Full text of Commercial and Financial Chronicle : February 29, 1908, Vol. 86, No. 2227

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Bank and Quotation Section (Monthly)
Railway and Industrial Section (Quarterly)

State and City Section(semi-Annuaiiy)
Electric Railway Section(T^ y m)
h
e
a
NO. 2227.

SATURDAY, FEBRUARY 29 1908.

VOL. 86.

Week ending February 22.
Clearings al—

< & h x o n itlz .

1905.

1907.

PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
For One Y e a r.............................................................................................................
For Six M onths.......................................................................................................... . o 22
European Subscription (Including postage).......... — •.....................
’ ’
i
European Subscription six months (including postage)............... - .........
Annual Subscription in London (including p o s ta g e )............................ |^s.
Six Months Subscription in London (including postage)........................ i k * '
Canadian Subscription (including p o sta ge)................................................. s’ 11 ou
S u b sc r ip tio n in c lu d e s f o l l o w i n g S u p p le m e n ts —

i t 1x k and Q uo tation (monthly)
I S tate a n d C ity (seml-aimually)
K a il w a y a n d I ndustrial (quarterly) |E lectric R a il w a y (.5 times yearly)
T e r m s o f A d v e r tis in g — P er In c h S p a c e
Transient matter por inch space (14 agate linos)..........................................
“2
✓ Two Months
(H tim es).............................. 22 00
Three Months
(13 tim es).............................. 20 00
Standing Business Cards
Six Months
(‘2 0 tim es).............................. o0 00
Tw elve Months (52 tim es)...............................
C H IC A G O O F F IC E —P. B artlett,513 Monadnock Block; Tel. Harrison 4012.
LO N D O N O F F IC E —Edwards & Smith, 1 Drapers’ Gardens, E. C.
W I I ililA M
P. O . B ox 9 5 8 .

B . D A N A C O M P A N Y , P u b ll« lie r a ,
P in e S t .. C o r n e r o f P e a r l S t . .
N ew Y o rk .

Published every Saturday morning by W I L L I A M B. D A N A C O M P A N Y*
W illiam B. Dana, President; Jacob Seibert J r., Vice-Pres. anil Sec.; Arnold
G. Dana, Treas. Addresses ot all, Office of the Company.

C LEA R IN G H O U SE R E T U R N S .

The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U. S.
for week end. Feb. 29 have been $2,278,487,458, against $ 1,1908.

1907.

New Y o r k ......... ...................
Boston...................................
Philadelphia..... ...................
Baltimore__________ _____
Chicago.................................
St. L o u is......... .................
New Orleans........................

$1,039,440,G72
102.501,672
96,138,033
18,61(5,012
188,537.098
51,032.368
12.001.409

$1,553,049,962
131,278,262
133.870,625
28,162,274
217,706,705
55,993,566
19,204,678

— 33.1
— 21.9
— 28.2
— 33.9
— 13.4
— 8.9
— 37.5

Seven cities, 5 days-----Other cities, 5 days.............

$1,508,267,264
354,986,948

$2,140,226,132
■140,298,764

r-29.5
— 19.1

Total all cities, 5 days.
All cities, 1 day..................

$1,863,254,212
415,233,240

$2,580,524,890
664,320,650

— 27.8
— 37.5

$2,278,487,458

$3,244,851,546

— 29.8

ClearUujs -Returns by Telegraph Feb. 29.

Total all cities for week------

%

The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, Feb. 22, for four years._________ ________
Week aiding February 22.
Clearings at—
1908.
New Y ork _____

Philadelphia —

Pittsburgh.........
B altim ore_____
Buffalo................
Albany................
W ashington___
R och ester-------Scranton ...........
Syracu se______
R e a d in g ...........
W ilm ington____
Wilkes-Barre . .
W h e e lin g .........
E r ie ___________
Greensburg____
Binghamton . . .
Chester .............
F ran klin______
H arrisburg___
York .................

1907.

Inc. or
Dec.

$
8
1,028,157.829 1,581.598.435 - % . o 1,898.357,052 1,099,495,210
117,484,933
100,081,213
108.274.249 — 21.4
85.071,741
45.773,008
42.727.517
49.241.000 — 34.0
32.043.370
22,803,001
20,094,585
25,158,248 — 31.7
17,170,008
4,980,180
6,007,737
8,081,900
— 8.1
7,975.570
3,224,000
4,257.541
6.417.124 — 38.9
3,919,041
4,178,020
4,828.129 — 10.0
4,027,777
4,025.505
2,376,111
2,822,000
3.070,517
— 3.4
2,727,075
1,009,402
1,002,140
1,973.829 — 12.1
1,734,674
1,412,214
1,058,424
+ 2 .8
1.738.125
1,780,052
087.591
816,673
1,025.494
— 4.9
975.000
1,132,970
1,201,733 — 23.2
1,255,138
908,349
080,853
091,773
888,000 + 24.2
1,102.851
629,860
979,513
1,003,045
+ 1.4
093.015
455,522
423,275
022,002 — 22.0
481.035
378,130
285,277
409,724
— 4.2
4.50.000
416,700
301,200
433,000
+ 9.3
473.200
494.009
307,214
393.558 — 19.4
317,099
200,000
105,457
218,325 — 21.9
170,150
795.031 — 11.4
701,570
490,433 Not Included In total

Chicago......... ......
Cincinnati...........
Cleveland............
Detroit..................
Milwaukee_____
Indianapolis____
Columbus ...........
Toledo........... ......
Peoria....... ..........
Grand R apids...
D ayton ...........
Evansville___
Kalamazoo_
_
Springfield, 1 1
1
Fort W ayn e____
Youngstown____
A k ron ______
Lexington___
R ockford___
Q u in cy_____
Bloomington____
Canton...........
D ecatu r____
South Bend..
Springfield, O ___
Mansfield...........
Jackson ________
Jacksonville, 111.
Ann Arbor............
Tot. Mld.West.

252,824,289

— 15.1

272.695,086

243,651,546

34.735,084
9,883,179
10,484,325
3.959,046
4.676.730
3,131,780

28.037.173
7,556,491
3,810,900
2,991,248
2.090.102
2.350,759

3,356)776
392,724
245,145
319,987

2,388)268
482,770
174,187
414,925

Total Pacific..

59,548,620

— 31.5

71,184,770

50,896,823

Kansas C ity____
Minneapolis..
Omaha..........
St. Paul................
Denver______
St. Joseph......... ..
Des Moines.........
Sioux City...........
Wichita.........
Lincoln .........
Davenport_
_
Topeka ________
Colorado Springs
Cedar Rapids_
_
Pueblo .........
Fremont____

25.345,471
13,633,858
7,903,720
7,337.512
5,679,778
4.400.000
2.197.000
1,790.909
1.065.719
807.584
654,711
996,833
428,496
424,954
555,176
171,059

— 8.4
— 20.4
— 17.1
+ 2.1
— 9.1
— 21.3
— 10.1
— 14.4
— 16.3
— 29.5
— 40.1
+ 7 .6
— 28.0
— 22.4
+ 3 .2
— 45.8

23,091,428
16,435.229
8,846.787
6,697,403
5,917.620
4,616,863
2,162,093
1.739,669
971,568

— 12.9

73,794.476

Tot. oth.West.
St. Louis____
New Orleans____
Louisville___
Houston____
Galveston_
_
Richmond _____
Atlanta______
Memphis_____
Fort Worth___
Nashville____
Savannah ____
Norfolk______
Birmingham . .
Mobile..............
Knoxville_____
Charleston......... ..
Augusta_____
Chattanooga
Little Rock_____
Jacksonville____
Macon.............
Columbus, Ga.
Oklahoma______
Beaumont _____
Wilmington,N.C
Austin.................
Vicksburg______
Valdosta______
Columbia...........
Total Southern

84,313,344

809,975
780,352
481,240
554,002
509.044
181.143

123,700.963

149.383,654

62,571,484
51.539,163
17.690,605
10,559,139
5,568,722
4,420,000
3,869,721
2.823,279
4,248,454
2,063.528
2,824,886
2,495,425
1,387,063
1,332,840

48,342,330
55.435,525
14,356,180
17,819.187
9,755.893
12,945,119
9.003,578
13,786,340
6.800.000
7.099.000
5,351.152
4.559,685
3,697.186
4,835,567
4.211,014
4,291,270
3,833.306
3.300.000
3.200.000
3.650.000
2,392,929
3,171,282
2,179,716
2,688,770
1.600.000
1,869,215
1,087,840
1.560,482
1,100,000
1,556.920
1,100,000
1.449.000
1,233,937
1,350.975
1,150.000
1.375.000
1,094,102
1,247.784
LU 8.020
1,264,666
675,460
775.000
250.000
225.000
6.58,947
978.085
564,056
525.000
270.000
300.000
294,948 Not included
321,095 Not Included

1,024)918
1,041,110
820,582
686,430
842,327
951.681
520,114
224,909
'400)o66

— 17-2

137,650.583

117.334,896

Outside N. Y ..

"795,692,819

994.943.625

— 20.0

23.691.705
17.992,827
8,769.685
2,984,316
2.534,771
1.916.255
1,438,016
1,203.456
959,341
982.677
1,097.325
1.023,729
529.531

27.282.906
22,450.731
8.799,560
3,390.904
2.852.745
1,869.796
1.300.000
1,549.054
1,426.025
1,050,226
989.833
860.547
890.184

— 13.2
— 19.9
— 0.3
— 12.0
— 11.1
+25.1
+ 10.6
— 22.3
— 32.7
— 6.4
+ 10.9
+ 19.0
— 40.6

65.123.634

74,712,511

— 12.8

148,359.979
0.253.700
2,095,997
1.847,774
1,077,391
1,443,949
1,352,257
819,277
034,818
433,400
395,982

— 27.3
— 6 ..8
— 23.0
— 25.3
— 16.6
— 23.1
— 17.3
+ 10.0
— 26.4
— 23.4
— 21.3

139,537.712
(5,883,500
2,845,758
1,9152.832
1.874,697
1,251.495
1,483,070
1,073.670
513,842
388.370
406,447

125.298,051
6,080,100
2,427,656
1,622,029
1,490,908
1,298,529
1,329,903
538.337
413,239
410,003
401,211

Total New Eng.

123.135.792

165,914,590

25.8

158,751.402

141,343,056

Total Canada




86.975,757

— 2+2 2TS25.295.733 2,560,217.634

107,818.409
5.825.500
2,051,071
1,801,082
1,398.053
1,110,092
1,118,255
901.407
407.321
332.151
311,098

— 33.7 2.111.219,370 1,894,419,829

73,392,780

297.820,492

Total all______ +823^850^678 2,576,542,060

Boston ......... ....
Providence.......
Hartford ........... ..
New Haven.........
Springfield______
Worcester...........
Portland____
Fall R iv er.........
New Bedford___
Lowell............. ..
Holyoke...............

1.191,248,231 1.797.818,784

496.575
506,S00
612,355
491,387
338.150
395,349
592,572
263,239
353,497
418,604
232.090
175,440
196,202
97.651

26,592,722
42.390.387 — 37.3
7,712,660
11.434,495 — 32.0
6,059.815
7.849,504 — 22.8
4,089,794
5.847.728 — 19.8
3,011,559
5.056,384 — 28.6
— 6.2
4,017,892
4,282.894
1,149.709
4,253,484 — 73.0
+ 0 .1
3,824.424
3,819,083
440.719
787.538 — 43.3
470.000
398,000 + 18.1
510,326
463.843 + 11.3
457.000
392,357 + 16.5
701,287 Not Included In total
348,282 Not Included In total

San Francisco___
Los Angeles.........
Seattle ________
Portland .............
Salt Lake City_
_
Spokane________
Oakland________
Tacoma________
Helena ................
Sioux Falls_____
Fargo ..................
San Jose________
Sacramento_____
Stockton .............

Canada—
Montreal ______
Toronto ...........
Winnipeg..........
Vancouver_____
O tta w a _______
Quebec................
Halifax - ............
Hamilton......... Calgary..............
London ..............
St. .lohn..............
Victoria ______
Edmonton.........

Total Middle.

170.740.397
19.100.950
11.165.868
9,250,862
7,163.100
5.639.167
4,340.800
2.629.234
3,231,546
1,616.751
1,238.986
1,018,911
629,478
714.759

171,995,577
20,410,600
12,771.058
10,002,927
10,811,066
6,306,961
3,900,000
2,808,841
1,949,224
1,589,930
1,366,826
1,680.266
750.642
794,133
632.251
462.708
405.000
689,784
480,977
342,086
360,438
345,277
329,852
330.000
530.429
258,810
200.000
137.909
114,657

926,938.081

810.722.418

68,385.871

53.765.859

5 0 6

THE CHRONICLE

[VOL. LXXXVI.

contained the predicted “ utterances,” which have since
been scattered by telegraph all over the country. It
is the same old story which we have had over and over
We send to our subscribers to-day a new number again, repeated now in two addresses on the day men­
of our “ Street Railway Section/’ or Supplement, tioned. Probably the President’s talk to the delegates
revised to date. It will be observed that the title of the National Education Society at the White House
has been changed, and now reads “ Electric Railway will be the more serviceable in illustrating the method
Section.” The change has been made with the view used for keeping the irritation alive. On that occa­
to making the name more comprehensive, and properly sion the well-worn words were contained in his address,
descriptive of the properties represented therein. thrown out to be told to the whole world as his deter­
This publication was originally confined to street mination— that “ there will be no let-up in Mr. Roose­
railways, but has long passed the point where it com­ velt’s war on railroads.” If any one will try to frame
prises merely railways of that description.
a more ingeniously formed sentence intended to dis­
In the process of electrical development not..only turb industrial classes striving to get together on the
has the form of motive power of practically all the peaceable basis of live and let live than those words
street railways been changed to electricity, but the present, he will fail. Remember, it is the President
character of the properties themselves has undergone of the United States that is speaking; that the rail­
transformation. Through the building of extensions loads he lefers to cover the largest industry in this
into the suburbs and beyond, the street railways from countiy, that it represents a total ol invested capital of
being purely urban enterprises have in numerous in­ $14,5/0,000,000; that the securities are held and owned
stances become interurban undertakings of large to a gieatei oi less extent by over half of the educated
magnitude, so that the designation “ street” railways people in the United States; that our worthy President
no longer applies. Moreover, a process of consolida­ has been engaged in the warfare he refers to almost
tion has been going on, which has given us many ever since he took office, the struggle getting more
electric combinations of large size. These connect and moie tense and crushing to these railroad prop­
numerous cities and towns— embracing networks of erties and to the people who own them much of the
railways covering entire States, and some of them time since. I hen, recalling to mind the many women
several States.
and children of small incomes left by provident fathers,
It has been deemed best therefore to drop the old which his words have reduced to want through loss of
name and to adopt the designation “ Electric Rail­ dividends and values of stocks sold by force of circum­
ways” instead. We have at the same time enlarged stances at the low prices produced by his attacks— re­
the size of the publication, enabling us to insert a calling this situation, lie adds these highly soothing
number of companies which previously had to be omit­ words: “ Seriously, friends, it is idle for any man to
ted for the lack of room and also to include some foreign talk of despairing of the future of the country or feeling
companies in which there is an American interest. unduly alarmed about it.” Then to cheer up these
These latter are grouped together at the end of the sufferers, and encouraging them to keep on breathing—
Supplement under the heading “ Electric Railways for eating is out of the question when their patrimony is
in Island Possessions and Foreign Countries.”
gone turning his eyes heavenward, so as to give a
The editorial discussions in the present issue of the righteous look to his acts— he tells them that he is en­
“ Electric Railway Section” comprise “ Canadian Elec­ gaged in a holy warfare, his “ wars being against the
tric Railways in 1907” and an article entitled “ The forces of evil.” Obviously all this means that righteous­
Street Railway Situation in Cleveland.”
ness is personified in the person of the speaker and the
victims his wars have produced “ are the evil ones.”
THE FINANCIAL SITUATION.
How our dear President “ can wear a face of joy ,”
Why is it that although months have passed since as he always does when he reaches this phase of his
the crisis occurred no real start towards industrial address, and is repeating these tales— knowing as the
recovery is discernible? Indeed, the months as they world does that' they are stated for political effect—
pass are showing successively a backward trend— the is a surprise to intelligent men.
confused and disordered state of affairs gettingmore and more involved. This is an absolutely un­
How utterly unreasonable, may we not say subject
natural, unneedful course. It never could have hap­ for just derision, these fulminations by the President
pened thus were it not that the source of the original against railroads and their builders and managers are.
irritation still remains in unrest, constantly developing The day will come when those who have been foremost
a condition in the public mind of morbid excitability. in this crusade will hide their heads with shame. Why
We do not recall any panic so obstinate in resisting do not these parties who encourage the President in
initiative in the road towards real recovery as the pres­ his unwise course embrace Mr. William McAdoo in their
ent. All the embarrassing conditions that gave abuse? They do not dare to do it to-day. Perhaps
birth to it seem to have been removed; except that the they will have the courage a few months hence. Over­
markets still are kept under the thralldom of a fear praise to-day, it is evident in the public view, cannot
that some new utterances at Washington will unfold be bestowed on the creator of this grand highway.
a new plan for arousing to a higher pitch the antagon­
Wednesday occurred the official opening for public
ism between capital and labor. Harmonious action, use of a part of what will be known, notwithstanding
the need for building up again industrial activity, is the modesty and reported wishes of the projector, as
thereby made impossible.
the McAdoo System. The portion opened this week
Early in the week some development of the kind grew out of and utilized the old Haskin tunnel of
rumored was reported as about to be brought forward. thirty years ago under the Hudson, which came to be
Sure enough, Thursday morning the daily newspapers regarded as utterly visionary. Now the tunnel has
OUR STREET A N D ELECTRIC R A IL W A Y
SECTION.




F e b . 29 1908.]

THE CHRONICLE

been opened from Hoboken to the foot of Morton Street,
where it joins a subway under Christopher and other
streets to a present terminal at Sixth Avenue and
19th Street. This new highway will soon extend to
the terminal at Sixth Avenue and 33d Street, close to
and connecting with the great Pennsylvania terminal.
. The tunnel from Hoboken to Morton Street— desig­
nated as No. 7 on the map published in the “ Chronicle”
of May 10 1902, page 962— now forms the north side
of an approximate square. The western side of this
square is in New Jersey, where it joins the Hoboken
end of the tunnel with the stations of the Lackawanna,
Erie, Lehigh Valley and Pennsylvania roads; the
southern side of the square is formed by the tubes
directly across from the Pennsylvania to Cortlandt
Street, near which are the colossal terminal and office
buildings now near completion. A passage from these
buildings at Church Street will lead to the subway
station at Broadway and Fulton; similarly, a branch
tube will lead from the station at Sixth Avenue and
9th Street to the subway station at Astor Place. The
passenger who comes in by any of the stations in
Jersey City on the river front from Montgomery Street
to Hoboken may thus (with only a little anticipation
at present) go direct through the Interborough subway
to any point on Long Island via the Battery tunnel and
connections; or to any point north reached by the
subway; or to the Grand Central and any place which
can be reached from that starting-point; or by the
Pennsylvania line itself into Long Island. There will
be a choice of routes. The delays and transfers of
passenger travel are gone, and the two rivers are in
effect obliterated.
The East River has the disadvantage of swifter
tidal currents, but the great width of the Hudson and
the large strictly suburban traffic by rail which must
cross it have made it much the more serious obstruc­
tion. Its removal in effect evidently means, for
adjacent territory in New Jersey, a development like
to that which Long Island is expecting from the tunnels
and bridges on the eastern side. One enthusiastic
constructor of prophetic statistics estimates a popula­
tion of 50 millions for Brooklyn alone at the end of a
few more decades. Prophecy loses some of its danger
when those who indulge in it will not be on the stage
at the date when the test will come; yet it is more
idle than wise to go into specific calculations about
future metropolitan growth. That population tends
to mass in cities is known, and no bounds to that
movement can be set now; therefore, the importance
of these great schemes of local travel now near com­
pletion. Mr. McAdoo justly says that New Jersey
has been moved three miles nearer Manhattan, in point
of time, and that, on the very low estimate of five
minutes, average time, to each person crossing the
tunnels, this is equivalent to a saving annually of 9J^
years of time now wasted by the 100 millions who
cross the Hudson ferries each year.
Turning back a moment to the map in the “ Chroni­
cle” of nearly six years ago above referred to, we
may remark that the Williamsburgh, or No. 2, bridge,
which has been open several years, but in small use,
has now some subway connecting work briskly pro­
gressing on the Manhattan side; that the No. 3, or
Manhattan, bridge, then not even positively settled
upon, now has both anchorages finished and the towers
practically at their full height; and that the No. 4, or




507

Blackwell’s Island, bridge, of the cantilever type, is
rapidly pushing on to join its two portions. If the
reader will draw a line on the map directly across the
Hudson from Cortlandt Street, and one from 42d
Street across the East River to Long Island City, these
two lines will indicate all the new under-river construc­
tion of the past eight years, which is certain. The
suggested mark on the map on the East side is the
Belmont tunnel, now about ready for operation, but in
uncertainty as to connections and control. The
Pennsylvania’s “ connecting-railroad” through Brook­
lyn to Astoria, thence across Ward’s and Randall’s
islands to the mainland, is, of course, not to be left
out of mind.
The No. 3, or Manhattan, bridge will form a line
through the Flatbush Avenue extension to connect in
Brooklyn with the Battery tunnel, the relations of
which to Long Island were discussed at length in the
“ Chronicle” of Jan. 25. There are other schemes
talked of. A double tube from Maiden Lane to Pine­
apple Street; a quadruple tube from East 14th Street
to North 7th Street in Williamsburgh, there to join a
bridges-connecting loop; and a double tube from East
24th Street to Long Island City, are objects upon
which the hearts of Brooklynites are set; there are
also proposed land subways almost too numerous to
mention.
But there is a lesson which ought not to be left
undrawn in such a connection. These great transit
constructions, underground] and under-river, seem
almost so natural and so fitting in with the development
of the country as to be quite things of course and
almost as if they built themselves because of their
recognized necessity; that is, they almost seem so after
they are finished and an eager if not grateful public
quickly seizes them for active use. But when they
had no existence, lying in the far-seeing imagination
of some man? That man did not denounce thrift and
accumulation, from a barrel-head or in published
documents; he was no idler, probably not even in any
sense an ora or; certainly he was not of the destructive
type. He foresaw a development which would need
these facilities; he assumed that the rights of private
property would continue to be strictly respected.
Certainly it is gratifying, and in a way encouraging, to
see these vast works finished and opened, and one
more great building projected at the 33d Street ter­
minal; but it is doubtful whether these would have
been undertaken if the present emotional feeling
towards capital had existed when they began.
If any one imagines that the great decline in security
values which has occurred during the last two years
is of no concern to the general public— that it affects
only the capitalist or the man of means— we would
invite attention to the savings bank statistics for this
State made public the present week by the Superin­
tendent of Banking and which show the condition of
these institutions on Jan. 1 1908. It is hardly
necessary to enlighten the reader as to the important
functions performed by such institutions in affording
depositaries for the savings of the humbler classes
of the popu'ation. It will not be out of place, how­
ever, to refer to the magnitude of the deposits o f
these savings banks in this State. It is over six yearn
since the aggregate first reached 1,000 million dollars
and now the total is well on towards
thousand

5 0 8

THE CHRONICLE

[VOL. LXXXYI.

million dollars. The exact aggregate on Jan. 1 was seen that the addition to deposits during the twelve
$1,380,399,090. This represents the accounts of no months was $18,363,253. What does the reader sup­
less than 2,731,447 depositors. Except to the extent pose was the increase in the aggregate resources of the
that depositors may have accounts in more than one institutions? This increase was just $344,846. The
bank, these figures show that nearly 2% million per­ fact which confronts us, therefore, is that, with a de­
sons have a direct pecuniary interest in the prosperity posit liability 18 1-3 million dollars larger than a year
and condition of the savings institutions of the State.
ago, the aggregate resources of the institutions have
The average of the deposits is only a trifle over $500, hardly gained at all, but remain substantially un­
so that it is entirely accurate to say that these banks changed. It requires, of course, no deep process of
are the custodians of the little hoards of those classes reasoning to find the cause for this impairment of
of the people whose individual possessions are not resources. Owing to the decline in all classes of in­
marked by large figures. Based on these averages of vestments, the market value of their assets has been
the accounts, it would be necessary for two of the reduced by an amount actually exceeding the addition
depositors to club together in order to buy a single to the deposits. Conclusive evidence of the truth of
$1,000 bond. And yet he who thinks that for that this statement is furnished in the circumstance that
reason these savings depositors have no interest or for Jan. 1 1908 the surplus of the banks above their
concern in the market value of bonds is sadly in error. deposits and other liabilities is reported at only $83,­
The depositors do not hold the bonds, but the banks 255,275, whereas the corresponding surplus on Jan. 1
hold the same for them. Hence, when for any cause 1907 was $102,192,265. If we go twelve months fur­
there is a decline in investment values, the banks ther back, we find that on Jan. 1 1906 the surplus was
necessarily suffer by reason of that circumstance and $112,834,424. lhus in two years the surplus has been
the depositors suffer through them. The individual cut down nearly $30,000,000, or considerably over
depositor may not appreciate or recognize the fact of 25% . If we carried the comparison back to 1901, the
the loss, or be sensible of it, but the loss is real never­ loss would be still larger, for at that time the surplus
theless. The savings banks of New York State are was reported at $118,294,674, as against $83,255,275
mutual institutions and therefore there are no stock­ now.
holders to bear the burden of the loss, any more than
This reduction in surplus has come about through
there are shareholders to absorb the gains or profits. no fault of the managements. They have incurred
The trustees hold the entire resources for the benefit no losses through unsafe or imprudent investments
of the depositors and for them alone. The latter are in or through reckless or extravagant administration of
effect the shareholders, and the trustees administering the affairs of the banks. On the contrary, there is
the affairs of the institutions represent their interests. no better governed body of financial institutions any­
The significant fact brought out by the returns for where in the world than the New York savings banks.
Jan. 1 is that, owing to the shrinkage in the value of The reduction in surplus reflects simply and solely
the investments of the savings banks, the proprietary the destruction and impairment of credit through
interest in the same held by the depositors has been which there has resulted a tremendous shrinkage in
co ocspondingly depreciated.
the market value of all classes and forms of invest­
It appears-that during the twelve months of 1907 ments. In the case of the savings banks, the shrink­
the deposits of the savings banks of the State were age disclosed is all the more noteworthy because these
further increased in the sum of $18,363,253. The banks are by law rigidly limited as to the obligations
amount of this increase is the smallest for any calendar in which they may invest their funds. The law­
year since the hard times of 1894, when the banks maker has provided for them only very choice and giltwere actually obliged to record a loss in deposits. edged securities. Yet the discredit attaching to se­
But considering the financial upheaval which occurred curities of all kinds has been so great that they have
in October and November, and the loss of confidence all gone down— good, bad and indifferent. Even
attending the same, it is perhaps surprising that there municipal bonds have not escaped, and in these the
should have been any increase at all. At the same banks hold very large sums invested.
time it is important that not too much significance
The question now is, how much further the impair­
shall be given to the increase. It is doubtless safe ment of values is to go, and what additional shrink­
enough to conclude that the figures indicate that age in surplus the managers of our savings banks
frightened depositors did not after all make very ex­ must prepare for. The question is not an easy one
tensive withdrawals of funds from the institutions- to answer. The country and all business interests
That is in accord with common report. On the other are in thoroughly sound condition, and if we could
hand, it would be going too far to say that the average count upon freedom from further political assaults
depositor— the laboring man or general employee— is on capital and upon corporations, there would be a
better off than he was a year ago, or, to be more spe­ quick return ot confidence, investors would resume
cific, that he has larger saving hoards to draw upon purchases, and ^development work would again go
in the presence of the unfortunate business conditions on in the old way and at the old rate. Under such
which are now confronting him. We are sure that the circumstances it would not take long to retrieve the
increase in deposits has no such meaning as this. past and the savings banks would be able once more to
By reason of the involvement of the trust companies augment their surplus. The fact is not necessarily an
considerable amounts of deposits must have been alarming one, but candor compels the statement that
withdrawn from the latter and been transferred to the the surplus of the New York savings banks is now
savings banks. It is quite possible that this furnishes down to a figure lower than it has been at any time for
the entire explanation of the increase in deposits.
twenty-two years that is, the lowest since Jan. 1
We come now to the most noteworthy disclosure 1886. Even on Jan. 1 1887, twenty-one years ago,
furnished by the savings banks statistics. We have the surplus was reported at $85,633,329, whereas now




Fe b . -9 lid -8 .1

THE CHRONICLE

it is only $83,255,275. At this earlier date, the ag­
gregate of deposits was only $482,000,000. To-day
it is, as we have already seen, $1,380 million dollars.
The number of depositors is now 2,731,447, as against
only 1,264,535 on Jan. 1 1887. In other words, the
surplus then amounted to about 18% of the deposits,
now it amounts to less than 7% . Then it averaged
$68 per account, now it averages only a little over $30
per account. We commend all this to the considera­
tion of our legislators at Washington and at Albany,
and we pray them, we beseech them, to let up in their
reckless and destructive work.
r
lhe “ Chronicle’' of Feb. 15 noted the incident of a
crisis in Copenhagen which resulted in the failure of
one bank and in runs upon other institutions at that
centre. Later mail advices, in commenting upon this
crisis, say that “ it excited interest in London, and the
more so since a great deal more Scandinavian paper
than is quite welcome has latterly made its appearance
in London. The real seat of the trouble is Hamburg,
which has been from time immemorial, at least ever
since the days of the Hanseatic League, the financial
and commercial centre of the Baltic towns. But em­
barrassments caused by the recent failures in Ham­
burg and Bremen, together with the strained condi­
tions of credit all over Germany, and the heavy deficits
of the Empire and Prussia, have necessitated the with­
drawal of a good deal of money from Scandinavia.
Denmark is quite unaccustomed to the spectacle of a
bank failure, and the sudden suspension of the Free­
holders’ Bank of Copenhagen caused general alarm;
a run on several other banks followed, with a sharp fall
in bank shares.” As noted in the “ Chronicle” of the
15th, the intervention of the Danish Minister of Fi­
nance, for the relief of the situation, had an assuring
effect.
It would seem that the maintenance of the 6% rate
of discount by the German Reischsbank, together with
good management, have contributed to a steady in­
crease in the gold holdings of the institution, though
such increase may have been due in part to the sub­
stitution of notes for gold in the circulation, thus re­
lieving the bank from withdrawals for this purpose.
Since the beginning of the year the Bank has gained
about 10]/ million pounds sterling gold and it has cor­
2
respondingly reduced its outstanding circulating notes.
The gold has apparently been chiefly drawn from do­
mestic sources, and such movement may encourage the
efforts of the new President of the bank to obtain au­
thority for the general use of bank checks in place of
cash for current business needs, thus promoting to a
still greater extent the diversion of gold to the bank.
The Near Eastern question seems to have become
less disturbing to European politics this week. A new
cause for uneasiness appears, however, to have been
discovered in the Far East. It was reported this week
that, owing to the financial tension in Japan— which
has been caused in part by the falling off in trade with
the United States, and, to some extent, by doubts re­
garding Japan’s political relations with this country—
a transfer to Tokio of that Empire’s balances in Lon­
don, amounting to about 75 million dollars, is in con­
templation. The report is discredited at the Japanese
Embassy at Berlin, but German firms trading in the
Far East confirm the statement as to financial tension.




500

It was officially announced on Wednesday that a
call had been made by the Secretary of the Treasury
for 25%, or about 35 millions, of public deposits in
national banks, payments under the call to be made
in installments of 10% on March 9 and the remainder
on March 23. The withdrawals will affect deposits
in only about 300 of the 1,421 depositories, so that
the funds in the smaller capitalized banks, amounting
to less than $100,000 each, will not be disturbed.
I he New \ork City banks on Friday of last week held,
according to the Clearing House statement, $59,229,800
public funds, 25% of which would amount to about
15 millions. 4 hat the local banks could surrender
this sum without the least inconvenience, appears from
the fact that one of the larger institutions last week
voluntarily returned to the Treasury 3>£ millions of a
special deposit that was placed therein last fall, hav­
ing previously surrendered 2 millions of its quota of
regular distributions; moreover, since the Treasurycall of this week was issued, our local banks have been'
anticipating its maturity and have surrendered con­
siderable sums almost daily. It seems likely, because
such has been the practice heretofore, that the coun­
try banks which have been called upon to surrender
their percentage of deposits will effect such surren­
ders by drawing upon their balances with their New
York correspondents. In this way it appears proba­
ble that New York depositories, either for themselves
or for their correspondents, will respond to the bulk
of the requisitions for the 35 millions of public funds.
Presumedly before the end of the fiscal year large
amounts of Government deposits will be withdrawn
from the banks with which to pay for the 64 million
3s of 1908 that will mature on Aug. 1.
A recent issue of the weekly bulletins of the New
York Life contains an outline map of the country,
with the payments on death claims and endowments in
each State in 1907 and the number of policies and
their amounts outstanding at present in each. As
the showing is intended to furnish canvassing material
to the field force at home, foreign business is not
referred to. It is interesting and practical for the
purpose in view, but it suggests to us something which
the compiler did not have in mind, namely the degree
in which the life companies of this State belong to
New York and the degree in which they belong to the
rest of the country, and even to the world.
In the New York Life, 142,979 policies, for an
aggregate of $282,048,600, belong in this State; but
the total in force in the company is 982,448 policies,
for $2,005,341,184. Therefore, only 14.56% in num­
ber of policies and a small fraction above 10% in
amount belong here. In the other great companies
the proportion does not vary greatly from this, and
all the companies of New York, at the close of 1906,
had outstanding 3,040,948 policies, for $5,966,181,902,'
of which only about 15% in number and 16% in
amount belonged at home. The outstanding insur­
ance in the three great companies at the close of 1906
which belonged in foreign countries other than Canada
was from 18 to 24% of the entire aggregate in those
companies, approximately two-thirds of the foreignowned portion of course belonging in Europe.
The point, therefore, is this, and to us it seems
highly important: while it is admitted that these
companies are technically New York corporations

5 1 0

THE CHRONICLE

creatures of New York law and under its control, by
what rule of reason and morals does this State assume
to manage, in so intimate and forcible a manner, the
affairs of a vast trust fund of which seven-eighths to
nine-tenths are owned by persons under other juris­
dictions, as well as the minor fraction which belongs
to citizens of New York? To bring the question more
sharply to the point, it is on record and indisputable
that the Armstrong laws were drawn up by a few
persons of the State and were by those few persons
imposed upon an unwilling Legislature. Even if the
polite supposition is made that the Legislature is
entirely a free and independent agent in the matter,
the responsibility does not extend beyond 150 persons.
A reasonable care over the trust is an obvious duty
on the part of the State, because the companies are
incorporated here, and is not in question; but the law
now undertakes to regulate the investing of this vast
fund, to limit its growth, to limit the reserves which
safeguard it, to waste it in compulsory and prescribed
elections of trustees, and in many details to deprive its
chosen custodians of the discretion the owners com­
mitted to them. If it is alleged that these owners
were helpless and looked to the New York Legislature
to protect them thus, it may well be asked when and
by whom this protection has been sought’ 1he tech­
nical control of the organizations belongs in this
State; the property nearly all belongs under other
jurisdictions. If we admit that the persons who
framed these aggressive and hurtful laws did so under
a sincere belief that they were doing an admirable
work, where is the evidence that the owners in other
States and countries think so? The intervention was
unasked; how is it shown to have been desired?
Our annual review of gold and silver production
has been delayed somewhat in publication this year
on account of the pressure upon our columns, but it is
given to-day on pages 518 to 521. The principal fact
disclosed by our investigations is the apparent check in
production of the metal in 1907. The yield of the
world’s mines for the year exhibits hardly more than
a nominal excess over the aggregate for the previous
year. Declines appear in almost all the world’s pro­
ducers’ totals, the excess being due entirely to the
continued phenomenal development of mining in
South Africa. In fact, from African mines alone
935,151 fine ounces more were secured in 1907 than in
1906, whereas the world’s excess was only 214,186
fine ounces; the yield from Australasia, United States,
Canada, Russia and other sources of supply combined
show a decrease of 720,965 fine ounces.
While this easing up in the volume of gold produc­
tion ia not considered to have been more than tem­
porary, data for the opening month of 1908, so far as
we have been able thus early to secure the same, does not
encourage a belief in any important increasing tendency
of yield in the immediate future. Of course, results
for a single month do not furnish a reliable basis upon
which to predicate future results, but there are ele­
ments in the present situation that would seem to
give to these January figures more than usual weight.
The labor situation in Africa is not the least important
element. Repatriation of the Chinese is steadily going
on and losses in number thus entailed are being made
good by the recruiting of natives. But the question
of efficiency is not to be overlooked, and that is where



[VOL. LXXXVI.

the trouble lies. Reports have recently been current
that it was the intention to import from 15,000 to
20,000 hands from Madagascar under a two-year’s
contract, but this has been denied. In time, however,
the labor situation will settle itself, but until that time
comes further material development in Africa cannot
be anticipated.
The figures we have secured for January 1908 cover
almost* all of Africa, the greater part of Australasia
and the Colar field of India, and they give an aggregate
output for the month only very moderately in excess
of January 1907. To be more specific, the yield from
the mines of Africa was in January this year approxi­
mately 626,000 fine ounces, against 599,000 fine ounces
in 1907; the principal Australasian fields contributed
about 290,000 fine ounces, against 289,000 fine ounces
for the same periods, and the Colar field 40,000 fine
ounces, against 43,000 fine ounces. So that for all the
fields for which we have early returns, the January
1908 excess in yield is only 25,000 fine ounces, as
compared with the month of 1907, or very much less
than the gain recorded in 1907 over 1906.
Southern cotton planters, traders and those closely
allied with them are coming to realize the harm result­
ant from the ill-advised and persistent attacks made
through State legislation upon the system of dealings
in options or futures on the various cotton exchanges
of the country. In a number of States transactions
of that kind have already been forbidden by statute
and there are now pending in Congress— but we believe
with small chance of enactment into law— several bills
designed to eliminate cotton exchanges. There is, no
doubt, something of truth in complaints made that
the present forms of contract of leading exchanges are
in a measure unsatisfactory, operating against the
best interests of planters and spinners alike. And it
has been claimed that the object sought to be attained
by the introduction of bills into the National Legislature
is to force a better contract from the exchanges. The
same cannot be said, however, of the anti-option
enactments of the State bodies. We do not destroy
to improve; discussion, argument and advice, rightly
employed, are the most potent remedial agencies.
That a small percentage of the transactions on the
cotton exchanges is speculative may be admitted,
but that should not be made to becloud the fact
of the utility and absolute necessity of the option or
future-trading system to both cotton merchant and
manufacturer. The spinner without the hedge pro­
vided by the future contract for cotton could not enter
into extensive forward engagements for his goods
except upon a price basis that would in any event
quite fully protect him against loss through possible
future changes in the price of the raw material. This
would naturally restrict orders for goods and lessen
demand for cotton. The merchant, with the pro­
tection afforded by the future contract, is able to make
contracts with the spinners for cotton of certain
grades, supplying it as needed, and thus creating in
the market a sustaining demand. Without the future
contract he could make no such engagement unless he
had the cotton actually in hand. To characterize all
option or future dealing as gambling is, therefore, far
wide of the mark.
Consequently, the hasty, indiscriminate condem­
nation of a system that has taken years to perfect,

F e b . 29 1998. |

T H E

C H R O N IC L E

511

and under which the movement of the crop has been for the year, is later than usual; that of 1907 was on
greatly facilitated to the material benefit of all con­ Jan. 26. Banks have been expecting the now an­
cerned, is doubtful wisdom. One of the delegates to nounced call some time, and meanwhile, as is cus­
the International Cotton Conference held at Atlanta tomary, the larger institutions have restricted their
last summer, in referring to the subject of future deal­ loan operations and, perhaps, have accumulated re­
ings, pointed out that some years ago agriculturalists serves and otherwise improved their condition in or­
in Germany, becoming imbued with the idea that der to make a good exhibit when the date for the
transactions in options on grain were inimical to their Comptroller’s call should be announced. As the re­
interests, had the exchanges closed. It was not long, sult of the release of bank funds, after the issue of this
however, before they realized the great loss to them­ call, the local market for time loans, which had been
selves the closure had entailed, and the exchanges sentimentally affected by the news of the requisition
were petitioned to re-open. We are not apologists for by the Secretary of the treasury for public deposits,
speculation or gambling, as it is the fashion to call it became easier by reason of liberal offerings; the demand
now at the South. But we recognize the inestimable was, however, chiefly for the longer maturities, and
value of the exchanges as factors in the handling of business for short periods was small. Toward the
our most important agricultural product, and would close of the week the tone grew steadier, because of
consider as a calamity legislation seriously impairing expectations that a decrease in bank reserves would be
their usefulness.
shown in this week’s statement on account of large
The views of far-seeing Southerners on the subject absorptions of surrendered public funds by the Treas­
of anti-option legislation have been well expressed on ury. It is reported that some banks are discriminat­
two occasions recently by Mr. J. A. Taylor, President ing against such stocks, as collateral, as are not active,
of the National Cotton dinners’ Association, in open and the sharp fall this week in ^ome of these securities
letters to ginners and traders. His first communica­ was attributed to their rejection as pledges for loans.
tion we referred to in our issue of Jan. 1 1 , page 71. Commercial paper is offered in liberal volume,indicat­
In the second, made public last week, he went into the ing urgent requirements by merchants for accommod­
subject more fully, giving the result of his investiga­ ation; but there is still a good demand for choice
tions into the systems of the New York and New names, chiefly from the West.
Orleans cotton exchanges and pointing out the injury
Money on call, representing bankers’ balances,
to cotton interests that in his mind would follow their loaned at the Stock Exchange this week at 2 % and
extinction. His deliberate conclusion, as expressed in at
with the average about 1% % . Banks loaned
the final paragraph of the letter, is: “ If the Southern at
and trust companies at 2 % as the minimum.
people who want to help carry the load had not been On Monday and on Tuesday loans were at 2 % and at
prevented on account of the recent laws passed pre­ 1Vi% With the bulk of the business at l% % . On
venting trading in futures, we should have received Wednesday transactions were at 2 % and at 1 % %
at least $10 more per bale for this crop.” This state­ with the majority at 1% % . On Thursday loans were
ment, and in fact the whole letter, coming from one at 2 % and at l l % with the bulk of the business at
A
closely identified with cotton-planting interests, and in l% % . On Friday transactions were at 2 % and at
thorough sympathy with all aims having for their
with the majority at 1% % . Time loans on
object benefit to the South, should be carefully and good mixed Stock Exchange collateral are quoted at
intelligently pondered.
4% for sixty to ninety days, 4 ^ % for four and 4 j^ @
Further light was shed upon the folly of the recent 4M % for five to six months; one large loan was re­
anti-option legislation by Mr. W. IT Thompson ported to have been made for twelve months at 5 % ,
President of the New Orleans Cotton Exchange, in an a concession from a previous quotation of 5^ % .
address made last week at the Southern Cotton Associ­ Commercial paper was unchanged at 4j^ @ 5% for
ation convention held at Dallas, Texas. The title of Eastern mill notes and for sixty to ninety day endorsed
the address was “ The Function of a Legitimate Ex­ bills receivable; 5 @ 5 j^ % for prime, and 5C£@6% for
change,” which he pointed out to be “ to improve the good four to six months’ single names.
market for cotton; to devise ways for minimizing the
cost of marketing the crop, and to provide means to
I he Bank of England rate of discount remains un­
both producer and consumer for protection against changed at 4% . The cable reports discounts of sixty
demoralizing interruptions to the natural course of to ninety day bank bills in London 3 % % . The
trade.” He went quite fully and convincingly into the open market rate at Paris is 2 H % and at Berlin and
subject in all its varying aspects, referring at length Frankfort it is 4 ^ % . According to our special cable
to legitimate future trading and to its beneficial effect from London, the Bank of England gained £579,585
as a sustaining and broadening factor in the marketing bullion during the week and held £39,320,717 at the
of trhe crop, and to the loss the South had sustained close of the week. Our correspondent further advises
by indiscriminate attacks upon that system of trading. us that the gain was due in greatest measure to re­
The Bank of Belgium this week reduced its official
discount rate from 5% to 4% . Though a reduction
in the Bank of England rate was somewhat expected,
no change was made. Compared with last week, open
market or unofficial rates were easy at all the prin­
cipal centres. On Saturday of last week the Comp­
troller of the Currency issued a call for reports of con­
dition of national banks as of February 14, and re­
sponses thereto have been prompt. This, the first call



ceipts from the interior of Great Britain, although im­
ports exceeded exports by £272,000. The details of
the movement into and out of the Bank were as fol­
lows: Imports, £460,000 (of which £70,000 from
Egypt, £25,000 from Constantinople, £ 5,000 from
Paris and £360,000 bar gold bought); exports, £188,­
000 (of which £ 8,000 to Gibraltar and £180,000 to
South America), and receipts of £308,000 net from the
interior of Great Britain.
.

512

T H E

Early in the week foreign exchange was active and
higher, because of a demand to remit for American
securities which had been sold in London; it was also
affected by an insufficiency of bankers’ as well as of
commercial bills, the scarcity of the latter being in­
dicated by the high rates therefor. Owing to the fact
that the mail service was deranged, there being no fast
steamers until Wednesday, and also because the ves­
sels would sail at an early hour on that day, the busi­
ness was largest on Tuesday, when there was an ex­
ceptionally good inquiry for short sterling. The de­
mand seemed, however, to have been satisfied by noon,
when there was a decline caused by liberal offerings of
bankers’ bills by an institution which was supposed
to be drawing against credits created through the plac­
ing abroad of choice investment securities, and, influ­
enced by such offerings, the market fell off. There
appeared, however, to be a firm undertone, and there
was a partial recovery by the close. On Wednesday
business was comparatively small, there being a dis­
position to defer purchases until later in the week for
to-day’s (Saturday’s) mail; cables were, though, in
moderate request, on account of the settlement on the
London Stock Exchange.
One event of the
week that attracted some attention on Wed­
nesday was the easy market in London for
open market discounts,
which
was regarded
as foreshadowing an ‘early
possible
reduction
in the Bank of England rate. This fall in the
unofficial rate was apparently caused by the further
increase in the Bank’s stock of gold, as the result of
its securing the bulk of the $3,500,000 of the metal
which arrived from South Africa this week. The re­
cent accumulations of gold by the Bank of France and
the Bank of Germany, and particularly by the latter,
as shown in the statement of the Reichsbank, seemed
to indicate that, though our rates for exchange
on London might advance even close to the goldexport point, no inducement would be offered for
a movement of the metal hence. It was regarded
as possible, however, that a situation might develop
— because of continued selling of American securities
abroad, and consequently of an insufficiency of
bills for remittance in settlement therefor— which
would necessitate exports of gold in lieu of exchange.
The monetary derangement which would probably be
caused by such a movement, coincidently with large
withdrawals of public funds by the Treasury from the
banks, might, however, have such a depressing effect
upon exchange as greatly to reduce the volume of
such exports.
Compared with Friday of last week, rates for ex­
change on Monday were 10 points higher at 4 8350®
4 8355 for long, 20 points for short at 4 8685@4 8690
and 15 points for cables at 4 8720@4 8725. On
Tuesday long rose 5 points to 4 8350@4 8360, short
fell 5 points to 4 8680@4 8685, while cables were
unchanged at 4 8720@4 8725. On Wednesday long
declined 10 points to 4 8340@4 8350, short 10 points
to 4 8670@4 8675 and cables 10 points to 4 8710®
4 8715. On Thursday long rose 10 points to 4 8350®
4 8360, short 5 points to 4 8675@4 8680 and cables
5 points to 4 8710@4 8720. On Friday long rose 10
points and short fell 10 points, while cables were
unchanged.
The following shows daily posted rates for sterling
exchange by some of the leading drawers



[ V o l . liC X X V I .

C H R O N IC L E

Frl.,
Wed.. Thurs., Frl.,
Mon.,
Tues.,
Feb. 21 Feb. 24 Feb. 25 Feb. 26 Feb. 27 Feb. 28
Brown
S00 days
Bros. & Co......... — ] Sight..
Kidder,
I C days
O
Peabody & Co--------1Sight..
Bank British
j C days
O
North America------ 1Sight..
Bank of
/ 60 days
Montreal___________ 1Sight..
Canadian Bank
JC days
O
of Commerce----------1Sight..
Heldclbach, Ickelj 60 days
helmer & Co----------- 1Sight..
Lazard ■
/ C days
O
Freres3_____________ 1Sight..
Merchants’ Bank
j C days
O
of Canada__________\Slght..

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

84
87^
84
87^
84
87^
84
87K
84
87'A
84
ST'A
84
ST'A
84
87 'A

84^

84 >3

8434

8434

8434

84>4

8434

8434

8434

8434

88

88

88
8 4>2
88

88

88

88
88

88

88

88

84>4

8434

8434

88

8434

88

8434

8434

8434

8434

8434

8434

8434

88

84}$

88

88

88

84^

88

88

8434

88

8434

84
8834
8434

8434

8434

8434

8434

8434

8434

8434

8434

8434

88

88

84Vj

88

88

84J4

88

88

88
84)4

88

88

88

88

88

88

88

88

88

88

88

88

The market closed on Friday at 4 8360(5)4 8370 for
long, 4 8660(5)4 8670 for short and 4 8710®4 8720 for
cables. Commercial on banks 4 8315®4 8325 and
documents for payment 4 82% @ 4 83%. Cotton for
payment 4 82% @ 4 82% , cotton for acceptance 4 8315
@ 4 8325 and grain for payment 4 83% @ 4 83%.
The following gives the week’s movement of money
to and from the interior by the New York banks.
Net Interior
Movement.

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

Week ending Feb. 28 1908.

$8,254,000
1,708,000

Currency — ................- .......................
Total gold and legal tenders...........

$5,864,000 (lain $2,390,000
1,149.000 Gain
559.000

$9,962,000

$7,018,000 Gain $2,949,000

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

Into
Banks.

Banks’ Interior movement as above..
Sub-Treasury operations______
...

Out o1
Banks.

$9,962,000
28,300,000

$7,013,000 Gain $2,949,000
5,000,000
33,300,000 Loss

$38,262,000

Week ending Feb. 28 1908.

$40,313,000 Loss $2,051,000

The following table indicates the amount of bullion
in the principal European banks.
________ __ ___
Feb. 28 1907.

Feb. 27 1908.

Banks ol
Gold.
England..
France _.
Germany .
Russia___
Aus.-Hun.
Spain____
Italy-------Neth’lands
Nat.Belg..
Sweden . .
Swltz’land
Norway . .

Silver.

Total.

Gold.

Silver.

£
39,320,717
110,627,822
34.470.000
110,063,000
40.511.000
15.717.000
36.398.000
7,691,400
4,030,667
3.904.000
3.315.000
1.501.000

£

£
39,320.717
146,896,221
48.757.000
122.133,000
59.084.000
41.071.000
40.998.000
12,006,600
0,040,000
3.904.000
3.315.000
1.501.000

£
36,729.623
105,472,333
32,668,000
119,084,000
46.409.000
15.412.000
32.568.000
5,544,500
3.300.000
4.108.000
1.450.000
1.732.000

£

36,268",399
14.287.000
6.070.000
12.573.000
25.954.000
4.600.000
4,315,200
2,015,333
................

Total.

£
30,729,623
144.865,398
46.208.000
124,493.000
58.638.000
40.025.000
37,510,400
11,372,800
4.959.000
4.108.000
1.450.000
................
1.732.000

39,393",065
13.540.000
5.409.000
12.229.000
24.613.000
4,942,400
5,828,300
1.653.000

404.483,456
Total week 419,549.606 106,082,932 525,632,538 403,006,008 107,607,765 512.091.221
105.340,772 508,346,780
Prev .week 417,133,098 104,949,793 522,082,891

THE INTERESTING CASE OF
GENERAL STOESSEL.
Despatches from Russia during the present week
have been largely devoted to reporting the appeals
to the Czar for clemency in the case of General
Stoessel. This Russian commander, who held the
rank of Lieutenant-General, was in command at Port
Arthur during the Japanese War, and it was his sur­
render of that fortress, at the opening of 1905, which
brought him before the Military Court, and resulted,
on the 20th of this month, in his sentence to death.
The severity of the sentence is in the main explained
by the Russian tradition and practice. It has been
the almost invariable practice of that service, and the
imperial orders have made the tradition virtually a
rule, that an officer convicted of having given up an
important post to the enemy after siege should be
assumed to have committed a capital oftence. As a
rule, sentences of this sort have either been revoked
through pardon by the Czar, or have been commuted by
lighter penalties. In the case of Gcnoral Stoesse
the court martial recommended that the death sen­
tence be commuted to ten years’ imprisonment in a
fortress, and the appeals to the Czar and the Czarina

F 3B . 29 1 9 0 8 .1

T H E

C H R O N IC L E

by officers and civilians have gone further, asking for
a full and complete pardon.
Probably it will be granted, for the Emperor is
hardly likely to be so blind as to inflict such a sentence
on a soldier who was the victim of military incom­
petence, of which the cause was traceable directly to
the throne. The Russian theory of death sentence
with probable pardon, after an episode of the sort
is none the less a foolish survival; it is a double in­
justice in that it leaves the stain of such a judgment
by a soldiers’ court on the name of the unfortunate
officer, and that it places his life at the whim of the
Emperor. When it is asked what motive, be­
yond that of an obsolete tradition, could have existed
for such a sentence, there is only one satisfactory
answer. The wish to make a sacrifice of somebody
for a military blunder is strong among the governing
powers of the country where such an event has hap­
pened, and sometimes among the people also. Gen­
eral Fitz-John Porter’s experience was typical. Made
the scapegoat for the disastrous second battle of Bull
Run, and sentenced “ to be cashiered and to be for­
ever disqualified from holding any office of trust or
profit under the Government of the United States,”
it was fourteen years before he was exonerated by a
military tribunal— which so far altered the verdict
as to give him credit for saving the army from destruc­
tion— and twenty-fouryearsjbefore Congress by formal
vote removed the undeserved stigma of the original
sentence.
In the equally celebrated case of Marshal Bazaine,
the sentence of that officer resulted as much from
popular demand for a victim as from the wish of Gov­
ernment to divert attention from its own blunders
and shortcomings. With Bazaine, as with Stoesscl, the death sentence was originally pronounced.
The surrender of Metz, which he occupied with an
army of 170,000 men, was not the decisive blow at the
fortunes of France in the Franco-Prussian War, but
it did put an end definitely to the program of further
resistance to the German occupation. Bazaine’s
sentence to death for “ having been guilty of nego­
tiating with the enemy before doing all that was pre­
scribed by duty and honor” was commuted to twenty
years’ imprisonment, from which three years later he
escaped. Before he died the general judgment of the
French people was that, while perhaps he may not
have fought literally to the last ditch, the surrender
of Metz was inevitable, and that its surrender at that
moment was undoubtedly the means of avoiding need­
less waste of life. It may indeed be doubted whether
any surrender of an army in modern history has
occurred in which captious critics might not have
maintained that further resistance was possible.
Fven in the case of Appomattox it was open to argu­
ment that General Lee might have continued fighting,
and in fact the articles of capitulation between the
Northern and Southern generals based their agree­
ment at that time on the belief of each that humanity,
quite as much as military judgment, declared that the
proper time had come for ending effusion of blood.
The first vague reports which came from St. Peters­
burg after Stoessel surrendered, to the effect that his
conduct during the siege had been faulty and in­
capable, represented merely the outbursts of wrath
and resentment on the part of a suddenly disillusioned
people. It is now fully recognized that both the



513

General at Port Arthur and his army were virtually
left a sacrifice to the enemy by the incompetent mili­
tary advisers of the Czar. Supplies for the beleagured
troops had been inadequate; the plan for relief had
been based on the easy assumption that no Japanese
army could resist a southward movement by the forces
under command of Kuropatkin. As a matter of fact,
the supposed invulnerability of the fortress was the
point on which the. Russian military clique had staked
all its expectations. Stoessel did not surrender until
the Japanese, by an extraordinary seiies of manoeuvres,
had captured the heights from which their guns com­
manded the city, and were sending shells into the streets
and barracks of Port Arthur.
It is possible that this incident of the pro forma
death sentence on General Stoessel may have indirect
effect in Russia in reviving discussion as to the people
who really were responsible for the crushing defeat of
Russia in Manchuria. It is perhaps too much to look
for free canvassing of the case in the present Russian
Douma; but the Douma of two years ago would hardly
have let the matter pass without some inquiry into the
affair; it is a free legislature’s duty. Even to-day the
Russian newspapers may be trusted to direct some
attention to the speculating grand dukes and statesmen
who brought on the war with Manchuria to help their
ventures on the Pacific Coast, and the thieving bureau­
crats who committed the army to a task where every­
thing hung on the proper forwarding of supplies, and
then plundered the munitions which were gathered
for the soldiei-s. This was, unfortunately, nothing
new in the history of modern war; the scandals which
have followed practically every contest of the sort are
unpleasantly familiar. With Russia, the point of
special significance is that the malefactors of this sort
have at no time been publicly called to answer for
their actions, but that instead, the brazen effort has
been made to shift the blame upon the shoulders of a
gallant and unfortunate officer, who was their con­
spicuous victim. We should hardly imagine that such
an episode would do much to remove the public preju
dice in Russia against the imperial autocracy.
LIMITATIONS UPON THE RIGHT OF WOMEN
TO WORK.
The decision of the United States Supreme Court on
Monday, sustaining an Oregon statute limiting the
number of hours that a woman may be employed in a
laundry, throws a great deal of light upon the question
how far a State may legally go in placing restrictions
and limitations upon a woman’s freedom in the matter
of work in occupations affecting her health and physi­
cal well-being. The decision is to the effect that, under
the so-called police power of the State, restraints upon
the rights of a woman to work may be placed, not alone
in her own interest, but in the interest and welfare of
posterity, through the children she gives to the world.
The ruling in this instance has led to some comment,
in view of the decision and opinion handed down by
our own Court of Appeals only last year, holding that
a statute of this State which forbade the employment
of women in factories between nine o’clock at night and
six o’clock in the morning was unconstitutional. As a
result, the inference has been drawn in some quarters
that the two decisions are in conflict. We have not
seen the full text of the opinion handed down by the
United States Supreme Court, but we do not think that

514

T H E

C H R O N IC L E

the conclusion referred to is warranted. Judging from
the extracts from the opinion which have appeared
in the daily papers, it would appear that there is no
real divergence between the two courts, or, at least,
that the language of the two opinions can be so con­
strued as to mal$e them in complete harmony.
The Oregon statute upon which the Supreme Court
has now passed was enacted in 1903. It forbids the
employment of females in any mechanical establish­
ment or factory or laundry more than ten hours dur­
ing any one day. The validity of the law was called in
question by Curt Muller, a laundryman doing business
in Portland, who claimed it was unconstitutional be­
cause it interfered with the freedom of contract as far
as female citizens are concerned. The Oregon Su­
preme Court upheld the statute on the ground that it
was a valid police regulation, and this ruling the
United States Supreme Court now affirms on substan­
tially the same grounds. Justice Brewer writes the
opinion, and he takes the ground that in matters of
this kind the other sex is to be placed in a class by it­
self. There are certain differences between the sexes
and these differences justify a difference in legislation
even to the extent of restricting in a measure woman’s
freedom in the making of contracts. The following
excerpt from Justice Brewer’s opinion will furnish an
idea of the course of reasoning by which the Court
reached its conclusions upholding the Oregon Statute
forbidding the employment of women for more than
ten hours in any one day.
“ Differentiated by these matters from the other sex,
she is properly placed in a class by herself, and legis­
lation designed for her protection may be sustained,
even when like legislation is not necessary for men,
and could not be sustained. It is impossible to close
one’s eyes to the fact that she still looks to her brother
and depends upon him. Even though all restrictions
on political, personal and contractual rights were taken
away, and she stood, so far as statutes are concerned,
upon an absolutely equal plane with him, it would still
be true that she is so constituted that she will rest
upon and look to him for protection; that her physical
structure and a proper discharge of her maternal
functions— having in view not merely her own health,
but the well-being of the race— justify legislation to
protect her from the greed as well as the passion of man.
The limitations which this statute places upon her
contractual powers, upon her right to agree with her
employer as to the time she shall labor, are not im
posed solely for her benefit, but also largely for the
benefit of all. Many words cannot make this plainer.
The two sexes differ in structure of body, in the func­
tions to be performed by each, in the amount of physi­
cal strength, in the capacity for long-continued labor,
particularly when done standing, the influence of vigor­
ous health upon the future well-being of the race, the
self-reliance which enables one to assert full rights,
and in the capacity to maintain the struggle for sub­
sistence. This difference justifies a difference in legis­
lation and upholds that which is designed to compen­
sate for some of the burdens which rest upon her.”
Everyone, we are sure, will be inclined to agree with
the views of social policy here expressed, which also
become the legal views when enunciated by the Fed­
eral Supreme Court. The question which arises is
how these views are to be reconciled with the opinion
handed down by our Court of Appeals last year. The
first thought that comes up is that the two opinions
covered different things. The Oregon statute fixes
the duration of a day’s labor, but expressly provides
that “ the hours of work may be so arranged as to per­
mit the employment of females at any time, so that they




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

shall not work more than ten hours during the twentyfour hours of any one day.” The New York statute,
on the other hand, undertook to prevent a woman from
working at all during certain portions of the day. It
is easy to see that the one restriction might be upheld
as a valid exercise of the police power of the State,
while the other might be condemned as going too far
— as stretching police regulations beyond the point
where they could be sustained as such. As a matter
of fact, that appears to be the precise distinction which
the New York Court of Appeals undertook to make,
and which led it to condemn the New York statute pro­
hibiting the employment of women between 9 o’clock
at night and 6 o’clock in the morning. Certain ex­
pressions used by Judge Gray, who prepared the opin­
ion of the Court of Appeals, have been extensively
quoted as showing an apparently direct conflict of
opinion. The sentence quoted is as follows: “ Under
our laws, men and women now stand alike in their Con­
stitutional rights, and there is no warrant for making
any discrimination between them with respect to the
liberties of person or of contract.” Standing by itself,
the language here employed would appear to sustain
the contention that the State Court and the Federal
Court are in diametric opposition. But this expres­
sion cannot be considered apart from its context.
Taken in connection with the other portions of the
opinion, and particularly the paragraph in which the
expression is used, it is seen to have no such broad and
wide meaning as it is attempted to give to it.
It is to be remembered that, in the first instance,
the decision of the New York courts— for all the New
York courts held the statute invalid, the case only
reaching the Court of Appeals after Justice Olmsted
in the Court of Special Sessions in the First Division of
the City of New York had held the law unconstitu­
tional, and the Appellate Division of the Supreme
Court in the First Department had upheld the ruling
of Justice Olmsted— had as its basis a previous ruling
of the United States Supreme Court. Justice Olmsted
took for his guidance the decision of the United States
Supreme Court in the case (Lochner vs. New York,
198 U. S. R .,p . 45) where it was attempted to fix a
ten-hour day for employees of bakeries and confec­
tionery establishments. That law, it will be remem­
bered, was declared unconstitutional. In that case
it was attempted to invoke those very police powers
which furnish the basis of the present week’s decision
of the Federal Supreme Court. It was urged on be­
half of the statute then condemned that it was to
the interest of the State that its population should be
strong and robust, and therefore any legislation which
might be said to tend to make people healthy must be
valid as health laws, enacted under the police power
of the State. In reply, the United States Supreme
Court at that time said that if that be a valid argument,
and a justification for such legislation, it would follow
that the protection of the Federal Constitution from
undue interference with the liberty of person and free­
dom of contract is visionary whenever the law is sought
to be justified as a valid exercise of the police power.
Continuing, the United States Supreme Court then said
with reference to the bakery law: “ The Act is not with­
in any fair meaning of the term a health law, but is an
illegal interference with the rights of individuals, both
employers and employees, to make contracts regard­
ing labor upon such terms as they may think best, or

F e b . 29 1008.]

T H E

C H R O N IC L E

which they may agree upon with the other parties to
such contract. Statutes of the nature of the one under
review, limiting the hours in which grown and intelli­
gent men may labor to earn a living are mere meddle­
some interferences with the rights of the individual.’ ’
Justice Olmsted applied the same course of reasoning
to the New York statute prohibiting the employment
of women after 9 o’clock at night or before 6 o’clock
in the morning, and accordingly declared the law un­
constitutional. The Appellate Division took the same
view and the Court of Appeals also coincided.
The point emphasized by this former decision of
the United States Supreme Court was that there is a
limit to the exercise of the police power. Accord­
ingly, in every given case the question must come up
whether the statute under consideration comes within
that limit or falls outside of it. The Court of Appeals
reached the conclusion that the law against the em­
ployment of women at night fell outside the limit and
could not be justified as a police regulation. Judge
Gray declared that the New York Legislature in the
law referred to had overstepped the limits set by the
Constitution to the exercise of the power to interfere
with the rights of citizens. He then used the expres­
sion already quoted, namely that under our laws men
and women now stand alike in their Constitutional
rights, and there is no warrant for making any dis­
crimination with respect to the liberty of person or of
contract. This week’s decision of the Supreme Court,
as we have seen, differentiates between women em­
ployees and men employees, and that distinction the
words quoted might be considered as ignoring except
that succeeding words go to show that Judge Gray
had no intention to deny to the Legislature the right
to impose certain restrictions and limitations provided
they could be considered as having a real and direct
relation to the health and welfare of women and of
the race as a whole. In fact, Judge Gray would ap­
pear to have had in mind just such a case as that upon
which the United States Supreme Court was called
upon to pass, and which there is every reason to be­
lieve, if it had arisen in this State, would have been
declared valid by the Court of Appeals, just as it has
been so declared by the United States Supreme Court
in the matter of the Oregon statute.
Judge Gray said he could find nothing in the language
of the New York law which suggested the purpose of
promoting health except that it might be inferred that
for a woman to work during the forbidden hours of
night would be unhealthful. If the inhibition of the
law, he argued, had been framed to prevent the ten
hours of work being performed at night, or to prolong
them beyond nine o ’clock in the evening, it might more
readily be appreciated that the health of women was
the matter of legislative concern. But that was not
the effect, he said, or the sense of the provision in ques­
tion. If that enactment were sustained, he asserted,
then an adult woman, although a citizen and entitled
as such to all the rights of citizenship under our laws,
may not be employed nor contract to work in any fac­
tory for any period of time, no matter how short, if it
is within the prohibited hours, and this, too, without
any regard to the healthfulness of the employment.
It will be observed that the thing condemned by the
Court of Appeals is that women should be deprived of
the right of employment at all during certain hours of
the day, and not that a limit should be placed for their




515

own good and for the welfare of the race upon the total
number of hours that they should give to >vork.
There is certainly a sharp distinction between the two
things, and accordingly it cannot be claimed that there
is any conflict between the ruling of the New York
Court of Appeals and that of the United States Supreme
Court.
.
THE COUNTRY’S BESSEMER STEEL
PRODUCTION IN 1907.
Though iron production in the United States in the
calendar year 1907 considerably exceeded that of the
previous year, in face of the depression which ensued
in the trade in the closing months following the panic
in October, the same statement cannot be made with
reference to the country’s Bessemer steel production.
Mr. James M. Swank of the American Iron and Steel
Association has this week made public the officiat'figures, and they show that the aggregate output of Bes­
semer steel ingots and castings in 1907 was only 1 1 ,­
667,549 gross tons, against 12,275,830 tons in 1906, a
decrease of 608,281 tons. The falling off, it will be
observed, has been substantial. Of course the Besse­
mer product represents only one kind of..steel, and in
recent years open-hearth steel has made such 'tremen­
dous growth that it would not be safe to predicate an
estimate of the country’s total steel production on the
Bessemer output alone. In other words, in the ab­
sence of statistics regarding open-hearth steel (which
will not be available until later), we would not be au­
thorized to assume that aggregate steel production
in 1907 had fallen below the corresponding aggregate
for the calendar year 1906.
It may be that the statistics will show a further in­
crease in the open-hearth product sufficient to coun­
terbalance the decrease in the Bessemer output,
though we are inclined to doubt that this will prove
to be the case. It is only a few years since the openhearth product was comparatively insignificant; in
1906, on the other hand, the make of steel by that pro­
cess reached almost 1 1 million tons, as against 1 2 ,­
275,830 tons of Bessemer steel made in that year.
Should 1907, when the figures are compiled, record a
further increase coincident with the decrease in the
Bessemer output, the lead which the latter has always
maintained would be nearly, if not entirely, overcome,
and the two kinds of steel stand on an even basis.
It might, then, easily happen that in the current cal­
endar year (1908) the open-hearth production would
actually exceed the Bessemer product.
In any prolonged depression in the iron and steel
industry, the Bessemer producers are likely to feel
the adverse effects much more strongly than the pro­
ducers of the other main class of steel. The reason
for this is that so large a portion of the Bessemer steel
produced is used for conversion into rails, and the
railroad industry just now, for obvious reasons, is
suffering more seriously and laboring under greater,
burdens than any other industry in the country, ft
is rather noteworthy that the depression in the iron
and steel industry which the country is now experi­
encing was clearly discernible {is in prospect over
twelve months ago. In our review of the Bessemer
steel figures for 1906 in the “ Chronicle” of March 161907,
we discussed the matter quite at length. We repro­
duce here some of our remarks on that occasion, not
for the purpose of claiming fulfillment of prediction,

o iO

T H E

C H R O N IC L E

•or as a vindication of judgment, but to impress upon
•the public the fact that the existing trade prostration
was not produced by the panic of October, but is
traceable to well-defined causes long ante-dating that
'event, and out of which the panic itself grew.

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

rail production, which Mr. Swank has also furnished
this week, along with the statistics of the production of
ingots and castings, afford striking evidence of the
truth of this statement. There has been a quite con­
siderable decrease in the Bessemer rail output. Indeed
the loss in this item accounts for almost the whole
year’s decrease in Bessemer steel production. Mr.
Swank reports the production of Bessemer steel rails
by the makers of Bessemer steel ingots in 1907 at
3,302,009 tons, against 3,705,642 tons in 1906. In the
case of rails, the Bessemer product represents nearly
the whole of the rail output. The make of rails out
of any other than Bessemer steel is very small. To be
sure, the agitation concerning rail breakages, which
was quite active during 1907, led some of the railroads
to place special orders for open-hearth rails, but while
the statistics on that point have not yet been collected,
Mr. Swank estimates the product of open-hearth rails
for the year at only 250,000 tons, and the aggregate
of rails from all sources except Bessemer at no more
than 335,000 tons (this including the 250,000 tons of
open-hearth rails), comparing with a total of Bessemer
rails of 3,302,000 tons. In the following, we indicate
the rail production of all kinds for a series of years past,
and also the imports and exports of rails.

“ We appear to be drifting rapidly into the condition
Of things existing the latter prat of 1903 and a good part
of 1904, and which so seriously upset the iron and
steel trades at that time. The railroads are no longer
able to raise new capital with ease; even the strongest
companies', those with gilt-edged credit, cannot borrow
except at a high cost. Prices on the Stock Exchange
are tumbling in an alarming way. Everything, there­
fore, suggests caution. The railroads have already
given orders on a scale that will keep furnaces and
plants active for many months to come, but they are
now proceeding with great circumspection and giving
further orders very sparingly. They are being at­
tacked by hostile legislation on every side, and busi­
ness is being slowly but surely undermined by a political
crusade against capital and corporate interests. At
the same time, railroad expenses are being augmented
in such a striking manner, as the result of higher wages
and of the increased cost of the various other things
‘ that enter into the operating accounts of the roads,
that net revenues seem likely to be seriously cut down
— are, in fact, already being reduced. Consequently,
the power of the railroads to spend money for additions
and improvements is being diminished in a double
HAIL PRODUCTION AND CONSUMPTION.
way -first, by the inability to obtain needed capital,
1904.
1907.
1903.
1906.
1905.
Bess, rails produced, tons*‘3,387,009 3,791,459 3,192,347 2,137,957 2,940,750
and, secondly, by the shrinkage in available net reve­ Other rails, iron and steel . 250,000 180,428 183,582 140,754
45,721
nues that might be applied for this purpose. Whether
Total production......... .3,637,009 3,977,887 3,375,929 2,284,711 2,992.477
the movement adverse to the railroads and the policy Imports, Iron and steel.. . . 3,752
17,278
37,776
95,555
4,943
911 which it is based shall be tempered and modified,
3,040,761 3.982,830 3.393,207 2,322,487 3,088,032
30,837
that is the question now confronting the whole business Exports, Iron and steel.. . - 338,906 328,036 295,023 410,250
Home consumption........ -3.301.S55 3,054,794 3,098,184 •1,906,237 3,057,195
and mercantile world. For if railroad interests with
* Including 85,000 tons, the estimated product of rails by companies not pro­
their tremendous consumption, of iron and steel, are ducing their own steel.
to go through a period of suffering, all other industrial
The foregoing is useful not only in showing the fall­
interests in the country will inevitably be obliged to
ing off in 1907 in the home consumption of rails—
share in this suffering.”
The warning here conveyed was not heeded, and as a which falling off, after all, was not so very large, the
orders for the rails produced in 1907 having in the main
consequence all industries are suffering in precisely the
been given before the railroad situation had become
way indicated. It is within the knowledge of every
acute— but also in revealing the heavy decrease in
reader that the policy adverse to railroad interests re­
the consumption of rails which occurred in 1904, fol­
ferred to in the foregoing was not “ tempered and modi­
lowing the set-back experienced by the railroad indus­
fied” as suggested, but was carried on with increasing
try in 1903. In 1903 the consumption of rails had
intensity— there being no let-up even up to the present
been 3,057,195 tons. In 1904 there was a drop to
date— and as a consequence the depression, evident
1,906,237 tons. It remains only to add that the trou­
in advance to close observers, inevitably followed,
bles of the railroads in 1903 were insignificant along­
dragging down the whole range of industries. The
side those which they are now experiencing.
railroads are in the slough of despond, the iron and
Coming back once more to the production of Besse­
steel industry has had to exchange unexampled buoy­
mer steel ingots, the following shows the contribution
ancy and activity for depression and declining prices,
to the total by the leading Bessemer producing States.
and all other industries are obliged to share in the
PRODUCTION OF BESSEMER STEEL INGOTS B Y STATES.
common misfortune. With the causes thus clearly
dross Tons. 1007
1900.
1905.
1004.
1903.
1902.
Pennsylv’a 4,351.841 4,827.725
4,491,445 3,404.050
3,909.430 4,209,320
defined, it must be obvious to every person of ordinary Ohio______ 3.630.679 3,760,913
3,131,149 2,050,115
2,330,134 2,528.802
Illinois___ 1.723,073 1,084,772
1,051,250 1,257,100
1,306,569 1,443,014
1,067,531 1,087,185
9S6.690
956,621
intelligence that improvement, revival and recovery Other States 1,955,956 1.993,420
--------------- --------------------------------------- . --------------------------------------------.
»
T o ta l------11,667,549 12,275,830 10.941,375 7,859,140 S.592,829 9,138,363
can come only through a removal of these causes.
It will be seen that both Ohio and Pennsylvania
Ease in the money market is not going to restore the
old feeling of confidence and buoyancy, which disap­ (the two chief producing States) sustained a decrease
peared* with the vanishing of orders for goods from n their 1907 output, but the loss in Ohio was relatively
the railroads, nor will a reform of our currency system small, while that in Pennsylvania was quite large, with
bring back the old conditions, necessary though such the result that Ohio is creeping up on Pennsylvania
reform may be. So long as this fact is not recognized and is no longer outranked by the latter to the extent
— so long as the political agitation continues and the it was only a few years ago. This is just as Mr. Swank
hounding and persecution of railroads and other cor­ in 1906 pointed out would be the case with the com­
porations goes on— the depression now so keenly and pletion of certain new plants in Ohio.
The remark
acutely felt will remain in evidence, relieved only by applies wholly to Bessemer steel. Of open-hearth
occasional fitful spurts of activity here and there.
steel, Pennsylvania produces eight to nine times the
We have referred above to the Bessemer steel trade quantity made in Ohio. As indicating how close is
as being the first to feel the effects of anything harmful the relation between the output of Bessemer steel and
to railroad interests. The statistics of Bessemer steel the make of Bessemer rails, we would direct attention




Feb. 29 lw
»8.|
to

th e

to ta ls

9 ,1 3 8 ,3 6 3
th e n

to

in

to n s

th e

in

to n s

1 2 ,2 7 5 ,8 3 0

in

fo r e g o in g ,

1902

7 ,8 5 9 ,1 4 0

9 4 1 ,3 7 5

FHE CHRONICLE

in

to

sh o w in g

8 ,5 9 2 ,8 2 9

1 9 0 4 , fo llo w e d

1905

and

a

a

to n s
by

fu r th e r

drop

in

a ju m p

le a p

fro m

1903

and

to

in

1 0 ,­

1906

to

to n s.

N o r t h ,c o m p a r is o n
and

snow

in

roads

th e

FOR
W e

b r in g

e a r n in g s

th e

N ET

E A R N IN G S

to -d a y

m o n th

of

our

of

r a ilr o a d

W e

r e v ie w e d

478,

not

fa m ilia r

w ith

th e

p r a c tic e

of

o f r a ilr o a d

stra n g e to go b a c k n o w to th e
e x p la n a tio n

m ent

w as

roads

w h ic h

4 0 %

and

th e

to ta l

e a r ly

fu r n is h in g

to

a ctu a l

th e

gross

great
w eeks

a fte r

th e y

fo r

to o ,

th e

of

U n ite d

la r g e ly

of

m o n th

th e

a

c o v e r in g

to

p e r io d

our

c u sto m a ry

great

body

of

D ecem ber

p rocess

of

r a ilr o a d s

fig u r e s

tr e a tin g

fu r n is h

to

are

th e

A s

c o n te n d

a b le

c o m p a r is o n

Thus

by

to

G reat

w ith

reason

m ake

very

N o rth e rn

in c r e a s e

in

w e s h a ll

th e

of

now

reverse
The

b o th

to

th a t
of

It

th a n

fo r

gross;

For

th e

th e se

ex te n t

fo u r

m ade

U n ite d

th e

S ta tes

n o t,

how ever,

u n til

is

gross

it

o th e r w is e

we

com e

n e t e a r n in g s t h a t w e a p p r e c ia te

w hat

d itio n s

th e

w ith .
c a te d ,

is

r a ilr o a d s

The

som e

la r g e

gross

c o m p a n ie s

and

th e
as

s tr ik in g

th a t

by

a

c o u n try

a

in c r e a s e d
and

as

la r g e r

6 4 4 ,0 4 8 .

The

2 5 % ,

exact

as

road s

lo s s

w ere

in

gross

u n a b le

exp en ses.
of

th e

lo s s

of

In

th e

in

decrease

fig u r e

b e in g

in

reaches
con­

(s p e a k in g

gross to

in

gross

n e t is

r e a c h in g

th is

any

exp en ses

o ff

lo s s in

gross,

sta te ­

out

fa c t,

fa llin g

th e

in d i­

above,

e x h ib its

sta n d s

o ffs e t t h is lo s s in

fa c e

C o n te n d

m o n th ly

in

r a tio

to

sta te d

to

in

th e
con­

a lr e a d y

fu r n is h

w h ic h

a con sequ en ce

th a n

as

sin c e ,

fa c t

have

c o n s id e r

had

in sta n c e ,

a g g re g a te

th e

sa v in g

a c tu a lly

to

n o t g iv e o u t

th e

w o u ld

r e a lly h a r d

roads th a t d o

net

is

th e

do

The

c o lle c tiv e ly )

ex te n t

th e
th is

F o r th e

$ 9 ,1 1 2 ,6 6 7 .

m uch

in

c o m p r e h e n s iv e ,

m e n ts o f n e t.
of

of

sh o w in g

le ss

o f th e m

com ­

r e s u lts .

retu rn s

$ 1 6 0 ,6 1 9 .

fa v o r a b le

s p ic u o u s ly

o n ly

road

r a ilr o a d s

r e c e ip ts ,

re v ie w in g th e

th e y

th e

m ore

w h ic h

to

are

th e

p o s s ib le .
In

p a st,

w h ic h

fo r th e

seven

c o m p le te

D ecem ber

r u le

fro m

fo u r

w hy

about

as

had

fr o m

reason
of

be

th e

S ta te s.

fig u r e s

can not

u n til

c o ld

e a r n in g s

been.

e s tim a te s ,

a u d ite d

is t h e

But
sta te ­

sta te m e n ts,

The

c lo s e

w h o le

o n ly

a p p r o x im a tio n

roads

th e

c o v e r in g

are

o f e x trem e

yea r, w hen

c o n d itio n s

$ 9 2 5 ,1 5 0

“ Soo”

$ 1 ,8 7 5 ,0 8 6 ;

seem

Jan uary

c lo s e

of

That

w ill

a g g re g a te

of

e a r n in g s

th e

r e la te .

p ila tio n s

very

net

m a jo r ity

an

m ile a g e

r e s u lt s .

and

Our

p r e lim in a r y

o n ly

sta te m e n ts,

th o u g h

b o th

e a r ly

it

and

D ecem b er record.

s im p le .

a lto g e th e r

a c c o u n tin g

re tu rn s,

in c o m p le te ,

ren der

now

T h ese

very

p a r tia l

c o v e r in g
of

is

su ch

ju s t

re p o rts

th e

s h o w in g

th e

p e r io d

r o a d s t o g e th e r , th e r e fo r e , w e h a v e a n a g g r e g a te in c r e a s e
of

p e r io d ic

no

sta te m e n ts.

and

la s t w e e k t h e J a n u a r y fig u r e s , a n d v e r y lik e ly to th o s e

is s u in g

th e

p r e v io u s

N o r th e r n P a c ific , $ 3 6 2 ,8 1 9 , th e C a n a d ia n P a c ific $ 4 2 6 ,­

fig u r e s

D ecem ber.

m e th o d s

th e

c ir c u m s t a n c e in

D ecem ber

DECEM BER.

to g e th e r

fo r

A N D

had

D ecem ber

fa v o r a b le

GROSS

is w i t h

b lo c k a d e s

o f th e s e p a r tic u la r r o a d s w e r e so h e a v ily r e d u c e d .
th e se

o f th a t

R A IL R O A D

517

case

very
$ 1 1 ,­

is

over

2 5 .3 1 % .

a n d n e t e a r n i n g s , a n d y e t t h e r e is a c o n s i d e r a b l e n u m ­
ber

of

c o m p a n ie s

O r d in a r ily
gross

we

and

th a t

deal

n e t,

g iv e

fir s t

and

w ith

th e n

to

w hen

see

w hat

b o th

th e

o n ly

th e

add

s ta te m e n ts o f g ro ss a lo n e .
fir s t

out

th e

fig u r e s

roads
road s

w h ic h

lo s s

in

gross

s u p p ly

has

and

m o n th

A m o u n t.

G ro ss e a r n in g s . _ _ . . .
O p e r a tin g e x p e n s e s . .

th ere­

M a k in g

a llo w a n c e

t o fe e l t h e fu ll e ffe c ts

to

S ta tes

r a ilr o a d s

N o­

The

w as

$ 1 8 0 ,0 0 0 ,0 0 0

lo o k e d

r e v u ls io n

and

fo r.

In

p a n ic

la r g e

N ovem ber

in

O c to b e r

lo s s

our

in

and

e a r n in g s

c o m p ila tio n

%

S
— 9 ,1 1 2 ,6 6 7
+ 2 ,5 3 1 ,3 8 1

6 .4 5
2 .6 6

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

sa fe

th e

A c c o r d in g ly , a

..

seem s

som ew h ere

fin a n c ia l

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

N e t e a r n i n g s ................

o f t h e p r o s t r a t io n o f t h e c o u n t r y ’s in d u s t r ie s f o llo w i n g

vem ber.

190G .

been

th e g ro ss.

D e c e m b e r w a s t h e fir st

/«£ • .( + ) o r D c c .i — )
1907.

b o th

T h is t i m e it s e e m s d e s ir a b le

a g g reg a te

w ith

D ecem ber.
(8 9 roads.)

gross.

g iv in g

c la s s e s o f r o a d s a r e c o n s id e r e d ,

fo r e w e s h a ll b e g in

of

tr e a tin g

say

fo r

th e

th a t

as

a

road s

th e

net

w h o le

b e tw e e n

fo r

not

and

U n ite d
b e h in d

$ 1 6 ,0 0 0 ,0 0 0 .

c o m p u t e , is a t t h e

t o $ 2 0 0 ,0 0 0 ,0 0 0

it

of
fe ll

D ecem ber

$ 1 5 ,0 0 0 ,0 0 0

r e d u c t io n , it is e a s y t o

re p re se n te d ,

e a r n in g s

a y e a r— n e t,

ra te o f

not

gross,

it s h o u ld b e r e m e m b e r e d .

T h e r e is n o r e a s o n t o t h i n k

t h e r o a d s a s a w h o le s till s h o w e d s o m e in c r e a s e in g r o s s ,

th a t

any

th o u g h

c ir c u m s ta n c e s c a n it

not

by

any

m eans

in t h e

n e t.

