The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
rJ
INCLUDING
Bank and Quotation Section
and City Section (semi- Annually)
Street Railway Section ^T^^^^^
State
(Monthly)
Railway and Industrial Section (Quarterly)
In the
Entered aocorcUns to Act of Consrress.
VOL.
year 1904, by William B.
Dana CoMPAirr.
SATURDAY, FEBRUARY
78.
in the office of Librarian of Conjrress,
27,
NO.
1904.
Week ending
—
Clearings at
1904
PUBLISHED WEEKLY.
Terms
ot Subscription
—Payable
Washington, D.
1903
Advance
$10 00
6 00
13 00
Sox One Year
For Six Months
Enropean Subscription (inclucUng postage)
Bviropean Subscription Six Months (including postage)
Annual Subscription in London (including postage)
Six Months Subscription in London (including postage)
7 50
£2 148.
£1 lis.
—
Subscription incUtdes following Sections
State and City (semi-annually)
Bank and quotation (monthly)
Kailway AND INDUSTRIAL (quarterly) STREET KAIL WAT (3 times yearly)
I
Boston
Providence
Hartford
New
•
y
• •
/i....
Haven_....'
Sprinafleld
Worcester
Portland
Kail lliver
Lowell
-New Bedford
Uolyoke
Total
New England.
118,765,805
6.833,900
2,400,155
1.831.846
1,327,057
1,163.843
1.248,639
1,268,643
457,027
467,162
420,042
136,183,019
143,727,
7,032, 000
2,578, 952
1,640, 113
1,460, 800
1,701, ,180
2018.
febrtiary 20
llic.
or
IflO-i
Dec.
$
in
(J.
—17-4
-2-8
-6 9
4-11-6
—91
-31-6
-6'9
+24-5
-9-7
472,,535
-l-l
348 .728 -1-24 5
161,827 714 -158
1,340, 757
1,018 579
106,381,002
4,950.000
2,063.135
1,470.109
1.333,147
1,206,311
1.090,262
1,069,070
500 018
528 054
360,273
1901.
$
108,887.238
5,560,500
1,802.744
1,105.021
1,124,229
1,255.455
973.619
656,0-ai
490,780
874.589
i»10,691
28.3,855
120.692,054
122,673,551
139,476,046
19,474.750
11.225,022
7,662.750
5,898,621
4,040,131
2,961,700
2.791.910
2.395,891
1,153,814
116,656.171
17,473,750
10,228,430
7,000,716
5.420,973
2,784.476
2,499,200
2,266,110
1,881,715
1,035,855
1,111,826
816,056
555,400
450,000
398,667
872,024
432,519
266,106
272,875
382.736
326,326
208,531
I
Terms of Advertising— Per Incli
Transient matter per inch space (14 agate lines)
Two Months
Space
Chicago
I'eorla
(8 times)
Three Months
(13 times)
(26time85
Months
Twelve Months (52 times)
Six
I
LONDON AGENTS:
Edwards &
Smith, 1 Drapers' Gardens, E. C, will take sub
•criptions and advertisements, and supply single copies of the paper at la.
«»ch.
Messrs.
AVII.L.1AM B.
DANA COMPANY,
Pine Street, Corner
Post
Box
Office
ot
Publishers,
2,.505.582
Grand Rapids..
Uayton
1,570,239
1,505,540
900,857
Cincinnati
Cleveland
Detroit
Milwaukee
...
Indianapolis
Columbus
Evansville
Akron
Spriugfleld.
Ill
YounKStowii
Pearl Street,
NEW VORK.
9.^S.
167,688,216
21,885,900
11,810.395
8,501,201
8,138,859
6,347,964
4.042.100
3,341,536
Toledo
$4 20
22 00
29 00
50 00
87 00
...
Kalamazoo
Lexington
CantoD
Kockford
,
Springfield, O...
CLEARING HOUSE RETURNS.
Bloomington
Quincy
Decatur
..
,
The following table, made up by telegraph, etc., indicates Mansfield
that the total bank clearings of all the clearing houses of the Jack.sonvlUe
Jacksort
United States for the week ending to-day, Feb. 27, have Ann Arbor
Total Mid. Western
been $1,639,811,457, against $1,875,078,901 last week and
the corresponding week last year.
$1,866,672,530
San BYancisco
.
,
.
Jx)s
Cleari'm?—Iietiirns oy 'J ekfiraph.
Week EiKl'mg Feb. 27.
New York
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
—18-2
-8-2
—11-5
—30-6
-0-4
35,083492
TaQoma
28,259,564
5,523,805
4,132,884
2,524 337
3,155,771
2,776 S15
3,202, 160
»,229 ,056
2,088, ,274
540 ,504
Helena
all cities
Kansas City
21.250,41
Minneapolis
15J32,140
243.098,479
$1,480,730,614
385,951916
—11-3
—18-2
^1,806,672.530
-12-7
week covered by the above will be
We cannot furnish them to-day, clear-
per cent.
Omaha
Paul
Joseph
Denver
Des Moines
Sioux City
St.
St.
Topeka
Davenport
Wichita
rolorado Springs...
Fremont
Cedar Rapids
Total other West'rn
St.
Louis
Orleans
New
Louisville
Houston
Galveston
Week ending FeOTuary
Atlanta
Nashville
Norfolk
Augusta
Kort
Worth
York
Philadelphia
Pittsburgh.
Baltimore
Butralo
Washington.
Albany
Rochester
$
,069.355410 1,383.724,023
103,067,280
34,520.803
2^,230,,^6.>
5,601,900
3,808,785
8,1.50,904
2,458,402
Scraiitun
],001,3-15
Syracuse
Wllmluiiton
1,333,208
1,183,958
728,825
Wilkes Barre....
Whee.ing
BInehamton
•Qreensbure
Chester
Brie
Reading
Frankliu, Pa.,..
Total Middle.
110,441,530
45.939,188
20,444,071
6,765,944
3,776.398
3,092,275
2,071,001
1,087,007
1,345,279
1,070,733
924,506
780,851
419,800
420,90?
338,002
412,606
%
-19-8
-0-1
-24-8
+8-7
-17-2
—4-4
-14-7
+18-7
l,251.7^45,97b 1.534,301,471
1901.
1.118,.558.874 1,230.700.704
8l,l'l7,8li9
80.5.!0,542
31.845,921
22,0:!6,852
5,930,073
2,740.073
2.210,704
1,812,298
1,320,273
l,017.7fW
842,005
789,002
591,077
348,800
283,504
202,649
-0-9
-f-10-0
—21-2
-18-4
Macon
Chattanooga
Beaumont
Jacksonville
Charleston
-51
574,189
-205
444,100
•+5-8
439,542
-I-4-4
431,254
+27-5
415,451
-f-0-7
864,091 Not include dlu to
238,100 Not include d In to
Knoxville
20.
1902.
Dec.
428 380
386.997
427,416
311.146
247,089
331,289
329,154
191,098
192,780
139,595
+45-9
+3-4
-0-6
+40-7
+9-1
-1-9
+3-8
+10-0
+3-1
+1-6
+8-8
— 14-8
+10-0
+15
61.415
110,000
131.051
100,000
57.716
204, 142.339
173,234,229
20,014.033
3,661,649
2,559.329
2,743.114
2,376,346
16.606,687
214,1'22
589.440
805,784
486.105
397,676
233.365
34,902,411
18,991,8M8
5,010,189
2.377,908
2,303.957
1,738.106
l,00f>,821
8.52,013
774,367
Columbus, Ga
Total Southern
Total
2^79,594
1,972,459
1,972,686
1,727,061
717,621
881,605
549,019
New York.
Montreal
Toronto
Winnipeg
tal,
tal.
Victoria
270,339
1,382,173.800
-4-12
54,564,151
22,013,305
11,012,779
6,390.933
47,251,581
+15-5
+37-4
+7-0
-13-5
—24-0
+15-8
U-l
+61-3
2,944,200
5,346,060
2,901.183
2,985,990
1,492,620
1,317.180
2,471,610
1.200,990
1,005,004
1,092,625
831,000
609,276
470,000
782,001
1,231,301
2<i5,094
13,207.886
7,520 070
5.285,575
3,601.303
3,593,959
3,818,030
1,306.127
1.074.085
1,287,055
640,719
499,382
1,265,760
5,8'27,249
4.408.713
3,020,356
3,270,979
1,500,100
1,421,439
1,402,129
747.40:'
581.935
950,000
108,612
146,2753
tal.
9
49,392516
43,312,8-^3
44,250.04'
11,858,68'
35,157,521
10,358,281
8,015,113
8,999,544
2,818,000
8,031,893
3,885,425
2,637.779
1,972,373
1,299,845
1,300,987
1,186,017
6,910,170
4,898,026
3,473,000
3,380,880
2.408,218
2,057,389
2,198,910
1,345,384
—
-2
1
+23-3
-90
1,6.39.201
2.519,0()8
1,410,712
1.127.308
1,3-21,893
—46
+75-2
+0-5
1.022.701
1,012,926
1,225.049
932,'299
953,804
1,051,007
804 000
599,740
480,91
+11+3-9
+3-4
839,530
630,733
717,000
+166
.521,586
800,000
694,721
446,224
707,000
527,149
412,7.57
+895
446,252
339.170
271,267
91.470,822
80,783,438
1,317,362
-2-8
—0-5
Not include d in
Not Include din
to tal.
to lal.
115,557,609
+12-1
—130
806,323,491
820,405,940
—1-7
15,484,440
12,251,18^
129,583,223
27,504,906
9,548,828
56.941,300
10.018,9i)l
34,534,459
15 938,468
64,308,653
10,824.920
7,398,420
4,784,500
3.736,099
4,430,318
3,315,492
3,024.623
2,420.475
584 231
162,953
1,777,359,685 1,829.582,307
658,800,811
598,821,518
18,206,881
15,988.504
3,243.244
1.389,973
18,912,586
12,408,708
2,410.140
1.850,042
13.258.380
10.007.319
1.020,004
1,528,257
l,829..34l
l,0C,li,.5-20
1,211,758
1,050.820
1,422.048
757,208
853,231
737.567
Canada—
Halifax
,3.19,704
+2-5
+2-0
,875.678.901 2.154.189,963
all
Outside
197.8i38
Not include
Guthrie
Ottawa
Quebec
Vancouver
Hamilton
St. John
London
512,084
504.700
—41
7,l43,0S5
5,008,862
4.189.957
4,537.630
2,165,839
1,121,294
784,420
741,375
1,019,680
500,000
103,948
349.071
3.637,.500
4,327,23''
Richmond
Savannah
Memphis
lilrmingham
1903.
830,272
541,600
589,462
593.109
-I-3-4
18,187,838
11,539,829
6,730.298
5,441,501
4,740,171
3,600,218
1.774,751
1,395.898
1,317,091
783,803
i)09,095
573 223
179,050
+54-0
-14-2
+1-2
full details for the
1904.
1,239,7-20
—2-9
—1-9
-0-6
—20-9
—1-0
-0-9
+14-0
1,-297,158
48,091,229
11,209,779
Inc. or
4-1-4
4-2-5
4-7-;j
49,666,542
tfl,6a9,bl 1,457
—
—12 9
4-1-9
:S87,7()4
ijl,237,022,]35
Clearinys at
-1-4 -6
-1-20-0
+19-2
371 ,.380
202 ,701
$1,313,840,694
315,904,703
for week.
4-3-0
-f-28-4
1£70,188
2^49.618
Kargo
Sioux Falls
Total Pacific.
Little Rock.
New
28,719, 436
6,009 .465
3,521 351
246,09'^,473
5 days.
all cities,
302.842
323,652
406,386
191,825
151,177
189.762
154,098
88.093
-I-5-5
—3-5
—15-5
-7-2
+111
given next Saturday.
ings being made up by the clearing houses at noon on Saturday, and hence in the above the last day of the week has to
be in all cases estimated, as we go to press Friday night.
We present below our usual detailed iigures for the previous
week, covering the returns for the period ending with Saturday noon, Feb. 20, and the results for the corresponding
week in 1903, 1902 and 1901 are also given. Contrasted with
the week of 1903 the total for the whole country shows a loss
of 13-0 per cent. Outside of JSTew York the decrease from 1903
is 1"7
Spokane
385,25'
236.870,674
17.33<J,318
Ail cities, 1 dav
The
PoBtl^nd
5873,971,271
88,572,584
88,152 402
15,033.373
130,599,231
22.679,050
13,976 700
9,222,333
7,856,871
4,945,289
3,865,700
2,651.515
2.945,119
1,555,610
1,527.664
995,351
629,400
655,08
004,883
629,752
563,830
386,050
244.240,886
!>l,0t;7,748,a21
Seven cities, 5 days.
Other cities, 5 days
Total
P. Cent
1903.
*714,4a5,801
81,341,423
73,625,9^7
11,931,777
130,051.205
38,909,780
Boston
Total
1904
Angeles
Seattle
Salt Lake City..
617,400
612,291
.441,552
623,546
558,878
440,000
398,133
441,702
334,556
403.977
269.914
165,000
180,079
160,000
97,403
158 987,871
Total Canada
.3,975,927
1,7.30,919
1,515,265
914,967
1,188,493
980,785
898,255
770.20'
708,753
708,151
713,941
750,898
713,003
599.574
729,023
464.733
400 856
480.362
40,111,503
45 872,842
41,554.800
29,037,107
—
THE CHRONICLE.
788
[Vol. Lxxviii.
Lackawanna
of the annual report of the Delaware
STREET RAILWAY SECTION.
&
That report was conspicuously
it showed a large inrevised to datc,lJB bc nt to our BubBcrlbere to-day. The creaio
in gross and net earnings and a large surplus
edlt:>r'a^ dlscusBlons In the same embraoe the follow
over dividends.
Yet that stock deolined the same
Inj; topics
day after the issue of the report Hi points. This
THE ZOSSEN SPEED TRIALS.
Illustration shows clearly enough for any one's comTHE THERMIT-WELDING PROCESS.
prehension what a potent factor the attack on the
HIGH-SPEED ELECTRIC SERVICE.
rights of capital, Involved in the Northern Securities
THE "ONE-MAN" CAR.
litigation, is felt to be, and is sure to prove if the deTHE PREVALENCE OF THE INVESTOR.
A
new nnmber of^our Street Eatlavat
Western Railroad.
SectiojTj
excellent however compared;
cision of the lower court
Senate'! ratification of the
Panama Treaty on
Tuesday of the current week, by a vote of 66 to
14,
completes the second epoch In the history of that
great enterprise.
In making up the record of its development, a naturalXdivlalon would allot to the first
period all proceedings prior to and including that
culminating act, '.the paseage of the law authorizing
the bnildinggof anllsthmian Oanal, the selection of
the route, &c. The disposition the Senate has this
week, by its vote, made of the later branch of the
transaction, includes a very interesting chapter of
events.
It began with the submisBlon to the Senate
by President Booeevelt of a Treaty with the new Kepublic of
Par am a, 'the provieiors
of
which were
in all parts confirmed.
There was, however, another influence at work
adverse to|our Stock Exchange market the disturbed
condition of International affairs in Europe growing
out of the war in the Far East and the added fears
which the threats of hostilities by the Porte in the
Balkans produced leading to d eclines of Eussian bond s
and fears with regard to Hussian credit. As a result,
there was a semi panic on the Paris Bourse Saturday
last, which was later communicated to^ Berlin and
London, followed by failures in Berlin, Parle, Amsterdam and Vienna, and, as noted abov^, large sales of
American securities Tuesday and the following day in
New York on European account. This seems to have
been a case chiefl/ of general financial alarm at all
foreign monetary centres due to the unexpected development of Pti8sla*8 extreme unpreparedness in
—
THE FINANCIAL SITUATION.
The
is
in
—
every particular eminently aatisfactoiy, but with a every way for war, her credit being especially vulnerverycon8iderable[oppositlon to ratification in and out- able. We very much doubt whether this explosion
any lengthy or large liqnldation abroad.
Goverrmert had fomented the revolu- Eassia is not going to be annihilated; her credit will
tion in Panama, and the oppoeitlon was almost, if not be protected by her bondholders.
Capital and capiwholly, based on that!, supposition. Before the debate talists are not hysterical; their methods do not inclosed it was conclusively proved in the opinion of clude the "whooping up" ot the war spirit, but
most people that^the idea had no real facts to support always make for paace. We are Incliied to think toit.
Indeed, at the end, had the question before the day peace is nearer because of the extreme weakness
Senate been referred to a public vote the proportion already disclosed in Enssia'd fiaancial status. Such
of the oppositlon'Jn the Senate recorded agalnat the a vast amount of bonds as is claimed to be held
measure would more than cover the proportion of chiefly in France and Garmany will b9 a strong arguvoters against it iu the whole country.
Having ment against a long, wasting fight.
reached the present status, the completion of the
Besides, what more does Japai want than what she
work, so far as human agencies are concerned, de- has already gained P She has not only taken substanpends wholly upon its feasibility. It is of course tial possession of Oorea but, according to information
side the Senate.
At^
first
the idea quite widely pre
will lead to
vailed that the'
conceivable that as the excavation progresses dlfl& received by our State D apartment, has made a treaty
culties may be unfolded which skill, push and capital with its rulers in which she guarantees tha independcannot overcome ; on the^other hand, if, as the limita- ance and integrity of ODrea, and in consideration of
tions are divulged,
that guaranty
has secured substantial concessions,
water cana],[we„^presume tnat will be done. The nation according to which Japan h*8 probably obtained a
is committed to a scheme of unknown proportions* protectorate over Corea with extensive privileges of a
but having taken the step the people are likely to do military character such as the occupation of Corean
everything within the realm of possibilities to reach territory with troops and the building of fortifications.
it
shalFTippearpossiblelto build a tide-
the most advantageous
solution.
That
is
more than Japan asked respecting Corea
before the war began.
Probably
In
a
short time
At 2the beginning of^Stock Exchange business this Manchuria will be so far restored to China's possesweek, Tuesday (Monday being a holldaj), the waiting sion and rule that Eassia can ba brought by its
condition which wasijln good part the attitude during losses, under the pressure of its bondholders, to see
week was turned into a material decline through- that nothing can be gained by protracting a losing
out the entire list. The drop was in no degree due to any adventure. Let the war progress for a brief period
disclosures of Impairment of railroad or other prop- more along the same lines ic hitherto has developed,
erties, or^to any monetary disturbance, or to weakness and it would seem as if
a situation would be reached
among home holders of stocks, but, as far as affairs in In which nothing was left to fight for. It never was
the United|Stateswere^concerned, to stories afloat that a part of Japan's proposal to occupy a foot of Russian
last
the Northern[Securities;declsion was to be at once hand- territory. Japan was in danger of being reduced to
ed down and that It was adverse to the railroad com- an inferior Power by Russian aggression. If the treaty
panies.
The story was in no part true but it led to referred to above proves to ba an accomlished fact, the
free salesjin theJUnited States of American properties peril has been removed and a buffer established.
As a
on E aropean account. So far as local n e ws affecting the contrast also to Eassia's disturbed credit, we have
Wall Street|market was concerned, every development only to record the success of Japan's national loan
was favorable. A noteworthy; case was the publication announced this week. It seems the patriotism of the
Feb.
27, 1904.J
THE CHRONICLE.
people was so great that the 100,000,000 yen ($49,800OCO) offered for sale was subscribed for nearly lour
789
In these securities are $15,400,000 railroad
mortgages,
16,244,128 State and city bonds and $640,000 Philippine 4 per cents, besides United States bonds.
It Is
times.
the postponement of the call for the
anderstood that
surrender of public deposits will not affect those
Congress takes up a good deal of Its time every year
threshing out anew old facts and unsound principles. which have already been surrendered, the bonds
We presume this cannot be wholly prevented. So pledged for their security having been released, and
many men who hang around our legislative balls have some of the Government bonds pledged as security for
their hobbies, and such men are always so self-confi- circulation.
dent acd persistent, that they get heard often as the
The Pennsylvania Bailroad gave out yesterday afterIt might be too
shortest way of being rid of a bore.
noon a preliminary abstract of Its annual report for
personal to specify any such case, but there are allied
the late calendar year. As the report reaches us so
proposals which would seem to have become so timelate in the week, we shall have to defer until next
worn by repetition, while obviously inapt for the parSaturday our usual extended review of the results
ticular service designed, that we fail to see why they
and statistics for the twelve months. We shall
receive each year serious attention. Of this character is
have then, too, the full report, the present abthe annual attempt of the Inter-State Commerce Comstract containing simply the most essential matter
mission to secure the right to malie and put into operIt
seems desiraembodied In that document.
ation any rates for railroad traffic they in their
ble,
however, to make brief allusion here to
judgment might think desirable. This authority
the company's income account for the year. This baa
would enable them, If they saw fit, to fix upon such
been looked for with unusual interest, owing to the
a tariff of charges as would force Into a receivership
company's recent large capital creations. In view of
any railroad in the land, for the proposed law takes
the Increase In the dividend requirement on this new
away from the railroad the right to enjoin the action
capital the Income exhibit cannot be denominated aa
of the Commission until the Court has pronounced the
anything except extremely satisfactory In fact it
tariff urjast; the Commission could. If it chose, make
might without extravagance be called marvelous. If
and enforce rates that would compel a road to run
any one had any expectation that as a result of the
even at a loss. Were there no other objection to the
larger capitalization, the strength of the 1903 income
enactment of such a provision, the fact that it would
exhibit was to be seriously impaired, the figures now
bestow upon any body of men the absolute, unlimited
submitted will serve to dispel all doubt on that point.
power of blackmailing every railroad in the land,
We showed three weeks ago (at the time of the appearwould snfiiclently condemn it. We do not suspect
ance of the return for the month of December) that
the present Commissioners cf weaknesses which would
operated East of Pittsburgh and
Assuming the present on the lines directly
lead them to act unfairly.
Erie the increase in net earnings for the twelve
officials as honest as the best in Washington, the
months had been no more than $241,000, the smallpower sought should never be asked for or granted.
ness of the gain following entirely from the great
augmentation in expenses, gross earnings on this part
It has been expected that immediately following of the system having actually increased almost ten
the ratification of the Panama Treaty the Secretary million dollars $9,963,100. Obviously, an Increase
of the Treasury would call upon the national bank of $241,000 in net would not go very far towards
depositories to surrender 20 per cent of their public meeting interest and dividends on the new stock and
It was announced on Thursday by Secre- bond issues.
deposits.
tary Shaw that the call will be deferred until the
Of course it was possible to meet the larger call for
opinion of the Attorney- General shall be obtained as interest and dividends by reducing the amount approto the effect of legal proceedings now pending in the priated out of net income for extraordinary expendiFrench courts. This suit has *be6n instituted by a tures. These special appropriations have been a
stockholder of the Panama Canal Company, who seeks feature of the company's policy for many years, and
to prevent the sale of the canal to the TJaited States, the amount devoted in this way in 1902 was particuclaiming that the provision In the concession granted larly heavy. Now, however, that we have the exact
by Colombia to the Canal Company prohibits the trans- income account for the year, It is seen that the comfer of the concession to any foreign government with' pany In 1903 was not obliged to have recourse to this
out the consent of Colombia. The Secretary also step. The figures show 9^ million dollars ($9,472,727)
stated that it would be at least ten days before the charged against income for ''Extraordinary ExpendiAttorney- General could give his opinion on the matter, tures for revision of grades and alignment, abolition
and poEsibly it mit^ht be necessary for the Treasury of grade crossings, and other improvements." On Ita
Department to send a representative to Paris to make face this appears to be 3 million dollars smaller than
an Investigation, in which case the call would be still the similar appropriation for 1902, but the total then
further deferred.
seems to have included some items which on the
The ten specially designated depositories in this present occasion are stated separately. At all events,
city which have been selected by the Secretary of the a further amount of $3,240,849 was charged against
Treasury have qualified by the deposit of bonds at the income in 1903 for " Payments account Sinking aad
Sub-Treasury for the reception of the deposits which Trust Funds and principal of Car Trust." The items
will be transferred thereto from other depositories at corresponding with this, aggregated for 1902 only
this centre and elsewhere throughout the country. $536,639.
Altogether the amount taken from income
As appears by a statement from Washington, the for extraordinary expenditures and for sinking funds
securities now in the Sub-Treasury as pledge for pub- and car trusts is $12,713,576, which thus does not
lic funds amount to $32,799,128, an increase of $22,- differ greatly from the sum of the similar appropria*
—
—
389,128 since the beginning of the month.
Included
/
tion for 1902.
thp: chronicle.
790
Stallug the results for CQe iwelto uiouchs uuorefore
in a nutshell, we may say that the company was able
to meet the Incroased call for dlyldenda on the larger
amount of stock (dividend paymcnti for 1903 having
been 114,792,931, against 118,262,491 for 1902) and
12,713,676 out of the year's
income towards debt reduction and extraordinary ex.
penditures— all of which furnishes only another
to contribute In addition
>=
demonstration of the company's strength and earning
power. We see from an addendum to the income
statement that the company realized 117,362,651 premium from its sale of stock during the year, and applied $12,362,551 of the amount to meet the balance
of extraordinary expenditures for 1903 and the re-
maining 15,000,000 toward the purchase of real estate
for the
A
New York
passenger terminal.
P08lie In
the banks lucruased during
The bank statement
among other movements,
$842,700.
reflect,
[Vol. Lxxvin.
of this
week by
week should
the
the transfer hither
from San Francisco, through the Sub-Treasury, of
$944,311, representing in part deposits of $1,026,000
Japanese gold at that centre, which arrived on
Thursday; $900,000 more of yen from Toklo is expected to be deposited at San Francisco by March 7,
and
this will likewise be transferred hither.
tions
of
amounted
6 per cent bonds of
Redemp-
1904 have thus far
to $17,304,800.
Money on call, representing bankers' balances,
loaned on the Stock Exchange during the week at 2
percent andfat 1^ per cent, averaging about 1^ per
cent.
On Tuesday and Wednesday loans were at If
per cent and at 1^ per cent, with the bulk of the busi-
few weeks ago we adverted to the decrease ness at
1| per cent. On Thursday and on Frishown by the trust companies of this State in their day transactions were at 2 per cent and at If
From atatistics just per cent, with the majority at
totals for December 31 1903.
1^ per cent.
published in Jersey City it would appear that the trust Banks have loaned at
If per cent as the minicompanies of New Jersey were more favored in this mum. Time contracts are freely offered, but the derespect.
Of course the New Jersey institutions show mand, except for the longest periods, is light. Rates
Bome falling off from the high totals reached on June on good mixed Stock Exchange collateral are 3 per
30 last, more or less contraction almost invariably oc- cent for sixty and
3i per cent for ninety days, 3f per
curring the latter half of the calendar year, both in New cent for four and
4@4i per cent for five to six months
York and New Jersey; but the New Jersey companits and 4^ percent for the remainder of the year. Comrecord an increase as compared with twelve months ago mercial paper
is quiet, with the demand chiefly local.
while the New York companies have sustained a loss. Eastern
buyers are temporarily out of the market
The deposits of the New Jersey companies are re- because of loans which they have made to fire insurported at $92,372,864 December 31 1903, which con- ance companies
f)n their locality, and Western banks
tra3t8 with $82,593,108 December 31 1902, giving an
appear to have full lines of paper made at home. One
The reason assigned for the moderate supply of. paper Is
increase of $9,779,767, or nearly 12 per cent.
deposits of the New York companies between the same that
New England cotton manufacturers bought large
two dates (compiling the figures on the same amounts of the staple at the decline with money borbasis) declined from $734,342,837 to $715,433,932,
rowed in this market for that purpose upon their
a loss of about nineteen million dollars. The notes.
Qaotations for papar are 4|@5 per cent for
growth of the New Jersey companies the last sixty to ninety day endorsed bills receivable,
4|@6i
The per cent for prime and
few years has been extremely noteworthy.
per cent for good
6J@6
fact was brought out in these columns a year
four to six months single names.
ago, and the further addition during 1903 makes it
still more striking. While deposits now are $92,372,864,
The Bank of England minimum rate of discount
five years ago they were no more than $28,423,471.
Aggregate resources Deo. 31 1903 were $129,461,388, remains unchanged at 4 per cent. The cable reports
discounts of sixty to ninety day bank bills in London
as against $113,392,760 December 31 1902 and against
per cent. The open market rate at Paris is 2| per
but $34,972,960 December 81 1898. During the late 3i
cent and at Berlin and Frankfort it is 3i per cent.
year there was a net addition of only one in the numthe Bank
ber of institutions, but as compared with December 31 According to our special cable from London
1898 there has been an increase from 23 to 66. The of England gained £970,728 bullion during the week
New Jersey institutions also seem to be in a decidedly and held £36,484,022 at the close of the week. Our
gain was
flouriahing condition, surplus and undivided profits correspondent further advises us that the
being in the ratio of 150 per cent to the capital of the due to the import of £439,000, of which £12,000 from
Australia and £427,000 bought in the open market,
companies.
and to receipts of £632,000 nei from the interior of
There was no change in official rates of discount by Great Britain.
any of the European banks this week, and unofihcial
or open market rates were, compared with last week,
The foreign exchange market was strong until
steady at London and Paris and easy at Berlin. The Thursday afternoon, liifinenced by a demand to remit
striking feature of the statement of the New York for securities sold for European account; by an inAssociated Banks last week was the net increase of quiry for the transfer of money, through the cable, in
$7,644,400 in cash reserve to the maximum of the consequence of the unsettled situation caused by the
year and the highest on record. The deposits in- failures at Continental centres, and by purchases of
creased $1,668,100, causing a gain in the required long sterling for Investment and of short on specula*
reserve of $417,026, which sum deducted from the tion, in the expectation of the prompt transfer of the
Increase in cash left $7,137,376 as the gain in surplus Panama Canal payment, the Treaty having been ratireserve, to $27,606,600, the maximum of the year. fied.
The market was insufficiently supplied with
Computed upon the basis of deposits, less those of bankers' bills, those houses which had accumulated
$37,997,600 public funds, the surplus is $37,006,976; credits abroad preferring to leave them undisturbed
loans decreased $6,131,100.
The Government de- with their correspondents instead of drawing against
Feb.
Tnough
them.
THE CHRONICLE.
27, 1904.]
and
grain
moving
these com-
are
provisions
representing exports of
modities were promptly absorbed and they ruled at
firm rates. On Thursday morning the tone was quite
freely, the
bills
on
the Treasury
strong for all claases of bills, but In the afternoon,
the announcement by the Secretary of
that at least ten days would elapse before preparations
would be made for the Panama Canal payment, there
791
Week ending February 28,
Banks.
Banks Interior movement, as aboye
Sub-Treasury operations
Total
trold
Continent contributed to lessen the demand, and the
market was weak at the close of the day; it was
steady on Friday. The Assaj Office paid 1857,620 63
for domestic bullion. Gold received at the Custom
House for the week, ^17,664.
Nominal quotations for sterling exchange were 4 84
Net Change in
of
Bank
Bank*.
87 109,000
18,200,000
»4.091.000
tgS.SOfl.noo
and lesal tenders
»23.301 OOO
19,800,000
Gain.
amount
February
February
Bank
26, 1904.
HoldiTigt.
Gain. »8.018.000
Loss. l.OOO.OOO
Tne following table indicates the
In the orlncipal European banks.
2.0)«.000
of bullion
26, 1908.
of
Gold.
were free offerings of locally accumulated drafts, indicating a largely over-bought market, which caused
& sharp fall in rates for all classes of exchange. The
relaxation in the political tension abroad and the subsidence of apprehensions of further failures on the
Out
Into
1IW4.
S
lotaU
£
Gold.
Silver.
lofol.
£
Silver.
£
£
£
36,016,496
36,046,406
93,7T7,2S8 44,310.614 138,087,867 101,844,391 43,845,807 145,190,198
38,289,000 12,760,000 49,039.000 84,018,000 11,953,000 45,971.000
91,352,000 7,939,000 99,291,000 76,096,000 7,648,000 84,688,000
35,484.022
Russia
A.as.-Hung'y
Spain
Italy
Netherlands
Nat. Belg'm.
.
86.484,028
47,015,000 12,685,000
14,601,000 19,320,000
31,996,000 3,763.200
Bngland
France
Germany....
69.600,000
5,432,900
3.187.333
46,288,000 18,756,000
14,423,000 19,970,000
69,043,000
83,924,000
iJ5,749,800
17,809,000
2,178,400
19,487,400
6,636,300
12,068.200
4,699.000
6,611,900
11,310,900
1,693,661
4,781.000
3,223.333
1,611,667
4,835,000
34,399,000
Totthla week 349,137,608 108878781 468,014,2H9 334,345,880 Hj6468774 410,813,994
Tot. prev. w'k 346,628.802 108664789 456,ae2.flfll 835.a5'!.786 107027207 442 2A4.093
SENATOR HANNA
OY LABOR AND
UNIONISM.
84^ for sixty-day and 4 87@4 87i for sight. The
the 'National Migazlae" of Boston the late
To
market was dull on Saturday of last week, and the only
Senator Hanna contributed an article on socialism and
change in rates, compared with the previous day, was
a fall of 6 points in cables, to 4 8635@4 8650. Mon- labor unions which was probably his last piece of
day was a holiday, and on Tuesday the market was writing for publication. This recalls to mind that
strong. Long rose 26 points, to 4 8326@4 8335; short ex-Speaker Keed, who died suddenly just as the last
30 points, to 4 8630@4 8640, and cables 46 points, session of Congress prior to the present one was beto 4 8680@4 8690, the latter reflecting an urgent de- ginning, contributed to the "North American Review"
@4
and tariff revision as possible
tinued strong, influenced in part by the ratification of restraints on trusts and also on tariff revision per se.
the Panama treaty, and long advanced 35 points, to The coincidence between the two cases is striking,
4 8360@4 8366; short 30 points, to 4 8660@4 8670, and 80 is that between these two articles and the
and cables 25 points, to 4 8706@4 8716. On Thurs- sudden deaths of their authors. In each case, the
mand
On "Wednesday
for remittance.
day morning long advanced 10
the market con-
points, to 4
8360@
a a article on publicity
topic chosen
is
a favorite one of the writer; the views
4 8376, closing, however, at the lower rate. Short rose
6 points, to 4 8676, falling to 4 8650 in the afternoon,
and cables sold 10 points higher at 4 8726, declining
expressed wt^re held by
by some of the leading drawers.
special Interest to
and the
him with an almost
passionate
remained, although not so
foreseen, as a sort of last address to the public.
Turning to the Hanna article, the prominence of
The market was steady on Frito 4 87 by the close.
day at an advance of 16 points for long and of 10 the writer, his own experience as an employer, and his
activity in the Civic Federation (to which he stated
points for short and for cables.
The following shows daily posted rates for exchange his desire to devote the remainder of his life), give a
Brown Broi
Baling,
MaROonACo..
Bank British
No. America..
Bank
of
Montreal
Canadian Bank
of
Commeroe.
Heldelbach.Iok
«lfaelmer& Co.
Laiard Frerei
.
ICdrchanta' Bk.
of Canada
5 60 dayt
1 Sight..
5 60 day*
i Bight..
j 60 day«
{Bight..
5 60 days
{Bight..
( 60 days
{sight..
5 60 days
{sight..
( 60 days
{sight..
5 60 days
{sight..
4
83«
4 84
4
4
4
4
66H
tx
8SH
eex
83^
66X
Hi
o
a
4 8,SJ^
4^6«
4
84
4e6«
The market closed
Feb. 26.
e6«
B8^
6e«
88«
8««
183>4
4
THtTB..
84
87
84
4e6>4
4
WBD.,
Feb. 23. Feb. 24.
MON.,
Feb. 22.
83!^
86H
84
87
84
87
84
84
87
34
87
84
67
84
87
84
87
84
67
84
at 4
84H
87H
84
87
84
87
87«
84
«
87«
84
87
84i^
8i]4
87*4
87
8365@4 8376
87«
84
87
87^
84H
87«
84
87
86«
»*B1.
Feb. 26.
841,6
84^
67H
84^
&7H
84
67
article
the views expressed.
The
relation
between capital and labor, he says (using the present
tense here for convenience), seems the paramount
DAILY POSTED B1.TBB FOB FOBEIOH BXOHANOB.
FBI..
Feb. 19.
fervor;
The
issue to-day.
same
right of labor to organize
is
ab-
—
—
His plan which
ls open only to the criticism of being general
is "to
have orgaaized labor Amarlcanized in the best sense
and thoroughly educated to an understanding of Its
stractly the
responsibilities,
as that of capital.
and In this way to make
than a foe."
it
the ally of
the capitalist rather
H4«
87 >4
84
87
for long, 4 8650
04 8660 for short
and 4 87@4 8710 for cables. Commercial on banks 4 8325@4 8336 and documents for
payment 4 82|@4 83^. Cotton for payment 4 82|@
4 83, cotton for acceptance 4 8326@4 8335 and grain
for payment 4 83^@4 83|.
whatever Is the object of approval, or of expectatioDj or of hope or desire, can be called a plan, this is
the plan of every intelligent person In the country.
But how is this to be done? How is organized labor to
be Americanized and thoroughly educated to understacd its responsibilities? Certainly not by coddling
it and deferring to it; by considering it as "a vote"
which must be bargained for at the price of nonenforcement of accountability to the law.
If
To
an inalienable right of every man
The following gives the week's movement of money to work, on the best terms he can get In any line
open to him, is as self-evident a truth as anything
to and from the Interior by the New York banks.
declared in a ^famous document issued in PhiladelReceived by S7kipp«db«
Net Interior
Week ending February 88, 1904.
phia over a century ago; the right to refuse to work
N.Y.Bankt. AT. r. Bank*.
Movement.
stands on the same impregnable ground. If men
Correnoy
15,242.000
13,267,000 Gain. $l,b75.000
<3old
Total gold and legal tenders.
1.867,000
..
824,000
Gain.
1.048,000
choose they
»7,109,000
(4,091,000
Gain.
8,018,000
to
With the Sub-Treasury operations the
follows.
say that
result
is
as
it is
may
intrust
an organization, allowing
to hours
natural right of choice
this
It
of labor, conditions
to decide for
them
as
and wages; they may
submit to the orders of some outsider of
whom
they
rp
THE CHRONICLE.
792
[
Vol. Lxxviii.
Tne meritorious action and apirlt. la every way, unionism
another question, but attempts to load the leaat worthy on the back of the
wlsilom or folly of doing ao
There, however, the more worthy and to say that there shall be no inequaltheir right la Indisputable.
right ends; yet the conduct does not, but runs Into ities when creation has decreed otherwise.
I astead of
Improving quality and quantity of product, it seeks
the wrongs so familiar.
broad ground, as to limit and retard both. Instead of aiming to make
Employers are willing to take the
know nothing, and work
or quit work, as he says.
is
was notably taken by the iron and iteel conapaniea,
that organisation is an individual question; that they
do not wish to meddle with it and will make no diaBat this la
tluctlon between union and non-union.
the very thing objected
to, for
the
rulers
ganlzition Insisted upon that distinction.
of
the or-
They
say
workman, in effect, that he ahaU have eo work
unless he jiins and obeys the union, and to the employer that unless he recognizas them he shall have
no men; they openly attempt to Induce him to help
them drive men into the union, and it has been
frankly admitted that unless the Individual freedom
to the
of
destroyed, the union cannot stand.
the matter of wages, when all mankind agree to
choice
On
Is
would like and perhaps ought for
his own sake to have (as may be In the millenlum) the
rule of competition In market can be waived; until
then, the hard old rule that business Is business must
pay what the
seller
We
the
workman worth more.
It
resorts
to force of ail
kinds and tries to compel the employer to pay more,
laatead of obeying natural laws, it attempts to over,
throw them.
Probably the only effectual
effectual
way of turning the
— and certainly the most
—
the right direction
Is
efforts of
to sternly
and
unionism Into
rigidly bar
it
from the wrong one. For, human nature being as it
is, the leaders are compelled to have strike disturbances periodically, in order to hold their power over
the men by seeming to do something, ao long as
unionism means concentrated force ; furthermore,
blackmail is a natural evolution from such a state of
things; and even the monstrous alliance (which has
been alleged in a popular magazine to exist) between,
certain concerns and the blackmailers, whereby competitors were to be hampered, is also a natural development. For theS whole thing is so evil that It
must be expected to not only grow worse but to put
used to hear delightful accounts of a
manufacturing concern in Oalo which petted Its em out new growths.
So long as the direction of expectation and effort is
ployees almost as children, and spoiled them In the
process, for unionism recognized the dangerous exam- not changed, the men will naturally count upon the
ple, got at them, and coaxed them into rebellion on continued exercise of force upon employers by their
This concern must leaders; the leaders, some of whom are worse than the
the most ridiculous of pretexts.
have had an exceptional profit-margin, but the em- rank and file, will readily respond to their supposed
ployer who attempted to pay more than the market duty and think of no other way, and, moreover, their
end in position is so flattering and comfortable to themselves
rate for labor or anything else would
bankruptcy. In any case of difference about wages, that they will have no desire to change it. Oii the
the sole practical question mast be whether the em- other hand, when the law firmly asserts itself and
against the familiar
ployer Is paying the market rate; he may be or he definitely puts up barriers
may not be. To have the men leave, and let him see attempts at force, the efforts of unionism will naturhow he gets on, will plainly show which glde Is right; ally and inevitably seek a new direction. Can we
but organized labor raises the question of adequacy of reasonably expect such a change until then?
'' While labor unions
As everybody
wages, and then refuses the test.
(says Senator Hanna) may
abandon work and have been a curse to England, I believe that they will
knows, the regular course is to
then, first by persuasion and next by violence, to pre- prove a boon to our country, when a proper basis of
vent others from taking the abandoned places. The confidence and respect is established." And so do we
exceptions are too few to need mentioning, and to
upon that condition ; for a proper (i. e., a just an(i
discuss the abominations of attempted forcible pre- sound) basis of confidence and respect implies the
vention would be to go over a too familiar story change in direction of unionism towards uplifting the
wnich la rarely absent from the newspapers.
industrial and social status of its members by upliftWhile a fire Is raging, there is only one duty; ing their value instead of attempting coercion. The
prevail.
—
causes and preventatives
prevails,
come
after.
and the Inalienable right
of
While violence one way
men
to labor
is
denied, everything except repression of disorder and
enforcement of law is untimely.
Sanator Hanna
might have said that organization of capital with
respect to labor is a yery modern iagtance; it is in an incomplete stage, and its results cannot yet be foreseen.
As Senator Hanna says, labor organizations are not
all wrong; yet they are trying to reach good ends by
bad means No statement could be more incorrect
than the one attributed to Mr. John Mitchell, ''once
a laborer always a laborer.'' This is the country of
opportunity. Every great industry had a feeble start,
and nearly every great fortune began in poverty, at
least within a generation or two back.
Shrewdness,
Is
right and practical
;
the other
is
In opposi<
The truth is that
which Senator Hanna deprecates
tion to all the laws in the universe.
the socialistic spirit
an exotic on American
which is permeated with
to Great Britain.
is
and so is the unionism
;
and has been such a bane
soil
it,
WAR MARKETS AND THE CAMPAIGN.
The
tradition
Is
pretty well established from the
experience of recent years that the action of
financial
markets on the outbreak of an Important war will
No
upset even the beat grounded expectations.
doubt the reason is that the modern money market
''discounts" its expectations in advance, and usually
faith, personal courage, ingenuity, and the other over-disoounts them; the upshot being that if anyqualities which make success, have every Inducement thing goes amiss in the calculations it finds the mar-
here, because everything
is
their reward.
But Instead kets unprepared
for
it
and therefore subject
to very
and misfortune, of giving violent reaction.
encouragement to the individual, of representing the
In the case, for instance, of our Spanish war of
workmen rations^lly with the employer, of helping 1898, it will be recalled that Wall Street indulged in-
of mutually assisting in age
Feb.
27, 1904.]
THE CHRONICLE.
the moBC exaggerfited fears, and tliat prices on tne
Stock Exchange broke in response to them. Bat
depression wai so thoroughly overdone,
that revalsion of feeling came into play before even
our intervention resolutioaa had been adopted, and by
antiolpative
lly
793
supplies of available capital, and to displace ac-
cordingly large blocks of investment securities previously outstanding. Tj which of these categories the
E istern
war is destined to belong, is the perplexing
present problem of the markets.
markets were
It is not a problem for an off-hand answer.
Thus
the time that war had actually begun,
si-eadlly.
Exactly the opposite happened on the far events have not moved in all respects adversely to
rising
Up to October 10, the markets. Neither belligerent has borrowed on
eve of the Transvaal war of 1899.
when the Bier ultimatum was made public, the ques- the grea*-. E iropean markets; neither has stated the
purpose of so doing. Rassia has issued $25,000,000
tion of the fiaancial consequences of a war was dis
after the outbreak notes, based by agreement on the very large gold remissed as trivial. Fjr two weeks
Japan has similarly Isof hostilities, English markets for money and securities serve of the Imperial Bank.
maintained their indifferent attitude. lb wai not sued notes and floated a 150,000,000 loan at home.
when the Bank of Eigland, taking Neither of these expedients tends in any degree tountil October 34
sudden alarm at the Gsntinent's withdrawals and the disturb the European stock and money markets;
blockade of the Transvaal gold supply, advanced its which, in fact, appear for the time to have been
rate with unusual rapidity— that the Stock Exchange helped by the large deposit funds placed to the credit
began to anticipate in earnest what we now know to ofRissia and Japan for meeting payments due in
E irope. How long the funds raised by the means
have been before it.
The markets' action at the beginning of the present described will serve to meet the drain of war expenses,
Eastern war adds yet a different chapter to the and to what extent they will suffice in averting a
record.
The governing circumstances were peculiar. strain from the Continental markets, is quite as much
The so-called
Knowledge of actual probabilities in a war comes a military as a fioancial question.
ordinarily to the banking interests from the govern- ''panic market'' on the Paris Bourse last Saturday
ments concerned. Such governments must prepare was immediately caused by a "raid" on insecure specto borrow heavily, and in negotiation to that end ulative holdings, and was made possible by circulation
must of course acquaint the expected lenders with of wild Stock Exchange canards among them stories
the position of affairs. In the present case, however, of default in interest on the R isslan public debt. It
hardly need be said that the rumor was entirely baseit so happened that the two Powers now at war enter
tained exactly opposite convictions as to the probable less. Its purpose was quite evident, however. So
outcome of the exchange of diplomatic notes, and that long as the Rasslan Government meets its coupons
eash impressed its views on the market with which it regularly, and so long as no enormous war loan comes
was holding negotiations. Japan looked to London at sacrifice figures on the market, French holdings of
for possible financial aid, and Japan, it is now wall the Rasslan bonds, be they great or small, ought to
understood, has all along expected war. Eassia was be worth all that they were before.
Bat both these questions, and along with them the
not only unwilling to come to blows, but believed up
to the last that the conflict could be averted, and further problem of Japan's relations to the London
Bassia was deaHng with French and Grarman bankers. market, depend on the history of th9 next few months.
Hance, very naturally, expectation of war by London It is probable that the fall already experiencad in these
weeks before it actually began and persistent incred various European securities was an expression of feelulity on the Continent.
Hence, also, preparation at ing on the Bourses that the war will not be short.
London for the shock, while Continental markets were
absolutely taken off their guard.
ANOMALIES IN INSURANCE BUSINESS.
This was not all, however, for it results had fol
lowed exactly as this situation seemed to indicate the
Very little insurance due on account of the BaltiLondon market ought to have passed unruf[l)d more fire will fail of collection, but, as was forethrough the week of war disturbance; instead of shadowed might be the case, several local companies
which consols have fallen 2^ points [since February 6, have been destroyed, and two in this city go into an
when Japan attacked the Russian fleet, while the rest honorable if not entirely commendable retirement.
of the Eaglleh market has been much demoralized. The case of one of these presents some features so
Taking the low values of last Saturday, when some- striking as to suggest comment.
thing like panic prevailed, even after official closiog
The Greenwich is 70 years old, with a capital of
of the Exchange, the typical decliaes since war began $200,000, which is now reckoned small, and has never
outside of the 2^-point break in consols, have been a passed a dividend. Daring the last nineteen yearb, it
fall of 4 points in French 3 per cent rentes, of 3 in has paid uniformly 10 per cent; in 1878-84 inclusive.
German 33, of 8 in Rissian 4 per c^nts and of 6 J in It paid 30; in 1876-77, it paid 40; in 1874 and 1875 it
Japanese 43. Since the end of 1903 Japanese bonds paid the maximum, 50 and 55 ; as far back as 1864 It
have declined Hi points and Russians 9|.
was paying 15, and from that year until 1873 the rate
It is needless to explain in detail why outbreak of was only three times as low as 10 but ranged from 11
war should be thus reflected on the investment mar- to 28. In 1865, when 14 per cent was paid, the surket.
Expectation of immense additions to the supply plus was only about $23,000; in the two years of the
of securities on the markets is the invariable cause. largest dividends, it was about $325,000.
Surplus In
If a war is short and inexpensive, like the Greek war the company has risen and fallen in perhaps an unof 1894; if the belligerent States easily rais) the neces- usual degree, and since 1886 (when it was at its highsary funds at home, as in our war of 1898 then ex- est figure) has been tending downward.
isting values need not be seriously disturbed.
A war,
la such striklag contrast as to be almost another
on the other hand, which, like the recent Transvaal extreme, we note the case of a company not so old. yet
contest, involves the borrowing of 1600,000,000 from reckoning a half-century, and having the same modhalf a dozen markets, cannot fail to reduce very heav est $200,000 capital.
This is the company to which
—
—
—
THE CnRONICLE.
794
we haye
BiDk
an
[Vol. Lxxviii.
1901 this company paid 50 p?r cont; In 1902, 30; In
As its loss at B;iltimore approximates the
But why do not the Greenwich stockholders make good the impairment themselves, contribute something further as beginning of a new surplus, perhaps waive dividends for a year or two, and
amount
go on?
before referred as the Chemical
derwriting,
its
surplus being about
2.^
In
millions.
Id
1903, 60.
lower
probably
impairment.
Their right to chooae liquidation is of course
dividend rate this year; but a rate of 60 to 100 Is unquestionable, but the striking fact is that they
easily earned when surplus and capital stand to each abandonlwhat certainly should seem a valuable plant of
other as 10 to 1. Looking back to the eleven years age, experience and honorable reputation; and there
1874-84, when the Greenwich was paying a maximum is DO indication as yet that any others desire to take
of 66 per cent and a minimum of 30, this company the opportunity.
contented itself with a uniform 10, although iti surCapital is constantly sought, and Is quite freely
plus was generally about double that of the Green- obtained, for new enterprises; but here is an old one,
wich. The contrast is plala. While one was dividing, dealing in a commodity which can never fail of dethe other was accumulating. Seed which is eaten mand, and has for some years past been notoriously in
short supply, with a reasonably safe promise of 8 to 10
does not make crops.
The lesson of these two cases is as plain a? their per cent, and nobody wants it. We can only repeat
Liability in underwriting consists mainly what we have already pointed out, that all the periodicontrast.
of what is indifferently called unearned premium or cal complaint that rates and profits in underwriting
of
its
capital,
re-insurance reserve.
in
it
will
its
Obvionsly, premiums received
advance are not profits
;
they are not earned and
the expiration of the term, and meanwhile they stand In peril. The statute assnmes, as
a rula-of-thumb, that 60 per cent will be consumed ;
owned
hence
in
until
it
exacts a reserve to that
terms,
balance
although,
of
course,
a
;
an exact
company
without surplus would have very poor standing and
would be kept in quite steady remembrance at Al.
bany. For reserve and surplus are an arbitrary de.
termination, and can be guaranteed only within an elasLosses and expenses are roughly estitic margin.
mated at 60 and 36 per cent respectively, but they
work out in single oases as high as 100 or even above
In fact, and in long-run practice, the premium
that.
guarantees the policy and is itself the insurance ; in
form and by the contract, liability Is not limited by
the premium. S arplus and all assets, including cap
which
iial, and even a call upon the stockholders
stand behind the
will treat as they choose
call they
premiums. In general retirements of companies
which have ever bad a claim to solvency and respsctability come in course of a prolonged term of unsuccessful business; but now and then, at intervals which
—
nobody can foresee, a conflagration
strikes
Idle in
is
face of the fact that capital
refuses to be attracted Into
It.
Whatever the reasons,
Important business Is plainly a remarkable exception to the general prasperity upon which we
frequently congratulate ourselves.
this
It does not,
extent.
require any surplus whatever
suffices,
are excessive
—
down
a
DEL A WA RE LA GKA WA NNA <0 WES TERN'S
SPLENDID SHOWING OF PROFITS.
The annual report of the D jlaware Lackawanna &
Western Kailroad Co. for the calendar year 1903 is a
reminder of the large amounts the road usad to show
earned on the stock in days gone by, before the new
fashion of making extensive improvements and charging them against Income became obligatory. la more
recent years, or rather since the advent of the present
administration to control, shareholders and the public
have gradually become accustomed to a more moderate ratio of earnings for the stock.
1903, however,
we have
In the results for
a display of profits surpassing
anything In the previous history of the company, and
without any deviation or departure from the new
this
policy.
Of course the situation
as regards one of the prin-
items of freight, nam Uy anthracite coal, was
txoeptlonal and, indeed, extraordinary. "As In 1902
cipal
num- because
miners' strike the outcome of the
of the
ber at a blow. Surplus may prove Insufficient; but
the lesson is that it is a reasonable security and we can
twelve months had been exceptionally poor, so In 1903
with the mines working to their full capacity to make
have no other. Stockholders may rightfully choose to
take their own, but without some self-denial and faith,
they cannot accumulate.
The moral as to surplus applies to the public also.
Bates are unpleasantly high, certainly ; they are
higher than ths conditions ought to demand ; they
are only approximately exact and just, for no min has
up
make them fully so. Whether
high we will not now consider
but it
foresight enough to
unnecessarily
;
demonstrated that they must be high enough to
allow surplus accumulation. Prudent property-o wners
will now value surplus more, unless they grow forgetStockholders must value it enough to put
ful again.
it by, and the public must not contend against such
rates as will permit the process.
The fire found the Greenwich with a surplus
of 1168,000, and caused an impairment of about 20
percent on the capital. On the basis of the current
understanding that the stockholders will net about
the usual market value of their stock, the re InsurlDg
is
for the loss of
the previous year, the results are
an equally marked way extrem iy favorable.
The Lackawanna possesses the well-known characteristic of a small aggregate of capita^ stock, and this makes
in
the contrast between the two years
The
stock
all
the more strik-
only $26,200,000, and the 7 per
cent yearly dividends paid on It call for $1,834,000
In 1902 there was a deficiency of income,
per annum.
after the payment of the dividend, of $2,180,662,
ing.
is
though, as we pointed out at the time, this deficiency
would not have existed except for the expenditure of
somewhat over three million dollars— $3,053,149 for
—
Now
1903, with an
even larger appropriation for renewals and betterments $4,319,166 there is a surplus above the 7 per
cent dividends In the imposing amount of $4,251,239.
In other words, there was available out of the year'8
renewals and batterments.
—
for
—
income a sum equal to three times the amount
quired for the year's dividends
of
— that
Is,
re-
the balance
Income was $6,086,239 with which to pay the
$1,.
take over the 13,120,000 assets, less say 834,000 required for the dividends.
But even this does not reveal to tha full extent the
$340,000 to the stockholders, and will merge all lia
res alts
for the
twelve
bllities with its own, thus making good the $40,000 extraordinarily favorable
company
will
Feb. 27, 1904.
THE CHRONICLE.
J
Wo
795
reeulia played oy the
This was certainly a feature of no ordinary moment, the number of tons of
coal transported In 1903 having been by far the largest
In the company's history, namely 8,960,684 tons,
against only 4,670,490 tons In 1902, and comparing
with 7,398,067 tons In 1901 and 6,091,133 tons In
appropriation of $4,319,166 for renewals and better- 1900. The revenue derived from the coal tonnage
ments, 11,478,106 spent for betterments and addi- was on the same proportionate scale, being $13,826,844
tions of an extraordinary character were directly in- for 1903, against $8,145,920 for 1902, $10,749,344 for
cluded in the expense accounts under the head of 1901 and $8,636,324 for 1900. Making due allowMaintenance of Way and Structures. On the basis ance, however, for this. It nevertheless remains true
therefore of the exclusion of these betterments, re- that it alone does not explain the remarkably favorable
nava already stated caac cne $6,0»5,:i39
of net income remaining for 1903 was after charging
Except
off $4,319,166 for renewals and betterments.
for this appropriation, balance of net Income would
have been 110,404,404. There Is another fact to be
taken into consideration, which adds still further to
the significance of these figures. Besides the specific
monthB.
prouuiuBut
pttrt in
year's
intj
torn age.
anthracite coal
newals and extraordinary outlays, there would have character of the year's exhibit.
Another factor also counted in the results. There
been left $11,882,610 with which to pay the $1,834,000 called f©r by the dividends— a sum equal to about has been steady and continuous growth in the other
items of revenue. This Is true whether we have
six and a half times the 7 per cent paid.
The management have been steadily increasing the regard to the earnings from general freight or from
yearly appropriation for the physical Improvement and passengers, or from milk or from express matter or
reconstruction of the property, which has been the
distinctive feature of the new policy in the admlnis
from mall. Under each and every one of these heads
steady development is disclosed. In the late year,
for instance, the revenue from the transportation of
In 1901 the sum specifically
taken out of income for renewals and betterments was general freight increased $1,341,484, or over 19 per
In 1902 the amount so applied out of cent, and the revenue from transportation of pas12,533,127.
In 1903 sengers $491,105, or over 10^ per cent. The showing
earnings, as already stated, was 13,068,149.
tration of the property.
the appropriation was $4,319,166. This makes an ag- becomes still more striking when we extend the comgregate for Ihese three years only a trifle less than parlson a few years further back. In the following
$10,000,000 entirely independent of the betterments we give the earnings from the different classes of
and additions of an unusual character directly in- tra^c for the last five years, separating the coal earncluded in expenses, which for the three years foot up ings from the rest of the revenues.
—
$4,339,796 more.
Nor have these various outlays covered expenditures
Take the appropriation c f
of an ordinary character.
$4,319,166 for renewals and
betterments in the lata
$2,883,393 consisted of payments for new cars,
$629,956 represented expenditures for new locomo-
year
:
$233,380 embraced expenditures for new bridges
and $672,428 represented the cost of new car shops.
Even the $1,478,105 of extraordinary expenditures Intives,
GROSS BARKINGS FROM THE DIFFERENT CLASSES OF FREIGHT.
1P03
Calendar Year....
General freight
$8,354,908
1902
1901
1600
1889
$7,018,424
4,592,036
$8,688,689
$6,660,181
4,522,383
4,186,232
180,302
464,267
514,358
149,031
419.306
505,988
488,458
492,918
122,810
388,727
510,023
483,B60
$15,354,120
18,826,84*
$18,852,843
8,146,921
$12,758,800
10,749,344
$12,352,440
8,535,324
111,917,328
9,407,796
$29,180,961
$21,308,764
$23,507,634
$20,887,764
$21,3<5,122
Passengers
Mail
Bxpress
Milk
Miscellaneous
Coal.
5,083,142
181,006
516,600
567,620
650,944
.
The foregoiog
$6,300,149
3,951,051
188,807
864,481
482.139
696.699
serves to indicate in a graphic
way
cluded In operating expenses consisted almost entirely the expansion la traffic which has been going on, year
of new property of one kind or another, namely new by year, entirely Independent of the changes in the
It will be seen that outside the coal
yards, new lighting plants, new water, freight and coal earnings.
passenger stations, new culverts, new piers, etc., etc.) revenues the company's earnings in 1903 were $15,354,as shown by a detailed statement contained in the re- 120, against $13,262,843 In 1902, $12,768,290 in 1901,
Over and above all this, $400,000 of extraordinary expenditures were made by the coal department.
The extensive amounts thus employed have been In
pursuance of the policy to modernize plant and equip
ment and to promote economy In operations. One
evidence of what has been accomplished is furnished
In the very noteworthy enlargement of the average
train-load. For the late year this average was brought
up to the high figure of 442 tons, an addition cf 82
tons over the year preceding, and comparing with but
302 tons for the last six months of 1899, no statistics
on this point being available for periods prior to that
time. The Improvement In the three and a-half years,
It will be seen, has been almost fifty per cent, affording
port.
striking testimony to the efficiency of operations at-
tained and the wisdom and profitableness of the largo
outlays made In the Improvement of the property.
Not alone has the company's policy resulted In
greater economy of operations, but it has served to
make possible the enlargement of the road's traffic
and earnings
in nearly
all
directions,
the greater
$12,362,440 in 1900 and $11,917,326 In 1899. The advance for the four years has been from $11,917,326 to
$16,364,120, an expansion of almost 30 per cent.
The
out own, but President Truesdale,
referring to the same feature, points out that the further large increase in earnings on general freight the
last year must be considered especially satisfactory in
view of the fact that during the last six months of
1903 there was a general shrinkage in volume of many
lines of business in the territory served by the company— due primarily to the sharp decline In industrial
table above
He
Is
growth In this traffic
seems to be steady and general and not due to any
spurt of activity in any particular direction nor during any one portion of the year.
The service rendered
the road's patrons has been prompt and regular, and,
he believes, unexceled by that of any competitor, and
to this more than any other thing he ascribes the
steady growth, month by month and year by year.
Mr. Truesdale, of course, does not expect that the
business and earnings of the Lackawanna will continue to Increase as they have since 1900. The comactivity.
also notes that the
handling the business and the better ser- pany, however, has fully provided against a posvice which the company was able to furnish tending sible set-back. In the large expenditures made upon
directly to that end.
We have referred above to the the property with a view to handling and moving
facility In
THE CHRONICLE.
796
traffic at
a
mlulmum
of
coat,
lie
thlEka, tlierelcre,
that
Lackawanna stockholders havejittle reason
feel
ooncerned
as
to
the future of
the
to
property.
Vol. lxxviii.
Hiishels.
Is
made
1903.
B ushels.
44.027,000
123,936,000
10,693,000
2,000,000
Oroatla-Slftvonla
HoHiiiallerzegovlna.
47,767,000
151,482,000
234,85 6.000
214,948,000
72,386,000
24,000,000
9,000,000
200,000
22,000,000
3,200,000
Hungary
49,655,(00
170,884,000
12,017,000
2,300.000
1 80,656,000
Austria
wages paid railway
Total Austria-Hungary.
labor of all kinds are on a hljjher plane than ever beRoumanla...... ...
fore In the history of railroading in this country. Mr. Bulgaria
Servlii
Truesdale thinks it hardly possible that the railroads Montenegro
Turkey In Europe..
can continue to make as favorable a showing of net Greece
Total
earnings as they have and pay the wages they now do,
and it is at Russia proper...
unless rates can be generally advanced,
Poland
North Caucasus.
least doubtful whether this can be accomplished.
Finland
With reference to the increase in the wages of
Allusion
1902.
Bushels.
l'.)ai.
Countries—
76,220,000
34,642,000
73,700.000
36,744,000
13,411,000
200,000
26,( 00,000
6,000,000
13,(!9!),000
2,000,000
to the fact that
Il,4ti9,(i00
200,000
25,000,000
3,200,000
130,786,000
150,671,000
156,055,000
319,991,000
14,409,000
67,232,000
140,000
463,258,000
20,349.000
77,069.000
150,000
454,596,000
1 9,255,000
77,941,000
150,000
Total Russia in Europe... Jt01,772,000_560,826,000
551,942,000
miners fixed by the Anthracite Coal Strike Oommls- Total Europe
1,492,2»7,000 l,773,249,000'l,796,311,000
slon, he makes one statement which It is well enough Siberia
16,504,000
30,796,000 > «q ««= non
»9.«'*>o."00
Central Asia
9,645,000
16,897,000 ^
to bear in mind, since very Utile allusion to It apptars Trans-Caucasia
35,000,000
35,000,000
35,000,000
The Strike Oommission granted
in the public prints.
Total Russia in Asia....
61.149,000
81.693.000 104,665,000
the miners and certain other employees In and about Turkey in Asia
307000,000
35,000,000
33i6o6fi00
Cyprus
1,800,000
2,000,000
2,000,000
the mines an increase in wages of 10 per cent, iff active Persia
15,200.000
13.600,000
16,000.000
British
But the Oommission did Japan India
from November 1 1902.
more than this. It decreed a sliding scale for
Total
future changes In wages, the wages of all mine emTotal Asia
ployees to be advanced one per cent for every 5 cents Algeria
Tunis
per ton realized by the anthracite companies for the Egypt
larger or prepared sizes of coal in excess of $4'50 per
ton at tidewater. The sliding scale became effective
after April 1 1903 and, under its operation, wages
have been gradually advanced since that date to a
268,110,000
227,380,000
21,000,000
22,39^',000
294,725,000
21,000,000
337,708,000
298,780,000
366,725,000
398,8f.7,O0O
380.473,000
471,390,000
23,000,000
6,400,000
12,000,000
2,000,000
27,000,000
7,000,000
12,000,000
2,000,000
25,000,000
7,400,000
11,000,000
2,000,000
43,400,000
48,000,000
45,400,000
799,000
11,608,000
1,232,000
16,683,000
18,410,000
1,145,000
6,733,000
963,000
8,265,000
1,746.000
15,275,000
12,510,000
1,001,000
6,555,000
6,000
1,635.000
2,650,000
905.000
7,693,000
Cape Colony
Total Africa
WestAustraUa
South AustraUa
Qaeensland
New South Wales
Victoria
maximum of 7 per cent more than the original award. Tasmania
New Zealand
This maximum was reached in Ootober last and will
994,000
4,174,000
Total Australasia
56,610,000
43,927,000
20,445,000
continue until the nsnal spring reduction In prices
Recapitulation by Co^TINENTS—
occurs, on April Ist next, when wages will again be North America
850,693,000 781,120,000 737,787,000
South America
87,417,000
73,412,000 132,223,000
reduced to the basis fix^d by the oiiginal award ol Europe
1,492,297,000 1,773,249,000 1,796.311,000
Asia
398,857,000 380.473,000 471,390,000
ten per cent Increase.
Africa
43.400,000
48,000,000
45,400,000
Australasia
WORLDS WHEAT CROP IN
Grand
56,610,0C0
20,445,000
2,929,274,000
total
43,927,000
3, 100,181,000
3,193,556,000
1903.
The aggregate yield of the world for each year since comwere first compiled by our Agricultural De-
The Department
of Agriculture recently issued its compilation covering the world's wheat crop in 1908, and we give
The leading fact brought out by the
it in detail below.
plete statistics
partment
is
appended:
AGGBEGATE WHEAT CBOP OF WORLD.
statement is that the aggregate production for the year was
Bushels.
Bushels.
not only greater than in either of the preceding two years, 1903
3,193,556,000 1896
2,506,320,000
1902
3,100,181,000 1895
2,593,312,000
reaching 8,193,556,000 bushels, but was the record year's 1901
2,929,274,000 1894
2,660,557,000
Compared with 190O it will be observed that of the 1900
yield.
2.627,971,000 1893
2,559,174,000
1899
2,783,880,000 1892
2,481,805,000
grand sut-divisions of the world South America, Europe and 1898
2,942,439,000 1891
2,432,322,000
2,234,461,000
Asia exhibit increases. On the other hand, North America 1897
The average annual product for the twelve yearp, 1891
and Australasia supplement last year's losses with further
important declines. Africa, however, notwithstanding the to 1902, inclusive, was 2,654,808,000 bushels. The 1903 crop
falling off as coaapared with 1902, still exhibits a gain ever consequently shows a gain over that average of 539,248,000
How the results for the various countries for 1903 bushels, or 20 per cent, and compared with 1902 the increase
1901.
compare with the figures for 1902 and 1901 is indicated in the is 93,375,000 bushels, or over 3 per cent.
following:
WHEAT CROP OF THE WOHLD.
1901,
Bushels.
748.460.000
United States
Ontario
Manitoba
Restof Canada
Chile
iLTgentina
Uruguay
. .
Great Britain
Ireland
Total United Kingdom.
Denmajk
Netherlands
Belgium
franco
Spain..
Portugal
Italy..
Switzerland
Germany
Total
22,584,000
41,381000
ITEMS ABOUT BANKS BANKERS AND TRUST GO'S
—The sales of bank stocks at the Stock Exchange this week
aggregate 215 shares. No sales were made at auction. The
transactions in trust company stocks, all auction sales,
14,000,000
reach a total of 241 shares,
98,654,000
77^965,000
of the Bankers' Trust Co.
1 2,403,000
12,t00,000
May
850,693,000
781,120,000
727,787,000
12,000,000
53,^08,000
7,604,000
115,983 000
5,240,000
^12,0^1,000"
Total North America...
Iforway
Sweden.
26,904,000
54,750,000
17,C00,000
90,212,000
Mexico
Total South America.
1903.
Bushels.
637,82 2,000
9,0007000
74,753,000
3,664,000
Total Canada
'
1902.
Bushels.
670,063.( 00
22,118,000
52,094,000
16,000,000
CODNTEIES—
13.000.00'0
87,417,000
73,412,000
54,111,000
1, 470,000
58,463,000'
1,602,000
49.144
l,i76|000
55,581,000
60.065,000
50,^20,000
300,000
4,310,000
9<P00
4,300,000
14,143,000
310,938,000
117,765.000
10,000,000
164,587,000
4,400,000
91 817,000
260,000
4,649,000
4,528,000
5,089,000
15,412,000
327.841,000
114,927,000
10,400 000
136,210,000
4,200,000
143 ,315,000
2667000
5,547 000
4 000.000
4 500 000
13 905,000
365 601000
102 157 000
723,502,000
766,~8 22,000
,
132,223.000
0^
1900,
when
A
block of 150 shares of stock
sold at 2803^, as against 190 in
the last previous public sale was made.
was
Baitks— y«w Fork.
Price.
Amer. Exchange Nat. Bank... 225
*60 City Bank, National
265
*1 10 Commerce. Nat. Bank of
300 201
*34 Merchants' National Bank
175
Shares.
Ml
Trust Companies— J\retc Tork.
150 Bankers' Trust Oo
1 Central Trust Co
15 Morton TruBt.Oo
1175 N. Y. Security & Trust Oo
*
280i«
1951
9C0
850-900
Sold at the Stock Exchange. U Of this
syndicate interest."
Last previous sale.
Feb. 1904— 22gi6
Feb. 1904— 271
Feb. 1904- 205
July 1903—
179
May 1900— 190
Feb.
Feb.
Ftb.
1904—2000
1904— 900
1903— 1399
amount 25 shares were
•'certificates of
—The
Metropolitan Trust Company, 37 Wall Street, exmove about May let into larger and finer banking
rooms on the first floor of the Atlantic Building when the
extension to this building, on the corner of Exchange Place
8 000 000
184 450;000 and William Street, is completed. The institution will also
4 000,000 occupy the former oflElces of
the old Atlantic Trust Company,
130,626,000
in the same building, giving it a very extensive floor area.
823.046.000
The Metropolitan Trust was consolidated with the Atlantic
pects to
I
Feb.
Trust
found
THE CHEONICLE.
27, 1904. J
Company on January
its
and it has long since
inadequate.
quarters at 87 Wall Street
81 1903,
—At a special
meeting, March 11, the stockholders of the
Central Realty Bond & Trust Company of this city will consider the board of directors' proposal to reduce its capital
stock from 12,000,000 (20,000 shares, $100 par value,) to
$1,000,000 (10,000 shares, $100 par value,). In the event of
favorable action, the directors will then declare a dividend
of $400 upon each share of the reduced capital stock, pay.
able on or before April 1. On December 31 1903 the insti.
tution had $5,500,000 surplus, besides $1,850,150 undivided
profits.
Its deposits
were $7,095,683 and
total
assets $16,-
568.738.
concerns approve the combination at a special meeting March
expected the following gentlemen will compose the
new directorate: Otto T. Bmnard, John A. McCall, James A.
Blair, James Stillman, George W. Perkins, John J. Mitchell,
Marshall Field, Norman B. Ream, P. A. Valentine, John S.
Phipps, Charles S. Fairchild, E. Parmalee Prentice, B_
Aymar Sands, John W. Sterling, Woodbury Langdon, Edmund D. Randolph, O^born W. Bright, F. N. Hoffstofc,
Charles Parsons, Charles W. Harkness, John B, Dennis,
Gordon Macdocald, Frederic B. Jennings and Robert W.
7, it is
Forest.
—The
Governing Committee of the New York Stock Exchange has appointed a committee to consider the advisability of making the position of the President of the Exchange a
salaried one, and a report on the matter will be made to the
Governing Committee at the next regular meeting, Wednesday, March 9. The committee consists of President Thomas,
F. K. Sturgis, B. C. Doremus, Rudolph Keppler, W. K. Gran
bery, C. W. Maury and E. Groesbeck. President Thomas is
reported as saying that under no circumstances would he be
a candidate for re-election.
—Col. James R. Branch, Secretary of the American Bankon Thursday delivered an interesting address before the New York Chapter of the American lastitute of Bank Clerks on the subject of "The Protective Work
of the American Bankers' Association."
ers' Association,
,
and the Empire State Trust
—Mr. William M.
Perkins, President of the
Raynor
&
Per-
2,380 shares, a total of 5,000
shares.
—The report during the past week that
to be consolidated
the Varick;Bank was
with either the Irving National Bank or
the New Coal «fe Iron National Bank (now in process of
organization) has been denied by pirties interested in both
An official of the Irving National says: "The
institutions.
report
is
absolutely without foundation as far as the Irving
National Bank
is
concerned."
—Charles F. Broach, formerly Cashier of the Equitable
National Bank of New York, was arrested on Saturday,
charged with forgery in having "raised" a stock certificate
of the institution
Security & Trust Company, after consolidation with the Continental Trust, will at first have twentyfour directors in its new board, to be increased in due time
to thirty members. After the stockholders of the respective
—The New York
De
797
—Mr. John
from ten shares to ninety.
Assistant Cashier of the American
Exchange National Bank of this city, died at the Herald
Square Hotel on Sunday last at the age of 75 years. Mr.
Carr entered the employ of the bank as a junior clerk in
1857, and had been connected with the institution since that
time.
S. Carr,
—Mr. Cam'.Ue
Weidenfeld, who was suspended from the
Stock Exchange on February 24 1903 for one
year, on account of charges growing out of the Peter, Power
litigation against the Northern Pdcific, regained his privileges as a member on Wednesday of this week, the term of
suspension having expired.
New York
—The
Bloomfield National
Bank
of Bloomfield, N. J.,
is
distributing a very useful and attractive desk blotter to depositors and friends. The Bloomfield National's banking
accomodations in the new and handsome building on the
corner of Broad Street and Bloomfield Avenue, are complete,
commodious and modern. The bank also maintains modern
safe deposit vaults. The institution, organized in 1889, is a
legal depository for funds of the State of New Jersey, County
of Essex and Bloomfield, N. J. Besides $50,000 capital and
$10,000 surplus, the bank had $36,537 undivided profits, over
$861,890 deposits and $1,006,177 total assets at the last call,
January 22 1904. The officials include: Thomas Oakes,
President; William A. Baldwin, Vice-President, and Lewis
K. Dodd, Cashier.
—In
the annual report for the year ending December 31
1903, of the First National Bank of Oxford, N. Y., mention
is made of the fact that the institution during the past 25
years has paid $247,000 to its stockholders in dividends, besides
adding $59,283 to undivided
profits.
Mr.
J.
R.
Van
was on Thursday elected Vice President Wagenen, the President, has been connected with the bank
the new Maidea Lane National Bank of this city.
since its inception forty years ago and has held the position of
kfns Envelope Co.,
of
—The Baltimore Stock Exchange resumed operations on President for twenty-five years an enviable record. The
Wednesday of this week in the temporary quarters in the capital is $100,000, surplus and undivided profits $134,899 and
Builders' Exchange. The Exchange had been closed since deposits $298,107.
—
February
6
on account of the
—
fire.
—The Mercantile Trust & Deposit
Co. of Baltimore informs
us that its loss in the recent destructive fire was confined to
office furniture and fixtures.
All of the security vaults were
absolutely unharmed and the box renters had access from the
The
first.
institution will open
up again
in its
own
as soon as the public is admitted to that section,
office just
which
will
be within a very few days. Meanwhile, it is temporarily
located at 610 Cathedral Street, where business has been conducted without interruption.
—The
shareholders of the Empire State Trust Company
and the McVickar Realty Trust Company ratified the proposed consolidation of the two institutions at special meetings last Tuesday. As announced in these columns February 6th, the new concern is to be known as the Empire State
Trust Company and will have $500,000 capital and $1,000,000
surplus.
The
officers
are to be
Le Roy W. Baldwin,
Presi-
dent
H. W. McVickar, W. B, G. Gaillard, Francis Burton
Harrison, Dancan P. Parmly, Vice-Presidents
H. M.
Gough, Secretary Livingston Wetmore, Treasurer ;
Bollin, Assistant Secretary and Treasurer, and E. D, McGreal, Trust Offl.cer.
;
;
;
EM.
We
are informed that the Empire State Trust Co. stockholders will receive for their old stock 10-21st8 of a share in
the
new Empire
State Trust Co. besides $27 in cash and a
$20 certificate of interest and participation in a guaranty
The Drovers' & Mechanics' National Bank of Baltimore
has passed appropriate resolutions upon the death of its VicePresident, Mr. Leopold Strouse.
—Mr. Frank
L. Boggs, Second Assistant Cashier of the
People's National
Bank
terian Hospital in
Alleghany on the 19th instant, of typhoid
of Pittsburgh, died at the Presby-
Mr. Boggs was in his thirty-fourth year.
The stockholders of the Commonwealth Real Estate &
Trust Co. of Pittsburgh voted on Tuesday to change the
fever.
—
name
of the institution to the
The change
is
to be
made
Commonwealth Trust Co.
as soon as the legal preliminaries
can be arranged.
—Mr. William
L. Quckert has been elected Vice-President
D. Kramer, formerly Assistant Cashier, has been
elected Cashier of the First National Bank of Allegheny, Pa.
and Mr.
J.
—Stockholders of the People's National Bank of McKeeson April 26 upon a proposition to increase the capital from $200,000 to $250,000, by the issue of
1,000 shares of new stock of the par value of $50, to be sold
at $200 per sbare, thus increasing the surplus by $150,000.
The board of directors is to be enlarged from nine to fifteen
port. Pa. , are to vote
members
at this meeting.
—The Columbus Savings & Trust Co. of Columbus, Ohio,
announces the resignation of its Secretary and Treasurer, Mr. Frank J. Dawson, who will devote his attention to
other business. Mr. Dawson retains his interest ia the bank
and continues as a director. He will be succeeded on March 1
as Secretary and Treasurer by Hon. I. B. Cameron, formerly
fund of $100,000. The McVickar Realty Trust Company stockholders will get Il-2l8t8 of a share in the new 'concern and
also $18 in cash and a $30 certificate. Altogether the stockholders of the McVickar Realty Trust will hold 2,620 shares State Treasurer.
THE CHRONICLE.
r98
—Mr. E. H. Bourne, formerly Cashier, has been elected
PresideLt of the Union National Bank of Cleveland, to
raooeed the late Hen. iMarcus A. Ilanna. Mr. E R. Fancher,
formerly Aesietant Cashier, has been made Cashier to replace
Mr. Bonrne, while Mr. E. U. Cady, who had previously been
Second Assistant Cashier, will take Mr. Fancher's place as
Asbistant Cashier. Mr. L. C. Hanna was elected a director
to succeed his father.
— The brokerage and commieeion firm of Pringle & Brownbe reorganized March 3, and the name
changed to Pringle, Fitch & Rankin. The individual mem
bers will be Robert Pringle, Walter Fitch, James A. Rankin
and T. W. Browning. As mentioned in last week's Chronicle, this firm will occupy the premises in Board of Trade
Building to be vacated by Harris, Gates & Company.
ing, Chicago, will
—We have received a very tasteful
on the subject of "Investment Securities," being the paper
week before the Chicago Institute of Bank
Clerks by George B. Caldwell, Manager of the Bond Depart
ment of the American Trust & Savings Bank of that city.
—The
annual convention of the Iowa State Bankers' Association will be held in Des Moines in June; the exact date,
however, has not yet been determined upon.
Bank
Mechanics' National
of St. Louis announces
removal on February 20 from its old quarters on the corner of Fourth and Pine streets to the new Mechanics' National Bank Building at Broadway and Locust Street. The
institution now has a carital of |4,500,000 and deposits of
about $17,500,000, and is officered by the following: President, R. R. Hutchinson; Vice-Presidents, D. K. Ferguson
and B. B. Graham; Vice-President and Caehler, H. P. Hilliard; Assistant Cashiers, J. A. Berninghaua and J. S. Calfee.
its
—The
La., of
Hibernia Bank
&
which Mr. John
Trnst Co., located in
J.
Gannon
March
stockholders, payable about
it Is
stated, are
—The
latest
Bank
of Fort
perity
which
years.
The
18.
The
total liabilities,
about $300,000.
statement issued by the Fort Worth National
Worth, Texas, serves to emphasize the pros-
has enjoyed for the past two
following table furnishes in a concise form Its
this institution
record of growth:
FoET Worth
National.
Jan. 22 1904
Feb. 6 1903
Feb. 25 1802
Surplus
Capital,
$800,000
300,000
300,000
and
Proftls.
$342,845
288,160
229,813
Deposits.
Resources.
$2,427,561
1,777,542
1,429,459
$3,239,907
2,465.693
2,059,272
As will be seen, the deposits during this period have advanced from $1,429,459 to $2,437,561, a gain of practically a
million dollars, while the resources show an increase of
nearly $1,350,000 (inexact figures $1,210,635). Mr. K. M.
Van Zandt is President; Mr. R, L. Ellison, Vice-President;
Mr. N. Harding, Cashier, and Mr. L. C. Hutchins, Assistant
and readable pamphlet Cashier.
delivered last
—The
Currency has declared a dividend of 50 per cent to
of the
—Mr. Frank
Kuzel, formerly Secretary of the City Trust
Co. of Cleveland, has, it Is stated, resigned to devote his
attention to ether matters.
[Vol. Lxxviir.
is
new
New Orleans,
President, has
made
quite a notable increase in business during the past four
months. The deposits on September 23 1903 were reported
at 19,782,176, while the statement for January 22 1904 shows
the total raised to |14,795,432, a gain of over five millions of
dollars during this short period.
— Organization of the Western National Bank of Fort
Worth, Texas, has been completed, and Mr. W. H. Eddleman
has been elected President and Mr. Cicero Smith, Vice President. Messrs. Geo. P. Levy, Harry W. Kuteman and Wiley
Blair are also interested.
—A now banking institution has been organized in Pkoenixi
known as the Fidelity Trust Co. of Arizona,
with capital of $200,000 in $100 shares. Only $150,000 will
be paid in at first, however. The company will do a general
The officers are
President, James A.
trust business.
Fleming Vice President, Richardson Fleming Secretary,
Porter W. Fleming Cashier, Charles S. Fleming.
Arizona, to be
:
;
;
;
—Mr. Frank
O. Mills
& Co.
Miller, President of the National
Bank of D.
become
in Sacramento, Cal., has resigned to
Treasurer of the Booth-Kelly Co. uf Oregon. Mr. Miller will
be succeeded by Mr. Chas. F. Dillman, at present Cashier,
while Mr. Dillman will be succeeded by Mr. Fred H. Pierce.
—Mr.
O. A. Hale has ben elected Vice-President of the
Central Trust Co. of San Francisco, to succeed Mr. A. Poniaf
owski, The net profits of the institution for the late calen-
dar year are stated as $80,934.
at the rate of 5 per cent per
and September.
It
is
annum
reported that dividends
will be paid in March
,
Resources have correspond
from $18,466,460 to $17,897,466. The capital of
—A new bank has been organized in San Francisco with
this progressive institution is $1,000,000, with surplus and
$350,000 capital, the name of the new institution being the
profits of $2,102,034. Associated with Mr. Gannon are Messrs.
Savings Bank, Temporary quarters at 503 CaliG. R. Westfeldt and John W. Castles (Vice-President Guar- Mechanics'
bank will remove
anty Trust Co., New York City), Vice-Presidents; Mr. fornia Street have been chosen, but the
It is
later to the corner of Bush and Montgomery streets.
Charles Palfrey, Cashier
Messrs. George Ferrier, P. L.
reported that the officials will be: James O'B. Gunn, PresiQirault and L M.Pool, Assistant Cashiers and Mr. Wyatt H
dent; George F. Lyon, Vice-President, and Frederick H.
Ingram Jr., Trust Officer.
Ingly advanced
;
—Announcement was made
Clark, Cashier.
this
week that the annual con-
vention cf the Tennessee State Bankers' Association will be
held at St. Louis on June 15 in the Tennessee Bailding at the
Louisiana Purchase Exposition.
—Several very important changes occurred this past week
in the official staff of the Atlanta National Bank of Atlanta,
Ga, Mr. Charles E. Currier, the Vice President and Cashier,
was elected to the presidency, succeeding the late Paul
Romare.
Mr.
Hugh
T.
Inman was chosen
Vice-President, to
succeed
Mr. Currier. Mr. H. R. Bloodworth, Assistant
Cashier, was promoted to the Cashiershlp, and Messrs.
George R. Donovan and James S. Floyd were made Assistant
Cashiers. Mr. Currier's promotion is one well deserved, as
— A new bank, to be known as the Crown Bank of Canada)
being organized in Toronto, the new institution to have an
authorized capital of $3,000,000, in shares of $100 each. The
capital to begin with, however, will be only $l,0CO,00O. This
$l,000,000of stock is being offered to the public at 110, thus
creating a surplus fund of $100,000. Payments are to be
$5 per share on application, $25 per share on allotment and
the remainder in eight successive monttily instalments of $10
per share. Provisional offices have been opened at 23 King
Street, West Toronto, Canada, to complete organization.
is
the new institution are: Edward Gurney,
President; Charles Magee, Vice President, and Gsrald de
The
officers of
Courcy O'Grady, General Manager.
he has served the Atlanta National Bank faithfully for the
—The United States Supreme Court at Washington on
past 17 years. He held the position of Cashier for many
January 18 decided that the directors of a banking institution
years and with the election of Mr. Romare to the presidency
not declare an assessment on the stock of the Institution
was made Vice-President as well. Mr. Bloodworth has also can
without having first obtained ths consent of the share,
been connected with this bank for 17 years, filling positions
The case grew out of proceedings connected
holders.
in its many departments, and has been the Assistant
Caehler with the Commercial National Bank of Portland, Ore.
since 1899. Mr. Donovan was Assistant Cashier of the old
years ago, its
10
This institution suspended some
Capital City National Bank prior to its merger into the
Upon suspension the
being $350,000.
capital stock
Atlanta National, and has since been connected with the
Wells, Pargo & Co. Bank proposed that the capital stock
latter.
Mr. Floyd was one of the paying tellers.
be increased to $500,000 and that it should take the $250,000
—Mr. Ernest Woodruff has been elected President of the of new stock, which was done. Upon petition of the directors
Trust Company of Georgia in Atlanta to succeed Mr. Joel
of the bank, Comptroller Eokels consented to an assessment
Hurt, resigned.
of 50 per cent on the institution's stock, which was at once
— Receiver C. L. Williams, of the defunct Citizens' National levied, notwithstanding the objections of certain sharehold-
Bank
of Beaumont, Texas, announces that the Comptroller
ers.
The stock owned by these shareholders was
snbse-
f
Feb.
THE CHRONICLE.
27, 1904.]
qaently sold for non-payment of the assessment and still
later the Commercial National was placed in liquidation, its
Oo. bank.
business being taken over by the Welle, Fargo
The dissatisfied shareholders thereupon brought suit to recover the value of the stock thus sold, alleging that the
directors had no authority to levy assessments, as this could
be done only by the stockholders. The contention was sustained by Judge Sears in the State Circuit Court at Portland
several years ago and later by the Oregon Supreme Court.
The case was then appealed to the United States Supreme
Court— the court of last resort— whose decision mentioned
above finally disposes of the question.
&
.
DEBT STATEMENT JANUARY
190J^.
31,
with the figures for preceding months, thus completing the
results for the seven months of the fiscal year 1903-04, The
imports of gold were of larger volume than in any month
since October 1902. reaching $3,755,981, of which $2,655,633
was in coin. Of silver there came in $309,136, almost wholly
bullion and filver in ore. During the seven months there
was received a total of $13,272,771 gold and $2,329,474 silver,
which compares with $8,760,090 gold and $1,678,556 silver in
1902-08.
The shipments of gold during January were of
small volume, reaching only $5,319, all coia, and the exports
of silver were $265,884, of which $141,884 was coin. For the
seven months the exports of gold reached 1633,164, against
$1,952,840 in 1902-03 and $1,197,326 silver was sent out,
against $5,887,880 in 1902-03. The exhibit for January and
for the seven months is as follows:
imports of gold and silvbb at ban fbahciboo.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
For statement of Dec.
190i, page 208; that of Jan,
figures issued Jan. 81, 1904.
81, 1908,
Chronicle Jan, 16,
»ee Feb. 14, 1908, page 860.
799
GOLD.
8II,VER.
MONTHS.
81, 1908,
$ee
1908-04.
TUi« of
Loan—
Q.—
41. Loan of 1008-1918.. Q.—F.
4i, Vaadad loan. ieo7..g.— 3
Si.Conaolsof 19S0
**
4i,
Amount
Q.— F.
9
9
"
U$ued
31. 1004.
"
Oouvon .
RtgUUred.
I
649.000.960
-
lotai.
t
»
682.0-9.800
108.708.060
41.4e4,]«0
740.020.560 114.6Uii.160
October.
*
642.S00.050
77 185.3«0
9 031.160
86.671.800
48.Ub9.860
89.9K0
100,000,000
Wovember
December
11.36^
2,387.* 05
2,656,623
January.
Tot.7mo8
interest ceased AnKQst 18, 1900 .
FnndedLoanof 1891. matured 8eptember81891..
ia,oi«.e«7
1,263,104
Jan.
Dee. 81.
81.
325,41
308,881
309,136
18,373 771
3fi6,161
206,338 2,133,18t 2,329.474
GOLD
Ocfin.
July
l,05b,8:i0 26
SILVEB,
9
A.O^Bt
September
October...
574.060
11,99?.
i".io6
November.
December.
January .
6,880
10.745
10,710
5.319
67,034
Total.
Ooin.
9
Bullion.
6,905
6,4»0
Cot. 7 mo8.
$88 200 00
50.46000
1,036,880 86
9
Bullion.
9
Total.
9
120,792
220,060
836.519
75.203
83.496
95,373
266,884
679,966 120,792
6,480 76,760
13,095 74,619
4,203
6,880
11,S9.^
8,056
11,030 I3,37a
5,819 141.384
261.P00
71,000
76,440
82,000
124,50U
633,164 439.186
758,140 1,197.826
14*3",806
$1,106,630 80
.
