a cost of 5876.000. T hey were purchased by P resident Hill and asso­ manager of the b on d departm ent o f the Union Trust C om ­
ciates from th e ow ners and rem odeled Into oil ta n k steam ers a t a cost of pany of P ittsburgh, has becom e associated with the P itts­
5230.000. T he boats have been chartered to th e U nion Oil Co. of San burgh banking and brokerage house of Childs & Childs,
F rancisco for ten years a t a price w hich will tak e care of th e bonds as th ey
m atu re , and Interest on th e sam e, and yield “ satisfacto ry dividends” to taking charge o f its b on d departm ent.
th e U nited S team shln Co. P resid en t, A rth u r H ill, Saginaw , M ichigan;
— A new Chicago bon d house is that o f G eo. M. Seward <fc
S ecretary , Jam es Jerom e, San Francisco, Cal.
W ell3, F argo & C o., E xpress .—Offer for Minority Stock .— C o., suite 625, S tock E xchange B uilding. Their specialties
R.OS3, R eed & Charles. 66 B roadw ay, New Y ork , attorneys will be high-grade m unicipal and corporation securities.
for the m inority stockholders in the recent negotiations with Mr. Seward has for several years been associated with
the com p an y, have written to a num ber of the holders of A . C. Frost & C om pany.
— Spencer jTrask & Com pany o f this city will open a.
m inority stock asking them if they will accept an offer from
Kuhn, Loeb & Co. to purchase their stock at 300 per share, branch office in T ro}7 on the second floor o f the National
the price at which W alter C. Stokes & Co. sold out some State Bank building under H . G. M cE w an ’s m anagem ent.
weeks ago. The offer, it is supposed, is m ade on behalf o f Mr. McEwan has been Cashier of the firm 's A lban y office for
the Harriman interests for the purpose of giving them co m ­ several years.
plete co n tro l.— V. 83, p. 434,329.
— Simm ons & Slade have form ed a new co-partnership,
W estern P ow er Co. of New J e rse y . — Bond Issue of Con­ with the addition of C. H E llingw ood, late o f C. II E llingtrolled Company.— See Great W estern Power Co. a b o v e .— w ood & Co. The firm name will be continued as Simm ons
T . 83, p . 499, 973.
& Slade, with offices at 5 Nassau Street, H anover Bank
W estingh ou se Machine C o.— New Stock— Purchase.— The Building.
shareholders will vote D ec. 10 upon purchasing the Nernst
— Nathan M. Flow er, o f the New Y ork Stock E xchan ge
Lam p Co. from George W estinghouse for not exceeding $3,- firm o f Flower & C o., died on the ls t inst. after a short ill­
•00,000 in par value of W estinghouse Machine s to c k .— V. 82, ness. He was th irty-tw o years of age, and had been a nnvn• . 121S.
ber o f the E xchange since 1900.

1418
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lw

THE CHRONICLE.

V O L . L X X X iil,

COTTON

( ^ o m x n e x c m l

CO M M E RCIA L E P IT O M E .
Friday Night, Dec. 7 1906.
Business a ctiv ity w h ich ap p aren tly eclipses all form er
record s con tin u es, and w ith it there is a m aintenan ce of
prices an d, n ot u nn atu rally, o f the p rosp erity in w h ich all
sections o f the co u n try share. M anufacturing p rod u cts
are in m any cases sold ahead w ell in to n e x t y ea r, wages h a ve
been a d v a n ced , and in the iron in d u stry con su m p tion seems
to overlap even an u n preceden ted p ro d u ctio n and to necessi­
tate im p ortation s.
Stocks of M erchandise.

D ec. 1
1906.

Nov. 1
1906.

D ec. 1
1905.

4,788
4,534
5,200
Lard ______
tierces
15.000
4,352
3,538
C o co a ___________________
bags
C offee, B ra zil____________________________ bags 2,916,367 2,982,843 3,799,461
87,809
11 5,011
105.500
C offee, J a v a __________
m ats
315,392
337,585
350.500
C offee, o t h e r ___________________________ '.bags
24.000
S u g a r __________
hogsheads
none
none
1,250,000
none
S u g a r ______________________________ bags, &c.
none
6,900
1,500
3,000
H ides _____________________________________ N o.
213,460
91 ,289
123,038
C o t t o n ______________________* ------------ - .bales
40,952
24,131
39,277
R o s in ___ . . . ____________ _____________barrels
1,711
1,213
1,401
Spirits turpen tin e______________________ barrels
1,090
885
433
T a r __________________________ _______ . .barrels
4
500
750
S altpetre _________________
bags
16,394
40,017
9,679
M anila h em p ________________
bales
498
1,991
2,491
Sisal h e m p . ____________
bales
89,600
92,000
F lour ___________________..b a rre ls and sacks

L A R D on the sp o t has been dull and easier, ow in g to in ­
creased offerings and an absence o f a ctiv e b u y in g . City
is q u oted at 8 % c . and W estern at 8 .9 5 @ 9 .0 5 c .
R efined
lard has also been easier, ow in g to the dulness o f trade and
larger offerings. L ard futures a t th e W est h a ve a d va n ced
w ith trading a ctiv e .
D A I L Y C L O S IN G P R IC E S O F L A R D F U T U R E S IN C H IC A G O .
Sat.
M on.
Tues.
Wed.
Thurs.
F r i.
8.62 y2 8.60
8.60
8.65
8.65
D ecem ber d e liv e ry _____ 8.67
January d e liv e r y .'._____ 8.50
8.45 " 8 .4 7 K
8.50
8.65
8.65
M ay d e liv e ry __________ .8 .4 ? M
8.47J4
8.50
8.55
8.70
8.70

P O R K on the sp ot has been fa irly a ctiv e w ith mess easier
and oth er grades u n ch an ged. Mess $17 5 0 @ $ 1 8 50, clear
$17 5 0 @ $ 1 9 and fa m ily $17 7 5 @ $ 1 8 75. Cut m eats have
been in fair dem and and generally ste a d y , th ou gh bellies
h ave declin ed . P ick led shoulders 8 c ., pick led ham s 1 2 @
123djc., and p ick led bellies, 1 4 @ 1 0 1 b s ., 1 0 C £ @ H M c .
B eef
has been qu iet and stea d y . Mess $8 5 0 @ $ 9 50, p a ck e t
$10 5 0 @ $ 1 1 , fa m ily $ 1 3 @ $ 1 4 and ex tra In d ia m ess $19.
T a llow has been dull and easier; C ity 6 c. Stearines have
been dull and n om in al. B utter has a d va n ced on light re­
ceipts and supplies; cream ery, extras, 3 1 3 ^ @ 3 2 c. Cheese
has been fairly a ctive and firm er; State fa cto ry 1434c. E ggs
h ave been qu iet and firmer; W estern firsts, 35c.
O I L .— C ottonseed has been qu iet and firm; prim e sum m er
y ellow 4 3 @ 4 4 c . Linseed has been fa irly a ctiv e for this stage
o f the season. P rices fo r seed have d eclined slig h tly , b u t
the m arket for oil rem ains firm
C ity, ra w , A m erican seed,
4 2 @ 4 3 c .; b oiled 4 3 @ 4 4 c ., and C alcu tta, ra w , 70c. Lard
has been dull and som ew h at easier, b u t w ith ou t q u ota b le
change; prim e 7 8 @ 8 0 c .
O live has been quiet and steady;
y ellow 6 4 @ 6 8 c ., green 5 8 @ 6 0 c .
C O F F E E on th e sp ot has been dull and easy. R io N o. 7,
7 @ 7 J ^ c ., and Santos N o. 4, 8^gc. W est In d ia grow ths
have been qu iet and steady; fair to g o o d C ucu ta, 8 ^ g @ 9 ^ s c .
T he m arket for future con tra cts has declined sh arp ly, ow ing
to a v iolen t fall in th e H avre and H a m b u rg m ark ets, h ea v y
liq u id a tion b y tired h olders, selling for a decline b y local
traders, larger receipts at the Brazilian ports and a lack of
su p p ort. F oreign and W all Street houses have sold h ea vily.
T he closing prices were as follow s:
D e c e m b e r ______ 5 .5 5 c .| A p r il_______________5.9 5c.
Ja n u a ry _________ 5.6 5c. IM ay _____________ 6.05c.
F e b r u a r y ________ 5.7 5c. |Ju n e______________ 6.10c.
M a r c h . _________ 5.8 5c. |Ju ly _____________ 6.20c.

|A u g u s t _________ 6.25c.
|S e p t e m b e r _____ 6.30c.
1O cto b e r_________ 6.40c.
|N o v em b er________ 6.45c.

S U G A R .— R a w has been qu iet and stead y. Centrifugal
96-degrees test, 3 27 -3 2 c.; m u sco v a d o , 89-degrees test,*
3 l l - 3 2 c . , and m olasses 89-degrees test, 3 3-32c. R efin ed has
been m ore activ e and stead y; granulated 4 .70c.
T O B A C C O .— T he m arket fo r d om estic leaf continues on ly
m od erately a ctiv e , the con d ition s usually prevailing at this
tim e o f the year. Prices, h ow ev er, rem ain generally firm ,
w ith som e grades show ing an upw ard ten d en cy . D ark
to b a c c o is selling at a b ou t $1 to $1 50 per 100 lbs. m ore than
at this tim e last y ea r, ow ing p a rtly to an a ctiv e dem an d ,
b u t also becau se th e y ield was sm aller than the average.
H avan a has been firm w ith trade fairly a ctiv e.
P E T R O L E U M has been firm th ou gh som ew h at less a ctiv e .
R efin ed , barrels, 7 .5 0 c.; b u lk , 4 .4 0 c; and cases, 10c.
N aphtha has been fa irly a ctiv e and firm ; 7 5 @ 7 6 degrees
18c. in 100-gallon drum s. Gasoline has been a ctiv e and
firm; 89 degrees 21c. in 100-gallon drum s. Spirits o f tu r­
pentine has been less a ctive and easy at 6 9 J 4 @ 7 0 c . R osin
has been fairly a ctiv e and steady at $4 20.
C O P P E R has been m ore a ctive and firm; lake 22J^@ 23c.;
electroly tic 22ys @ 2 2 % c . L ead has been m ore a ctiv e and
firm at 6 @ 6 3 4 c . Spelter has been a ctiv e and stron g at
6 ^ @ 6 .5 5 c .
T in has been qu iet and easier; Straits 4 2.95c.
Iron has been a ctive and firm . N o 1 N orthern $ 2 5 @ $ 2 6 50;
N o. 2 Southern $ 2 3 @ $ 2 6 .

Friday Night, Dec. 7 1906.
T H E M O V E M E N T O F T H E C R O P as in d ica ted b y ou r
telegram s from the Sou th to -n ig h t is given b elow . F or
th e w eek ending this evening the total receipts h ave reached
431,459 bales, against 390,838 bales last w eek and 410,623
bales the p reviou s w eek , m aking the total receipts since
the 1st o f Septem ber 1906 4,696,656 bales, against 4,336,915
bales fo r the sam e p eriod o f 1905, show ing an increase
since S eptem ber 1906 o f 359,741 bales.
Receipts at—
G a lv e s to n ______
F ort A r t h u r ____
C orpusC hristl, &c
New O rleans____
M obile _________
Pensacola _ . _
Jacksonville, &c.
Savannah
____
B r u n s w ic k _____
C h a r le s to n ___
G e o r g e to w n ____
W ilm in g t o n ____
N o r fo lk ______
N ew portN ew s,& c
New Y o r k ______
B oston _____ _
B a ltim o r e ______
P h ilad elp h ia____
T otals this w eek .

Sat.

M on.

Tues.

Wed.

22,556

27,347
7,579

32,291

19,689
10,088

25,478

11,432
1,525

21,857
3,631

15,178
3,226

15,881
529

14,912

10,530

14,015

20,891
3,123
12,950
235
7,136

1,016

1,817

1,644

437

1,342

808
3,645

.3,634
6,775

1 ,777
5,511

4,492
6,075

4,024
5,924

247
1,054

0
1,194

166
1,056

142
1,418

310
1,135

__

50
57,245

12,535

76

50

50

74,874

86,726

67,208

—

84,370

F r i.

Thurs.

Total.

17,352 144,713
17,667
2,941
2,941
14,830 100,069
874 12,908
12,950
214
449
8,720 67,848
3,987
3,987
8,534
2,278
2,615
4,109
746
40
487
1,843

17,350
32,039
746
845
6,344
1,843
226

—

61,036 431,459

T he follow in g show s the w e e k ’s to ta l receip ts, the tota l
since Sept. 1 1906, and the stock s to -n ig h t, com p ared w ith
last year:
1906.
R eceipts to
D ec. 7.

Since
week.

1905.

Since Sep
1 1906.

This
week.

G alv eston .
144,713 1,849,841
P t. A rth ur, &c__ 17,667
55,503
18,414
Corpus Christ!,&c
2,941
956,806
N ew O rleans____ 100,069
___
133,720
12,908
M obile
P ensacola
12,950
Jacksonville, &c
2,926
449
Savannah
881,292
67,848
B runswick
3,987
88,248
8,534
102,188
Charleston G eorgetow n , &c_
521
W ilm ington ____ 17,350
231,350
282,622
N orfolk .
32,039
N ew portN ew s, &c
746
6,402
N ew Y o r k ___
845
2,685
B oston _
6,344
8,717
B a l t i m o r e .___
1,843
17,598
P h ila d e lp h ia ____
226
2,085
T o ta l___. . .

Stock.

Since Sep
1 1905.

86,013 1,479,491
6,484
45,313
7,389
22,143
67,447
693,136
147,680
8,869
60,131
5,011
6,417
589
53,815
963,607
78,380
7,623
132,981
4,389
424
10,950
245,873
30,686
402,391
987
8,768
735
1,303
5,458
22,413
4,092
24,744
175
1,720

1906.

1905.

438,484

249,079

. 298,705
56,562

362,207
56,008

166,881
19,906
17,027

169,521
24,900
52,277

29,702
54,572
1,034
134,735
4,491
12,132
4,055

21,766
73,076
227,034
3,439
14,635
4,609

431,459 4,696,656 300,712 4,336,915 1,238,286 1,258,551

In order th at com parison m a y b e m ad e w ith oth er years,
we give b elow the tota ls a t leading p orts for six seasons:
1905.

Receipts at—-

1906.

G alveston, &c
New Orleans
M obile . .
Savannah ___
Charleston, &c
W ilm in g’n,&c.
N o r f o l k _____
N ’ p ort N ., &c
A ll others____

165,321
100,069
12,908
67,848
8,534
17,350
32,039
746
26.644

99,886
67,447
8,869
53.815
4 ,389
10,950
30,686
987
23,683

1904.

1903.

113,276
110,690
13,471
60,662
5,332
7,024
24.875
268
46.897

110,285
92,285
8,690
46.915
5.708
14,404
20,195
297
26,571

1902.
59,558
76.917
10,624
45,882
6,611
8.166
19.525
569
24.533

1901.
97,362
92,102
6,625
46.839
16,117
8.653
15,843
1,063
20,035

300,712
382,495
T otal this w k .
431,459
325,350
252,385
304,639
Since Sept. 1. 4,696,656 4,336,915 4,970,257 4,349,369 4,131,009 4.014,584

T he ex p orts for the w eek ending this evening reach a
to ta l o f 303,871 bales, o f w h ich 123,080 were to Great B ritain ,
22,524 to F rance and 158,267 to. the rest o f the C on tin ent.
B elow are the exp orts for the w eek and since Sept. 1 1906:
Week ending Dec. 1 1906.
Exported to—
Exports
from—

Great
[ ContiBritain. Frav.ce\ nenl.

G alveston___ 52,962 12,943 40,885
Port Arthur__
7,579 __ 10,088
Corp.Christi.&c _____ i JSs! _____
26 18.319
New Orleans.- 38,897
M obile_______ ___
9.153
___ __ 12,950
Pensacola___
___ __
Femandina__
100
Savannah ___ 11.S04 8.454 33.1S6
____
B runsw ick __
6,468
___ - - - C harleston__
—
13,781
Wilmington—
----Newport News
New York___
Batimore .
Philadelphia . .
Portland, M e..
San FranciscoSeattle ______
T acom a--------Portland, Ore.
P em bina_____
Detroit_______
Total

2,632 1,101
1,557
755 __
426 ____
_____ ____
___ ____
___ ____
___ ____
_____
-----

____
----

Total.

Great
Conti­
Britain. France. nent.

106,790
17,667

681,659 177.432
17,694

57,24?
9,153
12,950
100
53,444
6,468

279,354 125.S23
15,846 15.376
24,435 11,200

13,781

72.211 6.000
2,367
1.717
91,853 16,857
44,772
35,158
1.303
22,340

___

___

5,258
2,739
2,723

S.901
4,296
3 ,47S
426

1.061
6,970
1,054
_

1.061
6,970
1.054

___
___

From Sept. 1 1906 to Dec 7 1906.
Exported to—•

—

94.574 32,716
37,222

___

1,062

Total.

40S.317 1.267,408
36,909
54,603
1.547
1,547
220,330 625,507
18,546
49,768
63,092
27.457
100
100
342,478 469,768
57,073
19,851
18,063
18,063
122,197 200,408
2,161
4,528
1.717
78,916 187,629
53,296
8,524
68,014
31,553
____ 22,340
_ ______
21.83S
21,838
18.013
18,013
5,881
5,881
____ ______
963
963
1,062

------- 123,080 22,524 158,267 303.871 1,422,264 386,707 1.383,644 3,192,615

Total 1905. - 163,811 30.889 85,834 280.534 1.212.710 400,009 1,124.611 2,737.330

In ad d ition to a b o v e e x p o rts, our telegram s to-n ig h t also
g ive us the follow in g a m ou n ts o f co tto n on sh ip board , n ot
cleared, at the ports n a m ed .W e add sim ilar figures for
New Y o rk .

D e c . 8 1906. |

F U T U R E S .— T he h ig h est, low est and closing prices a t

On S hipboard, N ot Cleared fo r—
Great i
Britain. France

D ec. 7 at—

Ger­
Other
man i/. Foreign

Coastirise.

Leaving
stock.

Total.

N ew Y o rk the past week have been as follow s:
o

%

New O rlea n s. .
G a lv e s t o n -----Savan nah . . . .
C h arleston ____
M o b ile ________
N o r f o l k -------N ew Y o r k __
O ther p o r ts ___

10.147
81.683
10,000
9,264
_ .I
2,000
18,000

T ota l 1 9 0 6 .. 131,094
T o ta l 1905 - 125.777
T ota l 1904 - 78.390

18.121
37,878
8,000

17,349
28.660
2,500

4,600
_ ___
1,500
5,000

2,700

21.216
6.167
3,300
_____
____ _

2,600
12,000

3.000
8,000

.....

___

.....

75.099 65,809
42,126 65,751
43,328 107,950

349 67.182
11 .006 165,394
4 .300 28.100
3.000
3.000
1 .363 17.927
30,639 30.639
9.100
43.000
—

231.523
273,090
138.781
14 .027
38.635
23.933
125.635
28,320

50,657 364 .34 2
50,603 320.732
23,348 291,560

41,683
36.475
38,544

873.944
937.819
726,088

T he speculation in cotton for future delivery during the
week has been very m o d era te, and prices on th e whole have
declined, m ainly because of increased receipts, the issuance
of notices for som e 2 0 ,0 0 0 bales for D ecem ber delivery and
som e fear th at the ginning report b y the G ov ern m en t, which
w as first announced to appear on Saturday and then on
M o n d a y , m ight be bearish in ten or.
M oreover, there has
been considerable scattered liquidation of long accounts
in the evening-up of business preparatory to receiving not
on ly the ginning report next M onday bu t the G overnm ent
crop report next T u e sd a y .
B esides, there has been some
persistent and h ea v y pressure on the m arket at tim es, sup­
posed to be from W a ll Street interests selling for short ac­
cou n t.
T he weather during the w eek appears to have been
in the m ain favorable for m o vin g the crop, and the to ta l
brou ght into sight is expect ed to exceed som e of the estim ates
earlier in the w eek, a n d , in fa c t, to reach a large aggregate.
A t tim es prices have rallied on the strength of the sp ot situ ­
ation at the S o u th , where the better grades still com m and
high prem ium s and where the dem and b o th for dom estic
and foreign account seem s to h ave continued on a large
scale.
Some N ew E n glan d m ills are said to be im porting
E g y p tia n som ew h at m ore freely th an usual this year.
Southern sp ot prices rem ain far above the parity of N ew
Y o r k “ fu tu re s,” and in N ew Orleans “ fu tures” have also
been m uch above the N ew Y o r k lev e l, especialty on D ecem ­
ber.
F urtherm ore, the spot business at Liverpool has la t­
terly increased m a teria lly , and th e reports in regard to the
cotton goods business of Lancashire h ave been very fa v o r­
able.
T he Continental advices w ith reference to cotton
fabrics have also appeared to reveal an excellent condition
of the trade.
A s the tim e has approach ed, how ever, for
the issuance of the report on the ginning b y the Census B u ­
reau on the 10th in st. and the crop estim ate b y the Bureau
of Agriculture on the 11th in s t ., th e tendency has been for
the speculation to shrink to very sm all proportions, owing
to the un certain ty as to w h at these tw o reports will state
and a disposition to hold aloof until this m atter is cleared up.
T o -d a y there was a decline, ow ing to a fall in L iverpool
and n ot a little selling for Liverpool and Southern accou n t,
as well as som e general liqu id a tio n , partly on stop orders.
Before the close, how ever, part of the loss was recovered
on covering of shorts.
Sp ot cotton has been quiet during
the w eek.
M iddling uplands closed at 1 0 .9 5 c ., against
1 1 .4 0 c . a week a g o , showing a loss of 45 p o in ts.
The rates on and off m iddlin g, as established N o v . 21 190 6
b y the R evision C om m ittee, a t which grades other than
m iddling m a y be delivered on con tra ct, are as follow s:
Fair ................. _c. 2.00 on Strict low m id__ cO.14 off
Strict mid. fair
1.75 on Fully low m id_____ 0.32 off
Middling fair.........1.50 on Low middling_____ 0.50 off
Barely mid. fair
1.25 on Barely low m id____0.70 off
Strict good m id .. 1.00 on Strict good ord___ 0.90 off
Fully good m id-_. 0.88 on 1Fully good ord__ 1.07 off
Good middling
0.76 on Good ordinary___ 1.25 off
Barely good mid-_ 0.57 on Strict g’d mid. tgd_ 0.30 on
Strict middling__ 0.38 on Good mid- tinged. Even
Middling.................
Basis Strict mid. tinged. 0.06 off

Middling tinged.e_ 0.12 off
Strict low mid. ting 0.46 off
Low mid. tinged-. 0.90 off
Strict g'd ord. ting. 1.25 off
Fully mid. stained 0.42 off
Middling stained-. 0.50 off
Barely mid. stained 0.78 off
Strict low m. stain 1.50 off
Fully 1. m. stained 1.75 off
Low mid. stained. 2.00 off

On this basis the official prices for a few of the grades for
the past week w ould be as follow s:
Sat.

M on .

Tues.

W ed .

Thurs.

G ood O rd in a ry ____ _______
L o w M iddlin g_____________
M id d lin g __________________
G ood M id d lin g ______ ___
M iddling F air.
________

10.00
10.75
1 1.25
12.01
12.75

9.75
10.50
1 1.00
11 .76
12.50

9.75
10.50
1 1.00
11.76
12.50

9.75
20.50
I 1.00
11.76
12.50

9.75
10.50
1 1.00
11.76
12.50

9.70
10.45
10.95
1 1.71
12.45

GULF.
G ood O rd in a ry ___________
L ow M iddling ______
M iddling
__________
G ood M id d lin g ___________
M iddling F a ir................... ..

10.25
11.00
1 1.50
12.26
13.00

10.00
10.75
1 1.25
12.01
12.75

10.00
10.75
I 1.25
12.01
12.75

10.00
10.75
1 1.25
12.01
12.75

10.00
10.75
1 1.25
12.01
12.75

9.95
10.70
1 1.20
1 1.96
12.70

S T A IN E D .
L o w M id d lin g .__ _________
M iddling _
. __
Strict L ow Mid. T in g e d . .
G ood M iddling T in g e d ____

9.25
10.75
10.79
11.25

9.00
10.50
10.54
11.00

9.00
10.50
10.54
11.00

9.00
10.50
10.54
11.00

9.00
10.50
10.54
11.00

8.95
10.45
10.49
10.95

UPLANDS.

M ARKET AND

SALES AT

NEW

Spot M arket
Closed.

T o ta l.

Futures
M arkt't

<’losed.

Q uiet, ir» pts. d e c . . S t e a d y ..
Q uiet. 25 pts. d e c .. S t e a d y ..
Q u i e t ............ ...... ...... Barely steady
Q uiet
__ V ery steady.
Quiet
____S te a d y .............

' ConCon- 1
{E xport sum ’n. tract. Total.