For

D ecem ber

Jan u ary

r e s u lts

w ere
be

b e tte r;

t h e l o s s is n o w s e e n t o h a v e b e e n c o n s i d e r a b l e a n d y e t

r a ilr o a d s

m ore

m e n t a n d e c o n o m y — m e a s u r e s w h ic h

m o d e ra te

c o u n tin g
to

th a n

a ll t h e

procure

g e n e r a lly

roads

fro m

re tu rn s,

b o th

w h ic h

th o se

e a r n in g s s t a t e m e n t a n d th o s e
to

th e

gross

e a r n in g s ,

ex p e cte d .

th e

In

we have

a p p e a r in g

w h ic h

lo s s

b r ie f,

been
in

our

a b le
net

lim it in fo r m a tio n

reach es

$ 1 1 ,4 7 1 ,3 5 9 .

v e lt b y
m erce

s h o u ld

be

c o n s id e r in g

m easu res

h is le t t e r o f la s t w e e k t o
C o m m is s io n w o u ld

su cceed

in

h is

b a n k ru p tcy .

e ffo rt,
It

under

th e

O b v io u s ly , s h o u ld

o u tc o m e

no

o f re tre n ch ­

P r e s id e n t R o o s e ­

th e I n te r -S ta te C o m ­

h a lt .

th e

needs

and

d e e m e d a t a ll s t r a n g e t h a t t h e

w o u ld

argu m ent

to

be

show

he

gen eral
th a t

in

T h is w e h a v e c a lle d a m o d e r a t e lo s s , b e c a u s e t h e r a tio

e v e r y l in e o f b u s i n e s s i t is n e c e s s a r y t o a d j u s t e x p e n s e s

o f f a l li n g o f f is o n l y 6 . 2 0 % .

to

r a ilr o a d

m ile a g e

cover

th e

road s

appear

m ake

it

of

w h o le

a

in

th e

of
th e

p r a c tic e

It c o v e r s t h e b u lk o f th e

co u n try ,

it.

N one

of

t a b u la tio n ,
to

and

fu r n is h

yet

th e

it

does

N ew

sin c e

E n g la n d

th e se

m o n th ly

not

do

not

sta te m e n ts,

th e
The

v o lu m e o f tr a d e .
c o n d itio n s

here

o u tlin e d

e x p e n se a cc o u n ts e x te n d to
and

to

th e

fo llo w in g

a ll c la s s e s o f r o a d s .
sta te m e n t

a n d t h e r e a r e o t h e r r o a d s in v a r io u s p a r ts o f th e c o u n ­

o f road s.

try

a lo s s in g r o s s , a n d

not
in

w h ic h

a g g e r a tio n
r a ilr o a d

a ls o
to

are
say

m ile a g e

not
th a t

o f th e

rep re se n te d .
if

we

c o u ld

co u n try ,

th e

It

seem s

cover
fa llin g

no

ex­

th e

e n tir e

to

o ff

w o u ld

th e sev e n

th e

w ith

re fe re n c e

to

th e

a ll s e c t i o n s o f t h e c o u n t r y
T h is

is w e ll i n d i c a t e d

s h o w in g

r e s u lt s

by

by

grou ps

T h e r e is o n l y o n e g r o u p t h a t d o e s n o t r e c o r d

r u le

o f lo s s

a n y w h ic h

th e

n e t.

g r o u p s t h e lo s s in

fo rm s an e x c e p tio n

M oreover,

in

n e t is la r g e r t h a n

fo u r

of

t h e lo s s

r e a c h $ 1 5 , 0 0 0 , 0 0 0 , w h i c h is a t t h e r a t e o f $ 1 8 0 , 0 0 0 , 0 0 0

in

a year.

r a t i o o f l o s s is h e a v i e r t h a n t h e r a t i o o f lo s s in t h e g r o s s

The
th a t

in

r a tio o f lo s s h a s b e e n
th e

case




o f th e

red u ced th ro u g h

tr a n s -c o n tin e n ta l

th e

fa c t

ro a d s o n th e

in

th e

th e

gross

case

e x c e p tio n .

as

of

fa r as

every

am ount

one

of

is c o n c e r n e d , w h ile t h e

th e

grou ps

w ith o u t

any

[V L L X V
O. XX I

THE CHRONICLE

518
SU M M ARY B Y GROUPS.

1007.

j

A ll t h e a b o v e t a b u la r s t a t e m e n t s r e la te to t h e r o a d s
N e t N a m in g s .

1906.

1907.

w h ic h fu r n is h r e tu r n s o f b o t h

1906.

G r o s s E n r ln n g s .

S ectio n o r
G rou p .

tio n ,

In c. or D ec.

th e re

is ,

as

$
31,425.333
10,805,50.1
4,835,030
. 7.890.770

3
35,632,713
10,746,975
4,854,339
8,871,365

$
$
$
%
6,470.925 10,135,793 — 3,664,868 36.15
3,764,156 4,164,581
— 400,425 9.62
1,029,069 1,016,084
— 17,915 1.71
1,007.189 2,733,348
— 826,159 30.22

21,411,350

22,046,021

6,896.000

34,807.761
21,020,910

35,868,515
23,292.501

9.084,079 12,705,898 — 2,781,819 21.79
4.302,740 6.989.718 — 2,686.978 38.44

a r r iv e

at

T otal ( 8 9 ) .- - 132,199,762 141,312,429 34.354,158 45,998,206 — 11,644,048 25.31

at th e

b e g in n in g

D ecem b er.

Trank Lines (0)
A n th . Co l (0).
East A Mid (13)
Mid West (1 2 ).
North W est A
Nor Pae (14)
South West A
Sou Pac (14)
Southern (2 4 ). -

5,071,117

Mexican (5) —
W ith

regard to

5,265,140

1.928,801

8,101,884 — 1,265,884 15.49

1,798,989

+ 129,812

p a n ie s,
g iv e

in c lu d in g

out

in

q u ite

o n ly

of

a

In

num ber

la r g e

gross.

ta b le

th e

we

lo s s

of

a d d i­

of

sy ste m s,

S ta r tin g

now

s u b m it.

$ 1 1 ,4 7 1 ,3 5 9

o f th is

com ­
w h ic h

w ith

th e

In

in

th is

gross

w ay

we

r e fe r r e d

to

a r tic le .

R O A D S R E P O R T IN G

th e se p a ra te ro a d s th e gen eral ch ar­

gross a n d n e t.

sta te d ,

g r o ss in t h e fo r e g o in g , w e a d d th e s e o th e r

th e

7.22

som e

retu rn s

to ta l o f th e
road s

a lr e a d y

GROSS BU T N O T N E T .
1007.

D ecem ber.

1900.

D ecrea se.

In crea se.

a c t e r o f t h e e x h i b i t s is t h e s a m e , t h a t i s , t h e s h o w i n g

5
$
5
$
0,112 667
R e p o rte d a b o v e (89 r o a d s ) -------- 132199.762 141312,429
a s t o t h e n e t is m u c h p o o r e r t h a n t h e s h o w in g a s 't o th e
A la N e w O rl <c T e x a s P a cific—
5
12,935
N e w O rleans A N o rth e a s te rn .
267,112
280,047
gross.
T h e r e a re o n ly a fe w c o m p a n ie s t h a t h a v e m a n ­
8,800
A la b a m a & V ic k s b u r g _____
143.050
151,856
19,763
V ick s S h rev & P a c ific -----------127,800
147,563
a g e d t o in c r e a s e th e ir g r o s s , a n d y e t fe w e r t h a t a re
B u ffalo & S u s q u e h a n n a ________
187 621
42,370
145,25 1
a b l e t o p r e s e n t a n in c r e a s e in t h e n e t .
T h e fo llo w in g
C h ica go Ind & S o u th e r n ___ __
259 ,507
25,209
234,208
565,611
C h ica g o M ilw aukee & St P a u l- . 4 ,567,747 5,1 3 3 ,3 5 8
is a s u m m a r y o f t h e c h a n g e s f o r t h e s e p a r a t e r o a d s
292 ,5 9 6
Chic St P a u l M inn f t O m aha
. 1,022,382 1,314,978
10,582
C h icago T e rm in a l T r a n s fe r_____
127,589
138,171
fo r
a m o u n t s in e x c e s s o f $ 3 0 , 0 0 0 , w h e t h e r in c r e a s e s
15,229
C incinnati N o rth e r n —
---------67 ,394
82,623
202 ,080
C levc Cine Chic & St L o u i s . _ ._ 1,067,858 2,169,938
o r d e c r e a s e s , b o t h in t h e c a s e o f t h e g r o s s a n d t h e n e t .
38,567
P e o ria & E a s te r n -------------------230 ,440
269 ,016
D e tro it T o le d o f t I ron ton - _ _
P R I N C I P A L C H AN GES IN G R O S S E A R N IN G S IN D E C E M B E R .
52,381)
335,787
388,176
22.626
G eorgia S outhern & F lo r id a ..
176,905
199,531
In crea ses.
D ecrea ses.
G ra n d T r u n k W e s t e r n ,-----------313
400 ,487
490 ,800
C a n a d ia n P a c ific .
133,615
5 4 2 6 , 4 7 8 C h ica g o & A l t o n ------------D e tro it G r H a v & M ilw aukee
182,352
7,134
175,218
C o lo r a d o & S n ith crn .
2 0 2 , 1 0 6 A t l a n t i c C o a s t L i n e -------131,687
G reat N o rth e r n ................. ............1
. .
- .
925 ,150
D e la w a r e & H u d s o n
1 0 0 , 6 3 3 W abash ______________
130,418on tan a C e n tra l---------- — j 4,820 ,006 3 ,894,856
M
A t e ll T o p & S a n t a F e
_
1 8 3 , 4 8 8 N ash v C h a tt & S t L o u is ,
127,300
In tern ation al & G reat N orthern
506,000
239 ,000
835,000
M i n n S t P a u l & S S A1
..
1 6 0 , 6 1 0 C h ica go In d & L o u isv ille
121,705
Lake Erie
. -----------344,423
413 ,053
68,630
U n i o n P a c i f i c _________
...
113,029 L a ke Shore && W e s t e r n . S ou th
155,0 16 M obile & O h io -------------------M ichigan
3,308,010 3,502,378
254 ,368
C h e s a p e a k e & O h i o . .........
0 0 , 4 8 8 C h ica go G rea t W estern .
107,284
M acon & B ir m in g h a m .......... .. _
12,642
4 ,0 9 3
10,735
7 0 , 8 6 7 W h eelin g f t L ake E rie___
W o H o r n . M a r y l a n d ______
106,994
M ich igan C e n t r a l............. .............. 2,108,728 2 ,3 1 1 ,320
202 ,592
7 7 , 8 8 0 G rand T ru n k o f C anada
S hi th e m
P a c i f i c ___
99,277
M idland V a l l e y ------------------ -------87,070
78,832
8,238
W e s t J ersey & S ea sh ore.
02,000 K ansas C ity S ou th ern .
92,1 1 8
M issouri P a cific & Iron M tn .
3,349,000 3,989,000
640,000
CI ne N ew O rl & T e x Pae _
75,722
C entral B ran ch . .
.
105,000
30 ,000
135,000
T o t a l (10 r o a d s ) .
. 5 1 , 0 2 8 , 1 8 5 L eh igh V a lle y — --------------75,600 obile J a ck s o n & K ansas C lt y .
M
142,000
130,700
2,300
T o le d o f t O h io C e n tra l.
7 5 ,694
N ew Y o r k C en tral & Hud R iv e r 7 ,4 3 2 ,0 6 5 7,7 5 2 ,7 7 6
320,711
D e c r e a s e s . Cen tral of G e o rg ia -----73,286
N ew Y o r k C h icago & St L ou is.
868,248
62,492
030,740
C $ 2,4 89,1 00 H o e ld n g V a lle y
r ____
68,423
P e n n s y lv a n ia (2 r o a d s )
N o rth e rn P a c i f i c . . .
....
6 121,548 5 ,758,729
362 .819
I , 1 8 2 , 0 6 2 A l abama G re a t S ou th ern
C h ic a g o N o r th W e ste rn
55,0 4 4
P ittsb u rg h f t L ake E r ie -----------716,046 1,129,164
413 ,118
1 , 0 0 5 , 3 4 8 W isco n sin C en tra l. . ...........
53,4 0 3
B a l t i m o r e f t O h i o ---------R u tla n d —
------ ----------- ---------10,128
200,039
220.067
6 9 4 , 0 4 8 T o le d o St L ou is & W e s t 4 8 ,670
t iO u i s v lU c & N a s h v i l l e
S o u th e rn In d ian a ......................
185,021
49,402
135,619
6 0 3 , 6 6 0 G u lf & Snip I s la n d -------S o u t h e r n H a l l w a y -------43,375
T e x a s & P a c i f i c . -------------------- -30 1 ,7 18
1,588,226 1,889,944
5 9 5 .0 8 4
S t L o u is & S a il F r a n c ls c »
P iilla Italto
W a sh in g to n
4 1 ,100
T o r o n t o H a m ilto n A B u ffa lo ..
6,933
67.734
74,067
4 2 3 , 2 3 7 N Y O n ta rio & W e s te r n .
E r i e ' ____________. __________
37,446
8 9 8 , 6 3 7 K a n a w h a & M i c h i g a n ___
M isso u ri K a n s a s & T e x ; s
37,423
T o t a l (123 r o a d s ) ____ _______ 174422,441 184893,810 1,429,645 12001,014
I l l i n o i s C e n t r a l ______
.
D ulu th S o u th Sh & A tla n
37,114
3 3 5 ,8 1 1
11471 ,359
N et d e cre a se (6 .2 0 % )
.............
2 3 6 , 5 6 2 B a n gor f t A r o o s t o o k ____
I t o e k I s l a n d ---------------------36,705
..................
1 0 9 , 5 3 8 E v a n sv ille & T e rre H a u te
N o r f o l k f t W e s t e r n ........
35,351

&

1 7 6 ,0 5 2
S t L o u is S o u t h w e s t e r n
162,98 1
S e a b o a r d A ir L in e
.
1 0 2 ,9 8 1
T o t a l ( 3 9 r o a d s ) ________ 5 1 0 , 5 6 0 , 7 2 4
V T h e s e fig u r e s c >ver o n l y lin e s d i r e c t ly o p e r a t e d e a s t a n d w e s t o f P i t t s ­
b u r g h a n d E r ic .
T h e 'c r o s s o n E . - t c n li n e s d e c i c a s c d $ 1 , 1 1 4 , 3 0 0 a n d t h e
gross on W e s t e r n l i n e s d e c r e a s e d $ 1 , 3 7 4 , 8 0 0 .

P R I N C I P A L C H A N G E S IN
M in n S t P a u l & S S M .
.
W est J ersey & S eash ore C o lo r a d o & S o u th e rn .
G ran d T ru n k o f C a n a d a .
P h ila d e lp h ia & R e a d i n g .
T o t a l ( 5 r o a d s ) __________

N ET E A R N I N G S IN

In crea ses.
$ 1 6 1 ,5 3 9
1 2 7 ,3 0 0
1 0 4 ,3 4 7
9 3 ,4 3 7
a :5 5 ,8 5 8
$ 5 4 2 ,4 8 1

P e n n s y l v a n i a (2 r d s )_ y $ l , 7 6 7 ,5 0 0
B a ltim o r e & O h io .
.........
1 ,2 3 0 ,4 6 9
L o l u s v l l l e & N a s h v i l l e . ..
0 9 1 ,3 8 8
S o u t h e r n P a c i f i c - - _____
7 2 4 ,8 9 8
C h ic a g o & N o r th W e s te r n
7 1 8 ,9 4 8
E r ie
. . . . . . . . _______
0 8 9 ,2 2 7
S t L o u is ft S a n F r a n c i s c o
5 8 7 ,7 2 7
R o c k I s l a n d ....... ......................
5 2 0 ,4 0 9
S o u t h e r n R a i l w a y ...........
4 6 4 ,0 4 1
M is s o u ri K a n & T e x a s .
4 0 3 ,3 9 1
I l l l n >is C e n t r a l --------3 0 8 ,6 7 2

At'-ii Topeka & Santa Fc

308,043

U n i o n P a c i f i c - . . ........... ..
N o r fo lk & W estern
L e h ig h V a lle y . . . . .
C a n a d ia n P a c ific
............
C e n tra l o f N e w J e rse y
A t l a n t i c C o a s t L i n e . ..
C h e s a p e a k e & O h io
.....
S e .......a r d A i r L i n e
a b o ......................................

2 5 0 ,2 1 2
2 5 5 ,6 0 0
2 3 8 ,0 0 0
1 8 8 ,4 0 5
1 8 4 ,0 3 3
1 7 4 ,3 3 )
1 6 2 ,2 8 7
. .6.1., 7 3 7
1

St L ouis S o u th w e s te r n . .
K ansas C ity S o u th e r n . .
M obile & O h io ----------------C h icago & A lt o n ------------W h eelin g &t L a k e E r i e ..
C h icago G rea t W estern
H o ck in g V a lle y --------------W a b a s h ----------------------------C h icago In d & L o u ls v —
C entral o f G e o r g ia ---------N Y O n tario & W e ste rn .
T o le d o & O h io C e n tr a l. .
Y a z o o & M ississippi V ail
L on g Is la n d --------------------W isco n sin C e n tr a l-........
N ash v C h att & S t Louis..
G eorgia H l i . . . --------------D ulu th S ou th Sh & A tl
Cine N ew Orl & T e x P a c .
K an a w h a & M ich iga n ___
B a n gor & A r o o s t o o k - _ _
R lc h m F re d s & P o t o m a c
B v a n s v & T erre H a u te .
B u ffalo R o c h e s te r & F itts
G u ll & Ship Isla n d _______

to

th e

A N D

The

w o r ld ’s

th e

porary

in

fr o m

$ 8 8 7 ,2 8 2 .

In

th e

fo llo w in g

net

we

no

fu r n is h

a

It

year.

m ore

c o m p a r iso n

o f t h e D e c e m b e r a g g r e g a te s fo r a se r ie s o f y e a r s p a s t.

in

is

to

th e

say,

1882

D ecem b er.
1S06
1897 . . .
1S08 . . .
1899 . . .
1000 . . .
1901
1002 . . .
1’9 0 3 lo o t . . .
1905 . . .
1906 . . .
1907 . . .

Y ear
P reced in g .

Increase, o r
D ecrea se.

S
$
S
5 1 ,2 2 0 .1 1 1 5 2 .5 2 0 .8 S 7 — 1 ,3 0 0 ,7 7 3
6 7 ,5 4 2 ,7 2 1 5 9 , 4 4 9 ,0 0 9
+ 8 ,0 0 3 ,7 1 2
7 0 ,8 1 0 ,1 7 8 6 6 .0 7 9 ,8 8 9
+ 3 ,8 3 0 ,2 8 0
7 8 .2 1 4 ,3 2 4
7 1 ,0 1 0 ,1 2 7
+ 7 .2 3 4 ,1 9 7
0 0 ,7 8 0 ,6 5 7 8 1 ,4 6 5 .4 0 5
+ 9 ,3 2 4 ,1 6 2
9 5 ,2 0 8 ,1 2 2 0 2 ,6 2 8 ,9 3 1
+ 3 ,6 3 0 ,1 0 1
1 0 4 ,2 3 2 ,3 8 5 0 3 ,1 6 0 ,0 4 1 + 1 1 ,0 7 1 ,4 4 4
1 0 6 ,0 7 8 ,2 2 4 1 0 3 .0 2 8 ,9 0 0
+ 4 .0 4 9 ,2 3 4
1 0 8 ,6 7 0 ,4 1 2
+ 7 ,5 8 3 .5 6 0
13 1 ,7 7 5 ,0 2 0 1 1 0 ,1 2 5 ,9 4 8 + 1 4 ,6 4 0 ,0 7 2
1 3 5 ,7 3 5 .2 2 6 1 2 1 ,7 3 3 ,4 3 5 + 1 1 ,0 0 1 ,7 0 1
1 3 2 ,1 9 9 ,7 6 2 1 1 1 ,3 1 2 ,4 2 9 — 9 ,1 1 2 ,6 6 7

Y ear
G iv e n .

Y ear
P rec ed in g .

In crea se or
D ecrea se.

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

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

$
— 4 7 ,2 9 4
+ 3 ,5 7 1 ,3 9 9
+ 1 ,5 6 0 ,5 6 3
+ 2 ,7 2 9 ,0 6 1
+ 4 ,0 3 7 ,5 0 2
— 4 1 2 ,5 5 0
+ 2 ,3 5 3 ,3 9 0
— 4 7 3 ,2 0 0
+ 4 ,3 8 2 ,9 3 0
+ 7 ,6 8 3 ,3 4 3
+ .8S 7.282
— 1 1 6 4 4 ,0 4 8

N o te . — In 1896 the number of rones induce 0 tor the month or December was 12S;
li 1897. 130; in 1808, 122; in 1890. 110: In 1900. 121: In 1001. 104: in 1902, 105:
n 1903, 99; In 1904, 95; In 1905. 06; In 1 >06, 06: In 1 I07.S9. We no longer include
the.M exican roads or the coal-twining operations o l the anthracite coal roads In our
otals




of

w ith

g o ld

case

in

o u t­

a

te m ­

enough

th e

s itu a tio n ,

y e a r ’s
is

how ­

sta n d s,

if

we

a g g re g a te

1907

sh ow s

th a t th e

cu rren t

began

1883.

1851.

p o in t; t h a t
(1 8 5 1 )

in

fin e

a

of

lo s s

is ,

th e

C o n s e q u e n tly

c a llin g
z e n ith

th e

of

is t o

v a lu e d

record ,
1882

g o ld

th e

e x p a n sio n
That

ou n ces,

th e s m a lle s t w ith in o u r

w as

th e

d is c o v e r ie s

e a r lie r

at

th a t

c y c le ,

in
we

1 8 8 2 as th e n a d ir o r p o in t o f e x t r e m e d e p r e s ­

s io n , w h ic h e v e r w a y

w e reck on ; th e re b y

t h e c lo s e o f t h e o ld a n d
era.

th e

ju s t

save

p ro d u c t th e

s u p p ly

in

even

been

to

th e

y ie ld , 4 ,8 2 5 ,7 9 4

had

h a ve th e

has

or

p e r io d

su ffe re d

1906.

w as

sta rt

of

rem em b ered

$ 9 9 ,7 5 7 ,8 4 8 ,
its

A fr ic a n

lo n g

g ro w th

The

as

a

a p p a r e n tly

b ack set

T h ere

th a t,

sou rces

p r o d u c tio n

th e

a

d istin c tio n .

S o u th

w ith
be

has

p r o d u c tio n

in

A N D

1907

B u t th is n e w

m a k in g

1882

1 8 8 3 th e b e g in n in g o l th e n e w

era has h a d

on e real se tb a c k ; th a t

N e t E a r n in g s .

G r o t s E a r n in g s .
Y ea r.
Y ea r
G iv e n .

th a t

o th e r

com pared

p r e v io u s

w as

tu rn .

o u t th e

th e

ta k e n

1907

n o te w o rth y

a ll

g a in

th e

th e

le a v e

th a n

to

has

ever,

F o r e x a m p le , in D e c e m b e r 1 9 0 0 w ith $ 1 1 ,0 0 1 ,7 9 1
a d d itio n

m in e s

backw ard

record

fe a t u r e o f in ­

a fte r

can n ot sa y th a t th e

in c r e a s e

in g r o s s ,

th e

g o ld

W e

o f th e

C a lifo r n ia

m a tte r

of

a check.

a lr e a d y

im p o r ta n t

p r o d u c tio n

la r g e in c r e a s e s

put

IN

M O V E M E N T S .

and

tu r n in g

very

P R O D U C T IO N

T H E IR

c re a se d e x p e n d itu r e b y th e c ir c u m s ta n c e t h a t th is w a s
a

S IL V E R

of annual

T o ta l (46 r o a d s )_______$ 12 ,023 ,81 7
* T h e se lig m c s a e for th e R a ilr o a d C o .; th e C oal & Iron C o m p a n y re­
p o rts a d ecrea se o f $23,645.
V T h e se figures c o v e r o n ly lines d ir e c t ly c p ’ rated cast and w est o f P it t s ­
b u rg h and E rie. T h e n e t on E astern lines d e cre a se d $ 1 ,0 5 7 ,0 0 0 and the
n e t on W e s te rn lines d ecreased $70 0 ,6 0 0 .
A d d i t i o n a l s i g n i f i c a n c e is g i v e n

GOLD

DECEM BER.

w a s d u r in g t h e B o e r W a r .

B u t it w a s n o t, o f c o u r se ,

a n a tu r a l b r e a k — th a t is , c a u s e d

by

e x h a u s tio n

o f th e

s o u r c e o f s u p p ly — it w a s s im p ly a te m p o r a r y in te r r u p ­
tio n

in

th e

w o r k in g

of

th e

S o u th

A fr ic a n

m in e s .

O t h e r t h a n t h e d e c lin e in y i e ld d u r in g t h e c o n t in u a n c e
o f t h a t o u tb r e a k , th e r e h a s b e e n n o s to p p a g e sin c e 1 8 8 2
— no
fro m

in te r r u p tio n in th e p r o d u c t o f

th e

w o r l d ’s m in e s

y e a r t o y e a r la r g e e n o u g h t o w ip e o u t t h e a v e r a g e

in c r e a s e s .
The
tu r b in g

S o u th

A fr ic a n

T ran svaal

in flu e n c e s o f t h e

B oer

m in e s
W ar

u n d er th e

began

to

d is ­

le s s e n

Feb. 20 1908.J
t h e ir o u t p u t in
g iv e s

1900.

e v id e n c e

d e te rre n t

T IIE

in

e ffe c t

In d e e d , th e la tte r p a r t o f

a s m a ll

of

w a s b e g in n in g t o

C H R O N IC L E

d e c lin e

th a t

in

product

c o n te st o n

b e fe lt.

In

th e

S t o c k D e c . 31 1 8 9 3 _________ - .......................................................................... $ 1 , 0 1 5 , 0 5 3 ,0 0 0
W o r l d ’ s p r o d u c t i o n , 1 8 9 4 t o 1 9 0 0 I n c lu s iv e _______ _____________ 1 ,6 8 5 ,4 2 5 ,7 4 6

1899

th a t

g o ld

th e

T o t a l ......... ...............................................................................................................$ 3 ,6 0 0 ,4 7 8 ,7 4 6
D e d u c t s t o c k D e c . 31 1 9 0 0 .............................................................................. 2 ,4 9 8 , 3 9 7 , 0 0 0

p rodu ct

L e a v in g a s u s e d In a r t s o r a d d e d t o c i r c u l a t i o n , & c ____________ $ 1 , 1 0 2 , 0 8 1 ,7 4 6

1 9 0 0 a n d 1 9 0 1 th e c o n tr i­

b u t i o n o f t h e m e t a l f r o m a ll A f r i c a w a s o n ly 5 0 2 , 3 0 7 fin e

5 W

S t o c k D e c . 31 1 9 0 0 .........................................................
W o r l d ’s p r o d u c t i o n 190 1 t o 1 9 0 7 I n c l u s i v e - . ___________________

o u n c e s in t h e f o r m e r y e a r a n d 4 7 4 ,6 9 0 in t h e l a t t e r y e a r .

T o t a l ------------------------------------------------------------------D e d u c t s t o c k D e c . 31 1 0 0 7 --------- ----------------------- ---------------------------- * 4 , 0 0 0 , 0 0 0 , 0 0 0

T h e T r a n s v a a l m in e s g o t t o w o r k a g a in in M a y 1 9 0 1 , b u t

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[V L LXXXV
O.
I.

THE CHRONICLE
O ffic ia l

F rom

D e ta ils

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a p p r o x im a te ly

a n d

p r e v io u s

th e

o u n ce s,

c lim a t ic

o u n ce s

o f

n o tw ith s ta n d ­

p r o d u c t

d e c lin e d

w h ile

fin e

p r o d u c e r

th e

1907

d is tr ic t—

fin e o u n c e s ; in

U ta h

th e

th a t

2 3 1 ,1 5 7

b e n o te d

In

O re g o n .

in

a ll

f a c t , a s id e

o n ly

d id

S ta te

b e tte r

A g a in s t N e v a d a ’ s in c r e a s e o f 5 ^

p r o d u c in g
in

1907

in

in

1 9 0 6 .

m illio n s , th e r e w a s a n

a g g re ­

o f

A fr ic a

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

la s t
o r

b v

th e

1907
w e

d ecrea se

th e

n e t

r e s u lt

a b o v e ,

o f

ou n ce s

a n d

p a re

e ls e w h e r e

as

fo r

th e

2 3 0 ,1 5 0

as

w ith

1 0 %

m illio n s

co u n tr y

fin e

v a lu e s

fo llo w s

o f

a

o u n ce s,

fin a l

in

v a lu e d

e s tim a te d
th e

lo s s

fo r

o f

p r o d u c t,

a t

e a ch

r e s u lt s

d o lla r s ,
as

sta ted

$ 4 ,7 5 7 ,7 8 3 .

S ta te

fo r

le a v in g

1966

in

1 90 6

T h e

1907

a n d

c o m ­

as

n o
in

th e

in s t a n c e s

p e r io d
th e

h a v e

s a id

o n

fo r m e r

th e

o re

fr o m

W e s tr a lia n

a
C .O I .D

P R O D U C T IO N

IN

U N IT E D

STATES.

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

T o t a l s ........... 4 2 6 5 .7 4 2 8 8 8 .1 8 0 .7 0 0
A F R I C A .—
d u c tio n ,
fr o m

w h ic h

A fr ic a

c e p t in g
B oer

r e fle c te d

a

a n d

in

s in c e

a n d

1907

th e

1 0 0 %

fie ld ,

m ore

r a r ily

b u t

th e

w ere

o f

th e

C h in e s e ,

w h ic h

o f

in flu x

3 5 ,6 7 6
th e

th a t

o f

th e

ou t

O u nces.
J a n u a r y ___
F e b r u a r y ... . .
M a r c h ...........
A p r il ...........- ...
M a y ................. . .
J u n e .............. . .
J u l y ................. . .
A u g u s t ............. . .
S e p t e m b e r ... .
O c t o b e r ______. .
N ovem ber . . . .
D e c e m b e r ___ ._

fin e

m a d e

a

n ew

la b o r ,
th a n

th a t

U n it e d

fin e

b y

th e
in

fa c t,

it

th e

la tte r

1 4 1 ,9 6 6 .

in
o f

in

T h e

fo r

s ix

D IS T R IC T — F IN E

fin e

fo u n d

th e
o f

p roceed ed

m a d e

g o o d

w o r k in g

g o ld

w ere

b y

fo r c e

C h in e s e ;

red u ced

r e s u lt s o f
y e a rs

c lo s in g

r e p a tr ia tio n

w ere

b een

t im e

te m p o ­

5 6 2 ,6 8 4

h a v in g

5 3 ,8 2 8
h a d

th e

y e a r

c o m b in e d

6 2 ,2 1 8
a n y

th e

p r o d u c t

in s ta n c e s

in

fin e

o f

in

in

in

in

fin e

1 90 6.
a

o u n ce s;

e s tim a te d ;

a ctu a l

1907

le a s t

p r o d u ct

a p p e n d

p a r tly

o u n ce s

o u tp u t
sh o w e d

T h e

th a n

th e

g ra d e .
o u n ce s

th e

W e

as

m in e s

fin e

Z e a la n d

le s s

b een

on e

sa y ,

V i c t o r i a 's

c o lo n y ,

h a v e

th e

in

p o o re r

1 8 8 7 .

ea ch

d is ­

in

th e

o u n ce s.

o u n ce s

b y

u n im p o r ta n t.

o f

N ew

e v i­

fe a tu re

g o o d

Q u e e n s la n d ,

fin e

a

m e r e ly

m o st

a p p r o x im a te

3 ,9 2 5 ,5 9 1

as

a re

1907;

t h a t t h e a g g r e g a t e y ie ld

a g a in s t

m in in g

1 ,7 9 4 ,5 4 2

s in c e

o f

£
122,1-10

a lth o u g h

ca n

a n d

fin e

c lo s e ly

o u n ce s,

in

b y

y e a r

fe w

w a s

o u tp u t.

3 ,6 1 9 ,1 0 4

1 90 6.

PR O D U C T O F GOLD

IN A U S T R A L A S IA N C O L O N IE S — F IN E O U N C E S .
N e w H o.
N ew
South T a sm a - Total A u s ­
Q u eens­
W estern
Y rs.
Victoria.
W a les.
land.
,
Zea ln n d . A u stralia, nta.
tralasia.
1 8 0 0 - -.5 5 4 .2 2 5
1 1 6 ,7 7 4 5 3 1 .0 9 6
1 8 0 ,9 6 8 2 1 ,5 4 1
1 7 ,9 0 5
1 ,4 5 3 ,1 7 2
3 0 .6 0 3
1891.
-.5 3 0 ,2 8 7
1 4 1 ,06 ,7 1 0
1 ,5 1 8 ,6 9 0
51 69
2 7 .8 8 6 2 3 1 ,8 3 7 2 6 ,4 0 4 4 4 ,4 9 7
1 8 9 2 . -.6 0 2 ,1 0 0
1 4 2 ,2 2 7 5 4 5 ,0 5 1
1 .6 3 8 ,2 3 8
5 4 .7 8 5 2 1 8 .4 0 1 3 5 .8 5 7 3 0 ,8 1 7
1 8 0 3 — 6 1 2 ,4 6 7 1 6 3 ,5 7 1
1 .7 1 1 ,8 9 2
5 6 2 ,6 4 9
1 0 1 ,1 3 2 2 0 6 .8 5 2 3 0 .8 4 4 3 4 ,3 7 7
1 89 4 - . 6 1 9 , 7 8 6 2 9 8 ,8 0 4 6 2 1 ,0 0 0
1 9 0 .5 6 1 2 0 3 ,8 1 0 3 2 ,9 7 6 5 3 ,2 4 3 2 ,0 2 0 ,1 8 0
1 8 9 5 - - . 6 8 0 , 8 7 0 3 3 1 ,3 5 2 5 8 1 .1 4 7
2 1 2 .9 9 2 2 7 0 ,0 1 2 4 3 ,5 5 6 5 0 ,5 6 7 2 ,1 7 0 , 5 0 5
1 8 9 0 . - . 7 4 0 , 6 8 0 2 7 2 ,3 8 6 5 8 7 ,1 5 5
5 7 ,5 7 9 2 ,1 8 5 ,8 7 2
2 5 8 ,7 6 4 2 4 2 .6 2 4 2 0 ,6 8 4
1 8 9 7 . -.7 4 7 ,7 4 4
2 8 8 ,8 4 0 7 4 3 ,2 9 4
0 ,4 9 7 5 5 ,8 7 6 2 , 6 9 0 .2 7 S
6 3 3 .5 1 5 2 3 1 ,5 1 2
1 8 9 8 - - . 7 7 0 , 3 7 7 3 1 4 ,3S 5 8 4 4 .6 5 2
1 8 ,4 0 0 6 3 ,9 9 5 3 ,2 3 5 ,6 3 8
9 0 6 .1 6 7 2 5 7 .7 6 2
1 8 0 9 ____7 9 3 ,4 1 8 4 6 S .6 6 5 8 7 1 ,8 1 6
7 0 .4 9 2
1 ,5 1 2 ,3 0 6 3 5 8 .4 1 8 3 0 .3 5 1
4 ,1 0 5 , 5 2 6
1 9 0 0 — 7 2 6 .6 6 6 2 8 1 ,2 0 9 8 5 5 .9 5 9
1 .4 3 8 .6 5 9 3 3 5 .3 0 0 2 6 .4 5 8 6 5 .7 1 0 3 .7 2 9 .9 6 1
1 9 0 1 ___ 7 1 1 .0 4 6 2 1 6 ,8 8 4
1 ,6 1 6 ,9 3 3 4 1 2 ,8 6 8 2 9 .6 6 8 7 0 .9 9 0 3 ,7 9 2 .3 6 4
7 3 3 ,9 7 5
1902.
- . 7 2 8 , 3 8 0 2 5 4 ,43 ,3 6 2
1 ,7 6 9 .1 7 6 4 5 0 .4 0 8 2 3 ,6 6 2 6 0 .9 7 4 3 .9 4 9 , 3 9 4
65 32
1903.
-.7 6 7 .3 5 1
2 5 8 .46 ,4 6 9 2 .0 6 4 ,7 9 8
4 7 9 .7 3 8 2 4 .4 0 1
3 6 ,6 7 8 4 ,3 1 7 , 9 2 3
68 88
190 4 — 7 7 1 .2 9 8 2 6 0 .8 1 7 6 2 4 ,9 1 7
1 .9 8 5 ,2 3 0 4 6 7 .6 4 7
1 7 .9 1 3 6 0 .0 0 0 4 ,1 9 6 .8 2 2
1 0 0 5 ___ 8 1 0 .0 5 0 2 7 4 .2 6 3 5 7 7 ,5 5 9
1 .0 5 5 .3 1 6 5 2 0 0 4 0 2 0 ,5 4 7 7 4 .3 1 6 4 ,2 3 2 ,0 0 1
1 9 0 6 ..
. 7 8 6 .0 5 4 2 5 3 .99 3 .1 2 0
1 .7 9 4 ,5 4 2 5 3 2 ,0 2 2
1 4 ,0 7 8 5 0 .8 8 8 3 ,0 2 5 .5 9 1
4 87
1 0 0 7 ..
- 7 0 1 , 9 S 8 2 4 7 ,3 5 8 0 2
4 3 0 ,9
4 7 7 .3 0 3 a 1 4 ,0 0 0 « 5 0 ,0 0 0 3 ,6 1 9 .1 0 1
1 ,6 9 7 ,5 5 3
a E s t i m a t e d In p a r t .
W e

in fo r m a tio n

F o r tu n a te ly ,

y ie ld —

th a n

o n ly

w as

b een

4 7 7 ,3 0 3

w ill

se cu re d ,

a t o n e

a n d

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T h e

m in in g

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

is a ls o

it,

w e

fr o m

m a d e

a

S ta tis tic ia n

o u tp u t, a n d

w a s

th e

g o ld

r e tu r n s , d is tr ic t

h as

7 0 1 ,9 8 8

b e lie v e ,

g rea test

d e v e lo p m e n t

m o re

th e

2 ,8 5 9 ,4 7 9

1906

A u g u st,

w h ic h

m o n th s

w h ic h

clo s e

a t

th e

o f

g o ld

re co rd e d

ou n ce s

to

a ll is

in

th e

le v e ls

fin e

in

o u tco m e

d ro p p e d

to

n o t

I t w ill b e n o t e d

M o re o v e r,

w ere

g r o u n d le s s ,

o f

W IT W A T E R S R A N D
1902.
1903.
7 0 .3 4 1
1 9 2 ,9 3 5
8 1 ,4 0 5
1 8 7 .9 7 8
1 0 4 ,1 2 8
2 0 8 .4 5 6
1 1 9 ,5 8 9
2 1 8 ,9 0 0
1 3 8 ,6 0 3
2 2 4 ,4 0 9
1 4 2 ,7 8 1
2 2 8 ,1 6 8
1 4 9 ,1 7 9
2 4 2 ,0 7 0
1 6 2 ,7 5 1
2 6 2 ,5 6 9
1 7 0 ,8 0 2
2 6 7 ,5 1 3
1 7 9 ,6 6 0
2 7 5 .6 6 4
1 S 2 .7 4 9
2 7 2 ,1 0 7
1 S 9 .5 3 7
2 7 8 ,7 1 0




o f

S ta te s

r e s u lts
w e

1 ,3 1 6 ,6 0 9

1 9 0 6 .

w a s fu r n is h e d

p r o d u c t io n .

w \ay b e in g
In

o f

re co rd

th e

co m m e n ce d

to ta l o f

T o t a l s ______ . 1 , 6 9 1 , 5 2 5

o u n ce s,

w o r ld ’s

o u n ce s

fu r th e r

m ea su re

1 3 7 ,3 9 5 ,

p rop er

tr o u b le s

cu r ta il

n u m b e r o f

o f a

is

a g g reg a te

p r o d u c tio n

th e

th e

fin e

e x ce ss

ch e ck

la r g e

K a ffir s .

w as

R a n d

in

in

la b o r

e q u ip p e d

th e

D e ce m b e r

1 0 %

o n ly

reg a rd s

b e tte r

J a n u a ry

in

y e a r

A s

lo s s e s

in

th a n

n o t

s m o o th ly ,

in

7 ,5 3 6 ,8 3 6

d is t r ic t ,

6 ,2 2 0 ,2 2 7

a p p r e c ia b ly

fe a r s

m in e s

T h e

th e

o f th e

fo llo w e d —

th e

o f

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

r e s u lt s ,

o f

th a n

C a n a d a .—

W itw a te r s r a n d

w o u ld

m o n th

m ore th a n

th a t

th a n

th e re — e x ­

h o s tilitie s

y e a r.

re a ch e d
g re a te r

g o ld

p r o ­

rep orts

w as

in d ic a t in g

b u t,

re p o rts

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

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

p re ce d e d

5 3 2 ,9 2 2

e x h ib it

£

o c c a s io n s , t h a t

7 8 6 ,0 5 4

fr o m

th e

th a t

lo w e r

1 ,6 9 7 ,5 5 3

s m a lle r

ta b le

189 3.

n o tw ith s ta n d in g

o u n ce s.

la s t

g o ld

th e

o f t h e o u t p u t o f t h e w o r l d ’s m in e s .

th e

fe a r e d

su ch

o f

a ctu a l

p e r io d

in

o f

p r o d u c t o f A f r ic a is b u t li t t le le s s t h a n

s lig h tly

th is

th e

th e

d is tr ic ts

g o ld -p r o d u c in g
o r

fo r

fe a tu re

d is c o v e r y
o f

re c u p e r a tin g

retu rn s

a ll c o u n t r ie s in
F rom

a u g m e n ta tio n

a n n u a l

fir s t

th a n

m o re

o v e r 3 8 %

th is

a n

p e r io d

A u s t r a la s ia ,n e a r ly 8 0 %

b y

ra p id

th e

th e

th e

th e
a ll

a n d
b een

d u r in g

fr o m

tota l

h a s

e v e r

o n ly

W a r

y ie ld

S te a d y

w h ic h

b u t

th e

fr o m

re d u c tio n

o f

a n d

S o u d a n ,

A lto g e th e r ,

in

p rog ress

A u s t r a la s ia

o v e r

p o o re r

p r o d u c tio n

to

fa v o r a b le

Gold
---------------- 1 9 0 5 -------------------------------------1 9 0 6 ------------------------------------- 1 00 7V alue.
P rod u ction .
F Ine ozs.
P in e u*s.
V a lu e.
V a lu e.
P in e ozs.
C o l o r a d o ____ l 2 4 3 ,2 9 1 $ 2 5 ,7 0 1 ,1 0 0 1 .1 0 9 ,4 5 2 $ 2 2 ,9 3 4 ,4 0 0 1 ,0 1 0 ,,5 0 0 $ 2 0 ,8 8 8 ,8 3 3
1 7 ,3 9 4 ,3 6 3
8 4 1 ,4 5 4
C a l i f o r n i a ____
9 1 1 .0 4 1
1 8 ,8 3 2 .9 0 0
9 2 8 ,6 0 0
1 9 .1 9 7 ,1 0 0
1 8 ,2 5 1 ,6 1 0
8 8 2 ,9 2 3
A l a s k a ________ 7 2 2 ,0 2 6
2 1 ,3 6 5 ,1 0 0
1 4 ,9 2 5 ,6 0 0 1,0 3 3 ,5 3 7
1 9 7 ,6 3 4
4 ,0 8 5 ,4 4 6
6 ,6 0 4 ,9 0 0
S o u t h D a k o t a 3 3 4 ,4 6 0
3 1 9 ,5 1 2
6 ,9 1 3 ,9 0 0
2 0 3 ,4 8 2
4 ,2 0 6 ,3 4 5
4 ,5 2 2 ,0 0 0
M o n t a n a ____
2 1 8 ,7 5 2
2 3 6 ,5 2 0
4 ,8 8 9 ,3 0 0
2 .5 3 9 .5 1 6
2 ,7 4 7 ,1 0 0
1 2 2 .S 4 9
A r i z o n a ______
1 3 0 ,1 9 2
1 3 2 .8 9 1
2 ,6 9 1 ,3 0 )
2 2 5 ,0 8 6
4 ,6 5 2 ,9 4 1
U t a h __________
5 ,1 3 0 ,9 0 0
2 4 8 .2 0 8
5 ,1 4 0 ,9 0 0
2 4 8 ,6 9 1
9 ,2 7 8 ,0 0 0
4 4 8 ,8 5 2
7 1 1 ,3 3 9
1 4 ,7 0 4 ,6 5 8
N e v a d a ______
2 5 9 ,2 4 6
5 ,3 5 9 ,1 0 0
5 0 ,1 0 2
1 ,0 3 5 ,7 0 0
5 2 ,6 1 6
I d a h o ______ _
1 ,0 8 7 ,0 5 5
5 2 ,0 3 2
1 ,0 7 5 ,6 0 0
5 7 .0 8 2
1 ,3 2 0 .1 0 0
6 3 ,8 6 0
O r e g o n . ...
0 0 ,2 2 2
1 ,2 4 4 ,9 0 0
1 ,1 7 9 ,9 8 8
2 0 6 ,2 0 0
1 2 ,7 7 8
1 2 ,8 7 7
N ew M e x ic o ..
1 2 ,8 5 8
2 6 5 ,8 0 0
2 6 4 ,1 6 2
1 0 3 ,0 0 0
3 7 0 ,0 0 0
4 ,9 8 3
5 ,0 0 0
W a s h in g t o n ..
1 7 ,8 9 9
1 0 3 ,3 5 0
1 0 ,9 9 0
1 7 ,7 8 2
2 2 7 ,2 0 0
1 0 ,4 6 2
3 6 7 ,0 0 0
S o u t h . S ta te s
2 1 6 ,2 6 7
276
5 ,7 0 0
1 .8 6 3
3 8 ,5 0 0
1 ,9 7 8
O th e r S ta te s 4 0 .S 8 3

th e

b een

th a n

te n d e n cy

d ecrea ses

th e

1 90 6

in c r e a s e d
A fr ic a

In

h a v e

a d ­

o u n ce s

1 88 7:

fr o m

w h ere

o f

in

W e st

in y i e l d .

m o re

th e

7 .1 9 7 .3 5 4

G o in g

ca se

E x p la n a to r y

d e cre a se d

1 90 5:

s in c e

R a n d ,
fin e

R h o d e s ia
o f

1907.

P R O D U C T IO N — F IX E O U N C E S.

re tu rn s

re p o rts.

fin d

y e a r
tw o

th e

a p p r o x im a te ly

o u n ce s

d e c lin in g

w e

g a te

a ls o

p ro d u ce d

1 8 6 ,2 1 9 .4 8 4

A u s t r a l a s i a .— T h e

th e

1 90 7,
m in e s

£
O u nces.
1 2 2 ,1 4 0
8 0 8 ,2 1 0
5 0 ,0 0 0
1 ,3 4 2 .4 0 4
5 0 .0 0 0
1 .7 3 2 ,0 4 1
7 1 ,5 5 2
1 2 7 ,0 5 2
2 ,5 5 2 ,3 3 3
4 ,2 5 5 ,5 2 4
1 4 8 ,7 0 1
5 .1 8 7 .2 0 6
1 5 9 ,9 7 7
2 2 7 .7 6 5
0 ,9 5 6 ,9 3 4
7 ,8 3 7 ,7 7 9
2 7 0 ,0 0 0
7 ,8 8 8 ,4 0 5
2 9 3 .0 3 5
1 0 ,5 8 3 ,6 1 6
3 2 0 ,9 4 1
1 5 ,1 3 4 ,1 1 5
3 4 1 ,9 0 S
1 4 ,2 7 3 .0 1 8
3 0 5 .7 8 4
1 ,6 7 9 .5 1 8
1 6 6 ,9 2 2
1 ,0 1 5 .2 0 3
2 3 5 .7 0 1
7 .1 8 5 ,2 6 0
3 0 7 ,2 8 6
1 2 .1 4 6 ,4 9 4
4 5 8 ,1 8 3
1 5 ,5 2 0 .3 2 9
5 0 9 ,7 4 7
1 9 .9 9 1 .6 5 8
7 8 8 ,0 4 0
2 3 ,5 8 5 ,4 0 0 1 ,0 4 2 .1 5 1
2 6 ,4 2 1 .8 3 7 1 ,3 1 6 ,6 0 9

T o t a l ........... 4 3 .8 4 u .4 3 2

tr ic t,

in

in

L y d e n b u rg ,

2 2 7 ,0 8 3

o f o v e r 2 0 % .

in d ic a te s

w e ll

T o ta l--------------

Y ea r.
1887 (p a r t y r )
1 8 8 8 ................
188 9 _________
1 89 0 ................
1 8 9 1 _________
1 89 2 ................
1 8 9 3 _________
1 8 9 4 .................
1 8 9 5 ................
1 8 9 0 ................
1 8 9 7 .................
1 S 9 8 .................
189 9 ................
1 9 0 0 .................
1 9 0 1 ................
1 0 0 2 .................
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c o m p ila tio n

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A F R IC A ’S G O L D

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a

1 9 0 6 ,

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in

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m in e s

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th e

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o r n e a r ly

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to

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as

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o ff

in

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th e

1905.
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1906.
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to

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to

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is

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as

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rep orter!
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a

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y e a rs,

in

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fifte e n

fig u r e

in

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lo s s

in

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it s

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th e

p r o d u ct

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re a ch e d

retu rn s,

th a t fa r n o rth

in

a g g re g a te

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Y u k o n

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p r o d u c tio n

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fin e

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la s t

to

th e

4 0 8 ,7 2 1

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g o ld

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1 90 8.

rep orted

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o f

p o in ts

1 ,3 5 0 ,4 7 5

m a k in g

in

fo r

a t

th ere

h o w e v e r,

lo o k e d

1907

r e s u lts in

fr o m

1896

Y u k o n

a s c r ib e d

d e cre a se
fo r

to ta l

to

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c o n c e rn in g

1 9 0 6 .

d e v e l o p m e n t in

n o w ,
is

in

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fin e o u n c e s ,

g iv e n

1 9 0 0 , g o o d

in

fo r

1 7 2 ,9 3 9

o u n ce s

th e

o b lig a t io n

secu red

b e in g

S in c e

d e c lin e ,

h a v e

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in

o u n ce s

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a n d

OUN CES.

1804.
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1
R u s s i a .—
e a r ly
a t

a ll

us

to

in

th e

as

m ea g re

to

th a t

in

p r e c e d in g

y e a r.

in

fin e

fo r

is

th e

o u n ce s.

fifte e n

ca n

g o ld

s t ill

1907

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h a v e

w e

R u s s ia n

n a tu re ,

w e

9 0 0 ,0 0 0

s h o w in g

it s

in

p r o d u c tio n

th e re fo re ,

m a te ly

in fo r m a t io n

o p e r a tio n s

c o n c lu s iv e
in fe r

t io n ,
th e

T h e

d a te

T H E

o f

w a s

a

y ea rs

is

ch a ra cter

as

o f

th e

I n d i a .— T h e r e
in

In d ia

p r in c ip a l
b e h in d

sea t

o f

190 6.

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w as

le a d
th a n

c o m p ila ­
a p p r o x i-

1907

t h is

a t

e s tim a te

b e lo w :

g ross

in

b e in g

p r in c ip a l
is

g ross

ou n ces

la tte r
as

m in e d
th e

O u n ces.
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th e

re co rd

w h ic h

to ta l.

th e

as

w as

th e

th e

ca se

C o la r

w ith

o u n ce s

sta te m e n t

5 6 3 ,4 7 8

in

o f

in

1 9 0 5 ,

y ie ld

g ross

—

P R O D U C T IO N

P R IN C IP A L

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

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

th a n

th ose

s p e c ific a lly

im p o r t a n t ,
v e ry

a n d

in

B etw een

m ore
fin e

to

is

o f

th e

o u n ce s,

a n d

1906

o u n ce s,
th e

th a t

a n d

1907

y e a r ’s

s u p p ly

y ie ld

a t

a b o u t

so

v e ry
th a t

in

th e

p r o c u r a b le

b y

th e

p r o d u c tio n

a b sen ce

th u s
h a s

w e
to

e a r ly ,
b een

o f

th e

D e v e lo p m e n t

h a s

fa v o r a b le ,a n d

th e

q u it e

s m a ll,
to

is

th e

s te a d ily

w o r l d ’s

R u s s ia ,
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p r o d u c t,

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1 0 0 ,0 0 0

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a

a n n u a lly .

fe w

1905
to

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th ere

in
fr o m

ju d g e

sa m e

S IL V E R
I n a b ility
d u c tio n
a n y

o f

m u ch

w o r ld ’s
is ,

190

sh a res.

s o ld

a t

h a s

b een
fr o m

oth e r

y e t

rea ch ed

r e v is io n
fr o m

e r a te ly
o f

th e

th e

th e
24

o n .

in

in c r e a s e .
o ff

h ig h e s t
3 -1 6 d .

th e

w as

3 0 jo jd .,

in

a n d

in

w as

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1903

th e

g iv e ,

2 5 8 ,

b e lo w
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th e

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p r ic e

1905

w as

2 4 %
o f

10 I r v i n g N a t i o n a l E x c h . B a n k .

w e

a

y e a r ’s

sta te m e n t

1 89 0.

32

S ee

b a ck

to

o f

to

th e

p r o ­

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m eta l

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th e

in fo r m a tio n

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im p o s s ib le

to

c o n s id e r a b le

a re

a b le

in

b een

to

rea ch

w a s

p r ic e
to

m o d ­

1906

in

1904

a v e ra g e

s ilv e r

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as

a

lo w e s t
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w as
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1907

ll-1 6 d .,

th e

2G % d .
in

fa c t,

189 6.

p r o d u c tio n

“ C h r o n ic le ”

in

serv e

o n ly

7 -1 0 d .,

h ig h e s t

1871.

o f
w e

1907

A u s tr a la s ia ,

In

1 3 -I 6 d .,

th e

(n o t

ta n g ib le

to

F e b .

to ta l

.

3 00

th e

o f

sh a res

sh ares
o f

I t a lia n -A m e r ic a n
o n

H ig h .

M er­
T ru st

M o n d a y .

C lo se .

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

500

500

Jan.

1908-

52o

173

173

173

F eb.

1908-

178

114

114

114

Jan.

1908-

122 1

1 5 7 5,,

140

F eb.

1908-

T R U S T C O M P A N I E S — N ew Y ork .
.

140

100 I t a lla n -A m e r lc a n T r u s t C o . .

90 C a rn e g ie T r u s t C o .

73

—

A n

o f

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th e

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w a s g iv e n
6 00

r e c e n tly
in

as

1 65 .

th e

o f

fig u r e s
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th e

s h o u ld

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h a v e

“ B a n k

th e

P a .

sh a res

T h e
5 95

p r ic e

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G rea ter

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rea d

a n d

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p r ic e

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A lle g h e n y

c o n s o lid a te d ,

lo c a l r e p o r ts

F lr s t s a le .

n u m b e r

r e p o r tin g

B a n k

c itie s

73

73

F e b ru a ry

in

T h e

T h e

b e e n

th e

in to

S e c tio n ”

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a sk e d .

a n d

_______

h a v e

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o f A lle g h e n y

is g r o u p e d
p r ic e s

a

N a tio n a l
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w ith

th e

m is ta k e
B a n k

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w a s
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m a d e

in

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o f

b a n k s.

co v e r in g
11

In

e n te r in g
(1 6 5 )

ta k in g

th e

p r ic e

a g a in s t

th e

d o w n

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th e

n a m e

o u r
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th e

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—

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o f 30
fo r

to

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19

th e

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a n d

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E .

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r e te n tio n ,

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a

w h ile

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r e c o m m e n d a tio n

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b y

G o v e rn o r

a s im ila r n u m b e r o f D e m o ­

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s im ila r

J .

2 6 tli in s t.

S u p e r in te n d e n t

R e p u b lic a n s a n d

fa v o r

th e

r e c o m m e n d a tio n

h im .

o f 27 to

fo r

Q u i n c y , 1 1 1 ., o n

2 4 ,

r e m o v a l.

C u rre n cy
C a n n o n
w ere

B ill,
o f

e x p ressed

th e

H o u se

p resen ted

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o f

b e fo r e

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a

in

a

th e

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m e e t in g

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o n

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a t

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to

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th e
11

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2 0 th

in s t .,

th e

Io w a

o f

P le a s a n t,

Io w a ,

on

a b le

in

o u r

im p o r ta n t

27

1 9 0 6 ,

b een

p r o d u c tio n

3 -1 6 d .

Bank

o f

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10

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1 8 9 9 ,

2 2 .

M r.

e s tim a tio n ,
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it s

a n d

d e c lin e d

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d .

a n d

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b e in g
30

o f

a n y

y e a rs,

1906

w as

som e

a

to

th e

s u p p ly

e s tim a te

s u b je c t

th a t

s u ffic ie n tly

a n y ­

w h ere

o f

E x ch a n g e .

re a ch

a d d itio n

a u c t io n ,

E x ch a n g e

300 M e r c a n tile N a t io n a l

o u n ce s

s u p p ly

p r a c t ic a lly

a n d

B r ita in ,
o u t

s e p a r a te ly ),

n o th in g

o p e r a tio n s , h a v in g

fig u r e s




M e x ic o

y ea rs

re ce n t

y ie ld

C a n a d a

s u p p ly

is

b y
h a s

W O RLD .

a n d

b e

fin e

c o m p le te

a g a in s t

c o n c lu s io n

h a v e

a v e ra g e

e x c e p tio n

e a e h jjjy e a r
p a g e

n o t

L on d on

a n d

n ew

o n e

W h ile

w as

h a n d ,

t h a t w ill n o t

190 6,

m in in g

a t

th e re fo re ,

w e

tu rn

reg a rd

T R U ST
a g g reg a te

S to ck

sto ck s

in

sh a res

M a y , it w ill b e r e c a lle d , t h e

in

th e

w eek

is

y ea rs

th ree

G re a t

o f

L e a c h ’s

a t th e

100

B A N K S — -V rtr Y o r k .

S h a res.

th a t

y e a r.

1907

M e x ic o ,

T h e

ex cess o f

th e

s o ld

a n d

L ast

le s s

w ith

W e d n e sd a y

s to c k

v o te d

w e ,h a v e

TH E

r e g u la r

B a n k

R e p u b lic a n s

o n e

AN D

t h is

a t

in c lu d e ,

teen

p r o d u c t io n

OF

M r.

o f

is ,

e s tim a te

u p on

w ith

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in fo r m a t io n

fa llin g

ch e ck

fr o m

sou rces

u s.

la t e r

th e

to

co u rse ,

o b ta in e d

b u t

a n y

th e

to ta ls

cra ts

v e ry

tre a t

T h e se

fu r n is h e d

th ou sa n d

so u rce s
w e

c o n s id e r a b ly
as

m in e s .
o f

in

m a d e

co m p a n y

K e ls e y .

o r

o n ly

as

e a r ly d a t a

m ilita te s
r e s u lts

th e

p r e v io u s

P R O D U C T IO N

secu re

S ta te s

p rep a re

th e

re ce n t

S ia m

d a ta

w h ic h

in

s ilv e r

th e

U n ite d

as

fo u r

tru st

sto ck s

c o n tr ib u tio n s

o f

m a te r ia lly

c o m b in e d

d e fin it e

v e ry

fr o m

to

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a n d

m is c e lla n e o u s

th e

is

co m p a r a tiv e ly

T u rk e y

o ccu rre d

su ch

M e x ic o ,

in

tw o

m in e s

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1896
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1897
1898
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1899
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1900
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1901
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1902
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1903
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1907
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t h e b i l l i n t r o d u c e d b y t h e A m e r i c a n B a n k e r s ’ A s s o c i a t i o n is n o t t o b e
c o n s i d e r e d , t h e n le t t h e A l d r i c h b id b e c h a n g e d a n d a m e n d e d b y s e c t i o n s
t a k e n f r o m S e n a t e B i ll N o . 1 0 8 , p r o v i d i n g f o r t h e i n c o r p o r a t i o n o f c l e a r i n g
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a n d t h e i r c le a r in g -h o u s e n o te s w o u ld be a b s o lu te ly s a f e , a n d u n d e r s t r i c t
r e g u la tio n s f o r r e d e m p t io n a t m a n y c e n t r e s ; a n d . w h e n n o t n e e d e d , w o u ld
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T h e tru e b a s is o f s o u n d b a n k in g is c o m m e r c ia l p a p e r , u s e d a s i t Is i n g o v e r n ­
m e n t a l b a n k s a b r o a d ; s u c h p a p e r r e p r e s e n t i n g c i r c u l a t i n g o r liq u i d c a p i t a l.
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s t a t e d , a ffo r d th e s im p le s t a n d m o s t e ff e c t iv e m e a n s f o r g iv in g e la s t ic it y
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p e a n s y s t e m o f b a n k i n g , a n d t h e w e a k n e s s o f o u r s y s t e m is d e c e n t r a l i z a t i o n .
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c ir c u la t io n t o th e a m o u n t o f t h e ir c a p it a l.
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w a s b e fo r e th e C iv il W a r .
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s a id S e c u r it y C o . o r its c a p it a l s t o c k , r e p r e s e n t e d b y a b a n k s t o c k c e r t ific a t e
b e a r in g t h is e n d o r s e m e n t , s h a ll p a s s r a t a b l y w i t h , a n d o n l y w i t h , t h e t r a n s f e r
o f s u c h sh a re s o f th e b a n k re p re s e n te d b y s u c h b a n k s t o c k c e r tific a te , a n d
u p o n t r a n s f e r t h e r e o f u p o n t h e b o o k s o f t h e b a n k ; a n d a n I n t e r e s t In t h e
S e c u r i t y C o . a t t a c h e d t o a n y s h a r e o f t h e b a n k s h a l l b e a l i e n a b l e o n l y In
c o n n e c t io n w ith s u c h tra n sfe r o f s u c h b a n k s t o c k .
N o h o ld e r o f th e w ith in c e r t ific a t e o r a n y tr a n s fe r e e o f a n y s h a re t h e r e b y
r e p r e s e n t e d s h a l l b e e n t i t l e d In l i e u t h e r e o f t o d e m a n d o r r e c e i v e f r o m t h e
b a n k a n e w c e r t ific a t e e x c e p t w it h th is e n d o r s e m e n t t h e r e o n ; a n d a t r a n s fe r
o f a n y s h a re o f b a n k s t o c k r e p r e s e n te d b y th e w ith in b a n k s t o c k c e r t ific a t e
s h a ll b e m a d e b y a n y h o l d e r t h e r e o f o n l y t o a t r a n s f e r e e a c c e p t i n g t h e r e f o r
a n e w c e r t ific a t e b e a r in g th is e n d o r s e m e n t .
N o r i g h t t o v o t e u p o n o r In r e s p e c t o f a n y s t o c k o f t h e S e c u r i t y C o . p a s s e s
t o o r s h a ll b e e x e r c is e d b y t h e h o ld e r o f t h e w it h in c e r t if ic a t e , s u c h v o t in g
r ig h t b e in g re s e r v e d t o a n d b y th e tru s te e s o r t h e ir s u c c e s s o r s .

th e

p u b lic .

fo llo w in g

a b o v e

th e

o f

th e

S e co n d

s h a r e h o ld e r s

o n

N a tio n a l
J a n .

1 4,

F e b . 20 1908.1

TH E CHRONICLE

has been listed on the New York Stock Exchange, making
the total amount listed 81,000,000. The increase in capital
was effected through the declaration of a special equalizing
dividend af 100% , declared from the surplus fund, payable
in cash on Jan. 20, this dividend being applied to the pay­
ment of subscriptions to the new stock. The balance sheet
of the bank for Jan. 20, when the increase in capital to 8 1,­
000,000 became effective, shows surplus and undivided
profits of 81,638,280. The aggregate resources are 8 15 ,­
326,515.
—Edward R . Thomas and Orlando F . Thomas were in­
dicted on the 27th inst. by the Special Grand Jury which lias
been investigating financial affairs, on charges alleging vio­
lations of the insurance laws while they were in control of
the Provident Savings Life Assurance Society. It is under­
stood that there are two indictments against E . R . Thomas
and one against O. F. Thomas. Bail was fixed at 85,000
on each indictment and furnished by the Fidelity & Deposit
Co. of Maryland. One of the indictments against E . R.
Thomas is said to deal with a loan made to him by the firm
of Thomas, Maclay & Co. (predecessor of the failed firm of
Robert Maclay & Co.), in which Herbert F. Thomas, son of
O. F. Thomas, was a partner.
—The Greenwich Bank of this city has opened a branch
in Herald Square at 35th Street and 6th Avenue. The
main office of the bank is at 402 Hudson Street, and in addi­
tion to the quarters just opened it has branches at 135 William
Street, 260 West Broadway and 874 Broadway. The Jan . 31
statement of the institution showed deposits of 87,702,976.
The capital is 8500,000 and the surplus and profits 8718,858.
—The stockholders of the Hudson Trust Company of this
city ratified on Wednesday the proposition to l’educe the
capital from 81,000,000 to 8500,000; it was also decided
to apply the 8500,000 taken from capital to the surplus
(increasing it to over 8600,000), subject to the aprpoval of
the Banking Department. Another meeting will be held
next month to decide whether there will be a distribution of
the surplus among the shareholders.
—Robert L. Smith, formerly an Assistant Secretary of
the Trust Company of America, has become an Assistant
Secretary of the Carnegie Trust Company.
—The increase in the business of the Liberty National
Bank of New York (139 Broadway) has made it necessary
to enlarge its banking room. The office in the building in
the rear is to be added by establishing an arched connection,
thereby giving larger and more commodious quarters.
The last official statement of the bank (Feb. 14) shows
deposits of 814,910,010; the capital is 81,000,000, while
surplus and undivided profits are reported at 82,394,000.
— Robert Olyphant, Frederick Potter and Sanford H .
Steele, directors of the Title Guarantee &. Trust Co. New
York and Brooklyn, have been elected members of the
institution’s newly created Trust Department, to serve with
President Kelsey, Vice-President Stanley, Bailey and
Burdick. This addition to the company’s organization
is designed for the management of its fiduciary business,
which has become of late quite a large feature. Its banking
interests are in charge of a “ Finance Committee” constituted
as follows: Edward T. Bedford, Clarence II. Kelsey, Edgar
L. Marston, William H. Nichols, James H. Oliphant, Charles
A. Peabody, Jacob H. Schiff, James Speyer and Edward
O. Stanley.
— Frank J . Parsons, Manager of the mortgage department
of the United States Mortgage & Trust Co., has been elected
an Assistant Secretary of the institution, and Henry L. Servoss, Manager of the 125th Street branch of the company,
has been elected an Assistant Treasurer.
— Frederick II. Eaton, President of the American Car &
Foundry Co., has been elected a director of the Seaboard
National Bank of this city.
—The third payment (15% ) to the depositors of the
Hamilton Bank of this city, which was not to have been
released until May 20, has been anticipated, and will become
subject to the depositor’s check on March 20. It is an­
nounced that the new officers of the bank have persistently
followed up delinquent borrowers, with the result that a
large cash surplus has been accumulated. By continuing
this active policylof collecting slow loans, it is stated, the




523

officers hope to be able to anticipate all future payments
to depositors.
—The report of the condition of the Mechanics’ & Traders’
Bank of this city (which closed its doors on Jan . 29) sub­
mitted by the State Banking Department is said to show
capital unimpaired and a surplus of 831,821, after charging
off 8585,000 of questionable assets. The bank has reduced
its Clearing-House indebtedness from about 82,000,000 to
81,200,000, and its cash on hand has been increased from
8504,296 on Jan . 29 to 81,200,000. It is stated that about
75% of the depositors have assented to the deferred-pay­
ment plan of reorganization.
—John E . Walker was elected a Vice-President of the
National Commercial Bank of Albany, N. Y ., at a meeting
of the directors on the 21st inst. Mr. Walker will be the
temporary head of the institution during the absence of
President Robert C. Pruyn and Vice-President Grange Sard,
both of whom are away from their desks for an extended
period.
—Charles H. Dalton, a Vice-President and director of
the New England Trust Co. of Boston died on the 23rd inst
He was eighty-two years of age. Mr. Dalton was formerly
a member of the Boston Rapid Transit Commission and had
otherwise been a prominent figure in the business atfairs of
the city.
—The consolidation of the Prescott National Bank of
Lowell, Mass., capital 8300,000, with the Union National
Bank of that city, capital 8350,000, consummated on the
10th inst., is to be formally ratified by the shareholders of
the first-named institution on March 18. It is proposed
to pay an initial dividend of 100% to the stockholders of
the Prescott National Bank as soon as expedient after the
special meeting, possibly on April 1, according to the circular
issued by the bank. The book value of the stock is about
8140, and it is stated that unless some loans now behoved
to be good should prove otherwise, the above sum ought to
be realized when the final dividend is paid. There is .to be
no issue of new stock by the Union National Bank. Edward
E . Sawyer, Cashier of the Prescott National, has been ap­
pointed Vice-President of the Union National and George
It. Chandler has been appointed Assistant Cashier.
—The First National Bank of Gloucester, Mass, (capital
8200,000),is to go into immediate liquidation, arrangements
having been completed whereby its business is to be assumed
and carried on by the Gloucester Safe Deposit & Trust .Co.
It is expected that an increase will be made in the latter’s
capital of 8100,000.
—The First Mortgage Guarantee & Trust Co. of Phila­
delphia has notified its depositors of its decision to abandon
the banking feature of its business. The change went into
effect on the 24th inst. The company began business in
March of last year and announced that its main feature
would be the handling of first mortgages on guarantees. It
is stated that it entered the banking field as an accommo­
dation to its clients, but as this has not turned out to be
a lucrative departure, its elimination was decided upon.
—Judge McCarrell of Harrisburg issued an order on the
20th inst. appointing J . Dennison Lyon receiver of the
Iron City Trust Co. of Pittsburgh in place of W. L . Ablrott
and A. S. H. Stewart, who were appointed on Oct. 23. Mr.
Lyon is directed to institute such proceedings in the United
States Court as will procure the revocation of its decree,
naming Messrs. Abbott and Stewart as receivers, and on this
revocation take possession of the property, wind up its busi­
ness and dispose of its assets. Messrs. Abbott and Stewart
were named as receivers by Federal authorities, and it is
T
stated that the action in securing the appointment of Mr.
Lyon was in the nature of a test case, to settle the question
as to whether the Federal authorities have the right to take
charge of State banks or trust companies operating under
State charters. Both Messrs. Abbott and Stewart will,
it is understood, stand by the action of the Federal authori­
ties until revoked by the proper court.
—J . H. McEwen, heretofore Cashier of the Mahoning
National Bank of Youngstown, Ohio, has replaced W. Scott
Bonnell as President of the institution, Mr. Bonnell having
become Vice-President. Thomas A. Jacobs succeeds to the
cashiership and W. J . Roberts is Assistant Cashier.

524

TH E CHRONICLE

—The statement of the First National Bank of Chicago,
submitted in response to the call of the Comptroller of the
Currency for a statement of condition on Feb. 14, attracts
particular attention by reason of the showing in the deposit
line, which has reached $102,104,319—representing an in­
crease of nearly 14 million dollars since Dec. 3, when the
amount was $88,526,128. The First National’s affiliated
institution, the First trust & Savings Bank, on Feb. 15
reports deposits of $30,528,104, the combined deposits of
the two thus being $132,692,423. The assets of the First
National under the new call are $125,759,142,|w hile those
of the First Trust are $34,004,6S0.
- 1 he Commercial National Bank of Chicago also shows
substantial gam in its item of deposits during the past
two months, the amount now, at $ 4 1,2 8 7 ,3 11, comparing
with $34,306,442 on Dec, 3. The banklhas^a capital and
sin plus of $3,000,000 each and undivided profits of $1,328 ,­
490, the last named comparing with $1,2 19 ,19 7 in the pre­
vious statement. Total resources have risen from $48 13 1 139 to $51,649,802.
-A dividend of $200 per share in liquidation has been
declared by the directors of the National Civet Stock]*Bank
of Chicago. The institution, it will be recalled, was succeeded
by the Live Stock Exchange National Bank on the 7th inst.
It is stated that, after the payment of the dividend, there will
lemain assets of $739,000, out of whichfdividends of $50
a share additional will be pair!. The bank'-had $1,000,000
capital.

[VOL. LXXXVI.

said, favors a central bank along the lines suggested by
Comptroller Ridgely in his recent report to Congress. A
resolution was adopted at the meeting endorsing the bill now
before Congress for the establishment of a United States
Sub-1 reasury at Seattle. A circular has been issued to
members by Secretary Kauffman seeking information which
may lead to the obtaining of reduced rates for fidelity and
burglary insurance.
—The Merchants’ National Bank of Portland, Ore.,
resumed business on Monday the 17th inst.—three months
after its suspension, which occurred on Nov. 12. Under
the icorganization plan, it is reported, two-thirds of the
deposits have been exchanged for time certificates
of deposit, payable in six, twelve, eighteen and twentyfour months.
The management of the bank re­
mains the same as before its suspension, the officers
being as follows: J . Frank Watson, President; It. L Dur­
ham, Vice-President; R . W. Hoyt, Cashier; George W. Hoyt
and b. C. Catching, Assistant Cashiers. No increase has as
yet been made in the capital, which stands at $250,000, but it
is stated that it is the intention to later make the amount
$500,000.

ta r

a
(F r o m o u r o w n C o r re s p o n d e n t.)

London, Satu rday, F eb . 15 190S.
Business has been quiet all through the week. At the be­
rather pessimistic feeling. It
The payment of a 20% dividend by March l to the ginning, indeed, there was a the United States were worse
was icared that matters in
creditors of the Ravenswood Exchange Bank, Chicago, than had been supposed. That trade was falling off
severely everybody knew. But the stock markets at the
has been authorized. The bank suspended inJNovember.
beginning of this week suddenly wakened up to what had
—The stockholders of the Union Commercial & Savings been plain enough before to close observers. Furthermore,
Bank of Superior, Wis., recently approved a proposition to there was an uncomfortable feeling all over the Continent.
Germany lias escaped a crisis which most observers expected
increase the capital from $50,000 to $100,000.
to be imminent. But trade in Germany has received a
The State Bank of St. Paul, Minn., which closed its check. 1 he banks are carrying for customers an immense
doors on Jan . 20, re-opened for business on Monday the 24th load ot securities. As a consequence they are uncomfortably
last. The capital remains at $25,000. An assessment of tu:d up. taxation is heavy. Employment is scarce, wages
are falling. It is feared, therefore, that while there will be
^00%, levied on the stockholders, is said to have been’ paid no crisis there may be large and prolonged liquidation, and
in full. The stock formerly held.by A. Z. Drew, whojre- that failures, sometimes serious ones, will occur. There
signed the presidency shortly before the institution sus­ have been failures likewise in Denmark. There have been
failures in the north of England. There have been failures,
pended, is reported to have been taken by other interests.
in fact, in most parts of Europe.
* ’ —The Citizens’ Savings Bank of St. Paul, which also
In addition to all this, a somewhat uncomfortable feeling
closed its doors on the 20th ult., and with which Mr. Drew has been created by the sudden announcement last week of
had been identified, likewise resumed business onfMonday. the Austro-Hungarian Foreign Minister that he had obtained
from the 1 orte an iradc for the survey of the Novi Bazar
Its solvency, it is said, has never been questioned.
Railway, and that he was in negotiation in regard to other
railway matters. In Russia this is regarded as a distinct
1
he Capital State Bank of Boise, Idaho, which suspended
on Jan . 2 1, is to be succeeded by the Capital National Bank, breach of the understanding between Russia and AustriaHungary. It was settled that neither State should do any­
the Comptroller of the Currency having on the 18th inst. thing to disturb the existing condition of things. The
approved an application to organize the latter presented by Austrian Foreign Minister maintains that this had reference
interests identified with the closed institution. The new only to politics, but that he was perfectly free to do what he
could to improve the business interests of his compatriots.
bank is to have a capital of $250,000.
Russia maintains, on the other hand, that to obtain railway
James B. Lazear, formerly National Bank Examiner, advantages is a distinct breach of the arrangement. Natur­
has been elected Second Vice-President of the Central ally this has given rise to the fear that the understanding
National Bank of Denver, Colo. The institution began will come to an end, that Russia and Austria will again be
competitors in the east of Europe, and that adverse political
business during the past year.
consequences will follow. Moreover, it is suspected that the
A. B. Butt, formerly Cashier of the suspended People’s German Government has been at the bottom of the affair.
Bank of Portsmouth, Va., pleaded guilty on the 20th inst It is generally taken for granted that the iradc would not
been issued
not
to,three indictments against him, and was sentenced to three have its influence.were it why that the German Government
used
But
Germany should endeavor to
years in the penitentiary. In addition, a fine of $7,184 was sow dissension between Austria and Russia is not very plain.
imposed on the accused.
However, all these things—political, Stock Exchange and
—At a meeting of the executive council of the Washington financial—'combined to make feeling here pessimistic at the
beginning of the week. Gradually, however, there has been
Bankers' Association held at Tacoma on the 15th inst. the an improvement. Now the impression is growing that the
invitation of the North Yakima bankers to hold the annual “ bears,” not only in the United States but here at home,
convention of the Association in that city on June 18 19 have been too aggressive, that there will soon be a recovery,
and
and£20 was accepted. The bankers will endeavor to have long.that business will become decidedly more active before
the associations of Idaho and Oregon meet at the same time
Money is comparatively dear and scarce. At this time
The Aldrich Currency Bill was one of the topics discussed at of the year the revenue is being collected in exceptionally
the meeting and it is understood that the bankers are not in large amounts, and therefore unusually large sums are being
sympathy with the measure. It is contended by Secretary transferred from the open market to the Bank of England.
Consequently the Bank of England has control of the market
Kauffman that the bill, if passed, will not help the Western and is in a position to make rates what it pleases. This will
banks at all, for to secure the benefits of the emergency cur­ go on certainly until the middle of March and possibly may go
rency which it provides for, the banks could not loan out on until the first week of April. In the second half of March
funds for the development of the country in which they are the disbursements out of the Treasury are very large, but a
large proportion of those disbursements goes into the interior
located, but would have to invest in long-time securities. and does not find its way into the London market until early
Such investments, he declares, would practically tie the in April. Probably, therefore, there will not be real ease
country down to a bond-secured currency, instead of adding until April, though money will certainly be less scarce after
any elasticity to the currency by the use of the live liquid the middle of March. In April there is at this time every
reason to expect easy money. In Paris the feeling has im­
assets of the banks. The general view of the members, he proved as the week has gone on. Trade is good. Invest-




Fe

b

.

29 1908. j

T H E CHRONICLE

m e n t is | la ig e , a n d a c o n s i d e r a b l e n u m b e r o f n e w is s u e s a r c
in p r e p a r a t i o n
I n G e r m a n y , a s a l r e a d y s a i d , b u s in e s s is
v e r y q u ie t.
M o n e y is s c a r c e , r a t e s a r e h i g h , a n d in a ll r e a ­
s o n a b l e p r o b a b i l i t y w ill c o n t i n u e h ig h f o r t h e g r e a t e r p a r t
o f th e y e a r.
°
1
° ^ erec^ f ° r t e n d e r o n W e d n e s d a y 4 0 la c s
o l its b ills , a n d t h e a p p lic a t io n s e x c e e d e d 1 8 7 la c s , a t p r ic e s
ta n g in g fr o m I s . 3 % d . to I s . 3 1 5 -lG d . p e r r u p e e .
A p p lir

l^

37%

\

k

(U a

ff L b l l fi a t l s / 3 2 9 : 3 2 d - p e r r u p e e w e r e a l l o t t e d a b o u t
°
o f th e a m o u n ts a p p lie d f o r .
E n g li s h F i n a n c i a l M a r k e t s — P e r C a b le .

1 l ie d a i l y c l o s i n g q u o t a t i o n s f o r s e c u r i t i e s , & c . , a t L o n d o n ,
as r e p o r te d b y c a b le , h a v e b e e n a s fo llo w s th e p a s t w e e k :

Bonds and Legal-Tenders
on Deposit 1or
Bank Circulation.

1907-08.

Circulation Afloat Under

Bonds.
Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
April
Mch.
Feb.

31
31____
30____
31___
30___
31____
31___
30____
31____
3 0 ..
30____
2 8 . ..

Ij o n d o n .
W e e k c r u l l n g F e b . 28.
Sa t.
M on
Tiles.
Thurs.
Frl.
Wed.
Silver, per o z --------------------d . 25%
25 i l l 16 25 13-16 25 11- 16 25%
25%
Consols, new. 2% per c e n ts ,. 87 9-16 87 9-1 > 87%
87 5-16i 87 7-1
87%
For account______________ 87 11-16 875'
87 9-16 87 7-16 87%
87%
French Rentes ( In Parts), lr 97.10
o r a
97.32% 97.27%: 96.95
i 97.10
Russian Imperial 4s________ __
83%
____
83
82%
83%
do
do
new 5 s . _
02%
_.
92%
92%
92%
Amalgamated Copper Oo
r,o %
50
50%
50%
51
52%
b Anaconda Mining Co
6%
6%
6%
6%
6%
Atchison Topeka A Santa Fe 70%
70%
70%
69%
69%
70%
Preferred__ _____
86%
86%
86%
86%
.86
86%
Baltimore * O hio___
'
80
80%
81
80%
■m i
81
Preferred______
84
84
84
84%
84
Canadian Pacific.
■148%
146%
147%
146%
147%
117%
Chesapeake A Ohio
' ' ' - 27%
27%
27
27%
27%
27%
Chicago Great Western
,
4
3%
3%
3%
3%
3%
Chicago MUw A St P a u l.. 1" 112
111%
112
111
112
1U %
Denver A Itio Grande, com
17
16%
16%
16%
16
16%
P referred ...
" 4 4 1a
44
44
44
45
14
Erie, c o m m o n ...
134 4
13%
13%
13
13%
13%
First preferred____28
28%
28
28
28
28
Second preferred
2 0%
21
20
19%
20
20
Illinois C e n tr a l..™ ;;]
a m
128
128
127%
127
127
Louisville A Nashville
9 2%
92%
92%
92
92
92%
Mexican Central ........... _ _ ; ;
_ .
17
17%
18%
18%
18%
Mo.Kans A Tex, com m on____ 19%
19
19
18%
18%
18%
Preferred......... .............................
„ „ 50%
1
49
48
48
National R R of ife x lc o .......... . . . .
48%
48
48
48
47
Central A Hudson HIv. 98
98'
97%
97
97
97
31 %
N Y Ontario A W estern______ 30%
31%
31
31%
31%
Norfolk A Western, com ___ 6 2
62
61%
61%
61%
61%
Preferred..........................
83
80
SO
80
SO
80
Northern Pacific________________
1 2 5 124%
124%
124%
125
a Pennsylvania______
_____ 5 7 %
5734
•
r
>7%
57%
57%
57%
a Reading Com pany................. 40M
19%
49
48%
49%
49%
a First preferred...........................
-\\%
41%
41%
41%
41%
a Second preferred......... ..............
4 1'
41
41
41
40%
Rock Island C o................................
12 12
11%
11%
11%
Southern Pacific_________ . . 7 0 %
70
69%
69%
70%
70%
Southern Ity., com mon. _. . 1 0
10%
10 %
10 %
10%
10
Preferred........... ............ ..
32
32
31%
32%
31
31%
Union Pacific, com m on............ 1 1 9 % 1 1 9 %
118%
119%
117%
117%
Preferred....... .............. ........ 85
83%
83%
83%
83%
83
L S Steel Corp, com m on____29%
2 9%
28%
28%
29%
29%
Preferred_______ _________ 9 5
95
93%
94
94%
94%
W abash ____ . . . .
_
_ 8 %'
3.14
8%
8%
8%
8%
Preferred................... ........... 1 5
iq '
15%
16
15%
15
Extended 4s_____________ . . .
:i q %
39%
39%
39%
39%
« Price per share. b £ sterling.

525

LegalTenders.

Bonds.

LegalTenders.

$
646,828,820
646,783,000
618,394,310
566.994.910
559,624,760
559,319,710
558.582,550
558.442.910
556.937,300
553,199,050
550,137,900
552.955,950

S
53,483,098
46,670,996
46,062,188
47,252,852
47,885.785
47,110,434
48.372,596
48,217,809
48.325,976
49,709,069
49,579,000
46,605,649

$
G41,919,664
643,459,899
610,156,008
562,727,614
556,101,329
556,945,887
555,023,290
555,570,881
553,614,574
550,204,771
547,633,063
549,737,373

$
53,483,098
46,670,996
46,062,188
47.252,852
47,885,785
47,110,404
48,372,596
48,217,S09
48,325.976
49,709,069
49,579,000
46,605,640

IMMIGRATION INTO TH E UN ITED STA TE S.—The
subjoined statement, compiled from the monthly statements
issued by the Bureau of Immigration and Naturalization of
the Department of Commerce and Labor, shows the number
ol immigrant aliens admitted into the United States during
January and the seven months of the fiscal year 1907-08,
™ ' purposes of comparison corresponding figures for
1906-07 and 1905-06 are appended:
Months.
.Inly_______
August. . .
September .
October_
_
November .
December..
January . . .

