Full text of Commercial and Financial Chronicle : February 22, 1908, Vol. 86, No. 2226

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financial

/p F F
ynnimercia
IN C L U D IN G
B a n k

and

Q u o t a t io n

R a ilw a y a n d

S e c t io n

(M o n th ly )

S t a t e a n d C i t y S e c t i o n ( s em i-A nn ua lly)

I n d u s t r i a l S e c t i o n (Q ua rterly)

VOL. 86.

Stre e t

R a ilw a y

SATURDAY, FEBRUARY 22 1908.
% \ v t ( J H x r m iic Ie .

$ n 00
F o r O no Y e a r ...............................................................................................
. t> 00
F o r S ix M o n th s .............................................................................................
. 13 0 )
E u rop ea n S u b s crip tio n (in c lu d in g p o s t a g e )....................................
. 7 50
E u rop ea n S u b s crip tion i-ix m on th s (in c lu d in g p o s t a g e '.................A n n u a l S u b scrip tion in L on don (in c lu d in g p- s t a g e )................................* £2 ‘2j 'lI ts s. .
. £ 1 11 s.
S ix M on tlis S u b scrip tion in L on don (in c lu d in g p o s t a g e )...........
$11 50
C anadian S u b scrip tion ( I n d u c in g p o s t a g e ) ....................................
S u b sc r ip tio n in c lu d e s f o l l o w i n g S u p p le m e n ts ­
'll •\ k a n d Q u o t a t i o n ( m o n t h l y )
] s :\a t e a n d C i t y ( s e m i - a n n u a l l y )
R A IL W A Y AND I n d u s t r i a l ( q u a r t e r l y ) I S t im s e t R A IL W A Y (3 t im e s y e a r l y )

T e rm s of A d v e rtisin g — P e r In c h S p a c e
T r a n s ie n t m atter p e r in ch sp a ce ( 1 1 agate lin o s ).......................................... $ t 20
T w o M onths
( s tim e s )............................... 22 00
M on th s ( 1 3 t im e s )............................... 29 00
S t a n d in g B u s in e s s C a rd s ) T h r e e M e
ntlis
(2 0 t im e s )............................... 50 00
8 ) S ix M o n
t
\ T w e l v e! M
51 o n th s (52 t im e s )............................... 87 00
C H I C A G O O F F I C E —P . B a rtle tt, 513 M o n a d n o clcB lcck ; T el. H a rriso n 4012.
L O N D O N O F F I C E —E d w ard s db Sm ith, 1 D ra p e rs’ G ardens, E. 0.
A V I 3.1 , A H
I*. O . I l o x 9 5 8 .

R . D A N A C O iW P A N Y , P u b l i s h e r s ,
P in o S t ., C o r n e r o f P c n r l S t .,
N ow Y ork .

P u b lis h e d e v e r y S atu rda y m o rn in g b y W I L L I A M B . D A N A C O M P A N Y .
W illia m B. D ana, P resid en t; J a c o b S e ib e rt J r ,, V ic e .1 res. and S e c.; A r n o ld
D ana, T reas. A d d resses ot a ll,O lllce ot tile C om pany.______________________

<G.

C L E A R IN G H O U SE R E T U R N S .
T h e fo llo w in g t a b le , m a d e u p b y t e le g r a p h , & c ., in d ic a te s
t h a t t h e t o t a l b a n k c le a r in g s o f a ll c le a r in g h o u s e s o f t h e U . S .
f o r w e e k e n d . F e b . 2 2 h a v e b e e n $ 1 ,8 2 9 ,7 0 8 ,4 1 0 , a g a in s t $ 2 ,­
0 1 2 ,0 0 4 ,0 0 0 la s t w e e k a n d $ 2 ,5 7 0 ,0 8 0 ,2 2 7 t h e w e e k la s t y e a r .
C learin gs— R etu rns b y Telegraph F e b . 2 2 .

%
.0 2 8 ,
107,
85
17
171
48
14

N ew Y o r k . . .
B o s t o n ___ ___
P h ila d e lp h ia
B a ltim o r e . C h ica g o
-----•St. L o u i s ___
N e w O r le a n s




2 4 S .9 0 3 .0 9 6

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

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

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

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

8 0 ,8 7 5 ,2 8 9

5 7 .2 4 3 .4 7 1

— 11.4

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

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

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

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

T a t . o t h .W r s t.

8 7 .5 2 5 .8 4 5

2 0 ,1 8 8 ,3 4 8

— 2 .9

7 5 ,0 7 3 ,9 2 6

6 1 .3 3 9 ,8 7 3

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

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

1 5 3 ,7 6 2 .1 9 1

1 2 7 ,0 8 6 ,3 1 3

+ 4.1
+ 9 8

+ 1.5
+ 2 .8

1 — 2 9 .0

1906.

1905.

$
$
$
%
$
1 ,0 9 2 ,5 7 7 .8 3 4 1 ,7 5 0 ,3 0 3 ,4 7 2
-3 7 .C 1 ,9 3 0 ,8 3 0 ,2 1 0 1 ,5 1 6 ,2 3 1 ,2 6 8
1 2 3 ,3 5 0 ,9 2 7 — 2 2 .3
9 5 ,8 1 5 ,2 8 0
1 3 4 ,7 2 2 ,7 9 1
1 1 2 ,1 1 3 ,5 0 5
4
9
,7
0
1
,5
0
8
3
2
.7
3 5 .5 0 0 ,1 0 7
5 0 ,9 4 7 ,3 7 1
4 3 ,4 3 7 ,1 8 1
2 8 ,1 8 2 ,9 1 5 — 2 5 .5
2 0 ,0 9 3 .1 0 2
2 7 ,2 2 3 ,3 3 4
2 1 ,4 2 7 .4 3 1
7 ,6 0 9 ,4 2 2
— 7 .4
7 .0 4 4 ,2 0 1
6 ,8 5 2 .7 1 1
5 ,6 7 5 ,9 2 8
4 ,4 0 8 ,6 2 1A l b a n y6 ,1 7 0 ,7 7 5 — 2 8 .6
4 ,3 0 3 .0 5 7
3 ,3 5 4 .6 2 6
5 ,9 0 7 ,3 9 6 — 1 3 .2
5 ,1 2 5 , 2 1 1
5 ,0 1 1 ,1 7 4
4 .2 2 7 ,1 8 3
3 ,2 4 1 ,3 0 0
— 8 .2
2 ,9 7 6 ,2 0 3
4 ,2 9 4 ,9 2 2
3 ,0 4 4 ,5 3 5
— 4.1
1 .9 1 8 ,3 3 7
1 ,9 7 0 ,7 6 2
1 .8 3 9 ,9 6 8
1 .3 3 5 ,0 4 3
+ 10.1
1 ,7 3 3 ,6 3 2
1 ,5 9 4 ,4 9 4
1 ,7 8 2 ,1 5 9
1,9 0 8 ,6 0 9
—
1
2
.2
1
,1
2
0
.5
9
4
1,2
5
8
,1
7
9
1 ,1 0 5 ,1 19
8 6 4 ,3 1 1
1 ,3 3 8 ,9 2 1
1 ,2 6 1 ,7 3 3 — 1 7 .6
1 ,0 9 2 ,7 2 3
1,0 3 9 ,6 6 2
— 0 .6
8 2 1 ,8 4 2
8 8 8 ,2 0 7
8 2 7 ,0 0 2
8 8 3 ,0 1 7
+ 7 .7
1 .0 7 2 ,7 9 0
1 .0 2 8 ,6 0 1
6 05,03.3
1 ,1 5 5 ,6 9 1
6 7 6 ,4 9 0 — 11.3
4 4 2 ,6 0 0
4 7 3 ,2 0 0
3 9 6 ,9 0 0
+ 0 .8
1 ,0 8 9 .5 3 2
6 1 9 ,2 0 8
4 7 6 ,9 0 1
0 2 3 ,9 2 0
— 6 .3
4 4 3 ,0 9 4
3 9 6 ,8 4 5
4 5 7 ,7 2 2
4 8 8 ,7 1 1
+ 2 1 .2
4 0 3 ,0 1 6
5 1 0 ,7 5 4
3 2 7 ,7 3 5
6 1 8 ,5 3 1
+ 2 3 .0
2 5 1 ,7 7 1
2 2 5 ,0 6 2
1 8 7 ,3 3 2
2 7 0 ,9 2 2
-f-4 -8
9 7 7 .0 7 1
9 3 2 ,4 7 1
................
5 9 1 ,0 2 1 N o t I n c lu d e d in t o t a l
— 3 5 .9 2 ,1 7 5 ,4 2 2 ,7 4 7 1 ,7 1 7 ,8 7 9 ,9 3 7

+ 2.0
— 1 5 .9

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

1 3 4 ,3 5 8 .4 0 9
6 ,6 5 7 ,0 0 0
2 ,8 7 2 ,6 4 1
1 ,8 8 4 ,5 3 0
1 ,6 6 9 ,3 2 6
1 ,4 2 7 ,3 1 1
1 ,4 3 5 ,1 2 0
6 0 7 ,9 0 1
4 15,9.39
4 5 6 ,6 1 8
4 2 3 ,0 4 5

— 2 5 .2

2 0 2 .5 S 0 .9 0 7

1 5 2 ,2 0 7 ,8 4 0

1 0 0 ,3 1 3 .4 0 4

2 9 4 .9 0 8 .5 6 5

+ 1.4
— 3 .6
+ 4 .9
+ 1 1 .9
— 6.S
— 1 7.6
— 1 8 .6
— 8.1
+ 6 .0
— 19.1
— 14.5
+ 2 1 .0
— 4 2 .5
+ 2 1 .1
— 1 3 .7
— 4 3 .9

W eek ending F e l r u t r y 15.

1 4 6 ,7 7 1 ,8 9 2

— 1 1 .8

3 1 ,8 4 1 0 21
5 1 ,4 2 4 ,9 7 7 — 3 8.1
9 ,3 7 2 9 8 8
1 4 .0 5 7 ,3 9 8 — .33.3
6 ,5 2 2 ,72 7
8 ,7 8 7 ,2 5 9 — 2 5 .8
5 ,3 0 1 9 4 7
6 ,2 5 1 ,0 2 9 . — 1 5.2
3 ,7 6 0 5 9 0
5 ,9 5 0 ,9 2 0 — 3 6 .8
5 ,0 6 0 149
4 ,8 0 6 .9 6 2
+ 5 .4
3 .2 2 5 175
4 ,0 2 6 ,4 3 4 — 1 9.9
1 .5 2 9 7 29
4 ,0 2 1 ,8 5 2 — 6 1 .9
5 54 9 6 0
7 3 2 ,1 6 5 — 2 4 .2
450 503
4 7 5 ,0 7 6
— 3 .9
385, 000
3 5 6 ,3 5 7
+ 8 .0
432, 0 0 0
4 5 0 ,0 0 0
— 4 .0
9 7 6 217 N o t In clu d e d In t o t a l
N
o
t
I
n
c
lu
d
e
d
in
total
383: 096
— 3 2 .5

Clearings at—

T ota l N ew E n g.

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

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

$ 2 ,5 7 6 ,0 8 0 ,2 2 7

— 2 6 .5
— 1 8.9
— 16.1
— 9 .5
— 1 4 .0
— 10.3
— 1 9.4
2 5 .2

4 8 1 .2 0 0
7 89 ,5 .3 6
4 2 8 ,1 0 0
5 0 >,310
2 8 7 ,0 9 9
2 4 8 ,2 2 6
5 3 3 ,7 9 8
3 2 0 ,5 5 0
2 9 2 ,7 6 7

1 0 1 ,3 4 0 ,4 2 9

$ 1 ,8 2 9 ,7 0 8 ,4 1 0

1 7 3 ,9 9 8 ,8 6 7
8 ,1 8 2 ,5 0 0
3 ,5 9 7 .7 0 8
2 .3 7 7 .4 3 0
1 .7 8 2 ,4 0 1
1 ,7 9 9 ,5 0 4
1,554,39(1
1 ,3 3 2 .0 7 7
0 7 1 ,4 7 1
5 1 8 ,9 3 1
5 0 0 .1 1 1

— 9.1

0 8 ,4 5 1 ,7 8 9

The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, Feb. 15, for four years.

1 2 7 ,8 5 0 ,3 7 3
0 ,6 3 3 ,1 0 0
3 ,0 1 7 ,6 3 8
2 ,1 5 1 .9 3 6
1,5 3 3 ,2 6 8
1 .0 1 4 ,7 4 7
1 ,2 5 3 ,3 5 5
9 9 6 ,1 2 8
773,341)
5 2 7 .4 3 S
4 2 0 ,5 5 9

— 11.3
— 1 4 .0
— 3 0 .7
— 2 4.1
— 3 2 .6
— 4.1
+ 0 .7
— 19.8
+ 6 .6
+ 1 7 .8
+ 2 .3
— 2 5 .7

3 1 ,7 2 5 .6 1 2
1 7 ,2 3 1 ,0 4 4
1 0 ,1 8 4 ,9 1 4
7 ,8 0 8 ,3 7 5
6 ,4 9 1 ,2 0 5
4 ,6 0 0 ,0 0 0
2 ,3 1 4 ,7 8 9
2 ,1 3 7 ,3 5 7
1 ,3 0 5 ,7 0 3
9 5 2 ,1.3 9
8 6 5 ,5 9 5
1 ,0 3 0 ,3 9 9
4 8 3 ,0 1 7
7 1 9 ,2 4 5
4 8 7 ,6 6 3
1 8 8 ,7 8 8

$ 2 ,0 1 0 ,2 0 4 ,5 6 7
5 6 5 ,8 7 5 ,6 6 0

T o t a l M i d d l e . . 1 ,2 7 3 ,7 2 3 ,7 6 0 1 ,9 8 6 ,1 1 3 .2 6 5

3 3 0 .1 5 9 .0 9 2

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

— 1 6 .7
— 8 .0
— 6 .3
— 7 .6
— 15.0
— 1 4 .3
— 5 .7
— 2 1 .9
— 2 6 .5
— 3 .9
— 1 6 .9
+ 2 .3
— 1 8.8
— 2 6 .7

T ota l P a c ific ..

$ 1 ,8 2 9 ,7 0 8 ,4 1 0

B o s t o n ..................
P r o v i d e n c e ____ _
H a r t f o r d ................
N e w H a v e n ..........
S p r in g f i e ld .............
P o r t l a n d ................
W o r c e s t e r .............
F a ll R i v e r .
. .
N ew B e d fo r d .. .
L o w e ll . . . . ____
H o l y o k e ...................

2 9 1 ,0 4 0 ,6 2 9

17.4

1 9 9 ,8 6 4 ,5 1 8
2 5 ,3 1 0 .6 5 0
1 4 ,3 4 6 ,0 8 0
1 2 ,4 1 8 ,1 6 2
1 0 ,5 4 7 ,7 9 1
6 ,9 3 3 .7 4 0
5 ,2 1 3 ,7 0 0
.3 ,9 5 4 ,1 0 5
3 ,1 4 3 ,8 2 4
2 .1 4 9 ,6 3 .3
1 .6 5 4 ,8 6 2
1 ,4 1 4 ,9 9 1
8 0 5 ,8 0 0
7 6 0 .0 2 3
6 9 1 ,4 5 6
4 9 5 .0 0 0
7 8 1 .1 4 1
4 7 7 .4 8 2
5 5 5 ,8 7 3
4 2 5 ,6 9 5
3 3 0 .8 3 5
4 0 8 ,6 2 5
3 4 2 ,9 5 1
4 4 8 ,3 2 1
4 3 8 .0 2 3
3 6 6 ,7 7 2
2 5 2 ,5 8 4
2 0 0 .0 0 0
11(3,222

—

K a n s a s C i t y _____
M in n e a p o lis ...........
O m a h a .....................
S t . P a u l ..................
D e n v e r .....................
S t . J o s e p h _______
D c s M o i n e s ____ _
S io u x C i t y _______
W i c h i t a ______ . .
L in c o ln ..................
D a v e n p o r t . ______
T o p e k a __________
C o l o r a d o S p r in g s
C ed a r R a p id s . . _
P u e b l o ...................
F r e m o n t _________

T o t a l a ll c it ie s , 5 d a y s .
A ll c it ie s , 1 d a y ...................

In c . or
D ee.

T o t . M i d .W e s t .

1900.

+ 8 .2
— 1 0 .2

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

1907.

2 2 8 ,1 9 2 .7 3 2
2 6 ,1 8 3 ,3 5 0
1 6 .1 7 2 ,3 8 9
1 2 .7 7 4 ,8 2 0
1 2 ,0 8 0 ,1 0 3
7 ,5 6 9,5 .3 1
5 ,1 5 4 ,3 0 0
4 ,1 0 2 ,4 0 7
2 ,7 9 9 ,5 8 4
2 ,3 1 6 ,0 6 3
2 ,0 2 2 ,1 9 1
1 .7 1 7 ,0 6 .3
1 ,0 0 7 ,6 5 2
7 9 9 ,5 4 3
7 7 3 ,0 1 0
7 2 2 .8 6 5
7 14 ,8.3 8
0 8 0 ,1 6 0
6 6 7 ,9 5 7
5 7 5 ,5 5 2
5 1 6 ,1 5 1
4 9 1 .3 8 3
4 4 7 .4 2 9
4 2 2 ,9 5 1
4 2 8 .0 7 3
2 9 2 ,6 0 1
2 5 0 ,2 5 4
2 2 0 .0 0 0
1 6 4 .0 7 4

%
— 11.1

— 15.9
— 8.5

$1

1908.

2 0 2 ,8 7 9 ,4 8 8
2 1 ,6 1 8 ,2 5 0
1 3 ,4 7 8 ,2 4 1
1 1 ,7 5 2 ,1 7 2
1 1 ,3 2 0 ,0 7 3
0 ,9 9 0 ,1 7 0
4 ,3 9 9 .7 0 0
3 .5 1 5 ,4 3 4
2 ,0 3 9 ,1 9 7
1 ,8 0 8 ,4 2 1
1 ,4 8 6 ,3 6 6
1 ,6 5 0 .9 4 9
8 3 7 ,0 7 0
8 1 8 ,2 4 3
(127,490
5 3 0 .0 0 0
0 5 0 .0 0 0
6 0 3 ,1 3 7
5 6 8 ,1 0 0
’ 3 9 8 ,5 7 2
3 9 1 ,5 7 1
3 3 1 .3 1 9
4 2 9 ,2 6 9
4 2 6 ,0 8 1
3 4.3 ,2 1 4
3 1 1 ,8 5 5
2 0 4 ,7 0 8
2 2 5 .0 0 0
1 2 1 ,0 3 9

In c . or
D ec.

$ 1 ,2 2 3 , 3 3 5 ,9 7 2
117, 8 8 9 ,3 3 6
78, 6 6 7 ,8 7 2
2 0 4 8 5 ,8 3 0
165, 2 7 2 ,5 2 8
44, 0 1 9 ,5 9 2
14 ,4 :-4 .0 7 3

S e v e n c it ie s , 5 d a y s ..................
O t h e r c it ie s , 5 d a y s ........................

T o t a l a ll c i t ie s f o r w e e k ______ __________

C h icago________
Cincinnati_____
C le v e la n d _____
D e t r o i t .. . .........
M ilwaukee..........
Indianapolis___
C o lu m b u s_____
T o le d o _________
Peoria _________
Grand R a p id s..
D a y t o n ________
Evansville ____
K ala m a zoo____
Springfield, 111 _
Fort W a y n e ___
A k r o n ......... .......
Lexington . . . . .
Y ou n gstow n ___
Rockford . . . . . .
Springfield. 0__
Decatur _______
Canton................
Q u in cy .________
Bloom ington. . ..
South B e n d ___
Mansfield_____..
Jacksonville, 111 .
Jackson ________
Ann A r b o r .___

S a n F r a n c i s c o ___
L o s A n g e l e s ...........
S e a t t l e ................
P o r t l a n d ____ ; . _
S a lt L a k e C i t y ___
S p o k a n e __________
T a c o m a ........... .......
O a k la n d .................
H e le n a ...................
F a r g o .....................
S io u x F a l l s ______
S a n J o s e . ................
S a c r a m e n t o ______
S t o c k t o n ................

T h r e e T im e s
Y e a r ly

NO. 2226.
1907.

T e rm s of S u b s c rip tio n — P a y a b le in A d v a n c e

(

W e e k ending F ebru a ry 1 5 .

Clearings at—

P U B L IS H E D V /E E K L Y .

N e w Y o r k _______
P h i l a d e l p h i a ------P it t s b u r g h _______
B a l t i m o r e _______
B u f f a lo .....................
___________
W a s h i n g t o n ------R o c h e s t e r _ ____
S c r a n t o n ________
S y r a c u s e ________
H e a d in g ------------W i l m i n g t o n . ........
W ilk e s - B a r r e . . .
W h e e lin g .............
B i n g h a m t o n ____
E r i e ______________
C h e s t e r _ -------------G r e e n s b u r g --------F r a n k lin _________
H a r r i s b u r g ...........
Y o r k .......................

S e c t io n

S t . L o u is ................
N e w O r l e a n s ____
L o u is v i ll e _______
H o u s t o n _________
G a l v e s t o n .............
R i c h m o n d ______
M e m p h i s ........... ....
A t l a n t a ...................
S a v a n n a h _______
F o r t W o r t h ______
N a s h v ille . .
N o r fo lk . . . .
B ir m in g h a m
A u g u s t a ____
M o b i l e ______
K n o x v i l l e ______
J a c k s o n v i l l e ____
L it t le R o c k ____
C h a tta n oog a . .
C h a r l e s t o n . ___ .
M a c o n ___________
C o lu m b u s , G a . .
W i l m i n g t o n ,N .C
O k l a h o m a _______
B e a u m o n t ____
V a l d o s t a ........ .. _.
A u s t i n ................ ..
V i c k s b u r g _______
C o l u m b i a . .............
T o ta l S ou th ern

5 6 ,1 3 8 ,0 8 5
17,1 1 9 ,4 0 9
1 2 ,3 0 2 .0 2 2
1 1 .3 2 2 ,0 5 1
6 ,9 5 9 ,5 0 0
5 .3 3 1 ,0 4 1
5 ,3 4 0 ,7 9 6
4 ,3 8 7 ,4 1 5
2 ,8 6 5 ,6 6 0
3 .3 7 6 ,2 5 6
.3 ,2 4 8 ,4 2 2
1 ,9 3 4 ,3 7 6
1 .3 0 0 .0 0 0
1 .4 7 1 ,5 6 6
1 ,2 0 1 ,0 1 2
1 ,2 0 4 ,5 8 0
1 ,4 8 9 ,9 2 6
1 ,4 7 8 ,6 6 6
1 .3 6 0 .0 0 0
1 .3 0 0 .0 0 0
8 0 3 ,2 6 1
3 3 1 .0 5 2
2 7 7 ,7 0 5
7 8 0 ,4 6 0 1
0 0 0 .0 0 0 !

C anada—
M o n t r e a l ................
T o r o n t o . . . . ____
W i n n i p e g . ________
V a n c o u v e r _______
O t t a w a __________
Q u e b e c .....................
H a l i f a x ...................
H a m i l t o n _________
C a lg a r y ...................
S t . J o h n ..................
L o n d o n __________
V i c t o r i a ................
E d m o n t o n .............
T ota l

Canada

4 1 0 ,0 0 0

4 0 7 ,3 5 7 N o t In clu d e d
3 5 3 ,9 9 0 N o t I n c lu d e d
1 4 4 ,4 8 4 ,1 5 1

1 6 8 ,9 9 2 .2 7 9

2 ,9 8 2 .6 2 3 .6 2 5 2 ,3 6 4 ,6 6 0 ,5 3 4

T o t a l a l l . ........... 2 .0 1 2 ,0 0 4 ,0 0 6 2 ,8 7 3 ,1 0 0 ,8 1 9
O u t s id e N . Y . .

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

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

1 ,0 5 1 .7 8 7 ,4 1 5

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

2 4 .0 2 4 ,7 5 9
18,25.3,4.37
8 ,5 9 2 ,1 9 1
3 ,2 5 0 ,2 0 6
2,1 1 4,0 15
1 ,7 7 3 ,1 5 9
1 ,6 1 1 ,6 3 6
1 .3 3 5 .0 1 2
8 9 2 ,5 7 3
1 ,1 2 9 ,0 1 0
0 4 1 ,3 0 3
1 ,0 1 3 ,5 8 1
6 0 0 ,8 0 0

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

+ 0.1
— 14.4
— 3.1
+ 1 5.9
— 9 .3
+ 3 5 .0
— 5 .0
— 1 0 .6
— 2 5 .7
— 4 .5
— 1 2 .0
+ 7 .5
— 1 1 .8

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

6 5 ,6 2 7 ,6 8 8

6 7 .7 6 8 .1 9 2

- 3 .0

7 2 .6 1 7 .4 4 8

9 9 5 ,0 2 1
1 ,0 0 5 ,3 0 5
7 9 5 .1 3 8 !

’

812*837
7 8 0 ,1 3 0
5 6 5 ,5 2 2

5 2 ,1 7 8 .6 2 1

442

THE CHRONICLE.
T H E F IN A N C IA L S IT U A T IO N .

T h e w eek opened h o p e fu lly enough, w ith som e
n a tu ra l agencies p o in tin g in the direction of in d u stria l
a c tiv ity . A n illustrative , e x h ila ra tin g circum stance
a lo n g th o se lines w as the o p e n in g of the N e w Y o r k
C it y 5 0 -m illio n b o n d sale p roposals last F rid a y . O n ly
t h in k of th e te m erity of C o m p tro lle r M etz expecting
to w rin g fro m the d ry h u sk s of o u r alre ady ap p a re n tly
e xh a u ste d financial resources su ch a m ass of fresh
capital a n d to raise up su ch a b o d y of b u ye rs as the call
assu m e d w as in existence rea d y to s u p p ly the a dver­
tised w ant.

C e rta in ly if the C o m p tro lle r to o k a s u rv e y

of W a ll Street doings, o r lo o ked in to the countenances
of o u r investors, o r consulted the m anagem ent of o u r
corporate enterprises, he could not have fo u n d m uch
indu cem en t to persevere. W h a t sh o rt lists of d o ings
d a y after d a y are being recorded at the S to c k E x c h a n g e
in w h a t we h ave been w o nt to consider to be the best
lot of securities the w o rld ha d to offer w ith o u t fin d in g
takers at even the b e g ga rly prices ruling! T h e y could

[VOL. LXXXVI.

th e prospects as to sh ip m e n ts b y other riv a ls a p p a re n tly
pro m ise to be to o u r disa dva n ta ge . T h e se facts are
w o rth co n sid erin g because it is natural th a t too m u ch
dependence sh o u ld be placed on past conditions,
w hereas in trade m atters, w hen M a rc h begins we h ave
p re tty m u c h done w ith them for the current season.
T he re is another cloud of a k in d of w h ich we had
su p p o se d we were rid of a nd w hich w o uld not appear
a g a in w ith in o u r ho rizo n d u rin g at least the current
cold w eather season. I t seem s th a t m ischief m ak e rs
are not even y et satisfied. O u r severely tried ra ilroad s
are se e k in g to economize. W h o is n o t ? W e k n o w
v e ry few in d iv id u a ls o r firm s o r corpora tions or fac­
tories th a t are not straitened and h a rd pressed, seeking
m o st in d u strio u sly to sho rten the expense account.
T h e b o d y of fellows w ho get their bread a n d bu tte r at
the G o ve rn m e n t crib, th e y m a y go up w ith d ru m and
fife a n d secure their rations w hether business is p o o r
o r good; th e y are the o n ly free ones; their rent d a y s
ne ver come.

It seem s— at least the Pre siden t, w ho

not h ave pro m o te d o r helped fo rw a rd his enterprise.
A n d yet e v e ry feature of M r. M e tz ’s u n d e rta k in g m ust

sees th in gs, sa y s so— in a dd ressing the In te r-S ta te C o m ­
merce C o m m issio n: " I am inform ed th at a n u m b e r of

be p ro n o u n c e d an u n b o u n d e d success. T h e p ro po sals
were several tim es larger th a n the offerings, a nd the
prices b id were m a te ria lly high er th a n pre viou s salesN o t a sig n of sca rcity of capital, b u t the best of e v i­
dences of abu ndan ce a w a itin g o u r call, com ing, too,
ap p a re n tly from every p a rt of the in d u stria l w orld.
H e re certainly is a w onderful contrast. B a n k va u lts
flung w ide open everyw here in the one case a nd slam m ed
in the faces of the venturesom e in the other. I t becomes

ra ilro a d com panies have served notice of a p rop osed
red uctio n of w ages o n their em ployees.” H e now here

each in d iv id u a l to s tu d y the facts a n d see w herein the
difference lies, I t is of w ide im p ort, a nd the exp lanatio n
a n d d e m o n stratio n is o n the surface. W h a t gives
these city b o nd s th eir greater cu rre n cy ? O r, p u t the
q uestion in another fo rm — W h a t give s o u r corporate
securities su ch bad repute a nd the city bonds su ch
good repute? T h is at least can' be sa id w ith ou t hesi­
ta n cy — th a t la c k of capital has no concern in s o lv in g
the problem of city bonds.

I t is the S to c k E x c h a n g e

secu rity th a t is at fault; its va lue is in jeopardy, its
sta b ility is m ade questionable b y the W a sh in g to n
authorities, w hile the city b o n d is as stable as the
G ove rnm en t; it cannot be reached b y the A d m in is ­
tration. T he re is, to be sure, a report th at the G o v ­
ernor is g o in g to sta rt a com m ission at A lb a n y to am end

states th a t th e y all raised w ages freely several tim es,
alm o st im p ru d e n tly , we th o ugh t, w hen e a rn in gs were
larger; bu t no w th at earnings are w a y off— w ha t shall
th e y d o ? T h e y say, a nd their earnings corroborate it,
we m u st econom ize o r be forced into inso lven cy.
T h e P re siden t in a k in d of defiant w a y replies, I am
a b o u t to set the In te r-S ta te Com m erce C o m m issio n af­
ter y o u , w ith the C o m m issio n e r of L a b o r if needed, and
in case it is fo u n d th at the required reduction in w ages
is caused b y m isco n d uct in the past financial o r other
opera tion s of a n y road, and if a n y road sh o u ld ad­
vance as an e xp la n a tio n for the required econom ies
th a t th e y are needed because of recent u n frie n d ly
legislation, the excuse w ill of itself serve to expose the
m isco n d u ct to severer p u n ish m e n t. N o te the exp ression
“ past financial opera tions.” I s there not a spice of
m ischief in it, a threat to scare the poor, persecuted
ro a d (w hich in this co n tin ge n cy appears to be the

L o u is v ille & N a sh v ille ) abo ut som e o ld grievance h a v ­
in g n o th in g w hatever to do w ith the present; need for
e co n o m y? L ike w ise note th a t if a n y road sh o u ld ad­
vance the exp la na tio n th a t the e co n o m y w as needed
the N e w Y o r k C it y charter. T h e present officials are because of recent u n frie n d ly legislation, the excuse of
ge ttin g too m u ch praise for their successes.
itself w ill serve to expose the m isco n d u ct to severer
criticism . W h y
su ch an o p in io n connected w ith
A n o th e r feature o ve r w hich there has been no little a n exp la na tio n of the situ a tio n sh o u ld em ba rra ss the
exu lta tion the current w eek as a fford in g m atter of plea th a t eco n o m y is a necessity w ill be ha rd to ex­
special p rom ise has been the large foreign trade balance p lain. O f course we are all aware, ju st as well as
notable for Ja n u a ry 1908 not o n ly in itself b u t especially the P re siden t is, th at su ch a notice th at he has signed
w hen com pared w ith the corre sp on d ing m o n th of 1907. h is nam e to a nd distrib uted a m o n g all classes of la b o r
I t is a great satisfaction th a t th is is so, a n d yet in fore­ w ill not tend to peace o r ha rm o n y, o r righteous dealing,
castin g the future it sh o u ld not be forgotten th a t the b u t w ill su re ly act m uch like a lighted b ra n d th ro w n
increase o ve r the p re viou s y e a r is m a in ly due not to in to a pow der m agazine.
enlarged outflow of the c o m m o d ity b u t to an enlarge­
m ent in value. T h is is a h ig h ly im p o rta n t fact w hen
T h e political news this week in its b ea rin g o n ra ilro a d
e stim a tin g the probable conditions of future m onths.
W e are o n the border line, the p o in t where o u r su r­
pluses h a v e been w h o lly shipped. A t th a t p o in t we
lose su ch item s fro m o u r trade statem ent, and w ith
th at loss, in case the value has been higher, the loss
hereafter w ill be ju st so m u c h the more. A s to bread-,
stuffs, the va lu e s are also ge ttin g low er abroad, w hile




a n d in d u stria l affairs has, as a lre ady in p a rt in d icate d
above, been exceedingly disquieting. O n S a t u r d a y
of last week a bad break in prices o n the S t o c k E x ­
change occurred. T h e reason for th is w as n o t clear
at the tim e, especially in view of the m a rk e d
success of the N e w Y o r k C it y b o n d sale, but
it later developed that the
U n ite d Sta te s G o v

Feb. 22 1908.j

THE CHRONICLE.

ernm ent, in the prosecution of its su it against
the U n io n Pacific R a ilro a d Co. to deprive it of control
of the So u th e rn Pacific, w as seeking to enjoin the p a y ­
m ent of d ivid e n d s on S o u th e rn Pacific stock. A n
e xp la n a tio n appeared in the papers S u n d a y m o rn in g
to the effect th at it w as not intended to enjoin the p a y ­
m ent of d ivid e n d s to in d iv id u a l holders of S o u th e rn
Pacific shares, b u t o n ly the p a y m e n t o n the shares
held b y the U n io n Pacific. B u t this latter action of
course w o u ld cut off entirely the incom e of the U n io n
Pacific from th a t source, aggrega ting $7,822,000 per
an n u m . S u n d a y m o rning, too, dispatches appeared
in the papers s a y in g th a t the In te r-S ta te Com m erce
C o m m issio n the d a y before h a d ann o un ced th a t in ­
fo rm atio n had been placed in the h a n d s of U n ite d
States D istric t A tto rn e y s th ro u g h o u t the c o u n try
te n d in g to sho w vio la tio n s of the In te r-S ta te C om m erce
A c t in the g ra n tin g of rebates b y the S o u th e rn Pacific
Co., and th at orders h a d been issued to in stitu te p ro ­
ceedings

thereon

against

the

co m p a n y.

It

w as

furtherm ore stated th a t in p ro se cu tin g these cases the
Fede ral G o ve rn m e n t intended to co-operate w ith the
Sta te authorities of C alifornia, w ho claim ed to have
un der consideration 4,000 alleged illegal tra nsa ctio n s
on the p a rt of the co m p a n y. C o m p u ta tio n s were m ade
to sho w th a t if the c o m p a n y were fo u n d g u ilty of all
these com bined charges, fines m ig h t be levied aggre­
g a tin g $80,000,000. T h is of course w o uld m a ke the
$29,000,000 fine im p osed on the S ta n d a rd O il Co.
lo o k insignificant. T u e sd a y it w as reported th a t the
Pre sid e n t had sp o ke n fa v o ra b ly of the m ovem en t for
the p h ysic a l v a lu a tio n of railroads, a n d h a d referred
a p p ro v in g ly to the* letter of P ro fe sso r H e n r y C.
A d a m s, Sta tistic ia n of the In te r-S ta te C om m erce
C o m m issio n , o n th at subject.

I t w as added th a t th is

was considered significant in view of the a nn oun ce­
m ent m ade b y Se n a to r L a F o lle tte th a t he proposed
offering an am en dm ent to the A ld ric h B ill so as to
incorporate therein the p ro v isio n s of his bill on the
p h ysica l va lu a tio n of railroads. W e d n e sd a y after­
noon cam e P re siden t R o o se v e lt's letter to the In te r­
Sta te C om m erce C o m m issio n d irecting th a t b o d y to
inq u ire a n d determ ine w hether there w as a n y good
reason for the retrenchm ent in expenses b y the ra il­
roads, and the reduction in the force of their em ployees,
together w ith the ru m o rs of possible reductions in w a g e s.
W e h ave discussed fu rth er above th is letter of the
President, and desire to state here o n ly th a t if the
Pre siden t read the new spapers a nd kept him self in ­
form ed as to current affairs, he w ould have no need
of a n y in q u iry as to the reason for the discharge of

443

other incom e a n d de d u ctin g charges for taxes, inter­
est, &c., but not including dividends, there w as a deficit
of $237,918. I n other w ords, the re d u ctio n in net
incom e w as so serious th a t for th a t m o n th the com ­
p a n y fell $237,918 s h o rto f m eeting the m o n t h 's p ro p o r­
tio n of the fixed charges, le a v in g o ut of co n sid era tion
altogether the q uestion of d iv id e n d s— a n d the L . &
N . has a lw a y s been a d iv id e n d -p a y in g pro p e rty. M r.
S m it h m ig h t h a ve added th a t for J a n u a ry the result
w as even worse, as fa r at least as gross e a rn in gs are
concerned (no figures of net earnings being yet
available), the loss in gross for th a t m o n th h a v in g
reached no less th a n $784,776, o r ne a rly 2 0 % .
I s a ra ilro a d m anagem ent un d e r su c h circum stances
not to m ake a n y effort at retrenchm ent a n d econom y,
so as to offset in p a rt at least su ch a trem end ous
sh rin k a g e as th is in its re v e n u e s? W o u ld not the
m anagers be derelict in their d u ty if th e y failed to re­
trench in every possible w a y ? I f th e y neglected to
curtail their expenditures, the in e vita b le outcom e
w o uld be b a n k ru p tc y a nd a receivership; a n d it sh o u ld
not be forgotten th a t th a t fate ha s a lre a d y befallen
one im p o rta n t sy ste m in the S o u th , n a m e ly the S e a ­
board A ir L ine.

T h e S o u th e rn R a ilw a y Co. h as also

been suffering trem endous losses, its gross ea rnings
in D ecem ber h a v in g declined $693,669 a nd in J a n u a ry
$668,069. I n m a n y other p a rts of the c o u n try the
situ a tio n is closely sim ila r. T h e R o c k Is la n d lines, for
instance, for D ecem ber reported a decrease of $866,997
in gross a nd of $1,145,096 in net. B u t it w o u ld be
w earisom e to m u ltip ly these instances. W e w ill refer
to o n ly one other case, n a m e ly the P e n n s y lv a n ia R R . ,
since th a t is su ch a representative system . F o r D e ­
cem ber the lines d irectly operated b y the P e n n s y l­
va n ia R R . east a nd w est of P itt sb u rg h fell $2,489,100
behind in gross a n d $1,767,500 in the net.

I t sh o u ld

be observed th a t the loss in gross is at the rate of n e a rly
$30,000,000 a y e a r a n d in the net at the rate of over
$20,000,000 a year. T h e J a n u a ry figures, of course,
are not yet available. T h e B a ltim o re & O h io state­
m ent for th a t m o n th w as issued T h u rs d a y , and is of
like character, recordin g no less th a n $1,188,439
decrease in gross a nd $987,859 decrease in net. W e
sha ll p u b lish o u r co m p ila tio n of the gross a nd net
earnings of U n ite d States railroads for the m o n th of
D ecem ber next week, bu t a p re lim in a ry statem ent
w h ich we have prepared sho w s a loss in net on 83
roads of $10,784,786. T h is falls v e ry far sh o rt of
co ve ring a nyw here near the aggregate ra ilro a d m ileage
of the co u n try, a n d ye t even for these 83 ro ads the
decrease is at the ra te o f $130,000,000 a year, w h ich is the

m en b y the railroads o r of prospective reductions in
wages. Sin ce last O ctober railro ad traffic a nd ra il­
road revenues have been fa llin g off in a w a y th a t has
ne ver been paralleled in the h isto ry of the co u ntry.

equ iva le n t of 4 % o n a capita l of o ve r $3,000,000,000.
I f the P re siden t has a n y fault to find he sh o u ld
direct his criticism s aga inst the shippers a n d p ro ­
ducers of goods, w ho are c u rta ilin g their o u tp u t and

A few illu stra tio n s w ill suffice to indicate the extent of
the fallin g off. T h e Pre siden t m entions p a rtic u la rly
the case of the L o u isv ille & N a sh v ille R R . , b u t th is
road has an especially stro n g case. Pre siden t M ilto n

th u s m a k in g d im in ish e d use of the facilities of the
roads. B u t these m anu facturers a n d p ro du cers also
have g o o d g ro u n d s for their action. T h e y are cu r­
ta ilin g o u tp u t because there is a lessened dem an d
for their goods, a nd the chief reason w h y there is a

H . S m it h m ade im m ediate reply, and the figures give n
b y him foreclose all fu rth er d iscussio n of the subject,
as far as th a t p a rtic u la r road is concerned. I n D e c e m ­

lessened dem an d is that, o n account of G o ve rn m e n ta l

ber the gross e arn in gs of the L . & N . decreased $694,­
948, bu t expenses increased $296,440, le a vin g a loss
bu t little sh o rt of a m illio n d ollars— the exact a m o u n t
of decrease being $991,388. T h is, be it rem em bered,
is for o n ly one road a nd for o n ly one m onth. A d d in g

w ealth a nd capital, enterprise ha s com e to a halt and
a b lig h tin g p a ra ly sis is sp re a d in g all o ver o u r in d u stria l
o rgan ism . T he re can be no e n d u rin g reco very un til
the causes responsible for th is state of th in g s shall
have been rem oved. T h is week there ha s been a




a nd legislative attacks o n corporate a ctivity, a n d on

[VOL. LXXXVI.

THE CHRONICLE.

444

bu dget of new s from va rio u s different sources sh o w in g
v e ry co n clu sive ly how general is the depression. I n
copper, w hich e arly last sum m er, lo n g before the
pan ic in O ctober, ga ve pre m on ition s of the co m in g
depression, there has been a further sh a rp drop in
price— to 123^ cents. T h e “ B o sto n N e w s B u r e a u ”
is a u th o rity for the statem ent that p riva te advices
from B u tt e state th a t conditions in th a t city are so
bad th at so u p kitchens have been started there b y
the S a lv a tio n A r m y a n d Se n a to r W illia m A . C la rk

T h e a n n u a l report of the B a n k of F ra n ce , w h ich
w as su b m itte d at the end of J a n u a ry , sh o w e d a m o n g
other m atters of general interest the fact th a t the
profits of the B a n k in 1907 were the largest for th irty
years, a n d th e y were due to the in d u stria l a nd com m er­
cial p ro sp e rity of the co u n try, to w h ich the B a n k had
la rge ly contributed. I t is fu rth e r noted that of the
5-franc notes w hich were issu ed d u rin g the F ra n c o P ru s sia n W a r, w hen coin h a d a lm o st disappeared
from circulation, about $ 6 8 0 ,0 0 0 are still o utsta nd in g,

a year ago— that conditions have not bettered in a n y
w ay, th o u gh he expresses the belief th a t the e x istin g
depression will not be greatly prolonged. P re sid e n t

a n d th e y have p ro b a b ly either been destroyed or are
preserved as curiosities. T h e a m o u n t of the relief
w h ich w as extended b y the B a n k of France, th ro u g h
the B a n k of E n g la n d , to enable the latter to respond
to o u r strain ed situ a tio n d u rin g the late crisis is stated
at 16 m illio n dollars; the B a n k of F ra n ce at the sam e
tim e placed no im p edim e nt on the e xp orta tio n of

T h o m a s of the

gold direct to N e w

to feed the a rm y of unem ployed. P re siden t M ellen
of the N e w H a v e n road is also quoted b y the “ B o s t o n
N e w s B u re a u ” as s a y in g that traffic o n his lines co n­
tinues to sho w a h e a vy decrease in co m p a riso n w ith

L e h ig h

V a lle y

in a d ispatch

from

P h ila d e lp h ia is credited as h a v in g sa id th a t he did
not see a n y im p rovem en t in general trade, a nd th a t
prospects for the im m ediate future did not appear
satisfactory. Pre siden t W o o d of the A m e ric a n W o o le n
Co., accordin g to news dispatches, has stated th a t the
c o m p a n y is h a v in g the hardest season it has had
since it w as form ed.

N e v e r before has it h a d so little

m a ch in e ry ru n n in g as to-day, 6 5 % of the m a ch in e ry
in the c o m p a n y ’s m ills being idle. T h e m ost that
could be said, he is reported to ha ve rem arked, w as
th at there has been a sligh t im p ro ve m e n t in co n d itio n s
an d th at the m anagem ent w as feeling hopeful. O n
the other hand, P resident B a rto n of the W e stern
E le ctric Co. is stated to have sa id th a t the present
volu m e of orders w as sm all and th a t the c o m p a n y
could not see a n y th in g in the im m ediate fu ture to
lead it to expect a n y su b sta n tia l increase. I t s chief
effort now w as to adjust expenses to the vo lu m e of
business. W e m a y a d d th a t that is ju st w ha t the
railro ad s are tr y in g to do, nam e ly a tte m p tin g “ to
adjust expenses to the volu m e of b u sine ss.” I t is
evident from all these accounts that in d u stria l p a ra ly sis
is now extrem e. I t is h a rd ly possible th a t su ch an
e x tra o rd in a ry co n ditio n can last indefinitely. T h e de­
pression continues sim p ly because the activities of
the politicians

pre ven t

revival.

Y o rk

th ro u g h the disco unt of

F re n ch trade bills.
R e fe rrin g to conditions in A rge n tin a , we ha ve here­
tofore noted th a t the area of w heat so w n last season
w as the largest o n record, and the yie ld w as excellent;
therefore the su rp lu s of the gra in for exp ort is e x­
cep tio na lly large. T h e wool clip a n d the linseed crop
were good, as also will be that of maize. T h e balance
of trade will therefore be largely in fa v o r of A r g e n ­
tin a this year, bu t the net balance w ill be affected b y
h e a v y expenditures.
T h e ra p id rise in exchange rates th is week d id not
seem to be regarded as at all in dicative of the im m i­
nence of exports of gold to E u ro p e , for it w as well
u n d ersto od that the advance w as due to efforts to
cover oversold bills, and that w hen this h a d been
effected rates w o uld decline.

U nle ss there sh o u ld be

the developm ent of tension on the C o n tin e n t as the
result of an unfavora ble change in the E u ro p e a n
political situation, it seems u n lik e ly th a t there will
be e xp orts of gold hence in the near future. A ll the
great b a n k s are a ccu m u la tin g the m etal a nd u n u su a lly
large sto cks are held in L o n d o n a n d at P a ris, w hile
the R e isc h sb a n k is incre asin g its
gold
reserve.
Therefore
gold
is
a p p a re n tly
not
needed
at
present.

T h e m om ent the
But

T h e im m igra tion statem ent for the m o n th of J a n u a ry
1908, issued at W a sh in g to n o n M o n d a y , a n d the m o n th ­
ly returns of dep a rting passengers com piled b y the

M o re or less political unrest has been m anifested
this week at all the C o n tin e n ta l centres rega rd ing the

T ra n s-A tla n tic Conference of S te a m sh ip Com panies,
w hen considered together, reveal the sam e ano m alo u s
situ a tio n as prevailed in D ecem ber 1907— th a t is, a
greater em igration from the U n ite d States th a n im m i­
gra tion into it. W e s a y an a no m a lo u s situa tion ,

gam e of politics ceases, the recovery w ill begin.
we do not see how it can com e a n y sooner.

situ a tio n in the B a lk a n s a n d in M acedonia, a nd th is
disq u ie tin g co n ditio n has been reflected on the bourses,
p a rtic u la rly at S t. Petersbu rg. T h e trouble seem s to
have o riginated in a m isu n d e rsta n d in g between the
R u s s ia n and the A u s tria n g o v e rn m e n ts concerning
A u s tria ’s plan s for the co n struction of the V ie n n a Sa lo n ic a -A th e n s railroad. These differences appeared
to have been settled th ro u g h e xp la n a tio n s b y the rep­
resentative of the A u s tria n G o ve rn m e n t w hen a new
cause for unrest arose from the u n ce rta in ty regarding
the attitude of G e rm a n y a n d of It a ly in the m atter of
th a t po rtio n of the ra ilro ad concession w hich A u stria
seeks to o b ta in from T u rk e y . A m em ber of the Ita lia n
C h a m b e r of Dep uties has interpellated the G o v e rn ­
m ent as to w hat steps have been ta ken for the protec­

w hich it su re ly is; a n d yet it is a situ a tio n for w hich it
is not difficult to find an exp lanatio n . I n fact, it is
alm ost self-explanatory. I t is o n ly a sh o rt tim e since
all discussio n of the subject of im m ig ra tio n focused
a ro u n d the idea that, there being a la c k of la b o rin g
force in m a n y sections of the co u n try, efforts sh o u ld be
m ade to induce an incre asin g in flu x of desirable im m i­
gra n ts to su p p ly the deficiency. I t h a d been pointed
out that farm ers needed help, a n d th a t in m a n y fac­
tories, p a rtic u la rly at the S o u t h , it was im p ossible to
utilize all of the equipm ent, o w in g to a la ck of h an d s
to m an i t . T h e urge n cy of the need led to the a doption

tio n of I t a l y ’s interests; the rep ly to the in q u iry seems
to be som e w hat a n x io u sly aw aited at the C o ntine ntal

of m ethods calculated to induce greater im m ig ra tio n

centres.

in need of it.




a n d to p ro p e rly distrib u te it in those sections m ost
• •

•

Fe b . 22 1908. |

THE CHRONICLE.

What a change there has been from that situation
of need for laborers to the status of affairs the last few
months is obvious. We hear no urgent call for more
help now; on the contrary, the cataclysm of last fall
threw thousands out of employment, and, while some
have since been re-employed, the number still idle is
very great. This decided check in the activity of our
industries had no immediate effect on the tide of immi­
gration . It could not. From Austria-Hungary, Italy,
Russia and other European countries aliens were on
the way hitherward in great numbers before the ad­
verse developments of the fall occurred; their arrival
in October and early November added largely to the
year’s total. But in late November the inward tide
slackened perceptibly; December witnessed a further
considerable decline in the arrivals day by day, and
in January the influx of immigrant aliens was of ab­
normally small proportions— 27,220 through all ports
of entry for the full month. An aggregate comparing
with 54,417 in January 1907 and 51,127 in 190(5.
In the meantime the tide of emigration which had
been above the record of previous years since late in
September became especially so when compared with
immigration. After the middle of November the tide
had turned directly about, departures steadily exceed­
ing the arrivals. Furthermore, in the month of De­
cember the number of aliens leaving these shores ap­
preciably exceeded the aggregate that came in, and in
January the efflux reached a total of 59,700 steerage
passengers, or over double the number arriving. To
indicate how abnormal the last-named total is, it is
merely necessary to state that in January 1907 the
number of outgoing steerage passengers was only
17,1(50. Moreover, the indications, based upon the
in-and-out movement up to date, is that the arrivals
during [February, will not only give a total decidedly
less than the month of last year, but will be exceeded
by the emigration to an even greater extent than was
the case in January. And it is altogether probable,
and even at that not an unsatisfactory outlook under
existing conditions, that the outward movement of
aliens will continue heavy for some time yet, or at
least until our industries show signs of sustained re­
vival. It is a question now whether as a result of
striking a balance between immigration and emigration
in the calendar year 1908 the country in number will
be more than a nominal gainer.
As adding force to the assumption that immigration
will, in the immediate future, be upon a restricted
scale, we have only to turn to the action taken by for­
eign governments for confirmation of that view. For
example, on Thursday, according to cable advices
from Home, the Emigration Bureau of the Italian
Government issued a circular embodying reports from
its consuls at New York, San Francisco and other
American cities, pointing out the conditions here and
discouraging emigration hither. The cable further
states that, in the event this circular is unheeded, the
Government may possibly take measures to prevent
emigration.
The feature of the market for money this week was
the fractionally firmer rates for time loans, which was
attributed to some discrimination by banks and other
lenders against the collateral that was offered. There
was a little wider range in the rates for call money;
the higher rate recorded was due in part to some de­




445

lay in the return to the market of funds that accom­
panied bids for the New York City bonds. At the
same time this advance in the rate enabled trust com­
panies to loan those of their balances that were held
in banks at some slight advantage, and the offering of
such balances caused the lower rate to be recorded;
after the middle of the week, the tone was steady. One
feature of the commercial paper market was the more
liberal offering of mill notes, made by Eastern and other
manufacturers of textile goods. When normal con­
ditions of the market prevail, such paper is eagerly
sought, and much of it is discounted at exceptionally
low rates by Boston and other New England banks,
chiefly because it is well secured by the endorsements
of the makers and of the jobbers or agents through
whose hands it passes. This season, inasmuch as
more than the usual amount of this paper has been
made, and as the supply is somewhat in excess of the
demand, rates therefor are quoted that do not ma­
terially differ from those on a high grade of bills re­
ceivable or on choice single-name paper, though, in
some cases, buyers have accepted a slightly lower rate.
The demand thus far has been principally confined to
the East, New York institutions having bought to only
a limited extent; should the local inquiry increase, it is
thought that the volume of offerings would soon be
absorbed and lower or more satisfactory rates to the
maker would rule.
Money on call, representing bankers’ balances,
loaned at the Stock Exchange during the week at
2M % and at 1)4% , averaging about \%%', banks
loaned at 1)4% and trust companies at 2% as the
minimum. On. Monday loans were at 2% and at
1)4% with the bulk of the business at 1% . On
Tuesday transactions were at 2% and at 1M % with the
majority at 2% . On Wednesday loans were at 234%
and at 1)4% with the bulk of the business at 2% . On
Thursday transactions were at 2% and at 134% with
the majority at 1M % - On Friday loans were at 234%
and at 134% with the bulk of the business at 2% .
Time contracts on good mixed Stock Exchange col­
lateral were quoted at 4 @ 4 )4 % for sixty and 434%
for ninety days, 4)4@ 434% for four and 4 )4 @ 5 % for
five to six months; the business was largest for the
longer maturities. Commercial paper was in good
request at 434@ 5% for mill paper and for sixty to
ninety day endorsed bills receivable, 5 @ 5 )4 % for prime
and 534 @ 6 % for good four to six months’ single names.
The Bank of England rate of discount remains uncqanged at 4% . The cable reports discounts of sixty
to ninety day bank bills in London 334 @ 3 /4 % - The
open market rate at Paris is 2 % % and at Berlin and
Frankfort it is
@434% - According to our special
cable from London,the Bank of England gained £706,642
bullion during the week and held £38,741,132 at the
close of the week. Our correspondent further advises
us that the gain was due largely to receipts from the
interior of Great Britain, imports exceeding exports
to only a moderate extent. The details of the move­
ment into and out of the Bank were as follows: Im­
ports, £698,000 (of which £350,000 from Egypt, £25,­
000 from Constantinople and £323,000 bar gold
bought); exports , £506,000 (of which £108,000 to
Paris and £398,000 to South America), and receipts
of £515,000 net from the interior of Great Britain.

[VOL. LXXXVI.

TH E CH RONICLE.

446

i

a i
0 1
C. I

The foreign exchange market was active and strong
early in the week, and an advance of one cent per
pound sterling, compared with Friday of last week,
was recorded by Tuesday; thereafter there were some
recessions, but the tone was generally firm. The
sharp rise in exchange rates above noted was caused
by an urgent demand to cover speculative sales of bills
that had been effected in the previous week in the ex­
pectation that there would be a large amount of ex­
change created as the result of the placing abroad of
a considerable portion of the New York City 4% %
bonds that were offered last week; such expectations
were not realized, for the syndicate of bankers who
were supposed to be operating for foreign account, and
who bid for the bonds in an entire block, did not se­
cure allotments thereof, by reason of their low bid.
The bulk of the awards was made to bidders who pre­
sumedly had no foreign connections, and therefore
would seek a domestic market for their allotments.
The rise in exchange was further influenced by a de­
mand to remit for securities that had been sold for
European account because of the unsettled condition
of our market. There was a meagre supply of bankers’
bills when covering of short contracts began, and this
fact contributed to the rapid rise. Moreover, there
was no incentive for the drawing of finance bills, owing
to the small demand for loans for the periods during
which such bills could be advantageously employed.
Furthermore, offerings of commercial acceptances
decreased in volume, and this had some influence on
the market. The recession on Wednesday seemed to
be due to the partial satisfaction of the demand for
covering short contracts; this inquiry had been urgent
early in the day, but it subsided on offerings of bills
against purchases of stocks for foreign account. The
easier tone for cables appeared to indicate that possibly
contracts had been made for placing some portion of
the New York City bonds in European markets.
Compared with Friday of last week, rates on Satur­
day were 20 points lower for long at 4 8230@4 8240
and 5 points higher for short at 4 8585@4 8595; cables
were unchanged. On Monday long rose 60 points to
4 8275@4 83, short 30 points to 4 8615@4 8635 and
cables 50 points to 4 8650@4 8675. On Tuesday long
was 45 points higher at 4 8340@4 8345, short 65 points
at 4 8680@4 8690 and cables 50 points at 4 8730@
4 8735. On Wednesday long rose 10 points to 4 8350
@ 4 8355 while short fell 15 points to 4 8670@4 8675
and cables 10 points to 4 8720@4 8725. On Thurs­
day, owing to the dull market, rates for all classes of
exchange declined—long 5 points to 4 8345@4 8350,
short 10 points to 4 8660@4 8670 and cables 25 points
to 4 8695@4 8715. The tone was steady on Friday for
short at an advance of 5 points and.for cables of 10
points; long was 5 points lower.
•
The following shows daily poted rates for sterling
exchange by some of the leading drawers:




1

Browu
Brothers .................. Sigh t..
Kidder, PeaGO days
body & C o ............
Sight .
Bank British
160 days
North America____ Sight..
Bank of
GO days
Montreal..
Sight...
Canadian Bank
60 days
ot Commerce _
Sight..
Heidelbach, Ickel60 days
heimer & C o ..........
Sight..
Lazard
60 days
Frercs ........................ Sight .
Merchants' Bank
60 days
of Canada.................. Sight..

Tnes.,
Mon..
Wed., Thins., FH.,
Frl.,
Feb. 14. Feb. 17. Feb. 18. Feb. It). Feb. 20. Feb. 21.
4 84
4 87t$
-1 81
4 874$
4 84
1 87>$
4 84
4 87M
1 84
4 87y2
4 84
4 87)$
4 84
4 87 H
4 84
4 87 'A

84
87 X
84
874$
84
87>$
84
8744
84
874$
84
874$
84
S744
84
874$

84
874$
84
874$
84
874$
84
874$
84
874$
84
874$
84
874$
84
874$

84
87'$
84
874$
84
874$
84
8744
84
874$
84
874$
84
874$
84
874$

84
874$
84
874$
84
874$
84
874$
84
874$
84
874$
84
874$
84
S7 4$

S4
874$
8 4 '"
874$
84' '
874$
84 "
S74$
84
874$
84
874$
84
874$
84
874$

The market closed on Friday at 4 8340@4 8350 for
long, 4 8665@4 8675 for short and 4 8705@4 8715
for cables. Commercial on banks 4 8290@4 83 and
documents for payment 4 82% @ 4 83%. Cotton for
payment 4 8234 @ 4 82% , cotton for acceptance 4 8290
@ 4 83 and grain for payment 4 83% @ 4 83%.
The following gives the week’s movement of money
to and from the interior by the New York banks.
Shipped bg
Received bg
N. Y . Banks. N . Y . Banks.

Week ending Feb. 21 1908.

Net Interior
Movement.

Currency _____________ ________ ____
Gold ____________ ________ _________

88,853,000
2.069,000

86.893,000 Gain 81,960,000
467,000 Gain
1,602,000

Total gold and legal tenders...........

810,922,000

87,360,000 Gain 83,562,000

With the Sub-Treasury operations the result is as
follows:
Net Change In
Bank Holdings.

Out o/
Banks.

Into
Banks.

Week ending Feb. 21 1908.
Banks’ Interior movement, as above.
Sub-Treasury operations............. ........

810,922,000
31.011,000

$7,360,000 Gain $3,562,000
25,000,000 Gain 6,011,000

Total gold and legal tenders..........

841,933,000

$32,360,000 Gain $9,573,000

The following table indicates the amount of bullion
in the principal European banks:
Feb. 20 1908.

Banks ot
Gold.

£
England. _ 38,741.132
France__ 110,365,599
Germany a 33.103.000
Russia d. . 116,012,000
Aus.-Hunb 46.429.000
Spain____ 15.703.000
Italy......... 36.475.000
Neth’lands 7,690,700
Nnt.Belg.ii 3,874,667
Sweden . .
3.902.000
Switz’land 3.304.000
Norway . .
1.533.000

Feb. 21 1907.

Silver.

Total.

Gold.

Silver.

Total.

£

£
38,741,132
146,527,359
46.822.000
121,887,000
58.858.000
41.570.000
41.125.000
12,001,400
5.812.000
3.902.000
3.304.000
1.533.000

£
36,676,238
105,814.703
32.056.000
118,051,000
40.430.000
15.408.000
32.559.000
5,543,400
3,186,667
4.108.000
1.500.000
1.673.000

£

£
36,076,23S
145,224,012
44.521.000
122,786,000
58.561.000
39.827.000
37,367,100
11.323,400
4.780.000
4.108.000
1.500.000
1.673.000

36,161,760
13.719.000
5.875.000
12.429.000
25.867.000
4.650.000
4,310,700
1,937,333

39,409,339
12.465.000
4.735.000
12.131.000
24.419.000
4,808,100
5.780.000
1,593,333

Total week 417,133,098 104,949,793 522,082,891 403,006,008 105.340,772 508,346,780
Prcv. week 414,455,692 104,015,393 518,471,085 400,174,631 104,412.620 504,587,251
a The division (between gold and silver) given In our table of coin and bullion
In the Bank of Germany and the Bank ot Belgium Is made from the best estimate
we are able to obtain: In neither case Is It claimed to be accurate, as those banks
make no distinction In their weekly returns, merely reporting the total gold and
silver: but we believe the division we make Is a close approximation.
b The Austro-Hungarian Bank Statement Is now Issued In Kronen and Heller
instead ot Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the Kronen
has really no greater value than 20 cents, our cable correspondent In London, In
order to reduce Kronen to Pounds, has altered the basis of conversion by dividing
the amount of Kronen by 24 Instead of 20.
d The total of gold In the Bank of Russia Includes the balance held abroad—
that Is, the amount held for Russian account In other Continental banks. The
proportion so held, and consequently duplicated In the above statement. Is about
one-quarter of the total.

WAR BURDENS IN TIME OF PEACE.
A controversy which has long been imminent in the
legislatures of the principal States of the world has
lately been coming to a head in the British Parlia­
ment. It refers to the question ot public extrava­
gance versus retrenchment, as affected by the naval
and military expenditures of Government. This prob­
lem concerns so intimately our own national finances
that it will be worth while to see at exactly what
stage the English controversy has arrived. On taking
office, the present Liberal Ministry repeated its pre­
election pledge to the people that substantial reduc­
tions in military and naval expenditure would be
made. As lately as April 1906 the War Minister of
Great Britain promised “ speedy and substantial re­
duction” in the burden that weighed so heavily on
the taxpayer. This has not been achieved, and both
people and Parliament are rapidly falling into an angry
and discontented mood about it. There have lately
been published the following figures of Great Britain’s
expenditure for army and navy purposes, immedi­
ately before and immediately after the Boer War.
They are as follows:

F e b . 23 1908.)

THE CHRONICLE.
ARM Y EXPENDITURE.

lielorc the War.

During the War.

I ’ay.&c.of
Total
Year the Army. Expend.

Total
Pay..&c.,oJ
Year the Army. Expend.

£
£
£
90-97 5,990,827 18,156,520 99-00 8,951,018
9798 19,528,390 00-01 10,201,391
5,981.399
9899 20,096,373 01-02 22,573,953
5,980,229
02-03 23,404,350

£
43,005,398
91,343,544
92,660,874
68,803,627

Since the War.
Pay,&c.,o
Year the Army.
0304050607-

£
11,233,931
04
10,521,393
05
9,844,833
00
10,220,000
07
*5,835,000
08

Total
Expend.
£
30.728,618
28,895,024
28,478,803
29.790.000
27.700.000

*Note.— Figures for 1906-07 and 1907-08 estimated.
NAVY EXPENDITURE.
During the War.

Since the War.

Fiscal Yr.
A rm y.
N avy.
\Fiscai Yr.
A rm y.
N ary.
1894 -------------- $ 5 4 ,9 0 1,929
$31,V 0i,293 liiwO_8 50,830,920 $27,147,732
1895 ------------- 51,804,759 28,797,795 |1897 ________ 48,950,267 34,561,546

During the period of actual hostilities our army ex­
penses rose to a maximum (for the fiscal year 1899) of
$229,841,000 and our navy expends to $68,942,000.
Taking these figures as they stand, let us now see what
has been the record of the eight completed fiscal years
since the Spanish War:
Fiscal Yr.
A rm y.
N avy.
'Fiscal Yr.
A rm y.
N avy.
1900 ______ $134,774,767 8 5 5,953 ,077 )1 904 . . . $115,035,410 $102,956,101
1901
144,615,697 60,506,978 1905 ------- 122,175,074
117,550,308
1902 _____ 112,272,216
67,8 0 3 ,1 2 " i 1906 . _ 117,946,692
110,474 264
1903 .
118,619,520
82.618.03411907 . . . 122,576,465
97,1281469
_

Before the War.

447

Year

Shlpbldg.
Total
Contracts Expend.

Shlpbldg.
Year Contracts.

£
£
90-97 5,292,911 22,271,902 99-00
9798 20,848,803 00-01
3.553,049
9899 23.880,875 01-02
4,864,295
02-03

£
5,111,279
0,931,654
0,794,320
7,001,950

Total
Expend.
£
25,731,220
29,999,529
30,981,315
31,003,977

Shlpbldy.
Year Contracts.

Total
Expend.

£
£
0304 35,709,477
10,832,371
10.071,514
0405 30,859,681
0500 33,151,841
7,781,483
00-07 *8,588,400 31.809.500
07-08 *7,046,000 31.419.500

*Note.— Figures for 1900-07 and 1907-08 estimated.

The unavoidable conclusion is that a very great
part of the additional annual army expenditure im
posed by active fighting during the Transvaal cam­
paign has been left on the shoulders of the taxpayers
and that naval outlay is larger than in war time
This must be considered in the light of the well-known
fact that the English income tax remains at the highest
rate ever imposed in the history of the country except
in actual time of war.
The London “ Economist,” in a recent issue, sets
forth from the English point of view the evils and
actual dangers which are involved by continuance of
this policy of war expenditure in a time of profound
peace. It thus sums up its arguments: First, con­
tinuance of war taxes at a time of peace weakens one
of the most important defensive reserve powers which
could be exercised in a future war emergency. When
the Crimean War broke out, the Government raised
the income tax from 7 pence to 16 pence in the pound
with little friction •or ^difficulty, and in the Boer War
an advance from 8 pence to 15 pence was similarly
effected. To-day, however, the income tax, after
nearly five years of profound peace, stands at a shilling
in the pound. What sort of preparation is this for
sudden fiscal demands which outbreak of war might
bring upon the country?
Again, the “ Economist” traces the effect of the high
taxes on home trade. The exaction of these taxes
from the consumer inevitably reduces his power to
purchase the necessities of life, and to that extent im­
pairs the country’s trade— thus not only impairing
the financial vigor of the country itself, but weakening
the resources on which new taxes could be levied if
required by war emergency. Further, it is shown
that the prodigious expenditures made for naval and
military purposes have stimulated a counter-demand
for socialistic experiments, such as old-age pensions,
and instead of providing the argument that the money
cannot be raised under present circumstances for such
purposes, the existing situation gives the demagogue
an opportunity to say that a Government which can
make such expenditures on army and navy in a time
of peace can do as much for the aged poor.
These arguments impress us as of a significance
reaching further than the English community. Let
us, for instance, glance at our own record of naval
and military expenditures. War and navy outlay in
the four fiscal years preceding the war with Spain
were as follows; and it may be added that both army
and navy expenditure of 1894 broke all previous annual
records for a time of peace:




In other words, the United States has been pursuing
precisely the course adopted by Great Britain, and our
naval and military departments are even now com­
plaining that their scope of expansion has not yet been
broad enough. The manner in which pressure for new
battleships has been applied to Congress is familiar
to everyone, and how difficult has been effective re­
sistance.
In England it is the wearing out of public
patience through long continuance of the high exist­
ing taxes which has brought to a head the vigorous
opposition to the naval and military program. In our
own case we imagine that the protest will find a voice
in quite as direct a way. That the extraordinary out­
lay on our army and navy since the Spanish War—
making the army’s cost double what it was in any year
before that war; and the navy’s annual expenses nearly
double what they were in the war itself— has been part
and parcel of a general era of extravagance, we think
may be taken as unquestionable. The great produc­
tiveness of public revenue in that period made such
expenditure possible, and deprived its opponents of
their most effective argument. Now, however, we
have come upon altered times. Government finances
are affected along with the finances of individuals and
corporations, and in the one case, as in the other, the
instinct before the careful man in both cases is to see
where past extravagance can be pruned down.
That a heavy public deficit lies before the Treasury it is
no longer possible to deny. Instead of Secretary Cortelyou’s December estimate of a $42,000,000 surplus for
the twelve months ending next June, indications are
for a deficit f at least $25,000,000. Congressman
Tawney, Chairman of the House Committee on Appro­
priation, has asserted that, irrespective of the ques­
tion of impairment of national revenue through panic
disturbance, the military and naval program for the
ensuing fiscal year threatens, if carried out, a deficit
of no less than $100,000,000 for the twelve months be­
ginning next July. We no not believe that such a
situation is compatible with continuance of our public
extravagance of the past half-dozen years in these di­
rections. That Germany, the third of the great pow­
ers, whose army and navy program has been cited for
the emulation of one another, is confronted with a
similar argument against continuance of the recent
tendencies, may be inferred from the fact that its plans
for new construction in the navy had to be carried out
through the medium of a large public loan. It is, to
our mind, inconceivable that a world-wide situation of
this sort should not result in some rational action in the
way of stopping this ruinous movement of the period,
with its result of taxing oppressively the people of all
progressive States for the purpose of extending indefi­
nitely the war armament maintained in a time of
peace.

448

TH E CHRONICLE.

HOW SHALL THE CORPORATION PROBLEM BE
SETTLED ?

[VOL. LXXX’VI.

relation between capital and. labor is declared, with
like boldness, to be naturally more wholesome and
just in the great concern, because the managers are
able to look from a broad standpoint, as they “ in­
stinctively lose sight of the interest of any one indi­
vidual, since such interest is at best infinitesimal com­
pared with the whole; in short, they assume on all such
matters the attitude of the real trustee, the impartial
judge,
the
intelligent,
well-posted and
fail-

In a recent address at Columbia University on
“ Corporations in Modern Business,” Mr. George W.
Perkins made a compact and excellent statement
of the advantages of the great corporation and of the
reasons why the popular octopus notion about it has
no real foundation. The service which he names first
is the prevention of wastes by assembling the best arbitrator.”
Mr. Perkins makes a forcible point in the fact that
abilitv in one line and combining it for one end, by
in
the days of the ox-team it would have been impos­
economies of production, by utilizing by-products
sible
for people in every State which existed then to be
and by reducing expenses of selling. Lhe standard
partners
in one business, “ yet to-day we have at least
of efficiency in men is raised; for, whereas the old com
one
giant
corporation made up of partners resident not
petition was self-seeking and often ruinous in its in
only
in
every
one of our States, but in almost every
tensity, the new rivalry, within the limits of the same
country
in
the
world and re-enforced by thousands
organization, is constructive and uplifting.
of
its
employees
having become stockholders them­
At this point Mr. Perkins meets the old question,
what is to become of the young man, and the objection selves.”
This is the presentation of an advocate, and of an
that combination denies him the former opportunity
enthusiastic
advocate. It is ingenious, and while vve
to rise. He meets this objection squaiely, declaiing
cannot
expect
that every person will accept it in the
that the larger the corporation the moie suiely will
force
Mr.
Perkins
claims for it (even it it is accepted
the office boy in it rise to a foremost place if he is made
as
sound),
or,
at
least,
that it will be accepted as
of the right stuff. Not only this, but he asks whether
it Is not possible that the workings of great corpora­ stating the complete case, we are bound to say that it
tions may tend hereafter to prevent rather than foster impresses us as not to be hastily dismissed, lhe
accumulating great fortunes. He suggests whether argument of economy in production and sale, of steadi­
it is not better to have great corporations in which are ness in quality and supply, and of the demand for the
many positions carrying handsome salaries than to highest ability, is not new, and it needs no amplifying;
have private firms with a few partners, whose annual yet the other points made are tenable and contain
profits were often so large that a few years rolled up substance.
Mr. Perkins’s argument for publicity and control
large fortunes. A corporate position with a salary
laro-e enough to represent interest on a handsome for­ through the Federal Government, however, does not
tune can be permanently held only by a man of real impress us as equally clear. It is true, as he says,
ability and when he dies another of like ability must that for large business purposes State lines have be­
be had; whereas the private fortune is passed on re­ come obliterated; but the very fact that all business of
gardless of the heir’s ability. Therefore, according to any consequence is inter-State commerce in the
his argument, the more big corporations there are, sense of obliterating boundary lines proves that Fed­
the more important and highly paid places and the eral regulation has no natural stopping-place short of
more goals for the ambition of young men who have covering all business in the United States. It would
be taking a long step and one of
hazardous
the right equipment for the work of life.
and
very
unforseeable
results
to
adopt
this
Standardization of products and uniformity of
.
quality are also of great public benefit, says Mr. Per­ conclusion:
“ For business purposes in this country, the United
kins, and here he is clearly right; this is shown, although
States Government is a corporation with fit y subsidi­
very seldom thought of, by the corporation which is
ary companies, and the sooner this is realized the
held up as the most wicked of all, Standard Oil. sooner we can get the right kind of supervision of
Wages are also higher and employment more steady, semi-public business enterprises and m this way give
he adds, “ for in a given line of trade handled to a con the public the publicity and the protection to which
siderable extent by a corporation there are practically it is entitled in the conduct ot business by coipoiations,
in no other way can the public be protected from evils
no failures, while under the old methods of bitter
in corporation management.”
and relentless warfare failures were frequent, and
Surely this is a counsel of perfection, and it immefailure meant paralysis for labor as well as for capital.
iiately suggests contingencies which Mr. I ci kins next
The permanence of the corporation, its better survey
considers. Against the objection that this would bring
and mastery of the field, and its ability to measure
business into politics, he mentions the Supreme Court,
demand and avoid accumulation of over-stocks, are
membership in which “ is the goal of every aspiring
cited as reasons why it makes general business con­
lawyer.” Certainly the Court is the last bulwark of
ditions sounder and steadier.
constitutional government, yet that bulwark is not
At this point the common notion that a great cor­
immovably fixed. One need not go back forty years
poration is dangerously uncontrollable is frail ^y
to remember that this august body has been in part
opposed by the argument that dangei lies latiei m
shaped with reference to a particular decision on a
the small corporation, because that does not attract
particular topic; four of its members are now of ad­
the public eye sufficiently to impress its managers
vanced age, and if the next President is one committed
with the fact that they are really semi-public servants
to pushing certain well-known aggressive policies, can
and responsible to both stockholders and the public;
there be a doubt that any vacancies which occur
on the other hand, the broader and farther-reaching
will be filled with pretty close reference to those polviews of a great corporation more readily perceive that
cies ? An incidental sign of the present trend is that a
publicity and fair dealing are the wise course. The




F e b . 22 L'JOS.J

THE CHRONICLE.

proposition to give to the Executive the power of re­
moval as well as of appointment has made its appear­
ance in Congress, and we must once more suggest the
practical folly of assuming that statutes can be as
reckless as anybody demands and the courts will avert
consequences. But, continues Mr. Perkins, since we
honor lawyers for distinguished service by promoting
them to decide difficult legal questions, so we should
“ honor our railroad men by promoting them to decide
our most difficult railroad questions, our industrial men
the industrial questions.” We certainly should, but
the present feeling, whipped up and catered to by
politicians, does not favor this.
The ideal state
which Mr. Perkins gives as an example can best be
told in his own words:
“ If we had at Washington a railroad board of contori, and that board were composed of practical rail­
road men, would not membership in such a board come
gradually to be the goal of railroadmen? And does
any one for a moment think that, if such a board were
composed of practical railroad men, it would be espe­
cially partial to railroad interests? Once on such a
board, a man could not fail to recognize the great re­
sponsibility and honor of the office and administer
it for the best interests of the public and of the rail­
roads at one and the same time. Thus, the business
man would merge into the public official, no longer
controlled by the mere business view, and would act
the part of a statesman, to the improvement of the
governmental administration and not to the lowering
of its level.”
These questions can readily be answered affirma­
tively, but the “ if” blocks the way; the practical rail­
road man might behave on the board as suggested, but
he would not get the opportunity; the practical poli­
tician would see to keeping him out. Perhaps “ this
kind of expert, high-minded supervision would not
be opposed by business interests” ; what present
reason, however, is there to think that any law which
really required and would produce such supervision
could be enacted ?
But is there really any very close analogy between
a board of control such as urged by Mr. Perkins and
the position of the United States Supreme Court?
Are not the functions essentially different ? The Su­
preme Court acts in a judicial capacity and decides
questions of law and of equity. On the other hand,
would not the proposed board of control have to
concern itself with questions of railroad management,
railroad operation and railroad policy— to initiate,
regulate, investigate and control? And if that be the
•case, is there not the same objection to centralization
in that regard that there would be to political cen­
tralization of any kind? No body of men, no matter
how well equipped or how profound their knowledge,
would be equal to the task; it would mean bureau­
cratic government, which by reason of its inertia, is
always the foe of progress, operating to destroy private
initiative, and tending to stifle individual effort; lastly,
is it not contrary to the spirit of our institutions?
Furthermore, is not the experiment which Mr. Perkins
suggests being tried at this very moment in this State?
We refer to our Public Service Commission, which,
according to the well-meant efforts of Gov. Hughes,
was to be the be-all and end-all of regulation and
control. The salaries of the members were fixed high,
so as to attract the right men. But that body is
confessedly a failure, though its author will not yet
admit it. With a Federal board of control the field




449

of operations would be multiplied fifty times, and the
task infinitely more difficult.
There is a further difficulty in practically realizing
the theory that for business purposes the Government
is a corporation with fifty subsidiary companies.
This difficulty is the same which is already in the way
of Federal supervision of insurance; it is that the States
will not consent to give up and become subsidiary.
Whoever imagines that the doctrine of the independent
rights of States has been abandoned because it has so
rarely stirred, falls into an error; the recent antagonisms
on the subject of two-cent laws are a sign in evidence.
If the control of corporations contemplated nothing
more than a moderate supervision, as in case of insur­
ance in some past years, the States would still adhere
to their own dignity and their field for creating
offices; and while supervision is bent to persecution,
they will still more insist on keeping their share of the
process.
The object of Mr. Perkins’s address, however, is
commendable and almost imperative, for it is to dis­
cover some mode of solution of the corporation prob­
lem, which continually grows more pressing. The
corporation is to continue, and the great corporation
is to continue great; we must start with this as cer­
tainty. How shall the old rule of live and let live
be applied and secured to it ? Virtue may be overdone;
falsehood and error are a perversion of basic truth;
the destructive excesses of Mr. Roosevelt himself start
from the fundamental truth of a public interest, and
duty resting upon carriers, but have exaggerated that
out of all just proportions and smothered out of sight
the equal and correlative fact of the rights of private
property. The real although unhappily slow way out
of all this trouble is by correcting this distortion of
view.
To declaim that the great question of the day is
whether the corporations shall control the people or
the people shall control the corporations, makes an
oratorical period which is sure to win applause from
any average audience, but it is a meaningless balancing
of words; there is no such issue and can be none, be­
cause the corporations are the people. It may need
a term of experience, perhaps not at all agreeable,
to make the people see that they are the corporations,
but it is an immovable fact which will yet force itself
into view. Statistics of ownership and the nature of
things prove this, and it is true of carrying as of other
corporations. Publicity within the bounds of business
reason is admittedly right, but just now the founda­
tions are misty in the popular sight, as a whirl of sand
might conceivably hide a pyramid; and the latest rush
,of emotional attack is an application of the political
economy of Mr. Samuel Gompers in the intimation
that the railroads cannot be permitted to cut wages,
no matter what conditions arise. All this looks
superficially disheartening, but is it not perhaps just
the contrary? The more acute the mania the more
certain the reaction. Once get the blood pressure
from our necks and the fog from our eyes, so that
things can be seen as they really are, not as self-seeking
demagogues declare them, and there remain no insur­
mountable difficulties in setting the reciprocal rela­
tions and duties of railroads and the public upon a
just basis. Once restore a sane and just atmosphere,
and the great problem will sol e itself. Until that
restoration, how can it possibly do s o ? ....................

450
A

THE CHRONICLE-

FEDERAL EMPLOYERS’ LIABILITY LAW .

James Madison, writing No. 45 of “ The Federalist,”
explained the principle of the delimitation of Federal
and State authority as understood by the fathers of
the Constitution. It is not too much to say that, in
the then existing temper of the people of the several
States, had it been regarded as possible that the terms
of the newly devised Constitution could be construed
in any different way from that urged by Madison,
it would have failed of ratification. That there was
then no disposition to surrender to the Federal Govern­
ment any part of the control over matters of primarily
domestic concern may easily be gathered from the
following paragraph from this number of “ The
Federalist.”
“ The powers delegated by the proposed Constitution
to the Federal Government are few and defined.
Those which are to remain in the State governments
are numerous and indefinite. The former will be exer­
cised principally on external objects, as war, peace,
negotiation and foreign commerce; with which last
the power of taxation will, for the most part be con­
nected. The powers reserved to the several States
will extend to all the objects which, in the ordinary
course of affairs, concern the lives, liberties and prop­
erties of the people and the internal order, improve­
ment and prosperity of the State.”
That the doctrine which was so satisfactory to the
founders of the great republic persisted until a very
recent period is quite certain. It was boldly pro­
claimed by the United States Supreme Court in the
case of United States vs. Knight, which was decided
on Jan. 21 1895, Mr. Chief Justice Fuller, speaking
for the Court, saying:
“ It cannot be denied that the power of the State
to protect the lives, health and property of its citizens,
and to preserve good order and the public morals,
‘the power to govern men and things within the limits
of its dominion/ is a power originally and always
belonging to the States, not surrendered by them to
the General Government, nor directly restrained by the
Constitution of the United States, and essentially
exclusive.”
The quite recent pressure for an extension of the
legislative activities of the Federal Government has
resulted, however, in the enactment of several statutes
claimed to be in execution of the power to regulate
commerce among the several States which very ob­
viously have for their object the regulation of matters
that are clearly within the terms of the reserved
powers of the States as those powers were defined by
Madison and by Fuller. Even if, in the broader lati­
tude of interpretation which undoubtedly finds some
sanction in later utterances of the Supreme Court,
it may be assumed that some of these matters are only
subject to State control until such control has actually
been ousted by Congressional action, there is no ques­
tion that in the absence of Federal legislation the
power of the States over them is complete. This
principle is plainly applicable to such matters as the
“ physical control” of railway facilities and appliances,
safety regulations as to signaling and equipment,
hours of labor of the employees of inter-State railways,
and the liability of railway employers to their em­
ployees. Even more than this, it is now clear that
as to all these matters the powers of the States, within
their geographical limits, are complete, while those
of the Federal Government are incomplete and their
actual limits uncertain and difficult to determine.




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

Thus when Congress, acting under extreme executive
pressure, attempted to enact a comprehensive statute
covering the liability of “ every common carrier en­
gaged in trade or commerce” of inter-State character
for accidents to “ any of its employees” (Employers’ Lia­
bility Act, approved on June 11 190G), it considerably
exceeded its Constitutional powers and not one of the
nine Justices of the Supreme Court was ready to sus­
tain the enactment unless it could be so construed as,
in effect, to qualify the words “ any of its employees”
by adding “ while engaged in inter-State commerce.”
It is true that a minority of the Court thought this
substantial limitation could be read into the statute,
but the majority opinion, following a long line of prece­
dents, was otherwise, and the attempted enactment
failed. Even Mr. Justice Moody, whose dissenting
opinion is clearly the expression of a strong desire to
sustain the statute, agreed that if it must be con­
strued as applicable to all employees of inter-State
carriers, it must be inoperative. Ho said in part:
“ Applying the law under consideration to the condi­
tions as they actually exist, it is said that its words
are so general and sweeping as to comprehend within
its benefits not only the employees of the inter-State
carrier engaged in the business of inter-State carriage,
but also the employees of the same carrier engaged in
the business of intra-State carriage which it may and
usually does conduct. . . .
If such be the neces­
sary interpretation of the statute, plainly it exceeds the
power of Congress, for Congress certainly has no right
to regulate the purely internal commerce of a State.”
While the somewhat divergent views of the majority
of the Court leave still open the question whether Con­
gress has power, under the commerce clause, to control
the relation of master and servant as to those actually
engaged in inter-State commerce, it seems commonly
to be assumed that this power exists and that an
employers’ liability law carefully restricted to those
so engaged will be constitutional. On this view
Senator Knox has prepared and introduced a measure
which should serve to establish the wisdom of leaving
the whole subject to the legislation of the separate
States. The clause of Senator Knox’s bill which defines
the field of its effectiveness, if passed, reads as follows:
“ That every common carrier using steam or other
motive power and engaged in commerce to which the
regulative power of Congress extends under the Con­
stitution of the United States shall be liable to any
person employed by such carrier in such commerce
while such employee is engaged therein.” . . .
Now, the foregoing goes quite as far as Congressional
power extends and is fully as definite as the present
state of judicial determination of the questions it
suggests will permit. Yet, it plainly leaves the injured
employee who might wish to sue a common carrier for
damages in a state of considerable uncertainty as to
whether he should proceed under the Federal statute
(supposing it to have been enacted) or under the law
of the State in which his injury occurred. For exam­
ple, a trainman running upon a local train between
terminals wholly within a State is engaged, no doubt,
in inter-State commerce when his train carries freight
or passengers destined to another State under arrange­
ments for through carriage. Therefore it might easily
happen that the right to sue under the Federal statute
would exist on one day and not on the next, while at
all times its existence or non-existence would depend
upon facts that might not be readily accessible to the
employee.

Feb. 22 1908.]
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40,531,246
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34,640,631 + 5,890,615 17.00
39,423,994 + 2,649,109 0.72
41,770,230 + 6,315,720 15.10
51,031,757 + 4,345,501 8.51
53,126,110 + 4,043,010 7.61
54,740.827 + 5,145,523 9.40
48,085,470 — 1,827,417 3.80
46,790,179 + 2,769,690 5.92
48,559,919 + 9,108,978 18.88
69,253,693 + 1,544,739 2.23
56,959,863 — 4,970,393 8.74

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9 6 0 .9 0 2
9 7 8 ,9 2 8

a ll
a re

R E C E IP T S .

Corn
(bush.)

Oats
(bush.)

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

2 2 6 ,8 5 0
1 2 8 ,8 2 5

B a rle y
(bush .)

R ye
(bu sh .)

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

4 7 0 ,0 0 0
8 2 7 ,0 0 0

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

3 ,4 9 9 ,0 9 0
5 ,4 3 8 ,6 3 5

2 ,8 6 0 ,8 0 0
3 ,0 3 5 ,2 0 0

4 0 3 ,0 0 0
5 6 3 ,3 0 0

7 0 ,0 0 0
5 6 ,0 0 0

1908
..............................
2 0 4 ,3 0 0
1 9 0 7 . . ............. ............................
2 3 7 .0 0 0
Detroit—
1 9 0 8 ...........................
2 1 ,2 0 0
2 2 0 ,5 0 2
1907
1 1 ,1 0 0
8 1 ,7 4 7
Cleveland—
1908
____
3 ,6 5 2
7 1 ,5 9 2
1907
------6 ,3 8 7
1 1 4 ,3 3 0
P eoria —
1908
9 8 ,3 5 0 1 7 2 ,9 0 0
1907
9 3 ,7 0 0 7 4 ,4 0 0
D u lu th —
1908
........................
2 ,0 2 4 ,3 5 5
1907
..............................
1 7 3 ,7 6 8
M in n ea p o lis—
1908
..............................
8 .5 2 9 ,7 4 1
1907
............................ .
7 ,6 9 4 ',5 2 6
K a n sa s C ity—
1908
.........................
2 ,9 9 6 ,1 2 0
1 9 0 7 .............................................
2 ,5 4 0 ,0 0 0

1 ,2 2 3 ,9 0 0
1 ,0 6 1 ,0 0 0

2 2 6 ,5 0 0
3 0 2 ,7 0 0

1.000

6,000
8.200

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

2 2 5 ,7 1 4
1 6 7 ,7 0 0

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

3 SO,8 3 9
3 1 3 ,2 6 7

3 ,2 1 2 ,5 0 0
2 ,0 0 0 ,5 6 0

1 ,0 7 0 ,0 0 0
9 9 4 ,5 0 0

2 2 9 .0 0 0
4 2 8 .0 0 0

3 4 .0 0 0
3 5 .0 0 0

1 ,0 4 3

5 9 0 ,7 5 1
1 7 3 ,1 9 5

1 2 8 ,3 1 5
4 9 ,2 3 2

1 9 ,6 1 7
6 2 ,7 6 0

Toledo—

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

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

1 6 9 ,8 0 0
1 6 0 ,2 0 0

5 ,3 4 2
9 ,7 5 0

................
2 ,2 0 0

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

1 ,4 4 3 ,5 0 0
1 ,1 3 0 ,0 0 0

5 1 6 .4 0 0
5 6 5 ,8 0 0

Total o f all—
1 9 0 8 ....................... 1 ,5 4 9 ,1 0 4 1 7 ,8 2 5 ,5 6 1 2 6 ,1 2 1 .0 9 0 1 7 ,1 1 3 ,4 3 7 6 ,9 8 5 ,5 8 2 8 1 2 ,4 3 8
1 9 0 7 ......................... 1 . 4 9 0 , 6 4 0 1 5 ,9 7 3 ,2 4 8 2 5 ,9 0 7 ,9 6 9 1 5 ,9 2 2 ,9 8 0 6 ,5 2 5 ,0 0 6 7 4 9 ,8 3 3
T h e

liv e -s t o c k

h a v e

r u n

n a m e ly

a n d

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c a s e

8 3 5 ,5 0 0 ,

th e

in c r e a s e ,
h a v in g
T h e
n o t

th e

in

m o v e m e n t

y e a r ,

o f

u p

t o

a lt h o u g h
1 9 0 6 .

o n

th is
h e a d ,

th e

in

w e r e

th e

o t h e r

T h e

th e r e
fo r

a g a in s t
th e

L o u is ,

o n ly

a

th e

e v e n

S t.

h e a d ,
6 6 0 ,9 0 0

h a n d ,

w a s

in

v e r y

t h e

la r g e

m o n th

1 ,8 2 8 ,0 0 0 .

S o u t h ,

a b o u t

th e

c e n tr e s ,

7 3 4 ,9 0 0

e x t r a o r d in a r y

b e in g

S t.

a p p e a r s

c a t t le ,

liv e -s t o c k

o n ly

y e a r

a ls o

O f

t h e y

s w in e ,

m o v e m e n t

c o m e

o f

s h e e p

W e s t

y e a r .

O m a h a ,

w e r e

b u t ,

d e liv e r ie s

c o t t o n

la s t

o f

8 3 4 ,8 0 0 ,

2 ,6 6 2 ,7 0 0

th e

la s t

C it y ,

C it y ,

a n d

a t

o f

p r in c ip a l

K a n s a s

m o v e m e n t

b e e n

q u it e

t h a t

s ix

S io u x

a g a in s t

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o f

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C h ic a g o ,

J o s e p h

h e a d ,

m o v e m e n t

a h e a d
a t

M id d le
th e

G R A IN

7 8 1 .0 0 0
7 3 5 .0 0 0

b y

m a g n it u d e

s u ffe r in g

o f a ll.

s e p a r a t e

a

a t

c o m b in e d

fo r

w e e k s

r o a d s
o f

w h o le .

w h e a t,

b u s h e ls ,

d e t a il

d e liv e r ie s

d e c r e a s e

th e

th e

E A R N IN G S

c o r r e s p o n d in g

th e fiv e c e r e a ls

p r im a r y

in

tr u e

a s

th e

r e fe r e n c e

th e

n e a r ly

e x is t in g .

S o m e

P it t s b u r g h r

fo r

lo s s e s

R io

W h e e lin g ;

b e t w e e n

o f

W e s te r n

im p o r t a n t

th o s e

t o

b e t te r ,

th e

&

$ 3 0 ,0 0 0 ,

lis t

GROSS

IN

o c c u r r e d

m o v e m e n t

a b o v e
h a v e

h a s

r e tr e n c h ­

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a s

s o m e

N a s h v ille ,

a t

little

s y s t e m

o f

c r it ic is m

o ff
o f

th e

in d u s t r ia l

&

fo r

$ 6 6 8 ,0 6 9 ,

h a s

th e

e ffo r ts

b u t

c o u n t r y .

C e n tr a l

o u t

r e d u c t io n

w h ic h

r e tu r n s

fa llin g

d o n e

a ffir m e d ,

th e

fr o m
th e

it s

b u s in e s s p a r a ly s is

n u m e r o u s




o f

s m a ll

$ 2 2 6 ,2 0 0

t r u t h fu lly

s e c tio n s

a

h a s

d e c r e a s e

th e s e

in te n s it y o f th e

o t h e r

b e in g

t o

L o u is v ille

s in g le d

r e p o r ts

r e la t iv e ly
fa lle n

y e a r

T h e

b e e n

R a ilw a y

s u s ta in e d

e x t e n t

c o n s id e r in g

b e c a u s e

e x p e n d it u r e s ,
$ 7 8 4 ,7 7 6 ,

th e

p r e s e n t

b y

R o o s e v e lt

S o u th e r n

E v e n

it

th e

g a in e d

o f

s e p a r a te c o m p a n ie s .

w h ic h

s u m

p e r h a p s ,

o f

-

91,113 90.550
95,817 94,873
93,605 92,416
95,543 93,427
97,369 94,683
95,656 94,011
95,095 93,137
79,629 77.719
80,160 78,338
81,800 79,997
93,516 91,670
83,870 82.857

la r g e

.

124
125
118
104
102
94

_____
_____
_____
_____
.
_____
_____
.........
.........
_____
_____
.........

c h a n g e s

c o n t r a s t

.

1897
1898
1899
1300
1301
1902
1303
1904
1905
1906
1907
1908

th e

R o c h e s t e r

e x c e s s

CH AN G ES

_

Y ear.

$ 2 8 5 ,3 0 0 .

lik e

o f

&

•
In c r e a s e s . IIT,
D ecrea ses.
G r e a t N o r t h e r n (2 r o a d s )
5 7 6 9 ,6 0 3 W h e e lin g & L a k e E r i e ..
1 0 5 ,7 2 2
C a n a d i a n P a c l l l c _____________
2 8 5 , 0 0 0 M o b i l e ft O h i o ___________ _
jg j
2 2 6 , 8 0 0 S t L o u i s S o u t h w e s t e r n _____
C a n a d i a n N o r t h e r n . ...........
1 5 s !7 7 5
N o r t h e r n P a c l l l c _______
..
2 0 3 , 1 7 5 B u l l R o c h & P i t t s b u r g h ____
1 3 6 .1 8 2
M ln n e a p S t P a u l & S S M
8 2 , 1 0 0 Y a z o o ft M i s s i s s i p p i V a l i e v
1 1 3 ,9 6 8
C o l o r a d o ft S o u t h e r n
5 5 , 2 5 6 i W a b a s h ___________
____
\
108265
S o u t h e r n I n d i a n a ___
3 2 ,9 0 0 A l a b a m a G r e a t S o u t h e r n . .
8 7 ,4 6 3
C h c a g o G r e a t W e s t e r n ___
7 8 .1 5 7
T o t a l (8 r o a d s ) _____
. - 5 1 , 6 5 4 . 8 5 2 C h i c a g o I n d ft L o u i s v i l l e . .
7 5 ,9 9 2
D e c r e a s e s . G u l f & S h i p I s l a n d __________
6 6 ,0 1 7
B a lt im o r e & O h io .
. . S I , 1 8 8 , 4 3 9 D e t r o i t T o l e d o ft I r o n t o n . .
6 3 ,1 2 1
I .o u s v llle & N a s h v lle
7 8 4 ,7 7 6 A l a N O & T e x P a c (3 r d s ) .
5 7 ,6 8 1
S o u t h e r n R a i l w a .y .
._ .
0 6 8 0 6 0 T o le d o S t L o u is & W e s t e r n
4 4 ,9 8 4
4 9 8 ,5 4 3
I l l n o l s C e n t r a l . ..........................
C in e N e w O il & T e x P a c . .
3 6 ,3 5 1
G ra n d T ru n k S y s t(4 ro a d s )
4 3 0 , 7 4 0 G e o r g i a S o u t h e r n ft F l o r i d a
3 3 ,6 1 5
M o P a c l l l c S y s t (2 r o a d s ) . .
1 2 2 ,0 0 0 M in n e a p o lis & S t L o u i s . .
3 3 ,3 0 3
T e x a s ft P a c l l l c
3 1 8 .5 3 2 D u lu t h S o u t h S h o r e & A t l .
3 2 ,9 7 8
D e n v e r & R i o G r a n d e _______
2 8 5 ,3 )0
In te rn a t’l & G t N o r t h e r n ..
2 0 3 ,0 0 0
T o t a l ( 3 3 r o a d s ) __________$ 6 , 5 8 9 9 4 1
C e n t r a l o f G e o r g i a _________
2 2 6 ,2 ,1 0 !

_

Y ear
P r e c ’ ng.

lo s s

th e

G ro s s D a r n in g s .

Y ear
G iv e n .

a

D e n v e r

e x c e p t io n

y e a r .

J a n u a ry.

b y

r o a d s ,

a ll

T h e

th e

t h e

ot*

$ 3 1 8 ,5 3 2

s ig n ific a n t .

W ESTERN
o f

in

d e c r e a s e s .

o f

t h e h e a v ie s t c o n t r a c t io n

s h o w

a m o u n ts

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a n d

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s h r in k a g e

N o r t h e r n

r e d u c e d

B u ffa lo

a

d e c r e a s e

C o lo r a d o

r e la t iv e ly

fo llo w in g

c r e a s e s
lis t

th e

a

G r e a t

&

in

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a n d

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P a c ific

c o a l-c a r r y in g

s u s t a in e d

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P a c ific

&

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s m a lle r

L a k e

h a v e

w h ile

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th e

M is s o u r i
T e x a s

I n t e r n a t io n a l

$ 2 6 3 ,0 0 0 ;

w a s

fu r n is h in g

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o n e

q u it e
im p r e s ­

O u r

s e r ie s

1 9 0 7

h o w e v e r ,

v e r y

is

$ 3 ,0 9 2 ,7 3 9

a

th e

fo r

J a n u a r y

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th a t

p r e lim i­

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J a n u a r y ,

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s u s ta in e d

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t o t a ls

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L a k e

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D e c e m b e r .

n o w ,

.

a

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s h o w in g

t r a ffic

w h ile

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s h o w e d

o w in g

,

th e

b e e n

8 .7 4 %

n o t e d ,

D e c e m b e r —

D e c e m b e r

4 .2 8 %

s u m m a r y

s u lt

h a d

fo r m in g

v ie w s ,

r a ilr o a d

it

fo r

$ 4 ,9 7 6 ,3 9 3 ,

fo r

th e

u n fa v o r a b le

in c lu d e d ,

w a s

a c c e p t e d

th a t

a n

b e

r o a d s

c o m p ila t io n

c o n tr a r y

is

r e a s o n s ,

s h o u ld
fiv e

m e n t io n e d

1 9 0 8

s p e c ia l

th e

is

r o a d s

J a n u a r y

r o a d s ,

th e

e v e n

o f
fo r

S o u t h w e s t

453

h o w e v e r ,

d o u b le

s h ip m e n t s

d id

m o v e m e n t
th e

o v e r la n d

o f

s m a ll
w e r e

1 8 1 ,5 3 7
• and

b a le s ,

1 6 1 ,9 5 8

th e

a g a in s t

b a le s

S o u th e r n

1 ,3 2 9 ,2 9 6

in

3 0 2 ,7 1 5
J a n u a r y

p o r t s

b a le s

-J a n u a r y

w e r e

in

1 9 0 7 ,

b a le s

in

1 9 0 6 .