I
25

700

^
|
1

1
1

a
1
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1
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903

13,600 13,600
100
125

228 14,400 14,628

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o*1

T H E V I S I B L E S U P P L Y O F C O T T O N to -n ig h t, as m ade
up b y cable and teleg rap h , is as follow s.
Foreign sto ck s, as
well as the aflo a t, are this w eek 's retu rns, and con sequently
all foreign figures are brou gh t dow n to T h u rsd a y even in g.
B u t to m ake the to ta l the com plete figures for to -n ig h t
(F r id a y ), we add the item of exp orts from the U n ited S ta te s,
including in it the exp orts of F riday o n ly .
1906.
522,000
8,000
36,000

1905.
807,000
16,000
43,000

1904.
599,000
15,000
27,000

1903.
408,000
8,000
4 2 ,000

T o ta l G reat Britain s t o c k .......... 566,000
11,000
S tock a t H a m b u rg -----------------219,000
S tock at B r e m e n -------------------S tock at A n t w e r p ----------------. 118,000
S tock at H a v r e ______________
3,000
S tock at M arseilles___________
6,000
S tock at B a r c e lo n a __________
63,000
S tock at G en oa _______________
1,000
S tock at T r ie s t e ---------------------

866,000
13,000
308,000
177,000
2,000
7,000
29,000
2,000

641,000
19,000
289,000
4,000
150,000
3,000
11,000
20 ,000
5,000

4 5 8,00 0
12,000
140,000
5,000
169,000
2,000
32,000
22,000
2,000

421,000
421

538,000

501,000

384,000

987,000 1,404,000 1,142,000
T ota l E uropean s to c k s ________
27,000
75,000
87,000
India cotton afloat fo r E u r o p e ._
893,000
671 ,000
A m erican c o tto n afloat fo r E u rope: 966,785
58,000
53,000
E g y p t Brazil, &c.,a float for E u ropei 116,000
172,000
157,000
195,000
S tock in A lexa n d ria , E g y p t ___
260,000
370,000
481,000
S tock 1n B o m b a y , I n d i a ______
S tock in T7. S. p o r t s ______________ 11 ,238,286 1,258,551 1,017,648
774,056
702,965
641 ,357
S tock In U . S. Interior to w n s .
34,409
64,180
62,958
U. S. ex p orts t o -d a y --------------

84 2,00 0
35,000
903,000
77 ,000
182,000
129,000
995,081
534,659
30,511

Decem ber 7—
S tock a t L iv e r p o o l ________ ba les.
S tock at L on d on _________________
S tock a t M a n ch e ste r _____________

T o ta l C ontinental s t o c k s _______

4,6 64,38 6 4,866.696 4,378,113 3.688,251
in and oth er d escription s are as follow s:
A m erican—
545.000
698.000
L iverp ool s t o c k ____________bales . 440.000
23,000
37,000
29 .000
M anchester s t o c k . --------------------502,000
447,000
.
376,000
Continental s t o c k ---------------- ------893,000
671 .000
Am erican afloat for E u r o p e -------- . 966.785
U . S. port s t o c k s ------------ ------------- 1 ,238.286 1 ,258,551 1 ,017.648
702.965
774,056
U. S. Interior s to ck s .......... ............. . 641.357
34,409
64,180
62.958
U. S. ex p orts t o -d a y ................. .........
62,958

327,000
36.000
349,000
903,000
955,081
534.659
30.511

3,754,386 3,933,696 3,734,113 3.135,251
T ota l A m e r ic a n ---------------East Indian. B razil, A c .—
81 ,000
54,000
82.000
109,000
L iverpool s t o c k -------- --------8,000
15,000
16,000
8 .000
Lon don .stock . ---------------- 6.000
4 ,000
6,000
7.000
M anchester s t o c k . ...................
54
.000
35.000
36.000
45.000
G ontlncntal s t o c k . .................
35.000
27,000
75,000
87.000
India afloat for E u ro p e . —
77.000
58 .000
53.000
E g y p t, Brazil. A c .. a flo a t............... 11 6.000
182,000
172.000
157,000
1 95 .000
S tock In A lexa n dria , E g y p t —
1 29 .000
260 .000
481,000
370,000
S tock In B o m b a y , In d ia ............
T ota l East Tndla, Ac_
T ota l A m e r ic a n --------

YORK.

203

Co
c*

a w ? Q s ’i
o P 1 o p
o p
s. 3 l S 3
s. 3

Fri.

Sales o f Spot and Contract.

S a tu rd a y . .
M onday. .
T u esda y
W ed n esd a y
T h ursday
F rid a y .

1419

T H E CHRONICLE

553.000
664 .000
. . . . 910,000
933,000
..........3.754.386 3.933.690 3,734.1 13 3.135.251

T ota l visible s u p p l y ..................... 4,664.386 4,8 06,69 6 4,378.113 3.688.251
6.68d.
6.4 2d.
4 .1 9 d .
M iddling U p la n d , L iv e r p o o l..........
5.96d.
8.1 0c.
12 .40c.
12.60c.
M iddling U pland . New Y o r k -----10.95c.
8
13-16d.
8
1-16(1.
8
8b
d
.
E g y p t. G ood B row n, L iv e rp o o l.
10 Mid.
O.OOd.
9 .5 0 d .
10.50d.
P eru v ian . R ou gh G o o d . L iverpool
8.95(1.
6 \\d .
4 H (1.
5 Bid.
B roach . F ine, L iv e r p o o l..
---------5%<\.
6K d.
TInneveily. Good, Liverpool. —
5 9-lfld. 5 11 - 16d. 4 7-16(1.

Continental im ports past week have been 2 1 4 ,0 0 0 bales.
T he above figures for 1906 show an increase over last week
of 3 0 9 ,3 5 5 b a les, a loss of 2 0 2 ,3 1 0 bales from 1 90 5, an
excess of 2 8 6 ,2 7 3 bales over 1904 and a gain o f# 9 7 6 ,1 3 5
over 1903.

1420

THE CHRONICLE

AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year—is set out
in detail below.

|V O L . L X X X IU ,

Q U O T A T IO N S

FOR

M ID D L IN G

COTTON

AT

O TH ER

M A R K E T S . — B e lo w a re th e c lo sin g q u o t a t io n s o f m id d lin g
cotton

at

S ou th ern

and

oth er

p rin cip a l c o tto n

m a r k e ts for

each d a y of the w eek:
C losin g Q u otations fo r M id d lin g C otton on

D ec. 7.

S a t’ d a y ,

M o n d a y . T uesda y, W ed 'd a y. Thu rsd 'y. F rid a y .

G a lv e s to n ______
N ew O r le a n s___
M o b i l e ____ . . .
S a v a n n a h ____
C h a rle s to n .
W ilm in g t o n ____
N o r f o l k ________
B o s t o n ___ __
B a l t i m o r e ______
P h ila d e lp h ia ___
A u g u s t a . _______
M em p h is _ ____
S t. L o u is ___ __
H o u s to n
. _
L itt le R o c k ____

11%
n%
10%
10 %
10%
10%
11 %
11.40
11%
11.50
11 %
10 15-16
11%
11 %
10%

11
11
10%
10%
10% @ %
10%
11%
11.25
11%
11.25
11
10 13-16
11
10%
10%

10%
10%
10 11-16
10%
10 % @ %
10%
11
11.00
11 %
11.25
11
10 11-16
11
10 11-16
10 5-16

10%
10%
10%
10%
10% @ %
10%
10%
11.00
11%
11.25
11
10 15-16
11
10 13-16
10 5-16

10%
10%
10%
10%
10%
10%
10%
11.00
11 %
11.25
11
10 15-16
11
10 11-16
10 7-16

10 %
10%
10%
10 7-16
10%
10%
10%
11.00
11.00
11.20
11
10%
11
10%
10 7-16

T h e c lo sin g q u o t a t i o n s t o - d a y (F r i d a y ) a t o th e r i m p o r t a n t
S o u th e rn m a r k e ts w ere as fo llo w s:
A t l a n t a ___
___10 % 1M o n t g o m e r y ______ 1 0 % 1R a l e i g h _____
____ 11
C o lu m b u s, G a ._
1 0 % N a sh v ille ............... -10 % 1S h r e v e p o r t ___ . . . - 1 0 %
boiobscoooowcotNSr-icoyiooo^^*—
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G o o 3 C o c D 0 3 C O o o o t ' o c o a 3 C o c o c o o c o c o o r o > - ‘ i-‘ COcocncocofOH-it—‘ cnoo

Sat' d a y ,
D e c . 1.

M o n d a y , T uesda y, W e d 'd a y , Thursd'y,
D e c . 5.
D e c . 6.
D e c . 3.
D e c . 4.

F rid a y ,
D e c . 7.

^

D ecem b er—
R a n g e _______
C lo s in g _______
J a n u a ry—
R a n g e _______
C lo s in g . ____
M arch—■
R a n g e . _______
C l o s i n g ______
M ay—
R a n g e _______
C l o s i n g - ___
J u ly —
R a n g e _______
C lo sin g . ____
T on e—
S pot . . . . . .
O p t i o n s ______

1 0 .7 6 -.8 4 1 0 .4 1 -.6 0 1 0 .3 1 -.5 7 10 .4 5-.55 1 0 .5 0 -.6 3 1 0 .3 9 -.5 0
1 0 .80-.81 1 0 .4 1 -.4 2 10.40 — 10 .5 7-.58 10.48-.50 10.49 —
1 0 .7 5 -.8 7 1 0 .3 7 -.5 6 1 0 .3 2 -.5 3 1 0 .3 7 -.5 3 1 0 .4 3 -.6 1 1 0 .3 1 -.4 4
1 0 .7 6 -.7 7 1 0 .3 8 -.3 9 1 0 .3 4 -.3 5 10.53 — 1 0 .4 3 -.4 4 1 0 .4 2 -.4 3
1 0 .8 5 -.9 7 1 0 .4 6 -.6 0 1 0 .4 2 -.6 3 1 0 .4 7 -.6 2 1 0 .5 3 -.7 0 1 0 .4 0 -.5 4
1 0 .8 6 -.8 7 1 0 .4 7 -.4 8 1 0 .4 4 -.4 5 10 .62 — 1 0 .5 3 -.5 4 1 0 .5 2 -.5 3
11.00-.01 10.62-.81 1 0 .5 8 -.7 6 1 0 .6 3 -.7 7 1 0 .6 7 -.8 2 1 0 .5 3 -.6 6
11.01 -.02 1 0 .6 3 -.6 4 10 .6 0 -.6 1 1 0 .7 6 -.7 7 1 0 .6 7 -.6 8 1 0 .6 5 -.6 6
—
16 1 0 .7 7 -.9 5 10 .8 3 -.9 1 1 0 .S 2 -.8 3 — id? — 1 0 .6 9 -.7 4
1 1 .1 4 -.1 6 1 0 .7 4 -.7 6 10.71 — 1 0 .8 8 -.8 9 1 0 .7 9 -.8 0 1 0 .7 7 -.7 8
S te a d y .
S te a d y .

E asy.
S te a d y .

E a sy .
S te a d y .

S te a d y .
F irm .

S te a d y .
Q u iet.

S te a d y .
Q u iet.

s 2 Co

®§s

^§0.£5 7£

WEATHER REPORTS BY TELEGRAPH.—Our ad­
vices this evening by telegraph indicate that, with quite
C000Cn03 4^4i4^C0C0O‘Cn—iC0C0O*vICc>-it04^4i.t0OOt000C0C0C0OCni
generally favorable weather during the week, picking, where
43
not already completed, has made good progress, and that
The above totals show that the interior stocks have in­ the movement of the crop to market has been on a liberal
creased, during the week 34,124 bales, and are to-night scale.
61,608 bales less than at the same period last year. The
Galveston, Texas. —There has been rain on one day of the
receipts at all the towns have been 110,454 bales more than week, to the extent of ten hundredths of an inch. The ther­
the same week last year.
mometer has ranged from 64 to 76, averaging 72.
Abilene, Texas. —Rain has fallen on one day of the week,
to the extent of ten hundredths of an inch. Average ther­
OVERLAND MOVEMENT FOR THE WEEK AND mometer 57, highest 78, lowest 36.
SINCE SEPT. 1.—We give below a statement showing
Palestine, Texas. —We have had no rain the past week.
the overland movement for the week and since Sept. 1, The thermometer has averaged 58, the highest being 78 and
as made up from telegraphic reports Friday night. The the lowest 38.
results for the week and since Sept. 1 in the last two years
Taylor, Texas. —There has been rain on one day during
are as follows:
„
the week’, the precipitation being one hundredth of an inch.
-----------i 1906--------- -----------1L905---------The thermometer has averaged 59, ranging from 38 to 80.
D ecem b er 7 —
S in ce
S in ce
Fort Worth, Texas. —Rain has fallen lightly on one day of
S h ip p ed —
W eek .
S ep t. 1.
W eek .
S ep t. 1.
V ta S t. L o u is - __ __________ . _ -3 6 ,2 1 0
2 1 2 ,5S4
2 6 ,4 3 4
16 0,85 0
the week, the rainfall reaching four hundredths of an inch.
_ _ _ _ _15 121
V ia C airo
. ______
66,721
10 ,626
7 0 ,3 6 5 The thermometer has ranged from 3G to 78, averaging 57.
V ia R o c k I s l a n d ___ __
-_ 2 ,9 2 7
11,302
2,4 6 4
16,101
V ia L o u isv ille _
_ _______ _ 6 ,2 9 6
Corpus Christi, Texas. —Dry all the week. Average ther­
26 ,941
3,5 81
3 1 ,5 5 6
V ia C in c in n a ti. ____ __ _ - - 1,862
16,001
3 ,2 8 0
18 ,9 4 5 mometer 64, highest 76, lowest 52.
V ia o th e r r o u te s , & c . . - _
_ 1 5 ,0 9 8
9 7 ,9 7 8
18 ,276
6 4 ,4 7 5
San Antonio, Texas. —Rain has fallen on one day during
T o ta l gross o v e r la n d
___ - .7 7 ,5 1 4
4 3 1 ,5 8 7
62 ,661
3 6 2 ,2 9 2
the
week, to the extent of one hundredth of an inch. The
D ed u ct sh ip m en ts—
O v e rla n d to N . Y . , B o s t o n , & c_
9,2 5 8
31 ,085
10,460
5 0 ,1 8 0 thermometer has averaged 60, the highest being 76 and the
B etw e e n in te r io r to w n s . . _
248
_ - 3,9 67
20 ,8 6 4
7 ,2 6 8
lowest 44.
In la n d , & c ., fr o m S o u th
___ - - 1,987
130
15 ,5 1 8
16,277
New Orleans, Louisiana. —There has been rain on one day
T o ta l t o be d e d u c t e d ________ - 15 ,212
67 ,4 6 7
10 ,838
7 3 ,7 2 5
of the week, the rainfall reaching forty-two hundredths of
an inch. Average thermometer 67.
L e a v in g to ta l n e t o v e r la n d a
_ 6 2 ,3 0 2
3 6 4,12 0
53 ,8 2 3
28 8,56 7
Vicksburg. M ississippi. —Dry all the week. The ther­
a I n c lu d in g m o v e m e n t b y ra il t o C an ad a.
mometer has ranged from 42 to 79. averaging 65.
Helena, Arkansas. —Good picking weather. It has
The foregoing shows the week’s net overland movement
this year has been 62,202 bales, against 53,823 bales for the rained on one day during the week, to the extent of one inch
week last year, and that .for the season to date the ag­ and seventeen hundredths. The thermometer has averaged
gregate net overland exhibits an increase over a year ago 57.5. the highest being 76 and the lowest 35.
of 75,553 bales.
Little Rock, Arkansas. —Picking is nearing completion in
some sections and cotton is being marketed very freely. We
-1 9 0 6 -1 9 0 5 S in ce
S in ce
have had very light rain the past week, the precipitation
In Sight and S p in n ers' T a kin g s
W eek
S ep t 1
S ep t 1
W eek
reaching two hundredths of an inch. The thermometer has
R e c e ip ts a t p o rts to D e c . 7 ________ -4 3 1 ,4 5 9 4 ,6 9 6 ,6 5 6
3 0 0,71 2 4 ,3 3 6 ,9 1 5
_ 62 ,302
3 6 4,12 0
53 ,8 2 3
2 8 8,56 7 averaged 53, ranging from 32 to 74.
. 47 ,0 0 0
6 5 8,00 0
4 6 ,0 0 0
6 5 1 ,0 0 0
Memphis, Tennessee.—Picking and marketing are making
.5 4 0 ,7 6 1 5 ,7 1 8 ,7 7 6
4 0 0 ,5 3 5 5 ,2 7 6 ,4 8 2
good
progress. There has been rain on one day of the week,
In te r io r sto ck s in e x c e s s .
_ 34 .1 2 4
545,081
35 ,5 7 6
5 6 7,78 8
to the extent of ten hundredths of an inch. The thermo­
C am e in to sig h t d u rin g w e e k ______5
.5 7 4,88
4 ,8 855
43 6,11 1
meter has ranged from 39.8 to 70.7, averaging 54.
T o ta l in sig h t D e c . 7 ________
6 ,2 6 3 ,8 5 7
5 ,8 4 4 ,2 7 0
Nashville, Tennessee.—There has been rain the past week,
N o r th e rn s p in n e rs’ ta k in g s to D e c . 7 8 9 ,4 3 4
8 0 7 ,8 5 2
10 3,51 9
9 3 7 ,5 8 2
the rainfall reaching fifty-six hundredths of an inch. Aver­
age thermometer 49, highest 69 and lowest 28.
M o v e m e n t in to s ig h t in p r e v io u s y e a rs :
Mobile, Alabama . — Cotton picking is about completed.
iT cclc
B a les.
S in ce S ep t. 1 —
B a les.
1 9 04— D e c . 9 _______________ 4 9 5,45 4 1 9 04— D e c .
9_
We have had only a trace of rain the past week. The ther­
_____ 6 ,6 5 8 ,2 7 0
1903— D e c . 1 1 _______________ 4 6 6.28 4 1903— D e c . 11 . .
_____ 5 .7 7 5 ,4 5 0
mometer has averaged 65, the highest being 78 and the low1 9 02— D e c. 1 2 _________________3 3 6,10 4 1 9 02— D e c . 1 2 ..
_____ 5 ,7 0 5 ,3 9 0
1 9 0 1 — D e c . 1 3 ------------------------- 43 3,50 5 1901— D e c . 1 3 -.
____ 5,571 ,061 : est 50
CO o

CJI t o *vl O t o C3 0 1 c o Ch 4^ O'-' CJI C3 O O 4i- CO c o >-* c o M 4i» l\3 t o 03 t o

i t s 3 C 0 4 i .c n

t o CO 4^ O

o c n o c n to c n to s -ic o

co o
c o C3 ^.1 CO 03 CO 03 t-* 03 f-1 - CO “si t\3 N W o tN3 03 CR
O'-, t o © CR ‘ I—1 lO i—1 QO t\S l\J *<J I
03 - d C 3 O C O 0 ) 4 . M C i Q G 0 C n 00 0 3 < l O 4 3 > - C 0 C 0 C n 0 3 C 0 C 0 C 0 C n 4 ^ C n t s 3 O C 0 t s 3 C 0 !

1421

THE CHRONICLE.

D e c . S 1906. J

W ORLD'S SUPPLY AND TAKINGS OF COTTON.
has been no rain during
The
following brief but comprehensive statement indicatesthe week. The thermometer has averaged 60, ranging from
at
a
glance the world's supply of cotton for the week and
41 to 74.
since
Sept. 1, for the last two seasons, from all sources from
S e l m a , A l a b a m a .— We have had rain on one day during
which
statistics are obtainable; also the takings, or amount
the week, to the extent of twenty-five hundredths of an inch.
gone
out
of sight, for the like periods:
The thermometer has ranged from 35 to 77, averaging 55
M a d i s o n , F l o r i d a .— No rain during the week.
Average
1905.
1906.
thermometer 58, highest 75, lowest 41.
Cotton T akings.
A u g u s t a , G e o r g i a .— Very little cotton remains to be
II <i
S eason .
W eek a n d Season.
W eek .
S ea son .
picked in this section. There has been rain on one day dur­
4,077.474
4,355,031
supply N ov. 30 ____ ing the week, the precipitation reaching twenty-eight hun­ Visible
2,545,470
1 ,784.156 _ _
Visible supply Sept. 1 . . . . . .
574,885 6,263,857
dredths of an inch. The thermometer has averaged 55, the American in slglu to Dee. 7
430,1 1 1 5.844,270
321,000
303,000
92,000
82,000
Bombay receipts to Dec. 6
highest being 74 and the lowest 34.
63,000
67 ,000
5,000
Other India shlp’ ts to Dec. 6 __
3,000
C h a r le s t o n . S o u th C a r o l i n a .— Dry all the week.
Average Alexandria receipts to Dec. 5__
364 ,400
47,000
457,000
24,700
150,000
137,000
13,000
12.000
Other supply to Dec^ 5
thermometer 59. highest 75, lowest 34.
G r e e n w o o d , S o u th C a r o l i n a .— There has been no rain the
Total supply_________________ 5,073,916 9,008,013 5,248,285 9,292,140
past week. The thermometer has averaged 52, the highest
D ed u ct —
being 61 and the lowest 43.
Visible supply Dec. 7. — ........... 4,664,380 4,664,386 4,866,696 4,866,696
S t a te b u r g , S o u th C a r o l i n a .— We have had no rain the past
409,530 4,343,627
381,589 4,425,444
takings to Dee. 7 ___
week. The thermometer has averaged 56.5, ranging from Total
336,530 3,407,627
296,889 3,549,044
Of which A m erican-.
936,000
73,000
876,400
Of which other.
84.70C
___________
32 to 72.
C h a r lo tt e , N o r t h C a r o l i n a .— There has been no rain during
a Embraces receipts In Europe from Brazil, Smyrna, W est Indies, Ac.
the week. Average thermometer 52, highest 70 and lowest
35.
COTTON CULTIVATION IN THE CONGO FREE
The following statement we have also received by tele­ STATE.— The Department of Commerce and Labor in its
graph, showing the height of rivers at the points named daily bulletin of Dec. 6 had the following:
at 8 a. m. of the dates given:
Consul-General li. W . Dlederich, o f Antwerp, summarizes the results
M o n t g o m e r y , A l a b a m a .— There

D e c . 7 1006.

New O rlean s......... ........ A bove zero
M em p h is______________ A bove zero
N ash ville______________ A bove zero
Shreveport._____________A bove zero
V ic k s b u r g _____________A bove zero

of
of
of
of
of

gauge.
gauge.
gauge.
gauge.
gauge.

D e c . 8 1905.

13.3
21.7
9.5
1.3
36.9

5.0
18.5
20.6
12.7
15.9

IN D IA COTTON MOVEMENT FROM ALL PORTS.The receipts of cotton at Bombay and the shipments from all
India ports for the week and for the season from Sept. 1 for
three years have been as follows:
D ecem ber 6.
R eceip ts at —

B om bay__ __

W eek .

82.000

S in ce
S ep t. 1.

S in ce
S e p t. 1.

W eek .

Bom bay—
1906_____ ___ _
1905_______
1904____________
Calcutta—
1906_______ ____
1905____________
1904 _
Madras—
1906____________
1905____________
1904 _ _ _ _ ____
All others—
1906____________
1905___ ______
1904_____ ______
Total all—
1906____________
1905 ___ ______
1904........... ..........

Great
B ritain .
1,000

3,000

C on ti­
nen t.

69,000

S in ce
S ep t. 1.

306,000

S in ce S ep tem b er 1.
Great
B r ita in .

Total.

C o n ti­
n en t.

22,000

5,000
13,000

3,000

2,000

i ,666

1,000
2,0 00

16,000
19,000
3,000

17,000

1,666
2,0 00

3,666

3,666

1,000

3,000
3,000

3,000
4 ,000

--m

6,000

6,0 00

1,000

19,000
23,000
14,000

20,000
27,000
14,000

2,0 00

4,000

9,000
20,000
2,0 00

T ota l.

156,000
•126,000
17,000

161,000
139,000
19,000

12,000

7,000
5.000

13,000
9,000
5,000

6,0 00

14.000

7,000
15,000

6,000

6,0 00

41.000
39,000
33,000

43,000
43,000
33,000

215,000
186,000
61,000

224,000
206,000
63,000

2.0 00
1,000
1 ,000

4,000

W eek .

321.000

92,000

303,000

For the W eek .
W.+ports fro m —

1904.

1905.

