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I — ^ ^^ INCLUDING y Bank and Quotation Section and City Section(semi-Animaiiy) Street Railway Section (^llaSf *0 State (Monthly) Railway and Industrial Section (Quarterly) Kntflrert aooordtas: to VOL. Act of CTonsrfias, in the year 1906. by Willlajc 1 B. Dana OoMPAirr, SATURDAY, FEBRUARY 82. in the otfloe of Llbrarlapn of Congress, Waehlnjarton, D. 24, NO. 2122. 1906. Week ending February — O 17. Clearings at Inc. or 1906. 1905. Dec. 1904. 1£03. PUBLISHED WEEKLY. Terms ffor One ol Subscription —Payable in Boston Advance $10 00 y.'ear 6 00 13 00 7 50 For Six Months European -ubsoription (incltiding postage) European Subscription Six Months (including postage) Annual Subscription in London (including postage) Six Months Subscription in London (including postage) £2 £1 148. lis. — Subscription includes following Sections State and Citt (semi-annually) Bank and Quotation (monthly) (quarterly) Street Bail way (a times yearly) INDCSTRIAL Bailwat AND I | Terms AdTcrtisin^— Per oi Incli Months Twelve Months Six I $4 20 22 00 29 00 50 00 87 00 (8 times) Three Months (13 times) (26 times) (52 times) Worcester Fall River Lowell New Bedford . Holyoke Total New Eng. Chicago Cleveland Detroit Milwaukee Indianapolis Columbus Toledo Peoria Kalamazoo Springfield, Akron Youngstown Rockford Springfield, CLEARING HOUSE RETURNS. Bloomington Qulncy Decatur The following table, made up by telegraph, &c., indicates that the total bank clearings of all the clearing houses of the United States for the week ending to-day have been $2,860,645,736, against $2,978,422,325 last week and $2,509,817,634 the corresponding week last year. Mansfield Jacksonville, Clearings —Returns New York ' Seven cities, 5 days Other cities, 5 days Total all cities, All cities, Total 1 5 days .. . day all cities for week Cent. 1906. 1905. $1,528,770,934 111,197,069 87,343,433 18.292,947 155,534,918 46,463.799 13,159,252 $1,269,837,941 99,328,009 77,903,547 15,820,941 139,712,935 43,788,658 12,804,864 $1,960,362,352 300,298,761 $1,659,196,895 255,401,928 $2,260,661,113 599,984,623 $1,914,058,823 595,158,811 $2,860,645,736 $2,509,817,634 24. Bo.ston Philadelphia Baltimore Chicago St. Louis New Orleans Per Telegraph. by Week ending February , Clearings at Week ending February — New York Philadelphia PlttsburRh Baltimore Buffalo Washington Albany Rochester Scran ton Syracuse WUmlnRton Keadlne Wllkes-Barre ... Wheellnn Erie Chester BInKhamton GreensbiirK Franklin TotJJl Middle.. Dec. Seattle Portland Lake City... Spokane Salt Topcka Davenport Colorado Springs Cedar Rapids Fremont Pueblo Tot. oth. West. St. Louis.New Orlejvns Louisville Houston Galveston Richmond Memphis Siivannah Atlanta Nashville Norfolk Fort Worth Birmingham .Augusta Knoxville Charleston Rock Chattanooga 1903. 1904. Macon Columbus, Ga Mobile S 190 .000 187,.3.32 + 27,3 + 20.2 + 17.3 + 27.0 + 20.7 + 32.7 + .30.1 + 41.1 + 47.6 — 10.6 + 22.5 + 30.3 —0.0 + 70.0 + 128.5 + 11.7 -6.5 + 41.3 + 1.4 2. 175. ,360.976 1.717.879.937 +20.6 ,930,836 ,210 134,722 ,791 50,947 ,371 27,223 ,334 6,852 ,711 5,611 ,174 4,363 ,007 4,294 .922 1,970 ,762 1,594 .494 1,338 921 1,126 594 821 ,842 1,028 601 1,089 532 443 094 442 000 ,516,231,208 016 327,7.35 4<i:i Tot. Mid .West. San Francisco .. Los Angeles Jacksonville . 1905. 111. Jackson Ann Arbor Fort Wayne South Bend Little 17. Inc or 1906. Ohio + 20.4 Tacoma + 12.0 Fargo + 12.1 Helena + 15.6 Sioux Falls + 11.0 + 0.1 Total Pacific.. + 2.8 Kansas City Minneapolis + 18.1 + 17.5 Omaha St. P.aul Denver + 18.1 St. + 0.8 Des Joseph Moines City + 14.0 Sioux Wichita 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 tlie last day of the week has to be in all cases estimated as we go to press Friday night. We present below our usual detailed figures for the previous week, covering the returns for the period ending with Saturday noon, February 17, and the results for the corresponding week in 1905; 1904 and 1903 are also given. Contrasted with the week of 1905 the total for the whole country shows a gain of 26.0%. Outside of New York the increase over 1905 is 23.5%. 112,113,.505 43,437,181 21,427,431 5,675,928 4,227, 1.S3 3,354,626 3, 044, .535 1,335,043 1,782,159 1,092,723 804,311 827,002 605,033 476,901 396. S45 473,200 410 280 803 502 900 785 904 2,4.58 402 1,601 345 1,069,355 103,067 34,520 22,230 5,601 3,008 3,150 ,333 ,208 1,183 ,958 864 ,094 728 ,825 1 616 684 415 ,451 431 ,251 444 100. 439 542 238 160 1 333,724.023 110,441,530 45,929.188 20,444.071 6,765,944 180,649,754 8,687,200 3,311,223 2,301,991 1,501,478 l,890j303 1,487,158 1,093,724 5,452,200 704,417 408,339 134,358,409! 6,057,0001 2,872,041 1,884,530, 1,427,311 1,669,320 1,435,120 607,90i: 450,618' 415,9391 423,045! + 34.51 + 30.5: + 15.31 + 22.1 + 5.2, + I3.2I + 3.01 + 70.9 + 19.4, + 69.4; 118,765,805 6,833,900 2,400,155 1,831,840 1,248,039 1,327,057 1,103,343 1,268,643 457,027 407,102 420,042 143,727,986 7,032,000 2,578,952 1,640,113 1,340,757 1,460,860 1,701,186 1,018,579 508,018 472,535 348,728 202,580 ,907 199,804 ,218 25,310 ,650 14,340 ,080 12,418 ,162 10,547 ,791 6,933 ,740 5,213 ,700 3,954 ,105 3,143 ,824 152,207,840 171,071,422 19.675,900 13,694,220 8,926,406 8,397,525 5,435,783 4,643,700 3,400,302 3,251,198 1,674,742 +33.1 130,183,619 167,688,216 21,885,900 11,810,395 8,501,201 8,138,859 6,347,964 4,042,100 2,505,582 3,341,536 161,827,714 158,957,371 22,679.050 13,976,700 9,222,333 7,856,871 4,945,289 3,865,700 2,945,119 2,651.515 1.555.610 1.527.664 995,351 629,752 655,087 563,830 386,056 629,400 604,883 385.257 302,842 323,652 406,386 191,825 151,177 189,762 154,096 88,093 2,149 ,633 1,654 ,862 1,414 ,991 805 ,806 111.. Lexington Canton NEW YORK. Box 958. Springfield Evansville <fe Office New Haven Portland Grand Rapids Dayton CHICAGO OFFICE— PUny Bartlett, 513 Monadnock Block. LONDON OFFICE— Edwards Smith, 1 Drapers' Gardens, B. C. WILLIAiTI B. DANA COMPANY, Pnblfshers, Pine 8treet« Comer ol Pearl Htreet, Fost ... Cincinnati Space Transient matter per inch space (14 agate lines) Two Months Providence Hartford 760, ,023 781, ,141 468 ,625 495, 000 477, ,482 555, ,873 425, 695 448, 321 342, ,951 330, 835 366, ,772 252, 584 200, 000 116, 222 691, 456 438, 023 1 ,,373,967 1.373,694 644,444 673,584 789,530 533,798 481,200 428,100 509,310 287,099 292,767 320,550 248,220 320,629 171,963 196,753 81,678 Not included Not included 293,779,086 42,032,976 11,279,797 9,482,087 4,176,437 5,226,945 3,490,031 3,871,512 352,224 673,377 289,303 248,903,096 30,994,800 8,223,608 4,474,662 4,065,618 3,207,021 2,550,000 2,531,194 435,085 531,835 229,647 80,875,289 24,780,112 15,511,208 8,701,833 6,252,268 6,127,005 4,714,970 2,419,359 1,636,378 1,108,569 889,024 57,243,471 18,825,987 13,981,754 6,836,015 5,480,297 5,479,007 3,497,258 1,840,147 1,.325, 831 1,041.551 920,735 680,564 505,655 374,587 134,666 415,819 8.39,846 776,957 505,626 235,725 400,000 75,959,546 57 ,0,82, .391 21,734,042 16,113,089 9,648„50S 5,796,500 6,598,420 5,494,345 4,409,082 4,779,772 3,927,218 1,878,024 61,339,873 55,547,9921 17,240,200; 13,842,358! 6,289,2081 4,215.000' 4,002,011 4,156,3791 2,878,450 3.286,467 2,818,234 1,570,0.80 2,486,073 1,127,147 1,125,840 1,164,048 1,033,294 760,630 1,084,985 807,905 430,724 .558.927 293,201 191,222 1,380,070 Not Included 2,7.39,233 1,073,442 1,507,542 1,378,353 1,210,416 1,268.743 1,345,576 1,367,836 Total Southern 120,070,313 150,800,521 Total all 2,978,422,32512,364,250,534 OuUldeN.Y. 1.047,586,115 848,019,206 32.253,290 23,346,097 0,190 100 2,021.813 1,500,762 20,976,205 18,130,199 4,950,023 —3.5 + 16.8 + 28.6 + 4.8 + 39.1 + 25.6 + 27.6 + 12.31 + 16.3 —3.31 + 28.4 + 20.4 + 3.0 + 25.0 + 12.8 —1.1 —12.2 + 2.9 + U.5 + 9.1 + 48.3 + 53.1 + 7.0 + 33.3 + 14.4 + 47.2 + 1.7 + 42.3 1,576,2.39 1,565,546 960,857 023,546 612,291 558,878 400,563 617,400 441,552 398,1,33 441,762 334.556 403,977 269,914 108,883 180,079 100,000 97,403 in total in total + 18.0 + 35.6 +37.1 + 111.9 + 2.7 + 63.0 + 36.9 + 52.9 —19.1 + 26.7 + 26.0 + 41.3 +31.6 + 10.9 + 28.2 + 14.1 + 11.8 + 34.8 + 31.5 + 23.4 + 6.4 —3.4 + 23.4 + 53.6 + 35.0 + 75.0 —3.8 + 22.2 + 2.8 + 26.0 + 16.4 + 53.4 + 37.5 + 43.4 + 32.2 + 54.3 + 45.4 + 39.3 + 19.7 + 10.2 + 48.4 + 33.9 + 18.4 + 17.1 + 05.5 + 24.0 + 09.3 + 28.0 + 53.4 244,271„332 28,719,436 6,009,405 3,521,351 3,202,160 2,770,215 2,229,050 2,088,274 230,870,674 28,259,564 5,523,805 4,1.32,884 371,3.80 3,165,77i 2,524,337 1,870,188 2,049,618 387,704 546,504 202,701 589,440 197,838 49,666,542 21,250,417 15,132,140 48,691,229 7,143,0.85 5, 608 ,,802 4,537,030 4,189,957 2,105,.S.39 1,121,294 1,019,080 734,420 741,375 409,576 349,671 163,948 18, 187, ,8,38 11,539,.829 0,7,30,298 5,441,501 3,606,218 4,740,171 1,774,751 1,395,898 669,095 1,317,091 783,808 573.223 "l"79".05d 64,627,900 54,564,151 22,043,505 11,042,779 0,390,933 3,037,500 4,327,237 5,340,060 2,944,260 2,901,183 2,985,996 1,492.026 2,471,610 50,941,366 47,251,581 16,048,991 10,824,920 7,398,420 4,784,500 3,730,099 3,315,492 4,436,318 3,024,623 2,420 475 1,2(X),990 1,127,.368 2,519,00,S 1,347,180 1,092,625 1,639,201 1,410,712 1,051,607 1, .301 1,3 17, .362 1,005,004 782.001 953.364 412.757 599.740 804,000 1,23 099,276 831.0001 205,094 in total + 19.1 + 26.0 + 23.5 115,076,598 129,.328,317 1,876,925,942 2,153,709,052 807,570,532 819,985,029 15,484,440 12,251,187 3,975,927 1,515,265 1,1.SS.49:( 18,290,384 15,988,504 3.243.244 1.829.341 1.389.973 1.211,758 1,050,820 9,M),7S5 898,2,55 750,893 713,063 599,574 770,207 729,023 464,7,« 40.111,503 45.872,842 3,7"('>.3<)8 3,692,275 Canada 2,071,<;ni Montreal 1,087,097 1,345.279 1,070,733 Toronto Winnipeg Ottawa Halifax 412,1.00 33S,nc,2 419..S00 Quebec Vancouver Hamilton St. John London 420,967 Victoria 924. .506 780.s,'il Total Canada 1,2.52.848.2.32 1..534.,301 .471 1,005, .305 812,.S37 780,1.30 795,138 565,522 + 53.8 + 28 .8 + 25.1 + 4.5 + 18.3 + 47.0 + 47.:< + 7.0 + 22.4 + 28.9 + 40.0 72.017,448 62.781,621 +37.0 1,54I,0S.J 1,795,887 1,160,291 995,021 1,934,7,82 1,274.008 1,04S,340 1,218,732 1,090.843 1.7.36,019 014,9,57 — THE CHRONICLE. 4 3<i [Vol. i.xxxii. .substantial. Buoyant only in small part hopes were hung upon pegs jiart iron, but in greater part clay, and when this character of the support came to be realized a fresh strain in money tried the treacher- out STREET ILAIUVAY SECTION. A new number revised to date, is our "Street Railway" section, of sent to our subscribers to-day. same "The London Underground editorial discussions in the topics: The embrace the following Electric," ous fixture and "The evident by an Electric Lines of Three States." gave way. We can make this more than by any other method. happens that we have incidents of recent develop- It so ment that THE FINANCIAL SITUATION. it illustration themselves in elucidate the situation. Amalgamated Copper Comand the Union Pacific pany in department one now The menace to the peace of Europe, which every The copper secuother. and then the Morocco affair has proved to be, was last Railroad stock in the week considered as removed by a compromise of the rity has had a big thing in pickle for a long At the moment, however, when time nothing less than the promise of a comdifferences in dispute. the announcement of full settlement was looked for, plete settlement of all copper interests in Montana. instead of a settlement came the unexpected rejection Finally, it has developed into what? That is the by Germany on Tuesday of this week of the French question. No one really is ready with an answer; proposal that the Moroccan police system should be but the actual outcome at the moment is insignificant. made up of a Moorish force recruited and paid by the Much the same have been the dimensions between the Sultan, but commanded by Fi-ench and Spanish promise and the fruition in the Union Pacific's case; Following this decision by Germany, France an enormous distribution, as the story went, was officers. issued a semi-official note stating its intention to dis- assured; all there was of benefits gained after the parcontinue private negotiations and to carry the ques- turition was completed was the little mouse merely Confine the analysis to the — — — the usual semi-annual dividend to 3%. tion of policing Morocco before the judgment of the a world. According to the cable reports, a good deal of irritation has resulted and been expressed against the eye through the entire Stock Exchange Germany sent a at the failure of the conference to settle the dispute, while on the part of among Germany this attitude the neutral representatives at Algeciras has been excepted to as unfriendly and unusual. This rise in this situation in common mind, and stocks are not in the long run good results, perhaps recently promised; but all Run with be found to repredo not mean that good will it We condition. list prettj'' certain to reap and more than has been so we mean simply that the specu- not likely to lative holders could not wait, and, ^confronted by an lead to a war soon and quite likely not at all; but it is ominous money market, had to realize. disagreement a source of is very unfortunate. irritation which will It is not be lessened by Comptroller Metz has made an excellent suggestion about getting the law amended in regard to the payHis idea is, in the ing Powers is a sickening thought, and, started over ment of the New York City taxes. such an insignificant difference as the Moroccan affair, first place, to abolish rebates granted to all who pay The Europe between the being kept alive and permitted to foment. as a possibility, of a war in idea, lead- would be unpardonable. Yet there are in Europe their taxes in the month of October when the taxes are even at this hour many little influences at work which actually due. This rebate system takes from the could easily become tributary to a general conflict if city's revenue between four and five hundred thousand the idea of war as a possible contingenc}'^ was allowed dollars every year. That is to say. according to the to be entertained. There is no safety amid so much Comptroller's statement, rebates have "cost the city combustible material as exists in Europe except in during the last four years over $1,780,000," and in the settlement of each cause of irritation as it arises. 1905 the amount was S513,076 79. As is well known, Many dismiss the idea of fighting growing out of this rebates under the law are allowed during the whole This is a mere gratuity which is difference with the suggestion that Germany could not month of October. defend herself against Great Britain and France. wholly misplaced and unnecessary. The idea of it is That is a narrow view of the situation. There are to hasten the receipt by the city of its taxes at a period more possible belligerents in Europe than those named. of the year when the city treasury is always empt\'. The cables of this very week have shown another That stimulus to quick payment will not, however, be Power at work Russia, supposed to be dead, but lost under the Comptroller's proposal after the law has obviously getting active again establishing herself been changed as he wishes. His full idea is not only over an important part of Chinese territory, and even to abolish rebates and make the payment of taxes flat extending its reach up to the Khotan on the border during thelwholc of October, but on the first of Noof Tibet, where Great Britian has so recently made a vember he proposes to add a penalty of one per cent demonstration which Russia took decided exception and make the full penalty of 7% pa3\able on and after to even while the Japanese war was at its height. No December 1. Rebates, as stated above, are mere one knows how the Powers would arrange themselves gratuities and as such are wholly misplaced. The in the contingency of a war. people who now pay their taxes in October and secure the rebate could probably all of them as readily pay at Active efforts are still kept up in search for an ex- that date as later; there is no reason why they should If any one is to be planation of the reaction at the Stock Exchange during have a preference a douccw — — . recent weeks. The only way to solve that prolilem is to analyze the influences that -have induced the ex- favored, stances. it who are pressed bj' circumwe made any amendment to should be those In fact, if Mr. Metz's proposal, it would be to extend to a later done, and it is found the rumors and day than he names the application of the full and promises which led the way to the highest level extreme penalty of 7%. of prices the market has experienced turned tremely high values prevailing that previously. This THE CHRONICLE Feb. 24 1906 417 important matters it is difficult to see how the Federal Court or the Federal elsewhere that seem Government could in any event interfere with this right. pending hung up in Congress or The underlying thought and purpose running all to be on the point of progress, or nearing it, as the week is the railroad interest rate through the decision is that a carrier may not by widest of one The closes. "the court-review its, while engaged in Inter-State Commerce, of any of spoken as act What has been bill. clause'' of that measure has this week been framed do a thing that the law of Congress (which has control There are a number of highly Until yesterday it was sup- over Inter-State commerce) forbids that it should do. in the Hepburn bill and Thus, Justice White, who dehvered the opinion, said: inserted be posed this would receive the approval of the Senate Committee on Inter- "It cannot be challenged that the great purpose of State Commerce, being thought to represent the views the Act to Regulate Commerce, while seeking to of the President, though later telegrams seemed to prevent unjust and unreasonable rates, was to secure anew by Senator Knox. , question whether the Knox Amendment had been equality of rates as to all and to destroy favoritism, drawn with the acquiescence of Mr. Roosevelt. At these last being accomplished by requiring the publiall events, yesterday the Committee decided to report cation of tariffs and by prohibiting secret departures the Hepburn bill and forbidding rebates, preferences, other forms of undue discrimination." Again without any amendments, thus trans- from such and ferring the contest to the floor of the Senate. all tariffs, pending which ought to be advanced he urges: "Now in view of the positive command of speedily is the one the Chamber of Commerce the the second section of the Act, that no departure from It amends the national bank the published rates shall be made, 'directly or indicurrent week endorsed Another bill . law so that a national bank may hereafter make loans rectly,' how can it in reason be held that a carrier to a single individual which shall equal one-tenth of may take itself from out the statute in every case the bank's capital and surplus, instead of, as now, re- by simply electing to be a dealer and transport a The allsuch loans to one-tenth of the capital alone. commodity in that character? of security it is obvious that a bank with embracing prohibition against either directly or india large surplus is at least as strong as a bank with rectly charging less than the published rates shows Why, that the purpose of the statute was to make the capital alone amounting to the same aggregate. any difference in the prohibition applicable to every method of dealing by therefore, there should be stricting . . . As a matter application of the loan limit in the two cases a carrier by which the forbidden seems wholly unaccountable and without sufficient brought about." Besides, public opinion has so far and so tional emphasis reason. is result could be Further along in the opinion addigiven to the same point, for in conclusion Justice White says: apparent verse to a bank surplus that in practice banks generally that the construction of the statute which is now Of course they do not dis- claimed by the carriers would, if adopted, not only disregard the provision. regard it absolutely but get around it by some make- destroy its entire remedial efficacy, but would cause strenuously protested against shift. A law that in common the discrimination ad- his practice courts expedi- the provisions of the statute to accentuate and mul- ents had better be gotten out of our statute books as quickly as possible. tiply the verj^ wrongs which Certain also is it , it "It is was enacted to prevent. when the reasons previously stated are applied to those prohibitions of the statute, We have not seen the full text of the opinion of the possession of the power by a carrier to deal in the United States Supreme Court rendered on Monday merchandise and to sell and transport at less than of this week in the case of the coal contract of the published rates would not only destroy the remedy Chesapeake & Ohio Railway, which the Court finds intended to be afforded by the provisions in question, a violation of the Inter-State Commerce Law. But but would cause the statute to fructify the growth of if the copious extracts which have appeared in the the wrongs which it was intended to extirpate." daily newspapers correctly outline its tenor, the Unless we are very much mistaken, therefore, the dedecision has been given a much wider import than is cision simply means that a railroad company cannot warranted. It appears to us that the decision is claim an advantage for itself in the matter of rates simply authority for the proposition that a railroad which it does not extend equally to other shippers. cannot deviate in any way from established tariff If a railroad has a price for coal at the mines and rates, not even in a transaction concerning itself, has a schedule of rates for transporting the coal to and that it cannot urge its function as a dealer (the market, its market price for the coal may not be company was dealing in coal in the case that came less than the sum of the two, for that would be virbefore the Court) as an excuse for an act that would tually transporting the coal for itself at a smaller be tantamount to a cut in the published schedule. figure than for other shippers, which is forbidden by What gave rise to the litigation was that, under an the law of Congress. There is nothing harmful or old contract, made ten years ago, the Chesapeake & detrimental in that. It imposes of course upon the Ohio Railway was selling coal to the New York New carrier the complying with the law of obligation of Haven & Hartford Railway Co. at a figure which Congress, but this is no more than proper. At the was considerably less than the sum of the price asked same time it serves as an instrument for maintaining for the coal at the mines plus the transportation charge. both schedule tariffs and market prices of cannot see that the Court goes at all into the ques- Accordingly, the decision is to be hailed with tion of the right of a railroad to hold ownership in faction rather than the reverse. a coal-mining company. That is a matter, anyway, l-i We coal. satis- upon the provisions of the statutes We adverted last week to the large numbers of where the company has been organized new stock and bond i.ssues that are being put out by (the railroads with few exceptions lieing creatures of our leading railroad and industrial corporations and the State and not of the National Government) and the assurance that this afforded of continued activity that would depend in the State . THE CHRONICLE. 418 [Vol. lxxxii. we referred to ceptional demand, which was promptly satisfied, and the effect this was likely to have upon the activity normal market conditions were immediately restored. and prosperity of the iron and steel trades in continuing The borrower, in this case, neglected to make provision the large and extensive orders for iron and steel in early in the day for his requirements, and when he ill trade and business. all its Particularly various forms which the trade has had during The present week announcements of the same the last eighteen months. have been further We will refer to — sought to borrow, the representatives of the leading institutions were temporarily absent from the market; kind. the calling of loans incident to the payment on that touches the day of $20,000,000 for New York City stock liad no we mean the Chi- influence, but borrowing on Wednesday, over the only one of these, as case of such a prominent system there it & North Western Railway Co. This company has been applying enormous sums out of earnings from year to year, as the reader may recall, and yet these have not been sufficient to supply its extensive In February 190.3 the shareholders authorized needs. an increase in the stock of the company to $100,000,000 from $61,507,400, and $9,226,110 of the new common stock was sold at once to the shareholders at par. In July 1905 $10,609,200 more of the common stock was issued at par, and now a circular has been sent make the market generally though at one time money was offered and placed at 2%. Money on call, representing bankers' balances, loaned at the Stock Exchange during the week at 8% and at 2%, averaging about 4^%; banks and trust companies loaned at 3% as the minimum. On Monday loans were at 43^%,and at 3% with the bulk of the business at 43^^%. On Tuesday transactions were at 8% and at 4% with the majority at 43^%. On Wednesday loans were at 534% ^^^ ^t 2% the latter after out advising of a further issue of $16,267,400, this the day's requirements had been satisfied with the being 20 per cent increase upon the present total of bulk of the business at 5%. Thursday was a holiday. the stock. Shareholders will be allowed to take this On Friday transactions were at and at 4% with the additional stock, too, at par; it commands 229 in majority at 43^^%. Time loans were a shade easier this the market. It is distinctly stated that the new issue week as the result of the large borrowing last w-eek is made for the purpose of obtaining funds to improve from domestic and foreign lenders, which caused a and extend the company's property and to provide decreased demand. Contracts on good mixed Stock additional equipment as well as for other corporate Exchange collateral were 5@534% for sixty to ninety cago holiday, contributed to firm, — — 4^% * purposes. days, 5@53/^% for four and 5@53^% for five to six months. Commercial paper was in better request from There was no change in official rates of discount by the interior than from local buyers, and rates were any of the European banks this week with the excep- 5@53^% for sixty to ninety day endorsed bills retion of the Bank of Norway, which reduced its rate ceivable; h@,b}/2% for prime, and 53^@6% for good from 5}4%, where it has stood since Dec. 12 1905, to four to six months' single names. 5%. Unofficial or open market rates were, compared with last week, steady at London, easy at Berlin and The Bank of England rate of discount remains unFrankfort and oi \% higher at Paris; those at the changed at 4%. The cable reports discounts of sixty to % latter centre being influenced by the renewal of politi- ninety day bank bills in market rate at Paris cal tension at Algeciras is 3^ @3>^%. The open 2i^@2^% and at Berlin and London was announced in a Tokio cable that the Japanese Frankfort it is 3^@33^%. According to our special Government on February 20 had invited subscriptions cable from London the Bank of England gained £ 1 ,907 ,to a new internal 5% loan of $100,000,000 at the issue 627 bullion during the week and held £36 ,012, 971 at the price of 95. The bonds will not be redeemable until close of the week. Our correspondent further advises five years have elapsed, after which i;pdemption may us that the gain was due to imports of £1,294,000 be extended for twenty-five years. A St. Petersburg (of which £807,000 from Australia, £62,000 from Concable of February 18 reported that the Government is stantinople, £150,000 from Egypt, £5,000 from Paris considering the issue of a lottery loan, but that nothing and £270,000 bought in the open market), to exports had as yet been decided. A later cable hints at extreme of £65,000 (wholly to South America) and to receipts measures for the purpose of raising much-needed of £679,000 net from the interior of Great Britain. It , funds. Last week's statement of the Banks showed, as the New York The Associated chief feature, the small decrease The cash was reduced $3,233,100, while the required this foreign exchange market was generally lower week, influenced chiefly by fairly liberal offerings commodity of $153,650 in surplus reserve to $5,789,925. of reserve securities bills against grain, by drafts against was the payments for pensions and the deposit by the Government of $1 ,000,000 with a local bank to had been placed abroad, and by a lighter demand for remittance. The tone was firm on Saturday of last week at an advance, compared with the previous day, but this seemed to be due to a natural reaction from the sharp decline on Friday. The pressure of commodity and security bills on Monday made the market weak all around, but on Tuesday there was a recovery with a good inquiry for long sterling and for the cable transfers, the latter incident to the semi-monthly reserve against the general deposits decreased $3,079,450 as the result of a reduction of $12,317,800 in such deposits; loans decreased $9,616,600. The bank statement smaller drain of of this money week is expected to show a into the Treasury than case last week; credit of the Philippine treasury representing a which through Sub-Treasury settlement on the London Stock Exchange. The maroperations. There was an export of $578,000 gold to ket was quiet and barely steady on Wednesday, owing Argentina on Thursday. to the small inquiry for the following day's mail, and it was only moderately active on Frida}^ with a firm Though money on call loaned at 8% on Tuesday of tone. There was some speculative selling at intervals this week, this record was the result of an entirely ex- during the week, apparently based upon expectations sale of bonds offsetting receipts . Feb. 24 1 @ . . THE CHRONICLE. 906. of continued liberal offerings of security bills, but the somewhat orersold condition of the market, which 419 THE BRITISH GOVERNMENT'S POLICY. — The King's speech from the throne which, as most people know, is only another name for the annual forewas awaited bills were offered, they were in comparatively small cast of policy by the Britisii Government discounts Paris with much curiosity market at and last Monday and some anxiety. open firmer volume, the tending here to the case after any money discourThis is inevitably change of Governthe easier tone for time resulted from these speculative operations, seemed to induce speedy covering. Though some franc finance age negotiations of such ment moreover, the develop- ment, because, until such official declaration of purcaused by the dis- poses is made, there can be no certainty of what the bills; political tension, renewed of agreement at Algeciras, had a deterring influence. Nominal quotations for sterling exchange were 4 83K@4 84 for sixty day and 4 87 @4 873/^ for sight. On Saturday of last week rates for long rose 15 points, compared with those on the previous day, to 4 8290 4 83, short 10 points to 4 8630 @4 8640 and cables 15 points to 4 8675@4 On Monday 87. there was a fall of 15 points in long to 4 8275 @4 8285, of 15 points in short to 4 8615@4 8625 and of 25 points in cables to 4 8665 @4 8675. 8285@4 to 4 On Tuesday long recovered 15 points 8625@4 8635 and 83, short 10 points to 4 @4 8690. On Wednesday 8275 @4 83 and short 5 points to cables 15 points to 4 8680 long fell — 10 points to 4 new Ministry will actually lay before Parliament. In be said that the present case curiosity had converged largely on the possible suggestions regarding it may Government finances and labor questions. For rea- sons sufficiently obvious, practically nothing on these two questions beyond the brief is remark said in the speech that the earnest attention of Parliament was invited to "additions made in recent years to the national expenditures and actual liabilities of the State." This is at least a promise that the enormous main increase of public expenses, which has been one characteristic of the past administration, will be at least taken in hand by the new Ministry. The new Government was doubtless wise in not com4 8620@4 8630 while cables rose 5 points to 4 8685@ mitting itself any more directly on these points; time holiday. On Friday was the a tone Thursday 4 8695. was generally firm, with long 15 points lower and short is required even to formulate a policy, when the position of the Liberal Party has been so radically altered and cables 5 points higher. The following shows daily posted rates for sterling by its huge majorities of last month, from what its own exchange by some of the leading drawers: Fri., Mon., Tues., Wed., Thurs.A Fri., Feb. 16. Feb. 19. Feb. 20. Feb. 21. Feb. 22. Feb. 23. Brown 4 Oo MagounAOo Brothers Bariner, Bank British North America Bank of Montreal Canadian Bank of Commerce Heirtclbach. Ickel- helmnr&Oo Lazard Frores.. Merchants' Bank Canada of H (60 days 4 83H lSight--|4 87 83 87 /60days4 84 83H 1 Sight..! 4 160 days 4 ISight.. 4 /60 days 4 ISieht.. 4 f60 days 4 \Si?ht.. 4 87>i 84 87)^ 84 87>^ 84 SilH fOO days 4 83V| 87 84 87}^ 84 ISight.. 4 87 (60 days 4 83!^ |SiKht..l4 87 160 days|4 84 ISight.. 4 87H 87 83 H 87 84 83H 87 83 87 84 87 84 H 873^ 84 87H 87H L H 84 87 H 83!^ 87 D A Y 87 83>^ 87 83 87 H I 83^ S3H 87 84 84 87}^ 87H H H O 84 84 87 83 V^ 87 84 87 84 87 84 87 J^ 83 >^ 87 83H 87M 87H 84 87^ 83H 83H 83}^ 87 H had anticipated. Two other questions recomment, however, and among both politicians and financiers there was particular interest as to what the new Ministry would say. These were the problems of Irish local government and Chinese labor in the Transvaal. The paragraph in the King's speech regarding Ireland must be described as a masterpiece of non-committal statement. That the Ministry has in consideration a plan for improvement and economizing in the Irish Government and for "introducing means for associating the people with the leaders I 87 84 87^ 87H mained for @4 8285 for conduct of Irish affairs," is all that is positively stated. 8635 for short and 4 8685 @4 87 for Commercial on banks 4 8250 @4 8260 and In the recommendations as to the Transvaal, the speech cables. documents for payment 4 81^@4 83i,^. Cotton for announces that a new constitution for the colony will payment 4 81 8\%, cotton for acceptance 4 8250 be drawn up at the earliest possible date, and that until the Transvaal Assembly meets under the new @4 8260 and grain for payment 4 833/^ @4 83^ charter, importation of Chinese coolies will be susThe following gives the week's movement of money pended. We presume that means not the turning The market long, 4 8625 closed on Friday at 4 8275 @4 ^@4 • to and from, the [Week endtng Feb. 23 1906. . Gold Total gold and legal tenders. With . Net Interior Movement. Shipped by Banks. Received by N Y . Currency back of such Chinese as may now be on the way to South Africa, but prohibition of further engagements by the New York banks. interior N Y Banks . . $5,848,000 946.000 $2,651,000 649,000 $6,794,000 $3,300,000 I Gain $3,197,000 Gain 297,000 iGaln $3,494,000 the Sub-Treasury operations the result is as follows. Week ending Feb. 23 1906. Out Into Banks. Banks' Interior movom|t na abovei .Sub-Treas. operations & gold exp. Total gold and legal tenders. . . Net Change 0] $6,704,000 23.600,000 Gain $3,494,000 $3,300,000 25,100,000 $30,394,000 in Bank Holdings. Banks The violent break in South African gold mine shares which occurred in London on the ensuing day appears to have been due less to the speech itself than to the Premier's Gain 51,994,000 assertion, in the subsequent Parlia- mentary debate upon the speech, that Chinese labor in the Transvaal amounted to a state of slavery and resulted 1,500,000 L0.SS $28,400,000 in (^hina. seemed in cruelty. This statement to argue uncertainty as to of the case whether even the temporary status regarding Chinese labor would be maintained. Further than this, Sir Henry CampbcU-Bannerman admitted that the Government had not yet decided on the details of the Transvaal's own government and administration. The outcome of this situation presumably will be the naming of a commission which can ascertain impartially the facts regarding both the need of Chinese labor and the conditions under which it is applied. Meantime, it is present The following table indicates the in the principal of bullion European banks. February 22 1S06. Bank February 23 1905. 0/ 4- UoUl. Silver. Crrniany . 37,362,000 94,996,000 \iis -Iliin. 4.").7I3,000 Hiissia . . l.'.,f)G3,00n . 2S,260,00n Italy Nctiri'dfl . 6.606,80(1 .N'al.ItclK.. 3,806,667 Total. Gold. 36,012,07) 42,385,717 156,793.393 12,4.54,000 49,816,000 3,602,000 9H,50H.OnO 12,607,000 58,:!20.0(H) 23,280,000, 38,343,000 3,756,8001 32,016,800 6,147,100 12,753,900 1.903. .3.33 6.710,000 Total. Silver. £ l';nBland.. 30,012,971 I-rancp 114,407,670 Spain amount £ £ ; 38,853,223 38,853,223 112,837,227 44,I29,8Sr,!),i6,067,ll3 43,035.000 14,34.'>.(10O 57.3Sfl,000 i(i3,or.6,noo 6.186,000 00. '2 4 000 •IK. 224.000 12.701.000 60.02.") .000 14,937.000 20.308,000 3.'>.24.'').O00 22, 264 .000 3,2,"i0.600 25. .M 1.1100 6,003,300 6.291.800 12, 29.'., ion 1,5',I4.6H7 3,189,3.33 4,781,000 I 1 111 '.i. Tot. wrpk382,'228,ll4 106,135.9.50 488,364,064 392, 399. 08:t 10S.S0f..953 501 ,?06.0:?r, Tot. prcT.378,060.629.106,183,9'20 483,244,449 388,590,931 107 ,U02,0'26 496.498,957 I I not perhaps strange that the shares of the minng property, in most cases capitalized very heavily, THE CHRONICLE. 420 [Vol. lxxxti. should have decHned on even the distant possibihty joyed by any party in a modern British Parliament. that working expenses cannot be kept down to the The famous "reform election" of 1832 gave to the present figure. It may Liberals a majority of 370, which probably be said that the part of the Eng'ish unless — which is improbable still holds the record, — later returns should in- which the public, home and crease by 20 votes or more this year's remarkable pluforeign, takes most interest is one to which the King's rality. In 1895, when the Conservatives numbered a speech made no reference at all. The question of pro- plurality of 152 on opening Parliament, the figure was tection versus free trade is admitted to have been regarded as extraordinary. settled for a good while to come by the recent election. Nevertheless, the problem of the o})position's attitude NEW YORK CITY'S CREDIT AND CURTAILremains and is of really great importance, because, MENT OF CAPITAL EXPENDITURES. when the Liberal IMinistry goes out of office, whether The discussion aroused by last week's sale of political situation in soon or only at a distant date, its successors will neces- New York City bonds is well warranted. The results sarily be those who had been the leaders of the oppo- were undoubtedly the best that could be expected sition. It is therefore of concern for the future that under existing circumstances, but they were not such the principles for which the opposition leaders stand should be determined. Mr. Balfour's overwhelming political and personal defeat has, for one thing, complicated matters. There were not wanting many critics, friendly and unfriendlj^, to suggest that since, alone among the leaders of the Ministerial party, Mr. Chamberlain had achieved conspicuous success in his canvass for re-election, he, rather than Balfour, was the normal accomplish. To this proposition Mr. Chamberlain himself has interposed a decided negative. Two or three conferences between these two public men resulted, first, in Mr. Chamberlain's positive declaration that, after having w^orked in so close association with Mr. Balfour during twenty years, he would not stand in competition with him, and that, moreover, he believed that a leader of a party made up three-quarters of Conservatives should himself be a Conservative, which Mr. Chamberlain can hardly claim to be. From Mr. Balfour's side has come a somewhat extraordinary letter to Chamberlain in which the exPremier states that "fiscal reform is and must remain leader of the opposition. One as can be viewed w^ith satisfaction or pride. This has not been easy to reluctantly forced to admit that the city's is credit on the decline. The fact affords food for thought and reflection. We are all concerned to know the reason for such a situation. Discussion hinges mainly on this point and, as it happens, opinions do not differ widely as to the cause. If we were to speak is bluntly, out too we should say that New York City is putting many bonds, besides which all the indications point to further large issues in the immediate future; and in addition the prominence given by political demagogues to the subject of municipal ownership of public utilities tends to instill fear in the minds should come a deluge of these municipal obligations at some date not very remote. of investors lest there As usually happens in cases of this kind there are various contributing causes, but these cannot serve main to obscure the hanced price which the for its borrowings, In considering the en- issue. it is city is now obliged to pay obviously important that the money is worth more than it was on account mainly of the activity the first constructive work of the Unionist Party. and prosperity of trade should not be lost sight of. While at present it is not necessary to prescribe the Municipalities nearly everywhere are obliged to pay exact method whereby these objects may be attained, a higher rate of interest than when markets were it is inexpedient to permit of differences of opinion re- glutted with idle funds. There are so many other garding these methods to divide the party." To which ways of finding more profitable employment for Mr. Chamberlain magnanimously replies: "I entirely money than by the purchase of high-grade city obliagree with your description of the objects we both gations that the market for the latter as well as the have in view, and gladly accept the policy you indicate selling price is adversely affected. Doubtless, also, . . as wise What mean a few years ago — — . and desirable." does this circumstance that the change in the for the longer future? It is method of disposing of ruling out exclusive bids in the unqualified bonds, way in Balfour himself, with character- which they could formerly be made, has also operated istic cynicism, has given out his personal opinion that in some measure to reduce the price of the bonds. the Liberal Party with its present majority is safe for But the difference between present results and former difficult to answer. a five-year tenure of will then be office. Whether Mr. Chamberlain able, politically or physically, to maintain his present hold, or, indeed, whether Mr. Balfour will himself remain in a position of influence over his party, are questions not so easily answered. As for the pres- ent Parliament, the Ministry was quite warranted in results is altogether too great to be accounted for in these ways. The cause in its influence By the last returns, the Liberals alone have 375 votes out of a total of 660. Against these 375 votes the Conservatives, with their Unionist allies, number no more than 154; whereas, if with the Liberal members deeper and is more potent* What are the exact facts? The reader has been made tolerably familiar with them by the daily press. The city no longer finds it possible to place 3^ per treating the question of a proposed protective tariff cent bonds at par as something w^hich does not even require discussion. lies and working. — this having been the prevailing and hence for the first time in 25 or 30 years is obliged to put out a 4 per cent issue. Furthermore, the difference between 33^ and 4 per cent does not measure the full extent of the change. Rather strangely in the currate of the bond in late years — are included the "Laborites" and the Irish-National- rent discussions the fact has been quite generally ists, both of w'hom will usually vote with the Ministry; overlooked that not so very long ago the city had no then the Government can at the moment control 506, difficulty in placing 3 per cent bonds; hosts of these or a plurality of 352 over the Tory Opposition. This 3 per cent issues still remain outstanding, even Brookwe believe to be the second largest plurality ever en- lyn having some out. More than that, before consoli- THE CHRONICLE. Feb. 24 190G.| dation the city at one time succeeded in putting some the market and these are now 2)4, per cent bonds on quoted at a heavy discount. An advance from 2}/^ to .4 per cent in the rate specified in the bond obviously marks a change of very great ;importance. 421 In 1904 they reached no than $75,000,000, this last including some issues which had to be deferred in 1903 because money-market conditions rendered extensive sales of bonds in that year out of the question. Here, then, in a period of only a little 000. less more than two years, we have a total of $132,500,000 irrespective entirely of the issues of bonds put out by the city's sinking funds, and irrebonds taken of sold last week. We need hardly of 8.052 per cent, allowing for which the cost of the spective, also, of temporary loans. money to the city will be 3.65 per cent per annum say that a New York City bond is as good a municipal This basis price of 3.65 per obligation as any that can be found in the world. for the life of the bonds. Of course the city did not actually have to pay — money borrowed upon the bo;ids These bonds commanded a premium 4 per cent for the cent furnishes obviously the true test of the city's credit, for it takes into consideration not alone the But, manifestly, there can be too large a supply, and we all know that, under the law of supplj^ and demand, when the supply is in excess the price goes down. Of course the net debt of the city has not ment in the problem. Last week's offerings were increased in the amount of these new bond sales, long-time bonds, running almost full 50 years, or for there have been offsets more particularly the Taking the basis price as accretions of the city's sinking funds tend to diminish until November 1 1955. Even in the net debt, however, there the standard, the rate of interest has been steadily the amount. that is, with only slight varia- has been a very noteworthy increase. Thus, on rising in recent years tions, the tendency has been continuously upward. Jan. 1 1906, the debt less the sinking funds aggregated While now the rate is 3.65 per cent, last November $472,574,000; two years before, on Jan. 1 1904, the the city floated $12,500,000 bonds on an interest basis amount was only $375,918,091, while on Jan. 1 1901 The previous April it put out the aggregate was but $279,725,370. Thus in five of 3.4997 per cent. bonds at a 3.47 per cent rate. In No- years we have added $193,000,000 to the city's net $22,000,000 vember 1904 it floated $25,000,000 at 3.40 per cent. debt. Of course the city is vastly richer than it was This last was a somewhat better rate than had been at the earlier date, and so are all its inhabitants. realized the previous eighteen months, but in May 1903 But is not the pace, allowing for all this, a trifle fast? In May 1902 the Then consider the extensive projects the city has the rate was only 3.32 per cent. The Rapid Transit Commisprice to the city was but 3.233 per cent and in Febru- in hand for the future. ary 1902 no more than 3.194 per cent. And the sioners have laid out very elaborate additions to the comparison might be extended still further back, subway [system, both in this borough and the Borough the difference against the present becoming all the of Brooklyn, and expect before long to invite bids for the construction of these new 'subways. time wider. Not less that many other municipalinoted, too, extensive in cost and plan are the contemplated addiIt is to be tions to the city's water supply. ties in various parts of the country are actually selling Very little reference bonds upon better terms than New York a fact is being publicly made to this, but the fact is that naturally which is not pleasing to our civic pride. last October the plans of the Board of Water Supply While this city paid last week 3.65 per cent for its to obtain water from the Catskills were approved by money, Albany the present week placed $82,000 of the Board of Estimate and Apportionment a project 3J^ per cent public-improvement bonds at par an which it is estimated will involve the expenditure of premium realized, but also the length of time the is always an important ele- bonds have to run, which — — — — — interest basis of 3.50 per cent. Buffalo has also this month sold 33^ per cent bonds at par. Boston on December 22d last failed to sell $2,410,000 3^8 on account of the extreme stringency in the money market at that time, but the entire amount has since then been taken at par. San Francisco last month also sold some 33^s at par. Cincinnati disposed of To be sure, to enable the city to put out the necessary bonds to pay for the cost of this work a constitutional amendment has just been $161,000,000. adopted by the voters of the State under which all water bonds issued subsequent to Jan. 1 1904 will be excluded in figuring the debt limit of the city. But these obligations will be New York City bonds all the same. Furthermore, the city is committed to $500 ,000 20-40- year (optional) bonds at less than per cent the basis being 3.446 per cent on optional the date and cent per to 3.463^ full maturity. In fact a number of Western cities have decidedly the advantage of New York The Manhattan Bridge City a bridge over Blackwell's Island. — Z]4, in this respect. Detroit in January floated the expenditure of large amounts for other purposes. yet only in required for its across the East River is as and many millions will be completion. The city is also building its initial stages Then the require- $2.30,000 3i^s on an interest basis of 3.202 per cent ments of the Park Department, the Dock Departand $43,000 on an interest basis of 3.14J/^ per cent. ment, the School Department and the various other Columbus, Ind., the present month sold small amounts city departments are almost endless. of 3^3 on a basis of 3.283 and 3.333 respectively. As is well known, the city is resorting to all sorts Marion County, Ind., sold $170,000 33^ per cent of devices to enlarge its borrowing capacity and bridge bonds the 3d of this month at a premium enable it to issue additional bonds to carry out all making the interest basis only 3.148 per cent. And these undertakings. Assessed values were raised in these illustrations might be further extcndqd. 1903 at one move from $3,857,047,718 to $5,432,398,Undoubtedly, one reason for the decline in the 918 (the basis of valuation having been changed from city's credit is that the city has been putting out such about 60 per cent of the actual value to nearly the extensive amounts of bonds. Last week's offering full value), and there have been the usual normal aggregated $20,000,000— a good-sized block. In 1905 additions year by year since then. Now there is the public offerings amounted altogether to $37,500,- talk of another wholesale addition to assessments, THE CHRONICLE. 422 as it appears that these below the still fall full value Furthermore, as already pointed out, a constitutional amendment was adopted at the recent election with the express object of allowing tlie city to issue water bonds without regard to the debt limit. Now it is urged that obligations for the rapid transit subways should likewise be made separate and distinct by constitutional amendment. There might be no objection to this as far as existing subways are concerned, for these bring the city an assured return, liut with a multiplicity of other subway routes, the application of this principle could only be justified when it had been actually and definitely established that such new routes were income-producing. Those imbued with municipal ownership ideas would go a step further, and permit the city to establish lighting and heating plants and to take over the street railways, besides assuming responsibility for a hundred other things now in the hands of private enterprise. The danger involved in such an applicaof the [Vol. LxxxiL THE CENTRALIZING TENDENCY. property. At the dinner of the Union League Club of PhilaCannon .somewhat un- delphia, a week ago, Speaker expectedly expressed himself strongly against present disposition towards centralization. the Said he: "In my judgment, the danger now to us is not the weakening of the Federal Government, but rather the failure of the 45 sovereign States to exercise respectively their function, their jurisdiction, touching all matters not granted to the Federal Government. This danger does not come from the desire of the Federal Govern- ment power not conferred by the Constitution, but rather from the desire of the citizens of the respective States to cast upon the Federal Gorernment the responsibility and duty that they should perform. If the Federal Government continues to centralize, we will soon find that we have a vast bureaucratic government, which will prove inefficient if not corrupt." Conflicts of interests, some real and some giren an tion of the exclusion principle is too obvious to need exaggerated importance, existed between the colonies in 1787, producing such bitter jealousies that the Condilating upon. There is still another feature in the situation to stitution was carried through only with difficulty, which allusion should be made. It appears that in under the stress of necessity and the force of the arguthe matter of its tax collections the city has been ment that the feeble commonwealths would certainly banking to an unusual extent upon expectations fall a prey to foreign nations if they did not "provide which are never going to bs realized. Comptroller for the common defense" by coming together. There Metz an unusually sensible and level-headed official, can be no doubt that the intent of the framers, repreby the way was quo.ted last month in the New York senting the ideas pf the time, was to continue each "Times" as saying there are $30,000,000 of unpaid State supreme in authority on its own territory and personal taxes that are not worth ten cents, and yet, confer upon a representative central government the — to grasp — he declared, the city carries them along from year to year as an asset and is issuing and carrying revenue bonds against them. This means, if we understand the matter aright, that these revenue bonds will, with the marking-off of these intangible assets, have , control over certain functions pertaining to the whole, namely the "nation." directly chosen body The establishment to represent the people, of one and of another indirectly chosen one to represent the States, shows how carefully the founders sought to keep the distinction. The powers of the United States (the permanent form. carefully were stated; certain enumerated acts nation) Altogether, therefore, does it not appear that it is time to call a halt and pay some heed to possible future of power were yielded by the States and the exercise consequences? There is a limit to the drafts which of these distinctly denied to them; a list of acts specifica municipality can safely make upon its resources ally reserved to the United States was drawn; then, to to be replaced by without impairing obligations of a its credit, just as there is a limit make the line of distinction plain, one of the early amendments reserved "to the States respectively or The time to call a halt matter has gone so far as to threaten to the people" all powers "not delegated to the United is before the Instead States by the Constitution nor prohibited by it to the serious impairment of strength and credit. The desire to carefully distinguish and preof constantly devising schemes for adding to the debt, States." care should now be had to limit these additions to serve the balance between the many powers reserved in the case of the individual. the smallest possible compass. Municipal ownership and the fewer "powers surrendered for the sake of "a must be put seriously and firmly aside. As far more perfect Union" is evident. There is always some difficulty in practice in the as the subways are concerned, it should be the aim between smaller sovereignties united in a relations build to them the bidders to extent perto get the Our difficulties, since the great one which one. large missible with their own capital rather than by availParks, library sites and was settled forty years ago, come, as Mr. Cannon says, ing of the credit of the city. things of that kind are certainly very desirable, but not so much from aggressiveness on part of the centhe city must pursue the same policy that the indi- tral government as from neglect of duty by the citizen. vidual would pursue under the same circumstances. It is almost natural to say that this or that thing is It must do without these desirable things until it is not as it should be, and that "somebody" ought to amply able to provide the means to pay for the same. correct it; the somebody being "the Government," Of course there are many necessary undertakings meaning the General Government; and so gradually that must l)e carried through. For instance school the habit develops of looking to the largest embodiment accommodations must be provided for the growing of power as the source of benefits and the corrector of number of children. But in view of the danger in- all wrongs. An indefinite notion gets about of Govvolved in the pursuit of any other course, the city ernment resources, Government wealth. Government must limit itself to actual necessities until it can see wisdom. Government power; somehow or other noits way clearer to the assumption of further new obli- body can state how, but somehow, and the colossal it is imagined gations. Its experience with its bond sales imposes beings at the center will discover how a lesson and a warning which should not go unheeded. that anything which seems out of joint can be remedied ideas — — 1 Faa THE CHRONICLE 24 1906. 423 by a formless thing called "the Government," if a popu- less noticeable and less radical. We need not be Sometimes the notion is that pessimistic and fear political overthrow in the future; lar outcry demands. our bearings anew and to adhere the printing-press shall produce paper notes which but we need to take policies. The rational course is to will become money per the Government fiat and fructify to conservative and rely less upon statute: to resist statute less mints for the are to call coin sometimes the land like showers; pressure to add more centralizing functions; the will firmly be blessed; just silver dollars by which industry and more forcibly, that the actual now the notion is that the Government can make to realize, anew in progress and a people can never be in life of power transportation; but always regulating prosperity by statutes can which erect. Progress must schemes to work some power general central the appeal is to the quality and effort of in the the individual, lie good which is beyond the feebler efforts of the people. always The fact is that the left as little disturbed as possible by statute, and workAll this starts in a fallacy. speaking; it is ing in open competition. comparatively wise, Government is not confer nothing not wealthy, for it has nothing and can except what it has first taken from the people; it pro- RAILROAD GROSS AND NET EARNINGS FOR duces nothing; it is DECEMBER. only an instrumentality for certain necessary functions. It does some things —such Last week we called attention to the extremely as maintaining a postal service and constructing an favorable character of the returns of railroad gross Isthmian canal which are valuable in results, yet are earnings for January as disclosed by the roads furfigures for that month. not directly remunerative and would not be taken up nishing early preliminary present our completed results for the we To-day by private capital; but these things are in the nature both December, covering gross and net of month of a public service, maintained by a public tax. — The pressure to add to these functions and undertake more services which private capital avoids is constant and natural. Localities desire things; specia interests have projects which they hope to get executed at the public charge; industries want to borrow the taxing power for their own assistance; and there is always a legion of those who struggle to get some law by which they will be particularly benefited. So,,-as the country grows larger and richer, and as the apparent power of the Central Government grows, the appeal to it become more varied and more insistent. For a single instance, there is now some demand that the Federal Government, which stands visibly and same auspicious type. amount and ratio, and is earnings, and they are of the The increase is large in shared in by practically all the roads throughout the country. In brief, our compilations show a gain of $14,- 649 ,072, 'or 12.29 per cent, in the gross earnings, and of $7,683,343, or 19.78 per cent, in the net earnings. December. Increase. 1905. (96 roads.} 1904. Amount. % , $ 133,775,020 119.125,948 14.649.072 12.29 87,249,566 80,283,837 6,965,729 8.67 Gross earninp:s Net earnings $ S 46,525,454 38,842,111 7,683.343 19.78 improvement in results is the more it was made in face of the fact that confessedly unable to transact its own necessary busi- the month had one less working day than the correness with eSiciency and economy, shall undertake to sponding month of the previous year December regulate insurance, the plea being that regulation by 1905 having contained five Sundays whereas Decemthe States has proved unsatisfactory. Granting this ber 1904 had only four. It was also made in face This large noteworthy as — Southern roads suffered a falling off principal items of tonnage namely, of their one reform their own bad supervision, instead of pleading In some few of the roads suscotton. the West non possumus and tacitly joining the appeal for help As for the oft-cited inter- tained a loss likewise in their grain tonnage. Generto the Federal Hercules. in State commerce clause the Constitution, the framers ally speaking, however, the grain movement was Of neither knew nor foresaw the railway, and could hardly larger than it had been in the previous year. plea, the proper deduction is that the States should of the fact that in have dreamed there is of such a nation as we have become every reason to suppose that "to regulate commerce with foreign nations and among the several States and with the Indian tribes" bore, in their minds, a far simpler and more subsidiary meaning than some would now give it. Indeed, the bolder constructionists would extend that probably incidental power to everything of value which passes between State jurisdictions, so that the smallest private business (even including the publication of a newspaper) which its product beyond the boundaries of would become subject power of Congress. We to the regulative its own sells State and controlling are therefore struggling against very pressing and very hazardous tendencies, whose issue is yet to be wrought out. Looking to the national capital as a center of power and a fount of blessings brings us to face with a drift towards bureaucracy. It is dangerous to disturb political balances, as disturbing the balances one fact of general advantage throughout the whole country was the extremely active and proscourse perous state of trade, making the volume of general and merchandise freight extremely large and adding The buoyancy of the iron and steel industry was a favoring circumstance of large importance. The gains in that way on the roads running through the manufacturing and the coal and iron districts can scarcely be overstated. It should also be remembered that comparison is with very good earnings the previous year. In December 1904 business throughout the country had already begun to recover after the depression experienced through 1903 and a good part of 1904. The effects of this recovery were reflected in the returns of earnings, and our statement for that month, hence, showed $7,583,569 increase in gross, or 6.98 per cent, and $4,382,939 increase in net, or 13.52 per cent, to greatly to passenger travel. which, therefore, the 1905 gain is additional. Even of the natural world has been proved to be. This in 1903 our compilations recorded $4,049,234 increase drift is like other movements in wrong directions in in gross, or 3.93 per cent, though in the net there being insidious, gradual, leading by each successive was then a slight decrease $472,209, or 1.38 per — step to <>k« next step, and making each new step seem cent. The following carries the compariaoiu back .. JJ . . THE CHRONICLE. 424 and shows that the record has been an almost continuous one. to 1896 of Year Year Given. Preceding. Year. Increase or Decrease. Year : Oiven. S 51.220.114 67.542.721 70.810.178 78.244.324 190t 1902 1903 1904 9G.20S.122 52.520.887 59,449,009 66.979,889 71.010,127 81.465,495 92,628.931 93,160,941 102.928.990 108.670,412 119,125,948 The Year Increase or Preceding. Decrease. , I $ —1.300.773 17.883.104 17.930,398 [Vol. lxxxil — S —47.294 33,989,535 9,:i68,70H In 1896 the number of roads Included for the mo nth of December was 128; 1897. 130; In IS'JS. 122: in 1899. 110; In 1900. 121; In 1901, 104; in 1902.105; We no longer Include the Mexican roads In 1903. 99; In 1904, 95: in 1905, 96. or the coal-mlnlng operations ol the anthracite coal roads in our totals. lOli.978.224 116.253.9SI 133,775,020 m Note. + 11,071,141 + 4,049,23-1 + 7,583,5611 + 14.649,072 .iO,S91.659 (3.726, 5761 (4,199.785 !6,794,52,' 32.411.588 !3,24.'),01'J 46.525,454 38,842,111 wide SUMMAKY BY GROUPS. Anthr. Coal. (5) Kast.& Mid. (16) Mid. West. (14) North West. & Nor. Pac. (15) South. West. & 104,2:>.'.3S5 its Every group shows an improvement in both gross and net, as will appear from the following. Trunk Lines. (6) 90.7S9.6.')7 23,700,713 20,129.314 24,790,227 2:'., 220, 664 27,637,073 24,90S,012 (3, 0'.»3,.SOD 29,056.298 33,3,34,272 :!3, 766.831 — when the roads also strikingly revealed is + 3.571.399 + 1.569.563 + 2.729.061 + 4,037,502 —412,559 + 2.353,390 —473.209 + 4.382.939 + 8.093.712 + 3.830,289 + 7.234,197 + 9.324.162 + 3,li39,19l improvement general nature of the are arranged in groups according to their location. Net Earnings. December. 1896 1897 1898 1899 1900 improvement character Otoss Eamingi. 1905 , + 7,683.343 — Net Earnings. Gross Earnings. Section or Group. S December. So. Pac Inc. or Dec. 1904. 1905. 1904. 1905. 4,676,840 8,290,821 (17) (23) S 10,378,080 3.786,016 1,346,228 4,042,9571 2,762,838 7,748,502 3,588,957 902,893 2,548,565 9,876,306 8.341,308 7,289,.372 29,218,545 8.450.140 24,919.428 21.430,835 34.461.982 18.067.706 31.724,781 16,510.188 12,278,006 10,677.411 6,098.380 5.493.605 ^ ' +3,088,708 42.37 +197.059 5.49 +443.335 49.10 +214.273, 8.40 + 1,533,998118.39 + 1.601. 195!l4.99 + 604,775,11.01 + 7,683.343,19.78 For the separate roads, the Ust of gains is an unusu- Southern.. Total (90) 133.775.020 119.125,948 46.525.454 38.842,111 ally striking one, though the returns for previous +253.414>32.42 Mejclcan 2.156.307 1,034.925 781,511 2,458,904 (3) months had made us pretty well accustomed to inStarting with the total of the gross in the foreWe will refer only to the creases of large amounts. it list, as going, of the we now add the roads which furnish figures company which stands at the head In this way we get an would be expected to do— the Pennsylvania Railroad. of gross but not of net. On the lines directly operated both East and West extremely comprehensive exhibit, covering every of Pittsburgh (but not including the roads controlled road in the country from which it has been possible and whose accounts are kept separate) the increase in the gross reaches no less than S3, 077, 100, and the to procure figures as to gross. ROADS REPORTING GROSS BUT NOT NET. This follows $1,- increase in the net to $1,891,500. and $1,039,800 increase in net in December 1904. In December 1903, however, that system recorded $624,400 loss in gross and $349,400 loss in net. The following shows all changes on the separate roads for amounts in excess of $30,000, whether increases or decreases, and in the case of both December. and gross are net. extremely be noticed that the decreases limited, being confined entirely to It will roads which have suffered from special drawbacks/. PRINCIPAL CHANGES IN GROSS EARNINGS IN DECEMBER. Increases. I IICVCCISBS RR Penna (2 roads). -_?/S3, 077, 100 Canadian Pacific Baltimore & Oliio Chic & North Western. Chic Milw & St Paul... Roclv Island System... Union Pacific Atch Top & Santa Fe.. Southern Pacific Erie 1,057,040 1,038,260 634,070 606,882 602,097 592,952 551,874 515,823 484,566 424,839 363,081 .-. . Lehigh Vallev Southern Railway cot Louis & San Fran Chicago & East 111.. Chesapeake & Ohio Norfolk & Western Atlantic Coast Line... \ Central of New Jersey. Missouri Kans & Texas Philadelphia & Reading Phila Bait & Wa.sh Colo & Southern Denver & Rio Grande. MinnStP&SSM 346,980 326,746 281,637 245,747 229,591 222,763 i212,600 199,000 197,838 186,635 178,928 Missouri Pacific (2:rds) Hocking Valley Minn & St Louis Cin New Orl & Te.x Pac Western Maryland Mobile & Oliio Long Island Iowa Central & Gr Island. Ontario & Western West Jersev & S S Dulutli So Sh & Atl... St. Joseph NY Kanawha & Michigan. & Ohio Cent... Toledo Nashv Chatt & St L_ _ Chicago & Alton Pacific Coast Bangor & Aroostook.. Central of Georgia Cliicago Ind & St Louis 8103,369 91,851 74,831 72,681 69,136 60,636 58,362 52,481 51,649 48,759 47,200 46,679 43,048 40,455 39,567 38,756 37,668 33,583 31,721 30,417 Total (representing 51 roads) $14,423,993 D^crcciscs 161,461 $98,655 141,618 Yazoo & Miss Val Louis Southwestern. 45,896 128,000 St Northern Central 118,995 Chicago Great Western 118,769 Total (representing 2 Seaboard Air Line roads) $144,551 Wheeling & Lake Erie. 105,252 X These figures are for the Railroad Co.; the Coal & Iron Company reports a decrease of $257,190. y These figures cover the fines directly operated east and west of The gross on Eastern lines increased $2,064,000 Pitt.sburgh and Erie. and the gross on Western lines increased $1,013,100. $ RR Baltimore Canadian Atch Top (2 roads) Increases. .?j$l,891,.500 & Oliio.. Pacific & Santa Fe. Island System Lehigh Valley Chic & North Western. Missouri Kans & Tex.. Rock Chesapeake & Ohio Norfolk & Western Erie Union Pacific Chicago Milw & St Paul Southern I'acific Phila Bait & Wash Southern Railway Waba.sh St. Louis <fe San Franl Cliicago & East 111.. 744,530 683,914 382,707 373.627 255,134 223,071 212,466 193,210 187,263 178,716 177,511 160,060 1.59,524 147,100 141,898 141,592 Iticvcciscs Wheeling & Lake Erie. Hocking Valley Minn St P & S S M $83,816 83,651 Missouri Pacific (2 rds) N Y Ontario & Western Atlantic Coast Line Buffalo Roch & Pitts.. Iowa Central Seaboard Air Line 55,497 52,644 46,243 Colorado Midland St Joseph & Gr Island.. Long Island Mobile & Oliio Nashv Chatt & St L... 81 ,565 45,4,53 42,936 45,441 39,924 39,714 38,772 32,716 30,376 Total (representing 39 roads) $7,651,434 132,965 Decreases. xl93,133 132,370 Philadelphia & Reading Grand Trunk 122,712 Yazoo & Miss Val 148,949 Col South System 108,600 Northern Central 96,403 Total (representing 2 Central of New Jensey. roads) 85,753 $342,082 Denver & Rio Grande. a; These figures are for the Railroad Co.; the Coal <t Iron Company reports a decrease of $19,975. figures cover the lines directly operated east and west of ?/ These Pittsburgh and Erie. Tiie net on Eastern lines increased $1,173,200 and the net on Western lines increased $718,300. Decrease. i $ Alabama New Orl & Tex Pac New Orl & Northeastern.. Alabama & Vicksburg Vicks Slirev & Pacific Chic St Paul Minn & Omaha. Detroit Toledo & Ironton, incl. 257,184 137,966 127,913 1,115,642 216,081 145,375 152,998 1,067,627 41,103 379,376 318,053 61,323 4,101,019 256,823 33,486 588,000 3,506,284 204,013 25,316 605,271 3,438,863 13,409 594,735 52,810 8,170 59,460 6,893,934 4,362,638 1,.5.56. 905 304.837 34,626 852,149 913,041 Ann Arbor System Great Northern incl. St P M & M and Eastern of Minn. Montana Central lUinois Southern International & Gt Northern. Louisville & NashviOe 3,532,2.50 Macon & Birmingham 12,027 Mobile Jack & Kan City, incl Gulf & Chicago Div New York Cent & Hud River Northern Pacific _ 94,086 7,746.083 5,275,679 1,496.517 315,417 68,456 Texas & Pacific Toledo St Louis & Western.. Toronto Hamilton & Buffalo. Total (113 roads) J Net increase (12.15%) 7,409 25,085 48,015 17,271 93,387 1,382 .56,411 60.388 10,580 12,045 59312944 142053423 17371056 1 7259521 111,535 The final result thus arrived at shows an increase December 1905 over Decemberl 904 of $17,259,521 or 12.15 per cent, the total for the month in 1905 standing at $159,312,944, as compared with $142,053,- for 423 This follows $9,858,462 gain (according to in 1904. the same methods of computation) in December 1904 over December 1903. THE AMEBIC AN -GERM AN COMMERCIAL Grand Trunk Penna Increase. S 133775020 119125948 14649072 Reported above (96 roads) lUinois Central PRINCIPAL CHANGES IN NET EARNINGS IN DECEMBER. 1904. 1905. 630,700 increase in gross TREATY. [Communicated .] CONCLUDING ARTICLE. During the fiscal year 1904-1905 we exported to Germany, according to American statistics, values of $194,498,258 and imported from there values to the amount of $118,138,089. About one-third of the American exports are treated by Germany according to the conventional tariff or to the most-favored-nation clause. Of the German goods only a few have to pay lower duties. Promotion of Now the German "Association Commercial Treaties," it is for the true, in one of its latest publications, figures out that if no new treaty should be accomplished and the rates of the new general tariff should be applied on the basis of German statistics for 1904, the totals of duties paid for the main articles of American export to to be Germany would be materially higher. According to the would be higher by 31,087,616 by 4,068,554 marks for corn, by 3,684,322 marks for wheat, by 2,265,020 marks for lard, by 2,109,216 marks for mineral lubri- their figures, the duties marks for refined petroleum, —— , Feb. 2 1 THE CHRONICLE. 1906.1 by 579,325 marks for provisions and by 658,660 marks for oleomargarine. But as material eating oil, as these differences are as such, in balancing the interest of either country to that of the other they play an inferior part. portation of Germany cannot dispense with the imAmerican petroleum any more than America is able to dispense with its exportation to Germany. Nine-tenths of the petroleum consumed It may only be in Germany is of American origin. possible to refine the would be questioned whether it American product in Germany. As far as this cannot be done the Germans will have to bear the heavier burden, unless the Standard Oil Co. condescends to lower however, mineral is material decrease of the export, a prices; its not to be apprehended. As to lubricating the case is not very different, for the oils, American product cannot be replaced by that of another country. As to wheat and corn, there are, even in Germany, as is well known, some differences of opinion. The Agrarians maintain that Germany is able to do without, or at least to get along with very little, of American grain; while others contend that depending on American and ArIn any case, however, it will be gentinian grain. easier for the United States to lose the export of grain Germany to is directly Germany than for Germany American to lose the Only Argentina would secure the conventional rates, America may, in years of abundant crops, regret not having source of supply for her food markets. come a like to among understanding. Finally, if there are the American products which are regularly ex- Germany ported to are not changed at a good all. many the duties for which Cotton, books, copper, fercakes and seeds have tilizers, furs, naval stores, been and be (under the new general will oil tariff of Ger- 425 Either country not only desires but urgently needs the further extension of its commerce with the other. Germany has hitherto been exporting to our country by far more manufactures than our country to Germany, evidence enough for the fact that her industrial products are filling wants of our people. We should, of course not lose a great deal of them if the German general tariff were to take effect against us — would not change by that but we should not be able to pay for the German products with those We of our country in the same proportion as heretofore. should have to compete in Germany with other countries, and in so doing be at a great disadvantage. During 1904-05 we exported to Germany cycles and parts thereof for $59,908; clocks and watches, S22,741; fruits and nuts, $2,838,441; builders' hardware and tools, $719,820; sewing machines, $982,558; boots and shoes, $327,784; manufactured tobacco, $123,228; wood, $1,295,201; lumber, $1,358,496. The conventional rates on these articles which Germany allowed those seven States in her new treaties are by far lower than the rates of her general tariff, and inasmuch as we cannot pay by our exports, we should have to make good the difference in cash. The fact that we are now exporting more values to Germany than she is to us is, in aU probability, the consequence of our indebtedness to that country. With our products we pay dividends and interest. As soon as we lose the opportunity for paying in this way, we must stand ready to pay otherwise. Furthermore, in order not to lose the opportunity for trading in the German market, American capital would emigrate to Germany; for German industrials are eager to import American methods of production where they are unable to import products, and abandoning the trade for a while on our part may frustrate future efforts to regain it altogether. All these consequences would tend to harm especially our laboring men. Thus, in spite of the statistics, the real interests of both countries are nearly alike. After all, it is on our side to decide whether our mterests are large enough to grant Germany more concessions tnan she has now, in order to receive an equal number of allowances, though even with these allowances the German duties will partly be higher than they are now. (In almost no case will they be as high as ours.) But this decision cannot be reached before the desires of Germany are known in detail. Up to the present they have not been made public, for any public discussion as to this point has been, on the request in of Count Posadowsky-Wehner, carefully avoided for the Dingley rates many) free of duty. The exports of these articles to Germany in the year 1904-1905 amounted to S114,457,039. Accordingly, not the entire American exGermany. port to the amount of $194,498,258 will be affected, It has, however, to be kept in mind that Germany did not but at the maximum only a part of it to the amount enact her new tariff for the purpose of regulating her imports The value on the other side is not by an automatic schedule of duties, but, as has been reof $80,041,219. much than the whole ($118,138,089); for as the rates of the Dingley Law remain as they are, it is only the articles mentioned in the agreement of 1900 which less peatedly stated, for the special purpose of preventing other German exports according to an automatic tariff. She does not intend to make the rates of the general tariff the rule and the conventional rates the exceptions, but, just to the contrary, to apply those rates only in exceptional cases. She wants to stabilize the conditions under which her merchants may trade with foreign countries, and to this end she endeavors to bind other countries for a number of years of course binding herself in exchange. The rates of the general tariff have been enacted in order to hold out to other States an inducement for preferring the abanStates from treating But amazingly little attention is to the effect which a diminished exchange of goods must, of necessity, exert on transportation and navigation. It is the German navigation interests which would have to suffer from the loss of trade, not the American, and this damage may easily outweigh any possible excess of the American- donment of their Customs autonomy during a number of German exports over the German- American ones. years to losing a part of their trade. As the stability of duties will be affected. given in Germany — Georg Gothein, a member of the German Reichstag and of the Prussian Diet, estimates in his work, "Der deutsche Ausserhandel" (German Foreign Commerce) the cost of transporting the German imports from the United States to be about 200,000,000 marks, and according to the official statistics of our Commerce and Labor Department, German vessels carried during the year 1904-1905 imports to the amount of $143,403,175 and exports to the amount of $147,421,701 to and from the United States. however, almost impossible to moasurc the interests mutual commercial relation by means of statistics. Sta tistics fail to show the real economical value of exports and imports, their usefulness for production, for influencing the pri ces of the home market and for employment as well as the standard of life of the laboring clas.s. It is, of both countries in their by is more important to commerce and industrj'^ than the Germany's attitude towards the United States spite of the Agrarian agitation, not to be considered as far rates as such, is, in but of facilitating, the exchange of commodities. Gothein states that some classes of persons— especially Government officials and some of those industrials who lost a part of the market for their products on account of the prohibitive duties of America consider a tariff war with the United States a very desirable thing. He abhors the idea himself; and in fact a necessity of going to war in tommerce would be generally regretted in Germany. The mere refusal t. e., of a new treaty under the terms proposed by Germany on the basis of real reciprocity, concession for oonrcFsion would be, however, by no means a casus belli, and it could not be called a tariff war if on one side the full ratrs of the Dingley law and on the other the rates of the general tariff would be applied. The German law contains the provision in the interest of aggravating, — — , . THE CHRONICLE. 