Olddebtmaturedpriorto Jan. 1,1801
Debton whlohlnterest has ceased..
S60.30t-
ffAWTITft
1908-01.
..$1,100,680 £6
;
8,216
29,750
765
1.774.22f^
BXPORT8 OP GOLD AND SILVBR PROM SAN PRANCISOO.
reelst. 48 loan of 1907; of $60,000 reKistered 8s of 1080.
18, 1900
83'600
9
360,490
202,482
221,306
622.376
358.624
9
84.018
5,914 850
DBBT ON WHICH INTBRBST HAS CBASBD 8INCB MATURITY.
Ma7
Total.
276.472
202.48
221.806
438,77f
9
1,594,29S
2.640.805
1.723.617
2M,354 262,719
138,329 2,621,131
2C 0,858 2,765,981
:
Fanded Loan of 1891,oontlnaedat 8 percent, oalled
BuUiati.
llf^.48U.(»O0
Agg'te Int.-BeaiiDK Debt. 1.784.057,810 788.581 610 116.869,460
900.470,6&0
NOTi— Denomtnatlons of Bonds are
Of (10 only refandtnK oertlOoates: of $201oan of 1908 oonpon and regUtflred
Of ISO all Issneiezcept 3sof 1008: of $100 all Isgnes;
Of (600 all except 58 of l9O4 0ODp.; of $1,000 all issncs;
Of $S,000 all ret^ste'd 2B,8a and 4s: of $10,000 all reKistered bonds;
Of $20,000
Ooin.
166.ev<l 600
£6888.050
a tMO.700
92,151.860
2.4da.6&o
I,4(i2.04v
Total.
9
132,557
203,252
70,879
261,576
1,461.735
An^BSt.... 2.487,65<
September 1,703,547
Amount Outttandtng.
.
Refund's oertlflo's.Q.— J. 40.018.760
Q.—F. 102.316,400
Loan of lOsse
tf.Loanof 1904
Bullion.
July
INTBRBST-BBABING DBBT JAN.
interttt
payabl*.
Ooin.
$88,800 00
ee,46OO0
DBBT BBARING NO INTBBBST.
Dnited States notes
$840,681,016 00
Old demand notes
68.84' 50
National bank notes— Redemption account
38.584.696 60
Fractional currency less $8,376,984 estlm'd as lost or destroyed
6,870,687 68
"650
820
676,130
1
,
AafrregateofdebtbearinKno Interest
$898,140.1470$
IFrom our own oorresponaent.!
RECAPITULATION.
Ola»ii)teation of Debt—
laterest-beartng debt
Debt, Interest ceased
Debt bearing no Interest..
Jan.
81, 1904.
$
900.470 060 00
1,166 530 86
398,140,147 68
Dec. 81, 1908.
$
901,747.290 00
l,lHfl.f80
$
80
8eO.5S8.025 IS
Inc.
1,568,182 60
Total Kross debt
1,893.807.627 89 1.293.625.776 39 Inc..
Oash balance In Treasury*. 878,746.084 11. 879.874.b05 28 Deo.
Total net debt
*
915,062.543 76
914,150.880 11
281,862 SO
689,811 14
Ino.
911,603 64
Including $150,000,000 reserve fund.
The foregoing
London, Saturday, February
Inc. or Dee.
Dec. $1,270,270 00
18, 1904.
The outbreak of war has not caused such a sensational
fall in Stock Exchange prices as was looked for in most
quarters. As a matter of fact there was no "bull" account
open in London worth talking of, while in most departments
there was a large "bear" account. A heavy fall in London,
therefore, was not reasonable to be looked for. Bat it was
show a gross debt on Jan. 81, 19C4, argued that in Paris and Berlin people had been so very conand a net debt (gross debt less net cash fident that peace would be maintained that tbey were sure
n the Treasury) ol |915,C6a,548 75.
to be driven into a panic by the outbreak of war. As a matfigures
of 11,393,807,627 89
Treasury Cash and Demand Liabilities. —The cash ter of fact they have not lost their heads. There has of course
holdings of the Government as the items stood Jan. 81 we been a considerable fall, and probably the fall in Russian
have prepared from the Treasury statement of that date.
A88KTB.
Irust Fund Holdinge—
$469,578,609 00
Gold coin
BUver dollars
46l.Sai,000 00
8,i7»,86a 00
Silver dollars of 1890....
7.161,l4r)00
Sliver bullion of 1890..
$9«9,166,e09oo
Total trast funds
UABILITIS8.
Trust Fund Liabilitiet—
Gold oertlflcates
$460.573,A090()
464,2»1.0o0 OC
of 1800.. »5 a8ii,00C OO
Silver oertlflcates
Treasury notes
.
&eneral Fund Holdingt—
Gold coin and bullion... $79,862,090 63
Gold certltlcates
Silver oertmcates
Sllverdollars
8.»25 172 00
1322. .h<i7 00
BUverbuUlon
8,988. On CO
i
h8.3^700
18,654.086 76
Fraotlonal silver coin... 10 43^,124 3J
1 17 w6
Fractional currency
69^.8*288
Minor coin
233 73t( 74
Bonds and Interest paid
Tot. in Sab-Treasurle B.»141,5''o 8S7 4-1
In Nat. Back DepositariesCredit Treasurer of U. 8.1 .58,855.082 19
7.-'«n.742 06
Credit U, 3. dlsb.offloer s
Total In banks..
$l6».b95.7.4 17
..
InTreas of Philippine Islds.Credlt Treasurer of U 8. $1,609,747 95
«,iB7,9w9 49
Credit U B. dlsb.offloer s.
Reserve Fund Holdings—
Gold coin and bullion HW.n"0,0<'0 00
Grand total
$i 4i3 Ii0>i08 07
.
Ilabllities. .tb49.15rt.t0"70ij
Oen. Fund lAabilUiea—
National bank 6 per cent
fund.
$15,287.46146
Outstanding checks and
drafts
1,573 3^4 19
United States notes
Treasurynotesof 1890..
National banknotes....
Total trust
10,084.5[5 41
Disbursing officers' balances
Post Office Department
account
MlscellaneouB Items,.
Total gen. liabilities.
52.782.60882
6,fll9,84S7P
1
.
.
4<4.f'63P9
»( 5 -^Oa.O.i wa
and Japanese stocks
will continue as long as hostilities last.
In Paris there was naturally some apprehension that when
war broke out resentment would be felt at what might look
lihe deception. It is understood that the Russian Government gave the strongest assurances to the French Government that peacd would be maintained. Therefore the
French Government gave the strongest assurances to the
country that they had nothing to fear. CDn8equ9ntly, many
apprehended that the conduct of the Russian Government
would look to many French investors like wilful deceptionIt has, however, not led to any public exhibition of resentment. Indeed, the French people seem to understand very
clearly that the hand of the Czar was forced by the military
Consequently, the French are rather inclined to forgive the Czar, and to.throw the blame entirely upon the military party.
There has been some talk during the last few days of a
Russian loan of 80 or 40 millions sterling. The bankers in
Paris are strongly opposed to such a loan, and when feelers
were thrown out tbey expressed themselves so strongly that
party.
Cash Balance A Reserve—
Total casb and reserve. .$378,746,081 14
Made up of-
Avallable
$228,746 084 14
.anri
Reserve Fund
Gold &bull.$160.000.00000
Grand total
(1.4I8 Ii0.6x8 07
was seen a loan was out of the question. Now, however,
is said that communications are passing between the
IMPORTS
OF
French and the Russian [governments with regard to a loan,
SILVER
FRANCISCO.
and there is some anxiety amongst bankers in Paris lest the
Through the courtesy of the Collector of Customs at San French Government should bring pressure to bear upon
Prancisoo, we have received this week the details of imports tbem to bring out the loan. French bankers argue that
and exports of gold and silver through that port for the Russia does not want a loan, that she has gold enough tu
month of January, and they are given below in conjunctio- defray her expenses for a long time, and that it would be
it
AND EXPORTS
AT SAN
GOLD AND
it
.
:
TUK CHRONICLK.
soo
nmch
:
better, therefore, to wait until hostilities are
over.
Whether that couree will be taken remains to be seen. There
has also been some talk of a Japanese loan in London. That
Japan can borrow here at a price is beyond qaestion. Bat
whether a loan will be brought out immediately and what
its conditions will be it is impodsible to say at the moment.
While the qaestion of peace or war was hanging in the balance, all the great financial houses felt that it would be
criminal to lend, since thereby they would be giving the
means for drawing the sword. Bat now that the die is cast
there is no doubt thiit Japan can borrow. The only question
is whether she needs money sufi&ciently to induce her to
submit to the terms that would be asked,
One other cause of anxiety has been preying upon the
public, and that is the likelihood of war in the Balkans between Bulgaria and Turkey, now that the restraining hand
of Russia is relaxed. But even as to that, there is less fear
as the week draws to a close, for people are arguing that the
liberal Powers, the United Kingdom, France and Italy, will
exert themselves most strongly, that all three are now
[Vol. lxxviii.
The following shows the Imports of cereal prodnoe into
the 'Jnlted Kingdom during the twenty-three weeks of the
season compared with previous seasons:
IMrOBTB.
1903-4
1903-3.
1901-2.
1900-01.
tmp'tB Of wheat 0Wt.40.10S,96l 36,.^8^,768 28,034,200 31,145 000
ilktloy
18.0^9.368 16,101, H24 13,780,400 12,046,'20O
J»te..^
8,H45,200
7,399.728
7,428. 4P8
9,741,400
Pe»B
1,160.869
930,312
882,«00
1,278,630
aeane
989.4,52
1,004.800
l, 114.358
824,440
(ndUnoorn
23,740,297 16,540,710 21,4:-!9,000 2,5,362,700
nOQt
„ 11,067,624 8,873,150 10,121,700 10,033,800
Supplies available for consumption (exclusive of stock
on September 1):
1902-3.
1901-2.
9,608,088
85,555,768
8,873,150
11,791,409
28,034,200
10,121,700
14,137,978
1900-1.
31,145,000
10,038,800
11,989,107
60,781,668
56.220,327
52,293.876
58,167.907
1903-4
Wheatimported.owt. 40,10.5,961
(mporte of flour
11,067,624
laleaof home-grown
Total
lver.prloewhe»t,week.268. 9d.
tverageprloe, Be»aoii.S6B.lia.
268. 6a.
2&s. 7d.
S78.
26a.
268.
27b.
20.
9d
la.
5d.
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom
happily on the best of terms with one another, and that
1902-3.
LaHweelt.
1901-2.
Thitweek.
therefore their active co-operation is quite possible, More2.080,000
Vheat
qra... 2,345,000
2,185,000
8.885,000
over, there is a hope that the United States may co-operate, rioar.eanal to ore... 315,000
315,000
250,000
335,000
610,000
650.000
456.000
ora... 706,000
a hope which is inspired by Mr. Hay's proposal respecting «alie
China. The actual terms of Mr. Hay's proposal are not
Englisb Financial HEarkets— Per Cable,
known, but from what is understood there is a strong feeling
in favor of it here.
f he daily closing quotations for securities, etc. at London
Money, which was very abundant and easy all through are reported by cable as follows for the week ending Feb. 26>
last week, has become much dearer this week.
Naturally,
Fri.
MOH.
Tuet.
Wed. Thurn.
Sat.
liOMDOH.
bankers are unwilling to engage in risks at such a time.
Especially the fear of a break in Paris has restrained them Illver, per oanoe.....d. 27 14
2714
2714
26i5ie 261116 26nie
8638
8616
86616
aonBol8.,iiew,2ifl p.ota. 86
863]e
863i,
from lending very freely. At one time their disposition was
86I16
H63,6
8616
86%
866,6
For »oooant
863i6
even to call in loans. Happily, they have not proceeded as far rr'ohrentes(liiPMlB)tr. 93-5.5 94'90 9545 95-00 94-80 95-20
8I4
3i«
3i«
3I4
s»«
InaoondM Mining......
as that, and probably next week,:when they see that Paris and Uoh.Top. fy Santa Ve.. 67'8
67''8
6838
66'8
6738
66%
91ifl
91%
91
911s
911s
Preferred
911s
Berlin are taking matters more coolly than was anticipated,
7708
7778
77 38
76%
'laltlmore & Ohio ...... 77ifl
761s
they will be less cautious. Bat for a while the money mar90
90
90
90
90
Preferred
'.19 38
X11388 114
Janadian Paolflo...^... 1181a II8I4 11888
ket is liable to be somewhat tighter—firstly, because of the Sheflapeake & Ohio.... 81
SOi«
3038
31
SO
30
15
15
161s
151s
141s
cautiousness generated by the war; and, secondly, because Jhloa. Great Western.. 15111
142% 1481s 141% 1411s 143
Ohio. Mil. & Bt.Paal... 142\
the collection of the revenue is now on a very large scale.
I914
20
I914
191s
Oen. A Bio Gr.,oom.... 20ifl
191s
69
6bis
6714
691s
68
Do
do Preferred, 691*
Meantime the market Is receiving support from the pur- xrle, common
2414
241«
2408
2358
23'8
2333
6II4
6:5 38
64
6414
chases of Russian bonds by the Russian Government. It
iBt preferred
641s
631s
40 13
42
41
3914
39%
401s
8d preferred
......
is understood that Russia has bought largely here during the
I3OI4
131
130% 131
129
130
Llllnoia Central
IO414
105
week. Moreover, it is believed that Russia and Japan are LonlBvllle <b NaBhvlUe.. 105»« 104% 1051s 104
lOis
IOI4
lOia
10
9%
Mexican Central
both buying silver on a considerable scale, which has already ^0. Kan. & Tez.,com.. 16
15%
16
15%
161s
161s
36ifl
37
3714
86
37
Preferred
sent up the price of the metal. And it is probable that RusNational BR. of Mex.—
37
38
36
36
37
iBt preferred
sia will have to send large remittances through London in
11714
il7
116% 1161s II714
V. Y. Cent'l & HndBon.. 117
consequence of the effort she will now have to make to re- «. Y. Ontario A Weat'n 21
21ie
2OI4
20%
2038
20%
571^
5788
6716
5714
67
67%
cover her prestige in the Far East. On all these counts it is Vorfolk & Western
8913
89
89
90 Is
89
Do
do
pref. 89I9
98
expected that the Russian balances in London will be largely STorthem Secnrities.... 92i«
901a
901s
921s
58B8
5('%
58ifl
5838
57%
Pennsylvania
58
Increased. On the other hand, if there is a considerable
2118
2114
21
20ifl
2014
20%
PhUa. AEtead
41
40%
401a
401s
401s
Russian loan in Paris and Berlin, and if there is a Japanese *Phlla.ABead.,l8tpref. 41
29
28ifl
29
28%
'Phlla. & Read.,2d pref. 8OI4
29
44-^8
4618
46 3^
^oan here and in New York, Continental bankers may with- Southern Paolflo
4579
44 'e
4516
1908
19ie
1958
1914
197e
191s
draw a large proportion of the balances they are now employ- Vonth'n Railway, com. 82ifl
82is
82
81
Preferred...............
801s
801s
76I4
7988
7538
78%
781s
771s
ing in London, and thereby may disturb the market. For Union Paolflo
90 '8
92
92
92
90
Preferred
891s
the moment, therefore, there is much uncertainty as to the 7. S. Steel Corp., com.. III4
1118
llifi
11
1116
11
5814
57ifl
5716
57
do
pref.. 57%
Do
561s
Immediate course of the money market. Consequently, bank18i«
18
18%
18
18
Vabaah
181s
S514
3514
ers are inclined to be much more cautious than for a long
36
34
84%
Do preferred..
341a
62
e2ifl
61
61
62
Do Deb. "B".
,
time,
The
of its
prices ranging
from Is. 4 3-3 2d. to Is. 4 5-32d. per rupee. Applicants for telegraphic transfers at Is. 4 5-32d. were allotted
about 79 per cent of the amounts applied for. Later in the
day the Council sold by special contract a i^ lac in bills at
l8. 4J^d. per rupee and 4 lacs
in telegraphic transfers at
Is. 4 8-16d., making a total of over 124 lacs for the
week.
The following return shows the position of the Bank of
Bngland.the Bank rate of discount, theprioe of oonsols. &c.
compared with the last three years
1908.
1902.
1901
Feb. 10,
Feb. 11.
Feb. 12.
Feb. 13
*
PnbllO depOiUr
Other depoiltl
aoTemment
ieonrltlei
ieonrltlei...
*
*
87,749,055
ClrOttlatlon
Price per share.
©ommjercial aud W^xsttWmitonsW^tvciS
DIVIDKNDS
Nam*
88.127,905
28.734,810
9.081.eU
11,239,705
41,636.676
89,677.093
14.078,008
89,432 028
*
28666 426
8969814
87i28l!78i
19,228.834
15,062.127
17,274.486
is.3if7,eos
24 826,760
28.664,669
25,93t.4i6
22[724oa
86,898,726
4^^^
88,'685
Colorado
& Texas Pacific, pf.
& Soathern, Ist pref
Delaware* Hudson
Grand Trunk, guar
24.9(0,000
OolnAbuUton.bOthdepartm'tr
84.199.147
85.128,757
436
Prop.reierTe to Uabiatiei.p.e.
49
49
*B%
Bsnk rata
peroent..
4
4
OonioIi.SM peroent
86 6-16
9213-16
9111-16
96Jj5
'"•'•
ZeUi.
22 1-16d.
t&^a.
88d.
S sarlnK-Honie ratarDi
178.131,000 176,280,000 176.078.000 162,128.000
'
84;^
.
When
Ctnt Payable
tlallreada (8tnani).
Atlantic Coast Line (qnar.)
Boston & Maine, com. (qaar.)
Chic. Mil. & 8t. Paul, com. and pref..
(qaar.)
Mar
Apr
S^ Apr
l"* Mar
to
Feb 28
Holders of rec. Mar 1
Holders of reo. Mar 24
Feb 21
Feb 29
10
1»4
Mar
Apr
1'4
Mar
Apr
Apr
Apr
Apr
Mar
Mar
2
2i«
2>«
2
1
2^2
Mar
Boole* Closed.
(Dayt IncluHtt.)
Feb 80
2
2
Co. (quar.)
Ist pref
do
do
2d pref
do
do
3d pref
do
do
Pere Marquette, com. (quar.)
West Jersey <& Seashore
H(re«t KallvrayaSouth Side El., Chicago (quar.)
28!877'3H2
KMerraof noteiandooin
28,684 448
£5,iio,S5a
Ptr
of Company.
Oin. N. O.
1804.
other
*
India Council offered for tender on Wednesday 70 lacs
drafts, and the applications amounted to 367 lacs, at
11
Feb 36
to
to
Mar
to
6
Holders of
31
Mar 22
reo,
to
OnaecUaneona.
American Chicle, com. (monthly)
Assoclatei) Merchants, com. (quar.)...
Columbus G. L. <£> Heating, com
Continental Tobacco, com. (qnar.)
pref. (qnar.)
do
do
Ballway Steel Spring, pref. (quar.)...
United States Envelope, pref
United States Leather, prel. (qnar.)..
I
—
1
1»4
4
4
l'«
1»«
2i»
l>a
Mar
Mar
Mar
Apr
Apr
Mar
Mar
Apr
Mar 17
to
to
Holders of rec.
Holders of rec.
to
Mai 20
Mat 12
to
Feb 16
to
Holders of reo.
Feb 27
Apr 1
Mar 16
Maris
Feb 26
Mar 81
Mar 21
Mar 1
Feb 29
Mar 31
Apr 1
Mar 21
Mar 1
Mar 12
Feb.
THE CHEONICLE.
27, 1904.J
QOVEENMENT REVENUE AND EXPENDITUBES. —Through Che
courtesy of the Secretary of the Treasury, we are enabled to
place before our readers to-day the details of Government
receipts and disbursements for the month of January
From previous returns we obtain the figures for previous
months, and in that manner complete the statement for
the seven months of the fiscal years 1903-04 and 1902-03. For
$tatement of January, 1908, see Chroniolk Ftbruary 14,
1903, page 882.
BBOBIPTS AND DI9BUBSBMBNTS (000 omitted.
CD
^
<p CD £-•»&• GO
lO
oot
c>coc>a>a>oa
OCMO o
OO'Ol at
lOO^ovcDOa X
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vosc-x-io <o
'VSio Ok
e»-<ao«DmeD r«C>e9 ••
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loosai
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no
r-ooe*
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fl-* xe« o
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no 9
Q
55
Treasury Currenoy Holdings.—-The followingoompilabased on official Government statements, indicates the
carrency holdings of the Treasury on the 1st of November
and December, 1903, and January and February, 1904. Statement for corresponding dates in previous year will be found
Chronicle of Feb. 14, 1903, page 868.
TREASUKT NET HOLDINGS.
Feb. 1,1904
Cash In banks, snb-treas..etc..
D»dnci current liabilities.*...
470,647.020 467.245,842 469.787,936 468 022,868
92,009,617 98.008,412 90,418,041 84,2-7,274
Sold reserve fund.
378.637,403 369,237,430 379,374,896 378,746,0P4
160,000,000 160,000,000 150,000.000 150,000,000
Available cash balance.
228.637,403 3 19.237.430 229,374 ,898 229.748,084
•"Chieflj disburslne officers' balance!."
-
'
'
Total
and in Deposited
Bonds, Etc.— We give below tables which show all the
monthly changes in Bank Notes and in Bonds 'and Legal
in
op,
Tenders on Deposit. The statement for Jan., 1903,
found in the Chronicle of Ftb. 14, 1903, page 863.
tvill
be
Bond$ and
Legal Tend em on Deposit
1903-04 for Bank Oirculation.
Bonds.
Jul
31..
Deo. 81..
Nov.
30..
Oct
31..
Sept
30..
Aag.
July
June
81..
30..
May
31..
31..
Apr. 30..
Mar. 31..
Feb. 28..
For
Dec,
Legal-
Oirculation Afloat Under
Bonds.
tendert.
Legalten
If rs.
Total.
9
9
9
9
9
390,231,600 39,199,896 387,657,731 89,199,896 42>',857,627
889,335,680 37,389,395 387,273,623 37,889,395 425,163.018
384,625,930 38,088,495 383,018.484 3R,088,495 421,106,979
38-^,726,830 38,959,862j 380,680,821 38,959,862 419,610,683
381,484,830 40,910,711 379,515,824 40,910,711 420,426.535
S'?!, 486,430 38,511,6^8 3«0,076,322 38,511,653 41 ',687,975
380,173,030 39,739,661 377,606,826 39,739,661 417,346.487
375,347,270 41,375,242 372.295,408 41,375,242 413,670,650
367,827,920 42,856,218 868,586,98 42.856.218 406,443,205
352,696.120 43,587,373 347,564,355 43.587,373 391,161,728
342,160,770 44,169,444 338.849,814 44,169,444 882,519,258
342,164,670 44,138.484 338.660.361 44,188,484 882.798,846
full explanation of
14, 1901,
page 1232,
the above table see Chronicle
item in Financial Situation.
first
Total Eelf^.
$44,750
$572,750
2,432,950
1,247,600
1,708,000
384,798,300
8.128,150
13,035,150
9,439,920
496,337,400
1,864,000
23,204,170
6,000,000
1,092,000
$390,231,600 $559,673,540
$169,441,940
The foregoing does not include the bonds held in the
New York Sub-Treasury against deposits in banks. There
were go held on Jan. 81 $10,410,000 bonds, making the whole
amount at that date in possession of the Government as
security for deposits |179,851,940.
The following shows the amount of national bank note^
afloat and the amount of the legal-tender deposits Jan. 1
and Feb. 1, and their increase or decrease during the
month of January.
IfaHonal Bank Notes— Total afloat—
Amount afloat Jan. 1,1904
Amount issued during January
Amount retired during January
$425,163,018
$9,884,870
8,190,261
1
,
1904.
1,694,609
$426,857,627
Legal Tender Notes—
Amount on deposit
to redeem national
banfr notes Jan. 1, 1904
Amount deposited during January
Amt. of bank notes redeemed in January.
Amount on deposit
banknotes Feb.
1,
$37,889,395
$4,630,500
3,310,999
redeem national
1904
1,310,501
to
$39,199,896
The portion of legal tenders deposited (1) by banks becoming insolvent, (2) by banks going into voluntary liquidation
and (3) by banks reducing or retiring their circulation,
was as follows on the first of each of the last five months.
Legal Tend's.
Get. 1.
Depositsby—
$
Nov.
Dee. 1.
1.
$
Jan.
1.
Feb. 1.
$
Cnaolv'ntbks.
410,655
504,493
470,268
424,935
610.980
Ciiquid'g bks. 12,683,702 11,928,613 11,860,882 11,818,376 12,076.705
ied'o'gund.*
40,910,711 38,959,862 38,088,495 37,889,895 89,199,896
*Aot of June 20, 1871. and July 12. 1882.
Stock op Money in Country.—The following table
shows the general stock of money in the country, as well as
the holdings by the Treasury, and the amount in circulation
on the dates given. The statement for Jan. 1, 1904, will be
found in the Chronicle of Jan, 9, 1904, page 84.
,~ stock ot
Money
Feb. l.->
.-Uonevin Circulation.-.
1904.
In the Dmted
^Eeld in
Feb.
106.903,449
16,322,000
846,681,016
10,433.124
H8,327
96,470,326
15,233.673
8.988. 1W6
887,69-.!,820
Feb. 1,
1903.
t
620,083,915
87«,03 1,814
75,H38,448
456.866,609
92,507,814
22,865,478
340,807.518
426,857,627
18,654,036
408,203,591
362,404,263
1,
Ireasury.
1904.
<
States.
I
«
627.006 855
469.673.6 9
77,V63.600
Gold coin (lno.burnlnTreas.)1.826.841,E55 229,862,091
•Gold certificates
665.449,127 21.549,699
Standard silver dollars
465,93f..H28
•Silver certificates
Subsidiary silver
Treasury notes of 1890
United States notes
•Curr'cy cert. Act J une
National bank notes
,
Bane Notes— Changes
$528,000
5,695,200
11,787,550
7,731,920
111,539,100
1,864,000
23,204,170
6,000.000
1,092,000
Total
298,646.874 294,80O.33« 297,62'',597 200.648,837
167,3iO,S41 168,047,061 16H.446-38 166,695,774
4,670,206
4,«08,44B
5,712.601
5.7 T 7.747
•
Oirculation.
5 p. ots., 1894, dne 1904
4 per ots., fanded 1907..
4 p. ots., 1895, due 1925
3 p. ot8.,'98, due 1908-18
2 p. ots., 1900 due 1930.
8-65sDlst. Ool., 1924...
State <feC31ty
Philippine Isl'd Certlf's
Hawaiian Island bonds.
Total...
$
288,8»2,307 267,011.715 266,571.973 22»,862,09I
15,!el7.133
8,597.166
8,254.146 23,123,063
93,82t
J;8397
77.147
46,720
5,718,67!'
8,P88.19B
2,a87,8e6
3.408,678
10,872,165
8,141,361 12,009,8?6 18.654,036
7,861,871
8.100,009
8,808.926 10,433,124
Cash In Sub-Treasuries
Cash In national banks
Cash In Philippine Islands
Bank
in Banks.
Secure-
actof 1874 27,722,516 26,560,981 25,802,678 25,660,335 26,512,211
Nw.1, 1908 Dee, 1, 1903 Jan. 1,1904
Holdings in Sub-TreasuricBHeteold coin and bullion
Net silver coin and bullion
NetU. 8. Treasury notes
Net leeal-tender notes
Net national bank notes
.•.
Net fractional sliver
31, 1904, to
Public Deposits
Jan. 31, 1904.
Ba
^ In
tlon,
in
Bonds Held Jan.
Amount bank notes afloat Feb.
•
:
U. 8.
Bonds on Deposit
^ :
o :
» - :
p : fe
••»
% (liOO xo>
d •
o
Ctx
!•£>
•
The following shows the amount of each class of bonds
held against national bank oirculation and to secure public
moneys in national bank depositories on Jan. 31.
^i-t' Oti-T
ox
03 lO
I
:
-
P—
,H
OtOt rHIO
•
:
'
•
as
io«xiaooc>
SlrHio,-l030
X>3lO0(«0t
mxc-.-iX'*
:
>-
OCoin ••
«C« ot^
.H
X
CO 03 X o> X
X t- « at CD X X
ot
XlOOXXX .1
X o CD -• X at X
.1
r1
^
lO
0)
0310
,-^X
•
t-
'-
•
OIO
•
r-X
:
•
,-1
IOIO,-HO-llo
•
I*
03
'•otiaatxat
t-Xr-ilO!00
50
11.1
*
•
r-l
^.H
•
c3
I
.
OJflD
*-IX
•
a
— M :® : *3 '^ *
O
O
ID'S
X :S B o. o4 d
ft
ehS
o ® d •s O O
® :>• o 2 03 : o « ^S
o H a
®• «
a "
" S ?
CO «— s
w^
««
^32 =
«»<ogo 5 Ojog®
Td
CDOt
•
:
.
cqat
50
«-<
i-l
,-1 .-1
p-t
•
•
.
*
*
•
• rt
XX C9K5
O30t XU
C-03 •»
r-IIO
-^
93
wi
lO
r> rH es <D 03
^
XO
oo
,H
t-H
• O » 03 50 trHftiJ ••003
IH
05
CD •
o
03XXr^C0 ^ «
•
tH
OJ'jiOiot-a*
X
eoioft>c-<s X
C-a>ioo03o en
^t-t-WF-lCO O
rHrH
o
r.1
I
.
01
11
ago to '•at CO
<s
OD
•<oo«
^rtos
<tlO>010X«D
IC3
•*coe-i«c»o
o
•
I
rH
T*
aaao
r^
^00
a30f-ic9»x
0»,-X-«i-l
OftCDC-^
0«,-l
au
CO
«cox 0'«
i-l
X
«
t•
o
rH
o»
i-l
n
O
••
o
«
•
o
o
03
wi
oo
50O xo
t-x oa>
•O
CD
CtXCCrHO
xet
••<©
03
8»
.Oi
ox
••ra
o
••
OSOXC-r-,-!
.ft
0004 03
ioia«i
<sr-'«
at-JHQDt03rHIO
SIC«
I
o
w
W^
nioxxooe
• <© CD
• •COrHO&Ol
C- cw
«,_
OIO
<I3-H
CD
ox at
^
^
.H
CD
cvi>o.Hoaio
O
CO
«
oaxot
oj-os"
ono-oxnoDi-
*
•BIS
•WKOO
g^.HaiO
s
iH C- C-
CD
«
fH
s
folO
««cet-coo»
«c<
e«
lO
a>
o»<He««
etot-
»H
r.1
t-l
*
M
w
a
*
*
Mrt
COCOC-OSrHX
X
TH
coon
00
ncD'tf
OlCOry
03
C3«
lOaXD
e«-
t»
oaouM
•o
C0C«IOI>C«0I
a>
o
*
00
3>3i
t-fO o
C09IO iH
"•xa
*
ma
cva CO
® r-OO CO
01 ot
^
a
9
^
f-lrt!0
<»
toot
801
8, '72
2,777,064.774 289,076,478 8,487,979,801 2,366,738,834
Total
Population of the United States Feb. 1, 1904, estimated at 81,292,000; circulation per capita, (30 61.
• For redemption of outstanding certificates an exact equivalent In amount
of the appropriate kinds of money Is held in the Treasury, and Is not Included
In the account of money held as assets of the Government.
+ This statement of money held in the Treasury as assets of the Government does not include deposits of public money in national bank depositaries to the credit of the Treasurer of the United States, and amountinK to
ll58,'-55,0»2 12.
—
Anctlon Sales. Among other securities the following
not regularly dealt in at the Board, were recently sold at
auction.
By
Qlessrs.
Adrian H. Muller
Stocks.
50 N. Y. Security A Tr.Co.900
100 Title Guar. & ir. Co
410
100 Realty AasoolatPis
116
Bankers' Truer Oo
280»3
ir>0
260 Texas & Pao. Goal Co... 70
26 Somervllle Realty Co. of
N. J
$1010 lot
1 Central Trust Co
1951
27,278 Bella (J. Consol. Mng.
Co
$;51ot
4.'^O.Ono Homestead Mg Co.iB50 lot
88,080 Mt. Sopris Mining <fe
Dralnagti Oo
$35 lot
100,000 Rnshwnaoker Mining Co
$50 lot
15 Morton Trust Oo
&00
&
Son:
Stocks.
28,000 OowenhovenBy.Tnn-
nel & DiHlnai^e Co.. $500 lot
200 Manltoa Min'al Wat Oo.l
'•
Turrace HtB. Co. J $6
150
617 Colorado Clry Glass Co.. J lot.
76,000 Rook Hill Consoli'd
Gold A SUv. Mln. Co. $10 lot
683 Journeay die Burnham... 60>fl
25 N. Y. Sec. & Trust Oo.
Syndicate shares.. 850-900
Bonds.
818,000 Paterson Ry. Oo.
123
cons. 6«. 1931
$25,000 Eastern Tube Oo.lst
•. f. 68, 1926, July. 1903,
$5,000 lot
coupons on
.
.
1
1
THE CHRONICLE.
802
>ew York City (.'leuring HonSe Iljiiik*.— Statement of
condition for tlie week ending Feb, 20, 11)04, based on avera{?e of daily results.
!> omit two ciphers (00) in all cases.
BANKS
CapttaL
Surplus.
aptcie.
Jyoaiu.
Jytgals.
t
DeposiU
s've.
»
$
$
Bk. ot N. Y
AlHuhat. Co
•2,000.0
2,4S-M
2,0.')0.0
2,505,9
MerclKints'
•J.oou.o
1,3.^9.(1
MeclukiiiCH'.
J, 000.0
•2,7,s.),;
Ainoricn
PltOODlX ...
Cily
Cliemio&l ..
1.5011,0
1,1100,0
3,5S8.7
334,7
Meroh. Ex
.
Ualluliu ....
But. A: Drov
•J6, 000,0
30l».0
600,0
1.000,0
30(),0
Mech.ATru
QrtH'Uwii'li
L«>ath..Mtrs.
Amor. Exili.
Coiainoroo..
Meraintile
Pacini
Chatbaui ...
People's ...
N. America
Hanorer
Irvmg
...
Citizens'
..
Nassau
Mar.db Pnlt.
Slioe&Ltlir
Corn Kich .
Otienul ...
Imp. <fc Trail
Park
Ea-st
Hiver
Fourth
....
Central
Second
First
N.Y.Nt.Ex.
Bowery
. .
N. Y. Co...
Qerman Am
Chase
Ave..
Filtli
German Bi.
700,0
500,0
600,0
5,000,1)
25,000,(1
3,000,0
422,7
450,0
200,0
2,000,0
3,OOU.O
1,000,0
1,650,0
500,0
1,000.0
1,000,0
2,000,0
750,0
1,500,0
3,000,0
250,0
3,000,0
1,000,0
300,0
10,000,0
1,000,0
250,0
200,0
760,0
1,000,0
100,0
200,0
Germania..
200,0
300,0
Lincoln
Garfield
Fifth
Bk. ofMet..
West
Side..
Seaboard ..
IstX.Eklyu
Liberty
N.Y.Pr.Ex
New
Amst.
Astor
Total
...
1,000,0
250,0
1,000,0
200,0
500,0
300,0
1,000,0
1,000,0
500,0
350,0
17,323.0
20.477,0
13.376.3
12,279.0
2(t,297,2
3,595,0
17,40:i,o 144.980,5
7,537,0
360,1
2,'J07,1
23,666.4
5,438,0
7,212,7
1,861,2
4,257,0
2,188.7
4, V 89,5
29,715,0
110,6
381,3
620,6
514,2
3,964.7
11,358,8 153,95'2,7
4,415.3 24,477,7
3,022.0
607,8
1.069,7
397,1
2,066,5
6.404,3
l,029,b
667,9
316,5
1,234,2
357,6
3,3tJl,0
1.055,5
6,579,2
6,950,6
136,7
2,980,0
573,3
1,378,1
13,830,0
888,4
774,7
657,3
511,9
3,895,0
1,714,1
668,2
872,2
1,302,5
1,242,9
•
377,3
1,367,9
538,5
1,410,9
579,6
1,922,4
492,9
542,6
566,8
$
$
5,912,5
'2,17v:.4
15.034,1
47,853,6
6,089,0
7,301,3
2.583,4
6,557,6
6.765,9
29,981,0
7,093,3
24,003,0
66,264,0
1,194,4
20,639,9
9,978,0
9,495,0
80,608,5
7,037,2
2,720,0
4,487,6
3,503,7
41,397,2
9,025,1
2,598,2
3,225,0
11,269,2
7,278,2
2,341,9
8,375,4
3,132,0
15,581,0
4,397,0
10,216,6
4,588,5
5,87'2,2
4,957,0
1,069,1'
•2,197,0
2,677,0
7,959,0
2,997,1
1.851,0
3.913,3
837,0
43.108,6
1,206.5
1,814.0
2,06ti,5
$
I'.C.
9j9,7
792,7
471,9
486.0
406,5
1,005,2
5,779,0
26.775,5
4,018,9
367,3
721,9
132,7
2,006,9
11,141,1
779,0
1,932,6
398,0
285
22,121,6 -70
49,3
2,228,3 23-3
481,0
4,371,0 22-1
2.0^25,5 41-5
434,1
310,7
4,838,4 27-2
1,968.0 24,714,0 31 3
8,998,7 141,776,3 •;5-2
1,246,8 21,279,3 24-7
463,5
3,673,1 22-6
5,926,9 27-7
920,8
•2,695,7 26-4
558,5
1,619,2 13,743,0 ^5-6
4,823,0 58,656,..: 27 -2
644,5
5,451,0 26-1
399,4
8,414,6 27-7
2,995,^.^ 25-8
376.6
650,5
6,755,6 26-8
144,2
8,098,9 .'5
2,996,0 36,787,0 25-4
7,070,7 25-i
1,509,3
1,26S,0 21.116,0 23-9
3,849,0 75,603,0 26-3
220,0
1,333,9 27-0
2,694,1 23;864,0 27
67K,0 11,183,0 22-6
1,497,0 10,206,0 25-5
2,223,1 71,206,4 29-6
6,357,6 27-8
485,4
3.051,0 '201
233,0
5,616.1 25-3
473,9
221,1
3,447,9 26-2
1,608,0 49,570,8 26-5
31'2,6
9,790,8 25-3
705,0
3,450,9 26-0
621,0
5,064,6 20-V
1,400,3 11,365,2 210
283,2
7,498,0 27
157,4
2,504,8 24-4
745,9
9,640,4 23-9
3,688,0 25-3
343,0
1,596,0 18,679,0 26-8
663,0
4,739,0 28-3
240,0
8,822,6 26-0
371,3
4,569,5 25-3
694,-z
6,723,3 23-6
6,142,0 26-1
268,0
1,168,1
1,883,5
6,379,0
•268,6
3,792,0
16,062,0
141,3
3,763,3
1,853,0
1,115,0
18,811,2
1,283,9
383,0
948,0
685,4
11,532,4
2,169,4
160,0
428,2
987,8
1,740,8
454,6
1,562,9
591,0
3,402,0
683,0
2,060,9
795,9
893,8
1,076,0
115,572,7 133,180,1 994,438,8 213,606,7 70,906,3 10280256 27-6
t
f
Mew
I'ork City, Boston and Philadelphia Banks.— Below
a summary of the weekly returns of the Clearing House
Banks of New York City, Boston and Philadolpliia. The New
York tigures do not include results for non-member banks.
is
We omit two ciphers (00) in
Capilatd
BANKS
Loans.
Surplxix.
J>c-
Legals.
Specie.
N.Y.
all these figures.
Virciilalio'ii.
Clearings.
42,73!»,(
1,277,825,!)
posits.
$
$
9n4..'')52.1 205,477,.''. 75,637,.-.
10239438
$
Feb 6 24-<,752,8 ;'98 850,8 205.966,9 72,665,0 1027J56.-J 41,.'")i.9.'J
Feb 13 248,752,8 1199,569,9 205,647,5 71,321,1 102()357ri 40, 7.S 7,1
Feb 20 248,752,8 994,438,8 213,606,7 70,906,;; 10280256 40,651,6
1,251.263,9
1,0 70, '202,
1,069,355,4
12.8i;0,0
207,0
3,415,0 32-3
6,294, f^ 150,870,3 32-7
1,87-2,4
23,216,1 29-7
570,6
5,866,3 2b608,9
4,884,9 28-7
5,04'2,9
[Vol. lxxviii.
Jan 30 248.752,8
16,435,0 26-4
27,231,0 3 (•2
15,491,4 27-1
4
i
Total United States deposits included $37,997,500.
—
Reports of Non-Member Banks. The following is the
statement of condition of the non-member banks for the
week ending Feb. 20, 1904, based on average of daily results.
We omit two ciphers (00) in all cases.
Feb 6 52,635,4 180,875,0
Feb 13 62,636,4 180,913,0
Feb 20 62,635,4 178,045,0
10,654,0
15,480,0
14,504,0
5,392,0 201,793,0
5,352,0 196,696,0
5,511,0 192,060.0
6,837,(
138,482,1
117,866.6
118,765,8
6,8ri«,(
6,854,i;
IMiiln.
Feb 6 48,167,1 1.97,100,0
Feb 13 48,167,1 187,610.0
Feb 20 48,167,1 186,500,0
58,604,0
68,303,0
59,673,0
210,519.0 I0,42G.(:
216,936,0 10,33O,(,
219,238,0 10,467,(.
107,41.S,8
77,171,0
103,667,3
t Including lor Boston and Philadelpliia the item "due toother banks,"
and also Government deposits. For Boston these Qoverumcnt depositi
amounted on February 20 to $0,389,000 on February 13 to $6,41»,000.
;
—
Imports and Exports for tlie Week. The following are
the imports at New York for the week ending Hot dry go^ds
Feb. 18, and for the week ending for general merchandise
Feb. 19 also totals since beginning first week Jantiary.
;
FOBEIGN IMPORTS.
For week.
1904.
Dry Goods
1902.
1901.
$2,596,143
5,800,266
$2,661,630
8,284,441
$3,313,94t
7,564,87
$'2,195,656
$8,396,399
$10,946,071
$10,878,824
$9,096,084.
$19,268,474
59,349,812
$22,285,954
59,644,507
$19,818,18(
$78,618,286
General Merchandise
Total
Since Jan.
1903.
$81,930,461
$75,330,82^ $73,479,6.5a
6.900,429
1.
Dry Goods
General Merchandise
Total 7 weeks
55,512,64tj|
$17,291,429
56,188,224
for one week later will be found
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
week ending Feb. 22, and from January 1 to date.
The imports of dry goods
EXPORTS FROM
NEW YORK
1902.
$8,749,152
63,131,725
$11,238,951
63,608,533
$11,123,537
55,402,098
$71,880,877
For the week
Previously reported..
Total 7 weeks
FOR THE WEEK.
1903.
$74,847,484
$66,535,63;
1904.
1901.
$8,707,301
66,360,648
$75,067,949'
Note,—As the figures of exports as reported by the New York Custom
House from week to week frequently show divergence from the monthly
totals, also compiled by the Custom House, we shall from time to time adjust
the totals by adding to or deducting from the amount "previously reported."
The following table shows the exports and imports of
specie at the port of New York for the week ending Feb. 20
and since Jan. 1, 1904, and for the corresponding periods in
1903 and 1902.
NEW YORK
EXPORTS AND IMPORTS OF SPECIE AT
Exports.
Gold.
Week.
IMPOKTS.
Since Jan.
1.
Week.
Since Jan. 1.
Deposit with
BANKS.
Capi-
Sur-
00s omitted.
tal.
plus.
Invest-
Specie.
ments.
Net
Leg. T.
&Bank
Notes.
Other Deposits
Agent. Bks.&c
Clear'g
N. Y. Cm.
Boroughs ol
Man&Br'nx
Colonial
Colambia
..
14th Street.
Gansevoort.
Hamilton
..
ilt. il orris
Mutual
19th Ward .
Plaza
Riverside ..
State
12th Ward
.
23d Ward..
YorkviUe
..
Fidelity
Varick
Jetterson
..
Century ...
Wash. Hgts
United Nat
$
100,0
300,0
100,0
200,0
200,0
250,0
200,0
200,0
100,0
100,0
100,0
200,0
100,0
100,0
200.0
100,0
400.0
100,0
100,0
1,000,0
$
225,4
279,7
105,0
73,4
127,0
113,4
156,5
206,3
247,0
106,4
577,4
108,3
96,2
283,3
117,8
65,5
270,8
53,7
124,5
112,9
:^
1,940,1
2,950,0
1,720,0
1,632,2
2,675,2
2,188,9
2,287,8
1,254,0
2,684,5
1,081,0
6,851,0
1,463,0
l,2ol,0
1,891,0
733,2
704,2
1,885,7
575,7
553,2
1.997,6
$
54,2
130,0
79,4
21,3
171,0
122,8
31,9
27,3
138,0
17,1
432,0
46,0
54,6
77,2
10,8
$
198,9
91,0
88,1
100,6
89,3
91,3
201,2
131,1
123,0
95,8
249,0
212,0
143,4
226,2
45,7
5.7
.>8,6
12,3
17,5
12,8
221,3
83,3
16,8
109,9
299,0
195.8
14,8
198,0
129,0
10,7
42,2
10.9
93,0
50,0
42,7
16,1
158,6
2i<.5
22,2
54,5
$
408,6
241,0
321,3
143,8
163,8
210,9
306,6
249,3
526,0
$
558,7
$
99,7
2,756,0
2,938,0
2,145,2
1,868,3
100,0
'2,981,6
54,7
2,739,1
2,461,2
1,680,5
3,253,0
1,208,0
8,395,0
1,945,0
1,490,3
2,043,2
674,1
3,0
100.0
333,2
71,3
108,8
166,0 1,121,0
163,0
25,0
100,4
98,5
133,0
1,8
58,8
76,1
30,7
173,6
5,6
64,6
133,9
115,4
82,3
762,5
1,753,7
675,3
475,2
1,239,2
Brooklyn.
.
150,1)
..
Brooklyn
300,0
252,0
500,0
Mfr.s.'Nat..
Mechanics'
Merchants'.
Nassau Nat
Nat. City
North
..
Side.
Peoples
17th AVard
SprasfueNat
.
Union
Wallabout
Borough
.
...
Germany
West Indies
100,'J
300,0
300,0
100,0
100,0
100,0
200,0
200,0
100,0
200,0
331,6
168,1
520,8
391,5
56,3
730,1
576,6
172,1
171,3
83,9
252,1
123,8
80,0
84,8
1,943,7
1,397,8
3,034,3
5,700,0
993,1
4,246,0
3,205,0
907,2
1,237,6
5S8,6
1,142,0
1,249,8
735,7
1,500,1
58,1
117, -2
541,0
57,3
322,0
376,0
62,7
106,4
58,5
25,0
100,
22,6
105,6
l8tNat.,S.r.
100,0
107,5
702,9
65,5
400,0 1,043,6
4,091,4
182,4
Hud.son Co.
National
Second Nat.
Third Nat..
250,0
250,0
200,0
051,1
285,8
2,074,8
1,123,1
1,061,6
79,7
69,5
56,3
67,9
20,4
80,6
345,3
316,4
472,9
7o7,3
112,2
68»,o
854,0
42,0
79,3
78,2
188,0
101,8
43,2
155,3
24,1
50.0
65,0
10,0
22,0
201,0
241,6
89,3
39,6
24,0
202,4
42,9
63,1
2,105,4
1,619,5
3,586,9
7,014,9
1,084,4
4,359.0
4,209,0
1,015,8
1,349,9
621,7
1,093,0
1,395,5
710,6
1.607,8
110,0
527,1
146,2
2,278,8
1,084,5
138,0
45,8
21,0
28,5
•292,7
10,0
187,1
$3'28'2
15,500
»1,000
2,000
"19,613
7,131
$1,044,297
546,913
6,269,881
$22,895
227,520
154,402
*698,388
37,493
Total 1904
Total 1903
Total 1902
Silver.
Great Britain
$6,043,878
262,443
125,('
Feb 20 8,4.S7,0 102475 78.572.3
Feb 13 8,487.0 102475 78.194,3
Feb 6 8,487,0 102475 77,649,2
$16,700
259,484
France
Germany
West Indies
$4,015,684
603,945
281,326
iS4,930
t'
27,i25
""$893
'solabo
""Yii
2'2,657
,017
$162,264
102.730
178,889
""7; 65 5
Mexico
South America
All other countries
56,017
78,597
63
4,996
Total 1904
Total 1903
Total 1902
5
743,536
839,748
681,335
.1;6,419,242
.'f.l
9,2'J6
5,827,202
6,378,176
55.772
Of the above imports for the week in 1904, $3,000 were
American gold coin and §893 American silver coin. Of the
exports during the same time $14,700 were American gold
coin and $7,000 were American silver coin.
Auction Sales.
—See page preceding.
Sp encer
&
Trask
...
Bankers,
WILLIAM & PINE STREETS,
325,9 1,980,4
752,8
922,8
Co.,
-
NEW
YORK,
180,4
234,6
010,3
56,7
66,9
4,8
1,668,8
1,098,6
1,596,0
245,7
75,0
43,5
93,7
2,171,8
1,178,7
llluminatiriDr Company First Mortgage
Gold Bond, paying the investor S*^,
0,632,7
HOBOKEN.
Tot.
Tot.
Tot.
943',79'7
2,000
$2,047,346
598,300
1,146,450
25,195
13,932
173,462
10,999
Special circular carefully describina:
the property covered by an Electric
Jersey CiTx
FiMt Nat...
First Nat. .
Second Nat.
$"14,700
All other countries
Borough of
Richmond.
.
$2,000
Mexico
South America
Borough 0/
Broadway
Great Britain
France
.<,539,3 4,999.1 114732 5,037,!l 90,357,2
3,510,8 4,946,3 1U478 5,541,6 90.024,4
3,421,1 4,431,1 121655 5.731,5 89,925,1
Members
INVESTMENT SECURITIES
Branch
Ottice, 65 atate St
N. Y. Stock Exchange.
Moffat
&
,
Allnny.
White,
Members New York Stock ExcUanse,
1 NASSAU STREET, CORNER WALL,
IDealcrs In Investment Securities.
Tel. 5820-5821 Cortlandt.
Telephone Stock* a Spe«lal«T.
Feb.
THE CHRONICLE
27, 1904.
^anlijers^
For Oitidendi see page
@a^jettje»
Soo.
WALL. STREET. FRIDAY. FEB. 26. 1904.-5 P. M.
The Money Market and Financial Situation.— Little actual
change has taken place in the local financial situation during the week, and the condition of the security markets
remains about as heretofore reported. The European markets are less disturbed than they were last week. Although
the unsettled condition abroad had little or no appreciable
except to increase the sales for foreign account,
doubtless would have had if continued, and therefore the
present more quiet attitude removes some apprehension.
There is, moreover, less discussion about the possibility of
other European nations becoming involved in the Eastern
war, the matter seeming too remote to be worthy of coneffect here,
it
sideration.
The acnouncement of an action begun in the French
courts involving title to tbe Panama Canal was at first regarded as certain to delay payment for the property, but
the matter is generally regarded as trivial and a speedy settlement of it is looked for, in which case an early completion of the purchase will doubtless be made as arranged.
The money market continues to reflect extreme dulness
in the security markets and increasing accumulation of
funds at this centre.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1}4 to 2 per cent. To-day's rates on call were 1^ to
3 per cent. Prime commercial paper quoted at 45^@5 per
cent tor endorsements and i%@5}4 ?• c. for beat single names.
The Bank of England weekly statement on Thursday
showed sn increase in bullion of £970,733 and the percentage of reserve to liabilities was 48'88, against 49'03 last week,
the discount rate remaining unchanged at 4 per cent. The
Bank of France shows a decrease of 1,735,000 francs in gold
and 400,000 francs in silver.
NEW TOKK orrr olbahino-housb banks.
JHfftrtncM
1904
Capital
iorpliis
Loans A dlsoonntB
116.572.700
133.180.100
994,438,800 Deo
4 ',661,600 Deo
*1,028.C25,600 Ino
OlrcaUtion
Xet deposits
Specie
Legal tenders...
213,606,700 I no
70,906,300 Deo
Beserrebeld
284.613,000 Ino
267,006,400 Inc
36
p. 0. ot
deposits
1903
1902
Feb. 21
from
pnvious wMk
Feb. 30
Feb. 3S
109.722,70(
83 622,700
121.9/2.00(
101.2 19.600
i870(
960.2
936,767.600
43,191,80(
31,174,300
963,219,301 1,019.474,200
18 ',772,001
194 898.900
69,074,60(
73,426300
6,131,101
1 86.600
1,668,100
7,969,200
414,80!'
249,846,600
240,8U4,826
7,644.40(
417,026
267,326,200
254,868,660
SarplTis reserve
37,606,600 Inc 7.127,876
9,041.675
12,466.650
Ualiea Ulates deposits Incjaded, against $37,164,800 last
week and $40,161,200 the corresponding week of last year. With these
United States deposits eliminated, tbe snrplns reserve would De $37,006,975
on February 20 and «29.667,926 on Febmary 13.
NOTB.— Returns of separate banks appear on the preceding page.
'
$;j7.S97,5tlu
4
83i^@4
4 86S0
®
186
I
'® 4
4 87
'3)
4 8635
8610
'3
26
q—Jan
Q—Jan
*ir6
*106
•106
*106
*106
'104
*106
*106
Q— Feb
Q-Feb
Q— Feb
*i06"
ice's
*i06"
*ic6J4 *i06""
107'4
loe^a *106Hi «106'«
Q-Feb
Q-Jan
*ib6is
*107'«
Q-Feb
*132',
*132i4
Q— Jan
Q— Feb
'107 «
105
3
o
W
:
•ibei^
*107>«
*107>«
*133>«
*182i*
'"06>«
* 10714
'107"4
•132'4
*132»,
*a!04>ii
•iC6>« *i06H
*107'4 *a!06J4
*107'4 *107^
•182'* •138>4
*132'4 *133>4
Sange for Week
for
Standard Mining
United Fruit
Sange sinee Jan.
1.
Week
800
DlstU Co of Amer
general Chemical, pref..
Laclede Gas (St. L ), pf.
Maryland Coal preferred
Nat Enam & cramping..
N Y Doci, pref.
N Y ^ N J Teleph rights
12>oFeb28
100
120
20
200
148
69^Feb23
10(
13>«Feb25
83>«Feba3
75 Feb 26
3>«Feb24
94 Feb 33
96 Feb 26
101
296 110
100
lOi
663
100
100
200
Feb26
18>aFeb26
Feb23
8*4 Feb 20
131 Feba6
2-55 Feb26
96 Feb26
41
13%Feb28
7 Jan 15 Feb
Feb 23 65 Jan 647sFeb
13 "4 Feb 26
13>4Feb l434Jan
82 Jan 8634Jaii
83 »a Feb 23
76 Feb 2 6 74>»Feb 76 "a Jan
3i9Feb
2><iJao
3>sFeb24
94 Feb 94 Feb
94 Feb2H
96 Feb 26 95 Feb 104 Feb
116 Feb24 110 Feb 116 Feb
ISHtFebati
17 Jan 21 Jan
41 Feb28
41 Feb 41 Feb
3iijFeb
3'8B'eb2('
4 Jan
131 Feb25 131 Jan 131 Jan
2-56 Feb
2 65 Feb26 2 25 Feb
96 Vj Feb 24 96 Feb 97 Feb
5934
Ont^ide Marlcet.— The market for unlisted securities has
been devoid of ioteresting developments this week. Trading
has been on a limited scale, and outside of a few prominent
issues fluctuations bave been within narrow limits. After
an advance from 90^;^ to 9134 in the price of Northern
Securities stock on Tuesday, weakness developed and the
price dropped 3 points, to 88^; this decline was ascribed to
a possible decision of the Supreme Court in the merger case
which had been looked for by some; no decision, however, was
rendered; on Wednesday the price sank to 88 but recovered
the following day to 90; to-day there was another reaction
to 89\i; total transactions for the week in this stock have
aggregated, it is estimated, about 7,500 shares. iSeaboard
Air Line common declined from 8% to 7^, closing today at 8; the preferred lost 1^4 points to 14^^, but
later
recovered
27
15.
Standard Oil dropped
to
4 8726
4 8650
I
I
I
I
I
I
Oo
Chem
Amer Teleg <& Cable
Paris Bankers' Francs—
High... 6 19^
-a> 6 I8S4*
6 le^gt a 6 16T»*
Low... 6 30
-S 6 19>b
6 17Mt » 6 17'a*
Oermany Bankers' Marks» 94Hie
High...
94«g
-ai 96
95
& 94*a
Low....
941^
94i»ie 9 96r
AmsUrdam Bankers' Builders—
40i<
High...
"9 40411
® 40»ie
4011
Low...
4011
9 40I18
a 40 14
40'4t
Less • h» of 1%. t isa of 1%. t Hi of 1%. Pius H h« of 1%. •* »»« ot 1%.
Ms
1%
.
Feb.
26
nalet
Feb. 26
Detroit City Gas
-Cables.
4 8676
Feb.
U4
largely to more liberal offerings of all classes of chares. The
market was heavy on Tuesday, after the holiday, almost the
entire list participating in a decline that averaged from 2 to
4 points. The downward movement continued on Wednesday, but with less force, and the transactions were on a
smaller scale. Thursday there was a better tone and a tendency to recover from Wednesday's low prices prevailed.
To-day the market was again heavy and the volume of business the smallest of the week. The active railway list closes
an average of nearly 3 points lower than last week.
There have been few exceptional features. Lackawanna
fluctuated over a range of 13^^ points on transactions that
aggregated only 500 shares, and closes with a net gain of 2
points.
Pennsylvania has been by far the most active
stock and relatively steady.
Industrial stocks have been neglected, and with few exceptions price changes are unimportaat.
Amalgamated
Copper was the active feature of this list, and closes with a
fractional net gain. General Electric declined &% points and
recovered a small part of the loss.
Westinghouse covtred a range of 5 points and New York Air Brake has been
Preferred
Amer Agrioul
.
I
Feb.
23
Feb.
Railroad and Miscellaneong Stocks.— The stock market
has been more active than last week, a fact apparently due
Bome Water <& Ogdensb
Short.-
Feb.
90
"This is the price bid at the morning board: no sstu was made.
A.llls-Chalmers
To-day's (Friday's) actual rates for Paris bankers' francs
for long and 5 16^t®5 IGJg* for short.
Germany bankers' marks were 94 9-16^^94^ for long and
94 15-16 a95t for short.
Amsterdam bankers' guilders were
40'[r@40 1-16 for long and 4Q^4m0l4^ for short.
Exchange at Paris on London to-day, 35 f. 17 c; week's
range, 25 f 20 c. high and 25 f. 17 c. low.
The week's range for exoharge rates follows :
,
Zs, 1930
registered
Ss, 1930
coupon
SB, 1930,8maJ.regiBtered
Ss, 1930, small
coupon
registered
3b, 1918
coupon
8s, 1918
38, 1918, small.reglstered
coupon
8s, 1918, small
registered
4s, 1907
4s, 1907........... coupon
registered
48, 1926
coupon
4b, 1936
Feb.
Periods
STOCKS
were 5 19%(a5 IB^^*
-Long.
Intsrest
WeeK Ending
833^.
SUrling AetuaUHlgh... 4 8360
'S) 4 8376
Low... 4 83
9 4 8310
;
at 10(i]4, and $500 4s, reg., 1907, at 108.
The following are the daily closing quotations; for yearly
range see third page follotoing:
3s, reg., 1908-18,
For daily volume of business see page 810.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow.
—
payment.
have generally been well maintained. Present holders seem
not anxious to sell on a market which evidently would, following the stock market, weaken if offerings increased, and
on the other hand investors are disinclined to bid against
each other for securities in view of the political and financial
situation abroad, and its possible effect on our o .n markets.
No doubt also the recent and current erratic movement of
prices on the Cotton, Produce and CoflFee Exchanges has
had a more or less unfavorable eflfeot upon legitimate business in Wall Street. From whatever cause, the bond transactions have been so small and evenly distributed, and the
fluctuations so narrow, as to make any review of the market
in detail seem unnecessary.
United States Bonds.— Sales of Government bonds at the
Board include $6,000 33, coup., 1908-18, at 1063^ to 107^4 $500
notably weak.
foreign Exchange. The foreign exchange market was
strong this week until Thursday, influenced by a good demand for remittance and by a small supply of bills; the endof-the-month settlement in London and failures at Paris and
Berlin had some effect upon the demand.
On Thursday
the market fell off because of the postponement of the
Panama payment, but it closed steady on Friday.
To-day's (Friday's) nominal rates for sterling exchange
were 4 84(34 84>^ for sixty day and 4 87@487i^ for sight. Today's (Friiay's) actual rates for sterling exchange were
4 8365^4 8375 for long, 4 8650@4 8660 for short and 4 87@
4 8710 for cables. Commercial on banks, 4 8335@4 8335, and
doon oaents for payment, 4 83^@4 83%, Cotton for payment,
4 83^@4 83; cotton for acceptance, 4 b335(g4 8333, and grain
for
803
points to 596 and after a recovery to-day to 615 it
closed at 610. Light, Fuel
Power of West Virginia disThe following were the rates for domestic exchange on played considerable strength, advancing from
to 31.
New iTork at the under-mentioned cities to-day: Savannah, Electric Boat preferred moved up 7 points to 53, 35Jg to-day
but
121^0. per $1,000 premium; Charleston, 25c. per $1,000 pre- it reacted to 50
the common gained
to 20V^. Brooklyn
mium; New Orleans, bank, 60c. per $1,000 premium; oom- Union Gas "rights"' declined from J^ to 12/^ and closed
14
meroial, 25c. per $1,000 premium; Chicago, 10c. per to- day at 13. Greene Consolidated
Copper moved irregu$1,000 premium; St. Louis, 30c. per $1,000 premium; Ban larly between
10% and lOi'g, closing to-day at 1')}^; the
Francisco. $1 50 per $1,000 premium.
"rights" advanced from $8 to $9 per hundred shares on
State and Railroad Bonds.—Sales of State bonds at the Saturday, but after that declined and to-day they sank to $1;
Board are limited to $1,000 North Carolina con. 4s at 103.
the cl( se was at $3. White Knob Copper dropped from 7J^
The railway bond market's most prominent characteristic to 5% on Tuesday, but subsequently it moved up to 7%.
is dulness.
few issues show fractional declines, but price
Outside quotations will be found on page 8IO.
I
1
:
I
&
:
;
A
'
^
9
4
4
.
.
.
.
New York
Exchange— Stock
Stock
-..-
LOWKST 8ALH PKICSS
aTOChS-'JilSJiAST AA'V
.H on iiair
JTtb. 39
rtb. :iO
-
65 ^
73 U 7..•87
SS
40 >« 40»4
•118
*133
lu^^nsv
6r.
15lValo-»>a
30
30
36>«
.>6\
•82
•ISo
litu
•1-ji
r.'5
S6
14-8
l''>
•Sli
87
•64Vj
PSS;
••26
SO
138^^139%
•173
163
trfanetaay
rtb. vi
I^b. 34
j
-J-.
175S1
163
"-J
Do
•(?!»»
•73
•10:!
8I4
19 >«
1912
li>h
4'-.-
4HJ
434
63
77
Ill
29
•72
noi
14'4
15 H
5-J'4
14'.j
144 14^8
•514 52
15
52
22
•16
?2'.'i4
24
•16
9
ll^a
24
61 '4
•7'2
63
10
6I34
23
24
10
«94
•J23t
15
23^8
6I34
62''8
13
22 "4
61 »8
•12
15
24
62 »a
t;278
-lOii
38 14 40
•60
65
72
72
i
CD
64
78
180
'160
!^
3734
60
75
*155
180
7434
-81
CD
•17
18
•34
37
•2213 28
67
67
•16H! 19
w
M
65
§18
33
•10
w
34
•10
•40
•27
d
121a
lO"*
•120
*50
6OH2
94
61
'8
•118>al22
•35
17
114
•26
•100
•60
190
2038
55^8
•88
•52
*9o
•75
•
*
41
79
36>4
35
87=8
•37
•17
•83
114
103
35
16
"7*7"
30
•72"
101
111
•120
•68
103
Do
Do
Do
&
Quincy..
"A"..
pref.
c.
p. c. prof. "IV..
Cliicago Milw.
St. PatU.
4
&
pref
Chicago <fe North Western
Do
pref
Rock
26I(V6J i'l2
264
Isi'»i
& Pacilic
& Cm.
23
Ilia
27»2
110
70
19m
20 'v
56I4
92
55
100
78
80
62
99
4IJ4
80
2158
88
•604 624
22^8
ei^B
38 14
19
*7
35
87
101 la
35
•15
113
35I8
10
39 3e
62
Doluth
15
Do
2338 f^rie
*12
22
23I4
6234
6I34
62=8
EjDo
78
70
78
156
180
""II
"76"
•
78
55
102
864
115
976
140
62
94
1518
35
Do
& Terre Haute.
155
pref
Worth&Den.
Green Bay&W..deb.
Do
deb.
ctf.A
1
B
10
ctf.
TTocking Vallev
..
.'.
8OI4 aIdo pref
1261s Illinois Central
i-owa Central
18
33 35
Do pref
20 30 TT'anawhacfe Michigan..
65 67 -lVc.Ft.S.&M.,tr. cts. pfd
•1634 19
Kansas City So. vot. tr. ..
804 78
"850
1264 126
174 184 18
12618
34
30
66
32
•20
64
•10
•40
26
•90
250
45
20
50
29
110
300
54
30
10
40
*26
*90
32
20
50
2734
250
110
300
•45
52
Do
14034 142
Shore
L.
&
94
59 14
117 117
14=8 15 4
35
36
8838
8714
8838
1024 101
94
5S\
5834
118
15
S. S.
Mane.
pref
S. P.
Do
<fc
pref
&
Mo. Kansas
105
|V
3434 3434 1^
164
*16
113341144
55
500
Louis.
28
ash. Cliatt. <fe St. Louis
at.of Mex, non-cum.pf
Do 2d
pref
N. Y. Central & Hudson..
St. Louis...
N. Y. Chic.
110
65
191
2I295
320
Texas
37
874
*25
*95
lilsoo
St.
Do pref
8838 Missouri Pacific
•35
102
Do
Minn.
120
1434
&
Minneapolis
&
Feb23
Feb 8
Feb 8
Feb 24
Jan 15
ioO Feb 5
9 Is Feb 25
^119 4 Feb 1
61 Febla
90 Jan 6
55 Jan 4
117 Feb25
14=8 Feb 24
9,470 101
6,507 140
1,300 83
4,370 114
16
Nashville...
lyjanhattan Elevated...
"94"9H Michigan Central
12618 138
"58
62
•88
94
62
5878
Mich. South'n
pref
Mexican Central
Feb 23
100 §89 Jan 16
17 ?27134Feb24
20 50 Feb 6
Long Island
&
'2634
"ibo
Do
" 9"'^ "934'
126 141
88
600
150
100
84
85 4 I'i-etrop. Secur., sub. rec.
1141311514 Metropolitan street
Met. West Side El. (Chic.)
1144115
*58
700
400
pief. vot. tr. ctfs.
101410238 IOI4I02I4 LouisviUe
141 1413^
841a 844
4,696
Keokuk cfe Des Moines...
Do pref
T ake Erie & Western...
Aj Do pref
2,495
1,900 36 B^eb23
47,970 87 Feb 24
525 101iaFeb2i
580 3434 Feb 25
776 1578 Feb 25
16,010 113 Feb 24
Do Istpref
Do 2d pref
Loivcat
Jan 22
Feb
Feb 2
1
.Ian 22
J/uj/iesl
Deo
26
100 26i8Feb24
108 Jan 21
63 Jan 19
830 190 Feb2o
Jan
41
54 4 Dec 69 J an
54 Auk 89 7^ Jan
8 4 •Si Ants 103 4 Jan
7 'V Sop 104
.Ian
Jan 27
Jan 28 S2'4 J'ly 963, Fob
Jan 2 29 4 Sop 7 1 Is Feb
Jan 12 121 Nov 150 Fob
140 Sop 160 Feb
i-ilM Jan'i'i 115=8 Oct 13834 Feb
i>8>4Jan 2 57 4 Sep
78 4 Jan
1 6334
153 Oct 190 Jan
an 1
36 Jan 28 27I4N0V 53 4 Jau
40 Feb 6 184 Sep 3714 Jan
8514 Jan21
60 Sep 75 4 Dec
a82 Jan 14 5170 J'ly 5184 Mar
124 FebU 106 J'ly 138i4Jau
1734 Jan 22
1 3
Aug 29=8 Jan
85 4 Jan 14 834 Sep 9078 Jan
71 Jan 23 63 Oct 85 4 Jan
31 Jan 21
24 Sep 4678 Feb
I48I4 Jan22 133 14 Aug 183 14 Jan
179 4 Jau 22 168 Aug 194I4 Jau
17038 Jan 23 153 Sep 2244 Jan
2144 Jan 23 190 Aug 250 Jan
132 Oct 2001s Jan
145" Jan 21' U7 J'ly 162 Jan
176 Jan
§165 Nov 194 Jan
1234 Jaalo
8 Aug 1978 Jan
264 Jan 15 15 Sep 36 Jan
3 May 17iaJau
739 Jan 4
3334 Jau 18 30 May 5934 Jau
8034 .Jau 22
66 Aug 9933 Jan
1071a Feb 13 112 Dec 119 Jau
10 Jan 12 10 J'ly 311a Jan
584 Jan 2.") 44 4 Aug 72 Jau
2838 Jan 22
17 Aug 48 Jan
1684 Jan 22 149 Aug 1831a Feb
275 Jau 14 230 J'ly 276 1« Jau
2338 Jan 22
18 Oct
43 Feb
7473 Jan 22
62 Nov 904 Feb
24=8 Jan 22
12 Sep 4714 Jan
1434 Jan 23
734 Aug 2038 Jan
29 4 Jan 25 14 Nov 3934 Jan
67 4 Jan 22 55 Oct 90 Jan
IOI4 Jan 22
7
Aug 19 4 Feb
I634 Jan 23
10 Nov 2938 Feb
29i4Jan 2 23 Aug 42=8 Jau
6934 Jan 2;
62 Is Apr 74
Feb
504 Jan 2 44 J'ly 6478 Feb
66 4 Jan 27 394 J'ly 72 4 Jan
72 Feb 23 78 Aug 91 Jau
1
.J
Feb 3 31 Sep
Jan 6 160 Oct
7979 Jan 7
73 Dec
1434 Jan 25
10 Aug
77 Is Jan 22 63 Sep
85 Jan 7 77 Oct
13434 Jan 28 12518 J'ly
2278 Jan 8 16 J'ly
42 Jan 14 304 Oct
29 Jan 21 25i4 0ct
69 Jan 21 62 14 Oct
16 4 Oct
21 Jau 21
3834 Jan 19
29 Oct
104Janll 14 Jan 11 10 Oct
C.,stmp.
Great Northern, pref
12
76
1178
9
231a
250 61
8
40
100 13
67,665 22
13,295
18,330
1st pref
pref
Evansv.
Ft.
•65
7434
65
65
Atl..
Do 2d
384
38
•60
&
So. Shore
pref.,
Feb 26
Feb 4
Feb25
Feb 5
Jan 2
Feb26
61=6 Feb 24
3734 Peb24
62 Jan 11
72 Feb 23
52 4 Feb 4
177 Jan 6
7434 Feb 24
117eFeb26
70 Feb 11
804 Feb 24
12534 Feb 24
17 Feb 18
32 Feb 25
2534 Feb 10
65 Feb 8
164 Feb 24
33 Jan 7
100
tr. ctfs
pref. vot. tr. ctfs.
Do
Detroit United
18i4Feb25
64 4 Feb 2
19 4 Jan 7
940
2,310
Detroit South. vot.
25
180
58 "4 5934
lis 118
14=8
9
17
61
10
15
12
94
10
40
9
24
•17
61
*7
St. L.
1518
I8I4
•9
&
22=8
644 65
•15
pref
Chic.
pref
Cm.
Do
ii'eb2.f
.)anl.-|
iio Jan 21
176 Jan 6
8 14 Feb 24
900 18 Jan 2
1,210
41a Feb 20
800 29 14 Feb 23
77 Jau 9
100 Feb 8
3li90 14 4Feb23
600 52 Feb 23
750 22 Feb 23
3,200 a;156 FeD24
800 2504 Feb 23
pref
Do
2J
"736
Chicago Union Traction.
Cleve.
1,1
33
75 .Jan 2
181 Jan 1,^
121 FebU
Fob 24
5.5 75 14
83 4 Feb 5
100 iio l<'eb25
100 26 Feb 24
128,875 137i8Feb24
132 175 Feb 10
890 162 Feb 8
207 Feb 8
53
264
I8I4
76
111
-Ian
J
Chicago Teriu'l Transfer.
Do
4Fob'ii
66
220 154 4 Feb 2(1
1,450
ilobentures
p. c.
5 p.
Do
Jan 22 27
240
Burl
4
......
154 Colorado & So., vot. tnisl
53
Do Istpf. vot. tr. of.s.
Do 2(ipt. vot. tr. ctfs.
23 4
156 15618 r^elawarecfe Hadsou
262 268
A-'olaw. Lack. & West'u.
18=8 19
Denver* Rio Grande
65 '^ 651a
Do pref
IS 24 Des Moines & Ft. Dodge.
141a 154
524 524
22
224
1564157
107
35
3434 35
16
17
15^8 16
113%114i8
114
114 11434
*26
27 12
2618 2618 •25
27
100 110
*95 110 >
110
*oS
55 65 *
65
65
§19014 I9II2 190 190
'1894191
20I4
I912 20>a
1934
194 20
55 "a 56
5534
65
5534 561^
88 90 *SS 90
8838 8838
51I2 5II2
51 54
51
51
90 110 85 100 •90 105
62 4 62 4
'J5
621a 624 62
11258 1144 1121s 113 4 11238 1134
-17
20
16 19
•16
20
75 80
*75
75
75
78
*
80
80
55 61 55 60 *55 80
61
*9U
99
90 99 - 90 99
3934 4138
39 18 4038
394 4038
•77
80
77 79 *76 79
*55i2 59
56
56
5514 56
19=8 2118
1934 2038
20
2034
5J ;594
594 594 594 60=8
*35
40
11
11
37 40
*35
38
17 19
•17
19
>8
72
101
*155
"93^"
«9i4
89
104
36
17
114
54
80
140^4 I4II4
i5i2
3534
59 1^ 60^4
«10
101
"1614
14^8
*bo^ 59
20-4
45
lo'^e
-62ii2 6^
11334 114. H
-16
20
•
<fe
Chicago Hreat Western..
3lia
180
527134 27134
65
95
61 14
122
59
1U4
2634
140
•118
IS^a
•3534
8834
50
99,703
4,:!25
ChionKOifc Kaat. lll.,prel.
19 la 1918
58
70
65
15
50
261a 29
90 110
95
88
*88
"60>4
5
•10
•40
300
54
'"9"
141
514
15
103
141 142
84
85
1143411512
86
•4%
18
164 164 •164 174
30 32 3114 32
60
2634
•116»a 11634
*
0214
3876
8=8
191*
18
33
95
*250
•47
101
•14134 142
•10
•125
65
65 12
40
50
30
*95 110
•250 300
§46
46
1021810236
86
94
13
23
"76" '"".". "76"
81
81
804 813i
1264 127'!. 12534 126 4
*17
18
17
17
•34
•33
37
36
•25
•20
30
30
sa^
127'4l27Sj>
•
614
94
*8ia
8»8
114
*'.'."'.'.
76
*
22I4
•17
•60
23
"9
•16
2334
294
77
111
158 159'i Zl56 157
25i»ia255
262 262
183^ ish
ISSa 18^^
66
641a 65
^6"s
19
•160
1834
4«8
•72
•101
111
-3
67 H.
23
11
•60
•72
29
77 »a
»2
52
23
159
265
39=8
"4
Sh
I8I4
4»8
291a
9 "2
OS's
•23
159
*250
10
67 »8
*1S
-9
•16
«62
•7
•12
1,'J81
87,06r>
'i35""i46" •135" iis" •i35"i45" *i;/5"i45" Chic. St. P. Minn.
•165 180 •165 180 •165 180 *165 180
Do pref
i45
180
J9 4
1S"8
4>2
Ohio
Alton
Jlig/ivst
J5234Jaii 8 {51
61
Fob 2
70 78
87=8 Jan 6 923.1
73=hKoI-)21 Sj'b
87=8 Fob 19 92
38 Feb 21 52 ^4
120 Peb 8 127
97,716
Fi>.
ifc
prof
Clilcafto
Lowest
27
&
Chicago
On
Week
Po prof
I>aitinioroit Ohio
• ) llo
prof
Brooklyn Kapid Transit..
Butlalo Koch.
Pitt<»b'K.
Do prof
/ lanadlan Pacillo
V ''anada Soutlieru
Central of New Jersov...
Cliesapoake
liange lor Year iyo4
Hanye lor J'revious
basis of lUO-share lots
Year (1903)
01
the
Shares
UnilroudH.
A nnArbor
i\ Do prof
Atoll. Topek.i A Santa
Chic.
•135
•165
Saifx
YOI4K STOCK
KXCUANGK
rrb.
27
67
STOt'KS
NEW
friday
26
nursiuiy
reb. -'0
23 27 •23 27
37
-2f
•62
•53
•53
56
66
67
64 4 6634
6514
644 65 '^
66'».
64
88 14 88 '4
88^8 887p
,ss Sj h>-^4
88 4 88 '8
74 14 75 '4
74 '4 75 14
75 >»
73--S,
74>e 76^
•>7
8618 8S
{8634 863, S«
88
8S
38=8 39-4
39 >4 407^
38^8 41>V
38
39 4
•118
•118
•lis
•133
•132
•132
iVs'iiiViii
ll;P4ll6V 1124114% 113 114
•64
•64
•64
65
*(i3 4 65
0>j
67
154 156
•153 156 •153 156
155 155
2914 2934
2978 ao
29 4
SO^ •ii*
29
35>-j 36
36
3414
35
34
35''e 34
•SII4 83
?81
81
«81'4 SI"*
814 82
•185 195
•185 195 185 196 •185 195
•121 125
121 125
•121 136
•121 125
1434
14=8 15
14>« 15
14
144 14
•83
•83
•82
•82
87
87
87
87
•64
•64
•64
65
65
65
70
70
•25 14 26
•26»4 254
•26
30
26
26
13738 13938 1371*1384 13708iy9'^4 138 I3918
172 175 Hi 172 175ifl {172 172
175 175
162'4l64i4 163 16214 163 163
163 163
•2054 212 4
!
88 V
'\H
7\it>stiati
•33
•63
64
27
•r.\
•5-J
Record, Daily, Weekly and Yearly
TWO j».\<;ks
<»ct;iii'YiN«j
54
177
Feb
7434
Jau
Jau
274 Jan
1064 Feb
209
85
9914
Mar
Jan
Jan
7738 Jan
474 Jan
151
48
8234
36I4
6II4
Feb
Jan
Jan
40 Mar
48 J'ly §55 Apr
'304 Jan 25 23 4 Nov 53 Jan
95 Feb23 89 Nov 118 Feb
Dec 3341a Jan
J27134 Feb 2 4 275
55 4 Jan 2 49 Dec 83 Jau
111 4 Jan 22 95 Sep 130 4 Jan
146i8Jan22 126i4Sep 1554 Jan
Jan 21
704 J'ly
Jail
2
997eSep 14278 Jan
17 4 Jau
4
Dec 38
5 1 4 Dec 88
8 4 Nov 29
92
124
Feb 5
Jau 11
138 Feb2H
6734 Jau 18
9434 Jan 21
67 Jan 20
12634 Jan 2s
19 Jan 21
42 Is Jan 22
95 78 Jan 22
124i4Jaull
41 Jan 11
2178 Jau 8
122 Jan 8
32I4 Jau23
108 Jan 21
69 Jau2H
196 Jau 23
2414 Jau 25
6234 Jan 28
89 Jan 5
564 Jan 22
?50
14 la
12878 Jan
17
102
41
83
42
Jan
Jan
Mar
Jan
Jau
Feb
791a Feb
132i4Feb
3018 Jau
63 4 Feb
11578 Feb
133 4 Deo
.May 135
Oct 110
Nov 118
Aug
1094J'ue
15 4 Oct
33 Oct
8534
Aug
85
Oct
344 Mar
17 Nov
47 =8 May
281a J'ne
112=8 J'ly 156
19 4 Sep 45
Jau
Jan
Oct 118 Jan
Sep 87 Jan
tl87 4 May 225 14 Jan
19 Sep 35i4Feb
100
50
N. Y. N. Haven & Hartf
1978 2OI4 N. Y. Ontario & Western. 17,930 19 4 Feb 23
5334 Nov 76I4 Feb
5578 564 Norfolk <& Western
10,360 55 Feb24
85 Aug 93 4 Feb
*88
200 8838 Feb 2 5
Do adjustment, pref.
90
3934 Sep
72 Jau
50 55 Oacihc Coast Co
400 51 Feb 24
..
80 J'ly 100 Feb
90 105 t Do Istpref
"206 6114 Jan 12 6778 Jan 22 5OI4 Aug 76 Jaa
•614 65
Do 2d pref
II214 11338 Pennsylvania
275,693 112i8Feb24 123 i* Jau 2 T 11034 Nov 157=8 Jan
21 Jan 21 23 14 Jan 22 15 J'ly 39 Jan
•16
22 Peoria & Eastern
75 78 Pore Marquette
100 75 Feb 24 8138 Jau 23 74 J'ly 91 4 May
574 Dec §76 Sep
*
80
Do pref
"6'l"Feb"4 6634 Jan 22 55 Sep 94 Jan
•56
60 Pittsb. Cin. Chic. & St. L.
97 Jan 15 98 J an 22 90 Oct 115 Jan
•90
pref
Do
99
37 4 Nov 69 14 Jan
3934 4034 Oeading, vot'g tr. ctfs.. 45,940 39 >s Feb 24 48 Jan 25
400 77i4Jan 6 81 Jan 25 73 Sep 8978 Feb
7578 79 iXlst pref. vot. tr. ctfs...
5 14 Feb 2 5 62
Jan 23 5534 Nov 81 Jan
900 5
2d pref. vot'g tr. ctfs.
56
56
63,140 19^8 Feb 2b 27i8Jau22 19 4 Aug 53=8 Jan
Bock Island Company
2018 21
Do pref
2,660 5734 Jan I) 6878 Jan 22 5534 Sep 86 Jan
6O34 6O34
364 Feb 6 38 4 Feb 9 30 Aug 72 Jan
7
Oct I514 Jau
""so 94 Feb 18 14 Jau 23
•94 11 ot. J oseph&Gr'd Island.
I-' Do
36 Feb 9 45 Jan 19 32 Oct 58 Jau
*35
Istpref
38
16 Jan 8 20 4 Jan 19 13 Oct 2478 Jaa
17 19
Do 2d pref
191
BANKS AND TRUbT COMPANIES— BROKERS' QUOTATIONS
Banks
Banks
NEW YORK
America
1i
...
Bid
500
AmerExch.. t225
Astor
Boweryli
700
350
Butch's&Dr 150
Central
Century It
170
Ask
525
900
380
167
180
Chase
'300
Chatham
.>20
340
4000 4200
Chemical
Citizens'
City
ISO 187
t265
Bid
405
Columbian .. 350
Commerce. .6 t200
Consolidated 160
C'mExchgel: 350
Colonial U
Discountll ...
East Kiver.. 150
Equitable
Federal 1i
Ask
...
Fidolityli
105
180
Fourth
t201
170
365
160
160
100
110
Gallatiu
Gansevoortll
Fifth Aveli.. 3600 4000
Fifth
300
First
610 630
Bid and
1
Sale at Stoc'^ Exchan=' e or at auction this waeic.
uo sales were
iu;iilB
Bid
400
*
nalL*<i pntses;
Banks
210
German Amli 155
German Ex1| 375
165
600
Greenwich
270
Hamiltonll .. 170
Hanover
520
Imp & Trad. 590
Irving
220
GermaniaTi
on LUis day.
s
4
Tmst
Less
Ci>.
.
..
ii
Ask
147
310
600
1050
330
240
Jefferson^I...
200
395
140
500
Garheld
Bid
140
Leather Mfr. 290
500
Liberty
950
Lincoln
Mauhattanll. 310
Market dcFul 230
290
Mechanics'
Mech <fc Tra'i, 140
Mercantile .. 225
Merch Exch. 167
Merchants'.. tl75
Motropuevv: 375
Banks
ASIc
14thStre6tT]. 300
...
285
535
ulO
230
Mt Morris'
tiiiu 10>) siia.ro3.
cortiMoatos.
1
ii;.>l
..
150
240
177
1
h Assessraeut paid
...
State
Bid
New VorkCo
N Y Nat Ex.
New York...
Ask
J
Phenix
190
535
Prod
60
Park (new).. 150
Poople'sll
270
o.iuiis.
li
Ex
Bid
Banks
290
1500
200 216
275 285
19th Wardll. 150
North Amer. J 00 216
112
118
Northern
i40
Orientalll.... 230
Pacitioll
425
2124
ri.;,iDS.
Banks
270
Mutualll
180
Nassaull
New Ainster 475
475
290
Plazall
Exclill
Riversidell ..
100
525
165
250
600
Seaboard
600
Second
hoecfc Leth. 150
800
Statell
34th Street.. 200
12th Wardli. 120
23d Wardr.. 125
Union Exchll 155
Uiiited
divuleud and rights,
b
ASK
110
175"
280
ibo"
216"
160
100
Now stock.
Feb.
Stock Record— Concluded— Page 2
27, 1904.]
STOCKS—mQM EST AND LOWEST SALE I'BICES
Monday
Saturday
20
Feb.
Wednesday Thursday
Feb. 25
Feb. 24
Tuesday
Feb. 23
I
Feb. 32
STOCKS
NEW YORK
Friday
26
-60
•eo" '75'
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65 12
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9
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Sep
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381a
Feb
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651a
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87
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Do
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...
280
736
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900
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33
154
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200
87
154155
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la
29i4Feb
Jan
Feb
§204 Jan 235
()
Jan 2 33=8 Oct 76=8 Mar
2138 Jan 27
1714N0V 4134 Jan
72 Jan 27 6OI2N0V 93 Jan
32 7f Jan 25 26I4 Aug 46 14 Fob
90 Feb 9 82 J"- 98 Feb
J'ly
25 Jan 16 24 Nov 411a Jan
§197 Jan 27 171 Aug 235 Feb
8I2 Feb 15
"ly 2938 Jan
6 J.^
2i4 0ct
514 Jan 2 7
llisJan
1838 Jan 27
10 Oct 3738 Jan
914 Jan 2
4 Oct 1134 Jan
3til2 Jan 4
lOiaOct 42i4Jan
12 Jau 22
6 J'ly 1934 Jan
291a .Tan 23 23 12 Not 48 la Jan
lOiaOct 31=8 Feb
leifiJan 6 2338 Feb 1
75 la Jan 6 8OI2 Jan 27 67 la Oct 9534 Feb
2I2 Mar
434 Jan 22
6i8B'eb
3 Jan 8
17 Jan 7 22 Jan 14 14i2Sep 241-2 Jan
46 Feb 25 51 12 Jan 28 3634 Oct 5278 Feb
3334 Jan 6 94 la .fan 28 80i4Oct 99 la Feb
110 Jan 21 112 Feb 11 90 Aug 126 Mar
85 Jan ti 91 Jan 13 80 Sep 9838 Jan
12238 Feb 24 13 1 '8 Jan 25 1071a Oct 13438 Jan
123 Jan 4 12634 Jan 30 116 Aug 123 Deo
121 Feb 16 130 Jan 25 117 14 Oct 169 Feb
10 Jan 4 12ie Jan 11
14=8 Feb
7 la Oct
Jan 28 65 Oct 80 Jan
69 Jan 25
125 la Feb
61 Feb 20 7812 Jan 5 58 Oct
190 Feb 13 20934 Janl 5 170 Sep 225 Jan
6 Feb 5
7
J an 2 6
6 Oct
15 Is Jau
4778 Feb 19 49 14 Feb 23 40 Aug 65 Jau
27=8 Jan 7 3412 Jau 27
24 Nov 82 la Jan
65 Jan 27 65 Jan 27 65 Dec 122 Jan
12i4Fob2,i I634 Jan 20
91a Nov 22 Is Feb
185 F'eb » 19612 Jan 25 164 Aug 222 Jau
lOliaJan 4 109 >2 Jan 22 9434 Aug 119 Jan
17 Feb 24 2238 Jan 26 15 la Nov 35 Mar
6838 Jan 15 741a Jau 23 60 Nov 85 ifl Jau
23 Feb b 2'jl2 Jau 21 2C J'ly 3434 Jan
159 12 Feb 24 179 14 Jan 23 136 Sep 204 Feb
1034 Jan 6 1438 Jau 25
9 J'ly 19^8 Jan
64igFeb 9 6712 Jan 23 571a Nov 74 14 Feb
Jan 2 37
71i2Feb 9 72
31
500
3ao
200
400
1,600
5,130
1,180
100
2,850
1,110
50U
pref
Rubber Goods Mf g
191*
1,960
42
750
250
100
3,300
•
€&
150
200
Paper
i)ref
U. S. Cast I. Pipe
Do pret
&
Foun.
United States Express...
United States Leather
103
714
Do
77 =f.
U
7I4
49
51
12
<fe
78 14
Do pref
37 Sloss-Shellield St. & Iron
*81
Do pref
1=8 Standard Rope tfe Twine..
3534 Xenn. Goal, Iron & RR...
28 Texas Pacific Land Trust
714
718
7
335
2,647
600
pref
Republic Iron
812
7
7712
7
77
14
1,200
18,230
lUi
ijrel
Pullm an Company
t>ailway Steel spring...
Do
e^a
(Chic.)
pref
S Realty «&Construotion
Do
130
5,350
2,160
2,420
5,920
47 12
4934
5034
pre!'