1906.

to date of the cultivation o f cotton In the Congo Free State, In which the
Government has for some time been actively engaged. He says:
“ This not only includes native cotton, which is found in dlllerent re­
gions of the Free State, but also the introduction and cultivation of foreign
cotton. Experiments have been made with the best known varieties,
such as those of New Orleans, Georgia, Sea Island, Peru and upper and
lower Egypt. The first trials were made to ascertain the pecullarltie.s o f
each species, the best time to plant, the particular care required for the
culture and harvesting of cotton, and also to determine the varieties best
adapted to the soil and climate with regard to quality and larger yield.
The results of such experiments are being reported to the Congo cotton
planters. The Free State Government has brought out cotton pickers
and presses of different patterns for the preparation and baling of the
cotton for exportation. It has, furthermore, engaged the services of a
practical American cotton planter, with a view to placing under his direc­
tion the management of its vast plantations. The iirst crop o f cotton
made in the year 1904 came from experiment plantations in the lower Congo.
Samples were submitted to experts who found the quality excellent.
Among the varieties produced, the Egyptian, grown In the district of
Kalaruu In the month of May, was quoted at the highest price, viz., 48
cents per kilogram (2 1-5 pounds); other varieties, such as that o f New
Orleans, cultivated under the same conditions, was quoted at 26 to 34 cents
per kilogram. A sample of native cotton from Maiumbe, harvested without
any particular care by the natives, was quoted at 26 cents per kilogram.
This product resembles the Indian cotton which is used for coarse manu­
factures. In the upper Congo plantations have been laid out, especially
in the upper Ituri district, where the climate and soil seem to be particu­
larly favorable to the cotton plant. Contrary to the conditions In other
countries, the wooded districts there arc not favorable for the cultivation
o f cotton. The moist atmosphere and the constant rains which prevail
in that part o f the Free State territory are most unfavorable, not so much
to the growth of the cotton plant as to its maturing, harvesting and shipping
to market. The Botanical Garden of Eala, situated in the equatorial dis­
trict, is chiefly devoted to the gathering, selection and distribution o f cotton
seeds. This establishment already is in a position to supply all demands
made for seeds. Nevertheless, the Government continues to Import the
seeds of the best known varieties. N ot long ago the attention of the
Governor of the Free State was drawn to the fact that the native chiefs
would derive great advantages from the cultivation of the cotton plant,
Inasmuch as it has become acclimatized in all the regions, especially in the
lower Congo, and the natives there are now familiar with its culture.”

NEW Y O R K QUOTATIONS FOR 32 YEAR S.
The quotations for middling upland at New York on
Dec. 7 for each of the past 32 years have been as follows:
1906 c __ . . . 10.95
1905____
1904____ . . . 8.00
1903. __ --..12.50
1902____ .... 8.50
1901____
8.37
1900____ --.1 0 .1 2
1899____ . . . 7.68

1898-c _____
1897_______
1896_______
1895_______
1894_______
1893____ _
1892______
1891_______

5.62|1890.C____
5.8811889______
7.56 11888______
8.37|1887______
5.75 |1886______
7.8811885______
9 .5 6 |1884______
8.06 ] 1883-------

9.44|1882.c____ -10.37
.10.2511881_____ .12.00
. 9.88 1880______ -12.00
.10.50 11879_____ .13.25
9 .4 4 |1878_____
9.06
. 9.37 11877 ____ -11.50
_10.8611876-_ -12.12
_10.56|1875______ . _1 3.19

According to the foregoing, Bombay appears to show a
compared with last year in the week's receipts of
10.000 bales. Exports from all India ports record a loss of
COTTON GROW ING IN CENTRAL AFRICA.— From
7.000 bales during the week and since Sept. 1 show an
the
daily bulletin of the Department of Commerce and
in c r e a s e of 18,000 bales.
Labor of Dec. 6 we have the following:
COTTON CROP ESTIM ATES.— Estimates on the cotton
In British Central A frica, according to particulars given In the annual
crop of 1906-07, in addition to those given last week, have report of the Commissioner of the Protectorate, the quantity of cotton ex­
ported in the last financial year was 776,600 pounds, as compared with
been made by Cotton Exchanges and firms as follows:
285,200 pounds in the preceding year. Experimental parcels were first
d ecrea se

L iv erp o o l. — The average estimate of the members of the Cotton Exchange
Is 12,443,000 bales.
Messrs. A tw ood, Violett & C o.’ s estimate is 12,500,006 bales, and not
11.666.871 bales, as stated last week.
Messrs. E. F. Hutton <& Co. expect 12,490,300 bales.
The Gulf Ports Trading Co. estimates it at 12.365,000 bales.
Mr. \Y. P. Brown of New Orleans estimates the crop at 12,340.000 bales.
Messrs. Well Bros., Montgomery, Ala., submit a maximum estimate of
12.650.000 bales.

produced in 1901-02. The area cultivated contracted in the year from
21,900 to 10,000 acres, which represents the elimination of the unprofitable
plantations. The marketable quality of the fiber is said to be high, some
parcels bringing as much as 18 cents per pound, as against an average o f
from 14 to 17 cents obtained for Egyptian and American sorts.

A L E X A N D R IA RECEIPTS AND SHIPMENTS. OF
COTTON.— Through arrangements made with Messrs.
Choremi, Benaehi & Co., of Liverpool and Alexandria, we
COTTON CONSUMPTION AND OVERLAND MOVE­ now receive a weekly cable of the movements of cotton at
MENT TO DEC. 1.— Below’ we present a synopsis of the crop Alexandria, Egypt. The following are the receipts and
movement for the month of November and the three months shipments for the past week and for the corresponding week
of the previous two years:
ended Nov. 30 for three years:
1905.

1906.
236,000
357,777
200,971
301 ,818
1 .743.075
4,265,197
2,886,083
1 .150,131
708,418
611,000
31 .606
-

-

-

-

-

-

-

-

10,121
2,368,003
5,688.972
521.65
409.15

188
295
148
233
1 581
3 099
997
2 ,428
T ,296
818
598

241 515
324
376 164
432
216 200
171
335 827
402
308 1,680 301
367 4,483 666
015 1.1 60 518
959 3,144 828
967 162
O30
802 067
180
509 000
000

26 840
24 883
3 406
110
•t 694
15 037
o 106 179 2,318 5 I0
h .359 469 6,023 493
391 7,533 348
11,319 ,860 13,556 84 1
520.48
51 "1.74
498.01
493.32

A le x a n d r ia , K g y p t,
D ec. 5.
R eceip ts (cantars a) —

This week ............... ..........
Since Sept. 1 ___ . __

1906.

1905.

1904.

360,000
3,430,304

185,000
2,734,570

284,006
2.776,333

S in ce
T h is
S in ce ! T h is
w eek . S ep t. 1. w eek. S ep t. 1.
E x v o rts (hales) —

To
To
To
To

Liverpool - .
Manchester _
Continent .
Am erica................. ......

■
9.500 93,230 i 4.000
6.500 60,148 6,500
106,227 13.500
____ 13.382 ! 2.500

S i i

Gross overland for N ovem ber_____bales.
Gross overland for 3 m onths....... .............. _
Net overland for N ovem ber_____________
Net overland for 3 months ........................
Port receipts In N ovem ber______________
Port receipts in 3 m o n th s.......... .............
Exports In N ovem ber............. .............. ......
Exports In 3 months ...................................
Port stocks on Nov. 3 0 ................................
Northern spinners’ takings to Dec. 1__ __
Southern consumption to Dec. 1 ...............
Overland to Canada for 3 months (ineluded In net ov erla n d )__ . . . . . . __
Burnt North and South In 3 m onths____
Stock at North. Interior m ark’ts Dec. 1.
Came In sight during N ovem ber...............
Amount of crop In sight Dec. 1 .................
Came In sight balance of season...............
Total c r o p ............... ......... .......................
Average gross weight of bales........... .......
Average net weight of bales....... .............. ..

1904.

78.077 10.506
54,310 8.750
96,873 9.750
22,327 4 .000

S in ce
S ep t. 1.

85,377
47,762
02,932
16,712

Total e x p o r ts ________ 31 ,500 281 .096 26,500 251.587 i33,000 242,783
a A ran tar is 08 lbs.

This statement shows that the receipts for the week were
360,000 cantars and the foreign shipments 31,500 bales.

THE CHRONICLE

1422

[V O L . L X X X III.

T otal bales.
DOMESTIC EXPORTS OF COTTON MANUFACTURES. G ALVESTON — To Liverpool— Dec. 3— Bendu, 5,366; Bernard,
We give below a statement showing the exports of domestic
8,998____Dec. 4— Barra, 9,090; Rose Lea. 9,545____ Dec. 6
— Madrileno, 8,228________ _________________ ________ _______41,227
cotton manufactures for September and for the nine months
T o Manchester— Dec. 6— Mercedes de Larrinaga, 11,735_____ 11,735
ended October 31 1906, and for purposes of comparison like
To Havre— Dec. 1— Mineola, 12,943---------------------------------------- 12,943
T o Bremen— Dec. 3— Breslau, 9,437__________________________
9,437
figures for the corresponding periods of the previous year
To Hamburg— Nov. 30— Bernard 2,552; Diadem, 1,546____
are also presented:
Dec. 4— Kowna. 1,086______________________________________
5,184
Quantities of Manufactures of Cotton Month ending Oct. 31.
(<colored and uncolored)
1906.
1905.
Exported to—

181,011
United Kingdom ___________ yards
France ________________________
3,000
Germany ---------- __ ------------- 177,764
Other Europe — ............ - _ - -British North America. - ----- --------636,955
Central American States and British
Honduras — _____ ___________ 2,791,801
Mexico -------------------------------------358,118
Cuba _
________ _ ................... 2,341,431
Other West Indies and Bermuda— 3,343,697
251,781
Argentina __ _ _______ _____ ____
514,506
B ra z il________________ _______
C h ile ____
____ _________ _____ 2,140,247
C olom bia___ ___________________ 1,649,035
808,364
Venezuela ----- --------------------810,272
Other South America____ _____
Chinese Em pire_____ ___________ 8,796,507
British East Indies______________
1,018,230
63,879
I-Iongkong -------------------------------50,942
Japan _ _
__ _____ _________
477,392
British Australasia.... ....................
Philippine Islands_______________ 1,710,157
Other Asia and Oceania___________ 4.137,646
995,332
British Africa_________________ _
240,228
All other Africa. _ _____________
800
Other countries__________________
i u . .< •;
, Total yards of a b o v e ___________ 33,505,095
Total values of above___________ $2,051,950
$.0612
■**- Value per y a rd ________________
t- *■
r- Value of Other Manufactures of
c *’
Cotton Exported to—
$157,145
United Kingdom ________________
Belgium_________________________
15,630
France _________________________
5,539
Germany ---------- -------------- --------155,243
1,140
Netherlands____ ____________ _
14,119
Other Europe ________ _________
197,342
British North America. ___________
Central American States and British
70,020
Honduras___ __ _____________
50,590
Mexico _ - _____________________
Cuba ___
_____________ ______
34,588
Other West Indies and Bermuda__
32,693
Argentina __ ___________________
22,777
Brazil __ ______________________
10,547
C h ile .-.__________ _____________
4,168
Colombia _____ _ ____________
3,465
Venezuela _______
____ ______
2,178
Other South America........... ...........
6,493
Chinese Em pire__ ____________
34,599
British East Indies.. ____________
737
Hongkong _
___ _____ ______
7,784
British Australasia______________
47,218
Philippine Islands______ _______
9,037
Other Asia and Oceania___________
8,780
British Africa__ ________________
13,010
All other Afr;ca___
___________
1,636
Other countries.......... ................ _
938
■■fa
Total value other manufactures.. $907,416
Total value of all manufactures.. 2,959,366

10 mos. ending Oct. 31.
1905.

1906.

207,854

2,417,678

2,603,693

40,310
56,052
737,034

337,352
1,467,936
7,989,977

161,127
1,776,101
8,269,038

2,209,820
205,622
2,478,113
3,660,942
166,788
720,864
1,459,366
886,743
303,801
796,305
29,828,023
835,849
49,941
21,209
777,751
401,675
2,237,045
626,620
11,004

23,828,428
1,967,826
14,141,242
28,721,966
1,826,000
5,753,295
10,660,994
13,447,758
5,914.681
5,325,816
260,537,024
6,020,882
476,480
764,261
7,014,220
9,479,308
36,970,284
7,189,277
970,123
800

23,542.137
3,042,520
22,046,675
23,688,818
3,051,7.19
8,498,623
12,413,875
8,105,620
6,192,244
6,782,932
461,501,291
7,718,721
448,268
10.290,275
6,441,050
9,528,789
19,288,090
5,864,443
503,048

48,718,731 453,223,608 651,759,097
$2,979,373 $28,417,798 $39,183,579
$.0612
$.0627
$.0601

$87,347 $1,745,002
146,312
20,841
51,222
4,024
911.910
79,599
68,674
7,781
116,412
8,946
2,355,142
191,333

$885,252
157,206
35,239
490,084
31,374
76,130
2,106,915

591,461
470,301
407,927
227,787
203,096
44,239
25,991
27,525
23,649
57,616
167.539
8,432
58.168
429,918
319,825
221,146
207,629
9,897
6,010

540,540
538,854
350,706
205,108
284,564
56,121
18,329
38,357
19,463
45,163
291,963
6,758
91,826
377,632
75,911
238,930
231,009
13,599
5,203

75,991
44,680
36,284
22,123
22,581
2,751
4,690
4,403
2,849
5,511
11,868
866
14,602
38,936
19,005
9.646
22,470
1,139
1,070

——

$741,336 $8,902,830 $7,212,236
3,720,709 37,320,628 46,395,815

JUTE BUTTS, BAGGING, ETC.— The demand for bag­
ging during the past week has been very dull, with prices
unchanged at 8% c. for 1% lbs. and 93^c. for 2 lbs., standard
grades. Jute butts continue dull at 3 @ 4 c . for bagging
quality.
MANCHESTER M A R K E T .— Our report received by
cable to-night from Manchester states that the market
is quiet for both yarns and shirtings. The demand for
both home trade and foreign markets is good. We give the
prices for to-day below and leave those for previous weeks
of Jthis and last year for comparison:
1905.

1906.
8% lbs. Shirt- CoVn

325 Cop

inas, common
to finest.

Tivist.

O ct.
*26
Nov
2
9
: 16
r.23
1 30
Dec.
7

a.

9 15-16®
9%
9%
10
10%
10%

@

@
@
@
@

d. s. d.
s. d.
11 6 7% @9 10
10%
10%
10%
11
11

10 1-16 @ 11

6 7
6 7
6 7%
6 8
6 8
6

@9
@9
@9

9
9
9
10
m
@9 10

7% @9 10

5.80
5.75
5.85
5.99
6.19

mgs, common
to finest.

M id
U pl’s

@

d. s. d.
s. d.
9% 6 1% @9 0

d.
5.71

®
@
@
@
@

9%
9%
9%
9%
9M

Twist.

d. d.
6.12 8%
8%
8%
8%
8%
9

T ota l_______________________________________ ---------------------------

303,871

^ The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
— Oth.Europe — M e x . 5
Great French Ger- ■
Japan.
B ritain. ports. m any. N orth. South.

T o ta l __ __ .1 2 3 ,0 8 0 2 2 ,5 2 4 9 3 ,4 5 8

____

__

Total.

4 ,6 1 4
17,819
1.685 14,579
____
____
____
____
____
____
_ .i. _ _
3 ,4 4 4
_____
_ _ __
_____
____
_____
2,487
200
____
-- ____
____
____
— —
—
—

8 ,9 9 1
___
___
5 7 ,2 4 2
_ _ ~ 10,000 10 6 ,7 9 0
___
17,667
____
____
9 ,1 5 3
___
12,950
———
___
___
100
____
____ 5 3 ,4 4 4
___
___
6 ,4 6 8
- - — ___
13,781
252
___
4 ,2 9 6
___
3 ,4 7 8
_
___
426
--___ 1,061
1,061
___ 6,970
6 ,9 7 0
1,054
1 ,0 5 4
—

5,973 3 9 ,4 9 9

252 19,085 30 3 ,8 7 1

644

2,632
1,101
N e w Y o r k ___
26
500
N e w O r le a n s, __3 8 ,8 9 7
G a l v e s t o n ___ ..5 2 ,9 6 2 12,943 14,621
10,088
P o r t A r t h u r . _ __ 7,579
9 ,1 5 3
M o b i l e _______
____ 12,950
P e n s a c o l a ___
100
F e rn a n d in a _
8 ,4 5 4 29 ,7 4 2
S a v a n n a h _ _ _ _1 1 ,8 0 4
____
____
6,468
B ru n sw ick __
_
____ 13 781
W ilm in g t o n - _
- ___
1,557
B o s to n
____
755
2,523
B a ltim o re _ _
____
426
P h ila d e lp h ia _
-___ _
San F r a n c is c o
____
____
S e a ttle ______
T a c o m a ______ - = ------- __ sf--------

The exports to Japan since Sept. 1 have been 45,457 bales
from Pacific ports and 10,000 bales from Galveston.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs:
Sat.

M on.

W ed .

T u es.

IS
17 @18
L iv e r p o o l______ . c.
20
20
Manchester ____
22%
22%
Havre
__ _ c.
25
23
B rem en ________ „c .
25
25
_c.
Hamburg ___
20
20
A ntwerp . - . _ c.
26
26
Ghent, via A n t.._ .c .
R eval, in d irect._ _c. 28 @30 28 @30
Reval. via Canal. _c.
31
31
B arcelon a______ _c.
25
25
_c.
Genoa _ . .
32
32
Trieste . .
_ . - - _c.
45
45
-C .
Japan______

T h u rs.

E r i.

17 @18
20
22%
23
25
20
26
28 @30

17 @18
20
22%
23
25
20
26
28 @30

17 @18
20
22%
23
25
20
26
28 @30

17 @18
20
22%
23
25
20
26
28 @30

31
55
32
45

31
25
32
45

31
25
32
45

31
25
32
45

__

__

.

__

8% lbs. Shirt- CoVn

325 Cop

M id
XJpl's

T o Antwerp— N ov. 30— Northwalte, 1,501___________________
1,501
T o Copenhagen— Dec. 3— R ipon, 184-------------------------------------184
To Genoa— Dec. 6— Uganda, 14,579---------------------------------------- 14,5 79
To Japan— Nov. 30— Jeseric 10,000 -------------------------------------- 10,000
P O R T A R T H U R — To Liverpool— Dec. 1— Claremont, 7,579_____ 7,579
To Bremen— Dec. 4— Sandsend, 10,088_______________________ 10,088
M O BILE— To Bremen-—Dec. 4— Hornsea, 9,153---------------------------- 9,153
PENSACOLA— To Bremen— Dec. 5— Lord Stanley, 12,950______ 12,950
F E R N A N D IN A — To Hamburg— N ov 22— Cheviot Range, 100___
100
SA V A N N A H — To Liverpool— Dec. 1— Haverstoe, 4,427____Dec. 4
— Llncluden, 6,480 upland, 797 Sea Island-------------------------- 11,704
To Manchester— Dec. 1— Haverstoe, 100_____________________
100
To Havre— Nov. 30— Tropea, 5,183 upland, 570 Sea Is la n d ._ 5,753
To Dunkirk— Dec. 3— Cheviot Range, 2,701 --------------------------- 2,701
T o Bremen— Dec. 1— Evelyn, 9,985------Dec. 4— Stanfield,
10,008____Doc. 6— Atlioll, 8,523___________ ________________ 28,516
To Hamburg— Dec. 3— Cheviot Range, 1,226-------------------------- 1,226
To R eval— Dec. 6— Atholl, 925 ------------------------- ---------------------925
T o Stockholm— Dec. 6— Atholl. 200---------------------------------------200
To Antwerp— Nov. 30— Tropea, 932---------------------------------------932
To Gefle— Dec. 3— Cheviot Range, 274----------------------------------274
To Norrkoping— Dec. 3— Cheviot Range. 200-------------------------200
To Gothenberg— Dec. 3— Cheviot Range, 400------ Dec. 6—
Atholl, 1_____________________________________________________
401
To Malmo— Dec. 6— Atholl, 312______________________________
312
To Oxelsund— Dec. 6— Atholl, 200-----------------------------------------200
B R U N SW IC K — To Liverpool— Dec. 1— Fernfield, 6,468__________ 6,468
W ILM IN G TO N — To Bremen— N ov. 30— Sahara, 13,781__________13,781
BOSTON— To Liverpool— N ov. 30— Michigan, 369------ Dec. 3—
Sylvania, 68^___Dec. 4— W lnifredian, 314-------Dec. 5—
Arabic, 806 _________________________________________________
1,557
To Genoa— Nov. 30— Republic, 2,487--------------------------------------- 2,487
T o Yarmouth— N ov. 26— Prince George, 39------ Dec. 4— Bos­
ton, 213-----------------------------------------------------252
B A LTIM O R E — To Liverpool— N ov. 30— Vedam ore. 755--------------755
T o Bremen— Dec. 6—-Chemnitz,1,408-----------------------------------1,408
To Antwerp— N ov. 30— Arranmore, 200______________________
200
To Hamburg— N ov. 28— Bethania, 1,115------------------------------1,115
P H IL A D E L P H IA — To Liverpool— Nov. 30— Noordland, 426-------426
SAN FRANCISCO— To Japan— N ov. 30— America Maru, 1,061__ 1,061
SE A T T L E — To Japan— N ov. 28— Dakota, 6.970--------------------------- 6,970
TACOMA— To Japan— N ov. 28— Ning Chow, 1,054__----------------- 1,054

6 1% @9
6 3% (5)9
6 3 @9
6
% @9
6 5 @9

5-96 9 3-16 @9 15-16 6 6

@9

0
3
2
4%
5

5.91
6.16
5.93
6.11
6.16

6

6.42

LIVERPOOL.— By cable from Liverpool we have the fol­
lowing statement of the week's sales, stocks, &c., at that port:
N o v . 16.
Sales of the week . . -bales . 54,000
Of which speculators to o k . _ 2,000
Of which exporters to o k — . 1,000
Sales, American_____ _ ------ _ 45.000
Actual export------------------------ _ 7,000
Forwarded ------------------------- .114,000
.339,000
Total stock— Estimated
Of which American— Est__ .262,000
Total import of the week------ .133,000
. 104,000
Of which American
.493,000
Am ount a floa t-.............
- Of whlch^American ---------- .448,000

N o v . 23.

46,000
2,000
3,000
38,000
9,000
95,000
428,000
347,000
194,000
173,000
451,000
407,000

N o v . 30.

36,000
1 ,000
1,000
2S ,000
10,000
73,000
507,000
426,000
162,000
137,000
473,000
306,000

D e c . 7.

64,000
3,000
3,000
54,000
8,000
115,000
522,000
440,000
138,000
113,000
513,000
423,000

^SHIPPING N E W S .— As shown on a previous page, the
■exports of cotton from the United States the past week have
reached 303,871 bales. The shipments in detail, as made up - The tone of the Liverpool market for spots and futures
fromjmail and telegraphic returns, are as follows:
each day of the past week and the daily closing prices of
T ota l bales.
spot cotton have been as follows:
N F W Y O R K — To Liverpool— Dec 4— Victorian, 1,190 upland, 430
i *

Sea Island, 150 foreign______________________________________
1,770
v*To Hull— Dec. 1— Colorado, 862______________________________
862
4*T o Dunkirk— N ov. 30— Avonian, 928_________________________
928
To Marseilles— Dec. 5— Algeria, 173__________________________
173
To Antwerp— Dec. 4— Vaderland, 345________________________
345
To Reval— Dec. 5— Oscar II, 200______________________________
200
• To W ar berg— Dec. 5— Oscar II, 99___________________________
99
W :. To Barcelona— Dec. 5— M ontevideo, 307_____________________
307
To Genoa— Nov. 30— Prinzess Irene, 200____Dec. 3— Italia,
100; Moltke. 92____Dec. 5— Cretic 2,170__________________
2,562
To Naples— N ov. 30— Prinzess Irene, 863____Dec. 3— Moltke,
409____Dec. 5— Cretic. 473__________________________________
1,745
N E W O R LE A N S— To Liverpool— Dec. 3— Comedian, 10.897____
( *Dec. 5— Darien, 3,000; Magician, 10,000____Dec. 6— Kings•^•tonian 15,000______________________________________________ 38,897
L A To Marseilles— Dec. 5— Teresa, 26_____________________________
26
500
, 7 'T o Hamburg— Dec. 7— Holsatia, 500______________ - _________
* ■To Genoa— Dec. 5— Sicania, 11,700__________________________ 11,700
■To Trieste— Dec. 5— Teresa, 500_____________________________
500
T o Barcelona— Dec. 3— Miguel Gallart, 4,619____Dec. 5—
Teresa, 1,000____________________________________________
5,619

Saturday.

Monday.

Tuesday.

Wed'day.

Thursday.

Friday.

}
\

Quiet.

Fair
business
doing.

Good
demand.

Good
demand.

Good
demand.

Quiet.

Mid.TTpl’ ds

6.16

6.06

6.01

5.97

6.03

5.96

Rales ___
Spec.&exp.

5,000
500

8,000
500

14,000
1,500

14,000
2,000

10,000
1,000

13,000
1,500

Steady at
4@5 pts.
decline.

Steady at
4% @5%
pts. adv.

Steady at
5 @6 pts.
decline.

Spot.

Market.
12:15
P. M.

J

Steady at Steady at
7 @8 pts. 5 @6 pts.
decline.
decline.

Market
opened

Steady at
1 7 points
j decline.

Market,
4
V. M.