AustriaHungary.
. 21,813
. . 24,705
. . 20,629
. . 28,187
. . 31,166
. . 17,032
..
4,023

7 mos. 1907-08.. 148,275
January 1 9 0 7 ... 16,019
7 mOS. 1900-07.. 145,740
January 1906_ 16,243
_
7 mos. 1905-00.-114,891

Russia &
United
Italy. Finland. KInadom. Europe.
19,477
23.971
8,479
14,962
16,288
21,649
10,76.8
15,893
19,316
17,206
12,972
19,324
1.8,478
16,841
14,698
23,434
18,572
25,213
8.777
22,919
8,377
17,462
4,423
10,050
2,833
8,283
2,406
4,786
103,341
7,272
115,684
11,229
101,440

130,625
11,625
13.8,3.83
10,382
89,536

62,523
3,393
55,075
3,131
50.402

All
Other.
8,430
9,462
9,247
9,875
10,829
7,970
4,889

Total.
97,132
98,825
98,694
111,513
117,476
06,574
27.220

111,968
7,292
93,019
5,284
76,513

STOCK OF MONEY IN TH E COUNTRY

be found in our issue of M arch 2 1907 page 488.
-Stock o/ Money Feb. 1 1908.In United
Held In
Stales.
Treasury, d
«
Gold coin and bullion . *1,628,600,555 176,888,590
Gold certificates a.
40,580,510
Standard silver dollars . 562,849,982
8,588,890
Silver certificates a
11,290,360
Subsidiary sliver____
141,?>17 i793
10,816,738
Treasury notes of 1890
5,400,000
7,516
United States notes . . 346.681,016
7,509,361
National bank notes... 695,402,702
30,401,444

Money lo Circulation
Feb. 1
1908.
S
641,496,096
769,629,359
89,557,092
453,413,640
130.701.055
5,392,484
339.171.055
665,001,318

x vhv ,- ,v ,H 82d®.2: « » 280 .0 s 9 .4o9 3 ,094 .302.690
e^caplfa^SSs'o^6 Unltec^ States Feb. Y r908"'eM lm at^at086,’o03\o(wfcfr'ciSaUon
* A revised estimate by the Director of the Mint of the stock or
adopted In the statement for Aug. 1 1907. There was a reduction of $ 13 5 000 000*
a lor redemption of outstanding certificates an exact equivalent In •
\monm°nf
the appropriate kinds of money Is held In the Treasury, and Is not Indude l m tl?i
account of money held as assets of the Government.
1 lnml(le<1 *n the
(I 111 ls statement of money held In the lYcniurv as assets of tins 0 ........
. ,
IhP t o 1 < c dcr), 8 ta ®f P"hllc money in national bank' depositariestoth^eredfto?
U1
0i
,
the Treasurer of the United States, amounting to $226,241,418 85.
dlt 1

BA N K NOTES— CHANGES IN TOTALS OF, AND IN
DEPO SITED BONDS, E T C .-W o give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for Ja n u a r y 1 907
w ill be found in our issue of M arch 2 1907, page 488
*



,

$
695.402,7 6 i
690,130,$95>
656,218,190­
609,980,460603,987,1H
604,056,321
603,395,880
603,788,690
001,940,550
599,913,840
597,212,063
596,343,022

Dop 1 / 1
ti V n

omX«latta^ooo °fi thP ab.ove table see the issue of
^232, the first item in Financial Situation,
the following shows the amount of each class of bonds held
. g mft national bank circulation and to secure public moneys
in national bank depositories on Jan . 3 1 .
J
S. Bonds Held January 31 to Secure—

bonds on Deposit
January 31 1908.

Bank
Circulation.

Public Deposits
In Banks.

2 per cents, Panama Canal
4 per cents, 1895, due 1925
3 per cents, 1908-1918 .
2 per cents, consols, 1930
3 per cents, certs, of Indebtedness " "
3.65s. District of Columbia, 1924
State, city and railroad b on d s_____
Hawaiian Islands bonds___
Philippine loan_________
Porto Rico............

*34,517,300
17.30S,600
12.004,720
567,561,700
15,436,.500

$19,191,240
5,430,100
5,539,500
36,908,750

Total on deposit Jan. 31 1908___

$646,828,820

1.324,666
198.540,425
1.992.000
9.038.000
730,000
$278,694,015

$925,522,S35

The foregoing does not include the bonds field in the New
York bub-’l reasury against deposits in banks.
Ihe following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Jan . 1 and
rob. 1 and their increase or decrease during the month of
January.
National Bank Notes— Total Afloat—
Amount afloat January 1 1908 ............. ..................
Amount Issued during January................. .............
Amount retired during January.............................

"~$l’q 7 o Y i 75

cfl0n IV1 so.

YYYYY 14i526!oS
YYYY.
o

— -—
-5,271,867
Amount of bank notes afloat February 1 1908.
4n9
Legal-Tender Notes—
...................................»o jo ,402,70*.
Amount on deposit to redeem national bank notes January 1 1908
$.46 670 996
Amount deposited during January______________________ y «9 281'302 **0'0/u,uu,>
Amount of bank notes redeemable In January_
_ _______
2|469!260
----------- ’----0,812,102
$53 483 098

Amount on deposit to redeem national bank notes February 1 1908

(ftommcvcuilaucl BliscvUarimts ilcnis

Total.

The portion of legal-tenders deposited (1) by banks bl(;°™ mg insolvent (2) by banks going into voluntary liquiS S lS

c i r c u la t i o n

Legal-Tenders.
Oct. 1.
Nov. 1.
Dec. 1.
Jan. 1.
Feb. 1.
Deposits by—
S
S
$
$
Insolvent ban ks...
865,021
804,471
768,473
719,804
654,194
Liquidating banks_______ 15,021,880 14,352,085 14,018,894
13,831,905 13,646,321
Reducing under Act of
1874* ............................... 31.998,884 32,096,296 31,274,821
32,119,287 39,182,583
T o ta l..............
47,885.785 47,252,852 46,062,188^6,670,996 53,483.098

Breadstuffs Figures Brought from Page 656.— The statfments below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western

Receipts at—

Flour.

Wheat.

Corn.

Oats.

Barley.

Eye.

bbls.VMbs. bush. 6 0 16s. bush. 56 lbs. busk. 32 lbs. bushA8lbs. bu. 96 lbs.
Chicago____
175,461
176,200
756,802
1,255,388
287,100
28.Q00
Milwaukee..
37,4.50
76,000
90,000
166,400
268,800
29,700
D u lu th ...
337,142
78,004
25,083
Minneapolis.
981,280
75,830
301,770
101,650
12.780
Toledo_____
17,000
50,200
31,.500
1,000
Detroit . . .
2,800
19,826
53,226
48.931
Cleveland. . _
665
7.000
136,171
62,347
11,206
St. lands_
_
40,280
119,000
216,700
316,800
28,600
3.000
Peoria_____
13,350
10,000
73,700
85.500
22,000
8.000
Kansas City.
133,200
145,600
49.500
__________
Tot.wk.’O
S
270,006
1,876,648
1,598,229
2,396,140
744,433
S2.4S0
Same wk. '07
335,895
3,930.463
5,765,302
3,008,446 1.136,912
15^,189
Same wk. '06
325,732
3.482,717
4,646,150
3,088,977 1.228.378
14S.599
Since Aug. 1
1907 -08 ... 10,823,967 159,479.672 117,153.616 114,935,684
48,444,758 5,151,379
1006-07... 12,699,465:157,502.651 121,737,064 124,445,769
1 9 0 5 -06 ... 12,380,414 j 173,979,568 118,350,336 148,950,374 48,270,927 5,302,161
60,644,918 0,181,685

Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 22 1908 follow:
Receipts at—
New York................
Boston....................
Portland, Me.........
Philadelphia_____
Baltimore..............
Richmond_______
New Orleans * ____
Newport News____
Norfolk.____ ___
Galveston........... ..
M obile........... ........
Montreal..................
St. John..................

Flour,
bbls.
117.300
35,341
. ....
61,303
31,702
3,440
12,414
25.027
11,592
..... ....
2,100
1,875
21,019

Wheat,
bush.
159.000
108.759
125,915
231,723
18,446
65,866
28,500
9,093
84.000
812
398,554

Corn,
bush.
700,900
109,200

Oats,
bush.
205,500
45,783

Barley,
bush.
19,200
1,250

119’,516
9S9.920
59,436
•319.000
120,000

88", 471
36,031
38,088
88,000
14,711

9,666

124,000
5,550
995

Rl/c.

bush.
72,150
12,013
34,288
10,290

32,712
7,915
28,630
Total week_____ 323,113 1,230,668 2,548.517
549,296
65,995 128,74U
Week 1907______ . ,274.708 1.20S,277 3.414,193
. „
, . ,
, ,
----------813,928 116,437
18,909
* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.

MVdal receipts at ports from Jan . 1 to Feb. 22 compare as
follows,for four years: _
1nA„
tnnK
lon,
1905.
1906.
1907.
1908.
2,7 6 5 ,2 6 1

R e c e i p t s Oi—

F l o u r ____ ________________ bbls

f ," ,'

949,228
8 2 9 .011

1 3,230,466
44.151,836
14.399.265
4,215,281
333,755

....................... 3 7 ,4 2 9 ,3 3 2

4 1 ,0 9 7 ,3 5 0

7 6 ,3 3 0 ,6 0 3
_________

3 5 ,2 0 5 ,9 0 0

1 2 ,6 0 6 ,0 0 5
1 7 ,6 91,780
5 ,3 5 3 ,3 0 8

.........
................: : : : ..........

iir fc y —
Hyc .

l ia n e y

•Total grain

B a n k s.

Chem National (bi-m
ical
onthly) ..................
M
etropolis, Bank ol the (quar.)....................

2,6 8 4 ,3 8 6
2 6 ,3 8 3 ,5 4 8
4,8 0 0 ,6 4 0
1 ,2 5 3,972
83,354

bush---...

---------------'

T w elfth W a r d .....................................................
M iscella n eou s.
A m erican C a ra m el, preferred ( q u a r . ) . .
American Chicle (monthly).-......................
Extra............................. - .................................
A m erica n C o a l -----------------------------------------A m erica n C o tto n OH. c o m m o n ....................
A m erican E x p r e s s ------------------ -------- - - - ­
A m erica n R a d ia to r, co m m o n ( q u a r . ) . . .
C om m on (e x t r a )............................................
A m erica n S h ip b u ild in g , c o m . ( q u a r . ) . .
A m er. S m elters Securities, p f. A (q u a r.)
P referred B ( q u a r .)----------------- - - - - - ­
A m erican Sug ar K e f., c o m . & p ref. (q u .)
A m e r. T e le g . & C a b le, g u a r. (q u a r .)_
A m erlca n T o b a c c o , c o m . (q u a r .)-----C om m on , e x t r a .......... ........................... ..

The exports from the several seaboard ports for the week
<->ndine Feb. 22 1908 are shown in the annexed statement:
Exports Irom
—
INew York----------Portend. Me-----Boston -------------•Philadelphia-----Baltimore..............

New. O rlean s.......

Newport News—G r u v 05ton
esto
Mobile. .

M on trcji!N a r fo lk .
S t . J oh n .

____

Corn, Flour,
bbls.
bush.

O
ats,
bush.

293,263

45,712

4,115

60,555

bush.

85.6S6
125,915
188,828
28 1 ,OSS

11,785

140
76
14,711

3 4 ,2 8 5

62.550
25.551
25,027
6 ,586

120,000
313 ,569
5,550

138.080

Rye, Barley,
bush. bush.

bush.
641

20,968

86,813
60S ,274
341,703

62,361

Peas,
p,

8 9 ,848

n heat,
Wn - .

2,100

11.552
21,019

398,554

T o ta l w eek . -- 1 ,3 6 1 ,5 8 8 1,919,172 232 ,890
W e e k 1 9 0 7 . ..........1 ,388,997 2 ,8 3 5,962 157,474

28,630
1 9 .042 124 ,133
______
5 3 ,1 3 6

1,261
3,271

2 8 ,630
14,847

The destination of these exports for the week and since
July 1 1907 is as below:
-Corn---------- Flour--------------------------W
heatSlnce
Week
July 1
Feb. 2 2 .
1907.
bush.
bbls.

Week
Fxporls tor week and Feb.22.
since July l tv—
bbls.

8 6 3 ,9 6 6
4 8 3 ,972
13,650

U n ite d K in g d o m ___167,354 4,5 5 9 ,5 6 7
C o n t i n e n t .......... . . . 31,511 1 ,705,830
B o . & C e n t. A m o r .. 13,138
5 0 1 ,685
W est .In d ie s .............- 20,821
914 ,091
B rit. N o.. A m . C o l s . .
____
4 7 ,725
Cither c o u n trie s ____
66
2 0 3 ,693

Since
July 1
Week
1907.
Feb. 2 2 .
bush.
bush.

Since
July 1
1907.
bush.
4 8 ,3 5 9 ,3 1 0 1 .0 0 7,623 1 6 ,8 26,535
89 3 ,8 1 7 17,475,299
3 9 .8 7 9 ,2 7 8
° ' -T
A n
’"L r'n
296 .993
19.607

90
16,332
_______
1,310

181,699
9 8 0 ,779
59,024
23,020

T ots I
930 « q o 7 9 32 ,591 1,3 6 1 ,5 8 8 8 8 ,6 3 9 ,0 4 4 1 ,919,172 3 5 ,5 4 6 ,3 5 6
T o t a l 1 90 0-0 7: J 1111157 !474 7 :8 7 2 .7 1 7 1,3 8 8 ,9 9 7 0 8 .2 2 4 .4 9 1 2 .8 3 5 .9 0 2 41,8 0 6 ,0 3 9

The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and

T ota l
T o ta l
T ota l
T o ta l
T o ta l
T ota l
T o ta l

1 ,822,000
9 8 6 .000
‘160,000
4 1 6 ,000
108 ,000
388 ,000
8 2 ,000
---------1,961,000
2,2 1 8 ,0 0 0
6 3 7 .000
3 15 ,000
6,1 0 8 ,0 0 0
405 ,000
4 ,083,000
3 ,7 5 1 ,0 0 0
649 ,000
8,1 3 2 ,0 0 0
7 ,9 5 1,000
1,4 0 9 ,0 0 0
2,2 8 0 ,0 0 0
12,000
237 ,000

F eb . 22 1 9 0 3 .-4 4 ,4 7 0 ,0 0 0
F e b . 1 > 1908 . .4 5 ,6 3 9 ,0 0 0
F e b . 23 1 9 0 7 .-4 3 ,5 1 3 ,0 0 0
F e b . 24 1 9 0 6 .-4 6 ,9 0 2 ,0 0 0
F eb . 25 1 9 0 5 .-3 6 ,5 2 8 ,0 0 0
F e b . 27 1 9 0 4 ._3 5 .5 9 9 .0 0 0
F e b . 28 1 9 0 3 .-4 7 ,8 0 8 ,0 0 0

248,000

1 .079.000
114.000
267 .000

7 8 ,000
130,01X1
137.000

2.666.000
9 6 2 .000
226 .000
6 4 ,000

5 3 6 .000
187.000
7 8 1 .000
209 .000

2 4 9 .000
455 .000
8 13 .000
241 .000
2 0 6 .000

1.090.000
2.3 8 6 .0 0 0
176.000
44.000
898.000
45.000

9 .0 5 5 .0 0 0
8 .5 5 9 .0 0 0
9 .8 6 7 .0 0 0
1 5.557.000
8 .5 2 4 .0 0 0
8 .7 9 3 .0 0 0
10.2 1 9 .0 0 0

193,000

42,000
165,000
112,000

142.000
4,000
3 02 .000
455.000
187.000
43,000
2 ,2 9 3.000
236 .000

—

Barley,
bush.

O
o

N ew Y o r k - ____ _________
.........
B o s to n
P h ila d elp h ia
------------B a lt im o r e .------ ------------N ew O r l e a n s ...................
G a lv e s to n .
• ---------M on trea l________ ’.--------------------T o r o n t o ......B u ffa lo
.................
•
•
a floa t ...........
T o le d o - . .........................
D e tr o it.
C h ica g o. . _____________
M ilw a u k e e ,..__________
P o r t W illia m .
_______
P o r t 'A r t h u r .
________
“
a flo a t ______
D u lu th _____
M in neapolis ......................
S t . Louts ____
K a n sa s C it y ......................
P e o ria ................
Id n ia n a p o lls.......... ............
O n M ississippi U iv er—
O n L a kes . . .
________
O n Canal an d U iv er—

£5 5 a
^ £ 2

bush.

O
ats.
bush

Corn,
bush.

W
heat,

78.000

647 .000
3 4 1 .000

" 6 ,666
9 ,0 0 0
2 0 3 ,000
23.000

" LOGO
49,000
318 .000

13.000
7 4 .000
4 ,000

440,000
2,7 0 8 ,0 0 0
44,000

2 ,000

8.894.000

8 1 8 ,000
82S.000

1,002,000
2.2 7 1 .0 0 0
1.687.000
1.163.000
1.0 8 0 .0 0 0

4.8 5 6 .0 0 0
4.9 8 6 .0 0 0
2.4 7 9 .0 0 0
4 .3 3 0.000
4.6 7 9 .0 0 0
4.3 1 1 .0 0 0
1.836.000

D IVIDENDS.

The follow show all the dividends announced for the
ing
s
future by all large or im
portant corporations.
rt.*.. * 1 . . .

_____ / fi e'o

Nam ol Company.
e
R a ilroa d s (S te a m ).

/ p T l.t)f.P *// llCltlCS•
it* iT .lti 17
1
Books Closed.
W h en
Per
Days Inclusive.
Cent. P a y a b le

Atlantic Coast lAne Company (quar. ) . . .
Atlantic Coast lAne HR., preferred.........

2
2A

BostonA Albany (quar.)------------- --------

2
2

B a ltim ore & O h io , c o m m o n -----------------P referred _______________________ _____
B o s t o n & M aine, c o m . (q u .) (N o . 170)
P referred (N o . 3 6 ) .......... - ........... ............
B u ffalo & S u sq ., p rof, (q u a r .) (N o . 23)
C anadian P a cillc. c o m m o n -------- ----------C om m on (e x t r a )_____________________ P referred __________ __________________
C h estn u t H ill (q u a r .)........ ............................

CMc. Mllw. A St. Paul, com. and pre/ .
C iu . N . O «S T e x a s P a c., p ref. (q u a r.) —
c
C lov e. C ln. C h ic. A S t. L ., c o m ______
C lov e. L ora in & W heelin g, c o m m o n . _
C lc v e . & P ittsb u rg h , orlg . g u a r, ( q u a r .).
S p ccla l g u a r, betterm en t ( q u a r .).
D elaw are ft H u d son C o . (q u a r .)------

Ertejd; Pittsburgh (quar.)---------------G reat. N orth ern O re C ertificates____
Illin ois C e n tra l---------- --------- --------------N . Y . C h ica g o & S t. L ou is, 1st p r e f.
S econ d p referred -------- --------- --------P h ila . G erm a n tow n & N orristow n (q u .)_
U ea d ln g C om p a n y , first p r e fe r r e d ..
S ou th ern P a cific, c o m : (q u a r.) (N o . 6 ) , .
U nion P a cific, c o m m o n ( q u a r . ) . ...............
^ P r e f e r r e d ..........................................................
U tica & B la ck R i v e r .......................................

West Jersey A Sleashore.........- ...................
Street R a ilw a y s .
A m erica n R a ilw a y s (q u a r .).........................
C h ica go C ity lt y - ( q u a r .)------ --------- - —
C olu m b u s (O .) R y ; . c o m m o n <auar.)

Qalvcston-Hauston hlcc. Co., pre!. (No. 2)
G ra n d R a p id s R y .. c o m m o n (q u a r .)
K ansas C ity R y . &L ig h t, p ref. (q u a r.)
N orth ern T e x a s E le c . C o ., p re f. (N o . 5)
P h ila d elp h ia C o m p a n y , p r e f - - - - -------R o ch e ste r R y . & L ig h t, p re f. (q u a r.)_ _
Susquehann a R y . L t . & P ow er, p r e f -T r r r e H a u le T r a c tio n * L ig h t, p r e f .- W h a tco m n o .R v .& L ig h t , p ref. (N o . 9)




3

m

3

1

3
2a

1A

3H
IX

1
2A
1H

1

2X

m

51

3A
5
5

3
2

1A
2A
2
3A

.0

1A
1A
IX

$3
1

IX

3

2A

IX
2A

3
3

M ch.
M ch.
M ch.

F eb . 26
to
M ch . 1
F e b . 29
to
M ch . 1
H old ers o f rec. D e c . 20

2

April

1
1
5

Meh.

A p ril 1
M ch. 12
M ch. 20
M ch. 15
M ch. 20
M ch. 15
M ch . 2
F e b . 21
M ch . 2
to
F e b . 16
H olders o f rcc F e b . 29
M ch. 31
M ch. 22
Mch. 31
M ch. 22
M ch . 2
F e b . 16
M ch . 2
F e b . 22
M ch . 2
F e b . 22
A p ril 2
M ch . 3
M ch . 1
F e b . 15
M ch . 11
F e b . 16
M ch . 11
F e b . 16
M ch. 2
F e b . 29
M ch. 2
F eb . 18
M ch . 15
M eh. 3
M ch . 1
F e b . 21
H olders o f rcc M ch. 10
M ch. 10
to
M ch. 6
M ch . 10
M ch . 0
H olders o f rc c. M ch . 20
H olders o f rec F e b .1 8 a
rec. M eh. 3
H olders
rec M ch. 6
H olders
rec. F e b . 29
H olders
rec. F e b . 29
H olders
rec. F e b . 28
H olders
M ch. 1
to
F e b . 16
rec. F e b . 21
H olders
rcc. M ch. 4a
H olders
rcc. M ch . 13
H olders
A p ril 1
to
F eb . 29
rcc. M eh. 20
H olders
rec. April 30
H olders
to
M ch. 1
F eb . 21
to
M ch. 16
M ch. 10
M ch. 2
to
F eb . 24
to
- M ch. 18
M ch. 15
rec. F e b . 18
H olders
rc c. M ch. 28
H olders
rec. M ch. 28
H olders
rec. F e b .1 5 a
H olders
to
April 1
M ch. 12
to
M ch. 14
M ch. 15
to
F e b . 26
F eb . 25
to
M ch. 1
F eb . 10
to
M ch. 20
M ch. 13
! rec. M ch . 3
H olders
H olders o f r c c . M ch . 3
4
H olders o f r c c . AprH olders o f rec. A p ril 4
H olders o f rec. F e b . 20
to
M ch . 9
M ch. 4
M ch. 20
Mch. 11
H olders o f rec .M ch. 21a
A p ril 1
to
M ch. 16
H olders o f rec . F eb .24a
Hotders o f rec . F e b . 20
A p ril 1
to
M ch . 19
H olders o f rcc . F e b . 28
M ch . 1
to
Feb 11

2A
4

3

M eh.
M ch.
M ch.
4
April
3
M ch.
1
M ch.
2
M ch.
1
1 A M ch.
I X M eh.
I X April
I X M ch.
2 A M eh.
2 A M ch.
Associated M
erchants, com on (quar.).. I X M ch.
m
M ch.
2
B a rn ey & S m ith C ar, preferred ( q u a r . ) . .
B ord en ’ s C on densed M ilk, p re f. (q u a r.)
1A M ch.
2 A M ch.
B ro o k ly n U n ion G a s ..
------ -------Central Leather, preferred (quar.)-----I X April
C
hilds Company, com on (quar.)...
m
1A M ch .
I X M ch.
Preferred (quar.).......... .........................
April
3
C on solidated C otton D u c k ------ --------M ch.
1
C on solid a ted G as. N . Y . (q u a r .)-----2A M ch.
D ia m on d M atch ( q u a r t e r ly )..............
d u P o n t(E .I.)d e N e m o u r s P ow ., c o m . (q u )
I X M ch.
April
E a stm an K o d a k , c o m m o n ( q u a r . ) . .
2A
I A April
P referred ( q u a r . ) - - - - .............- - - - ­
Federal Mining A Sm
elling, pref. (quar.) I X M ch.
1 F eb .
G eneral A sp h a lt, p re f. (N o . 5 ) ..........
M ch.
1
G eneral C h em ica l, c o m . ( q u a r .)-----2
April
G
eneral Electric (quar.). -----G
uggenheim Exploration (quar.) (No. 21) 2A April
April
1
In tern ation al S ilver, p ref. (q u a r .)---------April
Internal. Sm
okeless Pow. A Chem com
.,
X
4
M ay
Pre/erred______________________________
2
M ch.
K in g s C o u n ty E le c . L t . & P ow er (q u a r.)
Laclede G Light, com (quar.).......... ..
as
.
I X M ch.
M ch.
3
L ord & T a y lo r , p r e f e r r e d ------ - - - ------1
April
Mackay Companies, com A pref. (quar.
.
M ch.
2
M ahoning In v e s tm e n t------ -------- - - - .
I X April
N a tion a l B iscu it, c o m m o n ( q u a r . ) , .
April
1
C om m on (o x t r a ). — - - - - - - ..............
I X F eb .
Preferred (q u a r.) (N o . 40)
------I X April
N ational E n a m . & S ta m p ., pref. (q u a r .'
I X April
N ational L ea d , c o m . (q u a r.) (N o . 1 7 ).
I X M ch.
Preferred (q u a r.) (N o . 6 5 ) . . ..............New England Cotton Yarn, com (quar.)
.
1 A M ch.
l A x M ch.
N U es-B cm en t-P on d, c o m . . ................—
1 A April
N ov a S cotia S te e l& C o a t,L td .,c o m .(q u .
April
2
P referred (q u a r t e r ly ).......... ...................
Q uaker O ats, co m m o n (q u a r .)..................
1 A A pril
A April
C om m on ( e x t r a ).........................................
1 A F eb .
Preferred (q u a r.) - - - - - - - - - - ...............
Si 50 M ch.
Q u in cy M ining (q u a r.) (N o . 4 3 ) - . . -----Railway Steel Spring, pref (quar.)..
I X M ch.
I X April
R e p u b lic Iron & S teel, p f .( q u .) (N o . 28)
Sears, Roebuck A Co., pref. (quar.)------ I X April
I X M ch.
Sloss-ShelXleld Steel & Iron , c o m . (q u .
M ch.
515
Stand ard OH (q u a r te r ly ).
----------- - ­
April
1A
U
nited Bank Note Corp., pref. (quar.).
I X M ch.
U n ited Cigar M frs., preferred (q u a r.)
U .S .C a st I .P lp e & F o u n d .,p f.(q u .)(N o 29)
I X M ch.
M ch.
3
U n ited S ta tes E n v e o lp e , p re fe rre d .
1 A April
U
nited States Leather, pref. (quar.)
A M ch.
U S . Steel C o rp ., c o m . (q u a r .) (N o . 17)
IX F eb.
P referred (q u a r .) (N o . 2 7 ) .................

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

. -

9.6 7 7 .0 0 0
11.451.000
2 5 .0 8 3 .0 0 0
1 6.721.000
10.213.000
6.7 9 8 .0 0 0

Books Closed.
Days Inclusive.

When
Per
Cent. Payable.

Name of Company.

1,952,394

2 ,5 6 3,405

2,8 0 1 ,7 3 5
12,691,513
2 0 ,9 2 9 .8 0 0
6 ,248,873
1,0 2 3 .9 1 5
203 ,249

W h eat'

C„rn

[Vol. IJC X I.
XV

T H E CHRONICLE

526

M ch.
M ay
M ch.
M ch.
M ch.
April
M ch.
M ch.
M ch.
M ch.
A pril
M ch.
April
M ch.
M ch.
M ch.
M ch.
M ch.
M ch.
M ch .
M ch.
M ch.
M ch.
M ch ..
M ch.
M ch.
April
A pril
April
M ch.
M ch.

H olders
A p ril 4
H olders
H olders
H olders
H olders
H olders
H olders
M ch. 11
M ch. 11
M ch. 1 l
H olders
H olders
Fcl>. 16
H olders
H olders
H olders
H olders
H olders

o f rec.
to
of rec.
o f rec.
of rcc.
of ree.
of rec.
o f rec.
to
to
to
o f rec.
o f rec.
to
of rcc.
o f rec.
o f rec.
of rcc.
of rcc.

F eb . 29
H olders
H olders
H olders
H olders
H olders

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

M ch .
M ch.
M ch .
M ch.
M ch.
M ch.
M ch.
M ch.
M ch.
M ch.
M ch.
M ch.

M ch. 1
M c h . 10
H olders
) H olders
H olders
2 F e b . 2C
2 H olders
2 H olders
2 H olders
1 F eb . 19
1 F e b . 21
2 H old ers

of
of
of
of
of

Feb.
M ay
Feb.
Feb.
Feb.
M eh.
Feb.
Feb.
A p ril
A p ril
A p ril
Feb.
M eh.
M ch.
Feb.
Feb.
Feb.
Feb.
Feb.

29
11
1
1
29
2
15
21
1
l
1
20
20
1
7
la
10
10
21

M ch . 16
Feb.
1
Feb. 7
Feb. 7
F e b . 20
F e b . 20
15
15
15
28

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

M eh.
M ch.
Feb.
M ch.
Feb.
M ch.
Feb.
Feb.
F eb.
Feb.
M ch .
Feb.

3
15
15
2
15
2
20
10
25
29
1
20

of

closed .

x 3%

d ecla red . 1 A %

p a y a b le M ch. 20 a n d

Auction Sales.—Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller & Son:
Stocks.
25 H o m e I n s u r a n c e C o ................ 4 3 0
8 0 B r o o k l y n C it y H R . C o -------180
10 G e r m a n E x c h a n g e B a n k - - . 5 0 0
10 I r v i n g N a t . E x c h . B a n k - - . 1 7 3
7 A M e t r o p o li t a n S u r e t y C o .
n e w s t o c k -------------- - - - - —
20
12 T h e B o t t le r s ’ M fr s . C o lle c t .
& D l s dr ________ 2 5 e a _ S 2 5 , e r s h .
t t b .C o .,5
p _____

Stocks.
10 German-American

Insur

402

9 0 C a r n e g ie T r u s t C o ------- 1 4 0 - l o 7 ^ s

Bonds.

51,000 F e d e r a l P u b li s h i n g C o . ^
5800* I n t e r - Borough Realty Co.
p r o f it - s h a r in g c ic b e n ., 520«°1 l r „ .
p a id t h e r e o n --------------------------t-n

By McVickar-Gaillard Realty Co.:
I

Stocks

M ch.
M eh.
M ch.
Feb.

of
ol
Ol

not

Stocks.

300 M e r c a n t ile N a t . B a n k
--------- 1 1 4 1300 U t a h N a t . B a n k (.Salt L a k e
100 I t a li a n - A m e r i c a n T r . C o ------- 73|
C i t y ) ............................................ .............

to
to
F eb . 27
H olders of r c c .
H olders o f rc c.

of
ol
of

a T ran sfer b o o k s
1 A% June 2 0 .

H olders o f rc c. M ch. 10
A p ril 20
M ch. 17
to
M ch. 1
F eb . 0
to

Imports and Exports for the Week.—The following are
the imports at New York for the week ending Feb. 22; also
totals since the beginning of the first week in January:
F O R E I G N IM P O R T S A T N E W Y O R K .

For the week.
D ry G o o d s -- - - - - - - ...............
G eneral M erch andise...............
T otat - - - - - .............5 ----------Since January 1.
D ry G o o d s - - - - - - - - - .............
G eneral M erch andise...............
T o t a l 8 w e e k s .......................

1908.

1907.

1906.

1905. '-’3
52,8 0 7 ,8 0 3
11,231,778

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

5 4 ,2 4 8 ,5 8 9
15.425,221

5 2 ,0 09.838
11.058,048

5 1 2 ,6 7 7 .6 5 9

5 1 9 ,673 ,81 0

513 ,967 .88 6

514 ,039 ,58 1

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

532 ,427 ,56 3
102.187,922

528 ,8 5 5 .1 7 6
8 6 ,4 0 6 ,3 1 0

$25 ,6 9 8 ,1 3 4
9 3 .1 3 5 .6 2 0

511 8,83 3,7 54
5 8S .97 5.44 3 5134,615,485 5 1 1 5,20 1.4 92

The following is a statement ui tue expuito
~
specie) from the port of New York to foreign ports for the
w e e k ending Feb. 22 and from Jan. 1 to date:
E X P O R T S FROM N EW Y O R K FO R T H E W E E K .
1908.

1907.

1900.

1905.
5 9 ,2 55,094
6 9 ,1 66,787

516 .704 ,81 3
112,717,085

511,683,861
8 6,168,109

5 1 0 ,163 ,59 2
8 9,562,720

512 9,42 1,8 98

F o r th e w e e k . . - - - - ..................
P re v io u sly r e p o r te d ..................

597 .851 ,97 0

5 9 0 .7 2 0 ,312| 578 ,4 2 1 ,8 8 1

The following taoie snows tne expuits amt uupmuo
specie at the port of New York for the week ending Feb. 22
and since Jan . 1 1908, and for the corresponding periods in
1907 and 1906:

F e b . 29 1908. |

T H E C H R O N ICLE

EXPORTS AND IMPORTS OF SPECIE AT NEW YO R K .
Exports.

Gold.

Week.

Since Jan. 1

Imports.
Week.

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

$40

40,180
South America.....................................
Total 1 9 0 8 .............................
Total 1907___________________
Total 1906....... .............. ..........

504,475
...............

South America.....................................
All othcr countries______________
” Total 1908._____ __________
Total 1907_____________
Total 1906........... ............

$3,413,212
198,815
7,540

3,744
39,898
152,920

156,548
458,065
345,457

$155,605

- .........
$40,180
15,300
625,000
$265,745
280,000

West Indies_______________ _____

Since Jan. 1

12,560
.........

$558,305
1,105.114
778,087

$11,193
24,250

Note.— In the case of the Clearing-House banks the deposits are "net” both for
the average and actual figures; In all othcr cases “ gross" deposits are shown. The
Clearing-House actual figures Included U. S. deposits amounting to $59,229,800. a
decrease of $8,722,700 from last week; averages included U. S. deposits of $59,329,­
100, a decrease of $166,200 from last week.
"Reserve on deposits" Includes, for both trust companies and State banks, not
only cash Items but amounts due from reserve agents, and in the case of trust com­
panies Includes likewise municipal bonds. State banks in New York City are re­
quired by law to carry a reserve amounting to 15% of deposits, while outside of
New York City only 10% Is required, which reserve In both eases need not be more
than one-half In cash. Trust companies in Greater New York are required to keep
a reserve of 15% , of which only 5% need be In cash and 5 % more may be in munici­
pal bonds, while In the case of the trust companies In the rest of the State the re­
quired reserve Is 10% , of which only 3% need be In cash and 3 % more may be in
municipal bonds.

The State Banking Department also furnishes the follow­
ing.report for State banks and trust companies outside of
Greater New York.
STATE BANKS AND TRUST COMPANIES OUTSIDE OF N EW Y O R K C IT Y
Week ending February 21 1908.

’ ’ ' 3*666
350
5,179,364

2,918

179.167
59,879

32,515

$672,045
384,953
374,362

Of the above imports for the week in 1908, $205,537
were American gold coin and $7,420 American silver coin.
Of the exports during the same time $40,000 were American
gold coin and $10,000 were American silver coin.

„
,
Loans.
Deposits.
Reserve.
State Banks-------------------------------------- _$78.414,400 $79,987,100 $14,554,900
„
,
— 29.300
— 4S6.800 — + 74.900
Trust Companies...................... ...................117.745.800 123,593,200 19.414.900
,
+968,400
— 345.900
— 33.900
4- Increase over last week. — Decrease from last week.

the week are now given.
We omit two ciphers (00) In all cases.
Capital.

Surplus.

Loans.
Average.

$
$
$
Bank of N. Y . .
2,000,0
3,278,8
20,332,0
Manhattan Co.
2,050.0
3,2.36,(
23,570,0
Merchants’ ____
2.000.C
1,672,?
18,621,0
Mechanics’ . . .
3,000,(
3,750,1
24,804,0
Am erica______
1.500.C
4,631,1
25,010,7
Ph enix......... ..
1.000.C
524,.';
7,347,0
C ity.................... 25,000,C 24,282,1 173,104,2
Chemical...........
3.000.C
5,708,7
33,343,0
Merchants’ E x.
600,0
555.S
5,984,5
Gallatin..............
1,000,0
2,423,1
10,055,1
300,0
Butch. & Drov.
148,9
1,859,0
723,2
500,0
Greenwich____
4,929,0
5,000,0
4,858,4
Amer. E x c h ...
32,666.2
Commerce_____ 25.000,0 15,287,4 149,780,2
Mercantile____
3,000,0
2,384,1
8,601,5
Pacific .............
500,0
823,4
3,087,5
Chatham--------450,0
1,055,3
5,381,7
People's...........
200,0
470,4
1,732,5
Hanover...........
3,000,0
9,022,6
00,294,8
Citizens’ Cent..
2,550,0
1,216,4
19,771,6
N assau_______
500,0
364,9
4,084.3
Market & Fult’n
1,000,0
1,581,7
7,694,0
Metropolitan . .
2,000,0
1,033,2
10,150,0
Corn Exchange.
3,000,0
5,069,5
40.010.0
Imp. & Traders’
1,500,0
7,428,6
26,313,5
P a rk __________
3,000,0
9,337,5
68,043,0
East River____
250,0
125,0
1,262,8
Fourth_______
3,000,0
3.370.4
21,727,0
Second .............
1,000,0
1,636,0
10,117,0
F irst....... .......... 10,000,0 19,533,9 113.291,0
Irving Nat. E x.
2,000,0
1,234,3
10,468,8
Bowery_______
250,0
785,0
2,751,0
N. Y . County..
500,0
7,141,6
1,113,7
Gcrman-Amer .
750,0
626,0
3,637,7
Chase..................
5,000,0
5,252,9
70,040,0
Fifth Avenue..
1,924,1
100,0
12,124,5
German E xch..
200,0
879,4
3,717,5
( iermanla_____
200,0
966,9
5,185,0
Lincoln_______
1,000,0
1,131,2
13,372,9
Garfield........... ..
1,000,0
1,389,8
5,888,9
431,2
F ifth ..................
250,0
2,944,0
Metropolis____
1,000,0
1,743,9
10,390,0
West Side.........
200,0
705,7
3,865,0
1,000.0
Seaboard______
1,533,1
18,057,0
1,000,0
Liberty .............
2,424,7
14,239,4
1,000,0
N. Y . Prod. Ex.
040,3
5,211,7
State _________
1,000,0
858,6
11,034,0
14th Street____
1,000,0
377,4
3,726.0

Specie.
Legals.
Average. Average

Deposits.
Average.

$
$
$
4,339,0
783,0
19,471,0
9,360,0 1.506,0
30,300,0
3,836,C 1,465,0
19,291,0
5,384,C 1,611,0
25,769,0
4,652.? 2,045.1
26,514,2
1.614.C
74,0
6,182,0
54,165,7 2,961,0 171,338,0
6,928,6 1,897,9
34,130,2
1.517.C
282,9
6,309,1
1,727,6
538,9
8,452,5
413,4
83,0
1,905,4
1,229,2
400,0
5,443,1
4,083,7 1,373,3
25,161,7
23,479,1 10,663,2 130,711,2
1,141,1
241,1
4,258,9
749,9
368,2
3,122,4
733,4
758,4
5,341,1
614,5
43,1
2,066,4
12,932,9 6,978,9
71,125,6
4,718.4
321,5
18,910,0
241,2
810,8
4,222,5
634,4
1,729,5
8,105,6
2,105,4
169,7
9,752,2
8,645,0 4,083,0
47,657,0
5,242,0 1,405,0
24,326,0
19,022,0 2,889,0
77,307,0
343,4
143,1
1,530,2
5,088,0 1,503,0
23,133,0
2,220,0
441,0
10,424,0
24,260,0
961,7 100,556,0
2,465,1 1,607,1
15,860,5
746,0
96,0
3,460,0
1,224,6
612,3
7,136,9
692,2
172,1
3,412.6
17,548,3 2,053,5
74,718,5
2,570.4 1,259,4
13,755,6
240,0
775,0
4,287,6
997,7
457,7
6,014,3
2,489,7 1,016,6
14,042,2
1,891,5
234,2
6,272,3
650,7
303,1
3,297,4
1,060,3 1,684,5
10.315,0
853,0
287,0
4,341,0
4,822,0
905,0
21,890,0
2,534,0
733,3
12,657,9
1,839,8
221,4
6,380,9
2,346,0
166,0
11,935,0
646.2
280,7
3,697,4

Totals, average. 124,350,0 159,561,1 1143,969,7 258,374,8 60,666,6 1146,291.4
Actual figures t his mornl ng--------- 1153,855,5 261,431,5 61,896,3 1161,023,2
On the basis of averages "circulation” amounted to $60,187,700 andlUnitcd States
deposits (included In deposits), $59,329,100; actual figures Feb. 21, circulation
$65,008,300; United States deposits, $59,229,800.

The statements compiled by the State Banking Depart­
ment, together with the totals for the Clearing-house banks,
both the averages for the week and the actual figures at the
end of the week, are shown in the following table. In the
figures for State banks and trust companies all of these insti­
tutions in Greater New York are included.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending February 21 1908Loans and
Reserve on P.C.
00s omitted.
Investments.
Legals.
Specie.
Deposits.
Deposits. ofReV
$
$
$
serve.
Clearing-House
Banks— Actual. 1,153,855,5 261,431,5 61,896,3 1,161,023,2 323,327,8 27.84
+20,768,9 + 8,807,8 — 1,303,4
+ 27,698,6 + 7,504,4
Clearing-House
Banks— Avgc . 1,143,969,7 258,374,8 60,666,6 1,146,291,4 319,041,4 27.83
+8,721,5 + 4.950,6
+ 163,3
+ 13,982,3 + 5,113,9
State Banks—
Average........... 248,734,8
42,960,6 a20,245,3
277,878,0
75,638,4 27.9
+ 1.985,9 — 3,518,3
+ 608,7
— 708.1 — 2,041,4
Trust Companies
— Average____ 696,441,0
37,799,2 05.775,4
648,399,0 164,018,6 25.7
— 2,360,1 + 1,014,4
+ 49,0
— 2.509,1
+ 128,1
tate Banks and
Trust Cos.— not
in Clear.-IIousc. 770,931,9
41,578,8 al0,750,2
6729,547,1 183,454,1 25.6
— 2,920,4 + 1.061,0
+ 191,7
— 2.049.4 + 1,011.1
+ Increase over last week. — Decrease from last week.
a Includes bank notes, b After eliminating the Item "Due from reserve deposli°,r . S I I othcr banks and trust companies In New York City,” deposits amount to
. A 1<
$019,674,000. a decrease of $658,900 from last week’s figures.




Res
18.8

15.9

Reports of Non-Member Banks.—The following is the
statement of condition of the non-member banks for the
week ending Feb. 2 1, based on average daily results:
We omit two ciphers (00) In all cases.

Bank.

Banks.
00s omitted.

527

Capi­
tal.

N. Y. City.
Boroughs o1
Man.&Brx.
$
Wash. Hgts
100,0
Century . . .
200,0
Colonial . . .
100,0
Co umbia. .
300,0
| Fidelity . . .
200,0
Jefferson...
500,0
Mt. Morris.
250.0
Mutual____
200,0
19th Ward.
300,0
P la za .........
100,0
23rd Ward.
100,0
Union Exch
750,0
Yorkvllle . .
100,0
Coal&I.Nat.
500,0
New Neth. .
200,0
Bat.Pk. Nat 200,0
Borough of
Brooklyn.
Broadway .
150,0
Mfrs.' Nat.
252,0
Mechanics’ 1,000,0
Nassau Nat.
750,0
Nat. C ity..
300,0
Jersey City.
First N a t..
400,0
Hud.Co.Nat
250.0
Th rd N a t..
200,0
Hoboken.
First N a t..
220,0
Second Nat.
125,0

Loans,
Dlsc’ls
and
Specie.
Invest­
ments.

Sur­
plus.

Legal
and
Bank
Notes.

Deposit with
Clear­
ing
Agent.

Other
Net
Banks, Deposits.
Ac.

$
181,5
144,6
474,1
492,8
157,5
700,7
225,1
305,2
471,3
376,4
179,4
897,8
402,0
649,5
209,4
131,8

$
855,0
1,204,0
3,234,9
4,6SS,0
951,7
3,322,7
2,091,1
2,728,4
3,919,3
3,360.0
1,470.9
5,556.0
3,219.2
3,925.0
1,285 0
860,2

$
16,0
17,0
378,8
373,0
51.1
37,8
203,1
21,4
59,6
227,0
167,9
447,6
40,5
516,0
93,0
78,9

$
48,0
85,0
165,0
320,0
25,6
197,2
26,4
292.0
390,0
143,0
67,1
250,0
511,2
189,0
11,0
39,7

$
97,0
87,8
504,6
600.0
76,7
59,1
491,0
607,1
05,0
538,0
238,5
568,7
251,3
530,0
219.0
44,9

382,1
758,5
860,0
937,8
629,3

2.269,6
5,240,3
9,467,3
5,451,0
3,089,0

56,2
615,3
237,4
290,0
127,0

427,1
163,1
657,8
576,0
605,0

319,3
782,8
657,5
1,381.0
1,436,0

105,3 2,851,1
66,1 5,776,1
106,9 10,074,3
5,826,0
165,0 5,015.0

1,194,5
730,2
345,5

4.190,1
2,212,8
1.751,1

181,7
95,7
58,9

328,3
47,8
103,9

3,525,7
159,5
5S3.1

445,0
216,3
24,6

7.083,4
1,850,1
2,129,5

603,9
192,5

2,186,0
1,711,5

115,1
65,6

9,4
52,5

160,9
73,8

38,6
157,2

1,785,6
1,736,2

$
232,2
534,8
115,2
52.8
4,9
608,1

35,6

$
756,0
1,458,6
4,224,9
5,423,0
872,7
2,834,4
2.780,7
3,216,4
4,583,0
3.795,0
1,776,8
5,285,5
3,926,5
3,846,0
1,140,0
670,9

Tot. Feb. 21 7,747,0 12,633,4 80,240,7 4,631,6 5,731,1 14,064,3 2,908,0 90,717,7
Tot. Feb. 15 7,747.0 12,633,4 80,399,5 4,479,6 5,733,0 12,0S0,S 3,128,1 88,909,2
Tot. Feb. 8 7,747.0 12,633,4 80,184,3 4,245,3 5,403,3 12,494,1 2,929,1 88,770,5

New

York

City, Boston and

Philadelphia

Banks.—

Below is a summary of the weekly totals of the Clearing­
House banks of New York City, Boston and Philadelphia.
The New York figures do not include results for non-member
banks.
We omit two ciphers In all these figures.

Banks.

Capital
and
Surplus.

Loans.

Specie.

Legals. Deposits, a

Circu­

Clearings.

la t io n .

New York
1
$
S
$
Jan. 2 5 .. 292,496,9 1135,569,7 250,242,7 68,613.8
Feb. 1 . . 292,496,9 1133,786,1 258.139,6 67,012.5
Feb. 8 . . 283.911.1 1139,755.7 254,081,3 60,097,0
Feb. 1 5 .. 283,911,1 1135.248,2 253,424,2 60,503.3
r CD . 2 1 . . 283.911,1 1143.969,7 258,374.8 60,666,6
Boston.
Feb. 1 . . 44,036.0 189,100,0 21,804,0 3,205,0
Feb. 8__ 14.036,0 191,262,0 20,841,0 2,954.0
Feb- 1 5 .. 44,036,0 191,527.0 20,252,0 3,007,0
FCD.2 1 .. 44,036.0 190,465,0 20,055,0 2.903,0
Philn
Feb. i — 54,440,0 220,125,0
52,940.0
Feb. 8 . . 54,440,0 219,557,0
54,183,0
Feb. 1 5 .. 54,440.0 219,001,0
55,422,0
Feb. 2 1 .. 54,440,0 217,078,0
57,836,0

$
1127,168,0
1138,501,5
1137,384,5
1132,309,1
1146,291,4

$
70.053.3
69,263,7
67.391,5
66,723,5
65,187.7

$
1,548,455,9
1.340,131,4
1.304,320,9
1,092,677,8
1,028,157,8

209,605.0
210,191,0
208,024,0
205,795,0

10,732,0
10,808,0
10,810,0
10,826,0

131.649,8
138,458.0
127,850,4
107,818,5

235,732,0
234,276,0
236,353,0
237,778,0

18,019,0
17.992,0
17,971,0
17,965,0

108,777,8
113,347,6
95,815,3
85,071,7

a Including Government deposits, and for Boston and Philadelphia the item “ due
to other banks.” At New York Government deposits amounted to $59,329,100 on
Feb. 21 against $59,495,300 on Feb. 15; at Boston to $6,434,000 on Feb. 21, against
$6,422,000 on Feb. 15.

gmtMug ami IfimiucmI.
„ VVc shall be pleased to mail to institutions and investors copies
of our Bond Circular entitled “ INVESTM ENT O PP O R TU N I­
T IE S ,” in which we review past events and existing conditions
in the financial and business worlds.

S e c r Trask & C
pne
o.
W IL L IA M A N D PIN E ST S..
NEW YORK
Branch Offices: Chicago, III., and Albany. N. Y .

M

o

f

f

Members

5 NASSAU S T B S E T .

a

t

New

&
York

w
Stock

h i t e
Exchange.

H A N O V E R B A N K B U IL D IN 1

D E A L E R S IN IN V ESTM E N T SE CU R IT IES
Commission Orders Executed for dash Only

TH E CHRONICLE

528
& L * n I u 't V

{fy< x% c t v c .

W all Street, F rid a y Night, F eb . 28 1908.
The Money Market and Financial Situation.—A result
which has been foreshadowed for some time past, and to
which affairs in and out of Wall Street have contributed, has
been the most prominent characteristic of the security mar­
kets throughout the week. We refer to the limited volume
of business at the Stock Exchange, which is the smallest
for the season in recent years and is paralleled only by the
low record of a dull midsummer period. The transactions
in stocks on Wednesday aggregated less than 216,000 shares,
and for the entire week have averaged only a little over 270,­
000, as against over 1,100,000 shares for the corresponding
week last year and a trifle less than 1,000,000 in 1906. The
bond market has been relatively more active, chiefly, if not
wholly , because a few issues have, for special reasons, been in
demand or pressed for sale. Other evidences of the depres­
sion which has overtaken industrial affairs are seen in the
accumulation of idle money at all the principal financial
centres at home and abroad, and the passing of another rail­
way system into the hands of a receiver.
At the same time, there is reported to be a little better
demand for iron and steel products, especially for steel rails
and although this has been favorably commented on in some
quarters, it probably signifies nothing more than that an
effort is being made to keep the railroads in condition to
handle what business is offered.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from lj^ % to 2% . To-day’s rates on call were 1% @ 2 % .
Prime commercial paper quoted at 43^@5% for 60 to 90-day
endorsements and 53^@6% for best single names.
The Bank of England’s weekly statement on Thursday
showed an increase in bullion of £579,585, and the per­
cent of reserve to liabilities was 49.13, against 53.45 lastweek.
The discount rate remains at 4% , as fixed Jan. 23. The
Bank of France shows an increase of 6,550,000 francs gold
and 2,675,000 francs silver.
NEW YO R K CITY CLEARING HOUSE B A N K S.
1908.
Averages Jor
week ending
Feb. 21.

Differences
from
■previous week.

1907.
Averages lor
week ending
Feb. 23.

1906.
Averages lor
week ending
Feb. 24.

$
5
$
5
126.150.000 110,472,700
124,350.000
Capital........... ................
155,799,500
159,501,100
144.961,100
Surplus............................
Loans and discounts... 1,143,969,700 Inc. 8,721,500 1,083,460,400 1,049,301,800
60.187,700 Dec.
53,004,500
535,800
50.787.200
Circulation......................
Net deposits__________ 1,146,291,400 Inc. 13,982,300 1,045.021,700 1,042,298,700
14,356.600
59,329.100 Dec.
100,200
U. S. dep.(inel. above).
8,540,600
190,145.800 185.637.200
258,374,800 Inc. 4,950,600
S p ecie..... .......................
75.419,200
60,666.600 Inc.
103,300
Legal tenders_________
80.063.200
Reserve held___
25% of deposits.
Surplus reserve.........
Surplus excluding U.3
deposits......................

5,113.900
3.495,575

265.565.000
261,255,425

265,700,400
260,574,657

32,468,550 Inc.

1,618,325

4,309,575

5,125,725

47,300,825 Inc.

1,576,775

7,898.725

Foreign Exchange.—The market was active and higher
until Tuesday afternoon, when there was a recession in rates
due to liberal offerings of bills, and the tone was generally
heavy thereafter; the close was steady.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 843dj for sixty day and 4 88 for sight. To-day’s (Fri­
day’s) actual rates for sterling exchange were 4 8360@4 8370
for long, 4 8660@4 8670 for short and 4 8710@>4 8720 foxcables. Commercial on banks 4 8 3 15@ 4 8325 and docu­
ments for payment 4 8 2 ^ @ 4 83% . Cotton for payment
4 82%@ 4 82%» cotton for acceptance 4 8 3 15@4 8325 and
grain for payment 4 83%@ 4 83% .
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 19 % @ 5 18% a for long and 5 17% d@ 5 17 % for
short. Germany bankers’ marks were 94 7-16@ 94% foxlong and 95 l-16d@ 95 1-16 for short. Amsterdam bankers’
guilders were 40 20@40 22 for short.
Exchange at Paris on London to-day 25 fr. 19% c.; week’s
range 25 fr. 22c. high and 25 fr. 19% c. low.
The week's range for exchange rates follows:
--------------LongSterllno Actual—
High______ 4 8360
©
4 8370
Low ........... 48840
©
4 8350
Paris Bankers' Francs—
High........... 5 19%
©
5 18Ha
Low ........... 5 20a
©
5 20
Germany Bankers' Marks—
High...........
94 7-10 ©
04%
L o w ...........
94 %
© 94%
Amsterdam Bankers' Guilders—
High...........
.................................
Low ...........
....... .........................
a 1-10 of 1 % .
k 1-10 of 1 % .

State and Railroad Bonds. -Sales of State bonds at the
Board are limited to 86,000 Virginia 6s deferred trust re­
ceipts at 24 to 24%.
A few bond issues have been active this week, but aside
from these the market has been exceptionally dull and price
movements without significance. The active features have
been New York City 4%s, Interboro-Metropolitan 4%s and
the Mexican Central issues. The former were irregular,
selling down a point and recovei-ing later to a fraction above
last week’s closing price. Interboro-Metropolitans steadily
advanced during the early part of the week to 57% , a gain
of nearly 5 points, about half of which has been lost. The
Mexican Central issues advanced an average of about 2
points on the prospect of consolidation with other systems
under Government control. Some of the Rock Island issues
have been notably strong.
United States Bonds.—Sales of Government bonds at the
Board, 811,200 3s, coup., 1908-18 at 10 1% to 10 1% and
85,000 4s coup., 1925, at 122% . Followiixg are the daily
closing quotations; for yearly range see third page follow ing.'
Interest
Periods
2s,
2s,
3s,
3s,
3s.
4s,
4s,
2s,

1930
........... registered
1930___ ............... coupon
1908-18- ........... registered
.coupon
1908-18 .
_
190S-18. _ small coupon
1925 - , . - _____ registered
1925. . . ............... coupon
1936.Panama Canal regls

Feb.

22

Feb.
24

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

H
O
L
I
D
A
Y

* 10 1
* 10 1
10 1%
*12 1
* 12 1

------------- Short—

14 8085
14 8000

© 4 8690
@ 4 8670

1 17 %d
5
1 17%u
5

----- Cables------------

© 5 17%
© 5 17%<f

14 8720
14 8710

95 l-16d@
95
©

95 1-16 |
95*
I

40 20
40%

© 4 8725
© 4 8715

40 22
40 3-10

d 1-32 of 1% .
* 1-32 of 1% .

It 3-32 of 1 % .
y 3-32 of 1% .

The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah,
buying, 50c. per 81,000 discount; selling, 75c. per 81,000
premium. Charleston, selling, 81 per 81,000 premium.
New Orleans, bank, 25c. per 81,000 discount; commercial,
50c.per 81,000 discount. Chicago, 10c.per 81,000 premium.
St. Louis, 60 (31 70c. per 81,000 premium. San Francisco,
81 75 per 81,000 premium.




♦105
♦105

Feb.
25
*105
*105

Feb.
26

Feb.
27

Ml).'.
*105

Feb.
28

*105
*105

+ 105 >4
* 101^4
*10 1%
* 100 %
* 12 2 *%
12 2 %
*103% *103% *103% *103%. *103%

* 10 1
* 10 1
* 100 %
* 12 1%
* 12 1%

* 10 1
* 10 1
* 100 %
* 12 1%
*12 1%

* 10 1
10 1%
* 100 %
*12 1%
* 12 1%

* Tills Is the price bid at the morning board: no sale was made.

Railroad and Miscellaneous Stocks.—The most note­
worthy featui-e of the stock market this week has been, as
noted above, the small amount of business transacted. At
the same time prices have, in most cases, fluctuated within a
narrow range, and there has’ been practically no change in
the tone or general tendency of the market from day to day.
Of a list of 25 active stocks, 13 close higher and 10 lower
than last week.
Among the exceptions is Delaware & Hudson, which de­
clined 4 points on the announcement of an action to pre­
vent the payment of a dividend, and recovered a lai-ge part
of the decline. Missouri Pacific has covered a range- of
nearly 3 points and St. Paul, Great Northern, Canadian
Pacific and Southern Pacific have boen relatively strong—
St. Paul advancing over 2 points to-day.
The copper shares have been strong on reports of a large
reduction in the supply of metal on hand. General Electric
is a point higher than at the close last week, and Sugar Re­
fining nearly 2 points. National Lead was a strong feature
in to-day’s market and closes with a net gain for the week of
almost 4 points.
F o r daily volume of business see page 538.
The following sales have occurred this week of shares not

7,260,875

319,041,400 Inc.
286,572,850 Inc.

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

Less:
Plus:

[VOL. LXXXVI.

r e p r e s e n t e d in o u i • d e t a il e d lis t o n t h e p a g e s w h i c h fo llo w
.
STOCKS.
Week ending Feb. 28.

Sales
Jor
Week.

Range Jor Week.
Lowest.

Highest.

j

Range since Jan.
Lowest.

Alice Mining............. ..
300 $ 1 % Feb 24 $ 2 % Feb 27 51%
4%
Fei> 27
Am Steel Found tr rets,.
920 5% Feb 24 6
Preferred trust rets... 1,300 28% Feb 24 30% Feb 28 27%
Bethlehem Steel Corp . .
200 13% Feb 25 13% Feb 24 12
Can Pacific subscription
Feb 27 130
rets, 1 st install paid..
90 137
Feb 25 133
6
Feb 27
Chic un Trac pref tr rets
100 6
Feb 27 6
Comstock Tunnel........... 2.700 25e. Feb 27 27c. Feb 27 2 1 c.
100 5% Feb 25 5% Feb 25 5%
DCs Moines & Ft Dodge.
lx tit ral Sugar Ref, pref.
900 84% Feb 27 80% Feb 28 73%
Gt Northern subscription
receipts, 90% p a id ...
100 117% Feb 28 117% Feb 28 114
Feb 27 90
1 90
Illlnols Cent leased llnes.
Feb 27 90
100 51% Fell 24 $ 1 % Feb 24 $ 1 %
Irnn Sliver........................
Feb 24 30
100 30
Feb 24 30
New Central Coal _____
Feb 25
Utah Copper rights......... 15,750
U
pc02,| *
*
1

1.

Highest.

Fel; 53%
Feb 6
Fet 30%
Jan 16 "

Jan
Feb
Feb
Jan

Feb 138
Feb 10
Jan 30c.
Feb 5%
Feb 86 %

Feb
Jan
Jan
Feb
Feb

Feb
Feb
Feb
Feb
Fel

Jan
Feb
Feb
Feb
Feb

123%
90
$1 %
30
%

Outside Market.— What little interest has appeared in
the market for unlisted securities this week has been mainly
in the copper stocks, and even among these only a few show
any material change in price. Trading has been of the same
dull character as for some time past. Butte Coalition was
the conspicuous feature, recording an advance from 17%
to 2 1% , with a recession towards the close to 20. The final
transaction to-day was at 20%. Boston Consolidated Cop­
per from 15 sold down to 14 % , recovered to 15 and ends the
week at 14% . Cumberland-Ely moved off from 7% to 7%
but rose finally to 7% . Greene Cananea after a fractional
decline to 7% moved up to 8% and closes to-day at 8%.
Nevada Consolidated Copper declined from 9% to 9, rose to
9% and ends the week at the high figure. Nevada-Utah
advanced from 4 to 4% , dropped to 3% , the final quotation
showing a recovery to 4% . Trinity continues to advance, a
gain of 2% points to 15 % being recorded this week. United
Copper common sold down from 6% to 5% and up to 6.
Goldfield Consolidated was traded in between 4 11-16 and 5,
and Nipissing between 6% and 6%. The situation in the
industrial department continues of the same dull and
monotonous character. Amei-ican Tobacco lost 5 points to
240. Bay State Gas moved up from 15-16 to 1 3-16.
Standard Oil rose from 485 to 489, fell to 482, and closed
to-day at 482%. Chicago Subway sold up from 16 to 16%
and on Thursday jumped to 17 % , with sales reported to-day
at this figure. Consolidated Steamship 4s went down from
9% to 9% and up to 10.
Outside quotations will be found on page 538.

New York Stock Exchange— Stock Fecord, Daily, Weekly and Yearly
O flO U I'V I M .STOCK* — ilW H EST AND LOWEST SALE J>H1CES
Saturday
Feb. 22

Monday
Feb. 2 4

Tuesday
Feb. 2 5

Wednesday
Feb. 2 6

Thursday
Feb. 27

Friday
Feb. 28

0 7 % 68%
6 7 % CSV)
683., 69%.
6 8 % 687)5
68
68%
84-Tg 8 4 % *8 31 " 841" * 8 3 %
8378 837,,
84*2 *8334 841:
62
04
62%
0 2 % 0 3%
61
0°.
5934 6 0
60
773.) 7 8%
70%
793.1
78% 7834
7!>
79
7834 79%
82
81
♦SO
*81
81
83
80
80
*80
S3
307g 4 0%
40
4 1%
3 9 % 401,s
403,
401"
4 0%
40
* ___
*_____
* ___
*
65
05
05
65
65
1123.) 143
♦ 14::
1441" 1421"
1 43
1441" 1443.)
143 % 143%
*54
•
4
(51
*56
00
00
170
170
1 6 2 % 1 62 % * 1 6 0
1 80
1 75
180
*160
*160
2 63 ) 2 0 % * 2 6 ! " 2 7 %
2 73,
2G\s 2 6 %
273ft
27
12
*10
*10
11
*10
12
12
*10
*10
11
*_
_
49
*_ .
49
49
49
*_ - - 4 9 *
:tt2
3%
33j
334
Ah
3%
33,
3%
33j
3*8
___ §3 S
*38
38
38
38
*38
*38
*15% 20
*1512 2 0
10
16
*15% 20
* 1 6 % 20"
51 o
51 0
51"
534
5%
510
5%
*5
6
6%
108 % 109%
107% 108%
107 % 108-34 10884 1093) 109% 110%

140
1001.)
U27
14:0"
*|S')
* u :j
* 140
*lo
*10

140
1001.)
131
1431"
195
120
150
2
15

*138
*98
129.%
142
*180
114
*140
*%

141
100
129%
1431"
195
115

*10

15

49
*87
221
4
51%
540
1407a
*455
10
4.1
*33

49
93
2238
513)
40
1471.1
500
103)
43
3(5

*48%

50

22
513.1
*40
144
*465
16
*43

*0
7
7
*121" 131" *121"
121"
13
131)
*201.) 273)
20%
191" 191" *18%
*(55
80
90
*75
, *75
118 1191., 1171"
52
52
50%
<

*

0
to

K
«
<
P
&

o
H

w
<
k

10

*05
05
*08
*123
0*8
519
*10
*27

*00

*18
*401"
*12
*35

*20

10

24 *
95
*05
05
*63
75
*08
123
1‘ 0
2
0’s *03j
19
*1734
*10
11
30
*27
65
*GO
20
18
48% *46%
14
*12
40
*35
32
*20
91
89%
125 *121
15
15
17%
17
21%
21%
05
*60
94
93%
130 *
181"
17%
49
47%
32l.«
301.1
*99

0

140 *139% 142
103 *100 103
129% 129% 129%
145
143 143
195
*113 120 *113 120
150
2
“ iu
2
15
*10
*10
15

*139 141
140
99% 99% *90
*120 130
1291"
*141 143 *141
*113

120

~ *lo
*10

2
15

493.1 49-3.) § 49% 49% *48%

213.) 22%
22%
22% 223|
5134
51% 51%
5134 5134
40
40
42
*40
42
147') 145 146% 145% 147
♦ 17-1 500
500 *490 610
15% 16%
>
] 5% 15%
16
*421o • 5
427g 42
1
44
*30
33
*6
7
*0
7
7
12 % 133.1
13% * 12 %
12 % 13
.
13
13
13%
27
203.) * 20 % 27lo 27
§|9
19
*10
20
20
80
S
O
80
*05
90
90
90
1 IS
118 118% 118 no
503) 511"
50%
51% 61%

21*4
51%
40
147%>
*471
*15%
42%
*31
*6
*12%
13
253)
*181"
*05
*75
118%
*501"

24 *
95
*65
*63,
69
*08
75
123 *123
7
7-%
183.)
19
10
11
30
*27
*00
75
18
IS
481" *401"
*12
14
*35
40
*26
32
89*fy 8934
126 *120
*16
15
173.)
18%
21%
2H"
*00
05
94
03%
130
177g
18%
4.81"
401"
20%
31%
105 5102%
*47

24
80
70
75
125
71"
201"
11
28
65
21
50
14

*

30
90
124
10
181"
22
65
95%
130
18
46%
31%
103
7)0

49%
92
23
51%
40%
1473)
500
16
43

TW O

Sales tit
the
Week
Shares
1 0 .GOO
3 25
1 ,3 0 0
5 ,0 8 0
790
1 4,9 25

______
726
8 20
7 00

______
2 ,3 0 0
2 00
100
0 06
2 6 ,6 6 0

1M !RS
Hangc Since J an. 1 1 9 0 8 .
On basis ol 1 0 0 -share lots

STOCKS
N E W Y O R K .S T O C K
EXCH AN G E

Lowest
R a ilr o a d s
A tch T o p e k a A S a n ta F e
-ti.
Do
p r e f _______________
A t l a n t i c C o tis t L in e R R . .
I J a l t l m o r c A O h i o ________
Do
p r e f _______________
B r o o k ly n R a p id T r a n s it,
B u f T a lo < c S u s q u e , p r e f . .
5
/ ’ 'C a n a d ia n P a c i f i c __________
55
F eb 4
C e n t r a l o f N e w J e r s e y ____
C h e s a p e a k e A O h i o ______
C h i c a g o & A l t o n R R _____
D o p r e f . . ................................
C h ica g o G re a t W e s t e r n .,
Do 4%
d e b e n t u r e s ___
D o 5 85 p r e f " A ” ____
D o 4 * o p r e f “ B " _____
’
C h i c a g o M llw A S t P a u l , .

n
o

119
52

Do pref___________ . .
120 Clevc Cln Chle A St L _ .
3,990 Colorado A Southern___
SOS
Do 1st prefeired_____
800
Do 2d preferred_____
0,800 UAelaware A H u d s o n ...
1 Delaware Lack A W est.
1,501 Denver A Rio Grande___
1,180
Do pref................. ..
100 Detroit 1 tilled_____
100 Duluth So Shore A Atlan
200
Do pref ____ ________
5,200 U r l e -------- _ ..............
1,169 Ej
Do 1st pref______
12S
Do 2d p r e f ______
Evansville A Terre Haute
Do p r e f. ___________
9.500 Great Northern pref___
S85
Iron Ore properties..

121
105
79
*30
*80
112
*30
*80
O '.s
.V
*80
*77
11%
22^2
*•10
*20
*u

34%
*791"
1157
s
*si

122%
1051"
82%
100
85
11234
651"
95
071"
85
81
12
23
50
22
12
27
G8-\
lU87j
10
32
15 %
201?
12°8
143)
343j
813.)
117%
83

Bid

Ask

Of %
108-%
10
*30
15'.)
181"
*9'.)

14-74

120% 121% 1197g 121
105% 105% 104% 105
823) 823) *821" 84
*85 100
100
*85
*80
85
85
*80
1113) 112% 111% 112«f
05%
*00
05% *00
*80
95
*80
95
9134 90%
94% 951"
*80
*80
88
SS
81
81
*77
*77
107S 11%
11% U%
213, 22%
21% 21",
*40
50
50
*45
21
21
*20
21
1 1 % M% *0
11%
*25
27% *2518 27B
*
07% 681]
67*4 08%
1081" 1081" 5109 109
934 10
*934 10
*30% 32
291" 31
§10% 101" *10
161*
21
21
21
21
9%
9%
0% *9
*14
15
*14
143,
3412 3412
34% 341"
* 79% 8 l-i.i *79’ " 813.,
115% 11034 i l l 3% 11 11"
*K()
Kilo *781" 81
BANKS

Bid

121
1047a
*813.1
♦SO
♦so
112
*60
*80
917,S
*80
781"
*11%
21%.
*45
*21
*25%
68%
*1081"
07S
29
14%
20
*91 1
14%
34%
*80
113%
S
O

AND

1217s 121%
1047. 105%
82183%
*8.0
100
85
*80
II234 112%
65%. *60
95
*80
96%
05!"
580
88
781" *77
11111%
2)1-> 24 ‘g
7,0
*45
22
21%
Dio *10
27% *25%
68%
O ?
flty
1091" + 108%
10
10
3•-' 1 30
*
15% *141"
203)
20%
91"
*0%
141"
11%
34%
34%
813, *80%
111% 11334
80
*781-

TRUST

1223.|
106
821"
100
85
112%
651*
95
00 %
80
80
11%
221"
50
22

12

28
69
____
10
30
16
203.1
91"
14%
34%
813.)
114%
807*

F e b 17

_______
3%
38
15%
5

F eb 8
F e b 26
F e b 15
F e b 11

2
3
3
2

Lemest
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N on

108%
1 01 %
133 %
122
94%
83%
85-%
195%

144
ir2 3 %
8%
................... I 4 8
67s
8% J a n
3 3
49% J a n
4
46
21
31
Jan
6
10 J a n
6
8%

N ov
N ov
N ov
S ep
N ov
D ec
D ec
D ec

220 ;J a n
56
Jan
27% J a n
69
Jan
18
Jan
79
F eb
713. F e b
26% J a n

93%
130
"85
111
126

Nov
Nov
Nov
Oct
Oct

157% Jan
165% Jan
141 Jan
149 Jan
205 Jan

106

Oct

170

Jan
Jan
Jan
Jan
Jan
Jan

18
20
18
14
21
29

158 % J a n

11

183 J a n 13
32®.i J a n 15
1 4% J a n 14

1177$ Jan
145 Jan
109% .Tim
136 Jan
152% Jan

is
11
20

20

113-% Feb 10 arl25%Jan 18
48% Jan 2
553-Jan 15
13% Jan 23

100 Hocking Valley tr reets..
400 Illinois C e n tr a l-.. . . .
4,120 Enterboro-Metropolttan .
1,600
Do pref_______ _ . .
72f Iowa Central.....................
Do p r e f........... .
. .
200
IT- C Ft S A M . tr els prel
700 * V ansns City Southern- .
Do pref____________
200
100 T ake Erie A Western___

55,87; Northern Pacific.................
3,210
Do suhscrlp reets_____
1,106 I )ac!lio Coast Co______ _
*Do 1st pref ________
Do 2d p re f.. . . . . . .
33,150 Pennsylvania . _________
Plttsb Cln Chic A St 1___
I)o pref_____________
317,730 IJc.adlm r.......................... ..
70 R
1st pref............ ...........
200
2d p r e f .......... ...........
2,120 Rock Island Com pany_
_
4,720
Do pref.
... .
. .
_ _____ St 1, A San Fr. 1st pref..
900
Do 2 d pref___ . . . . .
100 Si Louis Southwestern___
______
Do pref. . . .
13,800 Southern Pacific C o ..
280
Do pref_________ .
1,000 Southern v tr cfs stamped
2,200
Do pref
do
8,215 fj'ex a s A Pacific____
1,200 A hlrd Avenue (X Y)
200 Toledo Railways A Light
500 Toledo St L A W estern ._
700
Do pref_______________
Twin City Rapid Transit.
196,100 IT n lon Pacific___________
200 AJ
Do pref.......... ..

C O M P A N IE S — B R O K E R S ’

Jan
Feb
70 .Ian
122% Feb
03.) Jan
17% Feb
10 Feb
27% Feb
597$ Feb
18 Feb
46 Feb
12 Jan

8
75 Jan
10
‘
J
17 133 Jan
4
S s Jan
~
19
23% Jan
19
13% Jan
19
31 Jan
19
70 Jan
2f.
19
54 Jan
4 15% Feb

30 Feb 6 343) Jan
87% Feb 19 103% Jan
120 Jan 4 132% .Tail
15 Feb 24
14%.Tan 2
20% Jan
2P " Feb Is
26% Jan
62% Jan 2
67 .%n
79% .Hoi '1 96 Feb
123% Feb 11 131% Jan
17% Feb 25
27% Jan
46 Feb 19
7.9%Jan
28% Feb 19
* 7 J/Hi
'•
97"i Jan : 114% J-n
4334 Jan t
50 Feb
90% Jan
24% Jan
90 Jan
60 Feb
128%Jan
29% Feb
5S Feb
79 Jan
1107$ Jan
103 Feb
79 Feb

2
3
14
8
6
IS
19
17
2
10
24

___

103

Jan

90

Jan

2334 Jan

139%.Tati
80 Jan
70 Jan

13
is
3!
29
14
14
13
%
2
11
l1
29

82 Feb 8 97 Jan
108.% Jan 2 117-g Jan
59 Jan 7
70 Jan
84 7j Jan 7
90 Jan
92% Feb 17 J i ll Jan
78 Jan 2
84 Jan
76 J an 6
82% Jan
15*4 Jan
10% Feb 3
20-% Fcl) 3
3 W4 Jan
61% Jan
45 Feb 10
30% Jan
19% Feb 19
11 Feb 19
24% Feb 19
32% Jan
66% Feb 17
78% Jan
106-% Jan 2 112 Jan
9% .Inn 10
13% Jim
29 Feb 27
37 .Tail
16 Feb 19 21 Jan
17% Feb 21
22% Jan
9% Feb 25
13% Jan
15 Jan
12 Feb 6
377$ Jan
33 Feb 3
89% Jan
78% Feb 7
11 l 7 Feb 17 128% Jan
g
84% .Tan
80 Jan 4

Jan

934 Feb

927 Jan
g
387 Jan
s
69% Jan
68% Jan
227% Jan
510 Jan
427g Jan
837 Jan
g
19% Jan
39 Jan
44% Jan
757 Jan
g
67 Jau

107% Oct t 18034 Jan
85 Jan
37 Oct
75 Oct
534 Oct
47 ” Jan
24% Oct
72 ’ Apr
80% Jan
63 Nov 114 Men
94 -Ian
116 Nov 172 Jau
47s Oct
39 Jan
75% Jan
14 Nov
287g Jan
9% Nov
51 Jan
29 Dec
80 Jan
60 Oct
3034 Jan
18 Mch
fill, Jan
45 Mch
2+1" Jau
11 Nov
20

100%
23
2H
12%
15
23%
1- 162%
28
60
13 n o
20%
14
if.
.3
44%
:
14
97
39%
'■
13114 2X4
11
19%
14
85
41
IS 127%
:8
14
15
56

129% Jan 18
112 Jan 18
93% Jan 14

Jan
Jan
Jan
Jan
Jan
Jan
F eb
Jan

Dec
Oct
Dec
Nov
Dec
Dec
Oct
Out
Nov
Nov
Dec
Dec
Nov
Oct
Dee
Oct
Nov
Oct
-Nov
Oct
Oct

100 % Oct

91% Nov
60 Nov
65 Nov
85 Dec
13
20 003% Nov
22
51 Oct
10
69% Oct
18
70% Oct
18
73 Oct
6 7 Nov
9
6
11% Nov
6
26% Nov
15
58 Oct
13
24 Nov
1 1 N ov
29
25 Nov
20
63% Oct
21
lOn Oct
2
10 Nov
8
29% Nov
15
17% Nov
29
16 Nov
2e
9 Dec
14
10®4 Dec
16
29% Nov
O
S34 Nov
4
is ►
100 Oct
13l
7 ‘ Aue

671 Jan
-.
I45i; .‘ an
I-*)) Feb
107 Jan
17-v Jau
O .Jau
'.i
90 Jan
140% Jau
44% Mch
72-% Jan
<123, Jan
14/ Jan
69H Jan
■
>t Keb
1341) Jau
W.'U Jan
111) -lau
913, ,ian
189 Jan
4+"v Jan
92% Jan
189% Jan
134 Feb
124% Jan
76 Nov
125 Mch
1413$ Jan
78 Jan
105% Jan
139% Jan
92 Jan
94 Jan
30% Jan
641“ Jan
70 Jan
483$ Jan
25% Jan
62% Feb
90% Jan
118 % Jan
34 Jan
94% Jan
37% Jan
123 Jan
29 Jan
333) Jan
547$ Apr
108% Jan
183 Jan
O
K Mav

Q U O T A T IO N S .

Bid A s k
Bid A s k
Banks
Banks
..
515
M etropolis 1 390
!
530
O riental 11..
___
C hem ical . . 385
400
165
M etropoI’nU 157
250
165
Pacific 11___ 230
A e t n a _____ 175
C itizen s’ Ctl 125
220
240
1173
135
600
385
400
P ark
A m erica 11- - 480
600
C i t y . - - - . - - 243
248
14th S t U . . 170
Jefferson H . 170
190
260
M utual U .- - 250
P e o p le 's H -. 300
15
A m er E x ch . £
225
Coal A Iron 100
200
F o u r t h ____ 175
185
210
L ib e r ty ------ 425
450
Nassau H— 205
150
,P h e n lx ------ 140
700
B a ttery P k . 115
____ G a lla t in ___ 310
125
Colonial Hb ____ 550 New A m s t .
____ Plaza U____ 570
330
Lincoln
B ow ery 1 . . 310 1325
!
500
C o lu m b ia 11- 400
325
M anhattan!! 270
New N eth ’ d 200
G a r fi e ld ___
280
220
P rod E x ch 1 140
i
145
B ron x lloroli 300
____ C om m erce - 147
161
135
New Y orkC t 1200
G erm A m 1[ 125
Marlc’ t A F ul 230
R iverside 11. 200
B u tch A Di 150
160
____ M echanics’ - 215
130
C on sol’ t’ d - . 115
Gerrn’ n Exit 1500
350
N ew Y o r k . 260
285
225
S eaboard . . 325
C en tu ry H-_ 170
185
196
C o p p e r ____ 190
G erm an ia 1 500
1
M ech A T ra 1
1
N ’ kt AD.ayli
405
S e c o n d ____ 0300
C h a s e _____ 200
295
C orn E x H -- 280
270
M ercantile . 1114
19th W a rd 1!
490
G reen w ich U 250
325
{state U____ 315
300
Chatham .
315 1Bast R iv e r . 135
145
M crch E x ch 170
300
180
H am ilton 11.
N orth A m er
i2 th W ard 1
i
C helseaE x H 200
165
___
1F id e lity 11. . 160
M erchants’ - 145
475
490
H anover
152% N orthern . .
160 . 23d W ard U 190
* Iild and asked prices; no sales were made on this day. $ Ex-rlghts. § Less than 100 shares 1 Stale banks a Ex-dlvldend and rights, b New stock.
1
* S ue at Stock Exchange or at auction this week- e Ex-bcnefiolal Interest In ore properties, ft 1st Installm’t paid, n Sold at private sale at this price.
Banks

N ew

Y o rk




Banks

A sk

Bid A s k
Banks
F ifth A v cU . 3700 3850
350
F ifth .......... 300

Banks
I m p A Trad
In terboro fl.

Bid

3% Oct

12% Jan 14
121" J-n H
7 Dec
48% Feb 19
62 ” Jan 15
48
Nov
85% Feb 19
21 Feb 19
263g Jan 22
17 Nov
50% Jan 2
527$ Jan 4
41 Nov
3034 Feb 19
29% Nov
44% Jan 6
141% Feb 10 168 Jan 10 1123% Oct
420 Jan 6 500 Jan 8 369% Oct
14% Feb 19
16 Nov
213gjan 6
■ 1 Feb 19
1
53 Nov
59-ft Jan 14
33 Feb 25
6 Feb 11
87g Jan 31
6% Oct
113) Feb 18
10 Nov
18%.Tan 10
12% Feb 25
.2% Nov
17% Jan 3
2534 Feb 28
35% Jan Id
28 Nov
193g Feb 19
26% Jan 10
20 Nov

§70
62

Highest

603#
78
58
753g
76
2 6a4
74%
138

74%
87%
75*8
90%
85%
47%

2
18
11
25 132% Jan 20
a 153 Jan 27
18
434 Jan 14
12 Jan 23

2

30
Long Island_____ ______
600 Louisville A Nashville___
00
______ \ /f anhattan Elevated___
125
200 itAetropolltan Street. .
19
19
15,500 Mexican Central_____ ..
2034
700 Minneapolis A St L o u is ..
05
Do href________________
96
1,975 Minn St. P A S S M arie.- 130
18%
3,200 Mo Kansas A Texas_____
2,300
Do pref .
46*2
31% 21.100 Missouri P acific_____
103
45 \Tash Chatt A St Louis.
50
100
933ft 04%
04", 22.867 N Y CYntrnI & liiu lso n ..
94
95
941" 947S 94% 05
96%
*26
30
§30 .30
281" 28% ____ ____ *26% 27
200 N V Chic A St J.. ids . . .
_______
*80
*82
*80
95
*82
95
96
95
Do 1st pref .
______
62
60
*57
*55
*55
62
02
*130 134 *130 133 *130 134 *130 134 *130 134
N Y N Haven A Hartford
*30
30
301" 301"
31
30% *-97S 30% *30
31
510 X Y Ontario A Wt stern ..
00
5914 60
60
00
60
603ft 661"
721 Norfolk A Western_______
50% 59's
91
*121
15
10’s
2141
*60
9314
M
18%
49
31^4

14
17
27
10
8
10

ICO
F e b 11
2 5 % F e b 19
10
F e b 13

103% Jan
138 Jan
98% Jan
125-% Jan
1351" Jan
§185 Jan
210 Chic St P Minn A Omaha 114 Feb
1401" Jan
137 Feb
------ Chicago Termln’1Transfer

a

24
SO
69
*f,S 75
124 125
7-%
7
20
20
*10
11
30
*27
*58
04
18% 18%
47% 471"
12
12

*65
*63

1-10

F eb
F eb
F eb
F eb
Jon
F eb

200
Do pref______________ _
475
Do com ctfs 4 5 % paid
350
Do pref ctfs 4 5 % paid
630 Chicago A North Western

*25
90
*120
*15
18%
203)
*60
95%
*125
18
461"
30
*99
50

24 * . „
80
*05
69
*63
*08
75
125 *123
7%
8
20%
20
10
10 %
28
30
64^2 *00
18
*18
50
*47
*12
14
40
32
*25
90
90
126 *120
_
20 *_ _
18
18%
21% *20%
05 * 60
95%
93%
130
18
18
40")
47
30%
30
1021" §103

7
13%
13%
26%,
20%)
80

66
83-%
593.4
76%
80
3 7%

Highest

Hange 1or Previous
Year (1 9 0 7 )

A sk

530

iNew York Stock Kecord— Concluded— Page 2
sro c

S a tu r d a y
F e b . 22
1
1
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20% 26%
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89
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85
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4
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181* 18%
321* 3231
89% 893,
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5180
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13%
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89
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25%
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59% 61%
57%
90
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90
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9
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28
8434 843.i
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91"
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70
71
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90
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16
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41
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16
9 I4

58
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59%
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570
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7
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66
39%

27
54
4
52
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661.i
82
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39
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791"
45
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91i.t 92%
24% 25
§16% 161"

26?s
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183.1
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*

55
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47
46
391" 40
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90

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4
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1834
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1938
78
*41
27%
91
*24
16U

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*50

W ed n esd a y
F e b . 26

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15^4 *13%
38
*30

8

A sk

6

B orou g h 11- ____
B r o a d w a y 1 425
:

Banks

B id

AND
A sk

TRUST
Trust Co’ s
N

B r o o k ly n

150

____
____

ST O C K S
N E W Y O R K ST O C K
EXCHANGE

L ow est

Unit. R y s l n v ’ t o l San F r .
300
D o p r e f-------------- --------CO
O
W
D o p r e f___________
200
300 W heeling A Lake Erie —
40(
D o 2(1 p r e f-----------------150
300 W isconsin C e n t r a l _____

15 Jan
27% Jan
77s F eb
14% F eb
5% Jan
14 F eb
6 Feb
13% F e b
33 F e b

1,0 0 0

390

N a s s a u ____
N at C i t y . . .
N orth Side 1
1
ProsD’ etPkll
Perm Inn 1 11.