T h e

1 ,1 8 1 ,9 7 2
b u t

o n ly

5 9 9 ,2 4 9

OE COTTON ' A T

SOUTHERN

PORTS

1908.

a t

in

G a l v e s t o n ----- --------------------b a l e s .
P o r t A r t h u r , & c ........... ..................
N e w O r l e a n s -------------------------------M o b il e . ................ .........................
P e n s a c o l a , & c ................................
S a v a n n a h . . ..................................
B r u n s w ic k , & c _________ ________
C h a r l e s t o n ........... ............................
W i l m i n g t o n ....................................
N o r f o l k ........... .................................
N e w p o r t N e w s , & c ..................

IN J A N U A R Y

1903.

1906.

1907.

3 8 6 ,9 9 4
4 9 ,5 1 8
3 3 3 ,8 5 0
4 1 ,3 0 3
3 5 ,9 3 3
1 4 0 ,1 6 4
5 8 ,9 7 7
1 6 ,3 3 5
127
5 5 ,8 2 5
6 2 ,6 4 9
2 97

1904.

1905.

c o m p le t e

o u r

a n a ly s is

c o m p a r is o n s

a r r a n g e d

in

o f

th e

w e

fu r n is h

e a r n in g s

o f

th e

fo llo w in g

le a d in g

r o a d s ,

g r o u p s .
E A R N IN G S O F

SOUTHERN

1905.

1904.

1903.

5
2 5 2 ,4 1 5

5
2 2 8 ,5 6 3

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

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

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

9 ,8 9 6 ,9 3 2

1908.

1907.

G r e a t N o r t h e r n , in c l]
E a ste rn o f M in n .. i
M o n ta n a C e n t r a l.. j

In te rn a t & G t N o rth
I o w a C e n t r a l ---------------L o u s v & N a s h v ille —
M
M
M
M
M
M

a n l s t l q u e ----------------------id la n d
V a l l e y -------i n e r a l R a n g e ---------------in n e a p o lis & S t L o u .
ln n e a p S t P & S S M
o P a c lic & I r o n M t .
C e n t r a l B r a n c h _____
M o b i l e & O h i o __________
N e v a d a -C a l-O r e g o n . .
N o r t h e r n P a c i f i c ----------R io G ra n d e S o u th e rn .
S o u t h e r n I n d i a n a ------S o u t h e r n R a i l w a y _____
T e x a s C e n t r a l --------------T e x a s & P a c i f i c ________

GROUP.

1906.

J an uary.

C h ic a g o In d & L o u is . .
C h ic a g o T e r m T r a n s f
C in N O & T e x a s P a c .
C o lo r a d o & S o u th e rn
D e n v e r & R io G ra n d
D e tr o it & M a c k in a c ..
D e tr o it T o l & I ro n to n
D u l S o S h & A tla n tic
F on d a Joh n s & G lo v ..
G e o r g la S o u th & F l a . .

T o le d o S t L & W e s t .
A la G re a t S o u .
A la N O & T P
N O & N or E
A la & V ic k s .
V ic k s S h & P
C e n tr a l o f G a ._
C ln N O & T P .
L o u is & N a s h .6
M o b il e & O h i o .
S ou th ern R y _ _
Y a z o o & M ls s V
T o t a l ...............

$
2 5 5 ,2 0 7

5
3 4 2 ,6 7 0

$
3 2 8 .0 2 1

5
2 7 1 .5 8 4

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

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

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

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

W a b a s h -------------------

b I n c l u u e s e a r n in g s o£ A t l a n t a K n o x v i l l e & N o r t h e r n In 1 9 0 4 , 1 9 0 5 , 1 9 0 6 , 1 9 0 7
a n d 1908.
E A R N IN G S O F S O U T H W E S T E R N G R O U P .
Jan uary.

C o lo & S o u t h .*
D e n v & R io Gr
In t & G t N orth
M o P a c & C enB
S t L o u is S W _ _
T e xa s & P a c ..
T o t a l ................

1904.

1905.

1906.

1907.

1908.

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

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

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

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

9 ,9 9 5 .1 6 6

8 .8 4 1 ,2 7 8

7 ,6 6 7 ,0 5 0

7 .6 0 8 ,5 5 9

7 ,8 7 0 ,9 6 1

* F o r 1 9 0 8 , 1 9 0 7 , 1 9 0 6 a n d 1 9 0 5 I n c lu d e s a ll a ffi li a t e d lin e s e x c e p t T r i n it y &
B r a z o s V a ll e y R R .
F o r p r e v io u s y e a r s w e h a v e c o m b i n e d C o l o r a d o & S o u t h e r n a n d
F o r t W o rth & D e n v e r C ity .
E A R N IN G S

OF

1908.

J an uary.

C a n a d ia n P a c .
C h ic G t W e s t .*
D u l S S h & A tl
G t N orth S y s ..
Io w a C e n tr a l-.
M in n & S t L o u
M in n S t P & S S M
N o rth ern P a c .

NORTHW ESTERN

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

AND

NORTH

P A C IF IC
1904.

1907.

1006.

1905.

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

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

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

GROUP.
1903.

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

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

T o t a l ................. 1 4 ,1 6 1 ,9 8 9 1 2 ,9 7 8 ,7 3 4 1 4 ,8 9 5 ,9 3 5 1 1 ,4 0 0 ,0 0 7 1 0 ,2 8 8 ,6 2 6 1 0 ,8 7 6 ,0 9 1
* R e s u it s a r c b a s e d o n 1 11 m ile s le s s r o a d , b e g i n n in g w it h 1 9 0 5 .
E A R N IN G S

T o t a l ........... ..

M ID D L E

AND

M ID D L E

W ESTERN

GROUP.

1905.

1904.
$
4 8 2 ,9 7 9
3 4 8 ,5 2 9

1908.

1907.

1906.

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

S
6 5 5 ,9 3 0
4 1 8 ,8 0 0

$
*
7 0 8 ,6 7 2
4 2 3 ,0 3 8

$
6 0 4 ,7 7 7
3 8 0 .1 0 1

2 ,8 1 0 ,1 1 4

3 ,2 4 0 ,8 5 4

2 ,8 9 6 ,4 3 9

2 .6 7 4 ,2 4 2

2 ,2 5 3 ,3 7 8

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

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

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

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

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

$
5 7 3 ,6 3 6
3 6 7 ,3 8 8
(2 ,0 8 4 ,3 2 2
4 5 4 ,5 3 1
l
9 4 ,8 9 7
3 ,7 7 7 , S61
1 0 5 ,8 5 8
2 8 1 ,6 9 2
1 ,6 7 2 ,4 5 4
3 2 7 ,1 1 0

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

9 ,1 6 1 ,9 7 8

9 ,7 3 9 .7 4 9

J an uary.

B u ff R o c h & P
C h ic I n d & L o u
G r T r k o f Can)
G r T r k W e s lft
D G II & M j
I ll in o i s C e n t r a l
T ol P eo & W es
T ol St L & W es
W abash . . . . .
W h e e lin g & L E

OF

1903.

b I n c l u d e s C a n a d a & A t l a n t i c b e g i n n in g w it h O c t . 1 9 0 4 .
GROSS

E A R N IN G S

AN D

M IL E A G E

IN

JA N U A R Y .
M ilea g e.

G r o ss E a r n in g s.
N a m e of R oad.
1908.
5
2 5 5 ,2 0 7

A la G re a t S o u t h e r n ..
A la N ew O r & T e x P .
N e w O il & N o r E a st
2 4 5 ,3 0 0
A la b a m a & V lc lc s ..
1 3 2 ,1 1 3
V ic k s S h re v e & P a c
1 2 3 ,5 2 0
B a lt im o r e & O h io .. .
-.5 ,1 7 7 ,1 2 0
B c lle fo n t e C e n tr a l. . .
5 ,4 6 3
5 1 0 ,7 4 8
5 7 8 ,2 0 0
C a n a d ia n N o r t h e r n .. .
4 ,4 5 8 ,0 0 0
C a n a d i a n P a c i f i c ----------8 6 6 ,3 0 0
C e n t r a l o f G e o r g i a ------5 ,0 5 9
C h a tta n o o g a S ou th ern
6 2 5 .5 0 7
C h ica g o G re a t W e s t . .




1007.

In c . ( + ) or
D e c . (— ) .

1908,

1907.

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

$
— 7 5 ,9 9 2
— 6 ,0 9 6
— 3 6 ,3 5 1
4 -5 5 ,2 5 6
— 2 8 5 ,3 0 0
— 1 0 ,5 3 6
— 6 3 .1 2 1
— 3 2 ,0 7 8
— 1 ,3 6 3
— 3 3 ,6 1 5

500
102
336
1 ,8 4 1
2 ,5 5 2
344
684
592
97
305

501
102
336
1 ,8 3 9
2 ,5 3 2
344
684
592
07
395

2 ,8 1 0 ,1 1 4

3 ,2 4 0 ,8 5 4

— 4 3 0 ,7 4 0

4 ,5 2 8

4 .5 2 8

3 ,3 1 3 ,1 3 0

2 ,5 4 3 ,5 2 7

+ 7 6 9 ,6 0 3

6 ,4 9 8

6 ,2 8 9

1 5 8 ,9 4 8
4 ,1 6 0 5 1 6
5 7 0 ,0 0 0
2 6 0 ,5 5 4
3 ,2 9 2 ,3 2 5
1 1 ,3 1 7
5 ,2 2 6
7 8 ,1 9 4
58 705
2 7 8 ,0 5 1
6 0 7 ,3 0 8
3 ,2 8 0 ,0 0 0
1 2 7 ,0 0 0
7 4 0 ,8 3 4
2 0 ,5 6 2
4 ,3 2 8 ,3 3 8
4 2 ,3 9 4
6 0 1 ,5 4 7
1 6 4 ,5 4 3
3 ,9 4 8 ,6 5 0
0 1 ,9 4 3
1 ,3 1 7 ,9 4 2
1 2 0 ,2 1 7
2 8 8 ,0 1 2
7 8 ,3 9 8
7 3 ,8 7 3
1 ,0 9 0 , 6 9 5
416 080
2 6 2 ,2 7 7
8 5 3 ,8 8 1

2 2 4 ,9 6 5
4 ,6 5 0 ,0 5 0
8 3 3 ,0 0 0
2 7 2 ,7 4 8
4 ,0 7 7 ,1 0 1
1 5 ,0 1 2
3 ,9 7 1
7 0 ,7 2 8
5 3 ,1 4 6
3 1 2 ,2 5 4
6 1 5 ,1 9 9
3 ,7 0 4 ,0 0 0
1 2 5 ,0 0 0
9 3 1 ,6 0 2
1 3 ,7 0 8
4 ,1 2 5 ,1 6 3
4 6 ,4 8 0
8 5 0 ,3 2 2
1 3 1 ,6 3 4
4 ,6 1 6 ,7 1 9
113 2 44
1 , 6 3 6 ,4 7 4
1 1 2 ,0 6 4
3 3 2 ,9 9 6
5 5 ,1 9 6
0 5 ,2 7 4
2 ,1 0 7 ,9 6 0
4 1 0 ,7 7 3
4 5 7 ,0 9 0
9 6 7 ,8 4 9

— 6 6 ,0 1 7
— 4 9 8 ,5 4 3
— 2 6 3 ,0 0 0
— 1 2 ,1 9 4
— 7 8 4 ,7 7 6
— 4 ,5 9 5
+ l ,2 5 5
+ 7 ,4 6 6
+ 5 ,6 4 9
— 3 3 ,3 0 3
+ 8 2 ,1 0 0
— 4 2 4 ,0 0 0
+ 2 ,0 0 0
— 1 8 1 ,7 6 8
+ 6 ,8 5 4
+ 2 0 3 ,1 7 5
— 4 086
— 1 5 8 ,7 7 5
+ 3 2 ,0 0 0
— 6 6 8 ,0 6 0
— 2 1 ,3 0 1
— 3 1 8 ,5 3 2
+ 8 ,1 5 3
— 4 4 ,9 8 4
+ 2 3 .2 0 2
— 2 1 ,4 0 1
— 1 0 8 ,2 6 5
— 3 .6 0 3
— 1 0 5 ,7 2 2
— 1 1 3 ,0 6 8

307
4 ,4 1 0
1 ,1 5 0
558
4 ,3 4 8
105
78
324
1 40
790
2 ,2 6 2
6 ,0 0 1
388
926
164
5 ,6 1 7
180
1 ,4 5 4
237
7 ,4 9 6
31 1
1 ,8 4 3
248
451
88
134
2 ,5 1 7
543
408
1 ,2 3 9

307
4 ,3 7 0
1 ,1 5 9
558
4 ,2 0 7
105
78
324
140
790
2 ,2 0 0
5 ,0 5 1
388
026
144
5 ,6 0 6
180
1 ,4 5 1
107
7 ,5 5 2
269
1 ,8 2 6
248
451
88
134
2 ,5 1 7
543
498
1 ,2 3 0

M a r y la n d .

T o t a l (5 8 r o a d s ) . .
N e t In cre a se (8 .7 4 % )

5 1 ,9 8 3 ,4 7 0

5 6 ,9 5 9 ,8 6 3

M e x i c a n R o a d s ( n o t in
In te r o c e a n lc o f M e x .

M e x l e a n S o u t h e r n ------N a tio n a l R R o f M e x .

1907.

e l u d e d In t o t a l )
6 4 5 ,3 8 4
6 3 0 .2 4 1
6 7 3 ,4 2 8
7 1 1 ,3 0 4
6 9 6 ,6 0 0
6 9 1 ,5 0 0
1 0 3 ,0 1 6
1 1 2 ,8 3 4
1 ,3 3 4 . 7 8 3
1 ,3 3 4 , 0 6 1
8 2 ,7 5 4
8 4 ,1 3 6

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

+ 6 ,1 4 3
— 3 7 .8 7 6
— 5 ,1 0 0
— 9 ,8 1 8
+ 722
— 1 ,3 8 2

736
018
321
263
1 ,7 3 2
152

• 736
• O il
• 321
• 263
1 ,7 3 0
• 152

1903.

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

W e ste rn

I n c . ( + ) or
D e c . (— ) .

$
3 4 2 ,8 0 8
1 2 3 ,2 5 0
5 5 4 ,6 6 1
1 ,2 3 0 ,4 2 6
1 ,3 8 5 , 0 0 0
8 8 ,9 0 1
2 0 4 ,4 6 1
2 0 0 ,1 1 1
5 1 .9 0 6
167 865

1908.

1903.

5 9 1 ,5 1 4 2 0 2 ,1 8 9 1 4 2 ,8 2 7 2 3 8 ,7 6 9 2 7 0 ,4 8 5
2 6 ,4 3 2
1 3,3 11 3 7 ,6 0 8 3 5 ,4 3 1
2 1 ,7 8 3
3 6 9 ,8 6 4 1 7 4 ,8 3 6 2 8 6 ,8 0 1 2 7 0 ,3 9 0 2 9 4 ,7 2 6
1 6 ,8 7 8 3 1 ,8 3 5
3 5 ,6 9 8 2 2 ,2 4 9 2 1 ,4 0 2
2 7 ,3 6 4 3 7 ,8 5 5 2 5 ,2 1 9
1 9 ,9 6 1 3 0 ,7 2 3
1 3 4 ,9 2 8 7 2 ,5 8 5 8 3 ,5 4 3 9 5 ,7 3 6 1 6 2 ,0 1 2
1 8 ,3 7 4
1 9 ,5 0 1
1 6 ,4 6 6 1 7 ,9 8 5
1 7 ,5 6 8
0 ,5 7 4
5 ,8 8 1
4 ,9 4 4 2 3 ,9 8 4
8 ,2 4 9
234
270
1 29
68
1 3 ,9 3 4
1 0 ,1 3 5
3 0 ,7 0 0
1 4 ,9 5 5 2 5 ,6 0 9
7 4 ,7 6 5 3 2 ,9 3 5 3 9 ,0 9 8 5 0 ,5 2 4 7 6 ,7 7 9
3 ,0 4 6
1 ,6 0 0
1 1 ,1 3 8
4 ,9 0 9
2 ,8 1 6

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

s ix -y e a r

N a m e o f R oad.

a g a in s t
b a le s

M ile a g e .

G ross E a r n in g s.

1 9 0 7

r e c e ip ts

b a le s ,

1 9 0 8 . 1 9 0 7 . 1 9 0 6 , 1 9 0 5 . 1 90 4 A N D

T o

J a n u a r y

1 9 0 6 .

R E C E IP T S

T ota l

[VOL. IlXXXVI

THE CHRONICLE,

454

1908.

1907.

$
3 4 2 ,6 7 0

$
— 8 7 ,4 6 3

309

309

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

— 3 1 ,7 1 4
— 1 4 ,6 1 0
— 1 1 ,3 4 8
— 1 ,1 8 8 ,4 3 0
+ 330
— 1 3 6 ,1 8 2
+ 2 2 6 ,8 0 0
+ 2 8 5 ,0 0 0
— 2 2 6 ,2 0 0
— 8 ,0 4 8

196
143
189
4 ,0 0 6
27
568
2 ,8 7 4
0 ,2 3 0
1 ,0 1 3
105

196
143
189
4 ,0 3 0
27
568
2 ,5 5 4
9 ,1 5 4
1 ,8 9 0
105
*18

T R U S T C O M P A N Y R E T U R N S A N D P R O F I T S OF T H E
T IT L E G U A R A N T E E C O M P A N IE S.

The following, referring to our trust company returns of
last week, brings out a point bearing on the profits of the
title guarantee companies which should not be overlooked:
N e w Y o r k , F e b . 15 1908.
IV m . B . D a n a C o . ,
G e n tle m e n :
T h e r e p o r t s o f t r u s t c o m p a n i e s In S a t u r d a y 's I s s u e a r e m i s ­
le a d in g s o fa r a s t h e y a ffe c t th e L a w y e r s ’ T it le In s u r a n c e & T r u s t C o . a n d
T it le G u a r a n te e & T ru s t C o .
B o t h t h e s e c o m p a n i e s w o u l d h a v e lo s t
m o n e y , a p p a r e n tly , b y y o u r r e p o r ts .
' ‘ In te re st a n d c o m m is s io n s ” e v i­
d e n t l y d o c s n o t c o v e r , w i t h t h e m , t h e i r f e e s f o r t i t l e I n s u r a n c e , w h i c h is t h e
la r g e s t p a r t o f th e ir I n c o m e .
I b e lie v e t h a t w it h a ll t h e o t h e r c o m p a n i e s
t h e e n t i r e I n c o m e Is c o v e r e d b v t h i s i t e m .
T o s h o w a c o r r e c t c o m p a r is o n
It s e e m s t o m e t h a t t h e I te m w it h t h e t i t l e I n s u r a n c e c o m p a n i e s s h o u l d b e
" I n t e r e s t , c o m m i s s i o n a n d t it l e I n s u r a n c e fe e s ( o r o t h e r p r o f i t s ) . ”
•
In l o o k i n g o v e r o ld r e p o r t s o f t h e B a n k i n g D e p a r t m e n t I fin d t h a t th e r e
a r c v a r io u s s m a ll Ite m s a m o n g t r u s t c o m p a n y r e p o r t s s h o w in g " o t h e r
p r o fit s .”
W o u l d n o t y o u r t a b le s s h o w t h e t r u e r e s u lt s b e t t e r If a ll p r o f i t s , e x c e p t
f r o m I n c r e a s e In b o o k v a l u e o f s e c u r i t i e s , w e r e s h o w n .
O n fu r th e r e x a m i­
n a t i o n . I f i n d t h a t in 1 9 0 5 t h e C e n t r a l T r u s t C o . , U n i t e d S t a t e s M o r t g a g e *
T r u s t C o . a n d th e tit le c o m p a n ie s s h o w e d " o t h e r p r o fit s ” o f c o n s id e r a b le
a m ou n ts.
T h e o t h e r c o m p a n ie s s h o w e d n o m in a l a m o u n t s .
T h e eom p a r ls o n , th e r e fo r e , s e e m s u n fa ir
a n d I k n o w fr o m e x p e r ie n c e th a t th e
“ C h r o n ic le ” a lm s t o g iv e fa c t s h i a w a y c a lc u la t e d t o s h o w c o r r e c t c o m ­
p a r is o n s .
Y o u rs tr u ly ,
_____
'
JO H N B. C L A R K .

In explanation of the above, it is proper to state that in
publishing the trust company returns of the separate com­
panies it has always been our practice to print the balance
sheets in full, but to give merely a few selected items from
among the so-called “ supplementary” data. The items thus
taken have necessarily been the same for all the companies.
It is true, however, that in the case of the two title guarantee
companies the trust company business forms the lesser part
of the total business—the title guarantee business furnishing
such a large amount of profits— and hence for those
companies a knowledge of the “ other profits” is essential
to a correct statement of the results. We accordingly re­
produce the “ supplementary” data for these two companies
given last week, adding the items then omitted:
T IT L E G U A R A N T E E & T R U S T CO
(N E W Y O R K ).
S u p p lem e n ta r y —
Y ea r 1006.
Y ea r 1 90 7.
Y ea r 1 90 5.
T o t a l a m o u n t o f In te re st a n d c o m ­
§ 2 ,2 4 7 ,3 6 5
m is s io n s r e c e iv e d d u r in g th e y e a r
5 1 ,9 8 5 ,8 7 5
$ 1 ,8 8 0 ,6 9 5
3 ,3 6 7 ,7 5 8
A ll o t h e r p r o fit s r e c e iv e d d u r in g y e a r
2 ,4 3 3 ,1 1 4
3 ,1 6 0 ,6 8 0
C h a r g e d p r o f i t a n d lo s s a c c o u n t d e ­
p r e c i a t i o n o f i n v e s t m e n t s ____________
5 4 3 ,1 5 2
5 0 1 ,6 8 3
C h a r g e d p r o f i t & lo s s a c c t . o t h e r lo s s e s
1 8 ,0 5 7
3 0 7 ,3 2 3
9 2 5 ,6 0 6
I n t. p a id t o a n d c r e d ite d d e p o s i t o r s ..
8 0 8 ,2 1 0
7 8 2 ,4 8 4
E x p e n s e s o f In s titu tio n , e x c l. t a x e s ..
2 ,2 3 6 ,2 2 6
1 ,5 0 0 ,0 0 0
1 ,7 5 4 ,8 2 5
A m t . d iv id e n d s d e c la r e d d u r in g y e a r
7 0 0 ,0 0 0
7 0 0 ,0 0 0
7 0 0 ,0 0 0
T a x e s p a i d d u r i n g y e a r . . . _____ ________
1 1 8 ,0 6 1
1 0 7 ,2 8 8
9 5 ,2 8 1
A m o u n t b o n d s a n d m o r t g a g e s In ­
v e s t e d In d u r i n g y e a r __________________ 5 8 , 6 1 1 , 4 3 7
7 7 ,5 0 1 ,6 6 7
8 8 ,2 0 0 .1 5 3
A m o u n t r e c e iv e d
fr o m
bonds and
m o r t g a g e s s o l d d u r i n g t h e y e a r ____ 5 7 , 9 4 6 , 2 4 9
7 8 ,7 9 8 ,3 3 3
8 3 ,0 8 4 ,2 6 9

F e b . 22 1908.J
L A W Y E R S ’ T IT L E

THE CHRONICLE

IN S U R A N C E

& TR U ST

CO.

Supplementary —
Y ea r 1 90 7.
T o t a l a m o u n t o f In te re st a n d c o m ­
$ 7 8 3 ,6 8 2
m is s io n s r e c e iv e d d u r in g t h e y e a r - .
1 ,2 9 8 ,5 7 6
A ll o t h e r p r o llt s r e c e iv e d d u r in g y e a r .
C h a r g e d p r o f it a n d lo s s a c c o u n t d e ­
1 2 0 ,0 7 1
p r e c i a t i o n o f I n v e s t m e n t s __________ _
3 8 ,4 0 5
C h a r g e d p r o f i t & lo s s a c c t . o t h e r lo s s e s
2 1 6 ,9 1 7
li lt , p a id t o a n d c r e d it e d d e p o s it o r s . _
1 ,* 2 5 ,0 7 8
E x p e n s e s o f In s titu tio n , e x c l. t a x e s ..
3 6 0 ,0 0 0
A m t . d iv id e n d s d e c la r e d d u r in g y e a r .
1 3 7 ,6 0 7
T a x e s p a i d d u r i n g y e a r ---------------------------A m ount
bonds and
m o r tg a g e s In ­
v e s t e d In d u r i n g y e a r __________________ 2 7 , 9 7 0 , 6 9 1
A m t .r e c e iv e d fr o m b o n d s a n d m tg e s .
p a i d o r s o l d d u r i n g t h e y e a r ------------- 2 7 , 9 3 1 , 7 2 7

(N E W

Y O R K ).

Y ea r 1 90 6.

Year 1905

$ 1 ,0 5 8 ,1 6 0
1 .7 5 9 ,9 2 9

$ 8 7 0 ,2 4 3
1 ,7 2 3 ,5 0 7

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

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

2 9 ,9 1 2 ,8 8 7

4 2 ,8 3 4 ,5 8 0

3 4 ,6 7 8 ,0 0 1

3 5 ,3 0 4 .8 0 3

455

and manufacturers of the United States in opposition to the
Aldrich Emergency Currency Bill. This action of the Associ­
ation is in accordance with the instructions of its directors,
who recently accepted and approved the report of its Com­
mittee on Bankruptcy_and Commercial Law in condemnation
of the bill, and directed that the report be brought to the
attention of the mercantile interests throughout the country.
'1 he bulletin of the association says:
I n o u r o p i n io n , t ills b il l, if e n a c t e d I n t o la w , w o u ld n o t o n l y t ie u p p a r t
o f t h e d e p o s i t s o f t h e b a n k s In s e c u r i t i e s w h i c h o u g h t n o t t o b e o w n e d b y
t h e m , b u t w o u l d b e a d i r e c t e n c o u r a g e m e n t t o s p e c u l a t i o n in t h e s e c u r i t y
m a rk e ts.
•
■ •I -tU

ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
The report on the bill by the Committee on Bankruptcy
—The auction sales of bank stocks this week aggregate 313 and Commercial Law is also incorporated in the bulletin,
shares. No sales were made at the Stock Exchange. The and is as follows:
B o a r d o f D i r e c t o r s o f th e M e r c h a n t s ’ A s s o c i a t i o n o f N e w Y o r k :
transactions in trust company stocks reach a total of 77 T oGthe
e n tle m e n : — Y o u r C o m m i t t e e o n B a n k r u p t c y a n d C o m m e r c i a l L a w t o
shares. A large block (309 shares) of stock of the Fourteenth lwe ha vi ceh t ow arse proerf te r ar se df o tl hl oew ss u: b j e c t o f t h e r e f o r m o f t h e c u r r e n c y l a w s , b e g s
Street Bank was sold at 140. In comparing this price with w hAi csh t hh ae s r be es eunl t uonf a onui mr od ue sl ilby e ra adtoi po nt esd, : w e p r e s e n t t h e f o l l o w i n g r e s o l u t i o n ,
“ R e s o l v e d . T h a t t h is C o m m i t t e e o n B a n k r u p t c y a n d C o m m e r c la lL a w
that paid at the last previous public sale— 300 in May 1905—
d is a p p r o v e s S e n a te BU I N o . 3 0 2 3 , e n t it le d 'A B ill t o A m e n d t h e N a t io n a l
it should be noted that the bank’s capital has since then been B a n k i n g L a w s , ’ I n t r o d u c e d b y S e n a t o r A l d r i c h , f o r t h e f o l l o w i n g r e a s o n s :
“ 1. T h e y r e g a r d a s e s s e n t ia lly u n s o u n d t h e p r in c ip le e m b o d ie d th e r e in
increased from $100,000 to $1,000,000.
t h a t a c u r r e n c y s h o u ld b e b a s e d u p o n fix e d s e c u r it ie s o f a n y d e s c r i p t i o n .
S h a res.

B A N K S — N ew

York.

Low .

3 0 9 F o u r t e e n t h S t r e e t B a n k _____
4

I r v in g N a t. E x c h . B a n k . . .
TRU ST

140
178

C O M P A N IE S — N ew

6 5 C a r n e g i e T r u s t C o -------- -----------T ru st

C o ............ ..

C lo se .

140

140

M ay

L a s t p r e v i o u s s a le .
1905—

300

178

178

O ct.

1907—

185

158J4

1 5 8 'A

F eb.

1105

1105

York.

140

6 F a r m e rs ’ L o a n & T ru s t C o . .1 1 0 5
6 G u a r d ia n

H ig h .

180J4

186K

186M

1908—

130

M ay

190 7 — 1260

F eb.

1908—

155

—James B. Forgan, President of the First National Bank
of Chicago, has addressed an open letter to William Jen­
nings Bryan in reply to an article which recently appeared
in “ TheCommoner,” of which Mr.Bryan is editor,quoting Mr.
Forgan incorrectly on the subject of deposit insurance. In
this article Mr. Forgan was quoted as saying that the guaranty
of deposits “ would make all banks safe, one just as good as
another, and for that reason a man would go to any bank
with his money.” Mr. Forgan in his letter to Mr. Bryan
states that the only authentic statement of his views on the
subject was given in a letter to Senator Hopkins and pub­
lished in a Chicago daily, in which he said: “ It would re­
duce all bankers to the same level, and there would be ab­
solutely no reason why any one should not drop into the first
bank he came to to deposit his money. The Government,
being responsible for the deposits, puts all on an equality
and makes all equally good.” Mr. Forgan adds: “ In my
judgment the Government guaranty would gradually but in­
evitably reduce the high standing and credit of the strong,
conservative and well-managed banks to the level of the
weak, speculative and poorly-managed.”
•—An amendment to the guaranty deposit law of Okla­
homa permitting national banks to avail of its provisions
upon direct application to the State Banking Board was
passed by the House on the 7th inst. and by the Senate on
the 11th inst. The law as it now stands pi’ovides that na­
tional banks may avail of the protection of the fund by ap­
plication to the State Banking Board, the application to be
“ sustained” upon terms and conditions in harmony with the
purpose of the Banking Act, to be agreed upon by the State
Banking Board, the Bank Commissioner and the Comptroller
of the Currency of the United States” ; the amendment elimi­
nates the reference to the Comptroller of the Currency.
—On the 17th inst. a call was issued by the Los Angeles
Clearing House Association for the return of all certificates
issued during the recent financial difficulties. It is stated
that a considerable amount of the scrip has already been
redeemed, and its disappearance as a medium of exchange
will hardly be noticed.
—A. N. Chandler & Co. of Philadelphia made a general
assignment on Wednesday to J . Hector McNeal. According
to a statement issued by the attorney for the assignee, the
suspension was the result of the firm’s inability to longer
withstand the shrinkage of their capital in the endeavor to
aid new enterprises in which their clients were interested.
The firm was interested in the Camden & Trenton R y ., for
which a receiver was appointed on Tuesday. The members
of the firm were Alfred N. Chandler and Arthur S. Chandler.
It has a New York office at 1 1 1 Broadway; it is not, however,
a member of either the Philadelphia or New York stock
exchanges, and had no connection with the firm of Chandler
Brothers & Co.
— Under date of the 11th inst the Merchants’ Association
of New York issued a bulletin addressed to the merchants




T h e n o t e is s u e s a s w e l l a s t h e d e p o s i t s o f a b a n k a r e o b l i g a t i o n s p a y a b l e o n
d e m a n d , a n d t h e b a n k s h o u ld h o ld a s s e c u r i t y a g a in s t s u c h lia b ilit ie s
n o th in g b u t q u ic k a sse ts, s u c h as a c tu a l c a s h , s e c u re d n o te s p a y a b le o n
d e m a n d o r c o m m e r c ia l p a p e r li q u id a t in g Its e lf a t p a r a t t h e e n d o f a s h o r t
p e r io d o f m o n t h s .
I t Is n o s a f e f u n c t i o n f o r a b a n k o f d e p o s i t o r I s s u e
t o I n v e s t a s s e t s h e l d a g a i n s t d e m a n d o b l i g a t i o n s In l o n g - t e r m n o t e s , b o n d s
o r m o r t g a g e s , t h e c o n v e r s io n o f w h ic h I n t o c a s h In t im e s o f s t r i n g e n c y c a n
o n l y b e a c c o m p lis h e d a t s a c r ific e o f t h e p r in c ip a l , If a t a ll.
T h e p o lic y
w h ic h m ig h t r e a s o n a b ly c r e a t e a n a r tific ia l m a r k e t f o r t h e n a t io n a l o b li g a ­
t io n s In t i m e o f c i v i l w a r c a n n o t e x c u s e a n e x t e n s i o n o f t h e s a m e f a v o r t o
S t a t e o r m u n i c i p a l b o n d s a n d r a i l r o a d m o r t g a g e s In t i m e o f p e a c e .
“ 2 . T h e h ig h t a x w h ic h t h is b ill p r o p o s e s t o l e v y u p o n t h e Issu e o f
e m e r g e n c y c u r r e n c y , a n d w h i c h In t h e la s t a n a l y s is w o u l d b e p a i d b y t h e
b o r r o w e r t o t h e b a n k s , w h e n I n c r e a s e d a s It w o u l d b e In p r a c t i c e a t le a s t
o n e - t h i r d b y r e s e r v e r e q u i r e m e n t s , Is n o t o n l y u n n e c e s s a r y b u t o p p r e s s i v e ;
a n d In t h i s a n d o t h e r S t a t e s w o u l d p r o v o k e a n I m m e d i a t e d i s r e g a r d o f t h e
s t a t u t e s a g a in s t u s u r y .
I t Is n o t b e c o m i n g t h a t a g r e a t n a t i o n s h o u l d
fi ll I t s c o d e r s f r o m t h e n e c e s s i t i e s o f b o r r o w e r s ; a n d I t Is m a n i f e s t l y I m p r o p e r
t o p a s s o n e la w w h ic h o ile r s I n d u c e m e n ts t o t h e v io la t io n o f a n o t h e r .”
I t Is t h e u n a n i m o u s o p i n i o n o f y o u r c o m m i t t e e , a s e v i d e n c e d b y t h e
s ig n a tu r e s h e r e t o , t h a t r a t h e r th a n a c c e p t le g is la tio n o f th e c h a r a c t e r
o f t h e A l d r i c h B i l l , w h i c h w e f e e l In I t s u l t i m a t e r e s u l t s w o u l d b e m o s t
d i s a s t r o u s t o t h e c o m m e r c i a l I n t e r e s t s o f th e . c o u n t r y . I t w o u l d b e p r e f e r ­
a b l e t o h a v e n o l e g i s l a t i o n a t a l l . In s p i t e o f t h e m a n i f e s t n e c e s s i t y o f s o m e
r e lie f t o th e p r e s e n t in to le r a b le s itu a tio n .
W e t h e r e f o r e . In a c c o r d a n c e w i t h t h i s r e s o l u t i o n , r e c o m m e n d t h a t t h e
A s s o c i a t i o n d i s a p p r o v e S e n a te . B i ll 3 0 2 3 , k n o w n a s t h e A l d r i c h B U I, a n d
t h a t It t a k e s t e p s a c t i v e l y t o o p p o s e t h e e n a c t m e n t I n t o la w o f t h is o r a n y
b ill p a s s e d u p o n t h e s e p r in c ip le s .
Y o u r c o m m i t t e e , w h i c h Is c o n t i n u i n g c o n s i d e r a t i o n a n d s t u d y o f o t h e r
m e a s u r e s , w i l l r e n d e r a n a d d i t i o n a l r e p o r t In t h e v e r y n e a r f u t u r e .
R e s p e c t fu lly s u b m itte d ,
C O M M IT T E E O N B A N K R U P T C Y A N D C O M M E R C IA L L A W
E D W A R D D . P A G E , C h a ir m a n .
IR V IN G T . B U S H ,
M ARCU S M. M A RK S,
T H O M A S W . O R M IS T O N ,
J. H . K IL L O U G H ,
H.
R . K U N IT A R D T ,
E . A . I9IL L E N B E C K ,
O.
E. A R M STR O N G ,
A B R A H A M B IJ U R .

—The Council of Administration of the New York State
Bankers’ Association also voiced its opposition to the Aldrich
Currency Bill in a resolution, given herewith, adopted at a
meeting at the Union League Club on Monday:
T h a t th e b a n k e rs o f th e S ta te o f N e w Y o r k u n e q u iv o c a lly d ls a p p r o \ e
o f t h e p r o v is io n s o f t h e A ld r ic h B U I; t h a t t h e y d o n o t a p p r o v e o f a b o n d s e c u r e d e m e r g e n c y c u r r e n c y ; t h a t t h e y d e m a n d a n e la s t ic c u r r e n c y b a s e d
o n b a n k a s s e t s , a s p r o v i d e d In t h e m e a s u r e o f t h e C u r r e n c y C o m m i s s i o n
o f th e A m e r ic a n B a n k e r s ’ A s s o c ia tio n .

Charles Elliot Warren, President of the State Association,
addressed the meeting,and stated that he believes that if the
Aldrich bill becomes a law the best interests of the banks
and the citizens of the country will not be protected. “ Strictly
speaking,” he said, “ we do not want a bond-secured emer­
gency currency, for a bond-secured currency amounts to a
currency based on liabilities.” Continuing, Mr. Warren said:
T h e c u r r e n c y t h a t t h i s A s s o c i a t i o n s h o u l d d e m a n d Is a n e m e r g e n c y c u r
r e n c y , o n e e l a s t i c , b a s e d o n a s s e t s ; a n d I t Is s a i d b y t h e b e s t a u t h o r i t i e s
t h a t t h e b e s t a s s e t o f a s o l v e n t b a n k Is I t s c o m m e r c i a l p a p e r .
A n e la s t ic
c u r r e n c y Is w h a t Is w a n t e d , c n e r e g u l a t e d b y t h e d e m a n d s o f b u s i n e s s ,
t o b e Issu ed w h e n th e m a n u fa c tu r e r s w a n t t o b o r r o w m o n e y , a n d t o b e r e ­
t ir e d w h e n t h e m e r c h a n t p a y s f o r h is g o o d s .
T h is a p p lie s e q u a lly t o t h e
m o v in g o f t h e c r o p s , w h ic h , b y t h e w a y , g e n e r a lly ta k e s fr o m $ 5 0 ,0 0 0 ,0 0 0
t o $ 7 5 , 0 0 0 , 0 0 0 o u t o f N e w Y o i k C i t y , r e d u c i n g I ts a v a i l a b l e c r e d i t a t t h e
v e r y t i m e w h e n t h e l e g i t i m a t e d e m a n d f o r l o a n s is I n c r e a s e d .
T h e b e s t m e t h o d t o p r o v i d e a n e l a s t i c c u r r e n c y Is b y t h e c r e a t i o n o f a
c e n t r a l b a n k , u n d e r t h e c o n t r o l o f th e G o v e r n m e n t , t o p e r lo r m t h e fu n c ­
t io n s n o w I m p o s e d u p o n t h e U n it e d S t a te s T r e a s u r y a n d t h e S u b -T r e a s u r ie s
I t s h o u ld b e th e d e p o s it o r y o f th e 5 % f u n d . a n d s h o u ld b e th e b a n k o f Issu e
a n d d e p o s i t ; In o t h e r w o r d s , a U n i t e d S t a t e s C e n t r a l C l e a r i n g H o u s e ,
I s s u i n g , In l i e u o f C l e a r i n g - H o u s e c e r t i f i c a t e s , n o t e s o i l b a n k - a s s e t s , h e a v i l y
t a x e d .w it h a n e c e s s a r y r e s e r v e f u n d a n d a m p l e fa c i li t ie s f o r q u i c k a n d p r o m p t
r e d e m p tio n .
E a c h C l e a r i n g H o u s e In e x i s t e n c e t o d a y s h o u l d b e a b r a n c h
o r r e d e m p t io n a g e n c y o f th is c e n t r a l b a n k .
S ta te b a n k s an d tru st c o m ­
p a n ie s s h o u l d b e p r a c t i c a l l y o n t h e s a m e b a s is a s t h e n a t i o n a l b a n k s , a n d
n e ith e r s h o u ld h a v e u n d u e a d v a n t a g e o v e r th e o t h e r .

Reference was likewise made by Mr.Warren to the proposed
reserve law, calling for the maintenance of a 15 % reserve
by State banks outside of Greater New York (the same as is
required of national banks outside of New York),and to the
fact that it would not permit the State banks to count as
reserve their balances in reserve cities, such as Boston,Phila­
delphia, Chicago, St. Louis and other cities. The result of
this amendment, if enacted into law, he declared, “ would
be that State banks must necessarily keep balances in con­
nection with ordinary business in cities named, which
balances would not count as reserve; while if the same depos­
its were made by national banks they would count as their
reserves; the law would therefore discriminate against State
banks to the extent that they would suffer a handicap as

456

THE CHRONICLE.

compared [with national banks of from 3 to 5 per cent;
or, as our State bank representatives tell me, a balance that
qualifies for national banks on a 15 % reserve basis only
qualifies for State banks on a 10% reserve basis.”
Mr. Warren argued that the proposal to guarantee the
deposits in national banks is sure to become dangerously
popular among the great majority of people who are unable
to reason out the ultimate consequences of any action.
Many, he said, overlook the fatal defect, namely, the inevit­
able stimulus which it would give to speculative banking.
He also talked with a view of having the Association place its
mark of disapproval on the large number of bank bills
presented to the Legislature and now in the hands of the
Joint Committee of Senate and Assembly on Banks, and
offered a resolution that “ no bill presented to the Legislature
shall be reported out of committee unless first approved by
the Committee on Banks and Superintendent of Banking.”
A legislative committee of three, consisting of Willis G.
Nash of Albany, Frederick E . Lyford of Waverly and
Edmund D. Fisher of Brooklyn, was appointed to confer
with the Joint Committee on Banking on pending banking
legislation.
— The Trades League of Philadelphia at a meeting last
week adopted resolutions in which it expressed itself as un­
alterably opposed to the passage of the Aldrich Currency
Bill and placed itself on record as indorsing the plan of
“ national bank guaranteed notes,” as formulated in the
Fowler Bill.
— From dispatches which have been received by local
papers from St. Paul, an opposite view of the Aldrich Bill
appears to be held by business men and bankers generally in
the Northwest. Joseph Chapman J r . j Cashier of the North­
western National Bank of Minneapolis, who is one of its
advocates, took occasion to refer to the measure at a recent
meeting of the Commercial Club. He declared that “ the
strong feature of the bill is that it insists that the currency
be secured by collateral; the only weak point about the
bill,” he averred, “ is that it allows the collateral to be named
by Government officials, without experience or knowledge of
the value of securities.” As a remedy for this defect he
cited the provision of his own currency plan, providing for a
committee of three central reserve clearing houses, New York,
Chicago and St. Louis, which, he stated, would be better
equipped by experience to pass upon the collateral.
— It is stated that the National Bank of North America
of this city has reduced its indebtedness to the Clearing House
to $ 1 ,000,000. At the time of the suspension of the bank in
January it held clearing house certificates to the amount of
about $2,200,000. The total liabilities of the bank are said
to have been reduced to the extent of $1,550,000 since its
close, it having also liquidated about $350,000 of indebted­
ness to depositors through the offset of loans.
—Charles W. Morse, who arrived last Sunday on the
Etruria, pleaded not guilty on Monday to the charge of grand
larceny on which he was indicted by the Special Grand Jury
last week, and was released under $20,000 bail. A further
indictment charging perjury was returned against Mr. Morse
by the Grand Ju ry on Monday. In this instance, also, Mr.
Morse pleaded not guilty, and furnished bail to the amount
of $10,000. This charge, it is said, grew out of the testimony
given by Mr. Morse before the Grand Ju ry with regard to the
affairs of the National Bank of North America.
— Under date of Feb. 1 1 the following circular letter was
sent to the depositors of the Lincoln Trust Co. of this city
by President Frank Tilford:

[VOL.

LXXXV1.

Henry A. Belden, resigned. Mr. Rado, who was formerly
Assistant Cashier, is succeeded in that office by Isaac S.
Yoorhis.
— Henderson M. Wolfe has been elected Second Vice­
President of the Corn Exchange Bank of this city. Mr. Wolfe
was lately Assistant Cashier of the Fourth National Bank.
— Another rumor is rife that the suspended Oriental Bank
of this city will be taken over by the Metropolitan Trust Co.
and its assets liquidated. The officials of the Metropolitan
TrustCo.,when interviewed by us last night,’were unwilling
to make any statement at the moment, but an announcement
is expected next week. Nothing has come of last week’s
reported negotiations of the United States Mortgage & Trust
Co. for the absorption of the Oriental Bank.
—The Van Norden Trust Co. of this city, Warner M. Van
Norden, President, continues to maintain a larger reserve
than the 15 % required by law. This item stood at 38% last
Saturday and Monday, 40% on Tuesday, 39% Wednesday
and 4 1% Thursday.
—The stockholders of the Mechanics & Traders’ Bank of
this city, which closed its doors last month, have been called
upon to meet on March 3 to vote on the proposition to reduce
the capital from $2,000,000 to $1,000,000. The capital of
the bank was increased a year ago from $700,000 to $2,000,­
000. It is stated that the present plans for the reorganiza­
tion of the bank contemplate the closing of the Manhattan
offices, making it a strictly Brooklyn institution. Assent of
the depositors to a deferred-payment agreement is being
sought, this providing for the payment of 10% with the re­
sumption, 15 % in four months from that date, 20% in eight
months, 25% in twelve months and 30% after the lapse of
sixteen months.
— Frederick E . Gunnison of the law firm of Harris, Cor­
win, Gunnison & Meyer, was elected President of the Home
Trust Co. of Manhattan and Brooklyn at a directors’ meet­
ing on Monday. Mr. Gunnison succeeds former Borough
President J . Edward Swanstrom, who accepted the presi­
dency at the time of the company’s organization three years
ago with the understanding that he was to serve only tem­
porarily, it being his desire to continue in the practice of law.
The new President is a son of President Almon Gunnison of
St. Lawrence University; he is a graduate of the Polytechnic
Institute, Columbia University and the New York University
Law School. He was President of the Brooklyn Union
League Club for two years, and was President of the Com­
mission on Gas and Electricity under Governor Higgins. At
Monday’s meeting of the directors, Mr. Swanstrom and Con­
gressman William M. Caldcr were elected Vice-Presidents of
the Home Trust. Harold A. Davidson, who, as noted last
week, has been elected President of the Jenkins Trust Co.,
resigned as Secretary of the Home Trust Co. on Wednesday.

— The Guardian Savings Bank of Brooklyn Borough
announced this week that arrangements had been completed
for the absorption of its business by the Greater New York
Savings Bank of Brooklyn." The Guardian Savings Bank,
which is located at Third Avc. and 53d St., suspended last
October. It had $03,000 on deposit with the Borough
Bank (which also closed four months ago), but is said to
have recovered this through a court order, as a preferred
creditor. It is announced that the Guardian Savings Bank is
entirely solvent, but in view of the continued withdrawals,
and the inability of the trustees to realize upon its securities
except at a forced sale, which might result in a loss, and
consequent delay in the matter of making prompt payment
T o th e D e p o s i t o r s .
to depositors, the above course was decided upon. Herman
G e n tlem e n — I n v ie w o f t h e m a n y fa ls e a n d m a li c io u s r u m o r s w h ic h a ie
b e i i u r c i r c u l a t e d c o n c e r n i n g m a n y b a n k i n g I n s t i t u t i o n s in t h e C i t y o f N e w
A. Metz was formerly President of the institution. Four of
Y o r k , It Is t h o u g h t p r o p e r a t t h i s t i m e t o m a k e a d e f i n i t e s t a t e m e n t a s t o
t h e c o n d it i o n o f th is c o m p a n y .
the trustees of the bank, Frederick W. Starr, William W.
T h i s c o m p a n y Is s o l v e n t , I ts c a p i t a l Is I n t a c t , It d o e s n o t i n t e n d t o l l q u l Spence, Ludwig Merklein and William L. Dowling, have been
d a t e .a n d h a s n o p r e s e n t I n t e n t io n o f m e r g in g w it h a n y o t h e r t r u s t c o m p a n y .
T h e s t o c k h o ld e r s h a v e ju s t a u t h o r iz e d a n In cr e a se o f th e c a p ita l s t o c k o f
chosen to serve on the board of the Greater New York
t h e c o m p a n y in t h e a m o u n t o f S-VH) 0 0 0 , a l l o f w h i c h h a s b e e n u n d e r w r i t t e n
at p a r.
T h is w ill g iv e t h e c o m p a n y o n e m illio n f iv e h u n d r e d t h o u s a n d
Savings Bank.
c a p i t a l ,_ w h ic h , t o g e t h e r w ith t h e a c c o m p a n y i n g s t o c k h o ld e r s ’ lia b ilit y ,
e q u a ls 50 % o f th e d e p o s it s .
T h e In crea se o f th e c a p ita l o f th e c o m p a n y
— R . M. Rownd and W. Emerson Barger have been chosen
w it h t h e a c c o m p a n y i n g s t o c k h o l d e r s ’ l i a b i l i t y , w ill g i v e t h e c o m p a n y
a c t u a l n e t r e s o u r c e s o f u p w a id s o f S » ,0 0 0 ,0 0 0 a p p lic a b le t o th e p a y m e n t
Vice-Presidents of the Third National Bank of Buffalo, N. Y .;
o f d e p o s i t s o f 5 0 ,0 0 0 .0 0 0 .
T h e o f f i c e r s a n d d i r e c t o r s a r e In e n t i r e a c c o r d , a n d it Is t h e i r I n t e n t i o n t o
Mr. Barger has in addition been made Cashier, in which of­
s u s ta in th e g o o d n a m e a n d r e p u ta tio n o f th e c o m p a n y , a n d to c o n t in u e
Its b u s in e s s o n m o s t c o n s e r v a t i v e lin e s .
W e a p p r e c ia te th e g rea t lo y a lt y
fice he replaces G. A. Drummer.
s h o w n b y d e p o s it o r s d u r in g t h e r e c e n t t r y i n g t im e s , a n d w e a s k t h e ir c o n ­
t in u e d c o - o p e r a t io n .
— George P. Davenport has replaced Frederic II. Low as
V e r y tr u ly y o u r s .
F R A N K T I L F O R D , President.
President of the Lincoln National Bank of Bath, Me., Mr.
—The directors of the Northern Bank of this city, at a Low having become Cashier of the bank, succeeding Fred. F.
meeting on Tuesday elected Peter Rado, Cashier, to succeed Blaisdell. The last-named is now Assistant Cashier.




Feb . 22 1908.]

THE CHRONICLE.

— Robert B. MacMullin lias resigned as Treasurer of the
Rittenhouse Trust Co. of Philadelphia to enter the bond
business.
— Andrew J. Speesc, who lately resigned as President of
the Franklin Trust Co. of Philadelphia on account of illhealth, died on the 20th inst. Mr. Speesc was sixty-five
years of age.
— The People’s Bank of California, P a., which closed its
doors on Nov. 12, resumed business on Feb. 12. In announc­
ing the reopening, temporary receiver McClain stated that
the closing of the bank was due entirely to the speculations
of a trusted official, and that the impairment of the capital
caused by these thefts had been made up by voluntary con­
tributions of the stockholders. The bank had a capital of
$75,000. T . J. Underwood has been appointed Cashier of
the institution.
— The Leechburg Banking Co., of Leechburg, P a., a
private institution, suspended on Tuesday, and an applica­
tion for a receiver was made by Edward Hill, Cashier of the
institution. The request for receivership, it is stated, was
made because of the inability of the institution to obtain
sufficient funds to meet demands. Its assets arc given as
$000,000 and the liabilities as $450,000.
— A . B. Crouch has been elected President of the Third
National Bank of Baltimore to succeed Captain R . M. Spedden, resigned. Capt. Spcdden was re-elected to the presi­
dency at the annual meeting in January, but later tendered
his resignation. Mr. Crouch, the new President, was elected
Cashier of the institution a year ago, and last month was
chosen Second Vice-President. The directors have elected
William R . Hammond to succeed him in the last-named
office.
.
— The official report of the 1907 convention of the Ohio
Bankers’ Association has recently come from the press. The
book gives in detail the proceedings of the meeting held at
Cincinnati on June 20 and 27. A list of those in attendance
is furnished, together with a list of the members of the Asso­
ciation, and in addition the custom of incorporating in the
volume the constitution and by-laws is followed. A map
showing the location of the nine separate groups in the State
is likewise shown. E . W . Bixby, Cashier of the First N a­
tional Bank of Ironton, is President of the association, and
S. B. Rankin of South Charleston is Secretary. The head­
quarters of the association are at Columbus.
— The directors of the Indiana National Bank of Indianap­
olis recently elected M. W . Malott a Vice-President, and pro­
moted Edward I). Moore from the post of Assistant Cashier
to the cashiership, to succeed E . B. Porter. Thomas H .
Kaylor is the new Assistant Cashier.
«
— A t a recent meeting of the directors of the Second Na­
tional Bank of New Albany, Ind., James N . Andrew resigned
as President, and Earl S. Gwin, the Cashier for many years,
was elected to the presidency. Henry E . Jewett, a director
for some time, was chosen Vice-President. The retiring
President had been at the head of the institution for ten
years. His action in withdrawing was due to his desire to
devote more attention to his other financial interests, and to
the further fact that the daily trips to and from his home
at Louisville were growing arduous. Mr. Gwin, the incom­
ing executive, has served the bank in every capacity from
messenger to President.
— A second dividend in liquidation has been declared to the
stockholders of the Federal National Bank of Chicago. The
amount of the disbursement is 1 5 % , which, with the 1 0 %
paid on Jan. 25, makes the total thus far declared 2 5 % .
— A permit to organize the First Trust & Savings Bank of
W est Chicago, 111., capital $50,000, was recently issued by
the Auditor of Public Accounts at Springfield.

457

— An application to change the German-American Bank
of St. Joseph, Mo.^to a national institution, under the name
of the German-American National B a n k ,has beenapproved.
The capital will remain unchanged at $200,000.
— H . F. Lemon has become identified with the manage­
ment of the Tootle-Lemon National Bank of St. Joseph, Mo.,
through his appointment as Assistant Cashier.
— C. W . Dicruf, until lately Cashier of the Third National
Bank of Louisville, has succeeded L . F . Metz as Cashier of
the Western National Bank of Louisville.
— James S. Escott has resigned as President of the South­
ern National Bank of Louisville, K y . Pending the election
of his successor, W . J. Thomas, Vice-President, will act as
President.
— A new financial institution began business in Covington,
K y ., on the 18th inst, under the name of the Western German
Savings Bank. The officers are: Louis Fritz, President;
William Riedlin Jr., Vice-President, and Edward Linneman, Secretary and Treasurer.
— An application to convert the Commercial & Farmers’
Bank of Raleigh, N . C ., into the Commercial National Bank,
was approved by the Comptroller of the Currency on the
7th inst.
— The conversion of the Maddox-Rucker Banking Co. of
Atlanta, G a., to the national system is planned, the institu­
tion with the change taking the name of the American
National Bank. President W . L. Peel has issued a statement
concerning the contemplated move, in which he says that
the bank’s conversion was decided upon for the reason that it is
believed that “ the present and future legislation of Congress
regulating the currency of the United States will be of benefit
to the national banks, and can only be taken advantage of
by banks operating under a national charter.” The capital
of the Maddox-Rucker Banking Co. has been increased from
$200,000 to $500,000, and it is the intention to further in­
crease it, when the national charter is secured, to $600,000.
The new issue of stock will be disposed of at $160 per share
— par $100. It is expected that the change will be made
within sixty days.
— The stockholders of the Third National Bank of Atlanta,
G a., at a meeting on the 15th inst, approved the recommen­
dation of the directors to increase the capital from $200,000
to $500,000. A t the annual meeting last month a stock
dividend of $100,000 was declared out of the surplus, the
capital being thereby increased from $200,000 to $300,000 and
the surplus reduced from $400,000 to $300,000. The issu­
ance of 2,000 shares of new stock was also arranged for, the
selling price of which was fixed at $200 per share of $100
each. Of the $400,000 thus provided for, $200,000 is to be
applied toward capital, bringing it up to $500,000, and a like
sum of $200,000 is to be added to the surplus, making it also
$500,000, and giving a combined capital and surplus of
$1,000,000. Payment on the new stock is due as follows:
one-half Feb. 20, one-fourth on March 15, and the remaining
one-fourth on April 2. The stock is to be issued on the lastnamed date.
— William M. Davant, who, with A . M. Knight, was
recently appointed co-receiver of the Bank of Waycross, of
Waycross, G a., has resigned the receivership. Hal H .
Bacon has been appointed in his place.
— Oscar E . Dooly, heretofore Assistant Cashier of the
American National Bank of Macon, G a., has become Cashier;
L. P. Hillyer, who had served as Vice-President and Cashier,
continues as Vice-President.
— The interests identified with the National Bank of
Jacksonville, at Jacksonville, Fla., have-received permission
to organize the Barnett National Bank of Jacksonville. The
National Bank of Jacksonville has a capital of $300,000; the
capital of the proposed institution will be $750,000.

— Kent C. Ferman has been chosen Cashier of the Cedar
— The directors of the Fort Worth National Bank, of Fort
Rapids National Bank of Cedar Rapids, Iowa, to succeed J. W orth, Texas, have adopted appi'opriate resolutions on the
H . Ingwersen.
Louis Visha takes Mr. Ferinan’s place as death of Second Vice-President L. C. Hutchins, who com­
Assistant Cashier.
mitted suicide on the 9th inst.
— The Treasury Department at Washington has approved
an application to organize the England National Bank of
Little Rock, Ark.; capital $100,000. J. E . England, Joseph
E . England Jr., Andrew II. Scott, John B. Bond Jr. and
Lloyd England are interested.




— R . I . Rogers, who became Cashier of the National Bank
of California, at Los Angeles, a year ago, was recently elected
a Vice-President of the institution. G. W . Fishburn has
been chosen Cashier and C. W . Prollins is a new Assistant
Cashier.

458

THE CHRONICLE

— C. H . Babcock and N . Blackstock were appointed r e ­
ceivers of the W est Side Bank of Los Angeles on the 11th
inst. The State Bank Commissioners were said to have
taken charge of the institution in December. It had a
capital of $10,000.
— The court has also appointed N . Blackstock receiver
for the Occidental Trust & Savings Bank of Los Angeles,
which was likewise taken charge of by the Bank Commission­
ers two months ago.
— A merger of the defunct Oregon Trust & Savings Bank
of Portland, Ore. (which suspended Aug. 21 last), and the
German-American Bank of that city, has been effected. The
plans for the taking over of the assets of the failed bank by
the German-American, which had been under way for a
month or more, were consummated last week, following the
granting of an order by the Court on the 5th inst. permitting
the merger. The new German-American Bank started on
the 12th inst. with a paid-up capital of $400,000; with the
reorganization Samuel G. Reed has become President, and
Thomas C. Devlin, who conducted the receivership of the
Oregon Trust, is the Cashier. The German-American Bank,
in taking over the assets of the defunct institution, assumes
all its liabilities, and agrees to pay the depositors, without
interest, in two years. To those who, several months ago,
signified their willingness to accept telephone bonds in pay­
ment of their balances, and others who have consented to
accept time certificates or bank stock in lieu of all or part
of their deposits, deliveries of the same are to be made not
later than June 1908.
— A t the annual meeting of the stockholders of the
National Bank of Cuba, held in Havana on the 19th inst.,
the entire board and officers were re-elected. The report
made to the shareholders showed an increase in deposits
since Jan. 1 1907 of $1,295,012 53, the amount now being
$15,005,906 45. During the year there was an increase of
3,019 in the number of deposit accounts and the surplus
was increased from $500,000 to $700,000.
IM P O R T S A N D E X P O R T S OF GOLD A N D S IL V E R A T
S A N F R A N C IS C O .
The Collector of Customs at San Francisco has furnished
us this week the details of the imports and exports of gold
and silver through that port for the month of December,
and we give them below in conjunction with the figures for
preceding months, thus completing the results for the cal­
endar year 1907. The imports of gold were moderate,
reaching $487,219, of which only $7,922 coin. Of silver
there came in $289,487, almost wholly bullion. During
the twelve months there was received a total of $3,505,557
gold and $3,336,378 silver, which compares with $15,263,037
gold and $2,901,756 silver in 1906. The shipments of gold
during December were $10,535 and the exports of silver
were $985,690, mainly bullion. For the twelve months
the exports of gold reached only $21,592, against $5,369,099
in 1906, and $3,676,655 silver was sent out, against $3,107,­
491 in 1906. The exhibit for December and for the twelve
months is as follows:
IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.

1907.
January ................
February ..................
March..................
A p ril......... ......
M a y ....................
June ...........
J u ly ________
August..................
September...........
October.........
N ovem ber___
December_______
Total 12 months__

Silver.

Gold.

Months.
Coin.

Bullion.

Total.

S
733,790
25

$
218,510
198,013
127,583
378,094
98,730
285.070
■311,009
110,237
201,100
100.378
100,015
479,297

S
952,323
198,038
127,584
379,594
98,730
285,070
311,009
140,237
202,870
107,578
215,215
487,219

1,500
__

1,710
1.200
114,000
7,922

800,753 2,044,804 3,505,557

Coin.
S
52.700
33,170
2,555
12,105
1,108
072
50.744
27.745
28,400
1,355

Bullion.

Total.

$
252,327
282,809
205,719
302,881
181,117
353,S02
359,139
230,018
247.829
234,930
179,031
289,487

$
305,027
315,985
208,274
315,040
182,285
354,474
409,883
203,706
276,229
230,291
179,631
289,487

210,083 3,125.095 3,336.378

EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.

1907.
J an u ary..... .................
February ___________
M a y ...............................
June .............................
Ju ly......... .....................
August...........................
September.................. ..
October........................
December

__

Total 12 m onths...

Silver.

Gold.

Months.
Coin.

Bullion.

Total.

S

$

$

500
1,500

200
308
1,940
493
2,600

500
1,500

3,450

3,456
200
368
1,940
493
2,600

9,995

540

10,535

17,596

3.996

21,592




Coin.
S
249.803
270,442
3,995
3,718
10,148
27,880
4,625
113,787
24,123
1,875
390

Bullion.
S
27,476

117,359
601,000
360.000
27,134
193.000
513.000
129,600
985,300

Total.
$
277,279
270,442
3,995
3.718
133,507
628,880
364.625
140,921
217,123
514,875
129,600
985,690

722,786 2,953,869 3.076.655

[V O L .

L X X X V I.

pXtfiictarBl<£ammcvcinXgn islrfljcitfs
(F r o m o u r o w n C o rre sp o n d e n t.)

London, Saturday, Feb. 8 1908.
The rise in consols and other high-class securities, which,
has been almost uninterrupted since New Year’s D ay, has
received a temporary check this week. On Monday consols
actually touched 88. Since then they have gradually re­
ceded to 87
The setback will probably prove very tempo­
rary. Just for the moment revenue is being collected on a
very great scale. It is transferring so much money from the
outside market to the Bank of England that the Bank has
got control of the market, and is able therefore to make the
4 % rate effective. It is one of the peculiarities of the Eng­
lish fiscal system that a larger proportion of the revenue is
collected in the quarter which ends with March than in any
other three months of the year, and the greater portion of
this comes in between the beginning of February and the
middle of March. For the next four or five weeks therefore
the receipts into the Treasury are likely largely to exceed
the disbursements. Consequently the Bank of England
will have control of the market during that period.
After the middle of March the disbursements out of the
Treasury will increase, and in the last week of March they
will probably be on a very large scale. In April money is
likely to be abundant and cheap, and unless the new Budget
is very displeasing to the country it seems reasonably cer­
tain that the rise in consols will be resumed by that tim e,
if not before. During the week the attention of the Stock
Exchange has been given, to a great extent, to the settlement
in consols, which was a very large settlement, as is natural,
considering that since the beginning of the year consols
have risen from about 82)^ to at one time 88. Other Gov­
ernment securities have been largely dealt in likewise, and
therefore the settlement was a heavy one. Probably to this
is due part of the setback. Moreover, gold has been shipped
in considerable amounts both to Paris and to Buenos Ayres.
Everybody knew that it would go, for it will be recollected
that the Bank of I ranee lent during the crisis nearly three
millions sterling to London on the express condition that it
was to be repaid in gold. Respecting the shipments to
Argentina, everybody knew that Argentina would be in a
position to take a good deal of gold. At the same time the
shipments will probably not be as heavy as is generally
anticipated, for, although the exports from Argentina are
exceedingly large and are likely to continue large for many
months, the imports into Argentina are also rapidly increas­
ing, while a great many visitors from Argentina are in
Europe or are coming hither, and their expenditure is
very considerable.
In Paris there is a fair investment going on, but specula­
tion is held in check partly because of the depression both in
copper and in diamonds and partly because of the unsatis­
factory state of Morocco. In Berlin business is very quiet.
The Imperial Bank keeps its rate of discount at 6 % , and as
the foreign exchanges are decidedly against it, and therefore
it is unable, even with the high rate, to attract gold from
abroad, it is doubtful whether there will be an early reduc­
tion of the rate. The Bank, by issuing small notes for 10s.
and 20s., has got a good deal of gold from the internal cir­
culation, but very little has come from abroad. Further­
more, the Prussian Government has just borrowed a large
amount of money. The Imperial Government probably in
April will issue a large loan. The small federated govern­
ments are all borrowing or are preparing to borrow, and the
municipalities, almost without exception, are likewise pre­
paring to borrow. There will therefore be a very great
demand upon the accumulated capital of Germany during
the year, and for that reason and because the gold held by
the Imperial Bank is small, rates are likely to continue high
in Germany throughout the year.
As already said, money this week has been in good demand
and the 4 % rate has been made effective. Probably it will
continue effective for four or five weeks because of the col­
lection of the revenue and because also gold is going to Paris
and Buenos Ayres. Nevertheless it is reasonably certain
that money will become abundant and cheap in April, and
will very likely remain cheap all through the year.
Trade
has undoubtedly received a check, yet the check is not very
serious, as the railway traffic returns show. Some of the
lines, particularly those which depend chiefly upon passenger
traffic, show a falling off in their receipts. But others of the
lines record increases. Most of the lines which depend
principally upon minerals and goods have increases, though
there is one conspicuous exception. A t this time last year
trade was exceedingly active and the railway traffic returns
revealed a considerable increase over the corresponding
period of the year before. That there should be now, with

Feb.

22 1-008.]

459

T H E C H R O N IC L E

trade somewhat declining, an increase in a fair number of
the railways, especially of the goods-carrying railways, indi­
cates that trade is still in a very satisfactory state. Never­
theless there is some setback, and money is likely to become
plentiful: No doubt there will be large borrowing. Most
of the companies have found it difficult to borrow during the
past couple of years. This year they are likely to come for­
ward for considerable sums, and no doubt the London
County Council and the municipalities generally will also
be large borrowers.
The India Council on Wednesday offered for tender 80 lacs,
of its bills, and the applications amounted to 130 lacs, at
prices ranging from Is. 3 % d . to Is. 3 15-lGd. per rupee.
Applicants for bills at Is. 3 29-32d. and for telegraphic trans­
fers at Is. 3 15-16d. per rupee were allotted in full.
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:

The exports since Jan. 1 have been as follows:
1908.
Exports —
£
January....................................................... 34,407,767

1907.
Difference.
£
£
35,070,607
— 662,840

Per
Cent.
— 1.9

The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
Re-exports—
January.......................................................

1908.
£
6,599,209

1907.
Difference.
Per
r*
f
C py) f
8.793,276 — 2,194,067 — 24.9

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:

Week ending Feb. 21
Sat.
M on.
Tries.
Wed.
Thurs. F r l.
Silver, peroz___________ d . . 25 13-16 25 15-16 26 1-16 25 15-16 25 15-16 25%
Consols, new, 2% per cents
86 15-16 86%
86 15-16 87 3-16 87 5-16 87%
For account_____
87
87 1-16 87 5-16 87 7-10 87%
87%
French Rentes (in Paris).fr. 97.10
97.20
97.05
96.97
96.97% 97.10
Russian Imperial 4 s ..
84
82%
82%
83%
83%,
83
do
do
new 5s_____ 93
92%
92%
91%
91%
93
Amalgamated Copper Co
48%
48
47%
50
47
48%
1904.
1908.
1907.
1906.
1905.
b Anaconda Mining C o ..
6
5%
6%
6%
5%
6%
Feb. 10.
Feb. 8.
Feb. 5.
Feb. 6.
Feb. 7.
£
£
jg
Atchison Topeka A San atFe. 70%
69
69%
70%
09%
70%
£
£
87
86
87
86%
86%
Preferred .................... ........ 8 6 %
Circulation------------- 28,157,950 27,949,030 28,233,720 27,311,740 27,749,055
Baltimore A O h l o __________80%
79%
79%
80
80%
82%
9,081,614
9,459.079
Public deposits------ 10.677,790 11,090,951
9,638,276
Preferred ............................ 85
85
85
85
84%
84%
Other deposits-------- 40.463,891 41,162,570 41,794,989 39,448,004 41,635,570
146%
146%
147
147%
14S%
Govcrnm’ t securities 14,327,216 15,453,756 12,584,867 15,603,585 19,229,834 Canadian Pacific------------------ 148%
28
27%
28
27
27
Other securities------ 27,088,687 29,031,322 33,311,131 24,427,700 24,826,750 Chesapeake & O h i o ________ 28%
4
4
4
3%
4
Reserve,notes Acoin. 27,855,641 25,975,111 23,791,636 27,045,038 24,900,000 Chicago Great W estern _____ 4
Chicago M ilw aukee& St. P . . 1 1 1 %
109%
109%
110
'111
"
111%
OoinAbull„both dep. 37,557,591 35,474,141 33,575,356 35,906,778 34,199,147
Denver & R io Grande, c o m .. 19
19
19
18%
16
16%
Prop, reserve to lia­
Preferred ........................ .. 48
40
49
48%
42%
44
■ 49
55 3-16
bilities........... p. c.
54%
49%
46%
14
13%
13%
Erie, com m on.......................... 14%
13%
13%
4
3
4
5
Rank rate.........p .c .
4
First preferred__________ 29%
29%
28%
28%
28
27%
88 5-16
88%
Consols, 2% % .........
87 9-16
87%
90 7-16
Second preferred . .■______ 21
21
21
21%
21
20
26% d.
26% d.
Sliver-----------25% d. 31 ll-10d .
30 3-10d.
Illinois Central______ _____ .129
128
127%
127%
127%
128
Clear.-house returns 287,369,000 316,182,000 231,617,000 206,614,000 178,131,000
Louisville A Nashville............ 92
91%
91 '
9 1%
91
91%
Mexican Central......... ............ 18%
18
18
IS
17%
17
The rates for money have been as follows:
Mo. Kansas & Texas, c o m . . . 20%
19%
19%
19%
19
19%
Jan. 17.
Jan. 24.
Jan. 31.
Feb. 7.
Preferred ........... ................. 55
55
53%
52%
50
50%
4
Bank of England rate____. . .
4
5
4
National R R . of M exico____ 49
49
49
49
48%
48%
Open market rote—
N Y Central & Hudson R l v . . 97%
96%
96%
97
97
97%
4 3-16
Bank bills— 3 months.. . . 3 3-16@ 3%
3% @ 3 %
' 3%
N Y Ontario & W estern......... 31%
31%
31 ‘
31
31
31
4% @ 4 3-16
4® 4%
— 4 months... . .
3%
3%
Norfolk A Western, co m ____63%
63
63%
63%
62
01%
4
— 6 months... . .
3%
3%
3%
Preferred ............................ 82%
82%
82%
82%
80
80
4 @4%
404%
4% @ 5
Trade bills— 3 months.. . .
4 ®4%
Northern Pacific______ _____ 124%
126
123
123%
125
125
4@ 4%
4 @ 4%
4 ® 4%
4% @ 5
■ a Pennsylvania_____________ 57%
— 4 months.. . .
57
57
57
57%
57%
Jmerest allowed, for deposllsa Reading C o . ...................... 49%
48
48%
48%
48%
49
By joint-stock banks__ 2%
3%
2%
2%
42
a First preferred................. 42
42
42
42%
42
By discount houses:
41
41
a Second preferred............. 40%
40%
40%
41
At call........... .............. -2%
3%
2%
12
12
2%
Rock Isand C o ......... .............. 12%
12
12%
12%
7 to 14 days.................. . .
3%
3
3
3
70
70%
Southern Pacific____________ 71%
69%
69
69%
Southern Railway, co m _____ 10%
• 10
10%
10%
9%
10
Preferred _____________
32% 31%
31%
32%
31%
32%
The Bank rates of discount and open market rates at'the
U n lo n P a ciflc.co m .................. 120%
116%
116%
117%
118%
118%
■chief Continental cities have been as follows:
Preferred ...................... . . . 83
83
83
83
83
83%
U S S t e c lC o r p .c o m ................29%
28%
28%
28%
28%
29%
Jan.. 30.
Jan. 23.
Feb. 6.
Jan. 17.
Preferred ......... ...................95%
94%
94%
94%
94%
95
Bank Open
Rates of
Bank Open
Hank Open
Bank Open
Wabash ...................................... 9
9
8%
8%
8
8%
Interest at—
Rate. Market. Rate. Market. Rate. Market. Rate. Market.
Preferred _____j . . ............. 16
15%
15%
15
15
15
P a ris................... . . . 3
3
3
2%
2%
3
3%
3%
Extended 4s........................ 42
41%
41%
41
39%
39%
Berlin___ ________ . . .
6
6%
4%
6
4%
4%
5%
6%
Hamburg_________ . . .
6
4%
6
6%
4%
4% .
6%
5%
a Price per share,
b £ sterling.
Frankfort........... .... . . 6
6
4%
4%
6%
4%
6% 4 13-16
4
4
Amsterdam ............ . .
4
3%
3%
3%
4%
5
4
5
4%
5
Brussels ........... ..... . .
5
4%
5
4%
g
5
Vienna .................... . .
4 7-16
4% 4 1-16
4 7-16
5
4%
St. Petersburg____ - - - 6% nom.
6% nom.
7% nom.
7% nom.
Madrid...................... - - 4%
4%
4%
4%
4%
4%
4%
4%
Auction Sales.— Among other securities the following, not
(’openhagen......... . . . 7
7
7
7
7
7
8
7

(Commercial mxt\ ZUi5 ccHaneon s i l mus

Messrs. Pixley & Abell write as follows under date of
Feb. 6:
GOLD.— Arrivals this week were not large, and with foreign competition as well
as Indian requirements, the Bank of England did not get a large portion of the gold.
The week’s movements at the Bank are £313,000 In, of which £295,000 Is In bars;
and £1,431,500 out, of which £982,000 Is for Paris and £444,500 for South America.
Next Monday’s aq-lval from the Cape will be £577,000. Arrivals— Cape. £392,000:
Bombay, £116,000; Australia, £144,000; New Zealand, £37.000: Straits, £4,000;
West Africa, £3,000; total, £696.000. Shipments— Bombay, £105,480; Rangoon,
£2,500; Madras, £27,500: total, £135,480.
SILVER.— The market has been very quiet during the past week, and the volume
of business has been very small. Quotations have varied between 25% d. and
2 5 % d. only, and the market seems steady at the close at 25 9 -16d. Forward has
been quoted % d . over spot. The Bombay quotation Is Its. 66% per 100 tolahs.
Arrivals— New York, £87,000. Shipments— Bombay, £393,500; Calcutta, £5,000;
Madras, £2,500; China, £170,000: total, £571,000.
MEXICAN DOLLARS.— No transactions have been reported.

The quotations for bullion are reported as follows:
GOLD.
Feb.
London Standard.
s.
Bar gold, line, oz____ . 77
U. S. gold, oz. _____ 76
German gold coin, oz . 76
French gold coin, oz. . 76
Japanese yen, oz.......... 76

0.
d.
9%
5
5
5
4

Jan. 30. 1
SILVER.
s. d. | London Standard.
77 9 |Bar silver, line, oz.
76 5 i ’* 2 mo. delivery__
76 5 jCake silver, oz......... ..
76 5 1Mexican dollars____
76 4 1

Feb. 6.
d.
.25 9-16
.25 11-16
.27 9-16
.nom.

d.
25 9-16
25 11-16
27 9-10
nom.

1905-06.
1904-05.
35,760,300 44,143,100
12,136,900 12.379,500
5,329,200
5,693,900
952,515
1,005,511
439,770
751,860
18,866.500 19,092,500
0,949,000
5,101,920

Supplies available for consumption (exclusive of stock on
September 1):
1907-08.
Wheat Imported................ ___CW t.37,763,600
Imports of (lour. .............. ................ 6,787,900
Sales of home-grown____ .................10,715,824

1906-07.
35.209,800
6,296,700
12,932.848

1905-00.
35,760,300
6,949,000
17,004,052

1904-05.
44,143.100
5,101,920
7,900.829

Total................................................60,267,324
Average price wheat, week............
35s. Od.
Average price, season......................
34s. 3d.

54,439,348
26s. 2d.
26s. 3d.

59,713,352
28s. 7d.
27s. lid .

57,145,849
30s. 6d.
30s. 3d.

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
This week.
W heat............................................qrs. 3,365,000
Flour, equal to________
qrs.
205,000
Maizo..............................................qrs. 535,000

Last week.
3,340,000
290,000
445,000

1907.
2,005,000
155,000
-595,000

1906.
2,130,000
285,000
660,000

The British imports since Jan. 1 have been as follows:
Imports —
January ____




1908.
£
56,368.358

Stocks
6
4
390
500

Farmers’ Loan A Trust Col 105
309 14th Street Bank___________ 140
Irving N at. Exch. B a n k .. 178
B on ds.
United Copper Co. $5 90 per sh. $5,000 Second A v e. R R . 1st
Consol. 5s 1948. F .& A ___83 A Int.
The Read Timber & Lum .
C o., L td ., com ____ $1 per sh. $1,000 Santa Cecilia Sugar Co.
1st 6s 1925. Feb. 1908 cou­
65 Carnegie Trust C o____140-158%
pon on..................................... $507 5 0 .
6 Guardian Trust C o________ 186%

D IV ID E N D S .
The following shows all the dividends announced for the
future by all large or important corporations:

D ividends announced this week are printed in italics.
Name o1 Company.

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IMPORTS.
Twenty-two weeks.
1907-08.
1906-07.
Imports of wheat....................c w t .37.763.600
35,209,800
Barley --------------14,749,500
12,173,100
Oats..................
4,374,000
5,013.000
P e a s.....................................................
932,400
970,020
B e a n s . .. ............................................
617.440
526,620
Indian corn__________________
20,577,500 21.357,300
Flour ......... ...................................... - 6,787,900
6,296,700

regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H . Muller & Son:

1907.
Dll/erence.
£
£
60,534,846 — 4,166,488

Per
Cent.
— 6.8

Railroads (Steam)
Baltimore A Ohio, common......................
Preferred ............................ .............. —
Boston <(• Maine, com. (quar.) (N o. 170).
Preferred (No. 36). ......
.............
Buffalo & Susy., pref. (quar.) (No. 2 3 )..
Canadian Pacific, c o m m o n ....................
Common (extra).......................................
Preferred ............. .................................
Chestnut Hill (quar.)_________ _________
Ctn. N. O A Texas Pae.. pref. (q u a r.)...
Clcve. Cln. Clilc. A St. I,., com ..............
Clove. Lorain A Wheeling, common. . .
Clcve. A Pittsburgh, orlg. guar. (quar.).
Special guar, betterment (quar.)___
Delaware if- Hudson Co. (quar.)...............
Great Northern Ore Ccrtlf Icates..................
Illinois Central.............................................
N. Y. Chicago A St. Louis, 1st pref___
Second preferred....... .............................
North Pennsylvania (quar.)......... ............
Phlla. Germantown A- Norristown (qu.)_
Reading Company, first preferred_____
Southern Pacific com. (quar.) (No. 6 ) ..
Union Pacific, common (quar.)________
Preferred........................ ...........................
Utica A Black R iv e r .._______ _________
Street Railways.
American Railways (quar.)......................
Chicago City Ry. (quar.)...........................
Columbus (O.) Ry., common (quar.)...
Grand Rapids Ry., common (quar.).........
Kansas City Ry. A Light, pref. (quar.).
Northern Texas Elec. Co., pref. (No. 5 ).Philadelphia Company, pref......................
Rochester Ry. A Light, pref. (quar.)_____
Susquehanna Ry. Lt. A Power, p re f...
Terre Haute Traction & Light, pref.........
Whatcom Co. Ry. & Light, pref. (No. 9 ).
Banks.
Twelfth W ard...............................................

Per
Sent.
3
2
1%
3

1

3

2

%

1%
1%
1
2%
1%
1
2%
$1
3%
5
5
2
3
2
1%
2%
2
3%
1%
1%
1%
1
1%
3
2%
1%
2%
3
3
3
2
5

%

A
3

Mch.
Mch.
April
Mch.
Mch.
Mch.
Mch.
April
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Feb.
Mch.
Mch.
April
April
April
Mch.

Books Closed.
Days Inclusive.

2 Holders Of rec. Feb. 1
2 Holder* of rec. Feb. 1
1 Holders of rec. Mch. 2
2 Holders of roc. Feb. 15
2 Holders Of rcc. Feb. 21
31 Mch. 11
to
April 1
to
31 Mch. 11
April 1
1 Mch. 11
to
April 1
4 Holders of rec. Feb. 20
2
2
2
2
2
16
lti
2
2
2
25
4
9
1
1
1
30

Feb. 16
Holders
Holders
Holders
Holders
Holders
Feb. 29
Holders
Holders
Holders
Feb. 14
Holders
Holders

to
rcc.
rcc.
rc.c.
rcc.
rec.
to
of rec.
of rec.
of rec.
to
of rcc.
of rec.

of
of
of
of
of

Mch.
Feb.
Feb.
Feb.
Feb.
Feb.
Mch.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

1
7
la
10
10
21
16
1
7
7
19
20
20

Feb. 27
to
Mch. 15
to
Fob. 27
Mch. 15
Holders of rec. Mch. 15

to
Mch. 16 Mch. 1
Mch. 3
Mch. 30 Mch. 10
to
Mch. 15
2 Holders of rec. Feb. 15
Mch.
Mch.
1 Holders of rec. Feb. 15
Mch.
2 Feb. 20
to
Mch. 2
Mch.
2 Holders of rec. Feb. 20
Mch. . 2 Holders of rec. Feb. 10
Mch.
2 Holders of rec. Feb. 25
Mch.
1 Feb. 19 to Feb. 29
Mch.
1 Feb. 21 to Mch. 1
Mch.
2 Holders of rcc. l-’cb. 20
Mch.

Miscellaneous.
Amalgamated Copper (quar.)..................
American Caramel, preferred (quar.)____
American C oal..................................... ........
American Cotton OH. common....... ..........
American Express_____________________

When
Payable

20 Holders of rec. Dec. 20

Feb. 24 Holders of rec.
April
1 Mch. 12
to
Mch.
2 Feb. 21 to
Mch.
2 Feb. 16 to
April
1 Holders of rec.

Jan. 23
April 1
Mch. 2
Mch. 2
Feb. 29

TH E CHRONICLE,

460
‘

Per
Cent.

Name oj Company.

Miscellaneous— (Continued)
American Locomotive, common (quar.).
American Radiator, common (quar.) —
Common (extra).................... ...................
American Shipbuilding, common (quar.).
Amer. Smelters Securities, pf. A (quar.)
Preferred I! (quar.)--------- -----------------American Sugar lief., com. & pref. (qu.)
Amer. Tcleg. & Cable, guar. (q u a r .)...
American Tobacco, com. (quar.)---------Common, extra..............— .......... ..........
Barney & Smith Car. preferred (quar.)..
Borde t's Condensed Milk. pre/. (quar. ) ..
British Columbia Packers’ Ass’ n, pref..
Brooklun UnIon Gas---------------- ---------Consolidated Colton Duck..................... ..
Consolidated Gas, N. Y. (quar.).............
Diamond Match (quar.)..............................
duPont(E.I.)deNcmours Pow., com. (qu)
Kastman Kodak, common (quar.)------Preferred (quar.)----------- ----------------General Asphalt, pref. (No. 5)------------General Chemical, com. (quar.).............
Independent Brewing, Plltsb., pre/. (qu.) _
International Silver, prejerred (quar,)...
Kings Countv Elec. Lt. & Power (quar.)
Lord it Taylor, preferred............................
Mahoning Investment__________________
National Biscuit, common (quar.)...........
Common (extra)______________ _______
Preferred (quar.) (No. 40)_____ _____
National Enam. & Stamp., pref. (quar.)
National Lead, com. (quar.) (No. 1 7 )..
Preferred (quar.) (No. 05)____________
NUes-Bement-Pond, com________ _____
Nova Scotia Steel it Coal. Ltd., com. (qu.)
Prejerred (quar.)______ _______________
People’s Gas Light & Coke, (quar.).........
Pressed Steel Car, pref. (quar.) (No. 36)
Quaker Oats, common (quar.)......... ........
Common (extra)---------- ------------ --------Preferred (quar.)------------------------------Quincy Mining (quar.) (No. 43)------------Republic Iron it Steel, pi. (qu.) (No. 2 8 '.
Sloss-She/lleld Steel it Iron, com. (quar.)
Standard Oil (quar.)........... ....................
United Cigar Mfrs., preferred (quar.) —
U.S.Cast I.Plpe&Found.,pf.(qu.)(No 29)

When
Payable.

Books Closed.
Days Inclusive.

Feb. 20 Feb. 7
to
Feb. 26
Mch. 31 Mch. 22
to
Mch. 31
Mch. 31 Mch. 22
to
Mch. 31
1 Feb. 10
Mch.
to
Mch. 2
2 Feb. 22
Mch.
to
Mch. 2
2 Feb. 22
Mch.
to
Mch. 2
2 Mch. 3
April
to
April 2
Mch.
1 Feb. 15
to
Mch. 1
2 Feb. 10
Mch.
to
Mch. 11
2 Feb. 16
Mch.
to
Mch. 11
2 Feb. 18
Mch.
to
Mch. 2
Mch. 14 Mch. 3
to
Mch. 15
Feb. 28 Feb. 18
to
Feb. 28
Mch.
2 Feb. 21
to
Mch. 1
i Holders of rec. Mch. 20
April
Mch. 16 Holders of rec Feb. 18a
Mch. 15 Holders of rec. Mch. 3
Mch. 16 Holders of rec Meh. 5
1 Holders of rec. Feb. 29
April
1 Holders of rec. Feb. 29
April
Feb. 29 Feb. 10
to
Mch. 1
2 Holders of rec. Feb. 21
Mch.
Feb. 25 Feb. 15
to
Feb. 24
1
April
Mch.
1 Feb. 21
to
Mch. 1
Mch.
2 Feb. 24
to
Mch. 2
2 Holders of rec. Feb. 18
Mch.
April 15 Holders of rec. Mch. 28
April 15 Holders of ree. Mch. 28
Feb. 29 Holders of rec. Feb.15a
April
1
April
1 Mch. 14
to
Mch. i5
Mch. 10 Feb. 25
to
Feb. 26
Mch. 20 Mch. 13
to
Mch. 20
April 15 Holders of rcc. Mch. 3
*4 2
April 15 Holders of rec. Melt. 3
J "IX Feb. 25 Holders of rec. Jan. 20
Feb. 26 Feb. 0
to
Feb. 25
f r l X April 15 Holders of rec. Apr- 4
■fU X April 15 Holders of rec. April 4
"SS1H Feb. 29 Holders of rec. Feb. 20
$1 50 Mch. 23 Mch. 4
to
Mch. 9
1 Holders of rcc.Mch. 21a
I X April
Mch.
2 Holders of rcc. Feb.21a
IX
$15
M c h . 14 Holders of rcc. Feb. 20
1 Holders of rec. Feb. 28
I X Mch.
Feb 11
to
Mch. 1
I X Mch.
2
3
Mch.
U. S. Steel Corp., com. (quar.) (No. 17)
X Mch. 30 Mch. 17 to April 20
Preferred (quar.) (No. 27)___________
I X Feb. 29 Feb. 6
to
Mch. 1
a Transfer books not closed,
d For period from Nov. 20 1005 to May 20 1000.
x 3 % declared. 1 X % payable Mch. 20 and 1 13 % June 20.
1X
1
2
1
ix
1X
IX
IX
2x
2X
2
1H
3 'Ad
2X
3
1
2X
1X
2X
lX
1
1
1X
1
2
3
2
IX
1
ix
•• I X
1X
IX
rn m

Breadstuffs Figures Brought from Page 492.— The state­
ments 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___
M ilwaukee..
Minneapolis.
Cleveland__
St. Louis__
Kansas City.
Tot.w k.’OS
Same wk. ’07
Same wk. ’06

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

bbls.WClbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bu. 56 lbs.
210 ,17 5
104,935
2,357,308
1,079,286
451.000
41,000
110,000
46,725
92,000
149,200
207,600
23.400
509,540
1,308
102,429
49,953
1,455.040
153,500
365,610
23.400
15 1,13 0
13.000
107.300
40,500
2,066
24.000
27,254
110,348
4,978
1,205
290,598
9 1,16 0
” 3,200
252,000
50,750
515,900
71,500
8,237
470,800
57.000
21,000
17,000
267,200
277.000
43,000
166,750
102.000
145.300
3 3 3 ,115
281,994
304,724

2,757,243
3,253,494
2,909,932

4,039,454
6,059,417
4,499,554

3,317,239
2,951,051
3,005,529

977,383
884,238
1,439,294

114 ,34 5
100,072
102,260

Since Aug. 1
19 0 7-0 8 ... 10,553,961 157,603,024 115,555,387 112,539,544 47.700,325 5,068,899
19 16 -0 7 ... 12,363,570 153,572,188 115,9 71,76 2 12 1,377,323 4 7,134 ,0 15 5,146,972
19 0 5-0 0 ... 12,054,682 170,496,851 113,704,180 145,801,397 59,416,540 0,033,086

[V O L .

LXXXVI

The destination of these exports for the week and since
July 1 1907 is as below:
----------Flour----------------------- Wheat---------------------------Corn------------Since
Since
Since
Week
Julu 1
Week
July 1
Week
July 1
Exports jor week and Feb.lb.
1007. Feb. 15.
1007. Feb . 1 5 .
1907.
since July l to—
bbls.
bbls.
bush.
bush.
bush.
bush.

United Kingdom
122,570 4,392,213 1 , 228,819 47.495,350
2 3 7 ,113 15,8 18 ,9 12
Continent_________ 41,797 1,0 74 ,319
450,042 39,395,300 1,028,779 10,581,482
So. & Cent. A m er..
13,444 488.547
283,343
2,253
181,009
893,270
19,007
22,084
904,447
West I n d ie s ............ 32,030
Brit. No. Am . C o ls.. ____
47,725
....................... ............................ ..
59,024
Other countries......................
203,027
-------83,850
______
2 1,7 10
Total................... 209,849 7,099,701 1,085,401 87,277,450 1,290.529 33,027,184
Total 1906-07..........239 ,521 7,202,894 1,905,190 00,835,494 2,17G,579 38,970,077

The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports Feb. 15 1908, was as follows:
Wheat,
bush.

. 2 ,0 01 ,00 0
1,070,000
565,000
Philadelphia________ .
458,000
Baltimore_____ _____
108,000
394,000
80,000
Montreal____ _______ .

New Y o rk ___

.

B uffalo....... ................ . 1,859,000
“
afloat_____ . 2,561,000
078,000
T o le d o ..........................
323,000
D etroit.......................... .
Chicago_____________ . 0 , 111,000
Milwaukee__________
405,000
4,118,000
3,677,000
649,000
D uluth ......... ................ . 7,859,000
Minneapolis........... ...... . 8,128,000
St. L o u is ___________ . 1,092,000
Kansas C ity______ '.. . 2,658,000
.

224,000

Corn,
bush.

809,000
108,000
273,000
2,521,000
961,000
292,000
68,000

Oats,
bush.

351.000

1,000

72,000
132,000
155,000

Barley,
bush.

20S,000

23,000
157,000
99,000

133,000
1,000

465,000
170,000
573,000
182,000

Rye,
bush.

213,000

394,000
455,000
196,000
42,000
2,603,000
210 ,00 0

250,000
483,000
822,000

1,052,000
2,500,000
150,000
42,000

2453)00

i4o!ooo

SO,000
5,000

606,000
341,000

10,000

5,000
49,000
281,000

13,000
81,000

413,000
2,891,000
33,000

215,000
23,000

6,0 0 0
2,0 0 0

On Canal and R iv e r ..
Total
Total
Total
Total
Total
Total
Total

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

15 1908. .45,039,000
8 1908 .40,276,000
1907. .43,585,000
1900 .47,252,000
1905. .37,458,000
1904. .30,,847,000
1903. .48.954,000

10
17
18
20
21

8,559,000

8 . 120,000

9,448,000
15,187,000
8,846,000
8,712,000
10.481,000

9,677,000
9,528,000

11 ,2 1 2 ,00 0

20,223,000
17,601,000
9,246,000
5,974,000

828,000
923,000
1,006,000
2,338,000
1,770,000
1,093,000
988.000

4,986,000
5,299,000
2,471.000
4,009,000
5,073,000
4,390,000
1.858.000

Statement of New York City Clearing-House Banks.— The
detailed statement below shows the condition of the New
York City Clearing-House banks for the week ending Feb. 15.
The figures for the separate banks arc the averages of the
daily results. In the case of the totals, however, a departure
was made with the statement for Feb. 8, so that in addition
to the averages for the week the actual figures at the end of
the week are now given.
We omit two ciphers (00) In all cases.

' Banks.

0 0 s omitted.

Capital.

Surplus.

Loans.
Average.

Specie.
Legals. Deposits, a RcAverage. Average. Average. s’ve.

$
S
$
$
%
$
$
Bank of N. Y . .
2 ,000,0
20,127,0 27.9
3,278,8
807,0
4,710,0
20,009,0
Manhattan Co.
2,050,0
31,000,0 30.9
3,236,0
23,650,0 10,038.0 1,402,0
Merchants’ ___
2 ,000,0
19,190,0
27.1
1.072,8
3,738,0 1,460,0
18,595.0
Total receipts of flour and grain at the seaboard ports for M echanics'___
3,000,0
25,843,0 20.4
5,430,0 1,422,0
3,750,1
25,040,0
A m erica.........
1,500,0
26,744,2 20.7
5 ,16 1,6 1,998,6
24,759,4
4,031,9
the week ended Feb. 15 1908 follow:
P h e n lx ...........
1 ,000,0
72,0
5.916,0 20.1
1,475,0
524,3
7,313,0
Corn,
Oats, Barley,
Rye,
Flour,
Wheat,
C it y .................... 25,000,0 24,282.9 177,605,4 45,10 5,1 2.254,0 165,839.4 28.5
bush.
bush.
bbls.
bush.
bush.
bush. Chemical...........
Receipts at—
3,000,0
34,413,4 27.7
7 ,0 13 ,1 1,947,3
32,000,0
5,708,7
513,850
99,000
185,000
14,400
23,400 Merchants’ E x .
New Y o r k _______ 110 ,10 8
000,0
1,577,0
280,0
0,326,3 29.3
6,007,1
62,028
26,884
10,022
13 1,5 8 1
B o sto n ....................
700
1,900 G allatin--------1,000,0
520.8
1,589,1
7,814,5 27.0
9.575,4
2,423,9
2,00.8
309,614
Portland, Me.........
Butch .it Drov.
10 1.3
408,3
300,0
1 ,920,9 20.4
1,807,5
148.9
226,683
48.348 - I H 1 17 ,1 18
87,046
Philadelphia____
5,000
2,670 G reenw ich___
500,0
1,304,5
250,0
5,532,5 28 .1
5,008,2
723.2
50,283 '
63,453 1,280,071
27,091
Baltim ore................
.........
43,812 Amer. E x c h ...
1,968,0
5,000,0
4,156,3
24,754,3
24.7
32,243,3
4,858,4
69,102
4 ,013 - 55,598
30,732
R ich m on d..............
Commerce......... 25,000,0 15,287,4 145,206,0 21,18 8 ,8 10,930,1 124,184,9 25.7
470,500
New Orleans * ___
50,500
11,099
............
M ercantile___
1.1 19 ,3
239.9
3,000,0
4,345,7 3 1.2
8
,7
11,1
2,384,1
42,857
Norfolk....................
10.349
...........
Pacific .............
384,6
3,142,8 30.2
500,0
753,6
3,054,3
823,4
170,000
______
102,000
Galveston________
Chatham......... ..
782,7
450,0
5,412,6 28.1
734,9
5,410,5
1,055,3
7,500
4,750
______
Mobile___________
People’s ...........
52,8
2 .118 ,0 33.5
200,0
657,8
470.4
1,757,7
1,13 0
1,000
18,298
Montreal..................
7,551
H anover_____
3,000,0
70,522,0 29.2
9,022,0
58,979,7 13,497,6 7,123,9
St. Joh n _________
13,068
234,908
41,758
328,0
Citizens’ C en t..
5,06)7,8
2,550,0
19,099,027.3
1,216 ,4
20,184,5
085,9
N assau ..............
450,4
4,366,2 20.1
500,0
4,108,2
364,9
345,551
Total week......... 278,978 1,260,332 2,842,651
69,409
71,782 M arket* Fulton
597,1
1 ,000,0
1,814,9
8 ,114 ,5 29.7
7,629,9
1,58 1,7
374,609 1,297,743 2,833,704
Week 1907......... ..
702,556 112 ,7 7 1
17,149 Metropolitan . .
214,7
10 ,116 ,0 25.9
2 ,000,0
2,505.7
1,033,2
10 ,15 1,7
47,202,0 29.7
Corn Exchange.
3,000,0
38,233,0 10,270’,0 3,749,0
5,009,5
* Receipts do not Include grain passing through New Orleans for foreign ports Imp. & Traders’
24,552,0 20.9
1,500,0
5 ,16 1,0 1,443,0
7,428,6
26,570.5
on through bills of lading.
74,984,0 26.0
P a r k _________
3,000,0
67,680,0 10,075.0 3,272,0
9,337.5
Total receipts at ports from Jan. 1 to Feb. 15 compare as E ast R iver----146,1
290,2
1,470,5 30.0
250,0
1,245.3
125,0
23,092,1 29.1
5,247,3 1,470,0
F o u r th ______
3,000,0
3,370,4
21,530,8
follows for four years:
308,0 10,4 53,0 20.0
2,354,0
S
e
co
n
d
.............
1
,
000.0
10,081,0
1,630,0
Receipts oj—
1908.
1907.
1900.
1905.
903,8
90,708,7 27.9
F i r s t _________ 10 ,000,0 19,533,9 107,631,0 20,087,9
Flour....... ......................... .b bls. 2,442,148
2,527,027
2,189,223
1.7G2.920
2,381,4 1,653,4
16,134,8 25.0
Irving Nat. E x .
2 ,000,0
1,234,3
10,787,6
95,0
3,450,0 24.9
754,0
B
o
w
ery--------250,0
785.0
2,799,0
W h eat...............................bush. 11,3 7 5 ,3 3 7 * 11,4 83,236
12,005,409
2,4 59,118 N. Y . C o un ty..
639,6
7,383,3 25.3
1,279 ,1
7,209,4
500,0
1,1 13 ,7
40,319,729
Corn________________
15,14 3,26 3
17,515,007
28,564,131 German-Amer .
170.8
680.8
3,495,3 24.5
620,0
750,0
3,700,1
O ats..............
4,804,012
5,434,945
12,462,777
4,178,805
2,040,5
18,800,4
70,280,2
5,252,9
27.9
5,000,0
71,555,7
3,735,838
883,233
907.478
Barley _________
1,0 7 1,12 6 Fifth Avenue..
2,460.0 1,309,3
14,002,1 20.8
1,924,4
100,0
12,402,5
306,000
R y e ....... .............
700,270
1S4.340
7 5,7 11 German E x c h ..
797,0
240,0
879,4
4,265,8 24.3
200,0
3,672.3
415,5
993,4
erm ania____
966,9
5,991,5 23.5
200.0
5,17 4 ,1
Total grain............................. 32,9 0 6 ,115
35,525,600
08,829,753
31,348,921 G
936,0
2,047,9
Lincoln .............
1 ,1 3 1 ,2
1 ,000,0
14,333,6 25.0
13,358,5
1,7 17 ,4
244,3
1 ,000,0
6,219,2 3 1.5
1,389,8
0,007.4
The exports from the several seaboard ports for the week Garfield______
275,0
640,6
250,0
4 31,2
F ift h ..................
3,254,4 28.1
2,907,8
ending Feb. 15 1908 are shown in the annexed statement:
M etropolis___
1 ,000,0
1.12 5 ,5 1,058,2
1,743,9
10 ,13 1,0 27.4
10,089,6
Rye, Barley,
Wheat,
Corn, Flour,
Oats,
Peas, West Side____
305,0
200,0
873,0
705,7
4,331,0 27.1
3,840,0
Exports from—
bush.
bush.
bush.
bush.
bush.
bbls.
bush. Seaboard_____
900,0
1 ,000,0
1,5 3 3 ,1
5,314,0
18,428,0
22,149,0 28.0
New Y o rk.............. 185,023
124,387 59.208
12,038 64,510 25,402
2,712 L ib e rty --------1 ,000,0
2,824,2
842,8
2,424,7
13,041,9 28.1
14
,231,6
Portland, Me___ 309.014
12,422
1 ,000,0
203,3
1 ,835,5
.........
......... 22,047 N. Y . Prod. E x .
646,3
5,134,4
6,284,0 32.4
B o s t o n . . . ........... 667,023
37,661 12,783
—
1 ,000,0
108,0
2,348,0
State ..................
858,6
1 1 ,1 3 1 ,0
12,044,0 20.8
.........
Philadelphia___ 223,930
12,857
138,242 35,000
1 ,000 ,0
302,2
679,2
l lth Street----377,4
3,475,1
27.2
3,604,7
Baltim ore...........
17,297
301,498 48,397
400 68.571
.........
New O rleans----47,000
.1 .1 1
358,317
3,590
378
Totals, average. 124,350,0 159 ,56 1,1 1135,248,2 253,424,2 00,503,3 1132,30 9 ,1 27.7
Galveston..............
...........
280,007
3,680
Mobile___________
______
7,500
4,750
............
Actual figures t his morni ng......... .. 1133,086,0 252,023,7 03,199,7 1133.324 .6 27.8
..........
.........
.........
Montreal— ...........................
Norfolk___, ............................
::::::
42,857 10,349
St. John, N . B . . . 234,968
13,008
1 I I I I I 41.758
On the basis of averages "circulation” amounted to $66,723,500 and United States
c*j
— -----------Total week___ 1,685,461 1,290,529 209.847
12,8 10 145,944 67,220 25,359 deposits (Included In deposits), $59,495,300; actual figures Feb. 15 , circulation.
Week 1907........... 1,905,190 1,176,579 239.521
30,188
......... 5 1,7 7 1 10,461 $60,573,200; .United States deposits, $59,507,100.
•




Feb . 2 i 1908. j

THE CHRONICLE,

The statements compiled by the State Banking Depart­
ment, together with the totals for the Clearing-house banks,
both the averages for the week and the actual figures at the
end of the week, arc shown in the following table.
In the
ligurcsJforJState banks and trust companies all of these insti­
tutions in Greater New York arc included.
NEW YO R K CITY HANKS AND TRUST COMPANIES.
Week ending February 15 190S.
Loans ami
.
■
00s omitted, j Investments.
Specie.
Legals. ■ STDeposits.
5
$
■ ■ $
§
Clearing-House
Banks— Actual. 1,133,086,6 252,623,7 63,199,7 1,133.324,6
— 2,651,2
+ 469.0 + 2,052.9
+ 1,033,6
Clearing-House
Banks— Avge . 1,135,248,2 253,424,2 60,503,3 1,132,309.1
— 4,507,5
— 5,075,4
— 657,1
+ 400,3
State Banks—■
Average______ 246,748,9
46,478.9 a l9 ,577,0
278,586,1
— 98,8 + 1,894,3
+ 2,072,4
+ 300,8
Trust Companies
— Average____ 698,801,1
30,784,8 rt5,726,4
050,908,1
+ 3,589,4 + 1.879,2
+ 3,555,0
— 196,2
State Banks and
Trust Cos.— not
In Clear.-House. 773,852,3
6731,590,5
40,517,8 010,558,5
+ 6,854.4
+ 3,589,5 +2,2 46,8
— 196,2

Reserve on P.C.
Deposits. of Reserve.
5
315,823,0
+ 2,521,9

27.8

313,927,5
— 259,8

27.7

77,079,8
+ 2,449,8

2S.0

163,890,5
— 1,003.5

25.0

182,443,0
— 579,0

24.9

+ Increase_over last week. — Decrease from last week.
•
a Includcslbank notes. b Alter eliminating the Item "Due from reserve deposi­
tories and other banks and trust companies In New York City.” deposits amount to
$020,332,900, an Increase of $0,851,400 over last week’s figures. - ,»i
'>.>!
Note.— In the ease of the Clearing-House banks the deposits are "net” both for
the average and actual figures; In all other eases "gross” deposits are shown. The
Clearing-House actual figures Included U. S. deposits amounting to $50,507,100;
averages Included U. S. deposits of $59,495,300, a decrease of $179,800 from last
week.
.
“ Reserve on deposits” Includes, for both trust companies and State banks, not
only cash Items but amounts due from reserve agents, and In the case of trust com­
panies Includes likewise municipal bonds. State banks In New York City are re­
quired by law to carry a reserve amounting to 15% of deposits, while outside of
New York City only 10% Is required, which reserve In both cases need not be more
than one-half In cash. Trust companies In Greater New York arc required to keep
a reserve of 15% , of which only 5% need be In cash a id 5 % more may be In munici­
pal bonds, while In the ease of the trust companies In the rest of the State the re­
quired reserve Is 10% , of which only 3% need be In cash and 3% more may be In
municipal bonds.