1 Quiet at B’rly st’y St’y at 1% St’y at 2% Irreg. at %
8 @10 pts. at 10% ® pts. dec. @ pts. dec. @ pt. dec. @
J decline. 14pts. dec. 2 pts. adv. 1 pt. adv. 8 pts. adv.

Futures.

Easy at
7 @10% 1
pts. dec.

1123

THE CHRONICLE.

D ec . 8 1906.]

The prices of futures at Liverpool for each day are given Oats for future delivery in the Western market have ad­
below. Prices are on the basis of Uplands, Good Ordinary vanced, with the trading active at times. Factors in the
upward movement have been covering by large shorts,
clause, unless otherwise stated.
moderate
receipts, light offerings, an active shipping demand
The prices are given In pence and lOP/fts. Thtis\ 3 82 means 5 82-100 </.
and firmness in the cash market. The strength of wheat
has also had more or less effect upon the course of prices.
Tues.
Mon.
W &d.
Thurs.
Sat.
Frl.
Dec. 1
Considerable liquidation has occurred at times, but the offer­
4
Dec. 7. 1 2 % ’ 12% 12%
ings
have been readily absorbed by the shorts. To-day prices
4 12 % 4 12 % 4 12 % 4 12%
p.m . p.m . p.m. p.m. p.m . p . m . p.m. p.m . p.m. p.m. P.m . p.m.
advanced slightly, owing to light receipts, commission house
d.
d.
d.
d.
d.
</.
d.
d.
d.
d.
d.
d.
buying and covering of shorts.
7 1 *-2 65
69
71
61 %
73 % 71
69
5 82
68 % 04
Decem ber
D ec.-J a n .
J a n .-F e b .
F eb.-M ch .
M ch .-A pr.
A pr.-M av.
June-July
Ju ly-A u g.
A u g.-S ep.
Sept.-O ct.
O c t .-X o v .

68 1.
65
66
66 H
68 W
70
5 S 1 1-j 71
5 82 U 71 %
64
5 76
5 58
49
41
5 59
5 77
5 74 ■.
a 75 U
5 76 1
5 78%

66 %
63
63
64
66
67 U
os %
59 %
62
46
37

63 %
60
60
60 U
61 %
63
64
65
57
43 U
35 %

66
62 %
62 %
63
64%
66 W
67 %
68
60
47 %
39

60
57
57
58
59 %
61
62
63
55 %
45 U
37

64
01 %
62
62%
64
66 y,
67 %
68
60
-IS
40

65
67
65
63 %
65 % 64
00
61 %
68
66 %
70 1m 69
71 % 70 %
72 % 7 1 %
65 V«j 65
54
55
46% 48

50 %
59
59 %
60
62
64
65
06 %
60
49 %
41 U

57
54 %
55
55 %
57 %
59 1•.
60 %
61 %
54 %
45
37 %

BREADSTUFFS.

1906.
Prices for wheat flour have ruled steady, with the trading
quiet and devoid of features worthy of note. It is still in
the main a waiting market. That is, buyers are taking only
enough flour to meet present wants. The best buying during
the week has been of spring patents. It is estimated that
some 25,000 barrels have been taken of late. At Minneapolis
the week was even duller than usual. There was practically
no export trade there. This is also true of the local markets,
and the exports from the seaboard have shown a considerable
decrease. Rye flour and corn meal have been quiet and
steady.
In wheat the fact that the December deliveries were so
promptly taken care of by prominent interests in Chicago
has had not a little to do with an advance in prices which
has fallen place during the week. Moreover, the North­
western spot market has become stronger, partly for the
reason that after some increase in receipts for a time the crop
movement to these markets has latterty fallen off. Then,
too, there has been a rumor that Russia and Finland will be
compelled to import wheat and flour, owing to the political
disturbances in the Russian Empire. In any case, it is
considered probable that the exports from Russia will show
a noteworthy diminution. The cash demand here has been
fair and prices have been firm, while at the Northwest they
have been rising. Northwestern interests have been buying
at Chicago. On the other hand, the flour trade at the
Northwest has been quiet, though the feeling there is hope­
ful as regards trade in the near future. Reports about the
growing crop have been favorable. The Argentina crop will
be somewhat larger than that of last year. The foreign mar­
kets have not been especially firm, though the world’s ship­
ments last week showed a noteworthy falling off. The bug­
bear of the speculative market in Chicago recently was the
fear of heavy deliveries on December contracts, and as this
has been removed the situation is so far better than it was,
especially as the Northwestern markets have been stronger,
■ with decreased receipts. To-day December was easier,
owing to liquidation, but the rest of the list was firmer on
the strong Northwestern situation, small Argentine ship­
ments and covering of shorts.
F r id a y ,

D ec.

DAILY" CLO SIN G P R IC E S OF W H E A T F U T U R E S
S a t . M o n . Tues.
N o. 2 red w in ter.
____________
81 % 82%
D ecem ber delivery In elev a tor__
.80 % 80% 81 %
M ay delivery In elev a tor_________. -84% 84% 84%

7

IN NEW Y O R K .
F ri.
Wed. Thurs.

82 %
82
84%

82%
82
85 %

82%
81%
85%

DAILY" CLO SIN G P R IC E S OF W H E A T F U T U R E S IN CHICAGO.
Wed. Thurs.
F rl.
S o t . M on. Tues.
D ecem ber delivery In elevator .. . _ .72 % 73% 74
74 % 74 % 75
78%
78%
79%
77%
78
7
9%
M ay delivery7 in e le v a to r .. ______
July' delivery' In elev a tor.................. 77% 77% 77% 77% 78% 78%

D A IL Y CLO SING

P R IC E S OF O A T S IN NEW Y O R K .
Sat.
M on. Tues. Wed.
Thurs.
F rl.
M ixed, 26 to 32 lb s ______
39
39 38 %
38 %
38%
38%
W hite Clipped,36 to 38 lbs 38-40
38-40 38-40 38-40 38% -40 % 3 8 % -4 0 %
DAILY'- CLO SING P R IC E S O F NO. 2 M IX E D O A TS IN CHICAGO.
Sat. M on. Tues. Wed. Thurs.
F r l.
33%
33 %
Decem ber delivery In elev a tor__ _ . . 3 3
33 % 33 % 3 3 %
35 % 3 5 %
35
35 %
May delivery In elev a tor_________ . 3 4 %
35 %
32%
33%
lily delivery In elev a tor_________ - .3 2 %
33%
33%
33%

The follotving are the closing quotations:

Low grades____
Second c le a r s ..
C le a r s _________
Straights______
Patent, sprin g.
Patent, w in ter.
Kansas patents

$2
2
3
3
3
3
3

FLOUR.
80 @$3 15 K ansas^stralghts.
2 75 Kansas clears____
65
40 @ 3 65 Blended p a te n ts ..
3 75 R y e Hour_________
65
95
4 25 Buckw heat flou r.
60
3 85 Graham flou r____
80 © 3 901Cornmeal

G RAIN
Corn, per bush.—
W heat, per bush.—
c.
N. D uluth, N o. 1__________
85 %
N o. 2 m ix ed ____
N o. 2 y e l l o w ___
N . D uluth, N o. 2 _____ f.o .b . 84
R ed w inter, No. 2 ____ f.o .b . 82%
N o. 2 w h i t e ____
Hard “
“
f.o .b . 78% R y e, per bush.—
N o. 2 W e s te r n ..
Oats— M ixed, bush.—
State and Jersey
•No. 2 w h ite___________ 38 % @ 39%
38% Barley— W estern .
•N o. 2 m ixed _________
Feeding ___________
F_\No. 2 w hite, clipped . . 3 8 % @40

$3
3
4
3
2
2
2

55
15
35
75
25
90
70

@ $3
@ 3
@ 5
@ 4
@ 2
@ 3
@ 2

75
30
00
15
30
75
75

.
.
.

f .o .b .53%
f .o .b .54%
f . o .b . 54%

C.

..
65%
. . N om inal.
. . N om inal.
45

r The statements of the movement of breadstuffs to market as
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday^and
since Aug. 1, for each of the last three years, have been;
Receipts at—
Chicago___
Milwaukee..
Duluth_____
Minneapolis.
T oledo_____
Detroit.........
Cleveland__
St. Louis__
P eoria_____
Kansas City-

Flour.

Wheat.

Com.

Oats.

Barley.

Rye

bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA8lbs. bu. 56 lbs
189.367
215,367
873,178
1,503,667
525,761
72,620
SO,600
203,540
227.800
7S.750
556,200
57,700
2,233,476
68,439
458,382
151,500
16,869
2,244,120
114,680
518,490
318,860
61,270
126,250
137.000
69,000
91,742
93,909
45,046
2,200
15.860
268,807
1,522
131,933
945
261,870
278,880
66,300
523,200
51,665
26,108
16,400
215,500
165,000
11,700
62,000
5,000
658,000
261.000
106.800

Total week
Same wk.'OS
Same wk. '04

486,127
461,777
470,287

6,066,625
5,830,178
6,427,635

2,323,554
3,895,247
5,022,686

3,359,375 1,989,025
3,275,969 2,304,894
2,274,263 2,241,843

239,567
180,994
194,145

Since Aug. 1
1906____ 8,816,840 111,394,558 61,339,904 88,195,473 30,586,686 3,161,264
1905------- 8,955,933 123,681,236 62,713,019 104,346,695 41,299,633 4,300,608
1904_____ 7,715,280 118,700,878 55,417,201 79,097,746 37,024,795 4,111,912

Total receipts of flour and grain at the seaboard ports for
the week ended Dec. 1 1906 follow:
Receipts at—
New York____ . .
Boston
.............
Philadelphia . . .
Baltimore _______
R ichm ond__ ____
Newport News___
New Orleans.a __
Galveston________
Norfolk............... .
M ontreal________
Mobile.....................
Total week.
Week 1905_______

F lo u r,
bbls.

127,452
56.139
1,288
75,384
58,243
8,889
44,088
11,462

W heat,
bush.

Corn.

847,400
348,454
24,000
517,779
130,718
27,828

Oats,
bush.

B a rley.
bush.

283,800
87,012

898,700
98,415

458,800
48,094

100,525
402,004
22,946
8.571
77,200
196.000

139,836
65,408
76,836

6,000

bush.

25,200
182,000

Rye,
bush.

3,900

1,430

2,926

13,670

37,700
...........

37*396
5,040
2,449

*482*356

**85*139
18,450

*6*4,442

*34*765

427,830
409,495

2,585,735
2,361,468

1,281,647
3,973,849

1.381,337
1,972,228

547,659
978,586

21,926
39,742

a Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.

Total receipts at ports from Jan. 1 to Dec. 1 compare
as follows for four years:

Indian corn futures have fluctuated within narrow con­ Receipts of—
1906.
1905.
1904.
1903.
fines. The speculation has been of unusually small propor­ Flour.................................bbls. 16,456,836 12,805,076 15,816,805 20,259,849
tions, owing principally to the smallness of stocks at Chicago, W h ea t...........................bush. 99,124,560 43,123,246 38.991,429 95,933,207
89,396,700
92,720,904
47,077.022
95,720,395
supplies there now being down to so low a stage that opera­ Corn...........................................
73,664,165
67.055,333
44,880,514
49.630,327
tors are averse to engaging in speculation. But the tone has Oats...............
Barley ....................
5,335,890
11,977,197
7,282.755
4.251.217
1,465,396
1,303.852
1,113,554
3,885,460
been firm in the main, owing to the advance in other cereals R y e . .................
and covering of shorts. Then, too, the receipts have been Total grain...........................268,980,711 216,180,592 139,955,274 249,420,611
small as a rule, and the cash market, though inactive, has The exports from the several seaboard ports for the week
displayed firmness. Country acceptances are increasing, ending Dec. 1 1906 are shown in the annexed statement:
but are not as yet reflected in the movement to the primary
markets. To-day the market was firmer on light receipts
and offerings, buying at Chicago by prominent interests,
______
reports of damage to the crop in Argentina and covering of
shorts.
______
E x p o r ts f r o m - -

D A IL Y CLO SIN G P R IC E S OF .VO. 2 M IX E D CO RN IV NEW YORK.
Frl.
Sal. M o n . Tues. Wed. Thurs.
C a s h c o r n _________
.
.
54
D e c e m b e r d e l i v e r y In e l e v a t o r
_____5 2 %
J a n u a r y d e l i v e r y In e l e v a t o r . .
-- si %
M a y d e l i v e r y In e l e v a t o r ________ ____ 5 0 %
D A IL Y"

C LO SIN G

P R IC E S

OF

54
52%
50%

CORN

Sat.
D e c e m b e r d e l i v e r y In e l e v a t o r .
--------4 2 %
M a y d e l i v e r y In e l e v a t o r ___ _____ ------- 4 3 %
J u l y d e l i v e r y In e l e v a t o r ............ ._____44

54
53
51 %
50%

FUTURES

\f o n .
42%
43%
44 %

T ups.
42%
43%
44 %

54
53
50 %
IN

Wed.

54
53 %
51 %
50%

53 %
53 %

52

CH IC A G O .

Thurs.
42%
42%
43%
43%
44
44%

Frl.
42%
44
44%

New Y o r k ._____
P o r t l a n d ............
B o s t o n ................
P h ila d e lp h ia ___
B a ltim ore.
N o r fo lk ..............
N ew port Vcws
New O r le a n s __
fi al vc»#*to n ............
M ontreal
___
M obile...................

.

.
.
.

W h e a t,
tru.sk.

C orn ,
bush.

6 0 0 .0 6 5
24.000
228,650
521,811
72,590

168,239

.
25.593
. 3 0 0 .r,oo
- 6 6 9 ,4 6 4
....................

67.911
40,555
257,370

8,571
312,394
186,311
162,299
18,450

F lo u r ,
bbls.

O a ts,
tm ih .

Rye..
bush.

75.764
1.288
14,927
50,927
42.365
37,396
41,088
18,880
16,798
25.973
2,4-19

16.880

1,000
--------.....
_____
______
.....
.... .....
.....
..........

87.921
.....
47,244
.....
----.
.....
.... .....

5,2 5
2,010

5 9 ,3 2 i
..........

3,607
..........

1,000

1 94 .480
6 7 4 ,5 6 4

12,243

------

-----3,963
33,732
79,840
............

T ota l week . . . 2 , 5 7 1 . 7 7 3 1 ,2 2 8 ,1 0 0 3 3 0 ,8 5 5
1 3 4 ,4 1 6
Same time 1905. -1 ,7 9 1 ,2 8 1 1 ,91 0 .2 0 2 2 0 0 ,0 5 7 1 ,08 4,59 1

..........

B a r le y ,
bush.

P ea s >
bush 7

507

---_
2,820

14,261

The destination'"of theseJexports^forJtheJweek andjsinec
July 1 1906 is as below:

THE CHRONICLE.

1424

Muports 1mweek and
since Ju ly 1 to—

■Flour------------------------ W heatSince
Since
July 1
Week
Ju ly 1
1906.
Dec. I.
1906.
bills.
bush.
bush.

Week
Dec. 1.
bbls.

United K in g d o m .-.2 0 1 ,0 7 0 2,722,763 1,292,294 24,Cf04,768
C o n tin en t. _______ 00,998 1,040,447 1,277,880 22,713,710
So. and Cent. A m e r .
17,310 323,179
1,593
70,019
W est Indies.............. 40,290
585,113
----5,610
B rit. N o. Am . C o ls -. 2,838
47,714
- ...........
8,000
Otlier countries____
5,743
109,725
----162,317

-------- Corn>~------ -—
Since
Week
Dec. 1.
bush.

Ju ly 1

681,802
501,440
1,736
40,292
1,176
1,654

7,887,532
9,777,407
281,806
840,058
30,197
147,859

1906.
bush.

T o ta l____________ 330,8,55'4,828,941 2,571,773 47,024,430 1,228,100 18,964,859
T otal 1905 ________ 200,057 4,044,748 1,791,281 19,511,629 1,916,202 23,745,842

The visible su p p ly o f grain , com p risin g the stock s in
granary at the principal poin ts o f a ccu m u lation a t lake and
s e a b o a r d p o r ts D e c . 1 1 9 0 6 , w a s as fo llo w s :
Wheat,
bush.

Corn,
bush.

Oats,
bush.

R ye,
bush.

Barley.
bush.

1,713,000

406,000

760,000

45,000

38,000

232,000
545,000
Philadelphia - ......... .. B altim ore- _________ .
799,000
582,000
G alveston_______
891,000
Montreal - ..................
85,000
3,000
B u fla lo _______ _ -_ . 3,330,000
'•
a floa t______
T o l e d o _______________ I
833,666

164.000
42.000
567.000
273.000
160.000
76.000

14,000
121,000
280,000
171,000

3,000
116,000

New Y o r k _____________

64,000
8,000
707,000

1,000

82,000

433,000

925,000

224,000

1,334,000

15,000

1,000

206,000

63,000

64,000

50,000

98,000

1,656,000

556,000

8,000

596,000

8,000

764,000

243,000

927,000

1,857.666
3,694,000

8.000
33,000

3,592,000
867,000

66,000
12,000

200,000
21,000

3,392,666
206,000
329,000

261,000
17,000
135,000

132,000
1,014,000
33,000

17,000

5,878,000

85,000

174.000
105.000

40,000

1,351,000

D ee. 1 1906. .41,557,000
N ov. 24 1906- -41,645,000
Deo. 2 1905- -36,943,000
Dec. 3 1904. -36.860,000
D ec. 5 1903- -32,539,000
D ec. 6 1902- -45,940.000

2,909,000
2,978.000
6.393,000
3.181.000
5,584.000
3.895,000

12,455,000
12,662,000
28,142,000
24,497.000
8,115,000
6,756,000

1,619,000
1.634,000
2,137,000
2.018.000
1,259,000
1,331.000

3,850,000
4,470,000
6,137.900
6,530,000
5,833,000
3.674.000

Dateoit ______________ _
596,000
“
afloat______
C h ica go-- _ ___ I 8,696",666
Milwaukee
_________ *'
a f l o a t - ____
F o rt W illiam - _______ .
P ort A rth u r__________ _
D u lu th _______________ _
"
a floa t______
M inneapolis..............- - I
St. Louis _
__ - . **
a floa t______
Kansas C ity ________ I
Peoria
________
Indianapolis___ On Mississippi R iv e r. _
On Lakes
_ .© n Canal and R iv e r- Total
T otal
Total
Total
T otal
T otal

146,000

516,000
2,213,000
1,360,000
3,807,000

255,000

TH E DRY GOODS TRAD E.
New York, Friday Night, December 6th 1906.
Values have again shown a d istin ctly hardening ten d en cy
in the cotton good s m arket during the w eek and while several
open advan ces have been re cord ed , the w hole list is held
very firm . T he larger buyers h ave con tra cted fo r still m ore
distant deliveries and sm aller houses h ave p ro te cte d th em ­
selves on g ood s required up to early spring. T he b est d e­
m and is still for the finer grades o f g o o d s, b u t there has been
a greater disposition to b u y the coarser lines, w h ich n ow show
n one o f the w eakness n oted a few weeks ago. The three
great elem ents of strength are still th e sca rcity o f la b or, re­
sulting in curtailm ent o f m an u factu re, the dem an d fo r th e
b etter class o f m anufactures and the u n p receden ted co n ­
su m p tive trade all ov er the cou n try due to the general p ros­
p erity. There has been a m arked ten d en cy on the p a rt o f
sellers o f late to refuse to co n tra ct far ahead at prices m a ­
terially low er than those obtain able for sp ot g o o d s, and som e
tem ptin g offers h ave recen tly been turned d ow n . T he raw
m aterial situation is n o t one to influence sellers to low er
values for future deliveries althou gh there has been a slight
reaction in the price o f sp ot co tto n during the past w eek.
In this m atter the trade is aw aiting the n ex t G overn m en t
crop rep ort. E x p o r t business has been qu ieter for the reason
th at th e dom estic trade is so a ttra ctiv e to m anufacturers at
the present tim e th at th e y are n o t w illing to dispose o f g ood s
for ex p ort at low er prices than th ose prevailing here. On
the other h and , the recent a dvan ces have ch eck ed th e en­
thusiasm o f ex p ort bu yers.
Further openings of m en ’ s wear
w oolen and w orsted g o o d s h ave occu rred and the dem and to
d ate has been sa tisfa ctory .
D O M E S T IC C O T T O N G O O D S .— T he e x p orts o f c o tto n
g ood s from this p ort fo r the w eek endin g D ec. 1 were 2,145
pack ages, valu ed at $163,602, their destination b ein g to the
p oin ts specified in the tables b elow :
New York to D ec. 1.
® reat Britain
Other E u rop ea n . _ _
China
India . _
. .
_____
A ra b ia ___
.
_ _
A frica . . .
___
. . .
W est I n d ie s .. . __________
M exico
_____ _ .
Central A m e r i c a _____ S outh A m e rica ___
Other coun tries_____
T ota l

_____

_________

W eek.
_________ 159
_________
5

_________ 129
_________ 463
________
55
_________ 151
_________ 1,123
__________
60
______

2,145

■1906------Since
Ja n. 1 .
1,614
1,225
89,843
12,195
50,721
13,445
26,981
1,993
14,528
53,078
17,238
282,861

■1905------Since
Jan. 1.
1,249
858
106,213
16,555
23,779
10,213
32,148
2,739
16,110
55,476
15,970

W eek.
14
3

40
2,108
29
80
622
124
3,020

higher prices recen tly established.
D ucks and oenaburgs
are sold up to n ext M arch and the b u yin g o f the latter b y the
bag trade has again been a feature o f the m arket, l i c k s ,
den im s, plaids and oth er coarse, co lo re d c o tto n g ood s are s»
well con d ition ed that red u ction s iri price are in n o w ay
possible fo r som e tim e to co m e . W id e sheetings h a v e, in
several instances, been w ithdraw n from sale until after
M arch. Linings continue a ctiv e althou gh b u yin g is generally
over at this tim e of the year. Staple gingham s are n ot to
b e had on new orders b efore n e x t A pril and prices h av e, in
som e instances, been a d va n ced
during the w eek.
D iscou nts on prints h ave been shorten ed and d u p lica te
orders are plen tifu l. Som e lines o f fine p rin ted good s are
sold up to n e x t July. Print cloth s are firm and prices on
n arrow w idth s are sligh tly higher.
W O O L E N G O O D S .— T he m ain feature o f the m en ’s w ear
w oolen and w orsted good s m arket is the ra p id ity w ith w hich
h ea vy-w eigh t lines o f w oolens and m ercerized w orsteds are
being op en ed. This had n ot been in ten ded b y sellers, b u t
th e rush o f buyers to this m ark et w h o are all eager t®
see the new offerings has rendered it im p erative. So far
the business transacted for the 1907 season has been q u ite
sa tisfa ctory , in spite o f th e advan ces th at have o ccu rre d ,
and the o u tlo o k is v ery prom ising. Up to th e present on ly
the cheaper lines have been show n and a great m an y o f these
h ave been ov ercoa tin g s, w h ich have been p articu larly well
taken. In the light w eight division du plicates are com in g in
m uch m ore freely and the to ta l business prom ises to exceed
the exp ecta tion s o f those w h o ju d g ed con d ition s on ly b y th e
initial b u y in g . The im m ediate dem an d for _ ov ercoa tin g s
is ex cep tion a lly p oor and the trade is in d ou b t as to w hat
q u a n tity m a y be required. T he com p a ra tiv e m ildness o f
the present season to d a te, com in g on top o f the h ea v y
stock s carried over from last season, has been the p rin cip al
influence against the m arket. It is b e lie v e d , h ow ev er, that,
requirem ents are b y no m eans filled and th at there w ill b e a
revival o f a ctiv ity sh ortly.
Dress g o o d s are qu iet and
w ith ou t particular feature, initial b u y in g havin g been
generally com p leted and re-ordering n o t h a vin g com m en ced .
F O R E IG N D R Y G O O D S .— Im p o rte d w oolen and w orsted
dress g ood s are qu iet, b u t the business to date has been very
sa tisfa ctory . Silks are in rather b etter dem an d . Linenscontinue v ery strong and the trad e is p rin cip a lly con cern ed
w ith the question of deliveries. B urlaps are steady but
quieter.
Im p o rta tio n s and W a reh ou se W ith d ra w a ls of D ry G ood s.
The im p orta tion s and w arehouse w ith draw als o f d ry g ood s
at this p o rt fo r the w eek ending D ecem ber 1 1906 and sin ce
Jan. 1 1906, and for the corresp on d in g p eriod s o f last year,
are as follow s:
co

m a

8^5°
t- M

1 £

i
5 -9
n> o
6 -»
pk —
S5!

<: s
O

*>

5T
o
o

'Si o

g
73

C3
o

o
£- o
• o
6
c+
\
i
r"
o
c
p»

M

1

b p

£
o

I s l l
■" 7 ° 3
K
Z
;r
C

Jk I W m
io
00 o
GO I Cl to

! M 00 W ^ M

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281,310

T he value o f these New Y o r k e x p orts since Jan. 1 has been
$16,315,342 in 1906, against $15,273,206 in 1905.
H ea v y brow n drills and sheetings h ave been sold still
further ahead at rem unerative prices, and 3 -v a rd , 4-yard
and lighter w eight sheetings have been a d va n ced fro m j/£c.
to M e- during the w eek, w ith few deliveries available this
side o f F ebruary. B uyers are b eco m in g recon ciled to the
scarcity o f bleach ed g ood s and are look in g forw ard w ith
com posure to the p rom ised ad van ces. In the m ean tim e
the low er grades are being taken w here obtainable at the

[V O L . D X X X I1I.