11 12 United States Rubber
160
*45i2 47 '2
Do pref
1,060
10=8 10 78
10 la 1078 United States Steel
13,025
54*4 55-\
Do pref
54=8 55=8
1X9,465
27
28
28
28 Virginia-Carolina Chem..
2,309
•100
Do pref
150
100 100
•16
*16
20 Virginia Iron Coal & Coke
20
'-2
Do pref
205" 216" * 206" 216" 206" 217" Wells, Far^o
87
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20
23
28
70
Jan 30
Jan 26
8634
155
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87
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2110
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157
170
est'n
Do
200
54 14 Feb
27
98
Oct
13 May
47=8 Feb
10078 May
Sep
Jau
Jau
no
Jan 22
34I4 Jan 25
IO6I4 Jan 26
80
192
212 Jan
6
Feb
95
Feb
177 Jan
124i2.Tan
Jan
Feb
6534 Jan
95 Feb
23534 Jau
37 leb
90 Feb
22=8 Feb
3038 Feb
30 Feb
341a Feb
72 Feb
971a Feb
6 ki Feb
4234
10339
6838
4934
15
7934
15
65
Mar
Jan
Jan
Jan
1-eb
I5OI4
15 "4
9634
2 8 la
Fob
Feb
Feb
May
73
Aug
Sep
5I2
§205 Jan 30
2 9 la
Jan
Jau
19igFeb
58 Fob
3978 Feb
4934 Nov 8934 Jan
66=8 Feb
171a Sep
17
1,696 86
3,920 154
Istpref
Jan
46i4May
89 la Jan
Dec
128i2Feto
3978 Feb
Dec
70
<fc Co
Union Tele'gph
West'gh'seEl&Alfgassen
87
157
Nov 73
32 Oct
36 Jan 4 4034 Feb
IOOI4 Jan 16 10312 Feb 15 94 Oct
1418 Fel)25 161-2 Jan 23 10 la Nov
801* J an 26 84^2 Feb 2 3 " o Oct
120 Feb 25 13934 Jan 22 1015 Oct
81 Feb 8 90 Jan 26 68 Sep
2434 Feb 24 3;s'4 Jan 18
17 Aug
34
95 la Jan 6 102 -'8 Jan 23 873 Sep
1-2
261a Feb 24 33 Jan 28 221 Nov
69 Jan 2 72-2 Jan 28 621 Nov
•a
219 12 Jan 22 196 J'ly
210 Feb 20
19 Feb 15 23 14 Jan 27 16 Sep
72 Feb 24 78 Jan 4 67 Nov
6I2 Jan 6
334 Jan 25
=6
5 = Nov
40 la Jau 4 49i-> Jan 23 363 Nov
\
17 14 Jan 6 22 14 Jan 27 12 J'ly
7434 Jau 15 7 9 '-2 Jan 27
60 J'ly
39 I4 Feb 17 221l4 0Ct
311a Jan
81
Feb 2 67 Nov
77 Jan
I4 Sep
78 Jau 9
I'a Feb 24
34I4 Fell 24 41
25 'a Nov
Jan:
27 Feb 9 29 Jau 22 22 Aug
5I4 Jan 2u
4=8 Feb 23
4 a J'ly
34
45 Feb 24 5314 Jan 4 573 Dec
21
634 Feb! 8
6 Sep
81a Jan
41 Feb 16 46 Jan 22 33 Nov
100 Feb 24 110 Jau 25 95 Aug
8I4 Jan 25
634 Feb 2
6 Sep
75=8 Jau 4 7934 Jan 25
711a Oct
5l8 Jan 15
938 Jau 21
4 Dec
40 Jan 14 571-2 Feb 2 30 14 Nov
14=8 Jan 27
101-2 Feb
7 J'ly
30 14 J'ly
41 Jan
541a Jan 27
12=8 Jan 2
10 Nov
9=8 Jau
Vulcau Detinuing
216"'
Jan
Jan
Feb
55i4Feb
27i2Feb
2238
6412
3234
16=8 Oct
6 la
pref
Union Bag
76
1,600
820
New York Air Brake
North American Co., new
46
50 14 52
53
Iron...
Do pref
National Lead
45
ibo" {103 ibo"io3'" 100
7itt
600
&
Manhattan Beach
National Biscuit
9
•42
76
'46
10=8
551a
2713
7
"'8
7m
1,215
Internat'l Steam Piimn..
Do* pref
4!)
*7H4 78
4=8
105"'
30,225
275
12
."
19
45
1,950
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73
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23 14 2336 Distillers Securit's Corp.
158 161 General Electric
*Ui2 I212 International Paper
*64i2 66
Do pvef
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50 International Power
73
23
160
«22i2
12,315
Brooklyn Union Gas.
runsw. Dock&C.Imp't
634
48
&
7b34
38I4
•25
pret
Amer. Smelt' g& Refln'g
190
'51a
4878
3012
44
2
Do
191-2
46=6
184
51
31
65
•41
29
2,240
1,570
695
300
700
4,068
pref
American Malting
4
65
V Do pref
13
12 14 1234 Col.
I214 I214
Hock. Coal
Iron
I8934 »187i4l90
1891819034 Consolidated Gas (N. Y.).
*103 104v^ Continental Tobacco, pref
1041a
I712
1734 173^
17=8 I8I4 Corn Products
12
65
li
9
40
2,100
11,100
170
775
1,160
,
634
'51a
•48
31
48^8
30 14
65
56 J'ly 90 la Feb
Jan 28 >7() Jan 28 68 Aug 88 Feb
39i4Jan 6 49 14 .Ian 23 39 Dec 78 Feb
150 Jan 9 167 Jan 23 148 la Sep 170 J'ly
16 14 Jan 22 12 Aug 30 Jan
13H,Fob
29 12 Feb 24 363^ Jan2H 24 Aug 66 Jan
42 la Feb 24 62 14 Jan 27 08=9 Sep 68 14 Mar
IS I4 Feb 24 23 Is .Tan 27 161-^ Oct 3678 Jan
77i2Jan 6 86I4 Jan 22 69 la Oct 96 Feb
90 Feb 25 92 Jan 26 85 J'ne 96ii<Mar
21i2Feb23 2734 Jan 23 2014 Aug 43 Feb
ligiaFeblO 124 12 Jan 13 100 Oct 12378 Jan
20 Feb 23 22 Jan 21 17i4 0ct 3738 Jan
22 Feb -20 29I2 Jan 23 1 5 Sep 3178 Jan
32
Feb 24 3934 Jan 13 24 Sep 48 Jan
87 12 Feb 23 9534 Jan 21 79 Oct 12214 Jan
155 J'ne §15914 Deo
xl2\ Feb 24 82 Is Jan ^.: 6534 Aug 104=8 Jan
83i2Aug 95i4Feb
a;86ii Feb25 9112 Jau2y
70
§220 Pel) 2 225
52
90
Do pref
1171-^ American Snuff
*85ia 89
Do pref
123 la 125=8 American Sugar Rotiiuuf
>-l23
125
Do pret
Amer. Teleph. <& Teleg..
•8
11
American Woolen
62 72
Do pref
64
65 Anaconda Copper
18^8
*7634
•3612
3534
& Miscell
Express
105
I914
341a
*25
4=8
1034
11
72
65
190
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23
19 14
46=8
89=8
43 14
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I's
3414
37
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...L..
53
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47 14
20
47
89 14 89 14
41
19
78
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Adams
80
334
46
62
50
33 40
•711a 78
45
19 14
35 14 35 '2
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29
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4
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11
72
65
190
•23
712
43
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120
•85 12 9018
12238 124
12234 12438
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121a
79
38
83
1934
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38
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•220 226
4618 47 I2
19
19
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69
•2814 30
•83
93
•20
28
185 193
*19
105
1234
4312
1934
•43
•314
4612 471a
89^8 90
30
Erie...
v. tr. cfs.
pref. vot. tr. ctfs.
Do
39^8 39^8
3934 40
•3934 40 14
*101l4l02l4 •10114 102 12 IOII4IO3
10114103
14i» 141s *14'2 15
I4I4 14 12
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8312 8312
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83
83
92
I21I2I21I2 *115 123
120 120 115 126
823^ 8234
82
81
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82
84
82
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2512 2534 •26
97 12 93
9714 '^^
97 12 98
97 12 9734
•28
29
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21)
28
69
69
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69
•207 214 •207 215 •207 213 *2U8 213
1934 2018
21
20
22
23
221a 227g
72 14 7214
7218
72
72
72
721a 72 12
8434
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4
1118
88
135
210
'3
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40
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9
9
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4
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4734
9934
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65
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40 14 40 14
79
1234
4OI0
«2i'
79
'5 i-i
4834
Wisconsin Cent.
,
,
211a
63^
1734
pref
,
79 12
188i2l90ie 1881a
IO31SIO312 *103
1712 1773
17
70
70
69
23 '2 23 12
23
158 163
1561a
•1011-4 1"'';^
•8234
30
79
61
Do pref
Wheeling* Lake
Do istpref
Do 2d pref
Do
Highest
Lowest
malgamated Copper... 160,377 43ibFel) 8
2,600 1734 Jan 6
American Car & Foundry
1,310 67 Jan 6
Do pref
100 23i2Jan 7
American Cotton Oil..
89 Jan 22
Do pref
American Dist.Telegraph
231a Jan 15
§190 Feb 4
American Express
•6I2
7
6=8
650
5 la Jan 19
6=8 American Grass Twine
•3I4
4
100
2=8 Jan 5
4
4
Amer Hide & Leather
•13
I412
11 Is Jan 5
161a •14
De pref
838
«7=8
«38 American Ice
2,380
81s
71s Feb y
31 14 32
31 12 3134
2,862 28i4Feb 8
Do pref
*8ia 11
•834 III4 American Linseed
200
9 Feb 24
*26i2 35
30
«30
10 28 Jan 19
Do pref
79 14
30«8
W
H
^
k3
18
71
§71
-2312 24
163 i^6
11
11
•65
66
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40
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4738
19 14
68
69
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•88
93
•22
28
185 195
9
•180
16
46
24
UnitRysInv'tof SanFran
10
1714
2234
*
17^8
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226
45=8
19
35
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100
Highest
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2134
11
72
62
190
4514
181,
341*
•14
'42
24
1734
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5
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62
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72
62
192
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93
28
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117
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122=8 124
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^
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74*1^
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<fe
24I2 Toi. St. L. & W. V. tr. ctfs
900
1,140
3312
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1,130
88 Twin City Rapid Transit.
Do pref
"7 4 "14
126,510
Union Pacific
1,093
87
Do pref
33
88
861a 87
&
22W Toledo RailTvays
2412
88
79
4
21
4712
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•18
23 . 24I4
32i| 3312
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J
500
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&
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120
2118
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30
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7
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67
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5
17
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17
8014
18=8
29
93
28
195
7
•314
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118
8734
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47
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29
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30
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7278
220
226
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69
30
93
28
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1878
Week
4i;(>
1412 St. Lioms Southwestern..
3,100
Do prof
44I4 Southeru Pacific Co
138,795
19 Is Southernv.tr. ols. stmped 12,475
4,215
7912
do
Do pret
100
94
M. O. stock tr. ctf 8
22 78 'Pexas
5,520
Pacific
100
123
J. hird Avenue (N. Y.)...
30
Range J or Year 1904
Hange lor Frevious
On basis ollOU-share lots
Year (1903)
Shares
Do 1st pre!
Do 2d pref
C.
E. I. com stock tr ctf
167
•131a
441*,
78 14
90
22
22 12
32 12
45
ISSi
3414
17 '8
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19
871a
10
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•25
131a
30
43
St.
"70"
•tio"
401a 41I2
151
1334
291-j
8718 8738
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10
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17
3234 33 12
•1413 15
7612
89>i2
42
167
32
2212
3734
89^
341*
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43
167
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20
23
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120
20
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87 12
7618
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42 12 *41i2
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167
13 12 '131a
31
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42 la
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4211J
the
EXCHANGE
Feb.
,
*421q 44
•151
1137
Sales 0/
STOCK
Sep
§1'->1
J'ly
Jan 6 ?<9 Jau 27 80 14 Sep
Feb 2; 173 78 Jan 21 130 Oct
Jan 8 19 4 Jau 19 160 Sep
3334
Jau
81 Jan
2491a Feb
93 Jan
221 Jan
24 .Tan
BANKS AND TRUST COMPANIES— BROKERS' QUOTATIONS
IlankH
Varick
Bid
Ask
Wa8h.H'lit8ll 200
Nassau
360
Nat City
310
North Sidel). 230
BROOKLYN
Peoi)le's11
215
17th WardTl. 150
BoroughTl
150
Broad wayl).. 300
BrookljTill .. 130
Con'yI<feBB1i 140
"
BidandaskeJ
1
bale at Stock
Sprague
390
2IOI2
Siuyv'tHtsI, 130
Unionll
150
Wallaboutll
150
.
yrioes; uo sales
Exchange
Ask
Trust Cos.
Ask
Bid
Bowl'gGreen 200
BroadwayTr. 140
C'lR'tyB&Tr 410
Central Tr'st 1 1951
City Trust... 275
Colonial
306
Commonw'th 60
Continental 690
Eastern Tr.. 140
Empire State 170
KquilablcTr 675
1
145
300
325
65
Trust Co's Bid Ask
MortonTrust tooo
Exchange Tr
Mut.AUianco 210 230
Farm Lo & Tr 1375 1425 N YLifecfcTr 1000 1050
Fif tli Ave Tr 530
N YSec.fcTr t850 tooo
560
Guaranty Tr 610 640
North Amer. 245 255
Guardian Tr 175
Real Est Tr' 370 400
Kuick 'rb'k'r 870 390
StandardTr't 325 350
Lincoln Tr... 320 336
Tr Co of Am. 220 227
1375
McV'ck'rltty
Union Trust
205
Manhattan
480
USMtg&Tr 400 430
Trust Co's
CITY
Bankers' Tr. t280ia
N. Y.
Mauulactrs'. 325
Mechanicsll - 220
Merchants'.. 115
WestSidell.. 500
YorkvlUell.. 375
First
Bid
BanliM
BROOKLYN
175
1i
Bid
Ask
.
Mercantile.. 1000 1025
Merchants'.. 230 240
Metropolitau 600 626
176
700
ou this day. § Less thau lijo siinfos. i
or at auction thla week.
Ex stock dividend.
Ex
i
rights.
<i
J. P. .vloi'ijau
Trust Co. cortidoatos.
"J
iSi
Unit States 1475 1500
N'deuTr 190 200
Washington. 390
.
'V'au
Trust Co's
Windsor
Bid
mamoa
"t
BROOKLYN
Brook yn Tr 390
Flatbush
Franklin
Hanultim
King.s Co
L Isl LifcTr.
Nassau
190
320
290
400
with a paragraph
(H)
200
340
290
256
386
People's
Williamsb'g. 2ia
Co. certificates.
Banks
Ask
197
are State
s'ao'
247
Danu
New York
Stock
Exchange— Bond
(U'fin'YiNt;
II(>M»
Y.STlK'K KXOHANOK
WkEK KVDISO FKB '26
Wtfl^S
a It lie or
J.ijst Sale
{Yiilav
Ask Low
Utd
iVo
U
104«al0i")'4 107'-«
coiiMol r«<»ri«tori'il.(n '.';>(
ctiii.sul I'ovnnni
(HiKilP
coiiHol reK 8miill..illt*:<ii
cuiisolcou|isiuuU.(n'.i;ii>
"Js
'Js
'2»
"is
lOu'j 105
106
33 rt'si.stt>reil
kl\>\>
tl'.il.'
3scoiii>ou
3» ii'j; ^iiiikll boinl«..fcl'.U^
3soou siiiiill bouil8../ilins
4» rojcis'iTeil
/iliUIT
AliKiT
4s coiijiou
4s rt'.i;istore<l
I'.'-.''
lit".';"'
4s couiioii
IVHM
us registered
1904
8 us coupon
10<$
106 "a
106
'4
Jnn'Ol
Jan '04
10514106^
10634 108
107 J'no'O',:
107'iiFeb'li4
107;H<Feb'li4
107
Feb '04
S.
iofiiio"?!^
106'* 107
107»« 108
133^4 Nov'03
132>4 133
132 >« 13V4 132'4Feb'(i4
101
"-i
101
>4
Iii7«» 107'S-
107
107 12
13234
134"
Aug'03
Nov'03
VorciKo tioveniinrnt
96 »2 Feb "02
96
...
FraakIur(-ou-Miiiu aSiS ser 1.. M-S
1 hese art price s on the ba sis ot lour marlcs to o ne do liar.
OSi^NoVOS
U 8 ot Mexico 8 ( K 68 ol 18'Ji' Q-J
asU ol $5 to £.
J I use are yr ices o « tite
Jjtnio ^«ccllrilie»
Alabuina class A 4 lo u
Bus
U 4s
Class
Class
Curieucy
104^8 Sep '02
lUUO J.J
I'JOO J-J
liKK J-J
J-J
(uutliUf; 48
Uisl ol Culuiubia 3-Ous
1924 K-A
Liouisiuua uew coosol 4s. .1914 J-J
ISfJli
109»4Oct '00
102'2Mar'02
in Mar'02
121 Mar' 03
106 Apr'03
U8
109
Small
1894-1995 J-J
Missouri tuuiliug
><urlh Caroliua cousol 4s.l9lu J-J
1919 A-0
1933 J-J
So Caroliua 4>2S20-40
Teuu new setUeuient 3s..l913 J-J
J-J
8mall
Virgima fuud debt 2-38. ..1991 J-J
68 delerred Brown Bros ctis.
"2
Feb '99
102
102
136»aJ'ly'01
120 Mar'OO
96 Nov'03
93 Nov'03
93 Va Dec '03
L02
ti8
9434.
102
1021-2
"-.i
7 Hj
Feb '04
Knilroail
bo Ky
laba M idl Hee At Coast Line
Albany <&8u8q *ee Oeldt Hud
Allegheny Valley Hee Penn KK
Alleg d: West aee Bull K <fe P
AmDock<&Im 6'e<CeDtofNJ
Ann Arbor l8t g 4s
/il995
AtcU T & 8 Fe gen g 48... 1995
Registered
199o
Adjustment g 48
/il995
Kegistered
/ll995
Alabama Cent
t>ee
Stamped
/il995
East Okla Div Ist g 48.. 1928
Clue ii 8t Liouis l8t 0S..1915
Atl Knox & Xor 1st g5s.. 1940
Atlantic Coast Ist g4s./i.l9u2
Cliarles & 8av 1st g 78..193U
8aT i' &
1st gold 6s.. 1934
Istgoid 6s
1934
St Jolin'8 Div Isl g 4s. 1934
Ala Mid Ist gu gold us 1928
Brans &
Ist gu g 48 1938
SU Sp oca <fc G gu g 4s 1918
Atlantic & Danv nee South Ky
Atlantic <fc Yadk 6ee Soutli Ey
W
W
tJ-J
A-O
A-O
Not
Not
M-N
MS
92 >9 Sale
92
92
99^8 Sale
99%
99»6 169
9934
88
87'a
'.'.'.'.'.'."is
Hi
5
93^4
93I2
92
98^8 100
Feb '04
99
h8
88 '28
82 '2 Jan '04
88''4
'^4
^714
100
90
8212 8212
Feb '04
Dec '03
871-2
89»4
iVI-8
J-D •113
MS
J.J
9234 Sale
114 '•2 Oct '02
92*8
92^4
82
921a
941*
134
A-O
A-O
125 Is Nov'03
112^8 Jan '04
95'^4Nov'01
111 Apr'03
J-J
M-N
112»8ll2'%
Aug'Ol
91^.. Oct '03
87
J-J
J-J
W
See Sou Pacitic
Austin & N
Bat Creek & 8 Hee Mich Cent J-J
alt <fe Ohio p nor 1 g 3 "as. 1920
/il92u y-J
/il948 A-O
/tl94s y-J
Registered
Gold 48
Kegistered
Conv deb 4s
92 Tg Sale
100^4
89 14
<fc
<fc
1st g 3 SjS. . . 1925 J-J
/il925 y-J
Mouon Kiv Ist gu g us. .1919
Cen Ohio K 1st Cg4''28..19o0 M-S
Puts Clev Ji Toi 1st g Os 1922 A-O
Pitts
West Ist g 48... 1917 J-J
Southw Div
Kegistered
FA
&
J P M <fc Co cents
Beech Creek tiee if "^ C & H.
Bellev & Car Hee llljuoisCeni
Bklyu <fc Moutauk nee Long 1
Bruns & West nee Atl Coast L
Bultalo
Bttttalo
X
R
1' <k
<fc
Krifc
P gen g
AU<fe West l8tg
Mah
&
M-S
4s gu. .1998 A-O
us... 1937
9212
921s
8712
88
9014 J'ly'02
114i4J'ne'02
105^4 ..
107 110'-^ 109^4 Oct '03
llS'i ....
122 Jan '04
Hi
96
92^8
95I4
49 iboi^ 102"'
l0138Feb'04
94 Nov'03
89 '4 Feb '04
87^4 Sale
10138
101%
87 12 ^34
10
43
97
87 14 89
921-2
.
95
100
&
Kegistered
116
122
122
98 Aug'03
100 14 Feb '03
116
J-J
111
F-A
J-O
118»2....
&
CKIF&A'
92
16
nee Krie
let gugos
1943
Koch <fe Pitts Ist g lis. ..1921
Consol 1st g bs
1922
Bultalo
Southwest nee Kne
Susg 1st ret g 4s.'U951
Butt
Kegistered
iil951
Bur Cedar K Xo Ist 5s. 1906
Con Isl ii; col trust g 5s.. 1934
Clcfe
94 >-^ Jan '03
101
10014
.
1911 M-8
P Jon M Djv 1st g 3 "281925 il-N
Kegistered
ijl92u Q-i"
P L £ W Va Sys rel 4sl941 M-N
933g
927g
J-J
J-J
120
....
Is
122 "i
9314 Sale
116
115
103 Apr'97
124 i4J'ne'03
121 i4Feb'04
97'
981,
117
M«fe 8t Ll8tgug73
Cmnada South 1st us
1927 J-L
1908 J-J
'2d 5s
1913 iVI-S
Kegistered
1913
Carb <fe Shawn nee 111 Cent
Carolina Cent nee Seab Air L
Carthage & Ad nee >; V C & H
Ced K la F & N Hee B C K cfe >;
Cen Branch U Pl8tg4s...l94b J-D
Cen Branch Ky nee Mo Pac
Central Ohio nee Balti <fe Ohio
Cen KK cfe B of Ga col g us 1937 iVI-N
Cent ot Ga KK Ist g 5s. .^1945 F-A
Consol gold 5s
1945 M-N
Kegistered
1945 M-N
Ist prel income g 6s
pl945 Oct
118
102^8 Sale
107 14
I2II4I2II4
33
97=8
99
107
Jan '02
10212 1027g
107 14
107 1<
107 Aug'03
92
29 IO212IO314
4 IO6I4IO712
92I2 9212
92 k Jan '04
104i2J'ly'03
U6I2 II6I2
105 12
10512 105
10512 Sep '01
"66'4'70
67
67
.107
105
Last Sale
ol OA—{Continuf(i)
2d pret liiconio g 5s
pl94ri
3d ))ref incoiiio g 53
;)1'.115
i^liatt Div )Mir moil g4M.r.).'>l
Mao & Nor Div Ist g 58.U)4t>
Mid Ga A Atl Div 53
1947
Mobile Div l8tg68
1946
'entof N J geu'l gold 6s. 1987
Kegistered
/i 1 987
16 II6I1II8
17 10334 106 12
67
71 12
Sstreel llaiUvaj'
1945
5s.. 1934
BkCity lstconus.1916, 1941
Bky C0& Scongug 5s. 1941
Bklyn Uii El 1st g 4-5s.l950
Kings Co El let g 43
1949
Nassau Elec gu g 4s
1951
City «& S Ky Bait 1st g 5s.l92v;
Conn Ky & Ll8t<fc ref g4i2S '51
I)en Con Tr Co Ist g 5s. ..193;:
Den Tram Co con g 6s. .1910
MetKyCo 1st gu g 6s. .1911
Dot Cit StKy Istcong6s.l905
Gr Kapids Ky Ist g5s...al9H;
Louis Ky Co Ist con g 6s.. 1930
Market St CKy Ist g 6s.. 1913
Met St Ky gen col tr g us. 1997
A-O
100
102
J-J
J-J
ibs'i-1
109'
M-N
F-A
F-A
J-J
price Friday; latest price
79
lu73t.
Feb'04
Jan '99
Jau'04
Jan '04
100
lOOSi 101
831-2
82 "2
8512 Jan'03
J-D
J-J
90
95
A-O
90
96
Oct
'03
J'ne'OO
J-J
J-J
J-J
103
Nov'Ol
109
100
102
J-J
tills
11312
113
weeK.
Sal.-
1)312 Feb'04
113
113
<t
J
J
102
129
FA
FA
1.J
29
100
January
Low
1
1
.
2f>l-2
18\Feb'04
S'S
2OI4
92 Aiig'02
104 Feb'u4
102 J'ne'99
103 J'ly'03
129 12 12ii'2
130 Fob '04
llli^inii IIII2
104
104
1281* 13112
130 1301a
nil-.
1111411212
....
IOII2
103
105 Dec '03
L01i.2Fob'04
.
100
10338 Sale
IOSI2 lOSk
111 Jan '04
115 12 115'4
3 IO314 10812
HI
'l'4
961-2
Apr '01
94
7512
741s
75
12
9412
913.
110
Feb'04
91
lOOifiDec'Oii
10034 Nov'03
91
101»8
10412 1051:, 105
105
99
10034 Feb'04-
106
115
106 14 108
129
116
11313.
128
10734
....
....
106
la
10534 100 1«
II412II5
1061*10614
116
27 11534 116^8
Dec '02
Jan '04
11214113
12612 Feb'04
J'ly'03
Jan '04
126-2 128
108
108
170
108
170
Feb'04
166 170
IIII4 Dec '03
1081%. ...
108 12 108 12 Feb '04
111 Dec '02
....
115
119
98" "98%
l]6iaApr'03
119 Jan '04
....
11014
108
170
108 Is 109
9858 Jan '04
113
no
101
93
10(3" 10034
106
i'eb'04
10614 Jan '04
12938 Oct '03
116
120
113
91
Dec '03
9914.
11412
84
105
15
Feb'04
106
Sale
77
Apr '02
Apr '00
99
941a
81V.
74I2
75
8334
10434
99 14
116
104
99 12 101 la
Jan
'04
l06S£Oct '02
90=8 Dec 'Oa
833^
8334 833,
106 14
84
111
11434 lie"*
Feb'04
116
103V 205 102
115
103
103
112
Miiv'03
104
1007el01i4 lOO^e Feb'04
108
102
.
10712
11034
115 "2 Sale
FA
FA
n
12
Since
5°
JJigli
29
1..'
191-2
10434
12834 1293f,
119
119
IIOI4
109% 111
1161811512 115 12 Feb'04
11434 116
1091*...
111 lu Nov'03
I26I4...
137i2J'ly'99
II8I2 118 Feb '04
118
105
...
Ill's.
106
183
113»4
*110l2.
11338
IO514
11034
10934
II414
113
11412.
116%118i2
106 106 i
Jan '04
Feb'03
Oct '03
116
105
110
109
.
.
.
.
129 Is.
105
9812
J'ly'03
Jan
105
103
9816
106
108
10514
l'i9%129%
104 Jan '04
106»8 Get '02
104
9818
981s
104
99
Nov'98
11334 Dec '03
111 I2 Dec '03
10934 Feb'04
IO634 Mar'03
noii2 10534 IO412 10412
IO4I4 Jan'04
103 12
108 12
108'8 Jan'04
108 12
10334 Jan '04
II6I2
II512 Feb'04
II712 123 May'Ol
North imnois 1st 5s. ...1910 M-8
11034 110»4
10934 10934
11 4I4 11434
'04
Feb'04
Feb'04
Oct '03
J'ly'03
12938 Feb'04
103
109 12 10934
14 104 12 106
1041410414
108% 108%
10834 10834
no's 115 la
Nov '02
Oct '02
105^ Nov'03
C F & St Paul 1st 58 1909 MS 106 '8
IIII4 Dec '03
Winona & St Pet 2d 7s. .1907 M-N HII2
M-N I28I4I2912 1281-.: Feb'04
MU L S & West 1st g 68 1921 F-A
11714
11934 Dec '03
Ext & Imp 6 fund g 63 1929
.\shland Div Ist g 6s.. 1925 M-S 132
142 v Feb '02
Mich Div
1924
1907
Incomes
1911
Chic Rock Isl & Pac 6s... 19x7
Registered
1917
;1988
General gold 43
Registered
1988
1st g 6s
Convertible deb us
CoU trust
Series
H4s
M4s
N4s
P4s
KI&
B
4s. ..1904
1910
1915
1916
191S
Pac
RR 4s..2t)02
Due Apr
J-J
I2OI2
12018
J-J
102 12 Sale
J-J
68 14 Sale
80
e
Due
.vt^y
DesM& FtD
Ist 4s. ...1905 J-J
1905 J-J
Extension 4s
1905 J-J
Keok& Des 1st 5s.... 1923 A-O
96
91 14.
96
.
lst2i2S
10412
ne
993e J'ne'02
87 Aug" 03
67'..
6812 125
8SI4 Jan '03
781.1
80 134
104% .Ian '04
103^8 Jan '04
9514 Oct '03
1041-2
88
/lUuo.Jly
/f
9II2
90
nS'a
117
Oct
66 12 7434
3
85
104% 101%
103% 103%
'03'
9334
Oiin'04
98
Nov'03
Feb '04
8912 921a
11812 119
116l4ll0'4
9412 95 14
1181-.,
11034 Sale II6I4 Jan'Ol
94I4 943i 941.2
'.14 'v
II718II712 11634 11634
-94
94
104
106
110
4<as and Electric Li^lit
Atlanta G L Co 1st g 5s. ..1947
Bklyu U Gas 1st con g os.l945
i
122i8l22i«
120 120
34 101 104
I'aste-
.Street Railway
Met St Ity—rCou^Ket g 4s2002
Duo
Feb'04
I02I2
103
107 Jan '03
98 Aug'03
99 7g J'ne'02
99 12 J'ly '02
90
98
.
M
</
Sale
10434
7812
Uiie .\ng
79
791,
W Chic St 40-yr cons g 5s. 1930
II212II512
1121,11312
120
M-N
M-N
M-N
M-N
2002
1913 M-S
Choc Ok <fe G gen g 5s .ol919 J-J
1952 M-N
Consol gold 53
Reiristered
CoU trust gold 58
11234 109 Sep '03
122 ig Jan 04
J-J
J-J
MN
M-N
MN
12812 129
13134 Dec '03
10713 Feb '01
129
F-A 101
M-N
W
Mar'98
aDuoJan
J
i;-
J-J
l^'-A
17I4
Col<fc9thAvlstgu g 5s. 1993
Lex A V <fc P F 1st gu 5s 1993
10738 10738
Third Ave KK con gu 43 2000
100 100
Thud Ave Ky 1st gos.. 1937
100 103 14
S El (Chic) Ist g4s.l938
82 12 871-2 Met
MU El Ky & L 30-yr g 53.1926
Minn St Ky 1st con g 5s.. 1919
St Jo Ky Lt H&P 1st g 5s. 1937
St Paul City Cab con g 5s. 1937
Union El (Chic) 1st g 5s. .1945
United RRs San Frs 1 4s. 1927
United Kys St L 1st g 4S.1934
J-D
Bway<fe7thAvl8tcg53l94;: I-D
*No
100 14 101
S2 12 Sale
100
110
29
*2Sia
lOiiifl
J
Low
ytsk
Jli
5s. .1921
i>ll.SCELLANEOL!S 1JOND.S—Continued on Next
Brooklyn Rap Tr g 5s
Atl Av Bklyn imp g
Oct
Oct
Ra nge
Week's
~'0
Bid
y-j
J-J
Imp gu
Le <fe Hud K gen gu g os 1920 J-J
Leh <fe WUks B Coal 5s.. 191 M-N
Con eit guar 4i28,...'/1910 Q-M
N Y <fe Long Br gen g 48 1941 M-S
Cent PaciUo See So Pacitic Co
Clias <fc Sav See Atl Coast Line
Ches <fc Ohio g 68 ser A../J1908 A-O
Gold 68
al911 A-O
1939 M-N
Ist consol g 58
1939 M-N
Kegistered
1992 M-8
General gold 4I28
199" M-S
Kegistered
Craig VaUey Istg 5s....l940 J-J
K<& A Div l8tcong4s..l989 J.J
1989 J-J
2d consol g4s
Warm Spr Val Ist g 5s. .1941 M-S
Greenbrier Ky Istgug 48 '40 M-N
Chic & Alt KK ref g 33. ..1949 A-O
Mailway Ist lien 3 128... 1950 J-J
1950 J-J
Registered
Chic B & Q— Ch & la D 58 1905
1922
Denver Div 48
1949 J-J
XUmois Div 3128
Iowa Div sink fund 5s. .1919 A-O
1919 A-O
Sinking fund 48
Nebraska Extension 43.1927 M-N
1927 M-N
Registered
1921 M-S
Southwestern Div 4s
Jomt honds See Great North
1913 WIN
Debenture 5s
Han & St Jos consol 63. .1911 M-S
Cliic& E 111 Istsf cur 63.1907 J-D
1934 A-O
l8t consol g 6s
1937 M-N
General consol Ist 68
1937 M-N
Registered
Chic & Ind C Ky Ist 58.1936 J-J
Chicago <fe Erie See Erie
Ghic In & Louisv ref 6s... 1947 J-J
Kefundiug goldos
1947 J-J
Louisv N A & Ch 1st 63.1910 J-J
Ohio MU <fc St Paul con 78 1905 J-J
1914 J-J
Terminal gold 5s
General g 4s series A..el989 J-J
Registered
el989
General g 312S series B.el989
Chlc& LSuDlvg58....1921 J-J
Chio&MoKivDiv6s...l926 J-J
1910 J-J
OWc& Pac Div 6s
1921 J-J
Ghic<fe P Wlstg5s
1916 J-J
Dak& Gt So g 5s
1924 J-J
Far<fe Souassu g6s
1910
Hast <feD Div Ist 7s
1910
Ist 6s
I & D Exten Ist7s......l908
1919
LaCrosse & D Ist 5s
1910 J-J
Mineral Point Div 53
1910 J-J
Minn Div Ist 6s
So
Southwest Div 1st 6s.... 1909 J-J
Wisife Minn Div g 5s.... 1921 J-J
MU&NolstM L 68.. ..1910 J-D
1913 J-D
1st consol 6s
1915 Q-F
Chic &Northw cons 78
Extension 48
1886-1926
1886-1926
Kegistered
1987 M-N
General gold 3 128
Registered
jpl987 Q-F
Sinkmg fund 63.. .1879-1299 A-O
Registered
1879-1929 A-O
Sinking fund 58.. .1879-1929 A-O
1879-1929 A-O
Registered
1909 M-N
Debenture 6s
1909 M-N
Registered
1921 A-O
Debenture 53
1921 A-O
Registered
1933 M-N
Sinking fund deb 68
Registered
1933 M-N
Des Mo & Minn 1st 78. .1907 F-A
Milw & M.adi8on Ist 68. .1905 M-S
Am Dock&
Chic
.
Feb
Ott
J-D 102i4Sale IO214 102 14 10 101-'8l02l4
A-O *117
117 Jan '04
117 117
A-O 117
120i2Mar'O3
1934
Wlstgu5s.l921 A-O
Range or
KNOINti Full 26
J'rice
Low JUg/t Cfutral
U)f)l2l07l4
107TgNov'03
107
107 '4 100^4 107 14
WBEK
J
V. S. 4aovrmiii<*nt
U S
V 8
U t>
U 8
V 8
US
U S
US
U S
U8
U 8
U8
U8
f'ridav
N. Y. S'1X)CK
January
Jiigti
i'a(;f.-
UONUS
KXCHANGE
Jiange
Since
/i
JO
J-rb
Record, Friday, Weekly and Yearly
K<u)i:
95
75 la 80
84%J'uo03
H3Si 113
yl)ue Oct
94
J'ue'02
10914 Apr'03
1091.2 l)fc'99
791s Feb 04
99
113
1)634 117
Feb'04
Oct '99
Dec '97
113
p Due .Yov
1
11234 114
.^Option sale
Feb.
Bond Record—Continued— Page
27, 1904.J
We^K's
J'rice
STOCK EXCHANGE
Week ENnrNo Feb 26
Chic&StL, *e« AtchT & Sa Ft
Chic St L & N O 6ee lU Cent
Pitta tiee Penn Co
Chic St I,
Chic St P Jl & O con 6s...iy30
Range or
N. Y.
Feb 26
^a:
Last Sale
Ask Low
BiA
High.
313
Since
January
1
No Low High,
tfc
131
93
131
126
Sale
131
Cons esrexlucedto 3Hi8.193ii
130^4
D
1
<fe
1st
gu g
112
08. ..1941
& C JS«€ C C C & St L
Cin S & C ^ee C C C St L
Clearfield & M ah See B B
P
Clev Cin C & St L gen g 4s 1993
St
I
1
130 >2 132
"i 1301^ \ii'
121
12134
78
823,
W
98
J-J
J-J
98^.
M-N
M-S
M-N
Q-F
Q-F
Colum
&
& Greenv
Sc^ So
Ry
109
99
105
101
101
104i2Nov'01
Q-J
961^
62^2
'
XO
113
J-J
1151-2
J-J
F-A
97
97
63 Feb '04
112i2Eeb'04
64
117
58
9512 98
60
6'm
112'2ll2V;
Feb'04
61
84:'4
116
Feb'04
84 '8
Sale
^434
116
116
56
20
63I4
8418
891-2
W
<fe
Dak&GtSo .beeCM&StP
alias & Waco See M K &
Del Lack & Western 7s... 1907
'1
Morris (is Essex 1st 7s... 1914
l8t consol guar 78
1915
Registered
1915
1st ret gu g Si^s
2000
N
W Ist 68.. .1921
Y Lack &
Construction 5s
Term
<fe
Syr Biug
&
Registered
191
&
Sua 1st cou gu 78.1900
Registered
1906
Guar gold 6s
1906
Registered
1906
Rensifc Saratoga 1st 7s. 192]
Registered
1921
Del Rlv HR Brid-e Hee Pa RR
Denvtfc K Grist cou g 4s. 1936
Consol gold 4>28
1936
Xmprovemeut gold 5s...iy2b
HioGr West 1st g 4s
1939
Cousol and col trust 43 1949
128^4
IIII2.
IOOI4.
10934
J-J
J-J
M & Tol
Det& Mack
108^4.
10534
Erie Ist ext gold 4s
1947
1919
3d ext gold 4 "23
1923
4th ext gold 58
1920
5th ext gold 48
1928
l8t consol gold7s
1920
.St cousol g lund 7s
1920
Erie Isl cou g 4s prior. .1996
Registered
1996
ist cousol gen ileng 43.. 1996
Registered
1996
Peuucolltr g 4s
1951
Burl N Y<fc Erie Isl 7s. .1916
Buttifc S
gold 68
1908
Chic& Erie l8t gold 58. .1982
2dextgold5s
W
Jen RR 1st gu g 5s
al909
Long Dock consol g 6s.. 1935
Coal & RR 1st cur gu 6s. 1922
Dock & Imp 1st cur 6s. .1913
N Y <fc Green L gu g 53.1946
N Y'Susife
W
1st ret 53.1937
2d gold 4'28
l'J37
General gold 5s
1940
Termiiiallst gold OS. ..1943
Regm ^5,000 each. ..1943
127 127
IIII4II4I2
A
.
9758 Feb'04
9712
107
105
106'58M!iy'03
04 14 Feb'04
J-D
J-J
9514 Sale
95
95ii
A-0
SI1.2
85
97
Jan '04
Jan '02
35
Jan
3412
1
36V2
'04
&
C
D
J
J
J
Jan
21 1023410512
1(15
Feb'04
74
71
'04
1013* 1013!,
Sale
,104
9112
92
91%
el's
9012 94
93 14
90
Feb'04
103
IO2I2IO314
105
IO514
101
100
114
114 Oct '03
113i2Mar'00
99 hi Oct '03
94 Mar'03
99i4 0ct 'o:
10334
LN
O&Tex gold 4s.. ..1953
Registered
1953
Cairo Bridge gold 48
1950
LouisvilleDiv gold 3128.1953
Registered
1953
Middle Dlvreg5s
1921
gold 3s
St Louis Div
1951
Reeistered
1951
Gold 3128
1951
Registered
1951
Spring Div 1st g 3I2S...I95I
Western Lines 1st g 48. .1951
Registered
1951
102
101
101
91
BeUev»fcCar Ist 6s
1923
Carb & Shaw Ist g 48... 1932
Chic St L <fe N O g 58.. .1951
il9'
14
95
103
102
Feb'04
123
80
Jau'04
91 12
101 ig
100
103 Is
Oct '03
Oct '99
Nov'OO
Sep '03
II9I2.
92
124
90
119
119
87
May'Ol
Nov'98
Nov'03
119
102
102 14 Dec'03
95
105
120
*
10534
lOeHi -Mar'03
91
Registered
12
104-'^8May'0'.
110
80
Gold3i2S
45 103
Nov'03
Oct '01
Feb'04
103
102
103
.
105
J'ue'03
.
.
93 14 95
]\Iav'99
so"
"so'
118
87
H9
99
Jan '04
101
87
.
M
Mar'02
101
W
107i2Sep'03
107i2Dec'02
101
101
1 19 14 Feb'04
99 12
9038 Sale
99
70 Nov'03
72
109 12
11058Feb'04
Feb'04
8914 89
10534
105
101
Bale
118=8 119''s
75
9834 100
109
89
i8
112
89
fc-
M
M
Kan C & Pacific See M K T
Kan City Sou Ist gold 3s.. 1950
Wl-
S
AC
92
Registered
83 12 84
IIOI8IIII4
HI
111
93
94
94
84
110
Knoxville
94
94
A-C
J-J
J-J
109
Sz
63
Jan '04
111
&
Ohio
See So
115
Jan '04
M-N
M-S
110
114
114
112
,11114 11034
AC
J-D
11034
II412 Feb'04
lOl'sJ'ne'OS
1351a Feb'04
M-S
134 "2 135 12
.^-S
1301^
967g Sale
130
8418 Sale
115
J-J
J-J
J-J
1940
Registered
F-A
J-D
J-J
M-K
A-0
A-O
M-K
87
96
Nl-K
108
110
F-A
'2
98 '2
84
853)
8834
9812
9812
863)
8534
9312
11712 11334
131 131
113'2ll3is
108
A-O
66
97
97>2
s58..1932 M-S
II212
65
108 12 10812
109 '2 10912
103 14 104
II3I2II3I2
lU
Feb'04
Feb'04
11112
IO6I2IO8
65
65
Feb'04
97 12 Feb'04
105 J'ne'03
112
96
97 >2
Nov'03
eiifiOct '01
87
88 12
104
105
88
104
Feb'04
88 12
1051-2
Dec '00
105
88
Feb'04
10734
119 121
119 Feb '04
KdElIlBknl8lcoug48 1939 J-J
93 Miiy'03
91
XacGasLof StLl8tgo8.el919 Q-F 105 14 1051-2 105 14 Feb'04
MUwaultee Gas L Ist 4.S..1927 M-N
89
90 12, 90
90
-'
—
—
.
price Friday; latest bid and aaked tuts week.
II310
il'7i-IiV9"
10
105 10034
87 12 90
100
10434 106
105
105
107
107
Mur'03
llS'f 118
Jan '03
1914
Hud R
N
Mop
Unified gold 4s
100 12 Sale
102
1922
1932
1949
1934
10012 100 v
10 1 la Jan '04
100 Oct '0(1
lOOiolOOha
lOlVlOfiy
Feb'04
Jan '02
99
111
9834,
99
99 !«
1st g 6s. .1911
lst5s
191]
N Y B M B 1st con g 5s 1935
N Y& R B Ist g 5s
1927
Nor Sh B 1st con g guos ol932
Louisv & Nashv gen g 6s. 1930
Gold 58
1937
Unified gold 48
1940
Registered
1940
CoU
trust gold 5s
H<fc Nash 1st g 68
105 14 Mar'03
112 Mar'02
112 "2 Jan '02
112 Apr '02
II514 116
11012 Dec'03
9818
98 k
1-2
115i4SaJe
IIII4
98 '4 Sale
100
1931
1919
109
....
114»2 113
105
113
Jan '02
Jan '04
Nov'03
115'4ll6
41
98
99=%
109
109 12
107
90
104
108»4
9334
-Next I'age.
(<aH null Electric liigbt
Mnt Fuel Gas Co See Peop Gas
Newark Cons Gas con g 58 1948 J-D
5s.. .1948 J-D
NYGELH&Pg
Purchase money
g 48.. .19-49
Ed El 111 Ist conv g 5s. .1910
cousol gold 5s
Ist
1995
N y&yEl Lc&P 1st con g 581930
Paterson & P G <fc E g 58.1949
Peo Gas <& C 1st gu g 6s. .1904
2d guar gold 6s
1904
Isl con gold 6s
1943
Refunding gold 5s
1947
ChG-L&Ckel8tgug53 1937
F-A
M-S
J-J
104
IO6I2IO712 107
107
90 12
90 hj Sale
90
106 105 14 Feb'04
114 Auk'03
lid
101
10.1
101
F-A
M-S
M-N 10134
J-D IOII4
A-O 11934
M-S 105
J-J
Con G CoolChlstgugos.'36 J-D
Eq G <fe F Ch 1st gu g 6s. 1905 J-J
Mu Fuel Gas Ist gug 58. 1947 iM-N
1031210a
101
102
100"4 105
.Syracuse Lighting 1st g 6s. '51 J-D
964
G <fe El 1st g 58. .19-19 M-S «104
-
aDueJan bDueifeb rfDneApr ^DueMay
ll»i2Eeb'04
104 Feb'04
107 Feb'04
108 Jau'04
10134 Feb'04
100 Nov'03
109
I
/iDueJ'ly /cDueAug
o
105 «
10012 102
101iaJ'ly'03
1001* Deo '03
IO714
Trenton
.
.
Jan '04
105 Jan '04
113-'8J'ne'0:;
1945
Bklyn& Mont
E
7058
II512II9
1101.2 112
LIII2II2
109 1-2 Oct '9!'
107 Jan '0.1
94 Dec'03
1075.
8-
See Cent ol N J
& Wilkes b See Cent of J
Leroy <fc Can ey Val See
Long Dock See Erie
Long Island
Ist consol g 5s
/i.1931
1st consol gold 48
liVSi\
General gold 4s
1938
<fe
6834
110>2Feb'02
ife
"-.
llli-i
10534
17
g 1st pf 63.1914
Debenture gold 5s
1
9812 102
1st
Gold guar 5s
Ferry gold4i2S
Gold 4s
113i2Jau'04
13 'i Nov'03
108 12 Jan '04
1 09
Jan '04
99 NoT'03
104 Jan '04
113i2Jan'04
IIII2
J-J
Aug'03
117 11734 11712 lis
10112
106 Aug'02
13112
131 Feb'04
J-J
EIC&N
1-2
Leh
13278 13518 Leh
96^8
97
98I2 Jau'04
^5
8534 Feb'04
89
S834
125i2J'ne'03
89"
115
18 110'2]11
114 '2 114
84
J -J
118
Jan '04
Feb'04
I0714
105
105
V Ter Ry 1st gu g 5s.l941
Registered
1941
Leh V Coal Colst gu g 5s. 1933
Leh & N Y 1st guar g 4s.. 1945
May'03
Nov'03
Nl-h,
118
112
112
107
118
111
112
2d gold 5s
1941
North Ohio 1st gu g 5s. .1945
L Sho & Mich S See N Y Cent
Lehigh Val (Pa) coU g 58.1997
Leh Val N Y Ist gu g 41-23. 1940
Registered
114
119
6834
Ry
Lake Erie& Wist g 5s. .1937
Leh
M-N
69 V
Oct '00
69 1« Sale
1950
Kentucky Cent See L ife N
Keok & Des Mo See C R I & P
Dcc'OS
Jau'04
75 I2 Aug' 03
84
84
IIII4 Jan'04
9612.
D
Kq G <fe Fuel See P G & C Co
Ga8<& ElecBergCoc g53.1949
Gen Electric deb g 312s. .1912
Gr RapG LCo Ist g 5s.. .1915
Hudson Co Gas 1st g 5s. .1949 M N
Kings Co El Lcfe P g 58. ..1937 A-O
Purchase money 6s
1 997 A-O
''
Wo
92
1921
Registered.
Greenbrier Ry See Ches & O
Gulf <feS list ret<fetg 5a bl952 J-J
& St Jo See C B <fe Q
ousatonic See N Y N H & H
Hock Val lstconsolg4i2S.1999
Registered
1999
C0I& H V 1st ext g 48. .1948
Houst E &
Tex See So Pac
Houst & Tex Cen See So Pac Co
illinois Central 1st g 48. .1951
Registered
1951
1st gold 312S
1951
Registered
1951
Extended I8tg3i28
1951
1951
1st gold 3s sterling
1952
Coll'Trust gold 4s
Registered
1952
1951
1951
Registered
1951
Memph Div 1st g48...1951
137 13714
Registered
1951
108 108
St LSou Ist gu g4s
1931
Ind Bl & West See C C C <fe St L
Ind Dec &
1st g 5s
1935
Istguargold 5s
1935
lud IU& la 1st g 4s
1950
Int& Great Nor Ist g 6s.. 1919
2d gold 5s
1909
3d gold 4s
9738 9812
1921
Iowa Central 1st gold 5s. .1938
Refunding g4s
1951
103 IO4I4
Jefferson RR See Erie
10 94
97
83 12 851-2 Kal A & G R See L S <fe
au & Mich See Tol <& O C
K C Ft S <fe
See St L & S F
K C <fc R cfe B See St L & S J'
35
36
Feb '01
111
EdElIUBku SeeKCoELc&P
£d E lU See N Y G & E L H & P
EqG LN Y 1st con
Mar'98
.'
liight
Buffalo Gas Ist g 58
1047
Ch G L C Co See P G <fc C Co
Con Gaa Co See P G <fc c Co
Detroit City Gas g 5s
1923
Det Gas Co con Ist g 58. ..1918
A-0
105
104
74
<!>'ee
lUlSCELLA^EOLS BONUS—Continued ou
and Electric
J'ue'02
<fc
E-A
103
M-N 113
M-N
Mid liRofN J I8tg6s.l910 A-0 IIII2
WUk<fe Eal8lgug5s.l942| J-D,
108
<»a!t
No Low High
Not'03
Dec'03
10134
105
75
104
Sea A Line
Georgia Pacific See So Ky
Gila V G & Nor See So Pac Co
Gouv & Oswegat See N Y Cent
Grand Rap<& Ind AeePenn RR
Gray's Pt Term See St L S
Gt Nor— CB<feQcolltr48 1921
IOOI4 IOOI4
109^8 10978
14334 Nov'02
147'2J'ne'02
141'«.
M
EUuCort&No &eeLeh&N\
'98
102 Feb '03
137 Feb '04
149 Aug'Ol
108 Jan '04
122 J'ne'99
105 12 Dec '03
lll-<8Eeb'02
1st g 5s. .1917 M-N
See L S cfc
So
1st lieu g 4s. 1995
Gold 4s
1995
Det Sou 1st g 43
1951
Ohio Sou Div 1st g 4s. ..1941
Dul<fe Iron Range Istos.. 1937
Registered
1937
2d 6s
1916
Dul So Shore <fa Atl g 5s. .1937
l^astot Minn AecStPM&M
J-Jast Ten Va & Ga See So Ry
Elgin J ol & East 1st g os.l941
Oct
IOOI4 Jau'04
1097, Feb '04
137
104
11258 1125b
I29I4 1291.
1303s 130%
127 Jan '04
llli4Eeb-04
.
140
'04
13038 Feb'04
.
Des Moi & b't D See C R & 1 P
Des M & Minn Hee Ch <fe N W
Det
129 14 Feb'04
.
140
Utah Cent 1st gug 4s al917 A-0
Rio G r So gu Hee Rio Gr So
Den & S West gen s 1 g 5s 1929 J-D
DesMoi Un Ry
11 2^8
.
J-J
F-A
M-S
M-S
A-0
A-0
A-0
A-0
M-N
M-N
Jan
.
J-D
J-D
J-D
1923 F-A
1923 M-N
improve 48
113
130=8
& N Y Ist 78. .1906 A-O
Warren Ist refgug 3 "28. 2000
Del
Hud Ist Pa Div 78.191"
Alb
.M-S
M-N 129
High.
Since
January 1
Pere Mar
Fla C & Penin See Sea Air Line
fort St U D Co l8tg 4123.1941
Ft
DenC 1st g 6s.... 1921
Ft
Rio Gr Ist g 48... 1928
1 al Har & S A
See So Pac Co
t
^"^alHifc Hofl882l8t5a.l913
Line
Ala See Sea
Georgia
W
Dec'03
130
.SV*'
103
112
-c
Han
105
Hock Val &ee Hock Va.
Conn & Term &ee N &
Conn Pas Rivs 1st g 48.1943 A-0
Col
Col
PereM
7i,
11278 Nov'03
120 J'ly'03
A-0
A-0
Jan '04
Jan 04
105
101
M
&
lint<fe
11 634
105
Ill
5-=
55
i07"' Dec'03
W
98
10134
94'-a Aub:'03
J-J
J-J
Apr
Dec '02
102
110
121
J-D
J-D
W
W
100
95
93
105
99
J-J
consol7s
1914
Consol sink tund 7s
1914
General cousol gold 6s. 1934
Registered..."
1934
Ind Bl <&
Ist pret 4s.l94U
O Ind &
Ist pf 5s...ril93iJ
Peo & East Ist cou 4s...l94U
Income 4s
1990
CI Lor & Wh con Ist g 5s. 1933
Clev <fe Marietta Hee Penn RK
Clev <fe Mahon Val g 5s. ..193b
Clev & Pitts See Penn Co
Col Midland 1st g 4s
1947
Colorado <fc Son 1st g4s...l92y
98
100
99
.101^4 101^4 fc'eb'04
IOII4 99 Jau'0<)
M-IM
J-J
1
95B8 98
98
%1H
lOmzOct '02
98 Feb '04
Sale
J-D
CinSdiClcon latg58..192h
CCC&
1942
Ist general gohl 5s
Mt Vernon 1st gold 68. .1923
SuU Co Brauch Ist g 53.1930
Evtfc Ind 1st con gu g 6s.. 1926
So See Ch
cfc st P
L''argo
r
Ask Low
115
103
1st cons 6s. 1921
&
<fe
W
TH
Range or
Last Sale
Bid
Penn Co
See
Pitts
<fe
Ga Car & Nor
1..
Cairo Oiv Ist goia 4s
193!)
Cin
<fc .M Div 1st g 48. 1991
St L Div l.si col tr g4s..l99U
Registered
1990
Spr dt Col Div 1st g 4S..194U
•W
Val Div 1st g 48... 1940
C I St L & C cousol 6s. .1920
A;1930
Ist gold 4s
Kepistered
fcl936
&
W&
W&
104'2Dec'03
113 Oct '00
113 Dec'03
IO4I4
1987 J-J
2<lK0lil 4'2S
Cin
131
1-2
W
C
131
Dec "03
Sep •03
129 Hz 131)^4
120^2 123
121
121
82
81
81 Sale
112
109 la Oct '03
P&
S City 1st » «s...l91it A-0
Chicago Ter Traus K 4s... 1947 J-J
Chicife West Indsren irtia 71932 Q-M
Chic &
Mich 6'ee Pere Marq
Choc 0<fe Gulf ,SeeCRI<fcP
Gin H <fc D oousol a f 78.. .1905 A-O
St
ttrie
Range
Week's
J*rice
Ji'Tidav
Feb 26
STOCK EXCHANGE
Week Ending Feb 26
N. T.
Evans
Ch StPcfc Miiiu Islabs 1918 M-N
Nor Wiscou8in 1st 6s...l9;-i(i J-J
805
BONDS
Range
So
2
-
Feb '01
11834 119»a
104 104
100 Hz 107
105 106
10134
—
101^
*V"
Due 0«H ^DueDeo jOptlonsaia
'
806
Bond Record— Continued—Page
IIONUS
tYidav
feb V6
Knuino Fkb 96
\VkV:k
it Sanhv—CContinufti)
\' lyt-x !:(>U14H)S...li':U
>v
Ist Hold (•.s....l'.'oO
C.H
liHiO
.V
'.M
Loiusv
LViu
NO
NO
M
M
noM
Peusftoolft Dlv gi>Ult}s...li'i;o
1'.l'.'l
St 1. l>lv l8t KOUl 08
38
uolil
•Jil
l!»S(i
HojuUt
M-N
103%
J.J
125
MS
118
112
122
JJ
M-S
M
MS
L*
it N Ala con k\i s 58..1'.i3ii
Sink fund irohUis
HMO
ifc Jetl Bdge Co g\\ g 48..1l)4:>
S
K-A
K A
KA
AO
M
L
L N A Cli Sft C 1 A L.
\ ahon Coal iVi- L S A M S
i'lanliatiiin RyoousoUs.lfOO A-0
Hi
lOS'^
....
....
1
2
122-U
lUrH.
....
12ft >2
limjn2>4
103
...
93
NJ
KoirisU'iiMl
Metroiiol Kl 1st
it
S \V Coloniz
it
Man
McK'pI
V
H
.t
1
ii!>0
li'DS
5s....li>34
tis
NY
^r>
2d oonsol income g
Equip
A
97 14
2il
Coll tr
Mex
»;
4>-js 1st
89"
Det Mon
115
115
115
115
FA
64
64
13
12»4
7
59 102
Mich Cent
104
641a
13 12
v
64
1634
934
91
10
71
1234
7
27
96
May'OO
105
J-D
1934 M-N
1st consol gold 5s
1st and refund gold 4s. .1949 M-S
Minn St L gu SeeBCR
St P A SS JI conc4iutgu'38 J-J
lat 5sstiMl48iut-?ii 1930 J-J
prold 4s
j/1990 F-A
1944 .M-N
Ist ext gold 53
St L, Div Ist ref g 48. ...2001 A-O
Dal
Ist gn g 5s... 1940 M-N
Ist g 4s. ..1990
!<, 1st gug5s...l942 A-O
Tof T 1st gug5s.l942 M-S
SherSh So 1st gug 58.1943 J-D
Missouri Pacillc 3tt7s
1906 M-N
1920 M-N
Ist consol gold 6s
2d
A Wa
KanCAPac
MoK A
MKA
A
FA
Trust gold 5s stamped. al917 M-S
Registered
M-S
1920 F-A
9634
75Si
9934
77 Sale
9914 100
80
85
89
110
IOII2IO2
102 ....
loesglOSi^
119 119\
106^4 10634
a.1917
IstcoUgohlos
Cent Br Ry 1st gu g
4s. 1919
LeroyAC VALlstgSs 1920
K of Mo
FA
10458
.
91%
J-J
Ist ex g 4s. 1938 F-A
2d extended gold 5s. ..1938 J-J
L Ir-MA Sgen con g 581931 A-O
101
113
11278 Sale
Gen con stamp gtd g 5s 1931 A-O
Unified
& ret gold 48. .1929
Biv & G Div Ist g48.. 1933
1933
Registered
Verdi V I A
1st g 58.1926
Mob A Binn prior lien g 5s 1945
Mortgage gold 4s
1945
Mob J A K C 1st cons g5s.l953
Ohio new gold 6s.. 1927
Mob A
W
J-J
M-N
M-N
M-S
J-J
J-J
J-J
85^4 Sale
88
91^4
86
102
87
108
101
100
75
100
Oct '02
12
M
W
TAP Branch 1st 6s.. ..1917
LAN
J-J
A-O
IIOI4,
82
New H A D See N Y N H A H
N J June RR -See N Y Cent
New A Cin Bdge .Vee PeunCo
N O AN E prior lien g 6s pl916 A-O
N Y Bkln A Man Bch -S'ee L I
N Y Cent A H Riv g 3^28. 1997 J-J
Registered
Mich Cent
coll
gSi^s
Registered
114
871a 92
92
88
si
Registered
11234
.
7s."
See
130
94
114
120
112
W
W
1st 5s. ...1931
2d 5s
91
1917
1st consol gold 4s
1968
Wash Cent 1st g4s
1948
Nor Pac Ter Co 1st g 68. .1933
Nor Ry Cal See So Pac
130
94
114
11234
I2OI2
Panama
85 14
1998 F-A
F-A
73
101
7634
87 12
97
97
98 Jan '04
10238 Feb '04
10218 10238
100
9838
98
98
IOOI4
99 Dec '02
99 la Dec'03
9yi2Nov'02
8612
86
86 Jan '04
87 12
87 Hi
86
86
87
Jan '03
Jan '04
104
105
Series C guar
Series D 4s guar
Series E 312 guar g
87 la
90
PittsFtW A
2d7s
1942
1945
1949
C lst7s-..1912
1912
3d 7s
Penn
lOSiaNoT'OS
105
96
Sale
Sale
74
7112
.
1021a.
102 la
971a.
.
Tenn Coal gen 58
1951 J-J
Tenn Div Ist g 6s
al917 A-O 101
Birm Div Ist consol 6s.. 1917 J-J 102
Cah C M Co Ist gu g 6s. 1922 J-D
"No price
MS
J-J
.
II2I4 Jan'dJ
122
127
110
Jan
H2I4II214
122
'04
12'2
J'ne'02
Doc '01
99 '2 Oct '03
100
104
104
Sep
115
Oct '03
117iaH7ia
1171a II712
11334 Jan '02
103
Feb'04
104
May'03
125
13134
Apr '03
101 la.
lOOia.
IO6I4 May'03
104
Sale
10334
104
12 103
104
104
101
Q-F
Q-F
J-D
J-D
120
122
J-J
RR Ist real est
M-N
M-N
F-A
J-J
J-J
'03
101ial03ia
103 la IO312
100 Dec'03
HI
IIII2
111
130 Aug'03
127 Nov'03
127 Nov'O:
97 14
Sale
97 12
96'-2Sep'03
89
871a
107 la J'ly '01
Sale
9914 100
lllia
,
97 la
88
104
9 9 14
10284 Sale
7014
69
....
"9914
102
,
.
.
70 14 73
6834 70 14
70 14 Feb'04
97!^Jan'04
94151
ibo"
lOlia 10334
97^
97'^
10734
1 08 14
111
113
105
IO714
108
109
96
96
96
122 Oct '03
132 J'ly '99
112 14 J'ly '03
IO8I4 Jan'04
9612 Nov' 03
1201a.
95
961a 98
87 12 9034
10234
10134 Dec'03
7934 7014
7034
99
F-A 10734
A-O 106
J-D
Q-M
Sep
96
Feb '02
lllia.
113
108
107
II4I2 May'03
108i2J'ly'02
Feb'04
107 14 107
Feb'04
102
102
.
Apr '03
Apr '02
1071
105
89
10812 Feb'04
106
102
93
94
118
114
113
114
95
93
94
94
102
107
107
92 14
96
118
Mar'03
Nov'98
Dec'03
Feb'04
Dec'03
108i4Aiig'03
96
102
Jan '04
Nov'OO
10978 Jan '114
IUI2 Jan'04
1161-2
10112
92
127^8
11934
921.
120
121
A-O 117
g48.1923 M-N 104
10912 10978
109341111a
Feb'ol
Jau '04
Feb'04
lOlialOlia
92
91
Oct 'O:
Sep '03
130 Apr '01
105 la Feb'04
/(,1912
1041a 1051a
Paare
Telesrapli nnd Telephone
Trust Coctfs
F-A
Nov'03
Jan '03
1905 J-J
Consol sterling g 6s
Con currency 68 re'g...(/1905 Q-M
10812.
Gr Riv Coal A C I8tg6s..l919 A-O 108
DeBarCAlCogug6s.l910
Va Iron Coal AC 1st g 58.1949
"WhLEA P C Co Ist g 5s. 1919
Q-J
Q-J
PCCAStLgu4i2SA...1940 A-O
Series B guar
1942 A-O
90
91
105
105
9534
m)\
lOO'iNov'OO
g 5s. ...1946 J-D
See Mo Pac
1st s fund g4ias.. 1917 .\-0
MISCEIjIiANEOUS BONDS— Continued on Next
A Clear C A list g 58.1926 J-D
2d gold 5s
1926 J-D
KanAHG A Cist sfg 58.1951 J-J
Pleas Val Coal 1st g s f 5s. 1928 J-J
Roch A Pit C & I pur m 5s. 1946 M-N
J-J
M-N
Sink fund subsidy g 6s. .1910 M-N
1st g4ias. 1921 J-J
Registered
1921 J-J
Guar 3ias coll trust reg.1937 M-S
Guar 3 las coll tr ser B...1941
Tr Co certif's gu g 3i2S.19i6 M-N
C St L A P 1st con g 5s. 1932 A-O
Registered
1932 A-O
CI A P gen gu g 4 las ser A '42 J-J
Series B
1942 A-O
Series C 3128
1948 M-N
Series D3ias
1950 F-A
Erie A Pitts gugSias B. 1940 J-J
Series C
1940 J-J
NACBdgegengug4ia8l945 J-J
3^28 61951
Jeff'
A-O
A-O
J-D
Penn Co— Guar
100
1
.
103 Is.
Coast Co Ist
Fac of JSIissouri
ac
113
101i4Nov'03
109 12 Sep '97
100 Jan '04
.-.1998
Coal and Iron
Col C A I Dev Go gu g 5s. 1909 J-J
Col Fuel Co gen gold 6s. ..1919 M-N
Coi FA I Co gen sf g53..1943 FA
Convertible <leb g 58
1911 FA
F-A
A-O
.
1003g
118
116
Oswego A Rome See N Y' C
O C F A St P See C A N W
llOie.
961a 97 14
121
139
1251a.
M-N IIOI4
M-N 12634
Nor Wis See C St P M A O
Nor A Mont See N Y Cent
See C C C A St L
Olnd A
J'ly '02
Dec '99
101
101
7334 Feb'04
7213.
114
.
NYCAH
883^
Dec'99
113
116
111
J-1)
1936 J-J
1936 J-J
A-O
1st
1905 J-J
1905 J-J
W RR
Feb'04
120
M-N IOOI4
M-K
F-A
86
FA
NYANE
1st 6s
1st g 5s. 1936 J-D
General gold 5s
1937 A-O
Ore A Cal See So Pac Co
Ore RR A Nav See Un Pac
Ore Short Lme See Un Pac
il-S
J-D
N Y Lack AW Sei? D L A W
N Y L E A W See Erie
NY' A Long Br See Cent of N J
NYANENew Hav Hart^
SeeNYNHAH
New York
A
Honsatonic R con g 5s.. 1937 M-N
N H A Derliy con g 5s. .1918 M-N
StPaulADul
91
100
Dec '00
Feb '02
.
A-O
hio River
120«8.
11234
117
118
.
J-J
IO634 109
106i4l08-'^
100
9933
10314!
M-S
M-N
65
J-D
M-N
M-N
A-O 115
A-O 117i«.
F-A
M-N
.A-O
108'^
1073,
100
N
—
130 Jan '04
94 Jan '04
114 Jan '04
89 Dec'03
98'aNov'03
124
9334...-
M-S I0211
M-S
Beech Creek 1st gug 4s. 1936 J-J
2d gu gold 58
Beech Cr Ext 1st g
NYA
NYA
W
W
Nor
102
124'2 12334 Dec'03
1997 J-J
..1884-1904
1884-1904
of.. .1889-1904
Debenture g48
1890-1905
1890-190,")
Registered
Debt certs ext g 4s
1905
Registered
1905
Lake Shore coUg 3'2S...1998
Registered
1998
of.
Registered
Regist deb 5s
1951
IstgSi^s
1952
Bat C A Stur 1st gug 3s. 1989
Harlem g 3>2S...2000
Registered
2000
North Ist g 5s... 1927
R A O con Istext5s./tl922
Oswe A R 2d gu g 5a...el915
R A O T R 1st gu g 58.1918
Utica A Blk Rivgug4s.l922
N Y Chic A St L 1st g 48.1937
Registered
1937
Greenw Lake See Erie
Har See
Y C A Hud
W
110'4J'ly'00
91
91
.
J-J
J-J
J-J
Nash Flor A Shef See
Nat of Mex prior lien 4 ^ss. 1 926 J-J
ist consol 48
1951 A-O
Debenture 5s
1940 J-J
1940 J-J
1st g 3ias
A South 1st g 5s
1941
Norl A West gen g 6s
1931
Improvem't A extg6s..l934
108
1013
10134
New River 1st g 68
1932
Jau '04
100
N A By Ist con g 4s. 1996
1084 Dec '03
Registered
1996
11934 11934
11838 11978
Pocah C A C Joint 4s.. 1941
10634
107
10478 107
C C A T Ist gu g 5s
1922
Scio V A N E Ist gu g 4s 1989
10334 I0718 North lUinois See Chi A N
104 la Feb'04
91''8
92
9178 93
North Ohio See L Erie A
100 May' 01
Nor Pac Prior lien g4s..l997
101
101
101 101
Registered
1997
113 Dec '03
General lien gold 3s
a2047
112!% 112\ 39 1113811312
Registered
a2047
10934 Oct '03
StPaul-Dul Div g 4s
1996
85 14
8578 30 84
Registered
86
1996
9138 Dec '03
C B A Q coll tr 4s See Gt Nor
St P A N P gen g 6s.. ..1923
102
87
108
46 99
100
M
LAW
A
LA S
N Y A R B See Long Island
N Y S A W See Erie
N Y Tex A M See 80 Pac Co
81
98iiil00
N
Essex <See Del
Nash Ghat A St List 7s. 1913
1st consol gold 5s
1928
Jasper Branch let g 68.. 1923
McM M A Al 1st 6s. .1917
Morris
J-J
IO8I4
107
Sale
Solo
NYA
See
YCA H
Monongahela Rlv See B A O
Mont Cent See St P
A
Morgan's La A T See S P Co
Mohawk A Mai
!
.r-j
.I-J
107
100
N YO A Wref lstg4s..c/1992 M-S ^10312104
Regis $5,000 only
^1992 M-S
Put See N Y C A H
961a 9838
97»g
7712
Jan '04
Feb'04
Jan '04
K-A
F-A
Registered certitic's..l923 Q-F
J-D
Ist extension gold 6s..7i,1927 Q-J
General gold 4s
1938 M-S
Montgom Div 1st g 5s.. 1947 F-A
St L, A Cairo coll g 48..el930 Q-F
Guaranteed g4s
1931 J-J
coll 4s See Southern
MAO
J
NYA North
Nov'Ol
103
96^4 Sale
114l2ll5l2
97
98
Apr '01
98
J-J
MiDD Uu See St P M AM
Mo Kan A Tex 1st g 4s. ..1990 J-D
St
114
123iaApr'03
121
Jan '02
....
1141a Feb'04
98»2 9734 Feb'04
AX
A
Pac
Dec '03
142
11238 Dec '03
llOia....
118^4...,
llo^a...,
lOSiaNov'Ol
108
.
.
Registered
Ilifih
Oct '02
105
M-S 112'«.
1931 M-S 121
1931 Q-M
5s
JUgh Ao Low
Apr'Oi
I'oTiij'iy'OO
103
Ist cousol 6s. 1909
NYA
NYA
<fc
J-D
1909 J-D
Iowa Ex 1st cold 78
l8t irold lis. ..1921 A-O
PaoUic Ex
South West Ex 1st j? 7s. 1910 J-D
1st 7s.l90ii
McK A Y l8t gu 6s.l 93'J
2d guar 6s
1984
M cKees A J! V 1st g Os 9 H
mi^ibsis
Feb '04
FA
J-J
Rli Isl5s..l931 J-J
Pitts
1081*
92
92
90»8J'lyO]
91
MS
L S W 6Ve Chic A N W
MU A Mad iVf Chic A N W
Mil A North See Ch M A St P
Miuu A St L l8t cold 7s. .1927
M
MAP
MSSMAAl8tg4int^ 1920
A Tol
(ri
Itange
Since
January 1
OSti F-.\
1
Mahon
48
Registered
Internal 1st con K48.1977 M-S
Mich Cent .Sm N Y Cent
Mid oJ N J Af« Erie
iJias
§1
J-l>
M-S
Ka A A (4 R Istgu e 5s. 93S
lOS'sDec'Oi
.\-o
Stanijied cuarauteeu
1977
Mex North Ist pold 68.. ..1910
Mil
1031...
95
J.J
2361 J-J
1997 Jl)
1 997 J-D
Kegist ered
Mar'Oo
Mar'Ol
Ask Low
J-D
llogist ereil
'92"
'46
gug 4s 1993 A-O
con
1st
Last Sale
1st gu g 5». 1916 A-O
1st 4s gu...23(;i J-J
J-D
ISU'.'
I'll
i
Lake Shore gold
Deo '03
Jan '04
Jan '01
106i«
Jlv
A-O
h;er....l007
1st 4s...l98(;
^Vfek's
lianije or
Feb
\lUa
)
1
1
J-J *10S
litlT
33..al'.'3!'
58
series cold 6s
f
Nor A Mont
West Sliore
98
Cent
coll told
June R gu
NYA
Nov
lO"!.^ J'ne
9II4
9
1031a 1033j IO3I4
A-O
Metropolitan Kl Atv Man Ky
Mex Cent oonsol (told 48..1!'U J-J
Ist cousol income g 8s.nli'3'J J'ly
li—( Continued
Regist ered
cfe
I
AH
Clearf Mlt Conl 1st a
Auj;
J'ne
111
115
115
110
100
Cent
A Ad 1st gu g4s...l9Sl
4s. 940
Gouv A Oswe 1st giig5s 1912
Moh A Mai 1st gu g 4s. .1991
12334124
Jnii
91>-j
Endinu Fkb 26
WttitK
NY
Mur
75
113
105
91
Jllijh
5^
Carl
Jan
lU
107 Vi
97»2
No Low
STOCK K.XCIIANGK
N. Y.
1
Jilii
1
/Vice
Frlilav
KaiXije
Since
Januarii
h'anye or
Last sale
A^k Low
/>iti
liil^olst sf Kiis.lii;*!
KeiitiiokvOtMit Ki'M Is-.Ti'ST J -J
LA- N A- M A- M 1 St ir 4 "-js 1 0-1;". M-S
N-Soutli Jl Joiiit 48.1'.'.">"2 J.J
Reinsten>il
H>r>2 J-J
NFl!i.\!!f< Ist (m ff.'>s...ll>S7
Pens it Atl l8t pu g ('.s.-li'-M
3-
Mefk'f
STOCK KXGHANOK
N. Y.
[Vol. lxxviu.
3
100
70
55
105
96
73
115
J'ue'02
105
96
73
7212 Feb'04
105
951a 99
69
79 la
105
711a
73
Hi
107 May'97
102 la Oct '03
106i4Feb'02
105 Oct '00
91
100
ini
102
Am Telep A Tel coU tr 4s 1929
Nov'OO
J'ly
lo
See
96% 100 12 Apr '02
111
lOOiaOct '00
109 Oct '99
11034 Nov'03
106
105 14 J'ly '03
West Un
Union col tr cur 58.1938 J-J
Fd and real est g 412s... 1950 M-N
Mnt Un Tel s fund 68. ..1911 M-N
NorthwTel guf 4I28 g.-1934 J-J
10234
Uaniitncturin;; &, Industrial
1915 Q-F
Am Cot Oil ext 4ias
Am Hide A L Ist s tg6s.. 1919 M-S
9478
'West
'(13
Dec'03
Jan'04
102 Dec'(»3
100 la Jan '04
70
7112
32 Jan '00
Friday; latest bid and asked this week-
No Westn Teleg
96 la Apr '03
J.J
Comm Cable Co 1st g 4s.. 2397 Q-J
2397
Registered
Erie T A T col tr g s f 58.. 1926
1918 M-N
MetT AT lstslg5s
MutUnTelCo S'ee Westn Uu
N Y A N JTel gen g 5s. .1920 M-N
101ial03
100 la 100 la
37
a Due Jan
671a
&
711a
Due Feb
Am Spirits Mfg Ist g6s..l915
Am Thread Ist col tr 4s... 1919
e
Due May j/Due.j'ue
A.
Duo
105 la 10634 IO6I2 Feb'04
J'ly
10234
10134
1071a J'ne'03
105
IO719
30 10112104
102
81
M-S
J-J
Sal,)
871-.
75
j)
77
Due Nov
102
102
97
Sale
Feb'04
Feb'04
97
70
86
74
97
81
81
86 la Feb '04
74 Jan '04
4
Option
sale.
811a
83
74
Feb.
Bond Record— Concluded— Page 4
27, 1904.]
BONUS
Last Sale
January 1
ASic
110
106
9412 95
103
WM
riint&PMg6s
guar
reg'
61921
58 1921
1920
116
...
....
Nov'97
98
&0
957flSale
See
9338
9313,
621a.
B R&P
9338
Mar'03
Dec'03
6'ee
Wabash
S
105 Feb'04
104 12 Dec'03
110
Sale
80 Wj Sale
II913
79 12 Sale
103
8t Louis So See Illinois Cent
Ist g 48 Ud ctf8.1989
St L S
2d g 48 inc bond ctf8...j>1989
Consol gold 4s
1932
Gray's PtXer Ist gug 5s 1947
St Paul & Dul -See Nor Pacific
8t Paul M<fe Man 2d 68... 1909
Ist consol gold 68
1933
Registered
1933
Reduced to gold 4^8. .1933
Registered.
1933
Dakota ext gold 6a
1910
Mont ext Ist gold 4s
1937
Registered
1937
E Minn Ist div Istg 5s.. 1908
Div 1st gold 48
Kor
1948
Minn Union Ist g 6s
1922
Monte 1st gug 6s
1937
Registered.
1937
Ist guar gold 5s
1937
WiU& 8 F 1st gold 5s.. 1938
St P & Nor Pac -See Nor Pac
St P <fe S'x City -S'ee C St P
&0
Salt Lake
Ist g s f 6s. ..1913
W
93
Sale
70 12 Sale
lOiHjlOe
I24I2 Feb'04
105
105
123
110
Jan '04
74
70
93
B'eb'04
7114
11
68
111
May'Ol
Aug'03
180
128
134
115
II8I2 121
117
Apr '02
115
Mar'03
Arr'97
Deo '03
Jan '04
110
Jan '04
11334
102 14.
Dec '01
W
1st land gr ext g 58 ...1930
Consol gold 5s
1943
Ga & Ala By Isl con 58 ol94o
Ga Car & No Ist gug 5s 1929
1926
65 1^
9638
67
65 ''8
66
97 Feb'04
90 Oct '03
103 ....
100 Sep '00
102 ....
102 ....
] 06 la Feb '0
1021^10314 102 Jan '04
*10134l05i2 1051a 105 H
llli4May'03
9214 94
721a 761a
7408
70
100
IOII2
SoPacCo— CoUtr g4'2S..190o
Gold 4s (Cent Pac coll). A:1949
Registered
/cl949
Wist gug5s.... 1941
Cent Pac Ist ret gu g 48 1949
Registered
1949
Mort guar gold 3>-23..A:1929
A&N
J-J
99 1« Sale
J.
JJ.
88
97
Sale
9714 9734
FFJfcl929 J-
Registered
S Alstg63..1910
2d gold 78
Mex<& Pac Istg 5s
1905
1931
Gila
1st gug OS. 1924
Hous E &
T 1st g 58.1933
Isl guar 5s red
1933
VG&N
W
84
84 14
100
105
104
107
105
103
*
9734
971a
99i4Mai''03
11-2
112
112
9214
901a
J'ly'03
Jan '01
Jan '04
100
76
105
106
106
Jan '04
lOl'^e
Dec'03
Oct '03
100
119
79
IO514 Feb'04
119
107
8034
IO514
106
102
106iaMay'()3
1031a
1081a
11934
108
Feb '03
Nov'03
Feb'04
Jan '04
10334 reb'04
108
119
107
lOSia
108
107
lOOia.
107
1U834 10334
101 Feb'04
lllia Oct '02
103 Jan '04
111
112
108
108
95
95
113 Dec'03
94 Feb'04
120 Mar'Ol
101 105
llliaSale
110
95
107
94
J-J
J-J
J-J
J-J
2 110
9II4
911a sale
101
103
111
108
93
103
114
lOS
94
95
9II4
911a
101
92
95 14
A-O
116
1131a
1121a
J-J
J-J
Oct
'03
'04
II3I4 Jan
1171a 1171a
llOia llOia
11834 Jan '04
II314II314
Jan
Dec'03
1081a Dec '08
92 Sep '02
120
10334
119
111
ibsiaioi^i
M-N
M-S
110
J-J
J-J
J-J
1201a 122=8 120
116
1171a 11 8*4
llOiallOVj
II834 11834
'04
120
118
A-O
M-N
109
Wl-N
10334 Sale
M-S
M-S
M-S
M-N
M-N
123
112
115
llOialllia 112
....
10334
Feb '02
Feb '03
Jan '03
Feb'04
110
112
1131a May'03
FA
92
113
J-J
122
J-J
Dec'03
113
93
113
112iall4'4
117 J'ly'OO
1041a Sep '02
94
(fe
'|"'ebO(feN .SeeMK(feT
J- er
of St L Ist g 4ias..l939
1894-1944
Ist con gold 58
A-O llOia.
F-A 112
10714 J'ly'03
113
Feb'04
10734
.
L M Bge Ter gu g 58.1930 A-O
Tex N O -See So Pac Co
Tex & Pac E Div lat g 68 ..1905 M-S
St
Deo '03
113
116''9
<fe
2000
l8t gold 5s
2d gold inc 53
g2000
1931
La Div B L Ist g 58
T0I&
Istg 58
1935
Western Div Ist g 58.. .1935
General gold 58
1935
Kan (fe
1st gu g 48.. ..1990
Tol P
Ist gold 48. ...1917
00
M
&W
J-D
Mar
;
J-J
J-J
100 Sep '03
115
116
90
90
108 Feb'04
112i4Jan'04
HI Sep '03
116
95
108
115
85
il2ia.
A-O
J-D
A-O
85
82
69
Tor Ham (fe Buff Isl g 48. A1946 J-D
Ulster <fe Del 1st con g 58 1928 J-D
n Pac RB (fe 1 gr g 48. .1947 J-J
Ch Div Istg 4s. ..1941
St Chas Bridge Ist g 63.1908
Warren See Del Lao & West
Wash Cent See Nor Pac
Wash O <fe
See Southern
Y (fe Pa lat g 53. .1937
West
Gen gold 8-48
1943
Income 5s
(fl943
West No Car See South Ry
West Shore See N Y Cent
WVaCeut(feP Istg 6s. .1911
Wheel'g (fe L E 1st g 58.. .1926
Wheel Div Ist gold 5s. .1928
Exlen(fe Imp gold 58...1930
l8l consol 4s
1949
Wilkes (fc East See Erie
Wil & Sioux F See St P
<fe
Winona (fe St P See C <fe
Wis Cent 50-yr 1st gen 4s. 1949
Toicfe
21
97^8
871a
8534
9914
90
8734
97
97
97ial013g
84
84
102
107
105 14
105
A-O
A-O
A-O
M-N
M-N
January 1
,1071a 10534 Jan '04
9134
9134
8734 Feb'04
88
Sale
921a
94 ''a Sale
69 If.
96^4
J-J
FA
J-J
J-J
83iq
7284
Apr '03
Jan
9634
9634
'04
"9 98I3
99i4Sa)e
991.
981a
3 120 14
1201a Sale 12038 1201a
111
112121131a 113 Feb'04
"60 9934
9934
90 '8 Sale
911a
112 Dec'03
1081a
J-D
F-A
88
87
81
69
IO6I4 Feb'04
106 14 1061?)
102 la 10234 140 10054 103«'i
1 02 3« Feb'04
10038 103«g
94 "a
95 14 333 941a 98 14
107
J-J
116^^
90
93
108 11014
112i4ll2'«
10534 10534
911a 9219
Feb'04
82
69
98
10234 Sale
M-N
M-N
19 115
10
lOOig
124
1131a
963a
114iaApr'02
W N
99 18 134
99
36
87 la
SS'^fl
87 Jan '04 ""2
97
97
84
& Nor Ist g 6s.l930
1947
1911
Begistered
1911
Nav con g 48.1946
Ore By &
Ore Short Lino I8tg6s..l922
1946
1st consol g58
1927
4a (fe participating
1908
Utah <fe Nor 1st 78
117 117
Gold 58
1926
Uni N J RR (fe O Co See Pa RR
Utah Central See Rio Gr Wes
Utah (fe North -See Un PaciHc
110 110
Y Cent
Utica (fe Black R See
See Mo P
Ver Val Ind &
irginia Mid See South Rv
Va (fe Southw't 1st gu 5s. 2003
1939
12 65
7012 Wabash Isl gold 5s
2d gold 58
1939
98*2
96
Debenture series A
1939
Series B
1939
1st lien efluip 3 fd g 5s.. 1921
Del (fe Ch Ext Isl g 5s. .1941
DesMoin Div Istg 4s. .1989
102 1021a
la
OmDiv Istg8ia8
1941
1051a 105
851a
110^4 Feb '03
10534
FJ-
MMMM-
Sale
A-O
A-O
Ry Ist gu g 4%2S..1943 J-D
Sunb Lew See Penn RR
SyraBmg(feNY (SeeDL(feW
Begistered
Jan '03
102
J
N
l3tllen convert 4s
-S'ee
<fc
J-J
J-J
TolStL(feWprIieng3ia8.1925 J-J
50-year gold 4s
1950 A-O
1071a 10838
101
106
104
103%.
(fe
A
100
llQiallOis
130 181
116ieApr'01
Nov'03
S Fe Pres & Phlstg5s...l942
8 A <fc A P -S'ee So Pac Co
8 F & N P 1st sinka; g 5s. 1919 J.J
Sav F & West See Atl Coast L
Scioto Val & N E -See Nor &
Seaboard Air Line g 48.. .1950
CoU tr refund g 58
1911
Car Cent Ist con g 4s. ..1949
Fla Cen & Pen Ist g 5s. 1918
& So -See M K & T
G
Atl Coast L
Sod Bay & So 1st g 5s
1924
So Car & Ga -See Southern
I2412
iioi^'"" 111
M
Roal8t5s
100
llOiaSale llOia llOia
I3012I3114 131 Feb'04
140 May'02
107 la 108 10838 Jan '04
.1021s 101
L
See
Spok Falls
791a
801a 64 791a 84
119'aE'eb'04
1191a II9I2
791a
791a "112 78
80 'e
9234
N Ala
<fe
102
118
100
Sale
78
78
103
104
102
103
Stat Isl
110
Dec'03
110
98
100
4ia-5s... 1996
W
W
M
<fe
<fe
9138
Feb '04
Div 1st g
1951
St Louis div Ist g 48
1918
Ala Cen R Ist g 6s
1948
Atl & Danv Ist g 4s
Atl(fe Yad Istg guar 4s. 1949
1916
Col(fe Greenvlstes
E T Va (fe Ga Div g 58. .1930
1956
Conlst gold 5s
E Ten reor lien g 58
1938
1922
GaPac Ry Istg 6s
Knox <fe Ohio Isl g 68.. .1925
1915
Rich (fe Dan con g 68
1927
Deb 5s stamped
Rich & Meek Ist g 48.. .1948
So Car <fe Ga 1st g 5s. ...1919
Virginia Mid ser C 68. ..1916
1921
Series D 4-53
Series E 58
1926
General Ss
1936
Guar stamped
1936
1st cy gu 4s. .1924
O <fc
West N C Ist con g 6s.. 1914
9634
ATig'03
87
K C FtS&Mcong6s..l928
K C Ft S M Ry ref g 4s 1936
K C& M R& B l8t^58.1929
GalHar
Mem
94'^
101i4Nov'01
Br -See T RR A of St L
St L,
St L & 8 Fran 2d g Gs CI B 1906
2d gold 6s Class C
1906
General gold 6s
1931
General gold 5s
1931
St 1, & S F RR cons g 48. .'96
Southw Div Istg 58. .1947
Refunding g 4s
1951
<&
43
Dec'03
105
75
92
Borne Wat <fe Og <See N Y Cent
Butlaud 1st con g 412S
1941
But-Canad Ist gu g 4^28.1949
Tus & H <S'ee Pere Marq
Sag & Gr lal l8t g 48. ..1947
t Jo
St Law & Adiron Istg 53.1996
2d gold 6s
1996
St L <fe Cairo -See Mob & Ohio
St L & Iron Mount <See
P
N
96
96isJ'ly'03
Registered
Jersey Cent coll
Rensselaer <fe Sar iSee D & H
Rich & Dan ,6'e« Soutti Ry
Rich & Meek iS'e« Southern
Bio Gr West -See Den & Bio Gr
Rio Ur June 1st gu g 5s...l939
EiogrSo 1st gold 48
1940
Guaranteed
1940
Pitts
J'ly'97
95''8
Cal Ist guar g 5s. 1927 J-J
Pass 1st gug 4s. 1943 J-J
SPaoolNMex Istg 6s. .1911 J-J
1937
S P Coast 1st gu g 48
1905
TexcfeNO Ist 7s
Sabine Div lstg68.... 1912
1943
Con gold 58
1994
Southern— Ist con g 58
1994 J-J
Registered
Mobcfe Ohio coUtrg 4s.. 1938 M-S
1201a Dec'02
11413
1997
1997
g 48.. .1951
Slier iShr
Sil Sp Oca
IO914IIOI2
117i4J'ly'03
Keading Co geng4s
Seab
Il!<iall8i2
10734 l()Sl4
120 Oct '01
112i2Dec'02
II8I4.
IIII3.
&
cl910
1905
S Pof Cal Istg 68
1905
Ist g 6s series B
lstg6sserie8C(fe D...1906
Istg 6s series E(fe P...1912
1912
1st gold 6s
1937
Ist con guar g 5s
1905-.. 1937
Stamped
Apr '02
137
68... 1932
A-O
1920 J-J
Ist guar g 6s
IO7I2IO8I4 108i4Feb'04
110i2Feb'04
10838 111
&Y
&
M
J'ne'03
&
&
LKC&
95
109
A-0
M-N
Since
a;«3
High No Lo-m Jiigh
...... 113
111
111
II2I4II3I4 112 Jan '04
92 14
92 Feb '04
127 la Feb '02
1261a.
130 Nov' 02
la.
119
122 SeB'02
8 A (fe A
SoPolArgiilstg68...cl909 J-J
123ial23ii
II8I2 118i2Jan'04
W&
T
Range
Week's
Ask Low
NyT<feMexgiilstg48.1912 A-O
99
NootCallst gug 6s. ...1907 J-J
1938 A-O 107
Guaranteed gold 5s
123i2Jan'04
....
Pitts
St li See Penn Co
Pitts Cleve
Tol Hee B <fe O
Cli Hee Penn Co
Pitts Ft
1922
Pitts June Ist gold 68
Pitts <fe L, Erie 2d g 5s...al928
Pitts McKees
SeeNY Cen
Pitts Sh
1. E 1st g 5s.. .1940
1943
1st consol gold 58
Pitts (fewest See's
Pitts y
Ash Ist con 5S.1927
8t
NW
il7"May'06
121
92
100
H
Cm &
97
Ore
1939
lat consol gold 58
Pt Huron Div 1st g 58.1939
SagTus<fe
1st gug 48.1931
Pine Creek
941a
Gen gold 4s int guar. .1921
div Ist p 6s '30
Waco<fe
1st 7s. 1918
Morgan's La <&
1st gold 68
1091a.