426 that "dutiaJjle goods proceeding from States that treat German ships or products h'ss favorably than tliosc of other nations may, in addition to the duties provided for in the tariff, be burdened with a surtax not exceeding twice the amount of the tariff rate imposed on such goods, or even with a surtax equivalent to the total value of the goods themselves. Goods free of duty, according to the tariff, may, under the same con- fVOI* LIXXIL ITEMS ABOUT BANKS, BANKERS AND TRUST COS. —The public .sales of bank stocks thi.s week aggregate 336 which 2G8 shares were sold at auction and 68 shares at the Stock Exchange. The transactions in trust shares, of stocks reach a total of 175 shares. A 20-share lot Iron National Bank stock was sold at 2703^ an advance of 203^ points over the price paid at the last previous public sale, which was made in January. company of Coal — & be taxed with a duty not exceeding 50% ad valorem. In like manner, and save conventional stipulations to the Shares. BANKS— AVw York. Low. High. contrary, foreign goods may be subjected to the same duties 34 Chatham National Bank. 30oH 30.5 K 144 and Customs formalities as are applied to German goods in 50 Citizens' Cent. Nat. Bank 144 20 Coal & Iron Nat. Bank.. 270H 270}^ the country of origin." The condition of this provision would xdS Commerce. Nat. Bank of 193J^ 195 not then exist, as the United States would treat only the pro46 Gallatin National Bank.. 39.5 395 ducts of those other States more favorably which made con10 Greenwich Bank 296 290 04 Market & Fulton Nat. Bk. 270 27114 cessions in exchange. The same reason holds good on the side 15 Merchants' National Bank 1703^ 170}4 of the United States. But that Germany is prepared for the 13 Metropohs, Bank of the.. 400 400 possibility of a tariff war, there can be no doubt. Under the 10 Park Bank, National 500 500 provision cited above, almost prohibitive duties would be TRUST COMPANIES—A^ew York. exacted almost only, not wholly prohibitive, for, agree50 Bowhng Green Trust Co. . 220 220 ment or no agreement, tariff war or not, Germany could not 15 Lawyers' T. Ins. & Tr. Co. 312 317Ji 110 Title Guarantee & Tr. Co. 670 670M do without some of our products. ditions, — Of course, writers of the Agrarian faith used to cite reports of several chambers of commerce in which these boards com- Last previous salt. Close. 30514 144 2703^ 193J4 395 296 27114 17014 400 500 Dec. Feb. Jan. Feb. Jan. Jan. Jan. Jan. Dec. Jan. 1905— 1906— 1906— 1906— 1906— 1906— 1906— 1906 1904 1906 196 407 H 295 270 170 437 H 499 220 312 Feb. Feb. Jan. 190619061906- 225 325)4 673 ?i 670M 31« 146 250 X Sold at the Stock Exchange. — The New York Clearing House Association at a meeting on Monday adopted a resolution approving the proposed amendment to the national banking law to allow national banks to loan to 10% of their combined capital and surplus, was not now any profit in the export business and that this instead of to 10% of capital alone, as the law now specifies. business was only kept up in the hope of a future more profitaj The amendment has already been endorsed by the Philadelble Customs agreement. Thus they try to show that part of phia and Pittsburgh clearing-house associations, and efforts the German industries would not suffer a loss worth mention- will be made to secure similar action bj' the clearing houses ing if they lost the American market. Other German indus- throughout the country. tries, they say, would, in case of a tariff war, be benefited by A membership in the New York Stock Exchange was their American competitors staying out of the German mar- transferred this week for $90,000. Several weeks ago a transket, and their gain would be apt to easily outweigh any possi- fer was made at $93 ,000 ble loss sustained by the exporting industries, so that he The interesting remarks anent trust company reserves German economic body as a whole would be rather better off made by John E. Borne, President of the Trust Companies' than worse. In order to prove the folly of this argument, one Association of the State of New York, at the joint hearing needs but to point to the large extent of the export of German on the subject before the Senate and Assembly committees manufactured goods to our country. on banks on the 6th inst. have been issued in pamphlet form. But, the points may be well taken or not, those war measOn or about May 1 the Greenwich Bank of this city will ures'would apparently be the less important ones. By far more efficient would be an agreement of the European States open a branch in the Mclntyre Building, at the northeast corner of Broadway and Eighteenth St. This will make the to unitedly compel the United States to either join in the fourth branch established by the institution, whose main new policy of binding one's self as to the Customs duties for a are offices situated at 402 Hudson St. The branches are loEurope. There is of her products out number of years or keep cated at Broadway and Forty-first St., Wool Exchange Customs European formal establishing a of possibility no union against the United States, as Lorenz von Stein, the Building, West Broadway and Varick St., and 135 William famous political economist, advocated in 1881, not even a St., corner Fulton St. The deposits were nearly 16,000,000 last Wednesday, about a million dollars increase in this item possibility of a formal union of the Middle European counsince the previous bank call, made on Nov. 9 of last year. tries. It is, however, possible that all European States, each , plain of the export situation, contending that, in consequence of the American rates of duty, of the American way of levying duties and of the attitude of the American trusts, there — — , — preserving her Customs sovereignty, might follow, by mutual agreement, the same commercial poUcy in their relation with the United States, and that is, in case of a permanent refusal of our Congress to come to terms, very Ukely to spring forth. The idea is very popular in France, as well, where it has been propagated by Molenari and Anatole Leroy-Beaulieu, as in Austria-Hungary and in Italy; in the main it was Germany's opposition which was heretofore standing in the way of such common policy. Count Capri vi, when Chancellor of the German Empire, favored a commercial-political alliance. So did later the Austrian Minister, Count Goluchowsky and the former ItaUan Minister, Luzzatti. Only a short time ago Prof. Julius Wolff, of Breslau, in an article published by the "Neue Freie Presse," of Vienna, submitted to public discussion the idea of forming a scientific-political association under the name "Europalischer Wisthschaftsbund" (European Economical Association), in order to prepare for and — The Mechanics' & Traders' Bank of this city will on March 5 open a new branch at 138th St., east of Willis Ave., under James Thome's direction. The bank has two other branches, one at Times Square and one at Madison Ave. and Fifty-ninth St. — The United National Bank of this city, in which new inwere lately introduced, is to be converted into a trust company. At a meeting on the 8th inst. a resolution was passed by the board advocating the plan, and circulars have been sent to the stockholders asking their approval of the intended change. The bank has a capital of $1,000,000 in shares of $100. An equal exchange of stock of the bank for that of the trust company will be made. As will likely be recalled, the new interests which came into the bank early the present month are identified with the Consolidated National terests Bank of this city. The plot at No. — 1 Wall Street, Corner of Broadway, promote the organization of an economical-political pool of this city, purchased last June by the Mercantile Trust all European, or at least Middle-European, countries. He reCompany of St. Louis, is to be improved with an eighteenminds of Friedrich Liszt's organizing the "Deutsch Handels- story building. The plot is a comparatively small one, verein" (German Commercial Association) in 1819, which, by only 30 feet by 39 feet 10 inches, and the sale when it oopermanent and vigorous agitation and education, succeeded attracted widespread attention by reason of the high after years in causing the German countries to found the "ZoUverein." Dr. Alexander Ton Peez member of the Upper House of the Austrian Diet, recommends the alliance, and adds that the new tariff conventions of the European States seem to be the actual beginning of it. And as these conventions essentially aim at protecting the export industries of the parties from being dealt with under autonomic tariffs, , Dr. von Peea's opinion i« likely to prerail. curred paid for it by the purchasers, $700,000, or $598 20 per square foot. price — the amount being The stockholders of the Jefferson Bank of thla city om Wednesday authorized an increase in th» capital from $400,000 to $500,000. The addition to ths capital, it it understood, is made for the purpose of acquiring control Th« of the Monroe Bank, located at 97 Canal Str»6*. Feb. 24 latter began business on August and has a capital 3 1903 Its deposits are in excess of •f $200,000. phin, a million dollars. this Thalmann who was Chairman Bank of this city The National Bank of Commerce at Rochester, N. Y., whose application to organize was approved by the ComtroUer of the Currency last month, will open next week, on March 1, in the banking rooms formerly occupied by the Flour City National Bank, at 34 State St. The new institution has a capital of $500,000 and a surplus of $50,000. The officials are Robert M. Myers, President; WiUiam H. Dunn and WiUiam Deininger, Vice-Presidents, and T.J. Swanton, Vice-President and Cashier. Articles of incorporation have been filed at Albany for the Bank of Great Neck at Great Neck, L. I. Messrs. William A. Nash, Walter E. Frew and James McGovern, respectively President, Vice-President and a director of the Corn Exchange Bank of this city, as individuals, are organizing the bank, which is to have a capital of $50,000 in shares of $100 each. There will be no surplus except as earned. The Corn Exchange now has in operation nineteen branches and two additional ones will soon be ready to begin. adopted tober 1904. The question of increasing the capital of the Pacific Bank of this city from $422,700 to $500,000 will be submitted to the stockholders at a meeting on March 20. The bank is located at 470 Broadway. — On March 1 — the Lincoln Trust Co. of this city will open downtown branch at Broadway and Lispenard St. — Leopold Friedrich has been appointed to succeed Walter A. Hohn, resigned, as Manager of the foreign exchange deof the Oriental Bank of this city. —Continuing the practice initiated last year, Van Norden Trust Co., Fifth Ave. the officials and 60th St., submitted a printed report to its stockholders at the annual meeting, Jan. 17 1906, reviewing its business during 1905. This report is published in the February issue of the company's Bulletin. Apparently the institution has enjoyed a After deducting exprosperous year in all departments. penses and taxes, the profits for the year were $196,650, or aearly 19 2-3 per cent on the capital stock of $1,000,000. Out of this amount $80,000 was paid in dividends and $52,983 •harged off for furniture, fixtures, &c., leaving $63,666 to be added to undivided profits, increasing this item to $273,250 and the book value of the stock to 227 1-3. The trust department profits, $24,169, were double those in 1904, and the bond department sold $1,037,500 of bonds, par value. Of the 4,873 accounts on the institution's books, 1,678, it is of the — The stockholders of the American National Bank of Providence, R. I., formally placed their institution in volunArrangements for the tary hquidation on the 12th inst. transfer of the bank's business to the Rhode Island Hospital Trust Company were concluded early in January. — The Union Trust Company of Springfield, Mass., which had already taken over the City National Bank of Springfield, and is about to liqmdate the First National, has also arranged for the transfer to it of the business of the Second National and John Hancock National banks. The directors of the Second National, at a meeting last Saturday, decided to merge the institution's business with that of the trust company, and the stockholders will authorize the step on March 30. The Second National has a capital of $300,000, surplus and profits of more than $200,000 and deposits of about $1,300,000. It has been the Hquidating agent of the Agawam National Bank since the latter went into voluntary hquidation a year ago. Action on the proposition to merge the John Hancock National Bank with the Union Trust was taken by its directors on Monday the 19th inst., and on March 28 the stockholders will indorse the directors' recommendation and formally place the institution in liquidation. It is stated that both the Union Trust and Hampden Trust companies were bidders for the John Hancock bank. It haa a capital of $250,000, surplus and profits of $80,355 and deposits of little less than half a miUion doUars. The stock ia expected to liquidate between 110 and 115. Edmund D. Chapin, its President, has been connected with the bank since no interest and 2,380 were opened in 1905. In the last three years deposits have steadily increased, standing at $5,657,000 on January 1 1904, $8,222,900 January 1 1905 and $9,590,980 January 1 1906. Undivided profits account advanced in the same period from $101,720 to $273,250. Besides extended comment on the gratifying condition of affairs in the Nineteenth Ward Bank and the Van Norden Safe Deposit Co., both affiliated concerns, the report includes a list of the trust company's American, Canadian and foreign correspondents. The stockholders received in 1905 8 per cent in dividends and the stock is now on a regustated, receive lar 8 per cent basis. —The Phenix National Bank, 49 Wall Street, this city, pamphlet showing a facsimile of its January 29 report to the Comptroller, giving the statement in detail and also the full schedule requii-ed by the Treasury Department. The officials state that their is now distributing copies of a it started in 1850. Bank, The stockholders of the First National meet on March 5 to act on as previously stated, will — hquidation. The taking oyer of these institutions the City National, First National, Seeond National and John Hancock National banks is in accordance with the announcement made by the trust company when organized, the present year, that it planned the absorption and liquidation of its perhaps, the first bank to publicly issue the itemized statement furnished the Comptroller, disclosing the exact character and value of its assets. The report bears the endorsement of the Examining Committee appointed by the Board: Elbert H. Gary, Chairman Board, United States Steel Corporation, R. H. Higgins Jr. of Harvey Fisk & Sons, D. Crawford Clark of Clark, Dodge & Co., institution the articles of incorporation — directors of the Oriental partment amend 17th inst. resolutions on the 21st inst.- recording expressions of their sense of loss sustained in the death on the 10th inst. of Anderson Fowler, a member of the bank's board since Oc- its Jamaica Savings Bank, appears application. of the of the board. The the Ridge wood Bank of Brooklyn Borough, to provide for the estabhshment of branches in the boroughs of Queens and Brooklyn, was favorably accepted by the stockholders on the city replaces Charles S. Fairchild, of —The proposition to Tftcancies of President among those making the on the board of the New York Trust were filled on Wednesday, when Chauncey Keep, of Chicago, and Ernst Thalmann, of Ladenburg, Thalmann & Co., were elected trustees. Mr. Xwo Company 427 THE CHRONICLE. 1906,1 is, — several national banks. — B. N. Bullock, President of the Fitchburg National Hamilton of J. P. Morgan & Co. None Bank of Fitchburg, Mass., died suddenly in Bo.?ton on the of the officers or directors have any loans with the bank or 20th inst. He was seventy-four year.«i of age. are personally indebted to the same. The schedules also The consolidation (mentioned in this department indicate there arc no bad debts or other suspended and January 20) of the Rollstono NatioiuU Bank and the FitchoTcrdue paper carried by the bank. Mr. Finis E. Marshall burg Trust Company, of Fitchburg, Mass., has been con- and William Pier.son — aunnnatcd, the new in.stitution taking the name of the Brooklyn Borough, which Fitchbvng Safe Deposit & Trust Company. Its officers are is shortly to increase its capital from $300,000 to $750,000, George R. Wallace, President; Henry A. Wilhs, Chairman kas added to the number of its officers, having elect(>d Cashier of the Board; Herbert G. Morse, Secretary, and Wilbur B. Edgar McDonald to the position of Second Vice-President. Tenney, Treasurer. Mr. McDonald has been in the bank's service more than fortyThe Second National Bank of Haverhill, Mass., merged two years. His successor as Cashier is Daniel V. B. Hege- with the Haverhill Trust Company, was placed in Toluntary is its chief executive. —The Nassau National Bank of — «an, formerly Assistant Cashier. — Permission liquidation on the 12th inst. — H. L. Evans, of the failed ftrto of 11. L. Evans & Co., was granted by the Comptroller on the 13th of Wilmington, Del., has resignr.d as Vicc-Prrsidont and diThe capital will be $100,000. The name of J. H. Sut- rector of the National Bank of Delaware, at Wilmington. maica, L. to organize the First National Bank of Ja- I., j last. I THE CHRONICLE. 428 —The bankers' committee which had been endeavoring to straighten out the affairs of Denison, Prior & Co. of Cleveland, and composed of H. R. Newcomb, E. G. Tillotson, H. P. Mcintosh, George A. Garretson and John Sherwin, has Washington Reed, Assistant Cashier, and Walter H. Taylor, General Counsel. Cashier; — The National Exchange tal notified the creditors that they will no longer serve as such committee. The reason for the action was that the committee did not receive proper support from the creditors. — Charles R. Wheeler, formerly Vice-President of the First National Bank of Peoria, 111., has become President, succeeding John C. Proctor. The bank now has two Vice-Presidents instead of but one, as previously, William E. Stone replacing Mr. Wheeler and Charles S. Proctor having been chosen Second Vice-President. George M. Bush, H. C. Bing- (Vol. lxxxii. Bank of Lexington, Ky., capi$100,000, |Was placed in voluntary liquidation on Jan. 11. — The opening of the City Bank of Memphis, Tenn., occurred on the 15th inst., the institution occupying the former banking rooms of the failed Merchants' Trust Company. The officers were given in our issue of last Saturday. John P. Edmondson continues as the trust company's receiver and an early distribution to its depositors is expected. — The Holston National Bank of Knoxville, Tenn., in its new statement issued for Jan. 29 1906, shows that deposits the last three months increased from $823,564 (Nov. 9 1905) ham and C. C. Cutter are Assistant Cashiers. to $871,259. During the same period aggregate resources Clarence S. Darrow, attorney for Receiver Daniel D. advanced from $1,390,943 to $1,439,691. The officials are: Healy of the Bank of America, of Chicago, announced after Joseph — the bank's closing last week that he would assume the obligations of its savings department. He distributed approximately $18,000 on the 16th inst. to the savings depositors. Mr. Darrow's name, it appears, had been used in connection with the advertisements for that department. Mr. Darrow issued a statement concerning the bank in which it was said that, upon an investigation, it was found that about half of the stock had never been paid for. The bank's capital was to be $250,000, with a surplus of the same amount. Following the close of the institution a receiver was named for the F. E. Creelman Lumber & Manufacturing Company of New Orleans, La., said to be the heaviest debtor to the Bank of America, Mr. Creelman having been a director of the bank. — The Jackson Trust & Savings Bank of Chicago announced on Tuesday that it would take advantage of the law requiring sixty days' notice for the withdrawal of deposits. This action resulted from a run instituted on the bank the previous day, the impression having gained ground among some of the depositors that the bank was involved with the Bank of America. W. H. Eagan, President of the Jackson Trust, issued a statement in which he said that the report that the institution held from $60,000 to $100,000 of Creelman Lumber Co. paper was a fabrication. "The bank," he stated, "did hold some Creelman paper, but it has been closed out." The directors announced on Wednesday that Mr. Eagan had resigned as President, and that the sixtynotice would be withdrawn. Vice-President David Decker and Joy Morton, a director, are said to have placed capital; surplus and not — Louis B. Farley has resigned as Cashier of the Merchants & Planters'-Farley National Bank of Montgomery, Ala. Mr. Farley was Cashier of the Farley National Bank before its consolidation, in April 1903, with the Merchants & Planters' National, and was retained in the same position when the union of the two occurred. — The last published statement of the American Trust & Savings Bank of Birmingham, Ala., for Jan. 25 1906, shows that the business of the institution is still gaining. The table of deposits given below serves to give an idea of the growth of the institution: Jan. 25 1906 Nov. 9 1905 Aug. 25 1905 $3,004,165 Jan. 11 1905.51,895,820 2,900,243 Apr. 1 1904 547,379 2,574,980 Apr. 1 1903 (opening day) 89,454 The bank began business on April 1903 and in less than 1 three years has accumulated deposits of over three millions W. — E. Ziehme, President of the Ravenswood Exchange of Chicago (capital $50,000), has sold his interest to Dr. W. C. Abbott and Louis P. Scoville. The latter, who was th« First National. —The progress made by the Vice-President and Cashier, has been elected President, and Dr. Abbott has been chosen Vice-President. The following have been elected to the bank's board: John A. Schmidt, Bank of will The First National Bank of Austin, Tex., was placed in voluntary liquidation on the 15th inst. It is understood that its deposits have been transferred to the Capital Bank & Trust Company, a new institution organized by interests in and Bank Cashier of the Metropolitan Trust & Savings Peter Bartzen and Peter Reinberg. office building. It is likely, however, that the work be started on the structure until the coming year. CM. deposits of over $1,000,000. — A. unanimously on the 15th inst. from $100,000 to $200,000. The addi- tional stock will be allotted to the present stockholders pro rata at $160 per $100 share. The company ^is the owner of a site, acquired a year ago, at Union Street and Third Avenue, and plans thereon the erection of a four or five story bank and are: bank to cover all losses. November 1903 and has $250,000 profits (Jan. 30 1906) of $66,924, to increase the capital ofidollars. sufficient cash at the disposal of the in —The stockholders of the Union Bank & Trust Company of Nashville, Tenn., resolved W. W. Crawford is the President. His associates A. Porter and H. L. Badham, Vice-Presidents; H. B. Urquhart, Cashier, and Williamson, Assistant Cashier: G. Bi. McCormack is Chairman of the board of directors. day The bank began business P. Gaut, President; David A. Rosenthal, Vice-President, and Ralph W. Brown, Cashier. Fort Worth National Bank Worth, Texas, from November J1903 to the present time (but little more than two years) is illustrated in the figof Fort Chicago; shown below: ures Surplus and Date. Jan. 29 Nov. 9 Nov. 10 Nov. 17 — 1906 1905 19041903 Aggregate Capilnl. Profits. Deposits. $300,000 300,000 300,000 300,000 $431,475 422,785 $3,245,506 2,734,395 2,242,689 2,048,059 Resources. The application to convert the Manufacturers' Bank of Chicago into the Monroe National Bank, referred to last week, 3(52,928 338,857 was approved at Washington on the 15th inst. Deposits, now at $3,245,506, compare with but$2,048,059 A. H. Comstock is Vice-President of the City National in November 1903; surplus and profits have reached $431,475, Bank of Duluth, Minn., in place of A. R. MacFarlane. as against $338,857 at the earlier date, while aggregate reIt is reported that the Springfield Savings Bank of sources have grown to $4,276,976 from $2,886,916. The ofSpringfield, Mo., has consoUdated with the Springfield Trust ficials are: K. M. Van Zandt, President; R. L. Elhson, Company. N. Harding and L. C. Hutcliins, Vice-Presidents; Oscar $4,276,976 3,757,175 3,105,617 2,886.916 — — — Arrangements are already being made Wells, Cashier, and for the program Virginia Bankers' Association, announced, will be held at the Hotel Chamber- was Bank & Trust Company of Norfolk, Va., has amended its charter, changing its name to the Virginia Bank & Trust Company Incorporated. Authority to make the change was given the institution by the Virgim'a Corporation Commission on the 8th inst. The intenin these columns Feb. 3. The institution continues to transact a general banking, savings and trust business, under the same management as heretofore, with William C. James W. Hunter, President; John Roper and Whittle, Vice-Presidents; Hugh G. Whitehead, effected at a — —The Virginia Savings was recorded Sledd, Assistant Cashier. of the New Mexico Bankers' Association meeting held at Albuquerque on the 15th inst. At the conclusioa of the preliminary details the adoption of the constitution and by-laws the following officers were elected: President, C. N. Blackwell of the First National Bank of Raton, N. M.; Vice-President, R. J. Palen, President of the First National Bank of Santa Fe.; Secretary, H. D. Bowman, President of Bowman's Bank of Las Cruces; Treasurer, J. B. Herndon, Cashier of the State National Bank of Albuquerque. which, it is lain, Old Point Comfort, on June 21 and 22. tion to alter the title Elmo — Organization for the convention of the — — Gen. John R. Mathews has been elected President of the State L. I J. Bank & Trust Company of Los Angeles, succeeding H. who has become Vice-President. Woollacott, THE CHRONICLE. Feb. 24 1906 plonctarylCl^ommcvciallittgUsTi^^jexus (From our own Correspondent.) London, Saturday, February 10 1906. All departments of the Stock Exchange continue inactive and depressed, with' the exception of that for British Government securities. Last week there was a more hopeful feeling both in Paris and in Beriin, as it was believed that communications were passing between the French and German governments for an arrangement of the differences between them respecting Morocco. This week a much more pessimistic It is feared that Germany will not give feeling prevails. way upon the question of policing Morocco, and consequently Indeed, it looks as if the conference would come to an end. the German press during the week has been preparing the world for a failure, inasmuch as it has been protesting that even if the conference fails there will be no war since Germany 429 reports tend to show that trade at home is improving equally with the foreign trade. Money continues exceedingly scarce, and the outside mar- ket has borrowed a very large amount during the week from The Bank, of late, has shortened very the Bank of England. materially the time for which it is willing to discount bills. The bill brokers complain of this, and say that they have to borrow upon Government and other high-class securities, It is genas the Bank will not discount for longer periods erally understood that the reason why the Bank is acting so is that it is intending to pay off during the week after next most of the loans it obtained a little while ago from the outAnd consequently it is desirous that the loans side market. due to it from the outside market shall fall due at the same time as the loans due from it to the outside market. In that way it hopes to neutralize the effect of its own re-payments and thereby to retain complete control of the open market. It will be assisted by the fact that the collections of the revpacific is completely enue are now on an extraordinarily great scale. And it will It is reported from various quarters that the French Govfurther be assisted by the inactivity of the great French ernment has made an attempt to settle the difficulty by askThe Berlin exchange upon London has risen above banks. ing the Swiss Government whether it would undertake to the point at which it would pay to ship gold from Hamburg The Morocco. Swiss policing for Governofficers provide ment very wisely refused to do so. Italy has proclaimed to London. At. the present time the Imperial Bank of Gerprevent such shipments, and it through its press of all shades that it will not police Morocco many is exerting itself to is possible that they may be postponed until after the new And unless it is requested by both France and Germany. commercial treaties come into force. But the best informed all the small Powers are afraid to meddle in business which might involve them in grave dangers. In consequence of are decidedly of opinion that considerable gold shipments aU this there is a very anxious feeling in Paris; and even in will be made before long from Germany to London. The It is now deIt is not believed in Paris exchange upon London is also rising. Berlin there is a good deal of anxiety. cidedly above the point at which it would pay to ship gold either city that Germany, having wrecked the conference, It is possible, of course, that if alarm Neither is it thought possible from London to Paris. will make war upon France. great in France that gold may nevertheless be becomes very But everybody is conthat France will fight for Morocco. London. Otherwise it seems certain now that taken from vinced that the failure of the conference will leave an exFrance en- no more gold will be shipped from London to Paris. ceedingly unfavorable impression in France. The India Council offered for tender on Wednesday 100 tered into arrangements with the United Kingdom, Italy lacs of drafts, and the applications amounted to 811 lacs at and Spain for the express purpose of getting a free hand in Morocco. She has been stopped by Germany. Then she prices ranging from Is. 4 l-16d. to Is. 43^d. per rupee. agreed to the demands of Germany to bring the matter be- Applicants for bills at Is. 4 l-16d. and for telegraphic transallotted about 13% of the fore an international conference and let it be decided there. fers at Is. 43^d. per rupee were applied for. amounts If Germany causes the conference to fail, France will be The following return shows the position of the Bank of convinced that Germany has deliberately done so for the England, the Bank rate of discount, the price of consols, &c., purpose of compelling France to place her whole foreign compared with the last four years: , pohcy at the orders of Germany. Business hence is very stagnant both in Paris and in Berlin. In Paris everybody is afraid to engage in new risks. Even London the Circulation Public deposits Other deposits 1906. Feb. 7. 1905. Feb. 8. Fei). 10. 1903. Feb. U. £ £ £ £ 28,23.3.720 9,6.38,276 27,311,740 9.459,079 41,794,989 .39,448,004 1904. 28.127,905 27,749,055 9,081,614 41,635,576 19,229.834 24,826,750 24,900,000 34.199,147 11,2.39.705 39,677,093 1902. Feb. 12. £ 28.734.310 14,078.008 39,432,028 17,274,486 28,664,669 25,934,416 36.893,728 15.062,127 French banks which for several Governm't securities 12,584,867 16,603,585 28,984.448 OtUer securities 33,311,131 24,427,700 25.170.852 years past have been employing immense balances here are Re.serve,notes&coin 23,791.636 27,045,038 Coin&bull.,bothdep 33,575.356 35,906,778 35.123.757 literally doing nothing. They have stopped renewing bills, Prop, reserve to liabilities 46!^ 49 49 55 3-16 48Jf P.O. 3 4 4 3 and they are employing exceedingly little money on the Bank rate p. c. 4 Consols, 2H p. c-.. 88 5-16 92 13-16 94 11-16 90 7-16 88^ 2fii<(d. 22 l-16d. 25%d. 30 3-16d. 26Md. Stock Exchange. In Germany trade is very active, and Silver... Clear.-house returns 231,817,000 206,614,000 178,131,000 176,230,000 176,078,000 people are looking forward to the future hopefully. The The rates for money have been as follows: fears that were entertained respecting the new commercial Jan Feb. 2. n Feb. 9. Bank of Ensland rate 4 4 treaties are passing away, and that the general expectation Open market rates — 311-16®3^ Bank bills — 3 months Z'A@3Ji is that trade will continue good is proved by the fact that — 3 11-16 months 3^@3 U-16 354 — 64 months 3 5-16(5)3^ 35^@3H 3K®3H new ships are being built for Germany at home and abroad Trade bills — 3 months 4(^4^ 4(«)4>i — 4 months 4®4J4 4@4K on an immense scale. All the German building yards are Intere.1t altowcct for deposits — By joint-stock banks 2H fully employed, and in this country more]than half a dozen 2H By discount houses: At call 3 3 large ocean steamers are under construction also for Germany. 7 to 14 days 3K 3M Here at home trade iS' steadily improving. But in the The Bank rates of discount and open market rates at the Stock Exchange, as already said, there is exceedingly little chief Continental cities have been as follows: doing. The Egyptian Government is believed to be still Jan. 20. Feb. 3. Jan. 27. Feb. 10. Open Bank Open Bank Open Bank Rates'of Open Bank buying consols; so is the Indian Government; and large inInterest at — Rate. Market. Kate. Market. Kale. Market. Ra'e. Market. P.arls 3 2% 2 9-16 3 2 9-16 3 3 2H vestors are also buying, as it is now certain that the new Berlin 315 5 3H 5 5 3H 35l 5 Hamburu: 5 3H 5 6 3H 3}| 3H Government will take measures to make the sinking fund Frankfort 5 3 9-16 5 3% 5 5 3 7-16 3>5 11-16 Am.sterdam 3 2 11-16 3 2 13-16 3 3 2H effective. "With the exception, however, of the market for Brussels 4 4 3 13-16 4 4 3% 3H 3M Vienna 4 4H 4 4H 4H 4 4H 3j| British Government securities, there is little doing, although .St. Petersburg nom. nom. nora. 8 7 nom. 8 8 4 Madrid 4 4H 4H 4H 4 4H 4 the railway reports and dividends are satisfactory, and the Copenhagen 5 5 5 5 4!^ 4H 4H traffic returns show that since the new year set in the prosMessrs. Pixley & Abcll write as follows under date of pects of the railways have further improved. Yet there is February 8: GOI,n. — Arrivals this week h.ive been small and the B.ank of Kncland h.as secured not much activity in the railway market, for until people can Next week we expect the greater part of thetn, amounting to about £l5fl.n00. from the Cape. Since our l;ist the Bank has bo\ight £443.000 In b.irs. while see more clearly what is likely to be the outcome of the £409.497 £300.000 has been withdrawn for South America. For the week: Arrivals — AustraWest Indies, £23.000: Algeciras Conference, everybody thinks it wisest to do lia, £5.'>'.),0n0: South Africa, £245.000; Bombay, £135,000: total, £962.000. Shipments -Bnuibav. £101,800: Madras, £3,000; total. £104, .800. in large _ ; nothing. For the month of .January: Arrivals,— Belgium, £44.000: France, £1.5,000: South Shipments -Belgium, £297 .OOO; France. Africa, £ ,.';78.000: India. £189.000. £ ,468,000; Argentine. £770,000: South Africa, £ 10,000; India. £269,000. SILVKH .—The market remains firm at HA. rl.se on the week. The Indl.an Oovemment continues buying, and. with some Continental orders, the amotints offered from Ainerica are readily absorbed. There h;vs been a better demand tor forward, and the 1 The Board of Trade returns for January arc highly satisfactory. The value of imports amounted to £53,475,830, being an increase over the corresponding month of last year of £5,709,370, or 12%. The value of the exports was £30,774,811, showing an increase of £5,785,034, or 23.2%. The value of the re-exports of foreign and colonial produce was £7 445,855, an increase of £1,331,968, or 21.8%. All the 1 difference has now shortened to ll-Kld. The Bazaars are comparatively Idle, the eliwe steady at 30>f d. for spot qiiotatlon there being Rs. 75!^ per 100 Tol.ahs. aiKl 29 9-16d. for two months. For the week: Arrivals -New York, £303,000; .Shipments— Bombay. A\istralla, £13.000: West Indies, £27.000: total. £:v»:i,000. £244.800; Bombay (In $). £217,700: Colombo, £r, 1,700; totjvl. £527. '.'00. For the month of January: Arrivals— (iermnnv. £111.000: France, £44,000; IT. S. A. £ 1 .885.000. Shipments—flermany, £5.000; France, £ 153,000; India. £ 1 ,568,000. We MEXICAN DOLLARS.— There and their nominal quotation Is Id. Is practically no business to report In these coin, America. £29,000. stiver bars. Arrivals under — . . THE CHRONICLE 430 The quotations GOLD. lyondon tSlaiulard. Feb. s. d. s. Bar sold. line. 07, 77 9 70 4, U.S. Kold com, oz German ^'old ooln, oz.. 76 4V rroiuli told coin, oz Japanese yen, oz 8,045 for bullion are reported as follows: Feb. 8 7(1 4W 4 70 cl. 9H 77 76 76 70 76 SILVER. 1. 4'4 4'.? 41-3 Feb. 8. /'fft. hrnitinn Stanilnrd. d. BarsllviT, line, oz 30K " :; nio.d('llvery,oz.2y y-lC Cakesllver. oz .325^ d. 32H nom. 1905-00. 1004-05. 4a..SO7.O00 12.7O(;.o00 12.4'.)0,900 5. 429, .SOU OaU Peas. 9liS,l):i5 Beans 440,490 20,125,100 7,388,600 Indian corn Flour 1903-04. 40.105,901 lS,0(',!).:',(i8 7,12S,498 1,100,809 1,114,358 23.740,297 11,067,624 5,>>l:i.L'00 1,041,251 774,700 20,123.200 5,317,420 $50,000. W. E. HoUoway, President; L. Lanier, Vice-President; llarver\' Flemint;, Cashier. Capital, $25,000. Citizens' National Bunk of Pella, Iowa. Kruidenier. President; H. Wonnhoudt, Vice-President J... B. II. Van Spanckiner Jr., Cashier. 8,048— The First National Bank of Joseph, Oregon. Capital, $25,000. L. Knapper, President; Albert Wurzweiler, Vice-President; K. H. Bhiesser, Cashier; F.'F. Scribner, Assistant Cashier. 8,049 The First National Bank of Herman, Minnesota. Capital, $25,000. Rodney Hill, President; Charles B. Kloos, Vice-President; Ernest E. Peck, Cashier; A. L. Nelson, Assistant Cashier. Succeeds Peoples' Bank of Herman. 8,050 Tin- First National Bank of Ravmond, Minnesota. Capital, $25,000. H. J. Dale, President; ^. O. Gold, Vice-Pre.sident; F. O. Succ<;eds Stato Orth, Cashier; J. H. Ortb, Assistant Cashier; 8,047—Tlie 4WI 36,8fi5.00n — 8,040 29J4 The following shows the imports of cereal produce into the United Kingdom during the season to date compared with previous seasons: IMPORTS. TwenW-tf'Tee weeks. 1902-03. 35. 555, 708 10,104,824 7,399,728 9;in,312 989,452 10,540,710 8,873,150 — — Raymond. of Capital, First National Bank of Cold Spring, Minnesota. — TheBank Anton Mugsli. President; N. M. Barnes, Vice-Presi- 8,051 825,000. Supplies available for consumption (exclusive of stock on September 1): Wheat Imported, cwt Imports of flour Bales of home-grown Total Averace Average price wheat, price, season week 1905-00. 36,805,000 7,388,600 17,742,556 1904-05. 45,507,000 5,317,420 8,329,320 1903-04. 40,105,961 11,007,024 9,608,083 1902-03. 35,555,768 8,873,150 11,791,409 01,996,156 2Ss lOd. 27s. lid. 69,153,746 30s. 6d. 30s. 3d. 60,781,668 20s. 9d. 26s. lid. 56,220,327 25s Od. 25s. 7d. The following shows the quantities of wheat, flour and maize afloat to the United Kingdom: qrs. 2,640.000 qrs. 200.000 qrs. 615,000 Flour, equal to Maize The British imports since Jan. 1 1900. January £ Exports. 1906. ...30,774,811 The re-exports of foreign and show the following contrast: PerCt. + 12.0 47,766,460 -f-5,709,370 7.445.855 Diflercnce. Per ct. +23.2 £ £ 1 Per Ct. + 21.8 6,113.887 +1.331.968 English Financial Markets — Per Cable. The daily closing quotations for securities, &c., at London as reported by cable have been as follows the past week: London. Sat. Mon. 23. d. 30 11-10 30 9-16 Consols, new, 2J^ per cents.. 90^ 907-10 Foraccount 90 9-16 90?^ French Rentes (in Par.) Ir... 99.75 99.50 14'4 6Anaconda Minins Co HH, Week ending Feb. Silver, per oz & Santa & Ohio Atch. Top. Fe Preferred 92K 92 106 Preferred Illinois Central Louisville & Nashville Mexican Central Preferred 177>i 152 24!^ 177H 151H National 35M 35J^ 70}^ 39 152 52 89j^ RR. of Mexico N. Y. Central ct Hudson N. Y. Ontario & Western... 52H Norfolk & Western, com 89M Preferred Northern Pacific Pennsylvania 7lH 70^ 48K bXH 20!^ &!% 39H oReadineCo a First preferred a Second preferred.. Rock Lsland Co Southern Pacific Southern Railway, com Preferred 102 Pacific, common 155J^ Preferred 100 U. S. .Steel Corp., common.. 43 Preferred.. llOH Wahash 22}^ Preferred. 46 Debe nture "Bg" 79 a Price per share. _ 183?< 46,W 91 45 80 44?-i 44J^ 80 72H 178 177H 150M 151 70^ 25 35 70H 35H 153 52J^ 89J^ 39 153 52 89J^ 94 232 94 231!^ IIH 71 70H 39 153 51'4 89}| 95 HVs 152H olH 895^ 94 229 TIM m% llVi 10)4 48!.f rf47 48J^ 51 (>1H 51H 26M 67^ 51M 26K 67H 102j| 156j| 100 43 393^ 103 156}^ 100 43 109% Wi% 23}^ 47 80J^ fifSterling per share. SO 175H 58 2l}4 1843^ 46 91 445^ 795^ 179 152 25 35V^ 39M l'i]4, 58 178 152 245^ 35!^ 2V,]4 • d\7b 71 71H 69H 48M 51K f,7H 39 102!^ 1,55^ 100!4 42-K 109 23 46 Fri. 11-16 .30 72H 39 69V^ 49 SO Union • 21H 185 46)^ 91 90H 92K 71H 94 229 2VA 185 47 24H 72 38J^ 153 2VA 178'-l 44J^ 80 72 Mo. Kan.s.* Texas, com 58!^ WCiM lOlJ^ 45K TiH 80 14% 92H Thvrs. 309-16 90 5-16 90J^ 90 7-16 90 9-16 99.32}^ 99.35 14% liVa C92'^ 92-M cWb'i 107 dll4 114 lOl 100 115?4 101J4 17751 58'4 101 91J,<^ Erie, common First preferred Second preferred li% 177J4 57?i 2V/i 184!^ 46J^ 91 Wed. Tues. 30>.^ ZOV, 90 7-16 90^1 90 9-10 905^ 99.27}^ 99.32 93 100 100 11554 Baltimore 115K -Preferred lOlH Canadian Pacific 176M Chesapeake & Ohio 5854 Chicaffo Great Western 21H Chicago Milwaukee &St.Paull80 Denver & Rio Grande, com.. 45J^ 8,053 — c Wm. Wm. Succeeds New Haven Deposit Bank. 8,054 The Farmers' National Bank of Stephenville, Texas. Capital, $25,000. W. H. Frev, President; D. S. Livingston and E. E. Hatchett, Vice-President.s; W. A. Hyatt, Cashier. 8,055 The Merchants' National Bank of Glendive, Montana. Capital, $50,000. Henry F. Douglas, President; David R. Mead, VicePresident; Robert H. Wat.son, Cashier: Wilson Eyer, Assistant Cashier. Succedes The Merchants" Bank of Glendive. 8,056— The HoUis National Bank, Holhs, Oklahoma. Capital, $25,000. W. S. Cro.ss, President; J. M. Tice, Vice-President; E. L. Gard- — ier. Cashier. Malvern National Bank, Malvern, Iowa. Capital. $50,000. —Thener, C. B. Christy, President; James Durbin, Vice-President; Fred Durhin, Cashier. Succeeds Strahan & Christy, Bankers. National Bank of Greenwood, New York. Capital, 8,058 — The $25,000. Arthur P. W^oodward, President; James M. Cneesman, Vice-President; Minor Shaw, Cashier. Adams, Minnesota. Capital, $25,000. 8,059 — The First National Bank G. Schmidt, President: Sophronia Dean, Vice-President; 8,057 of J. Wm. W. W. H. Dean, Assistant Cashier. Capital, First National Bank of Remington, Indiana. Robt. Parker, President; H. R. Church, Vice$25,000. President and Cashier. 8,061—The First National Bank of Holhs, Oklahoma. Capital ,$30,000. R. A. Wilhams, President: W. C. Pendergraft, Vice-President; W. B. Groves, Ca.shier; G. T. Hollis, Assistant Cashier. Conversion of The Farmers and Merchants Bank of Hollis. 8,062—The First National Bank of Gering, Nebraska. Capital, $50,000. Martin Gering, President; Peter McFarlane, Vice-President; H. M. Thornton, Cashier; Ed. J. Whipple, Assistant Casliier. Conversion of The Bank of Gering. 8,063 The First National Bank of Artesia, California. Capital, $25,000. Herman W. HoHman, President; C. B. Scott and George W. Felts, Vice-Pre.sidonts: George R. Frampton, Cashier. 8,064 The First National Rank of Wenatchee, Washington. Capital, W. T. Clark, President; Conrad Rose, Vice-PresiS50.000. dent; Geo. R. Fisher, Cashier. 8,065 The First National Bank of Azusa, California. Capital, $25,000. W. R. Powell, President; P. C. Daniels, Vice-President; W. S. Bridges, Cashier; H. S. Johnson, Assistant Cashier. 8,066 The Planters National Bank of Rosebud, Texas. Capital, $50,000. J. T. Davis, President; J. A. Tarver, Vice-President: E. L. Tavlor, Cashier. 8,067 The First National Bank of Hartselle, Alabama. Capital, $25,000. John S. Mitchell. President; W. A. Barclift, VicePresident; A. E. Jackson, Cashier. 8,068 The Merchants National Bank of Galveston, Texas. Capital, Moritz O. Kopperl, President; J. R. Cheek, Vice8100,000. President: N. O. Laure. Cashier. First National Bank of Oceanside, CaUfornia. Capital 8,069 The President; W. V. Nichols, Vice825,000. J. X. W'oods, Pre.sident; Geo. A. Lane, Cashier; E. S. Payne, Assistant Cashier. 8,070 The Seawall National Bank of Galveston, Texas. Capital, 8100,000. Burt H. Collins, President; F. M. Hamilton, VicePresident; B. H. Walker, Cashier. The Farmers' and Merchants' National Bank of Alvord, Texas. 8,071 Capital, $30,000. T. B. Yarbrough, President; Terrell Collins, Vice-President; W. J. Leach, Second Vice-President; A. Y. Leslie, Cashier. 8,072 The First National Bank of Ranger, Texas. Capital, $25,000. Wm. Bohning, President; G. H. Bohning, Vice-President; W. S. Michael, Cashier; F. W. Melvin, Assistant Cashier. 8,073 The Citizens' National Bank of Redlands, CaUfornia. Capital, 8100,000. A. G. Hubbard, President; E. C. SterUng, VicePresident; C. S. McWhorter, Cashier; H. R. Scott, Assistant 8,060 1905. £ Re-exports. — First 1905. Ditference. 24,989,777 -f6,785,034 colonial produce sinze Jan. 1906. January £ have been as follows: since Jan. 1 Jauuary 1904. 2,345 000 315,000 705,000 DWerence. 1905. .53,475,830 .. The exports 1905. 2,780.000 145,000 640,000 have been as follows: £ Imports. 8,052 Conversion of The First State dent; Paul Adams, Cashier. Bank of Cold Spring. Wewoka, Indian Territory. CapiBank of The Farmers' National tal, $25,000. L. C. Parmenter, President; M. F. Manville, VicePresident; A. V. Skelton, Cashier. Succeeds The Farmers' Se Merchants' Bank of Wewoka. The First National Bank of New Haven, Illinois. Capital, $25,000. P. Tuley, President; John J. Trafford, Vice-President; E. Math'is, Cashier; Fred. M. Davis, Assistant Cash- — Last week 2,130,000 285.000 600,000 This week Wheat Farmers' National Bank of Quarryville, Pennsylvania. Daniel K. Helm, Pn-.sident; Levi F. McAlKersev Carrit-'aii, Cashier. lister, Vice-Pre.'-ident; The First National Bank of West Point, Georeia. Capital, Cpaital, $50,000. a Nominal. Imiwrts of wheat, cwt Barley TOL. LIXXIL — The 1. 30H nom. Mexican dollars [ 24^ 47H 67?^ .39 102J4 rfl52k rf99 42^ 110 23H 47 80 Ex-rlghts. 39^4 102H 153^ 99 43K 23U 109J^ 46,4 80 —The Dean, Cashier; — — — — — — — — — — — ' Cashier. United States National Bank of Azusa, California. Capital, —The850,000. A. Graves. President; E. R. Jeffrey, Vice-Presi- 8,074 dEx-dlvidend. J. dent; J. H. Anderson, Cashier. 8,075— The Payette National Bank, Payette, Idaho. ©omtncxxiitt iitxtt HtXisccUaiicoits^cxus 8,076 — NATIONAL BANKS.—The garding national banks is following information refrom the Treasury Department: NATIONAL BANKS ORGANIZED. Certificates Issued January 29 to February 1 7 inclusive. 8,039 — The Scott County National Hank of Oneida, Tennes.see. 8,040 — Capital, $25,000. C. Cross, President; 10. G. Foster, Vice-President: W. C. Andc'ison, Cashier. Conversion of The Scott County Bank of Oneida. The Escondido National Bank, E.scondido, California. Capital J.W.OOO. A. W. Wohlford, Pre.sideiit; President; L. A. Stevenson, Cashier. K. G. Logan, ViceSucceeds The Bank of Escondido. First National Bank of Clinton, $.50,000. S. Craii,', Pre.sid./nt; .1. — S,079 — 8,080— 8,081 — 8.082 — 8,083 — 8,078 — — The 8,084 8,043 — 8.085 8,044 • 1 Fouts, Cashier. Casey National Bank, Casey, Illinois. Capital, $25,000. Chas. F. .Johnson, President; W. S. Emrich, Vice-President; Doit Youne, Cashier; B. B. Stiirdevant, As.sislant Cashier.' Succeeds Meichants' and Traders' Bank, The First National Bank of Dwifrht, Illinois. Capital, 850,000. Frank L. Smith, President; Curtis J. Judd and J. R. Oughton, Vice-Presidents; John J. Doherty, Cashier. $100,000. W. I. Beans, President; W. H. Pike, Vice-President; R. K. Davis, Cashier. First National Bank of Goodrich, North Dakota. Capital, Robt. W. Akin. President; Christ Doering, Vice825,000. President; Herman G. Per.ske, Cashier The First National Bank of Fort Towson, Indian Territory. Capital, $25,000. W. W'ilson, President; R. L. Carter, Vice-Pr(>sident; W. F B. Leonard, Cashier. The Farmers National Bank of Fort Ciibson, Indian Territory. Capital, 825,000. .President; Sid Garrett, Cashier. The First National Bank of Salmon, Idaho Capital, $25,000. H. G. King, President: Timothy Dore, Cashier. Citizens National Bank of Ness City, Kansas. Capital, $30,000. J. C. Hopper, President; JohnEngel, Cashier. Citizens National liank The of Antler.s, Indian Territory. Capital, 825.000. Jake Easton, President; S. P. Ancker, VicePresident- Tom Turk, Cashier. The First National Bank of McConnellsburg, Pennsvlvanla. Capital, 825,000. Lewis H. Wible, President: M. Ray Shaflner, Vice-President; Merrill W. Nace, Cashier. The Citizens National Bank of Hankinson, North Dakota. Capital, 830,000. Fredeiick B. Townsend, President; F. O. Hunger, Vice-President and Assistant Cashier; Edward Hun- 8,077— The 8,041 South Carolina. Capital, U. Z. Wright and S. H. McGhoe, Vice-Presidenis: .1. P. Boll, (Cashier. 8,042— The First National Bank of Stockport, Oliio. Capital, $25,000. J. 1). Lane, President; T. D. Clancy, Vice-President; C. H. Capital, $50,000. O. H. Avey, President; W'. S. Brnndage, Vice-President; A. P. Scritchfield, Ca.shier; R. U. Spanlding, Assistant Cashier. The Farmers' National Bank of Oskaloosa, Iowa. Capital, — W Cashier. National Bank of Compton, —The825,000. Harshman. President; ger, First J. J. President; E. E. Elliott, Ca.shier. of Compton. I Capital, J. M. Shepard, ViceConversion of The Bank California. THE CHRONICLE. Feb. 24 1906. First National Banlc of Jonesboro, Arkansas. Capital, SlOO,First \ice-FrcsiE. Talley, Cashier; W. Vice-President; Lutterloh, denf C Conversion of the Citizens' Jas. 'e. Parr, Assistant Cashier. o 036 The H. Watson, President; A. L. Malone, 000. M Wyoming. Douglas, 087— The^Douslas NaitonalBank, o Capital, $r-,0,- Collins, President; L. J. Swan, Vice-President; Wilkie Collins, Cashier. Capital S2.5, 000 8.088— The First National Bank of Ault Colorado M. R. 000. E. T. Duffey, Vice-President; A Johnston, President; D. O.'Moberly, Casliier. J w , Capital, Cheyenne, Wyoming. n Bank of^ ^, Hord, President; E. W. btone, Cashier; Homer Feiirt! Assistant Cashier. , * „. r. Capital, o 090— The Dayton National Bank, Dayton, Washington. F. A. McMaster and President; Maxwell, A. 000 $25 John Blessinger, Vice-Presidents; D. W. Davis, Cashier. , Citizens' National 8.089—The SI 00 000 • , B. T. . , i W ' Capital, $40,First National Bank of Pearisburg, Virginia. P. F. St. Clair, President; C. L. King, Vice-President 000. The 8 091 „,.,,, and Cashier. , -. ,-. • -r. Capital. of Tioga, Pennsylvania. S P. Hakes, President; W. F. Hill and John G. McHeriry, Vice-Presidents; E. B. Dorsett, Cashier; F. L. Nearing, Assistant Cashier. ,^. .^ ,j ,.t i \ r^ ^^.^ Capital, $25,093— The First National Bank of Litchfield, Nebraska. g 000 L J Titus, President; H. L. Titus, Vice-President; fitu.s. Cashier; G. A. Engleman, Assistant Cashier. D 8 094 The First National Bank of Stanton, Texas. Capital, .$25,000. A. L. Houston, President; John E. Millhollon, Vice-President; Paul Konz, Cashier. 8 095— The First National Bank of Columbia, Alabama. Capital, $25,000. G. H. Malone, President; J. M. Koonce, Vice-President 8.092—The Grange National Bank , $25 000 , , W — . Cashier. « „ National Bank of Overly, North Dakota. Capital, —Theand George Sunberg, President; Phinelan B. Haljer, Vice000. ,^ 8,096 , . , . .S25,- First President; Andrew R. Assistant CfljShiGr. Thompson, Thompson, Cashier; Otis C. Capital, $25,National Bank of Bradshaw, Nebraska. —The Geo. W. Post, President; E. A. Wells, Vice-President; 000. Assistant Cashier. F. Houseman, Cashier; C. B. Palmer New Mexico of Raton, New Mexico. 8,098 — The National Bank Capital, $50,000. Fred. O. Roof, President; A. C. Price, VicePresident; Ernst Ruth, Cashier. S,099 — The Abram Rutt National Bank of Casey, Iowa. Capital, $25,000. Abram Rutt, President; Wm. Valentine, Vice-President; First 8^097 Jr., J. of S. Lincoln Paitt, Ca.shier; Harlie E. Smith, Assistant Cashier. 8,458 — "The to "The First APPLICATIONS TO CONVERT INTO NATIONAL BANKS Hanson, Litchville, Litchville, North Dakota, into The The Merchants' State Bank of Fargo, North Dakota, into The MerCapital, $100,000. chants' National Bank of Fargo. The Letcher State Bank, Letcher, South Dakota, into "The First National Bank of Letcher." Capital, $25,000. The Moline State Bank, Moline, Kansas, into "The Moline National Bank." Capital, $50,000. The Citizens State Bank of Sumner, Iowa, into "The First National Bank of Sumner." Capital, $50,000. The Benton County Bank of Bentonville, Arkansas, into "The Benton CorrespondC!ounty National Bank of Bentonville." Capital, $00,000. ent, W. E. Adams, Bentonville^ Arkansas. Detroit Cleveland .. St. Louis. -Peoria Kansas City. 7,000 619 44,575f 23,600 Tot.wk.'Oe 304.724' 202,6001 317,609i '05 .04 Same wk. Same wk. of Company. Railroads (Steam). Buff. * Susq.. pref. (quar.) (No. 15)-. Chlc. Mllw. & St. Paul, com. and pref.. Utica & Black Rivor. guar._ Mar. 1 California St.. San FranclHco (monthly) Kan.sa.s City Ry. & Lt., pref. (quar.).. Presidio & Ferries, San Fran, (m'thly). Seattle Electric Co.. pref Receipts at 1 30 Portland Philadelphia Baltimore 23.8(>2 Richmond Newport News 1 2 \u 3 3 Mar. 1 to April 3 Mar. to Mar. 1 to Mar. 2 to 1.5 Mar. 2 to 1,5 Mar. to to 7 Feb. 25 Holders of rec. 1 1.5 Mar. 11 to Feb. 24 to 1 •> 1.5 Mar. Mar. Mar. Mar. Mar. Mar. Feb. Mar. Mar. 15 15 7 7 7 7 27 1 27 — Among other securities the following, not Stocks. 220 H 50 Am. I)ist.Tel.Co.ofB'k'n.35 13 B'klyn Wareh.&St .Co.l05 5 Eagle Wareh.&St.Co..lOO 2 Standard Mill. Co., pf 40 56 Citizen.s* (V-nt.Nat.Bk 144 66 Clifton Co. of Col..\ HighI'd Park Co.ofCol /$25 lot 100 Durango L'd <t Coal Co. of Colorado $.500 2,000 Mogul Drain. &Tr!iiis.\ Tunnel <t M'g &| Mill. (;o. $1 each..! 50 National Salt Co ... 10 New Process M'g & Hfd.Ci).. 8.50 each '$27 lot I 50 Miller Colfl Mining Co., 825 each 60 Oriental (!oId Mining Co., $25 each r> Ba.vonne (N.J.) Tr.Co.200 81.3 Gerniania Fire Ins. Co. .451 16 Union Ferry Co 29% 5 Home Ins. Co 516 10 OrM'n wifh Hank 296 . . 110 Title Guar.&Tr. Co. .670-34 75 N. Y. City InterboroughRy.Co 543^ 10 Kings Co. Elec. L't & Power Co 165 1.3 Bank of the Metropolis. 400 34 Chatham Nat. Bank... 30531 Westchester & Bronx Mtge.&T.Guar. Co. .181 Title Ins. Trust Co 5 Mt. & 296^092 282,686 222,117 1,100,459 317,367 4,307,243 642.831 of— bbls. M 2.55 20 Coal & Iron Nat. Bk..2703<^ 10 Nat. Park Bank .500 81.000 Standard Milling Co. 1st .5s, 1930 HOH $2,000 Hudson County, N. J.. New Public Road 4 3^s, 1<)23. .1. & .1 ...107 J., & int. $5,000 Hudson County. N. .1., New Public Road 4Hs. 1025. * lOS^ii .1 5h, .Jervis Elec. L't Ga.s 1932 A RR. 3",960 Co. Barley, Rye, btish. 241,200 bush. 1,950 1,250 159 20,849 17.967 293'.060 mill i¥o",ooo 4,253 16,275 750 83,412 New 20,076 8,678 500.552 201,326 1,735,893 599,169 Orleans for foreign ports February 17 com- 1 to 1,762,920 1904. 2,715,400 1903. 2,973,666 300.000 2,459,118 28,564,131 4,178,805 1,071,126 75,741 9,560.295 13,234.378 4,488,388 755,861 221,653 13,024,753 22,192,994 6,746,872 1,083,438 350,073 68,829.753 31,348,921 28,260,575 43,398,130 1905 1900. 2.189.223 12,4(i2.777 3.735.8.38 Barley Rye Total grain The expo rts from the several seaboard ports for the week ending last Saturday are shown in the annexed statement: Flour, Corn, busfi. bush. bbls. 54,670 8,482 3,988 42,601 5.353 714 20.000 25,044 0,737 2,007 28,862 151,497 40,145 168,200 110.000 100,000 1,312,440 3.931.379 199.064 Total week Same time 1905.. 197,247 3,915,800 82.795 660,124 78.731 Portland .- '.I & Rye, Oats, bush. Wheat, 594,128 205,938 431,162 '13,844 322,000 542,472 25.200 24.000 1,265,832 17,142 257,714 517.207 687,225 8,048 10,815 296',092 25,000 Exports pom- New York btish. 1 is 111,858 293,000 6,120 '""750 8,500 83,412 week and Week 1 since -CornSince Since Since July 11,155 54.363 61,553 626,397 92,276 -Wheat- -Flour- bush. 2,154 501 42,857 of these exports for the as follows: Week Peas, Barley, bush. 8,696 121,539 The destination July 1 Week July 1 Feb. 17 1905. Feb.M 1905. 1905. hush. bush. bush. bush. bbU. bbls. since JuluX to— United Kingdom... 105,770 4.022,058 1,101.543 24.894.060 1,997.070 32,328,832 41,924,022 11,569.4.30 1,865,504 201,084 1,410,116 51.504 Continent 31,349 285,413 158,500 8.748 488.833 9,916 So. iir\<l Cent. Amer. 31.569 1,102,103 44.980 1,065 817.118 29,472 West Indies 5,827 108,563 103,997 688 Brit. No. Am. Cols. "4"0'9",827 34,645 201,272 714 Other countries Exports lor week and Total Total 1904-05 Feb.M ...199,064 7,049..394 1,312,440 37.077.403 3,931..379 75,784,178 197,247 8,963,819 3,915,803 43,909,266 82,795 4,193,085 The visible supply of grain, comprising the stocks in granary at the principal p oints of accumulation at lake and seaboard ports, February 17 1906, was as follows: Wheat, bush 1.283.000 NewYork Baltimore New Orleans G.alveston Montreal Toronto Buffalo " afloat Toledo Corn, Oats, bu.fh. bush. 1,604,000 1,.303 ,000 251,000 147,000 383.000 252.000 385,000 164,000 33,000 2,115.000 3.520,000 477.000 Barley, bush. 660,000 000 20,666 3"4'9",666 123,000 39,000 1,700.000 180.000 1,000,000 234,000 15.000 261,000 1.000 60,000 66,000 3"l"3".666 880,000 55.000 64,000 afloat 364,000 2"3()',666 2s',6o6 217,000 4,822,000 527,000 418,000 3,6"4'4",666 6,o"o'4".666 7"2"7",666 426. OOO 152.000 365,000 ro'6',666 Detroit... afloat Chicago afloat Milwaukee 7,000 322,000 afloat Fort William " afloat Port Arthur - 4,352,000 183,000 1,540,000 7 ,138,000 . . 2,i;{0,000 215.000 520,000 ,532.000 1.0.30.000 4.000 270,000 82.000 176.000 Total Feb. 17 1906. .47.2.52.000 Total Feb. 10 1900.. 47, 790,000 Total Feb. 18 1905.. 37. 458.000 Tit.Tl Feb. 20 1904.-36,847.000 fc/1'oUal Feb. 21 1903.-48,954.000 15.187.000 15. 327.000 8.840.000 8.712.000 10,481,000 Minneapolis St. Louis 14.902,000 5,278,000 803.000 5.481,000 691.000 164,000 071,000 106.000 43.000 99.000 1,334.000 6.000 19,000 1.000 2.338.000 2. 389 .000 1,770.000 1.093.000 988.000 4.009.000 4.828,000 6.073.000 4.390,000 1.868,000 afloat Kansas City Peoria Indianapolis 1 2:<n.ooo 1 (inc., 000 24.000 On Mississippi HIver On Lakes On Canal and River • • ?5 60.000 888.000 508,000 333,000 287,000 1..57 4. 2.883.000 1.005.000 729.000 42,000 Int. & 1st Rye, bush. 197,000 -- afloat Boston. afloat linrul.'i. Pow. ' 40.319.729 Corn Oats Duluth J. sif.ooo bush. 12,005,409 Wheat '• 3 1 2-3 1 7 Vernon Trust Co 82.000 Pt. 1,475,121 42,182 Total receipts at ports from January pare as follows for four years: 1 15 Lawyers' 102,260 69,900 169,623 Oats, 5'r3",926 99,000 Philadelphia 15 Merch. Nat. Bk.of N.Y.170H 64 Mar.<!kFiilt.Nat.Bk270-271 46 Gallatin Nat. Bank . .395 1,439.294 817,162 1,054,192 15 regularly dealt in at the Board, were recently sold at auction: By Messrs. Adrian H. MuUer & Son: Stocks 60 Bowl. Or. Tr. Co 22,000 3,600 bills of lading. Orleans . Galveston Mobile St. Johns N.B. to 2 Mar. Mar. Mar. Mar. Mar. Mar. Mar. Feb. IP. 1 2,750 88,750 62,000 bush 481,500 132.864 40,145 538,021 233,232 63,094 a Receipts do not include grain passing through New 23 Holders of rec. Feb. 23 31 Holders of rec. Feb. 28 to April 2 2 Mar. 21 April April April Itl Feb. IS bush. 731,000 209,857 714 5.658 2,607 28,862 New Orleans. O.Galveston Norfolk Montreal Mobile St. John.. Total week 1905. Corn, bush. 257,714 748,000 209,000 17,142 7.489 10.815 25.000 l.-i Mar. Mar. 2 3 2!^ 3,400 20.006 13,042 14 2 Mar. Wheat, 145.000 4,268 431,102 10,094 32,327 28,616 bbls. 101,993 23,107 8,482 50.953 Boston Holders of rec. Feb. 15 9 10 Holders of rec. Mar. Mar. April $15 2,088,814 3,617,101 Inclusive. April Feb. Mar. Feb. V4 20c. 3 2.909,9.32 Flour, — New York Newport News. week: Books Closed. Days 3,005,529 1,481,125 3,506,020 6,800, 325.180 10.400 316,000 19,760 1,900 Total receipts of flour and grain at the seaboard ports for the week ending February 17 follow: July 90c. Consolidated Cotton Duck Corp.. pref.. Eastman Ko<lak Co.. com. (quar.) Preferred (quar .) _ Federal Mining A Smelt., com. (quar.).. Common, extra Preferred (quar .) General Chemiral, com. (quar.) Great Nortliem Paper (quar.) Laclede Gas Liclit, com. (quar.) Lord & Taylor, pref Milwaukee & (jhlcago Breweries Auction Sales. When Payable. 3H Street Railways. Miscellaneous Companies. Calumet & Ilecla Mlnins _ Columbus Gas h. &: Ileatlns, com Per Cent. 4,499,554 2,447,850 4,402,359 18,5.i2l 29,487 193,060 1 Baltimore Norfolk DIVIDENDS. Name 6m .56 lbs. 31,000 657.347 24,000 405.900 Since Aus 1 1905-06 .. 12,054,682 170,496,851 113,704,180 145,801,397 59,416,540 6,033,086 1904-05 -. 10,444,851 156, 871, 052 110,063,724 101,202,799 51,134.045 5,358,126 1903-04 -. 12.232, 1371170, 160,867 107,184,651 102,836,143 49,798,452 5,500,023 Philadelphia .. ri 131,310 175,000 104,510 54,713 879,265 293,700 459,000 1,325.413 149.800 29,657 238,130 52,200 47,000 49,629 515.700 436,400 101,600 1,793.5401 33,000i Minneapolis. Toledo Boston this 2,125,600 276,450 66,8801 270,588 Duluth Flour North Dakota. The following dividends have been announced Rye. Barley. Oats. First Correspondent, A. P. Capital, $25,000. Corn. 129,000 201,055 27.875 Chicago Milwaukee. Receipts APPROVED. The Security State Bank of National Bank of Litchville. Wheat. Flozir bbls.l9Glbs ibush.eO lbs. bush. 50 lbs. bush. Z2 lbs. bush.iSlbs. on through 6,604— "The Hereford National Bank," Hereford, Texas, National Bank of Hereford." ' — Receipts at Oregon, to "The First National Bank of Eugene City," First National Bank of Eugene." P- — Bread Stuffs Figures Brought from Page 467. The state meuts below are prepared by us from figures collected by The receipts at Western the New York Produce Exchange. lake and river ports for the week ending last Saturday and since Aug. 1, for each of the last three years, have been: Week CHANGE OF TITLE OF NATIONAL BANKS. 431 • 20,2.'3.0n0 20..tJ7.oon 17.001.000 9 246.000 6.974,000 . . - — 1 4 . . I THE CHRONICLE. 432 [Vol. lxxxu. — Statement of New York City Clearing House Banks. New York City, Boston and Philadelphia Banks. Below is The fallowing statement .shows tiie condition of the New a summary of the; weekly return.'; of llie Clearing House banks York City Clearing House banks for the week ending of New York City, lioston and IMiiladelphia. The New York figures do not include results for non-member banks. February should be distinctly understood that as and surplus the figures are the averages of the daily results, not the totals at the end of the week. In other words, in reporting loans and deposits and holdings of specie and legal tenders, the practice is to take the aggregate of the amounts for the several days of the week and divide this aggregate by the number of days. 17. It We omit ttco ciphers to all items except capital (00) in all these figures. Capital and Bankt. I ' Ixmnt. New York .Ian. Feb. DepotUt.m' Cireu- Legals. Specie. Clearings. $$:$'$ \ ' Surplus. I $ $ $ 1 latum. 27.-257 ,273.2 1041,113,3 193,006,4 84,601,6 1047,112,6 52,267,4 2,494,544,5 3.. 1257 .273,2 1057,365, r 192,492,1 83,986,3 1061,403,1 51,978,9 2,613,001.2 Feb 10.. 261 ,433,8 1001,997.2190.894,5 80,286,8 1060,950,9 51,449,8 2,084,910.5 Feb. 17..J261 ,4.33,8 1052.380.61188.509.9 79,438,3 1048,633,1 50,970,2 1,930.836,2 Boston. Feb 3.. 41 ,656,0 184,771,0 16,538,0 5,923,0 212.663.0 7.195,0 169,333,0 Feb. 10.. 41 ,056,0 184,570,0, 15,587,0 5,786.0 212,273.0i 7.216.0 163.061.4 Fob. 17.. 41 ,056,0 185,309,0 15.326,0 5,859.0' 215,968.0 7,225.0 180.649.8 I i We omit Uoo etphert Banks. Capital. (00) in all case*. Loans. Specie. $ 16.902.0 24.043.0 12,502,8 19,227.0 22.873.1 6.695.0 162.664.0 25.484,2 5.408.4 8.618.7 2.524,1 5,777,0 4,974,3 28,347,2 140,107,6 21.829.9 3.382.2 5,832.0 2.215,2 13.942.4 48.090,0 7.210.0 19,823,4 3,400,0 7,314,5 5,782.3 31.683.0 9.044,1 24,334,0 72,166.0 1,313,9 19,100,0 10,442.0 89,137,5 8,898,4 3,097,0 4,662,3 4,236,0 45,503,5 10,383,5 2,913,1 2,910,1 14,618,1 7,704,5 2,908,2 9,721,2 4,033,0 17,836,0 4,427,0 10,546,1 5,971.5 5.566.3 4.194.0 $ 2,687,0 5,105,0 3,012,8 3,434,0 4,579,3 1,065,0 32,983,3 6,710,7 782,3 1,142,9 494,9 818,0 852,3 3,412,1 20,351,2 3,123,1 359,1 643,6 123,5 1,598,9 7,641,9 1,324,9 3,890,9 196,4 1,042,0 1„35G,1 5,787,0 1,602,0 3,438.0 13,111.0 245,4 2,910,0 973,0 17,070,5 1,682,3 443,0 1,166,0 658,7 11,557,6 2,424,9 170,0 491,2 1,601,8 1,613,1 575,4 1,254,3 696,0 4.806,0 542,4 1,717,9 1,280,2 1,074,4 886,0 Surplus. Phlla. Legals. Deposits, a 00s omiued. Bank N. Y.. Manhattan Co. of Merchants' Mechanics' America PhenLx City Chemical Merchants' Ex. Gallatin Butch. &Drov. Mech.&Traders' Greenwich American Exch. Commerce Mercantile Pacific .- Chatham Peoples' North America. Hanover Irvine Cent.. Citizens' Nassau Market <t Fult. Shoe & Leather Corn Exchange. Oriental Imp. & Traders' Park East River Fourth Second Fh^t N. Y. Nat. Ex. Bowery N. Y. County. German-Amer . Chase Avenue. German Exch.. Germania Filth Lincoln Garfield Fifth Metropolis West Side Seaboard 1st Nat.. Bklyn Liberty N. Y. Prod. Ex New Amster Astor Total S 2,000,0 2,050.0 2,000.0 3.000,0 1,500,0 1,000.0 25.000.0 300.0 $ 2,729,2 2,576,3 1,413,1 3,415,5 3,855,3 286.6 18.771,7 7.806.5 f.00,0 ,396,7 1.000,0 2,284,9 142,5 359,0 561,6 4,502,5 12.540,2 4,386,7 651,9 1,053,4 437,2 1,931,2 7,287,8 1,095.5 678.6 325.9 1,383,8 487,5 3,358,6 300,0 700,0 ,500,0 5,000.0 25,000.0 3,000.0 422.7 450.0 200.0 2.000,0 3,000.0 1,000.0 2.550,0 500,0 1,000,0 1,000,0 2,000,0 750.0 1,500,0 3,000,0 250,0 3,000,0 300,0 10.000,0 1,000,0 250,0 200,0 750,0 1.000,0 100,0 200,0 200,0 300,0 1,000.0 250,0 1,000,0 200,0 1,000.0 300.0 1,000,0 1,000.0 500,0 350,0 1,1.30,3 6,755,1 7,459,1 118,1 2,928.5 1.591,8 17,351,0 912,4 774,1 824.4 561,1 5,284,9 1,749,6 754,4 898,1 1,492,4 1,291,1 425.8 1,615,9 749,8 1,057,6 6.38,9 2,122,0 496,4 607,5 651,1 "% S 1,479,0 2,238,0 1,2.35,0 1.788,0 2,160,1 241,0 7,558.4 1.696,8 586,1 672,1 76,1 740,0 459,9 1,425,8 9,931.4 1,555,8 362,9 871,2 541,1 1,368,9 6,505,1 518,7 1,034,0 587,1 686,2 366,8 3,798,0 387,4 1,254,0 7,743,0 135.1 2,675.4 1,692.0 2,.335,8 468,7 246,0 582,8 192,6 1,478,7 563,0 865,0 758,9 1,817,0 282,5 198,3 839,2 395,0 1,628,0 511,6 592,8 427,6 633,4 351,0 liese've 27.0 15,416 28,000 ,0 26.2 15,868 ,7 26.7 19,092 ,0 27.3 25,159 ,1'26.7 5,714 ,0 22.8 151,777 ,7;26.7 26,367, ,2:31.8 5,636 ,4 24.2 6,601 ,4,25.9 2.651, ,0 21.5 24.8 6,275 5,325 ,3 24.6 20,344 ,9 23.7 119,871, 8 25.2 18,509 ,7. 25.2 3,928 ,8 18.4 5,8.38, ,0 25.9 2,650 '25.0 12,7.30 7 23.3 55,483, .5 25.5 26.5 6,923, 19,973, ,0 24.6 3,796 ,6120.6 6,974, ,5,24.7 7,172, 2124.0 38,388, 25.0 9,149, ,7i21.7 20,862, ,0122.4 82,733, 0l25.2 1,546, ,3i24.5 21,4.33 ,8 26.0 11,134 Oi23.9 75,898 ,0125.5 8,557, .7125.1 3,485 ,0 19.7 Feb. 3.. Feb. 10.. Feb. 17.. ,530,0 ,530,0 ,530,0 215,343,0 60,4.32,0 217,350,0' 218,062,0: 58,590,0 58,569,0 I a Including for Boston and Philadelphia the Item "due to other banks" and Government deposlt-s. For Boston these Government deposits amounted on February 17 to $1,401,000; on February 10 to $1,399,000. — Imports and Exports for the Week. The following'are the imports at New York for the week ending for dry goods Feb. 15 and for the week ending for general merchandise Feb. 16; also totals since beginning first week in January. NEW YORK. FOREIGN IMPORTS AT For week. $3,331,565 10,534,194 General merchandise. Total Since January 1905. 1906. Dry goods General merchandise. Total 7 weeks- $17,743,633) $24,562,985 72,102,180 $22,785,549! $19,268,474 $22,285,954 79,628,105 59,349,812' 59,644,507 $96,665,165 $102,-413,654 week ending Feb. 12 and from January 1 to date: EXPORTS FROM NEW YORK FOR THE WTEEK. 1905. 1906. Previously reported Total 7 weeks $89,562,720 $69,166,787 Invest- Specie. Imports. Exports. Gold. Week. Great Britain France Week. Since Jan.l Since Jan.l . "$23".375 $2",900 220.000 2.755.000 10.000 8,684 2,994 $45,291 63,162 151,518 24.89& $1,954,500 964,300 16.700 $3,008,376 28,262.165 1.044.297 $15,689 69,641 22,895 S274.860 477.326 4.015.684 $1,043,972 278.000 $8,943,617 442,000 1,762 "a'ssi '"»l".947 2.891 9,838 107,674 211,054 10,564 $1,506 203.000 1.750.000 .. . 1,011 Deposit with Net and Clear- Other Bank ing Agent. Banks, &c. Notes. $74,847,484 The following table shows the exports and imports of specie at the port of New York for the week ending Feb. 17 and since Jan. 1 1906, and for the corresponding periods in 1905 and 1904: South America Tender ments. $71,880,877 EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. two telphers (00) in all cases plus. $11,238,951 63,608,533 piled by the Custom House, we shall to or deducting from the amount "previously reported," All other countries Capital. 1903. ' $8,749,152 63,131.725 Custom House totals, also comfrom time to time adjust the totals by adding Note. West Indies 00s omitted. 1904. $12,211,576' $11,070,558 58,096,229 77,351,144| results. Legal $78,618,286, $81,930,461 The imports of dry goods for one week later will be foimd in our report of the dry goods trade. The following is a statement of the exports (exclusive of specie) from the port of New York to foreign ports for the — Loans and $8,396,399: $10,946,071 $13,865,759 —As the figures of exports as reported by the New York from week to week frequently show divergence from the monthly 22,197 ,0j29.0 22.8 4,609 26.4 8,734 6,910 24.7 25. 6,701 29.4 4.207 $2,661,630 8,284,441 1 Dry goods 3,051 10,448 4,348 Reports of Non-Member Banks. The following is the statement of condition of the non-member banks for the week ending February 17 1906, based on average of daily Sur- 1903, $2,596,1431 5,800,256 For the week 116,472,7 144.961.1 1052,380,6 188,509,9 79.438,3:1048,633,1 25.5 Banks. 1904. $3,292,784: 14,450,8491 5,979 .7 29.2 4,098 .9 20.7 51,244 ,6 25.4 11,696 ,7 25.5 4,281 ,7 24. 5,553 ,9 22.5 15,421 ,2'22.1 7,872 24.0 25.3 20.0 25.0 160,103,2 138,187,6 134,722.8 also a Total United States deposits included, $8,509,100. We omit 247,118,0 14.257,0 247,570,0 14,272,0 250,453,0 14,272,0 I Deposits. Total 1906 Total 1905.. Total 1904 -. . Silver. N. V.City. Boroughs o/ Man.&Br'x. Wash. H'g'ts Century . . Chelsea Ex.. Colonial Great Britain France S 100,0 200,0 100,0 100,0 300,0 S 154,2 133,1 74,5 316,8 Columbia .392,2 Consol. Nat. 1,000.0 1,064,9 Fidelity 14th Street.. Hamilton Jetferson Mt. Morris Mutual .. 19th Ward Plaza .. Riverside State. 12th Ward' 23d Ward Union E.xcli. United Nat 200,0 138,4 500,0 96,0 200,0 129,4 400,0 408,7 250,0 144,0 200.0 269,0 200,0 216,4 100,0 274,7 100,0 102,6 100.0 1,085,2 200,0 151,7 100,0 126,4 750,0 619,5 1,000 182,2 100.0 ,320,7 300,0 250,0 Yorkvllle Coal &I.Nat Metropolitan 1,000.0 34th St. Nat 200,0 Batt. Pk.Nat 200,0 Borough .304,2 203,2 107,1 $ 793,9 1.009,0 611,3 3,774,6 6,227,0 4,592,0 1,002,3 4,660,0 4,482,4 3,445,0 2,793,3 3,807,9 3,133,9 3,951,0 1,596,0 11,002,0 2,365,0 1,661,9 7,041,6 2,348,6 3,100,6 3,211,0 4,262,4 1,173,6 065,5 $ 13,8 28,5 32,6 55,8 320,0 569,4 $ 44.5 55,8 25,7 315,9 280,0 175,6 223,0 9,6 153,9 29,2 68,4 57,0 327,3 182,5 188,7 118,2 297,9 23,1 265,1 257,0 24,8 714,0 41,0 224,0 18,4 57,1 29,1 225,7 51,4 024,2 278,8 241,8 133,1 156,7 342,0 256,0 174,3 483,8 82,5 307,0 96,0 62,4 36,6 7,0 $ 94,1 .38,1 24,9 133,6 180,1 31,6 388,4 711,0 468,7 88,5 281,9 " 63",6 1.35,5 210,0 250,4 274,1 123,3 646,4 304,0 1.38.3 3,7 118,0 57.0 57,5 126,8 101,1 569,0 1,029,0 173,0, 35,0 154, 8l 119,0 203,0 410,0 84,0 ' 92',2 185,0 548,9 54,0 314,9 679,5 107,6 144,6 16,1 $ 686,3 937,7 763,5 4,402,9 7,008,0 3,386,2 1,012,2 5,295,7 4,932,5 3,630,6 3,339,4 3,825,7 3,798,3 4,424,0 1,842,5 13,427,0 2,864.0 2,068,7 6,770,9 1,348,4 3,573,8 .. . Germany $10 West Indies .. 6.887 All other countries Total 1906 Total 1905 Total 1904 $11,725 5.133 $9,391,848 4.656.394 6.419.242 $1,323,734 537.151 743.536 1,017 Auction Sales. — See preceding page. 3,5.84,4 4,310,8 1,158,9 561,8 ^imhiui^ and Fiuuuclal. of BoroUKh 200,0 150.0 300.0 252.0 120,4 371,0 173,5 648,8 861,4 821,9 593,6 196,5 316,0 211.6 2,289,0 2,578,6 1,909,9 4,558,2 9,865,3 4,.531,1 Third Nat... 400.0 1,12,3,0 250.0 677,6 250,0 131,4 200,0 314,7 Hoboken. Nat... Second Nat. 110,0 125.0 Broadway Brooklyn . Mfrs.' Nat.. Mechanics' Nassau Nat. City . North Side People's .. Union 1,000,0 300,0 300,0 100,0 200,0 300,0 49,8 20,0 144,7 25,9 63,9 174.0 175,3 222,6 72,5 123,8 530,9 428,0 318,0 104,4 134,9 348,0 757,0 413,0 47,7 136,4 639.0 178.5 87.6 58.0 49.6 290,1 71,2 17,4 69,2 2.129,7 201,3 201,1 428.4 5.33,0 2,595,0 905,7 1.814,3 71,7 16,2 25,3 6,048,0 2,212,5 1,002,4 2.180.3 2.421.7 1.307.2 130,3 46,3 28,5 67,6 192,9 72,7 85.3 96,0 2,277,4 1,527,0 5,53.S,0; 3,435,0 1,749,1 2.2I6.2I 7,545.0 417,5 293,1 213,0 135,0 171,9 176,3 285,7 691,1 904,1 103,4 2,551,2 88,5 2,7.38,9 48,7 2,151,3 198,0 4,972,8 166,3 11.325,4 5,658,0 89,0 3,859,0 166,9 1,846,8 136,7 2,365,0 692,0 8,734,0 Spencer Trask & Co,, InTestinent Bankers. Wo transact a general bankiuji: liiisiiiess; sell and piirchaBe investsociirities; i.ssuo circulars describinir short-term ami long-term high-irrado bonds; execute commission orders upon the New York Stock Excliange and in the flmuicial markets ol the leading citieo. We also have special representatives in all of the principal cities. ment Jersey City. Nat.. Hud. Co. Nat Second Nat First 101,797 162,264 were Of the above imports for the week in 1906, American silver coin. Of the American gold coin and exports during the same time 1,954,500 were American gold coin and were American silver coin. Brooklyn. First $339,140 563,8 177,4 Tot. Feb. 17. 12337,0 14.573,7 1,38631,1' 6 408,1 7,448,3 13,990.8 6.064.7 1.50410.8 Tot. Feb. 10. 12337,0 14,573,7 1,38944,3' 6,207.3 7.183,5 12,814,9! 6,320.5; 14911 4,6 Tot. Feb. 3. 12137,0 14406,3,137254.7, 5,978.3 6,782,9 12.185,9, 6,919,61 14701'j,3 Branch Office, Albany, N.Y. William and Piue Moffat nieinbcrH New 6 NASSAU STKEIST, & York St)».. Npw York. White, !^tock Exclianite. HANOVER BANK BUILDING. i>calcrM in Investment Secttrittes. coni.nissioN orders exe*:ited for ca^ii only. Feb. 24 1906 THE CHRONICLE. 1 (J^uzttU. s Uaitlijers' For Dividends see page 431. Wall Street, Friday Night, Feb. 23 1906. 433 Transactions in railway and industrial bonds have been on a limited scale and in many cases there has been a fractional Of the exceptional features Mexican Cendecline in prices. tral con. 4s are conspicuous for an advance of 3 points. Wabash debentures are almost 3 points higher and Colorado Industrial series B are up a point. — — United States Bonds. Sales of Government bonds at the The Money Market and Financial Situation. Money market conditions are again the dominant force in the security Board include $1,000 2s coup. 1930 at 103^. $15,000 3s markets. Saturday's bank statement "was less unfavorable coup. 1908-18 at 102^^ to 103 1^, $25,000 49 coup. 1925 at than had been looked for, and on Monday stocks were gen- 130M and $5,000 4s reg. 1925 at 129 7^. The following erally firmer. On Tuesday there was a sudden and unexpected are the daily closing ciuotations; for yearly ranga se« third advance in call-loan rates to 8%, and, although few loans page following. were actually made at the rate mentioned, the event had a Interest Feb Feb Feb Ftb Feb depressing influence on prices and also upon such enthusiasm Periods 1? 