© co 'a t
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m m ca m o i
O S O C O C 5 -*

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4 k 05 OU 4k OC

N ote.— Tlie ab ove totals since Jan. 1 in b oth years cov er one m ore w eek
than th e aggregate for the sam e period given in th e ta b le " Im p orts and
E x p orts for the W eek ” in Com m ercial and M iscellaneous News. T his is
due to change o f dates o f statistics issued b y th e Custom H ouse.
P roper
ad ju stm en t so as to m ake all statem en ts uniform will be m ade wltfc th e
beginning o f the new year.

D bo . 8 1906.1

£

1424

THE CHRONICLE.

and

C ity D e p / w m s n t .

xe C h ron icle.
PUBLISHED WEEKLY.

Terms ot Subscription—Payable in Advance
For On© Year................................................................................................. $10 00

For Six M ou th s............................................................................................ 6 00
European subscription Occluding postage)............................................ 13 00
European subscription Sir Months (including postape).................... 7 60
Annual Subscription in London (including postage).......................... £ 2 14 s

N am e.
R ate.
1307 . -C ou dcrsp on , P u _ -.................. 0
1368. .C ovington, K y _...................... 5
1187. D ayton, Ohio.......................... 5
1187. . D ayton , O hio______________ 5
1187. . Dayton, O h io ........................ 5
1307. . Dayton, Ohio (11 Is.)........... 5
5
1427. Denver, Colo . _
1307. .E ast Carroll Parish, La......... 5
1368 . East Hart Iord , Conn . ........... 5
1308. -E a ton , Ohio............................ 4
1246- _Etlwardsvllle, 111 . . .
1368. .E lyria, Ohio (3 I s .).. _____ 4 H
1246. Everman Sch. DIst., T e x __ 5

P age.

M a tu rity .

<11026-1046

4
5
4 Hi
5
4H
5
4
4
5
4
5
6
4
4H
4

41911-1916
1908-1912
1911-1015
41016-1921
1026
1908-1911
1936
1917-1010

5
4H
5
4
8
6
4
6
4

1912-1936
1911-1914
41921-1926
1908-1014
1907-1914
1907-1916
1920
1907-1916
1911-1935

Post Office Box 9 5 8 .

6
4
5H
4
4 Vi
5
4
4
4
5
5

1911 & 1912
41916-1946

5

41916-1946

6
4^
4
5
5
5
5
4
4
3
4
5
4H

1911-1926
1917
1926
1936
1911-1926
1907-1911
41909-1955
1907-1916
1956

M U N IC IP A L

BOND

SALES

IN

NOVEM BER

.

_______
1247. Latonia, K y
1369- Lebanon, Ohio_
1369 . . Lewis C o.S .D .N o.119,W ash.
1428. Lyons Falls, N. Y_
1248. Marlon, O h io ______________
_ _
1248. -M arlon, O h io __
1308 __Alarshall Sch. Dist., M o____
1369. .M iddletown, Ohio _
__ _
1308. Milam County, Tex__
1308_ -Milledgeville, 111 _____ _____
1369- -Mineral W ells, T ex. (2 is.)__

Disposals of municipal bonds in November were very
light, the aggregate reaching only $11,713,655, of which
total nearly one-half represented New York City sales.
These figures of course do not include temporary loans for
1369- -Mineral Wells Sch. D ., T e x .
$24,017,879, Canadian securities for $1,198,254 or “ General
1189. -Mississippi County, A rk____
Fund Bonds” of New York Cit}r for $9,200,000. The dis­ 1248- Montpelier, Ohio
1369- -Nashua, N. H ............... ..........
tinctive feature of the month was New York City's sale on 1308_
Nashville, Ga. (2 is .)__
-National City Sch. Dist., Cal.
N o t . 2 of $4,500,000 4 % corporate stock.
This offering 13081189. .N ew Bremen, Ohio______ _
Attracted 121 bids, amounting to nearly ten times the total 1248. New Orleans, La_
1308- -N ew Philadelphia. Ohio____
_____
of bonds offered. The award was made to the National City 1132_ -N ew York City
1429_ New York City (4 is.)
Bank of New York City on a basis of about 3.9 1% . The 1429 North Dakota S. I)’s (12 is.)
1429- Normal. Ill
sinking fund takings of this city reached $876,729, not 1370_ -Nottingham Sch. Dist., O .Co. (Wash.) Sch.
counting the $9,200,000 of “ general fund” bonds, which 1 1430. _Okanogan
Dist. No. 37____________
Park Sch. Dist. No.
on account of their peculiar nature we always eliminate from 1370_ .Orchard
21, N. Alex
1370. -Osnaburg, Ohio__ _ _ _
our totals.
1370. - O xford, Ohio . _____ _____
The number of municipalities emitting bonds and the num­ 1370. _Phillipsburg T w p., K an ____
1370. .P ortland, Ale
_ _
ber of separate issues made during November 1906 were 141 1370- Post Falls, Idaho
_______
-Reading, Pa_ __ __
.and 228 respectively. This contrasts with 214 and 264 for 1370.
1431. -R en o, Nev - ______________
1248- -R ichm ond, ln d . _
October 1906 and with 178 and 235 for November 1905.
For comparative purposes wo add the following table, 1270- .R ichm ond, Va - __________
showing the aggregates for November and the eleven months 1370- .Sag Harbor Sch. Dist. No.
11, N. Y _________________
for a series of years:
1309. -Saginaw, Mich. (12 Is.)_.
F o r the
j
E lev en M os.\

M o n th o f
N ovem ber.

1906____ $11,713,655
1905____ 25,888,207
1904____ 32.597,509
1903___
14.846,375
1902____ 13.728,493
1901____
6,989,144
1900____
9.956.685
1899____
8.790.489

M o n lh o f
N ovem b er.

$178,691 ,8 1 6 (1 8 9 8 .___ $7,721,284
174,825,430 1897_____ 6.868.775
240,819,161 ; 1896____ 34,913,894
138,789.253 i 1895_____ 6.524,901
136,895.772 1894_____ 4,549,580
116,092,342 1893. . . . . 7,300.770
123.572,311 1892_____ 5,176,012
113,131,780!

F o r the
E leven M o s .

$95,778,450
120,128,531
95,831,773
105.475.829
103,689,851
60,114,709
80,526,266

In the following table we give a list of November loans to
the amount of $11,713,655 issued by 141 municipalities.
In the case of each loan reference is made to the page in the
“ Chronicle” where an account of the sale is given.
NOVEM BER
P a g e.

N a m e.

BOND SALES.

R a te.

M a tu r ity .

1368_ .Adairsvllle, Ga_____________ 5
......... ........
1 3 0 6 .. Adams County, Ohio____ 3 y2 191G-’21 & ’26
1368--Alameda Co. S. D. No.4,Cal. 5
1907-1926
1306. - Altoona, Pa________________ 4
d l911-1936
1187.. Ansonia. Ohio.................... 5
1912*1913
1426__ArtesIa, N. M e x . __________ G
41926-1936
13 06- . Atrhlnson, Kan__________
________ 1187. .Atlantic County, X. J___ ____ 4
1911-1919
V
. ............... _ A 14
1907-1936
1306._ Bain bridge, G a ____________
__________
1245,-BaIlston Spa, X. Y _________ 4
1907-1921
1187-. Barberton. Ohio____________ 5
1907-1917
1245. - Basil. Ohio. .....................
4
1908-1917
142 6 . . Benton Co.S.D.No.22,Wash. 5 H 41 91G-1926
1245.. Biloxi. Miss...............................5
41916-1926
1368.. Bourbonnals, III_____ _______ 5
1917-1924
1 3 0 6 Brook haven S.D.Xo.34 ,N. Y. 4 }4
1246. -Camden County. N. J ____ 4 “ 1916, '21 * 2 6
1368. . Carbon Co.S.D.No.31 .Mont.
1187.-Carrollton. Ga_____________
5
1921-1933
1306.-Chatham. X. .I ............ .......... .............................
1187.. Cincinnati, O hio ______
..3.65
1926
1368. .Cincinnati Sch. DIst., Ohio. 4
1946
1300.-Clnclnnatus. N. Y . _ ............. (3%
41911 1926
4
41911-1926
1368 . .Cleveland Heights, O. (2 Is.) 4 hj
1907-1916
1907 HUG
1868 . -Cleveland Heights (5 1s.)____4!^
1366--Clinton County, N. Y ........... 4
130 7- _CoatesvIUe Sch. DIst., Pa_4
__ ______
1246-_Co1umbus, Ohio....................
4
1916
14 27- .Coftoyvllle. Kan_____________ 6
1907-1916

A m o u n t.

P r ic e .

$17,500 101
68,000 123.50
125,000 103.245
300,000 100
1,200 102.083
50,000 1/101
45,000 100
47,000 100
36,000 100.013
35,000 104.09
14,500 100
7,682 103.421
1.000 101.50
4,000 100.937
25.000 101.524
4,200
10 000 101.21
56,000 100.834
1 ,500 107.70
15,000 101.788
1 1 ,000
140.000 100
200.000 106.1 42
1.500 100
12,500 100
44.204 101.31
18.195 101.208
60,000 100.706
30,000 100.58
50,000 101.052
25,434

1309_ Saginaw, Mich. (6 is.)
1189. .S t. Bernard, O hio. __ _
1370. St. James, Minn___________
1189. St. Paul, Alinn
1190. -Salem, M ass_____________ _
1190. Salem,Mass
1190. -Salem, M a s s . __
_____
_ _
1248. .Salinas, Cal _____
1248. .Salinas, Cal
1190. .Sandusky, Ohio____________
1371 . San Pedro, Cal _____ . ___
1249. .Santa Rita Sch. Dist., Cal._
1310. _Selma, Ala
__ _
1249. .S h erm an ,T ex _ __ _ _____
1310. -Sikeston, Mo. (3 is.)- ___ .
1310. -Simpson County, M i s s . __
1371. Slater Sch. D ist.. la .........
1371. South Bethlehem, P a___
1371 . _Spiro Sch. Dist., In d .T e r_ .
1249. -Springfield, A la s s __________
1249. - Springvllle, N. Y . ________
1250. -Summerfield, Ohio _
__
1250 -Sunnyside Sch. Dist., Cal__
1311 Swanton, Ohio
____
1311. Tajunta Sch. Dist., Cal_____
1371 _Terre Haute, lnd. (3 Is.)____
1137 .T ro y , N. Y . 1250. Utica,
Y
131 1 . Vandeburgh County, Irul
1250. _W aterloo, Io w a __
__
1191 .W atertow n, Mass. (2 Is.)
1372. -W elserS . D. No. 1 6 , Ida
1372 _W eilesly, Mass..................... ..
131 1 . . W esterville, O h i o ____
..
1311. .W est York, Pa....................- .
1191. -W hite County, ln d ________
1432. _W ichita, Kan ........................1432. . W ichita, K an __ . ........... ...
1251 W illoughby, Ohio
____
1372. .W illoughby, O h i o __ _____
1251

1931
1907-1016
1937

1907-1913
1908-1917
41911-1916
1926-1929
1908-1917
1914-1918
1909
41911-1926
1907-1916

1912-1936

4,064
6
5
4
4

41916-1936
1907-1914
1912-1917

5K

41916-1926

5

41917-1937
1916

4

1941

4
3H
4
4
5
4
4
4
4
5
5
4
5
7
5
4H

5
5
5
4
6
4
4
6
5
5
5
6
4
4
3H
6
4
5
4
4H
4
6
4H

5
4H
4H

W orcester, Mass. (4 Is.) ___ 4

1192
. Ohio .
1192 Youngstown, Ohio
1192 Young* t ow n , Ohio
1192. Youngstow n, Ohio
1192 . Youngstown, Ohio
1 192 . Youngstown, Ohio
1 192 Youngstown. Ohio
1192 Youngstown, Ohio
1192. . Youngstow n, Ohio . . . . ____

1916

5
5
4X
A
0
5
4

5
5
5
5
5
5
5

1912-1917
41921-1936
1926
1926
<21914
1908-1910
1921-1922
1908-1917
1907-1916
1907-1916
1907-1922
1907-1936
1921
1908-1914
1916
1913
1907-1924
1926
41916-1921
1908-1917
19111914
1908-1910

1008-1912
1908-1912
1008-1912
1908-1912
1008-1912
1908-1012
1008-1012
1008-1012
1907-1917

100

2,000 101.75
2,500 100
3,000 101.214
12,000 100
22,000
12.500 100
95,500 100
25,000 101.608
20,000 101.125
f 4,000 103
i 10,000
101
1472,260 £101

1907-1912
1907-1916
1907-1916
1936
1908-1914
1936
1907-1916
1907-1911
1907-1915
1907-1946
1907-1946
1921
1907-1926
1907-1912
1926
1907-1946
41911-1926

1916

P r ic e .

$8,000 102.67
l ,300 101.475
10 ,000 105.40
11 ,U00 105.704
9,000 105.63
47,020 £100
24 ,000 100
30.000 bTOO.665
60 ,000
1 ,500 100
20.000
00,000 105.015
4,000 /
\ basis
20,000 101.637
4,000 100
15,000
1,000 103
1,247 100.801
20,000 100
30,000
6,500 100.784
30,000 103.03
15,000 100.50
300,000 100
2,500 100
240,000 100.75
20,000 100.50
5,000 .J103.00
103.10
25,000 104.50
9,000 100
6,500 100
14,000
4,000 105.025
6,000 101.666
50,000 101.911
1,548 101.291
31,000 100.055
4,000 100.125
12,000 101.25
7.000 100
9.000
25,000 102.926
6,500 101.615
31,329 103.131
6,000/ 101.50
l 103.05
4,000 105.25
3,500 101.55
900
3,500 100
4,000 103.635
300 102
50,000 100
1,361 100.389
53,072 100
1,354 100
18,000 J 4 M %
l basis
10,000 ^\ 4 y2 %
[ basis
40,000 100
10,000 103.26
20,000 £100
30.000
23.000 102.291
7,000 101.428
750,000 100.133
800 100
4,500,000 101.899
876,729 £100
27,700 100
1,800 100
50,000 105.318

1008-1912

1368. .Fall River, M a s s .................
1 188. -Floresvllle, T e x .....................
1427. _Franklin, O hio__ __________
six Mouths Subscription m Loudon (including postage)................. £1 l l s .
1307. . Frederlcktown, O h io ............
S u b scrip tio n in c lu d e s fo llo w in g S ection s—
12 10. -Frem ont, O hio_____________
1369. .Gadsden, A la......... .............. ..
Rank and Quotation (monthly)
I State and Ctty (semi-annually)
1369. .Gadsden, A la____________ _
R ailway and Industrial (quarterly) |street Railway (3 tunes yearly)
1369. -Garrettsville, O h io ________
Girard, Ohio
_________
The R ailway and I ndustrial Section, issued quarterly, is furnished 11341307. -Glens Falls, N. Y ___________
cit out extra c h a r g e to every annual subscriber of the Commercial and 1307. .Grand .Junction, C olo______
F in vnoial chronicle.
1307- .Grand Marais, Allan. (2 is.)_
The hTATH and CITY Section, issued semi-annually, is aLso furnished 1247. .Grand Rapids, Mich. (2 is.).
w it n it extra ct u rg e to every subscriber of the chronicle.
1369. .Crosse Polnte, M ich- ____
The street Railway Section, issued three times a year, is likewise fur­ 1247. -Hagerstown, M d___________
nish d « • h ou t ex tra ch a rg e to every subscriber oi the Chronicle.
‘ .* ’ i
The B ank and Q uotation Section, issued monthly, is also mrnished w it h ­ k1369.
_Hamilton Tw p. N. J ______
ou t extra ch a rg e to every subscriber of the Chronicle.
1428. . Hastings, Alieli__________
1307. -Hem phill C o .S .D .N o .l, T ex.
1369- urn dale, Mich____________
Terms of Advertising—Per Inch Space
1308- -Iioltville Sch. DIst., Cal____
1308- .Im perial Sch. DIst., Cal____
Transient matter per inch, space (14 agate lines).................................... $4 20
_
( Tw o Months
(8 tim es)........................... 22 00 1247. 1rout on, Ohio
r,.
...
nnoi_ - ou n . ri1c! ) Three Months (13 tunes)........................... 29 00 1247- .Jasper County, ln d ________
Standing Business Cards J six ^iontils
(26 tim es)........................... 60 00! 1369. -K enm ore, N. Y _ __
( T w elve Months (52 tim es)............................. 87 00 1247_ .K ennew ick Sch. DIst., Wash.
1247. -K ingston, Pa__ _____ __
___
CHICAGO O F F IC E —Pliny Bartlett, 513 Monadnock Block.
1247. lvingwood, W . Va__
1247_ -K iow a Sch. DIst.. ln d. Ter
LON DUX O F F IC E —Edwards <fc Smith, 1 Drapers’ Gardens, E. O.
1308- .K n o x County, ln d 1369. Lakewood, Ohio - _ ______
W I L L I A M B. D A N A C O M P A N Y , P ublishers,
1369- . Lakewood, O h io ___
Pine Street, Corner ot Pearl Street,
1428. .Langhorne, Pa_

NEW Y O R K .

A m o u n t.

1908-1019
1007-1916
1007-1016
1907-1016
1008-1016
1007-1016

f

5,800 100
139,800
68,700
4,000 103
6,500 Z/101.63
50,000 102.75
20,000)
5 ,000 } 100.54
9,200 J
50,000 110.27
15,000 109.333
15,000 102.333
40,000 105.45
600 104.166
150,000 100
40 000 102.50
20 ,000 100.50
40,000 100.75
3,500 100.771
75,000 102
6,000 100
207,000 104.979
12,000 100
700 101.571
2,000 104.65
13,000 104
5.000 101.50
8,566 2/100
15,887 100.053
60,000 101 .86
150,000 103.006
21 ,500 100
17,000 101.273
1,000
104,000 101 .277
12.000 105.041
2 .500 100.50
12,152 102.127
40,000 100
54,262 100
3,500 102.028
2,500 100.20
47 000 103.10
27,000 102.01
101 ,825 102.034
5,200 102.701
4,475 102.68 1
4,460 102.69
1 ,330 102.1 17
7,105 102.79
7,150 102.797
545 102.1 17
6,475 102.768
44,000 105.285

14:26

THE CHRONICLE. .

R a te.
N am e.
P ag e.
1251- -Y o u n g s to w n , O h i o ___ .......... 5
12 51. .Y o u n g s t o w n , O h i o ___ .......... 5
5
12 51. -Y o u n g s t o w n , O h i o ________
12 51. .Y o u n g s t o w n , O h i o ___ .......... 5
12 51. .Y o u n g s t o w n , O h i o _________ 5
12 51. .Y o u n g s t o w n , O h i o _________ 5

M a tu rity .
1908-1917
1908-1912
1907-1911
1908-1912
1907-1008
1908-1912

A m ou n t.
$18,150
13,155
2,250
360
800
2,260

P rice.
105.660
103.154
102.40
102.116
101.342
102.699

T o ta l b o n d sales fo r N o v e m b e r 1906 (141 m u n ic i­
p alities, co v e rin g 228 separate Issu es)___________/c$l 1,7 13,6 55
* ■a A v e ra g e d ate o f m a tu rity ,
d S u b je c t to call In and after the earlier
year and m atu re In the later y ear, k N o t Including $2 4,01 7,87 9 o f te m ­
p ora ry loans r e p o rte d , and w h ich d o n o t b elon g In the list; also does n o t In­
clu d e $1,198 ,254 o f C anadian loan s or $9 ,200 ,000 o f "g e n era l fu n d ” bon ds o f
N ew Y o rk C ity , x T a k e n b y sin king fu n d as an In v estm en t, y A n d oth er
con sid eration s.
............................................................. <4 • ^
•
• • ■
B O N D S S O L D B Y C A N A D I A N M U N I C I P A L I T I E S . ^ F U '-T Y
R ate. [M a tu r ity .
A m ou n t.
P a g e. ■ ■
N am e.
■ ■
P rice.
1 2 4 5 -. B a ttle fo rd , S ask.5-----. 0
1907-1913
$2,000
100.15
1 4 2 7 _ _ F re d e rlck to n , B. C ___
. 4
98.50
45,000
. 4
94.746
5.000
1 3 0 8 --M a th e r S ch . D ist.,
3.000
1 3 6 9 .-N ia g a r a Falls, O nt.
1907-1926
99.25
56,754
- 4M
13 6 9 - - N lagara Falls O n t.
. 4
116,000
94
1,0 35,0 00
100
- 3H
1907-1936
1370. .O sh a w a , O n t7,000
- 4X
13 701907-1926
4,500
100
- 4M
1907-1921
131016,000
- 4K
1907-1916
3,000
100
- 4^
1907-1936
5,000
100
- 4K
.$ 1 ,1 9 8 ,2 5 4
R E V IS E D T O T A L S F O R P R E V IO U S M O N TH S.

T h e fo llo w in g i terns in clu d e d in ou r to ta ls fo r p re v io u s
m on th s sh ou ld b e e lim in a te d fr o m th e sa m e , as th e sales
h a v e n o t b een ca rried to c o m p le tio n .
W e g iv e th e p a g e
n u m b er o f th e issue o f ou r p a p e r in w h ich th e reason fo r th e
failu re to con su m m a te th e sale m ayj.be fo u n d .
P a g e.
N a m e ’ o f M u n ic ip a lity .
A m ou n t.
1 3 6 8 --B ls b e e , A riz. (J u ly l i s t )_________________________________________ $80,000
1306__C am den C o u n ty , N . J. (J u ly lis t )______________________________ 66,000
14 27__C h esw ick, P a. (O c t. lis t )_________________________________________ 5,000
1 2 4 6 _ -C o ffe y v ille S ch . D ist. (A p ril lis t )______________________________ 35,000
1 2 4 6 -.F a lr b u r y , 111. (S ep t, lis t )_____________________________________
6,000
1369__ K e n m o re . N . Y . (O ct. lis t )____________ __________________________ 31,000
1 3 0 8 --L a k e w o o d , O h io (O ct. l i s t )___________________________________
6,500
1 2 5 0 -_ S te e lto n P a. (June lis t )_________________________________________ 40,000
1 3 7 1 _ _ T o cco a G a. (O c t. list) -_• ______________________________________ 35,000

[V'OL. L X X H 1 L

Albany, N. Y .— Bond S a le — On Dec. 3 the $100,000 1-20year (serial) water refunding, $100,000 1-20-year (serial)
improved water-supply and $84,000 1-10-year (serial)
improvement 4% registered bonds, a description of which
was given in V. 83, p. 1245, were awarded to Adams & Co.
of Boston at 102.15, 102.15 and 100.91 respectively. This
is on a basis of 3.75% for the 1-20-year (serial) bonds and
3 .8 1 ^ % for the 1-10-year bonds. Following are the bids:
A dam s &. C o ., B oston —
$100,000 w ater re fu n d in g ___ 102.15
100.000 w ater s u p p l y ______ 102.15
84,000 I m p r o v e m e n t ______ 100.91
A lb a n y Savings B a n k , A lb a n y —
$100,000 w ater r e fu n d in g ___ 101.428
100.000 w ater su p p ly ______ 101.221
8.4 00 lm pr.
due 19 07____ 100
8.4 00 lm pr.
due 1908____ 100.019
8.400 lm pr.
due 19 09____ 100.056
8.400 lm pr.
due 19 10____ 100.11
8.400 lm pr.
due 19 11____100.18
8.400 lm pr.
due 39 12____100.265
8.400 lm pr.
due 19 13____ 100.364
8.400 lm p r.
due 1914____ 100.476
8.400 lm pr.
d u e 19 15____100.602
8.400 lm p r.
d u e 19 16____100.739
N at. Savings B a n k , A lb a n y—
$5 ,000 w ater ref. due 1922___ 101.18
5.000 w ater ref. d u e 1923_101.23
5.000 w ater ref. d u e 1924___101.28
5.000 w ater ref. due 1925___101.33
5.000 w ater ref. due 1926___ 101.38
5.000 w ater su p p ly due 1922 101.18
5.000 w ater su p p ly due 1923 101.23
5.000 w ater su p p ly due 1924 101.28
5.000 w ater su p p ly due 1925 101.33
5.0 00 w ater su p p ly due 1926 101.38
B lake B ros. & C o ., New Y ork —
$100,000 w ater re fu n d in g _____101.27
100.000 w ater s u p p l y _______ 101.27
84 ,000 im p r o v e m e n t_______ 101.27
Rhoades & C o ., New Y ork—
F o r all three issues___________101.191
Blodgett, M erritt & C o ., B oston —
$100,000 w ater s u p p l y _______ 101.087
100.000 w ater re fu n d in g _____101.087
a Or w a ter s u p p ly fb o n d s .