PekUnl8tg6s....l921
2dgold4ias
Pere Marq— Cli&
H
71
Last Sale
Bid
Southern Pac Co (Continued)
<fe T C 1st g 5s int gu..l937 J-J
Consol g 6s int guar. ..1912 A-O
Dec'03
109 li 111
L & Nash
& St L
Pensacola & Atl Hee
Peo & East /See C C
114 Dec'03
106 Aug'0;s
94 13
95
102 Nov'97
Range or
Feb 26
MigU No Low High
Low
98
GrR& Iexlstgug4i2Sl941
Stm& Liewis 1st g4s...l93G
"O N J RR & Can gen 48. 1944
Price
Fridaii
STOCK EXCHANGE
Week enjjing Feb 26
N. Y.
11234 Mar'OO
C1& Mar Ist gu %i^9..Wib
D K R R & Bge 1st gii 4s g.'36
&
Siij,ce
(Continued)
1919
1943
1912
CouvertiWe g 3^28
Alleg Val gen gu g 4s... 1942
Boch
liange
Feb 26
Consol gold OS
Consol gold 4s
Peo<fc
Week's
Range or
Bid
RE
Penn
BOM>S
Frtee
Fridati
STOCK EXCHANGK
Wkkk Ending Feb 26
N. Y.
807
1001^102
107 107
105 1051a
Feb'04
Jan '04
Feb '04
Dec'03
1021a Dec'02
N
J.J
F-A
J-J
J-J
100 "a 104
9 1141a 116
104
5933 Sale
MS
Feb'04
1151a 11534
1061a Feb '04
lOlia Apr'08
101
115iall6
IO6I4 107
98
M-N
oS'^s
A-O
102
102
106 108 107
90
90
95
90
79 '^e
79 '8 83 'e 79^8
98 Mar'02
109 1« Mar'03
J-J
115i4Sale
J-J
J-J
A-O
MS
1061410919
6O34 426 58^8 68
Jan '04
102 102
106 14 107
Jan '04
90
90
79 7g 811a
W
25
J-J
II0I4
104
II514
95'78
A-O
Nov
40
A-O
J-J
F-A
112 Dec'03
113 la Feb'04
.113
107iall0
115
U218114
IIOI4 Nov'03
8834 Sale
Mar'03
3334
89
27
8834
89
M-S
80
881a 90
110
M M
NW
J-J
116^
0ct'03
Mar'Ol
I
Sale
891a
91
lUlSCELLANEOUS BONDS—Concluded.
nianiilnctiiring
iSc
i>UMcellnneous
Industrial
Bar(& 8 Car Co Istg 68.. .1942
Consol Tobacco OO-yrg 4s. 1951
Distil Sec Cor conv Istg 58. '27
Distill of Auier coll tr g 03. 1911
lU Steel Co deb 5s
1910
Non-conv deben 5s
1913
Int Paper Co Isl con g 68.1918
Int SI Pump 10-yr oonv. 6s '13
Knicker Ice (Chic) Ist g 58. '28
Lackaw Steel Isl g Ss
1923
Nat Starch Mfg Co 1st g 68 1920
Nat Starch Co s f deb 5s.. 1925
Stan Rope <S; T Ist g 68... 1946
Income gold 5 s
1946
U 8 LeathCo8ldebg6a..l913
Shipbldg coll (fe mge 58. '22
US
1st 8 t 58 g "A"
1932
TJ S Steel Corp col tr 2(1 58. d'63
J-J
F-A
A-O
J-J
J-J
A-O
F-A
J.J
55=8 Sale
65 Sale
981,
90
90
106
97
A-O
AO
93
M-N
93 14
89
J-J
F-A
641a
P-A
110
•iJo price Friday; latest bid and asked,
63
92
93 la
Dec'03
71
o Due Jan
35
39
14
t>
4I4
10734 110
Hobokeu L
(fe
incomes.. 1911
I gold 5s. ..1910
c
28
6834
102
103
10034 J'no'02
64
111
80
AO
80
Sale
Feb '04
61
Mar'Ol
80
80"' '83**
50
B'kl'n FerryCol8tconsg58'48 F-A
ChicJC(fe St Yard colg58.1915 J-J
Feb '02
6684
M-N
Mad Sq Garden Istg us. .1919 M-N
Man Bell U L gen g 48..1940 M-N
Nevvp Ne Ship
D D 5s til990 J-J
(fe
N Y Dock 50-yr l.st g 4s. .1951
St Joseph Stk Yds Ist 4ias. 1930
St L Tor Cupplos Stat'ii Sr Prop
Co lstg4ias 5-20 year. .1917
8 Yuba Wat Co con g 68..1923
F-A
90
90i<.i
9l" Feb'04
91
91
J-J
J-D
J-J
Sp Val Wat Works 1st 68.1906 M-S
U S Red <fc Ref 1st sfg 68.1931
^8"'
723b 916
Due Web
47
134
3
109
Jan '03
Feb'04
109
102% Feb '04
1021a.
(fe
93
90% Dec '03
21a
Adams Ex col tr g4s
1948 M-S
AmDk(fcImp58 See Cent N J
AmSSCoof WVag58....1920 M-N
DotM &M Idgr
92
10534 10634
97
981a
106
Feb'04
Feb '03
97
93
93 14 Feb '04
28
71=8 8316
20
6138
681a
'03
92
10534
91
J-J
M-N
661s
Sep
5334
Jan '99
64
38
40
109
55% 336
99
99
92
234 Sale
M-iJ
Jan '00
105
55
108
*
lOlia
•
108 Nov'03
113 la J'ly'OO
79 Aug'03
751a
Dae Mar
«i
Due Apr ADueJ'ly
/c
Duo Aug
Due Oct p Due Nov
? Due Deo « Option
saW
.
.
BOSTON STOCK EXOH4N"GE-Stock
SImro IVIoen— Not
rtb.
Moniiay
y«b. 3J
SO
33
t»b.
Centum
I'pr
tyeituettiay
feb. 34
STOCKS
feb.
BOS'l'ON
friilau
Feb. S6
2'/iu rsiiay
35
Weekly and Yearly
Record, Daily,
I'ricon
1
1
1
Range
Jiange /or Year
Sales
of
STOCK
1»04
the
lor Previoul
Year (1903)
Week
KXCHANQK
Lowest
Share^
Lowest
Hiiihest
Highest
ItnilroatiM
65^ C5\
61
••'4
88''^
•345
•233
66
80
245
138
S9
244
299
•-".>5
•140
14t>
1-22
144
122
'140
•277
136
18>a
•20S
•78
S)
so\
•37 »u 45
•37>2
r
»-74-'8
•8l"4
7438
^y^^
-89
163
•1(53
90 >s 90 "g
90 Sj 91
'1U8
•lot!
•13'u
•74
3'4
*
14
75
•13S2
74
3\
3
18
123 i-j 123'e
123 1233^
-3^8
•oKi
234
164
3838
177
69
70
•ISi
'7
100
3734
*1S2
1034
56»4
w
l-(
-2
'28 S^
10=8
55^4
lO's
56'^
•85
60
•J
9
9
80
SO
90
•77
•75
*80
80
105a
•so
2
3*8
45 "b
*y
•40
25
80
90
10-f.
54 Si 55 ^
9
80
80
•eo
65
"60
8I4
119
208 Si 208 S.
7S.
100 Si 100 S!
L ast Sale
L a s t Sale
Last Sale
97
47
96
46
2SI4
7'g
10=8
54
•60
9
'2
28 Si
7^8
78
*75
80
90
10-\
55 ^8
•65
9
9
80
Si
79
80
Last Sale
123
Si
U93s
6934
3 '8
114-^2.
4618
45^8
45
4634
Last Sale
10
8
9
*40
•25
•40
•50
^45
•SO
I914
'^O
•40
•50
7
•40
'•25
7
19*4
-oO
'•40
•50
440
440
445" 445
1734
7
low 19 V
'00
-60
17
•55
171*
7
57
5734
•56'
58
*2
2>4
<>
8%
8
8
3^4
•74
S%
74
7
7
3^
3-^4
5
35
•2^4
S-fl
'•50
•60
1
•10
10%
00
56
23 H2 23 w>
2
38
2
8H.
n
75
34 Si
234
•50
1^4
23
1
5
35 Si
3
62 Si
*10
23S2
214
••S7'-2
1
•IS?
2
8
100
1
lOSi
53 S2 55
•22
23 Si
-2I4
2 Si
85
734
Si
'"4'sl
10 s
54
•10
53
*95
100
39 "4
34 S.
58 Si
2
*8'4
9
•314
3 Si
•74
•80
•7
8
3S2 39l6
•50
•50
434
434
34I4 34"-;
"234
3
•50
50
214
!>«
201-4
445
445
n%
i73s
V
Last Sale
•60
•60
3 3 '2
4«8
80
81
••87 4
• ISi
I't
2
7'e
100
100
'2
2038
918
20
32^4
'3
33
32
0^4
5
3>2
71
"4
87 12
S)
'83^
3
5
3'e Boston Laud
Feb '04 Cumberl Telep
10
& Tel 10(
Iron & St
Dominion
21*
Sl'ie
473,
Oct '03
>--7l2
8
16 '4
161.
SS2
.
Amer Gold Dredging
Am Zinc Lead
ifc
5
Sm. 25
Anaconda
•50
Arcadian
'04 Arnold
Atlantic
7
Jan
•60
Cons MercuT Gold... 5
Sep '03 Continental Zinc
25
38>4
40 Copper Range Con ColOO
3414 Daly. West
20
34
100
56^8
56^4 Dominion Coal
Do pref
100
2i> Elm River
12
3-'h
•74
•7
434
45.
'8
434
20 14
19^8
20K
9
8^8
3134
9
32^8
3 Si
5
3 2 "8
3I4
5
5
•70
72
70
•50
•50
•75
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(i
70
75
8I4
3 '^4
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8
3^4
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3
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*
50
4 '4
35
5
35
"ialr 3
•ao
*-50
Last Sale 75
1
1'4
10
54
10 v
23
55
23
2
2
80
82
1
-s7Si
Lasisale
734
734
100
*9()
468
434
20
'8
834
32
3^4
•5
70
•75
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834
3234
ih
70
75
8I4
33(,
..
„.
3S
•62 S>
414
35
Feb'04
•60
Franklin
25
Granby Consolidated. 10
Guanajuato Consol.. 5
Isle Royale (Copper). 25
25
Mass Consol
Mayllower
25
Michigan
25
Mohawkt
25
Monta,na Coal & Coke 25
Montreal
<fe
Boston
t
Jan
1634
2
Jan
Feb 25
Feb 25
Fob 13
Feb 20
Jan
24
21
17
75
(^
May'03 National
Old Colony
10 Old Dominion (Cop)..
55 Osceola
25 Parrott(Silv<fe Copp)
2 Si Phoenix Consol t
85 Quincy
ti
Jan
145
7
303 13 14 Jan
110 71 Jan
1
,995
7,952
227
5,071
210
467
225
"V7'5
250
U]
39;-
5,17ti
28!i
109
10
3 Si Feb 4
19 Jan 4
122 Si Feb 24
122-2 Jan 5
II9I4 Feb 19
9 Feb 19
681-2 Jan 19
334 Feb 20
112 Si Jan 15
8I4 Feb 2
5i-> Jan 23
230 Feb 20
157 Feb 26
37-\ Feb 24
79 Feb 24
174 Feb 10
I'-B Jan 21
Feb
Jan 2(i
Jan 2
42
92
82
;^
;i
220
196
74
68
30
37-'^ Feb
Dec 96 Jan
Nov 28-''eApr
iMa> 225
Jan
Dec 173 Mar
'.J
Sop 232
Ana 2 1 2
J'ly
91
Sep
J'ly
.riy
75
Jan
91I2 Oct
17
Si
145
Feb 2 6
Jan
7
15 '4 Jan 13
76 Jan 2::
5438
2,675
Feb
1
Jau
71 Jan
25 Jan
8434 Jan
1041-i Jan
1041-i J an
95 Jan
41.J
201.2
Jan 25
Jan 2(1
131 '2 Jan 2.T
126Si Jan 26
130Si Jan 2
1258
72
Jau 6
Jan 25
9 Nov
66 Si Nov
26 Feb
86 14 Feb
Sep
3
7 Mar
12 Sep 24 Mar
10738 Oct 134 14 Jan
116 Aug 123Sif)e()
114 S: Oct 169 Si Feb
14 '8 Feb
634 Oct
65 Oct 7914 Jan
Feb 16
3Si J'ly
Feb 9 115 Oct
10 Jan 4
6S2 Nov
•5^8 Feb 19
5Si Oct
240 Jan 16 223 Dec
178Si Jan 22 138 Sep
30 J'ly
43^8 Jan 5
534
3^8
114Si
82 14 Jan
5
178Si Feb 19
2 Jan 25
7414 J'ly
164.'4
Aug
1'8 Oct
2434 J'ly
28
t;
Fob
May
8.)
Sep 116
Feb2o 12234 Jan 28 121 Nov
4 Jan 2s9 Apr
4 Jan 28
181 208Sil''eb24 21938 Jan 22 197 .riy
01-) Jan 19
2(1
6Si Dec
7 Si Feb 15
61 100 "Jan 25 102
Jan 6 99 J'ly
25 J'ne
Jan 16
iOO 95 Feb 8
59 45i4Feb26
75 28 Jan 2b
Feb 9
50
7
77 Jau 10
1034 Feb C
40i2Jan b
934 Jan
1,044
M ar
Feb
Feb
Feb
15 Si Nov 263 j Jan
38 If J'ly 52 Jau
144 Sep 150 Jan
Feb2tj 108
110
178 118
2
12
6634 Aug
83i.i Oct
9114 Jan27
I6314 Jan I'J ri62 Sep 178
91 Jau 23 87 Si .\ng 97
2
Jan 16
99 Si Jan 2
48SiJan25
29 Si Jan 25
8 Jan 2
77 12 Feb 11
14»8 Jaii27
5334 Jan 28
12 •'8 .Ian 2
59^8
500 •60 Feb23 75
163
8 Jan 4 11
24 78 Feb 25 83
10 80 Jan 15 85
97 Si -Ian 19 100
Jan 22
Jan 14
Jan 25
Jan 21
Jan 21
Jan 15
134
91
J'ly
Jau
Aug
3a Si Oct
27 Aug
Sep
7
7134 Oct
Oct
9
33 J'ly
10 Nov
4934
•50
7Si
71
67
Nov
834
310
204
Jan 80
Nov 28
Oct 102
Dec
314 Jan
3334 Oct
•50
Feb
Jan
Felt
Feb
4334 Feb
SS'^F Feb
190 Feb
2 Si Jan
86 Jan
139 Jan
20 Jan
237 Jan
10 Feb
132 Jan
2634 Jau
2934 Jan
Apr
111 Jan
53 Jan
31 Si Feb
15 ig Feb
95 Si May
I81.J Feb
571-j Jau
39 'f Feb
89 Jan
'"v
Mar
Jan
Feb
Feb
Jau
Oct 108
8034 Oct 110
2
Jan
127 Jau
62 14 Jan
18
.
Jau
8 Si
75=8
Mar
Mar
II4
1234
Feb
Mar
100
8 Feb 2
10i2Jan26
6 Jan
300 15.13 Feb24 1 9 's Jan 12 1558 J'ly 31i4Feb
6i«Feb
150 •25 Feb 2
Jan 23 •75 Sep
1
25 Jan 13 •25 Jan 13 •25 -ipi •95 Mar
"'8"(")
Oct 14 la Feb
Feb 11
7
7
834 Jan 20
572 19i4Feb23 23'6Jan21 20 Dec 39 Si Feb
•40 Feb
•45
Jan 20 •40 Dec •90 Mar
3SjJanl9
8 Feb
334 Jan 19
2S. Oct
25 435 Jau 4 460 Feb 2 400 J'ly 551 Mar
•OS
510 d 14 Si Feb 8 18 Febll
7 Jan 6
630
7 Si Jan 14
2',o'o'6
6;o'i3
1,841
590
1
650
210
3,150
300
455
1,105
21U
340
1,176
"2'25
40
100
642
115
105
146
10
'•55"
'
Feb
6 •75
Feb 23
Jan
5
Feb 10
J'ly
35
Nov
lOSi Sep
"47''^
(3
Jan
Jan
Jau
Feb
3 1^8 Feb
534 Sep
9 Si J'ly
•25 J'ne •40
Sep
12
Jau"2 37 J'ly
Feb '23 36 Jan 2 31 Nov
Feb 25 72 Jan 2 59 Si Oct
108 Feb 9 113 Jan 22 106 Oct
Feb 5
2
2 Oct
2 Si Jan 5
7 J'ly
8 Feb 6
9i4Jan 9
334 .Ply
3 Jan 2
SiSieJau 5
50 Dec
•62 la Feb 16 •97 Si Jan 13
514 J'ly
7 Jan 4
9 Si Jau 25
3 Feb 25
3 J'ly
478 Jau 18
Jan It) •87 12 Jan 22 •50 Dec
•55
434 Dec
4 Si Feb 24
5
Si Jan
SiigFeb 8 3912 Janl9 31 J'ly
2 14 Jan 19
2 Nov
4 Jan 21
i"ebl8 •62 Si Feb 4 •55 Nov
•50
•75
May
Jau
J'ne
1 14 Jan 23 •50
1
Feb
Oct
5
12 Jan 21
9S
53 Feb
62^8 Jau 5 43 Si J'ly
2ll3, Feb
29 Si Feb 2 16 J'ly
2^8 Dec
2\ Feb
3 Jan 25
Feb
80
100 Jan 5 80 Oct
Jau
ligJau 14 •75 Nov
1
38
3334
5634
1"^^''32
Jan
16
75
Mar
5
Mar
14
Feb
Apr
Feb
48S>May
131 "a Jan
118 Si Feb
5 Is
3 Jau
17 Si Feb
18 Feb
2 12 Jan
11 la Feb
58 Feb
8 Mar
Jan
Jan
Feb
23 '2 Feb
79 Feb
34 Feb
7SjFeb
126 Sj Feb
4 Feb
3 Jan
2!%
1 Is
2 Si
2 j;100
1,435
4158
Feb 6
2 14 Jau 20
914 Janl,'-
120
5 14
Jan 19
Jau
5
New stock.
75
Jan
70
IS2
7I4
J'ly
Dec. 14"8-Vpr
J'ly 190
Fob
1734
2',045
100
Dec '03 Uniteit Copper
2018
20 Si UnitedStates Mining 25 3,818 18 Jau 4 22 Jan 20
8 '8 Jan 4 10 la Jau 20
834
391
States Coal <feOil 25
9
Unit
Jau 2 35SiJaul8
4^85 4,188 30
32 'e
3234 Utah Con (Gold)
•<3l4
85 (t2i4Jan 2
334 Jan 23
312 Victoria
26
Feb 23
7 14 J an 5
500 5
2
5
Winona
5
71 14
71 14 Wolvarine
178 69 Jan 5 73 Jan 22
25
•50
•75
li4Jan 4
785 •50 Feb 23
Wyandot
25
Before pay't of assess'ts called in 1904. •Bidanda.sked.
U88 1-2
161 14
Nov
7
40 Jan 15
90 Jan 26
1,747 7 2 -la Feb 24
50 86'% Feb 2
I63I4 Jan 12
33'.
89 Jan 4
Jau 4
1 108
10 17 Si Feb 26
.
25
25
25
10
25
55
'*23'2
10
25
'8
80
25
25
Rhode Island
1
*^87Si
Fe(Gold<Si Cop) 10
2
Feb'04 Santa
734
734 .'Shannon
10
•95
25
100 Tamarack
75
25
Dcc'03 Teciiinseh
i:i
25
J'ly'03 Tennessee
25
7U
Sep '03 Trunountain
4*^
4-\ Trinity
25
2
,'-
.
60
H^^
3=V
•80
l''eb 1
Jan
Jnu 5
Jan 2
Jan 25
Feb 15
2
565
3 Jan 18
314 Feb 17
4''8 Jau2l
1,170
AUouez
Amalgamated CopperlOO 26,252 43 Feb 8 53 Feb 2
Adventure Con
25
25
25
25
Bingham Con Mln* S 50
'•io"
4.j
Feb '04 Bonanza (Dev Co)... 10
Jan '04 British Colura (Ltd)
3\
445
445 Calumet & Hecla...
06
May'03 Catalpa (Silver)
10
Centennial
25
17
17
Central Oil
25
7
7
40
Sep '03 Cochiti Tr Co rects.. 10
•40
•2.5
•4
Last Sale
2014
Is
Z
34
57
108
34.
5634
Last Sale
Last S a I e
Last Sale
47(
46
39'-2
108
•80
85
7
7
20
Last Sale
L a St Sale
7
38
34
•vo
•45
Last Sale
Do pref
.100
Amer Telep & Teleit .10(1
Amcr Woolen
."..100
Do pref
100
:i
80 '4 Jau 27
73
20 10
14 Jan 11
308 190
196 Jan 'J
162 Sj •Ian 25 162 Si Jan 25
222 Jan 29 222 Jan 29
32 198S!Jan
204 14 Feb
4)0 75 FebKJ 80Si Feb 1
48 69 F'eb23 75 Jan 13
10(
37 Jan
39 Jan 20
5(1
100
14
Fob 24
79.^^
Last Sale lOH
38 '4
3334 34
*3'4
3"^
••74
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7
7't2
••40
pref
.
8
Last Salt
17
7
•60"
"l6»4
<7Sj
lo^-Sf,
734
*7
%
9
15 36
69 '8
Do
.imer Sugar Retin
o\ East Boston Land
233 Si Edison Elec IiUuu...lO(i
159 General Electric
100
38^4
38 Mass'chusettsGrasCoslO(t
Do pref
100
174 'a 180 Mergenthaler blno-.lOti
*1'2
134 Mexican Telephone., lo
40
Aiig'03 N E Cotton Yarn pref 100
119
119 N" E Telephone
10(
4
Jan '04 Plant Comp new com 100
210
210 Pullman Co
10(
*7
7S Reece Button-Hole.. 10
lOOVj lOOSi Swift & Co
100
Aug'03 Torrington Class A.. 25
•35h
2.",
Sep '03
Do pref
Feb'04 Union Cop L'd & Mg. 25
96
96 United F'ruit
100
45 14
45 14 United Shoe Mach... 25
28 14
Do pref
2
28 S;
US Leatiher
100
Feb'04
Do pref
100
77Sj
11
Feb'04 U S Rubber
100
47 '2
Do pref
Feb'04
100
lOSi
10 Si U S Steel Corp
100
Do pref
55=8
55=8
100
•60
•60
West End Land
25
West Telep & Teleg.lOO
9
9
•77
Do pref
80
100
77
Westing El & Mf
^3
50
Do pref
Jan '04
50
y7Si
iHiuin^
473b
45
1'23S.
120
8^4
5 '2
39l6
46''8
1253.
230
157
2h
2
39l6
2 '^4
71
.Sate
334
34 "u 31 Si
59^4 59 14
110
75
1^8
334
•108
4 '8
Si
6>s
"39^4 "39 j^
•1'^
8
S:
-ISj
•77
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'""
i^
15934 15934
3834
38
338
439
is'
234
3^4
439
1
'5S2
2
•50
35
Last Sale
ah 8h
2
•40
"'i"H
Feb '04
69
5
21)
••00
10
2
7
•6-'4
11 9 Si 120
•9S! 10
2
2v
*17
3 '8
'v
4,000
N H
-Vmer Agricul Cheiii.lO(
Do pref
75
10(1
414 Amer Pueu Serv
50
Feb
172
1
(
Jan
276
io 135
.^liscellnneoiiM
12334
Last Sale
96196
4612
46
28 Si 28^1
prof
54 >4 Aug 89"« Jan
A UK 103 >4 Jan
J'uo 62 Sj Feb
'.J
Aiitr 154
Jan
A up 250 Apr
J'ne 195 Jan
169 Jan2.- 161
171 Janl:! 170 J'lU 177 Apr
300 Jan 20 290 J'ly w:< Mar
116 Jau2(; 133 Sep 157 Jau
124 Si Jan 11' 110 Nov 126 Jau
184 Feb 16 184 Nov 196 1-2 Mat
162 Si Jan 4 100 Jau 170 Mar
277 Jau 27 270 Aug IW Feb
137 Jan 26 131 J'ly 143 Si Feb
42 Mai 42 Mar
172 Jau 8 173 Si May 180 Feb
70«8 Fob
92 Jan 27 S5
Feb 24 247 Jan 29' 1244
Feb 5 140l2.)Utl
134
Jan 1.- 233 Jan 2( 230
10 170
17 295
139
"i-l 121
182
131.,.
J^ast Sal
12314 I2414
12334 1233^
Last Sale
Last S a I e
Last Sale
•70
s
a
3S.
A\
7^2
Do
Feb 24
Jan 7
2ii lli()
Feb '01
.Inn '01
Feb "04
•13
•74
7434
119
119
4
Maine
H
14
13S2
7434
79
177
&
Do pref
100
Boston cfe ProviiiimoelOO
OUloJuncHy.fc U S VI 00
»-
Last
1^8
3
•a
74
87
91
79
*176
'.^
•
96
47
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38^4
208^2 '209 Si
*7
7'.,
100 S; 100
25
3
96
*46
O
118-'4
'
'-J
Last Hale
234
79
177
79
176
l^b
100
25
>
534
234
157S> 159
7>-.
(JO
•46
56
534
Boston* l.owoU
Boston
35 (>4 14
23
88
284 244
113 ,rr37
I J 31
.5
100
100
100
100
100
OonA Mont Class 4.. 100
Conn A Pass Klv pref 1 00
a 77
Connecticut Kiver...lOO
136
Fitcliburif pref
100
Mar'03 Houston El'trlc com. IOC
173
Jau'04 Maine Central
100
18
Mass F,lectrioCos
10(»
73
73
Do pref
100
10
Mexican Central
100
•9S2
191>.j N Y N
191
10(1
& Hart....
26a S> Jan '04 Northern
100
Jan '04 Norwich <& Wor pref 100
Old Colony
100
"80^ Pere Marquette
•78
100
*70
74
Do pref
100
•37
40 Rutland pref
100
/5>4
Oct '03 Savannah Elec com.. 101
42
Feb;04 Seattle Electi-ic
100
Feb '04
Do prel
100
73-8
74 Union Pacific
100
86^8
86'\
Do pref
100
/63'4 Jan '04 Vermont <fe .Mass
100
*9l
91
West End St
50
110
110
Do pref
50
17 '2
17 Si Wisconsin Central. ..100
3S^ J'ly'03
Do pref
100
145
Jan '04 Wore Nash & llooli..lO(
•334
233
T9S:
118
4
209 Sz 210
'
>
W
97
47
28'4 28 '4
S'^s
•334
118
3
14
122 S2 123 S
123 123
119S2 120
*9'-2 10
693, 69 "8
534
201
75
69
40
Last Sale
Cast Salt
74Si
3 Si
72^8
•SGS:
91
'108
91
.
74
334
7914
7H
10^4
88 S2
*13Sj
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100
25
73-'e
145
093^
10 Si
Last Sail
Last Sale
Last Sale
90
"7 2 3^
201
75
69
>2
•37
40
•87
•163
91
*108
235
I0TS2 164
38 '4 383,
3S-6
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71
SOiSf,
37S2 45
123
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4
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234
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204
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Last Sale
r.ast Sale
1141.^ 115»4 *1]4S! 115>4
8 '4
834
834
8>4
234
164
210
•
204
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334
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14
74 k
334
4
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119
100
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10
10
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190
12234 T24
10
To
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743,
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145
•
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90
74
90 V
74"
Last Sale
Last Sale
1734
204 »4 204 '4
78
78
69
71
37 <a 37 Si
•jit.i
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&
Albany
13734 Boston Klovatod
VIZ
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74
11'
75
10
191
74
10
191
300
Sale 7S4
Last s ale
hast Sale
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18^4
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172
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lyi
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172
136
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170
300
122
136" '136
71
71
87>a 37 S;
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.
235
167
hast Sale 141 h Feb '01
14.-.
•
233
167
i67""
1117
&
8auta FolO(
OSS) Atcli Top
8834
Uo nri^f
100
246-', B()sU)U
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170
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277
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190
1663i 167
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185
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233
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299
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1373, 138
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•
64'-i
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245
•13734 13S
-160
•«
64'
89
6l>4
233
245
13H
•233
24 f.
Sep 106 Si Feb
1
7
25
Nov
414 J'ly
4 Dec
1614 J'ly
8 Dec
22
Jau
ISi Dec
5 Si J'ly
61 J'ly
•75
Oct
l'3i6
Feb
3334
Mar
14
Feb
3134 Jan
27S2F(>b
17 Mar
33 '8 -May
Feu
9
14 '4 .Mar
7
1
Mar
2v Mar
tAss'tpaid. *Ex-rlgUts. aEx;-dlv.<fc rights
Feb.
Boston Bond Becord.
27. 1904.1
BONUS
Week's
Range
Range or
Since
Last Sale
January 1
97 '-i
89
9738 98
89 hi Sale
98
8934
38
113k!Feb'03
& Nebraska Ist 7s.. 1908
97 7^
AtcliTop&SFeKeng4s..l995 A-O 97348010" 97 »8
ST^
S712
Adjustment g 4s
J'ly 1995 Nov
8
<fe
Atch
& LoweU
48
& Maine 4'i28
Improvement 43
Bost & Mon 3d issue 7s... 1904
Boston Terminal 1st 3^s. 1947
BostXJnGaslst 5strrects-1939
1939
2(1 5s trust receipts
1918
Bur & Mo Kiv ex 68
191S
Non-exempt 63
1910
Sinking fund 4s
1917
Butte & Boston Ist 68
Cedar Kap & Mo R 1st 78.1916
.1909
2d 7s
Cent Vermt"ist"g4'8"Mayl920
CbicBurl & Q extend 48.1905
1919
Iowa Dlv 1st 58
1919
lowaDiv 1st 48
1913
Debenture 58
1922
Denver Exten4s
1927
Nebraska Exten 48
1921
SWsf 48
1949
IUinoi8Div3i28
Joint bonds See Gt Northern
Chic Jc Ry & Stk Yds 58 .1915
Coll trust refunding g 4sl940
Ch MU & St P Dub D 68.. 1920
Ch
& St P Wis V div 681920
Chic & No Mich 1st gu 58.1931
Chic &
Mich gen 58.. ..1921
Concord & Mont cons 48. .1920
Conn<fe Pass R 1st g 48... 1943
1927
Current River 1st 5s
DetGr Rap*
1st 4s... 1946
1913
Dominion Coal 1st Cs
1906
Eastern 1st gold 68
Fitchburg 4s
1904
1927
4s
B&
M
W
W
M-N
F-A
J-J
J-J
J-J
J-J
J-J
J-D
117
1
Feb'04
Jan '04
99
J'ne'Ol
1
128
128
1
80
81
9912IOO
IOOI4 IOOI4
"i
106 "4 Dec '02
98 >« Deo '03
92 Feb'04
M-N
MS
J-J
106
J-J
124
J-J
J-J
12315
M-N 100
102
J-D 106
J-D
A-O
A-O
1921 Q-J
3
92 12
IO6I2
97H. 9710
12434 125 12
124 >.2 12412
106
IOII4IOII4
106 106\
Dec'03
Feb'04
95 Is 97
107 ""i 105% 107
IO4I4
10459 Feb'04
104 "a 10458
100% Mar'02
llli4May'02
137 137
136 Ha
137 Feb'04
'i 137
136^2
137
137
137
9II2 28 9OI4 93 12
91i4Sale
91
91 Feb'04
90 >2 91%
Note— Buyer pays accrued interest in addition to the purchase price for all
Philadelphia and Baltimore Stock
Monday
Feb.
22
Tuesday
Feb. 23
STOCK E XCHANGE CLOSED
UNTIL FEBRUAB y 24 ON
ACC OUNT OF FIBB.
Wednesday
24
Feb.
*57
83
58
...-
6%
8I4
1534
738
7%
6'
Stocks see below)
FA
75
104
102
;
10112 101^^4
12134 122
16 14
Mar'02
102
102'
102
103
10416
102 14 102 V
101%101^
120%120'%
100
IO214
101
100% 102%
1
94% Nov'03
100% 102
101
101
100i2Sop'U2
101 Oct '02
105i2J'ne'03
Apr '03
102% Nov'03
10234
9Si2
99
87i4J'ly'01
112% Oct
93% 100%
10
'03
H Trust Co.
ctf s.
Weekly, Yearly
Daily,
Range )or Year
Sales
the
96% 97%
ye"-,
Jau'04
Oct '03
Feb'04
Mar'03
10214
102
101% Feb'04
112 May'Ol
100% Oct 'O'J
120% Feb'04
105 Oct '02
100 J'ne'02
102 Mar'02
90 Nov'03
101 Feb'04
107 Feb'03
and asked.
Latest bid
70 "a
16 14
(\G\
102
102 12
103
106 ig
,
8519
104
J'ne'O'
9612
961a-..-
93^
107%108%
Jan '04
9i4Sep'03
100
9974,
110
118
108
117
92
83
104
I6I4
Range
l(yr Previous
Year (1903)
19U4
of
Week
Shares
Highest
Lowest
Highest
Lowest
Baltimore
Consolidated Gas
Northern Central
100
50
*8
100
8% Seaboard Air Line
*14% 15
Do pref
100
7^4
7-2 United By & Electric 50
60
90
90
8I4
65
J-J
J-J
price Friday
(For Sands and Inactive
tViday
Feb. 26
57%
58
90
88
J-J
J'ly
J'ly
128
99%
Feb '04
93 12 Feb'04
84'2Fob'04
104 Jan '04
107 Is 107 '^
101 12 Feb '04
122 Jan '04
102 J'ne'03
1143^ Oct '03
66 14 Feb'04
93
92112
10334 106
IOII2
No
'04
99% Jan '04
t
Jiigh
96
97
96
97
128
11712 Feb'04
J-J
ACTIVE STOCKS
TJiursdaii
Feb. 23
61
-
Jan
Since
January
Low
'04
97
108
A-O
A-O
A-O
Exchanges— Stock Record,
Share Prices—Not Per Centum Prices
Saturday
Feb. 20
97
128
1906 A-O
1907 A-O
68
1908 A-O
63
1915 A-O
58
1905 J-J 1021, siaie
N Y & N Eng 1st 78
1905 J-J 101
l9t68
1924 F-A
Old Colony gold 4s
Oreg Ry & Nav con g 48. .1946 J-D
1922 F-A
Oreg Sh Line 1st g 68
Repub VaUey Ist s f 6s.. .1919 J-J
1902 M-N
Rutland 1st 6s
Rutland-Canadian 1st 4s 1949 J-J
93
95
Savannah Elec Istcons 5s. 1 952 J-J
1930 FA
101
Seattle Elec Ist g 53
1918 M-S
Torrington 1st g 5s
Igr g4s-1947 J-J
Union Pac
1911 M-N
Ist lien conv 4s
United Fruit conv gen 58. 1911 M-S 101 102
1903 M-N
Vermont<£; Mass 58
West End Street Ry g 5s. .1902 M-N
Gold4i2S
1914 M-S
1916 M-N
Gold debenture 4s
Gold 48
1917 F-A
Western Teleph <fe Tel 58.1932 J-J
99 Sale
Wisconsin. Cent 1st gen 4sl949 J-J
Wisconsin Valley Ist 7s.. 1909 J-J liihiV.V.'.
Boston Bonds.
5-=
High
Jan
96
RR&
11214 Jan '03
101 100
97 '« 97
107
96
107
J-J
New EngTeleph6s
104 14 104 14
99 >4 100
92
106
IQQh
97 >2 Jan '04
12434 Feb'04
124 Wj Jan '04
101 14 Feb'04
IOHHj 106 V
109 14 Mar'02
107
A-O
Ask Low
107 1«
Maine Cent cons 1st 7s. ..1912
1912
Cons lat43
Marq Hough & Ont 1st 68.1925
Mexican Central cons 48. .1911
Jan 1939
Istcons tnc3s
Jan 1939
Jd cons inc 3s
Mich Telep cons 5s tr rec.1929
Minne Gen Elec con g 5s 1929
New Eng Cot Yarn 5s 1929
113
102
99
113
102
Week's
A-O
A-O 127
A-O
.101
J-D I'og'
M-N
M-S
Marl934 Spl
KanCStJo&CB
LR&FtSmidgr I8t7s...l905
IOOI4 Feb'04
IO4I4 Jan'04
99I4
9914
F-A
Last Sale
1st 5sl929 .^-0
1st 7s. .1907 J-J
99 12 Feb '04
107 Jan '04
A-O
A-O
M-N
MS
3934
Income 5s
Kan C & M Ry <fe Br
128
117i4Feb'03
80
80
113
1910
deben 5s
Non-convert de ben 5s... 1913
la PaUs & Sioux C 1st 7s. -1917
Kan C CUn & Spr 1st 5s--.192r)
Kan C Ft S & Gulf 1st 7s.. 1908
Kan C Ft Scott cfcM 68.... 1928
1934
Kan C M cfe B gen 4s
Illinois Steel
99
87
117
....
113
113
102
99
100
12s
M-N 128
M-S
M-S
M-S
FremtElk&MoVlst68..1933 A-O
1933 A-O
Unstamped Ist 6s
Gt Nor C B & Q coll tr 4s 1921 J-J
Regi8tered48
114
113
101
97 lu gSSfe
88I2 94
9768
Range or
Feb 26
Bid
Feb '03
901a
A-0
A-O
3
104i2Apr'00
117 Feb'04
99% Jan '02
101 Mar'03
112'2Jan'03
113
113
1907 J-D
1944 J-J
1905 F-A
Price
J'rida u
BOSTON STOCK EXOH'GE
Week Ending Feb 26
High No Low High
Ask Low
Bid
Am Bell Telephone 4s 1908 J-J
J.J
Am Telep Tel coU tr 4s. 1929 MS
Boston
Boston
BOND.*!
Price
Friday
Feb 26
»-2
BOSTON STOCK EXOH'GE
Week Ending Feb 26
809
58% Dec 72% Jan
84% Oct 118 Jan
57% Jan 5 59% Feb 1
87% Jan 18 91 Jan 27
8 14 Feb 26 1034 Jan 2
15
10
35
1534
2,775
1034
Dec
28I4
20
Oct
45
8
Jan 16 2134 Jan 2
8% Jan 26
Oct
I4I4
6%Feb24
Jan
Jan
Jan
Pbil«delpiaa
•44% 44%
19% 19%
i
m
2%
*2
7"ie
67%
35
66iBia
57
7^16
•34
O
2l5l6 218l6
566i8
5»4
w
51618 515i9
1434
l-(
38% 38%
1414
19i6ie
14%
2034
•38% 39
29
29
47% 47%
84
35
29
47% 47%
83
83%
84
PHILADELPHIA
Bid
Amer
Iron
&
Steel
10
50
60
50
Central Coal <fc Coke. 100
Preferred
100
Consol Trac Pitts
50
Preferred
50
Danville Bessemer...!
Cambria Iron
3
•2%
734
7»4
734
794
•734
11
35
35
66% 66%
34% 35
21B18
66
66
34"'4
34%
38I4
14%
19% 20%
•38
34
3
*2^4
56%
38%
3
56^4
39
1934 203i8 iyi»i6
'38
39
39
534 5"l6
5% 5%
14% 14% •14% 1434
534 513i6
14
•27% 28%
35
•65% 66
5534
56 14
38 3(.
38%
ir«
*10
•34
3334
3
3
56%56i3ie
3%
39
"•27%
47% 47%
28%
47% 47%
82 14
8234
83
83
20''i9
38%
2S%
•38
•2734
4734
4734
82:'4
*20
PHILADEI-PHIA
25
46
Balls Ter Ist 53 1926. J-D
Pennsylvania Steel. .100
Preforrad...
100
PhUa Co(Pitt«) pref,. .50
Phil German
Norris.SO
Ry 1st con
E & A 1st M 58
Elec
cfe
118
10012
Eq
H
10
11
104
108
72%
44
44%
97
160
97 14
II
5s 1932
1st 58. '33
1920 M-N
Peo Tr stk tr ctfs
Elm & Wil
7I16 Oct
Dec
10
19
l%Sep
55% Nov
Oct
35
Aug
1\ Dec
1334 Nov
5
Sep
36
Nov
40% Sep
2734
76
20
62
Oct
C & A ext 5s
Charl
-
J-J
Gas-Llstg58 1928
Lehigh Nav 4%8 '14 -Q-J
RRs 48 g
1914. Q-F
GenM 4123 g. 1924. Q-F
Leh V C Ist 5s g '33. .J-J
LehV ext 48 1st 1948. J-D
2d 7s 1910
M-S
Consol 6s 1923
J-D
Annuity 6s
J-D
LehV Trac let 4s '29. J-D
Nat Asphalt 58 rects
New Con Gas 5s 1948 J-D
Newark Pass con 5s 1930
NY Ph & No 1st 4s '39 J-J
Income 48 1939. ..M-N
1st 4s '36..
MN
P Wcfe B col tr 43 '21. J-J
Rochester Ry con 5s 1930
S R E Side 43 interim ctfs
10334
106% 197%
80%
80
108
111
11634
120
109%
m""
>i
138%
.
9634
5734
s
1
53 1930. J-D
i'39"'
57
BALTIMORE
Inactive Stocks
Atlanta* Charlotte.. 100
Canton Co
Georgia Sou
150
104
200
Incomes
Npt N&O P Ist 53'38 M-N
General 58.. .-1941 M-S
i'08
100
100
100
G-B-S Brewing
Mt Vernon Cot Duck
Unit Elec L <fe P pref. 60
4% 5"
II4
214
34
36
89
92
Bonds
& Pot 58
106
Anacostia
101% 102
Atl& Ch Ist 7. ..1907 J-J 107%
Atlan C L RR4S1952M-S
99
lOl
Atl Coast L(Ct)ctfs 5s J-D
Ctfs of indebt 4s ... .J-J
112
83
92
88
110
110
33
•23.
Cousol
o.s r
Penn & Md Steel con 68.
Pa <fc N Y Can 7s '06. J-D 105
Con 5s 1939
A-O 110
49%
Con 43 1939
98
A-O
Penn Steel Ist 5s '17 M-N 10434
6(»
People's Tr tr certs 48 '43 102%
P Co l.st& col tr 5s'4y M-S llO^v
Bid and asked prices; no sales on this day.
||
Refunding 3 %8 1952 J-J
Bait
P 1st 6s I'll A-O
Bait Trac lst58..'29 M-N
No Bait Div 58 1942 J-D
1919. ..Var
Lowest
is
m
&
Convertible 58. '06
>2
Cent'l
Ry con58l932
Ext& Imp
11034
ex-dividend.
58.1932 M-S
Clia8CityRyl8t5s'23J-J
U Ex-rights.
t$15 paid
109
102
101
ylsk
SO
110
107
88
112
108
90
110
110%
111'4
103
106
119
112
47
104
108
120
48
23% 24%
100
112
113
10
1926----J-J
B 68 1926. -..J-J
Pitt Un Trac 5s 1997. J-J
PotoVal 1st 58 1941. -J-J
Sec Av T( Pitts) 5s '34 J-D
61
15
102
107
115
115
110
107
112
111)
Series
Series
A 5s
Bound
Ist 5s. .AO
UEl L&P lst4%8'29 M-N
UnRycfeEllst4s'49M-S
Income 4s 1 949
J-D
Va Mid
1st 68 1906. -M-S
2d series Os 191 1 . M-S
3d series Os 1916. .M-S
.
Sill
Mar
77
112
Norfolk St 1st 58 '44.. J-J
North Cent 4 '2s 1925 A-O
J-J
6s 1904
Soiitli
112
111
110
112
M-N 100%
M-N 109
Jan
Jan
Feb
9 Jan
17% Jan
3411 16 Jan
141118 Feb
40% Jan
4734 Feb
.16% Jan
4
7S34
4734
Sav FlacfeWest5s'34 A-O
Seaboard A L 4s 1950 A-O
Seab cfe Roan 58 1926.J-J
100
& Fla...l00
Ist pref
2d pref
Georgia P Ist 6s. '22 J-J
GaSo & Fla 1st 5s 1945 J-J
G-B-S Brew 3-4s 1951M-S
2d income 5s 1951 M-N
Knoxv Trac Ist 5s '28A-0
LakeR El 1st gii53'42M-S
Met,St(Wasli)l8t5s'25FA
Mt Ver Cot Duck IsWos
.
i'o'2
109% 112
102%
U Trac Ind gen 5s'19.J-j 96
U Tra«Pit gen 5s '97 J-J 109%
51% 53
Atlan Coast LiueRR 100
107% 108% Atlan Coast L (Conn) 100
IOII4
IO914
10134
Welsbach
1st 6s '10. J-J
<fc B Top con 5s '25 A-O
Indianapolis Ry 4s. 1933
Interstate Rys—
3-3 %-48 1943
F-A
No Penn
105 '4
111
100 100%
Feb
45% Jan
Bid
MS
'09
Jan
Jan
Dec
J'ly
7934
Aug 31
Chas Ry G & El 5s '99
62%
9»i9Jan
4934
1014
11
Nov SO
64 Aug
34 % Nov
BALTIMORE
Ask
10034 101
Bait C Pass Ist 58 '11 M-N 105
Deben 6s 1905
M-S
Penu gen 68 r 1910. .Var 114 114% Bait Fundg 58.1916 M-N 118
Exchange 3 %s 1930 J-J 109% 110
Consol 68 c 1905... Var 102%
United N J RRdfcC.-lOO 265
Unit Pow & Trans
25
United Trac Pitts
50
Pref eiTCd
50
49
Westmoreland Coal. ..50
Dec
1910 A-O
M
116
2d 7s....:
GenM43gl920..A<feO 104 105% City <fe Sub l3t 5s. .'22 J-D
Ph & Read 2d 58 '33. A-O 126
City<fe Sub(Was)lst5s'48
102%
Berg<feEBrwlst6s'21J-J
Con M 7s 1911
J-D 119% I2OI4 Col &Grnv l3t 6s. 1916 J-J
Bethle Steel 6s 1998. Q-P 115 119%
ConM 6s g 1911.... J-D 113%
Consol Gas 6s... 1910 J-D
..
'16 J-J
'47. A-O 104
Che <fe D Can 1st 5s
Ex Imp JVf 4s g
105
5s
1939 J-D
48%
ConM of '82 48 '37. J-J 104
Choc <fc Me 1st 5s 1949 J-J 108% IO9I4
Ga & Ala lat con 5s '45 J-J
Terminal 53 g 1941. Q-F 12234
Ch Ok & G gen 5s '19 J-J 106 10 %
GaCar&Nlst5sg'29J-J
ConTracof N J
SuiMjueli Iron
Steel. .5
Tidewater Steel
10
Preferred
10
Warwick Iron & Steel. 10
West Jersey & Sea Sh.50
Bid
%Nov
83
'J
cfe
50
10
PHILADELPHIA
Phil Elec gold trust ctfs.
Trust certif 8 4s
P & E gen
5 g '20. A-O
4034
93
Col St
Elec Storage Batt
100
Preferred
100
Germantown Pass
50
Harrison Bros pref. ..100
Initiauapolis St
100
Inter Sm Pow & Chem.50
Key,stone Telephone ..50
Preferred
50
Key.itoneWatchCase.100
Lit Brothers
10
Little SchuylklU
50
Minehill & Schuyl H..50
Nesquelioning
50
N Haven Iron & Steel.
North Pennsylvania.. 50
Penu Gas Gmtk.
50
PennsylvaJBilkSalt
50
Dec 52 % Jan
1714N0V 2634 Jan
132 4314 Janl8 45 Jan ?0
1,461 18% Jan 6 21 14 Jan 23
i4Janl2 ISieFebll
Consol Lake Superior. .100 4,305
210
100
Do pref
1% Jan 19 5% Jan 26
734 Feb 8
Electric Co of America 10 1,863
8% Jan 20
2 10 Jan 6 13% Feb 8
Gen Asphalt interim ctfs
140 30 Jan 11 38% Feb 6
Do pref interim ctfs
107 62% Jan 14 67 Jan 27
Lenigli Coal & Nav
50
820 38 '4 Feb 26 38% Jan 25
Lehigh VaUey
50
320 2i6iaFeb23 4iieJan25
MarsdenCo
100
Pennsylvania RR
50 8,993 56%Feb24 61% Jan 27
Philadelp'a Co (Pittsb) 50 2,954 3 8 '4 Feb 24 43 Jan 22
534 Feb 9
Philadelphia Electric. 25 1,483
6»i8Janl3
Phila Rapid Transit ... 50 8,730
8 Jan 6 tloM Jan21
Reading
50 24,202 19% Feb 24 24 Jan 25
38i4Jan 2 40^18 Jan 27
Do 1st pref
50
10 20% Feb 19 31 Jan 22
Do 2dpret
50
Union Tracton
50 1,949 4534 Jan 2 48 Jan 23
United Gas Impt
50 2,287 82 14 Feb 24 3934 Jan 22
WelsbachCo
100
Ask
Bid
117
100
Easton Con Electnc...50
&
%
''la
2
7% Al Val E ext 7s 1910 A-O
3% AmRysconv5s 1911.J-D
Atl City 1st 5s g '19. M-N
Steel..,
Railways General
%
"la
2
Ask
Preferred
Phila Traction
19
44% 44% American BaUways.... 50
50
18% 18% Cambria Steel
Bonds
Bell Telephone
Diamond State
4434
2
Inactive Stoclis
American Cement
•44
19
7.
713i8
CD
209ia 20»i6
•3934 40'*
•28
44% 44^4
18% 19
11
>3
38% 38%
534
%
2%
35% 36
66
66%
!^
14%
%
*2
H
HI
71816
»66
35
44% 44%
18% 19 >4
.
4th scr3-4-5s 1921. M-S
5th scries 5s 1926. M-S
Va (StJite) 3s new '32. J-J
Fund debt 2-3s 1991 .J-J
West
C con Os 1914 J-J
101
66
102
C6%
1(15% :o7
85
81
91 '4 9134
->vu
52%
105
112
117
io4"
93%
WesVa CcfcP 1st Og'l 1 J-J
92
93
112
109
iTo^'
Wil
114'.i
116%
N
«fc
Wold
5S--1935-J-J
94
—
.
THE chronicle:
810
Volume
DAILY.
>;
SUKk-f
rfk nxtting
178.974
» 16. 680,575
'"4S-J'7"li
4;t6.944
4S,6it7,>^.'>0
365.359
302.601
33,266.400
27.582.100
1.319.500
1.385.000
1,336,500
Bonds
l<~riday
HOLI DAY
44,;'37.2;'>0
"
$i",6o6"' "$6'.5bV)
600
5s K 1949
........
*5,499,600
1.826,604 $166,165,175
$1,000
aaUs
Wttic ending reh
at
Ifew York Hloek
JCxchanye
January
26
1903
1904
1903
1904
Feb 26
1 to
20,785,984
26,574,132
Stocks — Ao.siiares
2,169.763
1,826,604
Par value
$166,165,175 $211,816,300 $1,928,988,850 $2,527,682,376
$128,800
$68,400
Bank shares, par..
$4,000
$21,500
BONDS
$7,000
1,000
5,493,500
State bonds
BB. and mis. bonds
Total bonds
11,693.000
1(1,0(10
$11,760,000
$5,507,500
$181,000
236,500
129,510,600
$218,700
168,000
114,735,000
$51,000
$115,121,700
$129,928,100
DAILY TRANSAGTIOXS AT THE BOSTON AND rHILADEUPHXA
iiXCHANGKS
Philadelphia
Boston
Week ending
Feb Je
Listed
share'
Unlisted
Bond
stiares
sales
7,515
3,624
Saturday
$5,600
Monday
Tuesday
Thursday
Friday
46,665
25,500
23,000
28,000
5,919
10,841
11,467
8,584
16,351
16,040
11,942
11,407
Wednesday .
4.436
HO LID AY
Bond
Unlisted
shares
Listed
shares
Gas
81
i()3'
§
10
84,500
28,200
29,00U
26,200
40.435
63,
$128,765
26,196
58,471
$186,900
60
Lo,a:cfeWabVl8t6s'25.J-D
60
Madison Gas 6s 1926. A-O §105
Newark Gas 6s 1944. Q-J §136
Newark Consol Gas. .100 71
58 1948 iS'fe Stock Exch Ust
No Hudson L H & Pow—
A-O §100
08 1938
HO&lndCNat&IU
.100
5
J-D
48
40
Ist 68 1926
& Pas Gas
cfe
Cong
Eleo 00
1
StPaulGas Gen 58'44M.S
Syracuse Gas 5s 1946. J-J
United (:*as&Elec,NJ 100
Preferred
100
TelejjT
§
70
TlAmer Teleg & Cable 100
BeU Teleph of B u Halo 1 00
11 Central & So Amer .100
ChesA Poto Teleph. .100
84
99
101
40
104
185
115
78
42
110
J.J
Emp & Bay State Tel 100
100
100
HGoldtfc Stock
114 I2S,
1905
Hudson River Teleph 100
H N Y <& N J
92
Telepho .100 al35
Eights
6s 1920 See Stock
3k
of
\ b'y
cfc
7tU
Ave
Bid
33
93
240
stk ..100
100
Preferred
100
Lak« St (Chic) El stk. 100
Ist 53 1928
J-J
34
95
245
9912 100
1904 ..J-D
l!2amorl OS 1914 ...J-J 104 105
Con 5s 1943 iiee Stock Exch list
B'way Surt 1st 5s gu 1924 no7 110
2d OS ml as rental 1905
99 loo's
TICent'l Crosst'n stk. .100 275
300
UlstM 6s 1922 ...M-N ai8 120
5CenPkN <fc K K stk. 100 206 210
flCUr't'rifc loth St stk 100 180
187
'<t
Dry ii}i.^&
3—
F-A
M
W
52
88
2^
2
i
99
96
ai3
ni2
11334
100
100
9
9k2
NewOrl Kys Co
Preferred
J-J
4k8 1952
North Chic Str slock. 100
Pub Serv Corp
of
Cons Trac
108k
101
ist 5s
i
N JlOO
of
103
J.D
M-N
48 g 1949
So J Gas El
list
X list
X list
<fc
Trac iUO
Gug5s 1953
M-S
No Hud Co Ry 6s' 14 J-J
192
58 1928
J-J
Pat City con 68 '31. J-D
2d 68.. ..1914 opt A-O
210
103
112k Rochester Ry
30
82
65k
17
19
69
69 k
63
(34
105 14 105 k
N J... 100
New'k Pas Ry 58 '30J.J
Or & New let 6s '05 A.O
Essex Pas 6s 1905 M-N
Rapid Tran St Ry..lOO
Ist OS 1921
A-O
J C Hob&Patersoniuo
410
106
415
75
106
^o
29
80
60
95
100
39k 40
M-N
1933
114
112k 113k
noo
102
§10lk 102
235
§109
110
18
17
64
82
100
112
110
§120
5100
96
96
65
83
101
g
125
98
100
Preferred
98
100
Con 5s 1930 See Phila list
2d 5s 1933
J-D §102 102k
So Side El (Chic) stk. 100
92
93
Syracuse Rap Tr 58 1946 §100 101
Unit Rys (StLTrans) 100
10
9
Preferred
51
54
100
Gen 48 1934.... See Slk Exch list
176
106
107
list
105
106
Hi
25
NY&
Ferry Companies
Brooklyn Ferry .stocklOO
B& NY 1st 68 1911. J-J
Con 58 1948 See Stock
N Y E R Ferry stk. 100
l8t 58 1922
M-N
N Y Hob cou 58 '46. J-D
Hob Fy 1st 5s 1946 M-N
N Y<fe N J l8t5s 1946.J-J
Am
H
1
Price per share,
t
Sale price,
a
72
93
Ex rights.
itExdlVj
i|
SeUs on
IjDiauiiiiid
loo
1 00
33.1
Match Co. 100
Doiniiiiou Securities. 100
Electric Boat
100
Preferred
100
Electric Lead Reduc'ii.60
1-,
98
33
93
86
2k
8k
t
109
86
20
94
86
89
33
74
8!t:i
36
77
7612
77
35
85
li
Stocit
l»a
14
9^
46
49
98
38
1|New Y'ork Dock
12«4
59
HOntario Silver
100
Otis Elevator com
100
Preferred
lOO
Pittsburg Brewing
50
Preferred
50
Pittsburg Coal
100
Preferred
loO
Pratt & Whitn pref.. 100
Realty Assoc (Bklyn)lOO
Royal BakPowd pref. 100
Russell & Erwin
25
Safety Car Heat & Lt 100
Deb St 68 '24 op '05.. J-J
Singer Mfg Co
100
Standard Milling Co. 100
Preferred
100
8
104
3
16
115
146
5
20
82
III3
44
10
35
100
^4
165
2(57
31
15
80
7
25
102 kt
20
85
120
106
130
20
3
5>4
4I4
434
3
k
4
t
t
5
.S2
34
87
84
23 14
44
2334
443a
133,
48 k
99 105
120
115
99k
t
IOOI4
63
190
61
185
"8
1.
20
340
4
30
80
355
5
18k 19 14
693.
M
3
40
48
5 t
Simpson Crawford Co 100
N
103
102
110
16
41
N Y Transportation. ..20
58
23
93
15
35
29
38
3
100
100
llPreferred
IOI4
214C.
40
Standard OU oi
J. .100 600
Standard Coupler comlOO
28
54
t
Preferred
4
100 116
34k 3434 Storage Power
50 t
^
02
Swift & Co See Boston St k Exc
97
75
Ist 5s 1910-1914.... J-J §100
80
25 t 28
k Tennessee Copper
98
99
lITexas & Pacific Coal 100
75
1st 6s 1908
86
A-O §105
23
Title (Juar & Trust ... 100 425
26
88
90
Title Ins Co of N Y..100 130
2
10
Trenton Pott eries com 100
4
65
82
70
Preferred new
100
11
14
Trow Directory new.. 100 65
160 165
Union Copper
k
10 t
150 250
Union Switcli& Signal 50 t-..
125
135
Preferred
50
26
30
SO
Union Typewr com.. 100
87 k 90
1st preferred
100 104
23j
3
2d preferred
100 101
23g
12
13
UnitBoxboardcfe Pap. 100
Preferred
100
18k
70k 71k
15
25
1
U S Cotton Duck
100
110 125
U S Envelope com. ..100
140 160
67
llPreferred
100
140
160
U S Light & Hejit. ... 10
320
11 U S Red & Refining .100
117 118 k
llPreferred
100
107 k 109
HU S Shipbuilding... 100
K
llPreferred
100
f
^
114 116
Bonds— .s'c« Stock Exc h list
16
20
U S Steel Corp new 5s See Stk E
60
67
Coltrsf5s'51opt'll .. §10214
1^4
134
Coltrsf 5s'51not opt. «102k
8
10
k
Universal Tobacco. ..100
o
52
Pref erred
100
64
100
Gu .l.SO
West & Bronx T <&
420 450
Westinph Air Brake.. 60 tl37
89
91
White Knob Mining. 10 t 7
87
90
Worthius Pump pref .100 110
85
90
50
51
1
9
1
UNew Central Coal
20
New Eng Consol Ice. 100
N Y Biscuit 6s 1911. M-S
N Y Mtge& Security. 100
Semmole Mining
30
10
103
26
4
"4
r
NorAmLum'r&PulplOO
t
Ik
13»a
27 k
122
126
129
130
16
19
22
49
62
Preferred
50 \
1
Electric Vehicle
1 00
8
Preferred
100
12
Electro.Pneum'io Tranlo t
^
Empire Steel
loo
3
Preferred
100
20
HQeneral Chemical ..100
40
10
11 Preferred
90
loo
52
Gold HiU Copper
^4
1
42
Greene Consol Copper.lO t 10 k
Rights
102k
..:
lo.
95
HackeusackMeadowslOO 20
91
Hall Signal Co
90
100
96
Havana Commercial. 100
8
40
Preferred
15
lOO
80
Havana Tobacco Co.. 100 27
Preferred
lOO
36
Hecker-Jones-Jew'l MUl
87
Isl 6s 1922
M-S 101
100
Herring-Hall-MarvinlOO
1
1st pref erred
30
lOO
50
2d preferred
4
100
104 >8 Hoboken Landtfe ImplOO 200
195
1158 1910
M-N §102
Houston OU
100
Ik
82
Preferred
12
lOO
50
Hudson Realty
100
120
Interboro R T See Street Rys
Internat'lBankingColOO 140
100
Int'n'l Merc Marine. 100
434
145
Preferred
100
19 k
4
Col tr deb 4kl922op'07
e list International Salt
11
100
122
Istg58l951
39
82
International Silver. 100
100
Preferred
100
5
l3t 68 1948
J-D § 97
John B Stetson com.. 100 165
Preferred
loo 130
150
Kitchener Gold Mining. 5 t
H
Exch Lanston Monotype
20 t
8k
250
Lawyers Mori f nsur.lOO 160
190
Lawyers' Title Ins. ..100 260
LlghtFuel&P of WValOO
96
29
42
IJLorUlard (P) pref ...100 115
74
Madison Sq Garden.. 100
21
2d 68 1919
M-N 60
Manhattan Transit
136
63
20
Mex Nat Construe. ptlOO
5k
Monongahela R Coal. .50
7
Preferred
50
109
Mosler Safe Co
100
Ust
18
llNal Bnam & Stamp 100
73
llPreferred
78
100
94
National Surety
100 114
109
102
60
Prior Ueng4k8'30M&S §106
Con mtg g 5s 1930. J&J
SO
Income 58 1930
15
ChR Ic& Pac4s (wi)
93
Erieconv4sApri'53A<feO
Northern Securities.. 100
Pitts Bess & L E
50
Preferred
50
Seaboard Air Line—
Coll tr 53 '07 op (w i)M-S
Va<fe Southwestern. .100
llCrucible Steel
II I'relerred
Cuban Os of 1896
103k 104k NewBrunsCannelCoal
Kaili-oad
Buffalo* Susq pref ...50
Chic Peo & St L pref. 100
Deposited stock
Undeposited stock
N
interest.
§
§107
100
10th & 23d Sis Ferry 100
50
Ist mort 53 1919. ..J-D § 96
32
IJUniou Ferry stock .100
lllst 58 1920
M-N 92
NY GEL H&P
Buyer pays accrued
106
Excli
<fe
Am
i
6
<fe
Am
N
90
t
Companies
Industrial and Miscel
405
Alliance Realty
100
102
UnitRysSanFran See'AlV. Exch list
HAUis-Clialmers
100
115
Wash Ry & El Co
13
12
100
IJPief erred
100
108
Preferred
45 k 4b k lIAmer Bank Note Co. 60
100
74''4
4s 1951
J-D
75 4 American Can com. ..100
40
100
4J}k
U West Chicago St
Preferred
BE(X>KLYIf
100
"[[Con g 58 1936.. ..M-N § 70
75
American Chicle Co.. 100
Atlan Ave 5s 1909. .A-O ilOO 101
Preferred
loo
Gas Secui-ities
Con 53 g 1931
A-0 108 110
American Elevated
NEW YORK
Imp I 5 s aee Stock Kxc h list
Malting 63 19 14. J-D
1933-A-O 99 103 Cent Union Gas Ist 5s... §106k 108
Amer Press Assoc'ii.lOO
Brooklyn City stock... 10 233 235
Con Gas (N Y) stk. See St k Exc h list Amer Shipbuil(Ung. . . 100
Cou 58 tSee Stock Excli list
EquitGascon5sl932 See Stk E X Us'
Preferred
1 00
Bkln Crosstn 58 1908.J-J 102
IIMutual Gas
100 260 290
Soda Foun com. .100
Bkn Hgts 1st OS 1941 A-O 105 106 New Amsterdam Gas
1st preferred
IUO
Bkln Ci Co & Sub tiee Stk Exch list
Ist C(msol 5s 1948. .J-J 105k IO6I4
2d preferred
100
Bklyn Bap Tran Hee Slk Exch Ust
See Stock Exch Ust
American Suret.y
50
Kel:g4s2002
J-J 2 72
74
N Y <fe East River Gas—
Amer Tobacco com... 50
340 350
11 Coney Is. & Bklyn ..100
Ist 5s 1944
112
J.J §110
Preferred
100
II
Ist cons g 48 1948.. J-J 100
lOOk
Consol5s 1945
109
J.J §106
Typefo'rs com... 100
Brk C & N OS 1939 .J-J 112 114
Y & Richmond Gas. 100 33
Preferred
100
Gr St&New Ist 5s '06 F-A 100 102 Nor Un let 58 1927. M-N §102 105
Amer Writing Paper. 100
Gr'pt cfeLorimer St 1st 6s 102
liStandard Gas com ..100 125
136
Preferred
100
icings Co. Elevated—
KPreferred
100 145 155
J-J
5s 1919
Ist 43 1949 Hee Stock Exch Ust
1st 5s 1930
M-N §109 112 1IBaruey<fe sin CarV.VlOO
Nassau Elec pret
100
75
100
1] Preferred
OTHER CITIES
68 1944
A-O 110 112
BUss Company com
60
Ist 43 1951
Hee St k Exc hUst Amor Light & Tract. 100
45
50
Preferred
50
Wb'g<& Flat 1st ex 4^28 100 103
Preferred
85
90
loo
Bond& Mtg Guar
100
Steinway Ist 6s 1922.J-J §115 116
Baltimore ConsoUdat Sec Bait Ust
Borden's Cond Milk.. 100
I4
3 le
Bay State Gas
50
Preferred
100
Bini^hamton Gas 58 1938 § 94
97
OTHEE CITIES
Camden Land
3
Bullalo City Gas stocklOO
3-4
CeUuloid Co
lOo
Buffalo Street Ry—
1st 53 1947 See Stock Exch Ust
Cent Fireworks com. 100
Ist oonsol 5s 1931. .F-A ni2i2 113
Chicago Gas See N Y Stk Exch Ust
Preferred
100
Deb 68 1917
A.O §104 10/
Cincinnati Gas <fe EloclOO
9734 Central Foundry
97
100
Chicago City Ry slk. 100 160 165
UonsolGasotN J
100
89
Preferred
1 00
91k
Chic UuiouTrac See St'ck Exch list
1st 5s 1936
J-J
Deb 68 1919 op 'OlM-N
Cleveland Electr Ry.lOO
71 Hi 74
Consum Gas (J City)—
100
Century Realty
Columbus (O) St Ry..lOO 90
91
Ist 6s 1904
M-N §100 101
Cliesebrough Mtg Co 100
Preferred
100 105 106
Consumers' L
<& Pow—
IIClaniu(HB) 1st pref 100
Colum Ry con 58 See Ph Ua Ust
58 1938
J.D §100 102
1]2d preferred
100
Crosst'wu l8t5s'33.J-D 5105
106
^Detroit City (^ as
50 t
llCommou
100
BB& WE58
115
76
Chicago Edison Co.. .100 148
Edison El lU Brk 4s N Y stock
Hartford (Ct) Elec LtlOO 225
HiiingsCo El L&P Co 100 180
Narragan (Prov) El Co 50 t 90
36
Ci El L&PowColOO
Preferred
71
100
United Electrioof N JlOO
18
62
43 1929
J-D
Exch Ust
Tr ctf s 2% lo 6% perpet
North Jersey St Ry lou
Exch Ust
108
99
Eighth Avenue St.. .100 405
H
F-A 105
IJScrip 6s 1914
1I42d<fe lir St F'y stk..lOO 410
& St N Av 100 70
ij42d St
Tllstmort 6s 1910 .M-S 105
It2d income 6s 1915 J J
90
Interboroagh Kap Tr. 100 101k
Lex Av & Pav F 5s <b'ee St k Exc
Metropol Securities ,S'ee Stk E
Metropol Street Ky Hee Slk E
Ninth Avenue slock. 100 190
Second Avenue stockloo 206
Tllst mort 5s 1909 M-N H02
Consolos 1948.... F-A «112
HSixth Avenue stock 100 174
Sou Boulev 5s 1945. .J-J no2
So Fer 1st 5s 1919... A-0 no5
Third Avenue Hee .Stock Exch
Tarry
P & il 5s 1928 104
YkersStKK 5s 1946A-0 105
28th <fe 29th Sis 1st 5s '96 «109i2
IJTweniy-Th'd SI stk 100 402
Deb 5s 1906
J-J 100
Union Ky Ist 5s 1942 F-A 114
Westchesl Isl 53 '43 J-J 106
1914
Ask
48
85
TJLouisv St5sl930..J<feJ
Lynncfc Bos 1st 53 '24. J-D
Miuneap St Ry 5s See Stk
1st 48 194i5
Jlst gold 5s 1932.. .J.D
TlScrip OS
Bid
Grand Rapids Ry
lllst iiiort 5s
Col<& 9th Ave 5s Hce Stock
Street KaiUvays
Ask
& Atlantic
Electric
Outside Market will be lound on a preceding page.
Street Kailways
NEW YORK CITY
Bleeck ttt <fc ITul i" stk 100
Ijlst morl 4s 1950 ..J-J
Ex Chang
UNorthwestern Teleg. 50
HSouthern & Atlantic 25
Tei Tel& Cable of Am. 15
Outside Securities
Weekly Review
88
94
Telephone
«fc
3^4
t
58 1949
M-S §101
St Joseph Gas 5s 1937. J J
94
Pacific
A
99
100
95
65
54
108
138
73
loo
100
Preferred
IT
Total
15
98
§
Commer Un Tel (N Y'").25
.
18
75
100
76
17
67
Rubber 'J"ire..lOO
k
Debenture 4s
11
Cons Stora^'O Batteryloo
(Jont Tobac deb 7s'05A-O §101
Cramps' Sh&En BldglOU
15
jioi" 105
A-O
K.
66
13
60
(Jonsid
(JO
44
80
90
65
85
II
Kxch Ust
A-O
58 1909-29
$19,000
4.260
7,511
4,980
7,995
48
58
I
Ask
Bid
Preferred
1 00
Clons Ry LlgctRefrig.lOO
50
Franklin
11,927
18.892
13,508
9,708
103
50
HCommercial Cable ..100
sales
1,450
82
Lal'ay'e(Ja8lst 6s'24.M-N
Pat
Ooverumeut bonds
61*
29
L...2;">
10(i
.Inckson Gas Co
58 K 1937
Kansas City Gas
IlLacledo
$7,000
lUiMcel
Islg 5s 1917
J.J
Compressed Air Co. ..100
Consolid Car Heating 100
IIC0US Klrow'ks com .100
See Stork
1|58l922
787.500
and
87
65
S(>
IiicUana Nat
111 Gas—
Ist 6s 1908
.M-N
Indianapolis (joa stock 60
l9t 6s 1920
M-N
11
Total
&
IniliiHtriat
CoUfc ilockCoalcfclpf 100
F-A §101
1916
Hartford (Ct) Gas
Hudson Co Gas
$671,000
Monday
Tuesday
WetUitsdAy
Thursday
lllst 68
Ask
Hid
200
Grand Rapids Gus—
V s
StaU
Bonds
<te
Bonds
J^r valut
Shares
Saturday
Kailroad
Sociirilicn
Elizabeth Gas Lt Co. .100
Essex <fe iiiidsou CiuslOO
Fort Wayne (is 1925. .J-.I
Gas<fc El Berfteu Co. .100
KW VOUK STOCK KXCUANGK
WEKKLY AND YKAULY
XUANSACTIONt; AT TllK
11
Gnu
Busiuess at Stock Exchanges
of
Vol. LxxviiT.
70 k
015
32
130
ii'ge
101
29
90
107 k
440
145
12
85
75
80
105
82
105
103
Vi°8
19
2
20
76
6
X
list
1023*
104
mi
5
160
7'fl
112
Exchange, but not a very active security.
Feb.
27, 1904.
THE CHEONICLE.
|
811
^ailwad %\xUlliQtncz.
RAILROAD GROSS EARNINGS.
Jtttr^stnxjettt
attd
The following table shows the gross earnings of every Steam railroad from which regular weekly or monthly returns
ean be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month.
The returns of tlie street railways are brought together separately on a subsequent page.
Latest Gross
ROADS
WeeK
or
Month
Earnings
Current
Year
July
i'reoioui
Year
1
to Latest
Current
Year
Latest Gross Eai"n.ings
Date
ROADS
Jr^evioua
WeeJc
Year
or
Month
Current
Year
Jiilv
LTevious
Year
1
to
Latest Date
Current
iear
I'revwu.s
197,283
46,352
187.904
13.896,754
3,371,273
3,260,300
042.211
32,613
348,645
1.930,151
4,810,234
12,131,504
27,416,284
161,360
59,203
175,765
12,074.722
3,432.447
3,123,000
573,732
28,896
333,392
2,209,251
4,772,212
11,621,544
25,053,745
783,100
25,836,845
149,052
4,596,984
5,983,276
6,301,268
120,657
21,591
45,145,223
2,692,696
994,687
10,038,665
4,364,254
29,104,774
281.236
100,784
2,922,802
59,243,418
0,100
7,034,330
6,545,438
3,404,773
10,012
13,604,888
Year
$
AlaGtSouthorn. 2d wk Feb
Ala N O & Texas. Paciilo.
46,366
55,879
N O & No East. January,
Ala & Vioksb'g January...
211,136
130,559
VicUBb Sh ir P J itnuiiry.
Allegheny Valley December.
3d wkFet)
Anu Arbor
13(3,651
iiec.
1,923,991
1,663,172
213,046 1,464,670 1,322,139
772,609
672,732
106,135
863,661
743,568
115,469
Inc. 378,284
5,978
32,160 1,260,093 1,228,147
5,376,929 41,219,599 37,071,982
264,899 1,428,566 1,344,877
422,088
54,700
403,938
23,369
Atoll Top & S Fe January... 5,407,329
Atlanta & Char. November, 306,092
51.800
Atl KnoxY «k No January..
59,968
Atlantic & Btr. a December.
Atl Coast L/ine..f December. 1,872,388 1,638.815 9,677. i08 9,261,759
67,562
13,069
9,568
49,559
Bait & Ann S h.. November,
Balt& Oliio.... January... 4,410,818 4,813,253 38,826,369 36,494,819
Total System. January z. 4,612,531 5,088.320 41,421,360 39,195,365
138,66';
986,619
124,992
865,305
Bangor <te Arooet December
41,875
4,929
35,035
5,123
Bellelonte Cent' January..,
23,849
3,001
3,465
25,804
Bridgt & 8aco K December.
110,847 130,621 4,854,020 4.691,499
BurtRocli<fe t'itts 3d wk Feb
519,730
86,298
86.750
505,384
Butlalo &Su8q.-, December.
40.600
34,900 2,063,100 1,381,150
Canadian North.. 3d wk Feb
Canadian i'aoiiic 3d wk Feb 556,000 657,000 29,517,487 27,713,358
Ceut'lof Georgia 3d wk Feb 187.760 207,700 6,333,082 6,153.537
Ceut'lolN Jersey January.., 1,539,960 1,838,858 12,679,575 10,396,246
Central Pacitie. December, 1,879.52 1,706,703 12,314,771 11,497,727
1.941
69,757
2,088
76,069
Chattau Soiith'n 2d wkFeb
Chesap i&Ohio... December 1,578,929 1,445,157 9,649,563 7,589,794
948,505 848,778 6,077,717 5,186,855
Chic & Alton Ry December
Ohio Gt Western. 2(1 wk Feb 143,318 154,956 5,327,674 4,867,640
86.869
93,972 3,339,246 3,088,286
Chicind <.tl.i'v.. 2d wk Feb
Chic Milw & 8t F December 4,168,007 3,903.803 26.203,658 25,177,968
January... 3,792,662 3,546,046 33,019,950 29,057,072
Chic & North
Chic St P
& O. December 1,055,514 972,740 6,458,251 6.502,321
27,555
34,439 1,032,45:. 1.119,442
Chic Term Tr RK 3d wk Feb
Cln N O & T Pac 2d wkFeb 118,350 105.031 4,162,910 3,601,004
CI Cin Ch & St L December. 1.697,237 1,701,943 11,070,132 10,263,109
Peoria & East'u December. 263,968 203,25" 1,546,016 1,419,380
95.542 111,560 3,884,372 3.899,070
Colorado <Sc South 2d wk Feb
114,292
19,852
15,907
93,601
Col Newl> & Lau. December.
279.810
39,183
182,382
December,
26,377
Copper Range
42,100
5,389
48,157
Cornwall
December.
4,977
132,291
15,457
16,966
127,630
Cornwall & Leb December.
842,194
Cumherl'd Vailej January... 149,750 125,193 1,291,195
Denv. & Rio dr. (
3d wk Feb 265,400 283,500 10,977,977 11,455,397
Rio Gr. West. 5
567,368
512,794
76,965
87,034
Det & Macliinao. January...
26,760
31,327 1,003.272
Detroit Southern. 2d Wk Feb
955,040
35,719
48,950 1,625,222 1,718,298
DulSo8h<fcAtl.. 2d wk t eb
Erie
December. 3,412,611 3,867,873 23,846,771i 22,087,348
170,046
6,868
8,547
170,167
Evansv <fc Indian 3d wk Nov
29,505 1,155,222 1,119,699
Evansv & TH... 3d wk Feb
80,850
20,121
23,526
F'rchiid & N'r'e'n January...
4,176
3,402
40,447
6,320
Farmv& Powhat December.
6,929
39,391
Ft
& Denv City December. 215,212 224,381 1,490,14 3 1,370,498
211,891 202,547 1,250,390 1,183,824
Georgia RR
December
993,424
920,720
135,357 150,806
Ga South A; Fla.. J anuary.
206,455
QilaValGA; N.. December.
39,527
26,945
148,465
Gr Trunk System 2d wk Feb 389,825 616,754 21,742,568 20,528,208
84,3il 3,288,429 2,938,586
GrTr. We,st'u. Ist wk Feb
62,758
826,071
DetGrH&M.. Istwk Feb
14,302
26,668
757,147
Great Northern.. January... 2,410,149 2.538,326 25,361,436 25,313,524
Montana Cent'l January.
197,129 190,110 1,279,227 1,217,236
Total system. January... 2,607,278 2,728,436 26,640,603 20,530,760
Gulf&ShipIslaud 2d wk Feb
30,663 1,165,309 1,062,256
33,657
Hocking Valley.. 3d wk Feb
91,473
93,269 3,900,915 3,696,650
Hous & Tex Cent December. 529,430 481.394 3,043,328 2,897,912
440,371
473,638
W.Texas December.
86,490
88,381
Hous & Shrevep't December.
125,510
107,028
20,299
19,848
Illinois Central.. January.
3,580,313 3,777,861 27,612.695 25,834,846
Illinois Southern January.
126,501
91,853
20,263
11,574
Indlll &Iowa... December
851.573
750,027
132,874 161,420
Int<b GtNorth'n 3d wk Feb
91,695 4,005,806 3,759,074
76,781
Jlnteroc(Mex)... WkFeb (j 122,600 115,900 3,351,680 3,081,050
Iowa Central
3d wk Feb
45,456
42,203 1,617,838 1,608,054
Kanawha & Mlcl 3d wk Feb
22,800
19,239 1,042,731
684,511
Kan City South'u December. 602,426 518,195 3,286,311 3,067,724
LakeErie&Westn January... 363,739 372,342 3,125,240 2,832,915
Lehigh Val RR.. December. i,251,849 2,483,156 15,256,164 10,977,029
Lexlng & East'u. December.
276,532
51,243
350,776
43,734
Long island
December.
Inc. 2 1,174
Inc. 327 ,036
Louisiana & Ark. December.
242,988
48,039
40,472
312,888
Lou Hend <fe St L. July
68,815
72,303
72,303
68,815
Louisv <fc Nashv. 3d wk Fetj 727,222 631,690 24,136,201 22,587,363
Macon (feBirm... December.
12,994
80,194
12,200
73,442
Man'tee&Gr.Kai November.
37,332
53,550
5,802
9,610
.
M
Wn
.
W
.
.
H&E
.
ROADS
Gross Earnings
Allegheny Valley
Atlanta & Charl Air line.
Bellelonte Central
Canadian N orthern
Chicago & North Western.
Chic St P Minn & Omaha..
Cumberland Valley
International & Gt North'u
Jan.
Apr.
Jan.
Jan.
June
Jan.
Jan.
Jan.
Lake Erie & Western
Jan.
Manistee & North Eastern Jan.
Manistiquo
Jan.
Maryland
&
Pennsylvania Mar.
Missouri Paeillc
Central B ranch
Total
^Mexican Central
t
Mexican International
1 to Deo.
1 to Nov.
1 to Jan.
31
1 to Feb.
1 to Jan.
1 to Dec.
1 to Jan.
1 to Feb.
1 to Jan.
1 to Dec.
1 to Jan.
21
31
31
31
21
31
31
31
31
21
21
21
21
31
1 to JanJan. 1 to Feb.
Jan. 1 to Feb.
Jan. 1 to Feb.
Jan. 1 to Jan.
30
31
& No East
Manistique
Maryl'd & Penn..
December.
Man! 8
January...
January...
taiexloan Cent'l. 3a wk Jan
t Mexican Iitern. December.
Wk Feb 6
{Mexican Ry
}
Mexican So uth' u
Millen
Ist
& So'w'n.
wk Feb
January.
Mineral Range.. Istwk Feb
wk Feb
wk Feb
Mo Kan & Xexah 3d wk Feb
Mo Pac & Iron Mx 3d wk Feb
Central Branch 3d wk P'eb
Total
3d wk Feb
Mob Jack & K C Wk Feb 13
Mobile* Ohio.. 2d wk Feb
NashCh & StL.. 3d wk Feb
tNat'lRRof Mex 3d wk Feb
Minneap
M8tP&
iV. St L. 3d
S St M. 3d
Nev-Cal-Oregon J anuary.
Nevada Central December.
.
N y C & Hud Riv January...
N Y Ont & West. December.
N Y Susq & West December.
Norfolk & West'ii
Northern Central
North'n Pacltio..
Nor Shore (Cal)
December.
December,
January...
December.
December.
December.
December.
December.
3d wk Feb
PhilaBalt&W'sh December. 1,126,203
Phlla<fe Erie...
December. 565,860
3,288
Pine Blf Ark R Ootoner...
1,839,942
Pittsb C C & St I. January.
3,001
Raleigh & <J Fear January...
Reading Railway December. 2,787,531
Coal&IrCo.... December. 2,906,794
Total Both Cos. December. 5,694,325
Rich Fr'ksb & P December. 117,387
52,395
Rio Grande Jet.. December
8,100
Rio Grande So... 2d wk Feb
Rock Isl'dSyst'm December. 3,881,532
St Jos&Grl.
December. 108,231
StL&San Franr/ December. 3,118,868
St li Southwest
3d wk l-'eb 154,736
182,117
StLVan&TH.. January.
92,033
San Fran &NP.. January.
Seaboard Air L.. 4thwk Jan 335,052
96,575
Southern Ind
January...
SoPaoitloOo6... December. 8,625,773
Central Pacitie. December. 1,879.522
GalHar &S A. December, 695,370
98,591
Gal Hous <te No December.
13,4:89
GulfWT&P.. December.
170,487
Louis'a West... December.
Morgan's L & T December. 569,227
46,878
N Y T & Mex December.
Oregon & Calit. December. 867,379
77,330
So Pac Coast.... December.
So Pao RRCo.. December. 3,030,545
SoPacSS.Lines December. 582,213
Tex&NOrl
December. 319,574
Southern Ratlw'y 3d wk Feb 872,171
148,310
TerreH&Ind... January.
48,495
TerreH & Peor.. January.
12,098
Texas Central
2d wk Feb
Texas & Pacihc. 3d wk Feb 217,062
TexS
15.000
.. January...
Tift Thorn & Gulf November
17,337
51,404
Tol c& Ohio Cent 3d wk Feb
Ohio Riv& West..
Paoitic Coast Co
ePenn— EastPAlL
eWest P & E
Pere Marquette iv
.
.
. .
V&N W
T0IP& West
d
wk Feb
wk Feb
wk Jan
26,591
55,293
11,893
4,956.338
December.
39,927
January...
3d wk Feb 356,764
....
TolStL&W
Tor Ham & Bull
Un Pac System
Virginia & So W'n
3d
3d
.
Wabash
W Jersey & Sea'e December.
Wheel& LE
3d wk Feb
243,974
67,041
W'm'sport&N.Br. November.
Wisconsin Cent.. 3d wk Feb
Wrightsv&T'n.. December.
Yazoo & Miss. V. January...
11,522
102,000
16,731
769,291
VAI&IOUS FISCAIi YEAKS.
ROADS
4,193,084
2,021,015
5,123
256,950
33,057,440
11,907.521
125.193
781.434
372,342
337,086
5,960
265,814
5,390,000
100,000
5,550,000
1,292,931
0,543,101
{Mexican Railway
Mexican Southern
Jan.
Apr.
tNational RR of Mexico... Jan.
Northern Central
Jan.
N orth Shore
Mar.
cPennsy., East of P
E... Jan.
eWestof
Jan.
Pere Marquette
w Jan.
Phila Baltimore
Wash. Jan.
Philadelphia
Erie
Jan.
Pitts Ciu Chic & St Louis.. Jan.
Rio Grande J unction
Dec.
St L Vanilalia & Terre
.
Nov.
Terre Haute & Indianap .. Nov.
Terre Haute
Peoria
Nov.
Texas & Pacitie
Jan.
West Jersey
Seashore.
Jan,
t
&
P&E
&
&
H
&
&
24,844
5,960
19,194.
425,352
089,947
100,500
17,467
4,223
9,565
48.230
121,045
326,510
621,000
19,000
640,000
4.767
150,181
170,670
192,853
9,433
3,230
6,239,441
600,103
254,136
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
1,1<.>6,000
26,612,284
250,935
4,837,121
6,4>i6,010
7,079,992
122,373
19,602
46,590,165
3,406,634
1,268,600
1,648,647 11,383,330
803,940 5,270,154
3,285,706 29,644,213
32'J,774
30,952
16,000
111,111
414,323 3,097.723
9,529,375 62,471,118
inc. 1,98
3,000
173,522 7,297.597
1,066,303 7,025,938
587,572 4,173,184
3,325
10,330
1,884,546 14,558,918
30,290
2,861,119 17,063,968
2,901,359 15,720,950
5,702,478 33,384,918
105,191
075,636
43,311
329,087
9,122
291,158
3,866,956 24,967,920
132,638
691,297
2,728,581 18,842,350
128,377 5,216,392
196,217 1,459,54"
84,128
856,290
339,701 7,514,210
72,493
709,138
7,972,280 49,701,561
1,706,703 12,314,771
651,885 3,640,607
116,031
729,973
13,242
86,270
170,372
982,763
555,913 2,572,890
45,761
262,576
343,826 2,263,891
48,489
611.590
2,818,024 17,039,611
2,952,503
266,732 1,950,813
793,729 29,402,509
155,482 1,246,406
379,934
49,738
537,255
9.998
195,636 8,206.262
16,100
98,484
14,868
82,300
46,620 2.381,802
8-z8,160
24,150
50,356 2,073,056
344,374
9,532
4,071,390 29,991,380
381,417
51,187
373,140 15,130,968
223,374 2,535,700
58,719 2,840,258
13,887
77.284
104,073 4,2-.i5,303
10,749
90,379
049,955 4,798,002
Gross Earnings
Current Year Previous Year
$4,938,190
2,192,169
4,929
335,100
37,810,079
12,055,268
149,750
737,275
363,739
335,735
6.052
290,583
5,416,000
234.000
5,050,000
1,432,704
7,091.822
41,803
6,052
18,336
513,539
597,362
110,800
19,920
5,211
10,628
41,752
97,982
331,703
699,000
33,000
732,000
7,947
138,146
187,825
217,085
9.893
2,571
5,380,74d
467,380
228,001
1,826,154
824,240
3,110,365
37,179
17,425
431,179
9,228,175
Dec. 32
152,161
Feb.
Feb.
Feb,
Dec.
Deo.
Deo.
Dec.
Feb.
Deo.
Dec.
Jan.
Deo.
Jan.
Jan.
Jan.
Feb.
Deo.
7
21
31
31
31
31
21
31
31
31
31
31
31
31
21
31
13,845,945
6,416,899
20,262,844
573,782
307.945
364,561
23,606,496
665,753
16,194,602
4,882,907
1.377,827
802,723
7,241,114
521,076
45,983,512
11,49 7,727
3,420.209
596,477
94,076
1,006,344
2,540,265
251.617
2,055,245
499,638
15,428.912
1,630,169
27,343,243
1,101,966
354,300
413,144
7,668,710
99,200
75,969
2,009,682
709,202
2,027,322
259,982
20,564,721
345,260
13,024, 2'z7
2,316,106
2,038,510
81,628
4,177,374
94,751
4,469,595
Current Year Previous Year
$592,000
895,116
$562,600
829,727
1,325,341
1,483,354
8,450,685
10,310,086
474,601
565,777
122.026,394 112,003,294
64,853,006 59.660,006
1,373,517
1,248,379
12,390,849
13,649,749
0,423,192
7,781,187
1,884,546
1,839.942
43.311
52,395
573,.595
584,717
402,907
492,193
149,228
153,731
1,650,482
1,789,456
3,893,858
4,260.458
.. Jan.
1
1 to Dec.
Results on Monterey <te Mexican Gulf are Included from March 1, ltt02.
currency.
t Mexican
K luoludea trans-Missouri lines
In 1903, making length of road on which earniags are reported 7,357 in 1903, against 5,876 miles in 1902.
b Includes the Houst. &
Tex. Cent, and its subsid. lines in both years and for both periods.
e Covers lines directly oneratod.
g Includes the Chicago <fe Eastern
w Inyear.s.
Illinois in both years.
< Including Sav. Flor. & West, and also Florida Southern and Saufo"rd<fe St. Petersburg Rys. in both
cludes Lake Erie & Det. Riv. Ry. from Jan. 1 both years.
'Approximate for June.
z Includes earnings of Valley BR. of Va., Ohio &
Little Kanawha, Clev. Term. dfcVal., Clev. Lor. & Wheeling and Raveuswood Spencer & G. not wholly owned, but ooutrollod and operated
t
.
.
...
.
.
THE CURONICLE.
812
the table whioh
follows we sum up separately the earnin(|^ for the third
week of Febrnary.
The table covers 29 roads and shows
2 '30 per oent increase in the aggregate from the same week
Latest
(}i-os8
of February.
loecA:
ineretue.
1908.
1904.
S
9
37,160
130.62)
34.900
Paoino..^....
fi.-sa.ooo
657O00
Oputral of Q<*orirl»
Chlo. Term. Transfer
Denver <h Rio Grande *
EvauR. & Terre Haute...