130
240
275
320
150
—

Y

C O M P A N IE S — B A N K E R S '
B id

C U y

A s t o r _____
B ankers’ T i
____ B ow l’ g G r’n
200 B’ w a y T r . .
____ Carnegie _ .
Central T r .
275
150
C olu m bia . .
270
C om m ercial
300 C o m ’w ealth
340
E m p i r e ___
100 E q u lt'b lc Tr
—
Farm L o A T

275
400
290

100

1140
1500
175
150

100

325
—

Trust Co’ s
F id e lity —
Fifth A v Tr
F u l t o n -----420
G u ar’ ty T r .
310
G uardian Tr
120
1157% H udson —
Law T I A T r
Lincoln T r .
190
M a n h a tta n .
160
M ercantile .
125
M e tro p o l’ tn
335
310
M orton T r .
M u t u a l-----Jill)
A sk

J a n . 1 1908
1 0 0 -sh a re lots

R a n g e . In n
O n b a sis o t

In d u s! rial A .1 iscellaneous
M
A dam s E x p r e s s -----------*165 177 *165 177 *165 177
rV .t|is-C ha!m eis_________
6%
*51.,
*5
*5%
6
6
D o p r e f........ ..............
*151" 17
16% 17
*17
20
401,
49% 51%
521,| 175,630 A m algam ated C o p p e r —
51%
48% 49%
17% 17%
1,-00 A m cr A g ricu ltu ra l C h en i.
*16% 16%
16% 1734
*75
D o p r e f-----------------------83
82
*75
*75
10<
82
*9
10%
9!"
*9% lo t.
101, A m erican B eet Su g ar____
91"
*
D o p r e f-----------------------80
05
65 *
10(
80
*4
A m erican C a n ____________
41"
1%
m
1%
4%
D o p re f.............................
4 5 % 45%
46% 461"
1,425
45% 45%
3,1:0:; A m erican Car A F ou n d ry
20% 27%
*20
26% *26% 26%
*S4l" S9
*S5% 89
*25
:.o( A m erican C otton O il____
26
*25
20
*30
D o p r e f________________
*80
85
85
85
*S:i
38 A m erican E x p re ss_______
5170 170 ►
165 185 *165 181
43g
*4
4%
4%
500 A m erican Grass T w i n e ..
*4
41"
*21"
285 A m erican H ide A L eather
13,
334
3-% *21"
234
D o p r e f________________
15
13
13
200
13% 13% *13
13% 133,
13% 13%
2,305 A m erican Ice S e c u r it ie s ..
13% 133,
6%'
*6
63.)
6%
400 A m erican L in s e e d _______
6%
6%
D o p r e f________________
18% *17
209
181" *17
18%
*17
*313, 32!" *32
3134 32
3,250 A m erican L o c o m o tiv e ___
33
Do p r e f.............................
00
90
350
*88
90
*88% 90
A m erican M alt C o r p -----*31"
5
*31"
*3%
Do p r e f-----------------------*25
28
28
*23
30
*25
A m er Sm elters See pref B
*71% 74
*713, 73
*71
78
59% 61 124,100 A m erS m eltln g A Ttelinlng
59% 60
57% 59%
Do p r e f-----------------------89
89’ " 90%
1,700
891., 89%
891.,
A m erican S n u lf---------------1.80 240 *J.8o 240
*150 240 ►
D o p r e f____________ . .
*7Mo 81
*781" 81
*781" 81
310 A m c ilc a n Steel Foundries
M2
51"
5!"
Do p r e f . .......... ................
29
29 “ 530!" 301"
100
29
*261* 29
5,600 A m erican Sugar ReUnlng
112% 11 Ml 1123., 113 113% 113 114'8
Do p r e f_________ ______
200
112 112 *112
114
112
111 ' I ll
190 A m erican 'le le p h & Teleg
1061" 1061" '1 0 0 110 * 107 110
100 A m erican T o b a c (n e w ), pf
80
77
*70
80
*75 ” SO
77
300 A m erican W o o l e n . . ..........
IS
*101" 18
16
17
16b *16
D o p re f_______
100
80
80
*79
801.,
*79
SOU
32%
31?$
33% 3334 17,500 rfA naeondaC opper P ar$25
1,145 ((B alak lala C op p er P a r s 10
2 ~
‘>lo
3
400 'fB atopllasM inliig F a r $ 2 0
33g
31"
100 B r o o k l y n U nion G as___
10 b
*92
*93 100 ~ *92 100
100
-1-%-unswick D ock AC Im p
8
Xto
8
*6
*6
___ H uttcrick C o ___
*13% 20
*13% 20
20
20
200 / tentral L eather . .
16'" 16% *10% 17
*16
I6lr
310
D o p r e f............ ..
81
81
797.8
*791" 82
1,500 C olorado Fuel A I r o n .
163.1 16%
161;
10% 1 0 %
lull
Col A H o ck Coal A I r o n ..
*14
15
*14
15
1,000 C onsolidated Gas (X Y)
99
99
98% 983,
100 100%
12
833 Corn P ro d u cts R e fin in g .
11
l i t . *11
V '- l
1U.J
11%
D o p r e f____
60
465
*57
58
58
59
1,310 Distillers’ Securities Corn
29%
28't, 2834 29
29 ~ 2/7s 28%
SI
81
*30
Federal M ining A Sm elt’ g
81
D o p r e !___
65% *f31.i 6538 _____
6:>3,i *55
*55
608 General E le c tr ic .
116 116 *116 117
1151> 116
8 0 % 39!"
121 G ranby Cons M S A P
84
§84
*S() “ 95
95
. _____ | nt Mer M arine stk tr ctt&
*3
7
7
*5
7
*5
20
*15
20
100 L
D o p r e f_____ . .
*15
20
16
*15
9
9
9
9
1,650 International P a p e r ___
93.,
91.1
9
57
57%
57% 57%
Do p re f___ _____
1,260
59
58% *57
40
*25
*25
40
International P o w e r ___
40
18% 183,
18% 18%
500 Internat Steam P u m p ___
19% *18% 19%
07% 67%
07% 6 1 "8
433
D o p r e f___________
*o;.% 60%
68
*52.% 60
55
55
*52
60
500 M ackay C o m p a n ie s _____
64
____ ____
*60
990
D o p r e f________________
59% *593, 64
70
76
761.1
76
7534 75% 75%
995 \ T atlon al B iscu it________
1071.1 107% * 107 113 H 07 113
100 ^
113
D o p r e f________ . .
9
*7
9
*7
9
*7
9
N at E n am el’ s A S ta m p ’ s
*60
76
743, *60
*60
76
76
G
O
D o p r e f ______________
41% 41%
40% 41%
41% 45
41
17,400 N ational L e a d _____ ______
*S734 89
*S8% 89
89
89
89
D o p r e f________________
300
71"
7%
7%
7-%
7
7%
7%
1,700 N ew house M A S _ F a r Sit)
*58% 59
591"
57% 58
*55
60
1,410 New Y o rk A ir B rak e____
42% 42%
*42
43
43
421" 43
7 o6 N orth A m erican C o, new
27*°
27% *27
27b 28
2734 273,
l: K P a c i f i c M a ll______ ______
)
*85
85%. *83
so
86
Mi
86%
845 1 e o p le ’s G L A C (Chic)
*83,
*834
9%
91"
91"
*83,
P ittsbu rgh Coal C o _______
91"
40
38
40
*37
38
D o p r e f________________
*37
40
209
191- 518% 18%
19% 19%
19% 201"
2,950 Pressed Steel C a r________
72
570% 701"
*70
71
D o p r e f . . ____________
72 '
760
71
153 *148 152 *147 162 *148 151
24U
24% *21
24
241" * 2 1
300 I > allw ay Steel S p rin g ___
25%
*74
90
*74
LC
Do p r e f____________
90
90
*74
90
15% 15».i 515% 15% *15
15%
910 R e p u b lic Iron A S te e l___
16
6.33., 60%
D o p r e f............... .............
053 4
65^4 66%
66
60
2.926
*89% 41
42
39% *39% 41
*40
100 C lo s s -S h e ffie ld Steel AI rn
94
*85
►
3 D o p r e f .. _________
*89
93
*85
93
26% 28
*25% 27
700 dT ennesseeC opper P a r $ 25
28% 28%
*48
53
T exa s P a cific Land Trust
*46
*46
51
54
61
*4
4%
*4
4%
4%
*4
300 I Tnlon Bag A P a p e r ____
4%
47
52
*45
47
400 U 1 D o p r e f____ _____
47
*48% 52
790 U S Cast 1 P ipe A F oundr
191.,
17% I 8 I.1 519-% H>% 5193s 193ft
>
D o p r e f________________
10
661.| §63
*63% 00% *63% 66%
63
82
*65
81
U nited States E x p ress___
*05
82
*65
1J S R ea lty A Im p io v e m ’ t
39
39 *
39 *
39 * *4% 10
U S R e d u ctio n A R clln ln g
*4
*41o
9
9
*12
*12
21
*10
21
21
13
193g 519
18
19
18
18
l,»fft U nited States R u b b e r ___
D o 1st p r e f____________
78
*77% 791"
77% 78%
77%' 78
1,505
45
*41
§45
D o 2d p r e f____________
43
45
*41
25
283, 291, 122.545 U nited States S te e l_____
281" 29
28%
27% 281"
92% 921" 26,600
91% 91%
91% 92%
D o p r e f_____ ________
91%
2
2434 25%
2533 27
25ti
8,100 (/U tah C o p p e r ___ F a r $10
16
*15
16
10
17
161" *15
300 Y lrginla -C arollna C lie n t._
*86
*86
90
90
90
*85
90
*46
*46
53
V irginia Iron Coal A Coke
53
63
*40
53
W T e lls F a rgo * C o _____
300 *200 300 *200 300 *200 300
*40
48
48% 50
47
3,300 V V cstern U nion T e l e g . .
46
47
40
41
39% 39% *391" 40
1,040 W estln g h ’ seEl A M fg assen
40
*50 100
D o 1 st m e ____________
100
. . . . . . . . *50 100

M anufac’ rs’

•

S a les 01
die
W eek
S h a res

177
(iU
17149%
16!"
83.
101"
80
4
46%
26%
89
26
.85
180
4U
3%
15
13%
6%
181"
32%
89
5
25',s
75
59%
90
240
82

425

B r o o k ly n

16
34

*13%
*30

175

110

F r id a y
F e b . 28

16% 16%
*33
36%'
8%
77g
778
14% *14% 16
*5
6
5%
141" *14
16
0 '
7%
*5b
13% 13-%
16
*30
38
38

16
34
*7%
lit,
5%
14

15%
37

BANKS
B id
Batiks
U n ion E x e 1
i
U S E xch H .
W a sh H ’ tsll 230
W e s t Side 1 500
|
Y orkviU e 11. 400

T hu rsd ay
F e b . 27

16
16% 163,
371" * 2 0
301"
83|
8
8%
*14% 15%
16
*5
6
5*8
16
*14
16
8

*13 l-i
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:V2i\

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c
c
B

9 L O W E S T S A L E P l U C r 'S

T u esd a y
F e b . 25

173.1
15
36
*33
*8
S3|
16
*14%
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16
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1

t

CURST AN

M onday
F e b . 24

[V°L- U X T
C X I-

B id

184
400
250
154)
60
185
125
350
775
450
400

A sk

425
410
170
70

200
175
400
S25
475
425
105

1.01X31

H ig h est

24
22
28
27
24
27
27
28

21% Jan
38% Jart
10% Jan
181" Jan
9 Jan
11
17 1.1

28
30
3
16
3

Jan 6
Jan 15

19

R a n g e lo r I ’ rev lo u s
Y e a r (1907)

10% N ov
20
N ov
8
O ct
141.3 N ov
G O ct
8
11
28

O ct
N ov
G et

| H ig h e s t
62 Jan
71% Jan
181" Jan
38% Jan
16% Jan
3 7 3 , Jan
2 1 .% Jan
257« Jan
511" Jan

164 Jan ; §185 Jan
() Jan 3
6% Jan
16%' F eb 2,
22 Jan
45% F eb li<
53% Jan
13 Jan *
,
IS Jan
781" Jan ■ 84% Jan
9% F e b 10
13 Jan
65 .Ian 2 ;;
65 Jan
4 F e b 10
5% Jan
44 Jan ■
52% Jan
251" F e b 13
32% Jan
S-l% F eb 18
2 4 * 4 F eb 19
34% Jan
§so Jan Hi §80 Jan
§ 170 F e b 2 6 200 Jan
3‘s J a n s
4% Jan
2% F e b 2 6
3's Jan
13 F e b 28
15% Jan
12% F eb 3
Ill's Jan
6% F e b 20
S->sJan
22 Jan
31% F e b 25
41% Jan
92 Jan
4"4 Jan
21
Jan 1 3
321,8 Jan
70 Jan 17
80% Jan
55J2 t e b 17
79% Jan
87 > 1 eb 2 0
1 *
96 Jan
81 F e b
4% F e b
26% F e b
98% .lan
105 F e b
101 Jan
72% Jan
15% F e b
78% F e b
827% F e b
51% Jan
52% Jan
xSo F e b
6 Jan
§10 F eb
15% F eb
75-% Jan
15-% Del)
15 F e b
96 Jan
10% F e b
56 Jan
27% F e b

3
11
14
2

IS
6
:
17
19
19
2

23
21
2

7
10
2
11
21
3
10
2
19

59 F e b 10
l i t Jim 2
78% Jan 2
16 F e b 25
8% Jan 3
52 .Ian 2
13 Jan
65 Jan 10
52 F eb 25
69'8 F e b 25
68 Jan 3
102 Jan 2
71" F e b 14
§70 F e b 25
36 F e b 10
87% Jan 6
87 Jail 2
50 Jan 2
421" F e b 28
25 F e b 10
80
J an 2
9
Feb 1
3 0 I" F e b 14
17% F e b 10
69 Jan 3
147 Jan 3
23% F eb 8
75
.Ian 29
14% F e b 11
05% F e b 26
36 J an 2
871" Jan /
$251- F eb 17
45 F e b 11
4 F e b 21
44% Jan 6
17>" F e b 20
50"s J an 2
70 F e b 18
26% Fel) 6
4 F e b 21
16 F e b I ”
17% F e b 10
76 F e b 19
42 F e b 2 1
26% Jail 2
871" Jan 2
020 Jan 2
16 F e b 27
43 Jan
§250 F e b
41 F e b
301" F e b
70
Jan

7
13
19
24
is

U §150 Aug §330 J ’ no
Aug
107ft Jan
13
43% Jan
14 N ov
14
1217S Jan
15 3 4 1 % Oet
25% Jan
31
10 O et
75 O et
95 F eb
31
231" Jan
14
7% N o v
80 Jan
75 Meh
23
7 i" A p r
3 O et
11
10
601" A pr
34 N ov
14
24% O ct
45% Jan
103 Jan
78 O ct
l-i
21 N o v
361" J ’ly
Ki
90 Jan
70 N ov
9 175 O et
247
Jan
2.3
3 O et
8% Jan
11
2 1" N ov
0% Jan
20
10 Oet
301" Jan
21
8% O ct
88 Jan
10
(,% O ct
19% Jan
161" Oet
36 Jan
l4
32% N ov
753| 1 eb
1s
83 Oet
U l i - Jan
Ift l" J ’ne
§7 1 ., A pr
18
17 N ov
40 F eb
29
60 O et
9 3 % Jan
68% N ov r 1 5 5 Jan
If.
13
81% O et
117% 4an
16 0
Oet
205
J an
8a Jail 6 §70 N ov 102 a 'u e
4% N ov
7 Jan 13
103, Jan
20 N ov
34 Jan 20
471" Jan
92% Dee
116 Jan 18
137% F eb
114% Jan 29 rlOO N o v 131 Jan
«8 O et
110 Jan is
133 Jau
00 O ct
8 1 '3 Jan 2 9
98% Jan
11 Oet
36% Jan
20% Jan 4
OS N ov 1027ft Jan
80% Jan 18
302% Feb
534 Jan 18 $251# O ft
5 1 % N ov
$4%,Ian 17
$11 J ’ly
$3 O et
so% M ay
5J% Jan 2
i.0 N ov 125 -May
96 Jan 11
6 Oet
I4i" Jan
7 Jan 29
27 O et
4 9 % Jau
§25 Jan 15
ll- ’s N ov
40 F eb
19% Jan 20
68 N o v 10 2 , l'e b
86 Jail 20
14
N ov
677s Jan
221" Jan 15
H D ec
28% Apr
17%Jan (
74 O ct
140% Meh
105% Jan 11
8 O et
2434 Jan
14% Jan 19
46 O ct
88 Jan
66 Jan 2
1
25 D ec
78 F eb
35 Jan 18
50 O ct
163 Jan
97 Jan
47 O ct
69% Jan )/.
89% O ct
163 Jan
125 Jan 15
Oil O et
152 F eb
92 Jan 29
4% Oet
8% J no
10
N ov
24 A pr
18 Jan 13
7% N ov
1st? Jan
12% Jan 18
61
N ov
81
F eb
65 Jan 16
35 N ov
5034 Jan
8 O ct
2 1 % Jan IS
41 Jan
50 O ct
81 Jan
73% Jan 20
40 Oet
60 Jan It
75% Jan
60 O ct
64 .fan 13
71 Jan
58% O ct
76% F e b 27
86% Jan
90 N ov 1173« Meh
107%- F e b lo
9% Jan 18
6% N ov
15% Jan
§80 .lan 18 §75 Sep
87 F eb
45 F e b 28
33 N ov
76% Jan
91 Jan 18
80 O ct
103 Jan
S’J 's J a n 2 0
$5 D ec $20% A p r
72 Jan 14
47% Dee 141% Jan
51% Jan 13
37 N ov
89% Jan
29% Jan it)
19 N ov
41% Jan
89 Jan 1!
70% O ct
98% Jan
10% Jan 9
/ N ov
167ft Jau
427s Jan 13
37 N o v
60% Jan
23% Jan 16
15"s N o v
57 Jan
80 Jan 20
04 N ov
9978 Jan
160 Jan 20 135% N ov loll,, Jan
29% Jan 17
21% O ct
6 7 1 , Jan
80 Jail 22
72 N ov
99% F eb
18% Jan 14
12 O ct
41 Jun
71% Jan 15
50% O ct
100 Jan
42 Jan 20
26 O ct
77% Jan
92 Jan 29
80 O ct §107 Jan
$32% Jan 13 $17 O ct
8631" Meh
58 Jan is
42 D ee
85 Jan
5 Jan 18
4 O et
Sift Jan
50 Jan 23
39% N ov
61 Jan
21% Jan 7
49% Jan
17 O ct
89 Jan
90 Jan 6
70 N ov §117 Jan
42% .Jan 21
7 Jan 23
30% Jan
18% D ec
20% Jan 13
6S Jan
26 Jan 14
13% N ov
62% Feb
1097ft Jan
62 O ct
88% Jan 14
61% Jan 23
78% Jan
217), O ct
50:% Jan
31% Jan 18
79% N ov 107'% Jan
95-% .Jan 14
$27% Jan 29 $13 O ct
S3 9% Meh
1 2 % N ov
18% Jan 14
3938 Jan
75 N ov 108 Jau
91 Jan 2 0
31 O ct
63% J an 28
97 Jan
§250 F e b 13 250 M ay 300 J'lie
60
Jan 18
64 Dee
85 Jan
52% Jan 18
32 N ov 154 Jan
77 Jan 21
60 Dee § 16'l \f"V

Q U O T A T IO N S
Trust Co’ s
Mut AU ’nce
N Y L ife A T r
N Y T ru st.
Stan d ard T i
T ltlcG u A Tr
T r C o o f Am
U nion Trust
U S M tg A T r
U nit .States.
V n n N ’ d ’ nT r
W a sh in g to n
W estch ester
W in d so r _ .

A sk

Trust Co’ s B i d
190
B r o o k ly n
930
B rooklyn Tr 400
------ Citizens’ . .
90
390
F latbush . . 250
385
Franklin . .
—
H am ilton . .
1200 H o m e _____
3' 10 J e n k i n s ___
1100 1150 Kings C o . . 440
____ 310
L Isl L A T r
400
—
N a s s a u ____
165
175
P e o p le ’s ___ 250
—
105
—
W llfln m s b g
B id

175
900
450
350
375
140
____
____

,.sk
430
no
265
225
290

100

____
460
265

210
300
—

* B a dakdpic s n s le o t sd y §Ls th n1 0s ae , j E -r h b Nwsto k c E -d . a dr h . <Nwq o dd llas prs a e
id n s e r e; o a s n ilt a . es a 0 h r s x ig ts. e c , x lv n ig ts 1 o u te o r e h r ,
t.Slea S c E c a g o a a c nth we , sTutC . c r a s 1Bn smr e w ap r ga h( ) aeS teb n s
a t to k x h n e r t utio is e k r s o e tific te. 1 a k a k d ith aa r p U r ta a k.




New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
O C C U P Y INH
BONUn
N . Y . STOCK E X C H A N tlK
W kkk ENDOW F eb 23

ITictFriday
Feb 28

* z
5 !

Week's
Range or
Last Sale

O

FO U R

Range
Since
January 1

I'A tiK .'

BON ID

~6

N. Y. STOCK K
A XGE
WKKK KNDINU FEB 28

Frier
Friday
Feb 28

If,
Range or
Last Sale

<<

Hiy/i Ro
Si U
Ash Low
Cent of Ga R It—(Con)
ash Low
High A 0
44 J a n '98
42
2d pret income g Os stamped
1 0 -1=4 1063, 1U4 Feb’08
104 104 *v
27
27
28
J4 pret income g 6 s ___ p l946 Oct
105*4......... 104*s Jau ’ 98
104 >* 104 **
32* 27 F e b ’08
8d pref income g 6s starnpe .
101**4 10 2
101 *4 F eb’08
101 > 101*4
4
SO3* F eb’os
)
90
Cliatt Div purniou g 4 s .1951 J-li
H 10 101 101=4
Q-F 1 0 1 34 ......... 1 0 1 34 1 0 U
190*3 Feb’ 08
. 103
Mao A Nor Div 1st g 5.4.1946 J-J
107 J’ne’02
OF
1 15 N ov’05
Mid G * A A tl Dtv 5 8 ....1 9 4 7 J-J
i ib'lQ ioi'tj
.3
g-b‘ 100*4......... 10 1 > 101 H
105 D ec’07
Mobile D ir 1st g 6s........1940 J-J
118>3 119
119 Fob’08
Q-F 1-22*4 123
190 J a n ’O92
96
6 1203 122*3 leu RB A K ofG acol g 6s 1937 V) N
4
O f 122 *3 Sale 12**3 122*3
1*3 122*1
ent of N J gen’l gold 5s. 1987 J ■J 121*6. - Q N 103*3 ....... 105** Oct ’00
>
Registered................... A1987 Q-J 120*s Sale 129*6 129 •
111 May’O
O
j
Am Dock A Imp gu 5 s .. 1921 J-J 19*3 ........ D 7 F eb’98
QS
Le A Hud B gen gu g 5s 1929 J - J 101 .......
Q-F
9 3 * 4 ........
98 Jan '08
Leh A W tlk sB Coal 5 s ..1912 M-N
9 8 3 ........
4
U
834
Ob3
,
Foreign fJoverniiieiit
Con ext guar 4*38___ gl910 Q-M
97 ........
M-S
N Y A Long Br gen g 4 s 1941
Imperial Japanese Governm'i
Cent Pacific See So Paclllo Co
85 > 91
3
b
yterllng loan 4*33 ............ 1926 F-A t 85® Sale
85 >3
86V,
88 May’07
83 76 89
CentVermont 1st gu 94s.«l9 2 0 Q-F
84 **
85 8,
2d senes 4*23..................1925
8 4 7s Male
J
75
80
Cltas A Sav See A tl Coast Line
7 7 Sale
77=*
78
Sterling loan 4 s .............. 1931 J - J
192 104
d ie s A Ohio g 6s ser A ..A 1 9 0 8 A-O 102 ......... 102 F eb ’O
103 >3 1033
,
Repub ol Cuba 6s exten debt.. M-h 1031*104
103 Feb'Ot96
99 H
i
Gold 6 s ................................ol911 A-O 104 104
3
99
98-3 99*, 98 >
U B o l Mexico s 1 g 6s of 1899 M-J
110 Feb 9
90 >3 94 >3
1st consol g 5 b................... 1939 M-N * ......... 110
93*3 F eb’ 08,
Gold 4s ot 1 9 0 4 ............... 1954 J-D
93 >4 94
l o l *3 D oc'97
of $5 to &.
Registered.......................1939 M-N
hese are pr ices 0 n the U
»7
99*3 190
19
State and City Securities
General gold 4*38 ..............1992 M-S i'oli Salt
194 Alny’96
111 Mar’02
Registered.......................1992 M-S
Alabama curr fund 4 s . ...1 9 2 0 J-J
112 F e b ’O
C
Craig Valley l s t g 5 s ....1 9 4 0 J-J
117 >3 J’ ue’O
D
Dist of Columbia 3*65s___ 1924 F-A
94 H
i
94 *
V
94 S 96
R A A D lv 1st con g 4 s ..1989 J-J
97 ......... 105 >3 Deo’04
Douislana new consol 4 s ..1914 J-J
87 S ....... 92 Feb ’98
2d consol g 4s ..................1989 J-J
N ew York C it y 113*4 Feb'96
105=8 107
Warm Hpr val 1st g 5 s ..1041 M-S
4
N ew 4 H (when Issued) 10 5 7 M-N 106 > Sale 105=» lOO^
is
993, F eb’96
101‘« 103*3
4
Greenbrier Ry I s t g u g Is ’40 M-N .........
N ew 4 H (w h-n Is ued) 1 0 1 7 M-N 1 0 l \ Sale 101 > 102*8
ia
70
7 5 " 7U
105 108*3 Chic A A lt RR ref g 3 s . . . 1949 A-O
4
4 * % Corporate Stock ..1 9 5 7 M-N 1067* Sale 106 > 1073b
2
69
61
ou
61
102
102 104*4
R ailway 1st lion 3*3S... 1950 J-J
102 ** Sale 102
4 4 % assensmt bonus___ 1917 m-N
M9**May’95
A p r’07
Registered....................... 1909 J-J
97 ......... 1U0>4
North Carolina consol 4 s . 1910 J-J
9 7 * 3 ......... P7 Fob’ Ub
126 Mar’07
Chic B urlA Q— D eu vD 4s 1922 F-A
6s............................................ 1919 A-O
8 8 ’4
99
88 *, salt
120 Mar'OO
Illinois Dlv 3*33................1949 J-J
80 Carolina 4 >53 20-40........ 1933 J-J
90 Sep ’0_6
86 '3 ........
Registered.......................1949 J-J
4
94
95 > 9 2 > Oct ’07
6
Tenn new settlement 3 s ..1913 J-J
99'
99*3 9 9 7b 99*3
Gold 4 s..............................1949 J -J
9 3 ‘4 May’ ()7
90
91
Virginia tund debt 2 -3 s ... 199 J-J
100 Jan ’98
24*3
22 *3 26
Iowa D iv sink fund 5 s ..1919 A-O 197 . . . .
23
24 >1
6s deterred Brown Bros etts.
9 8 * « ___
98*3
99
Sinking fund 4 s............. 1919 A-O
199*8 Feb’ 08
98*4 190
Nebraska Extension 4s. 1927 M-N
R ailroad
97 . . . .
101 *4 D ec’90
Registered.......................1927 VI-N
labama Cent See 80 Ry
88 . . . .
90 Oct ’ 97
Southwestern Div 4 s___ 1921 M-S
labuMidl See A t Coast Line
Joint bonds See Great North
Albany < Susa See Del A Hun
&
101*4
Debenture Os..................... 1913 M-N 100 *s Sale 100
Allegheny Valley See Penn BH
1053
b 100=8
Han A StJos consol 6 s ..1911 M-S
A 1 eg A W est See Bull R A P
1
81*3 92*3 92 A p r’uV
79
79 Sale
79
SI *v Chic A K i l l ref A i m p g 4 s l 9 5 5 J -J
Ann Arbor 1st g 4s......... A1995 Q-J
116 D ee’07
98 7
e
9 5 7 101*s
s
9 8 >3 Sale
1st consol g 6s................... 1934 A-O
Atch T A 8 Fe—Gen g 4s. 1995 A-O
Jan ’Ob
95*3 109
General consol 1st 6s___ 1937 M-N 110 *a bale 110*3 111*3
Registered.......................... 1996 A-O
118*2 F eb’dp
86
86
86 dale
Registered....................... 1937 M-N
83
88*4
Adjustment g 48............A1996 Nov
109J Jan ’us
,
86 A p r’07
Chic A In d C R y 1st Os.1936 J-J
Registered................... A1095 Nov
86=4
86
8 OS 86*3
82*3 87*2 Chicago A Erie See F,rie
Stamped.........................A1990 M-N
1 17 H Jail ’08
i
118 ]
86
86 S
Chic In A Loulsv rei 6 s ...194 7 J-J
853 89
4
8 0 S 85**4
Conv g 4 s ............................ 1966 J-D
195 O c t ’9 <
Refnnding gold 5s........... 1947 J-J 103 ,
90*4 Sale
97 H
i
94*3 983
4
96*4
10-year conv g 5 s ......... 1u 17 J-D
J91 *2 Feu’O
S
Lottisv N A A Ch 1st 6 s .1919 J-J 10u=l, .
98=8 May'OV
Debentures 4s Series G. 1909 F-A
1 0 J Oct ’07
96 F eb’07
Chic Mil A St P term g 5s 1914 J-J -104 .
Series H ...........................1910 F A ^___ _
102
102
98 '2 »Nov,04
General g 4s series A ..e l9 8 0 J-J 101 .
Merles 1 .............................1911 F-A
104 H Oct ’00
i
94 Nov'OO
Registered.....................el989
Series K ........................... 1913 F-A
89 F eb’98
88
90
93 Muy’07
General g 3*38 series B .el980
E a stO k la D lv 1st g 4 s .. 1928 M b
Chlo A L S u Dlv g 5 s . . ..192 1 j - j 107 . . ... 115*4 Ocl ’05
A tl Knox A N See L A N
Sale
84S
81*3
Chic A Mo lliv Div 5s. ..1 9 2 6 j - j 19.3 112* 199 Aug’Oi
81*3 90
Atlantic Coast 1st g 4s.ft.1952 M-S
104 Fob ’98
Ohio A Pao Div 6 s........... 1919 j - j 102*3 104
Charles A Sav 1st g 7 s ..1936 J-J
i
i
132 7 J a n ’06
a
Chic A P W 1st g 5s........1921 j - j 198 H ___ LOS H Feb’os
8av F A \V 1st gold 6 s .. 1934 A-O 110*4
Dak A G t So g 5 s............. 1916 J-J 194 ....... 101*4 Feb 08
112=8 Jan ’04
1st gold 6 s . . . . . . . . .....1 9 3 4 A-O
O
114=8 Nov’O
Far A Sou assu g 6s........1924 J-J 119 ........ 137 *3-J*iy’U9
Ala Mid 1st gu gold 5s ..1 9 2 8 M-N 161*4
102 *2 J a n ’us
90**4
H ast A D Div l s t 7 s ........1919 J-J 193 . . . .
99 S Mac’06
Bruns A W 1st g u g 4 s ..1 9 3 8 J-J
lot) *4 J’ly ’u
75
76
1st 5s..................................1919 J-J
74 S 75 Fob ’08
L A N coll g 4 s ............... 01952 M-N
182*3 Apt ’99
94 J’i y ’07
I A D Exten 1st 7 s ......... 1998 J-J 193 ..
811 Sp Oca A O g u g 4 s ..1 9 1 8 J-J
,
LaCrossoA D 1st 5 s ....1 9 1 9 J-J 190 1063 10 0 34 F eb ’Of
Atlantio A -uanv See Soutli Ry
Mineral Point D iv 5 s ....1 9 1 9 J-J 199*6........ 100:*8 e e o ’98
Austin A N V* Sec. Sou Pacltie
90
90
90
93*3
So Minn Div 1st 6s......... 1910 J-J 192 ‘3 Sait 102*4 192
9 0 S 91
alt A Ohio prior 1g 3 * . 1925 J-J
28
89 S 89 S Jau ’08
Southwest Div 1st 6s___ 1909 J-J 101*8 193 101 Jan ’us
89'-j 89*3
Registered................. A1926 Q-J
99 *.
»
96*3 102
98 S
W is A Minn D iv g 5s___ 1921 J-J 108H)....... 198*e Feb’9
99*4 Sale
Gold 4 s ................
A1948 A-O
Mil A No 1st M L 6 s ....1 9 1 0 J-I) 102 ....... 199 D ec’97
99
95 7 Oct ’07
8
R egistered................... A1948 Q-J
120 uoi *oi
lsteoii8ol 6s................... 1913 J-D 196 ....... 198*4 J a n ’ 9b
Pitts June 1st gold 6 s ...192 2 J-J
Ij
-7
Q-F 117 ........ 117
82
Chic A N o rtliw c o u s7 s___ 191
8 0 S D ec’ o7
P Jun A M Dtv 1st g 3 >081926 M-N
>983, Sep ’07
95 ____
Extension 4 s ......... 1886-1926 F-A
90=8 90 F e b ’08
87
92*3
P L E ilfc W V a S y sre f 4sl941 M-N
94 .......
9 S34 Jan ’ 98
86
Registered........... 1886-1926 F-A
85
85 S
88
8 3 3 8*J3
4
<
8outhw Dlv 1st g3*2S...1925 J
90 .......
Ol3 F e b ’08
*
General gold 3*as............. 1987 M-N
82
89 Oct ’06
Registered................... A1025
95 FeU’O/
Registered...................p 1987 Q-F - 88 .......
1057s F eb’07
Motion Rlv 1st gu g 6 s ..1919 n
A-O 119 ........ *90 Deo*o7
A p r’05
Sinking fund 6 s ...1870-1929
109
Oen Ohio It 1st o g 4 *28.-1930 M S
198*3 J a il’98
Registered........... 1879-1929, A-O
1093 J’ne’07
4
Ol Lor A W con 1st g 6s 1933 A-O 107
194 *3 Oct *07
Sinking fund O s...1879-1929 A-O 190
116 -----. - Ohio River HR 1st g 5 s .1936 J-D
194 Nov’ "
113>3^ ov’06
Registered........... 1879-1929 A-O
General gold 6s............. 1937 A-O
1 0 1 Jan *l*8
119 >3 M ai’ 04
Debenture 5s..................... 1909 M-N 190*4 .
Pitts Clev A Tol 1st g 6s 1922 A-O
99*4-1 ’ue’97
Registered.......................1999 M-N
88 > Oct ’07
4
Pitts A W est 1st g 4 s ...191 7 J
106 FeU’08
Debenture 5s..................... 1921 A-O 1 0 5 * 3 ....
199 Nov’04
Stat ltd Ry 1st gu g 4 >33 1943 J-D
193 J’ne’ 07
Registered.......................1921 A-O
Bat Creek A b See Mich Cent
108*3 Fob’98
Sinking fund deb 5s........1933 M-N 108 .
Beech Creek See N Y C A II
117 Fob *uo
Registered....................... 1933 M-N 107 ]
Bollov A Car See Illinois Cent
99 D ec’97
North Illinois let 5 s___ 1910 M-S 101 .
Bklyn A Montauk See Bong 1
100 *aMay’07
M-S 109*3 .
Ott O F A St Paul 1st 5s 1909
Bruns A W est See A tl Coast L
118
118
Mil L S A W est 1st g 6 s 1921 M-N 117:*8 .
Buffalo N Y A Erie See Frio
113 *3 May’07
E x t A Imp s fund g 5 s 1921 F-A 110 .
Buffalo R A P gen g 6 s ...193 7 M-S 1 1 0 >3......... 113 *s May’07
142*3 Feb’02
98 D ec'07
Ashland Div 1st g 6 s ..1925 M-S 121*4 ,
A ll A W est 1st g 4s g u .,1998 A-O
128*3 Feb ’00
4
M id i Div l s t g 6 s ......... 1924 J-J 1183 ,
103 A p r’9 7
C IA Malt I s t g u g 6 s ___ 1943 J
109 Sep *03
g
In co m e s.......................... 1911 M-N
Rocli A Pitts 1st g 6 s ...1921 F-A 1147 ____ 114 J a n ’ 08
114 114
,
117
Chlo Rock lsl A Pao 6 s ...1 9 1 7 J-J 112**8 113*4 112*3 1127
Consol 1st g 6s..............1922 J -0 117 Sale 117
L17 117
llO*3Mar*07
Registered.......................1917 J-J
Buffalo A Southwest See Erie
9 5*3....... . 95 Feb’08
91 F e b ’08
General gold 4 s................. 1988 J-J
J-J
91
91
Butt A S usq 1st rot g 4s.<U951
9 5*3........ 92 Sep ’0
Registered.......................1088 J-J
Bur O R A N See C R I A P
86
66*3
80 *4 Sale
104«b J a n ’08
Refunding g 4 s ............... 1934 A-O
/ Xanadu South 1st 6s....... 1908
104B 104°g
b
97 J’l y ’94
105 >s sale 105
105
Coll trust S e n eslI 4s . . 1919 M-N
131 102*4 105*4
VJ J P Morgan A Co receipts
92*3 N ev’O
O
J 4 s ................................... 1912 M-N
a 101
98*4 101
2d 6 s ................................ 1913 M-S 100=4 1 0 1 78 1007
liu‘4 Jan ’07
IU034 May’07
M i s ................................... 1916 M-N
R e g iste r e d ................. 1913 M-S
93 .May’ll 4
N 4 s .................................1 9 1 6 M-N
Garb A Sliawn Sea 111 Cent
9 o3 F eb’97
4
0 48.................................... 1917 M-N
Carolina Cent See Seab Air L
84 Aug’07
P 4 s ................................... 1918 M-N ......... 85
Carthage A Ad See N Y O A H
66*3
67*.
67 *4 Sale
Chic R I A Pac R lt 4 s ..2002 M-N
C e d i l l a F A N See B U R A K
62*4 Jau ’08
Registered. J.................. 2002 M N
Con Brancn Ry See Mo Pao
62
65
65 Sale
Coll tru8tgold 5 s ......... 1913 M-S
116 Mar’07
Cent of Ga R ll 1st g 5 s ..p l9 4 5 F-A 108 112
Bur Ced R A N o rth e rn Consol gold 6 s..................1945 M-N
99 >
4
09», 11 97*4 102*4
99 >3 Sale
Con 1st A col tr g 5 s ...1 9 3 4 A-O 110 113 111 F eb’08
Registered..................... 1 *>45, M-N
113 A p r’06
1211*3 ila r ’93
Registered................... 1934 A-O
1st pref income g 5s___ p l 0 4 5 Oct ......... 62
62
70
62 F eb’08
111 Nov’05
0 U [ F A N W Istg u 5 s .l 921 A-O '103
Stam ped...................................
88 May’07
M A St L 1st gu g 7 s .. 1927 J-D
2d pret income g 6s___ p lo io Oct
41 D ec’07

U. • Uoverim ieiu
“
%
U 8 2s consol registered.U193o
U 3 2s consol c o u p o n ....d l93o
U b 3s registered..............*191>
U S 3s coupon..................... /clUl('
U 3 3s reg small bonds..Icl9l8
U S 3a oou small bonds.,A:19ls
U 8 4s registered......... ....1 9 2 5
U H 4s coupon.......................1925
U S Pan Can 10-30 yr 2s.fcl93>’
Philippine islands 4s. 1914-34
Pnb wits and Imp re ■4s 1935
Pub wks and imp reg ... 193i

Ryo

q -j
Q-J

Range
since
January 1
Low J/iuh
44
45
27
3 7=4
27
33
80=8 S:*A,
100*2 100*3
100 190
117 123
1*29*8 1*29*3
197 108*4

2
4

08
i
DS3 09 H
4

101 102*3
103 103
107*2 112
90

i O l3*
90*3

92
78
64

100*v
yo*3
97 *8 lO l3®
196 106
26
99*3
1*9 100 H
<

A

J*
C
O

B

97*4 101*4
105=8 105=8
106 *a 111
10«3 109s*
4
117*3117*3
100

101*3

87
104 104
ll-8 \ 110
101*4 100*3
102 *3 1 0 2 *3

1063, 1063
*

100=8 100=4

lOOQ 193
191 191
98 108*8
108> iO.s *a
7)6 118

1
2

983
4
91=4
108*3 198*3
100 *s 101
105

195*8

108*3 108*3

91*4 100*3
83 *3 87

55=4 61»8
62*4 62*4
69*3 76
106

111

68
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100
98
90
49*3
50
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.........
.........
......
.........
.........
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59
76

85
49
100
98
90
55

JIIMCKLLA.NKOIJM BONl»>—Continued on Next Page.
S treet R a ilw a y
Brooklyn Rap Tr g os........1945
1st refund conv g 4 s -----2002
BkCity lstco u 6 s .1916.1941
Bk Q Co A S con gu g 6 s .1941
Bklyn U 11 El 1st g 2-58.1960
Stumped guar 4 -5 S ....1 9 5 0
Kings Co El 1 st g 4 s ....1 9 4 9
Stamped guar 4 s ......... 1949
Nassnu E lecgu g 4 s . . ..1961
Conn lly A L l s t A l’e fg 4 * 2 » ’ 61
Stamped guar 4 *38 .......... 1951
Den Con Tr Co 1st g 5 s ...193 3
Det United 1st con g 4 * 3 .19 3 2
3
Havana Elec consol g 5s. 1952
Inter-M et coll 4 HS............. 1H66
2
Internal True coll tr 4 s ..1949
Louis Ky Co lstcou e 6 s . . 1930
Manila Kloc 1st A coll 5s. 1953

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Street R a ilw a y
Met St R y gen col tr g os.1997
Ref g 4 s ...............................2002
B way A 7 th A v 1st c g os 1943
Col A 9th A v I s tg u g 68.1993
Lex A v A P F 1 st gu g 5s 1993
Third A ve RR con gu 4s 2000
Cent Trust Co cettfs...........
Third A v e Ry 1st g 5 s ..1937
Met W S El (Cliic) I 8 t g 4 s .l9 3 8
MU El Ry A L 30-yr g 58.1926
Minn St Ry 1st con g 6 s ..1919
N Orl Ry A I.t gen 4*23 ..1 9 3 5
St Jos Ry Lt II A P 1st g os ”37
■^i Paul City Cab con g 6s. 1937
Uixlerground o! Lon 5 s ... 1908
U r ’on El (Cliic) l s t g o s ..1945
United RRs San Fr s f 4 s . 1927
United Rys St L 1st g 4 s. 1934

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532

New York Bond Record— Continued— Page 2
BONDS

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Ifu g ld4a........ 1 4 J-S 6
ilicd o
9 !' -D
1 8*
C eAEa 1tx ld5s..1 8 -N
in rie n a
o
9;12 a '0
1
0 M1
Da ref g o4 s......1 4
er
99
4 8 ** 2*
C vA.MliosVl g5s.13 M 112 . . . . lid dob’O 1 8 1 2 Gb n reg ld5
le
92
u e tu old s........13 M __4...... llo Jan 8 9* * 6*
9 4 -S * 5 ' 9* ...........
9 64 9 J e’0
5 'u '0
0* 9*
Jo gDcstgngl g6s..1 0 A 100*4 " " H 4 An’0;.
enR okco so5 _a9 ! t-J
tt R1 u 8 l93 -O
U Fg 8
u 7
Dstns.......... '..... 191 M
k 6 AMn 1 go„.. 1 U -S
ly
o t st
91
L
6
1 4 e ’0
2
1
9 e 7 .... ....
M 9 >4.... 9 .Sp’U .........
-8
8
Ca AR p1cu g 6s.1 2 A
o l R1 r u 9 2 -O
-N
1 8 Seb’0
1 p0
N¥B RB1t g6 g6s125M
& Blstcon 93 A
M s s....197 -O
6
DckAImststciir6s..l913 M
o
J
1* 4 D ’ 06
*6 O 7
9 ct
NVA
-S .......... llO N ” V ......... *
!!.*"! 15 AovJ
19 N ’0
0*4 pr’U
NYAG e Dg g6 S .1 9 4 0 M
re n u
-N
9 ec’0
0 Sov 7::::
b
N ia aAA ngguosol0 7M
orS B1trk 1 x6s.19 2Oh s co st
3 -J
-Lu n
o is
2 -S
12 en
0
’0
d C P A S ll* B X C tin ed o *ext P
llS K D M O O 118 on u n
age.
tin a d E
s n lectric D lit
ig
G a s a n d E l e c t r ic D iglit
A ly tauDCstcon5s...197 J
tlau G 1 lstggos.14 -D
94
1.02
10
D
g 6s.«1919 Q
R tla U ssstg6 s..... 19475M 9 S le 9 0 4 9 924 bos Dac Gas D of St1st1st5s........1934 A --F 10 2 Sale 1102 Feb 2 6 00 10 2
x n G a1o
-N 8 a 8
8
Ret anil ext
O
*07
B lo a
u
8 0 6
A 104410541 44 1 54 8 13 60 4 Milwaukee Gas Dg1st 4 s ..1927 M
-O 6 6 0
554
0 00 4 0
6 1
-N 90
0 1 4 Jan ’07
Cn itCsconsg56 s_1 0 J
otrolGityG d b
so a a e s.....1 2 -J
v
99
0
C
O
91
1
D
e
93 J 9 9 9
5
5
-J 5 6 100 A 9 7 1 9341 54 N Purchase H A P g 4 s ...1 9 4 9 J --D 76 7 6 4 75 4 0 5 4 2 OO 9 8 4
98 Y G E L money g 6 s . . .1948 F A
7
Gnu*)3 D con11CC ED1 F
1 75
p
r’U
81*4
Ed El 111 1st conv g 6 s ..1910 M
-S 0 9 4
i O') 4 Aug’07
E E11Seen Seestg63 ...1AP -A
dElU’o N AED 9 P
l1 B YG o HA8
k
1st consol gold 5s......... 1995 J
-J
il* 2 " >.134 J’ne'06
E
d
N Y J-Q E l D AP Is to o n g 6 s l9 3 0 F-A
#95 A p r’07
E GB X lstcon g6s..1 3 -S
q N
92
0 D ’0
2 O ’0
ec 7
-N
N Y A Rich Gas 1st g 6s. 1921 M
103 Nov’()5
ee Ale ergC gos. 1949 M
iiis E
ct
-D
*
Pat A Pas G A E con g 6s. 1949 M
S
.........
a<»434 Nov’O
O
GnE lecBdl) g034s..14! FA ."I" *9 , 614Jan 1
ctric e o
92 J
O ’0
8 8
0. S
0
I0yrgdeb5s.......... 11 J 1 6 S le 1084 1 9 * 8 1 6 1 9 4 Peo Gas A 0 goldcon g 6s. 1943 M -D i100i ’ s ..... 111 F eb’On 107 i-v m
95 -D 0 4 a
1
7
0 0 1 0 4 0 * Refunding 1st 5 s...........1947 AS l ' ...... ,05 J a n ’08
G danC Go 1stg5s...1 4 F .... 9 9 4 174D
r so D a st
9
94
95
Ch n -D A Cke ls t g u g o s 1937 J
-J 98
H RpGo Cs 1 g5s..1 9 -N 9 .... 0* ec’0
u
9 -A
0O4Feb*O8
98 1 0 0 4
0 a eo’0
7
Con’G Co of Ch 1st g a g 5 s .’36 J - D
95
KuCC(MDAs1 6g6 s1 2 M . 9 *4 1 2 J’ly’0 ..I! ....
a g ity Eo)GPg s...J 2A
' l a st 9 -O
90TD 6
89 Sale
Mn Fuel Gas 1st g u g 6 » . 1047 M - N
K so
in
037 -O
944
00
.... Syracuse Eightiug 1st g 5 s .’51 J D 00
17 92 100
..............
P rch semn y6 s.... 1 9 A 0
u a oe
9 7 -O 2
06 a ’0
n8
El l s g s ..1949
-S
E E knlstcong4s1 3 A "il” * 84i** Jar’0 100 ’*i07” Trenton G A Light’tg g65s.l9 5 0 M-D ..... ...... 110 4 iiny'05
d lllB
99 J
-J
8* 934M 6
Westchester
J
8.01 F eb’07
..!!!
°P
r‘°e
U 3tt> tasked th we , a D eJ n b De Fb UDeA r sD oMy A aoj’iy kD eA gTbue'oot qDoDo '-----op SU
t<8 la
is e k u a u e u p u a D
u u
u e j tion a
N. Y . STO C K E X C H A N G E
W k b k E n din g F e b 2 8




F rid a y

Feb 28

Range or
Lott Sale

eek

n d in g

eb

Feb. 29 1908.1

New York Bond Record

BOND*
N. Y. STOCK E X C H A N G E
W eek K.VDfMu F eb 28

Juries
Friday
Peb U8

Wcekfs
Hangs or
Last dale

did
Low
High
Lonlsv A Nasliv gen g 6 s .1930 J-D
117 J a n '08
Gold oh................................. 1937 M-N 108
110 O c t ’07
97
Unified gold 4s................. 1940 J-J
97
9 8 4 90
Kegistered.......................1940 J-J
1 0 1 4 J’l y ’ 06
Sink tuud gold Os..............1910 A -0
10.
D ec’05
Coll trust gold os............. 1931 M-N 103
104 F e b ’08
5-20-yr col trdeed g 48.1923 A -0
92 4 93 4 9 2 4
927
K H A Nash 1st u 0 8 ....1 9 1 9 J-D 1 1 0 4 .
111 N ov’07
1. f'ln A Eex gout4 4 s . . . 1931 .M-N 1 0 4 4 .
1034 J a n ’08
117 .
N O & M 1st gold 0s___ 1930 J-J
1154 Jan ’08
X O A At 2d gold Os........1930 J-J + 112
122 4 Mar'00
Pensacola Div gold Os...1 9 2 0 M-S
1 0 7 4 Aug’O
O
8t l. D ir 1st gold Os........1921 M-S
117 May’O""
2d (fold 3 s.........................1980 M-S
0 2 4 Aug’07
A tl Knox A Cln div 4 s .. 1955 M-N
8 8 4 80 Feb '08
110 J’l y ’00
.ill Knox A Nor 1st g os 1941 .1 -u
1084 Jau ’00
Hender lid g e ls t s t gOs. 1931 M-S
88
88
Kentucky Cent gold 4 s .. 1987 J - J
108 J’ly ’00
1-A N A At & A11st g 4 4 s 1945 M-3
87 J a n ’08
E A .V-South J1 Joint48.1952 J-J
113 4 Mar’07
N Fia A » l s t g u g 5 s ...1 9 3 7 F-A
N A C Bdgogen gu g 4 4 s 1945 J - J
113 J a n ’08
Pens A A tl 1st gu g Os..1921 F - a
1 1 1 May’ ti7
' A N Ala con gu g o s.. 1930 F-A
9 1 4 Jan ’08
E A .Jell B dgeCo g u g 4 s ..1945 M-S
V N a A Ch dee < 1 & E
1
‘ i! lion Coal dee E S A At S
94 4
95
a nIndian Ky consol 4s. 1990 A-0 ......... 95
104 A p r'05
itcvistered.................. 1990 A -0
Meuopol El 1st g tia___ 1908 J-J i.0 1 4 Sale 1 0 1 4 10 1 4
M c I. '|,l A B V dee N V Cent
Metropolitan El Nee Man Ky
S3 Sale
83
814
M ex t > n t consol gold 4 s . .1911 J-J
20 Sale
19
t si consol income g 3 s .a l9 3 9 J’ly
204
17 sate
144
2d consol Income g 3a. .<tl939 J’ly
17 4
90^4 J’ ly *01
M ■ • . m ernai 1st con g 4 s. 1977 M-S
Stamped guaranteed— 1977 M-S.
80 Fell’08
J -D
M oa k orth 1st gold Os___ 191(
May’ O
O
M 10.i Cent dee N V Cent
Mid oi N J dee Erie
M n . . A W dee Ohio A N V
Mil & North dee Ch At A St 1
Minn A St E la t gold 7 s ..1927 J-T) 1 2 5 4 1 2 8 4 1254 Fob’08
iown Ex 1st gold 7 s ........1909 J-D 1 0 2 4 . .
106 A p r ’07
Pacific Kx 1st gold Os...1921 A -0 100 . .
118 J a n ’ 07
South W est Ex l s t g 7 s .l 9 l 0 J-D
11 3 4 Mar’05
1st consol gold 6 s ..............1934 .Vl-N
100 Jan ’08
79
82
1st aud refund gold 4 s ..1949 M-S
80 Feb ’08
lies A1 A F t l) 1st gu 4 s ... ’35 J-J
97 A p r ’O
li
M in u A St E gu dee B O It A N
95 N ov’07
M StP A S S M c o n g 4 iu t g u '3 8 J-J
102 J’ne’07
M S S 51 A A 1st g 4 lilt gu 1020 J-J
Minn Un Nee St P Al AM.
95
Mo Kan A Tex 1st g 4 s ...1 9 9 0 J-D
94
90
79
80 3, F eb’ 08
2d gold 4 s .......................... piOOO F-A
97
1st ext gold 5s................... 1944 M-N
98 F e b ’08
75
, 70 4 75
1st A refund 4 s ................. 2004 M-S
Saie
71
73
Gen s f 4 4 s .....................1930 J-J
83 Jan ’08
St J. Div 1st ref g 4 s ___ 2001 A-O
Dal A W a 1st gu g O s... 1040 M-N 103
104 4 J a n ’07
95 4 Apr 07
Kau C A Pac 1st g 4 s ...l'9 d 0 F-A
105-4 F eb ’08
Mo 1 A E 1st gu g 5 s ... 1942 A O 105 ...
C
104 Fob’08
M K A Ok l s t g u 6 s........1942 M-N 102 4 ...
M K A T o fT l8 t g u g 6 8 .1 9 4 2 M-S 103s, ...
103 F e b ’OS
Slier Sli A So ls t g u g 5s. 1943 J-D ......... 10 3 4 105 Aug’07
'fox A »>lda ls tg u g o s ...1 0 4 3 M-S.
ion 4 Oct ’07
Mo Pacific 1st con g Os ...1 9 2 0 M-N 105 Sale 104 4
105
9 2 4 Sale
Trust gold 5s stam ped.«10l7 M-S
92 4
92 4
Kegistered...................al917 M-S
104 4 Fob’07
90
93
1st coll gold 5 s ................... 1920 K-A
93 F eb '08
40-year gold loan 4 s........1945 M-S ......... 80
80 Aug’07
3d 7s extd at 4 % ................1938 M-N
97 4 May’07
Cent Br Ky l s t g u g 4s. 1919 I -A
8 4 4 85 F e b '08
s
I)
Ceil Branch U P l s t g 4 s .l 9 4 ^
8 1 4 8 1 4 Jan ’08
110 Mar’05
Leroy A C V A E l s t g 5s 1920 J-J
95 101
Pac K of Mo 1st ex g 4s. 1938 F-A
99 4 Feb ’08
2d . .tended gold 5s. ..1 9 3 8
112 D eo’07
J k......... 115
8tl< lr M A S geu con g 0 s l9 3 1 A-O 1 0 4 4 Sale L014 105 4
Gen con stamp gtdg 5s 193! A-O
109 4 J’ne’07
Unitled A ref gold 4 s .. 1929
74
74
74
J
32
Kiv A G DlV 1st g 4 s .. 1933 M-N
83 F eb ’OS
Verdi V I A W 1st g 5s. 1921 M-S
107 4 A p r’O
U
MoliJ A K C 1st cons g 5s. 1953 J-J
98 Dec ’00
Mob A Ohio new gold Os..1927 J-D
113 F e b ’03
lat extension gold 0 s ../tl9 2 7
105 4 Jan ’08
General gold 4 s................L93f
8 4 4 F eb'08
99 4 ....... 102 4 Oct ’o7
M outgoiuDlv 1st g Os..1947 F-A
72 ........
St E A Cairo coll g 4 s ..e l9 3 o
92 4 A u g’O
O
( i uaranteed g 4 s .......... 1931 T J
101 N ov’i)4
M A O coll 4s dee Southern
Mohawk A Mai d ee S V C A H
Monongahela Kiv dee B A G
Mont Ceut dee St P M A M
Morgan’ s Ea A T dee S P Co
Morris A Essex Nee Del E A W
ash Chat A St E 1st 7s. 1913
J
1134 109 Nov’07
1st consol gold 5s......... 19
A -0 107 4
107 4 Jan ’08
Jasper Branch 1st g O s..1923 J-J
110 4 May’O (
MoM M U A A l 1st Os..1917
J
1174 Mar'06
T A P Branch 1st Os....1 9 1 7
J
113 J’ly ’04
Nasu Dior A Shot dee E A N
Nat of Mex prior lien 4 4 s . 1920 J-J
Jan ’08
1st consol 4s.......................1951 A-O
77 4 81
Feb ’08
Now H A D dee N Y N 11A H
N .) June UK dee N Y Cent
N ow A Ciu Bdge dee Lon A N
N D A N K prior lieng 0 s p l9 1 5 :V-0
N V jBkln A Alan Bell dee E 1
N Y Cent A 11 Kiv g 3 4 s . 1997 J.J
8 8 4 89
31
884
89
Kegistered.......................1997 J-J
88*8 Jan ’08
Dobell g 4 s.........................1934 iV
I-N " 9 4 4
94
944
75 \ Sale
i.ako Shore collg 3 4 s . ..1 9 9 8 F-A
75
75 \
73 ......... 78 F e b '08
Kegistered.......................1998 F-A
Midi Cent coll g 3 4 s . . . .1098 F-A
76
78 4 7 7 4 Feb'08
Registered.......................1998 F-A
71 Nov’07
Beech Creek 1st gu g 4s. 1930 J - J
9 5 4 ......... 102 F eb’07
Registered.......................1<J30 J-J
102 Mar’04
2d gu gold 5s................. l*J30 j . j

M:

u

N

IIIIII

F-A
F-A
M-N
A -0
J-J
F-A
F-A
J-I)
J -J
J -J
J .J
J-J
A -0
J-J
J-D
f -a
M-S
J-J

95 4 100
105
94

104
88

10341034
115411"

80

89 4

88

92

87

87

914

91‘

9 2 'g

98

9 9 4 1013b

744
144
10

85
204
174

80

80

12541254

100
80

100
82

98
84
98
78
774
83
10538 lOSSg
102 s, m i
97 4 103
1 0 4 4 100
92 4 98
93

98

85
83 4

85
844

994
104

99V
110
78
804

113 1 1 3 4
105 4 1 0 5 4
84 4 84

Price
Friday
Feb 28

Week’ s
Range or
Last dale

Rang*
Since
January 1

N Y Cent A H R—(Continued
Low
High. A’o Low H igh
BeechCr E x t l s t g 3 4 s M 9 5 1 A -0
Cart A Ad 1st gu g 4s. ..198 1 J-O
Gouv A Oawe ls t g u g 6 s 1942 J-D
Moh « 5 Mai 1st gu g 4 s ..1991 M-S
V
98
97 4 M ar’07
N J Juno ft gu 1 st 4 s ...1 9 8 0 F-A
78
105 Oct "02
80
10 1 4 J ’l y ’00
t ; £ 4 ’ Harlem ff 3 4 s . ..2 0 0 0 M-N
£ J * , -North l s t g 5 s . . .1927 A-O
1 1 0 4 May’OI
97
N 1 A P u l s t c o n g u g 4 s l 993 A-O
10 1 4 D ec’00
Nor A Mont l s t g u g 5 s .l9 1 6 A O
PiDe Croek reg guar Os.1932 J-D 115 ........ 107 N ov’ O
K W A O con 1st ext 5 s ./ 1.1922 A -0 110 4 Salt 1 1 0 4
110 l i l 4
1104
Oswe A H 2d gu g 5s. ,.«191 5 F-A ......... 107
105 Jan ’0
105 105
K W A O T It 1 st gu g 5 8 .1 9 1 8 M-N
Rutland 1st con g 4 4 a .. 1941 I •J
10(1 4 Gel ’Ilf
OgAECliam l s t g u 4 s g l 94 '- J-J
843, 87
87 F e b '08
Kut-Canad 1st gu g 4 s .194! J-J
85 Jan ’08
85
85
St Law A Adir 1st g 5 s .1990 1- J
22 J a n ’O
H
2 d cold (is.........................1990 V-O
25 F e b ’08
125 125
Utica A Blk Kiv gu g 4 s ll9 2 2 J-J
94 103
03 Oct ’0
Lake Shore gold 3 4 s ___ 1997 J-D
91 ........
893, 9 2 4
92 F e b ’08
Kegistered................... 1997 J-D
90
92
02 J a n ’08
90
924
Debenture g 4 s..............192« ■i-S
92 4 Sale
924
934
8 8 4 95
25-yea r g -i s ................... 1931 vl-N
90 4 Sale
903,
yi
884 944
Ka A A G K 1st gu e 5 s .1938 J-J 1 1 0 4 .
Mahon C’l K it 1st 5 s ..1934 J-J 10 2 4 ... .l i 109 Get ’OT
Jet
Pitts a E Erie 2d g 5s.<il92H A -0
107 4 N ov’O
O
Pitts M cK A Y ls tg u Os. 1932 J-J
Jan ’ 03
2d guar Os.........................1934 J-J
M cKees A B V l s t g Os 1918 J-J
Mich Cent 1st consol Os.1909 M-S
104 D eo’OH___
5 s.........................................1931 M-S 110
'105 D e c ’0 7 ......
•M
Registered................... 19 3 1
119 J’ne’o ii___
92
J
4s.........................................1940
1003 Jan ’07
4
Kegistered................... 1940 J-J
100 4 N o v ’0(j
J E A S 1 st g 3 4 s ............1951 M-S
94 4 D ec’ Of!
8 0 4 ......... 92 4 May’01
l s t g 3 4 s ............................ 1952 .Vl-N
Bat O A Stur 1st g a g 3 s . 1989 J-D
99 4
N V Chic A St E 1st g 4s 1937 A-O
994
99V
954 994
Kegistered....................... 1937 A -0
1024 Mar’07
W est Shore 1st 4s g u .. . 2301 J-J 1 0 0 4 Sale 100
98” ib a ”
1004
Kegistered.......................2301 J-J 100 Sale 100
100
904101
N Y A Greeuw Eake e>ee Erie
N Y A liar dee N V C A Hud
N Y Eack A W dee D E A W
N Y E E A W dee Erie
N Y A lsing Br dee Cent of N J
1 2 1 4 3ale 119
N Y N H A H —Conv Os subs..
122 4 233 1154 1 2 4 4
Housatonlc It con g 5 s .. 1937 .M-N 1 1 2 4 ........ 113 Ocl ’ 07
N H A Derby con icy os.1918 M-N
N Y A North dee N Y C A H
90
97 4 90
90
N Y O A W ref 1st g ls..(/19 9; M-S
9 2 4 98
Regis §5,000 o n ly .........ol99i M-S
1 0 1 4 J’ne’O
H
N Y A Put dee N Y C A H
N Y A ft B dee Long Island
N Y S A W dee Erie
N Y Tex A M dee So Pac Co
Nor A South 1st g 6 s......... 1941 M-N
100 Oct ’ 07
V n rf
1 (1 0 1
S o rt A W oest (r u n rr Os........1931 M-N 121
W a t . gen g
120 4 J a n ’08
120 120 4
117 4 Jan ’08
Xmprovem’ t A axtg O s.,1 9 3 4 F-A 117
11741174
N ew Kiver l s t g Os........1932 A-O
127 Oct ’O
O
95
90
N A W Ky 1st con g 4 s. 1990 A-O
90
96
9 2 4 97 4
Kegistered....................... 1999 A-O
91 S e p ’01
D iv’l 1st 1A gen g 4 s ... 1944 J-J ......... 89
84*, 8 3 4
87 F eu ’08
80s, Sale
10-25 year conv 4 s ___ 1932 J-D
70 78, 8 4 4
80 4
81
Pocah C A C Joint 4 s .. 1941 J-D ......... 80
80 F o b ’08
77'
80
C C A T 1st gu g 5 s......... 1922 J-J
109 4 Fell’00
SCto V A N E ls t g u g 4s 1989 M-N
91*8
91\
87 4 95
Nortli Illinois dee Chi A N W
North Ohio dee E Erie A W
Nor Pao—Prior ilea g 4 s .. 1997 (i J 1 0 0 4 Sale 10 0
10 0 4
99 4 1013,
Kegistered.................... 1997 y - j
98 F e b ’Os
98 loo
71
71U 71
71V
General lien g o ld 3 s ....a 2 0 4 7 y -F
68
72
Kegistered................... a2047 y -F
70 Feb ’08
70
70
"u T
St raul.D ul Div g 4 s ___ 1990 J-D
90 4 Jan ’08
89
90 4
Dul Short E l s t g u 6 s .. 1910 M-S
C B A y colltr 4s dee Gt Nor
St P A N P gen g Os___ 1923 F-A 115
117 J a n ’O
'*
117 117
132 J ’l y ’99
Registered ceititle’s .. 1923 -F MOO
St Paul A Dul 1st 5 s ___ 1931 F - a
117 V J’ly ’u7
100 Oct ’07
2 < 5 s ..................................1917 A O
t
1 st consol gold Is......... 1908 J-D
98 4 Oct ’06
W ash Cent 1st g 4 s ......... 1948
93 May’O
H
Nor Pac Ter Co 1st g Os.. 1933
112 F eb’ u8
112 114
Nor lty Cal dee So Pac
Nor W is dee C St P Al A O
Nor A M om dee N Y cent,
lnd A W dee C C C A St 1,
hio Kiv itlt dee Balt A U
Ore A Cal dee So Pao Co
Ore Kit A Nav dee Un Pao
Ore Short Erne dee Un Pac
Oswego A homo dee N Y C
O C F A St P dee C A N W
104 4 104», 1043,
_>ac Coast Co 1st g 5 s ___ 1940 J-D
1014105
ao of .Missouri See .Mo Pac
Penn Kit iHt real est g4 s,1 9 2 3 M-N
105 Jan ’08
102 105
Consol gold 5 s .............................1919 M-S
105 N ov’O
Consol gold 4 s .............................1943M-N
101 D ec’07
93 Sale
Convertible g 3 4 s ............1912 M- N
93
93 4
914 944
89 Sale
Convertible g 3 4 s ............1915 J-D
89 V
88
914
884
Alleg Val gen gu g 4 s ...1 9 4 2 M-S
9 4 4 ......... 99 J’ ne’ li7
D K K R A Bge ls t g u 4s g.*36 F-A
Plilla Bid A W 1st g 4 s .. 1943 M-N
107 4 O c t ’Oli
Sod Bay A So 1st g 5 s . . .1924 J - J
102 J a n ’03
U N J KK A Can gen 4s. 1944 M-S 10 0 . . .
1 1 0 4 Sep ’04
Penn Co—Guar 1 s t g 4 4 s . 1921 J-J 1023 ,10 3 4 1023, io23t
1023, 1 0 4 4
Registered.......................1921 J-J
1 0 3 4 J’l y ’07
8 1 3 ,......... 90 4 J’ ue’O
Guar 3 4 s coll trust re g .1937 M-S
O
Guar 3 4 s coll tr ser B ...1U 41 F-A
85 4 ......... 84 May’07
T r Co certif’s gu g 3 4 s . 1919 M-N
92 4 ......... 9 2 4 FebM8
02 4 92 4
G u 3 4 s t r c t f s C ............... 1942 J-D
8 4 4 ......... 8 4 4
84*.
844 8 4 4
G < 3 4 s tr c tfs D ............... 1944 J-D
90 4 Mar’ 00
Guar 15-25 year g 4 s ___1931 A -0
90
96
......... 94 4 9 3 4 F eb ’08
CI A Mar 1st gu g 4 4 s . . 1936 M-N
110 J a n ’05
C IA P gen g u g 4 4 s ser A . ’42 J-J
10S 4 Aug’03
Series B ............................ 19 4 2 A-O
Series C 3 4 » ................... 194» M-N
9 8 4 b e o ’06
Series D 3 4 s ................... 19 50 F-A
90 Jan ’04

if:!

O

107

1071

99
82

87 4
884
91
76
73
74 4

91

88°8

94 4
82
78
81

i()24II”"

Telegraph and Telephone

80

Sale
. 95

103
102 4 104
103
974
83 ”8 0‘

’’So pic Fid y 'a s b a d s e ,
r e r a ; te t id n akd




Low High
113 117

U O M )8
N. Y . STOCK E X C H A N G E
W eek E nding F eb 28

533

H I S C M .L 4M K O U 8 B O N D S— Continued on N ext P age

C i a d Iron
on n
Col F A I Co gen s f g 5 s ..1943
Convertible deb g 5 s____1911
Col Fuel Co gon gold Oh. 1919
Gr lUvCoal A C I s t g 0 s l 9 1 9
Clearf Bit Coal lst>s 1 4 a ... 1940
Col Indu IstA colLos gu .,1 9 3 4
Contln’talO l s t s t g u 6 s g ,19 5 2
J ett A Cloar C A 11st g 5 s . 1920
Kan A H C A O 1st s tg 5 s . 1951
Pleas Val Coal 1st g s £ 5s. 1928
SundayCreex Co g 6 s ___ 1944
lenu Coal gen 5 s................1951
Penn Div 1st g Os........ a l9 1 7
Birin Div lstcousol O s ..1917
(bill C M Co l s t g u g 6s. 1922
1 >e Bar O A 1 Co gu g Os. 1910
' al ion Coal A Col st g 5s. 1949
V "0 1 Fuel 1st s f 5 » ..........1953

Ranine
dinca
January 1

Continued—Page 3

7 9 4 Feb'03
7 9 4 82
75 N ov’07
107 4 Oct ’04
U)2<4 A p r’Oli
95 A p r’02
40
40 4 io i 38*4 V i "
107a D ec'04
8
107 May’07
105 4 Dec'00
105 O c t ’00
............m u
78 F e b ’07
2 1 82 4 89
88 4
89
103
1034 26 lo o 103 4
4 99 104
1 0 2 4 1024
102 D ec’07
100 J a n ’08
100 101)
83
80
"7
81
874
93 4 B b ’07
’e

Am Tolep A Tel coll tr 4s 1929
Comm Cable Co 1st g 4 s . . 2397
Met T A T 1st s f g o s ........1918
M ich. State Telop. 1st 5s. 1924
N Y A N J Tel gen g 5 s ..1920
W est Union col tr cur os. 1938
F(1 aud real est g 4 4 s . ..1 9 5 0
Conv 4s, Series A ........... 1936
M ut Un T el s fund Os...191 1

J-J
76 4
Q-J
80
72
M-N
104
F -A ......... _____
92 4
M-N ......... - . . . . 105 4
J-J ......... 85
85
M-N
84
85
M N * 74
70
75
M-N
104

J a n ’ 08 . . . . 7 5 4
Nov’07
_____
F eb’07
Feb’08
924
J’l y ’03 ___ .........
83
1 86
85
F eb’08
70
10 75
A p r’07 . . . .

75 4
924
94
88
774

.Haiiiilacturing A Industrial
Am Cot Oil ext 4 4 s ............ 1915
Am Hide A E 1st s f g O s..1919
Amer Ice Secur deb g Os..1925
Am Spirits M fg 1st g O s ..1915
Am Thread 1st col tr 4 s ...1 9 1 9
Am Tobacco lu-yr g Os.. 1944
<h. .......................................... 1951

O-F
M-S
A -0
M-S
J-J
A-O
F-A

87 4
79
00
100
83
101
024

90 F eb’08
78
80
Sale
60
00
100
1 0 0 4 loo
84
84
Sale 1 0 0 4
10 1
Safe
62
624

18
2
8
1
30
47

86
92\
75 4 80
00
06
»1 100
83
84
9 6 4 105
60 4 69^

aDo .iu b DoFb iDO iU d D * .i» /»D e y :D «A g « D o e p D eN r q D eD» fO tla
u
u e lt .U * u r u ./V A n u
u Ot u o u e y c

534
BONO*
N . Y. STOCK E X C H A N G E
W eek endin g F eu ‘23

New
trice
Friday
Feb e s

York

[VoL. LXXXV
I.

B o n a B e c o r d — C o n c lu d e d — P a g e 4

Week's
Hcuiye or
Last Sale

Range

33 to

S ce
in
J u
an ary

BO N DM

I ’rice

N. Y. STO C K E X C H A N G E
W e e k E n d in g F e b 28

F r iu a y

Feb SS

Week’s
Range nr
Last. Sale

Range

Since
anuary 1

ow Jixgte
High
Bid
Ask Low
Southern Pao Co—(Continued)
L103 ......... 127 S e p ’00
4
Morgan’s Ba A T la t 7 s .1918
-J
H 6 Nov’O
O
1st gold O s ..:................. 1920 -J
J
112
Feb’G
'.
No of Cal guar g 5 s ..........1938 A O
-J
073 X ov’07
4
ore A Cal 1st guar g Ss.1927 ‘ - J 101
-J
98*2 98*2
98 *a J**n MS
99
-J
So P of A r gu lat g 0 s...cl9O 9
•J
101 D ec’07
99*4
1st guar g Os............... cl910 -J
A -0
So Pacitic of Cal—
Pitta Y A A ah lat con 6 a .l 9 2 t -N
107 A p r’07
1 at g Os aeries E A F ...1 9 1 2 -o 104
108 108
P C O A St E g u 4*28 A . . .1940 A-O 107
lL4*a B ee ’0 1
1 st gold Os.......................1912 -0
108 108
4
Soriea B guar................. 1942
0 10(5 >
110 Muy’ 07
N
1 st con guar g 6 s ..........1937
Senes C guar................. 1942 M-N 102
104 Mar’07
J
S Pac of N Mox 1st g Os..1911
97
Series D 4s guar........... 1940 M-N
So PacCoaat ls t g u la g . 1937
J
Soriea K 3 ‘a guar g ___ 1949
85 >
4
-A
107 *2 F o b ’07
T exA N O S ab D ivlst gOs.1912
3
Series F 4a g u a r ......... 1903
-D
95 ‘4 90
90 FeO ’ OS
-J
Cou gold 5s.................... 1943
109 109
109 J a u ’08
C S t L & P 1st con g 5 s .1932 A-O 112*4
89
89
87*2 93
Sale
-J
t O Pao UR 1st ref 4 s......... 1955
Pensacola A A tl See E & Nash
97
85
S a le
80*2
87
J
Southern—la t con g 5 a ....1 9 9 4
Peo A East See O O O & S t L
114 N o v ’OO
J
Registered......................1994
123 4 Jan ’05
Poo * Bek Un 1st g 6a___ 1921
77
75
77*2 78*i 77 Jan ’ 0 8
Mob A Ohio coll tr g 4 s . . 1938 M-S
10 0 34 D oc’05
2d gold 4 *28...................... 01921 n
102 102*2
90*2 100
100 Jan ’ 08
-J
Mom B iv 1 st g 4 4 -5 S ...1 9 9 0
109 A p r’02
PoroMarq—Oh A V M s a 1921
V
D
70
72
73
74 Jan ' 0 8
-J
St Bouia div 1st g 4a-----1951
_ 12 4 Aug’07
F l i n t * P M g 6 s ............... 1920 A-O
J au ’ 00
113
-J
A la Cen R 1st g Oa......... 1918
1003 A p r’07
4
lat couaol gold 5a.......... 1939 M-X
90 J ’ ue’ Ou
-J
A tl A Banv la t g 4 s ........194b
100 4 Sep ’ 00
Pt Huron Div lat g 5a .1939 A-O
O
92 J ’ n e’ O
2d 4 a ................................. 1948 -J
SagTus A 11 ls t g u g 4s. 1931
A tl A Yad la t g guar 4 a .1949 A -O
Phil B < W See Penn KK
fe
Fob ’07
Col A Greeny 1st Os........1910 J-J
115 4 Mar’O
G
P h lla A Reading cons 7s. 1911
(J ’l y ’o,
E T Va A Ga B iv g 5 s ..1930 J-J
Pitta Cln * bt L bee Penn Co
105 1 0 5 'a
Feb ’ 08
..........
Con 1st gold 5a..............1950 M-N 103
Pitts Cleve A Tol See B * O
90
99
E Ten reor lien g 5a........1938 ftft-8
Pitta Ft V A Oh See Penn Co
V
Sep ’07
138
05
Ga Midland 1st 3a........... 1946 A -O
Pitts McKees & Y SeeH Y Oeu
107
100 107
S a it
J io o
Ga Pac Ry lat g Os......... 1922
10941094
1 0 9 4 109 4
Pitts Sh A E E 1st g 6 s . . .1940 A-O 10S
107 108
Jan ’ 08
K nox A Ohio la t g 0a ...192 5 J-J
9 3 7s J’l y ’97
J
lat consoi gold 5a...........1943
87*2
115O A p r’oo
f,
Mob A Bir prior lien g 5a 1945 J-J
Pitts A W est See B A O
83
90 (Jet ’05
Mortgage gold 4 s......... 1945 J-J
94
94®, 69
974
94 li bale
J-J
1> eadlng Co gen g 4 s ..... 1997
107 107
Rich A Ban con g Oa— 1915 J-J 1 0 3 1 0 0 ’ , 107 Jail’08
90 F eb ’08
91
J
XV Registered....................1997
99 *2 u c t ’ 07
Beb 5a stamped..............1927 A -O
94 4 F e b ’Ob
944
90
94
Jersey Cent coll g 4 s . . .1951 A O
98 Feb’05
Rich A Meek la t g 4 a ...1 9 4 8 M-N
Rensselaer * bar See 1) & 11
80 Car A Ga lat g 5 s-----1919 M-N .......... 97*2 96 B e e ’07
Rich & Ban see South Ry
112 Uct ’00
Virglnixk Mid ser C 0 a ...l9 1 0 M -S
Rich A Mock See Southern
108*2 B ec’oo
Series B 4-5s..................1921 M -S 10U
113 BOO’06
Rio Gr W est See Ben * Rio Gi
MSeries E 5a.......................1920
103 Oct ’ 07
Rocli A Pitta See B R & P
100
General 6 a.......................1930 fA-N
107 May’07
Rome Wat A Og See N Y Cent
100
Guar stamped........... 1930 M-N
78
Rutland See IS Y Cent
90*2 96 *s J a n ’ 07
F-A
W O A W 1st ey gu 4 a ..1924
1 0 0 *a sep ’ 07
w*ag 'i’us A H See Pere Marq
W est N C 1st con g Os..1914 J-J
S5 J an ’08
O t Jo * Gr Is! la t g 4 s ... 1947
8 A N Ala See B A N
bt L * Cairo See Aiob * Ohio
117 J’ ly ’oo
Snok Fails A Nor la t g 6 a. 1939 J-J
y
St B * Iron Alount See A1 P
I 'or A of St B la t g 4 * ..193 9 A-O
qs
111 J’ l„ ’07
Fob’
110 *e Fob’08
St B K O A N See Wabash
109B 111
J lat con gold 6a___ 1894-1944 F -A
L
St B At Br See T R lt A ot bt B
8 90*2 92*4
92*4
92
90
Gen refund a t g 4 a......... 1953 J-J
St Bouia * Son Frauoisco—
111 D eo’O
U
St B M B g e T e rg u g 5a.l93U A-O 1 0 1 34
113 1144
113
11 3 4
114l4
General gold 6a.................1931 J-J
1044
L03 105*, Tex A N O See 80 Pao Co
105*2 104
General gold oa.................1931 J-J
109*2 38 107 112*2
Tex A Pao la t gold 5s........2000 J-B 1 0 7 S a le 107
90
90 Jan ’ 08
90
St E A S F U R cons g 4 s ..’9U
92 N ov’O
O
2d gold ino 5 s................... ?2000 Mar
102 4 Aug’05
Soutfiw Div la t g 6 a ..1947 A-O
1L
O Mar’O
O
Ba Biv B B lat g 6 a........1931 J J
09
75
09 4
70
Refunding g 4 s ..............1951 J-J
100 *2 Nov’04
W Miu W A N W lat gu 5a ’30 F -A
98 Nov’O
O
5-year gold notes 4*2.-1908 J-D
2 102 103*4
102*2 102 H
Tol A B C la t g oa___ _____ 1935 J-J * ........... 1 0 5
St B A1 A So East gu 4 *egl909 J-B
111 May’04
Western Biv 1st g 5a...1 9 3 5 A-O
1 1 4 4 Feb'Ob
111 11 4 4
K O Ft b * A1 cou g 158.. 192b M-N 113 .
9 0 J a n ’Ob
95*2 93
General gold oa................. 1935 J-B , ..........
07
72
00 4 09
07
07
K O F t S A At Ry ref g 4a 1930 A-O
84
Jan ’08 . . .
89
* 8 9 " 89
Kan A M lat gu g 4a___ 1990 A -O
K G A M H A B la t gn 6a. 1929 A-O
80*2 F o b ’ o b
70:* 81*2
4
80
82
Tol P A W lat gold 4a___ 1917 J-J
93
96 4 90 D ec’O
8 1*2 Jan ’ 0 8
Oz’ rk A Oh 0 1st gu 5a g.1913 A-O
80
80
85
Tol St B A W pr lien g 3 *2S. 1925 J-J
i
70
St Boms bo See Illinois Cent
07
73
7fc 7 0
50-year gold 4 s................. 1950 A
84 4 8 9 4
874
884
88
96
BOO ’ 00
St B b W la t g 4a bd ctfa.1989 M-N
Tor Ham A Bull l s t g 4a ./il9 4 0 J-B
00
70
00 F eb’08
05 78 .
106 J a n ’Ob
2d g 4a inc bond o tfa ...p l9 8 9 J-J
104 105
103
101
" "la t e r * Del 1st con g 6 a 1928 J
01
01
01
01
064
93
b e p ’ 00
Consul gold 4s................... 1932 J-B
lat rotund g 4a........... 1052 A -O
101*6 A p r’07
Gray’ s P t T e r la t g u g fis 1947 J-D
99 3
4 100*4 08 99 102
b a le
Un Pao R lt A l gr g 4s ...1 0 4 7 J-J l o o
8t Paul A Bui See Nor Pacitic
100*4 FOb’ Ob
98*2100*4
Registered.......................1947 ,J-J
10441044
St Paul M A Alan 2d O a.,.1909 A-O 1037a ........ 1 0 4 4 1 0 4 4
84*2
85
103 84
87 7g
81*2 S alt
20 -yr conv 4 s .....................1927 J-J
120 4 1 2 8
120 4 bale 1 2 0 4 1 2 0 4
1st oousol gold 0s..............1933 J
,
91
96*4
0 6 34 9 4 78 Peb’O
Ore Ry A Nav con g 4a. 1940 J-B
134 B e e ’00
Registered.......................1933 J-J
117
6 115 120*4
Oro Short Bine la t gOa.. 1922 F-A 117 S a lo L17
102 100 4
105
Reduced to gold 4 ‘ns..1933 J-J 105 bale L05
111
111
1 100 111*2
109
112
la t consol g os............... 1040 J
1 1 0 4 A p r’01
Registered................... 1933 J-J
87
87
05 •85*2 89 7g
87*2 b a le
Guar refund 4 s ..............1020 J -D
100 Nov’O"'
87a* Mar’07
Dakota ext gold 6a.......... 1910 M-N
Registered................... 1029 J - D
94
98 4
98 4 F eb’08
Mout ext la t gold 4a___ 1937 J
Utah A Nor 1st 7s......... 100b J-J 100 .......
100 4 Bet ’00
Registered.......................1937 J-B
Io5 >2 J ’ly ’07
* ......... 107
Gold os..............................1020 J
1 0 1 4 Jan ’o
1014 101 4
K M in n ls td iv lstgO s.-lO O b A -O
Uni N J RR A C Co See Pa lilt
Nor B iv la t g o h l4 s ....1 9 4 b A -O
Utah Central See Rio Gr Wes
124 Mav’06
Alum Union l s t g 0 s ....1 9 2 J Utah A North See Un Pacific
128 Jan ’(*8
128 128
Mont C 1st gu g 0a.......... 193 JUtica A Black R See H Y Cent
130 4 Muy’O
O
Registered.......................1937 J 94*2 Oct ’07
andalia consol g 4 s ___ 1055 F-A
105 D ec’07
109
Jla t guar gold 6a........... 1937
98 Sep ’00
era Cruz AP l8tg u 4*u sl0 34 J
1 1 5 4 D ec’O
O
W ill A S F la t gold 5a..193b J-B 109
Ver VaL Xnd A W See Mo P
at P A Nor Puo see Nor Pac
Virginia Mid See South Rv
3 t P A S’ x City b'eeCbt P At A c
99 J a n ’OS
99
99
80 Feb’08
78
8 3 4 Va A Southw’t 1st gu 5a.2003 J-J 100 105
S A A A Pass la t g u g 4 a ..,1 9 4 3
10'3
102 *2 **5*i 102 1093
4
abash la t gold 5s........1030 M-N 102*2 Sale
102 Sep ’07
a Fo Pres A Pli l s t g 5 s . . .194
87*2 F e b ’o8
87*2 94
87
2d gold 5s................... 1030 F-A
110 Oct '05
8 F A N P 1st alnk f g 6a. 191
90 J ’no’07
Debenture series A ........1030 J 8av F A W est See A tl Coast 1
6 38*4 45
38*4
8b '4
Series B ............................ 10 30 J 38 *» .
Scioto Val A N E See Nor A W
62 J’ne’u,
Certificates of deposit___
45
55
45
......... 4 4 4 45
boabonnl A ir Blue g 4 s . ..195 0 A102 F eb’08
100 102
1st lion equips f d g o a ..l 9 2 i MColl tr refund g 6 a ......... 1911 M-N ......... » 3 4 90 D eo’07
93 M ai’ Oo
lat lion 50 yr g term 4a. 1054 J8b J a u ’O
Atl-Birm 30-yrlat g 4a.al933 ML51 38
38
89
47 *2
38 Sole
1st ref and ext g 4a ____1050 J 9 0 4 M ar’O
O
Car Cent lat con g 4 a ...194 9 J 104 Oct ’0 .
Bet A Ch Ext lat g 6 a ..1041 J107 4 Aug’O
O
97 N ov’(J
4
Fla Cen A Pen la t g 6s. 191b JDea Moin Biv la t g 4 s ..1030 Jlat land gr ext g 5 s . ..1 9 3 0 J 80
l'Cb’o7
Cm Div 1st g 3*aa........... 1041 A-O
io’9 4 Mar’0*6
9 0 :*s J’ue’o /
Consol gold 5s...............194
JTol * Ch B iv 1st g 4 s ... 1041 M-S
99 B e e ’07
Ga A A la Ry lat con 5a o 194 J
100 Muy’07
St Cliaa Bridge lat g Os. 1008 A-O
110 Jan ’05
Ga Car A N o lat gu g 5a 192 J44
44
i
43
W ab Pitta Term 1st g 4s. 105 J-B
1 U0 Mar’07
3eab A Roa 1st 5s........... 1920 J
10
10*2 00 10
19
10
2(1 gold 4a............................ 195 J Sher bhr A So See Al K A T
Warreu See Bel Bao A W est
811 ap Oca A G See A tl Coast
Wash Cent See N or Pao
So Car A Ga See Southern
Wash O A W See Southern
Southern Paciflo G o 87 *2 J’ly ’ 07
F-A
W ash Terml 1st gu 3 Via.. 19
85
85
Gold 4a (Cent Pao coll). fcl949 J
8 3 4 87
65
67
0 65
00
......... 55
W est Maryland I s t g 4 s . .. l 9 6 A84 J’ ne’07
Iteglatorcd................... fcl949 J-B
39*4 Fob ’08
39a 47
4
.......... 40
Gen A conv g 4 s .............. 1952 A
_
95
95 • 96 4
94
99
Cent Pac lat rof gu g 4a 1949 F106*2 Aug’Ob
....
....... 103
W Va Cent A P 1st g Oa 101 J9 3 4 J’ne’07
Registered.......................1949 F108b 111
109 *2 ....... 111 J till'08
W est N Y A Pa la t g 5 s ..193 J83 Fob’08
83 4 84
ilo rt guar gold 3*28..fcl929 J
873 Jan ’Oe
4
87*6 873
4
Gen gold 3-4s.................... 194 A
88 F^b’itH
......... 88
Through bt B lat gu 4s *54 A.
Nov
Income 5 s........................ (7194
10 0 . . . .
103 4 A p r’07
Gal liar A S A 1st g 0 a ..l 0 i 0 FW est No Car see South Ry
107 107
1 0 6 4 1 0 8 4 107 J a n ’08
Atex A Pac l s t g 6 a ....193 1 M107 J au ’O
fc
103 106
Wheel’g A B E l s t g o a ...1 9 2 0 A
......... 106
10 0 4 J 'ly ’00
Gila V G A N 1st gu g 5a. 1924 M110 Bec’O
O
100 103
Wheel B iv 1st gold 5 s ..1028 J
100 101
100 4 ......... 101 J a n ’08
Houa E A W T 1st g 6s. 1933 M
08*4 Jan ’08
98*4 98*2
Exteu A Imp gold 03 ...1 0 3 0 F-.
104 Aug’O
U
la t guar 5s red........... 1933 M
7i
iCeij’Ob
71
72*2
.......... 71
R R lat consol 4a............... 1049 M
1104
HO
4
1094U 0
H A T C la t goa in t g u ..l9 3 7 J104 Uct ’07
20 -year equip s f os ...1 9 2 2 J
107 °s Nov'07
110®a . . . .
Cousol g 0a int guar...191 2 AWilkes A East See Erie
88 J a n ’08
38
88
85 4
90
Gen goal 4s int guar..1921 A
W il A Sioux F See bt P M A
110 B ec’O
O
W a c o A N W div l s t g Os’30 W-:
80 *2
« 234
8 0 ’2 85
80*2 Sale
Wis ceut 50-yr 1st von 4s lit
109 4 Feb’00
A. A N W 1st gu < 5a___ 1941 J r

Penn Co—<Continued;
Erie A P itta g u g 3*28 B.1940
banes O
’...................Y,*'*lSiV
G r R & l e i 1st Bu
P i t t a f f tW < 6 C Xat 7 a ...1912

Low
Utah
92 A p r’07
98:,4 A p r’ 04
108 bep ’0«
127s8 Oct ’02
119 J’ne’06
119 A p r’ 04
110 May’05
108
108
108
108
l l ’JOj J’ ne'05
00a4 Mar’07
91 F eb’07

Low

J lig /i

V

W

iV iV 4
d o

.U lSO K E E A N EOfJS

t>!*—Concluded.