19 22 21 Stock Exchange. the Since Tuesof floor the on exi-ted as *103i4 *103 Jan registered •IO314 'IO314 1930 steadier and th;> stock market has market is day the money Jan 10314 *103 *103'4 10358 coupon 1930 substantially recovered. Feb 102 'a '102 •10234 10234 1908. 1918. .registered coTiponlQ— Feb *102'9 •102 103 Wi\ 1908 •1918 Railway traffic returns and other evidences of industrial ~ Feb *l02i4 *102 •102^ ao2'4 small. conp Q19081918, activity continue to show that the latter is almost phenomenal '103 * •103*4 10314 *io;i registeredHi- Jan 1907 •IO3I4 '10:-!».. coupon Q- Jan *103l4 •103 1907 and late advices in regard to winter wheat indicate a more registered Feb *129i4 •129 •1291, 129'^, 1926 favorable condition of that crop than was recently reported. •129i<.. ']29>u coupon Q- Feb '129'^ 130 1925 On the other hand, a broader view of the general situation * This is the price bid at the morning board no sale was made. 1., Feb 23 *103i4 *103i« •10234 •10234 •10214 lOSJ* •10314 129^8 '129 ><i ; somewhat less hopeful prospect as to the result of the conference at Algeciras, and a state of affairs on the Russian-Chinese border which suggests that peace in the Far East may not be of so permanent a character as has been reveals a hoped. The open market rates for call loans on the Stock Exchange during the week on stock and bond collaterals have ranged from 2 to 8%. To-day's rates on call were 4@4^%. Prime commercial paper quoted at 5@534 for endorsements and b@5}i% for best single names. The Bank of England weekly statement on Thursday showed an increase in bullion of £1,907,627 and the percentage of reserve to liabilities was 44.67, against 45.92 last week. "The discount rate remains unchanged at 4%. The Bank of France shows an increase of 14,325,000 francs in gold and 3,975,000 francs in silver. The New York City Clearing-House banks in their statement of February 17 showed a decrease in the reserve held of $3,233,100 and a surplus over the required reserve of $5,789,925, against $5,943,575 the previous week. DiffereTices 1906. from Feb. 17. previous week $ 116,472.700 144,961.100 Loans and diacounta.-- 1.052,380,600 50,976,200 Circulation al048 633,100 188.509.900 Specie 79.438.300 25% Dec. Dec. Dec. Dec. Dec. 267.948.200 Dec. 262,158.275 Dec. of deposits 5.789.925 Dec. Surplus reserve 1904. Feb. 20. S S 115.572.700 115,972,700 I.-^S.IRO.IOO 135,951,400 994,438,800 9,616,600 1.136,012,100 42.S.';2.100 473,600 40,551,600 12,317,800 1,192,555.900 1,028,025,600 2,384,600 220,953,800 213,606,700 86.389.600 848.500 70,906,300 S Capital Reserve held 1905. Feb. 18. 3.233.100 3,079,450 307.343.400 298,138,975 153,650 9.204,425 erratic feature of the inAmeridustrial hst, its fluctuations covering 163^ points. can Woolen has been relatively strong. Tennessee Coal & Iron advanced 43^ points and subsequently declined. United States Steel common is fractionally higher, the preferred closing without net change. For daily volume of business see page 441. The following sales have occurred this week of shares not represented in our detailed list on the pages which follow: 27,506,600 10. —RetiuTis of separate banks appear on the preceding page. — Foreign Exchange. The market was irregular and generweek, closing steady. To-day's (Friday's) nominal rates for sterling exchange were 4 83J^@4 84 for sixty day and 4 87 @4 87}^ for sight. To-day's (Friday's) actual rates for sterling exchange were 4 8275@4 8285 for long, 4 8625@4 8635 for short and 4 8685@4 87 for cables. Commercial on banks, 4 8250@ Alice Mining . 8260, To-day's (Friday's) actual rates for Paris bankers' francs were 5 18^a@5 18% for long and 5 16J^a@5 16J^d for short. Germany banker's marks were 94 7-16@94>^ for long and 94 15-16@94 15-16 for short. Amsterdam bankers' guilders were 40A.-@40 l-16rf for .short. Exchange at Paris on London to-day 25f. 153^c.; week's range 25f. 163^c. high and 25f. 15c. low. The week's range for exchange rates follows: — -Long® 4 83 Low 4 8275 ©4 8285 Paris Bankers' Francs — Stcrling Actual HIith 4 8290 HlCh. @ ® 5 185ia Low 5 185ia 5 18?i 5 18M Oermany Bankers' Marks 94 7-16 94J^ Hli,'h Low 94H (!5 @ — -SlWTl14 8630 14 8615 I5 \b I 94 7-16 Amslerdam Bankers' Guilders — 1 P'B'i Leas: Plus: ft 1-16 of 4 8640 4 8625 -Cables I 1 — 4 8685 4 87 4 8665 4 8675 5 UVsd 5 leVaa 94 15-16d(f& 94 15-161 94 15-16(/| 94J^ @ I 40& al-16ofl%. (3) @ 16j^a ® WAh ® 40A; Low dl-32ofl%. 1%. X 1-32 of 1%. 40 l-16a"l 40 l-16rf ft3-.32ori'p. y 3-32 of 1%. (3) @ The following .shows the rates for domestic exchange on at the undermentioned cities to-day: Savannah 50c. per .$1,000 discount; selling 75c. par $1,000 New York buying premium. Charleston 12i^c. per $1,000 premium. Now Orleans bank 25c. per $1,000 discount; coinmorcial 50c. per $1,000 di.scount. Chicago 5c. per $1,000 discount. Louis 30c. per $1,000 premium. San Francisco 90c. per $1,000 premium. St. State and Railroad Bonds.— Sales of State bonds at the Board are limited to $114,000 Virginia 6s deferred trust receipts at 24 >| to Highest $4 Feb 17 28 Feb 17 5i8Feb21 20=8Febl7 91 Feb21 1 for payment 4 81^@4 83)^. CotSecurities 111 Cent'l 815€@4 81 J^. Cotton for acceptance BR stock trust certificates Vulcan Detlnnlng and grain for payment 4 83i^@4 83H- and documents toeek 350 l.ODO! 26 Feb20 A-mer Beet Sugar Amer Malting Tr Oo ctfs 100 SisFeb?! 700 26 Feb 21 Pr Tr Co ctfs Amer Telegraph & Cable 900 90 Feb 19 Aseo Merchants, Ist pref 200 108i2Pebl7 lOSi-iFebl? iflFeb21 VFeb21 Atch Top cfe S Fe rights. 15,200! Corn Prod Tr Co ctfs.... 1,450 1734*'eb20 18 Feb 23 100 57 Feb 19 57 Feb 19 Pref TrCoctts 2 '8 Feb 21 a Feb 21 Del & Hudson rijrhts 8,385 Dea Moines & Ft Dodge. 100 20 Feb20 20 Feb 20 Detroit South Tr Co ctfs. 100: 10'-jFeb23 10 Si Feb 23 General Chemical, pref.. 300 106 Feb21 100 Feb 21 lOO; 33 Feb21 33 Feb 21 Internat Steam Pump... Preferred 100 82 Feb 19 82 Feb 19 Iron Silver Mining 1,400 $5 '20 Feb 19 f65-20Feb21 Manhattan Beach 200 10 Fob 21 10 Feb 21 80 Feb 23 16: SO Feb2:^ N Y Dock, prof N Y <fe N J Telephone. 191 155i4Febl9 155>4Febl9 ton for payment 4 8250@4 Range Jar 25%. Preferred Range stnoe Jan 1 Week Lowest ally lower this 4 Sales for STOCKS Week Ihiding Feb 23 $3LaFeb21 on February 4 8260, Monday. Anaconda Mining has been the 284,513.000 257,006.400 a $8,509,100 United States deposits included, against .$8,573,100 last week and $20,696,500 the corresponding week of 1905. With these United States deposits eliminated, the surplus reserve would be $7,917,200 on February 17 and $8,086,850 Note. — Railroad and Miscellaneous Stocks. There has been little in stock market conditions since our last report. The volume of business has slightly increased, averaging about 1,100,000 shares per day, and, with few exceptions, The temporary advance in call-loan prices are again lower. rates noted above caused a rather sharp decline in stocks, from which there has been only a partial rally. The range covered by the active list has been relatively narrow, however, except in a few cases. The anthracite shares continued weak. Central of New Jersey adding 10 points to the decline previously noted. Reading sold down to within a fraction of the lowest price of the year on Monday, but subsequently recovered nearly Great Northern and 6 points and closes near the highest. Northern Pacific have covered a range of between 10 and 11 points and North Western is over 7 points lower than on change lOoi 1,900' 1,510, — 97 Feb 19 10>i2Febl9 62 Feb23 Lowest Highest $2 laJan 28 Jan $R 35 Feb 25 Jan 90 Jan 5 Jan Feb Feb igFeb iflFeb 1734 Feb 19i4Jan Feb 5 Is Feb Feb 2'eFeb 20 Feb 10 Jan 11 Jan 105 14 Jan lOGHjFeb 29 Jan STi^Peb 79 Jan 8534 Feb 57 •< 2 S5-00Jan $5-20Feb 10 Feb 1534 Jan 7 8 Wan 83 Jan 154iaJan 155 M Feb Feb 10 Febl7 95i<jPeb 9 Jan 60 Jan 1'2 29 93 lOlJOsJan 109 6334 Feb 17 97 Jan Jan 6 Is Jan 98 Jan 15 14 Jan 64^8 Feb Outside Market. ^With the exception of a tendency to firmness to-day, general depression has prevailed in the market for unlisted securities this week. The mining issues have been the principal factors in the market. United Copper common opened fractionally higher from last Friday's close at 71 but sank to 67. After considerable irregularity it reached 745^ to-day, closing at 73 J^. The preferred maintained its recent advance, selling around 110. Greene Consolidated Copper was a strong feature. It moved irregularly from 263^ to 273^, ending the week at 27. Touopah Extension was higher, advancing from lOJ^ to 113^, and closing to-day at 11. Boston Consolidated Copper, after a drop from 21% to 26 J^, jumped to 283^, the last sale to-day being at 21 y^. Utah Consolidated Copper fell from 34 to 32, recovering to 33. Houston Oil i.ssues have been strong, the Then it preferred making steady gains from 473^ to 523^. eased off to 503^, but to-day ran up to 55. The common advanced from 12 to 13^, but closes to-day at 12^^. Mackay Companies common also displayed strength, and after a drop of \]/i points to 58% advanced to 60}.'^. American Writing Paper preferred, after a loss of a point from Friday's close to 313^, recovered to 333^, but dropped to-day to 30 3^^. Lord & Taylor stocks have been comparatively active, the common rising from 115>i to 117. The preferred sold between 1033^ to 103312- The traction issues were dull and weak. Interborough Rapid Transit from 2303^ dropped t> 227, closing to-day at 228. Interborough-Mctropolitan common fluctuated between 53 and b'.^Y^. Out.side quotations will be found on page 441. , ' 5 . New York Exchange— Stock Stock «K;t;iii'vi>« M tSmf\tvHflit lira fit] atif \ [ Itb 17 ' T'a.^oW^.. 4 XC.IU'Uf/ l./n*1^rt.. Itb 19 2u J eh reb STOCKS >«i. -J I Weekly and STOCK SaLes the EXCHANGE -A Y^early I'A<;KS NEW YOKK U/ ..J.....i«.. . ,. rlecord, Daily, TWO . AND LOW hSI BALK fHJL&H 8TOCKfi—HlQHkaJ {' 3 .. 01 JiUHf/e tor irar lWo» Uanve 'or J^evtout 'mbaKitoi loij-stiarelou iearCUUSj Week SUares Loweit HtUfUMt l^wett Higti^et ICnili-untln. 8P 103 103 •103 16'i l(>t> KiO 110 8OI4 flO 10:i'^110i4 *9l 81 *81 80 G'.l •220 22.; ' e6>4 soHi 0(>\ ;n •76 79 21'« fil , •86 H7 ,•78 783j •A'h 364 , 110.% 97 178 'e 181 •186 189 230 2 SO • , . SO"-, ' *Vis"l\):^" 16 18 / S6 3C 11 111* ^ ibo'i { ioo''4 •116 82 >a / 72 60 V, '207 118 33', 72V 61Hj 209 460 400 48 la 44^8 / 88 88'-/ < 99 •9834 '.•17Ja 19 87 3>^ 43»8 <77'd 78 71 ••75 80 /•85 95 '825 332 _:42>„ / 7034 {*86 ^•76 35 M5 77'i2 «•< '. ..116 '*94*'; "94"'': 95 95 172>2 17234 173 173'4 ,•31 32 31 12 32 ,•68 60 58^4 58 56 •53 55 83I4 83'6 84 84 3034 313<| 31^4 81 60 >i em; 62 61 '3714 3714 87I4 3714 '•88 ^2 •88 93 /•• J •72 78 76 74 63 ' ' 94^8 17134 173 54 8314 54 53 8334 31^4 31V '5314 3034 §334 OOia 62 •35 •88 '7S" '^'7" 46 "s 14734 188'!b139's 89 .' ' 39 1383,i ISyn^ 40 •3T • "81 •75 •100 112 flOO 107 134»gl37«| 13434 136T8 136 •94 "8 95 1 94 •94 94 -•»9'il00'5 98 100 100 24 '6 25 Uj <2638 26 2538 6434 61'j 61 64=1 64»8 ' 22 22 "»i" ''.'.'.'.'.'. ' i-j '>i /. '•66' '70*" / 45 »4 >177 IHs 4,0 a43» 24 I4I "f i 66 50^4 / efg o.j'f fll7>2ll7'.J /' 87 Hi 99 <»97 / 83-'r ..*..... . 65 65 165 188 45I4 ii.'-'i 56 65 >a -, 45'4 2.> 56'-. 65 ^g 66 37 66 '4 188 '** 56'e 67 'f 6534 66*5 11734 1173^ 9'l>i 100 34 >4 •97 100 33 V 34 «6 •'.17 '.i '4 34 n K Kl 100 HL 175'.jl75'..< 34V 34 • 68 99 69 100 14 150 S^ -141) 89 Jan 2 96 V Jan 102'2Kehi() 106 Jan 16,t;75 1(<1»V pri-.f .. '^''L' Biodklyii Kai.i<rrran8it.. 155,455 Bullalo .fc .sii.->(|ii<_., pret... 40.50' 9/ 78'., 81 16' 68 117 Feb 19 99 Ieljl7 91 Jan Ij 87 l-"i) ' ! '-.i 77«8M»> 93V Mar 99 Jau n'> V i^ep Jan 170 Apr 13' 3 1 4 16/VJ.TM'."' Ji.n Jan J7, J an 5 120 ! vJan2 |-.b > 1.0 la J an 117 Mai 100 91 56V Mb> 9 Hi HI Dec 1 '.., Aug Aug Not S.May Jau 19 1 :;<)'4 Jan 177V>^ep 70 «.Ian X •7 No^ 74 '4 Aug •215 220 Genrral of New .Jersey... 212 KeblO 231 .Jan -.'2 190 yi»\ 235 Oct 56 '4 5 6 '4 Chesapeake A Ohio 26,425 54V Jan 5 6 '4 .)au 45l2Mu^ 60 V Mar •30 9uu 30 Jan 4 38 '4 Jan 15 30 Dec 44 -a Mar 31 ChicaKo<i! Alton 74 '2 Jan 10 80', Jan 12 75 Oct •75 79 8334 Apr Do prol 21 '4 CliicaKo Great Western.. 8,501 20 Feb 2 20 23 V Jan ." 1712 Mu> 25 "6 Mar 85 V 86 85 V Jan z-^ 86 .Jan 17 83 '4 >I«\ 89 Sep Do 4 p. c. (lebeutiireh •78 "ibV- 75 Jan 10 80 Jan 31 79 Hi 00 J'ne 78 la Sep Do 5 |(. c. pref. "A".. 1,200 34'.,, Jan 4 39 V an - 2 29 37 3736 Ma; 37 la Apr Do 4 p. c. prel. "H".. 179 180 Chicago MUw. <fe St. Paul 97,950 178 '4 I'elj21 19.( Jan 108'* Mil- 1 87 ^i Apr •188 iyO'4 190 Jan 5 196 Jan 2 Do pref \^->h Jan 192 "a Apr 228 230>, OliicttKo & North Westen 10^65 •220 Jan 4 240 Jan 15 ul'JOJSJ u> 249 Jan .M) 250 •250 260 Jan 15 257 Jau 19 j34 Jan 265 "a Feb Do pref •185 190 Gliic. St, P. Minn. & Oin. OOOU-Oia Feljl5 198 Jan 15 ;.10 Jan 225 Jaa 20" IHO KelilO 202 Jan 15 195 Jai. 230 Jan •185 192 D» pref •20 3,300 12 Feb 1^3 I8 4.)anl9 12 13 734 JtO) J'ne Chioa«« Tenn'l Transfer. 2,6;;0 28 42 -4 Jan -. 30 Feb. 28 17'aJan 42iaJ'ly Do pref 13 6 J'lK ISV^fcb 13V ChioaKO union Traction. 6,i,7oo 10 Jan 10 1334 Feu 20 5.41)0 39 40 46 Jau 10 46 8 Keb2i 303, J'ly 54 Feb Do pref •100 100 't Cleve. Cin. Clue. & St. L. 1.20t 100 '4 Feb 17 109V Jan 15 90 Jan 111 Mar '116 118 117 lelj J 118 Jan 23 II514 J'ly 121^ Mar Do pret 9','2o6 29 la Jan 4 37 Jan \:4 22 U Jau 30 V Apr 33 33V Coloraiio <fe Southern 1,800 68 Jau 5 73 7214 72'.. Feb 9 52 Mav 69 V Dee Do 1st preferred 52I4 52'.. 7,000 5')'^ Feb 17 56 '4 Jan 12 32>^Ma) 55 De« Do 2d preferred a;206 207 12 Pvelaware<fe Hudson 3,100 x206 Feb 23 229 Jan 18 178'2.Ma> 24^3^ Oct •455 475 100 j:459 Jau 3 4l4'4 eVlj » 'elaw. Lack. <fc Wesl'n. 335 Jau 198 "a Oct 23.100 38 Jan 4 51V Jan 26 2714 May 393, Deo 44'4 45 Denver & Rio Grande 500 87 Jan 4 91-.iJan2- 83 '4 May OlVDoe 88 88 Do pret 9jO a;93'4 Janll 102 Feb 9 76 Jau 96 'a Deo 100 '4 10014 Detroit V nited 20U I8ia Febi6 ''!2VJaull 1134 May 2-z->4 Not •18 19 DiUuth 80. Snore & Atl.. •38 700 37 Febl. 45 Jan 11 21 May 4534 Not 393, Do prel 83,400 42'2Febl'- ^0 '8 Jan 16 37 "a May 52-4 Aug 43 « 4334 LTie 3,U60 7/36 Feb l9 83 Jan i5 74 V May 85 v. Aug 78'.^ 78 CjDo 1st pret 69 12 69*^ 9,550 68 V Feb 2 J 76V .Ian 16 55 "a Jan 78V Aug Do 2d ^ref •75 75 Jan 8 76 Jan 2 63 J'ly 75 Aug 80 Evansv. <fe Terre Haute.. 85 90 88 Feb 6 >i-i Feb 6 85 Nov 96 Aug Do pret 283 Jan 5 348 Feb 9 236 Jan 335 Apr 327 8301s Great Northern, pret 56i606 92', Jan 2-/ 92 "2 Jan 22 83 Feb 90 Jan Green Bay&W.,det). ctf.A ""11 Do 19V Jan 4 23 Si Jan 19 17 May 24V:J'no rieh. ctf. B 35" "37" TIavana 400 a3'»Janl9 40 Feb 15 Apr 38 la Deo Electric 7714 Jania 84 "a Jan 30 50 J'ne 82 Deo 80 84 LlDo pref 110 116 Hocking Valley 113 Is Feb ^ 119 Jan 3 80 V Jan 121 la Deo i',286 94 95 95 Feb 1 ,9o'6jan 5 90 Jan 97 , Not Do pref 2,452 17434 Feb 21 182 Jan 12 15234 Jau 183 Sep I Umols Central 1721a 175 800 29V Jau 2 34 '4 Jan 12 24 May 32 Feb 32 *3l iowa Central 59I4 5934 900 58 Feb 19 b3 '4 Jan 13 50 May 61 Deo Do pret 53 55 IZanawhaife Michigan.. 100 54 Feb 16 58 Jan 3 29 'a May 5334 Deo 83 14 IVc.Ft.S.<feM.,tr. cts. pfd 1,100 82 Jan 29 84 -a Feb 7 81V J'ne 87 Oct 83 2.200 30 Jan 3. 3'Vjan 5 22'«.May 36 '4 Deo •301a 3214 Kansas City Southern ... l,30i' 60 Jan 29 ;1 Jau 5 52 Jan 70 Feb eca eoi^ Do pief 600 31 Feb2d 44 6 Jau 12 2a'4 J'ne 47 'a Deo 34 "4 35 J ake Erie <fe Western... 92 Feb 3 iii-'-2Ja,n i5 91 J'ne 106 Mar -88 92 L<Do pref ---Ij. Shore <fe ilich. South'n J2'J0 Jan 4350 Mar 72" "i^" Ijong 200 67 V Jan 4 ,81-4 Jan 16 501a May 73 V ^'oT Island 146 14634 I4714 Ijonisville <& Nashville... 17,450 Feb 21 lo6'2janl9 1134 '2 Jan 157 V Sen 159 1.^.9 2,358 15S'.jFebl7 lf;2 Jan 26' 161 May 175 Fel) Vlanhattan Elevated... iU. etrop. Secur., sub. ree. 69 6,100 69 JauiO '^-i Jan 15 68 V Nov 91 Mar 69 11,00.. liev Feb 2a 127 II6VII7I4 Metropolitan Street Jan 16' 114 May 133 -Vug 24 '4 25 20,450 23 V Febl 7 ,2bVjanl9| lSi4May 26 Mar .Mexican Central 10 a 42 Feb 23 147 Jan 29 n30 J'm 155 Aug 5142 142 Alicliigan Central 76 Minneapolis & St. Louis. 1,000 (5 l''ebi7 ,84-4 Jan 11 56 'a Jan 84'. Oct 76 9. 96 100 1)0 pref Feb 7 l"0^4Jau 3; 86 Jan 106 Oct "600 141i.jJan 4 lt'3 Jan 10 89'.., Jan 145 Deo *152 155 Minn. S. P. & S. S. Marie. 401' 173 Jau 2 '8334 Jau 11 148 Jau 173 Deo 176 1V6 Do pref 11,000 33 '4 Feb 17 40 •» Jau 12! 24 Ma\ 39 "a Not 34V 3434 Mo. Kansas tfe Texas '4 6 Jau 18: 56 '4 May 73 1.500 68 ^^ Feb Do pret 6S34 6S34 Aug 98 27,051993gl00 Missouri Pacmc I'ebl". 1"0'4 Jan--0' 94 la May llOVMar 30u 142 Feb 20 149 Jau i-j 137 Jan 158 Apr 145 145 XT ash. Cliatt. & St. Louis 4,10f 37 '4 Feb 10 4934 Jau 19; 33 V May 45 Jan 3915 •40'^ i ' at.of Mex, non-cum.pl 20 ".^ J an 11 "1. '0 Jau 24| 1734 J'ne 244 Jan •20 V 21V Do 2d pret 14834 14734 feb 1 1^*5 -4 Jan 8' 13634 May I6734 Mar N. Y. Central & Hudson.. 5,-;.2U0 147 2.30(1 63 Feb 21 '•^•-Jan2.. 42 Jau 76 >« Deo 63 '4 b3 '2 N. Y. Chic. & St. Louis... 119 112 118 Do Istpref Jan 15 120;, Jau 27 114 J'ly 1221a Jan 80 86 Do 2d pref "io". xti2 Feb 1 '•^.ti^jiiu 9 74 Ma> 95 Deo 197 Jan 2 204 '8 Jan 19 iVJl-'^ Deo }216 Sep N. Y. N. Haven <& Hartf 1,145 "504 "5 ov N. Y. Ontario <fe Western, 17,400 5018 Keb2i °7-4jan2.| 40 V Jan 64 Mar Norfolk & Western 11.200 85 ,)au 5 J -J Feb 1; 76 .May 80 'a Mar 8634 87 yt', Jan 92 Feb •90 91 Do adjustment pref. 6, 91V Fob 06 Aug 22II4 22334 Northern Pacific 159^77 199 Jan 5 2;2'^Febl4' 165 Apr ,Jl6iaAng OaciHc Coast Co 300 103 Jau 10 •123 Jan vol 78 '4 Jan 109 '4 Oct 112 112 t Do Istpref 105 Jau 5 196 Jan 29 loo Jau 108 Feb •101 107 105 '2 Jan 10 122 '4 Jau 20 85 Jan 109 Oct: 112 119 Do 2d pret >*. 138 loiiobo V Feb 17 47-.zjan2i 1311a ilny 148 Aug 138V 139 Pennsylvania •38 42 Peoria ifc Eastern 20e 3 J Feb 17 40-ijanl5 27 Jan 4834 Apr Pore Marquette........... 77 Jan 106 Feb ""10 §55 Febio ^55 Feb'iw 78 V J'ly 87 la Feb Do pref •75'ii"8l"" Pittsb. Oin. Chic.' ifc St. 'l' 100 81 Feb 17 87 Jan 24 70 .Ma> S734 .Mar 106 Jan 22 l"8'-jJan24 105 Feb 112 Mar •100 107 Dd pref 137 "213914 IJeading 7361800 134 '4 Jan 3i' <:}<<i Jau 23 .i;79 Jau 14334 Not 92 93 l-Vlstpref 100 92 Jau 2 9j Jan2i' 90 Ma) 97 Sep •99 100 2d pref 700 96-.; Jau 2 10 2 Jau.O 84 Jau 101 Nor 2539 2534 Rock Island Company 30,800 23 V J an 3 28 's Feb 6 2134 Dec 377gjan 64 'a 65 Do pref 3,100 61 J an 4 OiV Feb 6 60 la Nov 85 Jan loo 22 Feb 17 2' Jau 12 12 J'ne 25 Deo Ct. Joseph (fcGr'dlsland. 1^ Do Istpref 10(1 62 ', Jan 2 0-' Jau 12| 4 6 la .May 65 Deo li' Do 2d pret 100 35 Jan 1 Jau 12 20 J'ue 35 Deo ."!."" "m" St. L.<fcS.Fr., Istpref •-01) 05 Feb 19 '- v leb ull 67 Dec .81 14 Mar J 1*4 Feb 6l 45 4534 .tO.Xj Do 2d pref 900 45 Febl Dec 73 la Mar •168 185 C.&E.I.com stock tr ctis 190 Jan 3 190 Jan 3 175 Jan 194<a J'n* 24 '8 25 St. Louis Southwestern.. 0.300 20'., Jan 2 27 V Jan 19l 20 Max 27 la Jan 55-4 57 Do pref 3,500 53 Jan 5 «1 Jan 15; 55 Nov 66V.A^Pf 50,8-20 64*8 Febl, OS's 66 3„ Southern P.acltio Co '2VJan2.'l 5734 .May 72V I'eb Do pret 735 11 -2 J an 3 118VJanl0 11534 Jau 12214 Deo 117V 117 V 3734 38'* Southernv.tr. cfs. stiupeo 102.4l)C 3u3^jan 2 4 ^'h Jan 261 28 May 38 Sep 99 '4 99 '4 do Do pret. 3,135 99 Feb 17 l03 Jan 16 95 Aiir 102 la Set 97 100 M. & 0. stock 1 r. ctf 8 . 99 lo Feb 3 99 14 Feb 3] 97 Anr 100 "a An* rexas <fe P:ici1ic 9.000 3234 Jau 4 39V Jan 24' 2934 Apr! 41 :.dU 34 Mar / 'aiiadian l^acinc 2011 1,301) ^ 'aiiaila .Souilifcrn Jaii2'.' 17734 i..ri. ;; "..i I '.J •-•, •37 22 -20 14739 I49I4 65 63 111 120 •81 85 201 201 50 ?B 50 15 873| 87 •90 92 22036 225 •115 120 •103 108 •115 119 '-J , > •' iiz -2 13858 1393S •37 43 I - i-j * '..i >.. ".J 1 •64" "68" •4514 39 'f 100>4 100 >9 2.'. "tj > i/.p; •168 '41 38 yf' • Li6 4534I 4534 9J 00 "88 ' 24V 26 11734 11734 37^4 38'4 9934 W9 383, i2! 81 •yf'ai" 107 "-i •100 107 "-2 140".., 136 V 14038 •92 95 94 100 •a9>alOD'-2 2538 25 la '-^a'ri 64 V 64 Si 647^ ai 65 1» •168 CO "55'" 6'? 1 '•J 611a l*"'-^ 1387e 140«4 •37 43 J56" J ii" / 86 . 1 4.! 1^. J 2.45" 157 .; 30^ ^73''^ i.^ 1 82',. 03,800 ..; 38 92 146 x47'2 159 159 6914,70 11634 117 2118 25 -146 148 76 100 155 , ).rcf ,1 •60 35 33 92 ToiiekaASanta Fe Ho ".J 5 3 69 65 59 5914 5.S34 14Ti2l48''a ISSiulSSv n58 1^160 69 ^2 70-'? 69 ^ 69 117 1173,, 11734 lis '4 24 1« 24^8 2334 241^ 1 ^^'^ tell. UH\ •>l)o j;170'8l71 •68 69 83 •79'4 '-i HO'4 *8l "37" "3634 116 "93'a 95 173'8l74 32 32*4 «140 148 148 75 >3 7534 75 14 75'-,, •96 100 *95 100 ,•162 150i4l52>s •151 158 •173 177 17434 174^4 174 174 3334 34'., 34 34 347b 345a 'tj^ ii<^\ ;68>Q 69 "^ 08 "^ 68 / 98'a 99341 99i4l0l>H- 100 '4 101 '4 :«142 148 142 142 •37'2 39 "37'i"39" •37 H, 38'.; 2lTj 19 (•19 *l95g '^\7^ 21 147 149»ii 147 14 14934, 14S'..il4d>.. •64 65 65 \ 68 66 65 / '114 120 120 I,*114 <114 120 / "Sa 85 85 6'i^ 83 lu •82 ,200 200 a93ij200--o 200 Sj 201 50-'8 b\^ 60^4 61 60»8 Slij ; 87 87 83 '4 87 87 >« 8734' •90 ; ^90 92 91 •90 92 22234 224'4 225 218 2283t f219 •115 119 •lis 119 -114 118 •103 108 *10» 108 •102 108 •115 119 •115 119 «1U 118 75 •96 / -96 79-8 37 'e 83 •7934 * ^^ Atlantic Cou.st 1,1116 BU.. llOialll'4 Oaltiinorc.b Ohio 98 08 91 103 15. "4 1593, lO'.i'ellO't! '2634' '203J a8»8 24'.. l*110 148 *1.!0 f a03 1 35 377t 83 '146'8l48 ,168^2 15912 69 »4 70 .11634 118 Is 89V , no '2634' 20 J4 (::::: 90 t89 102 "i 103 160 160 82 4 •.81 •fJ 1 HC 86 ^6 •SI 171»4 172^ 172>iil733, 171V 173 t;9 •OS 69 68 "fl 68 ig •OK >213 220 217 217 212 216 h'-,^ 67>4 63 "a se"!! r5'4 f'? 30 30 31 31 30 *:;o •75 75 79 79 *76 70 20 Hi 2II4 2034 2114 20^4 21 '4 "85 86 86 86^ •85 •K5 7915 79 "a 79 >5 •78 «78 79 37 -J 37 >, 36 "a 37^8 ao'e '^'J'f 170 181 '4 178'4l80 178 '•2 180 •185 189 • 1 85 •185 »9» 1 90 23ll»e233ir 22734 230 2:;0'4 230 25."> •253 2«7 257 '250'4 25(i3.i •184 188 85 189 \^1 189 188 193 •18-i 19i 190 190 14 15 14'4 14'« 16 Mo '^ •30 35 34'i 38 36 "2 12 '4 133, 131a 13 114 13'4 46 '4 46't 42*2 46 45>i! 4 63^ MoOHllOl lUO'-jlOO'a 100 ".J 101 *116 120 '116 118 118 32 'e 34 1«. 'AiH 33 33'a 33 73i> •72 '2 73 7208 »72'2 723* 62>.4 51 5134 52% Gl^i 51 211 214 208 211 2l»8'*215 •450 460'.. -452 460 •445 451 45l« 4510 4636 46'4 44 44V! •88 "u 90 88 »87'2 89 88 •0!) lOl-a 101 101 98^4 99"18^4 I834 *18 19 ISHi 18 "i/ 38'^ 38>3 •36 88\ 3834 39 434 4456 4-34 44 42"4 43^ 78 '4 78 7778 '7 '6 77»i 77V 68 '8 »«6 70 71 70 703t. •75 75 80 80 *75 80 85 95 *89 95 '^^ J^ 83714 331 332 326 328 834 7,S^ 17034 17 ITp 68 . 101) ;i7 in) IHH 89", 90 »s Hl2'.2l03 16i"-il61 111) 1103< •97 99 80»a S2\ flOif 103^ 2439 5734 64^8 1 4534 187 25 5734 65^8 117V 117V 37 V 38 V 99 •97 34»fl 3334 ( 99^6 TOO 34 >« . 1 BANKS AND TRUST COMPANIES— BROKERS' QUOTATIONS Banks Bid Aslc\ linnks Chemical JiUl AsIC: 205 825 4200' 4300 Uitizeus'Ctrl 144 City 2 70 80 Coal Iron. t27()i.i Colonial \\ 600 Columbia' 100 Vattery Parh 135 Mowery^l 32.> 145 Commerce .Batch's i& Di l7l) 181)' 185 lOliase 175 700 C'rnExchgcl UT..\fi82^ j^athani t;i05'4 ULetna 205 ULmerlcali ... 520 jiuner Exch.. 260 750 .Oonturyll.... t & . |1'.ai..j Cousolidale,(^ Discouni'ii . East River Fidolityl, Fiftli Avoli... German 1..0 1 Ualhitin Garlield Too" 800 212'.,, 217'' .. I3J6 . H95 German .\m1| I 50 200 Fourth Kxl] Gennaniall ., Greenwich II llaniiltonli -. Hanover Inn) <b Trad i'o'.r' 175" 410 I 2. '6 210 1 Irvinjr Jeltersonli... 'a 245 195 Liberty 500 Lincoln 1500 ManhattJinV. 310 Markel&Ful 1270 275 Mechanics' Mech & Tral 170 Mercantile .. 2>;2'a .Merch Exch. 170 . ,'iOO 5 Bid Unnkt* InterboroT].. 162 120 -Mercliants'.. tiro '.J Ask 175 255 200 520 1750 325 t:271U 285 Itanks Bid MetropoU'nl 180 .Ntt.Alorris^.. MunialV 215 300 Nassauli 200 New Ainster 450 New York Co N YNat Ex. New York... Ask People' all... 490 Wardi:. 400 North .\mer. 300 Northern 160 Oriental v.... 260 P.acitic" 2 40 180 Plazali ^75 170 185 320 270 34th Street. 12th VT-anlU >10 lOtli 270 175 PUenii Prod Exchll ^«*^ tsoo 300 326 180 Riversidel) . 250 280 Seaboard & 7)350 Second 700 Sliooifc Leth 180 190^ Stat«1i fl700 -20001 1200 205 315 Bid UaiikN Park . 195 25 3800 4 '200 575 Metropolis", 400 23d -Wardll. 50 250 Bid and asked prices; no Bale* were iiiiulo on thus day. « Less than lOo shares, t Ex-ns^lita. 1| Stat« banks, a Ex-dividend and rights. *Kew stock. Sale at Stock Exchau ge or at nvctiom this week. iXrust Co. certificates. A Assessment paid, u Sold at private sale at this price. iOhel.seaEx<-.1 * 180 215 Bia Jlanka Fifth J 340 First 785I'14tbstreot1|. 200 . t ^3 Stock Record— Concluded— Page 2 Feb. 24 1906. 8T0C£S—H10H EST AND LOWEST SALE PRICES Saturday Feb 17 134Jiil34i<j •33 36 S5 36 5484 64^8 11638llG'% Feb 19 13214 133^ *34 35 Still 36 V 56' 55 116 116 253 2218 22^5 •6II2 63 11018 112 28 •95 29\( 100 42^4 43 "e •101i2l02'-i 36 •230 35 12 240 9 9 *8>4 9 •3638 37 44 Hj 4.i\ •2258 2334 22I2 *eii2 227, 109 12 29 111=^ 29 '•95 100 427fi 62'.. 1-. 4:5 <. 100 la 101514 35 33 240 230 9 *8l4 9 363b 4434 38 14 45>2 23 14 23^4 9'» *45^ 49 •45 48 7OI4 72 116 lie 5 6 •23 27 7012 36 "2 36^4 5i;i4 Mi 116i2ll6'2 161 «s 34I2 3634 34I.., 3434 •;43. 37 37 55 37 5534 12 15314 731, a;148-'4 9434 8934 9478 y:. 881-4 8934 89 233, 851.2 2234 4538 2234 9434 46k 46 *3S 37 38 k 19 20 46 1< 46 *25i2 27 283^ 28 •1934 •45 25 249 2278 23 617, 22=t, 61 61k! 100 427, 101 9 •9 45 49 72-'^ 116 116 *116 *5 6 »5 9 94k! 9k: 8I4 8k 381a 38ki 4534 24'2 •23 46 7438 -^5 240 454 4614 23I4 433. 1013, 34 4 '234 40 19 2218 240 9 '8ka 3814 447s 23I4 •37 109 kail 1''8 •2734 30 95 7134 49 73 k2 116kall6^ 117 '5 6k2 5'2 — 80 45'a 93 •124 ...... "i, 1521-2 8U 46 Si 93 130 87 •25" 31 60 Is 61 49 Wj 5014 108 4 109 '4 79-'4 40 'g 106 47 »114 46 •235 93 101 79»s 4l7e 107 ig 471.. 115 iv 46 245 181 185 •180 82 108 I3 8434 125 152 156k; 80 80 13 81 81k. 46 463< 13 9214 123 9234 133 •25"'27"" 61 49 108 61 49 7f 108 7934 ao 4034 41-1.J 105 ki 106 '4 47 47»6, 114k»115'. 45 ki 47'-2 230 248 93 14 9:i36 160 170 IHO 1"5 84 108 155 80 *12k» 481 47 921, 122 "85 27 83 ka 84 108 125 152 154 73 79k! 85 ki 125 1< 156ki 80 13 14 81 121a 13 •80 82 43 923a 93 130 123 86 86 *25ia 31 k! 46I4 48k) 92 4 130 87 27 6478 64 7e 6178 62 49 ki 50 109 109 k 80 ka 801. 42 '» 41 1064 107 14 43 '8 49 114 115 48 48 233 248 60 51 109 4 109 k< 81 81 4134 42>4 106"8l07k 47kj 115 48 233 4834 115 4'I34 250 9318 933e 161 ka 172 175 185 931, 160 IKO 14 2278 4534 46 38 20 47 247 92 5240 23I4 9338 170 185 1 & ka pref Wabash 4S4 193. Do 27 27 67 Do Istprel Do 2d pref > Highest Lowest Slgfiest 85 14 20 '4 40 4 3J Jan Jan Jan 3 Jan 900 17 7k Jan 9 700 414 Jan 2 600 25 Feb 17 2,400 27 beb21 90« 55 '4 Feb 19 G,20U '-i Wisconsin Central for Previout Year (1905) 1 9,701, 30^) prof. Western Maryland Wheeling* Lake Erie.. 47 Range 1,600 130 ^„ Fob 2:-: Kl39i^ Jan 17 120 Dec 141 Deo 300 3214 .Ian 36 Jan 22 224 Jan 374 Apr M5 .Jan 1 .301 34 4 May 4334 Apr 40 4 Jan 1,80<; 5434 Feb 17 5979 Jan 19 65 Apr: 513^ Jan 90U U6 Feb 6 1224 Jan 22 105 Jan 1224 Apr J'ne ?15334 May 160 607,fJ41 148" Jan 3 1604 Jan 24 113 Jan 15134 Deo Feb 2.: 994 Jan 2 95 4 Nov 101% Feb 1,020 2:9(314 ~2,200 Jan 2 98 Jan 18 214 Jan 92 4 Deo 4,480 87 Ian 93 4 Jan 17 644Jan 94 4 Deo 1 oledo Railwaysifeliiglit Tol. St. L. W. T. tr. ctfs Do pref. vot. tr. ctts. 233, for Year 190fi of 100-share lots Share.i 'phird Avenne (N. Y.) 5 1 14 I rnion Pacific 96I4 ^' Do prer 94 7f, U nitRysInv't of SanFran Do pre? 89 k Uuiterl Rys of St Lou. prel 39 '45 *26 27 •55 57 247 11078 11234 29 12 29 k *95 10(1 43k; 443^, 101 k2 102 k 3II4 ^1^4 89 87 27 2838 27 •55 5612 5612 61 79 14 a;96i4 Mange On basis Week Twin City Rapid Transit ISO-^ 15214 98 '^4 86 125 561. 116^ 116 *26 27 26 26k2 26 27 ajga^g 100^2 161i4l64»e 13238 I6334 162 ka 16378 15934 163 123 124 1231212134 124 12434 124 124 •220 226 *200 220 200 220 *200 235 •100 110 *100 110 100 110 105 110 III2 12>4 1218 I2I4 12^ 12 11»R 12 471* 471, 47 1« 471, 4814 4734 4734 47 ka 140 1411.^ 13934 141 v. 140»8 14134 13934 141 '^ •138 140 •138 140 '139 140 *138 140 •I4II4I42 14034 14034 140 140 141 141 104»4 105 104 14 104 iv 10418 104 k! 10334 104 413^ 44 46 4518 46k3 44 4434 45 ki •108 109 10734 10734 109 109 108 109 270,1a 276\4 272 2871, 282 288 k2 277 ka 285 •170 180 •170 195 *168 175 *168 175 •I6I4 18 *15l4 18 *l6i4 18 •1514 18 •54 68 *54 '54 5612 68 *54 56'a 411a 43*8 41 12 42 w 42 14 42^4 42«8 433s 104»4 104^4 105 -s 105 If 105 14 105 "4 IO5I4IO5I2 64^4 60 6118 64 63 Ss 66 ka 62k» 65^ •92 102 *92 110 ?96kj 96k2 •97 110 203, 20 19"^ 201.? 20 ks 2134 19^8 2li8 1761a 17334 I76i«i76i2 176kjl77'^ 17678 176 •1734 18 181, 18 1734 18 18 n7s 661a 56I3 •56 57 14 *66ia 67 57 67 63 65 55 H 54 54 631a 541, 63 * 84 ' 84 81 81 •183 190 190 190 13934 I8934 180 183 106 106 105 106 106 107 7e 10534 106 170 171 1703* 171 17034 1711a I7214 170 22 22 2134 221, 22 kz 22 2134 22843< b4 84^ 8434 84 1* 84=4 84 84% 80 60 62 65 •60 75 66 65 64!,63<>B 64 >4 64 6318 64I8 63 63 6734 6«l4 67 14 68 W 68°8 68 14 68 684 •116 1151s 115 118 '116 117 116 120 •16 16 li *16 16>., 16 16k2 16 16"4 •87 90 •87 90 *88 •88 90 90 85 12 83 83 4 85 81 14 8434 84 ki 86 14 • 10412 105 104^8 105 14 105 IO5I4 1051410512 16738 169 168 1587^ 158 1597p I59I4 159'e 99\ lOO'g 100 IOOS4 10034 101 ka 100 14 101 46»8 47 46-'4 46 46ki 46=8 4538 4ti^^ 98 983, 98I4 99 9818 99 97 k> 9834 •1434 IG •1434 16 •1434 16 14'4 16 •66 Si 67 •65 60 57 57 *54 60 68I4 60 ssij 5912 5934 59 ka 603t. 58 10014 luov 10038 101 101 101 100 k 100 ka •238 243 238 243 243 *238 243 238 57I2 *66ia 5534 57 ig 57 ka 57 k< 54^4 57 ka 104 la 105 1041a 105 103kil06 104 105 32 32 '( 31«8 323t 32ka 33 siki 3214 105 106 105 IO6I4 105kal05\ 104 ka 105 k! 152 130-'.8l:r!l Sales 01 the STOCK EXCHANGE Feb 23 Feb 32 55 •lOimuiia lOliglOli^ MOmlOlk) 84 •108 FYidaii 131l8l31l8 98 95 ?977g 5249 248 §248 13112 132 3408 34*9 Thursday Do I50I4I5 14934 152 •9738 98121 97% 97 3e 95 ^5h 95 14 9G 89 91 89 90 '8512 ^7'•85111 87 22 22\ 22 14 22-' 44I9 46 457, 45 38>2 881^ 38 38 195, 19H lyi^ 19 4ii^ 44V. 4 5 Hi 451^ 2bi8 *55i8 ''5 2812 28 2779 28 >« 57 65 14 66 66 •247 Wednesday Feb 21 Tuesday Feb 30 Mondau STOCKS NEW YORK 435 . Do pref Imlusti-ial «fc tYIiscell 4 dams Express •^ lU.s-Chalmers 87 4 Jan 13 264 Jan 24 80 48% Jan 24 37 27 Jan 2 9 2134 Feb 6j 42 484 Feb 6 29 4 Feb 6 33 Jan 17 Jan 15 64 15 36 20 20 45 85 Nov May 244 Sep J'ly 17 4 48 30 Jan 644 Oct 1934 Mar, 48 Febi 284 Mar 334.'i.ug Union Bid Exclil 210 United 105 USExcha'el 125 Wa8h.H'lit8l 1^25 WestSide^l.. «300 yorkvilleli .. Ask, 215 252 131 247 7,700 22 1 i ; ' . a. i I i- ' - 1 "" . " ! ! I i i i 2;:. I '.J ! - Ask Trust Cos. Bid Ask Trust BROOKLTN Fifth Home Banki; 150 130" Mauufactrs'. 365 Mechanicsll 280 . Nassau Nat City North Sidell AOO BBOOKL.YN BoroughH 150 Broadwayli.. 410 Brooklynll 135 Jlrat 395 Bid Uanlcs 430 145 430 310 390 People'sll 270 ProspectPkli 140 Uidgewoodll. 140 Terminal 130 Unionll 220 300 no 227 - , N. T. CITT Bankers' Tr. Bowl'gGreoii Broad way lY. Central Tr'st Colon lal Law T I &Tr 170 t.';i2 Lincoln Tr... 605 Manhattan .. 475 Mercantilo .. 2210 2250 403 412 260 Columbia Cominonw'lh Empire 310 Equitable Tr 490 Bid Guaranty Tr Guardian Tr 226 Knick 'rb'k'r 1200 540 1 220 165 (Jo's Ave Tr .Metropolitan filO MorlouTrusi 840 96 Mutual 135 Ask 580 610 235 f.ii734 625 500 900 625 Trust Co's Bid Ask Trust Co's N Y Life&Tr 1000 725 325 420 t670 750 1400 500 1370 350 426 265 1075 BBOOKiTN NewYork Tr Real Est Tr't StandardTr't TiUoGuifcTr Tr Co of Am Union Trust UBMtg&Tr Unit States . •^60 Van N'denTr 140 Washington. Windsor Brooklyn Tr 418 170 Fl.itbiisli 200 TfiTOU Franklin 370 1765 1 Hamilton 345 190 1425 g Honie -- - Citizens' 410 H Jt'ukius 1390 365 450 Kings Co L Isl Ask 190 380' 185 450 L&Tr. 310 soo" 325 Na.ssau t275 People's 1350 Willlamsb'K. '230 h2iU 516 Mut.Alliance 236 KarraLo<fcTr 1425 1475 "lay"° ""8 1-088 tfcan 100 shares. tKxrights. « H»'ii^*l?S«t'y'"2®^' 6 New stock. Kx-dlndendandrighta. BWO at Stook Exchange ox at auction this week. Ex stock diridend. « Trust Co. certificates. 1] Banks marked with a paragraph 1 Bid ^'^ ^'^'^^ T I Feb 2 j5?49 Feb 20 J236 Janfcj250 Feb^ Jan " 27% Jan 24 13 May 244 Deo 227, 60<> 604 Feb 60 ka 60 ka 67 Jan 24f 464 May 68 Feb, Do pref 544,400 10379 Jan 1104111 AmalgamatedCopper 1184 FBbl3 70 Jan 111-4 Deo •2334 30 1,500 24 4 Jan 34 4 -Tan 2 20 Jan 29 4 Apr! Amer Agncult Cnemioal. •95 109 934Jan 102 Jan j5 89 4 Feb 95 Aug Do pref 4234 43'V American Car c& Foandrj- 23',io6 39 4 Jan 47 4 J an 24 31 May 43% Apr, 2,610 99 4 Jan IOI4IOII4 105 Jan 24 :x91 4 Jan 104 4 Apr, Do pref 10,500 33 FeblV 44 4.Tan 11 2734 J'ly 40 4 Deo 31 ka 35 American Cotton Oil •92 93 Jan 22 95 Jan 10 89 4 J'ly 97 Feb Do pref 94k! *235 240 American Express 222 Jan 11 249 4 Jan 26 162094 Jan 246 Feb •914 Vi 350 434 Aug 14 9 Feb 17 11-4 Jan 15 Jan American Grass Twine 8l4 914 Amer 200 6 J'ne 11% Deo 84 Feb 15 10 Jan 26 Hide & Leather.. 37 2,200 SO^sITeblt 43 Jan 25 294 Oct 55 4 Mar 377^ De pref 4534 46% American Ice Secnritlea 12,470 35 4 Jan 2 46 4 Jan 18 2434 J'ly 36 De«, 22 600 20 Jan 5 294Jan22„ 154 Jan 23 Deo: 22 American Linseed *45 49 Do pref 41 4 Jan 12 5.i 79 Jan 20 36 Jan 48 4 Apr 45",60t 72 73 14 American ijocomotlTe.. 704 Feb 17 78 4 Jan 4 33 Jan 764 060 *116 117 405 UG Feb 17 1204 Jan 16 10334 Jan 1223, Apr Do pref *5 100 5 Jan 3 4 Sep 834 Jan 54 American Malting 64 .Tan 24 *26 27 25 Jan 9 29 Jan 24 20 J'ne 28 4 Mar Do pref 997910059 Amer Smelters Sec pref B 500 iB.'O'g Feb21 10134 Jan 18 .974 Sep 102 Nor 15939 161 ki Amer. Smelt'g<fe Relin'g. :34,600 159% Feb 2 174 Jan 18 7934 Jan 170% Deo' 12334 123 4,100 123 Feb 17 130 Jan 12 111 4 Jan 137 DeOi Do pret '200 225 100 '2^0 Jan 25 220 Jan 25 163 May i250 NoT; American Snuff *105 110 Do pref 107 Jan 26 107 Jan 26 99 Jau 10 Deo *12 1.400 114Febl7 164 Jan 17 12k> American Steel Foundr's, 6% J'ly 18% JIar *47 48 3,250 47 4 Feb 19 534 Jan 17 354 J'ne Do pref 67 4 Apr 140 141', American Sugar Refininj; 30,000 ia934 Feb 17 157 Jan 8 130 "" May 154% Deo 188 140 13879 Jan 3 140 Jan 19 133 May 141 Aug Do pref 140 141 Amer. Teleph. <fe Teleg... 500 1384 Jan 16 144% Jan 19 131 Dec 1484 Jau 10334 10334 Amer. Tobac. (new), pref. 3j771 iiw ^,1 10314 ^ Jan 11 109 Jan 22 91 79 Jan .109% Deo 45 14 45 k; American Woolen 38,787 40% Jan 4 48 Jan 6 20% Jan 47 4 Not 107 10912 500103 Do pref Jan 11038 Jan 24 93 Jan •108 4 Mar 280 283 k) Anaconda Copper.. -300 241,000 a;230 Jan Feblo 1004 May ti95 Deo 170 170 100 165 Jan 18 178 Jan Ji :17j Dec x215 Feb Orooklyn Union Gas '1638 18 i>ruiisw. Dock<fe C.Imp'l 17 4 Jan 31 20 4 J an 9 1079 Jan 22 4 Deo 54 65 200 54 Feb 23 59 "9 Jan 23 50 Dec 60 4 Jan Butterick; Co 4238 43 14 17,650 414Febl7 49 4 Jan 24 central Leather ...'. 40 Sep 47 4 Oct 106 106 880 103 4 Jan 5 1074 Jan 24 102 4 Not 105 'e Nov > Do pref 63 64 k! Colorado Fuel & Iron 133,550 55 4 Jan 4 83% Jan 26 38 May 59 Mar *92 110 Do pref 95 Jan 15 1124 Jan 29 80 Aug 105 Mar 204 204 CoL <fe Hock. Coal & Iron. 7,700 174 Jan 4 26 4 Jan 31 1134 May 20 Deo «169kil75 Consolidated Gas (K. Y.) 12,200 168 4 Jan 17 I8I34 Jan23 175 Not 214 Mar "" Corn Products 16^4 Jan 18 1934 Jan 3 334 J'ne 2234 Feb; Do pref _ 55 4 Jan 17 61 4 Jan 3 40 Aug 79 Jan 5314 64 Distillers Securit's Corp. 23,172 51 Jan 30 59% Feb 8 ?347g Jan 544 Deo 80 Klectrlo Storage Battery. 8134Jan 3 87 4 Jan 19 76 May 89 4 Feb 175 189 Federal Mining & Smelt'^g 500 138 Jan 4 199 Jan 22 60 Jan 145 Not •105 107 Do pief 3,100 104 Jan 4 112 78 Jan 22 75 Jan 110 4 Not 170 170 4 General Electric 3,600 170 Feb 17 18l4Jan 9 169 May 192 Mar 217, 22 4,400 2134 Feb lii 26 4 Jan 15 18 4 J'ne 254 Deo International Paper" *84 85 ";; Do pref 1,000 84 Feb 90 Jan 13 76 4 Feb 88 4 Leo 65 65 900 58 Jan 5 a;95 Jan 29 48 Oct 100 Feb International Powerl 63 6334 Knickeroooker Ice{Cliic) 2,100 6I34 JaalO 68 Jan 15 10 Jau ^i DeiB 67»4 68 3.900 67 Jan 71 4 Feb 6 52 Aug National Biscuit „ 69 4 Deo, *11634 119=8 Do pret 113-2 Jan 5 11S4Feblo 110 Aug 12034 Mar •1534 itJka Nat Enameiing&stamp'g 200 16 Jan so 18 4.Tan 15 11 Aug 31 4 Apr •87 90 Do pref 87 Jan 15 88 Jan 16 80 Ans 94 Apr 81 82 ka NationalLead... 25,600 80 Jan 311 95% Jan 19 244 Jau 89 4 Dee *103kil03k! 98;-i 102.^9Jau Do pref 1064 Jan 2'. 97% Jau 115 4 Deo 15934 I597g New York Air Brake. 4,800 1547g Jan 30^63^4 Jan 6 ll40 May 1 0334 Not 100 10039 North American Co., new 5,700 98 "Jan 2|107 Jan 12 95% Nov 107 Apr 44 kj 45% Pacuic Mail 6,100 444 Feb 2L 6l4Jaul9 33 May 6334 Deo ^ 974 98' eop. Ga8-L.<fe C. (Ciuc.) 9,200 9 d '8 Feb ;;ao3 jau 2 974 May 115 4 Apr 15 15 Pitts Onrgh Coal Co 100 14 4 Feb 6 174Janl9 124 J'ly 2 1 May •65 60 100 56 Jan 30 62 4 Jan 19 45 4 J'ly 80 4 May, Do' pref 5534 58 Pressed Steel Car 21,385 63 4 Jan 4 64% Jan 24 33 4 Jan 5334 Deo, 99kal00i2 Do Bref 1,420 99 4 Feb 2 105 Feb 1 87 Feb 1014Octl \\\ {239 239 Pullman Company 23 242 Jan 30 •24734 Jan 15 230 Jlay 258 Aujf 55 55 62 '4 Jan 15 30 May 63 4 Deo. 5,6U0 54 '4 Feb 2 ailway Steel Spriii •103 4106 L>VDo pref 700 103 4 Jan 5 107 Jan U 93 Jau 106 Nor, :... 31% 32 Kepnblic Iron & Steel 9,000 314Feb2i 39 Jan 12 15 Jan 36 4 Deo 105 105 Do pref 4,500 10 14 Jan 30 110 4 J an 9 67 Jan 108 Deoi Rubber Goods Mfg 42 Jan 43 Jan 9 24 Mar 4 134 Deal Do pref 106'4 Janl5 106 54 Jan 15 94 Jau 109 4 Apr; 84 844 Sloss-Shellield St. & Iron 7,900 82 4 Feb 1 974 Jan 12 60 Jan il34Feb: 108 125 Do pref 112 Fob 3 100 Jan 130 Feb 112 Feb 153 1544 Tenn. Coal, Iron <fe RR 3,700 129 Jan 2 .<;165 Jan 12 68 Jan 148 Deo 7S4 784 Te-xas Pacific Land Trusi 1,600 647gjan 2 83 14 Jau ,'4 374 Jan 66 Deo' •124 131, Union Bag<fe Paper.... 100 13 Febl 154 Jan 19 8% J'ne 16 4 Oct 882 4 82 4 Do pref 550 80 4 Jan 6 84 Jan 18 68 Ian 8234 Deo: 47 48 4 U. S. Cast 1. Pipe & Foiin' lO,750 45 4 Feb 1 i>3 Jau 17 19 7g Jan 434 Deo 92 4 9234 Do pret 1,210 924 FeL>20 9678 Jan 24! 79 4 Jan 97S4 Apr " «121 121 United States Express 53 5121 Feb 1384 Jau 26! ^^110 Dec 134 Feb 84 87 100 86 Feb 16 944 Jan 20 77 Jan 984 Mar U S Realty & Iraprove'nr •25 28 loo 27 Feb 6 34 Jau 2i 18 Feb 40 4 Apr U S Redaction & Itetiu'g •62 65 Do iirei 900 604 Febl'. 71 Jan 4! 35 Jan Aug 504 50)4 United States Rubber"!! l0,ii0 4:t Feb 19 584Jan22l 3334 Jau 734 58 4 Sep 109 109 Do 1st pref 1,500 108 Feb 19 xllb Jan 15 93% Jan 118 4 Apr !!!! •80 82 800 Do id pref .. 9 4 Feb 8x87 Jau 15 75 Nov 8334 Deo 4134 42% U nited States Steel ...!.! ,2'^>552 4034 Kebli 46 4 Jan 20 2479 Mav 434 Doo 106% 107 4 Do pret i;3,906 105 Jan 5 1134 Jan 20: 9934 May Hi7 Deo 434 50 Virginia-Carolina Cheni!' "9,600 44 JanoO 58 .Ian 2 2^34 Sep 5.'ri%Deo 114 115 Do prof 200 U4 Jan 4 1174 Jan 2' 103% May 118-4 Deo 474 494 Virginia Iron Coai'&d!' 2,300 45 Feb 17 564 Jau 24 36 J'ne 52 4 Feb 234 218 Wells Fargo & Co 235 Feblo 524S Jan26| 5'22(i 4 Dec 260 Feb. 934 934 est'n Union Tele'gpli iJ500 93 Jau 2 914 Jan -61 92 Jau 954 J'ne •160 170 West'gb'seEl&Mfgassen I00I16I Feb 10 176 Jan 5! l.-r2 May 134 Apr 175 185 Do lsti>ref 185 Feb g 183 Jau 22! I,s7 4 Dec 1197 Apr 240 22 BANKS AND TRUST COMPANIES— BROKERS' QUOTATIONS Banks 1 Feb Deo May Not May May May Apr (U) are SUt* bftftM*^ j — S 1 I New York Exchange— Bond Stock »n:cL'PViN<; U U U U U >. I'. y KKB tYiuau Feb .3 J'i hta <«<»v«'i'iiiii(*iu cousol i'e!;i.sli-ieil.e/l'.i;^(i ((I'.Mi consul cuupuii .i» ij 'Js Ji'anye or Lam 103 103 8 as rfL'lHUTCll /ilUl,h as coupon fc^.H^ S ;Js re>; siniill bointa../fl'.)l> U b ;is cou siiiall bonds. .fciy If /tUH)' U S 4s repistproil U S 4s coupon /il90' li>"2;' U S 48 reu'isterctl I'J'Jf U S 4s coupon Philjppmo islauds 48.11114-34 l03-"< '4 102' 'i 103 Hi 102 « 103 104 104 '4 UC >4 ^. 1 14 94 h. 1954 J.D \1 hese are pr ol l'J04 Stale !ScciiriJies 4 to 5 ices n 102 Dec '05 1 Currency luuiliuu' 4s Disl ol Columbia 3-05s 1921' J-J 11 1 191'J AO 1933 J-J 4 "^s 20-40 setllemeiit 38..1913 J-J J-J Virginia fund debt 2-38. ..1991 J-J 68delerred liiowu Bros cits. Small Alabama 116 105 Dec '04 Hi 10234 Oct '05 l30HiJ'ly'01 120 I^lar'Ol? 95 Hi Feb 'Oe 95 Hi Dec 't)4 126 "y3'e 97S 25^ Salt 9634 24i« Jan 'qC 25', 96 Hi 9«'4 ll4 9U«4 2534 20 KK tt «.' 1990 .-V-O 1900 J-D Kei'istered 4s Couv g Adju.sliueiil /tl9y5 -Nov /tl990 No\ ^11990 ,\I-N g 4s Kegisiered Stamped Debentures 4s Series K. 1907 F-A teenes F 190S F-.\ 190'.- F-A Series G Series H 1910 FA Series X Series K 191] 1913 1st g 4s. .1928 East OklaDiv AliKnox<fc>f ieeli&X Atlantic Coast 1st k4s./(,1952 Cliiules <fc Sav 1st g 7s. .1930 1st gold 0S..1934 Sav h' & 1st gold 5s 1934 Ala JMld Isl gu gold 5s ..192t BrunscU \V 1st j;u g4s ..193^ coll g 4s &1902 L<fc Sli Sli Oca diG gug4s ..lylb Atlantic iVs Uanv Use South liy Austin <fc JS \V .SeeSouPacilit Balt& Ohio prior lg3H!S.1920 Uegisiered /il925 /il94!Gold 4s W X Kegisiered P J uii & PLK iVi 7tl94,^ M Uiv 1st g 3 '2Siy2."j W Va .Sys ret 4si941 g3i-28...1920 Koutliw Uiv 1st llegistereu /il920 1st gu g 5s.. 1919 Cen Oiiio K Isl c s4''28..193(i Pitts Clev ifc Tol Isl g OS 1922 Pills West 1st g 4s. ..1917 Bat Creek & b Hee .Mich Cent Wouon lUv & FA FA .VI- .\I-S J-J A-0 A-O M-N J-J .J.N J-J 98i4Feli'0b 99 97 104'% 61 10234 101 V 101 101 Hi 10538 Hi Feb'OO H2 102-'4 515 102 10534 102^4 Sale 102 961.1 HOI-? 90 12 94 Is 073g 95 96H2 95 Sep '05 96^4 95 "« 94 97 903e, 16 95 9958May'05 99 14 LOO 99H2Nov*04 9838 loo ^ Jan '00 100 'a 100 Hi 98 "4 99 Hi J an '05 97'»8 103 101 Sale H2 90*4 90 Sg 99 H: Sale 101 Sale Hi 140 Hi 133 Hi lie's llOHj 99 Hi 9434 Sale 99 Hi 103'(. i^< K Bunalo V 99 Hj yak' 98Hil01Hi lOliij IC2I4 L0lHil02Hi 132'8Jan'0G H2'iHJau'04 1145eXov'05 100^4Nov'05 94»4 95 I327el32't Dec '05 101 J-J 94^6 Sale A-0 101 Hi Sale 103 Hi 92 91 9o Hi 99 92 J«Salc 104 •« 104\ 101 1^8 Jan '00 91 '2 91 Hi 100 108HiJ'ly'00 109 Apr '00 94Hi 93Hj Nov'04 90 ^,!-J .U-N .M-N J-J F-A M-S .\-o 98 Hi 99 92i« 92 92^J'ne'05 y-J 1- lOSi 120 ^ U9Hi.Mar'04 Jau'OO 99^8 100 J-J ifc Krie tiec Kne 1243^ 123i4Nov'05 P gen g IOII4 117Hi 123 103"' Ai)r"97 12534 Dec '05 128 Hi Sale 12s Bullalo <fc boul Invest tiee lirKBull A; bus(j Isl rel g 4s.(U951 J-J A; >; ,Sft' C li 1 d; C^auada South lat 6s Kegisiered 6c Shaw u .V'« ill 98 P 190h J-J 1913 1913 iVl-b '2d 5s 128 Hi Hi y9H2Jaa'O0 lOlHiSalf 101 I0718IO8 107 101 ^ Hi Feb'OO 1053^ Jan '06 Cent Carolina Cent ,bct'Seab Air L Carthage ik Ad bee 2s V C & H Ced K la 1 cfc X bee B C K * A Cen Branch U Plstg48...194>-Cen Branch Uy bee .Mo Pac Cent ol Ga KK IsL g 5a..piy4r Consol gold 5s 194i Kegisiered 194r pl940 lat prel income g 5s pret iucoiuo pVii. 2d g 5s ;j194.' 3d prel income g 5s Cliall liiv pur niou g 4s. 1 90 Alac lis Mor UiV Isl g 58.1940 1947 ilid Ga& Atl Uiv 58 Mobile Uiv Isl g 5s 1940 liol Ga col 5s Ivllct 19 s Cen Am Un El 1st g 4-58.1950 Stamped guar 4-Os Kings Co El l8lff48 Stamped gnar 4s Nassau Elec gu g 4s • No price Friday; -J N y LougBrgeng4s <fe Sav Chasifc Chea& Oluo 1941 .\I-S .See So Pacific Co ^'ee All Coast Line AC g 68 sor A../ll908 Gold 68 .\(> l8t consol g 58 M-N M-N alOll 1939 Registered 1 939 General gold4Hi8 1992 1992 Kegisiered Craig Valley 1st g 5s.... 1940 R & A Div l8t con g 48.. 1989 1989 2d consol g4s Warm Spr val Ist g 58. .1941 Greenbrier Ky ]stgug4s '40 ChiCifc Alt KK ret g 3s... 1949 /Railway Ist lien 3H28...1950 195l) Kegisiered Clue Burl<fcQ— DenvD48l922 1949 Illinois Div3HiS 1949 Kegistered 1949 Gold 43 Iowa Div sink luud 5s. .1919 Sinking tuurt4« 1919 Nebraska Extension 4s. 1927 Kegieiereil 1927 1921 SouUnveetern Div4s Joint bonds bee Great North Detjenture 58 1913 Han •d-S M-S J-J J-J J-J MS jlsk J-J Feb'OO Hi Feb'OO 1 *yj, Hi 1013, Dec '05 101 102 Jan 04 I Hi At/ Low 1 ....I'l31 Hi JliqH 132 13l>a ll:;Hill2»fl .... . Hi. >« 10134 102 '06 >t 10408 10G'4Feb'0f) 106'4 llO's 109''b 119'., lol 101 101 io<'34 ioia" Mar'05 11.S 96 lOitai 10|118Hill9'« 116 '4 118''b llG'4Dec'05 109 Sale 108 '8 109 V9I 108 10734 Nov'05 lllHi 106>« ...'106 Jan'oo ...ri09'v llbH, 119'-j iiiioi" jui'a J'Jy '05 98 113 '4 Ken '051 II2I4 933, .M-N A-O biiice Jaij'OO ....'131 131 1 12 . Jiang» St: •2? January 1 H if/h Low ,131', ISing 82 81=8 «2 81 Sale 80 Feb'OO Feb'OO 81 ...I, 9934 ...], i^l--.. 9934 b2Hl 82 hO'4 May'OO 100 '4 10034 Feb'Oo ....'ii00Hil02 93 'f 93 94 '4 93-^8 7 933b 95'4 96'«Feb'05 105"*! 106 '8 Feb'OO .... lOo'tlOS'g 1093 110^ Jan'05 '-.i '-i 7»>2 79,1 i A-O A-O ]02'b M-N 106 '8 M-N M-S loo St J OS consol 6s.. 19 11 ChiCrfc K lU rel & Imp g 4s 1955 Ist 8 1 cur 6b 1907 1934 Isl consol g 68 General cousol Isl 5s 1937 Kegisiered 1937 <fe «-N lOti' «-fe 112 J.J 9(» 10238 10238 107 J07 106 '4 J'nc'Oo 100 Api'05 . lli lo,< "=8 A-O 135»« 13518 II9I4 ll'"4 1 19 Hi Alar'u5 llS's Feb'OO .«-N M-N CMc& luuC Ky l8i5s.l93C Chicago Erie bee Erie Chic In & LouiST ref 63. ..1947 Kefunding gold os 1947 LoUJSV A' A Ch 1st 68.1910 J-J 2 106Hil07 ....H 118Hj 106 107 112l8ll2'4 94'^8 Feb'OO 1037g 135 ig Sale 119 '4 Sale 10238 2 1102 106=8 Feb'OO II2I4 112'4 90 Hi 90 Hi JD\ 96Hi. l03-bl03''» 139 11734 11938 132 118 <fc Chicago Milwaukee St <ii 36 94 14 95 H. P 1914 Terminal gold 5s General g 4s series A..el9S9 -J -J -J el989 Generalg 3HiS series B.tl9Sy Chic <fc D SuDiv g58 1921 Chic cfc Mo Kit Div 58. ..1920 Chic<fc Pac Div 6s 1910 Chiccfc P 1st g 5s 1921 Dak <Ss Gt So g us 1916 Far & Sou assu g 6s 1924 1910 Hast <fc D Div 1st 7s 1910 Isl 5s Kegisiered -J -J -J -J -J -J -J -J W D Exten 1st 7s DaCrosse&D 1st 5s Mineral Point Div 5s So Minn l)\v 1st 68 Soutliwest Div Ist 6s I d: Mil & Ko 1st M L 6s -J J-J 1919 J-J 1910 J-J 1910 J-J 1909 J-J 1921 J-J 1910 J-D Jan 108 Feb 'Oo J-D F-A .U-IM .u-ri Oct Oct Oct 94 94H2. Jan '05 121 Jan'OG 119 114'. 114i4Sale 114 107 J'ne'04 lllHill2Hi 95 Ha 90 14 95 90 86 Hj 87 Hi 87 Sale 82 85 83 SiUe J-D 9334 J'ly '05 91»8 J-J lllHi J-J ir^'b J-J *113 iVl-N 107^4 Dcc'05 115 Kov'05 llSHiAug'OO 115H>. H lia^s I""I 11314 II6I4 107% 108 14 114 1083., Aug" J-J J-J J-J FA I- . 96 108-\ 108 Sale 95 H» 108 H lOuHi Feb'OO 103 Feb'OO lOOi-. 10834 109S. 110 Feb'OO 110 loii's 107 105 103 95 Jan'OG 95 Jan '00 s8Hj 89 88 Hi 88 Hi 100\ 10434 103 '4 Sop '05 100>8 1003i, Jan '06 95 J'ue'OO 93 93 UONUS—Continued 107»4 109 90 Hi 100 lOOHi 1011 Hi lOiH- 103 22 10834 113 '4 110 95 110 95 95 88 9OI4 89 V 1003910214 101 '4 95 »2 94 Hi latest price this week. 9534 Sale 95»8lfeb'06 94 94 H109 aDueJan Hi llj .... 10414 . 114 114 109 Jau'OO 137 Hi J'ly '99 112 FeO'oe 106 Aug'O^ 185 Dec'uO 106=8 107 loe-'j ieb'v^O 113'8.-. 113 -a 110 115 125 105 Hi Feb'OO Oct '05 Feb'OO 125 Jau'06 10234 Xov'05 99 Feb'OO 10838 113'4 Hi 111 9b 125 108 108 99 99 107 Hi 108 113Hill5 109 109 I 11238113HJ ...| 106'4lu7% ...I 0034 1( 634 LloHillS-i, 1 15 115 125 126 105 Hi 105 Hi 99 Aov'tJS 114H2 Nov'Oo 114 Hi Feb '06 111 Nov'Oo lOSIg Nov'u 10334 IIV 117 ... ... 106 Hi 129% 119 118 14 102"4 Sale yo>8 9514 9434 93 96 93 Nov'05 May'04 9413 Dec '05 Hi 9 2 Hi 79!^ Sale Sale 19 '4 Sale *ll7i-i L l03Vi lO'J • 97 90 May'04 79 Hi SO 150 79 SI Hi 79 Dec'O 92' 88-4 93 91 Hi 101 100 "4 101 101 119 '4 119' iiy>4ll9>4 l20Hi Mar'03 Nov'05 111 Hs 10638 113 1208» Hi 102 95 »6>4 J'ly'o 92 112 125 102 9734 Dec'O '4 Hi 119 Feb'OO 102 96 97 92m 91 101 126 ^ 126 Hj 126 Hi Jau'OO 120 Dec '05 142 Hi Feb'0'2 131 Hi Jau'Oo 105-\ aep '0_ 109 Sep '03 120=8 120=8 123 May'05 I02'^ 1023., Hi 98'4 loS'j, Hi 117 117 117 117 110'4 Mar'05 ... 12634 127 95 Jan '04 Jan'oo Feb'OO 105 '4 Dec'Oo 104 Dec '05 ... II7I4 127 1041.1 lOi's .. 104"^... 106 loo Hi ll4Hlll4~i 114 104 '4 104 Hi 104 '4 Feb'OO 104 iUar'04 112>4. 11134 Oct '05 98»4 111% 11238 103 .... 117 117 07 H5'4 US'* 112*8 Feb "00 .00^6 Api '05 ... Feb 'Oo 14 35 U5-4 Oct '05 118 '4 Feb'Oo 108 Feb'OO 107''8l08'-i 107 -8 103 102 lOSHilOSHi 109 '4 119H. 114 Hi 108 Hi 109 H; 106=8 Jan "06 115 Apr'05 109 Jau'OO 106=8 lOO^B ib'a" io9">i -N' on Next I'aae. Street A-O Sal.- 10834 109 12634 Ill's 10414 133 113H! U3Hi 10736 108»« '06 108 Hi Jan '06 10914 ;o9'8 Feb'OO 109 H. J'ne'04 "9634 96 96 , 3-2 H: 1 108 >«. I W M lob's 100; 191 J-D Isl cousol Os 1915 <J-F Chic (fcXorthw cons 7s Extension 48 1886-1920 F-A Kegistered 1880-1920 F-A 93 Hi 9514 General gold 3 HiS 1987 .\1-N Kegistered jjl987 Q-F 103 105 Hi Sinking lund 6s. ..1879-1929 .\-o IOIH2I02 913^ 92 1879-1929 A-O Kegisiered 9734 99^8 Sinking tund 5s. ..1879-1929 A-O Kegistered 1879-1929 A-O 91 92Si Debenture 58 1909 .•d-N 1909 .U-N Kegistered Debenture 5s 1921 A-0 Kegistered 1921 A-0 Sinking fund deb 5s 1933 M-N 100 100 Kegistered 1933 M-N Des Mo & Minn Isi 78. .1907 FA North Illinois 1st 5s 1910 M-S Oil C F <fc St Paul 1st 5s 1909 M-S Winona & St Pel 2d 7s.. 1907 .\1-N Mil D S d; West 1st g Os 1921 M-^ Ext <fe Imp 8 loud g 58 1929 F-A Ashland Div 1st g 68..1925 M-S Mich Div IslgOs 1024 J-J Convertible deb 5s 1907 F-A Incomes 1911 M-N 127 128 Hi Chic Kock Isl 6c Pac 6s. ..1917 J-J Kegistered 1917 J-J 99 Hi 99 Hi General .gold 4s 1988 J.J Kegistered 101 't 1988 J.J 21 101 A-O Eetunding 1083.1 1934 g48 100«e Coll trust Series 10534 10534 4s ..1910 M-N 191 M->' J 4s 1915 M-N M48 1910 M-N N48 1917 «-N 48 1918 M-N P48 Chic K 1 <& Pac KK 4s. .200-.: .\1-N Kegistered 2002 .M N 120 121 1913 .Vl-S CoU trustgoldSs 113'4ll4Hi Bur Ced R 6c No 1st 58.1906 J-D Con l8t ifccol irg 58. ..1934 A-O 12 9334 97 Kegistered 1934 A-O 133 80 Hi 87 Hi CRIF& N Istgu 58.1921 .4-0 56 7 5 Hi 8. de St D Isl gu g 78. .1927 J-D Choc Ok <fc G geu g 5s .ol919 J-J 195'.' M-N Consol uold 5s Kook A Des 11 lsl5s 192; A-O O bee ill Cen I Cliio St Li i& 133 13234 133 Hi 133 113 115 US'!! i 1950 F-A -A 1949 1949 t'-A 1951 J-J Conn Ky <Sc D 1st .t rel g 4 '-28 '51 J-J 1951 JJ Stamped guar 4HiS Den Con Tr Co l.sl 5s. ..1933 A-O Den 'riani Co con g 6s. .1910 J-J Met Ky Co 1st gu g 68..1911 J-J Del United Isl con g 4 Hi3.193-' J-J Havana Elec consol g 58.1952 r-A liOUis Ky Co 1st con e 58.. 1930 J-J •.' kange or Last bate 131 ll2Hi. , BkyCods Scon sug5s.l941 M-K ijklyii 5»..1921 Wis& MiuuDivg53 i>llSC'ElihANEOlJS> 1940 2002 Kegistered 4s 2002 BkCity 1st con 5s. 1916.1941 Impgu <(; Cent Pacllic ."Mffct Itailwny Brooklyn Kap Tr g 58 1st relund conv g 4s Dock Lc 6c Unrt U ECU pu gOs 1920 JJ Leh & Wilks P, Coal 5s. .1912 M-N Con ext guar 4 HiS .7I9IO Q-M I & Bur C K 5«.1987 J-J /a987 -J of -\ J gen'l gold Kegisiered ; 5s. ..1937 ,J-S AU<k \\'esll8tg48gu..l99t- .V-O 1943 J-J CI As ^MaU 1st gu g 5s Koch Pitts 1st g 08.. .1921 F-A Consol Ist g Os 1922 J-D iV; t^l'iav Feb as Bid Cent 9SHiNov'04 97 Oct '04 Beech Creek liee X V C cfc H Bellev &, Car i^ee Illinois Cent Blciyn ik iMoiUauk aec l^ong i Biuns ife \V est t;te Atl Coast L Bullalo .:;i: <fe West ,'iee Bull U <fc P Ann Arbor 1st 4s /t]995 Q-J Atcli Xtfc S be— Gou g 4s.l99y .A.-0 Carb 95 Uel<fc llud *('«; Alleu'lieuy Valley .veefeun Alley Ol ;ibto a. the b At Coast lilne iSee Susq (i; 981^1 00 't '""'8 98 10038 91 '8 95 '^ Railrond Cent .^eie So Ky iaba Al idi Albany i-j 09 >4 Oct 'OU l02'2Mar'O2 Mar'02 U934 Oct '04 So Carolina Teun new 176 7f. 90 \ 570 90 '4 931... 88 87 I4 3^ 87 30 105n^A 107 >4 JOS 1 lOOH, 99 ""lOOHi 94 Hi 72 92 "8 95 9014 87 1906 i-i 1901. J-J 19U0 J-J bs "v loov 81 92 V 3M 107 100 H2 94 Alabama class A Class Bos Class C 4s 1924 K-A Louisiana new consol 4s. .1914 J-J Norlli Carolina consol 48.191U J-J 100 100 100 91 '« 103 103 HI29 131 109 Hi 103 I03I4 129^8 1293^ 109 Hi Jiiii'lH 1 -fc Htiilt ioj-viiu" 12978 29 "e '^ait 129 "•J 130 V, I3OI4 130 no 109 Hi Jau'oo 1 FA .-- 03 14 129 '8 l.mf 1 1 03 'si 03 '« 103=8 103 108 Hi I''orci«n tJoveriiment Japanese Govt Cs sterl'g.l'Jll A.O tl00i4Sale ISIll .V-O 1 1 00 'f Sale ^<t series Cs X loan 4 S>s oils lull inl. ItIL'.") t 91 '4 Sale 9iJi4Sale LM series 4 i-js ctls lull paid J-J £ loan 4s ctfs hill i)aid..lU31 J.J t S7 ."^ale Rupubot Cuba 58 exlen debt.. .M .S tlo7 Sale ol .Mexico 8 U K OS of IHdii 1,1-. }iO0 Gold 4s Hi III' Loui I03'« Jan 'Of 103 •103-H 103'e Drc'O 103 J 03 V 107 J'li* 104 Hi Oct '05 103 .Ian '00 Wrel^t STOCK EXCHANGE Wbkk Ekuikg FEB 23 N. Y. Nitice Januari/ bale Weekly and Yearly ('a(;K"^ UONDS Kanqe Week's ITxce KXfllANGK V. STOCK \VK|fX K.NIilMi . Record, Friday, I'oric . 94 Hj 9J Hi 9534 95^4 Mar'98 dDaeApr «DueMaj- Met St Ry geu Knilwnr col tr Kef g 4s g 53. 1997 F-A 2002 A-O 11314113'^ 113HiFob'06 yoHi j'O'eFeb'OO 116>4 116 IPJi-jJan'OO 120 124 BwaydB7thAv lslcg5s 1943 J-D 116 Av Istgu g OS. 1993 M-S Lex Av & P F Ist KU .g Os 1993 .\I-S *118i8 9334 Sale Third Ave KK con gu 43 2000 J-J Col<i;9lli '. Third Mel Ave Ky 1st g5s.. 1937 J-J W S El (Chic) Isl g 48. 1938 F-A .Mil El Ky 6c li 30yr g 5s. 1920 F-A .Minn St llv 1st con g 5s.. 1919 JJ St Jo Ky El H<fcP IstgOs. 1937 .M-N St J'aul City Call cou g 5s. 1937 J-J Underground Elec Kyac£ Lou don I'roUl shariiiL: 5s..- '.90S J-D Union Kl (Chic) Isl g 5s.. 1945 A-O United KKs San Frs 4s. 1927 A-O United Kys St E 1st g 4s. 1 934 J-J Chic St 40-vr con g 5s. 1936 .M-N 1 W j/DuoJ'ne /iDueJ'Jjr 11^14 118 1173^ 93 118 Hj Hi 94 104 Hi.. 107I4.. 101 106 107 Hi 11314 117 90Hi 92 15 116 11634 ...1 ...I 119HjliaHj Dec '05 9 4 Feb'OO Oct '05 Oct '99 16 "93''^"95"'i llSHjlia Feb '06 107Hil07H» Hi.. ilT'-JNov'OB 98 103 89 Salt 97'S8 1()«»4 Hi Sale 88Hi fcDueAug oDueOot 8834 .88 99 98 56 96 66 87 3j, 89»4 Hi 98=8 J'ly'05 89 Hi Feb '06 Dec '97 p Due Not 88 # Option 90 S»to Feb. 24 190G Bond Kecord | BON I)?* STOCK EXCHANGE Wkkk Ending Feb 23 N. Y. L& Chic St Cs reduced to Cons 6s...lt):» J 3Hi8.1'.i:!i> J-D Ch St P Minn l8ts6s 191 Nor Wisconsin let 6s...l'J;<<J <fe .Price Weeic's Jianrie Pridav Feb 23 Rawje or Since Hid See Penn Ci Pitts M & O con P Cliio 3t VI- J. St P<fc SCity lets 6s...l9H' A-0 Chicago Ter Trans r 4s. ..194'; J-J Last Sale 135% 93 133 135 ... '^ Feb'Oii Dec '08 Fob '00 W & C 6€« C C C & St L S«e C C C St L Cln S & Cleartteld & Mali See B K & P OI St 112 93 93 — 199,-! 1939 froid 4s M Divlstg4s.l991 Cin St L Div 1st col tr g 4s. .1990 1990 Registered Spr & Col Div 1st g 4s. .1940 Val Div Islg4s...l940 Cairo Div 1st W& WIWSt L C cfe C consol 6S..192C l8tgold48 „.Ji;193G fcl9o(i Registered Uin S cfe CI con 1st g os. . W2^ iai4 CCCcfe I consol 7s 1914 Consol sink fund 7s General consol gold 6s. 19 19:54 Registered Istpret 4s. 1940 ind Blcfe Ist pf 5a.. .1*1988 O Ind cfe Peocfc Kast 1st cou4s...l94< W W Income 4a 199< 53.193: J J J-J M-N M N M-S J-J •VI-N Q-F Q-F J-J J-D J-D J-J J-J A-0 Q-J A-0 *pi 101 '2 Sale 101 102 H: 95 93 106 102 103 lOliu Oct '00 Feb'06 105k Feb'06 Feb '05 941-2 Aug'03 Jan '04 Feb'06 IO2I4 10534 IOOI4 lOOi, loo's 10 11-.I Fob 'Of 103 103 '06 '06 115 121 Jan Jan 122 103 115 122 132 134 Feb'06 134 135 112''all5 1915 J-D 2000 J-D N Y Lack cfe \V Ist 6a.. .1921 J-J Construction 5s 1923 Term cfe improve 4s 1923 M-N Syr Hiugdi N Y Ist 7s. .190* A-O Warren Ist ret gu g 3 '2S.2000 F-A Del cfe Hud 1st Pa Div 78.1917 M-S Registered 1917 li-8 Alb cfe Sus 1st con gu 7s. 1900 A-0 Guar gold 6s 19O0 A-0 Bens cfe Saratoga Ist 7s. 1921 «-N Del Riv RK Bridge See Pa Rls Deny cfe R Grist con g 48.1936 J-J Cuusol gold 4'2S 193( J-J Improvement gold 58...192h J-D EioGr West ist g 4s. ...1939 J-J Registered Istref gug 3^28 FA Mgeand col trust 4sA.1949 A-O UtaliCeutlslgug4s aiyi7 A-0 Rio Gr So gu aee Rio Qr So Dea aioi <fc Ft a aee cfe St L M 78 ' Iron Range ist53..1937 Regastered 1U37 2d 6s 1916 DnJ Short Line lat gu 58. .1916 Dul So Shore & Atl g 68. .1937 East ol inn see St P cfe M aat Ten Va cfe Ga See So Ry Elgin Jol cfe East let g 53.1941 Elm Oort cfe No See Leh cfe N V Erie latest gold 43 1947 2d exl gcjlifSs 1919 8dextgoU14ii28 1923 4th eit gold 08 1920 6th ert gold 4s 192h latoonaol gold 78 1920 Ist consol g tund78 1920 Erie Ist con g 4a prior.. 1996 Registered 1990 let consol gen lien B 48. .1996 Registered 199ti Penn coll tr g 48 1951 60-year conv 4a 1953 BullN V cfe Erie lat 78.. 1916 Bon cfe S gold 6s 190K Chic cfe Erie Ist gold 58. .1982 !DtLl cfe M M A W Imp 1321a. 10208. . 138 >a. 100 Bale 1 J-J IVl-N M-K M-S M-b A-O J-L M-S .\1-S J-J J-J J-J j-J F-A A-0 J-L J-J lal cur 68. .1913 J-J N 7 Green L gu g 58-1946 M-N N Y sns & W Ist ref 6s. 1937 J-J 1937 F-A 1940 K-A Tenniiial Ist gold 6s.. .1943 M-N Regis ::i5,00U each. ..1943 M-N MidRRofN J Ist g 68-1910 A-0 Wllkcfe Ka lat gug 5s. 1942 J-D CTcfc lud Istcoii gu g68..ni26 J-J '05 90 •« 95 1« BdElIUBkn 6e«KCoELcfeP Ed E 111 6:e« N Y G E L H P Eq G LN cfe i' 95>, S«p 97 96 14 Jan '06 8I34 Mar'05 92><iSale 92112 99I4 92»4 17 Feb'06 1121a Feb'06 I 9914 95 96 9215 9334 II314II4 1121a 112 12 114 113 . II9I8. 119\ 107»8 114i2Sale 133 100 92 ^ I18iall9% 119% 1071a 107iv 114 1141-2 Oct '05 Jan'06 Feb '05 1151411514 I514 03 3438 33 134 101 113 113 1071a J»n '06 141a II41U 109 10734 Il4i« 1031* 134*8 Sale Feb'06 134 133 i<j lOOia lOOWj 101^ 101 la Oct '06 923, Sale 92 4 88 91 14 931-2 Nov'04 94 V2 Sale 95 38 941a 98 941a 105 !« Sale 1041a 106 1* 148 1041a 109^6 122 i-j Nov'05 27 103 104=8 04«8 Feb'06 104% 104V ^223, Feb'06 121 122'4 121H 10234 Dee '05 103H, xj 13o><i8al« 135 Is 135 li 351a 135 1153< 18 J'ly '04 U2S8 11538 Lec'05 21s Oct 115 116 101 106 109 119"b 16 103 109 1834 '05 '00 Feb Feb'06 116 103 109 109 116V 103 110 Dec '06 108 '4 10914 Jan '06 Illl2ll2'4 109'eJan'O5 116 120 118 Jan'OG Tol let ex 4s 113% 113 791-2 la 80 161% Sale 161% 102 "a 1023, 102 103% 106 108 410914 118 118 Feb'06 113 79 >4 80 165 169 102 10234 Sep 89 S*lo 10734 103 1051-2 10034 bale 102 10614106% 105 114 Mar'98 90 Feb 'Ob 101 Dec '05 II412 31 112% 115 89 10034 260 9C 991a 101 T, 100 la lOJ 100 99 1021a 104 102 Registered lOSiv 1081a 108 105 la J'ly '04 101i«. FA J-J J-J J-J J-J A-O M-S A-O A-0 M-N M-N J-D J-J 108 107 99 1011-2 99^^. 103 10378 92 F-A 10514 7812 J-J J-J J-J J-J 81% FA J-J FA J-D MS J-D J-D J-D J-D J-D M-S 90 81 101 I4 la 101 >« 103 103 la Dec 'OO 110 Dec'05 113i2.Mur'O0 100 100 Mar'0:3 100^2 Jau '0(1 loo's 1001a 100 94 . 122 Dec'05 Nov'OiS 12314. 90 125 Nov'05 119 90 . 11934 Mat'04 . 93% May'04 . 10434. J-J J-J J-J 107 107 -M-N MS 119 102 M-S J-D M-S 114 8212 821a 107'4 10734 110 la Jan '05 103 Nov'04 . 110 108% 106'^ 108'f. Jan'0() Dec Feb '01 119 la Feb '06 107 9934 "-2 12 io5'%io6"4 107»4 Jan'Oi; , 99 100 92 Det; '05 101 ifi Oct '99 100 Nov'OO I0534 12134. 10'.i I0714 1091a 100%101i4 IOII4 70 OcX '04 106'aDec'O:. 102 Oct '01 1061a 100 14 106'aJ'ly '05 1061a Mar'OH 95 Oct '05 123 Mav'99 81 Oct '05 S2''2Feb'0C io6" lOS I0210 1051a Sale la 'O'.: 9934 120 Sale 102 8OI2 78 115 87 99 Dec'05 Feb'Ob Jau 100 1191a 120 100 10214 IOJI4 114 88 114 86 '06 115 S3 cfe; M MK 6'ee cfe T gold 3s. .1950 A-0 L Kentucky Cent Keok cfe Des Mo 6'ee 6'ee Ohio 6'ee cfe C R Uuihedgold48 Debenture gold 5s J-J J-J 86% 89 98 80»4 98 i2l" i22" , 6 /1.1931 1938 1922 1982 1949 1984 1949 NY cfe RB Ist g 5s 011 72 118% 118% Feb'06 73 7514 110i4Sale 106 14 96^1 M-N A-O 12018 A-O 116 M-S M-S A-0 A-0 11334 114 98 , 120 Jau 01 109 la Oct '99 114 Feb'06 98% Dec'05 120 120 112 1164 113% 113% 105i4Jan'0c 1051410614 116 117 103 J-D M-S 961a 10034 101 J-D 110 J-J IO912HOI4 113% Jan'06 . M-S J-D M-N 117 IIOI4 IIOI4 112i8^'"v'05 10034 Dec '05 105 10034 MS 117 1121a. Q-J J-D Q-J 113%113ia ( J-J J-J J-J U7iall9 1131a Feb'. 117 Jan '06 A-O 1927 -M-S NorSliB let con ggu5sol032 Louisiana cfc Ark Ist g5«.1927 Louisv cfc Nashv gen g 68.1930 Gold 5s 1937 Unified gold 43 1940 Registt-red 1940 Coll trust gold us 1931 6-20-yr c«»l tr deed g 48.1928 E H cfc Naah lat g 6s 1919 . IISW. 1151*. M-S Bkiyncfe Mont 1st g 68. .1911 M-S 1st 58 1911 M-S N V BcfeMBlstcoug5sl93b A-O rot gold 48 741-i Oct '00 IcfeP -i Guar 74 63 N Knoxviile cfe So Ry Lake Erie cfe WlstgSs.. 1937 2d gold 5s 1941 North Ohio l3t gug 5s.. 1945 L Sho cfe Mich S 6ee N Y Cent Leh Val N Y Ist gug 4 las. 1940 Registered 1940 Lehigh Val (Pa) cons g 4s. 2003 Leh V Ter Ry Ist gu g 5s. 1941 Registered 1941 Leh V Coal Co 1st gu g 58. 1933 Leh cfe N Y Ist guar g4s.. 1945 Registered 1945 El C cfe N Ist pi 63 1914 Gold guar 53 1914 Istcousol gold 48 General gold 4si Ferry gold4i2S Gold 48 741a Sale 1950 A-0 101 la la 1151a Dec'05 101%102i4 102 14 101% Feb '00 102 S, Nov'O.') 9914001 '04 10034 Feb'06 110 J'ne'04 10134 1021a 102 '-4 103 102 1021-., 10034 10-134 20 101%102>« Dec'Oi 105 112 111 113 11014 lllia Mar'0-2 Jan '00 ill 111 112% .riy 05 1061a 105 Jau '06 II834 120 119 '-4 119 >« 121 1211a 12 m. 103 104 1031a 10334 J-J 101% J'uc'04 M-N iia" lie 1161a Jan '06 99 4 Sale 993.1 A-O 991a 11414 J'no'05 J-D 114's ilTii"" i05" 118'J4 I2OI4 120 12Ha 1031a IO4I4 ' 31 U5iall5ia 98^1100% Next I'ase. Electric lAght LacGaBLotStLlatg58.el919 Q-F 107 107% Ref and ext lat g 5s 1934 A O 104% Milwaukee Gas L Ist 48. .1927 M-N 94 N Y G E L H cfe P g 5.S...1948 J-D 10,S% Purchase money g 48. ..1949 F-A 89% Ed El 111 1st conv g 08. .1910 MS i(H % 104% 103% Dec '00 121 Sale 121 121 Ed El llBkn lstcon4r4s 1989 93 90 l>ec '05 •No price Friday; latest bid and aaked this week, a Due Jan A-0 8O34 16834 '05 lOySjFeb'oe 93 Feb'06 . 106 14 10iji4 92 113% Nov'03 61% Oct '01 108 1951 1951 1951 1951 1951 1952 Extended Istg3i28 BONO.S—Conlinued 112 80 1955 W iiixa niid 78 1141-. 90 Leh cfe Hud R 6ee Cent of N J 133 1341a Leh cfe Wilkesb 6'ee Cent of N J Leroy cfc Caney Val 6'ee Mo P 133 133 Long Dock 6'ee Erie 9914IO2 Long Isl'd— l8t con g5s./il931 Q-J cfc Co Gas Ist g 6a. .1949 City (Mol Gas Istg 5s 19;<2 |JtUiK8C0 El Lcfe P g 6a.. .1937 Purchase money 68 1997 Jluch-ion Xan cfe Houst K cfe Tex 6'ee So Pac Houst cfe Tex Cen .See So Pac Co Registered 99I4 9914 114 J-J Istextg4a..l948 A-O Kan C cfe Pacific Kan City Sou 1st ^04 OTOb lat con g 68. .1932 tiaacfe Eleo Berg Co eg 03.1949 Gen Electric deb g 3 "as.. 1942 Or RapO LCo lat g 68. ..1915 H V M 110 II4I1 I06i4l07'> Hiqh Ko Low High '05 Dec'O.'^ Apr '05 Oct M i>IlSt;EI.IiANEl)US <«a« nn<l Elpctric Lif(ht k-tlanlaG L Co lat g 5s... 1947 Bklyii U Gas Ist con g 5a. 1945 pultiUo Ga« Ist g 08 1947 Consol (iascouvdeb 68. ..1909 Uoiisum Gas 6ee P G cfc C Co Detroit City Ga8g6s 19'23 pet Gas Co con Ist g 6a.. 1918 cfe Col Col W 100^4 Sep 122 111 J-J Greenbrier Ry See Ches cfe O GulrcfcSllstrefcfetgSs /)1952 J-J See C B <fe Q cfe St Jo onsatonic See N Y N H <fe H Hock Val lstconsolg4i2S.1999 J-J Registered 1999 J-J N 'Ol" 1081a 9814 983s, 90i« 9018 37 Jan '02 981, Salt cfe 2d gold 41128 General gold Ss 0«34 Ask Jmw 110 J-D Gouv cfe Oswegat &'ee N Y Cem Grand Rainfe In<t See Penn KR Term See St L S W Gt Nor— C K cfe Q coll tr 4s 1921 J-J Registered. A 1921 Q-J 1952 cfe Tex gold 4s ...1958 Registered 1958 Cairo Bridge gold 48 1950 931a 96 iv LouiavDiVcfeTerin g3i28.1958 Middle DivregSs 1921 Omaha Div 1st g 3s 1951 St Louis Div cfeterin g3s.l951 Registered 1951 Gold 3iaS 1951 Registered 1951 107 lOT^e Spring Div 1st g 3I23... 1951 Western Lines 1st g 4s. .1951 1281a 125 i-j 12638 127 Bellev cfe Car 1st 6s 1923 Carb cfe Sliaw 1st g 48. ..1932 Chic St L cfe O g 5s. ..1951 I26I4I26I4 Retristered 1951 I13'2ll4^ Gold 3ias 1951 Registered 1951 10414104^4 Mempli Div Ist g4s...l951 St L Sou 1st gu g 4s 1931 lis"! 33" Ind Bl cfe West See C C G cfe St L Ind Dec cfe 1st g 5s 1935 1st guar gold 5s 102% 102 »h 1935 102 !« 1021m Ind 111 cfe la 1st g 43 1950 Intcfe Great Nor 1st g 63.. 1919 2d gold 5s 1909 3d gold 43 100 lOO^g 1921 Iowa Central 1st gold 6s..l93^ Gold 4s 108 109 1951 Jetterson RR .See Erie 971a 100 90 92 A cfe G R 6'ee L S cfe S Kal an cfe Mich 6ee Tol (> C K C Ft S cfe See St L cfe S F K C cfe R cfe B .See St L cfe S F XOS^ 108 "i Sale A-O A-O A-O Gray's Pt Registered 105 Oct 'or 104 14 Jan '06 102 Feb '03 133 Feb'06 149 A»c'01 102 «8 Jan '06 102 !« Jan '06 142iaM.ar'06 . J<inuary 1 .See 791*. J-J M-N Jea RU I8tgug58....al909 A-0 Long Dock conaol g 6a. .1935 A-O Coal cfe RR lat cur gu 68.1922 M-N Ijockcfc 11468 Jail ^i 105»4 1123i M LN b 7434 126 14 Jan '06 A-O 11334 A-O M-S Pere 1st gold 3s sterling Coll Trust gold 4s 98^. I26I2. lllii. 103 1041^. 101 80 100 123 125'2 12515 Jan '0« 126 >8 128 127 Jau '06 127 J'ue'05 100 103 cfe since Last Sale i'.V Bid Co Registered lOTTeJan'Oe lOBH... 102' l^eiiii cous 6S.1921 J-J 1st Lllinois Central 1st g4s..l951 101 Feb'06 79 Uj 79 11538 Nov'05 79 Sale 11^3* 98 r H cfe 1st gold 3ias W Des Jl cfe Minn See Cli cfe N Des Moi On Ry lat g 58..1917 -M-N Det M cfe Tol See L S cfe JI So Det cfe Mack Ist lien g 43.1995 J-D Gold 48 1995 J-D Det Sou 1st g 4s 1951 J-D Ohio Sou Div 1st g 48. ..1941 MS 1081. 1011410412 104iaNov'01 98^ IW)^ See Pitts cfe 1942 letgeiieral gold 5a Mt Vernon 1st sold 6a. .1928 Suil Co Hranch iRt g 5s. 1930 ^^'^^go cfe So ,S'ec Oh >t cfe St £' Range U'eeto'« Range or Jfeh Han 105 103 103 115 122 W CoDU c& Term 6ee N cfe Conn ifc Pas Rivs Ist g 48.194:i A-0 6ee C il cfe St P Aak cfe Gl So "I J 'aUas cfe Waco 6'ee M K cfe T Del Lack cfe Western 7s... 1907 1-S Mpmscfe Essex lst7s... 1914 M-N 1915 J-L Istcousol guar 7s 103 101 CI Lor cfe 'A^l con Isl g A-O Clev cfe .Marietta 6'ecPeuu RH *118l8. 1161a Jan '05 Clevifc .Malion Val g53...iy3t J-J Clev cfe Pitta -See Penn Co Wj Sale 761^ 76 761a 1947 J-J Col Midland 1st g 4s 943;, 94 "s 9438 941s Coloratio & Son 1st g43...19'2i' F-A Coluiu cfe Greenv St^ So Ry Col <fe Hock Val -See Hock Va. Col cfe To! .See Hock Val Col iliS''," Jhrice trltlav ' 100 14 Feb '06 lOlia 101 li lOL 101 100 Oct '04 9934 Evans W 9634 J'ly '05 104»4l05i52 Erie 186 pere Mar 23 98 1(10 Fla Ccfe Penin .See Hea Air Line 114% 114-% I'ort St U D Co lat g 4»as.l941 Kt cfe Don C Istg6s....l921 fct Wcfc RioGr 1st g4s...l92S al Har cfe S A .See So Pac Co i 112 112 v7alHcfeHoflS82 1st5s.l918 Georgia cfe Ala 6'ee Sea A Line Ga Car cfe Nor .See Sea A Line Georgia Pacific .See So Ry Gila V G cfe Nor See So Pac Co I. Clev Cin C cfe St L gen k 4s H\<ik bin W 113 112 Low 124»8 1243g 100 DtiC'05 100 100 1143g Feb '06 Sale 150N l>» STOCK EXCHANGE Wkek Ending Feb 23 135 135 ii 129\ Mar'04 124''b Feb 'OK 123 437 2 N. Y. 5;^ Januarii Hiqh Aik- 9419... 100 Coupon olt Chic& West Inrt gen stOa^iyyi y-M II414 tiee Pere M a rq JNl iclL Chic & Choc O cfe Gulf Se» C R t & P CmH<feD 2dgolrt 4'^s...l937 J-J 403 Oln D <fe I 1st eu s 5s...iy41 Ci^mlcfe FtWlstgu4sK.".;3 M-N 1st eu k 4s.1'J5;-! J-J Cin I <fe —Continued—Page l8t cousol gold 58 1995 .VYcfeyEllxfePlstconpSsHK^O N Y cfe Rich Gas Ist g 6a. 1921 Pat cfe Pas G cfc E con g 68. 1949 I'eo Gas cfc C lat cou g 6e.l948 Refunding gold 58 1947 CliG-LcfcCkel8lgug6a 1987 Con G Coof Cli lat gug 68. '36 Mu Fuel Gaa lat gug 5a. 1947 Syracuse Lighting lat g 58. '51 Trenton (} cfe Kl 1st g 5a.. 1949 Weatrhester LU'ht'g g 5a. 1950 Due Feb dDnoApr «DaeMay A Due J'ly J-J 117 F-A 101% 103 1203, M-N 105% May'OS 93 Jan'06 108-14 Jan'06 89% 89 Hi 1041-2 Fob '06 1 19 106 J-J 107% (a % Nov'06 104% Jau 103 MS A-O MS 107 107 'Oti 108% 93 93 108% 10934 89% 92 104 104% 102% 104% Nov'05 10434 Nov'05 123 Feb'0(> 108% 107% Jau 107 108 107 J '06 an '00 122 12.S 107% 107% 107 107 Fol)*«6 J-D 108 lOe 109 M-N 103 'a 103% Deo '05 J-D 106% M-S 110 May '05 J-D 107 ib7% 10834 Feb'06 1083, 108*4 Jk Due Aug Doe Oct (Dae Deo iOpUonSale S J Bond Record— Continued— Page 3 438 H ee/c'n Jiange or haul Sale Jtice K. Y. 8T<J( K. E X H A N « E \N KKK K.NUIM. KKU 23 ( ; L0UI8T <k <b LCin /Yidav Feb as • i;a. Bid Si\»Uv—(ConttnuKij L#x irol<l4'oM...l!t;<l M-N N O* M N O* iM Isl I'Ol.l Hs....l'.i:(( Ck i.'Olil •Jci l!i:-fi W-S All Knox .t Xor 1st i-nsliMi J O Heni1.»r B.lct- iHt si c6H.li>Hl M-S Kent nrkv Con 'j-olil 4x..liis7 JJ LA -V & M A M 1 HI K 4 Has liHr. M-S 72 I'.Wi 114"t. 1 Life N-Sotith Klacfc M s 1st joint 48.1!i'i'.' J jrn Pens & At! iHt 6 <fc A Ala con If eni Sink fund LA Jen Udei'CoCTi >r48..194ri LN A& Cli .See C AL I ll«<ri st^To'd Metropol A McK'pt lil B V itno A-0 A-0 lsi0t« J-J 1 1st k Hee (>s N V 107 99 >4 A coll!!old5s li'l!- 19(17 sr 4H2N 1st Ser Int*rnat 1st con e 4s. 1977 1977 Stamped jruarauteed Mex NortJi let sold lis. ...1911' Mich Cent Hee >i V Cent Mid ot J Hee Kne \V Hee Chic A MU L. S A Mil A North tiee Ch M A 8t P Minn A St L Ist eold 78.. 1927 1909 Iowa Ex lat gold 78 Coll tr W lOSVjloSiv 99 101 110 95 '4 9t) 110'rll7-\ 110 lOO'ulOO'v 103 102^8 1037^ Apr '05 Feb '06 SOOg 83H, 24^4 Sale •ii. 24»4 20 20'* 20 >« Sale 92 AG FA May'OO 138Vi.... I09i«.... 137 Pne-OS 120 110 113 97 .... .... Paolflo Ex Istfrold Sontli West Ex 1st Ist consol gold OS 1st and refund gold 4s. .1949 Wl-S Ft D 1st srn 4s...':-f5 J-J Des Minn St L gn iee B C K A N SS con g 4 int gn 'Ss J-J St P Feb'06 113^4 Mar' 05 114 113'2 MA A M A MSSM A Alstg41ntgTi 192li Minn Un iec St P M AM Mo Kan A Tex 1st e 4s... 1990 M J-J <• J-P ^1990 F-A 1944 M-N 2d gold 4s Ist ext srold 5s refund 48 1st limoct . Bate AStnrl8tgng3s.l989 J-D '05 120 101 >9. 10134. 101 103 Feb'06 Nov'Ol 101 Sale 89 14 Sale 101 89 101 12 106^4 Sale 10634 ]oe»< 8912 25 91 913(. M-S 9034 9l»8 A 9318 94 93^ 93 >« Peb'OO St L Div l^^t ret s 48.. ..2001 A-O i0734 108 M-N Feb 'OK 107 108 Dal A Wa lat gn g 5s. ..1940 95 7e Peb'06 95^8 96 Kan C& Pao 1st g 4s... 1990 F-A 9508 MoK M M 20i>4 gug 6s... 1942 A-O 116^8 Web '06 A K Ist 1942 M-N 'ioi;i4 1093< 10934 109 K A Ok let ga5s 109»8 log's 109H; K ATotTlstgug5s.l94 '109" 107 1* Dec '05 Sher Sh A So 1st gu g 5s. 1 943 J-D Tex A Oklalstgug5s...l94t; 1900 Missouri PaciOc 3d7s 1920 1st consol gold 68 Trust gold 5s stamped. ol917 Registered al917 1920 Ist coU gold 5s 1945 40-year gold loan 48 Cent Br Ky Ist gu g 4s. 1919 LeroyACVALlstg58 1920 Pac H ot Mo l8t ex g 48.1938 2d extended gold 5s. ..1938 Sgen con g 5sl931 8t L, Ir Gen con stamp gtd g 5s 1 931 TJnifled A ret gold 48.. 1929 Riv A G I>iv let g 4s. .1933 Verdi V I A let g 6s.l92H Mob A Birm prior lien g 5s 1945 Mortgage gold 4s 1945 Mob J A K C 1st cons g 5s. 1953 Mob A Ohio new gold 6s. .1927 let extension gold 6s../il927 1938 General gold 4s Montgom Di* let g 58. .194 St L A Cairo coll g 4s..el930 Guaranteeil g4s 1931 eoU 4s Hee Southern Mohawk A xMal Hee N V C A H Monongahela Kiv mee B A O Mont Cent 6ee St P A Morgan's La A T Hee S P Co Morris A Essex iS«eDel Chat A St L 1st 7s. 1913 Nash consol 1928 gold 5s let Jasper Branch 1st g 6a.. 1923 MoM A Al l8t 6s. .1917 MA W MAO M M-S *109 -M-N M-N M-S' M-S FA M-S f A J-J F-A J-J 931* 921a 93 '» 9434 96 1. »S^ 96 95 Sale 9412 96 99 116 96 117=1, 112 J-D 126>2 12011; 126 4127 123 S; 122 Dec '05 .... 98 9Gii2 Q-J M-S lll'2Mar'04 96 Oct '05 97 Jan '06 9834 FA Q-F 11014 91^4 J.J 97 Jan 9412 126 'U6 llSs^Kov'Oo 98 98 101 NoT'04 100 Feb '06 J.J llQJalSO A-0 115 II5I2 115 Feb, 06 118^4 .119'4Feb'O0 117 '4 -Mar'OS 112's... 112 ... 113 J'ly'04 J-J J-J 11914 I2 97 12612 9334 99 98 98 86 >4 8(i 9SU 98^4 Sale 98' Sale M-N 98 '4 101 89 >4 89>., 88 89 »e 89 w, 91 88 90 FA F-A F-A F-A J.J J-J J-J 104»4 102 S.... A-0 J-D J-J J-D M-S F-A 106>4 aiHi .... 100 82 .... .... 36 102ial02i2 85 8712 iOl 9834 Feb '06 98 993^ 98 14 9812 100^4 102 lOlifl 89 89 hi 88 88 89 '4 89 >4 90 '4 Jan '06 105 '2 105 "2 102 Mar'04 89 88 93 91 8914 9OI4 93 Si "2 90'4 lOaialOSHi 95 106 "a 101 J-J Q J A Mont See N Y^ Cent A W See C C C 4 St L Olnd hio River RR 1st g 5s.l986 J-D General gold 53 1937 A-O Ore A Oal See So Pac Co Ore RR A Nav See Un Pao Ore Short Line See Un Pac 06', "'ilio'?" ib'ii" lJ|il06i2l07»4 KWa ...lilO't Feb 00 27 99»4 99 I0038l01»a lOliglOl', 122'al22«» 109\Apr 120 Jan 119 J'ne 106 J'ly 106 "2 Not 120 120 9812 Feb'06 97'8 98«« 116 116H 125 125 10234 104^ '02 07 '-2 Feb '05 105 "4 Feb'06 103 Oct 'O.J 125 103 4 Feb'06 10334 106'^Oct '05 111 Sale Sale Peb'06 107=4 111 32 12 132>2l32^ 13034 12934 1013g Feb '"Ob 13034 13034 100 99 Feb'06 IS.'Vj 1 N0V05 10 IV 10 94^, 101 100 11-314124 96>a 101 'a 106 75'4 781a 751* 100 la 101 i09''4 125 Oct '05 132 J'ly '99 114 Dec '05 109 la Jan '06 109 9»34 102 943^ lid's lOOHiNov'O 94 Deo '05 116 Jan '06 115 112 112 118 Nov'Oo 11434 Jan 99 114 Dec'O Feb'06 1121a >a 104 76 7634 75 14 Feb'06 IOII4 101 Jan '06 116 ioi\ 1041a 106 14 1041a 105 100 Jan '06 7614 iofi^ 981210" 99 95 94^8 10912 Feb '05 101 105 Sale I0334 7638 Sale . Jan 1 116 114 101 10ia» 104 ••. 95 Apr '02 105 105 106 Not' Of Oct '02 Sep '05 ' 102 >a 103 94 68 102 9112. M-S 91'2. F-A 98 M-N A A-O II8I4 Registered 1932 A-O CI A Pgengug4'2S8erA.'42 J-J 113 Is Series B 1042 A-O 114 Series C 312S 1948 .M-N 981a 98 Series D SSas 1950 F-A 90I4 Erie A Pittsgug3i28 B.1940 J-J 96I4 Series C 1940 J-J 3128 coll trust reg.1937 Guar3i2Scolltr ser B... 1941 Tr Co certif's gu g 3 "28. 1916 C St L P 1st con g 58.1932 »a 109 la 116 NACBdgegengug4iaal945 J-J PCCAStLgu4'28A...1940 A-O 102 A-0 M-N 112 Series Series Series Series Series Pitts Ft 2d 7s 8d 7s B C D E guar guar 48 guar 3 lo guar g F 4s guar WA '04 J'ly '04 79''b 445 74'8 77 134 1051a Oct '05 '4 Oct '00 Feb'OO llOig llO-v 105 100 101 HI no 110 103 105 91^8 102 '4 77 '4 107«8Dec'04 11014 103 1024 107 Moy'97 102 12 Oct '03 101 la. 991a. "s no 102 Dec '03 1031a 10334 95 96 96 Sale *NovnoeFrtilay; latestbidandasked. aDaeJan 1942 1942 1946 19+9 1953 C Ist 7s. .. 1 912 1912 /il912 RR BUNDS— Contiuuetl 10712001 78 ig Sale 76 Bale . M-N F -A J-D 77I4 88 12 74 's 83 Hi 1121a 114 10634 106»4 ioesiiofi* 92*4 97^8 98 Jan 122 '06 92*4 9S 12'J 10S'«Aug'03 98i2Deo'05 96 Jan '04 96I4 96I4 Jau'Oi- 9OI4 98 »4 Apr '04 '4 112 1 12'sFeb'tM> 11278 1121s Feb 06 U2'-2.rue'05 103 ... . 103 "2 Dec '06 92^8 92 >2 Feb'06 112 92 « 1127, >a 941* 103 127 "b Oct '02 121 iMar'o4 119 Apr'04 107 Dec 'Hi J-J J-J A-O M-N 106 -a. U-S lll>aSep'04 M-N 108 Aug'O:. liKj .. 9714 Sale J-D 97 -f 199 97'4l0l 9714 10-.: .MN 101 Sale 101 163 101 10534 . M.fe M-N F-A IOJI2 , , 103 la 108 12. 10414 061 'lK> 110 Jan'0,"> 10838 Feboe . .... 108 180S on Next k'ago anil Telephone Am Telep A Tel coll tr 4s 1929] J- J Ist g 48. .2397 Q-J MetTA TlstslgSs 1918 M.N N Y A N J Tel gen g 5s. .1920 M-N Oomni Cable Co West Onion col Ir cur 5s. 1938 J-J Fd ana real est g 4 las. 1950 M-N Mut Un Tel s luud 08...1911 M-N NorthwTel gur 4i28g..l934 J-J . . .tlanufactni'ing 974 98 1091^ 109 PSi^Jan'Oo 97 12 97 10915 MaVOy I0514 J'ly'08 108 FebOO 1040b 105 10434 106 107 103 105 Jan '06 94I4 t'S"* 97 98 07'slO«»B 11 10414 105 107 107 96 98 J'ly '04 & Industrial Am Cot Oil ext 4ias 1915 97»4 101 "2 Am aide A L 1st s fg6s.. 1919 110 llOSg Anier Ice Seour deb g 6s.. 1926 109 llOia Am Spirits Mtg 1st g6s.. 1916 Am Thread Ist col tr 48. ..1919 Tobacco 40-yr g 68 1944 103 la 10334 9IS4 96 "2 1951 4s Am 1101*11434 '06 106*4 Tan '06 102 Apr'O-.; 107 14 Feb'06 10734 Dec '05 93^ Nov"t>5 9234 Jan 'Oa 98 122 . GrRAIexlstgug4'2Sl941 J-J Feb '00 Jan '06 103 102 1921 J-J Guar Toleempli FA FA V J-D M-N Wash Cent Ist g4s 1948 Q-M Not PacTerCo 1st g68..1933 J-J Nor Ry Cal See So Pac Nor Wis Bee C St P M A O Consol gold 4s 1943 Convertible g 3 "28 1915 Convertible g 3I29 1912 Alleg Val gen gu g 4e...l942 CI A Mar Ist gu g 41-2S..1935 D R R R A Bge 1st gu 4s g.'36 Coal and Iron M 9;J 1997 Q-J a2047 (J-F o2047 O-F 1996 J-D 1st real est g 4s. 1923 CXinsol gold OS 1919 lHLSCEL,I..ANEOi;S H J-J 199t) J -D C B A Q coll tr 4s SeeUt Nor St P A N P gen g 68. ...1923 F-A Registered certifies. .1923 StPaul ADul Ist 6s 1931 2d 5s 1917 A-O 1st consol gold 48 1!:>68 J-D Penn 97 107''f AC FA 1 122»8 Feb'Ot; 139 Jan '03 W 113 J-J F A I Co gen b f g .58. .1943 F-A Convertible deb g 5s 1911 Col C A I Dov gu 5s g..l909 J-J Col I'^uel Co gen gold 68.1919 M-N Qr Riv Coal A C let g 681919 A-0 Ool IndtLsl St couv 5s gu A. 1934 Ist g A coll 08 gu Ser B.1934 F-A Contin'talC Istsl gu5sg.l952 Jea A Cflear C A 1 1st g 6s. 1920 J-D 2d gold 58 1926 J-D Kan A C A C 1st e f g68.1951 J-J Pleas Val Coal 1st g s f 68.1928 Tenn Coal gen Ss 1951 renn Dlv Ist g 68 ol917 A-0 Birm Dlv Istcoueol 6s. .1917 J-J Cab O Co 1st ga g 6s.l922 J-D l>»BSn C A X Co gu g 68. 1910 F.A Iron OoalA Co Ist g 58.1949 M.S 99 lOS Feb'Oi 100'. 10012 101 '». Fcb'O'J 11334 Oswego A Rome See NYC O C F A St P See C A N Oz'rk A Cher C 1st gu 58 g.l913 A-O .100 Is .113 l>jvc Coast Co 1st g OS 1940 J-D r ac of Miasouri See Mo Pao Panama 1st s fund g4'2S.. 1917 A.O 105 ig. Sink fund subsidy 6s.. 1910 M-N Penn Co— Guarl8tg4i2S.1921 J-J 106'b107 118 II9I4 II4I4II5 II9I4II9I4 102 >2 Jan '06 107 86 ^i Sale 1951 A-O New HAD Aee JS y JM H A H N J J unc KK Hee ii V Cent New A Cin Bdcre dee PennCo N O A JM E prior lien g 6s;)1915 A-0 N y Bkln A ilan Bch Hee L 1 N y Cent A 11 Klvg3i2S.1997 J-J Ool "2 119'2 Mar'OS 11618 1164 ir LAN Regi8t«red 1997 Deben g 4s 1934 Lake Shore collg 3 '28.. .1998 Regiatered 1998 Mloh Cent coU g3'-28 1998 Ji«gi8tered 1998 Beech Creek let gug 4s. 1930 Rejnsterod 1930 2d gu gold 58 1930 BeeohCrExtlstn 3128 61951 Cart A Ad 1st gn g 4s. ..1981 Clearl Bit Coal Ist s 148.1940 Gonv A Oswe Ist gu g 58 1942 Moh A Mai 1st gu g 4s. .1991 J June li gu 1st 4s.. .1980 N YAPnl8tcongug48 1993 Registered General Uen goldSe Registered St Paul-Dnl Dir g 48 Registered Registered lien 4'2S. 1926 J.J 00->4 100 Nor J-J J.J J-J Natot Mex prior N i6i\i ibe" 119 12038 105 120»8 117'a 116 9212 9318 IVI-S 1st 6s. ...1917 J-J 6ee Jan '06 Jan '06 Feb'06 Nov'06 J-J M-N Branch let consol 48 10334 1 09 12 103 103 12 I2313I26 106 107»« 104 107 >2 106 IO8I2 M MW Nash Klor A Shef 109 "2 Feb'06 103 >« 10313 103 "v 124 124 "12 124 124 1063(, 107 107 107 107 »9 107 "2 106 106 106 94'-; 9412 Peb'06 96 Sale 96 95 103 110 Mar'06 102>2 120'* 121 117>2 116=8 A.O A-O LAW TAP WW MS 1 105i8Mttr'05 1996 A-O Registered Dlr'llstlAgeng4s...l944 Pocah O A C Joint 48. .1941 CCATlstgugSs 1922 11514116 Scio V A N E 1st gu g 48 1989 108i2l09'8 North IlUnois See 'Jlil A N 1071s 1098h North Ohio See L Erie A Nor Pac— Prior lien g 4s. .1997 116 1071a t fiif/li 75'2 m^ 113Si Feb'oG 97 "a J an "06 97S 97 Low . MS "2 106 Since • 104 N Y A Karlem g 3128...2OOO M-N ReylBtered..... 20OOM-N N Y A North let g 58...1927 A-O 112 K WAOconl8text5s./il922 A-O 116 78'a 83^ 2638 24 Oswe A R2dgu g68...«1915 F-A 18»4 21 R W AOT R lat gu K 58.1918»«-K 103 101 Utlca A BlkRlvgng4s.l922 J-J 98>2 98»8 N Y Cliic 4 St L Ist g 48.1937 A-O 106 'a Registered 1937 A-O N Y A Greenw Lake Bee Kne N Y A Har See N Y C A Hud N Y Lack A W Se^ D L A W N Y L E * W See Erie N Y A Long Br See Centof N J NCTT York New Hav A Hart— Housatonle R con g 5s. .1937 M-N 123 N H A Derby con cy 6*.1918 M-S 120 120 N Y A North See N Y C A H N Y O A Wref Istg48..ffl992 M-S 1031a 104 113 Regis 35,000 only ol992 M-8 9612 97 N Y A Put See N Y C & H 97 "a 97 12 N Y A R B See Long Island N Y S A W See Erie 101 10134 N Y Tex A M ,See So Pao Co Nor A South let g 68 1P41IM-N 107 110 Norf A West gen g 68 1931 **-N 13208 100 103 Improvem't A ext g 68. .1934 F-A VMU 89 92 »s New River let 2 68 1933 A-O 129»8 10634 107 >2 N A W Ry Ist con g 4s.l9»e A-O lOl^^Salo 88T8 N J-D 68. ..1921 A-0 g 7s. 1910 J-D 1934 M-N - 10334 105 98=8 Jan '06 90»8J'ly'0] M-S M-S J-D J-T) AO . 100 "2 Feb '00 83 ^ Sale BtU Atk It—(•Ort'injwrf Nor A .Mom l8t gu (r 68.1916 107 '4 IOM'2 West Shore iHt 48 gu...23»il JReglmorcd 236 J J 106 Hi 10" LakeShon- golil 3'-jS 1997 J-D KO ... 9914 Registered 1997 J-D 10l"2lUl Debenluro L' 48 I02ft 9Hia Det Mon A Tol iHt 78.1900 FA _ Ka A A G R 1st am o 58. 1 93H J J 1203) Mahon C'l KK 1st 5b. .1934 J-J 12212 Pitt«McK A Y l8t jfuG«.]932 J-J '128 .... 2dgnar68 1934 J-J McKeeaA B V l8tjr6» 1918 J- 112 I06I2. Mich Cent lat coUNoI 68. 1909 1931 M-S 1/0 68 Registered 1931 O-M 114 48 1940 J-J 104 Registered 1040 J-J J LA S Ist g 3128 1951 M-S 98 98 S Ist g 3 "28 1952 M-N 1 Bange January /.atl . Cent Mex N 101 11') 2J MS 08 >2 Jan '06 110 96 102>al03>v 103 104 104»4l05i4 105 Metropolitan Kl Hee Man Ky Mex Cent consol sj-old 48.-1911 J.J let consol inconie ^' ;<s.al'.»H!* •fly 2d consol income c :}s..al93'.i J ly Equip '2 ^Iiiv'Ofi ••'s M S Coal See L b A aniiattan Rvoou80l4H.l!t»() Mahon Ajir'On llll N y Cent A K Week'r Hanije nr Sale friee Frfdnv J-eb 1 115»2 Dec'O') 115 '4 .Mur'05 107 Dec '05 112 AO V/ir/A Oct" '05 74 Ill's Sop 'or) 1 Bale 109 6»..1W\ K-A K-A a i)H..