To-day being a legal holiday, the statement for this week
was issued Friday afternoon. For the State banks and trust
companies in Greater New York not reporting to the Clear­
ing House it shows a decrease in loans and investments of
$2,920,400 as compared with last week’s figures, an increase
in specie of $1,061,000, an increase in legals of $191,700, a
decrease in total deposits of $2,049,400, an increase in re­
serve on deposits of $1,011,100 and a decrease in net deposits
of $658,900.
The State Banking Department also furnishes the follow­
ing report for State banks and trust companies outside of
Greater New York.

■ • v•SvJ>.;,l£Ll U ItJc.-.'TT* *j;•J;';

!

STATE HANKS AND TR UST COMPANIES OUTSIDE OF NEW YO R K CIT Y .
Week ending February 15 1908.

r

Loans.
Deposits.
R ’scrvc.
State Banks................................................$78,434,700 $S0,473,900 $14,480,000
— 778.400 +1,097,200
+509,400
Trust Companies......................................... 110,777,100 123,939,100
19,448,800
— 3,082,000
— 433,800
+292,200
+ Increase over last week. — Decrease from last week.

Hank.

Capi­
tal.

N. Y. City.
Boroughs of
Man.ABrx.
5
100,0
Wash. Ilgts.
200,0
Century __
100,0
Colonial__
300,0
Columbia ..
200,0
Fidelity . .
500,0
Jefferson.. .
250,0
Mt. Morris.
200,0
Mutual
.
300,0
19th Ward.
Plaza _____
100,0
23rd Ward.
100,0
Union Exch
750,0
Y'orkvllle . .
100,0
Coal. AT. Nat
500,0
New Netli’d
200,0
Batt.Pk.Nat
200,0
Borough of
Brooklyn.
Broadway .
150,0
Mfrs.’ Nat .
252,0
Mechanics’ 1,000,0
Nassau Nat.
750,0
Nat. C ity..
300,0
Jersey City.
First Nat . .
400,0
1lud.Co.Nat
250,0
200,0
Third N a t ..
Hoboken.
220,0
First Nat . .
125,0
Second Nat.
Tot. Feb. 15 7,747.0
Tot. Feb. 8 7,747,0

Sur­
plus.

-

Other
Net
Banks, Deposits.
Ac.

%
181,5
144,0
474,1
492,8
157,5
700,7
225,1
305,2
471,3
376,4
179,4
897,8
402,0
049,5
209,4
131,8

%
8S6.7
1.165,2
3,200,2
4,691,0
999,9
3,349,5
2,073,3
2,702,5
3,875,0
3,332,0
1,462,3
5,595,5
3,233,2
3,915,0
1,274,0
881,7

S
16,5
8,3
452,0
365,0
49,6
28,6
252,6
23,8
63,0
229,0
100,1
405,2
43,9
550,0
9,0
83,7

$
44,5
98,9
130,2
325,0
26,5
205,7
30,8
303,5
397,5
142,0
63,7
250,0
493,0
222,0
95,0
20,8

$
09,2
80,1
529,3
476,0
95,2
61,4
436,0
554,5
71,7
£50,0
245,8
650,1
206,4
721,0
213,0
41,7

382,1
758,5
800,0
937,8
629,3

2,324,5
5,134,7
9,519,6
6,536,0
3,050,0

40,0
485,0
229,9
296,0
124,0

412,9
153,0
005,7
561,0
003,0

250,2
907,6
852,3
1,428,0
1,139,0

91,4 2,800,0
68,0 5,679,3
107,2 10,157,6
5,993,0
126,0 4,634,0

1.194,5
730,2
345,5

4,240.1
2,288,2
1,750,0

189,8
114,7
59,S

308,5
45,3
90,9

1,545,9
254,4
442,0

595,0
230,7
24,0

603,9
192,5

2,172,1
1,741,3

126.9
66,6

33,5
64,1

166,2
90,8

$
239,8
085,1
119,1
57,0
4,9
G82.3

35,0

....

39,4
122,0

Banks.

Capital
arul
Surplus.

Loans.

Specie.

New York
Jan. 2 5 ..
Feb. 1 _ .
Feb. 8 . .
Feb. 1 5 ..
F e b .2 1 . .

S
292,496,9
292,496,9
283,911,1
283,911,1
283,911.1

,, $
1135,569,7
1133,786,1
1139,755.7
1135.248,2
1143,909.7

S
250,242,7
258.139,6
254,081,3
253,424,2
258,374,8

$
68,613,8
67,012.5
60,097,0
60,503,3
60,666,6

$
1127,168,0
1138,501,5
1137,384,5
1132,309,1
1146,291.4

$
70,053.3
69,263,7
67.391,5
66,723.5
66,187,7

S
1,548,455,9
1.340,131,4
1,304.320,9
1,092,577,8
1,028,157,S

Jan. 2 5 ..
Feb. 1 . .
Feb. 8 . .
Feb. 15._

44.036.0
44,036,0
44,036,0
44,036,0

188,066.0
189,100,0
191,262,0
191,527,0

22,433,0
21,804,0
20,841,0
20,252,0

3,428,0
3,205,0
2,954,0
3,007,0

210,320,0
209,605,0
210,191,0
208,024,0

10,777,0
10,732,0
10,808.0
10,810,0

149,8S1,2
131.649.8
138,458.0
127,850,4

Jan. 2 5 ..
le b . 1 . .
Feb. 8 . .
Feb. 15_ -

54,440,0 221,389,0
54,440,0 220,125,0
54,440,0 219,557,0
54,440,0 219,001,0

234,0S3.0
235,732,0
234,276,0
236,353,0

18,049,0
1«,019,0
17.992,0
17,971,0

113.718,2
108.777,8
113,347,0
95,815,3

50,032,0
52,940,0
64,183,0
55,422,0

$
750,7
1,403,0
4,314,7
5,301,0
925,9
2,913,0
2,727,0
3,150,5
4,630,0
3,771,0
1,772,3
5,350,9
3,878,0
4,123,0
1,099,0
684,5

FOREIGN IMPORTS AT N EW Y O R K .
For the week.

1908.

1907.

1906.

1905.

Dry Goods_______
General Merchandise_______

$3,114,551
7.687,951

$4,522,392
11,913,798

$4,165,380
13,397,067

T o ta l____________________
Since January 1.
Dry Goods........... ..
......... ..
General Merchandise..............

$10,802,592

$16,436,190

$17,563,047

$16,294,572

$22,043,310
54,254,474

$2S,178,974
86,762,701

$25,945,338
75,348,268

$22,890,331
81,903,842

Total 7 weeks......... ..........

$3,374,859
12.919,713

$70,297,784 $114,841,075 $101,293,606 $104,794,173

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Feb. 15 and from Jan. 1 to date:
EXPORTS FROM NEW YO R K FOR THE W E E K .
1

1908.

For the week_____
____ $14,315,918
Previously reported____ ____; 98,401,167
Total 7 weeks............. ------$112,717,085

1907.

1906.

1905.

$11,637,951
74,530.158

512,211,576
77,351,144

$11,070,558
5S,096.229

$ 86,108,109

$89,562,720

$69,166,787

The following table shows the exports and imports of
specie at the port of New York for the week ending Feb. 15
and since Jan. 1 1908, and for the corresponding periods in
1907 and 1906:
EXPORTS AND IMPORTS OF SPECIE AT N EW Y O R K .
Exports.

Gold.

Week.

Imports.

Since Jan. 1

Week.

Great Britain....................
France...............................
Germany........... ..............
Mexico ........... ............ .........................

$36,500

504,475

$8,333
11,516
124,838

$36,500
5,970
1,954,500

$019,900
1,380,055
3,008,375

$144,687
593,773
15.5S9

$976,150

$5,052,626

110,111

115,317

3,000

3,000
350

$1,089,261
685,000
1,323,734

$5,171,293
4,074,250
9,391,848

$115,425

All other countries...............................
Total 1908......... ....................... ........
Total 1907..........................................
Total 1 9 0 6 ..............
Silver.
Great Britain.......................................

Since Jan. 1
$3,413,212
198,815
7,500
1,487,647
152,804
418,167
192,537
$5,870,682
1,029,778
274,866

Germany ............................ ...................
Mexico _____________
South America..............................
All other countries.............
Total 1 9 0 8 ..............
Total 1907..................
Total 1906...................................

$775
140
31,269
$32,184
20,684
11,725

$3,251
20.S72
19,305
37,122
320,439
176,249
59,879
$637,117
352,438
339,140

Of the above imports for the week in 1908, $100,919
were American gold coin and _____ American silver coin.
Of the exports during the same time $36,500 were American
gold coin and $520 were American silver coin.

gaultiucj and ?7tnaueiaL
W e shall be pleased to m ail to in s titu tio n s an d in v e s to rs co p ie s
o f o u r B on d C ircular e n title d "I N V E S T M E N T O P P O R T U N I­
T I E S ,’ ’ in w hich we re v ie w past e v e n ts a n d e x is tin g c o n d itio n s
in the fin a n cial a n d b u sin e ss w o rld s .

5,277,5
2,078,9
1,906,6

Spencer Trask & Co*
W I L L I A M A N D P IN E S T S .,
NEW YO RK
B ran ch O ffic e s : C h ic a g o . III., a n d A lb a n y , N . Y .

1,792,8
1,733,8

New York City, Boston and Philadelphia Banks.—
Below is a summary of the weekly totals of the Clearing­
House banks of New York City, Boston and Philadelphia.

Clearings.

Imports and Exports for the W eek.— The following are
the imports at New York for the week ending Feb. 15; also
totals since the beginning of the first week in January:

12633,4 80,399.5 4,479,6 5,733,0 12,OSO,8 3,128,1 88,909,2
12033,4 80,184,3 4,245,3 5,403,3 12,494,1 2,929,1 88,770,5




Legals. Deposits, a Circu­
lation.

a Including Government deposits, and for Boston and Philadelphia the it<m "due
to other banks.” At New York Government deposits amounted to $59,495,300 on
Feb. 15, against $59,675,100 on Feb. 8; at Boston on Feb. 15 to $0,422,000, against
$6,423,000 on Feb. 8.
. . . . .
.j

15.9

Deposit with
Clear­
ing
Agent.

ire omit two ciphers In all these figures.

Res
18.5

l!7e omit two ciphers (00) In all cases.
Legal
Tender
and
Bank
Notes.

The New York figures do not include results for non-member
banks.

%ot

Reports of Non-Member Banks.— The following is the
statement of condition of the non-member banks for the
week ending Feb. 15, based on average daily results:

Loans,
Disc'is
and
Specie.
Invest­
ments.

46 L

M

o

f

f

A lem bers
5

NASSAU ST R E E T .

a

t

N ew

&
Y ork

W

S to c k

h

i t

e

E x ch a n ge.

H A N O V E R B A N K B U IL D IN G

D E A L E R S IN IN V E S T M E N T S E C U R IT IE S
C o m m is s io n O rd ers E x e cu te d fo r C ash O n ly

THE CHRONICLE.

462

IPutiik c rs ’ (Sagjette.
Wall Street, Friday Night, Feb. 21 1908.
The Money Market and Financial Situation.— Hopes enter­
tained at the close last week that the success attending the
New York City bond offering would stimulate a more active
bond market have not been realized, but, on the other hand,
some of the events of the week have had an opposite ten­
dency. W e refer especially to reports of railway earnings,
which in some cases show an enormous shrinkage in the
amount of traffic handled as well as in net results, and to
the prospect of further investigations by the Inter-State
Commerce Commission as officially requested. The result
is an unusually limited volume of business and a general
tendency to lower prices in the security markets. Perhaps
operations are restricted somewhat to-day because the
Exchange will not be open again until Monday; but this fact
could hardly have had any effect earlier in the week.
More than this there is little to be said under this heading.
The financial situation, at home and abroad, remains about
as has been reported for two or three weeks past. Last
Saturday’s bank statement showed a surplus reserve of 30
million dollars and that of this week, which, owing to the
holiday, was issued late this afternoon, shows an increase
of nearly 2 millions.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1 % % to 2 % % . To-day’s rates on call were 1 % @ 2 % .
Prime commercial paper quoted at 4 % @ 5 % for 60 to 90day endorsements and 5 @ 5 % % for best single names.
The Bank of England’s weekly statement on Thursday
showed an increase in bullion of £7 06 ,6 42 , and the percentage
of reserve to liabilities was 53.45, against 53.48 last week.
The discount rate remains at 4 % , as fixed Jan. 23. The
Bank of France shows an increase of 12,925,000 francs gold
and a decrease of 550,000 francs silver.
To-morrow being Washington’s Birthday and a legal holi­
day, the Clearing-House bank statement was issued to-day.
It shows, on the basis of averages, an increase in loans of
$8,721,500; decrease in circulation of $535,800; increase
in deposits of $13,982,300; increase in specie of $4,­
950,600; increase in legal tenders of $163,300, and an in­
crease of $1,618,325 in surplus reserve. In the following
we give the figures for the previous week in our usual form
in order to preserve the record.
1908.
Averages 1or
week ending
Feb. 15.
Capital______________
Surplus..........................
Loans and discounts..
Circulation..................
Net deposits.................
U. S. dep.(lncl. above)
Specie ..........................
Legal tenders-----------

124,350,000
159.561,100
1.135,248,200
66,723,500
1,132,309,100
59.495.300
253,424,200
60.503.300

Dll/crenccs
from
previous week.

1907.
Averages lor
week ending
Feb. 16.

1906.
Averages lor
week ending
Feb. 17.

116,472,700
123.450.000
158.484.000
144.961,100
Dec. 4,507,500 1,092,061,000 1,052,380,600
53,194,300
50,976,200
Dec.
068,000
Dec. 5,075.400 1,057,546,200 1,048,633,100
15,191,500
8.573,100
Dec.
179,800
188,509,900
Dec.
657,100
192,107,500
79,438,300
Inc.
406,300
76,650,100

Reserve held— .........
25% of deposits............

313,927,500 Dec.
283,077,275 Dee.

250,800
1.26S.850

268,817,600
264,386,550

Surplus reserve-----Surplus excluding U.S.
deposits....................

30,850,225 Inc.

1,018,050

4,431,050

5,789,925

45,724,050 Inc.

973,100

8,228,925

7,933,200

267,948,200
262,158,275

Note.— The Clearing House now Issues a statement weekly showing the totals
of the actual figures on Saturday morning. These figures, together with the returns
of separate banks, also the summary Issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.

Foreign Exchange.— There was a sharp rise in the market
early in the week, owing to a demand to cover speculative
sales, and a rise of one cent per pound sterling, compared
with Friday of last week, was recorded on Tuesday; the
tone subsequently grew heavy, though it was steady at the
close.
To-day's (Friday’s) nominal rates for sterling exchange
were 4 84 for sixty-day and 4 8 7 % for sight. To-day’s
(Friday’s) actual rates for sterling exchange were 4 8 3 4 0 @
4 8350 for long, 4 8 6 6 5 @ 4 8675 for short and 4 8 7 0 5 @ 4 8715
for cables. Commercial on banks 4 8 2 9 0 @ 4 83 and docu­
ments for payment 4 8 2 % @ 4 8 3 % . Cotton for payment
4 8 2 % @ 4 8 2 % ; cotton for acceptance 4 8 2 9 0 @ 4 83, and
grain for payment 4 83%<@4 8 3 % .
.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 1 9 % a @ 5 1 9 % for long and 5 1 7 % n @ 5 17% d for
short. Germany bankers’ marks were 9 4 % @ 9 4 7-16 for
long and 9 5 @ 9 5 1-16 for short. Amsterdam bankers’
guilders were 40 1 9 @ 4 0 21 for short.
Exchange at Paris on London to-day 25f. 2 0 % c .; week’s
range 25f. 20 % c . high and 25f. 19c. low.
The week’s range for exchange rates follows:

[V O L .

L X X X Y I.

buying, 50c. per $1,000 discount; selling, $1 per $1,000
premium. Charleston selling, $1 per $1,000 premium. New
Orleans bank, 25c. per $1,000 discount; commercial, 50c. per
$1,000 discount. Chicago, par. St. Louis, 50c. per $1,000
premium, gan Francisco, $1 75 per $1,000 premium.
State and Railroad Bonds.— Sales of State bonds at the
Board are limited to $2,000 Louisiana con. 4s at 100 and
$15,000 Virginia 6s deferred trust receipts at 2 3 % .
The general bond market has been somewhat more active,
owing to large sales of New York City issues and to very
heavy transactions in Interborough-Metropolitan 4 % s . The
latter have been the prominent feature of the market,
at the Exchange, throughout the week.
United States Bonds.— Sales of Government bonds at the
Board include $8,000 3s, coup., 1908-18, at 1 0 1 % , and
$10,000 4s, coup., 1925, at 121. The following are the
daily closing quotations; for yearly range see third page
Interest
Periods
2s,
2s,
3s,
3s,
3s,
4s,
4s,
2s,

1930 _________ registered
1930....... .......... ......coupon
1908-18_______ registered
1908-18 ________ coupon
1908-18____small coupon
1925 _________ registered
1925........................ coupon
1936.Panama Canal regls

Q—Jan
Q— Jan
Q— Feb
Q— Feb
Q— Feb
Q— Feb
Q— Feb
Q— Nov

Feb.
15

Feb.
18

Feb.
17

*103R *103R *104
*103R *104
*103
*10054 *100R *10054
* 100*4 *10054 *10054
*100R *10054 *10054
*118J4 *11854 *11854
*120
*11934 121
*103
*103
*103

Feb.
19

Feb.
20

Feb.
21

*104
*104
*10054
*10054
*10054
*11854
*120
*103

*104
*104
*10054
10154
*10054
*119
*12054
*103

* 10-Pi
*10414
*101
*101
*100^
*121
*121
*10314

*This Is the price bid at the morning board; no sale was made.

Railroad and Miscellaneous Stocks.— The stock market
has been irregular, although fluctuations have not generally
been very wide. As has frequently been the case of late,
the lowest prices were recorded early in the week, since which
there has been a substantial recovery, and a considerable
portion of the active list closes with a net gain, the latter
averaging less than a point, however.
Some of the prominent Southwestern shares have con­
tinued the downward lhovement noted last week, during
which Missouri Pacific sold at 2 8 % , a decline of 15 points
since the 1st of the month, and Denver & Ilio Grande pre­
ferred at 41, as against 59. Louisville & Nashville declined
10 points within the same period, but closes nearly 4 points
above the lowest, having advanced since the investigation
was requested. Delaware & Hudson has covered a range
of 7 points and closes, ex-dividend, without change.
Western Union, in common with other “ Gould” issues,
declined 8 % points, but recovered a large part of the loss.
American Sugar Refining has advanced nearly 7 points since
Tuesday, while General Electric has been weak.
For daily volume of business see page 472.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Feb. 21.

Sales
Ior
Week.

Alice Mining......... ..
950 SIR
Am Steel Foun tr rects..
900 4R
Pref trust receipts____ 1,200 27 %
100 53 %
Amer Teleg & Cable__
Canadian Pacific rights 5,050 OH
Subscrip rects 1st paid
200 136
300 2R
Chic Un Trac tr rects.
Clevc Lorain & Wheel, pi
100 115
16 168
Cleveland & Pittsburgh.
400 85
Federal Sugar Ref, pref
Gt Northern subscription
200 115R
receipts, 90% p a id ...
464 70H
New York Dock, pref..
340 90
N Y & N J Telephone__
16 164
Pitts Ft Wayne & Chic..
100 95
U S Leather, pref...........
Utah Copper, rights------ 3,650
600
Western Maryland . .

Range since Jan. 1.

Range lor Week.

Lowest.

Highest.

Highest

Feb
Feb
Feb
Fob
Feb
Feb
Feb
Feb
Feb
Feb

19 $2
18 5 H
15 2 8 «
18 53 M
17 t %
19 137H
17 2R
15 115
18 168
20 86

Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb

181 $1 'A
4R
21
21 27 H
18 53
OH
15
20 136
2
17
15 115
18 168
21 73 R

Feb 53R
Feb 5>S
Feb 28 H
Jan 53 H
Feb 9
Feb 137H
Jam 3
Feb 115
Feb 168R
Feb 86

Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb

Feb
Feb
Feb
Feb
Feb
Feb
Feb

19 117R
15 7 0 ^
15 02 H
IS 164
17 95
%
18
19 9

Feb
Feb
Feb
Feb
Feb
Feb
Feb

21
15
19
20
17
21
19

114
70
90
164
95

Feb 123JI
Jan n
Feb1102
Feb 164 y
JanlOO
Feb
H
Feb 13

Jan
Jan
Jan
Feb
Jan
Feb
Jan

Outside Market.— There was very little to the trading in
“ curb” securities this week. Business has fallen off con­
siderably and prices show very little change. A better feeling
was in evidence as the week closed, the market for copper
shares especially showing a stronger turn.
Boston Consoli­
dated Copper opened at 15, fell off to 1 3 % , later advancing
to 1 4 % . Butte Coalition lost 1 % points to 16, recovered to
17 and to-day made a further gain to 18. Davis-Daly Es­
tates sold down from 4 to 3 % and up to 3 % finally. Greene
Cananea fluctuated between 7 % and 7 % , with the last trans­
action to-day at 8. Nevada Consolidated Copper from 9 %
advanced to 10, but dropped back to 9 % and ends the week
at 9 % .
Nevada-Utah moved down from 4 % to 3 % , the
final quotation to-day being 4. Trinity Copper rose threeeighths to 1 3 % , declined to 1 2 % , moving up again to 13.
United Copper common advanced from 6 % to 6 % , foil to
5 % and recovered subsequently to 6 % .
Nipissing ranged
between 6 and 6 % and Goldfield Consolidated between 4 %
------------Cables-Long
and 4 % . Activity in Havana Tobacco preferred attracted
Sterling. Actual—
attention, the price moving down from 17% to 1 6 % , then
@ 4 8090
14 8730
14 8680
@ 4 8735
High......... .4 8350
@ 4 8355
@ 4 8595
14 8015
|4 8585
@ 4 8025
L ow ........... 4 8230
@ 4 8240
up to 19, and then dropping to 16. Havana Commercial
Paris Rankers' Francs—■
preferred sold up from 39 to 4 1 % . American Tobacco lost
@ 5 nVid
High........... 5 19 54a
|5 1754a
@ 5 1954
@ 5 17Ra
L o w ........... 5.2054
@ 5 20
15 1854
8 points to 242, but subsequently rose to 245. Standard
Germany Rankers' Marks—
Oil, notwithstanding the declaration of the usual dividend,
($95 1-10
High........... 94 54
@ 94 7-16 I 95
@94 15-10
L ow ______ 94
@ 94 1-16 1 94 J4
dropped from 495 to 480. International Nickel was traded in
Amsterdam Rankers’ Guilders—
down from 81 % to 7 8 % . Chicago Subway advanced a point
@ 40 21
H ig h ...................... ..
@
......... | 40 19
@ 40 R
L o w ............................. @
-------- | 40
to 17, then declined to" 15 and to-day sold at 16. Consoli­
dated Steamship 4s were traded in between 10 and 9 % ;
Less: a 1-10 of 1% . d 1-32 of 1% . h 3-32 of 1% .
close to-day 9 % .
N .Y .C it y new 4 % s “ w. i .” were trans­
Plus: k 1-10 of 1% . x 1-32 of 1% . y 3-32 of 1% .
The following were the rates for domestic exchange on ferred to the unlisted department of the Stock Exchange.
Outside quotations will be found on page 472.
New York at the undermentioned cities to-day: Savannah




463

N ew

Y ork

S to ck

E x c h a n g e — S to ck

M onday
F e b 17

0 7 % 6914
66%
_____ _____
83%
*00
6,8
63
7634
77*2 783.1
*82
84
*82
3 8 l 2 4 01 383g
*
67
* _____
145
1 43
140
62
*55
*54
1 80
*160
*160
267g
27
27b
I 2 I4 * 1 0
*10
*
*353
*33g
4
*38
1 51 - 1512 * 1 6 %
*5
5-3g
53*
106 18 10834 1 0 5 1 *138
*
9
8
103
*99
*125
132
*120
*
1
3
9
140
139b
*175
195
*175
115
1 20
*115
>145
1 50
*140
*_____
* _ _
2
*10
15
*10

6 71 84
64
78
84
391g
07
1 42102
1 80
2G7g
12b
49
4
_____
20
6
10034
141
1 00
129
141
195
1 15
145
2
15

Tu esda y
F e b 18

673g
84
64
7712
*81
387g
* _____
14212
*55
*160
2634
*10
*
3%
*38
*15
*5*4
IOOI4
*138
*08
120% ’
140
*175
*114
*140
13.1
*10

0 8 l2
8412
64
7 8lg
83
41
65
143*2
62
1 80
27b
12
49
334
_____
20
6
107*4
141
10 1
1261142
1 95
118
1 50
134
15

Wednesday
F e b 19

66*4
*8 31 2
G4
77%
*81
391g
* _____
14212
*55
*160
2512
*10
* _____
3 *2
*38
*1 5 * 2
61g
1063g
*138
937g
*12611 39
*175
1 15
*140
*11,
*10

Sales

68%
85
64
79
83
41
65
143*2
62
180
27
12*4
49
3 *2
_____
20
5*2
108
_____
9S%
1293j
142
195
1 15
150
2
15

Th ursday
F eb. 20

F r id a y
F e b . 21

68
67% 6 0 b
84
84
*83%
*62
63b
65
79
7 8 % 81
8134
*81
83
40% 4 H 40b
05
* -* _____
14434 1 4434 144
*55
62
*56
168
1 70
5171
2 0 % 27
26%
*10
12b
*10
* _____
49
*_
4
4
3%
*38
_____ * 3 8
*1 5% 20
*15%
*6
6
6%
10734 110
107%
*138
142
*139
100
1 00
*98
1 29
12934 * 1 2 8
1 42
143 %
143
*180
195
*180
*114
120
*113
*140
150
*140
* _____
* _____
2
*10
15
*10

*20
*65
06
*70
*123
*7 1 2
1012
* 101*28
*00
*18
*47
*12
*35
*28
89
1241g
*15
171g
221*
621901129
1834
{5 3 %
3534
*100
47193
*20
*81
*55
*130
*30
*61
llO U
106
841*85
*80
110
*60
*80
93Sg
*S 1
*76
11%
2414
*40
2134
1 11*2C5g
677g
1 0 9 lg
9%
30
*17
*18
*9
*14
351g
*80
11334
*80

93.1
29
95
66
74
1 27
8119112
30
64
23
50
14
40
35
0011241s
22
1 7%
2 21 6 21 9 2 14
1 30
193|
6 4137*4
102
4 71 -

* _____
10
* _____
*20
29
*20
*65
95
*65
....................
60
7 0 1 - 7012 * 0 5
1 2 2 1 - 1 23
123b
7b
712
7b
1812 19
1 81{1 0
10
*10
*28
30
*28
*60
65
*60
*18
20
18b
*47
50
*47
*14
16
*12
*35
40
*35
*28
35
*28
87% 88%
8834
*124
129
§123
19
19
*15
173g 1 7 %
17%
2134 213.J
21%
* -------05
* -------90
90
91
126
127
*118
1 8 % 187g *18-%
5134 5 3%
51b
3 5 b 36
33%
*100
105
*100
* _____
4 7 % * _____
....................... * ______
043,,
9234 9 3 %
93%
*26
28
*26
28
*82
94
*81
00
*52
65
*55
+130
135
*130
1 35
2934 3 0
2934
303,,
0134 0134
61b
6212
1 21 1106
8 41 1 00
85
111%
6512
95
9634
88
81
12
243g
50
22
111*
281703g
1091g
9 'g
3112
18
23
121j!
15
3 6 'g
.. . .
11714
83

118%
104%
*83%
*85
*80
10934
*60
*80
92%
*81
♦7(1
12
24
♦ 40
21
11%
27b
60b
lO S b
9%
30%
*10
*18
10
*14
35
80%
111%
*80

10
* _____
26
* _____
95
*65
66
_____
75
*68
125
124
712
67g
18b
171g
11
10
30
27%
04
59?g
18b
19
50
46
14
*12
40
*35
35
*28
8834
87b
123
123
_____ * 1 7
1 7%
16b
2134
21%
65
* _____
92%
91%
128
*118
19b
1734
51%
40
36
28%
1 05
99
4 7 % * -------1934 * _____
94
92%
28
*26%
90
*81
60
*55
134
1 30 %
207g
29%
61%
68

120
11934 1 21 %
1 0 4 % 1 0 4 % 10434
85
80% 8 0 b
100
*85
1 00
85
*80
85
110% 110% 111%
65
*60
65%
95
*80
95
94%
0 3 % 0434
88
83
8 3%
88
*76
81
12
12
12
24
*23
24%
60
*40
60
21
*20
21
1 1% * 1 1
1 3%
2 7 b *2 6 % 28%
6734
667g 6 7 %
1 0 8 % 1 0 8 % 1 08 %
9%
97g 10%
30%
31b 31b
18
*16%
18
22
*18
22
10
*10
13
15
14% 1434
35
35
35%
8 1 % * 8 0 % 82
1 1 4 % 1127g 114%
82
80
807g

10
10
* _____
24
95
*05
_____
75
*68
123
1 24
712
7b
18b
17b
10
10%
27% * 2 6
61
*61
19
{1 9 b
47lg * 4 7
14
*12
40
*35
35
*28
88
*87%
124
*121
19
*17
17
10b
21%
21%
65
* _____
92
02
1 28
*126
187g
18
51
48
2934
3334
99
100
4 7 % * -------1934 * _____
943s
94
*26
28
90
*81
62
*55
1 30% * 1 3 0
297g
30
69%
61

i l 9 3 4 1 22%
1043g 1053g
80
84
*80
100
*S 0
85
1101- 11134
*60
6 5%
*80
05
03
05%
82
82
*76
81
107g 12
217g 237g
{4 8
48
19% 2 0 %
11
11%
24% 26%
67
68%
1 0 8 b 1 08 %
9%
0%
297g 3 1 b
16
16%
1 7 % 17%
*9b
13
*14
15
3434 3434
* 8 0 % 82
113b 116b
*80
82

BANKS
B anks

B id

A s k II

B anks

B id

121%
105b
*78
*85
*80
1113g
*60
*80
94%
*78
♦ 75
11%
22%
*40
2 O84
11%
26%
08
(1 0 8 %
934
30%
16%
*17
*10
147g
3434
*80
115b
805s

AND
A sk I

10
24
05
75
123
7b
18
1034
30
65
10b
52
14
40
35
89
126
19
17
21%
65
92%
130
19b
50
32%
1 00
47%
1934
957g
30
90
05
134
30%
60%
1227g
106
84
1 00
85
1127g
05%
96
9634
82
81
ll 7 g
23b
60
21%
12
26%
69%
10834
934
31b
1 6122 "
1 2%
l 4 7g
3434
82
1173g
81%

*65
*68
*123
7
*17b
*10
*26
*59
*18
*47
*12
*35
*28
8834
*120
*15
10
21%
* _____
91
*118
18%
49%
30%
*100

100
700
6 2 ,7 3 0

75
127
7b
18%
11
30
65
20
50
14
40
35
9 0%
126
20
163,
2134
05
92*4
1 28
1834
49%
32%
1 05

95
9 51 *20
30
*80
05
*57
62
133
1 33
297g 3 0 b
60
60%
120%
*105
*77
*85
*80
1113a
*60
*80
047g
80
*76
11%
23%
*45
20%
*10
*25
68%
108%
*9%
*30
*16
17%
*10
147g
*32%
*80
115%
*81

TR U ST
B a n ks

3 ,8 5 0
225
6 ,0 0 0

1 ,9 0 0

100
639
4 ,5 6 0
200
10
100

700
100
6 ,6 2 0
545
960
1 1 .8 0 5
4 ,5 8 0
3 ,4 3 2
200
300
9 ,7 0 0
1 ,9 0 0
1 .0 0 0

1 8 ,0 1 6
2 ,3 1 0
8

200
100
1 ,0 4 0
2 ,7 6 5
2 ,5 1 0
440
300
300
4 10
614

E

H

Do

p r e f.

1st p r e f.
2 d p r e f.

200
3 ,2 8 0
3 ,5 8 0

D o a d ju stm e n t p r e f___

1 2 2 b 1 4 9 ,3 7 5
orthern P a cific ............
100
3 ,0 5 0
D o su bscrip r e c t s . .
82
860
100
D o 1st p r e f.
85
D o 2 d p r e f.
113
9 2 ,1 8 0
6 5 % ..............
95
I)o p r e f.
0 6 % 0 4 0 ,3 2 0
80
600
1 st p r e f.
81
2 d p r e f.
6 ,2 0 0
1 1%
23%
3 ,1 0 0
D o p r e f____
55
10
t L & San F r.
213,,
2 ,3 0 0
D o 2d p r e f.
12%
7 00
t L ou is South\
28
1 ,4 0 0
D o p r e f____
687s 5 7 ,7 4 5
outhern Paclfi
10911 .4 7 6
D o p r e f____
4 ,4 0 0
10b
outhern v tr c:
31
6 ,7 0 0
Do
p re f
do
1 6%
7u0 f
18%
499
11
100 1
147g
6 0 0 'J
34
1 ,0 0 0
D o p r e f.
82
42/5 n
1 17 % 5 3 5 ,2 4 0 ]
fn lo n P a c llic .
83
5001
1
D o p r e f..

CO M PAN IES— B R O K E R S ’
3850

H ighest

D

L

30
F eb
8714 F e b
120 J a n
19
F eb
1 4 1 -J a n
2 11 - F e b
621- J a n
7914 J a n
1231- F e b
1734 F e b
46
F eb
2 8 l2 F e b
9784 J a n
4384 J a n
9 0ig
24190
60
1283g
2 9 ig
68
79
1167g
103
80

6
19

Jan
Jan
Jan
F eb
Jan
F eb
F eb
Jan
Jan
F eb
Jan

82
F eb
10884 J a n
59 J a n
847g J a n
9 2 ig F e b
78
Jan
76 J a n
101- F e b
2034 F e b
45
F eb
1 9 i4 F e b
11
F eb
2 4 i2 F e b
6 6 I4 F e b
1063g Jan

9i* Jan
297g J a n
16
F eb
17U F e b
9 1 -J a n
12
F eb
33
F eb
78*4 F e b
llU g F e b
80
Jan

Range for F r a l o u s
Y ea r (1 9 0 7 )

H Ighesl

A

D o
Do

F if t h A v e U . 3700

Y e a r ly

R a ilr o a d s
tch T o p e k a & S a n ta F e
68
F e b 14
7 4 % J a n 18
Do
p r e f _______________
£ 3 % F e b 17
87*2 J a n 20
A t l a n t i c C o a s t L in e R R . .
,63
F e b 14
761* J a n i g
T ) a l t l m o r e & O h i o ________
7 6 l2 F e b 10
9 0 % J a n 14
Do
p r e f ___________ . . . .
80
.T an 8
8684 J a n 21
B r o o k ly n R a p id T r a n s it.
37«4 F e b 10
4 7 % J a n 20
B u ffa lo & S u s q u e , p r e f - / " l a n a d l a n P a c i f i c __________
1 40
F e b 17 15384 J a n 11
V ^ a n a d a S o u t h e r n ________
55
F eb 4
62
J a n 18
C e n t r a l o f N e w J e r s e y ____ ICO
F e b 11 183 J a n 13
C h e s a p e a k e & O h i o ______
2 5 % F e b 19
3284 J a n 15
C h i c a g o & A l t o n R R _____
10
F e b 13
1 4 i2 J a n 14
D o p r e f ___________________
C h ic a g o G re a t W e s t e r n ..
3 'g F e b 8
8 ig J a n 3
Do 4%
d e b e n t u r e s ___
30
F eb 7
4 9 i2 J a n
Do 5%
p r e f “ A ” _____
1 51- F e b 15
31
Jan
6
D o 4%
p r e f " B ” _____
5
F e b 11
10 J a n
6
C h ic a g o M llw & S t P a u l . .
1 0 3 i2 J a n
2 1177* J a n 18
D o p r e f ___________
1 38
Jan
3
145 J a n 11
D o c o m c t f s 4 5 % p a id
9 8 1 -J a n
3 1 0 9 i2 J a n 20
D o p r e f c t f s 4 5 % p a id
126% J a n
2 1 3 6 J a n 20
C h ic a g o & N o r th W e s te r n
1 3 5 1 -J a n
2 1 52 1- J a n IS
D o p r e f _______________
5 1 8 5 J a n 11 1 95 J a n 2 5
C h ic S t P M in n & O m a h a
1 15
F e b 17 1 32 1- J a n 2 0
D o p r e f _______________
1 4 0 1 -J a n
3 153
J a n 27
C h ic a g o T e r m In ’1 T r a n s fe r
LL F e b 18
484 J a n 14
D o p r e f . __________________
11
Jan
6
12 J a n 23
C h ic a g o U n io n T r a c t io n .
2
J a n 14
2
J a n 14
D o p r e f __________________
1 21- J a n 14
121- J a n 14
C le v e C In C lilc & S t L . . .
4 8 % F e b 19
62
J a n 15
D o p r e f ___________________
85*8 F e b 19
02
Jan
8
C o l o r a d o & S o u t h e r n _____
21
F e b 19
263* j a n 22
D o 1 s t p r e f e i r e d _______
527g J a n
608* J a n
2
D o 2 d p r e f e r r e d ________
3984 F e b 19
4 4 i2 J a n
6
e l a w a r e & H u d s o n ___
1 4 1 i2 F e b 10 1 6 8 J a n 10
e la w a r e L a c k & W e s t .
420
Jan
6 500
Jan
8
D en v er & R io G r a n d e ...
1414 F e b 19
213g J a n
6
D o p r e f ___________________
41
F e b 19
697* J a n 14
D e t r o i t U n i t e d ________
38
J a n 31
38U J a n
fi
D u lu t h S o S h o r e & A tla n
6
F e b 11
87g J a n 31
D o p r e f _________
113| F e b 13
I 8 I4 J a n 10
r i e ..........................
1 2 % F e b 19
17ig J a n 3
D o 1st p r e f
2 6 I4 F e b 19
3534 J a n 10
D o 2 d p r e f ..................
1 9 % F e b 19
26i4Jan 10
E v a n s v ille & T e r r e H a u te
D o p r e f ...................................
11384 F e b 10 r 12584 J a n 18
G r e a t N o r t h e r n p r e f _____
I r o n O r e p r o p e r t i e s ___
481- J a n
2
5584 J a n 15
G reen B a y & W , d e b c t f A
D o
deb ctf B
8
J a n 14
1314 J a n 23
a v a n a E le c tr ic
D o p r e f...................... 5 70 J a n 8 5 7 0 J a n 8
H o ck in g V a lle y tr r e e l s . .
62
F e b 10
75
J a n 13
D o p r e f_________
70
Jan
2
80 J a n
9
Illin o is C en tral_____ __
1 22 1- F e b 17 133
J a n 18
631J a n
4
J -n terboro-M etrop olltan
87g J a n 31
D o pref
171* F e b 19
2 3 U J a n 29
Io w a Central.
10 F e b 19
L l ^ J a n 14
D o p r e f________________
2 7 i 2 F e b 19
31
J a n 14
59?g F e b 19
I Z C F t S & M , tr cts pref
7 0 J a n 13
A Y ansas C ity S o u t h e r n ..
1 8 i4 F e b 18
237gJan
6
D o p r e f....................
46
F e b 19
54
J a n I*1
ake E rie & W e s t e r n .. .
12 J a n
4
16t2 F e b 3

N

A sk

and

Hange S in ce J a n . 1 1 9 0 8 .
On basis oi 1 0 0 -share tots

3 .8 0 0
i r a i H u e ___
485
a n h atta n E l e v a t e d . ..
100
etro p o llta n S tre e t____
1 1 ,8 5 0
1 ,1 7 0
100
D o p r e f ___________________
2 ,2 0 0 M i n n S t P & S S M a r i e ____
5 00
D o p r e f ...........................
1 0 ,3 0 0
7 ,9 7 6
D o p r e f ___________________
5 8 ,1 1 0
275
a sh C h a tt & S t L o u is ,
1 00
a t o f M e x , n o n -c u m p f
D o 2 d p r e f _______
3 4 ,0 7 5

B id

W e e k ly

Low est

20
6%
109 %
102
132
144
195
1 20
1 60
2
15

ST O C K S
N E W Y O R K STOCK
EXCH AN G E

3 8 ,5 8 0
991
1 ,0 4 0
2 0 ,0 5 0
160
5 8 .8 6 0

10
24
05

10
*

0]

W eek
Shares

683,i
841;
65
80%
8 I 8.1
41%
65
1 44
60
171
26%
121,
49
3%

50
*48
49
*48
49
4 8 lg 4 8*49
49%
48b
*48
48b
*85
90
*85
00
8 5 's 8 5ig * 8 5 %
98
*89
92
90
*85
: 21- 2 3 b
21*2 223g
21
22
2134 2 2 b
233g
2 1 % 22
23
521g * 5 1
52
{5 1
52
5 l7 g 6 1% { 5 2 %
513.J 5134
52
52
41
41
* 4 H - 4 21 3 9 3 . 4 0 I4 * 4 0
42
407g
*40
40
41
1 47
14512 146 % 1 4 6 % 1 5 U - r l 4 7 % 149
145 1 2 1481? 1 4 4 t2 145*2 1 40
*465
500
*460
500
*465
500
500
*405
*4G5
5 00
500
*465
1712 177g
14b
17
1 81 - 1S12 * 1 7 1 - 1 8 b
15%
17
1 6%
15%
48
*45
50
46
47
41
45
423g 427g
48
4234
42
_ .................. ..
*33
*33
_____ * 3 2
_____ * 3 5
_____ * 3 4
*
6
7
*
6
67g
*
6
67g
*01,1
716%
6%
*0
7
{ 123S 123g
13
13
1 3 1 ?. 131, * 1 2 %
* 1 2 1 - 13
15
* 12% 13114b
14
13b
1312
1 31- 1334
125., 133.
13
13113b
1334
*2 73 4 2834
27
2734
2 7 'g 2 8
20b
273?
2 7 % 27%
27% 28
21
*20
2012 2 1 1 - * 2 0
21b
193g 20
20
2 0% * 1 9 %
20*4
*65
80
*85
80
*65
.80
*05
80
*65
80
*65
80
90
*75
*75
90
*75
90
*75
90
90
+75
90
*75
11534 11634 1 1 G b 1 17
1 1 6 b 1171I I 6 I4 1 1 8
1 17
1 18 %
1173,1 118
51
51
50
51
5034 5 115012 511- { 5 2
52
*50
52
*

D a ily ,

OCCUPYING TWO I IGRM

S T A C K S —- H I G H E S T A N D LQ WJ&ST S A L E P R I C E S
Saturday
F e b 15

E ecord,

17
2
18
2
2
11
19
19
19
2
6

343j J a n
1 0 3 i2 J a n
1321- J a n
25
Jan
2 0 1 -J a n
2 6b Jan
67
Jan
947g J a n
13134 J a n
2 7 'g J a n
5 9 i2 J a n
47
Jan
I I 4 I4 J a n
60
F eb

11
IS
29
10
28
15
18
13
13
14
15
2
14
5

2
3
14
8
6
19
19
17
2
10
2

103
Jan
3334 J a n
90 J a n
70
Jan
1 3 9 i2 J a n
36
Jan
70
Jan
81
Jan
1 2 9 i2 J a n
112 J a n
9 3 1 -J a n

14
14
14
15
18
14
15
9
18
18
14

8
97
J a n 13
2 1177g J a n 20
7
70
J a n 22
7
90
J a n 10
17 z l l l
J a n 18
2
84
J a n 18
6
8 2 1 -J a n
9
3
1584 J a n
6
8
3034 J a n
6
10
6134 J a n 15
19
3014 J a n 13
19
1 5 1 - J a n 15
19
3 2 i2 .Tan 29
17
78*2 J a n 2 0
2 112
J a n 21
10
1314 J a n 2
10
87
Jan
8
19
21
J a n 15
22% J a n 29
21
1314 J a n 20
8
15 J a n 14
6
377g J a n 16
3
8 OI4 J a n
4
7
17 1 2 8 % J a n 18
8484 J a n 13
4

663g
78
58
753*
75
2634
741138
52
1 44
*2314
81*
48
67*
46
21
8U
931130 "
s-85 2
1 11
1 26
1 85
1 06
1 3 7 ':
319
2%
7
48
80
17
41
291123%
369110
53
31%
0 i4
10
1214
28
20

8534 F e b
1951- J a n
651- J a n
220
Jan
66
Jan
271- J a n
69
Jan
18
Jan
79
F eb
71% F e b
2 6i,s J a n
1571- J a n
1651- J a n
141
Jan
149
Jan
205
Jan
234
Jan
170
Jan
165
Jan
934 F e b
25
Jan
6«4 A p r
193* J a n
927g J a n
1 0 8 1 -J a n
387* J a n
691- J a n
6812 J a n
2271- J a n
610
Jan
427* J a n
837* J a n
8 0 i* J a n
191- J a n
39
Jan
4414 J a n
757* J a n
67
Jan

90
Apr
1 0 7 l2 O c t
37
O ct
75
O ct
6*4 O c t
241- O c t
72
Apr
63
N ov
64
N ov
116
N ov
47g O c t
14
N ov
0 i2 N o v
29
D ec
60
O ct
18
M cb
45
M ch
11
N ov
3984 N o v
26
D ec
85*2 N o v
1 0 0 78 O c t
23
D ec
1234 N o v
2 3 '2 D e c
x62% D e c
60
O ct
1 10
O ct
2084 N o v
53
N ov
4 4 's D e c
97
D ec
391- N o v
1 3 '2 O c t
*89
D ec
1984 O c t
85
N ov
41
O ct
1273g N o v
28
O ct
56
O ct
70
O ct
1 0 0 l2 O c t
e i '2 N o v
66
N ov
65
N ov
85
D ec
rl0 3 * 2 N o v
51
O ct
6912 O c t
70% O c t
73
O ct
67
N ov
li b N ov
2 0 i2 N o v
68
O ct
24
N ov
11
N ov
26
N ov
6 3b O ct
100
O ct
10
N ov
2912 N o v
17*2 N o v
16
N ov
0
D ec
10% D e c
2934 N o v
6 8 34 N o v
100
O ct
75
Aug

92
Apr
13984 J a n
85
Jan
75
O ct
1 4 i2 J a n
47
Jan
86i2 J an
114
M el
94
Jan
172
Jan
39
Jan
75*4 J a n
287g J a n
61
Jan
80
Jan
3084 J a n
6 N4 Jan
281- J a n
G 7 i2 A p r
6 7 l2 J a n
1 4 5 'g J a n
146
F eb
107
Jan
275* J a n
69
Jan
00
Jan
140*4 J a * »
168
Jan
445* i t c h
7234 J a n
92*4 J a n
147
Jan
598* J a n
27
F eb
134*4 J a n
6 3 i2 J a n
110
Jan
91*4 J a n
189
Jan
48** J a n
92% J a n
9 0 i2 J a n
1891- J a n
134
F eb
124>g J a n
76
N ov
125
M ch
141*g J a n
78
Jan
105% J a n
1 3 9 ig J a n
92
Jan
94
Jan
30% J a n
6 4 '2 J a n
70
Jan
48** J a n
2 5 i2 J a n
0 2 i2 F e b
0 8i< J a n
1 1 8 'g J a n
34
Jan
9 4 i2 J a n
3 7 'g J a n
123
Jan
29
Jan
3334 J a n
547* A p r
1 0 8 i2 J a n
183
Jan
96
M ay




1 0 1 ss
1 3 3 ig
122
941-

Jan
Jan
Jan
Jan

835* Jan

Q UO TATIO N S.

B anks

B id

A sk

B anks

B id

Im p & T rad

5 15

630

M e t r o p o lis J

390

A sk

Banks

O rie n ta l U -.
4 00
C hem ical . - 3 8 5
_____ 1 5 5
F i f t h _______ 3 0 0
350
I n t e r b o r o 11.
M e t r o p o l ’ n ll 157
165”
P a c iflc f l . . .
____ C itizens’ Ctl 125
136
____
A e t n a _____ 175
F i r s t ________
5 90
I r v in g N E x t l7 8
M t M o r r is lI . 220
240
P a r k ...............
4
8
0
5
00
2
4
3
2
4
8
C it y ...............
A m e r ic a A - 1 4 t h S t If . . t l 4 0
J e i l e r s o n 11.. 170
1 9 0 ' M u t u a l 11___
250
2
6
0
P
e o p l e 's 1 I - .
225
200
A m er E x c h . 216
Coal & Iron 190
F o u r t h _____
175
185
425
450
L i b e r t y -------N a s s a u 1!___
200
210
P h e n l x _____
_____ G a l l a t i n ___
125
B a tte r y P k . 1 15
C olonial 11-.. 7 0 0
310
330
L in c o ln . . . . 6550
625
N ew A m s t.
P l a z a U_____
5
00
3
2
5
4
00
3
1
0
B ow ery H . .
C olu m bia 11G a r fie ld . . .
300 ' 325
270
280
M a n h a tta n H
N e w N e t h ’d 200 ‘ 2 2 0 * P r o d E x c h U
____ C om m erce
151
147
B r o n x llo r o fl 3 0 0
G e r m A m 11 125
135
235
M a r k ’ t& F u l 225
N e w Y o r k C o 120 0
R i v e r s i d e U_
1 60
1 30 N G c r m ’ n E x ll 5 00
B u tch & Dr 150
C o n s o r t’ d . . 115
515
222% N e w Y o r k . 260
M e c h a n ic s ’ . 215
285
S ea boa rd . .
1
70
1
85
190
196
R
C en tu ry 11- C o p p e r ____
G e r m a n ia H
500
____ 4 0 5
M ech & T ra U
N ’ h t & D av1t
S e c o n d _____
210
295
2 00
C h a s e __. . .
Corn E x 11-- 2 8 0
G re e n w ich H 260
2 7 5 " M e r c a n t ile .
107 i l i l T
1 9 t h W a r d if
490
—
S t a t e U-------1 45
315
C h atham . . . 3 0 0
East R iv e r . 135
_____
_____ M e r c h E x r b
H a m ilt o n U .
1 70 ‘
1 80
N orth A m er
12 t h W a r d H
—
105 | H a n o v e r . _
O h el-ea E x H 2 0 0
F id e lity H .. 160
475
490
1 45
M erch a n ts’ .
1521- N orthern . .
m i
1 6 0 * 2 3 d W a r d 11
* b id an d asked prices; n o sales w ere m ade on this
+ u ,.\ -ris in a . j Licss tn an iu u snares H S tate banks a H x-d tv ld e n d an d rig h ts. 6
f Sale r t S tock E x ch a n ge o r at au ction this w eek- c K x-bcn eftcia l interest in ore p rop erties, h 1st In stallm ’ t p a id . n Sold at p riv a te sale at
N ew Y ork

IOSI4 J a n

N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
Sep
N ov
D ec
D ec
D ec
N ov
N ov
N ov
O ct
O ct
O ct
O ct
D ec
O ct
M ch
Aug
D ec
N ov
D ec
N ov
N ov
N ov
O ct
O ct
N ov
N ov
D ec
O ct
N ov
N ov
N ov
N ov

R id

A sk

230

260

800
300
140
670
140

180

325
6300
320

400

145
360 ‘
340
325

19*0*
N ew stock ,

this p r i c e .

[V O L .

ftew York Stock Record— Concluded— Page 2

4 (5 4

S T O C K S — H IG H E S T A N D L O W E S T S A L E P R IC E S

Tuesday
Monday
Feb 18
I'cb 17 _
------- -T
18
*15
18
*15
18
* 1G
37%
35 *
35
*34% 38
9
*81 s
Si4
9
8'4
OS
14% 14%
15
15
<141- 1510
*515%
51-1
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*51____ ____
*14l4 15
15
* 14
____ ____
7
7
8
*61*1334 16
*131.1 15%
* 131.| 14
38
*35
*35
38
28
*35
Saturday
Feb 15

>*160 170 *166
*0
61*6
*17l.i 1734 *17
47*4 487,3 457.1
*10
*161.1 17
*75
84
**70
91*91- 10
* ___
80 *
41*41g
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40
§40
47
25-3
257S 20%
87
*85
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251; 27
251*80
*80
85
*165 185 *105
*4
412 *4
*27*
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*13
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§ 1438 11113'3
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9
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327s 3334
33
90
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’ 76
7612 70
5038 593,
89
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81
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110 1 1 2 1 - 109L
107
111 111
1051*1041- 108
777s 777S *7711511Q1.1
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811; *78129
30
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2%
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23.,
278 *234
*90
*90 100
*618
*10
14
*12
ll)34
§171- 171§81 “ 81
79
1S18 107s
17

Wednesday
Feb 19

Thursday
Feb. 20

*15%
*33

18
17%
37%
34
8
8%
*8
14% 14% *14%
0%
*5
♦5
*14% 15% *14
*0 18
§7%
§ iA?a 15% *13%
33
♦30
35

Friday
Feb. 21

17%
35%
834
15%

173.,
35

18
36
834
16
0%
14%
8%
157s
35

*S%

15%
6
*5114%
15
*61711578 *13%
35
35

170
6118%
47
161;
84
10
80
4 140
20
90
251;
85
185
4%
312
15
14
0
25
33188%

*166
0
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453,
*1613
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8434
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★ 234
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7
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28
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240 *150
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110
105
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10534 *105
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28%
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793, §78%
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170
107 167 §175 175 *166 176
6
6
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18
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49%
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4534 4734
451,3 4fiVi
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16% 16% *10
82
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82
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♦75
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80 ♦___
80
80 ♦__
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4 14
4
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443.1
45% 45%
47
45%
2634 26
20
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2 0 % 27
89
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89
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2434 25%
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25% 2578
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85
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185 §180 ISO §180
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414%
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13% 13-%
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73% 73% Z73
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553, 5734 57% 60%
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89
90
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240 *150 240 *150 240 *150 240
*78% 88
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85
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27% 27%
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110 111)
100% 108 109
108 *105 108
108 *10434 108 *104
78
77% 78
79
§78% / ol2 78
19
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80
78% 78% *78
78Vi 79%
83
30
30%
31
29%
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214
2%
212%
2*8
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234
278
23j
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z85
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100
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20
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15
*16% 17%
17
17
17% *16% 17%
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81
81
78%
78% 78% *78
16% 17%
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10% 173s
10
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99% 103
98% 99%
*95 100 " *98 100
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98
98
12
*10% 11% *11
10% 11
1078 10%
11
11
11
11
59
58
57% 57%
57% 57%
§58% 58%
03
*57
28
28%
27% 28%
27% 29%
29% 30
30
2 9 3 3 297s §30
81
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81 * __
81 * _ „ 81 ♦ - * ____ SI *
0538
053s *55
0538 *55
053, ♦55
0512- *55
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115 115
114 114
111 114
114 114
1141.1 1151- 114 114
95
*80
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95
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95
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*5%
7
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7
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20
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20
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934
9%
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♦Dio 1 0
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11
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5
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60
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58% 581., *58
59 15 9 1581; 59
40
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40
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40
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19
19%
18% 19%
18
18
*1734 18%
17% 18
I 8 I4 i s %
*65
*65
68
68
68
08
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*03
68
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*52% 55
53% 53%
*52% 56% *52% 50
60
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64
60% 61
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64
04
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64
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75
75
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76
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74U 7 4 1 74
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113
* 1 0 3 1 - 113 *1041- 113 *104 113 *104 113 *107% 113 *107%
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78
78
78
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78
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78
3834 38% 40
3 9 % 41%
38
37% 37%
37l8 3712
3 7 1 1 3714
90% 90%
90% 90%
*S9% 90% *89% 91
90
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738 7%
8
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733
718 ’
8
59
59
59
59%
58% 58%
62
57% 571*571o 02
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42% 43%
44
42% 423,
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55
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42&3
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28
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25
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85
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84184
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8433
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383S 38%
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38
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381- 381- *37
38
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19
18% 1834 §18% 19
183, 191,3
181- 187S 19
19
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70
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73
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701,3 71
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70
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149 149 §150% 150% *147 151
150% 150%
149 149 *147 150
24% *22
24% *22
24% *22
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241- *20
90
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90
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90
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15
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1534 1534
15%
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15
15
15
151- 1510634 6634
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60
07%
§00
00
66
66
06
40% 40%
39
38
40
41%
39
41% 42
381- *30
*37
*90% 94
92
02
*89% ____ *90% 94
90
90
*85
*25% 27
2034 2634
*25% 26%
251- 2 OI4 *25% 27
§271- 27148
48
*45% 48
*47
54
48% 50
*451- 48
48
*45
5
4%
5
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4
4
4%
5
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5
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*49
50
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19
19
19
19% §183., 19%
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19
19
19
19
04
04
*03% 60% *03% 66% §63% 63%
06
*63>4 6 6 I4 §60
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85
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85
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*
39 +___
38% * ___
38% *35
39
39 ♦___
434
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434
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4
10
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10
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20
20
18
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20
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20
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18
18
18
18
18
18%
18
18
*171- 22
20
*18
76
7734 7734
78%
84
76% 76%
791; *78
79
821*78
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50
42
42
50
287,
2734 28%
28
28V, 29
273.4 28
271.4 2 7 3 ,
"2753 28%
91% 92%
91% 93%
92% 923.,
91% 91%
013s 93
9Us 92
24% 25
24%
24
2o
24%
25%
2334 25
24
25
25
*15
17
17
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17
10
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17
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90
90
87
90
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87
90
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90
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§45
45
*250 300 *250 300 *250 300 *250 300 * 2 0 0 300 *200 300
43
45
44
41
47%
40%
40
40
461- 471401- 47L
413, 413.
41
40
40
40%
40% 40%
40l8 40ia
42
*40
70
70
♦50
80
90
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SO
*70
80
90
*70
*70

BANKS
B anks
U n ion E x e li
U S E x ch 11W a sh H ’ tsli
W e s t Side 11
Y o r k v lllc H-

B id

A sk

170

180

230"
500
400

B ro o k ly n

425

F i r s t _______
H om e B k HM anufac’rs’

B orou g h 11- ____
B roa d w a y 11 425

AND

TR U ST

A sk

T ru st Co’ s
N

110

B ro o k ly n

mu

B anks

B id

150
380

130
240
N at C i t y . - - 275
N orth Side 11 320
____ P rosp’ ctP kli 150
Term In .-1 11. —

y

f Sale a t S tock E x ch an ge o r at a u ctio n this w eek ,




B id

Y C ity

t ii a u

iu u

275
400
290

100

T140
1500
175
150

100

325

ti ms

a uaruM .

lia n y e S h ir e J a n . 1 190.8
O n b a sis o l 100s h a r e lois
Highest

500 U nit R y s I n v ’ t o f San F r .
801 D o p r e f________________
a b a s h ________________
1,100
D o p r e f__________
1,000
10C W heelin g & Lake E rie —
120 D o 1st p r e f____________
D o 2d p r e f____________
250
19S W isconsin C en tral---------200 D o p r e f________________
In d n strial& M iscella n eou '
dam s Express
155
- ■
Uls-Chalmers
800
D o p r e f____________
900
A m algam ated C o p p e r—
A m er A gricultu ral C h em .
D o p re f________________
1,200 A m erican B eet Sugar------D o p r e f________________
1,000 A m erican C a n ____________
D o p r e f________________
1,28
0,320 A m erican Car & F ou ndry
220 D o p r e f_______________
1.700 A m erican C otton O il____
D o p re f________________
20 A m erican E x p ress_______
A m erican Grass T w i n e ..
A m erican H ide & Leather
D o p r e f________________
2.666 A m erican Ice S e c u r itie s ..
300 A m erican L in s e e d _______
D o p r e f________________
7,050 A m erican L o c o m o t iv e ___
200 D o p re f________________
A m erican M alt C o r p ____
D o p r e f________________
A m er Sm elters Sec pref B
A m erS m eltln g & R ellnlng
3.175
D o p r e f_______________
A m erican SnuU___________
100 D o p r e f________________
750 A m erican Steel Foundries
500
D o p r e f_____ ______ ___
10,875 A m erican Sugar ltclln ln g
2,400
D o p r e f________ _______
481 A m erican Teleph & 'l’eleg
525 A m erican T o b a c (n e w ), pi
300 A m erican W o o le n ________
400
D o p r e f___________ ____
17,320 d A n acon ilaC opper P a r t 35
1.500 dB ala kla la Cop per P a r 510
1.900 dB atopllasM Inlng P a r t 20
200
r o o k ly n U nion G as___
runsw lck D ock & C Im p
100 B u tterlck C o ......................
775 Central L e a th e r _______
025 J D o p r e f............ ...........
0,075 C olorado Fuel & I r o n ____
500 Col & H o ck Coal & I r o n ..
3.890 C on solidated Gas (N Y ) . _
800 Corn P ro d u cts R e lln ln g ..
000 D o p r e f_______________
3.990 D istillers’ Securities Corp
F ederal M ining & Sm elt’ g
D o p r e f_____
General E lectric
___
G ra n by Cons M S & P ___
n t M er M arine stk tr ctfs
D o p r e f________
500 Internation al P a per.
800
D o p re f__________
Intern ation al P o w e r ____
4,200 In tern at Steam P u m p ___
D o p r e f_________
800 M ackay Com panies
200 D o p re f_________
900
ational B is c u it..
D o p r e f____________
N at E n am el’ g & S tam p ’ g
D o p re f________________
8,060 N ational L e a d ____________
D o p r e f_______________
421
1,800 N ew hou se M & S . P a r $10
1,050 N ew Y o r k A ir B rak e___
884 N orth A m erican C o, new
a d lie M a ll........................
1,170
2,640
e op le’ s G L & C (Chic)
P ittsbu rgh Coal C o_______
D o p r e f_______________
500
2,215 Pressed Steel Car________
D o p r e f_______________
685
482 P u llm an C o m p a n y _______
ailw ay Steel S prin g___
D o p r e f________
1,330 R e p u b lic Iron & Steel
D o p r e f_______________
1,875
900
loss-Sh effleld S te e l&I in
200
D o pref
520 dT cn nesseeC opper P a r t 2 b
500 T e x a s P a cific Land Trust
200
nion Bag & P a p e r____
400
D o p re f____________
1,095 U S Cast 1 P ipe & F ou ndr
145
D o p r e f______________
110 U nited States E x p r e s s ..
U S R e a lty & Im p ro v e m ’ t
400 U S R e d u ctio n & R ellnlng
D o pref
500 U nited States R u b b e r ___
843
D o 1st p r e f_____
220 D o 2d p r e f_____
151,780 U nited States Steel
39,430
D o p r e f________________
4,100 d U ta h C o p p e r___ P a r $10
V lrginla-C arollna C lie m .
200 D o p r e f________________
50 V irginia Iron Coal & Coke
\ \ f ells F a rgo & C o .
14,520 ' I eestern U nion T e l c g ..
1,800 W estln g h ’seE l& M fg assen
100 D o 1st n r e ____________

W

A

B
(

J

N

P

R
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—
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m m a S K C 'i p u c c o , HU cid iib u n im a u a y .

STOCKS
N E W Y O R K STOCK
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S a les ol
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BONDS

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Jan ua ry 1

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[VOL. LXX XTI.

124

95

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

MISCELLANEOUS BONDS—Continued on Next Page.
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C o n s o l G a s c o n y d e b 6 s . . ..1 9 0 9
D e t r o i t C i t y G a s g 6 s ............ 1 9 2 3
D e t G a s C o c o n 1 s t g 6 s . ..1 9 1 8
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C h G -L A C k e 1 st g a g o s 1937
C on G C o o t C h l s t g u g 5 s .’36
M u F u e l G as 1 st g u g o s .1947
S y r a c u s e L i g h t i n g 1 s t g 5 s . '5 1
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2 d g o l d 3 s ............................. 1 9 8 0
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L A N - S o u t h A1 J o i n t 4 8 . 1 9 5 2
N F la * S 1 s t g u g 5 s . ..1 9 3 7
N A C E d g e g e n g u g 4 k s 1945
P e n s A A t l 1 s t g u g 6 s . .1 9 2 1
S A N A la c o n g u g 5 s .. 1936
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1st o o n s o i in c o m e g 3 s .a l 9 3 9
2 d c o n s o l in c o m e g 3 s ..a l 9 3 9
A le x i n t e r m i t . 1 s t c o n g 4 s . l 9 7 >
S ta m p ed g u a r a n te e d — 1977
M e x N o r t h 1 s t g o ld 6 s . ...1 9 1 1
.M id i C e n t Nee N V C e n t
H id o l N J
Nee l i n e
A lii L S A W
Nee C h i c A N V\
.Mil A N o r t h
Nee C h M A S t 1
M in n A S t L 1 s t g o ld 7 s . . 1 927
I o w a E x 1 s t g o l d 7 s ......... 1 9 0 9
P a c i f i c E x 1 s t g o l d 6 s . . . 1 92 1
S ou th W e s t E x 1 st g 7 s .1910
1 s t c o n s o l g o l d 6 s ...............1 9 3 4
1 s t a n d r e f u n d g o ld 4 s . .1 9 4 9
D o s AI A F t D 1 s t g u 4 s . . . ’ 3 5
a l l n n A S t L g n Nee R 0 R A N
M S t l 1& S S M c o n g 4 i n t g u ’ 3 8
M S S M A A 1 st g 4 ln t g u 192 6
M i n n U n Nee S t P M A M
M o K a n A T e x 1 st g 4 s . ..1 9 9 0
2 d g o l d 4 s ............................... piO D U
1 s t e x t g o l d 5 s ....................... 1 9 4 4
1 s t A r e f u n d 4 s .....................2 0 0 4
G e n s f 4 k s ....................... 1 9 3 6
8 t L D i v 1 s t r e f g 4 s ____2 0 0 1
D al A W a 1 st g u g 5 s . ..1 9 4 0
K a n C A P a o 1 st g 4 s ...1 9 0 0
M o K A E 1 s t g u g 6 s . ..1 9 4 2
M K A O k 1 s t g u 6 s ......... 1 9 4 2
M K A T o f T 1 st g u g 6 s . 1942
S h e rS h A S o 1 st g u g 6 s .1943
T e x A O k la ls t g u g 5 s ...l9 4 3
M o P a c ific 1 st c o n g fi s ...1 9 2 0
T r u s t g o ld 5 s s t a m p e d .o l9 1 7
R e g i s t e r e d .......................« 1 9 1 7
1 s t c o l l g o l d 6 s ....................... 1 9 2 0
4 0 - y e a r g o l d l o a n 4 s ......... 1 9 4 5
3 d 7 s e x t f t a t 4 % ...................1 9 3 8
C e n t H r R y 1 s t g u g 4 8 .1 9 1 9
C e il R r a n c li U P I s t g 4 s .l 9 4 > L e ro y A C V A L is t g 6 s 1920
P a o It o f M o 1 st e x g 4 s .1938
2 d e x t e n d e d g o ld 6 s . ..1 9 3 8
8 t L I r J l A S g e n c o n g 6 s 1931
G e n c o n s ta m p g t d g 5 s 1931
U n i f i e d A r e f g o l d 4 s . .1 9 2 9
R lv A G D lv 1 st g 4 s .. 1933
V erd i V I A W 1 st g 6 s. 1926
M o b J A K C 1 st c o n s g 6 s . 1963
M o b A O h i o n e w g o l d 6 s . .1 9 2 7
1 s t e x t e n s i o n g o l d 0 S .. A 1 9 2 7
G e n e r a l g o l d 4 s ...................1 9 3 8
M o n t g o m D i v 1 s t g 6 s . .1 9 4 7
S t L A C a i r o c o l l g 4 s . .« 1 9 3 U
G u a r a n t e e d g 4 s .............1 9 3 1
M A O c o l l 4 8 Nee S o u t h e r n
M o h a w k A M a i N e e N Y C A 11
M o n o u g a h o la R l v
Nee H A O
M o n t C e n t Nee S t P M A M
M organ ’ s L a A T
S ee S P C o
M o r r i s A E s s e x Nee D o l L A W
ash C h a t A S t L 1 st 7 s .1913
1 s t c o n s o l g o l d 5 s ........... 1 9 2 c
J a s p o r B r a n c h 1 s t g 6 s . .1 9 2 3
M o i l M W A A l 1 s t 6 s . . 1917
T A P B r a n c h 1 s t 6 S ....1 9 1 7
N a s h F l o r A S h o t Nee L A N
N a t o f M e x p r io r H en 4 k s . 1 9 2 6
1 s t c o n s o l 4 s .......................- ..1 9 5 1
N ow ii & D
Nee N Y N I I A 11
N J Juno H R
Nee N Y C e n t
N e w A C ln B d g o
< S «*L ou A N
N O A N K p r io r lie n g 6 s « 1 9 1 6
N Y B k l u A M a n B e l l Nee L I
N Y C o n t A 11 l l i v g 3 k s . l 0 9 7
R e g i s t e r e d ........................... 1 9 9 7
D e b o n g 4 s ............................. 1 9 3 4
L a k e S h o r e c o l l g 3 * 2 8 ...1 9 9 8
R e g i s t e r e d ........................... 1 9 9 8
M i o h C e n t c o l l g 3 k s ____1 9 9 8
R e g i s t e r e d ........................... 1 9 9 8
B eech C reek 1 st g u g 4 s .1936
R e g i s t e r e d ........................... 1 9 3 6
2 d g u g o l d 6 s .....................1 9 3 6

N

kan ye
S in c e
Jan uary i

W eek ’ s
k a n y e or
L a st N ale

H id
A s k Low
117
♦ i i o k I I ! ! ! ’ 110
98k
10 I k
107
........... 1 0 4
103
92 k
93k
92 k
UOk....... 1 11
103k
■........... 1 0 4
117
........... 11 o k
112 ....... 1 2 2 k
107k
117
106
62 k
86
88 k
116
108k
92
........... 9 3
108
' 90
.........
87
........... 8 5
113 k

High

Low
113

J a n ’08
O c t ’ 07
98k
J ’ly ’06
D e c ’05
104
93
N o v ’ 07
J a n ’08
J a n ’08
M a r '0 6
A u g ’06
M a y '0 7
A u g ’ 07
87 k
J ’l y ’06
J a n ’06
F e b ’ 08
J ’ l y ’06
J a n ’08
M a r’07

95 k 100

104
83

fl-0

94k

100 k-

A-0
J-J
J’ly

82
17
14

■Ely
M -S
M -S

94 k
95
104
A p r ’ 05
101
101k

8 a lc
18
15

79
17k

1 2 6 k 129
1 0 2 k .........
106
.........

J -I l
J -Il
A -0
J -D
M -N
VI. S
J -J

77

80

125 k
106
L 18
113k
100
80
97

J-J
A -0
M -N
E -A
A -0
M -N
M -S
J -D
M -S
M -N

M-S
M-S
E -A
M -S

M-N
I*-A

J-D
J -J

E-A
J -J
A -0
A -0
J -J
M -N
M -S
J -J
J -D
O -J

M-S
F -A

1 1

89k

87

87

113

113

91k

9 ik

92 k

98

82 k
18k

F o b ’08
M a y ’ OU

F e b ’08
A p r ’0 7
J a n ’ O'
M a r’06
J a n ’08
F o b ’ 08
A p r ’06

74k
14k
10

85
20k
14k

80

80

125k 125k

100 100
80

82

N o v ’07
J ’ u c ’07

J -J
J -J
J -D
E -A
M -N
M -S

86

89kioik

13k 14
90*8 J’lv’01

80
105

i

105
94

06
79

S a lt
81

95 k
79
98
78
76
79 k
73 k « a le
73
82
82 k
8_ 3
_
........... 1 0 5
1 04 k
96 k
105
106
105k
1 0 3 m 1 0 3 k 104
103
■ 1 0 2 k ...
........... 1 0 3 k
105
lo o k
106
1 0 4 k 107
93
92k 94k
104k
93
S a le
95
SO
........... 8 0
97 k
85
84 k
110
....... iOl
99 k
........... 1 1 5
112
...........1 0 7
106 k
109 k
74
........... 7 6 k
........... S 3
83
107 k
98
113
105 k
84k
99 k
102 k
72
92 k
101

. 100

97 k
80k
F e b ’08
E e b ’ Oe
75
J a n ’0 8
J a n ’ u7
A p r ‘07
F o b ’ 08
104
F o b ’ 08
A u g ’ 07
O c t ’ 07
J a n ’ 08
96
F o b ’07
96
A u g ’07
M a y ’07
85
J a n ’08
M a r’0 6
F o b ’08
D e c ’ 07
106
J ’ u c ’ 07
70
F e b ’08
A p r ’06
D e e ’06
F e b ’08
J a n ’ 08
84k
O c t ’ 07
A u g ’06
N o v ’ 04

.c
ta £

94
79
95
77k
73
83

98
84
98
78
77k
83

O s w o A R 2 d g u g 6 s ...e l9 1
U W d i O T B 1 st g u g 5 s .191 _
R u tla n d 1 s t c o n g 4 k s ..l 9 4 1
O e v f c L C l ia m l s t g u 4 s g l 9 4 f
R u t - C a n a d 1 s t g u g 4 s . 194*.
3 t L a w * A d ir l s t g 5 s . 1 9 9 6
U t i c a * B lk R i v g u g 4 s . 192 2
L a k e S h o r e g o l d 3 k s ____1 9 9 7
R e g i s t e r e d ....................... 1 9 9 7
D e b e n t u r e g 4 s ................1 9 2 8
2 5 - y e . » r g 4 s ....................... 1 9 3 1
K a A & G R 1 s t g u c S s .1 9 3 3
M a h o n C ’ i R R 1 st 5 s . .1 9 3 4
P it t s * L E r ie 2 d g 6 s . a l 9 2 8
P itts A I c K * Y l s t g u 6 s .1 9 3 2
2 d g u a r d s ............................. 1 9 3 4
M c K e e s * B V Is tg O s 1918
M ic h C e n t 1 st c o n s o l 6 s . 190 9
6 s .................................................1 9 3 1
R e g i s t e r e d ....................... 1 9 3 1
4 s ............................................. "
R e g i s t e r e d ...................... ...
J L & S 1 s t g 3 k s ..............1 9 5 1
1 s t g 3 k s ..................................1 9 6 2
R at C & S t u r ls t g u g 3 s .l9 8 9
N Y C h i c * S t L 1 st g 4 s 1937
R e g i s t e r e d ........................... 1 9 3 7
W e s t S h ore 1 st 4s g u ...2361
R e g i s t e r e d ........................... 2 3 6 1
N Y * G r e e n w L a k e St
N Y & H a r Nee N Y C * H u d
N Y L ack * W
Nee D L & W
N Y L E * W
Nee E r i e
N Y * L o n g R r Nee C e n t o f N J
N Y' N H * 11— C o n v 6 s s u b s . .
H o u s a to n io R co n g 6 s .. 1937
N H * D e rb y con cy 6 s .l9 l8
N T * N o rth
S ee N Y C * H
N Y O & W r e f l s t g 4 s . .0 1 9 9 2
R e g i s $ 5 , 0 0 0 o n l y .......... 0 1 9 9 2
N Y * P u t Nee N Y C A H
N Y * R B S ee L o n g I s la n d
N Y 8 * W
Nee E r i e
N Y T ex * M
Nee S o P a c C o
N o r * S o u t h l s t g 5 s ....... 1 9 4 1
N o r f & W e s t g e n g 6 s ......... 1 9 3 1
X m p rov em ’t * e x t g 6 s .. 1034
N e w R i v e r 1 s t g 6 s ......... 1 9 3 2

11

106
93

106
98

93

98

86
83 k

85
84 k

99 k

99 k

104
60

110
78
86 k

113
113k
106 k 105 k
84k 84k

D l v ’ l 1 s t 1* g e n g 4 s .. . 1 9 4 4
1 0 - 2 5 y e a r c o n v 4 s ____1 9 3 2
P o c a h C * C J o in t 4 s . .1 9 4 1
O C * T 1 s t g u g 5 s ........... 1 9 2 2
S o io V * N E 1 s t g u g 4 s 19
N o r t h I l l i n o i s S ee C h i * N
N o r t h O h i o S ee L E r i e * W
N o r P a o — P r i o r l i e n g 4 s . .1 9 9 7
R e g i s t e r e d ........................... 1 9 9 7
G e n e r a l l i e n g o l d 3 s ____a 2 0 4 7
R e g i s t e r e d .......................a 2 0 4 7
8 t P a u l - D u l D i v g 4 s ___ 1 9 9 6
D u l S h ort L ls t g u 5 s ..l9 ie
C B * Q c o lltr 4 s
S ee Q tS o t
S t P * N P g e n g 6 s ____1 9 2 3
R e g is t e r e d c e r t i f i e s . .1 9 2 3
S t P a u l & D u l 1 s t 5 s . ...1 9 3 1
2 d 5 s ........................................ 1 9 1 7
1 s t c o n s o l g o l d 4 s ........... 1 0 6 8
W a s h C e n t 1 s t g 4 s ........... 1 9 4 8
N o r P a o T e r C o 1 st g 6 s .. 1933
N o r R y C a l Nee S o P a c
N o r W l s Nee O S t P M * O
N o r * M o n t Nee N Y C e n t
ln d * W
hIi o R i v R R
S ee B a l t * O
O r e * C a i S ee S o P a o C o
O r e R R A N a v S ee U n P a o
O r e S h o r t L i n e Nee U n P a c
O s w e g o & R o m e S ee N Y C
O C F & St P
S ee C & N W
a c C o a s t C o 1 s t g 6 s ___ 1 9 4 1
a c o f M i s s o u r i S ee M o P a c

N o v '0 7
l l l k 1 1 3 k 109
107 k J a n ’ 08
1 0 7 k ...
1 1 6 k M a y ’ 07
117 k M a r ’05
113
J ’ ly ’ 04

100

J -J
A -O

81

09
81

W eek’s
k a n y e or
L a s t S a le

A .sk L o w

J liyh

1

S c
A’ c

N o x ’ 07
E 'e b ’ 0 8
J a n ’ 0 8 ____

87
F o b ’08
85
.Tan ’ 0 8
122
J a n ’06
125
F e b ’ OS
103
O c t ’ 07
94
100
92
F e b ’08
?1
...........
* 88
...........
92
J a u ’08
03
93k
92k
93 k
9 1 k S a le
00k
01k
U O k ...........
1 0 2 k ........... 1 0 9
O ct ’07
♦ 1 0 0 k ........... 1 0 7 Vz N o v ’ 0 6
* 1 1 6 * 8 ........... 1 3 9
J a n ’03
*110
...........
*100
...........

M -N
M -N
F -A

J -J
J -D
J -D
M -N

Q J
4 -J
Q -F
Q -F
J -D

H ig h

110
105

lilk
105

125

87
85
125

15
81

89k
90
88 k
88k

92 k
92 k
95
91k

96k

99k

7
15

98
103
9 6 k 101

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........... 1 0 6
D e c ’ 07
110
J ’ u e’06
.........
1 0 0 k J a n ’ 07
l O O k N o v ’ OO
•— ; ............... 9 4 k D e c ’ 0 6
02

99
...........
0 9*4 J a n ’ 0 8
* 9 8 k ........... 1 0 2 k M a i ’ u7
101
S a le
lo l
101k
100k
1 0 0 k ........... 1 0 0 k

95

S a le

95

96k

6

lla k

92 k

124k

98

........... 1 0 5
100
O c t ’ 07
121
........... 1 2 0 k J a n ’ 0 8
120
120 k
........... 1 1 7 k J a u ’ 0 8 ____ 1 1 7 k 1 1 7 k
117
127
O ct ’ 06
96
S a le
95 k
90
9
92k
9 7 *i
91
S e p ’ 07
* ........... 8 7 k
87
F e b ’0 8
84k
88k
81
S a le
60
81
82 k
78
84k
........... 8 6
86
86
2
77
86
10U Vi F e b ’ 0 6
•........... 0 3
93
E 'e b ’ 0 8
87 k 95
101

S a le

71

S a le

...........

96

100k
101
98
98
71
71k
70
70
9 6 k J au ’08

74
5
37
1

115

........... 1 1 7
J a n ’ 08
132
J ’ l y ’ 99
........... 1 1 7 k J ' l y ’ o 7
100
O c t ’ 07
0 8 k O ct ’06
93
M a y ’ OU
82
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112
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* ...........1 1 3
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Low

84k
85

86 k
86k

1 2 2 k S a le
119k
1 2 2 k 192
1 1 2 k ........... 1 1 3
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M -S

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........... i o i k D e c ’ 0 0

* 1 1 8 k ........... 1 0 7
1 6 9 k 114
110
105

...........
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99 k 1 01 k
98
100
68
72
70
70
89
96 k

117

117

4 112

114

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J -J
A -0
J -J
J -J
J -J

J -D
A -0
E -A
M -N
J -J
J -J
J -J
J -J
A -O
J -J
J -D
J -D
M -S
M -N
J -J
J -J
A -O
j - j
j - j
j - j
M -S
M -S
Q -M
J -j
j -j
M S
M -N
J -D
A -O
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j -j
j -j

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1 0 2 k 104
97 k 103

J ’r ic e
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F e b ’i f

B id
N Y C e n t A H R — ( C o n t in u e d >
B e e c h C r E x t 1 s t g 3 .k s 6 1 9 5 1 A - 0
C a r t * A d l s t g u g 4 s . . .1 9 8 1 J *0
G o u v * O s w o ls t g u g 5 s 1942 J-p
98
M o b & M a i 1 s t g u g 4 s . .1 9 9 1 M -S
78
N J J u n e R g u 1 s t 4 s . . . 1 9 8 6 F -A
86
N T A H a r l e m g 3 k s . . . 2 0 0 l M -N
100
N Y * N o r t h 1 s t g 5 s . ..1 0 2 ' A -O
97
A -O

103k 103 k
1 1 5 k 117

113
J a n ’08
111
M ay’07
9 1 k J a n ’ 08

J -J

H igh .
117

BONDS
N. Y. STOCK E X C H A N G E
W e e k E n d in o F e b 2 1

467

J -D

........... 1 0 4 k

1 0 1 k F e b ’08

105
J a n ’08
105
N o v ’ 07
101
D e o ’ 07
M -N
9 3 k S a le
93
93k
M -N
J -D • 8 9 k 8 9 k
89 k
89 k
99
J ’ n e ’07
M -S
0 4 k ...........
F -A
M -N
1 0 2 k ........... 1 0 7 k O e t ’ 0 0
102
J a n ’03
100
........... H O k S e p ’ 0 4
M -S
103
103 k 1 0 8 k E e b ’08
j - j
1 0 8 k J ’l y ’07
J -J
9 0 k J ’n e ’06
M -S
8 1 k ...........
F -A
85 k 88 k
9 2 k S a le
M -N
92 k
92 k
89
O ct ’06
J -D
84k
89k
9 0 k M a r’06
J -D
9 3 k F e b ’ 08
A -0
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J a u '0 6
........... 1 1 0
M -N * 9 6
1 0 8 k A u g ’ 03
J -J
100
...........
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M -N * ........... 9 0
F -A
96
J an ’04

1 0 1 k 105
102

M -N

107

107 k
C onsol

99

Jan ’08
F e b ’08

82

A -0
89
S a le
J -J
88
89k
J - J ♦ 8 6 k .........
8 8 k J an ’08
94
S a le
M -N
94
94
70
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F -A
76
76 k
73
..........
F -A
78
78
F -A
74
76k
7 7 k F e b '0 8
F -A
71
N o v ’ u7
96k J -J
102
F e b ’ 07
J -J
102
M a r*0 4
J -J

87 k

91

91
76
73
74 k

94 k
82
78
81

88®* 88k

P h ila B a l* W 1 st g 4 s .. 194 3
S od B a y * S o 1 st g 6 s ... 1924
U N J R R A C an g e n 4 s. 1944
P e n n C o — G u a r 1 s t g 4 k s . 1921
R e g i s t e r e d .......................... 1 9 2 1
G u a r 3 k a c o ll t r u s t r e g .1 9 3 7
G u a r 3 k s c o U tr s e r B ...1 9 4 1

ioa"!

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88

105

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91 k

1 02k 104 k

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92 k

90

96

75 k

75k

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92 k

1

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85
78

94
88
77k

iHISCKLA 4NKOUS IIONDM—Continued on Next Paco

Coni and Iron
C o l F A I C o g e n s f g 5 s . .1 9 4 3
C o n v e r t i b l e d e b g 5 s ____ 1 9 1 1
C o l F u e l C o g e n g o ld 6 s . 1 91 9
G r R iv C oa l * C 1 st g 6 s l9 1 9
C le a r f B it C o a l 1 s t s f 4 s . .. 1 9 4 0
C o l I n d u 1 s t * c o ll 6 s g u .,1 9 3 4
C o n tin ’t a l C l s t s f g u S s g .1 9 5 2
J ett * C le a r C A 1 1 s t g 6 s . 1 9 2 6
K a n & II C * C 1 s t s f g 6 s .l 9 5 1
P le a s V a l C o a l 1 s t g s f 6 s . 1 9 2 8
S u n d a y C r e e k C o g 6 s ____ 1 9 4 4
X e n n C o a l g e n 6 s ...................1 9 5 1
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4 7 *a
1 0 7 * 4 A u g ’ oO
194
G e t '0
D e tc fc C h E x t l a t g 5 a ..1 0 4 1
97
N ov ’O ,
D e s 5 1 o iu D iv l a t g 4 a . .1 0 3 0
1 09 *4 M u r ’ 0 6
U n i D i v l a t g 3 * 4 3 ...............I 9 4 1 A -O
89
F e 0 ’ o7
99
D e c ’ 07
...........
J ’ u e ’ U.
T o l 4b C h D i v 1 s t g 4 a . . 1 0 4 1 M -S
110
J a n ’05
199
51uy’ 0 ,
S t C l iu s B r i d g e 1 s t g 6 a . 1 0 0 8
........... io O
4 2 7b
44
8
4 3 ‘s 4 4
4 2 7» 5 6
T ab P i t t a T e r m l a t g 4 a . 1 0 5 4 J - D
1 0*4
1 0 3,
29
2 d g o l d 4 a ..................................1 0 5 4 J - D
10*4 s a le
10
19
fa r r o u
d e e D e l L a o 4b W e s t
( a s h C e n t dee N o r P a o
io s

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

198

1 s t c o n g u a r g 5 a ........... 1 0 3 '
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S o P a o C oa st 1 st g u 4s g . 103'

U

V

W

84
84
95

85
J ’ n e’07
96

83
8.1
88
F « b ’08
.0 3 *4 A p r ’ 0 7
10 /
J a u ’ Ob
.9 6*4 J ' l y ’ 9 6
91
J a u ’98
04
A u g ’ OO
10
P’ e b ’ O f
0 7 ®3 N o v ’ 0 7
88
Jau ’08
16
D e c ’06
09*4 F e b ’06

8

8 3 34

87

15

94

99

1

80
88

8 *‘4
88

197

io 7

100

101

U e u 4b c o u v g 4 a ............... 1 0 5 2
W V a C e u t 4b P 1 s t g d a 1 0 1 1
G e u g o l d 3 - 4 a ........................ 1 9 4 3
i n c o m e 5 a ........................... 6 1 9 1 3

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

a. D u e J a u

W h e e l D iv 1 s t g o ld 5 a ..1 0 2 8
E x l e u 4b I m p g o l d 5 a . . . 1 0 3 0
B B l a t c o n a o l 4 a ................. 1 0 4 0
2 0 -y e a r e q u ip a f 5 s ...1 0 2 2
'l i k e s 4b E a s t d e e E r i e

09*4 1 10
33

88

F -A
5 .-0
5 -0

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4 -0

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90
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8 5 6j 0 3
20
90
91
02
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68
in
64
75
64
69
192
102*4 P e b ’ 0 8
105
8 1 >a 8 6
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99
01
J a n ’ 98
02*a
0 7 *a G e t ’ 0 6 . . . .
85
85
1 8i
80
8 3 64 A u g ’ 0 7
_____
70
A p r ’ 0 7 ____
80
D e o ’ 07
3 1 01
103*8
103*8
1 0 3 *t
04 4
65
a
6 4 Hi 7 0
87*>«
8864 9 41
8 5 *a 8 9 ' »
8 7 a4
88 6
7
8 5 34 8 0 6,
8 ** J a n ’ 9 8
89
89
6 86 4
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686
5
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>

R r ic e
J/Viitao
F e b HI

7; . '
v. 1

cVo
...

i l l l s C L L l i A i N E (> U S

Umuilncturiug cfc Industrial
B e t h S t e e l 1 s t e x t s f 5 s . . 1 0 2 6 J -J
35
C e u t L e a th e r 2 0 -y e a r g 0 s. 1 02 5 A - 0
«1 S a le
C on sol T o b a c c o 5 0 -y r g 4a. 1051 P . A • 62
D i s t i l S e c C o r c o u v 1 s t g 5 3 >27 A - O
6 6 3a . . . .
i n t P a p e r C o 1 s t c o n g 0 s . 1 0 1 8 F -A
1 0 2 *4 1 0 3
C o n a o l c o n v a f g 5 s ____ 1 9 3 5 J - J
.......
30
I n t S t P u m p 1 0 -y r c o n v . 6 a T 3 J -J
....... 91
K n ic k e r I c e (C h ic ) 1 s t g 5 s ’ 28 A -O
L a c k a w S t e e l 1 s t g 0 s ____1 9 2 3 A - 0
85
.
N a t S t a r c h M f g C o l s t g 6 s 1 9 2 0 M -N
7 5 ‘a
N a t S t a r c h C o s r d e b 5 s . .1 0 2 6 J - J
75
H e p u b lc fc S ls t c fc c o lt r o s .lU S l A -O
85
00
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1 0 3 *g
U S R e a l t y cfc I c o n v d e b g 5 s '2 4 J - J
........... 6 0
U S S t e e l C o r p — ( c o u p .< 1 1 96 3 M -N
88*4 Sale
S f 1 0 - 6 0 y r 5 s . ( r e g . . r i l 0 6 3 M -N
88 *4Sale
V a - C a r C l ie n t c o l 1r 6 s g . , 1 0 1 2 A - O
92*4......
W f t o l i n r h o u s o K cfc 51 a f 5 a '3 1 J - J
........................................................ ......................... 60

BONOS
N . Y. S T O C K E X C H A N G E
\V e r k k n t h n o f e u 2 1

.. .

_____
Q -f * 103
........... 0 7
M -N
J *L
.......................
M -N
A -U
P -A

J) iut

0S**4 A p r M -

.......................
107
U *8J lb 8
1 06 *4 1 0 0 - 1 0 7 * 4
102
......... 1 1 2 * 4
....................... 1 0 0 J4
8 5 * 4 .........
91
.......................
1 1 2 * 4 ......... 1 0 9

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S a g T u s cfc H l a t g u g 4 s . 1 0 3 1
P h i l B cfc W
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[V O L . L X X X V I

100
...........
...........

68
39

iu 3
716,
9564

8 2 7a S a l e

87*4
6764
3 9 !,
L96 ‘1
111
8 7 j4
34

J ’ l y ’ 07
67H ,
F e b ’98
A u g ’ Ol
J a u ’ Of
J a n ’ Ot
P o b ’ 97

107
10

J a n ’ 08
D e o '9 6

71
.0 4

8 2 7b

6

i o s *4 i n
8 7 ‘ s 8 7 34

103

P 'e b ’ 0 8
O c t ’ 97

«3

6 7 ^4 6 6
391*4 4 7

11

106

9 8*4
71

72*a

80*4

85

83

»0*«

B O N O S — C o n c lu d e d *
c U ia c e lln n e o u a
A d a m s E x c o l t r g 4 s ........... 1 0 4 8
A m S S C o o f W V a g 5 a . .1 * 1 9 2 0
B ’k l’ u P e r r y C o l s t c o u a g 5 s ’48
C l i i o Jocfc b t Y a r d c o l g o a . 1 0 1 5
D e t 5 I cfc M Id g r i n c o m e s . . 1 0 1 1
I n t M e r c a u M a r in e 4*43 1 0 2 2
In t N a v ig a t io n 1 st s f 6 s . 102 2
M a n B e lt H 4 b L g e n g 4 s . . 1 0 4 0
^ D o s <11990
N Y D o c k o O -y r 1 s t g 4 a . . 1 0 5 1
P r o v id e n c e S e c d e b 4 s .. .1 9 5 7
P r o v id e n t L oa n 8 0 0 4 *4 3 1021
S t J o s e p h S t k Y d s 1 s t 4 *4 3 '. 1 9 3 0
S t L T e r C u p p l e a S t a t ’ n cfc P r o p
C o l s t g 4 *43 5 - 2 0 y e a r . . 1 0 1 7
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D D uaF eb

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M -N

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J -J
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........... 1 0 3
64
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........... 8 0
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80
87

m

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

88
I 0 0 a4
41
100
70
6 3 ,,-i
77**4
60

88
J ’ n o ’ 0 ‘2
O c t ’96
J a n Mb
S e p ’ 06
64
F e b MS
F e b ' O ’.

80
F e b ’ 08
85
G e t ’ 07
00
ll a y ’ 06
1 9 0 *a S e p M i l

1

100
13

100

63
75

77->4

85

80

j-i>
.............. : : : :
J -J
1Y 2 " J ’ i y ’ o i ____ ...........
11-S
1 1 3 >a f l y ’ 0 0
......................................
g9 y
A
9
Au
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07) 7 ..................................
......... ...........
ffD u o J u o
A D u e J ’ly
p D ue N ov

!