Hooking Vallev
187.7t;0
207,700
34.439
281.500
29.5093,269
B
A
Roob.
iffalo
PlttsbV
Caoadlan Nortbern
C»nfti1likn
Int.
&
Iowa Central
Kanawba
27.655
30.850
91.473
78.781
45.458
22,800
727.222
41. 'S?
97.9^2
331,703
699.000
............
MicbiRan..
LoalsvlUp 4 Naehvllle ..
Minn. & 8t. Louts
Minn. St. P .V S 8te.
Mo. Kansaa & Texas. ..
Mo. PaolHc A Iron Mt....
Central Branch.
Nashv. Chat. A St. Loals
Rational KB. Of Mexico.
Pere Marqnettet...
8t Louis 8oathwesteni.
<fc
M
.
..
Total (29 roads)
In.^rease (I'SO p.
192,8=.:-
6,8-*4
18,100
• •••
1,345
1.796
14.914
3,258
3,561
95,832
6,478
23,063
8.193
78,000
14,00"
17.15?
24,232
5r>,^St
4.937
6,712,0l»i
o.
t
61 .000
19,940
26.359
78.442
21,436
873.140
68.719
104.673
Includes Bio Grande Western.
1
173,522
128.377
793,729
195.63
4«,620
872,17'
217,062
61,404
66,293
366.761
67.041
102.00G
Wheeling A Lake Erie...
WlBOonaln Central
*
326.510
631.000
19,000
170.670
5,843.092
Paoinc
8,700
4S,23(i
154,7.36
A Ohio Central.
Bt. L. * West
*
8.791
19.774
9
121,04.'i
217,085
152,161
Wabaah
Het
19.239
631,690
33 000
Toledo
Tol.
9l.a^!,
4^.20.1
187.82'^
Sjathem Bailway
TiXMA
!
285.4')0
Great Nortlieni..
DtereoMe.
1
23,360
110.^47
40.600
Ann Arbor
21,361
4,78«
•
**
16,376
"8.322
2,673
392,211
181.091
Inolades Lake Erie
261,150
1903
Increase.
S
9
6,370,267
65.879
207.260
1,941
143.318
25,503
118.350
26.760
35,719
83,657
41,253
7,947
138,146
8,100
12,098
26,591
6,589,899
46.866
7,252,794
7,510.445
PrevlOTiflly rep's (Slr'dai
Alabama Ot. Southern..
Central ot Georsrla
Oliattuiooga Southern.
Chicago Great Western.
Ohio. Term. Transfer....
Cln. N. o.
<fe
Texas Pae..
Detroit Southern
Oulath So. Shore & At..
Gulf A Ship Island.
Minneapolis A St. LoiUs
Mob. Jackson
A K. City
MobUe&Ohlo.
IT
Rio Grande Southern....
Texas Central.. ..........
Toledo Peona & Weat'n
Total (46 roads)
9
299.187
9,518
214.300
&
34,440
105,031
31,327
48,950
30,663
54,207
4,767
180,181
9.122
9,9i»8
24.160
Durease.
9
518,769
18,319
4,567
13,231
2.994
12,954
3,180
12,035
1,022
2.100
2,441
332,684
Net deoreas* (3-43 p. c.l.
U Figures are for week ending Feb. 13.
Tear.
590,335
257,651
Net Earnings Monthly to Latest Dates.— The table f ollowiag shows the gross and net earnings of Steam railroads
reported this week,
full detailed statement, including all
roads from whioh monthly returns can be obtained, is givei)
once a month in these columns, and the latest statement of
this kind will be found in the Chboniclb of Feb. 20,
1904
The next will appear in the issue of Mar. 19, 1904.
Beading
,
Curreyii
Tear.
Hoods.
Year.
Net Earnings.
Previous
Year
Year.
.
Cin'rent
$
$
$
$
Atoh.T.&8. Fe.b..Jan. 5,407,329 5.376.929 11,807.874 2,029.923
July Ito Jan. 81.... 41,219,599 37,071,982 116425355 1 14956145
Oent.of N. Jerspy.b.Jan.
1,639,960
July 1 to Jan. 31
12,679,575
Obatt'n'ga South.aJan.
9,172
July 1 to Jan. 31
65.626
Oent. of Georgla.a. Jan.
807,206
July 1 to Jan. 3i.... 3,730,202
Cumberland Val.b.Jan.
149,750
Chlo. Ter.Transf.b. Dec.
131,878
July 1 to Dec 31....
842,934
Detroit A Maok'o.aJan.
76,965
July 1 to Jan. 31
567,368
Falrohlld<& N. East Jan.
4.176
July 1 to Jan. 8i
20,121
Hooking Valley. a.. Jan.
398,113
July 1 to Jan- 3i
8,617,182
Lake Erie & Western b —
Oct 1 to Jan. 31
1,382.325
July 1 to Jan. 31
2,775,942
& Penn..JaiL
Mar. 1 to Jan. 31
Mexican Tel'phone Dea
Mar. 1 to Deo. 81
Maryland
18.336
290,583
23.337
228,232
1.83S.858
60^.972
773.029
10,396.246 3,686,572 3,972,073
10,474
def.60
483
71,587
80
6,392
850,053
187,338
168,040
3,518,633 1,469,667 1,584.672
125,193
6,783
21,860
141,461
33,098
56,882
877,348
320.4^5
363,230
87.034
22,702
34,982
512,794
186,963
151,786
3,402
2.115
1,006
23,526
4,843
5,875
430,855
74.129
119,802
3,416,843 1.235.221 1,204,060
1,285,053
2,467.513
19.194
265,814
21,291
203.466
352,973
693.527
3,189
87,312
11,954
109,122
343,104
682,272
2,622
73,791
10.421
93,917
5,211
4,223
1,284
1.505
July 1 to Jan. Ul....
32,613
28,896
11,354
8,425
Mo. Pao. 8yBtem.b..Dec. 3,632.352 3,392,921 l,321,93u 1,278,639
Jan. 1 to Deo. 31. ...43,095,768 37,505,098 18,680,766 12i443,'675
New London Northernb—
Oct.
1 to
Dec
31....
PtttB.O.C.&Bt.L.aJan.
Raleigh <fe J. Fear.a Jan.
July 1 to Jan. 3i.
.f
company—
Year.
Year.
$
Interest Charges
and SnrplHS^—The following roads,
In
tddition to their gross and net earnings given in the foregoing, also report charges for interest, &o,, with the surplai
»bove or deficit below those charges.
— ^Bal.of Net Earn'gs..
Previous
Current
Previous
Year.
Year.
Year.
Tear.
Roads.
$
$
$
$
Oent. ot N. Jersey.. Jan.
^563,883
529,531
45,589
248,499
July 1 to Jan. 81... ^3564,861 3,132,832 2,121,711
8J9,24l
Booking VaUey
*3,484
'63.009
74,887
81,183
Jan.
*994,029 1,021,550
July 1 to Jan. 31...
585,383
693,980
Lake Erie & Western—
221.524
218,999
131.449
Oct 1 to Dec. 31...
124,106
442,950
438.979
250,577
243,298
July Ito Deo. 31...
Maryland & Penn..Jan.
314
2.875
2.875
def 268
tiuly 1 to Jan. 81...
31,625
31,625
65,687
42,166
.
.
New London NorthernOct Ito Dec 31...,
July 1 to Dec 31
62,223
125,598
64.472 *df.22,515 *df.40.149
127,774 *df.48,981 *df.68,494
Seaaing—
901,000
400,256 1,144,185
888.000
6,216,000 6,275,326 4,117,747
807,459
SloGrande Junot.. .Dec
7.708
8,010
7,708
5.285
22,583
22,675 def.14,810 def.13.476
dan Fran.&No. Pao.Jan.
158.725
67.015
158,083
July 1 to Jan. 3i....
95,854
2.583
2,583
31.624
Texas Central
Jan.
12,876
18,082
18,022
143.842
July 1 to Jan. 31...,
83.710
* After allowing for other income received.
^ Included in the fixed charges In this fiscal year are expenditures,
for renewals, additions and improvements amounting to $88,915 for
January and to $427,347 for the period from July 1 to J.in. 31.
There were no charges to this account the previous year.
All companies.... Jan.
July 1 to Jan. 31...,
STREET KAILWATS 4NU TRACTION COITPAMES.
Latett Oroti
Gbobs
Eabhinos.
namingt.
Our'nt
Tear.
WukorUo
Prev'u*
Tear.
Jan. 1
to
Latest Date
Ourrent Previotu
Tear.
Tear.
99
18,027
17.916
Albany A Hudson . . January .. 18,027 17.916
American R'ys. Oo.Q. January .. 99,624 89,978 d8^2,220d729 ,905
2i,136
Aur. Elgin A Ohio. Ry January .. 22,136
16,764
Blnghamton Ry
January .. 16.764 16,417
16,417
Worcester.. December. 17,461
d 165,547
Boston
5.053
Bnrllngt'n(Vt.)Trac January ..
4,991
6,053
'4,99i
December. 277.943
Cal. Gas & Electric.
Jannary .. 36,168 38352
36,15o
88.362
Cent. Penn. Tract.
<fe
. .
A Mil. Eleo.
Oln. Dayton ATol.Tr.
Oln. Newp. A Coving.
Light & Traction...
Oltizens' Ry. A Light
18,987
36,981
January...
Chicago
ueoember.
(Muscatine, Iowa).. Jannary
..
..
.Fanuary
..
& E...
Dan. Urb. & Champ..
Dart.& W'portSt.By.
Detroit United By..ii
Duluth-Sup. Tract...
Bast. Ohio Traction..
Elgin Aurora
18,987
514,779
12,085
463,120
December. 108,419 100,587 1,224,352 1.108,998
Oleve.&So. W. ir.Oo. January
Oleve. Painsv.
12.035
36,462
December
January
..
.5C1
wkPeb.
Md
wk Feb.
December.
& Sou. January
Wk.Feb
Havana
Eleo. Rv.Co.
Honolulu Rapid Tr.
..
21
t
8.381
27,851
11.740
58,902
6.746
67,223
10.052
13,041
34.694
82,159
A Land Co
Bougbton Co. St. Ry December.
Houston Eleo. St. Ry. December.
Indlanap. &E4st. By. January ..
26,136
13,756
29,707
13,623
Indianap.Sbelbyvllle
A Southeastern Tr. December.
Intemat'l Tract. Co.
7.704
26.948
1245»
8,881
5.294
11,74<
24,7^59
696,149
6.748
437,736
74,834
201,644
34.694
1225,810
18.464
13,800
30,417
7,717
228.175
d99.122
416,124
13,523
7.476
69,503
9,639
12,112
33,254
t
7,704
7,834
12.168
7.476
449.150
72.583
189.780
83,254
1 182.084
7.515
Oi^ober...
151,585
d92,295
360,018
7,717
December. 325,464 309,871 3.975.007 3.453,068
System
Internr.8t8yB.(N.Y.) December.
dlll35S80dl0871,163
Jacksonville Eieo.Oo. December. 21,424 18,115
199,778
Kansas Olty By.& U. December. 337,011
v2,267.4S2
Lake Shore Eiec. Ry December. 46,415 38,962 616 404 466.081
64.0l}8
65,830
Lake 8 tieet Ele v c . Jannary .. 64,068 65,830
(Buffalo)...
.
Mmen&Sonthw.a..Jan.
July Ito Deo. 81....
Kel Eamijigs.
Vurrent
PreviouB
Pblla.&Reari'K.b.Jan.
2,513,720 3.034,935
880,863 1.198.661
July 1 to Jan. 81. ...20,177,697 16.930.880 7,774,682 5,529,933
Coal A Iron Co . b Jan. 2.997,578 3,1 92,687
291,317
732,721
July 1 to Jan. 81. ...18,718.628 9,609,486 1,730,847
742.411
Total both Co. '8. b Jan. 6.511.307 6,277.522 1,172,180 1,931,282
July 1 to Jan. 31 ....38,896,2)^5 26,540,366 9,506,229 6.272,344
Reading Oo.b
116,076
Jan.
113.903
July 1 to Jan. 81
828,518
810.441
TotalallComp's.bJan.
1,288,256 2,045.185
July 1 to Jan. 8i
10,333,747 7,032,785
Bio Grande Junot.. Dec
52,395
43,311
fl8,719
fl2,998
92.033
San Fr. A N. Pac.a Jan.
84,123
7,773
9.19
856,290
802,723
225,098
July 1 to Jan. 81...
254,579
Texas Central. a... Jan.
79,857
57,160
34,207
15.456
510,657
893,145
161.924
July Ito Jan. 31 ..
101.78Z
Wabash. b
1.771.412 1.672,464
Jan.
383,813
409.844
July 1 to Jan. 3 1.... 14,038,141 12.518,039 3,601,271 3,626,857
289,725
827.110
Wheel. A L. Erie. b Jan.
32,957
81.627
July 1 to Jan. 31.... 2,640,623 2,437,732
751,193
579,646
a Met earnings here given are after deducting taxes.
«i
«*r «i%rnintfi> rinr« i? •vnn are rinfore dedUCtinii laxeS.
f Thirty per cent of gross earnings.
rentals amounted to $212,919,
t For January, 1904. taxes ttnd
against i8188,-i68. after dedncting which net for January, 1904. was
From July 1 to January 31. 1904,
«1, 594,455. against «1 843,555
taxes and rentaiR amounted to $1,816, S44 this year, agst. $1,234,370
last 5ear. after deducting which, balance Is $15,088,511 this year
against $13,721,275.
A
— Gross Earnings. —
Previous
Year,
$
lioads.
Detroit
7,040
147
11.638
8,932
2,083
154,956
,
J'rr.vious
Int., Jientals, etc.
For the eecond week of February our final statement covers
46 roads, and shows 3*43 per cent decrease in the aggregate
from the same week last year.
1904.
— Gross Earnings, —
Current
,
Vol. LKxviii.
Cnrren I
River By. for twlh years.
2d week of february.
I
Weeks.— In
Earninfira bj
last year.
3d
,
257,786
534,5^7
1,839.942
3,001
30,290
244,020
502,200
1,884,546
33,722
64,343
390,476
823
13,484
17.752
52,083
412,415
uehlgh TrftC clon
Lehigh Val. Trao. Co.
Street By. Dep
Electric Light Dep.
Lexington Ry
ijondonSt. Ry.(Oan.)
Mad. (Wis.) Traction.
Jannary
10,017
9,674
10,017
9.674
December. 57.719
December. 19,077
December. 24,1351
January .. 11,409;
jJauuary ..
7,014
January .. 174,240
55,280
17,052
19,566
12,121
6.164
805.535
l«7,9-0
315,460
11.409
7^014
174.240
258,112
30,061
ma 70R
714.801
160.284
266,888
13,121
6,164
174.798
213,839
28,123
172.148
West Side Elev..
MU.Elec.Ry.ALt.Co January
Mll.Lt.Heat&rr.Oo. {.January
HnntTnal Street Ry.. January
Met.
..
I
..
..
..
174,79.^
258,112 243,339
30,061 28.123
lw3. OH 172.143
Fee.
Jan. 1
Latest ero$$ Mlamingt.
esoBs
to
Wayne
Mask. Tr. & LlRht. Go.
Street Ry. Depart..
Eleotrlo Light Dep.
Oaa Department...
BTew London St. Ry.
Wor. OhloTr. 4 Lt Oo.
Northern Texas Trao.
Northwestern Elev..
Oakland Trans. Cone
Ohio Cent Trao. Co..
Olean St. Railway...
rl23,659
January..! 11,669
9,788
November
JanesYlUe
LoulB Transit
January .. 565,098
San Bernardino Yal.
9.576
Tract. Co
...... January;..
Sao Paolo (BrazU)
Tram. L't A Po. Oo. January .. 120,000
Savannah Elect. Oo. December. 46.148
Scran ton Railway... December. 72,308
Seattle Electric Co... December. 193,592
Sonth Side Elevated. January .. 185,781
717
Bprlngfl'd & Xenla Tr. Wk.Feb.21
Syraoase Rap.Tr.Ry. January .. 64.068
Tampa Electric Co... December. 26.883
Terre Haut« Eleo.Co. December. 45.524
Tol. Bowl.Gr.4 8o.Tr. January .. 19,747
Toledo Rya. & Light. January .. 137.517
Toledo & Western.... November 16.815
Wk.Peb.20 40.95
Toronto Railway
Twin City Rap. Tran. 2dwk Feb. 74.233
Union Trao. of Ind.. January .. 88,000
Union (N. Bedford).. January .. 23,61A
United of San Fran . January .. 526,910
Va. Pass A Pow. Sys.
Va. Pass. & Pow.Co November 57,916
Rich. Paes. & Pow November 37,489
November 26,002
«lchmond Tract.
Wash. Alex. A Mt. V December 18,963
West. Ohio Ry
January .. 14,154
Toongsto wn- Hharon December. 45,645
St.
3,758
88,787
29,950
105,812
945,860
"5',557
6,995
13.773.0as
12,037
272.787
21,774
101,887
122,211
565,098
527,870
527,870
120,000
519.774
827.778
102,687
48,251
102;587
480,510
549,407
58.708
181.492 2,096.725 1,878.100
134,287
136,781
134,287
746
6.536
5,039
65.830
64.068
65.830
23.142 304,451
238,772
474,2'iO
85.378
327,957
ao.791
19.747
20,791
125,493
137.517 125,493
170,219
36,492
299,452 2'66,099
69,763
477,316 449,291
76 131
88.000
75,131
26,211
23,615
26,211
472,826 526,910 472,826
230,258
217,6b0
dl42,374
511.814
47.857
4'44'.986
16,776
the Sandwich Windsor
Ry., Detroit
A
A Amherstborg Ry.
Port
r These figures are from Mar. 1.
s DecreaEe apparent only; due to change In bookkeeping method.
t Figures for 1902 cover only the Olev. Elyrla A Western Ry.Oo.
V These figures are for seven months from Jane 1 to Deo. 31.
Street Kailway Net Earnings.— In the following we
show both the gross and the net earnings to latest dates of all
Street railways from which we have been able to procure
monthly returns. As in the case of the steam roads, the
returns of thediflEerent roads are published by ua each week
as soon as received, and once a month (on the last Saturday
of the month) we bring together all thp reads reporting as is
done to-day, besides the companies furnishirg monthly
returns we have added this time the roads which make
quarttrly returns.
— Gross Earnings.
Kei Earnings.——
—
Current
$
go By
JanJune I to Jan. 31
Blaghamton Ry.b..Jan.
OoL 1 to Jan. 31....
Boston* Worcester Dec
July
1
PrfvUius
Year.
Alb'nyAHud.RR.aJan.
Aurora Elgin A Chica-
to Deo. 3l
18,027
22,136
307,446
16,764
71,414
17.461
165.547
Previous
Tear.
C'irren'
Year.
S
Year,
$
$
17,916
1,427
4,466
16,417
67,781
4,764
157.033
6,952
30,439
4,341
84,832
4.831
26.711
Bklyn Queens Co.
Oct
to Dec. 31
July 1 to Deo. 31
Oas
A
ElecDec.
Cor p. a
Central Pennsylvania
tric
2.960,548
6,177.442
1,277,191
2,986«449
1,137.768
2,698.342
& S.b—
1
Oaliforula
3,258.688
6.958.401
Traction Co
Jan.
Ohio. A Mllw. Elec Jan.
Olnclnnatl Dayton & Toledo Traction, b... Dec.
Jan. 1 to Deo. 31....
June 1 to Dec. 31
*Oln.Newp. &Cov, Light
ATraotlon.a
Deo.
203.151
419.522
215.253
432.506
277.943
36,158
18,987
103,320
207,697
109.361
223,088
129,590
38,352
12,035
def.1,063
8,175
11,938
5,465
Jan. 1 to Deo. 31....
Isl.
Oct
36,931
514.779
327.964
86,452
463,120
302.667
11.616
225,573
154,571
146,716
108,419
100.587
1,103.998
12,168
48.931
623.390
2,716
46,638
494,859
4,187
6.294
7,834
15,075
27.851
26,943
187.968
{
80,050
& B'klyn b—
1 to
July Ito
Dec
Dec
31....
31....
Jan.
1
to
Dec
31....
Houston Elect. Go.. Dec.
Jan. 1 to Dec 3i....
rnd'p'lls A East. Ry. Jan.
Indianapolis Shelbyvlile
A Southeast. Tr. Nov.
International Tract. Co.
358.474
875.044
1,672
26.609
Year,
279
57
3,471
«,775
58,902
596,149
26.489
261.159
307,630
51,467
622,044
312.984
48,769
538.030
81,527
20,749
276.717
117,046
20,070
249.657
8,958
13,041
201,644
34,694
276.955
9.639
12.112
189,780
38,254
257,131
2.707
1,012
68.526
12,385
114.615
1.302
2.808
79,201
11.963
18,766
93,122
189,404
J 29,707
416.124
18,523
13,800
92,296
170.709
30,417
360.018
7,717
1.748
38,352
66.564
2.695
83.162
68,297
5,444
149.246
1,886
7.700
834.530
860,081
81.536
304.401
90,220
333,662
t4,751
143,560
5,070
2,578
8y»tem(Bnffalo)b.Dec.
326,464
309.871
135.392
139,914
July 1 to Dec. 31
2,174,765 1,923,690 1,009,988
924.035
Interurban Street Ry. (N. Y. City) bOo'* 1 to Dec 3 1.... 3.839.607 8.876.179 1.963,500 1.955.095
July I to Dec. 31.... 7,5/1,613 7,537,689 4,031,355 3,933,950
Interurban St Ry (N. Y.)b— Including all leased and controlled cos.
Oct I to Deo. 31.,.. 5,565,398 5,500,062 2,,'S49,349 a. 409,910
July Ito Dec 31.. ..11,135,580 10,871,752 5,357,901 5,046,578
Central Crosstown b—
147,410
121.293
Oct Ito Dec 31.
62,594
41.629
July Ito Deo. 31....
280,166
819,635
112,765
72,U63
Fulton Street Ry.b—
Oct 1 to Dec. 31
8,704
8.933
1,488
1,232
July Ito Dec 31....
19.713
20,970
4,891
6.685
St.
Crosstown b—
to Dec. 31....
127,798
July 1 to Dec. 31....
257.596
28th A 29th Sts. Crosst.b
45,902
Oct Ito Deo. 31
July 1 to Dec. 31
93.896
21.424
Jacksonv. Eleo. Go. Dec.
248,651
Jan. 1 to Deo. 81....
1
Jamestown St. Ry.b—
Oct 1 to Dec. 31....
July 1 to
Dec 31
Kan
City Rr.&Lt.aDec.
June 1 to Dec. 31....
Lake Sh. Elec. Ry.aDec
Jan. Ito Dec 31....
Lehigh Traction.. .Jan.
Lexington Ry. b... Dec.
Jan. 1 to Deo. 31....
Lonrt.St.Ry.(( an.)aNov.
Jan. Ito Nov. 3o....
Madison Traction.. Jan.
Milwaukee Elec. Ry. A
Light Co..b
Jan.
Milwaukee Light. Heat &
Traction Go b . . Jan.
Montreal St. Ry . . . Jan.
Oct Ito Jan. 31...,
.
.
.
A
Mnncie Hartford
Wayne
125,402
247,167
76,176
145,503
46,463
93,609
48,607
97,234
18,116
199,775
17.840
41,447
5,818
82,708
23,480
44,689
5,466
62,462
56,686
87,169
31.655
39,729
60,491
95,698
337,011
2,267,482
46.415
616.484
10,017
24,1S5
815,460
11.654
167,943
7,014
19.566
266,888
12,366
189,662
6,164
86.213
47,299
117,566
924.386
11.101
220.712
2,219
8,423
126.293
3,466
57.344
2.801
258,112
243,389
118,661
113,937
30.061
28,123
172,143
703,7S8
12.242
62,221
282,299
9,740
61,532
279,212
4,643
71,635
3,758
6.182
62,210
1.098
19,088
215
1 83,7 08
769,136
38,962
466,051
Jan.
Month of Jan.
North. OhloTrao.&Llght
Oo.a
Jan.
North. Tex. Tract. I) Jan,
11.569
123.559
4,959
78.593
4,021
59,607
37.358
Oakl'dTrans.Con.bDeo.
102,362
Jan. 1 to Dec 3i ... 1,137,041
Ohio t ent. TraAt.
Deo,
5,767
Mar, 1 to Dec, 31
76,683
Olean St Ry. Co... Jan.
7,225
Orange Co. Tract Jan.
6,046
July Ito Jan. 31....
70,873
68,787
29,950
87,249
945,865
.
5.557
5.995
66,400
Oregon Water Power &
Ry
12,904
.Oct
23,864
Philadelphia Oo.— See statement on page 768.
Rochester Ry. Co.bJan.
113,052
101,587
July
8,777
160,173
7.719
110.736
5,148
54.234
1,106
Fort
Mar. 1 to Jan. 3i....
New London St.Ry.Dec.
Jan. 1 to Dec 31
Jan. 31....
Rockford Belolt Janes1 to
781,906
682,492
22,509
11.889
49.442
554.976
1.277
36,873
3,206
766
23.020
265
23,944
13.637
41,671
395,520
2,321
def 528
791
19,244
26,403
13,801
4,243
42,187
369,803
47,067
334,999
A
vllle
X Cleveland Southwest'n
Ooney
2,662
32,568
. . .
Jan. 1 to Deo. 31.... 1.224,352
Olev. Palnesv. & E... Jan.
11,740
Traction Oo
Jan.
Columbus Buckeye L. A
Newark Elect Ry.—
$
Jan. 1 to Dec 31....
Blgin Auro. &8o.b. Jan.
July 1 to Jan. 31....
110,120
Elmlra Water L'ht A RB..— (Street Bailway Department only.)
42,051
41.141
Oct 1 to Dec 31
8.79«
11,366
July 1 to Dec 31
105,171
94.704
28,112
28,586
Honolulu Rapid Transit
26,136
18.464
Oct
13.017
A Land
8.369
228,175
151,585
Jan. 1 to Oct 31
106.500
65,680
. .
Brooklyn Heights RR.b—
Oct I to Dec. 31
July 1 to Deo. 31
Dunkirk A Fred >nla b—
Oct Ito Dec 31
East. Ohio Traot. a. Dec
Oct
line.
Hoods.
paign. a
Dec.
Jan. 1 to Deo. 31
Detroit United Ry.n (aU
Jan.
properties) .a
Omluth-Sup. TracbDec
Jan. 1 to Deo. 31....
34th
d Figures here are from July 1.
n These earnings Include the Detroit United
Huron Shore Line and
Year.
$
Danvl lie Urbana A Cham-
St. Ry.
(Hancock, Mich.). Dec.
July 1 to Dec 3i....
Spanish sUver.
These are results for properties owned.
c Results for main
Year.
$
Houghton County
9,676
.
II
Previous
Year.
Roads.
July 1 to Deo. 31....
r84,962
r28.323
r37,437
Net Earnings.
Current
Previous
Current
Ooney I. & Gravesend b—
Oct 1 to Deo. 31
6,201 r76,755
5,045
January ..
r34.961
4,058
s2,884
January .
4,729 r42.883
January .. 81.269
4,021
4,021
8,758
January ..
59,fi07
January .. 59,607 58,787
37.358
January .. 37.358 29,950
January .. 108.816 105.812 108.816
December. 102.362 87,249 1,137.041
5.767
r76,583
December.
7.225
7,225
6.557
January ..
5.995
6.046
6,016
Orange Oo. Traction. January ..
Oreg. Wat. Po. & Ry. October... 23.864 12,904
Philadelphia Go. and
Affiliated Corpor's. December. 1,439,282 1,8S31U 10.813,701
12,049
Pottsv. Union Traot January .. 12,049 12.037
Rtb Co.Gen,— Roads. December. 21.237 20,991 314.460
2.159
23.028
2,177
December.
Light Go's
113,052
Rochester Railway .. January .. 113,052(101,587
Rockford Belolt A
X
— Oross Earnings. —
Previoui
Year.
A
Monoie Hartford
813
LaUMt Date
Our'nt Pre^ut Current
Wtik orMo Year.
Year.
Year.
SABMIHOB.
Ft.
THE CHRONICLE.
27, 1904.
Nov.
Jan. 1 to Nov. 30
...
San Bernardino Valley
Traction Co. b
Jan.
Sao Paulo (Brazil) Tram-
way L't & Pow.Co. Jan.
9.788
122,211
4,450
60,828
9,576
4,072
120.000
45,143
519,774
Soranton Ry. Co....Dec
72,308
Jan. Ito Deo. 3 L....
827,778
Seattle Electric Go. Dec
193.592
Jan. Ito Dec 3i.... 2,096.725
Syracuse Rap. Tr.b Deo.
73,650
July Ito Dec. 81....
424,645
Tampa Elect. Oo... Dec.
26.883
Jan. 1 to Deo. 81....
304,461
Savannah Electric. Dec
JaiL Ito Dec 81....
102,587
42.361
480,510
58,708
649,407
181,492
1,878.100
67,405
371.734
83.142
238,772
84,000
21.163
212.075
28.855
358,022
66,465
598,821
80,5S3
185.489
7,877
129,815
70,568
18,508
212,619
19,522
150,856
38,672
664,723
30,601
168.667
9,049
99,150
—
—
.
THE CHRONICLE.
814
— Gross Kariiinfis. —
Ciirrriit
I'eui:
Xfl Fariihigs.
Current
Vfar
i';"<Ti(»H»
!>«;.
—
-(lit.,
Year.
Year.
Year.
Year.
$
$
7.69S
474,-250
62,tJ02
5S8.16S
1,141.055
560,353
1.156.826
260,939
656,697
317,702
511,620
274.477
142.824
292,930
35,601
73,779
30.910
70,378
N. Av.(N.Y.)b—
214.845
Oct 1 to Deo. 31....
July 1 to Deo. 31...
421.787
212,526
412,662
73.326
159,242
88,125
180,067
8.647
22.966
4.205
11,514
7,474
15,114
Tblrd Ave. RK.
Oct
1
July
81....
b—
I to
to Deo. 31....
Deo. 31....
Dry Dock E B.A B.(N.Y.)b—
Oct 1 to Deo, 31....
130.648
42d
Dec
St.
1
8t.
Klnpsb
Oct
to
M.A
July
31....
—
lilgc RR.b
1 to Deo. 31
1 to Doo. 31
16.063
35,135
July
flonthern Bonl^r'd b—
Oct 1 ro Deo. 31....
July 1 to Deo. 31....
Tarr\fn White Pl.&M.b—
20,758
Oct 1 to Dec. 81
2,139
7,679
13,516
31,049
13.954
30,832
l'arii'ffs.-~.
Current
Roads.
Doa
— Jliil. of \fl
Previous
11.119
162,167
1 to
etc.-
Current
35,378
827.957
45,524
Iicninis,
J'ri'rioiiB
Jioadt.
Tftrro IIiuueKlPOt-.Deo.
JftO.
[Vol. Lxxviii.
1.081
6,815
Houston
Elect. Co.. Deo.
Jan. 1 to Doo. 31...
Ind'p'lls AEast.By.Jan,
8,109
84,657
4,166
International Tract. Co.
System (Buftalo)..Dec
134,365
July 1 to Dec ol...
796,445
loterurban St Ry. (N. Y. City)—
(fat. 1 to Deo. 31 ... 2,191,565
July 1 to Deo. 31.... 4.377,164
Interurban St. Ry. (N Y.) -Including
Oct 1 to Dec 31 ... 3.012,673
July 1 to Dec 31.... 6.028,182
Central CrosstownOct 1 to Deo. 31....
3.5,818
July 1 to Deo. 31
71,249
Fulton Street By.—
5,341
Oct 1 to Dec 31
10.791
July 1 to Dec 31....
df,2,879
4,283
54,655 def.11,222 def.23,154
130,841 d«M5,238 deM3,617
28th
70,916
162,712
59.060
133,255
7,672
36,200
dejt.2,082
314.737
653.633
275.804
574,677
59.009
183,913
54,964
155,342
4,561
18,536
359,184
Twin City Rap. Tr.bDeo.
Jan. 1 to Dec. 31.... 4,063,938
4,196
17,164
381.331
3,612,210
292
8,760
301,528
2,185,888
88
2.678
179,875
1,982,041
20,791
125,493
4,368
63,711
6,946
63,097
$
6,2S0
def. 806
def.8.358
58,903
2,083
904
def. 197
132.822
774,555
1,027
21b,548
7,092
149,480
2,187,83a*def.88,984'def.47.558
4,366,501
*40,870*def 83,141
all leased and controlled cos.
2,924, 882"df,104,291df.*2l7,029
*59,086 it. '70.659
5,840,106
5.356
10,929
*16,358
*28,08S
*28,163
*44,282
26,690
6'2,415
'
'
def. 3,853
def. 5,850
'
*
def. 4.124
def. 5,194
84th
56.487
141,038
I'rerious
Year.
52,548
July 1 to Deo. 31...,
Weetoheeter Elect.b —
Oct 1 to Dec. 81
July 1 to Deo. 31....
17.033
40,995
def.2.188
8,938
Yonkers RR.b—
Oct
1 to
July
1
Deo, 31....
to Deo. 31....
Union Railway
Oct
b—
to Deo. 31....
July 1 to Dec. 31....
1
Troy & New England b—
Oct
1 to
Deo. 31....
July
1 to
Dec
31..-.
Green
Toledo Bowling
19,747
137,517
•tBouth'n Tract.. Jan,
Toledo Rys.&L'ht.a Jan.
OnltedTr. (Alb'y)b.—
Oct
417,047
852,907
1 to Deo. 31....
July 1 to Deo. 81....
Virpinla PaBsenger &
Power System—
Va. Pasp. & Pow.bNov.
Rich Pa88. & P b.Nov.
397,296
783,497
129,034
285,168
July 1 to Jan. 31
Totingatown-Sharon Ry.
& Lt. Co.a
Deo.
45,645
511,814
Dec 31
184,814
269,277
26,861
13,684
8,188
5,304
72,134
57,916
37,489
26,002
14,154
142,374
Riobm'rd Tract. bNov.
Western Ohio Ry...j£ui.
Jan. 1 to
18,338
47,857
444.986
20,043
208,773
23,129
200,014
St. Orosstowi:—
3J....
I to
July 1 to Deo. 31....
Dec
Oct
17,313
34,529
*57,896
*110,762
*29,487
*69,764
22.382
44,854
3,170
36,500
21,532
43,066
2.917
*df.4,367
*df.3,157
*2,073
*1,874
2,549
11,243
19,030
5,620
65,477
2,385
24,546
10,859
18,138
5,258
51,212
1,860
24,044
*24,687
*29,889
2,803
60,816
1,081
32,798
74,719
71,098
14,220
16,482
68,848
12,681 *deM,968 *def.2.926
35,739
46,016
16,516
213.222
213,451
65,990
& 2gth 8t8. Crosst.—
Oct
1 to Deo. 31
July 1 to Deo. 31....
Jacksonv. Eleo. Co. Dec
Jan. 1 to Dec 31
Jamestown St. By.—
Oct 1 to Dec 31...,
Dec
Lexington By
31
Dec.
Jan. 1 to Deo. ji
Lond.8t.Ry.(Can.)..Nov.
Jan- 1 to Nov. 3u
July 1 to
Milwaukee Eleo. By, &
Light Co
Jan.
Milwaukee Lt. Heat &
Jan.
Trao. Co
Montreal
Srt.
Ry
Jan.
Oct 1 to Jan, 31
Northern Ohio Traction
Jan.
& Light Co
North. Texas Tract. Jan.
Oakl'd Trans. Cons. Dec
Jan, to 1 Dec. 31....
Clean Street By.... Jan.
Rochester By. Co... Jan,
July Ito Jan. 31....
Bockford Belolt & JanesNov.
vlUe
Jan, 1 to Nov. 30...
a Net earnings here given are after deducting tazeB.
b Net earnlnea here srlven are before dedaotlng taxes.
n These
Savannah
22,466
9,333
24,446
286,594
2.438
26,125
180,669
20,966
8,933
22,836
246,828
2,090
25,586
179,039
2,648
46,208
*45,142
43
2,556
24.996
268,382
*21.840
*82,911
2,461
59,524
3,298
80,190
*48,968
2,978
4,704
18,835
148,692
331
*21,806
*169,430
1,742
32,704
2,708
28,124
768
*16,464
1 193,272
..*>•••
San Bernardino Valley
Traction Co
earnings Include the Detroit United By., Detroit
&
Port
Huron Shore Ldne and the Bandwloh Windsor A Amherstburg By.
1902 cover only the Clev. Elyrla & Western Ry.
Results for 1902 are for Cincinnati Newport & Covington Ry.
Decrease In earnings for Deo., 1903, due to boycott by colored
X Figures for
•
t
Interesi unarges and Sarplns.— The following Stbbej
railways, in addition to their gross and net earnings given iti
the foregoing, also report oharges for interest, &0i, with tb^
sarplus or deficit above or below those oharges.
.
Int.,
Rentals,
etc.
—
.
r-Bal. of Net Earn'gs.-^
Current
Current
Previous
Tear.
Year.
Year.
$
Roads.
Previous
Year.
$
$
$
Brooklyn Heights—
Oct 1 to Dec 31
July 1 to
July
1 to
1 to
tric
&
&
Corp
1,060,979
3,129,378
*161,78a
*687,218
*118,235
*611,704
92,973
185,941
*16',045
*18,922
*39,785
8.—
Dec 31
Dec 31
Gas
California
1,153,792
31..., 2,366,653
Dec
Bklyn Queens Co.
Oct
ElecDec.
Cincinnati Dayton & Toledo Traction
Dec.
Jan. 1 to Dec. 31
99,288
198,701
*36,763
69,028
60,562
16,332
192,324
112,512
15,952
def.4,716
def.877
li3',859
38.249
42,059
'32,857
2S,182
271,720
23,886
255,973
25,749
251,670
22,752
238,886
July 1 to Dec. 31....
67,392
135,020
66,900
135,743
*
Col.Buok.L.&New.El.Ky.
Jan, 1 to Dec 31
86,250
Jane
Otn.
&
1 to
Dec
31....
Newp. & Cov. Light
Traction
Dec.
Jan. 1 to Deo. 31
Ceney Island & B'klyn—
Oct 1 to Deo. 31....
Coney
Isl.
Dunkirk
14,385
*169,809
•24,360
*198,363
Soranton By. Co
Dec.
Jan, 1 to Dec 31
Seattle Electric Oo.Dec.
Jan. 1 to Deo. 3i
1 to
26
326
57,567
16,884
186,589
17
867
81,156
15,054
176,275
*295
*8,274
def.2,230
4,915
90,128
*164
*2,644
44,051
5,016
73,382
& Predonla—
Oct 1
to Dec. 31
July Ito^Dec 31....
Elect. Co. Deo.
Tampa
Jan. 1 to Dec 8i
Terre Haute Elect.. Dec.
Jan, 1 to Dec. 31
Third Avenue RB.—
Oct
1 to
Dec
31...,
July 1 to Deo. 31
1.358
2,008
*4,470
*3,451
Elgin Aurora & So. Jan.
9,266
9,816
3,129
2,737
64.374
63,513
July 1 to Jan. Si....
50,241
46,606
Elmlra Water L'ht & BB. -(Street Bailieay Department only.)
12,161
12,364 *def.l,547
Oct 1 to Dec. 31
*def.738
24,585
*719
23,653
*6,460
July 1 to Dec. 31....
Honolulu Bapld Transit
4.089
2,582
Oct
&Land
8,928
5,787
87,193
22,952
68,307
42,728
Jaa, 1 to Oct 31....
ouRtaton County St. By.
2,697
2.604
def.949
91
( Hancock, Mich.) .Nov.
17,367
15.624
20,995
17.538
July 1 to Dec. 81....
34,938
31,260
31,631
27,047
Jan. 1 to Deo. 31....
9,584
115,775
19,842
229,786
23,885
267,112
19,025
114,151
1.886
22,237
6,414
76,165
441.651
876,025
435,956 *def.2,334 * df.103,973
•17,053
*29,100
874,386
—
37,742
Oct. 1 to Dec. 31
74,641
July 1 to Dec 31....
42d8t. M. &St. N. Ave.(N.Y.)99,230
Oot 1 to Dec 31....
197,674
July Ito Dec. 31....
KiDgsbrldge RR.—
22,377
Oct. 1 to Dec. 31
44.755
July 1 to Dec 81
Southern Boulevard—
4,689
Oct 1 to Dec. 31
9,707
July 1 to Dec. 31
Tarr.vt'nWhlte P.&M.—
7,287
Oct 1 to Dec. 31....
17,632
July 1 to Dec. 31....
Union By.—
Oct T to Dec
July Ito Deo.
1,393
10,709
8,928
96.744
92,749
def 320
7.069
120,592 def.78.980
14.787
50,118
287.611
318,447
10,337
11,676
54,516
63,784
7,164
6,078
76,913
105,417
1,279
1,639
74,782 def.13.663
2,679
10,454
119,326
19,786
237,480
16,347
280,374
20,246
121,705
1,799
24,398
9.480
87,385
Dry Dock E.B.&B.(N.Y.)
33,192
66,524
*det.493 *def.2.282
*2,434 *def.8,854
92,633 *df.l3,343 •def.4,607
184,237 *df.l6,636 *def.4,170
1,155
df.18,172
df 33,241
7,042
13,989
4,485
9,217
def.2,550
def.2,028
def.3.404
def.2,402
432
4,287 *def.9,335 •def.7,166
8,644 *def.8,548 *def.4,361
31....
31...,
84,501
165,864
70.654 *def.l,558 * def.15,690
•16,603
*83,711
138,739
Westchester Electric—
Oct 1 to Dec 31
July 1 to Dec. 31....
20,426
51,365
8,830 *df.31,434 *df.31,984
17.870 •df.66,a89 •df.31,487
22,005
60,899
41,312
15.679 *dM4,160
31,886 *df.l4,232
22,399
39,458
•df. 17,761
•df. 13,648
def.1,241
def.1.450
def.468
Yonkers RR.—
1 to Dec. 31
July 1 to Deo. 81
Toledo Bys. <kLt....Jan.
Oct
'259
&Gravesend—
Deo. 31
July 1 to Dec. 31
Detroit United By. n (all
properties)..
Jan,
Duluth-8np. Tract.. Dec
Jan. 1 to Dec 31....
Oct.
Jan.
Electric. Dec.
Jan, 1 to Deo. 30....
Syracuse Eapid Tr.Dec
patrons.
H
17,616
35,426
Troy
& New England-
—
Oct 1 to Dec. 31..-.
July 1 to Deo. 31
Twin City Rap. Tr...Dec
Jan. 1 to
Dec
31....
United Trac.(Alb'y)—
Oct 1 to Deo, 31....
Jan, 1 to Dec 31....
Vlreinia Passenger &
Power System -
Va. Pans. <fcPow..Nov.
Bioh. Pass.&Pow.Nov,
Biobmond Tract. Nov.
*
23,639
1,533
3,187
t78,521
1941.041
1,533
3,146
t78,018
t921,718
1,244,847
101.867
1,060,323
76,147
162,295
71,672
143,269
*53,980
*147,411
•64,518
•166,813
61.485
19,644
4,804
573
123,007
def. 3 4.684
def.6,060
3,384
After allowing for other Income received.
dividend on preferred stock,
1 Fixed charges include
include the Detroit United By., Detroit & Fort
n These earnings
Huron Shore Line and the Sandwich Windsor & Amherstburg By.
y Deficit for 1902 due to strike.
Feb.
THE CHRONICLE.
27, 1904.]
ANNUA L RE PORTS.
Annual Reports.— The following is an index to all annnal
reports of steam railroads, street railways and miscellaneous
companies which have been published since the last editiore
of the Investors' and STBEEt Railway Supplements.
This index does not include reports in to-day's Chronicle.
RAILROADS. Etc.—
Page
page.
Railroads, Etc.—
7t'6
767 National Biscuit
Amer. Iron & Steel Mf{?
766
736 National Fireprooflng
Amer. Strawboard (bal. sheet)
766
767 National Lead
American Sugar
840
341 New York Chicago & St. Louis
Central Union Telephone
765
34" Peoples' Ga» Light & Coke
Chicago Peoria & St. Louis
765
Pittsburgh Coal
841
Consolidated Gas of New York
7P5
700 Pressed Steel Car
Diamond Match
—
Southern Pacific
700
General Chemical.
Kirby Lumber (balance sheets)... '^00
'^67
Knickerbocker Ice
Union
United Box Board&Paper(bal.sh.) 766
701
Western Stone
767
Marsden Co
698, 706
Oil Co. of Calif. (15mo».).. 701
Pennsylvania Railroad.
fReport for the year ended Dec. 31, 1903
text of President A. J, Cassatt's report will be found
on pages 825 to 828. Remarks upon the report will also be
found in the editorial columns.
The
The usual comparative tables of income account and balance sheet for four years past will be published in this
column next week. Meantime we give the following:
1903.
89,895,723
26,391.382
6,339,314
Frelghttrafflo
Passenger
trafflo
MaU, express,
etc
1902.
1901.
82,249,169 73,899,939
34,431.948 21,903,263
5,982,213
6,626.593
Gross earningB of all lines di
122,626,419 112,668,330 101,329,795
recti y operated
84,778,066 75,051,071 65,259.543
Operating expenses
37,853,863 37,612,259 36,070,252
Net earnings
Deduct rentals roads operated
7,381,462
6,657,422
9,663,450
30,471,901
30,954,837
26,406,802
9,462,569
1,280,391
8,118,861
921,016
7,781,720
803,194
10,742,960
41,214,861
9,039,877
39,994,714
8,584,914
34,991,716
4,715,771
5,570,975
4,948,526
4,661,562
4,979,694
4,254,585
4,534,662
3,663,107
13,708,354 14,144,751
27,506,507 25,849,963
12,797,386
22,194,330
3,240,849
536,529
512,063
9,472,728
12,500,000
10,824,595
12,713,577
14,792,931
14,792,931
13,036,529
12.813,434
12,262.491
11,336,658
10,857,672
10,857,672
lor net earnings
Net
Other incomeInterest from investments
Bental ol equipment, etc
Total other income
Total income
-
Deduct—
Rentals leased roads
Interest on bonded debt
100,210
Interest on stock allot, receipts..
Interest on mortgages, oar trusts,
taxes, etc
Total above deductions
Net Income
Further dediictior. s—
Sinking and trustlunda
Extraordinary expenditures for
revision of grades and alignment and other improvem'ts..
Total further deductions
Balance
Dividend of 6 per cent
Balance to profit
-V. 78, p. 703,684.
3,821,398
& loss aoct.
550,943
with the requirements of dealers to restore their stocks to a normal
basis, made It necessary for all anthraoUe-produolng companies to
run their mines practically to the limit of their capacities throughout
the year. The company's (•arnlngs from the transportation of coal
during the year were phenomenally large and will probably not be
equaled again for several years.
The increase in earnings on miscellaneous freight must be considered very satisfactory in view of the fact that, during the last six
months, there was a general shrinkage in volume of many lines of
business as resuit, primarily, of the sharp decline in industrial activity.
The Increase in passenger earnings is most gratifying and resulted
from an Increase in all classes of bnainess handled, viz.: through, local,
suburban and 'excursion. The rates per ton mile and per passenger
mile show but slight change and Indicate a good rate maintenance
daring the year.
OPBBAtiNo EXPENSES.—The increase in expenses was to a marked
extent due to the general increase In wages Jan. Ist, 1903; also to
the greater cost of supplies and materials. The cost of maintenance
covers the expense of various renewals, betterments and additions of
an extraordinary character, as shown below, aggregating $1,478,106;
New bridges.
$308,763 Extension of third track. $35,794
New pier 9, Hoboken
273,182 New yards, sidings and
New signal apparatus... 111,049
yard tracks
150,745
Paseenger, freight, water
New side and passing
fitatlons, etc
332,045
tracks at stations
64,514
79,410
Oars, cabooses, etc
Extension of main line,
etc
16,740
21,533
42,269 Miscellaneous
42,072
Maintenance expenses also cover the cost, less value of old rails,
of 10,315 tons of new 80 pound steel rails and fastenings laid during
the year, an IncreaBC of 413 tons over the year 1902; also the cost of
815,550 ties, or 17,6^1 less than laid during 1902. Extensive renewals of steel bridges have boen continued and will be prosecuted to a
completion during 1904. The grading for third track between Nay
Aug ana Elmhurst, Pa., has been completed, and track partly laid for
2-55 miles. This will further facilitate the movement of coal eastward. More of this work will be completed during the coming year.
The building of new passenger and freight stations, engine houses,
water tanks, shops, coaling plants and other structures has been continued on a large scale in the most permanent manner. Further renewals of the same character should be made for several years.
Farther extensive work on the dock properties will be undertaken.
The work of Installing new block signals and interlocking plants has
been continued, aboat 49 miles of doable-track being equipped with
tools
f^
*
street.
New York, and
The company
f Report for the year ending Dee, 31, 1903, J
President W. H. Trueadale says in part:
Earnings.— The earnings during the past year were larger than
during any similar period. This in great part was due to the heavy
tonnage of anthracite coal, although a most satisfactory Increase in
earnings is shown In every branch of the business. At the beginning
of the year and as result of the miners' strike of 1902, the demand for
coal was very urgent to meet current needs of consumers, and this,
Overhead bridges, viaducts and culverts
New shop machinery and
automatic block signals and 8 interlocking plants. Further work of
the same character will be done.
In addition to 48 locomotives purchased, the entire motive power
has been kept in moet ffflclent condition. A number of the old light
engines were scrapped or sold. The cost of repairs and renewals of
freight cars was unusnally large, this being due to very expensive repairs on a large amount of the freight equipment with a view of
modernizing it. The older and weaker cars were scrapped. There
have been purchased for delivery during the coming year 30 new locomotives, 2 dining cars, two combination baggasre and mail cars. 5
combination baggage and smoking cars, 20 eaborban coaches, 500
steel hopper oars of 80,000 lbs. capacity and 1,000 box cars of 60.000
lbs. capacity. This new rolling stock should put the company in position to iiromptly handle its steadily growing traffic. It is planned to
construct new and modern passenger car rapalr shops near Hoboken
during the coming year.
The wages paid railway labor of all kinds are on a higher plane than
ever before in the history of railroading In this country. It is hardly
possible that the railroads can continue to make as favorable net
showing as they have and pay the wages they now do unless rates can
be generally advanced, and It Is at least doubtful whether this can be
accomplished. The large expenditures of the company during the
past four years have placed it in position whereby it can effect
economies in the handling of its traffic, such as should enable it to
maintain a satisfactory bowing of net results, if any of the leading
trunk lines of the country can do so,
OoAL Dbpaktmknt.— The award of the Anthracite Coal Strike Commission granted the miners and certain other employees in and about
the mines an inoreaee In wages of 10 per cent, effective from Nov. 1st,
1902. To other mine employees the old wages were given for a workday of nine instead of ten hours. The wages of all mine employees
were advanced one per cent for every five cents per ton realized by
the anthracite companies for the larger or prepared sizes of coal in
excess of $4*50 per ton at tidewater. This sliding scale became
eflective after April Ist, 1903, and under its operation the w«ge8 have
been advanced gradually since that date to a maximum ot 7 per centb
more than the original award. This maximum was reached in October last and will continue until the usual spring reduction in prices
becomes effective, on April 1st next, when the wages will, no doubt, be
reduced to the basis fixed by the original award of 10 per cent.
It woula aupear as though the anthracite companies are reasonably
sure that during the period of this award, or until April 1st, 1906, their
relations with their mine employees will continue harmonious and
quiet, and their chief concern will be whether the market conditions.
Including the competition of soft coal and other laels, will be such as
will permit of their realizing prices that will enable them to pay the
high wages fixed by the award and leave them a fair margin of profit.
The present outlook Is reassuring. The officials and employees connected with the mining operations of this company have worked
most harmoniously during the year.
Included in the total coal tonnage for the year are 1,004.597 tons of
washery coal, for steam purposes, taken and prepared by the washerles from the old culm banks of the company.
The improvements during the year cost $338,470'86.
Financial.—There were no changes in the outstanding bonds of the
leased lines other than that the Morris & Essex RR. Oo. Issued
$1,COO,000 of Its 3*« p 0. Tf funding mortgajie bonds, forthe purpose of
reimbar»lng this company in part for advances made for elevation of
tracks and other improvements being made along the Morris & Essex
line. These bonds are held in our treasury.
The company, joining with others, also acquired during the year a
quarter interest in the Mutual Transit Oo. and the Mutual Elevator
Co., through purchase of bonds and stock. The first named of these
c( mpanles
wns and operates a line of steamers plying between
Buffalo and Lake Superior points. The second named owns a valuable elevator and terminal property at Buffalo. These properties show
net earnings svifflcient to pay Interest In fall on the Investment, with a
substantial surplus for sinking land.
In May the company purchased the entire capital stock of the New
York & Hoboken Perry Co., amounting to $3,300,000, thus securing
control of its passenger ferry service to and from New York City
across the Hudson River. It is the purpose to extend the ferry service
during the coming year, making a new terminal at the foot of West
23d
Delaware Lackawanna & Western Railroad.
815
to purchase new and larter boats.
also purchased the entire capital stock and outstand-
ing bonds of the Erie & Central New York RB. Co., which extends from
Cortland, N. Y, to Cincinnacus, N. Y., a distance of 18 miles.
Your company has no floating debt aside from current vouchers and
pay-rolls.
UENEBAL Bemabes.—There is apparent* decided halt in the remarkable business and industrial activity of the past three years, and with
the uncertainty of a "Presidential year" It Is too much to expect that
the earnings of this company, or the railways generally, will continue
to increase as they have since 1900. The business conditions generally are certainly sound and prosperous; the crops of the past year
were f ally up to the average and the prices being realized lor them are
above the average. It Is difficult to see, therefore, how any severe
set-back can be possible during the coming year. The excellent physical and financial condition of this company should lead its stockholders to feel little concern as to the future of this property.
Work of getting rid of the grade crossings through tne City of Newark,
in Summit, and at other poiats.on the Morris & Essex line, has been vigorously prosecuted during the year, and one section ot the Newark
work was substantially completed just before the close of the year.
Other work of the same character has been planned covering, practically, the entire suburban district, and will be undertaken as soon as
fair and equitable contracts can be negotiated with the municipal
authorities, but it takes time to come to satisfactory terms.
—
Statistics,
The income
tics of operations follow:
account, balance sheet and statis-
OPEBATION8.
1903.
Road
oper. Deo. 31.
Earns, per
1902.
1901.
1900.
965
948
948
947
fr't tr'n
mile, affreight...
Earns, p. pass, tr.m.,
$3-32
$3-00
$2'79
$2*48
maii&
$1-10
$1*02
90*96
$0'96
442-68
860'75
372-38
326'70
Incl.
exp..
Average train load
(revenue) tons....
Goal traffic—
Tons (gross) carr'd. 8,960.684
7,393,057
6,091,133
4,570,490
Tons carried 1 mlle.1592766702 732,986,292 1206817509 928.174.664
Rateper ton per m. 0868 ots.
1-111 cts.
0-920 ots.
0-891 cts.
Merchandise traffic—
Tons (net) carried.. 7,725.162
6,644,069
6.560.653
6.390,742
Tons carried 1 mile. 1178035722 1000131897 976,239,851 956.945,711
Bate per ton per m. 0-709 ots.
0-701 ots.
0-696 cts.
0683 cts.
Passenger traffic—
Passengers carried. 17,604,035 16,328,335 15,025.996 14.428,880
Pass, carr'd 1 mile.. 355,381,794 316,642,899 320,636,013 282,446.342
Bate per pass. p. m. 1-430 cts.
1-482 oia.
1450 cts. 1410 cts.
BABNINOS, EXPENSBB AHD CHABOBS.
1900.
li<03.
1902.
1901.
Earnings from—
Coal
9
13,826,844
Miscellan's freight.
8,354.908
Passengers
6,083,142
Mail.express & mis,
1,916,069
Total
29.180,968
$
'
$
$
8,145,920 10,749,344
6,668,689
7,018,424
4,522,383
4,592,036
1,567,218
1,647,384
8,535,324
6,660.186
4,186.232
1,506,021
23,507,634
20,887.763
21,398,764
X
CllRONICLK.
rilK
Sltt
1901.
9
3.«47.9"9
2.7W3.086
8,264.S9i
464.602
873,863
3,3H3.S04
2.712. 5^S
9
3.304,253
04
39/.748
836,871
7,474,483
773.239
3.081,204
V,775.H26
7,56».491
326,621
8«9,137
Mai lit of wKy.
Ac.
Malnt. of equlpm't.
Condact. tr*D8p't'n
General
Taxes
Total
16.043,403
18,137,BeO
14,477,422
6,931.342
14.385.418
9,122.216
14,623.279
6,265.484
MetearnlngB
Ad<tInt on Inyeettuenta
DlTldPDdson stocks
116,612
226.604
1,638.643
104,650
312, 60
1,200.082
Ooal rtept. earns..
Prenjlum on xtooks
HDd b >ndB sold...
Mlewl.— int.,
dl«o
7,1^-'.
2
4.')-1.237
379.25<J
9
169,400
,
Total
13,664
62,696
98.174
65,513
16,638,496
excb., rente, Ao..
8,115,338
11,202,248
8.107.509
214.409
5,071,349
214,409
5,03^,8O4
11.166
142.461
3,058.119
1.834,000
214,363
5.173,491
119,184
142.028
2,^23.127
1.881.000
Dfdvet—
Interecton bonds..
RentalH leased lines
Acoti". chare off. *c.
Rentals N. V itrro'e
Renewt-lxife bei'm'ts
805.236
141.198
4.319,168
Dividends (7%)
1,834.000
12,337,258 10.295,989 10.006,193
eur.4,251,238 df.2,180.652 Br.1,196.054
Total
Balance
X Kesults of ooal department
214.690
5.150,322
12,285
1,834,000
7.311,277
er.896,232
were.'
l-<,65',473
008.747
26,370.104
1900.
$22,961,887
21,061,806
$792,477
$1,638,643
$1,200,082
KarnlDBi
Hxpenaea
JSfl. 786.326
1902.
$19,446,060
33.700,'31
Profit
$3,036,104
I»(i3.
1901.
t^Z**,
COHDKHBED OENEBAL BALANCE 8HEBT DEC.
1908.
Assets—
$
Cost of roafl
17,401,195
Cost of equtpment.
8,019,201
Other perm, invest. 6,671,504
7,9f 6,114
Blocks In ireasary..
Bonds In treaaary.. 4,390,206
81.
1901.
$
17.398,799
8.019,201
7,2^2.112
4,e64,(S83
2,851,861
1900.
$
1902.
$
17,330,794 17.322,333
8.114.201
8,114,201
7,749,3*1
7.255.032
4.662.383
3,696,935
2,728,530
2,345,010
Ad van.
to leased St
controlled roads..
2,159,'2l'9
473.880
1,444,781
1,453,108
46,000
1.234,661
1,408,301
2,161
881.431
1,315,424
1.642,573
1,243.530
3,193,500
3,745
830.839
757,327
583,360
619,941
2,901.878
73,438
3,072.139
111.308
2,558,579
110,429
2,546,408
119.926
54,466.921
Advances on
Coal on hand
48,979,689
51,621,513
1,332.069
Cash
Bills receivable
868.191
1,384,098
$
(\)n»t ruction
30,46(1.182 30.4611.182
Securities ow noil..
i:8.963
as.ooa
cos
.
Indlrld's, &e.
Liabilities—
Capital stock
Consol. mrrt. bonds
Rent's aco'd.not due
Int. aco'd. not dae.
Past due dlvs., etc.
Dlv. pay'leln Jan..
Audltea voaohers..
Audited pay-rolls...
Taxes, not due
Mort. on real estate
Companies & Indlv.
and loss, sur.
Profit
S90,'^33
1,141.654
3,468,846
9,767
26,200,000 26,200,000 26.2C0,000 26,200,000
3,067,r 00
3,067.000
3.067.000
3,087,000
1,529,573
1,529 661
1,523,598
1,604,338
71,377
71,377
71,563
71.377
122,349
125,338
135,096
131,167
458,500
458.500
458,500
458.500
1,384,187
1,949,128
1,363,973
1.640,484
962,703
1,272,241
1,151.183
1,115.410
437,524
427.578
511,260
490,113
62,074
62,074
62,074
62,074
572.432
357,455
18,790.213 14,538,974 16.719.627 15,523,572
48,979,689
—V.
77. p.
51,621,513
Accr'd Int. on bda
Midcelianeous
2fl2.6i»0
2:t6.146
2B1.6«(i
235,1 '6
Profit
•JOO.-.OO
150.010
81,466,412 31,469,138
Philadelphia
&
Erie Railroad.
^Report for the year ending Dec.
stance
of both pas-
senger and freight being the largest in the history of the company.
The 30 miles of seooad track between Seating and Empririum
referred to In last annual report has practically been completed,
except a section of about 9 miles between Huntley and Cameron.
The aggregate cost of the extension of the second track and the or nsiructlon of new erecting show and blacksmith shop at Renovo. passinj? tidlogs ar, Northumberland, Lock Haven and Renovo, overhead
crossing atErie,|ai}d sundry other necessery improvements, amounted
to $810,201, of which $550,000. as already noted, was charted against
the incoaie for the year. The balance, $260,201, Is carried in saspenae
account on your balance sheet.
The o^eratione, earnings, etc, were as follows
OPERATIONS, EABMNGS AND EXPENSES.
1903.
16,356,407
1902.
:
1901.
13.034,814
'
$
Net earnings..
Other receipts
Total Income...
Disbursemtnls—
Interest on debt
Int. on special stk
Int. on equipment..
Renewal fund
Extra'y exp'e fund.
.
9
$
1,002,148
6,563,389
215.649
962,199
5,265,737
195,256
986.899
5,625,439
178.351
9
736,439
4,921,409
165,774
7,781,186
5,414,788
6,423.192
4,349.208
6,789,689
4,082,838
5.823,622
3,745,297
2,366,398
21,136
2,073.984
36,351
2,706,851
18,889
2,078,326
6,681
2,387,634
2,110,335
2,725,740
3,085,006
1,019,150
168,000
160,746
1,019,150
168,000
130,018
1,019,150
168,000
124.825
200,000
400,000
8,000
1.019,150
2,549,672
176,168
1,944,640
140,866
8,000
8,000
550,000
460,000
Extra'y expendlt's
469,897
DlT. on ooni. 8t00k.(4%)319,400 (4%)319,400(2%)159,700
Misoellaiieous
Total
Balance, surplus...
81,465,412 81,469,138
:
gross earninga do not show the normal Inowing to the fourteen days' stride of employees In Wo ember,
1903, and alfo to the unfavorable weather conrtirions prevailing during January and December. The increase over 1902 was $2 3,383. of
which $13,887 was pafs^nger receipts. While the passenger receipts
increased les^ than one fifth of 1 per cent, the transfer passengers carried increased 20 per oent, due to the enforced Inau^nraton of the
crease,
present transfer system, with its greatly extended transfer privileges.
Over 50 per cent of the fare passengers were carried on transfers.
The tot il exiieiises over and above charges to reserve's and depreciation in 1902 increased $311,837. as compared with 19i)2. The increase in wages, cost of fuel, material and sappl es, cleaning streets,
removal of snow, insurance, taxes and the strike expenses caused
this increase. The surplus Income shows a decrease as compared with
thitof 1902 of $^09,454, and the surplus for the year a like anaount.
IMPKOVBMBNTB.— In addition to increased operating expenses for
malntenanc, replacements and renewals in the year 190i. a large
amount has been expended for additions to and betterments of the
These expenditures were for undergr'iund feeder conproperty.
duits, completion of the new repair shops, an addition to the new
eleotrlo-power piant at Twenty-first and Dearborn streets, eight new
donble-traok electric cars with electric equipments, work cars, and
other mleoellaneous equipment.
There should be expended in 1904 further sums for additional oars
and power-plant apparatus. In addition, a lar^e amount of oonstruotion and reoonetrnotion work will be required for underground-feeder
oondnirs. cement, sidewalfcs, paving, tracks and buildinits
Fbahchibe.— During the past year negotiations were entered into
on the part of the company with the city authorities with reference to
the "franchise question." and a tentative ordinance Is under oonsideratioh by which It is boped a fair and business-like settlement of the
questions involved may be made.
The
results for three years
2,226,296
162,238
2,094,568
15,767
compare as follows
OPERATIONS.
1903.
1902.
1901.
45,038,212
82,979,739
286,494
46,425,028
81,281,703
391,068
44,041,678
73,403,433
418,879
128,304,445
All lines
66,883,346
No. transfer passengers
52-13
Per cent to fare passengers
13,865,473
Cable oar miles
18,595,440
Electric " "
" "
74,210
Horse
128,097,799
55,793.562
43-56
14,244,190
18,333,862
9?,882
117,863,590
49,415,783
41-93
13,809,620
32,535,123
32,671,934
30,64»,250
Fare passengers carried Odble lines
Electric lines
lines
..
,
Total oarlinea
16,7-^7,540
106,090
INCOME ACCOUNT.
1903.
1902
Passenger earnings
Other receipts
$6,881,246
54,319
$6,367,358
45,824
1901.
$5,856,886
43,885
Gross earnings
Maintenance expenses
$6.43f>,565
896,355
2,625,700
1,126,286
P6,418,182
1.013,2"9
2,3"7,902
1,015,343
f6,900,271
907,981
2.067,414
893,878
$4,336,504
$3,869,173
(67*62)
(66-58)
l,787,3iS4
2,076,678
2.031,098
180,000
180,000
103 939
100,000
Depreciation
Bond
interest
Dividends
(9)1,620,000
Surplus for year.
-V. 78, p. 768.
$67,224
(9)1.6'2O',bo6(10>«)162O,'oO0
$276,678
$127,159
United Railways & Electric Co., Baltimore.
C Report for the year ended Dec. 31, 1903.
The following gives the important features of the annual
report, which was read at the annual meeting on Wednesday;
General Rbsoltb.— Compared with 1902, there was an increase of
$439,354 in revenue and of *302, 108 in operating expenses, making
in net earnings. There was, however, an increase
of $70,914 in fiX'-d charges find Interest, so that the actual net increase
from railway operations was $6(5, J32. The increase in fixed charges
was In "Park" and other taxes, rental paid for Baltimore Sparrows
Point & Chesapeake Ry., and Interest on loans made In connection
with new power house and new lines. During the nine months, April
a gain of $137,246
190O.
13,418,059
Fr'fht (tons) oar'd.
13,640.860
Fr'Ktont ) oar'd 1 m. 1331803010 1078027445 1238687357 1204071950
0'493 ots.
0-488 Cts.
0-454 cts.
0-409 ots.
Rate per on p. mile.
Passengers carried.
1,575,139
1,431,-262
1.511,350
1,243,876
one mile 43,675.498 43.401.387 45,7^3,676 31,409,051
Pass, oar'd
2-217 ots.
2-156 ots.
pass per m. 2-295 cts.
Bate p.
2-345 ots.
Total
6311,609
Deduct—
:
£xp.(incl. all taxes)
8,495
236.146
GKNBR4L Resolts.—The
Per cent oper.
Net earnings
SI, 1903, J
Preeident N. P, Shortridge says
The traffic shows a gratifying increase, the movement
Freight
Mall, express, etc..
Total
2S6.I46
628,763
Chicago City Ballway.
fStatemerd for year ended Dec. 31, 1903 J.
President David G. Hamilton is quoted as saylrg in sub-
Trarsportatlon
General, taxes, etc
Earnings—
UenewMl fund
and loss....
Total operating expenses.. $4,648,341
(72-23)
to gross
50,277,084
2280.
Passengers
>
,
28 1Se
298.134
—V. 78. p. 7(3.
Horse
Total
$
7.9H,%,000
2 •(>".(K)0 2.4(10.000
19.823 00 19,'-23.000
3H4,lt87
S84,988
7,986.000
,
.
24.672
187.7R9
C«»h
Cnsh for Interest..
Kunewal tund.
Con.i eq. sub. acot.
190-i.
$
Stock, common...
Stock. special...
Konds
Bulls used by tributary llnt's
Agents, oondaotors.
Coal bills & sundry
accounts dne
Saspense acooimt..
1003.
rr.
50,277,084
441,186
1,169,489
ooal...
Material, fnel. <bo..
Or.
31.
1008.
1903.
t
Total
114,612
224,211
792,477
115.182
33^.916
3,036,194
[Vol. Lxxviii.
UKNEBAL BALAHOB SHBET DBOKMBKR
1900.
IV 03.
i
1903.
Sxpmst»—
J
:
.
168.000
119,820
lOO.COO
500,000
37,670
to December, expenses were increased $15,000 per month t)y advances
la cost of coal and wages of conductors and motormen. At the 1902
rates the surplus would have been $353,359 Instead of $218,369.
Upon the B. 8. P. & 0. line the gross earnings were $1 J3,0i4; oper-
expenses, taxes and lasuranoe, *5J.735; fixed charges, $32,448;
Had the interest on its $1,700,000 of 4 >« per cent
bonds been charged from May 1 instead of July 1, the surplus would
haveibeen *27,ci64. From May 1 until Oct. 1 the Sparrows Point
service was operated between Baltimore and Dundals. via the River
View line, and on the latter data was transferred to the then completed
atlnur
surplus. $16,853.
Bay view to Dundalk.
Floating Debt.— As the bonds of the
cut-offline.
&
B. 8. P.
O. Ry. Co. have not
the United Company has not been reimbursed
for money advanced for oonetruotion of the 8parr«iws Point line, and
In consequence has not entirely relieved itself of floating debt, as It
would have done had the bonds been sold.
IMPKOVBMBNTS, ETC. —These include the reconstruction of large portions of six Important city Hues, suoh as Baltimore, Pratt and Howard streets, all of which were relaid with heavy nine Inch rails, the
rebuilding of one mlleot the Middle River line, extensive oh *nges in the
lines centering at West Arlington and extension') of the Beialr Koad
line and the North Avenue line. etc. The annex power-house at Pratt
Street, with its four 3.000 horsepower engines and generators, was
oompleted; also the substations on Druid Hill Ave., opposite the park,
and upon Nunnery Lane, near CatonevlUe. These latter stations
have respectively 2.000 and 7,000 horse-power. The Carey, Gilmor.
yet been disposed
of,
South Charles and Preston streets power-houses were abut down and
Feb.
THE CHRONICLE.
27, 1904.]
the taklDj? of current from the Baltimore <& Ohio was dlseontinuedThe compaDy removed from the subway district 365,513 feet of over-
head feeders.
Taxes, Etc.—The company paid for the milntenanoe of city parks
$348,986. The totil taxes amounted to over 15 per cent upon the net
earnlnKS of city and county lines. Nlnety-flve per cent of the company's 166,000,000 oatstanding securities are held by citizens of
Maryland.
PowEK Plants.—The agreement with the Susquehanna Electric
Power Co. non havint; become operative, the machlaery of the Pratt
Street power-house was not taken over by thit company, and hence
this and other power plants remaia the prooerty of this company.
Recovbkt from Fibb.— a. postcript recites facte of interest in connection with the recent Are, such as the renewal of arrangements with
the Baltimore & Oblo for current from its power-house pending repairs to the Priitti Street power-house; also the resumptloQ of operations by the Preston Street house, which, tottefher with the Light
Street and Ftlls Road houses and the alternating machinery in the
new Pratt Soreet house, working through the subsiatlona,, are now
furnishiog current to the system. While the original Pratt
Street honse was seriously damaged, tbe three larue tower engines and generators escaped with but little iojury, and will soon oe
In condition for service. Owing to the company's transmission lines
throughont the subway district, which embraces the burned district,
having been placed In the subways, the damage was almost entirely
confined to the destruction of poles and trolley wires, which are being
rapidly restored.
The company has 32 of its lines in full or partial operation. The
revenne results are surprising for the amount of service operated.
The expenses, other than those chargeable to the Insnraccd companies,
have been gre^ily reduced, so that thenetresultsaie well maintained.
Owing to the great activity In building operations which must ensue,
it is believed tuat the year will yet, from a revenue point of view,
prove the greatest in the history of the lines. The company is not
only paying, but is earning, with a comfortable margin, the Interest
apon its bonds of every class and the dividend upon its preferred
stock.
Earninga, expenses and charges for four years past follow
BARNIN08, EXPENSES AND 0HASGE8.
817
equipped with the most modern type of swltchboai-d and apparatus.
Two new exchanges thus equipped were opened during the year in the
city of Louisville, the main exouange in the city of ETausville, Ind.,
a branch exchange in the city of New Orleans, and quite a number In
the smaller cities and larger towns.
Notwithatandlng the business depressions and uncertainties of the
year, your company continued to grow and expand, the increase in
gross revenue amounting to $409,880 and in net revenue $257,928.
The total amount added for new properties during the year was
$1,781,645. The indebtedness was reduced $1,060,000 as follows:
First mortgage bonds, $14,000; real estate, deferred payments, $23,000; floating debt, $1,023,000.
Opposition.— There was no growth in the sum total of the oppo8ition, but Instead it was manifested in every direction that the independent companies realized that they were on a false footing, and
that their rates and methods were Inadequate and unsound; they were
unable to meet the growth of public requirements.
Securities. -The directors do not think that it will be necessary to
put out either new stock or bonds during 1904, though the increase in
business Is expected to be quite as largo as during the past year. It Is
believed that our surplus of facilities and revenues In exo^'ss of dividends will so far take care of the new growth that any defljienoy can
be conveniently supplied from current channels. Having covered the
territory and developed the business to such an extent, we believe,
that it will not likel? be necessary to provide new capital la si large
amounts In the future as in recent years. Not since the OlvU War has
the territory occupied by this company been in so prosperous a ooudltion as it is now.
The
as
earnings, and the balance sheets of Dec. 31, compare
below
Earnings—
Exchange service
1903.
1902.
1901.
1900.
$2,401,805 $2,305,032 $1,891,726 $1,335,694
969,133
796.778
6t0.935
476,470
1.318
8,684
3.461
2.863
29,592
24,104
24,227
17,054
78,693
40,515
6^,224
52,033
Tolls
Private lines
Real estate
Other sources
:
Total
$8,480,041 $3,070,163 $2,642,562 $1,884,014
1902.
1901.
1903.
1900.
24.665,973 24,056,973 28,330.292 23,227,886
Oar miles run
Rev. passengers.. ..110,235,977 101,746,407 95,041,947 89,912,922
Transfers
42,788,205 39,363,604 35,342,534 32,574,404
Gross earnings
$5,480,630 $5,041,275 $4,696,629 $4,441,089
Operating expenses 2,554,242
2,252,133
2,193.175
2,059,569
Expenses—
General expense
$307,698
Operating expense
697,442
Malnt reconetruo.,eto.. 1,159,145
Real estate and mlsoel..
6,735
Net earnings.... $2,926,388 $2,789,142 $2,503,454 $2,381,530
Int. and taxes, inol.
Int. on incomes...
2,708,029
2,637,115
2,493.002
2,327,980
Net earnings
DeductTaxes
Net revenue....
$218,859
90.374
Tot .net revenue
$152,027
53,405
$308,733
Other income
$205,432
$10,452
21,666
$53,550
$32,118
$53,550
Total carried to surplus In 1903. $308,733; previously credited,
$333,439 total credited to surplus to date. $({42,171
applied to re
oonstrnotlon of tracks during the year, $424,313, leaving a balance of
$217,868.-V. 77, p. 2282.
;
Total
The balanoe sheets for fonr years are given below:
BALANCE SHEET DEO. 31.
1903.
Assets—
1902.
$
Cash
$
1901.
Dividends
onstomers..
Bills receivable
Doubtful debts, val.
Other debtors
Hides and leather..
Bark at tanneries..
1,313,386
5,870.048
58,520
51,809
251.224
10,772,732
1,102,972
2,140,133
4,841,287
47,495
39,015
133,864
8.647,477
1,157,204
401,355
291,603
277,278
161.425
Sundries, personal
property, etc
Advances to other
oompa ies
Drawbacks
Railroad mtge
1,117,558
14,521,653 11,875.143 18,725,399
457,713
462,201
325,103
199,127
100,000
100.000
100,000
100,000
Tannery plants, etc. 6,318,295
7,197,600
7,101,114
7,005,872
Stock of other co's..*49, 142,02
35,678,045 36,678,193 35,446,232
Bonds Cent. Penn.
Lumber Co
10,000,000
Treanury stock
100,000
Good-will, ero
62,832,300
Unexp'd insurance.
67,260
Total
151,166,739 141,057,010 137,724.652 136,598,960
LiabHities—
Common stock
62,882,800 62,882,300 62,382,300 62,869,800
Preferred stock
62,282,300 62,282, 8cO 62,2S2,S00 62,369.800
Bonds, less in treas. 6,280,000
5,2?0,<j00
5,280.000
6,280,000
Accrued Int., etc ...
17,549
58.530
5^,440
57,600
Current accounts...
334,394
328,412
130,919
156,431
Forexch. not due.. 1,075,224
1,798,371
1,495,058
1,449,971
Bills payable
1,450.000
1,557,392
...
Misoeiianeoue
309,587
883,380
109,244
Sirplas
17,534 ,335
6,486,326
5,460,880
4,540,870
Total
$80,720
139,094
151,165.739 141,067,010 137,724,652 136^598,960
Represented by hides and leather, tannery plants, saw mills, lumand lands in fee, bark contracts, bark at
tanneries, personal property, cash and sundry debtors.
The large increase in the surplus, namely from |6,486,326
in 1903 to 117,584,385 on Dec 31, 1903, is principally dae to
the re-appraisal of the sub- companies' timber and bark lands,
as was outlined in the circular issued last May touching the
stock deposit plan, since abandoned (V. 76, p. 1196 V. 78, p,
The decrease in "advances to other companies" U due
50),
to the fact that these companies were able to sell their bark
at higher prices and therefore did not call on the United
States Leather Co. for as much money as in the previous
year. The re-appraieal appears in the item "stocks of other
*
ber, railroads, bark, timber
$96,310
114,734
$88,074
74,576
$843,017 $678,583
$158,962 $169,621
$893,043 $734,086
BALANCE sheet DEC. 31.
1903.
1902.
Assets—
$
$
14,44'}.805 12,788,324
Plant
Real estate and
571,087
buildings
449,023
Materials
227,826
406,830
2^9,089
244,490
Stjcks and bonds.
361,600
227,160
Total
$501,805
$176,406
$564,562
1903.
Liabilities—
Capital stock
1902.
t
11,S67,250
Bonds
1,285,000
Surplns
1,166.757
Reserve for renew. 763,446
Bills and accounts
payable (net)....
657,142
Due for real estate
12,400
Res.forcontlnliab.
68,187
Subs, to stocfe. ..
318,297
Undivided profits. 188,927
15,837,406 14,114.732
Total.
$
9,106,200
l,2fl9,000
893,048
629,361
1,680,248
86,267
64.810
247,450
169,358
...16.837.406 14,114.782
-V. 78, p, 704.
United States Cotton Dack Corporation.
{Statement for year ended Dec. SI, 1903.
united states cotton duok cobpobation.
Income from sales
Other income
Total income
Materials, labor, ete
1903.
1902
$2,936,891 $3,758,788
37,586
39,442
Repairs andrenewals
$2,974,477 $2,795,230
$2,622,543 $2,480,763
66,485
69,200
Total expenses
Net earnings
Less Interest and general expenses
$2,689,028
$285,449
101,736
$2,549,968
$245,266
101.277
$183,713
$143,989
i
100,000
100,000
100,000
62,832,a00 62,832,300 62,819,886
9,875
14,829
34,544
7,881
Total deduotions
$1,035,414
Surplus earnings
$273,707
Total surplus Dec. 31... $1,166,767
$
1,616,115
5,930.736
90,629
16,474
117,413
10,810,368
1,282,097
1.188,586
7,620
$154,138
309,539
734,545
(7)766,383 (7)623,203 (7)468,539 (6)339,165
Cash
2,049.952
6,018,313
140,897
5,926
144,548
10,328,626
1,915,974
1,225,266
10,328
$123,544
148,487
Interest
1900.
$
$200,263
449,997
$2,170,920 $2,068,184 $1,794,456 $1,205,803
$1,309,12191,001,979 $848,106 $678,211
;
United States Leather Company.
^Report for the fiscal year ended Dec, 31, 1903. J
Dueby
,
$254,479
578,111
Surplus earnings
mount vbbnon woodbbrbt cotton duck
Income from
sales
Other income
Total income
Materials, labor, etc
Repairs and renewals
Total expenses
Net income
Deduct—
Current. Interest and general expenses
Reduction In value of Inven'^ory
Extraordinary repairs to hydraulic plant
Interest on first mortgaee bonds
Jtily coupons paid on income bonds
Total deductions
Balanoe carried to profit and loss account
— V. 77, p. 1750.
CO.
1903.
1902
$7,416,649 $7,030,069
40,003
73,817
$7,466,552 $7,123,876
$6,599,614 $6,014,402
109,869
138,334
$6,709,483
$747,069
$6,182,786
$293,531
$285,172
350,000
60.682
79,816
850,000
160,000
$643,531
$103,538
$925,670
$15,470
$941,140
;
companies."— V.
78, p. 50.
Cumberland (Bell) Telephone & Telegraph Company.
^Report for the year ended Dec, 31, 1903.
President James E. Caldwell says in substance:
General.— sixteen new exshanges were equippad and opened during the year. The net gain In subscribers was li,319, making the
total D€C. 31, 1903,
scribers are supplied
and
all of
103,744 subscribers. Five-ninths of the subwith metallic lines and solid-back instruments,
thecompany'sexchangeaialts cities and larger towns were
New York & New
Jersey (Bell) Telephone Conipanj.
('Report for the year ended Dec. 31, 1903. J
President Charles F. Cutler says in substance:
General Resclts.— The Increase of $778,747 in gross and $332.-
208 In net earnings should prove satisfactory to the stockholders. We
have made also a larger gain In the number of stations connected to
the system than during any previous year. The weather conditions
were much more favorable than during 1902.
New stock to the par value of $1,089,900 was Issued during the
year, coverlnsr the bilance of the amount subscribed for from the offering of Sept. 25, 1902.
PUPiN coils.—The installation of the Pupln coll upon trunk lines,
commenced during 1902, has been considerably extended during the
past year, and with satisfactory results. The Hues connecting Peterson, Passaic and Elizabeth, in New Jersey, and Jamaica and Far Rookaway, on Long Island, are now all snocessf oily operated either through
)
J
..
.
THE CHRONICLE
818
J
.
.
[Vol. Lxxviir.
uDder^roDud or aorlal cables with the nt<e,'o( this apparatuB. Oar i>lanB
for li>i>4 t'ont«iuplat« the extension of underKronnd trnnk lines to BubBtantlally all polntR within 30 mile* of New York.
American Cereal Company.
Balance Sheet of Dec. 31, 1903 J
C
Additions— The Boveral Important balldlnua whooe oonstruotlon
The company, a majority of whose capital stock is owned
was delayed by labor troublet* are now proirrcsslnjr, with proipeot of
coiupletlou by the BUiuiuer of 1;»04. The larjce building In Brooklyn, by the Qaaker Oats Co. (see above) has issned the following
which Ib to contain our Proeuect Exohaiise and Lon^ Island trunk line balance sheet of Deo. 31, 1903, wliich we compare with the
owltohboardc. will be ready for ocoiipanoy durlnu; the ooniloK spring. corresponding figures for the previous year. The
dividend
Iiuportaut exteDBljnB have been made to the Bwltohboards at Bome of
rate was increased from 8 to 18 p. o. in Feb., 1902, 8 p. c.
the larger ottlces. and new InataUatlonN at Beveral of the smaller ones.
Satisfactory proKress has been made In oarrylnR out the plans for having been paid quarterly since that time.
provldluK improved equipment In suburbin exohanKes. With the
BALANCE SHEET OF DEO. 31.
ooiiipletlon
these
year, a revision of onr toll lino
plans early In the
of
be taken up. with a view to aeoarluK an even larger Increase 1q our toll bnBlne8.'».
DnrliiK the year 190:i there has been expended for new plant and
equipment the Bum of $1,64«.953, and for real estate i!339,529; total,
*l.b>Se.48a. Of this sum. $437,918 was furnished by the surplus earnluKBof theiyear, andjthe balance, $1,64S,564, from sales of newly Issued
tarltlB will
oaViUal Block.
The Bum of $1,146,050 has been oharRsd against earnings aoooant
for the malntenaiioe and reoonstruotlon of the plant.
Our estimates for extensions and Improvements during 1904 con-
template the expenditure of, approximately, the same amount as was
expended for these purposes In 1903. In order to provide the funds
necessary for this jmrpose beyond those already available from surplus earnings, your directors have authorized since the close of the
year a further small offerlEg of new stock, amounting to $1,262,000.
Opposition —No new opposition enterprises have been started In
our territory since the las: report was Issued. The lew Insignificant
companies then under operation appear to have grown gradually
weaker through the year— one of thsm harlng defaulted on Its bond
interest.
TWENTT Yeabs' Ghowth — This
report marks theloompletlon of a
period of twenty years under the present management. The gross
earnings, whl( h in 1883 were $306,899, were In 1908 $4,741,344, and
the annnal surplus over fixed charges and taxes, which In 1883
amounted to $128,539, was In 1903 $1,290,13*. The number of
stations operated was as follows: Deo 31, 1883, 3.673; Deo. 31, 1893,
9,671; Deo. 31, 1903, 64,808. Twenty years ago the company owned
no real estate and Its 30 exchanges were all hoiisedln rented property.
To day the company has 156 exchanges, and In the principal cities
and towns these are housed in fireproof balidlngs, owned by the company.
The earnings for fonr jears past and the balance sheets
Dec. 31 compare as follows:
of
EABNING8, EXPENSES AND CHAUQEB.
1903.
53.184
1903.
64,808
$
2,262,289
596,031
1,656,943
132,803
93,277
4,741,344
No. of stations Deo. 31....
1900.
Tolls
Beal estate
Otherincome
$
9
1,903,707
1,633,313
490,294
428,996
1,365,854
113,415
89,327
1,162,279
107,415
44,4.24
35,176
$
1,372,918
856,560
965,341
83,939
48,725
3,962,597
3,376,433
2,827,481
761,541
646,240
761,331
594,730
1,446,050 1,330,172
219,950
181,616
81,124
70,699
Ear)}i7igs—
Exchange service
P»y stations
TotaL
Expevses—
1901.
42,130
586,665
622,071
997,828
176,855
61,214
504,613
460,840
847,649
147,417
58,085
i
General
Operating
Beconstr'n and maint
Roy aUles and rentals
Real estate expenses
Total
1908.
1903.
11,028,473 10,960,160
(Balance Sheet of Dec. 31, 1903.
BALANCE SHEET OF DEC.
1903.
$
$
11,148,000 11.149,800
Accts. receivable.
144,823
814.105
Cash
2,962
Subscrlpt'n riifhts.
110,200
110,200
11,572,789 11,407,775
Of the
New
$237,995
70,000
(7
per cent).
873,978
265,162
790,390
291,416
665,381
148,497
Cash on band
$124,904
458.447
Current accounts receivable.
1904, 33,118
were in
Jersey ana 31,695 on Long Island.
BALANCE SHEET DECSMBEB
1903.
<
.Assets-
1902.
Balance of profits carriad to snrplas
Balance on Jan. Ist, 1903
Equipment
2,046,658
..
Keal estate
Mater. & supplies.
l,65»,vJ-8
.
Accts. receivible.
Stocks and bonds.
Treasory ttocli
Stock eubscript'ns
Cash aud deposits
Total
-V. 78, p. 345.
517,816
b22,300
445,641
146,600
796,059
1903.
1908.
$
S
12.P65,600 12.665,600
General M. l)onds. l,28O,u00 1,304,000
Capital stock
1,672,097
l,3lw.759
Real estate mortKages
99,500
Vouchers and ac
counts
304,102
Reserves
225.614
Div. payable Jan..
313,000
Surplus
8,071,09«
522,5»3
1,009,^07
4H2,82l
i65.eon
1,069,900
1,141,154
17,964.815 17,&92,792
Total
I
111,500
431,830
161,429
285,753
2,e 33,181
17,964,S15 l',692,792
(Report for the year ended December
ard
profit
leas
31, 1903. J
account and balance sheet follow:
Year
Year
Year
Ang.\,\9Q9,to
1903.
$1,364,806
1902.
1901.
Dec. 31,1900
$1,742,166 $1,228,890
$1,454,373
109,046
85,194
72,852
97,364
Net earnings
Interest, etc
Total net in come.$l,473,g52
Interest on bonds. . $850,000
214.848
Ex., includ. maint.
34,894
Miscellaneous
$1,827,360
$850,000
222,178
$1,301,742
$8R0,000
237,655
$1,099,742
$374,110
115,575
$1,072,178
$755,182
108,850
$1,087,655
$214,087
50,000
$1,490,056
$61,680
$258,535
$646,332
$164,087
BALANCE SHEET JAB.
1904.
$
Asiets—
Plant & real est..l7,09'<,253
Good-will, etc. .18,010 ifiO
.
.
Cash
Accounts recelv.
Notes receivable.
Company
bonds..
Miscellaneous....
Sup. & materials.
SmkinK fund
Treas.com. stock.
Total
—V. 78,
35,115.798
S
1,153,938/
I,a2o,60i>
193,892)
3i6,H67
10,235
2,204 676
274.425
2,0.0,000
....42.480,927
p, 770, 685.
$
Preferred stock. .12,500,000
Common
5
2,358,691
1904.
p. c.
stock.., .11,500,000
bonds
17.00 1,000
Accounts parable.
Surplus
.,
i5,86S
1.405,059
1903.
t
12,590,000
11.500.UOO
17,0)0,000
78,H05
1,030,919
159.923
24.938
Total
fl,000,000
268,000
231,585
122,053
166,974
5,516
408,868
18.191,996
liabilities
P- o. yearly.
in
Decem-
par value of shares $100. The total sales to date
have been about $9,000,000 and the total amount distributed
Dividends have been paid continuin dividends $363,943,
ously since 1891, exceptiag during the panic year 1893, the
rate being 5 p. c in 1891, 8 p. o. in 1892; since 1898 the rate
has been 6 p. c. or over; in 1892 and 1898 extra dividends
were paid. The dividend period is quarterly, Jan. 15, etc.
$1 ,000,000;
Directors and officers:
Directors.— Chas. T. Barney, A. Foster Hlgglns, Fred'k L. Eldridge,
L. Doremus, Francis B. Crocker, Schuyler Skaats
Wheeler, Thos. Ewlng Jr., Gano S. Dann.
Oflloers.— Schuyler Sbaats Wheeler, President; Gano 8. Dunn, Ist VicePresident and Chief Engineer; A. L. Uoremas, 2nd Vice President and
Secretary; W. L. Brownell. Treasurer.