\\KH< 19111 soUHis 119 «i STOCK KXOUAN'GE Wbkk Kmjino Fib 2;i N. Y. J I'zi" i'i'J" Feb '06 il9' ll?'^; Jan •00 J 5S...1H37 K-A f v'li Aug'05 121 7811. 09 110 Mar'O") I'eb'Od 12 S 114 101 t 09 Low VOL. LXXJIt. JtO.\l>*< Kan./e Since January Hlf/tt 12,s:<4 1 J- 109»4 l-2'4 2i1 )fol<l S.H AtK IjOw i283i J.J PenHaoola Dlv milil Gs...ltt'2i M-8 Iii2) Wl-S 8t ti Dlv Ist u'olcl 6k N JJ 96 Sale 96 M-S 100 Sale 100 91 14 92 Sale A-0 M-S 102 "2 104 103 J-J 96 100 92 -4 103 90!^ Jan '06 10 99 100 >« 93 21 87 103 S 102 90Sb 90^ A-O iid "sale 1161a ll«i3 317 114341174 79 12 29fe 78^8 34 787g Sale 7878 F-A bDaeFeb cDueMar dDuoApr ADueJ'ly fcDae^g oDueCiot j;DjieNoT aDu«I>eo^«Optton8«J|»_; WeelCs N.Y. STOCK KXCHAN(^E Week kndin" Feb HK Penn 23 ^a. J'Yidav Sanye or Jianqe ntnce Feb 23 Last Sale lanuary ASH Low Hid (toncinueu) PlulaBaI& W Ist f;4a..lit4:< M-N SoDdi Lewis 1st. g 4s...iy3t.' J J UOVslU KK<fcUaii«eii4.s.l!l44 ,n-s Pensacolit & Atl uee L & N;isl. iiee C C C €k si L l!^a8t Peo Pek Uu Ist g Os....iy<!J Peo & A M-N os lyJi J-D OVJ-21 PereMarq— Clicto M VV PM ^os... ....I'J'^u flint cfc ly'i!' l8t consol gold 5s Pt Haioii Div Islg Ss.Utay 4s.ly31 SagTusdo H Ist a 11 a nee Penu KK Phil B & PhiJa <fc KuaUiiig cous 7s.iyil Pine Creek re^ guar t)8...iy.i2 Pitts Cinife IS t L bee Peuu Co Pitts Oleve & Tol kee J5 & O Pitts Ft VV <te Cli nee Peiiu Co 19'i'.-' Pitts June 1st gold Os Pitts <fe L Erie 2d g 5s...aly'^^ Pitts WcKees <ft i' 6<>8 N V Cen Pitts Sli & L E 1st g 58...iy4u 1943 Istcousol gold 5s Pitta <fc West «e B <fe O Pitts y & Ash 1st cou 58.192/ 199 Heading Co gen g 4a 199' Kegistered W A-O AC) 109 ^ Tan '06 118 123'sJan'05 9334 10(p4Deo'0."i <fe nee Pitts <fc Og nee <fe 116 110 112 1141-^ M 5s. .1947 J 118 110'.2ll01.i Jan 'OH Ill's 111'-^ A-O J-J JJ Nov'9 Jan 120 II8I4. lieH!. 98 "06 118 120 J'ly'97 116 100^4 Mfty'05 1013. 101 IOOI4 Jan'06 100 14 101 101 1^ Sale lOSiu. 1001410014 100 lOi^b 101 109 Mar'05 76 Dec '06 89 '05 Jan J-J J-J J-J 96 J-J 9312 M-N M-N J-J J-J J-J A-O 1951 J-J coug 68. .192s M-N KCFtS<fcM Kyref g48l930 A-O KC&MK<feBl8tgu58.192y A-O W M M-N 19^2 1937 1937 193 7 S F Ist gold OS.. 193b W1U& Nor Pac nee Nor Pao at P BtP & S'x City nee C St P M <fcu 8 Fe Pres & PU Ist g 5s.. .194^ B A <& A P nee So Pac Co 8 F N P Ist sink g 5s.l91ii Sav K & West nee Atl Coast L Boioto Val N K iee Nor VV 9Sia 10219 Jan '06 102 Jan'06 126 129 125 Feb '06 113 11312 II3I4 11314 98 la Sep '05 9912 Sale 10218 10219 I0214 Aug'05 H7 Sale" 85% 96 Feb '06 961* 96 loan 102 125 102 127 86 95I4 "li 122 87 1.J 100 88 96 Aug'05 125 Safe" 87 «7 87 'i 1 <fc <fa 99 991a 8510 Jan '00 8078 82 10' 99 Vj Sale A-O 109 137 llOH; 108i4Deo'05 140 1371a 1371a 112 113 140 May'02 112 112 116i8Apr'01 110 ... llO'e Feb '06 103 !« 103 Is Seaboard Air bine g 48 ...195u Coll tr leluiid g 58 1911 Atl-BuTii 3u-yTl8t K 4s.el933 Car ceui Isl con g 48. ..1941 Fla Cen ds Pen Isl g os.iyit l8t land gr ext g Ss ...193i Consol gold as iy4o Ghi<fc Alu Ky Isl con 5s 01945 Ga Car cfc *N o 1st gu g 58 192u Beabife Koa IstSs 1920 Bher Slir <fc So nee K <k T 8il Sp uca <fc u nee Atl Coast L Bod Bay <fc so Isl g d» iy24 Bo Car ifc Ga nee Southern BoPacCo— KKlstret 4s. 1955 Gold 48 (Cent Pac coll). /cl94y Kegisleied A;194y Istgu g 68.. ..1941 A<& N Cent Pac Ist rel gu g 48 1949 Registered 194',' M W AG M-!S J J J-J J-J J-J J-J 104 h: 103 103 la Sep '05 102a»Oct' 06 124 May'05 13612 130 Feb '06 13434 Dec '04 11912 Feb '00 11814120 *120 1211a Oct '06 J-J J -U J A Ist gOs.. 1910 F-A Mex Paclstg58 1931 iVi-N V G & N Istgu g OS. 1924 iVl-N Hous E W T Ist g 58.193;> M-H <fe <fc Ist guar 5s red 1933 iVl-N €$! Istg 58 intgu.. 1937 J-J Consol g 6s int guar. ..1912 A-O Gen gold 48 uit guar. .1921 A-O Waco<fe N div Ist g 68 '30 M-N TC W A-O M-N M-N 119 AO 113-'4 J-J HI 111 109 M-S J-J JJ JJ II8I4 Sale M-S 97 J-J 1171a J-J J-J J-J J-J J-J A-O M-N M-N M-^ M-S M-S M-N M-N Sale L cfe 95«4 , 91 91 Sale 103*8 I0314 Jau'06 9512 9668 07 Jan '06 97 107 102 100 .... Ill --J 112 112iall2i2 48 80 la 92 1021a IO3I4 96 14 y7-\ 98 '2 Nov'05 109 Feb'05 09 "a Mar' 06 11219 Oct '05 i 93 9618 Sale 94 Sj Sale 96»9 97 14 94 14 9434 May'05 .1101* 1091a 109 "2 II6I4. 88 89 97 Hi 105'4 II2V2 107^4 loo's 100 99 14 Mar'03 8889 88^4 14 yy.Peb'OO 106 llliaJan'06 106 l07i8J'ne'06 107 '4 Feb '05 102 105 "a Feb '06 104 110i«. 111 111 Ill 111 Dec'05 98 H. 98'. 99 Feb '06 I'20i8. 127 la Feb '02 98 123 110 113 . . 117 100 J'ly'OO 112 1123411284 '10734 110 A-O Sale '".".'. • \\i' 112 ibsij Jan'06 114 1141a 1141211413 1131* 113 Nov'04 123 J-J 1161a 123 I22I4 1221a 114 1141a Dec 'O: J-D Sale l''9»8 116 1'J2 i^eb '06 Feb '02 Deo '04 A-O lOJ U9'4 Feb'05 12018 Feb'Ot. 99'al06'is loo's loo's 110 ... 11218 J'ly '04 iMar 113 114'4 11414 II412 Jan '06 1141a Jan '00 9734 May'05 113 118 . J-J 112 112 12018 120»« 123 102 110 123i« "2 100 •« 121 la 123 «a 102 102 10914110" Jan'06 ilO 10612 Nov'04 11234 Feb '00 111 107 98 20 11234 II5I9 May'04 107 107 ' 97=8 991a 911a 92 90 89 83 14 841a 1123, 113"* 93 93 104 12 106^4 104'al06i« 147 \ 168^ 10034101*4 123 126 117 1181a 9534 971* iosiaiosi* ifc C Co nee Pa KK Utah Central See Kio Gr Wes Utah& North nee Un Paciflc cfc Black K See N Y Kegistered Cent 1955 F-A 1955 1934 J-J FA Vera Cruz <feP Istgu 4 I2S -see Mo P Ver Vai Ind <Sc Virginia Mid See South Ky Va <fc South w't Ist gu 68.2003 J-J 1939 M-N Wabash Ist gold 6a 2d gold 58 1939 F-A Debenture series A 1939 J-J Series B 1939 J-J 1st lien equip 8 fdg 5a..iy2I M-S 1st hen 50 yr g term 4s. 1954 J J Det & Ch Ext Isl g 68. .1941 J-J Dea Moln Div Istg 4s. .1939 J-J A-O M-S St Chaa Bridge 1st g 68.1908 A-O Pitts Term 1st g 4s. 195 4 J-D 1954 J-D 2d gold 48 101 10278 106 10312 102^8 Feb'06 ^ 10138 Nov'06 110 116 106 91 Sale Sale 7^34 Sale 101 Is 10834 90 86<« •92 K6 112 110 106 90 77 14 102 92 108 97 85 97 108 112 115i2ll6»a 106 109 Jan'06 110 '4 106 91 SO &~tH 731a 793, 591) Dec '05 Apr '05 108 108 Jan'06 Nov'Ol Fob'06 May'05 91>4 81 ).09iailar'03 88 la Sale Btiia &-^^ syiasale 38 »8 89 '4 86 3418 16; 901a 41>« Warren .'6 19 97 \ 95 93 96''h 94 100 U6I2 May'05 114 ^ Jan '06 l(,»8'-2 99»4 98 113 F-A *119'a 1941 Om Div 1st g3ia8 Tol & Ch Div Ist g 48... 1941 Jan '03 102 Aug'05 yaiaMar'o 90 -a Dec '04 M Ist gu g 4s W 110 Jan'06 llli4MBy'03 1021a iiyis Il7iell7is 97 981a am N J KK 13 10V»8-... 1111411114 101 118 ll8 P& W Oct '05 110 Jan '06 Aug'05 99 ... 119 119 119=1 119»B 11612 Feb'0( 12212 Feb 'no '122 14 122 14 Jan '00 11334 114^4 1141a Feb '06 11234 1123. Jan '06 «fc 5s. ..1935 Feb '06 9312 98 12 113 Jan'06 A-O *112ia... '30 FA W N W Ist gu 6s1935 W&Min J-J O G 1st 58... Western Div 1st g 873k 90 10434 105 4 106=8 106=8 102 102 113 11334 1171s Jan 'UG 97' 97 118 N g 118 Feb '06 99 II414... 11534... 119'« 11958 117 12218 J-J J-J J-J '4 ^4 111 118 11712 A-O J- 118 lU^-^ Dec '04 119 Jan '00 lu83g J'ly'05 109 "a Feb 05 J-J Ml-S High, Jan '00 1935 J-D *i07«8 ..... 991 t'758 1390 A-O 97 Sg 9II4 91 la Feb '00 1917 JJ 1st gold 48 .. 96 la 9934 Tol 89 1* 86I2 89 89 J-J Sale Wprlieng3ias.l925 TolStLA 851a 84 Sal«j 84 84 1950 A-O 80 14 82 50-year gold 48 99 la Nov' 05 99 Tor Ham & Butt 1st g 48./il940 J-D II3I4 II314 Ulster&DellstcoagSs 1928 J-D lis 93 Jan '00 1952 A-O 95 lat refund g 4s 105 13614 1371a UnPacRK& 1 gr g 48...1947 J-J 10434 Sale 1041a 1947 J-J Kegistered 1041a 104 li 152 1911 M-N 152 Sale 149 let lieu convert 4s 112 11212 140 Dec '06 1911 M-N Registered 109 '8 1 10 'g Ore Ky & Nav con g 4s. 1946 J-D iOli^lOlia lolia lol".. 123% Ore Short Line IstgOs. .1922 F-A 123 l'23i« 123 1031s 104 '4 1940 J -J 1-7 118 117i« li7S. 1st couaol g 6s J-D 96^4 96 1929 "a relund 48 Sale Guar 961a 96 la Dec'Oo 1029 J-D Registered la J-J lOoHi 106 '06 Jan ii)Ob Utah <te Nor Ist 78 114 "a Apr '02 1920 J-J Gold 58 136 136 1191811912 '06 91 103 J-J Gila H 1121a Jan 107 >9. -U F-A F-A A-O lOOOg FebOi: 102 Jan '00 LM W»b Mortguar gold3i28../tl929 J -U Through St L 1st gu 4s '54 A-0 Gal Har<fc B 110 J-J J-J J-J 1051-^ C 68. ..1910 VandaJia consol g 48 ,VI-N I05I4 106 102 112 Fails <fc Nor Istg 68.1939 Stat Isl Ky 1st gu g 4^28. .1943 Syra Bmg <fc N Y nee D L & W 'per A ol St L 1st g 4ia8..1939 1894-1944 1 Ist con gold 58 1953 Gen rettmd s r g48 BgeTergug 68.1930 St rex <fc N O nee So Pac Co 2000 Tex c& Pac lat gold 6s §2000 2d gold inc 5s 1931 La Div B L 1st p 58 Utica J-J J J J-J J-J . Ala nee Kan & <Jfc <fc 129 la Nov'04 lis 118 106 Sep '04 113 Jan '01 lOJi 103'''fi Oct '05 8.-»4 8934 Sale 90 J-J M-N 1 Low Hiak 116 99 112 . &N nince January 12'ia General gold 5s 86 M-S JJ A-O W Tol aih 39 Sale J-ij 102 11134 11334 "86' 81 J-J J-J J-J J-J A-O J-J Spok .-... M-N W S J-D J-D J-J J-J J-J J-J A»k Low Bid 110 1921 1121a. 1920 II&I4 1936 114 1936 Guar stamped Ist cy gu 43. .1924 F-A *9308 O <fe *113 West N C lat con g 6s. .1914 J-J 92>a 94112 122 122 Jan'06 122 J-J J-D J-D A-O 194b A-O Kegistered. Ist guar gold 6s 9ih 123 J-J OSi^j Virginia Mid ser Series D 4-58 Series E53 General 5a 99 K, 100 "a lOmNov'Ol A-O 5-year gold notes 4'i2..190o5 J-D St Loais So i>ee Illinois Cent l8t g 48 bd 0118.1989 St Li 8 2d g 43 inc bond ctl8...piy89 193^ Consol gold 48 Gray's PtTerlstgng 6s 1947 St Paul <fc Uul nee Nor Pacitic BtPaui <fe Man 2d 68.. .1909 Istcousol gold 6s 193 Ke«i8tere<l 1933 Reduced to gold 4 "as. .1933 Kegistered 1933 1910 Dakota ext gold 6a 1937 Mont ext Ist gold 48 Registered 1937 EMumlsldiv Istg 68. .1906 106i«Oct'06 100 Feb '06 108 >a. Southern Pac Co—< Continued Morgan's La <fc T 1st 7s. 191 1920 1st gold Oh 1907 No of Cal lat gu g 6s iy3» Guaranteed goldSs Ore & Cal 1st iruaj g 5s. 1927 A Pass Isl gug 4s. 1943 80 P or Ar gu Ist s 6s.. -cl 909 cl910 1st guar g 6s S PoJCallst g68C&D 1900 IstgOs series E& F...1912 1912 Istgohl 6s 193/ 1st con giiar g 5s .1905-1937 Stamped SPacotN Mex Istg 6s. .1911 So Pac .oast 1st gu 4e g. 937 Tex&NOSabDivlst g68.1912 1943 Con gold 6s 1994 Southern— 1st con g 58 1994 Registered Mob & Ohio coU tr g 4s.. 1938 Mem I>lv lslg4ia-58...1996 1951 St Louis diV ist g 4s 1918 Ala Cen R 1st gBs 1948 Ati <fc Danv 1st g 4a 1948 2d 4a Ati & rad Ist g guar 48.1949 1916 Col & Greenv Ist 68 E T Va& Ga Div g 5s. .1930 1956 Con 1st gold 6s 1938 E Ten reor Hen g 68 1922 Ga Pac Ry 1st g 6s Knox <fe Ohio lat g 68... 1925 1915 Rich <fe Dan con g 6s 1927 Deb 68 stam pert Rich & Meek Ist g 4s. ..1948 1919 So Car & Ga 1st g Sa Hanqe Week's Kange or Last nale Price yriday 23 I'eb 50, 1 120 OcfOl 112 12 Dec '02 . M-N •11415 J-J Dec '05 114 137 J A-U *108 K C Ft Sifc M Kor Div i8tgold48 Minn Uuiou IslgOs Mont C 1st gu g 68 ll.S P 1941 Rutland 1st con g 4>us Og&lj Cliaiii Istgu 48 g.l94« 1949 4s... Rut^Cauad Istgu g nee Pure Marq 'I'us ds 11 Sag ..1947 tJo& Gr Isl 1st g 48. Bt Law<& Adirou Istg 6s. 1990 lyyc 2(1 gold (is St L <fe Cairo nee Mob <te Ohio M P nee Bt L i& Iron Mount St L K C & M nee Wabash KK ot St L A Br nee T Bt h 8t L & S Fran 2d g 68 CI B 1900 lyU6 2d gold 6s Class C 1931 General gold 68 193l General gold 5s 8t li & S F KK cous g 48. .'90 Refunding g 48 loy \ BONUJS STOCK EXCHANGE Week Ending Feb 23 N. Y. SA& Feb'06 llOkiJan'oe 111"-^ N Y Cent Southw Div Istg 109 Apr '02 109 118 107 ^ Bocli ttiQh 110>2Sep'04 113»4. 127 i-j. Jersey Cent coll Rensselaer <fc Sar nee D & ti Eich <& Dan nee boutli Ky Eich <fe Aleck nee southern Rio Gr West 6ee l>en <fc Kio Gr Rio Gr J unc 1st gu g 6s...l9oy 194(1 So Isl gold 4s Rio 194u Giiarauleed Rome Wat L010 F-A gis-.-Uiol A O B K Hiah lOOlj UN J 2tts-oltl4'^8 439 Bond Record— Concluded—Page 4 ]Peb. 24 1906.1 10912 110 looifl 10234 89 S7'2 yy'8 nee Del Lac <fe VVest Waah Cent nee Nor Pac Wash O & nee Southern VVest Maryland Istg 48... 1952 .A.-0 1962 A-O Gen <fc conv g 48 WestN Y<fa Pa lat g 58. .1937 J-J Gen gold 3-48 1943 A-O W Income 58 rfl943 88 88 14 117 Feb '06 Feb 00 Jau'06 88 Sale 7414 Sale 74 117'^ 117 la 97 Nov <fc . . 104 110 1051a 111 08 99 >, . Wheel liiv 1st gohl 6s. .192b J-J Extends Imp gold 5a. ..1930 F-A RK l8t consol 4s 1949 M-S 20-year equip a f oa ...1922 J-J Wilkes <fc East See Erie WU & Sioui F See St P il <fc M SVisCeut 60-yr Ist pen 48.1949 J-J 97 30 yys West No Car nee Soutli Ky W VaCent<S> P Istg 6s. .1911 J-J 1071*... 106 106 lU-alUia Wheel'g L E Ist g 5a. ..1920 A-O 114 1143* 109 "a 9234 Sale 100 93 110 Aug'Oi 114 Jau'iK 1121a Fob '0 lllia Aug'05 y<!-'< 92 102 >4 Deo '06 9334I 9314 86 14 69 7 iWia 30 30 114 22 I 8S«8 76»4 11713 97 »8 117 97 114 la 1121a 14 91 931a 22(1 93 96 M1SC1EL.I..ANEOUS ItONUai—Conclu«»ed. Alaniilnctiiriiiff &. IniluntrinI Cent Leather 20-year g 6«.1925 Conaol Tobacco 50-yrg 48. 1S51 AF. Registered 48 lOol FDistil Sec Cor cou V Ist g 58. '27 A. Inl Paper Co 1st con g 68.1918 F- Consol conv s t g 5a 1935 J. Int St Pumi) lO-yr conv. 68 '13 J. Kuickor Ice fChic) 1st g 68. '28 ALackaw Steel Ist g 5s 1923 A- NatStarchMI'gCol8tg68l920 MNat Wtarch Cos deb 58. .1925 J. Stan Kope <fc T Ist g 68. ..1940 F income gold 58 1940 U B Leath Co 8ldebg68..1913 MUS KealtyA Iconv(iebg5s'24 J. U S steel Corpl0-60yr58.<i'0:^ M1 Regl8t«red Va-Car Chcm * April 1963 Mcol tr fts g..l912]A- No price Aliscoiloneous IOH4 Bale IOII4 78 >a 79 79 85 101'4 128 100141021a 8334 7938 13 79 Dec '04 86 >4 Sale 86 8O34 '25 H'i^i 108 10812 IO8I4 lOS", 1C7''8 95 9714 Feb'OO 9/ 98 103 la 103 Feb '06 .... 101 »8 80 97iaOot '05 107 107 , IO714 107>4 '67, 10612 1B5 9212 92 Jan '(Hi 75 12 U 75 76 75 Dec '06 Feb '00 109 la Feb '06 16 1'4 1»4 10334 109 9712 97 98'<8 99 Sale 9914 Sale 99 lOlis 10114 96 Friday; latest bid and asked this 9708 99 «, 9914 HS'h llOia Adams Ex col tr g4s 1948 M-S Am Dkifc Imp68 &'ee Cent N J Am SS Co of W Vag68....1920 U'kl'n FerryCol8toouag68'48 F-A Chic Jo 4 Bt Yard col g 58.1915 UetMtfe Al Idgr incomes.. 1911 100 Hoboken L<b I gold 58. ..1910 103 Mad Sq Garden Istg 68. .1919 1083, Man Bch Lgen g 4S..1940 92 Newp Ne Ship & D D 58 (il990 N Y Dock 60-yr Ist g 48. .1951 77 Provident Loan Soc4ias.l921 lia 212 St Joseph Stk Yds l8t 4 i-2a. 1930 107«8 10912 St L Ter Cupples Stat'n * Prop Co Ist g 413a 5-20 year. .1917 66 97 991a 768 90 >4 'M\ S Yuba Wat Co con g 6»..1928 96 '4 99 'p Sp Val Wat Works lat 68.1906 l«l 101 la USRed& Bef Ist 8lg«a. 1931 Feb *0e week, a Due Jan HA 6 lOiiaSole M-N 1041a IO412 16 I03I4IO4S 10034 J'no'02 44 47ia J-J A-O M-N M-N M-N 48 108 78 Peb'o6 46^4 J'ly'Oo 78" "ii' 60 Feb '02 Jan '06 J-J FA M-8 •96 99 J-J J-D J-J «0 96 S 99 Deo '06 lOOiaSep'05 961a 68 98 101»4 112 J'iy04 ll8i«J'ly'0O 990, 100 80 Dae Feb •Due May irDa«J'aa ADoeJ'ly pDueNoT #Oftloa &»le MS 99<^8alr 99^Ulll| S 7 S CRTOAaO STOCK RXCHA^T'lE-^tock .\'JUCh\—HJHH/:.SJ i>a'.u)tui.i J-eb J? •193»al!>5 AMD ,t/07l«<TV J-rb :f) 'Jtifidait 1.'3 i;i3S2l99 l'.(3 hK FKICIS LOWI-.ST SA -^4 teb J-eo V/ WASHIXG- 196 190 tridaii J-eb .3 1 hiiTsdaij \ieiiue.sitaij 195 190 TON'S BIBTUOAT. 7>a SO 00 4'.li4 •40 63 27 27 48'a 49 13 13 •43 45 63 >2 63 Si •90 90 1< 43 03 h •27 •66 •94 >2 28 Sj •9b •60 13 Si •1-5 67 O'jin •94 'a 2H>2 ii8»ti •28S! loo S'9 65 65 99 60 •99 •66 '66 "04" 29 70Sj 70S) 80 -80 -28 -65 •94 Sj 29 100 60 Do lor jTe.iout. YearfJH')'',) jyiMi Week HiQheal Sharei. 193 39f lOO 100 lOO 100 100 pref Uamie Jiange lor year 100 100 prcl Do Fob 19 200 Jan 6 180 5 7S2Febl7 Si Feb Feb 5 283«Jan 2 48S2Febl9 61 S Jan 8 25 17.1 250 235 4 11 Jap 45 Fob 21 1314 K«<1>20 45 Ffcb-1 OS Si Fob 9 •.'.". <fc W 67 94 29 •99 •66 Jlir/ kett /^naejtt Ll ..100 2,248 54'.jJao 2 9ll7f 54 88 \ Jan 2 93SjFeb *> Do pref 100 29 Metropol H Elev..l«0 2,910 2'i'4Feb H 2U-«8Feb'-'0 271 70 09S2JM29 72'8J«Ji 13 Do pret 100 82 23:i 73 Feb 6 80 Jan 20 XorthCluo Street 100 515 26 Si Jtm 3 28 Si Feb ^3 2SS. Northwestern Kiev.. 100 300 65 Jan 4 07 Jan 15 67 Do prer 100 150 94 Feb 23 97 Jan 3 94 S( South Sirte Elev 100 29 Streets WStable C L 100 300 28 S. Feb 1 30 Jan 9 100 3 98 Jan 26 100 Feb 13 Do pret 100 60 West Chic Street 80 46 Feb 6 60 Feb 19 100 28 Si 07 95 •28Sj 29 •99 100 •66 60 KnilroitdH Chic City rty Chic CouHoI Trac Chic Pass Uy CUic & Oak Park 64 s Kans City liy 69 S> 30 SaUs Of Ui* Chicago Subway 13 ^ Chic Union Tract 29" 82 ST()t:ii.S CHICAGO STOCK KXCHANfiE 50 *48Si *12Sj 46 64 90 29 90 80 30 67 95 7 27\ 27 l:t'. 63^4 64"-. 7 7Si 27 lVi34 90«8 9(»\ 293» 70'v •94 "a •JS'2 •7 27 13»4 '.'9 >, 29 70 Hi 70 >2 70 ao SO x80 28 28 28 30 07 05 7»2 a?*-. 45 63 -'9 29 •2'J •7 •26 "a 7>., •OHi 7>v •27 ^ocori-Daily. Weekly and Yeirly Jan 205 Oct 734 J.ia 4 J'ly 10 J'ly 28 Deo 40 Oct S734 13^e Aug Feb Keb Sep 93 V, Sep 28 S: Oct 59Sj Jan 73i4Sep 55 J'ly 99 Feb 21 Mny 26 De« 60 Mar 08 Oct 20 J'ly 30 Jan 82 Si Jan •20 Jan 51 00 Au( 9(Ji8Mi.\ luo Aug 30 27 -Sep Dec 103 >4 Mar Feb J'uf 72 'J6 40 niucelioiieo u a AiUs-Chalmers 100 Do 10 10 10 10 68 125 135 6'; Hz •116 116 1^5 135 • ' 66 10 10 67S2 68S2 116 126 135 ' e^s 9'b 125 136 116 ' 39 106 39 112 Oo'i 60 56 Sj '38 39 112 a06 39 H, 112 63 -60 63S2 "15 *15 -1 1^4 1 163 163" lt-3 67^4 08^i *3S 106 *eS l^o 7^, 163 59 130 116 59 IJO 115 1.J 68 112 63 S) 6*4 162 162S2 58 Si 120 130 59^4 139 68 S, 138 67 1^, Last Sale Last Sale 11. 7»2 129 11334 135 Xov'05 il^4 7979 Last Sale 68 68 116'4ll7 87^ 88 119 119 (i8 117 •sevz «9 •119 120 -'•^Sj 119 79^6 J'ne'04 I0412I04I2 i'^5 *2»« 14>» 1434 2 "4 137, 39 ay 1-2 39 23(. 10415; 2I4 2 1418 14\ 39 39 S2 2 18 120^4 Do pref Do pret BONU.S Si Clue Board of Tra<le 4s ...1927 Chic Consol Br & Mlt68 Cliic Consol Trac4Sj8 1939 Chic Edisou debent 68 1913 Week^s Range Last Sale Ask Low Bid 100 103 100 103 J-D 10214 J-J J-D 69Si J-J or Mil Klec Hy 5s 1919 Chic Piieum Tool Ist 5s .al921 Clue Rook 1 & Pac BK 48.2002 CollatTru.st e 5s 1913 J-J J-J 88 M-N M-S Commonwealth Elect 5s.fcl943 M-S Illinois Tunnel 58 1928 J-D Kans City liy <fe Lt Co 58.1913 M-N Kniokerb'cker Ice let 58.1928 A-O lAk« Street El Ist 58 1928 J-J Income 5s 1925 Feb Metr Side El Ist 48 1938 F A W ExtcuHion g 4s Norrii Chic St Ist 58 Ist 58 1938 1906 1909 Refunding g4SiS 1931 No Ohio City StRy 4Si8.1927 NorlliWest'n El Ist 48. ..lull Ogden Gas 5.s 1945 Pearsons-Taft 58 1916 4-40S B B B 1920 4"40s Series C 4*60s Series E 4-SOs Series F Peoiile'sGas LcfeC let 68. 1943 Refunding g 58 1947 ChicGa.s Lt&C 1st 58. .1937 Consumers' Gas 1st 6s.. 1931) Mutual Fuel Gas Ist 58.1947 South Side Elev 4 SiS 1924 Swill <fe Co 1st g 5s 1914 Union El (Loop) 6s 1946 Union Pacihc conv 48 1911 U 8 Brewing os 191(; WealCluc St Ist 58 1928 Tunnel Ist 68 1909 Debeut 6s 1914 Consol g 5s 1930 West Div City Ky 4 Si8..1932 Sale 103 59 104 8714 79 80 106 >4 99 10534 100 100 Jan '06 Dec '05 Apr '04 Dec '05 Jan '06 88 Nov'04 Apr '04 10534 Feb '00 93 Jan '06 100 S, Feb '00 9734 Dec '06 99 14 Feb '06 10 May'Oo 9434 94Sj 9434 88 Si 88 J-J J-J J-J ^90 il-N A-O M-S J-J J-D M-N J-J A-O M-N M-S M-N F-A J-D M-N J-J 6DaeJuna. 1 79 'a Feb -23 l,43i li; 100 100 100 100 L'45 7»'?8Feb23 Jan 17 47 Sj .Tan 31 66>4Jau 2 li3SiJan 4 78 Jan 5 11 115 ,1 8 11 '-2 89 Feb'Jl 120 J'ne Jan Jan Jan 15 125 May Jan 9 95 Apr hcU 134 I2 Feb 145 Jan 23 55 J'ne 67 Ads Not Feb Feb 42 Not 76 Oct 44 Si Mai 48 Si Aug Jan Sep 2 14 23 Oct Oct 11 63 2 Feb 6 5234 Aug 67-»4 Deo Feb 5 11034 Aug iJOSiMar Feb 21 41 Jau 80 "4 Deo Feb 7 110 Jan 120 .)'ne 534 May 5 Apr 9908May 11034 Apr 100 Nat St'k YdslOO Range 89 Sale 90 9 2 14 Sale 9438 Sale Sale lOOSj 99=3 99*8 t99'8 100 January Jiigh 100 100 102S!l03i* 104 104 1033» 10334 9534 9634 87 87 80 Continental National. Cook Co State Savings Corn Exchange Nat... Drexel State Drovers Dep National Federal National First National First 105 Sj 105 91Sj 93 Si 100 America, Bank of Bankers National .... Calumet National Chicago City Cliioftgo Savings Commercial National. Nat Englowood.. Foreman Bros B'k'g Co Fort Dearborn Nat 90 100 98 Sj 99 S. 93 Sj 88 Hamilton National Hibernian B'k'g Ass'n Kaspar State Bank Mauuiacturers Bank.. Milwaukee Ave State. Mutual Bank Nal Baukot Hepubllo. National Live Stock... North Side Btat« Sav.. Oakland Nation.al Peoples Trmst & Sav 90 92 >4 92 "4 9433 94 Si 100 100 100 Sj Sep '06 Outstand- Surplus <£ ing Jn Profits 1903 Stock NAME Since 92>4 9334 89 92I4 94 S 100 14 Pullman Loan W fc •200.000 000.000 600,000 8,000,000 100.000 600.000 1,000,000 500.000 1,000.000 200,000 200.000 250,000 250.000 2.000.000 1,000.000 50,000 & Capital and sorplos to be increased. $'250, ,000 1,112, ,356 31, ,000 86, ,607 hl2, 1-20 1.850, ,750 1,219, ,798 3, ,422 3,781, ,437 16, .089 282, ,698 50, ,888 6,374, ,740 117, ,917 630, ,'(599 267, ,118 15», ,060 1,062, ,653 1.285 ,961 5, ,725 fc50, ,471 200,000 250,000 260,000 300,000 200,000 24, ,171 63, ,144 84, ,448 171, ,13 37, ,066 1,000,000 250,000 200,000 200,000 3.000.000 2,000.000 000,000 200,000 1,000,000 4,000,000 250,000 200,000 740, .824 112, .022 24, .777 Sav.. 200,000 3,000,000 750,000 1,500,000 600,000 1.000,000 1.000.000 200,000 200.000 ol 30% IHvideniX Ke^ord m 1904 Last Paid Period Beoel ver ap pom t6dFebl5,'09 6 8 V-J Jan '00, 2 'ia' 8+6 "12" "12" 8 12 8 6 12 6 6 6 8 8 Began basin 12 v? 6+4 Priv ate Ba 6 6 Jan Jan J-J Jan Q.J Jan Jan (J-J Q-J q-3 Q.J Q-J Jan Jan Jan Jan Got Q-J Deo esa ^' Jan Q.J Jan '06, 8 '00, 6 00, 00, 00, 06, 00, 00. 1 6. 3 2 1>« 3 m 2 1905 05, 3 06.124 '00, 14 j".J ,fan""'66,"4"* 34, 979 13, ,251 274, ,993 56, ,145 1,023, ,142 fcSO.OOO Prairie National Prairie State South Chicago Savings 9934 Jan '00 9934 99;'4 State Bank ot Chicago. 9934 9934 993, Stock yards Savings .. 99 Si 100 Sep '05 Union Bunk of ChiUHgo 100 Aug'05 100 Union Slock Yds Stale 12314 J'uo'05 Amer Trust & Savgs.. 106^4 106 "4 100 "a Oct '05 Central Trust Co of III 10734 108 Feb '00 107 108 Colonial Trust & Sav.. I05I4 lOo^f Drovers Trust <fc Sav.. 106 105 '8 Feb'oo tlO.ii-jSiae 10.) Si 103 ^ 103 Sj 103 First Trust <fc Savings 103.S,103«8 i033k,Feb'06 103:«6l05V Illinois Trust & Sav.. 102 'e Sale 102 '8 103 102'el03'j Jackson Trust ifc Sav.. 105 Is Fob 'OO 106 105 S> Keu'wooil Trife Sa\-ing» 114 Nov'04 Live Stk TrA Sav Bk. 81 J'ly '04 Merchants' L'ucfcTrCo lOOSjSale 100 100 100 lOlS, Metropolitan Tr & Sav OS Si Sep '05 Northern Trust Co Bk 85 Jau'OO 76 Hoyal Trust Co 85 80 ei 8 1 »e 35 8.) 8434 Union Trust Co 93^8 Feb '00 94 93^8 95 S' Western Trust & Sav. 90 Sj Jau '00 Side Tr <& Sav Bk.. 96 Sj 90S added to all Chicago bo price s Woodlawn Tr<fcSav Bk ADueJoly. $250,000 2,000,000 100,000 500,000 k 500,000 2.000,000 3,000,000 60,000 3,000.000 .. West'rn Stone Co 6.'20 68.1909 A-O Note.— Accrued interest mus t be n Also pam 12''o in Doc, 1903, iu stock of First Trust & Savings Bank. 11 luoliides special dividend • Bid and asked prices; no sales were made on this day. i No prioe Friday; latest price this week. • DaeDec.31. 35 115 Fob -'3 78 11334 Feb 23 18 2,946 134^4 Feb 21 ;47 1,863 63S2Jau S 71^4 19 S.' J-J Oi 139 Mar Jaa Jcu Jan 172 Feb 5814 Deo 143 Sj Feb 118 Deo 1 7 Ohioago Banks and Trust Comnanies A-O M-N J-D M-S F-A M.N 16.5 Oct "-i 100i<8Deo'05 .M-N .M-S Jan 16 Feb 153 Feb 9 s•^ 7 'i Jan 20 Jan 5 Aug 125 High No. Low ftl926 Cliiccfc H\ Feb 375 159 490 55 J'ne 10434 A-O 103 Sj. 103Sj 103Si Chic Auditorium 1st 68.. .1929 F-A 96*4 Jan '06 Clue Dock Co 1st 48 1929 A-O loo's Chic No Shore Elec 6s 1912 A-O 87 Feb '06 1st gold 5s 34 Mar JaA 10434 LattSale Prtc« lYidav Feb 23 Amer Biscuit 68 1910 F-A Amer Strawboard 1st Os.. 1911 J-J Oaas Ave & F G (St L) 58.1912 J-J 16 Sj 35 Oct 40 Jan 25 108 Jan 25 105 Mar 112 Feb 6 04 Feb 6 50 J'ly 70 148 Sj Feb 150 Feb 13 16S2Feb23 10 Jan 10 J'ne'05 People's Gas L<fc C'kelOO OMca^o Bond Record CHICAGO STOCK EXCH'GE Wkek emjing Feb 23 25 9(i>8Jan 105 10&3, Swift* Co 100 1,467 10114 J»n 17 106 Sj Feb 6^ 101 Dec 114 Jan Feb'oo The Quaker Oats Co. 100 46 Jan 165 Deo 125 Feb 16 152 Si Jan 195 103 Jan i 10634 Feb 15 86SjJan 109 Not 104 Do pref 100 Un Stock Yds(SoOm)100 Last Sale lU^'e" Dec'b4 Union Ban & P Co... 100 Do pret 100 2I4 2SjApr 2^4 Jan 12 138 J'ly [Juit'd Box. Bd & P ColOO 2,807 2>8Jaii 2 2Si 14>« 14Sj 1434 8 Ane 10 Deo 15 Do pret 100 3,515 13''8Febl9 17 14 Jan 20 581 37 S) Jan 20 89 S> Feb 17 23 Feb 41 Aug 39 »4 39^4 Western Stone luo 38>a 38'4 t This is new stock. 104=8 105 104 106 •125 135 125 135 l04Sjl04S2 103 Sj 14 12 39I9 64 47 Pullman Co aHOiSz 108 pref St Louis 1U6 101 Janll 106 -2 .Tan 3 17 7gFe<j2l 17''8Feb21 36 Jan 23 40 Feb 6 May'05 Page Woven Wire Fence 5^4 Last Sale 101^ IO4I2 104^4 1.0 156 Chic Edison 100 Glue Pneumatic Tool. 100 'Jhic Telephone 100 Ohio Title & Trust.. .100 Diamond Match 100 niiiioi8 Bnckt 100 Kaus City Stock Yds. 100 Knickerbocker 1 ce. . . 100 Do pret 100 London & Clue Conir Manufacturers' Fuel MU& Chic Brew' Oct '05 Do pref 08 Xational Biscuit 116 Do pref 8J Xational Carbon *87 Last Sale •105 100 115 Dec '04 Feb '00 Masonic Temple OS 116 67 S2 68 S, 68 Sa 68"^ 117 116>4ll7 89 89 88 89 116 115 *119 I20I4 '116 Si 137S2 67 S; 67 Last Sale 1 ? Last Sale U Last Sale 4? 67'4 1(2 58 115 116 115 115*4 1153^ 134^4 13(-', 67 »4 67^4 Do b'ob'06 ^>^4 5sia Last Sale 117 1,830 Nov'Oo ChicBrew'K&Malt'g 1 162 162 162 69 *115 14 "8 Apr 8»4 Dec 9Si Janll 11^8 Jan 20 66SjFebl9 72 Jan 25 00 Jac 73 Sj Apr Feb 9 115 Feb 9 76 Jan 110 Deo 136 Jan 17 136 Jan 17 r25 Feb 134 De« 1/0 54 Jan 13 5734 Jan 3 38 Jan 5934 Sep 695 100 100 100 100 100 100 16H Chicago Auditorium I6S2 •1 •634 IS, 7 Si 115'allt5'-4 J39i2l4<-"-i 67 •1 100 pref 10 Ameriean Can 67 \ Do pref 115 Amer Ra<liator Feb'ot Do pret 66 s Amer Shipbld;.' Feb 'Of Last Sale 106 Do pref... Am er Straw Board •38" "46"' Booth (A) cfe Co .. .100 Jan 'Ot Last Sale 108 Do pref 100 FeD'Oil Cal & Chic Canal cfc DlOO Last Sale 64 Mar'Oo CentralTrust Bank. .100 Last Sale 158 177e 39it •15 "15 -634 •llSi^illOV 1401a 142 Last Sale U6 56^) 177, 39 •106 *60 9''e 67 Si 116 20. 692 2.147, 088 913, 946 527, 986 66. 051 1.008. 686 6,290, 568 60, \i'U 21, 44H 3, .726 6 Feb Jan 6 Began bus In Oct Jan Jan Jan Jan 6 15 "6" 12+3 6 6 New Bank "s' 8 8 5 ^-J Jan Q-J Jan Q-J Jan Q-J Jau Began Majr'l, '6' "7* 4 6 1 6 6 'is 6 12+4 '06, 1 '06, 3 2. 1905 '06. 1>« '06, 6 '00, l"! '00, 3 '00. 2 '06, 'i '06, 1 '06, 2 190 Jan Deo Q-J Jan Q-J Jan Q-J Jaa Q-J Jan I4 '06, '05, 2 'O'o, '00, '0\i, W 2'« 14 "'06," 3"' Began Jan 3. 190 Incur porale d M aroh, 1905 Q-J Jan '00, 3 12 12 Q-J Deo '05, 3 6 6 Q-J Jau '06, 3 8 8 F-A Feb '06, S 4SJ2, 602 6 6 3,731, 3ei 285, 1,511, 992 680, ,813 ""6 243, ,838 2 ,915 BegMi 20 ,015 Beijan "o Q.J Jau bnalu esa Sep Mayl, 190 deolarod Aug, 10, ItfO^ 5. 14 '06, 5, 10O» i Feb. L'4 1000 Business at Stock Exchanges AT THK NEW YORK STOCK EXCHANGE TRANSACTIONS ^^^ UAILY. WEEKLY AND YEARLY Yolume oi Sloclcs Week pndina J'ebruary 23 Shares iyi'6 RaUroad &c Bonds >),S5,669 Monday 1,065,641 95.i;<8.100 Tuesday Wednesday. l,iy'!:.'129 ... l.Ooy.TTy Tliursday... 624,613 Friday 96,P97.900 92,795,400 Sales at Stock New York Exchange D S Bonds Bonds 56,638,800 $1,195,500 2,2 17,000 l,717.0i>0 2,027,5t>0 $274,500 348.000 .i;2o,M)<) 12,500 268,000 >50,0O0 5,000 $46,000 1905 January 1 1P06 to 'i3 1905 41,128,910 66,767,9.8 6,948,966 4.930,131 Stocks— No.sliares $3,S03,2O8,50« $432,422,100 $663,080,150 1^,162,653,950 Par value iti300,-<50 $112,700 $2,600 $5,800 Bank shares, par. BONDS ©overnment bonds State bonds EB. and mis. bonds $46,000 1,34>^.600 8,900,000 $3,939,500 21,404,600 $429,100 19,196,000 129,211.100 .$29,000 31,37a, i(K) 206,656,500 104 A-O i 101 98 40 97i.i 95 .S8 34 90 109 Newark Consol Ga«..100 1]Ooug5s 1948 No Hudson L H & S-P Pow— OS 1938 111 A-O & >fc 91 111 no8 29 73 no5 ', 6 34 76 Emp & Bay Stale Tel 100 98 100 9012 91 138 100 100 TJGoldcfc Stock 100 T«leph River Hud.sou 1[NY<fcN J Teleph...l«0 llNorthwesternTeleg. 50 25 Pacific <fe Atlantic TiSoutliern & Atlantic 26 135 115 78 47 120 93 154 124 80 101 n<his(rinl and iUiscel Con.s Ry Ltg&Refrlg.lOO 63 '94'' 158 128 85 105 Bid 6\ Ask 7 2>4 Conaol Rafcber Tire. .100 Debenture 4s Cons Storage BaltorylOO Corn Pr Ref rora (w i)100 Preferred (wh is).. .100 30 34 27 11 271* 8512 86 25 Cramps' HliifcEn BldglOO 151-2 100 llCrucible .Steel 77 'e 100 llPreterrou lol Cuban Us oi 1896 HDiamoiKt Match Co. 100 141 !H. 1 Dominion Copper bh. 5 t Douglas Coiiper 25 100 Electric Boat 60 100 Preferred h Electric Lead Reduc'n.50 t SO 50 100 100 Preferred Electro-Pneum'icTranlO 100 Empire Steel 100 Preferred Cliemical ..100 II General 100 1) PrefetTed 1 Gold Hill Copper Preferred 106H; Electric Vehicle Telephone ^AxQCrTeleg:* Cable 100 ^Central & So Amer. 100 Commer Vn Tel (N Y).25 Franklin 42 102 110 43 33 137 Hj .100 Natcfc J-n iKt 68 1926 Pas Gas<fc EleclOO 1949.... M-S 11 Gouk5s Bt Josepli Gas 5s 1937..I -J Tvlesv Feb 60 MjullB' n Ga.s 6s 1926. A-O no6 Kewark Gas 6s 1944. Q-J {136 Pat $8,960,000 $1,348,600 Ask Bid 50 TftOkson Gas 5s g '37.A-0 100 Kaiwifi City Gas 100 TTLfolcdo Gas 100 KPrete^ed ULtfty'oGaslst6s"24.M-N LogAWabV l8t6s'25.J-n liO&IudC 20^1.100 1,773.000 Week ending Feb 23 1906 <»as !S«ciiritics tndiaufliiohs Gas lat R 58 1952 " HOLliDAY 4,930,131 $432,422.100 Total. State Par value $90,951,900 Saturday 441 THE CHRONICLE. | Greene Con Copper... 10 Greene Consol Gold... 10 Gveene Gohl-Silver.... 10 GugceuheimExplo'u.lOO Hack'n sack Meadows 100 Hackeusaok Water Co^ Ref g 48 52 op 12. ..J-J 100 Hall Signal Co 8 15», 103 142 "32 t> 30 67 .'* t 14 16 16 18 7 9 39 43 85 107 hO 105 »16 26'.j 3 26 's 3'-4 6^4 "25' ?93 90 305 30 94 95 Havana Commercial. 100 100 Preferred Companies 28 Havana Tobacco Co. .100 25 35 38 100 Preferred list lucaso C See Co Edison Chicago PHILADBLPaXA 78 80 AND J-D '22. BOSTON June 1 1st 58 THE g ^KingsCo El L&P Co 100 alGti 170 DAILY TRANSACTIONS AT Mill Hecker-Jonea-Jew'l 106 102 50 El Co (Prov) EXCHANGES Narrigau no J 06 M-S 6s 1922 Isl NY&QElL&PowColOO 60 58 Her'g-Hall-Mar,new.lOO 30 40 85 75 100 Preferred PMladelphia Boston Uoboken Landife ImplOO 200 60 UnitedElectriootN JlOO Week ending M-N noi Has 1910 7712 773.S J-D { 48 1949 Bond Unlisted 12K2 13 Feb 23 Listed 100 Bond Houston Oil Listed Unlisted sales shares 60 52 iy06 shares 100 Preferred sales shares sliarex Ferry Companies 110 Hudson Realty \:0i) $45,100 80 13,911 pref. .100 21,348 Iuger.soll-Rau(i 6 $57,000 3 10,»01 stocklOO Ferry 34.875 Saturday 66,900 Brooklyn 19,637 Internat'lBankmgColOO 130 145 20,598 35,000 16,441 NY 1st 68 1911. J J no3 105 53,400 Monday 13 14 13 H OLIDAY "58',3C>0 N B<fc Int'n'l Merc Marine. 100 72 38,500 15,493 55,285 Y & E B Ferry stk.lOO 67 Tuesday 34 12,086 100 341a 26,79ti Preferred 92 21.000 90 14,090 M-N 43,908 Ist 58 1922 Weduesdivy . 83 85 tr deb 4 >2l922op'07 Col .. HOLl DAY . '"' '46. no8 J-D 5s Thursday "si'soo N y €& Hob con 1946 .\I-N noyHi no's International Salt 42 10,629 100 19,750 19.900 ""6,i'l6 '27,224 Hob Fy 1st 5s Friday 72'.. 74 1st g 5s 1951 & N J 2d OS 1946. J-J noo N Y 6 9 $222,100 100 56,263 Silver. luteruational 88,492 63,044 $171,400 NY'' & So Blyku Ferry&St 214,692 Total. 50 54 100 Preferred 98 101 Tranep 1st 5s 1906M-N no no7 J-D 1st 68 1948 65 48 10th & 23d Sts Ferry 100 78 82 Lackawanna Steel... 100 94 1st mort 58 1919.. .J -D 5 90 141* 20 1 14 29'2 t29'8 baustou Monotype Ferry stock .100 iruniou 19212 195 lusur.lOO Mort i^awyers 98 Outside Securities 96 Hj M-N 1!lst5sl920 45 TiLeh& Wilkesb Coal.50 on a preceding page. 130 liailroatl 100 115 Lord & Taylor A Weekly Review o.f Outside Market will be found lu6 100 103 Preferred Alb & Sueq 40yr S^s cts 110 112 130 155 (P) pref ...100 HLorUlard pref.lOO & St L Street Railways Bid Ask Ohio Peo Street llailways Bid Ask 60 14 60 ..lOo Mack<y Companies 2 Deposited stock See C hicago list Lake St (Chic) El 7413 74 100 Preferred 2 Undeposited stock IILouisv St58l930..J&J ni2'.2 NEW YOEK CITY 10 Madison Sq Garden. .100 100 Prior lien g 4 HiS'30M&S 106 Lynn<feB03lst6s'24.J-U n09Hi 112 34 32 75 M-N 2d Gs 1919 88 Bleeck St<fe Ful F atk 100 85 J&J 1930. 6s 37 14 Con mtg g New on Rys& Light.lOO 37 96 93 10 13 1|Mauhatl Beach Co. 100 1ll8lmorl48 1950 ..J-J 15 Income 6s 1930 84 83 100 Preferreif 245 334 20 3»b Manhattan Transit HB'y & 7th Ave stk ..lOO 240 91^4 Chic Subway. See Chicag o liat i 901-2 New4Hjs IOII2 IO511; ...J-J 13 17 112dtnort 5s 1914 Mex Nat Construe. pflOO North Chic Street See C hicago bsl II Fort Worth <fc Denver 5 3l6 Securities Mine 73'2 Con 68 1943 See Stock Exch list 100 City stamped Pub Seiv Corp ol N JlOO 122 123 110 11 "i 12 10 337 V Mitchell Mining B'^way Surl Ist 58 gn 1924 ?108 75', Norlli'u Securities Stubs 325 Tr ctts -2% to i3% perpet 75 360 8 Mouongahela R Coal. .60 flOirt'l Orosat'u stk. .100 S40 38 36 50 Pitts Bess & L E notes gold trust 6s Coll "23 i^ 120 ni6 ...M-N 23 60 Preferred 73 UlstM 6s 1922 70 50 Preferred M-N } 95 'a 96'..s 1909 optional 209 Boston Cousol .6 OenPkN&ER Stk.lOO 205 & Mont Seaboard Air Line— 31 100 Ry ersey St North J 180 170 116 Chr't'r&lOthStstklOO Mortgage Bond Co... 100 112 Ooatr 531907 op. ..M-S 100 101 81 M-N i 80 let 48 1948 100 osier Safe Co _iol& 9th Ave 5s See Stool; Exch List See Ball Exch Ust SaaboardCo «1 83 Cona Trac ot N J . . . 100 100 108 115 Nat Bank of Cuba 90 i)ry D E B <fe B— 60 .TOO Southwestern. & 109 Va no8 J-D Ist 5s 1933 113 163 100 145 Surety National iflst goldSs 1932. ..J-D 109 New'k Pas Ry 58 '30J-J ni3 114 100 97 46 35 20 Slisccl Central Coal and ^Iscrip 58 1914 ...-F-A industrial UNew 255 245 Ry..l00 Rapid Tran St 400 385 100 44 stk. 45 Avenue 100 Dock<fe Imp. Eighth Ter J 85 N 82 H .. 25 Alimeek Mining A-O no>< let 5s 1921 Biscuit 6s 1911. M.S Iu2i2 Y liScrip 6s 1914 ....F-A 105 N 124 100 Realty Alliance 28 00 JCHob& Patersonl 410 204 200 100 Mtge& Security. Y T142a<fe Qr St F'y stk.. 100 395 N 92 Si Bank Note Co. 50 87 4 76 M-N i 75 II Amer 4s g 1949 76 65 40 47 100 42d St M & StN AV..100 1]New York Dock 9>4 10 American Can com... 100 So J Gas El & Trac 100 128 130 107 80 "^ 84 111st mort 68 1910 .M-S 104 100 IJPreferred 68 6ihz 100 Preferred 103 noi M-S Gug63l953 84 65 6^4 7 Ttausportation...20 f lt2d income 6s 1916 J-J Y 180 N 170 .100 Chicle Co. 114 American ni2 No Hud Co Ry 6s'14.T-J 108 Inter boro- M etropolitan— Nlles-Bera't- Pond pt. 100 105 100 100 105 Preferred 113 J-J nil 58 1928 63 53H! l"* New com. (-wh. issued) AmLum'r<fcPulplOO Nor 5 h oom.lo Graphophone 106 Am no4 M-N Ext 6s 1924 93 214 100' 3 New pref. (wh. issued) 90 8^6 9>s liontario Silver 10 Preferred Pat City con 6s '31. J-D n22 93 92 62 61 4 '2% bonds (wh. issued) 100 Elevator com Otis 105 101 100 Hardware noo Amer 2d 6s 1914 opt A-O Interborough Rap Tr. loo 227 Hi 228 100 104 107 list Am J ce Securities See Stk E X listi Preferre«l See C hicaj So Side El (Chic) 3^ Lex A V & Pav F 6s See St k Exc Ual 109 Am Malting 63 1914. J-D 105 list Syracuse Rap Tr os 1946 no7 27^4 Metropol Securities See Stk E. Brewing 50 Pittsburg 100 Press Assoo'n.lOO 105 Amer no3'-2 1943J-D Tra»t P & 5s list X E Stk 49 14 Metropol Street Ry See 50 Preferred Am Soda Foiin com. .100 '2 United Rys of St L— Ninth Avenue stock. 100 185 195 Pittsburg Coal See Stock Exch list 60 48^4 100 Ist preferred 100 48 Comvottrctfs Second Avenue stocklOO 205 210 4^2 Manufacturing.lOO 6>a Pope 6 80^4 preferred 100 2d 100 86 llPreferred 103 lllst mort 68 1909 M-N noi 70 75 100 lat preferred Amer Steel Foundries— Gen 4s 1934.. ..See Stk Exch list OouBolos 1948-.. . F-A 1131., 116 19 17 100 preferred 2d 90 Excli Ust 1935 A&O M 6s i UnitRysSanFran SeeStk 173 llSixth Avenue stock 100 170 105 Pratt & Whitn pref. .100 100 Surety 50 187 WaahRy&ElCo 100 40''. 407, American Thread Sou Boulev 58 1945..J J noo 104 178 Really A.ssoc (Bklyn)lOO 174 4 prer..5 t 88^. 83\ American 100 Preferred So Fer l8t 5s 1919. ..A-O no8 109 111 113 100 Royal Bak Powd prof. .^814 Am Tobacco (new) com 490 J-1) 88 48 1951 Third Avenue See Stock Excli list 295 Heat* LtlOO Car Safety Exch 00 Stock Prefd <See "57"* 100 50 P <& M 68 1928 no5 108 IjWestCliicagoSt Tarry 1165 Seneca Mining b0^4 4s and 6s See Stk Exch 80 IJCon g 6s 1936. ...M-N VkersSl U K 68 1946A-0 ao6 108 100 550 .580 Singer Mtg Co Am Typefo'rs com. ..100 35 28th & 29th Sis Isl 58 '96 nil 38 45 Standard CouplercomlOO Securities Gas 97 Preferred 100 llQ HTweniy-Th'd St stk 100 396 4I4 100 120 130 Preferred Amer Writing Paper. 100 NEW YOEK Union Ryl8t58 1042 F-A noo 111 10 13 Standard MUUng Co. 100 32112 Preferred 100 Westchest l8t 6s '43 J-J illO'a 1121.^ Cent Union Gas lat 5s... H04 107 37 UO 100 Preferred 8712 58 1919 J-J Con Ga;3 (N Y) stk. See St k Exo h list 81 83 ^Barney& Sm Car ...100 Conv deb 68 ctfs SeeHtk Exch list BBOOKLYN Standard oii oY N J ! . 1 00 680 600 100 a;125 11 Preferred 100 260 275 llMutual Gas ^4 •a 50 Storage Power 32 33 Bcthl'm Steel Corp... 100 Gas— Amsterdam Atlan Ave 5s 1909. .A-O noi 103 Hi New Swift & Go See Boston St ic Exc h'ge 93 91 109 Preferred 100 Ist cousol 5s 1948. .J-J S106 A-O 112 113'-2 Con 68 g 1931 106 Isl 6s 1910-1914. ...J -J n02 103 g.s.f.6sl911.... CoU.tr. River GasEast E 68 1933. .A-O 100 102 N Y <fe BB& 45 44 25 nao Tennessee Coppot 110 Bliss Company com 50 (ll46 J-J H07 Ist 6s 1944 Brooklyn City stock. ..10 238 242 70 80 11Texas<fePaciUc Coal 100 140 Preferred 50 135 112 J-J Consol 63 1945 Con 58 See Slock Exch list 110 no5 A-O 1908 1st 6s 420 Bond*- Mlg Guar. ...100 410 N Y & Richmond Gas.lOO 42 Bkln Crossln 58 1908. J-J 101 204 Title Ins Co of N Y..IOO 201 178 Borden's Cond Milk.. 100 173 Bkn agl8l8t 581941 A-O 106 108 Nor Un Isl 6s 1927. M-N n04 107 18 17 Tounp.ah Min (Nevada). 1 116 Preferred 100 114 160 llStandard Gaa com ..100 130 BklnyCo<fc Sub jbee Stk ExCll list 21 19 9^ Trenlou Potteries com 100 British Col Copper 5 100 15o 17<) 11Preferre<l Bklyu Hap Trau See Stk Excll list 100 105 Prcterretl new 100 Camden Land 3 he t^'ic M-N 109 112 290 1st 6s 1930 llCouey l8.<fcBklyu ..100 270 65 Trow Directory uew..lOO 45 4 casein Co of Am com.. 100 100 96 Isl cons B 48 1948. .J-J 1=V 10 Union Copper. 101' 75 OTHKtt CITIES Preferred Brk C di N 68 1939.J J 110 113 96 100 Union Typewr com. .100 135 QrSt<feNewlat5s'06 F-A 100 Amer Liglit & Tract. 100 121»i! 122 '5 Caeualty Co of America. 125 120 100 124 Ist preferred 136 OoUuloidCo 100 133 100 lOOVj 101 Preferred Gr'pl&Loiimer St Isl Os 102 126 100 121 ' 2d preferred 15 20 Fireworks Cent com. 100 50 B,ay .Slate Gas Kings Co. Elevated 73 734 100 Copper United 67 72 Preferred 100 Biugliamton Gas 5s 1938 498 100 Isl 48 1949 See Stock Exch list 110 100 106 Preferred 534 6 100 Central Foundry 100 Brooklyn Union Gas deb Nassau Elec prol 76 200 lOo Casualty S. U 24 23 100 172 Preferred A-O 110 113 68 1909 conv '07. ..M-S 167 68 1944 27 8234 83 U S Euvelopc com...l00 8'2 10 Dob 63 1919 op 'OlM-N See St k Exc li list Buffalo City Gas StocklOO Ist 4s 1951 80 IttO 1,Pieforrod See Stk E X list Central Ijoather 18158 1947 ice Stock Exch list N Wb'g<fc Flatlet ex 4 »28 101 104 2d pf 6W Stock Exch tut Rub 192 US Realty 100 Century 1^ Cousol Gas of N J Stein way Ist Us 1U22.J-J nio no U s Steel C*)rvor.itlon— 480 Cliesobroujsh Mlg Co 100 440 95 J-J i 04 1st 68 1936 ColtrelSs'olopt '11 .. ni3 114 Chic Pueum Tool, '^ce Ch icago Ust OTUUKOITIKS Consumers' L H & Pow— Coltrs f 58 '51 not opt.. ni2 114 140 136 City Investing (Jo.. J-D nio 6s 1938 STil GuA Indem.lOO 126 1'2» 125 U 110 100 11ClaUiu(Il B)c<)m tlOO 50 Bnftalo Street Ry— TJDotrolt City Gas 6 7 FircExfr.lOO Uuiversal 101 98 100 '1 Ijlst preterrod let consol 58 1931. .F-A ni2 114 EUzabcth Gart LtCo..lOO 275 Westchester <fc Bronx 100 101 1i2d preferred 132 Deb 68 1017 A.O no6 EMsex & Hudaon Gas 100 131 182»9 Guar Co. .Mort cfe Title Colo 1 udustruil. See Stoc k Ex list" 49 4^ Clucago City Ry See C hie ago Ii8l Kort Wayne Os 1926. .J-J Westnigh Air Braitc..60 ns4 166 80 65 C0I& HockCoal&lpf 100 61 63 Columbus (O) St Ry..l00 102 Gas <fc El Bergen Co. .100 White Knob Min... 80 JJ i 78 iRtgos 1017 Prolerred 100 109 »5 UOHj Grand Rapids Qaaa Proferre<l ......... Compressed Air Co. ..100 103 F-A noi Colum Ry con 68 See Ph Ua Ust lllst 58 1916 Worthing Pump pref. 100 117 66 64 Coneolid Car Heating 100 113 100 112 Crosst'wn l8t68'33.J-D noo 108 Hudson Co Gas 40 20 Firew'ks oom .100 TlCons 78 ludiaua Nat <fc 111 Gaserana Rapids Ry 100 76 70 60 100 llPreferrcd 26 M-N Vreferred 1st 68 1008 100 88 es bat B«(»T«C7 iBa7«'P»7«acar'aiaU tPrlc«ver»^ tSalo price. UDoUarspersh. aEx-rljjht*. asKx-Uiv. (Now stools- USelU •!» Sl'k Axoh., Electric .Irl I '< >.j H \ t W "ij W t I mO t \ 1 2 BOSTON STOCK EXOBiNGUi: -Stock — Not ?*tiar«" I'ricen Mnniiay feb 79 Ha turaa\i 17 ITcb I'er no eb Ceuruin Prices HeU>igsilay "f*iUiii Record. Daily, Feb ieb -il BOSTON STOCK J'Yiiiaii ieb 2'i m Hanye SaUh ">'n>i;ii..s Thursuay Weekly and Yearly EXCHANGE 01 Year lor Uaiiue loT J^eviotu 1906 t/ie Year r 1905 J Week Lowest S/uirei, Lowest lli</he«l Htqh.ef' ltuili'uiiiL<< 8!>V« 165 lr.5 •244 177 177 177 177 •811 '.'".'.'. '3l'i'* 31 34 83 »A 180 , *32 •82 34 84 175 ' '127 •i'27' •148>a 100 •<19 •92 »a 95 •208 •92'9 24 208 208 •55 60 9814 99 114, •9219 20 191a 68 6B 68 201 *24ie 25»4 57 55 144 19 6«ia 2518 208 208 99 113 99 >u 99 15 114 114 99 Last Sale 19S! 68 Jan 514 203 21 39 38'« 29»4 97'* 2u't La$ts»le 78"" LastSale 105 149 97 V 175 Feb'0« Last Sale il 991a 114 28 29 29 97»4 2034 3914 97^4 22 44 45', X07'2l09 107 108 "s 1084 109 »2 117>all7i2 SO 30 11734 117'', 3034 •5'ii 6 11734 1173, 31I4 31 14 6»2 6 118 3034 245 247 141 u, 13934 140'el41i, 142 43»4 S;*"-; 141 44>2 30 •245 6 SCa 51 Seia 86>a 192 4 192 4 •1S6 • 501-1 87 192 10 242 •934 10 104 104 •223* 24 •26'4 •2 "a 107 80 *31>4 87 192 4 4 >a 136 10 104 "a •2234 24 •2614 27 <4 •934 ^\ •2 "a 312 214 106'8l07 791a 80 107 80 106 80 3II2 31 48^8 48^8 311^ 31>4 40'8 41 'g 10638 i06«4 41 106 107 •50 ••46 •60 13 91 •81 •85 13 13 91 •81 •85 13 13 92 86 90 91 85 •81 90 90 6>a 6I4 6H2 89 39 110i«112 1»38 133^, 4 •I'* 4 23 4234 •60 89 Ih. 23 \ 4334 -60 "iiK. "27'4 6 ••64 -65 78^. 7934 15 15 214 1734 a'a 534 123 2I4 22 >a 23 10 10 934 1 •1 13 67 5«» LmitSalc LattSale prel Jan '06 Sep '06 241 10 1051? ioesi 106*1^ 80 31 80 4118 42 31 42 106i»107 •13 81 15 93 85 96 93 96 10608 •40 S2 92 LattSale S6 •86 . 1 >i : .1 1 'J. I" Chic June Ry(fc Do pref U S VIOO Fltchburg pref 100 loo 100 100 100 loo 100 ."tfass 1 1 100 Electric Cos pref Do Alexioan Central Old Colony Pere Marquette 100 100 100 100 100 100 100 100 Vermont & Mass 100 West End St 50 Do pref 50 WlBConsia Central... 100 Do pref 100 WoicNashife Boch..lOO lUisceilaDeous Do 24 Ul V& Jan Jau 954 Feb 14.'. 101 95 Jau Jan 29 Jan 2 14 s, 1063, •40 134 92 Feb'06 90 141 :i !)•.- 5U4 Jau S6 175 148 'J 2 Jan O'i Jan 192 Mar Oct Not Deo 17 Jan 5 2034 Feb 14 Oct _ 31 3 .\pr 50 4 Jan 2 09 4 Jan 17 55 No\ 7i)'8Mar 25i4Jan 9 25 '4 Jan 9 1934 .Mas 25'8l>eo 403 l96'8Jan 3,207 '4 Jan 27 al92l4 Dec 2 15 14 Sep 1«8 Feb 7 l.ij Feb 7 164 Oct 167^4 May 230 Janl6'230 Jan 16 Jo2 Jaji 233 May 16 '207 Feb 6|210 Jau 15 .J05 4 Jau 212 Apr 79 Jan 102 Fab 60 Jan 15 57 Feb 20 52 4 Dec 87 Feb 66 Feb 16 64 Jan 4 50 Apr 72 Jaa 66 Jan 10 76 Feb 14 50 Jan 67 4 Aug 32'.i 95 Jan 10 106 l-«L.2u 'J3 4 Jau 102 Sep 2,560 r3j4734Feb21 160 '4 Jan -^4 113 Jan 1514 Deo 80 96 s^ Jan 30 9934 Jan 2 9.5 Sep lolSgFeb 176 Jan 11 175 Jan 11 172 Jau 180 Oct. 121 99 Jan 11 101 Jau 2 93 Jau 102 Sep 78 112 Jan 8 1144 Feb 110 Dec 117 4 Apr 21 4 Jau 314 Sjep 554 Aut 60 4 Sep 200 160 Feb 5 150 4 Feb 16 116 Mar 151 Not 701 607 Amer Agncul Chem.lOO 34 Jan '.^7 194Jan 29 4 Apr 1,150 23 Jan 109 9*2 4 Jan lo2 Jan 2o 86 Jan ij6i4.Sep 16.107 11 Jan 3 23'4 Feb2.i 414 Apr 15 Deo 4,253 30 Jan 4 414 febiS 20 Jan 36 4 Deo 2,237 140 Feb 19 156^8 Jan 8 130'4 Mh\ 154 4 Deo 412 18S''4 Feb 2i> 141 Jan 2o 32 May 140 4 Aur 144'8Janl7 l30i4Dec 148 Jaa 8,563 135»4 Jan 1,850 41i4Jan 4 47-4 Jan -4 21 Jau 47 Not 92i4Jau 109 Mar 340 ja03 Jan 3 110^4 Feb 3 14 Mai 4-4 Feb 21 S»4Jaull 434 J'ne 160 75 116*4 Jau 8 118 Feb t- 116 Aug 124 Jan 17 Jan 28 Deo 1,166 26 Jan 4 33 Is Feb 1 568 Jan 31 7 Feb 21 830 64J'ly 734 Jan 3T 240 Jau 4 250 Jan 18 239 Dec 257 Apr 180 '4 Jau 9 l69 4Blav I9l Jaa 16»°4Feb21 87 Feb 10 38'4 Jan 6 1 ''a Aug 2,0»9^ 46 Jan 18 53 8OI4 Juu »8 4 May 1,163 86 4 Jan 3 87=8 Feb 1.' 81 19l4.Jan 8 194 Jan 4 tlSo'-j J'ne 206 Apr 4 Jan 3 2 Fel) 85 1 '4 Feb.O ||34Dec 261 132 Jau 2 139 Janl8 131 Deo 140 '4 Apr PlantCom t'st 8tl£ comlOO 1 Jan 16 l^is Janl6 1 Feb 234 Jan Do pref 100 10 Jau 17 Jan PuUmanCo 100 27 240 Feb 2 246 4 Jan 2 230 Way 258 Oct Beeoe Button-Hole.. 10 94 Jan 11 10 Jan 2 84 Jan 104 Feb 5 Swoft <fc Co 100 666 .1102 Jan 16 107 Feb 6 100 Dec 114 Jan Torrlngton Class A.. 25 22 4 Jan 11 23 Feb 13 18 J'ly 23 Jan Do pref 25 2534 Jau 18 26 Jan 22 25 Mny 27 Aug 2 14 Feb 20 Dnlon Cop L'd & Mg. 26 2-'4 Jaa 22 2 4 May 46 44 Ang United Fruit 100 1,325 103 4 Jan 2 110 Jan 27 103 Apr 115 Feb Un Shoe Mach Corp. 25 1,657 78 Jan 10 86^8 Feb 1 57 J'ne 90 Ang Do pref 25 996 304 Jan 17 32 Jan 27 x30"eDec 34 4 Aug U S Bubber 100 3478 Jau 57 Deo 30 48'8Febiy 644 Feb Do pref lOOiiJan 2 113 4 Jan 13 98 '8 Jan 117 4 Apr 100 U S Steel Corp 100 24,840 40't feblj 4614 Jan 20 21"eMay 43 4 Deo Do pref 100 2,407 106 4 Jan 4 1 134 Feb 1 91 May lo7 Dee West End Land 25 65 '40 Jan 26 •50 Jan 16 40 Mar 67 4 Jan West Telep Jfc Teleg.lOO 2S 12 Jan 2 17 4 Jan 18 11 Dec 2;:! 4 Feb Do pref „100 90 91 Jan 2 98 -i Jan 19 90 Oct 10 i Feb Westing El cfc Mfg.. . 60 84 4 J an 21. 86 Feb 7 »2 4 Oct 92 Mar Do pref 60 20 90 Feb2u 98 Jaa 11 91 May 100 Got lOo Amer Pneu Serv 60 Do pref 40 50 141 Amer Sugar Rejln 100 Do pref 13934 100 140 Amer Telep <fc Teleg.lOO 46 Amer Woolen 100 Do pref lOJ 100 Boston Land „. 10 il8 Cumberl TeJep <jb Tel 100 30', Dominion Iron & 8t 63, East Boston Laud Edison Elec Ilium. ..100 247 1701., G-eneral Electric 100 50 14 Masa'cliusettsOrasOoalOO Do pref 87 100 192 »a MerKenthaler Lino..] 00 M.eiican Telephone.. 10 100 136 N E Telephone Feb'Ob Feb'06 31i« 15 esi 6\ 8938 401a 112*8 6>s 6% 7 4038 40 11014 1338 40 109411134 18 14 1314 13!^ 133s, 414 414 !'• 4I4 4^4 134 1»< 1% lia 27" 6 27 710 ' ^65 15 81 123 13 67 241 10 105 LattSale 80 1 Ltnt3»le 1 LastSale 13^ 107 81 93 86 90 111 4 1434 13 67 6ia 39 7910 2208 i>l>« 93 •60 *0'4 106 80 -42 •60 63, •41a 136 27 14 3 •40 26 9', •26=4 •a ^50 461a 18 10 18 60 87 192 136 10 242 •934 10 1041a 106 *22*4 24 42«» 107»8 24 2I4 I70I9 87 193 •46 4434 liiO 634 247 240 3II4 231.; •64 3014 247 I's 2>4 44 'be'i^ >l'ii" 7 -41a.... 136 107 82 43 81 •120 4I4 •1 23 ' Do 89i4Jan 2 96 's Jan 13, 77TbM»v 933fc Mar 30 102 4 ieb 23, 1 0.'. S Jan 3' 994 Jan 05 H, SepI4 lei. 248 253 Jai) J.". 9 J5.S c 263 Apr 161 1644 Keb23 1W) Jan 1 52 I\ov 158 4 Apr 'JW Jan 3 244'v Febi4 2241 -M..) 24 9 iUr 391173 173 Jau 2 178i4Feb2.i 70 Ukc 185 4 Mar 174 Jan 10,175 Jau i7l Jau 175 Apr! 2 311 Jaui3 31.< Keble 105 Jan 311 Deo 202 25 Jau 17 :^-> Feb 7 134 Jan 35 Mar 5 -'4 Feb ; 105 72 4 Jau 10 63 4 Jan 82 4 Apr 14 174 Jau 11 182 Jau 12 I5it -iau 182 Mar 12s Jau 11 127 Jau 16 12.i Nov 132 Feb ISOisJan 4 IsyigJan 4 H6 Jan 18934 Mar 1604 Jau 167 Aqc 285 Jan .500 Aug. 69<! pref J itiinijig eia 27 1« 28 70j 705 27 "a 28 706 710 • 41»e 107 I0934 lll»8 13 "a 1312 4 100 100 100 100 lOO Do ijrel 100 Boston <fe ProvirtencelOO Bosiou&Wor Elec Oo. Do 2334 LattSale 113^ Jan '06 ••45 41^8 87 192 241 1U4 2714 "a 10 241 •934 10 1041a 106 •2234 24 •261a 27 14 240 414 169^4 17113 4934 61 l^s ' 10 240 6*3 13518 136 1^ ' 50 87 192 40 140Sl 139 Si 140 45 109 118 283, 98 2234 30% 31 246 501a 87 ' 242 51)1^ 192 4 135 136 1% • 248 246 248 96 I4014I4I 45 451a 108i«109 3'8 'b\ 99S2 I14I4 Oct '06 Oct '06 »28Sj 9714 9714 211a 2234 39Si 4OS2 140 I4OI4 139 139Si la 401a 1411^ 13834 13914 140^4 141 45 li 46I4 140 U0>4l41 139 ViQ^ 139 141 '01! 150 29 97 20 29 99 28=4 8auU FelOO pref Rutland pref Feb"06 Seattle Electric Do pref 1U5 ISl", Union Pacific 97 1.^ Do pref • LastSale 6U •07 20 39 <fc prt-f 2ul N Y N H 4 Hart.. ..100 Feb '06 Northern N H 100 Jan '06 Norwich <fc Wor preflOO 208 Oct 'o 60 LOl e9ia 99 114 1914 68 2U034 Last Sale 55 78 •7734 78 105 1061s 106 106 152 153 2:14734 149 '97 14 98 la 97'4 97 144 Last Sale 163 Last Sale i3U 60 57 105 15014 152 •97 >4 981, 150 150m50»4 Toj) Do Boston & Albany Boston Blevawrt. Bo«toi»& Lowell Boston & Maine Feb '06 Ga Ky<fe Electric Do pref Feb'Oti Dec '05 Maine Central Last Sale y? Last Sale yy'a Last Sale '-2 200 -a 201 201 »2 208>s208»s 10.-> lemism, 143 100 95 142 •99 146 100 95 18ifl '24'4 H, 7734 78 78 1(13 »» 114 143 •99 95 11) -2319 209 •97'4 146 lOi) 200 14 201 •55" "6O' •77 103 145 *'.)H 1834 19 19 At<jli Last Sale i6yi8 Jan 'Ob Con & Mont (;laK« 4. .100 Last Sale 166 uct '0.' Coiin<fc Pass K)v pref 100 Dec '05 Connecticut River. ..100 LattSale W3 «'J2'3 68 68 •23 >2 24 w, 201 201 102 Si 103 "v 1 •243S) .... * 89Ja 8P»b WABHIXO90 %9\ TON'8 102 Si 10.' 257 257'. BIKTHOAT. 256 S2 257 '.'' l.'>4a4 154'^ 155 166 1.541a •243 '243 Lait Sale i44 Feb'0(i 177141771^ 178'4 177 177 177»a Jan 'Oii LaitSale 175 •311 312"3Y'i'" 3V2" 312" -32 3212 32 la 3j 34 34 Vj • 83 HA 83 81 •170 175 •170 175 175 176 • 127 126 Last Sale 1J7 Feb'Oi 90 90 no>« 90 ig Hi3 ll>-'»4l03'4 103 207 1« 25714 -57V,257M 89 •< 2.17 2ft7 2'. 18*4 10 6«8 23 «3, liT, 13 67 •65 8OI4 151a ' 120 •2 181a •934 eifl 23»4 10 710 "/f" •66 SIS, 80 1534 15>4 2I4 1834 10 6I4 21 10 '1 11, 13 67 1334 67'-, 710 '27" 6 ' -65 84 123 14 234 ' 120 LattSalf •2 24 1314 •934 10 6 23 23 9H» 1 94 1 134 134 67 4 674 Si Arnold Atlantic W 65 16 LattSale lit'o^' 2 20 1.005 26 2.0<iO 50 15,661 1>4 23 33 720 60 Febl3 16 <4 Jau 8 74 Febl'i 6 Jan 8 2 Jan 3 Feb 17 28i4Jau 6 4;''BFebU •70 Jan 24 33 4 J an 2 715 Jan 15 •12 Jau 12 32 Jan 12 26 Maj 1 104 Oct Apr 49 Oct Jau 1114 Deo 8 J'ui' 15'4 Dee 25i»May 73 4 Deo 1 Ma> 7 Not 1 234 18 70 45 J'ne I24.M05 28 50 534 01 10 3 Not 2o'8 06t 37 4 Deo May May •95 Oct Jan 35 Deo Deo J'nei .20 Mar •20 Oct Mar 34 4 Oct 4 Sep 84Jan •70 Jan 30 Mar •75 May 86 4 Jon -i) 64 Jau 854 Deo 18 Jan 6 11 4 Mar 22 Not 84 Feb 13 60 Jan 8634 Mbj 12 Jan 12 113 Jau l-iO Deo 234 Jan 12 May 4 Oct 21 Feb Ap 20 4 Oct 1038 Jan 25 Jau 1038 Deo 31 4 Jan 2 2034 J ut 32 4 Deo 3 Jan 74 Apr 7'8Janl8 2938Jan 6 17 4.May 28*4 Jiia 12 4 Jau 13 _^6 May 13 4 Mar 14 Jan 4 70 J'ne 1^8 Oct 104 Jau IsSDeo 17 =8 Jaa 61 Jau 2 48 May 6434 Deo 2 J 'ly 64 Deo 74 Feb 13 15 Feb 13 10 4 Dec 13 Deo 02 4 Jan 15 34 Aug 93 Dec 1638 6 C0U8 Mercur Gold.. Jan 2 '"s'sVi •Oi 80S Copper Range Con ColOO 7366 78 'b Feb 17 DaJy.West 20 1,105 14-\ Feb 19 15 Dominion Coal 100 60 764 Janl6 Do pref lao Jan 23 100 Feb''06 Elm River 12 "s'io 2 Feb -'3 2 -66 S, 1814 liYankiiu e'^Jan 2 47 Jan 9 118 Jau 18 Jan zb 1(> Jau 10 £1 6^39 27 Fob 16 25 700 Jau 17 32 •10 10 Feb 8 2638Feblo 25 25 10 Granby Consolidated. 10 38 Feb'06 Greene Cousolidiled. lu 54 Guanajuato Consol. Isle Koyale (Copper). 26 23 23 26 94 9»i .Mass ConsoL •1 25 IS Mayllower 26 134 13 S Michigan Moliawk 25 67 67 6 6 .UoutAaa Coal <& Coke 25 6 14% 14 S, Nevu4i<i Couselidated 16 86 4 86 NorUl Butte •II4 26 14 Old Colony 40 '4 25 474 Old Domuuou 25 , 98 98 Osceola •30 39 14 Parrott(SilviS; Gopp) 10 •l". 26 13, Phoenix Consol •93 25 95 (jumoy lihode Island 25 6 6 .Santa Fe(Qold<& Cop) 10 2 2 18 10 LattSale 518 134 24 44 S Bingham Con Mindb S •60 •60 Bonanza (Dev Co)... 274 2/4 Bo8touConC&Q(rct8) •686 700 Calumet & Hecla Feb'06 Calaipa (Silver) 80 14 I5I4 18 llO'i Centeuuial 264 27 LattSale «4 NoT'06 Central Oil -66 8O34 80 123 Allouez 41 •60 •eo 2714 2734 2S3| "27"' "27i4 6 4 23 Si 24 46^ 44 710 7i „ 25 460 B Jan 10 25 1.66i 39 Feb 16 Amalgamated CopperlOO 35,647 104>4Jau 4 Ziiic Aiu Lead & Sm. 25 \6\ 340 13i4F«bJU 26 ztfO'eJan 6 Feb 'Oii Anaconda Arcadian .. 25 4 Feb 16 4 7»0 6V Adventure Con 40 2,430 1634Jan 6 flag J an 17 88 'g Jau 2.1 44Jau 5 440 1.460 22 4 Feb 17 » 4 Feb 21 675 1 Jau 20 11(1 1,216 1,180 18 Febli. 67 Feb 17 1. 4i4Jau 4 14H 14 iv 13 '8 I414 14 4 14>4 6,7»« 11 Jau .6 8434 8634 85-', 861a 81 la fc6 85 14 86 82 4 Jau 4 6.916 li» 1"* !'« l^ 114 IHi I'-i is 208 Oot 1 '4 J an 1 I'sJan 11 '75 Ma\ 600 43 'a 40 4534 471., 421a 44 44 14 474 6.491 »6 Jau . 47 4 Feb .;0 23i4Mtt3 36 4 Deo 97 97 96»ii 9712 97 Sal 00 S/ 994 1004 3.2SS 9»4Febl! 109 4 Jau S 88 Feb 116 Uct 3912 383^ 40 39 4034 40 394 40 2,706 834 Feb U 48 Jan 2 22 J 'ut 47 Deo *1 1'4 II4 1 1"* l-v 1'4 1^4 14 Jan 4 50 J"ue 34 Jan 1 Feb 16 4l}Ci •93 la 95 93 93 »3 «6 93 06 89 Feb lb 114 Janll t'5 May 118 Jan 6tig 6I4 6 1 14 May 6 5»4 6 8^8 Oet 6', 6 8S(Janl9 i'h FebJl 720 2 2 2 2 2 2 2 2 1 4 .^U) 3 Jan 2 Jan 3 2^ Jan 16 1,870 6 6 6 6 «»• 6I4 Shannon tJH. 634 janlO a 61* 7i4Jau 3 6^ Feb 9 Jan 10 1.6S» 107 107 107 107 109 109 •108 110 26 109 109 Tamarack 2T7 j;107 Jan 1? 122 Jan 2 101 May^KO Mar 13i« 147e •12»4 131, 13 13 Si 2 Feb l6i4 0ot 14 14 Teoumseh 26 2,681 11 Jau 2 16 4 Jan 8 13 4 14 •44 •44 47 48 4638 25 461a 461a Jan 30 62 Jan 6 24^8 J'ne 6334 Dec 453^, Tennessee SOt>t 43 9\ lO'ft 10 Si 11«8 111* ll'e lO's 11^. 7agJan 1318 Feb 1034 9 Jan 30 ll''8Feb20 26 18,413 11 Trinity 67 13 70 'f 677, 69 >4 9 Mai 75 Dee 69^ 74 7234 704 714 100 5,686 62 Jan 6 78 Feb 7 741, United Copper •100 110 104 110 108 112 111 111 Do prel 110 100 as Jan 9 111 Fob21 744 Nov 88 Dec110 21 Jau 46 4 Deo LattSale 5^-4 Jan '06 UnitedStJitosMLning 25 4^ 4 Jau 2 65 Jau 17 "12 Hi "12" =8 9 14 Apr 1334 Deo 12 Si 1234 "1234 "12K 'ii3^"l2»i 1238 1234 Unit States Coal ifcOU 25 i'oi'tJ 11 Jan 2 14 4 Feb 2 67 671a 67 -"b 67 68 5734 U S Smelt Bel. <&Mlu. 60 3,834 67 673t, Feb 19 \M Jan 20 67'a 69 674 44 44\ 44 443, 441^ 443, 44 444 44 Do prel 44'6 60 5.«0V! 44 Febl'i 47 4 Jan 20 69 60 4 6834 60 60 64^8 63'4 64 '4 Utah Con (Gold) 62\ 644 6 '24.918 60 4 J an 2 6934 Jan 12 393^ Mai 68o»Not 6>4 634 7 7 7 6S1 7 74 Victoria 25 1.61S 6^ Jau 2 8 Jan 13 e2 May t740ot 7 4 Ti6I4 6^8 6'8 6*8 63g 16 4 Feb es, 6% 6 Feb e^e 84Jan 3 7 4 Dec 6>a 26 1.446 6 4 Winona I33S4 135 I32I4I34 133 135 134 134 132 134 Wolverine 26 19| 131 Jan 80 136 Jan 14 105 Jan 134 I>e»> li-j li-j •114 II4 ivt 114 14 14 114 WyandotiV4 Feb 17 134 Jan 26l 14J'ne4 27si>e» 26 315 • Betwepay'totasaess'tscaUedlu 1906. <tBeforepay'toIaMe48'tacallpdlni904. * Bid and asked. Kew stock. fAsstpaid. t Kx-righte. a Sx-41t. Artflita 6'b 534 6»B I418 5«B 143, 6 6 m || &)>3 Feb "WEEK ENDOIO FEB 23 190^ J.J ^Un BeU Telephone 48.... J-J Telep Tel coU tr 4s.l 2P J-J 1S"1; ys),' I s 1st Paper IW-S NebiasUa Isi. ^ A.tcli' Atch Top S i'-e sen g 4 l'J95 Adjustment k 4«---- J .'5 f ;; ,' NON 1st bs-liJOS M-S & Boston Elect Li^-lil itiii7 \->^ Aq Boston & M ame 4 SSJi-i Jan'(if) Non-exempt 6s SinkIn^' luurt 4s.... j; Boston 1st bs....!; Butte & Cedar Kap O^J J. Mo K Cent verm "I'ist - M ay 1 J-J J-J 10 G F-A M-6 St fjen 58 ...1921 W Mich Mont cons 4s..l92(J Oonooro 124 J-D J-D A-O & , Pass K 1st e 4s... 194.. ...1927 Onrreut River 1st 5s lst48...L94b A-O ©etGrBap* .1940 M-N 58. f s Somlnion Coal 1st 190b M-S ••t^T-n 20ld6s tern Ist gold6s. Conn AG <fc W ypemtElk& MO V 1st Unstamped Ist 68 Nor C B & « coU ' .at IJjsa tr Feb'06 NoT'05 lOii-i 10534 M«y'06 AG 139 12 Oct '04 140 Apr'0& 99^8 IOOHj lOO^B Feb'06 100 Sale 99 19 1921 Q-J ZLr.^ NOTB— Buyer pays 126 109 '08 1003^ 100 ^2 100»4 10034 103 >s Sep '05 103 4 Apr '06 43 1921 J-J R«instereri4s Betri8tered4s. Jan 109 >4 Mar'02 112'4Jajj'03 108 106 97 Jan 'Ot luO 100 98 96 N ...1916 M-S M-S 6s..l93;-i A-O .. 124^4 104 Hj 104 itj 100 ...I'.IO- Nl .tohburg 5s 48 4s 99 99 99 »? . .liv >M)ch 1st &ic & IO6I4 lOeVzFeb'OO A-O P 6siy20 J-J M & P Wis V gu os-iyai & V-N Ohic & No St 8834 M 97 MS Eeb'm Feb 'or, 101 105»8Not'06 10534 100»2l01'4 IOOI4 Feb '06 105 >« Jan '06 105 ^j 99(^1 Jan '06 99^8 93 "^ 93 93 \ 93 13 b8..1H2(i J-J l> AG AG 1'5 93^4 ,n.,ere.st. M 1 1 1 1 1 99' Maro HouKh<S;Ontlst6s.l925 A-O Mexican Central cons 4s.. 1911 J-J Jan 1939 J-iy Istcous 1UC38 1 "j .'9' Feb •JO 5s i'o'oi^ i'oO'.^ l'J15 .'.'."."!!.'." .NewEi'iLYaud oons g 5s... 1945 1939 boston Term 1st 4s 1924 Old Colony gold 48 Oreg Ry & Nav con g 48. .1946 1922 Ureg Sh Line 1st g 6s Kepiib Valley Ist s t 6s. ..1919 Rutland Ist con gen 4ius.l941 94'-. 931a ".J 124'* 124 31 m^. I'lTiJ -- 51»4 613., 36 ' *88 89V; 105'4l05i4 31 ll'e •1114 12 *r.i34 *3034 (For Bonds and Inactive i'riday Stocks see below) Feb 23 •1734 la's 36 11^8 1134 117, 12 20»8 21 112 112 13^8 74^ 2012 112 74 20'i2 112 ' 74 7 '8 7l»ie Si's 31'-, 6715 6834 4714 47 14 693l6 62 14 8 693. 52', 8 31^. 31 6712 6S5i« 47i« 47i« 49 Bg 49 =t *49i<j 631a 63 6f 87>a 98 6338 96^8 31 5278 8 31 6338 46''8 4ti'?8 4934 50 63% t>3ii 96 9715' •80 PUIUAOELPIUA t \ Inactive Stocks Allegheny Val pret 10 60 BeU Telephone 50 punbria Iron 100 Central Coal & Coke. 100 Preferred OonsolTracot NJ...100 ©lamond State 631-2 49 if^ G4 50 82 1< 10 Preleried Ask Bid 114 102 120 108 1131 101^ 114 102 & II Peo Tr stk tr ctfs Gas-L Ist g 58 192^ B Top con 58 '25 A-O Indianapolis Ry 48.1933 271., 273, 32 15 34 Con 121 161a Gen 8^ 88 68 '4 6834 107 '<2 "-J K 1.2 NT 1-2 N 103 103 104 's lo'i 4 luactive .StocUs Highest Sep 34 Deo .Mai 91 Jan 12'aApr 64 18 S3 47^8 1-. Bonds Anacostiaife Pot58 1051-2 Atl& Ch Ist 7... 1907 J-J Allan C D RR4sl952M.S 1013) 10J'-2 Atl Coast L(Ct)Ctts 5s J-D J-J Ctls ot indebt 4s f-J 5-20 yr48 1925 BaltCPa8slst5s'll M-N Bait b'undg 5s. 1916 M-N Exchange 3 Has 1930 J -J Bait A PI St 68 ml '11 A-O Bait Trac Ist 6s.. '29 M-N No Bait Div 68 1942 J-D Convertible 5s. '06 M-N 1| 417.50 paid, Ceiit'l Ry oon6sl932 M-N ICxt* Iiup 6s. 1932 M S t *16 paid. * $10 paid. City <fe Sub 1st 58.. '22 J-D (htyiii Sub(Was)lst6s'48 &N & 103 103'-. 113 93 93 Si 106 113 105 la 110 116 119 '•2 101 'a 113 115 94 95 lOiS; 114 106 121 102" U2 4 $'iO M-N Kuox v Trac 1st 5s '2.SA-0 LakeR El Isl gu5s'42M-S 921a 100 Pref Atlanta cfc Charlotte.. 100 176 Atlan Coast LiueRR.lOO 160 Atlau Coast L (Conn) 100 420 440 95 92 100 Canton Co 1434 Cons Cot Duck Corp... 50 38 50 Preferred 35 27 Georgia Sou .fc Fla...lOO 97 100 100 Ist prel 75 70 100 2d pref 8 '6 9 100 G-B-S Brewing pauL 123 la 90 .MetSt(Wash)lst5s'25FA Alt Ver Cot Duck 1st 5s. Incomes Npt N&O P M.N 1941 M-S ist 58'38 General 5s Nortolk St 1st 5s '44. .J-J North Cent 4 las 1925 A-O J-J bones A 6s 1926 J-J tieries B 5s 1926 Pitt Uu Trac 6s 1997. J -J Poto Val 1st 5s 1941. -J-J Sav Fla & West OS '34 XO Seaboard A L 4s 1950 A-O Scab <& Roaii 58 1926..! J Bouud Ist 5S..2VO lst4'.2S'29 -M-N Rvifc El l8l4s'49 M-S .South U El Un L&P 1-D luc()iue4s 1949 VaMidlsHls 1906. .M-S 2d series 6s 1911. ..M.S 3d scries Os 1916. .M-S 4th ser 3.4-58 1921..M-S 6th series 58 1926. M-S Va (Stale) 38 now '32. J -J Fund tlebt 2-38 1991 .J-J West N C COU 68 1914 J-J WesVa C& P Ist Gg'll J-J Wil <fc Weld 68..1936.J-J 1.2 Not Not Jan 534 7 3 '8 Aug 55I4N0T Apr 121-2 «3« Apr 7H3ia Not 47 '8 Aug 501a Not 031400* 1253(,Apr 31 Not Bid 2d incoiue 5s 1951 94 Apr Deo Feb Jan 49 Jan 25i4Mar 1238 1714 105 93 118 114 112 105 1910A-O Not De« Mar la 5414 32 Chas City Ryl8t5s'23J-J ChasRyGit E15s'99M-tt Charl C & A ext 6s. '09 J -J 7s Apr 90 11034 Jau Si 89 114 73 70 >a Ma) 21 Gaifc Alalstcou 58 '45 J J 1 St 5s g '29 J -J Ga Car Georgia P 1st 6s...'22 J-J Fla Ist 5s 1945J-J Ga.So GB-S Brew 3-4s 1951.MS 65 ib'i'B 103 .Ma', 83 99 124 "a 75 99''» 102 'a 1023^ 102 Coal& 1 Ky l.st6s'J0F-A Col&Grnv lst68.1916J-J Consoi Gas 68...1910 J-D 1939 J-D 5s 89 14 11034 BAI/I'HIOKE •2d 993, 156 102 102 1 U5 110479 Vi97'« Lowest Highest Ask S^ 'a 154 109 ".i 1151a 116 100 100 F^aAprice. 1. '-2 105' loe'^a Uange lor P^eviout year (1906) SSi^Jan 3 8818 Feb 21 Bid 98 98 105 Weekly, Yearly 104 Jan 16 1071^ Jan29 32 Jau 17 29 >a t"eb 89 la Jan 22 91 ".iFeb GO Jan 23 62 J an 5 19 Jau 15 Jan '37. J-J Ala Cons Coal& liou.lOO I 11 M ot '82 48 Roch U Trac lud gen 5s'19.J-J Un Rys Tr ctfs 4s'49J&J U Trac Pit gen 6s '97 J-J Welsbach s t os 1930. J-D Wlks-B G&E con58'55J-J BAliTlfliOllE Loh V C 1st 58 g '33.. J-J leia LehVext43lstl948.J-D 16 10 lit Brothers 116 M-S 115 126 62 2d 7s 1910 EttleScliuylklU 50 14 '4 J-D 126 Consoi 63 1923 66 KlnehUl <fc Schuyl H..50" 152 J-D Gs Anuultj2 Haven Iron <fe Steel 1013, Gen cons 4s 2003. M-N 10 1^. 50 Northern Central Leh V Trac Ist 4s '29. J-D Korth Pennsylvania. .5(1 Now Con Gas 58 1948 J-D i 10 50 116 Pennsylvania Salt Newark Pass con os 1930 58 Penn.'»ylvauia Steel. .100 107 '4 Ph <fe No 1st 4s '39 J-J Prelerred 100 60 Income 48 1939. ..M-N Phlla Co(Pittfl) i)ref...50 NoOhioTraocon.'is'19.JJ 100 102 Mill German <fe Norris. 50 loi'ii No Penn let 48 '36. .M-N 109 111 50 101 llula Traction Peun gon 6s r 1910. .Var 111 7 10 Kailways General 138 Consoi 58 r 1919. ..Var I--! Soaqueli Iron <& Steel. Penn & Md Steel con 68 1 Tidewater Steel 10 T Can 7s '06. J-D Preferred 10 "19" Pa<fe A-O Con 5s 1939 Tonopali Mining of Nevl IBS; A-O 100 Con 4s 1939 Union Tr of Ind United N J RR & c. 100 269 ii'7'0" Penn Steel Ist 5s '17 M-N 106 '43 certs 48 tr People's Tr Unit Trac Pitts pref. .50 " 6'-2 p Co l8t<fe col tr 6s'49 M-S iVi'ia 112 Warwick Iron<& Steel. 10 6 106'4 106 M-N 1961 Con<& col tr 5s West Jersey <& SeaSh.50 70 PhU Elec gold trust otts 100' loo's Westmoreland Coal 50 69 68 "a 4s Trust certifs WUke.f Gas* Elec. .100 65 Bid and ajsked prices; no sales on tlus day. loiia 104'^4 J'ne'04 U0-Z'sJan'05 Lowest col tr 48 '21. J-J Ry<fc E COU 58 '54J-J M 4^28 g.l924.Q-F Ki-rlghts. M 5 g '20. A-O Terminal 5s g 1941. Q-F Keystone WatchCase.lOO • Feb '00 P Wdi B io'j" <fc Interstate 4s 1943 ..F.A EehlffliNav 4ias '14.Q-J 1914. Q-F REs 4s g • Nov'tr 1(16^4 M 117 107 11 E geu J-D Con M7s 1911 CouM 6s g 1911. ...J-D '47 .A-O Ex Imp 4s g Che it; DCanlsC58'16 J-J Choc<&Mol8t5s 1949 J-J ChOkcfeG geu 5s '19 J-J Eq c& 100 99 ioi'i^ Week Gen M 4s g 1920.. A&O Ph & Read 2d 5s '33. A-O 1.2 Berg<feEBrwlst68'21 J-J Betftle Steel 6s 1998. Q-F Elec 10'. 3^ Mange tor Year 1906 the Shares PHll2Al>EL,PHiA P Bonds Ry 1st con 6s 1932 ConTracolNJ 1st 58.'33 K & A 1st M 5s 1920 M.N 30 Batl 10234 1 Col St (!.50 100 100 Preterred 50 0emiauiowu Pass Harrison Bros pref... lOo 100 ladiauapolis St. 100 ladiaua Union Tr ^suiauce Coot N A..U1 Inter Sm Pow<feCheiu.50 Keystone Telephone ..50 50 Preferred 36 ext 7s 1910 A.O AniRy8Conv6s 1911. J-D Atl Ctty Ist 6s g '19. M-N Balls Ter Ist 5s 1926. J-D 6I4 Steel.. 10 Ka«tou Con Electric Mec Storage E Al Val 50 ABiencau Cement 521. .^jnerlcan 3 5 '4 1134 PHLLADEliPHlA Ask Bid 5214 25H '0;' 10lii2t"eb'(;6 ''8 97 i^ lU0'.%Oct '•2 68 '12 7OS18 50 Sale 80^8 '-8 25I8 1 2^- 2»3 69^4 6218 7 '8 258 69 14 69 ^ 63 14 63 ll'^s 113, 43 *20ia 21 111 112 7334 75 43 43 ' Aug'o5 Pliiladelpliia 191 5134 Feb 17 54 Jan 27 48 Jan 50 Railways 50 8,684 3034 Jan 5 3734 Jan 24 2434 Way Cambria Steel 1 1« Jan Jan lO 10 la J an 2 12 1,404 10 America of Co 11 \ lilectric 9i.jJau 2 14 Jan 4 81a Dec 230 100 -11 -a 1134 Gen Asphalt tr ctls Jan 19 36 Nov 48 Jan 2 160 40 100 ctls pref tr 43 Do 43 '4 14 "a Ma) 62 18 '8 Jan 2 23 Jan 100 2012 21 Lake Superior Corp 331 10934 Feb 6 118 Jau 19 too "a J'ly lllHillS Lehigh C & Nav tr otts. 50 521.2 Jau 50 4.263 7334 Feb 21 85*4 Jan 18 743, Lehigh Valley 74 2^8 Dec 2 w Feb 10 3i»iK Jan 10 665 100 MaradenCo 234 50 3,-29;i 69^4 Feb 17 73iiiH.lan22 iJ5i3ig Ma) 6913 69>, Pennsylvania Kli 40''4 Jan 51 14 5-'. Pluladelp'a Co (Pittsb) 60 27,430 51 Jan 5 63^8 Jau i7" J'ue 8 8 ^i Jau 738 Jan 11 7 '6 Philadelphia Electrict. 25 1,324 7'e 1734 Jan 31 27 Jan 30 Jan 3 '4 2,860 31'-. Transit^.. 50 *31 Phila Rapid 39 Jan 50 25,75'2 67 14 J an 30 83 Jan 23 63'3ie 691-.. Reading 194 46 "2 Jan 5 471^10 Jan 23 45 May 50 '46 Do 1st prel 47 195 48^16 Jan 3 51 Jau 23 42 Jau 50 Do 2dpie£ •491a 50 50 1,706 62 '4 Jan 4 63 '4 Jan 30 58 14 Mai 63 H Union Tracton 50 8,104 93 Jau 13 101 Feb 15 90 J 95 Si 96 "i United Gas Impt 30 Jan 6 31 .fan 19 20 Feb .100 WelsbachCo "31 31 5214 5214 5212 354 36 11^8 'ir-a 17*6 Feb 'Of, 1734 101^ Daily, Sales 0/ 100 50 100 Seaboard (new) 100 Do Istpref 100 Do 2d pre! *1S^ 1834 United Ry & Electric. 50 107 106 W *603^ *17'a 11:8 81 !« 75 J'ne'O:; 102ii2Aug'04 .'9 99 FA J-D FA Consolidated Gas Northern Central savj S9 31 *30'4 3II4 0 25 Friday; latest bid and asked. No price 1021a J-J Exchanges-Stock Record, 2'i 104 S2 105 106 102 MS ACTIVE STOCKS 8818 881s *S8ia Feb'Oi A-O Baltimore *88>«. Feb '06 MS aU Boston Bon^sT' lOl^a 106 123 1« 99 "a 93 Vj 94 104 hz 104 la 124^4 Sep '05 103 Jan J-J 103 107'i2Nov'or) J-J 14 102 jMar02 Rutland-Canadian I8t4sl949 J-J 98 Jan '06 98 100 .Savannah Klec Ist oons 5s. 1952 J-J 1930 FA 106''8 Sale 106^8 106^8 Seattle Elec 1st g 5s 104 Hz 105 lu2 Dec'O 1929 J-J i'erro Haute Klec g os 100 Jan '06 1^1§ M-S 102 Torrington 1st g 5s '"4% 101=8 1 grg43.1947 J-J RR& Pao Union 106 106 Feb'Ol 149'g M.55 loCs N 1911 Ist lien conv 4a 97 97 109 Feb'Ot 1911 58. gen conv Eruit United 100 101 119:I'S 11993s U S Steel Corp 10-60 yr 5s. 1963 M-N 100\ 101 102^8 102% 1916 F-A West End Street Ry 48 '05 105^4 Oct 1914 Gold 4>2S 1023ft Jan -06 191b M-N Gold debenture 48 10'^''8 U'278 1917 F-A Gold 48 103 102''6, 103 Western Teleph & Tel 58.1932 J-J 1(94 V2 Sep '05 10 993910134 Wisconsin Cent Ist gen 4sl949 J-J 169''^'.'.'. 10959 Aug'05 J-J 1909 1st 7s.. Valley Wisconsin loo^siom 107 99 100 99 Thursday Feb ..iiir.'.'.'.ii908 !^s lOlU MiU'04 118 99 100 A-O A-O A-O High, 101 LOO 106 122 99 'SA\ I.J Low l'20L2:>ep '04 101 14 Sep '06 J'ly lOO'e 101 Bigh l'3^^ 104 102 "so" Sale Mich Telep oons 5s tr rec.1929 J-J .Miune Gen E)ec con g 5s 1929 J-J 1929 F-A New Eng Cot yarn 5s 1906 A-O Now Eng Teleph 68 90 87 in a<tdltion to the purchase price tor Wednesday Feb 21 luesday Jan 1939 d cons inc 3s Share Prices—Not fer Centum Prices JHonday Feb 19 93I2 Kau C & M Ky & Br 1st 5sl929 A-O 104*2 J-J 102 Kan C St Jo & C B l8t78..190/ A-O jtlame Cent cons 1st 7s... 1912 luak 1*J1'2 A-O Cons 1st 4s Philadelphia and Baltimore Stock .Batwrdav Feb 17 Ask Low Since January 1 cq 101 1(M)\ 101 H, Oi lOUhjlOlSi 10()i2 101 12S'^J'ne 04 102 Oct '05 100 101 106 Jan'O 10534 106 122 123 122 Feb'06 y9 Eeb'Oii 99 1910 J.J Illmoia Steel deben 5s Non-convert deben 5s...l91o A-O la Falls* Sioux O 1st 7s.. 1917 Kan C Clincfe Spr 1st 58... 1925 J-D Kan C Ft S cfc Gull 1st 78. .1908 M-N 1928 68 Kan C Ft Scott 6s 1934 M-S Kan C M cfc B RCU 4s lJo4 Assented income 5s 1013.1 ^io.) If lUfli^ M-N' • 41 100 J'ne'Ol 129 J'ne'06 Uli»J'ly'05 87 87 109 May'05 Saie 87 109 A-O M-N • 'CRlMUA . J-D AG Ij IJI^' Debenture os jf-^f; IJ-;; Denver t,xten4s l.'-' Kebraska Exien 48 1;^1 B<feS VVst4s li'^y Illinois Div 3 %s Ot Northern / Joint bonds Hee .1910 yds 5s Ohio Jc Ky <fc Stk CoU trust relundmjj s 4sl940 Uub 99 ^ m-F ti'2;| 5s.K Iowa Div 1st OB&w IowaUivl8l4s . M-N '. J 1st 78.i; lb g 48 10'2 A-0 1-'^' Yg llli< Sale J-J 1;^^ J-J "„' J-J >; |; 92 12 S8 112>^JaJi'03 IIII4 111 102 Sep '05 9978 Fob '06 F-A •i'-iS-lJ^i^ Boston Teriuinal Ist Bur & Wo Kiv ex 6s Ht(ih \W^H 100 Kanot Week's Raiifie or Last Sale Feb 23 Bid Low % 33 110 . ][\\i . '.19 1 104VjApr'00 103 1^ Mav'Oo Feb'04 117 J-l> LJIO J-J J.J .. Hzs January 107^8 ^>L•l, -06 02 14 1|102'p io'i 14102^4 96 'J 96 Fcb'u6 95 M-S Consoi J8 Boston & Lowell 4s I 2'i Jiigti AG & or Last Hale Price JiYidav BOSTON STOCK EXCH'SE Week Entjlng Feb 23 Since Bange A/fK Low Hid 99 "a 99 V 99=8 92 lu 921,2 Sale l^Writ & Jian(/e M'eefc's Price Fridari BOSTON STOCK EXCH'GE 2Z 443 Boston Bond E.ecord, Feb. 21 190G Aik 100 "a 113 106 10414 106 14 113 10634 107"'i 11214 II2S4 HI llli« 111 112 l'J2 113 63 '4 32 S. 108 118 117 87 la 98 110 108 118 118 64 33 119 88 100 110>«' 112 116 114 91 91>« 113 il5** 1141a 99 iOl 94-V 94 >• 62'4 73 102 103% 110 112 112 115 114 95 S 96i| 96 »7 113 lift 109 108 12l> 117 _ . ... . THE CHRONICLE. 444 and Jnuesttttjettt [Vol. Lxxxn. ?^ailrxracl lutjelliqcnce. RAILROAD GROSS EARNINGS. shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns can be obtained. The first two columns of figures give the gro."is earnings for the latest week or month, and the last two columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other periotJ. The returns of the street railways are brought together separately on a subsequent page. The following tnble La/est Gross learnings. Week or Month. Roads. Ala Gt Southern. Ala N O it TexaN O & N Kast. Ala & Vicksh'f; Vicksb 81i ife P. Allegheny Valley. Atch Top &S Fe. Atlanta & Char.. Atlantic & Bir Atl Coast Line Bait & Anns L.. Balt & Ohio Bangor & Aroost. Bellefonte Central Bridgt & Saco K_ Buff Roch & Pitts Buffalo & ."^usq.. Cal Northw'n Canadian North. Canadian Pacific. Cent'l of Georfria. Cent'l of N Jersey Chattan Southern Chesap & Ohio Chic Chic Chic Chic Chic Chic Chic & Alton Rv- Current Year. See South rn January . January . January . December December December . December December December . January .. December January . December 2d wk Feb December . January 2d wkFeb 2d wk Feb 2d wk Feb December . 2d wk Feb December . December . 2d wk Feb 2d wk Feb P M & O. December . Term Tr RR 2d wk Feb an N O & T Pac. See Southe St St L. Peoria & East'n Colorado Midland h Col & South Sys Col Newb & Lau. Copper Range Cornwall Cornwall December . November. December . 2d wk Feb December . December _ December . December . 2d wk Feb December Ry. S ystem be 263,577 132,86'') 198,038 113,841 360,616 81,359 2,227,265 15,464 6,573,465 184,591 5,683 2,523 129.033 125,518 102,280 79,500 1,008,000 232,300 2,118,194 3,404 2,047,828 1,056,743 155,458 95,940 4,790,712 4,849,550 1,115,642 30,555 Ry. S ,042,056 312,052 191,030 219,027 27,135 51,225 17,366 38,267 351.600 99.828 m 331,966 2,049.686 1,902,921 531,820 87.994 .507,345 1.981,518 11,524,970 10,504,820 13,708 95,690 86,038 5,158,171 45,183,873 39,702,904 151 ,008 1,153,799 1.053.090 5,628 36,836 33,449 2,732 26,445 25,567 133,108 5,564,594 5,079,845 95,575 780,389 576,252 819,894 1,078,051 967,248 50,900 3,198,300 2,461,700 706,000 37,831,976 31,859,022 172,600 7,267,891 6,573,332 1,888,603 12,834,285 11.372.189 1,373 83,789 77,685 1,721,082 11,864,154 10,458,403 1,017,987 6,230,202 6.881,464 100,592 5,577,818 4,789,933 78,021 3,741,53 3,455,323 4,183,830 29,046,883 26,621,381 3,872.605 37,781,185 33,461,711 1,067.627 6,964,204 6,500,133 25,927 1,067.429 960,680 ' ystem bel 6,768 13,501 53,363 180,619 771,000 31,000 802.000 ow. 2,005.396 12,286,777 12,141,289 253,998 1,351,386 1,258,118 171,919 1,108,976 1.065.133 156,314 7,597,848 6,134,458 19,437 144,070 115,353 44,802 342,573 311,935 3.455 94,595 27,549 23,096 229,305 124,011 246.700 12.417.060 10,828,114 78,419 544,917 488,198 Tanuary 3,647,660 2,947,136 2d wk Feb 46,791 25,012 December 564.087 472,236 January .. 4,460.800 4,085,967 Illinois Southern. January _. 31,321 20,630 Int & Gt North'n 2d wk Feb 100,200 82,200 a Interoc(Mex)-. 2d wk Feb 120,272 118,9.58 Iowa Central 2d wk Feb 48,053 36,723 Kanawha & Mich December . 181,444 138,396 Kan City South'n December 655,553 646,791 Lehigh Valley December 3,008,659 2,583,820 Lexing & East'n. December 41,152 39.406 Long Island December Inc 58 362 Louisiana & Ark. December 76,731 67.662 Louisy & Nashy. 2d wk Feb 824,585 606,155 Macon & Birm January . 11,529 9,085 Manis & No East. December 28,381 30.862 Manistique January 4,937 4,207 Maryland & Penn December . 27,723 23.372 o Mexican Cent'l. November. 171,546 2,010,009 a Mexican Intern 2d wk Feb 158,829 121,052 Wk Jan 31 182,000 174,100 a Mexican Ry a Mexican South. 4tli wk Jan 30,553 31,753 I 1,430,587 829,238 '.) Total system. Gulf &Ship Island Hocking Vallev.. Illinois Central _. & Southw. December . Mineral Range 2d wk Feb Minneap & St L.. 2d wk Feb M St P & S St M. 2d wk Feb Mo Pac & Iron Mt 2d wk Feb Central Branch 2(1 wk Feb Total 2d wk Feb 1.654,973 783,079 121,258 711,251 874, 76« 132, 78() Inc. 65 4,607 Inc. 5,984 t), 787, 056 6,235,182 38,600,790 34,615,086 & Leb.. Denver & Rio Gr. Det & Mackinac. Det Tol & Ir and Arm Arbor Syst 2d wk Feb 79,346 58.391 DulSoSh & Atl.. 2d wk Feb 56,759 41,297 Erie December . 4,238,469 3,753,903 Fairchild & N E. December . 2,469 3,132 Fon Johnst & GL January 51,524 45,410 Ft W & Deny City Now includ ed in Colo rado & S Georgia RR December 234.084 213,072 Ga South & Fla.. See Southe m Ry. S ystem bel Gr Trunk System 2d wk Feb 628.018 530,321 Gr Trunk West 4th wk Jan 124,806 137,994 Det Gr H & M_ 4th wk Jan 43,409 42,601 Canada Atlan. 4th wk Jan 34,114 31,092 Great Northern.- January 3,410,467 2,749,568 Montana Cent'l January 237,193 197,568 Millen Latest Gross Date. Previous Year. Week or Month. Roads. Mo Kan & Texas 2d wk Fel Mob Jack & K C 1st wk Jan MoWle & Ohio. See Soulht NashCh &St L.. December . a Nat RR of Me 2d wk Feb () (fc Ch & to Latest Current Year. Pacitic. Gt Western. Ind & Louisv Milw St P. December . & North W. January .. CI Cin July 1 Previous Year. 2,619,656 2,220,007 1,934,692 1,640,515 25,859,988 23,752.536 12,992 18,367 483,601 433,730 outhern S ystem. 1,437,760 1,294.608 ow. 24.344,580 22,847,172 3.258,972 2,981,905 934.107 906,799 Nev-Cal-Oregon 25,969,174 1,383,799 27,352,973 1,148,614 3,296,942 29,956.570 170,913 4,123,055 3,575,686 1,616,711 905,739 3,588,974 15,804,114 234,465 ,514 408,802 24.435.744 83,160 196,191 51,656 173.136 10,256,373 4.092,037 3,471,400 652,561 6.347 12.228 472,482 429,668 41,035 2,390,121 1,891,774 113,559 7,332,112 5,502,465 577,000 26.701,722 26,721,51.18,000 1,246,617 993,572 595.000 27,948,3391 27,715,087 Northern Pa<ific. January . OhioRiy & West. I>ecember Paciflc Coast Co_ December Cur'rU Year Prev's Year Inc. or Dec. % . . . dPenn-EastP&E December rfWest P & E December. Phila Bait & W'sh December. Phila & Erie.. December Pittsb C C <fe St L January .. Raleigh & S'port. December . Reading Railway December . Coal & Iron Co December . Total both Cos December . Rich Fr'ksb & P. December Rio Grande Jet.. December . Rio Grande So 2d wk Feb Rock Island Sys. December Jos&Grlsl... December St L & San Fran e December . St L Southwest.. Seaboard Air Line Sierra Railway Southern Indiana So Pacific Co.cSouthern Ry Sys Southern Ry k. Mobile & OhioSt wk Feb December 2d October January . . December . 2d wk Feb 2d wk Feb 2d wk Feb Ala Great Sou. 2d wk Feb Ga South & Fla January.. Texas Central 2d wk Feb Texas & Pacific. 2d wk Feb Tex S V & N W. January . Tidewater & W'n November Tol & Ohio Cent. December Tol P& West 2d wk Feb TolStL& 2d wk Feb Tor Ham & Buff. January .. Un Pac System.. December . Virginia & So W'n January _. Qa NO & TexP W Wabash 2d West'n Maryland 2d W Jersey wk Feb wk Feb & Sea'e December & L E. 2d wk Feb W'meport & N Br December . Wisconsin Central December . Wrightsvl & Ten. November. Yazoo & Miss Val January .. Allegheny Valley Atlanta & Charl Air Line Atlantic & Birmingham Belle/onte Central CI C C & St Louis P«oria & Extern a Interoceanic of Mexico Manistee & North Eastern.. Manistique Maryland <fe Pennsylvania . . a Blexican International a Mexican Railway a Mexican Southern a National RR of Mexico New York Central S S 7,777,198 8,832,358 9,031,449 12,253,008 8,343.843 7,41 7, &34 8,3.82,732 12,535.204 7,054,032 7,098,133 7,509,082 11,047,7.")7 6,750,991 6,586,963 + 554,131 7.12 + 947,932 10.73 + 741,850 8.21 + 806,920 6.58 + 667,758 8.00 + 892,792 12.03 + 1,004,072 11.96 + 777,382 6.21 + 762,433 10.81 + 1,467,241 20.67 + 1,307.264 17.41 + 2,604.505 23.56 + 1,595.631 23.63 + 2,079,481 31.57 m 19,921 051.348 822 074 167.472 98 444 148,329 117 351 43 .814 67.884 143,723 137 118 •9 417 14,019 242,595 193 Oil 12,800 11. 700 7,296 7, 957 355,754 315; 399 22, 062 26,612 74,402 50 432 66,087 53, 180 575,199 4,982 247 85,550 55 199 466,208 378, 045 88,987 67, 176 244 574 291,774 102,266 67, 980 13,789 13, 470 558,180 531, 289 18,827 IS, 220 779,917 815, 468 Period. Jan Mar Dec 1 1 1 to to to Jan to Jan to to to to to to to to to to to to to to to to to to to to .Tan Jan Jan Jan Marl 1 1 1 1 1 1 1 1 1 1 1 1 1 I Dec Dec Dec Jan Dec Nov Feb Dec Jan Dec Feb Jan Jan Feb Jan Dec Dec Dec Dec Dec Jan Dec Feb Dec 1904 1905 Feb 1905 Mar 1905 April 1905 May 1905 June 1905 July 1905 Aug 1905 Sept i;)05 1905 Oct Nov 1905 Dec 1905 Jan 1906 S 12,947,,4IS 342,,043 5,183 ,604 7,109,,517 134,,540 17,,116 48,144,,862 3,659,,468 1.306 ,125 11,7S4 ,290 5,409,,854 31,29S, 425 109,,706 3,288,,741 61,449,,518 9,900 7,030,,738 4,207, 645 14.573, 446 24, 816 18,171, 249 16,887, 205 35,058, 454 697, 793 310, 337 300, 799 23,440, 075 659, 115 20,624, 950 5,702, 655 6,583, 920 848, 328 49,470, 133 ,096,396 30,311,645 ,660,450 5,087,905 050,088 ,311,986 082,739 629,560 185,105 37,052 ,227,174 847,702 ,584,275 438,434 ,817,084 564,281 ,671,721 ,841,451 ,843,306 ,534,450 94.299 ,652,522 91,525 ,670,318 4,532,169 2,040,966 1,014,839 561,985 8,507,189 40,882 2,183,597 835,257 2,363,993 390,429 31,533,368 353,742 16,432,954 2,363,422 2,532,205 2,778,174 91,408 3,530.730 85,078 5,444,791 Current Year. Previous Year. Inc. $1,0 3,293,915 81,359 5,683 22,517.800 2,658,290 760,856 414,819 4,937 305,280 935,544 585,200 101,073 1,658,919 7,185,768 10,645,848 134875 294 88,527 3,052,435 87,994 5,628 22,141,110 2,781,795 721,298 416,617 4,207 273,197 762,447 517,500 92,875 1,439,740 6,044,458 10,288,448 118145 094 200 13.603.449 7,678.308 2.083.001 46,618 1,510,834 4,307,658 /ju:.8,02 14,753,949 8,497,565 2,444,376 55,911 1,700,700 4,675,858 Cur'rU Year Prcv. Year. Inc. or Dec. $ Dec Previous Year. and Monthly. Monthly Summaries. Jan Latest Date. 302,986 13,769,768 12,196 487.498 Rv. S ystem bel ow. 895,981 856,414 5.262.955 252,320 227,651 8.-304,294 12,158 10,037 146,979 3.677 3,319 25,233 7,186,768 6.044,458 54,091.804 593,282 544,523 4.023,779 234,385 231,606 1.415,883 2,274,241 1,992,604 13,886,876 953,540 825,540 5.649,754 4,511,063 3.313,000 37.477,270 20,440 15,980 122.S73 505,074 467,406 3,502,487 12161 675 10097675 72,490,618 /nc.1,0 13,100 /nc.4,73 1 ,301 ,203 1,102.203 7,683,938 692,367 582,607 4,631,658 2.444,376 2,083,001 16,653,588 4,916 3,809 30,168 3,414,188 3,201,588 20,822,902 3,424,453 3,681,643 18,102,712 6.838,641 6,883,231 38,925.614 144,398 122,417 789,972 55,911 46,618 364,256 9,921 5,348 364,922 4,542,260 3,940,163 27,010,776 152,505 100,856 818,437 3,787,531 3,440,551 21.611,406 156,199 127,706 5,623,351 1,239,168 1,120.399 7,237,254 32,498 31.638 113,246 112.509 843,077 8,929.174 8,413,351 53,603,179 Jan Jan Jan Jan Jan Jan Nortliern Central d Penn— East of Pitts & E.. Jan Jan d West of Pitts & E Phila Baltimore & Wash ... Jan Plviladelphia & Erie Jan Jan Pitts Cin Chic & St Louis . Dec Rio Grande Junction Jan Texas & Pacific Jan West Jersey & Seasliore Month Month Month Month Month Month Month Month Month Month Month Month Month Month *o Current Year. 380,729 % 8,331,329 9,780,290 9,773,299 13,069,928 9,011,601 8,310,626 9.386,804 13,312,586 7,816,465 8,565,374 8,816,346 13,652.262 8,346,622 8,666,444 July 1 Previous Year. Various Fiscal Years. AGGRBGATES OF GROSS EARNIirGB—Weekly Weekly Summaries. .. Nevada Central December N Y C & Hud Riv January .. N Y Ont & West. December . N Y Susq & West December. Norfolk & West'n December. Northern Central December Wheeling 30,160,655 1,616,490 31,777,145 1,276,569 3,421,818 29,780,022 222,272 4,344,177 3,722,693 1,860,664 1,087,351 3.613,179 17,572,247 262,080 Inc. 383 457,060 26,441,873 87,074 177,710 56,018 194,191 11,230,438 4,212,221 3,747,100 678,359 January Bamings. Current Year. (123 (116 (117 (lis (115 (118 (104 (115 (115 (115 (115 (115 (113 (.'4 rds) rds) rds) rds) rds) rds) rds) rds) rds) rds) rds) rds) rds) rds) 146,748,102 127,073,058 113,714,506 143,622,857 136,595,868 144,ia3,2,56 125,042,575 143,658,287 154,972,550 161,431,629 170.515,148 165,977.137 150,313,544 .57,728,897 136,889,640 119,220,078 117,252,135 130,879,546 127,237,317 129.712,739 114,845,032 130,328,530 141,867.461 147.709.816 157.100,827 150,405,695 142,054,023 45,559.919 S + 9,858, 462 + 7,852, 980 —3,537, 629 + 12.743, 311 + 9.358, 551 + 14,390, 517 + 11,097, 543 + 13,329, 757 + 13.105, 089 + 13,721, 813 + 13,414, 321 + 15,571, 442 + 17,147. 986 + 9,168. 