CHICAGO STOCK EXCHANGE— Stock Record— Daily, Weekly and Yearly
S T O C K S — H IG H E S T
S a lu r d a j
F t b 15

1721- * ___

* __
* __
*15

*18 4

2
10
10

*40
*75
17
* ___
* ___
* ___
* _
*
2731
903(
* ____

42
77
17
47
40
21150
08
281.)
OUg
30

4*s
47
*125
*117
* ____
*

M o u tla y
F e b 17

*2<r
*40

47
127

50
95
29
94
45

*13 4

* __
*15

*
*
*
*
*

*40
*75

*05
27
*90
*------

42
70118
47
40
211'
50
07
273'
92
30

*40
7412
* __
* ___
* ___
* ___
*
*05
27r>s
s8i.i
*—

*

*2G
*40

Vo" ’
94
45

17
45
40
211;
50
07
28b
88'/
30

VT

*20

91
45

94

*40

*1
*1
P.
11.
*4
*4
5
24*3 *243t 251- *243t
11512
115 115 *11412 n o
*108
*108 110 *108 1 1 0
85
80
*85
80
*85
12338
12.3*4 12.33 122*4 122*
30*2
*30
30*2 30*
31

lb
5

2511151;
110
No
1-3130*;

____ ____
74*4 7 51■ 7412 75
100 100
*100 107
54
*53
*531.| 54
*101 103 *101 103

25*lf '2 4 *
7-H'
75
973.
97
9012
12 2
122 *125
95
95
95
5)
112
*1'*8
* lONs a
105,8
*1412
*14*2 15

*24*2
*72

43
75

*40
*74
* ____
*42
* ____
* ____
* ____
*05
2 8 14

89
* ____

4'f
4*8
41)
413
4*8
4 5 1.1
40
40
403.
40
____ *128
+128
*125
*117 127 *117 127 *117
*48
51
51
51
50
—
—
* ____
—
95

2434

75
107
54
103

LOW EST

*24 " * 2 -1 ’
*72
75
973.1
073.
130 *125
*95
95
111*2
l()7v
107s
15
15

SALE

P R IC E S
F r id a y
F eb
1

W ed n e sd a y
F e b 19

1721;
1721; * ___
1721- *
2
2
*134
2
*M4
*
10
10
*0
10
*151, I d ,
10
10
*15

*1
*4

*74
*100
*53
*100

AND

T u esd a y
F e b 18

251;
75
97 fg
128
951'
H'
10'f
15

*20
*93
*40
*1
♦ 4

24
11412
lOOD
*85
12312
301,

L a s t S a il
L a s t S a lt
L ast Sah

1512

155;

L ast Sah
L ast Sah
L a s t S a il

43
*71
70
70
____
18
18 ►
L a s t S a il
40
L ast S ah
40
L ast S ah
211;
l .a s l S a l'
50
L a st Sah
09
28b 29
90
91
891'
L a st Sah
30
4b
401:
—
127
50
—
29
90
45

4bi
45

Jan’ Of
175
Feb’Of
234
Feb’Of
8
1£34
16
234
Feb’OS
July’01
18
•123.1 Feb’Ot
*731,
74
* ____
17
Feb’Of
45
July’Oi
40
Jan’Of
20
Sept’0',
60
Feb’Of
07
291«
79
92
9H ,
July’01
33

-Hf
451;

L ast Sah
L ast S ah

*45

50

L ast S ah
L ast Sah
L ast S ah

*98
40
L ast
L ast
L ast
L ast

96
40
S a il
Sah
Sah
Sah

lb
5
24328
24
115
11412 114b
108 *10012 108
80
124
Kmi’ o 124a
300 *30
31

L ast
L ast
L ast
L ast

390
____
____
____
33
80
____
____
____
____
____
9 f
20;
—
925
721
____
____
70
____
____
____
20
30
____
____
____
____
170
117
25
39
204
55
____
____
—

4b
4*8
46
<0
Jan’ Ot
135
Feb’Ot
117
*
.
50
Feb’Of
95 ‘
Jan’Ot
42
Feb’Of
29
*93
98
401;
400
105
Metro;
Mch’Of
10
Oet’O;
l
N ov’07
5
*23
25
1091
113
*100
108

124b 124b
*301
31
3U4 N ov’Of
SO
Feb’Of
41
Aug’07
21«
June’01
20'.| July’07
75
75
7514
751.1
7412 741;
IOOI4 IOOI4
100 107
100 100
*50
53
*53
54
5312 54
103 103 *100
*101 103
May’07
L a s t S a h 534
Feb’Of
L a s t S a lt 85
25
*24
2512 *24
" ’24* 24“
733,.
73D 743|
743.t 743j *73'2
97
971;
97U 973j
971.1 97'b
130
*120
130 130
120 120
*94
90
90
94
94
96
*112
15f
Hi
lb
1*2
l s8
107g 107S
101;
10 18
1078 107s
15
*1412 10
*14l2
*1412 15
L ast
L ast
L ast
L ast
L.asl

S a les
0 / the
W eek
S h a res

Sah
Sah
Sah
S a lt
S a lt

S a lt 32U
S a lt 1 0
S a lt 10
S a lt 4

250
73
210
50
20
71
1,213
75
235
482
413
141

Jan’07
N ov’06
May’07
N ov’OO

I n te r ­
est
P erloti

P r ic e
F r id a y
F e b 21
md

A m erican B iscu it 6s__1910
A m er S tr a w b ’d 1st 6 s . 1011
Cass A v e & F G (St L) —
5 s .................................... 1912
C h ic B oard o f T ra d e 4 sl0 2 7
C h icago C ity R y 5 s ___1927
C h ic C on sol Br& M It Cs____
C h ic Consol T r a c 4 b f s - 10.39
C h ic A u ditoriu m 1st 5 sl929
C h ic D o ck C o 1st 4 s . .1 9 2 9
C h ic N o Shore E lec 6 s . 1912
C h ic <fc Mil Klee R y 5 s . 1010
C h ic P n cu m T o o l—
1st 5s______________a l921
C h ic R I & P R R 4 s . .2 0 0 2
C ollnt T ru st g 5s-----1913
C o m m o n w ’nlth -E dlson
C ldc E d ison d e b 0 s l9 1 3
1st g 5 s ____ J u ly 1926
D eb en tu re 5s-------1926
Coininontv E le c t 5s51!)4.’l
Illinois Tu nnel 5s____ 1028
K an C ity R y & L tC o 5s 191.3
K n lc k 'b 'k e r Ice 1st 5 s . 1928
L a ke S treet E l—
1st 5s............................ 1928
In com e 5 « ___________ 1925
M etr W Side E l—
1st 4 s _______________ 1938
E x ten sion g 4 s _____ 19.38
N orth C h ic St 1st 5 s . . 1009
1st 5 s _______________ 1916
R e fu n d in g g 4 H S --1 9 3 1
N o Chic C l t y R y 4 ^ s l 9 2 7
N orth W estern E l—
1st 4 s _______________ 1911
O gden Gas 5 s________ 1945

A sk L ow

K - A
J - J t ____100
J
J
F
J

-

.1 -

F A A -

J
D
A
Jj
I)
A
O
O

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

-

____1011;
1951, Sale
____
55’
____100
____ 100

7 U , -----....................

J 1-----98
O
S
98
981,
S
D
N 1-----O ____

MMJ M4.40s ......................
M 4.60s Series E . . .
M4.80s Series F ___
A MJ J MJ J A U n ion P a cific c o n v 4 s . 1911 M M
F
J
M
.1
A

-

IOO1.1
Sale
Sale
____
95
93

11 igh

l i ’ ds
S o ld

N o.

R ange
S in c e
J a n . 1 1908
L ow

H ig h

100 Meh’07 . . . .

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

991, Jan'OS
100 May’07 __
0
951,
9512
103 Apr’04 . ___
55 Aug’07 ____
9034 Jan’00 ____
____
87 Feb’00 ____

9912 991,
__
U47g 95*2
____ ____
____ ____
____ . . . .
____ ____
____ ____

17
71b
72
79 N ov’04 ____
80 A pr’04 —

711, 721,
____ ____
...................

100 Jan '08
97b
98
9734 98
99b, Feb’OS
90 D ec’00
96*8 Sep’07
85 D cc’07

7
13
____
____
____
—

100 100
97
99
97
9814
93
100
.... ....
. . . . ____
....................

88
------

881; Jan’Ot . . . .
16 May'05 —

88
881,
...................

----------____

83
801;

2
83
83
801, Jan’08 . . . .
90 D ec’ 00 —

811, 84
80
801;
____ - ___

------

------

79 Aug’Oti ____
75 Feb'07 —

. . . . ____
............... —

19
89
893;
1
8 7 ',
87b;
1001,Mch’00 . . . .
94 Sep’07 ____
9 8 July'07 ____
971,j a i ’ 0 8 ____
8
111
112
15
98
981,
1001, 1U034
6
97
97
1
0834 F eb’OS ____
95
95
I
98
98
90 Feb’ Of ____
114 N ov’04 ____
68 Jan '08 ____
90 May’07 ____
O8 I2 Sep’05 ____
73 June’07 ____
73 June’07 ____
87 D ec’00 ____
901, Jan’00 —

801., 9«
80 U 89
____ .,

J - J ____
-----F eb
F - A
J - J
J - J
,1 - J
A - O
M- N

W eek ’ s
R a n ge or
L a s t S a le

S 88
N
85
D
S
N
N
O il2
S -----J 10 0 1,
97
D
N -----9478
J
98
J
<) -----N
-----N __
A ....
1)
N ....
J ____
O ------

891,
88

Sale
97b
10 1

Sale
99
90
99
90
70
____
__
. _
------

Note.— Accrued Interest m ust be ad d e d to all C h icago

R a n g e ]o r P r e v i o u s Y e a r

(1907)
H ig h e s t

R a ilro a d s
C h icago C ity l t y _____ 100 160 Jan 24
l b F eb 3
C h icago & O ak P a r k . 100
8 F eb f
D o p r e f_____________l o o
15 F e b 10
C h ica go S u b w a y _____ 100
234 F e b 13
C h ic U n lou T r a c t i o n .100
D o p r e f____________ 100
4012 J an 9
Kans C ity H y & L t - -1 0 0
OSH-1 an 4
D o p r e f____________ 100
17 .Tan If
M etrop ol VV S K ie v ___ 100
42 Jan t
D o p r e f_____________100
N orth C h ica go S t r e e t . 100
20 J an 31
N orth w estern K ie v ___ 100
D o p r e f_____________100
05 Jan 11
S outh S ide K le v a t c d ..lO O
27 Jan 3
Streets \V Stable C 1,-100
D o p r e f____________ 100
90 Jan 23
W est C h ica go S t r e e t .. 100
M iscella n eou s
A m erican C a n _________100
F e b 1?
411 ! Jan :
D o p r e f____________ 100
A m erican R a d ia t o r ..1 0 0 125 Jan 10
D o p r e f....................... 100 1161; •Jan 31
40 Jan 7
A m er S h ip b u ild in g ___ 100
91 Jan 1
D o p r e f . ..............
100
42 Jan 9
A m er S traw H oa rd _______
24 Jan 3
B o o th (A) fc C o _____ 100
90 J » n If
D o p r e f....................... 100
40 F « b 20
Cal & C h ic Canal & D .1 0 0
Central T ru st B a n k . . 100
C h icago A u d ito r iu m _____
C h ic B re w ’g <Sc M alt’ g ____
D o p r e f________________
22'r Jan 2
C h ic P n e u m a tic T o o l . 100
C h icago T e le p h o n e ___ 100 100 Jan I
C h ic T itle & T r u s t . ..1 0 0 100 Jan 3
80 Jan 3
Com m o n w ’ t h -E d is o n . 100
D iam on d M a tch _____ 100 113 Jan V
30 Jan 22
Illinois B r ic k __________ 100
K n ick e rb o ck e r I c e ___ 100
D o p r e f____________ 100
M asonic T e m p le _________
M llw & C h ic B re w in g ____
D o p r e f________________
70 Jan 3
N ational B is c u it_____ 100
D o p r e f____________ 100 10134 J - n :
531* F e b 19
N ation a l C a rb o n _____ 100
D o p r e f____________ 100 102 Jan 2
Page W o v W ire F en ce.
8012 Jan 0
P e o p lo ’s G a s L & C o k e _ .1 0 0
24 Jan 24
S e a r s -R o e b u ck c o m . .1 0 0
72 Jan 1(
D o p r e f_____________100
8 8 * 2 Jan
1
S w ift & C o ....................... 100
T h e Q u aker O ats C o . .1 0 0 11434 Jan :
87 Jan 2
D o p r e f . .................. .1 0 0
13g Jan 7
U nit B o x Bd & P C o . 100
10 Jan 7
D o p r e f....................... 100
15 Jan It
W estern S t o n e _______ 100
M in ing
B ingh am C on M in in g . 50
B lack M ou n ta in ______
D a ly -W e s t ..........................20
H u b b a r d -K lllo t t ______

175 J an
-3| F eb
8 F eb
21 Jan
234 F e b

27
18
3
If
if

Jan
Jan
Jan
Jan

1-'
2<
21
21

20

Jan 31

71

J - ” i:
F e b 2!
Jan It

19 12

92

5 1 2 Jan
52 Jan
1.35 Jan
117 F e b
5512J i n
9512 F e b
42 Jan
30 Jan
98 J-i n
40i2 F e b

28
120
111
90
125
39

Jan
J»n
F eb
Jau
Jan
Jan

11
11
31
11
If
7
f
11
27
■ -1

14
4
11
29
!•»

70 Jan 3*
IO8 I4 .1 ■.n 2 ‘.
57 F e b 1
104*2 Jan 7
89

.Ton
F eb
77 Jan
99~s Jan
134 Jan
90ij F e b
l b Jan
12
Jan
10*2 Jan
2 512

15
1?
<

27

29
t
‘

If
21

150
134
10
11

Mch
N o\
O ct
O ct
2 14 D ec
14 A p r
28 N ot
68**14 N ot
17 D ec
43 N ot
8 4 1 2 Apr
20 Sep
58 A pr
00 N ot
20 O ct
95 A pr
20 Mch

205 A p r
5 Jan
10 A p r
4012 Jan
0*4 A p r
19*4 Jan
65 Jan
.Tan
Jan
Jan
J ’ly
>Jan
J ’ly
Jan
Jau
M ay
Apr

3
341 °
120 '
112
:0
80
30
25
90
45
165

O ct
N ot
D ec
N ov
N ot
N ov
Jan
D ec
D ec
O ct
F eb

7>4 A p r
00 A p r
1401s Sen
130 A p r
80*2 Jan
109 Jan
40 M ch
40 J ’ ne
111 F eb
54 Jan
165 F eb

1
5
21
!5
(5
77
108*2
34

Jan
Aur
D ec
O ct
O ct
O ct
N ot
N ot

1
0U
51 "
1341112*5
**7b
129*2
57

41
2D
25 "
68b
Ml

Aug
Jan
Feb
O ct
N ot
50
N ot
9734 N o t
Pi

20
G7
75*2

100
85

34
0

10

N ot
N ot
N ot
N ot
N ot
O ct
N ot
Jan
D ec

32D Jan
10 * 4

Apr

Jan
.1 ne
Feb
Apr
M ay
O ct
M ay
M ay

40
Jan
2 i« J a n

27
SO
1173,
84*4
12 J

M ch
Jan
Jan
Jan
Jan

« 2 b Apr
57 J an
95 Jan
1 13*2 Jan
173*2 M ay
10231 Jan
2 *4 A p r
1231 A pr
30 F eb
.321« Jan
20

Jan

Chicago Banks and Trust Companies

Chicago Bond Record
BONDS
C H IC A G O S T O C K
EXCHANGE
Week ending F e b 21

R a n g e S in ce
J a n . 1 1908

STOCKS
C H IC A G O S T O C K
EXCHANGE

bon

971, 971,
1091, 112
94 100 14
971, 103
9434 98
98
9834
94
9612
93
9fAj
90
90
08

08

____

____
____
____
____
------

____
____
------

d prices

N AM E.

O u tsia n d in j
S to ck

T

£ u r p iu s
and
P roJU s

T

D iv id e n d R e co rd
In

In

1906

1907

8
8
B ankers N a t io n a l _______ $2,000,000 $1,252,235
30,741
6
5
100.00C
C a lu m et N a t io n a l _______
149.451
10
10
500.000
C h ica g o C it y _____________
12
12
3,000,00f 4,219.197
C om m ercia l N ational —
8
8
C on tin en tal N a t i o n a l ___ 4,000,00( 3.200.007
G
50.000
8.305
6
C o o k C o S tate S a v in g s ..
12
12
C orn E x ch a n g e N ational 3.000,000 4,850.754
44,041
6
6
200.001
D rexel S t a t e . ____
—
380.134
8
8
600,000
D ro v e r , D ep N ation a l —
6
37.970
3
200,000
E n g le w o o d S t a t e .......... ..
12
12
First N a t i o n a l ___________ •8,000.000 7,543,458
10
150,000
157,017 10 + 1C
First Nat I n g le w o o d ____
Priv ate Ba
500,000 1)040.833
F orem an B ros B ’ k 'g C o .
7
395,626
0
F o rt D e arborn N a tio n a l. 1.000,000
5
500,000
188.007 ____
H a m ilto n N a tio n a l_____
8
8
H ibern ian B ’ k ’ g A s s n ___ 1,500,000 1/988.063
10
10
131.557
200,00(
K asp ar S tate B a n k --------See V. SO,
250.000
f.lv e S to c k E x ch a n g e N at 1.250.001
4
55.200
3
300,000
M onroe N a tio n a l.......... ..
94.034
M utual B a n k ------ -------250,000
4>2
0
7I2
N at B ank o f R e p u b lic ___ 2,000.000 1,230,709
414.827 Began busine
1.500,001
N ation a l C i t y . .............—
51,889 Began busine
N ation a l P r o d u c e ---------250,000
Began
58.429
buslm
200,000
N orth A v e n u e S t a t e . . .
6.424
0
G
50,000
N orth Side S tate Savings
35.815
0
0
100,0<X
O akland N a tio n a l----------*£70,79!
1/57.416 d38
8
>500,000
P rairie S t a t e _____________
4
1/16.940 . . . .
250,000
R a ilw a y E x c h a n g e --------Orga nlzed
300,000
/93.591
0
84.209
200.000
S ou th C h ica go S a v in g s ._
8
9+ 1
l.OOO.OOf 1/1.150.805
S tate B a n k o f C h icago —
0
0
100,708
250.000
S to c k Y a rd s S a v in g s ------G
39,564
0
200,000
U n ion Bank o f C h ic a g o ..
62,954
6
6
200,000
U n ion S to c k Y a rd s State
8
8
A m erican T ru st & S a v g s . 3,000.000 1/2.478,534
7
7
2,000.000 1/986.178
C entral T ru st C o o f 111 —
....
l/92.64f . . . .
nSOO.OOO
C h ica go S av Ilk & T r -----G
6
5,000,000 z l . 154,548
C h ica go T itle & T ru st —
6.828
3
3
50,000
C itizens T ru st A Savings
10
10
600,000 1/533.060
C olonial T ru st & Savings
0
0
108.993
200,000
D rovers T ru st & Savings
48.06?
Orga nlzed
Farw ell T ru st C o . . ____ 1.500,000
____
2.000.000 1/1,470,571 ____
F ltst T ru s t & S a v in g s—
304.037 Began busine
H arris T ru st & S a v in g s .. 1.250.000
Illinois T ru st & S a v in g s . 5.000,000 1/7,868.312 1 2 + 4 10+ 4
41.351 ____
0
200,000
K en w ood T ru st & S a v g s .
2
32.002 ____
200.000
Lake V iew T ru st & Savgs
12
12
M erch ants' L oa n & T r Co 3,000,000 y4.542.710
750.000 1/366.45.’
6
6
M etrop olitan T ru st & Sav
8
8
N orthern T ru st C o . . ------ 1,500,000 1/1.817.172
200,000
47.550 ____
0
N orth w est T ru st & Savgs
200,000
0
0
76.323
P eop les T ru st & S a v in g s.
fcSOO.OOO rl87,G06
8
*8
P u llm an T rust & Savings
500.000
8
563.283
8
R o y a l T ru st C o _________
200.000
10.590 ____
5
S to c k m e n ’ s T ru st <5c S a v .
____
U nion T ru st C o -------------- 1,000.000 1/1,038 .801 ____
25.4?9 Forme rly Jen
200,000
U nited States T r u s t -----G
W estern T ru st & Savings 1.000,000 1/ 317,872 0 + 1
200.00U
42.209 Began busine
W est Side T r & Sav Bank
0
200.000
6
29,843
W o o d la w i T r& Sav B k . .

P erlod

L a s t P a id

%

C)-J
An
j-j
Q-J
Q-J
Q-J
Q-J
Q-J
Q-J
Q-J
Q-J
Q-J
nk
Q-J
J-J
Q-J
J-J
PQ -l
Jan.
Q-J
ss
>s
ss
Q-J
Q-J

Jan
Dec
Jan
Jail
Jan
fan
Jail
Jail
Jan
lan
Jan
Jan

Q-J
J-J
Oct
Q-J
Q-J
J-L
M-N
Q-J
Q-J
Q-J
____
Q-J
A-(
Q-J
Q-J
Apr
____

Jan '08. 2
Jan 'OS. 2
12 1900
Jan ’08. l i 2
Jan '08. 2
Dee ’07. 3
N o v ’07, 3
Jan ’08. IN
Jan 'OS, 2
Jan ’OS, 1*4
______ . . . .
•Tail Y.s, l l 2
Oct '07, D ;
)an 'US, 1 *
Jan ’08. ID
1 3 1907
_________ _
Feb 4 1007
Feb '08, ID
Jan 'os, i i 2
Jan ’08, 1
Jan 'OS. 3
Jan ’ 08, 1J2
Jan 08, 2
Jan ’08. 3
Jan '08, 3
I’m ’08. 2
Feb T8, 2
Jan ’08, 2 ij
___________
■ R E D & Tr
Jan ’ 08. 1U
Sept 5 1905
Jan ’08. F t

Q

Q-J
Q-J
Q-J
Q-J
Q-J
J-J
J -J
Q -J

Q -l
J-J
....
nlns
Q-J
3S
Q-J

’08.
'07.
'08.
'08.
08,
’08.
'08.
’08.
'08,
'08.
'08.
'08.

2
0

5
3
2
lb
3
U2
2
112
3
2 lj

Jan 'OS. 2
Jail ’(.8. 2 12
lan ’08, 2
Jen '08, 5
384.
N o v ’07. 1
Jan '08. 4*2
Jan 'US. 2
Feb 5 1907
Aug 20 1907
Dec 8 1900
Jan '08. 1U
Jan '08. I*;

* Bid and asked prices; n o sales w ere m a d e o n this d a y .
T D e c. 3 fo r n ation al hanks an d N o v . 19 1907 fo r S tate Institutions.
T
latest price this w eek.
a D ue D e c. 31.
b D ue Ju n e.
<1 Inclu des special d iv id e n d o f 3 0 % p aid D e c. 18 1906.
fc C apital Increase: 1 fr mi S 30 0,000C -J . w ith extra
a s to c k d iv id en d o f 3.3 1 -3 % be in g declared In part p a y m e n t th erefor,
n C apital and surplus to be Increased.
q D ivid en d s are p
p a y m en ts o - F .
w F e b . 14 190 8.
x A s o f D e c . 31 1007.
V A s o f F e b . 15 1008.
s D e c. 3 1007.




BOSTON STOGK EXOHANG-E—Stock Kecord, Daily, Weekly and Yearly
SHAREPRICES—NOTPERCENTUMPRICES
Saturday
Feb. 15

Monday
Feb. 17

Tuesday
Feb. 18

Wednesday
Feb. 19

*831®
195
*125
*200
*135

677s
841®
197
126
205
136

*67
*8314
1*195
125
5*200
:*135

68
* 68l4
67’4 68
84*4 *8414 85*4 *84l4
195 195
197
197
125
125
25 *124
210 *202 210
205
36
135
.35
135

*285
*9
*45

287
10
50

*285

287
10
60

*45

* ___
5912 :<____
____
*136’ 2 .37
—
*108
1*108

121
* ____
* __

121
77

11 .
____
*17io 1S12
131*4 132

5912
. ___
—

120 121
*____ 77
■f____
11
____
*41
*1714 18>4
131 13U®

Thursday
Feb. 20

Friday
F eb. 21

Week
Shares

681® 68
68
*6 S' 4 681®
Last Sale S4i4 Feb’OS
85l4
.97
197 197
197
198
12034 12634 *126
l27
130
205
201 201 *204
210
135
134 135 *134
136
Last Sale 136
Feb’08
285 285 *285 286 *2S5 286
286
286
*9
10
*9
10
Last Sale 10
Feb’08
60
50
*45
*45
Last Sale 45
Feb’08
Last Sale 17
Feb’08
58
*56
58
5912 58
____
*56
____ * 1 3 6 ..
...
•'136
Last Sale 1361® Feb’08
10S 103
106 106 *108
____ *108
____
Last Sale 170
Oct’07
Last Sale 152 July’07
244 246
120 120
120 120 *120 121
121* 1 2 l"
7634 *70
*70
76*4
luist Sale 79
Jan’08
80
80
*73
*73
Last Sale 73
Oct’07
Last Sale 190
Sep'07
10
10 * ------ 101" *____
10
10
101®
____ *41
41
4U® ❖ 42
____
4212 421®
Last Sale 171® Feb’08
*171s 181s *1612 1712
130 131 *13012 131
130 131
13234 133
Last Sale 144
Jan’OS
Last Sale 205 Nov’07
185 185
185 185
185 185 *185
187*2
Last Sale 12
Nov’07
Last Sale 25
Nov’07
25
25
25
25
*25
____

210
140
57
8
164
15
—
~ 5
____
14

STOCKS
BO STON STOC K
K X C 1 IA N G E
R a ilro a d s
A tc h T o p & San ta F e.lO O
D o p r e f_____________100
B o sto n
A lb a n y --------100
B oston E le v a t e d ______ 100
B o sto n & L o w e ll______ 100
B oston & M aine___ . - 1 0 0
D o p r e f_____________100
B oston
P r o v id e n c e . 100
B o s to n S u b u rb a n E l Cos
D o p r e f_______________
B o sto n & W o r E le c C o s ..
D o p r e f_______________

&

&

Do

p r e f____________ 100

50
123 F itch bu rg p r e f ..
____
i B y & Electric
D o p r e f_______

RangeSince
Jan. 1 1908
Leneesl
Highest
67*s F e b
84i4 F e b
1811® J an
125 F e b
20014 F eb
133 Jan
136 F e b
284 .Jan
91® Jan
45 Jan
14 Jan
56 Jan
126 Jan
102 Jan
244
117
71

.100

11
74*s Jan
13
87 Jail
2 200 Jan
17 140 Jan
11 210 Jan
2 140 Jan
13 150 Jan
10 286 F e b
8
10 Jan
31
46 Jan
21
17 Jail
601® Jan
6
2 137l2 Jan
10 110 Jan

Range lorPrevious Year
(1907)

14
16
28
20
18
28
22
21

9
31
25
10
22
24

Jan 14 246 F e b 10
Jan 2 12U2 Jan 20
Jan 7
79 Jail 27

Lotcesl

Highest

67 2 N ov
7 9 * 4 N ov
ISO D ec
117*4 N ov
200
J ’ ne
129 N ov
150 O ct
285 O ct
8
J ’ ly
50 A ug
16 N o v
55 N o v
128 D ec
99*4 O ct
170
152
' 244 D ec
110 N o v
691. D ec
7-1 O ct
190 A u g
7 D ec
37 O ct
14 N o v
1271® N o v
145 D ec
205
175 O ct

1071
1 0 1 *s J an
240
152 Jan
231
170
165 Jan
301 F e b
15 F eb
65 Jan
2 8 * 1 Jan
80 Jan
160 Jan
120 Jan
188
280 Jan
135 Jan
114 M ch
88 Atch
198 Jan
201 Jan
711® Jan
25*i Jan
190* Jan
160 Jan
226 F e b
200*4 Jan
52 Jan.
67 J a n
Jan
45
Jan.
94
103 Jail
1821 Jan
93 J a n
170 Jan
95 Jan
110 Alch

n r Mass Electric Cos____ 100
8 *4 Jan
2
121® Jan 8
40 Jan 2
30
501? Jan 8
Do pref____________ 100
171® F e b 13
17i2 F e b 13
Mexican Central_____ 100
X Y N II & H artford .100 128 Jan 6 1391® j a n 20
Northern N H _________100 144 Jan 9 144 Jan 9
Norwich & W o r p r e f.100
*183 185
185 185
234 Old Colony___________ 100 175 Jan 11 185 Jan 18
Pere Marquette_______ 100
25 N ov
Do pref____________ 100
25
25
59 Rutland pref__________ loo
25 Jan 15
27 F e b 4
25 N o v
*70
70
70
75
50 Seattle Electric_______100
70 F e b 17
75 F e b 11
82 A u g
94
*90
94
*90
*99
____
95
95
10
Do pref____________ 100
88*8 J an 2
S334 N o v
95 F e b 8
1141s 1161® 11218 1M
1131.1 11414 114 115
116ls 1101® 116
116*8 3.009 Union Pacific_________100 112*8 F e b 17 128*4 Jan 14 10012 O ct
*821® 8312 *821® 831® *801® 8H® *801® Sl*2
Last Sale 33
Feb’08
80 Jan 3
Do pref_____________100
84 Jail 13
7 8*1 N o v
152 152
Vermont & Mass____ 100
150 Jan 13 155 F e b 11 145*8 N ov
8034 81
8212 82*s
8212 8012 81
83
83
81
81
81
328 W est End S t___________ 50
76 Jan 2
85 Jan 27
/4 D e c
98
98
*98 100
98
98
97
*97
98
98
98
98
121
Do pref______________50
96 Jan 2 1 0 0 F e b 1
94 N ov
140
Sep'07
Wore Nash & R och-_100
Miscellaneous
16
1578 1578
161® 161® 161® 1612 *1534 1612 16
360 Amer Agrlcul C lie m ..l0 0
16*8
16*8
13 Jan 3
10 O ct
18*s F e b 1
26 Jan
82
82
82
82
82 *------ S2
82
82
82
81*4
82
107
Do pref____________ 100
78 Jan 4
85 Jan 31
721® N ov
95 F eb
4 I3 4'S
4*8
4
418
4
4 1-16 4 1-16
4
4*8
4
4
545 Amer Pneu Service.. 50
143.! Jan
4 F e b 10
5*® Jan 16
31? N o v
*10
*10
11
*10
11
Jan
11
11
11
*10
11
10
10
430
Do pref______________50
10 F e b 21
13>2 Jan 16
91; O ct
33
110 112
10914 n o
108U 10914 1091® 109*4 11112 11234 11212 1131? 3,474 Amer Sugar Betln____ 100
09*4 ,Jall 2 114*4 Jan 18
93 D ec
137*4 F eb
110 n o
10712 10912 109*4 110t2 110
107 n o
106 108
110 1 ® 3,034
Do pref------------------- 100 106 F e b IS 116 Jail 6 105 D ec
13 1*4 Jan
105*4 10014 10514 105*8 105U 1051® 105 100
2,239 Amer Telep & Teleg.-lOO
1051® 106
IO6 I4 107
99 Jan 2 110i4 Jan 15
89*4 N ov 134* Jan
90 American W oolen____ 100
*16
is
1612 lt)i2 *16
1712 *16
1712 161® 1712 17
17
16 Jan 2
22 Jan 4
121. N ov
3619
80
81
801® 84
80
80
80
80
8OI4
566
7734 80ia 79
Do pref------------------- 100
77'*4 F e b 19
1021 Jan
88 Jan 4
69 O ct
334
Juu
*3
*3
*3
Last Sale 3
Jan’OS
Boston Land--------------- 10
3*4
3*4 *3
3 Jan 7
3 M ch
3 Jan 7
4
3*4
*1021® 105 *10312 106 *1031® 106 *10312 106
Last Sale 1071® Feb’08
Cumberl Telep & T el.100
93* N o v 115 Jan
961® Jan 11 1107g F e b 3
*1412 1512 ____ ____ *14~s 15*8
Jan’OJ ____ Dominion Iron & S te e l._
Last Sale 15
14*4 Jan 6
121. O ct
25 F eb
15 Jan 25
*4'g
51® *47g 51® *4'8
51® *47g
Jan’OS ____ East Boston I.and_______
9*. !_Jan
5’2
Last Sale 4*4
•U® Jail 2
51® J an 26
31; O ct
140 Edison Elec Ilium___100 20434 F e b 17 212 Jan 13 185 N o v 230 Jan
205 205
204*4 205 *200 205
205 205 +200 205 *204 2041®
1147s 11612 11412 115
144 General Electric_____ loo
162 Jan
117
91 O ct
114 115 *11414 116
116 116 *115
111 Jan 2 124 Jan 15
853 Massachusetts Gas CosloO
52
62
5214
52
43 O ct
66*8 dfln
52
53
*52
54
52
52
50 Jan 2
*5212 55
57*8 Jan 15
395
Do pref------------------- loo
84
83
83
80* A p r
831?
75 N o v
S312 831® 84
83
83
77 Jan 2
85 Jan 20
831® 831® 83
15 Mergenthaler L in o___100
194
194
196 196 ❖ ___
*195 196
196 196
193 Jan 6 200 Jan 18 185 N ov 215 M ch
195*4 * ____196
43.! Jan
1*4 D ec
2
2
Last Sale U2
Feb’08
Mexican Telephone.. 10
2
2 Jan 23
*114 2
*1*4
* ll4
1*4 F e b 1
*1‘4
J ly
*
40 J ne
52
. . . . N E Cotton Yarn____ 100
75
Last Sale 5912 Jan’Of
52 ❖ ___
591® Jan 14
53 * _
53 * ___
* ___
8() O ct
90 Jan
80
Last Sale 7912 Feb’01 ____
80 *
Do pref------------------- loo
80 * 80 ❖ ___
80 Jan 14
791® Jan 14
44 N E Telephone_______100
96 N ov 126 Jan
no
108 108 *106 108 *1071® 109
108 108
no
107l2 108
105 Jan 4 119 Jail 20
150l2 151
149 149 *150 151
237 Pullman Co___________ loo 147 Jan 2 159 Jan 18 137 N ov 182 Jan
150 150
150 150
14978 150
10
21 Reece B u tto n -H o le .. 10
9 N ov
11 Jau
10 F e b 21
*912
934
91® 91® *9*8 912 *9*8 91? *93S 91® 10
9 I4 Jan
2
167 Swift & Co____________ loo
7612 N ov 113 Jan
97
9714 971® 98
97
0714
97?s
971® 97
97
97
97
881® Jan 2 100 F e b 4
Last Sale 22
*20
23
Feb’OS
20, J no
2 2 1 9 Jan
23
Torrlngton, Class A - . 25
23
*20
*20
*20
20 Jan 3
22 F e b 0
23
____
Feb’Ol
*241® 25
Last Sale 25
241 Nov
Do pref______________25
2 7 1 ® J ’ly
27l2 *2412 25
*241® 25
*25
25 Jan 14
24 Jan 27
07g Jan
11,
U?
100 Union Cop L ’d & M 'g . 25
2
*U 2
*U2
1*4
2
1*4
1 O ct
2
*1*4
*1*4
*1*4
212 J an 28
l ’ 2 Jan 7
116
1.026 United Fruit__________ 100 1141® Jail 2 120*4 J an 25
11512 11534 115l2 116
101*. O ct
115U 115*4 116
120 D ec
11612 1161® 115*4 HO
*40
41
4112 4U®
•12
42
1,040 Un Shoe Mach C o r p .. 25
36 O ct
69 Jan
42
401® 4114 4014 41
*41
381® Jan 4
46 Jan 14
261® 261® 261® 261? *2612 27
383
29 Jan
Do pref______________25
23^8 N o v
26*4 2634 2612 261® 26*3 26*8
24<8Jan 3
27*4 Jan 17
28
28*8 2812 28*8 3,313 U S Steel Corp_______100
O ct
22
50*8 Jan
271® 28
27*4 27 ’3
281® 27*8 27*8
28
20 Jan 2
31*s Jan 18
92
927s 92
9U® 9Us
£91*8 9 l ’s
93
1,214
71)12 N o v 1 0 7 * 4 Jan
Do pref____________ 100
9218 92H
95*s Jan 14
91*8 92
871® J an 2
612 6^2 *6
7
7
0
0
N ov
7
*6>4
35 W est Telep & T eleg._100
* 6*4
4
9 Jan
*614
7
8 Jail 31
4 F eb 3
0212
6212 *50
Last Sale 6212 Feb’08
50 N ov
82 Jan
621- *50
6212 *50
*55
70 Jan 16
Do pref____________ 100
69 Jan 9
20*4 N o v
78* Jan
" l 6 Westing El & M fg___50
217s Jan 30
197s F e b 18
347S
76 M ay
80 F e b
25
Do pref------------------ 50
3 47g F e b 19
347s F e b 19
Mining
6 N ov
* ____
2
2 *
2 *- 6*® F eb
2 * 21. ❖ _
200 Adventure Con_______25
3 Jan 18
U2 F e b 21
1*2
1>2
25
26
2512 26
O ct
74*4 Jan
27
20
28
27
*27
790 Allouez________________ 25
26*8 261g 2712 28*8
33*® Jan 20
251" F e b 18
4578 47
45>2 461® 45
46*8 4534 47*8
42*8 JL)CC 121 j a n
47*4 48*4
47
49U 41.274 Amalgamated Copper 100
53*4 Jail 14
24
*23
24
231® *23
19 N o v
53 J an
Last Sale 331® Feb’08
*23
2312 *23
2034 Jan 13
261® Jan 20
Am Zinc Lead & S m .. 25
____
28
____
335g .Jan 14
28
297s 29*8 ____ ____
31
31
35 A n acon d a---------:_____ 25
28 F e b 10
4
234 O ct
153g Jan
4
4
37g 37g
4I4 41.
414
0 Jan 15
414
4*4
3*8 T’ c b 21
3*8
37g 1,082 A rcadian_____________ 25
?34 O ct
28i2 M ay
1612 16
16
I 6I4 1534 1534 16
2034 Jan 29
1612 161®
1714
17*4
18
1.449 Arizona C om m ercial.. 25
14 Jan 2
2 Jan
.45
.45 * .45 ____ * .45
.35 Sep
—
*.45
—
*.4 0
—
*.45
____
100 A rn old_________________ 25
.40 F e b 14 .46 F e b 19
11 o Jan
i2 M ay
Last Sale 12
Aug’07
Ash Bed_______________ 25
61® O ct
22 " F eb
91® 10
*914 IOI4
934 10
10
14 Jan 23
10
*10
11
10
11
610 Atlantic _____________ 25
9i®Jan 3
1
2
1 ®A p r
H®
N
ov
4
Jan
18
Last Sale 2*4
Feb’OS
2
Jan
2
Balnklala temp ce rtfs..
134
37 Jan
4>8 D ec
214
634 Jan 20
1*8
134 8,574 Bingham Con Min & S 50
5
1»2
51fl
F e b 18
21® 41&
1'2
1*8 3
.80 Jan
.35
.35 Sep
.40
.35 * .35 .40
.40
.40
.40
.35
.38
1,800 Bonanza (Dev C o)___ 10
.35 F e b 19 .50 Jan 11
.40. *. 35
133s 13*8
3 3 1 4 Jan
1334 14
8*8 N ov
17 Jan 29
1412 151.
14
1312 141fl
7.021 BostonConC&G (rets) £1
14;*8
141g
15
11*8 Jan 3
10 O ct
39's Jan
16
1612 1012 17
207S Jan 20
161® 16*8
15*® J an 2
I6I4 16*.
17*4
18
5,016 Butte Coalition_______15
* 17*8 171®
198 F eb
89 O ct
95
98
105 106
93
98
103*4 1040 100 103*2
96
100
2,703 Calumet & Arizona___10
03 F e b 20 110 Jan 20
620 620
630 639
620 630 *620 625
610 610
612
615
600 Jan 2 700 Jan 15 535 O ct 1000 F eb
61 Calumet & H e c la ____ 25
16 O ct
22
47 F eb
21
*2012 2112 *21
21
2H® 21
21
28’4 Jan 15
*21
22
21
21 F e b 10
240 Centennial____________ 25
.52 Jan
.25 O ct
.37
.35
.37 * .34 .37 * .33
.35
.35
.35
.37
37
.37
.28 Jan 9 .40 Jan 23
2,278 Cons Mercur Gold____
l
4 4 1 4 O ct
105 Jan
551s 50
65 Jan 18
5612 57U
551® 561®
55*3 57
57
59
55*8 561?
4,860 Copper Range Con C o .100
55*s F e b 18
7>2 D ec
20i2 Jan
812 812
97g Jan 18
812 8*4
8
812 8I2
712 D aly-W est--------------------- 20
7 Jan 3
8*4
8I4
8*4
8*4
40 O ct
70i2 Mcli
40
Oct’07
Dominion Coal_______ 100
85 N o v 114 Jan
89
Dec’07
Do pref------------------- loo
34 N o v
413 Jan
2 Jan 18
*1
♦Us
1>4 ♦Us
1>4
160 Elm River______________12
1 Jan 13
l ’s
1'8
1>8
1>4 *1’8
U4
l's
6 O ct
7
734
8
29>4 Mch
10’ 2 J an 27
712
7
7
8
8
7’2 8
2,160 F ran k lin ........ ................... 25
7 F e b 19
71® 8
85
65 O ct
85
83
S3
*83
____
151 F eb
94i2 Jan 18
90
85
85
85
85
*85
80 Jan 2
138 Granby Consolidated, loo
6>4 O ct
7*8
7i2
9 1 ®Jan 20
7*8 71®
6 7g Jan
2
7*4
733
7*2
gig 6,296 Greene-Cananea_____ 20
7*4
712
17*8 A Pr
714 712
2
D ec
2 I4 214
5i4 Jan
2?s Jan 22
10 Guanajuato Consol___
2*4 F e b 19
5
1812 18
19*8
1U® O ct
18
36l2 Jan
26>4 Jan 27
1912 2012 17*4 19
5.460 Isle Royale (Copper). 25
1734 F e b 17
I 8I4 1834
19*4 21
13
8
O ct
13
13I4 I.3 I4 13*4
13*8 1.187
17’4 Jan 14
30 F eb
1314 13*4 I 3 I4' 1312 13
131®
'le Copper-----------25
12U Jan 2
3 I4 *3Ti 334 *314
2*8 N ov
3
4’4 Jan 18
4
0i4 Jan
312
31® *312
334
)onsol___________
31?
3 F e b 19
675
3'2
* ___
Last Sale .45
.40 N ov
184 Jan
50 * ___
50 *___
.45 * ____ .45
Jan'08
.25 Jan 10 .50 Jan 22
47g
634 N o v
5 I4
8 Jan 18
512 618
5
5
15i4 Jan
478 F o b 19
5
5l2
6I4 X5
6,090
6*8
10
5*4
684 O ct
1234 Jan 20
8
7^2 734
10
9
8
2 4 1 ®Jan
71?
71® F e b 19
10U
912 912
7*2
712 2,287
47
47
4612
58 Jan 18
48
49
37 O ct
4912 491® 47
47
4712 4712 45
96l2 Jan
46 F e b 19
648
.90 .90
138 J an 24
.98
1
.90 .90
1
N ov
1
1
1
1
1
1
.90 F e b 2 0
1,180
3i2 M ay
012 93g *9*8
934 9*4 71934 93.1 *91® 10
912
9I2
634 N ov
121® Jan 20
96g
S*sJan 2
630
2 0 i2 Jan
54'4 Jan 18
4U4 43*s
42
30 O ct
4378 451? 11,068
4312 4U® 42
4034 F e b 19
411g 4134 40*4 41
120 Jan
____
Last Sale ’ 2
*.4 5
*.45
*.45
*.45
*2 Sep
.50 Jan 15 .55 J an 28
Feb’OS ____
2 1 ®Jan
31
32*8 3212 3414 3,785
3212 3414 323s 321?
3012 31*4
40 Jan 28
31
18 O ct
3U®
28 Jan 2
63 “ F e b
77
77
79
92 Jan 14
79
77
77
80
80
77
78
77
71 O ct
77 F e b 19
793,
340
181 F e b
1334 14
13
14
13
13
1458 J an 20
13I2 1312
14
14
13
8 * 4 O ct
1 0 ’ 2 Jan 11
700
;C o p p ) 10
1314
35 Jan
1
....
*1
1 + .50
1>4 Jan 25
1
34 Jan 15
1 *.50
1 *.50
i 2 D ec
1*4
26
lldatea
e3 Jan
79
80
80
80
931® Jan 15
78
77
77
80
8*2"
80
77
78
77 F e b 19
70 O ct
315
148 F e b
*312
4
21g 21g *3*4
312 312 *314
*3
4 1 ®J an 20
4
312
312
200
2’ s F e b 2 0
2 O ct
el234 Jan
2
2
*2
2lg ♦2
2
2
2
2»s Jan 20
2
2
2
21g
2 Ja n 3
985
112 N o v
7*2 Jan
10
101® 10*8 10*4 4.950
1014 10*4
1014 IOI4
9*4 101s
10
IOI4
1358 Jan 20
934 F e b 19
7*8 O ct
24*8 Jan
*62
65
62
62
60
61
62
60
60
60
65
65
77 Jan 20
60 F e b 13
95
61 O ct
170 Jan
1234 13
1278 13
121g 1311
133g 14
1314 131?
1834
Jan
14
12*S 121?
3.222
1 2 ’g F e b 19
9*8 N ov
42i4 Jan
*534
*6
*6
012 *5*4
6
6
6I4 „ * 5*4
612
6*4
81® Jan
6I4
65
6
F e b 13
7 D ec
77>4 M ch
Last Sate 21*4 Feb’08
26 Jan 3
D o p r e f.
2134 F e b 13
22 O ct
.100
91 M ay
*934
97g *9*4 10
10
012 91®
9*4 10
10
10*4
Jan
3
*10
loig
455
0i2 F e b 17
1 25
7l2 N o v
13>4 Jan
*3U®
32
31
*3214 33
3U® 3134 31*8 31®s 31
*31*4 32*4
351® Jan 20
510
24*4 O ct
70 Jan
. 50 *29*® Jan 2
38
38
38
38
3712 38
3712 38
38
38
401® Jan 20
38>4 3811
D o p r e f.
835
37 F e b 10
. 50
27?g O ct
49 Jan
33*4 34
34
34*4 35
3414 33*4 34
34
3314 34
36*2 2.639
4l*s Jan 28
291® Jan 3
. 5
26l2 O ct
79 Jan
4
412
4
41®
4
312 414
5
*412
41>8
412
403
634 Jan 14
640
3l2 F e b 20
31® O ct
11*8 F eb
1.06l4J'ly’07
1 M ay
31® M ch
634
*57S 612 A534
5
6
51? *512
6
6
6
6
180 \
41 ®Jan 2
rti34 F e b 7
c21® N o v
14 Jan
* __
119 119 *115 119 *115 119
119
119
125 *119 120
1151® Jan 2 132 Jan 20
13 \
93
O
ct
198
F eb
.90 ♦___ .90 *.75
Last Sale 90
* .8 0
.90
.90 *.8 0
Feb’08 ____’
____ \W y a n d o t ___ _______ _ 25 . 6 0 Jan 3| I.O6 I4 Jan 29
.1 0
N ov
B efore p a y ’ t o f assesses called In 1007. * B id and asked p rices,
N ew s to c k . e A s s 't p a l d . /1 E x -rig h ts . a E x -d lv . and rig h ts. 5 E x -s

c




d

Boston Bond Record.

F e b . 22 1908.
■**>0
BOSTON STOCK KXCH'SK
Si
W eek Kndino F j: b 21
45®*

J.OND.%
BO STON STOCK E X C H ’O E
W e ek E nding F e b 21

\\eeK’ s
Range or
Last Sale

Frice
Friday
Feb LI

471
IT ice
Friday

Leo 2 /

Hid
ASK
___ 98*Illinois Steel deben 5s___1910 J-J
Non-convert ileben 5 s...1913 A -0
95
97
la Falls A Sioux Cist 7s.. 1917 A-O
Kan C Clin & Spr 1st 5 s... 1925 A O
92 ........
96*8 91**4 Kan C Ft S & Gull 1st 7s.. 1908 J-D 100*8.......
Kan O Ft Scott & M 6s ___1928 M-N 112*2 113H.
85
85
Kan C M A B gen 4s.......... 1934 M-S
86 .........
Assented income 5s.......1934 M-S
87 .........
Kan C & M Ky & Br 1st 5al929 A-O
ilO Feb’04
Maine Cent cons 1st 7 s ...1912 A-O
101 Sep’00
Cons 1st 4 s ......................1911 A-O
114 Mar’06
Marq H ough* Ont tat 6s. 1925 A-O
112*2 Jan ’03
Mexican Central cons 4 s.. 1911 J -J
79
82
104 Oct ’07
lstcons inc3s......... Jan 1939 J’ ly
106*4 ........ 102 Sep’05
2d cons inc ds......... Jan 1939 J’ ly
97 Jan’08
Mich Teleplst 5s................1917 j - J
100 J’ne’01
Mlnne Gen Elec con g 5s 1929 j - j
123*4 Nov’OO
New Eng Cot Yarn Os___1929 F-A
96
111 >s J’ly ’05
New Eng Teleph 6s.......... 1908 A-O
79*2 80
79 *2
79*2 Sale 79*2
6s .......................................1915 A-O
1J103 Oct ’07
fis........................................ 1916 A-O
98 Oct ’07
New England cons g 5s... 1945 J-J
1100 % May’07
Boston Term 1st 4s.......1939 A-O
97 78 J’u'e’07
N Y N H A H con dob 3*281956 J-J
102 7» J’ne’06
Old Colony gold 4 s .............1924 F-A
97*2 May’07
Ores By * Nav con g 4 s ..l9 4 6 J-D
86 Jan’08
86
86
Oreg Sh Line 1st g 6s .......1922 F-A
99 102\i Repub Valley 1st s t 6 s ... 1919 J-J
1 0 1 102 101 Feb’08
Rutland 1st con gen 4*2.8.1941 J-J
88 Oct ’07
92
Rutland-Canadian 1st 4sl949 J-J
122 Apr’06
Savannah Elec 1st cons os.l 952 J-J
126 Feb’06
Seattle Elec 1st g 5a.........1930 F-A
95
95
95 Fob’Oh
Terre Haute Elec g 5a___1929 J-J
97 100
99 100*2 LOO Feb’08
Torrington 1st g 5 s .......... 1918 M-S
91 Deo’07
Union Pac RR A 1gr g 48.1947 J-J
112 *4 Jan ’03
20-year conv 4a................1927 J-J
92 ........ 104 Nov’OO
United Fruitconvgen6a.l911 M-S
89 Mar’07
U S Steel Corp 10-60 yr 5s. 1963 M-N
90 Jan ’08
90
90
West EndStreet Ry4a___1915 F-A
98 Apr’07
Gold 4*28........................... 1914 Nl-S
103 *8 Api ’05
Gold. debenture 4s.......... 1916 M-N
100 May’07
Gold 4s..............................1917 F-A
128 Sep '07
Western Teleph & Tel 5s. 1932 J-J
140 Apr'05
94 >s Sale 94
94*2 38 92 *4 1J97% Wisconsin Cent 1st gen 4sl949 J-J
92
96% Wisconsin Valley 1st 7 s..1909 J-J
94 ........ 95%Fob’08

Jiigti
Bid
ask Low
09%
99 % Sale y9l*
80
80 Sale 79%
1178 Nov’li?
(04 Mar’06
97*4
97
97*2 07
85 ........ 86 Jail ’08
85 ........ 85*>8 J’no’07
M-N

Am Bell Telephone 4s___1908
Am Tel ftp A Tel coll tr 4s. 1929
Am Writ Paper 1st st 5s g 1919
Atcli * Nebraska 1st 7a..1908
Aten Top <S>S Fe gen g 4s.. 1995
Adjustment g 4s___J’ly 1990
Stamped...............J’ly 1990
Boston Elect Light 1st Ca. 1908
Consol 5s..........................1924
Boston A Lowell 4a.......... 1916
Boston A Maine 4%s......... 1944
Boston Terminal 1st 3 *28.1947

J-J
J-J
J- J
M-S
A-O

M-S
J-J
J-J
F-A
j -j
j -j
J-J

Hutto A Boston 1st 6s___1917

M-N
J-I>
Q-F
0 B A G Iowa Div 1st 53.1919 A-O
A-O
Debenture 6s .................. 1913 M-N
Denver Kxten 4a............1922
Nebraska Kxten 4 s .......1927 M-N
B A B W 8 I 4a.................. 1921 M-S
Illinois Div 3*28..............1949 J-J
Joint bonds See (It Northern
Ohio JO Hy A Stk Yds 5s .1915 J-J
Coll trust refunding g 481940 A-O
Ch Mil A St P Dub D 6s.. 1920 J-J
Oh M A St P Wls V div 6al920 j . j
Ohio <* No Mich 1st gu 5 8 .19 31 M-N
Ohio & W Mich gen 6 s....1921 J-D
J-D
A-O
A-O
A-O
M-N
M-N
M-S
4s .
M-S
4s
AO
A-O
J-J
Q-J

N ote—Buyer pays accrued Interest In addition to the purchase price for ail Boston Bonds.

Week’s
Range or
Last Rale

Lange
.Since
January 1

Low
High
98*2 Feb’08
95
9G

Low High
97*4 99
95
97

90 Jan’i'8
100*8 Feb’08

100

1 2 2 *4 N o v ’ t;6
112*2

90

90

1U0*|

109*2 113

112*2

94*2 Dec’O'j

89 Sep '0 /
99 May’()7
11 35g Nov’OO
101*4 Sep ’05
118 M «)’04
84 Jan ’08
26 *2 Oct ’06
1734 Aug’05
102*2 Aug’04
96*2 B’eb'OS
100 Feb’08
100*8 Jan ’07

87 *2Jan ’08
101 *2 Sep ’06
1102 % Jail ’05

100

79*2 88

im ^ M a r ’OO
102 Aug’ U7
107*2 Nov’05
102 Mai’02,
98*2 May’OO
97 *2 Dec’07
97 Apr’07
99*2 Nov’06
1(99% H99%
1187 *2 Sep ’07
116 Jan’08
H38 Fob’l)8
96*4 Feb ’08
95 Nov’07
102*>» Jan-U6
99 >2 May’ll"
82
86
1194 *2 Sep ’05
109**8 Aug’05

* No price Friday; latest bid and asked.

U6 *i

93
100

fl99%H99%
116 117
H86 H89%
96*4 96*4

87>i

1| Flat price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Saturday
Feb 15

Monday
Feb 17

Tuesday
Feb 18

Wednesday
Feb 19

Sales
of the
Week
Shares

Lnuay

Thursday
Feb JL)

Feb 21

ACTIVE STOCKS

(For Bonus ami Inactive
Stockssee below)
Bull liuore

*4

........

10*2 1 0 %
•42% 43
27 >« 27 *0
8% 834

8314 88*4
-4 ........

11

11

83*2 83*2

83
53%
i118
663i05511io 5416,0
•37*2 38
*37*2
5% 6UJ8
6%
15
15
1$
40l3io 48*4 4d3i0

83
64
1 *8
65%
38*2
5%
15
47*4

*38
39
•38
•48*a 49*8 •49
76
70% 77
- .......

39
49%
70

84

10
10
11*2 11*2

* 7 % 27 %
87g 8%
'4
4 ‘2

*83 *2 84
63*4 64*8

84

27
27*2
8%
8%
s
A

84
84
53% 64%
55*4
30%
6%
15
46*2

2

H
O
M
3
a

84

84

•5

10

43
43
27% 27%
8 % 8%

81*4 84%
54

1%
55% 55l l ie
36 *2
38
5%
5%
15%
15
47*2 475io

30
30
49% 49*»
70% 76*8

*83*« 81
*4
5
♦8
LO
*11
11*4

•38
49
77

54*4
1 % *1
55 7«
60*4
*36
37
5*4
5%
15*4
15%
485i0 4 7 * 2
*39
*38
39
49
49
70%
77*2

PH ILADELPH IA

P H ILAD EL PH IA

inactive Stocks
Allegheny Val prof___56
American Cement.......50
Amer Plpo Mfg........ 100
Bell Telephone (Pa). 100
Cambria Iron................60
Central Coni A Coko. 100
Consol Trac of N J ...1 0 0
Diamond State Steel.. 10
Preferred................... 10
Easton Con Electric 6.50
Eleo Storage Batt___100
Preferred..................100
Ft Wayne A W V .......100
Germantown Pass.......50
Indianapolis St.......... 100
Indiana Uniou Tr— 100
Insurance Co of N A .. 10
Inter Sm Pow & Cliem.50
Keystone Telephone ..50
Preferred................... 50
KoystonoWatchCase.100
Lit Brothers..................10
Little Schuylkill.......... 60
MlnehlU A Schuyl II ..50
N Haven Iron A Steel.5
Northern Central........ 60
North Pennsylvania..60
Pennsylvania Salt.......50
Pennsylvania Stoel.. 100
Preferred................. 100
Phlla Co (Pitts) pref...50
Phil German A Norris.50
Phlla Traction.............. 50
Railways General.......10
Snsqneh Iron A Steel..5
Tidewater Steel.......... io
Preferred................... io
Tonopali Mining of Nevl
Union Tr of Ind........ loo
United N J ER A O .. 100
Unit Trao Pitts pref..50
Warwlok Iron A Steel.10
West Jersey A SeaSh.60
Westmoreland Coal.. ..50
Wilkes On* A Eleo..100

Bonds
A1 Val E ejft 7s 1910 A-O
Alt ALVEieo 1 *28*3 3 .F-A
AiuHysconv5s 1911.J-D
Atl City 1st 5s g ’ 19.M-N
Balls Ter 1st 5s 1926. J-D
BergAEBrw lst6s’21 J-J
llethle Steel 6a 1998.Q-F
Choc A Mo 1st 5s 1940 J-J
Cli Gk A G gen 5s ’19 J -J
Col St Ry 1st con 6s 1932
Con Trac of N J 1st 6s.’33
E A A 1st M Ss 1920 M-N
Elec A Peo Tr atk tr ctfs
Eq II Gas-L 1st g 5s 1928
11 A B Top eon 5s ’26 A-O
Indianapolis Ry 4s. 1933
Interstate 4s 1943 ..F -A
Lehigh Nav 4*28 '14.Q-J
RRs 4s g.......1914. Q-F
Gen M 4*28 g.l924.Q-F
Leh V O 1st 5s g ’3 3 ..J-J
Loh V ext 4s 1st 1948. J-D
2d 7s 1910................M-S
Consol 6s 1923.......J-I)
Annuity 6s..............J-D
Gen cons 4s 2003.M-N
Leh V Tran con 4 s’35J-D
Now Con Gas 5s 1948 J -D
Newark Pass con os 1930
N Y Ph A No 1st4 s’39 J-J
Income 4s 1939...M -N
NoOhloTrao con5a’ 10.J-J
Penn gen 6s r 1910..Var
Consol 6s r 1919...Var
Penn A Md Steel con 6s.
Pa A N Y Can 5s ’39.A-0
Con 4s >939............A-O
Penn Steel 1st 6 s’ 17 M-N
People’s T rtr certs 4s ’43
P Co IstA col tr 5s’49 M-S
ConA col tr 6s 1951 M-N
Phil Elec gold trust otfs.
Trust cortifs 4s.............
P A E gen M 5 g ’20. A-O
Gon M 4sg 1920..AAO

95
44
64

2 0 't

20 %

■" 4**4
15
' 68 **s
8234
98
100

101

3734 38*2

86

87***

6

5*9

2*38’
6

49
84

46
6*2

43
43
27"* 27 7(
8 7, 8 7i
5
*4
24
*22
*4*a 0
85
85
54*v
64

*20

1*8
56*2

37

6**,
1-5*2
48*,
41
39
49 *2
77*4
25

Bid

A sk

100*4 108
101 ’2
........
........
i ’o’e "
102 103
106
89
105
100
80

90
81*2
48*2

........ ........
108%
98
1 4 9 " 1*44"
92
92%
104%
97
98
83
105
100

100

i.05
94
102
93%
97%
00
110
100

103
94%
98
67

Con. Gas El. L. A Pow.100
Do prel................... 100
Northern Central......... 60
Seaboard (new).............. 100
Do 2d pref............100
50
635 United Ry A Kleetrio.. 50
Philadelphia
47 American Railways___ 50
,771 Cambria Steel............... 50
46'J Electric Co <X America 10
14u Gen Asphalt tr ctls ....1 0 0
Do prtS tr ctfs___100
Lake Superior Oorp___100
117 Lehigh 0 A Nav tr ctfs. 60
,919 Lehigh Valley............... 60
,02o Marsden Co.................... 100
,570
176 Philadelp’aCo (Pltlsb). 60
,423 Philadelphia Electric!. 25
,052 Phlla Rapid Transit#.. 50
,758 Reading......................... 50
Do 1st pref............ 50
Do 2dpief.............. 60
1
474 Union Tnaotion............ 60
,1 4 1

PH ILAD ELPH IA

Range Since
Jan1 19U8
Highest
Lowest
20

J an 15

20

80

Jan
F eb
Feb
Jan

86

4

10
10

2
12
18
s

Jan 15

Jan 21
5*2 Jan 20
10 F eb 18
1134 Jan 18

43 Jan I f 43*2 Jan
2 6 7s Feb 10 30*8 Jan
8 *2 Jan 25 9**16 Jan
5 Jan
3*2 J a n 0
19% Jan b 25 Jan
4 Jan 21
6% Jan
78*4 Jan 2 8 9 34 Jan
5 2 % F eb 11 61 Jau
*®I8 an 20
1*4 Jan
5l!,i a Jan 2 53*3,0 Jan
35 Jan 3 39 Jan
0% Jan 6 6*2 Jau
13% Jan 2 2| 18*5, Jan
F e b 17 67*2 Jan
39 Jan 3 42 dan
3 7 % J a n 2 IDlfl Jau
49 J an 22 62 Jan
73 *« Jan 2 80*2 Jan

J

Ask

Range tor Freviout
Year (19U?)
Lowest

Highest

33 *2 Jan
80 May
78 *2 Nov10 Nov
24 Dec
8 % Oct

35 Jan
85 Jan
97 Jan
23 *4 Jan
48 Jan
16 J’ nt

1>

43*4 Dec 51

18
17
17
13

1334 N ov

Jan
47%.Jan
11 % Jan

20 22 Oct
6 7% Oct
2b
3 Oct

8

4 Dec
69 Oct
48*2 Oct
10
% Nov
2l r52 Nov
30 3 3 34 Nov

Jan

36

Jan

16

Jan

103 Jan
7 8% Jan
2*h Jan
70*t]« Jan
4 8 \ Jan

9
Apr
IF 63i8 N ov
7 <112 N ov {26*8 May
Jan
9 3538 001

20 36 *2 Nov 4638 Jan
lb

32 *2 Oot

13

66 >2 Oct

47

Jan

10 4 l 7a Nov 603s Jan
25

B A L T LUO R E

96*8 Jan
May 3i# Feb
B id

Ask

Chas Ry G A El 6s ’99 M-S 82
87
Cliarl C A A ext 5s.’09 J-J
2d 7s............... 1910 A-O
City A Sub 1st 5s. . ’22 J -D
City A Sub(\Vas)lst6s’48 *97% *9*9*%
Coal A 1 Ry 1st 5 s’20F-A
CelAGrnv Ist6s.l916 J-J
fo T "
Consol Gas 6 s ...1910 J-D
5s.....................1939 J-D
io ft
Ga A Ala 1st con 5s '45 J-J
GaOarAN ls t 5 s g ’29J-J
90
Georgia P 1st 6s .. . ’22 J-J
GaSo A Fla 1st 6s 1945J-J
99
G-B-S Brew 3-4s 1951M-S
39
40%
2d income 5s 1951 M-N
12
14
Knoxv Trac 1st 6s ’28A-G
LakeR El 1st gu5s’42M-S
Memphis St 1st 5s'45 J-J
MotSt(Wash)lst5s’25FA 104
Mt Ver Cot Duck 1st 5s.
71% 72%
Npt NAG P 1st 5e’38 M-N
General 5 s.... 1911 M-S
Norfolk St 1st 6s ’4 4 ..J-J 103
North Cent 4 *us 1925 A-O
Series A 5s 1926__ J-J
Series B 5s 1926__ J-J
Pitt Un Trac 5* 1997.J-J
Poto Val 1st 6s 1941..J-J
Sav Fla A West 5 s’34 A-O
Seaboard A L 4s 1950 A-O
45 *2
45
Seab A Roan 6s 1926.J-J
90
92*4
B onds
South Bound 1st 5s..A-O
Anacostia A Pot 5s___
UE1 LAP lst4*as’29 M-N
Atl A Cli l8 t7 ...1 9 0 7 3 -3
Un Ry A El 1st 4s ’49 M-S
Atlan C L RR4S1962M-8
85
80
86 *4 86*2
Income 4s 1949.......J-D
93
Atl Coast L(Ct)ctfs 5s J-D
46*4
40
Funding os 1936...J-D
Ctfs of indebt 4 s....J -J
62% 63%
65
72 % Virginia Midland—
5 - 2 0 y r 4 s 1 9 2 5 ............. J - J
2d series 6s 1011 ...M-S
BaltCPass ls t 5 s ’l l M-N
Balt Fundg 5 s.1916 M-N 108
3d aerie* 6s 1916..M-S
4th ser 3-4-5s 1921.M-S
Exchange "*28 1930 J-J
95
6th series 6s 1926.M-S
Balt A P 1st os m 1’11 A-O 103%
Balt Trac 1st 5 s ..’29 M-N 106%
Va (State) 3s new '32.J-J
91
89
Fund debt 2-3s 1991 J-J
No Balt Div 6 s 1942 J-D 109 1 10
1*0*3*
Cent’l By con5sl932 M-N 106%
West N C con 6a 1914 J-J
WesVa CA P 1st 6g*l 1 JJ ioi%
Ext A Imp 58.1932 M-S
Wil A Weld 6a..1936J J
Chas City Ry ls t 5 * ’23J-J 1 0 1
Ph A Read 2d 5s *33. A-O 1 1 2
Con M 7s 1911.......J-D 107",
Con M 6s g 1911....J-D
Ex Imp M 4s g ’47.A-O
Terminal 6s g 1941.Q-F 114*.
9 7 * .,
P W A B col tr 4s ’21. J-J
97
Portland Ry 1st 6s 1930.
ltoch ltyA L con5s’54J-J
97%
U Trao Ind gen 6s’ 19.J-J
Un ltys Tr ctfs 4s’49JAJ
*72
United Rys Invlstcolltr
sf 5s 1926................M-N
66*2 . 6 7
U Trac Pit gen 5s ’97 J-J
We Isbach s 15s 1930. J -»
6*8
*6*7
Wlks-B UAEconos’ooJ-J
BALTIM O RE
Inactive Stocks
Ala Cons CoalA Iron. 100
Pref........................... 100
Atlanta A Charlotte. .100
Atian Coast Line RR. 100
Atlan Coast L (Conn)lOO
Canton Co................... 100
Cons Cot Duck Corp...50
Preferred...................50
Georgia Sou A F la... 100
1 st pref.....................100
2 d pref...................... 100
G-B-S Brewing.......... 100
a7,

CC
—
4SO

Sliuro Prices—Not Per Centum Prices

* Bid and naked; no aalea on tills day. 1[ Ex-rights. II#7.50 paid, f $15 paid. 1 $10 pant { *35 paid, a Reoelpts. 6 $25 paid. « $30 paid. d $41% paid.




THE CHRONICLE

4 7 -

Volume ot business at Stock Exchanges

Tclegr & Telcphon
eAmer Teleg A C a b le .!00
^Central A So A m c r ..1 0 0
Comm’l Un Tel ( N Y ) . 25
Emp A Bay State Tel 100
F ran k lin _____________ 100
eGold A Stock Teleg .1 0 0
Hudson River Telcpli 111!)
eN Y A N J Teleph___ 100
^Northwestern T e le g ..50
Pacific A Atlantic____ 25
Southern A Atlan t i c . . 25

[V O L .

IjX X X V I .

Industrial and Aliscc
Hid AlK
Cons R y L gtA R efrlg.100
1
3
Consol Rubber T i r e . . 100
6
Tit A NS ACTIO MS AT THE MEW YORK STOCK EXCHANGE
15
Preferred __________ 100
75 ‘
DAILY, W EEKLY AND YEARLY.
25
Debenture 4s 1951A AO
50
Cons Steamship Lines 100
%
95
Coll tr 4s 1057____IAJ
0% 10
Storks
Railroad,
45
Cons Storage Batt’ v - .l o o
Week enrtlnn
iOr.,
Stale
U . S.
97% Corn Prod Rer See Stock Exc list
Shores
Par value
Feb. 21 1003
Honds
100 108
Honds
Howls
4%
cCrucIblc Steel.............100
4%
70
55
33%
33
ePrcferrcd_____ . .1 0 0
425,003 $35,732,800
$351,000 $1,670,000
Saturday __________
80
05
eDlamond Match Co_100 123 124
414,088
33.372.800
Monday ___________
1,465,500
1.763.030 $10,000
2%
Dominion Copper______ 10
2%
395,213
Tuesday____________
34.513.800
1.663.000
2.971,500
Ferry Companies
Douglas Copper________ 5
6
Wednesday ________
527,370
46,930,900
2.156.000
1.322,000
Econ’y Lt A P (Joliet, 111)
620.328
Thursday___________
54.449,300
2.133.000
952.000
8,000 Brooklyn Ferry stock 100
1
1st M s f g 5s 1056 .J -I)
100
Friday______________
419.464
37,027,490
1.246,590
813.000
$85
B A N Y 1st 6s 1011J-J
20
Electric Boat_________100
50
N Y A E R Ferry s t k .100
Preferred __________ 100
70
Total
60
1st 5s 1922_______ M-N
Electric Vehicle.......... 100
3
N Y A Hob 5s M a y 46 J-I) $92
Preferred __________ 100
5
Hob Fy 1st 5s 1046M-N $ 95
Empire Steel__________ 100
Sales ai
10
Week endlwj Feb. 21
Jan 1 to Feb. 21
N
Y
A
N
J
5
S
1946____
J-J
$90
New York Slock
52
Preferred __________ 100
45
10th A 23d Sts F e rry .100
20
Eicharvje
cFedcral .Sugar of N Y 100
1903
1907
1908
1007
1st mtge 5s 1 0 1 9 ..J -D $50
ePrefeiTed__________ 100
85
86
’5
Stocks— No. shares___
^General Chemical___ 100
50
70
2,801.475
3,323.796
24,814,119
34,888,638 rUnlon Ferry s to c k ..1 0 0
60
fla t 5s 1920............. M-N
Par value______
„ ePrcferrcd__________ 100
92%
80
$242,057,090 $257,770,100 $2,089,302,500 $2,930,951,285
Gold Hill Copper________ 1
Bank shares, par_____
$26,000
$29,000
*%
%
$68,900
Short-Term Notes
Honl:.
Greene Cananea_______ 20
75*
<’7%
Government bonds___
Greene Consol Gold___10
$25,000
1
$18,000
$97,090
$111,500
90
$87
Am
Clg
ser
A
4s
’l
l
.
.
M
S
State honds__
735,000
Greene
G
old-Silver..
10
9,49 i.590
16,936,000
9.278,500
%
86
Ser B 4s Mch 15 ’12M S $83
lUt. and raise bonds..
Guggenheim Explor’n 100
6,043,500
9,515,000
150
117,057.490
67,525.700
Am Tel A Tel g 5s 10 J-J §06l8 96% eHnckensack Water Co
96%
$951
Atlan
Coast
L
5s
’
1
0
.Al-S
Total bond i _______ S19.029.500
S6.803.500
84
80
$134,030.4001
$76,945,700
tr
4s,'62 °P '1 2 . -J-J
ics A Ohio 6s J’e 28 ’08 $991 101
Hall Signal Co.............ioo
22
28
6s, July 1 1 9 1 0 ____ J-J $99 % 09% Havana Tobacco C o. .10 0
6
9
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
$091,1
99%
Ch
R
1
A
Pac
4
H
s
’08
A-O
Preferred_______.
.1 0 0
17
19
EXCHANGES
Chic A W (nil 5s '1 0 .F A A $9S1- 99
1st g 5s June 1 '22j,|-D
46
61
Cln Ham A D4 J^s '08 M-S
60
Hccker-Jones-Jewcll Mill
70
1st 6s 1022___
M -s
C C C A St L 5s, June ' l l §97% 97 7S
95 102
Philadelphia
96
Erie 6s, Apr 8 1908_______ $93
Hcr’g-Hall-M ar. new" 100
35
45
fnterb R T g 4s 1908 M-N $9712 98% Hoboken Land A ImplOO 150
Howl
Feb. 21 1903
Listed
Listed 1 Unlisted
Unlisted
Ho nd
c5s
1010___________
m
n
5s
Mch
1
9
1
0
...........
Al-S
03
$89
02 "
$98
sates
shares
shares | shares
shares
sales
Houston Oil__________ 100
00
Kan C So g 5s Apr ’ 1 2 . J-J $88
51
6%
Preferred _________ 100
85
$4,000
11,735
25
0,720
40
Saturday____________ 11,125!
1,933
$39,000 Lack Steel g 5s 1 9 0 9 .Al-S $80
Hudson R ealty_______loo 109 110
5s g 1910.................. Al-S $78
83
12,474
Monday_____________ 20.755
14,211
34,000
2,S42
36,500
Lake Sh A M So 5s’ 10 F A $08% 99
elngersoll-Ranil c o m .lo o
40
21,000 ........... II OLID AY
Tuesday ...................... 1 1,339
10,677
ePrcferrcd _______ .100
75
8 . 0GJ
63,090
16,933
bo”
Wednesday_________
17,053
3,850
18,100 Lou A Nash g 5s ’ 1 0 .Al-S $98% 0878
22,509
21,054
11,298
Thursday___________ 15.2S6'
5,865
39,901) Mich Cent 5s 1 0 1 0 .. . F - A $98% 98% (ntcrnat’ l Bank’g C o .10 0 120 130
fnt’nl Met- Mar See Stk
95
Exc 1st
12,73 3
21.090
13,173
F rid ay_____________ 2 1.37l|
4.171
22,500 Minn A St L g 5s ’ l l . F - A $90
Missouri Pacific—
Intcrnat’l Nickel____ 100
80
00
6s FeblO ’ l 0 convop F -A $98% 99
Preferred _________ 100
74
75,337
13,631
78
Total ...................... 100.4291 64,313 $165,500
$156,030
N-atofMex 5se t to 09 A-O $97
International Salt___ 109
99
10
12
N Y Cent 5s 1910____ F-A $98% 981
1st g 5s, 1951.......... A-O
42
47
Pa R R 5s Mch 15 ’ 10 Al-S $08% 087s Intem at’ l Silver______100
StLM S’east 4 }§ s '0 9 .J-D $92% 03%
Preferred ..................100
65
’fib”
St L A S F g 4 >§s ’0 8 .J-D $88
1st 6s 1948............... J-D 100 105
01
South'n coll tr 5s '0 9 . A-O $78
28
vaj 2
Lackawanna Steel___ 100
85
A weekly review o' Outside Market will be found on a precedin'; pwj
32
South Ry g 5s 1 9 1 0 ..F -A $08
Lanston Monotype___2(. *10% 10%
73
U S Rubber g 5s ‘0 8 . Al-S $90% 997s Lawyers' Mtge Co____ 101
175 185
Street Railways
Street Railways
Hid Ask
Hid Ask Wabash 5s. May 10 1909 $85
eLeh A Wllkes-B Coal 50
55
90
75
New York Clip
Westlngli El AM 6s 1910 $85
____ 130
Lord A Taylor_______ loo
00
20
25
25
Bleeck St A Fill F stir.100
Wheel’ 1 A L E 5s '0 8 .F-A $85
00 100
Preferred _________ 100
00
61
71
81
58
c 1st mtge 4s 1 9 5 0 .J-J
eLorlllard ( P ) . pref. .10 0 115 135
100 102
150
c B ’ y A 7th Avc stk__100 110
Maekay Companies— See Stk E xllst
Railroad
$92
94
90 too
Gu
c 2d mtge 5s 1 0 1 4 ...J-J
Aladlson Sq Garden- .1 0 0
10
20
Exc
list
§104
106
Con 5s 1043 6'ceStock
Chic Peo A St L prcf.100
75
2d 6s 1019.............-M-N
00
§100 ____
Deposited stock_____
B ’way Surf 1st 5s gu 1024 j 90 100
2
cManhat Beach Co___ 100
0
____
§95
e Cent’ l Crosst’n s t k _ . 100 125 250
Undeposlted s t o c k ..
Manhattan Transit____ 20
*2%
27*
110
$105
e 1st mtge 0 s 10 2 2 . M-N 100
Prior lien g 4 H s ’30M AS
Mitchell Mining_______10
80
*%
90
7*
§100
*41o
c Cen Pk N A K R stk 100 100 150
Con m tg g 5s 1 9 3 0 .JAJ
Monongahela R C o a l ..50
53
60
*
’
Icago list
Income 5s, July 1930
So Side El (Chic)
e Chr't’ r A 10th St stk 100 11)0 140
___________50
Preferred
'u ~
10
5
§ 95 IOO Chic Subway__________ loo
Col <5: 0th A vc 5s See Stock Exc list
78
Mortgage Bond Co___ 100
82
15% 16
Dry D E B A B —
§ 95 100
Ft IV A Den Cy std-.lO O
Nat Bank of C u b a .- .1 0 0
85
00
90 100
90
95
United Rys of St L—
Gt North’n Ore-See Stk Exc list
e 1st (fold 5s 1 0 3 2 ..J -B
National Surety______100 149 150
22
05
80
20
e Scrip 5s 101.4____ F A
N Y N H A Hartford—
Nevada Cons’ll Copper.5
*014
0%
64
62
Con deb6s ’4 8— See Stck Exc list
Eighth Avenue stock . 100 253 810
Ncv-Utah Min A S i n ..1 0
*4
4%
95 100
e Scrip 6s 1914____ F-A
Exc list
Conv deb 3 ^ s ’56 JAJ $86
eNew Central ConJ-------20
20
£0
88
HO
e 42d A Gr St F’y s t k .100 '275
Exc list
North’n Securities Stubs
100 112% N J Ter Dock A lm p .1 0 0
50
18
21
Pitts Bess A L E _______ so
75
42d St M & St N A v e .10 0
N Y Biscuit 6s 1 0 1 1 .Al-S Too” “ ***—
30
33
97
64
66
Preferred ...........
50
N Y Mtge A Security.100 130 CSbm
e 1st mtge Gs 1 0 1 0 .Al-S 590
00
70
74
35
72
eNew York Dock____ 100
2d Income 6 s 1 0 1 5 .J-J
__ _
Railroad Securities Co­
25
____ 30
lli C stk tr cfs ser A ’52
cPicferred__________ 100
Inter-Met— See Stk Exch inge list
71
84%
N Y Transportation___20
eaboard Company—
Lex Av A P avF 5s See Stk Exc list
*13,
2%
Niles-Ilem-Pond c o m .loo
Metropol St R y— See Stl. Exc list
1st preferred.............100
85 100
25
40
Gas Securities
Nlplsslng Mines —
Ninth Avenue sto c k ..1 0 0 125 150
Com A 2d prel-See Balt Exc list
0%.
‘•‘5%
New
York
135
1
11
)
eOntarlo
Silver-----------loo
eaboard
Air
Line—
Second Avenue stock . 100
33*
3
94 100
Otis Elevator com___ loo
Coll 5s ext May ’ l l M-S
e 1st mtge 5s 1 0 0 9 .M-N
§87% 91
25
30
85
92
95
Con Gas (N Y ) — See Stl< Exc list
83
Preferred ..................100
Consol 5s 1048____ F-A
80
85
130
*
____
e Six til Avenue stock. 100 100
Pittsburgh
Brewing___
50
125 110
Industrial and Aliscel
10%
80
New Amsterdam Gas—
Sou Bou lev 5s 1045___l-J $60
Preferred ___________50
*8 ’
1st consol 5s 1 0 4 8 ..J-J §S4% 8CI2
So Fer 1st 5s 1010___A t) §99 100
Pittsburgh Coal.See Stk Exc list
50
55
N Y A E R G a s 1st 5s’44 J-J $99
Third Avenue— See Stock Exc list
Pope
Manufacturing.100
95
110
%
%
80
Consol 5s 1045.......... J-J $85
Tarry W P A M 5s 1028 {60
1st preferred_______ 100
90
ins-unauncrs (jo 1st mtg
25
£0
YkersStRRSs 1016 A-O § -2 % 85
N Y & Richmond Gas loo
2d preferred_______ 100
s f 5s '36 opt '1 6 ___ J-J $62
32
36%
2
3%
05
05
75
Nor Un 1st 5s 1 0 2 7 ..M -N
28th & 20th Sts 1st 5s ’00
Pratt
A
W
illtn
p
r
e
f..100
88
merlcan Book_______loo 120 150
00 100
81
125
e Standard Gas com . . 100
e Twenty-Third St stk 100 390
Really Assoc (Bklyn) 100 110 114
merlcan Brass_____ 100 100 110
75
100
Union R y 1st 5s 1042 F-A §85
e Preferred________ 100
Royal Bak Powd pref 100
70
160
\merlcan Can -S ee Stock Exc list
89
02
80
1st 5s 1030................M-N $93 100
Westchest 1st 5s ‘43 J-J $60
Safety
Car
Heat
A
L
t
.lo
o
merlcan Chicle C o .. 100 175 180
115 120
Brooklyn
Other Cities
Seneca Mining--------------- 25
Preferred .................. loo
50
90
60
80
Amcr Light A Tract-100
Atlan Ave 5s 1009___ A-O § - - - 100
Singer Mfg Co------------- 100 310 825
92
94
m Graphophone com 100
__ 38
100
Con 5s g 1931_____ A-O
Preferred __________ 100
Standard Cordage___ 100
In 1%
82
84
Preferred .............. .100
75
Bay State G a s .. .............50
05 100
1st M g 5s ’31 red .A -O
B B A W !•: 5s 1 9 3 3 ..A O
21 * 24
1
100 110
%
Adjust M 5s Apr 1 1031
Blngh’n Gas 5s ’3 8 .A A O
Brooklyn City stock___ 10 175 1 %
:%
93
3%
95 100
Brooklyn Union Gas deb
Standard Coupler com 100
Con 5s— See Stk Exch Exc list
32
15
DO 100
95 100
Preferred __________ 100 100 110
Bkln Crosst’n 5s 1 9 0 8 .J-J
102 107
h ____
90 100
Standard
Milling
C
o
..
100
Bkn Ilgts 1st 5s 1041 A O
1st preferred______ 100
7
5
6
12
8
7
1st 5s 1047— Sec Stock Exc list
Preferred ...................ioo
Bkln Q Co A Sub See Stk Exc list
15
2d preferred______ 100
2
28
1st 5s 1 9 3 0 ........... M-N
Con Gas of N J 5s '3 6 .J-J $85
Bklyn Rap Tran— See Stk Exc list
90
67
03
72
85
150
Standard
Oil
of
N
J
..1
0U
Consumers’ L H A l ’ow—
e Coney Isl A B k ly n .. 100 100
480 ■185
150 160
75
85
5s 1038.......................J-D §100
1st eons g 4s 1 0 4 8 ..J-J
105
41 Swift A Co-See Host Stk Kxc list
*3%
1st 5s 1910-1914___ J-J i 86
90 100
Elizabeth Gas I.t Co . .10 0 250
Brk C A N 5s 1 0 3 9 .J-J
240 250
92%
08
eTexasA
Pacific
C
o
a
l.lo
o
Gr’ pt&I.orSt 1st Cs.AlA'N
Essex A Huds.-m G a s .100 108 112
75
30
3485
1st 6s 1908................A-O § 83
Kings C El 4s— See Stock Exc list
Fort Wayne 6s 1 9 2 5 ..J-J
30
Preferred ............... .1 0 0
25
05
80
90
05
50
Nassau Elec pref____ 100
Gas & El Bergen C o .. 100
43
47
Amcr Writing Paper.100
1*2 21 Title Ins Co of N Y ___100 115 125
03 100
Tonopah
Min
(N
evada).
1
5s 1944....................... A-O
e Gr Rap G 1 st 5s 1 5 .F -A $95
Preferred __________ 100
U8
16
18
*5%
6%.
Trenton Potteries coinloo
1st 4s 1951— See Stock IOxc list
Hudson Co Gas............ 100
95
1st s f g 5s 10 op’OO.J-J
8 ' 15
91
80
78
Preferred, new____ loo
00
N W ’ bgAFIat ls t c x 4 ^ s
Indiana Nat A 111 Gas—
arncy A Smith C a r .100
45
60
£5
1st 6s 1008................M-N
Trow
Directory_______
loo
Steinway 1st 6 s 1 0 2 2 .J-J $95 102
20
15
Preferred .............
100 109 129
30
40
Union TypewritercomlUO
Indianapolis G a s ..
50
Other Cities
53
Qethl’m Steel C o rp ..1 0 0
45
06
60
11% 15
1st g 5s 1052----------- A-O §90
1st preferred_______100
Buffalo Street R y—
97%
^Preferred__________ 100
33
03
30
06
2d
preferred________
100
105
§102
1st consol 5s 1 0 3 1 ..F -A
Jackson Gas 5s g ’3 7 . A-O $80
llss Company c o n i.. 50 190 110
89
•JO
03
K ansas City G as.......... 100
Deb 6 s 1017.............A O
United Ilk Note C o rp ..5 0 +43
100 104
Preferred ___________ 50
50
00 li)0
48
e Laclede Gas_________loo
Preferred ___________ 50 *43
Chicago City Ry — SeeCh easro list
100
299 310
48
e Preferred............ loo
Columbus (O) St R y .10 0
(■United Cigar M fg .p f.lo o
00
50 100
135 III)
75
85
L a fa y ’cG a s 1st 6s’ 24.M -N
Preferred __________ 100 191 104
United Copper_______100
Preferred _________ loo 100 107
35
25
5-1
6%L o g & W a b V 1st 6s ’25 J - 1 )
Coluni Ry con 5s— ScePhl la list
Preferred __________ loo
20
30
*414 41
2D
26
Crosst’ wn 1st 5s ‘33 J-D § 10 O 103
M adison Gas 6s 1 9 2 6 . A-O §9012 106
171. U S Casualty__________ ioo 200 116
*17
N ewark Gas 6s 1 0 4 4 ..Q-J 118 123
Grand Rapids R y ____ 100
60
U S Envelope com ___ loo
57
3
1
25
Preferred __________ 100 __ _
N ew ark C on sol G a s .. 100
(•Preferred__________ loo
85
Preferred ..................ioo
82
80
68
00
—
e Con g 5s 1948_____J-D 100
Lake St (Chic) El— SeeCh icago list
U SSteel Corporation—
103
115 140
No Hudson L I U Pow —
e Loulsv St 5s 1 9 3 0 ..J A J §106% 107
Col tr s f 5s ’51 opt ’ l l f HIM- 109%
118 123
5s 1938.......................A-O $98
Lynn & Bos 1st 5s '24 J-D 100 101
Col
ti
s
f
5s
*51
not
opt
____
20
10
§1081; 109%
c New Orl Rys A L g t.100
e O & Ind C N a t& IIl.lo o
U S Tit Gu A In d em .loo ■__ „ 76
Preferred _________ 100
70
60
1st 6 s 1926________ J-D
e P referred................100
2D ; 23
eV tab Copper Co-Sec Stk Ex. list
20
25’
2
1%
Gen M g 4 y2s ’35 See S tk Ex list Pat A Pas Gas& E lec .100
Waterbury
Co,
com
loo
Preferred .................. ioo
05
70
9
7
North Chic Street See Ch lea go dst
e Con g 5s 1040___M S §04
Preferred . .
ioo
Deb 6s 1919 op ’01 A1-N
98
60
50
St Joseph Gas 5s 1 9 3 7 .J-J $75
Pub Serv Corp of N J .100
75
90
entury R ealty.............loo 185 105
Westchester A Bronx Tit
85
Tr ctfs 2 % to 6 %perpet
61
50
A Mtge Guar____
ioo 140
hesebrough Mfg C o. 100 350 109
160
Electric Companies
Coll 5s g notes ’0 9 . M-N §35
80
Western I c e ..
ioo
00
Ity Investing Co____ 100
55
North Jersey St Ry 100
Chicago Edison Co NeeCh 1 cage list
45
30
____ Wcstlngb Air Brake ” . 50 ) lb i '
Dlaflln (H B ) ,c o m ._ l o 0
95
1st 4s 1048.......... JM-N §62
e
Kings
Co
El
LAPCo
100
64
99
____ West El A Mfg 6s-See Si Exc list”
94
elst preferred.......... 100
99
Cons Tract of N J . . 1 0 0
Narragan(Prov) El C o .50 * 8412 87
03
65
____ White Knob Min
f 2 d preferred.............ioo
10
00
%
%•
1st 5s 1933____ J-D
N Y A Q El L &PowCo , 1 0 )
§100 102
35
ol A Hock CoalAI pf 100
Preferred .
io
76
60
1%
New ’kPasRy 5s ’30 J-J 1104 105
Preferred __________ loo
1st g 5s 1917............. J-J
50
75
90
85
Worthing Pump pVeflioo
U
U
fob”
Rapid Tran St R y .1 0 0 235 750
United Elec of N J . . .lo o
Col tr 6s Oct 1 9 5 6 ..J-J
60
05
90 101
1st 5s 1021...........A-O § too
l<t ir 4s 1 0 4 9 .. . .J - D
’ ~
"e a t in g . . 100
25
301’
♦ Per share.
$ Buyer pays accrued lnt
a Ex-rlghts. e Sells on Stk, E x ., but not very active. I New stock, n Nominal, s Sale price. ,
iliv.




Hid
4311
100
100
60
40
90
40

Outside Securities

—

_

__

—

Ask
5S
120

THE CHRONICLE.

F eb . 22 1908.

Jtruestrajral and ^iailraad Intelligence.
R A I L R O A D

G R O S S

E A R N I N G S .

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
ean 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.
W e add a supplementary
atatement to show the fiscal year totals of those roads whose fiscal year does not begin with Jifiy, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earninas.
Week or
Month.

HOAD S.

Current
Year.

3
$
A la G reat Southern — See Sout tern Rail way.
A la N O A T e x P a c.
N O & N K a.st._r 1th wk Jan
95,390
110,104
A la A V ick s b u rg .r 1th wk Jan
54.113
62,732
V ick s b Sh & P . . r ith wk Jan
52,520
54,868
A la T e n n A N o r t h .. November.
4,070
3,934
k A tch 'Pop A S K e.
Jecember
1 140,482 (,956,095
A tla n ta A C h ari___ ■September
336,877
354,795
124,261
141,044
A tla n tic Blrm A A t! Jecember
A tla n tic Coast Line December
1,296,082 2,427,760
B a ltim ore A O h lo .. January ._ >.177,120 >,365,559
202,940 239,64 5
Ila n g or A A roostook Jecember
5,133
5,463
B elle fo n tc C en tral- - January
1,077.835
B oston & M aine— r Jecember
3,026
3,265
B ridgeton A S aco R Jecember
132,495
140,447
B u ll K o ch A P i t t s .. d wk Feb
187,621
145,251
BulTalo A Susq l t y . Jecember
82,000
116,900
C a nadlan N o rth e rn . d wk Feb
935,000
974,000
:d wk Feb
Canadian P a cific —
218,200
261,000
Central o f G e o r g ia .- !d wk Feb
Central o f N Jersey December 2 212 .694 2,229,742
1 ,447
2,991
C h a tta n oog a S ou th o st wk Feb
C hesapeake A O h lo . December 2,142,139 2,051,651
4,075
C hcsterfleld A I.anc December
3,935
973,902 1,107,517
Chle A A lto n l l y - . r Jecember
C h ic Burl A Q u ln -.r December 6,147,968
d wk Feb
138,334
Chic G reat W e s t.
159,548
Chic Ind & L o u ls v .o id wk Feb
70,732
101,069
C h ic Ind & Southern — See New York Cen tral.
C h ic Mllvv A St Paul December 4,567,747 5,133,358
C h ic A N o r th w e s t.r December 4,592,600 >,683,073
Chic St Paul M A O . December 1,022,382 1,314,978
C h ic T erm T ran R K 4th wk Jan
41,036
42,438
Cln N O A T ex a s P — See Sout hem Rail way.
C incinnati N orthern — See New York Ccn tral.
C lev Cln Chic & St L — See New York Ccn tral.
190,744
206,031
C olora d o M id la n d .r December
261 ,469
260,549
h Col A Sou th S y s .r id wk Feb
27,038
29,465
Col N ew b & L a u r .. December
Jctober
77,857
67,162
C oD oer R a n ge
5,412
15,791
December
C o r n w a l l _____
12,546
33,015
C ornw all & L eb a n on December
149,724
152,577
December
C u ba R a ilr o a d ____
i D elaw are & H u d - December 1 ,521,905 1.322,272
D el L a ck A W e s t .. November. 2,031,364
291,600
360,100
D en ver A R io G r . . r -’d wk Feb
19,695
22,355
D etroit & M a c k ., o 2d wk Feb
84.091
59,656
D e t T o l & Iron t Sys 2d wk Feb
47,470
47.016
D u l So Sh A A t l -----r 2d wk Feb
E r i e ________________ November. 1,294,239 4,636,235
E v an sville A T er H — See Rock Island S ystem.
1,751
1,424
F airch ild A N 1 3 . .. December
51,906
53,269
F o n d a Johns A G lov January . .
247,947
G eorgia R R ________ December
254,190
G eorgia South A Fla — See Sout hern Rail way.
565,413
663,298
G rand T ru n k Syst._« 2d wk Feb
62,666
103,257
Gr T ru n k W e s t .. 1st wk Feb
D et Gr H a v A Mil 1st wk Feb
19,446
3 J ,366
23.422
33,564
C anada A tla n tic . 1st wk Feb
G reat N orth ern ___\
M on tan a C en tral) January . . 3,313,130 2,543,527
39,516
G u lf A Ship Is la n d . 1st wk Feb
56,562
H o c k in ’'V a l l e y ____ December
438,091
506,514
Illinois C e n t r a l____ January . . 1,160,516 4,659,050
121,000
In ter A G reat N orth 2d wk Feb
162,000
156,688
146,023
a In terocea n lc(M ex ) 2d wk Feb
54,885
61,317
I o w a C en tral_____ o 2d wk Feb
142,839
K a n aw h a A M ic h .. December
180.262
682,822
774,940
K ansas C ity S ou th - December
Lake Erie A W es t’ n — Sec New York Cen tral.
Lake Shore A M Sou — See New York Cen tral.
Leh igh V a lle y _____ December 2,745,930
37,084
38,038
L ex in g ton A E a s t . . December
Dec. 10, 995
L o n g Is la n d ________ December
64,1 88
79,864
L ou isian a A A r k — 1Jecember
758,630
915,335
L o u ls v A N a s h v --r 2d wk Feb
11,317
M acon & B lrm ln g’m January . .
15,012
5,220
M an lstlqu e_________
28)381
M arylan d A P e n n -. December
26,599
a M exican C e n tr a l.. December 3,163,483 2,562,707
163,200
a M exican ln torn a t. 2d wk Feb
177,837
233,3110
a M exica n R a ilw a y . 4th wk Jan
239,900
a M exica n Southern 4th wk Jan
33,577
40,513
M ichigan C e n tr a l.. — Sec New York Cep tral.
78,194
M idlan d V a lle y ____ January . .
70,728
M ineral R a n g e -------r 2d wk Feb
14,008
12,153
62,212
M ln neap & St L — o 2d wk Feb
60,325
M inn St P & S S M . 2d wk Feb
141,529
135,335
December
M o K ansas & T exa s
1,920,377 2,319,014
727,000
851.000
M o P a c A Iron M t .o 2d wk Feb
22,000
30,000
Central B r a n c h .o 2d wk Feb
749,000
881,000
T o ta l s y s te m ___ o 2d wk Feb
27,689
31,473
6 M obile Jack A K C W k Feb 1
847,716
N ashv C hatt & St I. December
975,025
296,812
295.631
a N a t R R o f M ex ico 2d wk Feb
17.920
17,238
H id a lg o & N E _ . 2d wk Feb
4,053
N evada-C at-O regon . 1st wk Jan
3,752
6,503
N ev a d a C en tra !____ December
7,232

Latest Cross Eam lnqs.

luly 1 to Latest Date.

luly 1 to T.atest Date.

Current

Previous
Year.

Year.

1,862,499
953,890
941,579
19 321
18,739,628
1,106,122
908,735
13,186,201
18,062,203
1,496,255
38,760
11,994,744
31,206
5,769,027
1,179,158
6,113,200
17,085,496
r7 809,051
14,644,598
73,596
14,076,097
32,007
6,571,791
13,523,096
5,239,430
3,384,279

1,780,047
002,287
906,630
18,024
45,752,810
1,043,406
760 ,408
12,605,803
18,136,756
1,53,772
34,217
25,859
5,189,920
896,300
4,402,300
43,447,473
07,745,346
13,420,721
05,805
12,583,399
22,513
6,636,317
5,772,120
3,710,917

31,338,630 31,602,486
36,136,712 35,703,050
7,208,016 7,438,339
091,569
1,013,059

1,297,211 1,298,215
0,027,967 8,450,670
157 435
153,677
330,960
281,279
89,816
109,660
188,015
242,964
869,332
794,013
(10,828731 (9,200,144
15,430,401
13,868,021 13,090,609
757,073
705,810
2,754,327 2,690,329
2,016,999 1,081 ,023
23,855,349 22,830,682
9,867
488,863
1.593,195

8,880
472,180
1,533,293

’ 7,788,841 27,224,025
3,839,144 3,661 ,337
1,104,482 1,132,719
1,338,257 1,254,028
38.003,973 33.118,769
1,391,127 1,462,800
3,718,713 3,504,042
.13,601,357 32,010,057
4,471,896 5,788,055
4,792,157 4 ,363 952
1,986,752 2,010,513
1,188.807 1,169,258
5,041,280 4,347,743

(17776200
n3372700
n.389,900
243,492
.'12148000
n1904200
235,718
79,687
« 6 4 3 ,800
n232,000
71868,200
York Ccn
553,428
4,186,274
291,003
2,243,571
093,240
1,328,338
595,860
11911317
IJec.l ,3
York Cen
1,360,703
2.000,197
York Cen
5,563
10,379
3,500,098
3,758,446
7,259,444
143.425
85,457
7,326
4,915,066
3,751,058
165,341
8,832,665
York Cen
130,793
Island S
167,740
1,518,134
4 2,905
164,543
11073402
897,567
143,440
131,102
54,342
38,838
26,218
207,094
7,530
298,739
24,562
68,830
4,500
78,398
8.530,082
73,873
425,565
80,793
357,974
80,248
535,072
23,610
853,881

N Y C & Hud River
Lake Shore & M S
Lake Erie A W est
Chic Ind & South ;
Michigan Central.
Clevc C C A St L .
Peoria A Eastern
Cincinnati N orth. .
Pitts & Lake Erie
R utland_________
N Y Chic A St L .
N Y Chic & St Louis
N Y Ont A Western
N Y N H & H a r t-.r
N Y Susq & W e s t ..
Norfolk & W estern.
Northern C entral..
Northern Pacific___
Pacific Const C o___
d Penn— East P A F.
it W est of P & E__
Peoria & Eastern. .
Phlla Balt & W ash.
Pitts Cln Chic & StL .
Pitts & Lake Erie
Raleigh & Chariest.
Raleigh ASouthport
Reading R a ilw a y ..
Coal & Iron C o .Total both cos___
Rich Fred & Potoir,
Rio Grande June___
Rio Grande South r
Rock Island System
e St I, & San Fran
/ Evans & Ter H .
Total of all llnes.
R u tla n d ____________
St Joseph & Gr Isl__
St Louis & San Fran
St Louis S o u th w -.r
Seaboard Air L in e ..
Sierra R a ilw a y ____
Southern In d ia n a .. .
c Southern Pac C o__
Southern R ailw ay.r
Mobile & O h lo -.r
Cln N O * Tex P.r
Ala Great South.r
Georgia So & F la.
Texas Central_____
Texas & Pacific____ '
Tidewater & W e s t.
Toledo A Ohio Cent
Toledo Peo A W e s t. :
Toledo St L A W est
Tomblgbce V a lle y ..
Tor Ham A BulTalo .
Union Pacific S y st.
Virginia A So W e s t.
W a b a s h ____________ :
Western Maryland.r
WJersey A Seashore
Wheel A Lake Erie.
Wisconsin C en tral..
Wrlglitsv A T e n n ..
Yazoo A Miss Valley .

i
i
i
,

4,292,447
1 ,22u’,348
15,085,080
6,270,654
10 560,347
3,636,(75
78.413,041
0,600
8 ,505,638
17,844,447
,176
180
,246
,009
,255
,060
,604
,004
,644
,4 03
,736
,844

i

871,501

875,861

0,455,978
5 404,327
83,187
1,163,060
69,104,356
35,077,403
6,431,216
5,208,277
2,379,904
1,400,494
743,234
10,070,041
49,202
2.524.406
801,362
2,617,144
27,736
549,125
12,919,296
082,523
16,990 ,983
3,760 ,934
3.441.406
3.744 062
4,063,425
150,020
5,064,275

0.475,370
4 ,922 887
79 802
940,146
62,129.314
35,009,626
0,357,179
5,092,274
2,4 45,221
1,342.208
722,477
10.5S5.035
4 2,836
2 ,517,516
805,963
2,620,429
24,597
452,850
3 9 ,063,056
590.758
17,200,586
3,271,337
3.058,906
3.719,917
3,794,367
144,731
5,599,976

Previous
Year.