.iliNceOaueous
lU siiu ilnctiii'iiig A In d u stria l
88 V
5
Adams Ex col tr g 4 a ......... 19 4 s M-S
88*4......... 8 8 7h
96 Aug’O
O
Beth Steel lat ext a f 5 s ..1920 J-J ......... 85
lot ):*4 J’ no’02
A m SS Co of W Va g 5 s ___1920 M-N
90*2
9034 57 85*2 93
9034 Sale
Cent Beather 20-year g 5a. 1925 A-O
41
O
t>
2 62
B’ kl’n FerryCo ls t c o u s g 5 a ’48 F-A
62
02
08
CouaolTobacco50-yr g 4a.1951 F-A
61 ........
1 0 3 * 100 J a n ’ 118
Chic Jo A St Yard col g 5s. 1916 J-J
8 04
06
07
Distil Sec Cor conv lat g 5 s .’27 A-O
67 bale
70 Sep ’00
U etM A M Id gr incomes.. 1911 A-O
1 102 105
103
lu t Paper Co lat con g Oa.1918 F-A 102 V ,....... 103
04
Ot **‘i
Int Mercan Marino 4*23. 1922 A-O
*03*4 b i
84*2 Fob’08
84*2 86
Consol conv a f g 5a........1935 J-J
T l\ Feb'u.S
....... 30
90
9 1 Jan ’08
62*2 lu t Navigation 1st s f o s .1922 F-A
In t St Pump 10-yr conv. Os ’ 13 J-J ......... 91
‘
Man Bch H A Egen g 4a.. 1940 M-N ..................... 50 1 eb ’m
97*2 Get ’05
Knicker Ice (Chic) l s t g 6 s .’2S A-O
Newp N o Ship A B B 5a <(1990 J-J
9 i *2.........
84
89
Eackaw Steel 1st g os___ 1923 A-O " 8 5 * i " ‘ " ! 85 Feb '08
* * F eb’08
89
N Y Bock 50-yr 1st g 4 s ..1951 F-A
87
83 *2 Aug’07
N at Starch M fg Co 1st g Oa 1920 M-N
75*4 80
85 B e t ’07
Providence bee deb 4s
1957 M-N
76 A p r’07
N at Starch Co s f deb 5 s ..1925 J - J
......... 75
90 Mny’O
O
Provident Eoau boc4*2S 1921 M -S
80 B oo’07
Kepub I A S 1st A coltr 5s. 1934 A-O .......... 9 0
101 103*8 St Josephbtk Yds Ist4*-'S.1930 J-J ..................... loO *2 bep ’05
U i* Eeath Co s I deb gO s.,1913 M-N 104*2......... 103 *a F eb’08
St B TerC uppleabtat’ nA P ron
15 04*2 70
05
U S Realty A I con v deb g 5 s ’ 24 J-J
00 ......... 05
Oo l s t g 4*29 5-20 year.. 1917 J-D
87 a
4
88*« 902 85*2 89>c
U S Steel Corp— ( coup ,tU903 M-N
88 Sale
............... 1*1*2** j ’iy ’bi
87 «h
88*4 19 8 5 34 89*2 S Yuba W at Co con g Os.. 1923 J-J
Sf 10-60 yr 6s. ( rog ..<(1908 M-N
8 8 * 4 b a le
113*2 J’ ly ’o*’
Sp Val W at V orks 1st Os. 1900 M-S
V
83
89
Va-Car Chem col ir 6s g.,19 12 A-O
9 2 *4 . . . . . . SO Jail ’08
*
90 Aug’l*. 'i :
U S Red A Kef 1st. s f ir Os. 1931 . . . .
75
1 07
07
08
NVeatlnghouso E A M s f 5s ’31 J J
07 brt(r
•N « price Friday; l a t e s t bid aad asked t h is w e e k , a D u o J an h D u o F o b d D u e Apr « D u e M n y p B u e .J 'i i e A D u o J T y p B u e ^ N o v




83

90U

ioo*’ i o o "
0*3*
75

05**2
.........

89*’
bo
....... * ........*
........*
......... ........*
..........
.........
. . . . . ........*
' .........

CHIOAGK) STOCJX EXORA-YQ-B— Stock Record— Baily, Weekly and Yearly
STOCKS— HIGHEST AND LOWEST SALE DEICES
Saturday
Feb 22

M o/ulay
Feb 24
*
* 1%

2

*15%

*

16

*40%
74
* -----*44

43*’
74
18
47

* 1111

2 1D

*

*65
68
29
291­
91% 91*

*

Tuesday
Feb 25

Wednesday
Feb 26

Sates
ol the
Week
Shares

Friday
Feb 28

Feb 27

_____________1721
*
_____________1721*
--------------------175
Last Sale 172%Jan’08
*134 2
*134 2
Last Sale
Feb'08
*
_____________-------------------- 10 Feb'08
10
_____________* 10
Last Sale
10
10
*15% 16%
15% 16%
17
17
Feb'08
Last Sale 2%
.luly’0'
Ijast Sale 18
*40% * * *’ *39* *4 *1
43
*0 Last Sale 42% Feb’08
*73
74
*70
74 “ *70
71
x74
74
*
-------------------- Last Sale 17
17
* -----18
Feb’08
44
44
44
44
47
*44
45
48
*
----------------------------------------46 40 July’O
40 Sale
*
'
Last
*
-------------------- 2 11 ­ Sale 20
* - .- .
2 1%
Jan’08
Last
-------------------* ------ 50 " * 50
--------------------60 50 Sep’O
'
Last Sale
*65
08
*05
68
05
65
*65
0712
*27
28%
27% 28%
27%
28%
27% 28
*90
93
91% 91%
_____________
* ------ 30 * 30
--------------------33 30 July’07
Last Sale

4%
4%
4%
453.) 46
453 ]
*128
____ *128
*117 120 *117
*45
*95* *9 *’ *94
*5

4%
4%
46
45%
. . . *128
120 *117
49% *45
95
95

4%
4%
4%
4%
414
46
46%
4512 4512 46
____
Last Sale 135
Jan'Oi
120
Last Sale 117
Feb’08
49%
Feb’08
Last Sale
95
’------ 05
95
Jan’08
Last Sale 42
*26
2S
*20
28*
*26
29
Feb’08
Last Sale 29
*93
90
*93
96
*92
96
Last Sale 94
Feb’08
*40
45
*40
45
*40
45
4212 431, *42
45
Last Sale 165 Mcll'07
Last Sale 16
Mcll’O
G
*1
1 % *1
1%
Oct’07
Last Sale
r
1
*4
5’8 *4
5
*4
5
Last Sale
Nov’07
*23
25
21% 23%
21
22
221-> 221o
*201 • 22
>
10631 109
100 107% *106 107% 107 10712 107 " 107%
*100% 107
106% 106% *1061- 107
105 107 *100
107
85% 851­
84% 85% *84
84%
84-18 85
124% 125% 125% 126
125 125
125*2 125% 123
125%
303.) 30-% *30% 31
*30% 31
3012 3012 *30%
31
Last Sale 31% Nov'05
I MSI Sale 80
Feb’08
Last Sale 41
Aug’07
Last Sale 2%
June’07
Imsi Sale 26 % July'07
751.) 75 % 75% 76
75% 75%
70
70
*75
77
106% 106% *106 107% 106% 106% 106 107
107
107
52
52
62% 52%
*50
54
S1I2 52
51%
52
*102
____ *102 105 *102 105
Last Sale 103
Feb’08
Last Sale 5-% May'05
Last Sale 85
Feb’08
25 * ____ 25
*24
25% *24
Last Sale 24
Feb’08
74
74% *73
74%
74% 74%
74
74% *74
75
96% 97196% 97%
90% 97
97
97%
96%
97
*125 130 *125 130 *125 130
last Sale 130
Feb'08
*94
95
95
9.5
95
95
95
95
+94
95
1%
1% * 1%
1%
1%
1%
1*8
1*8
1*8
1*8
10 % 101.) lo%
10
10 % 10
10*8 10%
10%
10-%
*14% 10 * ------ 16
*14% 10
ImsI Sale 15
Feb’08
Last
Last
Last
Last

Sale 32%
Sale 10
Sale 16
Sale

Jan’07
Nov’06
May’07
Nov’O
O

Cs A e &FG(S L—
as v
t )
C icCn l B M 6
h o so r& lt s_

Inter­
est
Perloc
F - A
J - J
J
J
P
J
,r
F
A
A
J

C1t n u T
hsP5 m ool— l9 1 J
ic e
s............a 2

-

J
I)
A
J
D
A
O
O
J

- J
M - N
M - S

C om m on w ’a lth -E d ls o n —
C h ic E dison d eb O s lO l.l J - J
A - O

Debenture 5s------ 1926 M - S
Commonw Elect 5851943 M - S
Illinois Tunnel 5s____1928 J - I)
Kan City Ry&LtCo 5s 1913 51 - N
Knlck’ ITkcr Ico 1st 5 s .1928 A - O
Lake Street El—
1st 5s......................... 1928 J - J
Income 5s__________ 1925 F e b
Metr W Side El—
1st 4s......................... 1938 F - A
Extension g 4s_____ 1938 J - J
North Chic St 1st 5 s ..1909 J - J
1st 6s . . .....................1916 J - J
Refunding g 4§§s.-1931 A - O
No Chic CltyRy4Hsl927 M - N
North Western El—
1st 4s......................... 1011 M - S
Ogden Gas 5s_________ 1045 M - N
Pearsons-Taft 5s_____ 1916 J - D
4.40s ......................
M - S
4.60s Series E .................. M - N
4.80s Scries F ______
M - N
Peo Gas L&C 1st 6s . . 1943 A - O
Refunding g 5s____1047 M - S
Chic Gas L&C 1 st 5s 1937 J - J
Consuin Gas 1st 5s. 1936 J - I)
Mut’ l Fuel Gas Ist5sl047 M - N
South Side Elev 4 M s .1924 J - J
Swift & Co 1 st g 5s___1914 J - J
Union El (Loop) 5 s . . . 1945 A - 0
Union Pacific conv 4 s .1911 51 - N
United Box Board colOs’26 _____
West Chic St 1st 5s___1928 51 - N
Tunnel 1st 5s............1909 F - A
Debenture 6s______ 1914 J “ 1)
Consol g 5s.................1036 M - N
Wes DlvCItyRy 4 Hsl032 J - J
Western Stone Co 5S..1000 A - O

—

100

100 M ch’ 07 —

....
05%
....
....
....
....
—

101%
____
S a le
....
55
08
98
—

991- Jan’08
100 M ay’07 ____
4
95%
9512
103 Apr'0-1
55 A u g ’07
9634 Jail ’06
____
____
87 F e b ’06 . . . .

68
....
—

70
....
—

71
71
1
79 N o v ’04
80 A p r ’01 —
100 Jan ’ 08
98 F e b ’ 08
__
98 F e b '08
0
98198190 D c c ’00
96% S ep ’07 ____
85 D ec'07 —

88%
—

88% J a n ’08
10 M ay’ OS —

82
....
—

82%
80%
—

82%
82%
2
80% Jan’OS ____
90 D e c ’06 —

....
—

____
—

79
75

____
____

Ill
100
97
95
198
....
____
____
____
....
____
....
—

____
98
101
97
S a le
98%
90

____
70

__ _

____
—

A ug’ 00 ____
F e b ’07 —

88
89
85
87
100%M ch’ 06
91 S e p ’07
98 J u ly ’07
0 7 % !a i ’ 68
112 F c b ’08
98% F e b ’08
101
101
97 F e b ’08
U834 F e b ’ 08
95
95%
98%
98190 F eb ’ 08
114 N o v ’ 04
68 Jan ’ 08
90 M ay’07
68% S ep ’05
73 June’07
73 June’07
87 D c c ’00
06% Jan’ 00

Note.— Accrued Interest must b e a d d e d t o a ll C h ic a g o

11
18
—
___ _
____
2

_
10
3

____
_ __
___
—
bon

NAME.

B a n k e r s N a t i o n a l ____
C a l u m e t N a t i o n a l ____
C h i c a g o C i t y ____________
C o m m e r c ia l N a t io n a l —
99% 991- C o n t i n e n t a l N a t i o n a l ____
C o o k C o S ta te S a v in g s ..
04% 95% C o r n E x c h a n g e N a t i o n a l
D r c x e l S t a t e ____________
D r o v e r s D e p N a t i o n a l ____
E n g l e w o o d S t a t e _____
F i r s t N a t i o n a l ________
—
—
F i r s t N a t E n g l e w o o d _____
F o r e m a n B r o s B ’ k ’g C o .
F o r t D e a r b o r n N a tio n a l
72% H a m i l t o n N a t i o n a l . . . . .
71
H i b e r n i a n B ’ k ’ g A s s n ____
—
—
K a s p a r S t a t e B a n k . _____
L iv e S t o c k E x c h a n g e N a t
100
100
M o n r o e N a t i o n a l _____
97
99
M u t u a l B a n k _______________
98% N a t B a n k o f R e p u b l i c ____
97
100
93
N a t i o n a l C i t y _______________
N a t i o n a l P r o d u c e ________
N o r t h A v e n u e S t a t e _____
—
—
N o r t h S id e S t a te S a v in g s
O a k l a n d N a t i o n a l ____
88
88% P r a i r i e N a t i o n a l ________
—
P r a i r i e S t a t e ____________
R a ilw a y E x c h a n g e . . .
81% 84
S e c u r i t y _________________
80
80% S o u t h C h i c a g o S a v i n g s . .
—
S t a t e B a n k o f C h i c a g o ____
S t o c k Y a r d s S a v i n g s _____
U n io n B a n k o f C h i c a g o ..
—
—
U n io n S t o c k Y a r d s S ta te
A m e r ic a n T r u s t <s S a v g s .
S
86% 90
C e n t r a l T r u s t C o o f III___
80% 89
C h i c a g o S a v B k & T r _____
C h i c a g o T i t l e & T r u s t ____
C it iz e n s T r u s t & S a v in g s
C o lo n ia l T r u s t & S a v in g s
97% 97% D r o v e r s T r u s t & S a v i n g s
109% 112
F a r w e l l T r u s t C o __________
94
100% F l i s t T r u s t & S a v i n g s ____
97% 103
H a r r is T r u s t & S a v i n g s . .
94% 98
I llin o is T r u s t & S a v in g s .
98% K e n w o o d T r u s t & S a v g s .
98
94
961- L a k e V i e w T r u s t & S a v g s
983) M e r c h a n t s ’ L o a n & T r C o
93
90
90
M e t r o p o lit a n T r u s t & S a v
N o r t h e r n T r u s t C o ________
68
68
N orth w est T ru st & S avgs
P e o p l e s T r u s t <c S a v i n g s .
S
P u l l m a n T r u s t <c S a v i n g s
S
R o y a l T r u s t C o ___________
S tock m en ’s T ru st & S a v .
U n i o n T r u s t C o ____________
—
—
U n i t e d S t a t e s T r u s t _____
W e s te r n T r u s t & S a v in g s
d p r ic e s
W e s t S id e T r & S a v B a n k
W o o d l a v v n Tr<fc S a v B k . .

—

....
—

88% S a le
85% b a le
—
—

Lowest

Range ior Previous
(1907)

lily best

160 Jan
1% Feb
8 Feb
15 Feb
2% Feb

24
3
3
10
13

40% Jan
68% Jan
17 Jan 10
42 Jan 6

H ig h e s t

175 Jan
2% Feb
8 Feb
21 Jan
2% Feb

27
13
3
16
13

46
79
19
50

Jan
Jan
Jan
Jan

20 Jan 31

20

Jan 31

65
27
90

71 Jan 13
29% Feb 21
92 Jan l(i

Jan
Jan 3
Jan 23
13

Year

14
20
22
23

150 Mch
1% Nov
10 Oct
11 Oct
2% Dec
14 Apr
28 Nov
63% Nov
17 Dec
43 Nov
34% Apr
20 Sep
58 Apr
60 Nov
26 Oct
95 Apr
20 Mch

205 Apr
5 Jan
16 Apr
46% Jan
6% Apr
19% Jan
65 Jan
87 Jan
28 Jan
72 Jan
47 J'ly
25% Jan
66 J’ly
90 Jan
34 Jan
99 May
35 Apr

4 Feb
41% Jan
125 Jan
116% Jan
46 Jan
91 Jan
42 Jan
24 Jan
90 Jan
40 Feb

10
31
7
2
9
3
10
20

5% Jan 11
52 Jan 10
135 Jan 31
117 Feb 11
55% Jan 16
95% Feb 7
42 Jan 9
30 Jan 11
98 Jan 27
43% Feb 27

3 Oct
341o Nov
120 Dec
112 Nov
: 0 Nov
86 Nov
30 Jan
26 Dec
90 Dec
45 Oct
165 Feb

7% Apr
60 Apr
140% Sep
130 Apr
80% Jan
109 Jan
40 Mch
40 J’ne
111 Feb
54 Jan
165 Feb

21
100
100
SO
113
30

Feb
Jan
Jan
Jan
Jan
Jan

26
3
4
3
2
22

28
120
111
90
126
39

21
!5
95
77
108%
34

Jar.
Aug
Dec
Oct
Oct
Oct
Nov
Nov-

1 Jan
6% J’ne
51 Feb
134l-> Apr
112%. May
37*8 Oct
129% May
57 May

70 Jan
101% Jan
51% Feb
102 Jan

3
2
27
3

76 Jan 30
108% Jan 22
57 Feb 1
104% Jan 7

Aug
Jan
Feb
Oct
Nov
50 Nov
97% Nov-

46 Jan
2% Jan
27 Mch
86 Jan
117% Jan
84% Jan
120 Jan

80% Jan
24 Jan
72 Jan
88% Jan
114% Jan
87 Jan
1% Jan
10 Jan
15 - Jan

3
2
4

89 Jan 15
25% Feb 13
77 Jan 6
997s Jan 27
134 Jan 29
96% Feb 5
1% Jan 4
12 Jan 15
16%Jan 21

16
2
3
3
7
7
10

Jan
Jan
Feb
Jan
Feb
Jail

7
14
4
16
2n
14

41
21s
25 "
58%
91

72
20
07
75%
100
85
%
6
16

NovNov
Nov
NovNov
Oct
Nov
Jan
Dec

32 D Jan

92% Apr
57 Jan
95 Jan
113is Jan
173% May
102*) Jan
2% Apr
1234 Apr
30 Feb
32is Jan

16% Apr

Chicago Banks and Trust Comnauies

Price
W
eek’s B’ds Range
Friday
Range or Sold
Since
Feb 2 8
Last Sale
Jan. 1 1908
Bid
Ask L a H
en
igh No. Low H
igh

. . . . 100%
... 98
197% 98%
....
9812
....
76
....
94
—
93

Range Since
Jan. 1 1908

R a ilroad s
C h icago C ity R y _____ 100
C h icago & O ak P a r k . 100
D o p r e f____________ 100
C h icago S u b w a y _____ 100
C h ic U nion T r a c t i o n .100
I )o p r e f____________ 100
K an? C ity R y & L t . . l 0 0
D o p r e f____________ 100
M etropol W S K ie v ___ 100
D o p r e f____________ 100
N orth C h icago S t r e e t .100
N orthw estern E le v ___ 100
D o p r e f ____________ 100
577 Sou th Side E l e v a t e d . . 100
265 Streets W S table C L.10U
D o p r e f____________ 100
W est C h icago S t r e e t . . 100
M iscella n eou s
435 A m erican C a n ................100
497
D o p r e f____________ 100
A m erican R a d i a t o r . . 100
D o p r e f____________ 100
A m er .S h ip b u ild in g ...1 0 0
D o p r e f . ................ ..1 0 0
Arner S traw B o a r d . .
B o o th (A ) & C o _____ 100
D o p r e f .................. ..1 0 0
Cal & C h ic Canal & D .1 0 0
Central T ru st B a n k . . 1 0 0
C h icago A u d it o r iu m ...
C h ic B re w ’g & M alt’ g . .
D o p r e f________________
340 C h ic P n e u m a tic T o o l . 100
510 C h icago T e le p h o n e ___ 100
20 C h ic T itle & T r u s t ___ 100
352 C o m m o n w ’ th -E d I s o n .lo o
209 D ia m o n d M a tch _____ 100
5 Illinois B r i c k . . ..............100
K n ic k e r b o c k e r I c e ___ 100
D o p r e f____________ 100
M asonic T e m p le ______
M llw & Chic B r e w in g ..
D o p r e f_____________
154 N ational B is cu it_____ 100
86
D o p r e f____________ 100
275 N ation a l C a rb o n ______100
D o p r e f____________ 100
P a ge W o v W ire F e n ce ___
P e o p le ’sG a s L & C o k e -.lO O
S ears-R o e b u c k c o m . . 100
65
D o p r e f____________ 100
1,303 S w ift & C o .......................100
T h e Q uaker O ats C o . . 100
"§ 5
D o p r e f____________ 100
770 U nit B o x Bd & P C o . 1 0 0
1,120
D o p r e f____________ 100
W estern S t o n e _______ 100
M in ing
B ingh am C on M in in g . 50
B la ck M ou n ta in _________
D a ly -W e s t ______________20
H u b b a r d -E lllo t t _________

Chicago Bond Record

C EAH N O K
H XGAS E
ICBONDSG C
CO T 8
Week ending Feb 2

STOCKS

C H IC AG O STOCK
EXCHANGE

—

Outstand­
ing
Stock
T

Surplus
and
ProJUs
t

Dividend Record
In
1906

In
1907

Per­
iod

La*> l alit
■ <r

* 2 ,0 0 0 .0 0 0 $1,328,958
8
s
Q-J Jan '08. 2
lOO.OOf
§ 36,741
5
6
An Dec '07. 6
500,00(
§119.451
10
10
j -.i Jan ’08, 5
1 .0 0 0 ,0 0 1
4.320.491
12
12
Q-J
4.000,00(1 3,315.703
8
8
Q-J Jan 08. 3
§S,30 5
50.000
6
Q-J Jan '08. ]D
6
12
3,000,000 4.953,471
12
Q-J Jan '0.8, 3
$44,641
Q-J Jan ’08. 1%
2 0 0 .0 0 1
6
6
379.190
8
8
Q-J Jan ’08. V
600.00C
§37.970
3
6
2 0 0 .0 0 C
Q-J Jan '08. 1%
12
12
Q-J Jan ’08 3
S.OOO.OOC 7.741.058
10
Q-J Jan ’08. 2 1 2
150.000 §157.017 1 0 + 1 0
l ’ rlv ate Ba nk
640.833
500.000
6
7
Q-J Jan '08. 2
397.56(1
1.000.00C
J-J Jan '08. 2D
5
176.389 ____
500.00C
8
9S8.66",
8
1.500,000
Q-J Jan ’08, 2
10
10
J-J Jan '08. 5
2 0 0 .0 0 0
§131.557
See V . 8 6 , P- 384.
1.250.000
324,458
4
3
300,000
56.238
Q-F Feb ’OS, 1
§94,034 ____
250.000
4% Jan. Jan '08. 41*
1,274,841
6
2 ,0 0 0 .0 0 0
7% Q-J Jan ’08. 2
420,500 Began busing ss
1.500.000
Feb 5 1907
250,000
55,976 Began businc ss
Aug 26 1907
§58.429 Began busine s*
2 0 0 ,0 0 0
Dec 8 1906
6
§6.424
50.000
6
Q-J Jan ’08. 1%
6
§35.815
1 0 0 .0 0 0
6
Q-J
____
70.799 ____
250,000
8
57.415 dSH
Q-J
-500,000
16.940 ____
4
250.000
J-J Jan ’08. 2
300.000
93.590 Orga nlzed Oct 12 1906
*#4
§84.269
0
2 0 0 .0 0 0
Q-J Jan '08. 1 %
1 .0 0 0 .0 0 ’ - 1.156.805
8
9 + 1 Q-J Jail ’08. 2
6
250.000
J-l) Dec '07. 3
§166.708
6
6
6
2 0 0 .0 0 0
§39.564
M-N N o v ’07, 3
0
2 0 0 .0 0 0
§62,95!
0
Q-J Jan ’08. 1 %
8
Q-J Jan ‘ 0 ,v. 2
8
3.000.000 3(. 178.534
‘
7
7
2 ,0 0 0 .0 0 0
986.178
Q-J Jan '08. 1 %
____
92.643 ____
n500.000
6
(5
5.000,000 z l . 154,548
Q-J Jan ’ 0 8 , 1 %
3
3
A-O Oct '0 7, 1%
50.000
§0,828
10
533.060
10
600,000
Q-J Jan ’08. 2%
84,557
6
2 0 0 ,0 0 0
6
Q-J Jan ’08. 1%
§48.062 Orga nlzed Apr) 1 3 1907
1.500.000
1.476.576 ____
2 .0 0 0 .0 0 0
1.250.000 §364,032 Began businc
Feb 4 1907
5,000.000 7,868.312 12 + 4 10 + 4
q Feb ’ 08. 1
2 0 0 ,0 0 0
§41.351
6
Q-J Jan '08, 1 %
2
§32.002
2 0 0 .0 0 0
Q-J Jan ’08. 1
3.000,000 4.542.710
12
12
O-J Ian ’08. 3
750.000
366.455
6
6
Q-J Jan '08, ID
1.500,000 1.817.172
8
8
Q-J Jan 08, 2
2 0 0 ,0 0 0
§47.550
6
j-r Jan ’08. 3
2 0 0 ,00(1
§76.323
6
6
j -j
*500.000
151,667
8
*8
Q-J Jan ’08. 1
500.000
571.483
8
8
Q-F Feb ’08, 2
200,000
§10.596
J-J Jan '08, 2%
5
1.000.000 1.038,801
200,000
§25.479 Forme rly Jen nlnvr sR K L 4 Tr
1 .0 0 0 .0 0 0
317.872 6 + 1
6
Q-J Jan '08. 1%
200.000
§42.209 Began busine 5
fl
Sept 5 1605
200,000
6
0
§29.843
Q-J Jan 08. 1%

hv n
Mriiir.ii
~ , ,T
----- ™
— -r • t
*1 S?1 n a tlon al hanks and F e b . 15 fo r S tate Institutions, e x c e p t figures design ated
'
.m3
^
and NOV, 10 1907 r e s p e ctiv e ly , t N o price F rid a y ; latest p rice this w eek, a D ue D ec. 31. b D ue Jun e, d In
eludes sp ecial d iv id e n d o f 30 % paid D e c. 18 1906. fc C apital Increased from S30 0.0 00, a s to c k d iv id e n d o f 33 1 - 3 % being d eclared In part p a y n u n *
Ihcrcfor. n Capital and surplus to he Increased, q D ivid e n d s are paid Q -J , w ith ex tra p a y m e n ts Q -F . x As o f D e c. 31 1007.
-




BOSTON STOCK EXO H A NOB— Stock Record. Daily, Weekly and I early
SHARE PRICES— NOT PER CENTUM PRICES

Saturday
Feb. 22

Monday
Feb. 24

Tuesday
Feb. 25

Wednesday
Feb. 26

Friday
F eb. 23

Feb. 27

Sales
o] the
Week
Shares

STOCKS
B OSTO N STOCK
EXCH ANGE

Range Since
Jan. 1 1008
Lowest

Highest

Range 1or Previous Teat
(1907)
Highest

Railroads
10 Atch Top A Santa F e .100
071* Nov 1071* Jan
74% Jan 14
67% Feb 11
* 68%
*67% 68% * 68% 68*8
68% 68% *69% 6938
70*4 Nov 101*i Jnu
84 Feb 25
*84I.j
87 .Tan 16
84
13
Do pref....................... 100
84
84%
84
*84% 85% *83%
81
150 Boston & Albany------ 100
181% Jan 2 200% Feb 27 180 Dee 240 Feb
199
198
198 200 *200
200% 200% .rl99
125 Feb 17 140 Jail 20 117*4 Nov 152 Jan
297 Boston Elevated-------- 100
127% 128
*128
125 126 *127 128"
127 12S
Jan 18 200 J’ne 231 Jan
*2021*
*202 210 *202 210
Last Sale 201
Feb’08 ____Boston A Lowell----------- 100 200% Feb 11
28 Boston A Maine--------- 100 133 Jan 2
*184
Jan 28 129 Nov 170 Maj
134 135
135
135
134 134
134 134
165 Jan
Do pref------------------- 100 130 Feb 13
Jan 22 150 Oct
Last Sale 136 Feb’08 ____
301 Feb
Feb 21 285 Oct
24 Boston A Providence. 100 284 Jan 10
.
■286 287% *286
286 286
15 Feb
9% Jan 8
8 J’ly
Jan
Last Sale 10
*9
10
Feb’08 ____Boston Suburban El C os.
*9
10
*9
10
65 Jan
45 Jan 31
50 Aug
Jan 31
6
Do pref................... ..
*45
50
*45
50
*45
50
45
*45
50
45
28*4 Jan
10 Feb 28
210 Boston & W or Elec C o s ..
16 Nov
Jan 25
«____
13
10
10
15
15 *____
16
16 * ____
80 Jan
50 Feb 27
50
50
130
Do pref...................... .
55 Nov
60% Jan 10
_
50
50
56
56 J_
56
56 *
25 Chic June R y A U S Y .1 0 0 126 Jan 2 137% Jan 22
128 Dec 160 Jan
*136% 13712
*136% 1371s *136% 137% 1361* 136%
150
Do pref....................... 100 102 Jan 10 110 Jan 24
108% 108%
99*4 Oct 120 Jan
*108
— - . . . . 108% 108%
188 Feb
170 Oct
Last Sale 170*" Oct’07 ____Con A M ont, Class 4 . . 100
Conn A Pass R lv pref.100
152 J'ly 150 Mch
Last Sale 152 July’07 . .
19 Connecticut R i v e r ..-100 244 Jan 14 246 Feb 19 244 Dec 280 Jan
____ 244 244
245
245
41 Fitchburg pref.............100 117 Jan 2 121% Jan 20 116 Nov 135 Jan
____ 121% 121%
121
12 1 12 1 * 12 1
71 Jan 7
Last Sale 79
79 Jan 27
69% Dec 114 Mch
Jan’08 ____Ga R y A Electric-------- 100
75
*70
75
*70
76
88 Mch
■ Last Sale 73
Do pref------------------- 100
73 Oct
Oct’07 ____
190 Aug 198 Jan
Last Sale 190
Sep’07 ____Maine Central.................100
8% Jan 2
20% Jail
7 Dec
12% Jan 8
45 Mass Electric Cos-------100
•
____
11
10
10
11
10*4 10*4
40 Jan 2
71% Jan
50% Jan 8
____ 42
•
60
Do pref.......................100
37 Oct
42
42% 42% •
40
43
171* Feb 13
17% Feb 13
Last Sale 17% Fcb’O
25*4 Jan
14 Nov
*17lo 1 S1 S ____Mexican Central---------- 100
*161*
64 N Y N H A H artford. 100 128 Jan 6 139% Jan 20 127% Nov 190% Jan
132% 132%
1383, 1331. 132 132% 131%' 132% 131 132
144 Jan 9 144 Jan 0 145 Dec 16(1 Jan
Last Sale 144
Jan'OS ____Northern N H _________ 100
—
—
100 Norwich A W or pref-100 205 Feb 26 205 Fob 20 205 Nov 226 Feb
“
205" 2
121 Old C o lo n y ................. 100 175 Jan 11 185 Jan 18 175 Oct 200% Jan
185 185 *185 18712 182% 185" 185" 185’
52 Jan
Last Sale 12
5 J’ly
Nov’07 ____Pere Marquette------------ 100
Last Sale 25
57 Jan
Do pref------------------- 100
26 Nov
Nov’07 ____
27 Feb 4
26 Jan 15
Last Sale 25
45 Jan
25 Nov
Feb’08 ____Rutland pref___________ 100
75 Feb 11
70 Feb 17
82 Aug
Last Sale 70
94 Jan
Feb’08 ____Seattle Electric------------ 100
88*3 Jan 2 95 Feb 8
83% Nov 103 Jan
34
Do pref....................... 100
94% Oil') * 9 4 1 * ____ *94% ____
95
95
95 k
182% Jan
113*4 114% 114% 114% 1,096 Union Pacific................100 112% Feb 17 128% Jan 14 100% Oct
11012 116% x 113*8 1131* 114% 114%
84 Jan 13
78*,i Nov
80 Jan 3
Last Sale S3
03 Jan
Do p r e f................. . .1 0 0
Feb’08 ____
*80% 81% *79% 80% *S07S 81%
145% Nov 170 Jan
Last Sale 152
Feb’08 ____Vermont A Mass_____ 100 150 Jan 13 155 Feb 11
85 Jan 27
74 Dec
76 Jan 2
95 Jan
83
83%
83%
83% 1,092 W est End S t ....................50
sT* *81% 83*4
*80% 80% "in "
04 Nov- 110 Mch
96 Jan 2 100 Feb j
*97
98
98
48
Do p r e f................... - . 5 0
97
98%
*97
98
98
97
98
140 Aug 147 Jan
Last Sale 140
Sep’07 ____W ore Nash A R oeh-.lO O
Miscellaneous
18*8 Feb 1
10 Oct
26 Jan
13 Jan
16% 17%
960 Amer Agrlcul Chem . .1 0 0
16%
17',l
17%
16% 16% *16
72% Nov
85 Jan 31
78 Jan 4
81
81
95 Feb
81
220
Do pref_____ _______100
80
81
81
81
80*8 82
3% Nov
5% Jan 10
14*4 Jail
4%
4%
4 Feb 10
*4
560 Amer Pnett Service.. 50
4%
*4
*4
4%
4*s
4%
9% Oct
:i:t .Jan
13% Jan 10
10
10%
9% Feb 25
10
580
Do pref------------------ 50
10
11*4
9%
9%
10
*9%
03 Dec 137% Feb
112% 112% 113
99% .Ian 2 114*4 Jan 18
1141,
929 Amer Sugar Refin____ 100
112
U 2%
13
113 113% 112
105 Dec 1313.1 Jan
_
_
612
Do jpref------------------- 100 100 Feb 18 116 Jan
113
1 1 1 *! 11 1 1 1 2 % 112 112*t 112
110 % li'-H5 m
89% Nov 1341* Jan
100% 106% 106% 106% 1,344 Amer Telep A Teleg-.lO O
99 Jan 2 1 10 % Jan 1
106% 107*1 107% 107*4 106% 107%
12% Nov22 Jan
361* Jan
16% 16%
16 Jan 2
16%
16%
85 American W oolen_____100
18
16% 16%
*16
*17
69 Oct 102% Jan
88 Jan
79
79%
77% Feb 19
233
Do pref.......................100
80
80
80
80
7012 80
791*
3 Mch
4 Jan
3 Jan .
Last Sale 3
3 Jan 7
*3
*3
3*4
Jan’08 ____Boston Land------------------- 10
93% Nov 115 Jan
Last Sale 107% Feb’OS ____Cumberl Telep A T e l.100
96% Jan 11 1107s Feb 3
*1031* 1064 * 1031 * 106 *103% 106
12% Oct
25 Feb
15 Jan 25
Last Sale 15
14*4 Jan 6
Jan’08 ____Dominion Iron & S te e l..
15*5 *15% 15*4 *15% 15*4
*15
3% Oct
9% Jan
5% Jan 26
Last Sale 4%
4% Jan 2
51 ,
5%
Jan’08 ____East Boston I.and-----------*4*4
*4*4
*4%
204 204 *200
78 Edison Elec Ilium ___100 203 Feb 24 212 Jan 13 185 Nov 230 Jan
204
208 204 7 2041* 2041* *200 205
162 Jan
91 Oct
2
237 General Electric_____ 100
no 117 *116 1171* 116% 117% 116% 110% 117 117% 283 Massachusetts Gas CoslOO 111 Jan 2 124 Jan 15
43 Oct
60% Jan
67*8 Jan 15
60 Jan
51*4 52%
52
62%
52
52
5 17 51%
8
52.
86% Apr
75 Nov
85 Jan 20
83% 84
77 Jan 2
261
Do pref.................. . .1 0 0
83*4
837s
83
83*4
83*4 83*4
831; 83-tj
*102 194
13 Mergenthaler L in o .- .1 0 0 193 Jan 6 200 Jan 18 185 Nov 215 Mcli
194
194
194 1942 194 194 *192 194
1 % Dec
4*4 Jan
2 Jan 23
Last Sale 1%
1% Feb 1
____Mexican Telep hon e.. 10
*1
Feb’08
1%
*1
1%
*1
Hi
40 J ’ne
75 J’ly
59% Jan 14
*43
46
43 Feb 26
200 N E Cotton Yarn------ 100
. 45
45
43
491;
90 Jan
80 Oct
80 Jan 14
Last Sale 79% " Fe‘b’08 ____
79% Jan 14
Do pref------------------- 100
80
.80 it
80
96 Nov 120 Jan
107% 107% *106% 107%
70 IN E Telephone.............100 105 Jan 4 119 Jan 20
106*4 1071* 107 107
106*4 107
150 150
155 Pullman Co.....................100 147 Jan 2 159 Jan 18 137 Nov 182 Jan
151
151
150 150
152 152v 150 151
9 Nov
11 Jan
10 Feb 21
9% Jan 2
255 Reece B u tto n -H o le .. 10
9*4
9*4
*9%
9*4 *9*s 934
9%
9%
9*j
9*4
761a Nov- 113 Jan
97
97%
88% Jan 2 100 Feb 4
»
278 Swift A Co....................... 100
97
97*8
971* ____ ____
97%l 97
97
20 J’ne
221* Jan
22 Feb 0
21% 21% *211*
20 Jan 3
22
30 Torrlngton, Class A . . 25
21%) 21%
23
*20
23
*20
241* Nov
27 % J’ly
25 Jan 14
24% 24% *24%
24 Jan 27
25
10
Do pref......................... 25
*24%) 25
*24% 25
*241* 25
1 Oct
0% Jan
2% Jan 28
Last Sale 1%
1% Jan 7
2
Feb’08 ____Union Cop L ’d A M ’g . 25
2
*1%
1*4 *1%
*i%
Dec
837
n 116 115% 116 115 110 115% 116 115% 115% 695 United Fruit.................. 100 114% Jan 2 120*4 Jan 25 101% Oct 120 Jan
30 Oct
46 Jan 14
69
43
43
38%> Jan 4
Un Shoe Mach C o r p .. 25
42%
43% 431*
42
42%
42
42% 42*1
23*8 Nov
29 Jan
28>* Feb 26
26% 26% 26%
24% Jan 3
131
Do prer-------- ---------- 25
2 (f%
26*4 28%
261* 26%
26% 27
22 Oct
31% Jan 18
50*8 Jan
28% 28%
20 Jan 2
28%
29% 3,617 U S Steel Corp.............100
28*8 28%
28*8 28*4
27*4 281*
79% Nov 107*4 Jail
95*3 Jan 14
87% Jan 2
91 < 91%
8
980
Do pref------------------- 100
92%
92*4
91% 91%
91%
91
91*8 92%
4 Nov
8 Jan 31
9 Jan
6
6
4 Feb 3
7
13 W est Telep A Teleg-.lOO
*6
7
*6
7
51 * *6
5%
50 Nov
70 Jan 16
82 Jan
Last Sale 62% Feb’O
59 Jan 9
Do pref------------------- 100
62%
fe ____
621* *50
*60
62% *50
217S Jan 30
26% Nov781* Jan
Last Sale 19% Feb’08 ____Westing El A M f g .. . 50
19% Feb 18
76 May
31% Feb 13
80 Feb
Last Sale !4% Feb’08 ____
34% Feb 19
Do pref____________ 50
Milling
3 Jan 18
0
s8 Nov
* 11 * 2
61* Feb
It* Feb 21
2
25 Adventure Con_______25
*1%
*1%
2
2
1%
20 Oct
74% Jan
28 "* 29
261* Feb 18 3 3 % Jan 20
28
2.270 A llou ez.--------------------- „ 25
28
28
29
28% 28%
28
42% Dec 121 Jan
53*4 Jan 14
49% 51
45 Feb 19
487 49*8
3
51%
62% 34,310 Amalgamated Copper Kin
48% 491.1
)
19 Nov
53 Jan
20*4 Jan 13 20 % Jan 20
Last Sale 23% Feb’08 ____Am Zinc I.ead A Sm _. 25
*21% 22
*22
23
26 Oct
33*8 Jan 14
75 Feb
28 Feb 19
33
33
32% 32%
60 A n acon da______________25
ol% 31*8
0 Jan 15
2*4 Oct
15*s Jan
3% Feb 21
3%
4%
942 Arcadian_____________ 25
3%
*3*4
3%
I”
"V
3%
20*4 Jan 29
7*4 Oct
281* May
14 Jan 2
19
193S 18%
18
19%
2.697 Arizona Commercial. - 25
19
17% 18
•36 Sep
2 Jan
Last Sale .45
—
—
+ .43
*.4 5
Fcb’08 ____A rn old_________________ 25 .40 Feb 14 .45 Feb 19
*.4 5
li* Jan
% May
Last Sale %
25
Aug’07 ____Ash Bed.........................
14*'Ji»n 23
6% Oct
22 " Feb
10% 10% *10%
12
*11
250 Atlantic ........................ 25 ” 9% Jan* 3
11%
11% 11*. *10*4 11%
4 Jail 18
1% Nov
12% Apr
.Tan 2
Last Sale 2%
Feb’08 ____Balaklala temp certfs..
0*1 .T in 20
4% Deo
37 Jar.
H* Feb 18
1 % 1*4
2.270 Bingham Con Min A S 50
1%
1*4
1*4
1%
1%
1%
1%
2
•35 Sep
.80 Jan
35 " Feb 19 74 % Feb 27
.48 .74%
.45
.40
.42
,47l->
.65
.70 10,400 Bonanza (Dev C o)___10
* .35 .40
17 Jan 29
3314 Jan
8% Nov
14% 147*
11%Jan 3
14% 11*4
3,750 BostonConCAG (rets) f l
14*4 15
14*8 141*
2 H8 Feb 27
10 Oct
15%Jan 2
20
21%
391s Jan
20%
20% 22,185 Butte Coalition............ 15
19*4 20%
18% 19%
89 Oct
198 Fob
98 100
93 Feb 20 116 Jan 2C
98 100
1,130 Calumet A A rizo n a.. . 10
99 100
99% 102
100 100
535 Oct 1000 Feb
617 625
600 Jan 2 700 Jan If
155 Calumet A H e c la ____ 25
615 617
630 650
615 620
613 610
28% Jan 15
16 Oct
47 Feb
21 Feb 10
20% 23%
345 Centennial...................... 25
24
24
24%
23% 231* *23
23
23
40 Jan 23
.52 Jail
.25 Oct
*.33
.37 *.33
400 Cons Mercur Gold____
1 .28 Jan 9
.37
37
,37
.37
.37
* .35
.38
44% Oct
105 Jan
55% Feb 18 06 Jan is'
60% 61%
59% 60%
62
63% 3,023 Copper Range Con C o .100
59% 59*.|
59% 60
978 Jan 18
71* Dec
201* Jan
7 Jan 3
8*4 8*4
9
225 D aly-W est____________ 20
8%
9%
812
8%
*8*8
8
8
701* Mch
40 Oct
Ims I Sale
Oct’07 ____Dominion Coal________ 101
85 Nov 114 “ Jan
Last Sale
Do pref____________ 100
Dec’07 ____
4% Jan
*4 Nov
1 Jan 13 ' 2 Ian 18
100 Elm River______________12
*1
1%
1%
1%
1% ” i% •T%
*1%
1>4 ■ ;i%
10 % Jan 27
6 Oct
29% Men
7 Feb 19
8%
85s
1,313 F ran klin ...........................2"
8
8
8%
8
8
8
8*4
941* Jan 18
65 Oct
161 Fel)
80 Jan 2
85
85
31 Granby Consolidated, ion
85
*80
sf2
*80
85
85
85
85
9% Jan 20
5 % Oct
17% Apr
6% Jan 2
8%
8%
8*8
8% 8,526 Greene-Cananea_____ 20
8
8
8%
8%
8
2 Dec
2% Jan 22
5% Jan
2 Feb 26
2
60 Guanajuato Consol___
2
26% Jan 27
11% Oct
361* Jail
17*i Feb 17
22
22
22% 3.698 Isle Roy ale (Copper). 25
20% 21
20% 20*.t
"21*
17% Jan 14
8 Oct
30 " Feb
12% .lan 2
14%
14*1
15
137j 14
2,305 La Salle Copper............ 25
14
14
137g
4% Jan 18
2*g NOV
9 % Jan
3 Feb 19
3
675 Mass C onsol........... .......
3%
31
3
3 1.06%
3
3
.40 Nov
1*1 Jan
25 .Tan 10 .50 Jan 22
Last Sale .45
50
25
Jan’08 ------ Mayflower____________
.45 *.40
.45 *
8 Jan 18
6*4 NOV
15i |Jan
4% Feb 19
5%
5%
294 Mexleo Cons M A S - - 10
5%
5%
5%
6%
5
6
1234 Jan 20
6*4 Oct
24% Jan
7% Feb 25
8
*7%
950 Michigan........................
8
8%
7%
8%
7 ,1
1
7%
7%
7*4
58 Jan 18
16 % Jan
37 Oct
60%
46 Feb 19
50
50
797 Mohawk______________ 25
51
50
63
50% 51%
60
50
1*8 Jan 24
1 Nov
3% May
.70
.75 *.70
.70
915 Montana Consol C A C 10 .70 Fob 20
.71
.95
.75
.90
*.92
.98
12 % Jan 20
6*4 Nov
20>* Jan
9%
8*s Jan 2
9%
9%
9*8
9% 1,420 Nevada Consolidated.
jj*8
9%
9%
9%
9%
30 Oct
120 ' Jan
49% 505s 501.t
40*4 Feb 19 54% Jan 18
48*4 49*4
611 23,405 North B utte................. 15
50
47
45% 48
.55 .bill 28
21 * Jail
% Sep
Last Salt
____
* .45
Feb’O
^ ____Old Colony.................... 25 .60 Jan 15
* .45
*.4 5
40 Ja n 28
18 Oct
63 ' Feb
28 Jan 2
30% 37% 36%
34% 36%
37% 4,364 Old Dominion.................. 25
34% 34%
34%
181 Feb
71 Oct
77 Feb 10 92 .ton 14
80
80
80
350 O sceo la ---------------------- 25
*78
79
84
80
79
80%
170 Feb 28
35 Jan
8*4 Oct
10 % Jan 11
16*4 17*8
17
16
17
171 4.333 Parrot (Silver A Copp) 10
151* 17
14% 16
1% Jan 25
*4 J»n 15
r3 Jan
% Dec
Last Sale 1
* 1,
____Phoenix Consolidated 25
l
*12
Feb’O
l
1
*%
1
93% .Jan 15
148 Feb
70 Oct
77 Feb 19
84
84
82
82
167 Q u in cy .......................... 83
85
82 " 82
82
83
4% Jan 20
el2*l Jail
2 Oct
2% Feb 20
3%
3%
147 Rhode Islan d ............. 23
3%
3%
3%
*3*4
3*4
3%
3*4
2% .Tan 20
71 * Jan
2 Jan '’<
■
1% Nov
*2
2%
2
250 Santa Fe (Gold A Cop) 10
*2
2
2
*1%
2
2%
13% Jan 20
24*s Jan
9*4 Feb 19
10*4 11%
7% Oct
2,366 S h a n n o n -------------------- 10
11
11
10*4 10 %
10% 10%
10*4 11
77 Jan 20
170 Jan
G
O Feb 13
51 Oct
70
*65
130 T a m arack..................
2f
70
67
70
*65
65
65
65
65
42% Jan
12 % Feb 19 18*4 Jan 14
14% 16
9*8 Nov
3,914 Trinity------------25
15%
16
137 14%
8
13% 14
13% 14%
8% Jan 8
0 Feb 13
77% Mch
7 Dec
0%
175 United C opper........... 100
6*8
0
6*s
6*8
6
*5%
6
* 0*4
20 .ian 3
91 May
21*4 Feb 13
22 Oct
Last Sale 21*4 Feb’08 ____
Do pref....... ...............100
10 * Jan 3
131.1 Jan
91* Feb 17
71* Nov
10
10
10
10
365 UnltedStntesCi a’ AOIl 25
9*4
"io * To” ~9*4
*Io‘
70 Jan
35% .Tan 20
24*4 Oct
32% 32%
70 U S Smelt Ref A Min . 50 g29% Jan 2
32%
32%
32%
32% *32
321* *32
*32
49 Jan
40% .fan 20
>
37 Feb 10
2778 Oct
37% 38%
666
Do pref------------------ 50
38%
38
38%
381,| 38
37*4 38
38
79 Jan
291* Jan 3
41*8 Jan 28
26% Oct
38% 39%
38%
39*s 3,105 Utah Consolidated. ...
37% 38%
36
36% 36*4
37%
1 1 % Feb
5*4 Jan 14
31 * Feb 20
31* Oct
4
4%
*4
41
750 Victoria.......... ........... . . 25
4
4
4
4
4
4
31 * Mch
1 " May
Last Sale 1.06% J’ly’07 ____W ashington_____________ 25
14 “ Jan
f0*4 Feb 7
4% Jan 2
r2i* Nov*5%
6
155 W i n o n a .. ------------------ 25
5%
5*4
6*
* 5% *6% ” 5*1 "5*4
198 Feb
93 " Oct
115% Jan 2 132 Jan 20
120 120
00 W olverine..................... 25
120
120
120 120
,00 Jan 3 1.06% Jan 29 .10 Nov
Last Sale .90
Feb’08 ____W y a n d o t............................. 2f
.85
*.70
.91) * .65
c Before pay’ t of assess’ ts called In 1907. * Bid anil asked prices, d New stock, e Ass’ t paid. Ii Ex-rlghts. a E .vd lv . and rights.
b ExW A S H IN G T O N 'S B IR T H D A Y

>

54
3




15

Feij. L i v -S
’O

B o s to n B o n d R e c o r d .
—O

Trice
Jbridan
F'eb 28

BOSTON STOCK E X C H 'G E
v kek k . iilmi F eu 28
v
n
Am Boll Telephone 4 s___ 1908
Am Telep A Tel coll tr 48.1929
Am W rit Paper 1st st 5s g 1919
Alcli A Nebraska 1st 7 s ..1908
A toil Top A 8 Fo gen g 4 s .. 1995
ArtUistmcnt g 4 s....... I’ ly 1996
Stam ped..................J’ly 1995
Boston Elect Light 1st Os. 1908
Cousol 6 s ........................... 1024
Bolton A Lowell 48........... 1916
Boston A M n m e4 % s......... 1944
Boston Terminal 1st 3% a.l94 7
Bur A Alo Biv ex 6 s ........... 1918
N'ou-exompt 6 s .................1918
Sinking liiml 4 s ...............1910
Butte A itoston 1 st 6 s___ 1917
Cedar Bap A Alo U 1st 7s. 1916
2d 7 s .................................... 1909
Cent Vermt 1st g 4w..Alayl920
0 B A w Iowa Div 1st 58.1919
Iowa Div i s t 4 s ...............1919
Debenture 6 s .................... 1913
Denver Exten 4s............. 1922
Nebraska Exten 4 s ........1927
B A S W s t 4 s.................. 19-21
Illinois Div 3 * ............. 1 <u<i
2,3
Joint bonds See Gt Northern
Ohio J C By A Stk Yds 5s . 1915
Coll trust roiuuding g 4 s l 94 o
Ch Mil A St P Dub D 6 s. 1920
Ch Al A St P Wis V div 6 s 1920
Chic A N o Allen 1st gu 5s. 193i
Chlo A W Alleli geu 6 s___ 1921
Conn A Pass B let g 4 s ...1 9 4 3
Current Blver 1st 5 s......... 1927
Det Gr Bap A W 1st 4 s ... 1946
Dominion Coal 1st s f 6 s ..1940
Fitchburg 5 s ........................ 1908
4 s ..........................................1915
4 s ...............
1 927
F rem tE lk A Alo v i s t O s .. 1933
Unstamped 1 st 6s ........... 1933
Gt Not 0 B A Q coll tr 4s 1921
Begistered 4 s .................... 1921

J-J
J-J
J-J
M-S
A-O
Nov
Al-N
Al-S
Al-S
J-J
J-J
F-A
J-J
J-J
J-J
A-O
M-N’
J-D
Q-F
A-O
A-O
M-N
F-A
M-N
M-S
j -j

JJujh So Low 22117/1
98% 99%
99%
< 78 S 81 *,
)
i
80

But
Ask Low
9 9 * 2 ......... 90%
79% Sale
79E

j -j

A-O
j -j
j-j
M-N
J-D
J -1)
A-O
A-O
A-O
M-N
M-N
M-S
Al-S
A-O
AO
J-J
Q-J

Lam/e
.yince
January 1

Weed's
Ba.nye or
Last' Sale

104
97
85
85%

00*2 97L
84 .........

Alar’06
Feb’('8
Jan ’08
J’ne’07

86

114 Mar ’06
1 12*2 Jan ’03
11 >4 O c t ’07
it)0 *4 ......... 102 Sep ’05
97 Jan ’08
100 J’ne’01
123*, Nov’D
O
I l l ’s .I’ l y ’05
7 9 S Feb’08
i
......... 80
1(103 Oct ’07
98 Oct ’07
1100% May’07
97% i ’ne’07
102% J’ne’ O
fi
97% May’07
86 J an ’08

10 1
88

101 Sale
......... 92

97

.........
97

___
79Si 80

86
99

10 2 %

J

Oct ’07
A p r ’06
Feb’05
F eb’Ob
99

8b

4

10 1

122
120
95
99*2 100S 99

99*4
85

96%

95
97

100

96

1 . 2*4 Jan ’03
1
104
89
..................... 90

< 90
»

90

93
92*4

Illinois Steel deben 5s___ 1910
Non-convertdeben 6s . .. 1913
la Falls A S lou x C is t 7 s .. 1917
Kan OCliu A Spr 1st 5 s ... 1925
Kan C Ft S A Gulf 1st 7s. .1908
Kan C Ft Scott A AI 6 s ....1 9 2 8
Kan C M A B veil 4 ,
1934
M-S
Kan O A Al By A Br 1st 5sl929
Maine cen t cons 1st 7 s . . .1912
Cons 1st 4 s ........................ 1912
Maro Hough A Ont 1 st 68.1925
.Mexican Central cons 4 s .. 1911
lstcou s m e 3 s........... Jan 1939
< cons m o 3 s ........... Jan 1939
1
Alich T elep lst o s ............. 1917
Alinne Geh Elec con g 6 s 1929
New Eng Cot Yarn 5 s ___ 1929
New Eng Teleph 6 s........... 1908
6 S .......................................... 1915
6 s............................................1910
New England cons g 5 s . .. 1945
Boston Term 1st 4 s........1939
N Y N 11 A 11 coil deb 3 *vsl 956
Old Colony gold 4 s ............. 1924
Orog By A Nav con g 4 s .. 1940
Oreg Sh Line 1st g 6 s ........1922
Repub Valley 1st s f O s... 1919
Rutland 1st con gen 4 * 1 .1941
2
RutUiml-Cauadian 1st 4s 1919
Savannah Elec lstc o n s o s .l 952
Seattle Elec 1st g 5 s......... 1930
Terre Haute Kleo g 5 s___ 1929

U S Steel Corp 10-60 yr 5 s .1963

103% A pi ’06
100 May’07
128 S e p ’07
92*, 93*,
92 .........

liu v l>>
BOSTON STOCK E X C H ’GE
W eek L nm n o F eb 28

Union Pao B B A 1 g r g 48.1947
20-year con v 4 s .................1927

N ov’06
Alur’07
90

1

537

Gold 4 % s............................1914
Gold debenture 4 s ........... 1916
Gold 4 s................................1917
V 92*4 1197%
4
8 92
96%

93 *.
92*,

Wisconsin Cent 1st gen 4»1949
Wisconsin Valley 1st 7 s .. 1909

Worn— Buyer pays accrued interest In addltmn to the purchase price lor all Ho.iton Honda.

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

Weed’ s
/ UH'jr or
Last Hal*

t r ie J rid ay
x i-e t 28

t oK
L
£ <
L

Bid
ask
......... 98%
96 .......
1 0 0 % .......

1 1 2 % .......
87

A-O
A-O
A-O
A-O
J-J
J’ ly
,Vly
J- J
J-J
F-A
A-O

07

T'anye
v
Since
Ja nuns l

r C
§

.V Lon ..,a h
O
97*« •
:<
i

97

t»0
iM
l
lllvl lvO *4
109% 1 13

no Jau ’<*8
ioo • i \*o
,
112 ■ Feli’i 8
■

.

118
80

.'l a '’04

83

74

1 0 2 % Aue’04
*»0
U() l4
loo F eb ’()8

84

*
-

100% Jan ’07

A-O
J-J
A-O
J -J
F-A
J-D
F-A
J-J
J-J
J-J
J-J
F-A
.1 -J
M-S
j -j
j .j
M-S
M-N
F-A
M-S
M-N
F-A
J-J
J-J
J-J

....

1i3« %

1 s 8 ‘>
.

S', ‘ d
1194 % Sep ’05
109% Aug’05
.....................
82

84

- N o price b’riday; latest liid and asked.

* * - **
^ ^

•

1 Flat price.
|

Philadelphia and Baltimore Stock Exchanges— Stock Record. Daily, Weekly, Yearly
S h a r e P r ic e * —N ot P e r C e n tu m P r ic e *
Saturday

reb 22

M onday
Feb 24

Tuesday
Feb 25

Wednesday
Feb 26

84

Thursday
Feb 27

84

83%

Friday
Feb 28

84
10a
,

43
43
•37
27 H
i
87,
8%

•4

6

1010%

10%

43
43
27
27
87
g 8%

43
43
27
27
8*4
8%
44
4’,
22*2 23

43
43
2738 27%
8%
8%

43 »
*
*43
27*# 27a
,
8%
*4*4
6
23
28

84
63*2

84
84
63*4 53*8

*4

4

35
85
85
54
54
63 >«
1*9
1%
60*8 567ie
65%
36% 36%
36 %
6% 6%
5**is
14-8
15*8 If*1
?
47% 48Uie 477ia
•39
* 3 8 " ii'.l
+38
4!)
40*8
4 8 'a
75 *#
70*, 70*,
I’ l l I I.A D 1 ,1 ,P I 11A

Bid

6

4

86
53*a
60 %
37
5%
15
48
41
39
4a%
70
Ask

•83
85
63*4 63*2
1*8
1*8
60
50
35*# 3 5 ft
a
6**is 6%
14% 14a
<
47 *847**18
*39
41
39
39
• . *2 49
18
75% 70

47
»

8
%

4%

4

84
53
60
•35
5*2
14*2
47*#
*39
•38
48
75a
4

5dB
ie
36 •,
5\
U S48
41
39
48 *a
.70

Bonds
A1 Val E ext 7s 1910 A-O
33
34
A lt A L V E le c 4 %s’33.F-A
AniRyscouvOs 1 9 1 1 .J-D
96
......... Atl City 1st Cs g T 9 . M-N
45
Balls Ter 1st os 1926. J-D
BergAEBrw lstO s’21 J-J
Betlile Steel 6s 1 9 9 8 .Q-F
Choc A i lo 1st os 1949 J-J
Ch Ok A G gen 5 s T 9 J-J
Col St By 1st con 6s 1932
‘ 26* ”2 8 " ConTraoof N J 1st 5 s .’33
E A A 1st AI 5s 1920 M-N
Ft W ayne A*W v " ! " l t ) < )
Elec A Peo Tr stk tr ctfs
Germantown Pass........50
......... Eq II Gas-li 1st g 6s 1928
Indianapolis S t........... 100
H A B Top con us ’25 A-O
Indiunu Union T r ___ 100
Indianapolis By -Is. 1933
Insurance Co of N A . . 10 ’ Yu” " 2 0 % Interstate -is 1943 ..F -A
11
InterSm Pow A Gli
Lehigh Nav 4*28 T4.Q -J
Keystone Telopliot
&
Bits 4s g ........1 914 .(4-F
Preferred.................... ..
Geu M 4 %s g. 1 9 2 4 .0 - F
Koy.1 toneWrttcl1 Ca.se. ICO
Leh V C 1st os g ’3 3 ..J-J
Lit Brothers................... 10
16
ib
Loll V ext 4s 1st 1948 .J-D
Little Schuylkill........... . i
m
2d 7s 1910.................M-S
Miuehill * Schuyl H ..5 0
Consol 6s 1U23........J-D
08%
N llaven Iron .-J steel . 6
Annuity 6 s.............. J-D
Northern Central......... 50 ’ s i " " 8 0 " ‘
Gen cons 4s 2003..M-N
North Pennsylvania..50
98%
Leh V Tran con 4 s ’33J.I)
Pennsylvania Sail........50 10 0
i o i " New Con Gas 5s 1948 J-D
Pennsylvania s t e e l..lo o
Newark Pass con os 1930
Prelerred................... loo
N Y Pli A N o 1st 4 s ’39 J-J
Phlla Co (Puts) pref...5 0
37
Income 4s 1 9 3 9 ...M -N
38
Phil German & N orris.50
NoOhloTrac conus’ 19.J.J
Phlla 'Fraction............... 50
8(5
Penn gen 6s r 1 9 1 0 .. Var
87
Hallways General........10
Consol os r 1 9 1 9 ... Var
Susqueh Iron A Steel..5
Penn & Aid Steel con 6s.
Tidewater Steel........... 10
Pa & N Y Can 5s ’39. A-O
Preferred..................... 10
Con 4s 1939............. A-O
6
Tonopah 51 ining of N ev l
6% Penu Steel l s t S s ’ l ? M-N
Union Tr of I m l......... 100
People’s T r trcerts4s ’43
United N J lilt & C ..1 0 0 2 3 8 "
P Co IstA col tr os’49 Al-S
U n ltT ra c Pitts pref..50
Con A col t r 6 s 1951 Al -N
Warwick Iron A steel . 10
t**s
6% PI11 I Elec gold trust ells.
47
W est Jersey A SeaSh.50
Trust certifs 4 s ..............
Westmoreland Coal....5 0
P A E yen Al 5 g ’ 20. A-O
W ilkes (in , a Klee . .10 0
Gen AI 4s g 1 9 2 0 .,A<fcO
1 L id and ask ed ; n o sales oil tills d ay.




1*8

663ie
36*2
5*>i«
14
47laia
•39
•38
48*2
70

*20

P H I L A D E L P H IA

Inactive .M ocks
Alloglieuy Val prof___50
American Cement........50
Amur Pipe M fg......... 100
Bell Telephone (Pa). 100
Cambria Iron................. 60
Central Coal A Coke, loo
Consol T racof N J ...1 0 0
Diamond state Steel.. 10
Preferred..................... 10
Easton Con Electric 6.00
Klee Storage B a tt....l()0

E x -righ ts.

B altim ore
Con. Gas KL L. & P ow .100
Do pref....................100
91 Northern C entral......... 50
Seaboard (new)................loo
Do 2d pref.............. 100
'95*6 United Ry A Electric.. 50

*83*# 81
•3*#
6
*8
8*v
10*# 10*4

I d 7 11
#

Bid

4

1*8

50
35 %
5%
14*2
48

41

39
48*2
70
25

A sk

108
102 *v 103
i'0‘2 *
106

90
81

443,

100%
104

105

1147-50 paid,

tiiyh esi
20

Jan 16

80
4
10
10

Jan 2 86 Jan 21
Feb 12
5*# Jau 29
Feb 18 10 Feb 18
.Ian
l l a4 Jan 18

20

J a n l;

lianye tor Jrecious
l'ear (11)07 >
Lowest

JHyheet

33 S Jan
i
80 Ala>
78Sl No10 Nov
24 Dec
8 *6 Oct

35
85
97
23*,
48
15

Jan
Jau
Jan
Jan
Jan
J'ne

Philadelphia
106 American R a ilw ays.... 50 43 Jan 1> 43*2 Jan lc 43*4 Dec 51 Jan
730 Cambria S tee l................. 50 26% Feb lu 30*8 Jan 20 22 Oct 4 7 *? Jau
239 Electric Co of America 10
8*2 Jan 20 9**iaJan 6
7 % Uol
11% Jan
900 Geu Asphalt tr c t i s ___ 100
3 * Jan 9 5 Jan 2e 3 Oct b Jan
#
Do
prcIT.rctfs___ 100 1 0 78 Jan h 26 Jan IS 133 N ov 36 Jan
,
105 Lake Superior Corp___ 100
4 Jan 21
6 % Jan 17
4 Jlec- 16 Jan
203 Leiugli O A N a v trctla . 60 78*< Jan 2 89% J an 17 69 Oct 103 Jau
0,00u lyeblgh Valley................. 60 62a Fell28 61 Jan 13 4b S. Oct 7b% Jan
4
1,360 Marsden Co.......................100 11*10 Jan 2u
1*4 Jan 10
• Nov
’a
2 S 'an
i
2,429 Pennsylvania K U ......... 60 Sl^ioJan 2 58*3i6 J an 20 552 Nov 70**!® Jan
36 Philadelp’ a'Jo (P itlsn). 60 35*#Jan 3 39 Jan 30 33% Nov 48% Jan
2,244 Philadelphia Electric*. 26
6*2 Feb 27
6 Si Jan 18 6aiaNov
9 Apr
6,123 Phlla Uapid Tran s ilk .. 60 13*. Jan 22 l 8 -« Jan 7
12 N o v 4 2 0 S, May
38,494 B eading........................... 60 463ie Feb 17 57 *2 Jan 9 3 5 * « Oct 09 a. Jan
*
Do 1st pref............ 60 39 Jan 3 42 Jan 20 36 S N ov 45% Jan
i
Do 2 d p te f.............. 60 37 *# Jan 2 411*18 Jan lb 32 *# Oct 47 Jan
1,162 U nlon T raction............. 50 48 Fob27 62 Jan 10 4 1 78 N o> 60% Jau
2,214 United Gas lm p t........... 50 73*8 Jan 2 80S. Jan 13 6 6 *aOct 96% Jan
Welsbach C o ................... 100
25 May 30 Feb

108
95

*92%

Aanr/e Since
Jan 1 Idus

Sales
A C T IV E S T O C K S
ot the
Week (F o r Bonds and Jnaclire
Stocks see belowj
Shares

144
93

100 >
-,

97
93 % 94%
U6a 97*,
,
06*,
06

8
8

d

1

Mid

P H I L A D E L P H IA
Bh A Bead 2d 5s ’3 3 .A-O
Con Al 7s 1911........J-D
Con AI 6s g 1 911___ J-D
E x Im p Al 4s g ’47. A-O
Terminal 6s g 1941. Q-V
P W A B col t r 4s ’ 21. J-J
Portland B y 1st 6s LU30.
liocli R yA L e o n 6 s ’64J-J
U Trao Xnd gen 6s’ 19. J-J
Un Bys Tr ctfs 4s’ 49JAJ
United B ys Inv 1st coll tr
s f 6» 1926................. AI-N
U Trae Pit gen 5s ’97 J J
Welsbach s t 5s 1 930 .J-D
Wlks-B G A E conus’55J-J
B A L T IM O R E
In active S to c k s
Ala C om OoalA lio n . 100
P ro f.............................. 100
Atlanta & Charlotte.. 100
Atlau Coast Line B B . 100
Atlan Coast L (Conn) 100
Canton Co.....................100
Cons Cot Duck Corp...6 0
Preferred.....................50
Georgia Sou & F la ...1 0 0
1st pref.......................100
2d prof........................ 100
G-B-S Brow ing........... 100
Bonds
Anacostla & Pot 5 s...........
Atl & Ch l s t 7 ...1 9 0 7 J-J
Atlan C L B B4s 1952Al-S
A tl Coast L( Ct) ctf8 5 s J -T)
Ctfs of lnuobt 4 s ___ J -J
0-20 yr 4s 1925......... J-J
Balt CPass 1st 5 s ’ l l >1-N
Balt Fumlg o s.1910 Al-N
Kxcliango3%s 1930J-J
Balt A P 1st 6s m 1T 1 A-G
Balt Trac 1st 5s. . ”29 Al-N
No B altD ivus 1942 J-D
Cont’ l By conus 1932 .\LN
Ext A Imp 5s. 1932 .M s
Cha^ City By 1st Os”33 J-J

t £.15 paid, t 9511 ) uai 1 .

.;<!"> paid,

a

i Ask

107"

97
’ 97’ S
71

"7 2 S

66
106
67

66%
107
68

176

60

8*4

793
,

106
109 7 110*2
s

R eceip ts,

b

B A L T IM O R E

* 2 5 paid.

c $80 paid.