978 7.20 6.58 3.01 9.73 7.35 11.09 9.66 10.02 9.23 9.28 8.54 10.35 12.07 18.88 a Mexican currency, b Includes earnings of Gulf & Chicago Division, c Includes the Houston & Texas Central and its subsidiary linens in both jnears. d Covers lines directly operated, e Includes the Chicago & Eastern Illinois in both years, h Includes earnings of Col. & South., Ft. Worth & Denver City and all affiliated lines, k Atlanta Knoxville & Northern included in both years since April 1; it had previously been Included in 1905 since Jan. 1; earnings of Transylvania Railroad included f^om Jan. 1 1906 and of East Division of Tennessee Central from Dec. 1 In 1903 only. Feb. 24 THE CHRONICLE. 1906.J 145 — Latest Gross Earnings by Weeks. In the table which we sum up separately the earnings for the second week of February. The table covers 41 roads and shows 31.57% increase in the aggregate over the same week last Gross Earn'gs Current Previous Year. Year. $ $ follows Roads. 1905. 1906. S $ Alabama Great Southern Buffalo Rochester & Pittsb. PTmdinn Northpm - - Chattanooga Southern Chicago Great Western Chicago Indianap & Louisv.. Chicago Terminal Transfer. . . Cine New Orl & Texas Pac-.Colorado Southern (incl Ft Worth & Denver City) Denver & Rio Grande Detroit Toledo & Ironton incl Ann Arbor system Duluth South Shore & Atlan. Grand Trunk of Canada Grand Trunk Western Increase $ 67,884 129,033 79,500 1,008,000 232,300 3,404 155,458 95,940 30,555 148,329 43,814 133,108 50,900 706,000 172,600 ,373 2,031 100,592 78,021 25,927 117,351 54,866 17,919 4,628 30,978 219,027 351,600 156,314 246,700 62,713 104,900 79,346 56,759 58,391 41,297 20,955 15,462 628,018 530,321 97,697 46,791 100,200 120,272 48,053 824,585 158,829 25,012 82,200 118,958 36,723 606,155 121,052 12,228 41,035 113,559 302,986 577,000 18,000 98,444 227,651 5,348 127,706 822,074 9,417 193,011 22,062 50,432 378,045 67,176 67,980 21,779 18,000 1,314 11,330 218,430 37,777 1,273 12,328 67,060 77,743 194,000 13,000 69,028 24,669 4,573 28,493 229,274 4,602 49,584 4,550 23,970 88,163 21,811 34,286 1 Decrease. 24,070 4,075 28,600 302,000 59,700 ... Gulf & Ship Island International & Great North'n Interoceanic of Mexico Iowa Central Louisville & Nashville Mexican International Mineral Range Minneapolis & St Louis Minn St Paul Missouri Kansas & Texas Missou'.i Pacific & Iron Mtn.. Central Branch &SS M Mobile & Ohio National Railroad of Mexico- Rio Grande Southern St Louis Southwestern Southern Railway Texas Central.. Texas & Pacific Toledo Peoria & Western Toledo St Louis & Western Wabash Western Maryland Wheeling & Lake Erie 13,501 53,363 180,619 380,729 771,000 31,000 167,472 252,320 9,921 156,199 1,051,348 14,019 242,595 26,612 74,402 466,208 88,987 102,266 8,666,444 Total (41 roads) Net increase (31.57%) 6,586,963 2,083,556 2,079,481 Jan Del Lack 4,075 Net Earnings Boston Rev B 880,932 2,008,843 3,274,294 867,.591 1,891.907 3,044,699 31... . 9,930,294 9,034,884 31... .20,379,881 18,943,736 31... .37,649,390 35,353,091 2,642,811 5,926,732 9,855,743 2,471 637 31. 5,664,496 9.852,673 & Lynn.b. Dec 31... 139.464 July 1 Dec 31... 389.092 Jan 1 to Dec 31... 667,145 Bridget'n&SacoRv.b. Dec 2,523 July 1 to Dec 31 26,445 Buff Roch»<S: Pittsb.. Dec 673,205 July 1 to Dec 31 4,615,209 Buffalo &Susqueh. a.. Dec 125,518 July 1 to Dec 31 780,389 Oct. to to 124,116 358.149 614,082 2,732 25,567 645,446 4,208,852 12,576 61,947 68.840 215 9,475 299,653 2,161,970 63,478 197 8,578 254,200 1,752,803 95,575 576,252 44,542 291,144 31,134 203,834 102,280 1,078,051 89,894 967,248 16,5.''>3 H,1 19 4.58,603 283,209 Canadian Northern... Dec 437,800 July 1 to Dec 31 2,693,200 Canadian Pacific. a... Dec 5,619,182 384,600 2,098,700 142,200 989.900 135,100 722,900 1 Northw.a..Jan California July July 1 1 to Jan 31 to Dec 31 Central of Georgia. a.. Dec 1,028,244 July 1 to Dec 31 5,880,089 996,.523 5,484.0.59 334,299 1,850,044 W (incl Ft affil'd 1 1 to to Dec 31 Dec 31 & 878,266 5,028,010 19,437 115,353 44,802 311,935 3,455 27,549 23,096 124,011 325,782 1,973,025 5,141 36,808 16,864 155,002 9,442 47,880 22,427 135,028 203,070 1,354,250 3,628 26,636 12,403 131,135 3,045,415 2,885,847 6,359,612 5,931,-598 12,018,572 11,282,687 1,366,768 2,724,433 4,774,457 1,305,336 2,635,694 4,592,479 1,553,849 2,941,138 5,832,609 1,728,100 3,232,535 5,621,586 121,292 277,560 579,843 666,858 4,134,960 33,424 140,702 93,324 573,269 125,826 241,217 517,557 581,105 3,782,431 23,711 158,166 72,328 469.933 662,057 1,144,487 7,858,688 442,272 965,771 7,378,282 944 2,205 3,644 14,248 215,358 61,055 413,039 def 488 4,916 9,793 48,213 & West'n— 6,293 53,163 3,163,630 5,911,479 6,099,161 11,285,233 10,925,764 Y b 328,241 366,065 725,970 659,636 1,386,270 1,296,603 Denv &Gio Grande. b- Dec 1,634.352 1,447,717 JulyltoDec31 10.169,860 8,982,114 78,419 Detroit & Mack. a Dec 99,828 to Dec 31 544,917 488,198 July 1 253,792 207,113 Duluth So Sh&Atl.b. Dec July! to Dec 31 1,593,246 1,361,502 Detroit Tol & Ironton July 1 to Dec 31 2,069,140 1,817,332 Erie RR.a ...Dec 4,238,469 3,753,903 July 1 to Dec 31 25,859,988 23,752,536 2,469 3,132 Fairchild & N East- b. Dec 12,992 18,367 July 1 to Dec 31 45,410 Fonda Johns & Gl. a- -Jan 51,524 July 1 to Jan 31 483,601 4.33,730 Georgia RR.a Dec 234,084 213,072 July 1 to Dec 31 1,437,760 1,294,608 b Genesee & Wyoming. Oct 1 to Dec 31 35,463 32,639 81,030 July 1 to Dec 31 83,066 Jan 1 to Dec 31 160,945 139,797 Grand Trunk of Can.. Dec 2,663,925 2,522,307 July 1 to Dec 31 16,005,918 15,231,171 Gr Trunk Western- -Nov 473,997 483,243 July 1 to Nov 30 2,398,696 2,161.212 Det Gr Hav & Mil.-Nov 112,903 137,235 July 1 to Nov 30 671,576 650,650 Greenwich & Johnsonville Oct 1 to Dec 31 22,370 20,253 JulyltoDec31 40,602 37,968 Jan 1 to Dec 31 75,502 73,262 Gulf &ShipIsl.a Dec 178,201 164,571 July 1 to Dec 31 946.151 994,587 Hocking Val. a 472,236 Dec 564,087 July 1 to Dec 31... 3,421,818 3,296,942 Illinois Central. a Dec 4,654,564 4.493,103 Julyl to Dec 31 25,319,222 25,870.603 Interborough Rap Transit Manhattan Elevated, b Oct 1 to Dec 31 3,294,285 3,660,764 July 1 to Dec 31 6,893,713 6,097,761 Jan 1 to Dec 31 12,402,338 14,484,935 Subway Division, b Oct 1 to Dec 31 1,887,317 f812,091 July 1 to Dec 31 /812,091 2,988,937 Jan 1 to Dec 31 5,815,924 /812,091 Total both divisions, b Oct 1 to Dec 31 5,181,602 f4, 472, 855 July 1 to Dec 31 9,086,698 f7, 705, 804 Jan 1 to Dec 31 18,218,262/15,297.020 rinteroceanic of Mex Dec 479,607 540,140 Jan.l to Dec 31 6.193,5.54 6,134,182 Iowa Central. a A220,52S Dec /i273,009 July 1 to Dec 31...ftl,524,l79 ftl,324,167 Kanawha & Mich. a.. Dec 138,390 181,444 July 1 to Dec 31 905,739 1,087,351 Dec 31 Jan 1 Dec 31 Svr Binghamt'n'& N Oct 1 to Dec 31 July 1 to Dec 31 Jan 1 to Dec 31 July 1,662,669 9,144.749 325,023 1,701,085 1 to to — — Kansas Citv Soutli'n Term July 4.562,142 2,346,583 31,381,976 27,152,022 12,187,399 37,722 56,251 114,985 947,116 5,603,341 all Leased lines in N.Y. State. Oct 1 to Dec 31 3,034,955 2,888,399 2,701,842 5,784,962 5,406,933 -.10,762,603 10,119,750 Dec 31 to 1 $ $ cl53,243 cl94,128 cl57,665 — July Current Previous Year. Year. Roads. $ $ Ala Great Southern See under Southern Ry ."system below. Allegheny Valley. b... Dec Inc. 95,984 Inc. 71,213 Jan 1 to Dec 31 Inc. 1,088,527 Inc. 928,003 AtchTop&San Fe.b.-Dec 6,787,056 6,235,182 d2,623,291 d2.240,524 July 1 to Dec 31.. .38.600,790 34,615,086dl4,908.368dl2,580,363 Atl & Char Air L.a...Dec 360,616 89,060 130,010 331.966 Mar 1 to Dec 31 3,293,915 3,052,435 958,823 823,811 Atlan & Birmingh.a..Dec 81,359 26,213 87,994 9.461 July 1 to Dec 31 531,820 507,345 141,730 161,872 Atlantic Coast Line. a. Dec 2,227,265 1,981,518 844,878 798,635 July 1 to Dec 31 11,524,970 10,504,820 3,859,870 3,768,323 Bait & Annap Sh L_a. Dec 15,464 13,708 4,728 3,548 July 1 to Dec 31 95,690 86,038 34,998 27,976 Baltimore & Ohio. b.. Jan 6,573,465 5,158.171 2,447,906 1,3.54,289 July 1 to Jan 31 45,183,873 39,702,904 16,635,646 14,254,396 Bang & Aroost'k.b.Dec 184,591 151,008 41,776 55,339 July 1 to Dec 31 1,153.799 391,373 1.053,090 447.028 Bellefonte Cent.b Jan 1,811 5,683 5,628 g977 Jan 1 to Dec Boston & Maine, b Oct 1 to Dec July 1 to Dec Jan 1 to Dec So sys Delaware & Hudson Oct 1 to Dec 31 returns. July & Den C & — Boston & Albany Oct 1 to Dec 31 Dec 31 to Dec 1,076,104 Unes) a 6,146<025 July 1 to Dec 31 27,135 Col N'berry & Lau.b.Dec 144,070 July 1 to Dec 31 Dec 51,225 Copper Range. a 342,573 July 1 to Dec 31 Dec 17,366 Cornwall. a 94,595 July 1 to Dec 31 Dec Cornwall & Leb.b 38,267 229,305 July 1 to Dec 31 — — 1 279,611 558,078 1,014,931 Centralof New Jer.b-.Dec 2,118,194 1,888,603 1,043,519 July 1 to Dec 31. ..12,834,285 11,372,189 6,471,873 11,632 7,094 def. 1,614 2,388 Chattan Southern. a.. Jan 77,394 74,758 2,290 8,987 July 1 to Jan 31 808,488 615,278 Chesapeake & Ohio. b. Dec 2,047,828 1,721,082 11,864,154 10,458,403 4,725,374 3,945,546 July 1 to Dec 31 340.050 337,343 Chicago & Alton.a...Dec 1,056,743 1,017,987 6,230,202 6,881,464 1,964,412 2,524,338 July 1 to Dec 31 Dec 781,182 662,187 216,425 188,232 Chic Gt West. b 4.627,329 4.000,938 1,699,109 1,300,712 July 1 to Dec 31 476,082 445,665 159,414 150,102 Chic Ind & Louisv. a.. Dec 3,133,899 2,914,074 1,182,195 1,141,697 July 1 to Dec 31 a. Dec 4,790,712 4,183,830 1,847,887 1,687,827 Chic Milw& St Paul. 29,046,883 26,621,381 10,856,504 10,503,993 July 1 to Dec 31 146,374 125.122 51,951 Tran.b.-.Dec 49.790 Term Chic 870,752 789,899 327,059 292,132 July 1 to Dec 31 Cin N O & Tex Pac See under Southern Ry system below. Clev'Cin Chic & St L. b— 22,517,800 22,141,110 5,659,100 6,009,997 Jan 1 to Dec 31 312,052 253,998 98,966 Peoria & East. b... Nov 78,431 723,963 2,658,290 2,781,795 Jan 1 to Nov 30 689,072 191,030 171,919 62,087 22,163 Colorado Midland-a..Dec 1,065,133 304,497 200,638 1,108,976 July 1 to Dec 31 Col Net Earnings Monthly to Latest Dates. The following shows the gross and net earnings to latest dates of all STEAM The compilation railroads furnishing monthly statements. includes every road from which we can get a return of this character, and in that form is given once a month. Early returns are published from week to week, as soon as issued, but for the convenience of our readers all the roads making returns are brought together here in the week in which we publish our monthly article on net earnings say, about the 20th of the month. Besides the companies furnishing monthly returns, we have added this time the roads which make\quarterly Gross Earn'gs Current Previous Year. Year. $ $ 1 c516,744 c789,428 cl,204,771 — Gr Haven & Mich.. Detroit Oct Jan Previous Year. b to Dec 31 JulyltoDec31 year. Second week of February. New Eng Cent Net Earnings Current Year. Lake 1 1 1 19,3,58 241,584 73,866 494,799 9,246 31,454 46,882 443,826 4, 589, .596 106,090 400,513 30,659 196,606 2,740 36,132 67,912 311,456 4,500,052 110,470 254,518 34,066 194,174 325,017 201.481 1,323,796 1,633,694 7,626,167 10,120 16,226 27,905 47,801 243,978 117,830 1,233.644 1,627,554 8,784,704 1,901,907 3,390,538 0,946,106 2,231,931 4,095,786 8,544,973 1.142,340 /352,837 f352,837 /352,837 7,903 13,811 26,657 59,499 1,591,3.59 3,027,152 3,044,247 4,981,897 9,973,258 187,066 1,546,727 82,824 398.003 41,672 297,679 /2, 584, 768 f4, 448, 623 f8, 897, 810 111,303 1,354,072 39.888 209,549 11.660 121,659 (in- 046,791 3,588,974 198,632 849,154 189.717 951,504 10,364,613 9,245,826 20,433,866 18,022,805 38,600,809 35,161,050 1,133, .594 2.947,200 7,269,299 1,191,665 3.675,811 7,976,771 Business). a. .Dec 655,5.53 1 to Dec 31 3,613,179 Sliore Oct July Jan 3,368 & Mich So.b to to to Dec 31 Dec 31 Dec 31 — —— — b b b b THE CHRONICLE. 446 Gross Current Year. S Roads. Lehigli A iludson River Ocl 1 to Dec 31 July 1 to Dec 31 Jan 148,997 290,332 540,687 Dec 31 to 1 Eam'gs Previous Year. $ 10.5,411 213,7.53 4()S,52S Net Earnings Current Previous Year. Year. S $ 34,897 (•.2,7H2 224,4,58 1()9,470 59, Valley. b Dec 3,008,659 2, .583,820 01,137,347 oS82,213 July 1 to Dec 31 17.572,247 15,804,114 07.227,675 06,549,464 & Kast'n.b. Dec 41,152 39,406 July 1 to Dec 31 262,080 234,465 Long Island. b Dec Inc 58,362 Jan 1 to Dec 31 Inc 803.609 Louisiana .t Ark. a... Dec 76,731 67,662 July 1 to Dec 31 457.060 408,802 Louisville & Nashville, b July 1 to Dec 31 21,082,678 19,539,365 Manistee & Northeast .a. Dec 28,381 30,862 Jan 1 to Dec 31 414,819 416.617 Manistique.b Jan 4.937 4.207 Maryland &. Penna...Dec 27,723 23,372 Lexington 20, .528 12,0.50 103,592 67.633 Dec. 38,772 Inc 81,235 26,8,58 24,061 174,353 160.236 6,234,-387 3,8.58 6,618,564 7,939 150.511 161. 4S2 610 rftV 2,0S5 5,314 83,405 9,277 305,280 273,197 106,888 2,171,546 2,010,009 649,106 .597,726 July 1 to Nov 30 11,230,438 10.256.373 3,374,034 3,011,8,58 TMexican Internat Dec 621,826 579,324 309,220 197, .584 Jan 1 to Dec 31 6,519,158 6,891,194 2,690,952 2,812,019 MlUen & Southw.b.-Dec 6,768 6,347 682 2,512 Mineral Ranfie.b Dec 59,699 65,932 13,055 13,102 July 1 to Dec 31 385,082 350,242 84,529 107.530 Minn & St Louis. a. ..Dec fc307,274 A;232,443 124,236 94,704 •July 1 to Dec 31...t2,020,064 fcl,577,909 876,107 639,294 Minn St P & S S M.b.Dec 914,690 735,762 444,591 363,026 July 1 to Dec 31 6,132,667 4,639,696 3,451,749 2,464,340 Mo Kansas & Tex. a.. Dec 1,875,685 1,652,922 579,656 367,190 July 1 to Dec 31 11,336,412 10,917,506 3,491,089 3,390,196 Mo Pacific System. b_. Dec 3,855,530 3,7.52,160 1,426,916 1,371,418 Julyl to Dec 31 22,687,881 23,334,994 7,826,834 8,521,678 Jan 1 to Dec 31 42,618,268 43,693,613 12,340,545 13,287,574 Mob Jackson & KG. b.Nov 103.155 62.745 37.997 Mobile & Ohio See under Southern Ry system below. 1 to Dec 31. .. » Mexican Central Nov — NashChatt &St L.b..Dec 895,981 856,414 237.027 206,651 Julyl to Dec 31 6,262,955 5,183,604 1,249,341 1,435,302 t» National RR of Mex Dec 1,296,998 1,097,376 538,639 472,624 Jan 1 to Dec 31 12,755,720 11,569,244 4,471,067 3,864,574 Nevada Cal & Ore. a.. Dec 17,068 16,168 7,362 6,123 July 1 to Dec 31 134,821 124,503 64,788 60,241 Nevada Central. b Dec 3,677 3,319 1,821 1,530 July 1 to Dec 31... 25,233 17,116 13,762 5,736 New Jersey & New York b Oct 1 to Dec 31 109,165 103,191 1,638 24,674 Julyl to Dec 31 232,710 222,319 24,538 65,212 Jan 1 to Dec 31 425,669 404,501 46,054 97,667 New London Northern Oct 1 to Dec 31 278,890 265,281 31,536 18,973 Julyl to Dec 31 562,709 642,592 120,076 57,744 Jan 1 to Dec 31 1,074,417 1,018,595 173,082 140,854 N Y Chic & St Louis— Oct 1 to Dec 31 2,576,950 2,312,302 731,240 457,845 July 1 to Dec 31 4,765,819 4,308,136 1,291,807 962,594 Jan 1 to Dec 31 9,108,728 8,645,373 2,088,378 1,888,404 New York N H & Hartf— Oct 1 to Dec 31 13, .546,069 12,383,327 3,969,798 2,876,216 July 1 to Dec 31 27,395,584 25,372,356 8,815,383 7,143,450 Jan 1 to Dec 31 62,005,174 48,477,290 15,820,857 12,896,172 New York Pennsylvania Oct 1 to Dec 31 27,266 28,886 10,454 11,347 .Tuly 1 to Dec 31 54.693 58,064 17,314 19,396 Jan 1 to Dec 31 105,810 31,636 9,254 N Y Ont & West.a...Dec 593,282 544,523 164,731 112,087 July 1 to Dec 31 4,023,779 3,659,468 1,225,160 1,165,993 N Y Susq & West.a..Dec 234,385 231,606 67,418 81,407 July 1 to Dec 31 1,416,883 1,306,126 440,221 470,700 Norfolk & Western. b. Dec 2,274,241 1,992,604 936,822 748,669 Julyl to Dec 31 13,886,876 11,784.290 5,584,326 4,772,171 Northern Cent.b Dec 953,540 825,640 233,898 125,298 Jan 1 to Dec 31. ...10,646,848 10,288,448 2,176,437 2,459,337 Ohio Riv & West. a. .Dec 20,440 15,980 5,529 3 181 July 1 to Dec 31 122,873 109,706 24,947 19,502 Pacific Coast Co See under Miscellaneous Companies below. — — — <fe — Penn. Lines directly oper. East of Pitts &E... Decl2, 161, 675 10,097,676 3,763,337 2,690,137 Jan^l to Dec 31.. .134,875, 294 118,145,094 41,486,162 36,342,362 West of Pitts & E.. Dec Inc. 1,013,100 Inc. 718,300 Jan 1 to Dec 31 Inc. 8,021,200 Inc. 2,139,500 & Wash. b.. Dec Phil Bait 1,301,203 1,102,203 14,763.949 13,603,449 692,367 582,607 Jan 1 to Dec 31 8,497,665 7,678,308 Pitts Cin Chic A St L. a. Jan 2,444,376 2,083,001 Raleigh & Southp.a..Dec 4,916 3,809 July 1 to Dec 31 30,168 24,816 Jan 1 to Dec 31 Phila&Erie.b Dec Raquette Lake Oct 1 to Dec 81 5,312 July 1 to Dec 31 16,384 Reading Companies 1^ Pliila & Reading. b. Dec 3,414,188 July 1 to Dec 31 20,822,902 Coal & Iron Co. b.. Dec 3,424,453 July 1 to Dec 31 18,102,712 Total Both Cos. b. .Dec 6,838,641 July 1 to Dec 31 38,925,614 ReadingCo.b Dec July 1 to Dec 31 Total all Cos.b Dec July 1 to Dee 31 Rich' Fr' burg A Pot.. Dec 144.398 July 1 to Dec 31 789,972 RioCrandoJct ..Dec 55,911 Rio Grande So. b Dec 53,993 July 1 to De« 31 296,543 Rock Isl syst.a. Dec 4,642,260 July 1 to Dec SI 27,010,776 Rutland RR- b Oct 1 to De» 81 Itj Julyl to Deo Si JM 1 to Dm tl 682,496 1,419,796 2,562,087 3,996 13,296 380,250 4,161,421 139,454 2,621,842 562,899 2,087 11,770 986 5,373 233,150 3,813,921 74,688 2,436,842 383,100 946 9,537 def.240 1,906 3,201,588 1,373,001 1,566,134 18,171,249 8,884,023 8,680.386 3,681,643 285,809 305,784 16,887,205 1,216,316 1,184,459 6,883,231 1,658,810 1,871,918 35,058,454 10,100,339 9,864,846 113,761 118,726 712,908 709,538 1,772,671 1,990,644 10,813,247 10,674.383 122,417 58,054 47,470 697,793 271,178 215,801 46,618 nl6,773 7il3,9S5 44,179 26,766 24,932 246,364 128,074 122.936 3,940,163 1,484,974 1,111,347 23,440,075 8,566,073 7,748,172 631,339 1,352,073 2,437,035 247,144 486,913 846,485 225,878 529.767 801,716 [VOI^ LXXXIL Roads Gr Isl.b Gross Earn'gs Current Previous Year. Year. S S 152.505 100.856 818,437 659.116 . St Jo Ml 11.5,92(1 Lehifih Mar — & Dec Net EarningsCurrent Year. 69,120 295.575 Previous Year. % 19,40« 168,112 1,359,929 7,399,889 292,088 1,354,071 1,226.984 7,672,468 287,787 1,666.608 % July 1 to Dec 31 St Louis <t San Fran find Chic & East Ill).a..Dec 3,787,531 3,440,551 July 1 to Dec 31 21,611,406 20,624,9.50 St Louis Southwest. b. Dec 828,681 874.577 Julyl to Dec 31 4,694,760 4,753,033 Seaboard Air Line. a. .Dec 1,239,168 1.120,399 375,5.39 330,098 7,237,254 6.583,920 2.149,636 1,962,538 123,315 126,754 43,442 64,203 July 1 to Dec 31 729,831 735,819 292,203 329,338 Southern Pacific Co. a. Dec 8,929,174 8,413,351 3.135,539 2.976.016 July 1 to Dec 31 53,603,179 49,470,133 19,112.463 17,294,778 July 1 to Dec 31 Southern Indiana. b.. Dec Southern Ry system Southern Ry.a Dec 4,602,696 4,239,515 1,421,303 1,279,405 July 1 to Dec 31 26,604,443 24,929,834 8,016,681 7,610,547 Mobile & Ohio. a. ..Dec 776,311 715,675 288,726 266,010 July 1 to Dec 31 4,514,263 4,242,184 1,518.101 1,460,665 Cin N & T P. a.. Dec 676,190 603,609 153,210 141,163 July 1 to Dec 31 4,032,506 3,719,710 951,833 869,408 Ala Great Sou.a..Dec 319,541 311,613 68,360 64,442 July 1 to Dec 31 1,851,092 1,680,661 383,562 323,423 Ga South & Fla.a..Dec 168,463 167,148 64,188 46,549 July 1 to Dec 31 939,016 877,721 261,126 230,569 Staten Island Rv Oct 1 to Dec 31 64,257 .53,609 def .3,951 2,528 July 1 to Dec 31 125,555 120,758 7,087 20,14( Staten Island Rapid Ti'ansit Oct 1 to Dec 31 220,404 190,406 83,606 84,134 Julyl to Doc 31 410, .536 376,068 1,39,109 177,675 Jan 1 to Dec 31 776,928 716,405 283,895 336,795 Texas Central. a Jan 83,230 69,886 32,210 30,647 July 1 to Jan 31 603,060 645,912 261,676 213,747 Tex Sab Val & N Jan 1 to Dec 31 141,487 160,772 28,985 43,022 Tidewater & Western. Nov 7,296 7,957 1,001 1,289 July 1 to Nov 30 37,052 40,882 8,324 3,352 Toledo* Ohio Cent. a. Dec 366,754 315,299 87,916 67,828 July 1 to Dec 31 2,227,174 2,183,597 638,758 664,493 Tol Peor & West'n_b..Jan 111,681 100,933 22,693 17,183 July 1 to Jan. 31 800.961 790,448 186,907 167,663 Union Pacific syst.a.. Dec 5,575,199 4,982,247 2,623,146 2,445,635 July 1 to Dec 31 35,817,084 31,533,368 17,195,844 15,214,711 Virginia & Southw.b.Jan 85,550 55,199 33,691 27,927 Julyl to Dec 31 564,281 353,742 218,204 143,680 Wabash RR.b Dec 2.061,847 2,032,401 410,009 268,417 July 1 to Dec 31 12,688,646 13,805,977 3,941,914 3.169,864 Western Maryland. a. Dec 362,831 293,695 2/128,610 »/99,389 Julyl to Dec 31 2,312,767 1,970,077 j/716,798 V747,972 W— Western New Oct 1 to Julyl to Jan 1 to York & Penna Dec 31.... 1,887,433 Dec 31 3,691,434 Dec 31 6,647,829 1,484,788 424,239 266,708 2,869,210 880,240 418,731 6,341,974 1,065,248 277,600 b After allowing for considerable extraordinary expenditures Jer & Seashore. b.. Dec 291,774 244,574 def. 6,789 def. 21,989 Jan. 1 to Dec 31 4,675,858 4,307,668 1,287,416 1,049,416 Wheeling L Erie. b... Dec 461,795 356,643 143,189 69,373 Julyl to Dec 31 2,900,292 2,321,048 829,980 600,171 Wmsport & No Brch.aDec 13,789 13,470 4,786 4,418 July 1 to Dec 31 94,299 91,408 34,597 27.738 Wisconsin Central. b.. Dec 558,180 531,289 187,077 168,138 July 1 to Dec 31 3,652,522 3,630,730 1,384,346 1,311,502 Wrightsv. & Ten. .b.Nov. «18,827 618,220 7.046 6,644 s91.525 July 1 to Nov 30 s86,078 37,091 31,357 Yazoo & Miss Vail . a . . Dec 930 ,523 1,029,178 292,917 441,868 Julyl to Dec 31 3,890,401 4,629,323 273,780 1,489,348 ( W . a Net earnings here given are after deducting taxes b Net earnings here given are before deducting taxes. c Figures include the operations of the Newburgh Dutchess <fe Conm. and the Dutchess County RR. in 1906. but not in 1904. d For December 1906 taxes and rentals amounted to 8216,337, aeainst $154,624, after deducting which net for December 1905 was S2, 406,954, From July 1 to December 31 1905 net after deductagainst §2,085,900. ing taxes and rentals is 813,711 ,117 tliis year,againstSl 1 ,483,053 last year. / In 1904 Subway was in operation only from Oct. 27 to Dec. 31. g' After allowing for considerable extraordinary expenditures. ft For December additional income is S4.281 this year, against 83.847 From July 1 to December 31 additional income is $23,108 last year. this year, against 829,436 last year. December For additional income is §29,503 this year, against $8,617 k From July 1 to December 31 additional income is $98,619 last year. this year, against $58,213 last year. n These figures represent 30% of gross earnings. s Includes S473 "other income" for November this year, against $404 last year; and from July 1 to Nov. 30 $2,181 this year, against $1,961 last. V These figures are in Mexican currency convertible into gold at th« current rate of exchange. o Including other income, total income (exclusive of results of coal companies) for December is 81,175,771 in 1906, against $903,694 in 1904, and for period from July 1 to December 31, is $7,537,848 in 1905, againat 86,860,768 in 1904. Deductions from total income for additions and improvements were $257,160 in December 1905, against $64,952 in 1904, and from July 1 to Dec. 31 were 8794,631 in 1905, against $749,674 ) 1904. For December additional income and net profits from coal, &c., we're $80,764 this year, against $76,457 last year; and from July 1 »• Dec. 31 $376,220 this year, against 8296,766 hvst year. ;/ — Interest Charges and Surplus. The following roads, im addition to their gross and net earnings given in the fortgoing, also report charges for interest, &c., with the surplus above or deficit below these cliarges. — Int., Rentals, Current Year. Roads. $ Bangor & Aroost'k..Dec 69.674 July 1 to Dec 31 304,519 Bellefonte Central Jan 300 Boston & Albany Oct 1 to Dec 31 July 1 Jan 1 to to Dec 31 Dec 31 1,068,993 1,980,907 3,699,907 Ac- —Bal. of Previous Year. Current Year. 8 $ 45,689 280.173 330 Net B'ngs. — Prevunu Yecnr. t def 4,230 4ef 3,914 142.508 111.199 1,4S1 677 1,006,918 .Trff/78,601 r(te/43,954 514 x232,963 «22S,113 x28,355 «139.338 3,513,397 1,.835, THE CHRONICLE. Faii S4 iwc. — Roads. Boston Jan I Tiilv 1 1 $ 2,067,844 B& Lynn_ Jan $ 4,106.683 Dec 31 Dec 3ll"- 8.206,673 to to Boston Rev &c. Previous Year. Int., Rentals, Dec 31" Dec 31:1. to to 15.067 30,680 60.415 14,875 30.461 62.029 543 3,258 543 3,258 36,427 182,236 15,101 107.950 Northwest, Jan to Jan 31 28,144 196,095 ^°*Oct''fTo''Dec'"3^1~.. 53,719 103.889 199,174 1 JulvltoDec31 Jan 1 to $ . Dec 31 xl .448 a-42,127 x26.932 rfef 328 6,217 a;def. 3,521 x33,437 xi9.402 346 5,320 rfcf a:22,5.57 a:.36.600 zl71.462 a;190,448 27,047 189,331 (lejM,!i9l den8,928 262,508 93,878 49.098 99.517 213.965 xlll.631 x5.074 a;126.737 a:df.l5,584 a-55,830 xdf.38,952 6532,205 .529,448 414,911 Cent of New Jersey... Dec 6514,071 July 1 to Dec 31---63.608, 170 63.525.637 2,863.703 2,077.704 cl69,537 44,810 18,695 Ohicago Gt Western.. Dec cl71,615 672,044 1,027,065 1.030.275 270,437 July 1 Dec 31 Cleve Cin Chi & St 4,012,400 3,915,378 xl, 885, 900 .t2,378,836 Jan 1 to Dec 31 44,592 54,399 Nov 44,567 33,839 Peoria <t East x234,917 488,259 x203,668 491,721 Jau to to Nov 30 8,438 8,427 Dec 8,4.38 3,965 Copper Rant?e 50,625 104,378 50,625 80,510 July 1 to Dec 31 4,042 18,263 4,164 Dec 5,751 Cornwall & Leb 24,125 110,041 24,987 24,088 July 1 to Dec 31 L— Delaware'* Hudson Oct 1 to Dec 31 JulyltoDec31 Jan Del Lack Oct 1 to Dec 31 735,865 1,473,250 3',003,313 623,655 1,234,592 1,837,254 569,471 1.162.444 1,589,166 600,327 1,218.307 2,454,266 624,192 1,237,906 2,465,296 953,522 1,722,831 3,378,343 1,103,908 1.994,629 3,156.290 49.808 49,086 95.866 188,676 346,449 2,076,874 90.641 567.134 743.030 1,489,841 2,937,203 & West'n— 1 July 1 to to to Dec 31 Dec 31 Dec 31 Jan 1 Syrac Bing & N Oct 1 to Dec 31 Y— 96,266 Dec 31 188,901 Dec 31 351,835 Denver & Rio Grande. Dec 2,094,687 Julyl to Dec 31 83,642 DuluthSoSh & Atl...Dec 502,251 Julyl to Dec 31 July Jari 1 1 to to Genesee & Wyoming Oct 1 to Dec 31 July 1 to Dec 31 Jan 1 to Dec 31 .Dec •Georgia RR July 1 to Dec 31 Greenwich & Johnsonville Oct 1 to Dec 31 Julyl to Dec 31 Jan 1 to Dec 31 Gulf & Ship Island... Dec July 1 to Dec 31 Hocking Valley Dec 6,850 13.700 27,686 a51,515 a311.814 4,600 9,200 18,100 25,651 153,681 69,775 402,402 July 1 to Dec 31... InterborouRh Rap Transit^ Manhattan Elevated Oct 1 to Dec 31 1,857,022 July 1 to Dec 31 3,534,694 Jan 1 to Dec 31 6.946,607 Subway Division Oct 1 to Dec 31 449.737 July 1 to Dec 31 7.59,737 Jan 1 to Dec 31 1.224.171 Total both divisions Oct 1 to Dec 31 2,306,759 July 1 to Dec 31 4,294,431 Jan 1 to Dec 31 8.170.778 lanawha & Mich Dec 19,952 Julyl to Dec 31 120,642 Lake Sh & Mich Sout.h'n— Oct 1 to Dec 31 1,850,000 July 1 to Dec 31 3,410,000 Jan 1 to Dec 31 6,320,000 Lehigh & Hudson River Oct 1 to Dec 31 36.098 .July 1 to Dec 31 72,185 Jan 1 to Dec 31 144,830 Louisiana A Ark Dec 12,747 July 1 to Dec 31 73,905 Maryland & Penna.-.Dec 3.833 Mar 1 to Dec 31... 41,332 Mineral Range Dec 9.446 .July 1 to Dec 31 56,678 Mo Kansas & Tex Dec 364.113 Julyl to Dec 31 2. 186. .557 Mobile Jack & K C... Nov 35,163 Nash Chatt & St L...Dec 149,590 July 1 to Dec 31 897,916 NCTada Cal & Ore Dec 2,142 July 1 to Dec 31 12,851 V Y Chicago & St Louis Oct 1 to Dec 31 July Jan New New 1 1 Jer.sey Oct 1 July 1 Jan 1 Dec 31 Gee 31 New York to Dec 31 to Dec 31 to Dec 31 to to 678,600 901,273 1,498,731 71,484 70,740 181,294 145,351 390.942 328,881 rf 323,008 rf243,675 rf2, 146,346 dl,777.035 xl2, 332 xdf. 15,880 a'77,991 xdf.89.970 6.921 14,419 28,021 a51,415 2.396 17,754 19,196 x27,203 dc/.4.181 a313.912 a:194.731 xl09,594 21.713 39.891 X15.462 4, .300 3,896 6,361 8,600 5,474 8,388 9,400 10,230 20,210 25,450 x30,270 .t22,924 147,468 xl83,846 xl00,13] 114,946 a;312,645 x291,142 471.687 11,121.278 11.115,945 2,066,057 3,597.600 7,261,959 1 /175,1,55 xS03,678 /175.155 xl. 031. 2.38 n75,155 x2, 169,572 /2, 241, 212 /3, 772, 755 xn92,195 xn92.195 July NT 1 I 1 Roads. Pennsylvania- S — —Bal. Previout Year. $ Net E'ngs.— ej Previous Year. Oiirrent Y«ar. 15. .546 31.092 61,997 to Dec 31 to Dec 31 to Df'c 31 Ont A West Julyl to Dec 31 Staten Island Oct 1 Toledo & Ohio Cent.. Dec July 1 to Dec 31 Toledo Peoria & West. Jan July 1 to Jan 31 Dec Wisconsin Central July 1 to Dec 31 1.53,236 11,350 68,100 3,875 30,248 9.446 56,678 354.208 2.112,874 1,304, .532 150,502 903,012 2,162 12.974 2,844 87,437 361,425 5,220 51.937 334,184 671,975 1,304,644 167,302 408,130 620,362 303,110 618.915 15.347 zdf. 11.875 30,694 xdt. 3,089 61,428 zdf. 10,315 xlO.OOl x37„331 x42,162 xl07,790 5,444 65.556 3.800 xl08,780 29,001 215.543 51. .560 1,439 53.157 3.808 12.922 1.274.322 8,126 16,274 def 12,100 dc! 9,210 77,352 121,953 216.816 2.583 18,081 38,083 223,826 22,978 160,054 44,932 90,863 185,725 2,583 0,254 17.156 67,079 29,627 233.595 X50.083 S417.503 148,437 894,109 18,081 37,772 226,807 22,744 169,831 278,960 564,016 de! 285 del 5,600 3,871 39,202 86,812 150,070 28,064 195,666 x31,715 a:468,087 25.852 de} 5,661 def 2.178 a;lfil,269 def.13,252 x311,560def.l45.285 l,223.989xdf. 119.373 def. 946.389 1,219 1.924 3.199 10.687 16,918 17,051 a:27,840 r40,825 144,774 X465.651 a608,711 875,663 d Charges include sinking fund and "preferred dividend. f In 1904 Subway was in operation only from Oct. 27 to Dec. 81. I After allowing for other income received. Miscellaneous Companies. Gross Earn'gs Previous Current Year. Year. S $ Companies. Oct Cum Dec Co Buffalo Gas Dec 31 1 to & Tel Co.b.-Jan Net Earnings Current Year. $ 44,467 123,268 Previous Year. $ 42,692 108,231 161,850 436.031 391.313 1-60,990 18,851 145,979 14,433 121,741 7,229 42,611 0,014 61,486 Co.. Dec 36.972 Dec 31 194,932 Houghton Co Elec Lt Co Dec 26.084 Hancock, Mich 211.723 Jan 1 to Dec 31 75.088 Hudson Riv Elec Pow.Dec 738.388 Jan 1 to Dec 31 27,530 Lowell Elec Lt Corp.. Dec 132,621 July 1 to Dec 31 Jan Milw Gas Light Co Minneap Gen Elec Co. Dec 77.894 377.899 July 1 to Dec 31 Dec 505.074 Pacific Coast Co. a 3.502,487 July 1 to Dec 31 Pocahontas Coil's Co.. Dec Jan 1 to Dec 31 33.578 167.744 17,386 86,305 13,487 67,281 23.593 184,483 56,295 643,886 25,563 124.643 16.510 110,633 37.389 332,272 12.961 64.002 92.432 34,431 166,490 103,869 830,606 35,062 J53,873 13,837 86,669 12,198 247,051 12,987 67,222 72,033 45,771 176,021 79.457 000,331 Tel 111 Fall Co, Brockton. Dec Jan 1 to Riv Gas 1 Dec 31 Wks to 77,613 340,922 467,408 3,288,741 -Int., Rentals, 3,961 47.267 133, .597 2.341,792 4.674,641 9,124,294 Dec 73.491 426,293 2,106.235 x2, 083. .569 t919,113 4.214.671 x4. 694. 671 .t3. 212, 398 8,196,792 x8, 190,324 z5, 566, 112 62,254 91.240 49.833 306.379 798.857 789.614 1 8,149 16,297 U4.601 Interest Charges and Surplus. 125.092 x6,I39 X(/r/.55.67.s 251.224 a;dc/53,442 x</r/85,92S xrfc/22. 62 615.077 86,905 248,415 248,958 221 29.885 81,041 481,995 Charges include interest on debenture stock. d These figures are after allowing for other income and for discount and exchange. The sum of $10,000 is deducted every month from surplus and placed to the credit of the Renewal Fund. 56,149 532.290 60,297 125.741 252,438 .59.9.53 108,047 208,245 290,847 41.166 171.099 a:16.938 c July 23.463 def.820 43,741 def.12,602 x83,623 xl6,557 xl5,806 x15,6S0 151,044 304.421 601.013 15,161 124,193 250,643 1,497,058 x6,734 6 Included in the fixed charges in this fiscal year are expenditures fo renewals, additions and improvements amounting to 589,127 for December 1905, against $200,203 in December 1904, and to $939,637 for period July 1 to December 31 against S858,745 the previous year. Ma.ss 4,457.741 1,106,628 6,270,289 5.652 7.099 a Charges here include road rental (paid by lessee) and other deduc- 114 x2„504, 140x^.811 ,327 19,880 x22,324 xc/ef7,i)H7 120,237 xl80,813 x 4,940 2,095,864 4,467,963 xde/4,752 zl,459 904,071 8,602.247 8,440 8.023 323.216 315.396 1.810,380 tions. Ed El 072, (>35 2,106,781 arfe/2,780 Western New York & Penn 277,620 Oct 1 to Dec 31 583.330 Julyl to Dec 31 1.211,191 Jan 1 to Dec 31 2,860 W'msport & No Br'ch.Dec 17,678 July 1 to Dec 31 X/S50.S81 35.717 75,384 Dec 31 Dec 31 Transit Dec 31 Dec 31 Jan 1 to Dec 31 Jan Texas Central July 1 to Jan 31 a;/439.569 1,042,2.58 4,715 8,100 884,016 5,304.094 8,333 17,833 109.022 0,501 11.728 Ry— to July 1 to Staten Isl Rap Oct 1 to July 1 to f963,280 1.650,000 3,180,000 6,090,000 4,846 7,668 de/4,089 433,163 2,961,791 — xl, 073, 099 f7. 437. 4,054 6,637 9,375 886,282 3,658,778 6.400 Dec 31 11,677 Dec 31 22,261 Dec 31 349.540 Norfolk & Western.. -Dec 2,025,548 Julyl to Dec 31 Raquette Lake 3,970 Oct 1 to Dec 31 7,286 Julyl to Dec 31 Dec 868,500 Reading All cos 5,211,000 July 1 to Dec 31 8,333 Rio Grande Junction. Nov 17,733 Rio Grande Southern. Dec 108.413 Julyl to Dec 31 Rutland RR— 151.869 Oct 1 to Dec 31 303,797 Julv 1 to Dec 31 604,500 Jan Ito Dec 31 14,644 Dec St Jo AGrlsl 121,156 Dec 31 July 1 to Dec 261,158 Seaboard Air Line 1,542,761 July 1 to Dec 31 Oct 1 to Jtilvl to Jaii 1 to a:fl92,195 .r(/r^35,I67 N Y N Hav A Hartf— Oct Current Year. xl59,602 x247,374 x41.861 x6.5S.68B x334,568 xl, 619, 132 <fe Ijondon Northern to Dec 31._,. Oct Julyl to Dec 31 Jan 1 to Dec 31 Jan —Int., Rentals, &€. $ 2:751.002 .t018,222 2,028.578 4,061,246 a-2.113.634 xl,880,415 8,1-69.833 j2.253.077 x2.263.009 Bridffet'n&SacoRv..Dec ,Iuly 1 to Dec 31 Dec Buff A'Susqueh July 1 to Dec 31 CaUfornia July — Bal. of Net E'ngs. Current Previous Year. Year. New York & A Maine— Ttilv 1 Current Year. 447 Companies. Current Year. s Cumberland Telephone A Telegr.apli Jan 19,121 Edi'n El (Brockton).. Dec 729 Jan 1 to Dec 31 8,452 Fall Riv Gas Wks Dec 503 July 1 to Dec 31 3,220 Houghton Co El Lt Co. Dec 2,187 Jan 1 to Dec 31 26,250 Lowell Elec Lt Corp.. Dec 865 July 1 to Dec 31 4.449 Minneap Gen Elec Co. Dec 9.071 July 1 to Dec 31... 54.426 Pocahontas Collieries. Dec (/22,199 Jan 1 to Dec 31 dl98.044 '/ *c.— —Bal. Previous Year. s 15,889 693 10,980 456 1 ,837 2,187 26.350 1,155 6.820 9.144 66.866 of Net fi'n^J.— Y^ear. Prcvioua lear. s $ Current 141.869 0.499 34.158 16.882 S3 .084 14.323 84,283 12.097 49,614 26,361 112.065 12.863 66.829 Includes sinkiiiK fund and prwfarrsd stock «tlTid«[xl. 145.961 6.320 40,506 13,031 65,444 1 1 ,660 00,318 1 1 ,833 60.403 86,627 119,150 ... — ... 1 . THE CHRONICLE. 448 [Vol, Lxxxii. —Gross STREET RAILWAYS AND TRACTION COMPANIES. Latest Oross Earnings. Name Jan. 1 to Current Year. Week or Month. Road. 1 Current Year. Previous Year. Current Year. $ s i Previous Year. S 20,117 C853,423 26,2.59 18.2.38 22.405 78,244 521.100 , Ry & L'ht November. January .. January .. January .. January .. 2(1 wk Feb December 2d wk Feb January Januarv . December (Muscatine, la). Tr Co. Clev & S Clev Painsv & E.. Col Lon & Sprins;. W DavtonSp'g&Urb. Detroit United Ry. Dubois Elect & Tr. Duluth Street Ry.. EastSt L&Sub... Elgin Aurora & So. El Paso Electric... h Ft Wayne & Wab Valley Traction. December Galveston Elect Co December . Havana . i Manila El Ry& Ltg Corp Ry Dept. January .. Lighting Dept.. ,Ianuary .. Met West Side Elev Januarv . — Ry Wk Feb 10 MunHart & Ft W. December Norfolk Ry & Light December Nor Ohio Tr&Lt Co Januarv .. & RR Co M'K & Green Pottsv Union Trac Rochester & East. Rochester Railwav Rock Beloit& Janes St Joseph (Mo) Rv January Januarv 949,497 2194.598 274.567 835.231 2181.906 233,862 29,487 16,853 46,413 233,903 19,134 10,573 23,618 447.245 19,445 66.560 28.730 17.079 38,106 191,300 15.682 8,228 26,566 323.192 327,459 199.512 357.183 191,360 176.709 267.912 290.497 15,134 54.777 517,315 233,903 210.259 Z93.267 305.640 4.877.846 CI87.973 788,268 47.785 19,794 30,748 8,709 40,252 18,220 27.421 7.702 549,819 167.941 367.702 8,709 479,345 153.525 45,250 31,000 ^. 179.820 300.931 38.242 45.746 . .. 66,578 58,026 .. .. November. .. December LtHt &P0WC0 January 73.259 20,222 34.048 17,171 19.932 156.159 10.694 . .Januarv .. Januarv 87,326 22,602 40,450 .33,906 54.011 65.465 114.278 111,154 8,437 8,207 9,116 9.942 14,284 20,198 134,496 9,468 Orange Co Traction December Pitts 105.827 33,906 250.510 10,617 105.827 66,287 73,235 125,846 131,376 10,180 8.702 10,210 13.607 Northwestern Elev January .. Oakland Tr Cons.. December . Olean Street Ry... December . Peeks Ltg 25,276 78,691 114,215 40,713 288,943 72.476 45,250 31,000 201,066 297,464 48,336 52.223 Mil Elec Ry&Lt Co December . MilLtH &TrCo.. December Montreal Street 499,598 15,8.58 24,322 28.563 89,462 5.404 11,998 114,215 40,713 28,104 . 99.042 34.760 13,345 110.689 46,567 15,858 24.322 28.563 589.666 10.575 34,760 13,345 9,977 46,.567 Elec Ry. Wk Feb 18 Honolulu Rapid Tr December . & Land Co Houghton Co St Ry December . Houston Elec Co.. IJecemher . IlUnois True Co... Januarv . Indianap Col & So. December . Jackson Consol Tr. December . Jacksonv Elec Co_ December . Kan City Ry & Lt.! December . Kan Citv-West Ry.' January .. Lake Sh Elec Ry . . December . Lehigh V Tr Co— Street Ry Dep..i November. Elec Light Dep. November. December Lexington Ry Madison &Int Trac January .. 2/ c513,873 24.826 66,405 1 167,067 659.873 7,702 201 ,066 179.820 3,226,532 3.218,691 608,997 461,952 267.082 311,927 181.200 173,153 731,381 658.189 73,235 65,465 125,846 114.278 1,441,471 1.258.136 126,714 108,117 117.414 124,178 10,210 9,116 13,607 9,942 14,284 17,171 147,850 134,496 136,918 66,578 58.026 535,133 419,349 156,1.59 San Fran Oakl'd & December 41,839 San Jose Ry 49,170 Sao Paulo (Brazil) Tram L & P Co. Wk Feb 4 18,846 17,889 Savannah Elec Co. December . 54.146 48,454 Schuvlkill Ry Co . .January .. 14.549 Seattle Electric Co- December . 235.789 208,727 106,052 586,236 14.549 100.266 544.144 2..565.9 13 2.3'21,234 South Side Elev... January . Syracuse Ry.. December Tampa Electric Co December . Terre Hte T & L Co December _ Tol Bowl Gr&So Tr Januarv .. Toledo Rys & Light January .. Toledo & Western. December Toronto Railwav.. Wk Feb 17 Twin City Rap Tr _ 2d wk Feb United Rys of St L Januarv .. United of San Fran December Wash Alex & Mt V Januarv . Youngst n-Sharon December 143.229 964,030 411.763 629,760 26,647 159.053 251.125 368,889 590,832 695.039 7,061. 35C 18,003 546,487 131,221 854,907 364,645 569,429 RT ' a Figures for the month 143,229 90,905 37.353 61.062 131,221 79,282 33,653 52,070 26.(147 150.944 18,708 45,967 78,264 605,429 572,500 16,353 159.053 20.514 .52,572 92,712 695,039 631,004 18,003 54.197 Jan Elg Aur & So Trac Co.bJan July 1 to Jan 31 Illinois Traction Co. ..Jan Kan Cy— West Rv.a.Jan. July 1 to Jan 31 Montreal St Ry Jan Oct 1 to Jan 31 Peek.skill Ltg & RR...Jan Rochester Ry . . b Oct 1 to Dec 31 July 1 to Dec 31 Twin City Rap Tr.b..Jan Tol Bowl Green & So. a. Jan Albany Hud Ry.a..Jan <fe July 1 to Jan 31 Aur Elg &ChicRy July 1 Jan Bingham ton Ry Jan July 1 to Jan 31 Charleston Cons Ry Gas & El Jan Mar 1 to 39,.544 404,710 to Jan 31 Jan 31 Clev Painsv & E Ry.a.Jan Cleve&South Trac Co. Jan Col London & Spgf Ry.Jan Dayt Spgf & Urb Ry..Jan 20,471 174,007 53,513 564,170 15,858 46,567 24,322 28.563 26,259 293,799 18,238 155,806 47,001 513.873 13,345 34,760 Net Earnings Current Previous S 5,379 55,892 12,065 193,384 7,995 85,798 18,418 224,185 6,740 19,018 1.250 6.174 415,331 869.581 351.120 4.53,6.56 176,056 394,688 175.806 190,597 202,346 11,446 6,791 347.203 16.353 605.429 5,554 233.765 Interest Charges and Surplus. -Int., Rentals, &c. Current Year. Roads. $ Albany & Hudson Rv.Jan 5,000 35,000 July 1 to Jan 31 13,116 El. Jan Charl Cons Ry G & 144,333 Mar 1 to Jan 31 Clev Painsv & E Ry Jan 6,678 92,242 Detid; United Ry Jan 9.333 Elgin Vur & SoTracCo.Jan 65,172 July 1 to Jan 31 6,250 Kan Cy ^Western Ry.Jan 48,611 July 1 to Jan 31 37,090 Jan Montreal St Ry 102,838 Oct 1 to Jan 31 Rochester Ry Co 92.237 Oct 1 to Dec 31 188,052 July 1 to Dec 31 9,715 Toledo Bowl Gr & So_.Jan Twin City Rap Tr Co. Jan A;109,708 Unit Rys of St Louis. .Jan 2/275.063 — — Previous Year. S 5,000 35.000 12.788 142,850 6.663 93,437 9.333 65,172 5,833 46.667 19,035 75.328 — -Bal. oj Net E'ngs. Previous Current Year. Year. i $ def. 379 1,863 20,892 11.446 5.302 4.623 58,956 79.852 62 def. 3. 055 Z33.553 X75.355 7.591 2,276 55.760 77,834 253 def. 3,141 22,801 def. 7,653 42,310 32,524 238.628 212.039 X83.300 x206,961 xl06,913 x2S0,003 95,333 192,152 1,731 92,638 78,481 x75,027xdef.35.701 fc97,325 j/270.534 X After allowing for other income received. y Includes charge for depreciation. k Charges include dividend on preferred stock. ANNUAL REPORTS. an index to AnnualTReports. — The following all annual is steam railroads, Street railways and miscellaneous companies which have been published since the last editions of the "Railway and Industrial" and 'Street Rail- reports way" of sections. This index does not include reports in to-day's "Chronicle." Railroads, &c. — Alabama Consol. Coal & Page. 391 390 332 394 216 Iron American Can Amer. Dist. TclCR. of New Jersey American Lii^lit & Traction American Dist. TeleK. Co. of N. Y--.220 American Sugar Refining (bal. sli.)..333 394 Bell Telephone of Phlla 394 Central Dist. & Print. Tcleg... 389 Chicago Pneumatic Tool Cumberland Telephone & Telegraph. 280 337 Cuyahoea Telephone 389 Diamond Match 279 221 337 ..390 332 390 -395 General Chemical Harrison Bros. & Co Huebner-Toledo Breweries Illinois Brick Kansas City Southern Knickerbocker Ice. Chicago Mackay Companies Railroads, &c. — Page. Manufacturers' Light & Heat.Pittsb.390 Maryland Coal 337 National Biscuit 388 North .American Co 216. 223 .39S Ohio Fuel Supply. 338 Pennsylvania Telephone People's Gas Light & Coke 388 Philadelphia & Erie 393 Pittsburgh Coal 393 Pittsburgh Plate Glass 394 Pullman Co. (bal. sheet Aug. 31) 279 Southern New England Telephone 284 338 Spring Valley Water .279 Switt & Co Tennessee Coal, Iron & 396 Union Natural Gas Corp.. Pittsb 398 398 United Box Board & Paper 391 U. S. Reduction & Refining U.S. Steel Corp. (prelim. statem't).-278 RR Westlnghouse Elec. &. Mtg... 216 {Report for Fiscal Year ending Dec. 31 1905.) On pages 45S and 459 will be found the report of President Below we Cassatt. with the detailed balance sheet. compare the results for 1905 with those of several years A. J. previous. — Year. 490.986 % 123,557 11,609 120.932 88,381 2,692 38,994 51.569 287,367 3.129 a Net earnings here given are after deducting taxes. b Net earnings here given are before deducting taxes. in 1906 (but not in 1905) include operations Street Railway Net Earnings. The following table gives the returns of STREET railway gross and net earnings A full detailed statement, including all reported this week. 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. 27 1906. The next will appear in the issue of March 3 1906. Roads. 163,974 16,924 143,000 103,401 6,.503 71,412 79,400 341,466 4,360 Northern Central Railway. of the Scranton Ry., acquired Jan. 1 1906. c Totals are from July 1 in both years, d Tliese are results for main line, c Totals are from March 1 both years, h These are the combined earnings of all the constituent in companies, k Decrease due to a strike and boycott, y Spanish silver. z Totals are from May in both years. Gross Earn'gs Current Previous Year. Year. $ S 22,8.58 20,117 216,597 188,221 352,762 33,906 273,996 191,360 15,134 157.070 203,235 841,349 9,116 407.865 26.647 18.003 695.039 Alaska Packers' Assn 150.944 222,005 317,319 506,061 605,429 6.647.610 16.353 414,208 40,713 307,740 233,903 19,445 187,973 238,230 957,599 10,210 .036,835 Wash Alex & Mt V...Jan Unit Rys of StLouis.b. Jan 68,4.38 c 157, 070 t % Ry Detroit United 22,858 22,8.58 20.117 Albany & Hudson. January .. American Rvs Co. January ... al99,901 a 102, 742 cl, 048, 659 26,2.59 39,. 544 January 39,544 Aur ElKiii & Clii Ry .. IS,23S 20,471 20,471 BinKluimton Ry... ,Jauiiary .. 29,S9S 22,405 29,898 Boston & Worcest'r January .. 87,288 6,479 BurUngl'n (Vt) Tr. Decern Ijer . 5,797] 588.674 December ., 61,534 43.1031 Cent Penn Trac Charleston Cons Ry e.564,170 47,001 Gas <t Elect January ..' 53,513 43.443 24,826 January .. 43.443 Chi & Mil Elec 74,278 66.405 74,278 d Chi & Oak Park. January .. Citizens' Roads. date. latest 0/ Net Earnings Current Previous Year. Year. Earn'gs Previous Year. Year. $ 3,137 46,446 6,428 137,473 6,902 74.657 17.411 201,800 3.608 11.983 OPERATIONS AND FISCAL RESULTS. 1905. 1904. 1903. 1902. 462 448 450 450 4,260,379 82.192,490 2.110 cts. 18,051.555 5.827,550 77,723,595 2.338 cts. 18,937.246 5,512,994 76,381.610 2.260 cts. 15,858,506 Road operated Operations--— 4.447.637 Pass, carried, No Pass, carried 1 mile.. 88,840.460 2.092 cts. Rate p. pass. p. mile. Freight (tons) carried 19,431,721 1206189241 Freight (tons1 1 mile . Rate per ton per mile. 0.047 cts. 430.37 Train load (tons) 1225624764 1270067393 1014582766 0.616 cts. 389.50 S2.399 $1,056 $18,802 m. S2.784 $1,070 $22,793 $22,072 0.628 cts. 406.42 $2,553 $1,045 $22,932 - 1,858,242 8.191.900 481.820 1.734,372 7,994,923 445,228 1.817,418 7,977,121 439,920 1,726,143 6,247,715 381 .422 10,531,962 Gross earnings Expenses 4,748,278 Transportation 2.109.371 Maint. of equipment. 1,444.265 Maint. of way. &c... 168.652 General 10.174.524 10.234,459 8.355,280 4,684,827 1,890,763 1,092,966 160,698 4.613.588 1.950.277 1.255,717 154,296 3.437.477 1,428.581 1,109.304 129.733 8.470,566 7,829,254 7.973.878 6.105.095 fr't tr'n Earns, p. Earns, p. pass, tr'nm. Gross earns, per mile. Earnings Passengers Freight Mail. exp. — <fe $ $ miscel.. — Total oper. exp c. of exp. to earns. Net earnings P. 0.652 cts. 401.17 S2.617 $1,016 $ (80.43) (76.95) (77.34) (72.19) 2,061.396 2,345,271 2.260.581 2.250,185 THE CHRONICLE. FSB. 24 1906.] INCOME ACCOUNT. 1902. $ 2,250,185 1904. $ 2,345,271 843,049 875,130 677.012 3,218,814 3,188,320 3.135,711 2,927,197 420,180 494,512 1,146,224 151,323 55,398 920,681 494,760 591,105 916,980 148,759 64,220 908,484 507,777 535,905 916,980 136,969 Extraordinary 368,998 360,182 1,375,468 211,282 49,789 827,721 Tot. disbursements Balance surplus 3.193,440 25,374 3,188.319 3,124,308 11,405 2,797,631 129,569 Receipts — receipts Total income Disbursements — Rent leased lines, &c. Interest on debta Dividends (8%) Taxes Miscellaneous , $ 2.260,581 7bb",6oo BALANCE SHEET DEC 1904. 1905. 31. 1903. S 1902. S 20.981,362 5,436.824 805,970 20,976,470 5,401,824 329,734 842,674 1,076,868 967,629 1,248,850 520,841 1,000 1,912.365 270,436 490,842 2,419 241,987 476,841 9,752 30,673,870 30,986,882 30,977,086 28,404,236 17,193,400 6,822,000 109,872 123,891 968,930 pay-rolls. & Vouchers 687,734 Dividends 250,000 Ext'or'y expend'e f'd. 537,249 Depreciation fund 409,440 Due other cos. & misc. Const. & equip, loan. 3,571,353 Profit and loss 17,193,400 6,835,001 109,873 123,891 936,344 687,734 750,000 521,394 282,470 40,000 3,506,777 11,462,300 9,020,000 110,706 189,831 1,484,686 458,490 11,462,300 9,216,000 110,706 195,711 1,314,827 458,490 30.673,870 30,986,882 — — Capital stock Bonds (see"Ry"sec'n) Morts. & ground rents Interest accrued —Total V. 81. p. 1376. .. liabilities Lehigh $1,020,354 (5)334,010 73,873 200,000 $971,265 $342,101 (5)326,548 71,986 50,000 $819,547 $313,105 (5)302,439 70,275 $944,303 $242,584 $1,002,276 $18,078 $790,635 $180,630 $685,819 $133,728 Total Surplus 1,0.59,639 491 ,259 506,064 296,532 4,100,000 758,883 3,348,477. 30,977,086 3,336,422 Hudson River" Railway. is Ending June 30 1905.) President Lewis A. Riley says in substance: Loans, Etc. The amount of bills payable June 30 1905 Is $170,000 as against $140,000 on June 30 1904, being an increase of $30,000, which — accounted for as follows: Lehigh & Hudson River Ry. additions"and betterments added to $10,617 cost of road Advances to Orange County RR. Co. for additions and betterments -. 13,048 Advances to South Easton & Phillipsburg RR. Co. for additions 2 ,750 and betterments Reduction of current liabilities $25 ,1 8 21.496 3,686 Less profit and loss, credit for year. — The gross earnings decreased $23,002, or 4.72%, with the preceding year. Operating expenses increased as compared The extraordinary repairs and renewals included $5,843, or 2.04%. in the operating expenses aggregated $27,418, viz.: renewal of rails, $4,091; renewal of ties, $5,239; renewal of buildings, $3,467; renewal of bridges, $5,062; repairs and renewals to locomotives, $9,560. The percentage of operating expenses to earnings, including taxes, was 65.32%, as compared with 60.90% for the previous year. The road-bed and equipment are in good condition. During the year 2.38 miles of 80-lh. steel rails were laid, replacing an equal amount of lighter rails, and 28,585 ties were placed as against 17,679 during the previous year. The freight carried amounted to 905,377 tons, a decrease of 71 „599 tons, or 7.33%. The business originating on the line was 483,003 tons^ an Increase of 22,540 tons, or 4.89% over the previous year, and amounted to 53.35% of the total tonnage moved during the year. The comparative tables follow: Comparative Freight Traffic. V Ores. Anth. Coal. Bit. Coal. Merch. 1904-05, tons 320,386 108,089 58,937 381,820 94,193 396,096 1903-04, tons. 359,655 90,976 1904-05, earnings $116,460 $47,803 $17,239 $164,589 1903-04, earnings 49,554 20,729 154.068 134,415 OPERATIONS (nor Including Orange Co. RR.) Imlle Rateper pass, per mile FrelRht (tons) carried Imlle At. rate per ton per mile EARNINGS, EXPENSES AND CHARGES 1904-05. Oross earnings Operating expenses Net earnings — Taxes Interest on bonds Ulscellaneous Total fiurplua .......... U (Including Orange Co. RR.). 1902-03. 1901-02. 190.3-04. $481,772 315,249 $509,408 312.502 $443,678 262.930 $380,876 220.213 $166,523 $196,846 $180,748 $166,663 $11,384 133 116 627 $10,569 125,395 36,445 $11,356 125,395 20,496 $145,027 $21,496 $172,409 $24,437 $157,247 $9,410 BALANCE SHEET JUNE 30 1905.3y — 1904 $ Uabiimes— $ 2,678,516' 2,068,959 Capital stock f.? Assets Cost of road Coat of equipment.. 783;823 Or. Co. RR. stock.. 200,000 Adv. So. Kas. for constr'n. 229, .398 Ph. stock 160.000 ,86.685 <fe Adv. for constn'.. Mine Hill RR. adv. for constr'n Cosh Due by Milk. 36.145 36,056 $54,359 66,403 1004-03. 1902-0.3. 1901-02. 1904-05. 95.017 124.268 132,027 108,949 1.014.187 1.541.450 1.528.635 1.363.368 2.26cts. 2.23cts. 2.32 cts. 2.27 cts. 668,667 905,377 976.976 796,037 45,207,819 61,833.402 38.450.704 35.012.976 0.946cti. 0.86cts. O.SOcts. 0.966 cts Passengers carried aeenta Trafllc h.alnnres Open accounts Uat'l and supplies .. ( 40.860 65,340 2,142 40.711 23.239 65,263 1904. 1005. $ $ ..1 .340.000 1,340.000 2, 473,000 2.473.000 782.864 Funded debt 200 000 Interest on funded debt 216,350 150,000 Audited vouchers & pay-rolls »a83,835 Loans & bilLs pay'blo "[40,860 Tr.ifllc balances 64,771 Open accounts 864 Unpaid coiipons 53,0441 Profit and loss 16.553 47,462 67.466 67.466 30,095 170.000 857 4.759 1.170 278.629 61.843 140.000 570 3.699 940 267.033 4.366.878 4.324.5511 Total The Toronto Railway Company. {Report for Fiscal Year ending Dec. 31 1905.) The results for four years past and the balance sheet of Dec. 31 follow: $ Accrued interest.. 169,780 Accts. and wages. 156,097 Unredcem'd tick'ts 12.536 Injuries fund Dividends Contingent acct. 34.319 104,852 19,404 able Cash in bank Cash on hand. Profit loss 7.000,000 3,613,373 70 ,300 64,220 306,760 28,269 87,500 203.524 1,714,799 13.088.745 12.679.366 Total 13,088,745 12.679.366 Y. 82. —Total and 1904. $ 7,000,000 3.613,373 70,375 63,200 145,116 22.175 3,493 86.510 202.908 1.472.216 1905. — .12.680,140 12,178,646 Bonds outstanding 102,307 Mortgases 244.030 ment p. 335. Indiana Union Traction Company. (Statement for Fiscal Year ending Dec. 31 1905.) ~. Gross earnings Operating expenses ^'^'vnl'lon 79t),b9U $725,639 Net earnings Union Traction Co. of Indiana and Indianapolis Northern Traction Co. and other underlying bonds. Interest on 556,062 Net income in excess of taxes and int. on underlying bonds. $169,577 Dividend on preferred stock of Union Traction Co. of Indiana 100.000 and interest on Indiana Union Traction Co. bonds Net income — V. 81, p. — surplus for 1848. 1 — 905 $69 ,577 I-.- Dominion Coal Company. (Report for Fiscal Year Ending Dec. 31 1905.) The report of President James Ross, accompanied by a statement of the results for the late calendar year and the comparative balance sheets of Dec. 31 1905 and 1904 will be found at length on subsequent pages of this issue of the "Chronicle."— V. 81, p. 1726, 214. Railway Assets — & Light Securities Company, Boston. (Financial Statement Feb. 1 Liabilities $ 1906.) — 000,000 600,000 Preferred stock Common stock Investment securities aBonds: par value, $1,- 1,' 716,000; book value.. 1,605, 290 Stocks: par value, $409,347,980 200; book value 90,000 Surplus Treas. bonds, col. trust 5s. 29,108 Accrued interest recelv'ble | Cash Collateral trust, 1st series 5s, 1935 Accrued interest — 500,000 5,125 30,987 63,734 $2,136,112 Total. $2,136,112 Total a Part of these bonds, to the par value of $625,000, are deposited with the 1st series the Old Colony Trust Co., trustee, as securities underlying Compare V. 81, p. 1793; V. 80, p. 712. collateral trust bonds. Union Natural Gas Corporation, Pittsburgh, Pa. (Report for Fiscal Year ending Dec. 31 1905.) President T. N. Barnsdall says in substance: Since the last annual report the company, through its underlying companies, has acquired 72,078 acres of new oil and gas leases, and surrendered 39,786 acres that have proven unproductive, and now holds 248,901 acres— an increase during the year of 32,292 acres. This increased acreage was acquired because of the extension of the Knox County, Ohio, field, and the activity of our competitors and others, in — leasing in advance of actual development it being considered unsafe to permit possible gas territory to be developed without having some leases in it. During the year tiie company has purchased 9 gas wells and drilled 92 wells, of which 85 were gas wells, 2 oil wells and 5 unproductive, and now has a total of 3 oil wells in Ohio, 346 gas wells in Ohio and Pennsylvania, and, through its ownership of stock in the Reserve Gas Co., Early in the year a one-half interest in 99 wells in West Virginia. franchise was secured in Davton, O., and a very satisfactory contract concluded with the Central Contract & Finance Co. for supplying gas in the city, through the disti'ibuting system of tlie Dayton Natural Gas Co. A line, composed of 10 and 12-inch pipe, was laid from Sugar Grove compres.sing station, a distance of 86 miles, and the capacity of the compressing station was increased to meet the requirements of this business. The result has fully warranted the expenditure. The gas compressor station at Bangs, 6., completed this year, has proven satisfactory. compressor station was also installed at McKinley, McKean County. Pa., in order to utilize the gas from low-pressure wells in the Bradford line. In adchtion to the line to D.ayton, 86 miles, there was laid in the field lines 34 miles; in extensions in cities and towns, 75 miles; a total of 195 miles. The amount of the foregoing investment aggregated over 1,100,000. Since the last annual report, the number of consumers has been Domestic, increased in cities operated by the company as follows: 5,078; special, 310; acquired in Davton, 8.000; a total of 13,388, the total number of meters now being 67,470, of which 65,983 are domestic and 1,487 special rate-consumers. The cities now occupied are fully piped, and will require no further investment, except to keep up with their natural growth. The company is free from competition in any of the cities it supplies, and there is a general good feeling existing between it and the pubhc. No large investments are contemplated in the coming year. The"statemcnt of the operations of the corpor.ition and its A underlying companies for the Gross earnings Operating expenses, including year.s ending Dec. 31 follows: 1903. 1904. 1905. St !R S 1,772,714 2,419,189 2,018,741 drill- 877,358 799,968 791,279 Net income from operation 1,741,383 Int. on debt & bond commission.. 233.595 Dividend (8)720,000 3.39,251 Gas purchased 1,019.221 319.937 (8)720,000 206,031 981,435 160,386 (2)180,000 1,292,846 448,537 1,245,968 373,253 4.355.878 4.324,551 1791. 31. Liabilities Capital ing, rentals, royalties, Total —V.81. p. 1 1904. $ 1905. Stores on hand receivAccounts Is Oeneral Results. 44,437,678 15,974,220 $1,834,908 1,015,361 X Includes payment of the city's percentage, $292,707, as compared with $347,610 the previous year. 28,404,236 (Report for Fiscal Year Deduct a;$394,393 Road and equip 20,981,362 6,772,638 619,516 Liabilities $1,186,887 Net earnings $464,306 Fixed charges (5)350,000 Dividends paid 79,997 Cost of paving 50,000 Contingent account.. Assets — Cost of road, equip. &c. 20,981,362 Bonds & stocks owned 6 ,765 ,2 1 394,847 Materials and supplies Due from ae;ents, con1,017,420 necting roads, &c.. Adjustm't of const'n & equipm't expenses 975,762 Cash 536,841 Depreciation fund 2,419 -Miscellaneous Total assets 1903. 53,055,322 18,654,344 $2,172,088 1.200,823 Passengers carried... 67,881,688 23,625,752 Transfers $2,747,324 Gross earnings 1,560,437 Operating expenses-. BALANCE SHEET DEC. o Includes "car trusts. 1902. 1904. 60,127,460 20,480,270 $2,444,534 1,424,179 1905. •••t" 1903. 1905. $ 2,061,396 1.157,418 Net earnings Rents & other 449 Surplus &c 340.387 641,040 . . THE CHRONICLE 450 — BALANCE SHEET DEC. Liabilities 9.000,000 3,000,000 901 ,000 743,204 1,674,652 Bonds, "Union" Underlyini; bonds Net accounts payable Total surplus 31 1905. A SDttS S Capital .slock 'Investment" .15,378,816 T^otal --15,378,816 Total ...15,378,816 Dec. 31 1904 the ooinpiuiy reported for itself and its underlying companies: Total resources, exclusive of connecting and reserve companies, $11,407,848; deduct liabilities, $4,076,410; net resources, $7,391,438; connectiuK and reserve rompanies {'i owned), §1,020,003; grand total resources over liabilities, SS,411 ,441 .— V. 82, p. 390. On (The) Mackay Companies. {Report for Period from Feb. 23 1905 to Feb. 1 1906.) The trustoos make the following report: Uoldinyi. The Mackay Companies owns the whole or part of the capital stock of 74 prosperous cable, telephone and telegraph companies in the United States, Canada and Europe, including the entire capital stock of the Commercial Cable Co. and the various companies constituting the land line system known as the Postal Telegraph. The Jlackay Companies is one of the largest stockliolders in the American Telephone & — Telegraph Co., commonly known as the Hell Telephone Company. Duriijg the past year the Mackay Companies has acquired the control of the North American Telegraph Co., which for 20 vears has owned and operated a telegraph system in Minnesota, Wisconsin, Iowa and llhnois, the stockholders of that company having exchanged a portion of their Stock for preferred shraes in the Mackay Companies. Status. The Mackay Companies has no debts. Its authorized capital Is §50,000,000 preferred shares and $50,000,000 common shares, of winch there are outstanding 840,645,600 preferred shares and §41.380,400 common shares. During the past year the outstanding preferred shares have been mcreased by .<4, 670,900, issued in excliange for stock in corporations, which, in addition to strengthening the position of the Mackav Companies, pays as much or more dividends than the corresponding dividends on the Mackay Companies' preferred shares. The Mackay Compaiues, in' its investments, confines itself to first-class cable, telephone — and telegraph stocks. D!r»/f;u/s— Quarterly dividends \% of have been regularly paid on s'''i''es, beginning April, 1904, and semi-annual dividends * * , ,B''t^''"''>? *'*^" regularly r>aid on the common .shares, beginning January, ?ni/^ 1905. Canadian shareholders can cash their dividend checks in Canada ^'^ and European shareholders in London. Earnings.— The income of the subordinate companies of the Mackay t.ompanies Is largely in excess of the amount required to pay these dividends, but its pohcy is to obtain from its subordinate companies only enough money to meet the dividends on the .Mackav Companies snares. All surolus earnings are left in the treasuries of the subordinate compames for extensions and the development of the business and the Increase of re.serves. During the year 1905 the earnings of the Commercial Cable Co. have shown substantial gains in gro.^s receipts and net profits, on both the ocean and land systems. After paying the dividends on Its stock, a large amount remaining was carried to reserve. in accordance with its long-established pohcy. Extensions.— The Commercial Cable Co. has also completed and put into operation a fifth submarine cable to Europe, and also established cable connections with Newfoundland, the business of which has been heretofore exclusively handled by other companies. The Commercial racihc cable Co. has completed arrangements for laving submarine cables to Japan from Guam, and to China from Manila, to be put into operation on or before April 1 1906. The land line svstem (the Postal Telegraph) is being constantly extended, and shows increased gross receipts and net profits over the jirevious year. Amendment of Trust Agreement.— The shareholders on June 15 1905. Dy a vote of over four-fifths in interest of each class, amended the agreement and declaration of trust, so that the shareholders .shall armually elect the trustees and the trustees shaU annually make reports to share- The . profit and loss balance sheet of Feb. account for the period stated and the 1 1906 are as follows: Fell. 23 '05 to Dec. 19 '03 to Feb I '06. Feb 23 '05. », T„„^ income from investments in other companies S2, 719, 595 §1,643,677 Dividends paid to shareholders of the Mackay Companies 82,332,492 81,559,843 Oper expenses, inc. transfer agents, registrars' and trustees' fees, office rent, salaries, &c... 23,186 20,035 [TOL. LXXIIL to our iiivesiiiieiit in the preferred stock of the Canada Car Co., Limited (V. 79, p. 2749, 2459.) The common stock of lliis corporation. |which to us, is not to be included until wi- can learn its eariiing power. came PalcntK.'UuniiK the year 20 additional patentu have been takt-iijout and a number of important ap[jlications are pending. Vour company has also completed royalty contracts with a number of prominent trunx lines, and have others under lu-g.itiation.-reducing the ({uaniiiy of material necessary for the roads to carry in stock lor repairs. Joliet Plant to Ht Cloned. During the year it was decided not to renew operations at Johi't, but to remove all of the available machinery to Allegheny and McKees Rocks plants to be used in conneclioii willi the additions that have been authorized in order to increase the output of the.se, [ilauts. (When these additions and improvements have been completed, the McKees llocks plant will have been increased in its daily capacity by 50 cars.) «-f ["The company at its works at .\llegheny and at McKees Rocks will ' have a capacity of 150 freight cars i)er il :^i:l or steel and wood composite curs, in addition to Its specj; as Fox truck frames, bolsters, mining cars, iVc. car shops, just comIts new stc plete<l, have a caiiacitv of 750 steam and .stm. i railv.ay cars per annum."} Pennsylvania Car Wlieel Co. This comiiany made during the year 171,460 wheels and showed satisfactory earnings. After making provisions for guaranties of renewals of wheels and depreciation of properties, a substantial dividend has been declared. [The plant has a capacity of 250,000 car wheels per annum.] Pennsylvania .Malleable Co.— Bonds. During the year the Pennsylvania Car Wheel Co. acquired a majority of the stock of the Pennsylvania Malleable Co., which controlled the Cfiitral Car Wheel Co., both companies having plants adjacent to our works at McK< es Rocks. Tlie purchase nece.s.sitated no iucrea.se in the capital of the Penn.sylvania Car Wheel Co., but as the Pennsylvania .Vlalleaole Co. has a large floating debt, it is necessary to consoUdate this debt. This will be eiTected by an issue of bonds of the Penn.sylvania Malleable Co. The Penii-sylvania Malleable Co. has a capacity of 1 ,800 tons of mallealile and steel castings per month, and the Central Car Wheel Co. has a capacity of 100,000 wheels per annum.—V. 81, p. 1502, 1243; V. 70, p. 692. Fidelity Land Co. We have si)eiit more money than usual on repairs and improvements, yet a dividend of 6% has been declared out of net earnings after setting aside a sum for taking care of the unpaid 850,000 — '.' I — — — mortgage. — Western Steel Car & Foundry Co. The gross sales for the year were 87.503,194. The addition for the construction of steel underframe cars at this plant was conii)lited in December 1905, so that the capacity of Hegewiscli has been increased ten cars per day. Further additions will be completed by June 1 and after that date the combined plants of the W^estern Steel Car & Foundry Co. at Hegewi.sch and Anniston will have a capacity of upwards of 100 cars per day. The business already contracted for warrants these improvements. The Anniston plant now produces its requirements in bar iron and malleable and gray iron castings, and is averaging in outi)ut nearly 20 cars per day. The operations of the Western Steel Car & Foundry Co. have warranted the payment of a 0% cash dividend. Canada Car Company, Limited. The plant at Montreal went into partial operation about Nov. 1 1905. and at this writing is running over 50% of its capacity. Considerable difficulty has been experienced in securing competent workmen, but it is hoped that very .shortly these works will be running to their full capacity. The plant has capacity for 6,000 freight and 150 passenger cars per annum. , — The results for three years past and the balance sheets of Dec. 31 for two years are as follows: Profits 1904. 1905. 8 S 1.106.901 loss707,lll — Deduct Dividends preferred stock Dividends common stock. z Depreciation 1903. S 2,768,897 I u (7)875,000 (3)375,000 80,000 (7)875,000 (5)625.000 260,000 56,901 def2, 037, 111 2,531,874 4,568,985 1,008,897 3.560,087 2,531,874 4,568.985 >S75.000 175,000 Balance, .surplus Previous surplus Net surplus 2,588,775 These are the dividends actually paid during the years named; the company, however, char.ges its common dividends against the surplus z earnings of the previous year. • Balance carried forward. S363.917 863,799 BALANCE SHEET. ^'*- SI °^- ^**- -^ 1 '"^t S — ^'^- 1 "OeAssetsAsseis— r ^r,Liabilities S invesim t.sinotner pppf sliares issued 40 M'\ fion companies.. ...82,.3.36.332 76,602.574 Com.Ses'tem^^ 117.386 \-340,.539lRe.servefore.\p'ses r^^^-'-l. Other cash asseta. '• i 479.985 Balance, proflt... _v°*^i ---VnV--^2,453.718 77,422,S99( Total. Fel,. 23 'Oo. S •^'; 427.718 oks vnn 10 000 BALANCE SHEET DEC. 31. 1904. 1906. 1004. Liabilities S S $ Prop, and franch.25.Sl.S.622 26.043.767 Common stock ...12 .500.000 12,600.000 Stocks owned 2.052.554 1.712,881 Preferred stock... 12 500.000 12.500.000 Taxes & insurance 1st M. sold notes. 3 000.000 3,500.000 not accrued 24.936 22,057 Purch. money M.. 310.000 310,000 Accts. receivable . 1.826.112 493,251 .Accounts payable. 4 ,156,.3S1 844.997 Materials on hand. 4.920.253 2,164,390 Accr'd sal.* wasci 8S.255 184,018 Cash 878,040 2,130,517 .\cc'd div'ds. prof. 21S.750 218,750 Accrued interest.. 62,693 72.988 Surplus 2 588,775 2.531.873 1905 — . I —Total V. 81, Total .35,520,517 32,566,863 35.520.617 32.666.883 p. 1243. (33.799 American Writing Paper Co. 82.453.718 77.422,899 (Report for Fiscal Year ending Dec. 31 1905.) Pressed Steel Car Company. (Report for Fiscal Year ending Dec. 31 1905.) President F. N. Hofifstot says in part: General ResuUs.— In the year 1905 the railroads of the United States ordered more cars than ever before in their history. In our last annual s'''',*'". ">'"'t "'<• average annual refiuirements were about n?K"nnr.^^'*' 195,00(3 cars; during the years 1903 and 1904 only 240,000 cars were ordered. In 1905 over 340,000 cars were ordered. It is gratifying to note the continuing tendency of substituting st(>el for wood in all freight-car construction. Of the cars ordered during 1905, almost 50% were all steel or steel underframe construction l;pon the nnival of bu.siness in the year lOO.'S, the <limculty presented securing skilled workmen and it was not until the fir.st of Vugu.st that we reached a normal basis, and in coiise(iueiue our outi)ut suffered dunng this period. At present our enii)lovees iiuinl)t'r 8,000. while at the first of the year 1905 we were able to employ ordv about 2.400 Our gross sales for 1905 were 819,357,827 ((-.()"; of tliis being done the a.st hve months of the year). On this the net profits were 81 100 90'^ liesides maintaining the i)roperty and machinery in the highest state of repair, we have made a dei)reciatiou charge a^'ainst properties and franchises of $175,000. The n.sual dividend of 7Vf per annum was paid on the preferred stock. Pnssrnger Car Plant, A-r.—Yor .several years the company ha.s been eepecially engaged in designing pa.ssenger cars to be constructed of steel, or steel in connection witli fire-proof material, for use on steam and electric railways. The results show that tlie comiianv can produce a car with little additional weight over the wooden car now generally u.sed. and is able to biiikl such cars for little increased cost. Accordin irly works for Die construction of passenger cars are now almost completed, and early in the year will be in actual operation, as a number of orders have already been booked for all-steel, steam and electric cars It Is less than ten .years since one of our constituent companies built the first .all-steel freight car now used in regular freiifht traffic At the end of this year there will be approximately half a million steel and steelnderframe cars In .service. SU)«1u and Se^itritics. The increa.se in "stocks and securities" is due The and profit loss Net earnings &c Interest, Total net Interest on Expen.. income bonds iiicl. . niaint. 190-t. I,;i03,044 126,933 1,632,,561 1903. 8 1,304,806 1902. S 1,742,168 141,307 109,046 85.194 1,429.977 1.773.928 S50.000 215.341 850,000 210.172 1,473.852 850.000 214.848 34,894 1,827.360 850,000 222,178 ^ off 4S2",(i6,5 Sinking fund Itself of — 1905. 8 .Miscellaneous Charged ' account and balance sheet follow: Balance, surplus... 100.000 124,375 115,575 108.850 1,165,341 1,667,152 106,776 1,215,317 258,535 1,181,028 646.332 264,636 BAL.\XCE SHEET JAN. 1. 1906. 1905. 190«. 1905. Liabilitifs S S $ $ Plant* real estate 16,604,534 16.613.64() Profrrrcd stock... 12.500.000 12.500.000 Good-will. &c 18.010.1.50 IS.OlO.lSOi Common stock ...11.500.000 11.500.000 Cash . 605.77 1,359.(>32|5 o bonds .. -.17,000,000 17,000.000 Accts. recplv.ible . 1,204,805 1.172.631 Accounts payable. 16,260 64.603 Notes receivable.. 150,847 116.:iOS!Slnk. fund reserve 39S,S00 630.700 Company bonds. 82 1.6 IS 475.433 Surplus 1,502,047 1.237,410 10.235' Mlsccll:iiu'ou,s 10,2.35 Sup. <t ni.itorlals . 3,030.337 2,534,9.S5 Sinklns? fund 530.700 398.8001 Treas. com. stock. 2.000.000 2,000,000; Assets — — I 1 1 —Total V. SO, . ..43,059,007 42,690.8191 Total .. ...43.069,007 4t,690,819 p. 2459. United Box Board & Paper Go. (Report for Fiscal Year ending Dec. 31 1905.) A tj'pewrittcn report under date Feb. 15 1906 says: On Dec. 31 1905 the outstanding underlying liens and encumbrancot of your company were 81.166.000. and the outstanding bonded debt was <1, 300, 000. Since that dat« arrangements have been perfected and Febw L>4 THE CHRONICLE 1906.1 *re"now being concluded looking toward the retirement of said bonds the issue in their stead of 20-year 6% gold bonds redeemable at the rate of S50,000 per annum, first paj-ment on account of such retirement made on Jan. I 1907. be to Of the shares of stock of the American Strawboard Co. which were sold in December 1904. there have been re-acquired 41,5.53 shares, in payment for which there have been issued 81,253,200 collateral trust debentures of tliis company, payable in tw enty years and bearing interest at'6% and subject to retirement tlirough the operation of a sinking fund and _ wliich will be established at the rate of 550,000 per 1 1908. annum, beginning The results for the year ending Dec. 31, including subsidiary companies, compare as follows: 1904. 1905. ----- Administration and selling Shut-down and dead-mill expenses Depreciation on stock Repairs to plants Interest S912,804 81,183,785 S267.268 152,010 $231 ,774 \ 214,06<> 23,938 174,047 282,145 / ;i91,151\ 228,297 .. S925.970 $838,726 8257,815 874,078 Net profits The assets other than plant, real estate and investment, accounts and its liabihties other than underlying liens and bonds, compare as follows: Total deductions 1905. 81 10,622 Current Assets— Cash ia bank and In hands of mill cashier Notes and accounts receivable Adjustment and suspense accounts 1904. $360,694 582,427 656,494 555,105 457,517 inventories, Incl. materials & supplies at mills. Due from purchasers of stock of American Straw- 781,953 1,000,000 board Co I:. Total Current LiabilUies f.- — subscription $185,000 int. $1,155,684 298,329 39,925 388,7.50 223,430 43,972 Accounts" paj'able Accrued 82,725,074 $1,779,738 Notes payable sec. by pledge r-'American Strawboard stock Notes payable on bonds and underljing bonds S-- "TTotal Excess of quick assets over S841.152 8938.580 liabilities Compare balance sheet low.— V. 82, p. 396. of 81,493,9.38 81.231.136 American Strawboard Co. be- {Balance Sheet Dec. 31 1905.) — 1905 1904. LiabilUies $ Plants and patents.. 6,326.610 6.286,413 Capital stork 425,000 Accounts payable 425.000 Stores 57.739 Bills payable Personal property 52 ,340 55.4S0 Bonds Merchandise 36,429 221,613 .\ccrued Interest Supplies 154.133 4.500 14.776 Surplus Bills receivable 261.962 Accounts recelTable. 228. 74S 123.719 Cash 40.299 271.043 269.328 Investments — Total Total 7.545,103 7,716.030 1904. S $ 6.000,000 6.000,000 31.671 IS, 207 75.000 330.000 370,5S9 323.000 8.075 10,300 1,107.357 986,934 1905. 7,545,103 7.716,030 Compare United Box Board Co. above. — — — Central Market Street Ry., Columbus, O. Sold. At the receiver's sale at Columbus, O., on Feb. 20 the property was bid in by A. E. Locke of Boston for $150,000, subject to $500,000 first mortgage bonds.— V. 82, p. 160. — Chesapeake & Ohio Ry. Rate Decision. The United States Supreme Court on Feb. 19, Justice White writing the opinion, on a complaint brought by the Inter-State Commerce Commission, held that the company, under a contract made in 1896, could not sell and deliver coal to the New York New Haven & Hartford RR. at a price which would, at the prevailing cost price, leave a margin for transportation of less than the published freights. The general theory of the opinion, wliich is given at some length in the New York "Sun," "Herald" and other papers of Feb. 20 is that, inasmuch as the Inter-State Commerce Law provides that no departure from the published rates shall be made "directly or indirectly," the carrier cannot, because he is also a dealer in a commodity, be excepted from the operation of the "Statute, the purpose of which is to prevent unjust and unreasonable rates and to prevent favoritism. The decision, it is understood, holds that the Inter-State Commerce Act does not affect those railroads which, prior to the passage of the Act in 1887, were granted the right by their charters or legislative Acts to engage in other business, the vested rights so acquired not being subject to restriction by subsequent laws. Among such roads are the Delaware & Lacka^vanna, Lehigh Valley and other "anthracite" roads V. 81, p. 1790. — V. 80, p. 873. — Chicago & Alton RR. See Chicago & Alton Ry. below. Chicago & Alton Ry. Consolidation Plan. A circular dated Feb. 16 proposes the consolidation of the Chicago & Alton Railway and the Cliicago & Alton Railroad (all the capital stock of the latter except $7,300 preferred and $438,700 being owned bj^ the railway company), on the following terms, which will be submitted to the shareholders of the two companies at meetings to be held on March 8: New Stock Aggregating S40,000,000 to Be Issued by Consolidated Company. (Balance Sheet Dec. 31 1905.) 1905. $ — — 1904. $ depreciation ... 9,253.029 Cash Accounts and 190.850 bills receivable Materials and supplies Total 342.565 850.110 9,208.059 Bonds outstanding 1,632,000 242.065 Accounts payable (includ. wages). 64.723 359.489 Int. & taxes accr'd 39,734 Dividend 58,543 832.967 Surplus 1.135.854 10,636,554 10.642.580 Total (M% 1904. $ ,805,700 .533,000 57.405 40.741 58.543 .147.191 10.636.554 10.642.580 quarterly), calling for Dividends at the rate of 3% yearly During 1905 $51,000 bonds $234,171, have been paid since July 1904. were redeemed by the sinking fund and canceled, making a total of $510,500 canceled to Dec. 31 1905. On the date last named there were held in the treasury $457,500 bonds (against $507,500 Dec. 31 1904), $50,000 haring been issued for the purchase of new plant iu 1905. V. 80, p. loss. — GENERAL INVESTMENT NEWS. RAILROADS, INCLUDING STREET ROADS. & Susquehanna RR. New Mortgage. A mortgage has been filed to the United States Mortgage & Trust Co. of New York as trustee to secure the $10,000,000 of 3^^% — Albany gold bonds which will be issued to refund the 6% and 7% bonds for a like aggregate amount maturing April 1 1906. The new bonds will be guaranteed, principal and interest, by the Delaware & Hudson Co. In June last they were offered at par pro rata to the stockholders of that company. See V. 80, p. 1174, 1362, 2343.— V. 81, p. 1847. Boston & New York Air Line. Offer to Purchase. The minority stockholders have received a circular from the New York New Haven & Hartford RR. Co. which, at last accounts, owned $1,766,000 of the $2,998,000 preferred and — $751,100 of the $909,468 common stock, asking them to what price they are severally willing to take for state their holdings.— V. 81, p. 1492. Cairo & Kanawha Valley RR.—Sold.—A press dispatch from Parkersburg W. Va., states that this 17H-mile road, extending from Cairo to McFarland, in RitchiefCounty, W. Va., has been sold, for a sum stated as about $100,000, to a syndicate represented by Charles F. Teter and A. S. Moore, of PhiUppi, and C. B. Kefauver and T. R. Cowcll, of Parken^burg. It is said the purchasers are identified with the Baltimore & Ohio RR. Canada Atlantic Ry.— Right — to 4% 4% $100 1905. Liabilities S Capital stk. issued 7,805.700 Cost property less — participating and prior hen stock" entitled in addition to prior right to accumulative dividends at the rate of per annum, to receive additional dividend* equal to the rate of dividends, if any, declared on the common stock of the consolidated company, par of share* "Cumulative American Sewer Pipe Company. Assets — — American Strawboard Company. Assets the company to acquire, hold, pledge and dispose of shares of the capital stock and bonds, debentures, or other securities, of the Pembroke Southern Railway Company, and to guarantee paj^ment of the principal and interest of the bonds, debentures or other securities of the said Pembroke Southern for a principal amount not exceeding $150,000. V. 81, p. 1609. Sale of Land. Canadian Pacific Ry See Western Canada Land Co. under Indu.strials below. Proposed Union Station. See Toronto Union Station Co. below.— V. 82, p. 333. . Oct. Gross profits.... 451 Guarantee Securities of Pembroke Southern Ry. AppUcation, it is announced, will be mode to the Parliament of Canada for an Act to empower Of which, in exchange $899,300 for S7,300 outstanding preferred stock of the railroad on basis of $3 forSl For the $438,700 $21,90* common stock on the basis of $2 for $1. 