Herbert Noble, A.
National Carbon Company.
(Report for the year ending Jan. 31, t904,J
results for four years past
as follows:
1902-03. 1901-02.
1900-01
$786,441 $594,371 $586,812 $508,739
Net earnings
Dividends on pref. stock (7%)..$316,000 $315,000 $315,000 $315,000
Additions and depreo'n account 272,215 254.396 214,462 150,000
8,212
2,241
3,283
1,456
Charged off
and
loss aoot.. $141,012
$22,734
BALANCE sheet FEB.
1904.
1903.
Assets—
%
ReHl estate, plants,
etc.
9,025,000 9,870,000
machinery,
Merch., manufac.
& unm'n'factur'd 618,227 448,216
.
158.f50
BlllsJiacctB.recelv.
.48.481,927 42,109,754
compare
1903-4.
S, 000,000
Total
payable
Currents accounts payab'e..
Heserve for depreciation ...
Reserve for doubtful accts.
Surplus earnings
Bills
under the laws of New Jersey with $100,000 capital
stock, since gradually on four occasions increased to
Ca»h
Cash res'd for 4th
dlv. on pf. stock..
2,29.i,351
42,109 754
892,240
9<,053
55,546
* 198,612
Bankloans
The Crocker- Wheeler Company was organized
1.
Uabmties—
30:<,(.0ii
Liabilities—
Capital stock
12,191.998
Bal. to profit
1903.
%
21,758
549,433
31st, 1903.
These items we are Informed are reduced 33)4
The
Balance, Bur....
.
.
Total assets
*
$1,651,737
$1,222,816
215,216
51,993
Surplus
Biniing,fand
$408,868
,
ber, 1889,
American Writing Paper Company.
The
Merchandise at shop, cost
Real estate and buildings'.
Machinery and tools
lAaWitiea—
$
ltB31,454 10,2.59,062
Plant
Bills receivable
281,787
$167,995
240,873
BALANCE SHEET DEC
Fixtures
Patents and licenses
Patents, designs, dies &jigs.
31.
..11.578,739 11,407,776
Net profit
Deduct dividends paid
Total surplus Deo. 3lBt, 1903
1,
110,200
82,325
$519,7S2
72,278
102,459
490,650
on Jan.
Total.,
110,200
86,268
Gross profit
General expenses [which Include J following amounts
charged off:
Reserve for depreciation of real estate and
patents
$7,116
Reserve for doubtful accounts
5,511
Interest paid
31,085]
71,486
102,618
616,286
total stations (64,808)
loss
Total Roods billed to customers
$2,001,563
Factory cost of same, including $38,311 charged off for
reserve for depreciation of equipment
1,481,781
70,350
96,000
707,628
437,919
and
Crocker- Wlieeler Company.
(Report for the year ending Dec. 31, 1903.
This company, with general oflSces and works at Ampere,
N. J., acts as manufacturer of dynamos and motors for
electric power lighting and traction purposes and as engineer for the complete installation of power equipments in
mills and factories. Its financial statement for 1903 follows:
PROFIT AND LOSS ACCOUNT FOB 1903.
Assets-
Total
Surplus
Subscrlp. to cap'l
stk. of other cos.
Profit
Total
1903.
$
t
Preferred stock... 7.307,000 7,307,000
8.95l,7ft0 3,961,750
Common stock
Accounts payable.
178,521
16,500
iM
68,282
112,932
852,216
p. 0.)
Liabilities
.<4ss<ts—
Investments
— V. 77, p. 2394.
31.
1902.
1903.
1,033,429
Dividends (7
American
also
Cereal Co. above:
2,018,603
808,878
Interest
11.028.473 10.960,160
The fallowing has been given out— see
2,294,633
1,081,800
Taxes
Total
J
Quaker Oats Company.
3,269,996 2,823,457
1,471.348 1,139,140
Net earnings
Bfiuct—
lAabiliHesCapltal stock
$
$
I'ropertT
0,194.416 6,072,250
( ;o ntrncti on
626,478
742,203
41it,(iiio
Treasury bonds...
412,900
(Jrain stocks
023.287 1,142,169
Manut'd pro(l.,&c. I,18i,fi40 1.021,04S
Sundry Bupulles...
111.2a3
U4,113
Bills facets. recelv. 1,4H4,H'1« 1,6,'')9.749
Cash
14,335
229,284
Total
-V. 76, p. 591.
1008.
$
3.341,700
1,600,000
1,220,000
1B08.
t
3,341,700
Bond issue
1,600,000
Bills payable
1,174.600
Accounts payable. 2.S7,57n
665,994
Hurplus
1,722,422 1,627.920
22e.WH9
Reserves
Depreciation
678,800
616,d66
ProUt and loas.... 8.101,318 2.083,986
^S8«tS—
Totals
-V. 70. p. 479.
830.713
102,462
78,760
429.189
78,760
364,601
10,471.879 10,324,020
$54,068
1904.
I/ia6i!it(es—
%
Preferred stock.... 4.500.000
Common
stock. .. 6,600,000
4th div. on pref.
78,760
stock pay Feb. 15
AccouniB payable.
98,670
ProBt and loss account to balance 899,659
Totals
$42,283
1.
1903.
»
4,600,000
6,600,000
78,750
89,878
166,001
10,471,879 10,824,029
Feb.
THE CHRONICLE.
27, 1904.]
GENERAL INVESTMENT NEWS.
Herriog-Hall-MaTTin Safe Co.
BALAHCB SHBET 81 ST DBCBMBEB, 1903.
Assets
Real estate and bldge.. $107,188
1 84,605
Maohl nery an d tools ...
:^6,233
Patterns, drawings, etc.
atbranohes at cost
Sates
142, 3M
Good8& work In process 176,629
72,023
Baw mtiterlalB at cost.
SeooDd-hard safes
24,300
163,557
Accounts receivable...
4,076
Cash
13.800
Cap'l Btk. other oomp'y
616,872
Treasury stock
,..
Good-will account
2,181,642
19,825
Mlsoellaneoas
Liabilities—
First preferred stock...
$600,000
Second preferred stock 1,050,000
Common
stock
1,650,000
BAILBOADS. INCLUDING 8TBEET BOADS.
Atlantic & Birmingliam By.— OW Bonds.—The old
Qold debenture notes..
230.000
61.435
58,431
1,150
•
—
Total
fReport for the year ending Jan.
Knapp
President J. E.
saying in substance
The Brunswick & Birmingham and the Atlantic
SI, 1904,
says:
The production of the mines of the oompauv was 303,463 tons,
shipped as follows: Via Pennsvlvaula BR., 265,700 tons, and to local
and Hue trade, 42.768 tons. We have purchased for future operations coal properties In West Virginia, and have consolidated our real
estate and royalty accounts, as per general balance sheet.
Results for three years were as follows:
INCOME ACCOITNT.
1902.
1903.
freight, mining, etc
&
5 If OS.—
$738,844
$800,688
$807,548
$288,797
Netprofit
Dividends on preferred stock. .(8i2%)160,l99
Surplus
The surplus
$858,217
$253,673
(7)131,922(512)103,653
$158,875
$640,488
$150,019
was
distributed to the credit of the
followinit accounts: Imorovements and personal property, $14,935;
to royalty acoonnt, $625,000; to profit and loss, $554.
for 1903, $640,483,
BALAWCE 8HKET JAH.
Credit—
Real estate
&
George's
14,145
. .
&
Creek
Cum. RR. stock... 105,ono
RK. secur. at cost. y995,635
.
in
.
bank
Demand
1904.
Debit—
t
x876.918 2,000.000
per. prop.
12,348
loans
Accounts receivable
Coal on band at cost.
Total
1.
1903.
1904.
I
81,313
8,161
29,080
105,000
44»,621
0.993
115,000
84.869
5,338
2,093,506 2,' 98,196
1903.
$
Comm on stock
11,100
Preferred stock
Treasury stock
103,895
31,145
Accounts payable..
Real estate sales ..
Proflt and loss acct.
Royalty account
.
lo3,8w5
12,077
75.312
'61,366
6(i,80rt
650,0C0
. .
Total
<
11,100
1,885,005 1 ,885.005
.
2,092,506 2,708,196
X Including recent purchase of West Virginia coal lands.
y Including at par: Union Pac. 1ft convertible 48. $32,000; do Ist M. 48, $75,000:
do prer. stock, tlO.OOO; do & p. c. collateral notes. $200,0)0; Northern Pacific and
Gieat Northern joint 48, C. B. & Q. collateral. $50,000; Iowa Cent, let M. 5s,
$85,000; Third Ave. new M. 4s, $70,000; Hocking Valley Ist consol. 41.^8, ?3O,0jO;
do participating notes, $100,OoO; Long Island unified 48, $60,oo0; Chic. Bur. &
Quincy, III. Div., 3^8, »4.000; do 5 p. c. notes, $100,000; Norf. & West. Ist consol. 48. $50,000; Atch. Top. & Santa Fe gen. mort. is, $50,000; Louisv. & Nasn.
unified 4», $50.0r0; Phlla. & Reading gen. mort. 48, $20,000; Kansas City South.
l8t mort. 3s, $25,000; Cleve. Cin. Chic. & St. L. gen. mort. 4s, $25,000; Western
Ution Teleg. Co. funding and real estate 4^s. $20,00u; Penna. RR. convertible
3k8. $30,000.— V.
p
78,
5»tf
1903.
1902.
Mineral prodnc'd,lb8 25,220,220 26,425,670
Refined copper, lbs.. 18,498,288 18,988,491
$
Gross income
2,447,352
2,276,819
Exp., constr'n, etc.
1,808,454
1,808,916
. .
638,898-
profits
466,903
31,096
17,805
(net)...
1901.
27,778,268
20,540,720
1900.
18,491,749
14,116,551
3,327,072
1,975,031
2,353,416
1,924,662
1,352,041
72,502
428,764
21,121
$
Total net income.
656,703
497,999
1,424.543
449,875
Dividends
(22)650,000 (28)700,000 (36)900,000 (36)900,000
Oonstr. and maohln'y
117,775
200,000
deMl,072 def.202,000 snr.324,543 def.460,125
Balance
Bal. of assets Deo. 81
869,286
880,360
1,082,360
|3,500,000 in $25 shares; cash
The capital stock is
per on hand, $623,450.— V. 78,
757,816
and cop-
p. 705.
Union Switch & Signal Co.
{Report for the year ended Dec. 31, 1903.)
The annual report shows as follows:
1903.
1902.
$1,774,005
$353,683
1901.
$1,605,649
$297,506
$1,690,319
$389,913
(4)39,918
(8)39,808
(4)89,918
(8)39,808
(4)39,918
(8)39,808
$273,957
$217,780
BALANCE SHEET DEO. 31.
$310,187
Gross receipts
$2,132,835
Surplus over Interest $329,321
Dividends on com... (6)86.083
Dividends on pref... (9)44,784
Surplus for year.
$198,455
1908.
AistU—
$
196,831
Cash
Bills &accts.receiv..
80i,(i82
Materliils in stock
Real estate & bkigs.
Mach'y, tools (Stfixt's.
«07,412
585 443
451,078
Suo.oOO
.
Patents
Total
-V.
77. p. 827.
.
0th. income. Charges. Bal.forBiv.
Gross.
Net.
$7,804,720 $2,808,860 $!J95,698 $2,356,314 $1,448,234
2,453,098
7,622,944
Dividends on the common and preferred stocks at the rate
of 5 per cent yearly call for about $775,000 for the five
months.- V. 77, p. 2279.
Bay Sliore Terminal Co., Norfolk, Va.— Beceiver»' Certificates.— JnAge Waddill, of the United States Circuit Court,
has, it is stated, granted the petition of the receivers to issue
$150,000 receivers' certificates to complete the electric rail-
way system from Norfolk
to
Ocean View.— V.
77, p. 1324.
—
Berkshire (Mass.) Street Rj.—New Stocle. The company
has asked the Massachusetts Railroad Commission for authority to increase the capital stock from $800,000 to $1,000,000, to pay for construction and equipment.- V. 76, p. 381.
Boston & Maine BB.— Bonds p^er«d.— Estabrook & Co.
have been offering the $1,000,000 8^ per cent debenture
bonds at 96J^ and interest. See V. 78, p. 767.
Brunswick & Birmingrtaam BB. Proposed Merger.—See
& Birmingham Ry. above.— V. 77, p. 1394.
Chicago & Eastern Illinois UR.—Frnaht TerminalsBonds. — See Chicago St Western Indiana RR. below. —V. 78,
Atlantic
p. 343.
&
PBODUCT, EAENINGS, EXPENSES, ETC.
Net
1903
1902
Chicago Union Traction Co.— Managing Receiver.— John
Qaincy (Copper) Mining Company.
^Report for year ended Dee. SI, 1903.
Results for four years were as follows
Other income
Rail-
Atlantic Coast Line BB.— Listed,—The New York Stock
Exchange has listed $1,500,000 additional first consolidated
mortgage fifty-year 4 per cent bonds, making total listed
The additional bonds replaced $1,500,000 of St.
$36,844,000.
Johns River division first mortgage bonds, which were re$1,539,532 $1,096,345 $1,111,890 deemed Jan. 1, 1904.
(Compare V. 77, p. 1873.)
$727,517
$797,640
$849,050
.Earnings.— For 5 months ending Nov. 80 earnings were:
11,327
9,908
9,167
Profit on securities sold
Expenses
Taxes
1901.
& Birmingham
roads are to be consolidated. This practically assures the building
of a line as projected by us from Brunswick to Birmingham, and will
give the Atlantic and Birmingham a tidewater outlet at Brunswick.
The merger of the two roads may take plac* March 15, the time
when the option held by the Atlantic & Birmingham expires.
The Seaboard Air Line and the Atlantic & Birmingham are very
closely allied, as T. Jefferson Ooolidge and his associates hold large
Interests In both roads.
No confirmation of the above is obtainable at the office of
Birmingham in this city.— V. 77, p. 2279.
the Atlantic
308,469
373,398
415.304
$1,492,886 $1,064,753 $1,086,833
8,151
5,333
5,392
23,862
38,495
13,339
2,397
6,826
Coal produced (tons)
At oreditof coalaoct. Deo. 31
Coal on hand (cost) Dec. 31
Interest received
Cash
first
mortgages on the Tif ton Thomasville «& Grolf and Tifton &
Blllt payable
Northeastern are in process of cancellation, and the bonds are
Accounts payable
being exchanged for the first mortgage bonds of the Atlantic
Interest accrued
& Birmingham. The $350,000 T. T. & G. second mortgage
Cash from customers In
advance
18,709 bonds have been canceled, junior securities of the A. & B.
Doubtful accounts, rebeing given therefor. The roads have been formally merged,
serve
9,174
Profit and loss
54,204 as stated in our issue of Deo. 13. Under the new Atlantic &
BirmiDgham Ry. Co. mortgage, there have been issued |2,245,000 of the first mortgage bonds, covering 320 miles.
Total
$3,728,103
.$3,728,103
Proposed Consolidation. A press despatch from Jacksonville, Fla., quotes Charles Livingston Hyde, Chairman of the
board of directors of the Brunswick & Birmingham BR., as
Marjland Coal Company.
-V. 76, p. 432.
IroDts.
819
1902.
$
38,043
45!4.799
506,7.S2
545,254
428,778
800,000
8,441,706 2,778,606
lAahilitiM—
stockPreferred stock
Common
Bonds
Int. accrued on b'nds
Bills
accts. pay'ble
&
Surplus account
Total
1900.
1902.
1003.
$
1,497,050
497,600
480,000
530,0(10
213,6fW
752,683
280,175
472.286
$
997,050
497,600
59ii
3,441.796 2,778.606
Savings
C. Fetzer, Vice-President of the Jackson Trust
Bank of Chicago, has been appointed by the Court as managing receiver in active charge of the Union Traction Co.
the Consolidated Traction Co., the North Chicago Street RR.
Co. and the West Chicago Street RR, Co., comprising 502
miles of street railway and employing 17,000 hands. Mr.
Fetzer is prominently identified with large interests in Ctiicago,
Mr. Oovin Reaigns.— Reorganization,— ^. B. Govin of this
city has resigned as receiver, with a view to assisting in the
reorganization, a plan for which will shortly be announced.
—V.
78, p. 768.
Chicago & TYestern Indiana RE.— Special Lease of
Freight Terminals,—
have obtained official confirmation
of the report which appeared in the daily papers some time
Eastern
ago that this company has leased to the Chicago
Illinois freight terminals in Chicago bounded by the Western Indiana tracks, Twelfth, Taylor and Clark streets. The
Western Indiana purchased this property and issued $2,582,000 consolidated bonds to cover the purchase price. By the
terms of the lease the Eastern Illinois pays $5 a year rental
and agrees to pay one- twelfth monthly of the interest at 4
p. c. on the bonds, the cost of extensions and improvements
and elevations, and also the principal of the bonds in fortynine years. The supplementary lease providing for these
additional terminals is dated July 1, 1903.
Called Bonds,— Sixty-four (!|;64, 000) general mortgage bonds
of 1882 have been drawn and will be paid March 1, at 105 and
interest, by J. P. Morgan
Co.— V. 78, p. 342.
Chico & Northern RB,.— Status.— See report of Diamond
Match Co., V. 78, p. 700.— V. 78, p. 286.
Chippewa Valley Electric Ry.— Mortgage Filed. This
company, of which A. E. Appleyard of Boston is President,
has filed the mortgage authorized some months ago to the
Security Trust Co. of Camden, N. J., as trustee, to secure
$750,000 of 5 p. c. bonds, of which $200,000 will be issuable
only upon retirement of a like amount of first 63 of 1898. See
page 884 of Street Railway Section.— V. 77, p. 638.
We
&
&
—
—
:
THE CHRONICLE.
8-20
Colorado & Northnestern Kj.— Equipment Agreement—
The 01 mpany recently acqnlrfd ibrongh the Colorndo.
Equipment Co., for about #150,000, six looomotives, nine
passenger coaches, one combination car, one bapgage car, 80
box cars, 30 gondola care, 80 ore cars, 10 flat curs and two
Under an equipment trnet agreement covering
cabooses.
trustee,
this eqnipment, Charles F. Webster of Qlrard, Pa
the railway company has Issued equipment bonds, denomination $1,000 each.— V. 78, p. 2^*8.
Connectfcnt Railway & Lighting Co.- Contract for
Potrer.— See New Milford Power Co. under "Industrials" below.— V. 77, p. 3278.
Dayton & Xenia Transit Co.— Earnings.— For the nine
months ending Dec. 31, 1908, the gross earnings were:
9 mos April I to Dec. 31.
,
,
,
1902.
AdverUeluKandU.
8.
Oa>n.
$82,656
4,703
394
«6,»S8
2,972
$87,783
$8,950
1,731
354
mall.
$78,803
Total
All the $801,000
—V.
1903.
f76,718
Cash fare and sale of tickets
FrelSht and eiprose
first
mortgage bonds are
now
40
outstanding.
74, p. 305.
DeiiTer Lakewood & Golden RR.— Sale April 31.— This
property is advertised to be sold at auction at Denver, Co'.,
on Apiil 21, under foreclosure of the first mortgage of 1890,
by virtue of a decree entered on Jan. 29, 1904, in the United
The
States Circuit Couit for the District of Colorado.
[Vol. lxxviii.
nels with the Important wholesale houses handling large tonnage of
frelKht,
and the company
will
be transporting
many thousand
tons
freight dally before the end of this year. When this Is accomplished, and the transportation department Is In full operation, It Is
the narposo of the company to extend its tunnels throughout the
north went and south sides of Chicago, and do the package-doll vering
buelneis of the city.
(<f
,
The company has from
6,000 to 6,000 telephones attached,
ctfering to furnish free telephone service until April 1,
1904.
Thereafter it is staged the maximum rates will be $85
for unlimited business and $50 for house service. The project
includes the extension of the freight tunnels to an ultimate
length of about 120 miles, but no extensions are contemplated until the present tunnel la on a paying basis. Compare
"Western Electrician" of Chicago for Feb. 13, 1904; also
Chronicle V. 77, p. 1749, 454, 199. Bids for some 2 000 steel
freight oars, it is said, will be asked about March 15.
Ponds.— The company has sold $15,000,000 of its 5 per cent
gold mortgage bonds of $1,000 each, to J. B. Rassf^U
Co*
of Wilkesbarre, Pa. The issue is limited to $30,009,000,
is dated Dec. 1, 1903, and is due Dec. 1, 1928, but is subject
to call, in whole or in part, at 105 and interest on either
coupon day (June 1 or Dec. 1) $15,000,000 bonds are issuable
forthwith, and the remainder on certified resolu' ions of the
board of directors for additions, extensions and betterments.
All the bonds of the Illinois Telephone
Telegraph Co., we
and
is
&
;
&
are informed, have been canceled. Albert G. Wheeler
President and Edwin Gearhart, Secretary.—V. 78, p. 290.
is
International Bridge & Tramway Co.— Decfston.— Supreme Court Justice Scott in this city recently decided
terest from Nov. 1,
that Robert B., John E. and Robert B. Roosevelt Jr., and
1139.
Kenyon Fortesque, as executors, are entitled to stock in the
East St. Lonis & Snbnrban Co.— Bond* 0^(Sr€cf.— Warren, Laredo Bridge Co. to represent their interest in bonds of the
Andrews & Co., this city and Detroit, aire offering at par International Company that without their consent were deand irtereet $300,000 of this company's collateral trust 5 p. c. posited under the reorganization plan by which the Laredo
Company was formed. The International Company and the
gold bonds, of which $5,885,000 are now outstanding.
reported for ^1902 and 1903, and Rio Grande Bridge & Tramway Co. were organized in 1888
The annual earnings are
to erect and operate bridges over the Rio Gtande River beestimated for 1904, as follows:
tween Texas and Mexico, and each issued bonds to the
Net Earnings
OroBsEarnings
amount of $80,000. See V. 76, p. 649; V. 65, p. 976; V. 61,
IfOi.
It03.
1903.
1804, est.
amount due
and interest is |1, 116,000, with inUpset prioe, $50,000.— V. 74, p.
1903.
for principal
-
Passenger
Freight
Eleotilo light
—
.
$677,424
35,727
108,212
$921,895
105.817
134,976
Total
$821,363 $1,162,688
Interest on oatstanding bonds and taxes...
/
p. 611.
fll%lll $1,350,000]
$526,31 3 Net, $690,600
340,000
$189,843
Sarp:a9 for year
836,470
$350,000
Total revenne passengers in 1903, 18,723,698, against 12,975,157 in
1902; transfer passengers, 3,507,870, against 2,219,729 ; total increase, 46 per cent.
"Daring the past two years $1,800,000 have been expended in the
ooBStrnctlon and reconstruction of these properties; a large amount
of ntw rqulpncent has been added, anew car barn, power plant and
shops completed, track reconstructed and extensions built. The
Lehanon & O'Fallon sxtenslon has also been completed, and Is now In
full operation,"— V. 76, p. 918.
Grand Trunk Ry. Six Months' Statement.— Subject to
audit, the results of the accounts for the half-year ending
Dec. 31, 1903, are cabled as follows:
6 mos. end.
Gross
Net
Net
D.O.^.AM. Balance,
Laredo (Tex.) Bridge Co.—See International Bridge
Tramway
&
Co. above.
—
Loni8Tllle Street Rj.—Report. The results for the year
ending Dec. 31 compare as below:
Interest.
Dividends. Bal., 8ur
Tear—
Oross.
Net.
$323,9u5
$333,880
$83,688
333,880
300,000
10,291
The dividends as above include $148,905 on the preferred
in 1908 (against $135,000 in 1903) and $175,000 (5 per cent) on
the common for each of the years. From the $83,688 surplus
there was set aside for depreciation of equipment, $50,000,
and on account of judgment for back taxes, $3), 000, leaving
a net surplus for the year of $3,888.—V. 77, p. 196.
1903
1902
$1,941,599
1,771,8S7
$741,473
644,171
Maine Central RR.— Otiaranteed Bonda.-See Washington
County Ry. below.— V. 78, p. 103.
Metropolitan Street Railway, New York.— Lease.— The
Dec. 31—
earnings.
earnings.
charges, (sur.ordef.) surplus.
1903 <eBt.)\... £3, 138,400 £924,400 £526.000 Bur. £400 £:^d8,800 shareholders will vote March 16 on a proposition to lease the
1902 (actual).. 2,811,878
837,057
508,931 def.2,022
326,104 railroad and other property of the Central Crosstown RR.
The snrp'u3 as above in 1903, together with the balance of Co., to guarantee the principal and interest of its funded
£5,542 remaining June 30, 1903, is sufficient to pay the full debt, and to pay the company a rental equal to 16 per cent
dividend fcr the half-year on the 4 per cent guaranteed stock per annum upon its capital stock. A circular says:
The agreement of lease between this company and the Intertirban
(£104,396) and also a dividend of 2^ per cent on the first
preferred stock (£85,431), and in addition dividends of 2^ Street Railway Co. contemplates that in case a lease is made or any of
the controll(-d lines on Manhattan Island not already owned or leased,
per cent on the second preferred stock (£63,210) and 2 per snch lease should, if practicable, be made to the Metropolitan Street
cent on the third preferred stock (£143,398) for the year 1903, Riilway Co., in order that It should control, so far as possible, all the
leaving a balance of about £8,000 to be carried forward. The
full dividends on the guaranteed and first and second preferred stocks were also paid last year, and 1 per cent on the
third preferred stock, leaving a balance in 1903 of £1,432.—
V. 77, p. 2390.
lines operated in connection with the Metropolitan system. Therecent extension of the underground electric system to a considerable
portion of the lines of the Central Crosstown RR. Co makes a lease of
the lines of that company desirable In order that they may be operhis lease In no
ated as an integral part of the Metropolitan system,
way effects the rental of 7 per cent upon the stock of the Metropolitan
Street Ry. Co. guaranteed under the Mettopolltan-Interurban lease.
i
Gnlf & Inter-State Rj.— Hubbells of Des Moines Interested.
Subway Proposition.— See Rapid Transit in New York City
M, and F. C. Hubbell of Des Moines, having loaned the below.— V.
78, p. 584, 288.
company a considerable sum of money, have been elected
Minneapolig St. Paul & Sanlt Ste. Marie Ry.— Bonds.—
directors, F. M. Hubbell also becoming Vice-President. L. P.
Featherstone of Beaumont is President and General Man- The New York Stock Exchange has listed $4,8(16,000 adager. The "Beaumont Journal" publishes the following, ditional first consolidated mortgage 43 of 1938, making the
The a iditioual bonds were issued at
total listed $28,815,000.
with other information, as sanctioned by the Featherstones
the rate of $20,000 per mile on 243 3 10 miles of new track
Messrs. Hubbell do not own one dollar of stock in the road. They
have purchased nothing, simply loaning ih« money to make all of the completed and fully equipped, viz.:
— F.
:
much-needed Improvements and payoff the Indebtedness. In doing
this they become the sole holders of bonds in the road and a mortgage
ae well, which makes them much Interested in the success of the company. The Messrs. Featherstone emphatically deny that they have
been approached by the representatives of any trunk line with regard
to disposing of their property.
The board of directors, six of whom are new, are
Fox Winnie, F M. Hubbell, D. B. Henderson, O. H. Moore, Thomas
Brown, F. C. HubbeU, J. W. Campbell, L. P. Featherstone and L. L.
Featherstone.— V. 77, p. 823.
Illinois Tunnel Co., Chicago, III.— Innpeetion of Freight
Tunnel— On Feb. 10 occurred the formal opening of tois
company's 20 miles of freight tunnel in the business district
of Chicago. This tunnel will contain a narrow-gauge elec
trie railway, which, it is asserted, will be in shape to handle
50,000 tons of freight daily by Jan. 1, 1905. At present
about two miles of 24-inch third-rail electric road is being
operated experimentally with power supplied by the Chicago
Ediscn Co. Contracts for a S.OOO-horse-power generating
plant will shortly be let by the Tunnel Company. President
Wheekr at a banquet said
The first transportation business will be to deliver coal to all the
office buildings and take away ashes; then we shall connect the tun:
Hanklnson to Portal, N. D.
Boynton to Bit marck, N D.
Souttiwesterly to Pollock, S..D."
'o Eben, Mioh.
to Reserve, Wis.
Rapid River
Cameron
Barron to RIdgeland. Wis.
to Hendricks Quarry, Mich.
Oleuwood to Heunlng, Mian.
Rex
Dresser Junction
Wis.
to
Frederick,
The firet consols have been issued to a total of $28,970,000
(including $155,000 issued in lieu of bonds of underlying companies but not listed), as follows
$8,710,000
For improvements and paying other obligations
To retire Minneapolts<& Paoiflb Ry. Urst mortgage bonds ... 3,954,000
To retire Minneapolis Sault Ste. Marie & Atlantic Ry. first
1,791,000
mortgage bonds
14,515,000
New mileage at the rate of $20,000 per mile
For 6 months endiug Dec. 31, 1908, earnings were :
Qrosn.
Net.
Charges <6 rentals. Bal.,8ur'
6 mos.
$4,034,818
$2,127,628
$1,179,411
1903
$948,217
3,995,565
2,118,590
1902
—V. 78, p. 769. 238
Paclfio Ry. below.— V.
Mi88oarl Pacific Ry.—See Texas
78, p. 703, 68 1.
:
&
Mnskrgron Grand Bttpids & Indiana BR.— Coupon Payment,— Cktnpoa No. 38, due Jan. 1, 1903, is now being paid aj
the offioe of Winslow, Lanier & Co. The surplus Oct, 1
THE CHRONICLE.
Feb. 27, 1904.J
IQDS.-after paying coupon No. 33, was $4,263; the net earnings for the three months, Oct., 1908. to December, 1908,
both inclneive, were $14,729; total, $18,992; amount required
to pay coupon No. 33, 18,750; surplus as of Jan. 1, 1904, $242,
—V. 77, p. 1747, 89.
New
Castle
& Bearer
Falls Street UailYrAj.—Mortgaga
—
This company recently filed a $3,000 000 mortgage in the
counties of Lawrence and Beaver, Penn., with a view ot
building an en^ensive system of trolley lines, Including 20
miles between Beaver Falls and New Castle.
New Toik New Haven & Hartford ER.— See Central
New England Ry., V. 78, p. 768.— V. 78, p. 702.
Norfolk & Sonthern BR.— Listed.— The New York Stock
listed $160,000 additional first mortgage 5 per
cent bonds of 1941, making a total of $1,590,000, and has
authorized tbe listing of $65,000 more when issued. The
new brnds have been sold to reimburse the treasury for expenditures ma'le "for improvements and additions to the
property, for re-alignment of the right of way, for the purchase of new f quipment and for the building of a new line
from Macbey'H Ferry to Plymouth."
Purchase,— G'^nfTa.l Manager M. K. King writes to the
Exchange has
"Manufacturers' Record" as follows:
The oomra'iv has bonght the WashlDsrton & Plynoouth RB., extending from WafhiDgton to Plymouth, N. O. [33 mile*], and Intends
from its present road at Mactey's Ferry to Plymouth, a distance of abont 10 miles. The road from Plymouth to Washington
will be made standard gauge during the year. The acqulsiflon will
seonre to the company a large increase in Its forest product traffic.
Earnings,— For the five months ending Nov. 30 earnings
(inoluding steamboat routes) were:
Qrosa earnings
$362,242 Charges
943,648
92,516 Dividends
Net earnings
33,333
Other income
3,772
bnlldlnf;
Total net Income.
77, p. 637.
$95,287
>
Balance, sorplus
$18,303
-T.
—
North FennsylTania RB. Additional Stock Listed. The
Philadelphia Stock Exchange has listed $78,750 additional
stock, making the total listed $4,799,550.—V. 75, p. 1854.
Qaeen Anne's BR. fieceivcra/itp.— At Baltimore on Feb. 20
Judge Morris of the United States Circuit Court placed this
property in the hands of Frank Ehlen as receiver, on application of the Qaeen Anne Ferry
Eqaipment Co., to which
there la owing $17,061 on account of annual rental of $22,This lease covers three
050, payable under a 25-year lease.
steamers which are used to transfer passengers between
Baltimore and other points on the western shore of the
Chesapeake Bay to the Qaeenstown and Love Point terminals of the railroad and between Lewes, Del., and Cape May
Point, N. J. The bill of compiaint alleges that the company
is utterly insolvent and that in addition to the indebtedness
for supplies and other floating debt, it has mortgaged its
property to the International Trust Co. of Maryland as
trustee to secure the payment; of three certain series of
bonds, viz., first preference 5 per cent gold bonds, aggregating $830,000; consolidated mortgage bonds, aggregating $1,400,000, of which $885,003 are outstanding, and a series of
income mortgage bonds, agregatiog $600,000.
President Bosley, of the Qaeen Anne's RR. Co., who consented to the receivership, is quoted as saying:
The Qae^n Anne's RR. Co. has a flDatiug debt, but does not owe anything to financial iDBtitutlons here or elsewhere. It can pay every
dollar it owes. The railroad, Qaeen Anne's Ferry & Eqaipment Co.
and the Qieen Anne's Steamboat Co. are separate corpomtlODS, though
practically combined in tbe conduct of business
For the purpose of
economy it had been planned to unite the properties into one corporation, and this would probably have bean accomplished had it not
been for the flrp. We expect to get in outside capital, and the receivership Is for the purpose of combining the properties.
Receiver Ehlen is quoted as saying that the Interest due
March 1 on the $830,000 first preference 5 per cent bonds will
be paid. A committee composed of Wesley M. Oler, Archibald
Taylor, John S. Gittings, W. L Marbury and Charles
H. Tilghmann, M. D,, is preparing a plan of reorganization.
—
&
H
-V.
74, p. 728.
Bapid Transit in New York Citj.—New Counsel,- George
L Rives, who was Corporation Counsel under Miyor Low,
was recently re-elected Counsel to the board to succeed Edward M. Shepard, who resigned to become General Counsel in
New York for the Pennsylvania RR. and its allied intrreste,
Subwiy troposition from Metropolitan Street Railway
Interests.— A.t a meeting of the Rapid Transit Commission
on Thursday the subway plans of the Metropolitan interests
were submitted in letters from Thomas F, Ryao to President
Orr and from President Vreeland to Chief Engineer William Barclay Parsons. The plans contemplate a subway to
extend from 138th St., via Lexington Av., to 15th St.,
thence to and down Broadway, Chambers St., William S;.,
etc, to the Battery, and back by loop via Hudson St., 8th
Av. and 34th St. to the Lexington Av. line, passing under
the present subway at all points except at the Battery. The
route is more fully described as follows:
The northern terminus is at a point near 3d Av. ani 138th St., at
the business centre of the Bronx, where seven of our surfjice linos
converge. Froru this point the route extends under the Harlem River
to Lexington Av, down L-^xington Av. pHst the Grand Oeu r.al St.i
tlon to 19th St., along l5th St. and under Uoion Square to Broadway,
down Broadway to Chambers 8... along Chambers St. to William St
along William St. to Hanover Square and thencd to the Battery
,
through Coentlet Slip and South St.; throngh the Battery to Greenwich St., along Greenwich St West Broadway and Hudson 8t. to 8th
Av., along Mib Av. to 34th St (oaeslng above the Pt^nnsylvania tunnel and tlirough the centre of the new Pennsylvania Station at a
grade which has been approved by the Pennsylvania RR. Co.) and
along 34th St. to a junction with the main route at Lexington Av.
,
»2I
proposed to add a loop connection on Chambers St. beline and the west Blleline, The plan ooutemplates the ultimate extension of the west side line from 3ith St along
8th Av. to the Harlem River.
It is also
tween the east side
map, etc., in "New York Times" of Friday.]
This subway would be operated under a five-cent transfer
system in connection with the 300 miles of surface lines on
[See
Manhattan Island.
Municipal iZaiiroad.- Borough President Littleton and
Public Works Commissioner John C. Brackenridge, both of
Brooklyn, are advocating plans for a municipal railroad to
cross the Williamsburg Bridge and to connect it by elevated
loops with the terminals of the Brooklyn Bridge on both
sides of the river. They estimate that the road would cost
about $10,000,000, and with 3-cent fares would earn each
year a surplus of nearly $250,000 ovar the interest on the
8>i p. c. bonds required to pay for construction. See ''Brooklyn Eagle" of Feb. 19.— V. 76, p. 595.
^_^
Bio Grande Bridge & Tramway Co.—See International
Bridge & Tramway Co. above.
Seaboard Air Line Ry.— SfaiMs— John L. Williams &
Sods of Richmond, Va., have prepared an elaborate circular
of twelve folio pages, including colored map, to show this
company's strong position for traffic, relatively small capitalization, and rapidly increasing earning capacity. Touching
recent transactions, the circular says:
From July 1,1901, to Dao. 31, 1903 (2>« years), there was no Increase in the company's bonaed debt, except in oar trusts losned for
new rol ing stoob; nor was there any increase In the outstandiai; capDariag this period the company paid out for the redempital stock.
tion of oar trust obligations and for the acquisition of new rolling
stoc>k more than $2,eOO,000 cash, exclusive of the proceeds ot new
trust obligations.
In addition to these large payments, ths company expended nearly
$1,000,000 for the acquisition of the bonds and stocks of branoh
lines and feeders and for the aoqalnition of the balance of the minority
stock of certain of its oonstltaent companle', the principal item being
the purchase of tbe entire balance of the nntstaading minority stock
of the Seaboard & Roanoke RR., purchased within the last twelve
months at a cost of approximately $300,000.
In December, 1903. the company arranged with New York bankers
for a twelve-montbs' loanof $2,io0,00o. This loan was made -first,
to reimburse the company for expenditures which it had previously
made in the purchase of the bonds and stocks of braach lines and
feeders and for the acquisition of minority stocks of o jnsiituent companies as above; and also to reimburse it about $500,000 paid daring
the previous six months for the retiremnnt of car trust obligations
and for cash payments on rolling stock, exclusive of the proceeds of
the new trust obligations; and, second, to furnish $1,000,000 for
the Birmingham extension on account of the excels cost of that line
over an<i above the proceeds of the $6,000,000 first mortgage bonds
Issued thereon.
About the first of this year the management of the Seaboard Air
Line Railway decided to arrange for an issue of $5,000,000 of threeyear 5 per cent gold bonds. (V. 78, p. 101, 229.) These bonds have
all been underwritten at par and interest, with a stock consideration,
and are to be issued for the following purposes:
1. To retire on Jane 1, 1904. the loan which was made Deo.
1, 1903. as above, for six months with the right of renewal for six months
$2,500,000
2. To meet the excess cost of the Birmingham line over and
.
above the $1,000,000 derived from the loan negotiated
in December; for the retirement of car trust obligations
falling due in the ensuing six months for permanent
improvements and betterments, and for the general
uses of the company
2,250.000
250.000
3. Oommlsslon to underwriting syndicate
Collateral,—TixB $5,000,000 collateral trust and general lien
6 per oent bonds due March 1, 1937, in addition to being a
general mortgage on the entire property, subject to other
outstanding liens, and a lien on securities deposited under
other mortgages and agreements, subject to the lien of the
latter thereon (see V. 78, p, 329), will be secured by a direct
deposit of the following secuiities with the Continental
Trust Co. :
Seaboard Air Line Ist 4b
$1,500,000
Atlanta & B1rmln?h»m 2d 6s
2,000,000
Florida* West Shore By. Ist 5s
395,000
Oxford & Uoast Line By. 1st 58
25,000
Fernandina Terminal 1st Ss
30,000
Suwanee River & Gulf RR. 1st Ss
Atlantic
448,000
Atlantic Suwanee River stock (entireissne)
380,000
Atlanta & Blrmlneham Air Line Ry. stock
1,525,000
Baitioiore Steam Paoftet Co. stock
400,000
Old Dominion Steamship Co. stock
210,000
Jacksonville Termlual Co. stock
50,000
The interest and dividend returns on the bonds and stocks
so deposited amonnted last year to $323,549, or $73,549 in excess of the $250,000 annual interest charges on the $5,000,000
of three-year bonds.— V. 78, p. 704, 229.
Texas & Pad fie VLy.— Interest to he Paid on Incomes.—
was officially annouoced on Feb. 8, after a meeting of the
directors, that it had been decided to pass the interest on the
second mortgage incsome bonds. Oa Wednesday the board
reconsidered the matter and declared a dividend of 5 per
cent interest on the bonds out of the net income applicable
thereto on Dae. 31, 1903, payable on March 1 at the Marcantile Trust Co., No. 120 Broadway, New York City. An official
It
8tatem»nt says:
At the meeting of the board of directors on the 8th inst. no final
action as to the payment of interest on the second mortgage bonds of
the company was t»ken. The income account was considered and
acted on for the. purposes of formal statement. At tbe later meetlag
of the board, on the lOth Inst., the subject of the payment of the interest on the second mortgage bondtt aud of the claims of the bondholders in this respect was formally considered, and, iu view of the
fact that surplus earnings In excess of the Interest charge on these
bonds had been made, it was concluded to be tor the interest of the
company and of its security holders that provisions should be made
for tbe payment of this interest, notwithstanding the use that had
been made of surplus earnines to cover capital outlays. This provision has been satisfactorily made, and the interest on the second
mortgage bands will be paid on March 1, 1904.
Of the total issue of $^4,650,030 Income bonds, all except
Southern Ry.
$980,000 are owned by tde St. Louis IronMt.
(Missouri Pacific).— V. 78, p. 704, 344.
&
:
:
—
TPIE CHRONICLE.
822
RaWw&j.— Mortgage.
A inortijage has been umde to the Cincinnati Traat Co., as
trnstee. to secnre it is aaid $0J0,000 of 6 p. c. gold bonds doe
Jan. 1, 1934, to be issued to provide for the construotion and
equipment of this projected road. The United States Eugineerin^
Construction Co., Williamson Building, Cleveland,
Ohio, has taken the contract for building the line, which v?lll
connect the ladiana towns mentioned In the title, and will
be 40 miles long, built on private right of way. Municipal
snbsilies aggregating f 110,000 have, it is asserted, been voted.
The stock was recently increased from $50,000 to |900,000,
of which f235,000 Is non-cnmnlative preferred. Par value of
shares of common stock, firo each; of preferred, $50. The
bonds are dated Jan. 9, 1904, and are not subject to call
before maturity; outstandiog, |50.O00; interest payable,
July 1 and Jan, 1 at oflBce of trustee. Directors (and officers)
Oharlcd Crnlne, Geneva, Ohio. Prostdent; P. E. Wlloox, VicePresident; E. 8. Pratt. Soranton, Pa., Sooretary, and C. E. Barnum,
Cleveland, 0.,Treaiurer; D. 8. Robertson, Geneva, O.; L. H. Smartt,
Cleveland, O A. Norvalle, Clnolnnatl. O.; John L. Grlfflths. Indlanaiiolio. Ind.; Jndife H. B. Shlvely, Wabash, Ind.; Daniel Van Basklrk, Ruann. Ind V. Zimmerman, Rochester, Ind.
Washing ton Connty By.- Bonds Offered.— h-ie, Higglnson
& Co. are offering;, at a price yielding over 8*75 p. c. to the
investor, |5lO,O0O of the authorized issue of §2,500,000 SJ^
c, first mortgage gold bonds, dated Jan. 1, 1904, and due
S.
an. 1, 1954. Of this issue |250,000 is owned by the Maine
Central RR, Co. The bonds are a first lien on 136 miles of
road at a rate not exceeding $20,000 per mile, and are guaranteed, principal and interest, by endorsement by the Maine
Central.— V. 77, p. 2391.
—
—
:
(The) Wabash & Rochester Electric
&
;
;
Western PaciQc Rj.—Acquisition,— A deed has been filed
conveying to this company the property of the Alameda &
San Joaquin RR. Co., commonly called the Tesla coal road,
running between Stockton and Tesla, a distance of abont 80
miles. The purchase was made from the San Francisco &
San Joaquin Coal Co. and the purchase price is stated unofficiallv to have been $785,000 in cash and $1,000,000 stock of
the Western Pacific Ry. Co. The coal company retains and
will continue to operate its coal mines at Tesla and other
properties.— V. 78,
p. 584.
INDUSTRIAL. eAS AND MISCELLANEOUS.
Albany & Troy Steamboat Co. —Refunding —Mortgage.—
This company recently made a mortgage to the Union Trust
Co. of Al bany, as trustee, to secure $80,000 of first mortgage
6 p. c, bonds of $500 each, due Jan. 1, 1924,
These bonds
refund a like amount of 30-year bonds matured, part of
an issue originally for $115,000, but reduced to $80,000. The
mortgage covers all the company's property, including two
Islands and the steamboats Frear, Quaokenbush, Safford and
Gen. Carr. Capital stock at last accounts, $80,000.
Amalgamated Copper Co.—Injunction Vacated. Justice
Gildersleeve, of the Supreme Court in this city yesterday
denied the motion to continue the preliminary injunction
obtained ex parte, enjoining the Boston & Montanna Copper
Silver Mining Co., the Parrot Silver & Copper Co. and
the Anaconda Mining Co, from paying dividends to the
Amalgamated Copper Co. on the stocks owned by the latter.
See V. 78 p. 770, 585.
New Offlcea.—The offices of this company and its subsidiaries have been moved from 73 Broadway to the 20th floor
of the new No. 42 Broadway Building —V. 78, p. 770, 585.
American Ice Co,— Harmony Ttcfce*.— Wesley M. Oler,
Vice-President, and John Greenough and John A. Sieicher,
in behalf of their respective committees, h«ve agreed upon
the following ticket to be voted for at the annual meeting on March 8:
—
&
E. T. Bedford of the Standard Oil Co., Charles T. Barney, Guy B.
Johnson, John Greenongh, O. I. Hudson, Miles M. O'Brien, John A.
Sieicher, William G, Crenshaw Jr., Wesley M. Oler, Eqos Wilder and
Robert M. Thompson.
The namrs of the present officers and directors, except Vice
President Oler (see page 508 of Railroad and Industrial
Section), do not appear on the compromise ticket. Messrs.
Bedford and Barney were formerly on the executive committee of the Consolidated Ice Co.
Early in the week circulars asking for proxies were also
sent out by a committee composed of Kenneth O. Chisholm,
W. T. Rynard, F. S. Colton and George M. Brown.— V. 78,
p. 585, 230.
Baltimore 'Eire,— Effect on Fireproofing.—See 24-page
illustrated article in "Iron Age" of Feb. 25.
Central Realty Bond
The shareholders
& Trast Co.— Reduction
of Stock.—
Vol. lxxviii.
John Joyce, Henry A. Lanman, J. B, Hanna, Friiuk A Davis, E. R.
8harp, estate of W. A. Hardesty, Gyrus HuUng, F. L. Beam and L. D.
IlaKorty.
Par of shares, $100.— V.
Purchase price not stated.
74, p.
1040.
Compressed Air Co. Reorganization Committee.— A. committee consistiug of Frederick Hnidekoper, Arthur B. Proal
and H. L. Langhaar announce by circular that they are
preparing a plan of reorganization. They also ask proxies
to be used at the annual meeting on March 7. The slight
mechanical imperfections in the company's compressed air
apparatus, they say, have been wholly or partially remedied,
(compare V. 76, p. 268),— V. 77, p. 2342,
Detroit (Mich.) City Gas Co.—Bonda Offered— Earning 9,—
E. H. Gay
Co. ofl^er at 98 and accrued interest $200,0u0 of
this company's 6 p. c serial general mortgage gold bonds of
$1,000 each, dated July 1, 1903, and due $100,000 July 1,
1913, and $100,000 July 1, 1914.
These bonds are subject to
call at 100, but in case of call holder has privilege of taking,
in lieu of cash, new bonds maturing July 1, 1923, subject to
call for prior payment at 105.
The total authorized issue is
limited to $10,000,000, of which $6,000,000 is reserved to retire
prior liens (compare V. 77, p. 253)
Coupons payable Jan.
and July 1 at Equitable Trust Co., New York, trustee under
the mortgage. The results for the calendar year 1903 are reported as follows
&
.
KEPOKT FOB CALKNDAB TEAR 1903.
Receipts from sale of gas
$1,376,388
689,763
Operating expenses
Net receipts
Miscellaneous receipts
$686,625
20,882
Total net receipts (increase of $102,296 over 1902)
Interest on $6,200,00u bonds at 5 per cent
$707,507
310,000
Balance for stock
^
$897,507
BALES OF MANCFACTDBED GAS FOE PAST SEVEN TEABS.
Tear—
Cubic
feet.
Tear—
Oubiefeet.
1897
845,458,900 1901
982,407,500
404,203,S00 1902
1898
1,407,820,000
1899
501,825.700 1903
1,590,940,900
1900
656,603,500
Average yearly Increase, 207,580,000 ft. (about 23 per cent.)
The company controls all the gas properties of Detroit,
Mich., and its franchise, granted by the Detroit City Council
in 1893, runs 30 years to 1923, or nine years after the maturity of these bonds.
Population served, 275,000 to 800,000.
The company pays dividends on its stock at the rate of 5 per
cent per annum,—V. 77, p. 253, 1296.
Eastern Millingr & Export Co. Receivers.— At Philadeldelphia on Feb. 10 Judge Dallas of the United States Circuit
Court appointed President David R. Locher and the Security
Title
Trust Co. of York. Pa., receivers for the Esstern
Milling
Export Co. of New Jersey, on the application of the
Union Trust Co. of Philadelphia, as trustee under the $800,000 first mortgage made in 1901 by the Eastern Milling &
Export Co. ot Pennsylvania. About $760,000 of the bonds
secured by this mortgage are stated to be outstanding (the
remainder being in the treasury) and two coupons are in default.
The aforesaid receivers are the same who were appointed last July in a stockholders' suit. An issue of $600,000
income bonds was made in 1903 and was conditionally underwritten at 50 by Newton Jackson and others. These bonds
and the underwriting agreement are held by the Corn Exchange Bank of this city as collateral for a loan of $25,000,
but the underwriting agreement is in litigation, the makers
claiming that it is under its terms null and void and that it
was also rescinded by vote on July 3, 1903, of the directors
of the New Jersey company.
V. 77, p. 91.
&
&
—
Electric Utilities Co. of Mineola, Nassau County, N. Y.—
Incorporation. This company was incorporated at Albany
on Dec. 28, 1903, with $1,000,000 of authorized capital stock.
Directors
Andrew R. McLaren, Alfred H. Townley, George T. Van Valkenburgh, John D Mason and Thomas J. Snee of New York City.
Federal Asphalt Co.— Receiver. At Cfticago, on Feb. 19,
Judge Kohlsaat in the United States District Court, appointed the Chicago Title
Trust Co. as receiver for the
company on the application of creditors who allege that the
corporation is bankrupt and has liabilities of between $350,000 to $475,000.— V. 78, p. 705.
Fore RiverShlp & Engine Co.— Bonds.- Edgerly Crocker,
Boston, when recently offering $100,000 of the 6 per cent first
mortgage sinking fund gold convertible bonds at 102 and
—
—
&
&
interest, said:
Bonds dated Oct. 1, 1902; payable Oct. 1, 1922; interest payable
April and October; Adams Trust Co., Boston, trustee. Convertible at
option of holder on any Interest day into $1,000 7 p. c. preferred
stock and $500 full-paid common stock, for each $1,000 bond. This
company owns one of the most important shipyards in the country.
Former United States Chi«f Naval Constructor Admiral Pranols T.
Bowles is DOW President. Earnings are largely In excess of the interon the bonds.— V. 77, p. 1535.
March 11 on a proposition to reduce the capital stock from $2,000,000 to $1,000,000, the par
value of shares to remain at $100 each. —V. 75, p. 551.
Chicago Motor Vehicle Co.— Receivership.— A.t Chicago
on Feb. 16 Judge Tuthill, in the Circuit Court, on applica
tion of Jonathan P. Primley and Henry
Hoyt, stockGeneral Chemical Co.— Dividends on Common Stock Susholders, placed the property in the hands of Edwin S. Day pended. The directors decided on Feb. 20 not to pay any
as receiver. The bill of complaint allegfd that the Monarch dividends on the common stock during the current year.
Railway Car Co., capitalized at $2,000,000 under the laws of The common stockholders from 1900 to 1902, inclusive, reMaine, was to be the means of defrauding the stockholders ceived 4 p. c. per annum, and
1903 5 p. c. The ueual
and creditors.- V. 77, p. 1748, 1535.
quarterly dividend of 1}4 P- c will be paid on the preferred
Colnmbas (0.) Citizens' Telephone Co.— Purchase of Con- stock on April 1.
President William H. Nichols in a circular says:
trol.— The Columbus men who, a year ago contracted to purYou have observed from our annual statement that notwithstanding
chase $335,400 of this company's $750,000 capital stock from
by
the Federal Telephone Co., recently completed the purchase. a sudden Ouslnees depression and some serious losses our Are and
surplus.
Hood, the year's work has resulted in a small addition to
will vote
W
—
m
The leading shareholders are
:
In these oiroumstanoes and with improving prospects
It
might, per-
Feb.
THE CHRONICLE.
27, 1904.]
be assumed that there wonM be no Interruption of the nsnal
dividends, but In a spirit of conservatism the directors have decided
to declare no dividend upon the common stock for the year 1904.
This course Is rendered the more advisable by the fact that a very
ooDslfierable and important extension of our business has been determined on, the culmination of years of Investigation and experimental
work, and a material portion of the outlay for this extension will be
made In 1904, while no part of theresultln? profits will be available
nntU the following year. Nothing has occurred to detract from the
intrinsic value of the shares. As this action will result In a material
Increase of the tangible property and the entire increase of earnings
will accrae to the holders of common stock, it is believed that the
action of the board will command approval.— V. 78, p. 700, 586.
liapB,
General Electric Co,— Qerman-American
The "Iron Age" has the following
Agreement,
—
:
Elektrloltats Gesellsohaft of Berlin and the Union
Elektrlcltats Gepellschaft of Germany, the latter aThomson-Houston
interest, have effected an arrangement with the General Elecrlo Co.
and Its associated concerns in the United States, anil, with its affiliated
Thomson- Houston companies in Europe. The arrangement has necessitated the conclusion of no less than 41 separate agreements, which,
on the one hand, cover the General Electric Co., the Fort Wayne Eiec
trio Works, the Stanley Electric Mfg. Co., the Eddy Electric Corporation and the General Incandescent Electric Arc Light Co., and. on the
The agreements
other the Thomson-Houston concerns in Europe.
entered Into between the German company ana the American group
provide for an Interchange of patents, inventions and experience, ana
the regulation of the spheres of activity of the two parties, respectively. In rills connection the first practical step that has been taken
relates to the amalgamation of the Curtis steam turbine patents and
the Rledler Stumpf patents in the form of the United Steam Turbine
Co. of Berlin, for the exploitation of these combined American and
German inventions In Germany, Austria-Hungary, Russia, Holland,
The AUegemeine
Belgium, Sweden, Norway, Denmark, 'Switzerland and the Balkan
States. This company, which has been jointly formed by the American and German Interests, has a share capital of $750,000, while a
separate company for the actual manufacture of the turbines, which
will be undertaken in the workshops of the Union Electricity Co., is
on the point of being constituted with a capital of $1,250,000, and an
Independent company for Italy is to be established in conjunction
with the (Mediterranean Thomson-Houston Co.
Contracts. The British ThomsoD-Houston Co., an ally of
the General Electrlo Co., has obtained the contract for
motor equioment for the surface and tunnel lines of the Underground Electric Railways Co. of London.— V. 77, p. 2161.
—
—
International Mercantile Marine Co. At a meeting of
the directors on Tuesday Clement A. Griscom tendered his
8-23
for an increase in the comp any's bonded debt from $10,000,and further to empower the di000, as now, to |80,000,000
rectors to dispose of the new stock and bonds in such
amounts and on such terms as they shall deem advisable,
circular says in substance :
The present management assumed charge on April 15, 1903. Before that date, In anticipation of the extraordinary requirements of
the World's Fair period, the company had entered into contracts for
Increasing Its plant, and it was then carrying a considerable floating
debt, which had been Incurred for construction work done during the
preceding year. Upon assuming control, the present management
formulated comprehensive plans for the extension and development
of the plant and business of the company. la pursuance of these
plans large expenditures were made during 1903, and further large
expenditures are in contemplation for the current year. To provide
for the payment of floating debt and for construction work already
done and planned, it is estimated that about $5,000,000 cash will be
needed before Feb. 1, 1905.
The directors believe that these expenditures made and to be made
will add very largely to the earning capacity of the company, and
will greatly enhance the value of Ita shares. They therefore ask
authority to increase both the share capitalization and the bond issue
of the company to an amount snfiaolent to provide, not only for the
requirements above mentioned, but also for the f urtlier development
of the business during a series of years.— V. 76, p. 922.
;
A
.
—
Lehigh Power Co.— Sale March 15. The property is advertised to be sold under foreclosure of mortgage of Dec. 1,
1900, at Uhlersville, Northampton Co., Pa., on March 12.
Upset price, $50,000.
mortgage trustee.
The Central Realty Bond
—V. 78, p, 345.
is
& Trust
Co.
Michigan State Telephone Co.— Ojf/icers.— The following
announced
oflBcers are
:
Shaw, Henry
Hance, all of
Detroit
Lewis H, Wlthey and Dadley E. Waters of Grand Rapids
N. W. Harris and A. G. Farr of Chicago Isaac Sprague and F. A. Farrar of Boston; Allen B.Forbes of New York, and W. A. Jackson of
-W.
RusseU. Frank
Directors
C. McMillan, T. H. Newberry. John T.
T. Hecker, A. E. F. White, Ellwood T.
;
;
Chicago.
Officers— W. O. McMillan.'Ohalrman Executive Committee; W. A.
Jackson. President; T. H. Newberry, Vice-President; Elwood T.
Hance, Secretary ; John T. Shaw, Treasurer ; N. W. Harris, Chairman
of board.
Earnings,
—The
results of operation
have been reported as follows
OaVr
Gross
under the receiver
:
Mainten'ce
Oper. exp.
Ket
Subcribers
was elected Chairman of the year—
earnings.
and taxes, expenses.
earnings.
Bee. 31.
$1,742,402
$814,287
$568,437
$369,678
$54,900
board of directors. J. Bruce Ismay, head of the English 1903
1902
1,549,531
480,000
311,822
49,686
757,709
lines of the company, was elected President. The head
— V. 78. p. 586. 345.
quarters of the company will be removed from Philadelphia
National Fireproofln;? Co.—See caption "Baltimore Fire"
to New York City, and Mr. Ismay will remove from Liverabove.—V. 78, p. 766, 705.
pool to New York to take active charge of the company's
operations.
National Salt Co. Sale Not Confirmed.—J ustioe LevenDividend Deferred by Subsidiary Company,— The subsidi- tritt, in the Supreme Court yesterday, refused to confirm
ary company, Frederick Leyland & Co., postponed the the sale at Ithaca on Sept. 16, 1903, of this company's six
payment of the January dividend upon its £1,414,350 of 5 p.c. plants to the International Salt Co. for $337,500. Appraiser
preferred stock. The International Company owns £587,030 McClure, he says, valued the properties at $1,149,200, and at
of this stock and all of the company's £1,1«4,630 common forced sale at $694,200, while face value, $5,500,000 stock
stock (see "London Economist" of Jan.* 16, 1904, page 83; also ($2,600,000 market value), was given for them in 1899, and
Chronicle V. 73, p. 875; V. 74, p. 1093.)— V. 77, p. 2101.
they were carried as an asset on Jan. 1, 1901, in the comInternational Paper Co.— Status of ^Msiwess.— President pany's annual report at $8,518,306. Justice Leventritt says:
The terms of the sale, and the manner of their procurement; the
Hugh J. Chisholm is quoted as saying
method
sale,
bidding;
resignation as President, and
:
The conditions prevailing since winter
set in have been unusually
unfavorable this year for the production of pulp, but while many outside mills have been compelled to shut down absolutely or in part, the
International Paper Company's production has been comparatively
interfered with, with the exception of the ground- wood pulp.
The policy of the company of accumulating during favorable conditions a large stock of pulp, has enabled it to continue its production of
paper without very serious curtailment, so that with the large supply
of paper which it always carries at its mills and In large cities for the
protection of its customers, it has met all its obligations for the delivery of paoer and not a eingle one of Its customers has suffered any inconvenience. The season is now so well advanced toward spring that
apprehension for the future Is almost entirely dispelled, and as soon
as the general thaw comes there will be no longer anything to prevent its mills turning out their tall quota. The conditions that have
prevailed this winter have been the severest on record. The most
serious trouble the company has to contend with is the continued
freight blockade, which makes the movement of paper slow.— V. 77, p.
2101.
little
of the
and the manner of
the gross and patent
inadequacy of the price realized, combine to shock the conscience of
the Court, precluding any affirmative act of approval on its part.
Justice Leventritt holds that another sale should be held,
with different terms and more publicity, but does not grant
the injunction asked for by the minority stockholders, on the
ground that the relief asked for by them can be obtained by
other means through the courts.-V. 77, p. 2342.
New England Brick Co.— Reorganization, — At
a meeting
about 40 being preswas appointed to act with a
committee of the bondholders and of the creditors in cooperation with Receiver A. E. Locke to put the concern on
of shareholders in Springfield
ent, the following committee
on Feb.
18,
its feet:
Stephen Whldden, George M, Fisk, Martin W. Sand, Thomas W. Carand John E. Parry. See V. 78, p. 771.
ter
International Salt Co.— Adverse Decision.— See National
below.—V. 77, p. 2342.
New Jersey & Pennsylrania Telephone Co., Easton, Pa.
—Forecloaure.—The Easton Trust Co., as trustee, the teleInternational Silver Co.— Deposits of Preferred Shares,- phone company assenting, has brought suit in the United
Thomas Nevins & Son, 45-47 Wall St., at the request of States Circuit Court to foreclose the first mortgage securing
$75,000 gold 5 per cents of $500 each, interest on which has
clients who desire to establish a market for the stock, re
Salt Co.
quest the preferred shareholders to deposit their holdings
with the Eastern Trust Co., 115 Broadway, subject
to sale
(without cost to holder), prior to July 1, 1904, at prices to
be named by the depositors at time of deposit.—V. 76, p. 1083.
La Belle Iron Works Co., Wheeling, W.Va.— Bonds SoW.—
A syndicate
composed of the Security Trust Co. and the
& Trust Co. of Wheeling and a number of
of Wheeling and Moundsville has purchased the
Dollar Savings
capitalists
remaining $1,000,000 of the original issue of |2,500,000 first
mortgage 6 per cent bonds. The plant, it is said, Is running
and orders are coming in satisfactorily.
The Dollar Savings & Trust Co. of Wheeling, the mortgage
trustee, in offering a block of these first mortgage collateral
trust 5-20-year 6 per cent gold bonds, at 92>^ and accrued interest, says: "The property, now nearly completed, has all
the most approved methods of manufacturing and is admirably located, having exceptional transportation facilities, and
its own coal supply immediately on the premises."
Compare
full,
V.
77, p. 1749, 1535, 1228.
Laclede
€Ja8 Light Co., St. Lonls.—New Stock and Bonds.
shareholders will vote April 18 upon a proposition to
increase the common stock from $8,500,000 to $17,500,000,
making the total capital stock, including the preferred
shares, |20,000,000; also to make a new mortgage, providing
—The
been in default since April, 1901. The company has telephone
lines in Northampton County, Pa., and Warren County, N.J.
Howard Mutchler of Easton is said to own $54,000 of the
bonds.
New
Milford (Conn.) Power Co.—New Enterprise— Bonds
—
Subscriptions are being received at par and interOffered.
est at the Central Trust Co. of this city, at the office of the
Power Company, 49 Wall St., and at the office of Francis R.
Cooley, Hartford, Conn., for this company's 5 p. c. 30 year
first mortgage gold bonds, of $1,000 each, total issue authorized and outstanding, $1,000,000. These bonds are dated
Feb. 24, 1902, and are due Aug. 1, 1932, without option of
earlier redemption.
Coupons payable February and August
at Central Trust Co. of
York, trustee.
The capital
stock is $1,000,000, all common, and all outstanding; par of
shares, $100,
circular says in substance:
The company, operating under a special charter granted by the
Legislature of Connecticut In 1893, has acquired and Is the owner of
the valuable water powers at Balls Bridge, GaylordsvlUe and Boardman's Bridge, Conn., "on the Housatonlc River, and the lands necessary
for Its nse along the river on both sides, for a distsmoe of about 10
miles. It has constructed a dam of solid concrete masonry at Bulls
Bridge, onrook foundation, and bniltacaual over ll,000feetln length,
giving a fall from the terminus of the canal of 11.^ feet. It has erected
a power hou»e constructed entirely of masonry and steel and has six
hydraulic m.'iohiues and six electrlo generators Installed and in operation. These machines have a rated capacity of 10,500 horse poirer
New
A
—
THE CHRONICLE.
8-24
at the whe*l*, and have oommenoed tu« delivery of power at Wi»terbory for the trolley syRtenii.
The c<)iui>»ny h»t entered Into h contract with the Oonnootlout Railway A LlKh'toK Co., rnnnlOK 30 yean*, to RQpplv electric power for
the trolley «vnt»<iu». electrlo Hjfht and powei bnslnKsn In WAterbary
and New Britain. ThU oontr*ot c ills tor a mini mum payment t ) the
New Mllford Power Co. when the plants are completed of $1-29,600
These payments are to be graduated du Ini? the tlrst eluli
i«»en months In thrt foUowlni: manner: Minimum payment for the first
six months to be not less than §37.240; for the second six months,
$16.4S0; for the third six months. $.^.'^,720. and thereafter daring the
entire term of thirty years the sum of $129,600 per year.
The piaLt already installed has capacity to supply the amount required for the thirl period, or althe rnto of $111,000 per year, and
plans are now beluK mutured to oonstruot an anxlliary plant at
Boardman's Bridie and also to enlarffe th-* present aevelopment by
making nee of pa'-t of the surplus water. The oanal has been conBtrueted with sofflolent capacity to carry 50 per cent additional water,
and with a small expenrtliure for additional machinery a very larRe
Inorease In Income can be obtained. The organization of operating
empl' yees has been completed, and the tot*l expense of operation
and maintenance should not exceed #20,000 per year.
The bonds are a tlrst Hen upon all of the lauds, water powers, oanal,
power house. mHChinery, etc., as fully deforlbed In the mortKa«e, aad
In a supplemental mortg^ce thereto covering the transmission line,
and providing also f,)r a sinking fund of $5,000 per year. This large
development of power Is within easy reach of the cities of W^aterbary,
New Brlt^lD, Morlden, New Haven, Bridgeport, Ansonla, Derby, etc.,
and there are no other powers available to supply power In qaantity.
The company has a guaranteed minimum Income for a part of Us output In excess of operating expenses and Interest on Its bonds, and an
Increasing market for all the additional power it oao produce.
per year
W. Bartlett is President, 49 Wall Si.
New OrleaDB Water Snpplj Co.— Dec wion.— The Snpreme
A.
Coart of Lonieiana, the court of last resort, reoently ordered
a non-enit in the action brought by the State for forfeiture of
the chart*'r. on the ground that the company cannot legally
Issue stock in exchange for that of the New Orleans Water
Works Co. The new company, the court says, holds title to
the property subject to the rights of the receiver of the old
(V. 73, p. 1084.) The Attorney General on Feb.
8 filed a petition for a rehearing.— V. 74, p. 1041.
company.
North American Co.
Laclede Gas Light Co.,
OregroB Electric
Bona
New Securities
St. Louis,
for Subsidiary
above.— V.
—See
78, p. 345.
Power Co.— Boni« O/ercd.-C.
E. Pratt
New York
fVOL. LXXVIII.
Franklin; J. C. Berlin. A. J. Smith. D. O. White, Edenburg;
Wm.
Woodburn, Shlppenvllle; O. A. Knight, Laiuertlue, all Pennsylvania.
President, C. E. Cranford; Secretary and Treasurer, H. C.
Reeser. Compare V. 78, p. 232 and V. 77, p. 2283,
&
Electric Co.— O/ZtemZ Explination as
Peoria (111.) Was
to Decision.
press dispatch stated that Jo'ige Humphrey
of the U. S. District Court for the Southern District of Illinois, reversing the decision of the Matter in Chancery, has
dismissed the suit against the city of Peoria to prevent the
enforcement of the ordinance passed in 1900, fixing the price
of gas at 75 cents per 1,000 cabic feet. John C. Mathis of
—A
Chicago, counsel for the company, says
The bill of complaint was dismissed for the
:
sole reason that the
Court found from the record that said company entered iato a combination or understanding with the Peoria Oas Lij2:ht <&Coke Co..ia
violation of the provisions of the Illinois Antl Trust Law as construed
by the Supreme Court of Illinois. Since the case was submitted to the
Court, the question of the existence of anyu-^lawfol o)inblnatloa or
understanding between the companies has been eliminated by the
purchase by the Peoria (ias & Electric Co. of all lhi property and
rights, privUeii^s nnd franchises of the Peoria Gas Llghr <fc uoke Co.,
in accordance with the provisions of an Act of the Illinois General
As»erably, appro-^ed June 5, and In force July l, 1897, the vaUdlcy of
which has been expressly sanctioned by the Supreme Court in the case
of the People ex rei. Deneen vs. The Peoples' Gas Light A O ke Co.,
205 III 482 (opinion filed Oct. 26, 1903— rehearing denied Deo. 11,
1903). Altbonsh the opinion of Judge Humphrey is, in my opinion,
unsound in principle. It Is unnecessary to enter into any dl«ODB'>ion of
the same for the reason thiit, as above stated, it does not aff^iot the
legal record covering the bonds of the company.— V. 76. p. 1089.
,
—
Pittsbargh Coal Co.— Officers. The new offiiers and directors, the finance committee just formed, and the board of
directors as now constituted, are shown bel >w :
New Offiobkb. Etc.— First Vlos-Presldent. M.
Taylor. President
of the W. L. Scott Co. of Erie. Pa., large anthraoi'e c^al operators and
handlers; Treasurer, F. M. Wallace, reaentiy Pre^ldentof the Second
National Bank of Erie, Pa Comptroller, J. B. L. Hornberger. New
directors Jame^ H. Beal suco'edlag W. P. Murray, J. J Sullivan of
Cleveland sncocedlng D. R. Hanna of Cleveland, GsorgeT. Oliver
SQooeeding the late Henry
Oliver.
FiNAHCB COMMiTTEB.- President. F. L. Bobbins; First Tloe-Presldent. M. H. Taylor; A W. Mellon, George T. Oliver and John A. Bell.
Directors. - Francis L B)bblnB, John A. Bell, Gr<inc B Sohlev, L.
R Doty, M. H. Taylor. A. M. Neeper, A. W. Mellon, W. R. Wo>dford.
J. D Nicholson. Peter M. Hitchcock, Jjhn I. Bishop, C. EL Wales,
James H. Bell, J. J. Sullivan and George T. Oliver.
H
;
:
W
and Chicago, off nr at par and interest
$333,000 first mortgage 6^ p. c. aerial 20-year gold bonds,
Guaranteed Bonds. —It is a part of the plan for the isdated July 1, 1908, and due on July 1 of each year as fol- suance of the $25,000 003 bonds to be sold to the Union Trust
lows: 19C6-1911. 110,000 yearly; 1912-1928, $20,000 yearly; Co. of Pittsburgh that these bonds shall be issued by the
Mortgage, it is stated, is limited to $333,000; Pennsylvania Mining Co. and guaranteed as to both principal
1924. $33,000.
interest payable Jan. 1 and July 1. Interest coupons pay- and interest by this company. For this reason the shareable semi-annually, Trustee, the American Trust & Sav- holders last week voted to amend the certificate of incorpoCo.,
ings B^nk, Chicago, 111, An advertisement says:
The property is located in the eastern part of Baker County, State
of Oregon, and is valued at $2,000,000. The company owns 160 acres
of land; it aleo has "filings" on about 400 acres additional and extensive water rights upon a creek which is fed from the perpetual snow
in the stirronndlng mountains. The water is oondaoted from the head
gate through flames & Smiles long. These flames are so constructed
that 12,000 cubic feet of water per minute will be utilized. Taking
8,500 cubic feet per minute as the miolmum volume, the company has
an available energy of over 6,000 h.-p., using the low level head, and
380 feet at power site, while by the use of the high level flume and
660 feet at power site this may be increased to 10,000 h.-p. The electrical equipment conBluts of several 750 K. W. generators, each of
which is directly connected to a separate water whi-el; it also has exolterb, necessary switchboard apparatus, step-up and step-down transformers, with all other intermediate devices. The power house construction Is concrete.
Contracts have been entered into and others
are now being closed to furnish power to cities and the mines in their
vlciDlty, aggregating at the present time about $175,000 per annum.
One thousand b.-p. yet remains to be sold and applications are pending for 3.000 h.p. more than the capacity of the plant. The total income will be $220,000. The $62,000 contracted to be paid to this
company during the coming year cost the cor snmers last year $116,000.
President, C. E Bragdon, Chicago; Secretary. A. L. Feroald,
Omaha; Vice-President, H. H. Andrews, Callaway, Neb.; Treasurer,
C. £. Fernald. Chicago.
& Navigation Co.— Reduction of ReceivCertificates.— Tae $1,250,000 of receiver's certificites
issued last year will shortly be paid, in part with $500,000
cash in the receiver's handd and the balance by an issue of
$750,000 of new one-year 6 per cent certifi^jates, whica the
old subscribers will take in exchange.
Tne company's can
neries will open as soon as the salmon season begins. Suffijient working capital will be provided from the funds in the
treasury and the sale of a considerable quantity of salmon
now in hand.— V. 77, p. 2283.
Pacific Puckiag
er's
Panama Canal Co.— Treaty Ratified by Senate.— The
United States Senate on Feb. 23, by a vote of 66 to 14, passed
without amendment the bill to ratify the Panama Treaty.
The Government proposes to undertake the construcdoQ of
the canal with the least possible delay. As to ihepaym'^nts
to French interests, see "Financial Situation," V. 78, p. 668;
also page 788 of this issue. Compare V. 75, p. 668.— V. 77, p.
2162.
Pennsylranla Canal Co.— SaZe.— The portion of the canal
bed lying between a point one mile below the Nanticobe dam
and Noitbumberland. Pa., has been sold by the Pennsylvania
RR. to the Dalaware Lickawanna & Western RR. and will
be used in increasing the latter'a track and yard facilities.—
V. 72, p. 779.
Pennsylvania Fael Sapply Co., New Bethlehem, Pa
Consoliaatecl Company.— Ttxis company has been formed
under the laws of Pennsylvania, by merger of Emlenton Gas
Co., Edenburg Gas Co,, Red Bank Gas Co., New Bathlehem
Gas Co. ana Fairmont & Oak Ridge Gas Co. The authorized issue of capital stock is $1,000,000, all common; par of
shares, $50; outstanding, $664,000. No bonds or mortgage.
Directors: M. J. Mateer, F. L Andrews. Q. W. Lower. New Bethle-
—
Wm. T. Lace, Falrmount City; H. J Crawford, J. J. GoBser, T.
B. Gregory, O. B. Kerr, C. E. Crawford, BaUeuton; J. W. Bowland,
hem;
ration BO as to specifically cover the guaranteeing of the
principa' of this loan.— Sae V. 78, p. 771, 765.
Simp on-Crawford
shareholders will vote
Co.,
New York.— New
March
7
Stock.— The
on a proposition to issue
$1,000,000 of 7 p. c. cumulative preferred stock. The stock is
now $2,500,000, all of one class; parof sharas $100. The rights
of the preferred stock are officially described as follows:
The holderj of the preferred stock to be entitle! to receive, whe i and as
declared from the surplus or net profltg of the corporation, yearly dividends
at the rate of 7 per centum per annum, and no more. The dividend < on the
preferred stock to be cumulative, aad be payable before any dividends on the
common stock shall be paid or set apart; so that If In any year dividends
amounting to 7 per centum shall not have been paid thereon, the deflciency
shall be p-iyable before any dividends sball be paid upon or set aoart for the
common stock. In the event of any liquidation or dis-oilation, or winding up
of the company (wbether voluntary or involuntary), the holders of the preferred stock to be entitled to be paid in full both the par amount of their
shares and al) unpaid dividends accrued thereon, before any amount shall be
paid to the holders of the common stock —V. 71, p. al6.
Standard Sanitary Mdunfactnring Co., Pittsburgh.— This comoany issues no reports, but the statement for 1903, it is said, shows net earnings (over interest and depreciation) $300,000, from which was paid the
full dividend of 7 p. c. on preferred stock, or $183,385, leaving $170,000 to be carried to the accumulated surplus. The
foregoing, which appeared in the Pittsburgh papers, was sent
for revision to Secretary and Treasurer W. A. M/ler, who in
Earnings.
reply says :
The Standard San. Mfg. Co. is a New Jersey corporation with the
following oflaaers: Theo. Ahrens, President; Francis J. Torrance, Ist
Vice Preei.ient; Henry Crlbb^n. ad Vice-President; <V. A. Mylor, Secretary and Treasurer; E. L Dawes, General Manager.
We have an authorized capital of «2.50o,000 preferred. $3.500, 000
debenture bonds and $2,500,0u0 commrm etocfc. Ws have issued
$2,167,400 common stock. ^i.WhZ.SkO preferred stock and $l,S76,000
debenture bonds. Our surpius is $ J93,236, after paying regularly interest on bonds and 7 p. o, or 1^ p. c. qaarterly, on oar pr:)ferred
stock.
In addition to creating a surplus above referred to. we have cbarged
our organization all of the expenses of organization aud put
our plants in at as low a price as thay could be dnplicittdd for at tbe
present time.
The combined quick assats of the Standard Sanitary Mfg. Co and
underlying compaoies are: In cash, accounts and notes receivable,
and inventories, $3,121,685; liabilities and accounts payable and
notes payable, $ 12,232; showing surplus of quick assets of $i,509.cff since
4&2.-V. 70,
p. 86.
Statea Island Ferry Co.— Boa^s.- The Commissioners of
Fund recently authorized Djck Commissioner Featherson to order for the ferry service under the
city ownership five boats capable of making 18 miles an hour
and of carrying 3.000 passengers each. They will cost approximately 1370,000 each. As yet thg Commissioners have
taxen no action on the acquisition of terminals. V. 77, p. 40.
tbe City Sinking
—
Street's Western Stable Car UnQ.— Report. —The results
for the year ending Dec. 31 were:
Tear—
1903
1902
Net.
»387,h22
898,984
Charges.
$111, uSl
91,085
Dividends.
Bal.,siir,
$lal0.8
fiA.S.OeS
176.821
$993 935.— V. 78, p. 774.
181,078
Tot al surplus on Deo, 31, 19)3, was
^p* Investment News Concluded on Pave 828.
Feb.
THE CHRONICLE.
27, 1904.]
zpoxts
825
nn& ^ocnmtnis.
PENNSYLVANIA RAILROAD COMPANY.
FIFTY-SEVENTH ANNUAL REPORT— FOR THE YEAR ENDING DEC.
FUNDED DEBT AND SINKING FUNDS.
The Pennsylvania Railkoad Company,
27tli
estate
February, 1904.
The Board of Directors submit herewith to the Stockholders of The Pennsylvania Railroad Company a synopsis of
their Annual Report for the year 1903:
—
The gross earnings
of all lines directly operated
$122,626,419 49
84,773,056 09
were
7
Operating expenses
Net earnings from operation
Deduct rentals paid roads operated on basis of net
Net operating earnings of the Pennsylvania Railroad Company
To which add
Items
$30,471,901 58
:
$9,684,050 49
Interest from investments
Rental of equipment and
other
1,058,909 78
......:
10,742,960 27
$41,214,861 85
Gross income
Deduct
Fixed rentals, leased roads
Interest on bonded debt
Interest
on
SECURITIES OF OTHER CORPORATIONS.
re-
The
100,210 52
ceipts
Interest on mortgages and ground
rents, interest on car trusts,
taxes, &c
3,321,398 50
Net income
From
I
$4,715,770 79
5,570,974 56
allotment
stock
j
$37,853,363 40
7,381,461 82
earnings
of Funded Debt, including mortgages on real
and ground rents, December 31st, 1903, was $116,716,284.98, being a decrease of $23,903,571.93, which is accounted
for as follows: As a result of the absorption by your Company of the Western Pennsylvania, River Front, and West
Chester Railroads, in pursuance of your action at the last
Annual Meeting, there were taken upon your Balance Sheet
the outstanding funded debts of those companies, consisting
of $4,000,000 of the Western Pennsylvania Railroad, $212,000
of the River Front Railroad, and $75,000 of the West Chester
Railroad, an aggregate of $4,287,000; while in consequence
of the conversion of $29,302,500 of your Convertible 3% per
cent. Bonds into capital stock, under the terms of their
issue, and the further privilege given by the Board on
January 31st, 1903, the amount of these securities outstanding was reduced to $20,697,500. Under the terms of the
Consolidated Mortgage, $28,000 of the bonds issued thereunder were also retired through the Sinking Fund thereby
There was also an increase in real estate mortcreated.
gages and ground rents in the sum of $1,139,928.07.
The amount
Genebai. Office, Beoab Stbeet Station,
Phh-adelphia,
$27,506,507 48
upon the cost thereof.
amount the following deductions have
been made
Payments account Sinking and*
Trust Funds and principal of
CAR TRUSTS.
The
$3,240,848 86
expenditures for
revision, of grades and alignment, abolition of grade crossings, and other Improvements.
9,472,727 62
12,713,576 48
Balance
Dividend of 6 per cent
$14,792,931 00
14,792,931 00
Amount
to credit of profit and loss December
31st, 1902
Profit from premium on allotment
of stock, etc
$17,362,550 70
Deduct balance ex-
1903
Deduct
$24,742,224 83
ex-
traordinary
penditures
for
$12,362,550 70
amount
plied
toward
appur-
chase
of real estate for New York
passenger terminal
to
of
credit
and
profit
loss
December
1903
31st,
$24,742,224 83
GENERAL BALANCE SHEET.
Assets
December
—
(Condensed.)
31st, 1903.
Dr.
Cost of road, equipment, and real estate
Cost of securities owned.
.\
Securities received with the lease of the U. N.
.
R. R.
and
$181,248,012 87
224,925,133 06
.
J.
Co
Current Assets—
from
C.
issue of Car Trust securities made during the year
consisted of $9,410,000 of certificates of Series "A," "B," "C,"
"D," "E," "F," "G," "H," "I," and "K," Pennsylvania Steel
Equipment Trust, and $7,000,000 of the Pennsylvania Steel
Rolling Stock Trust, being Series "A" to "G," inclusive, all
bearing interest at the rate of 3% per cent, per annum.
There were thus furnished for The Pennsylvania Railroad
Company 5540 steel underframe long gondolas, 1500 steel
gondolas, and 600 steel flat cars; for the Western New York
and Pennsylvania Railway Company, 500 steel gondolas; for
the Pennsylvania Company, 500 steel underframe long gondolas, for the Pittsburgh, Cincinnati, Chicago and St. Louis
Railway Company, 3000 steel gondolas, 1000 box and 500
steel coke cars; for the Grand Rapids and Indiana Railway
Company, 115 box cars; and for the Toledo, Peoria and
Western Railway Company, 162 box cars: an aggregate of
13,417 cars.
The total
5,000,000 00
17,362,550 70
Amount
Due
entire cost of the securities of other corporations held
by your Company December 31st, 1903, was $224,817,094.66.
The direct revenue received from securities during the year
13,708,354 37 was $9,462,568.78, which amounted to nearly 4^4 per cent,
this
Car Trusts
Extraordinary
31, 1903.
3,283,462 25
number
of
Car Trust cars now in service is
outstanding December
54,963, and the Car Trust certificates
31st, 1903, aggregate $43,700,000.
The number of tons of freight moved on the four grand
divisions east of Pittsburgh and Erie in 1903 was 146',007,443,
an increase of 12,063,282, or 9.01 per cent.; the number of
passengers was 53,657,638, an increase of 3,370,629, or 6.7
per cent.
The other Railroad Companies east of Pittsburgh and Erie
in
which your Company
interested
is
show
satisfactory
results.
Detailed statements of their operations will be
found in their respective annual reports, as well as in the
controlled companies for
advances for construction and
other purposes
$44,577,362 81
Due from agents.
5,986,816 59
Bills receivable and miscellaneous
assets
5,403,737 62
Materials
10,492,415 80
Cash
17,191,156 10
full
report of your
Company.
-
.,
„,
,
„
.
Sinking Funds, Trust Fund, and Insurance Fund.
PENNSYLVANIA LINES WEST OF PITTSBURGH.
Pennsylvania Company.
83,651,488 92
11,771,378 12
.
Total
$504,879,475 22
—
Liabilities
Or.
Capital stock
$296,418,250 00
Capital stock, par .$4,764,750, three-fourth paid,
allotment of March 25th, 1903
3,573,562 50
Funded debt (Including mortgages and ground
rents)
116,716,284 98
Guaranteed stock and bonds of the Harrisburg,
Portsmouth, Mt. Joy and Lancaster R. B. Co...
1,882.550 00
Securities received with the lease of the U. N. J.
R. R. and C. Co.
3,283,462 25
Gross earnings on lines operated directly
Operating expenses
Net earnings from operation
Current Liabilities
vouchers and
rolls,
balances
Due
1,593,109 98
Net operating earnings of the Pennsylvania Company
Dividends and interest received from investments.
$7,893,140 93
5,960,576 60
Gross income
Deduct payments, fixed rentals of leased roads, interest on funded debt, car trust cars, payments, &c
Net income
,
Insurance Fund
Miscellaneous
liabilities
Profit
and
Total
Guaranteed Trust Certificates,
Series "A" and "B"
648,519 21
1,910,449 31
9,854,138 10
loss
,
,
Contributions to Sinking Fund
for redemption of Third Mortgage Bonds of Pittsburgh, Fort
ids
Wayne and Chicago Ry. Co.
Dividend of 4 per cent, on capital
stock
.
Sinking Funds and Trust Fund
8,734,076 44
Contribution to Sinking Fund. 3Va
per cent. Gold Loan of 1901.. $1,334,000 00
Contributions to Sinking Fund
$17,305,288 60
controlled companies other than
balances
13,500,458 17
Saving Fund, Relief Fund, and
Interest accrued, matured, and uncollected, and dividends uncollected
$13,853,717 53
$5,119,641 09
Deduct
traffic
traffic
Due
$9,486,250 91
Rentals paid roads operated on basis of net earnings
—
Pay
$36,602,934 63
27,116,683 72
^3 218 853 39
15'044!287 27
24,742,224 83
$504,879,475 22
.
.
104,137 50
145,000 00
1,600,000 00
3,183,137 50
Balance transferred to credit of
profit
and
loss.
.
.
$1,936,503 59
—
:
:
THE CHRONICLE.
82G
fortcant
from sale of socurltles and settlement
Br<>ii<iht
Add
9i,<>36,fos j<}
I'roUt
1.340,080 06
of old accounts
$3,270,580 05
Deduct amount transferred
penditure
to
Extraordinary Ex3,000,000 00
Fund
$2X0,589 05
Amount
to credit of protlt
cember 3l8t, li)UL'
Balance to credit
31st, 1903
of
and
urollt
loss account.
De0,122,359 59
and
December
loss,
$0,398,949 24
Pittsburgh, Cincinnati, Chicago and
Com TAN Y.
Louis Railwat
St.
$6,682,509 00
Net earnings from operaUon
Deduct
on
basis
of
net
425,011 47
C,
P.,
C.
&
St. L.
$6,257,558 13
Co
Ky.
To which add:
$01,182 40
81,954 46
from investments
Miscellaneous income
Interest
143,136 86
$0,400,094 99
Gross Income
Deduct
Fixed rental of leased roads
$706,221 56
Rental paid for use of tracks and
road of other companies
Interest on funded debt
Interest, general account
Proportion of payments on account of Car Trust cars. Including interest and expenses.
Proportion of loss in operating
St. Louis. Vandalia and Terre
Haute Railroad
.
.
In addition to the issue of capital stock already noted as
179,659 74
16,086 29
3,974,953 80
Net income
$2,425,741 19
The following amounts have been deducted,
Contribution to Sinking Fund for
consolidated mortgage bonds. .
carried to Sinking Fund
for redemption of Dayton and
Amount
viz
:
$359,860 00
00,000 00
Amount
of net earnings applicable
to and declared as dividends :
Four per cent, on
preferred stock.. $908,030 00
cent,
Through the funds thus secured, your Company was able
on
stock...
743,377 50
to prosecute vigorously during the year the construction of
new lines and branches, the extension of its four-track sys-
1,051,413 50
2,071,273 50
Balance transferred to credit of Profit and Loss
for the year 1903
Deduct Extraordinary Expenditures in revising
grades and alignment and other outlay not properly chargeable to capital account
$354,467 69
347,350 76
Balance
Add amount realized in
Add amount to credit
$7,116 93
3,205 90
settlement of old accounts.
of profit
and
loss,
ber 31st, 1902
Balance to credit of profit and
31st, 1903.
for the purpose of providing the capital for the large construction and equipment expenditures, the necessity for
which was fully explained in the last annual report, the
privilege was given to the stockholders to subscribe at $60
per share for one-third of their holdings on May 9th, 1903,
the payments to be made in three instalments between June
15th, 1903, and June 25th, 1904.
further option was also
given to the subscribers to pay for the stock so allotted in
one or two payments.
Under the terms of this allotment,
which provided for an issue of $75,094,750, $70,249,550 of the
stock have been subscribed and paid for in full, and the
balance due on the remainder is payable June 25th, 1904.
A
Western
Railroad
Company
mortgage bonds maturing January 1st, 1905
common
crease of 7,783,362.
growing out of the conversion of a large portion of your
outstanding 5% per cent. Convertible Bonds bearing date
November 1st, 1902, a further issue was made under the
authority given by the Shareholders at the last annual meeting, and in pursuance of resolutions of the Board of DirecUnder these resolutions and
tors of March 25th, 1903.
589,987 85
.
The gross earnings of all lines east and west of Pittsburgh for the year 1903 were $242,517,757.85, operating expenses, $175,379,437.81, and net earnings, $67,138,320.04, an
increase in gross earnings, compared with 1902, of $22,438,527.56, and a decrease in net earnings of $401,191.42. There
were 295,120,398 tons of freight moved, being an increase
of 25,607,519 tons, and 123,632,203 passengers carried, an in-
GENERAL REMARKS.
132,300 74
2,186,112 72
104,524 90
Advances to Cincinnati, Richmond
and Ft. Wayne Railroad
Three per
The number of tons of freight moved on the lines west of
Pittsburgh was 109,512,935, an increase of 4,967,890.
The
number of passengers carried was 27,257,058, an increase of
1,847,380.
roads operated
Net Operating Earnings of the
extension of yards, shops, and other terminal facilities, and
In the construction of branches for the development of
traffic.