A lb a n y C ity Savings In stitu tion —
$5,000 w ater su p p ly due 1917 100.81
5.000 w ater su p p ly d u e 1918 100.87
5.000 w ater su p p ly d u e 1919 100.93
5.000 w ater su p p ly d u e 1920 100.99
5.000 w ater su p p ly d u e 1921 101.05
5.0 00 w ater su p p ly due 1922 10 1.10
5.000 w ater su p p ly d u e 1923 1 0 1.15
5.000 w ater su p p ly due 1924 101.20
5.000 w ater su p p ly due 1925 101.25
5.000 w ater su p p ly due 1926 101.30
A . B . L each & C o ., N ew Y ork—
$100,000 w ater re fu n d in g ____ 10 1.177
100.000 w ater s u p p l y ______ 101.177
84 .000 I m p r o v e m e n t______ 101.077
W . J . H ayes & S ons, Cleveland—
$100,000 w ater r e fu n d in g ____101.015
100.000 w ater su p p ly ............ 101.013
84 .000 im p r o v e m e n t______ 100.054
D en ison & F arnsw orth, B oston —
$100,000 w ater re fu n d in g ____ 100.986100.000 w ater s u p p l y ______ 100.85
B in gh am pton Savings B ank—
$100,000 w ater r e fu n d in g ____100,51
E state o f W . H . L u cas, Philadelphia
$10,000 w a ter su p p ly d u e 19241925 ________________________100.25
C om m erce In su ra n ce C o ., A lb a n y —
$8 ,400 lm pr. due 1 9 0 7 ______ 100.10
8.400 lm pr. d u e 1 9 0 8 ______ 100.20
8.4 00 lm pr. due 1 9 0 9 ______ 100.30
A lb a n y E xcha ng Savings B a n k—
a%5,000 w ater ref. d u e 1 9 2 3 -.1 0 0 .2 5
a 5,000 w ater ref. d u e 1 9 2 4 -.1 0 0 .2 5
a 5,000 w ater ref. d u e 1 9 2 5 ._ 1 0 0 .2 5
a 5,0 00 w ater ref. due 1 9 2 6 .-1 0 0 .2 5

Allegheny County (P. O. Pittsburgh), Pa.— Bond Call.—
Call is made for payment Jan. 1 at the office of the County
Comptroller for registered compromise bonds Nos. 696 to 704
These bonds are dated Jan 1 1863.
W e h a v e also lea rn ed o f th e fo llo w in g additional sales fo r inclusive
Artesia, N. M.—Bond Sale.— The $50,000 6 % water-works
p rev io u sJ m o n th s •
bonds offered but not sold on May 8 have been disposed of
A m ou n t.
P ag e.
• ■•Nam .
• •
M aturity.
Rate.
P . e.
Denomi­
1 2 4 5 _ -A m e s b u r y , M ass______________4
_ 4
1909-1935
$267,000
101.652 to S. A. Kean of Chicago at 101 and blank bonds.
1368- - A rca d e T w p ., K a n _________ . 4
14,000
100
nation
$1,000.
Date
May
8
1906.
Interest
semi-annual.
1926
102.542
1 2 4 6 -_ C o fle y ’ille S ch . D is t ., K a n - . 5
35,000
Maturity thirty years, subject to call after twenty years.
1923-1926
1 3 6 8 -- B o stw ick P r e c in c t, N e b ____. 6
4,000
100
1 2 4 6 -.F a lr b u r y , 111__________
. 5
1913-1918
6,000
101.333
Asbury Park, Monmouth County, N. J — Bond Sale.— On
1 3 0 8 --H o lla n d P a te n t. N . Y_
. 4
1908-1935
15,960
100
1 3 0 8 --M c D o n a ld S. D ., K a n .(S e p .)) 5
5,000
Dec. 3 the $150,000 4 % beach-improvement bonds voted
d l90 8 -1 9 2 1
5 500
1 2 4 8 --M a r y s v ille S .D .,W a s h . (A u g .)
100
.) 6
on Sept. 11 were awarded at private sale to Kountze Bros,
. 4
(11916-1936
4,000
1308__M ercer, P a (S e p t .)____________
100
1907-1916
1 3 0 8 --M o u n t H e a lth y , O h io _______5
Denomination $1,000. Date Oct. 1
.5
860
105.813 of New York City.
1 2 4 8 --O k a n o g a n C o. S. D . N o . 10
1906. Interest semi-annual. Maturity Oct. 1 1946.
6
100.166
W a s h ____________________ . ,
600
1936
104
150,000
1 3 0 9 _ .R iv e r R o u g e , M ich ___________
- 4K
Ashland, Ohio.—Bond Offering.— Proposals will be re­
. 4
1907-1946
40,000
1 2 5 0 --S t o c k t o n , C ai. (2 I s .)_ .
100
ceived until 12 m ., Dec. 31, by the Village Clerk, for the
A ll th e a b o v e sales (e x c e p t as in d ic a te d ) are fo r O c to b e r . $5,500 5% coupon debt-extension bonds described in V. 83f
T hese a d d ition a l O c to b e r issues w ill m a k e th e to ta l sales (n o t p. 922. Authority, Section 2701 of the Revised Statutes.
Denomination $550. Date Oct. 15 1906. Interest semi­
in clu d in g te m p o ra ry loa n s) fo r th a t m o n th $ 1 5 ,3 3 4 ,2 4 2 .
annually at the First National Bank of Ashland. Maturity
one bond each six months from April 15 1913 to Oct. 15 1917
News Items.
inclusive.
Alabama.— Indebtedness of State.— Owing to certain
Ashtabula School District (P. O. Ashtabula), Ashtabula.
changes in the new refunding bond issue of July 1 1906,madqat County, Ohio.— Bond Offering.— Proposals will be received
the instance of the bond syndicate, and of which fact we were until 6 p. m. Jan. 8 1907 by Chas. E. Peck, Clerk Board of
not. cognizant at the time our “ State and City” Section went Education, for the $40,000 4J^% school-building bonds voted
to press two weeks ago, the statement of Alabama’s debt as on Nov. 6. Authority Sections 3991 and 3992 of the Revised
given in that publication was not correct. We therefore Statutes. Denomination $1,000. Date, day of sale. In­
print the details of the debt as they now stand.
terest April 1 and Oct. 1. Maturity $2,000 yearly on Oct. 1
$966,000 3 ) 4 %
B o n d s,
R en ew a l Class C o f 1906, Interest 'p a y ­ from 1908 to 1927 inclusive.
Certified check on a national
able Jan u ary an d J u ly . M a tu rity Jan. 1 1956.
Bidders must satisfy them­
7,1 37,0 00 4 % R e fu n d in g b o n d s o f 1906.
Interest p a y a b le Jan. and J u ly . bank for $1,000 is required.
M atu rity Ju ly 1 1956.
selves as to the legality of the bonds before bidding.
954,000

4 % fu n d ed b o n d s t o retire 6s o f 1880.
Interest p a y a b le Jan. and
Ju ly. M a tu rity Jan. 1 1920.
P a r V alu e o f B on d s.— T h e fu n d in g 4s are fo r $500 an d $1,000 each; th e
refu n din g b o n d s o f 1906, $1,000 each.
In terest.— Interest Is p a y a b le In N ew Y o r k at th e T ru st C om p a n y o f
A m erica , an d in M o n tg o m e ry .
Total D ebt.— T o ta l b o n d e d d e b t D e c. 1906, $ 9 ,057 ,000 .

It seems that the amount of the 4s (originally $7,168,100)
awarded on March 15 1906 was subsequently reduced to
$7,137,000, while the $269,500 3j^s awarded at the same
time to sundry bidders were never issued. The amount
of bonds put out July 1 1906 was therefore $7,137,000 and
not $7,437,600 as originally contemplated— this accounting
for the reduction in the State debt by $300,600. f!
^
San Jose. Cal.— Recovery from Earthquake.— Jos. . Brooks,
Secretary of the San Jose Chamber of Commerce, writes us
that the city of San Jose has completely recovered from the
effects of the earthquake of April 18 1906. Bank clearings
have been exceptionally good, while Post Office receipts
each month since April show substantial increases over the
corresponding month of last year. Building permits have
averaged $125,000 per month, and are still being issued at
about the same rate. Property values have held firm, and
the laboring classes are constantly^employed at good wages.
Altogether, he says, the city!is now in a more prosperous
eondition than ever before in its history.

Bond Proposals and Negotiations this week

have been as follows:

Ada, Norman County,'M inn.— Bond E le ctio n .— An election
will be held in this village Dec. 11 to vote on the question of
issuing $5,000 6% funding bonds to mature $1,000 yearly
beginning Jan. 1 1917.

Barnesville Independent School District No. 60 (P. O.
Barnesville), Minn.— Bond Offering.— Proposals will be re­
ceived until 8 p. m. Dec 12 by C. E. Nelson, Clerk Board
of Education, for $4,000
coupon refunding bonds.
Authority Section 194, School Laws of 1901. Denomination
$1,000. Date Jan. 1 1907. Interest semi-annually at the
National Bank of Commerce in Minneapolis. Maturity Jan.
1 1917
Bonds are exempt from all taxes. Bonded debt,
including this issue, $16,000. Assessed valuation for 1908,
$358,911.
Belleville, Ont.— Debenture Sale.— This city recently
awarded $25,000 4 )^ % gas-works debentures to Aemelius
Jarvis & Co. of Toronto at 100.148. Securities are dated
July 16 1906. Interest annual. Maturity part yearlyYor
thirty years.
Benton County (Wash.) School District No. 22.— Bond
Sale.— On Nov. 24 the $4,000 10-20-year (optional) coupon
school-building bonds described in V. 83, p. 1245, were
awarded to W m. D. Perkins & Co. of Seattle at 100.9375
and accrued interest for 5J/£s.
Berne (Town), Albany County, N. Y . —Bond Offering.—
Proposals will be received at any time by Wallace A Peasley,
Town Supervisor (P. O. Rensselaerville) for $5,000 4 % cou­
pon funding bonds. Denomination $500. Date Feb. 1
1907. Interest annually at the office of the Town Super­
visor in Berne. Maturity $500 yearly on Feb. 1 from 1912
to 1921 inclusive. Bonded debt at present $2,500. As­
sessed valuation for 1906 $700,000.
Boston, Thomas County, G a.— Bond Offering.— This vil­
lage is offering for sale the $10,500 5 % electric-light bonds
voted on July 31, as stated in V. 83, p. 338. These securi-

D e c . 8 1 9 0 6 .]

THE CHRONICLE

ties were validated at the O ctober term of the Circuit Court.
M aturity one-third in ten years, one-third in fifteen years
and one-third in tw enty years. B onded d eb t, this issue.
W . M. H am m ond, o f H am m ond & H am m on d, (P . O.
Thom asville, G a .), is attorney for the village.
Bond Election.— The question of issuing $12,000 5 % water­
works bonds will be subm itted to a vote Jan. 14 1907. Ma­
turity one-third every five years, beginning ten years from
date.

1427

Edmonton, Alberta.— D e b e n tu r e O f f e r i n g . ------ Proposals
will be received until 12 m. Dec. 18 by Geo. J. Kinnaird,
Secretary-Treasurer, for the following debentures:
$ 100,000 -I "o Grand Trunk Paolllc R ailway Co. bonus debentures, milturine part yearly for forty years.
13.000 4 t-j VG light, heat and pow er-plant debentures, maturing part
yearly for tw enty years.
6.500 414% Ore-hall Improvement debentures, m aturing part yearly
lor ton years.
8.000 4 f 4 % Jasper Avenue sidewalk (city ’s portion) debentures, m a­
turing part yearly for tw enty years.
30.000 4 ‘ a Vi market-site extension debentures, m aturing part yearly
for tw en ty years.
2.500 -1 tj % road debentures, maturing part yearly for ten years.

m B uffalo, N. Y .— Bond Issue — The city has issued $190,637 90 4 % tax bonds. Date D ec. 1 1906. Interest sem i­
3.500 4 4% Isolation-hospital debentures, maturing part yearly for
ten years.
annual. Maturity §90,637 90 D ec. 1 1907. $50,000 D ec. 1
11,500 4 Ja Vi Isolation-hospital debentures, m aturing part yearly for
1909 and $50,000 Dec. 1 1911. Under the ordinance au­
tw enty years.
46.000 4 H % land-purchase debentures, m aturing part yearly for
thorizing them , these bonds have been sold at par— $60,forty years.
637 90 to the Park B ond R edem ption Sinking F und, $30,000
12.000 44% road and ditch machinery debentures, maturing part
yearly for ten years.
to the W estern New Y ork & Pennsylvania R ailroad Grade
65.000 4 !a Vo telephone-system extension debentures, maturing part
Crossing B ond Sinking F un d, $20,000 to the New Y ork
yearly for forty years.
Chicago & St. Louis R ailroad Grade Crossing B ond Sinking
75.000 4 4 % laud-purchase debentures, m aturing part yearly for forty
years.
F und. $5,000 to the Bailey Avenue Sewer Sinking F und, 26,837 71 44%
sewer-system (city's portion) debentures, maturing part
$40,000 to the Police Pension F und, $15,000 to the Trustees
yearly for forty years.
58,291
20
4
4
%
water-works extension debentures, m aturing part yearly
of the Public School Teachers' R etirem ent Fund and $20,000
for forty years.
to the Firem en’s R elief & Pension Fund.
21,761 97 5 % 8-year local-im provem ent assessment debentures.
20,512 44 5 %
-year local-im provem ent assessment debentures.
Burns, H arney C ounty, O re.— Bond Offering.— Proposals 38,084 25 4 4 % 40-year sewer-assessment debentures.
will be received until 12 m . Jan. 1 1907 b y M. L . L ew is,
The above debentures are dated Oct. 1 1906. Interest
City R ecorder, for §4,000 refunding bon ds to run ten years annually at the office of the Secretary-Treasurer in Edmon­
from March 1 1907. B onded d eb t, this issue. Assessed ton,
valu ation, about $100,000.
Ellicott Union Free School District No. 6, Chautauqua
2 0

Oarbondale, Lackaw anna C ounty, P a .— Bond Offering.—
Proposals will be received until 8 p . m . D ec. 31 b y H T .
W illiam s, City Clerk, for $20,000 4 % coupon Main Street
paving and bridge-building bonds
Denom ination $1,000.
Date N ov. 1 1906. Interest sem i-annually at the City Treas­
urer’s office. M aturity $1,000 yearly on N ov. 1 from 1907
to 1926 inclusive. Bonds are exem pt from ta xa tion .
Cer­
tified check for $500, payable to the City Clerk, is required.
Purchaser to pajr accrued interest. B onded d eb t, including
this issue, $53,500. Assessed valuation $2,898,585.
Cheswick,'*’A llegheny C ounty, P a .— Bonds Refused.— W e
are inform ed that the $5,000 4 3^ % 20-30-year bonds recently
awarded to E . H . Gay & Co. o f B oston (V. 83, p . 1133)
have been refused b y that firm . •.
•;
J - > >c •,
Chillicothe, O h io.— Bond Sale.— On D ec. 3 the $10,700
4 % 10-year coupon street-im provem ent bonds dated A ug.
15 1905 and described in V . 83, p. 1368, were awarded to
the Central National Bank o f Chillicothe at 100.943 and
accrued interest. F ollow ing are the bids:

C entral X at. B k., C hillic-Sl 0,801 0 0 1W estern G erm an Bfe. ,Cin_§10,767 50
C entral T . & S. D. Co.,Cln. 10,796 3 0 1B reed & H arrison, C in___10,742 80
W ell, R o th & Co., C ln____ 10,789 05 ISeasongood & H a v e r, C in. 10,726 00
A tlas N at. B ank, C ln____ 10,781 2 5 |W . R .T o d d & C o .,C in ._ - 10,700 00

These are n ot new bonds bu t securities that have been held
b y the Sinking Fund as an investm ent.
Clallam C ounty (P . O. P ort A n g eles), W a s h .— Bond Of­
fering .— Proposals will be received until 2 p . m . D ec. 10 b y
W . B . Sm ith, County A u ditor, for $34,000 warrant-funding
bon ds. A uthority Sections 1 to 7 inclusive, Chapter 170,
Session Laws of 1895, and election held N ov . 6 1906. De­
nom ination $1,000. Interest (not to exceed 4 3 4 % ) payable
sem i-annually at the office o f the County Treasurer. Bids
are requested for straight tw en ty years bon ds or for bonds
m aturing in tw enty years su bject to call after ten years.
Certified check for $500 required. O fficial circular states
that the county has never defaulted in the paym ent of prin­
cipal or interest and th at there is no con troversy or litigation
threatened or pending affecting the corporate existence of
the cou nty or the validity o f this issue.
Cleveland, Ohio.— No Bond Election.— A resolution to?subm it to a vote of the people on D ec. 1 1 a proposition to issue
$700,000 viaduct bonds was recently killed in the City C oun­
cil. This same proposition was subm itted to a v ote at the
election held on O ct. 9, bu t was defeated.
C offeyville, M on tgom ery C ounty, K a n .— Bond Sale.—
This city has awarded $25,434 03 6 % 1-10-year (serial)
street-im provem ent bonds to Spitzer & Co. of T oledo.
Date N ov. 1 1906. Interest Feb. 1 and Aug. 1 at the fiscal
agency of the city.
D artm outh, N ova Scotia.— Debentures Not Yet Sold.— No
sale has yet been m ade of the unsold balance o f ($47,000) the
$67,000 4% 20-year water and sewer-extension debentures
m entioned in V. 83, p. 995.
D enver, C olo.— Bond Sale.— This city has disposed o f t.ho
$24,000 5 % H ighland Park District bon ds offered bu t not
awarded on O ct. 16 (V . 83, p. 1056) as follow s: $8,000 to the
Germ an-Am erican Trust Co. of Denver and $16,000 to W m .
E . Sweet & Co. of Denver at par.
\
Durant, In d . T er.— Bond Offering.— Proposals will be re­
ceived until 6 p. m. Dec. 18 b y W . S. Shannon, City Clerk,
for $20,000 sanitary-sewer and $15,000 w ater-w orks-exten•ion 5 % 30-year bonds. Denom ination $1,000. Interest
semi-annual. Certified check for $3,500, payable to the
city of/D u ran t,fis*requ ired .
E astchester U nion Free School D istrict No. 1 (P. O.
T uck ah oe), W estch ester C ounty, N. Y .— Bond Sale.— On
Dee. 4 the $30,000 4 % coupon W averly High School addition
bonds a description of which was given in V. 83, p. 1307,
were awarded to W . J. Hayes A Sons of Cleveland.

County, N. Y .— B o n d s N o t S o l d . — No sale has yet been
made of the $34,200 4% coupon school-building bonds
offered on Nov. 10. See V 83, p. 1133, for description of
securities.
fc Emaus, Lehigh County, Pa.— B o n d O ff e r i n g . — Proposals
will be received until 8 p m., Dec. 17, by Robert S. Stonebock, Secretary to Council, for the $4,500 4% coupon waterworks-extension bonds mentioned in V 83, p. 1246. De­
nomination $100. Date Jan. 1 1907. Interest semi-annually
in Emaus. Maturity twenty years, subject to call after five
years. Bonds are exempt from taxation. Certified check
for 10%, payable to E. E. Lorentz, Borough Treasurer, is
required. Bonded debt, not including this issue, $17,445.
Assessed valuation for 1905, $981,000.
Essex County (P. O. Salem), Mass.— N o te O ff e r i n g . — Pro­
posals will be received until 11 a. in., Dec. 10, by the County
Commissioners, for $50,000 4% Essex County Training School
notes. Denomination $5,000. Date Dec. 1 1906. Interest
annual. Maturity $5,000 yearly on Dec. 1 from 1907 to
1916 inclusive
Authority for issue, Chapter 364, Laws of
1906.
Everett, Mass.— B o n d O ff e r i n g . — Proposals will be re­
ceived until 5 p. m., Dec. 11, by Nathan Nichols. City^Treasurer, for the following bonds:

55.000 4% sewer bonds dated June 1 1905. M aturity June 1 1935.
70.000 4 % school bonds dated July 1 1903. M aturity 57,000 yearly on
July 1 from 1916 to 1925 Inclusive.
m

Securities are in denomination of $1,000. InteresLsemiannually at the Winthrop National Bank of-Boston.
Fitchburg, M ass— T e m p o r a r y L o a n . —This place recently
borrowed $65,000 until April 1 1907 at 4.88% discount.
Follansbee, Brooke County, W . Va.—B o n d S a l e . —On
Dec. 1 the $20,000 434% coupon sewer-system bonds, a
description of which was given in V. 83, p. 995, were awarded
to F. L. Fuller & Co. of Cleveland at par and accrued interest.
Franklin, Warren County, Ohio.— B o n d S a l e . — An issue of
$15,000 434% 25-year refunding bonds was recently awarded
to Seasongood & Mayer of Cincinnati. Denomination $500.
Date Dec. 1 1906. Interest semi-annual.
Frederickton, B. C.— D e b e n tu r e S a l e . —On Nov. 10 $45,000 4% water-improvement debentures were awarded to
the Royal Securities Co. at par, less a commission of 134%Denomination $500. Date Sept. 15 1906. Interest semi­
annual.
Gas School District (P. O. Gas), Allen County, Kan.—
B o n d S a l e .— The $5,000 5% 20-year gold coupon funding
and improvement bonds dated July 1 1906, offered on Nov.
20, were awarded on Dec. 1 to the First National Bank of
Barnesville at 100.20 and accrued interest. See V. 83. p.
1247, for description of these securities.
Grand Rapids, Itasca County, Minn.— B o n d O ff e r i n g . —
Proposals will be received until 8 p . m . Dec. 10 by II. E.
Graffman, Village Recorder, for $17,000 534% coupon
funding bonds. Authority Chapter 143, Laws of 1905, and
vote of 80 to 23 at election held Nov. 6. Denomination
$1,000. Date Dee. 1 1906. Interest annual. Maturity
Dec. 1 1921. Certified check for 5% , payable to the Village
Recorder, is required.
Greenwich and Easton Union Free School District No. 3
(P. O. Greenwich), Washington County, N. Y . — B o n d S a l e .
—On Dec. 1 $50,000 4% bonds were awarded to the Troy
Savings Bank at par and accrued interest. Denomination
$1,000. Date July 1 1906. Interest semi-annual. Ma­
turity $1,000 yearly on Jan. 1 from 1907 to 1956 inclusive.
These bonds take the place of the $50,000 school-house
bonds awarded on July 14 to the First National Bank of
Greenwich, which sale we are informed, was never consum­
mated, owing to a technical error
Hastings, Barry County, Mich.— B o n d E le c tio n . — The
queetion of issuing $35,000 4% paving bonds will be -sub-

J428

THE CHRONICLE

mitted to the voters of this city on Dec. 27. Denomination
$1,750. Maturity one bond yearly.
Bond Sale.— On Nov. 1 the $9,000 4j^% water-works re­
funding bonds offered on Oct. 27 (V. 83, p. 1057) were
awarded to the Hastings National Bank of Hastings at par.
Denomination $2,000, except one bond for $3,000. Date
Nov. 1 1906. Interest semi-annual. Maturity $3,000
Nov. 1 1911 and $2,000 yearly on Nov. 1 from 1912 to 1914
inclusive.
H a v erh ill, M a s s . — Bond Sale.— On Dec. 5 the $20,000 4%
1-10-year (serial) coupon bonds dated Oct. 1 1906 and
described in V. 83, p. 1369, were awarded to Denison &
Farnsworth of Cleveland at 100.573 and interest— a basis
of about 3.883^%. Following are the bids:

|Vol. Lxxxni.

McHenry County (P. O. Towner), No. Dak.— B o n d O ffe r

i n g .— Proposals

will be received until 2 p. m . Jan. 9 1907
b y Hans R oth garn , C ounty A u d itor, for $50,000 4 JA% bonds.
Denom ination $500. Interest annual. M aturity tw enty
years. Certified check for 1% o f the bonds bid for required.

Madisonville School District (P. O. Station M, Cincinnati),
Ohio.— B o n d O f f e r i n g . — Proposals will be received until 7:30
p. m . D ec. 29 b y G. L. K rieger, Clerk Board of E du cation ,
for $2,500 4 % bonds. D enom ination $500. Interest sem i­
annually at the Fourth N ational Bank in Cincinnati. Ma­
turity thirty years.