877,400 New preferred stock to be exchanged for an equal amount of "preferred stock" of the Railway Company (par $100) «:19,557,900 Common stock to be exchanged for an equal amount of common stock of Railway Company (par SlOO) «19, 542,800 X In order to confine the capitalization to $40,000,000, 8,993 shares of the authorized, but unissued, preferred and common stock of the Railway Company in its treasury are to be canceled. "The mortgage of the Railway Company to the Farmers' Loan & Trust Co. becomes under the consohdation a lien upon the property and franchises of the railroad company, • subject to the lien of the mortgage securing the 3% refunding' bonds of the railroad company and to certain obligations and liens existing at the time of the obligation. "Due provision is made for retention in the consolidated company of all the rights and franchises of both the Railroad Company and Railway Company. While the effect of the consohdation will be to merge the Railroad Company into the Railway Company, it has been deemed advisable, on account of the good will attaching to the name, to provide that the consolidated company shall be designated "The Chicago Alton Railroad Company." But,the directors, officers and executive committee of the Railway Company are to be retained for the terms for which they were elected in hke positions in the consolidated corporation." New Director. B. F. Yoakum, Chairman of the Rock & — Island Company, has been elected a director of the Chicago Alton Railway, which is controlled by the Rock Island and Union Pacific systems, to succeed W. B. Leeds. V. 82. & — p. 333. — — Chicago & Eastern Illinois RR. Coal Properties. See Dering Coal Co. under Industrials below. V. 82, p. 48. Chicago & Illinois Midland Ry. Mortgage, &c. This company, organized in 1905 as the Central Illinois Ry., its name having been ch.angcd and its authorized capital stock increased to $2,000,000 by vote of the stockholders at a meeting held on Dec. 30, has taken title to the Pawnee RR,, which runs from Auburn on the Chicago St Alton Ry. to Pawnee, 111., 9 miles, and is extending it easterly 17 miles to Taylorville, on the Wabash RR. For the purpose of paying ex'sting indebtedness, to provide for the reconstruc- — tion of the road, and for the building of the Taylorville extension, as also for future requirements, a mortgage hcM been — — — — ——— — ———— —— — — , — — THE CHRONICLE. 452 the Illinois Trust & Savings Bank of Chicago, as trustee.Ho secure $5,000,000 bonds, to beur not exceeding 5% interest, and to mature Teb. 1 195G, but to be subject to call at such date and at such premium as the directors shall from time to time decide for the several issues. The bonds filed to are issuable as follows: issued forthwith on the above-mentioned 26 miles To be . [Vol. tytttt, by Canadian Pacific Railway Co. $17,200 of these car trusts become due July 1 1906 and a like amount each six months thereafter until Jan. 1 1911. They are secured by cars which cost $209,300 and for which a cash payment of $37,300 was made.— V. 81, p. 1042. Georgia Railway & Electric Co., Atlanta. Independent Company. See North Georgia Electric Co. under "Induatrials" below.— V. 81, p. 1665. Grand Trunk Ry. Proposed Union Station. Guaranty of — of 5%, issue to be dated Feb. 1 1906 and to be redeemable on Aug. 1 1910 and on any interest date thereafter at 110 Furtlier issues from time to time on account of additlonall — road; interest rate to be $780,000 Further issues from time to time on account of permanenty $4,220,000 additions (other than railroad track and ri^lit of way), after Feb. 1 1906, which further issues shall not exceed 85% of the cost thereof A majority of the company's outstanding ($1,000,000) capital stock is owned by the interests that control the See that company in V. 82, p. 51 Illinois Midland Coal Co. and "Industrials" below. Chicago & North Western Ry. Right to Subscribe to New Stock.— Thv sharehoklers of record on April 2 are offered the right to subscribe at par on or before May 1 to $16,267,400 — — See T(jrouto Union Station Co. below. Grand Trunk Branch Ldnes Co. See Grand Trunk Pacific Ry. in V. 82, p. 333.— V. 81, p. 1791. Bonds. sins^le-track railroad at not exceedinf; S.30,000 per mile — — Gulf & Chicago Ry. Co. Application to List. The New York Stock Exchange has been requested to list $3,724,000 first mortgage 5% bonds of 1953.— V. 77, p. 36. — Hocking Valley Ry. Co. Application to List. The New York Stock Exchange has been requested to list $1,000,000 first consolidated mortgage 4J4% bonds of 1999, making the total listed $14,139,000.— V. 81, p. 916, 897. Huntingdon & Broad Top Moimtain RR. & Coal Co. of their respective The results for the year ending Dec. 31 compare Subscriptions are Earnings. stock in amount ecjual to 20% holdings, either common or preferred. payable on or before June 1. The proceeds will be used to "improve and extend the company's property and to provide additional equipment, as well as for other proper corporate purposes." It is undenstood that a portion of the funds will be used to reimburse the company for expenditures already made on improvements and extensions, but up to this time not capitalized. V. 82, p. 279. common — Chicago Rock Island & Pacific Ry. Control of Bering Coal Co. Sec that company under "Industrials" below. V. 82, p. 280, 99. — — Chicago & Western Indiana RR. Called Bonds. Seventy-one (871,000) general mortgage bonds of 1882 drawn for redemption are payable on March 1 at 105 and interest at office of J. P. Morgan & Co.— V. 81, p. 1492. Maturing Bonds.— Bonds Nos. 1 Cincinnati Street Ry. to 1,200, inclusive, of the Mt. Adams & Eden Park Inclined Railway (consols) mature March 1906 and will be re- 1 at either the First National Bank or V. 81, p. 1043. the Citizens' National Bank of Cincinnati. Southwestern Ry.— Sold. At Columbus Grove City the receiver's sale at Columbus, O., on Feb. 20 the property was bid in by A. E. Locke of Boston for $35,000 subject to deemed on that date — — & $208,000 first mortgage bonds. The purchase of this prop- erty and also the purchase of the other divisions of the former Appleyard system by Mr. Locke, as mentioned elsewhere in this issue, are supposed to have been made on behalf of the Elkins-Widener syndicate of Philadelphia. Compare United Gas Improvement Co. in V. 81, p. 731, 977, 1727.— V. 82, p. 160. Columbus London & Springfield (Electric) Ry. Sold At the receiver's sale at Harmony, Ohio, on Feb. 19. this company's property was bid in by A. E Locke, of Boston, for $250,000, subject to $1,500,000 first mortgage bonds. — V. 82, p. 160. — & Urbana Ry. Sold. At the reDayton Springfield ceiver's sale in Springfield, Ohio, on Feb. 19, this company's property was bid in by A. E. Locke, of Boston, for $600,000, subject to $750,000 first mortgage bonds.— V. 82, p. 160. & Hudson — New Stock Authorized. The shareholders on Feb. 19 duly authorized an increase of the capital stock in the amount of $7,000,000 as provision for 10-year debentures, a proposed issue of $14,000,000 to be convertible into stock within five years, beginning one year after date thereof, on the basis of $200 debentures for $100 stock. Shareholders of record Feb. 19 are offered the privilege to subscribe for the new debentures. The debentures will be $1,000 gold, dated June 15 1906. See full particulars regarding purpose of issue in V. 82, p. 217. Holders of record Feb. 19 are entitled to subscribe at par between March 15 and 20 1906, inclusive, for one such $1,000 debenture for every 30 shares of stock held by them Subscriptions can be made only on the comrespectively. pany's wai-rants, and assignees of warrants must have them registered on or before March 14 and exchanged for new Payments may be made cither in full between warrants. March 15 and 20 1906,inclusive,or in two installments of 50% ($500 per debenture) each, the first between March 15 and 20 1906, inclusive, and the second between May 21 and 25 Upon surrender of full-paid purchase certifi1906, inclusive. cates at the office of the company, No. 21 Cortland St., New York, on and after June 15 1906, the debentures covered thereby will be delivered. Delaware Co. 4% Guaranteed above.— V. Bonds. — See 82, p. 217. Albany & Susquehanna RR. — At foreclosure Dillsburg & Mechanicsburg RR. Sold. sale on Feb. 3 this company's 10-raile road was bid in for $50,000 by the Cumberland Valley RR., which, it is said, holds the total outstanding $100,000 first mortgage 6% bonds. Duluth South Shore & Atlantic Ry. —Offering of GuaranFrank S. Butterworth, New Haven, is teed Car Trusts. offering on a 4J^% basis $172,000 car trusts, dated Jan. 1 Denomination $1,000 Interest January and July. 1906. and $100. Guaranteed by endorsement on each certificate — — as follows: Year. Net. Gros.^. 1905... 8797,467 1904... 676,531 Olh.inc. S353,153 252,387 $1,250 Bond int. Dividends. 8106,190 106,190 $110,000 133,717 ||J Bal., surt $136,963 13,730 Dividends as above include $110,000 (53^%) on preferred $120,000 (6%) on preferred and $13,717 (1%) on common in 1904.— V. 82. p. 100. Illinois Central RR. Purchases by Harriman Interests. Circumstantial statements seem to confirm the report that the Harriman interests have been increasing materially in 1905, against — — company's stock. V. 81, p. 1723, 1665. Interborough Rapid Transit Co. Cost of Electrical Equipment. President August Belmont, under date of Feb. 15, has written a letter to the "New York World," correcting misstatements respecting the cost of equipping the Subway. their holdings in this — This letter gives the following facts: The cost of the equipment has exceeded 823,000,000, against vouchers in hand, and the amount still to be paid will carry the same up to nearly $25,000,000. A full settlement with the city lias not yet been made for tlie construction of the Subway, but there does not appear to be for the construction company's profit quite $1,000,000 on the entire work. city has, therefore, received full value for its contract, and the Interborough Company is obligated to pay the interest on that money, now about $38,000,000, and will shortly be paying out of its earnings 1% additional toward the sinking fund for the amortization of the bonds issued for construction, so that in forty-nine more years the city will have all its outlay reimbursed to it, capital and interest. The In response to queries put to him by a representative of the "New York Times" (see the issue of that paper for Feb. 18), Mr. Belmont said: The amount of 823,000,000 given refers only to the equipment of the Subway. Under the contract the lessee is obliged to furnish powder, power-house, sub-stations, the cars, and everything required to operate the road. This is the equipment upon which, under the contract, the city has a lien. No equipment for the use of the Manhattan Elevated Road is included in this amount. Tlie Interborough leases the elevated, and therefore all charges for equipment on that system are chargeable The Interborough has spent to the Manhattan Elevated Company. under .separate equipment account charged against that road $2,000,000 When the since it began operating the Manhattan on .\pril 1 1905. equipment of the Subway is finished, the figures will amount to over $24,800,000 under contracts to be fulfilled. There will, of course, be an addition to this on account of the Brooklyn extension, which will carry it higher by at least 81,000,000 and probably $2,000,000.— V. 82, p. 218, 160. — Lehigh Valley RR. New Director. S. P. Wolverton has been elected a director to succeed the late Alexander B. Coxe. V. 82,p. 161,100. Metropolitan Street Ry. Decision as to Transfers. The — — the First Department on Feb. 9 (Justice Ingraham writing the majority opinion, concurred Appellate Division of by Justices Laughlin and Houghton and Justices O'Brien and Clarke dissenting) affirmed the decision of the lower courts in the case of one Senior against the New York City in Ry., holding that the company is not obliged to give transthe Metropolitan lines at 42d Street over the lines of the 42d Street Manhattanville & St. Nicholas Ave. Ry. The court holds that the ownership of a greater part of the stock by the lessee, Third Ave. RR. Co., does not imply such control as to bring the case within the meaning of the Railroad Act and that the evidence was conclusive that the two roads are run independentlj' and managed by distinct corporations.— V. 82, p. 392, 161. Michigan Central RR. Description of Proposed Tunnel of See illustrated article in "Railway Detroit River Tunnel Co. Age" of Feb. 16.— V. 81, p. 1789. Montreal Street Railway. P^irchase. A press despatch states that this company has purchased the Montreal Terminal Ry. (V. 79, p. 2796, 2697, 2085), the only independent trolley line in the city, for a sum said to have been $500,000. V. 81,p. 1550, 1434. Montreal (Electric) Terminal Ry. See Montreal Street Ry fers for — — — — above.— V. 79. p. 2796. New York Susquehanna — & Western RR. Called Bonds. Twenty-five ($25,000) first mortgage bonds of the Susquehanna Connecting RR. Co. have been drawn for account of the sinking fund, and will be redeemed by the Metropolitan Trust Co., trustee, No. 49 Wall Street, New York City at $1,050 per bond, on March 1 1906. first mortgage bonds of the New York Western^Coal Co., dated March 1 1887, Twenty ($20,000) Susquehanna & FEa THE CHRONICLE. 24 1906,1 have been drawn for the sinking fund, and will be redeemed by the County Savings Bank & Trust Co., Scranton, Pa., at $1,100 per bond, on March 1 1906.— V. 81, p. 1371. Ry. — Allied — — — — — Pennsylvania RR. Proposed Purchase. The shareholders will vote at the annual meeting on March 13 on agreements for the acquisition of the franchises, corporate property and rights of the Allegheny Valley Railway Co., South West Pennsylvania Ry. Co. and York Haven & Rowenna RR. Co.— V. 82, p. 281, 162. INDUSTRIAL, GAS AND MISCELLANEOUS. — — Alabama Steel & Wire Co. Called Bonds. This company, now controlled by or merged in the Southern Steel Co. See (compare V. Coal Property. Ohio River & Western Ohio River & Western Coal Co. under "Industrials" below. V. 80, p. 1913. Pawnee RR. Successor. See statement regarding ChiV. 72, p. 873. cago A Illinois Midland Ry. above. — 453 — 81, p. 1796, 1677), has called its entire issue of bonds of 1923 for payment at 105 and interest at the Bankers' Trust Co., New York City. V. 81, 6% $750,000 on May 1 — p. 509, 1666. — — Algonquin Printing Co., Fall River. Stock Dividend. capital stock was increased on Feb. 13 from $160,000 to $500,000 by a stock dividend of 2123^%, which was declared, "for the purpose of making the capital more nearly The represent the value of the property." The plant is said to have a capacity of about 55.000 pieces of calicos a week. AUis-Chalmers Co. Litigation. See Westinghouse Machine Co. below. V. 81, p. 1494. — — — Additional Prior Lien P Quebec & Lake St. John Railway. American Bank Note Co. Successor Company. See Bonds. The holders of first mortgage bonds at a meeting in London on Feb. 7 unanimously adopted a resolution ap- United Bank Note Corporation below. V. 82, p. 336, 102. proving the creation and issue of £150,000 additional prior American Brake Shoe & Foundry Co. Extensions and lien bonds, making, with former issues of similar bonds, an Additions. This company, it is announced, has extensive such of bonds.— V. 281. aggregate of £500,000 82, p. improvements and additions under way at nearly all its fourQuebec Southern Ry. Payment Paid in Full. The final teen plants. At Chattanooga, Tenn., a plant with twice the capacity of the present payment of 1850,000 due on the purchase price of $1,051,000 works will be erected, and the old plant will be sold. The main foundry has been made in the Exchequer Court by Hon. Senator building at Buffalo is to be extended, an office building and pattern storeF. L. Beique, the purchase including both the South Shore house erected and a large amount of new machinery and equipment installed. The iron department at Chicago Heights, 111., is to have the The Delaware & Hudson and Quebec Southern railways. — — — — — interests are in control. —Compare V. 81, p. 1611. RR. —Bonds Of- — Stock: Preferred (representing cash investment|of over $1,500,000), Bonds: Issued for railway between $2,500,000; common, $3,500,000. Rochester and Lyons, $2,000,000; to be issued to complete remainder of line from Lyons to Syracuse, $3,000,000; total bonds authorized on present property, $5,000,000. Additional bonds reserved for future extensions and additions at not exceeding 75% of cost, $2,500,000. The road connects Rochester and Syracuse, the two largest inland cities in the State, aggregating, with intermediate cities and towns, over 300,000 population. The entire length is over its own private right of way except through intervening cities and towns, which have granted the company perpetual franchises and which will now have local service for the lirst time. The first section, between Rochester and Lyons, for the completion of which the above $2,000,000 bonds have been issued, is practically completed and will be ready for operation during the spring of IflDo. On this division the officials expect in the first year earnings ol not less than $320,000; operating expenses (including taxes and insurance), say $185,on $2,000,000 bonds, 000; net earnings, $135,000. Interest charge of JIOO.OOO; net surplus, $35,000. An officer of the road writes: "The road completed from Rochester to Syracuse, we confidently expect will be earning upwards of $1,000,000 per annum before the end of its first five years of operation." -V. 80, p. 2459. 5% • — — Rutland (Vt.) Railway, Light & Power Co. Consolidation.— This company was formed on Feb. 1 1906 by consolidation of the Rutland St. Ry. (V. 81, p. 727), People's Gas Light Co. (V. 81, p. 671; V. 72, p. 876), and Chittenden Power Co. (V. 81, p. 670, 1667). Authorized capital stock $2,000,000, of which $1,500,000 outstanding. An issue of 5% gold bonds due in 1946 is propo.sed; probable amount $2,000,000, with $1,200,000 outstanding. "Present indebtedness $1,350,000, all to be wiped out." President, G. T. Rogers; Vice-President, Leo H. Wise, No. 64 Leonard St., New York; Secretary and Treasurer, C. H. West. — — IBRutland (Vt.) St. Railway. Consolidation. See Rutland (Vt.) Railway Light & Power Co. above.— V. 81, p. 727. San Antonio & Aransas Pass Ry. — New Officers. — On Feb. 17 W. H. Mclntyre of New York was elected President and A. M. Hobbs (former head of the Rock Island Railroad, in Iowa) Vice-President and General Manager. Mr. Mclntyre is quoted as making positive dcclarationMthat E. H. Harriman has no control of the Aransas Pass; also that the Southern not in the slightest connected with the road. He is fnrtlior quoted as saying that Mr. Harriman owns a small portion of the stock personally, but not a controUing share, while he himself is associated with Eastern financial interests in the ownership, controlling personally the majority of its stock. V. 80, p. 473. Pacific is — Texas — — New Bonds. Vice-President and General Manager Col. Charles Hamilton is quoted as saying: "The bond issue of $650,000 was entirely legal and will bear investigation, if such is demanded by the Texas Railroad Commission. We are preparing an is.sue of $700,000 4% bonds to cover the cost of our Western extension and our branch line, and we intend applying to the Commission for authority to do so. We will also apply to the commission for authority to cancel unsold 5% bonds and to substitute them with 4% bonds.— V. 81, p. 1098. Central Ry. — — Proposed New Company. given that application will be made to the Canadian ParHament for authority to organize this company with power to purchase the present Union Station property at Toronto and also to authorize the Grand Trunk Railway Co. of Canada and the Canadian Pacific Railway Co. to subscribe for, acquire and hold stock in and to guarantee the Toronto Union Station Co. Notice is bonds^of|jihe]ji;corapany. — — Rochester Syracuse & Eastern (Electric) E. H. Gay & Co. some time ago offered a block of $5,000,000 first mortgage 5% 40-year bonds, dated May 1 1905, a first lien on 80 miles of double-tracked street railway to be operated between Rochester and Syracuse, N. Y., through a thickly-settled district. The first section of the road between Rochester and Lyons is practically completed and will be in operation within a few weeks. Against this trackage of about 40 miles $2,000,000 of the $5,000,000 bonds have been issued, and the unsold portion is offered by advertisement on another page at par and interest. The advertisement says in part: fered. — | foundry enlarged and the steel department at that place furnaces. V. 81, p. 1851. — — will have new — American Writing Paper Co. New Director. George B. Noble of East Hampton, Mass., has been elected a director Aaron Bagg Jr., resigned. Report. See a preceding page of to-day's "Chronicle." —V. 80, p. 2459. in place of — — — Amoskeag Manufacturing Co. In Possession. The transcompany of the Manchester and Amory mills upon the payment of $5,075,000, is stated to have taken place at Manchester, N. H., on Feb. 15.— V. 81, p. 1725, 1611. fer to this — — Atlantic Cotton Mills. No Option. Augustus P. Loring failed to secure the desired option upon three-quarters of — the stock at $67 50 per share. V. 82, p. 394. Automatic Electric Co. of Chicago. Report. This company reports a prosperous year's business during 1905. Besides the installation of private exchanges for the Brooklyn Heights RR. Co., the Baldwin Locomotive Works, &c. (ten in all), there have been completed during the year public — — exchanges as follows: Home Telephone & Telegraph Co., Los Angeles, Cal. (5 exchanges). 6,300 fines: Citizens' Telephone Co., Columbus, Ohio, 8,000 fines; Delmarvia Telephone Co., Wilmington, Del., 2,000 lines; Sioux City (la ) Telephone Co., 2,000: Southern Independent Telephone Co.. El Paso. Tex., 1,500; Dakota Central Telephone Co., Aberdeen, S. D., 1.000Home Telephone & Telegraph Co., Riverside, Cal., 1,000; Wausau (Wis.) Telephone Co., 700; Hastings (Neb.) Independent Telephone Co., 600: South Bend (Ind.) Home Telephone Co., 500; Home Telephone & Telegraph Co., Ocean Park, Cal., 250; Home Telephone & Telegraph Co., Santa Monica, Cal., 250; Citizens' Telephone Co., Cadillac, Mich., 128; Montgomery County Telephone Co., Miamisburg, Ohio, 110; Suburban Telephone Co., Ferguson, Mo., 50; Northeastern Telephone Co.. Saco, Me., 30. Contracts are on hand for the following public exchanges, some of which are partially built: Home Telephone & Telegraph Co., Los Angeles, Cal., 7,300 lines; Cuban Telephone & Telegraph Co Havana, Cuba, 5,000 lines; Home , Telephone Co., Portland, Ore., 5,000; Delmarvia Telephone Co.. Wilmington, Del., 1,000; Consolidated Telephone Companies, AUentown, Pa., 1,000; Consofidated Telephone Companies, Hazleton, Pa., 400: Cuban Telephone & Telegraph Co., Marianao, Cuba, 100. — — Baldwin Locomotive Works. Output. This company has built during 1905 2,250 locomotives, compared with 1,453 in 1904 and 2,022 in 1903. Of the 1905 total, 140 were electric and 115 steam locomotives with compound cylinders. The company has booked orders for 1906 which will keep the plants busy well into the summer, and the officials expect, from the present outlook, that 1906 will prove a record year for the business. V. 79, p. 105. — Bell Stock. — Telephone Co., Philadelphia. Increase of Capital shareholders on Feb. 20 duly authorized the proposed increase in the authorized issue of capital stock from $16,000,000 to $30,000,000. The earnings for the calendar year 1905 were published last week. The company, however, is paying dividends at the rate of 6%, not 8% per annum. Stockholders of record March 1 will be entitled to subscribe at par until and including March 20 for $4,000,000 of the new stock, in proportion of one share of new stock to four shares of old stock, 50% to be paid April 2 and 50% June 2.— V. 82, p. 394. — The . — Columbia Packers' Association. Settlement of Accumulated Dividends. This company has issued a circular through Aemilus Jarvia & Co., Toronto, stating that the British — 7% preferred shareholders are entitled to a accumulative dividend from May 29 1902, of which only 3^^% was paid for the first six months, and proposing that the shareholders should agree to accept a rate from May 20 1902 to May 20 1906 (16%), crediting on this the paid in 1902. The circular also says in substance: At a sharehold T.s' meeting held in Jersey City.'in December 1904, authority was given to make an i.ssue of bonds. The company, liovvevcr. 4% 3H% succeeded in getting a syndicate of preferred sliarcholders to give a guaranty to tlie banks, so that it was not necessary to sell the bonds, but only to hypothecate tlicm as .security for this guaranty and for the credit of $1,700,000 tli.nt was granted by the company's li.-vnkers. The company succeeded in making a full pack of salmon in 1906, and has sold —— 454 — thp: chronicle. sufficient thereof to pay off the hanks, and thus the liability to the syndicate ahove referred to has been canceled. The bonds have been returned to the company and canceled, so that at tlie present time the debt, and has a very siil)staiilial surplus in unsold company Is out of salmon. As, however, the \vo^kin^' capital lias bt-en depleted, cliiefly by permanent improvements, it will be ni-rcssary to retain a sullicient amount of the casli reali/.e<l from the sale of this canned salmon for 'I'he directors, liowever, fi'tl rea.sonably suri' that the able to carry tnit the followini; (aforesaid) proposal, and that futin-e sales will provide working' capital, and in future years rcKnlarly jiay the full dividend. Von will understand, liowever, that the ability to carr.T out the proposal will largely depend upon the result of sales of salmon between tiow and May 20 1906. V. 76, p. 544. workiiit,' cai'ital. will be cninpnny 7% — — — Catoctin Furnace Co. Sold. A press dispatch from Tluirmont, Md., on Feb. 19 states that at the trustee's sale on tliat (hiy the property was bid in by Joseph K. Thropp for $51,135. The property includes, it is stated, 10,6G7 acres of land and a coke furiiace of 40 tons capacity, F- I Vol. Lxxxii. at the Trust Company of America, trustee of mortgage. New York City. The capital stock is $1,000,000. Haskins & Sells report for the calendar year 1905 ( December estimated): Gross earnings, $77,078; expenses and taxes, $27,400; net income applicable to fixed charges, <fcc., $50,268; interest on $4.')0,000 first mortgage bonds, dated Jan. 1 1906, $22,500; surplus, $27,708. President W. F. Davidson, under date of Montpelier, Vt., Dec. 20 1905, writes: Properly. Furnishes Ught and power to the'cily of Montpelier, city of Barre, East Barre, South Harre, Waterbury, Graniteviile, Williamstown, &c., an area of about 00 square miles. Consists of a water-power plant, situated on the Winooski iliver at Bolton Falls, 16 miles from Montpelier, with dam 00 ft. hii^h and 200 ft. wide and capacity of 3,000 h. p., of which 1,800 h. p. is now being utilized; also a steam plant and small water-power i)lant in Montpelier. The steam plant has a capacity of 1,000 h. p. and new steam turbines, &c., are being installed, increasing — capacity to 3,000 h. p. inventory value of property independent of machinery now being installed is §843,751, not including franchises. All of the prinicpal apparatus has been installed since 1903 and is practically new. The company is incorporated under a special act of the Legislature, giving it perpetual rights and special privileges; it owns its water rights perpetually. Bonds. This issue of first mortgage bonds is limited to $700,000, only $450,000 of which are being issued, the remaining $250,000 being held by the Trust Company of America, trustee, and may be issued only as follows: 8100,000 for extensions and improvements now in progress of Chicago (Bell) Telephone Co, Rate Decision. The State installation, but not before the net earning capacity of the plant is not less than twice the annual interest charge on the $550,000 bonds as certiSupreme Court of Illinois at Springfield on Feb. 15 held that fied to by chartered public accountants; $150,000 for extensions and imth-e company cannot, under the ordinance of 1889, granting provements which shall increase the power capacity to not less than its franchise, charge a higher rate in the territory since an- 5,500 h. p. and the net earning capacity to not less than 2 'A times the interest charge on the entire 8700,000 bonds. Sinking fund nexed than that provided for under'the ordinance, nor has it annual annually from 1907 to 1926, an amount equal to 2% of the total outthe right to make contracts for higher rates "for improved standing bond issue, which, with all income thereof, shall constitute a metallic circuit service." This means, in effect, it is under- fund to purchase bonds of this issue at not to exceed a 4% interest basis if same are obtainable, otherwise such other bonds as may be legal stood, that the maximum rate for telephone service within investments for New York savings banks, or the company may, with the the entire present city limits is fixed at $125 yearly, and that consent of Spitzer & Co., expend the sinking fund money accruing in any the toll charges in 15 outlying districts must be abolished. one year for extensions and improvements. Earnings. Within two years I am confident this company will be proThe Corporation Counsel is quoted as saying that he will now ducing and selling some 5,000 h. p. for electric light and power, from press the pending suits to enforce the collection of back taxes, which our gross income will be about $150,000, leaving annual net earnreported as amounting to several hundred thousand dollars, ings of 890,000. which the company has avoided payment of on the ground Reports from J. G. White & Co. and Sanderson & Porter, that the ordinance did not cover the annexed districts. It is the well-known electrical engineers, are also furnished. supposed the company will appeal to the United States Su- Spitzer & Co. add; "Steam coal in this country costs in preme Court. excess of $5 per ton, and there is a profitable market for New Franchise Asked. The present franchise expiring in more electrical energy than can be generated by water 1909, the company has applied for a new 20-year franchise, power.".— V. 82, p. 283. abolishing toll stations, fixing the compensation to the city Com Products Refining Co. Increase of Stock Directors and confining the flat rate to house service; for busiat This company, recently organized under the laws of New the charge for 50 messages a month would be ness purposes Jersey (per plan in V. 82, p. 103, 221, 283, 337), on Feb. 21 $5, as against $6.25 at present, and extra messages would be filed a certificate at Trenton increasing its capital to $80,3 cents each. The company during January made a gain 000,000. The directors, it is announced, will be: Instruments. E. T. Bedford, President; W. J. Matheson. Vice-Pre.sident; F. T. Bedof 2,011 instruments, making the total number of instruments ford, W. H. Nichols, Thomas Gaunt, F. Q. Bartow, Charles Pratt, J. A. in use 145,234, of which 105,858 arejn the city and 39,376 Moffat, R. W. Winterman, C. M. Warner, Joy Morton, W. J. Calhoun, Thomas Kingsford, C. H. Mattliiessen and WilUara Weaver Heaton. V. 82, p. 163. are on the toll lines. etc. its — — Mills, Fall River. To Vote on Purchase. The shareholders vot<;d on Feb. 22 to confirm the purchase of the plant of the Burlington (Vt.) Cotton Mills, including about 30,000 spindles and valuable water power. The purchase, it is said, will be financed without calling on the stockholders for an asscssiiient. V. G9, p. 543. F"Chace — — — — — — 3% — — — . — — — — Chittenden Power Co. Consolidation. See Rutland (Vt.) Railway, Light & Power Co. under "Railroads" above. V. 81, p. 1667,670. City Investment Co.,INew York. New Stock Authorized. The shareholders on Feb. 21 duly approved the increase of the capital stock from $3,000,000 to $4,000,000, the new stock to be offered at par pro rata to holders of record March 1. See V. 82, p. 336. Columbus Citizens' Telephone Co. Leased. This company has arranged to lease the property of the Franklin County Telephone Co. as of date of Jan. 1 1906, guaranteeing 5% per annum on the $150,000 of stock of the Franklin company. The Franklin, it is said, has 14 exchanges in Franklin County, connecting all of the townships, and operates over 2 ,000 'phones.— V. 79, p. 1333. Concord (N. H.) Electric Co. New Power Development. See 5-page illustrated article in "Engineering Record" of New York, issue of Jan. 6 1906.— V. 80, p. 2623. Consolidated Cotton Duck Co. First Dividend. The directors on Feb. 19 declared a semi-annual dividend of 3% on the preferred stock, payable on April 2 to stockholders ^^ — fIC- — — — V. 82, p. 337. — Bering Coal Co. Control Acquired by Rock Island-Frisco Arrangements were recently completed for bringing under one control, in the interest of the Rock IslandInterests. — Frisco system, the management of this company and also of the Consolidated Indiana Coal Co. (V. 80, p. 2623), 2401, and the Brazil Block Coal Co., the capital stock of the lastnamed being almost entirely owned by the Chicago & Eastern Illinois RR. majority of the stock of the Dering A Coal Co. cific is now owned by Ry. "Engineering & the Chicago Rock Island Mining Journal" says: & Pa- — Each of these companies will continue a separate existence as an operating company, but the product of the 34 mines embraced in the consolidation will "be sold by one compan.y, the Dering Coal Co. of The Dering Coal Co. owns 15 mines in Indiana and IlUnois, Cliicago. and operates four mines under lease or partly owned by officials of the company, incorporated as the Burnwell Coal Co.; the Consolidated Indiana Coal Co. is a merger of 9 mines in Indiana, and the Brazil Block Coal Co. operates six mines in the Block district of Indiana. The present normal capacity of these thirty-four mines is 30,000 tons daily. On the basis of 200 working days to the year they will produce 6,000,000 tons of coal annually. .With further development, however, it is believed that the annual production can be easily Increased to 10,000,000 tons when it is required by market conditions. the six months ending Dec. 31 1905, including the statements of the constituent companies: of directors of the Dering Company follows: of the board of the Frisco-Rock Island railroads; B. L. Winched, President of the Rock Lsland RR.; C. W. Hillard, Rock Island RR.,; Robert Mather, former Chairman of the Rock Island board; Robert R. Hammond, President of the Dering Coal Co.; A. F. Banks. Chicago; Carl Scholz, Vice-President of the ConsoUdated Indiana Coal Co.: J. K. Dering, Vice-Pre.sident of the Dering Coal See full particulars regarding Co.; and James L. Wolcott of Delaware. — — of record March % Earnings. — For — 20. ..$4,643. 63 II Current Int .and general|expense.$135,447 Income from sales 53 549 Income from other sources Net earn Ines ...$516,676 $4,697,180 Deduct Int. on bonds of constituTotal • Cost material, labor, $3,962,910 supplies, etc 82,147 Repairs Aj-enewalu ent companies. Including • „ , „ 4,045,057 ^ first mort. bonds of the Mt. Vernon Woodberry Cotton Duck Co.. 188,225 Balance surplus $328,451 $652,123 $118,976 has been charged to depreciation account. $149,475 is derived from the operations of Duck Corporation and $178,976 from the the United V. 82, operations of the Mount Vernon-Woodberry Cotton Duck Co. Of this' amount ^ote. — Of the $328,451, States Cotton p. 336. — New York. — Reduction in Price Consolidated Gas Co., of The State Commission of Gas and Electricity on Friday ordered that for the three years beginning May 1 the price of gas in the Borough of Manhattan shall be 80 cents. V. 82, p. 221. Virtual Amalgamation. Consolidated Indiana Coal Co. See Bering Coal Co. above.— V. 80, p. 2623, 2401. Consolidated Lighting Company of Vermont (Water Power). Further Facts. The $450,000 first mortgage, sinking fund, 20-year, 5% gold bonds, offered at 101 and interest by Spitzsr <k Co., Toledo and New York, are dated Jan. 1 1906 and due Jan. 1 1926, without option of prior payment; dMiomia*tteafl $1,000. Interest Jan. 1 and July 1, payable Qas. — — — The board B. F. — — Yoakum, Chairman Dering Co. in V. 80, p. 714, 1060, 1731. — — — Detroit (Mich.) Edison Co. Bonds Offered Earnings. Perry, Coffin & Burr, 60 State St., Boston; N. W. Harris & Co., New York, Chicago and Boston, and Spencer Trask & Co., New York, are offering, at 104 and interest, $275,000 fir.st mortgage 5% gold bonds, authorized issue $10,000,000; For the year ending Jan. 31 1906 gross issued $5,675,000. earnings were $860,554; net earnings, $324,363; bond interest charges during above period, $222,555; surplus, $101,808. The annual interest on $5,675,000 bonds now outstanding is $283,750. The gross and net receipts for the year increased 22.4% and 28.7%, respectirely, over the V. 82, p. 163. previous j'^car. — Diamond Match Co. — — Change in Fiscal Year. A% the recent annual meeting a resolution was adopted changing the annual meeting from the first Wednesday in February to the first Wednesday in May, and the end of the fiscal year from Dec. 31 to March 31.— V. 82, p. 389, 337. Dominion Textile Co. Alliance. The following statement from the "Montreal Gazette" of Feb. 14 100* we imderstand is authoritative: — — fbbl 2i THE CHRONICLE. ipoa.i The community of interest established between the Dominion Textile Oo. and the Montreal Ootton Co., as evidenced at the annual meeting of the Montreal Cotton Co., was hailed with general satisfaction in financial The circles, as it was admitted w.a.t it would prove beneficial to both. board of the Montreal Cotton Co. has been strengthened by the addition Henshaw and Gordon, Col. F. C. W. C. B. of wSenator L. J. Forget, C. Considering the large amount of stock of the Montreal Cotton Finiejr. Co. that is now held by the Textile interests, it was only fitting that those interests should have adequate representation on the board, and the two companies will now work together on harmonious lines. The list of shareholders .'ihows that interests identified with the Textile Company V. 81, are aniongst the largest .shareliolders of the Montreal Cotton Co. p. 1552, 1377. — — Federal Mining & Smelting Co. Extra Dividend of 2}^% on Common Stock. This company, now controlled by the American Smeltens' Securities Co., declared on Tuesday the regular quarterly dividends of 1M% on its preferred stock and 13^% on its common stock, and in addition an extra dividend of 2}4% on the common. All three dividends are payable March 15 to stockholders of record on March 1. The extra dividend of 2}4% on the common stock compares with extra dividends of 1% paid in each quarter of 1905. The common stock received all told last year 10%, which will be increased to 16% in 1906 if the rate of dividend declared yesterday is maintained for the balance of the year. — —V. 81, p. 1726. At an elecFlagler Iron & Steel Co., Chicago. Officers. tion held at the general offices in the First National Bank Building, Chicago, Feb. 15, the following-named directors (and officers) were elected for the ensuing year: FrankUn H. Head, President; WilUs P. Dickinson. First Vice-Pres.; — — Robert A. Weir, Second Vice-Pres.; R. Dorothy, Third Vice-Pres.; John Claney, Treasurer; George E. Simpson and H. K. Flagler. See V. 82, p. 104, 51. Charles B. Moore is Secretary. Gilbert Transportation Co., Mystic, Conn. -Bonds Offered. This company is offering at 90 its present issue of $45,000 gold bonds, dated Jan. 1 1900 and due first mortgage Jan. 1 1926, but subject to call at 110 on 30 days' notice. Interest payable Jan. 1 and July 1 at Manufacturers' Trust cumulative The Co., Providence, mortgage trustee. preferred stock is offered at 80 with a bonus of 50% of — — 6% 7% common. Total authorized capital stock, SSOO.OOO, of wliich $250,000 1% cumulative preferred; outstanding, $42,000 of eacli class; par of shares. $100. The company owns a fleet of seven sailing-vessels valued at $212,000, which, it is said, earned last year about 9% on the common The company is a Connecticut corporation. Captain M. L. stock. Compare V. 81, p. Gilbert is President; Treasurer, Geo. E. Gilchrist. 779. — Greene Consolidated Copper Co. Interest in Lumber Company. Sec Sierra Madre Land &, Lumber Co. below. V. 82, p. 221. A press report from GalGulf Fisheries Co. Mortgage. veston, Tex., credits this company with having filed a mortgage to the Lincoln Trust Co. of New York City, as trustee, to secure an issue of $210,000 of 6% bonds. The company was incorporated at Albany on Oct. 31 1901 with $700,- — — — 000 of autliorized capital stock, of which $200,000 was 7% cumulative preferred, purchased the plant of the Galveston Red Snapper Co. and obtained a permit to do busine.ss in Texas, with office at Galveston. The directors at incorporation were: Henry R. Wolcott of Denver, Col.; Willard T. Barton of San Francisco; Harry M. Gillig of I.archmont Manor, N. Y.; and WiUiam L. Moody Jr. and James M. Munn of Galve.ston, Tex. Hudson Chester Granite Co., Hudson, N. Y. Mortgage. This New York corporation, which in ]V^y 1903 increased its capital stock from $200,000 to $250,000, has made a mortgage to the Albany Trust Co., as trustee, to secure bonds of $1,000 each. $300,000 of The company mines granite and manufactures monuments, &c. The bonds are dated January 1906 and mature January 1936; interest payable January and July. They cover the entire property. — — & 5% Midland Coal Co.—FuHher Facts.— The $1 ,000,000 mortgage 53^% serial gold bonds offered recently by Peabody, Houghteling & Co. of Chicago (see V. 82, p. 51) are subject to call, at the company's option, in the reverse of their numerical order, in five years, or on interest dates The thereafter, on 90 days' notice, at 105 and interest. sinking fund is 5 cents per ton on all coal mined, and in any event the company must pay to the trustees on the first day (Of each month (beginning Jan. 1 1907) one-twelfth of the At the serial payment due at end of each current year. end of each half-year it must pay an additional sum to make up total sinking fund requirements, if any, at 5 cents per ton on all coal mined during the half-year. President Samuel InsuU, under date of Dec. 26 1905, wrote in substance: Illinois of first . The company (capital stock of S2 ,000,000) is a consolidation of the Its only outstanding Victor Coal Co. and the Peabody Mining Co. first mortgage serial Rold bonds. indebtedness is $1,000,000 of Its property consist.s of (a) Sherman Mine, located about 9 miles north of Springfield, with fin'proof buil(hngs, steel hoisting-tower and model ]>>quiiiped to hoist and handle 3,000 tons buildings for emiiloyees. of coal in eight hours. Connected with tracks of Chicago .% .^Iton Piv. Owns in fee 1,100 acres of coal in Sangamon CouiUy, together witli title (b) Victor Coal Mine at Pawnee, 111., with shaft, to 35 acres of surface, buildings and improvements equipped to hoist and handle 2.500 tons per day, togetlier with 1,000 acres of coal owned in fee, and 15 acres of surface. It is on the Chicago & Illinois Midlan<i Uy., successor to the Pawnee RIl. As at present constructed this railroad gives connections with the Chicago & -Mton and Illinois Central railroad.s and the exten.tiou now under construction to reach the new coal lands tinder option, and hereafter reftrred to, will give connection with the Waliash and Baltimore A; Oliio Southwestern railways and the i)r()po«ed nev/ branch of the Rock Lsland system, (c) Also owng in fee 1,400 acres of coal hi Vigo Coun<^v, Ind.'.and has the right to acfjulre as much of the surface thereof as it may need. This land lies compactly about Otter Creek Junction, and a .shaft can bo sunk tlierr, so as to be .serveii over the (The <;hicago <fe Eastern Illinois, Vaiidalia and Big Four railroads. foregoing properties reiire.sent a cash investment of upwards of $fi00,000 «>d should bring at forced sale a sura much in excess of their cost.'J 5M% 455 (d) The company Is taking title to 40,000 acres of coal in Christian and Sangamon Counties, 111., which it holds on option contracts, under wliich it has also the right to take title to as much surface as is necessary The.se coal lands are now being made available for the mining of coal. for immediate development by the exten-sion through them of the tracks (c) On these tracts two new of the Cliicago & Illinois Midland Ry. modern and fully equipped mines will at once be sunk, at a cost of operation. It is for the purpose of com$300,000, and put into active pleting title to this tract of 40,000 acres and sinking two mines that the bond issue is made. The experts' reports, together with our own drillings, show that the lands above designated are underlaid, on the most conservative estimate, by 258,000,000 tons of strong steam coal of excellent quality. The coal underlying the Sangamon and Christian County field is known as No. 5 Illinois Vein, is an excellent quality of steam coal, as well as domestic The vein will average 7 feet in thickness, has most excellent fuel. mining conditions, and is the standard coal of Illinois. The maximum capacity of the two mines now in operation will be 5,500 tons per day; the average annual production (3,000 tons per day 250 days in the The two mines to be sunk will have a capacity year), 750,000 tons. equal to the two present mines, making total average minimum production from the four mines 1,500,000 tons per year, with a maximum capacity of over 2,000,000 tons. The interest on the bond issue is already provided for by the earnings of the mines, which have profitable contracts covering a long term of years, referred to hereafter, the said contracts being sufficiently large to pay Interest and sinking fund on the bond issue, and when the two new mines become producers this income and sinking fund will be almost doubled. The company occupies a position of vmique advantage, having made contracts with the Chicago Edison Co., the Commonwealth Electric Co. and the Peabody Coal Co. for a total tonnage of 9,825,000 tons, distributed over ten vears as follows: first year, 625,000 tons; second year 625,000 tons; third year, 750,000 tons; fourth year, 850,000 tons; sixth year, 1,125,000 tons; seventh year, fifth year, 850,000 tons; 1,250^000 tons; eighth year, 1,2.50,000 tons; ninth year, 1,250,000 tons; tenth'year, 1,250,000 tons; at a sliding scale of prices so related to the cost of production as to guarantee a substantial profit to the Illinois Midland Coal Co. more than sufficient to pay the interest on this bond issue and sinking fund during the life of the contracts. Samuel Insull, President; F. S. Peabody, ViceA. Fox, Second Vice-President; J. D. Adams, Office, No. 215 DearC. J. Gray, Secretary. born St., Chicago.— V. 82, p. 51. Independent Telephone Co., Topeka. Earnings. The H. P. Wright Investment Co. of Kansas City, when recently offering a block of this company's first mortgage 6s at 102 and interest, reported: Officers: President; Treasurer; W. — — Gross earnings for 1904, $57,165; net earnings, $31,673; interest on bonds, $6,000; balance, surplus, $25,673. Grcss earnings for 9 months of 1905, $81,037; operating expenses, $40,282; net earnings, $40,855. Capital stock outstanding, $127,300; bonded debt, $100,000; actual cost V. 80, of property to date, $270,000; telephones in operation, 4,100. — p. 1178. Lehigh Coal & Navigation Co. —Report. — The results for the calendar year 1904 compare as follows: Calendar year— Gross revenue. Interest, taxes, <irc. S. j. & dcprcciat'n $3,422,662 $1,305,265 1,363,434 2,931.308 1,397,549 3.109,133 V.81, p. 1438, 1378. 1905 1904 1903 — Dividends Balance, surplus. paid. $321,415 (8%)$1 ,387,604 $408,378 361,547 564,872 102,277 (7%) 1,104,050 946.329 200,382(6%) — Manhattan Storage & Warehouse Co., New 'York City. This company, which in 1899 increased its capMortgage. ital stock from $1,500,000 to $1,800,000, recently filed a three-year mortgage for $150,000 to the Title Guarantee & Tru.st Co. as trustee.— V. 69, p. 1100. Meyer Rubber Co., New Brunswick, N. J. Neto Stock. This company, incorporated in 1861 under the laws of New Jersey, was recently reported to have filed a certificate of increase of capital stock from $200,000 to $5,000,000; par of The new Office, New Brunswick, N. J. shares, $100. Bonds, if capital stock is said to have been all paid in. any, not reported. — — — — Bonds.— A mortMiller Union Stock Yards, Atlanta, Ga. gage has been filed to the Atlanta Savings Bank as trustee, to secure an issue of $200,000 6% gold bonds. Company was incorporated in Georgia in Septeml)er 1904. Capital stock authorized and issued. $4.50,000, of which 15200,000 is 7% preferred. Par of shaies $100. Bonds dated Jan. 1 1906 and duo $20,000 yearly on Julv 1 from 1907 to 1916 inclusive, bus subject to call, all or any pfirt, on 30 davs' notice at 105. Denomination $1 .000. Intore.st payable July 1 and Jan.' 1 in Atlanta. Of the bonds $75,000 remain in the treasury. President, James Patterson: Secretary and Treastirer, J. Hall Miller. — — Milwaukee & Chicago Breweries, Ltd. Report. The report for the year ending Sept. 30 1905 shows the following results for the American company, the sales having been 913,126 barrels, against 848.849 barrels in 1903-04. Fiscal Year— Total Profits. 1904-05. -$884,735 1903-04.. 838,028 1902-03.- 9!>5,858 Depreciation. Repairs. A-c. Bond, A-c, Interest. English Co. $458,411 $184,868 $241,2.50 425,1.89 187,0.53 225,000 $206 785 517,721 183,736 232, ,500 21,901 — Dividend In Balance, Surplus. Dividend Increased. The directors have declared a seniiannual dividend of 3%, payable Feb. 27 to holders o f record Feb. 15 After deducting the 51-^% in dividends (£46,887) paid from the earnings of the late year, there remains a surplus on the year's operations of £40; total surplus carried forward, £1,772.— V. 80, p. 874. Missouri River Power Co. Called Bonds. Twenty-throe (.?23,000) 1st mortgage 6% bonds of 1900 have been called for payment at 105 and interest, sav $1 ,080 per bond, on Mav 1906 at the office of the (Colonial Trust Co., 222 Broadway, 1 Now York. See V. 76. p. 708.~V. 81, p. 901. — Montreal Cotton Co. — Alliance. — See — Dominion Textile Co. above. National Electric Co., Milwaukee.—(^>//rr of Fifty Cents on the Dollar. On behalf of Eastern interests who.se identity is not disclosed, the Standard Trust Co. of Now York has formally offered to pay .50 cents on tlie dollar for a full release of all claims against this bankrupt company. V. 80, p. 2224. — — — 456 THP] CHRONICLE. — National Glass Co.— Listed in Pittsburgh. The Pittsburgh Stuck I'-xiliaiigL' ha.s li.stcd tlic $1 ,312,150 jjref erred titock and $2,500,001) gciioral mortgage Gs. Common stoek to the amount of 29,592 shares had previously been listed. Tlie par value of the shares is $50. BALANCK SHEET FEB. 1 1906. .4MfM— ($6,377,208). Ai«*i7(//«— ($6,377.20S). I $4 .762,599 Common stock 992, 1S5 Preferred stock 30.451 iJondeil debt 109,8331 Aecoutit.s i)ayable 747,017|Mllls payable .t 0,023 Accrued mterest Plant aooount Stocks and Invcntorlen Cash Si ,479.62.0 1.312.1.50 2,500.000 312,594 Accoimts receivable 075,794 Unearned Intcrcat 8,290 ISurplu.'j 88,815 Tlicrc are two classes of bonds— 82,000.000 first niorlRaKe 6s, of wliicli $800,000 are oiitstaiuiing, and S2..'>00,000 general iiiortsaKe fi.s, of wliicli 1 Bills receivable $1,700,000 is,siie(l. Preferred stoek pavs XH"', quarterly <lividen<ls. Directors: A. W. Herroii, Pres.; .\ddison Tlionipson, .Sec; (i. H. Mitchell, Treas.: (leorse I. Whitney and F. ].. Stephenson. V. 82, p. 101. — Nebraska (Bell) Telephone Co. — New Stock. — Shareholders of record Feb. 15 are offered the right to subscribe at par for $1,000,000 new stock to the extent of one share for every three shares held by them respectively. Tlie subscriptions are payable in four installments ending Sept. 30. The capital stock at present is $2,635,000; no bonds. Income Account for ucars cndinr/' Dec. 31. 1902. 1905. 1904. 1903. $905,660 51,166,415 $1,049,907 81,361,156 168,440 276,598 259,980 192, ."596 Total stations Dec. 31 1905, 35.855, an increa.se for the year of 8,501, or 31%: total sub-license stations, 21.593; toll line wire, 18,713 miles. Total cost of new construction in 1905. .S957,000.— V. 80, p. 2397. ___^ Totalincome Net income New York & New Jersey Telephone Co. —Report. — The re- sults for the calendar year were: Year — Gross. Net. Interest. 1905.. 86, 217, 288 81,041,443 1904.. 5,393,709 1,664,374 1903.. 4,741.344 1,471,348 —V. 82, Taxes. $62,618 $132,810 66,422 121,000 68,282 112,932 p. 338. Divs.(7%). BaL.sur. $1,034,149 $411,866 514,864 962,088 437,o=19 852,215 — (Vol. lxxxii. rector to succeed the late George E. Macklin, who was General Manager. Report. See "Annual Reports" on a preceding paee. V. 81, p. 1243. — ^ — — Pure Oil Co. Possible Pipe Line to Gulf. A press dispatch from Independence, Kas., to the "Topeka Capital" .states that subscription papers are being circulated among the Kansas oil prodiic(!rs offering them $1,000,000 stock of the Pure Oil Co. at $10 per share for the common (par, $5; and $100 (par) for the 6% preferred, on the condition tlmt the company shall build a pipe line from the Kansas Oil Fields to the Gulf of Mexico and will market the oil in Europe and elsewhere.— V. 82, p. 104. — Richelieu & Ontario Navigation Co. Report for Calendar Year 1905. President llodoiphe Forget at the annual meeting on Feb. 19 reported as follows: — The gross earnings for the year amount to $1,217,373, an increase of $217,504 over 1904, and the net profits, after providing for fixed charges, &c., 8239,295, being an increa.se over the previous year of $144,982. The operating expenses were 79"/^ of the gross earnings, as again.st 88.04^', for tlie year 1904. The bond i.s.sue, originally 8571,833, now stands at 8351 ,373. During the past year the company has redeemed 827,253 of said issue, and has in its treasury 81,947 of bonds redeemable March 1 1906. The steamer Montreal has been completed and was placed in commission May 24 1905. The steamer Belleville has been lengthened with satisfactory results. The heavy traffic of last season and the increased movement of tourists and commercial business generally necessitate steamers of greater capacity. In view of this your directors have placed an order for a new steamer for the St. Lawrence River Rapids, and are also making inquiries looking towards the building of a new steamer equal to or larger than the steamer Montreal for the Montreal-Quebec route. Application has been made to Parliament to amend tlie Acts of incorporation by giving additional powers and for authority to issue bonds, notice of which has been mailed interest, the .shareholders. The proposed bond issue, it is said, will be for $1,000.000. V. 82, p. 284. — — — North American Telegraph Co. Exchange of Stock. See report of Mackay Companies under "Annual Reports" on a preceding page. Richmond Mining & Transportation Co. Sale of Bonds. At auction recently $100,000 of this company's first mortgage 5s, due Aug. 1 1923, were sold, with coupon of February Ohio & Indiana Consolidated Natural & Illuminating Gas Co. Foreclosure. The Central Trust Co., as trustee under the several mortgages, has brought suits to foreclose the first mortgages of the La Fayette Gas Co., Indiana Natural & Illuminating Gas Co., Ohio & Indiana Gas Co. and Logansport & Wabash Valley Gas Co.— V. 82, p. 51. 1905 attached, for $24,400. — — — — Ohio River & Western Coal'Co. New Stock. This company, incorporated in Ohio last November with $100,000 of authorized capital stock, filed on Dec. 30 1905 a certificate of increase of stock to $3,000,000. Directors: S. L. Mooney, W. C. Mooney, F. S. Hambleton, F. L. Mooney and W. E. Mailing. The same interests control the Ohio River &jWestern Ry. Co. Office Woodsfield, Ohio. — — Pennsylvania Malleable Co. Proposed Bond Issue. See report of Pressed Steel Car Co. under "Annual Reports'! on a preceding page. V. 81, p. 1562. — — — Sierra Madre Land & Lumber Co. —Bonds Offered. — Presi- dent W. C. Greene announces by advertisement on another page that subscriptions will be received at 983^ and interest up to noon Feb. 28 1906 at the offices of the company, No. 24 Broad St., New York, and by W. N. Coler & Co., 59 Cedar St., New York; W. B. McKeand & Co., The Rookerv. Chicago, 111., and Myron M. Parker, 1418 F St., N. W.. 'Washington, D. C, for $527,000 50-year 6% sinking fund gold bonds, being the remainder of a $3,000,000 bond issue authorized Nov. 18 1905, "the balance of the issue, $2,473,000. having been already sold at par." Interest paj'able June 1 and Dec. 1 at the Knickerbocker Trust Co., New York Citj'-, trustee. Bonds dated Dec. 1 1905, due Dec. 1 1955. • The advertisement sa}''s in substance: The company owns in fee 2,315,000 acres of land situated in western Chihuahua and eastern Sonora, in the Republic of Mexico, having a of 18,520,000,000 feet of the best quality of yellow and wlilte Pennsylvania Steel Co. Called Bonds. "Cornwall Ore stumpage pine lumber. A large portion of the estate, also, is exceeriingly fertile Banks" 5% bonds of Oct. 1 1902 to the amount of $100,000 agricultural land, well watered by numerous streams, capable of produchave been drawn for redemption and will be paid at 105 and ing all Ivinds of agricultural products and enjoying one of the best chmates interest on April 1 at office of Girard Trust Co., trustee, in the world. The company is instaUing mills \\ith a capacity for cutting 500,000 feet of lumber per day. There is a ready market tributary to this Philadelphia.— V. 82, p. 104. tract for three times that amount of lumber. — — People's Gas Light Co., Rutland, Vt. Consolidation. See Rutland (Vt.) Railway, Light & Power Co. under "RailV. 81, p. 671. roads" above. — — The proceeds of the present bond offering will be used for the construction of 32 miles of Iq^ging road and for working capital. This road is now The actively under way and will be completed witliin ninety days. Greene Consolidated Copper Company owns 51% of the capital stock of the Sierra Madre Land & Lumber Co. and controls operations. Certified of the amount subscribed for must accompany subscription: check for balance payable as soon as engraved bonds are ready for delivery by the American Bank Note Co., which will be not later than March 1. V. 79, p. 1481. 5% Pigeon River Lumber Co. of Mt. Sterling, N. C. Timber Bonds Offered.—The Inter-State Trust & Banking Co., 213 Camp St., New Orleans, is offering, by advertisement on another page, the total issue of $550,000 of "first mortgage Southern Steel Co., Gadsden, Ala. Called Bonds. timber bonds" of $1,000 each, dated March 1 1906, due in Alabama Steel & Wire Co. above. V. 81, p. 1796. — series of $25,000 every six months beginning Sept. 1 1907; These bonds are secured by interest payable half-yearly. first mortgage upon 54,900 acres of timber land in a solid tract, about 35 miles northwest of Asheville, Haywood County, N. C, covered by about 900,000,000 feet of hemlock, spruce, poplar and other varieties of timber; also upon a double-band saw-mill, logging railroad, shops, store, tene- ment houses, etc.". Company owned and operated by the successful lumbermen and timber dealers, J. D. Lacey & Co. of New Orleans, Charles I. James and Norman James of Baltimore, Md., and J. B. Hart of Clarksburg, — W. Va. — Pittsburgh Stove & Range Co. Reorganization. The shareholders will vote April 23 on a proposition to sell the company's property as a preliminary, it is understood, to V. 80, p. 1238. reorganization. Portland Gold Mining Co. Re-incorporation. This company, previously an Iowa corporation, was recently re-incorporated under the laws of Wyoming with the same capThe italization, namely $3,000,000, in shares of $1 each. old company was dissolved, but James F. Burns, owning, it is said, over $600,000 stock in the old company, has succeeded in obtaining payment of the 8-cent dividend declared by the new corporation. The auditor's cash statement for the year 1905 Report. has been published as follows: Cash balance Jan. 1 1905, $691,184; profits, &c., for year, $968,488; total, $1,659,672; dividends for year, $1,080,000; securities, $2,774; cash balance Dec. 31 1905, $576,898.— V. 71, p. 1015. Pressed Steel Car Co. New Director. James N. Wallace, President of the Central Trust Co., has been elected a di- — — — — — — — — —See — Spring Valley Water Co., San Francisco. Contract ReAn agreement dated Jan. specting Further Issues of Bonds. — 11 1906 has been placed on record between the company and Isaias W. Hellman, whereby the former binds itself, in consideration of the latter having agreed to purchase $14 ,500,000 of the authorized issue of $28,000,000 general mortgage bonds dated Dec. 1 1903, to limit the issue of the final $11,025,000 bonds as follows: The company will not sell bonds numbered 3,001 to 14,025, both inan aggregate par value of 811,025,000 (specified in Article 2 of the general mortgage), except for the purposes in s;iid article mentioned, and if said bonds, or any part thereof, are required to provide funds for new construction and betterments and new acquisitions and improvements, then, and in such event, the company will file with the Union Trust Co. of San Francisco, the mortgage trustee, in addition to the resolutions mentioned in said Art. 2, a certificate, duly executed by President, Secretary and Chief Engineer, to the effect that the new construction and betterments and new acquisitions and improvements shall be equal in actual cost to at least 85% of the par value of the bonds required to be dehvered. And the said Union Trust Co. of San Francisco shall have the right to independently Investigate the facts set forth in each and all such certificates, and if" the water company is not satisfied with the conclusion of the trustee, then the question sliall be submitted to three arbiters, one to be appointed by the company and one by the trustee, and the third by such two, and "the determination of the majority of the arbiters shall be final; but all expense of such investigation shall be paid by the company. See V. 82, p. 396, 338. 164. [6f the authorized issue of 828,000,000 bonds, $3,000,000 was sold some time ago; 814,500.000 is included in present sale, 813,975,000 being for refunding: and the remainder, 810,500,000, being the balance of the $11,025,000 above referred to, is held for betterments and improvements under above provisions.)— V. 82, j). 396, 338.] clusive, of — New Fuller Dry Goods Co. of St.' Louis. Stix, Baer This Missouri corporation has filed a statement of Stock. — & Feb. 24 190C, THE CHRONICLE I increase of capital stock from $1,000,000 to $2,500,000. The new Assets reported as $2,535,000; "liabilities none." stock, all of which, it is said, will be subscribed by present shareholders and employees of the company, "was made necessary by the anticipated removal of the store to the new building at 6th St. and Washington Ave. Directors: Charles A. Stix, President; Julius A. Baer, P'irst Vice-President; Aaron Fuller, Second Vice-President, and Sigmund Baer, Secretary and Treasurer. — Tacoma (Wash.) Co .—Reduction of Capital Stock. This company has filed a certificate at Olympia, Wash., reducing capital stock from $25,000,000 to $3,500,000, the par value of shares remaining one dollar. The proposition to reduce the stock to $3,500,000, in shares of 25 ccntseach, could not be carried out, as the Court held that the laws of the State do not permit a reduction of par value of shares. (Compare V. 81, p. 1191.) its & Texas Land Cattle Co., Limited. —Report. — The report for the calendar j^ear 1905 shows: Total receipts from cattle sales, land interest, &c. (including the balance brought forward), £15,462; profit and loss, £(),621; dividend at 214%, free of income tax, being 2s. 3d. per share of £4 10s., £5,400, balance, subject to directors' remuneration, £1,221. — — Union (S. C.) Cotton Mills. Adjudged Bankrupt. The United States District Court at Charleston, S. C, on Feb. 14 adjudged the company a bankrupt upon a petition filed on Oct. 3 1905. Compare V. 81, p. 1244, 1318, 1615. United Bank Note Corporation. Bank Note — This —Successor of American company was incorporated at Albany on Feb. 20 with $10,000,000 of authorized capital stock, in $50 shares, of which $5,000,000 is to be cumulative preferred, as successor of the American Bank Note Co., per plan in V. 81, p. 1851; V. 82, p. 102, 336. Report. The American Bank Note Co. (the old company), for the calendar year 1905 reports: Profits (after deducting cost of new machinery), $765,006; charged off (real estate, &c.), $114,543; reserves for depreciation in investment account ($50,000), special machinery ($30,000), &c., $100,000; dividends paid, $216,000; balance, surplus, $334,463. Total Co. 6% — surplus Dec. 31 1905, $2,958,948. — — United Lead Co. Merger. An oifficer of the National Lead Co. declines to confirm the "authoritative" statements that the merger of the two corporations has been definitely arranged, to date frorn Dec. 1 1905, and that the executive offices of the United Lead Co. will be moved about March 1 to No. 100 William St., where the National Lead Co. has offices.— V. 81, p. 672. — — United States Realty & Improvement Co. New Director. William F. Havemeyer has been elected a director. V. 81 — 1798. United Telephone & Telegraph Co., Pennsylvania. —Earnings. — The results of the calendar years compare as below: p. Cat. Rentals, Net Dividends, Interest Guar. Div. Balance, Tolls, d-e. Earnings. &c..Ree'd. on Bonds. <fc Rentals. Sin-plus. Year 1905 $479,810 $219,824 $38,704 $161,590 $46,930 $50,008 1904 464,249 180,501 29,367 148,995 35,430 25,443 The operating expenses in 1905 include: Operating, $145,847, against $154,580; maintenance, $63,693, against $77,339; general taxes and ex- — penses, $31,336, against $29,215; taxes, insurance, &c., $19,109, against $22,614. The "other income" includes in 1905 dividends on stocks owned $36,270, against $27,435.— V. 81, p. 618. Wellsburg — & — — Buffalo Valley Co. Sale of Bonds. Status At auction recently $800,000 collateral trust 5% bonds, being part of this company's issue of $1,000,000 bonds secured by mortgage to the Knickerbocker Trust Co., as trustee, offered, with the coupons of January, 1905, attached, were bid in, by parties interested, for the nominal sum of $5,000. The bonds were held by contractors, who pledged them to secure a loan of $150,000. The company was organized in 1903-04 under thelaws of New Jersey with $1,000,000 capital stock (the present amount), as a holding company, and acQuiretl all the $300,000 capital stock of the Wehsburg Coal Co., which was organized in 1902 and purchased 1,200 acres of coal land on Buffalo Creek, in Brooke County, West Va.; also all the capital stocks, $150,000 and $300,000 respectively, of the Washington & State Line Rll. and the Wellsburg & State Line RR. companies, which were char- 457 claims to have purchased in 1895 from Charles A. Parsons, of England, all rights to his American patents and to have contracted for all rights covering improvements which might be made during a term of years. The AUis-Chalmers Company within a few years has placed upon the market a steam turbine, involving novel features, which it claims the right to use under its purchase from the Parsons interests of patents granted subsequent to Sept. 11 1900, the right to the fundamental Parsons patents, it is understood, being conceded to the Westinghouse Company. Regarding the above, an the Allis-Chalmers Co. says: "Our for several years past in the development of the steam turbine, and it has proceeded with great deliberation under the Some time ago we acquired from the best technical and legal advice. Parsons interests the right to all their turbine patents in tliis country except those granted prior to Sept. 11 1900, which constitute the only Parsons rights purchased by the Westinghouse Company, none of which the Allis-Chalmers Co. has included nor desires to use in its turbines. We thus have the benefit of all the Parsons patent rights and experience since 1900, under agreements also covering all future improvements and V. 82, p. 165. experiences. officer of company has been engaged — The Financial Review for 1906, published at the office of "Commercial and Financial Chronicle," is now ready. It is an invaluable book for reference throughout the year. the Some of the contents are as follows: Retrospect of 1905, giving a comprehensive review of the business of that year, with statistics in each department, financial and commercial. Bank Clearings in 1905, with comparative statistics for 20 years. Number of shares sold on the New York Stock Exchange in each of the past 20 years. Securities listed on the New York Stock Exchange in 1905. Money rates by weeks for past four years on all classes of loans. Weekly Bank Statements in 1904 and 1905. Statistics for a series of years. Iron and Coal Production for a series of years. Gold and Silver— Production for a series of years and Monthly Range of Price of Silver for three years. Exports and Imports for a series of years. Comparative prices of Merchandise for series of years. Foreign Exchange Daily Prices in New York "in 1905. Great Britain Review of commercial and financial affairs, Crop — — — with comparative statistics. Bank of England Weekly Statements in 1905, and the changes in the Bank rate for a series of years. Government Bonds Monthly Range since 1860 and Debt Statement. — — State Bonds Record of Prices since 1860. Railroad and Miscellaneous Bonds and Stocks Monthly Range of Prices for five years in New York and for one year in Boston, Philadelphia and Baltimore. Description of Railroad and Industrial Securities, Record of Earnings, Dividends, Railroad Construction and other statistics for a series of years. The price of the Review is $2. "VA illiam B. Dana Co., 76 K' Pine Street, New York. Copies may also be had from P. Bartlett, 513 Monadnock Blk., Chicago; Edwards & Smith, 1 Drapers Gardens, London — — Messrs. N. W. Harris & Co. of this city, Chicago and Boston, are to-day offering investors $1,000,000 United Electric Light & Power Co. first consolidated mortgage 4J^% bonds, due May 1 1929. Issued under a closed mortgage, this bond is an underlying bond of the Consolidated Gas, Electric Light & Power Co. of Baltimore. The advertisement, with full particulars, appears in this issue of the "Chronicle" on the page opposite the clearings statement. —The "Earning Power of Railroads" in 1906, with tables and notes showing facts as to earnings, capitalization, dividends, mileage, &c., of 125 railroads in the United States and Canada, is a convenient little volume of 290 pages, compiled and edited by Floyd W. Mundy of James H. Oliphant & Co., bankers and brokers. No. 20 Broad St., New York. tered to build from Wellsburg, Va,, to Washington, Pa., 28 miles, of A. B. Leach & Co., successors to Farson, Leach & Co., which 3 miles were conipleted in 1904. In February 1905 Joseph A. West of Beaver, Pa.; Luke F. Darrell of Allegheny, Pa., and Carl C. Law of of 35 Nassau Street, New York, Philadelphia, Chicago and Pittsburgh, respectively former President, Secretary and Treasurer of Boston, are this week issuing a special circular of investthe Wellsburg Coal Co., filed a suit for a receiver for failure to pay the ments. Copies can be had upon request. The list covers interest due on the bonds held by the contractors. This application was denied. James R. Branch, No. 5 Nassau St., New York, is President, selected municipal, standard railroad, street railway and Alfred McOrath, Vice-President of the National Shoe & Leather Bank, Treasurer, and Anthony Stump, Secretary, of the holding company. Western Canada Land Co. This — Acquisition —Sale company has purchased from the Canadian Pacific of Stock. — half a million acres of land Ry. in the Edmonton district, price $2,080,000, payable $50,000 at once, $470,000 on July 9 1906 and the remainder in three annual instalments of $520,000 on July 9 in 1907, 1908 and 1909. The authorized share capital, £500,000 in £1 shares; present issue, £450,000, of which £300,000^is offered for sale in London at £1 5s. per share. — industrial bonds. — Farson, Son & Co. announce that they have taken over the good-will of the business of Duke M. Farson & Co. and that Mr. Duke M. Farson will be formally associated with the new firm of Farson, Son & Co., Chicago and New York. — The business of Duke M. Farson & Company of Chicago was transferred, on the 23d inst., to Farson. Son & Company of Chicago and New York. Duke M. Farson will be formally associated with the firm. — The United Rnilways Company of St. Louis, its history Westinghouse Machine Co. Litigation. The company and present condition, is the subject of a pamphlet (with on Feb. 9 filed a bill of complaint in the United States Circuit map) issued by the bond department of the Mercantile Trust Court at Pittsburgh in an action against the Allis-Chalmcrs Co. of St. Louis. Co. for alleged infringement of patents used in the WestingThe first number of the "Curb News," a weekly outside house-Parsons steam turbine, of which 1 ,000,000 horse power market review, edited by Peter Bennett of this city, made arejn'operution. The^Westinghouse Company, it isjstated, its appearance on Feb. 17. •; \ — — — \ THE CHRONICLE. 458 [Vol. Lxxxii. Reports and Jiotnmtnts, NORTHERN CENTRAL RAILWAY COMPANY. PIPTY-FIRST ANNUAL REPORT— FOR THE YEAR ENDING DECEMBER Office of (he Northern Central 31 1905. Cumpariaon with Railway Company. Baltimore, Md., February \Uh 1906. To the Stockholders of the Northern Central Railway Company The Board of Directors herewith submit an abstract of their report for the year ending December 31st, 1905, with such data relating to tlie lines embraced in your System as will give a clear understanding of their physical and financial condition. Dec. 31 1904. or Dec ' i capiuii^^S-. Capital steck scrip of all From S 8,191.900 01 freight traffic " passenger " " " transportation of mails. miscellaneous sources.. 1.858.24171 232,788 70 traffic expre.ss traffic Funded Debt— \- 120,281 01 128.750 98 + 196,976 + 123,809 + 22,278 + 9,320 + 4,993 27 40 53 04 71 For maint*of way and struc. 1,444,264 75 For maintenance of equipment 2,109,370 89 130,866 47 For conduct, trans, traffic For conducting transportation, 4,617,41137 operation.!.. 168,652 36 For general expenses 74 H%, 31 17 97 27 1,092,965 02 +351,299 73 1,890,763 78 +218,607 11 146,045 66 —15,179 19 160,697 53 8,470,565 84 7,829,253 05 +641,312 79 Net Earnings from Operation. 2,061,396 67 2,345,270 90 —283.874 33 Operating Expenses — Deduct Rentals paid roads operated on Net Operating Earnings Northern Central Railway Co.. 2,038,080 62 To which add— 813 ,485 47 Interest on investments »,000 00 00 00 00 77 — Vouchers and pay-roll checks Interest accrued on funded debt Due other companies Interest matured on bonds and dividends uncollected Insurance fund Dividend payable Jan. 15 1906_ -600,000 00 968 ,930 47 123,891 25 370,006 25 + 32,586,24 + 73,795 39 3,266 50 35,567 94 687,734 00 + 179 + 12,996 50 18 Depreciation fund coal lands of the Pottsville RR. Co.. for + 15,855 + 64,576 00 2,253,153 33 —215.072 + 119,079 + 8,519 694,406 08 537.248 56 3,571,352 91 12 71 39 40 30,673,870 65 —313,011 57 H. TATNALL. M. RIEBENACK. Treasurer. Comptroller. PERCENTAGE OF OPERATING EXPENSES TO GROSS EARNINGS Comparison with 1904. 125,799 94 209,613 36 34,964 03 113,679 82 + 90,835 + 95,933 91 1.157,418 17 3.195,498 79 843,049,93 3.096.203 26 + 314,368 + 99,295 24 53 345 ,682 54 347,315 00 328,062 96 413.255 00 + 17,619 58 aRents — Current Liabilities Shamokin Valley & Profit and Loss. 8,519 40 = Amount received from P. RR. Co., proportion of loss in operating Elmira & Canandagiua division and miscellaneous accounts Gross Income -7,000 00 2,189.996 41 —68,801 62 92,117 57 23,315 95 basis of net earnings Interest, general account —1.000 00 5,431,872 77 250,000 00 Extraordinary Expenditure Fund +78,630 31 +7,954 83 4,538,78106 . , 10.531.962 41 10,1 74,523 95 +357,438 46 Gross Earnings „^"".i?'.y°. .-.Consolidated general mortgage gold coupon bonds: Series A (sterling or dollar), 6% sinking fund, matured July 1 1904 Series C, G% matured July 1 1904. Million Loan (Series D), 6%, matured July 1 1904... Series E, 4 1,757,000 due Ai)ril 1 1925 Second general mortgage 5% currency coupon bonds, due Jan. 1 1920: Series A 2,565,000 Series B 1.000,000 Real estate mortgages and ground-rents 109,872 payable • $ 7.994.923 1,734.372 210.510 110,960 123,757 ' T Mortgage to |Jate of Maryland to secure or —Increase Decrease. 1904. 1905. Linct Directly Operated. 17.193*50 00 50 00 ^^ 193 400 00 CENTRAL GENERAL INCOME ACCOUNT OF THE NORTHERN1904 RY. CO. FOR 1905 AND COMPARISON WITH Earnings — + lnc. ( From which deduct Fixed rentals of leased roads . . Interest on bonded debt Interest on mortgages and ground-rents Interest car trusts Interest general account Interest on equipment , , Taxes Advances to Elmira & Lake Ontario RR. Co... 6.784 3,881 69,458 1,133 151,323 6,535 65 3,234 61 ""'3' ,097" 44 211.282 26 39,563 65 54 —65,940 00 59 50 —248 —646 34 36 —69,458 34 Increase. Decrease. --3.48% 1905, Rents are shown as an item of "Other Income" instead of in Gross Earnings, and the accounts for 1904 in this report are arranged in the same manner, so as to show proper com- 1905. 80.43%. Commencing with Jan. a 1 ison. TONS, TONNAGE MILEAGE, AND FREIGHT TRAIN MILEAGE. 94 Freight 89 15 + 1 ,964 08 + 59,959 11 45,172 89 —5,609 24 Tons Tonnage Carried. Mileage. 1,266.189,241 40.564.477 ...19.431,721 1,380.166 1905 Increase Decrease Train ailileage 2,942,096 113.032 Percentage of increase or de956.711 15 -62,360 64 1,019.071 79 2,238,787 64 2.077,131 47 + 161,656 17 Net Income. .$2,238,787 64 this Net Income for the year... the following amounts have been deducted: 25 principal Car Trusts $10,226 Paj-ments account of 687,734 00 Dividend of 4%, paid July 15 1905 687,734 00 Dividend of 4%, paid Jan. 16 1906 From — applied toward Extraordinary Expenditures on track, yards and equipment for the Amount transferred ture Fund Per Ton Per Mile. wUh with 1904. Mile. 1904. 1905. Increase or Decrease Cents. 250,000 00 Dec. 31 1904. Dec. or $ + Inc. Assets. — — 13,388,059 23 2.61.'i,018 98 4,980,283 77 Cost of railway Cost of real estate Cost of equipment 20,981,361 98 — Stocks of railroads and other corporations. of railroads and other corjjorations. Mortgages and ground-rents receivable Bonds Bills rercivablc, &c Net traffic balances individ\ials 5,249,218 95 1,516.000 00 1,419 00 + 25,000 —31 ,000 00 00 6,766.637 95 — Cash deposited in banks Due from accnts... and companies controlled companies Insurance fund.. and supplies 975.761 81 —273,088 32 089.843 .W + 172,083 30 + 50 00 14,550 00 + 00.095 48 72.570 28 216,834 20 —87,705 27 23,022 88 + 23,022 88 1,000 00 394,840 79 —224,669 64 Per- Increase or centage. Decrease Percentage. for coal lands of the Yalley & Pottsville RR. Co fund 536.841 18 Earnings Expenses Net earnings.. a Note. 0.647 0.505 0.142 Cents. —0.005 + 0.022 —0.027 Cents. 0.77 4.55 15.98 Cents. 