Various Fiscal Years.
19,485.004
290,095
276,027
ItfC.244, 308
587,498
609 483
>9,348,155 29,580,029
104,403
91.169
49,276
38,032
188,245
213,349
18,410,451 14,347,574
5,392,292 4,957,320
2.092.000 4,310,400
737,587
703,663
427 ,670
697,733
408 174
505,161
2,500,570 2,413 ,157
7,753.233 7,658 ,608
13.301.402 13,336 98
28.883.402 29,174 ,554
1.021.000 1,027 .000
29,007,462 30,201 ,554
871 ,187
939,954
5,777,309 5,688 ,911
10,035,893 0,309 ,130
626 ,836
028,087
170 ,801
218,783
44.170
39 ,445

14,623
37,087
21,042,117
17,992,249
39,034,366
877,441
363,530
373,513
29,895,519
24,237,402
1,214,114
55,347,036

Atlanta A Charlotte Air Line___
Bellefontc Central---------------------Delaware A Hudson____________
Manlstlque
Mexican Railway
Mexican Southern
New York Central
Lake Shore A Mich Southern
Lake Erie A W estern ........... ..
Chicago Indiana A Southern.
Michigan Central........................
Clevc Cln Chic A St Louis____
Peoria A Eastern_____________
Cincinnati N orth ern _________
Pittsburgh A Lake Erie_____
R utland................... .......................
New York Chicago A St Louis
Northern Central________ ______ _
d Penn— East of Pitts A Erie___
d W est of Pittsburgh A E r le ..
Plilla Baltimore A Washington.
Pitts Clncin Chic A St Louis____
Rio Grande Junction____________
Texas A Pacific
W est Jersey A Seashore

Vfch 1
Ian
Ian
fan
Ian
Ian
Ian
Jan

1
1
1
1
1
1
1

Ian
■Jan
Ian
Jan
Ian
Jan
Jan
Jan
Ian
Dec
•Jan
Jan

1
1
1
1
1
1
1
1
1
1
1
1

2,373,239
5,133
17,050 029
3,5)7 1
696,600
112,834
092089800
((42544400
05,212,800

2.008,522
(>28275800

n24594900
2,790,262
94 5,103
14,481,500
02,799 .200
09,902,200
11,746,448
148,239,890
800
16,019,019­
2 506,422
734 255
2,273,917
5,229,458

AGGREGATES OF GROSS EAR N IN G S— Weekly a n l Monthly.
Weekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d

week
week
week
week
week
week
week
week
week
week

Dec
Dec
Dec
Dec
Jan
Jan
Jan
Jan
Feb
Feb

(46
(43
(46
(44
(44
(46
(43
(47
(43
(38

roads)____
roads)____
roads)____
roads)____
roads)____
roads)_____
roads)____
roads)____
roads)____
roads)____

Cur'nt Year Prev’s Year Inc. or Dec.
$
9,479,519
9 248,495
9,402,074
12,616,149
7,685,487
7,959.373
8,220,471
12.292,331
7.270,407
7 744.038

$
0,865.736
0.738.810
9,862,173
14,424,045
8,753,715
0 204,111
8.911,729
13,441,016
8,352,856
8,806,447

$
— 386,217
— 490,315
— 460,099
— 1,808,796
— 1,088,228
— 1,244,738
— 091.258
— 1,149,585
— 1 ,082.449
— 1,122,409

%
3.90
5.03
4.67
12.54
12.43
13.52
7.75
8.55
12.84
12.66

Monthly Summaries.
Month
Month
Month
Month
Month
Month
Month
Month
Month
Month

April
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan

1907
1907
1907
1907
1907
1907
1907
1907
1907
1908

(118
(121
(121
(116
(121
(118
(120
(120
(61
( 58

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

Cur’nt Year Prcv’s Year Inc. or Dec.

%

$
154,894,748
165 890 345
161,235.109
163 C85.258
175,726,323
175.505 039
196,843,678
184,197,391
72,163.205
50,959,863

21.44
18.12
13.59
14.28
12.27
0.71
8 .56
3.14
4.28
8.74

$
188,130,451
195 943,305
1 8 ' 125,657
187.069,790
197.28S 033
192 548,022
213,697,727
189,988,564
69,070.466
51 .983.470

%
4-33,235,708
4-30 052 960
4-21,890,548
4 23,384.632
+ 21 .561 ,710
+ 17,042.983
+ 16.854,049
4-5,791 173
— 3,092,739
— 4 .976,393

a Mexican currency, b Includes earnings of Gulf A Chicago Division, c Includes the Houston A Texas Central and Its subjiltary lines In botk
fears, d Covers lines directly operated
c Includes the Chicago A Eastern Illinois In both years. 1 Includes Evansville A Indiana R R .
A Include*
larnlngs of Col. A South., Ft. Worth A Denver City and all affiliated lines, excepting Trinity A Brazos Valley RR.
k Includes In Both vears earnings
»f Donvor Enid A Gulf R R ., Pecos Valley System and Santa Kc Prescott • Phoenix Ry.
n These figures are partly estimated.
I These figures do not
Include receipts from sale of coal.
o Figures here are on the old basis of accounting— not the new or Inter State Commerce Commission method,
r These figures are on the new basis prescribed by the Inter-State Commerce Commission.




THE CHRONICLE

474

Latest Gross Earnings by W eeks.— In the table which
follows we sum up separately the earnings for the second week
of February. The table covers 38 roads and shows 1 2 .6 6 %
decrease in the aggregate over the same week last year.
Second week of February.
Alabam a Great Southern Buffalo Rochester & Pittsburgh
Canadian N orthern--------------------Canadian Pacific— -----------------Central o f Georgia----------------------Chicago Great W estern-------------Chicago Ind & Louisville---------Cine New Orl & Texas Pacific. .
Colorado Sc Southern-----------------Denver Sc R io Grande----------------Detroit Sc Mackinac-------------------Detroit Toledo & Ironton---------Duluth South Shore & AtlanticGrand Trunk of Canada---------- )
Grand Trunk W estern.......... .. )
Detroit Grand H av & MUw. |
Canada A tla n tic ................... .1
International Sc Great Northern
Interoceanlc of Mexico_________
Iowa Central-----------------------------Louisville & Nashville_________
Mexican International_________
Mineral R ange------------ --------- -----Minneapolis & St Louis_________
Minn St Paul & S S M ___________
Missouri Pacific Sc Iron M tn____
Central Branch_____ ______
Mobile & Ohio__________________
National R R . of Mexico________
Hidalgo Sc Northeastern____
S t Louis Southwestern_________
Southern Railw ay_____________ _
Texas & Pacific_____ ____________
Toledo Peoria & W estern_______
Toledo St Louis & W estern-----W abash__________________________
Western Maryland_______________
W heeling & Lake Erie--------------Total (.18 roads)---------------------Net decrease (12.66% >- — — . .

1908.

1907.

$
54,342
132,496
116,900
935,000
218,200
138,334
79,732
131,102
261,469
291,600
19,695
. 59,656
47,470

$
7.1,247
140,447
82,000
974,000
261,000
159,548
101,069
151,724
260,549
369.100
22,355
84.991
47,016

565,413

663,298

121,000
156,688
54,885
758,6.10
163,200
14,908
62,212
141,529
727,000
22,000
14.1,446
296,812
17,920
167,740
897,567
267,094
24,562
68,830
425.565
80,793
80,248

162,000
146,023
61,317
915,335
177,837
12,15.1
60,325
135,335
851 ,000
30,000
187,665
295.631
17,238
207,553
1,102,006
336,069
25,274
74,036
484,562
93.284
101,460

7 ,744,038

8,866,447

Increase. Decrease.
5

•

S
18,905
7,951

34,900
39,000
42,800
21,214
21,337
20,622
920
77,500
2,660
25,335
454
97,885
41,000
10,665

6,432
156,705
14,637

2,755
1 ,887
6,194

1,181
682

. . . ___

------

39,813
204.439
68,975
712
5,206
58,997
12,491
21,212

59,638 1,182,047
1,122,409

—

- -------

For the first week of February our final statement covers
43 roads and shows 1 2 .8 4 % decrease in the aggregate over
the same week last year.
First week of February.
Previously reported (.16 road s).
Alabam a Great Southern----------Chattanooga Southern .. — - - Cine New Orl & Texas P acific..
Georgia Southern & F la------------Gulf & Ship Island_____ ________
Nevada-Callfornta-Oregon -----Toledo St Louis & W estern-----Total (43 roads)------------------ - Net decrease (12.84 % ) --------------

1908.
$
6,951,732
52,594
1 ,447
121 247
38,8.18
39,516
4,953
60,080

Increase. Decrease.

1907.
$
7,932,608
71,606
2.991
156.700
47,258
56,562
3,752
81,279

$
$
122,276 1,10.1,152
19,012
1,544
35,453
8,420
17,046
1,201
Y f .i o o

8,352,856

12.1.477 1.205,926
1,082,464

Net Earnings Monthly to Latest D ates.— The table fol­
lowing shows the gross and net earnings of STE A M 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 Jan. 25 1908. The
next will appear in the issue of Feb. 29.
--------Net Earnings-------------- Gross Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
s
$
$
Roads.
S
.,
124,261
49 221
30,259
Atlanta Blrm Sc A t l .a -.D e c
141,044
760,468
271,866
216,047
July 1 to Dec 3 1 ----------968,735
6,365,559
1,012,575
2,000,434
Balto Sc Ohio b ________ Jan 5,177,120
.
July 1 to Jan 3 1 _______ 48,0 6 2 ,2 6 3 48,136,756 14,001,917 16,943,527
•Boston Sc M ain e.b—
.
„ „„
2 ,472,009 2,262,531
• -O c t
1 to Dec 3 1 _______ 10,387,143 10,203,025
6,013,731
5,615,965
July 1 to Dec 3 1 _______ 21.994,745 21,422,180
9,550,067
■Jan
1 to Dec 3 1 _______41,697.821 40,256,500 10,554,625
12,254
d ef.2,207
def. 1,596
Chattanooga Southern a Dec
4,983
78.807
1,623
def.2,517
July 1 to Dec 3 1 _______
66,190
739,270
72,371
163,442
Chicago Great W estern .bD ec
631,995
4,78.1,930
816,541
1,499,728
July 1 to Dec 31_______ 4 ,348,606
466,852
35,129
105,604
Chicago Ind Sc L o u lsv .a .D e c
345,147
3,107,966
794,826
1,040,503
July 1 to Dec 3 1 _______ 2,890,527
38,074
20,611
17,350
890
Cornwall & L e b a n o n .b . N ov
33.015
12,546
14,697
def2,810
December
242,964
123,157
66,959
July 1 to Dec 3 1 _______
188,615
53,269
22,016
it ,906
20,669
Fonda Johns & G lo v .a _.J a n
472,180
248,469
256,960
July 1 to Jan 3 1 _______
488,86
Lehigh Sc Hudson R iv er, b—
192,205
64,665
252,505
79,050
Oct
1to Dec 3 1 _______
149,376
.171,864
119,077
473,149
July
1to Dec 3 1 ----------287,752
708,501
276,380
906,583
Jan
1to Dec 3 1 ----------Dec. 10,995
Dec. 52.725
Long I s la n d .b __________ Dec
Inc. 244,398
Dec. 287.862
July 1 to Dec 3 1 ---------def 115
3,071
1,680
5,226
Manlstlque b_____________ Jan
1,504,577
4,330,385
1,176,075
Missouri P a cific.b ---------- Oct 4,508.372
1,325,902
875,782
4,099,663
5,748,294
6,894,434
July 1 to N ov 3 0 ________ I 11,609,462 20.585,554
New Jersey Sc N Y . b —
151,896
118,889
Oct 1 to Dec 3 1 ----------252,969
.128,474
July 1 to Dec 3 1 _______
464,518
552,254
Jan 1 to Dec 3 1 _______
N Y Chicago Sc St Louis-b—
2,585,456
Oct 1 to Dec 31_______ 2,633,284
5,016,208
July 1 to Dec 3 1 _______
9,902,207
Jan 1 to Dec 3 1 ______ 10,385,288
New Y ork & Penna—
30,516
Oct
1 to Dec .11_______
28,057
59,012
July 1 to Dec 31_______
54,534
Jan
1 to Dec 3 1 _______
106,362
111,427
Pitts Cln Chic & St L .a - .J a n 2,000,197
2,506,422
Pittsburgh Coal Co.............Dec
Jan 1 to Dec 3 1 -------------------.............
Pittsburgh Shawmut Sc Northern-b—
268,593
• • Oct 1 to Dec 31----------240,378
466,122
• July 1 to Dec 3 1 .............
465,914
• •Jan 1 to Dec 3 1 ---------- 1,018,515 • 856,001
154,286
St’Jo &'Gr Island, b ____ Dec • 130,793
875,801
• •JutyLl toSDcc 3 1 ............. • 871,501




21,990
61,448
56,647

1,774
30 ,014
51,918

1 ,274,169
2 ,014,894
3,151 ,549

807,490
1,418,740
2,322,500

5.745
11,719
27,819
373,686
• 282,100
•5,731,983

9,972
17,985
31,333
505,298
515,415
5,297,123

•
•

------- Gross E am 'gs------- —— N et Earnings
Current
Previ
Current
Previous
Year.
Year.
Year.
$
$
Roads.
$
384,661
1/151,393
Western Maryland . a -------Dec
4 69.528
!,6 6 5 ,4 6 3 1/1,125,376
July 1 to Dec 3 1 _______ 3 ,2 0 0 ,1 5 0
W estern N Y & P e n n a .b —
2,05 5 ,9 9 6
290,237
Oct 1 to Dec 3 1 . ............ 2,327,772
4,142,751
890,437
July 1 to Dec 3 1 ----------- 5 ,042,527
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
c Figures revised for previous year so as to accord with the new classifica­
tion of earnings and expenses now required by the Inter-State Commerce
Commission.
o B y reason of the system of accounts required by the Inter State Com ­
merce Commission, the gross earnings and expenses for the current peilods
do not Include the operations o f Street R y s ., Steamboats and Grain Ele­
vators.
Under the new system , only the net results from operation of such
properties Is stated, and this Is Included In “ Income from other sources.”
Furthermore, under the new m ethod only a portion of the m onthly balance
due for use of equipment belonging to other roads In the Interchange of
traffic Is charged to expenses, the larger part now appearing under “ Other
deductions from Income,” along with Interest, rentals, taxes, &c
1/ For D ec., additional Income and net profits from coal, Sec., were $ 4 1 ,­
644 this year, against 561,120 last year, and from July 1 to Dec. 31 were
$383,410 this year, against $245,155 last yea r.

Interest Charges and Surplus.— The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, &c., with the surplus above
or deficit below these charges.
— In t., Rentals, & c.—
Current
Previous

124,000
8,000
44,219

•

[V O L . L X X X V I

7,804
• 68,300
20,866
• 81,036
180,341 • 154,109
52,753
69,033
358,058
348,168

Year.

Year.

— Bal. o f N e t E ’ngs.—
Current
Previous
Year.
Year.
$
$

Roads.
$
$
Boston & Maine—
1,985,772
0:116,466
* 4 5 8 ,2 1 4
Oct
1 to Dec 31........... 2,523,236
4,053,370 0:1,409,973 0-1,892,728
Jan
1 to Dec 3 1 ______ 4,907,090
8,241,401 0:2,145,236 ,-rl ,967,298
July
1 to Dec 3 1 ______ 9,086,957
13,823
Cornwall & Lebanon____ N ov
3 ,4 6 3
3,527
def 562
11,235
D ecem b er_______________
3 ,3 9 9
3,462
def4,626
100,009
July 1 to Dec 3 1 _______
2 1 ,291
23,148
51,961
Lehigh Sc Hudson River—
0:21,181
Oct 1 to Dec 3 1 _________
65,490
43,484
*15,681
0-67,236
July 1 to Dec 3 1 _________
114,058
80,217
*7,740
0:95,986
200,801 * d e fl6 ,1 0 8
Jan 1 to Dec 3 1 -------------312,567
New Jersey & New Y o rk —
Oct
1 to Dec 3 1 -------49,959
15,645 *d cf2 6,65 5 * d e f l l ,6 6 4
* 2 ,8 9 2
July 1 to Dec 3 1 _________
103,406
30,992 *dcf39,478
Jan'
1 to Dec 3 1 _____
142,283
61,70) * d e f8 0 ,419 * d e f 2 ,709
N Y Chicago Sc St Louis—
Oct
1 to Dec 3 1 _____ 1.11 9 ,6 0 6
703,842 *183,607
* 127,415
July
1 to Dec 3 1 -------- 1,628,495
1,024,948 * 435,213
*41 0 ,5 3 9
1,636,242 *925,175
Jan
1 to Dec 31 -------- 2 ,279,838
*7 3 4 ,0 7 3
New York & Penn a . b—
4,186
Oct
1 to Dec 3 1 ---------6,119
5,787
def 374
July
1 to Dec 3 1 -------11,692
11,806
27
6,180
9,100
Jan
1 to D ec 3 1 --------22,562
22.234
5,257
248,771
Pittsburgh Coal Co-----------Dec
206,793
266,644
75,307
2 ,192,768
Jan 1 to Dec 3 1 -------2,773,390
3,10 4 ,3 5 5 2,95 8 ,5 9 3
Pittsburgh Shawm ut & Northern—
51,835
*36,984
Oct 1 to Dec 3 1 .
45,718
16,465
* 7 9,362
47,621
July 1 to Dec 31 ............
89,541
33,415
89,688
Jan 1 to Dec 3 1 ---------* 1 9 5 ,2 5 9
133,119
64,421
50 ,849
St Joseph <Sc Gr Island — Dec
31,132
21,621
18184
36 ,295
July 1 to Dec 3 1 ____ . . .
219,0 6 7
129,101
121 > 6 3
W estern N Y & Penn a—
Oct
1 to Dec 3 1 . . . . . .
552,755 d e f4 55,66.3 def6 0,41 6
745,900
July 1 to Dec 3 1 ---------- 1,126,725
179,827
853,115 def236,288
* After allowing for other Income received.

STREET R A IL W A Y S A N D TRACTION C O M PAN IES.
Latest Gross Earnings.

Name of
Road.

Week or
Month.

Current
Year.

$
a American R ys Co— January . . 200,287
cAur Elgin Sc Chic Ry January . .
93,985
Binghamton R y --------- January . .
22,435
Blrm R y Lt & Power December
200,568
Brockton Sc Ply St Ry December
7,368
Cape Breton Elec C o. December
24,804
Central Penn Trac
January . .
52,725
Chari Con R y Gas&El N ovem ber.
62,550
Chicago Sc Mllw E lec. N ovem ber.
87,982
//Chicago Sc Oak Park January . .
68,270
Cleve Palnesv & East January . .
18,263
Cleve Southw & C o l.. October . .
65,792
Columbus Electric Coi December
32,256
Dallas Electric C o . . . December
96,630
97,494
f Detroit United R y . 1st wk Feb
15,133
Duluth Street R y . - - 2d wk Feb
East St Louis & Su b. January . . 173,066
El Paso Electric-------- December
50,791
F t W ayn e & Wabash
Valley T ra ctio n .. . December
116,186
Galv-H ous Elec C o ._ December
87,660
Ilavana Electric R y . W k Feb 16
34,798
Honolulu Rapid Tran
& Land C o------------ December
32,755
Houghton Co St R y . . December
19,740
351,977
Illinois Traction C o .. December
11,608
Jackson Consol Trac. October . .
33,243
Jacksonville Elec C o. December
512,666
Kans City R y & Lighti December
68,476
Lake Shore E lectric.. December
43,034
Lex & Inter R ys C o .. N ovem ber.
Met W est Side E l e v .. January . . 219,424
Mllw Elec R y Sc L t Cci December
334,392
59,498
MUw L t H t & Trac Cci December
Montreal Street R y . . W k Feb 15
64 ,713
; December
139,606
> December
33,236
: December
147,862
North Texas Trac C o.. December
84,346
) N ovem ber. 202,006
> December
11,470
. January . .
155,607
. December
18,100
1 December
14,711
> December
10,585
> December
342,850
r December
130,576
1
. December
563,101
> December
42,264
H eat Sc Power C o. . January . .
70,159
. December
103,835
> December
53,566
. December
17,003
. December
361,370
. January _ . 174,695
) December
12,574
Syracuse Rap Tr R y .. December
110,666
Tam na Electric Co . December
45,805

i

.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
210,716
88,893
22,079
189,223
6,944
23,693
54,306
56,774
81,1 13
72,771
18,031
56,499
27,613
89,430
107,254
13,466
165,297
41,575

$
209,287
93,985
22.435
2,214,635
119,365
2 50,06f
52,725
653,021
972,711
68,270
18,263
634,683
340,574
1,125,673
576,794
94,145
173,006
506,693

$
210,716
88,893
22,079
1,020,150
111,775
258,417
54,306
593,240
803,501
72,771
18,031
539,133

101,379
81,375
33,000

1,283,722
1,050,892
189,627

1,002,646
906,487
180,000

31,593
19,973
302,165
11,025
31,882
499,632
66,675
40,148
232,755
326,065
56,379
59,465
132,549
29,328
141,709
78,750
145,050

349,016
220,244
3,013,108
124,025
326,468
5,491,420
866,970
481,579
232,755
3,523,438
702,222
393,090
1,379,246
429,721
1,703,340
854,135
1,563,855

137,379
16,101
13,299
16,120
309,006
113,467

364,548
249,919
3,779,187
135,324
302,393
6,030,894
938,161
516,355
2 1 9 ,4 .­
3,823,382
820,130
413,330
1,568,411
482,057
1,009,060
1,060,953
2,437.819
112,956
155,607
256,060
169,658
228,150
4.050,144
1,064,281

41,389

6,250,535
501,395

Previous
Year.

68,699
48,655
..
309,476
143,237
12,133
104,762
41,161

70,159
2,091,173
602,400
207,035
3,949,434
174,695
153,848
1,259,001
521,181

1,023,136
56.1,807
85,177
105,297
391,656

137,379
170,905
146,498
3,403',856
1,364,574
510,032
68,690

611*215
3 ,101,386
143,237
130,241
1,096,465
469,222

Feb. 22 1908

THE CHRONICLE
Latest Gross Earnings.

Name of
Road.

Week or
M onth.

Toronto R ailw ay____
Twin City Rapid Tran
U nited H R of San F r .
Unlted Rys of St L ._
W est Chester (Pa) R y
W hatcom Co R y & Lt

Current
Year.

Jan. 1 to latest date.

Previous
Year.

$
63,632
W k Feb 15
1st wk Feb 104,627
December b481,285
January _ . 827,398
10,896
October . .
33,195
December

$
57,940
100,742
562,200
826,337
7,124
28,903

Current
Year.

Previous
Year.
$

$
569,068

552,452

827,398
133,571
354,469

826",337
73,802
270,469

a Figures for the month In both years Include operations of the Scranton
R y ., acquired Jan. 1 1900. c These figures are for consolidated company.
d These are results for main line. / N o earnings for Detroit Jackson &
Chicago R y. for Jan. 1907 Included In these ligures. h Decrease due to
strike and boycott.

Street Railway Net Earnings.—The following table gives
the returns of S T R E E T railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which 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 Feb. 1 1907. The
next will appear in the issue of Mch. 7 1908.
------- Gross Earnings------------------ Net Earnings-------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
S
$
$
$
Aurora Elgin & ChlcagO-Jan
93,985
88,893
35,082
32,725
877,207
July 1 to Jan 3 1 ............
404,553
789,700
369,701
Binghamton R ailw ay— Jan
22,435
22,079
8,232
8,416
Central Penna Tract C o .-J a n
52,725
54,306
6,226
5,779
Cleve Palnesv & E 'n _a --J a n
18,263
18,031
7,461
7,701
Detroit Jack & Chlcago_aDec
32,715
4,385
Feb 1 to Dec 3 1 _______
391,340
74,321
Detroit United R y .a — Dec
515,425
513,095
204,149
100,468
Jan 1 to Dec 31 __
. . 6,681,905
6,063,182
2,533,881
2,344,561
East St Louis & Sub____ Jan
173,066
165,297
00,251
74,830
Illinois Tract C o .a -----------Dec
351,977
302,165
152,011
133,386
Jan 1 to Dec 31 _____ 3,779,187
3,013,108
1,650,700
1,361,952
Montreal Street R y C o .-J a n
285,515
271,956
83,011
82,450
Oct 1 to Jan 3 1 - - .
1,188,238
1,083,992
446,211
378,072
Portland Rys C o________ Dec
309,006
342,850
169,187
134,108
Jan 1 to Dec 3 1 ___.
4,050,144
3,403,859
1,772,825
1,536,587
Rochester R ailw ay.b —
Oct
1 to Dec 31 __
630,068
580,030
60,355
169,098
July 1 to Dec 31 _ .
1,370,838
1,225,893
378,997
429,005
Jau
1 to Deo 3 1 . . .
2,575,255
2,261,631
839,374
843,018
Rochester & E ’ n Rap R y .b —
Oct
l to Dec 3 1 _______
73,667
62,136
8,162
23,002
July 1 to Dec 3 1 _______
159,195
135,391
36,444
52,983
Troy & New E n glan d .b —
5,346
5,056
Oct
1 to Dec 3 1 _______
def 150
583
20,602
21,263
6,025
July 1 to Dec 3 1 _______
2,278
32,811
Jan
1 to Dec 3 1 . ..........
31,512
7,101
5,403
827,398
826,337
273,039
United R ys of St L ouls.a Jan
248,467
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.

Interest Charges and Surplus.
— In t., Rentals, & c.—
— lial. of N e t E ’ ngs.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
Aurora Elgin & Chicago.Jan
28,532
26,492
6,550
6,233
July 1 to Jan 3 1 _______
192,596
183,187
211,957
186,514
Binghamton R ailw ay___ Jan
8,296
7,973
def 64
443
Cleve Palnesv & E ’ n ____ Jan
7,213
7,213
248
488
Detroit Jack & C hicago.D ec
16,575
£ d efl2,049
Feb 1 to Dee 3 1 _______
172,950
£def97,001
117,467
Detroit United Ry C o___Dec
106,976
£96,445
£101,353
Jan 1 to Dec 3 1 _______ 1,381,208
1,24 3,273 x l , 211,460 £ 1 ,160,045
45,95 5
Montreal Street R y C o .-J a il
40,165
37,056
4 2,294
173,818
159,173
Oct 1 to Jan 3 1 _______
272,393
218,899
Rochester Railway—
106,103
Oct
l to Dec 3 1 _______
101,770 £def43,252
£77,893
213,495
July 1 to Dec 3 1 - . . . .
209,159
£108,092
£232,250
465,929
Jan
1 to Dec 3 1 ............
402,666
£459,173
£385,613
Rochester & E ’ n Rap R y—
26,789
Oct 1 to Dec 3 1 ----------30,200 £dcf 18,497
£d ef7,l 62
July 1 to Dec 31 .
. .
53,006
52,440 £defl(>,355
£2,011
Troy & New England—
Oct 1 to Dec 3 1 _____
2,590
200
£def2,699
383
July 1 to Dec :i 1. . . _
5,179
520
Xl .849
1 ,749
Jan
1 to Dec 3 1 . _____
5,563
820
£1,041
4,664
United Rys of St L o u is.-J an
233,454
231,541
16,920
39,585
x After allowing for other Income received.

A N N U AL REPORTS.
Northern Central Railway.
{Report for F is c a l Y ear ending Dec. 31 1907.)

On subsequent pages will be found the report of President
James McCrea, with the detailed balance sheet and compara­
tive income account for two years. Further comparative
figures, including operating statistics, will be given another
week.— V. 84, p. 504, 508, 513.
Interborough-Metropolitan Company, New York.
{Report for F is c a l Y ear ending Dec. 31 1907.)
President T. P. Shonts, New York, Feb. 20 1908, says:
N o railroads of any kind are operated by the Intorborough-Metropolitan
Co. That company Is a holding com pany, owning stock In (a) Interborough
Rapid Transit C o., operating the subway and elevated systems In New
York City; <b) Metropolitan Street R y . Co. (now In the hands of receivers),
which owns a system of street surface railways operated, prior to the re­
ceivership, under lease by the New York City Railway C o., and (c) Metro­
politan Securities C o., which owns the stock of the New York City lty . Co.
Securities of the Interborough-Metropolltan Company Dec. 31 1907.
Authorized.
Issued.
*Reserved.
Collateral trust IV2 % bonds.................$ 7 0 ,0 0 0 ,0 0 0 $07,825 ,000
$2,173,000
Preferred capital s to c k (---------------. 53,000,000
4 5 ,740,000 9,200,000
Common capital s t o c k ............................100,000,000
93,262,102
6,737,808
♦Reserved against outstanding stocks of controlled cos. not acquired.




475

Mileage of Companies Comprising the Interborough-Metropoiltan System.
Interborough Rapid Transit C o., subw ay____________ __________ 72.48 miles
Elevated (Manhattan R ailw ay, leased). _ _
_
118.05 miles
Surface lines owned or controlled by Interb. R ap. Tran. C o .. 154.03 miles
New York City Railway and subsidiary com panies____________ 519.46 miles
Total (single track).................... .... ............................................................ 864.02 miles
The New \ o r k C lty R y . C o., having defaulted In the guaranteed dividend
of 7 % on the $52,000 ,000 of stock o f the Metropolitan Street R y . C o.,
receivers were appointed on Sept. 24 1907 to take charge of the property,
and on Oct. 1 1907 receivers were also appointed for the p'operty of the
Metropolitan Street R y . Co. As a result of this default, the InterboroughMetropolltan Co. has received no dividends since that date on Its holdings
of Metropolitan Street R y . Co. stock, and has consequently been obliged
to discontinue the paym ent of dividends on Its own pieferred stock
These
dividends, however, are cumulative.
The earnings of the Interborough Rapid Transit Co. continue good; the
surplus for the year ending June 30 1907, after the payment of all Interest
charges, the guaranteed dividend on Manhattan Elevated R y Co stock
and dividends on Its own stock being $566 ,44 4, as against $281,391 for the
previous year, an Increase of $285 ,05 3. The surplus for the last six months
of the calendar year shows a gain over the corresponding period of last
year, and the under-river section of the Brooklyn extension, which was
opened for operation on Jan. 9 1908, Is adding to this surplus at the esti­
mated rate of $700,000 per annum.
It Is also anticipated that a further
Increase will result from the opening of the remainder of the Brooklyn ex­
tension, about April 1 1908.
The dividends of 9 % per annum upon the Interborough Rapid Transit
C o .’s stock received by the Interborough-Metropolltan Co. are used e x ­
clusively for the paym ent of the interest upon the Interborough-Metro­
politan C o .’s 4 Vi % bonds, against which the Interborough Rapid Transit
stock Is held In trust as collateral. A n y dividends earned and declared
ovci and above this amount will Inure to the benelit of the InterboroughMetropolltan Co.
IN C O M E A C C O U N T F O R T H E C A L . Y E A R E N D I N G D E C . 31 1907.
Receipts—
Dividend at rate of 9 % per annum on 339,128 shares of Inter­
boroughs Rapid Transit Co.capital stock for calendar year 1907 $ 3 ,052,152
Dividends aggregating 3)4 % on 427,400 shares o f Metropolitan
Street R y. Co. capital stock for half-year ending June 30 1907
(see t e x t).................... ................................. ....................... ........... ................... 1 ,495,900
Interest on bank balances, loans, & c____ __________________________
205,509
Total receipts____________________________________________„ _________ $4,753,561
Disbursements—
Interest on $67,825,000 Interborough-Metropolltan 4 ) 4 % col­
lateral trust bonds for 9 m onths ending Sept. 30 1 9 0 7 - _____ $2,289,094
Accrued Interest thereon for 3 months from Oct. 1 to Dec. 31 1907
763,031
Dividends aggregating 2 )4 % on Interborough-Metropolltan pref.
stock for half-year ending June 30 1907________________________ 1,143,500
Expense account ...............- ...........................................................................
212.184
Taxes ........................................................................... ...........................................
103,760
Total disbursements. Including 9 m onths’ Interest on bonds
and 6 m onths’ dividends on preferred shares_______________$ 4 ,511,569
Balance, surplus_______ _____________________ ________________ _______ $241,992
Sutplus, balance of Income account Dec. 31 1 9 0 6 .. ............... .........
524.924
T o ta l surplus D e,.. 31 1907.........................................................................

$766,916

B A L A N C E S H E E T S D E C . 31 1907 A N D S E P T . 30 1906.
Dec. 31 ’0 7 . Sept 30 ’06.
A. ssets—
$
$
Tnterborough Rapid Transit Co. stock at c o s t _____ 104,563,042 104,533 ,142
Metropolitan Street R y . Co. stock at cost_______ 68,684,455 68,126,920
Metropolitan Securities Co. stock at c o s t _______ 23,329,695
28,204,125
Met. Sec. Co. loans secured by 3-year 5 % Imp.
___ _
notes, stocks and bonds o f sub. cos. as c o lla t-8 ,844,700
Real estate.............................................
594,465
512,091
Accrued dividends on Interb. Rapid Transit____
__________
762,813
Accrued dividend on M et. St. R y . Co. stock____
__________
741,655
Metropolitan Securities Co. stock, full p a id ____
36,774
________
Office furniture and fixtures________ ______ _________
5,461
__________
Engineering In suspension (additional s u b w a y s )-.
50,115
__________
Cash and accounts receivable............. ............................
1,835,803
4,161,458
.2 1 2 ,9 4 4 ,5 1 0 207,042 .204
Total ..................
Liabilities—
$
$
Common stock--------------------------------93,262,192
92,928,888
Preferred s t o c k ____________________________
4 5 .740,000
45,380,300
Collateral trust 4 H % bonds________________________ 67,825,000 67,805,000
Notes p a y a b le ........ ............................... ................................. 4,5 4 5 ,0 0 0
__________
Accounts p a y a b le __________________________
42,370
_____
Interest a c c o u n t.......... ............
+763,031
33,095
Preferred dividend of October____________ ________
__________
567 253
Income account...................... - .............................................
766,917
327i668
Total

................................................................................-.2 1 2 ,9 4 4 ,5 1 0 207,042 ,204

♦Includes accrued Interest for 3 months to Jan. 1 1908 on InterboroughMetropolltan 4 )4 % bonds (covered by dividend of In t. Rapid Transit Co.
paid Dec. 31 1907).— V . 8 6 , p. 229.

Chicago City Railway Co.
{Report for Y ea r ending Dec. 31 1907.)

Including the 1 1 months ending Dec. 3 1, under terms of
ordinance of 1907, with net income for month of Jan . 1907.
Under individual operation prior to date when said ordin­
ance took effect. The dividends, as here shown, include the
“ extra” 2 } 4 % declared payable Feb. 10 1908.
Pass, receipts (11 m os.) .o $ 7 ,4 6 0 ,635 |Int. on capital invest. V- _ $1,116 386
Other receipts (11 m o s .). _
102,059 |
----------------- J Inc. from op. (11 m os.) _S1,634,976
Jan.
1907
Total receipts -----------------$7,562,694 Net Income
Oper. ex p ., taxes, renew| (net 1908)............ .............._
281.582
als and lilt, on Invest___ 6,410,273 |
----------------------------------INet Income
......................... $1,916,558
Net earnings------ -------------$ 1 ,152,-121 |Dividends (9 % ) ___________ 1,620,000
City’s proportion ( 5 5 % ) . .
633,831
Com pany’s prop. (45 % ) . .
318,5901
Balance, su rp lu s _______ $296 ,00 0
a The passenger receipts as above compare with those for full calendar
years as follows: in 1906, $7,7 7 3 ,4 4 6 ; 1905. $ 7 ,210,671; 1004, $ 6 ,0 0 9 .5 0 1 .
V The ’ ’interest on capital Investment . " $ 1 ,116,386, is that certified by
board of supervising engineers as provided by the ordinance of Feb. 1 1 1907 .
— V . 86. p. 284.

Toronto Railway Company.
{Report for F is c a l Y ear ending Dec. 31 1907.)

President Wm. Mackenzie, Toronto, Feb. 5 1908, writes:
General Results.— Both the gross and the net earnings show very gratifying
Increases over those of the preceding year. The gross earnings have In­
creased $401 ,45 8, or 1 2 .9 % .
The operating expenses amount to 5 3 .9 %
of the gross earnings, as compared with 5 2 .9 % hist year The Increase
here Is due very materially to an advance In wages granted In June last,
representing a pro rata Increase of 1 0 % over the wages bill of a year ago.
The Increase In net earnings Is $154 ,73 7, or 1 0 .6 % .
Fixed charges, which
Include bond Interest and payments to the city have Increased $74,674, due
chiefly to Increased percentages paid to the city on greater earnings. The
city received for taxes, percentages and pavement charges $ 5 42 ,09 1, an
Increase of $74,725 over last year.
Improvements,& c— Continuing the established policy, the directors have
charged to contingent account $167,462 This, In addition to an allowance
for depreciation, represents extraordinary repairs and renewals (not prop­
erly chargeable to betterments) of several miles of track on King, Queen,
Yongo and College streets. The system has been greatly Improved by the
reconstruction of tills track, now laid with 90-lb. girder rail and best heavy
manganese steel Intersections.

[VOL. LXXXVI.

THE CHRONICLE.

4 7 (>

The sum of $536,388 has been expended during the year for extensions,
additions and betterments (not properly chargeable to repairs or renewals).
Favorable Decision.— During the year the litigation, popularly known as
the Omnibus and Avenue Hoad cases, which Involved questions vital to
the interests of the company upon the Interpretation of the franchise
agreement was brought to a conclusion by the decision of the Privy Council.
The result’was a complete victory for the company on all points.
(CornDare V . 8 4 , p. 1249.— E d .)
The Legal Department has also won 15 out of 22 Injury and damage
cases tried In the High Court.
Toronto A York. Radial lit/.— In July last the Jackson’s Point extension
of the Toronto & York Radial R y . was opened to traffic and the results
were most gratifying. The company now operates a total of 78 miles. The
gross earnings of the system for the year were $282,144; operating expenses
$176,103; surplus, after paying fixed charges, $32,893.
Results for Calendar Years.
1906.
1904.
1907.
1905.
.35,574,788
67,881,688
60.127,460
76,958,488
.3 1,370,825
28,159,558
20,480,270
23,625,752
$3,514 ,198
$2,444,534
$3,109,740 $2,747,324
. 1,893,236
1,424,179
1,646,515
1,560,437

Cost of pavlng.

$1,617,962
. £$640,809
(6)473,378
.
80,994
125,000

$1,463,225
$500,103
(6)460,241
80,966
100,000

$1,186,887
$464,306
(5)350,000
79,997
50,000

$1,020,354
£$394,393
(5)334,010
73,873
200,000

$1,320,181
$297,781

$1,207,370
$25o ,855

$944,303
$242,584

$1,002,276
$18,078

.

x Includes payments of the city’s percentage, $119 ,60 7,' as compared
with $292,707 the previous year.
....
„
BALANCE SHEET DEC. 31.
1907.
1907.
1906.
Liabilities—
$
Assets—
$
$
Capital ............
8,000,000
Road and equip­
ment......................13,541.020 13,104,632 Ilonds outstanding 3,613,373
70,775
Stores on hand___
363,074
266,064 Mortgages..............
Accrued Interest..
63,700
Accounts receiv­
142,S00
able ___________
511,309
165,609 Accts. and wages.
66,630
Cash ____________
205,654
674,982 Unredeem’d tlck’ ts
137,160
1Bills payable_____
IInjuries fund.........
21,406
|Dividend...............
119,786
(Contingent acct. .
117,593
Profit and loss____ 2,268,434
Total
...14,621,057 I4,211,287|
-V . 86, p. 338.

1900.
$
,000,000
,613,373
70,275
64,898
157,291
38,938
10,364
119,439
160,055
,970,653

T o ta l.................. 14,021,657114,211,287

Capital Traction Co., Washington, D. C.

In the way of avoiding duplication of pole lines, rights of w ay, office rents,
managers and cost of maintenance, & c., throughout the vast expanse of
territory of the United States. The management of the American Tele­
phone & Telegraph Co. has made radical changes during the past year.
Retrenchment has taken place In every branch of Its business.
Expenses
have been cut down, the staff reduced, and extensions not urgently re­
quited have been deferred, until the stock and bond market admits of
easier money at lower rates.
Your trustees are In entire accord with
President Vail’s policy and administration of that company.
[President Mackay at the annual meeting on Feb. 15, it is reported, said:
" T h e Mackay Cos. owns at present about 100,000 shares of American Tele­
phone & Telegraph Co. stock.
We have not sold a singles hare during the
past year ami have no Intention of doing so.
W e took up our allotment
of about 10,000 shares on account of subscriptions to the new stock offered
In June last, and have since purchased some stock In the open market.
Our own business continues remarkably good, and while we are feeling
the cflects of the business depression to some extent, the decrease In earnings
during the last three or four months over the corresponding petied of a
year ago Is much less than Is popularly supposed.” — -Ed.]
‘ Strike.— In Aug. 1907 in several cities, part of the employees of the
Postal Telegraph Co. "struck” without warning and without cause, seem­
ingly In sym pathy with a strike by the employees of the VVestern Union
Telegraph Co. A t once the officials of the Postal Co. became telegraphers
again, and, with those operators who remained loyal and with clerks from
other departments, kept the business going. The strike lasted twelve
weeks, and then the company took back only the efficient and reliable men.
The Postal Telegraph Co. realized, however, that the telegraphers union
was a menace. Accordingly, the company In Oct. 1907 organized
l he
Postal Telegraph Employees Association,” to be open to all its employees
who would abjure all unions; to be conducted without dues and without
debts; and to entitle Its members to aid from the company during sickness
or disability. This Association was enthusiastically received and joined
by the employees. It Is now thoroughly established, and renders Impossible
another strike.
_ ,,
.
„
Earnings of Commercial Cable Co.— During the year 1907 the earnings of
The Commercial Cable Co. (which has paid regular quarterly dividends for
over eighteen years) showed substantial gains In gross receipts anil net
profits. On account of the strike referred to above, the net profits of the
land-line system were not equal to those of 1906, but were more than those
of 1905. The decrease In 1907 did not affect In the slightest the safety of
the dividends, which are being regularly paid on The Mackay Companies
shares.
(Signed by the trustees, namely, Clarence II. Mackay, W illiam W . Cook,
George G. W ard, Dumont Clarke, Edward C. Platt, Pliny Fisk and R obeit
A . Smith.)
P R O F IT A N D LO SS ACCO U N T FO R Y E A R S E N D I N G F E B . 1.
1907-08.
1906-07.
1905-06.
$3,310,328 $2,719,595
Income from Invest. In other cos________ $.3,830,390
Dividends on preferred s t o c k _______(4)2,000,000
1 ,744,462]
2,332,402
•Dividends on common s to c k _______(4) 1,655,216 (3 )1 ,2 4 1 ,4 1 2 /
Operating exp ., incl. transfer agents,
registrars’ and trustees’ fees, office
rent, salaries, &c______________________
22,251
24,625
23,186
B a l a n c e c a r r i e d f o r w a r d _________________

1907.

1904.

1905.

1906.

Car mileage (Including
9 ,818,705 • 9 ,708,974
10,207,816
10,679,895
trail car ) --------39,649,442
. 40 987 980
14,499,160 •
Transfer passengers, No.. 15,311.445
$1,517,372
$1,764,345 ■ $1,708,463 ■ $1,636,327
Operating Expenses—
$34,470
S 38,454
$35,839
$48,675
Maintenance of way, &c.
73,007
78.066
93,340
97,797
Maintenance of equlp’t .
88,003
84,106
90,501
t
118,791
Operatlon of power plant
315,430
358,988
372,269
385,749
Car service......................... .
122,795
• 120,931
122,572
163,911
General e x p e n se ..............
r - Total oper. expenses..
P. c. of exp. to earnings..
Net earns, from opera’n .
Income from advertl
lng, rents, & c ............

$814,923
(46.19)
$949,422

$714,521
(41.82)
$993,942

22,163

18,591

$1,012,533
$971,585
Total net Income — .
Deduct—
$86,793
$78,110]
"Taxes ........ ........................
10,448/
Tax for special police. . .
43,200
91,500
Interest ..............................
(6)720,000
(6 % )7 2 0 ,000
Total .
Balance

Assets—
•Construction_____
Equipment ...........
Real estate_______
"Renewal fund____
Insurance reserve.
Cash........................
Bills receivable___
Extension account

$680,545
(41.69)
•
$955,782

18,718

20,332

$72,223
10,449
42,262
(6)720,000

Total.

$ 3 6 3 ,9 1 7

BALANCE SHEET FE B . 1.
1907.
1908.
1908.
1907
$
Liabilities—
$
Assets—
$
$
Il’ ref. shares Issued 50,000,000 50,000,000
Invcstm’ ts In other
ICom._________
shares Issued 41,380,400
41,380,400
companies......... 92,075.594 91,887,4881-.___
.
Cash ......................
185,277
220,4591Balance, p ro fit...
880,471
<27,547
T o ta l..................92,260,871 92,107,9471
-V . 85. p. 1146.

T o ta l..................92,260,871 92,107,947

Pressed Steel Oar Company.
(Report for F is c a l Y ea r E n d in g Dec. 31 1907.)

$902,384

President F. N. HofTstot, Feb. 19 1908 says in substance:
General Results.— During the year 1907 the gross sales of the company
were $ 36,443,304 and after making liberal charges for renewals and up -k etp,
the net profits were $ 2 ,907,920. These profits are entirely the result of
operation, as no dividends were received form the subsidiary companies,
as these companies needed their earnings In their business.
During March work at both of the com pany's plants was entirely stepped
for severai days, owing to the greatest flood In the Ohio River since the
year 1832; and several weeks elapsed before normal output was attained.
The expense of repairing the damage to machinery and appliances was
charged to operating cost.
.
The percentage of profit was not as great as In some pievlous years, due
In part to the flood, but more largely to the paym ent of higher wages during
the first half of the year, and to the Inferior quality of labor obtainable.
The slowing down of business, bringing with It diminution of profits, has
some redeeming features.
During the last six months oui labor costs
have been substantially reduced without diminution In efficiency. Extra
attention Is also being devoted ,n ot only to the reduction o. cost, but also
to economical Improvement and development along new lines, In ordei that
Svc m ay arrive at a cost of production which will restore a normal demand

$900,058
$849,993
$844,934 • $737,189
$165,195
$7 1 ,527
$162,540
$131,180
BALANCE SHEET JA N U A R Y 1.
1908.
1907. I
1908
1907.
S
I Liabilities—
$
'$ v '
$
8,070.682 7,051,199|Capltat stock............12,000,000 12,000,000
4,548,575 4,053,1441Bonds......... ............. 2,520,000 1,080,000
1,843,747 1,487,903 Bills payable...........
16,131
405,000
30,122 ITIckets............. ..
55,384-.
51,844
114,4211Profit and loss____
128,902 JT 336,973
121,000
120,282
36,4101
16,131
........... I
500,6191

...14,720,417 13,873,8171
Total _.
— V. 86. p. 336.

$ 2 9 9 ,8 2 9

• ■ $83,562
• • 1)0 4 4 9
• • 43,178
] ' (5)600,000

$976,114 •
/
1

$633,706
(41.87)
$883,666

$ 1 5 2 ,9 2 3

• The dividend rate on the common shares, theretofore 1 % semi-annually,
In January and July, was In October 1906 changed to 4 % per annum, with
the payment of a quarterly 1 % on Oct. 1 1906, making 3 % In all for the
calendar year 1906.— Ed.

..14,720,417113,873,817

The Mackay Companies.
(Report for F isc a l Y ear ending F eb . 1 1908.)

f°W e'h ad lV i Viand atThelc\os"e of the year quite a number of unfilled orders,
which assured us of considerable Income tliiiliifg tiioicarly^niont.Hs.of <1DOS,
but for the future business In volume depends largely upon financial cendIt 1ons/ as°the raUroads? 11 Is well known, rarely purchase equipment when
h nvi» is nnt mill motel v In use.

The trustees, under date of Feb. 15, report as follows:
The Mackay Companies still owns the whole or part of the capital stock
o f 102 prosperous cable, telegraph and telephone companies In the United
States. Canada and Europe, Including the entire capital stock of The Commerlcal Cable Co. and the various companies constituting the land line
system known as the Postal Telegraph.
The outstanding preferred and common shares have not been increased
in number during the past three years.
Dividends have been regulaily paid on the preferred shares since April
1904 at the rate of 4 % per annum; also on the common shares since Jan.
1905, such dividends having been Increased to 4 % per annum commencing
July 1906. The shares are now listed on the stock exchanges of New York,
London, Toronto, Montreal and Boston. The Mackay Companies has no
debts.
Trustees.— On Feb. 15 1907 the number of trustees was Increased from
five to seven by the election of Robert A . Sm ith, of Osier & Ham m ond,
Toronto, and Pliny Fisk, of Harvey Fisk & Sons, New York.
Cable Service.— During 1907 your trustees caused to be laid from New
York City direct to Havana, Cuba, a sub-marine cable, to be operated in
■connection with The Commercial Cable C o., and opened It for business on
Oct. 21 1907, giving a one-minute service. The earnings from this cable
are satisfactory.
Its entire cost has been paid out of the current profits
of your system.
,
.
,
The recent completion of certain underground construction In England
has enabled The Commercial Cable Co. to dispense with aerial wires from
Bristol to London. That com pany’s submarine and underground cables
between New York and London are now free from all the dangers of dis­
turbance Incident to overhead construction.
It Is the only cable company
giving practically all cable communication between New York and London.
Land Lines.— The chief Improvement on the land line system Is the
Increasing of the wire facilities on oneof the transcontinental routes to make
the service to the Pacific Coast as efficient as tl at given by the Postal
Telegraph Co. In other parts of the country.
Telephone Interests.— The Mackay Companies Is still by far the largest
stockholder In the American Telephone & Telegraph C o., commonly known
as the Bell Telephone C o., and during the year 1907 subscribed, through
The Commercial Cable C o., for Its proportion of the new stock Issued In
June 1907.
Your trustees have confidence In the stability and future of the
lephone company, and realize that the natural relations between the
legraph and telephone will lead Inevitably to closer relations between these
wo companies, because of the great economies that are possible, especlally




present working capital up
Payment cn Mortgage Notes.— O f the Issue of S5.000.000 notes the sixth
annual Installment of $500,000 which matured this yeai has been paid,
ieavlng unpaid but $ 2 ,0 0 0 ,0 0 0 .
, . .
...
Additions and Betterments.— There has been added to this account upon
the books of the com pany $267,922.
Over jwo-tlMrds of this amount lias
been expended on the McKees Rocks plant, the remainder at Allegheny.
Steel Passenger Car Departm ent— This branch of the business is of In­
creasing Importance. During the past year a number of all-steel cars for
use cn subway and elevated railroads have been constructed, and among
ordeis cn hand Is one for steei passenger coaches for one of the largest
trunk lines. These latter cars will be turned out early In 1908.
However,
this all-steel passenger car work Is of such a pioneer nature that It cannot
yet be reeled upon as a fixed source of revenue. Nevertheless, It Is con­
fidently expectui that these cars will In a short time be standard for pass­
enger travel In this country, provided the existing antagonistic public
sentiment towards railroads shall change.
Patents.— A number of patents of Importance have been taken o u t ,as­
signed to your company during the past year, and m any applications have
been made and are now pending covering what we believe to be Important
features.
Joliet Plant.— The Western Steel Car & Foundry Co. has operated this
plant a considerable portion of the year with profit, and It has been deemed
advisable to continue the lease.
Pennsylvania Car Wheel Co.— During the year car wheels continued to
sell at a price out of proportion to the cost of pig Iron and coke to such an
extent that this corppanv earned less than In former years. Notwithstand­
ing this there was a balance of earnings which was added to working capital
after providing for depreciation, &c.
Fidelity Land Co. - -The houses of this company have hern fully occupied
during the year. A four-story brick lodging house for single men was built
out of surplus earnings, but this prevented the payment of the $50,000
purchase money m ortgage.
It Is believed If the earnings of the ensuing
year are as large as last, we shall be able to pay olf this m ortgage, and w hin
this has been d o n e ,all net earnings will be available for dividends to you
com pany, or other purposes.
Canada Car C o .. Limited.— This plant Is In successful operation, with a
good output cn both freight and passenger cars, and shows substantial

Feb. 22 1908.|

THE CHRONICLE

earnings. The existing financial conditions, however, have not warranted
the mailing of provisions for plant extensions, nor providing additional
working capital.
Dividends upon the preferred stock are cumulative and
It Is confid ntly believed that your holdings of stock of this com pany will
soon he a direct sou 'ce of revenue.
Pennsylvania Malleable C o.— The o p eration -of this plant has been
satisfactory and substantial Improvements have been m ade on the prop­
erty. The malleable department has been In continuous operation. ’) he
car-wheel depaitm ent, represented by the Central Car Wheel C o., showed
no profit, due to the cause affecting the ear-wheel business In general, but
In values of raw material that operations will In the futute show profit.
West rn Street Car & Foundry C o.— The changes In management have
proved beneficial and we are confident that with a restoration of former
■business conditions t:\ls com pany will make as satisfactory a percentage
•of earnings up m Its output as your com pany.
A t the present tim e, how­
ever, the falling off In demand for cars has made It Impossible to keep the
plants In full operation.
SALES,

P R O F IT S ,

D I V I D E N D S , & C ., FO R C A L E N D A R Y E A R S .
1900.
1905.
1904.
11)07.
s
.$
$
$
36,158,580
19,357,827
--------------Gross sales_______________ 30/143,304
3,381,884
1,106,001 loss 707,11 1
P ro fits_______________. . .
2,907,920
Deduct—
875.000
875,000
875,000
Dlvs. pref. stock (7 % ) . .
875,000
_________
__________
(3)375,000
Dividends ccm . s t o c k * ..
--------------350.000
175.000
80.000
Deprec’n & renewals___
305,000
Balance, surplus___
Previous surplus— . .
N et surplus___________

6,413,579

4,745,659

2,588,775

2,531,874

♦These were the dividends actually paid during the years named; the
com p any, however, charged the dividends on Its common stock against the
surplus earnings of the previous year.
BALA NCR SHEET DECEMBER 31.
1907.
1906.
1907.
1906.
5
5
Liabilities—
S
Assets—•
5
Props.* franehlscs.26 ,756,016 26,853,093 Common stock
12 ,500,000 12.500.000
Securities owned.. 2 .538,554 2,488,554 Preferred stock
12 ,500,000 12.500.000
35,205
49.402 1st M. 5 % g. notes 2 ,000,000 2,500,000
Taxes * insurance.
Accts. receivable.. 4 172,653 1.973,048 Pureh. money mtge 310,000
310,000
Materials on hand. 3 500,153 4.979.815 Accts. * bills pay. 4 ,570,611 5,381,119
Cash........................ 1 ,733,486 2,065,579 Acer, sal’ yAwages.
176,726
201,763
46,401
52,200
Accrued interest. .
218,750
218,750
Accrued pref. divs.
Surplus.................... 6 ,413,579 4,745,059
T Total.................... 38,736,067 38,409,491
— V. 84. p. 447.

Total___________38,736,007 38,409.491

National Biscuit Company.
(Report for F is c a l Y ea r ending J a n . 31 1908.)

President A. W. Green says in substance:
Of the bonds and mortgages assumed at the formation of the com pany
am ounting to $1,814 ,0 0 0 , there has been paid elf $ 9 57 ,57 6, leaving unpaid
$856 ,42 4, none of which has yet m atured. The accounts payable are
sim ply the current bills for raw material and supplies, which were net ad­
justed before the close of the year. The cash resources are ample.
D ividends— Up to Jan. 31 1908 the company declared and paid 39
consecutive quarterly dividends of 1 3
A % each on Its preferred stor k; also
30 consecutive quarterly dividends of 1 % each on Its common stock up to
Jan. 31 1907; and during 1907 four quarterly dividends of 1 ) 4 % : in addi­
tion, the company on April 15 1906 paid an extra dividend of 1 % on Its
common stock; also on April 15 1907 another extra dividend of 1 % on Its
com m on stock, making In all 36 dividends paid on common stock.
Shareholders.— The total number of stockholders of the company Imme­
diately after Its organization was about 1,300. The total number m w Is
about 7 ,5 0 0 .
Of tills number 2,395 are employees of the com pany.
Under
the plan of enabling employees to purchase otfr pref. stock, they have
purchased 7 ,9 3 3 shares. This Is exclusive of a large amount of stock, both
common and preferred, held by our directors, officers and principal m an­
agers.
New Buildings.— In our last annual report we described two buildings
In the course of construction for the purpose of Increasing the capacity of
our New York plant, one of these buildings being at the corner of 15th St
and 9th A v e ., adjoining the Nabisco works, and the other on 16th St.
•adjoining the Uneeda Biscuit works. These buildings were completed
and placed In operation In ihe spring of 1907. W ith out them we cculd
not have taken care of our business during the summer m onths. To erect
and equip these buildings cost about $1,0 0 0 ,6 0 0 , which has all been paid.
Imitations Stopped.— In our last annual report we stated that the com ­
pany had concluded, with unbreken success, twelve suits In the United
States courts, involving our trade marks and trade names; that In addition
330 Imitations were stopped without litigation.
Sixty-eight new Imita­
tions appeared during the year Just closed, but we were able to step all
these without litigation.
These different Imitations Involved over 100
different manufacturers of biscuit.
General Results for Year 1907/—-In former reports we referred to the fact
that the manufacture of “ In-er-Scal” trade mark package goods could be
conducted In large plants, situated at central points, with better results
than when scattered among a large number of plants, and that we had sold
back to the former ewners a couple of cracker factories and the business
connected therewith, because they were not profitable to our company In
this evolution. This course of action resulted In considerable less of sales
to the company.
Notwithstanding these facts our sales during the ten years have In­
creased $7,750 ,9 4 4 , being .about 2 3 % .
Our profits have Increased $809,"272, being over 2 4 % .
Our Increase In sales Is not due to the fact that there Is a less number cf
rival manufacturers of biscuit than there was In the first year of the existence
of this com pany. On the contrary, the number has Increased.
W e have
frequently stated that our policy was not to buy out com petition, nor to
attem pt, by a ruinous war of prices, to crush the same, and to that policy
■we have steadfastly adhered.
W e offer our goods for sale at a fixed price
and upon stated terms, available to all grocers. Our business Is Increasing
and becoming each year mere secure, because we < tier for sale the best
goods, put up In the most attractive manner, and give to the grocer the m o st
satisfactory service.
Year.
1898
1899
1900 1901 1902

O P E R A T IO N S FOR Y E A R S E N D IN G J A N . 31.
Profits.
S a p s.
Year.
Sales.
Profits.
$3,292,143 1903 . . . . $40,532 ,115
- - $ 3 4 ,(5 1 ,2 8 0
$3,709,516
3,302,155 1904 ----------- 41,040,496
.3 5 ,6 5 1 ,8 9 9
3,731,928
. . 30,439,160
3,318,355 1905 . . .
39,702,566
3,822 338
3,670,445 1906 ------ — 40,722,939
. . 38,625,135
3,954,507
__ 40,221,925
3,689,338 1907 ------------- 41,802,224
4 ,101,415

1907-8.
1906-07.
1905-00.
1904-05.
♦Net profits. $4,101,415
$3,954,507
$3,822,338
$ 3 ,7 3 1 ,9 2 7
P. c. of prefits to sab s .
(9.81)
(9.71)
(9.63)
(9 .0 ()
'Common dividend . (6 % ) 1 ,754,100 (5)1,461,801 (4)1,169,441 (4)1,169,440
1,736,315 1,736.315
1,736,315
1 ,736,315
Pref. dividend ( 7 '% ) ------Balance, surp lu s.---- --

$610,940

$756,392

$916,583

$826,173

♦After deducting $ 300,000 yearly for depreciation.
BALANCE SHEET J A N U A R Y 31.
1903.
1907.
I
loos.
1907.
Assets—
$
$
I Liabilities—
$
$
Plants, rral estate,
IPrormrd stock...24,804,500 24.804,500
marh., pats., Ac.
ICommon stock ...29,236,000 29,236,000
(less dcprrc’n). .53,062,306 £2,670,867 |Bonds and inters.
856.424
975,703
- C a s h ...................... 3,202,569 3,377,9091 Accounts payable
;Stocks * securities
674,685
801,8541 and accrued int.
431,840
423,289
Accts. receivable.. 3,297,478 3,190.527 jSurplus................ . 9,217,410 8,606,470
Raw mat.,sup.,Ac. 4,219,076 4,001,804]
Total....................64,546,174 64,045,0621 Total................... 64,546.174 64,045,962
— V. 86. p. 424.




177

Uuited Box Board & Paper Company, New York City.
{Re-port for Y ea r ending Dec. 31 1907 with Balance Sheet
J a n . 25 1908).
The report signed by President Sidney Mitchell and Secre­
tary and Treasurer Hyatt Cox, under date of Feb. 20 1908,
says in substance (compare separate statement for American
Strawboard Co. below.— Ed):
Change In Status Effected by New Management.— The present board of
directors was elected Feb. 21 1907 to find practically no cash on band
($1,131) ; outstanding accounts long past due and the stcck of supplies and
material on hand so low that m any of the mills were forced to clese.
The treasury securities, Including $889,000 general m oitgage 6 % bonds,
and the com pany's equity In the stock of the American Straw Board C o.,
by a vote of the former directors on Jan. 5 1007 had been delivered to O. C.
Barber. -Mr. Barber refused to rellnqulshcontrol of the Straw Board C o.,
or to surrender your treasury securities unless your directors would pur­
chase his holdings In the stock of the American Straw Board C o., sign a
general release for the former officers and directors of the com pany, etc.
The critical financial condition of your com pany m ade the return of your
treasury securities and the control of the American Straw Iioaid Co. ab­
solutely necessary, and your directors were therefore compelled to comply
with Mr. Barber’s demands.
Inad dltlonto assuming the then existing Indebtedness vour directors were
forced, through the purchase of the American Straw Board Com pany's stock
from O. C. Barber and others, to add $350,000 to the com pany’s floating
debt. The notes given In payment for said stock came due and were paid
In full Jan. 15 1908. This entire Indebtedness, while larger than the year
before, was carried at a saving In "Interest charges” of $15,829 , as compared
with 1906.
Plants, Repairs, Improvements, Depreciation. & c.— Expenditures for
repairs and Improvements during 1907 amount to $360 ,16 6, as compared
with $238,002 during 1906. The entire amount spent in tills way during
1907 has been charged out to profit and loss, and has resulted In an Increased
dally capactly amounting to 115 tons. The mill at W ilm ington, III., has
been Improved with an additional machine, new building, etc., at an ex­
pense of $200 ,00 0. This mill will have an Increased tonnage of 25 tons
per d a y, making a total Increase In the dally capacity of 140 te ns.
W e hope that In the near future the demand for cur product will Increase
sufficiently to justify the necessary expense In rehabilitating more of our
mills which have hitherto been idle. The expense would be small In pro
portion to the value of the properties and wou'd largely Increase the output.
W e have charged off against surplus $89,793 covering doubtful accounts,
old claims and depreciation on personal property and supplies. The
present "accounts receivable” represents current account and the "m e r ­
chandise and supplies” have been reduced to cost.
Earnings.— The profits of the United Box Board & Paper Co. and sub­
sidiary companies for 1907 are equivalent to 6 % earned on the outstanding
preferred stcck as against 4 % during 1906. The Increased earnings are
due to reduced admlnlstratlcn expenses, and a larger volume of business.
All raw material has advanced and the m anufacturing prefit per ten was
smaller In 1907 than In 1906.
Salaries of officers and heads of departments show a reduction of $32,805.
The "d ea d mill expense” was reduced $23,752 , through sale of dismantled
properties, and by placing In operation some of the Idle plants.
Capital Slock.— The company has purchased duilng t i e year several
thousand shares of Its common stock and your directors recommend t l a t
$1,967,400 of the common stcck now In the treasury be retired, thus m duelng the total authorized capital stock from $28,967,400 to $ 2 7,000 ,000 .
Finances.— The Improved financial standing of your company made It
possible for your mills to operate without Inconvenience during the finan­
cial disturbances of last fall, and we manufactured In November the largest
m onthly tonnage of the year.
There has been a reduction In bonds and mortgages of the com pany of
$216,000; In addltlrn $68,000 first mortgage bends of the American Straw
Board Co. and a mortgage of $100,000 of the Uncas Paper Co. have been
retired; a total reduction in mortgage debt of $384 ,00 0,
In addition, besides Increasing your Investment In the Am eilcan Straw
Board C o ., the com pany has added $217,669 to working capital.
Had the stockholders compiled with the plan submitted to them In April
1907 and purchased bonds then In the treasury, a dividend on the pre­
ferred stock might be conservatively considered at this tim e.
Your direc­
tors believe, however, that the policy of strengthening the financial con­
dition of the com pany should he continued.
Stockholders.— The company has 1,159 stockholders of record.
E A R N I N G S O F T H E U N IT E D B O X BO A R D & P A P E R CO. A N D
S U B S ID IA R Y C O M P A N IE S
1907.
1906.
$1,055,477
Gross profits_____________________ ______ ______ _______ $ 1 ,178,002
Less charges_____________ ____________________________
470,263
597,567
Net prcflls.............................................................................

$707,739

$457,910

BALANCE SHEET UNITED BOX BOARD & PAPER CO.
Jan. 25 '08. Jan. 26 '07
Jan. 25 '08. Jan. 26 '07
Liabilities—
$
S
Real est„plants,Ac.22,401,471 22,493.790 Preferred stock__ 14,948.900 14.948,900
Stocks and bonds. 10,735,973 10,712.844 Common stock ...1 4 ,0 1 8 ,5 0 0 14,018,500
Personal property.
35,668
39,754 Bonds A m tg es... 3,962,400 4,178,400
907,902
978,878
Cash.........................
143.035
121,553 Accts. A bills pay.
Accts. reeelvahle..
503,612
503,398 Surplus...................
529,748
169,364
Mdse, and supp___
547,691
422,703
Total.................... 34,357,450 34,294,042
— V. 86. p. 233.

Total____

____34.367.450 34,294,042

American Strawboard Company,
{Statement for F is c a l Y ea r ending Dec. 31 1907.)

The United Box Board & Paper Co. (see that company
above) owns within a few shares of 90% of the $6,000,000
capital stock of this company, which, therefore, issues
no separate report, but at the annual meeting held on
Feb. 6 President Mitchell, it is reported, said in part:
Notwithstanding the difficulties encountered during the year from lack
of straw and the loss of one of our mills by fire, the net earnings amounted
to $407,710 and the earnings ol the stores to $54,604 , a tctal of $162,314,
or 7 . 7 % on the stock.
In addition to the dividend paid duilng the year
the com pany has reduced Its mortgage debt $168,000 and has exp<nd<d
$217,312 in Improvements and additions to mills, besides repairs of $ 76,663 ,
as compared with $56,904 In 1906. The mill at W llm lnaton, 111., has been
Improved with an additional machine, new building, A c ., and as a me d o n
mill should soon make good returns on this Investment. The capacity of
the Uncas mill has been Increased several tons per day.
Your directors are hopeful that In the near future the demand for our
product will Increase sufficiently to JustUy the necessary expense In re­
habilitating several of our dead m il’s. These m ills, althcugb enjoined t y
the court from manufacturing strawboard, on account, of the pollutlcn of
rivers, could he reconstructed so as to manufacture paper stcck boards.
The expense would be small In proportion to the value of the mills, and It
would Increase our output 90 tons per day.
(The com pany’s dividend record has been as follows; 1890, 8 % ; 1891,
8 % : 1892, 8; 1893, 4 ; 1894-97. none; 1898, 1; 1899. none; 1900, 3; 1901-05.
none: 1906, D ec., 2; June 1907, 1; Sept. 1C07, 1; Jan. 15 19 0 8 , 1.— Ed.)
— V . 86, p. 233.

Herring-Hall-Marvin Safe Company, New York City.
{Report for F isc a l Y ea r ending Dec. 31 1907)
President C. U. Carpenter, under date of New York,
Jan. 31 1908, says:
General Results.— The net earnings for the year 1907 amount to $103 ,52 5,
after paying Interest charges and before charging off $34,746 for depre­
ciation. This depreciation amounts to 5 % cn buildings, 1 0 % cn machin­
ery and 2u % cn furniture, fixtures, cartage, plant, etc.
In addition to

478

[VOL. LXXXVI

THE CHRONICLE.

this wc have charged to expense 522,790, Including all replacements of new
tools, patterns and belting.
The net earnings of the year were m ade chiefly In the first nine m onths,
general business conditions during the last quarter havingchanged abruptly.
The large reserve (536,334) for completion of contracts Is established to
care for the expense .attendant upon the erection of jobs shipped the latter
part of 1907.
During the year $40,000 debentures matured and were paid.
There Is no Hen or mortgage on the property.
A number of new patents
have been issued to the company which we believe will prove of value.
Fire Test.— In the recent Parker liulldlng lire In New York City our
modern safes withstood successfully the most severe trials possible. Many
of them , heated on the exterior to a white heat, fell 90 to 150 feet to the
basem ent, where they lay for days beneath burning debris. All 16 of them
preserved their contents Intact.
Outlook.— W e believe the present depression Is temporary and that the
progress of the com pany’s business will continue satisfactory In the future.
R E S U L T S FO R C A L E N D A R Y E A R S .
1907
1900.
$103,525 $102 ,049
34,74 7
31 ,666
.
7,225
11 ,000
Special reserves.
$61,553
Balance, surplus_________ ______ _______ 1 -------------------BALANCE SHEET DECEMBER 31.
1907.
1906. |
1907.
S
I Liabilities—
Assets—
$
$
202,652 (Debentures................ 370.000
Rea estate & bldgs. - 195,796
298.8641 Bills payable----------- 178,786
Machinery, & c ......... 309,474
207,0761Accounts payable__
81,436
Stks. on hand at cost 173,520
|Reserves for conrpleWork In process and
329,9881 tlon of contracts..
86,334
materials at cost.. 358,782
IContlng. liabilities . .
23,225
Bills & accts. receiv­
372,830ICapltal stock (7.000
able and cash_____ 412,884
8,0951 shares).................... 700.000
Insur., &c., In a d v ..
17,255
1,0001Surplus......................... 120,936
1,000
Stock of other cos__
92,0001
Pats.,trade-mks.,&c.
92,000
Total........................ 1,560,717 1 ,512,5061
— V. 86, p. 423.

American

$59 ,383
1906.
$
410.000
170,354
92,561
64,208
16,000
700.000
59,383

Total......................... 1.560,717 1,512,506

Graphophone

Company.

(Report for F is c a l Y ea r ending S ep t. 30 1907.)
E A R N IN G S , E X P E N S E S A N D C H A RG ES.
1906-07.
1905-06.
N et earnings from all sources--------------$994,851
$842,266
Deduct—
Interest on debentures------------------------$25,189
$16,396
Interest on factory mortgage--------------6,000
6,000
Interest on coupon notes--------------------14,643
13.607
Interest on loans and bills payable—
49,202
32,409
M ainten ance----------------------------------------57,816
77,169
Depreciation, & c----------------------------------59,568
64,189
Dividend on preferred stock ( 7 % ) —
146,680
145,893
Dividend on common stock-----------(5 % ) 130,878
(5)102,843
260,000
190,000
Reserved for depreciation, 8cc------------T o t a l ............................................ - ............
Surplus for year----------------Surplus at end of previous year.............

$749,976
$244,875
1,221,514

Total surplus...................... - ................... $1,466,389

1904-05.
$803,643
$9,065
' " 21,416
28,698
64,266
50,649
1 17,210
(4)54,067
160,000

$648,506
$193,760
1,027,754

$505,371
$298,272
729,481

$1,221,514

$1,027,754

BALAN CE SHEET SEPT. 30.
1907.
1906.
I
1907.
1906.
$
$
| Liabilities—
S
S
Assets—
|Common stock........... 2,626,450 2,497,650
Patents, franchises,
good-will, &c_____ 1, 841,032 1,750,6441Preferred stock--------- 2,095,430 2,095,430
144
144 |Mortgage on factory
Stock not Issued____
100,000
Plants........................... 2 ,282,947 1,985,7611 real estate------------ 100,000
Raw material............ 223,188 229,026|Dcbs. convert. Into
| preferred stock—
129,000 126,200
Goods In process of
manufacture.......... 384,586 418,0741Debs, convert. Into
1,294,0211 common stock____ 333,070 395,968
Goods completed. . . 1 ,309,377
ICoup, notes convert.
Accounts and bills
1.027,9801 Into pref. stock....
119,900 183,300
receivable________ 1 ,544,593
228,612|Coup. notes convert.
Cash .......................... 238,857
694,7401 Into com. stock.. _ 184,S00
............
Stocks and bon d s... 646.940
24,012
______ jcurrent acc’ ts, accr’d
Miscellaneous assets.
| lnt. and taxes not
j yet due, and bills
I payable.................... 1.362.375 898,306
IReserved for depre| elation, &c-----------78,261
110,636
|Surplus.........................1,466,390 1,221.514
T o ta l______ _____ 8,495,676 7.629.0041
-V . 85, p. 1648.

T o ta l...................... 8.495,676 7,629,004

American Writing Paper Co.
(Report for F is c a l Y ea r ending Dec. 31 1907.)
E A R N IN G S , E X P E N S E S , C H A R G E S , &C.
1907.
1906
1905.
Net earnings......................$1,429,440
$1,415,331
$1,303,044
119,613
136,475
Interest, &c.

1904.
$1,632,561
141,367

Total net Income____ $1,565,915
Interest on bonds_______
$850,000
Expenses, lnclud. malnt
263,799
Charged o il----------------------------------Sinking fund.......... ............
100,000

T o ta l..................44,021,508 43,547,724

Manufacturers’ Light & Heat Co., Pittsburgh, Pa.
(Report for F is c a l Y ea r ending Dec. 31 1907.)
President H. B. Beatty says in substance:
Extensions, & c.— Upon the organization of the new board of directors
last year, the matter of first Importance considered was the development
of the gas territory of the com pany. After careful consideration the policy
was Inaugurated of making liberal expenditures for new drilling. Accord­
ingly, there was expended for drilling of wells, Improvements, betterments,
extensions, &<;., an aggregate of $ 1 ,576,042. A d d to this $210,918 paid
out for gas purchased, and we have the aggregate of $ 1 ,786,960, with the
result that the company now has on hand for consumption an abundant
supply of gas, and Is In splendid position for this winter, and. In all proba­
bility, for a considerable period.
Your directors also unanimously agreed
that, Instead of completing one pumping station, which was deemed sufflclentfor the year, two pumping stations should be at once commenced.
The striking of an extraordinarily large gas well by a local company In
the territory In Harrison County, W est V a ., near which your company held




Total op. & taxes. 1,730,017 1,479,5291
Net earnings------- 3,264,786 3,687,7491
* Surplus In 1906 was applied to payment ot dividends (4<^%, $945,000) and
reduction of Indebtedness.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Manulacturers’ Light & Heal Co. and Us af/lllatcd companies.)
1907.
1906.
|
1907.
1906.
Assets—
$
$
| Liabilities—
$
$
Property................36,356,656 35,260,193ICaiSltal stock..........21,500,000 21,500,000
Treasury s to c k ...
628,600
628,600 (Bonds, less sink.fd. 7,433,500 8,221.000
348,6.821 Bills payable-------- 3,831,594 4,029,519
Cash............. ..........
406,805
534,5341Accounts payable.
233,052
107,507
Accts. receivable..
553,072
14,153 |Acer. lnt. on bonds
92,922
102,134
Bills receivable__
26,723
|Acer, tax on bonds
62,247
32,196
ISecurlty deposits _
83,928
72,107
|Surplus.................... 4,734,613 2,721.699
Total............. ..37,971,856 36.786,1021
Compare V. 83, p. 1594.-—V. 86, p. 340.

Total.....................37,971,856 36,786.162-

Consolidated Cotton Duck Co., Baltimore.
(Report for F is c a l Y ea r ending Dec. 31 1907.)
E A R N IN G S FO R C A L E N D A R Y E A R S .
1907.
1906.
Income from sales______________________ $10,621,387
$9,941,151
Income from other sources___________
67,821
83,673

1905.
$9,268,872
89,145

Total Income_________________________$10,689,208 $10,024,82-1
Cost of materials, labor, supplies, & c. $9,319,162
$8,427,427
Current Interest and general expense.
239,480
29.»,516

$9,358,017
$8,138,150
302,694

N et earnings_______
$l,1 3 0 ,5 6 o
Deduct Interest on bonds of constitu­
ent companies, Including first m ort­
gage bonds of the Mount VernonWoodberry Cotton Duck Co.............
426,000

$1,301,881

$917,172

Balance, surplus---------------- -------------Dividends on preferred stock------------(6 % )3 6 0 ,0 0 0

$908,915
(6)360,000

$553,947

363,225

Balance (see note below)--------------$344,565
$548,915
Note.— Ot the balance surplus In 1907, $704,565 (before deducting divi­
dends and charges to depreciation), $242,578 (against $370,003 In 1906) Is
derived from the operations of the Consolidated Cotton Duck Co. and
$461,987 (against $538,912 In 1006) from the operations of the Mount
Vernon-Woodberry Cotton Duck Co.
,
, ,,
Of the surplus In 1907 $96,922 has been credited to depreciation account
and $255,834 charged oIT to merchandise and material accounts. In 1906
$283,735 was charged oil for depreciation.
The labor account above In 1907 In operating the mills shows an Increase
of $221,000 above that of 1906 on a small Increase of production.— V . 85,
p. 465.

Union Switch & Signal Co.

$1,2 13,709 $1,190,460
$1,16
344,484
$20surplus--------3.52,116
R A L A N C E S H E E T J A N . 1.
1908.
1907. |
1908.
1907.
$
| Liabilities—
$
$
Assets—
$
Plant & real estatcl6,694,21S 16,,694,331 (Preferred sto ck ... 12,500,000 12,500,000
Good-will, &c___ 18,010,150 18, ,010,1501Common stock.. . 11,500,000 11,500,000
Cash j _____ _____ 1,356,728 1,134,60915% bonds________17,000,000 17,000,000
3,710
30,943
Accts. receivable. 1,182,494 1,297,5271Accounts payable.
199,426|Slnk. fund reserve 819,150
670,250
Notes receivable..
277,299
872,8281Surplus..............
2,198,648 1,846,531
Company bonds..
897,372
10,2351
Miscellaneous____
10,235
Supp. & materials. 2,773,862 2,658,3681
070,2501
Sinking fund_____
819,150
Treas. com. stock. 2,000,000 2,000,0001
Balance,

.44,021,508 43,547,721!
T o ta l___
— V. 86, p. 422. 171.

5,000 acres, and a still larger amount northeast, on the same anticlinal,
presented a problem which required Immediate action.
It was determined
to at once drill two wells In this territory, and as these wells, when com ­
pleted, proved to be of great capacity, your board felt Justified In at once
building a line to that terrtory, a distance of approximately 25 miles.
The contract for the above line has not yet been completed, and the pum p­
ing stations above referred to are still In course of construction, wherefore
neither of these Items, approximating $460,000, appears in the statement
of either assets or liabilities, and both will be paid for out of the “ Improve­
ment fund” set apart for the years 1908 and 1909, which fund represents
2 0 % of the gross receipts of the company.
General Results.— The total earnings for 1907 were $4,994 ,8 0 3 , or $172,000
less than for the year 1906. This decrease Is explained by the diminution
in the normal earnings In October, November and December, brought about
by the financial conditions and consequent shut-down of large manufac­
turing plants to which your company was supplying gas.
H ad normal
conditions prevailed during these m onths, our gross earnings would have
exceeded those of the year 1906 and would have been the largest In the his­
tory of the com pany. M any of the mills are now resuming and It Is hoped
that the earnings of your company during the balance of the winter will be
correspondingly Increased.
Attention Is called to the fact that, excluding the cost of drilling new
wells, and Including only the value of the new material placed In such wells,
there has been an Increase In assets during the past year, for Improvements,
betterments, extensions, new wells, cash on hand, .accounts and bills re­
ceivable, of $1,1 8 5 ,6 9 4 , and that there has been a net decrease In liabilities
of $ 8 27 ,22 0, making a total surplus for the year’s operations of $ 2 ,012,914.
In other words, the stockholders have had this amount added to the value
of their stock.
RESULT OF OPERATIONS FOR CALENDAR YEARS.
(The Manu/acturers’ Light it- Heat Co. and Its affiliated companies.)
1907.
1906.
1907.
1906. I
$
"
$
$
$
I
7,372
13,110
Gas sales.................4 ,6 9 9 ,4 6 5 4,872,2231Charged to prof.&loss
423,234
224,420
Oil sales..
228.985
229,233 Drilling new wells..
223,342
37,022
34,354 Interest and discount 319,948
Electricity sales____
544,789
Artificial gas sales__
939
946 lnt. & tax on bonds. 498,631
Water sales................
1,291
1,393
Total deductions.. 1,249,185 1,005,661
Other sources...........
27,101
29,129
Income avallabie.2,015,601 2,682,088
Total grosscarns. .4,994,803 5,167,278 Dlv. due other own­
Expenses—
2,686
---------ers ot aftll. cos____
Operating expenscs.1,378,612 1,308,263 Itnprov. it exten.......
...........
755,385
Changing construe..
96,584
43.911 Wells (81) “ new mat” ............
56,140
Gas purchased........... 210,918
80,013
Balance, surplus. .2,012,914*1,870,562
Taxes......... .................
43.903
47,342

(Report for F is c a l Y ea r ending Dec. 31 1907.)
1907.
Gross receipts________ . . $5,023,599
Surplus over lnt. & dep’ n 1,024,842
Dividends on com . ( % ) .( 1 2 ) 2 4 0 ,000
Dividends on pref. ( % ) .( 1 2 ) 5 9 ,7 1 2

1906.
$5,057,111
1,055,332
(9)157,226
(10)52,248

1905.
$2,980,890
409,667
(8)119,936
(10)49,760

1904.
$2,486,840
358,841
(8) 119,896
(10)49,760

$725,130

$845,858

$239,971

$189,185

Surplus for year_____

BALANCE SHEET DEC. 31.
1907.
1906. I
,
1907.
1906.
Assets—
$
$
i Liabilities—
$
5
Cash ........
211,981
268,8451 Common stock--------- 2,000,000 1,750,000
Bills & accts. rccelv 1,491,189 1,564,734 |Preferred stock......... 497,600 497,600
Materials in stock.. 1 , 592,565 1 , 19 2 ,6 1 3 1 Bonds------------------ _ 243,000
319,000
Real estate & bldgs 1,097,489
633,2261Bills and aycounts
Maeh.,tools&flxtures 608,505
504,0521 payable............. 307,939
443,675
Patents_____
800.000 800,0001Unclaimed dividends
1,749
1,353
Insur. not matured
4,445
4,445 Surplus account-------- 2,755,886 1,956,287
T o ta l..................... 5,S06,174 4.967.9151
- V . 85, p. 1282.

Mexican Light

&

T o ta l...................... 5,806,174 4,967,915

Power Co., Limited.

(Report for F is c a l Y ea r ending Dec. 31 1907.)

President George A. Drummond, Montreal, Feb. 4, writes
in substance:
Preferred Stock.—
of 7t ~
%
preference stock or
ot tnc
the
« . - - oOn
n Aug. 30 1907
10 0 / an Issue
issue ui
/0 prcierencc
nominal value ofrf32 .4‘ 0 0 ,0 0 0 , gold,
* ' was authorized,
.........................
..
to liquidate
outstanding
liabilities and to1 purchase the Robert Electric C o., a com petitive lighting
com pany In the Federal
__________________
District of Mexico.
.
The
| entire
__J_________
Issuemwas
__ _______
underwritten 111 London, England, where a public Issue was made late In No
vem ber, with marked success conslderng the financial stringency. The
com pany has already received payment of part of the subscriptions, and
the balance will be paid during the present year.

Feb. 22 1908.]

THE CHRONICLE.

The properties and business of the Robert Electric Co. arc to be purchased
for not exceeding $350,000, gold, and It Is expected that they will be taken
over during the present year.
Construction.— During the year there was expended on capital account
$2,475,332, gold, of which over $1,000,000 was expended In completing
the llrst Nccaxa Installation, approximately $ 1 ,0 0 0 ,0 0 0 on distributing
lines and equipment In the City and Federal District of Mexico, and ap­
proximately $350,000 on the second Installation, which has cost $688 0 00,
gold, to Dec. 31 1007.
The Laguna dam has now reached a height that will provide a storage
capacity of 30.000,000 cubic meters of water. The construction of the
provisional dam at Los Reyes and the tunnel connecting It with the Laguna
reservoir has progressed satisfactorily. The construction of the large dam
at Necaxa necessitates the deposit of 1,634,000 cubic meters of material.
On Dec. 31 1907, 337,000 cubic meters of material had been deposited, and
the work Is now proceeding at the rate of 73,000 cubic meters per month.
Th e lower toe of this dam Is now about 60 feet above the river b ed , alfordlng
a limited storage capacity to regulate the supply of water for power-house
No. 1.
Difficulties of Operation.— Owing to the lack of reservoir capacity at N e­
caxa and the unprecedented dryness from June to December, considerable
coal was necessary In the operation of the steam plants, and this expense
m ay be continued to a greater or lesser extent during the llrst live months
of the present year. The combined flow of the Necaxa and Tenango rivers
from July 1 to Dec. 31 1907 was, approxim ately, 7 0 ,0 0 ,0 0 0 0 cubic meters
less than the average flow during the corresponding months of the six years
from 1902 to 1907. As each cubic m eter of water represents a value of
3 54 cents, Mexican currency, when compared with the cost of steam pro­
duction In Mexico C ity, the value of water storage Is easily computed.
Storage Capacity.— The reservoirs now under construction will have,
when com pleted, storage capacity as follows:
Nccaxa.
Laguna.
Los R eyes.. Total all three.
Cubic meters-------------44,852,600
4 4 .013,000
26,179,200
115,044,800
Earnings.— The gross earnings for the year 1907 were $2,465,185, gold,
as compared with the estimate of $2,521 ,0 0 0 , gold, but the operating ex­
penses, owing to the necessary consumption of coal during the year, were
$52,869 , gold, In excess of the estimates made and published In January
1907. The com pany has applied $161.202 to the maintenance of Its plants,
and, owing to certain minor defalcations In Mexico and to the doubtful
character of certain outstanding accounts, It has been deemed advisable to
write olf from profit and loss debts of $93,697 , gold, as uncollectible.
installations Connected.— On Jan. 1, Instant, the Installations connected
In the City and Federal District of Mexico and In El Oro and vicinity rep­
resented. approximately:
1906.
January lsf.
1907.
Public lighting (1,650 arcs in 1907; 1,542 In 1 9 0 6 ) .. 1,453 h.p.
1,370 h.p.
Private lighting (No. of 16 c.p . equivalents, 3 1 2 ,­
000 In 1907; 268,372 In 1906)_____________________ 24,744 h.p
19,770 h.p.
Power— M otor units. Federal D istrict_____________ 19,958 h.p.
15,620 h.p
Tram ways ________________ __________ : ........................ 8,000 h.p.
670 h.p.
El Oro mines and v ic in it y ....................... ..............1 3 ,1 9 8 h .p .
9,225 h.p,
Total now connected-----------------------------------------------67,353 h .p . 46,655 h.p.
Increase of Business.— As the financial stringency apparently has had less
prejudicial effect In Mexico than In m any other countries. It Is not expected
that the hitherto Increasing demand for power In the districts supplied by
this company will be seriously Impaired. The com pany has now In sight
, additional contracts for supplylnglnstallatlons representing motors of over
3.000 h .p . capacity, exclusive of the contract already made with the Fed­
eral Government of Mexico for furnishing for 20 years, approximately,
3.000 h.p. for the purpose of providing potable water for the City of M ex­
ico, which supply will probably commence late In the present year, so soon
as the- Federal Government has so far completed Its works as to avail Itself
of this contract.
(A table In the report shows that for the year 1908 It Is
estimated that the total gross earnings In Mexican currencv will be $ 5 .­
7 6 0 ,0 0 0 , contrasting with $4,930,370 In 1907; net earnings, $ 2 ,150,000
against $1,950,143.)
RESULTSFORCALENDAR YEARS (Mexican Cuccency.)
1906. 1
1907.
1907.
$
Gross Earnings—
$
S
1 Operating Exp.—
Public lighting.......... 442,782
425,027 |Water,powerAElOro 311,531
Private lighting____ .2,611,770 2,181,212 ISteam plant.............. 615,790
839,512| Federal district......... 260,334
Mex.AFcd.DIst.Pow .1,154,336
369,684![General expenses__ 440,084
El Oro
............. . 501,190
Tramway........... ......... 220,286
38,7591 Maintenance........... .. 322,404

1906.
$
305,815
591.504
232,236
347,420
226,646

T o t a l.....................4,930,370 3,854,194 | Total......................... 1,950,143 1,703,621
Net earnings (Mexican currency)...................................................... 2,980,227 2,150,573
Net earnings (United States currency)......... ....................................1,490,113 1,075,286
PROFIT A N D LOSS ACCOUNT (United Stales Currency.)
1906.
1907.
1906.
1907.
$
$
$
$
| Deductions (Con.)
Net earns.(as above). 1,490,113 1,075,286| Uncollectible accts,.
93,697
18,746
30.134
____
Deduct—•
IMiscellaneous............
Int.on bds. M .L.&P. 600,000
518,444 |
do
M.E.L.CO-. 300,000 300,0001Total deductions____ 1,053,831 837,190
Slnk.fd. M. L. & P . . 30,000
.............. |Balance, surplus____ 436,282 a238,096
a The total In 1906, $238,096, was Increased to $1,050,429 as per balance sheet
by dividend received from Mexican Electrical Works for 1904, from Mexican Electric
Light for year 1905, and net earnings for 1905, Including properties acquired from
Mexican Electrical Works, Ltd.
GENERAL BALANCE SHEET DEC. 31 (Gold Currency) .
1907.
1900.
1907.
1900.
Assets—
$
$
Liabilities—
$
$
Prop, concessions,
Ord. shares Issued. 13,585,000 13,5S5,000
Ac. (cost)______ 26.825,788 24,350,457 Pref. shares Issued
______
401,500
Apparatus rented.
26,585
21,439 Bonds auth. & Iss. 12,000,000 12,000,000
60,000 nil. M.E .LCo 3.000,000 3,000,000 Curr. loans A over­
10,992
Shares of other cos.
10,992
drafts. __..............2,081,710 1,403,866
742,738 Sundry accts. pay.
Materials________
646,531
286,747
216,240
387,036 Employees' A con­
Accts. receivable..
261,641
21,015
Govt, deposits____
21,015
sumers' deposits
12,308
24,375 Accrued bond lnt.:
Unpaid stk. subsc.....................
25,635
Unexp. lnsur., A c.
8,223
150.000
Mex. E l.L t .C o .
150,000
77.074
Mcx. Lt. A P.Co
250,000
Cash.........................
87,289
250.000
Sink. fd. M .L.A P .
30,000
3,204
Miscellaneous____
4,088
Profit A loss a c c t..1,486,711
1,050,429
Total.................... 30,888,064 28,661.3611

To ta l............... ..30,888,064 28,661.361

479

American Pipe Manufacturing Co.
(Report for Y ea r ending Dec. 3 1 1907.)
N et cam s. D lv. paid.\
Net earns. D lv. paid.
1 9 0 7 ..........................$615,983
$420,0001 1903.......................$ 3 3 8 ,0 4 7
$240,000
19 0 6 ......................... 018,043
480,000 1902____________ 320.787
202,565
1905......................... 588,660
352.482 |19 01______________ 286,501
108,000
1904 ......................... 414,654
240 .0 0 0 1 1 9 0 0 ___________
266,403 96,000
.BALANCE SHEET.
Dec. 31 Dec. 24 |
Dec.31 Dec. 24
1907.
1906. |
1907.
1906.
Assets—
$
$
1 Liabilities—
$
%
Bonds, book v alu e ..4,584,467 4,141,834ICap.stock (par S100).5,000,000 5.000,000
Stocks, book value. . 363,877
383,8371Undivided profits.. . 1.879.797 1,663,814
Unfinished contracts.
88,641
263,055 Dividend due Jan. 1. 100,000
120,000
Real estate (clear of
Bills payable_______ 880,000
650,000
Incumbrance)____
66,861
66,591 Book accounts owing 212,909
43,530
Book accts. due co._ 783,105
763,514
Bllls receivable_____ 1,878,047 1,2691653
Merchandise on hand
63,978
63,116
Cash on hand.............. 243,730
525.744
Total.............. .......... 8,072,706 7,477,344
Total-------------------- 8,072,706 7,477,344
Note.— Not Included In the above statement of assets for 1907 were 49,882 shares
of the capital stock of other companies, chiefly water companies, par value $3,793,­
190; sundry bills receivable, not Immediately collectible, amounting to $25 534- also
patent rights, factory buildings, machinery. Ac.— V . 84, p. 627.
'
’

G E N E R A L IN V E S T M E N T N E W S .
RAILROADS, INCLUDING STREET ROADS.
Baltimore & Ohio RR.— Sale of N ew Issue of N otes. —The
company has sold to Speyer & Co. and Kuhn, Loeb & Co. of
New York $6,000,000 5% one-year notes, dated March 2,
secured by deposit with the United States Trust Co., as
trustee, of $8,000,000 Pittsburgh Lake Erie & West Virginia
refunding 4s of 19 41. Denominations $10,000 and $25,000.
Interest payable March and Sept. The notes are offered for
sale at 9 9 f$ and interest, netting 5 ^ % .
The bonds pledged are part of an authorized Issue of $ 7 5 ,0 0 0 ,0 0 0 , of
which $31,347,000 are listed on the New York Stock Exchange and are
therefore understood to be held by the public; some $33,000 ,000 are re­
served to letlre underlying bonds and the remainder are either owned by
the B. & O. or are reserved for future additions and Improvements.— V . 86,
p. 227.

Beersville Coal & Ry.— N ew N am e. —See North Shore
R y ., Canada.—V. 86, h. 421.
Birminghvn (Ala.) Railway, Light & Power Co.— D irec­
tors and O fficers. —The following directors and officers have
been elected:
T . G. Bush, F. D. Nabers, B . F . Roden. R . H . Pearson, Lee C. Bradley,
W . P. G. Harding, M. V . Joseph. Robert Jemlson, G. B. McCormick. W . if.
K ettlg, B. F. Moore and A . H . Ford, o f Birm ingham : Harry- L. Falk
J. K . Newm an and Sidney H . March, of New Y o rk ; William M adison,
Smith and George H . Davis of New Orleans. (J. A . Em ery and Gordon
A b b ott, resigned.)
Officers; A . Hi Ford, Pres, and Gen. M gr.; Lee C. Bradley, V .- P .; E .M .
Cory, Treas. and A u d .; E . C. Jolly, Asst. Treas.; J. P. R oss, Sec.— V . 8 5 .
p. 653.

Boston & Maine RR.— Salaries Reduced. —The company
on Feb. 14 announced a reduction in salaries of 10 % , affecting
all employees receiving over $100 a month.— V. 86, p. 336,
228.
Camden & Trenton (Electric) Ry.— Receivership. —At Tren­
ton, N. J . , on Feb. 18, Vice-Chancellor Walker appointed
Wilbur F. Sadler Jr. of that city as receiver for the company
on application made by former President Henry V. Massey,
who stated that he owns ten shares of the capital stock of
the company, holds 349 other shares by proxy and holds
$25,000 bonds of the New York-Philadelphia Co., the hold­
ing corporation. The bill of complaint alleges insolvency
and mismanagement, and says:
The Camden A Trenton line has been operated at a loss for a long period,
the deficit for 1907 having been $46,559; Jan. 1 1907 the general deficit
was $66,951 , and It now amounts to $115 ,00 0. The company has other
debts and losses aggregating, with the foregoing, about $200 ,00 0; the
com pany defaulted N ov. 1 1907 In the payment of Interest on Its ($710,000)
llrst mortgage bonds, amounting to $17,750, and has also defaulted Jan. 1
1908 In the payment c l the Interest on Its ($622,500) general mortgage
bonds, amounting to $16,562, and Is unable to meet maturing obligations.
(The New York-Philadelphia C o ., lt Is also alleged, In 1905 acquired $ 1 ,0 1 8 ,­
470 of the com pany’s 81.500,000 capital Stock.— E d .)— V . 86. p. 228.

Chicago Cincinnati & Louisville RR.— Receivership — F u r ­
th er P articu lars.—Referring to the appointment of a receiver
noted last week (p. 420), a member of the firm of George
A. Fernald & Co., in an interview, said:

The application for receivership In connection with this road was a friendly
one. The road Itself, although a short one, Is of an exceptionally high
grade, and Is In excellent physical condition. The application for a receiver
is due to the Inability of the company to raise money under the existing
financial conditions, and as a lesult Its gross earnings have fallen from
$116,000 in October 1907 to $64,000 In January 1908. The property
has recently been examined by an eminent expert, who believes the road
Is capable of showing gross earnings of $9,000 per mile under favorable
conditions. The object of the appointment of a receiver Is to preserve
the property for the benellt of all Interested. Fernald A Co. own $250 000
of the com pany’s bonds and holds $380,000 more as collateral for loans,
— V . 8 6 , p. 420.

Ordinary shares auth. 516,000,000; pref, shares, $2,400,000.
Accompanying the report for 1907 there is being sent to
the shareholders a small circular containing the reports of
Chicago Terminal Transfer Co.— Litigation L ik e ly .—
counsel respecting the incorporation, organization, franchises Stockholders’ Committee Calls for Deposits. — Referring to the
and bond issues of the company.-—V. 86, p. 423.
advertisement on another page, the following statement is
made on behalf of the committee:
American Sewer Pipe Company.
(Balance Sheet Dec. 31 1907.)
1907.
$

Assets—
Cost property, less
depreciation____8,667,308
Cash .................
115,448
Accounts and bills
receivable........... 372,199
Materials and supplies...................... 780.058

1906.
$

|
1907.
I Liabilities—
$
ICapltal stk. Issued.7,000,000
9,263,819 Bonds outstanding. 1,431,000
194,1301Acc’ts payable_____ 294,393
|Wages accrued____
29,899
339,7141lnt. A taxes aecr’d .
38,309
! Dividend...................
35,000
754,5811Surplus ............... ...1 ,1 0 6 ,4 1 2

T o ta l.................... 9,935.013 10.552,2431

1906.
S
,805,700
.482,000
40,670
34,471
39,722
58,543
,091.137

T o ta l.....................9,935,012 10,552,243

Dividends: 3 % yearly C 4 % quarterly) July 1904 to July 1907, both Inclusive:
Oct. 1907 and Jan. 1908, E of 1% each. During 1907 $51,000 bonds wore redeemed
by the sinking fund and canceled, making a total of $611,500 canceled to Dec. 31
1907. On the date last named there were held In the treasury $457,500 bonds,
being the same amount as held Dec. 31 1906.— V. 85, p. 1340.




The future of the company still seems to be In doubt. The stock appears
to be divided between that presumably held In the Interest of the Chicago
Burlington A Quincy R R . and that represented by the stockholders’ pro­
tective com m ittee, consisting of George I. M alccm , George D . M ackay,
Edward A . Morgan, James L. Laldlaw and E . L. Oppenhelm. The com ­
mittee represents both preferred and common stock, and was organized for
the purpose of protecting the Interests of the minority stockholders In the
litigation relative to the Baltimore & Ohio lease.
For a while lt seemed
that the Baltimore & Ohio Co. had arranged to acquire the stock represented
by the com m ittee, but these negotiations having evidently fallen through, lt
looks as If the litigation will have to be fought to a finish, The committee
has retained Hornblower, Miller & Potter as counsel.

N ew Directors.—William T. Nelson and H. H. Hall have
been elected directors succeeding Fred G. Reighley and
Ralph M. S h a w — V. 86, p. 226, 107.
Coney Island & Brooklyn (Electric) RR.— N ew President.
—S. W. Huff, of Richmond, V a., General Manager of the

Virginia Passenger & Power Co., has been elected President
of the Coney Island & Brooklyn R R . to succeed John L.
Heins, who resigned to become Chairman of the Board.—
V. 86, p. 420.
Coney Island & Brooklyn R R .— Bonds. —The Public Ser­
vice Commission on Feb. 18 authorized the company to issue
830,000 bonds to cover the cost of ten new cars.— V. 86,
p. 420.
Erie R R .—Quarterly— C aution. —The earnings for the quar­
ter and six months ending Dec. 31 as reported to the New
York State authorities, on a portion of the system were:
3 M o s .—
Gross.
Net.
Other Income. Charges.
1 )06 .-- 5 1 1 ,7 8 3 ,0 2 7
$1,747,073
$323,522
$3,519,498
1 )05 - - . 12,529,299
4,094,954
175,879
3,206,300
6 M o s .—
1906 ...$ 2 5 ,3 8 0 ,1 3 4
$5,781,252
$571,734
$6,775,381
1905 . . . 24,825,271 8,207,998
292,367
6 ,224,404

Surp. or Dcf.
del. $1,448,901
sur. 1,064,533
clef.
$ 422 ,39o
sur. 2,275,951

Referring to the foregoing figures, an official statement
issued yesterday says in substance:
■These figures for the six months ending Dec. 31 1907 are based on the
records of tne Public Service Commission at Albany. They are misleading,
for the reason that they represent the operations of only that part of the
Erie system that reports to the New York State authorities.
.
The operating statement of all the Erie lines for the six months ending
___ __
„
Dec. 31 1907 was as follows:
Gross earnings______________________________________________________
W orking expenses__________________________________________________ 22,258,159
•Net earnings____ -’ __________________________________ - — -------------$.>,368,474
Adding to this the Income from Investments and other sources, and de­
ducting therefrom the accrued Interest on bonded debt and all other llxed
charges, leaves a surplus for the six months ending Dec. 31 1907 o f.$ 4 5 4 ,9 7 2

N o D ividend Declared. —Wednesday, Feb. 19, was the date
when the directors customarily meet to declare the semi­
annual dividend payable in April on the first preferred stock,
but no meeting was held. Attention is called to the fact
that the Public Service Commission has not yet rendered a
decision on the application of the company for authority to
pay in scrip the dividends declared last fall, and the chair­
man of the Commission is quoted as saying that the legal
question involved is a difficult one,and is still pending, and
that it is impossible to state when the decision will be made.
— V. 86, p. 228.
Detroit Toledo & Ironton Ry. — Transfer of Block of Notes.
—The Kleybolte holding of $1,208,000 Detroit Toledo &
Ironton notes, deposited with a trust company to secure a
loan of $820,000, has been taken over by II. B. Hollins & Co.
This, it is understood, gives Hollins & Co. control of the
situation, though they say they will co-operate with the
note-holders’ protective committee.
Changes in Noteholders’ Committee.— Newman Erb and
Leopold Kleybolte have resigned from the noteholders’
committee (V. 86, p. 420, 337). See also above.—V. 86,
p. 420, 337.
Freight Rates.— Reduction Ordered i n ’ K a n sa s. —The State
Board of Railroad Commissioners of Kansas on Feb. 14
ordered the railroads operating in the State to put into effect
on April 1 next, it is stated, a new schedule of maximum
freight rates, the reduction on the various articles enum­
erated averaging between 15 and 20% of the present rates.
Georgia Railway & Electric Co., Atlanta, Ga.— R eport .—
Cni.
Gross
Net
Fixed
Prof.
Yr
Earnings.
Karnlnqs. Charges. D iv .( 5 % ) .
1907
$3 309 341 $1,646,059 $784,675 $120,000
1906 ~ 2,’8 9V 9 2 4
1,467,073 635,637
120,000
— V . 86, p. 337.