Upon the Southwestern system the same conditions
existed, and the most liberal outlay was requisite to enable
your roads west of Pittsburgh to meet the demands upon
them. In order to reimburse the advances made by your Company to the Pennsylvania Company for these and other corporate purposes, aggregating about $32,000,000, and to piit it
in funds to complete the important work now under progress
on its system, that Company has arranged for an issue of
eighteen months 4^^ per cent, collateral obligations guaranteed by your Company to the amount of fifty millions of
dollars.
$28,900,821 40
22,278,251 80
Gross earnings on Hues operated directly
Operating Expenses
Kentals paid
earnings
(Vol. lxxviii.
Decem,
loss,
3,696,512 55
December
$3,706,835 44
CAPITAL STOCK AND FUNDED DEBT.
Under resolutions of the Board of Directors of October
28th, 1903, an allotment of Preferred Stock was made at par
to the shareholders of the Pittsburgh, Cincinnati, Chicago
and St. Louis Railway Company to the amount of ten per
cent, of their respective holdings on December 1st, 1903. In
pursuance of this action $4,750,000 of Preferred Stock was
issued, and this increase appears on the balance sheet of
that Company.
The proceeds of this issue were applied
toward the payment of construction expenditures and the
purchase of additional real estate and equipment.
In order to meet the further expenditures that will be required upon its lines, from time to time, in the construction
of double tracks, the increase of terminal yards, shops, and
other facilities, and the elevation of its track in Chicago
made necessary by municipal legislation, the creation of
Series "P" of its Consolidated Mortgage Bonds has been
authorized in the sum of $10,000,000, bearing interest at four
per cent, and running for fifty years from December 1st,
1903; and of this series $2,000,000 have been issued.
The amount of Capital Expenditures during the year on
the Lines west of Pittsburgh for construction, equipment
and real estate was $16,222,651.38.
These Lines, as will appear from their income accounts
and traffic statistics, handled a largely-increased volume of
business, and were obliged to make extensive permanent
improvements and add materially to their motive power and
equipment. Upon the leased lines of the Pennsylvania Company, and. notably, the Pittsburgh, Fort Wayne and Chicago
and Cleveland and Pittsburgh Railroads, exceptional expenditures were necessary in the elevation of tracks for the
purpose of eliminating grade crossings in cities, in the
revision of grades and alignment, the construction of second,
third, and fourth tracks and sidings, the improvement and
tem, the establishment of additional freight yards and the
further revision and improvement of the grades of your
existing lines, and also to acquire a large amount of additional motive power and equipment. The pressing necessity
for the expenditures referred to was clearly demonstrated
by the operations of the past year. For, while there was an
improvement in the movement of traffic over that of 1902, it
was far from satisfactory. The facilities throughout the
whole system were constantly overtaxed, and this brought
about not only undue expense in the handling of the freight,
but also the diversion of a large amount of tonnage to other
lines.
The conditions most favorable to an economical
movement of traffic existed in 1899, when, although the
volume of business upon the line between New York and
Pittsburgh was larger than in any preceding year, and 19
per cent, in excess of that of 1898, the facilities though not
overtaxed v/ere yet fully employed. As a result the records
show that the cost per ton mile was the lowest in the experience of the Company, having been less than 3% mills.
But with the continued increase in tonnage since 1899, it
has become evident that the limit of your capacity for
regular and economical movement was then reached, anc^
that largely increased facilities must be provided. In 1903
there is an increase of 31 per cent, over the tonnage of 1899,
and while cars and locomotives can generally be procured
with reasonable promptness, considerable time is required
to build tracks, yards, shops, and other terminal facilities.
Pending the completion of these additional facilities, the
congested condition of your system has brought about a
large increase in the ton-mile cost, which for 1903 was 25
per cent, greater than that for 1899.
While the greater
portion of this increase is due to the advance in the rate of
wages and the prices of fuel and materials, the remainder
can only be attributed to the overtaxing of your present
facilities, and to the detention and loss directly resulting
therefrom.
It is only by bringing your facilities to the proper
standard that an easy and steady flow of traffic can be
assured and the minimum cost of movement attained, and
it is to this end that the large expenditures of the last two
years have been mainly directed. The greater portion of the
work referred to will be completed during the present year,
and a brief statement of its present condition is herewith
submitted.
The Brilliant Branch, the new four-track connection between the Main Line at East Liberty, Pittsburgh, and the
Allegheny Valley and Western Pennsylvania Divisions, will
Feb.
THE CHRONICLE.
27, 1904.]
be open for service in the early part of the year, thus
leaving the tracks of those two roads west of the junctions
exclusively for the movement of freight; while the Port
Perry Branch, connecting with the Pittsburgh, Virginia and
Charleston Railway near Thomson, has been practically rebuilt and a western connection constructed between that
branch and the Main Line at Brinton. Large expenditures
have been made upon the Thomson, Ormsby and Clairton
Yards on the Pittsburgh, Virginia and Charleston Railway,
on its new four-track low grade line through South Pittsburgh, in the construction of additional storage, and running
tracks and sidings, and in the revision of the line of its
Redstone Branch.
These improvements will largely sub-
serve the local industries of Pittsburgh, and greatly facilitate the movement of through traffic around that city and its
interchange between your eastern and western systems, by
avoiding the delays inseparable from its passage through
Pittsburgh.
On the Pittsburgh Division, the four-track system was
completed between Larimer and Stewart, Latrobe and
Beatty, and Summerhill and South Fork, as also the elevation through Latrobe, while between Latrobe and Derry,
Blairsville Intersection and Bolivar, South Fork and Viaduct, and Lilly and Portage, the work has so far progressed
that it will be ready for service in the early part of the year.
On the Western Pennsylvania Division a large amount of
work was done in the construction of double track and
reduction of grades between Bolivar Junction and Blairsville, and Salina and West Apollo, and in the revision of
line and increase of facilities at other points.
The construction of the new double-track line about fifty
miles in length via the New Portage Railroad and the
Petersburg Branch, between the summit of the Allegheny
Mountains and the Main Line at Petersburg in the Juniata
Valley, and which forms an alternate route between those
points for the movement of coal and other heavy traffic, is
completed with the exception of the double tracking of
about six miles of the Petersburg Branch, at a point where
a revision of the location will be necessary in the future.
The classification yard at Hollidaysburg on this line is
under construction, as also the engine house and other
necessary facilities at that place. The work on the singletrack west-bound tunnel at Gallitzin is about two-thirds
finished.
The west-bound gravity yard
which was explained
at Altoona, the purpose of
has been in full
in the last report,
operation since May 11th last, and is materially expediting
the movement of traffic and justifying the expenditures
thereon. Large expenditures have also been made in the
extension of the Juniata Shops at Altoona, and on the new
repair shops at Blair Furnace, which are urgently needed
for the proper maintenance of your motive -power and equipment.
On the Middle Division, the work on the four-track system
was practically completed between a point near Newport
and a point a mile west of Millerstown. A large outlay was
also made on the new Line through Newport and on the
four-track system between Newport and Trimmers Rock, so
that there remain but about fifteen miles of this system to
be completed between Harrisburg and a connection with the
Petersburg Branch already referred to. The improvement
of the Harrisburg station was completed and the freight
yards west of that city further extended.
The most important undertaking now under way is the
construction of the Fairview Yard above Harrisburg, on the
west side of the Susquehanna River, for the joint use of
your Line and the Northern Central Railway, the four
tracking by that Company of its line between Fairview and
York Haven, and the building, by your Company, of the
new line between York Haven and Paoli on your Main Line.
As already explained in the last report, this will be specially
devoted to the movement of the coal and other heavy eastbound traffic, which, by availing itself of the alternate line
already referred to over the Allegheny Mountains, can reach
its destination without being, as now, seriously delayed both
in its passage through Altoona and Harrisburg, and by the
heavy passenger and merchandise traffic which so fully
occupy your present running tracks. The remainder of the
year will probably be required to complete this yard and to
build to Columbia, from which point your present freight
line will be utilized until the new road now under construction is built from that point via Atglen to Paoli. Heavy
expenditures have already been made thereon between York
Haven and Rowenna on the Susquehanna River, between
Columbia and Atglen, and between Glen Loch and Thorndale, and the work is steadily progressing.
On the Philadelphia Division, the elevation of the tracks
between Highspire and Steelton above the flood line of the
Susquehanna River, is in progress, and the line was revised
at Middletown, and also at Coatesville where the new stone
bridge now under construction is almost completed.
In
West Philadelphia the new passenger line was finished, the
important transfer station at Thirty-second and Market
Streets put in service, and the freight yards and other
facilities at that point greatly improved and extended. The
elevated railroad, through that section of the city, connect-
827
ing the Main Line and the New York Division with the
Delaware Extension and the Philadelphia, Baltimore and
Washington Railroad, and intended especially for the coal
trains running between the Fairview Yard above Harrisburg
and the Delaware River, as well as for the large merchandise traffic handled at your Dock Street terminals in Philadelphia, and also for the direct interchange of traffic
between the Maryland and New York Divisions, is practically completed.
revision of grades east-bound on the Trenton Cut-off
is being steadily prosereduce them to 15 8/10 feet per mile.
cuted, so as to
On the United Railroads of New Jersey Division, the work
of elevating your tracks through Newark and New Brunswick is still progressing, and will be completed at both
points in the early summer. The tracks of the Philadelphia
and Trenton Railroad on the west side of the Delaware
River were reconstructed, and the new four-track stone
bridge at Trenton put in service in the early fall.
A large freight yard is being constructed at Waverly for
the accommodation of the Harsimus Cove traffic and of that
passing to and from Greenville on the New York Bay, where
the extensive terminal improvements, necessary to provide
for the heavy traffic exchanged with the New York, New
Haven and Hartford Railroad system, as well as for that
destined to New York Harbor points, are being steadily continued. Large expenditures were also made in the improvement of the Meadows shops and Jersey City piers.
Extensive additions were made to your Motive Power,
The
between Glen Loch and Morrisville
Passenger and Freight Equipment, and shop facilities, and
to your real estate and right of way, while, as already noted,
further provision was made for your needs through the
issue of Car Trust securities.
The aggregate amount of these expenditures during the
year upon your Line between New York and Pittsburgh, and
the branches operated in connection therewith, was $44,006,385.92, which includes $11,830,780.90 for equipment and shop
tools and machinery and $4,385,716.62 for right of way and
real estate.
Of this amount, the sum of $22,171,107.60 was charged to
capital account, $9,472,727.62 was charged against the income of the year, and $12,362,550.70 against the premium
Out of the
realized upon the issue of your capital stock.
residue of this premium the sum of $5,000,000 was appropriated toward the cost of the real estate purchased for your
terminal passenger station in New York City, and the balance applied in reduction of value of securities and out-
standing accounts.
The expenditures upon your branch and auxiliary lines
amounted to $6,955,563.43 and were met by the several Companies out of their own resources.
On these lines the largest outlay was upon the roads
specially engaged in the bituminous coal and coke traffic,
and notably upon the Pittsburgh, Virginia and Charleston
Railway, where, as already stated, the exceptional development of the mining and manufacturing industries in the
Monongahela Valley required the most liberal expenditure
This road furnishes your conto take care of the traffic.
nection with these industries, while at the same time,
through your Port Perry branch, it enables your through
traffic to be exchanged with your Northwestern and Southwestern systems without passing through the congested
Pittsburgh district. It was, therefore, deemed advisable for
your Company, which already owned over ninety per cent,
of its capital stock, to acquire the small amount outstanding; and, in order to provide for its capital expenditures, its
stock has been increased to $6,000,000.00 and its funded debt
to an equal amount of four per cent, bonds, bearing date
February 1st, 1904, and running for forty years, the payment of the principal and interest being guaranteed by your
Company.
the Southwest Pennsylvania Railway the main outlay
yards, second track and sidings, as was also the
case on the Pennsylvania and Northwestern, Cresson and
Irvona and the other roads in that district consolidated in
June last into the Cambria and Clearfield Railway, except
that on the Ebensburg and Black Lick Railroad, an extension was made about twelve miles in length from Dilltown
to Black Lick.
A further extension of your Cambria and
Clearfield Railway system is also under construction from
Cherry Tree to Dixonville, a distance of about 20 miles.
This road will be owned jointly by your Company and the
New York Central Railway interests, and the useless duplication of lines' in that territory thus avoided.
The Monongahela Railroad, referred to in the last report
as being constructed in the joint interest of your Company
and of the Pittsburgh and Lake Erie Railroad Company, was
put in service August 31st, 1903, and will be a valuable
factor in further developing the traffic of that valley.
The same conditions, which necessitated liberal expenditures on your Main Line, also, as heretofore noted, compelled the lines west of Pittsburgh to make large outlays:
and this was equally the case with the Northern Central,
Philadelphia, Baltimore and Washington, and Long Island
Railroad Companies. Large advances were made by your
Company to these roads, and in order to repay these ad-
On
was upon
—
:
THE CHRONICLE.
^•J!>
[Vol. Lxxviii.
vanoes and provide for the important "worli now under
projiress on tlieir respective systems the two last named
Companies have each made an issue of $10,000,000.00 of 4
per cent, bonds, those issued by the Long Island Railroad
Company being guarantoeil by your Company.
In accordance with action lalicn al the last meeting, the
Western Pennsylvania. South Fork, Turtle Creek Valley,
West Chester. Downingtown and Lancaster, and Riverfront
Railroads were duly absorbed by your Company under
agreements taluug effect April 1st. 11)03.
On the 1st of August last, the Pennsylvania and North-
The Board have to record with the deepest regret thedeath on November 7th, 1903, of one of your directors, Mr.
William L. Elkins. His connection with the management
began in 1879, when he was elected by the city of Philadelphia to rei)rosent its interest in your Company, and continued uninterruptedly after the city had parted with that
interest, so that for almost twenty-five years the shareholders had had the benefit of his sound judgment, ripe
experience and exceptional business qualifications.
The
Board desire to expreas their deep appreciation of his long
and faithful service and their keen sense of the loss felt by
western. Millersburg, Tyrone and Clearfield, Cambria and them personally and officially at the severance of relations
Clearfield. Cresson and Irvona, and Ebensburg and Black which had existed for nearly a quarter of a century.
To fill the vacancy thus created, Mr. Rudulph Ellis "was
Lick Railroads were consolidated into the Cambria and
As your Company was the elected a Director on the 11th of November, 1903.
Clearfield Railway Company.
The Company also lost during the year, by death, three of
owner practically of all the stock of the subsidiary companies, this step was taken for the purpose of simplifying its oldest officers, Mr. G. W. I. Ball on July 14th, Mr.
the management of these properties and merging into one Thomas Gucker on October 6th and Mr. Bayard Butler on
organization the several roads traversing the bituminous October 12th.
Mr. Ball at the time of his death had retired from active
coal territory on the Allegheny Mountains.
The charges to Capital Account during the year were as service, but as Assistant General Solicitor and Chief Conveyancer of your Company, and in other departments of
follows
your service, had devoted over thirty-seven years of his life
COST OF ROAD
Being extraordinary expenditure in construction
laboriously and conscientiously to your interests. Mr. Butler
of Brilliant Brant*, New I'ortage Road, Petershad been Cashier, Assistant Treasurer and Treasurer, and
hurg Brauoh. new line from York Haven to
had been in your employment for forty-eight years, and
I'aoll, elevated freight railroad through West
Hollidaysburg
Philadelphia,
Fairview
and
when compelled by failing health to withdraw from the
Yards, extension of four-track system on Main
onerous duties connected with the Treasury Department,
Line, double tracking of Western Pennsylvania
Railroad, improvement of Port Perry Branch,
had continued to fill worthily and acceptably responsible
new repair shops and terminal facilities
$16,593,622.37 positions in your organization.
Mr. Gucker had been conCost of Western I'ennsvlvania Railroad
nected with the operating department for over forty years
Cost of South Fork Railroad
Cost of Turtle Creek Valley Railroad
and during thirty years of that period had been charged
Cost of West Chester Railroad
Vv'ith the
administration of important divisions of your
Cost of Downingtown and J-ancaster R. R
Railway, the last twenty years of his active service having
Cost of Riverfront Railroad
Absorbed April 1st. 19(»3, your Company being
been spent upon the Philadelphia Division of your Main
7,120,802.10
the owner of their entire capital stock
Line. He was devoted to his duties and thoroughly loyal
$23,714,424.47 to the interests committed to his care. The Board desire to
EQUIPMENT
fully recognize the integrity and fidelity which marked the
$3,067,450.00
Locomotives
connection of these officers v/ith the administration of your
418,000.00
other Equipment
Car Trust and
:
:
3,485,450.00
2,092,035.23
REAL ESTATE
Total charges to Capital Account for 1903.. $29,291,900.70
The charges to capital on account of the roads so absorbed
mainly represent a transfer on your Balance-Sheet from "Cost of
Securities" to '"Cost of Road."
entire increase of CAPITAL STOCK during the
vear was as follows
On account of the conversion of $29,302,500.00
of vour convertible 3i/> per cent, bonds, dated
The
:
November 1st. 1902. .'.
Under allotment made to
25th, 1903
acquisition
$20,911,650.00
shareholders
March
70,249,550.00
Pittsburgh,
Virginia and
Charleston Railway Co. stock
For acquisition of Pennsylvania and Northwestern
Railroad Co. stock, and in conversion of divi-
For
of
dend scrip
876,100.00
6,100.00
$92,043,400.00
As shown on your Balance-Sheet, there are also $4,764,750.00 of stock, upon which 75 per cent, has been paid under
the terms of the allotment of March 25th, 1903, and for
which certificates will be issued upon payment of the remaining instalment on June
The construction
25th, 1904.
of the tunnel line for the purpose of
connecting your system with the Long Island Railroad, and
establishing a centrally-located passenger station in the City
of New York, has been unavoidably delayed by the legal
proceedings necessary to perfect your title to the real estate
in that city, and by the preliminary examinations that are
essential before a work of such magnitude can be properly
put Hnder contract. The private property between 7tb and
9th Avenues and 31st and 33d Streets has now all been acquired, and also the bed of 32d Street between the avenues
named, by the Pennsylvania, New York and Long Island
Railroad Company. Large additional purchases of real
estate have also been made for terminal yards in Long
Island City, and, with the view of facilitating the work
under the Hudson River, two shafts have been sunk, one at
Weehawken and the other at Eleventh Avenue and Thirtysecond Street. New York City, which will be permanently
maintained after the tunnel is completed.
Cnited Box Board & Paper Q,<>.—New Director. -At the
recent annnal meetiop, J. D, Powera, of this city was elected
a director to succeed R. D. McEwan. See V. 78, p, 788, 705.
United States Cotton Dnek Co.— A^eto Directors.— At the
annnal meeting on Feb 19 George Cator, Albert C. Wall and
N. P. Bond were elected directors to succeed S. M. Lehman,
Henry A, Parr and Robert S. Green. The board now includes:
D. Warfleld, Trenor L. Park, E. A. BrlnckerhoflF, Wm. H. WePlneton, David H. Oarroll, N. P. Bond, J. M. Barnard, T. J. Heyward, F. P.
Carpenter, Albert C. Wall, J. Sonthgate Lemmon. Chaa. K. Oliver,
J, Spencer Tnrner, Jae. E. Hooper, J. E. DnnsOTi, T. M. Turner, Horace
B. Sear?, Geo. Cator, Hugh L. Bond Jr., J. Wm. Mlddendorf, J. B.
Dorsey, Wm. E. P. Duvall.
S.
—
Dividerid, The directors declared a dividend of 3 p. c. on
the preferred stock out of the net earnings for the year, payable March 25 to shareholders of record March 15.
The directors of the Mount Vernon- Woodberry Company
affairs.
with the revised organization taking
Mr. John B. Thayer, Jr., was appointed
Fifth Vice-President, with special supervision, under the
Third Vice-President, of the Freight and Passenger Departments. Mr. William H. Joyce having resigned as Freight
Traffic Manager, Mr. George D. Dixon was promoted to the
vacancy thus created, and Mr. Edwin P. Bates, formerly
Division Freight Agent, was appointed General Freight
Agent. Mr. Robert C. Wright was promoted to be Assistant
General Freight Agent, and Mr. J. G. Searles appointed
General Coal Freight Agent.
Mr. James R. Wood having been appointed Passenger
Traffic Manager, Mr. George W. Boyd was promoted to be
General Passenger Agent, and Mr. R. M. Pile to be Assistant
General Pa,ssenger Agent. Mr. Joseph T. Richards was appointed Chief Engineer of Maintenance of Way, Mr. A. C.
Shand, Engineer of Maintenance of Way, Mr. Robert M.
Patterson, Superintendent of Freight Transportation, and
Mr. Charles M. Sheaffer, Superintendent of Passenger Transportation. Mr. H. A. Jaggard was appointed General Agent
at Pittsburgh, and Mr. Andrew Keiser Superintendent of
Telegraph.
Mr. P. Frank Hunter having, on account of
impaired health, been relieved from the duties of Assistant
Treasurer and assigned to special duties in the Treasury
Department, Mr. George A. Walker was promoted to fill the
vacancy thus created.
The Board desire to express their acknowledgments to the
officers and employes for the efficiency and fidelity with
which they have performed their duties under the exceptional conditions prevailing during the past year.
By order of the Board.
In
effect,
accordance
June
1st, 1903,
A.
J.
CASSATT,
President.
STOCKHOLDERS MAY OBTAIN COPIES OF THE REPORT
PAMPHLET FORM ON AND AFTER 1st MARCH, 1904. ON
APPLICATION IN PERSON OR BY LETTER TO LEWIS NEILSON, SECRETARY, ROOM 271 BROAD STREET STATION,
IN
PHILADELPHIA.
passed the following resolution against paying theJaiiuary
coupons on the income bonds:
ReBOlved: That the board of directors having corel'ered the efatement sabmltted by the Treaenrer, It la the Jadgment ol the board that
there are no earnings properly applicable to the paynoent of the Interest warrants of Jan. 1, 1904, upon the first mortgage iocome
bonds of the company, and that therefore no snch payment be made.
See annual statement on page 817 —V. 77, p. 1750, 404.
United States Realty & Constrnction Co.— Directors Resign.— The resignationfl of Directors B. Aymar Sands George
C. Clark and Henry L Higeinson were presented to the
board on Tuesday. Compare V. 78, p. 233. 587.
P/an«.— The suggestion to give the preferred shareholders
70 per cent in new first mortgage 4}^ per cent bonds and 30
per cent in new stock, in exchange for their holdings, was
followed by a proposal to give a less amount of bonds and a
larger amount of stock. It is hoped soon to agree on tatlsfaotory terms.— V. 78, p. 587, 233.
Feb.
THE CHRONICLE.
27, 1904.J
Unit d States Shipbaildlni? i^o —Ceposita.— T tie time to
bonds nnder the modified reorganization plan dated
Of the $24,000,000 of bonds
1904, expires March 5,
Feb. 4,
there bave been deposited about $32,000,000, and the success
829
deposit,
of the plan
is
considered as assured.
See V. 78,
Pennsylvania.—
at 113 North
a'; par end interest a
per cent gold bonds, coupon
United Teleplioae & Telegraph Co.
Bonis Offered. -This company, with
Broad St., Philadelphia, Pa., is offering
block of
its
first
m >rtgage
5
p. 587, 705.
of
office
and $1,000 each, with privilege of registration,
dated April 1. 1901. and due Jan. 1, 1931, but subject to call
between 1906 and 1916 at 105 and interest, and between 1916
and 1931 at 102i^ and interest; interest payable January and
botids for $500
Jalyatthe Eqaitable Trust Co., Philadelphia; amount authorized and amount issued, $3,000,000. Capital stock, $3,-
A
000,000.
circular says
:
lineg of the company, which include the Cumberland Valley
Telephone Co. of Pennsylvania, the Cumberland Valley Telephone Co.
of Baltimore City. Md , and the Winchester Telephone Co of Virginia,
cover the territory in Pennsylvania from Altoona and WIlUamBport,
east and eoath, excepting the towns of Soranton, Wllkesbarre, Allentown. Reading, and small towns In thefr proximity (which are covered by the Consolidated Telephone Co'e of Penna.,wlth whcmthe
United Telephone <k Telegraph Co. has a tralBo agreement); aiso a
part of Maryland, Virginia and West Virginia. Through more than
18.000 telephones [contrasting with 17,284 In December, 1902, and
8,543 in December, 1901] extending over 2,600 miles of trunk pole
lines, amounting to over 1)0,000 paid messages per anntim. and indl
reotly through connecting Independent telephone companies, all the
principal cities and towns In the States named, including Philadelphia and Baltimirc are reached. The telephone messages for the
current year ending .June 30, 1903, approximated 70.000.000 calls.
The
Revenue from 18,450 tele$5.S0 2; miscellaneous, $i,020;
total. $38,836. Cost of operation. $11,612; maintenance, $5,571;
feneral expenses, $1,865; taxes, $932; insurance, $267; total. *20,47, Net earnlnKS, $18,539- Deduct interest on all bonds (United
T. &T. Co. and Cumberland Valley T. Co.), $12,134, and guaranteed
dividend on stock of Cumberland Valley T. Co., $444; bfiUnce surplus revenue for December, i903. $6,011, being at rate of $72,186 per
annum, or 36 p. o. on $2,000,000 capital stock. For calendar year
1903 gross income from rentals, $433,980, against $339,954 In 1902.
The December, 1903, statement shows
phones,
$33,.'S14;
:
toll-line receipts,
Richard G. Park is President and S. R. Caldwell, Secretary and Treasurer. Compare V. 74, p. 1313, 1307.
VPhite Knob Copper Co.— Bonds.—The shareholders will
vote March 6 on ^issuing $1,000,000 first mortgage 6 p. c. 10^ear sinking fund gold bonds, convertible at par, into stock,
to provide for the redemption of the present outstanding de
Toenturee, the remainder to be sold to provide working capital.-V. 75, p. 1414.
Woronoco Paper Co. of Rassell, Mass.— La^er Information. The plant now has a capacity of 12,000 Ibp. each
twenty-four hours. Canital stock, $350,000; bonds, $150,000.
Preeident, H. A. Moses. Compare V. 78, p. 774.
—
—The
question of taxing franchises is now up for settle
in ttie State of Michigan, where the matter has assumed
a different form from tba^; in New York, inasmuch as the
problem there is in part ^^[hether there is such a thing as intangible value outside of the physical property, and if so,
how it can be fairly appraised from the point of view of
business and political economy. Mr, Thomas L. Greene of the
now ia Michigan, having
Aadit Company of New York
been retained to assist as special expert in the solution of the
ment
h
problem.
—
&
Forshay offer to investors a seMessrs. Zimmeimann
lection of foreign government bsnds bringing the investor
from 3^ to 7 per cent on the investment.
The Financial Review (Annual), published at the office
of the Commercial and Financial Chronicle, is now ready.
It ia an invaluable book for reference throughout the year.
Some of the contents are as follows
Retro8pect*of 1908, giving a comprehensive review of the
business of that year, with statistics in each department,
financial and commercial.
Bank Clearings in 1903, with comparative statistics for 20
:
years.
Record of Transactions on the New York Stock Exchange
in each of the past 10 years.
Securities listed on the New York Stock Exchange in 1903.
Money rates by months for past four years on all classes
of loans.
Weekly Bank Statements in 1903.
Crop 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.
Foreign Exchange— Daily Prices in 1901, 1902 and 1903.
Bank of England Weekly Statements in 1903, and the
-changes in the bank rate from 1895 to 1903.
Government Bonds— Monthly Range since 1860.
State Bonds— Record of Prices since 1860.
Railroad 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
«f Earnings, Dividends, Railroad Construclion, and other
statistics for a series of years.
The price of the Review is $2.
William B. Dana Co., 763^ Pine Street, New York.
Copies may also be had from P. Bartlett, 513 Monadnock
Blk., Chicago; Edwards & Smith, 1 Drapers Gardens, LoEdon.
CO
M M E R C fAL
E P I T oTmIe
Friday NiaBT. Feb.
,
26, 1904.
Basiness in most lines of merchandise has bsen reported as
A feature of the week has been the increasing
fairly active.
interest buyers have shown in staple products for delivery
within the next sixty days, orders for fairly good lines for delivery with the opening of interior navigation being received.
Complaints of congestion of railway freight traffic between
seaboard and interior markets have continued to be heard.
A grain-freight rate war continues to be reported from the
West, and there also has developed a grain-freight-rate war
between Bnffdlo and New York. An unsettled market has
continued to be reported for pig iron, with prices gradually
slipping back to their recent low basis. In the speculative
markets outside interests have been trading actively ingrain
at advancing prices, influenced by the war news.
Lard on the spot has been firm and higher, in sympathy
with an advance in the speculative market. Basiness has
been only moderately active. The close was quiet at 8-30o. for
prime Western and 7'25@7'75c.for prime City. Refined lard
has been held at higher prices, closing at 8 35c. for refined
for the Continent. Speculation in lard for future delivery
has been fairly active. An advancing market for hogs and
outside speculative buying have been the strengthening
factors. Packers have been sellers. The close was easier
under profit-taking
sales.
OAILT OUOaiKO PaiOSG OP LABD rUTUBKO IN CHICAGO.
fon
fvet
Sat.
Wed.
SFhura.
Jfri.
805
HoU7 87ia SCO
Maydel'y
8 12»« 8-05
817ifl
day.
8-00
8-15
July del'y
8-35
8-2i^
Porkba3 been in fairly active demand and higher, closing
steady at |16 75@17 50 for mess, $16@17 50 for short clear
and |16 25@16 75 for family. Cat meats have had a moder-
and prices have advanced to 6}^@6>^c. for pickled
shoulders, 9^@10i^c. for pickled hams and 7)^(9i8J^c. for
ate sale,
pickled bellies, 14@10 lbs. average.
Beef has had a fair
jobbing sale, and prices nave been steady at $7 50@8 50 for
mess, |10@11 for packet, $11@12 for family and $16@16 50
for extra India mess in tea. Tallow has been firm but quiet
at. SJ^'asj^c.
Stearines have advanced slightly, closiog at
fi/^@«Kc. for lard stearine and 7@7l^c. for oleo stearine.
Cotton-seed oil has been in more active demand, and prices
have advanced to 393^@393.^c. for prime yellow. The better
grades of butter have been in fair demand and firm, closing at 15@263^c. for creamery. Chees9 has continued in
steady demand at unchanged prices, closing at 93^@12o. for
State factory, full cream. Fresh eggs have been easier under
larger supplies, closing at 28c. for best Western.
Brazil grades of coffee have continued to drag, depression
in the speculative market as a result of bear manlpula' ion
holding the trade demand in check. The close was quiet at
6^0. for Rio No. 7 and 714c. for Santos No. 4. West India
growths have been'duli and prices have been easier, closing
at 8^8?. for good Cucuta. East India growths have been
quiet. Speculation in the market for contracts has been
fairly active, but at lower prices, due to aggressive selling by
bear interests and liquidation by tired speculative holders.
The
close
was
steadier.
Following are the closing asked prices:
5550. July
6 05o. Oct
Feb
6 40o
March
5-65o. Aug
6-20c. Dec
6-55o
5-800. 8epr.
May
,...0 6-30c. Jan
6 650
Raw sugar has beea in more active demand and prices
have advanced slightly, closing at d%'Z. for centrifugals, 9ft
deg, test, and 2J^c, for muscovado, 89 deg. test. Refined
sugar has been tairly aative, closing firmer at 4'5iJc. for
granulated. Teas have continued in active demand and firm.
A moderate volume of business has been transacted in seedleaf tobacco.
No large individnal transaction, but a fair
number of small lots have changed hands, and at steady
prices.
Sales of picked forced sweated New England tobacco
have been reported made at 68c. Basiness in both Havana
and Sumatra tobacco has been quiet, but prices have been
•
unchanged and steady.
Offerings of Straits tin have increased; foreign advices
have been weaker, and prices have declined, closing at 27'75@
Ingot copper has sold slowly, but prices have been
28'12J4c.
unchanged at 12i^@l2%'c, for Lake. Lead has been quiet
and unchanged at 4 50@460o. Spelter has advanced slightly
to 5'0l5@5"15c.
Pig iron has been quiet and unsettled, closing
at $14 25@I4 75 for No. 2 Northern and |13 00@13 50 for
No. 2 Southern.
Refined petroleum has been unchanged, closing at 8 95c. in
bbls. 11 650. in cases and 6 05c. In bulk.
Naphtha has been
unchanged at 12 40c. Credit balances have been steady,
closing at $1 80. Spirits of turpeutine has sold slowly and
prices have declined to 63}>^@64c. Rosins have been quiet and
easier, closing at $'<J'75@$'i'80 for common and good strained.
Wool has had a moderate sale at firm prices. Hops have been
quiet but steady.
.
1
I
i
I
I
.. .
. .
THE CHRONICLE.
830
COTTON.
Fkiday NianT. February 26, 1904.
The Movement of the Cbop as Indicated by onr telegrame
from the Sonth to-night, is given below. For the week ending
evening the total receipts have reached 66,597 bales,
this
against 87.921 bales last week and 127,081 bales tliw prevlone
week, making the total reoeluts since the Ist of Sept., 1903,
6 898 275 bales, against 6,509,630 bales for the sam"^ period of
1902-3 showing a decrease since Sept. 1, 1903 of 116,355 bales.
JUteipU at—
Hon.
Sal.
OalTeeton.
Sab. Pass, &o.
New Orleans. .
riw.
Wed.
Tkur$.
Iri.
982
21,792
1,349
25,481
812
370
68
164
870
956
928
366
28
26
9
777
638
327
..«->
1,486
4,028
3,634
4,272
5.149
4,216
166
2,674
71
6,124
S27
76
4.616
19
1,010
765
1,212
1,231
1.163
7
8
103
1,153
Pensaoola, Ao.
Savannah
Bmnsw'k, &c
Charleston .. ..
Pt. Royal, Ac
Wilmington. . .
Wash'ton.&o.
8
8
9X8
456
953
663
N'p't News, Ac.
125
91
79
240
138
184
95
19^
224.
246
643
196
1,111
8,272 15,229
66,597
Baltimore.
Ao
Tot. this week. 11,119
9.736
4,411
1,486
364
33
523
>*••
York.
Boston
5
181
••>
......
9,150 13.091
648
897
The following shows tha week'd total receipts, the total since
1, 1908, and the stocks to-night, compared with last year,
Sept
1902-03.
1903-04.
Receipts to
Feb. 26
TMs
Since Sep.
1, 1903.
week.
Galveston.
21,732 2,162,111
Sab.P.,&o.
1,349
95,924
New Orleans 25,431 1,716,157
812 186,976
MobUe
P'saoola, &o.
370 122,371
Savannah...
«,357 1,049,725
Br'wlok, Ac.
928 117,356
Charleston..
455 146,284
P. Royal, &o.
6
1,088
.
WilmluKton.
Wash'Ui &c.
Norfolk
N'portN.,&o
New York..
Boston
Baltimore.
Phlladel,&o.
Totals
181
316.092
336
413,840
14.200
4,411
1,486
364
6,537
15,279
20,277
9,746
1,111
648
897
This
week.
Stock.
Since Sep.
1, 1902.
1904.
37,824 1,859,434
4,788
103,913
43,428 1,859,245
3,579 189,139
202 132,066
21,395 1,151,161
497 108,720
2,090 205,102
221
4,667 312,142
387
10.626 427,826
66L
19,563
335
26,819
7,014
63,567
2,741
31,280
1,292
19,046
1903.
84,332
217,104
369 960
20 367
320,822
52,886
11,240
7,225
87,828
13,119
11,333
2,743
12,262
10,387
2,191
76,531
34,000
5,097
2.363
66,597 6,393.275 143,939 6,509,6801
30,927
679.3251
[Vol. Lxxvin.
In addition to above export!, onr telegrami to-night also
give 01 the following amounti of ootton on ahlpboard; not
cleared at the porti named,
add imllar flgurer for
Mew York, which «re prepared for our special use by Messrs,
We
Lambert * Barrow*. Produce Exohange BuUdinr.
OM BHIPBOa.BO, HOT OLBABRD VOB—
Feb 26 at—
13,893
514
126.777
47,000
4,467
0,033
892,109
New Orleans.
Galveston.. ..
3,661
19,672
8.955 6,098 7,550
7,086 15,983 12,271
at—
1904.
1903.
23,141
25,431
42,612
43,428
3,579
24,395
2.090
4,667
10,626
1902.
1901.
1900.
New
<feo.
Orleans
MobUe
812
Savannah
. .
6,357
Chae'ton, Ac.
Wllm'ton, &o
Norfolk
N. News, Ao.
All others...
wk.
Tot. this
460
131
4,411
1,486
4,318
65,499
57,240
81,220
39,681
1.555
15,448
4,097
1,769
1,232
1899.
561
18,286
143,939
66,597
693
12,081
156,347
24,308
124,599 157,686
6,760
24,266
56,795
1,697
30,809
9.791
1,403
12,883
1,255
18,787
91,128
10,218
1,979
2,461
5,333
168
23,257
15,161
28,724
3.470
8,178
1,517
761
8,722
287
Since Sept. 1 6893,275 '6509,630 6371 894|5888,007 5506,028 7259,616
The exports for the week ending this evening reach a total
of 54,832 bales, of which 38,816 were to Great Britain, 772
to France and 20,241 to the rest of the Continent, Below
are the exports for the we^k and since Sept. 1, 1908.
Weelt Ending Feb. 26 1904.
Ex/portt
^
from—
1
1,245
,
250
Sab.^aaa. &o..
Orleans..
19,769
297
Mobile
Pensaoola
gavannali
Bnmswlok
1, 1908, to Feb
Exported to—
Sept.
Great
Great
Conti- lotal
BriVn. '^"""l nent. Week. Britain.
Oalveston....
New
From
Ext>ortedto—
11,666
1,215
250
17,116'
"^8
529,016 212 6
81,212 16,308
2,438
168.224' 66,299
31,664
N'port N., Ac.
New York
551
Boston
Baltimore
1,118
1T6
2.07i
132
1,678
280
....
1.013
551
848
280
551
818
Ac
Total, 190203.
38,816
77.«>-e
6,860
200
200
175,615
73,06*
23,636
46,145
22.665
27
644.948 1,684.546
69 558
k6,667
169,919 1,211.663
55 401 101,946
61.537
112,892
533,185 768 008
fc5,205
13,055
Total 1904..
28,703 16,041 31,681 20,231 12,141 108,687
570,638
Total 1903..
Total 1902..
64,749 38,240 68,905 29.02l' 10,713 198,628
65,689 11.378 81.938 22,589 16,966 138,560
695,481
681,809
91,238 170,017 8,110,299 683,1 flO
600
100
500
7',506
i'.sso
600
100
9,380
7,000
7,000
"ibo
400
2'6oo
4",oo6
Speculation in cotton for future delivery has been active
but the tone of the market ba? been unsettled. Early
in the week leading bull interests in the New York market
bfcame aggressive, and on their leadership and buying prices
steadily advanced, May delivery selling up to 14 883. and
July delivery to 14'8lc. Subsequently, however, there developed a reactionary tendency. The reports of a disturbed
financial situation in Continental Europe had an unfavorable
inflaence and the leading bull interest was understood to be
•celling out, realizing profits.
At the close of the week the
market was again stronger and a fair advance in prices was
established. The movement of the crop has been small,
the amount of cotton in sight for the week being considerably under the total for the same week last year. The general statistical position of cotton was reported a strong one,
and at each reaction in prices spinners and exporters have been
reported ready buyers of oflfariaga of cotton. Advtnces from
the English market report that not only are stocks of raw
cotton limited, but that only limited supplies of cotton goods
exist.
At the close cable advices were received saying that
some of the Lanoashire spinners had decided to resume
work on full time. To-day the market was fairly active and
higher. Liverpool advices were much better than expected
and the crop movement was small.
limited amount of
cotton was tendered on March contracts, but it was quickly
abiorbed. The close was steady at a net gain for tne day
of 28@93 points. Cotton on the spot has been unsettled,
closing higher at 14 '750. for middling uplands.
The rates on ana ofif middling, as established Nov, 18, 1908,
37 the Revision Committee, at which grades other than
niddling may be delivered on contract, are as follows.
ralr.....
..........0. 1-30 on Good Hlddlimg Tinged ..0.
Even
middling Fair ..w..^ ...... 0-96 on Strict Middling Tinged.... 006 off
itrlot GK>od Middling...... 0-62 on Middling Tinged
012 off
9ood Middling
0-44 OB atrlot Low Mid. Tlnsred... 0'34 off
A
itriot
Low
Middling
0-14
Low Middling
„ 0-88
Strict Good Ordinary ..... 0-72
234,158
866
80.040
78,081
24,695
37.661
0*50 off
Tinged... 0-84 off
Sat.
13-50
Low
Mon Tnes WeA
1412
Middling..
Middling
Good Middling.
Middling Fair..
Sat.
Good Ordinary.
p.
W
Low Middling
13-00
14-00
Strict Low Middling Tinged... 14 18
Gtood Middling Tinged
1450
...
l¥ed Th. Frl.
14-67 14 17 13-97 14-62
nKon Taes
Sat.
31,886
2,030
37.631
A82^6iH
6,098,045
1571
1505 14 65 14 36 1500
10-49 1*99 1*79 10-44
16-01 1651 15-31 15-96
15 19
15-71
STAINED.
16-06
1405 13 55 13-36 14-00
©
1475
Middling..
Middling
Good Middling.
Middling Fair..
1676 1526
Mon Taes
13-75
14-37
Low
Middling.
0<<1
16-46
GULF.
13-80 13 30 13-10 13-75
14 42 1892 1.^72 1487
1480 14 30 14 10 14 78
10-24 14 74 14: 54 15-19
n
o
14 50
14 94
Tb. Frl.
Wed
Tb. Frl.
13-30 12-80 12-60 1325
13-80 1360 14*25
14-46 1396 13-76 14-41
14 80 14-30 1410 14-75
Hon 1430
day.
The ijuotationa tor middling upland at New York on
Feb. 26 for each of the pist 83 years have been as follows.
1903
1902
1025
1901.
8\
9H
1900
1899
9816
6t«
1896. ...c, 779
1895
59,
1888. ...c 109i6
1887
9»i8
1894
1886
1886
1884
1888
1882
1881
7<ie
1898......
9k
1892...,.,..
7iie
..
I88O....O 131)6
813]«
11 »«
lOlSjfj
9i3,g
1879
10i5i6
1878
1877......12^
1876
12%
1878
16»e
1891..... 9
103,6
1898.
1890....„llBi6
lHha 1874......16
65i6
1889...„.10ie
20%
1897
7616
1878
118i«
Note.—On Oct. 1, 1874, grades of ootton as quoted were changed.
According to the new classification Middling was on that day quoted
%o. lower than Middling of the old classifloatlon.
815 580
1972
Good Ord.
Strict
Good Ordinary.
303.688
8.066
1.600
116,380
Low Middling Tinged
ofl
off
off
ofl
0-50 off
Middling Stained
»ood Ordinary
l-oo
Strict Low Mid. Stained... 1-06 off
atrlot Good Mid. Tinged.. 080 on Low Middling Stained
1-50 oft
Oa this basic the official prices for a few of the grades for
the oast week— Feb. 20 to Feb. 26 -would be as follows.
43,055
772| 20,811, 51,832 1,960,732 636,884 2,317,677 1.915.143
1,080
28,926
66,281
6.000
Charleston...
Mobile
Norfolk
Hew York....
Other ports .
1904.. ..0.14-75
Total.
1,300
67,880
1,000
13,9i8
Continent.
86, 1901
7,124
...
Port Royal....
Wilmington.. 10,918
Norfolk
Total
18.691
78,081
....
Ptaiiadelphla.
I^'-*"*'*
711.8S0 308,288
Ckturleston....
Ban rran.,
.,
31,622
.•••••
2,138
1
2,672
1,269
..
UPLANDS.
Galves'n,
•totk.
total.
341.034
28.051
52,236
7.125
10.987
3,387
76,134
51,684
Savannah..
,
In order that a comparison may be made with other years,
we give below the totals at leading ports for six seasons.
Beceipts
£«a«iN0
Ortat
e»rOther OoattBritain fr'not many. for'gn ioitt.
6,367
6
16
Norfolfe
Philadelp'a,
Total.
5,628
1,349
2,651
9,318
Mobile
New
A
.
.
.
HABKET AND
JPOT Mabkbt
OLO8BD.
Saturday.. Quiet
Monday....
Tuesday... Qniet,'30 ptsVad.
Wednesday Qaiei.SOpiB. de,
Thursday.. yjulet, 20 pts. dc.
lialet,65ptB.ad.
Friday
Total
SALES.
jtutobbs
Mabkbt
O1.0SED.
ULBS or SPOT
Sioort.
Firm
Oantump.
<k
OOHTBACT
Oentruet.
20»
203
..Holl day.
B'Vly steady.
..
"65
"66
nrm
ro<a(.
steady
ibo
Steady
....
383
125
100
383^
Feb.
THECHRONICLE
27, 1904.
831
—
At the Inteeioe Towns
the movement that is the reoeipta
week and since September 1, the shipments for the
week and the stocks to-night, and the same items for the
for the
oorresponding period of 1902-03— Is set out in detail below.
eezsQ
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9
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.._
Snrope.
Bxoaeb rine, Liverpool.. ...»
Tinnevelly Good, LfverpooL..
:8l
ao«it9t9©6MiiOiP-Mo©©©«^M©i^©©w>aMco>oicio-40©©WM
•
CJ>
M MMM en M
«0M©
If^W
I
•
»'^ai0}O'^<X)-iCD<i<\'
eOMM M
M ^Men©MtOMMQOM50M
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<1 <0 to >- en OO 1^ 00
*. en 00 en CO O-
<D©(x>u5aD«MO(OiOaD; a,~j©oo:cB»OQooDao©M*»©«co«coMt3®
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loy
634.000
72,000
676.000
341.000
679.325
353,842
599,000 1,014,000
641,000
7d.
6l3i6d.
539,000
569,000
892.109
836.013
6.440
&d.
6d.
49, ed.
4SBd.
5J4d.
6(J.
tW Continental imports past week have been 150,000 bales.
The above
M
to
OS
00
639.000 432,000
470.000 368.000
United States stook.
820.369 911,510
......
United States Interior stooks
537.706 683.597
27,583
8.518
13,990
United Statesezports to-day.
TOtalAmenoan
2,684,685 2,931,662 3,395,066 3,063,690
Ma$t Indian, Bra»il, de.—
85,000
Liverpool stock....... .....
84,000
73.000
93.000
11.000
London stook
11,000
6 000
7,000
46.200
Continental stocks.... .........
33000
33,000
32,000
India afloat for Bnrope . ....^ 257000 133,000
79,000 120,000
29.000
37,000
41.000
48.000
gypt, BraiU, *o., afloat
..
took in Alexandria, Egypt... 253 000 177,000 252,000 186,000
Bteok In Bombay, India....... 393,000 555.000 540,000 479.000
Total Bast India, *o.
j.1,068,000 1,019,000 1,045,000 956,200
Total Amerloan.. .......... 2,684,685 2,931,562 3.395,065 3.083,690
Total visible supply
.3,752.685 8,950,562 4,440,065 4,019,890
5144.
Middling Upland, Liverpool
458(1
762d
5-40d
Middling Upland, New York., 14-750.
8i3,eo.
1025c
93iaO.
9i4d.
7ih6l.
gypt Good Brown, Uverpool
838d,
7-50(1.
77, ed
Pernr. BoQgb Good, Liverpool
9'76d.
7d.
afloat tor
^9
MM en v» M © <e © "J MO M OS ©^ »J M^ •aCO*"- to M M © »0 U><l «J
*>'.ooo*»«-j'OOMW-ao5'x>M©a3<o»OMCnK-5*.c^McnM*'©MOoo5»o©aD
Amtncan—
4merloau
o'yV Oi©V a aoVi*. i^wloos m -.jtcomos
^cecoos«-o;OMO«>'Os^<7wcooDc;<M«M^OQO©tatavMcooDM«~j
The above totals snow that tne interior stooks have tieareased during the week 15,966 bales, and are to-night 17,829
bales more than same period last year. The receipts at all the
towns have been 88,358 bales less than same week last year.
We give
ftgares for 1904 show a decrease from last week
of 101,287 bales, a decline of 197,877 bale* from 1903, a decrease
of 687,830 bales from 1902 and a loss of 267,205 bales from 1901.
1902-03
1903-04.
February 26.
WteJt.
Mint*
Mtpt. 1.
iKnss
FMft.
M*pi.
1.
Siiipped—
via St. Louis
VlaOalro
Via Padaoah
Via Rook Island
Via LoulByllle
Via Olnolnnatl
Via otber routes, &c
13.846
7,341
"319
8,779
246
.,
Total gross overland....
Deduct sMpmentt—
Overland to N. Y., Boston, *o..
interior towns
Inland, <fco.,from Boutb
...
Total to be deducted
Leaving
2.984
83,515
363,624 22,630
216,731
1,695
26
12,91S
i'432
86,266
2,418
753
25,815
165,650
4.587
681.779
172 496
1,74&
26,711
98,281
29.493
226.423
871,025 33,315 1,136,908
3,020
49
2,794
61,839 11,382
297
25.315
1.528
40,899
140.712
36 429
6,863
Between
.,
Continental stooks......
vj o:
'*> be
1904.
1903.
1902.
618.000 672.000 1,107.000
Btoflk at Iiondon.^.^..^.....^
11,000
7,000
6.000
Btook at Manchester ,.M ...^.
72,000
Xotal Great Britain stooh.' 701.000 679,000 1.113 000 737,000
took at Hamburg.. .....»«...„
7.000
8.000
9 000
15.000
took at Bremen..^ ........... 406,000 286.000 243,000 219000
took at Antwerp
.^..
4 000
3,000
8 000
4.000
took at Havre..... ..... . .... 223.000 182,000 229,000 169,000
took at HarBemeB...M.
3000
2000
4 000
3,000
„
took at Barcelona
35 000
48,000
28.000
55,000
took at Genoa.,...
34,000
29,000
53.000
36.000
took at Trieste . ..^^ ..^ .....~
2000
5,200
2,000
2.000
Total Continental stooks.
729,000 572,000 571,000 478.200
Xetal Buopean BtOOkB..^l,430,000 1,251,000 1.683,000 1,215.200
India ootton afloat for Bnrope 257.000 133,000
79.000 120.000
mer.oottonafloattorB'rope. 341.000 569,000 470.000 388,000
29,000
g7PttBrazll,&o.,aflt.for E'pe
41.000
43 000
37,000
took In Alexandria, Egypt. .. 253.000 177.000 252.000 186,000
Bteokln Bombay. India
393,000 556,000 540.000 479,000
took in United States ports.. 679.325 892.109 820.369 911,510
took In U. B. interior towns.. 353,842 336.013 637,706 683.597
27,583
8,518
6440
13.990
United States exporte to-day..
Total visible supply .
3,752,685 3,950,562 4,440,065 4,019,890
0< the abeve, totals of American ana other descriptions are as f oUowe:
Manohester stock
cj-
M
to
to
00 *. © wa> »
m
w^ eeas<:;iAOo«4to»aocia>4M
c -J
Overland Movement fob the Week and Since Sept. 1.—
below a statement showing tuo overland movement
for the week and since Sept, 1, as made np from telegraphic
1901.
The results for the week ending
726,000 reports Friday night.
11000 Feb. 26 and since Sept, 1 In the two years are as follows.
Stoek at Liverpool i«....b»iei.
bales
Wle "© -100 ©i^M
00 <)<J 50j»
"
cable and telegraph, is as follows. Foreign itocks, tua well
as the afloat, are thie week's returns, ana oonseqnentiy al)
foreign figures are bronght down to Thnraday evening,
Bat to make the total the complete fignrev for to-night
(Feb. 26;, we acid (he item of exports from the United States,
Inolnding in it the exports of Friday only.
Uverpool stook
'-','-
'
M
M
M
M
CD
M IS
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Thb Yibiblb Bupplu of Oottok to-n!gnt, as made up
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^«©iC>^M»MtgtO00U<t3Mt9CnO^©03U1CCXK)©l(^9%>abJO00(0
CO
Ota
M
* 05 © » <J 0« <I M OS M^jO-pi .-J M M 01 -a M OS M TO *> 05_M Q0^»» <150 <I
CO
Id
»J00
9
'9
Wfi<Dcb
IMf''
i
050^
a
M
OJ
>4at>M<]MM_MM«OMMOoa3<ic^co9iikOo
5".*."'
>
co^
ao<
Il^(^
CM MM ©M
la
»
KOD
toto
C3C^
,
I
,
I
'
*
'
to 00
9
COiU
'
<0
H© M©
b9»a
0105
*
10
coob
tata
.
*
kSQo
c;i»a
I^CO
>-'>-•
I
^
M
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Id
MM M «
taw M
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9
MM
118,053 13,207
213,156
36015
total net overland*...
27,652 752,972 20,108 923,762
Canada.
The foregoing shows that the week's net overland movement
{his year has been 27,653 bales, against 20,108 bales for the
^eekin 1908, and that for the season to date the aggregate net
iverland exhibits a decrease from a year ago of 170,780 bales.
*
Including
movement by
rail to
1903-04
1902-03
In Sight and Spinnert
Taking;
Receipts at ports to Feb. 26
Net overland to Feb. 26
southern consumption to Feb. 26.
Total marketed
interior stocks in exoess...
Came Into
spinners' tak'gs to Feb. 26
8inf
Mintt
Kevt.
1,
Ifss/k.
Mtpt.
1.
66.597 6,393.275 143.939 6,509.630
27,662 752.972 20.108 923.762
42,000 1,041,000 41,000 1,041,000
136,249 8,187,247 205,047 8,474,382
*
15,966 842 24n * 46,986 272,935
sight during week.. 120,283
Total in Bight Feb. 26
cf orth'n
WMlt.
169,061
8,629",487
8.747,317
68,990 1,709.892' 48.022 1.603.978
Decrease during week.
into sight in previous years,
wukBale:
Since Mept, 1—
1902 -Feb. 28
198,346 1901-02— Feb. 23
1901— Mar. 1
„ 160,177 1900-01— Mar. 1
1900 -Mar. 2
„. 160,076 1899-00— Mar. 2
18J9-Mar. 8
129,381 1898-99-Mar. 3......
*
Movement
Bale$.
8.624,385
8,241.323
7,601.398
8,368.169
—
.
. .
.
—
-
(^DOTATIONS rOB MIDDLING CJOTTON AT OTHKB MARKETS.—
Below rtre nloalng quotations of middling cotton atHouthert
and other prinoiptif cotton markets for each day of the week
QOOTATIOIta rOR
UU>I«II10
Week etidtna
teb. 26.
Man.
Batur
(n^iUVMton...
Mobile
SkYMnnah...
OliArlMtoii
fMM.
Wtdnet.
14
14
13
Wilmington.
Hortolk
Boston
Baltimore .
a
C
IS\
o
->>>•
I4I4
14-50
14-50
13- 25
I4I4
14
14
14
14-30
14
14
13"8
14
131«
14
14
13-80
13^
13<>8
.
..
Fri.
IP's
13*.
14
13\
lS»a
Tkur$.
I4I4
1350
1410
15 05
14 80
14-75
14-55
14
I45i
M"*
13\
18''«
IS**
13»4
13
IS's
13'8
14
14
14
13ii
13%
13^
13>«
1314
131«
13^4
14
o-
PMlAdelphU
Anrneta
Memphis
St. LotU8....
M
14-5
Hoaaton
Little Rock.
14'/ft
I4I4
1309
I4>ii
13%
We
oloslng quotations to-day (Friday) at other Imports nt
Southern markets were as follows,
NMbvllle
13%
AthenB
OolombOB.MisB 13>e
1314
Nstohes
AtlABta
£tifaala
13^
B&lel)?h
14
13%
Loalenile
Charlotte
ShreTeport
13 69
MontKomery... 13%
OolamboA. Oa. 13%
—
New ubleans Option Makket.—The highest, lowest and
oloslng quotations for leading options In the New OrleanF
cotton market the past week have been as follows.
Feb.
Monda
Feb'abt—
Ranse
—
20
ft
Cloelng...
i3aoa
Range
1
March—
. .
Mat-
Feb. 22
13-809
3-30 » -68
13649-07 18-45
13-919 - 13-44
13-30«i)l
n
Bange.... 13-7S9-1Q
.
.
Tiitsdav, Wed'day, Thursd'y Fridau
Feb. 24. Feb. 25
Feb. 23
Feb. 26.
_ «- — 9- — «— — ®
- 13 409- 13-629 - 14-15 9 -
—
—
13-76 »-77
14039
14 44a>
Range.... 14139-64
^
Cloelng... 1416 a 17
13-979
60 13-809-78 13-79 -j-aa 14-25® 63
13-94 a -95 13 98 9-99 14-699-60
—
- — «
-
— @—
14-109-30 13 60 « -66 13 709
TOHB—
Spots
9-18 13-88tt70 13-799-01
13-629-04 14-16 9 20
'»-45
Firm.
Options... Br'ly 8t'y
Quiet.
Steady.
Steady.
8*eadv
1
4 05®
- 34 209
Quiet.
Quiet.
-
—
Firm.
steady.
Weather Reports by Telegraph.— Oar
telegraphic advices from the South this evening indicate that the weather
has been more lavorable over the cotton belt duricg the
week. There has been rain in most districts, but as a rule
the precipitation has been light or moderate, and the temperature has been more seasonable. Preparation of land for
the next crop is making good progress in many sections.
Oalveston, Texas.— We have had a trace of rain on one day
of the week. The thermometer has averaged 57, ranging
from 44 to 70.
Corpus Chri&ti, Texas.
have had rain on one day during the week, the rainfall being thirty-two hundredths of an
inch. The thermometer has ranged from 34 to 88, averaging 61.
San Antonio, Texas.— Ra.\n has fallen on one day of the
week, the precipitation reaching thirty-two hundredths of
an inch. Average thermometer 61, highest 90, lowest 33.
Palestine, Texas. We have had heavy rain on one day of
the week, the rainfall reaching one inch and six hundredths.
The thermometer has averaged 56, the highest being 80 and
the lowest 32.
Abilene, Texas,— There has been rain on one day the past
—We
—
The rainfall reached twelve hundredtts of an inch,
The thermometer has averaged 58, ranging from 22 to 94.
New Orleans. Louisiana. — We have had rain on two days
week.
during the week, the rainfall being twenty-nine hundredths
of an inch. The thermometer has averaged 59.
Hhreveport, Louisiana.
have had rain on two days of
the week, the precipitation reaching one Inch and eleven
—We
hundredths. Average thermometer 54, highest 78, lowest 30.
Columbus, Mississippi,— We have had rain on two days of
the week, the rainfall being thirty-five hundredths of an
inch. The thermometer has averaged 55, the highest being
70 and the lowest 40.,
Leland, Mississippi.— There has been rain during the week
to the extent of sixty eight hundredths of an inch. The
thermometer has averaged 45 4, ranging from 28 to 70.
Vieksburg, Mississippi.— Theie has been rain on three days
of the week, the rainfall reaching fifty-nine hundredths of
an inch. The thermometer has ranged from 33 to 76, averaging 50.
Little Bock, Arkansas.—The weather has been too cold and
wet to permit of picking or plowing operations. Rain and
snow have fallen during the week on four days, the precipitation reaching one inch and thirty-eight hundredths. Average thermometer 44, highest 63, lowest 26.
Helena, Arkansas. The weather is warm now with indications of a storm. Many mules have been sold and farming is making good headway. We have had rain and sleet
on one day during the week, the precipitation being thirtytwo hundredths of an inch. The thermometer has averaged
46"4, the highest being 71 and the lowest 27.
S' Memphis, Tennessee.— There has been rain on two days of
the week, the precipitation reaching eighty- eight hundredths
of an inch. The thermometer averaged 48'1, ranging from
a8to65'7.
—
—
We
'04
Feb 25,
1447999 14-199 12 14'21«-62 14-65®-0a
14 849 86 14 84 9 35 14399-40 1 4-99 (t 00
August—
Range.,.. 13-75 a>
Closing... 13 •« 1 -fiO
JNashville, Tenneasee.—We have had rain during the week,
the prtcipi'.ation reaching eeventy-two hai dredths of an
Inch.
Tbe thermometer has ranged from 20 to 60, averaging 43.
Mobile, Alabama. Light rainfall In the interior in the
early part of tbe week. Plowing is making good progress
and a large cotton acreage is contemplated, We have had a
rainfall of thirty- six hundredths of an Inch during the week,
on three days. Average thermometer 55, highest 69. lowest 38.
Montgomery, ^/ubunio.- It has rained here on three days
of the week, the precipitation being sixty-two hundredths of
an Inch. Thermometer has averaged 60, the highest being
72 and the lowest 84.
Madison, Florida. It has been dry all the week. The thertnometer has ranged from 40 to 86, averaging 65.
Savannah, Georgia.— 'Riin has fallen on three days of the
week, the precipitation reaching one inch and seventy-eight
hundredths. Average thermometer 66, highest 74, lowest 38,
have had rain on three days of the
Augusta, Georgia.—
week, the rainfall reaching one inch and four hundredths.
The thermometer has averaged 49, the highest being 73 and
the lowest 32.
Charleston, South Carolina.— It has rained on three days
of the week, the precipitation being two inches and one hundredth. The thermometer has ranged from 39 to 76, averaging 55.
Stateburg, South Carolina. The weather has been warmer
and more seasonable latterly.
have had rain on three
days of the week, heavy on one day, the precipitation reaching one inch and sixty-eight hundredths, Average thermometer 31, highest 49, lowest 24.
Qreenxcood, South Carolina.— We have had rain on three
days of the week, the rainfall reaching one inch and ninetyfive hundredths.
The thermometer has averaged 41, the
highest being 51 and the lowest 31.
The following statement we have also received by telegraph,
aowing the height of the rivers at the points named, at
i o'clock Feb, 25. 1904, and Feb. 26, 1908,
—
1475
14 35
15-00
The
Bat'day.
OL. LXXVIll.
V
—
MIDDUNO OOTTOH CM—
14
I3ifl
Wow Orl«»ns 18\
doe [ng
JCLT—
,
THE CHRONICLE.
832
Olosuig
.
Feb 26,
'03.
Feet.
Feet.
6-6
33 4
6-4
8-5
—
160
135
^eir Orleans..^..^....bove sere ot gauge.
.Above xero ot gauge.
lemplil8..„„.....
*»ihville
. .....Above Eero ot gauge.
Above sero of gao ge.
hreveport..«.
.....Above aero of gaage
toksbarg
>.
18-2
25-5
43-2
22-7
Movement from all Ports.— The receipts
Bombay and the shipments from, all India ports
India Cotton
of cotton at
for the week ending Feb. 25. and foe
bo Feb. 25 for three years have been
1903-04.
uttipti at-
WmH.
1903-03.
Mintt
WMk
Sept. X.
1
1901K>2.
Minu
««««
tept. 1
Upt.i.
71.000 1.045.000116.000 1.151.000 116.00O 1,297,000
"
'
the season (rem Sept.
as follows-
Ane* Heptemot '
lor tk« Week.
1.
aaporti
'rom—
Qreat
BritaiH.
&reai
Oontintnt.
Total.
16,000
16,000
15.000
16,000
17.000
15,000
18,000
15,000
360 000
290, 00
1,000
171.000
378,000
305,000
172.000
1,000
1,000
2.000
3,000
1,000
8.000
16.000
8,000
10,000
19,000
9,000
1,000
8,000
2,000
1,000
24 000
8,000
4,000
32.000
10,000
5,000
41.000
29.000
41 noo
45,000
42.000
42,000
433,000
343 000
224 1)00
46."i,O0O
Oonit
vetal
H-M
H^itaii>
:omba)'—
1903-04..
1902-03..
1901-02..
J%loati!.-» 1908-04..
l&0a-03..
1901-02..
i,6o6
1,000
1.000
t*(1i,?»»>-
1903-04..
1902-03..
1901-02..
1,000
-.-
-
i.606
1,000
1.000
1,000
Ml other*—
1908-04..
1902-03..
1901-02..
.••..a
>>««
1,000
1,000
4,000
13,000
1,000
ail—
1903-04..
1902-03..
1901-02..
1,000
2,000
18,000
16.00U
17,000
19,000
18.000
17.000
33,000
83.000
4.000
••**
f otai
376,000
228.000
Alexandria Receipts and Shipments of Cotton.—
Through arrangements we made with Messrs. Choremi,
Benachi & Co., of Alexandria, we now receive a weekly
sable of the
movements
of cotton at Alexandria, Egypt.
The following are the receipts and shipments for the
past
week and
for the corresponding
week
of the previous
two years.
Alexandria, Egypt
1903-04.
February 24
1902-03.
1901-02.
160,000
5.853,868
90,000
6,430,287
180.000
5.866,960
Beeeipls (oantare)*-
This week.
Since Sept. 1
..
This
week.
Exports (bales) —
To
To
To
To
Liverpool
Manchester.
Continent
America
Total exports
...
Since
Sept. 1.
4,000 166,043
100.077
5'250 215,589
1,250 37,852
This
week.
Since
Sept. 1.
3,808 162,195
112,754
5.106 303,727
3,401 64,316
This
week.
Since
SepLl.
3,209 144,960
86,471
6,987 254,602
1,685 72,084
10,500 519,061 12,315 542,992 10,781 558,117
A oantar Is 98 pounds.
New York Cotton Exchange. —Mr. James Gould Weld,
*
one of the oldest members of the New York Cotton Exchange, died on Wednesday, Feb. 24, at the Park Avenue
Hotel, this city. Mr. Weld was born in Boston in 1838, and
teoame connected with the Cotton Exchange in 1871.
Feb.
THE CHRONICLE.
27, 1904.]
833
—
loial bales.
Majsohesteb Market. Oar report received by cable BAVANNAH—To Bremen— Feb. 20—Str. Sohwarzenfele. 1,679... 1,57»
market ia steady
to-night from Manchester states that the
259
To Hambara-Feb. 20—Steamer Sohwarzenfeis, 259
400
To Reval— Feb. 20— Steamer Sohwaizenlels, 400
for both yarns and shirtings. Manufacturers are generally
200
To Oporto— Feb. i;0— Steamer
We give the prices for to-day below ana Wilmington—To Liverpool— Feb.Sohwarz^nfels, 200 10,948. 10,948
complaicing.
23—Stdamer Tolosa,
weeks of this and last year for BOBTOH-To Liverpool— Feb. 20-8te»mer Michigan. 62
leave those for previous
861
comparison.
Feb. 24— Steamers Ultonla, 436; Wloifredlan. 363
285
To Man Chester -Feb. 19- Steamer Bostonlan, 285...,
1903.
Feb. 23—
1904.
To Yarmouth— Feb. 17-8teamer Boston, 168
SMrt- OotCn
8H lbs. Bhiri- Oott'yt
38s OvP' ingt, eommon Mid. SSs Oop. ingi, common Mid.
Twiii.
Tvaitt.
Upldi
Upldt
to flnett.
to finut.
SH
d.
d.
a.
lb$.
d.
B.
d.
d.
d.
d.
d.
8.
800
739
8-52
7-82
7-56
7-28
7-62
8 «8 11
6 «9 3
6 99 3
4i««9
»I0\6 4i«09 i^a
1^
6
" 26 10i««10\ 6 4i«99 lifll
6
6
6
J'n.22 3iBie-10'^8
« 29
Feb. 5 101fl»lll8
" 12 10
" 19 10m»10%
ZII8
738 oijSia 5
77i8 f>8Vl 5
7B8 0838 5
^^^
B.
07
«8
«8
3
4
4
5
f»83i8 5
5
08
6 «8
7 *S
713i8»8l, 6
d.
d.
101« 4-84
4-86
4-88
II4
5-40
BXPOETS OF OOTTON GOODS FBOM UBEAl BRITAIN.— BelCW
we give the exports of cotton yarn, goods, &e., from Great
Britain for the month of January and since October 1 in
1908-04 and 1902-03, as compiled by us from the British Board
It will be noticed that we have reduced
of Trade returne.
the movement all to pounds.
lotalofAU.
Cloth.
YarnJcThread.
arranged in our usual form, are as follows.
Great French Oer- ^Oth.S'rope—^ Mexico,
die.
Japan.
ports, many. North. South,
1903-04 1902-03
1803-04
1902-03 1903-04 1902-03
lSOS-04
1902-03
Lbs.
74,848
Lbs.
84,289
Lbt.
90.116
Lbs.
101,644
69,793
80,654
83,944
83,60!
»B,9«i
New York.
Tot.lBt quar. 47,173
51,110 1,196,496 1,311,291 822,472 248,387
269.647
299.D97
January
17,864
101,521
106,197
16,298 17,866
October
November... 18,707 18,078
December
3B0
150
543
60 6,580 8,926
475
2S7
654
N. Orleans 19,769
cialveston
Sab. Pass
Savannah..
Wllmlngt'D 10,948
1.146
Boston
561
Baltimore.
260
1.838
»
......
400
200
....••
'
.....>
<•••><
......
.••«.
......
......
....
......
......
......
280
6,13010,914
432
......
848
Phil'deip'ft
Tacoma....
......
...*..
772
. .
18,170
16.367
16,683
Yds.
Yds.
402,549
376,368
418.578
498,143
444,088
424.934
77.829
442,269
86,167
47S.396
88,983
82S
324
12.03^
12.226
~38¥,532
418,783
Sundry artlcl
Total eipc)rt8 of cotton manufactures
The foregoing shows that there has been exported from tbe
United Kingdom during the four months 383,632,000 lbs.
of manufactured cotton, against 418,733,000 lbs. last year,
or a decrease of 35,201,000 lbs.
further matter of interest is the destination of these
A
exports, and we have therefore prepared the following
atatements, showing the amounts taken by the principal
countries during January and since October 1 in each of
the last three years.
EXPORTS OF PIBOfc GOODS AND YARNS TO PRINCIPAL COUNTRIES IS
JANDART AND FROM OCTOBER 1 TO JANUARY 31.
Piece Goods— Yards.
(000« omitted.)
S^gt Indlei
Turkey. Egypt and Africa...
and Jaoan
Hurope (except Turkey)
Olilna
411 other ooantrles
January.
1904.
1903.
Oct
1003.
.
1902-03
190S-04
775.067
831,234
176.510
96.982
lfl4.4M
121.808
121.883
702,859
198,433 202,702 217.90fl
60,006 7rt.557 76.080
57.187 68.631 76,145
26.090 27,168 27,307
45.906 40.eo& 89,818
38.74C
29.*86
J 3.081
88 440 86.78S 40.622
Jan.
1 to
3,488
864.4.'il
ie0.6i:6
94,«93
190,951
122,893
118.126
468.148 475.}<95 5C6.S12 1,654.638 1,786,860 1,883,914
£18.380 Jtl8,667 il 9,146
15.171 £5,068 16,272
Total TArd.8
Total value
Holland
Germany
Oth. Burope (except Turkey)
Salt Indies
2.874
8.502
1.909
8,637
1.96!
2,24.^
2,096
8,6a2
2,806
2,360
14,800
j;65';
£660
1.302
2.476
1,416
9,060
8.721
9,3C6
11.558
63,307
£2.836
16.516
1744
Total lbs
Total valne..
649
1.603
1,€55
18,996
All other oountriei
10,468
18.777
7.R01
9.3^6
1.186
5.592
8.899
2.028
2,48w
2.433
8.399
67.674
1,708
9,074
S.2&3
8,247
10.247
9.6l«
12.687
5.403
8,011
6,807
Liverpool...
i.8.591
<.
Havre
Bremen
:
Jute buits inactive at 'i}4@l%o. for paper quality
and 2@2'j4q, for bagging quality.
grades.
News.— As shown on
a previous page, the
exports of cotton from tbe United States the past week have
reached 64,832 bales. The shipments in detail, as made up
from mall and telegraphic returns, are as follows:
Shipping
Nbw York— To
e.
....e.
Hamborg
Total bales.
Vlo-
Liverpool, per Bteamera Oevio, 546
torlan. 8
Marseilles, per steamers Peragia (additional),
Victoria, 50
To
Main, 200
To Bremen, per steamers Lahn, 150
To Antwerp, per steamer Kroouland, 150
To Genoa, per steamers Palatla (additional). 60
554
425
—
*75
350
150
SiolUa,
2.50
To Naples, uer steamer Neokar, 200
To Venice, per steamer PtConlc,43
Mbw Orleans ro iilverpool— F<jb. 19—Steamer Oapella. 3,110
Feb. 24-8teamer Norseman, 3,000.. ..Feb. 25-8teamer
Logician, 2,400
To Manchester- Feb. 20— 8tr. Manchester Shipper, 7,119..
To London— Feb. 19 -Steamer Callfornlan, 4,140
To Marseilles -Feb. 24— Steamer Gerty, 297
To Hamburg- Feb. 20 Steamer Manchester Shipper, 50...
Feb. 24To Antwerp - Feb. 19— Steamer Cuban, 4,280
Steamer Kurland, 1,300
To Barcelona-Feb. 25 Steamer Juan Forgas, 2,125
To Malaga - Feb. i!5— steamer Juan Forgas, 1,000
ToQenoa-Feb. 24 Steamers Gerty, 1,020 .Manilla. 820
Feb. 25— Steamer Juan Forgas, 1,4»7
To Venlce-Feb. 24 -Steamer Gerty, 1,178
To Trieste— Feb. 24-Hteamer Gerty, 1.2*^6
Galveston To Venice— Feb. 26— Steamer Alberta, 620
To Trleete-Feb. 26— Steamer Alberta, 625
SABINE Pass—To Hambnrg-Feb. 25 -Steamer Nanima, 250..
..s
(via Snez).c
50
c,
Reval, Indirect.. e.
ECeval, via Oanal.c.
Baroel'na.lnd'r't.c.
Genoa.......
Trleate, asked.
Japan
e.
Quotations are cents per ICO
lbs.
—
Sales of the
week
bales.
Of which exporters took. ..
Of which speculators took.
Sales American
Actual export
Forwarded
Total stock— Estimated
Of which American—Est'd.
Total Import of the week
Of which American
afloat
Feb. 12
°',„1
^''J^
1,286
620
o25
250
30,000
1,000
1,000
26,000
14.000
76,000
625,000
542,000
81,000
61,000
215,000
176.000
Feb. 19
Feb.
35,Ou4
3,000
29.0O^
12,00(
63.00(
14,000
75,001
645.001
563,00<
637,001
549,00(
85,00!
76,00t
191,00C
119,00(
36,000
2,000
1,000
31.000
16,000
72,000
618,000
534.000
69,000
89,000
144,000
114,000
32,<.-
soiooV
26
81,00f
50,00*
173.00(
H8,i>0<
2,000
3,tOC
^
The tone of the Liverpool market for spots and futures
each day of the week ending Feb. 36 and the daily closing
prices of spot cotton, have been as follows.
Sat'fta^.
Market,
P. M.
)
Mid. Upl'ds.
Sales
Spec.
Monday. fuesdav. Wtd'day.
Steadier.
Qaiet.
(
&exp
opened.
Market,
4 p. M.
Moderate
demand.
7 66
7'64
7 62
7,000
7,000
600
7 000
500
6.000
500
5000
Futures.
Market
ralr
Modernte business
demand.
dolnR.
Priday
7-40
7 38
500
Thurttl'y
o
500
pi
?
\
Brlyst'dy
Qaiet at Steady
3^6
S®4
pts.
taranoe.
\
pts.
decline.
at
Steady
at
i?te»(iy at
I7(t2ij pts,
advance. advance.
nnch. to
3 pts. adv.
Veryst'dy
partially 12®1& pts. 6(36 pts.
adv. decline.
advance,
1 pt.
Firm at Steady at
16^24 pts. 8(9110 pts.
Dull,
l
doollne
Steady at
10® 20 pts.
advance.
The
prices ot futures at Liverpool tor each day are given
below. Prices are on the basis of Uplands, Good Ordinary
clause, unless otherwise stated.
t^r The prices are given in pence and 100<A. Thus: 7' 17 means
7 17-lOOd.
Sat.
20
Feb.
„,,^
.
12
15
25
20
Liverpool. By cable from Liverpool we have the following
statement of the week's sales, stocks, &c., at that port.
12i«
P.M.
February.
..
ASon.
To •>.
Feb 22
Feb. 23
Feb.
24
4
12ifl
4
P.lf.
d.
^'^'X
7,119
4,140
^'^^2
*'i?X
1,000
F-rx
12
12
15
15
25
25
20
20
20
20-22J* 20-22ifl 20-22 la 20-22^
21
21
21
21
15
16
16
16
28
28
28
28
36
35
35
35
22iji
2212^
20
20
15
15
15
15
23
23
23
23
fO
50
60
50
n
21
18
28
35
20
15
23
c.
300
200
*3
297
50
280 54,832
37,531 bales
Wednea. TKurt.
12
15
25
20-'i2ia
...c.
Ghent
Antwerp
12:30
Jute Butts, Bagging, Etc.— The market for jute bagging
has been very duU during the week under review, at the following prices 6i^c. for 1% ibs. and 6J^c. for 3 lbs., standard
odi
848
280
week have been
pasit
luet.
12
15
25
20
e.
Mancheater
Spot.
60 920
£8.687
nave been
1
the
Mon.
aatur.
Of which American
2i;5
Turkev and BffTDt
New York
Cotton freights at
Amount
Tarns— Lbt.
(000« omitted.)
1,678
as follows.
Feb. 5.
816,508
862,027
240,5J5
91,389
189,656
106.5y6
133,133
......
from the Pacific Coast.
81.
1901-08
......
432
......
33.816
Total
2,072
34,622
1.245
250
2,433
10,948
1,245
•
98.726
99,627
Lbs.
Lbs.
Total.
Bril'n,
The exports to Japan since Sept.
onMUd.
000«
64,832
Total
The particulars of the foregoing shipments for the week
508
538
8
432
851
84B
280
Steamer Boston. 274
Baltimore— To Liverpool— Feb 5 -Steamer Ulstermore. 551
PHILADELPHIA—To LI verpool— Feb. 15— Str. Frlesland, 843...
Caooma- To Japan— Feb. 20— Steamer Tydeus, 230
d.
4
12ifl
Feb. 26.
4
12ifl
Frl.
Feb. 26.
1
12ifl
P.BL P.M. P.M. P.M. P.M. P.M. P.M. P.M.
d.
7 17 7 16
Feb-.Mch.... 7 17 7 16
Mch.-AprU.. 7 16 7 16
AprU-May .. 7 18 7 17
May-.(ane... 7 23 7 19
June-July . 7 20 7 19
July-Aug.... 7 20 7 18
Aug. -Sept... 7 02 7 01
Sept.-Oct.... 6 36 6 35
6 05 6 05
Oot.-Nov
Nov.-Dec
• •••
• -••
Deo.-Jan
Wed. TMara.
•
n
c
Pk
4;
d.
7 20 7 40
7 20 7 4C
7 20 7 40
7 20 7 41
7 21 7 42
7 21 7 4V
7 20 7 4t
7 03 7 28
6 38 6 53
6 09 6 21
•
*•
d.
d.
7 46 7
7 46
7 46
7 47
7 48
7 48
7 46
7 28
6 58
6 28
....
.,
....
....
7
7
7
60
50
50
61
62
62
50
32
d.
d.
7 32 7 29 7
7 33 7 29 7
7
7 84 7 31 7
7
7 33 7 30 7
731 7 28 7
7
7 12 7 10 7
7
6 61 6 45 6 43 6
6 81 6 17 6 14 6
•
••
d.
d.
7 33 7 30 7 42 7 50
7 33 7 29 7 42 7 49
42
42
43
41
39
20
50
21
7
7
7
7
7
7
6
6
49
49
50
48
46
26
54
24
•
•
«>
>_ •>
• •«•
....
....
....
»••*•
.
•
THE CHRONICLE
834
BREADSTUFFS.
FiiiDAY. Feb. 26, 1904.
A
.
firm and advancicg maiket baa teen reported for
wheat
[Vol. lxxviii.
Exports of (jlraln and Flour from Paclfle Ports.— The
exports of grain and flour from Pacific ports for the week
ending Feb. 35, as received by telegraph have been as
follows: From San Francisco, to miscellaneous poiLts, 8,500
bbls. Hour.
Exclusive of a moderate supply of Kansas straights,
the market has been practically bare of winter-wheat Hour,
Combining these figures with those for previous weeks, we
and the mills bare been offering practically nothing to this
have the following, which covers the exports to foreign
market. Owing to the scarcity of winter-wheat flour there
has developed^considerable activity to the demand for spring countries for the period since July 1, 1903, comparison being
bakers. Spring patents have continued to meet with a good made with the corresponding period of 1903-03,
MaporU
demand at advancing prices. City mills have been in good
Wheat,
Oom,
Flour,
Oats,
Barley,
Bye,
bush.
from—
bbl».
bush.
bush.
bush.
bush.
demand and higher. Rye flour has been firm and higher, San Fran. 570,651 1, 896.667
471
4.262 7,090,620
863
PugetB'd. 1.260,000
943,800
83,409 353,179 360,000
344
Corn meal has been in moderate demand and firm.
Portland.. 676,700 2,399,000
994,000
Speculation in wheat for future delivery haa been active
TotaL... 2,607,351 5,239,467
33,880 357,441 8,444.620
707
and pricfs have cantinued to advance. The war news has Ttt. •02-3.8.458,843 19.998.149
26,514 895.296 7.278,248 211.132
continued the principal factor, apprehensions of hostiliExports of Breadstuffs, Provisions, Cotton and
Outside
ties in Euroi>elhaving a decided bullish influence.
speculative interests have continued to operate freely in Petroleum.— The exports of these articles during the month
the market, active commission-houpe buying being a con- of January, and the seven months, for the past three years
Bplcuous feature of the trading. European advices have have been as follows:
been favorable to the market, prices in both the United
Kingdom and Continental markets showing good advan1903-1804.
1902-1903.
1901-1B02.
Exports
The weather reports from the winter-wheat belt
ces.
from V. 8. January. 7 Months. January. 7 Months January. 7 Months.
have been regarded as unfavorable for the growing crop, and
The move- Quantities.
this, too, has favorably iLfluenoed the market.
ment of the crop has been fairly full, but with an active con- Wheat.bush. 4.199.649 39.148,758 7.853.?52 83.112.195 8,663,821 109.443 110
sumptive demand stocks have been steadily decreasing, the Flour... bbls. 1.712,484 11.754.768 1.644,276 ll,bB4.917 1.688.160 11, 300,340
shrinkage in the face of the present very moderate visible Wheat. ..bu. 11,905,827 92.045,182 16,858,094 36.459.261 15,810.600 ie0.385,17«
supply being sufficient to intensify the bullish sentiment ex- Corn... bush. 6.039,647 31.074.283 10,869,800 23.718.807 l.0t8,69P 21.660,681
Business in the local spot market has
isting in the trade.
Tot. bush.. ia,9t5.3:4 126.719.466 26,822,294 160,177.668 16.819.196 181,986.707
been quiet, but prices have been firm and higher, To-day
Valuei.
t
1
»
<
<
«
active selling to realize profits was the feature and prices
Wh't Aflour. 10.382.618 78.101,277 12,362.961 106.770,387 11.837,887 110,817,975
declined sharply. The spot maiket was quiet.
Corn & meal
6.869.408 18,881.070
2.781,174 19.982.864
760,186 18,618,804
YORK*
DAILT CLOSING PEIOES OF WHSAT IM
Rye
16
382.186
151.746
76
2,075.854
646.630
Sat.
Hon.
Tue$.
Wed. Thur§.
Fri
Oats & meal
681.568
868.037
81.568
2.780,77(300,086
4,202.646
107
107
109
109
2redwlr.,f.o.b. 106
CaehNo
4.914.828
232.858
377.818
4.162.084
162.820
8.162.546
HoU- 108>« lOS's lOT'ig 105''e Barley
104
May delivery In elev
gSTg 101
101»4 Br'd
9988
day.
103
July delivery in elev
stuffs.... 13.481.129 103.902.678 19,116,069 139.661.183 13,151.488 141,837.101
95''8
91%
93%
94
Sept. delivery in elev.... 9ai«
Provisions*. 18.311.086 llP.fle5.47i 19.804,634 110.78P.431 17.402.787 130,548,605
DAH-T CLOSrSG PBICES OP WHEAT FDHTRBS IN OHIO AGO.
Cotton
48,360,855 275.805.026 89,607.822 i 06,006,566 40.830.064 206.756,638
Wed. Thurs.
Fri.
Sat.
Mon.
Tue*.
Petrol'm.&o.
6.908,432 44.920,000
4.497.647 88,463.284
6,945.009 43.8:0,507
106>« 107»« lOi'a
104
105%
May deUvery In elev
p,.,,
96Js
98ia
9314
9689
'tr^
elev, new. 951*
Tot. value. i<4.081,60l 542.713.830 82.617.162 484.919,-151 76.PS9.S68 522.613.045
Joly dellv. m
""'•
flour.
1
NEW
90''q
92ifl
88»«
9058
89%
have received a fair amount of specuIndian-corn futures
lative attention and there has been a fractional advance in
Early in tbe week, under profit-taking sales, prices
prices.
yielded slightly. Subsequently, however, on fairly active
commission-house buying, and in sympathy with the advanc
ing market for wheat, there developed a firmer tone, and prices
The movement of the crop, while showing somerallied.
thing of a decrease from last week's full figures, has nevertheless been fairly full, being in excess of the receipts re-
Sept. deUv. In elev., new.
ported
for the
market has been
corresponding week last year. The spot
fairly active, exporters being buyers, and
To-day the market was easier under
The spot market was easier. Export
*
Inoluding cattle and hogs in
returnsissued by
were 160,000 bushels at outports.
DAILT CLO8LKG PRICES OP NO. 2 MIXED CORK IS NB"W YORK.
Mon. Tuet.
Wed.
Thurs.
Frt.
Bat.
66ifl
65
6b^
65
Caahoomf. 0. b
„.„ 64
sales
61%
May
delivery In elev
July deU very in elev
^^"'
"'*^*
eo^j
DAILY CLOSING PBICEB OF NO. 2
61
bd^a
MIXED COBN
62B8
6lia
IN
delivery in elev
July delivery In elev
Sept. delivery in elev....
61ifi
6214
61i«
The movement of breadstuffs to market as indicated in the
•tatements below Is prepared by us from figures collected
by the New York Produce Exchange. The receipts at
Western lake and river ports for the week ending Feb. 20
and since Aug. 1, for each of the last three years have been:
Receipts
at—
Mon.
Tues.
Wed.
se'is
tt„h
65%
-^"i'
5489
5308
6714
5533
6438
Thurt.
57i«
B6It.l96
Chicago
54%
"*J^-
42I4
42^8
41>8
41^8
41%
July delivery in elev
day.
36''8
S6i8
3633
36%
37
Sept. deUvery in elev
Following are the closing quotations:
FLOOR.
NonDinsl.
Patent, winter
$5 25 95 75
Pine
Nominal.
City mUls, patent. 8 60 ae 10
Superfine
Nominal.
Bye flour, superfine 4 50 ®4 80
Extra, No. 2
Buckwheat flour.. Nominal.
Extra. No. 1
$3 80 ®4 20
Corn meal—
4 35 '»4 80
Clears
3 10 •a 3 20
Western, etc
5 10 815 40
StraiglitB
Brandywlne
3 20 >03 26
5 60 ®6 20
Patent, spring
GRAIN.
0.
0.
0.
0.
Oom, per bush—
Wheat, per buah—
50^1165
f.o.b.113'8
Western mixed
N. DnL.No. 1
No. 2 mixed
f. o. b.66
N'thern Man., No.3. f.o.b.l05
t. o. b.64
No. 2 yellow
Red winter. No. 2.. f.o.b.l09
No. 2 white
f. 0. b.64
Hard winter. No. 2. f.o.b.105'8
Rye, per bushOats— Mixed, p. bush. 64 ®57
Western
80 ago
58 ®62
White
65i«a>66»a
Nom'l.
State and Jersey....
No. 2 mixed..
58>«®&8i« Barley— West
62 '968
No. 2 white
Feeding
58 eei
—
1,858,830
1.644,017
112,100
180,700
90.210
202,500
47,930
326.626
680.035
528,000
Detroit
231.800
18,478
101.700
172,425
33,000
10.663
8,428
6.090
11,199
6O.f30
. .
By*.
Bu.66
606,274
Kansas City.
the near-by delivery was more than recovered. Locally the
spot market has been moderately active and higher. Today the market was easier. The local spot market was fairly
active at steady prices.
DAILT CLOSING PRICES OF OATS IN NETT YORK.
Sat.
Mon.
Tuet.
Wed. Thura. Fri
55is
Holl64
54
56^
52ifl
Ko. 2 mixed in elev
58>«
day.
58
58
68
68^
No. 2 white In elev
DAILT 0LO8ING PRICES OF NO. 2 MIXED OATS IN CHIOAGOi
Thurs.
Fri.
Wed.
Sat.
Mon. Tues,
44''8
4538
46
4&'8
46%
May delivery in elev
Holi-
Bush.i8lbt.
1,244,460
Minneapolis.
66%
Barley.
Oats.
2)3,014
168,400
804,001
Toledo
Fri.
Corn.
U» BtMh.60 lbs Bu«h.56 lbs Bu>h.a2 lb
196,705
22,925
Milwaukee.
Dalnth
6538
56%
Tot. wk. 1904
5438
84%
'03.
market have been Same wk. '03.
Oats for future delivery at the Western
Same wk.
Early in the week, under profit-taking sales, Since Aug. 1.
fairly active.
prices declined. Subsequently, however, a renewal of the 1903-1904
outside investment developed, and the decline in prices for 1902-1908,....
55
Wheat.
Flour.
Cleveland
St. Loulg ....
Peoria
CHICAGO.
Sot.
May
62%
figures are based on the monthly preliminary
the Bareauof Statistics, and cover about 98 per cent
of the total exports.
they paid firm prices.
profi'.-taking sales.
months and years.
all
Note.— All ot the above
723.100
7.000
017,100
21.160
601.060
lbs.
47.095
£0.400
2.148
64,680
i,aoo
84.10<
75,000
....
86.61)-
11,250
481,201
100,000
84,600
18,000
24e,40<
657,100
8,800
08.600
317,600
241.463
3.617,161
4,402,359
3.508.02C
1,064,192
2,406.157
8.635,523
1,044,012
169,623
106,410
315.168
2.498,776
1,663.413
3.163 66f
1.040.01P
678,815
31,817
12.288.137 170,lfl0.S67 107.184,651 102,836,14:-
1901-1902
18.535.181 106.874.449 00,633.486 118.768.635
12.606.S-9 177,497.7P8 83.632,807 8fl.408.87V
40.703.453 6,560.083
4».888,746 7.414.181
84.628.127 4.194.777
The receipts of flour and grain at the seaboard ports for
the week ended Feb. 20, 1904, follow:
ritur,
«*««t»tt«l—
hhlt.
lf«w7ork..^.^....«.