Ask

B id

Chas By G A El 6s ’99 Al-S
Chart C A A ext &s.’ 09 J -J
2d 7s................ 1910 A-O
City A S u b let 5 s . . ’22 J-D
City A S u b (W a s)lst6 s’48
Coal A I By 1st 6 s ’ 20 F-A
Col AG rnv ls t6 s .l9 1 0 J -J
Consol Gas 6 s . . .19 1 0 J-D
5 s.......................1939 J-D
Ga A Ala 1st con &s ’45 J-J
GaOar A N 1st 5s g ’29 J-J
Georgia P 1st 6 s . . . ’22 J-J
G aSoA Fla 1st 6 1 1945.1-J
G-B-S Brew 3-4s 1961AI-S
2d income 5s 1951 Al-N
Knoxv Trac 1st 5s ’2SA-G
LakeB El 1st gu5»’42AlAleraplns St 1st 6s’ 45 J-J
AlotSt(W ash)l8t5s’25 F A
Alt Ver Cot Dock 1st 5s.
N p tN A O P 1st 5s’38 Al-N
General 6 s ....1 9 4 1 AI-S
Norfolk St 1st 5 s ’ 4 4 ..J-J
North Cent 4 *28 1 926 A-O
Series A 5s 1926___ J-J
Series B Os 1 9 2 6 ....J-J
Pitt Un Trac 5s 1997.J-J
Poto Val 1st 6s 1 9 4 1 ..J-J
Sav Fla A W e s t 6 s ’34 A-O
Seaboard A L 4s 1950 A-O
Seab A Boau 5s 1926. J-J
South Bound 1st 5 s ..A -O
UEl LA P lst4*23’ 29 M-N
U 11 By A El 1st 4 s ’49 AI-8
Income 4s 1949........J-D
Funding 5s 1 9 3 6 ...J -D
Virginia Midland—
2d series 6s 1 9 1 1 ...A l-S
3d series 6s 1 9 1 6 ..Al-S
4th ser 3-4-as 1 9 2 1 .M-S
5th series 5s 1 9 2 6 .Al-S
Va (State) 3s new ’32.J-J
Fund debt 2-3s 1991. J-J
W est N C coil lie 1914 J-J
W esV a C A P lstC g’ H J-J
W il A Weld 5 s ..1 9 3 5 .J-J

102%
107

9»
41*2
13
101

105*2
71
105
105

106% 108
44
44%

853
,
46

86
46%

102%
95
.........
95
*89% ’ *91"
102%

ci$ 4 1 % p a l(L

THE CHRONICLE

53 8

Volum e of Business at Btook; Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. W EEKLY AND YEARLY.
Slocks
Week ending
Feb. 28 1908
Saturday____________
Monday_____________
Tuesday_____________
Wednesday.................
Thursday-----------------Friday_______ _____ _

Shares
" 304 ,545
299.697
216,231
264,876
315,037

Par value

lelegr & telephone
<Amcr Teleg 2 C able.lot
b
^Central & So A m e r ..lo i
Com m ’l Un Tel (N Y ) .25
Emp 2b Bay State Tel 100

eGolil & Stock Teleg .101
Hudson River Teleph 101
U. S.
cN Y 2 N J T e le p h .,.1 0 (
b
^Northwestern Teleg. .31
Hands
- Pacific 2 Atlantic_____ 2.
b
. Southern 2 A tlantic..2C
b
$1,200
0

Railroad,
dec..
Hands

--------- IIOLI D A Y ______
$26,348,500
$1,276,500
24.907.200
1.747.000
18,585,600
1.028.000
23,310,100
2,112,500
27.925.200
1,069.000

[V O L . L X X X V I .
til a
46
100
100
60
40
90
35
91
100
55
80

1
6 Brooklyn Ferry stock lot
:
B 2 N Y 1st 6s 1911J J §85
b
50
- N Y 2 E R Ferry stk .lo t
b
Total........................ . 1.400,386 $121,076,600
60
$8,1:13,000 $4,237,500' $10,20: :
1st 5s 1922_______ M-N
§00
N Y 2 Hob 5s May 46 J-I
b
Hob Fy 1st 5s 1946A1-N § 95
Sales at
Week ending Feb. 28
Jan 1 to Feb. 28
§90
\ Y & N J 5s 1946
J-.
New York Slock
10th & 23d Sts Ferry. 10(
29
F.xcharuje
1908
1907
§50
. eUnion Ferry s t o c k ..lo t
8
Stocks— No. shares_
_
1,400,386
5,398,496
20,214,505
cist 5s 1920.............M-N
60
Par value.......... ...... $121,070,600 $110,855,375 $2,210,379,100
Bank shares, par.........
$20,000
318,700
Short-Term Notes
Bonds.
Government bonds___
$16,200
$113,200
$28,000
, Am Cltrser A 4s T 1 ..M -S §86
State bonds......... ........
4,237.500
21,173,500
885,500
Scr B 4s Mch 15 T2M S §83
RR. and mlsc. bonds..
8,133,000
125.190,400
6,993,500
Am Tel & Tel g 5s 10 J-J §96
n
§95
Total bonds.
$12,386,700
$7,907,000
$146,477,100)
$S4.852,700 Atlan Coast L 5s ’ 10.M -S §993,
d ie s & Ohio 6s J’c 28 '08
6s, July 1 1910 . . .J-J §991S
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Ch R 1 2b Pac 4 Hs 08 A-O §991EXCHANGES
Chic. & W Ind 5s ’10.F & A §9810
- Cin H a m * 1)4 Ms '08 M-S
60
C O C & St L 5s, June '11 $«7l)i
Philadelphia
Eric 6s, Apr 8 1908___
§92
Week ending
Inter!) R T g 4s 1008 M-N §981.|
Feb. 28 1908
Listed
Unlisted
Bond
1 led Unlisted I Bond
As
5s Mch 1910_______>\-h §90
shares
shares
sales
sales
shares
shares
Kan C S o g 5s Apr '1 2 .J-J §S3!2
Lack Steel g 5s 1 0 0 9 .M-S §81
Saturday..... ................
DAY . . .
---------- M S §78
5s g 1910
Monday_____________ 17,303
$21,000
12,383
10,439
2,493
; Lake Sh 2c M So os 10 F A §98%
Tuesday............. ........ 25,045
19,377
8,235
5,000
5,713
; Lou 2 Nash g 5s ' 1 0 . M-S §98f|
b
Wednesday................. 21,030
9,664
21,000
5,029
1.9S8
!! Mich Cent 5s 1 0 1 0 .. .F - A §98*8
Thursday ...................
15,000
12,288
11,709
2,027
Minn 2b St L g 5s ' 1 1 . F-A §90
Friday.......................... 23,861
10,136
7,000
10,400
4,196
Missouri Pacific —

36,382

Ark
55

120

75

50

95

42
100
108
70
95

2
90
70
75
95

100
93
30
70
15
65

90
87
96%
95:>
.|
100%
9931
100
99
G7
97%
95
98%
94
90
85
83
99
98»v
98%
96

Industry: and V 1 see
.
Cons Ry Lgt& liefrlg.K H
Consol Rubber 'li r e ..l o o
P referred ..................lot
Debenture 4s 1951 A & 0

1
20

3
6
l'«
2712

Coll tr 4s 1057____12b.1
10
lOTi
Cons Storage Batt’ y ..l ( H
Corn Prod Ref See Stock Exc list
4L
4%
eCrucihlo Steel.......... .lo t
(.'Preferred_____
lot
s: 1. 34
'’ Diamond Match C o .lot
125 12512
Dominion Copper..
lt
21.1
Econ’y Lt 2 p (Joliet. id)
b
1st M s f g 5s 1 9 5 6 .J-I) § ____ 100
Electric Boat___
. lm
20
15
im
Preferred _____
G
O
70
Electric Vehicle. . H
)U
3
Preferred _______
lot
Empire Steel___
lot
10
52
45
cFederal Sugar of N VlO t
(-Preferred________ mu
(’General Chemical . .l i l t
70
^Preferred.. _____ lot
to
*.’>
v
Gold Hill Copper_______ 1
Greene Cananea_______ 21
-8%
81*
Greene Consol Gold___1(
*7*
li8
Greene Gold-Silver. . .I t
7 -1 1
U
Guggenheim Hxptor’n lot
140 150 "
eHackensack Water Co
Ref g 4s ’52 op '1 2 . . J -J
80
85
Hall Signal Co.......... ....lot
23
27
Havana Tobacco C o. .10(
6
9
Preferred___________lot
16
19
1st g 5s June 1 22..I-E
45
50
HecUer-Jones-Jewell MU
1st (Is 1922________ M-S
95 102
33
40
Hoboken Land & Imp 100 150
f5s 1910.................... M-N §98
Houston Oil................. lot
5
7
30
45
Preferred ..................lot
Hudson Realty_______100 100 110
50
(Ingersoll-Rnrid com .100
40
(■Preferred ________ loo
90
75
lnternat’ 1 Bank’g C o . 100 120 130
Int’iil Mer Alar Sea Stk
lnternat’l Nickel____ 100
80
90
Preferred _________ 100
74
78
International Salt___ lot
14
10
1st g 5s, 1951.......... A-O
42
47
lnternat’ 1 Sliver____ 100
5
Preferred _________ 100
55
60
1st 6s 1 9 4 8 ..............J-D
Lackawanna Steel___ 100
32
29
Latiston .Monotype___ 20
*978 101g
Lawyers' Mtge Co____ loo
175 185
(’ Cell 2 Wilkes-B Coal 50
b
65
75
Lord & Taylor_______ loo
130
Preferred _________ 100
90 100
el.orlllard (P) p r e f ..100 115 135
Mackay Companies— See Stk E xllst
Madison Sq Garden. .100
10
20
2 d 6 s ll) i0 .............M-N
70
86
e.Manhat Beach Co___ 100
2
8
Man hattan Transit____ 20
* 21 2%
Mitchell M ining........... 10
«2
%
Monongahela R C o a l..5 0
*5
*
Preferred ___________50
Mortgage Bond Co___ 100
77 k 821Nat Dank of Cuba___ 100
95
National Surety_____ 100
140 150
Nevada Cons’ll Copper..)
* 0*8
Nev-Utah Min & S'111 _ . 1 U
4
i-New Central Coal-------20
20
40
N .1 Ter Dock 2b Im p . 100
N Y Biscuit 6s 1911-M -S 100
N Y Mtge & Security. 100 130 135

„
os FeblO ’ lOeonvop F-A
09
$211,100 NatofMcx 5se tto 09 A-O §98
§97
99
N Y Cent 5s 1910____ F-A §98
98%
Pa RR 5s Mch 15 '10 M-S §983.1 99
StLM S'east 4 >$s '0 9 .J-D §92
94
St l. 2 S F g 4 Ms ’98. J 1 $85
b
J
90
South’ll coll tr 5s ’ 0 9 . A-O §75
85
A weekly review or Outside Market will be found on a preceding page.
South Ry g 53 1 9 1 0 .. F-A §65
75
U S Rubber g os ’0 8 .,M-S $9912 100
Street Railways
Street Railways
Bid Ask
Hid Ask Wabash 5s, May 10 1000 §80
90
Westlngh El&M 6s 1910 §84
Pub Serv Corp N J (Con)
New York City
00
Wheel’ l 2c L E 5s ’0 8 .F -A §85
15
25
J C Hob <c Patersn.lOC
S
40
50
90
70
80
4s g 1040.............M-N
60
58
Railroad
100 130
SoJ Gas E1& T r a c.1 0 0 100 102
Gu g 5s 1953___M-S $93
90 100
90
Chic Peo 2c St L prof.lot]
No Hud Co Ry0s’ 14 J-J Slot
Con 5s 1943 See Stock Exc list
Deposited stock___
5s 1028.................... .1 J §101 103
§ 92
96
Undeposttcd s to c k ..
Ext 5s 1024____ M-N
$05
125 250
Prior lien g4 K'S’liO.W&S
Pat City con 6s '3 1 . J- D $105
100 n o
SO
90
Con m tg g 5s 1030. J2bJ
100 130
2d 6 s . . 1914 opt A-C $100
53
G
O
Income 5s, July 1930.
5
100 125
So Side El (Chic)
See Ch lcago list
10
Chic Subway..................100
Syracuse R T Os ’ 46.M & S § 9o 100
Col & 0th Ave 5s See Stock Exc list
16
17
Ft W 2c Den Cy s t d ,.1 0 0
Trent P & H 0s 1 9 4 3 .J-L $ 05 100
Dry D E B & B—
95 105
Gt North’ll Ore-S ee Stk
88
95
United R ys of St L—
•9
2
N Y N 1 1 4 Hartford —
Com vot tr c tls ____ 101,
50
75
21
e Scrip 5s 1914.
CondcbCs’48— See stek Exc
e P referred________ lot
04
041 «
250 310
Conv deb 3 )$s '56 J2cJ §86
Gen 4s 1934. .S ee Stock Exc list
95 100
ss
North’n Securities Stubs
UnltRys SanFran See Stk Exc list
225 300
100
Pitts Bess & L E _______50
Wash R y & El Co____ 100
24
50
75
19
28
42d St M & St N A v e . 100
P r e fe r r e d ........ ........... 50 *
Preferred _________ lot
97
63
05
e 1st mtge 6s 1 9 1 0 .M-S $90
G
O
4s 1951...................... J-B
(Railroad Securities Co—
50
35
74l2 70
2d Income 6s 1 9 1 5 .J-J
111 C stk tr cfs ser A ’52
e W est Chicago S t___100
(.Preferred_________ 100
71
30
S4lo
Inter-Met— See Stic Exch ange list
Seaboard Company—
N Y Transportation — 20
e Con g 5s 1936___ M-N
* 11 Lex A v &PavF 5s See Stic
U2
‘
1 st preferred_______loo
Niles-Uem-Pond com .10 0
95 100
30
Metropol St R y— See Stic Exc list
40
(ias Securities
Com 2 2d pref-Sce Balt
b
125 150
Nlplsslug Mines-------------3
* 8%
Ninth Avenue s to c k ..1 0 0
New York
Seaboard Air Line—
(Ontario Stlvei---------- loo
3
Second Avenue stock . 100 100 125
3*4
Cent UuGas 5s g '27.J & J §85
Coll 5s ext May ’ l l M -s § 85
04 100
90
Otis Elevator com -----100
25
e 1st mtge 5s 1 9 0 9 .M-N
30
92
Con Gas (N Y )— See Stk Exc
83
90
Preferred _________ 100
80
Consol 5s 1948____ F-A
S5
e Mutual Gas_________ 100 125 140
Industrial and Misccl
Pittsburgh Brewing-----30 * 16% 17
a Sixth Avenue sto c k .100 100 130
New Amsterdam Gas—
80
Sou Boulev 5s 1 9 4 5 ..J -J $60
Preferred ___________30 *
s 39
1st consol os 1 0 4 8 ..J-J §85
Ahmeek Mining_____ 25
Pittsburgh Coal..See Stk Hxe list
87
So Fer 1st 5s 1 9 1 9 .. . A-O $90 100
50
52
N Y & L R G as 1st 0s’ 44 J-J §90
Pope Manufacturing-100
ioo
Alliance Realty____
97
Third Avenue— See Stock Exc list
110
Consol 5s 194o_____ J-J §82
Allls-Chalmers Co 1st mtg
80
1 st preferred---------- 100
25
Tarry W P & M 5s 1928 $60
87
60
N Y & Richmond Gas 100 32
s f 5s ’36 opt *16___ j - j
2 d preferred-----------100
34
1 U 2U
YkersStRRSs 1946 A O §821- 85
§60
G
4
Nor Un 1st 5s 1 9 2 7 ..M -N
American Book_____ ioo
Pratt 2b VVhitn p re f.-lo t)
88
80
96 mo
65
28tli & 29th Sts 1st 5s ’96
i ‘20
e Standard Gas c o m .. 100
American Brass.
106 100 n o
Realty Assoc (Bklyn) loo 109 112
75
e Twenty-Third Ststk 100 300 325
e P referred________ 100
(American Can -See Stock
Royal Bale Powd pro! 100
90
70 100
Union R y 1st 5s 1942 F-A $85 100
93
1st 5s 1030............... M-N §93 100
American Chicle C o. loo 175 iso
Safety Car lleat 2c L t.1 0 0 115 120
SO
Westchest 1st 5s ’43 J-J $60
Other Cities
Brooklyn
86
90
Amcr Light & T r a c t .100
Singer Mfg C o ..............loo 300 315
Am Grapbophone com 160
91
03
Atlan Ave 5s 1 9 0 9 ...A -O § ____ 100
Standard Cordage.. .1 0 0
Sf»
Preferred _________ 100
Preferred ............. 100
82
11 Con 5s g 1031_____ A-O § ____ 100
%
80
1st .M g 5s ’31 red .A -O
Bay State Gas_________ 50
Amer H ardw are.. . 190 102
21
B B & W E 5s 1 9 3 3 .. A - 0
23 2
05 100
u
1>8
Adjust M 5s Apr 1 1051
Am M altlng 6s 1 9 1 4 ..J -D
3
05
Brooklyn City stock___ 10 175 185 iBIngh’n Gas os '3 8 .A & 0
85
95 100
412
Standard Coupler com 100
[Brooklyn Union Gas deb
32
Amer Press Assoc’n 109
Con 5s— See Stic Exch IO
35
xc list
90 100
Preferred ---------------100 100
6s 1900 conv 19U7.M -S
Am Soda Fount c o m .100
18
Bkln Crosst’n 5s 1 9 0 8 .J-J
95 100
110
98 101
Standard Milling C o .. 100
Butlalo City Gas stocklOO
4
1 st preferred_______loo
Bkn H gts 1st 5s 1041 A-O
90 100
0
7
7
20
1st os 1947— See Stock
Preferred ---------------100
24
2 d preferred.......... 100
Blclu Q Co & Sub See Stic Exc list
27
2
1st on HKJO--------- -M - I
N 67
Am St Found 0s ’35 A2cO § 80
72
Bklyn Rap Tran— See Stk
list iCon Gas of N J 5s 3 6 . J-J §85
90
90
Standard OH of N J ..1 0 0 480 490
Consumers’ L 11 2c Pow—
American S u re ty ..
.5 0 140 150
e Coney Isl & B lclyn .. 100 100 150
os 1033____________ J-D §100 105
American Thread pref__0
85
1st cons g 4s 1 9 4 8 ..J-J
75
410 Swift 2c Co-See Host Stk Fixe list
*312
1st 5s 1 9 1 0 -1 9 1 4 ...J - J § 96 100
Elizabeth Gas Lt C o. .1 0 0 250
90 101)
Am Tobac (new) co m . 100
Brk C & N 5s 1 0 3 9 .J-J
245 “
(Texas2b Pacific C oal. 100
Essex & Hudson G a s .100 108 11 l
78
Aincr Typefdcrs c o m .io o
85
Gr’pt&LorSt 1st Gs.M&N
98
30
34
1st 6s 1908............... A-O §____
Fort Wayne 0s 1 0 2 5 ..J-J
Preferred _________ loo
Kings C El 4s— See Stock
88
25
30
93
Title Ins Coot N Y . . . 1 0 0 116 125
Gas & El Bergen C o .. 100
Amer Writing P a p er.100
45
Nassau Elec pref____ 100
50
134 3
50
fonopah Min (N e v a d a ).1 *5
e Gr Rap G 1st 5s 1 5 .F-A §05
Preferred _________ 100
Sis
5s 1944....................... A-O
93 100
17
98
20
Trenton Potteries coiu 100 ____ 12
Hudson Co Gas_______100
92
1st s f g 5s 10 op’OO.J-J
1st 4s 1951— See Stock
list
94
78
80
Preferred, new-------loo
Indiana Nat 2 1 1 Gas—
b 1
45
Barney 2 Smith C a r .100
b
65
N W ’ bg&Flat 1st cx 4 Hs
90
50
Trow Directory.............100
1st 6s 1908________ M-N
30
15
Preferred.................... 100
Steinway 1st 6s 1 9 2 2 .J-J $05 102
40
100 120
20
Union TypewritercomlOO
Indianapolis Gas_____ 50
50
eBethl'm Steel C o r p ..1 0 0
5G
Other Cities
35
59
121 S 14
1 st preferred-----------ioo
1st g 5s 1052_______ A-O §90
93
(-'Preferred_________ loo
Buffalo Street R y—
97196
30
38
Jackson Gas 5s g 3 7 . A-O §86
2 d preferred............... 100
60
Bliss Company c o m .. 50 100 n o
lstconsol 5s 1 0 3 1 .. F-A §103 105
92
89
United BU Note C o rp ..5 0 + 10
Kansas City Gas---------100
Preferred ___________ 50
50
Deb 6s 1917..............A-O 1021- 105
90 100
45
Preferred -----------------50 *45
e Laclede Gas-------------100
Bond 2c Mtge Guar___ 100 290 310
Chicago City Ry — SeeCh
too
list
60
(United Cigar M fg.p f.10 0 X'iH
c P referred________ 100
Bolden's Cond M ilk ..1 0 0 130 133
50 100
Columbus (O) St R y .1 0 0
90
85
United Copper.............100
Lafay’cGas 1st 6s’24_M -N
Preferred _________ 100 100 107
25
Preferred __________ 100 101 104
5%
0 !s
Log& W abV 1st 6s '25 J-D
Preferred ---------------loo
British Col Copper_____ 5
20
21 . 24 ~
Colum Ry con 5s— 6'ecPhl la list
30
*4%
Madison Gas Os 1 920 . A-O §&ji - 106
Butte Coalition Mining 15 * 20 % 20 % U S Casualty---------------10U 200 216
Crosst’ wn 1st 5s '33 J-D $100 103
U S Envelope com ___ 100
Newark Gas 0s 1 9 4 4 .. y-J 122 124
Casein Co of Am c o m .io o
1
80
Grand Rapids R y ____ 100
26
67
(Preferred_________ loo
Newark Consol G a s .. 100
PrcfeiTcd _________ 100
82
Preferred ............... . 1 0 0
84
85
88
U SSteel Corporation—
e Con £ 5s 1948-------J-D 100 103
Casualty Co or Am er. loo 125 140
Lake St (Chic) El— See Ch
list
Col tr s f us 51 opt ’ l l § 1081- 109%
No Hudson L tl & Pow—
Celluloid Co___________loo 118 122
« Loulsv St 5s 1 9 3 0 ..J & J $10512 107
Col tr s f 5s nl not opt 5IO8I2 109%
5s 1 0 3 8 .....................A-O §100
Lynn & Bos 1st 5s '24 J-D 101 102
. . . . Cent Fireworks com . .10 0
8
15
e O & Ind C N at& lll.lO O
Preferred ................. 100
U S T it Gu 2b In d em .loo
e New Orl Rys & L g t.1 0 0
85 ” 100 "
8ls
55
70
Central Foundry.......... loo
(U tah Copper Co-See Stk
e P referred____ __ loo
18
1st 6s 1926............... J-D
25
21<4 22
ll 2
Preferred _________ loo
Waterbury Co, c o m ..l o o
03
Gen M g 4 H s '35 See S tk Ex list Pat & Pas Gas& E lec.100
68
«
.)
7
Deb 63 1019 op '0 1 M-N
North Clilc Street See Ch lcago list
97
Preferred .............. .1 0 0
e Coil g f>s 1949-----/V S §04
I
50
G
O
Pub Serv Corp of N J .100
Century Realty_______ loo 185 195
St Joseph Gas 5s 1937.J-J §75
Westchester 2b Bronx Tit
85
80
85
Tr ctfs 2 % to 6 %perpet
Chesebrough Mfg C o .lo o 380
2 Mtge Guar.............loo 140 100
b
10
Electric Companies
City Investing Co____ loo
Coll 5s g notes ' 0 9 . M-N §85
Western lev....................100
87
54
59
North Jersey St R y 100
(Claflln (H B ), com . .10 0
30
Chicago Edison Co See Ch tCclgO 1st
Westlngh Air Brake___ 50 *98 103
40
95
90
94
1st 4s 1948...........M -N $60
( 1 st preferred.......... ioo
62
e Kings Co El L&PCo 100
W est El & Mfg 5s-See St Exc
90
64
87
Cons Tract of N J ..1 0 O
Narratran(Prov) El C o .50
c2 d preferred_____ 100
66
White Knob Min______10
%
90
1st 5s 1933........... J-D $100
Col & Hock Coal2bI pf 100
102
N Y &(J El L dtPowCo.lO ) ____ 20
Preferred ___________ 10
1
%
N cw ’kPasRy 5s '30 J-J $103
40
1st g 5s 1917___ __ j-,)
104
Preferred __________100
.00
95
85
so I Worthing Tump p re f.100
Col tr 6 s Oct 1 9 5 6 ..J-J
Rapid Tran St R y .1 0 0 235 215
50
00
United Elec of N J — 100
1st 5s 1921............A-O 5100
____
1st g 4s 1 9 4 0 . . ------ l-D §58
61
Consol Car H eatin g..1 0 0
25
30121
* Per share
§ Buyer pays accrued Int
a Ex-rlghts. 0 Sells on Stic. E x ., but not very active 1 New stock, nN om inal, s Sale price, z E x -d lv .
Total....................... 123,021

45,548

809.0001

64.118

Outside Securities




16,4171

Feb. 20 L908.]

THE CHRONICLE

539

itwzstmmt and ||a ito a d Intelligence,
R AILRO AD

GROSS

EARNINGS.

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 in
ling such latest week or month.
We add a supplementary
atatement to show the fiscal year totals of those roads wlu
iscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
Week or
Month.

Current
Year.

July 1 to Latest Date.
Current
Year.
$

5

1 ,802,490
953,890
941,579
10 321
48,739,628
1,106,122
968,735
13,180,201
48,062,203
1,490,255
38,760
21,094,744
31,200
5,900,221
1 ,179,158
6,241,000
48,139,406
r8,072,408
16,579,912
76,148
14,976,097
32,007
6,571.701
43,523,090
5,239,430
3,453,802

1,780,047
002,287
900,030
18,024
43,752,810
1,043,466
760 ,468
12,605,803
48,130,756
1,533,772
34,217
_______
25,859
5,330,367
896,300
4,498,500
44,649,473
0 8 ,007,0)0
15,485,891
102,493
12,583,39!)
22,513
0,036,317
_____
5,772,120
3,825,170

5

$
— See Sout hern Rail way.

k Atch Top ft S F e .
Atlantlc Coast Line
Baltimore & O h io ..
Boston & Maine_
_
Buffalo & Susq R y
Canadian Northern.
Canadian Pacific___
Central of G eorgia..
Central of N Jersey.
Chattanooga South-

Chic Great W ea t-.i
Chic Ind & Loulsv.
Chic & North W est
Chic St Paul K f t O .

Col Newb ft Laur.
Copper Range —
C orn w a ll--------------Cuba Railroad____
l Delaware & H ud.

4th wk Jan
4th wk Jan
4th wk Jan
Novem ber.
December
September
December
December
January . .
December
January . .
Decern her
December
3d wk Feb
December
3d wk Feb
3d Wk Feb

95,390
110,104
54,113
62,732
54,868
52,520
3,034
4,070
8 140.482 7,956,095
354,795
336,877
141,044
124,261
2,296,082 2,427,709
5,177,120 6,365,559
202,040 239,645
5,133
5,463
3,077.835
3,026
3,265
131,194
140,447
187,621
145,251
127,800
90,200
1,054,000 1 , 202,000
222,500
242,600
January . . 2,082,479 2,065,170
1,251
3,390
3d wk Feb
December 2,142,139 2,051,651
4,075
3,035
December
973,902 1,107,517
Decern her
December 6,147,968
138,334
159,548
2d wk Feb
89,583
105,259
3d wk Feb
— See New Vork Cen tral.
December 4,567,747 5,133,358
January _ 4,393,853 5,292,810
956,872 1,134,189
January . .
41,036
42,438
4th wk Jan
— See Sout hern Rail way.
York Cen tral.
— See New
— Sec New York Cen tral.
190,74 1 200,931
December
274,804
275,132
3d wk
t
27,038
20,465
December
58,120
60 ,725
December
15,791
5,412
December
12,546
33,015
December
152,577
149,724
December
December 1,521,905 1.322,272
December 2,701,656
306,300
3 d wk Feb 285,300
19,284
25,932
3d wk Feb
82,133
56,207
3d wk Feb
51,951
56,86!)
3d wk Feb
December 3.771,283 4,194,520
— See Rock Island S ystem.
1,321
1,478
January .
51,906
January- . .
53,269
247,947
December
254,190
— See Sout hern Rail way.
3d wk Feb
600,262
667,951
92,386
2d wk Feb
10 6,737
24,751
2d wk Feb
27,452
2d wk Feb
21,753
31,622

E r i e ________________
Evansville ft Ter H
Falrcldld & N E .
Fonda Johns & Glov
Georgia R R ________
Georgia South & Fla
Grand Trunk S y s t ..
Gr Trunk W e s t ..
Det Gr lla v ft Mil
Canada Atlantlc.
Great Northern___1
Montana Central j January . .
Gulf ft Ship Island. 2d wk Feb
Hocking Valley------- December
Illinois C e n tra l____ January .
Inter & Great North 3d wk Feb
a Intcroccanlc(Mcx) 3d wk Feb
Iowa Central_______ 3d wk Feb
ICanawlia & M ic h .. December
Kansas City South. January . .
Lake Erie & W est’n — See New
Lake Shore & M Sou — Sec New
I.ehlgh Valley_____ January . .
Lexington & E a s t .. December
Long Island________ Decern ber
Louisiana ft A rk___ December
Loulsv & N ashv___ • wk Feb
'id
Macon ft Blrmlng’m January __
Manlstlque_________ January . .
Maryland ft P e n n .. January .
a Mexican C en tral.. December
a Mexican Intcrnat. 3d wk Feb
a Mexican Railw ay. 1st wk Feb
a Mexican Southern 1st wk Feb
Michigan C entral.- — See New
Midland Valley____ January . .
Mineral Range____ r 2d wk Feb
Mlnneap ft St L ___o 3d wk Feb
Minn St P ft S S M . 3d wk Feb
.Mo Kansas & Texas December
Mo Pae ft Iron M t._ 3d wk Feb
Central Branch.o 3d wk Feb
Total system ___ n 3d wk Feb
I) Mobile Jack & K C W k Feb 1
Nashv Chatt ft St L
a Nat. R R of Mexico 3d wk Feb
Hidalgo ft N K _ . 3d wk Feb
N evad a-Cal-Oregon 2d wk Feb
Nevada C en tra____ December

3,313,130
40,572
438,091
4,160,510
128,000
160,015
49,485
142,830
040,103
York Cen
York Ceil
2,039,720
37,084
D ec.10,
04,188
763,550
11,317
5,226
23,755
3,163,483
168,043
145,700
24,595
York Cen
78,194
14,908
05,147
166,269
1,920,377
093,000
19,000
712,000
27,089
847,716
302,091
18,992
4,139
6,503

31,338,030 31,002,486
40 ,530,565 11,180,474
8,164,888 8 ,572 .528
1)91,560
1,013,059

1,297,211 1,298,215
0,898,099 8,731 ,480
153,677
157 435
406 090
447,238
89,810
109,000
242,964
188,615
794,613
809,332
(10,828731 (9,206,144
_______
18,138,056
14,153,921 13,462,06!)
800,035
775,931
2,810,534 2,781,402
2,068,950 2,037,802
27,620,633 27,030,203
11,188
488,863
1,593,195

10 ,304
472,180
1,533,293

28,389,103 27,892,570
3,031,530 3,763,074
1,189,233 1.160,171
1,360,010 1,285,050

2,543,527 38.003,973 33.118,769
50 .825 1,431,699 1,513,625
506,514 3,718,713 3,504,042
4,659,05!) 33,001,357 32,610,057
108,000 4,590,806 5,956,055
156,244 4,953,072 4,520,196
62 ,874 2,033,294 2,073,387
180.262 1,188,807 1,109,258
773,131 5,087,449 5,120 ,874
tral.
tral.
22,125,624
270,027
38,038
200,095
995
Inc. 244, 398
587,498
79.864
600 483
904,535 30,113,705 30.545,164
104,4G3
1)1,160
15,912
40,276
3,971
38,032
21 1,293
237,104
23,053
2,562,707 18,410,451 14,347,574
154,321 5 560,335 5,111.641
161,500 4,837,700 4,471,900
765,888
28,301
788,258
tral.
70,728
427,070
697,733
12,153
408 174
505,161
04 424 2.633,608 2,477,581
187,907 7,919,502 7,340,575
2,319,014 13,301,462 13,336,508
875,000 29.570,462 30,049,554
33,000 1,040,000 1,060,000
008,000 30,619,402 31,109,554
31,473
939,954
871,187
075,025 5,777.30!) 5,688,011
311,540 10,337,984 9,620,670
18,578
647,079
045,414
4,032
222,922
174,893
7,232
44,176
39,445

July 1

Idlest Gross Earnings.

Previous
Year.

Previous
Year.

Week or
Month.

to Latest Date.

Current
Year.

N Y C ft Hud River December
Lake Shore & M S December
Lake Erie & West December
Chic Ind ft South December
Michigan Central. December
Cleve C C & St L . December
Peoria ft Eastern. December
Cincinnati N orth. December
Pitts & Lake Erie December
R u tlan d_________ December
N Y Chic ft St L . December
N Y Chic ft St Louis — See New
N Y Ont ft Western December
N Y N H ft llart__r December
N Y Susq & W est
December
Norfolk ft Western. December
Northern C en tral.. December
Northern P acific..
January . .
Pacific Coast C o_.
December
d P e n n -E a s t I’ & F. December
a W est of P ft E _ . December
Peoria & Eastern. — See New
Plilla Balt & Wash December
Pitts O n Cldc ft StL January . .
Pitts & Lake Erie — See New
Raleigh & Chariest. September
Raleigh ftSouthport Novem ber.
Reading R ailw ay. . January _ .
Coal & Iron C o .. January . .
Total both cos___ January . .
Rich Fred ft Potom December
Rio Grande June___ November.
Rio Grande S o u th .r 2d wk Feb
Rock Island System December
c St I, & San Fran December
/ Evans ft Ter H . December
Total of all lines. December
R u tlan d ____________ — See New
St Joseph f t G r l s l .. December
St Louis & San Fran — See Rock
St Louis Sotithw .. lid wk Feb
Seaboard Air lin e . December
Southern Indlana. January _ .
c Southern Pac C o .. December
Southern R a ilw ay.r • wk Feb
Id
Mobile ft Ohio .
3d wk Feb
O n N O & Tex P.r 3d wk Feb
Ala Great South.r 3d wk Feb
Georgia So & F la . ?d wk Feb
Texas Central_____ 2d wk Feb
Texas & Pacific____ 3d wk Feb
Tidewater ft W est. December
Toledo & Ohio Cent December
Toledo Peo & West
Id wk Feb
Toledo St L ft West Id wk Feb
Tombtgbcc V a lle y .. November.
Tor H am ft Buffalo January . .
Union Pacific S y st. December
Virginia ft So W e s t. January . .
W abash ............ ......... Jd wk Feb
Western M aryland.r 3d wk Feb
VVJersey ft Seashore December
Wheel ft Lake Erie. 3d wk Feb
Wisconsin C en tral.. December
Wrlghtsv ft T e n n .. January . .
Yazoo & Miss Valley January

Previous
Year.

Current
Year.

Previous
Year

7.432.065
3.308,010
344.423
259,507
2,108,728
1,967,058
230,449
67 .394
716,046
209,939
868,248
York Cen
553,428
4,186,274
270,638
2,243,571
993,240
4,328,338
595,869
11911317
Dec. 1,3
York Cen
1,360,703
2.000,197
York Cen
5,563
10,379
3,075,599
3,122,490
G.19.8,089
143.425
85,457
8,524
4,015,606
3,751,658
165,341
8.832,665
York Cen
130 ,793
Island
150,433
1,254,959
164,543
11073402
907,306
130,171
122,010
49,475
43,304
15,152
262,823
7,530
298,739
19,389
68,830
4,500
78,398
6.530,082
73,873
396,769
91,564
357,971
76,512
535,072
22,703
853,881

7,752,776
3,562,378
413,053
234,208
2,311,320
2,169,738
269,010
82,623
1,129,164
220 .067
930 ,740
tral.
590,874

51,438,162
23,363,936
2,634,401
1.504,981
14,713,125
14,008,030
1.568,423
525,391
7,862,352
1,071,589
5,244,648

S
49 210,541
21,937.281
2,687,430
1,186,467
13,656,443
13,232,393
1,597,722
551,965
7,434,337
1,531,339
5,016,208

267,910
2,443,109
1,001,940
4,125,163
593,299
13025017
74,800
tral.
1,401,803
2,506 42
tral.
4,387
9,071
3,686,868
‘ ,815,258
7,502,120
100,483
80,772
12,868
5,152,228
4,346,742
200,692
9,699,603
tral.
154,286
ystem,
213,449
1,417,94.-;
131,634
10995572
1,161,280
196,729
181,777
70,474
47.:
19,287
314,285
6 580
374,33.1
23,706
74 036
4,849
55,196
6,375,066
95,274
507,367
93,586
305,371
109,977
588,475
21,473
907,849

4,306,225
29,511,113
1,740,562
17,019,023
7,004,954
44,915,313
4,205,574
85,071,441
RlC.3,10

4,292,447
1,497,258
15,085,680
6,270,654
40 560,347
3,036,775
78.413,041
0,600

9,155,238 8,505,638
18,266,239 17,844,447
16 ,176
54 180
26,460 ,845
4,144 ,499
30,605 344
992 ,006
396 ,004
396 ,528
32,132 ,044
20,329 ,403
1.225 730
59,087 844

14,623
37,087
24,728,985
21,807 507
46,530,492
877,441
363,530
386,381
29,805,519
24,237,402
1,214,114
55,347,036

871,501

875.861

Current
Year.

Various Fiscal Years.
Atlanta ft Charlotte Air Line___
Bellefonte Central______________
Delaware ft Hudson......................
M anlstlque______________________
.Mexican Railway_____________ _
Mexican Southern______________
New York Central..... ....................
Lake Shore ft Mich Southern.
Lake Erie & W estern_________
Chicago Indiana ft Southern.
Michigan Central_____________
Cleve Gin O.ilc & St Louis____
l ’ooila ft Eastern_____________
Cincinnati N orth ern _________
Pittsburgh ft Lake Erie_____
R u t la n d ______________________
New York Chicago ft St Louis
Northern Central________________
d Penn— East of Pitts ft Erie___
d W est of Pittsburgh ft E r ie ..
Phlla Baltimore ft Washington.
Pitts Clncln Cldc ft St Louis____
Rio Grande Junction____________
Texas & Pacific_________________
W est Jersey ft Seashore________

Mch 1 to

1
1
Jan 1
Jan 1

Jan
Jan
Ian
Ian
Jan
Ian
Jan
Inn
Ian
Ian
Ian
Ian
Jan
Jan
Jan
Jan
Dec
Jan
Jan

l

1
1
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
to
to
to
to
to

Sept 30
Jan
Feb
Feb
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Nov
Feb
Dec

2,558.430

5,226
837.200
127.611
98,369,059
41,953,475
5,000 939
3,004,482
28,547 109
26.447,999
3,010,347
1,005,108
14,904.400
3,058.087
10 465,671
13 351 248
164,812,790
7nc.8,110,
17,333,349
2 000 107
800,992
21 2,094.61 >
81 5,902,053

7
7
3)
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
30

AGGREGATES OF GROSS EAR N IN G S— Weakly and Monthly.
Weekly Summaries.

2d
3d
4th
1 st
2d
3d
4til
1 st
2d
3d

week
week
week
week
week
week
week
week
week
week

Dec
Dee
Dec
Jan
Jan
Jan
Jan
Feb
Feb
Feb

(43
(46
(44
(44
(46
(43
(47
(43
(44
(36

roads)____
roads)____
roads)____
roads)____
roads). . . .
roads)____
roads)------roads)____
roads)____
roads)____

Cur'nt Year Prct’s Year
$
9.243,405
9,402,074
12,616,(4!)
7.665,487
7,050.373
8,220,471
12.292,331
7,270.107
7.857,030
7,637,408

S
9,738,810
9,802,173
14,424,945
8,753,715
9 204,1 n
8.911,729
13,441,910
8,352,856
9,004,015
0.152.938

Inc. or Dec.
S
— 490,315
— 460,09!)
— 1.80S ,796
— 1,088,228
— 1 ,244,738
— 691,258
— 1,149,585
— 1,082,44!)
— 1,146,985
— 1,515,988

%
5.03
4.07
12.54
12.43
13.52
7.75
8.55
12.34
12.74
16.56

Monthly Summaries.
Month
Month
.Month
Month
Mouth
Mouth
Month
Month
Month
Month

April
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan

1907
1007
1907
1907
1907
1907
1007
1907
1907
1908

(118
(121
(121
(116
(121
(118
(120
(120
(123
( 58

roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).

Cur’ nt Year Prev's Year Inc. or D “c .
$
183,130,451
195 943,305
18 125,657
187,069.790
197,288 033
192 548,022
213,697,727
189,988,564
174,422,451
51,983,470

S
154,894,748
165 890 345
161,235.109
163 685,258
175,726,323
175 505 039
196,843,078
184,197,301
184 893,810
56,959,863

S
4-33,235,703
4-30 052 900
+ 21,890,548
4 23,384 532
+ 21 561 ,710
4 17.042.983
+ 16,354,049
+ 5 ,7 9 1 173
— 11,471,359
— 4,976,303

%
21 .45
18.12
13.59
14.28
12.27
9.71
8-56
3.14

6.20

8.74

a Mexican currency, b Includes earnings of Gulf ft Chicago Division, c Includes the Houston A Texas Central and Its subsidiary lines In both
years, d Covers lines directly operated, c Includes the Chicago ft Eastern Illinois In both years,
f Includes Evansville ft Indiana RR.
n Includes
wirings of Col, & South., Ft. Worth ft Denver City and all affiliated Lner, excepting Trinity ft Brazos Valley RR
fc Includes In tiotii voars earning*
f Donver Enid ft Gulf R R .. Pecos Valley System .and Santa l‘ o Proscott ft Phoenix Ry.
n These figures are partly estimated.
I These figures do not
ncludc receipts from sale of coal.
o Figures here are on the old basis of accounting— not the new or Inter State Commerce Commission method.
I These figures are on the new basis prescribed by the Inter-State Commerce Commission

f




THE CHRONICLE
Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the third week
of February. The table covers 36 roads and shows 16 .5 6 %
decrease in the aggregate over the same week last year.

[VOL.

LXXXVI

------- Gross Earnings------- ------- Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
S
J
S
$
823'
Chester! A Lancaster, b.D e c
4,075
3,935
O il
9,134
July 1 to Dec 3 1 . .
8,541
32,007
22,513
Chicago A A lt o n .a ____ Dec
8371,899
973,902
1,107,517
s ’ 75,368
Third week of February.
1008.
Increase Decrease
1007.
July 1 to Dec 3 1 . . —
6,571,701
6,636,317 s 2 ,088,679 82,532.837
Chicago Great W estern.]bDec
163,442
631,995
739,279
72.371
S
$
S
S
July l to Dec 3 1 . . —
1,499,728
4,348,606 4,783,930
816,541
Alabam a Great S o u th ern ...........
40,475
70,474
20,000
Buffalo Rochester & Pittsburgh
131,104
103,604
345,147
466,852
35,129
140,447
0,253 Chicago Ind A L oulsv.a .D ec
Canadian N orthern—
.
July 1 to Dec 3 1 . . ____ 2,890,527
127,800
31,600
1,040,503
06,200
3,107,966
794,826
Canadian Pacific -------- --. 1 ,054,000 1,202,000
148,000 ffChlcagoMllw A St PaulbD ec 4,567,747
1,631,149
Central of Georgia------------------ -- _
222.500
262,600
40,100
July 1 to Dec 31
------ 31,338,632
12,034,534
Chattanooga Southern.................
1,251
3,390
2.130
1 5 86,543
4,303,853 5,292,816
1,451,874
Chicago Ind & Louisville.
105,259
69,583
35,676 Chle A North W e s t .a - July 1 to Jan 3 1 . . ------ 40,530,567 41,180,474 12,397.788 1 3 ,993,855
Ctn New Orl & Texas Pacific .
J81.777
122,010
59,767
Colorado & Southern
274,804
328
275.132
Chic St P Minn A O .b .D ec 1,022,382
336,967
Denver & Rio Grande
____
366,300
_____ I
July 1 to Dec 3 1 . . —
285,300
7,204,261
81,000
2,352,262
Detroit & Mackinac.
25,032
19,284
6,648 Chicago Term T ra n s.b - . Dec
132,464
33,807
Detroit Toledo & Ironton___
82,133
56,207
25,026
Duluth South Shore A Atlantic
56,869
51,051
4,018 Cine New Orl A Tex Pac— See under Southern R y System below.
Grand Trunk of C.tnada.. .
ec
100,744
Colorado M id lan d .a ------.D
C45.092
C206.931
20,177
Grand Trunk Western.
\
667,051
600,262
67.689
July 1 to Dec 3 1 . . —
1,297,211 cl ,298,215
280,137
C370,750
Detroit Gr Haven & MUw
|
Colorado A S outhern .b .D ec 1,389,618 c l , 187,452
C406.953
511,300
Canada Atlantic___
7,842,593 C6,742,223 2,822,518 C2,331,634
July 1 to Dec 3 1 . . —
International & Great Northern
128,000
168.000
40,0 0
20,465
Col New b A L a u .a .. .D ee
27.038
Interoceanlc of M e x ic o ..
156,244
def 604
4,517
4,671
160 ,015
July 1 to Dec 31. .
157.435
153,677
62.874
24,103
26,000
49,485
13,389
Louisville & Nashville____
064,535
765,550
198,985 Copper R ange, b —
58 J 2 6
. .D ec
60,725
18,870
14,031
Mexican Internationa!. . _
154,321
13,722
168,043
447.238
July 1 to Dec 3 1 . .
406,096
137,330
165,287
64,424
Minneapolis & St L o u i s ...
723
65,147
5,412
15,701
Cornwall a -------------------- .D ec
7.978
175
Minneapolis St Paul A S S M
187,907
166,260
2 1 ,63S
S 9 ,816
July 1 to Dec 3 1 . .
109,666
37,611
50,201
875,000
Missouri Pacific & Iron M t n . ..
693,000
182,000
12,546
33.015
Central B ran ch _________
33,000
19,000
d e f2,810
14,697
14,000 Cornwall A Lebanon, b . ..Dec
Mobile & O hio______
242,064
188,615
196,720
July 1 to Dec 3 1 . .
130,171
123,157
66,558
66,059
National R R of M exico___
311,540
302,001
9,449 Cuba R R . . .......... .............. Dee
149,724
152,577
45,689
53,728
18,578
414
Hidalgo A Northeastern_____
18,002
704,613
869,332
July 1 to Dec 31 __ ____
246,016
174,338
213,449
St Louis Southwestern_________
150,433
63,016
1,322.272
Delaware A Hudson a - - Dec 1 521,005
>■620,026
___
r59t ,3881 ,161,280
Southern R ailw ay_____
007,306
253,974
9,206,144
4.723,448 3,895,440
July 1 to Dec 3 1 . . ____ 10,828.731
314,285
Texas & P acific..
.
262,823
51,462
Jan
1 to Dec 3 1 - - ____ 20,141,093 17,050,029 r8,009,074 r0 ,370,401
23,706
Toledo Peoria A W estern_______
10,389
4,317
W abash_________
507,367
396,760
672,652
110,598 Denver A Rio G r .a ____ Dec 1,760.527 Cl ,709,753
c55 l^OS03,586
\\estern Maryland...........................
01 ,564
3,936,229 cS, 824,046
July 1 to Dee 3 1 ._ ____ 1 1 ,9 2 4 ,021C10,714,500
2,022
109,077
Wheeling A Lake Erie_________
76,512
33,465 Detroit A M ackinac.a . .Jan
21 ,217
107,721
88,475
18,710
729,281 • 176,837
July 1 to Jan 3 1 . . . ____
723,596
132.071
Total (36 roads) _______________ 7,637,408 9,152,038
51,458 1 ,566,988
37,669
C248.326
211,212
Dul So Sh & A t l .b _____ Dec
C78.716
—
—
Net decrease ( 1 6 .5 6 % ) _________
—
1,515,988
453,214
July 1 to Dec 31- _. —
1,731,048 Cl ,650,772
C576.502272 273
961,500
E rie, a ----------------------------- Dec 3.771 .283 4,194,520
5,368,474
July 1 to Dec 3 ! . . ____ 27,626,633 2 7,030,203
8 ,005,168
For the second week of February our final statement covers
433
1,478
1,321
def.588
44 roads and shows 1 2 .7 4 % decrease in the aggregate over Fairchild & N o rth east.b .Jan
d e f.674
July 1 to Jan 3 1 . _ ____
10,364
del. 2.320
11,188
the same week last year.
Fonda Johns A G lo v .a .. .Jan
20,669
51,006
53,269
22,016
July 1 to Jan 3 1 . ..
256,960
488,863
472,180
248,469
1908.
1007.
increase. Decrease. Genesee A W yom ing, b Second week of February.
Oet 1 to Dec 3 1 . . .
1,230
19,066
1,226'
26,117
July 1 to Dec 3 1 . .
S
S
S
18,472
8
19,201
57,296
7 1 .001
Jan 1 to Dec 3 1 . . ____
59,638 1.182,047
35,8 9 3
Previously reported (38 roads). 7.744,038 8,866,447
44,545
147,949
115,317
1,301
3.208
1,997 Georgia R R . a ______ .
Chattanooga S o u th ern --------------62 145
19,522
Dec
247,947
254,190
43,304
3,954
47,258
Georgia Southern A F lo rid a .. . .
J uly 1 to Dec 3 1 . . —
377 260
282,246
1,333.293
1,593,105
_______
50,825
40,572
10,253
Gulf A Ship Island---- --------------Georgia Southern & Fla— See under Southern R y System.
4,032
107
4,139
Nevada-Callfornla-Oregon -----4,344
8,524
12,868
Grand Trunk of CanndaRio Grande Southern_________
4,135
19,287
—
15,152
Texas Central_____ ______________
644,325
550 ,888
-D ec 2.746.653 2,845.930
4,981 ,349
5,121,018
------ 18,313,612 17,446,402
50,745 1,206,730
Total (44 roads)_____ _________ 7,857,030 9 ,004,015
90,517
108,523
510,982
-N o v
528.502
1,146.985
—
—
Net decrease ( 1 2 .7 4 % ) _________
482,756
-136,030
2 ,6 1 6 ,7 1 ?
26,279
31 ,145
137,235
.N ov
147,455
July 1 to Nov 30.
161,568
779,125
229,697
820,978
Net Earnings Monthly to Latest D ates.— The following
13,140
191,740
13,140
-N ov
202,446
shows the gross and net earnings to latest dates of all STE AM
97,817
____ 1,038,996
059,186
145,021
railroads furnishing monthly statements. The compilation
27,505
206,968
63,453
163,593
includes every road from which we can get a return of this
270,438
____ 1,102,663
1,181,274
312,716
29.380
character, and in that form is given once a month. Early
506,514
116,490
438,091
July
1,130,924
____ 3,718,713 3,504,042
1,198,036
returns are published from week to week, as soon as issued,
1,335.728
-D ec, .4 ,6 4 0 ,5 7 9
4,976,390
1 ,644.400
but for the convenience of our readers all the roads making
7,144,607
27,959,998
8 ,030,387
10,440,841
returns are brought together here in the week in which we
211,505
610,395
-D ec
180,461
662,750
1,058.068
____ 3,845,078
publish our monthly article on net earnings— say, about the
3 444,236
813,779
*85,011)
272.747
*80,451
20th of the month. Besides the companies furnishing monthly
257,611
*614,224
1,889,411
* 601,456
1 ,876,696
returns, we have added this time the roads which make quarterly
def0,532
180,262
29,344
-D ec
142,830
returns.
100,875
July 1 to Dec
1,169,258
280,421
1,188,807
------- Gross Earnings------------------ Net Earnings-------773,131
173,227
303.665
Kansas City Southern.a-Jan
646,163
Current
Previous
Current
Previous
5 ,120,874
1,788,817
1,015,397
July 1 to Jan 3 0 _______ 5,687,449
Year.
Year.
Year.
Year.
Lehlffh A Hudson R iver, b—
Hoads.
$
§
$
5
192,205
70,050
64,665
Oct
1 to Dec 3 1 _______
252,505
A la (It S nit hem — See under Southern R y Syst below.
371,864
110,677
140,376
July 1 to Dec 3 1 . _____
473,140
Ala Term A N orthern....... N ov
4,070
3.034
2,310
708,501
276,380
287,752
2.281
Jan
1 to Dee 3 1 _______
006,533
July 1 to N ov 3 0 ______
19,321
18,024
0,645
10,301
735,210
Lehigh V a lle y .e ________ - Jan ! ,630,720
8,023,421
Ateh Top A Santa Fe b -D ec 8,14 0 ,4 8 2
7,056,094 <12,501,084 r/2,810,027
July 1 to Jan 3 1 _______2 2 ,125,624
July 1 to Dec 3 1 _______ 4S,730,628 4 5 ,7 5 2 ,8 1 0 d l4 ,427,061(117,906,404
38,038
Lex & E a stern .b_________Dec
37,084
9,130
14,746
270,027
124,261
Atlanta Blvm & A t L a --D e c
141,044
49 221
July 1 to Dec 3 1 _______
103,207
112,547
30,250
206,005
968,735
July 1 to Dec. 3 1 _______
760,468
271,866
216,047
Dec. 10,905
Dec. 52,725
Long Isla n d .b ___________ Dec
Atlanta & Char Air L .a .S e p t
354,705
336,877
140,012
July 1 to Dec 3 1 _______
Inc. 244,398
Dec. 287,862
104,033
Mch 1 to Sept 30 ............ 2,558,430
2,373,230
716,420
638,093 Louisiana & A r k .a ______Dec
64,188
70,864
202
16,643
Atlantic Coast L l n e .a .-D e c 2,206,082
2,427,760
598.418
600,483
587,408
July 1 to Dec 3 1 _______
772,757
184,047
176,676
July 1 to Dee 31............. 13,816.201 12,605,803
2,756,108
3,150,729 Loulsv & N ash ville.b . . . Dec 3,358,314 c4 ,0 5 3 ,262
379,484 Cl ,370,872
Balto & Ohio, b................Jan 5,177,120
6,365,550
_
1,012,575 _
July 1 to Dec 3 1 ______ 2 4 ,5 0 1 ,225c23,745,348
2,000,434
6,059,038 C7.785 ,937
July 1 to Jan 3 1 ----- ..4 8 ,0 6 2 ,2 6 3 48,136,756 14,001,017 16,043,527 Manlstlque b_____________ Jan
3,071
1,680
def 115
5,226
Banff or &Aroostook, b . Dec
202,040
239,645
24,716
62810
23,053
2,897
Maryland & P enn.a . . Jan
23,755
4,217
July 1 to Dec 3 1 ---------- 1,496,255
1,533,772
’
440,038
537,881
211,208
79,644
70 ,806
July 1 to Jan 3 1 _______
237,104
Bcllefonte C en tral.b ------ Jan
5,463
5,133
610
1,021
2.562,707
044,643
871.39 7
(/Mexican Central_____ Dec 3,163.483
o Boston & M aine, b—
5,185,912 3,061,136
July 1 to Dec 3 1 ---------- 18,416,451 14,347,574
Oct
1 to Dec 3 1 ______ 10,387,143 10,203,025
2,472,000
2.262,531
687,806
208,053
223 ,306
(/Mexican International.Dec
724,581
July
1 to Dec 3 1 ______ 21,004,745 21,422,180
6,013,731
5,615,965
3,016,540
1,362.336
July 1 to Dec 3 1 ---------- 4,410 739
1,28 1 ,3 8 8
Jan
1 to Dec 3 1 ______ 41,697.821 40,256,500 10,554,625 9,550,067
Midland Valley—
B o ; Revere Bch A L y n n .b —
508,147
380,134
Jan 1 to Dec 3 1 .......... .. 1,140,317
4 5 ,0 3 7
Oct 1 to Dec 3 1 . .
151,330
154,002
10.982
14,464
cOO.OOO
8,323
61,500
July 1 to Dec 31
449,772
Cl 3 ,5 5 1
450,486
69,420
64,484 Mineral R a n g e .b ------------- Dec
C302.507
July 1 to Dec 3 1 _______
84,088
420,740
Jan 1 to Dec 3 1 . .
790,203
C121.171
800,274
91,005
82,663
312,254
*58,939
3,026
280,932
Bridgeton A Saco R lv . b .D ec
* 8 1,086
3,265
387
460 Minn & St L o u is.a ------------ Jan ..... ...... .......
2 ,201,327
July 1 to Jan 3 1 _______ 2,449,743
*787,132
25,859
July 1 to Dec 3 1 ..
12,445
31,206
*830,391
9,417
020,498
Minn St P A S S M . b ------ Dec 1,081,117
Buff Rochi A P itts. b- - . -D ec
511,860
634,516
611,596
172,422
350,330
208,504
6,800,536
July 1 to Dec 3 1 _______ 6,773,878
2.828,256
July 1 to Dec 3 1 ._ ____ 5,014,665
4 ,253,096
1.934,190
3,374,003
1.668,559
Canadian Northern____ .Jan
351,400
...
.
541,108
115,700 def.58,900 Mo Kansas & T e x a s .b --D e c 1,920,377 2,319,014
578,200
044,589
July 1 to Dec 3 1 _______13 301,462 13,336,507
July 1 to Jan 31
4 ,267,500
4.740,052
1,724,100
5,886,100
5 ,4 7 7 ,2 0 5
1,258,700
4 ,090,663
Canadian Pacific, a
5 ,992.098
2 077,189
875,782
-Dec 6,418,576
I ,325,902
2,265,594 Missouri P a clllc.b _____ Nov 3,810,501
July 1 to Dec 31 _
July 1 to N o v 3 0 ...............21,609,402 20,585,554
6 ,7 4 8 ,294
10,885,496 37,464,473 14,431,023 14,585,866
6,804,434
Central of Georgia. a — -Jan 1 907.157
1,092,464
/ I 85,847
Mobile & Ohio— See under Southern R y System.
206,080
July 1 to Jan 3 1 . . ------ / 7 , 418,508
7 219,710 / I ,788,248
1,680,088
075,025
847,716
Dec
166,440
212,952
Central New .England. b
5,688,911
5,777,360
1.245,380
1,20 5 ,5 0 9
Oct
1 to Dec 3 1 . .
558,854
605,865
155,222
120,400
1,316,701
July 1 to Dec 3 1 . . ____ 1,146,591
1,015,934
■
Dec 1,338,522
199,673
482,227
500,438
180,402
Jan 1 to Dec 3 1 . . —
7,396,660
8,112,850
—
1,896,789 dcf421,862
2 ,699,835
2,273.930
2,825,742
148,017
Central of New Jer. b . . . -Jan 2,082,479
2 ,065,170
829,749
87,531
81,781
Dec
21,473
23,387
836,208
July 1 to Jan 3 1 . . ____ 16,579,912 15,485,891
July
7 ,129,666 7.411,554
510,675
507,530
—
121,131
150.141
Chattanooga Southern a Dec
12,254
d ef.2,207
4,983
def. 1,596
24,778
17,580
. Dec
7,215
7,428
July 1 to Dec 3 1 . .
78 .807
68,190
1,623
153,401
d ef.2,517
—
193,268
94,242
106,075
Chesap A O h lo .b . ____ .Dec 2,142.139
2 ,051,651
572,795
735,082
6,503
.Dec
7,232
2,053
1 .188
July 1 to Dec 31- 14,976,097 12,583,399
5,248,474
4,720,553
July 1 to Dec 31.
44,176
30,445
11.780
5,460




THE CHRONICLE

Feb . 29 1908. |
- G r o s s E a r n i n g s ------C u rren t
P rev io u s
Y ea r.
Y ear.

$

R oa d s.

*

- N e t E a r n i n g s -----C u rren t
P rev io u s
Y ear.
Y ear.

5

$

----- G r o s s E a r n i n g s ------C u rren t
Y ear.

5
Y a z o o & M iss V a ll e v .a .D e c 1.0 3 1 .0 7 3
J u ly 1 to D e c 3 1 _______ 5 ,1 1 0 ,3 0 4
R oa d s.

P rev io u s
Y ea r.

$
1.001,671
4 ,6 3 2 ,1 2 7

------- N e t E a m i n g s C u rren t
Y ear.

$

310.S70
653 ,884

P rev io u s
Y ea r.

$

373 ,174
590 ,436

a N e t earn in gs here give n are a fte r d e d u ctin g ta x e s
b N e t earn in gs here given are b e fo re d e d u ctin g ta xe s
c F igu res re v ise d fo r p re vio u s y e a r so as to a c c o r d w ith th e n ew cla sslfica tio n o f earnings an d expenses now requ ired b y th e I n te r -S ta te C o m m erce
C o m m issio n .
d T h e c o m p a n y n o w Includes the earnings o f the D e n v e r E n id & G u lf R R . ,
P e c o s V a lle y sy ste m an d S an ta Fe P r e s c o tt & P h o e n ix R y . In b o th vears.
F o r D e ce m b e r , ta x e s an d rentals a m o u n te d to 5 2 1 5 .0 7 0 , again st 518 0,88 3
In 1006; a fte r d e d u ctin g w h ich , n et for D e ce m b e r 1007 w as $ 2 ,2 8 6 ,0 1 4 .
a gain st $ 2 ,6 2 0 ,1 4 4 last y e a r.
F o r p e r io d fro m J u ly 1 to D e c. 3 1 , taxes and
ren tals w ere $ 1 ,4 1 8 ,4 8 6 1 1 1907, against $ 1 ,155,691 In 1906.
1
e N o c o m p a r a tiv e figures are g iv e n , o w in g t o new cla ssifica tio n ord ered
b y In te r-S ta te C o m m e rce C om m ission .
F o r J a n u a ry ta x e s w ere $94,300
and fo r p e rio d from J u ly 1 t o Jan . 31 w ere 5 6 6 0 ,1 0 0 .
t F igures here are on the o ld basis o f a c c o u n tin g — n o t th e n e w , o r I n t e r ­
S tate C o m m e rce C om m issio n m e th o d , as the latter a d m its o f n o co m p a r is o n
w ith p re v io u s y e a r.
g T h e se resu lts are In M exica n cu r r e n c y .
h F o r Jan . 1908 a d d itio n a l In co m e w as $291, against a d e fic it o f $7,702 In
1907, and fo r p eriod from J u ly 1 to Jan . 31 w as $33,110 In 1008, again st
520,773 last year.
fc F o r Ja n . 1908 a d d itio n a l In co m e w as $ 15 ,746 , against $20,370 In 1907
and fo r p e rio d fro m J u ly 1 t o Ja n . 3! w as $102,087 In 1908, a g ain st $15 4,46 2
last y e a r.
» T h ese figures rep resen t 3 0 % o f gross earnings.
° B y reason o f th e sy ste m o f a c c o u n ts requ ired b y th e In te r S ta te C o m ­
m erce C o m m issio n , th e gro ss earnings and e xp en ses fo r th e cu rren t p eriod s
d o n o t Inclu de th e o p e ra tio n s o f S treet R y s ., s t e a m b o a t s and Grain E le­
v a to rs .
U nder th e new s y s te m , o n ly th e n e t results from op e ra tio n o f such
p ro p e rtie s Is s t a t e d , and this Is Inclu ded In “ I n c o m e fro m o th e r s o u r c e s .”
f u r th e r m o r e , u n d e r th e n e w m e th o d o n ly a p o r tio n o f th e m o n th ly b a la n ce
n u e fo r use o f e q u ip m e n t b e lo n g in g to o th e r ro a d s in th e Interch ange o f
t r a ffic Is ch a rged to e x p e n se s, th e larger p a rt n o w a p p e a rin g u n d e r “ O th er
d e d u ctio n s from In c o m e ,” a lo n g w ith Interest, re n ta ls, t a x e s , &c
V F o r D e ce m b e r a d d itio n a l In com e w as $ 6 ,5 4 2 , a ga in st $ 1 1 660 in 1906
and fo r p e rio d fro m J u ly 1 to D e c. 31 w as $ 5 2 ,5 8 3 In 1907, again st $18 685
1 1 1906.
1
r F o r D e ce m b e r 1007 net from C oa l D e p a rtm e n t w as $ 4 8 ,0 1 3 , against
$21 6,18 0 last y e a r , an d fro m Ja n . 1 to D e c. 31 w as $ 0 5 7,48 2 In 1007, a gain st
$ 1 ,0 4 9 ,4 9 7 last year.
s A fte r a llo w in g fo r m iscella n eou s In co m e , w h ich w as a d e b it Item fo r
th e M onth o f D e ce m b e r, to ta l net earnings w ere $26 2,79 0 In D e c . 1007,
against $36 0,06 6 last y e a r , and fo r p e r io d from J u ly 1 to D e c . 31 w ere
$2,0 6 6 ,1 8 6 this y e a r, a g ain st $ 2 ,4 4 8 ,3 4 0 .
v T h e o p e r a tin g expen ses fo r 1907 co n ta in $553,141 a c c o u n t d e p r e c ia tio n
o f e q u ip m e n t as p e r new ruling o f In te r -S ta te C o m m e rce C o m m ission .
N o sim ilar ch a rg e w as m a d e In 1006, hen ce fo r a ccu ra te c o m p a r is o n this
a m o u n t should be ad d e d to th e ba la n ce o f $ 8 ,4 5 1 ,064, m a k in g n e t earn in gs
$ 0 ,0 0 4 ,2 0 5 In 1007, against 510 .0 2 4 ,9 0 6 In 1006.
£ T h ese figures arc o n the basis o f a c c o u n tin g re q u ire d b y th e In te r-S ta te
C o m m e rce C o m m ission .
// F o r D e c ., a d d itio n a l In com e and net profits from c o a l, & c., w ere $ 4 1 ,­
644 this y e a r, against $61,120 last y e a r, and from J u ly 1 t o D e c. 31 w ere
$383,410 tills y e a r, against $245,155 last y ear.
z In clu d e s 585 o th e r In com e fo r Jan . 1908, again st $441 In 1 00 7, an d for
p eriod from J u ly 1 to Ja n . 31 Inclu des $681 In 1908. a ga in st $ 3 ,245 last
year; b e g in n in g J u ly 1. the earnings o f the D u b lin & S ou th w estern R R .
are Inclu ded In b o th years.

-

.

N ew L o n d o n N o rth e r n , b —258,554
17,754
281,557
O ct
1t o D e c
3 1 __________
5,622
551 ,533
72,035
J u ly
1to D ee
3 1 ..................
567 ,868
23,315
1,032,705
1,109,884
30,310
Jan
1to D e c
3 1 __________
d e f 1,085
N ew Jersey & N Y . b —
151,806
1,774
118,889
O et 1 t o D ec 3 1 _______
21,090
328,474
30,014
252 ,969
J u ly 1 t o D e c 31_______
61,448
552,254
464 ,518
51,018
Jan 1 t o D ec 3 1 _______
56,647
N Y C h icago & St L o u is , b —
807,400
O ct 1 t o D ec 3 1 _______ 2 ,633,284
2 ,5 8 5 ,4 5 6
1,274,169
1,418,740
J u ly 1 t o D e c 3 1 ---------- 5 ,1 6 4 ,2 6 7
5,0 1 6 ,2 0 8
2,0 1 4 ,8 0 4
2 ,322,509
Jan 1 t o D e c 3 1 ---------- 10,385,288
0 ,902,207
3 ,1 5 1 ,5 4 9
N ew Y o r k N ew I la v & H a r tfo r d , b —
O ct
1 to D e c 3 1 _______ 1 4 ,130.614 1 4,027,300
3 ,8 0 5 ,7 5 0 5 ,050,300
J u ly
1 to D ec 3 1 ----------- 2 0 ,511,111 2 8 ,326,028
0 ,1 0 0 ,3 4 3 10,422,356
Jan
1 to D e c 3 1 -----------5 0 ,7 8 6 ,1 1 8 53.0 1 5 ,6 0 5 16,420,841 17,243,707
N Y O n ta rlo & W estern a D ec
553 .428
J u ly 1 to D ec 3 1 ---------- 4 ,3 0 0 ,2 2 5
N ew Y o r k & P en n sylva n ia —
(le t 1 to D ec 3 1 ---------J u ly 1 t o D ec 3 1 . .
.
Jan 1 t o D ec 3 1 ---------N Y Sus<i fc W estern a
D ec
J u ly 1 t o D ec 3 1 ---------N o rfo lk & W e s te rn , b — D ee
J u ly 1 to D ec 3 1 ---------- 17,0 1 0 ,0 2 3 151085,080
N orthern C e n t r a l.b . - . . D e c
003 ,240
1,001 040
Jan 1 to D ec 3 1 -----------13,3 5 1 ,2 4 8 1 1 ,746,448
P en n sy lv a n ia — Lines directly* o p e r a te d .
2 ,8 0 4 ,1 7 0
3,0 5 2 ,0 7 0
E ast o f P itts & E r i e . - D e c l l ,0 11,317 13,025 617
Jan 1 to D ec 3 1 -------1 64 ,812 ,70 0 148230,800 4 5 ,205,481 46,434,281
W est o f P itts & E r i e - - D e c
D e c 1,374,800
D ec
700,600
Jan 1 to D e c 3 1 .............
I n c . 8 ,1 1 0 ,8 0 0
I n c . 1,221,200
P h lla B a lt & W a s h . b . . . D e c 1,3 6 0 ,7 0 3
1,401,803
Jan 1 to D e c 3 1 .............1 7 ,3 3 3 ,3 4 0 16,010,040
P itts Cln C h ic & St L - a - . J a n 2 ,0 0 0 ,1 0 7
>,506,422
P ittsbu rgh S h a w m u t & N o r t h e r n .b —
O ct 1 t o D e c 3 1 ________
240,378
July 1 t o D e c 3 1 _______
465 ,014
Jan 1 t o D e c 3 1 _______ 1 ,018,515
R aleigh & S o u t h p o r t .a N o v
10,370
J u ly 1 t o N o v 3 0 . ____
54,180
R ea d in g C o m p a n y —
Phlla f c R e a d in g .......... Jan 3 ,0 7 5 ,6 0 0
J u ly 1 t o Jan 3 1 ............ 2 6 ,4 6 0 ,8 4 5 24,7 2 8 ,0 8 5
Coal fc Iron C o _____ _ Jan 3 ,122,400
3,815,258
J u ly 1 t o Jan 3 1 . . . ..2 4 ,1 4 4 ,4 0 0 21,8 0 7 ,5 0 7
T o ta l b o th c o s ..........
Jan 6,10,3,080 7 ,5 0 2 ,1 2 6
J u ly 1 t o Jan 3 1 . .
.5 0 ,6 0 5 ,3 4 4 46,5 3 6 ,4 0 2
R e a d in g C o ......................Jan ...................
.................
J u ly 1 t o Jan 3 1 . ________ _________
_________
T o ta l o f all c o ’s _______Jan __________
_________
J u ly 1 t o Jan 3 1 .......... .. . . _____
_________
R ic h m o n d F red & P o t . - D e c
143,425
J u ly 1 to D ec 3 1 ----------002 0 6 6
R io G ra n de J u n c t io n ____ N o v
85,457
80,7 7 2
n 25 ,637
n 24,231
D e c 1 to N o v 3 0
860 ,9 9 2
7 3 4 ,2 5 5
«2 5 8 ,2 9 5
«2 2 0 ,2 6 5
R io G ra nde S o u th e r n , b . D ec
51,161
C53.890
17,910
c24 204
J u ly 1 to D ec 3 1
338 ,284
c319,457
121,186
C l40l008
R o c k I s l a n d . a ------------ D e c 4 ,0 1 5 ,6 6 6
5 ,1 5 2 ,2 2 8
1 ,2 2 4 ,7 8 6
1 ,7 4 5 ,2 5 5
J u ly 1 to D ec 3 1 .............3 2 ,1 3 2 ,6 4 4 29,8 0 5 ,5 1 0 08,4 5 1 ,0 6 4 10,024,007
S t L ou is & S an F r a n , a D e c 3 ,7 5 1 ,6 5 8
4,3 4 6 ,7 4 2
9 14 ,375
1 502 102
J u ly 1 to D ec 3 1 ----------- 2 6 ,3 2 0 ,4 0 3 24,2 3 7 ,4 0 2
0 ,8 0 5 ,6 4 8
8,351,021
E v a n sv & T erre I I . a - - D ec
165,341
200 ,692
42,892
79,703
1,214,114
395,559
J u ly 1 to D ec 3 1 ---------- 1,2 2 5 ,7 3 6
401 ,139
T o ta l o f all l in e s .a ____ D ec 8 ,8 3 2 ,6 0 5
0 ,6 9 9 ,6 6 3
2 ,1 8 2 ,0 5 3
3 ,3 2 7 ,1 5 0
J u ly
to D e c 3 ----------- 5 0 ,0 8 7 ,8 4 4 55,3 4 7 ,0 3 0 15,652,272 18,867,967
St Jo f c Gr I s l a n d .b _____ D ec
130,703
154,286
52,753
69,033
871 .501
■ J u ly 1 t o D ec 3 1 .............
875,801
348,168
358,058
S t L ou is S o u t h w e s t e r n .a D e c
780,388
956,440
134,003
293,006
J u ly 1 to D ec 3 1 ..........
5,427,121
5 ,218,058
1,410.634
1,602,415
Seab oard Alt- L i n e .b D ec 1,254,959
1,417.043
213,051
375,688
J u ly 1 t o D ec 3 1 _______ 8 ,050,361
7 ,7 3 0 ,5 5 9
1,833,801
1 ,610.881
S ou th ern P a c i f ic .a _____ D e c l l ,073,40.
10,005,572
3 ,3 1 8 ,7 7 9
4 ,0 4 3 ,6 7 7
J u ly 1 to D ec 3 1 ---------- 6 0 ,1 0 4 ,3 5 6 6 2 ,1 2 0 ,3 1 4 2 0,0S 4 ,265 2 4,355,011
S o u th e r n R a il w a y .a ------ D e c 4 ,1 0 2 ,3 4 8 c4,8 8 6 ,0 1 7
764 ,022 c l , 228 ,963
J u ly 1 to D eo 3 1 -----------2 0 ,3 4 9 ,8 0 2 c 2 8 ,316,305
6 ,2 3 2 .0 0 0 C7,104,563
M obile f c O h i o . a . - . . . D e c
800,308
C913.427
178,683
C308.443
............. 5 ,391,942 C5,060,700
1,4 5 0 ,2 6 3 Cl ,567,647
C6G6,868
-a -D e c
501,146
102,369
Cl 4 1,922
____ . 4 ,4 0 1 ,2 6 7 Cl, 102,838
925,051
C804.845
-a -D e c
285 ,177
C340,221
37,474
C85.692
............ 2,017,761
c l ,057,698
330 ,5 3 9
C384.043
G eo. Sou th ern f c Fla . . . D e c
160,301
38,731
_______ 1,060,055
170.844
...J a n
01,943
113,244
25,163
35,074
743 ,234
J u ly 1 to Jan 31 _______
722 ,477
241 ,696
345,530
7,530
T id e w a te r f c W estern - b D ec
6,580
1 ,756
d e f 170
40,202
J u ly 1 to D eo 3 1______
42.836
5,346
2,723
.a D ec
208 ,730
374,333
102,340
47,007
............. 2,5 2 4 ,4 0 6
2,5 1 7 ,5 1 6
743,740
868 ,786
- b -J a n
120,217
112,063
28,269
28,874
756 ,030
J u ly 1 to J a n 31 _______
760,501
147,819
170,577
361,523
...D e c
312,853
p 8 9 ,7 3 1
p i 17,186
............ 2 ,200,222
2 ,138,117
P 713.862
7)580,425
4,840
- .N o v
4,500
778
1,910
•J u ly 1 t o N o v 30 ---------24,507
27,736
6,450
7,801
U lster f c D e la w a r e .!)
O ct 1 t o D ec 31 .............
191 ,950
109 369
19,573
4 1 ,760
J u ly 1 t o D ec 31 ----------510,272
546,215
136,203
162,719
Jan 1 to D ec 31 .............
886,365
015,573
186,316
251 .128
U n ion P a e lf ic .n ----------- . . D e c 6 ,5 3 0 ,0 8 2 C8,375,066
2 ,6 3 4 ,0 8 5 C2,8 94,107
J u ly 1 to D ec 31 .............4 2 ,0 1 0 ,2 9 6 C30,063 ,650 1 7 ,6 4 5 ,4 5 0 , 10,072,690
V irgin ia & S o u t h w .b - . . . D e c
70,448
74,730
9,664
10,828
J u ly 1 to D e c 31 .......... 608 ,650
405,484
196,658
111,842
W a b a sh b---- -------- . . D e c 2 ,0 0 8 ,2 2 7
2,138,645
464 ,305
535,414
J u ly 1 to D e c 31 .............1 4 .143,188 14,140,732
4 ,4 4 6 ,1 4 4
4 ,4 3 6 ,0 0 5
W est Jersey fc Sea S h . b - D c c
357,074
305,374
33,411
d e f0 3 ,8 8 9
Jan 1 to D e c 31
5 ,229,458
1.381,916
1 .2 73 lo 16
W estern M a r y la n d . a
..D e c
460 .528
384,661
1/151 ,303
1/123,823
2 ,665.463 1/1.125,376
1/0131707
-b —
O et 1 to D ec 31 ............ 2,3 2 7 ,7 7 2
2,0 5 5 ,9 9 6
200 ,237
402,3.30
J u ly 1 to D e c 31 ............. 5 ,0 4 2 ,5 2 7
4,142,751
800 ,4 3 7
1.032,042
W heel fc L a ke Erie b . . D e o
381,065
488.050
32,084
124 ,007
J u ly 1 to D ec 31 . . . . . . 3,371,820
3 ,056,134
768,564
1 ,081 ,707
535.072
W iscon sin C e n tr a l.a -- . . D e c
588,475
112,608
162 871
J u ly 1 to D ec 31 ............. 4,0 6 3 ,4 2 5
3,7 0 4 ,3 6 7
1,386,443
1.313,354
W r lg h ts v & T cn n lH e. I .D e c
r22,708
z 2 1,473
5,720
J u ly 1 t o D ec 31 _____
£172,738
2166,204
50,260
30,070

541




Interest Charges and Surplus.— The following roads, in
addition to their gross and net earnings given in the fore­
going, also report charges for interest, & c., with the surplus
above or deficit below these charges.
— I n f., R entals, & c .—
— B a l. o f N it E 'n a s .—
Current
P revio u s
C u m nt
P reviou s
Y ea r.
Y ea r.
Y ear.
R oads.
$
$
$
$
B a n go r & A r o o s to o k .
63,616 d ef52 867
77,5 8 3
. D ec
d e f 806
J u ly 1 t o D ec 3 1 . .
440 ,796
390 ,505
d e f 758
147,376
B clle fo n te C e n tra l_____ -J a n
257
303
353
718
B oston & M aine—
O ct
1 to D ee 3 1 ..
2,5 2 3 ,2 3 6
1 ,985,772
£ l 16.466
£ 4 5 8,21 4
Jan
1 t o D ee 3 1 . ____ 4,9 0 7 .0 9 0
4,0 5 3 ,3 7 0 X\ ,409,073 £ 1 ,892,728
J u ly 1 to D e c 3 1 . ____ 0 ,0 8 6 ,0 5 7
8,241 ,401 £ 2 ,1 4 5 .2 3 6 £ l ,067,298
B o sto n R e v e re Boh & Lynn
Oet 1 to D ec 31
18,620
14,942
£ d c f2 .9 0 8
£3,3 4 4
____
J u ly 1 to D e c 31
35.802
31 .336
£ 46 .402
£ 43 ,904
Jan 1 t o D ec 3 1 .
60,855
62.848
£ 4 5 .5 9 7
£ 3 7 ,8 8 8
B rid geton fc S a co R iv e r . D ec
593
543
def206
d ef 74
J u ly 1 to D e c 3 1 . .
3.560
3,260
8.8 8 5
6,157
Cen tral N ew E n gla n d —
O ct 1 to D ec 31 __
137,710
59,005
£ 3 7 ,0 9 5
£ 7 5 ,2 4 4
J u ly 1 to D e c 31. .
245 ,746
115,381
£ d e f 0,523
£01 ,0 7 4
Jan
1 to D ec 3 1 . . —
397,433
2 2 8 ,1 8 0 x d cf7 4 8 ,1 6 6 £d e f2 8 ,1 4 1
Cen tral o f N ew Jersey
.J a n 660 0,28 8
6678,550
220,461
157,640
J u ly 1 to Jan 31
____ 6 3,263,300 6 4 ,104,107
3,8 6 6 ,3 6 6
3 ,2 1 7 ,3 5 7
C o lo ra d o M id la n d _____ D ec
31,304
33,586 d c f l 1 ,127
11 ,506
J u ly 1 to Dec 31 .
220 ,054
225 ,557
51,083
145,193
C o lo ra d o & S o u th e r n . - D ec
200,444
100,562
C271.329
C209.052
J u ly 1 to D ec 3 1 . . —
1,224,020
1,086,348 c l ,487,817 C l,172,612
C op p er R a n g e ________
D ec
12,837
1 1.037
1,194
6,933
J u ly 1 to D e c 31
75 ,0 25
71,6 25
62,305
0 3 ,6 6 2
C ornw all fc L e b a n o n ___ D ec
3,399
3,462
d c f 4 ,626
11 ,235
J u ly 1 t o Dee 3 1 . .
21,201
23,148
51,061
100,009
C u ba H R ____________
D ee
31,160
28.329
14.529
25,399
J u ly 1 to Dec 3 1 . .
172.805
155.955
73.211
18,383
D e n v e r & R io G r a n d e .. D ec
325 ,346
304,891
<1255,090
<12557927
J lily 1 to D ec 3 1 . .
1,940,364
1,7 7 8 ,7 0 5 <12,110,352 <12,198,820
D ulu th S o Sh fc A tla n tic D ec
103,741
82,224 £ d e f5 9 ,3 3 7
£ 2 ,8 0 8
J u ly 1 to D ec 3 1 . . ____
600.034
545.227 £ d e f0 6 .6 1 0
£ 6 9 ,0 3 3
G enesee & W y o m in g .—
O ct 1 to D ec 31
6.025
7,000
d e f . 5,605
d e f .5,774
J u ly 1 to D ec 3 1 . . ____
13,850
14,000
4,622
5,201
J an 1 to D e c 31 .
27,411
28,410
17,134
7,474
G eorgia I I R ............ ......... Dec
62.707
51 356 £ d e f4 2 .749
£ 1 0 .7 9 9
J u ly 1 to D ec 31
311 211 £ d e f 5 7 ,745
343 ,706
£ 7 2 ,1 3 4
H o c k in g V a lle y . ............ D ec
79,768
66,259
£ 2 4 6,91 4
£241 .268
J u ly 1 to D e c 3 1 . .
459 ,012
379 ,869 £ l .273.460 .r l.0 5 0 ,420
K an aw h a fc M i c h _____ D ec
22,932
20,729 £ d e f5 ,7 0 9
£ 0 ,1 2 4
J u ly 1 to D ec 3 1 . .
131,015
132,601
£70 ,5 2 4
£ 1 5 0 ,8 0 5
L eh igh & H u d so n R iv e r O ct
1 to D e c 3 1 . .
65,490
43,484
£21,181
J u ly 1 t o D e c 31 _
114 ,058
80,217
£7,740
£671236
Jan
1 t o D ec 3 1 . . —
312,567
200,801 £ d e fl6 .1 0 8
£ 9 5 ,9 8 6
M aryland & P e n n _______ Jan
3,986
3,968
d e f .l ,089
240
J u ly 1 to Jan 3 1 . .
27,9 0 6
27,006
51,738
42,960
M ineral R a n g e ___________ D ec
14,945
12,061
d e f6 ,6 2 2
1,610
J u ly 1 to D ec 3 1 . .
75,622
73,021
12,280
5 0 ,243
M o K ansas fc T e x a s ____ D ec
529,011
482,531
12,187
462 ,058
J u ly 1 to D e c 3 1 . . 1 - - 3,2 6 8 ,4 4 3
2 ,8 8 4 ,0 1 7
1,477,600
2 ,5 9 3 ,1 8 8
N a sh v C h att < St L o u is . D ec
&
153,293
140,402
13,147
6 3 ,460
J u ly 1 to D ec 3 1 . .
922,084
806 ,924
323 .305
3081585

[VOL. LXXXVI.

THE CHRONICLE

542
— I n t . . R e n t a l s , & c .—
C u rren t
Y ear.

$

R oa d s.

— B a l . o f N e t E ’ n g s .—

P rev io u s
Y ear.

C u rren t
Y ear.

$

$
* 6 ,8 9 9
* 9 4,901

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

_

.

.

N e v a d a - C a l- O r e g o n -------D e c
3,901
3,302
J u ly 1 to D e c 3 1
23,399
19,269
N ew J ersey &N ew Y o r k —
O ct
1 t o D e c 3 1 -----------49,959
15,645 * d e f2 6 ,655 * d e f l 1,604
J u ly
1 t o D ec 3 1 ..............
103,406
30,992 * d c f3 9 ,4 7 8
* 2 ,8 9 2
Jan
1 t o D e c 3 1 ..............
142,283
61,701 * d e f3 0 ,4 1 9 * d e f2 ,7 0 9
N ew L o n d o n N o rth e r n —
63,239
6 2 ,144 * d e f4 9 ,7 3 2 * d e f3 8 ,5 3 1
O ct
1 to D e c 3 1 ..............
J u ly
1 to D ec 3 1 ..............
126,633
125,650 * d e f8 S ,4 0 0 * d e f4 2 ,1 4 9
Jan
1 to D e c 3 1 .............
253,476
2 5 3 ,6 2 2 * d e f2 1 4 ,2 7 5 * d e fl9 1 ,280
N Y C h ica g o & St L ou is—
O ct
1 t o D e c 3 1 .............. 1.119,606
703 ,842
* 1 8 3 ,6 0 7
*127 ,415
J u ly
1 t o D ec 3 1 ------------ 1,628,495 1 ,0 2 4 ,0 4 8
* 4 3 5 ,2 1 3
* 419 ,539
Jan
1 t o D e c 3 1 .............. 2 ,279,838 1,6 3 6 ,2 4 2
* 9 2 5 ,1 7 5
* 7 3 4 ,0 7 3
N Y N ew H a v e n & H a rtfo rd —
O ct
1 to D e c 3 1 ........... 4 ,628,560
3 ,7 4 5 ,9 3 0
* 0 5 0 ,3 2 3 * 1 ,8 4 4 ,0 6 8
J u ly
1 to D e c 31.............. 9 ,346,795 6 ,9 8 3 ,6 1 6 * 4 ,2 2 0 ,0 2 4 * 4 ,5 5 1 ,0 0 8
Jan
1 to D e c 31------------- 16,515,346 1 4 ,9 3 0 ,1 8 2 * 6 ,9 2 4 ,7 2 3 * 5 ,0 4 7 ,6 2 2
N Y O n tario & W e s t e r n .D e c
8 5 ,9 9 7
7 5 ,9 3 7
32,1 8 3
102,569
J u ly 1 to D ec 3 1 ---------4 88 ,203
446 ,4 4 5
0 49 ,842 1,0 3 8 ,6 9 2
N e w Y o r k & P e n n a . b—O ct
1 t o D ec 3 1
6,119
5,7 8 7
d e f 374
4,180
J u ly 1 t o D ec 3 1 ............
11,692
11,806
27
6,180
Jan
1 t o D e c 3 1 ............
22,562
22.2 3 4
5,2 5 7
9,100
N o r fo lk & W e s te rn .......... D e c
441 ,727
4 0 2 ,8 7 3
158 ,0 4 9
452 ,503
J u ly 1 to D ec 3 1 ........... . 2 ,6 0 6 ,1 2 0 2 ,2 7 2 ,1 2 9
3 ,2 9 7 ,1 9 1 3,3 4 5 ,2 4 2
P itts b u r g h S h a w m u t & N o rth e rn —
O ct 1 t o D ec 3 1 _______
45,718
16,465
* 3 6 ,9 8 4
51,835
89,541
33,415
* 7 9 ,3 6 2
47.621
J u ly 1 to D ec 3 1 ______
Jan 1 to D e c 3 1 ______
133,119
64,421
* 1 9 5 ,2 5 9
89,688
887 ,500
8 90 ,500
352 ,227
604,880
R e a d in g C o . ....................... _Jan
J u ly 1 t o Jan 3 1 ______ 6,2 1 2 ,5 0 0
6 ,2 0 3 ,3 6 6
6 ,6 5 1 .8 6 0 5 ,1 6 2 ,3 7 7
R io G rande J u n c t i o n . .. N o v
8,333
8,3 3 3
17,304
15,808
99,9 9 7
9 9 ,9 9 7
158,298
120,268
D e c 1 to N o v 3 0 ............
R io G rande S o u t h e r n . . .D e c
18,793
18,248
* 1 ,4 8 1
* 6 ,3 5 2
J u ly 1 to D ec 3 1 ______
112,411
110 ,120
* 2 9 ,6 5 5
* 3 4 ,5 0 5
St Joseph & G r I s l a n d - . . D e c
17,951
1 8 184
3 4 ,8 0 2
50,849
J u ly 1 t o D ec 3 1 . .........
125,431
121 ,763
2 2 2 ,7 3 7
236 ,2 9 5
S t L ou is S o u t h w e s t e r n --D e c
169,613
151 ,679
* 3 6 ,7 9 9
* 1 6 6 ,2 1 6
994 ,622
902 ,1 7 0
* 7 5 8 ,0 8 7 * 8 8 4 ,5 6 7
J u ly l to D e c 3 1 - .........
T e x a s C e n t r a l.....................J a n
2,583
2,5 8 3
22,580
33,391
J u ly 1 t o Jan 3 1 ______
18,081
18,081
2 23 ,615
327 ,4 4 9
T o le d o & O h io C e n t r a l - D e c
41,864
3 9 ,478
* 1 9 ,5 8 2
* 6 3 ,6 3 6
J u ly 1 to D e c 3 1 . .........
248 ,196
2 2 1 ,4 8 7
* 6 0 7 .6 4 0 * 6 5 1 ,6 2 8
T o le d o P eoria & W e s t . - - J a n
23,634
2 3 ,7 0 3
7,6 3 5
5 ,1 7 1
166 ,805
168 ,688
17,485
1 0 ,8 8 9
J u ly 1 to J a n 3 1 ............
U lster & D ela w a re—
O ct 1 t o D ec 3 1 ............
54,790
41,500 * d e f3 3 ,6 3 7
* 1 ,0 3 4
J u ly 1 to D ec 3 1 ______
110,533
83,0 0 0
* 3 2 ,5 2 9
*8 1 ,3 1 2
Jan 1 t o D e c 3 1
194,700
166,000
*218
* 8 8 ,2 1 4
W estern N Y & P en n a —
O ct
1 t o D ec 3 1 ............
745,900
5 52 ,755 d e f4 5 5 ,663 d e f6 0 .4 1 6
J u ly 1 t o D e c 3 1 ______ 1,126,725
853 ,1 1 5 d e f2 3 6 ,2 8 8
179 ,827
b In c lu d e d In fixed ch arges are ex p e n d itu re s fo r ren ew als, a d d itio n s a n d
Im p r o v e m e n ts a m o u n tin g t o nil fo r J an u ary 1908, against $37 ,186 In 1907,
and from J u ly l t o Jan . 31 w ere $712,431 In 1907.
c A ft e r a llo w in g fo r m isce lla n e o u s charges an d cre d its t o In com e.
d T h ese figures are a fte r a llo w in g fo r o th e r In co m e a n d fo r d is c o u n t and
exch an ge.
T h e sum o f $10 ,000 Is d e d u cte d e v e r y m o n th fro m surplus an d
p la ced to the cr e d it o f th e R e n e w a l F u n d .
* A fte r a llow in g fo r o th e r In com e re ce iv e d .

Miscellaneous Companies.
- — N e t E a r n i n g s ------C u rren t
P rev io u s
Y ear.
Y ear.

------ C r o s s E a r n ' g s -------C u rren t
Y ear.

$

C o m p a n ie s .

A b ln g to n & R o c k la n d E lec
6,136
L ig h t & P o w e r C o -------D ec
53,201
J a n 1 to D e c 3 1 ----------B u ffa lo G as C o ---------------D ec
O ct 1 to D ec 3 1 .............
519,731
C u m b e rl’ d T el & T el C o .J a n
66,999
C u y a h o g a T e le p h C o -------O ct
646,718
Jan 1 t o O ct 3 1 ----------21,404
E d E l 111 C o (B r o c k to n ) a D e c
197,967
Jan 1 to D e c 3 1 ----------38,117
F a ll R iv e r G as W o r k s .a - D e c
396 ,634
J a n 1 to D e c . 3 1 ----------26,589
H o u g h to n C o E IL t C o .a .-D e c
249 ,066
J a n 1 to D e c 3 1 ----------124,202
H u d R lv E l P o w C o _____ D ec
368,943
O ct 1 to D e c 3 1 .............
87,356
K e y s to n e T elep h C o - a - - D e c
524 ,636
J u ly 1 t o D ec 3 1 ----------30,046
L ow ell E lec L t C o r p . a - - D e c
315 ,344
J a n 1 to D e c 3 1 ----------31,797
H e x T e l & T e l C o .ff--------- N o v
293 ,397
M ch 1 t o N o v 3 0 _______
91,529
M Inneap G en E lec C o . a . D e c
920 ,5 0 6
Jan 1 t o D e c 3 1 ----------595 ,869
P a cific C o a s t.........................D e c
J u ly 1 to D e c 3 1 ----------- 4 ,2 9 5 ,5 7 4
P itts b u rg h C oal C o ----------- D ec
Jan 1 t o D ec 3 1 ----------38,190
U S T e le p h o n e C o . b - . . N o v
423 ,389
Jan 1 to N o v 3 0 ----------248 ,058
V ic t o r F u el C o . b _________D ec
J u ly 1 to D ec 3 1 ----------- 1 ,415,527

P rev io u s
Y ear.

$

$

3,243
19,696
32,558
86,809
194,775
31 ,210
203,807
9,958
83,801
13,492
140,116
14,272
119,915
62,070
188,647
41,833
2 4 7 ,3 0 3
11,984
110,974
14,440
134,200
47,054
439 ,0 8 7
96,046
745 ,363
282,100
5 ,731,983
2 6 ,167
256 ,657
59,015
333,182

486 ,717
62,629
580 ,836
19,801
166,799
37,444
363,021
27.512
236 ,108
92,248
254 ,786
82.513
480 ,550
28,651
277 ,914
274",079
87,001
805,632
593,290
3 ,6 3 0 ,7 7 5

33,493
3 90 ,304
210 ,692
1,1 9 3 ,1 7 3

$

3,206
40 ,578
99,096
142,773
30,203
256,447
9,1 1 3
55,389
16,941
147,202
1 6 ,690
119,721
42,470
102,327
38,986
215,560
13,535
105,424
125,553
37,472
363,629
109,559
780,291
515,415
5 ,2 9 7 ,1 2 3
21,951
2 34 ,043
49,970
278 ,604

a N et earnings here given are a fte r d e d u c tin g ta x e s,
b N et earnings here given are b e fo re d e d u c t in g ta x e s .
0 T h ese results are In M exica n m o n e y .

Miscellaneous Companies.
— I n t . , R e n t a l s , A c .—
C u rren t
Y ea r.
C o m p a n ie s .

L ig h t & P ow er C o ____ D ec
J a n . 1 to D e c . 3 1 . .
C u y a h og a T elep h C o ____ O ct
J u ly 1 t o O ct 3 1 _____
E d is o n El III C o ( B r o c k ’ n) D ec
Jan 1 to D e c 3 1 _______
F all R iv e r G as W o r k s , . . D e c
J a n 1 to D e c 3 1 ----------H o u g h t o n C o E lec 111 C o . D ec
Jan 1 t o D e c 3 1 ---------L ow ell E lec L ig h t C o r p - .D e c
Jan 1 t o D e c 3 1 ----------M Inneap G en E lec C o — D e c
J an 1 t o D ec 3 1 - . -------




$
378
3,091
18,437
184,348
688
9,207
201
2,174
3,185
34,784
2,082
16,946
24,732
244,620

P rev io u s
Y ear.

5
124
18,430
171,742
708
8,5 8 4
246
6,774
2,812
33,750
1,797
17,000
8,908
107,183

— H a l . o f N e t E ’ n g s .—
C u rren t
Y ear.