[VOL. LXXXV1.

THE CHRONICLE.

480

Common
Balance
Dividend.
Surplus,.
(6 % )$ 4 2 8 ,4 4 8 $.312,936
( 6 M) 390,949
320,487

Great Northern Ry.— D ividend on Ore Certificates. —Sec
Great Northern Iron Ore Properties under “ Industrials”
below.— V. 86, p. 285, 229.
Hudson Companies, Tunnel Railroads connecting New
York, Hoboken and Jersey C ity.— O ffering of $5,000,000
“ 6% Secured Gold Notes” Dated F eb . 1 1908, Convertible at
Option of H older into F irst Mortgage 4)4% Bonds of Hudson
M anhattan R R ., due 1957, on B asis of $1,500 Bonds for
$1,000 N ote. — Harvey Fisk & Sons, 62 Cedar St., New York,
having sold a large amount of the $15,000,000 secured notes,offer $5,000,000 thereof by advertisement on another page
at 98)^ and interest, yielding over 6>£% per annum on the
investment. These notes and the company’s important
system of tunnels, railroads and terminals on which the notes
are secured by deposit of collateral, and which will shortly
be in partial operation, adding greatly to the facilities for
the transportation of passengers between New York City
and New Jersey, were fully described in the “ Chronicle”
of Feb. 1, page 285. See also map on page 69 of “ Railway
and Industrial” Section, and article in “ Railroad Gazette”
of New York for Feb. 2 1. The first section of the tunnels,
namely, the twin tube from Hoboken, N. J . , to Morton St.,
New York, and thence northeasterly to 6th Ave. and 19th
St., nearly three miles in all, is to be opened to the public
on Feb. 25. A circular further says:
The Hudson & Manhattan U R . C o., under an existing 500-year contract
with the Pennsylvania ItH. C o., will later, with that com pany, operate a
Joint through service between Newark, N . J ., and New York City.
Annual net earnings of the system are oonseivatlvely estimated at
$ 4 ,0 0 0 ,0 0 0 , a sum largely In excess of all (lxed charges.
From present
schedules, rental sources alone, including the tentals from the Terminal
IHilldlngs at Church, Cortlandt and Fulton streets, New York, where the
c im p a n y ’s station occupies the entire underground section, will produce
r> ore than half the amount of the Interest charges on the Hudson &
Manhattan R R . Co. first mortgage bonds.
T i e above statements are based In part up n letters end documents
furnished to us by the Hudson Companies.— V . 8 7 , p. 285.

Ball in the Superior Court of Cook County, 111., on Thursday
dissolved the injunction restraining the Railroad Securities;
Co. and the Union Pacific from voting on the $28,123,10(>
Illinois Central stock held by them at the annual meetingr
which, as adjourned, will be held on March 2. Compare
V. 86, p. 1576, 1270, 1082. The opinion, said to contain
about 10,000 words, holds that the two companies named
have full ownership of the stock they claim to own and hold
to the amount above stated and that such ownership and
the right to vote thereon are not forbidden by the statutes
or public policy of the State.
Mr. Fish’s attorneys say the ease will be tried on Its merits and an appeal
taken from the final decision It" again adverse. No appeal, It Is said, can
be taken from the Interlocutory order to be entered on tne present decision.

The decision which is, of course, important in holding that
a foreign corporation may own stock in a company organized
under Illinois laws, will, it is thought, prove to be of
value to the Union Pacific in the suit (V. 86, p. 287) recently
brought by the Government to set aside its control of the
Southern Pacific and its stock holdings in other roads.
Equipm ent Mortgage. —A committee of the directors has in
hand the drawing up of the form of an instrument to secure an
issue of $30,000,000 equipment bonds which, as stated last
week, will be used as collateral until permanent financing
of the floating debt can be arranged. The company, it is;
said, owns rolling stock valued at $40,000,000, free and clear.
— V. 86, p. 420, 337.
Kansas City Mexico & Orient Ry.— Securities O ffered. —
Steps are being taken to place additional amounts of bonds;
and stocks in Europe, and in the meantime the shareholdersare urged to subscribe at par either for 1-year 6)^% joint
notes of the two construction companies which are building
the railroad, each $1,000 note being secured by $2,000 in
first mortgage bonds of the railroad company; or for first
mortgage bonds of the railroad company, with a bonus of
40% in preferred and 40% in common stock. President
Stilwell, in a circular letter, says:
I cannot urge too strongly the necessity of completing the 67 miles o f
track necessary to connect the road between the Red River and B enjam in.
This will give us a line In operation from W ichita, Ivan., to Sweetwater,
T e x ., and will enable us to secure a great deal ot through business.
We
have experienced very trying times and it has been difficult to carry on
construction work during t ie past 90 d a ys; but we have continued to do so,
and I hope our stockholders will now come to our assistance. This will
give us 434 miles of e ntluuous track In this rne section, which ought to
show ea-nlngs of $ 2 0,000 ,000 , or much more than we have Invested In the
entire line up to the present tim e.— V . 86, p. 421.

Lancaster & York Furnace Street R y.— Change in C a p ­
italization. —This company, it is stated, has increased its-

bonded debt from nothing to $150,000, and has reduced its-capital stock -from $280,000 to $170,000; par value of
shares $50.
The company owns 12 miles of trolley line, placed In operation InDeccnir
ber 1903, but partially destroyed by flood In January 1904, operations
resumed In April 1904. President, Fred SliofT, Lancaster, P a.; Secretary,
Jacob H . Bryne, Lancaster, Pa.; Treasurer, Am os M. Landis, New D an ­
ville, Pa.

Lehigh Valley RR.—Equipm ent Trusts. —It was learned
this week that, in addition to the block of $2,000,000 4 ]/2 %
equipment trusts, series J , sold last October to Drexel & Co.
of Philadelphia and associates (V. 85, p. 1005), there was;
subsequently sold to the same bankers a further lot of $3,­
000,000, completing the issue of scries J . The equipment
covered by and acquired through this $5,000,000 series,,
and the payment in cash in advance of $824,820, includes:
Number . .. 1 ,0 0 0 b o x c a r s .
Capacity-----80,000 lbs.
— V . 86, p. 52.

1,000 steel gondolas.
100,000 lbs.

3,000 steel coal cars.
100,000 lbs.
•

Marietta Columbus & Cleveland RR.— To Be Operated by■
Toledo & Ohio Central R y . — President Jas. T. Blair says:
On Feb. 1 the Toledo & Ohio Central R y. C o., as agents for the owners,
assumed the entire control of tile Marietta Columbus & Cleveland R R . (44’
miles In length, extending from Moore Junction to Palos, O ., & c.— E d .)
All equipment of every kind now In use In connection with the operation
of the road will be tinned over to said com pany. The general operating
traffic and accounting departments will also be under the control of the
Toledo & Ohio Central.— V . 81. p. 1100.

Mexican Central Ry.— Option E x p ire s, but Consolidation
Negotiations S till P en d in g . —A press dispatch from the city
of Mexico on Feb. 18 said:
It Is stated by Jose Y . Llm antour, Minister of Finance, who has charge
of the Government negotiations for the merger of the National lines and
the Mexican Central, th at, although the Government’s option for the
purchase of the Mexican Central expired on Feb. l.a n d has not been re­
newed, the agreement as to the terms of the pending transaction remains in
force until such time as either of the two Interests Involved manifests adesire to wit idraw.
In that case the agreement terminates a fortnight
after such notice has been given. Tills practically has the ellect of con­
tinuing the option.
It Is thought the transaction will be consummated In
a short time. Compare National R R . of Mexico below.— V . 85. p. 1402.

Missouri Pacific Ry.— O fficial Statement.—In connection
with the full this week in the price of the stock, President
George J . Gould was quoted as saying:
Rumors of financial troubles In the affairs of the Missouri Pacific are
ridiculous. As for a receivership, that would never under any circumstances
be permitted.

The Gould interests are back of the Western Pacific Ry.,.
which is building from Salt Lake City to Oakland, Cal., with
branches, 930 miles (of which 146 miles are in operation), but
the Missouri Pacific, it is pointed out, is not concerned with
that enterprise except indirectly through its interest in the
Denver & Rio Grande and Rio Grande Western— V. 80, p ­
1730; V. 86, p. 337, 286.
Mobile Jackson & Kansas City RR.— N ew D irectors.—TheHudson & Manhattan RR.— Notes O ffered.— O pening of following changes are announced:
R o ad . —See Hudson Companies above.— V. 86, p. 286.
New Directors— Brayton Ives (Chairman), George R . Sheldon, John W .
A . P. Walker and W allace B. Rogers.
Illinois Central RR.— Injunction Preventing Vote on Stock Simpson,
Retired— E. K. Stallo. R . W . Jones Jr., C. E. Levy, R . I). Scandretk
H eld by U nion P acific Interests D issolved. —Judge Farlin Q. and J. W . W hiting.




TH E CHRONICLE

F e b . 22 1908.)

The new company, the New Orleans Mobile & Chicago
R R ., it is expected, will be organized shortly with the new
directors above named.
R e o rg a n iz a tio n . — President L . S. Berg says:
Under the plan of reorganization about $1,500,000 has been obtained
to apply to the Improvement of the property and to provide additional
equipment as well as to take care of the lloatlng debt. The company Is
now practically on a cash basis.— V . 80, p. 52.

Montreal Street R y .— D e b e n tu r e s .— The Bank of Montreal
received subscriptions in London during the first week of
February for an issue of £400,000 4 j ^ % 14-year sterling de­
bentures at 9 0 % , payable 5 % on application, 2 5 % on allot­
ment, 3 5 % Mch. 31 and 3 1 % April 30 1908. Payment may
be made in full on allotment under discount at 3J ^% per
annum.
The debentures arc for £100 each, payable, principal and Interest, at the
Hank of Montreal, London, and will De secured by means of a trust deed
equally with existing debentures for $ 1 ,5 0 0 ,0 0 0 , as a charge upon all real
estate, bonds and stocks of subsidiary companies now owned by the com ­
pany. The com pany cannot create any new mortgage In priority to the
debentures. The com pany has now outstanding llrst mortgage bonds as
follows: First series 5 % bonds, due March 1 1908, $292,000; and second
series 4 'A % bonds, due Aug. 1922, £ 1 4 0 ,0 0 0 ; of these the llrst series will be
redeemed out of the proceeds of the present Issue.
(There are also out­
standing $1,500,000 20-year 4 %
debentures, dated 1902.)
Interest will
be paid by coupons on May 1 and N ov. 1. The certificates, which will be
Issued after allotment, will carry a c nipon for three m onths’ Interest up to
May 1 1908; dellnltlve debentures will be Issued In exchange for fully-paid
scrip as soon as possible after May 1 1908.
Compare V . 85, p. 1207; V . 86,
p. 338 16 5.

Muskegon Grand Rapids & Indiana R R .— C o u p o n P a y ­
m e n t. —-Coupon No. 41, due Jan. 1 1907, is now being paid at
the office of Winslow, Lanier & Co. The surplus Oct. 1
1907, after paying coupon No. 40, was $5,147, from which
$86 of old accounts were charged off, leaving $5,061; the net
earnings for the five months— August to December, inclu­
sive— were $17,700; total, $22,761; amount required to pay
coupon No. 41, $18,750; surplus as of Jail. 1 1908, $4,011.
— V . 83, p. 1591.
Nantucket Central R R .— The road has installed gasoline
motor cars on its 8 ^ -m ilc line between Nantucket and Siasconset and will dispose of its narrow-gauge locomotive
equipment.
National R R . of Mexico.— D iv id en d P o s tp o n e d . — It is
announced that the directors at a meeting held in the city
' of Mexico on Feb. 14 considered the declaration of the regular
dividend on the first preferred stock ($32,000,000), and,
although fully earned, decided to postpone action on account
of the pending merger negotiations. 1 % was paid semi­
annually (2 % per annum) from Aug. 1906 to Aug. 1907, both
inclusive.
N eg o tia tio n s A c tiv e . — See Mexican Central R y. above.—
V . 86, p. 53.
New York-Philadelphia Co.— R e ceiv e rsh ip fo r C on trolled
& Trenton R y . above.— Y . 86,
p. 229, 53.

C o m p a n y . — See Camden

Norfolk & Western R y .— Equipment Trusts.— A special
despatch from Durham, N . C ., on Feb. 11 to the “ Raleigh
(N. C.) News and Observer,” announces the filing on that
day of four equipment trust agreements for $1,000,000 each,
under which the Virginia Company acts as lessor and the
Commercial Trust Co. of Philadelphia as trustee.
(Compare
V . 82, p. 840). The equipment obligations secured bythese
agreements, constituting apparently Series L, M, N and O.
will not, it is said, necessarily be disposed of at present. The
rolling stock covered by each, much of which, it is reported,
was delivered during the year 1906-07, consists, according to
the press reports, of the following (compare V. 85, p. 661):
Designation—
1st Srr.
Freight locomotives. ______
_______
30
H opperordrop bottom gondolas, 50 tons 545
Stock cars, 40 tons________
_______
...
— V. 8 6 , p 286, 109.

2(I Scr.
3
500
---

3d Scr.
____
1,000
-

4th Sir
730
300

Northampton (M ass.) Street R y .— Areu> Stock.— The Massa
ehusetts Railroad Commission on Feb. 19 authorized the
company to issue 1,750 shares of additional capital stock at
$110 per share (par $100) to provide for floating debt in
curred for additions to plant.— V . 70, p. 1049.
Pacific & Eastern R R .— Sold.— An exchange paper says:
Control of tills company has been sold by W . Cooper Mtrrls George
Kites and others to Hunt Lewis of P o 'tla n d , Ore.; Edgar Hafer of Medford
Ore.; and their associates.
The road was projected 0 1 1[finally froraMcd ford
to ISutte Falls, Ore., but construction was suspended at Eagle Creek
Com­
pare V . 84, p. 1552.

Pennsylvania R R .— Economies.— The general business de­
pression, with the resulting decrease in traffic, on account of
which the system now has standing idle some 400 locomotives
and 77,000 freight cars (one, it is remarked for each share­
holder), has led the directors, in common with the manage­
ment of other roads, to put in effect extensive economies,
which in the case of the Pennsylvania include a reduction in
the working time of the men in all departments, a stoppage
of much improvement work, a curtailment of renewals to
moderate limits, &c., &c. W ork, however, is being pushed
on the company’s tunnel roads into New York City and it is
expected that the four tunnels under the East River will be
excavated through from Long Island City to Manhattan
within the next three or four months.— V. 86, p. 422, 286.
Reading Co.— New Treasurer.— Assistant Treasurer II. E .
Paisley has been elected Treasurer of this company, the
P. & R . R y. Co. and the P. & R . Coal & Iron C o., to succeed
the late Richard Tull.— V . 85, p. 787.




4M

Seaboard Air Line R y .— Foreclosure Suit.— The Conti­
nental Trust Co. of Maryland, as trustee under the $75,000,­
000 first mortgage dated 1900, filed a bill of foreclosure in the
United States Court at Richmond, V a ., on Feb. 19.— V . 8 6 .
p. 230, 109.
Salaries Reduced.— .Effective Feb. 1 1908, all officers re­
ceiving more than $5,000 per annum suffered a 1 0 % reduc­
tion in salaries; those getting between $3,000 and $5,000,
inclusive, 8 % . — V . 86, p. 230, 109.
Sedalia (M o.) Light & Traction Co.— Bond Offering— Fur­
ther Particulars.— E .H .G a y & Co., who, as statedJan. 18, we
arc offering a block of first mortgage 5 % 20-year gold bondsat 90 and interest, gave in a circular the following additional
information:
The franchises are for long periods and extremely favorable In thelr
terms, the ordinance covering the railway and electrlc-llght departments
running until 1940, while the gas franchise has just been passed upon by
the Missouri courts and Is granted for the longest period permitted by the
laws of the State.
The company was Incorporated In Dec. 1906, and acquired through out­
right purchase all the property, rights and franchises of the following cor­
porations:
Total Original Capitalization Replaced by Present Bond Issue.
Stock.
Bonds.
Bonds.
.Sedalia Elec. R y .,
R y . & Elec. Co. of
L t. & P . C o____ $200,000 $200,000
Sedalia, p r e f--.$ 1 0 0 ,0 0 0
Sedalia & Drown
C o m m o n _______ 150,000
Springs R y. Co_ 80,000
50,000 Sedalia Elec. L t.&
Sedalia Electric &
& Power C o— _ 50,000
R y . C o.................. 200,000
140,000 Sedalia Gas&F.Co. 75,000
60,000Totals................................................... .................. ......... ................ .$ 8 5 5 ,0 0 0 $450,000
There had been expended on the various Sedalia properties through pa y­
ment on their capital stocks $175,000 In cash and the proceeds from
$450,000 of their bonds. Since July 1 1906 additional expenditures of over
$200,000 have been made by the Sedalia Light & Traction Co. for Improve­
ments and enlargements making a total cash Investment to date of upwards
of $800 ,00 0. all of which comes under the $600,000 llrst mortgage bonds
of the Sedalia Light & Traction Co. outstanding.
The gas plant has been practically rebuilt.
Substantial new brick
buildings have been erected, modern and efficient machinery and apparatus
added, and the holder capacity Increased live-fold. The plant Is now In
lirst-class condition and capable of meeting the prospective output for
years to come. The gas mains have been thoroughly overhauled, and six
miles of new mains laid. W ith the present enterprising control,and witb
ample plant for the first time, the sales of gas are being doubled.
The street railway has been equipped with between two and three miles
of heavy rail since July 1906, and supplied with live new double-truck sem i­
convertible cars, a modern fire-proof car-barn and shop to repair Its entire
rolling stock. The power-station has been provided with three new dliect
connected units, with boiler Installations.
The electrlc-llght stations were previously operated separately and In
costly competition. They arc now consolidated In the street railway
power-house under one roof, the old belt-driven machinery being replaced
by modern units of high efficiency and of several times the old capacity.
These changes have resulted In an Important saving In the cost of generation
and permit the company to supply the many demands for additional power,
which have hitherto gone unsatisfied.— V . 8 6 . p. 170.

Snowbird Valley R y .— Mortgage.— The company, which
operates a narrow-gauge road from Andrews to Snowbird,
North Carolina, 15 miles, and is building a 4-mile branch up
Little Snowbird Creek and proposes to build a 10-mile branch
up Big Snowbird Creek, has made a mortgage to the North
Georgia Trust Co., as trustee, to secure an authorized issue
of $25,000 of SI ,000 6 % 5-year gold bonds.
The company was Incorporated In North Carolina in 1905 and Is con
trolled by the Kanawha Hardwood Co , which owns the entire $75,000
stock and will guarantee the bonds.
Bond Interest payable at Hanover
National Dank, New York.
President. .1. O. Barker; Secretary, F . G.
Henneman; Treasurer, W . A . Lewln. Office’, Andrews, N . C. ‘ ’

Southern Pacific Co.— Bay Shore Cut-Off near San Fran­
cisco.— This important cut-off, saving over 2 y 2 miles in
distance, is described in an illustrated article in the~“ Railroad
Gazette” of New York for Feb. 7.
Alleged Rebates.— Proposed Litigation.— The Inter-State
Commerce Commission on Feb. 15 announced that informa­
tion had been placed in the hands of United States District
Attorneys throughout the country tending to show violations
of the Inter-State Commerce Act in the granting of rebates
or “ special inside rates” by the company to 108 firms, cor­
porations and individuals,and that orders have been issued
to institute legal proceedings thereon.
It Is said that In prosecuting these cases the Federal Government will
work In harmony with the State authorities of California. who, it Is reported,
state that they’ have under consideration 4,000 alleged Illegal transactions
on the part of the com pany covering Intra-State business only, and that If
convictions are secured In all cases lines m ay be levied approximating
$80,000 ,000 . The statement Issued by the Commission (see digest In "N e w
York S u n " or “ Tim es” of Feb. 16) alleges that refunds amounted In the variousmonths of 1906 and 1907 to from $30,000 to $50,000 a month; that the
refunds or discounts to one shipper between April 1906 (the time of the
San Francisco fire, when all previous records were destroyed) to Sept. 21
1907 amounted to $23,894, and to other shippers between the same dates
ranged from $13,690 to $22,2 5 1 .— V . 86, p. 341, 334, 286. •

Third Avenue R R ., New York.— Foreclosure Suit.— The
Central Trust Co., as substituted trustee, on Thursday filed
notice of the commencement of a suit to foreclose the first
consolidated mortgage of 1900, under which $37,560,000
bonds are outstanding.— V. 86, p. 338, 230.
Toledo & Ohio Central R y .— See Marietta Columbus &
Cleveland R R . above.— V . 86, p. 109.
Union Pacific R R .— M a y Vote on Illinois Central Stock
Holdings.— See that company above.
Rumored Bond Issue.— It was rumored this week on ap­
parent authority, although the reports were unconfirmed,
that the company is preparing to issue, when the time is
favorable, an amount of bonds stated to be not less than
$35,000,000, to retire floating debt incurred for improve­
ments and extensions. The company on June 30 1907 had
1,650 miles of road on which there was no mortgage lien, and
in December last 425 miles of extensions were under con­
struction, of which 270 were about completed.
Directed to Answer Further Questions.— Judge Hough on
Feb. 14 made an order supplementary to that of last month
directing President E . H . Harriman and Otto H . Kahn to
answer further questions in the Inter-State Commerce Com -

THE CKBONIOLE

48-2

mission investigation touching the purchases of stocks of
other roads by the Union Pacific. Compare V . 86, p. 170.—
V. 86, p. 338, 287.
Warren (Pa.) & Jamestown (N. Y .) Street R y .— New
Bonds Offered.— Julius Christensen & Co., Drexel Building,
Philadelphia, recently offered for sale $100,000 2d mortgage
bonds (the entire issue), dated Jan. 1 1908 and due Jan. 1
1918, without option of earlier redemption. Interest pay­
able semi-annually in Philadelphia, “ free of taxes in the
States of Pennsylvania and New Y o rk .” A circular says
in substance:
The cost of the property as certified to the New York Railroad Commission
was $ 6 3 5 ,0 0 0 ; S300.000 first mortgage bonds were Issued, and capital stock,
fully paid, $ 2 00 ,00 0, leaving a debt of something over $135,000, which has
been reduced by surplus earnings to about $100 ,00 0. The second mortgage
has been made to pay oil said floating debt.
The road connects the cities of W arren, P a ., and Jamestown, N . Y . , a
distance of a little over 20 m iles, running via Glade, Venturetown, North
W arren , Russell, A ckley, Fentonvllle and Frewsburg. Total population
served over 0 0,000.
Enters W arren over the W arren Street R y. and In
Jamestown has a 50-year franchise.
Built entirely on Its own right of way
owned in fee simple except for three or four miles, for which perpetual fran­
chises are held. There is no direct steam railroad connection between
W arren and Jamestown and by using the com pany’s railway through
passengers will save one-third In time and one-hair In fare, besides landing
In the public squate of either city.
Built according to the best steam railway practice; no steep grades or
sharp curves; two substantial steel bridges. Ralls 70-lb. T , with oak and
chestnut ties, ballasted with gravel. Equipped with 45-foot cars of latest
type, each w ith 4 m otors, aiulhavlng passenger and smoking compartments.
The express business Is quite Important and very profitable.
Earnings for First Year, 1906. and 11 Months ending
Gross
Over.
Net
Period
Earns.
Exp.
Earns.
covered
$83,619
$41,812 $41,806
Calendar year 1906
40,529
36,687
77,216
1 1 months 1907 —
— V . 85, p. 1520.

Nov. 30 1907.
Interest Balance
ls tM .5 s .fo r 2 d M .
$15,000
$26,806
13,750
22,937

W e st End Street R y ., Boston.— Sale of Common Stock at
Auction.— The company announces that 1,509 shares of the
new common stock will be sold at auction by R . L. Day &
C o., auctioneers, in Boston on Feb. 26 .— V . 86, p. 53, 109,
287, 422.
Windsor Essex & Lake Shore Rapid R y .— Mortgage.
— The mortgage of the company to the Union Trust Co.,
L td ., of Toronto, as trustee, dated Oct. 22 1907, secures “ an
issue of bonds thereunder not exceeding the rate of $20,000
per mile of the company’s railway constructed or under
contract to be constructed, not in the whole to exceed the
sum of $2,500 ,00 0.”
The above-mentioned bonds are 1st mortgage 49-year 5 % gold bonds;
amount authorized $ 2 ,5 0 0 ,0 0 0 , outstanding $750 ,00 0, dated Dec. 2 1907
and due Dec. 2 1947.
Interest dates Jan. 1-Ju ly 1, payable at cilice of
trustee. Denomination $ 1,000. These bonds are subject to call In any
am ounts after 1912 at 105. There are no prior Hens outstanding. M ort­
gage covers all real and personal property owned by the company. A u ­
thorized capital stock Is $2,500 ,0 0 0 ; outstanding, $500,000 of common and
$250,000 of preferred. Par of shares, $100. The officers arc: John Plggott,
President; w . J Plggott, Secretary, and W . C. Crawford, treasurer.
The shareholders will vote March 2 on “ a certain proposed agreement
providing for the sale of $750,000 bonds and the procuring of $60,000 more
to complete the railway to Leamington; also a by-law to reduce the number
of directors from 9 to 7; also a by-law providing for the Issue and delivery
of bonds, debentures or other securities to parties who have made or who
m ay make advances to secure such advances.

Description.— The “ Electrical W orld” of New York for
Jan. 11 1908 has an illustrated article regarding the single­
phase equipment of the company’s line, which is now in
successful operation between Windsor and Kingsville, O nt.,
28 miles, and in process of extension from Kingsville to
Ludmington, 9 miles.— V . 85, p. 347.

IN D U S T R IA L , GAS A N D MISCELLANEOUS.
American Steel Foundries.— Reasons for Accepting Re­
organization Plan.— In view of the efforts of a shareholder
to prevent the carrying out of the reorganization plan (see
V . 86, p. 170, 339), the directors’ committee, consisting of
E . H . Gary, Charles Miller, E . F . Goltra, G. B. Leighton,
Edward Shearson a n d R .H . Swartwout, has issued a circular
saying in brief:
The plan contemplated a change In the capital stock only on condition
that stockholders should voluntarily adopt It. No provision Is made to
purchase securities of any minority stockholder.
Before abandoning the
plan, the committee has decided to make this further statement.
Notwithstanding the business has been prosperous, the stock has ap­
peared to be of little value for sale or security. There has accumulated
a large amount of dividends on the preferred, which, up to the present. It
has been Impracticable to pay.
No dividends can be declared under ex­
isting conditions; and without a substantial change In the securities there
seems no likelihood of dividends on either stock In the near future. T o
m ake It possible to distribute earnings without waiting to make up by
accumulation of earnings the difference between the value of the properties
and the capital stock, the directors decided upon the present plan for the
Issue of securities representing the fair value of the properties. To secure
a reduction qf stock thus m ade necessary. It was essential to provide a plan
fair to all stockholders.
In the opinion of directors who are holders of a
large amount of both preferred and com m on, the plan will be of material
and equal pecuniary benefit to each class If promptly carried into effect.

Swartwout &Appenzcllar also by circular urge the stock­
holders to send their stock to the Guaranty Trust Co. in
acceptance of the plan. Compare V . 86, p. 422, 339, 170.
American Telephone & Telegraph
January 1908:

Co — Earnings.— For

January—
1908.
General gross earnings------------------$3,402,000
Toll earnings of longdistance tele­
phone lines_________________ about 790,000

1907.
$2,819,000
703,800

86,200— 12 %

T o t a l ...................................................$4,192,000

$3,522,800

$669,200— 1 9 %

Increase.
$583,000— 20 %

Status.— See report of Mackay Companies under “ An­
nual Reports” on a preceding page.— V . 86, p. 422.
American Woolen Co.— Status.— President W m . M. Wood
is quoted as saying in substance:
The situation the past day or two Is a little bit better.
W e are having
the hardest season since the com pany was formed. W e never ran so little




[VOL. L X X X V I.

machinery as to-day. 65 % of the machinery In our mills being Idle. There
appears to be great reluctance to buy. There has been a slight Improve­
ment in conditions and we are hopeful.
I think that before the year Is over
we shall have a fairly good volume of business, but there Is nothing at
present to warrant the belief that the mills can be started on full time yet
awhile.— V . 84, p. 1184.

Appleton (W is.) Water Works Co.— Receivership.— Judge
Joseph V . Quarles of Milwaukee on Feb. 11 appointed Gen­
eral Manager J. A . Hawkes as receiver of the company on
application made by the Continental Security Co. of New
York as a creditor to the extent of $10,000. A press dis­
patch says:
There has been much litigation the last six years between the company
and city. (President) C. H . Venncr (of Boston) having enjoined the elty
from constructing a municipal plant. The State Railroad Commission is
about to put a valuation on the plant, the city contemplating purchase
from the com pany.— V . 79, p. 2207.

Barney & Smith Car Co., D ayton, Ohio.— No Dividend
Declared on Common Stock.— The Board of Directors at their
meeting on Feb. 11 took no action in reference to a dividend
on the $2,000,000 common stock of this company. This
was deemed advisable under the present condition of busi­
ness depression and in view of the uncertainty as to the
duration of such conditions. The payment of the regular
quarterly dividend of 2 % on the $2,500,000 preferred stock
was advertised in last week’s “ Chronicle” to take place on
March 2. Compare V . 83, p. 381; V . 82, p. 694, 1042.
— V. 85, p. 162.
Bell Telephone Co. of Canada.— Report.— For years:
Cal. year—
Gross earnings.
1907 ................. .$ 4 ,8 2 9 ,6 5 6
1906 _________ 4 ,139,335
— V . 86, p. 231.

Net earnings.
$1,043,797
992,855

D iv ld 's ( S % ) .
$871,018
726,677

B a l.,s u r .
$172,779
266,178

Bell Telephone Co. of Pennsylvania.— Report.— For calen­
dar years:
Calendar
Gross
Yeai—
Earnings.
1 9 0 7 .________________$7,670,439
1906_________________ 6,744,508

Net
Earnings.
$2 410,953
1,954,118

Dividends
(6 % )
$1,840,417
1,453,780

Balance,
Surplus
$570,536
500,332

As to earnings of Chesapeake & Potomac Telephone Co.,
control of which has been acquired, separately reported, see
that company below.— V . 86, p. 231.
Bowman-Hicks Lumber Co., Kansas City, M o.—-Increase
in Stock.— The company, incorporated in Missouri in June
1900, has filed a statement of increase of authorized capital
stock from $600,000 to $1,200,000, all of one class, one-half
the increase paid (making $900,000 stock outstanding).
Par of shares $100. Assets, $1,917,865; liabilities, $1,451,­
898. No bond issue. President, W . C. Bowman; Secretary
and Treasurer, Geo. R . Hicks.
(J. G .) Brill Co., Philadelphia.— Report.— For calendar
year 1907:

Iiesults for Calendar Year 1907 ( Wason Plant Included for 9 mos only.)
Gross earnings
- ___$ 9 ,2 11,8 2 5 1D lv. on pref. stock (7 % ) — $308,875
N et, after depreciation-.
1,368,949] D lv. on com . stock ( 4 % ) . . . 195,799

Balance, surplus, after deducting full year’s dividends-------------- $864,275
The dividends here shown Include the four quarterly distributions on
each class of stock, Including the distributions declared payable Feb. 1 1908
on the preferred, and March 14 1908 on the common stock. Compare
official statem ent. V . 85, p. 1400.

Brooklyn (N. Y .) Union Gas Co.— Dividends Resumed.—
The directors yesterday declared “ a dividend” of 2 ^ % ,
payable March 2 to holders of record Feb. 21. The last divi­
dend was 1 % , paid June 1 1906.
Dividend Record (Per Cent).
1896-1900.
1901-1903.
1904.
1905.
1906.
6 yearly.
8 yearly.
9 >3
8H
M ch., 2; June, 1
— V . 84, p. 1054.

1907.
1908.
None Mch.,2J^

Butte Coalition Mining Co.— No Dividend.— As the miner
of the company are producing no copper, the directors at
their meeting on Tuesday declared no dividend.— Y . 85, p.
1340.
Calumet
Arizona Mining Co.— Dividend Action Post­
poned.— The following statement was issued on Feb. 20,
announcing the. postponement of action on the quarterly
dividend on the $2,000,000 capital stock (par $10):
On account of payments falling due In March upon options on mining
properties which the board has not yet deckled to take or reject, action on
the quarterly dividend has been deferred until the next regular m onthly
meeting. Compare V . 85, p. 1164.

Canadian Pacific Sulphite Pulp Co., L im ite d — Listed in
London.— The London Stock Exchange recently listed 64,000
“ A ” shares of £1 each, fully paid, Nos. 1 to 64,000; also, it
is understood, 38,300 “ C” shares of Is. each, fully paid,
Nos. 1 to 38,300.
Chesapeake & Potomac Telephone Co.— Report.
DepreCal.
Gross
N et.
Interest
Balance,
Total
Ycars— Earnings.
Earnings Charges.
elation.
Surplus. Surplus.
1907. . . $ 2 878,504
$826,091 $500,844
$208,205
$117,042 $262,621
1906
2 ,452,070
593,505 365,417
152,406
75,682
145,579
The report of the Bell Telephone Co. of Pennsylvania states that the
latter has since Jan. 1 last acquired the entire $8,000,000 of bills payable
Issued by the Chesapeake & Potomac I elephone Co. and over 9 9 % of the
$2,650,000 s to c k ,in exchange for which it has Issued $ 1 ,7 5 0 ,8 0 0 of its own
stock In the ratio of $100 for $lo0 Chesapeake & Potomac stock.— V . 85,
p. 1340.

Chicago Pneumatic Tool Co.— Report.— For calendar years:
Calendar
Net
Deprec’ n,
Bond
Sinking
Dividends
Balance
year—
profits.
&c.
interest.
fund.
on stock.
surplus'
1007_______$848,007 $176,595 $117,129 $;>0,000 (3 % ) $190,083 $314,221
1906
.1 ,0 0 1 ,5 5 0 150,082 11.),000
50,000
(4 % ) 244,351
442,117
1905______ 852,612
127,927 115,000 50,000
(4 % ) 244,551
315,134
— V . 8 5 , p. 1648.

Chicago Telephone Co.— N ew Stock O ffere d . — A circular
has been issued offering stockholders of recrod Feb. 19 the
right to subscribe pro rata at par,to the extent of 2 5 % , of
i...i.1:
non non
— .......... c„ c '
, /0 ,
,y .
----- ,------------ — supply the company'^
iquirements during 1908 under the terms of the new franlises. Compare V . 86, p. 423.

F e d . 22 1®#8.|

TH E CHRONICLE

Cleveland & Buffalo Transit Co.— Stock Dividend.— The
shareholders will meet on March 14 to vote on a proposed
increase of capital stock from $1,000,000 to $1,500,000, onelialf the new stock to be distributed to stockholders as a
stock dividend of 2 5 % , balance to remain in treasury. A
Cleveland paper says:
The stock dividend will sim ply capitalize part of the com pany’s surplus.
The concern has been very successful.
Its bond Issue has been retired
steadily year by year until Jan. 1 this year, when the last $77,000 was paid
off, leavin'? the com pany entirely out of debt. (Dividends for 1907 amounted
to 8 % .
For fuur or live years prior to that time the dividends were 0 %
annually. The dividends are paid quarterly In F e b ., M ay, A uk . and N ov.
The directors are M. A . Bradley, Daniel Shurmer, Harvey D. Goulder,
G. C. Harris, A lv a S. Chisholm, (ieo. W . Gardner, It. C. Moodey and T . F.
N ew m an.— E d . • Chronicle.” ) — V . 85, p. 1084.

Colorado (Bell) Telephone Co.— Earnings for year:
Gross earnings.
Total expenses.
Net earnings.
1907 . ...............
$2,514,366
$1,750,707
$757,599
1906 .
2 ,097,706
1,658.486
439,220
1905 _____ . . . .
.
1,793,526
1,397,094
396,432
Subscribers’ statk n s Dec. 31 1907 reported as 05,677, against 54,895
In 1906.— V . 05, p. 348.

Consolidated Gas Co. of New York.— Favorable Decision
Affirmed.— The Appellate Division of the Supreme Court,
First Department, on Feb. 14, by a vote of 4 to 1 (Justice
Scott writing the opinion) affirmed the decision of Justice
McCall refusing to grant permission to Attorney-General
Jackson to annul the charter of the company on the ground
(1) that it is a monopoly in violation of the State (Donnelly)
anti-trust Act, and (2) that it is operating on illegal or lapsed
franchises. Compare V . 85, p. 286; V . 84, p. 1250.
The C ju rt says what Is prohibited Is the creation of a monopoly and a
condition llrnltmK tno supply and (nnancing the cost of the com m odity
dealt In. The consolidation of lighting c. mpanles In New York citv can,
It Is sa id , In no sense create such a m onopoly, since any ether o n p-mv m ay
enter tne Held by obtaining the necessary consents from the constituted
authorities, and neither proelictlm nor price can be arbitrarily fixed,
these helm? subject to legislative c. ntrol.
Moreover. It Is stated to ho the
settled policy of tne State to discourage comp tltlcn of lighting companies
In the same Held, as has been clearly i <ld by the Court of Appeals and
shown by Section 11 erf the Gas anti Electric Commission Act of I! 05 .
which authorized the withholding of a certificate to a new company If the
territory was already supplied by an ample and well-constructed system
furnishing the service p ■. pjscd at a fair and reasonable rate.
The present
Public Commissions law also prevents a company from exercising Its
powers until It shall first have obtained permission from the proper com ­
mission.
The question of duration of franchises or permission to open streets
and lay pipes Is, It Is held, tn e for the municipal authorities to consider
and no concern of f i e State.— V . 86, p. 282, 231.

Consolidated Rubber Tire Co., New York.— Interest Re­
duced.— The company, it is understood, has declared an
interest payment of 2 % on the $2,850,500 income bonds,
payable April 1 next, contrasting with 3 % in April 1907,
2 % in 1906, l> £ % e a c h in 1904 and 1903.— V . 84, p. 6 2 7 ,2 7 3 .
Cumberland (Bell) Telephone & Telegraph Co.— R e p o r t .—
For year ending Dec. 31:
Year—
Gross.
1907 _______ $5,917,273
1906 ______ 5,384,844
— V . 85, p. 1272.

Net
$2,274,639
1,037,437

Charges.
$521,950
405,001

D iv ( 7 % ).
$1,327,681
1,129,504

B a l .S u r .
$425,008
402,932

Electric Bond & Share Co., New Y o rk ,— N e w D ir e c to r .—
Felix Rosen has been elected a director to succeed the late
Geo. S. Stillman.— V . 83, p. 1349.
Electric Storage Battery Co., Phila.— Status.— President
Herbert Lloyd has made the following statement:
In relation to the statements that have been m ade .that the capital
Stock Is to be reduced, I would state that while the suggestion has been
made to m e by m any large stockholders that the time was opportune for
suen action. I have not yet presented the matter to the board. There Is
no necessity for such action, and It will not be approved by the board.
The annual statem ent which will be presented to the stockholders on
March 18 will show that the dividends for the year 1907 were earned during
the year, there being no necessity for drawing upon the surplus.
W hat
the earnings for tile current year will be It Is Impossible to state, as the busi­
ness ol this company Is naturally affected by general business conditions.
The com pany nas no debt of any kind, discounts all Its bills and has ample
cash.
Leaving aside Its patents, agreements, good-will. & r., the com ­
pany’s as lets amount to approximately $ 5 ,0 0 0 ,0 0 0 , or about $30 per share
on the outstanding stock.— V . 85, p. 1521.

Farmers’ Co-operative Harvesting Machine Co., Spring­
field, Ohio.— R e c e iv e r s h ip . — At Springfield, O ., on Feb. 13,
this property was placed in the hands of C. S. Olinger as re­
ceiver. On Feb. 17 bankruptcy proceedings were brought.—
V. 80, p. 2461; V . 79, p. 2459.
First National Copper Co.— N ew C o m p a n y . — See Balaklala
Copper Co. above.
Directors.— The following directors have been elected: Thom as W . L a w ­
son (Pres.), Edgar I,. Ncwhouse. George N . Towle, W illiam I f. Brevoort,
T . M . T . Raborg, Thomas J. Barbour and R . N . Bishop.

Frontier Telephone Co., Buffalo, N . Y .— A m e n d e d F r a n ­
ch ise D esired P e rm ittin g In crea se o f R ates P r o p o r tio n a te to
In crea se in S ervice R en d ered . — This independent company,
it is learned, contemplates asking the City Council for a
franchise amendment permitting an increase in rates, at
least for business telephones, for which the charge is now
limited to $48 per annum. President Hubbell’s remarks on
the subject, cited by the “ Buffalo Commercial” of Feb. 13,
arc of interest as bearing on the question, sometimes dis­
puted, whether the increased service whicli results from a
material eniargment in the numberof subscribers justifies an
advance in the annual charge. President Hubbell says:
Every telephone subscriber Is Individualized In construction, from his
telephone to the central office.
Each call from him Is a distinct operation
and a distinct cost, while In gas. water, street railways, & c., the per capita
Is g-oup xl and the g eater the number the less cost per capita. The unit
of value In telephone service Is not the Instrument Itself, but the messages
actually used, and to he fair to the telephone com pany the subscriber
should pay for the number of messages he uses, or a flat rate, Increasing
from time to time as the number of subscribers on the system Increases.
The com pany’s original plans called for an Investment of $ 1 ,0 0 0 ,0 0 0 , and
to-day the plant has grown to represent an Investment of $ 2 ,5 0 0 ,0 0 0 , with
more than 16,000 subscribers using the service as much as 185.000 times
a day.
W e are proud of this record, but the relation between the quantity
and quality of the service and the price paid for It Is out of all proportion.




483

I speak particularly o f the business telephone. I do not believe we will
apply at tills time to ccangc the residence rates.
(Capitalization: $3,000,000 stock In $100 shares— no dividends as yet—
and $2,01)0 ,<-*00 of fin issue of $2,500,000 1st m tg e . 5 % gold la nds due July 1
1922 but. subject to call after July 1 1912 at 105: Interest payable Jan. 1
and July I at Trust Co of America. N . Y .
The Frontier stock was ex­
changed largely for Consolidated Telephone C om pany’s stock, which Issue
am ount- to $ / 718.6C0, leaving, we understand, very little < f the Frontier
stock outstanding.
E d . ” Chronicle.” ) — y 74 p. 886; V . 60 p . 2346.

Great Northern Iron Ore Properties .-— S e co n d D iv id en d o f
$1 p e r S h a re . — The directors on Feb. 15 directed that a dis­
tribution of $1 per share be made on March 16 1908 to holders
of their permanent certificates of beneficial interest in the
above properties as they may appear of record on that date.
Dividend No. 1, also $1 per share, was paid on Sept. 16 1907
(V. 85, p. 53). The number of shares outstanding (no paxvalue) is about 1,495,720.
Transfer books will be closed at 3 p. m . Feb. 28 1903.
Holders of tem ­
porary certificates should present them for exchange Into permanent cer­
tificates at once. Sec advertisement on another page of t.Ns Hsue and com ­
pare Great Northern R y . In V . 83, p. 1290; V . 84, p. 6 26. 693 , 7 4 9 .

Hackensack Water Co., Weehawken, N . J .— P r o p o s e d I n ­
crea se o f A u th orize d C a p ita l S to c k .— N o Im m e d ia te I s s u e C on ­
tem p la ted . — The shareholders voted Jan. 31 to increase
the limit of issue of the capital stock “ from common stock
of a par value of $3,000,000, divided into 120,000 shares of
$25 each, to common stock of a par value of $6 ,000,000,
divided into 240,000 shares of $25 each.” An official cir­
cular dated Jan. 18 says in substance:
It Is not proposed to Issue any of this Increased stock at the present time
W o arc only carrying out the long-established policy to keep the amount
of Issuable securities, both stock and bonds, w tll above the amount of Im­
mediate requirements.
By pursuing this policy, the com pany has been
enabled to provide the new capital necessary for the expansion of Its sys­
tem to meet the rapid growth of the large district which It supplies, and It
Is only by continuing this policy that It will be enabled to do so In the fu­
ture. O f the present authorized Issue of com m on stock ($ 3 ,0 0 0 ,0 0 0 ),
stock of a par value of $2,625,000 has been Issued, leaving only stock o f a
par value of $375,000 now Issuable. The proposed Increase t > $ 6 ,0 0 0 ,0 0 0
will make the amount of Issuable common stock equal to the am ount of
Its Issuable bonds.— V . 85, p. 1521.

Hudson Navigation Co., Albany, N. Y .— N ew C o n tr o l .—
The Albany “ Argus” of Feb. 16 said:
A t a meeting held In New York Feb. 14, following the recent election of
Abel I. Culver as President, Charles Gibson of this city was elected a director
to suceeed Calvin Austin. There are now two directors each In Albany and
Troy and tnree In New Y ork, which changes the seat of control to tills end
of the river.
It Is understood that at the meeting In New York the com pany voted a
$ 4,000,009 bond Issue and that the Citizens’ Company passed a lesoiutlon
asking the M alloiy line to pay the note of $150,000 loaned last summer.
(The Grand Jury nas been looking Into certain financial transactions bv the
Interests previously controlling the Hudson Navigation C o., which llnally
resulted. It Is said. In a loan of $700,000 of the com pany’s funds to the
Metropolitan S. S. Co. (compare V . 85 , p. 1405) and of $100,000 to the
C nsohdated Steamship Lines
Compare New York Tim es” of Feb. 14.—
Ed. “ Chionlcle.” )

Merger.— A certificate of merger of Murray’s Line, which
operates a freight transportation line between Albany and
Philadelphia, into the Hudson Navigation Co. was filed
Feb. 18.— V . 86, p . 3 3 9 ,1 1 2 .
Independent Brewing Co. of Pittsburgh.— No Dividend
on Common Stock.— The directors on Feb. 14 declared the
regular quarterly dividend of l % % on the $4,500,000 pre­
ferred stock, payable Feb. 25, but decided not to pay a
dividend at this time on the $4,500,000 common stock.
The following statement was made by President John Benz:
W hen It was decided by the board of directors to pay an Initial dividend
(of 1 % — Ed.) on the common stock last August, tne suiplus of the com ­
pany, Its earnings and business Justllted the belief that similar action
would regularly follow quarterly.
In the meantim e the unsettled busi­
ness conditions generally obtaining have caused the directors to conclude
that conservative business policy demands that they should pay no d iv i­
dend on the common stock at this time.
Compare V . 85. p. 340, 1516.

International Silver Co.— Preferred Dividend Reduced.—
The directors on Feb, 19 declared a quarterly dividend of
1 % on the $6,607,500 preferred stock, payable April 1, thus
reducing the annual rate to 4 % , conti’asting as follows:
1900.
1 M %

T o ta l C a s h D i v i d e n d s P a i d o n P r e fe r r e d S h a r e s .
1901.
J a n . 1 9 0 2 to J a n . 1 9 0 7 , i n c l .
A p r . ’ 0 7 to J a n . ’ 0 8 .

None. 4 % y ’ly with 1 % ext. Mch. 1 ’07. 6 % per an. (1 V, % q u .) .
A lso, In Jan. 1903, scrip, for unpaid d lv s .. 21 M % . — V . 8 4 , p. 751.

Kanawha Hardwood Co.— Guaranteed Bonds.— See Snow­
bird Valley R y . under “ Railroads” above.
Kansas City Breweries Co.— Report.— For calendar years:
C a l.
yrs.

T o ta l

P u r c h a s e s D e p r e c 'n

In t e r e s t S i n k i n g P r e f . d i v .

B a la n c e ,

in c o m e .
a n d e x p . chgd . o f f .
o n b d s. fu n d , A c . (3 % ).
svrp u s.
1907.
$2,366,745 $1,882 515 $89,227 $198,840 $25,000 $43,980 $127 183
1906.
2,178.612 1,632.096 82,641
196.211 28,538
. . .
289.127
Sales 297,424 barrels In 1907 against 275.468 in 1906. Total sin plus
Dcr. 31 1907, $370,046.
Dividends o f 1 % each were declared and
paid In April and July 1997 but none since.— V . 8 5 . p. 866.

Lackawanna Steel Co.— Report.— For calendar year, in­
cluding subsidiary companies:
Gross
Calendar
sales.
year—
1907.......... .. $33,011,410
1906_______ 28,989,639
— V 85. p. 1341.

Total net
income.
$6,431,454
5,464,145

Int. rentals, Deprec'n &
discount,Ac. extraord'y.
$2,255,627
51,731,981
1,335,360
2,020 .846

Balance,
surplus.
$2,443,846
2,107.939

Lehigh Coal & Navigation Co.— R e p o r t. — For years:
Calendar
Gross
year—
revenue.
____$4,142,282
1907
1006 . . . . . . 3,331,742
1905 ______ 3,422,662
— V . 84, p. 568.

Interest,
Sink, fund & Dividends
taxes. A c. depreciation.
(8 % ).
$1,380,057
$406,800
$1,387,604
1,337,131
319,162
1.387.604
1,305,265
321,415
1.387.604

Balance,
surplus.
$966,921
297,843
408 ,3 7 8

Leicester Corporation .— O ffe r in g o f G u a ra n teed S to ck —
See Leicester & Continental Mills Co. above.
Long Acre Electric Light & Power Co., New York.—
S ta tu s. — In connection with its request to the Public Service
Commission to sanction the authorization of $10,000,000 of
preferred stock and $50,000,000 bonds (V. 86, p. 423), the
company says:
There Is only one kind of capital stock outstanding. The amount thereof
Is $50,000 , represented by 500 shares of $100 each, par value.
No divi­
dend has been declared thereon and the sam e Is held as follows: The out­
standing Indebtedness of petitioner Is $500,000 upen bonds Issued and

THE CHRONICLE,

4K4

sold and $100,000 upon bonds given as collateral security for the faithful
performance on the pait of petitioner of the contract between petitioner
and the American & British Manufacturing C o., a copy of which accom­
panies this petition, all of which bonds are secured by a mortgage, and also
about §9 3,000 upon general open account not secured. Ccmpaie V . 6 6 ,
p. 423.

Muncie (Ind.) Electric Light Co.— Guaranteed Bonds
Offered— Earnings, & c.— Cramp, Mitchell & Shober, Phila­
delphia, are offering at 96 and interest a block of the out­
standing $500,000 first mortgage gold 5 % sinking fund bonds,
dated 1907 and due July 1 1932, but subject to redemption
at 110 and interest on July 1 1912, or any interest date
thereafter.
(Compare V . 85, p. 225). A circular says:
The Am erican Gas & Electric C o ., which guarantees the bonds, principal
and Interest, pays dividends of 6 % on $1,200,000 preferred stock, and In
1907 earned over 6 % on $2,500,000 common stock. The company owns
and operates, without any competition, electric light and power companies
located In the following cities:
Atlantic C ity,N .J. |Conshohocken.Pa. I Bridgeport, O .
IMarlon, Ind.
Scranton, Pa.
|Auburn, N . Y .
Canton, O .
Muncie, Ind.
W heeling, W . V a . ! Rockford, 111.
|
The company also owns the m ajority Interest In the Edison Electric
Illuminating Co. of Altoona, Pa.
Extracts from Letter by Henry L . D oherty,'President M unclef Electric Light C o . ,
New York. Jan. 3 1908.
A ll of'th e capital stock of the company Is owned by the American Gas &
Electric C o ., which Is a holding com pany, organized under the laws of the
State of New Y ork, capitalized at $ 7 , 0 0 0 ,0 00 , which company owns electriclight plants In nine other cities, combined population nearly 500,000.
Total authorized Issue of Muncie Electric Light Co. Ilrst 5s, $1,500,000;
outstanding, $500,000: remainder, held by trustee, to be Issued on a basis
of 8 0 ?i of the actual cost of the extensions, betterments, & c., but only
when the net earnings for the preceding 12 months exceed double the Interest
upon the bonds outstanding and those then applied for $1,000,000.
Muncie, In d ., bv the city directory recently com pleted, shows a popula­
tion of 3 4,036, and Indicates that the population has doubled in ten years.
Earnings for Year Ending N ov. 30 1907.
Gross earnings ............... ......... $161,7491 In t. on outstanding b o n d s,- .$ 2 5 ,0 0 0
Net earnings
____
83,118 j Balance, surplus--------------------- 58,118
The eanjlngs have been Increasing for the last 12 m onths at the rate of
$1,500 per m onth. Compare V . 851 a . 225.

Nebraska
years:

(Bell) TelephoneCo.— Report.— For
,
.

Calendar
Gross • ‘
year—
earnings.
1907 ___________ §1,773,166
1906 ___________ 1,574,669

Net
■ Dividends
earnings.
(6 % ).
$428,544
$254,888
274,302 a b t .196,812

Balance,
surplus.
$173,856
77,490

calendar
Totol
surplus.
$719,860
558,324

Total stations Dec. 31 1907, 49,973 against 44,517 in 1906.
-V . 84, p. 1485.
New England W atch Co. of Waterbury, Conn.— New
Stock.— The shareholders will vote Feb. 24 on a proposition
to increase the capital stock from $750,000, all of one class,
to $1,000,000, through an issue of $250,000 (10,000 shares of
$25 each) 7 % cumulative preferred, the same to be offered
to shareholders at par to provide additional working capital.
Compare V . 84, p. 1185.
New York & New Jersey Telephone Co.— Report.— The
earnings for the calendar year were:
Year—
G ross.
1907 $8,807,093
1906
7 ,447,147
1 9 0 5 _____________ 6 , 2 1 7 ,2 8 8

N et.
Charges. D ie s . ( 7 % ) . B a i..S u r .
$2,228,950
$90,209 $1,687,312 $451,429
1,787.493
86,629
1,272,797
428,067
1 ,5 0 8 ,6.34
6 2 ,6 is
1 ,0 3 4 , 14 9
4 11,867

New Director, &c. — H . F . Stevens has been elected a di­
rector to succeed former Treasurer H . S. Snow.
A t the annual meeting yesterday a detailed statem ent was made regard­
ing the Irregularities of the former Treasurer, mentioned last week. In
which the maxim um net loss to the com pany was given as $148,370. This
has been charged to profit and loss, leaving the total surplus $4,728,9.>3.
o'he actual loss, It was said, might be reduced $30,000 from equities In
Snow ’s loans. Compare V . 8 6 , p. 424.

Northern Iron & Steel Co. of Collingwood, Ont.— Fore­
closure Suit.— The “ Toronto Globe” of Feb. 14 says:
A new phase In the affairs of the com pany came up yesterday In a wilt
Issued at Os«-oode Hall for the foreclosure of a mortgage for $51,299 against
[•;. Helen Currie, Major John A Currie and the Northern Iron & Steel Co.
The action Is being taken by Howard K . W ood of New Y ork, and comes
as the latest development In litigation In which the com pany has become
In v o lv e d — V . 80, p. 1000.

Nova Scotia Steel & Coal Co., L td ., New Glasgow, N . S.—
Report.— For calendar years:
C a l.
P rofits.
year, fo r yea r,
1907 .-$ 9 4 4 ,7 9 1
1906
960,281
— V . 8 5 , p. 1522.

In t. on D e p r ’ n , s in k . P r e f.d iv .
bonds, A c . fu n d , A c .
(8% ).
$266,886
$274,428
$82,400
255.639
236,784
82,400

Corn. div.

(0 % ).
$299,256
__ _______

B a lan ce,
su rp lu s.
$21,821
385,458

Osceola Consolidated Mining Co.— Report.— For calendar
years:
Year—
Gross.
Profits. Im prov’ts.
Dividends.
B a l., sur.
1907 _________ $2,481,306
$807,129
$84,374
(28 %> $673,050 $49,705
1906 _______ _
3,646,811 1,778,67)
155,482
(48 3b) 1,153,800
469,389
The dividend charged against the earnings of the year 1907 ($7) was
paid In July 1907; no further dividend declared. Compare V . 86, p. 173.
— V . 8 0 . p. 424. 173.

Pennsylvania Light & Power Co., Pittsburgh, Pa.— Stock.
— The company has filed a certificate of increase of stock
from $500,000 to $650,000.
(The) Pennsylvania Steel Co.— OfficialStatement.— In re­
plying to our inquiry, Frank Tenney, Assistant to the Presi­
dent, writes:
In relation to value of the Spanlsh-Amerlcan Iron C o .’s ore properties In
Cuba (V 86, p. 42 5 ), I beg to state that, as you know, Mr. Schwab Is not
connected with this com pany, although I understand he has Just returned
from a visit to Cuba and m ade the remark as to the valuation of our ore
properties In that Island. However, the statement does not emanate from
any one connected with this com pany.— V . 85, p. 472.

Planters’ Compress Co., Boston.— Retirement of Two-Thirds
of Preferred Stock.— The shareholders at a special meeting
held on Feb. 14 authorized the retirement of two-thirds of
the outstanding $3,250,000 preferred stock at a price not to
exceed $10 per share, the stock so purchased to be held in
the treasury.
Chairman Stephen M. W eld, in a circular dated Feb. 3 ,said
The directors decided In 1904 that It was essential to reduce expenses.
A ll offices outside of Texas and Louisiana and Oklahoma were discontinued;
also the baling of any commodities except cotton, this business being con­
fined to the three States above mentioned. It was soon found unprofitable




[VOL.

LXXXVI.

to operate a number of gin plants, and consequently the company com ­
menced to sell these plants.
Negotiations for the sale of the six remaining
aie progressing rapidly.
W e also concluded about a year ago that It was
Inexpedient to deal In cotton in any form. The com pany has, therefore,
on hand something over $200,000 In cash.
From the sale of certain assets
not lequlred for the business there should be realized within the year about
$100,000 more. The ccm pany will then have sufficient compress machines
and supplies for the demands of at least two years more. To carry on the
business, $100,100 In cash will for the present be ample.
It Is, therefore,
proposed that the com pany should use $200,000 of Its cash on hand to retire
two-thirds of the present outstanding preferred stock. The funds left In
the treasury will, as stated above, be sufficient to carry the company along
and keep the Lowry bale on the market until the present machines and
supplies are exiau sted.
In soite of the disastrous results In the past, the directors believe that the
present Lowry compress Is a mechanical success, that Its cotton bale
is superior to any other on the m arket, and that by energetic endeavor
more farmers can be Induced to take the presses and more cotton dealers
to handle the bale. A t present, on account of the attitude of the railroads
and the action of the Inter-State Commetce Commission there Is no demand
for the bale by domestic mills. The demand by foreign spinners has not
fallen otf ar.d ca r, It Is believed, be Increased. '1 he economies for handling
the bale for export are still such that the bale can be sold to the foreign
spinner for a lower price than he has to pay for the square bale, the farmer
can sell it for a higher price than he can get for square bales, and every
middleman can make more profit than by handling square bales. The
directors consequently think H a t It would be a serious mistake to give up
the enterprise at the present time.

Offer to Purchase.— Treasurer Philip M. Reynolds, refer­
ring to the aforesaid vote, announces:
The company Is prepared to purchase for cash at $10 per share any
amount up to, but not exceeding, two-thirds of each preferred stockholder’s
preferred shares as shown by the books at close of business Feb. 14 1908.
The purchase price will be paid at the Old Colony Trust Co. between Feb. 17
and March 25. Inclusive, upon delivery of the certificates of stock duly en­
dorsed.
In case sufficient stock Is not thus purchased to make up the total
of two-thirds, the com pany Is prepared to purchase the balance, but no
more, at the sam e rate per share from preferred stockholders who are willing
to sell.— V . 8 5 , p . 341.

Plattsmouth (Neb.) Water Co.— Default— Bondholders’
Committee.— Interest on the $62,500 outstanding 1st M. 4 %
bonds having been in default since and including the coupon
of April 1906, the following bondholders' committee, namely,
W . J. Brown of Foote & French, W . F. Porter, Attorney,
and H . C. Spiller of II. C. Spiller & C o., all of Boston,
owning about one-third of the issue, request the bondholders,
without depositing their bonds, to co-operate with a view to
placing the company on its feet. No assessment or fee, it
is believed, will be necessary.
Pocahontas Consolidated Collieries Co.— Litigation by Dis­
satisfied Shareholders of Old Co.— The following information
is at hand regarding the suit recently brought referred to in
last week’s “ Chronicle” (p. 424):
The original bill was Hied by the holders of 214 shares of Pocahontas
Collerles preferred stock, but other preferred stockholders who have com ­
plied with t ie requirements of the laws of Virginia have llled Intervening
petitions, so that the holders of 3.016 shares, oi one-hfth, of Collieries pre
ferred stock have Instituted proceedings against the Consolidated company
for the purpeses set forth last week. The petitioners also request that a
receiver he appointed and that an Injunction be granted against the Issue,
sale and hypothecation of bonds upon their property as proposed.—
V . 86, p. 424.

Richelieu & Ontario Navigation Co., Montreal.— Report.—
Cal.
Gross
Net
Insur.
Written
Dividends Bal.,sur.. Total
year, earnings, profits, fund.
off.
percent.
for year, surplus.
1907_$1,305,00 4 $ 2 0 1 , 423 $36,000 $53,930 (5)$156,600 $ 14,893 $34 1,397
1906- 1,366,299 261,040 36,000 114,046 (1*4)39,150
71,844 326 504
N ot".— Dividends on the $3,132,000 stock were resumed Dec. 1 1906 by
payment of 1 X % (quarterly).

Bonds Offered.— The underwriters, it is stated, offered this
week in London $1,000,000 5 % bonds at 96. On Dec. 31
1907 there were outstanding $3,132,000 capital stock and
$293,947 old 5 % sterling bonds, interest payable March 1
and Sept. 1. As to the new bonds, compare V . 84, p. 342,
453.
Rocky Mountain Bell Telephone Co.— Explanation as to
Omission of Dividend.— Last month the company, after
having paid dividends for some twenty-two years, omitted
its January distribution. President Lane says:
The com pany’s huMness has been affected severely In the past few months
on account of the closing down of practically all of the coal and copper
mines In our territory; also on account o f the closing of the smelters In all
but one or two points In our territory; further, by the unsettled condition
of labor matters, particularly In Montana. These labor troubles are, how­
ever, In a fair way to be settled at a very early date.
A settlement o f these
troubles will have an Immediate and satisfactory Influence upon the earn­
ing power of the company.
I am unable to state definitely when our
directors will see fit to resume the payment of dividends. Compare
V . 8 6 , p. 232.

Saratoga (N. Y .) Gas, Electric Light & Power Co.— Re­
duction by Former Gas and Electricity Commission Set Aside,
but Delegation of Legislative Powors to Commission Upheld.—
TheCourt of Appeals,by a unanimous decision (Chief Judge
Cullen writing the opinion) on Feb. 19 reversed the decision
of the Appellate Division of the Supreme Court, Third De­
partment, which sustained the order of the former Gas and
Electricity Commission reducing the prices to be charged
in Saratoga Springs. Compare V. 85, p. 1344.
TheCourt declares unconstitutional that part of the former statute which
provides that the prices fixed by the Commission shall be the maxim um
for three years, or until upon complaint new rates are designated by the
Commission, on the ground that under the statute one party Is accorded
a right denied to the other. In violation of the Fourteenth Amendment
to the Federal Constitution. The latter provides that no State shall denv
to any person the equal protection of Its laws. The right of thy Legislature
to delegate Its powers to determine rates is upheld and the appointment of
a commission Is endorsed as a proper practical measure, thus, It Is claimed,
establishing the underlying principle of the Public .Service Commission
law (In which the section held to be Invalid Is omitted) so far as gas com ­
panies are concerned.
The New York City 80-cent gas litigation Is not affected by the decisions,
as that rate was fixed by the Legislature.— V . 85. p. 1344.

Semet-Solvay Co., Syracuse, N. Y .— New Stock.— This
Pennsylvania corporation has filed notice of an increase of
capital stock from $400,000 to $2,000,000.— Y . 83, p. 276.
Stanislaus & San Joaquin W ater Co.— Sold.— Los Angeles
capitalists, among them Messrs. Hechtman, Kirchoff, Rob­
bins and Balch, are reported to have purchased this com­
pany’s extensive irrigation system , which covers the southern
portion of San Joaquin County, Cal.— V . 67, p. 1358.
F o r o th e r

In v estm e n t

N e w s se e

paces 485

and 4 8 6 .

485

THE CHRONICLE.

F e b . ‘.!2 1908. |

R ep o rts
THE

and

NORTHERN

^ o tx x m m U o

CENTRAL

R A IL W A Y

COMPANY.

F IF T Y -T H IR D A N N U A L R E P O R T — FO R T H E Y E A R E N D IN G D E C E M B E R 31 1907.

General Office, Baltimore, M d ., 19th February 1908.
'I'he Board of Directors submit herewith to the Stock­
holders of The Northern Central Railway Company a synopsis
of their Annual Report for the year 1907:
.* 1 3 237,408 00
_ 10,878,632 58

The gross earnings of all lines directly operated were.
Operating expenses, Including taxes-------------------------------

Net earnings from op era tio n .- - - - - - - - - - - - - v ................... $ 2 , 3 5 » 42
Deduct rentals paid roads operated on basis of net e a r n i n g s ..___ 8 3 ,362 48
Net operating earnings of The Northern Central Railway C o.* 2 ,2 7 5 ,502 94
T o which add:
.....
Interest on Investments— ------------------ - - - 5909,170 o0
Interest, general accounts, rents and other
338,254 24
iipnis
- ________ _______
item s----------------------------1,247.424 74
Gross Income------------------------------------------------------------*3,522,927 68
Deduct:
,
«
Fixed rentals of leased road s------------------------------*313,397 4 Interest on bonded debt--------------------------------- 347,315 00
Hire of equipment. Interest on mortgages,
ground rents and car trusts and other Items 223,022 79
-----------------------

oo o,7t>0

c,l

Net in c o m e -------- -------------* 2 , 6 3 4 , 1 9 2 47
From this amount the following amounts have been deducted:
Payments account principal of Car T r u s t s ... $59,381 62
Dividends of 8 % ------------------------------------------ . . . 1 , 547,214 00
Amount transferred to Extraordinary E x ­
penditure Fund---------------------------------------------500,000 00
--------------------------2,106,o95 62
Balance transferred to credit of Prollt and Eoss-------- -- --------Am ount to credit of Prollt and Eoss 31st December 1006-----Add sundry credits during the year------------------------------------------A m ount to credit of Profit and Loss 31st December 1907

.

*527,596 85
1,860,467 96
55,461 42

. $2,443,526 23

G E N E R A L B A L A N C E S H E E T . (Condensed)— 3 1ST D E C E M B E R 1907.
.4 ssets—•
Cost of railway, real estate and eq u ip m en t..
-------$20,981,361 98
Securities ow ned____ ______ ______________________________________
6,776,278 45
Current Assets:
Due from agents------------------------------------------------ I .
Bills receivable, etc ------------------2,613,36.) 70
Due from Individuals and companies, and
miscellaneous assets-----------------431,287 ^4
M aterials_______________________________
-L 0 4 3 .2 5 2 41
C a sh .................................................................................. 7 3 9 ,2o6 2o
5,540,415 77
Depreciation fund for coal lands of the Shamokln Valley &
569,841 18
Pottsvllle Railroad Com pany.........................- .......................... ..
$33,867,897
Liabilities—
.. _
.568
Capital stock. .......... - ------------- --------------------------- ---------. - - .............
,177
Funded debt (Including mortgages and ground rents). . . . - 6
Car trust principal and taxes charged out and awaiting
146
374,
settlem en t-------------------------------------------------- -----------------------------793 777
Extraordinary expenditure fun d......................................... ..............
Current Liabilities:
Vouchers and pay-roll checks..............................$1,632,713 03
Interest accrued on funded debt................
123,891 25
Due other companies__________________________
566,010 76
Interest matured on bonds and dividends un­
collected_____________________________________ «.
3,835 00
Insurance fund________ _______ ______ ______ —
3 8 ,5 1 1 0 2
Dividend payable 15th January 1908...........
773,638 00
Miscellaneous_____ ______________________________ 257,463 69
3,396,062
Depreciation fund for coal lands of the Shamokln Valley &
570 638
Pottsvllle Railroad Com pany------------------------------------------------,443 526
Prollt and Loss........................... ................ ........... ...................................

38
75
02
92
15

75
56
23

$33,867,807 38
T R A F F IC .

The number of tons of freight moved was 25,053,553, an
increase of 3,362,028, or 15.50 per cent. The number of
passengers carried was 5,117,006, an increase of 278,783, or
5.76 per cent.
GEN ERAL REM ARKS.

There was a continued increase in your gross earnings,
but, owing to the greater cost of labor and materials, the
entire gain in your operating revenue was practically ab-

sorbed by increased expenses. After payment of interest;
taxes, the fixed rentals of leased roads and advances to line,
in your system, there was a net income of $2,634,192 47.
out of which was paid the regular dividend of eight per cents
and after deducting $59,381 62 on account of the principal
of car trusts, there remained a balance of $1,027,596 85.
The extraordinary expenditures, amounting to $406,222 85,
having been met out of the fund set aside last year for that
purpose, the sum of $500,000 was tranferred to that fund
and the balance of Income to the credit of Profit and Loss.
This course is deemed to be prudent in view of the serious
falling off in revenue and traffic since the first of December
1907, due to closing of furnaces, mills and other industrial
establishments, and to the disturbed financial conditions
that have prevailed since that date.
The items of extraordinary expenditure for the year were
as follows:
night of Wan______________________ _______ ______________ ___________ *71,067 00
Construction: Baltimore,
extension
of
Calvert
Freight S t a t io n _____________________ $45,049 42
Canton, extending Grain Elevator
N o. 3 _________
92,253 55
Canton, additional tracks between
12th and 14th Streets_______________
720 47
Canton, Clinton Street, enlarging
Freight Agent’s Office_______________
8,925 47
Baltimore, Bolton Yard, Stationary
16,879 24
Crane_________________________________
Reservoir near Parkton_______________
14,599 86
Smyser, Main Street Undergrade Bridge 6,450 95
Enola Yard, Facilities for Operation
(K cost).......................
4,924 00
frilUipmenl:

T o t a l .......... ................ ............................ ....................... 189,802 96
Rebuilding 424 Pool Freight Cars-------*116,669 89
Equipping Freight Cars with Air Brakes 2,161 00
Locom otives_________ __________________
26,322 00
T o t a l ........ ..................... ............................................... - 145,152 89
Real E state__________________________________________
200 00
A g g reg a te__________________________________ ___ $406,222 85

It will be seen that the main items of Extraordinary E x ­
penditure were the increase of facilities at Grain Elevator N o .
3 at Canton, the extension of the freight station at Calvert
Street, the improvement of yards in Baltimore, the purchase
of real estate and the rebuilding of engines and cars of larger
capacity.
There was a net decrease of 2.27 miles in all Company
tracks and sidings, due almost entirely to re-measurements.
There were 7,404 tons of new steel rails and 273,423 crosstics used in repairs and renewals.
Three new standard passenger locomotives were purchased
and two old passenger locomotives were sold and one cut up.
One second-hand passenger coach and one second-hand
baggage car were purchased from the Pennsylvania Railroad
Company to replace one passenger coach and one baggageexpress car destroyed in an accident.
Thirteen cabin, two hundred and twenty-seven box, two
box produce and one hundred and seventy-nine gondola
cars were built or purchased to partially replace cars de­
stroyed or sold.
The Insurance Fund amounted to $1,017,946 74 on De­
cember 31st 1907, the gain for the year being $41,501 94.
There were carried on the rolls of the Pension Department
at the end of the year 172 employees, and the pensions paid
during the year amounted to $38,547 31.
By order of the Board,
JAMES M cCREA, President.
Attest: ST E P H E N W . W H I T E , Secretary.

and the noteholders, Including the right to borrow and use such sums of
money as, In the opinion of the com m ittee, m ay be necessary to protect
the Interests of the bondholders and noteholders, and to secure such sums
as m ay be so borrowed by a pledge of the bonds and notes which m ay be
deposited under said agreement.
Such plan of reorganization as m ay be prepared by the committee shall
be submitted to the bondholders and the noteholders for their approval,
and any bondholder or noteholder not approving of such plan of reorgani­
Upon the petition of unsecured creditors, receivers In bankruptcy were zation shall, upon the payment of his proportion of the expenses and
appointed and took possession: the company has now been adjudged a obligations of the com m ittee, be entitled to the return of the bonds and
bankrupt and trustees appointed for Its liquidation. The company has notes deposited by hint under said agreement.
(A petition was filed on Jan. 11 1908 In the Federal Court at Birmingham
also defaulted (compare V. 85, p. 1345, 1146) In the paym ent: 0 ) Of the
for tlie return of certain properties In Alabam a to the possession of the
Interest due N ov. 1 1907 on Its outstanding $3,0(10,000 first mortgage 5 %
Lacey Buck Iron Co.
A petition was also filed In the Federal Court at
sinking fund 25-year gold bonds secured by mortgage to the Farmers’ Chattanooga.
T cnn., In which the trustee, under mortgage securing $ 6 0 0 .­
Loan & Trust C o., as trustee; (2) of the Interest due Dec. 1 1907 on Its
000 bonds of the Chattanooga Iron & Coal C o ., and that company Itself,
outstanding $734,000 (of the company's $2,000,000) 5 % collateral trust
prayed for the possession of the properties of the latter com pany, now held
gold notes secured by Indenture to the Trust Co. of Am erica, as trustee;
(3) of Interest and rentals on underlying mortgages and leases of valuable by the Southern Steel Co.— Ed.)
properties owned by subsidiary companies whose stocks are owned by the
Immediate action by the committee being necessary, the
Steel Company and are pledged as security for the aforesaid collateral trust
bondholders and noteholders are requested to deposit their
gold notes, by reason of which defaults foreclosure and ejectment suits
have been commenced or are Imminent; (4) of certain matured obligations bonds and notes with the New York Trust C o., No. 26 Broad
t o the amount of $420,000. The security for said $420,000 matured
S t., New York City, without delay. (See advertisement
obligations, to wit. $1,266,000 of the com pany’s collateral trust gold notes
on another page.)— V . 86, p. 424.
have been sold and bought in for and at the amount of the principal and
Interest of said matured oblglatlons and the purchasers thereof have evl
deneed a willingness to sell to the committee the collateral trust gold notes
Spanish-American Iron Co.— Value of Cuban Ore Proper­
at said price and Interest. The receivers In bankruptcy entirely ceased
ties.— See Pennsylvania Steel Co. above and compare V .
the operations of the factories, mines and plants, and there arc maturing
taxes and other prior liens.
86, p. 425.
In view of the foregoing, and the Imminent possibility of the disinte­
gration of the properties, this com m ittee has been formed for the protectlrn
United Gas Improvement Co., Philadelphia.— New D ir e c ­
or the holders of the first mortgage bonds and of the collateral tiust gold
tor.— Rudulph Ellis of Philadelphia has been elected a direc­
notes, and to prepare a plan of reorganization.
I nder the agreement the committee Is vested with authority to do w hat­
tor to succeed W . W . Gibbs, who resigned.— V . 86, p. 425.
ever may be necessary to enforce the rights and Interests of the bondholders

Southern Steel Co.— Circular Addressed to Holders of First
Mortgage Bonds and Collateral Trust Notes.— The reorganiza­
tion committee, Secretary D. G. Boissevain, 30 Pine S t.,
N . Y . City, in a circular dated Feb. 11 1908, say in sub­
stance:




486

TH E CHBONICLE.

United Box Board & Paper Co.— Report.— See a preceding
page.
.
New Officers.— James Todd and W . C. Staley have been
elected directors to succeed C. A . Brown and S. B. Fleming
H yatt Cox, formerly Secretary and Treasurer, has been
chosen 2nd Vice-President and Treasurer, and W . C. Stalev
Secretary.— V . 86, p. 233.

[V©L. I lX X X V I .

fa rm o tm a i
C O M M E R C IA L

'fS x r a tz

E P IT O M E .

Friday Night, Feb. 21 1908.
Note. Vhc balance sheet above floes not Include the American StrcwvWhether it be true or not that some improvement is tak­
board G o., of whose $6,000,000 stock within a few shares of oo % Is owned
except under the Item of stocks and bends amon-r assets with other seen ' ing place in business, it is quite as obvious that a spirit o f
tics owned,
t’hcre belny only about half a dozen ether shareholders t ..c
caution still pervades all branches of trade and industry.
issuance of separate balance sheets of the American Company has been
discontinued .
I he earn ngs of the latter are Included with those of all
Prices in some cases have declined, though not markedly.
other controlled properties in the Income account above.— 'V . 86, p. 23,'i.
L A R D on the spot has been easier. Domestic trade has
United States Independent Telephone Co., Rochester,
N . Y .— Receiver Appointed.— Justice Nathaniel Foote at continued dull and there has been an absence of export busi­
Rochester, N . Y ., on Feb. 7, upon application by James M. E . ness here. A t Chicago some export business has been re­
O ’ Grady of that city, holder of $11,200 stock and $28,000 ported, the sales within a few days amounting to about 1,000
bonds, appointed Henry W . Conklin as receiver for the com­ tierces. City 6 % c . and Western 7 .1 0 @ 7 .2 0 c . Refined
pany.
lard has been weak, with trade dull and of a hand-to-mouth
The receivership, It Is explained, is preliminary to an attempt bv the
character. Refined Continent 7.75c., South America 8.30c.
bondholders protective association to recover from the promoters the
money paid for the bends dated Oct. 2 1005. of which $15,773 000 It if
and Brazil in kegs 9.50c. Speculation in lard futures at the
» f t n e! e l? < d' wl,I,c the sal° of collateral on Feb. 4 brought in only
Avest has been active, with prices irregular. Rallies have
$250_,00q, Ieavini3: a deficit of over $ 1 5 ,0 0 0 ,0 0 0 . Of the $ 50,000 000 stock
$ 4 2 ,5 7 6 ,0 0 0 . It Is alleged, was issued, mostly to promoters and others
occurred at times, owing to temporary decreases in the move
without consideration.— V. 86, p. 340.
ment of hogs and covering of shorts.
But the feeling in t h "
Wagner Electric Manufacturing Co., St. Louis.— Award.__ trade continues bearish, owing to the dulness of the spoe
Judge Dyer in the U . S. District Court at St. Louis on Dec. 24 markets and the fact that the movement of hogs in the agt
gregate continues large.
.
D A I L Y C LO SIN G P R IC E S OF L A R D F U T U R E S IN CHICAGO.

facturing Co. for infringement of patent on an oil reducer
The Court said the Master had assessed the damages on the profit on the
sale of the entire transformer by the Wagner Com pany, regardless of what
percentage, If any. the part Infringed upon bore to the whole. The patent
has no relation to that Involved In suit referred to In Itein .V . 84, p? 1253.

Western Electric Co., Chicago.— New Directors.__J. T .
Waterbury of New York and W . H . Miner of Chicago have
been elected directors to succeed H . A . Halligan and J W
Johnson, who resigned.— V . 86, p 340, 234.
Western Ice Co.— Coupons to Be Paid in Scrip.— Owing to
the fact that the Knickerbocker Ice Co. of Chicago paid the
dividend of 2 % for 1907 on its common stock on Feb. 20
1908 in scrip (V . 86, p. 419), the Western Ice Co. of New
Jersey announces that it will pay its coupons due Jan. 1 1908
in said scrip of the Knickerbocker Ice C o., March 1 1908,
at its office, No. 71 Broadway. Compare V . 86, p. 340.
W e st Side Lumber Co., Tuolumne, Cal.— Called Bonds.—Fifty ($50,000) first mortgage 6 % sinking fund gold bonds of
the W est Side Flume & Lumber Co. (now known as the W est
Side Lumber C o.), dated Jan. 1 1902 and secured by mort­
gage dated Dec. 7 1901, being various numbers ranging
from No. 1 to N o. 437, inclusive, were called for redemp­
tion at par on Jan. 1 1908 at the Mercantile Trust Co.,
the mortgage trustee, San Francisco. The interest due
Jan. 1 will be paid at the Crocker National Bank, San Fran­
cisco. W m . R . Thorsen is President.
Woonsocket (R. I.) Electric Machine & Power Co.— M an­
agement.—-The shareholdeis of this company, which recently
passed under the management of the Stone & Webster Co.
of Boston (see Pawtucket Electric Co., V . 86, p. 173) on
June 18 1907 elected the following board of directors, six
of whom were new:

Martin or Boston, Messrs. Bemls. Buttrlck, Arnold and Martin being con­
nected with Estabrook & Co. of Boston, who purchased most of the $500,000
capital stock. Messrs. Sm ith, Batchelor and Heffernan were members
of the old board.— V . 84. p. 1058.

— Julius Christensen & Co., bankers, Drexel Building,
Philadelphia, are offering on another page to investors
St. Louis & Springfield Railway Co. 1st mortgage 5 % gold
bonds, unconditionally guaranteed by the Illinois Traction
Co. The bonds are dated Dec. 1 1903 and due Dec. 1 1933.
For full particulars as to earnings, road, &c., see “ Chronicle,”
V . 86, p. 422, and V . 85, p. 100. A descriptive circular will
be sent upon request.
— Sanderson & Porter, the well-known electrical engineers,
52 William S t., New York, announce that Mr. W ynn Mere­
dith has been admitted as a member of the firm and will take

Richard S. Buck.
— Messrs. Swartwout & Appenzellar, 44 Pine S t., New
York, specialists in short-term securities, have issued a new
edition of their wall card of railroad and industrial notes.
This latest card, revised to date, contains some 80 issues,
representing about $625,000,000, and is in the same con­
venient form as the earlier number.
— The New York Stock Exchange house of J. S. & R . D.
Farlee, 11 Wall S t., are offering in to-day’s issue a list of
high-grade railroad bonds and notes to which they invite the
attention of investors. Full particulars can be had upon
request.
— The quarters of D . Arthur Bowman, specialist in in­
vestment bonds, have been removed to the new Third Na­
tional Bank Building, St. Louis. Mr. Bowman is St. Louis
correspondent of Spencer Trask & Co.
— Mr. John L . Saltonstall, of the firm of H unt, Saltonstall
& C o., Boston, has become a member of the New York Stock
Exchange.




Mnv dpilvprv
July delivery---------- II I 17.45
September delivery-------- 7 .60

Tucs.
7.45
7.07 Vi

7 -6 o ' ‘
riso

Wed.
| ’y > $
7 .7 5 '*

Timm.

F r l.

7 ‘45
7'.67 ii

P O R K on the spot has ruled steady with trade quiet, pur­
chases bemg confined to small lots. Mess $13 7 5 ® 5 1 4 25,
clear $14 7 5 @ $ 1 6 andl family $16 50.
Beef has been dull
but steady on light offerings and supplies. Mess $10 5 0 ©
! K r Ck4
et $fn @ S12, flank $11 25 @ $ 11 75, family $ 1 4 ©
$14 50 and extra India mess $21 @ $ 2 1 50. Cut meats have
been steady with a small jobbing trade. Pickled hams 8 }4
@ 9 c and pickled bellies, 1 4 @ 1 0 lbs., 7 @ 7 % c . Tallow
has been dull but firmer on light offerings; City 5*4 @ 5 5-16c.
Stearines have been dull with oleo steady at 7 j / c . and lard
easiei at 8 /4 @ 8 j ^ c . Butter has been quiet and easier;
creamery extras 32c. Cheese has been quiet and steady;
state, 1 . c., small, colored or white, fancy, 15M c. Eggs
have been quiet and stronger; Western firsts 25c.
i ? ^ M ^ ° ^ r 0? 8eec* *ias been quiet and firm; prime summer
Linseed has been quiet with American easier at
4 3 @ 4 4 c for raw and 4 4 @ 4 5 c . for boiled and Calcutta steady
C‘
1 raw - Lard has been quiet and easy; prime 68
@ 7 0 c . and No. 1 extra 5 2 @ 5 4 c . Cocoanut has been quiet
and steady; Cochin 8@ 8p £c. and Ceylon 6 % @ 7 % c . Olive
has been quiet and steady; yellow 6 5 @ 7 5 c . Peanut has
been dull and steady; yellow 6 5 @ 8 0 c . Cod has been m od­
erately active and steady; domestic 4 2 @ 4 3 c . and Newfound­
land 44 @ 4 5 c .
C O FFEE on the spot has been dull and easy. Rio No. 7,
b}4c.
West India growths have been moderately active and
steady; fair to good Cucuta 9 ^ @ 1 0 % c . Speculation in fu­
ture contracts has continued quiet and prices have shown
only trifling changes. In the main the tone has been easier,
owing to scattered liquidation by tired holders and some
selling for foreign account. Roasters and dealers, however,
have given support at times. The outside public continues
to hold aloof from the speculation, leaving it a narrow, pro­
fessional affair.
The closing prices were as follows:
February
March
April . . .
M a y ____

------ 5.90c! J u n e ..____________ 6.00c. |October___________ 6.10c.
— 5 .8 * c .| J u ly ____________ _ 6.05c. |N ovem ber!_____ 6 .1 5 c ’
- - - 5 .9 0 c .! A u gust___________ 6.0 5 c. I December_______ 6 . 20 c
5.95c. |September____ .. 6 . 10c. |Jan u ary___________ 6.25c.

SU G A R .— Raw has been dull and steady. Centrifugal,
96-degrees test, 3.67c.; muscovado, 89-degrees test, 3.1 7c.,
and molasses, 89-degrees test, 2.92c. Refined has declined,
but there has been no increase of business at the lower
quotations. Granulated 4 .6 0 @ 4 .7 0 c . Teas have
been
steady, with a fair jobbing trade. Spices have been mod­
erately active and steady. Hops have been quiet and
steady.
P E T R O LE U M has been firm, with a good demand for
domestic and export account. Refined, barrels, 8.75c.
bulk 5c. and cases 10.90c. Gasoline has been active and
firm; 86-degrees in 100-gallon drums, 22c., drums $8 50 extra.
Naphtha has been moderately active and firm; 7 3 @ 7 0 -d e grees in 100-gallon drums 19c., drums $8 50 extra. Spirits
of turpentine has been quiet and weak at 5 0 @ 5 0 j^ c . Rosin
has been dull and steady; common to good strained $3 7 5 .
TOBACCO.— The market for domestic leaf has been cmiet
purchases being confined to small lots to fill immediate re­
quirements. The better grades have ruled steady but
prices for the lower qualities have weakened to some extent
while the new crop is selling below the old one largely
because of inferior quality. Sumatra and Havana have
been dull and steady.
COPPER has been dull and weak; lake 12W(a)12Hc
and electrolytic 1 2 K @ 1 2 ^ c .
Lead has been dull and
easier at 3.6oc. Spelter has been quiet and steady at 4.80c.
Tin has been quiet and easier at 28.15c. for Straits. Iron
has been quiet and steady; No. 1 Northern $18 5 0 @ $ 1 8 75
and N o. 2 Southern $17 2 5 @ $ 1 7 75.

Fe b , ” 2 1908.J

THE CHRONICLE
COTTON .

Sat.

M on .

Tries.

On Shipboard„ N ot Cleared for—

Feb. 21 at—

Friday Night, Feh. 21 1908.
T H E M O VEM EN T OF T H E CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
134,208 bales, against 180,092 bales last week and 215,113
bales the previous week, making the total receipts since
the 1st of September 1907, 6,705,512 bales, against 7,979,637
bales for the same period of 1906-07, showing a decrease
since Sept. 1 1907 of 1,274,125 bales.
Receipts at—

48?

Thurs.

Wed.

F ri.

Great
Britain France

Ger­
many.

New O rlean s..
G a lv esto n ____
Savannah ____

11,126
29,268
1.528

9,645
25,088

M o b ile________
N o r fo lk _______
New Y o r k . . .
Other ports___

2,727
1,500
2 ,500
11 ,500

3,366
—
500

2,000
10,000

Total 1903. .
Total 1 9 0 7 ..
Total 1900...

GO,149
89,087
59,433

39,133
7,327
1 ,571

47,821
53,070
38,160

9,372
23,249

1,200

Other Coast­
Fort ipy wise.
10,702
10,183
350

leaving
stock.

14,954
0,800
24 ,500

179,421
81,305
82,819
10,539
15,248
4,405
100.177
26,271

26,125 23 .998 197,220
55,110 ■ 33,941 239.135
55.395 19,765 174,330

506,185
910 ,099
718,105

2,000
1 ,xko
3,000

-454
7,590

Total.

1 ,100

600
800
13,454

41,389
95,978
4.178
600

Total.

Speculation in cotton for future delivery has continued
quiet, but the strong spot markets at the South, the firmness
of quotations in Liverpool, where the spot trade has at times
5,718
8,371
5,731
5,342
4,819
212
1,166
711
783
814
increased, and finally some covering here where some thought
332
the position had become a trifle oversold, have all combined
2,902
2,433
1,842
1 .« i 1
1 ,767
2,450
to bring about a small net advance for the week. Moreover,
762
183
90
1 17
177
138
178
the receipts both at the ports and the interior towns have
495
065
1,141
5,283
1,028
1,046
908
continued light and the weekly statistics of late have had,
365
508
967
6,009
1,341
1,518
1,310
on the surface at least, a bullish aspect. Furthermore,
78
78
—
—
—
—
150
150
the season for crop preparations at the South, especially in
189
466
1,401
B o s t o n ...............
010
80
80
57
2,592
2,592
Baltimore .
__
the Atlantic States, is reported somewhat backward. Such
548
—
57
743
50
82
Philadelphia____
—
reports have undoubtedly had more or less effect, though it
18,320 18,857 20,083 17,188 22,038 30,810 134,208
T o ta l_________
is recognized that there is still plenty of time to catch up.
Some leading interests here have latterly appeared to be buy­
The following shows the week’s total receipts, the total
ing, and local covering has also been something of a feature on
since Sept. 1 1907, and the stocks to-night, compared with
the eve of the holiday— Washington’s Birthday. At one time
last year:
New Orleans was somewhat prominent as a buyer, and though
later on it became a seller, partly in sympathy with a break
1907-08.
1900-07.
Stock.
Receipts to
in the stock market, the selling from this source soon died
Since Sep This
This
February 21.
Since Sep
week.
1 1907.
out. Not a little switching business has been done, and
week.
1 1900.
1907.
1908.
spot interests in instances have been buying March and sell­
Galveston___ . . .
55,051 1,945,264 99,444 3,170,819
177,283
386,940
Port Arthur . . .
92,487
1 14,754
ing July. In general, however, the trading in both “ spots”
CorpusChrlstl ,<Sce.
2,353
35,077
28,172
and “ futures” has been on a very moderate scale, even when
New O rlean s___.
41,100 1 ,555,101 71,468 1,873,738
220,810
358,521
M o b ile .......... .........
4,101
275,713
4,588
223,392
24,075
30,217
it has not been very small, and though certain large inter­
P e n sa c o la _____
129,857 12,800
110,608
Jacksonville, &c_
0,805
332
7.10 5
365
ests have, as already intimated, shown a disposition to buy,
Savannah . . . . . .
13,205 1 ,322,540 23,896 1 ,272,022
86,997
123,284
the consensus of opinion at the Exchange has on the whole
145,454
Brunswick . . ___
702
7 ,987
12,586
1 1,103
190,020
131,503
C harleston______
802
14,722
184,707
2,958
17,139
been .more or less bearish, owing to the reaction in trade,
337
13
1 ,095
Georgetown
290,920
443,574
9,741
the lack of speculation and the somewhat disturbed financial
Wilmington . . .
5,283
0,702
10,949
8,900
401 ,251
19,359
443,550
N orfolk__________
0,009
39,092
situation. Y et the firmness of spot prices at the South,
80
29,010
5,604
1,582
2,404
78
Newport News.&e
3,129
177
13,372
100,977
153,834
150
New York . ____
the maintenance of good premiums there on the better grades,
47,21 5
1,4 91
6,825
2,477
8,310
2,566
Boston ...................
the small and decreasing stock at New York and the strength
41 ,718
2,148
14,918
2,592
51,227
13,785
B a lt im o r e ....
4,589
743
0,099
132
2.905
P h iladelphia____
3,922
of near months at Liverpool, despite large tenders— amount­
0,705,512 245 ,049 7,979,037
703,411 1,140,834
ing on Friday to 14,000 bales— are factors which have been
by no means ignored. Indeed, they largely account for the
In order that comparison may be made with other years > steadiness of values in the face of influences which have
we give below the totals at leading ports for six seasons:
plainly militated against anything like a material or sustained
advance. To-day there was a moderate advance, owing to
Receipts at—
1908.
1907.
1904.
1903.
1906.
1905.
covering of shorts, with more favorable Liverpool and Man­
G alveston,___
55,051
99,444
57,903
31,409
21.792
37,824
chester advices and continued firmness of the Southern spot
P t.A rth u r,& c
2 ,398
4,789
847
1 ,349
4,788
markets. Spot cotton here has been quiet and firm. MidNew Orleans.
41.105
39,878
71,408
44.107
25,431
43,428
Mobile
____
4,101
1,744
4,588
1,0 10
812
3,579
ling uplands closed at 11.50c.
Savannah . . .
13,205
23,896
10,183
14,547
0,357
24,395
The rates on and off middling, as established Sept. 11 1907
7 .987
Brunswick.
702
1 ,405
503
928
497
1 ,201
2,97 1
Charleston, &c
847
1 ,577
2,090
460
by the Revision Committee, at which grades other than
0,702
517
2,202
Wilmington
5,283
181
4,007
middling may be delivered on contract, are as follows:
3,555
8,900
0, 2 5
Norfolk
.
4,41 1
0,009
10,520
G alveston_______
Port Arthur____
CorpusChrlstl ,&c
New O rleans._
Mobile _______
Pensacola_______
Jacksonville, &c.
Savannah _____
B ru n sw ick ___
C harleston_____
Georgetown ___
Wilmington . __
N o rfo lk _________
N ’ port News, &c.

7,470

7,210

7,504

15,804

8,979

8,015

55,051

2,353
11,155
415

2,353
41,166
4,101
______
332
13,205
702
892

N ’port N ., &c
All others------

78
5 ,3 )8

1,582
18,105

478
10,133

388
1,014

1,480
3,390

501
11,534

Total thlsw k.

134,208

245,649

136,015

100,900

06,597

143,939

Since Sept. 1 _ 0,705,512 7,979,637 6,131,301 0,890,497 0,393,275 0,509,630

The exports for the week ending this evening reach a total
of 207,808 bales, of which 65,301 were to Great Britain,
24,944 to France and 117,563 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1907.
Week ending Feb. 21 1008.
Exported to—
Exports
from—-

Conti- 1
Great
Total.
Britain. Fr’nce nent.

Galveston____ 34,193 13,684 54.896U02.773
.........
.........
Port Arthur.
......... 1 ___
Corp.Chrlstl, A-c
New Orleans.. 22,075 5.669 24,686 62,329
4,341 11,247 15,588
Mobile . . . .....
......... ' ..........
Pensacola . .
Fernanillna . .
2,598 3,821
Savannah
1.223
4,997 4,997
Brunswick___
Charleston..
Wilmington
Norfolk ........
384
384
300
Newport News
300
New Y o rk ..
2,891 1,250 9,119 13,260
Boston _____
3,569
3,669
1,050
Baltimore . . .
1,050
P h ila d e lp h ia
300
300
Portland, Me.
__
San Francisco
Seattle .........
9,437 9.437
Tacoma
__
Portland, Ore
Pembina____
Detroit_______

From Sept. 1 1907 to Feb. 21 1908.
Exported to—
Great \
Britain. France.
804,9581250,866
43,073 _____
........... | _
671.003 195,950
01.4591 45.592
38,135! 36,704
......... |
156,2561 83,834
77,570
10,468
.
122,7571 28.520
25,5001 . .
1,6361
208,9951 23,572
123,082(
30,353! 3,487
35,597 .
1 .
...........
.........
_____ -I ..........
______
_____
...........
.......
1,025]

_____

Conti­
nent.

Total.

002,000 1,657,824
48,811
92,487
1,529
1,529
459,275 1,326,888
97,560 201,011
59,527 134,360
530,319
86,328
34,050
281,048
4,711
214,729
5,432
58,073
9.450
40,307
58.043
28,543

770,409
103,898
44,518
432,325
30,271
1,036
452,290
128.511
98.513
45,047
1
40,307
58,043
28,543

66,301 24,944 117,503 207,80,8 2,410.788 073,525 2,626.938 5,720,251

Total 1900-07.

86,904 4,007 89.95S1180,989 2.735,955:723,805 2,622,786 6,132,606
1

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.

1.75 on
1.50 on
1.25 on
1.00 on
0.75 on
0.fi2 on
0.50 on
0.37 on
0.25 on
Basis

Strict low mid___c. 0 30 ofl Middling tinged. _c_0 .30 ofl
Fully low mid____ 0.65 ofl Strict low mid. tlng.l .00 ofl
Low middling......... 1.00 ofl Low raid, tinged__ 1 .80 ofl
Barely low mid___ 1.26 ofl Strict g’d ord. ting.2 .00 off
Strict good ord___ 1.50 off Fully Mid. stained. 1 00 ofl
Fully good ord___ 1.75 ofl Middling stained.. I 25 off
Good ordinary___ 2.00 off Barely raid, stained 1 75 ofl
Strict g'd mid. tgd 0.35 on Strict low m. stain. 2 ,25 off
Good mid. tinged. . Even Fully 1. m. stained.2 ,02 ofl
Strict mid. tinged.. 0.20 ofl Low mid. stained..3 .00 ofl

The official quotation for middling upland cotton in the
New York market each day of the past week has been:
15 to Feb. 21—
Middling u p la n d ..

Sat.
11.35

Mon.

11.35

T u cs.

1 1.4 5

W ed . Thurs.
11.40
11.40

Fri.
11.50

N E W Y O R K Q U O T A T IO N S FO R 32 Y E A R S .
The quotations for middling upland at New York on
Feb. 21 for each of the past 32 years have been as follows:
1908.C
. .11.501 1 0 0 0 .c.
1907
_
11.00 1899._ .
1900 .
10.80 1898____
1905
.
7.90 18 9 7 ____1004.
. 14.50 1 8 9 8 ..
1003
- 10.05 1895_____
1902.
8.81 1894 . .
1901 - . .
- 9.31 1893.......... ..

8.88
6.56
0.25
7.12
7.88
5.02
7.88
9.25

1 8 9 2 .e . . . . . 7.12
1891
. . 9.00
1890_____
11.31
1889_____ - 10.12
1888____ .
10.50
1887_____ . . 9.56
1880_____ . 8.94
11.31
1 S 8 5 .____

1 8 8 4 .c - . . .
1883_______
1 8 8 2 . - ____
1881-_
1880_______
1879,.
18781877
.

-1 0 .7 5
10.19
.1 1 .0 2
11.56
.13.1 2
9.75
.1 0 .8 8
12.82

M A R K E T A N D SALES A T N E W Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.

1,025

T o ta l...........