Bolton
Montreal
.««.
.^^
Piilladclpkla......^.
altimor*
tlthmond
n«W OrlMBt
.^.
^.
iiairponN«wi...»M.
Norfolk
4«iT«iton
Portland.
(Vhsmt,
kwtk.
180.928
81.087
6,d04
51.761
79,8ee
1.869
11.877
i|.8i«
8.013
58.600
4.834
16.862
8.800
34,896
58,080
60.000
170 200
Ma
7.772
2.448
frtiMt.
Clorn....
Oats....
Barley
«y
Totaljtraln
24,880
110,633
a2;,409
But'
l,4b»
1,606
4,830
ilV.SOO
103,086
686,150
1,C9B.4b8
Total receipts at porta
(ollows for font years:
rioar
k«t(k.
67.800
1.670
3,890
11.600
5,000
"s'iii
Total WMk...,„. 364,164
Week 1003.
800
27C.668
5«7.Bf6
83.978
217.C0O
87.143
J3«r(«|f,
18.003
40P.500
218.741
100,102
7.436
Mobil*
Port Arthar
St. Jotin,M. £
0«tf,
««()>
253.600
60.061
21,208
40.664
68.477
40,844
88.000
vsrn,
*8*8'.80d
662.748
1.051.813
3.617.274
from Jan.
1
60)i,lo8
.*."..*.*
IIP.OOO
50.604
7,388
18.619
to Feb, SO compare as
1008.
1001.
3,001,860
bbU
1004.
8,715.460
1008.
2,978,666
2,944,03a
bnih.
"
0.6«o.3t<8
13 284.378
••
"
"
4.4^8.388
755,861
281,058
18,024.768
22,192,W94
0,746,872
1.U83.4S8
350,073
10.371,060
3.23B,C82
6.877,N43
602.263
lll.&b6
18.857,8"6
34.512,(98
9.79^.8^7
"
2?,260.575
43.898,130
80.199.812
61.689.880
1.17.S.304
36.H.777
The exports from the several seaboard ports for the week
20, 1904, are shown in the annexed EtatemenI:
elding Feb,
THE CHRONICLE.
Feb. 27, 1904.]
0»rn,
M»9orU from- imX.
32.641
Maw 7ork
Bolton
8H0
U%.
rortland,
bbls.
2B8.933
124.370
13B,2«2
7.0S2
7,772
17.610
1H,129
60,324
8,013
16.810
leo.lus
miadalpkU
.
101,779
137,ed6
787.052
402.137
..
16,000
Pfaii
bwih.
883
800
16,090
18,008
84,830
231.4)tO
••
•altlmoro
Maw Orlaans,
Norfolk
MawQ' r t Nawi
9*lTatton..
Mobile.
Butt
bufk.
Oats.
bush.
11.517
Flour.
ftufik
2-Vl43
8,619
110,093
PortArthur
at. JobD.N.B.
108.988
Total waak.7~4 18. 297 8,053.813
»m«tlma'0S..l,7&4,es6 3,165,6d8
810
13,787
««at*«aa
2.443
"7,436
83,800
270,0!14
60,335
102,174
288,207
17,081
13.737
83,709
84.631
S.eSS
24.330
8,6ge
The destination of these exports for the week and since
\, 190S, is as below:
wx*at.
Corn,
-nour.-
Jnl7
.
Ma)9orti for
And «4nc«
«t»«k
Wttlt 8ine$ JHiv
feb. 80.
1. 1008.
bbli.
July 1 to—
anttad KmsdoB 181,948
••
15,467
Continent
*
Amarle*.
Wtek
Bin$* Julv
Feb. 80
1,
bbU.
bu<h.
7,887,802
319,508
8^,779
l,67i!,723
W»ek
bush,
84.690,896
17,345.428
8.804
600,041
869,33^
111,488
487,67b
10,016
270,084 11,037,681
Total
Total 1008-08.... 828 287 10,496.052
418.297
1,754.686
62,404,788
0.
39,376
22.785
1,425
69,iiO
Wait Indlai
r.N.Am.Oolo'i
Qtbar aonntrlai
85,800,88))
1003.
1,
buih.
bulb
1,636,990 18.572,659
421,995 19.511,610
400
180,86!l
26.862
28.996
43,621
860,141
a.
Binti J»lv
Feb. 20.
1908.
710,0y6
128,003
1,306.892
2,063 313 4l,4'7e,016
8,166.ee8 28,185,681
The ylslble snpply of grain, oomprising the stocks in
granary at the prlnoipal points of accnmnlation at lake and
isaboard ports, Feb, 20, 19G4 wae as follows:
btiib.
U«(t,
huth.
896.300
818,000
ass.bou
849,000
1,062.Q0C
615 OOP
549.000
154,000
"oV.boi
79,000
Otrn,
imtiridt—
buffc.
MwTork
Do
afloat...
Boston
800,000
^
168,000
9.J09
,»..
^
Philadelphia
Baltimore
3i9,')oo
„^
.^.
^.
New oneani
ttaireiton
Montreal
Voronto
864,000
838,000
43 30o
48.000
3,682 ""O
71,000
175.0OI
affalo
Oo
afloat
Toledo
uu
afloat
•.
300, ''oe
De:iroit
Do
amaaso
Do
afloat
laso'i
1,000
2,000
" 1,000
eo.Kdo
38.000
64,000
7,000
139.000
878.000
063 boc
683.o6b
954,d6t>
'14,000
"
115,008
" 6,000
'28,000
284,006
848.000
566.b'J6
123, boo
1,000
8,69i,00d
1,993, 00
907,000
l78.6o6
466i6bo
15,000
12.00U
l,743,Oou
116 000
446.001
100,000
2,098.000
111,000
77,nec
19 000
l,5B8.'()o'b
544,900
99,000
78,000
e4s.ooo
86.000
37,000
WUHam
165,000
86,000
17,000
69,000
1.003.000
l,lin,000
4,893.000
4.614.000
2,675.000
Do
1,813,000
8,867,000
afloat
Bilueapolll
12.126,000
4,980,000
St.LOTlll
_ Do
afloat....^.
Kaniai0lt7
186,000
Imdlanapolli
on Mliiliilppl Blrer
OiLakai
oaaanalandrlTer.
Feb.
Feb.
Feb.
Feb
Feb.
20. 1004
13, 1904.
21, 1903.
22, 1902,
23, 19U.,
•,-A--Ai.
..
311000
'
17.000
i52,oo«
88,847,COO
38.218,000
48.954.000
54,885.000
,57,&36.000
the present time. Buyers are in the market for coarse, colored cottons in moderate quantities for prompt deliveries, but
find operating somewhat diflBcult, denims, ticks, plaids, etc.
being in limited supply; prices are firm. The tone of the
market for bleached muslins is unchanged; there is a moderate demand at full prices in all grades. Prices are very
firm for wide sheetings, sheets and pillo'^v cases, cotton flannels
and blankets, with a quiet business doing. Cotton linings
are quiet but firm. Stocks of printed calicoes are reported
in good shape in first hands and prices are fully maintained
in face of a rather slow demand. Fine printed and woven
patterned wash fabrics are quiet at first hands, but in fair reGinghams maintain their previous
quest with jobbers.
strong position; print cloths have ruled quiet in all grades,
with prices unchanged. Regulars 43. per yard.
Woolen Goods.— The quieter tone noticeable in the market for men's- wear woolen and worsted fabrics for fall last
week has been more pronounced this week, with a smaller
attendance of buyers and a reduced volume of orders from
salesmen on the road. The season has thus failed to bear
out its early promise, the volume of business secured in the
aggregate being disappointing, and the average range of
prices well below the average of last year, in spite of higher
There are some lines of both woolprices, c^ raw material.
ens and worsteds which have sold quite well— to such an extent that they have been withdrawn from the market. These
are mainly fabrics which have "caught on " with buyers.
Sellers are looking forward to a good supplementary demand
later on, as the severe winter is believed to have reduced the
stocks ©f heavy-weight garments in the hands of retailers to
a low ebb. There has been considerable inquiry for lightweights to replace goods destroyed in the Baltimore fire. An
irregular demand for overcoatings is reported, of indifferent
volume. Cloakings are in fair request. The market for
woolen and worsted dress goods is steady in tone, with a
quiet business passing. Flannels and blankets are quiet but
firm.
........
i,ii7.ooo
...
Peoria
they have paid previous prices for what they have taken.
Little interest has been shown in other than spot goods.
Light-weight sheetings are firm but quite. There is only a
small business reported for export with no demand at all
from China. Last week's reports of proposed business in
duck for Japan appear to have been much exaggerated, and
no actual business has been done in that connection up to
9,000
•float
PortArthur
Dolnth
Total
Total
Total
Total
Total
378.001
....
Itllwaakea
Fort
8,000
....
8,898 see
afloat
00
185,v;(>0
bttfb.
835
650.'600
8,712,000
7.764,0U0
10.4S1.000
1078H.000
18.218.000
9.218.000
8,768.000
6,974,000
4,064.000
10.567,000
»88,000
1,>^5S.000
2.26>i.0n0
2.116,noo
1,660,00 J
1,156,000
THE DRY GOODS TRADE.
New York, Friday, P. M., Feb. 26. 1904.
General trade at firat hands has been quiet this week, bat
jobbers here and in the majority of other distributing
centres report a good business in progress in various lines for
the spring season. There is considerable surprise expressed
by first-hand sellers that this is not more fully reflected in
the primary market. It is understood why jobbers are contining their purchases of cotton goods to meeting requirements as they accrue, but ^some explanation is needed to account for a steady adherence to a markedly conservative policy
in woolen goods, silks and other lines not subj ect to such
extraordinary conditions as govern cotton fabrics. It would
appear as th&ugh jobbers had determined to let manufacturers or their agents do the stock-carrying to a greater extent than usual, meanwhile carrying quite moderate re
serves themselves. The week has shown but little change in
cotton goods. Buyers have paid full prices for quick deliveries, but have taken no more interest than before in business for future delivery. Sellers were nominally firmer on
the latter during the early part of the week, in sympathy
with an advancing cotton market, but at the close their
attitude is about the same as a week ago —cotton having
again given way. I a other directions also there has been no
material change in the main features of the market.
Domestic Cotton Goods.—The exports of cotton goods
from this port for the week ending Feb. 23 were 6,352
packages, valued at |287,783, their destination being to the
points specified in the tables below:
Foreign Dry Goods.— Fine grades
year are as follows:
MB
9,
-2
B
--
a
^
-
i
»
1
i
B
i
1
M MM
O«3#k-J0D
M
O.fOQO
05
loV
OOOM-IW
toco
^c;>
(Tl
to
CDOiMMOO
—
1
Indift.
Ar»bU
,.^.
trie*
..^ ,».
Weat ladles..^.. ..^ ^_ ^.
Uezleo
^,^^^„„^
Oantrkl Amerloa. ...^ ^^ „.
loath ADierloa^^^^...^
OthtrOoontrlei. ..^ .
Total.
...
907
675
775
826
411
118
320
2,646
261
6,352
147
185
16,097
3.427
6,967
1.623
3,024
341
2,461
9,685
1,441
45.378~
56
292
192
14,892
58,614
3,940
6.364
1,516
6,238
743
220
276
74
211
M
o* a« 00 ^ CD
A.
cji
\6*c^
»J
«•
•«30
MOOJOOno
M(k
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taoD^coi^
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to
M
of these
New York
1,518
248
90.346
18,238
exports since Jan.
1
c»a
aocd
r
1
has been
$2,309,826 in 1904, against $3,758,395 in 1903.
The orders placed by jobbers and converters for heavy
brown sheetings and drills have been quite moderate, but
UJ
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;
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10.801
1.246
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oi
1908
1904.
Feb. 22.
woolen and worsted
and very firm.
Importations and IVarebonse Wltbdraivals of Dry Goods
The importations and warehouse withdrawals of dry goods
at this port for the week ending Ftb 25, 1904, and since
January 1, 1904, and for the corresponding periods of last
'I]
Nbw Tokk to
of
dress goods are very firm in sympathy with foreign markets,
with a fair amount of business in progress. Silks are in
moderate demand and firmer in tone. Ribbons are quiet but
steady. There is no quotable change in linen prices, out the
market tends against buyers. Burlaps are in good request
M
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—
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——
—
'
THE CHRONICLE.
836
Sertei
Bt^tt
;^M33
City 3)$^-?i^i^TM£WT.
News
Items.
Chloujfo. H\.— Judgment Bonds Valid.— Th» Supreme
Court on February 17 "handed down » decisioQ holdinp valid
the proposed ispoeof $4,000,000 33^«; bonds to pay judgments.
Tbe satt was one broni?bt by Ctiarlea A Stone, who contended, among other things, that the existing dfbtof the
ci'y excet-ded the 6% limit prescribed by law. On this contention the Conrt held that the following rfpreaenta the
de*>t of tbe city in considering tht> limit fixed by the Con-
SMtntion
;i3.400 mnlurlng
Uurch
lOOQ— 14 bonds of
$100, 14 of $600
and
11*14-17 bond.s of $100, 18 of $600
and
1,
6of$l, 00(1, inch.
Series "11"
6 of
»15.7(10 niiiturliitf
H,(X)(> ojich
-
Series -(r'-HS.eOO
6 of »I,W() Gttch.
Serlus "D"— $.'1,600
10 of $l.00tieH,.h.
Series "K •-$ f^.lOO
18. .f $1,0011 eiicti.
Series ••K"—I30,"00
17of $1.00()»ach
C»
rtitit:'(l
from
March
1.
nuiturlOK March 1,1919—16 bonila of $100,21 of $500 and
March
1,
1921—17 bonds of $100, 20 of $600 and
luaturlnn March
1.
1929-21 bonds of $100. 28 of |B0O and
raiiturlOK
mnturlnB Morchl, 1634-25 bonds of $100,21 of $E00and
Bonds are eiempt
chpck for 5% of bid required.
all taxes.
Alliance, fielK— Bond f^ale.—Oa February 9 tbe $8,000 6^
10-20-y«Hr (optional) city-hall bonds described In V. 78, p.
Niver Co., Chicago., at
868, were awarded to Trowbridge
&
104T87.
Following are the bids
:
:
General bonds
Water bonds
Jiidttmonts unprovided for
*5T5'2?2 ?5
Mi?'922 o3
l.H.l.lbZSd
Water certitloates
Watfr extension certlfloates
'^59-''?'
°2
462,fl57 43
Accrue.l Interest.
(^utstHMdins warrants and deposits
Accrued
"A"
[Vol. lxxviii.
oIC
« 2o
„
'
a
3uf.tf6« 64
interest,
TrowbrldKeft NlrerOo.. Chic.. $8,327 00 8. A. Kean. ChlcAiro
Duke M. H'arson & Co.. Chic... 8,325 00 Chag. H. CofBn, ChlcaRO
Bdoiund Seymour*, Co.. N.Y.. 8.085 60 Kaue&Co., Minneapuiia
$8.004 00
8,00100
8.000 00
Alliance, Ohio.— Bond SaZe.— On February 24 the |21,600
i% 10 year refunding bonds described in V. 78, p. 594, were
awarded to the Alliance Bank Co, at 100*509 and interest.
Following are the bids
Alliance Bank Co.. Alliance, ...$21,710 Seasoneood & Mayer (less $660
< ity Savings Bank Co., Alliance. 21.682
$21,600
for expenses)
Western German Bank. Cincin. 31,6Sa
Alioonu, Pa.— Bond Usue Defeated.— The proposition to
isfU'^ $229,000 bonds for permanent improvements was defeated at the election February 16, according to reports.
Ashland (Ore.) School Dfatrlct.— Bond* Fofed.— This district on February 2 voted to issue |25,000 high- school- building bonds.
are advised that this city
AtchisoD, KaD.— Bond Sale.
has sold at par to Spitzer
Co. of Toledo $72,590 5}4i internal-improvement bonds, under ordinance of Feb. 6, 1904,
Denomination, $1,000. Date, Jan, 1, 1904. Interest, semiannual. Maturity, one-tenth yearly.
Baldwyn, Miss. Bonds Authorized. The Board of Aldermen has anthorixed the issuance of 6^ 20-year school-house
and city-hall bonds.
Bay City, Mieh.— Bond Election. An election will be held
in tbis city on April 4 to vote on the question of issuing
$iO 000 light-plant-improvement bonds.
Bellaire, Ohio.— Bond O^ermff.— Proposals will be received until 12 M., March 11, by F. A. Jackson, Citv Auditor, for 11,028 34 Q% 1-year sidewalk bonds dated Feb. 1,
19 4; also $2,246 50 6^ 1- 10-year street improvement bonds
dated Feb. 15, 1904. Denomination, $224 65. Interest, semiannual,
are advised that
Berkeley, Ca\.— Bonds Proposed.
the issuance of about $300,000 public-improvement bonds is
being talked of, but that the Board of Town Trustees will
probably not act in the matter until March or April.
Bessemer, Ala.— Bond Election. An election will be held
February 29 to vote on the question of issuing $35,000 5% 20year gold school-building bonds.
Beverly, Mass. Bonds .^wt/iorized.— Harbor-improvement
bonds to the amount of $60,000 have been authorized. These
bonds, we are advised by the City Treasurer, have not as
yet been issue i.
Toe Common Council has also authorized the issuance
of !j:35,000 water supply bonds.
Biddeford, He,— Temporary Loan.— This city has negotiated a temporary loan of $25,0(
with Loring, Tolman «&
Topper of Boston at 4"37$ discount. Loan matures Oat. 8,
:
TotRl
|17,03(Vi33 76
1,049,816 aa
..
Deduct Mnking fund on baiid
$15,980.427 54
Total indebtedness
noticed that for the parpose of figuring the
to borrow, the Court does not include the 4J^
millions of World's Fair bonds outstanding, nor does it include over 4 millions of soecial a8seesm«nt bonds now out8'anding. As the city's valuation is $400,000,000 in round
fieoree, the above-mentioned decision leaves a margin of over
4 millions which the city may borrow for general purposes
Lillle Reck, Ark.— Dtvctrcement of Eighth Ward Legal.—
t-ikp the following from the Kansas City "Star:
Little Rdck, Ark.. Fet). 6.— The Arkansas Supreme Court affirnaed to-day
It will be
city'd power
We
Chancellor Hart In the case of the iucorporated town of North Lltile Hock
aealnst the city of Little Rock, involving the divorcement of the E'xhth Ward,
known as Argeuta, from the cliy proper, and annextnn it to the town of North
Little K'>ck. TBe Sapreme Court held that the Act of the last egislature
under which the separation was siught was constitutional and henceforth
Ariienta will b« a part of North Lllile Rock, with * municipal government sep
rate and dlsiinct /rom Little Rock. The decision Is a heavy blow to Little
Rock, as it will materially reduce the city's income and prestige.
I
The population of the Eighth Ward,
Census, was 4,751.
according to the 1900
Mississippi. -Bond Call Legal.— The following
the Memphis "Commercial Appeal:"
Jackson.
from
is
Miss., Feb.
6.
1904.
J net before Circuit Court adjourned this afternoon, Judge Miller handed
a decision In the case of ,R. W. Millsaps, unardlan, vs. State of Mississippi. The decision upheld the acii
of Gov. Longino some time ago In call
ing in a bond Issue of ttCO.OOO. Major Miilsaps resisted on the ground that
the Governor had no right to call In the bonds without express legislative
authority. All tbe holders of the bends, except a few .responded to the call
and sent in their bonds for redemption.
down
m
A
San Francisco, Cal. —Bond Z,iMfliaf/on.— suit has been
instituted by Herbert E. Law to restrain the Board of Supervisors from issuing any of the ten issues of bonds voted at the
election held Sept, 29, 1903. Several defect? are claimed in
the proceedings authorizing these bonds.
Sonth i^arolina,— Legislature A^ijoums—ActB of 1904'
The State Legialatnre adjourned February 20. Among the
—
passed may be mentioned the following
BiSHOPViLLK 8CH. DiBT. No 1— Authorizing $4,000 coupon bonds.
BOBROCOHS 80H. D18T., TOWN OF ConwaY, HOBHT Co. -Authorizing
bills
:
bonds.
Chbbaw Sch.
D18T.,
CHESTERFIELD CO.— Authorizing BOhoolbulld-
Ing bonfis.
Chester Co.— Antliorlzlng $75,000 conpon refunding bonds.
College 8ch Disr. No. 20, Anderson Co.— Antborlzing bonds.
Colleton Co.— Authorizing loan for current expenses.
Darlington Co.— Authorlzicg court house bonds.
Darlington Co.— Authorizing bonds to perfect public records.
Dillon Sch. Dist. No. 8, Marion Co.— Authorizing school-bulldlng
bonds.
Duncan
8ch. Dist. No. 75. Spartanburg Co.— Authorizing bonds.
re— Authorizing bonds.
Dist. No 9, Greenville and Spartanburg Counties,
—Authorizing election to vote sohool bonds.
JONESViLLE Sch Dist Union Co.— Authorizing bonds.
Kershaw Co.— Authorizing oourt-hous'^ bonds.
Kershaw Sch. Dist. No. 40, LiNCASTER and Kebshaw Counties Authorizing election to vote coupon bonds.
Lancabteb Co.— Authorizing $80,000 coupon refunding bonds.
Landrdm Sch. Dist. No. 45, Spartanburg Co.—Authorizing bonds.
Lke Co.- Authorizing bonds to nay apportioned Indebtedness.
Newbeebt Co. Sch. Dibt. No. 41— Authorizing bond election.
OOONEK C).— Authorizing $45,000 conpon fandlng bonds.
Orangeburg Sch. Dist. No. 26, Orangeburg Co.— Authorizing
election to vote bonds
Pickens 8ch, Dist No. 31, Pickens Co.— Authorizing bond election.
Wabhiwgto.n Township— Authorizing high way- repair bonds.
Williamsbdbg Co. -Authorizing loan for jail.
Wintah Indigo Sch. Dist., UEORGSiOWN Co.— Authorizing coupon
bonds.
Greenville
Gbebbs Sch.
,
,
Biennial
Sesf*ion8.
— The Legislature passed before adjourn-
&
—We
—
—
—We
—
1904.
Boston, Mass.— Bonds Proposed— The State Legislature
has been petitioned to authorize the issuance of bonds outside of the debt limit for tbe purpose of widening and imroving Center Street.
Britdley Beacli, N. J.— Bonds Defeated.— At a special election held January 26 this borough voted against a proposition
to issue $10,000 municioal building bonds.
Broi<i.vUle, Pa,—Bonds to be Exchanged. This borough,
we are advised, proposes to put out a new issue of bonds in
place of all those outstanding, in order to have one uniform
issue instead of several of different dates, as is now the case.
A resolution has passed providing for the creation of the
new securities and authorizing the present holders of the old
—
bonds to exchange them for new ones.
Our informant adds
that he feels certain that all the old bonds will be so exchanged. None of the new bonds are to be sold under the
plan,
Baffalo, N. Y. -Bonds Authorized.— The Board
men on Februarv 9 passed a reaolution providiog
of Alderfor the is-
ment a joint resolution to submit to vote a Constitutional suance of $100,000 water-works-improvement bonds.
amendment providing for biennial seesionsof the State LegisBonds Proposed.— bill was introduced in the State SenAl.
lature, instead of
annual as
is
the case at present.
Bond Proposals and Negotiations this
week have been
Ada, Ind.
as follows
:
Ten— Bonds
Not 5oid.— The $30,000 5^ water and
the $15,000 5% school Douds offered on February 1 have not
yet been sold. Sae V. 78, p. 393, for deacriptioa of bonds.
Adel, 6a. Bond Election.— An election will be held March
10 to vote on the question of issuing |10,000 school-house
bonds.
Allentown, Pa.— Bond O^ermflf.— Proposals will be received until 7 p. M., March 1, by Fred. E. Lewis, Mayor, for
^125,0j0 31^^ water bonds, Dj.te, March 1, 1904. Interest
eemi-annuaily at the office of the City Treasurer. Maturity
as follows
:
ate recently authorizing the issuance of $500, OOJ water-works
improvement bonds.
BarliuglOD, N. J. Bonds Authorized.— The City Council
has passed the ordinance providing for the issuance of the
|<;3,500 ecbool-buildiog bonds mentioned in V. 78, p. 117.
Canandiiigaa, N. Y.—Bond 0#ert7ifli.— Proposals will be received until 12 M., March 9, by George A. Voorhees, Vilfor
street-improvement
lage [.Treasurer,
$100,000 gold
bonds. Securities are part of an authorized issue of $200,Denomina000, one-half of which wns sold last September.
Dite, March 1, 1904. Interest (rate to be
tion, $1,000.
named in bids) March 1 and September 1 at the United
States Mortgage & Trust Co., New York City. Maturity,
$10,000 yearly on Sept, 1 from 1908 to 1917, inclusive. Bids
Feb.
THE CHRONICLE
27, 1904.J
are to be made on blank forma furnished by the Village
Treasurer. Certified check for 2% of the bonds bid for, payable to the Village Treasurer, required. Acrued interest to
be paid by purchaser.
The offlcial notice of this bond offering will he found among
the advertisements elsewhere in this Department.
Bill Legalizing Bonds
Chapter 9, Laws of 1904, legalizes
an issue of $200,000 street- improvement bonds of this city,
Canandaigaa (N. Y.) School District.— Bonds Defeated,—
The proposition to issoe |80,000 building bonds failed to carry
at the election held February 18, the vote being 110 for to
174 against.
Caney, KsM.—Bcnd OJ'crmgf.— Proposals will be received
until 5 p. M March 15, by E. F. Pocock, City Clerk, for
20-year water-works and general-improvement
$6,000
bonds. Interest, semi-annual. Certified check for 5^ of bid
required.
Cags County (P. 0. Fargo), N. Dak.— Bonds Defeated.—
The election held January 26 resulted in 453 votes being cas
in favor of and 2,819 against the proposition to issue $aoO,OOi
court-hoase bonds.
Bond SaZe.- The Southern States Trust
Charlotte, N.
Co. of Charlotte b>is purchased at par an issue of $60,000 6^
1-4-year water- works bonds of this city.
ihe^apeake Clly, Md.— Bond Bill Passes House.— The
House has passed a bill authorfziEg this city to issue bonds
to pay the claims of Agnes T. Emmons and others.
ihillicothe, Ohio.— Bonds Proposed.— Tte issuance of
$2,000 414% Caldwell Street extension bonds is being consid-
—
H
,
C—
ered.
Clay County (P. O. Brazil), Ind.— Bonds Authorized,—
The County Commissioners have authorized the issuance of
$l2,Ono bonds for the purchase of twenty United States
Standard voting machines.
Coldwater, Mich. Bond ElecUon,— This city, it is stated,
has df cided to submit to the voters at the spring election the
prf position to issue $50,000 sanitary sewer bonds.
ColliitgB^ood, a. J.— Bond Election.— An election will be
held in March to vote on the question of issuing bonds for
sewer and street improvements.
Colambns, Ga.— ^ond ,&a/e.— The |10,500 5% redemption
bonds which matured Jan. 1, 1904, have been taken up by a
new issue of 'd}4% 30-year refunding bonds. These new
bonds have been put out in exchange tor the old ones.
Concord, ^. B.—Bond Sale.— The |9,500 B14% school bonds
offiered but not sold last September have been taken by local
individuals at par and interest.
Coranna, Mich.— Bonds Voted, This place has voted to
issue $32,000 water-works bonds.
Covington, Kj, Bonds Proposed.— The Mayor, in his annual report to the City Council, recommends the issuance of
$40,000 Willow Run eewer extension bonds.
Croobston Sihool District No. 1, Polk County, Minn.—
Bonds Tooted.— This district has voted to issue $15,000 i^
15- year refunding bonds.
Cnmberland, Md.— Bonds Proposed.— This city seeks legislative authority to issue $25,000 donds^to establish a paid fire
department.
Dallas Connty, Te-x..—Bonds Not Yet Placed.— Tbia county
has not yet been able to place the $500,000 3% road and bridge
bonds mentioned in V. 77, p. 659.
Dawson (Minn.) School District —Bond Election.— An
election will be held in this district to vote on the question
—
—
of issuing $30,()f achool-building bonds.
Defiance, Ohio.— Bonds Not Sold.— No bids were received
on February 17 tor the $1C5,000 i% bridge bonds described in
V. 78, p. 299.
Detroit (Tex.) School District.— Bonds De/ea^ei.— This
district, it is stated, recently defeated a proposition to issue
$l5,000>chool-building bonds.
Dimmit Connty, Tex.—Bonds Registerd.— On February 13
the State Compsroller registered an issue of $1,940 3^% 1040-year (optional) bridge bonds, dated Feb. 10, 1904.
Ellensbarg, \\ ash.— Bonds Poted.— This city, on January
29, by a vote of 129 to 5, authorized the issuance of $20,000
electric-light-plant bonds.
Elmwood Place, Ohio.— Bond W/mngr.— Proposals will
be reubived until 12 m., March 19, by fl. G. Schaefer, Village
Clerk, at the office of Scott Bonham, Attorney, 619 Main
Street, Cincinnati, for $10,000 i% 10-year debt extension
bonds. Authority, Section 2701, Revised Statues of Ohio.
Denomination, $500. Date March 1, 1904. Interest, semiannually at the First National Bank. Elmwood Place. Certified check for 5% of amount of bid, payable to the Village
Clerk, required.
f'ayttie conutj, Iowa.— Bond Sate.— On February 5 $80,000 i^% funding bonds were sold to Geo. M. Bechtel
Co.
of Davenport at 102-875 and interest. Denomination, $1,000.
Date, Jan. 2, 1904. Interest, May 1 and November 1. Maturity, $2,000 each six months from May 1, 1906, to Nov. 1,
1910, Inclusive; $3,000 on May 1 and $2,000 on November 1
yearly from 1911 to 1914, inclusive; $3,000 each six months
from May 1, 1915, to 1917, inclusive; $4,000 on May 1 and
$8,000 on November 1 in the years 1918 and 1919, and $4,000
&
on May
1 and also on Nov, 1, 1920.
Findlay, Ohio.— Bonds Authorized.—The City Council on
Jauuary 25 passed an ordinance providing for the Issuance oi
$17,000 5% West Front Street assessment bonds. Denomination, $1,000.
Date, March 1, 19')4. Interest, semi-annually
at the Fourth National Bank, New York City. Maturity,
837
$1,000 on September 1 of the years 1905, 1908 and 1907, and
$3,000 yearly on Sept. 1 from 1908 to 1914, inclusive.
Bonds Authorized,— On Fcbiuary 1 the City Council
pas.edan ordinance providing for the issuance "of $800 5;^
Denomination, $100. Date,
Shinkle Street sewer bonds.
March 1, 1904. Interest semi-annually at the office of the
City Treasurer. Maturity, $100 on Sept. 1, 1904, aud also on
Sept. 1, 1905; $200 yearly on September 1 from 1906 to 1908,
inclusive.
Bonds Authorized.— On February 1 the City Council passed
an ordinance providing for the issuance of $8,700 5% Third
Street sewer bonds. Denominations, four of $500, one of
$700 and one of $1,000. Date, March 1, 1904. Interest semiannually at the office of the City Treasurer. Maturity, $500
yearly on September 1 from 1905 to 1907, inclusive; $1,000
Sept. 1, 1908, and $1,200 Sept. 1, 1909.
e^adsden, Ala.— Bonds Foted.— By a vote of 220to 150 this
place on January 19 authorized the issuance of $100,000 5%
80-year water bonds.
(jlenolden, Delaware Connty, Pa.— Bonds Not Sjld.-The
$29,500 4^ 30 year sewer bonds offered on February 1 have
not as yet been sold. See V. 78, p. 354, for description of
bonds.
Grand Bapidf, Mich. Bonds Proposed.— The issuance of
$290,000 school bonds is being considered.
Grant's Pass (Ore.) Sihool District.- Bonds Foied.-By a
vote of 35J to 0, this district on Feoruary 2 auihorizad the
issuance of $12,000 school-house bonds.
Greenville, Ohio.— Bond O^erinflr. —Proposals will be received until 12 M., March 24, by Joe. C. Katzeuberger, City
Auditor, for $3,301 10 5% MO-year (serial) East Fifth Street
assessment bonds of $330 11 each. Date of bonds, Feb. 9,
1904.
Interest, annual. Accrued interest to be paid by
purchaser. Certified check for $100, payable to City Treasurer, required with bids for each issue.
Gnlfport, Miss.— Bond Election.— An election will be held
shortly, probably some time in May, to vote on the question
of issuing bonds for school purposes,
Bonds Authcrized.—The City Council has decided to issue
$6,000 sewer bonds.
Hamilton, Ohio. Bonds Defeated, The proposition to
issue $55,000 deficiency bonds failed to carry at the election
held January ^5,
Havre, Chontean Connty, Mont.— Bond O^eringr.- This
city will sell at public auction at 2 p. M., March 28 (sale postponed from March 7), $26,500 Q% coupon water and sewer
bands, Denominations, twenty-six of $1,003 each and five of
$100 each. Date, Jan. 1, 1904. Interest semi-annually at
Maturity,
office of City Treasurer or in New York City.
Jan. 1, 1924, subject to call after Jan. 1, 1914. Certified
check for $1,000, payable to F. A. Carnal, City Clerk, required. Bonded debt, $28,500— this issue only. Assessed
valuation 1903, $400,000.
—
Healdsbnrg School District, Sonoma Connty, Cal
— An election will be
March
—Bond
on the
question of issuing $45,000 4% bonds to build two new school
houses. Denomination, $1,000. Interest, June 15 and Dec.
Maturity, $1,000 Dec. 15, 1904, and $2,000 yearly on Dec.
15,
Election,
15
from 1905
held
4 to vote
to 1926, inclusive.
Bond O^ertngf.— Proposals will be received
until 3 P, M., May 15 (this day falls on Sunday, but the date is
so given in the advertisement), by the Finance Committee,
W. Q. Phillips, Chairman, for $155,000 funding bonds.
Date, July 1, 1904. Interest (rate to be named in bids) semiannually. Maturity, July 1, 1924. Certified check for 2% of
the amount bid, payable to the above-named Chairman, required.
Hickory, N.C. Bond O^eringr.- Proposals will be received
until 8 p. M,, March 1, by J. D. Elliott, Mayor, for |60,C0O 5%
Helena, Ark.
coupon water, sewer and street-improvement bonds.
Denomination, $1,000. Date, Jan. 1, 1904. Interest semi-annually at the First National Bank, Hickory. Maturity, $80,000 Jan. 1, 1924, and $30,000 Jan. 1, 1934. Certified check
for 5% of the par value of bonds bid for required. Authority
Bonds are
for iesue. Chapter 171, Private Laws of 1901
exempt from city taxes. Bonded debt, $90,000. Assessed
valuation 1903, $1,050,000.
Hicksville, Ohio.— Bonds Not 8old.—A report has appeared in some of the papers lately to the effect that this village had sold an issue of $15 000 5% 10-year road-improvemnnt
are
bonds to P. S. Briggs
Co., Cincinnati, at 102 -OSS.
just informed by the Village Treasurer, however, that all
negotiations between the Cincinnati firm and the village of
Hicksville have come to an end.
Highland Park, Mich.- Bond O^ertnp.- Proposals will be
received until March 7 hv R. Milton Ford, Village Clerk, for
$8,000 4%% water-works-extension bonds. Denomination,
Interest annually at the Dime Savings Bank of De$1,000.
troit.
Maturity, twenty years. Authority for issue, Act No.
Bonded debt, including above issue,
395, Local Acts of 1908.
$93,000. Assessed valuation, $2,528,625.
We
&
Hillsborongh Connty, FIs.— Bonds Not Yet Sold.— Thia
county still has unsold $810,000 4% 30-year road bonds— part
of the $400,000 issue offered several times last fall, and of
which only $90,000 have been placed. Wm. L. Hanks is
Clerk of the Circuit Court.
Hantington Township, Ind.— Subsidy Election.— An election will be held in this township on March 22 to vote a subChicago Railsidy of $125,000 to the Cincinnati Bluffton
road Co. Thl<i road, it is stated, is building between Huntington and Uaion, and will connect with the Erie Railroad
&
———
—
THE CHRONICLE.
838
for Chicflgo. The oompany offers to gnarantee to
road in opt>ratlon and shops erected in Hnntington
least $50,000 before Jan. 1. 1906.
have the
worth at
[Vol. Lxxviii.
ruary 20 to Burnett, Cummings & Co., at 4'22!( discount.
Following are the bids
Burnett. CummlnK8& Co., i'2a< dlsc't. Blnko Bros. 4 Co. (IB premlom), 4^<
interest.
Bond A liooilwln, 4-s7» discount.
Nut. Bank of Kedemptlon, 4-40< dlsc't. LorluK, Toluiun & Tupper, I'TSjt ilisc't
Matagrorda County, Texas.— Bond Sa?c.— The State Board
of Education has purchased at par and interest an issue of
$35,000 4% 10-40-year (optional) road and bridge bonds,
:
I
H)altsTille, JIli.—BomU Proposed.— Th\s town seeks legislative authority to issue $30,000 sewer and 115,000 school-
house bonds,
Indianapolis (ltd.) School Digtrlit.— Btd.o.-Following
are the bide received February 15 for the |150,0C0 3i^« coupon
bonds awarded, as stated laet weefr, to J. F. Wild & Co. of
1
dated Oct.
10. 1908.
Matteawan, N. Y.—Bond Offering.— The Board of Trustees
Indianapolis at 100 6(^Q
will sell at public auction at 3 p. m., March 2, $60,000 sewer
bonds at not exceeding 4% interest. Securities are issued
J. F. wild A Co.. Indiau'lls.fir.I.OOOOO Nowton Todd (for $2P,0r0). .$2S,120 50
„ „ „„
Marion Tr. Co.. liidlau'lld... I0O.I6OOO ludliina Lumbermen's Mut.
under the authority of Chapter 414, Laws of 1897, and the
... 10.05000
Ina. Co. (for HO/jOU)
K. 1). Busb A Co.(for»i*.Denomination, $1,000.
Date,
25.026100 CIBord Arrlck (.for $10,000)... 10,010 00
Acts amendatory "thereto.
000, due l«d7)
Iowa City, Iowa.— Wonds ^^f/iortzed.— The City Council Feb. 1, 1904. Interest semi-annually at the Matteawan National Bank. Maturity, $2,000 yearly on Feb. 1 from 1905 to
hat ordered iesned |5,600 paving bonds.
Iron River (Mich.) School District.— Pond OffeHng.- 1934, inclusive. Accrued interest to be paid by purchaser.
Proposals will be received until 2 P. M., March 1, by Geo. D. Benjamin I. D. Roosa is Village Clerk.
Mercer County, N. J.— Bond 8ale.-0n Feb. 19 $20,000 i%
Crlppen, President Board of Education, for |25,O0O 1-10-year
be named in bids. 40-year county-butlding bonds were awarded to Dick &
(serial) buildirg bonds. Rate of Interest to
Certified check for $500, payable to the Board of Education, Robinson, New York, at 10561. Date, Feb. 1, 1904. De:
I
|
|
I
Interest, semi-annual.
(P. 0. Troy), Ohio.— Bond Sale.— On February 18 the $10,500 b% pike and the $21,900 (nine issues) 5%
ditch coupon bonds mentioned in V. 78, p. 596, were awarded
to the Plqua National Bank of Plqua at 102*76 and 101 "60,
respectively. Following are the bids
nomiQation, $1,000.
required.
JbCkson, Miss.— Bond Bill Passes Legislature.- Both
Houses of the State Legislature has passed Senate Bill No. 25,
authorizing this city to ls«ue water- works bonds.
Jabper County (P.O. Rensselaer), InA.— Bond Offering,
This county will sell at auction at the oflSce of the County
Treasurer at 1 p. m., March 8, $7,0C0 6^ ditch bonds. AuthorDenomination,
ity, Section 1, Chapter 99, Laws of 1903
Interest semiannually at the
IsOO. Date, March 1, 1904.
banking house of A. McCoy & Co. in Rensselaer. Maturity, 11,000 yearly on March 1 from 1906 to 1912, inclusive.
A cleposit ot $500 will be required of the Euccessful bidder at
hour of sale. James N. Leatherman is County Auditor.
Jasper County, Texas.— fionds Registered. The State
Comptroller on February 6 registered an issue of $10,000 5%
jail bonds dated Jan. 1, 1904.
JeiTerson, Wis— Bonds Defeated.— Thia place on Jan. 28
voted against the issuance of $8,000 street paving bonds. It
is stated that the matter will again be submitted to a vote at
the next election.
are
Kocchichiiig, Itaska County, Minn. Bond Sate.—
advised that the $6,000 Q% road and bridge bonds offered but
not sold last October were disposed of at par some weeks ago.
Lake Park (Iowa) School District.— Description of Bonds.
stated last weak that an issue of 4i^« bonds had been
sold at par. These bonds, we are now advised, aggregate
$13,400, and were sold on February 3 to Geo. M. Bechtel &
Co. ot Davenport. Denomination, $500. Date, Feb. 1, 1904.
Interest, semi-annual. Maturity, ten years, sut ject to call
—
—
We
—We
after five years.
Lancaster Counly, S. C. Bonds Authorized,— Thia county
has been authorized by Legislature to issue $80,000 coupon
refunding bonds. We are advised that the county will prob
ably issue only $75,000 of these bonds. They will be dated
Feb. 1, 1905, and the interest will be at the rate of 4%,
Laurel, Del.— Bond O^eringf.— Proposals will be received
until March 15 by H. B Hitca, Secretary, for $4,000 4% refunding sewer bonds. Denomination, $1,000. Date, Jan. 1,
1S04.
Interest, semi-annually at the Sussex Trust, Title &
Safe Deposit Co , of Laurel. Maturity, July 1, 1933, subject
to call after July 1, 1923. Bonds are exempt from all taxes.
Law ton, Okla.— Bonds Ue awarded.— Tba $30,000 Q% funding bonds awarded on January 11 at 103'40 have been reawarded to Duke M. Farson & Co. of Chicago at 103'333.
Leavenworth, Kan. Bond Sale.—TtiiB city has sold in
small amounts at par to local investors $39,000 5% internalimprovement bonds, maturing one- tenth yearly. Denomina
tion, $500. Date, Feb. 1, 1904.
Interest, semi-annual.
Limestone County (P 0. Athens), Ala.— Bond Election.—
An election will be held in April to vote on the question of
issuing $10,000 pike bonds.
Lincoln, ^eb.— Bond ii'aif,— The following bids were received Feb. kb for the $80,000 refunding bonds described in
V. 78, p. 726
Trowbridge A NlverCc. Chic. »t8 1.067 John Nuveen & Co., ChioaKO. .t$81,220
Prov. Sav. B'k&Tr. Co.. Cin....»8",6i0 Chas.H. Coffin (less $800 com'D.jtSO.COO
*80,017 S. A. Kean (lets^% commis'n).tfcO,000
W. J. Hayea&bons. Clere
• And accrued interest. + Bid received after hoar set for sale; also was not
:
1
|
accompanied by
certified check._t
Bid conditional and unaccompanied by
certi-
fied check.
Lincolnton, N. C. Bonds Fo^ed.— This town has voted to
issue $30,000 water-works and sewer bonds.
Lltilz, Pa.- Bonds Voted.— By a vote of 260 for to 40
against, this borcugh on February 16 authorized the issuance
of $45,C00 water- works bonds.
Loralp, Ohio.— Bond Saie
February 4 the $6,000 5$
sewer bonds described in V, 78, p. 244, were awarded to
Weil, Roth
Co., Cincinnati, at 100 '35 and interest.
LonlSTllle, Ky.— Bond Sale.— The Board of Park Commissioners have turned over at par to the Do Pont heirs $250,000
S% 40-year bonds dated Jan. 1, 1901, in payment of ground
purchased for Central Park. Securities are in denomination
of $1,000. Interest, eemi-annnal.
Mai ion, Ohio.- Bonds Proposed.— An ordinance is before
the City Council providing for the issuance of $60,000 sewage-disposal-plant and garoage-crematory bonds.
Marlon County (P. 0. IndianapuUs), Ind.—Bonds Proposed.— The issuance of from $600,000 to $700,000 bonds for
bridge purposes is being considered.
Marlborungta, M.as»,~Temporary Loan.— The $50,000 loan
in anticipation of the collection of taxes was awarded on Feb-
—On
&
Miami County
:
$31,800
Bda.
$10,500
DUch
Pike Bond$.
$10,79000
10,74650
Plqna National Bank, Piqua
R. Kleybolte 4 Co.. Cincinnati
Weil. Roth 4 Co.. Cincinnati
First National Bunk. Troy
W. J. Hayes 4 Sons, Cleveland
$l;2,850
00
22.034
i;0
10.600 00
21.t85£0
00
ZTLMlbW
10,^,80
21,909 00
MillingtOD, Mich.— Bonds Fofed.— This village has voted
in favor of issuing $3,000 water-works bonds.
coming
A.t the
Milwaukee, Wis.— Bond Election.
spriEg election the question of issuing $3,050,000 bonds
plants and harbor imfor bridges, viaducts, lighting
provements will be submitted to a vote of the people. Of
this sum $126,000 is to be set aside for bridges and $500,000 for lighting plant, $855,0C0 is apportioned to meet the
cost of constructing viaducts, $200,000 for harbor improvements, $120,000 for flushing works, $50,000 for isolation hospital and $200,000 for fire-department purposes.
Bond» Authorized.— The City Council has passed an ordinance providing for the issuance of $200,000 school bonds.
MinersTlUe (Pa.) School District.— Bonda Fofed.—The*
School Board was authorized by vote on February 16 to issue
$16 000 school-houee bonds.
Mississippi Levee District.— BiK Passes Legislature.— The
Legislature has passed a bill authorizing this district to issue
$1,000,000 bonds for levee improvements.
Monoiigahela, Pa.—Bonds Defeated.— The proposition to
issue $52,500 paving and floating-debt bonds failed to carry
at election held February 16. The vote was 290 for to 367
—
against.
Monroe, La.— i2ai/road Aid Fofed.— The New Orleans
"Times Democrat" states that on Feb. 4 the 'proposition to
aid the Little Rock & Monroe Railroad with the proceeds of
a 5-mill tax for ten years was voted on by the property taxpayers and was carried by a large majority both in number
The vote, which
ot votes cast and in property valuation.
was very light, showed 178 for and 45 against the tax.
Amount for, $510,910; amount against, $115,340.
Monroe Counly (P. 0. Rochester), N. Y.— Bonds Proposed.
—The Board of Supervisors on February 2 passed a resolution seeking authority Irom the State Legislature to issue
$1,000,000 public-market-house bonds.
Montrose, Pa.— Bonds Foted.— This borough, on February
bonds for road improvements.
Monrovia, Cal.— Bonds Not to he Issued.— The question
of holding an election to vote on the issuance of $34,000
bonds for certain contemplated improvements has been postponed indefinitely, a motion to submit the proposition having
been laid on the table by the City Council.
Morgan City, La.— Bonds Not Yet Sold,— We are advised
that the $6,000 5% market and engine house bonds described
These bonds are
in V. 77, p. 1762, have not yet been placed.
for sale by M. Coguenhen, Chairman Finance Committee,
who may be addressed by those interested.
Mount Pleasant, Texas.— Bond ^iection.- The City Counthe
cil, it is stated, is preparing for an election to vote on
question of issuing bonds for a sewerage system.
Mount Union, Pa.— Bonds Fofed.— This borough, on February 16, by a vote of 181 to 97, authorized the issuance of
$12,000 4$ electric light-plant*bonds. Other details regarding
this issue not yet determined.
Muskegon, Mfch.— Bond Not 5< Zd.— The $100,000 4jf 30-year
wl arf t onds offered on Feb. 9 were not awarded.
Nashville, Tenn— Bond 8ale.~0a Feb. 23 the $100,000 4%
trunk sewer and the $50,000 4^ street bonds described in V.
New York,
78, p. 788, were awarded to N. W. Harris & Co.,
16 voted to issue $4,718 54
at 100 '033,
,
^^
^
(Ind.) School Dlfctrlct.— Bonds to be Offered
are advised that the School Board will shortly
Shortly.—
issue $61,000 4% coupon high-school- building bonds. DenomMaturity, $5,000 in
Interest, semi-annual.
ination, $500.
and $7,000 yearly from thrt e]to ten years after date.
two years
The Schpol Board, we are advised, has never before issued
any bonds. The assessed valuation of the district is $8,200,-
New Albany
We
Newark, N. 3.— Bonds Proposed,—The Board
timate has requested the
Common
of School EsCouncil to issue $200,000
THE CHRONICLE.
Fj:b. 27, 1904.]
school- construction bonds.
The matter
is
held under advise-
ment.
Newatk, Ohio. Bonds Authorized.— The City Council on
January 18 passed an ordinance providing for the issuance
of $3,000 5% fire-station bonds. Denomination, $1,000. Date,
Jan. 1, 1904. Interest semi-annually at the office of the Sinking Fund Trustees in Newark. Maturity, $1,000 yearly on
839
Qaeensbury Union Free School District No. 1, Warren
County, N. Y.—Bond Offering,— The Board of Educalion will
sell at public auction at 2 p. m
March 10, at the Rockwell
House in Glens Falls, $100,000 ii coupon bonds, DenominaDate, March 10, 1904. Interest, June 1 and Detion, $500.
cember 1 at the Glens Falls Trust Co, in Glens Falls. Maturity, one series of $8,000 each year on December 1 from
1907 to 1921, inclusive, and one series of $10,000 on Dec. 1,
,
January 1 from 1908 to 1910, inclusive.
Oakdale, Neb.— Bonda Not Ytt Sold.— We are advised that 1922. Bonds will be registered if required. Each series of
the $7,000 %% water bonds offered but not sold on Dec. 24 bonds will be first offered separately and then the entire issue
in one block. The award will be made in accordance with
have not yet been placed.
Oakland (Cal.) iScbool District.— Bond .E/ection,— Accord- the bid or bids considered most advantageous to the district.
will te required of successful bidder at the
ing to the San Francisco "Chronicle," the oard of Education A deposit of
conclusion of the sale.
is arranging for an election to vote on the question of issuing
Red Lion (Pa.) School District.- Bonds Fo«ed.—The elec$960,000 school bonds.
Orange Connty, Tex. —Bonds Registered, The State Comp- tion held February 16 resulted in 166 votes being cast in favor
troller on Feb. 19 registered the $10,000 bridge and the $15,- of and 119 against the issuance of $10,000 school bonds.
Details of lx>nds and date of sale to be decided later.
000 road i% 10-4C-year(oi.tional) bends voted at the elect! o
Richmond, Ya.— Bends Froposed.— The Common Council
held Dec. 15, 1903. Securities are dated Jan. 1, 1904.
Ottawa, Ont.—Debenturis Foied.— This city recently on Feb, 4 passed an ordinance providing for the issuance of
adopted a by-law allowing it to issue $50,000 electric- light $600,000 4$ 34-year bonds to retire the loan of $801,785 negodebentures. We are advised that as the contract with the tiated some weeks ago to pay off the bonds which matured
present electric light company does not expire until May, on Jan. 1, 1904.
Bonds Authorized— The issuance of $150,000 30-year bonds
1905, nothing will be done in the matter of issuing these defor a new gas holder has been authorized.
bentures until next year.
Saginaw, iSieta. Bond Offering.— Projpoeals will be rePaulding County (P. 0. Panldlng), Ohio.— Bond Offering.
—Proposals will be received until 3 p. m., March 1, by Allen ceived until 2 p. M., March 5, by Frank M. Totten, ComptrolBybee, County Auditor, for the following bonds issued un- ler, for $10,000 Shi% refunding water bonds. Denomination,
Interest, semi-annually at
dfr autbr>rity of Section 4846. Revised Statutes of Ohio
$1,000. Date, March 2, 1904.
f 12,000 5% Hargrave Plhe bonds. Maturity. Jl.OOO March 1, 190B; $8,000 yearly office of City Treasurer or at the current official bank in
on March 1 from 19i 6 to 191ii, inclusive; $l,ouO March 1, 1911.
New York City. Maturity, March 10, 1924. Accrued inter13,000 6» Carpenter Pike bonds. Maturity, tl.OOO March 1, 1906; 12,000 yearly
on March 1 from 1906 to 1911, Inclusive.
est to be paid by purchaser. A certified check on a Saginaw
May Pike bonds. Maturily,' »1,000 March 1,1906; $8,000 yearly on
18,600 B«
bank or New York draft, payable to the City Treasurer, for
March 1 from 19C6 to IwlO, inclusive; $1,600 March 1, 1011.
Bonds are all in denomination of $l,0u0, except one May 2% of amount of bonds bid for, is required. Bonds will draw
Pike bond, which is for $500. They are dated March 1, 1904. interest from March 10, 1904.
St. Bernard, Ohio.— Bond 0#erinfir.— Proposals will be reInterest semi-annually at the office of the County Treasurer.
Separate bids to be made for each issue. Bids must be un- ceived until 12 M., March 25, by George Meyer, Village Clerk,
conditional, bidders being required to satisfy themselves as for $15,000 i% sanitary sewer bonds. Denomination, $500.
H
—
:
to the legality of
the bonas before bidding.
must furnish blank bonds.
certificate of deposit for that
for each issne,
Purchasers
Certified check for $200 or a
amount must accompany
bids
Philippine Islands.— Bond O^mnflf.— Subscriptions will
be received until 2:30 p. m., April 15, by Col. Clarence R.
Edwards, Chief of Bureau of Insular Affairs, War Depaitment, Washington, for $3,000,000 4jt coupon gold temporary
certificates of Indebtedness.
Authority, Section 6 of the Act
of Congress entitled " An Act to establish a standard of value
and to provide for coinage system in the Philippine Islands,
and under the proviso theieof authorizing the sale of temporary certificates of indebtedness to the extent of a sum not
exceeding $8,000,000 at any one time, to be used as a continuing credit for the purchase of silver bullion for Philippine
coinage. Date, May 1, 1904.
Denomination, |l,O0O.
Interest payable quarterly.
Maturity, one year. Securities
are exempt from all taxation, either Federal, State or local.
These bonds will be accepted at par by the Treasury Department as security for deposits of public money of the United
States in national banks in substitution for State, municipal
or Philippine bonds and certificates of indebtedness now held
to secure such deposits; and in substitution for United States
bonds now held as security for deposit, on condition that the
Government bonds thus released be used as secuiity for
additional circulation whenever, In the judgment of the Secretary of the Treasury, it is desirable to stimulate an increase
in national bank circulation.
Pipe Creek Township, Madison County, InA.—Subsidy
Election Not Held.—Vfe are advised that the call for an election Febi uary 2 to vote on the granting of a subsidy to the
Ft. Wayne & Indianapolis Railroad was canceled by the
County Commissioners.
Port Allegany (Pa.) School District.- Bonds Voted.—
This dist) ict on February 16 voted to issue $10,000 school
bonds. These bonds, we are advised, will not be issued for
several months,
Port of Portland, Ore.— Bond Offering.— Aa stated last
week, proposals will be received until 4 p. m,, March 24, by
Dan J. Maher, Clerk, for $215,000 i% gold coupon dry- dock
bonds. Denomination, $1,000. Date, Jan. 1, 1904. Interest
Date, March
Interest, semi-annual.
Maturity,
interest to be paid by purchaser.
Certified check for 5% of bonds bid for required.
Bonds Authorized.— Accovding to local reports the issuance
of $85,000 i% refunding water bonds has been authorized,
St. Clair Township, Colnmblana County, Ohio.— Maturity
of Bonds. The official ciicular of this township offering for
sale April 1 $20,000 5% road bonds contained an error in the
maturity of the bonds, and we therefore reprint that portion
of the offering : Maturity, $600 from 1905 to 1910, inclusive
$1,000 in 1911 ; $500 in 1912 and in 1918; $1,000 in 1914 and in
1915; $500 in 1916; $1,000 from 1917 to 1922, inclusive; $1,500
in 1928; $1,000 in 1924; $1,500 in 1925; $1,000 in 1926 and
$1,500 in 1927. Other details of this offering will be found
on page 784 of last week's Chronicle.
St. Marys, Ohio.-Bond O^ering.— Proposals will be received until 12 M,, March 16, by F. F. Aschbacher, City Auditor, for the $19,000 ^}4i refunding bonds issued under
authority of Section 2701, Revised Statutes of Ohio, and Section 118 of the Municipal Code. Denomination, $1,000. Date,
March 1, 1904. Interest semi-annually in St. Marys. Maturity, March 1, 1924. Certified check for d% of bonds bid
for, payable to the Treasurer of Sinking Fund Trustees, required. Accrued interest to be paid by purchaser.
March
1, 1984.
1,
1904.
Accrued
—
Salem, Ohio.—Bonds Authorized.— The City Council on
February 2 passed an ordinaiiee authorizing the issuance of
$25,000 b% 1-25-year (ferial) coupon refunding bonds. Denomination,
$l,(j00.
Interest semi-annually at office of City
Treaeurer.
Salem, Ore. Bond Offering.— BooliBVfill open March 1 for
popular subscription to $30,OuO 4% 20-year refunding bridge
Donds, and will remain open until March 20. Bonds will be
put out in denominations ranging from $25 to $1,000 and the
subscribers for the smallest amounts will be given the preference in awarding the bonds.
Si.lt Lake City, Utah.- Bond Sale.- On Feb. 28 the $548,000
iy^% 20-year refuncing bonds described in V. 78, p. 784, were
awarded to E, H. Rollins & Sons, Chicago, at 102'56 and in-
terest.
Siiuta Rosa, Cai.— Bond Election Proposed.— At a meeting
of the City Council held January 28 a petition was presented
requesting the Council to call an election to vote on the issuance of $50,000 electric-light-plant bonds.
Set tile School District No. 1, King County, Wash.—
Bond Sale,- On Feb. 20 the $300,000 coupon bonds described
in V. 78, p. 355, were awarded to N. VV. Halsey «& Co, of
Chicago as 4.% per cents.
Sbawano, Wis.- Bond Bids.— Following are the bids received February 10 for the $11,C00 i%% water and light bonds
described in V. 78, p. 301
F.J. Martin
•|11,155 10 N. W. Harris & Co.. ChlcaK0.»$ll,ll3 00
semi-annually at the office of the Treasurer. Maturity, Jan.
Certified check on a bank in Portland for 6% of the
1, 1934.
par value ot bonds bid for, payable to the Treasurer of the
Port of Portland, required. Accrued interest to be paid by
purchaser. Bids are to be unconditional, The Port of Portland includes the city of Portland and nearly all of Multnomah County. Bonded debt, including this issue, $1,050,000. 8. A. Kean. Chloago
ll, 16*00 Trowbrld«e A NlverCo.,Chlc.*ll,OBl 00
*ll,126 00 John Nuveen & Co., Ohio
'il.OST 00
The official notice of this bond offering will be found amov g K. W. Humphrey.
Well, Roth & Co., Cincinnati.*! 1,120 00 MacDonald.McCoyACo ,Chi. 11,031 00
the advertisements elsewhere in this Department.
K. Kieybolte 4 Co.. Clncln...*ll.ll7 00 Fiirson. Leach & Co. .Chicago. 11,000 00
Duke M.FarsonA Co., Chic. 10,76600
Port ToTTnseud, Wash.- Proposed Water Plant Election,
• And Interest.
The City Council on January 25 passed a resolution in
As stated last week, the bonds were awarded to F. J. Martin,
favor of a municipal water plaiit to cost, it is stated, about
Sheridan Connty, Wjo.— Bond Election. An election will
The matter will be submitted to a vote of the peo- beheld Mar. 1 to vote on the question of issuing $45, OCO court$250,000.
ple at an early date.
house bonds at not exceeding 6^ interest. If authorized,
Pro* pact Park, Pa.—Bonds Voted.—The issuance of $13,- bonds will mature in twenty years, subject to call after ten
000 bOLds was authorized at the election held Feb. 16.
years. Interest, semi-annual.
PrOTidence, R. I.— Bond Bill Pusses Huuse,—The House
Sherman, Teiap.— Bonds Registered,— The State Compof the General Assembly has passed a bill author zing the troller on February 13 registered an issue of $35,000 5% reissuance of $500,000 sewer bonds.
funding Texas & Pacific Railroad bonds dated Feb. 1, 1904.
:
—
—
—
:
840
^rilE
CHRONICLE.
bits flnally accepted n proposition of tbeoltyfor asettlemont. The
city t>on(]K now boar Interest at the ralo of 5 and U per cent per itiiiiom, but
the new bonds to tio issued to lh<i State for t87:i,()00, the princlpiil and iiccrucd
Imeroit, will boar but 8H per cunt Intorcst. This is the best rate that has been
secured by the city from any boodholders In tbe effurtii to refuud and lettle
up tbe bond question.
the State
4< paving and
ShreTpport, La.— Bond Sale— The $188,0(
sewer bonds offf rtd bnt not bold tm Jane 26,
19C3, have been dl?poBfd of to the First National Bank ot
Sbreveprrt at par and interest, lees i8,00l) Ci.iiiinii88iOD,
Soalh Stlllwh-ter, M.iun.—8oJid Klection.— An election
will be held ue»t month to vole on the question of ieeulng
electrio-Ught-plant bond?. A proposition to issue these bonds
H
the $20
See V.
bonds,
Syracuse, N. Y.
rowed
Sullivan County (P. 0. Sulliran), lnA.—Bond\Offering.—
Proposals will be received until 12 M,, March 4, by A. V.
Minich, County Treasurer, for $85,500 5% levee bonds. DencminatiOD, $500. Date, March 1. 1904. Interest, semi-anTraders' Nanually on January 1 and July 1 at Importers'
tional Bank, New York City. Maturity, |8,000 on Jan. 1,
1907, and $5,600 yearly on January 1 from 19C8 to 1922, iccln-
p. 122,
Union County fP. 0. Marysville), Ohio.— Bond OjBrering,— Proposals will be received until 12 m,, March 12, by
Uwight B, Edwards, County Auditor, for $40,000 5% ditch
construction bonds. Denomination, $500. Date, March 1,
1904. Interest, semi annually at the oflftce of the County
Treasurer. Maturity, $4,000 each six months from Sept. 1,
&
A
deposit of Iji mast accompany bids for $10,000 or
the bonds, and a deposit of $1,000 required with bids
for bonds in excess of $10,000,
Summit, K. J.— Bonds Auihcrized— The Treasurer has
been authorized to sell at private sale |85,000 4% school
bonds,
Superior, Wis.— Bond* to he Refunded.— The following
dispatch from Superior appeared in the St, Paul " PioneerPress :"
1904, to March 1, 1909, inclusive. Bids must be unconditional
and must be made on forms furnished by the County Auditor.
Certified check for $' ,200 required.
Tlncennes Township— Harrison Township, InH,— Sub8i(fy
Election,— On March 12 an election will be held in these
townships to vote a subsidy to the Vincennes West Baden
Louisville Traction Co., a road known until recently as the
Vincennes Jasper
Petersburg Traction Co. It is said that
the subsidy would amount to about $50,000, but that it will
hardly carry, as many people are opposed to the grant.
&
&
thousand dollars worth of
Superior bonds held by the State of Wisconsin are to be refunded. The city
has defaulted upon the interest on the bonds to the amount of f22,OuO, and
NEW
.$300,000 at A}4i
—
selling the bonds.
LOANS.
NEW
LOANS.
^100,000
WATERBURY, CONN. PORT of PORTLAND, ORE.,
B}4i
city Clerk's Office. City Hall,
)
8 o'clock P. M.,
which
MONDAY, MARCH
21. ly04 (at
tltne tbey will be opened in public at a meeting of the Board of Aldermen), lor the purchase of
the following-described bonds:
$1011,000 Water Bonds, Sixth Series, of the denomination of $1,000 each, bearing interest at the rate
ot 3!« per cent per annum, payable semi-annually.
Bonds will be dated January i, 1904; $5.0uo of said
bonds will become due and payable on the first day
of January, 1805, and t».000 will become due and
payable on the first day of each succeeding January
thereafter until the final amount of $6,000 becomes
due and payable January first, 1824.
Princloal and interest to be payable by New York
draft. The bonds will be coupon. Bids should be
marked "Proposals for Bonds," and addressed to
George H. Nettleton, City Clerk, City Hall, Waterbury, Connecticut, and to be accompanied by cer
tlfied check payable to the order of the City Treasurer for one per cent of the par value of the bonds
bid for as a guaranty of good faith upon the part
of the bidder.
No bid for less than par and accrued interest can
be accepted.
The
right to reject any
and
bids
For lurther intormatlon address,
GEORGE
all
is
reserved.
H. NKl'TLETON,
City Clerk, Witerbury, Conn.
Proposals will be received at the office of the Port,
Room No. 6e6, Worcester Block. Port
of Portland.
City Comptkolleh's Office,
February 16th,
;
anunm
Village of Canandaigua, N.Y.
for railroad aid, and become due April 1,
Bonds are in denomination of $l,iiOO each,
with coupons attached, ana dated Aprtlll. IPOl, and
run for thirty years, maturing March al. lOM. They
1, 1879.
1804.
bear Interest at the rnte of tour per cent per annuoj,
payable seml-aocually, interest and principal payable at the financial agency of St. Paul in New York
City. Delivery of bonds will be made at the Comptroller's office of this City, wbere payment must be
made by April 1, 1904. A certiflod check payable to
the order of the City Treasurer of St. Paul for two
per cent of the par value of the bonds bid for mu^t
accompany each bid that will be considered. Bids
will be received for all or any part of the It. Thes*bond? may be exchanged at any time for registered
bonds of any denomination. The Committee reservei
the right to reject any and all Dids. Proposals to be
marked "Bids for Refunding Bonds" addressed to
City Comptroller.
street
Improvement Bonds.
Sealed proposals will be received by the Beard
ot Trustees of the Village of Cananiaigua, N. Y.,
1904, for the purchase
M.,
9,
of 8100,C00 bonds of the Village of Canandaigua,
of the bonds to be used
N. Y.. being a portion
for streetimprovement purposes, pursuantto areeolution adopted at a special tax meeting of the qualified Plectors of tbe Village of Canandaigua, held on
the 5th day of May, 1803, to authorize said Board of
Trustees to borrow on the credit of said Village of
Canandaigua a sum not exceeding $20i),000, and to
Issue ttie bonds of said Village therefor from time to
time as the same might be needed for the purpose of
grading and paving the streetsof said Village, which
resolution and all the proceedings relating thereto.
Including said special tax meeting, have been ratified and legalized by an Act. of the Legislature of this
State, which became a law on January 27th, 1904.
Bonds to be of the denomination of $1,000 each, to
be dated March Ist, 19t:4, and to mature as follows:
$10,000 September 1, 18u8, and $10,OiO annually
thereafter on each first day ot September, until ail
ot said bonds are paid. Interest payable semiannually on March 1st and September 1st In each
year. Both interest ard principal to be payable at
the United States Mortgage & Trust Company, .55
MARCH
until 12
Cedar Street, New York City.
A certified check for two per cent of the amount
of the bonus bid for, payable to the Treasurer of
Bids will
a.aid Village, must accompany each bid.
be received for the whole or any portion of said
bonds, the bonds to be sold to the person or persons
who
will take them at the lowest rate of interest.
Proposals should be sealed and marked "Proposal
and may be m»iled or delivered to
George A. Voorhees, Village Treasurer, Canandaigua, N. Y.
Any bidder whose proposal is accepted must
notify the Treasurer of said Village in writing by or
before March IS, 1904, that he is satisfied as to the
legality or the bonds so bid for, and in default of
such notification, such bid may be rejected.
At the time of the delivery of the bonds, the
purchaser will be required to pay the accrued
Interest In addition to the amount of the bid.l
Blank forms for proposals may be obtained on
application to the Village Treasurer.
The right Is reserved to reject any and all bids.
Canandaigua, N. Y., Februarv 19, iO' 4.
By order of the Board of J'rustees of the Vtllage
of Canandaigua.
C. J. ANDRtJSS, President.
for Bonds,"
to reject
any and
a'l
Proposals .ohould be marked
PORT OF PoRfLAND DRY
bids
Is
reserved.
"PROPOSALS FOR
DOCK. BONDS" and
be addressed to Dan. J. Maher, Clerk of Port of
Portland, Porland, Oregon.
Portland, Oregon, February 12, 1904.
By order of the Board of Commissioners of The
Purt ot Portland, Oregon.
JOHN DRISCOLL, Secretary.
1904.
Sealed proposals will be received at the office of
the City Comptroller, oy the Sinkire Fund Committee, until 12 o'clock noon, on MARCH 1, 1904. for the
purchase of $'5.0u0 of Refunding Bonds of the City
of St. Paul, Minnesota.
These bonds are issued
pursuant to ordinance No. 54430, passed by the City
Council and approved Feb. 6. 1904, authorized by
Chapter 851 of the General Laws of the State of
Minnesota, for the year lfs9w. approved April 20,
lt9W. The proceeds of ibese bonds are to be used
for taking up $76,000 of St Paul bonds issued April
LOUIS BBTZ,
whole or any part of $216.00u
the coupon bonds of the Port of Portland.
Oregon, In denominations of §1,C00 each, eacti to be
dated January 1, 1904 payable thirty years from
date, and bearing interest at the rate of i% per
annum, payable on the first days of July and January of each year, principal and interest payable in
United states gold coin, at the office of the Treasurer of the Port of Portland, In the l ity of Portland, Oregon.
The above bonds are Issued for the purpose of
acquiring a site for a dry dock, and preparing said
site for the use of and constructing such dry dock,aod
are authorized by Sections Nine and 1 en of an Act
of the Legislative Assembly of the State of Oregon,
filed In the office of the Secretary of State. March 1,
1801, as amended by Act of said Legislative Assembly, filed February a^', 1808. Bids are invited for all
or any portion of such bonds, and bidders will gub
mlt an unconditional bid and accompany tne same
with certified check on some responsible Bank in
tbe City of Portland, Oregon, equal to b% of the
face value of the bonds bid for. payable to to e order
of the Treasurer of the Port of Portland, as liquidated damages in case the bidder shall withdraw
his bid or shall fail or neglect to pay for at the
office of the Treasurer of said The Port ot Portland
any of the bonds aforeiaid should tbe same be
awarded to him. Successful bidders will be required to pav accrued interest on such bonds from
January 1, 1904, to date of delivery, at the rate of
The right
8t. Paul, Minn.,
24, 1804, at
of'
4% per
CITY OF ST. PAUL, MINN.
4% REFUNDING BONDS.
THURSDAY, MARCH
land. Ore., until
4 o'clock P. M., for the
LOANS.
Sioo,ooo
DRY DOCK BONDS.
WATER BONDS.
Waterbnry, Connecticut, February 24, 1804, J
Sealed proposals will be received at this office until
Temporary Loan.— This
from F. E. Jennison
city has borto pay current
expenses of the city in anticipation of the collection of 1904
taxes.
Loan will mature Nov. 4, 1904,
Tillamook, Ore. Bond Election.— An election will be held
March 1 to vote on the question "of issuing $58,000 waterworks bonds. This question was submitted to a vote on Dae.
21, 1903, but failed to carry for resasons explained in V. 78,
Story County (P. 0. Nerada), Iowa.— Bonds Not Yet
Sold.— The $13,000 1-5-year (serial) drainage bonds mentioned
Mr. O. B. Peterson,
in V. 77, p. 1763, hare not yet been sold.
County Auditor, writes us that be will wait until certain
cases now pending in the courts have been decided before
NEW
76, p. 770.
Q/Teriwsf,— Proposals will be
(February 27) by the Chairman Board of
Sewer Commissioners, for $85,0C0 d}4% coupon sewer bonds.
Dencmination, $1,000. Date, Sept. 1, 1903. Maturity, first
series, $1,000 yearly on Sept. 1 from 1004 to 1913, inclusive;
second serlep, §1,000 yearly on September 1 from 1913 to
1925, inclusive; third series |1,000 yearly on September 1
from 1914 to 1925, inclusive,
Sweetwater, Tenn.— Bonds Voted.— Thi9 town, by a vote
of 64 to 32, on February 3 authorized the issuance of $20,000
street, $10,000 water and $10,000 electric-light 4^ 80-year
issue, will be. it is stated, $36,000.
fifty
V.
Mass.- Bond
received to-day
decided not to authorize at present the proposed issue of
$40,000 armory bonds, bnt that the question may come up
at the general election next fall,
Spriugvllie, Utah.— Bonds Foied.— This city recently authorized the issuance of $14,000 electric-light- plant bonds by
a vote of 88 to 9. The debt of the city, including the new
SrPBRTOB. Wl»., Feb. 13.— Two hundred and
77, p, 1253;
Swampsrott,
failed to receive the necessary vote at an election held last
summer.
Spokane County, Wash.— Sonda Not to be Issued at Present —We are advised that the County Commissioners have
sive.
less of
IVOL. LXXVIIL
#eo,ooo
BOROUGH OF
Berwick, Columbia
Co., Pa,,
Will
e.
4 PER CENT BONDS.
1st, 1914.
Ist, 1924.
Ist, i934.
Bonds to be printed and issued, as to amount,
according to form and speciflcations of accepted
bidder.
Would invite the closest Investigation as to the
legality of the issue of bonds.
For further particulars or inquiries, address,
AMD
Public
Borongri of Berwick, Pa
Service
Corporation
BONDS.
E.H.ROLLINS & SONS,
BOSTON.
EDWARD SCHENKE,
Chairman Finance Committee,
Clerk.
MUNIOiPAL
The Borough of Berwick, County of Columbia,
State of Penusylvania, invites bids for the following issue of bonds, bearing interest at i%; interest
payable January Ist and J uly Ist of each year
fa'».O00.00 payable July
f'20,000.1'11 payable July
#'.iu,UU0.00 payable July
Martin,
Denyer.
Chicago.
San Franclaeo.
Feb.
THE CHRONICLE.
27, 1904.]
Wabpeton, No. Dak.— Bond Sate.— On February 15 the
$l6,Ono 5% rfifnnding bonds described in V. 78, p. 356, were
Co., Chicago, at 103'666. Folawarded to Duke M. Fareon
lowing are the bids
Duke M. Farson & Co., CWc... $16,400 Browne & Ellin wood, Chicago.. |16,08S
15,IS0
15.401 Kane 4 Co. (for 6>is)
C. U. Coffin, Chicago
15,300 John Nuveen & Co. (forS^s)... 15,000
Jas. Gunn, Bieckenridge
15,000
AJSiver Co., Chic. 16,183 S. A. Kean (for SJ^s)
Trowbridge
Bond Bill Passes Senate.— The Senate has passed a bill
authorizing a loan of $100,000 for water purposes.
Well8ton(Ohio) School Digtrlct.— Bond O^ertngf.— Proposals will be received until March 8 by Leslie B. Denning,
building and repair bonds.
Clerk of Board, for $17,000
Denomination, $500. Date, March 1, 190i. Interest, semiannual. Maturity, March 1, 1933.
Wilklnsbarg, Pa.— Bonds Foted.—The issuance of $50,000
street improvement bonds was authorized by a vote of 383 to
133 at election held February 16.
Wood County (P. 0. Bowling Green), Ohio.— Bond Offeriwgr.— Proposals will be received until 13 m., March 14, by B,
C. Harding, County Auditor, for the following bonds :
&
H
I
|
I
.
I
0. BaonvlUe), I nd —Bond Offering.
be received until 3 P. M., March 30, by R. D.
O., Moore. County Auditor, for |65,000 i% coupon court-house
bonds, Denomination, $500. Interest semi-annually on June
Maturity, |3,500 on June 1 and $3,000 on
1 and December 1.
December 1 of each year from 1905 to 1914, inclusive.
Washington, N. C.-Bond Sale.— On February 18 the $35,000 5% school, the $13,500 5% street and the $13,500 5^ electriclight 30-year gold bonds described in V. 78, p. 356, were
Co. of Chattanooga at 103,
awarded to F. M. Stafford
103'40 and 103*40, respectively. The purchaser also furnishes
Warritk Count/ (P.
—Proposals will
$50,000 5* coupon hlgbway-lmprovement bonds, maturing $5,000 each six
months from March 1, 1906, to Sept. 1, 1909, inclnslve. Denomination,
$1,000.
coupon bridge bonds, maturing $8,000 each six months from March
1908. to Sept. 1, 1912, inclusive. Denomination, $750.
Date, Junel, 1904. Interest, March 1 and September 1 at
the oflace of the County Treasurer. Accrued interest to be
paid by purchaser. Certified check for $1,000 on a Bowling
Green bank required with bids for eaoh issue. Purchaser
will be required to furnish blank bonds.
30,000 b%
&
1,
blank bonds.
Waterbary, Conn.— Bond Q^ertnflf.— Proposals will be received until 8 p. M., March 31, by George H. Nettleton, City
Clerk, for $100,000 d}4% coupon water bonds. Date, Jan. 1,
Interest, serai-annual.
Maturity, $5,000 yearly on
1904.
January 1 from 1905 to 1934, inclusive. Certified check for
1% of the par value of the bonds bid for, payable to the City
Treasurer, required.
The offlcial notice of this bond offering will be found
the advertisements elsewhere in this Department,
Woodlawn, Ala. Bonds Not Sold.—^o bids were received
30-year school and the $10,000
February 15 for the $15,000
5$ 5 10- year (optional) street bonds described in V. 78, p, 188.
York (Neb.) School District.— Bonds Fofed.—This district
early in the month, by a vote of 433 to 308, authorized the Issu-
H
6'^ school bonds.
The vote, it is stated, was
owing to the cold, stormy weather which prevailed.
Tonngstown, Ohio.— Bond Sale.— Oa Feb. 33 the $15,950
5i Covington Street eewer bonds were awarded to Weil,
Roth & Co., Cincinnati, at 103-367, and the $500 n% Oak Hill
Avenue sewer bonds were sold to W. M. Wallace at 103'53,
ance of $28,000
light,
among
WawarslDg (Town) N. Y.—Bond Sale.— The EUenville
Savings Bank was the successful bidder on Feb. 35 for the
|9,00C 4% highway and bridge bonds described in V. 78, p.
739, paying 101-55 for the $3 000 maturinc: in 1911, 101-71 for
the t3,000 due in 1913 and 101-89 for the $3,000 falling due in
1913. Following are the bids
Following are the bids
BllenvilleSav.
I
Bank
f
Marten
Cox Bros
W. -1. Hayes
9.
A. Kean,
Watertown,
tesui^
N.
\.— Bonds
100-50
& sons, Cleveland.. 100-40
100-05
Chicago
Hayden, Miller & Co., Cleveland
Policemen's Pension FuDd
Bonos wtirt) de^ciib'^d in V, 78
Voted.- -Thi3 city on February
$33 800 schoo' honcia.
INVESTMENTS.
NEW YORK
00..
GOLD
16,i!28
p
THE AMERICAN TRUST
& SAVINGS BANK,
MEW
CO.
B08T0M
YORK..
PHIIiADEIiFHIA.
Railroad,
Offers
R.
DAY
L.
& CO.,
Warren,Andrews &
Bonds
MEMBERS
NEW YORK AND BOSTON
STOCK EXCHANGES.
«TATE, MUNICIPAL, AND HIGH GRADE
KA1L.ROAD SECURITIES.
WE OWN AND OFFER
Printed
Co.,
Nettinor
VS Wall Street,
Chamber ot CoBineree.
NEW YORK.
DETROIT.
&
Blodget, Merritt
CITY
NASSAU STREET, NEW YORK.
CHICAGO.
MUNICIPAL BONDS.
Stanwood &
BANKERS.
Milk Street,
BOSTON^
upon
&
Burr,
INVESTMENT BONDS
Co.,
60 State Street,
BOSTON.
Boston.
3« NASSAU STREET, NEW YORK.
16 Con^irress Street,
MacDonald, McOoy
&
C. E.
Co.,
Goodman &
% Wall Street,
Co.,
New York.
Investment Securities.
BONDS.
Rudolph Kleybolte&Co.
95
Perry, Coffin
BANKERS
PBICB ON APPLICATION.
E. C.
and prices
application.
lists
5% a Specialty.
Tax Exempt Registered 3^s. MUNICIPAL AND CORPORATION
CINCINNATI.
to 53^ JE.
STATE. CITY & RAILROAD B0ND8
8100,000
I
4;6
ELECTRIC RAILWAY BOH OS.
3 Nassau Street,
NEW YORK.
NEW YORK
and Cor-
Municipal
York.
BANKERS,
40 Water Street,
BOSTON,
Illinois.
poration Bonds, conservatively issued,
yielding investors
New
507 30
600 00
603 00
65
730.
Chicago,
(JHICAOO.
2 Wall Street,
00
16,l8i 87
16,1*50
'
Public Securities,
TAX-EXEMPT BONDS.
80
For both, $18,823
16.2«3 26
16,234 00
BOND DEPARTMENT.
CITY
T.W.STEPHENS
$612 60
•
INVESTMENTS.
INVESTMENTS.
FARSON. LEAOH &
3}^%
$5C0
Bonds.
Bonds.
$16,811 80
Weil, Both & Co., Cincinnati
W.M.Wallace
R. Kleybolte 4 Co., Cincinnati
Seasongood 4 Mayer, Cincinnati
Denison, Prior & Co.. Cleveland and Boston
W. J.Hayes & Sons. Cleveland
Western German Bank, Cincinnati
10050
Merrill
9 votedto
I
:
$15,950
:
$3,000 due 1911 .101-55
3,000 due lOia.. 101-71
3,000due 1913.. 101-89
841
Co.,
BANK
n\
l«a Salle Street,
F.R.
STOCKS
A
SPECIALTY.
cnicago.
FULTON & CO.,
T. B. POTTER,
MUNICIPAL and oriKinQ
OUINUO,
CORPORATION
Municipal Bonds,
172 WashiD^ton
171 LA SALLE STREET,
CHICAOO,
CHICAGO.
Street,
LIST ON APFHOATION.
IL.L.S*
THE CHRONICLE.
S4'2
^fiuauciat
3^X1 tilt C!r0m^jattlcs.
The Audit Company
New York.
OF AUGUST BKLMONT
The American Mfg. Co.
AotlriK President.
WILUAM
Audits,
York.
Examinations, Appraisals,
NEW YORK:
SEND FOR
DENISON,
THE AUDIT
LIST.
OF
PRSOR&CO
BOSTON.
CLEVELAND.
A.
W.
York
BBCEIB, A.
i, A. RTTHXB.Cash'r Nat'l Live Stock Bank, Cklcaeo.
I. R. WALSH, Pres. Chicago National Bank, Chicago
f.. A. WALTON. V.-Pres. Equitable Trnst Co., ChloaKO
ft^dantlo
V Style (not cheap looking)
samples and estimates.
f
for
Alb
g
&
Yeara BouKbt and Sold.
OHN M. GILLESPIE,
No. 66
Koom
Co.,
New York
City.
9 51
Wall
Street,
J.
TRUST DEPARTMENT:
WILLIAM
let January, 1903, to 3l8t
$3,250,364 45
December, 1903
$336,185 20
111,923 77
BRONX BRANCH:
The Merchants*
Loan & Trust Company,
Chicago.
1857.
GENERAL BANKING.
Accounts Solicited.
210,616 30
$1,177,016 32
.
Bill
Manager.
ESTABLISHED
The Company has the following Assets, viz.:
United States and State of New York Stock; City, Bank and other Securities
$5,170,084 00
Special deposits in Banks and Trust Companies
1,612,252 53
Real Estate corner Wall and William Streets and Exchange Place..
$3,789,000
Other Real Estate and Claims due the Company
75,000 3,864,000 00
Cash
LEWIS, Manager.
JOHN BAMBEY
$1,387,632 62
Premkim Notes and
F.
CAPITAL AND SURPLUS, 86,000,000
$146,587 55
64,028 75
Returns of Premiums and Expenses, $467,841 97
RANDALL, Trust Officer.
HARLEM BRANCH:
$448,108 97
Losses paid daring the year which were estimated
in 1902 and previous years
$322,490 79
Losses occurred, estimated and paid in 1903
1,065,141 83
Less Salvages
Re-Insurances
B.
20th, 1904.
$3,974,516 29
Interest received during the year
"
"
"
Rent
less Taxes
ST.
McLEAN WALTON, Asst. Secretary.
HARRIS A. DUNN, Asst. Treasurer
W.
Premiums
*
CO.
BROADWAY,
T. BARNEY, President.
FRED'K L. ELDRIDGE,l8t Vice-President.
JOSEPH T. BROWN, 2d Vice-President.
JULIAN M. GERARD, 3d Vice-President.
B. L. ALLEN, 4th Vice-President.
FRBD'K GORE KING, Sec. and Treas.
NEW YOBB
The Trustees, in Conformity with the Charter of the Company, submit the followinj statement of
its affairs on thesrst of December, iqoj;
Premiums on Marine Bisks from let January, 1903, to 31st December, 1903... $3,174,147 73
Premiums on PoUoies not marked off 1 st January, 1903
800,368 56
from
S. Pierce,
Frederick B. Sohenok,
William H. Taylor,
Edward R. Thomas,
John P. TruesdeU,
CHARLES
No. 620 Atlantic Building,
New York, January
ofl
Wlnslow
WEST
No. 100
ATLANTIC MUTUAL INSURANCE COMPANY,
Premiums marked
William M. Laws,
J. W.Mlddendorf,
William WlUis Merrill
& FIFTH AVE.
l'.*5TH STREET.
THIRD AVENUE & 148TH STREET.
34TH
OFFICE OF THE
Total Marine
Myron T. Herrlok,
Edward T. Jeflery,
Edward R. Ladew,
TRUST
'*'
Quick Work.
aphers,
lOS William 5trc"t-
nintual Inavrance CotniianT Sorlr
of All
STOCK
TIRICATES
Certificates, $3 t^
Frank Jay Gould,
George J. Gonld,
John A. Hilton,
Beoker
Qt.
SECURITIES.
100
Charles P. Armstrong,
Frank Bralnard,
Robert C. Clowry,
Edmund C. Converse,
Wm. Nelson Cromwell,
GrenvlUe M. Dodge,
Ashbel P. Fitch,
Bdwln Gould,
President.
LITTLE, Vloe-Presldent.
0. D. ORGAN, Seo. and Trea».
& Co., Chloaso.
W. LITTUI, V.-Pres. Peoria Gas & Blea Co., Peoria
«^ Q.
BROKERS IN INVESTMENT
51.50.
Secretary
B. F. C. Young.
C. W. KMISBLY. Manasa
DIRECTORS;
!".
partly printed from
LAWS
M.
WALTON.
F.
ViCKERS A PHELPS,
Handsomely engraved,
WILLIAM
0FFICBR8
u.
Southern Investment Securities.
SlOirr&OMJlJtT, A.ZA..
BOND
Prealdeni
Vtc«-Prea.
ad VIce-Prea.
CIIA8. P. ARMSTRONG
JOHN A. HILTON, 3d Vlce.Prea. de Traaa.
AoGOuntants and Auditors,
*ub/io
STOCKS AND BONDS BROKER.
New
LIFE BUILDINQ
CHICAGO.
A. S trass burger,
19 Wall Straet
COMPANY
ILLINOIS,
NEW YORK
OFFICEKSi
BDWIN GOULD
WILLIAM H. TAYLOR. ...lat
DIRECTORS:
Matnal Life Balldings,
43 Cedar Street
PHIL,ADEL,PHIA.
CHICAGO.
INYESTMENT BONDS.
BROADWAY, NEW YORK.
26
Capital, t2,&00,000 Surpln8,$2,500,000
GHEENB,
Vice-President and Oenenil ManaKer.
GEORGB W. YOUNG, Treasurer
New
Street,
L.
BOWLING GREEN
TRUST CO.,
MITCUBLL
J.
Vloe-Presldenta.
THOMAS
CORDAGE.
Wall
JOHN
NA8U.
A.
MANILA SISAL AND JUTE
65
lYOL. LXXVIIL
Receivable
m the hands of European Bankers to pay losses under policies
1,107,221 88
payable In
High Grade Bonds,
Trust Department,
Savings Department,
Foreign Department,
Safe Deposit Vaults.
DIRECTORS:
Marshall Field,
Albert Keep.
Erskine M. Phelps,
Enos M. Barton,
T. J. Lefens,
Clarence A. Burley.
Amount
.
B. D. Huibert,
Orson Smith.
182,001 68
89,461 72
foreign countries
ash in Bank
Cyrus H. McCormlok,
Lambert Tree,
Moses J. Wentworth,
B. H. Garj,
Chauncey Keep,
TYHITING'S PAPERS.
$12,025,021 81
Six per cent interest on the outstanding certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday, the second of February next.
The outstanding certificates of the issue of 1 898 will be redeemed and paid to the holders
thereof, or their legal representatives, on and after Tuesday, the second of February next, from
which date aU interest thereon wUl cease. The certificates to be produced at the time of
payment, and canceled.
A dividend of Forty per cent is declared on the net earned premiums of the Company
for the year ending 31st December, 1903, for which, upon application, certificates wUl be issued
on and after Tuesday, the third of May next.
By order of the Board,
G.
GUSTAV AMSTNCK,
FRANCIS M. BACON,
JOHN N. BEACH,
WILLIAM B. BOULTON
VERNON H. BROWN,
WALDRON P. BROWN,
JOSEPH H. CHAPMAN,
GEORGE C, CLARK,
CORNELIUS BLDERT,
BWALD FLEITMANN,
STANTON FliOYD-JONES,
Secretary.
TRUSTEES.
HERBERT L. GRIGGS.
CLEMENT A. GRlSCuM,
ANSON W. HARD,
MORBIS K. JESUP.
LEWIS CA8S LEDYARD,
FRANCIS H. LEGGETT,
CHARLES D, LEVERICH,
LEANOER N. LOVBLL,
GEORGE H. MACY,
CHARLES H. MARSHALL,
W.H.H. MOORE,
LEVI P. MORTON,
HENRY PARISH,
FREDERIC A. PARSONS
DALLAS B. PRATT,
GEORGE W. QUINTARD,
A. A. RAVEN.
JOHN L. RIKER,
DOUGLAS ROBINSON,
GUSTAV H. SCHWAB.
WILLIAM C. STURGES.
RAVEN, President.
PARSONS, Vire-Pres't.
CORNELIUS ELDERT, art riee-PresU.
THEO. P. JOHNSON, jd Vice-PresU.
A. A.
F. A.
For Business Correapondeuce,
letter written with your own band, or
by the typewriter, are UNEQUALED. Their quality
Is assured and they have won hiKhest honors at all
the great World's Fairs. For high grade writing
papers of nil kinds, for bond papers, and for ledger
papers. Insist on liavlng them made by the
Whether for
WHITING PAPER COMPANY,
HOLVOKE, MASS.
New
York.
Philadelphia.
Chicao'O.
@FedFRASER