$
2,886
16,605
12,773
119,459
9,270
74,594
13,291
137,942
11,087
85,131
9,902
94,0 2 8
22,322
104 .467

— I n t . , R e n t a l s , A c .—

P rev io u s
Y ea r.

P rev io u s
Y ear.

5
3,082
11,833
8 4 ,705
8,405
46,805
16,695
140,428
13,878
85,971
11,738
88,424
28,564
256 ,446

C u rren t
Y ear.

$
206 ,793
P itts b u rg h C oal C o ------------ D e c
Jan 1 t o D e c 3 1 ---------- 2 ,773,390
13,882
U S T e le p h o n e C o -------------N o v
J u ly l t o N o v 3 0 ----------151,761
V ic t o r F uel C o .................. . . D e c
19,552
J u ly 1 t o D ec 3 1 .............
119,258
C o m p a n ie s.

P rev io u s
Y ear.

$
266 ,644
3 ,1 0 4 ,3 5 5
13,025
142,413
17,381
111,411

— B a l . o f N c t E ’ n g s .—
C u rren t
Y ear.

P rev io u s
Y ear.

$
$
75,3 0 7
248,771
2 ,9 5 8 ,5 9 3
2 ,1 9 2 .7 6 8
12,285
8,926
104,896
91,630
* 4 7 ,1 3 2
*4 0,751
* 2 5 9 ,8 8 4
* 2 16 ,640 '

* A fte r a llo w in g fo r o th e r Incom e re ce iv e d

STREET RAILWAYS AND TRACTION COMPANIES.
L a test G ross E a r n in g s .
N am e of
R oad.

W eek o r
M on th .

a A m e r lc a n R y s C o —
c A u r E lgin & C h ic R y
B in g h a m to n R y --------B lrm R y L t & P o w e r
B r o c k to n & P ly S t R y
C a pe B re to n E le c Co
C en tral P en n T r a c . .
Chari Con R y Gas & El
C h ica g o & MUw E le c .
C leve S o u th w & C o l.
C o lu m b u s E le c tr ic C
D allas E le c tr ic C o —
f D e tro it U n ite d R y .
D u lu th S treet R y . . .
E a st S t L ou is & S u b El P a so E le c t r ic ____
F t W a y n e & W abas
V a lle y T r a c tio n —
G a lv -H o u s E le c C o ._
H a v a n a E le c tr ic R y _
H o n o lu lu R a p id T ran
& L a n d C o ----------H o u g h to n C o St R y .
Illln ols T r a c tio n C o .
J a c k s o n C on sol T r a c
J a c k s o n v ille E le c C o .
L a k c S h ore E le ctric
L e x & In te r R y s C o . .
M et W e s t Side E le v .
M on trea l S tre e t R y .

P rev io u s
Y ear.

C u rren t
Y ear.

Jan.

1 to la te s t d a te .

C u rren t
Y ea r.

P rev io u s
Y ear.

Jan u ary
Jan u ary
Ja n u a ry . _
D ecem ber
D ecem ber
D e ce m b e r
J an u ary . _
Jan u ary . .
N ovem ber.
Jan u ary
J a n u a ry __
Jan u ary
.
D e ce m b e r
D ecem ber
2d w k Feb
3d w k Feb
Jan u ary
D e ce m b e r

$
209,287
93,985
22,435
200,568
7,368
24,804
52,725
61,569
87,982
68,270
18,263
52,811
32,256
96,030
106,865
14,777
173,066
50,791

$
210,716
88,893
22,079
189,223
6,944
23,693
54,300
55,334
81,143
72,771
18,031
40,558
27,613
89,439
110,428
13,126
165,297
•41,575

$
209,287
93,985
22,435
2 ,2 1 4 ,6 3 5
119,365
250,065
52,725
61 ,569
972,711
68,270
18,263
52,811
340,574
1 ,125,673
713,424
108,922
173,060
506,693

5
210,71688,893
22,079
1 ,929,150
1 11 ,775
258,417
54,306
55 334
803,591
72,771
18,031
49,558

D e cem ber
D e cem ber
W k F eb 23

116,186 101,379
87,669
81,375
34,371
32,730

1,283,722
1,050,892
223,998

1,0 9 2 ,6 4 6
906,487
212,730

D e ce m b e r
D e ce m b e r
D e ce m b e r
O cto b e r _ .
D e ce m b e r
D ecem ber
D e ce m b e r
N ovem ber.
Jan u ary . .
D ecem ber
D e ce m b e r
W k F e b 22
D ecem ber
D ecem ber
Ja n u a ry . _
D e cem ber
N ovem ber.

32,755
19,740
351 ,977
11,608
33,243
512,666
68,476
43,034
219,424
334 ,392
59,498
65.989
139,606
33,236
126,125
84,346
202,006
11,470
155,607
16,916
14,711
.1 9 ,5 8 5
342 ,850
130,576

304,548
249,919
3 ,779,187
135,324
392,393
6,030,894
938,161
516,355
219,424
3,8 2 3 ,3 8 2
820,130
479 ,319
1,508,411
482 ,057
126,125
1,060,953
2 ,437,819
112,956
155,607
16,916
169,058
228,150
4 ,0 5 0 ,1 4 4
1,064,281

3 4 9 ,9 1 6
229,244
3,0 1 3 ,1 0 8
124 ,025
326 ,468
5,491 [420
800 ,9 7 0
481 ,5 7 9
232 ,755
3 ,523,438
702,222.
451,845
1 ,379,246
420,721
125,191
8 5 4 ,1 3 5
1 ,5 6 3 ,8 5 5

3 ,4 9 3 ,8 5 9
1,304,574

545 ,105
591,395

510,032

31,593
19,973
302 ,165
11,025
31,882
499 ,632
66,675
40,148
232,755
326,065
56,379
58,749
132,549
29,328
125,191
78,750
145,950

N orth O h io T ra c & Lt
N o rth T e x a s T r a c C o .
N o rf & P ortsm T r Co
N o W e stch e ste r L t Co
N orth w estern E lev
137,379
J an u ary .
O k la h o m a C ity R y _ . Jan u ary
14,907
P eek sk lll L ig h t & R R D ecem ber
13,299
P e n sa co la E le ctric Co D ecem ber
16,129
P o rtla n d R y L t& P Co D ecem ber
309,006
P u ge t S ou n d E le c R y D e ce m b e r
113 ,407
R io d e J an eiro T ram
L igh t & P o w e r ____ J an u ary _ . 545 ,1 0 5
R o c k fo r d & Interurb D e ce m b e r
41,389
42,264
St J o se p h (M o) R y Lt
H e a t & P o w e r C o . _ Ja n u a ry . .
68,699
70,159
S ao P a u lo T r L t & P_ J an u ary . .
191,731 174,968
S a v a n n a h E le ctric Co D e cem ber
53,560 48,6 5 5
S ch u y lk ill R y C o ____
17,093
S eattle E lectric C o ___ D ecem ber
3 01 ,370 309 ,476
S o u th Side E le v a t e d . Jan u ary __ 174,695 143,237
Sou W iscon sin R y Co Jan u ary _ .
11,528
1 1,260
S yracu se R a p T r R y . D ecem ber
110,666 104,762
T a m p a E le ctric C o . _ D ecem ber
41,161
45,8 9 5
T o le d o R y s & Llgh
_ . 216,960 221,189
T o r o n t o R a ilw a y .—
59,466
62,720
T w in C ity R a p Ti
108,501 105,464
U n ited R R o f San F.
ft481,285 562,200
U n ited R y s o f St L . J a n u a ry
827 ,398 820,337
W est C hester (Pa) R y O cto b e r . .
7,124
10,896
W h a tc o m C o R y & L t D ecem ber
28,003
33,195

70,159
191,731
602,400
207,035
3 ,949,434
174,695
1 1,260
1,259,601
521,181
216,960
_______
678 ,469
_______
827,398
133,571
354,469

1 ,0 2 3 ,1 3 6
728 ,282
98,303
165 ,297
3 91 ,656

137,379
14,907
146,498

68,699
174,968
611 ,2 1 5
3,1 0 1 ,3 8 6
143,237
1 1 ,528
1,096,465
409,222
221 ,189
657 ,916
826,337
73,802
279,469

a Figures fo r the m on th In b o th years Include o p e ra tio n s o f the S cranton
R y ., a cqu ired Jan. 1 1906. c T h ese figures are fo r co n so lid a te d co m p a n y .
Th ese are results fo r m ain line, f N o earnings fo r D e tro it J ack son &
C h icago R y . fo r Jan. 1907 Inclu ded In these figu res. Ii D ecrease due to
strike an d b o y c o t t .
.
d

Street Railway Net Earnings.— The following table gives
the returns of S T R E E T railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Feb. 1 1908. The
next will appear in the issue of Mar, 7 1908.
------- C r o s s E a r n i n g s -------C u rren t
Y ea r.
R oa d s.
$
C h arleston C on sol R y ___Jan
61,569
M ch 1 to Jan 3 1 _______
669 ,429
C leveland S o u th w & C o l.J a n
52 ,8 11
D e tro it U n it e d .a ............... Jan
509 ,065
H u dson V a lle y R y C o . b —
O ct 1 t o D ec 3 1 _______
139.637
J u ly 1 to D e c 3 1 . ..........
374 434
Jan 1 to D e c 3 1 _______
627,511
N o rth e rn O hio T r & L t - -J a n
126,125
O k la h o m a C ity R y .............Jan
16,916
R io d e Jan eiro T ra m w a y
L igh t & P o w e r .a ------ .J a n
5 45 ,105
S a o P a u lo T ra m L t & P__ Jan
191,731
S yra cu se Lake Shore & N o r .b —
O ct 1 to D e c 31_______
20.054
J u ly 1 t o D ec 3 1 .............
8 8 ,3 9 9
T o le d o R y s & L igh t, b . ..J a n
216 ,960

P rev io u s
Y ea r.

T ~ Net. E a r n i n g s ------C u rren t
P rev lo u
Y ear.
Y ea rs .

5
55,334
6 0 1 ,9 1 3
49,5 5 8
510,600

5
20,408
241 ,757
16,369
169,592

$
17.607
222,548
19,954
171,399

121,142
353 ,582
535 319
125,191
14,907

4 2 ,029
131,467
177,510
4 4 ,2 3 3
3,362

22,764
144 077
213,597
45.610
5,254

........... ..
174,068

205,118
128,025

.................
119,063

18,292
84,800
221 ,1 8 9

d e f 284
35,101
91,873

d e fl ,689
32,202
90,862

a N et earnings here given are a fte r d e d u c tin g taxes,
b N et earnings here given are b e fo re d e d u c tin g taxes.

Interest Charges and Surplus.
— I n t . , R e n t a l s , A c .—
C u rren t
Y ear.
R oa d s.

C h arleston C on sol R y — Jan
M ch 1 t o Jan 3 1 ----------D etroit U n it e d .......... ......... Jan

$
13,443
148,563
136,0 4 6

P rev io u s
Y ear

$
13,349
143,698
120,494

— B a l . o f N e t E ' n g s .—
C u rren t
Y ear.

$
6.065
93,104
* 3 0 ,1 6 0

P rev io u s
Y ear.

$
4,258
78,850
* 5 5 .3 0 3

THE CHRONICLE

F eb . 29 1908. J
— I n t . , R e n t a l s , A c .—
P rev io u s
Y ea r.

C u rren t
Y ear.

x A fte r

C u rren t
Y ea r.

5

$

R oa d s.

H u d s o n V a lle y R y C o—
O ct 1 t o D eo 3 1 ._
J u ly 1 t o D e c 3 1 . .
Jan 1 t o D ec 3 1 . .
N orth ern O h io T r A L t . .J a n
S yra cu se L a k e Shore A N o r—
O ct 1 t o D ec 3 1 ____ J u ly 1 t o D e c 3 1 .......... .J a n
T o le d o R y s A L ig h t .

— B a l . o f N e t E ’ n g s .—

97,508
151 477
252,295
42,502
12,275
24,582
68,604

P rev io u s
Y ear.

5

5

49.729 £ d e f5 3 ,8 5 6 £ d e f2 4 ,440
101,820 £ d e f l 5 ,183
£51 ,455
235 ,814 £ d e f6 5 .9 1 2
£ d e f6 ,7 0 6
41,339
1,731
4,271
1,083
2,649
62,307

£ d e f7 ,1 6 5
£23 ,3 9 8
£ 2 4 ,0 4 6

£ d c f 2 ,725
£ 2 9 ,7 4 3
£ 29 ,174

a llow in g fo r o th e r In com e r e c e iv e d .

ANNUAL REPO RTS.
Annual Reports.— The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since the last edition
of the “ Railway and Industrial” and “ Street Railway”
sections.
This index does not include reports in to-day’s “ Chronicle.”
R a ilr o a d s —
P a g e.
C h icago T erm in a l T r a n sfe r ------- 2268
C lev. Cine C h ic. & S t. L ou is
(p relim in a ry s t a t e m e n t )_____ 282
D elaw are & H u d s o n --------------------- 282
H u n tin g d o n A B r o a d T o p M tn .
H R . A C o a l------------420
M arylan d A P e n n s y lv a n ia _____ 421
N ew Y o r k C h ica g o A S t. L o u is
(p relim in ary s t a t e m e n t )_____ 282
N o rth e rn , C en tra l-----------------475 , 485
S ou th ern P a cific C o _________ 334 , 341
S treet R a ilw a y s —
C apital T r a c . C o ., W a s h ., D .C . 476
C h icago C ity R y ______________
475
C h ica go A O ak P a rk K iev. R y _ _ 336
C lev. P a ln sv . & A s h ta b u la _____ 337
C lev . P a ln esv . A E a s te r n _______ 335
D e tr o it U n ite d ___________________ 417
G eorgia R y . & E le c ., A t l a n t a - . . 480
In d ia n a U n ion T r a c t io n ________ 418
In te r b o r o u g h -M e tr o p o llta n C o . . 475
In te r n a t. T r a c tio n C o ., B u ffa lo . 410
L a k e Sh ore E lec. R y ., C levela n d 418
M a con R a ilw a y & L ig h t --------------- 410
M et. W es t S id e R y ., C h ic a g o .. 418
M llW. E lec. R y . & L ig h t ________ 282
N orth ern O h io T r a c A L ig h t-------335
O tta w a (C an.) E le c tr ic R y ---------338
S ou th Side E le v a te d , C h ic a g o ._ 334
T o le d o R a ilw a y s A L ig h t ------------- 227
T o r o n t o (Canada) R y ------------------- 475
T w in C ity R a p id T r a n s it--------------- 287
U n ited P o w e r & T r a n s p o r ta tio n . 338
W e s t P en n R a ilw a y s ------------------- 422
In d u s tr ia ls —
A m erica n C a n --------------------------------- 336
A m erica n C e m e n t________________ 230
A m e rica n C h ic le _________________ 230
A m . D lst. T e l. C o. o f N Y
______ 231
A m e r ic a n G ra p h o p h o n e ___________ 478
A m erica n L igh t A T r a c t io n ____ 335
A m e rica n P ip e M a n u fa ctu rin g . . 479
A m e r ic a n S ew er P ip e ______________ 470
A m e rica n Straw b o a r d ------------------- 477
A m e r . T e le p h o n e & T e le g . C o . . 422
A m e r ic a n W r itin g P a p e r--------------- 478
Bell T e le p h o n e C o . o f C a n a d a —
482
B ell T e le p h o n e C o. o f P e n n _____ 482

I n d u s t r i a l s — ( C o n .)
P age.
llu tte E le ctric A P o w e r C o . ---- - 423
Cen tral D istrict A P rin tin g T e le ­
graph C o ., P ittsb u rg h ----------- 423
C h esapeake & P o t o m a c T e l e p h . . 482
C h ica go J u n ctio n liy s . A U nion
S to c k Y a r d s ________________ 423
C h icago P n e u m a tic T o o l ----------482
C h ica g o T e le p h o n e C o _______—
423
C o lo ra d o T e le p h o n e ------------------483
C o n so lid a te d C o tto n D u c k ___ 478
C o n so lid a te d G as C o . o f N . Y ___282
C on s. S. S. L ines (ats r e c c ’p o r t ) . 283
C u m b erlan d T e le p h o n e & T e le g . 483
G eneral C h e m ic a l__________________335
H e rrln g -H a ll-M a rv ln S afe C o . .
477
Illin ois B rick C o --------------------------- 419
In te r n a t.S m o k e le s s P o w .& C h e m . 423
K ansas C ity B re w e rie s--------------- 483
K n ic k e r b o c k e r Ice C o ., C h ic a g o . 419
L a ck a w a n n a S t e e l ----------------------- 483
Leh igh C oal & N a v ig a t io n _______483
M a ck a y C o m p a n ie s _____________ 476
M arylan d C oal C o ________________ 423
M assachusetts L ig h tin g C o s ____ 423
M frs .’ L ig h t & H e a t C o . , P i t t s . . 478
M exica n L ig h t A P o w e r . ..........
478
M id vale S te e l____________________ 283
N a tio n a l B iscu it C o .....
477
N ew Y o r k & N ew Jersey T e le p h . 4S4
N ew Y o r k A R ic h m o n d G as Co . 424
N orth A m e rica n C o . ............2 2 7 ,2 9 0
N o v a S co tia Steel & C o a l__________ 484
O sceola C o n so lid a te d M in in g ___484
P e o p le ’s G as L t .A C o k e C o .,C n lc . 419
P ittsb u rg h P la te G lass_________ 424
Pressed Steel C a r---------- ---------------- 476
Q u aker O ats C o -----------— ......... .. 424
R ich elieu A O n tario N a v ig a t io n . 484
S h a w ln lgan W a te r & P o w e r C o . 424
S p rin g V a lle y W a te r C o . ,S an F r . 425
T o r o n t o E le ctric L ig h t C o _______ 425
Uni >n N atu ral G as C o ., P l t t s b .. 425
U n ion Oil C o ., C a lifo rn ia _______ 340
U n ion S tk . Y d s . C o . o f S o . O m . . 223
U n io n S w itch & S ig n a l---------: . . 478
U n ited B o x B o a rd A P a p e r -------477
U . S. Steel C o rp . (p re l. statenr’ t) 283

Delaware Lackawanna & Western R R . Co.
{Report for Fiscal Year ending Dec. 31 1907.)
President W . H . Truesdale says in part:
E a r n i n g s .— T h e earn in gs o f th e c o m p a n y for th e y e a r 1907 w ere th e
argest for a n y y ear In Its h is to ry , all sou rces s h o w in g su b s ta n tia l Increases.
T h e variou s m in in g o p e ra tio n s w ere run t o th eir fu ll c a p a c it y , and th e c o m ­
p a n y m in e d , tra n sp orte d and sold s u b s ta n tia lly m o re a n th ra cite c o a l than
In a n y prev iou s y ea r. T h e m ark ed Increase In earnings from tra n s p o rta tio n
o f c o a l w as d u e t o th e su spen sion o f m in in g o p e ra tio n s fo r six w eeks early
In 1906 b y reason o f th e m in e e m p lo y e e s q u ittin g w o rk . T h e a vera ge rates
receiv ed p er passenger m ile and p er ton m ile sh ow slig h t re d u c tio n s .
T h e Increase In c o s t o f m a in te n a n ce and o p e ra tio n w as s lig h tly larger in
p r o p o r tio n than th e Increase In gross earn in gs. V e r y general and su b s ta n ­
tia l Increases In w ages w ere m a d e t o n e a r ly all classes o f e m p lo y e e s ; also
prices o f all k in ds o f su pplies and m aterials w ere a b n o rm a lly high.
T h e c o s t o f m a in te n a n ce o f w a y and stru ctu res w as s u b s ta n tia lly th e
sa m e as d u rin g th e p r e ce d in g y e a r . T h is item co v e rs b e tte rm e n ts and
a d d itio n s o f an Im p orta n t c h a r a c te r , th e a ggregate c o s t o f w h ich w as 5 2 ,­
0 0 3 ,7 6 4 , th e lea d in g Item s be in g:
E x t r a o r d i n a r y E x p e n d i t u r e s A g g r e g a t i n g 5 2 ,0 0 3 ,7 6 5 I n c l u d e d i n O p e r a t i n g
■
E x p e n s e s i n 1907.
N ew passen ger and freight sta tio n s, w ater ta n k s , ro u n d h o u se s,
c o a lin g and a sh -h a n d lin g fa cilitie s, A c ........ . _
'
_ _
5401,077
S u n d ry Im p rov em en ts at H o b o k e n (y a rd s , tr a c k s , c o a c h house",A c.) 270 ’,846
N ew y a r d s , new yard tra ck s , sid in gs and p assin g t r a c k s ..............
. 400,798
B rid ges, trestles and c u lv e rts (5201,296) and tra ck e le v a tio n at
B u ffalo ( 5 9 3 ,6 0 7 ) ------------ -------------------------------------------N ew th ird tra ck (5104, 5 1 6 ); e lim in a tio n o f gra d e cro ssln g(S 1 7 ,1 0 8 ) 121 ,024
N ew In terlock in g and signal a p p a r a t u s .. ................................ .......
132,976
M iscella n eou s____________ __________ ___________ ________________________ 321,541
12,700 ton s o f n ew steel rails, w ith fa ste n in g s, w ere used d u rin g th e y e a r,
b e in g 2,0 6 8 ton s less than In 1906. T h is c o m p a n y has m a d e a c o n t r a c t
fo r op e n -h e a rth rail fo r a p o rtio n o f Its 1908 req u irem en ts at a so m e w h a t
h igher p rice than fo r B essem er, w ith th e e x p e c ta tio n th a t It will get a rail
o f su p erior w earin g qu a litie s.
687,985 new ties w ere u se d , be in g 58,3 1 3
m o r e than d u r in g 1906, and on a basis o f 12 ce n ts per tie h igh er th an In
a n y previou s year.
T h e c o s t o f n ew steel bridges and m a s o n r y w as s u b s ta n tia lly less d u rin g
1907 th an d u r in g a n y recen t y e a r, d u e t o th e Im p o rta n t w o rk d o n e In p re ­
v io u s years. T h e s u b sta n tia l Increase In c o s t o l road cro ssin g s, A c ., was
d u e t o th e elim in a tio n o f several d a n ge ro u s gra d e crossin gs o f h ig h w a y s;
e x p en d itu res o f this ch a r a c te r w ill c o n tin u e from y e a r t o year.
N e w E q u i p m e n t — R e n e w a l a n d B e t t e r m e n t A c c o u n t .— T h e e x p e n d itu re s
fo r n ew e q u ip m e n t d u r in g th e y e a r sh ow th e fo llo w in g p u rch ases, v iz ., 25
lo c o m o t iv e s , 17 passenger train cars and 2,3 7 3 fre igh t ca rs , c o s t o f all o f
w h ich , less va lu e o f old e q u ip m e n t sold o r scrap p ed , w as 5 2 ,5 0 7 ,5 2 8 , being
m u ch less than d u r in g 1906, bu t m o re than s u fficie n t t o rep lace o ld and
w o rn -o u t e q u ip m e n t.
A n a ly s is o f R e n ew a l a n d B e tter m en t
A ccou n t
(5 3 ,8 2 0 ,0 8 8 ) Y e a r 1907.
N ew steel b r id g e s ---------------- 5231,051 |New flo a tin g e q u ip m e n t ___5445,119
N ew r o ll l n g s t o c k _________ .2 ,5 0 7 ,5 2 8 K lngsland s h o p s ____
. . . . 230,260
S cra n ton s ta tio n , sh o p s , A c 360 ,924 (M isce lla n e o u s________________
4 5 ,206
N otw ith s ta n d in g th e large Increase In th e a m o u n t o f freigh t tr a ffic
h a n d led (a b o u t d o u b le ) d u r in g th e past nin e y e a rs, th e to ta l n u m b e r o f
freigh t cars n ow ow n ed Is a b o u t th e sam e as at th e be g in n in g o f th e year
1900. T h e m o d e r n ca rs, h o w e v e r, arc from 60 t o 1 0 0 % greater c a p a c it y
th an th ose g en erally In use In 1900.
I m p r o v e m e n t s , A c .— T h e co n s tr u c tio n o f th e n e w p assenger sta tio n at
H o b o k e n , w ith ap p u rte n a n t c o a c h -y a r d facilities and tr a c k la y o u t w ith
In terlock in g p la n t, has progressed s a tisfa cto rily and Is n ea rin g c o m p le tio n .




----------- 354,003

543

T h e w o rk o f Increasing and m o d e r n iz in g th e fre ig h t and w a te r term in a l
fa cilitie s at H o b o k e n has been p ro se cu te d v ig o r o u s ly and In p a rt c o m p le t e d .
T h e co n s tr u c tio n o f a se co n d tu n n e l fo r t w o a d d itio n a l m a in tra ck s
th r o u g h B ergen H ill, H o b o k e n , has pro gre sse d s a tis fa c to r ily , and It Is e x ­
p e c te d th a t by the m id d le o f 1908 th e n e w tra ck s w ill be In o p e r a tio n ,
r e lie v in g co n g e stio n In train m o v e m e n ts d u r in g th e rush h o u rs.
•
T h e c o m p le tio n o f th e third tr a c k u p th e w est sid e o f th e P o c o n o M o u n ­
ta in s , M o sco w t o G o u ld sb o ro , has been d e la y e d b y legal p ro ce e d in g s
w h ich are n o w o u t o f th e w a y , and th e w o rk Is p rogressin g s a tisfa c to r ily .
T h e b u ild in g o f th e n ew lo c o m o t iv e s h o p s , p assenger s ta tio n and o ffic e
b u ild in g at S cra n ton Is w ell u n d er w a y .
F u rth er progress has been m a d e In p r o t e c tin g d iffe re n t p o in ts w ith Inter­
lo ck in g p la n ts and b lo c k signals at a c o s t o f 5 1 3 2 ,9 7 6 , th e m o s t Im p orta n t
p o rtio n s o f th e lines bein g n o w e q u ip p e d w ith th ese s a fe ty a p p lia n ces.
U nder an agreem en t m a d e w ith th e c it y o f B u ffa lo so m e years a g o , th e
c o m p a n y w as o b lig a te d t o e le v a te Its tra ck s o v e r ce rta in streets In th a t c it y .
T h is w o rk w as begun d u rin g th e past y e a r an d fo r th e m o s t p art c o m p le t e d ,
at an e x p e n d itu re o f $93,606.
• •
M uch w as a cco m p lis h e d d u rin g th e y e a r In b a lla s tin g w ith r o c k th e m ain
tra ck s o f th e c o m p a n y , and this w o rk w ill be p r o s e c u te d m o r e v ig o r o u s ly
..................................
th a n e ver d u r in g th e c o m in g year.
C o a l D e p a r t m e n t .— T h e d e m a n d fo r all sizes o f co a l p r o d u c e d w as u rgen t
th r o u g h o u t th e y e a r, an d th e c o m p a n y ’s s to c k o f c o a l on han d a t a ll p oin ts
at th e c lo s e o f th e ye a r w as a b o u t 13.000 to n s less th a n a t th e begin n in g
n o tw ith s ta n d in g th a t th e to t a l p r o d u c tio n d u r in g th e y e a r w as greater b y
several m illio n to n s th an In- a n y previou s y ear.
.
In this situ a tio n m a y be fo u n d , and n o w here else, all th e re Is t o th e
s o -c a lle d " A n t h r a c it e C oal T r u s t ,” a b o u t w h ich so m u c h m is in fo r m a tio n
has been w ritten and give n t o th e p u b lic th ro u g h v ariou s ch an n els in recen t
y e a rs, as ap p lie d t o th e large an th ra cite c o a l-p r o d u c in g Interests o f th e
cou n try .
. . . k .|
F o r th e reasons given In pre v io u s r e p o r t s ,th e m in in g o f a n th ra cite c o a l
b e co m e s Increasin gly d lflic u lt and e x p e n s iv e each year. T h is c o m p a n y ,
m o r e o v e r . Is n o w m a k in g sp ecial e ffo rts t o m in e e v e ry to n o f co a l th a t can’
be w on at less th an a p r o h ib itiv e c o s t , In clu d in g th e thin su rfa ce vein s o f
c o a l,s o m e o f th e o ld ab a n d o n e d w o r k in g s ,and m o re o f th e low er th in vein s
o f c o a l th a n h ith e rto .
D u rin g th e y e a r a b o u t 400 ,000 to n s o f c o a l h a v e
been m in ed from th e su rface vein s and o ld w o rk in g s, w h ich , u n til v e r y
re c e n tly , It has n e v e r been th o u g h t a v a ila b le t o m in e.
[T h e e x tr a o r d in a r y ex p e n d itu re s b y th e c o a l d e p a rtm e n t fo r I m p r o v e ­
m e n ts , A c ., d u r in g th e y e a r a ggre ga te d 578 3,91 2 — E d .]
T h e en tire an th ra cite In du stry Is on a v e r y s t a b le , h e a ltn y basis.
W h ile
all o th e r sta p le c o m m o d itie s h a ve o f late years been a d v a n c e d In p rice
again and aga in , th e p rice o f an th ra cite co a l rem ain s as In 1902
The ou t­
lo o k fo r 1908 is pro m isin g . T h u s far th e a n th ra cite In d u stry Is m u c h k s s
em barrassed b y th e fin a n cial tro u b le s o f th e c o u n t r y th an a n y o th e r
Im p o rta n t In du stry.
.
F i n a n c i a l .— O n M ar. 1 last th e first c o n s o l. 7 % b o n d s o f th e O sw ego A
S yracu se R R . C o ., $43 8 ,0 0 0 , w ere paid o ff b y this c o m p a n y at m a tu r ity ,
and th e y are n o w held a m o n g Its treasu ry assets. A ls o on S e p t. 1 o u r o u t ­
sta n d in g Urst m o r tg a g e b o n d s, $ 3 ,0 6 7 ,0 0 0 , m a tu re d ; o n ly 515 ,000 rem ain
u n p a id . T ills c o m p a n y Is th e r e b y le ft In a m o s t u n u su a lly u n iq u e p o s itio n
a m o n g th e great tra n s p o rta tio n co m p a n ie s o f th is c o u n t r y as re sp ects Its
c a p ita l o b lig a tio n s .
.................................. g .j
G e n e r a l R e m a r k s .— A t th e c lo s e o f th e ye a r 1907 th e c o m p a n y 's ra ilw a y
and p rop erties g en erally w ere In m o s t e x ce lle n t c o n d it io n , and th e Im p orta n t
Im p ro v e m e n t w o rk In hand w as w ell u n d e r w a y and be in g p ro s e cu te d t o
e a rly c o m p le tio n .
A new c u t -o ff line has been lo ca te d betw een S la te fo rd , P a ., and P o rt
M orris, N . .1., w ith re d u ce d g ra d e s, ligh t cu r v a tu r e , n o tu n n els and a b o u t
1 1 }^ m iles sh o rte r than th e present ro u te , w h ich Is b o th c r o o k e d and h illy ,
and th e m o s t co n g e s te d p o r tio n o f th e m ain line. T h e B oa rd o f M anagers
has a u th orized p re lim in a ry steps t o be ta k e n b y w a y o f o rg a n iz in g a n ew
c o m p a n y , th e p urchase o r co n d e m n a tio n o f rig h t o f w a y , A c ., fo r th e c o n ­
str u c tio n o f th is n ew line.
It will requ ire a b o u t th ree years t o b u ild It
and it Is b eliev ed th a t th e c o n tr a c ts fo r so d o in g can be let t o a d v a n ta g e
In th e n ear fu tu re.
Thu present p ro sp e cts fo r th e tr a n s p o r ta tio n in terests o f th e c o u n t r y are
n o t at all s a tisfa c to r y , and th e o u t lo o k fo r 1908 as re sp e cts ra ilw a y ea rn ­
in gs, gross o r n e t, are a n y th in g bu t e n co u ra g in g .
W h a te v e r th e cau se
th ere can be n o d o u b t there has been en gen d ered a w id esp read d istru st o f
th e m a n a g e m e n t an d financial s ta n d in g o f all th e railw ays o f t h e c o u n t r y
w heth er g o o d , bad o r in d ifferen t.
It is p la in ly th e plan and p u rp os e o f
th e p o liticia n s o f th e c o u n tr y t o m a k e th e great ra ilw a y Interests and th e
large In vestm en ts In th em th e paw n s In th eir g a m e o f p o litic s . T h e gen ­
eral and sw e e p in g d e n u n cia tio n o f m a n a g in g a u th o ritie s o f all railw ays
w h eth er so Intended o r n o t , has had th e e ffe ct o f w e a k e n in g a u th o r ity o v e r
th eir e m p lo y e e s , and cre a te d a spirit o f d is a ffe ctio n and d is lo y a lt y t o th e
c o m p a n ie s th e y se rve th a t Is m o s t a p p a llin g t o th o se h a v in g th e r es p on s i­
bilities fo r th e safe c o n d u c t o f th e tr a n s p o r ta tio n o f th e c o u n tr y .
N o greater b lo w has been d e a lt th e railw ay Interests o f th e c o u n t r y , n on e
th a t w ill react m o re q u ic k ly o r w ith greater p e r m a n e n c y on th e p u b lic at
large, th an th e legislation th a t has been e n a cte d and o th e r th a t Is p rop osed
and p e n d in g , th e e ffect o f w h ich is t o ta k e from th ose In ch arge o f th e
m a n a g e m e n t o f railw ays th e re ason able and p r o p e r c o n tr o l o f these p r o p ­
e rties, in clu d in g e sp e cia lly th e a r m y o f e m p lo y e e s en gaged In th eir serv ice
In va rio u s c a p a citie s.
T h e m a n a g e m e n t o f this c o m p a n y Is pleased t o sta te th a t o n ly t o a c o m ­
p a r a tiv e ly lim ite d e x te n t has a n y class o f Its e m p lo y e e s a p p a r e n tly been
a ffected b y th e co n d itio n s and te n d e n cie s d e scrib e d a b o v e .
It has n oted
In dication o f th ese Influences h a v in g had th eir e ffe ct In s o m e d e g re e w ith
certa in o f Its e m p lo y e e s , and It c a n n o t d e p lo r e th is to o gre a tly.
C o n s t i t u t i o n a l R i g h t s .— It Is th e d esire o f th e m a n a g e m e n t t o c o n fo r m t o
all re ason able regu lation s th a t h a ve been m a d e e ffe c tiv e , eith er b y n a tio n a l
o r S tate a u th o ritie s , fo r th e g o v e rn m e n t o f th e carriers In th e p e r fo rm a n ce
o f th e ir p u b lic re sp on sibilities.
It Is d e e m e d , h o w e v e r, th e c o m p a n y ’s
d u t y at all tim e s t o c o n te s t In th e c o u r ts a n y qu estion s arising from th e
passage o f law s w h ich In v o lv e rights o f th e c o m p a n y th at are gu aran teed
b y th e fu n d a m e n ta l law o f th e la n d , th e C o n stitu tio n o f th e U n ited States
S T A T IS T IC S

OF

O P E R A T IO N S .

n
,
„ , „
,
1907.
1906.
1905.
1904.
R o a d op e ra te d D e c. 3 1 .
957
957
957
957
E arn s, per freight train
.
m ile , a l l fre ig h t---------$3.53
$3.21
$3.41
$ 3 3 1
E a r n . per pass, train m ile
Inclu d. m all A express
$1.49
$1.40
$ 1 16
Si 1 1
A v era ge-train lo a d (re v ­
enue) t o n s ------------------490 .20
465.81
461 .08
445 35
C o a l T ra ffic—
T o n s (gross) c a r r ie d -----9.4 2 5 ,4 9 8
8,5 8 2 ,3 8 0
9 ,1 6 8 ,9 7 4
8 615 7 9 8
T o n s carried 1 m ile -------- 1693486758 1477181981 1605768019 1531125705
R a te p er ton per m i l e . . .
0 .8 5 0 c ts .
0 .8 7 3 r ts .
0.871 c ts .
0 864 cts
M e r c h a n d is e T r a ffic —
T o n s (net) c a r r ie d ---------- 10,525,561
9 ,5 1 2 ,8 8 7
8 ,1 6 6 ,7 6 5
7 296 679
T o n s carried 1 m i l e . . ..... 1794360642 1501815856 1340801210 1184622738
R a te per to n per m i l e . . .
0 .6 8 2 c ts .
0 .6 8 9 c ts .
0.688 c ts .
0.7 0 4 cts
P a ssen g er T ra ffic—
P assengers c a r r ie d -------- 2 3 ,2 2 3 ,6 6 3
2 1 ,5 3 2 ,9 4 3
19,378,522
17,946 6 8 6
Pass, carried 1 m ile ------ 4 70 ,815 .86 0 4 2 9 ,0 8 6 ,5 6 0 3 87 ,589 ,75 3 367 471 1 ’ 5
R a te p er pass, per m ile .
1.435 c ts .
1.449 ots.
1.427 c ts .
1 4 1 9 ’cts
E A R N IN G S , E X P E N S E S

A N D

CH ARG ES.

1907.
—
5
C o a l _____________________ 14,361,416
M iscellaneous fre ig h t ___ 12,235,808
P assen gers----------------------6 ,7 5 7 ,5 9 6
M all, express and m l s c . .
3,9 0 9 ,6 5 3

1906.
S
12,902,851
10,342,423
6 ,216,624
3,500,981

1905.

1904.

1 3 .993,585
9 ,2 3 0 ,7 8 7
5 ,5 2 9 ,0 0 2
3,107,690

13,230,870
8 ,3 3 7 ,8 2 3
5 ,2 1 5 ,9 1 9
1.917,379

T o t a l.............................. 37,264,473
E xp en ses—
M ain ten an ce o f w a y A c . 4 ,974,888
3,7 3 1 .0 8 2
M alnt. o f e q u ip m e n t___
C o n d u ctin g t r a n s p o r t s . 12,254,278
G e n e r a l--------------------------579,491
T a x e s _______
1,349,700

3 2 ,9 6 2 ,8 7 9

3 1 ,9 5 1 ,0 6 4

28.701,991

4,937,771
2,9 0 9 ,3 3 5
10,503,943
548 ,39
1 ,573,000

4,6 4 0 ,2 0 8
2,871,911
9 .8 1 0 ,1 9 6
499,660
1 ,000,085

3,9 1 6 ,1 1 7
2 ,0 3 7 .6 7 5
8 ,4 4 8 ,3 5 2
456 ,738
893,881

T o t a l . ...........................
N et e a rn in g s____________

2 0 ,472,44
12 ,4 9 0 ,4 3

1 8 ,828,060
1 3 ,1 2 3 ,0 0 4

1 6 ,652,763
1 2,049,228

395,943
414.107
4,224,921
130,184

r2 0 1 , 5 9
213 .847
4 3 4 , 1 2 » -i
328 ,047
3,655,11 El] 3,2 9 5 ,4 2 6
118,53
• 101,643

186,142
471 .884
3,4 4 5 ,4 7 7
38 ,699

T o t a l .............................. 19,540,189

16,9 8 0 ,8 1 2 6 3 1 7 .0 6 1 ,0 6 7

E a r n in g s fr o m

2 2 .889.439
14,375,034

Add—

In terest o n In v e s tm e n ts .
D iv id e n d s on s t o c k ____
Coal d e p t , earnings * ___
M is c e lla n e o u s ___________

5

S

16.191.41

THE CHRONICLE

544
1007.

;fcJ

$

•D educt —

1006.

1005.

$

1904.

$

$

■

141,792
200,480
210,608
In terest on b o n d s ----------214,199
5,1 6 8 166
5 ,1 5 8 ,7 1 6
5 ,1 2 8 ,7 0 0
>.110,397
R en ta ls leased lin e s ------175,786
00,382
5 3,236
A c c o u n ts c h a rg e d o i l, A c
502,054
145,030
143,544
R en ta ls N . Y . term in a ls.
143,408
143,279
R en ew als A b e tte rm e n ts
(see rem ark s a b o v e );- .
uove 3,82 0 ,0 8 8
5 ,5 5 1 ,6 1 9
3 ,5 8 7 ,4 8 6
3 ,446,719
D lv d e n d s ______________(1 0 )2 ,6 2 0 ,0 0 0 (1 0 )2 ,6 2 0 .0 0 0 (1 0 )2 ,6 2 0 ,0 0 0 (7)1 ,834,000
E x tr a d iv id e n d ( 1 0 % ) - 2,62 0 ,0 0 0
2 ,6 20,000
2 ,6 2 0 .0 0 0
2 ,820,000
T o t a l ________________ 14,690,862
B a la n ce, s u r p lu s ------------- 4,840,327

16,402,741
587,071

14,363,538
2 ,6 0 8 ,4 2 9

13,871,548
2,319,871

[VOL. LXXXVI.

1907.
L ia b ilities —
$
C a pital s t o c k -------- ---------- 10,34 2 ,5 6 0
S to c k d i v i d e n d ................
.............
B o n d s (see " R y . ” s e c .) .
6 ,8 2 2 ,0 0 0
M tg e s . an d g ro u n d rents
125,177
In te re s t a c c r u e d -----------123,890
V o u ch e rs a n d p a y -r o lls .
1,632,713
D iv i d e n d s ---------- --------- 773,638
E x tr a o r d . e x p e n d , f u n d .
793,777
D e p r e cia tio n f u n d --------570,630
D u e o th e r c o s . a n d m l s c .
1,239,968
C o n s tru e . A e q u i p .lo a n .
------- , .
P r o fit a n d lo s s ........ ...........
2,443,526

* R e s u lts o t c o a l d ep a rtm e n t w ere:
T o t a l lia b ilitie s -..........
•
1007.
1906.
1905.
1904.
— V . 8 6 , p . 4 7 5 , 485.
E a r n in g s ...............................$ 42 ,184 ,03 5 $ 38 ,564 ,17 1 $41 ,2 2 6 ,6 4 7 $38 ,503,908
E x p en ses ------------------------ 3 7 ,060,014
34,90 0 .0 5 2 37 ,0 3 1 ,2 2 2 35,148,521
P r o fit --------------------------- $4,224,021

53 ,6 5 5 ,1 1 0

$3,20 5 ,4 2 5

1905.

1004,

17 ,7 7 3 .6 8 9
8 ,0 1 9 ,2 0 1
3 ,0 2 2 ,5 4 7
8,532,661
9 ,6 5 0 ,1 5 3

7 ,5 0 2 ,4 5 5
8,01 9 ,2 0 1
3 ,7 3 5 ,0 0 4
8,434,321
7 .3 4 4 ,3 0 7

1 7 .4 9 6 ,4 0 6

2 .1 1 8 ,3 8 5
1,814,215
2,50 3 ,0 8 1
2 ,3 2 4 ,3 1 4
127,310

1,857,003
2 ,4 5 5 ,6 0 2
1,580.395
5,010,631
123,550

1,717,247
2 ,6 4 3 ,4 2 3
1,475,615
3.687,373
106,925

5

$
8,010,201
4,99 2 ,1 6 5
7 ,5 5 0 ,7 8 3
5,412,652

1,871,361

013,684

738,670

3,722,251

3,276,100
18,087

2 ,9 8 7 ,5 0 7
65,560

• T o t a l________________ 63 ,8 4 1 ,1 4 8
•L i a b i l i t i e s —
O ip lta l s t o c k ____________ 26 ,2 0 0 ,0 0 0
C m sol. m ortg a g e b o n d s .
15,000
Ren ts a c c r u e d , n o t d u e .
1,63 9 ,6 0 0
1n t. a c c r u e d , n o t d u e —
- ..........
l ’ast-du e d iv id e n d s , <Scc.
66,372
D ividen d p a y a b le In Jan.
655 ,000
A u d ited v o u c h e r s ----------1,900,180
A u d ited p a y -r o lls ----------1,563,222
'f a x e s , n o t d u e --------------1,735,938
C om pa n ies A In dividu als
650,597
M ortg age on real e s t a t e .
8 6 ,074
S uspense a c c o u n t _______
84,145
P rofit and loss s u r p l u s .. 2 9 ,2 4 4 ,9 1 2

6 1 ,4 8 8 .1 6 9

6 0 ,279,612

5 6 ,803,618

26 ,2 0 0 ,0 0 0
3 ,0 6 7 ,0 0 0
1 ,5 34,184
68,300
156,037
65 5 ,0 0 0
2,45 7 ,0 8 0
1,438,250
1,170,888
101 ,228
8 6 ,0 7 3
68,452
24 ,3 0 5 ,5 8 4

2 6 ,200,000
3 ,067,000
1,531,268
69,487
158,550
655,000
1,766.828
1.379,546
543,861
1,03 7 ,4 8 6
62,074

26,200,000
3 ,0 67,000
1,532,400
71,167
182,730
468 ,500
1,818,500
1 ,213,027
4 63 ,966
714 ,080
62,073

23 ,8 0 8 ,5 1 3

2 1 ,110",084

• T o t a l ____ _______
— V. 8 5 , p . 1401.

6 1 ,4 8 8 ,1 6 9

60 ,2 7 0 ,6 1 2

56,80 3 ,6 1 8

6 3 ,8 4 1 ,1 4 8

Northern Central Railway.
(Report for F is c a l Y ea r ending D ec. 31 1907.)

On page 485 last week was given the report of President
James McCrea, with the detailed balance sheet and income
account. Below we compare the results for 1907 with those
of several years previous.
O P E R A T IO N S . E A R N IN G S A N D E X P E N S E S .
1907.
...
460
R o a d o p e r a t e d --------------O perations —
P assen gers c a r r ie d . N o . - 5 ,1 1 7 ,0 0 6
P assen gers ca rried 1 m l l e l 0 7 .S l l ,570
R a te p er pass, p er m il e .
1.991 c ts .
F reig h t (ton s) c a r r ie d .- 2 5 ,0 5 3 ,5 5 3
F reigh t (ton s) 1 m i l e - . . 1738093133
R a te p er to n p e r m i l e . . .
0 .6 0 3 c ts .
T r a in -lo a d ( t o n s ) ----------511 .80
E a rn s, p er f g t . t r a ln m . .
$3,081
E arn s, per p a ss.tra in m .
$1,159
G ross earnings p er m ile .
$28 ,753
E a rn in g s —
$
P a ssen gers----------------------2 ,1 5 8 ,0 2 5
F r e ig h t.......... ..................
1 0 ,482,865
M a ll, exp ress a n d m l s c - .
506 ,608
G ross ea rn in gs---------- - 13,23 7 ,4 9 8
E x p en ses —
6 ,0 5 0 ,2 8 0
T r a n sp o rta tio n ------------2 ,7 0 7 ,7 1 7
M aln t. o f e q u ip m e n t—
1 ,5 99,170
M alnt. o f w a y , A c -------212 ,846
G e n e r a l --------------------------T o t a l o p e ra tin g e x p . - 10 ,5 7 0 ,0 2 3
(79.85)
P . c . o f e x p . to ea rn s—
270,4661 ^
T a x e s N o r. C en t. R y —
38.144J
T a x e s leased lin es---------N et earnings o v e r t a x e s .

2 ,3 5 8 ,8 6 5

1006.
462

1005.
462

1004.
448

4 ,8 3 8 ,2 2 3
08 ,8 8 6 ,2 5 0
2.073 cts.
21 ,6 0 1 ,5 2 5
1463108230
0.621 cts.
467.16
$2 901
$1,117
$25,176
$
2 ,0 5 0 ,2 2 2
9,085,621
496 ,700

4 ,4 4 7 ,6 3 7
88 ,8 4 0 ,4 6 0
2.002 cts.
19,431,721
1266180241
0.6 4 7 cts.
430 .37
$2 784
$1,070
$22,703
$
1,858,242
8 ,1 9 1 ,0 0 0
481 ,820

4 ,2 6 0 ,3 7 9
8 2 ,1 0 2 ,4 9 0
2.1 1 0 cts.
18,051,555
1225624764
0.652 cts.
401.17
$2 617
$1,016
$22,072
$
1,734,372
7 ,0 9 4 ,9 2 3
445 ,228

1 1 ,632,633

1 0 ,531,962

10,17 4 ,5 2 4

5 ,2 4 0 ,0 4 9
2 ,1 0 1 ,1 4 3
1,37 1 ,6 6 3
175 ,523

4 ,7 4 8 ,2 7 8
2,109,371
1,444,265
168,652

4 ,0 8 4 ,8 2 7
1,890,703
1,092,966
160,098

8 ,9 7 8 ,3 7 8
(77.18)
268 ,013

8 ,4 7 0 ,5 6 6
(80.43)
211,282

7 ,8 2 9 ,2 5 4
(76.95)
151,323

2,385,341

1,850,114

1007.

1906.

1005.

1904.

2,385,341
1,151,602

1,850,114
1,157,418

2,10 3 ,0 4 8
843,040

T o t a l In com e ............. ..
D isbursem ents —
R e n t leased lin es, A c —
In terest o n b o n d e d d e b t
D ivid en d s ( 8 % ) .............
E q u ip .— ln t. an d r e n ts .
P rin cip a l o f c a r t r u s t s - .
A d v . to E lm ira A L a k e
O n tario R R — .............
M lsc. Interest, A c ----------E x tr a o r d in a r y .................

3 ,6 0 6 ,2 0 0

3 ,5 3 6 ,0 4 3

3 ,0 0 7 ,5 3 2

3,036,097

4 01 ,759
347,315
1,547,214
164,690
5 0,382

4 36 ,516
347 ,315
1,375,468
20,962
10,226

368 ,098
347,315
1,375,468
6,332
10,226

420 ,180
413,255
1,146,224
5,015
10,226

50,898
7,435
5 00 ,000

16,362
1,10 0 ,5 8 2

30,564
6,536
827,721

45,173
76,243
920,681

T o ta l d isbu rsem en ts - .
B a la n ce, s u r p lu s .. : ____

3 ,0 7 8 .6 9 3
5 27 ,507

3 ,3 0 7 ,4 3 2
229,511

2 ,9 8 2 ,1 5 8
25,374

3,03 6 ,9 9 7

’ D E C E M B E R 31.

T o ta l a s s ets .......... .........




3 3 ,8 6 7 ,8 0 7

1 ,8 6 0 ,4 6 8

3 ,5 7 1 ,3 5 3

6 ,8 3 5 ,0 0 1
109 ,873
123,801
03 6 ,3 4 4
68 7 ,7 3 4
7 5 0 ,0 0 0
52 1 ,3 9 4
28 2 ,4 7 0
4 0 ,0 0 0
3 ,5 0 6 ,7 7 7

32,18 2 ,7 1 1

3 0 ,6 7 3 ,8 7 0

3 0 ,0 8 6 ,8 8 2

President T . E . Mitten at the annual meeting said in sub­
stance:
G e n e r a l R e s u l t s . — T h e se ttle m e n t o r d in a n c e passed b y th e C ity C o u n cil
F e b . II 1907, and ratified b y a v o te o f th e p e o p le A p ril 2 1007, w as b y Its
te rm s m a d e e fle c tlv e as o f F eb . 1 1007. T h e result o b ta in e d from th e o p e r a ­
tio n o f y o u r p r o p e r ty fo r th e y e a r 1907 Is, th e re fo re , co m p o s e d o f e lev en
m o n t h s ’ o p e ra tio n u n d e r th e partn ersh ip a rra n g e m e n t, as co n ta in e d In
th e o r d in a n c e , and o n e m o n th (Jan u a ry) for In d ivid u al a c c o u n t.
T h e passenger earn in gs fo r th e y e a r w ere $ 8 ,0 8 7 ,0 0 1 — an Increase o f
4.1 % .
W ith an Increase o f 3.99 ? i In passengers p a y in g fa re , there w as a sligh t
d e cre a se In th e per ce n t o f passengers u sin g tran sfers. T h e sta tistics s h o w
th a t b u t 5 0 .8 3 % o f passengers p a y in g fare t o o k a d v a n ta g e o f tra n s fers ,
as again st 60.5 9 % t o r th e p re ce d in g ye a r; th e ave ra g e fare be in g u n c h a n g e d ,
n a m e ly . 3.1 ce n t per passenger carried .
A s th e o p e r a tin g expen ses for eleven m o n th s o f th e y e a r w ere a r b itra rily
fixed at 70 % , t o c o m p ly w ith th e p ro v isio n s o f th e o r d in a n c e , there Is n o
o p p o r t u n it y fo r co m p a riso n as against the result o f p re v io u s years.
A d d i t i o n s a n a I m p r o v e m e n t s . — T h ree h u n dred cars o f th e new ” p a y -a s y o u -e n t e r ” t y p e h ave been p u rch a se d , 150 o f w h ich h ave been p la ce d In
s e r v ic e , resu ltin g In alm o st en tirely elim in a tin g th e large n u m b e r o f a c c i­
d e n ts b ro u g h t a b o u t b y passengers a tte m p tin g t o b o a rd o r le a ve m o v in g
cars. T h e p r o p o r tio n o f fares co lle c te d t o passengers carried has also been
m a te r ia lly In creased, d u e t o th e c o lle c tio n o f fares b y c o n d u c t o r u p o n th e
rear p la tfo r m .
T h e entire n u m b e r o f d o u b le -tru ck cars requ ired t o be su p p lied u n d e r
th e o r d in a n c e d u r in g the 3-year period has n o w been se cu re d .
T h ir t y -o n e and o n e -h a lf m iles o f new tra ck has been reco n stru cte d d u r ­
in g th e past y e a r u n d er the p ro v isio n s o f th e s e ttle m e n t o r d in a n c e , o f w h ich
a p p r o x im a te ly ten m iles w as In rep lacem en t o f c a b le tra ck s r e m o v e d .
't h r e e new m o d e r n su b -s ta tio n s , s u ita b ly lo ca te d fo r th e d is trib u tio n o f
p o w e r , h a v e been su ffic ie n tly c o m p le te d t o p e rm it o f th e ir b e in g p u t Into
se rv ice .
T w o n ew c a r station s o f large c a p a c ity and m o d e r n e q u ip m e n t arc p r a c ­
tic a lly c o m p le t e d , w h ic h , w hen In use, w ill m a k e p o ssib le th e s y s te m a tic
and e c o n o m ic a l Inspection and cle a n in g o f cars.
O r d i n a n c e . — It Is a sou rce o f gra tifica tio n th a t, as th e p ro v is io n s o f th e
s e ttle m e n t o r d in a n c e , b y w hich th e c it y p a rticip a te s In th e net earnings o f
th e c o m p a n y , b e c o m e m o re gen erally u n d e r s to o d , th e p u b lic , as w ell as
th e c it y au th o ritie s, are sh o w in g an Increasing w illingn ess t o c o -o p e r a te
w ith th e m a n a g e m e n t In r e m o v in g o b s tr u c tio n s t o ra p id tran sit and In
su ch o f Its o th e r u n d erta k in gs as h a v e cle a rly fo r th efr p u rp o se the Im ­
p r o v e m e n t o f th e service.
IN C O M E

ACCO U N T

FOR

C A LE N D A R

YE AR

1007.

[ In c lu d in g th e 11 m o n th s e n d in g D e c . 3 1 , u n d e r te rm s o f o r d in a n c e o f
190 7, w ith net In com e fo r m o n th o f J a n u a ry 1007 u n d er In dividu al o p e r a ­
tio n p rio r t o d a te w hen said o r d in a n c e t o o k e ffe ct
T h e d iv id e n d s , as here
s h o w n , In clu de th e • e x t r a ” Z ' A % d e cla re d p a y a b le F e b . 10 1008.]
P a ssen ger receipts (Jan u a ry e x c lu d e d )
______________________ $ 7 ,460,635
R e c e ip t s fro m o th e r sources (J a n u a ry e x c l u d e d ) _____ ______ _____
1 02 ,050
T o t a l receipts fo r 11 m o n th s u n d er o r d in a n c e _________________ $7,56 2 ,6 9 4
O p e ra tin g exp en ses, ta x e s , renew als and Interest o n ca p ita l In­
v e s tm e n t, as a p p ro v e d b y Board o f S u p e rv isin g E n g ln e tis ------ 6,410 ,272
N et earnings for 11 m o n th s
C it y ’s p r o p o r tio n , 55 % , as per o r d in a n c e .

. ________________$1,152,421
.......... ..........................- 633,831

$518,500
C o m p a n y ’s p r o p o r tio n , 4 5 % . as per o r d in a n c e ______________ _
In terest o n c a p ita l as certified b y B oa rd o f S u p e rv isin g E n gin eers 1 116,386
In c o m e from o p eration fo r 11 me n th s .
......... ............ ............
* 1 ,634 976
O th er In com e from Jan . 1907 tp e r a tlc n s , A c ., n e t - - - .............- - 2 81 ,582
N et In co m e ....................
............... ................ ......... $1,916,558
D iv id e n d s — M arch, 2 t, % ; Jun e 1 ’ ; %• J u n e , 1 A %■ B e e ., 1 'A % ;
to t a l "r e g u la r ,” 6
% ; " c x t i a . ” F e b 10 1 9 0 8 , 2M % -------- (9 % ) 1,620.000
s u r p lu s f o r th e y e a r
........................ ...............................- ......... ......... $296,558
V a lu e o f p n pet ty D ec. 31 1907, as per c c rtfica te o f Board o f S u ­
perv isin g E n g in e e r s ._______________________________ ________ - $ 28 ,168 ,08 0
P e rce n ta ge o f ann ual In com e c n a b o v e v a lu a tio n (based c n 11
m o n t h s ’ o p e r a t io n )____ ____ ______ __ _ ........- - - --------- ---------------6.33
P ercen tage o f net In com e t o ca p ita l sto c k at p ar ........- ...................
10.64
C O M P A R A T IV E R E S U LTS F O R C A L E N D A R Y E A R S .

2,35 8 ,8 6 5
1 ,247,425

,
,
.
1007.
A ssets —
$
C ost o f r o a d , e q u ip ., A c . 20 ,0 8 1 ,3 6 2
B on ds an d stock s o w n e d
6,77 5 ,5 6 0
M aterials an d s u p p lie s . 1,043,252
D u e from a g e n t s . . ..........
713,254
D o In dividu als A c o e .
371 ,676
Bills r e c e iv a b le , A c -----2,61 3 ,3 6 6
N et t r a ffic b a la n c e s .. . .
58,611
Cash ____________________
730,256
D ep recia tion f u n d ..........
569,841
M is c e lla n e o u s — .............
1,710

6 ,8 2 2 ,0 0 0
100,872
123,891
068 ,930
687,734
2 50 ,000
537 ,240
4 00 ,440

$

2 ,1 03,048

IN C O M E ACCO U N T.
R eceipts —
N et ea rn in g s — .......... - R e n ts an d o th e r receip ts

100 4.
1 7 ,1 0 3 ,4 0 0

$

(Report for Fiscal Year ending Dec. 31 1907.)

1906.

$

1005.
17,19 3 ,4 0 0

$

Chicago City Railway.

$3,445,477

C O N D E N S E D B A L A N C E S H E E T D E C . 31.
•
1007.
•A s s e t s —
$
C ost o f r o a d -------------------- 17,816,883
C ost o f e q u ip m e n t _____
8,019,201
O th er p erm , in vestm en t 4,684,130
S to c k s In tr e a s u r y _______ 8 ,7 8 6 ,1 7 6
B on d s In trea su ry ____ _
9 ,4 7 3 ,4 1 7
.A dvances t o leased and
c o n trolled r o a d s _____
2,48 0 ,2 5 7
C oal on h a n d ------------------1 ,888,646
M aterial, fu e l, A c _______
2 ,5 7 7 ,1 6 5
Cash _ _ .....................
3,181,021
141,580
Bills r e c e iv a b le _________
A g e n ts, c o n d u c to r s , cos..
In dividu als, A c _______
1 ,634,278
C oal bills and s u n d ry a c ­
3 ,1 4 9 .3 9 4
cou n ts d u e ____________
Suspense a c c o u n t _______

33,867,807

1006.
17,10 3 ,4 0 0
2 ,1 4 0 ,1 6 0
6 ,8 2 2 ,0 0 0
120,520
123,801
1,15 0 ,6 5 4
687 ,734
70 0 ,0 0 0
545 ,456
82 0 ,4 1 0

1006.
$
2 0 ,9 8 1 ,3 6 2
6 ,6 3 3 ,5 6 9
4 71 ,123
673 ,715
245,322
1 .9 14,140
6 1,640
6 62 ,580
530,841
2,410

1005.
$
20,98 1 ,3 6 2
6 ,7 6 5 ,2 1 9
394,847
689 ,842
240 ,457
14,550
7 2,570
9 75 ,762
536,841
2,419

1904.
$
20,981,362
6 ,7 72,638
619,516
517,760
304,530
14,500
5,875
1,248,850
520,841
1,000

32,182,711

3 0 ,6 7 3 ,8 7 0

3 0 ,9 8 6 ,8 8 2

P a ssen ger
D a te.
R eceipts.
1 9 0 7 - - . .......... ..$ 8 ,0 8 7 ,0 0 1
1 9 0 6 ................. - 7 ,7 7 3 ,4 4 6
1 90 5_________ . 7,240,671
100 4.......... .. . . 6,600.501
190 3.......... ..
- 6,381 246
190 2. - .......... . - 6,367,358
1 90 1_________ . . 5,85 6 ,3 8 6
1 90 0_________ . - 5.506,314

G ross
E a rn in g s.
$8,105,730
7 ,8 7 1 ,1 2 6
7,32 2 ,0 8 0
6 ,6 6 8 ,0 7 0
6 ,4 3 5 ,5 6 5
6,41 5 ,1 8 2
6 ,9 0 0 ,2 7 1
5,54 3 .1 8 0

B a lan ce
fo r S to c k .
$1,016,558
1,724,822
1,670,473
1,746,850
1,687,224
1,806,678
1,747,150
1,680,301

D lv s.
P a id .
*0
0
0
0
9
. o
12
12

P e r Cent
E a rn ed
on S t o c k .
10.64
9.58
0.3 3
0.70
0.37
10.54
11.00
12.80

* In c lu d in g th e ’ ’e x t r a ” 2 H % paid In F e b . 1008, w h ich w e are In form ed
c a m e o u t o f th e earnings o f 1907.— E d .
S T A T I S T I C S F O R 1906 A N D

1907.

P e r C ent
P erC e
In c.
1006.
In c.
1907.
156 ,1’>7,.3(53
7 34
3.09
F are pa sse n g e rs------------------ 162 ,422,148
2.69
T r a n sfe r p a s s e n g e r s ............. 9 7 ,1 7 1 ,371
9 4 ,6 2 3 ,1 0 6
7 .6 3
3.50
F a re a n d transfer passen’ rs 2 5 9 ,5 9 3 ,5 1 0
250 ,8 0 0 .4 6 9
7 .4 5
T h e c o m p a n y ow n s 805 d o u b le -tru ck ca rs . 251 s in g le -tru ck , m a k in g
t o ta l o f 1 ,0 5 6 .— V'. 8 6 , p. 475.

Central Leather Co.
(Report for F is c a l Y ea r ending Dec. 31 1907.)

President Edward C. Hoyt says:
On th e basis (1) o f th e p r o p o r tio n o f t h e s to c k o f th e U n ite d S tates
L ea th er C o . held b y It. (2) o f the n e t earnings o f th a t c o m p a n y fo r th e
y e a r en d ed D e c. 31 1 0 0 7 and (3) o f th e net earnings o f th e s u b s id ia ry
co m p a n ie s o f the Central L ea th er C o ., th e earnings o f th e C entral L e a th er
C o. fo r th e y e a r ended D e c. 31 1907 w ere $4,182,272 (against $6 ,5 3 3 ,9 0 4
n 190 6).

Feb. 20 1008.1

THE CHRONICLE
IN C O M E

AC CO U N T.
Y ea r en d .
D e c . 31 ’07.

E a r n in g s —

Y ea r
D ec.

en d . P erio d en d .
31 ’ 0 6 . D e c . 31 ’05

D lv on prof, shares U . S. L e a th . o w n e d * $ 3 ,4 0 3 ,8 2 5 $ 3 ,4 3 2 ,1 2 6
Interest and d is c o u n t --------------------------------31,688
47,681
N et earnings o f N . R . A lle n ’s Sons C o . ,
Union T a n n in g C o ., H arrin gton & C o .
821 ,2 7 4
an d oth er su b sid ia ries___________________
6 G3 . 7 1 7

$843 483
- ...........
362,308

$ 4 ,150,230 $ 4,301,081 $1,205,701
E x p e n d itu r e s —

I n t e r e s t a n d d i s c o u n t ----------O r g a n iz a t io n e x p e n s e s --------G e n e r a l e x p e n s e s -------------------D is c o u n t & c . , b o n d s a le s - .
B o n d I n t e r e s t ......... ..................
D iv id e n d s p a i d o n p r e fe r r e d

$11 3,19 6
1 ,724,410
2 ,1 7 0 ,2 8 5

$18,480
1118,029
1 4,217
68,045
359,785
518,207

$290,875
25,000
1,602 501
2,1 2 6 ,3 1 6

• T otal e x p e n d itu r e s .......................................$ 4 ,0 0 7 ,8 9 1 $ 4 ,1 4 3 ,7 8 3 $ 1,087,753
U n d iv id e d p r o l l t s . - - ....................................... $151,339
$157,298
$118,038
♦ In clu des 6 % d iv id e n d s on $5 7 ,8 0 7 ,2 0 0 preferred s to c k .
On 2,722
shares ($272,200) s to c k o n ly three d iv id e n d s o f $1 50 p er share each
(4 A % ) w ere r e c e iv e d , on 160 shares o n ly t w o d iv id e n d s (3 % ) , and on 10
shares o n ly o n e d lv ld d e n d ( l H % .)
BALANCE

SH E E T O F C E N T R A L L E A T H E R CO. D EC.

1907.
$

.

A $ fts—

31.
1906.

1906.
$

|
1907.
1 L ia b il it ie s —
$
|Bds. outstand'g. 34,526,600
05,679,5701Preferred stock. 31,061,500
|Common stock . 38,400,952
6,845,0561Bills p aya ble.. . 3,750,000
|Accts. payable.
16,549
2,705,000jUndlv. p rofits..
426,674

StOCK of U . S.
Leather C o— 96,217,152
Invest. In subsld.
cos., lncl. stks. 7.028,774
13111s receivable—
Union Tan.Co. 4,332,000
Accts. recciv.—
— Un. Tan. Co.
376,005
Curr. accts. rc c.
150,05.8
Accrued Interest
35,905
C a sh ----------------51,381

$

34.382,000
30.878.900
38,161,570
4,730,737
24,565
275,335

T otal.................108,191,275 108,453.107

C O M B I N E D B A L A N C E S H E E T O F S U B S I D I A R Y C O M P A N I E S I A S O F D E C . 31.
A ssets —
Plants...............
Bark & timber Ids.,
other real estate
& pers. p r o p . . .
Hides,leather,bark,
extract, lumber,
supp., mater. &
sundry pers.prop
Unexplred ln su r..
Bills receivable___
Accts. receiva ble..
C a sh.........................

1906. |
$
| L ia b il it ie s —
4,406,318ICapltal stock _____
(Surplus___________
IDue Ccnt.I.cath.Co
1,362,386 1,286,9731Mtge. due by Wal| lln Leather C o . .
IBills payable.........
IAccounts payable.
7,488,978 8,234,5231Accrued Interest..
18,380) Undivided profits.
20,318
420.452|
701,953
1,765,087 1,993,865|
99,2101
96.952

1907.
$
4,747,058

T o t a l . . ................16.172.732 16,459.7221

1906.

1907.
$
1,000,000
4,661,475
4,708,005

$
1,000,000
4,601,475
5,531,351

9,000
3,571,000
1,357,329
135,478
|730,445

9,000
2,905,000
1,097,622
71.693
1,183,581

T otal..................... 16,172.732 16,459,722

The comparative balance sheets of the United States
Leather Oo. as of Dec. 31 are given below.— V . 85, p. 1404.

United States Leather Company.
(Report for Fiscal Year ending Dec. 31 1907.)
The balance sheets for four years are given below:
B A LA N C E

SH EET

1907.
$
4,3 1 8 ,1 7 7
9,9 7 9 ,7 8 9
3 ,509,624
4,245

A s se ts—
Cash .....................................
Due b y c u stom ers . _ Bills re c e iv a b le _________
D o u b tfu l d e b ts , v a lu e ...
O th er d e b to r s ---------- .
H ides and l e a t h e r _____ 11.4 5 7 ,2 7 3
2,3 8 6 ,3 1 8
Bark at ta n n eries_______
402,108
S u n d lie s ,p e r s ’ 1 p r o p . , &c .
508 ,703
A d v a n c e s t o o th e r c o s , .
D r a w b a c k s _____________
100,000
R a ilroa d m o r tg a g e --------T a n n ery
plan ts, &e_ _ 6,9 2 4 ,6 0 2
S to c k o f oth er c o s ----------- ra58,172,226
B on d s C entral H enna. )
L u m b er C o
------------- \ 0,216,888
ft B on ds S u s p .& N .Y .R R . 1
501 ,115
R ea l estate In terests------_________
T rea su ry s t o c k --------------G o o d -w ill, & c . . .
. . 6 2 ,832,300
123,246
U n exp lred Insu ran ce—

DEC.

1006.
$
2,5 0 5 ,1 5 9
10,761,665
1,277,339
8,832
1 ,070,602
15,209.784
1,677,962
654,627
1 ,920,921
464,492
100,000
6 ,8 4 7 ,7 0 6
56,760,181
f
0 ,8 7 9 ,8 8 8 )
t
490 ,2 3 5
62,8 3 2 ,3 0 0
106,293

31.
1905.
$
2,230 337
9,5 6 2 ,2 9 3
243,507
4.125
984,196
12,716,388
1 ,871 .105
590,839
1,923,030
508 ,223
100 .000
6,756,081
5 2 ,8 2 3 ,6 0 3

1904.
$
2 ,420,667
5 .757,802
549,117
10,735
141,906
9,8 1 4 ,9 4 4
2 ,262,860
595,987
343,696
559,485
100,001
6 ,696,0 60
5 0 ,5 1 5 ,4 4 3

8,4 0 4 ,8 8 8

9 ,0 3 5 ,0 0 0
8 7 9 ,88S

232 ,625
6 2,832,300
7 1 ,576

100,000
6 2 ,832.300
56,570

T o t a l _________________ 167 ,496 ,70 5 169 ,627 ,98 7 1 6 1 ,855 ,11 6 1 5 2 ,6 7 2 ,4 6 9
L ia b ilitie s —

C om m on s t o c k --------------Preferred s t o c k --------------B o n d s , less In t r e a s u r y ..
A cc r u e d Interest, &c
C u rrent a c c o u n t s ........ Foreign e x c h ., n o t d u e _
Bills p a y a b le .
.. . .
M is c e lla n e o u s ----------------S u r p l u s ----------- ------------

62,882,300
62,282,300
4 ,680,000
52,470
342,461
453,582
12,785,019
410,172
23,599,400

6 2,882,300
62,282,300
5,080 ,000
67,960
609,585
2 ,0 7 2 ,9 0 4
13,080,000
639 ,729
22,9 1 3 ,2 0 9

62,882,300
02,282,300
5 ,280,000
59,550
659 ,949
1 ,516,822
7,9 0 0 ,0 0 0
632,666
2 0 .6 4 1 ,5 2 9

6 2,882,300
6 2 ,282,300
5 ,280,000
26,254
285 ,620
1 ,098,298
2,1 0 0 ,9 0 0
517 ,085
18,200,011

T o t a l -------------------------- 107 .490 ,70 5 169 ,<527,987 161,855.1 16 152 ,672 ,46 0
a R ep resen ted b y hides and le a th e r, ta n n e ry p la n ts , sa w -m ills , lu m b e r,
ra ilroa d s, bark , tim b e r and lands In fe e . bark c o n t r a c ts , b a rk at tan n eries,
personal p r o p e r t v , cash and su n d ry d e b to r s (V . 7 3 , p. 81 7 ).
ft See " R y . & In d u stria l” s ection for Jan . 1905, p. 3 8 0 .- - V . 8 5 , p . 1085.

American Telephone & Telegraph Company.
(Earnings of Entire System for Calendar Year 1907.)
The company has given out the following statement show­
ing the earnings of the operating companies for the calendar
years 1907 and 1900 (compare list of such companies, V . 85,
p. 1398; V . 86, p. 171):
I N C O M E A C C O U N T O F T H E O P E R A T IN G C O M P A N I E S .

A T e le g r a p h C o .)
s
------- I n c r e a s e .--------

( E x c l u d i n g L o n g - D i s t a n c e L i n e s o f th e A m e r i c a n T e l e p h o n e

1907.
1906.
A m ou n t.
G ross ea rn in g s------------------ .$ 1 2 0 ,7 5 3 ,2 0 0 $10 5,4 4 1 ,6 0 0 $ 15 ,311 ,60 0
O p era tin g e x p en s es ------------- $53 ,242 ,30 0
$ 4 7 ,2 0 6 ,4 0 0
$ 6 ,0 3 5 ,9 0 0
M a in t e n a n c e ................ - ............
34,665,700
3 0 ,639,200
4 ,0 2 6 ,5 0 0
T o ta l ex p e n s e s ------------------- $ 8 7 ,998 ,00 0
N et e a r n in g s _________________ $32 ,815 ,20 0
In te r e s t-------- ---------7 ,0 2 5 ,5 0 0

$ 77 ,845 ,00 0 $10 ,062,400
$ 27 ,596 ,00 0 $ 5 ,249,200
5 ,1 9 7 ,8 0 0
1 ,827,700

%

14.5
12.7
13.1
12.9
19.0
35.1

B a la n ce _________ _______ $ 2 5 ,819 ,70 0
5 22 ,398 ,20 0
$ 3 ,421,500
15.2
D iv id en d s d e c la r e d --------------19,206,100
16,682,000 2 ,5 2 4 ,1 0 0
15.1

Undivided profits__________




P O S IT IO N
O F A M E R IC A N
TELE PH O N E & TELE G R APH CO.
O W N E R O F 54 .3 % O F S T O C K O F O P E R A T I N G C O M P A N I E S .
C a le n d a r Y e a r s —
1907.
Surplus o f A m . T e l. & T e l. C o. o v e r Interest
ch a rge s, as sh o w n b e lo w _________________________ $ 1 6 ,269 ,38 7
A d d 54 .3 % o f u n d iv id e d n e t p ro fits o f o p e r . c o s - 3 ,5 9 1 ,1 8 5

A S

1006.
$ 1 2 ,0 7 0 ,9 3 6
3 ,1 0 3 ,8 9 6

T o ta l .................... ....................................... ..................... $ 1 9 ,860 ,57 2
$1 6 ,0 7 4 ,8 3 2
T o ta l earned o n s t o c k o f A m . T . & T . C o __________
13.02 %
12.21 %
N o t e .— T h e p e rce n ta g e o f earn in gs t o s t o c k Is c a lcu la te d In th e case o f
1907 earnings on th e a m o u n t o f s t o c k n o w held b y th e p u b lic , n a m e ly ,
$15 2 ,4 8 4 ,8 5 5 ; fo r 1906 on $ 1 3 1 ,5 5 1 ,4 0 0 o f o u ts ta n d in g s t o c k .
IN C O M E

A C C O U N T O F A M E R IC A N T E L E P H O N E
CO. FO R C A L E N D A R
YEAR S.

&

TELE G R APH

1 90 7.
1906.
D iv id e n d s ....................- ............................... -$ 1 1,8 0 5 ,1 6 8 $1 0 ,2 8 1 ,4 3 8
In terest and o th e r reven u e fro m asso­
cia te d and licensee c o m p a n ie s ____
9 ,3 0 7 ,0 2 3
6 4 77 ,154
T e le p h o n e tr a ffic ( n e t ) . ..........................
3 ,9 0 1 ,6 5 3
2 ,7 0 5 ,1 3 8
R e a l e sta te , & c ............................................
5 9 5 ,8 2 6
245 ,4 2 3

In crea se.

$1,523,730
2 829 ,8 6 9
1 ,196,515
350 ,403

T o t a l .............................................................$25 609 ,671 $ 1 9 ,7 0 9 ,1 5 3
E x p e n s e s ..........................................- ............
2 ,1 3 0 ,3 8 1
1 ,8 5 1 ,4 6 6

$5,9 0 0 ,5 1 8
278 .9 1 5

N et e a rn in g s ............................................$ 23 ,479 ,29 0 $ 1 7 ,8 5 7 ,6 8 7
I n t e r e s t ............... ........................................7 .2 0 9 ,9 0 2
4 ,8 8 6 ,7 5 0

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

B a l a n c e ____________________ _________$ 1 6 ,269 ,38 7 $ 1 2 ,9 7 0 ,9 3 6
D iv id e n d s ______________________________ 1 0,943,644
1 0 ,1 9 5 ,2 3 3

$3,298,451
748,411

S u rp lu s..................- ...................................

$5,3 2 5 ,7 4 3

$2,775..703

$ 2 ,5 5 0 ,0 4 0

B A L A N C E S H E E T O F A M E R IC A N T E L E P H O N E & T E L E G R A P H
D E C . 31 1907.

<

A s se ts.

2,826,3511
10,6841
15,529|
370,918)

T otal................108,191,275 108,453,1071

545

$ 6 ,0 1 3, 6 0 0

$ 5 , 7 10 ,2 0 0

$897,400

15.7

L ia b ilitie s .

S to ck s o f a ssocia ted c o s $ 2 0 2,33 8,1 00
B o n d s and o th e r o b llg a ’s
o f a ssocia ted c o s _______ 7 1 ,0 6 0 ,6 9 6
T e le p h o n e s --------------------- 10,169,548
R ea l e s ta te _______________
3 ,4 9 3 .5 8 3
L o n g d ls . telep . p la n t___4 1 ,6 2 1 ,1 7 4
Cash and d e p o s it s _______ 13,4 9 0 ,6 0 2
T e m p o r a r y cash lo a n s ___
5,2 8 5 ,7 8 2
S h o rt-te rm n o t e s ________ 1 1,610.775
A c c o u n ts r e c e iv a b le ____
9.5 7 3 ,3 8 5
P a ten ts ____________ .
277 ,937
T re a su ry b o n d s --------------320,000
T re a su ry s t o c k ------ — 2 7 ,110,400

C a pital s t o c k ____________ $ 1 7 9 ,5 9 5 ,2 5 5
4 % c o lla t . tr. b d s . 1 9 2 9 -. 53,000 000
4 % c o n v . b o n d s, 19 3 6 ___ 90,000 ,000
4 % A m e r . B ell b o n d s, ’08 10,000 000
5 % c o u p o n n o te s , 1 9 0 7 -10 000
5 % c o u p o n n o te s , 1 9 1 0 -. 25,000 ,000
O th er n o te s p a y a b le ____
485 000
D iv id e n d s p a y . Jan . 1 5 -_
3,050 ,500
In terest and ta x e s a c ­
cru ed b u t n o t d u e ____
3,310 .160
A c c o u n ts p a y a b le _______
1,162 .589
Surplus & d e p r e c ia tio n
r e s e r v e ----------------------- 3 0 ,7 3 8 ,4 1 8

T o t a l .............- - . - V . 86 p . 4 8 2 ,4 2 2 .

.$ 3 9 6 ,3 5 7 ,9 8 2

GENERAL

T o ta l

............... ............ $ 3 9 6 ,3 5 7 ,9 8 2

I \T E S T M E N T
V

M EW S.

RAILROADS, INCLUDING STREET ROADS.
American Railway Association.— Reduction of Demurrage
Rate Ratified.— The proposition to reduce the demurrage
charge on foreign freight cars from ,50 to 25 cents a day has
been approved by the requisite number of roads and -will go
into effect on Sunday. The New York New Haven &
Hartford will re-enter the Association on the condition that
it be given due notice in case of any advance in the rate.
— V. 86, p. 419.
Atlantic Coast Line of Connecticut.— Dividend Reduced.—
The directors of this holding company on Feb. 20 declared
a quarterly dividend of 2 % on the 812,600,000 stock, paya­
ble March 10 on stock of record Feb. 29, thus reducing the
annual rate from 10 to 8 % .
C a sh

D iv id e n d

R ecord

( P e r C e n t).

’97. ’ 98. ’ 99. ’0 0 . ’0 1 . ’0 2 . ’0 3 . ’0 4 . ’0 5 . ’0 6 .
3A
4 4k
5 4 'A 6 n
8
8
9 10
— V . 85, p .1 3 4 2 .

10

1907
1908.
(2 'A Q -M ) . M ar. 10,2 %

Buffalo Rochester & Pittsburgh Ry.— Listed.— The New
York Stock Exchange has listed 81,602,000 consolidated
mortgage 4 ) ^ % bonds, due 1957, with power to the com­
mittee to add from time to time, but prior to Jan. 1 1909,
81,398,000 additional on notice that they had been sold,
making the total authorized to be listed $3,000 ,00 0, all
issuable under the mortgage for “ present corporate pur­
poses.” Compare V . 86, p. 336, 419.
Canadian Pacific Ry. — Debenture Stock Sold in London.—
The company, it is announced, has sold in London at slightly
above par £2,000,000 (810,000,000) consolidated perpetual
4 % debenture stock.— V. 86, p. 51.
Chicago & Alton RR.— Called Bonds.— Twenty ($20,000)
Mississippi River Bridge Co. bonds will be paid April 1 1908
at the First National Bank, No. 2 Wall S t., N . Y .— V . 86,
p. 167.
Chicago City Railway.— Report.— See “ Annual Reports” .
New Officers.— Simon R . Flynn, President of the Live
Stock Exchange National Bank, Chicago, has been elected
director to succeed S. M. Felton, who resigned. R . B. H am ­
ilton, formerly Secretary, was elected Vice-President, and
Thomas F. Hoffman, Secretary and Treasurer.
Bonds Sold.— The company recently sold an additional
$4,000,000 of the 5 % first mortgage bonds to the syndicate
which took the earlier issue, including the Harris Trust &
Savings Bank and First Trust & Savings Bank of Chicago,
making the total amount outstanding 811,000,000. The
new bonds are being offered by the syndicate. The issue
is currently quoted at 9 5 )4 .— V . 86, p. 475.
Chicago Railways. — Sale of 82,500,000 First Mortgage
5 % Bonds.— The National City Bank and N . W . Harris &
Co., both of New York, and associated institutions in Chi­
cago, have placed this week $2,500,000 first mortgage 5 %
gold bonds, dated Feb. 1 1907 and due Feb. 1 1927, but sub­
ject to call at par and interest on any interest date. Interest
payable Feb. 1 and Aug. I at the office of the trustee, the
Harris Trust & Savings Bank, Chicago, or at the office of
N . W . Harris & Co., New York City, at holder’s option.
Denomination 81,000. Coupon or registered form. The
remaining $2,500,000 bonds purchased by the same parties
have not yet been offered.

T H E

C H R O N IC L E

A b s t r a c t o f L e t t e r f r o m C h a i r m a n H e n r y A . B l a i r , C h i c a g o , F e b . 20 1908.
T h e c o m p a n y was o rg a n iz e d u n d e r th e law s o f Illin ois w ith a n om in a l
c a p it a l stocic o f $ 1 0 0,00 0 fo r th e p u rp ose o f ta k in g o v e r the system s o f
street railw ays fo rm e r ly o p e ra te d by th e W est C h ica go S treet H R and
N o rth C n leago Street K it . c o m p a n ie s , it ow n s and o p e ra te s, w ith o u t sur
face c o m p e t it io n , 303 m ile s , m easu red as sin gle tr a c k , on th e n o rth and
w est sides o f th e c it y .
U nder th e te rm s o f th e fra n ch ise be lo w m en tio n e d
these prop erties w ill be re c o n s tru cte d , re eq u ip p e d and m aintain ed In a
m an n er w h ich w ill g iv e to th e 1,580,000 p e o p le In th e te rrito ry served the
best p ossib le s erv ice.

w ritten d o w n to th e ir Intrinsic w orth on the b o o k s o f th e p a re n t c o m p a n y ,
th e D elaw are & H u d son w o u ld h ave a d e fic it Instead o f a s u r p lu s .”
The
sa m e Interests at the ann ual m e e tin g In M ay last q u e stio n e d the p r o p r ie ty
o f th e In v estm en ts r e fe ir td t o .
C om p a re V . 8 4 , p. 1182. T h e c o m p a n y o n
W e d n e s d a y a n n o u n ce d th a t n o n e ol tin- three person s w h o o b ta in e d the
In ju n ctio n is an o w n e r o f record o f e ith er s t o c k or b o n d s .— V . 8 6 , p . 3 3 7 ,2 8 5 .

Delaware Lackawanna & Western RR.— Report.— See
“ Annual Reports.”
New Director. William Fahnestock of the banking firm
of Fahnestock & Co., New York, has been elected to the
board of managers to succeed Samuel Sloan, deceased.—
V . 85, p. 1401.
Des Moines (la.) City Ry .— Report. -For calendar year
1907 as reported to city authorities:

C a p i t a l i z a t i o n o f th e C o m p a n y .