F a ir ____________ c.
Strict mill, /air___
Middling fair______
Darvly mid. fa ir...
Strict good mid___
Fully good mid___
flood middling___
Barely good m id ...
Strict middling___
Middling__________

S a tu rd a y ..
M onday—
Tuesday . .
Wednesday
Thursday .
Friday-------

Spot Market
Closed.

Futures
Market
Closed.

q u i e t _______________
Q u i e t ----------------------Quiet, 10 pts. a d v ._
Quiet, 5 ptc. dec—
Quiet . . ----------------Quiet 10 pts. adv__

Steady_______
Steady_______
Barely steady
Quiet _______
Vrey steady.
Q uiet________

Sales of Spot and Contract.
ConCon­
Export sum* n. tract.

::::

T.oai
1,031

Total.

r ,< m
....

1,031

F U T U R E S .— The'highest, lowest and closing prices at
New York the past week have been as follows:
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A T T H E IN T E R IO R T O W N S 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.

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[VOL. LXXXVI

THE CHRONICLE

488

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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 a d e
u p b y c a b le a n d t e l e g r a p h , is a s f o l l o w s .
F o re ig n s t o c k s ,
a s w e ll a s th e a f lo a t , a re t h i s l w e e k ’s i r e t u r n s , a n d c o n ­
s e q u e n t l y a ll f o r e i g n ^ fig u re s a r e ’i b r o u g h t d o w n t o T h u r s d a y
e v e n in g .
B u t to
m ake
th e t o ta l th e ^ c o m p le t e
fig u r e s
f o r t o - n i g h t ( F r i d a y ) , w e a d d t h e i t e m ,..o f e x p o r t s f r o m
t h e U n i t e d S t a t e s , i n c l u d i n g in i t t h e e x p o r t s ^ o f F r i d a y

4wOO to © CI O CI to
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1907.
1906.
080,000 1,176,000
9,000
9,000
77,000
60,000

1905.
902,000
13,000
49,000

The above totals show that the interior stocks have de­
creased during the week 10,495 bales and are to-night 59,703
bales less than at the same time last year. The receipts
at all the towns has been 97,904 bales less than the same
week last year.

Total Great Britain stock_____ 1,199,000
1,066,000 1,245,000
Stock at H am burg________________
14,000
12,000
14,000
Stock at B rem en __________________
396,000
450,000
388,000
Stock at A n tw e r p ............. .............................. —
---------------Stock at H avre_______________
234,000
264,000
241,000
Stock at Marseilles________________
4,000
3,000
4,000
Stock at B arcelona.......................
37,000
15,000
12,000
Stock at Genoa____________________
19,000
120,000
86,000
Stock at T rieste___________________
19,000
2,000
3,000

064,000
12,000
367,000
2,000
167,000
3,000
50,000
40,000
3,000

O V E R L A N D M O VEM EN T F O R T H E W E E K A N D
SINCE SEPT. 1.-— W e give below a statement showing the
overland movement for the week and since Sept, 1, as
made up from telegraphic reports Friday night, The
results for the week and since Sept. 1 in the last two years
are as follows:

o n ly
February 21—
1908.
Stock at Liverpool_________ bales.1 ,112,000
Stock at L o n d o n _________________
11,000
Stock at M anchester_____________
76,000

Total Continental stocks_______

723,000

866,000

748,000

644,000

Total European stocks_________ 1,922 000 1,932,000 1,993,000 1,608,000
India cotton alliat for Europe___
112,000
234,000
173,000
96,000
American cotton afloat lor Europe
721,480
770.496
340,000
383.0 >0
E gypt, B razil,& c., afloat for Ru.
29,000
4 8 ,0 0 )
67,000
56,000
Stock In Alexandria, E g y p t _____
231,000
240,000
19 1,000
190,000
Stock in Bombay, I n d ia .................
566,000
604,000
955,000
553,000
Stock In U. S. p o r ts _________ 703,411
1,149,834
892,435
682,184
Stock In U . S. Interior towns_____
518,015
577,718
658,131
616,277
U .S.exports to-day_______________
30,780
19,532
21,232
29,971
Total visible su p ply____________ 4,8 3 6 ,6 9 6 5,575,580 5,290,798 4,214,432
O f the above, totals of American and other descriptions are as follows:
American—
Liverpool stock....................--b a le s . 983,000
897,000 1,050,000
345.000
Manchester stock___________
60,000
63,000
50,000
43,000
Continental stock___________
651,000
807,000
703,000
605,000
American afloat for Europe______
7 2 1 ,4S0
770,496
340,000
383,000
U . S. port stocks____________
703,411
1,149,834
892 435
682,184
U .S . Interior stocks_________ 518,015
577,718
658,131
616,277
U .S . exports to-day.......... - ........... 30,780
19,532
21,232
29,971

_

Total A m e ric a n ________________ 3 ,667,686 4 ,284,580 3,714,798 3,204,432
East Indian, Brazil, & c.—
Liverpool stock___________
129,000
83,000
126 ,000
57,000
London stock_______________
11,000
9,000
_9.000
13,000
Manchester stock____ _____________
16,0 00
14,000
10,000
6,000
Continental stock______________
72,000
59,000
45,000
39,000
India afloat for Europe________ 112,000
234,000
173,000
96,000
E gypt, Brazil, & e., afl >at . . .
2), 000
48,000
67,000
56,000
Stock In Alexandria, E gypt___ .
2 3 1, 0 0 0
240,000
191,000
190,000
Stock In Bombay, India______ . .
566,000
604,000
955,000
553,000
Total East India, & c_____ 1 , 169,000
Total A m e ric a n ________________ 3,667,636

1,291.000 1,576,000 1 , 010 ,000
4,284,580 3,714,798 3,204,432

Total Visible supply___________ .4 ,8 3 6 ,6 3 6 5,575.580 5,290.798 4,214,432
Middling Upland, L ive rp ool-___
6,14d.
6.03d .
5 .73d .
4.17d.
Middling Upland, New Y o rk
11.5 )c.
I t .0 0 c .
10.80c.
7.75c.
E g yp t, Good Brown, Liverpool-9% il.
ll% d .
9K (1.
744(1.
Peruvian, Houch Good, Liverpool
10.75(1.
9.65(1.
8.75d.
10.30d.
Broach, Fine, Liverpool-------------- 5 11-16(1.
5 V*d .
S Hd .
4 3-16d.
Tlnnevelly. Good, Liverpool_____ 5 5-16d.
5 7-16(1.
5 7-16(1.
4 3 id .
C o n tin e n ta l im p o r t s fo r th e p a s t w e e k h a v e b e e n 1 0 1 ,0 0 0
b a le s .
.
T h e a b o v e f ig u r e s f o r 1 9 0 8 s h o w a d e c r e a s e f r o m l a s t w e e k
o f 1 0 2 , 5 1 1 b a l e s , a lo s s o f 7 3 8 , 8 9 4 b a l e s f r o m 1 9 0 7 , a d e ­
c re a se o f 4 5 4 ,1 1 2 b a le s fr o m 1 9 0 0 , a n d a g a in o f 0 2 2 ,2 5 4
b a le s o v e r 1 9 0 5 .




February 21—
Shipped—

--------191 )7 -0 8 ------Since
Sept. 1.
W eek.
.278,342
12,920
129,998
. . 6,248
19,716
37,916
. . . 1,371
28,136
. . . 1,841
60 ,838
. . . 3,419
170,351
7,987

------- 191 3 6 -0 7 ------Sine
Week.
Sep. \.
25,569
5 70,00 1
6,032
169,927
4,238
49,015
2,266
55,710
1 ,022
38,733
6,742
85,956
0,467
197,838

725,297

51,336 1,168,080

Deduct shipments

67,880
55,558
43,658

4,934
1 ,079
1,870

106,894
36,795
33,261

...
Inland, & c., from South.......... . . .

4,976
1,388
893

Total to be deducted---------- . . .

7,257

167,096

7,883

176,950

Leaving total net overland * ------ . . .27 ,8 6 9

558,201

43,453

991 ,130

* Including m ovement by rail to Canada.

The foregoing shows the week’s net overland move­
ment has been 27,869 bales, against 43,453 bales for the
week last year, and that for the season to date the aggre­
gate net overland exhibits a decrease from a year ago of
432,929 bales.
---------1907-03--------Since
Week.
Sept. 1.
6,705,512
- .
558,20 1
, u , v u i v i u m u iw i u i .
_ c. I ,0\>u
Southern consumption to Feb. 21 - 46,000 1,193,000

Week.
245,649
43,453
48,000

8 ,456,713
437,432

337,102
*20,616

In Sight and Spinners'
Takings.

Interior stocks In excess____

_____ *10,495

Came Into sight during week____ 197,582

8,894,145

North, spinners’ takings to Feb. 21 60,700 1,125,944

-1 9 0 6 - 0 7 --------Since
Sept. 1.
7 ,9 7 0 ,6 3 7
991 ,130
1.178,000
481,442

316,486

10,630.209
65,498

1 ,844 .9 9 6

* Decrease during week.

Movement into sight in previous years.
IWefc—
1906— Feb.
1905— Feb.
1904— Feb.
1903— Feb.

Bales.
Since Sept. 1—
Bales.
____ 8,472,743
2 3 .......... ..............--2 0 1 ,8 5 2 1905-06— Feb. 23
- - . .0 ,2 6 2 .8 6 4
2 4 .................
. - 148,182 1004 -05— Feb. 24
8 ,5 7 7 ,5 5 9
26 .
.
- - 120,083 1903-04— Feb. 2 6 - - - .
____ 8,747,317
27. . . . .
-159,061 1902-03— Feb. 27.

Q UO TATIO N S FO R M ID D LIN G C OTTON|AT^OTIIER
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Quotations for Middling Cotton on
Week ending
February 21.
G a lv e sto n _____
New Orleans___
Mobile ________
Savannah ______
Charleston______
W ilm ington. . .
N o r fo lk _______
___
boston . .
B a ltim o re _____
Philadelphia
Au gusta________
Memphis _______
St. Fouls_______
H o u s t o n _______

Sat’day.

M onday. Tuesday. Wed'day, Thursd'y. Friday.

11 9-16
11 9-10
11 Vs
n%

11%
11 %
11%
11%

n%
11 %
11.35
11%
11.60
11 %
11 %
11 %
11 7-10

11%
11%
11.35
11%
11.60
11%
11%
11%
11 7-10
11%

11%
11 9-16
11%
11%
11
11%
11%
11.35
11%
11.70
11 13-16
11%
11%
11 7-10
11%

11%
11 9-16
11 %
11%
11
11%
11 %
11.45
11%
11.65
11 13-16
11 %
11 Vk
11 7-16
11

11%
11 9-16
11%
11%
11
11 lA
11 %
11.40
11%
11.65
11 %
11 %
11 %
11 7-10
11%

11%
11 9-16
11 %
11 %
11
11%
11 %
11.40
11 %
11.75
11 %
11 %
11 %
11 7-16
11X
A

N E W O R LE A N S O PTIO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sat’da y,
F eb . 15.
February—
Range ----------Closing---------March—
Range . . .
Closing------ ---A prll —
R a n g e ----------Closing---------M ay—
R a n g e ---------Closing---------.June—
R a n g e ---------Closing—
-■July—
Range — —
Closing---------September—
Range ---------Closing. ______
October—
Range _______
C losin g.... ...
December—
Range
........
C losing---------Tone—
O p tio n s--------

M onday, Tuesday, Wed’day, Thursd’ y, F rid a y,
Feb. 17. Feb. 18. Feb. 19. Feb. 20. Feb. 21.

— @ — @ — — @ — — @ — — @ — — @ —
10 .80-.88 10.93 * 11.12 * 10.99 * 10.99 * 10.99 *
10.77- .93 1 0 .8 3 .9 9 10.94-.12 10.93-. 16 10.86-.99 10.98-.07
10.80-.81 10.93-.94 11.12-.13 1 0 .9 9 .0 0 10.99-.00 10.99 —
— @ — — @ ~
10.08 * 10.79 *

— @ — — @
10.93 * 10.81

— — @ — — @ —
* 10.82 * 10.85 *

10.65-.86 10.65-.80 10.79-.94 10.75-. 98 10.72-. 84 10.82-.92
10 68-.69 1 0 .7 9 .8 0 10.93-.94 10.81-.82 10.82-.83 10.85-.86
@ — — @
~ @ — 10.64 * 10.76
10.90

— — (a) — — @ — ~ @ —
* 10.77 * 1 0 .7 9 .8 0 10.79 *

10.57-.76 10.00 .76 10.73-.90 10.71-.94 10.67-.78 10.75-.85
10.61 -.02 10.74-.75 1 0 .8 8 .8 9 10.75-.76 10.77-.78 1 0 .7 7 .7 9
-

@

— — @ —
— @ —
10.25-.33 --- ---- --- --- ------ ---- --- ---- --- ---------------

9.80 — 9.9 5-.00 1 0 .0 6 .1 5 10.05-.17 10.04-.15 10.09-. 13
9 .87-.89 10.00-.01 10.13 — 10.04- .06 1 0 .1 3 .1 5 1 0 .1 0 -.il
— @ — — @ — — @ — 10.00-. 17 — (B — — @ —
9 .84-.86 9 .97-.98 10.10 — 9 .99-.00 1 0 .0 8 .1 0 10.07 .09
Quiet.
Steady.

Steady.
Steady.

Steady.
Steady.

Firm.
Steady.

Steady.
Steady.

Steady.
Quiet.

♦Nominal.

W E A T H E R R E P O R TS B Y T E L E G R A P H .— Our tele­
graphic advices from the South this evening indicate that
rain has fallen in most sections during the week, with the
precipitation a little excessive in some portions of the Gulf
and Atlantic States. Temperature has been rather lower.
W et weather is stated to have interfered with the preparation
of soil in Texas, but as a whole farmers are well up with
their work. Elsewhere as a rule farm operations have
made slow progress and arc claimed to be backward.
Galveston, Texas.— Although rain has at times interfered
with preparation of ground for the next crop, farmers as a
whole are well up with their work. Rainfall for the week
seventy-eight hundredths of an inch on two days. Average
thermometer 54, highest 74, lowest 34.
Abilene, Texas.— There has been no rain during the week.
The thermometer has averaged 47, the highest being 72
and the lowest 22.
Corpus Christi, Texas.— There has been no rain the past
week. The thermometer has averaged 59, ranging from
40 to 78.
Fort Worth, Texas.— W e have had rain on one clay during
the week, the rainfall being fourteen hundredths of an inch.
The thermometer has ranged from 22 to 64, averaging 43.
Palestine, Texas.— W e have had rain on two days during
the week to the extent of thirty-nine hundredths of an inch,
followed by a cold wave. Average thermometer 43, high­
est 62, lowest 24.
f
San Antonio, Texas.— There has been no rain during the
week. The thermometer has averaged 50, the highest being
72 and the lowest 28.
Taylor, Texas.— W e have had rain on one day of the week,
to the extent of two hundredths of an inch. The thermom­
eter has averaged 45, ranging from 24 to 66.
New Orleans, Louisiana.— It has rained on two days of
the week, the precipitation being ninety hundredths of an
inch. Average thermometer 50.
Leland, Mississippi.— W e have had rain during the week,
the rainfall reaching three inches and eighty-two hundredths.
The thermometer has averaged 50.1, ranging from 24 to 67.
Vicksburg, M ississippi.— There has been rain on two days
during the week, the rainfall being one inch and sixty-eight
hundredths. The thermometer has ranged from 28 to 72,
averaging 48.
Helena, Arkansas.— Not much farm work is being done,
but it is believed that more cotton will be planted than last
year if labor can be obtained. The river is overflowing out­
side the levee. It has rained on two days during the week,
the rainfall reaching forty-six hundredths of an inch. Aver­
age thermometer 41, highest 48 and lowest 25.




489

THE CHRONICLE.

P e r . 22 1908. |

Memphis, Tennessee.— It has rained on three days of the
week, the rainfall reaching two inches and sixteen hundredths.
The thermometer has averaged 42 .2, ranging from 24.4 to 68.
Nashville, Tennessee.— It has rained during the past week
to the extent of one inch and twenty-one hundredths. The
thermometer has ranged from 24 to 66, averaging 45.
Mobile, Alabama.— Heavy rains in the interior middle of
the week and freezing temperature later. Farm work is
backward and making slow progress. W e have had rain on
two days of the week, the rainfall being one inch and thirtyeight hundredths. Average thermometer 51, highest 67,
lowest 32.
Montgomery, Alabama.— There has been rain on four days
during the week, the rainfall being one inch and eighty-two
hundredths. The thermometer has averaged 48, the highest
being 70 and the lowest 31.
Selma, Alabama.— W e have had rain on one day of the
week, to the extent of one inch and fifteen hundredths.
The thermometer has averaged 42.5, ranging from 26 to 64.
Madison, Florida.— There has been rain on one day during
the week, to the extent of fifty hundredths of an inch.
The thermometer has ranged from 31 to 74, averaging 53.
Augusta, Georgia.— Rainfall for the week seventy-three
hundredths of an inch, on two days. Average thermometer
47, highest 74, lowest 27.
Savannah, Georgia.— We have had rain on three days
during the week, the precipitation being sixty-five hundredths
of an inch. The thermometer has averaged 52, the highest
being 70 and the lowest 33.
Charleston, South Carolina.— There has been rain on three
days of the past week, the rainfall reaching one inch and
twenty-eight hundredths. The thermometer has averaged
50, ranging from 33 to 68.
Greenwood, South Carolina.— W e have had rain on two days
during the week, the rainfall reaching ninety-five hundredths
of an inch. The thermometer has ranged from 32 to 51,
averaging 4 1 .
Stateburg, South Carolina.— It has rained on two days of
the week, the precipitation being one inch and fifty hun­
dredths, followed by high winds and cold wave. Average
thermometer 34, highest 68, lowest 29.
Charlotte, North Carolina.— There has been rain during
the week to the extent of one inch and sixty-four hundredths
of an inch. The thermometer has averaged 41, the highest
being 63 and the lowest 25.
The following statement we have also received by tele­
graph, showing the height of rivers at the points named
at 8 a. m . of the dates given:
Feb. 21 1908.
Feet.
12.1
80.2
25.0
1 4.6
83.9

New Orleans —
------- Above zero of gaugeM e m p h is-------------- . _ Above zero of g au ge.
N ashville-------------Above zero of g a u g e.
Shreveport------------------ Above zero of g a u g e.
Vicksburg . —
Above zero of g a u g e.

Feb. 21 1907.
Feet.
19.7
18.9
10.8
4.7
48.0

IN D IA COTTON MOVEM ENT FRO M A L L P O R T S .—
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:
February 20.

Week.
B om bay-------------------

Exports from—

Since
Sept. 1.

Total all—
1907-08.
1 9 0 6 -0 7 ...
1905 00 _____

W eek.

Since
Sept. 1.

76,000 1,126.000 103,000 1,363,000

Since
Sept. 1.

93,000 1,537,000

Total.

Great
Britain.

Conti­
nent.

Total.

16 000
18,000
17,000

12.000
18,000
28,000

287,000
490,000
403,000

299,000
508,000
431 .000

9.000
5,000

1,000
9,000
5,000

3,000
3,000
5,000

9,000
49,000
41,000

12,000
52,000
46,000

1,000
2,000

1,000
2,000

6,000
2,000
1,000

22,000
15,000
25,000

28,000
17,000
26,000

3,000

3,000
1,000

8,000
6,000
9,000

76,000
44,000
55,000

84,000
50,000
64,000

20,000
28,000
25,000

29,000
29,000
43,000

394,000
598,000
524,000

423,000
627,000
567,000

1,000

1,000

W eek.

16,000
18,000
17,000
1.000

1,000

1905-06.

Since September 1.

F or the W eek .
Conti­
Creat
Britain. nent.

Bom bay—
1907-08 .
1900-07_________ i1905-00.
Calcutta—
190708.
1906 07
1905 0 6 .........
Madras—
1907-08___________
1906-07.
1905-06____
All others—
1907-08
1 9 0 6 -0 7 ..................
1905-06________

1906-07.

1907-08.

Receipts at—

19,000
28,000
24,000

According to the foregoing, Bombay appears to show a
decrease compared with last year in the week’s receipts of
27.000 bales. Exports from all India ports record a loss of
8.000 bales during the week and since Sept. 1 show a
decrease of 204,000 bales.
JUTE B U T T S, B A G G IN G , E T C — The market for jute
bagging has been devoid of activity during the week under
review. A further reduction in quotations was announced
on Tuesday last, 2-lb. domestic bagging being marked down
to 7
cents per yard and rewoven and inferior foreign to
61/j cents per yard, or a drop of Vi to J/> cent per yard. Jute
butts have been dull at 2 @ 3 cents per lb. for bagging quality.

490

THE CHRONICLE

WORLD’S SU P P LY AND TA KIN G S OF COTTON.—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and since
Sept. 1 , for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amount gone
out of sight, for the like period.
C o tto n T a k in g s .
W eek an d S ea son .

1907-08.

V isib le s u p p ly F e b . 14_______
4,9 3 9 ,1 9 7
V isib le s u p p ly S ep t. 1 _
A m e r ic a n In sigh t t o F eb . 2 1 ___
197,582
B o m b a y receipts t o F eb . 2 0 .
76.000
O th e r India sh lp ’ts t o F eb . 20 . _
4.000
A le x a n d r ia receipts t o F eb . 1 9 _ .
18.000
O th er s u p p ly t o F eb . 19 * _______
1.000
T o t a l s u p p ly __________________
D ed uct —
V isible s u p p ly F eb . 21

1900-07.

Scabon.

W eek.

Season .

W eek.
5505,852

2,2 9 1 ,8 4 4
8 ,8 3 4 .1 4 5
1,126,000
124.000
796 .000
186.000

1,784,156
316,486 10,630 209
103,000 t ,363,000
10,000
119 ,000
835 .000
21,000
2,000
207.000

5,2 3 5 ,7 7 9 13,417,989 5,958,138 14,938,365
4 ,8 3 6 ,6 8 6

T o ta l tak in gs t o F eb . 2 1 ____
O f W hich A m erican
• O f w h ich o th e r . .

399 .0 9 3
2 82 .093
117,000

4 ,8 3 6 ,6 8 6 5,575,580

5,575,580

8,581 ,303
6 ,5 6 2 ,3 0 3
2,0 1 9 ,0 0 0

9,3 6 2 ,7 8 5
7 243,785
2,119,000

382.558
355.558
27,000

* E m b ra ces receipts In E u ro p e from B ra z il, S m y rn a , W e s t In d ie s, &e.

FA L L R IV E R M ILL D IVID EN D S.—Thirty-three cot­
ton-manufacturing corporations in Fall River have de­
clared dividends during the first quarter of the year, and the
total amount paid out is only $35,350 less than for the cor­
responding period of 1907, when extra dividends served to
swell the total to a greater extent than in the current year.
The aggregate of the amount distributed has been $561,550,
or an average of 2.27% on the capital. In 1907 thirty-two
mills made distribution, and the average rate was 2.60%.
In 1906 the average rate was 1.94% and in 1905 was only
P-32%; in 1904 it was 1.2 1% ; in 1903 it was 1.44% ; in 1902
it was 1.4 1% ; in 1901 it was 1.7 3% ; in 1900 it was 1.8 1% ;
in 1899 it was 0.88%; in 1898 it was 0.26%; in 1897 it was
1.0 1% , and in 1896 it reached 1.9 9% . It will therefore be
seen that the current year's rate of dividend payments is
greater than in the first quarter of any year since 1896 only
excepting 1906.
First Quarter
1908 and. 1907.

Dividends 1908.

Dividends 1907.

Capital.
C.

Amount.

$
American r.lnen Co...........
800.000
IX
300,000 a m
Arkwright Mills.................
450,000
IX
Barnard Mfg. Co________
495,000
Border Cltv Mfg. Co_____ 1,000,090
IX
Bourne M i ll s ........... ..
1,000,000
IX
Chace Mills............. ............
1,200,000
Conanleut Mills.. . . . . . . .
300,000
ix
Cornell Mills........... ............
400.000 65
Davis Mills______________
500.000
IX
500,000
Davol Mills______________
ix
580,000 d3
Flint Mills ...........................
2
Granite Mills............. ........ 1,000,000
800,000
Hargraves Mills.................
IX
1,500,000
King Philip Mills...............
IX
600,000
5
Laurel Lake Milts..............
2
750,000
Mechanics’ Mills.........—
Merchants' Mfg. Co--------- 1,200,000
IX
2
100,000
Narragansctt Mills...........
750.000
Osborn Mills _____ ____
IX
800,000
Parker Mills.......................
IX
Pocasset Mfg. Co _______ 1,200,000
ix
Richard Borden Mfg. Co. 1,000,000
7X
900,000
5
Sagamore Mfg. Co_______
Seaconnet M ills.............. _
600,000
IX
550,000
Shove Mills..........................
IX
Stafford Mills____________ 1,000,000
700,000
Stevens Mfg. C o .. ______
ix
Tecumseh Mills . . .
_
5
750,000
Troy Cot. & W . Mfg. Co
300,000
6
Union Cotton Mfg. C o .. . 1,200,000
IX
750,000
1
VVeetamoe Mills ______ .
500,000

$
12,000
1,500
6,750
9,900
15,000
15,000
24,000
4,500
20,000
7,500
7,500
17,400
20,000
12,000
22,500
30,000
15,000
18,000
8,000
11,250
12,000
18,000
75,000
45,000
9,000
8,250
15,000
10,500
37,500
18,000
18,000
7,500
10,000

P.

ix

T o ta l............................... 24,775,000

2.27

V. C.

Inc. ( + )

Amount. Dec. (— ).

5
5
12.000
1,500
6,750
7,425
+ 1,475
10
100,000 — 85,000
l
10,000
+ 5,000
13,500 + 10,500
IX
4,500
IX
2
8,000 + 12,000
7,500
IX
6,000
+ 1,500
ix
2___
11,000
+ 5,800
15,000
+ 5,000
IX
10,000
+ 2,000
IX
IX
22.500
2
6,000 + 24,000
11,250
+ 3,750
IX
10.000
+ 8,000
ix
6,000
+ 2,000
ix
1
-1-3,750
7,500
+ 2,000
10,000
ix
+ 9,000
9,000
IX
20,000 + 55,000
2X
5
15,000
No dl vklend
+ 9,000
1
+ 2,750
5,500
1
+ 5,000
10,000
+ 1,750
8,750
IX
11,250 + 26,250
IX
6
18,000
14
168,000 — 150,000
1
7,500
+ 3,125
6,875

a On $100,000 preferred stock,
b 2 % regular and 3 % extra,
1% extra, ft On capital of $22,925,000.

590,900
d

Y a rn

ife

T h re a d .

C lo t h .

1907-03 1906-07
L b s.

L b s.

1907-08
Y ds.

1906-07 1907-08 1900-07
Y d s.

L b s.

Lb s.

1907-08
L b s.

o/

A ll.

10,873
10,755
18,786

95,104
93,626
93,265

122.093
121,876
111,227

114,977
113,381
112,051

1st qr
Jan . . .

72.875
25,191

58,414 1,515,495 1,512,655 282,321 281,995
20,653 528,294
500,215 98,470 104,367

355,190
123,6()1

340,409
125,020

__

339
16,215

368
16,127

Total exports o f cotton m an u factu res.......................................

495,411

481,924

Stockings and socks
Sundry articles .

07.1S3
96,196
88,942

The foregoing shows that there has been exported from
the United Kingdom during the four months 495,411,000 lbs.
of manufacturing cotton, against 481,924,000 lbs. last year,
or an increase of 13,487,000 lbs.
A further matter of interest is the destination of these
exports, anti we have therefore prepared the following state­
ments, showing the amounts taken by the principal countries
during January and since Oct. 1 in each of the last three
years.




1906.

1907-08.

1 to

31.

Jan.

1906-07.

952,826
276,490
192,228
126,620
180,072
162,157
153,395

1905-06.

868,660
388,278
225,485
104,676
205,216
122,269
158,240

952,160
313,594
316,678
105,346
108,144
122,755
158,289

Y a r n s —L b s.
(000s o m i t t e d . )
Holland . . _______________
G e r m a n y ..... .........................
O th.E urope(except Turkey)
East Indies_______________
China and Japan___________
Turkey and E g yp t................
All other countries________

4,688
5,182
5,436
3,083
259
1,343
2,211

4,188
4,023
3,189
2,401
912
1,417
2,000

3,397
3,302
2,951
4,081
1,003
1,758
1,969

17,121
22,908
10,421
11,934
1,086
4.398
8,625

14,272
14,871
11,905
11.856
3,198
5,322
7.879

13.841
14,211
11,438
16,401
4,518
7,102
7,887

Total pounds_____ _______ 22,202 18,229
Total value......... .............. £1.433 £1,006

18,551
£973

85.5S3
£5,584

69,303
£4,103

75,398
£3,896

DOMESTIC EXPO RTS OF COTTON M ANUFACTURES.
Q u a n t i t i e s o f M a n u f a c t u r e s M o n t h e n d i n g D e c . 31.
o f C o t t o n ( c o lo r e d a n d
u n c o lo re d ) E x p o r t e d to—
1907.
1906.

U n lte d K in g d o m . . . . . yd s
G e rm a n y - - -------- --------------- -O th e r E u r o p e --------------------B ritish N orth A m e r ic a ____
Cen tral A m e rica n S t a t e s ..
an d B ritish H o n d u ra s ___
M e x i c o --------------------------------C u b a ------------ --------------- O th er W e s t In dies and Berm u d a -----------------------------A rg e n tin a
-- —
... —
Brazil . .
- .................
C h i l e ________________________
0 d o m h l a ---------------------------V e n e z u e la .............................
O th er S ou th A m e r ic a -------Chinese E m p ire ---------------B ritish E ast In d ies----------H o n g k o n g -------------- -----J a p a n -------- -------------------------British A u stralasia . .
. .
P h ilip p in e Is la n d s-------------O th er A sia an d O c e a n ia .. .
B ritish A f r ic a .......... ................
O th er c o u n t r ie s ----------

12

31

M o n th s end. D ec.

1906.

1907.

106,072
2,835
48,115
358,185

360,143
7,535
154,820
785,233

2 ,446,120
139,525
1,330,457
7,1 0 0 ,8 3 3

3 ,0 1 9 ,3 4 4
365 ,799
1,684,350
9,287,901

1,462,521
91,603
713,489

2,267,201
218,522
646 ,678

26,1 1 9 ,6 7 9
2 ,172,258
17,851 ,224

2 9 ,2 0 7 ,3 6 9
2 ,4 1 9 ,9 9 2
16,0 6 8 ,4 5 9

1,499,515
156,872
317,447
86,763
1,226,963
329,600
579,200
1,298,319
65,400
41,695
400
630,973
1,179,688
902,611
124,208

2,7 8 3 ,8 5 2
243,448
506,732
l ,6 1 6 ,754
1,611,706
596,380
1,198,145
2 ,895,000
2,296,371
69,227
175 039
1 ,141.780
l ,970 ,386
3,9 2 3 ,3 8 4
1,490,473

2 3,910,770 3 5 ,0 2 9 ,0 8 4
2 ,3 6 6 ,7 1 3
984,858
6 ,9 8 5 ,9 1 0
5 ,599,516
9,927,911 13,4 3 7 ,8 8 4
16,470,347
12,500,031
7 ,1 5 5 ,6 7 5
4 ,052,192
7,102,091
7,676,561
3 8 ,443,850 27 1 ,1 9 9 ,2 7 5
9 ,5 9 3 ,8 6 3
4 ,168,538
568 ,328
695 ,137
960,207
121,888
8,4 3 7 ,2 2 9
8 ,278,558
16,443,303 12,731,281
2 2 ,255,360 4 6 ,4 8 3 ,6 9 9
9,991 ,805
2 ,841,716

__

T o ta l ya rd s o f a b o v e ____ 11,236,104 27,0 0 0 ,6 0 9 2 1 6 ,387 ,64 2 51 2 ,2 2 9 ,7 2 0
T o ta l v alu es o f a b o v e ___
8893 ,996 $1,8 3 5 ,2 1 0 $14,900,421 $3 2 ,2 8 2 ,5 0 4
V a lu e p er y a r d . -------------$.0689
.$0631
$.0775
$.0680
V a lu e
O ther M a n u fa c tu re s
o f C o t t o n E x p o r t e d to—
W e a rin g A p p a re l.

U n ite d K in g d o m ..................
B e l g i u m -----------------------------G e rm a n y ------- -------------------O th er E u r o p e ---------------------British N o rth A m e rica .
Cen tral A m e rica n States
and B ritish H o n d u r a s .
___ __
M e x ico — ------ —
C u ba
- .............. ........... . _
O th er W est In dies and Berm u d a ---------- —
-----S ou th A m e r ic a -------- ------C h inese E m p ir e ---------------- -J a p a n - ---------- -----------------B ritish A u stra la sia ...............

88,509
350
4,402
3,476
55,730

62,542
605
2,225
4,405
54,824

992 ,092
13,720
52,730
77,507
996,668

l ,063,122
32,874
132,515
82,590
995,475

69,590
29,995
13,981

27,114
17,755
27,127

614,424
456,198
380,556

300,192
240,513
314,313

12,722
13,587
411
1,184
51,953
17 !704

12,01 1
9,640
9,706
940
43,718
,3,344
5 5 1647

202,611
124,590
275 ,515
18,470
367,190
156,613
400,864

177,542
1 11 ,038
175,184
132,054
323 ,564
192 017
403,721

$375,261

$331,612

$ 5 ,147,748

$4,6 7 7 ,3 1 4

244 ,997
20,034
285 ,459

175,530
28,941
333,940

2 ,579,582
204 ,012
3 ,401,299

2 ,0 9 9 ,8 6 9
394,131
3,5 0 7 ,2 3 0

T o ta l m a n u fa ctu re s o f . .

1 ,819,747

2 ,7 0 5 ,2 3 3

2 6 ,323,002

42,9 6 1 ,0 4 8

A LEX A N D R IA

R E C E IP T S

O th er c o u n t i e s ___________
T o ta l

..

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

W a s te , c o t to n m il l ___
Y a r n -------------------------------- _
All o t h e r ____________________

AND

SHIPM ENTS.

A le x a n d r ia , E g y p t ,
F e b r u a r y 19.

(ca n ta rs)—
T h is w e e k _________ .
Since S e p t. 1_______

1907-08.

1906-07.

1005-06.

135,000
5 ,9 7 0 ,5 2 8

160,000
6 ,2 6 5 ,6 1 9

190,000
5,1 9 0 ,3 1 7

R e c e ip t s

E xp ort

To
To
To
To

T h i s ! S in ce
w eek. S ep t. 1.

(b a le s)—

L iv e r p o o l_____ ______
M a n c h e s te r _____
C o n t i n e n t ________
A m e r ic a . ________

4,0 0 0 163,323
____ 144,418
6 ,2 5 0 221 ,227
1,750 43,258

T o ta l e x p o r t s ________

T h is

w ee k .

S in ce
1.

Sep t.

6,750 166,119
8 ,000 148,601
8,500 233,157
3,000 81,291

This
w eek .

S in ce
|.

Sep t.

6,500 159,773
7,500 122,370
7,250 202,200
3,500 54,655

12,000 572 ,276 26,250 629,168 24,750 539 ,088

L b s.

24,910
25,680
22,285

509,948
502,020
500,087

O ct.

1907.

Total yards_____________ 528,294 560,245 571,013 2,043,788 2,072.824 2,160,906
lotal value........... ............ £7,132 £7,118 £6,679 £27,118 £25,788 £24,858

1906-07

O c t ____
N ov . . .
D e c ____

521,680
516,375
477,440

190S.

East Indies....... ..................... 245,701 210,577 244,561
Turkey, Egypt and A frica .. 62,712 105,483 74,956
China and J a p a n .................. 61,030 70,135 87,491
33,521 29,576 31.777
Europe (except Turkey) —
South Am erica____________ 42,771 51,596 50,074
North Am erica____________ 41,869 36,065 33,265
All other countries________
40,620 50,813 40,789

2% regular and

T otal

000s

G o o d s— Y a r d s.
o m itt e d .)

(000s

— 35,350

E X PO R T S OF COTTON GOODS FROM G REA T
B R IT A IN .— Below we give the exports of cotton yarn,
goods, &c., from Great Britain for the month of January
and since Oct. 1 in 1907-08 and 1906-07, as compiled by us
from the British Board of Trade returns. It will be noticed
that we have reduced the movement all to pounds:

o m itt e d .

January.
P ie c e

ix

561,550 62.60

[VOL. LXXXVI

N ote

.— A ca n ta r Is 99 lbs.

E g y p tia n ba les w eigh a b o u t 750 lbs.

MANCHESTER M A RK ET.— Our report received by
cable to-night from Manchester states that the market
continues quiet for both yarns and shirtings. Stocks of both
goods and yarn are accumulating.
1908.

1907.

3%

lb s . S h i r t in g s . c o m m o n
to f i n e s t .

M S Cop
T lD X S t .

Jan.
10
17
24
31
Feb.
7
14
21

d.
10 7-16®
10% ®
10%
®
10% @
9 15-16®
O X
®
o x

®

d.
n x

im
Hx
n x

(1.
6 0
6 0
6 0
5 11

S.

i m 5 10
10 % 5 9
10% 5 6

s.
®o
®9
@9
@9

d.
s
3
3
2

®9 1
®0 0
@ 8 10

C o t ’n
M id
U p l ’s

8 X lb s . S h i r t in g s , co rm n o n
to f i n e s t .

325

Cop
T w ist.

d. d .
6.22 9 13-10®
6.50 O X
@
6.43 O X
@
6.39 9 11-16®

<1. s. d.
6 6
6 6
6 0
10% 6 6

10%
10 %
10%

6.35 9 15-16® 11
6
6.21 O X ® 10 15-16 6
6.14 9 11-16 @ 10% 6

7
7
7

Cot n
M id
U p l ’s

9
9
9
9

(I.
5.96
5.86
5.90
5.87

@ 0 10
® 9 10
®9 10

6.09
6.03
6.03

®9
®9
®9
@9

Feb. 22 1908. j

THE CHRONICLE

SH IP PIN G N E W S .— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 207,808 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
N E W Y O R K — To Liverpool— Feb. 19— Hal tic, 1,318; Cevlc, 1 ,5 7 3 . 2,891
To Havre— -Feb. 14— Cambyses, 1,221 upland, 29 Sea Is la n d ..
1,250
501
To Hamburg— Feb. 15— Kalserln Augusta Victoria, 5 0 1 . .........
To Antwerp— Feb. 18—-Vaderland, 1 , 1 2 9 . . ______ __________ 1,129
To Genoa— Feb. 14— Cedric, 2,788; H am burg, 1.849_________
4,637
To Naples— Feb. 14— Ncckar, 2 ,6 5 4 _________________________ ____ 2,654
To Venice— Feb. 20— Tanagra, 198_____________________________ _
198
G A L V E S T O N — To Liverpool— Feb. 17— Atlantlan, 17,685____ Feb.
20— Boniface, 6 ,6 1 2 _________________
_____________ 24,297
To Manchester— Feb. 14— Asuncion de Larrlnaga, 9 ,7 1 2 _______
9,712
To Belfast— Feb. 15— Bray H ead, 1 8 4 .. . . _________________
184
To Havre— Feb. 15— Ikbal, 1 3,684.
_________ 13,684
To Bremen— Feb. 14— Iran, 15,079 ____ Feb. 17— Hannover,
13,647------- Feb. 20— Barra. 11,726____ .
_________________ 40,452
To Hamburg— Feb. 18— Bernard, 9 0 9 . . . ______________
909
To Reval— Feb. 14— Bray H ead, 2,041
.
_________
2,041
To Barcelona— Feb. 15— Fert, 1,393
____________
1,393
To Malaga— Feb. 15— Fert, 1 ,0 0 0 .
_
_
_______________
1,000
To Genoa— Feb. 15— Fert, 9 ,1 0 1 ..
________
9,101
N E W O R L E A N S — To Liverpool— Feb. 15— W illiam C1UI, 4,458
-------Feb. 19— Patrician, 9 ,000; Warrior, 5 ,5 0 0 _______ _______ 18.958
To Glasgow— Feb. 17— Tugclo, 1,117
___
_________________
1,117
To Belfast— Feb. 19— Ramore H ead, 2 ,0 0 0 _____________ _______
2,000
To Havre— Feb. 21— Vlrglnlc, 3,999 __________________ __________
3,999
To D unkirk— Feb. 21— Fernwood, 1,6 7 0 _____ ____ ____________
1 . 6(0
To Bremen— Feb. 10— Colonlan, 1 4 , 0 0 0 . . . . _________________ 14,000
To Hamburg— Feb. 14— Mendoza. 1,775____ Feb. 21— Corby,
. _______
2,940
1 ,1 6 5 ___________
To Rotterdam — Feb. 18— Maude, 1 ,4 2 8 -------Feb. 20— Uskm oor, 100.
____
_ __
1,528
To Antwerp— Feb. 19— Inchkelth, 2 24____ Feb. 21— Fcrnwood, 3 05.............
..........
529
To Venice— Feb. 19— Arclduca Stefano, 2 ,0 0 6 -------------------------2,096
To Trieste— Feb. 19— Arclduca Stefano, 3 ,4 9 2 --------------------------3,492
M O B IL E — To Havre— Feb. 14— Hlllbrook, 4 .3 4 1 ........ .....................
4,341
To Bremen— Feb. 1 8 — Shlra, 11,247______________ ______________ 11,247
S A V A N N A H — To Liverpool— Feb. 19— Huron, 9 7 3 ________________
973
To Manchester— Feb. 19— Huron, 250 __________________________
250
To Bremen— Feb. 19— Ecelesia, 1 ,5 0 7 ._____ ___________________
1,507
To Ham burg— Feb. 15— Coronation, 3 17____ Feb. 10— Eeclesla, 300
. . . ___ ___________________ ______________________________
617
To Rotterdam — Feb. 19— Sangstad, 174_____ ________________
174
To Gothenburg— Feb. 15— Coronation, 2 0 0 ___ ________________
200
To Reval—-Feb. 19— Ecelesia. 1 0 0 ........... .......
.......
..........
100
B R U N S W IC K — To Bremen— Feb. 15— Polarstjernan, 4 ,8 9 7 ____
Feb. 20— Evangeline, 100__________________
4,907
N O R F O L K — To Hamburg— F e b . 15— Hocrde, 3 8 4 _________________
384
N E W P O R T N E W S — To Liverpool— Feb. 18— Powhatan, 3 0 0 ____
300
BO STO N — To Liverpool— Feb. 17— Ivernla, 3 ,3 9 4 ____ Feb. 19—
3,485
Bohemian, 9 1 . ----------------To Manchester— Feb. 14— Iberian, 7 6 ____ ______________ _______
76
To Glasgow— Feb. 14— Laurentlan, 8 _________ __________________
8
B A L T IM O R E — To Liverpool— Feb. 17— Rowanmore, 1 ,0 5 0 ...........
1,050
P H IL A D E L P H IA — To H am burg— Feb. 11— Pallanza, 300________
300
S E A T T L E — To Japan— Feb. 18— Kaga Maru, 5 ,1 9 2 ____ Feb. 19—
Bellerophon, 4 ,0 9 5 --------9,287
To Manila— Feb. 19— Bellerophon, 150--------------------------------------150
Total .

207,808

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger
Britain, ports, many.
1,250
501
New Y o r k . ___ 2,891
G alvestOn___ .34 ,1 9 3 13,684 41,361
New Orleans. . . 22,075 5,669 16,940
M ob ile_________
____
4,341 11,247
S a v a n n a h _____ 1 ,223
____
2,124
Brunswick . . . .
____
___~
4,907
N o r fo lk ________ - ______
384
Newport N ew s.
300
___ _
Boston ________ 3,569
. ._
B altim ore____ . 1,050
Philadelphia___ ____
. ..
300
S eattle_________
____
T o t a l........... ..6 5 ,3 0 1

Oth.Europe--- M e x . ,
North. South, cfee. Japan. Total.
13,260
____
1,129 7,489 ____
2,041 11,494 ____
____ 102,773
52,329
2,057 5,588 ____
____
15,588
3,821
474
1111 III I
4,997
384
300
3,569
1,050
300
150 9,287
9,437

24,944 77.854

5,701 24,571

150 9,287 207,808

at New York the past week have been as
s being in cents per 100 lbs.:
Sat.
15
Liverpool— Feb-Meh
16
Manchester— Feb .
Havre— JFeb---------- -22 A
25
Bremen— Mch ____
H a m b u r g ................. 22(<v>25
!2 @ 2 5
Antw erp------------------22 A
Ghent, via Antwerp
28
R e v a l-------------------- -32
Reval. via Canal. .
Barcelona -Mch. 5 .
28
Genoa— Mch . _ ___
21
Trieste— M ch_______
35
Japan— M c h _______
45

M on .
15

10

22 A
25
22 (» 2 5
22 A
28
32

Tues.
15
16
22 A
25
22 0 2 5

22

28
32

28
21
35
45

a

Wed.
15
16
22'A
25
22 0 25
22 A
28
32

22025
22 ^
28
32

25
22@ 25
22 A
28
32

28
21
35
45

28
21
35
45

28
21
35
45

28
21
35
45

Tliurs.
15
16
22 a

F ri.
15
16

22 a

•

L IV E R P O O L .— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:
Jan. 31.
___bales. 56,000
Sales of the week—
Of which spccuators took .
1,000
Of which exporters took. . .
2,000
Sales, A m e r ic a n .-. —
- .......... 53,000
Aetna export________________ - 14,000
Forwarded . .
09,000
Total stuck— E stim ated ..
.9 8 0 ,0 0 0
O f which American— E s t .. 849,000
Total linp- rt of the w eek.
105,000
O f which American
- - 82,000
Am ount afloat
. ..4 5 2 ,0 0 0
O f which Am erican__________409,000

Feb. 7.
42 ,000
1,000
2,000
37,000
10,000
100,000
1,062,000
948,000
199,000
190,000
378,000
333,000

Feb. 14.
34,000
1,000
2,000
30,000
9,00008 000
1 ,068,000
910,000
83,000
59,000
363,000
325,000

Feb. 21.
47,000
1,000
4,000
45,000
16,000
101 ,000
1,112,000
983,000
159,000
137,000
269,000
245,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M.

Saturday.
1
J

Mld.Upl’dB
Sales_____
Spec.&cxp.

Fair
business
doing.

Monday.

Tuesday.

Moderate
demand.

Fair
business
doing.

P. M.

Thursday.

Friday.

Moderate
demand.

Fair
business
doing.

Moderate
demand.

6.15

6.09

6.14

6.16

6.10

6.14

3,000
300

10,000
500

8,000
500

6,000
500

10,000
500

8,000
500

Futures. Very st’dy Quiet at
Market
] at 1(912
5 @ 6 pts.
opened
J pts. dec.
decline.
Market,

Wed.'day.

Steadv at
2^@ 3H
pts. ndv.

Steady at
2'A@'A'A
pts. adv.

Steadv at Steady at
5 points 3(9)4 pts.
advance.
decline.

1 Steady at Feverish at Quiet at
3 © 5 pts.
2(9)0 pts.
3 ® 4A
j advance.
pts. adv.
decline.

Quiet at
3H @ 6
pts. adv.

Steadv at
4A @ 0
pts. dec.




Steady at
3 ^ (3 1 1
pts. adv.

491

The prices of futures at Liverpool for each day are give
below. Prices are on the basis of uplands, good ordinary
clause, unless otherwise stated.
T bs prices are given In pence and 100tlis.
Sat.

Feb. 15
to
12 X
Feb. 21. p.m .

12 A
p.m .

d.
February
F eb. -Mch.
Mch.-Apr.
Apr.-M ay
May-June
June-July
July-A ug.
A u g.-S ep .
Sep.-O ct .
O ct.-N o v .
N ov.-D ec.
Dec.-Jan

5
5
5
5
5
5
5
5
5
5
5

d.
72
7114
71 %
71
70
68
64
55
45
36 y.
34

M o n ."

Tues.

Thus: 5 72 means 5 72-100d.
W ed .

Thurs.

Fri.

4
12M
4
4
12 A
4
4
12«
12 H
1Z H
p.m . p .m . p. . p. . p.m . p.m . p.m . p m . p.m . p.m .
d.
64 A
64
64
63 A
63
61
58
49
40
32
29 a

d.
66
65 y.
65 a
65
64 A
62 a
59 'A
51
43
34
31 A

d.
70 A
70
70
69 ^
68 K
66 'A
63 'A
55
46
27 'A
35

d.
60
69
69
68 lA
68 'A
67 '
63 A
34 A
46
38
35 A

d.
72
71 A
73
73
72 A
71
68
59
50 A
42A
40

d.
72 A
72 A
74
73A
73
71
68 A
59 V.
50 A
42 A
40 ‘

<t.
65 A
65 A
1)7
67 A
67
65 A
63
54 A
46
38
35 A

d.
64
63 A
65 A
66
66
04 A
61 A

d
70 A
70
71
71
71
69 A
66
38 ]A
50
146
38
42 A
53 A 40

d.
75
74
74 A
74
73
71 A
67 A
59 A
50
41 A
39

BREADSTUFFS.
Friday, Feb. 21 1908.
Prices for wheat flour have shown some irregularity, but
there has been an absence of important changes. In the
main the tone of the market has been steady, despite a further
decline in wheat quotations and the continued dulness of
trade. If buyers in the local market have taken only
enough flour to satisfy immediate needs, millers, on the
other hand, have shown no disposition to press sales. Trade
at most of the larger milling centres of the country has con­
tinued quiet. Export business at most points has been at
almost a standstill, though on one day during the week sales
of 50,000 barrels were reported for shipment to Japan.
Rye flour has been quiet and steady. Corn meal has been
dull and easier.
Wheat has again declined, mainly owing to continued
sharp competition from Argentine in the markets of Europe.
The large Argentine shipments, however, have latterly been
in some degree neutralized, so far as this country is concerned,
by light receipts and dwindling stocks at our Western mar­
kets and an excellent demand for cash wheat from Western
mills. This domestic demand has largely offset the com­
parative absence of export business. The stock a t Minneap­
olis has lost 200,000 bushels during the week, and at such
points as Chicago, St. Louis, Kansas City and Toledo
diminishing receipts have been accompanied by a very
noticeable falling off in stocks. In a word, the growing
strength of the American statistical position of late has tended
to take the edge off the bearish Argentine figures, the large
world’s shipments and an increase in the European visible
supply last week of approximately 5,400,000 bushels. It
is a fact that last week the available American supply in­
creased 4,100,000 bushels, as against an increase in the pre­
vious week of 2,108,000, and for the same week last year of
only 400,000, but during the week just ended the drift of
the American statistics has been the other way. American
mills have evidently been absorbing large quantities, and
it is contended that this fact and the decreasing American
receipts would have had far greater effect than has been the
case but for the enormous shipments of Argentine wheat
to Europe. European quotations have at times very plainly
shown the effect of this Argentine pressure, although of late
they have been somewhat steadier, partly in response to the
advices from American markets. As the case stands,
Argentine is the one factor which seems to prevent any
marked recovery of prices. Early in the week, however,
singularly enough, Russia and even Turkey were buying
Argentine wheat. Stocks in the Southwestern markets of
Russia have for some little time past been reported small,
and within a day or two the Continent has shown a dispo­
sition to bid over the United Kingdom for River Plate car­
goes. To-day prices were easier at one time on large Ar­
gentine shipments and liquidation, but in the main the tone
was stronger, owing to light offerings, reports of an active
milling demand, firmer Liverpool cables and covering on
the eve of the holiday.
D A I L Y C LO SING P R IC E S OF W H E A T F U T U R E S IN N E W Y O R K .
Sat. M on . Tues. Wed. Thurs. F ri.
N o. 2 red winter____________________ 09 A
98 As !)7 *.4
98
98 A
98 A
May delivery In elevator___________ 101 A 100 A
99 H 100
100 H 100 A
July delivery In elevator_________
98
96 A
95 A
95
95 A
96
D A I L Y C LO SIN G PR IC E S OF W H E A T F U T U R E S IN C H IC A G O .
Sat.
M on . Tues. Wed. Thurs. F ri.
May delivery In elevator..............
-9 3 5 s 92 A
92 M
92 A
93 A
91 %
July delivery In elevator____ _____. -90 »A 89 A
88
88 A
88
88 %
September delivery In elevator____ .88
86
86
86
85 A
86 A

Indian corn futures have declined, owing mainly to the
depression in wheat and liquidation. A t times, too, there
has been considerable pressure to sell, attributed largely to
cash and elevator interests at the West, and the cash market
has been quiet as a rule. On the other hand, the movement
of the crop has fallen to remarkably small proportions as a
result of unfavorable weather for marketing and there has
been more or less buying by commission houses and leading
Chicago interests. The supply of contract grade at Chicago
continues small. But, owing to the weakness of wheat and
the belief in a much larger crop movement shortly, there

[VOL. LXXXVI

TH E CHRONICLE.

4:12

has been more disposition to sell than to buy. To-day
prices were firmer, owing to the better tone of wheat, con­
tinued small receipts, light offerings and covering of shorts.
O 2 M I X E D C OR N IN N E W Y O R K .
Sat. M on. Tuns. Wed. Thvrs. Fri.
61
61
61
.62
62
«o a
Cash c o m ----------------------------------60
May delivery In elevator-------------------.70 J4 60 yx 60 J4 60 54 68 H
67
.68
H
68
A
l
68
H
68
)4
S
7«
duly delivery In e lev a to r..
O F CORN F U T U R E S IN C N IC A tiO .
D A I L Y C L O SIN G 1
Sat. M on . T ups. W ed. Thvrs. F ri.
60)4
.61 )4
60 %
60 ys
50?4
00)4
May delivery In e le v a to r ..
57 %
58 %
58 »4
-50)4
r>«M 50
duly delivery In e lev a to r ..
57
58 H
57 H
58 24 58)4
September delivery in elevator---------

Oats for future delivery in the Western market have de­
clined, owing to sympathy with the depression in other
cereals. The speculation has been on a comparatively
small scale, but there has been scattered liquidation and
s dling by cash interests, while the chief demand has been to
cover shorts. The cash trade has been dull. The receipts
have been unusually small, owing to the bad weather for
moving the crop; but for all that the supply of contract oats
at Chicago continues to increase. To-day prices were easier
a t first, owing to liquidation and selling by cash interests,
but later they rallied on the firmness of other cereals and
covering of shorts.
D A I L Y C LO SIN G P R IC E S OF O A T S
Sat.
M on .
Tars
Mixed , 26 to 32 lb s_ 57
57)4
57)4
W hite clipped, 32
to 34 lb s________ 38)4-60 Vi 5 9 ^ - 6 1 -50)4-61
D A IL Y

IN N E W Y O R K .
\Vr<l.
Tfnirs.
F ri.
57 )4
57)4
57 M
5 0 ^ -6 1

50)4-61

60@ 62

C LO SIN G

P R IC E S O F O A T S IN CHICAG O.
Sat. M on . Tars. W ed. Thvrs. Fri.
May delivery In elevator____________52 K
52 %
52 %
52%
52)4
52 )4
Ju ly delivery In elevator------------------ 45 34
45 34 45)4
45 % 44 )4 44 H

The following arc closing quotations:
FLOUR.
S3 8 0 ® $ 4 151 Kansas straights.............54 0 0 ® $ 4 80
Low g r a d e s -----------3
70 m ended clears.................. 5 0 5 ® 5 15
Second clears__________ 3 60(5
C le a r s .................................. 4 1 5 ® 4 30 Rlended patents............... 5 5 0 ® 0 :o
R ye flour_______- _______ 4 5 0 ® 5 25
Straights............................. 5 <)0@
P atent, spring--------------- 5 2 5 ® 6 1 Buckwheat flo u r ............. 2 0 0 ® 3 60
Nominal.
Patent, winter................. 4 6 0 ® 4 75 Graham flour----------------Corn m eal........................... 3 10@ 3 60
Kansas p a te n ts .......................... @
G R A IN .
Corn (new ), per hush.—
c.
W h ea t, per bush.—
<■
N o. 2 m ixed..........................f .o .b .60)^
N . Duluth. N o. 1...........
113
N o. 2 y e l l o w -----------------------61
N . Duluth, N o. 2 ...........
H UH
N o 2 w h it e ...............................
61
Red winter. N o. 2 ---------f.o .b . 08 J4
Hard “
"
...........
107 K R ye, per bush.—
88
N o. 2 W estern..........................
O ats, per bush.—
State and J ersey .............. Nominal
Natural white---------------57 ^
C>0 ^
Barley— M a ltin g .................. 100 @ 1 0 8
m i x e d _____ 57 !4
Feeding -------------------------- Nominal
white, clipped
6 0 ® 62
For other tables usually given here, see page 4G)

T H E D R Y GOODS T R A D E .

by the sale of some 13,000 bales to China during the past
ten days. These have consisted for the most part of 3.25
and 3.50 yard drills and 4-yard, 4.70 and 5-yard sheetings,
which still further emphasizes the fact that China is pre­
pared to take lighter weight goods from this market than she
was accustomed to in the recent past. Other export sales
have consisted of ducks and prints, and it is expected that
there will shortly be a fair demand for Canton flannels and
cotton blankets. Bleached goods have been moving rather
more freely, and no further price changes are looked for
for some months to come. Denims, ticks and other coarse,
colored cotton goods are steadily held, but the demand is
very small. The purchasing of napped goods is still being
delayed, but is expected to commence actively in the near
future. There has been some improvement in the demand
for prints, and ginghams have been ordered in limited
quantities, both from the South and East. Narrow print
cloths continue quiet, but converters have been in the market
for some wide goods; the former are slightly easier, but the
latter are steadily held.
W O O L E N G OO DS.— Practically all lines of men’s wear
heavy-weight woolen and worsted goods have now been
opened and the initial buying of medium-priced goods has
been almost completed. That itliasbeenfarfromsatisfactory
to sellers can only be repeated, but there is some satisfaction
derived from the belief that the orders that have been placed
will stand, and that duplicate ordering will necessarily have
to be on a fairly heavy scale. It is estimated in some quar­
ters that the amount of initial business lias not been mere
than two-fifths of that of last year. The lower-priced lines
have been the worst sufferers, as might have been expected,
but the business that has been placed has been unevenly
distributed, with the result that occasionally one finds a
manufacturer who is satisfied with the results so far attained.
The largo number of buyers at present in town has had a
favorable effect upon the dress goods market, and sellers
arc much more optimistic over the outlook than they were
a few weeks ago. Most of the buyers have been attracted
by the special offerings of jobbers and auction sales, but the
primary market has not been neglected, and some fair orders
have been placed during the week. The suiting trade has
been particularly active, but all arc looking for something
cheap and prices in consequence rule irregular. Broad­
cloths, panamas and voiles have been in best demand.
F O R E IG N D R Y GOODS.— There has been more active
purchasing of imported woolen and worsted dress goods.
Silks and ribbons continue quiet, but an improvement is
looked for soon. Linens are moving slowly, and some re­
duction in prices would not bo surprising. Burlaps are
steady, and the Calcutta production is to be curtailed from
15 to 2 0 % .

New York, Friday Night, Feb. 21 1008.
There has been some slight improvement in the primary Importations and Warehouse Withdrawals of D ry Goods.
cotton goods market during the past week, but so far it has
The importations and warehouse withdrawals of dry goods
not been sufficiently marked to cause much comment. A at this port for the week ending Feb. 15 190S and since
large number of buyers is still in town, and while most of Jan. 1 1908, and for the corresponding periods of last year.
these are retailers there are a few jobbers from the West and
South who have placed some orders with first hands both
■ijo'sj §
r, p _ S o C
ia ft
for goods for immediate shipment and, in a very few in­
2 H.
, o
stances, for future delivery. Prices are beginning to be more
*3
attractive to buyers, and there is a disposition to purchase
H
goods at present levels to average up those bought at higher
ranges and not yet worked off. Jobbers have done a mod­
I„
erately good business during the week, and this is bound to
g
W
be reflected in the primary market in the near future. The
S3
d
a
o
raw material market is being carefully watched, but it is
a
a
generally felt that any further decline in the price of cotton
►
rj
that is likely to occur will be more than offset, as far as the
c
■5o ©t I ,
>I co-j
S3
to -U to
price of cotton goods is concerned, by the curtailment of
-G CO
x
3-?
CWCI
production that has taken place and is still continuing.
h
M
One of the most favorable features of the week has been the
©i tq
- y. 3
to cj O 'I to
sale of a fair quantity of goods to China and an improvement
a
;* o a.
O O M A »
y a m
,
a
in the general export business. The prices realized have
bo b> b> -g ©
I O ttO M tk
G j i O O ©»
© to *-*■ *-* 50
| ^1 G -1 O U
certainly been very low, but manufacturers have boon willing
-1 I G O to -1 ©t GO©»
| C® A C> W CO
Io c o o -o
OOO COc*
® I to accept them rather than be forced to let their machinery
c
X
stand idle. The woolen and worsted dress goods market
5 L bI
52
f G C® G o
has maintained its slightly better tone, but conditions in
?
I
?
=
•G©»Vo 00 ©>
o
I O G |
ts ® o »
p AM A A ‘-* -‘
C« CD©a O Co
the men’s wear market are still far from being satisfactory.
S3
©< to ©» © «G
-G to ^1 •— ©»
GO So
H
DOM ESTIC COTTON G OO DS.— 'The exports of cotton
a
N I “*
goods from this port for the week ending Feb. 15 were 3,919 to i< c
-A. rj 9) IS A O OO
WC0O
A
G
packages, valued at 8223,811, their destination being to the
to oo I O* M ©i ©» GO
~1 to O CO-I
CT! 00 I
N O »1 M A
,O
points specified in the tables below:
MO 5 A O
"a ©» ! ©» © V| O *G
I a- 'oo CS M *©<bs O
to ©1 CO Co to
So m it O A
o c y »
I <o *-* to
—----loos—
— O O sc to
to — A, A - I
’
SSI 00 O GO O O
| t o GO
Since
Since
Jan. 1.
40
82
2,480
1 ,703
2,453
671
2.652
243
2,045
6,360
2.346

Week.
33
1
2,643
2.640
556
344
52
320
622
126

Jan. 1 .
399
82
3,079
2.856
10,576
2 ,078
3,391
301
2,527
6,206
8,073

21,089

7.306

30,568

i - y to

The v ue of these New York exports since Jan. 1 has been
$1,454,
in 1908, against $2,351,990 in 1907.
W h e nyers are still moving with great caution, the lower
a ues a
creating more confidence and the market for heavy
v b wn d 11s and sheetings is appreciably better than it was
a
eek go. Medium and light-weight sheetings are also
in sligh lv better demand and have been favorably affected

* Vj © co

Week.
3

New York to Feb.
Great Britain. . . . . .
Other Europe_____ _
C hina. - .......................
India ------------ --------A f r i c a ----------------W est Indies...................
M e x i c o .......................... Central Am erica-------Other




20

.

421
227
5
201

.

323

..

'i
b
*-*

-

tJ
O
C» CO
A. tb ©1 ©> SC — o
O ©u to A- O ^1 05

—
x
c
Cfl

— 1_
SO Afc ft
to *— O
O IAy
©T | C5 to

CO

©• O co so CO
©» O to o o
| A* CO<-* ® GO

©» to
05 tO■G
O to 00
_L

to *-»

SO-G
to
o © M C ltJ O
SOto

©« co i - - i s to OO
ci n 1 o m a o y
G y I O J1 to -G O

A N o

a

o

O M
c a

to -I
~l o

COto

V* l i ©» © to
© C l A I—
* 00
G o O O G

I*® ©I
■Go

to -I
■G A.
to CO

0_ o o
■>© O -1
1 G OO A

>
X

S3 ^

A CO »-* © ' Co

©i Vj to bo o
50 00 to ©> CO
G y O 3) to

’<•

-- 3 O
sc S: K

;

oo to Vs *-i Vs

00 A O
a y a

Co ©I

O G M c> 56
Cl 55 A a to
(S H O W G

A A MMA
to t-0 COCOA.
(O A O O oo

c» -1 A» O
OOOo©ii-.
to to 00 ^1 Ato to COCo to
*o to -l
o
© COto -G to
GO00 ©i 00 C (
V| ©i V* A» CO
to A to -* go
to Oo ©i oo u

X
d




THE CHRONICLE

494
N e w s

[VOL. LXXXVI

qu ire th e ch a n g e o f In v estm en ts * * *
* e x c e p t as the sam e ca n be
t one g ra d u a lly b y the sale o r r e d e m p tio n o f the se cu ritie s so In ve ste d In
In’ “ Sell a m a n n er as, to p r e v e n t loss o r e m b a rra ssm e n t In th e business o f
such sa vin gs b a n k .”
Y o u rs tr u ly ,
W IL L T A M S. J A C K S O N ,

I t e m s .

Montana.— Resignation of Governor— On account of ill
health Governor Joseph K . Toole has tendered his resigna­
A t to r n e y -G e n e r a l.
tion to take effect April 1. He will be succeeded by Edwin
Morris of Dillon, now Lieutenant Governor.
B o n d C a lls a n d R e d e m p t io n s .
New York State.— Missouri Pacific Bonds as Investments
Bolivar, Polk County, Mo.— Bond Call.— This place has
for Savings Banks.— Attorney-General Jackson on Jan. 13,
in response to the request of Clark Williams, Superintendent called for payment March 1 5 % bonds dated March 10 1894,
of Banks, rendered an opinion in accordance with which numbered 21 to 24 inclusive. Denomination $500.
the bonds of the Missouri Pacific Railway Company will be
Denver, Col.— Bond Call.— W . J. Fine, City Treasurer,
stricken from the list of savings bank investments in this calls the following bonds for payment Feb. 29:
State. The Attorney-General holds that as the 2J ^ % divi­
Storm S ew er B on ds.
dend for the six months ending Dec. 31 1907 was declared
S o . C a p t. H . S to rm S ew er D istrict B o n d N o . 24.
payable with a new issueof stock instead of in cash, the bonds
S a n ita ry S ew er B on ds.
H a rm a n S p e cia l S a n ita ry S ew er D istrict N o . 1, B o n d s N os. 1 to 6 , I n ­
do not fill the requirements of the Savings Bank law. As
to the power of the Superintendent of Banks with reference c lu s iv e .
s id ew a lk B on d s.
to such bonds now held by savings banks in this State, the
S id e w a lk D is tr ic t N o . 8 . B o n d N o . 21.
Attorney-General takes the position that accoiding,to SecIm provem ent B on d s.
lions 8," 18 and ;2 7 of the Savings Bank Law, the Superin­
C a p ito l H ill Im p r o v e m e n t D istrict N o . 2, B o n d N o . 85.
C
a
p
ito
l
H1U
Im
p
r
o
v
e
m
e
n
t
D istrict N o . 3, B o n d N o . 89.
tendent has full power, specifically conferred by statute, to
C a p ito l H ill I m p r o v e m e n t D istrict N o . 4, B on d N o . 82.
require the savings banks which now own any of these bonds
S ou th B r o a d w a y Im p r o v e m e n t D istrict N o . 2, B o n d N o . 28.
T h ir t e e n t h S t. Im p r o v e m e n t D istrict N o . 1, B o n d s N os. I to 8 , in clu s iv e.
to dispose of the same. The letter of the Attorney-General
P a vin g B on ds.
in full is as follows:
Aliev Paving District No. 4, Bond No. 17.

Hon Clark W illiam s, Superintendent Banks, of A lb a n y, N . Y .
Dear . S i r : — -1 D e g t o a c k n o w l e d g e t h e r e c e i p t o f y o u r l a v o r o i D e c e m b e r 31

C h a m p a S t. P a v in g D istrict N o . 1, B o n d N o . 69.
G ra n t, L o g a n an d S e v e n th A v e s . P a v in g D is tr ic t N o . 1, B on d N o . „ 7 .
V iaduct B on ds.
F o u r t e e n t h S t. V ia d u ct D is tr ic t, B o n d s N o s . 765 a n d 76 6 .
P a rk B on ds.
H igh la n d P a rk D is tr ic t, B on d s N o s. 187 t o 191, In clu sive.

1 9 0 / a s k in g w h e t h e r th e b o n d s o f th e M is s o u ri P a c ific R a ilw a y C o m p a n y
a r e s e c u r i t i e s I n w h i c h s a v i n g s b a n k s m a y legally I n v e s t t h e i r f u n d s , a n d i f
n o t . w h a t d u t y t h e S u p e r i n t e n d e n t o f H a n k s h a s t o p e r f o r m In c o n n e c t i o n
w i t h s u c h b o n d s n o w h e l d b y s a v i n g s b a n k s In t h i s S t a t e .
.

It appears from your statement that the bonds In question, prior to
January 1 9 0 0 . In all respects filled the requirements of Paragraph ^ . sub­
division 6, Section 116 of the Hanking Law. and have been held to be legal
Investments for such funds; that the Missouri Pacific Railway Company has
for many years paid semi-annual dividends In cash equal to 2 A /o^ upon
all Its outstanding capital stock, being at the rate of and equal to.i/o per
annum on such stock, the last of which dividends was PaUl in July 1007,
that the directors of such company have recently declared the
annual dividend of 2 4 % upon such stock, payable In January tUUK. DUt
h a v e m a d e t h is d i v id e n d p a y a b le in s t o c k o f ‘ ‘ V V ^ ^ n n s t r u V l ^ t o 1 b e p l a c e d
T h e a n s w e r to t h e fir s t q u e s t io n I n v o lv e s t h e c o n s t ™ c U o i ^ o h e
o n S e c tio n 1 16 o f th e B a n k in g L a w
t h a t s e c tio n
a n d :s o f a r a s
t i e s In w h i c h t h e f u n d s o f s a v i n g s b a n k s m a y b e I n v e s t e d , a n d , s o f a t a .

Upon the request of the holders of any of the above bonds
received 10 days before the expiration of this call, the City
Treasurer will arrange for their payment at the Mercantile
Trust C o., New York City, but not otherwise.
Lincoln County (P. O. Troy), M o.— Bond Call.— Funding
bonds numbered from 304 to 325 inclusive were called
for payment Feb. 1. Securities carry 5 % interest and are
in denomination of $1,000 each.
Mobile, A la.— Bonds Drawn.— The following 5 % bonds,
issue of 1881, were drawn Jan. 13 for payment Feb. 1 at the
First National Bank or Peoples’ Bank of Mobile:

winwn

a P ^ e ee u !m t 116ie
s e c u r l 't ^ d e S ' k m a y b e I n v e s t e d .
T h e tru s­
t e e s o f a n y s a v i n g s b a n k m a y I n v e s t t h e m o n e y s d e p o s i t e d t h e r e i n a n d In
c o m e d e r iv e d ^ th e r e fr o m

o n t ^ a s t^ llo w s ^ n ^ s

of

any

r a ,ir o a d

c o r p o r a tio n

^ T h e ^ p m a r e n T ^ n t e n ^ o f 'V h ^ L e g r s l a t u r ^ f n E n a c t i n g t h e p r o v i s o c o n t a i n e d

in t h i s s e c t i o n w a s t o provide: a ,

^ fe a n lfd

t o r e q u ire » th a t th e
" J ay th e In terest th e re o n , b u t a n
f o r a s e r i e s o f y e ? * 3 n< t.
^ f f p ,, ” . t 0 j u s t i f y t h e b e l i e f t h a t i t s a b i l i t y
iZ
w m d d c I r t a ln lv c o n t ln u e . A s a s ta n d a r d o r m e a n s o f
d e t e r m i n i n g w h e t h e r t h e obligor ^ c l c a r n ^ y d s a d d H l o n a l ^ n i c ^ i ^ . U i e ' L e g l s I p e d fic ^ fy

s t a t e d t h a ^ s u c h ' d l v i d e n t i m u s t b e p a i d In m o n e y , t h e p h r a s e
h
*
*
*
a n a m o u n t m u s t n e c c e s s a r lly m e a n th e
t K l f
n c i s h - o t h e r w is e , th e w h o le p u r p o s e a n d In te n t o f th e
n n c m m
w m l f a ll ' c f a c c o m p l i s h m e n t .
T h e Issu e o f a d d it io n a l s t o c k
b v ' a o r o o r a t i o r Is a n a d d i t i o n t o i t s l i a b i l i t i e s r a t h e r t h a n a n e v i d e n c e o f
e a r n i n g c a ip a c lt y . a n d t o d i v i d e t h is a d d i t i o n a l s t o c k I s s u e d a m o n g t h e s t o c k h o l i e s a n ti c a ll it a d i v id e n d d o e s n o t m e e t th e r e q u ir e m e n t s o f th e s t a t u t e .
T h e s t a t u t e r e q u ir e s t h a t s u c h d iv id e n d s h a ll h a v e b e e n p a id ln e a c /j o f th e
f i v l y e a r s n e x t p r e c e d in g th e d a t e o f a n y s u c h In v e s tm e n t
I h e r e fo r e a t
i

'

?

o

«

.

I n v e s t 'm e n t s -

b u t w i l l , In f a c t , o n l y n a v e i> , i o ^

i o n ? on
on w
h i c h ssuch
u c h tdlv.
llv lwhich
dentls were paid but on the day following the corresponding date In Janu
ary 1908, these bonds ceased to be securities in which savings banks m ay

legaUj^lnvrat- their ^um ls.
we comc to the second question, namely ,
what duty the Superintendent of Banks has to perform In connec: te n with
on„L i,nn,|c nnri'hn^cd ViV XflVlll£?S btlllKS Oi tills ottUG (lllllUL, tilC DUIOU
within which said bonds were legal investm ents, and which are stifl held
byT h ehDurnose of the statute is to Insure the safety of deposits In savings
banks iiy strictly limiting the Investments which such banks m ay make
WlThfLeglsk?tureSha8 specified the qualities and characteristics of the secu
Titles which m ay be bought with these funds.
If a security had these quallt es and characteristics at the time of the purchase, but thereafter loses
them It vv'uild seem to be the Intent of the statute that the Investment be
changed
I am of the opinion that a savings bank cannot legally reta In
and continue an Investment, which though legal when ™ < * c ,h a s become
Illegal bv reason of the changed character and condlton of the sen ility.
As to the duty of the Superintendent, the Banking Law provides as
“ Section ,8
Every corporation and Individual banker specified In section
two of this chapter shall be subject to the Inspection and super v s Ion of the
Superintendent of Banks * * * * . On every such exanimate n In­
quiry shall be made as to the condition and resources of the coimoratlon.
and mode of conducting and managing its affairs, the action of Its directors,
the Investment of Its funds the safety and prudence of Its management,
the security alforded to th -se by whom Its engagements arc held, and
whether the requirements < f Its charter and of laws have been complied
with In the administration of Its affairs.”
.
. .. ,
"Section 18. * * * *
If It shall appear to the Superintendent that
any such corporation or banker has violated Its charter or any law of this
S ta te,o r Is conducting Its business In an unsafe or unauthorized manner,
he shall, by an order under his hand and official seal, addressed to such cor­
poration or banker, direct a discontinuance of such Illegal or unsafe prac­
tices and conformity with the requirements of Its charter and with safety
and security In Its transactions.”
„
, .
. . .
“ Section 127. W hen It shall appear to the Superintendent from an
examination made by or reported to him or from a report made by any such
corporation pursuant to the provisl ns of this chapter that It has committed
•mv violation of Its Charter or of law, or Is conducting Its business and
a it iirs In an unsafe or unauthorized manner, he shall, by an order under his
hand and official seal, direct a discontinuance of such Illegal and unsafe or
un- uthorteed practices and strict conformity with the requirements of the
l a w a n d with safety and security in Its transactions.”
rt would thus appear that the Superintendent has full power specifically
conferred by the statute to require the savings banks of this State which
h - i v c a n v of the bonds here under discussion to dispose of the same.
I his
.iocs not necessarily mean that It Is the duty of the Superintendent to Issue
■I nei-emntorv order to such banks to dispose of the same at once. Such a
course m l2 ht conceivably result In such a depression of the price obtainable
therefor and such a sacrifice of values,as to work serious Injury to the in­
cuts of the depositors. It seems to me that the method and manner of affect,
tine- the neccessarv changes of Investment are lodged In the sound discretion
the Superintendent, as expressed by the Legislature In reference to a
similar m atter (Section 132, Banking Law ): "N o r shall such provisions re­




M o b ile C ity Bon ds.
48 9 9 153, 170, 25 0 , 344 , 355 , 393 , 485 , 54 9 , 5 5 2 , 63 9 . 7 1 7 , 8 3 6 , 9 0 9 ,
910 '9 94 1110. 1244, 1323, 1342, 1400, 1403, 1438, 1527. 1598, 1670.
16 1, 1805
1836, 1922, 1941, 1999, 2 05 0, 2 09 2, 214 3. 2 20 8, 2 23 8, 2 2 8 o .
•>318 2404
2 44 1, 2 4 7 5 , 2 5 7 4 , 2 58 0, 263 1, 2 63 9, 2 7 0 9 , 2 73 7. 28 4 . 2 8 o 8 ,
291 8, 2 97 7, 3 0 2 9 , 3 08 9, 3 14 6, 318 2. 3 28 3, 3 30 9, 336 0, 3 3 7 0 , 4 0 1 4 , 4 01 5,
4 0 5 7 , 4 09 7, 4 1 4 5 , 4 21 0, 4 22 8, 425 6, 431 1, 4 32 0, 432 3, 4 36 4, 4 41 7. - 421 .
443 2, 4 43 3. 444 1, 4 50 8, 4 5 1 0 , 453 9, 4 54 5, 4 56 0, 460 6, 405.), 4 6 7 1 , 4 7 3 4 ,
4797! 4806 iind 484 5.
W h arf B on ds.
3 47 7, 3 65 0, 3 68 8, 3 69 7, 3 71 8, 3 72 6, 376 6, 3 80 1. 3803 an d 3930.

Omaha, N e b — Bond C a ll— Call is made for payment
March 1 at the office of Kountzc Bros, in New York City of
$25,000 city-hall bonds dated March 1 1888.
Orleans Levee District (P. O. New Orleans), L a .— Bond
Call — This district calls for payment the following bonds is­
sued’ under Act 116 of 1898: Nos. 17, 40, 54, 75, 81, 85, 92,
100 124, 137, 156, 159, 174, 198, 201, 212, 213, 232, 274,
290, 307, 308, 310, 319 and 323. Denomination $1,000.
Interest will cease March 1.
Ralls County (P. 0 . New London), M o.— Bond Call.— Call
was made for payment Feb. 1 of 4 % bonds dated I eb . 1
1898 and numbered from 93 to 107 inclusive, each for $1,000.
St. Joseph School District (P. O. St. Joseph), Buchanan
County, M o.— Bond Call.— This district, Harry H . Smith,
Secretary, calls for payment March 1 at the National Bank
of Commerce in New York City 4 % 10 -20-year (optional,
refunding bonds numbered 51, 52, 53, 54, 55, 02, 03, 04, b/ ,
68, 69, 70, 71, 72, 73, 74 and 75. Securities are m denomnation of $1,000 each and are dated Feb. 15 1898.

B o n d P r o p o s a l s a n d N e g o t ia t io n s this week
have beon as follows:
Alameda, Alameda County, Cal.— Bond O f f e r i n g ProDosals will be received until 8 p. m ., March 27, by 1 . F.
Browning, City Clerk, for the $305,000 4)^% coupon
municipal-improvement bonds voted (V. 8o, p. ooa) sept. z l
1907. Denominations: 280 bonds of $1,000 each and 40
bonds of $625 each. Date April 1 1908. interest semi­
annually at the City Treasurer’s office. Maturity $7,02.)
yearly on April 1 from 1909 to 1948 inclusive. Bid must
be made on a blank form furnished by the City Clerk and
accompanied by a certified check for 2% of bonds bid for,
made payable to the City Treasurer. The legality of this
issue has been approved by Goodfellow
Fells, Attorneys,
of San Francisco, a copy of whose opinion will lie delivered
to the purchaser. Accrued interest to be paid by successful
bidder. Delivery of bonds April 1 1908.
Amarillo Independent School District (P. 0 . Amarillo),
Potter County, Texas.— Bonds V oted — By a vote of 305

“ for” to 101 “ against” the electors of this district on Feb. 10
authorized the issuance of the $50,000 5% 10-40-year (op­
tional) school-building, bonds mentioned in V. 86, p. 361.
Ambridge, Beaver County, Pa. — Bond O ffering. — Pro­
posals will be received until 9 p .m ., March 2, by C. M. Greig,
Secretary Borough Council (P. O. Economy), for $25,000
5% coupon bonds for the purchase of ground, a garbage plant

F e b . 2 2 1908.1

TH E CHRONICLE.

and street improvements. Denomination $1,000. Date
Jan. 2 1908. Interest semi-annually at the office of the
Borough Treasurer. Maturity $5,000 on Jan. 2 in each of
the years 1913, 1918, 1923, 1928 and 1933. Certified check
toi $.100, payable to the “ Borough of Ambridge,” is required
Bopded debt, including this issue, $45,000. Assessed valu­
ation, $3,300,715.

4115

3 0.000 4 % Sewer D ep^con stru ction-bon ds dated Apr.. 1 1007 and ma0,000 4 % furlng' S

monn0 ! ! 0 r ®

30

: m

o

S

y

UCt' ° " b° ndS dated Apr11 1 1907 a« d ma-

* * ^ £ 2 8 ™ * * b°“ ds datcd APri. 1 1907 and

s a » y a r ° n bonds dated

1 1907

0.000 4 , ° Street Dept^construetlon bonds dated April 1 1907 and ma-

18.000 4 % f ^ D e P t . equipment bonds dated Aprii 1 1907 and maturing

7
he official notice of this bond offering will be found among
unG lTo16 m KV
o l ? / / f ^ ‘ 7 Pr0Posals will be received
the advertisements elsewhere in this Department.
W
Piko sVr1 tb; 24 by J - J - Gnrdmer, City Clerk, for $4,400
Athens, Clarke County, Ga.— Bond Election Proposed —
DatePFeb S 24 lt qnRlpr<TVetmen^ bonds-. Denomination $100.
Local papers state that this city proposes to hold an election
00,1(18 are rod' ™ "
nrnfor the, PurPose of voting on the question of issuing able t e n y t s after d a L 6 ^
$o0,000 sewer bonds.
6
prown County (P. O. New U lm ), Minn.— Bond Offerinn
Auburn School District (P. O. Auburn), De Kalb County,
In d.— Bond Sale.— On Feb. 3 this district disposed of to
local investors at par an issue of $14,000 4 % 5-10-vear
(optional) school-building bonds.
Denomination
$500
Date 1'eb. 1908. Interest semi-annual.
ti
<P * ° - Pittsburgh), Pa.— Bids Rejected.— On
heb 0 the Borough Clerk offered $10,000 4 y2% coupon
funding bonds for sale. All bids received on that day were
rejected. Denomination $1,000. Date Dec 2 1970
In
terest semi-annual. Maturity Dec. 2 1 9 2 7 .“ Bonds are"
exempt from State tax.

Baltimore, M d. Bond O ffe r in g .-Local papers st
proposals will be received until March 16 for the fol
'nnn’nnn 4\°o"
f ark L?an
1,000,000
/ 0 Annex
Loanstock
stockdue
clue>“In1955.
1954.

P < v .r T °fan W1i be rcceived until 10 a. m . March 18 by the
VovoI (L Co,Urit7 Commissioners at the office of Louis G
t l T c o n ? S f o n o ? ™ t’ af0r S 10'0” 0 “ % <*™POn bond, for
9
9 Authority,
I)ato Tnltr 1 inAo 1 r aws of 1905- Denomination $1,000
M a tu ritv L n n n 9^ 8 ’ i Interref semi-annually in New Ulm .
are t f ! x ™ r i ° n^ U11.y 1 from 1910 to 1917 inclusive,
is are tax-exem pt. Delivery of bonds, May 1 1908
r m ? ; « i r by I S

M

T

i w f ’P

20 bonds of $500 each. Date July 1 1908
ret ^ rnUal)y at the County Treasurer’s office^n Green

Nl Y -— Bon/Is Proposed.— On Feb. 10 the Mayor
communication to the Board p f Aldermen r e q u S e
tkat„ A ! W Uanc? of bonds f(?r the Pu/chase and improvement
° f j ^
r park purposes be t StllC
The Mayor estimates/-'ticat the proposed iml rovei
ts will cost about

' n ACM UG^ -nt?r~ fc from N o v - 1 1907 to be paid by
•
a/Pf , F!n«-nce Commission recently increase*:
2,mrw m / 0 th.e .1Iltere^t rat(' oil the $ 2 ,000>000 Annex
fin’ S n
^Krk l0a? ’ $1I0 0 0’000 school loan and $ l,0 l
issues
lh e 8tock to be offered March 16 is part of

$ 2 B 0 p ,C O O .

1

1

^Calgary, Albrfrta.— Boni

city recently sold
^ 5 0 , 0 0 0 . ---------- - 1
W ood, Gundy & Co.
of Toro
$50,000 at 88 and
$50,000
Canton
mon SchoW d is tr ic t.— Bond Offering —
Uonodlt V. 8I , p8 l 5l r|d drainage “ nd l0TCe
-Son- Proposals
ed u m 12 m . Feb. 27 by W . C. Lane,
Clerk
Bbi
Beaver, Beaver County, Pa .— Bonds Voted.— It is stated
fation Tor $30,000 4 % public-schoolproperty^
bonds. Authority Section 3994, Reh v ln w “T ™ ? , ! . 0 ’? 00 sewerage bonds was authorized vised Stat^..
by a tote of 338 to 153 at an election held Feb. 19.
|ination $1,000. Date Feb. 27 1908.
Interest semiE,i .
Beihaven Beaufort County, N . C .— Bond Offering — Pro­
t f be office of the City 'Treasurer or
at
Kountze
IB
re
3
posals will be received until March 1 (this date falls on SunGity, at option of purchaser
Maturity
Febl
2
dny but is so given by the Town Clerk) by G. L. Swindell
. Bid must be made on a blank form
furnished by tin
and accompanied by a certified check
huh L u l i f ’ a 1-/ ? 10’- ?00 5%c couP°n Public-dock and town- for $1 ,000, pay
to Board of Fducation, drawn on some
1907
n f ’ A utl}?n ty
Act of the General Assembly of bank of Canton
1 urchaser to furnish blank bonds. Bonds
s
c
a
n
'
$?° ° Date May 1 1908. Interest win
q w
M a v t 19 T1 7
designated by purchaser. Maturity will be delivered within ten days after date of award
are coupon in form and tax-exempt.
y
Town Clerk jlerfclfied cbeck for 1 % of bid, payable to the
Capitol School District, Sacramento County, Cal.— Bond
$617 ooo ’
required. Assessed valuation for 1907,
Drabla2 e and Levee District No. 1 (P. Oi New
i r S ’f T
, 0 0 ^ ! 111. Bonds Not Yet S o W .-b p T t o
In « i r ? ( m J ! f tnct had not yet disposed of the $150,doo

Bellevue Huron County, O h io .-B o n d Offering -Prodosals will be received until 12 m. March 2 by Geo^Liebo?
Village U e rk, for $4,000 6 % coupon Castalia Street improve^
?
In
f 1 cn bonds. Denomination $400.
Date Dec
re• 7 - Interest semi-annually at the Village Treasurer’s
ollice. Maturity $400 yearly on Dec. 21 from 1908 to 1917
lusive. Certified check for 5 % of bid is required.
Bellevue (P. O. Station Allegheny), p a.— Annexation tn
Gm/ter Pittsburgh Defeated.— The voters of this city on Feb
18 defeated a proposition to become a part of Greater Pitts­
burgh . the vote was 381 “ for ” to 658 “ against.”
(V Sfi „ m f q u e s t i o n of issuing $100,000 bonds
(\ . 86, p. 433) to build a borough hall, pave and curb strong
a,„l construct eewom in the Katrvlow iSstr ct received a S
vorable vote on Feb. 18.
a iaBeioit, Mitchell County, K an.— Bond.Sale.— W e arc adDec 17 1907 °fV 8 6 ° n ^ A ^ r-works;purchase bonds voted
J /V
Aw,7 a v • 8b, p. 122) have been sold.
Bond Offering.— Proposals for the $15,500 water-worksextension and the $16,500 elcctric-light-plant-piu chase
bonds voted on the same day, will be received until Feb 25
Alice Simpson is City Clerk.

the S tn fo fc fw a S
4h S o n 1 ? p a r i d $32'00°

b° nds

$‘>0 060° * ° n Apnril V by G ' S< Finl°y - County Clerk, for
m>m?nation P«°innnon d n aJ n°A (^ cccding 5 % interest. De•md Jnlv ^ $ S ' +DatAe A,pnl 1 !9 9 8 . Interest Jan. 1
and July 1
Maturity April 1 1928. Certified check for
S-oO, payable to the County Clerk, is required
F e b T 1^

0^

to W i S ' n8

-

?o}

being* 101 307^ T ? 11 ° f

$?98S75

Carrallb K>wa. - B o n d

S a le .- O n

6% 19-year drainage bonds were awarded
f°J $7’900 75~ th" Pyiee thus

Date
J^n
^ 011 Interest
^ i 000’, “semi-annual
OOP*
bond of
u Ja
n - Iios TU98.
0ounty ' Ohio.— .Vo Bonds V oted .- W o are

r e c e X T O W ™ ’ t e l tr s i 7 -n n '10 f ’ T th4* t,lis Pla“
V. 86, p . 122
1
$17,500 refunding bonds. See
n o S l f t T f Laramie P0Unty- W y o .- B o n d Offering. - Proposiils^will be received until 8 p. m . March 17 bv J I)
Wright, City Clerk, for the $160,000 4
wat erworks’
system-extension bonds described in V. 8 6 /p 299
A u th S '

Bessemer, Jefferson County, A la.— Bond S a le__ li iU
portedlociUIy that this city recently disposed of the $25,OOo"
o /o au-year gold coupon storm-water-sewer-constriicfinn
bonds 825,000 of the *50,000 5 % OO-year Kold couoSn
school-house bonds and 87,500 firc-departmont im nrovemm t

ofyi8 9 9 PteD15> Dh isi° n 1 ’ ° f Titlc 11 of the Revised Sta u?es"
01 1399.
Denomination $500. Date Jan 1 1 9 0 8
ror A- +

given'in V 8 t ° p P i? ? 8

from Jrn

*h° tWO ,irst-"'« "i« .r ,e ,l issues was

Bethlehem, Albany County, N. Y .— Bond Sale — W e are
m^rnied that the $21,000 5 % 1-7-year (serial) coupon road
bonds a description of which was given in V. 86 n
122
have been disposed of.
’ '
’
Bettendorf, Iow a.— Bond Sale.— Geo. M. Bechtel & Co
of Davenport have been awarded $4,0.00 6 % 3-10-year
f g g U warrant-funding bonds at 105— a basis of about
o .0 8 8 % . Denomination $500.
Date Jan. 2 1908
Interest
semi-annually in May and Nov.
interest
Brockton, M ass.— Sales for the Year 1907 __ Dunne thr>
yL)a 1 199/ this city disposed of the following bonds at pa r

“*•*” ** ass sa&Tssr"...*

w w a .

1 1908

° Wn eXp° nse and

« “ “ «> u'forost

Chicago (111.) Sanitary District .— B on d S a le — W e -ire nd

ai d S I P

o o o V i V . e h ° ; f St ! 1 1 , 0 0 0

in

l9 2 2 ;

S 9 4 ’0 0 0 “

1920,
,M 4 ’

‘nilnAte1

Halsev
of ChfcairoC° '

L?ra» * Trust C o.,
,,!a n k ’ Northern Trust C o., t'f W
d 1 10 H anls Trust & Savings Hank, ali

30,i|0 4% turlng July’ t m 7 .trUCtl0n b0nds dated Ju,y 1 1907 «nc» ■»»'




•

-

C23

................................................ I.sr2,438 75

TH E CHKON1CLE.

490
Lee, Hlxglnson
$77,000 due
112.000 due
112.000 due
96.000 due
112.000 due

& Co- •
f)4
Dec. 1
Dec. 1 } ® } S - - ® M 5
Dec. 1 }®H }--®Z-rZ
Dec. 1 1020 -97 1®
Dec. 1 1 9 2 1 .-9 6 .9 3

5111,000 due Dec. 1
112.000 due Dec. 1
1 12.000 due Dec. 1
112 .0 0 0 due Dec. 1
due Dec. 1
v. , u 94,000
—

1 9 2 2 -.9 6 .7 7
1 9 2 3 ..9 6 .6 2
1924. .9 6 .4 7
1925. .9 6 ,3 3
1 0 2 6 ..9 6 .1 9

Farmers’ N at. I lk ..D e lta .$17,125
Denison & Farnsworth,Clcv 16,971
Otis & H ough, Cleveland- 16,9 6 7
Hoehler & Cummings, Tol 16 ,859

[VOL. LXXXYI.
00 !W . J. Hayes & Sons, C lev .$ 16,857
50 ISpltzer &; C o ., Toledo
. 10,810
00 IPeople s Savs B k ., D elta.
20 ISeasongood&Mayer, Cine. 16,772

0<*
00
2?
80

Denomination $1,000. Date Feb. 14 1908. Interest
annually on March 1. Maturity $1,000 yearly on March 1
T ^ K o d u \ LDecIf l J9 2 U ? 9 5 0 -'
' ° U . 0 ,000 due Dec. 1 1 9 2 4 ..9 5
from 1911 to 1926 inclusive.
*188 '0 0 0 due Dec! 1 1 9 2 2 - 9 5 100,000 due Dec. I 1925. .95
Dresden, Ont.— D eb en tu res V o te d . — This town recently
100.000 clue Dec. 1 1 9 2 3 .-9 5
^
<
All bidders offered accrued interest in addition to their voted to issue $20,000 5 % coupon debentures to aid in con­
structing a carriage factory. Interest annually in Dresden.
Debentures are exempt from all taxes. Total debt, not in
b l Cincinnati, O h io — Bond Offering— Proposals will be re­ eluding this issue, $21,172. Assessed valuation 1907,
ceived until 12 m ., March 16, by Ernst Von Bargcn, City
Auditor, for $115,500 4 % coupon Eighth Street viaduct $490,000.
East Cleveland (P. O. Station J, Cleveland), Ohio .— B o n d s
bonds
Authority, Section 2835, Revised Statutes. .D e ­
nomination $500. Date Feb. 1 1908. Interest semi­ V oted — Local papers report that an election held Feb. 15
annual
Maturity Feb. 1 1938. Bonds are exempt from resulted in a vote of 213 to 119 in favor of a proposition to
all taxes. Bid must be on a printed form furnished by the issue $38,000 bonds for the enlargement of the Prospect
City Auditor and accompanied by a certified check for 5 % School.
Edsewood School District, Allegheny County, Pa .— B o n d s
of bonds bid for, made payable to the City Auditor. A c­
D e f e a t e d . - A t the election Feb. 18 (V . 86 p 182) only 45
crued interest to be paid by purchaser.
Cisco, Eastland County, Texas.— Bond Offering— G. D. votes were cast in favor of the issuance of the $4<>,000 school
W ard City Clerk, is offering for sale the $16,000 5 % water­ building bonds at not exceeding 4 K % interest, while 2o.>
n
works bonds described in V . 86, p. .122. Authority, elec­ were against it.
Edmonton, Alberta.— D eb en tu re S a le . — On te b . 6 an
tion held Oct. 26 1907. Denomination $1,000. Date
Oct
26 1907. Interest semi-annually at the Hanover issue of approximately £170,000 5 % debentures was awarded
National Bank of New York City. Maturity Oct. 26 1947, to Coates, Son & Co. of London, England, at £9.) 10s. 6d.
Der £100
Denomination £ 1 00 . Date April 1 1908. In­
subject to call after Oct. 26 1937.
Cleo, Okla.— Bonds Voted— Bonds to the amount of $25,­ terest semi-annual. Maturity part on April 1 m each o f
000 for the construction of an ice-plant and water works the years 1918, 1928, 1938 and 1948.
Essex County (P. O. Salem), M ass.— N ote'. O ffe r in g —
were authorized by the voters, according to reports, on
Proposals will be received until 10 a m ., Feb. 24, by David
Feb. 7.
Collingwood, Ont.— Debenture Offering.— Proposals will I Robinson, County Treasurer, for the discount of $1 <>0,000
be received until 12 m ., Feb. 28, by J. R . Arthur, Chairman notes issued in anticipation of taxes. Authority .Chapter 21 ,
Section 39, Revised Laws. Loan willl be dated l'eb. 28 1 JOSFinance Committee, for the following debentures:
and mature N ov. 3 1908.
$3 600 4 'A % 30 -year debentures.
>
7 700 4 V, % 30-year debentures.
, ,
.
,
Fairfax School District, Marin County, Cal. B on d S a le.
o ’ooo 4 u % 20 -year 1 'eal improvement debentuies.
This district on Feb. 10 disposed of $3,000 6 % improvement
3 800 5 % 20 -year water-works debentures.
bonds to the James H . Adams Co. at 100.10
1 his was the
I 1’ ,00 4 V> % 20 -year (toed reads debentures.
^Colorado.— Bond Offering.— Proposals will be received only bid received. Denomination $300. Date Jan. 2 1908.
until April 1 by Alfred E . Bent, State treasurer, for the Interest annual. Maturity part yearly on Jan. - from 1J0J
©non OUO 3 % 20-year coupon funding bonds. As reported m to 1918 inclusive.
•
V 85 P 615, the proceeds of these bonds will be used for
Fitchburg, Worcester County, M a ss .— T e m p o r a r y L o a n .
paying the indebtedness incurred during the years 1899, According to reports, this place recently negotiated a loan
1903 and 1904 by calling out the State militia tor the purpose of $150,000 with Bond & Goodwin of Boston at 4 .0 0 / 0 dis­
of suppressing insurrection and defending the State. Bonds count. Loan matures part in Sept. 1908 and part in Oct.
will be in denomination of $1,000. Interest semi-annually
1908.
at the State Treasurer’s office, or at such banking house in
Forrest County (P. O. Hattiesburg), Miss .— B on d O ffe r the City of New York as the Governor may designate.
inn.— Proposals will be received until 12 m . March 2 by H .
Commerce, Jackson County, Ga. Bond Sale. Papers Gillis, County Treasurer, for $40,000 5 % jail-construction
state that the $45,000 water-works bonds nurturing Oct. 1 bonds. Denomination $500. Interest annual. Maturity
fqoo voted on July 16 1907 (V. 85, p. 175), have been dis­ twenty years, subject to call after ten years.
posed of $25,000 at par to J. B McCrary & Co. of Atlanta
Fort Bend County (P. O. Richmond), T ex.— Bonds Not
and the remainder to local people.
Ihe McCrary Co. have
— Up to Feb. 14 no disposal had yet been made of the
agreed to complete the water plant by Sept. 1 for the sum three issues of 4 % 5-40-year (optional) bonds aggregating
of $36,000.
$110,000, proposals for which were asked for at any time.
Conecuh County (P. O. Evergreen), A l a .— B on d O ffe r in g .
See V . 86, p. 123.
.
TJ
Proposals will be received until 12 m . March 2 by 1*. J. Dean,
Fostoria, Seneca County, Ohio .— B on d O ffe r in g .
lr o
Tudee of Probate, for the $50,000 5 % coupon road-improve­
posals will be received until 12 m ., March 2 , by_Jment bonds voted on Oct. 28 1907. Denomination $1,000.
City Auditor, for $6,000 refunding Sewer District No. 1
r w p Ton 1 1908. Interest annually at the Hanover and $2,000 North Main Street improvement 4 % bonds.
National Bank in New York City. Maturity Jan. 1 1938. Authority. Section 2701, Revised Statutes. Denomination
Bonds are exempt from State and county taxes
Certified $1,000. Date March 1 1908. Interest semi-annually at the
check for $1,000, payable to F. J. Dean, Judge of Irobate, National Park Bank in New York City
Bonds are exempt
is reauired
Bonded debt, including this issue, $70,000.
from all taxes. Maturity March 1 192o.D ° H e S t CRv
Floating debt $40,000. Assessed valuation $4,380,000.
fnr r.07 0f bonds bid for, payable to W . D. Heckert, City
Crosby, Williams County, N . D .— B ond O ffe r in g .— Pro­ Treasurer, is required. Accrued interest to be paid by pur­
posals will be received until March 7 for an issue of 8 % chaser. Bonds to be delivered within ten days from date
water-supply and fire-equipment bonds
Interest annual.
of award.
Maturity five years. A . A . Ashley is Village.Clerk.
Gadsden, Etowah County, A la .— Bonds F o^d .— Ihe elecDadeville, Tallapoosa County, Ala — D es c r ip tio n o f B on d s. tinn holrl T<Vh 10 resulted 111 a VOtO OI it'd tO 71 111 ItlVOl OI
— W e are advised that the $8,500 5 % gold coupon electric- the proposition to issue the $50,000 5 % 30-year refunding
light bonds which J. B. Rylance, Mayor is offering at private bonds mentioned in V . 86, p. 182.
sale IV 86 D. 300) are dated Jan. 1 1908. Denomination
Galt, Ont — D eb en tu res V oted — V he citizens of this town
$500. Interest semi-annually at the Chase National Bank at a recent election authorized the issuance of $66,000 deben­
in New York City. Maturity Jan. 1 1938, subject to call tures for the construction of a power-distribution plant.
after Jan. 1 1913. Bonds are exempt from State, county W e are advised that up to Feb. 3 no action had yet been taken
and city taxes. Total debt at present, $12,o00. Assessed
looking towards the issuance of these debentuies.
Valuation $425,000.
Glidden, Ashland County, W is .— P u rch a se of B on d s. W e
Dalhart, Dallam County, Texas. -Bonds \ oted . It is
are advised that the Knights of the Maccabees were the pur
reported that a proposition to issue $25,000 sewer bonds chasers of the $13,000 6 % water-works-plant-purchase
carried by a vote of 98 to 70 at an election Feb. 10.
bonds the sale of which was mentioned in V . 86, p . 241.
1he
Dallas, T ex .— B onds A w a rd ed in B a rt. Of the three issues price paid was par. Denomination $ -,0 0 0 , except one bond
of 4 % gold coupon improvement bonds, aggregating $6oO,- for $1,000. Date July 10 1908. Interest annual. Maturity
000, offered on Feb. 10, $50,000 of the 8100,000 street-im­ part yearly on Feb. 1 from 1909 to 1914 inclusive.
provement bonds, maturing
yeaily on Oct. 1 from
Gloucester,
M ass .— T
y
re
Hlbubvvl ) llldiuOt
J em
C p o ra r •/
..
C
j1
1908 to 1947 inclusive, and the $ 50,000 public-schoo -build­
ports, this city recently borrowed 8100,000 from the Glouces­
ing bonds maturing $1,250 yearly on Oct 1 from 1908 to
ter National Bank of Gloucester at 4 .6 J ^ discount. Loan
1947 inclusive, have been taken at par and accrued liitercs
by the Sinking Fund. See V . 86, p. 300, for a description of matures in eleven months.
Grand Falls (P. O. Big Falls), M m n.— Bond Sale.— 1 he
these securities.
,
.
only bid received on Feb. 8 for an issue of $ l ,<>00 (>/o stee Daviess County (P. O. Washington), D id.—
bridge-construction bonds offered on that day was one o
__ Proposals will be received until March - 8 for $ 7 ,000
^
par submitted by the Hennepin Bridge Co.
Hus offer w‘l
road notes. Maturity $3,500 in 90 days and $3,o00 in nine accepted. Denomination $500. Interest annually in Jan
Grand Rapids, Mich.— Bond Sale.— On Feb. 17 the Na­
m Delta School District (P. O. D elta), Fulton County, Ohio. tional City Bank of Grand Rapids was awarded the $153,OUU
__ B on d S a le . — The Farmers’ National Bank ot Delta pur­ 4U>% coupon street-improvement bonds described m
•
>
chased $16,000 5 % school-building-addition bonds on Teb. 14 p. 434; at par and accrued interest.
This was the only p
at 107.031. The following bids were received:




F eb .