Mahoning County (P. O. Youngstown), Ohio.—-Rond

O f f e r i n g .— Proposals

will be received until 10 a. m . Dec. 17
b y the B oard o f C ounty Commissioners for $13,500 4
M cGuffey Street bridge-repair b on ds. A uth ority Sections
871, 872 and 2835 o f the R evised Statutes. Denom ination
$500. Date Dec. 17 1906. Interest March 1 and Sept. 1
at the office o f the County Treasurer. M aturity $3,500
H o lto n , J ackson C o u n ty , K a n .— Bonds Not Sold.— Under
yearly on Sept. 1 from 1908 to 1910 inclusive and $3,000
date of Dec. 4 we are advised by the City Clerk that the Sept. 1 1911. Certified check on som e bank in Mahoning
$50,000 water and the $25,000 electric-light bonds voted by County for $500, payable to F . A . H artenstein, C ounty
this city on April 10 have not yet been sold.
Treasurer, is required. Bids m ust be unconditional.
Denison & Farnsworth, ClevelOO.573 |Blake Bros. & C o., B oston. -100.33
R . K leybolte & C o ., C ln c in ._ 100.55 lA dam s & C o., B oston ______ 100.16
Rhoades & C o., New Y o r k ..1 0 0 .5 1 1 1B lodget, Merritt & C o., B o s t .1 0 0 .il
R . L. D ay & C o., B oston____ 100.429 I E stabrook & C o., B oston____ 100.09
W . J. Hayes & Sons, C le v e ..1 0 0 .3 7 5 1Merrill, Oldham & C o., B os.100.089

Islip U n io n F r e e School D istr ic t N o . 12 (P . O . B r e n tw o o d ),
Suffolk C ou n ty N . Y . — Bond Offering.— Proposals were
asked for until 8 p . m. yesterday (Dec. 7) by Charles S. Taber,
District Clerk for $5,000 5% registered school-building
bonds. Denomination $500. Date about Jan. 1 1907.
Interest semi-annually at the Suffolk County National Bank
in Riverhead. Maturity $500 yearly on Jan. 1 from 1912
to 1921 inclusive. Bonded debt, this issue. Assessed
valuation for 1906 $341,000. The result of this offering
was not known to us at the hour of going to press.
Jasper C ou n ty (P . O . M o n tic ello ), G a .— Bond Sale.— On
Dec. 1 the $50,000 5% coupon court-house bonds described
in V. 83, p. 848, were awarded, it is stated, to Weil, Roth &
Co. of Cincinnati at 106.62.
Jonesboro School D istrict (P . O . J o n e sb o ro ), C raighead
C ou n ty, A r k .— Bond Offering.— Proposals will be considered

at any time by J. R. Gregson, Secretary of School Board,
for $50,000 5 % coupon school-building bonds. Authority
Act 248, page 651, Acts of 1905. Denomination $1,000.
Interest annually on July 15 in St. Louis. Maturity twenty
years, subject to call $3,000 yearly after four years. Certi­
fied check for $1,000 required. The district has no debt at
present. These bonds “ will be sold at private sale on or
about March 1 1907, to be delivered on or about May 15
1907."
K a la m a z o o , K a la m a zo o C o u n ty , M ic h .—

Bond Offering.—

Proposals will be received until 8 p. m. Dec. 10 by Horace
E. Ralston, City Clerk, for the following bonds:
$70,000 4 % coupon fire-station and city-kall-repair bonds. A uthority,
v ote of 4,439 to 1,247 at election held N ov. 6. M aturity
$7,000 yearly on Jan. 1 from 1917 to 1926 Inclusive.
21.000 4 % coupon N orth Street sewer and water-pipe bonds. A u th ority,
Chapter 16 of the C ity Charter. M aturity $3,000 yearly on
Jan. 1 from 1908 to l9 1 4 inclusive.

Denomination $1,000. Date Jan. 1 1907. Interest
June and December at the City Treasurer’s office. Official
circular states that the city has never defaulted in the pay­
ment of principal or interest and that there is no controversy
threatened or pending affecting the corporate existence or
the boundaries of the city, the title of the present officials
to their respective offices or the validity of these bonds.
K a n s a s C ity , K a n . — Bond Election.— On Dec. 11 the
question of issuing $75,000 bonds for the purchase of the
Old Huron Cemetery will be submitted to a vote of the
people.
K a n sa s C ity , M o . — Bond Election Proposed.—-An ordinance
providing for a special election to vote on the question of
issuing the following bonds is before the City Council:
$400,000 water-works bonds.
325.000 park bonds.
125.000 fire-departm ent bonds.

$200,000 general-hospital bonds.
50.000 w orkhouse bonds.
25,000 paving-repair-plant bonds.

Manistee, Manistee County, Mich.— B o n d s N o t Y e t S o l d . —
No dipsosition has y et been m ade o f the $50,000 4 % coupon
park bonds offered bu t n ot sold on July 17. See V . 83, p .289.
Manitoba.— D e b e n tu r e O f f e r i n g . — Proposals w ill be re­
ceived until D ec. 20 b y J. H . A gnew , P rovincial Treasurer
(P . O. W in n ipeg), for the follow in g debentures:

$25,000
12.000
40.000
86.000
111,000

4% 30-year D rainage D istrict N o. 2 deb en tu res.
4% 30-year D rainage D istrict No. 3 d ebentures.
4% 30-year D rainage D istrict No. 4 d ebentures.
4% 30-year D rainage D istrict No. 12 d ebentures.
4% 30-year D rainage D istrict No. 16 debentures.

The above debentures will all be dated Jan. 1 1907. In ­
terest semi-annual.
Milwaukee, W is. — B o n d O ffe r in g — L ocal papers state
that proposals will be received until D ec. 15 for $360,000
school bonds.
Mississippi.— B o n d O f f e r i n g . — Further details are at hand
relative to the offering on Jan. 2 1907 o f the $500,000 3 )^ %
20-year coupon refunding bon ds m entioned in V. 83, p. 1248.
Proposals will be received until 12 m . on that day b y James
K . Vardam an, G overnor. A u th ority , A ct of the Legisla­
ture approved A pril 18 1906. D enom ination $500, or m ul­
tiples thereof, to suit purchaser. Date Jan. 2§1907. In ­
terest sem i-annually at the State Treasurer’s o ffice . B onds
are non-taxable. Cash or certified check for one-tenth of
bon ds bid for, payable to the State Treasurer, required.
O fficial circular states that “ there has been no default in
the paym ent o f any o f the S tate’s obligations since 1841,”
and that there is no con troversy or litigation, threatened or
pending, affecting the v a lid ity of these bon ds.

Monrovia, Los Angeles County, Cal.— B o n d E l e c t i o n . —

An ordinance providing for an election to v ote on the ques­
tion o f issuing $85,000 w ater-system -im provem ent bonds
was passed b y the B oard o f Trustees on N ov. 20.
Montclair, N. J.—B o n d s A u t h o r i z e d . — Newark papers state
that the Tow n Council of M ontclair has authorized the issu­
ance of $8,000 sch ool-im provem en t bonds.

Moorhead, Sunflower County, Miss.— B o n d S a l e Not Con­

s u m m a t e d . — Owing

to the determ ination of the city officials
to change the am ount o f bon ds to be issued, the sale of
$15,000 6 % gold coupon water-w orks bon d s, reported in the
“ Chronicle” last w eek, was n ot consum m ated. The bon ds
have been withdrawn from the m arket and a new issue will
be prepared.

Mount Vernon, Westchester County, N. Y .— B o n d S a l e .—-

On D ee. 4 the $80,000 4 % refunding bonds described in
V . 83, p. 1308, were awarded to R hoades & C o., o f New
Y ork C ity, at 100.435— a basis o f abou t 3.957% . F ollow ing
are the bids:

R hoades & Co., New Y o rk ..-$80,348 I W . J. H ayes & Sons, C leve._$79,600
E dm und Seym our & C o.,N .Y . 80,136 |
recently awarded $6,000 4% ditch bonds to private parties
Muncy Township, Lycoming County, Pa.— B o n d s D e ­
at prices ranging from 101.50 to 103.05. These securities fe a t e d . — On N ov. 6 the electors o f this tow nship defeated a
L a n gh orn e, B u cks C o u n ty , P a . — Bond

Sale.— This borough

are part of an issue of $9,000 bonds, the remaining $3,000 proposition to issue $20,000 road bon ds. The v ote was 52
of which has not yet been placed. Denomination $100. for to 96 against.
Interest April and October.
Murchison School District (P. O. Murchison), Henderson
L a w n d a le School D istr ic t, L o s A n g e le s C ou n ty, C a l.— County, Tex. — B o n d s R e g is te r e d . — The State Com ptroller
Bond Election.— An election will be held Dec. 10 to vote on on N ov. 27 registered an issue of $2,500 5 % 10-20-year (op ­
the question of issuing $2,300 5% 1-5-year (serial) school­ tional) school bonds o f this district. Securities are dated
building bonds. Denomination $460.
Sept 1 1906.
L o g a n T o w n sh ip School D istr ic t, B lair C o u n ty , P a .—
Narberth, Montgomery County, Pa.— B o n d s Not to B e
Bond Offering .— Proposals will be received until 12 m. Dec. I s s u e d a t P r e s e n t . — W e are advised that this tow n will n ot
10 by J. M. Edwards. Secretary, Room 14, Central Trust offer the $63,000 4 % sewer-system bonds recently voted
Building, Altoona, Pa., for $65 000 4}^% bonds. Denomi­ until a “ State perm it” has been obtained to begin construc­
nation $500. Interest semi-annual. Maturity fifteen years, tion. Bonds when issued will m ature $10,000 in each of
subject to call after ten years. Bonds are free from taxa­ the years 1912, 1917, 1922, 1927 and 1932, and $13,000 in
tion.
1937.
Loveland, C lerm ont C o u n ty , O h io . — Bond Sale.— On Dec.
Nashville, Tenn.— B o n d E l e c t i o n . — On M ay 10 1907 an
3 the $1,025 83 6% 1-10-year sidewalk-construction assess­ election will be held in this city to v ote on the question of
ment bonds described in V. 83, p. 1247, were awarded, it is issuing $300,000 h igh-school bonds.
stated, to the First National Bank of Loveland at par.
New York City.— Bond O ff e r i n g . — Proposals w ill be re­
Lyons Falls, Lewis C ou n ty, N. Y .—Bond Sale.—On Nov. ceived until 2 p . m . Dec. 14 b y Herm an A . M etz., City
.26 the $3,500 6 1-6-year (average) registered water-works
bonds described in V. 83, p. 1247, were awarded to G. H. P. Com ptroller, for $9,800,000 4 % gold registered or coupon
corporate stock and bon d s, as follow s:
Gould at par for 4s.

D ec . 8 1906.]

T H E C H R O N IC LE.

1429

$7,000,000 4% corporate stock for various municipal purposes, maturing
, N orth D a k o ta .— P u r c h a s e s b y S ta te . — The following bonds
N ov. 1 1956.
were recently purchased by the State Board of U niversity
1.000. 000 4% corporate stock for water supply, maturing Nov. 1 1956.
300.000 4% corporate stock for water supply, maturing Nov. 1 1926.
and School Lands at par:
1.000. 000 4'\> assessment bonds for street and park openings, maturing
Henderson School District at Munich— $2,500 4% 1 5-year building bonds.
N ov. 1 1916.
Hustings School District at Maxbass —$4.000 4% 10-yoar building bonds.
500.000 4% assessment bonds for street-im provem ents, maturing
Kctterllng School District, Logan County— $500 4 % 10-year building
Nov. 1 1916.
bonds.
Gallinger School District at Brlnsmade— $2,000 4% 1 0 -year building
bonds.
Crooked Lake School District at Turtle Lake $3,000 4% 15-year build­
ing bonds.
Joslyn School District at Grano— $6,000 4% 15-year building and fundng bonds.
Saunders School District at Carson— $900 4% 10-year building bonds.
Heltzmann School District, McLean County— $1,400 4% 12-ycar build­
ing bonds.
Ellsworth School District at M ylo— $1,500 4% 20-year funding bonds.
Foster School District, Logan County— $500 4% 10-year building bonds.
Oak Coulee School District, Morton County— $3,000 4 % 20-year build­
ing bonds.
Red Lake School District, Logan County— $2,400 4% 20-year building
bonds.

The above bonds are exempt from all taxation except
for State purposes. Interest May 1 and Nov. 1.
Either money or a certified check, drawn to the order of
the City Comptroller, for 2% of the par value of the stock
or bonds bid for, must accompany proposals.
Chapter 274 of the Laws of 1904, which applies to the sale
of bonds of the City of New York, provides that “all-or-none”
bids cannot be considered by the Comptroller unless the
bidder offering to purchase “all or none” of the bonds offered
for sale shall also offer to purchase “all or any part” thereof.
T h e official notice of this bond offerin g will be fo u n d am ong
the advertisem ents elsewhere in this D e p a r tm e n t.

B o n d I s s u e s . —Duringthe month of November the following
issues of corporate stock were purchased by the sinking fund
as an investment:

The above bonds are all dated Dec. 15 1906
The Board
also purchased in the open market $30,000 4 % refunding
State of North Dakota bonds dated July 1 1894 and matur­
ing July 1 1914; also $25,000 4 % refunding bonds State of
North Dakota dated July 1 1890 and maturing July 1 1920.
These bonds were purchased on a 3 .4 0 % basis.

Northville School District No. 2 (P. O. Northville), Wayne
County, Mich.—

Purpose —
Int.Rate. Maturity. Amount.
B o n d s A u th o r iz e d . — This district has author­
W ater supply__________________________
31926 $70,000 00
Do
do ..........................................
31956395,000ized
00
the issuance of $7,000 5 % school-building bonds. De­
For various municipal purposes-------------------------3
1956
310.729"50
Interest semi-annual.
Maturity one
Assessment b o n d s __________ ________________
3 /O n or aft. 1101,000 00 nomination $1,400.
T.Nov.1 '07 J
bond yearly. Bonds are exempt from taxation. The dis­
General fund bon ds_____________________________
3
19309,200.000 00

In addition to the above stock the following “revenue
bonds” (temporary securities) were issued:
Int. Rate.

Revenue
Revenue
Revenue
Revenue
Revenue
Revenue
Revenue

A m o u n t.

bonds— current expenses.
4%
$200.000 00
bonds— current expenses. 4 51%
100.000 00
bonds— current expenses.
5%
19,395,000 00
bonds— current expenses. 5 M %
500,000 00
bonds— current expenses. 5 5-16% 2,000,000 00— $22,195,000 00
bonds— s p e c ia l__________
4%
50,000 00
bonds— s p e cia l______ . .
5%
778,000 00—
828,000 00

Total revenue bon ds______________________________________ $23,023,000 00

Normal, McLean County, 111.—Bond Sale.— This village
recently delivered S I ,800 5 % local-improvement bonds to
the contractor in paym ent for work done.

trict has no bonded debt at present. Assessed valuation
$ 1,0 0 0,00 0. W e are informed that these bonds will not be
put on the market until next spring.

Noxubee County (P. O. Macon), Miss.—

B o n d s N o t S o ld —
B o n d O ffe r in g . — Owing to an error in the advertisement, no

sale was made on Dec. 1 of the $20,000 4 % 20-year gold
coupon jail-building bonds mentioned in V . 8 3, p. 1308.
Proposals are again asked for, this time on 4 J ^ % 20-year
bonds, and will be received until Jan. 8 1907. The bonds
will be dated Jan. 2 1907.

Oakland, Alameda County, Cal.—B o n d

posals will be received until 8 p . m .

N E W LOANS.

N E W LOANS.

8508,500

$ 9,800,000

City of Richmond, Va
Four per cent Bonds
The Council of the City of R ichm ond, V a .,
adopted an ordinance approved April 19, 1906,
authorizing the Committee on Finance to issue
Four Per Cent registered or coupon convertible
bonds to an amount not exceeding $508,500,
proceeds o f said sale to be placed to credit of
certain accounts. The above bonds have 34
years to run from the first day of July, 1906.
The Bonds will be Issued In multiples o f $100
registered or in amounts o f $1,000 Coupon Con­
vertible Bonds at the pleasure of the purchaser,
to be delivered and bear Interest from January 1.
1907. Bids for the above will be received at the
office of the City Auditor till noon of December
2 0 .1 9 0 6 .
A certified check for an amount equal to 2 per
cent on bids o f $100,000 or less, or I K per cent
on all bids in excess of that am ount, made payable
to the order o f the Auditor of the City of R ich ­
m ond, must accom pany each bid.
The bids will be opened at 4 p. m. same day.
The right to reject any and all bids is expressly
reserved.
For further Information apply to
E D W D . J. W A R R E N , Auditor.
J. B. W O O D , Chairman Committee on Finance.

W illia m R Com pton
Bond & M o r t g a g e Co.
M ACON. M IS S O U R I.
fEatabltohed In 1889.)

MISSOURI MUNICIPAL BONDS—
School, City, County and Drainage
Our list gives a wide selection of
many attractive issues in sizet of
$2,000 to $100,000
Opinion Chicago counsel, full legal
papers furnished
We buy direct and handle nothing on
brokerage
Close buying, large volume and small
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Send for latest circular
New York, Chicago, St Louis and
Kansas City references
W ILLIAM

tt. C O M P T O N . P r e s i d e n t .

■t VV n r H»*11

BONDS
E

STOCK

Ho t i d i n g

CERTIFICATES

Engraved on steel or lithographed, or
partly printed and partly lithographed.
Book of 100 certificates, steel-plate Oorder, and seal press. $15; cheaper styles
as low as $2 50 for a book of 50.

ALBERT B.KIBG& CO., 206 Broadway, N. V.

O ffe r in g . — Pro­
Dec. 17 by Frank R .

NEW YORK CITY

Four (4%) Per Cent.

GOLD TAX EXEMPT STOCK AND BONDS
I S S U E D IN R E G I S T E R E D F O R M

To Be Sold Friday, December 14, 1906,
At

Two (2) o’clock P. M.,
as follows:

$8,000,000 Corporate Stock Payable Nov. 1st, 1956.
300,000 Corporate Stock Payable Nov. 1st, 1926.
1,500,000 Assessment Bonds Payable Nov. 1st, 1916.

These Stocks and Bonds Are
Legal Investments for Trust Funds.
Send bids In a sealed envelope, enclosed In the addressed envelope. A deposit of Two
Per Cent, o f Par Value Must Accom pany Bid. Such deposit must be In money, or certified
check upon a Solvent Banking Corporation. For fuller Information see "City Record.” pub­
lished at No. 2 City Hall, New York.
C on su lt any B a n k o r T ru st C o m p a n y , o r add ress

HERMAN A. METZ, Comptroller, City of New York,
280 Broadway, New York.
Specialists in New Jersey Securities.

E I S E L E &, K IN C ,
BANKERS,
Members o f New vork and Philadelphia
St' ck Exchanges.
Private Wires o
N.Y. nnd Philadelphia.

7o7 -7-'> 9 IJrond
NEW ARK.

M a c D o n a ld ,M cC o y & Co,,
MUNICIPAL

AND

CORPORATION

BONDS.
i8x La Salle Street, Chicago.

THE CHRONICLE.

1430

[V O L

L X X X I II .

dated Jan. 1 1907, bids for which were rejected on Oct. 1.
See V. 83, p. 1058.
Paterson, N. J .— Bond S a le. — On Dec. 5 the $115,000"4%
20-year coupon renewal bonds described in V. 83 p. 1308,
were awarded to Rhoades & Co. of New York City at 100.391
— a basis of about 3.972%. A bid of 100.25 for $10,000
bonds was also received from B H & F. W. Pelzer, New
York City.
Perth Amboy, Middlesex County, N. J .— T e m p o r g x^oan.
— This city recently negotiated a loan of $156,000 with the
First National Bank of P e r th A m b o y . Loan matures
March 6 1907.
Plain view Township, P u y, £.& nT -^Bondsyoted.
— The voters of this township have authorized the issuance
of $6,000 bonds in aid of the GulfiPlainville & Northwestern
Railroad.
Plattsburg, Clinton County /M o .— B ias R ejected. —All^bids
received on Dec. 4 for the $44,000 4% coupon water-works
bonds described in V. 83, p. 1309. were rejected.
Pleasant View School District No. 72 (P. O. W averly),
Kan.— Bonds Illegal. — We are advised that the election at
which the voters of this district authorized the issuance of
the $1,000 school-building bonds mentioned in V. 83, p. 926,
was not held in accordance with the law. Our informant
adds’ that a new election will have to be held.
Pomona, Los Angeles County, Cal.— B ond Election P ro ­
posed. — The City Trustees are considering the advisability of
calling an election to vote on the issuance of bonds for^a
municipal water works.
■Portsmouth, Rockingham OuUiRy, N. H. — Bonds V oted .—
This city, it is stated, recently voted to issue $160,000^.4%
20-year refunding bonds
Denomination $1,000.
Portsmouth, Ohio.— Bonds A uthorized. — The City Council
on Nov. 7 passed an ordinance providing for the issuance
of the following bonds:
*j

T h om p son , C ity Clerk,[TorJ[the $588,500 4 j ^ % gold cou p on
sew er-con stru ction bon d s m en tioned in V . 83, p . 1189.
A u th o rity , A c t o f Legislature o f F eb . 25 1901 and v o te o f
l,8 3 7 £ to 274 at the election held S ept. 4. D en om in ation s:
560, bon d s o f $1,000 each and 40 b o n d s o f $712 50 each.
D ate’ M arch 4 1907. In terest Jan. 15 and J u ly 15 a t the
C ity® T reasu rer’s o ffice . M aturity $14,712 50 y ea rly on
Jan.|15. Certified ch eck (o r cash) fo r 2 % o f th e a m ou n t
b id , p ayable to th e P resident o f th e C ity C ouncil, is required.
O fficial circular states th a t there is n o con trov ersy or litig a ­
tion threatened or pending a ffectin g the v a lid ity o f these
b on d s and th at the city has n ever d efau lt
o an y o f its
bon d s or interest.

Okanogan County (Wash.) School DistricFNo. 37.— Bond
b a le .— On N ov . 24 the C ou n ty Treasurer aw arded $4,064
53d3% b on d s o f this d istrict to W m . D . P erkins & C o. o f
Seattle at par. D en om in ation $1,0 0 0 . T hese b o n d s are
su b je ct to call after five years.

ntario.— Debenture Sale .— W e are ad vised th at on N ov .
28 the last o f th e $ 3 ,000,000 3 J ^ % co u p on con solida ted
reven ue fu n d debentures w h ich th is P rov in ce has been offer­
in g fo r sale were su bscribed fo r . T his is $1,03 5 ,0 0 0 a d d i­
tion al to the am ou n t rep orted as p la ced up to A u g . 3. the
d ate o f our last return. O f th e to ta l a m ou n t disposed o f,
$1,850,000 was sold in July at par an d the b a la n ce w as p la ced
at variou s tim es since th at m on th at par and in terest. T his
loan was m ad e in con n ection w ith the b u ild in g o f the G o v ­
ernm ent railw ay (T em isk am in g & N orthern O n tario R y .)
from N orth B a y (w here it con n ects w ith th e Canadian P a ­
cific and the G rand T run k) th rou gh C o b a lt to th e ju n ctio n
w ith the G rand T run k P a cific— a distance o f a b o u t 250 m iles.
T he first section o f 113 m iles n ow b ein g op era ted b y the
G ov ern m en t, w ill, th e P rov in cia l Treasurer in form s us, p a y
4 % on the cost o f co n stru ctio n , h a vin g already d ev elop ed
airem ark able tra ffic fo r a new ro a d . T he G ov ern m en t e x ­
p ects to b u ild the road w ith o u t a n y a d d ition a l issue o f d e­
ben tu res. See V . 82, p . 1515, fo r d escrip tion o f securities.
Oxford, Furnas County, Neb.— Ronds Not Yet Sold .— No

$6,000 4 % sewer bon ds. D en om ination $500. D ate D ec. 1
in ­
terest sem i-annually on F eb . 1 and A u g . 1. M aturity F eb. 1
1918.

disposition has y e t been m ade o f th e $3 ,7 0 0 e lectric-lig h t
and $15,000 5 % 5-20-year (o p tio n a l) g o ld co u p o n bon d s

Interest will be paid at the banking house of Winslow,
Lanier’ &(.Co.,!;New York City.

N E W LOANS.

IN V E S T M E N T S .

BONDS

R

OF T H E

STATE OF NEW YORK
FOR

H IG H W A Y
EXEMPT

IMPROVEMENT

FROM

T A X A T IO N

H. C. S* eer &c S o n s C
First. Nat, R»os
C ITY C O U N T Y
AND T0YV

o»Miu« » om*,*
j^g

------------

L■

a

O£ BONDS

• »p on

re q u e st,

Denison & F a r n s w o r t h .
IM H T O N

and

DAY

&

CO.,

BANKERS,
85 Congress Street,
BOSTON.