278.4 217.5 + 16.7 60.9 —7.0 + 23.7 6.38 12.23 10.31 mileage represents mileage of freight and passenger — Trainhelping, shifting or work train mileage being excluded. trains only; all coal tonnage of the main line in 1905 was 5,888,784 net tons, an increase of 517,482 net tons. The total coal tonnage to Baltimore was 1,068,970 net tons, an increase of 140,402 net tons. The coal tonnage of the Lj-kens Valley Railroad was 611,945 net tons in 1905. an increase of 94,033 net tons. The coal tonnage of the Shamokin Division was 2,447,634 net tons, an increase of 49,949 net tons. The coal tonnage of the Elmira & Williamsport Railroad was 1 ,410,240 net tons in 1905, a decrease of 724,104 net tons. The coal tonnage of the Ehtiira & Lake Ontario Railroad was 895,932 not tons in 1905. a decrease -of 73,276 not tons. The aggregate movement of bituminous coal was 3,488,802 net tons, a decrease of 248,350 net tons, and of anthracite coal 5,050,859 not tons, an increase of 106,483 net tons, as compared with the previous j-ear. The tonnage of both classes amounted to 8.539.661 net tons, as against 8,681,534 net tons for the preceding year, being a decrease of 141^873 net tons in the actual aggregate of coal transported, irrespective of the number of divisions over which it was moved. The amount of grain received at the elevators at Canton The was: 2,389,029 54 ShamokiM Train Comparison to Extraordinary Expendi- Comparison with Current Assets aPer Freight Comparison • 827.721 48 $25,371 91 Balance transferred to credit of Profit and Loss 39,204 21 Sundry credits during the year . 3,506,7 76 79 Amount to credit of Profit and Loss Dec. 31 1904 $3,571,352 91 Amount to credit of Profit and Loss Dec. 31 1905 a Commencing with Jan. 1 1905 Rents are shown as an item of "Other Income" instead of in Gro.ss Earnings, and the accounts for 1904 in this report are arranged in the same manner, so as to show proper comparison. GENERAL BALANCE SHEET DECEMBER 31 1905. Cost of Securities 3.70%, MILE. $577,721 48 year Depreciation 3.31% 7.65% 1905. Amount Vlaterials -- 1,385,694 25 $853.093 39 Balance Deduct Due from Due from crease AVERAGE EARNINGS. EXPENSES. AND NET EARNINGS PER +16.000 00 30,673,870 65 —313,011 67 11, 499, 142 bushels 1905 1904 --- 6,053,258 An increase Of ^446,834 " • THE CHRONICLE. Fhd. 24 1906. The lount of grain received at the local elevator, No. 2, Baltimore during the year was 2,534,089 bushels, an increase of 170,092 bushels. The principal items of tonnage, besides coal and grain, were lumber, iron ore, manufactures of iron, fruits and vegetables, cement, brick and lime and petroleum. ?' in the city of PASSENGERS, PASSENGER MILEAGE. AND PASSENGER TRAIN MILEAGE. 4,447,637 187,258 Passenger Mileage. 88,840,460 6,647,970 4.40% 8.09% Passengers Carried. 1905 Increase Percentage of increase: Passenger Train a.Milrage. 2.160,772 44,336 2.09% AVERAGE EARNINGS, EXPENSES, AND NET EARNINGS PER MILE. Per Passenger Per Mile. aPer Passenger Train Mile. Comparison Comparison with 1904. 1905 Increase or Decrease. Per- 2.092 2.332 Increase or centage. Cents. Cents. Earnings Expenses with 1904. 1905. Deer ease. Cents. + 0.011 0.85 0.47 107.0 95.9 Cents. + 5.4 + 5.8 + 0.029 13.74 11.1 —0.4 —0.018 \ Percent- \ age. 1 ' , 5.31 6.44 Loss. Net Earnings.. 0.240 3.48 — Train mileage represents mileage of freight and passenger a Note. trains only; all helping, shifting, or work train mileage being excluded. GENERAL REMARKS. The freight earnings for the year show quite an increase, due to larger shipments of all classes of tonnage except bituminous coal; while the passenger earnings also show a substantial gain. This increase, however, is more than offset by an increase in expenses, due mainly to the cost of rebuilding your grain elevator in Baltimore, which was destroyed by fire, -nd to increased repairs to motive power and equipment made necessary by the growth of your traffic, and to the substitution of standard freight cars for those of lower capacity. Your net operating earnings, therefore, show a decrease of $283,874 33, but there was an increased income from your investments and also in the amount of rentals received from the Pennsylvania Railroad Company for the use of your hne between Enola and Wago Junction and in its contribution toward the losses incurred on your Elmira & Canandaigua Division. As your fixed payments show a decrease, the net income for the year, after the payment of all charges, increased $161,656 17, and amounted to $2,238,787 64. Out of this were paid the regular dividends amounting to eight per cent, and the sum paid on account of the principal of car trusts, leaving a balance of $853,093 39. Against this were charged the extraordinary expenditures not taken care of through the fund of $750,000 set aside last year, and also the amount appropriated toward future similar improvements, $250,000; the balance, $25,371 91, being transferred to the credit of Profit and Loss. Extraordinary Expenditure for the year were as follows: , and your Company. 459 The most important, however, and the one involving the largest expenditure, is a Belt Line around Baltimore for the movement of through freight. Such a line has become necessary to relieve the lines of your Company and of the Philadelphia Baltimore & Washington Railroad in Baltimore, which are much congested and will soon be taxed beyond their capacity. By the building of this line, your facilities for handling the business of Baltimore will be greatly increased, as the present tracks will then be used only for passenger trains and for the freight traffic of Baltimore proper. It will be constructed jointly by your Company and the Philadelphia Baltimore & Washington Railroad Company, and the capital needed therefor will be jointly proA'ided, as will also be the case with the new passenger station and the Sunbury Yard. There was a net increase of 15.34 miles in Company's There were 6,861 tons of new steel rails tracks and sidings. and 250,742 cross-ties used in repairs and renewals. Twelve new standard freight locomotives and one new standard passenger locomotive were purchased and added to the equipment; and three new standard passenger, one new standard freight and four new standard shifting locomotives were purchased to replace a like number of locoinotives sold or condemned. Sixteen cabin cars, one box car and three hundred and twenty-two gondola cars were built to partially replace cars destroyed or sold. Mr. George C. Wilkins, General Agent, at Baltimore, having been retired under the provisions of the Pension Department February 1st 1905, Mr. H. W. Kapp was appointed to fill the position in addition to that of Superintendent of the Baltimore division. Mr. M. Riebenack was appointed Comptroller February 1st 1905, vice Mr. R. W. Downing, retired under the provisions of the Pension Department, and under a revision of the Organization, March 1st 1905, the following appointments were made: Mr. Edward A. Stockton, Assistant to Comptroller; Mr. Samuel Anderson, Auditor, and Mr. John S. Donaldson, Assistant Auditor of Miscellaneous Receipts and Accounts; Mr. Jefferson Justice, Auditor, and Mr. H. C. McKeever, Assistant Auditor of Merchandise Freight ReMr. George B. Rudduck was also appointed Assistceipts. ant Auditor of Disbursements, vice Mr. Edward A. Stockton, promoted; and Mr. Matthias Homer, Assistant Auditor of Passenger Receipts, vice Mr. Samuel Anderson, promoted. Mr, Eden B. Hunt was appointed Assistant Superintendent of the Voluntary Relief Department, vice Mr. Matthias Homer, promoted. Your Board have to record with deep regret the death, after four weeks' illness, on the 30th of September 1905, of Mr. Sutherland M. Prevost, Third Vice-President, and a Mr. Prevost first entered the railof your Board. road service when nineteen years of age, on the Elmira After an experiDivision of the railway of this Company. ence of several years with various companies, he entered the service of the Pennsylvania Railroad Company, continuing with that system until his death. On May 1st 1885 he became the General Superintendent of Transportation of this Right of way. $5,814 86 Company, was promoted to the position of General Manager Extension of four-track system Baltimore to Mt. Vernon.. 30,353 00 on March 1st 1893, and on February 17th 1897 was elected Extension of four-track system Wago Junction to Falls' Yard 242,739 76 In the various posia Director and Third Vice-President. Extension of four-track system New Cumberland to Enola (including new line, Bridgeport) 375,158 89 tions occupied by him, he displayed exceptional ability, Enola Yards, one-fourth cost 165,965 61 and the Board realize fully the personal and official loss reElimination of grade crossings 25,415 30 Telephone and telegraph lines 29,270 00 sulting from the death of so able and gifted an associate. Canton, extension of ore pier, etc. 16,693 99 On October 10th 1905 Mr. Henry Tatnall was elected a Baltimore Shops Power plant 13,643 51 Director to fill the vacancy caused by the death of Mr. PrePassenger stations 17,060 00 Extension of sidings 23,315 14 vost, and under a revision of the Organization adopted on Interlocking 31,655 25 the same date, Mr. Samuel Rea was elected Third ViceIncreased water facilities 24,824 66 President; Mr. John B. Thayer, Fourth Vice-President, and Miscellaneous 79 75 Mr. Henry Tatnall, Fifth Vice-President. Total $1,001,989 72 Your Board also have to record the death, after a brief Equipment illness, on October 27th 1905, of Mr. Augustus W. Hendrix, Portion of cost of rebuilding 438 Pool freight cars $53,165 00 Equipping freight cars with air-brakes 9,813 00 the Treasurer of this Company, who had been in /ailing Locomotives 223,568 16 health for some years. Mr. Hendrix entered the service Tools and machinery 27,273 97 January 15th 1872, was appointed Cashier October 1st 1882, Total $313,820 13 and was elected Treasurer October 1st 1893, and during his Real estate ..$21,926 63 entire connection with the Company had faithfully and Less credits.. 10,015 00 efficiently discharged the responsible duties entrusted to him. 11,911 63 Mr. Henry Tatnall was elected Treasurer October 31st 1905 Aggregate $1,327,721 48 to fill the vacancy caused by the death of Mr. Hendrix. Under a revision of the Organization adopted the same It will be seen that the heaviest outlay in this respect was Mr. F. P. in the extension of your four-track system from the Falls' date, the following appointments were made: Yard to Wago Junction and from New Cumberland to Enola, Whitcraft, Assistant Treasurer, and Mr. H. D. Thompson, in order to complete the portion of your road which forms a Cashier, located at Baltimore; Mr. A. J. County and Mr. link in the new low-grade freight line between the summit of K. S. Green, Assistant Secretaries; and Mr. John C. Hines, the Allegheny Mountain and tidewater, and in the furnishing Assistant to Secretary. of additional facilities for the yard operated in connection The Insurance Fund amounted to $908,046 66 on Decemtherewith. The balance of the expenditure was on additional ber 31st 1905, being a gain for the year of $65,294. track, passenger and freight facilities, tools and machinery, Under the operation of the Pension Department, there and on improvements and additions to your motive power were carried on its rolls at the end of the year 145 employes, and pensions were paid during the year amounting to and equipment. Several important improvements will have to be under- $33,763 34. taken during the coming year. One is a new passenger It gives your Board pleasure to extend its thanks to the station at Baltimore for the joint use of your Company and officers and employees for the faithfulness and efficiency the Philadelphia Baltimore <fe Washington Railroad Com- shown in the disdiarge of tlieir duties during the past year. pany; and another, the need for which is urgent, is a new By order of the Board, freight yard at Sunbury for the interchange of traffic between A. J. CASS ATT, Attest: the lines centering at thnt point belonging to the sj^stems of President. STEPHEN W. WHITE, the Pennsylvania Railroad, the Philadelphia & Erie Railroad Secretary — — member THE CHRONICLE 400 Vol. lxxxii DOMINION COAL COMPANY, LIMITED. REPORT OF DIRECTORS FOR YEAR ENDING DECEMBER OUTPUT. Thf output of 1905 was 3,189,057 tons 3,023, r)22 tons for 1904. as owners of their hou.scs on paying a little more than their present monthly rent, while it is hoped the Company will also gain by .securing the services of a steady, permanent compared with body of employees. Your Din ctors, following a well-defined plan EARNINGS. The net oarnings from the operation of the for future operations, have, during the year 1905, made large expenditures for necessary equijjinent and for deveh pment to provide for the natural exhaustion of the older workings, and in order to coi.tinue this programme it will bs necessary to make .similar expenditures in 1900. It may, however, be pointed out that in so far as these expenditures are chargeable to capital account the amount so expended to the extent of 75 per cent of the outlay may, if deemed advisable, be subsequently capitalized (after 1st November 1906) by issuing the additional $2,000,000 First Mortgage Bonds or any part thereof at present retained in the Company's treasury. Meantime, your Directors have considered it the wiser policy to postpone payment of dividend on the common stock for the present. They trust that the Shareholders will approve these conservative measures, which, in wiping off the floating debt and providing Uberally for the efficient equipment and development of the mines, remove impediments to the distribution of future profits; and these, setting a.side the possibility of unforeseen accidents, may confidently be anticipated to result from the continued prosperity of the Company's operations. Company's mines, steamships, i-aihvay, stores, rents, etc., for the vear 1905 were $1,573,832 19, as compared with $1,620,475 33 for the year 1904. The general business of the Company during 1905 was well uj) to the standard of 1904, but the largely increased requirements of the Dominion Iron and Steel Company necessitated an increased output from the mines, and as the contract with that Company is not at present a remunerative one, the average price realized from sales in 1905 was consec|uentlj'^ less than in 1904. The decrease in net earnings shown above would, however, have been greater but that the operating expenses, outside actual cost of mining, were considerably reduced. The sur]flus earnings, after providing for interest on bonds, preferred stock dividend, etc., have been added to the Company's general surplus, against which account have been charged expenses of reorganizing the Company's securities and an amount to represent depreciation in value of merchandise in the Company's stores. ' i | ; j ; ; I ' COMPANY'S PROPERTY. The program of operations decided upon some time ago for the purpose of placing the Company's property and equipment in a state of thorough efficiency has been steadily pro.^ecuted during the year 1905. Development Work. Steady progress has been made with the opening and equipment of the new mine known as Dominion No. 6 on the Plielan Seam, and a substantial daily output will be obtained from this mine after the opening of the St. Lawrence navigation this year. The Emery Scam is now being worked through the old workings at Dominion No. 5 (Reserve); shafts are also being .sunk to this .seam at Reserve and at Dominion No. 6, and it is expected that by the opening of navigation the work will be so far advanced that this seam will yield an output of about one thousand tons per day. Development work at the other mines has been continuously carried on and is now well in advance of the workings. Electric Plant. Contracts for an electric plant situated at Dominion No. 2 have been let. This plant will be used for furnishing the auxiliary power required at the mines for pumping, ventilation and underground haulage, etc. The gei;eral adoption of shearing machines and the increased requirements of the coal-cutting machines will practically exhaust the capacity of the compressed air plants at the different mines leaving such auxiliary requirements unprovided for. The central electric plant is needed to make good this deficiency, and will also carry out the work more economically than under present conditions. Rolling Stock. -Your Directors, recognizing that an ample equipment of rolling .stock, particularly cars, is a necessity for rapid delivery, for avoiding delays to ships and for saving in operating expenses generally, decided this year to purchase one hundred and fifty 50-ton steel cars at a — — — Respectfully submitted, JAMES ROSS, President. ! BALANCE SHEET now thororghly efficient and .serviceable condition; this repair work has been charged to oj:erating expenses. The total amount expended during the year 1905 on capital accoiuit, including the above purchase of steel cars, is $497,605 19. All other development work, renewals and repairs have bef'ii charged against operation. Assets. GENERAL. ye'iT endi-g Far year ending Dec. 31 1904. Dec. 31, 1905. $22,600,597 83 $22,970,516 00 144,844 60 130,569 81 For Balances— I , Property account i Less written ofT per last report for depreciation a.s j $22,470,028 02 $22,825 671 40 500,487 98 497.605 19 ; Add capital expenditure since.. j $22,970,516 00 $23,323,276 59 i Cash in banks and offices Accounts receivable Coal on hand New supplies in stores and warehouses-Insurance paid in advance Steamship hire paid in advance Cash and securities in New Ens;land Trust Company for sinking fund Securities of other companifs i 1 ' j 151.746 702.360 262,715 795,928 31,692 35,620 73 251, .550 82 50 52 825,083 302,400 763,257 19,360 22,234 76 52 90 70 46 09 98 87 261 ,966 84 191 ,000 63 189,964 63 $2,433,032 40 $2,373,852 55 j $25,403,548 40 $25,697 129 14 I ' Liabilities. Capital stock, common Capital stock, preferred | 00 $15,000,000 00 00 3,000,000 00 00 5,000,000 00 00 72,000 00 58 353,785 08 29S.5.59 47 265,413 46 2,380,000 00 $15,000,000 3,000,000 2,435,000 72,000 394.421 mortgage bonds Mortgages 1 First Cape Breton real estate debentures Dominion roUing stock debentures Amount payable Dominion Steel Co ' $23,579,981 05 $23,691,198 54 887,500 00 $120,000 00 84,0.56 62 97,833 12 311,222 77 200,937 56 71,000 00 58,250 00 41,666 66 54,915 66 73,583 31 117,157 10 Accrued dividend— preferred Unpaid royalty Accounts payable Notes payable Bond interest, accrued.Contingent fund ' Sinking fund, accrual ' $706,316 94 $226,912 13 890,338 28 $611.805 86 $1,117,250 41 $1,117,25041 $2,140.92179 — Surplus Balance from previous vears-.. For current year 1,023.67138 j I : j Less written off to provide for reorganization of securities and depreciation in value of merchandise in stores 746,797 05 ' 81.394.124 74 825 ,403 ,.548 40 $25,697 129 14 I j j [ PROFIT AND LOSS ACCOUNT FOR YEAR ENDING DEC. 31, 1905. (Compared with 1904.) For iienr ending For year ending Dec. 31. 1904. Dec. 31, 1905. $1 ,620.475 33 $1 ,573.832 19 $148.818 16 240,000 00 $212.249 73 220,916 04 202,996 24 138.322 65 96.679 94 20,315 10 Net ])rocecds from sale of coal and net income from steamships, railway, stores, real estate, etc | [ Less Interest on bonds.-. DividMul on preferred .';tock Miscellaneous interest and premium on bonds retired Sinking fund under former trust deed. ' . The Company has laid before its employees a scheme for the purcha.se of their homes on the installment j)lan, such as exists at other collieries in this country and abroad, and it is expected that this will be largely taken advantage of by the men. The workmen will gain thereby in becoming 1905. Deceinl>er 31st 1904.1 | It will from the general surplus. AT DECEMBER 31ST i in a FINANCIAL POSITION. be noticed from a perusal of the annexed balance sheet that the Company's financial position has greatly improved during the year 1905. In May of that year the Shareholders gave their approval to a scheme for the rearrangement and consolidation of the indebtedness of the Company, the main features of which were the substitution of an i.^sue of $5,000,000 5% Bonds in ))lace of the outstanding .$2,435,000 67o Bonds and $2,380,000 Time Notes; and the substitution of an issue of $3,000,000 7% Preferred Stock in place of a like amount of 8% Preferred Stock. Thes(> changes, which, besides other advantages, will effect a larg" saving in fixed charges, necessitated a considerable outlay in premiums on oki securities redeemed and other expenses, which amount your Directors have written off .\S (Compared with j cost of $162,000. The greater number of the Company's wooden cars have been remodeled and practically rebuilt in the Company's own shops, and this part of the equipment is 31ST 1905. $730.137 05 $550.160 81 $890,338 28 $1,023,671 38 Certified correct. J. R BL.4.CKETT, Auditor. THE CHRONICLE. Feb. 24 1906 3ijixjc COTTON. (Sjmmixzxciixl ^imjes^ STATEMENT OF WORLD'S SUPPLY AND TAKINGS ON PAGE 464. COMMERCIAL EPITOME. Friday Night, Feb. 23 1906. on the whole has been so|newhat better not only seasonable lines of goods, but also as regards the spring Traele in demand public and for various kinds of merchandise. is still in the main very hopeful prices are very generally steady. 461 The business as to the future Contradictory reports are rife as to the probabilities of a strike of the coal miners, but on the whole the outlook is supposed to be somewhat Friday Night, Feb. 23 1906. as indicated by our For the telegrams from the South to-night is given below. week ending this evening the totai receipts have reached 136,015 bales, against 131,235 bales last week and 131,605 bales the previous week, making the total receipts since the 1st of September 1905 6,131,301 bales, against 6,896,497 bales for the same period of 1904-05, showing a decrease since Sept. 1 1905 of 765,196 bales. THE MOVEMENT OF THE CR9P Receipts at — - Germany not adopt a retaliatory tariff at this time. The speculative markets have been generally quiet. Lard on the spot has been in rather light demand and the export sales of City have been only of a restricted volume. Prices have continued to decline, Western selling of late at 7% to 7%c. and City at T^^-gC, the week's production havRefined lard has ing been generally bought up last week. met with only a moderate demand at best, and has declined that will to 8.100. for the Continent. Speculation in lard for future delivery has, on the whole, shown but little life, and prices have b:^en steadily declining, affected partly by the decline in grain while less is said about hog cholera and more about expectations of larger receipts of hogs. There is an idea that packers are .selling the later months and buying the near on hog products generally. Pensacola, &c- Savannah . . Brunswick. _ M07l. Sat. more favorable for a settlement of the dispute between the Galveston .. Pt. Arthur, &c. men and the coal operators. The Moroccan negotiations New Orleans. have had but little effect and the latest reports indicate Mobile Tues. Wed. Thurs. Fri. Total. 57,903 4,789 44,107 1,744 8,421 10,183 1,405 1,189 12 7,867 4,789 4,898 371 241 1,188 1,405 11,910 6,217 14,464 10,886 6,533 7,474 100 54 1,313 6,102 230 7,334 733 9,137 187 661 3,501 8,i6i 8,395 417 74 389 2.30 106 13 377 56 38 171 67 1.32 53 517 361 786 454 1,234 482 238 478 218 49 54 741 3,555 478 49 472 741 35 450 439 131 888 2,560 . Cliarleston 12 Georgefn, &c. Wihiiinston .. Washingt'n,&c Norfolk ... .. N'])ort N., &c. New York Boston Baltimore — Tot . week this 106 25 75 50 365 21,423 24,119 Philadelpliia. 21,929 28,880 22,681 136.015 16,983 , The following shows the week's total receipts, the total since Sept. 1 1905, and the stock to-night, compared with last year: DAILY CLO.SING PRICES OF LARD FUTURES IN CHICAGO. Sat May ,7.82!-^ lielivery -7.921^ Julv delivery September delivery ,8.05 Moil 7.82^ 7.92H S.05 Tiies. Wed. 7.75 7.85 7.923^ 7.721^ 7.82'A 7.923^ Thurs. Holi- day @ @ d{>clined to 14c. for Western fir.sts. Brazil grades of coffee have declined, partly in sympathy with some depression in "futures," and at the lower prices have the business has been but moderate. No. 7 Rio is quoted at SJ^c. and No. 4 Santos at 8J^c. West India growths have moderate demand, with good Cucuta 9='4c. and good average Bogota lie. Speculation in the market for contracts has been dull at declining prices under continued European selling and liquidation by holders generally, especially in March contracts, with the approach of "notice day," Feb. 24. The closing asked prices were as follows: been in 6.70c. June 6.70c. July 6.80c. AURUSt 6.90c. iSeptember February March... April May 7.00c. October 7.10c. November 7.20c. iDccember 7 .30c January I I . . I 7.40c. 7.50c. 7 .GOc. sugar has been quiet and in the main steady, with European markets somewhat stronger. Centrifugal 96-deg. Refined test is 3.373^c. and muscovado 89-deg. test 2J^c. sugar has been in only moderate demand, with granulated Spices have been rather ciuiet, but nutmegs have been veiy strong. Tea has been in only moderate de4.35 to 4.40c. Pensacola, &c. .. Charleston Georget'n, &c Wilmington Wasliingt'n, Norfolk &c 516,618 16,262 2,333 3,555 478 49 472 741 N'port N., &c. New York Boston Baltimore .50,547 50,616 4,655 450 Philadelphia .. Stock. Since Sep 1 1904. This week. 31,409 1,948,226 847 151,933 39,878 1,876,592 238,224 1,610 476 137,483 14,547 1,308,508 503 150,702 1,551 179,577 781 26 277,933 2,262 122 497,052 6,.325 388 8,103 131 21,693 46,349 567 201 37,625 239 9,594 136,015 6,131,301 100,960 6,896,497 Total 1905. 1906. 172,002 131,426 307,634 33,793 284,070 42,398 75,187 13,608 28,638 65,605 2,673 12,128 36,618 29,1 58 15,781 20,708 197,618 6,926 13,618 4,120 107 68,272 2,905 7,889 1.787 892,435 682,184 - _ . In order that comparison may be made with other years, totals at leading ports for six seasons: we give below the N'p't N.,&c All others.. 11,638 2,117 4,318 42,612 43,428 3,579 24,395 2,090 4,667 10,526 561 12,081 wk 136,015 100,960 66,.59 7 143,939 32,256 39,878 1,610 23,141 25,431 . 62,692 44,107 1,744 10,183 14,.547 6.357 Oli'ston.&c. 1,201 517 3,5.55 1,577 2,262 6,325 460 Wilm'n.&c. 478 388 Galv'n, &c. N. Orleans. Mobile Savannah Norfolk . . Tot. this Since Sep. 1 812 181 4,411 1 ,486 1901. 1902. 1903. 1904. 1905. 1906. Receipts at 55,499 57,240 1,555 15,448 4,097 1,769 6,760 693 13,286 31,220 156,347 124,599 39,681 1,282 10,218 1,979 2,461 5,333 168 23,257 6,131,301 6,896,497 6,393,275 6,509,630 6,371,894 5.888,007 The exports for the week ending this evening reach a total of 154,874 bales, of which 86,917 were to Great Britain, 24,163 to France and 43,794 to the rest of the Continent. Below are the exports for the week and since Sept. 1 1905: Week i From endinff Feb. 23 1906. Sept . 1 1905 to Feb. 23 1906. Exports have continued firm. S(>rd l(>af has been in only moderate demand, but as the supply has bee i small, prices hiivc still been firmly maintained. A feature of interest will be the opening of t\\r, Amsterdam inscriptions on March 9. Active German competitio)i is expected and there is some anticipation of better prices. Sumatra .has been in moderate demand and stead Havana, owing to bad crop accounts, continues firm. Pric(-s of all grades are from $10 to $25 per bale higher than they were last October. CopptM- has been quiet but firm at 17J^(g:il8J/^c. for Lake and 1754C")18c. for electrolytic. Lead has been dull and weak Spelter has been quiet and depn^s.sed at at 5.35(i'»)5.45c. Pig iron ha.-r been weaker at $18 25(^18 75 for 6(oU).inc. No. Northern with No. 2 Southern quoted at $17 75Cf')18 25. Refined ))etroleum has been in fair demand at 7.60c. in bbls., 10. 30c. in eases and 4.70c. in bulk. Nai^htha has remained at 12c. for 71 degrees. Spirits of turpentine has been quiet hut steady at 72l4((i]72}/^c. for machine barrels. Rosins ha^e been firm but rather quiet. Common to good strained prices j''. 1 57,903 2,090,384 125,467 4,789 44,107 1,171,983 197,563 1,744 132,707 8,421 10,183 1,183,655 152,396 1,405 152,582 1,189 12 895 517 282,638 .Savannah Brunswick Since Sep 1 1905. This week. Galveston Pt. Arthur, &cNew Orleans . Mobile 7.5.'Jc. Raw mand. Kentucky tobacco has been quiet and Receipts to Feb. 23. 7.85 7.95 Pork on the spot has advanced but the business at the rise has been comparativelv hght, with mess $16 50(fl^$17 00, 17 75 and family $17 00 17 50. Cut short clear $1.5 50 meats have been firmer but rather quiet; pickled shoulders are' quoted at 63/^c.; pickled hams 93<i@9J^c., and pickled bellies 14(crU0 lbs. 8^@93^c. In beef there has been a fair business at steady prices; mess is quoted at $8(oi8 50; flank $9 25(0(9 75; packet $10 50@11 00; family $12(5)13, and extra India me.ss at $17 25@18. Tallow has been quiet with SJ/gC. asked. Stearines have been quiet but .steady with oleo7i^c. and lard 8J4c. Cottonseed oil has been ciuiet and weaker at 30?<4C. for prime yellow. Fancy grades of butter are still scarce and quite firm; Western creamery 18(§)19c. for fir.sts and 20(«),21c. for extras. Cheese has been in fair demand and firm at 113^@143^c. for State factory, full cream. Fi'esh eggs have been very plentiful and 1904-05. 1905-06. Fri 7.77M , rosin $4 20(«)4 25. Wool has been in rather better demand and stronger. Hops have met with a moderate demand at generally steady prices. ContiBritain. Fr'ncel nent. Cialveston I't . Great Great Iroin 20.44!) Arthur, &c. Orleans.. New 24,504 8,746 4.352 49.250 15.239 Total. • • 825.237 270,542 53,759| 4,352, .39.269 464,434 36,538 54.404 142,776 74,604 1.714 06.233 Savann-aU lininswick Charleston Wilmliiston Norfolk N'p't Nnws, Ni>\v 1.100 4.535 0,130 7,230 4,535 157,281 2S.09S --.- 1 &c York I'liiladelnhia .. 2,162 3,071 25 5.040 178 800 103 1 25 7.380 • 45..SS2 »,24!i 5.55'2' 3,071 108,127 800 68,605: 103 32,420 12.699 29,551 925 638, l''r.anolscO- Seattle 'I'ai'oma :::: "ioo 400 ...J 6,387 5,387 999 9991 2b",646 1 I'lMulilna 1 23,890 7,143 2,710 2.400 rorlland. Ore. Total. 89,309 131,233 7'22.734 111.831 9.900 276.937 18,081 4.474 281,574 113,679 110,255 33,345 638 20,646 23.890 7,143 2,710 2,400 1 86.917 24.103 43.794 154.874:i 119.887 591.100 1.813.080 4,524,007 Total Total, 24.07S 520.961 37.227 4.400 145.991 1.200 225 133.789 129,424) 18,361 Portland, Me.. . 521 .5->S 1.617.307 95,206 55.937 229,06rt 850,775 59.007 6.225 9,000 125,721 7.881 1 Continent 30,8,S7 5,i>00 . Boston Kaitimoro San France. Britain. :M(il)ile Pni.sacola 1 1904-05 45,077 2.275 94.557 141,909 2,023.916 590.485 2,392.404 5,606,805 In addition to above exports, our telegrams to-night also us the following amounts of cotton on .shipboard, not We add siniil;ir (Icures for cl<-ared, at the ports named. giv(! New York. . - . . . On at— Shipboard, Not Cleared for Great Other Oer- Leaving : Total. 1^0 rjS r^Ti^ qsbs gwr'^w^ * c f= o *> c t» c " -"^c ow= stock IS, 001 Galve-ston .. 30.821 5.351 Savannah... Cliarleston 7.423 24.303 2,180 1,271 35,4SS 17.907 1,128 S-.'iSO 2', 266 2.660 4.000 Total 190G Total 1905 Total 1904 59.433 37,971 28,703 . 67,2,56 28,1.38 500 1.500 13,5511 5.8OOI 500 6.700 30,093 23,067 191,818 34,245 19,765 174.330 17,512 146.342 2O.221I 12.141 108.687 718,105 535,842 570.638 300 1,571 .38,166 .55,3951 17.30f> 48,237 31,581 25,316 16.041 7,931 2.800 13.551 New York Other ports. 247.263 95,325 400 500 600 . Mobile Norfolk 60,371 76,077 1 1 1 c. 1.30 on Strict low mid..c. 0.14 off Middling tinged. c. Strict mid. fair... 1.13 on Fully low mid 0.2G off Strict low mid .ting Fair Middling fair Barely mid. talr.. Strlct good mid Fully good mid Good middling Barely good mid.. Strict middling.. Middling Low middling Barely low mid Strict good ord Fully good ord Good ordinary 0.9G on 0.79 on 0.62 on 0.53 on 0.44 on 0.33 on 0.22 on Basis Low o£f mid. tinged.. off strict g'd ord. ting off Fully mid. stained off Middling stained.. 1 .00 oft Barely mid .stained 0.38 0.55 0.72 0.86 m. stain m. stained strict g'd. tinged. 0.30 OD Strict low Good mid. tinged, strict Even Fully mid. tinged 0.06 On off this basis the official prices for a the past week would be as follows: UPLANDS. Men. Sat. Good Ordinary Low Middling. Middling Good Middling Middling Fair I Low 1. mid. stained. oft oft off oft off oft off off off off few of the grades for Tues. Wed. Thurs. 10.25 10.87 11.25 11.69 12.21 10.10 10.72 11.10 11.54 12.06 10.00 10.62 11.00 11.44 11.96 9.80 10.42 10.80 11.24 11.96 10.50 11.12 11.50 11.94 12.46 10.35 10.97 11.35 11.79 12.31 10.25 10.87 11.25 11.69 12.21 10.05 10.67 11.05 11.49 12.012 9.75 10.75 10.91 11.25 9.60 10.60 10.76 11.10 9.50 10.50 10.66 11.00 9.30 10.30 10.46 10.80 Fri. 9.80 10.42 10.80 11.24 11.96 H GULF. Good Ordinary Low Middling Middling Good Middling Middling Fair STAINED. Low Middling Middling Low Mid. Tinged Good Middling Tinged. Strict .12 .34 .50 .84 .42 .50 .78 1 .06 1 .28 1 .50 The quotations O L 10.05 10.67 11.05 11.49 12.01 1 D A Y 9,30 10.30 10.46 10.80 middling upland at New York on Feb. 23 for each of the past 32 years have been as follows: 1906 C.10.80 1905. .. 7.90 1904. .14.80 1903. .10.05 1902. . 8 13-16 1901. - 0% 1900. . 9 1-16 1899. . 6 9-16 for 1898.0. 6H 1897. TVs 1896. rvs 1895.. 1894.. 7H 1893.. 1892.. TVs 1891,. 9 1882.0.11^ 1890.0.11 5-16 1889-..10i^ 1888. ..10 9-16 1887. .. 9 9-16 1886. 1885. 1884. 1883. MARKET AND .- S% ..11 5-16 ..10 13-16 -.10 3-16 1881. ..11 9-16 1880. ..13)^ 1879... 9% 1878.. .10 15-16 1877. ..12H 1876.. .123^ 1875. .-16 SALES. The total sales of cotton on the spot each day during the week 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 spots and futures closed on same days. Futures Spot Market Market Closed. Closed. Sales of Spot ConExport sum'n. Saturday. Monday Tuesday Quiet C^uiet 15 pts. dec. .. (iuiet 10 pts. dec. Wednesday Quiet 20 Thursday . Friday. 1.. Quiet m • Total . . pts. dec. Barely steady Barely steady Quiet and Contract. Contract. Total. 400 400 ""26 "26 Weak 1.589 Steady 50 100 150 2,005 mn 2 165 HO LI DAY. 1.589 1 II I 1 1 rijsS.cxI c c'E^ <n o 00 CO — — oc oc O Mlb. '(/- 000 ti 'c'c Jo (re ' © o» © 1 i I i © I 80 Oo .-I © I © 1® 1© ^1— 1© 1® 1® 1® oc 00 CO 00 CO CO M4- MM MM VXD 010 X-l §1 *-X CO _oo 00 00 So pp p\ I cp =" CO 5 tc <c CO oc M.». oc IDS 21 XS5 to*. feS t\ (CM — -J MX g?£ SI 00 00 00 00 00 00 51 00 51 MM MM MM 00 00 tngo 00 M4> M*. 4^M 1® -: '2 'i r. -I -I ® _ « n York: Gw= '"-s^ Qk*^ '^a* p m I New cS'^cP^c'' CO _ ® I® I® I© 00 00 1 t» closing prices at « MIX 1® Speculation in cotton for future delivery has been as a rule quiet and the general direction of prices downward, mainly owing to large receipts at the ports and the interior towns. This movement has been on a scale much larger than the trade had been led to expect, and the effect on the markets has been very apparent. At the lower level of quotations, however, both foreign and domestic spinners have been buying on a somewhat larger scale. Continental mills to all appearances being especially good buyers. Another large line of spot cotton has been sold at New Orleans, the spot business at Liverpool lias continued on a liberal scale, the reports from Manchester have been in the main favorable, and there has been very heavy liquidation of speculative long holdings at both New York and New Orleans. Houses identified with the trade in the actual cotton have latterly been good buyers of March. There has been a great deal of switching from March to May and also from May to July at Many have been disposed to steadily widening differences. hold aloof awaiting the effect of March notices to be issued at New Orleans on February 23 and here on February 2G. To-day there was more disposition to buy, mainly because of an impression that the liquidation of March contracts has been practically finished. Moreover, the number of March notices issued at New Orleans was very small. Prices advanced 7 to 8 points for the day. Cotton on the spot here has been quiet at declining prices, closing at 10. 80c. for middling uplands. The rates on and off middling, as established Nov. 18 1903 and reaffirmed Nov. 15 1905 by the Revision Committee, at which grades other than middling may be delivered on contract, are as follows: -,' 'i 'i Orleans \YOL. LXXXU. FUTURES. — High, low and — CoastForeign wise. many. France 'Briiairx New « THE CHRONICLE. 462 Feb. 33 . ' 1© © e 00 •OS". s 00 © 1© l< £. 00 00 00 I I ^ §1 9I s 00 •»i^ © I® I® I® I® I® I© I© I© I© 00 o 00 00 CO CO MM Ml icM Mlb "CnO> ;D— !0>oc CO CO 00 00 CO oc CO .0& CSS I -IC". COT ® I© I® I© I® ® I© I® I© I® 00 o 00 00 00 00 00 00 00 00 00 N>M '— io to to Oi*. -.00 00 CO 00 5o 55 55 10 to en MIO MOO >b.M to^ 1® 1® i© 1® 1© 1© 00 to OJ to to 00 00 - CnCn to 10 to 10 15 1 1 15 51 55 55 00 55 en*. tiO 1® — MtO M 10-4 1® T® 1® !© 00 CO CO CO ^-4 to to 02 MM MM ac5 MM 51 00 00 CO CO CO 0; — MM MM MMXto 15 15 15 15 15 © i® — b o to ® I® 1 5 loS M«S iTIL.1 15 15 15 © 1 to THE VISIBLE SUPPLY OF COTTON to-night, as made Foreign stocks, as as follows. well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures for to-night (Friday) we add the item of exports from the United States, including in it the exports of Friday only. up by cable and telegraph, is , February 23— Stock at Liverpool Stock at London .Stock at Manchester 1906. bales .1,1 76, 000 at at at 701 ,000 7,000 241,000 4,000 12,000 86,000 3,000 964.000 12.000 367,000 2,000 167,000 3,000 50,000 40,000 3,000 406,000 4,000 223.000 3,000 55,000 29,000 2,000 679.000 8.000 286.000 3.000 182,000 3,000 35,000 53,000 2,000 748,000 644,000 729,000 572,000 388,000 at Marseilles at Barcelona at Genoa at Trieste Total CoDtinental stocks. 1903. 672,000 7.000 9,000 60,000 Bremen Antwerp Havre 1904. 618,000 11.000 72,000 Total Great Britain stock ...1,245, 000 at Hamburg 14,000 Stock Stock Stock Stock Stock Stock Stock Stock 1905. 902,000 13,000 49,000 Total European stocks 1 ,993 ,000 1,608,000 96,000 India cotton afloat for Europe. 173,000 Amer. cotton afloat for Europe. 340,000 383,000 67,000 56,000 Egypt, Brazil, &o., aflt.for E'pe 190,000 Stock in Alexandria, Egypt... 191,000 955.000 553,000 Stock in Bombay, India 682,184 892,435 Stock in U. S. ports 616.277 Stock in U S. interior towns... 658,131 21,232 29.971 U.S. exports to-day 1 ,430,000 1,251,000 257,000 341 ,000 37,000 253,000 393 ,000 679,325 369,142 8.518 133.000 559,000 41,000 177,000 655,000 892.109 336,013 6,440 Total visible supply 5,290,798 4,214.432 3,767.985 3,950,562 Of the above, totals of American and other descript ions are as follows: American — Liverpool stock... Manchester stock Continental stock bales. 1,050,000 American afloat for Europe U. S. port stock U. S. interior stocks U.S. exports to-day 60,000 703 ,000 340,000 892,435 658,131 21,232 345,000 43,000 605 ,000 383,000 682,184 616,277 29,971 534,000 61,000 696,000 341 .000 679.325 369,142 8,518 599,000 539';666 559,000 892,109 336,013 6,440 Total American 3,714,798 3.204,432 2.688.985 2,931.562 East Indian, Brazil, d-c. Liverpool stock 126.000 57,000 84,000 73.000 1 1 ,000 London stock. 9,000 13,000 7.000 Manchester stock 1 1 ,000 10,000 6,000 3"3'.666 Continental stock 45,000 33,000 39,000 257,000 133.000 India afloat for Europe 173,000 96.000 37,000 41.000 Egypt, Brazil, &c., afloat 67,000 56,000 253,000 177.000 Stock in Alexandria, Egypt... 191,000 190,000 955,000 393,000 556,000 Stock in Bombay, India 553 ,000 — Total East India, &c Total American... 1,576,000 1,010,000 1,079,000 1,019,000 3,714,798 3,204,432 2,688,98;. 17.931,562 Total visible supply 5,290,798 4,214,432 3,767,985 7.ff2d. Middling Upland, Liverpool 5.73d. .4.17d. 14.75c. Middling Upland, New York.. lO.SOc. 7.75c. 7?^d. SHd. EgyiU, Good Brown, Liverpool 9Md. 9.r5d 8.75d. 10.30d. Peruv. Rough Good, Liverpool 7d. &%d. 4 3-16d. Broach, Fine, Liverpool Tinnevclly Good Liverpool . . 5 7-16d. 4Kd. 6 13-16d. , , ; ,950.562 5.40d. 10.25c. 8Hd. 7.60d. 5d. 5d. Continental imports past week have been 134,000 bales. The above figures for 1906 show a decrease from last week of 54,842 bales, a gain of 1,076.366 bales over 1905 and an excess of 1,522,813 bales over 1904. THE CHRONICLE. Feb. 24 1006 AT THE INTERIOR TOWNS the movement— that is, the 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 details below. week and receipts for the — .-St-^o^o P en (U o'^i" SO O Og--^ 2 3^f?§3|SB 'ai"<; r^ 5=?i =- 3iji; : 552— CfD «<. o..— p.- O O ^- - QUOTATIONS FOR MIDDLING COTTON AT OTHER MARKETS. — Below are the closing quotations of middhng cotton at Southern and other principal cotton markets for each day of the week: Closing notations for Middling Cotton on Era OOP COS Feb. 23. B 3.P O a Galveston New Orleans Mobile re . Charleston O s"o (D CO .(t) -^ mS.B o t3" n" :3 :p : ffi.Po P ft> •o pa I t^ , , I a, I I p 3 p 1 1 I I a frS) OOiOCn — CntOMCO00»-»C0*^Cn<ii-i oooCntJ^OCOKJOCT^^CnCOgaOOMCnCa CO CO K01 ^ h- O •M Oi^H--^^ ^-' N3 Oi 05 )^ Cn C;i CO CO CO Co Oi CT> t-* W M to rf^ Or to Or to ao| to OOOCOC^<^ rfs. I W w bo to 1— I— to to Boston Baltimore 11.25 11.25 COCOOOCnCOO) Memphis lOJ^ 10 15-16 lOJ^ Rock I-' l-* !-• Range Closing — Closing May— l-» i-" tt' — March Range MCO Oil-' CO 00 M to O 00 CO to to <I Ci GO CO CO CO Oi en CD o >u 10 00 O O) CO lO co*.oo»q-j^oii— OiOOOif^oitooo-joioo-^cooT-aoiOooco^Oco-^it^oorfk l-'l-'H.iH-i 10^ L 11.00 I 10.80 11 11 11.25 11.05 A 11.05 lOJi 10 11-16 D Y C;i Range OOOO roit^CC -^^C/^CnC^O>COOCnO OOCn rf^OaOiCDtOi-'~40>tOOOOC;i~40CO>-'0> Closing Range Closing October — Range Closing Tone — OOeDOCCOC;>tO-Oit»tOCOi-'i-'«qWi^CTif-CO>I^Oi(^tOO>C005t005COtOH-OC;iOO CDOOC500 0;AOOOOiOOOOOi-'^-'t00030200<IOC0000500eDcOCDOOO-40 ro*-oc?i0^^it^cocococooooi»-'Oocouito*.coH-to>-'i-'Ooooc;iOoitotn»-i 01 00 i-" H." to M h-i t-i H-" H-i cn O i-'i-' t-" *>• V lOtO - H- 00 to CO fO"*. Oico'h-' OOOOl 00 i-'O 00 00 en O CO CD to en 3t0Cs~J^aii;^i-'Cn05Cn^<IOO^O-aCO00»Jh-K-Oi-'OCn00Cnt-'Cni-'O i4i. 10% 10^ lOM 10 9-16 10 3-16 10 9-16 10^ 11 Montgomery -A0% 10^ NashviUe Natchez lOJ^ lOJi Slireveport ...10 7-16 Raleigh Monday, Tuesday, Wed'day, Thursd'y, Friday, Feb. 19. Feb. 20. Feb. 21. Feb. 22. — @ —— @ — 10.30 — 10.63 — 10.43 — 10.40 — 10.30 — 10.76-.82 10.57- .72 10.47-.57 10.31-.51 10.76-.77 10.58-.59 10.53-.54 10.33-.34 H L 10.95- .01 10. 78- .91 10.68-.81 10.57-. 76 10.95-.96 10.79-.80 10. 77-. 78 10. 57-. 58 I D A Y t^~ i00^a>4^CnCOi-'Oif>-05*40!^J^*>'CDCn-<l^i^cocn^->-'^-^^coCntnCnCn . » (q; to Spot Options 11. 07-. 13 10.92-.04 10.84-.97 10.75-.94 11. 07- .08 10.93- .94 10.93- .94 10.75-.76 10.30- .35 10. 22-. 29 to. 20-. 27 10. 12-. 25 10.29-.31 10.24-.25 10.24-.25 10. 13-. 14 Easv. Steady. Quiet. Steady. Steady. Easy. Steady. B'lyst'y. Feb. 23. 10.44 10.45 • (S), July— -'I-' )Cn •"^ C^'x CO \0% \0% Louisville Sat' day. Feb. 17. 0>O>^OC0q>CJlOCnCO-^O0>cOtoC000i-'tJO00--lC0i-' l-" .. 10^ l6Tl-16 10 11-16 lOH \0% Im VoVs 11.10 lOM lOJ^ 10 1.3-16 10 15-16 103^ MO(OCOCOCn^O*-03)0»0>C350C00005COOtOCnaj(-' O14i^tk(J0CO^t.00t0^3505Ola^tO^^0Ol^^-'COl-'4^t0O^•-'C0tO000iC0^^Ol OCCC'OOCO-J — ^ailOtoy:'C-TH^O<OCOOiOOC;i>— C. COi;a.OiCJiO'3C4iCotOCO ocnO-sCO^-ox353iiocotDi*'a>^ococoi-'0>— i-'to>;^i-'0ai0oo50^co i(k 11.50 H i6>^ UH 11.35 nVs . 11 February 0> 00 CO loy, Augusta *>-' 1-' F-'i-'OCOH- to I-" 0^'-'COCnboo'^-'Co".^tO'- CCi COi •—< ' J^i 10^ lOM highest, lowest and closing quotations for leading options in the New Orleans cotton market for the past week have been as follows: l-'C0t0h0O'--'-'C00iC»Oai>-'C0Cni-'OCD05i-^C;iOO0iZ)t0COOOCC0i*-^ to*- lOH 10>^ IOV2 10 13-16 10 9-16 ioy2 10 7-16 NEW ORLEANS OPTION MARKET.— The C;ito~jcooc-. McOi-'l-ococo»-'^coco^K-'CncoOMC32-j»jococoo>t»cocofO OCit*.-.OCOtni 10^ lOH }0% 11 Atlanta OiT^cotox;oc;i*.'^oo>ooiN)^^coi-'tocno>Oi^-a^3>cooo5)>i-'to 00 -- Oiroi-'loOoVli.oVl tOCOCnCXli^ CC^--)C0<1 002 co"coloM » Co'ht^t^bi 10^ lOK Columbus, Ga.1014 Columbus, Miss 10 l-" I-- 10 9-16 The closing quotations to-day (Friday) at other important Southern markets were as follows: COOlCOi-' woi^iooi~]Oif^i-'0~jc»i-'i-iH-ocoi*kOoa!Ostooi(»ooo _ lOM 10 9-16 11 Little _ lOM 10 9-16 Norfolk St. Louis Oi^^COi-'WCncOO5OJ00^tii^MN5^00 Monday. Tuesday. Wed'day. Thursd'y. Friday. lOH Wilmington. Houston to Sat'day. lOJ^ 10 11-16 10>^ 103^ Philadelphia M 0,0,, <5 'S — Week ending Savannah .m 463 , — — 10.28- .47 10.45-.46 10.52-.66 10.65- .66 10.69- .84 10.83- .84 10. 10-. 18 10. 17-. 19 Firm. Steady. « Ss'S oocn^cooiocD*^ioto>-'0 ;to^tocococn^o>-'Ooo3cocn-aooa5»jcoc:»05toiOH-co^cocootoooocD P'OO en r^ 3tOH-^cO(0-.oooco)t>.o^to>--'i^.ooajtococn to^r . OOCntooaoacocni-'~JCoooi-'i— ^cn-ji-'oaooocnMtotJOe:>cn^O *>• o> The above totals show that the interior stocks have decreased during the week 16,459 bales, and are to-night 41,854 bales more than at the same period last year. The receipts at all the towns have been 9,385 bales more than the same week last year. OVERLAND MOVEMENT FOR THE WEEK AND SINCE SEPT. — We 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: 1. 1905-06 February 23. Shipped Via St. Louis Via Cairo Via Rock Island Via Louisville Via Cincinnati Via other routes, &c — 1904-05 Since Since Week Sept. 1. Week. Sept. 1. 17,924 4,908 1,769 3,083 996 ..10,041 293,389 153,117 35,336 67,063 40,807 180,043 8,503 4,598 719 370,958 223,360 3,972 34,361 62,008 41,150 186,129 Total gross overland 38,721 Deduct shipments Overland to N. Y., Boston, &c. 1,712 Between interior towns 276 Inland, &c., from South 911 769,755 19,678 917,966 108,151 12.039 25,875 1,138 103 115,261 10,352 32,603 2,899 146,065 2,143 158, 2ie total net overland. a.. 35, 822 623,690 17,535 0759,75 — Total to be deducted Leaving a Including movement by rail to 1,561 325 902 Canada. The foregoing shows the week's net overland movement has been 35,822 bales, against 17,535 bales for the week last year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 136,060 bales. WEATHER REPORTS BY TELEGRAPH.— Our tele- graphic advices from the South this evening indicate that the weather has been more favorable during the week. There has been rain in most districts, but as a rule the precipitation has been light or moderate and the temperaPreparations of land for ture has been higher generally. much better the next crop consequently have made progress as a rule. — Galveston, Texas. There has been rain on two days during the week, the rainfall being forty hundredths of an inch. The thermometer has ranged from 42 to 64, averaging 53. Palestine, Texas. have had light rain on two days of the week, the precipitation being five hundredths of an inch. Average thermometer 55, highest 74, lowest 36. Abilene, Texas. There has been no rain the past week. The thermometer has ranged from 34 to 80, averaging 57. Fort Worth, Texas. There has been rain on one day of the week, the precipitation being forty hundredths of an inch. The thermometer has ranged from 36 to 76, averaging 56. Corpus Christi, Texas. There has been rain on one day during the week, the rainfall reaching seventy hundredths of an inch. The thermometer has ranged from 50 to 74, averaging 62. San Antonio, Texas. Rain has fallen on two days of the week, to the extent of thirty-six hundredths of an inch. Average thermometer 57, liighest 76, lowest 38. Taylor, Texas. There has been a trace of rain on one day the past week. The thermometer has averaged 54, the highest being 72 and the lowest 36. New Orleans, Louisiana. There has been rain on two days the past week the rainfall being .seventy-six hundredths of an inch. The thermometer has averaged 56. Shreveport, Louisiana. have had rain on one day the past week, the rainfall being three hundredths of an inch. The thermometer has ranged from 34 to 71, averaging 54. Leland, Mi.'^sis.Hppi, have had rain during the week, the rainfall being eighty hundredths of an inch. The thermometer has averaged 46.4, the highest being 73 and — We — — — — — — , In Sight and Spinners' Since Takings. Week. Sept. 1. Receipts at ports to Feb. 23 136,015 6,131,301 Net overland to Feb. 23.. 35,822 623,690 Southern consumption to Feb. 23. 45,000 1,132,000 100,960 6,896,497 Total marketed.. Interior stocks in excess 162,485 8,708,247 al4,313 554,617 216,837 7,886,991 al6,459 522,954 Came into .'.ight during week... 200, 378 Totalin.slght Feb. 23 8,409,945 North, spin'.s' takings to Feb. 23. 48,685 1,630, .363 Since Week. 17, ,535 Sept. 1. 7.59,750 44,000 1,052,000 148,182 .. 9,262,864 17,752 1,451,746 o Decrease during week Movement Week— 1904— Feb. 26. 1903— Feb. 27 1902— Feb. 28 1901— Mar. 1 into sight in previous years: Bales. I Since Sept. 1 .120,08311903-04- Feb. 26... 159,061 1902-03— Feb. 27 198,348 1901-02— Fob. 28 160,177 1900-01— Mar. 1 Bales. 8,577, 8,747,317 8,624,385 8,241,923 — We — We the lowest 16. Vickshurg, Mis.sis.<iippi. It has rained on one day during the week, the rainfall being nineteen hundredths of an inch. The thermometer has a\-eraged 52, ranging from 38 to 71. Helena, /IrA-an.s-a.s.— With splendid weather, farm work is booming. Rain has fallen on one day during the week, the rainfall reaching nineteen hundredths of an inch. The therntometer has ranged from 30 to 70, averaging 51 Memphis, Tennessee. Preparations for the next crop are — — ——— — . . . THE CHRONICLE. 464 under way. Rain has fallen on lliree days of the week, to the extent of tliirty luui<h-e(lths of an ineh. The thernionu'ter has averaged 49.6, llie liigliest being GO. 4 and getting the lowest 22.8. Th(>ie has been rain on one day durXanhville, Tennessee. ing the week, the rainfall reaehing twenty-two hundredths of an inch. The thermometer has averaged 42, ranging from — 20 to g;}. Mobile, Alabama. M WORLD'S SLPPLV AND TAKINGS OF COTPON.— Th(! following brief but comprehensive Htat(;rnent indicates at a glance; the world's supply of cotton for the we<;k and .since Sept. 1, for the last tw(» seasons, from all sources from which statistics are obtainable; also the takings, or annount gone out of sight, for the like periods. — Farm-work has made moderate proWe have had rain on \\\'o days dming the week, gress. The the rainfall being one ineh and twenty hundredths. therinom(>ter has ranged from 43 to 69, averaging 54. Warmer and dry since; WednesonUjotnery Alabama. Rain has fallen on one day of the week, the rainfall day. Average therreaehing one ineh and sixteen hundredths. mometer .53, highest 71, lowest 32. Madison, Florida. Ther(> has been rain on one day the past week, the rainfall reaching seventj'-five hundredths of an inch. The thermometer has averaged 50, ranging from 35 to 65. Savannah, Georgia. We have had rain on one day during the week to the extent of twenty-one hundredths of an ineh. The thermometer has ranged from 36 to 70, averaging 54. A^igusta, Georgia. We have had rain on one day of the week, the rainfall being nineteen hundredths of an inch. Average thermometer, 51, highest 71, lowest 31. There has been rain on one Charleston, South Carolina. day during the week, the rainfall reaching three hundredths The thermometer has averaged 50, ranging of an inch. from 34 to G5. Greenwood, South Carolina. It has rained during the week to the extent of eighty-six hundredths of an inch on two days. The thermometer has ranged from 33 to 58, averaging 45. Farm-work has progressed Staleburg, South Carolina. actively, the weather conditions having been quite favorThere has been rain on one day of the past week, able. the rainfall being twenty-seven hundredths of an inch. Average thermometer 50, highest 73, lowest 27. We have had rain during the Charlotte, North Carolina. week to the extent of one inch and five hundredths. The thermometer has averaged 46, the highest being 64 and the lowest 24. The following statement we have also received by telegraph, showing the height of the rivers at the points named, at 8 a. m. of the dates given: — , — — — — Vol. lxkxii. 1905-06. Cotton Takings Week and Season. Visible supfily Visible su|)ply Feb 16 .S(-i)t — Feb. 24 1905. Feb. 23 1906. Feet. 7.0 Feet. New Above zero Above zero Above zero Above zero Above zero Orleans Memphis Nasliville Shreveport Vicksburg of of of of of gauge. gauge. gauge. gauge. gauge. 11.5 8.8 9.0 13.4 22.1 11.4 19.5 i Total supply Deduct— 5.290,798 Visible supjily Feb. 23 Total takings to Feb. 23 Of wiiicli -Vmerican.. Of wliich other a Embraces receipts in Europe from Brazil. Smyrna, West Indies, &c. MANCHESTER MARKET.— Our report received by cable to-night from Manchester states that the market The demand continues firm for both yarns and shirtings. give the prices for both India and China is good. for to-day below and leave those for previous weeks of We this and last year for comparison: 1905. 1906. S}4 32* Cop. Twist. in^s, common to fiTtest. Jan. d. d.'s. d. s. 5 19 26 Feb. SH 2 9 16 85^ 5 9^ 9% 9% 23 6 6 5 5 6 6 5 d. Mid 32s Cop. Upl's Twist. ' 4M. ^9 J9 4^ m, 9 SH Corn lbs. Shirl- @99 iH\ @9 4H @9 4H Cofn Mid Sfiirt- common ^Upfs to llnest. d. d. 6.30 7 C 6.1716 15-16$ d.s. d. 8 5 7 7}i'5 6 5.99 6 15-16« 6 5.877 7>^ 5 8 5 8 5 8H 5 .'>.91i7^ 5.73 lbs ings, 7K A. a. ®8 &8 6 @8 6 @« 7 ®8 7H@8 d. 3.81 3.6» 5 5 3.97 5 4.23 4.17 6 4.09^ MILL DIVIDENDS.— Thirty-two of the FALL thirty-four cotton-manufacturing corporations in Fall River have declared dividends during the first quarter of the year, and the total amount paid out is $367,400 greater than for The aggregate of the the corresponding period of 1905. amount distributed has been $436,400, or an average of 1.94% on the capital. In 1905 but seven mills made disIn 1904 tribution, and the average rate was only 0.32%. the average rate was 1.21%; in 1903 it was 1.44%; in 1902 RIVER in 1899 1903-04. 1904-05. 1 . in .sight to Feb. 23. Hoiiibav receipts to Feb. 22.. Otiier India sliip'ts to Fel). 22 .Alexandria receipts to Feb. 21 Other supply to Feb. 21 was 1.41%; in 1901 it was 1.73%; in 1900 it was 1.81%; it was 0.88%; in 1898 it was 0.26%; in 1897 it was 1.01%, and in 1896 it reached 1.99%. It will therefore be seen that the current 3'ear's rate of dividend payments is greater than in the first quarter of any year since 1896. 7.3 18.2 INDIA COTTON MOVEMENT FROM ALL PORTS. 1905-06. Season. 5, .345, 640 American — — 1904-06. Week. February. 22. Receipts at Since Since — Week. Bombay Week. Sept. 1. Sept. 1. 93,000 1,537,000 104,000 1,156,000 Since Week. Sept. ntvid'ds 1. First Quarter 1906 and 1905. Capital. 1906. OiPid'<to or P. C. Amount. P. C. Amount. Dec.l—y 71 ,000 1,045,000 S Americatt Linen Co 800.000 Ancona For Great Britain. the Since September Week. Continent. Total. Great Britain. Continent. Mills Arkwrisht Mills 1 Total. • 300.000: < 1 450.000 350,000 495,000 000.000 il ,000,000 1 Barnaby Mfg. Co Barnard MfK. Co Border City M£g Co Bourne Mills Chace .Mills - 900.000 300.000 400,000 Conanicut Mills Bombay 190.5-06 1904-05 1903-04 Calcutta 1905-06 1904-05 1903-04 . 16",600 28,000 9,000 18,000 403,000 115,000 360,000 431,000 124,000 378,000 5,000 1,000 1,000 5,000 1,000 2,000 41,000 11,000 8,000 46,000 12,000 10,000 17,000 17,000 i6',66o 5,000 1,000 . ^ . . 1,000 . Cornell Mills.. . 400.000 .-. . 1905-06 1904-05 1903-04 1,000 1,000 . . . SOO.OOO ; 1,000 2,000 8,000 25,000 12,000 24,000 26,000 14,000 32,000 Narrairanset t Mills , Osborn Parker . i',666 9,000 6,000 4,000 55,000 46,000 41,000 64,000 Richard Borden MJg.Co Sananiore Mts;. Co 5,000 1,000 1,000 6,000 1,000 .52,000 Seaconiict Mills Shove 24,000 6,000 1.0001 18,000 1,000 1.000 ALEXANDRIA 25,000 7,000 19,000 43,000 18,000 32,000 RECEIPTS AND COTTON. Alexandria, Kgypt, February 21. 524,000 184,000 433,000 567,000 202,000 465,000 SHIPMENTS OF . -»-4.500 I ' -1-4.950 -1-15.000 15,000 10,000 13,500 3,000 6,000 7,500 6.000 8.700 4-10,000 -H3,500 Nod 15.000; ividend 15.000' 1 1 .S.OOO 1 I'i VA 3 14 Nod 1 + 8,700 + 15,000 I 6,000 7,500 1 + 7,500 ividend -1-6.000 \H Nod -1-3,000 -t-2.000 4,000; 1 15.000 ividend Nod + 6.000 + 7.60O + 8.000 + 6.000 + 7,500 6,000 7,500, Ividend 9.000 12.000 45.000 ividend 5.500 10,000 S,750 7,500 9.000 168,000 ividend IM 1 9.000 ' s.oooi 9.000, I 1 Nod ividend 1 ; 1 6.000; 1S.OOO; Nod 5,500, 430,400, 0.32 +4.000 +36.000 + 5,500 +10,000 +8.750 + 7.500 -3.000 + 150,000 ividend 1 I •• I +5,500 69,000+367,400 CROP.— Through the courtesy of EGYPTIAN Messrs. Choremi, Benachi «fe Co.. of Boston and Alexandria, Egypt, we have received a copy of their report dated Alexandria, February 13, which is in part as follows: The opinion that the crop is going to be smaller than expected is gaining grountl, and the association will issue an estimate of 6K' millions maximum against their former estimate of 6H Judging from our interior reports, receipts will begin to fall off in two or three weeks, as there The real damage tliis year is cliiefly due is little left in iilanters' hands. The Agricultural Society, who have been stud.ving the to boll worm. COTTON 1905-06. 1904-05. 1903-04. 190,000 5,190,317 100,000 4,656,308 160,000 5,853,868 Receipts (cantars o) 1 Total -1-12.000 ividend 4,500; ividend i'<> Nod 1.94 | Tccumseh Mills Troy Cot. & W. Mfg. Co Union Cot. Mfe. Co Mills Mills 151 22525000 i Mills Mills Weetamoe 1 IH 1 No d VA Vi j Stafford Wampanoae \H 1 VA 400.000 750,000 SOO.OOO 600,000 SOO.OOO 900,000 600.000 550.000 11 .000,000 700.000 -500,000 300,000 .,1 ,200,000 750,000 550.000 | Mills Mills _ Poca.ssct Mtc. t^o Stevens Mfc. Co Total all— 1905-06 . 1904-05 . 1903-04 . This week . Since Sept. , 7.50.000 •SOO.OOO 8 No d 12,000; ividend 4,950' 1 300,000 2,000 45,000 ,000,000 ,1 ,000.000 i",66o All others 1 .^'^O.OOO 1 2,000 . IM Nod Nod 500.000, Davis Mills Davol Mills Flint Mills Granite Mills H.arsravcs Mills Kinff Philip Mills Laurel I^ake Mills Mechanics' Mills Merchants' Mfc. Co Madras 1905-06 1904-05 1903-04 1905- /nc.(-t-) I . Since This week. Sept. 1 This Since week. Sept. 1. This Since week. Sept. 1. 4,500 148,617 4,250 93,600 9,000 191,562 1,000 44,482 4,000 100,043 100,077 5,250 2 15, .589 1 .250 37,852 question thoroughly, soon expect to publish the results of their investigation. Exports (hales)— To Liverpool To Manchester To Continent To America 6,500 1.59,77.'i 7,500 122,370 7,2.50 202,290 3,500 54,0.55 _ _ . 24,750 539,088 18,750 478,261 10,500 519,561 Total exports a A cantar is 98 lbs. Under date of Boston, February 19, the firm further states: Our cable ailvices received since the above inform us of a continued demand from English and Continental spinners, and that good selections Our Alexandria house, who liave clung to are rapidlv liecoming scarce. their estii'nate of 6'--2 million cantars for this crop, have felt obliged to reduce it to 6}i. Judging from the feeUng that the out-turn of the crop will be much smaller than expected, and tlie continued demand, we.ex_• pect present prices to hold for some time to come. Feb. 24 IDOG EXPORTS OF COTTON GOODS FROM GRE-\T BRIT- DOMESTIC EXPORTS OF COTTON MANUFACTURES. —We give below a statement showing the exports of domestic cotton manufactures for December and for the twelve months ended December 31 1905, and, for purposes of com- parison , like figures for the corresponding periods of vious year are also presented: Quantities of Matmfaclures oj Cotton (cnUned and uncolored) Exported to — Month ending Dec. yards Honduras -- -- Other West Argentina --Indies and Bermuda. Brazil Chile Coombia .^ Venezuela Other South America ChineseRmplre British East Indies Hongkong Japan British Australasia Philippine Islands Other A sia and Oceania British Africa All other Africa Total yards or above. values of above. Value per yard To till — 31,547 171.691 659,561 277,127 1,971,436 9,835,438 Y08',240 1,473,030 8,810,310 2,168,959 28,217, 004 3,512, 894 242,714 1,077,791 24,247, 573 2,785,209 30,719, 800 3,719, 294 314,590 9,982, 738 1,079,346 2,328,874 14,726, 828 2,627,524 10,092, 071 7,284, 042 604,154 8,187, 197 716,035 40,598,280 562,732, 721 565.450 10,907, 297 455, 675 49,322 732,538 10,441, 564 7,861, 169 573.673 9,962, 531 2,510,096 957,061 24,154 ,197 7,105, 250 599,739 013 ,935 47,104 69,519,459 $4,193,781 61,912,468 790,259,024 434,989,680 $3,548,390'$47,052,434 $25,508,009 $.0588 $.0603 $.05731 24 368,148 935,504 North America 6,368! 159,834 1,145,730 214,204 39,532! 671,760 40,382 88,002 2,458,667 Central American States and Brit- Honduras Mexico Cuba Other West Indies and Bermuda. ish Argentina Brazil Chile Colombia Venezuela Other South America Chinese Empire British East lindes Hongkong British Australasia Philippine Islands Other Asia and Oceania British Africa All other Africa. Other countries 90,207 40,920 49,118 20,321 14,156 7,123 2,009 3,361 6.821 9,695 23,227 772 4,895 79,784 5,175 9,161 27,759 09,407 45,402 21,208 14.859 25,167 8,952 5,052 916 20 394 50 $855,819 $5,049,600 8,761 2,277 9,805 8,791 202 9,446 70,159 10,185 .30,337 18,438 690,587 023,930 433,032 245,959 321.745 65,323 21,371 47,045 28,941 58,161 334,899 9,130 109,594 515,492 89,647 258,622 276,035 14,851 5,919 cotton, but no one posted on the subject expects 555,1811 Lbs. Lbs. Lbs. Yds. Lbs. 486,579 95,131 90,767'117.282;107,525 474.192 98,940! 88,456, 118,7451106,394 560,718 103,6131 104,597! 124.4721 123.758 1 . j --- articles I -| 291 289 4,jsb 13.608 503,300 457.931 Total exports of cotton manufactures 387,169 ;016,999 720,073 377,306 671,197 ,861,578 346,235 842,365 429,222 212,366 625,325 034,830 658,433 1,207,769 93,207 11,072 817,259 35,753 89,819 2,396,966 621,597 534,826 .355,893 239,724 222,089 94,813 21,482 108,737 35,704 49,173 81,973 1 1 ,362 60,693 495,613 73,270 215,971 154,667 9,560 3,616 .$8,808,566 Twenty any such result for many years to come. have corresponded with the Secretary me of the Colonial Cotton Assoa long letter on this subject, in which he says: impossible to give any satisfactory we have appUed ourselves to the cultivation of cotton could be carried varieties to be planted in each district. Our statistics at present because, the study of the land where on with best results and the efforts have not been directed to (juantity so much as to quality. Our policy has tlnis been opposed to that of the Rritish Cotton Growing .Vssociation, which endeavored to export as large a ([uantity as possible the first year of its work. We have, however, reached a very important result in determining the price of Sudan cotton, ilelivered at Havre. We can lay cotton down at Havre at il 24 per 220 pounds. This permits us to look forward to the possibility of competing with the United States when the yield will be large enough, We imported from our colonies in 1904 wliicli is a (juestion of years. al)out 3.3,000 pounds of cotton, and, when the present harvest gathered in our difTercnt colonies is ready for shipment, vv(! will import in 1905 Over 110,230 poimds of seeds will be .sowed in the Su176,368 pounds. to this time, in 1900, and it is not an exaggeration to estimate the yield of the French colonies for next year at 440,920 i)ounds. I can only give you forecasts, but the important point is the cost of Sudan cotton delivered at Havre." (Cotton is also iJiodiiccd in the French colonies of Indo-China and Madagascar. Clreat efforts are making in those colonies to produce cotton. The results thus far have not been obtained. dan I 509,7.331 5.30,1.391 ,480,8 ;s ,402,061 tons of cotton seeds had been ordered by cable from the United States, but as they arrived late only a .small portion was planted; but the seeds used produced 100 tons of good cotton. To buy thi.s cotton and to ship it to the cotton mills of France. $48,250 was sub.scribed by gentlemen in Paris interested in the business. The mills that have used the cotton pronounce it a very .superior article, and it is expected that the Sudan can be relied upon in the near future to contribute largely to the needs oflthe cotton mills of France. Some people look forward to the time when France will be able to depend entirely upon the Soudan for her is Yds. I 17,938' 19,161' 1 62,815 53,857 1,595,053 1,521,489 297.684 283,820.300,499 337.677 477,955 106,700 89,203 127 ,526 106,355 20:826_ 17:1521 571:913 Sundry $8,042,608 $4,212,763 $56,461,000 $33,610,617 $ 664,373 of cotton were produced, the quality being very satisfactory. "It .. auar Januafy . : . Stockings and socks The pos.sibility of raising cotton in the Frencli Sudan, or in anj' of the French colonies or protectorates, is always a subject of interest in industrial circles of France. In the season of 1903-04, it was discovered that a variety of seeds imported from the United States produced satisDuring factory results when cultivated according to native methods. the season 1904-05 tliere was a continuous lack of rain, and but few tons wYites . . 419,293 COTTON IN THE SUDAN. In the Daily Consular and Trade Reports of date Feb. 23 there is a report from Consul Covert, of Lyons, covering the results of experimenting in the growing of cotton in the Sudan, as follows: who November December Lbs. 16.758 1905-06 1904-05] 1905-06! 1904-05 | The foregoing shows that there has been exported from Kingdom during the four months 503,300,000 lbs. the United of manufactured cotton, against 457,931, OOOJbs. last year] or an increase of 45,369,000 lbs. A further matter of interest is the destination of these exports, and we have therefore prepared the following statem:^nts, showing the amounts taken by the principal countries during January and since October 1 in each of the la.st three years. 71,196 4,833 513 53,542 9,195 121,441 22,177 3,423 111,980 8,744 7,227 185,387 Netherlands Other Europe ciation of Paris, 1904-05 AH. Total of Cloth. Thread.] Lbs. 22,151 19,805 20,859 ,255,483 of\ Total value other manufactures Aggregate, val. of all cot. goods & 1905-06 1904-05' 1905-06 2,473,020 3,191.243 2,463,690 194,669 1.120,802 3,736.237 233,881 1,038,452 1,742,919 1,221,87? 500,681 776,524 48,525,998 1,496,639 2,646 18,382 750,860 85,115 3,465,252 703,912 50,836 Germany I Yarn OOOs 1904. 1905. 1st $.06031 Values of other Manufactures Cotton Exported to United Kingdom Belgium France British from Great Britain for the month of January and since Oct. 1 in 1905-06 and 1904-05, as compiled by us from the British It will be noticed that we have rethe pre- Board of Trade returns. duced the movement all to pounds. 12 mos. ending Dec. 31. 471,150 164,6621 Central American States and British — Below we give the exports of cotton yarn, goods, &c. omitttd. 114,800 94,597 1.016,030 Other lOurope British North America Cuba AIN. October Germany Mexico 31. 1904. 1905. United Kingdom France 465 THE CHRONICLE. | EXPORTS OF PIECE GOODS AND YARNS TO PRINCIPAL COUNTRIES IN JANUARY AND FROM OCTOBER 1 TO JANUARY 31. January. — Yards. Piece Goods (OOOs omitted.) East Indies Turkey, Egypt and Africa. China and Japan Europe (except Turkey). South America North America All other countries i 1905. I 244,501 194,.5,55 74,956: 08,005 87,491 87,214! 31,7771 22,302 1 Oct. 1 to 1904. 198,4.33 00,006 57,187 25,090 50,074: 40,706, 45,906 33,265' 26,792i 33,081 49,789, 37,7811 38,440 1905-06 Jan. 31. 1903-04 1904-05 I 952,1601 313,594! 316,678, 105,3461 198,144 122,755i 158,289' 702,859 264,431 160,686 94,693 190,951 122,893 118,125 847,082 355.975 278,052 80,595 184,100 121,020 125.100 571,913 477,955 458, I43I2, 166,9661 1,999 ,424 1.054,638 £6,679 £5,6111 £6.1711 £24,858 £22 ,387 £18,380 Total yards. Total value. Yarns 1906. —Lbs (OOOs omitted.) ,807 .975 ,270 1,603 1,655 13.841 14,211 11,4381 16,401 4,518] 7,1021 7,887 ,309 10.406 12,777 7,501 9.386 1,186 5,502 6,399 15,249 13.995 75,3981 £791 £744 ,6891 .2501 £2,836 3.397 3.044 2. .374 3.478, 3,592 1.909 2,637 China and Japan. 3.392, 2,951 4,0Sl' 1,0031 590 225 Turkey and Egypt 1,758 All other countries 1,9691 1,023 1,756 18,.551| £9731 Holland Germ.any _ Turkey)-1 Oth .Europe(except . ICast Indies Total lbs... Total value. 2.343 2,417 SHIPPING NEWS.— As shown on £3,896 ,314 ,728 ,220) 53.307 a previous page, the exports of cotton from the United States the past week have reached 154,874 bales. The shipments in detail, as made up from mail and telegraphic returns, are as follows: Total bales. NEW YORK — To Liverpool, per Bovic, 318 upland, 75 Sea Islan<i 393 69 1 Manchester, per Tintoretto, 1.268 upland, 501 Sea Islaml 178 Havre, per La Bretagne, 178 Sea Island 454 Rotterdam, per Kelvingrove, 454 125 Reval, per Louisiana, 125 125 Riga, per Louisiana, 125 .929 Genoa, per Hamburg, 1,329: Konig Albert. 600. 157 Naples, per Hamburg, 50; Konig .\lbert, 107 2,250 Japan, per Wray C^astle, 2,250 ORLEANS— To Liverpool— Feb. 17 Custodian, 16,903; Feb. Feb. 20— Indian, 14,868 Montenegro, 8,479 22— Barrister", 9,000. ...... _^ ._.._. _._ .^ ._.--_.- - ^. - - - - - . 49 ,250 23 Colonial, .Feb. To Havre -Feb. 17— Colonian, 7,739. 1 239 7,500 545 To Hamburg Feb. 17 Baroda, 545 1.199 To Antwerp— Feb. 23— Yola. 1,199 GALVESTON— To Liverpool— Feb. 17— Chancellor, 5,0.')4 Feb. 22— Lugano, 4,620.. 20.449 Feb. 19— Etonian, 10,775 Feb. 22— Montauk, To Havre— Feb. 16— Matador, 2,015 8./46 ,-6,731 Feb. 19— Apolo. 6.349 Apollo, 15— Feb. To Bremen— 10,200 ...Feb. 22— Montauk. 4,087 ^^'S'H .3,628 To Antwerp— Feb. 17— Tliurland Castle, 3,628.. 300 To Mexico— Feb. 10— Atlas, 300 4,352 PORT To Liverpool— Feb. 22— Winifred, 4.352 fi.lSO PENSACOLA— To Liverpool— Feb. 19—Gracia, 6.130 100 To Barcelona— Feb. 19— Gracia. 1,100 635 SAV.\NNAH— To Hamburg— Feb. 21— Baron Eldon, 635 100 To Amsterdam Feb. 21 Bedouin, 100 •2.A00 -.To Barcelona— Feb. 21— Federica. 2,800 500 To Genoa— Feb. 21— Fedenca. 500 400 To Trieste— Feb. 21 —Federica. 400 100 To Fiume Feb. 21- Federica. 100 25 NEW.S— To Hamburg— Feb. 17— Albano, 25 Feb. 19BOSTON— To Liverpool— Feb. 16— Cymric, 1,848 " 3.385 " I vernia, 1 ,.537 ,- - r I ^n" i' To Manchester Feb. 16— Caledonian, 186 upland, 100 Sea 286 Island 800 BALTIMORE- To Liverpool— Feb. 16— Ouernmore, 800. -. --103 PHILADELPHIA— To Liverpool— Feb. 16— Haverford, 10."? 400 SAN KHANCISCO— To Japan— Feb. 20— Nippon Maru, 400... Feb. 20—SliiSEATTLK- To Japan— Feb. 17— Lyra, 800 5,287 nano Maru, 4,487 100 100 To Manila— Feb. 17— Lyra, 999 TACOMA To Japan Feb. 21 Telemachus, 999. To To To To To To To To . 1 — NEW — — — ARTHUR— — — — NEWPORT — . Total .154,874 . .. THE CHRONICLE. 460 The . . week particulars of the foregoing Bhipments for the arranged our usual form, are as follows: in — A/ ex., Ger 0th. Europe many. North, tiouth. «fc. Japan. French Great Britain ports New York... 2,1G: New Orleans. 49, 250 Galveston ...20,449 Port .Artliur.. 4,352 Tensaoola 6,130 178 704 545 1,5,2;{9 8.746 20,636 7,380 66.233 63,759 300 .'.".' 4,3.-)2 Savannah Newport News Hoslon 1.199 3,628 635 25 7.230 4,.535 25 1,100 3,800 100 3,671 3,671 Daltiniore ... 800 800 rinlad.aphia 103 . 103 Sail Francisco ... 400 400 Seattle 100 5,287 999 . . . 6,387 Taconia 999 400 8,936 1.54,874 86 917 24,163 21,841 5,631 6,986 exports to .Japan since Sept. 1 have Total The above statement shows: from the plantations since Sept. in 1904-05 were 7,451,114 bales; 1. 1 —That the been 55,478 bales The from Pacific ports and 9,750 bales from New York. Cotton freights at New York the past week have been as — 2. That although the receipts at the outports the past week were 136,015 bales, the actual movement from plantations wa.s 119,556 bale.s, the balance being taken from stocks at interior Last year receipts from the towns. plantations for tiie week were 86,647 bales and for 1904 they were 50 431 bales. JUTE BUTT.S, BAGGINC;, Arc— There has been no acmarket for jute bagging during the week under review, and the following prices have ruled, viz.: 65^c. for \% lbs. and 6J^c. for 2 Ib.s. standard grades. Jute butts continue dull and nominal at 13^@l^c. for paper quality and 2@2J4c. for bagging quality. tivity in tiie BREADSTUFFS. follows: Sat. Man. Tuc.<i. Wed. 18 19 18 19 18 19 18 19 Havre c. Bremen, asked. c. IlambnrK c. Antwerp c. a27 25 25 25 027 22 25 25 027 22 25 25 027 22 25 25 Ghent, v. Ant-.c. Reval, indirect. c. Reval, V. Canal .c. Barcelona, Mch.c. 31 31 31 31 35 35 35 35 24 24 24 18 34 Liverpool c. Manchester c. 24 18 20 34 Trieste 34 Japan, 60 60 Quotations are cents per 100 lbs. Genoa 18 c. c. prompt. c. 34 60 Thurs. Fri. 18 19 027 22 H O L 25 25 I 31 D A 35 Y 24 18 34 60 60 And a 5 per cent LIVERPOOL. — By cable from Liverpool we have the of the week's sales, stocks, &c at following statement that port: . Feb. 2. bales. 82,000 Sales of the week Of which exporters took.. 3,000 Of which speculators took 3,000 Sales American 68,000 Actual export 9,000 Forwarded 85,000 Total stock— Estimated.. 1,187,000 Of which American Est 1 ,046,000 Total import of the week.. .140, 000 Of which American 102,000 Amount afloat 281,000 Of which American 206,000 — Feb. 9. 67,000 2,000 2,000 Feb. 16. 69,000 3,000 4,000 57,000 15,000 78,000 1,195,000 1,062.000 72,000 55,000 57,000 11,000 94,000 1,216,000 1,076,000 134,000 99,000 209,000 149,000 206,000 140,000 , Feb. 23. 64,000 3,000 4.000 55,000 14,000 76,000 1,176,000 1.050.000 71.000 50.000 241,000 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. 1 \ J Saturday. Monday. Tuesday.'^ Wed'day. Fair business doing. Fair business doing. Moderate demand Mid.Uplds Thursday. Friday. Moderate Fair demand. demand. Good demand 5.88 5.88 5.82 5.79 5.74 5.73 Sales 8,000 8.000 10,000 Spec.&exp. 1,000 10,000 1,000 500 500 14,000 1,000 10,000 1.000 Futures. Market opened Market 1 J Quiet at Steady at Quiet at 3 points decline. 4 points decline. advance. 1 Firm at J 2(a4 pts. advance. 4 P.M. Steady at 1 pt. decline. Quiet at 3®5 pts. 1@2 Sfy steady at Very Quiet at 4@7 1@2 pts. decline decline. Dull unch. Easier. pts. pts. decline. to 1 pt. decline. St'y unch. at l@3pts. to 2 pts. decline. decline. The prices of futures at Liverpool for each day are given Prices are on the basis of Uplands, Good Ordinary clause, unless otherwise stated. The prices are given in pence and \OQlh Thus: 5 73 means 5 73-lOOd. below. . Sot. Men. Feb. 17. Feb. 19. Tues. Feb. 20. Wed. Thurs. Fri. Feb. 21. Feb. 22. Feb. 23. 12K 1 12M 4 12H 4 12M 4 12H 4 12M 4 p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. d. d. d. February. 5 73 5 76 5 74 Feb.-Mch. 5 73 5 76 5 74 Mch.-Apr. 5 74 5 77 5 75 Apr .-May. 5 77 5 SO 5 78 May-June 5 80 5 83 5 80 June-.Tulv 5 82 5 85 5 82 July-AuK. 5 84 5 86 5 84 Aug.-Sep. 5 80 5 82 5 80 Sep .-Oct . 5 63 5 67 5 67 Oct.-Nov. 5 58 5 63 5 63 Nov. -Dec. 5 57 5 62 5 62 d. d. 5 72 5 5 72 5 5 73 5 5 76 5 5 78 5 5 80 5 5 82 5 5 79 5 5 64 5 5 60 5 5 59 5 d. 68 5 65 5 68 5 65 5 69 5 66 5 72 5 69 5 74 5 72 5 77 5 74 5 78 5 76 5 74 5 72 5 61 5 59 5 58 5 56 5 56 5 54 5 d. d. 65 65 66 69 72 74 76 73 60 57 55 d. 5 63 5 5 63 5 5 64 5 5 67 5 5 5 5 5 5 5 5 58 59 63 63 70 5 67 72 5 69 74 5 71 70 5 67 57 5 55 54 5 52 53 5 50 d. rf. d. 5 60 5 59 5 5 60 5 59 5 5 61 5 60 5 5 64 5 63 5 5 67 5 66 5 5 69 5 68 5 5 71 5 70 5 5 5 5 5 68 56 53 52 5 5 5 5 59 59 60 63 66 69 70 67 5 67 53 5 54 50 5 51 49 5 50 Dec-Jan. RECEIPTS FROM THE PLANTATIONS.— The Week Receipts at the Ports. 1906. fol- 1905. 1904. Stock at Interior Tovms. 1906. 1905. 1904. Receipts Jrom PlantaVns. 1906. 1905. 1904. Jan. 19 138,099 122,952 162.279 721.646 705,518 482,584 131,696 82,431 150,343 " 26 110,898 15r.,fi70 141.383 720,114 r)9r,,578 450,989 109,366 147,7.30 109,788 Feb. 2 121,793 140,223 153.602 711.634 674,372 424,.S4.> 113,313 118,019 126,955 " ' of flour prices has been on the whole downlittle trade, either for export or home consump- ward, with tion, although there has been some export business with West India and South American markets. The declining tendency of the wheat market has led buyers to pursue a hand-to-mouth policy and the effect on the market may very easily be imagined. Corn-meal of late has been quiet and steady. Rye flour has been in moderate demand and about steady. Wheat flour to-day was quiet and steady. Speculation in wheat for future delivery has been quiet and the general drift of prices has been downward, new low records for the season being established almost daily. The reasons are to be found in the declining foreign markets, large shipments from competing markets of the world, large receipts at Western points, favorable weather and crop reports and an absence of a good export demand for American wheat. Moreover, the crop reports of late from India have been more favorable, and the French acreage is estimated at 16,081,000 acres, against 15,632,000 last year. Argentina has been shipping with noticeable freedom, and the visible supply in this country decreases but slowly. Then, too, the flour trade of the West is disappointingly light and the speculation is of a narrow, professional, and in the main rather listless sort. But little attention has been paid to the Moroccan affair. The spot market has been dull and weak in sympathy with the decline in futures. To-day the market, after an early dechne, advanced on covering of shorts, due largely to Damage was bad weather reports from the Southwest. claimed in Indiana, Missouri and Michigan. The spot market was quiet and stead^^ DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. fSat. Mon. Tues. Wed. Thurs. Fri. f.o.b. 89?^ 90 No 2 red winter 89^ 88M 88M May dehverv in elevator 87J^ 88Ji 88M 88K Holl- 88 July delivery in elevator 875-g September dehvery in elevator.. 85 9 131.605 85,544 127,081 697.084 056,712 404,0()4 117,0.W 16 131.235 68,566 87,921 674.590 630,590 385.308 108.741 23 136.016 103,960 66,697 658,131 616.277 .369,142 191,506 07,882 100,803 42.444 69.166 80,647 60,431 87^ 87?^ 8714 day Mon. Tues. Wed. Thxtrs. Fri. 82}^ SIJ^ 80 Ji HoU- 82Ji 87>< M 85M 85 J^ 85 Ji 85Ji DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Sat. May deUvery in elevator S2% July dehvery in elevator 81H September deUvery in elevator.. 80 Ji 83^ 9,2% 82}^ 81^ 81 J^ 81 81H S0% and of day Indian corn futures have not been at all active, late have been declining under the weight of scattered liquidation by operators who have become tired of waiting for a sustained advance. One check, however, on the downward tendency of quotations has been the poor grading at the West, the proportion of contract quahty in the receipts at Chicago being noticeably small. This has been due largely to unfavorable weather conditions, rains being at times heavy, and mild temperatures generally prevaihng, which have had the added effect of putting the roads in rather bad condition, and so impeding the movement of the crop. The recent export demand has been rather liberal but of late it has diminished veiy noticeably, exporters refusing to take hold except at concessions. To-day the market closed higher, owing to unfavorable weather at the West and reports that the weather is too dry in Argentina. Covering of shorts was a feature. The export trade was light but fair orders were reported in the market. , DAILY CLOSING PRICES OF NO. 2 Sat. Cash corn f.o.b. 47H deliverv in elevator 48^ July delivery in elevator.. 493^ September dehvci-y in elevator.. 49»^ lowing table indicates the actual movement each week from the plantations. The figures do not include overland receipts nor Southern con.sumption; they are simply a statement of the weekly movement from the plantations of that part of the crop which finally reaches the market through the outports. — Friday, Feb. 23 1906. The tendency May ending total receipts 1905 are 6,654 ,2.'