22

1908.]

Pos&l r e i v e d .
1912

THE CHRONICLE.

497

Securities are dated May 1 1907 and m aBrtw k^ V^0 0 d /l P 'T-0 l■ Cleveland). Cuyahoga County, Ohio.__
Bond S a l e . - On Feb. 17 the five issues of 5 % coupon paving

)1’000 ° n May 1 in each of the ycars 1910> 1911 and

fn V 8 6 <!Da s5nSwS?t T , K!'S ^ rt'SatinK $56,070, described
SnH o! ’ u r t^ r o
1 S0ld to ,H ayden> Miller A Co. of ClevefJSows;
and accrued interest. The bids were as
/i r/ ^ ' im |)ro-Vcment bonds described in V. 85, p. 1102, to
4 A /o • It is further stated that these bonds will now be
taken by Newburger, Henderson & Loeb of Philadelphia.
Greenville, Greenville County, S. C.— Bond Offering.—
iroposals will be received until G p. m . Feb. 2G by G. H .
ilahon, Mayor, for $18,000 5 % coupon refunding school
bonds. Denomination $500. Date Feb. 1 1908. Interest
.January and July at the Fourth National Bank of New
. °
, ty or a t the National Bank of Greenville. Matur­
ity l<eb. 1 1928. Bonds are exempt from all taxes. Ccrtihed check for $1,000, payable to the City Council, is required.
Hardin County (P. O. Kenton), Ohio.— Bond Offering.—
proposals will be received until 12 m . Feb. 24 by Justin
ie\vor; County Auditor, for seven issues of 5 % coupon ditchconstruction bonds aggregating $16,450. Authority, Sec!ons 4479, 4481 and 4482, Revised Statutes.
Denomina­
tions $200 to $1,100. Date Feb. 24 1908. Interest payable
at County treasurers office in Kenton. Maturity part
yearly from one to live years. Bonds are tax-exempt.
Ceitilled check tor $500, payable to the County Auditor is
required.

FIrstdNat'1!Sank.'bl evehind?58 542 00 loti? &V?yCS * rl™' .CleJc*58 >383 00
N e w e s t N a t. B k ., C j l u m . 5S.450

1 9 o t » 8 T n Cc S

Highland County (P. O. Hillsboro), Ohio.— Bonds Not
to Be Re-Offered at Present.— The County Auditor writes us
n rJ F ’780 bonds (the unsold portion of the issue of
$5,400 5 % coupon road-improvement No. 35 bonds men­
tioned m V. 86, p. 03,) will not be re-offered for sale until
next May or June.
Hood River Irrigation District, Wasco County, Ore.—
Bonds Lot F d ,SoM— rhis district has not yet succeeded
in disposing of the $40,000 6 % coupon bonds offered but not
sold on Nov. 23 1907 and described in V. 85, p . 1000.
s
u
Iw ? n n w
Defeated-— The propositions to is­
sue the $300,000 bonds for permanent drainage-system con­
struction and the $200,000 bonds for the extension of the
water system (V. 80, p. 182) were defeated at the election
n e k lja n 28
Local papers report the vote as being 401
l ° r„ 4° ‘ 44 against” on the former proposition and 494
lor to 638 “ against” on the latter proposition.
Hugo, Okla. Bond Offering.— Proposals will be received
H lfclV !™ m » n Iarch 17 by J - H * Jackson, City Treasurer, for
the $lo0,000 coupon water-works bonds authorized by a
vote of 478 to 4 at the election (.V. 86, p. 435) Jan. 28.
these bonds are issued pursuant to Section 27, Article 10,
Constitution of Oklahoma, and Chapter 13, Article 8 of the
Statute of 1J03. Denomination from $100 to $1,000, at
option of purchaser. Interest rate not to exceed 0 % , pay­
able semi-annually at place designated by purchaser
Ma­
turity twenty-five years. Certified check for 2 % of bid is
lequued. Purchaser to pay accrued interest and furnish
) ank bonds. Securities will be delivered within thirty
days after the date of award.
y
Humboldt, Sask. Debenture Offering.— Proposals will be
received until 10 a. m . April 2 by E . T . Wallace, Secretary1 rcasurer, for $7,500 6 % coupon fire-protection and watersupifiy debentures. Date, day of sale. Interest annually
in December at the Secretary’s office in Humboldt. Ma­
turity part yearly for twenty years. Debentures are ex­
empt from taxation.
Huntington Beach High School District (P. O. Huntington
oie$CL,)onnr- / g i Cl0Unfy ’ ™ - ~ » o n d s V o t e d .- The issuance
of $3o,000 5 % high-school-building bonds was authorized bv
a vote of 115 to 15 on Feb. 1.
.
y

. ° f ^

iSSUG yearI^ 011 0 c t ‘ I f t o i

Latonia, Kenton County, K y .— Bond Snlr
Tr
^ + i
that on Feb 11 $ 4 ,000 f i n A v e n u e Im p ,v7me
bond
were awardee! to the Latonia Deposit Bank of Latonia at
102.o° and accrued interest and $1,100 Church Avenue im­
provement bonds were awarded to the First National Ikmk
of Latonia for $1,200 (109.09) and accrued interest
Lauderdale County (P. O. Meridian), M iss.— Bonds Pro­
posed.— In local papers it is reported that the Board of Countv
supervisors is considering the advisability of issuing $40 000
bonds to aid in holding a county fair.
Lockport, Niagara County, N. Y .— Bonds to Be Re-Offered
S n

h l^ CltJ

w U l r e - ° ffe r t h e

$ 5 ,0 0 0

h o s p ita l-c o m p le -

mn bonds offered without success as 4s on Aug. 31 1907
t\; •
p - jM6) just as soon as the proper legislation raising
ttic late of interest is secured.
London Madison County, Ohio .— Bond Offering.— Pro­
vo i S Will be received until 12 in. Feb. 28 by J. W . Byers

Hastings, Dakota County, Minn.— Loan Offerinq.— Pro­
p o sa l will be received until 8 p. m . March 2 by Charles
Hankes, City Clerk, for $14,000 7 % sewer orders. Denomi­
nation not less than $50 nor more than $500, to suit pur•incMOlO ^ at,lUaty ®L000 on July 1 in each of the years 1909
Hatton, Traill County, N. D .— Bonds Voted.— Reports
state that of 73 votes cast at an election held Feb. 15 to de­
termine whether or not $12,500 school-house bonds should be
issued, 7 1 were in favor of their issuance.
Hettinger County (P. O. M ott), N . D .— Bond Sale.— The
state of North Dakota has purchased at par for 4s the
$20,000 10-year funding bonds mentioned in V . 80 p 03
Denomination $500. Date Jan. 15 1908. Interest semi­
annual.

J°

assessment FL’ Z
S2i24A 42
HiSh Street improvement
assessment bonds. Authority Section 73 a Municipal Code
<xcept oae bond of 3241 42.
Date
ic p . 28 1J08. Interest annual. Maturity $500 yearlv on
,\jpTh 4 fr ^
1909 to 1912 inclusive and $241 42 on March 1
,
Certified check on some bank in London for 5 % of
Pureh^nr or’ Payable t(> the Village Treasurer, is required
I urchascr to pay accrued interest.
AtL^wdl0nr90U? t:r ,(T- O. LoxxdQn), Tenn.- B o n d s Defeated.—
At an election held le b . 8 only 200 votes were cast in favor
cast a g S T l f 0l 5100,000 Plke' road bonds, while 500 were
McKeesport, Allegheny County, P a .— Ronds Defeated —
it0 ,‘S'SUe $2 0 0 >000 bonds for the re-paving of
1 lfth and Walnut streets was, according to reports voted
upon and defeated at an election Feb. 18
P
’ votcd
Th?°M ffan C0T - 7 ’ G^ ~ Bonds Withdrawn from
Market. The Mayor advises us that the $50,000 4 U,°7
“
° rkS’ Se^ eragoe and etectric-hght bonds offered ^ f t h ^

Z

Z

Z

^

t

1907

(V ■

86>p- 64) have be-

Madisonville (P. O. Station M , Cincinnati), Ohio.— Bond
Offering — l roposals will be received until 12 m . March ‘>5
by J. A . Conant, Village Clerk, for $13,329 45 5 % Clason
! ; ,lm,!r r e n bonds- Authority, Sections 51 and 9 5 ,
Municipal Code. Date Dec. 28 1907. Interest semi-annualr
Maturity part yearly on Dec. 28 for ten years. Certified
check for $200, payable to the Village Treasurer, is required
1 urcluiser to pay accrued interest. Bonds to be delivered
within ten days from the date of award.
,, Magnolia Pike. County, M iss.— Bond Sale.— Chas. H .
f o i'1 .ol Chicago is reported as being the successful bidder
foi an issue of $25,751 school-building bonds of this city.
Malden (P. O. Station, Boston), M ass.— Temporary Loan
I w i ’V t y
r.ec?ntly negotiated a loan of $100,000 with
, . ‘ d “ . tJnodwin of Boston at about 4.05 discount. Ma­
turity eight months.

bonds.
Countv°nTnCh0/0/ D/iSl w fc NO|'.52 (,P ' 0 Man on ), Williamson.
County, IU.— Rond Sale.— I his district has disposed of at
private sale to Chicago parties the $15,000 4V>% 3-17-vcar
p V2 1 coupon sci10°i'building bonds mentioned in V . 86,
Medford, M ass.— Temporary Loan.— This place has hor
r°w ed $25,000 through Bond & Goodwin of Boston at about
4 .0 0 % discount. Loan runs for six months
Medford School District (P. O. Medford), Jackson County
Ore — Bonds Voted.— An election held Feb. 10 to determine
whether 01 not this district should issue $40,000 high-school­
building bonds carried, it is stated, by a vote of 173 to 104.
Mercer Special School District (P. O. Mercer) Mercer
County, Ohio-— Bond Offering.— Proposals will be received

until 12 m., March 3, by W. II. Nuding, Clerk Board of Edu
cation, for $ 7 ,000 5% school-building and furnishhfg bonds
W )i‘T ! yi qqqo ofTj^° to 25 at eIection F(ih- 8; also Sections
Mm 'll'no " ’ , {r ^ d ^ otUn°'s - Denominations $400,
$o00 ami $600. Date March 3 1908. Interest Feb. 20 and
Aug.
20 at the District treasurer’s office. Maturity $400
Kentwood, Tangipahoa Parish, La .— Bonds Defeated.—
^ep°rts, propositions to issue $10,000 5 % bonds yearly on Aug. 20 from 1910 to 1914 inclusive, $500 yearly
and $2o,000 5 % pubhc-school-building bonds were defeated on Aug 20 from 1915 to 1918 inclusive and $600 yearly on
at an election held Feb. 10.
“ frol-n t 919 to 1923 inclusive. A cash deposit of
$200 is required
Bonds will be delivered within ten days
T r h n lS V!Ur
Ardrair Coanty’ M o — Bond Sale.— Devitt,
lrlmble & Co. of Chicago have purchased at par and accrued blank bonds ^ °* Sa ° ’ Purcbaser to prepare and furnish
Kankakee, Kankakee County, 111.— Bond Sale.— W o are
advised that $12,000 (not $18,000 as at first reported) 5 %
judgment bonds were recently purchased by N. W Halsey
& Co. of Chicago at “ par, accrued interest and a prem ium .”

b o m lfo fW f 19’090 5% 5-20-yenr (optional) coupon funding
bonds offered on l e b . 3 and described in V . 86, p. 301.




Middletown Butler County, Ohio.— Rond Offering— In
addition to the $2,041 29 5 % 1-10-year (serial) Sewer-

498

TH E CHRONICLE.

[VOL. L X X X V I ,

New York City.— Bond Sale.— The Finance Department
construction-assessment bonds to- be offered at 12 m Feb. 25 on Monday night (Feb. 17) completed the award of the
CM Rfi n 301) proposals will also be received at the same $50,000,000 4 3 ^ % coupon or registered corporate stock
time and 'place by^Jolm Runs, City Auditor foe $4,079 40 and assessment bonds offered on Feb. 14. 1 he total of bids
5 % assessment boards for the improvement of Forest Avenue, received aggregated $271,242,650. Of the 1 1 68 received,
Grand Avenue, Cremo Avenue, Grimes Street and the west 470 were successful. An average price of 104.22— a basis
side of Main Street. Authority Section 75, Municipal Code. of about 4 2 9 % , was realized on the $47,000,000 corporate
Denomination $407 94. Date Jan 15 1908
Interest semi- Stork duo in 1957 while the $3,000,000 assessment bonds
annuallv at the National Park Bank in New York City. due in 1917 were awarded at an average price of 100.90—
Maturity $407 94 yearly on Jan. 15 from 1909 to 1918 in­
of about 4 .3 8 % .
,
,
clusive
Certified check for $75 is required. Purchaser to a basis
These securities have been admitted to the unlisted de­
pay accrued interest. Bonds to be delivered within ten partment of the Stock Exchange and have been dealt in
days after the date of award.
__
,
.
quite heavily during the past week.
Ihe prices ranged
Midway Independent School District (P . 0 . Midway),
Madison County, Texas.— Bonds Awarded in Part.— Of the ^The^bid^of the Morgan syndicate for the long-time bonds
$2 500 5 % school-house bonds registered by the State Comp­ (103.377) was found to be too low, none of the 50-year
troller on N ov. 29 1907 (V. 85, p. 1537), $1,500 have been stock having heen awarded at prices below 104.
Ih e syn­
awarded at par and accrued interest. Denomination $125. dicate, however, secured $1,101,880 of the 10-year assess­
Date Oct. 1 1907. Interest annual. Maturity Oct. 1 1927, ment bonds at their bid of 100.377. The highest price resubicct to call after Oct. 1 1912.
.
_
ceivedfor the 1957 stock was 106, but only $25,200 wassold
Mitchell School District (P. 0 . Mitchell), Davison County,
this figure.
,
,
S, D .— Bond Election.— The Mayor has called an election to at The
firms and individuals getting the largest single allot­
vote Feb. 25 on the question of issuing the $69,000 high- ments were A . A . Housman $ 1 ,000,000, hazard Freres
school-building and site-purchase bonds mentioned in V . 86, $1 500 000, A . E . Reid as trustee $1 ,250,000, Stephen L.
p. 64. Rate of interest not to exceed 5 % .
Tingley as trustee $1,750,000, Farmers Loan & Irust Go.
Mitchell School District, Stanislaus County, Cal.— Bonds $1,032,000, Harvey Fisk & Sons $ i , 420,(W0 , J. W . Havis
Not Yet S old — The $4,000 5 % bonds offered but not awarded & Co. $1,000,000 and Charles D . Barney & Co. $1,630,000.
on Sept. 11 1907 (V. 85, p. 1477) have not yet been sold
The award in full was as follows:
Mobile County (P. O. Mobile), Ala — Bond Sale— On
4.000 105
$47,000,000 Slock Due 1957.
Feb. 17 the $143,000 20-year refunding bonds^described in
George Smith---------- \ 1.000 104.25
1
1,000 104.25
The
Jersey
City
Sav-1
Y . 86, p. 302, were awarded to the Central Irust Co. of
2.000 104
Ings A Banking Co.J$25,000 106
Mobile at 101.50 and accrued interest for 5s— a basis of Lawrence J.Levy------1.000 104.75
100 100
60.000 104.50
H. W.Wilson............. 100 106
about 4 .8 8 3 % . Bonds are dated March 1 1908.
50.000 104.35
I
100 105.58
Monrovia School District (P. O. Monrovia), Los Angeles
50.000 104.30
I
100 104.91
45.000 104.25
County, Cal.— Bonds Voted.— The issuance of the $4,000
I
100 104.77
50.000 104.25
200 104.515
funding and the $4,000 auxiliary-grammar-school 5 % bonds Walter E. Bellows.. -1
Zlmmcrmann & For-f 50,000 104.20
100 104.33
mentioned in V. 86, p. 302, was authorized by a vote of 86
shay
--50,000 104.15
200 104.135
"
5.000 104,125
200 104.035
J
to 3 at the election Feb. 8. They mature $o00 yearly for
50.000 104.10
10,000 105.20
1
10.000 104.05
sixteen years.
. . .
.
30.000 105.16
50.000 104.05
Montgomery, A la.— Bond Offering. 1 his city is offering
I 13,000 105
50.000 104.01
| 30,000 104.86
for sale an issue of 6 % 1-20-year (serial) sidewalk and road­
53.000 104
1 2,000 104.75
500 104.50
way improvement bonds. Denomination $100.
1me Mayor p. J. Goodhart A Co4 70.000 104.56
10.000 104.391
104.50
1
.
1
)
,uuu
writes us that it is expected that about $100,000 of these
10.000
104.361
70.000 104.36
10.000 104.301
bonds will be disposed of during the next six months.
10.000 104.25
10.000 104.261
20,000 101.15
Morgan County (P. O. Decatur), A la .— Bond Election.
10.000 104.211
70.000 104.06
According to reports, the question of issuing pike-road-con­
8,000 104
Mahan&Co................ 18:888 lo-i'.ioi
struction bonds will be voted upon March 11.
10.000 104.75
10.000 104.132
10,000 104.875
New Bern, Craven County, N . C.— Bond Sale.— the $50,­
10.000 104.111
10,000 104.625
10.000 104.076
000 5 % 30-year coupon street-improvement bonds described
10.000 104.061
A. G. Edwards A 10,000 104.50
10,000
104.375
in V . 86, p. 363, were awarded on Feb. 15 to Otis & Hough
Sons
10.000 104.033
10,000 104.25
j 10,000 104.012
of Cleveland at 101.286— a basis of about 4 .9 1 8 % . Bids
10,000 104.125
1150,000 104.51
20,000 104
were also received from Seasongood & Mayer and W eil, Roth
1100,000 104.41
1 20,000 105.10
& C o., both of Cincinnati; E . H . Rollins & Sons of Boston,
County Trust! 100,000 104.31
104.90 Kings
Co., Brooklyn . . . . 100,000 104.21
Em ery, Anderson & Co. of Cleveland and A . J. Hood & Co. Well, Roth & Co.J| 20,000
20,000 104.70
'
) 100,000 104.11
of Detroit. Securities are dated March 1 1908.
Cincinnati, O------I 20,000 104.50
22,000 104.50
1351.000
1 20,000 104.30
New Hamburg, O nt.— Debenture Offering.— Proposals will
104.26
20,000 104
be received at any time by William Miller, Village Cleik,
1,000 105
for $10 000 43-12% electric-light-plant-construction deben­
1,000 104.475
1,000 104.75
165,000 104.177
tures recently voted. Date, day of issuance. Interest is
1.000 104.625
Ludwig Loeser.
166,000 104.067
payable at the Western Bank of Canada in New Hamburg.
1.000 104.375
219.000 104
1,000 104.50
J
Maturity part yearly for twenty years. Debentuies aic tax1 25,000 104.76
1100,000 105.01
Kecch, Loew A C o ..l 27,000 104.51
exempt. Total debt, not including this issue, $25,133 14.
I 5,000 105
25,000 104.25
I 50,000 104.28
Assessed valuation 1907 $472,400.
J 50,000 104.01
1100,000 104.11
New Haven, Pa — Bonds Defeated— A proposition to issue
I 10,000 104.50
50,000 104.08
Potter, Choate
10,000 104.40
$25,000 street bonds was defeated by a vote of 117 “ for” to
..|
1,000 104
Prentice........
1150.000 104.78
137 “ against” at an election held Feb. 18.
1150.000 104.58 Buckhout, Davis
10,000 101.75555
Newton Falls, Trumbull County, Ohio — Bond Election.—
1150.000 104.28
Co. . . . ............ J 20,000 104.2555
104.30
!250,000 104.08 Henry W. Sykes--- 10,000
It is stated that this village on F eb .24 will vote on a propo­
105
7,000 104.20
10.000
J238.000 104
105
Henry It. Sager ---- 15,000
6,000 104.10
sition to issue $20,000 water-works-system bonds.
1 5.000 105
105
•
]I 16.000
250 104
New Orleans, Orleans Parish, La .— Bonds Not to Be Pe5.000 104.75
Henry Macdonald.. .1
250 104.50
104.50
]
250 104
Offered at Present.— The Secretary of the Board of Liquida­ William A. Gaylord.. 1I 5,000
5,000 104.25
) 100.000 104.75
tion of City Debt in reply to our letter asking him to advise
J 4,000 104
Baruch Brothers
f 100,000 104.50
1 4,000 105
us whether or not the $175,000 to $200,000 4 % 10-20-year
100,000 104.25
| 5,000 104.52
104
(optional) coupon school-teachers’-salary bonds offered
5.000 104,039 F. J. Llsman &Co----J160,000
llcdmond A Co. .
30,000 104.50
without success on Aug. 27 1907 (V . 85, p. 1103) would again
| 63,000 104.02 A.
104.50
W
einberg
7,000
J 24,000 104
be placed on the market in the near future, writes us that at
Cuyltr, Morgan A Co.150,000 104.25
1 5,000 105
104.80
present he has no idea as to when they will again be oflerecl.
F
red
H
auff
.
}
| 5,000 104.75
104.20
104.50
New York State.— Bond Offering.— Further details are at U. D. McGrane. ..(•I 5.000
104.50
5,000 104.25
r- LCVy&C° .............. }
104
J 4,000 104
hand relative to the offering on March 11 of the $5,000,000
Maitland,CoppellACo. 150.000 104 0625
i. Montagu * Co.,1525,000 105J
4 % gold coupon or registered highway-improvement bonds Sam
104 .
London, Eng., 1)y! 25,060 101.875 Latham.Alcxander&Co 2,500 104
Frank 1 Smith . . .
1,000
Nat. Park Bank— J 25,000 104.75
described in last week’s issue. Proposals for these bonds
Dav.&IIarryLlppmanu 10,000 104.05
105
Stephen Sanford------100,000
.
,000 104.50
will be received until 2 p. m . on that day by Martin H . 1st Nat.Bk.of N.Y--1 25,000 104.25
20.000 104.10
J 40,000 104 . Hallgarten A Co
10,000 104.01
Glynn, Comptroller, at his office in Albany.^ Authority 1st Nat. Bk. of N. Y.'i 10.000 105
8.000 104
for Quaker CityNat \ 40,000 104
Chapter 469, Laws of 1906, as amended by Chapter i 18,
B. II. & F. W. Pclzer. 8.000 104
Bank, Phlla., Paj 20,000 104
Simon Ascher & Co... 12,000 104
Laws of 1907. Bonds that are coupon in form will be issued First Nat Bk. of N. Y1
.1
Kahn Brothers J 5,000 104.15
for First Nat. Bk.i 40,000 104
in denomination of $1,000, while those that are registered
J 5,000 104.05
of Le Mars, Iowa. J
Louisa Dyke ----------. 1,000 104
will be issued in denominations of $1,000, $5,000, $10,OOOand 1st Nat. Bk. of N. Y.'I
1.000 104.125
Sidney
II.
Stein.
.
for 2d Nat. Bk. of; 40,000 104
Werner & Brown
I1 10,000 104.25
$50,000.
Date March 1 1908. Interest semi-annually at
Allentown, Pa---- J
1 4,000 104
the bank of the Manhattan Co. in New Y'ork City. Ma­ 1st Nat. Bk. of N. Y.1 20,000 104.125
) 1.000 104.25
for Cayuga Co. Nat} 20,000 104
Maurice Goldsmith .} 1,000 104.125
Bk., Auburn, N.Y.J
turity March 1 1958. Bonds are exempt from taxation.
)
1.000 104
Gunzberger------- 25,000 105
Clarence It. West.. . . 3,000 104.60
Cash, bank draft or certified check upon a bank or trust Sol.
H. Espenscheld
105
‘ ‘ ‘ ...
10,000
U. llcaly, Caro. Midi 30.000 104.60
National Park Bank 80.000 104
3,000 105
company of Albany or New York for 2 % of bonds bid for,
, 2,000 104
50.000 104.5109
and made payable to the State Comptroller, is required.
27.000 104.60 Btorcn A Co.,Phlla.,Pa T5.000 104.25
1
1
J.Prince
Jr.,Albany.
5,000 104.55
Brown Bros. A Co__\ 50.000 104.2609
Purchaser to pay accrued interest.
Win. J- Bannerman.. 10,000 104.375
20.000 104.25
Edgar II. Bucklln...
4,000 104
1200,000
104.20875
The official notice of this bond offering will be found among
| 50,000 104.0109 Merrill. Oldham &l 10,000 104.39
104.11
C o.................. 10.000
J 12,000 104
the advertisements elsewhere in this Department.




Feb. 22 1908.]
Glens Falls Insurance! 25,000
Co., Glens Falls,! 25,000
N. Y -------------------- J 20.000
Rogers Bros_________ 1 5,000
J 4,000
Henry I. D o rr........... 5.000
Daniel F. Ancona____ 2,510
Fifth Ave. Bk., N . Y . 1.000
5,000
Markel Brothers.........
1500.000
200,000
U. S. Tr. Co., VT. Y . . [200,000
I 25.000
J200.000
Aslel & C o .................. 200,000
1st Nat. Bk. of N . Y .l
for Miners’ Sav.Bk.,} 20,000
Plttston, Pa______ j
1 50.000
Farson, Son & C o . . . } 50,000
J 40,000
1 5.000
1100.000
I 5,000
242.000
42.000
303.000
J. & W . Sellgman & 250.000
C o ............................. 250.000
97.000
250.000
I 5,000
250.000
1198.500
J198,000
Farmers’ L. & Tr. Co.1.032,000

THE CHRONICLE.
104.50
104.25
104
104.375
104
104.15
105.01
104
104.50
104.01
104.07
104.17
104.50
104.51
104.03
104
104.29
104.19
104
104.63
104.625
104.55
104 50
104.375
104.25
104.14
104.21
104.125
104.08
104.05
104.02
104.01
104
104

Sternberger, Sinn &Co. 5,000
Grannlss & Lawrence, 25,000
300.000
First National Bank, 300.000
Chicago, III______ 300.000
300.000
C. & N. Wood..............360,000
Mercantile Tr. & Dep.l
Co., Baltlmore,Md./250,000
T,
1 50,000
Knauth, Naehod &} 9,000
Kuhne, N. Y _____ j
2,400
Germ.-Amer.Nat.Bk.J 10,000
Ft. Wayne, Ind— t 8,000
100,000
Coffin & Co.
100.000
100,000
100,000
Chauncey & Co______ 10,000
Jos. L. Buttenwelser. _ 5,000
Edward Canfield......... 15,000
Isaac Pfeiffer................ 4.000
1 70,000
33,000
10,000
Halle & Stleglltz____ 40.000
20.000
24.000
8.000
20.000
C. J. Lawrence & C o.j 20,000
20,000
Heldelbach, Ickelhel-1
mer & Co................/ 100,000
1 2.000
2,000
2,000
2,000
2.000
Hanover Nat.Bk.,N.Y
2,000
2,000
2,000
2,000
2,000
3,200
Alice Ewald Hughes.. 3,000
H. L. Mack & Co......... 35,000
Edwin Greenbowc____ 8.000
C. A . Coddlngton____ 5,000
5.000
Celia F. Wiley.
5.000
5.000
4.000
Margaret Caunce.........
5,000
James Caunce_______
3.000

104.25
104.011
104.75
104.50
104.25
105
104.010
104.125
104.01
104.25
104
104.25
104
104.32
104.22
104.14
104.02
104.50
104.25
104.01
104
104.50
104.201
104.14
104.25
104.50
104
104
104.38
104.28
104.18

Kuhn,Loeb&Co.,N.Y.1350,000
J 103.000
E. A . Manlce & Co____ 20.000




104.13
104.25
104.50
104.125
104
104
104.06
104.16
104.26
104.14
104.50
104
104.08
104.25
104
104
104.27
104.50
104.50
104.25
104.125
104
104.08
104.125
104.375
104.41
104.50
104.5625
104.58
104.625
104.64
104.75
104.77
104.875
104

5,000 104.25
20.000 104.18
20.000 104.14
Slg. H . Rosenblatt & 50.000 104.126
C o _____ _________
20.000 104.07 !
25.000 104.02 ^
50.000 104.005
Ralph W . Kenyan____ 5,000 104.125
„
1 10.000 104.25
Citizens’ Cent.Nat.Bk} 10.000 104.50
4,000 104,
J 8,000 104
Benedict. Drysdale Co. 25.000 104.125
CatherlneM.Burnham. 10,000 104.25
Robert C. Beal & C o ./ 10,000 104.25
1 8.000 104
10.000 104.25
E. A . Slchel & Co
10.000 104.125
I 8.000 104
J. W . Homer Jr.........

EUInger Bros. & C o ..} 5,000
J 5,000
Alfred Mestre & C o . . . 25,000
Strong. Sturgis & Co../ 50.000
N. Y ......................... \ 40.000
N W , Halsey & Co.,/100.000
N. Y ......................... \ 12,000
Geo. P. Butler & Bro. 8,000
Kerr & Co---------------------31.500
Edgerly & Crocker.. . 25,000
50.000
25.000
J.P.Morgan&Co.,N.Y. 25.000
JMJg J«01
3.000
80.000
25.000
Vickers & P h e lp s !!!!! 50000 10 4 '?A
250.000
Ihe Only Skirt Co..Inc. 2,000 104 25
250.000
Adelaide W . Bull____/
300 104.25
100.000
50.000
.
300 104
L. von Hoffmann & 550.000
Emily
P.
Cahen............
160
C o ..........................
104.50
100.000
Mandus Savings Bk..l
50.000
Moodus,
Conn____/
5,000
50.000
104.50
300.000
G. M. Spansler..
6 onn 104
50.000
M .M . B r u b a k e r ...'" 4 000 104
50.000
Fidelity Title & Tr.Co. 8.000 104
The Mut. AlllanceT.Co 8,000
S . L. Tlngleyftrus- 1
Mrs. C. P. Randall./
tee), B o s t o n .../ 1 .000 .0 0 0 104.04
Pt. Jefferson, N. Y.\ 10.000 104.55
S u lliv a n B r o s . c ° ---------- 2 5 .0 0 0
104.01
Williamson & Squire. . 8 000 104
Margarethe Landau.. 1,000 104
Spencer B. Koch--------lo.OOO
104.125 I
The Windham Co. N ./
E. VV. Newkirk...........
1.000 104
Bk., Danielson, Ct.( 10,000 104.11
104
ftmnnr
A
L May.........
m ‘IC8...........
Wm E . Dante. East/
Lillian A.
24’000
000 104.25
Worcester, N. Y ..\
20 000 104.50
J •J •Rosen itch_____
4.000 104
Bolssevaln & Co......... 6 000 104.75
Wolf Bros. & Co.......... 40,000 104
J. J- McKelvey........... 2,000 104
First National Bank,/ 50.000 104.52
Martin D. Levy & Co
3,200 104
Cleveland, O ......... \ 50,000 104.02
James W . Russell____ 2,400 104
,000
1 10,0
George I. Landon____10,000
104.05
Albert Loeb_.
15.0000
R. J . Jacobs & Co____10,000
104.05
,000
Grlcsel & Rogers......... 150.000 104.01
E. W . Btescll.
John A. Fitzsimmons. 1.000 104
10,000
9.000
A. A. Housman & Co.1.000.000 104,125
Nat. Park Bk. of N.Y)
5.000
for acct.Cltlzens’ N.} 4,000 104
30.000
Bk., Slatlngton, PaJ
5.000
Newbergcr. Hender­
5.000
Robt. Glendennlng &/
son <fc Locb, N. Y . 25.000
Co., Phlla., Pa------ \ 50.000 104.07
30.000
H . T . Carey & Co___
500 105
30.000
Raymond,Pynchon&Co 80,000 104
12.000
Eugene Genhann.........
500 105
10.000
100 104.01
Philip R. Dean----------Macy Brothers.
10.000
William Gratz.........../ 10.000 104.25
J 10,000
l
8.000 104
S. Kuhn & Sons_____ 100 onn
A . Sartorius.......... 10.000
104.25
Daniel V. Raymond.! 8,000
Louis R. Stagg.........../ 10,000 104.25
^ ' v ? ? ;vl3 * Co- - 1 .000,000
Chas .D .Barney &Co.1,630,000
.
8,000 104
c . B. Wright............. / 60.000
Stokes,Robinson* C o .100.000 104.01
l 40,000
William Bratter.... 10.000
104.12
Neuberg & Co....... 1,000
104
20.000
First Nat. Bank ofl
40.000
Schafer Brothers____ 60.000
Huntingdon. P a .. / 20,000 104
20.000
David M. Miller.......................... 16,000
104
23,000
Eyer & Co.................... 8.000 104
100.000
Speyer & Co................ /796,000 104
\ 5.000 104.50
Merchants' Loan &( 100,000
Trust Co.................. j 100,000
T
) 50,000 104.60
Chas. H . Jones Jr____ } 50,000 104.30
100.000
J 40,000 104
J
Slayback <feCo........... 5,000
,
1120.000 104.39
Shoemaker.Batcs&Co} 120,000 104.25
1 7,900
J220.000 104.19
Moffat <fc W hite------ 1100,000
Lazard Freres........... 1,500,000 104.15
Edward E. Read_____ 100,000 104.26
J .W . Benson............. I 4 [ooo 104.75
Freeman & Co............. 50.000 104.25
2.000 104.25
H . L. Horton & C o ..} 2.000 104.125
Atlas Nat. Bank, Cin.
2.000 104
40.000 104
Cons. Nat. Bk.of N .Y . 8.000 104
Bankers’ Trust Co
Margaret O. S a g e ....510,000 104.01
Slg .Rosenblatt & Co. . 4 ,000 104
Arthur L .C a h n ....!! 25,000
1 2,i
104.25
Day, Adams & Co___l
C o . . .} 1.000
1,1
104.125 Emanuel,Parker&Co.} 20.000 104.249
J 2.1,000 104
„
J 20.000 104.103
J. A. Mitchell________ 32,000 104
M. A. G. Dlght...........
1,500 104.50
J. H. Fertlg....... .......... 10.000
104.07
Nat. Bk. of Comm.,1
D. Schnackenberg.../ 5.000 104.50
<»•«>» ™
8.000 104

104.01
104.50
104.50
104.45
250,000 104.25
104.40
199,000 104
104.35
1 50,000 104.5011
104.30
KIsscll, Klnnlcut &}250,000 104.2511
104.25
Co., N. Y ................................J325,000
104.20
104.0011
104.15
„
_
.
)25.000
104.03
104.125
H* _Ii* D ay & C o ..} 20,000
104.18
104.10
N - Y .........................................I55,000
104.03
104
J 3.000 104
104.11
Esterbrook & Co. .1100,000 104.18
104
B°sto n ......... ...........J 100,000
104.05
104
104.25
105
Herzog & G lazler.N .Y T°0
'000 104.25
20,000
104.125
80,000 104
104.375
10,000 104.89
104.625
15.000 104.79
104
20.000 104.69
104.50
25.000 104.59
104.50
Thos. A. Reynolds..} 25.000 104.49
25.000 104.39
104.02
Central National B k ..1 60,000
50,000 104.145
I 25,000 104.29
Philadelphia, P a .. 50.000 104.27
1 40,000 104.18
50.000 104.395
J 45,000 104.09
H.L.Cra wtord &Co.. N. Y. 10.000 104.183
10.000 104.38
CharlesGoodhardt . . . 16,000 104
10,000 104.28
Parklnson&Burr.N.Y
5.000 104.25
Eugene Meyer Jr. & / 75,000 104.25
16.000 104.13
C o ............................. / 75.000 104.25
20,000 104.03
Theodore Schmidt.. . / 10.000 104.010 R. D . Sterling.............. 5,000
104.02
1 5,000 104.11
Stout & Co.................... 110,000 104.51
_ a „
,
1100.000 104.26
500.000 104.136
F - S. Moseley & Co..}100,000 104.01
500.000 104 293
N - Y ..................— J 20,000
104.011
500.000 104.543
1 75,000 104.875
5.000 104.017
104.50
5.000 104.05
Hcrzfeld & Stern____} 50.000
104.375 Wm. Salomon & Co. 10.000 104.17
I 75.000 104.25
20,000 104.20
10.000 104.25
10,000 104.25
J 87.500 104
10,000 104.32
10,000 104.57
104.125
. 4,000 104
Ehrlch,
rt 15,000 104.21
- l 50,000 104.005 Brunswick Sav. Inst ,/
Brunswick. Me . . . \
4,000 104
- / 10,000 104.25
Schulz & Ruckgabcr. .100,000 104.50
1 8,000 104
MontpellerS.B.&Tr.Co. 25,000 105.20
) 10.000 104.625 AlllanceBk.,Roch.,N.Y. 40.000
- } 10,000 104.375 Union Inv. Co., Minn. 20,000 104
-1 10,000 104.125 Arthur Hornblow____ 5,000 104
104.25
J 40.000 104
Thomas Kearney_____
goo 104
]
100 104.75
5.000 104.75
Leslie Muller
.}
100 104.50
J. P. Wlntrlngham..}, 5.000 104.30
J
100 104.25
) 4,000 104.00
J
100 104 10.000 104.04
. . 5.000 104.25
10.000 104.05
.. 2,000 104.05
17.000 104.25
0. 8.000 104
C. J Lawrence & Co.
5.000 104.28
5.000 104.36
Schenectady, N. Y,i} 3,000 104.50
10.000 104.04
10,000 104.11
.. 4,000 104
. 10,000 104.26
5.000 104.25
, 100,000 101.169 Rhoades & Co.. N .Y ./ 25,000 104.08
8.000 104
N. Y .
200.000 104.049
9,500 104
Fifth Avenue Trust/ 23,000 104.375
Co.. N. Y ................ t 40,000 104
1 10,000 104.875
1 10,000 104.75
...
.
1500,000 104.52
) 10,000 104.625 W m. A . Read & Co.}500,000 104.32
Morton Trust Co_____ 8.000
Co., Carrollton, o .
10,000 104.50
1500,000 104.128
Hornblower & Weeks. 8.000
j 10.000 104.375
/ 750,000 104.06
Brooklyn Trust C o...100,000
; 25,000 104.30
Blodgett,Merritt &Co_ 5,000 104 03
1 50.000
} 25.000 104.10
25.000 104.51
DominickJcDomlnlck} 50,000
) 40,000 104
100,000 104.125
J 87.000
10,000 104.25
100,000 104.25
C. II. Mces, Jr____. . . 8,000
Clarence D unning... 10,000 104.125
100,000 104.375
Harvey FIsk&Sons.
8,000 104
FrederickC M oritz../ 25.000
50.000 104.50
20.000
1 25.000
104.125
100.000 104.57
25.000 104.50
Mackay & Co., N. Y . 100.000 104.39
Roy Murchlc........... / 25,000
1,000,000 104.125
100,000 104.27
\ 15,000
85.000 104
125.000 104.15
A.E.Reld.tr’ tee.Bos/ 750,000
1 25.000 104.251 Joseph Danenbcrg___/ 2,000 104.25
11,250,000
l 2|000 104
A.A.Ltsman&Co ., n . y |f 25,000 104.126
Forrest Glenn.Bklyn.. 3,000
95 000 104.03
1 50,000 104.002 Adams & Co____
II. P. Glenn, Brooklyn 2,000
Harris & Fuller... I "
£0 00 104.625
. 8,000 104
Jacob Friedman........... 15,000
. 50.000 104.02
. 5,000 104.1311 Swartwout & Appcn-1 lo'ooo 104.51
„
„
1400.000
104.20
Maitland ,Coppell&Co}350.000
Chase National Bank f460,000 104.55
zcllar.......................J 10,000 104.15
J
278.000
N. Y ....................
i 8,000 105.10
1 25,000 104.01
Charles Head & C o ... 4,000
100.000 104.41
104.11
Harold
Loveland...
2.000
Hayden, Stone & Co. 100.000 104.21
The Coal & Iron Nat.} 20,000 104.21
Benton P. Crocker... 1,000
Bank of N . Y ......... j lo.OOO
100,000 104.01
104.31
5.000
j 10.000 104.41
250.000 104.13
/ 10,000 104.51
Mlllctt.Roe <fc Hagan,
5.000 104.375
Field & C o ................f 5,000
N. Y ..................
The Coal & Iron Nat.l
5,000 104.01
5.000
Bk. of N. Y . acct.[ 8,000 104
4, TOO 104
5.000
Mfrs.N.B.,Troy.N.YJ
3,000 104.76
5.000
/125.000
J.
S.
Bache
&
Co___
3,000 104.40
104.06
Sutro Bros.&Co.,N.Y. 25.000
F. II. W oodelton....
3.000 104.35
l 2.400 104
50.000
3.000 104.26
T. A . McIntyre........... 20,000 104
Citizens’
Cent. Bank.l
3.000 104.05
A. B. Leach & Co___ 150,000
104.05
acct. Julius B a e r../ 8,000

)250,000

499

Hamilton P e ll............J 10,000
l 25.000

-]

J 20.0

100,000

104
104
104.061
104.3751
104.1251
104
104
104.17
104.06
104.25
104.13
104.375
104.28
104.50
104.75
104.40
104.125
104.25
104
104
104
104.50
104.12
104.15
104.36
104.57
104.68
104.50
104.1255
104.0005
104

C. A. Caddlngton____ 5.000
Merchants’ Nat. B k ..200.000

ins
104.1311

John H . Dews.......... } 10,000
10.000
8.000
Jos. Walker * Sons.. . 6.000
S.W.Kltzmlller * Bro. 10,000
E. A . Manlce & Co____ 25,000

104’375
104.25
104.125
104
104.75
104.10
104.25
104.55
104.25
104.12
104.01
104

M. & H . Clarkson...} ioiooo
I 25.000
J 20,000
Post Brothers & Co___ 16.000
Hornblower & Weeks 25 000
Oscar K a llw ltz....
2 000
Edward Moore Jr------ lsioOO
Mitchell Street State}
Bank. Milwaukee./ 15,000
L. Schwarts................ / 2 .000
„
1 2.000
People’s Nat. Bank.l
Hagerstown, Md. . / 4.000
Milllken Nat. Bank.l
Decatur, 111 ............/ 20,000
Percy Q. Crocker____f 5,000
l 6.000
Potter & Co.................. 40,000
15.000

1

ioiooo
1.000
10,500

104 1 2

104
104.25
104.10
104.25
104
104
104
104.27
104.03
104
104.20
104.13
104.10
104.02
104

THE CHRONICLE.

500

11.000
2,000
8,000

104.01
104.012
104.013
104.25
104
104.10
104
104

JO.OOO
10,000
5.000
5.000
5.000
6.000
5.000
5.000
5.000

104.39
104.03
104.06
104.07
104.08
104.09
104.10
104.11
104.12

5.000
Frederick M. Delano.

Huntington Lannan..
Richard B. K r o n a .--E.V.Kane A Co.,Ph3a.
Hoehler A Cummings)
T o le d o .................... J
Crocker & Flaher, Bos1

5.000
5.000

3,000 104.50
Mayer Meuer________
P .J . O’Connor............( 10,000 104.20
\ 15,000 104.52
Henry C. Murray.........
1,000 104
Chester H . Pease.......... 5,000 104.13
Denison A Farnsworth 25,000 104.27
W . A . Merrick, by J.)
P. Morgan A C o ...J
5,000 104.50
S. Kuhn A Sons......... (100,000 104.75
1110,000 104.50
T otal...................847,000,000

works bonds was par. Denomination $1,000.
1908. Interest semi-annual.

Norwood School District (P. O. Cincinnati), Hamilton
County, Ohio.— Bonds Defeated.— A vote of 380 “ for’ to
427 “ against” was the result , we are informed, of the election
held Jan. 21 to vote on the question of issuing the $90,000
school-house bonds mentioned in V . 85, p. 1660.

Ocean Park, Los Angeles County, Cal.— Bonds Defeated.—
According to local papers the election held Feb. 3 resulted in
the defeat of the proposition to issue the $25,000 5 % 40-year
bonds for a fire engine and a fire-engine house mentioned in
V . 86, p. 302. The vote was 69 “ for” to 157 “ against.”
Ogden School District (P. O. Ogden), Weber County,
Utah.— Bond Election.— An election will be held Feb. 24
to vote on the question of issuing $90,000 4 % 5-20-year
(optional) high-school-building bonds.
Oklahoma.— Purchase of Mineral Lands and Bond Election.
__ I t is stated tha tthe Commission, which was appointed
last year by the Constitutional Convention for the purpose
of advising the State Legislature as to whether or not 440,000
acres of segregated coal and asphalt land in this State be
purchased, has submitted its report recommending such a
purchase at a price not to exceed $10,000,000. The Com­
mission recommends further that the question of issuing
$10,000,000 bonds for the above purpose be submitted to a
vote of the people at the next general election.

The list of proposals published in the “ Chronicle” last
week was incomplete, owing to the fact that as the number
was so extensive the Comptroller did not finish reading the
same until a late hour. Most of the large bids, however,
appear in the above award. Spme of the more import­
ant ones which are not included above and were not reported
last week are as follows:
M. L. Turner o ff$400,000 from
O k la ........................ \102.01 to 103.875
Ladenburg, Thalmannl 670,000 from
& Co., N. Y .............J103 to 103.76
Bond A Goodwin,
__
Boston ......... 1.050,000 from 101.57
to 103.03

........ p s s w . * ,

Date March 1

Norwalk, Fairfield County, Conn.— Bond* Not Yet Sold.—
This city is still on the market with the $35,000 4 % 20-year
coupon (with privilege of registration) sewer-construction
bonds mentioned in V . 85, p. 1417.

_

$3,000,000 Assessment Bonds due 1917.
F.M.Lockwood A C o .. $5,000 103
VVm. H . Burger * «o.
Virginia A. Kltabdjlan 4,000 103
William II. Ketcham. 5,000 101
Howard R . Cummings 1,000 102.50
Samuel John, Attorney 10,000 101
German Bank, acot.
500 100.75
Caroline T . Haven____
9,500 104
of MaxPoMock-----A . W . Cummings____ 2,000 102.50
Joseph F. Seitz...........
1,000 101.50
R , E . Rohlnsan A Co. 30,000 104.17
Max Erlanger................ 9,000 104.01
William H . B r a g g .../ 10,000 100.50
104.01
George C. Heck--------- 10,000
1 10.000 101
First Nat. Exchange f 5,000 105
Aslel A Co.. N. Y 250,000
101.03
Bank, Sidney. 0 . . |
6,000 104.75
J. AW .Seligman A Co. 5,000 101
104
1100.000 102.02
Superior Sav. & T r .l 60,000 104.10
R . L. Day A Co.,N.Y. 100,000 101.51
Co., Cleveland, O .) 50,000 104.30
J 50,000 101.50
Oscar Erlandsen.........
2,000 104.03
1,000
101
John McKee.........
104.07
C. Schwedt A O * ____10,000
James C.Royce_____ j 1,000 100.52
1 10,000 104.26
\ 1,000 101.02
Andre Jacobi & ©O- - } 10,000 104.13
Edward F. Cragln____100,000
101.26
J 10,000 104.01
Thompson B . Murray.
500 103.50
1 50,000 104.01
Chase Nat. Bk., N . Y . 12,000 101.50
l 35,000 104.06
Ferris A White_____ j 5,000 100.50
) 35,000 104.11
\ 5,000 101
Arthur Upper A ©o-f 15.000 104.15
J. P. Morgan ACo.,1
1 15,000 104.21
1st Nat. B k.of N1
f 15,000 104.26
Y ., Nat. City 11,101,880 100.377
J 15,000 104.31
Bk. of N. Y . and)
f 15.000 104.02
HarveyFiskASonj
104.15
Charles H . Lehmann.. 1,000 101.07
c - M e i ................r s f f lo 104.50
( 2,000 104
1 5,000 101.07
I 5,000 100.81
1 25,000 104.25
George B. Elliott____1 5,000 100.68
Llbbey & Strothers. J 25,000 104.50
| 5,000 100.63
m y
......... .. _ t 10,000 104.75
J 5,000 100.60
> 20,000 104
Charles M. Hamilton. . 4.000 103
Lewlsohn Bros_______ 200,000 104.10
Merchants’ Loan ATrllOO.OOO 100.431
) 100,000 104 20
Co., Chicago, III., f 100,000 100.531
1100,000 104.10
104.30
Metropolitan Tr. do. >100,000
Henry Clews A Co____ 25,000 100.75
1100,600 104.40
) 1,000 100.50
iioo.eoo 104.50
Zlmmermann A For-1 9,000 102.50
) 80,000 104
s h a y ______________ J 20,000 103
104.01
William T . Parker------ 1,000 101
FOX&pler.............. { Jgffl 104.13
C. E. Welles A Co____ 5,000 103.50
104.12
RhettBros.
. ............ 15,000
1 50,000 100.791
Smith. Heck & Co. - - - 26.000 104.01
| 50,000 100.721
Aslel & Co----------------- 200,000 104.18
Moffat A W h ite ____} 50,000 100.651
| 50,000 100.581
Walter T. Miller-------- 8,000 104
104.02
J 50,000 100.511
A . Sartorlus........... - - - iO-OOO
Edward Leonard-------- 2,500 104
Johnson, Wood Al
___
Webb & Prall................ 20,000 104
Rodgers................... \ 5,000 103.50
1 25,000 104.57
Adam Nickel................. 10,000 102
104.27
John D . Everltt A 25,000
, 20,000 101
104.07
Co., N. Y ........... 25,000
25,000 100.75
104.001 Wadsworth A Wright,
Jos. F. Marcus......... - - 26,000
N.
Y
______________
J 20,000 100.50
r . J. Jacobs A'Co-----o,000 104.01
) 2.000 102.50
Probst.Wetzlar A C o .. 50,000 104.09
Julian Walker........... 1 2.000 102.75
Frederick Fennell-. . / 20,000 104.50
2.000 103
104
II. W . Macomber------ 3.000 102
Gilbert B. Elliott.........
5,000 104.07
Citizens’
Nat.
Bank.)
104
W . E. Clowes........... - - 1.000
Oneonta, N . Y ------J 5.000 104
1 7,000 104.25
2.000 102.25
Farmers’ Nat. Bank,! 5.000 104.50
James M. Holland . .1 5.000 101.75
Allentown, N. J . - J 6,500 104
5.000 101.25
J. G. Zachry A C o------ 5,000 104.08
Fulton Tr. Co.. N . Y .| 25,000 101.50
Geo. F. Hopkins A Co. 40,000 104
R . J. Jacobs A Co -------5,000 104.125
Clarence A. England.. 1.000 105
S e l m a S t e r n - ..............{
John C. F. Slayton... 5,000 104
i:o o o
io i:? 5
Newton A. Frost-------- 1.000 104
C. Loughlln A RudcllJ 20,000 102.50
) 80,000 101.50
O’Connor A KahlerJ 25,000 104.042
104.207
N . Y — - ................\ 25.000
Charles Mead A Co___ 5,000 101
W . F. Lauer A Co------ 24,000 104
Joseph F. Daly........... 8,000 101
William D. Brown-----20 103
104.15
John J. Gartland------J 3,000
1 J.UUv 104.125 E. Buckenholz........... J 10,100 102
\ 3,000 101.50
2,000 104.25
Sami. Brannen Kantzj 2,000 104.125 Brown Bros. A Co------ 3,000 102.55
2,000 104
W . H . Rath..............
2,000 102.50
Mary Goddard Potter.
500 100.75
Max Elnhorn................ 5,000 104.50
Peter D . Klernen......... 10,000 101.01
F. Dauphlnot................ 1.000 104
Thomas J. Woods-----100 101.50
Title Guar. A T r. Co. . 4,000 104
A. Sartorlus................. 10,000 101.50
F. j . I.lsman A Co-----1.000 104
National Bank of)
R . W . Gcldart.............. 1,000 104
Commerce, N. Y . . J 20,000 101.50
104
r ..f
.
Thompson R . Temple. 2,000 100.50
\ 50,000 104.25
R
.E
.M un sford........... 50,000 102.315
f1,000.000 104.125 L. D. Weiss........... ..
3,000 100.50
A.A.Housman A Co|
1,000 104.50
George
B. Salisbury/ 20,000 100.75
104
& Co ___________ 1 20,000 100.50
George D.Coaney------ 5,000 104.375 Mech. Nat. Bk. of K y . 10,000 100.50
J. M. Moos.................... 50,000 102.64
W . D . O’Masta...........
4,000 104
Seligman A M eyer..., 35.000 104.001 Lewis Ash...................... 7,000 103.50
200 103.25
10.000 104.501 Levan M. B u rt...........

[VOL. WCXXY1.

M. E. Harby.............. $250,000.-103.863
Long Isl. Loan A Tr. 11250,000 from
Co., Brooklyn.N.Yj 102.125 to 103.50
Mellen Nat Bk., Pitts 200,000.-103.25
Second National B k.,/ 300,000 from
Boston
............. /103.08 to 103.54
Henry Clews A Co..11,025,000 from
N. Y ...................... ] 100.75 to 102.75
Francis M. Jenks . . . \ 100,000 from
J102.80 to 103.55

Oklahoma City School District (P. O. Oklahoma City),
Oklahoma County, Okla.— Bonds Authorized.— According
to reports, the Board of Education recently authorized the
issuance of $75,000 school-building bonds.

Oronogo School District (P. O. Oronogo), Jasper County,
Mo .— Bids Refected— Bond O ffering— All bids received on
Feb 5 for the $9,000 10-year school-building bonds at not
exceeding 5 % interest, described in V . 80, p. 184, wove re­
jected . Proposals are again asked for these bonds and will be
received, this time, until March 4. J. L . Russell is District
Secretary.
Oxford, Butler County, Ohio.— Bond Offering.— 1 roposals
will be received until 1 2 m ., March 10, by D .I . Beaton, Village
Clerk for $4,500 4 U % water-works-system-extension bonds.
Authority, Section 2835, Revised Statutes. Denomination
$500. Date March 10 1908. Interest semi-annually at
the Oxford National Bank in Oxford. Bonds ,ar<?, c0liPr™
in form and exempt from all taxation. Maturity $500
yearly on March 10 from 1920 to 1928 inclusive
Certified
check for 5 % of bonds bid for, payable to the Village Treas­
urer, is required. Purchaser to pay accrued interest.
Bonds will be delivered within fifteen days from date of
award.
Paoli, Orange County, In d .— Bond Sale.— On heb. 13
®8,000 4
coupon electric-light-plant-construction bonds
were awarded to the Harris Trust & Savings Bank of Chi­
cago at 101.25. The bids were as follows:
„ ° . 1o T „ 1U,

.
« ,-vin„o
I Breed A Harrison, C ln cln ..$ 8 ,0 2 4 00
Ha«>s T r u s t A Savings
0() s A Kcan> C hicago............ 8,008 00
J. F W ild A C o^in d ian ap 8 ,0 5 7 50! It. lUeybolto A C o.. C h ic .. 8 ,000 00

Denomination $500. Date Feb. 13 1908
Interest Jan.
15 and July 15 at the Town Treasurer’s office. Maturity
$500 vcarlv on July 15 from 1909 to 1912 inclusive and $o00
each six months from Jan. 15 1913 to July 15 1918 inclusive.
Bonds are exempt from all taxes. Bonded debt, not in­
cluding this issue, $325. Floating debt, none. Assessed
valuation 1907 $418,604.

Park Ridge School District (P. O. Park Ridge), Bergen
County, N. J .— Bond O ffe r in g --Proposals will be received
until 2 p . m . March 3 by Geo. E Duncan President Board of
Education, for $40,000 5 % « ^ \ . b o n ^ . A u 1 ^ n t y etoatinn held June 3 1907. Denomination $1,000. Date March
1 1908
Interest semi-anndal. Maturity $2,000 yearly on
March 1 from 1917 to 1936 inclusive. Certified check for
2 % of bonds bid for, payable to the Board of Education, is
required. Delivery of bonds April 7 1908.
Pen Argyl, Northampton County, P a . - B o n d sVoted .— On
Feb. 18 the electors of this borough cast^ _ v° ^ o f 407 “ for” to
302 “ against” a proposition to issue $15,000 4 % 5-30-year
(optional) municipal-building bonds. W e are advised that
these bonds will be offered for sale next April or May.
Peoria Township, Peoria County, 111.—Bonds Not Yet
Sold.— This township is still in the market with the $50,000
4 % 5-20-year (optional) coupon Upper Free Bridge building
refunding bonds offered but not sold on Sept. 16 1907. See
V 85 p 750
W e are informed, however, that unless these
securities are disposed of before the next spring election
in April, another vote will be taken on the proposition to
refund at a higher rate of interest.

Pine City Township (P. O. Pine City), Pine County, Minn.
— Bond Offering— Proposals will be received until 2 p. m .
Feb 29 by J. E . Odcgard, Town Clerk, for $3,000 bonds.
Denomination $300. Maturity “ on or before ten years.

Norman, Cleveland County, O kla— Price Paid fo r ? on^ _ I^*’pipes toneLPipe stone County, Minn. - Bonds Not Yet Sold.




I

t t yet succeeded in disposing of the .2 0 ,0 0 0

Fe b . UU 1908.1

the

c h r o n ic l e

i 5T rrn re^ 'n(linS water-works bonds mentioned in
v. 86, p. 1060.
We are advised, however that annliefttirm

s? «

^

w tthb w h i e h ^ n ! ° f t h G iS H tC °if iAl irin es° t a f o r a l o a n o f $ 2 0 , 0 0 0
w i t h w h ic h t o r e f u n d t h e o ld b o n d s .

9,000

Portland, Jay County, Ind. — Bonds Not S old__ W e are

4 ’ oon

in fo r m e d

by

th e

C ity

C le r k

th a t

no

aw ard

w as

m ade

501

6 % 3 ?-Ve«

t u

s

r ^

5 „ 'year aewer bonds.

u

v

s

w

:

Vote 81 -fo r ” to 168 "aeaJnst ”

on

I
j ' -i <ro-iv,!L
°f
improvement assessment
bonds, aggiegating $5,731, described in V . 86, p. 302.

Salem, Roanoke County, V a . —

B o n d s A w a r d e d in

P o rt

—

H olm es'
Gount ^ ’ W a sh .— Bond Sale.— J. M.
$10 000 fity trnhi^0 advises, u® tllat Fe has purchased the

honni repor^ state that of an issue of $25,000 improvement
tn inn *je?ently authorized, $8,000 was disposed of on Feb 13
to local investors at par and accrued interest.

™ £ l d o ^ l m d l ? US

- ? “b?a ®5ams D) 3r r;C‘;fSfan‘S!aUS p 0lmty,

T

,8 ? O
pnd| 0 2 hiCh WCre 0,tC1'0d bUt

bond., of this district on
thus hoinp* inn in i
ri-,i

S0S ^ T h ^ C$0s T i r o (? a / ° ; Li®bon). N . D .— Bonds Not Yet
Dec 1 l W f v ’ s ^ n ^ l i u
offered without success on
tc - 1
(V. 8o, p. 1 6 6 1 ) have not yet been sold.
f ?b

okT

RensselaerviUe, Albany County, N. Y .— Bond S a le

mcentlyT'oted )

This

*

County,

a - g ) V*•''

Seneca Falls, Seneca County,
Proposals will be received until 7
L. Guion, Village Clerk for the
completion bonds voted’ (V. 86,

9 ^ c '~ .DebentY es Not Sold.— Up to Feb. 13
whif'h wor L t ^ . % )yater-works debentures proposals for
s«ll for safe
Untl1 JUne 15 1907 <V ' 8 4 > P 1387), were

FetoSoZ?SOV COUnty, v(P' °* ®Prinfffield)» Tenn . —

&

7e V o W 0Ma?c0hU35°.Wlth * brick StnKture <V - » , P- m ) ^ £

10‘ 3 ' ,9 1 4 ’

w e^ea^f that I t i ’ ~ B o n ^ s A u t h o r i z e d . — 'Through local papers
C i t v S i n , at a meeting of the Finance Committee of the
to L u f $ S nnnd^ anan9> the City Treasurer was authorized
instS w n w ° 0 0 +4 % 30a"year. coupon bonds to purchase and
$1 000 ^ at,Gr m®ter?- Securities will be in denomination of
$1 >000 each and will be dated March 1 1908.

£

iSSUa" C° °f

question of issuing the bonds to replace t L b u rn ^ fw ici, - he

.disPosed of the $3,100 4 % coupon
ln,
8 6 > P- 125- Maturity on

1915 and m T I n d ^ M .o S o ln m ® 0 yC“ ra ^

i

R n r ,j«

t z e d . - The City Council, it is stated^ has ^ S sse d an

^ - - R e p o r t e state tliat an elec-

of issuing S I5,000 schod-taiW tag tomlshC V° f° ra th° q ,'eS,i0"
turnpike b o n ^ d ^ t
Feb P1 as follows-

C a l.- B m d S a le .

5 f f o r ^ e O o ' S ^ i , 000 5-%
2iO the price

Feb3 n 1M 8°° Interestam tu5?re “ ° ttor
■ 8,an Ang'el0» Tom Green County, Texas —

County1 o1^ 80^ 01 p W rict (P. O. Rapid City), Pennington
tioifwill he £ i7

M

Vo te l 106 -fo r ” to

waterfront Improveirent bonds.

N . Y .__ Bond Off**p. m Feb 25 h vT?\n<J'~j
tio
25 by Edward
p.
m Zim ?'

1„S.eWr r d ,,SeWard County, N eb.— Bond Election Proposed —
According to reports, the citizens of this city have petitioned
the Council to call an election to vote on the n K S £
r

Bonds N ot

2 0 - ^ v i r / ? ? Wan haS yet M
Cen made of the 8150,000 4 %
fV s^y 'n R°1 «^ionalTcouP,on p|ke bonds offered but not sold
t v . 85, p. 618) on June 1 1907.

S

mbgo „ ^ ° ’000

city-ha"

aod

ceivfdhumu ’ i f ' *
O f f e r i n g s . — Proposals will be re­
ceived until 11 a. m ., Feb. 26, for $300,000 notes runnimr
for 5 months from March 2 1908
ninmng

P TavloVSw am d ’ haS n°ted to issue « 4 0 >000 bonds. ‘
iaylor, Williamson Countv. T e x a s __ liond
__

Shenandoah, Schuylkill County, P a.__ Bonds Voted
nS
rP,

\bmiily|7 S ° f !i'liS cil-v win vo'te, according to reports

on

streetdmprovomo°ntqb?„d0sn ° f iSSUi" g ®2 5 -000 5% “ ' ^ r
Temple, Bell County, Texas.— Bond Sale.— The Harris
S
V

86

*i

that- ? 1S district is still endeavoring to sell the
p ^ l 2 5 re^1Slered scb°°Fbuilding bonds mentionedin

, f i l i n g Meadow School District No. 1907, Sask .—
posedoJ^Sl ,000 debentures f

Rosser, Man . —

^

these securities.

.—Proposals will he re

yearly o n Jan ^ ^ T n S l d w ^
ni.Pegtion $yi , 0 0 2 ,^ 6
l0 t a l debt, this issue.
O ffe r in g

t u S f f o r saL7‘ ary l rcaSUr° r ’ is
asss

» P *•

»
>

a description of

Union (P. O. Weehawken), N . J .— Bond Offerinn__ Pm
posals will be received until 8 p. m March ° L
i Pro'

D ehen

»

Maturity $1,000
Assessed valua-

.—This town

a

r

z

s

3S

S

w

Yet
$15,000
%-20-ycar’
5
5
(option,7 ' S i , b ^ n d f m m ”
™ t l n £• 84 ’ PY,884/ are sti11
the market.
mCn*

Con

the f o i l o ^ i &

IP S8 S S 3 lift'd! S &

«

Trcasm cr',1 office^' &
£
part yearly on May 15 from 1913 to 1917 inclusive
£ S y
a rc ta x ^ x c m p t. Emil Bants Jr.
isTown Clerk

$1 non
T?0*’00? 5 % drainage debentures. Denomination
; ’S ' PoDate / a a - 22 1908. Interest annually at the Ca-

D e b en tu re

?%

thiS diStl'iCt rGCently dis’

D e b e n tu re O ffe r in g

Rosthern, Sask . —

adyH’

r

'&%■»

1n nnn r o , y e a r l y f o r t w e n t y y e a r s .
07 ’
I n t e ic s t a n n u a l-M a tu rity p a r t
1 0 ,0 0 0
6%
d e b e n tu re s d a te d J u ly 1 9 0 7 .
In te re st an n u al
m *
i.
y e a r ly lo r t w e n ty y e a rs
in t e r e s t a n n u a l.
M a t u r it y p a r t

»

r - i f ** ««

M

S M

i n

o r f i n ^ p ^ v W i? « & T i s s u a n c e
y ».

t t 5' " n°-SiX,h y"a'ly »

^

( s c S l f paving ■ S n d ^ ^ a t ^ S l ’ 9
w ,fc a w t S
a par and accrued interest as follows: $25,995 09 to W V
Sa‘ i0n f° r 1007 ®71° ’» 9°

v ie

o
Cf0lUtic&aC° - ° f NCW Y ° rk City “ nd 82,937 83 to

Sag Harbor Union School District No. 11 of the Town of
Southampton (P . 0 . Sag Harbor), Suffolk County, N Y will be received by Brinlev D
Sleight, Secretary of Board of Education, for $30 000 5°7
Bond

C^ i f ^ O f f e r i n g . — Proposals will be received until 12 m
March 2 by Fred . G. Reussing, City Comptroller for $150 000

O ffe r in g .— P r o p o s a ls

D?te N o v 8 l°°itn U7
$3,000 yeariy on

Tgn ♦ b01\dS- Denomination’ $0i°OoS
S S T S h T I S ^ S Z l^
^

S ? C “ x r iW .UIsS 1^ 08 ^ . 02,^ e *00'000 bondS offorKl
St. Bernard (P. O. Cincinnati), Ohio .— B o n d Olferinn —
Proposals will be received until 12 m . March r> h i <
Schrocder, Village Clerk, for $4,968 50 5 % Sulhvan 4 v enS
a
s
“c
dr
rDenomination
ent bT ds- $496
A u 85.
t & yDate
, s “ t4
Municipal
Lode.
Jan 96!
n
1908.
Interest annually at the Citizens' Bank in St TW
nard. Maturity (4 9 6 85 yearly „ „ J°an i f from 1909 to
Bondi ClUS1Ve‘ Accrucd interest to be paid by purchaser
Bonds ore coupon in form and exempt from taxation
'
p r o i L a l fwill
f i n ,be
? dreceived
7 a -'‘d |0until
/ 7 T ?March
; ~ t ocal
rcP$1
°rts
state
pioposais
20 for
000
000that
407
insane-asylum bonds.

They will be deUve^d Ap’ril°i'?908 %

,■Petersburg, Hillsboro County, F la . —

B o n d s D e fe a te d

1 he election held Feb 4 (V so n
. * Defeated.—
of propositions to
1 ' 8y
184y resnlted in the defeat
I t e l f a s S fo llo w s lf10 b° ndS W g a t m g $80,000. The




t t S t ; erN ov atr i O
Q0sndCrbt^ f T - i Date ^ arch 2 1908.°°M a u y l\ot.
1908. Certified check for 1 % of certificates
bid for payable to the City Treasurer, is required
p jf
chaser to pay accrued interest. Certificates to be delivered"
wBlnn ten days after date of award.
ddnered
Vigo County (P. O. Terre Haute), In d.— Note Olferinn, _
I roposals will be received until 10 a. m . Feb. 22 bv Nathan
G. Wallace, County Auditor, for a $5,000 6 % note
I)ste
day of deliver}-. Maturity Dec. 1 1908
Pronosals will ,]tC
be received until 10 a. m . to-day fFcb 15? K ^ v
a^ °
s

v

s

SI 000

g

r s

js

g

F

s

&

t

n

r

‘N«

s - i Date
h Jan
; , ' S

except one bond of $500.

s

f f

T r^stC o m °T 5 a,ldrtD°,C' 15,a, t t,lc 0,fi“ “ f hheTerre Ha“ te
cQU/fnn • '
erre Haute. Maturity on Dec 15 as follows19l2°and o }? ! i i oon ^ 191,1; ? 5 ’U0° in each of the years
«7 rw» , 1 i 13r’ 86»000 ln each of the years 1914 and 1915$7,000 yearly from 1916 to 1919 inclusive: $8,000 in each of
lo years 1J20 and 1921; $9,000 yearly from 1922 to 1926
inclusive, and $10,000 in 1927. j
26

[VOL. LXXXYI.

THE CHBOtfICLE.

502

bonds
Authority pages 137 and 572, Acts of the General
Assembly of 1907. Date Oct. 15 1907. Interest semi­
/.oiwri for ^15 000 6 % water-works-installation debentures. annually in May and November at the National Bank of
Date Nov 4
t m .Interest annually on Nov. 4
Maturity
Commerce in New York City.
Maturity part each six
piTrt yearly4 on N ov. 4 for twenty years. A . F . Totske is months from May 15 1909 to N ov. 15 1918 inclusive
lo ta l
Secretary-Treasurer.
debt at present, $35,000. Assessed valuation, $18,500,000
Westerlo, Albany County N T - B o n d S a l e - W e «re ad­
Wallace Man.— Debentures Not Yet Sold.— Up to Jan. 27
this place had not yet sold the $50,000 4 % 20-year debentures vised that this town on Teb. 1 disposed of the $6,oOO 5 / 0
1-5-year (serial) coupon turnpike bonds, a description of
mentioned in V . 85, p. 965.
KSWapakoneta, Auglaize County, O hio— Bond Sale. The which was given in V. 86, p. 127.

Vonda, Sask.— Debenture Offering.— Proposals will be re-

Westerville School D istrict (P. O. Westerville), Franklin
County Ohio.— Bond Offering.— Proposals will be received

three issues of 4 'A % 1-5-year (serial) coupon sewer-con
tnrtL 1M U U ____ r,(T„r,irl hut, not aware

Dec. 9 1907 (V . 86, p. 126), have been sold to Chas. Herbst until 12 m . March 4 b y Mrs. Frances M. Fhckinger, Clerk
Board of Education for the $16,000 4 % coupon p u b h ^
& Sons of Wapakoneta.
improvement bonds mentioned in V . 86, p. 65. De
Warren County (P. O. Vicksburg), M iss.— Bonds Auf/wr- school
nominations as follows: twenty bonds of $500 each and six
ized — The Board of County Supervisors has decided to issue
bonds of $1 000 each. Date March 4 1908. Interest semi$11,000 5 % bridge-construction bonds.
annuallv at' the Treasurer’s office.
Maturity $500 yearly
Warren County (P. O. Lake George), N. Y . — Bond Sale
on Sept7 4 from 1912 to 1931 inclusive and $1,000 yearly on
W e are informed by the County treasurer
| Sept 4 from 1932 to 1937 inclusive.
$115,000 5 % bonds were awarded to Emerson & Co. ot W a
W etaskiwin, Alberta.— Debenture Offering.— This city,
rensburgh at par.
,
„
, mt •
Jas. W . H ey, Secretary-Treasurer, is offering foi sale the
Wayne County (P. O. Wooster),
following debentures:
Proposals will be received until 1 P - nr. I e b .
F
ditch- $90,000 5 % water works debentures m aturing part yearly for fifty years.
Hough, County
issues
50.000 5 % sewerage debentures maturing part yearly for fifty years. De
construction
bonds, being tne unsoiu puicic
oflbonds aggregating $13,000 mentioned
Authority Sections 4479, 448U,
‘

30.000 5 % e l°c n lc d lg b V p ia ^ extension bonds^matiirlng part yearly for

V . ||, ^ ^ e d
Date Jan j

2,500 5 % hTspUal^delmntures°maturlng part yearly for twenty years.
Denomination $500.

Interest annually in Wetaskiwi .

B o n d s t o ’b e d e li v c r e d o n t h e

ftatfng that the price p a i l’for the $60,000 4 ^ %

Wheatland, Laramie County, W yo .— Bonds Not Sold.—
This town, S. G. Hopkins, Clerk, is still inviting proposals
for the $25,000 6 % water-system bonds described in V. 8 o,

(not 4 % ,

p. 431.

Wells County (P. O. Bluffton), In d .—

v

B o n d O ffe r in g .— Y v o -

nosals will be received at any time by Edward baurer, County
Treasurer, for $133,880 4 'A % coupon highway-improvement

March 2 by the
acting as agent
school-building
Denomination

O F

N E W

E X E M P T
D a te d

M arch

I,

1 9 0 8

F R O M
-

.

G o ld

5

, 0

0

0

T o w n s h i p ,

BERGEN COUNTY. N J.,
5 %

i m p r o v e m e n t

3

R i v e r v a l e

Y O R K

4 %
H i g h w a y

_

National Bank of West Virginia at Wheeling,
for this district, for the *209,000 Y ]4 % highbonds voted (V 85, p. 244) on July I f 1907$1,000. Date N ov. 1 1907. Maturity part

#

S T A T E

.

WheeUng School D istrict (P. O. Wheeling), Ohio County,
W. V a .— Bond Offering.— Proposals will be received until

L f e n
F c ^ . ^ t o ' N ^"w ^^alse^yP&°Co! ofS Cliicago°was
$59^219 (98.698), and not 98.53 as reportedl in last weeks
issue
Bonds will be delivered March l 1908.

R oad

Im p ro v em en t

B o n d s.

Sealed bids will be received by the undersigned
until Four o’clock In the afternoon ° t ^ cDruary
Twenty-seventh, Nineteen Himdred and h lg b h
for Tw enty-live Thousand ($2o,000) DOUais r iv
(5 % ) per cent coupon Road Improvement Bonds
of River vale Township, Bergen County, wew

B o n d s

T A X A T IO N

-

-

a m o u n t in g

D u e

M arch

I.

< » >

1958

t

l

g

*

to
fsCCthee FlVftCday°oIi Februm y. Nineteen Hundred
antl

$ 5 , 0 0 0 , 0 0 0

oL?tined Check for One Thousand ($1,000)

Mow Ferscv must accompany each bill.
Issu ed

in

C o u p o n

or

R e g is te r e d

" Thi»

F orm

■

Kocstcr

.

W ill

B e

S o ld

W e d n e s d a y ,
A t

S t a t e

2

O ’c lo c k

C o m p t r o lle r ’ s
T h e se

L e g a l

M a r c h

P . M .,
O ff ic e ,

B o n d s

I n v e s tm e n t s

fo r

at

ilth,

J w

1 9 0 8

U

-

Township Committee.

th e

A lb a n y ,

N .

P e rr y

Y .

A re
T r u s t

C offin

&

I N V E S T M E N T
F u n d s

6 0

S ta te
b

\r Riria -win be accepted for less than the par value of the bonds nor unless
°
’ rl hv a deposit of money or by a certified check or bank draft upon a
T T h a n t o^ trust com pan^Qf the cities of Albany or New York, payable to
t t o r i o r ot the Comptroller of the State of New York, for at least two per cent
of the par value of the bonds bid for.
,
All proposals together with the security deposits, must be sealed and endorsed
“ L^an for Highway Improvement,” and enclosed In a sealed envelope directed

o

B O N D S ,

S tre e t,

s t

M U N IC IP A L

B u rr,

o

A N D

.

n

R A IL R O A D

B O N D S .
list on application .

SE ASO N GOOD

&

M A Y E R ,

m e r c a n tile L ib r a r y B u ild in g ,

to the “ Comptroller of the State of New York, A bany.

C IN C IN N A T I.

All bids will include accrued interest.
b

l

a

c

i n

FOR FURTHER PARTICULARS ADDRESS
M A R T IN

>

H.

G L Y N N , S ta te

Dated Albany, February 14, 1908.




C o m p tr o lle r ,

A lb a n y ,

k
v

s t
e

a

s t

f
m

&

f
e

n

t

C O .
s

1332 Walnut Street
N .Y .

PHILADELPHIA

LIST OF SPECIALTIES ON REQUEST

Feb. 22 191 >g.|

c h r o n ic l e .

the

tiffed c W k fn fet J/Carf & twenty-fivc years inclusive. CerWost W rrin S *1 i f by d ’ payable to the National Bank of
accmed S r i ? WhGGh^ ’ 18 sq u ired . Purchaser to pay

503

i s s ^ n f 1$27C?00 ^ / v ~ Df >T -tUreS Voted- ~ Phe question of
debentures carried^by °a v ote'S f
held Jan. 6. Maturity December i JSs
t^
r” t® C£ f102

b e ^ e h r e d ^ f t n s' Y ' ~ C ^ t i f i ? a t e O f f e r i n g . — Proposals will
t VntllT8 P- m - March 16 by the Board of Village
w m not
a s s e s s m f n / f l f - i ' ,Browfn ' President, for $44,000 sidewalk
interest
certificates of indebtedness at not exceeding 5 %
Comp-'
S r S f s ;m /n 0nOmn atl<<,n 1S1’0 0 0- Date March 1 1908
Intfr itf K
l T S l at the Village Treasurer’s office. MaMaturity
*
2
,5
0
0
’yearly
on
Iferch
”
^
“
“
9^
19
4
!
il!dubanl-^or irnof1 19 13‘ Certified check on a State or national
b fil- i f t f c comPany for 5 % of bid is required.
Dofr1Cf ! ta!r K an - ~ :/yond O f f e r i n g . — The City Clerk, R . N .
Yorkton, Sask . — D e b e n t u r e O f f e r i n g . — Proposals will be
eounAnS, 5 ^ ngKat Priva.te ®ale an issue of $7,535 78 5 % received by It. H . Lock, Secretary-Treasurer, for the foil
follow1903
7?
S bonds
Authority Chapter 122, Laws of ing debentures:
sfnd'-iTunffn-lf!,rrfv !)nr $,)01° • Date Jan- 1 1908- Interest
iitrifv f f f f l r L f ihe flSCa aS°ncy in New York City. Mafrom^aff taxesar ^ Bom one
Icn years. Bonds are exempt

'\0S ,A ngeles County, Cal. —

Bond

5 m 'o oo RV rin'year Wflter-works debentures dated A u g. 1 1007
10 000 f l r 49 n t e a
» r sewerage-dlsposa1 debentures dated Aug. 1 1007
1U,UUJ
20-year debentures to obtain a controlling Interest A
Yorkton N orth-W est Electric C o ., dTted Ap?ll 1 1 9 0 ? !
1 the

Denominations: $9,000, $3,000 and $1,000. Interest
annually at the Bank of British North America in Yorkton.
e lentures .are coupon in form and exempt from taxation.

E le c tio n

Los Angeles papers state that the City Trustees
have commenced proceedings for a $100,000 bond election. '
l ro p o sed .

Windsor, Ont. —
otntnri

a

D eb en tu re

r

-t•

S a le

— On Feh

19 tfio

v s3f

’•

h n f nntP° rtCC 11J11 v ' 8o ’ P* 965 these debentures were offered
but not awarded on Sept. 3 1907.

r t

Youngstown, Ohio. —

P* 364, were awarded, it is

Proposals will be

t T 7 o f r t e g bands*’ 9 * W“ ’ 1 ^

°f
Winnipeg, Man. —

O f fe r in g .—

Bond

D eb en tu res P r o p o s e d

310.000 5 %

__The Citv Council

t o T a ^ l t i s t i f ^ i S t T frCp0rtS’ t-° issue
500,000 debentures
floatimr indchf^ , iabllltlcS) provide for the retirement of the
<g
' edness and to pay for necessary improvements.
7i ^ “ *niPeH School District No. 1 (P. O. Winnipeg-) M an__
S S f A
- ®
" , *200,000 i % . C h o o w f f l u ^ i f r,, - I n f 1 , / ? \ 6 and described in V. 86, p. 127, have been
purchased, it is stated, by W ood, Gundy & Co. of Toronto
Debentures mature Aug. 1 1941.
n to '

Winthrop (P. O. Station Boston), Mass . —

Bond

S a le

__

According to reports, $140,000 4 % 30-year water bonds have
icon purchased by Merrill, Oldham & Co. of Boston at 100.02.

.1 0 5% ^ Q Q ^ ^ ^ ^ ^ ^ ^ s^ w e r ^ b o n d s.

i ’V

^

Maturity $1,000 on Oet. 1

MatW,ty 5259

l :

1,420 o % ^

o13di ^ Uslve!S

yearly

MatUrlty 5285 »

o»

on O ct.

annutifv °atCth fnr t i f rT dated M,a rc B l6 1908- Interest semi­
annually at the City treasurer’s office. Bid must be made
n each issue separately and accompanied by a certified
check for 2 % of each issue bid upon, drawn on a national
bank and made payable to the City Auditor
iC c h a ser
prepared to take the bonds not later than March
16 1908, the money to be delivered at one of the banks in
Youngstown or at the City Treasurer’s office.

M EW LOMftiS
1 * * 2 0 0 ,0 0 0

Ci*

Maturity $2,000 yearly on

INVESTMENTS.

# 2 5 ,O o o

City of Wilmington, North Carolina THE BOROUGH OF AMBRIDGE, PA. HUNT, SALTONSTALl 4 CO.,
Members

WATER and SEWERAGE BONDS
F O It

SECOND ISSUE TWENTY-FIVE $1,000
5% BONDS

S A t IS

Sealed proposals for the sale of $200,000 City I
•f W ilm ington, N . C .. W ater and Sewerage
Bonds will be received at the office of the City
Treasurer of said City until 1 2 o ’ clock m . March
lo th , 1008.
Said Bonds bear Interest at the rate of 4 H %
per annum , payable semi-annually, and mature
forty years after date of their Issue.
A deposit of 2 % required with each bid.
The City reserves the right to reject any or all I
bids.
*1
JN O . J. F O W L E R .
City Clerk and Treasurer.

_________

R. L. DAY & CO.,
87

M a ll

st.

85

F<EW

Congress

\ MUNICIPAL

HIGHGRADE INVESTMENT BONDS
M u n ic ip a l an d R a ilr o a d

BO STO N

NEW YORK CITY
Tax EXEMPT

BONDS
&

G o .,

AND CORPORATION

0 0 N D S *

S t .,|

HOSTOS

GO S T A T E S T R E E T

C. M. G R E IG , Secretary of Council,
Economy I>. O. Am bridge Borough, Penn.

McCoy

T. W. STEPHENS

1,8, La Salle Street, Chicago.

Blodget, Merritt &

C

B o s to n

S tork

Y o r k m id
E xch a n ge*

Cuban Securities

O

Albert Kleybolte &
409

W a ln u t

S tr e e t,

C IN C IN N A T I, O .

__

H ig h -G r a d e P u b lic
b e c u r lt lo M

S e r v ic e

CorresriondonoG Solicited

Knickerbocker Audit Co.
45 W illia m

S tre e t,

CHAB GRISWOLD BOURNE, President
Telephone Connections




YORK

IFRANCKE, THOMPSON £

i n v e s t m e n t

ROBB

Members N. Y. Stock Exchange

C o . hVATt:- mft

43 1Exchange
* ltA
Ui0U> Place

b o n d s

I iImIm u p o n r e q u e st.

Municipal,
County, State,
•nd

A S P E C IA L T Y

60 State Street, Boston
S tttfA N M A ft 1 T K K K T , N K W

CO.,

&

2 WALL ST., NEW YORK

B A N K E R S ,
n fe m b e ra N « - w

New York Stock Exchange

Investment Securities

Nos. 1 to
payable January 2d , 1913
Nos. 6 to 10
2d, 1918
Nos. 11 to 15
2 d ,1 9 2 3
Nos. 10 to 20
2d, 1928
Nos. 21 to 25
2d, 1933
Assessed valuation $.1,300,____
715.
Bids close March 2d, 1908, at 9 p. m.
Certified check for $300 to accompany bid
Mark envelopes "sealed bid” and mall to

MacDonald,

of

H rlM o l

T e le p h o n e t-444 H a n o ve r

BRANCH OFFICE
RufIdliiffv 5 t h A v e « an d
Telephone 155S Bryant

4 2 d 5it.

Denison & Farnsworth
BOSTON
CLEVELAN D

and

P H IL A D E L P H IA

A. H. Bickmore & Co.,
b a n

k e r

s

K s ta b llN h r d

H. C. Speer & Sons Co.
F in s t N a t. B a n k B u ild in g , C h ic a g o

CITY COUNTY
D H M n O
AND TOWNSHIP M v H U O .

BONOS of Public Service Cor­
porations carefully selected
for conservative investment
TO NET 4 M% to 554%.
30 P in © S tre e t.

N ew Y o rk

r£

M

e r c a n t ile T r u s t

C o .

Clearing

House

C apital and Surplus, $9,500,000

*

Nov. 16, 1901,
$ 5 ,0 1 9 ,6 8 8 50

1

N o v .1 6 ,1 9 0 4 , $ 1 6 ,5 6 4 ,8 2 0 4 3
N o v . 1 6 ,1 9 0 5 , $ 1 7 ,1 9 4 ,2 6 2 7 9

Th e

Nov.

U

s .

CO.

O

L

D

C

T

R

O

L

O

N

Y

1 6 , 1 9 0 3 , $ 1 7 ,9 1 9 ,9 4 9 0 3

U

S

T

C

O

.

BOSTON, MASS.

- $4,000,000

A legal Depositary for Court Funds, and aut orlzcd to act as Executor, Guardian, Ad
mlnlstrator and Trustee.
D IRECTO RS.
P H IL IP S T O C K T O N . President
Charles F . Adams 3d.
George
r ano
Orlando II. Alford.
Gardiner M . Lane
F. Lothrop Ames.
Arthur Lym a ,
J o h n s . Bartlett
Maxwell N o rm a n ^
Charles E. Dotting.
Robert VV PrcstSa
Alvah Croclcer,
Andrew vv . ‘ *
,,
Livingston Cushing.
Richard ^ - ^ u®seU
U eorgeA . Draper.
Mow? rd a 1 s?tono
William F. Draper.
Charles A . St
Wllmot R. Evans.
Oa cn N . Stone.
Frederick P. Fish.
Q uincy, A vrhaver
Robert F. Herrick
Nathaniel [hayer.
Francis L. Hlgginson,
Henry O- Unclerwoou
Henry C. Jackson.
W . Seward Webb.
Sidney W . Winslow.

Nov. 16, 19e2,
$ 1 1 ,9 8 4 ,5 2 3 33
1903,
511,8 5 1 ,6 7 9 92

y tm

Transacts a General Trust and
Banking Business
Interest Allowed on Deposits Subject to CheckActs as Trustee under Railroad and other Mort­
gages; also as Agent for the Ueg s
and ITansier of Stock.

INo v .1 6 , 1099
517,051 19

16,

m

Capital & Surplus, -

N o v .1 9 ,1 9 0 0 ,
S 2 .807 .245 97

Nov

( t io

B U N K E R H IL L B R A N C H :
City Square. C H A R L E S T O W N , M ASS.

qoq

DEPOSITS

s t

50 STATE STREET. BOSTC N. MASS.

Association

F E S T U S J .W A D E
WM
1 resident.
,
—- .
Commenced business N o v . 1-',

x n

CITY TRUST

S t . L o u is , M o .

Member S t. Louis

I

[VOL. LXXXVI.

THE CHRONICLE.

604

Capital and Surplus,

-

$7,000,000

T R A N S A C T S A GENERAL
B A N K IN G
B U S IN E S S .
ALLOW S IN T E R E S T
ON
D A IL Y
BALANCES
SU BJECT
TO
CHECK.
T R U S T E E U ND ER MORTGAG­
ES.
TRANSFER
AGENT.
R E G IS T R A R .
B O A R D OF D IR E C T O R S :
T. JEFFERSON OOOLIPOE Jit., - - • - Chairman
' Henry S. Howe,
Gordon Abbott,
Walter Hunuowell,
Oliver Ames.
Thomas L. Livermore,
C. W . Aiuory,
Hilaries s . Mellen,
Charles F. Ayer,
George v. L. Meyor,
Samuel Carr.
J,aurence Minot,
B. P. Cheney,
Richard Olnoy,
T. Jetlerson Oooluljre,
Robert J. Paine, lA,
Charles E. Dotting,
Philip L. SaltoimtaU,
Philip Dexter,
Nathaniel Thayer,
Eheu S. Draper,
Lm-ius Tuttle.
Frederick P. Fisli,
Stephen M. Weld,
ltegiuald Foster,
Charles W. Whittier.
George P Gardner,
Robert F. Herrick,

Nov. 16, 1907, $21,767,256 57
Ifroot of

Good Service is Constant G row th

CENTRAL
TRUST COMPANY
OF ILLINOIS,
CH ICAGO
C apital, - * - “
Surplus and Profits^

$ 2 ,0 0 0 ,0 0 0

B o s t o n

S a f e

D e p o s it

AND

T r u s t

The NEW ENGLAND
TRUST COMPANY,

C o m p a n y

b o s t o n

,

m a s s

BOSTON, iiASS

.

Transacts a General Trust
Banking Business.

and

Interest Allowed on Deposits Subject to Check

C A P IT A L , 51.0 0 0 .0 0 0 : SU R PLUS. 52.000.000
Safe Deposit Vaults
Authorized to act as executor and to receive and
hold money or property In trust or on (lAcl10S. UW**1
Courts of Law or Equity. Executors, Administra­
tors, Assignees. G u a r d i a n s . Trustees. Corporations

Acts as Trustee under Rai,rY?dlsapvecu\orr anAlsIo CactsUifsSTrustee under Mortgages and as
Mortgages and Is authorized to act as
.
Transfer Agent and Registrar of Stocks anil Bonds.
Interest Allowed on Deposits Subject to Check
Guardian, Administrator and lru stte.
OFFICERS
I
r v i n g o s B O i I n k Pyu m ‘president.
n a v i n R W H I T N E Y , President
Capital • - ■ ■ $1,000 000
A U H R L A U B . Vice-President.
CH AR LES II D A L T O N . Vice-President
■U/tt r i a m R D A W E S , Cashier.
C H A R L E S F . C H O A T E . Vice-President
Surplus (Earned)
2,000.000
L D S K I N N E R . A sst.’ caahler.
k
F R A N K L IN H A V E N . Vice-President
W I L L IA M W . G A T E S . Asst. Cashier.
JAM ES R . H O O P E R , Actuary
d ir e c t o r s
H E N R Y N . M A R R . Secretary
C
H
A
R
L
E
S
E
.
R
O
G
E
R
S
O
N
.
P
r
u
d
e
n
t.
M ALCO LM M c D O W E L L . Asst. Secretary.
F R E D . W . A L L E N , Asst. See.. & Treas.
James Longley
tjeorgeR .
onverse
TH O M A S E . E A T O N , Asst, treasurer
William
E
.
Putnam
Costello
C.
Con
vers
F R A N C IS It. J E W E T T , Trust Officer
b a n k in g ,
s a v in g s
a n d
t r u s t
BOARD OF DIRECTORS
B A N * ^ % e p a r t m e n t s ._____________ K y ms n Shaw CVen3
Edward W .°H utchlns
William Endlcott. Chairman,
Gerard C Tobey
James R . Dunbar
W alter C . llaylles,
Frederick P . 1- lsh,
James G . Freeman,
Nathaniel J. Rust
M ^Saltonstall Alfred BowdItch
Frank G. Webster
? lcll?;l„d Tnn«
Charles F . Choate,
Morr s Gray,
Arthur F. Estabrook
dcrome Jones
Alexander Cochrane,
1-ranklln Haven,
Edmund D. Codman,
James B. Hooper,
CAPITAL and SURPLUS, $10,000,000.
T . Jellerson Coolklge
James M . Premie'-gast.
C H A R T E R E D 1836.
Charles H Dalton,
Lawrence M. sum m on
George Dexter,
Nathaniel Thayer,
Acts as Executor. Administrator. Trustee.
Acts as
and Receiver.
Ptilllo Dexter,
George W lg g le sw o rth ,
William1Farnsworth,
David It. W hitney.
Financial Agent for Individuals or
Corporations.

G irard T r u s t

900,000

Com pany.

|SHS-rey.

Mississippi Valley Trust Co.

.

lntereS^rpo°ration0nA «o duntdsU "
T r u s t e e ^ Corporation Mortgages

Fourth

&

Pine Sts., St. Louis

CAPITAL.

500,000.

on
'

QENEn LU S a AS ^ N

S ^ V

IDUCIARY

DIRECTORS
August Gehner
Henry VV. Peters
John I. Beggs
II. Clay Plerco
Wilbur F. Boylo a E. Hodman
Murray Carleton Ghas. H. Huttlg J. Ramsey Jr.
Brcckln'ge Jones August Schlatly
Charles Clark
V = o T Davis W. J. McBrldo
James E. Smith
M A N A U L R -[lartmaa Kuhn,
John D Davis
Nelson VV. McLeod ttobt. H. Stockton
Effllngham B . Morris-,
James Speyer,
Saunders Norvell Julius S. Walsh
Aug.
B.
Ewing
John A . Brown Jr.,
Augustus D. Jullllard, D. R. Francis
Wm. D. OrthwelnlloUa Wells
Benjamin W .Richards
Edward .1. Berwlnd,
R. J. O'Reilly.MD
John B. Garrett,
Randal Morgan,
OFFICERS
William H . Jeuks,
Edw. T Stotesbury,
JULIUS S. WALSH, Chairman of the Board
\\ llllam H . Gaw.
Charles E . Ingersolt,
BRECKINRIDGE JONES, President
Francis 1 Goweu.
John Story Jeuks Jr.
JOHN D. DAVIS, Vice-President
Geo. H . McFadden.
Henry 15. Coxe,
SAMUEL E. HOFFMAN. Vice-President
Henry Tatnall.
E . C. Felton.
JAMES E. BROCK. Secretary
Isaac I I . Clothier.
HUGH R. LYLE, Asst. Secretary
Thos. D eW ttt Cuyler.
HENRY C. IBUOTSON. Asst. Secretary
N- E. Cor
and
,Oi Broad
UfUilU U
HW Chestnut
vuv»w .«. Streets
C. HUNT TURNER Jr.. Asst. Secretary
P H IL A D E L P H IA .
LOUIS W. FRICKE. Asst. Secretary
FREDERICK VIEllLING. Irust Officer
HENRY SEMPLE AMES. Asst. Executive Officer
CHARLES M. POLK. Asst. Irust Officer
WILLIAM G. LACKEY, Bond OfRcfr
T h e T r u s t C o m p a n y
WM. McC. MARTIN. Asst. Bond OH cer
TOM W BENNETT, Real Estate Officer
GEO. k Tn g s LAND, Asst. Real Estate Officer
C. W. MORATH, Safe Deposit Officer____________
o f N o r t h
A m e r i c a
K H M O R R IS . President.
itr rvr* wr V 1st VlCe*P^SldCflti
\v •
u r K Y l i N 2(1 Vice-President.
C ' l iRH O AD S. 3d V'ce-Prcs. and Treasurer.
E D W A R D S. P A G E . Secretary.

503-505-507 Chestnut St., Philadelphia.

CAPITAL ...................................................... $ 1 ,000,000
ADAM A. STULL, President.
HENRY G. BRENGLE, 1 st Vlce-Pres. & Treasurer.
JOS. 3. CLARK. 2d Vlce-Pres.. SuperYg Trust Dept.
cUAS. P.LINEAW EAVER.Seo. & -last irust Officer
DIRECTORS.
Henry G. Brengle.
J. Levering Jones.
James Crosby Brown, Malcolm Lloyd.
John Cadwauuler.
John McIdielaiT I' . „
w Clark Jr..
Richard Wain Heirs.
Fckley B. Coxe Jr..
Clement B. Newbo I.
Edwin S. Dixon.
John W . Pepper.
KuRcno 1,. EUlson,
VV liam F. Read.
Joseph C. Fraley,
Frank Samuel
Harrv C. Francis,
Adam A. btull.
Henrv L. Gaw, Jr.;
Edward D. Poland;
Howard 3. Graham,
Josoph R. Walnwrlght,
SamuHFHo^toTO
VVUilam D. Wlnsor.




READY FEBRUARY

25

Rhode Island Hospital
Trust Company,
P R O V I D E N C E R . I.
...............................................................................51.000.000
s C w - L U S ......................................................... ..
D IR E C T O R S :
'
_
n T ift
Rowland G Hazard,
Ro^er iF H I- Goddard, Nelson W . Aldrich.
Geo W H. Matteson, Samuel R . Dorrance,
SfuuZL
rV. Ely
Howard O. Mntnnir.
Sturges,
W illiam d
i.iy. ,,
Stephen n
O. Metcalf.
Robert I- Gammell,
W alter R . Callender#
William Blnney
Gilbert A . Phillips.
William 13. W eeden,
Edward Holbrook,
Edward D . Pearce,
James E . Sullivan
Robert Knight,
Benjamin M . Jackson,
John W . Danielson,
J ilin It. Freeman,
Herbert J. W ells,
Charles S. Mellon,
John C. Pegram.
Robert W . Taft,
Lyman B. Golf
W ebster Knight.
,, . . . . ni,-o-p ,t W E L L S , President.
111' cn w A R T 5 s ‘ C L A R K - Vice-President.
V i()R A T IO A . H U N T . Vice-President.
W I I.IAM A . G A M W E L L , Secretary.
' p r FSTO N II G A R D N E R . Trust Olflcer
cv V tU S E. LA P H A M , Asst. Seo’ y.
lO IlN E . W IL L IA M S . Asst. Sco’ y.
H E N R Y I.. S L A D E R . Asst. S e c y .
W A L T E R G. B R O W N , Asst. S e c y .

FINANCIAL REVIEW
1908 ISSUE.
320

WilliamD. Marks, Ph, B.C.E.

P ages.

Consulting Engineer and Statistician.

PRICE, TWO DOLLARS.

G A S W O R K S , EL EC TR IC L IG H T W O R K S .
E L EC TR IC R A I L W A Y S , O IL MOTOH ( A P S

Gommerciai & Financ

Chronic e,

76>i Pino Street, Nev; York.

023

Park

Row

Bldg.

New

York

Experienced hi Munir pal Causes.

CH*