3 Nassau Street,
NEW YORK.

New York City Bonds

N otice Is hereby given th at, pursuant to th eba n k d ra ft upon a b a n k or trust com p an y o f
provisions o f chapter 469 o f the laws o f 1906, th e city o f A lb a n y or New Y o rk , p ayable to the
Sealed p roposals w ill be received at th e o ffice order o f the C om ptroller o f th e S tate o f New
o f the State C om ptroller, in the city o f A lb a n y , Y ork for at least tw o per cent o f the par value
until W E D N E S D A Y , D E C E M B E R 12, 1906, o f the bon ds bid for.
at tw elve o ’clo ck n o o n , o f that d a y , for the pur­
A ll p rop osals, togeth er w ith the security de­
chase in w h ole or in part o f
p osits, m ust be sealed and endorsed “ L oan for
H igh w ay Im p rov em en t” and inclosed in a sealed
One Million Dollars in Bonds
envelope d irected to the “ C om ptroller o f the
to be Issued b y the people o f the State o f New State o f N ew Y o rk , A lb a n y .”
T h e successful bidder or bidders will be re­
Y o rk , in either registered or cou p on fo r m ,a t th e
op tio n o f the purchaser, bearing interest at the quired to p ay for the b on d s, on the acceptan ce
rate o f three per cent per annum from D e ce m ­ o f the p rop osal, b y deposit in the Bank o f the
ber 1, 1906, p ayable sem i-annually on the first M anhattan C om p an y in th e C ity o f N ew Y ork
days o f June and D ecem ber o f each y ear, and to the credit o f “ Treasurer o f the State o f New
the principal p ayable on the first d ay o f D ecem ­ Y o rk on accou n t o f the H igh w ay Im provem en t
ber in the year 1956. P rin cipal and interest F u n d ,” o f the am oun t o f the aw ard , together
p ayable In gold coin o f the U nited States o f A m er­ w ith prem ium and accru ed interest from D ecem ­
ber 1, 1906, less the am oun t o f the deposit of
ica , o f the p resent standard o f w eight an d fineness
at the Bank o f the M anhattan C om pan y in the such successful bidder or bidders w h ich will be
applied tow ard the paym en t for the bonds. All
c ity o f N ew Y o rk .
C oupon bon ds w ill be Issued in the denom ina­ other deposits will be returned b y m ail to the
tion o f One T hou sand D ollars and registered respective bidders w ithin three days after the
bon ds In d enom inations o f One T hou sand and bon ds have been aw ard ed , unless different in­
structions to the C om ptroller as to the return
T en T hou sand Dollars.
A sinking fu nd is established b y law for the o f the deposit are duly given.
T h e C om ptroller reserves th e right to reject
extinguishm ent o f the indebtedness created b y
the sale o f the aforesaid bon ds and for th e p a y ­ any or all bids w hich are not in his op inion a d ­
m ent o f th e Interest thereon as the sam e b e ­ vantageous to the Interests o f the State.
com e due.
W IL L IA M C. W IL S O N ,
C om ptroller.
T h e B onds are ex em p t from tax ation .
N o proposal will be accepted for less than the State C om p troller’s O ffice,
par value o f the bon ds nor unless accom p an ied
A lban y , N . Y .
b y a deposit o f m on ey or b y a certified check or N ov em b er 17, 1906.

HIGH G

L.

CLEVELAND,

E X E M P T FRO M STATE, COPNTV
A N D C IT Y T A X E S

Blodget, Merritt & Co ,
BANKERS,

6 Congress Street* Boston.
W NASSAU S T R E E T , N EW Y O R K .

s rATB crrr k railroad bonds.

Adrian H. Muiler & Son
AUCTIONEERS.

Regular W e e kly Sales
OF

~!TOCKS and BONDS
E V E R Y WEDNESDAY.
O ffic e

N o.

56

W IL L IA M

STREET

4!©rn«r P in e S t r e e t .

A Financial

Courtship

Or a Plea for Conservative
Investments
(B y Frank W . Rollins)

The a bove b ook w ill be fu rn ish ed
w i t h o u t co st on ap p lication to
E. H R O L L .N S & SONS, 21 Milk:
St., Boston.

D ec.

1431

H IE CHRONICLE.

8 1906.J

r Pueblo County (P. 0 . Pueblo), Colo.— Bonds Voted—Bond
Nov. 6 the electors of this county authorized
the issuance of the §350,000 10-20-year (optional) refunding
bonds mentioned in V. S3, p. 92(3, by a vote of 11(30 to 223.
Proposals for these bonds will be received until Dec. 20.
t Redlands, Cal.— Bond Election.—The City Trustees, it is
stated, have called an election to be held Dec. 13 to vote on
a[proposition to issue §50,000 funding and street bonds,
^ Reno, Washoe County, Nev.— Bids. — Following are the
bids received on Nov. 26 for the §25,000 5% 10-30-year
(optional) gold coupon park-purchase and improvement
bonds dated Jan. 1 1907, awarded to the Farmers’ & Mer­
chants' National Bank of Reno at 101.62S (not 101.00S, as
stated last week):

Rosebud County (P. O. Forsyth), Mont.— Bond Offering.
— Proposals will be received until 10 a. m ., Dec. 29, b y j h e
Board o f C ounty Commissioners, at the office o f the County
Clerk and R ecorder, for §40,000 coupon bonds at n ot ex ­
ceeding 5 % interest. Denom ination §1,000. Date Jan. 1
1907
Interest sem i-annually in Chicago or New Y ork C ity,
at option of purchaser. M aturity Jan. 1 1927, su bject to
call after Jan. 1 1917. Certified check for $2,000, payable
to the County Treasurer, is required. R obert J. Cole is
Clerk of the Board o f County Commissioners.
Roselle Park School District, N. J.— Bonds Proposed .—
The Board o f E ducation has issued a call for a public m eeting
o f citizens on D ec. 18 to consider the question o f issuing
§60,000 bonds for a new high school building.

Farmers' & Merchants’ Nat
al Bank, R eno----------------------------------- $25,407
C . H . Coffin, Chicago.................... - ....................................................................... 25 406

Registered.— An issue o f §500 4 %

Offering.—On

J Richmond, Va.—Bond Offering.— Proposals will be re­
ceived until 12 m. Dec. 20 by E. J. Warren, City Auditor,
for §50S,500 4% improvement bonds, dated July 1 1906.
Denomination §1,000 if bonds are coupon or §100 or multiple
if registered. Interest semi-annually in Richmond. Ma­
turity July 1 1940. Securities are exempt from city taxa­
tion. Certified check for 2% on bids for §100,000 or less
and 1J^% on bids for more than §100,000, payable to the
City Treasurer, is required. Bonds will be certified to as to
genuineness by the United States Mortgage & Trust Co.,
New York City.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
J-Rolla, Phelps County, Mo.—Bond Offering.— Proposals
will be. received until 7 p m. Jan. 7 1907 by E . J. Koch,
Mayor,’ for the §38,000 water-works and §10,000 sewer 5%
20-year bonds voted on Nov. 3. Denomination §1,000.
Date Jan. 15 1907. Interest semi-annual. Bonds are taxexempt. Certified check for 1% of amount bid, payable to
the city of Rolla, is required. Bonded debt at present,
§6.000. Assessed valuation for 1906, §500,000.

i^vesTvi e

ERVIN

____

& COMPANY,
BANKERS.

( New York Stock Exchange,
em e r s ) Philadelphia Stock Exchange,
B O X I> *

FOR

IN V E S T M E N T

43 Exchange Place,
New York.

Drexe) Building,
Philadelphia.

Rusk County (Tex.) Common School District.— Bonds
15-20-year (optional)
school-house bonds of this district dated A ug. 12 1906 were
registered b y the State Com ptroller on D ec. 1.

Saint Hilaire, Red Lake County, Minn.— Bonds Not to
Be Issued at Present.— W e are advised that the §10,000 5 %
electric-light bonds voted on O ct. 16 will n ot be issued for
som e tim e. m i
............................................ « -j
San Diego, San Diego^County, Cal.— Bond Election Pro­
posed.— Local papers state that the question of calling an
election to v ote on the issuance o f $300,000 water-system extension bonds is being agitated.
Sarcoxie, Jasper County, Mo.—Bonds Voted.— W e are
advised that a proposition to issue §10,000 w ater-works
bonds carried on N ov. 27 b y a large m a jority . Interest n ot
to exceed 5 % .
Seaforth, Ont.— Debenture O ffering.— P roposals ^will be
received until D ec. 13 for $56,500 debentures. Jno. A . Wil­
son is Tow n Clerk.
s-■Sheraden, Pa. — A nnexation E lection.— An election will be
held in this borough on D ec.' 27 for the purpose of ascer­
taining the will o f the v otersY ega rd in g annexation to the
city o f Pittsburgh.
Steelton, Pa.— Bonds N ot Sold.— A 'b id o f par, less §200 for
legal expenses, was the only offer received for the §40,000

IN V E S T M E N T S .

H. W.
N ew

NOBLE & COM PANY,

Sterling Debenture Corporation
Room 422,

W*« ALL ST NEW YORK

RANCH

OF

PKICKS

FOR 24 YEARS.

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Commercial & Financial Chronicle
76 y2 PINE STREET, NEW YORK

Albert Kleybolte & Co.,

Detroit.
Y ork.
Philadelphia.

4 0 9 1* a l n u t S t r e e t ,
C I N C I N N A T I , O.

M U N IC IP A L

Municipal,
County,
State,

AND

P U B L IC SER VIC E C O R P O R A T IO N

BONDS

and

H ig h -G ra d e P u b lic
S ecu rities

S erv ice

Correspondence Solicited

Perry, Coffin & Burr,
A M E R IC A N
TEL£ CRAPHONE
C O M PA N Y
Treasury Stock

__ INVESTMENTS.____

INVESTMENT

BONDS

State Street,
BOSTON.

MUNICIPAL AND RAILROAD

BONDS.
LIST ON APPLICATION.

lEASQNGOOD & MATER
m e r c a n t ile L ib r a r y B u i ld i n g ,
C IN C IN N A T I.

You Wouldn't Start a Horse-Car Line
in this age of electric cars? Not if you wanted to make money out of the business
of transportation.
Then why should you start a manual telephone exchange in this age of automatics, if you want to make money out of the telephone business?
The automatic system of telephony bears the same relation to the manual
system that the electric car does to the horse car. It is the apotheosis of tele­
phone development, as the electric car is of transportation development.
The automatic telephone system produces the best service more economciallv
than indifferent service can be produced with manual equipment.
There is no more question as to the relative popularity of the automatic and
manual telephone service where the two kinds are in competition than there is
as to the relative popularity of the trolley car and the horse car.
iijvj
And, as for the securities— the same comparison may be applied with the same
results.
Our A utom atic system has been adopted In the following cities:
GO 33
Aberdeen. S. D.
Columbus. Ga.
Marlanao. Cuba.
Sioux City, Iowa.7j

Akron. Ohio.
Albuquerque. N. M.
Allentown, Pa.
Auburn. Maine.
Auburn, N. Y.
Battle Creek. Mich.
Bellingham. Wash.
Berlin, Germany.
Buxton, Iowa.
Cadillac. Mich.
Champaign. 111.
Chicago. 111.
Clayton, Mo.
Cleburne. Texas,
Columbus. Ohio

Dayton. Ohio.
El Paso. Texas.
Fall River, Maas.
Ferguson. Mo.
Grand Rapids, Mich
Hastings, Neb.
Havana, Cuba.
Hazleton, Pa.
Hopkinsville. Ky.
Jonesboro. Ark.
Lake Benton. Minn.
Lewiston, Mo.
Lincoln. Neb.
Los Angeles, Cal.
Manchester. Iowa.

Marlon. Ind.
Medford. Wis.
Mlamlsburg, Ohio.
Mount Olive, 111.
New Bedford. Mass.
Oakland. Cal.
Ocean Park. Cal.
Pentwater, Mich.
Portland. Me.
Portland. Ore.
Princeton N J.
Richmond tnd.
Riverside. Cal.
San Diego, Ca
San Francisco, Cal.
Santa Monica, Cal.

South Bend. Ind.
Spokane, Wash.
Springfield. Mo.
St. Mary’s Ohio. 3
Tacoma, Wash.
Toronto Junction, C»..ada.
Traverse City. Mich
Urbana. III.
Van Wert. Ohio. "
Walla Walla. Wat.
Watch III11. R. I.
Wausau. WIs. j
Westerly, R. I, J ■
Wilmington, Del. 'N —•»
Woodstock. N .B ., Canada.

A U T O M A T IC E L E C T R IC C O .,

Van Buren and Morgan Streets

C H IC A G O , U. S. ft.

14J2

THE CHRONICLE.

4 % 10-20-year (o p tio n a l) c o u p o n p a v in g and m u n icip a l e x ­
pen se b o n d s offered o n N o v . 2 1 . T h e b id w as r e je c te d .
See V . 83, p . 1250, fo r d e s crip tio n o f th ese secu rities.

Stockton, San Joaquin County, Cal.—Bonds Authorized .—

T his c it y re ce n tly a u th o rize d th e issuan ce o f $ 1 8 7 ,0 0 0 5 %
g o ld co u p o n s tre e t-im p ro v e m e n t b o n d s . S ecu rities are e x ­
e m p t fro m all ta x e s an d w ill m a tu re in 1947.

Sturgeon Bay, Door County, Wis.—Bond Election Pro­

posed.— T h is

c it y , it is s ta te d , w ill v o t e in th e n ear fu tu re
on th e q u estion o f issuing $ 1 0 ,0 0 0 6 % c ity -h a ll b o n d s .
D e­
n om in a tion $500. In te re s t sem i-a n n u a l.

Sugar Loaf Township, Rooks County, Kan.—Bonds Voted.

— B o n d s to th e a m o u n t o f $ 1 5 ,0 0 0 in a id o f th e G u lf P la in ville & N orth w estern R a ilr o a d h a v e been v o te d b y this
to w n s h ip .

Talihima, Choctaw Nation, Ind. Ter.—Bonds Approved .—

B on d s o f th is p la ce a m o u n tin g to $ 5 ,0 0 0 , issued fo r sc h o o l
p u rp oses, h a v e been a p p r o v e d .
—
— P ro p o sa ls w ill b e re­
ce iv e d u n til 6 p . m . D e c . 15 b y C. M. W ils o n , C ity C lerk , fo r
$ 5 ,0 0 0 4 )/£ % fu n d in g c ity -h a ll b o n d s .
D e n o m in a tio n $500.
D a te Jan . 1 1907.
In te re st se m i-a n n u a lly at th e N ebrask a
fiscal a g en cy in N ew Y o r k C ity .
M a tu rity Jan . 1 1922, su b ­
je c t to call a fter Jan . 1 1917.
C ertified ch e ck fo r 2 % o f
b o n d s req u ired .
P resen t d e b t $ 3 5 ,4 0 0 . A ssessed v a lu a ­
tio n $ 3 2 1 ,3 5 5 .

Tecumseh, Neb. Bond Offering

Titus County (Tex.) Common School District.—Bonds

Registered.— On

N o v . 26 $500 5 % 1 5 -2 0 -yea r (o p tio n a l)
sch o o l-h o u se b o n d s d a te d M ay 14 1906 w ere reg istered b y
th e S tate C om p tro lle r.
—
— O n D e c , 5 th e $ 7 5 ,4 7 8 81
5 % c o u p o n sew e r-co n s tru ctio n b o n d s d e s crib e d in V . 8 3 , p .
1191, w ere a w a rd e d to W . J. H a y e s & Sons o f C lev ela n d fo r
$ 7 6 ,920 8 1 , or 10 1 .9 1 .
F o llo w in g are th e b id s:

81
81
31
76

Hayden,Miller&Co., Cleve$76,735
New 1st Nat. Bk., Colum. 76,562
Seasongood&Mayer, Cine. 76,070
Spitzer & Co., Toledo___ 75,731

P rop osa ls w ill b e re ce iv e d u n til 12 m . D ec. 22 b y D w ig h t B .
E d w a rd s, C o u n ty A u d ito r , fo r $ 3 0 ,0 0 0 5 % b rid g e b o n d s .
D e n o m in a tio n $500.
D a te D e c . 1 1906.
In terest sem i­
a n n u a lly a t th e o ffic e o f th e C o u n ty T reasu rer. M a tu rity
$ 1 ,5 0 0 ea ch six m o n th s fo r 10 y e a rs.
Cash d e p o sit o f 5 %
o f b o n d s req u ired .
W aco, McLennan County, T ex.—
— The
q u e stio n o f issuing $6 0 ,0 0 0 5 % 3 0 -yea r san itary-sew er
b o n d s w ill b e su b m itte d to a v o te o n D e c. 11.
Waltham, M ass.—
— T h is p la ce re ce n tly
b o r r o w e d $ 2 0 ,0 0 0 fr o m L o r in g , T o lm a n & T u p p e r o f
B o s to n a t 4 .8 3 % d isc o u n t.
L o a n m a tu res A p ril 12 1907.

Bond Election.

Temporary Loan.

W atertown, Jefferson County, W is.— Bond

Offering .—

S u b scrip tion s w ill b e re ce iv e d u n til 5 p . m . D e c. 31 b y
F ra n k S. W e b e r fo r $7-0,000 o f th e 4 J ^ % c o u p o n w a ter-w ork s
b o n d s d escrib ed in V . 8 3 , p . 717. A u th o r ity S ection 925-133
o f th e R e v ise d S ta tu tes o f 1898.
D e n om in a tion s $100, $500
a n d $ 1 ,0 0 0 .
In terest a n n u a lly a t a n y b a n k in W a te rto w n .
B o n d s are e x e m p t fr o m ta x a tio n .
A ll su b scrip tion s m u st
b e m a d e on b la n k fo rm s fu rn ish ed b y th e c ity an d m u st be
a c co m p a n ie d b y a d e p o sit o f 5 % o f th e a m o u n t su b scrib ed
fo r .
B o n d e d d e b t, $ 1 3 2 ,0 0 0 . A ssessed v a lu a tion fo r 1906,
$ 4 ,6 8 2 ,1 7 5 .
W est Branch, Iow a .—
election w ill be
h eld D e c. 10 to v o te o n th e q u e stion o f issuing $15 ,0 0 0
w a te r-w o rk s b o n d s.
White Plains, N. Y .—
— O n D e c. 3 th e $85,000
4 % 3 0 -y ea r w a ter b o n d s d e scrib e d in V . 8 3 , p . 1372, w ere
a w a rd ed to W . J. H a y e s ’ & Sons o f C levelan d a t 100.05.
W ichita, Kan.—
1
— W e are a d v ised u n d er d a te
o f N o v . 30 th a t th e $ 54,262 19 5 % 63^ -year (a v e ra g e ) c o u ­
p o n d ra in a g e-ca n a l and sto rm -w a te r-sew er assessm ent b o n d s
d e scrib e d in V . 83, p .'1 0 6 1 , h a v e b e e n aw a rd ed to lo ca l ban k s
and p r iv a te in v estors o f W ic h ita a t p a r.
— I t is sta ted in lo ca l p a p ers th a t N . W . H arris
& C o. o f C hicago re ce n tly p u rch a sed a t p ar an issue o f
$ 4 0 ,0 0 0 4 ) ^ % refu n d in g ra ilro a d -a id b o n d s

Bond Election .— A n

B ond Sale.

81
31
00
33

Trumbull County (Ohio) Road District No. 2.—Bond Sale.

stated, to Seasongood & Mayer of Cincinnati for $66,968,
the price thus being 104.637.
Union County (P. O.-Marysville), Ohio.— R ond O fferin g .—

Bond Sale.

Toledo, Ohio. Bond Sale.

W. J. Hayes & Sons, Cleve$76,920
Cleveland Trust Co., Cleve 76,918
Hoehler & Cummings, Tol 76,826
Weil, Roth & Co., Cinoin. 76,737

[V O L. L X IX III,

— On D ec. 4 $ 6 4 ,0 0 0 4 j ^ % ro a d b o n d s w ere a w a rd e d , it is

Bond Sale

M IS C E LLA N E O U S .

M IS CE LLANE O US .

OFFICE OF THE

ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 23rd, 1906.

0#& r $11,000,000

T itle g u ar a n te e

Premiums on Marine Risks from 1st January, 1905, to 31st December, 1905_____ $2,977,854 37
Premiums on Policies not marked off 1st January, 1905________________________
616,551 57

and TRUST c o m p a n y
17<5 Broadway, New York.
17S RefflHO Street. Brooklyn.
198 Montague Street, Brooklyn Banking Dept

Total Marine Premiums___________________________________________________ | $3,594,405 94

E x a m in es & g u a ra n tee s R e a l E sta te T itles.

Premiums marked off from 1st January, 1905, to 31st December, 1905----------------- $3,012,213 96

D oan s M o n e y on R o n d an d M o rtg a g e.

T h e T r u s te e s , i n c o n fo r m it y w ith th e C h a r te r o f th e C o m p a n y , s u b m it th e fo l lo w in g s ta te m e n t o f its
a f f a i r s o n the 31st o f D e c e m b e r 1905.

Interest received during the year__________________ $295,738 65
Rent, less Taxes and Expenses______________ :______
99,338 33

F u r n ish e s M o r tg a g e s to I n v e s t o r s .

$395,076 98

R eceives D ep o sits su b ject to ch eck, allow in g
In te r e st.

Losses paid during the year which were estimated in 1904
and previous years___________________________$271,100 60
Losses occurred, estimated and paid in 1905_________ 827,295 95 $1,098,396 55
Less Salvages.,____ ___________ ...$130,068 59
Re-insurances ____________________ 35,947 85

R o es a ll T ru st C o m p a n y b u s in e s s .

FINANCE COMMITTEE.
In Charge of Banking Interest*.

166,016 44
$932,380 11

Returns of Premiums. ________________________________________
$80,615 47
Expenses, including officers’ salaries and clerks’ compensation, sta­
tionery, newspapers, advertisements, &c________________
8374,746 88
The Company has the following Assets, viz.:
United States and State of New York Stock, City, Bank and other Securities_____ $5,198,042 00
Special deposits in Banks and Trust Companies______________________________ 1,583,212 84
Real Estate corner Wall and William Sts. and Exchange Place----- $4,299,000 00
Other Real Estate and claims due the Company------------------------75,000 00 4,374,000 00
Premium notes and Bills Receivable________________________________________
Cash in the hands of European Bankers to pay losses under policies payable in
foreign countries____________________________________________________
Cash in Bank___________________________________ __________________________

1,127,674 83
175,632 33
257,865 62

Aggregating__ __________________________________ __________________ $12,716,427 62

EDWARD T. BEDFORD.
CLARENCE H. KELSEY.
EDGAR L. MARSTON
WILLIAM H. NICHOLS.
JAMES H. OLIPHANT.
CHARLES A. PEABODY
JACOB H. SCHIFF.
JAME8 SPEYER
EDWARD O STANLEY

CLARENCE H. KELSEY President.
FRANK BAILEY, Vice-President.
BDWARD O. STANLEY Second Vice-President.
Manager Banking D epartm ent,
CLINTON D. BURDICK. Third Vice-President
J. WRAY CLEVELAND, Secretary.
ARTHUR TERRY. Treasurer
FRANK L. SNIFFEN, Manager Brooklyn Banking
Department.

A dividend of Six per cent interest on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the Sixth of February next.
The outstanding certificates of the issue of 1900 will be redeemed and paid to the holders
thereof, or their legal representatives, on and after Tuesday the Sixth of February next, from which
TH E SOUTH.
date all interest thereon will cease. The certificates to be produced at the time of payment and
canceled.
B usiness O p p o rtu n ities, In v e stm e n t
A dividend of Forty per cent is declared on the net earned premiums ©f the Company for the
year ending 31st December, 1905, for which, upon application, certificates will be issued on and S ecu rities, R e a l E sta te, T im b er M ines,
after Tuesday the First of May next.
In d u stria l P ro p e rties, F arm or T ow n
By order of the Board,
G. STANTON FLOYD=JONES, Secretary.

TRUSTEES.

GUSTAV AMSINCK,
FRANCIS M. BACON,
JOHN N. BEACH,
WILLIAM B. BOULTON,
VERNON H. BROWN,
WALDRON P. BROWN,
JOSEPH H. CHAPMAN,
GEORGE C. CLARK,
CLEVELAND H. DODGE,
CORNELIUS ELDERT,
RICHARD H. EWART,
EWALD FLEITMANN,

HERBERT L. GRIGGS,
CLEMENT A. GRISCOM,
ANSON W. HARD,
MORRIS K. JESUP,
THEODORE P. JOHNSON,
LEV,US CASS LED YARD,
FRANCIS H. LEGGETT,
CHARLES D. LEVERICH,
LEANDER N. LOVELL,
GEORGE H. MACY,
CHARLES H. MARSHALL,

M ortages in all p a rts o f th e S ou th .

METROPOLITAN INVESTMENT CO.,

H. H. MOORE,
GEO. B. EDWARDS. President. Charleston 8. 0 „
ICHOLAS F. PALMER,
ENRY PARISH,
Commercial and Financial Agent. Business undertakes
in all parts of the world. Satisfactory references.
ALLAS B. PRATT,
EORGE W.QUINTARD,
. A. RAVEN,
3HN L. RIKER,
Atlantic M u tu al In su ra n ce C om pany Scrip
OUGLAS ROBINSON,
o f AH Y e a r s B o u g h t a n d S o l d ,
USTAV H. SCHWAB,
TI, LI AM A. STREET,
ULLIAM C. STURGES.

A. A. R n VEN, P r e s i d e n t.
CORNELIUS ELDERT, V i c e - P r e s i d e n t .
THEO. P. JOHNSON, 2 d V i c e - P r e s i d e n t .
JAMES L. LIVINGSTON. 3d V i c e - P r e s i d e n t .

JOHN M .GILLFSPIE,

Room ?«o. 518 Atlantic Building,
49-51 Wall Street,
NKW YORK.