>5 bales; in 1903-04 were 0,750,816 bales. Total. ... 2,250 2.086 [Vol. lxxxii. IN NEW YORK. Mon. Tues. Wed. Thurs. Fri. MIXED CORN 47!^ 49>C 49?^ 50 47>^ 49 49J4 50 47H 485^ 49 49 Ji Holi- day 47Ji 48Ji 49^ 50i< DAILY CLOSING PRICES OF CORN FUTURES IN CHICAQO. Sat. May deUvery in elevator July dehvery in elevator September delivery in elevator. . 42 If 43 14 43 'i Mon. 43 '^ 43^ 44}^ Tves. 43 43 V« 44 Wed. Thurs. 42 J^ 43 Ji 44 Holi- day Fri. 43 43H 44^8 Oats for future delivery at the Western market have been depressed, partly owing to the steady decline in other grain. At times reports have been rife of a better export demand, prices now being on an export ba.'^is, and some business has been done. To-day futures closed higher on the covering of There was also some export shorts and lighter offerings. business. DAILY CLOSING PRICES OF OATS IN NEW YORK. Sat. No. 2 mixed No. 2 white cUpped. f.o.b. ^^f.o.b. 345^ 345^ Mon. Tues. 34^ 34^^ 34^^ 34^^ Wed. Thurs. HoU35 day 35 Fri. 35 35 b THE CHRONICLE. Feb. 24 1906 DAILY CLOSING PRICES OF NO. 2 MIXED OATS Sat. Mon. Tues. delivery in elevator 29H 28J^ July delivery in elevator 21% elevator.. September delivery in 29J^ 2Q% May 29^ 293^ 27K 28 IN CHICAGO. Wed.Thurit. 29% 29H Fri. 30H Holi- day 2<^% 283^ 28 EXPORTS OF FLOUR AND GRAIN FROM PACIFIC — 467 Coarse, colored cotton goods are steadily held, production being still sold far ahead and near-by supplies being scarce. Linings are unchanged and the demand has been good. Napped goods have been held more firmly than had been Prints are about steady and ginghams are quiet expected. and in fair request. Wide print cloths have been sold at The exports of grain and flour from Pacific ports week ending Feb. 22, as received by telegraph, have lower prices but narrow goods are steadily held at old been as follows: From San Francisco to Japan and China, figures, owing to mills being well sold up. 5,000 barrels flour; to South Pacific ports, 122 barrels flour; WOOLEN GOODS— Many men's wear woolen and Combining these figures with those for previous weeks, worsted goods buyers have now returned to their homes we have the following, which covers the exports to foreign and the market has in consequence become quieter. Agents countries for the period since July 1 1905, comparison being have therefore had an opportunity of drawing comparisons made with the corresponding period of last year: between this season and last, and the consensus of opinion PORTS. for the Wheat, Flour, — Corn Oats, bush bush 1,669 bbls. bvsh. 348,569 250,031 5,475,000 4,763,152 28,900 36,862 Total 2,473,685 10,488,183 Total 1904-05.1,871,053 4,486,756 65,762 137,493 Exports fro7n San Francisco Puget Sound. 1,328.23') Portland 796,887 Barky, Rye, bush. bush. ... 249,916 32 1,982,558 149,200 325,655 251,617 410,628 2,457,413 315 3,901,656 1.248 315 ... For other tables usually given here see page 431. THE DRY GOODS TRADE. N'ew York, Friday, February 23 1906. Business in the cotton goods market has not been of large proportions during the past week and further irregularities The continued lowering of in prices have been reported. that purchases so far this season are very much smaller than they were last. This is explained by the fact that at the outset buyers were undecided as to what fabrics would prove the most popular. This, however, was soon decided in favor of worsteds. Later, the question arose as to whether the retailers and consumers would pay the advanced prices rendered necessary by the increased cost, This is still unanswered and many of the raw material. have refrained from purchasing their usual quantity of goods until they can find out more definitely about it. Some manu- is facturing clothiers will, of course, increase the cost of their product rather than lower the quality of the cloth they use, but others are more likely to substitute cheap cloth and charge the consumer the same price as before. It is this uncertainty as to what will be done that has interfered to" values in the raw material market is having its effect on a large extent with initial business. It is not claimed,, both buyers and sellers, and the former are operating very however, that the consumptive demand will be any smaller cautiously. The irregularities that have occurred have this year than it was last, and for this reason re-ordering; been on future business, near-by goods, being still difficult is likely to be on a large scale. There has been no change They have also been of importance in the dress goods market, to obtain and being steadily held. the demand being most pronounced in the case of lines that are not prominent, fairly good, but business being somewhat interfered with by and which, for that reason, have not experienced the same the holiday. demand as the better-known fabrics. Sellers of the latter FOREIGN DRY GOODS.— Imported woolen and worsted are holding very firmly and claigi that they are so far booked dress goods have been steady and unchanged. Silks are ahead that there is no likelihood of any declines for some in better demand and firm. Linens are still advancing and time to come. Buyers generally are simply purchasing burlaps are steady at recent figures. enough goods to fill their immediate needs, for which they Importations and Warehouse Withdrawals of Dry Goods. have to pay full prices, even the slightly lower figures The importations and warehouse withdrawals of dry goods, which would be accepted for future business not being suffiat this port for the week ending Feb. 22 1906 and since Jan. 1 ciently attractive to cause them to operate with any amount 1906, and for the corresponding periods of last year are as The export demand was somewhat of a factor of freedom. follows: during the early part of the week, some fair-sized sales NO) 00 00 00 ^coiMr^OJ 00 V5 1^ N CO Tf COUi coo ^ rt O (N 00 being reported, and further inquiries being received, but *_*«-<_ 00 IN 00 co_oq o>3 OOMtjTo^" cc'oo" — -H ^ o: -h"oo" towards the close offers were more or less withdrawn and —10: t^co-^t^oo C0r-(C<1-Hl^ T)< ,j( .< this division again became dull. Transactions in the men's ti2^_t^_qoo_ .-i;^ wear woolen and worsted market have fallen off considerably during the week from what they have been of late. DOMESTIC COTTON GOODS.— The exports of cotton to Week. Feb. 19. 6 15 Jan.l. 95 37 368 36 212 Africa West Indies Mexico Central America South America Other countries 'J' to 00^00 tU U3 IQ U3 03 2,025 149 253 18,375 3,513 4,305 1.405 3,529 265 2,302 10,466 1,927 Since Week. Jan.X. 15 7 7,601 151 250 599 1,187 480 56 500 1,396 831 »^t~O>N00 (NMOOOr^ 115 24,592 3,247 736 1,460 4,167 r-t CO •-( cq « COOCCtCO) ooo'ioccin OStJ^CDt}<^ O 00 to IN C^ ^ 0)0»OOiM Total 2,848 The value of these 46,435 New York 12,928 exports since Jan. $2,492,374 in 1906, against $2,651,895 in 1905. Heavy-brown 1 49.273 has been and sheetings have been moving very slowly to thehome|trade, even some slight concessions offered not stimulating the demands of buyers. These goods have been held so high for some time past that buyers have sought to substitute for them lighter-weight goods wliicii market shows change < C-) CO jC ^ ^ ^ Oi,-^ OCOOO,-i(M <N(N o:cO ,-iiOCO--icD 1>-_(N "5 Tj< CO O! ,-1 roo,-i')'tD o£>- OMiOCO "-•OSOJ-HOO liiiN ic (M 00 7;<N If: W H ;? o P totaled Jeceiving (NCCINMOS I^ to 00 O O rtCO-^CnO cicO-'^OO -hiO-hO<N I? at slight concessions. o Pi w H M 0)CCiOt^Tj< (N-H CO o:' (N t^N'*CD>0 OSOSiOWIIN OOCC^lNt^ <! t^oococ^O ^^ coco oc-*i<»oco CO ^- 00 10 o: c>f:ccooo: OSiOINUlC^ P O K W coco COt^ •*co CC-I M *o 00 w < o >o CO X ^^ cr^oof^o: t^t>-OCC r-. COO coo Tj<0 M"T)""M'cio: a w H 00:0:000s iCtNtOtOO ro-^ocoo: 10 CO t>^»ccot>-co woo 1000 com wOCOOSiO CO W^ f^ 0:r^ "-* o:cO'-<'t (^ roccMTfO X cc '^ 1^ TJICO COO) 00 U5 Oi'f to I ] CONCCI^O y^ cnt^ooxto 00 * Q c^ W 1^ to !-• ^- *i* »c CO o: iC »0 — CO O •^ »o C^ CO i^ H <A o 10 CO tato * >ox oci C" IN IN 10 X COt1< r- i !S a 1® J o2 1) w t: -e , O oa ' I 0:3-- u 0. a ?! 3 ^ *-» co" ' 2s 5 X CO tc"x' •a I " t^co ci10 IC * 0. ,-. r-x °z •a is rH •-* •<l<cocoo:o> : a *co oi, (NCO ' tid coco t^oo OSTjl in prices, offered quietly oo-*cot^-< TjiOOCOiO r-i M 30,000 bales since the persent movement The bleached goods market is quiet with sellers some iiK|uiries for the finer counts, but others moving slowly and 000 P ro fully started. ^"co" 00 c» CO 05 S O •*eo <N ^ X The light-weight o:co 00 CO 00 CO 00 Vi 00 CO osior^-o^oo ,-liOIMCOtO t» t^ ,-1 0: lO r^ 00 CI «(< 00 to 'O C5 1-h" '- C>1 *" feis;j <»00 OCO coo ifliO'^i-iN -Ht^00O:co Pi < but lower figures would probably be accepted for future business if the offer were made. Export business has included standard drills and sheetings and three-yard sheetings, and is reported to have little w (NfO 0:0: IN-HrH|M drills could be purchased relatively cheaper. o ro t^ lo OStDM C^l O:00O!'*co Q >-l iccoroocio 347 2,772 9,028 2,658 ,-ioooct^'n 00 •* -H t^ t~o CO 05 i^co o O0>-iCO00N 1905 Since New Ym-k Great Britain. Other European China India Arabia 0:00 coco H W c^ft. 2*2"^ 1906 O O M -< O 05-^OCD^^ lN00 00tO,-< goods from this port for the. week ending Feb. 19 were 2,848 packages, valued at $156,672, their destination being to the points specified in the tables below: cow-Hioco T)<co TtOst^OOO TjH OJ X- 1 , 0. Ut ^ --T3 c^ a> , s « lU ^C H U : . — . . THE CHRONICLE. 468 St^te yiTJD — City Dep/vj^tmewt. News Items. — The United Drainage Canal J)ccif<ii)ii Ohicago, 111. State- Supreine Court, in a decision handed down on Feb. 19, lield that tlic State of Missouri did not prove its case in the sviit biimclit by that State against the Stat(> of Ilhnois involving tile right of tlie Citj' of Chicago to (Uvert its sewage into tlie Mississippi River througli the Chicago sanitary canal and the Illinois River. The suit was instituted several years ag<>, the State of Missouri claiming that the diversion of this sewage would have an injurious effect on the health of the people of Mi.ssouri residing below the mouth of the Illinois River. — — Toronto, Ont. Debt of Cih). V\'e are informed that this city has a gross bonded debt of $24. 006, 916 and a sinking fund of .$6.591 ,368. The water debt included in the gross debt above is $5,089,013, and the local improvement debt (payable by special asses.sment), also included in above, is S4,623,554. The debt, therefore, remaining after deducting the water and assessment debt, as well as the sinking fund assets, The assessed valuation for 1906 is given as is S7. 762 ,981. Albany, N. [Vol, lxxxii. Y.—Bond Sale.— On Feb. 20 the $82,000 3H% l-20-y(;ar (serial; registered public-improvement bonds described in V. 82, p, 348, were awaided to the Albany Savings Bank of Albany at par and accrued interest. No other bids were received for tliis i.ssue. The $319,750 1-10-year 4% (.serial) registered street-improvement bonds, a description of which was given in the same issue, were awarded in lots of $31,975 each, as follows: .MatuTiw. I'uTdtxiscT. 1907 Albany .Savini-'H Bk.. Albany 1908 Albany i:xeli.Sav.Bk.,Alby. 1909 Commerce Ins. Co 1910 Albany Co. Siiv. Bk.. Albany. 1911 Albany Savings Bk.. Albany. Albion, County, Purchaser. Prict. J'rice., Maluritv. 100.0511912 Albany Co. 8av. Bk.. Albany 100.25 lOOOC 1U13 W.J. Hayes <fe Sons. Cleve.. 100.25 riOO.33 I00.:U)l 1914' 100 .:ioi 1915, Albany Co. .Sav.Bk., Albany* 100. 44 100.25! 1910j U00.70 Pa. —Bond Issue Postponed Inthe advisaWe are informed, however, that a survey shows that such a plant would cost from $25,000 to $30,000, and as the borough cannot issue bonds for this amount the project has been Erie — definitely. This b(jrough has been con.sidering bility of issuing bonds for water purpo.ses. abandoned. to — — Altoona, Pa. Bonds Voted. On Feb. 20 the proposition issue the $300,000 reservoir and the $100,000 street, avenue and highway-improvement bonds mentioned in V. 81 p. 1746, carried. The vote was 3,249 for to 2,131 against the reservoir bonds and 2,943 for to 2,143 against the im$169,561,316. provement bonds. Anaheim, Orange County, Cal. Bond Election Postponed. Calls and Redemptions. We are advised that the election which was to have been Apache County, Ariz. Bond Call. -This county calls held Jan. 20 (see V. 81, p. 1806) to vote on propositions to issue bonds aggregating $69,000, has been indefinitely postfor payment Feb. 12 bonds numbered 91 to 95 inclusive. poned, owing to an error in advertising the notice. Call is Bloomfield, Stoddard County, Mo. Bond Call. Andover (S. D.) School District. Bonds Not Sold. No bond No. of elcctric-Ught 6, made for payment March 19 payment to be made at the Merchants-Laclede National sale was made on Feb. 14 of $10,000 5% school bonds offered on that day. We are informed that the district v,ill re-offer Bank of St. Louis. Bond — — — —Bond — — — E. T. Bassett, City Treasurer, called for payment Feb. 10 at the office of the City Treasurer the following bonds: Champaign, 111. Call. — — $800 Springfield Avenue assessment No. 27 bonds, dated Aug. 12 1902. Series 4 Bond 63 due Aue. 12 1907' Series fi, Bond 73 due Aug. 12 1909; Series 8, Bond 82 due Aug. 12 1911: Series 9. Bond S7 due Aug. 12 1912. 300 Park Street assessment No. 29 bonds, dated Oct. 14 1902. Series 4. Bond It due Oct. 14 1907; Series 6. Bond 21 due Oct. 14 1909; Series 8, Bond 32 du« Oct. 14 1911. 300 Park Street as-sessment'No. 30 bonds, dated Nov. 4 1902. Series 5, Bond 16 due Nov. 4 1908: Series 7. .Bond 46 due Nov. 4 1910; Series 9. Bond 27 du« Nov. 4 1912. 300 Washington Street assessment No. 32. bonds dated Sept. 9 1903. Series 3, Bond 16 due Sept. 9 1907; Series 4. Bond 7 due Sept. 9 1908: Series 5, Bond 9 due Sept. 9 1909. 600 Prospect Avenue assessment No. 34 bonds, dated June 15 1904. Series 3. Bond 7 due June 15 1908; Series 5, Bond 13 due June 15 1910; Series 6. Bond 16 due June 15 1911; Series 7, Bond 38 due June 15 1912: Series 8, Bond 41 du« June 15 1913; Series 9. Bond 63 due June 15 1914. 300 Elm Street as.scssment No. 35 bonds, dated June 29 1904, Series 3. Bond 6 due June 29 1908: Series 5. Bond 20 due June 29 1910: Series 8. Bond 37 du« June 29 1913. these bonds. — — — Atlantic Highlands, N. J. Bonds Voted. The election held Feb. 15 to vote on the ciuestion of issuing the $12,000 5% light bonds mentioned in V. 82, p. 231, resulted in favor of that proposition, the vote being 134 for to 82 against the issue. Barberton, Ohio. Bond Offering. Proposals will be received until 7 p. m. March 19 by George Davis, Village Clerk, for the following bonds: — S7,860 5% 900 5% — coupon Sewer District No. 1 Improvement bonds. Denominations $1,500 except one bond tor Si, 860. Maturity on March 1 as follows: $1,500 yearly from 1907 to 1910 inclusive and S1.8G0 in 1911. coupon Sixth Street and Creedmoor .\ venue sanitary sewer bonds. Denomination $300. Maturity $300 yearly on March 1 from 1907 to 1909 inclusive. Authority Section 2835 of the Revised Statutes. Date Interest semi-annual. Certified of bonds March 1 1906. Bonds Not Yet Redeemed. The City Treasurer called for check for $200, payable to the Village Treasurer, required payment Oct. 1 1905 sewer bonds numbered 15 to 23 in- with bids for each issue. Bonded debt, including this issue, Assessed valuation for 1905, $2,640,450. clusive, of S500 each, dated Oct. 1 1896 and due Oct. 1 1906. $168,648 70. We are informed by the City Treasurer that Nos. 15 and 16 Bath, Me. Bonds Refused. This city on Feb.- 13 awarded of these bonds have not yet been presented for payment. $10,000 3}/2% 6-year registered sewer bonds to the Bath SavGlasgow, Howard County, Mo. Bond Call. Two water ings Institution at 98.7577. We are informed that the sucbonds of this city are called for payment March 10 in St. cessful bidder subsequently refused to take the bonds, claiming that they were not legally issued. Louis. Bayonne, N. J. Bonds Not Sold. No bids were received Feb. 20 for the $50,000 4% gold improvement bonds Proposals and Negotiations tliis week on offered on that day. Date of bonds March 1 1906. Interest have been as loUows Jan. 1 and July 1. Maturity six years. Abilene (Kan.) School District No. 5. Bonds Voted. The Bend School District No. 12, Crook County, Ore. Boiid election held Feb. S resulted in a vote of 890 to 210 in favor On Feb. 10 the $6,500 (amount increased from Sale. high-school bonds mentioned in V. of issuing the $35,000 $6,000) 10-20-year (optional) gold coupon school-building Details of issue and date of sale not yet de82, p. 348. bonds described in V. 82, p. 173, were awarded to Morris termined. The Brothers of Portland for $6,562 30 for 5 per cents. Decatur), Ind. Bond Adams County^ (P. 0. Offering. following bids were received for the $6,000 bonds as adverProposals vill be'received until 10 a. m. March 5 by J. F. tised: Lachot, County Treasurer, for $2,800 4}^% coupon road- Morris Bros.. /(For f>s)-.$6,400 OOIC. H. Comn. Chlcaco (for 6s). .$6,061 00 UForSs).. 0.057 50 S. .\. Kean. Chiciigo (tor 6s)... 6.006 00 Portland Denomination $140. Date Feb. 15 construction bonds. J. M. Holmes, Chicago (for 6s). 5.550 00 Browne-lvUlnwood Co., ChiInterest semi-annuallj^ at the First National Bank 1906. 0,045 001 cago ilOTo'As) every months beginning Maturity one bond six in Decatur. Proposals will be Beresford, S. Dak. Bond Offering. Nov. 15 1906. Certified check for 3% of amount bid, received until 8 p. m. March 5 by H. A. Sturges, City drawn on some bank in Adams County and made payable to Auditor, for $4,000 5% 5-20-year (optional) funding and the Board of Commissioners, required. De$3,000 5% 5-20-year (optional) improvement bonds. Alabama. Bond Offering. Proposals will be received nomination $200, Interest semi-annual. Certified check until 12 m. March 15 by Wm. D. Jelks, Governor, for for $100 required. Brockton, Mass. Bonds Authorized. This city has been $7,437,600 gold bonds to renew Classes "A" and "B" authorized by Legislature to borrow $100,000 for water bonds, aggregating $7,437,600, and maturing July 1 1906. and $100,000 for sewer purposes. Bids are asked for bonds bearing 3"/^% interest and for Y. Bond Issue. Grade-crossing award Buffalo, N. bonds carrying 4% interest. Denominations, $500 and 4% bonds to the amount of $11,548 94 has been auInterest semi-annually on registered bonds in thorized. Date March 1 1906; maturity July 1 1907. $1,000. Montgomery, Ala., and on coupon bonds in New York Under the ordinance these bonds are to be taken at par by Park Bond Redemption Sinking Fund as an investMaturity fifty years. Securities may be coupon or the City. ment. Certified check for 5% registered, at option of holder. Caddo Mills (Tex.) Independent School District. Bond of the amount bid for, payable to the Governor of Alabama, Election Proposed. The Board of Education has been reThe entire amount of each accepted bid, or so quested to call a special election to vote on the question of required. much as may remain unpaid, must be paid for, either in issuing bonds for a school building. Center Township CUnton County, Ind. Subsidy Voted. cash or in an equal amount of Alabama bonds, which are township on Feb. 13 voted a subsidy of $55,375 to This to be refunded, sixty days before the maturity of the present the Toledo St. Louis & Western RR. to enlarge the general The State reserves the right to retire present shops of that company located in Frankfort. bonds. bonds to an amount not exceeding $600,000. Charleroi School District, Washington County, Pa. The official notice of this bond offering will be found among Bonds Defeated. This district at election held Feb. 20 dea ted a oroposition to issue $25,000 school-building bonds. the advertisements elsewhere in this Department — — — — — — Bond — — — — — — 1 — — — — — — — — — — , — — — — THE CHRONICLE. 469 Chicago, —West Chicago Park. — Bond Offering. — Pro- Elmdale School District, Stanislaus County, Cal. — Bond $8,000 6% 10-year bonds posals the West Sale. — On Feb. 14 an issue 4 p. m. March 21 be received I'KB. 24 190(» 111. of bj^ until ^vUl was awarded to W. F. Johnston of Los Angeles at 106.825. Park Commissioners, Union Park, Chicago, for A bid was also received from the Wra. R. Staats Co. of $1,000,000 4% small park and $1,000,000 4% improvement Pasadena at 104.825. Denomination S800. Date Feb. 14 and maintenance bonds. Securities arc part of the $3,000,- 1906. Interest annual. 000 bonds (§1,000,000 small park and $2,000,000 improveEnglewood, N. J. Bond Offering. Proposals will be rement and maintenance) authorized at the election held last ceived until 6 p. m. Feb. 28 by Robert Jamieson, City Clerk, Novcinber. Denomination $1,000. Interest April 1 and for $16,000 4J^% city-hall bonds. Authority Section 70. Chapter 52, Laws of 1899. Denomination $1,000. Date Oct. 1 at the office of the Treasurer. Maturity $50,000 of April 1 1906. Interest semi-annually in Englewood. Maeach i.^sue yearly for twenty years. Separate bids to be turity April 1 1936. Certified check for $1,000 to accommade for each issue. Certified check for 2% of the amount pany bids. Purchaser will be required to furnish blank bonds. These are the bonds awarded last December to of the bid payable to the West Chicago Park Commissioners, N. W. Halsey & Co. of New York City and subsequently required. Joseph F. Haas is Secretary to the Commis- refused bj' that firm. See page 407 of last week's "Chron[ Cliicago | i — sioners. icle." bond offering will be found among the advertisements elsewhere in this department. Chippewa, Ont. Debentures Defeated. This village on Feb. 15 defeated a by-law providing for the issuance of $26,000 water-works debentures. Clinton, Mo. Bonds Voted. The election held Feb. 15 resulted in favor of the proposition to issue the $30,000 light and the $70,000 water-works 4% 5-20-year (optional) bonds mentioned in V. 82, p. 231. Date of sale not yet determined. Escanaba (Mich.) School District. Bond Election. It is stated that an election will be held on March 5 to vote on the question of issuing $25,000 high-school-building bonds. Tlie official notice of this — — — — or more. Coldwater (Mich.) School District. — Bonds Defeated—Bond Election. — This district on Feb. 7 by a vote of 230 for to 271 — $1,000 5% 0% S% rcfundiiiK bonds. rrfimdinfi bonds. 1,000 refunding bonds. 1.000 1,500 5^; rci'uiidint; bonds. 1,500 S'o rcfutidinK bonds. • Authority — Maturity Maturity Maturity Maturity Maturity March March March March March 1 1 1 1 1 1918. 1918. 1918. 1917. 1917. 1536-283 of the Revised Statutes. Date March 1 1906. Interest semiCertified check for 10% of the bonds bid for, paySection Denomination $500. annual. able to the City Treasurer, required. Coronado, Ca\.— Bond Sale.— On Feb. 19 the $135,000 5% 1-40-year (serial) coupon municipal improvement bonds described in V. 82, p. 292, were awarded to the National Bank of Commerce of San Diego for $138,112. Custer County (Mont.) Free High School District. Bo7id The Board of County Free High School Trustees Offering. will seU at public auction at 2 p. m. Apftl 2 at the office of the Secretary, Ida E. M. Wiley, in Miles City, 835,000 high-school bonds. Authority vote taken at election held Dec. 30 1905. Denomination $1,000. Date March 1 1906. Interest semi-annual. Maturity twenty years, subject to call after ten 5'^ears. A cash deposit of 5% of bonds must be made by the successful bidder with County Treasurer immediately upon acceptance of bid by the Board. — Essex County (P. O. Newark), N. J. Bonds Proposed.— The issuance of $300,000 court-house and $500,000 countyhospital bonds is proposed. We are advised that the $300.000 court-house bonds will be sold to the Sinking Fund Commissioners when authorized and that the $500,000 countyhospital bonds will not be ready for issuance for two months — against defeated a proposition to issue $12,000 school bonds, We are informed that a new election has been called for Feb. 26 to vote on this question. Conneaut, Ohio. Bond Offering. Proposals will be received until 12 m. March 10 by H. T. Gulp, City Auditor, for the following bonds: — — — Estacada, Clackamas Coimty, Ore. Bonds Authorized. The City Council has decided to issue $10,000 water-works bonds. j Ewing, Holt Coimty, Neb. — No Bond Election. i — We are advised that the report appearing in some of the papers that this village will hold an election on Feb. 27 to vote on the question of issuing railroad-aid bonds is erroneous. Fairfax, Renville County, Minn. Bonds Voted. This village, by a vote of 90 to 7, at election held Feb. 13, authorized the issuance of not exceeding $6,000 4% village-hall bonds. These bonds we are informed, will probably be sold to the State. Fall River, Mass. Bond Sale. On Feb. 21 the $160,000 4% 10-year registered municipal bonds were awarded to A. B. Leach & Co. of New York City at 103.08, and the $60,000 4% 30-year registered sewer bonds were taken by R. L. Dav & Co. of Boston at 108.699. Following are the bfds: — — — — S160.000 10-Yt. Bonds. $60,000 30-Yr. Bonds. & Co.. New York 103.08 107.27 R.L.Day & Co., Boston 102.789 10S.699 R. Kleybolte &Co., New York _ 108.67 .\dams & Co.. Boston 103.03 107.32 Kstabrook & Co., Boston 102.58 106 29 Blake Bros. & Co., Boston 102.55 107 17 Blodsct. Merritt & Co., Boston 102.43 106.77 N. W. Harris & Co.. Boston 102.283 106.271 C. S. Cummings & Co., Boston 106.64 See V. 82, p. 408 for description of bonds. Findlay, Ohio. Bonds Authorized. The City Council has authorized the issuance of the $5,000 park bonds, mention of which was made in last week's issue. Fort William, Ont. Debenture Sale. This town recently sold $30,000 high-school, 820,000 water- works, $14,000 elecDaviess County, Mo. No Bonds to Be Issued. Wo are tric-light and $12,000 telephone 4J^% debentures to Wood, advised tliai no bonds will be issued to paj' for the $75,000 Gundj' it Co. of Toronto! Maturity twenty years. court house :iuthorized at the election held on Dee. 16 1905 Gainesville, Fla. Bonds Not Sold. We are informed that but t^at the cost of the new building will be met by a direct no sale was made of the $65,000 5% gold coupon bonds tax. offered on Feb. 5. See V. 82, p. 175, for description of Delaware County (P. O. Delaware), Ohio. Bond Sale. securities. following The bonds were awarded Feb. 14: Gallipolis, Ohio. Bond Sale. This city on Feb. 19 $38,200 4% read bonds awarded to W. J. Hayes & Sous of Cleveland for $38,451 awarded an issue of $4,500 4% 10-year refunding bonds to and accrued interest. ditch bonds awarded to the Deposit Banklns; Co. ot Delaware, and the H. H. Henking of GallipoHs at 104.224. 20,400 4% Following are the A. B. Leach — — 4^% — — — — — — — — — — — Delaware Savings Bank Co. of Delaware for S20,450 and accrued interest. 25,000 4% 20.000 A7c 4.660 4% tundlnp bonds awarded to and accrued interest. futidiii.; bonds $20,or>,'5 and W. J. Hayes & Sons of Cleveland for $25,165 awarded to the Deposit Banking Co. ot Delaware tor accrued Interest. ditch bonds aw.arde<l, Sl,8G4 to W. J. Hayes & Sons of Cleveland for $1,884 and $2,796 to the Deposit Banking Co. ot Delaware for $2,842. For description of these securities see V. 82, pages 232, — bids: H.H.Henklwr, Gallipolis $4,690 lOIBreed & H.irrison. Cincinnati.. $4,574 C. W. Henking, Gallipolis 4,042 001 W.J. Haves A Sons, Cleveland. 4,568 \ inton Banking Co., Vinton... 4,641 90 Security Savings Bank <fc Tr. Co 4 535 M.E.Beman 4.641 40 Hayden, Miller & Co., Cleve.. 4,533 W. R. Todd & Co., Cincinnati.. 4,575 001 Denomination $500. Date Feb. 26 1906. 70 00 00 75 Interest semi- 293 and 348. annual. Duluth, Minn.— fionds Voted.— The election Feb. 6 resulted in a vote of 5.587 to 1,335 in favor of issuing the $375,000 30-year gold water and light bonds mentioned in V. 82, p. 115. No 2 Bo7tds Refused. — We are advised that the attornevs for N. W. Harris & Co. Grand Island (Neb .) School District . . would not approve the legality of 'the $60,000 43^% schoolbuilding bonds awarded to that firm on Jan. 15 unless a new election be held to correct defects in the first election. The East Emporium, Cameron County, Pa. Bonds Voted. sale, therefore, has not been consummated and the check of At an election held Feb. 20 this borough sustained a propo- the Chicago firm has been returned to them by the district. sition to Lssue $7,000 4% 1-10 year (optional) sewer bonds Greenville (Tex.) School Bistrict. —Bonds to Be Offered by a vote of 277 to 103. Date of sale not yet determined. 4% — — — — Shortly. — We are informed that the $17,000 school-house East Side (P. O. Olmstead), Minn. No Bids Loan from bonds, voted on Feb. 10, as stated on page 408 of last No bids were received on Feb. 5 for $1,500 road and week's issue, will be offered for sale in about thirty davs. bridge bonds offered by this town. We are advised that the Securities will carry 4% interest. bonds were subsequently accepted by the State of Minnesota. Guilford County (P. O. Greensboro) N. C.—Bond OfferDenomination $1.50. Interest annuallv in Julv. Maturitv ing. Proposals will be received until 2:30 p. m. March 5 150 yearly beginning in 1911. by the Highway Commission, J. L. King. Chairman, for Edgerton (Ohio) School District.— fiond Sale.— On Feb. $60,000 5% coupon highway improvement bonds. Denomi16 the S22,()()0 4% ll>|-year (average) coupon school- nations: fifty bonds of $1,000 each, nineteen bonds of $500 building bonds described in V. 82, p. 293, were awarded each and five bonds of $100 each. Date June 1 1903. to Spitzer & Co. of Toledo at 101.825. Following arc the Interest semi-annually on Jan. 1 and July 1 at the office bids: of the County Treasurer. Maturity June 1 1933. Coupons Spitzer pi * Co., Toledo $22,401 50 Hochler & Cummlntrs, Toledo. $22. 205 00 for interest up to and including Jan. 1 1906 will be detached Albert Klevbollo Co.. CIn.. 22,380 50 W. R. Todd & Co., Cincinnati. 22.IS5 00 from bonds; accrued interest from Jan. 1 required of purSea--iom;iin<l Miyor, Cincln.. 22.260 92 Hayden, Miller .t Co.. Clcve.. 22.1.50 Fanihnni A ... IMeerton 22,259 00 W. J. Iliive.-i A- Sons, Clcve... 22.007 00 cliaser. Each bid must be made on a blank form furnished Weil, Uoih A !., Cincinnati. 22,235 00 Edgerton State lik.. Kdircrtim 2 J ,000 00 \ew I'lrst N.it. bk., Columbua 22,231 00 by the [county and must be accompanied by a certified check Slate. — — 'J ill «S: << 7.'. > I — — — THE CHRONICLE. 470 for, drawn on a national bank and to J. W. Fry, County Treasurer. Bonds will be certified to as to genuineness by the United States Mortgage & Trust Co. of New York City and their legality will for 2' ; of the bonds bid made payable be approved by J. H. Caldwell, Esq., New York City, and John N. Wilson, Esq., of Greensboro, and their opinions The above to that effect will be delivered to purchaser. bonds are part of an issue of $300,000 authorized at election May 12 1903, of which $125,000 have already been sold. Honds outstanding at present, $125,000. Assessed valuation, $14,708,539. District. — Bonds Hanover — (Pa.) School to Be Issued. It stated that the School Board on Feb. 7 decided to issue $14,000 school-building bonds. I . is Mich. — Bonds — Hastings, Barry County, Voted. Tliis city on Feb. 15 voted in favor of issuing $35,000 improvement bonds. The vote was 591 for to 80 against the proposition. Hastings, Minn. Bond Election. The City Council has decided to submit to a vote of the people the question of i.ssuing $50,000 water-works and lighting-plant bonds. Hattiesburg, Miss. Bond Offering. Further details are at hand relative to the offering on March 6 of the $200,000 4J/^% coupon public-improvement bonds mentioned on page 408 of last week's i.ssue. Proposals will be received until 7:30 p. m. on that day by John Williams, City Treasurer. Bonds will be issued for the following purposes: $150,000 for street-paving, $35,000 for water- works and $15,000 for sewerage. Authority Sections 3014 to 3017 inclusive of — — — — Chapter 93, Code of 1892, as amended by Chapter 157, Laws Denomination $500. Date March 6 1906. Inof 1904. terest semi-annually at place optional with purchaser. Maturity $500 yer^ly for nineteen years and the balance of $190,500 in twenty years. Certified check for 2}^% of the amount bid is required. Bonded debt at present $103,500. Total assessed valuation 1905 $4,475,732 50. Official advertisehient states that there is no controversy or litigation threatened or pending affecting the validity of these bonds. — — Temporary Loan. This city has negoHaverhill, Mass. tiated a loan of $50,000 with Loring, Tolman & Tupper of Boston at 4.28% discount. Loan is dated Feb. 17 and will mature Sept. 27 1906. Helena, Mont.—Bond Sale.— On Feb. 19 the $266,800 43/2% refunding bonds mentioned in V. 82, p. 232, were awarded to the Union Bank & Trust Co. of Helena for $775 prc'inium. — — Henderson, York County, Neb. Bonds Voted. This village on Feb. 13 authorized the issuance of $5,000 6% 5-20-year (optional) water-works bonds. The vote was 53 for to 19 against. Date of sale not yet determined. Hereim (Town), Rosseau County, Minn. Bond Sale. On Feb. 14 the $5,000 road bonds offered but not sold on June 17 1905 (see V. 80, p. 2358) were awarded to Thorpe Bros, at par for 6 per cents. Denomination $1,000. Date Jvme 1 1905. Interest annual. Maturity June 1 1920. Holton, Kan. Bond Election. An election will be held in this city to vote on the question of issuing $80,000 water, sewer and light bonds. Homestead, Pa., School District. Bonds Defeated. -The proposition to issue $150,000 high-school-building bonds failed to carry at the election h(>l(l on Feb. 20. Howard City, Montcalm County, ISLich.—Bond Election. This city will vote at the spring election on the question of issuing $25,000 bonus-fund bonds. Howard County (P. O. Ellicott City), Md. Bonds Not The issuance of $25,000 public road bonds Yet Authorized. We are informed that this matter will is being considered. not be decided definitely until after May 1. Jackson, Mo. Bonds Registered and Sold. -The State Comptroller on Dec. 28 registered an is.sue of $27,000 5% water-works bonds. These bonds were awarded some months ago to John Nuveen & Co. of Chicago for $28,160. Denomination of bonds $1,000. Date Aug. 1 1905. Interest Maturity Aug. 1 1925, subject to call after semi-annual. Aug. 1 1910. Jefferson, Ohio. Bond Issue Withdrawn from Market. We are informed that the $3,000 5% Chestnut Street improvement bonds offered but not sold on Oct. 16 1905 (see V. 81, p. 1002) have been withdraAvn from the market. — — — — — — — — — — , — — — — Bond Bids. Jefferson County (P. O. Dandridge), Tenn. Following are the bids received on Feb. 15 for the $220,000 5% road-improvement bonds awarded, as stated on page 408 of last week's issue, to Hugh T. Inman, of Atlanta: Union Sav.Rk.& Tr .Co., Cln. $228,810 50 SrasonKood Ik .Mayer. Clncln. 228,310 00 MacUoiiakl, McCoy <t Co. .Chi 227.820 00 Weil, Hoth & Co., Cincinnati 227,777 00 .Ino. Nuvoen & Co., Clilcaso. 227,575 00 00 New First Nat. Bk., Colunib's 227,500 00 Browne-Ellinwood Co., Chic. 229,237 00 F. L. Fuller & Co., Cleveland 227,500 00 Trowbridge &Nlver Co., Chic 228,997 50 Lamprccht Bros. & Co. .Cleve 227,480 00 $233,350 HuRhT. Inman, Atlanta Provld.Sav.lJk. & Tr.Co.,Cln 233,200 N. W. Harris & Co.. ChicaKO- 233.000 W. J. Hayos & Sons, Cleve.. 232,700 Robln.son-Ihimphrey Co. and Atlanta & Cln. Tr. Co., Cln.231,550 00 00 00 00 Bids for part of tlie bonds were also received from S. A. of Chicago and from W, H. Gass of Knoxville. Kean , — Johnsonburg, Pa. Bonds Voted. This borough on Feb. 20 by a vote of 207 to 152 authorized the issuance of $15,000 sewer bonds. Keith and Lincoln Coimties Irrigation District (P. O. Proposals will be reSutherland), Neb. Bond Offering. ceived until 5 p. m. April 2 by James Shoup, Secretary, for — — [Vol. Lxxxn. 6% bonds. Denomination $100. Interest March beginning Sept. 1 1900. Maturity on March 1 as follows: $3,300 in 1911, $3,900 in 1912, $4,600 in 1913, $5,200 in 1914, $5,900 in 1915, $0,500 in 1910, $7,200 in 1917, $8,500 in 191S, $9,800 in 1919, $10,100 in 1920. Laramie, Wyo. Dale of Bond Election. March 20 has been fixed upon as the date upon which the propo.sition to issue the $80,000 water bonds mentioned in V. 82, p. 409, will be submitted to the people for approval. Lawrence, Mass. Temporary Loan. A loan of $100,000 was recently obtained from Bond & Goodwin of Boston at 4.34% discount. Loan is dated Feb. 17 and will mature $05,000 1 and Sept. 1 — — — — Oct. 17 1900. — — Leetonia, Columbiana Coimty, Ohio. Bonds Defeated. This village on Feb. 20 by a vote of 143 for to 178 against defeat(,'d the jjroposititjn to issue $45,000 sewer bonds. Lititz, Pa. Bonds Voted. It is stated that this borough on Feb. 20 authorized the issuance of $40,000 water-works bonds by a vote of 226 to 61 Lockport, N. Y. .Vo Action Yet Taken. We are advi.sed that no definite action has 5'et been taken in the matter of issuing tlic water-works bonds mentioned in V. 81, p. 1867. Long Beach, CaL Bond Offering. Proposals will be received until 12 m. March 5 by G. W. Hargis, City Clerk, for $16,000 5% coupon pier-repair bonds. Authority Chapter 32, Laws of 1901. Denomination $.500. Date Feb. 1 1906. Interest .semi-annually at the office of the City Treasurer. Maturity two bonds yearly, beginning Feb. 1 1907, bonds being subject to call at any time. Certified check for $500, drawn on some bank in the State and payable to the City Treasurer, required. Bonds are tax exempt. Bonded debt, including this issue, $216,000. Assessed valuation for 1905, $4,600,000. Los Angeles, Oal. Bond Election Proposed. The FireCommissioners recommend that the City Council call a special election to vote on the question of issuing $250,000 bonds for the purpose of erecting engine houses. Los Angeles City High School District, Los Angeles County, Cai.— Bond Sale.— On Feb. 19 the $260,000 1-20-year (serial) bonds described on page 409 of last week's issue were awarded to Adam.s- Phillips Co. of Los Angeles for $261,720. Los Angeles City School District, Los Angeles County, Cal. Bond Sale. This district on Feb. 19 awarded the $520,000 4% 1-40-year (serial) bonds described on page 409 of last week's issue to the Security Savings Bank of Los Angeles for $527,560. Louisville, Ky. Bonds Proposed. A bill providing for an election to vote on tbe issuance of sewer-system bonds has been introduced in the State Senate. — — — — — — — — 4% — — — — — — Luverne, Rock County, Minn. Bond Sale. On Feb. 10 coupon bridge bonds mentioned in V. 82, p. the $1,000 233, were awarded to the First National Bank of Luverne at 100.50 and accrued interest. Securities are dated Feb. 20 1906. Madison, Wis. Bonds Proposed. According to local reports the Board of Education on Feb. 6 passed a resolution petitioning the Common Council to issue $30,000 schoolbuilding bonds. 6% — — — Manassas, Va. Bond Election. An election will be held March 24 to vote on the question of issviing $50,000 water, light and street-improvement bonds. Mansfield (Ohio) School District. Bond Offering. Proposals will be received until 12 m. March 8 by W. C. Mowry, Clerk of the Board of Education, for the' $18,000 43^% school-building bonds mentioned in V. 81, p. 1572. Authority Sections 3991 and 3992 of the Revised Statutes. Denomination $1,000. Date March 15 1906. Interest semiannual. Maturity one bond every six months from March Bids must be made on 15 1916 to Sept. 15 1924 inclusive. blank forms furnished by the Board of Education and must be accompanied by a certified check on a local bank for 10% of the bonds bid for, payable to the Clerk of the Board of Education. All conditional bids will be rejected and bidders must satisfy themselves as to the legality of the bonds before — bidding. — — — Marion, Ohio. Bond Sale. On Feb. 21 the Sinking Fund Trustees awarded $4,500 414% Mt- Vernon Avenue paving, $1,250 41^% fire-station, $2,500 4^^% Silver Street paving and $1,000 4% Silver Street outlet bonds to W. R. Todd & Co. of Cincinnati for a premium of $367 for the entire lot. These bonds formed part of the securities held in the sinking fund as an investment. Bond Offering. Proposals will be received until 3 p. m. March 17 by S. T. Quigley, City Auditor, for the following bonds: — $30,000 9,500 4% 4% park bonds. Maturity SI, 500 each six months from March 1 1916 to Sept. 1 1925 inclusive. Certified check for $1,000 required. March 1 1926 to nM; ark bonds. Maturity $1,500 each six months from Certified check for epf. 1 1928 Inclusive and SjOO on .March 1 1929. $500 required. Authority Sections 2835. 2836 and 2837 of the Revised Denomination $500. Date Feb. 1 1906. Interest March 1 and Sept. 1 at the Cit}'- Treasury. Marmora, Ont.— Debenture Sale.— On Feb. 12 the $5,500 sidewalk debentures described in V. 82, p. 233, were awarded to Geo. A. Stimson & Co., of Toronto, for $5,516. ',. '. '. Following are the bids: _, .. .j__ Statutes. 4H% THE CHRONICLE. Feb. 24 1906 Geo. A.Stlmson Co., Toronto$5,516 OOlWm. C. Brent, Toronto 5,455 00| Canadian Sec. Co., Ltd Toronto & H.O'Hara& Co., $5,454 fiO 5,437 00 Bonds mature part yearly for twenty years. Milledgeville, Ga,.— Bond Sale.— On Feb. 6 the .$20,000 5% 1-20-year (serial) gold coupon sewer bonds described in V. 82, p. 176, were awarded to Seasongood & Mayer of Cincinnati at 104.668, accrued interest and blank bonds. Milwaukee, Wis. Bonds Not Sold. No bids were received on Feb. 21 for the $150,000 S}4% 1-20-year (serial) coupon viaduct bonds dated Jan. 1 1906 and described in V. 82, p. 409. Monroe County (P.O. Woodsfield) Ohio. Bo7id Offering. Proposals will be received until 12 m. March 19 by the County Commissioners for the $135,000 33^% court-house bonds mentioned in V. 82, p. 176. Denomination $1,000. Date April 1 1906. Interest semi-annually at the County Treasury. Maturity $7,000 every six months from April 1 1907 to Oct. 1 1915 inclusive; $5,000 April 1 1916 and $4,000 Oct. 1 1916 Certified check for 5% of amount bid, payable to the County Treasurer, required. Purchaser or purchasers to prepare all papers for record and engrave and lithograph Bonds will be delivered the bonds at their own expense. April 20. Monroe Union School District No. 1, Wis. Bonds to Be Offered in Part. We are informed that the School Board has decided to dispose of $20,000 of the $40,000 4% school bonds mentioned in V. 81. p. 1134. These bonds will probably be taken by local people. The remaining $20,000 bonds will not be put on the market until the money is needed. Securities are dated Feb. 1 1906. — — — , — — — — — Monrovia (Cal.) School District. Bond Election. The School Trustees have called an election Feb. 26 to vote on If the question of issuing $28,000 school-building bonds. voted favorably these bonds will bear 5% interest and be in the denomination of $1,000. — — Montgomery, Mo. Bonds Voted. A recent election resulted in favor of a proposition to issue $5,500 water-works bonds. Morris (Minn.) School District. Price Paid for Bonds. We are advised that the price paid by the State School Fund for the $6,000 4% refunding bonds mentioned on page 409 of Date Denomination $1,000. last week's issue was par. Feb. 7 1906. Maturit}^ one bond yearly. Mount Vernon, N. Y. Bonds Proposed. A bill was recently introduced in the State Legislature providing for the issuance of $30,000 bridge bonds. Muskegon Heights, Mich. Bonds Voted. ^The election Feb. 19 resulted in a vote of 158 for to 74 against in favor of the proposition to issue $40,000 water-works bonds at not exceeding 5% interest. Nashville, Tenn. Bond Election Probable. Local papers state that a special election will probably be held on May 3 to vote on the question of issuing $150,000 street-extension bonds. Nevada (Mo.) School District. Bonds Voted Bond Offering. Tliis district on Feb. 16 carried a proposition to issue $50,000 school-building bonds by a vote of 1,229 to 95. We are informed that proposals for these bonds will be received until 7:30 p. m. March 10 by the Board of Education. New Rochelle, N. Y. Bond Offering. Proposals will be received until 8 p. m. March 6 by Charles Kammermeyer, City Clerk, for $65,000 4% registered school bonds. Denomination $1,000. Date March 15 1906. Interest semiannually on May 1 and Nov. 1 at the office of the City Maturity $5,000 on May 1 1910 and $4,000 Treasurer. yearly on May 1 from 1911 to 1925 inclusive. Bonds will be certified to as to their genuineness by the United States Mortgage & Trust Co. of New York City. Accrued interest to be paid by purchaser. Bids to be made on printed forms furnished by the City Clerk. Certified check for $2,000 on some bank or trust company in New York State, payable to the City Treasurer of the City of New Rochelle, required. The official notice of this bond offering will be found among the advertisements elsewhere in this department. Bond Sale. This city on Feb. 13 awarded Niles, Ohio. an issue of $4,000 4}/2% electric-light-improvement bonds to Breed & Harrison of Cincinnati at 102.90. Denomination $1,000. Date Dec. 1 1905. Interest semi-annual. Maturity one bond on Dec. 1 in each of the years 1908, 1909, 1911 and — — — — — — — — — — — — — — — 1912. Norfolk, Va. Bonds Authorized. According to local reports the Select Council on Feb. 13 authorized the issuance of $149,000 funding bonds. North Toronto, Ont. Debenture Sale. The following debentures were awarded on Feb. 1 to H. O'Hara & Co. of — — — — Toronto: $2,004 00 i'A% 1.818 84 4H% 5,877 10 4Vs% .sldr-walk dt-bonturcs sold for .S2.0B7 .and interest. yearly on Sept. I'J from l!)Or, to 10!.") Inclusive. water debentures .sold for -Si, 821 i)4 and interest. yearly on Nov. 7 from 190ii to 11115 Inclusive. water debentures sold for $5,990 50 and Interest. yearly on Sept. 19 from 1900 to 1915 inclusive. Norwood, Pa.—Bo7id Maturity part Maturity part Maturity part Not Held.— The proposed election Feb. 20 to vote on the ((uestion of issuing $35,000 street and .sewer bonds was not held, as the Burgess vetoed the ordinance, submitting the proposition to a vote. Local Election 471 reports state that the matter will probably come up again in the Borough Council in March. Onondaga County (P. O. Syracuse), N. Y. Bonds to Be Re-Offered.— We are advised that the $400,000 3J^% courthouse bonds offered without success on Feb. 14 (see page 410 of last week's i.s.sue) will probably be re-oflfered as four per cents. — — — County, Ore. Bond Election. On on the que.stion of issuing $26,000 10-20-year (optional) sewer and drainage-system bonds r.t not exceeding 5% interest. Further details are at Osceola, Ark. Bond Offering. hand relative to the offering on March 3 of the $34,000 5% coupon water-works bonds mentioned on page 410 of last week's issue. Proposals will be received until 10 a. m. on that day by L. A. Main, Secretary of Board of Improvement. Denomination $500. Date March 3 1906. Interest annually Bonds are tax-exempt. in Osceola. Maturity 20 years. Certified check for $500, payable to the Board of Improvement, required. Bonded debt, this issue. Assessed valuation 1905 $175,000. The official notice of this bond offering will be found among Ontario, March Malheur 3 this city will vote — — the advertisements elsewhere in this department. Paris (111.) — Union School District.—Bond Election. A spebe held on Feb. 26 to vote on the question of cial election will issuing $30,000 high-school-building bonds. It is said that similar propositions have been twice submitted to a vote of the people and defeated. — — Pasadena City School District, Cal. Bond Offering. Proposals will be received until 2p.m. March 12 by the Board of Supervisors, C. G. Keyes, Clerk, for the $150,000 schoolbuilding bonds, mention of which was made last week. Denomination $5,000. Date March 12 1906. Interest annually at the office of the County Treasurer. Maturity $5,000 yearly from March 12 1910 to March 12 1939 inclusive. Certified check for of the bonds bid for, payable to the Chairman of the Board of Supervisors recjuired. 4% 3% — Passaic County (P. O. Paterson), N. J. Bonds Authorized Bond Offering. The Finance Committee of the Board of Freeholders has decided to is.sue $130,000 bridge-repair bonds. Proposals for these bonds, it is stated, will be received until March 6. Thev are dated April 1 1906 and will mature $65,000 in 19 and $65,000 in 20 years. — — — — Patchogue,'N. Y. Bond Offering. Proposals will be received until 8p.m. Feb. 28 by Joseph T. Losee, Village Clerk, for the $16,000 street-improvement bonds voted on Nov. 14. Interest not to exceed 5%. Denomination $1,000. Date April 1 1906. Interest Jan. 1 and July 1. Maturity one bond yearly beginning Jan. 1 1910. Certified check for 10% of the bonds, payable to the Village Treasurer, required. Bonded debt, including this issue, $48,000. Assessed valuation 1905 .$2,636,600. — — Pensacola, Pla. Bond Offering. Proposals will be received until 12 m. March 28 by the Board of Bond Trustees, L. Hilton Green, Chairman, for $300,000 4J^% improvement bonds of this city. Securities are part of an issue of $750 ,000 bonds voted at the election held Aug. 22 1905. The legality of the bonds will be approved by Messrs. Dillon & Hubbard of New York The City. official notice of this bond offering will be found among department the advertisements elsewhere in this — — Philippine Islands. Bonds Bids. The following bids were received Feb. 15 for the $1,000,000 4% 10-30-year (optional) gold registered public-works bonds awarded, as stated on page 410 of last week's issue, to the Higgs National Bank of Washington at 108.3747: Rigcs National Bank, Washing'n Mercantile Trust Co., St. Louis. All or any part.. 107.8127 For all 106.85 All or none ...108.37471 For any part.. 100.53 Guar. Trust Co., N. Y., and Kountze Bros., New York.. 105.071 X. W. Harris & Co., New York. IGeo. Nichols, Rome (for $5,000 I I Allornone .106.884 — 1 bonds) 10J.125 — Pomona, Cal. Bonds Proposed. The Board of Trade recommends the issuance of $25,000 city-hall, $15,000 firedepartment, $25,000 school-building and $5,000?kindergart('ii-l)uilding bonds. Poplar Bluff, Mo. Bond Offering. Proposals will be received until 8 p. m. March 5 by Wm. A. Spence, City Clerk, for $20,000 4% coupon refunding water-works bonds. Autlioritv Section 5820, Article 4, Chapter 91, Revised Statutes of 1899. Denomination $500. Date April 2 1906. Interest semi-annual!}' at the Bank of Poplar Bluff. Maturitv April — — 1916, subject to call after April 2 1911. Certified clieck for $100, payable to the City Treasurer, required. Bonded debt, including this i.ssue, $34,000. Asses.sed valuation 1905 $1,343,003. — — Porterville, Tulare County, Cal. Bonds Defeated. The propo.sition to issue $50,000 20-year water-works bonds mentioned in V. 82, p. 234, was defeated on Feb. 12 bj- a vote of 98 for to 93 against two-thirds vote being nece-ssary to authorize. 5% — Portland, Ore. —Bond Offering. — City Auditor Devlin receive bids until 2 p. improvement bonds. m. Feb. 26 for $40,884 98 6% will street- . THE CHRONICLE. 472 — — Bonds Sold in Part Offering Conarc advi.si'd that on Fob. 21 a portion of the; $89,000 33^% 20-year rogisUired refunding bonds mentioned on page 411 of last week's issue was disposed of at par and interest. We are also informed that the City Chambcsrlain will continue to receive bids for another week. Poughkeepaie, N. Y, tinued. — Wo — Temporary Quincy, Mass. — Loan. It is stated that this from Bond & Goodwin of Boston about 4.25% discount. Redondo, Oal. Bonds Voted. The' election Feb. 12 resulted in favor of the propositions to issue the $80,000 septicoutfall-sewer bonds and the $20,000 city-hall bonds mentioned in V. 82, p. 350. The vote on the first-mentioned issue was 119 to 37 and on the second 192 to 40. city recently borrowed $50,000 for one year at — — — — Reno County, Kan. Bond Election Proposed. Petitions are being circulated asking the County Commissioners to call an election to vote on the question of issuing $150,000 4J^% 20-year bonds in aid of the Gulf Hutchinson & Northwestern Railway — — Rhinelander, Wis. Bonds Authorized. The Common Council on Feb. 6 passed an ordinance providing for the issuance of $12,000 5% coupon street-improvement bonds. Denomination $1,000. Date March 1 1906. Interest semiannually at the Corn Exchange National Bank in Chicago. Maturity $3,000 yearly on March 1 from 1907 to 1910 inclusive. — Bonds Authorized. The Common Council on Feb. 6 passed an ordinance providing for the issuance of $25,000 5% coupon school-building bonds. Denomination $1,000. Date April 1 1906. Interest semi-annually at the Corn Exchange National Bank in Chicago. Maturity $5,000 yearly from April 1 1910 to April 1 1914 inclusive. — Rhode — November. — Rockingham Township, RockinghatnT County, N. C. Bond Sale. This township on Feb. 5 awarded the $15,000 — 30-year coupon road bonds described in V.|82, p. 118, NEW NEW LOANS. — Commissioners' Corporate Bonds. City of — — — — « 1,000,000 Sealed proposals will be received until four o'clock THE TWENTY-FIRST &. m., on WEDNESDAY. AY OF MARCH, A. D. 1906, at the office of the West Chicago Park Commissioners, Union Park, Chicago, Illinois, for the purchase of corporate bonds of the West Chicago Park Commissioners, amounting to the sum of One Million Dollars ($1,000,000) for Small Park purposes and One Million Dollars ($1,000,000) for Improvement and Maintenance purposes, with the accrued Interest thereon to date of safe. Both issues are twenty-year serial bonds tn denominations of One Thousand Dollars ($1,000) each, with interest at the rate of four (4) per cent per annum payable semi-annually, on the first days of April and October of each year, and the principal of each issue payable at the rate of Fifty Thousand Dollars ($50,000) annually, beginning with the first day of April 1907; both principal and interest are payable at the office of the Treasurer of the West Chicago Park Commissioners, Chicago, Illinois. Said One Million Dollars of bonds for Small Park purposes are Issued by the West Chicago Park Commissioners in pursuance of and subject to the provisions of an Act of the General Assembly of the State of Illinois, entitled, "An Act to enable Park Commissioners to issue bonds to raise funds for the acquisition and Improvement of small parks and pleasuregrounds, and to provide a tax for the payment of the 18 1905; and said One Million Improvement and Maintenance purposes are Issued by the West Chicago Park Commissioners In pursuance of and subject to the provisions of an Act of the General Assembly of the State of Illinois, entitled, "An Act to enable Park Commissioners to issue bonds for the completion, improvement and maintenance of public parks and boulevards under their control, and to provide a tax for the payment of the same," approved May 11, 1905. The entire Issue of bonds authorized by said Act relating to Small Parks Is One Million Dollars ($1 .000,000), and the bonds hereby offered for sale constitute all of said Issue; and the entire issue of bonds authorized by said Act relating to Imnrovement and Maintenance bonds is Two Million Dollars ($2,000,000), and the bonds hereby offered for sale constitute a portion of .Said Issues of bonds, Including the existsaid Lssue. ing Indebtedness of the West Chicago Paark Commlso sloners and the West Park District, do not exceed the constitutional limit of indebtedness of said Park District. Further particulars will be furnished upon application to the Secretary of the West Chicago Park ComUnion Park, Chicago, Illinois. Promissioners at posals must be addressed to "West Chicago Park Combe missioners, Union Park, Chicago, Illinois." and and "ProImprovement and Maintenance Bonds," and must be accompanied by certified check for two (2) per cent of the amount of the bid, payable to the order of the West Chicago Park Commissioners, separfor made for each issue. Said bonds to for and delivered at the oillcc of the Treasurer No bids of the West Chicaco Pari! Commissioners. of less than par and accrued Interest will be considered, ate bids bcinc be paid and the West Chicago Park Commissioners reserve the any and all bids. right to reject WEST CHICAGO PARK COMMISSIONERS, Chicago. February 20. 1906. ECKHART, 15-40- W.Phelps, Los Angeles $15,257 001 Los Angeles Tr. Co., Los Ang.$15,125 00 Oakland Bk. of SaVgs, Oakl'd 15,205 001 N. W. Harris & Co., CHicago.. 15,117 25 Bonds are dated Feb. 12 1906. Seattle, Wash. Interest annual. —Bond Election. — We are advised that the questions of issuing the $500,000 20-year park bonds mentioned in V. 82, p. 177, and the $600,000 20-year Ughtplant-extension mentioned on page 411 of last week's issue will be voted on at the general election on March 6. NEW LOANS. New Rochelle, N. Y., LOANS. City Clerk. ^34,000 OSGEOCiA, ARKANSAS 5% Presidcnl. STATE OF ALABAMA, Renewal Bonds. CHARLES KAMMERMEYER. 20 -Year Waterworks Bonds Sealed bids will be received by the Board of Improvement at Osceola. Ark., until ten o'clock a. m. 3RD, 1906, for $34,000 00 worth of 5% 20-year waterworks bonds. The Board of Improvement reserves the right to Address. reject any and all bids. _ Classes A and B, aggregating $7,437,600, maturing July 1st, 1906. Character of Bonds: Fifty-year bonds. In denominations of either $500 or $1,000, said bonds to be coupon or registered, at the option of bidder; Interest payable semi-annually, if registered bonds. In Mont- Bonds to be renewed: gomery, Alabama, and if coupon bonds in New York City. Bids for entire Issue, or any part thereof, not less than $1,000. are Invited upon the following terms: 1. Upon bonds bearing 3H per cent per annum; 2. Upon bonds bearing 4 per cent per annum. A certified check, payable to the order of the Governor of Alabama, for five per cent of the amount bid for. must accompany each bid. For the bids that are accepted, other security, approved by the Governor, may be substituted for the certified check. The certified check accompanying rejected bids will be returned, with notice of rejection. The 5 per cent of each accepted bid will, on failure of bidder to comply with terms of his bid, be forfeited to the State. • The entire amount of each accepted bid, or so much may remain unpaid, must be paid in lawful money of the United States, or in Ueu thereof an equal amount sixty of Alabama bonds which are being refunded days before the maturity of the present bonds, into as — such depository as may be designated by the Governor or in lieu of the above designated payment such guaranty as the Governor may approve. No bid offering less than par will be considered. The State reserves the right to retire present bonds to an amount not exceeding $600,000. Bids will be received at the Governor's office at Montgomery until 12 15TH. 1906. o'clock M.. THURSDAY, MARCH and will be opened immediately. Notice of acceptance or rejection will be given each bidder by letter mailed n Montgomery, not later than March 20, 1906. Envelopes containing bids must be addressed to the Governor of Alabama, and have conspicuously written thereon "Bids for Renewal Bonds, State of Alabama." The State reserves the right to reject any and all bids. For further information, apply to the Govemorlot Alabama. • WM. MARCH -j D. JELKS, Governor. BOARD OF IMPR6VEMENT. OSCEOLA. ARK. Perry, Coffin MacDonald, McCoy MUNICIPAL AMD & Co., CORPORATION BONDS. endorsed "Proposal for Small Park Bonds A. be will 5% Santa Monica City School District, Los Angeles County, C&l.— Bond Sale.— On Feb. 12 the $15,000 43^% 1-10-year (serial) school-building bonds voted on Dec. 9 (see V. 81, p. 1809) were awarded to J. W. Phelps of Los Angeles for The bids were as follows: $15,257. MARCH For Improvement and Maintenance Purposes. By B. — San Marcos, Tex. Bond Offering. Proposals received by J. R. Porter, Mayor, for $12,500 year (optional) city bonds. School Bonds. JOSEPHIF.lHAAS.Sfcrcwri/ — Salem, Ohio. Bonds Proposed. The Sinking Fund Trushave requested the City Council to authorize the issuance of $10,000 refunding bonds. tees SealedTproposals'will be received by the undersigned until Tuesday evening, 6. 1906. at 8 o'clock, for the purchase of all or any part of $65,000 Registered 4 per cent School Bonds, series of 1906, of said City, of $1,000 each, dated March 15, 1906, and maturing five (5) bonds on the 1st day of May, 1910, and four (4) bonds annually thereafter, commencing May 1, 1911. Interest payable semi-annually on the 1st days of May and November: principal and interest payable at the office of the City Treasurer. Each proposal must be accompanied by a certified check on an Incorporated bank or trust company in the State of New York for $2,000, payable to the order of the City Treasurer of the City of New Rochelle. Bonds will be engraved under the supervision of and certified as to their genuineness by the United States Mortgaee & Trust Company. No bid of less than par value of the bonds will be considered. Bidders must use the prhited form of proposal furnished by the undersigned. Accrued interest to be paid by the purchaser, and delivery will be made at the office of the City Treasurer in New Rochelle on the 15th day of March, 1906. The right is reserved to reject any or all bids. Dated. New Rochelle, N. Y., February 15, 1906. for — St. Louis, Mo. Bond Ordinance Killed. Local papers state that the City Council on P'eb. 16, by a unanimous vote, laid on the table the bill submitting to a vote of the people propositions to issue $11,000,000 bonds for various purposes. This action was taken because the City Council and the House of Delegates (the two municipal bodies) could not agree as to the manner of submitting the question of issuing bridge bonds to a vote, one branch of the government favoring a separate vote on this proposition and the otljer desiring to submit all the proposed bond issues to popular vote en bloc. For Small Park Purposes. May — St. Johns (Wash.) School District. Bonds Defeated. This district recently voted against a propo.sition to issue bonds for school purposes. jeii,ooo,ooo same," approved Dollars of bonds — Rosalia (Wash.) School District. Xo Action Yet Taken. are advised,,that no action luis yet been taken in the matter of issuing the $12,000 10-20-year (optional) schoolhouse bonds voted on Nov. 11. See V.'^Sl, p. 1573. We #6^,000 West Chicago Park posal to C. A. Webb & Co., of Asheville, for $16,525 accrued interest and blank bonds. J. Island. Bonds Authorized by Legislature. The State Legislature has passed a bill authorizing the issuance of the $600,000 highway bonds voted at the election held last 6% [Vol. lxxjoi. 171 F. La R. Burr, INVESTMENT BONDS. 60 State Street, BOSTON. Salle Street, Chicago. FULTON & CO., Municipal Bonds. 171 & LA SALLE STREET. CHICAGO. MUNICIPAL AND RAILROAD BO«VDS. LIST ON APPLICATION. SEASONGOOD & MAYEE, jaercantlle Library Balldlnct CINCINNATI. Feb. 24 THE CHRONICLE. 1906.1 — — Temporary Loan. The City Treasurer Springfield, Mass. recently borrowed $200,000 from Blake Bros. & Co. of Boston at 4.14% discount. Loan is in anticipation of the collection of taxes and matures Nov. 5 1906. We have Stroud, Lincoln County, Okla. Bond Sale. 20-year electric-light just been informed that the $4,000 30-year water-works bonds offered on and the $18,000 Feb. 1 were disposed of to P. S. Hoffman of Chandler at 101. Denomination $1,000. Date Feb. 1 1906. Interest Feb- Shawnee, Okla. Bond Election. The City Council, it is stated, has ordered an election to vote on the question of issuing $70,000 sewer and $15,000 school-house bonds. On Feb. Shelby, Richland County, Ohio. Bond Sale. 1-10-year (serial) coupon public-library 21 the $2,500 bonds described in V. 82, p. 295, were awarded to the Daj'-ton Savings & Trust Co. of Dayton for $2,538. — 4% — District — South Ca,ro]ina,.—Legislation. The following ures are before the State Legislature: — ruary and August. Sudbury, Ont. Debenture Sale. We have just been advised that the $23,500 43^% school debentures offered on Dec. 20 1905 (see V. 81, p. 1749) were awarded on Dec. 29 to Geo. A. Stimson & Co. of Toronto at 99.004. The bids were — bond meas- as follows: Geo. A. Stimson"& Co., Tor'to $23,266 001 Wood. Gundy & Co., Toronto. 822,800 00 23,241 85 Canadian Securities Co., Ltd.. 22,263 00 H.O'Hara& Co., Toronto 22,909 00 Wra. C. Brent, Toronto Authorlzins town to issue improvement bonds. Fountain Inn Authorizing election on bonds. Lake City Authorizing municipal bonds. Swansea, Lexington Counts'— Authorizing bonds for school purposes. Carlisle —— — An Sullivan County (P. O. Milan), Mo. -Bond Election. election will be held on April 24 to vote on the question of building a new court-house to cost $75,000. Tampa, Fla. Bonds Proposed. The question of issuing bonds for the purchase of the water-plant of the Tampa BILLS PASSED BY HOUSE. — Abbeville Authorizing city to subscribe to capital stock of any .railroad building rom Abbeville to or through Due West. FalrQekl County Authorizing funding bonds. Horry County Authorizing court-house bonds. McColl School District, Marlboro County Authorizing bonds. Pickens County^Authorizing loan to pay debts. Saluda Authorizing town to subscribe to capital stock of the Johnston Saluda Greenwood & Anderson Railroad Co. Summerton School District Authorizing bonds. — • — — — — Water Works Co. was recently discussed by the City Council. We are informed, however, that no definite action has yet been taken by the Council and that none is likely for some — BILLS PASSED BY SENATE. — Newberry County School District No. 52 Authorizing building bonds. Authorizing buildSt. George Special School District No. 5, Dorchester County ng bonds. ^Impsonville School District No. 6. Greenville County Authorizing school bonds. Swift Creek Special School District No. 8. Darlington County Authorizing 17. Saluda County —Authorizing school bonds. — BILLS PASSED BY BOTH HOUSES OF LEGISLATURE. Cowpens School District No 50, Spartanburg County Authorlzingibuildlng bonds. . Fairfax Special School District, Hill School District No. Holly _ _.. „ ._.... ,. Lake City School District No. . . Barnwell County — —Authorizln — " , $5,000 bonds. Authorizing bond election, Berkeley County 18, .. „,..,, , _ Authorizing building 14, Williamsburg giiounty bonds — Lancaster County School District No. 40 Authorizing $12,000 bonds. School District No. 5, Dorchester County Authorizing St. George Special building bonds. Summerton School District No. Clarendon County 12, — —Authorizing — building bonds. Sumter County— Authorizing $39,000 court-house bonds. — South Omaha, Neb. Bonds Voted. ^Bya vote of 1,108 to 501 this city on Feb. 15 authorized the issuance of $250,000 sewer bonds. NEW NEW LOANS. — Temple, Tex. Bonds Proposed. The School Board has requested the City Council to issue $20,000 school-improvement bonds. Bond Sale. We are advised by wire that Tiffin, Ohio. the $67,000 4% coupon refunding bonds offered yesterday (Feb. 23) were awarded to Lamprecht Bros. & Co. of Cleveland for a premium of $743 75. These bonds ai'e described in V. 82, p. 236. No Bonds at Present. Titusville (Pa.) School District. We are advised that the question of issuing the $70,000 highschool-building bonds mentioned in V. 82, p. 119, has been dropped for the present. Proposals will be Troy, N. Y. Revenue Bond Offering. received until 11 a. m. March 3 by Hiram W. Gordinier, City — • Ward's School District No. time. — — building bonds. — INVESTMENTS. LOANS. S300,000 H, PENSAOOLA, FLORIDA, city V — 5% 5% No. 17), Wash. Bo7id On Jan. 19 this district disposed of $1,000 school Sale. bonds to the State of Washington at par for 43^ per cents. Denomination $500. Date Jan. 19 1906. Interest annual. Maturity Jan. 19 1916, subject to call after one year. Skamania County (School 473 of St. Paul, Minn., W. NOBLE & COMPANY, Penobscot Bldq., Land-Title Bldq. Philadelphia. Detroit. 43^% Improvement Bonds. 4% 30-YEAR BONDS. MUNICIPAL Sealed bids will be received by the Board of Bond Trustees of the City of Pensacola, Florida, from Feb28, 1906, at 12 o'clock ruary 26. 1906, imtil noon for the purchase of all or any part of $300,000 4M per cent Improvement Bonds of the City of Pensacola, The legality of the bonds will be approved Florida. by Messrs. Dillon & Hubbard of New York. Further particulars with reference to said bonds and blank forms lor bids can be had on application to the undersigned or to the United States Mortgage & Trust Company. City Comptroller's Office, February 9, 1906. SEALED PROPOSALS will be received at the office of the City Comptroller by the Sinking Fund Committee 28TH, 1906, until 12 o'clock noon on and opened at that time, for the purchase of One Hundred and Fifty Thousand ($150,000 00) Dollars of bonds of the City of St. Paul. Minnesota, the proceeds of which are to be used tor the purpose of aiding In the construction of a Municipal Building, to be occupied by various city departments. These bonds are Issued pursuant to Ordinance No. 2561, passed by the Common Council and approved February 5th, 1906, authorized by Chapter 304 of the Laws of Minnesota for 1903, approved April 20, 1903 Bonds to be In the denomination of five hundred or one thousand dollars each, as the purchaser may desire, with coupons attached, and dated March 1, 1906, and mature February 28th, 1936. They bear Interest at the rate of four (4%) per cent per annum, payable semi-annually. Interest and principal payable at the Financial Agency of the City Delivery of bonds to be of St. Paul in New York City. made at the Comptroller's office, where payment must be made by the successful bidder. A certified check payable to the City Treasurer of the City of St. Paul for two (20) per cent of the par value of the bonds bid for must accompany each bid that will be considered. Bids will be received tor all or any part of the lot. The Committee reserves the right to reject any and all bids. Proposals to be marked "Bids for Municipal Building Bonds," and addressed to PUBLIC SERVICE CORPORATION MARCH New York. L. HILTON GREEN, of Bond Trustees, Pensacola, Florida. Chairman Board St. Paul, AND BONDS. FEBRUARY Rudolph Kleybolte&Co. BMHKERS, . J^400,000 JACKSONVILLE, FLA., 5% Improvement Bonds. Sealed proposals will be received by the undersigned of Bond Trustees of Jacksonville, Florida, until 1906, at three o'clock p. m., tor the purchase of all or any part of $400,000 five per cent Improvement COonds of the city of Jacksonville, Florida. The legality of the bonds will be approved by Messrs. Dillon & Hubbard of New York. Printed circulars containing more definite Information with reference to said bonds and blank forms for bids can be had on application to the Board MARCH 5, Public Service Wire ua your BONDS. Chicago. MACARTNEY & SCHLEY B. MUNICIPAL CORPORATION San Francisco. Albert Kleybolte & Co., Street, CINCINNATI, O. Carefully Selected BONDS. MUNICIPAL BONDS And other High-Grade ITS Waahington Street, CHICAGO, ^ New York Stock Exchange, "®°'"^ ^Philadelphia Stock Exchange. INVESTMENT. 4S Exchange Place, New York. Drexel Building, Philadelphia. Blodget, Merritt POTTER, and COMPANY, MOBIJLE, AL.A. 409 Walnut T 8c BONDS FOR Oflerlng. BOSTON. Denrer. on Oallvand Tim* Deposits. BANKERS & BROKERS ROLLINS & SONS. E. H. TOBK. BANKERS, Mobile City Bonds Uealt iu by ub. Corporation Intarast Paid ERVIN Alabama State Bonds AND BONDS. 87-89 FINE STREET, NEW LOUIS BETZ, of the Board of Bond Trustees. Jacksonville. Florid a, or to Messrs. Dillon & Hubbard of New York. MUNICIPAL STREET RAILWAY City Comptroller. Auditor B. F. DILLON, Chairman of Board of Bond Trustees MUNICIPAL, RAILROAD and . LIST UN APPL.ICATION. Investment IJLLS. Securities. Full deBorlptions, sIiowIdk prlue on application. and Income & Co , BANKERS, Boston. S«NA8HAC 8TRKET. NEW YORK. 16 Conj^ress Street, 8TATE. cirr A Railroad bonds. VICKERS A 29 Wall Street BRUILtilRM IN PHELPS, New York. INVESTMENT SECURITIES. — —— — — . — — THE CHRONICLE. 474 4% Comptroller, for $100,000 rpgistored revonue (temporary) bonds. Authority Section 90, (Chapter 182, Lawa of 1898. Date of bonds March 3 1900. Maturity Oct. 20 1906. Certified check for 1% of the bond.s, payable to the City of Tro\', re(|uired. — Tucson, Ariz. Bonds Defeated. The election Feb. 14 to voteonthc! (lue.^tion of is.suing the $175 ,000 water, $15,000 fire and $10,000 bridge and park bond.s mentioned in V. 82, p. 351 resulted in the defeat of the bonds. Turlock (Cal.) Irrigation District. Bonds Not Yet Sold. We have learned upon inciuiry that the $111,600 improvement bonds offered without success on Dec. 5 1905 (see V. 82. p. 02). have not j'et been disposed of. , — — Ulster County, (P. O. Kingston) N. Y. Bond Sale. On Feb. 20 the .SI 2, 000 1-6 year (.serial) road-improvement and the $14,000 1-7-year (.serial) poor-house 4% coupon bond.s described in V. 82, p. 351, were awarded to the Saugerties Savings Bank of Saugerties at par. — Union, Broome County, N. Y. BondOjjering. Proposals be received until 7:30 p. m. March 6 by A. Ray Humphrej', Village Clerk, for $15,000 registered electric-lightplant bonds at not exceeding 5% interest. Denomination $750. Date July 1 1906. Interest annual. Maturity one bond yearly beginning July 1 1907. Bonded debt, including this issue, $23,400. Assessed valuation 1905 $498,683. will Vandalia (Ohio) School District. Bonds Not to Be Issued. — We are informed that the matter of issuing the $8,000 4% school bonds offered without success last June has been indefinitely postponed. — Vicksburg, Miss. Bids Rejected. The following bids, all of which were rejected, were received on Feb. 15 for the $115,000 5% 5-20-year (optional) coupon funding bonds described in V. 82, p. 236: & Co., Chic-S117,637 001 Miss. Bank Tr. Co., Jacks'n$116, 160 Co.. Cin. .0116.437 50 A. Kleybolte Co., Cincin.- 116.150 Co., Chicago. 110.250 00| J. M. Holmes. Chicago 116,150 JohnNuvpen & W.J. Hayes & 00 00 00 115,575 00 & Sons, CIeve..all6,201 00|S. A. Kean, Chicago And accrued interest — Vigo, County (P. 0. Terre Haute), Ind.— Bond Sale. On Feb. 20 $37,000 gravel-road-assessmeut bonds were awarded INVESTMENTS. R. L. DAY & [Vol. Lxxxii. to E. D. Bu.sh & Co. of Indianapolis at 102.921 and accrued interest. The bids were as follows: E. 1). Hush & Co.. Indlanap.. $38,081 00 WpII. Roth <tCo., Clncin $37,787 60 J. K. Wild & Co., Indiauap... 37,'J(i:i 00 Meyer & Kl»er, Indlanapollii.. 37.540 00 Albert ivleybolte <Sc Co.. (Jin. .037.925 00 .ScasoriKood & .Mayer, Clncin.. 37,512 82 Hudolpli Kleybolte iCo., Cln 37.S5S 40|S. A. Kean. Chicaijo o37,185 00 a These bids were said to be irregular and were therefore not considered. Denomination $925. Date March 1 1906. InU;rest May 15 and Nov. 15 at the Central Trust Co. in New York City. Maturity one bond every six months beginning Nov. 15 1906. Wellsville, N. Y. Bo?id Sale. This village on Feb. 14 awarded $29,963 55 registered street-improvement bonds to N. W. Harris & Co. of New York City for $30,002 45 and accrued interest for 3.85 per cents. Denomination $1,198 54. Date March 1 1906. Interest March 1 and Sept. 1 at the First National Bank in Wellsville. Maturity one bond yearly from March 1 1911 to March 1 1935 inclusive. IBonded debt, in- — cluding this issue, $46,322 53. Assessed valuation Actual value e.stimated at $2,519,752. West New York School District, Hudson County, N. J. Bond Salr.—Ou Feb. 13 the $70,000 5% coupon .schoolbuilding bonds described in V. 82, p. 352, were awarded to the Hudson Trust Co. of Hoboken at 111. West Point Precinct, Cuming County, Neb. Description of Bondti.—'We are advised that the $19,000 West Point Precinct bonds awarded at par and interest on Jan. 28 to the City Savings Bank of Omaha (V. 82. p. 352) carry 6% interDenomination $1,000. Interest January and July. Willmar (Minn.) School District No. 17. Bonds Authorized. We are informed that the School Board has been est. — authorized to issue $12,500 bonds; also that the loan will probabl}'' be obtained from the State. — N. Y. Bond Sale. Proposals were requested 12 m. yesterday (February 23) by John H. Coyne, fire-department bonds. Mayor, for $15,000 Authoritj' Chapter 488, Laws of 1900. as amended by Chapter 33, Laws of 1902 and Chapter 411, Laws of 1903. Securities Maturity $5,000 on April 1 will be dated Feb. 28 1906. The bonds were in each of the years 1924, 1925 and 1926. awarded to W. J. Hayes & Sons of Boston at 104.49. Yonkers, 4% MISCELLANEOUS. CO., Whiting Papers ACCOUNTANTS. LYBRAND, ROSS BROS & MONTGOMERY NEW YORK (PennaTlTaala) Stephen GIrard Biiildlni, PHILADELPHIA. Wall Street Kxctaance BulldiaSt NEW YUUK 8TOOK BXCHANGB8. STATE, MUNICIPAL. AND HIGH GRADE RAILROAD SECURITIES. Adrian H. Muller For Fine Correspondence Basmess Ueee are stcmdard, made in Led^r, Bond, Linen and Fine Writing In Tariety. and for General & Son WHITING PAPER CO. AUCTIONEERS. Regular Weekly Sales New York. Philadelphia. milUi Uolroke, Chicao^o. nia«a. or Office and WM. FRANKLIN HALL, Accountant, Exchano^e Bulldlnc, i>/»«rrnv MASS, tt kaa BOSTON, 53 State Street Books audited. Examinations and lnTe8tlg»> tlonB oondootad with the utmost oare and elUolenoy. THOMASARCHEB B. DEAN, DEAN R. EVERY WEDNESDAY. No. 55 \riI.LIAM STREET A. Lancaster & CERTIFIED PUBLIC ACCOUNTANTS SonSj BAI7KEBS, MO. 10 WAL.L. STREET. Wall Street Ezcbanee 41-43 Wall MUNICIPAL AND PUBLIC SERVICE l8t and MI8CELLAJNE0C8 SECURITIES. SoKtkern S«cnrltle« a Specialty. BOSTON, Street. MUNICIPAL AND PUBUC FBANCUI8E CORPORATION BONDS BouKht and Sold. W. J. HAYES & SONS, OL.KTSl.AND, OHIO. First Nat. Rank & Sons Co BalldiNg, Ckloago. COUNTY AND TOWNSHIP CITY The American Mfg. Co. MANILA SISAL AND JUTE CORDAGE. WASHINGTON LIFE 8UILDINQ, 141 BROADWAY, 65 Wall Street, New BONDS. ^* NEW YORK. ^°^W. F.WEISS, CERTIFIED PUBLIC ACCOUNTANTS 128 Broadway, New York. TKLKl'HONK—«76«>-»769 CORTLlA.MDT. LOOMIS,CONANT&00. ACCOUNTANTS CERTIFIED PUBLIC York. BOSTON, MASS. Eatabllshed XHHi. H. C. Speer KERR, J. C. CERTIFIED PUBLIC ACCOUNTANT TBI,BiPBONE6842 CX)KTLANI)T. 60 State Bldcr.. NEW YORK. - D1AT,»1W IN INTESTMENT BONDS. CHICAGO, Nat. Bank Bldg. St., Telephone 1156 Broad. NEW^ YORK, Trowbridge & Niver Co. & Successor to BONDS Corner Pine Street. Accountants' Certified Public t 8 Nassau Street, MEMBBBS NEW YOEK AND BOSTON STOCKS 1905 $1 ,2.59.876. BANKERS, 85 Congress Street, BOSTON. — until Browne-EUinwood Un. Sav. Bk.&Tr. a —— 30 Broad New York. Street Tel. 4»6» Broad. ALFRED ROSE & CO., CEKTI1<IED PUBLIC ACCOUNTANTS Until partly-flnished bonds were made and carried In stock, no tmi)rovcinent had been made over the old slow and costly method ot lithoKraphlnK borders, specially tor every lot The new way saves a large ot bonds Issued. proportion ot the cost and the time required. It, beside, any part of a bond be set In type and printed, a further saving ot time and money Is eflected. Do not order bonds till you get our estimate. ALBERT B. KING & CO., 206 Broadway, N. Y. (New Tork and 36 Pine Street. Tel. 4Brtl IHlnola.), NhW YORK. John. JAMES PARK & CO., CERTIFIED PUBLIC ACCOUNTANTS 5'i Brond«iiy, New York. !£;t4 LaSaile Street. ChlcaKO.