C a p ita l s to c k w h ich has been m a d e th e basis o f an issue o f fo u r
series o f “ p a r ticip a tio n ce r tific a te s ” w hich w ill be Issued to
th e s to c k h o ld e r s o f th e o ld co m p a n ie s (per plan In V . 8 5 . p.
1209, 1 5 7 6 ) - - .......... ............ . . . -------------------------$100 000
First m o r tg a g e bon d s w hich will be Issued d u r in g 1908
5 0 0 0 ’o o o
C o n s o lid a te d m ortg a g e b on d s, series A . 1 and C, Issued t o m e e t
5
'
th e cash requ irem en ts o f o rgan ization and in e x c h a n g e for
b o n d s .flo a t in g d e b t and o th e r ob lig a tio n s o f th e o ld c o m p a n ie s
(ot series A Inclu ded In this $ 3 7 ,5 0 0 ,0 0 0 , $0,7 6 7 ,2 0 0 have
,V,^An,>^,»p-0S ^c d
fo r an Issue o f n o t e x c e e d in g $ 5 ,­
0 0 0 . 0 0 0 o -y e a r 0 % collateral n o t e s )_____________________
3 7,500,000
E a r n i n g s a n d E x p e n s e s Y e a r e n d e d D e c . 31 1907.
G ross e a r n i n g s
« ln
O p e r a tin g ex p en ses, Inclu din g t a x e s - --".'-'-".'-‘ -"-‘ .‘ -"-'-' '.‘ - 1 1 1 7. 654, 419

G ross ea rn in gs--------------------- $779,059 D e d u c t - T a x e s _____________ $21 ,596
O p e ra tin g expen ses
(lncl
do
In t. o n b o n d s ____ 153,040
$14,231 “ e x tr a o r d in a r y ” ) 559,550
do
O th er In terest____
5,951

-

N e te a m in g s —
$219,509
B a la n ce , s u rp lu s _________ $38,922
I h ls n et in c o m e 41:p u Id be red u ced $22,220 53 on a c c o u n t o f d e p r e c ia ­
tio n .
I f this Is d o n e , th e net In co m e Is $ 1 6 ,7 0 1 .” - - V . 8 4 , p . 5 0 8 .

Duluth Rainy Lake & Winnipeg R y . — Earnings, <fcc.-W e
have received the following statement of earnings, &c.:

N et e a rn in g s--------------------------------------------------------------------------"$ 2 ,8 8 4 ,4 0 2
that th e net earn in gs are m o r e th a n e le v e n tim e s the
Inter eat charges on $.>,000,000 first m o r tg a g e b o n d s.
In vie w o f the c x tunltJes
t P b c U lad® Im m e d ia te ly to th e p r o p e r ty and o p p o r e x p e c t e d ° l *lltu ie d e v e lo p m e n t, largely in crea sed earn in gs are c o n lid e n tly

C a le n d a r Y e a r —

G ross e a r n in g s ------------------------O p e ra tin g e x p e n s e s....................................

I, r
-.

' VV I.Cl O vI.u
W V il C
I
V

-

V t I llll.lh I VV
v 'V liv li

Sale of Gold Notes.— The $4,250,000 of 5-year 6 % collateral
gold notes dated Feb. 1 (authorized amount $5 ,000,000),
issuable under the reorganization plan, underwritten by a
syndicate of Chicago banks, were offered this week at 9 7 %
and interest, and practically all re-sold. The notes are
subject to call on or after Feb. 1 1911 at par and interest.
T h e a u th orized Issue o f $ 5 ,0 0 0 ,0 0 0 Is secu red b y d e p o s it In trust o f
$ 6 ,7 6 7 ,2 0 0 co n s o lid a te d m o r tg a g e Series A 5 % g o ld b o n d s, o r at the rate
o f $1,3 5 3 40 .Series A b on d s fo r each $1,000 n o te Issuable.
C on solid ated
“ A ” b on d s are a prior lien t o $ 2 1 ,6 0 0 ,0 0 0 Series B and C b o n d s a u th orized
u n d er th e m ortg a g e. T h e n e t In com e o f th e p r o p e r ty for 1907 was equal
to fo u r tim es Interest ch arges o n the n o te s and th e $9,1 3 2 ,8 0 0 co n s o lid a te d
m o r tg a g e Series A b on d s o u ts ta n d in g .

Estimated Earnings.— A circular gives the following
mated earnings for 1908:
C a l.
Y ea r.

C ross
E a r n in g s .

N e t (o v e r)
In t. on
In t. o n
[n t. on
T a xes.
X s t M . b d s . C o l l . n o t e s C o l l . A b its .

1908
$10,588,821 $ 2,864,402 $ 1 5 0,00 0
— V . 8 6 . p . 420 , 284.

$235,000

esti­

B a l. fo r
J u n S ec

$365,312 $2.114 090

Choctaw Railway & Lighting Co. of McAlester, Qkla.—
Increase of Stock.— This company on Fob. 19 filed at Guthrie,
Okla., a certificate of increase of capital stock from $500,000
to $1,000,000.— V . 81, p. 264.
Columbus Delaware & Marion R y .— Stock Increase.— The
shareholders will vote March 27 on increasing the capital
stock from $2,500,000 to $3,000,000 or such other amount
as may be fixed by said meeting.— V . 80, p. 117.
Delaware & Hudson Co.— Temporary Injunction.— Justice
Platzek on Feb. 25 granted an order to show cause, return­
able next Monday, why an injunction should not bc granted
restraining the payment of the quarterly dividend of 2 % %
on March 16 next.
T h e a p p lic a tio n w as m a d e b y fo rm e r J u stice R u fu s B. C o w in g on beh a ff
o f three h old ers o f sm all a m o u n ts o f th e c o m p a n y ’s secu rities w ho allege
th at th e assets h a ve been Im paired b y th e In ju d iciou s pu rch ase o f s u b sid ia ry
c om p a n ies at an ex cessiv e v a lu a tio n , and that ” lf these properties were




1007.
1906.
$403,229 $336,878
255,232 200 ,6 1 6

in c r e a s e .

$66,351
54,610

N et earnings--------------------$147,997
$136,262
On A u g . 1 1907 the c o m p a n y a d o p te d the system o f b o o k k e c n ln l1 P re­
scrib e d b y the In te r-S ta te C o m m e rce C om m ission ; con se q u e n tly* i n 398
w as ch arged a g ain st o p e r a tin g expen ses and c o v e r e d d e p r e c ia tio n o f e q u ip
d e p r e c ia tio n o f eniiln
m in t for the last live m o n th s o f tn e y ear.
A lth o u g h th e en tire road was p r a c tic a lly c o m p le te d D e c 1 5 1 9 0 7 th e
s
a vera ge m ain line m ilea ge in o p e r a tio n for b o th 1906 and ip 0 7 w as o n ly

„ f } ? |.Pn}w, p ‘’S pe^ s o f th e first m o r tg a g e b o n d s. In clu d in g th e p ro ce e d s
?Jiii >? ^o.OOO.oOt , the estim a te d a m o u n t w h ich w ill be Issued d u r in g 1908
w ill be used t o reim bu rse th e c o m p a n y fo r r e c o n s tru ctin g , re -e q u ip p in g

1 4
4
111 1
771
8
.1
P 't y C om p troller Id e n tify in g th e bon d as be in g en title d to th e first Hen
a u th orized b y th e o rd in a n ce , w h ich p r o v id e s th a t " a s again st th e c it y and
a n y licensee o f the c it y and a n y an d all o th e r persons h a v in g o r c la im in g
to h a ve a n y Interest o r benefit u n d er this o r d in a n c e , the lien se cu rin g said
b on d s an d o b lig a tio n s shall at all tim e s be d e e m e d and recogn ized to be a
lirst lien up m th e en tire street railw ay system h e re b y a u t h o r iz e d , In clu din g
all rights granted t o the c o m p a n y b y this o r d in a n c e .”
U nder the d iv isio n o f surplus earnings p ro v id e d for In th e o r d in a n c e , the
c it y is an a ctu a l p a rtn er o f th e c o m p a n y , at least e q u a lly Interested In
Increasin g Its earnings.
T h e first m o r tg a g e b o n d s are, th e re fo re , In a sense,
quasi m u n icip a l securities.
F r a n c h i s e . — A n or d in a n c e d a te d F ob . 1 1 1907 (V . 8 4 , p. 1 1 2 3 ), a p p ro v e d
b y the e lectors o f the c it y A p ril 2 1907, gra n te d th e c o m p a n y a 2 0-year
franchise.
U nder this or d in a n c e the v alu e o f th e p rop erties as o f F eb . 1
1907 Is recogn ized as a p p ro x im a te ly $ 3 0 ,5 0 0 ,0 0 0 on an app ra isal b y the
c i t y ’s engin eers. T h e o r d in a n c e gran ts the c it y an o p tio n t o pu rch ase all
o f the p rop erties for m u n icip a l o w n ersh ip an d o p e r a tio n at a n y tim e d u rin g
the life o f th e franchise at a p rice equ a l to th e a b o v e -m e n tio n e d v a lu a tio n ,
plus all e x p e n d itu re sin ce F eb . I 1907, fo r r e c o n s tru ctio n and ex te n sio n s,
In clu d in g a n y a m ou n ts a d v a n c e d to th e c it y fo r th e co n s tr u c tio n o f su bw ays
■In the d o w n -to w n business d is tric t.
In case the p r o p e r ty shall not be pu rch ased p rio r t o th e e x p ira tio n o f the
p resen t fra n ch ise, th e c it y c o v e n a n ts t o u t It w ill not th en g ran t a fra n ch ise
t o a n y o th e r co r p o r a tio n fo r a c o m p e t in g sy s te m unless such c o r p o n tlo n
shall p urchase the p r o p e r ty at said p rice . T h e c it y at a n y tim e p rior to
1927 m a y also require the c o m p a n y to sell Its p r o p e r t y to a n y o th e r licensee
c o r p o r a tio n d esig n a ted b y th e c it y , o r m a y pu rch ase th e p r o p e r ty Itself
for m u n icip a l ow n ersh ip (w ith n o re q u ire m e n t as t o m u n icip a l o p e r a t io n ),
b u t, In eith er such ca se, th e p rice p aid shall be 2 0 % m ore than th e price
a b o v e m e n tio n e d .
T h e fra n ch ise p ro v id e s fo r a straigh t 5 -ce n t fare w ith u n iversal tran sfers.
T h e c it y Is e n title d to 55 % o f th e su rplu s earn in gs, a fte r first p r o v id in g for
all o p e r a tin g expan ses, In clu d in g t a x e s , m a in te n a n c e and d e p re cia tio n anil
5 % u p on the va lu e o f th e p ro p e rtie s as Increased from tim e t o tim e
M a n a g e m e n t . — T h e trust agreem en t u n d e r w h ich th e p a r ticip a tio n ce rtifi­
c a te s o f th e c o m p a n y are Issued p ro v id e s fo r th e c o n tr o l o f the c o m p a n y b y
th e fo llo w in g tru stees:
A . O. B a rtle tt, o f H ib b a rd , S p e n ce r, B a rtlett & C o .: d ir e c to r T h e N orthern
T ru s t C o. and First N a tio n a l B a n k o f C h icago.
C harles H . H u lb u rd , P resid en t E lgin N a tio n a l W a tch C o.- d ir e c to r Illinois
T r u s t & S avin gs B ank.
A lb e r t A S pragu e d ir e cto r T h e N o rth e rn T ru st C o . , C o m m o n w e a lth E dison
C o ., C h icago T cieprtone Co.
C h a u n cey K eep , tru stee E state o f M arshall F ield; V ice -P re sid e n t Illinois
T r u s t & S av in gs B ank; d ir e c to r T h e M e rch a n ts’ L oa n & T ru s t Co
Charles U. D aw es, P resident C entral T ru s t C o. o f Illinois; fo rm e r ly C o m p ­
troller o f the C u rrency.
1
D u rin g the life o f th e lirst m o r tg a g e b o n d s, a fin a n ce c o m m itte e w ill have
(m e e t su p ervision Joi tne n ua nces o f th e c o m p a n y ,, v a ca n cie s in this co m m itIn
+18v!PC n S ° !1
n
! finances
the
co
Jj®®
,fl fu e’il o n ly u p on the w ritten a p p ro v a l o f the m o r tg a g e tr stee.
re tru
I his c o m m it t e e Is n ow as fo llo w s : C h a u n cey K e e p , H en ry A . Blal and
Blair
!>• A- E c k h a r t, d ir e cto r o f C on tin en tal N a tio n a l B a n k and H arris Ti
S av in gs B a n k (th e trustee u n d e r m o r tg a g e )”
“ “ “ “ “ “ ls lr u s t &

[VOL. LXXXVI.

T h e brid ge o v e r th e R a in y R iv e r , m a k in g c o n n e c tio n w ith th e C a n adian
N o rth e rn R R , Is n o w nearin g c o m p le t io n , and th ro u g h tra ffic b etw een
VVlnn p e g and D ulu th w ill be Inaugu rated A p ril I. T h e line Is n o w c o m ­
ple te d and In o p e r a tio n to th e C anadian b o u n d a r y .— V . 85. p. 1518

Detroit Toledo & Ironton Ry.— Receiver's Certificates —
Judge Swan in the United States Circuit Court at Detroit’on
Feb. 25 authorized the issuing of $300,000 receiver’s certifi-

stating that with a falling off of 5 0 % in gross receipts, the
loss in net income, owing to economies, was only 1 5 % .
Circular to Holders of Collateral 5 % Notes, due Dec. 1 1908.
— Charles H . Gilman, of Portland, Me., and Edmund Sey­
mour, 45 Wall Street, New York, have been elected members
of the noteholders’ committee to succeed Leopold Kleybolte
and Newman Erb, resigned. The other members are Joseph
Ramsey Jr., 100 Broadway, New York, Chairman; Hugh
II. Harrison, New York; and Allen T . W est, St. Louis. A
circular dated Feb. 24 says in substance:
T h is co m m itte e w as organ ized t o p r o te c t th e Interests o f h olders o f the
co lla te ra l n o te s, at the request o f th o se o w n in g o r c o n tr o llin g a m a jo r ity
or th e aforesaid n o te s. T w o m e m b e rs h a v in g resign ed (V . 86, p . 4 8 9 ), th e
(v.m m lttee, a fte r c o n fe re n ce w ith n o te h o ld e r s , e le cte d Charles II. G ilm an
and E d m u n d S e y m o u r to till the vaca n cie s.
N o m e m b e r o f this co m m itte e
has the slightest Interest In a n y o th e r se cu rity o f the c o m p a n y , o r affilia tion
w ith a n y Interest w h ich Is o p p o s e d to th e full p ro te c tio n and Hnal p a y m e n t
o f th e co llateral n o te s.
W e are o f the op in io n th a t th e co lla te ra l fo r th e n o te s , w h ich Inclu des
$5,0 0 0 ,9 0 0 co n so lid a te d m o rtg a g e b in d s o f th e c o m p a n y (a m a jo r ity o f
the Issue) and 30,010 shares preferred s to c k and 21,900 shares o f c o m m o n
s to c k o f th e A n n A r b o r R R . , b ein g th re e -fo u rth s o f the p referred and tw oth ird s o f the c o m m o n s to c k o f th at c o m p a n y , h a v e an Intrinsic v a lu e w hich
w ill, If p ro p e rly c o n s e r v e d , result In a se ttle m e n t o f the n o te s s a tisfa c to r y
t o all h olders.
T h e co n s o lid a te d m o rtg a g e b e n d s , o f w h ich $ 2 ,776,400 h a v e been s o ld ,
$5,0 0 0 ,0 0 0 p ledged as co lla te ra l t o y o u r n o te s, and th e ba la n ce as co lla tera l
t o va rio u s loans, w o u ld , u n d er fo reclosu re sale, c a r r y th e equ ities In the
D. T . & I. R y . C o ., s u b je c t to S8,7 4 8 ,000 o f u n d e rly in g b o n d s, and state
m en ts m a d e to th e co m m itte e s h o w th a t th e c o m p a n y ca n earn the fixed
ch arges o n these u n d e rly in g b on d s.
T h e sale o f th e A n n A r b o r s to c k w ill give th e p u rch a se r c o n tr o l o f a
railroad w hose su rplu s net earnings fo r th e y e a r e n d in g June 30 1907, a fter
d e d u ctin g all c h a rg e s, ta x e s . Im p r o v e m e n ts . & c., w ere $37 7 ,0 0 0 , w hich Is
e qu a l to 5 % on preferred and c o m m o n s to ck s and fo r th e y ear 1906 w ere
o v e r $400.000.
A large n u m b e r o f n otes has a lr e a d y been d e p o s ite d and pledged w ith
this c o m m itte e .
W e request the su p p o r t o f e v e r y n o te -h o ld e r and th e
e a rly d e p o s it o f th eir n o te s w ith T h e N ew Y o r k T ru s t C o ., N ew Y o r k , o r Its
agents fo r this p u rp ose— T h e .St. L ouis U nion T ru s t C o ., ,St. L o u is , M o ., and
T h e N orthern T ru s t C o ., P h ila d elp h ia , P a .
All c o m m u n ic a tio n s for the
co m m itte e should bc ad d ressed to W alter L. W o rra ll, S e cre ta ry , 80 B road
Street. N ew Y o r k C ity; te le p h o n e ad d ress. 1484 B ro a d , N ew Y o r k —
V . 8 6 , p . 480. 337.

Dry Dock East Broadway & Battery R R ., New York.—
Receivers’ Certificates Authorized.— See Third Ave. R R .
below.— V. 86, p. 337.
Easton & South Bethlehem Transit Co .— Guaranteed Bonds
Offered.— Edward B. Smith & Co., Philadelphia and New
York, and Bioren & Co., Philadelphia, are offering at par
and interest the remainder of the authorized issue of $500,000
first mortgage 5 % bonds, guaranteed, principal and interest,
by the Easton Consolidated Electric Co. Compare V. 84,
p. 1307.
Erie R R .— No Dividend Action.— The directors took no
action this week on the dividend question and it is generally
believed that the declaration has been indefinitely post­
poned. See official statement in last week’s “ Chronicle.”
Equipment Trust Agreement.— The company has filed an
equipment trust agreement dated Oct. 1 1907 to secure an
issueof $3,040,000 5 % gold equipment notes, Series N ,due in
semi-annual installments of $152,000 each from April 1 1908
to Oct. I 1917, both inclusive. Denomination $1,000. The
American Car & Foundry Co. is the vendor and the Columbia
Trust Co. of New York the trustee. The trust equipment
consists of 3,000 steel under-frame 40-ton box cars costing
$3,480,700, of which $440,700 was paid in cash and the
remainder is represented by these certificates. Interest on
the certificates is payable April 1 and Oct. 1 at First National
Bank, New York.
Tunnel Connection into New York.— President Underwood
is quoted as saying:

Feb. 29 1908,

THE CHRONICLE

T h e c o n tr a c t betw een th e E rie H R . and th e H u d so n (T u n n e l) C om pa n ies
has a lrea d y been signed an d we can m a k e co n n e c tio n s w ith th e new tunnel
w ith in a few m o n th s . 'D ie Erie will p o s itiv e ly c o n n e c t w ith th e n ew tu n n e l.
C om p a re “ H u d son C o m p a n ie s " b e lo w .— V. 8 6 , p . 48 0 , 228.

Forty-Second Street Manhattanville & St. Nicholas A ve.
R R ., New York.— R eceivers' C ertifica tes A u th o r ize d . — See
Third Ave. R R . below.— V . 86, p. 387.
Gulf & Ship Island R R .— O fferin g o f S h ort-1 'erm M o rtg a g e
Bonds.— Fisk & Robinson, New York, Boston and Chicago,
are offering on a basis to yield 6 % % on the investment,
$750,000 of the authorized issue of $1,000,000 “ mortgage
coupon gold 6 % bonds of 1909-1911,” dated Feb. 1 1908 and
due $250,000 April 1 1909, $250,000 April 1 1910 and
$500,000 April 1 1911. Interest payable April 1 and Oct. 1.
Coupon No. 1 will be for a period of two months. Metro­
politan Trust Co. of New York, trustee. A circular says:
T h e to ta l a u th orized Issue u n d er th e m o r tg a g e o f 1909-1011 is $ 1 ,0 0 0 ,0 0 0 .
T h e a b o v e b on d s w ill be secu red u p o n the e n tire p r o p e r t y , s u b je c t o id y to
the lien o f th e " llr s t r efu n d in g a n d term in al m o r t g a g e ."
B y the term s o f
the c o m p a n y ’s ch a rter, Its in d e b te d n e ss is lim ite d to 820 ,000 per m ile o f
r oa d . T h e to ta l au th oriz e d Issue o f b o n d s u n d er th e “ llrst refu n din g and
term in al m o r tg a g e ” is 5 5 ,0 0 0 ,0 0 0 , o f w h ich a b o u t § 2 00 .000 is held In the
sin k in g fu n d , w h ich a m ou n ts to a b o u t 800,000 a n n u ally.
T h e " m o r t g a g e c o u p o n g o ld b o n d s ” o f 1909 1911 are Issued fo r the p u r­
pose o f p a y in g fo r th e c o s t o f c o n s tr u c tio n o f 0 0 m ile s o f r o a d , co m p le te d
w ith in tne p ast tw o y e a rs , a ga in st w h ic h n o secu rities h a ve h e re to fo re been
Issued.
I n clu d in g the a b o v e m ile a g e , the c o m p a n y ow n s an d o p erates
807 m iles o f sta n d a rd -g a u g e ra ilro a d . T h e m a in line e x te n d s from a
co n n e c tio n w ith the lllin o l sC en tral l i l t , at J a ck s o n , th e c a p ita l o f M issis­
sip p i, to G u lfp o r t, M iss., o n e o f the m o s t Im p orta n t p o rts lo ca te d o n th e
G u lf o f M e x ico .
E a r n in g s

tor

Y e ars

e n d in g
G ro ss.

Ju n e

30

and

N et.

F iv e

M o n th s

O llie r In c .

e n d in g
C h a rg e s.

N o v.

30.

B a la n ce .

190 6-0 7, y e a r . . . . . $ 2 , 4 8 5 , 9 8 9
$601,991 $24,564
$30 9,08 3 $317,472
1905-06, y ear
......... 2 ,1 3 8 ,7 7 9
681 ,668
25,392
305 ,784
401 ,275
1907, 5 m on th s.
..$ 1 ,0 2 9 ,0 7 0
$232,156
$9,515
$13 8,98 7 $10 2,68 4
1 9 0 6 ,5 m o n t h s ............
974 ,306
232,747
12,037
146,095
97,789
T h e a m o u n t req u ired fo r Interest o n th e “ m o r tg a g e c o u p o n g o ld b o n d s ” o f
1909-1911 Is $ 6 0 ,0 0 0 . T h e c o m p a n y has p aid d iv id e n d s o f 4 % p e r ann um
o n Its o u ts ta n d in g ca p ita l s to c k ($ 5 ,0 0 0 ,0 0 0 to 1904, $ 5 ,5 0 0 ,0 0 0 In 1905,
$ 6 ,0 0 0 , 0 0 0 th ereafter) for the past five years.
T h e retirem en t o f th e “ m o r tg a g e c o u p o n g o ld b o n d s ’ ’ as th e y m atu re Is
p ro v id e d fo r b y th e sale to the s to c k h o ld e r s o f an e q u iv a le n t a m o u n t o f
c a p ita l s to c k at p a r , to be taken up and paid fo r o n the dates a t w h ich th e
b o n d s arc p a y a b le .
U p o n th e Issue o f th e “ m o r g ta g e c o u p o n g o ld b o n d s ” o f 1909-1911, the
c o m p a n y w ill h a v e no flo a tin g d e b t: Its cu rren t assets w ill b e In excess o f
Its cu rren t liab ilities, a n d . In a d d itio n , the c o m p a n y w ill h a v e a b o u t
$ 2 0 0 , 0 0 0 on h a n d In m aterials an d su pplies.
T h e c o m p a n y op erates u n d er a special ch a rte r w h ic h en ab les It to fix
rates Irresp ective o f th e R a ilr o a d C om m issio n o f th e S ta te , p ro v id e d the
sa m e are n ot In e x cess o f the m a x im u m rate a llo w e d b y Its ch a rte r. A t all
tim e s tlie c o m p a n y ’s rates h a ve been below the m a x im u m rates p e r m itte d .
T h is qu estion has been d ir e ctly raised and p assed o n b y th e S u p rem e C o u rt
o f tlie S tate and th e ch a rte r has been fully sustain ed b y th e de cisio n s o f
th a t c o u r t.

Sale of Stock to Provide for Redemption of Bonds.—See

above bond offering.— V. 86, p. 285.
Havana Electric R y .— Report.—For year 1907:
C a l.
Y e a r.

G ro ss
E a r n in g s .

N et
E a rn s

N et E a rn s.
Stages,
F ir e d
& c.
C lig e s .

D iv id e n d o n
P re fe rre d Sto c k .

B a la n c e
Su rp .

.

1907
.$ 1 ,8 1 0 ,8 8 8 $846,156 $78 ,796 $558,877 (5M % )$ 2 7 5 ,0 0 0 $91 ,075
1906
1 ,570.302
612,591
..............................
(4 % ) 200,000 . . . . . .
T h e gross earn in gs, In clu d in g stage lines, aggregated $ 2 ,143,122 In 1907,
a g a in st $1,0 1 9 ,1 0 3 In 1906.
V. 85, p. 40.

Hocking Valley R y .— Offering of New Equipment Notes.—

William Salomon & Co., New York, are offering by adver­
tisement on aonther page, at a price to net the investor 6%
per annum, a block of this company’s 4% equipment gold
notes of $1,000 cacli (c*), dated Feb. 15 1908, interest Feb. 15
and Aug. 15. Authorized and outstanding, $500,000.
Principal due in twenty semi-annual installments of $25,000
each, from Aug. 15 1908 to Feb. 15 1918 inclusive. Interest
payable at office of Standard Trust Co. of New York, trustee.
The Iloeking Valley is controlled through ownership of a
majority of its common stock by Pennsylvania and Vander­
bilt interests. The Ohio Savings Bank & Trust Co., as
agent, is offering the issue in Toledo. A circular says:
T h ese notes w ere Issued fo r th e p u rch a se o f 500 steel u n d e rfra m c d r o p b o tto m coa l cars h a v in g a c a p a c ity o f 1 0 0 , 0 0 0 lb s. e a c h , now b ein g c o n ­
s tr u c te d b y th e R a ls to n Steel C ar G o. o f C o lu m b u s , O h io , at a c o s t o f $ 6 1 7 ,­
470 . O f this a m o u n t $ 1 1 7 ,4 7 0 , o r 1 9 % , Is to be p aid b y the R a ilw a y C o m ­
p a n y , p a rtly In cash an d p a r tly In m a teria l at c o s t v a lu e , g iv in g a m argin
o f 2 3 .5 % on the p a r v a lu e o f th e n o te s. T it le to the e q u ip m e n t rem ain s
w ith the trustee until all o f th e n otes are p a id .— V . 8 6 , p . 229.

Hudson Companies, Tunnel Railroads Connecting New
York, Hoboken and Jersey City.— First Section of Tunnel
Opened.—President Roosevelt at Washington, D. C., on

Tuesday touched the electric button that set in motion the
passenger service on the first section of ’ the company's
tunnels, namely, the twin tube from Hoboken, N. J . , to
Morton St., New York, and thence northeasterly to 6th Ave.
and 19th St., nearly three miles in all. A map of the system
will be found on page 69 of the “ Railway and Industrial”
Section.
The tunnel was opened to regular traffic at 12:01 a. in.
on Feb. 26 and is doing a large business.
Uptown Terminal Building.—The company or interests
identified therewith are said to contemplate the construction
of a 30-story hotel on 6th Ave., N. Y ., between 32d and 33d
streets, as part of the company’s uptown terminal.

Convertible Dollar for Dollar— Offering of “ 6 % Secured Cold
Notes” Convertible at Option of Holder into First Mortgage
4 14% Bonds of Hudson & Manhattan RR. at par,and Secured
Thereby on Basis of $1,500 Bonds for $1,000 Note.— Harvey

Fisk & Sons, as stated last week, arc offering a block of the
company’s 6% secured gold notes at 98*^ and interest,
yielding over 6j^% per annum on the investment. These
notes are convertible at option of holder into first mortgage
bonds of the Hudson & Manhattan R R . at par and are se­
cured thereby on basis of $1,500 bonds for $1,000 note.
The omission in our side-heading last week of the words




547

“ at par and secured thereby” caused a perversion of the
facts.— V . 86, p. 480.
Hudson & Manhattan R R .— O p e n in g o f R oa d , & c . — See
Hudson Companies above.— V . 86, p. 480.
Idle Car Equipment.— C om p a ra tive S ta tem en t. — The sta­
tistics compiled by the American Railway Association, it
is stated, show the number of idle cars as follows:
N U M B E R

O F

ID L E

C A R S .

----------------190S------------------------------------------------ 1907-----------------------------F e b .5 .
J a n . 22. J a n . 8 . D e c . 24. D e c . 11. N o v . 2 7 . N o v . 13. O c t . 30.
No. of r a n . . .343,217
342,580 341,763 209,310 119,339 40,348
12,201 3,946
No. of r o a d s 155
161
163
15S
_ 153
160
164
161

’•'-In the tabic above, as of Feb. 5 1908, 13,376 cars belonged
to three Canadian lines.
Illinois Central R R .— S u it to E n jo in U n io n P a c ific In terests
W ith d ra w n . — Judge Ball on Monday, on motion of counsel for
Stuyvesant Fish, dismissed the suit of the latter to enjoin
the Railroad Securities Co. and the Union Pacific from voting
on the $28,123,100 Illinois Central stock at the approaching
annual meeting.
M r. Fish Issued a sta te m e n t a n n o u n c in g th e w ith d ra w a l o f th e su it o n the
grou n d th a t b efore th e app eal co u ld be p re se n te d t o th e c o u r t o f last resort
th e te rm s o f th e d ir e cto r s t o b e e le cte d b y th e U nion P a cific Interests w ill
h a v e e x p ir e d .
C om pa re V . 8 6 , p . 48 0 , 420.

International & Great N orthern^R R .— R e c e iv e r s h ip . __
Owing to the inability of the company to meet the coupons
due March 1 1908 on its $10,391,000 second mortgage 5 %
bonds dated 1881 and on $2,966,052 third mortgage 4 %
bonds dated 1892, Judge McCormick, in the United States
Circuit Court at Dallas, T ex ., on Feb. 26, upon application
of the Mercantile Trust Co. of New York, as trustee, of the
third mortgage, appointed J. F. Freeman, General Attorney
for the Gould Southwestern system, as receiver for the
property.
T h e c o m p a n y ’s n o t ic e t o th e N ew Y o r k S to c k E x ch a n g e says th a t, w hile
the c o u p o n s presen ted d u e S e p t. 1 1907 and p r e v io u s ly on th e first and s e c ­
on d m o rtg a g e b on d s h a ve all been p a id , th is Is n o t th e case In regard t o the
third m o r tg a g e c o u p o n s .
A large a m o u n t o f Interest d u e S e p te m b e r last
and prior th e re to on t hird m o rtg a g e b o n d s held b y Insiders and th eir friends
lias been allo w e d t o a c c u m u la te , and until re c e n tly has h o t been p :css e d for
p a y m e n t. T h e Interest on th e third m o r tg a g e b o n d s held b y th e general
p u b lic lia s, h o w e v e r, been paid to d a te .

Judge Freeman, the receiver, made substantially the fol­
lowing statement:
T h e suit w as in stitu te d b y th e M erca n tile T ru s t C o. o f N ew Y o r k , as
tru stee o l th e third m o r tg a g e , t o fo re c lo s e th e m o r tg a g e on a c c o u n t o f d e ­
fault o f th e p a y m e n t o f a large a m o u n t o f a ccru e d and u n p aid Interest.
T h e railw ay e n n p a n y and th e o w n ers o f Its s to c k d e c id e d tn a t a receiver
w as n ecessary and agreed t o m y a p p o in tm e n t.
In a d d itio n t o d e fa u ltin g In th e p a y m e n t o f Interest, th e c o m p a n y ow es
a large a m o u n t o f In d e b te d n e ss, m u ch o f w hich Is u n secured and past d u e.
L a rge Im p ro v e m e n ts h a ve been asked fo r b y th e S ta te R a ilro a d C o m ­
m issio n . w h ic h . If carried o u t , w o u ld requ ire a large o u tla y o f ca s h , w h ich
It w as Im possible t o raise at th e present tim e an d m e e t th e a ccru ed and
a c c r u in g In debtedness.
A s t o cu rren t rum ors o f a c o n te m p la te d receiversh ip fo r th e T e x a s &
P a cific R a ilr o a d , th e y are a b s o lu te ly w ith o u t fo u n d a tio n In fa c t.
T h ere
Is n o th in g u n u su al, In m y ju d g m e n t, In th e recen t d e p re cia tio n In W a ll
S treet o f th e securities o f w hat are c o m m o n ly k n o w n as G o u ld railw ay and
a u x ilia ry p ro p e rtie s.
It Is bu t th e result o f th e present general fina ncial
c o n d it io n . T h e sa m e c o n d itio n app lies t o th e secu rities o f all o th e r ra il­
w ay Interests.
•
A lth o u g h th e railw ay interests In th e U n ited S tates m a d e a sh o w in g In
their v ariou s rep orts t o S tate and In te r-S ta te co m m issio n s o f large Increased
gross earn in gs, and app aren t surpluses fo r th e fiscal y e a r en d ed Jun e 30,
still, o w in g t o th e fa ct th a t th e o p e r a tin g e xp en ses c o n tin u e d t o Increase,
on a c c o u n t o f th e high prices o f la b o r , m a terial and general s u p p lie s, b y
th e end o f th e ca le n d a r y e a r, D e c. 31, th e a p p a re n t surplus In Ju n e was
w iped o u t , and In m o st Instances a d e ficit sh o w n .
E arn ings are d a lly d e ­
cre a sin g , w hile fixed ch arges and o p e ra tin g expen ses are p r a c tic a lly as th ey
w ere o n e ye a r a go.

President GeorgejJJ. Gould adds the following:
T h e receiversh ip Is d u e t o co n d itio n s and reasons a lm o s t e n tire ly lo ca l.
W h ile there has been an a lm o s t u n p re ce d e n te d fa llin g o ff In re ven u es,
d u e t o th e business depression p re v a ilin g In T e x a s and elsew h ere, and a f ­
fe ctin g e v e r y b ra n ch o f In d u stry, this alon e w o u ld n o t h a v e cau sed the
a ctio n n o w ta k e n .
A t a tim e w hen reven u es are th e leanest and business
at th e low est e b b , th e c o m p a n y Is called u p on b y th e S tate C om m ission
to m a k e a d d itio n s and Im p ro v e m e n ts t o Its fixed and ro llin g plan t and re ­
vision s o f Its p r o p e r ty . In v o lv in g th e e x p e n d itu r e o f several m illion s o f d o l ­
lars. and t o p roceed In these exp e n d itu re s u p o n a sch ed u le prescribed b y
th e C om m ission w ith o u t regard to cu rren t reven u es o r th e a b ility o f th e
c o m p a n y t o secure fu n ds t o m eet th e e x p e n d itu re .
T h ese ord e rs h ave c o m e o n to p o f a de cre a se In gross earnings fo r th e last
fo u r m o n th s o f $ 9 8 9 ,0 0 0 , o r a d ecrease at th e rate o f n early $ 3 ,0 0 0 ,0 0 0 a
y e a r.
It has been Im possible t o re d u ce e xp en ses a n yw h ere near p r o p o r ­
tio n a te ly .
E v en w ere th e earnings as large as fo rm e r ly , th e y w ou ld not
p r o v id e fo r th ese e x te n s iv e and Im m ed iate o u tla y s , and th e law s o f T e x a s
d o n o t a d m it, even If financial m ark ets d id . o f th e Issue and sale o f securities
to d o the w o rk required o f th e c o m p a n y .
W h a t I h a v e said Is n o t Intended as a n y criticism o f th e T e x a s a u th orlItes o r o f th eir a c tio n .
I m e r e ly s ta te th e s itu a tio n , and I h ave e v e r y
c o n fid e n ce th at t h e ’best results w ill be a c c o m p lis h e d , and th at the Interests
o f th e p u b lic and se cu rity h o ld e rs w ill be fa irly a d ju s te d and p r o p e r ly and
p e rm a n e n tly p ro te c te d by the c ou rse th a t has been p u rsu e d .— V . 8 5 , p .1 5 1 8 .

^Lack aw an n a & Wyom ing Valley Rapid Transit Co.—
B on ds P led g ed . — See Security Investment Co. under “ Industrials\below.— V . 85, p. 1646.
^ M a rk e t Street Elevated Passenger Railway, Philadelphia.
— O fferin g o f F ir s t M ortg a g e 4 % G u a ran teed G old B o n d s .—
Edward B. Smith & Co., Philadelphia and New York, have
published an 8-page folder, with diagram, describing the
property of the Market Street Elevated Passenger Railway
Co. (elevated and subway) and its 810,000,000 4 % first
mortgage bonds, which are guaranteed by the Philadelphia
Rapid Transit Co. The bonds are sold at a price that will
net the investor about 4 % % .
The circular says in, part:
T h e M arket Street E le v a t e d ’P a ssen ger R y ., w h en co m p le te d In th e fall
o f this y e a n w ill, a c c o id ln g t o an o ffic ia l e s tim a te , re ce iv e fu lly $1,500,000
In cash fares per a n n u m . T h e o n ly Interest ch a rg e Is $ 4 0 0 ,0 0 0 , w h ich Is
th at on th e first m o r tg a g e b o n d s.
O p e ra tin g exp e n se s are e x p e c te d t o be
u n d e r 50 % . T h is w o u ld leave a m argin o f m ore th an $300,0fi0 a b o v e the
Interest. T h e w estern p a it o f th e system has been in op e ra tio n fo r m ore
than a y e a r , and Is n o w c a r r y in g a b o u t 45,000 passengers d a lly .
T h e earn
lugs are not p u b lish ed s e p a ra te ly , b e in g !r,eluded In th o se o f th e R a p id
T ran sit C o m p a n y .

THE CHRONICLE

!▼ .
m

lxxxvi.

T h e M arket S treet e le v a te d and s u b w a y railroad Is rega rd ed as o n e o f
dividend of $75 a share. The report cannot be confirmed,
th e b est m o d e rn stru ctu re s o f its kind In tills co u n tr y ,
i t c o n s titu te s a
but an officer of the Union Pacific is quoted as saying that
d ir e ct line th rou gh th e ce n tre o f th e en tire w id th o f P h ila d e lp h ia , 7 .5 7 m ile s ,
o f w h ich 5.50 are ele v a te d and 2.07 u n d e rg ro u n d .
if declared the dividend would be merely a bookkeeping
T h e e lev a ted road runs d ir e c t ly from a p o in t near 09th S t. an d W est
matter. The U. P. owns practically the entire share capital
C hester P ik e, In D elaw are C o u n ty , th e full len gth o f M arket S t ., P h ila ­
d e lp h ia , t o the S c h u y lk ill R iv e r ; here a n ew fo u r -tr a c k b r id g e , a c c o m m o ­
of both companies. In 1906 the Oregon Short Line declared
d a tin g b o th ele v a te d and su rfa ce ca rs, Is c r o s se d , and train s c u r v e fro m It
a dividend of 5 0 % .— V . 80, p. 1913.
In to th e s u b w a y , w h ich p ro ce e d s around b o th sides o f th e C ity H all at
B roa d S t ., fo rm in g a lo o p , and e x te n d s t o w ith in a sh o rt d is ta n c e o f the
Pere Marquette R R .— Exchange of Eastern Equipment Co.
D elaw are R iv e r . T h e cars th en pass t o an e le v a te d s tru ctu re , w h ich tak es
5 % Bonds Due March 1 1908 for 6 % Secured Notes.— The
a n o r th e r ly c ou rse t o A rch S t ., cu rv e s aro u n d s o u th an d passes In fro n t o f
th e M arket S t ., C h estn ut S t. and S o u th S t. ferries, th e la tte r b e in g th e
reorganized company having arranged with the larger holders
eastern term in a l. T h ere Is a h a n d so m e te rm in a l p r o p e r t y a t 09th St. (Just
o v e r th e b o rd e r line o f P h ila d e lp h ia ), w h ich a c c o m m o d a te s th e tra ck s o f of the $2,600,000 equipment bonds of the Eastern Equipment
severa l Im p orta n t su bu rba n railw ays. T h e road Is fo u r -tr a c k on th e S c h u y l­ Co., due March 1 1908, to accept equipment notes of the
kill b rid g e and In th e w estern end o f th e s u b w a y .and Is d o u b le -t r a c k th r o u g h ­
railroad company in exchange therefor, recently offered to
o u t th e rest o f th e s y s te m .
T h ere are d ir e ct en tran ces t o th e P e n n s y lv a n ia and R e a d in g R R . s ta ­ make a like exchange with any of the other holders, giving
tio n s fro m the su b w a y and t o th e P e n n s y lv a n ia R R . s ta tio n fro m the
6 % secured notes as follows:
E lev a ted at 32d S t.; also t o th e p rin cip a l d e p a rtm e n t stores fro m th e s u b ­
w a y . T h e c o s t o f th e en tire system w ill b e a p p r o x im a t e ly $ 2 0 ,0 0 0 ,0 0 0 .
N o t e s E x c h a n g e d at P a r , L e s s C o m m is s io n A llo w e d H o ld e r o f B o n d
T h e railw ay co u ld stan d In d e p e n d e n tly as a v a lu a b le s y s te m , w ith the
Su rre nd e re d
p resen t p ow er house at Laurel S t. and D ela w a re A v e ., w h ich n o w supplies
N o te s d u e M arch 1 1909 at p ar (n o c o m m is s io n allo w e d th e b o n d h o ld e r ).
12,000 kilow atts.
It ow n s 80 m o d e r n p assen ger ears o f th e ea sy -a cccss N o te s d u e M arch 1 1910 at p a r , less X co m m is s io n .
t y p e and uses th e th ird -rail e le ctric s y s te m , th e rails be in g c o v e r e d .
A s a N o te s d u e M arch 1 1911 a t p a r , less l c o m m is s io n .
A
p a rt o f the P h ilad elp h ia R a p id T ra n sit C o m p a n y ’s s y s te m . It be co m e s
N o te s d u e M arch 1 1912 at p a r , less H co m m is s io n .
th e heart o f th e c it y sch e m e o f tr a n s p o r t a t io n .— V . 8 4 , p . 749 .

Metropolitan Street R y ., New York. — A d d itio n a l F o r e ­
clo su re S u it. — The Guaranty Trust Co. of New York, as
trustee of the general collateral trust mortgage of 1897,
under which 812,500,000 bonds are outstanding on which
the February 1908 coupons are in default, has brought fore­
closure suit in the United States Circuit Court for the
Southern District of New Y ork .— V. 86, p. 337.
Mexican Central R y .— M e r g e r P la n C o m p leted . — The final
details of the merger of this company with the National R R .
Co. of Mexico and the International and the Interoceanic
roads have been completed and the papers formally signed,
making the merger effective under the provisions of the plan
which has already been outlined. A call for the deposit of
securities will shortly be made.
(Compare V. 85, p. 99.)
— V . 86, p. 480.
Midland Valley RR .— A u th o rize d to R estore 3 -C en t P a s s e n ­
ger R a te . — The company announces that, by a decision of the
Corporation Commission of Oklahoma, it is authorized to re­
establish the rate of 3 cents a mile for passengers. Under
the provisions of the State Constitution, which the Corpora­
tion Commission has a right to revise, it had been reduced
to 2 cents a mile.— V . 85, p. 1462.
National R R . of Mexico.— M e r g e r P l a n . — See Mexican
Central R y. above.— V. 86, p. 481.
New Jersey Short Line R R .— R e c e iv e r s h ip . — See New
York-Philadelphia Co. below.
New Orleans Railway & Light Co.— N eiv C h a ir m a n .—
Hugh McCloskey of New Orleans was on Feb. 20 unani­
mously elected Chairman of the board of directors.— V . 86,
p. 338, 168.
New York-Philadelphia Co. — R e ceiv e rsh ip o f C o. an d A d d i­
tio n a l C on trolled P r o p e r tie s .-— Judge Lanning in the United
States Circuit Court on Feb. 21, on application of Stern &
Silverman of Philadelphia, as holders of notes of the three
companies, appointed J. Kearney Rice of New Brunswick,
N. J., as receiver of the New York-Philadelphia Co. and
David’ F . Carver of Newark receiver of the Trenton & New
Brunswick and New Jersey Short Line railroads. A rule to
show cause was issued, returnable March 2, why the receiver­
ships should not be made permanent. A receiver for the
Camden & Trenton R R ., another controlled property, was
ordered on Feb. 18. Compare V. 86, p. 479.
T h e c o m p la in t alleges th a t P c b . 1908 c o u p o n s o n th e $ 1 ,000,000 N . Y .P h lla C o. 5 % b on d s rem ain u n p a id and th a t th e c o m p a n y ow es $80,101 on
d e m a n d n otes fo r m o n e y loa n ed and $ 4 ,040 fo r S tate ta x e s d u e F e b . 1
1907 and $5,004 fo r ta x e s d u e F e b . 1 last.

P r o tectiv e M e a s u r e s . — Holders of Camden & Trenton 5 %
bonds of 1935, Trenton & New Brunswick 5s of 1932 and
New York-Philadelphia Co. 5s of 1935 are requested, to com­
municate with A . A . Lisman & Co., 25 Broad S t., this city.
— V . 86, p. 481, 229.
New York New Haven & Hartford R R .— D em u rra g e
C h a rg e. — See American Railway Association above.
T r a ffic A g reem en t E x te n d ed . — The company’s traffic agree­
ment with the Central R R . of New Jersey, the Reading and
the Baltimore
Ohio railroads has been extended from
March 31 until May 1. Compare V . 85, p. 1647.— V. 86,
p. 421, 229.

New York

& Queens County R y . — P r o p o sed L ea se o f
F iv e -C e n t F a r e to B e C h a rg ed . — See New
York & Long Island R R . above.— V . 84, p. 804.
T u n n e l— S in g le

Any of the new notes not used in exchange have been
taken by a syndicate and will be offered to the public at par.
Holders desiring to accept the above offer were required to
deposit their bonds with the First Trust & Savings Bank,
Chicago, or J. P. Morgan & C o., New York, before F e b .24.
D escrip tio n o f the A fo r e s a id 6 % N o te s , S e r ies A and B , D u e 1909 to 1912.

• The reorgan ized c o m p a n y a cq u ire d a c o n t r a c t m a d e In 1903 w h ereb y
th e E astern E q u ip m e n t C o. leased t o th e railroad s u n d ry e q u ip m e n t w h ich
c o s t $ 5 ,5 0 3 ,0 9 6 , all o f w h ich th e c o m p a n y has p aid w ith the e x c e p tio n o f
$2,6 0 0 ,0 0 0 .w h ich It n o w pro p o se s t o p a y — In fo u r In stallm en ts o f $65 0,00 0
ea ch b y g iv in g Its n o te s , d u e M arch 1 1909, 1910. 1911 and 1912, d a ted
M arch 1 1908, w ith Interest at th e rate o f 6 % p er a n n u m , p a y a b le sem i
a n n u a lly at th e o ffic e o f J. P . M organ & C o. In N ew Y o r k C ity , In tw o se r ie s ,
se cu rin g th e sam e b y th e a b o v e -r e fe rr e d -to e q u ip m e n t , and also b y the
d e p o s it w ith th e trustee o f $50 0,00 0 o f P ere M a rq u e tte R R . C o. refu n d in g
m o r tg a g e 4 % b o n d s. T h ese n o te s are certified b y and th e se cu rity lodged
w ith th e First T ru s t & S av in gs B a n k , C h ic a g o , .os tru stee.
E q u ip m en t H eld as S ecu rity (A lo n g w ith $50 0,00 0 Ilcfundlng M ortgage 4s.
F o r Series “ A ” $ 1 ,0 0 0 ,0 0 0 .
3 c a r ferries, c o s t in g ____ $1,0 2 4 ,5 0 0 132 c a b o o s e cars ....................
$30,245
65 l o c o m o t i v e s .. .................. 1 ,0 4 7 ,0 4 1 1 1 w re ck in g c r a n e ...............
11,600
F o r Series " B ” $ 1 ,6 0 0 ,0 0 0 .
3,650 b o x ca rs, c o s t i n g . . . $ 2 , 5 9 3 , 010 1900 c o a l c a r s ...........................
$616,100
250 s to c k c a r s ....................
181,500 j
A ll o f this e q u ip m e n t w as n ew In 1903 and 1904, an d has been k ep t In
g o o d repair; It Is insured fo r $ 2 ,7 4 5 ,0 0 0 .— V . 8 6 , p. 230.

Quebec Bridge & Railway Oo.— Finances.— The “ Monetary
Times” of Montreal for Feb. 22 had the following:
R e p ly in g t o a q u e stio n In th e H ou se w ith regard t o th e fin a n cin g o f th e
Q u e b e c B ridge C o ., H o n . W . S. F ie ld in g , M in ister o f F in a n ce , said th a t the
b o n d s o f th e c o m p a n y gu aran teed b y th e G o v e rn m e n t had n o t been s old .
M o n e y w as raised b y th e c o m p a n y on th e p le d g e o f th e b o n d s w ith t h e
Bank o f M ontreal at th e Interest rate o f 5 % p er a n n u m . T h e a m o u n t d u e
th e B ank o f M ontreal b y th e B ridge C o m p a n y fo r su ch a d v a n c e s an d Inter­
est on Ju n e 30 1907 w as $ 5 ,5 6 1 ,5 0 7 .
(A n A c t o f th e C anadian P a rlia m e n t assented to A p ril 27 1907 au th orized
th e G o v e rn o r In C ou ncil t o a d v a n c e t o th e c o m p a n y n o t e x c e e d in g $ 6 ,0 7 8 .­
200 at 3 % per ann um on th e s e cu rity o f Its b o n d s t o p r o v id e for c o n s t r u c ­
tio n and fo r th e p a y m e n t o f ban k loans o b ta in e d on p le d g e o f a p art o f the
$ 6 ,678,200 b on d s Issued u n d e r m o r tg a g e d a te d F e b . 1 1904 ( R o y a l T ru st
C o ., tru s te e ), w hich were a u th orized t o be g u aran teed b y th e G o v e rn m e n t.
C om p a re V . 83, p. 222, 347.
On M arch 1 1907 th e c o m p a n y ’s c a p ita l s t o c k ,
fu lly paid u p , was $26 5 ,0 0 0 . Subsidies p aid t o d a te b y D o m in io n G o v e rn ­
m e n t, $374,353; b y P r o v in c e o f Q u e b e c , $25 0 ,0 0 0 ; b y c it y o f Q u e b e c .
$29 0,81 7; t o ta l, $91 5,17 0. T h e to ta l c o s t o f th e brid g e to A p ril 1 1 90 7,
it is s a id , was $ 4 ,4 1 5 .6 0 0 .— E d . " C h r o n ic le .” )

The bridge, which in 1904 was expected to cost in all
about $8,000,000, fell Aug. 29 1907, but the shareholders
passed resolutions that the work should go on. Construction
however has not as yet been resumed.— V . 85, p. 531.
Rio de Janeiro Tramway, Light & Power Co., L td .—
Application to London Stock Exchange.— The London Stock
Exchange has been requested to list $25,000,000 stock in
shares of $100 each; and $23,926,900 first mortgage 30-year
5 % gold bonds, Nos. 1 to 5.000, of $1,000; 5,001 to 29,261
of $500; A -l to 34,964, A-35,001 to 53,000 and A-58,001

to 73,000 of $100 each.— V. 84, p. 997.
Seaboard Air Line R y . — Foreclosure Decree.—Judge Wil­
liam M. Lanning, in the United States Circuit Court at
Trenton,N.J.,on Feb.26,signed an order for the foreclosure of
the$75,000,000 mortgage dated 1900, Continental Trust Co.
Baltimore, trustee.
Payment of Coupons.—The receivers announce by adver­
tisement the payment of coupons as follows
To

Coupons on—

Due.

be P a id o n
a n d A fte r

M arch 2 at N~
ew
S eab oard A ir Line R y . th r c c -y c a r 5 % col-1
-------- /M a r c h 1 19081 Y o rk I rust Co
lateral trust b on d s d u e 19 1 1 -----Seab oard A ir L ine R y . c a r tru st certlfl 1
/M a r c h 2 at i\ew
c a te s , series “ H ,” d u e M arch 1 1 0 0 8 ------ ] M arch 1 19081 Y o r k 0 rust> g o .
S eab oard & R o a n o k e tlrst m o r t g a g e 5 % l
n «> b. 27 a t i i i a i r
b o n d s . Interest d u e Jan . 1 1008
-------- /J a n . 1 1 9 0 8\«fc O o ., In . j .
C ou p on s on a b o v e th re e -y e a r 5 % co lla te ra l tru st b o n d s will also De paid
b y th e C on tin en tal T rust C o .. B a ltim o re , M d ., as agen t.

Rates.—Official announcement was made Feb. 27 that,
commencing with April 1 next, the road will take inde­
Norfolk & Western Railway.— E q u ip m en t T ru sts— F u rth er pendent action in the matter of rates for passengers travel­
F a c ts . — Regarding the equipment trust issues mentioned ing over the line in parties of ten or more people together.
last week (page 48 1), Secretary E . II. Ogden, under date of A flat rate of two cents a mile per capita will be charged.
Feb. 24, writes:
— V. 86, p. 481, 230.
1 h a v e y o u r fa v o r o f th e 2 0 th In st., w ith re fe re n ce to in fo r m a tio n as to
th e e q u ip m e n t trust a g re e m e n ts, series " L , ” "M
" N , ” and " O . ”
T h ese agreem ents h.avc been e x e c u te d to tak e ca re o f e q u ip m e n t pu rch ased
s om e tim e a g o , an d th e ce rtlllca te s are at p resen t held In th e treasury o f the
c o m p a n y . T h e series are fo r $ i , 0 0 0 ,0 0 0 e a c h , b e a rin g interest at the rate
o f 4 % p er a n n u m , am i m a tu rin g a n n u a lly In scries o f $ 100,000 each :
Series " L ” Is d a ted D e c. 3 1906 an d m a tu res a n n u a lly from D e c. 1 1907
t o D e c. 1 J91 6 , Inclu sive.
„
Series " M ” Is d a ted M arch 4 1907 a n d m atu res a n n u ally from M arch 1
1908 to M arch 1 1917*, Inclu sive.
„ ,
Series ” N ” Is d a te d A p ril 4 1907 an d m a tu re s a n n u a lly from A p ril 1 1908
to A p ril 1 1917 Inclu sive.
Series " O ” Is d a ted Ju n e 4 1907 a n d m a tu res a n n u a lly from Ju n e 1 1908
to Ju n e 1 1917, In clu sive.— V . 8 6 . p . 481 , 286.

in this city has authorized Receiver Frederick W. Whitridge to issue $100,000 receivers’ certificates of the Dry Dock
East Broadway & Battery R It. and $200,000 of the Fortysecond Street Manhattanville & St. Nicholas Ave. R R . to
pay for 25 and 50 new cars respectively and taxes on both
roads. The certificates bear 6% interest and mature one
year from the dato of issue.— V. 86. p. 481.

Oregon Railroad & Navigation Co.— R eported D iv id e n d
as B o o k k e e p in g T r a n s a c tio n . — Press reports say
that either this company or the Oregon Short Line Co., both
subsidiaries of the Union Pacific R R ., has declared an extra

See New York-Philadelphia Co. above.—-V. 86, p. 230.
Underground Electric Railways of London.— Earnings of
Controlled Tube Companies, A c . —The reports of the three

D escrib ed




Third Avenue R R .— Receivers’ Certificates on Subsidiary
Lines.—Judge Lacombc in the United States Circuit Court

Trenton & New Brunswick Electric R R .— Receivership.—

.

Feb, 29 1908.]

THE CHRONICLE

new tubes, subsidiary companies of the Underground Elec­
tric Railways Co. of London, L td ., for the six months ended
Dec. 31 last, show that, in comparison with the first half
of that year, satisfactory progress was made. W e give the
facts in tabular form below in connection with the following:
O ne o f th e m o s t p ro m is in g s u b s id ia ry lines th u s fa r Is th e G reat N orth ern
P ic ca d illy & B r o m p to n .
In fa c t. It Is d ecla red th a t th e p o p u la r ity o f this
lin e has Increased d a lly sin ce th e o p e n in g In D ee. 1 0 0 0 .
In th e case o f th e B a k er S treet & W a te r lo o C o m p a n y , w h ich carried d u r ­
in g th e h a lf-y ea r en d ed D e c. 31 1907 10,602,87(5 p assengers, as co m p a re d
w ith 6 ,7 9 0 .8 9 5 d u r in g th e c o r re s p o n d in g p eriod o f li)0 6 , th e gross receipts
sh ow a gain o f £ 2 4 ,6 6 9 , o r m o r e th an 55 % o v e r th e co r re s p o n d in g p eriod o f
1906. T h e figures fu rth er d is c lo s e th a t , a fte r m a k in g p ro v is io n fo r Inter­
est and ren tals, th ere rem ain s a ba la n ce o f £ 1 7 .6 7 0 a v a ila b le fo r d iv id e n d s .
T h e th ird t u b e , th e C h aring Cross E u stion & H a m p ste a d R a ilw a y , was
o n ly o p en ed on Ju n e 22 1907, and fro m Ju ly 1 t o D e c. 31 carried 9 ,881,357
p assen gers, w ith gross receip ts o f £ 7 4 ,3 2 8 .
T h e c o m p a n ie s co n tr o lle d b y th e U n d ergrou n d E le c tr ic R a ilw a y s C o. o f
C on don , L t d ., v iz ., th e th re e tu b e s n am ed a b o v e , th e M e tro p o lita n D is­
trict R a ilw a y C o. and th e L o n d o n U n ited T r a m w a y s C o ., carried d u rin g
the secon d h a lf o f 1907 a lm o s t 100 ,000 ,00 0 passengers.
T h e earnings fo r th e first six w eeks o f 1908 sh ow c o n tin u e d g r o w in g
ncreases on th e th ree tu b e s , th e tr a m w a y s o f th e D istrict lines.
E A R N IN G S O F T U B E , E T C ., C O M P A N IE S — H A L F - Y E A R S E N D IN G
J U N E
30 1907 A N D D E C . 31 1907.
P o r tio n o f
Y e a r.

T otal
P a s s e n g 's .

G ross
R e c e ip t s.

Net
R e c e ip t s.

G reat N orth ern P ic c a d illy & ] 1st H a lf
1 1 ,9 5 3 , 7 5 9 £ 1 0 6 ,5 7 0
£ 3 0 ,7 7 6
B r o m p t o n ................. ...........I2 d H a lf
13,914,779
119,271
48,518
B a k er S treet
& W a te r lo o ] 1st H a lf
9 ,936,995
£ 6 3 ,4 5 2
£ 2 1 ,3 2 4
C o m p a n y .................... ........... 1 2d H a lf
10.662,876
69,2 4 9
25,324
C h aring Cross E u ston
& f --------------- O pened Jun e 22 1907-----------------------H a m p stea d R y . C o . .......... I J u ly
1 to
l
D e c 31 - - 9,8 8 1 ,3 5 7
£ 7 4 ,3 2 8
£ 1 2 ,9 7 5
£ 2 2 0 ,6 2 8
£ 7 6 ,6 9 2
M etrop olita n D is trict R a il-] 1st H a lf____ 25,427,000
w a y ................................ ............)2 d H a lf___2 5 ,8 0 0 ,0 0 0
224 ,4 6 3
6 8 ,39 4
W hile m o s t o f th e o th e r L o n d o n tra n sp o rta tio n lines sh o w a co n s id e ra b le
falling o ff In th eir tr a ffic , th e “ tu b e s ” show an Increase In th e n u m b e r o f
passengers ca rried .

New Securities for Leased Line.— The Metropolitan District
R y ., a leased line a majority of whose share capital is owned
by the Underground Electric R y s., has applied to Parlia­
ment for authority to issue £750,000 prior lien stock.

or

th e a m o u n t n am ed It Is p ro p o se d to Issue £ 5 5 0 .0 0 0 fo rth w ith t o
p r o v e su rp lu s lands w ith th e o b je c t o f Increasin g th e rentals fro m
sou rce from £ 2 6 ,0 0 0 t o £ 3 8 ,0 0 0 a y e a r , and fo r o th e r p u rp o se s.
The
Is p r o b a b ly th e least p rofita b le p o r tio n o f th e s y s te m , th e d e fic it fro m
o p era tion s fo r th e late h a lf y ear, a fte r p a y m e n t o f d e b e n tu re interest
1 H % o n th e gu aran teed s t o c k , be in g £ 4 5 ,3 2 8 .— V . 8 6 , p . 53.

Im ­
this
line
th e
and

Union Pacific R R .— Reported Dividend.— See Oregon R R .
& Navigation Co. above.— V. 86, p. 481, 338.
United Railways & Electric Co., Baltimore.— Time for
Deposits Limited.— The Fidelity Trust Co. of Baltimore
notifies the holders of common stock that the time in which
deposits of stock may be made under the new stockholders’
agreement, of which Alexander Brown, H . Crawford Black
and Frank A . Furst are trustees, is limited to the close of
business Feb. 29 1908. Compare V . 86, p. 422.
W est End Street R y ., Boston.— Stock Sold at Auction.—
The company sold at auction in Boston on Feb. 26 the por­
tion of the new issue of 20,218 shares not taken by the share­
holders. The block was bid in by Towle & Fitzgerald of
Boston at $80 75 and accrued dividend a share; par $50.
(Compare V . 86, p. 53, 4 8 2 .)— V . 86, p. 482, 422.
W est Jersey & Seashore R R .— Dividend Reduced.— A semi­
annual dividend of 2 % has been declared on the $9,641,600
common stock, payable March 16 on stock of record Feb. 28,
comparing with 3 % semi-annually as paid from Sept. 1905
to Sept. 1907, both inclusive, and 2 ^ % from Sept. 1896
to March 1905, inclusive.— V . 85, p. 162.
IN D U S T R IA L , GAS A N D M ISCELLAN EO U S.
American Gas & Electric Co., New York .— See Muncie
Electric Light Co. in V . 86. p. 484.— V . 8 5 , p. 1403.
American Screw Co., Providence, R . I .— Report.— For
calendar year 1907:
------------ Total S u rp lu s ------------------------- —
Dividends
Slock
In c r e a s e .
J a n . 1 1908.
P a i d i n 1907.
O u tsta n d in g .
$ 1 ,2 8 1 ,8 4 9
$162,640
$ 1 ,4 4 4 ,4 8 9
(9 14 % )$ 3 0 0 ,625 $ 3 ,2 5 0 ,0 0 0

Jan. I 1907.

The quarterly dividend paid in December 1907 was only
1 % % , contrasting with 2 j ^ % each three months from Sept.
1906 to Sept. 1907, both inclusive. No bonds or mortgage.—
V. 85, p. 1578.
American Smelting & Refining Co.— Conservative Policy
as to Dividends on Common Stock.— Action upon the April
dividend on the common stock is scheduled for Monday next.
President Daniel Guggenheim, in an interview which ap­
peared yesterday in the New York daily papers, while de­
clining to express an opinion as to the probable amount of
the distribution, said in substance:
D ivid en d s sh ou ld be paid o u t o f earnings and surpluses In tim es like
these sh ou ld b e k ep t In ta ct t o p ro te ct the h olders o f preferred se cu ritie s.
H old ers o f c o m m o n s to c k sh ou ld e x p e c t to re ce ive low er returns In b a c k ­
ward business p eriod s f o - th e sam e reason th a t th e y r e ce iv e larger p rofits
w hen business Is at high p ressu re.— V . 8 6 , p. 110.

American W riting Paper Co.— New Director.— William
Goodnow, of R . L. Day & Co., has been elected a director
to fill a vacancy.— V. 86, p . 478.
Associated Merchants’ Co., New York.— Extra Dividend
Omitted.— The regular quarterly dividend at the rate of
7 % per annum is announced by advertisement, payable
March 2 to holders of the $6,134,600 common stock of record
Feb. 28. The extra quarterly distribution is omitted; from
Dec. 1904 to June 1905 this was
of 1 % and thereafter to
and including Dec. 1907
of 1 % .— V. 85, p. 526.
Central Leather Co.— New Directors.— Robert E . Paine
and Van A . Wallin have been elected directors to succeed
Paul M. Warburg, resigned, and C. S. Horton, deceased.
— V . 85, p. 1404.
Report.— See a preceding page of this issue.




549

Cuyahoga Telephone Co.— Report.— For year 1907.
C a l.
Y e ar.

G ro ss
E a rn s.

N et
E a rn s.

Res 'v e s .

B o n d
In t e r e s t

D lv .o n
P f.stk .

D iv .o n B a la n c e ,
C o m .stk.
Su rp .

19 0 7 ----------- $781,586 $38 3,67 9 $21 ,464 $13 5,00 0 $86 ,222 $45,000 $95,993
19 0 6 ............. 716 ,157
327 ,240
20,0 0 0
135,000
8 1 ,103 45,000
46,137
— V . 8 5 . p. 1648.

Federal Mining & Smelting Co.— Dividend on Common
Stock Omitted.— The directors on Monday declared the regu­
lar quarterly dividend of \ % % on the $12,000,000 non-voting
preferred stock, payable March 16, but omitted the dividend
on the $6,000,000 common stock. The American Smelters’
Securities Co. owns a majority of the common shares (V . 80,
D iv id e n d R e co rd o f C o m m o n S t o c k b y C a le n d a r

Y e a rs.

Ju n e 1904 t o D e c. 16 1907 In clu sive—
\ 1 9 0 4 .1 9 0 5 .1 9 0 6 . 1907.
Q u arterly d lv s . o f 1 J £ % e a c h , w ith e x tra s V
- V . a 8 5 ,fi:p.,ni 4 0 4 : ......................... —

.......................... > 4 * %

10 %

17 %

First Security Company, New Y o rk .— Company with $10,­
000,000 Capital Stock to Take Over Real Estate and Security
Holdings of First National Bank of New York— Proposed
10 0 % Stock Dividend.— See item s about Banks and Bankers
on a preceding page.
Follansbee Brothers Co.— Tin Plate Manufacturer— De­
scription of Plant.— See “ Iron Age” of New York for Feb 20
1908.— V . 79, p. 1333.
Hudson Navigation Co.— New Mortgage Filed.— The com­
pany has filed for record its new mortgage made to the
Union Trust. Co. of Albany, as trustee, to secure $4,000,000
of 30-year 6 % gold bonds of $1,000 each, due in 1938. Of
the new issue a certain amount is reserved to retire existing
bonds of the company and of the New Jersey Steamboat Co.,
and to acquire other securities, notes, &c. The New Jersey
Steamboat Co. has transferred an interest in Pier No. 32,
North River, to the parent company.— V . 86, p. 483, 339.
International Smokeless Powder & Chemical Co.— Divi­
dends Resumed on Common Stock, but Period Changed from
Quarterly to Semi-Annual.— A quarterly dividend of % of
1 % (37 ^ cents per share) has been declared on the $9,000,000
common stock, payable April 1 to stock of record March 20.
The last dividend, paid June 29 1907, was for the same
amount, but it was a “ quarterly” distribution. No dividend
was paid last fall. Philadelphia papers say that if conditions
arc favorable an extra distribution may be made at the end
of the year.
(P e r c e n t ) o n C o m m
----------1905---------- --------------- 1906----------

A n n u a l D iv id e n d R e co rd

--------- 1904---------A p r.
U

J u ly
Vi

O ct.
A
Z

Ja n .

A p r.
H

J u ly
H

Feb.
1M

1
C om p a re V . 8 5 , p . 7 9 6 .— V . 8 6 , p . 423 .

Ju n e
»A

on Stock.

-----1907—

1908

O ct.

Feb.

Ju n e

1 3-5

115

U

A p r.

q

Kings County Electric Light & Power Co., Brooklyn
N . Y . — Report.— For calendar years, including the Edison
Electric Illuminating Co. of Brooklyn:
C a l.
year,

G ro ss

N et

D ep re-

B o n d

B o n d

D i v l d ’s

B a la n ce

e a r n in g s ,
e a r n in g s ,
e l a t i o n , d i s c o u n t , interest.
(8 % ).
su r p lu s .
1 9 0 7 -8 3 .4 7 1 ,740 $1,6 8 5 ,3 4 5 $242,932 $50,000 8606,560 $76 4,00 0 $21 ,853
1 90 6. 2 ,8 9 7 ,2 7 2
1 ,385,585 100,000 50,000 6U6.560
592 ,000 37,025
— V . 8 4 , p . 393.

Lehigh Coal & Navigation Co.— Resolution Adopted.— At
the annual meeting on Feb. 25 the following resolution,
prepared by a shareholder (J. L. Clawson) without the
knowledge of the management, was passed:
R e s o l v e d , T h a t It Is th e sense o f th e sto c k h o ld e r s here assem bled In person
th a t th e In c o m in g b o a rd o f d ire cto rs b e , and th e y are h e r e b y , requ ested t o
g iv e co n s id e ra tio n t o th e a d v is a b ility o f Issuing a $ 1 ,0 0 0 ,000 s to c k d iv id e n d
o n a c c o u n t o f va rio u s e x te n s iv e Im p r o v e m e n ts .— V . 8 6 , p. 483.

Massachusetts Gas Companies, Boston.— Earnings of Con­
trolled Companies.— The net earnings of the subsidiary com ­
panies for January and the seven months ending Jan. 31
1908 were:
----------J a n
1908.
B oston C o n so lid a te d G a s____ $139,842
N ew E n gland Gas & C o k e . . 40,124
Chelsea G a s..................................
6,262
E ast B o sto n G a s-------------------5,8 4 3
C itizen s’ C o. o f Q u in c y ---------d e f. 916
T o t a l . . ................................ . .. $ 1 9 1 , 1 5 5
In c r e a s e

in

G as

O utp ut

of

the

--------- — 7 M o s . e n d .
1907.
1907-08.
$154,853
$586 589
47,0 7 2
359 ,399
6,011
38,831
2,762
26,250
d e f. 266
d e f. 4,2 7 9

u a ry

$21 0,43 2

B o sto n

31—
1906-07.
$62 7,09 7
312 ,645
3 3 ,015
20 568
d e f. 3,7 2 3

Ja n .

$ 1 ,0 0 6 ,7 9 0

C o n s o lid a t e d

G a s

$989,602
C o s.

1908.
1907.
1906. I S even m o n th s en d 1908. 1907.
J a n u a r y -------6 .4 5 % 1 5 .0 0 % 4 .1 0 %
ln g Jan . 3 1 _______ 1 0 .2 6 % 1 1 .2 2 %
— V . 8 5 , p. 1003.

Missouri & Kansas (Bell) Telephone Co.— .Report.— For
calendar year:
Y e ar.

G ro ss.

N et.

In t e r e s t .

D i v i d 'd . M a i n t . r e s .

B a la n c e .

1 9 0 7 .-5 2 ,4 2 8 ,8 9 3
$688,821 $659,697
__ $28,705
su r.
$419
190 6... 2,0 3 5 ,4 2 1
3 90 ,109
510 ,767
$163,231 ________
d e f. 283 ,888
190 5.
1,503.884
234 .718 2 11 ,866
212 ,817 ...............
d e f. 189 ,965
T o t a l n u m b e r o f B ell sta tio n s D e c. 31 1907, In clu d in g su b -lice n s ees .
2 2 3 ,6 6 3 , against 1 75 ,481 ; In crease, 2 7 . 5 % — V . 8 4 , p . 1485.

Montreal Ligh t,H eat & Power Co.— Bonds Offered.— The
Bank of Montreal in London recently received subscriptions
on behalf of the contractors for $400,000 4J ^% first mortgage
bonds at 9 6 ^ % , or, at par of exchange, £ 1 98 5s. 9d. per
$1,000 bond, payable £1 0 on application, £ 3 0 on allotment
and £ 1 58 5s. 9d. on March 23 1908. Payment in full may
be made on allotment under discount at 3 % per annum.
T h e b o n d s offe re d fo rm p a rt o f an au th o riz e d Issue o f $ 7 ,5 0 0 ,0 0 0 , o f
w h ich $ 5 ,9 4 0 ,0 0 0 (In clu d in g th o se 60 o ffe re d ) h a v e alre a d y been Issued
an d $93 9,00 0 are held In reserve fo r e x c h a n g e a g ain st b o n d s o f s u b s ld la rv
c o m p a n ie s , le a v in g still unissued $ 6 2 1 ,0 0 0 . A d d itio n a l b o n d s m a y be
Issued o n ly fo r the p u rp o s e o f e x ch a n g e as a fo r e s a id , o r fo r th e p a y m e n t
u p o n p re scrib e d c o n d it io n s o f 7 5 % o f th e cash c o s t o f a d d itio n s an d e x te n lon s. O n J a n . 1 1012 o r a n y s u b se q u e n t Interest d a te th e y m a y . at th e
p tlo n o f th e c o m p a n y he redeem ed a t 1 0 5 % .— V . 8 5 , p . 164.

THE CHRONICLE

550

New England Watch Co. of Waterbury, Conn.— New Stock.
— The shareholders voted Feb. 24 to issue $250,000 7 %
cumulative preferred stock, the same to be offered to share­
holders at par ($25 per share). The present stock is $750,­
000, all common. Compare V . 84, p. 1185; V . 86, p. 484.
Quincy Mining Co.— Report.— The results for the calendar
year were:
Y e a r.

G ro ss.

N et.

O t h .In c .

C o n stru e .

D iv id e n d s .

B a la n ce .

190 7 .5 3 .7 1 7 ,5 0 1 51,485,851 $21,531 $210,700 (54) $ 1,4S 5,000 d f .$188,328
1900. 3,1 5 9 ,0 1 1
1,334,134 27.411
138,560 (50) 1,250,000 clef. 27,015
1905. 2 , 9 8 i , 21
1,075,198
29,286
138,733
(24) 600 ,000 sur. 365,751

Total surplus Dec. 31 1907 was $1,032,204. A quarterly
dividend of $1 50 per share (6 % ) will be paid March 23.
See V . (.6, p. 424.
Royal Baking Powder Co., New Y o r k . — Acquisition.—
This company has purchased a majority of the share capital
of the Western Glucose Co. of R o b y ,jIn d .,, on a basis re­
ported as $1,250,000 for the plant, and will use the output
in the manufacture of starch, of which its annual production
is said to be between 15,000,000 and 20,000,000 pounds.
T h e W estern G lu cose C o. was In co rp o ra te d u n d e r th e law s o f M aine In
A u g u st 1906 (V . 83. p . 635) w ith $ 2 ,4 0 0 ,0 0 0 ca p ita l s t o c k , o f w h ich $ 1 ,­
200 ,000 w as 7 % cu m u la tiv e p re fe rre d , and has re c e n tly c o m p le te d and
p la ced In o p era tion at R o b y , Itid ., a g lu co se p la n t w ith a g rin d in g c a p a c it y
o f 12,000 bushels o f c o r n d a lly . T o p r o v id e w o rk in g c a p ita l th e s t o c k , It Is
sta te d , w ill n o w be Increased t o $ 3 ,0 0 0 ,0 0 0 , o f w hich o n e -h a lf w ill be p re ­
ferred .— V . 7 2 , p . 679. H .................................................................................................

Schwarzschild & ' Sulzberger!Co., New York.— Annual
Meeting.— The following has been given out regarding the
annual meeting which was held on Feb. 25:
T h is m eetin g w as e n tire ly h a r m o n io u s , th e o ld b o a rd o f d ir e cto r s being
u n a n im ou s ly elected for the e n su in g y e a r.
T h e P resid en t m a d e a sta te ­
m en t to th e m eetin g t o th e effect th a t th e business o f th e c o m p a n y had
again Increased In v o lu m e o v e r th e p r e v io u s y e a r.
H e s ta te d th at th e n u m ­
ber o f live s to c k killed b y th e c o m p a n y d u rin g th e y e a r 1907 w as 2 ,5 7 9 ,5 7 9 ,
o r a b o u t 150.000 in excess o f th e n u m b e r killed d u r in g th e y e a r 1 9 0 6 .—
V . 8 6 , p. 424.

Security Investment Co., Pittsburgh, Pa.— Offering of
Securities.— Megargel & Co., 5 Nassau S t., New York, are
offering for sale at 80 and interest the unsold portion of “ bond
purchase certificates” ; total authorized issue $300,000, 5 %
dated April 1 1907 and due April 1 1910. Interest payable
Oct. 1 and April 1; Standard Trust Co. of New York, trustee.
Denomination $1,000. The notes are secured by pledge of
$300,000 “ first lien 5 % consolidated mortgage” gold bonds
of the Lackawanna & Wyoming Valley Rapid Transit Co.,
now on deposit with the Standard Trust Co., New York City.
The firm says:
T h e S ecu rity In v e s tm e n t C o. o f P itts b u r g h has agreed to p ro cu re th e sale
o f said b on d s for th e sum o f $ 3 0 0 ,0 0 0 , o r t o Itself pu rch ase said b o n d s b e ­
fore A p ril 1 1910 and t o p a y Interest at th e ra te o f 5 % p er annum on O c t . 1
an d A p ril 1.

The capital stock of the Security Investment Co. is $6,­
000,000.
Par of shares $50.— V . 85, p. 103, 1649.
Topeka (K an.) Edison Co.— New Officer.— Willard N.
Hall of Topeka was recently elected a director to succeed
E . A . Potter of Chicago and Vice-President in place of E . W .
W ilson.— V . 85, p. 1085.
United Box Board & Paper Co.— Earnings.— In connection
with the annual report published last week (page 477) the
following comparative statement of 'earnings for four years,
including subsidiary companies, will be of interest.
• •
1907.
G ross p r o fit s ............... ......... $1,178,001
T o ta l c h a r g e s — .......... 470 ,2 6 3
N et p r o fits ____
----— V . 8 6 , p. 477 , 233.

$70 7,73 9

1906.
$ 1 ,0 5 5 ,4 7 7
597 ,566

1905.
$912,804
838 ,626

1904
$1,183,785
925,970

$457,911

$74,078

$257,815

United States Telephone Co.— Report.— For year 1907.
C a l.
Y e a r.

G ross
E a rn s.

Net
E a rn s.

O ther
In c .

B o n d
In t e r e st

D lv .o n D iv .o n
B a la n ce ,
P f.stk . C o m .st k .
B u rp .

1 90 7....... .$ 4 3 5 ,0 1 3 $2 11,801 $34,965 $107,800 $51,150 $69 750 $48,066
190 6 ________ 402 ,0 5 2 2 2 9 ,0 9 7 18,102
107,800
27.631
53,250 58,518
190 5_______ 348,717
164,731 _______
103,198
19,515
42,0 1 7
— V . 8 6 , p . 55.

Western Glucose Co.— Control Sold.— See Royal Baking
Powder Co. above.— V . 83, p. 635.
Western Sugar & Land Co., Colorado Springs, Colo.— New
Stock.— This company, it is stated, has increased its capital
stock from $1,000,000 to $2,000,000 to take up old bonds
and make improvements. Compare V . 80, p. 1862.
Westinghouse Electric & Manufacturing Co.— Large De­
posits— Time Extended.— The readjustment committee gives
notice to the holders of convertible sinking fund 5 % gold
bonds, 5 % debt certificates, 3-year 6 % collateral notes and
floating debt, that a large amount of each of the classes of
obligations and claims having already been deposited under
the plan of Jan. 20 (V. 86, p. 233), the committee has ex­
tended the period of limitation for the deposit of obligations
and claims to and including March 31.
Meeting to Aulhorize New Securities.— The shareholders
will meet April 29 to vote on issuing the new bonds and
stock issues called for by the readjustment plan (V. 86,
p. 233).— V . 86, p. 340.
Westinghouse Machine Co., Pittsburgh.— Plan Approved.
— The following announcement was made on Feb. 27:
C reditors represen tin g 9 9 % o f th e $ 7 ,0 0 0 , 0 0 0 liabilities h a v e assented
t o th e p rop osed fin a n cin g p la n , by w h ich cr e d ito r s are t o take in p a y m e n t
o f th eir cla im s liv e-y e a r n o te s , t o be retired In ann ual Installm ents o u t o f
earn in gs.
In ord in a r y years th e c o m p a n y has sh ow n net earnings o f o v e r
$ 8 0 0 ,0 0 0 , so th a t In five years th e c o m p a n y sh o u ld be able to retire c lo s e
t o $4.0 0 0 ,0 0 0 n otes.
T h e b a lan ce w o u ld th en be fu n d ed in to perm an en t
fo r m .— V . 8 6 . p. 113, 100.

Wilkes-Barre (Pa.) Gas & Electric Co.— Quarterly Divi­
dend.— A dividend of 1 % has been declared on the $1,500,000
stock, payable April 1 to stock of record March 24. The
payment is announced to be quarterly, in accordance with
the desire of the stockholders for quarterly instead of semi­




[VOL. LXXXVI.

annual distributions, as heretofore. The previous divi­
dends were 1 % in March and 2 % in Sept. 1907, making 3 %
for the year.— V. 85, p. 165.
York (Pa.) Water Co.— New Stock.— This company, it is
stated, has filed in Pennsylvania a certificate of increase of
capital stock from $1,300,000 to $3,000,000.— V . 73, p. 240.
— Corporations desiring fidelity bonds for their officers
and employees are referred to the annual statements for
1907 of The Guarantee Company of North America and of
the United States Guarantee Co., presented in our adver­
tising columns to-day. The surplus of each company has
been accumulated wholly from earnings— no part of it having
been contributed by stockholders. Both companies are
under practically the same management, being that which
introduced fidelity insurance on this continent over forty
years ago. Each company avoids the transaction of a
“ surety” business, which so often involves large and hazard­
ous risks, upon <?ourt, contractors’ and depository bonds.
— March 1 the old Chicago and New York banking and
brokerage house of Bartlett, Frazier & Carrington is going
out of the bond and stock business and will confine their
attention to dealing in grain and provisions on the Chicago
Board of Trade. Their New York office, 25 Broad St.,
has been leased to C. D. Barney & Co., and their Chicago
branch office, in the Auditorium Annex, to S. B. Chapin &
Co. Messrs. Grier & Zeller, the New York partners, retire
from the firm. Hart Taylor, who for nine years has been
manager of the stock and bond department of this firm,
becomes associated with S. B. Chapin & Co. in their Chicago
office in the Rookery.
— Messrs. M. H . Cutter and J. F . May, until recently
associated with and representing the Chicago branch of
O’Connor & Kahlcr, bankers, New York, have organized
a bond house under the firm name of Cutter, May A Co.
They will continue to handle the Western business of
O’Connor & Kahler, retaining their present offices in The
Rookery. The firm will deal in a general line of investment
securities.
— Harry Markoe Jr., Robert Morison and H . L. Bloodgood have formed the new firm of Markoe & Morison, with
offices at 115 Broadway. Mr. Markoe, the New York, Stock
Exchange member, was formerly a partner in Dick Bros. &
Co. of New York, and H am lin, Nickerson & Co. of Boston.
Markoe & Morison will conduct a general banking and broker­
age business.
— R . W . Morrison, recently with the H . P. Wright Invest­
ment Co., announces the organization of the firm of R . W .
Morrison & Co. of Kansas City, Mo. The firm will deal in
municipal and corporation bonds and stocks. Temporarily
its offices are 200 New England Bank Building; after March
15, 306 Bank of Commerce Building.
— Charles A . Peeling & Co., bankers, at 20 Broad S t., this
city, announce the opening on March 2 of an office at 35
Congress S t., Boston, under the management of William
Edmunds, formerly with Adams & Co. The New York
office remains under the management of Edw. L. Dame,
formerly with Wilmercling, Morgan & Co.
— Babcock, Rushton & Louderback, members of the
New York and Chicago stockexchanges, with offices at No.
18 Wall St., have prepared a pamphlet giving a review of the
earnings and deductions of the United States Steel Corpora­
tion since its organization. This interesting pamphlet m ay
be obtained on application.
— The seventh number of their book on banks and trust
companies of New York and Brooklyn has been issued by
Ackermann & Coles, 20 Broad Street. The tasteful style
adopted in the former numbers has been continued, the in­
formation contained therein having been brought down to
date.
— William It. Compton, of the W in . R . Compton Bond &
Mortgage Co., was the guest of honor at a banquet held at
the Commercial Club at Macon, M o., on Feb. 11. The event
signalized the removal of the headquarters of Mr. Compton’s
business from Macon to St. Louis.
— The 64th annual statement of the New England Mutual
Life Insurance Co., Boston, Mass., Benjamin F. Stevens,
President, is advertised in to-day’s issue on another page.
The actual market values of the company’s assets and liabili­
ties are given for Dec. 31 1907.
— Mr. Oliver E . Hurd has severed his connection with the
house of E . H . Gay & Co., with whom he has been associ­
ated for the past fifteen years and for whom he has acted
as manager at the Montreal office since the beginning of 1900.
— Arthur S. Leland & C o., bankers and brokers, 40 Ex­
change Place, New York, N . Y . , and 10 Post Office Square,
Boston, Mass., have issued a convenient “ Pocket Manual of
Dividends” for the year 1907.
— Mr. Arthur Batty has severed his connection with
Meadows, Williams & Co., Buffalo, to take charge of the
bond department of W . H . Trumbull & C o., 35 Congress
Street, Boston.
— Welsh Brothers, 328 Chestnut S t., Philadelphia, an­
nounce the dissolution of the firm and the formation of the
firm of Welsh & Smart, to take effect March 1.

Feb. 2 ) 1908.1
1
'. I 'h e

T H E

C & n m m rm cti

C O M M E R C IA L

‘fli

C H R O N IC L E

Friday Night, Feb. 28 1908
1ho spirit of caution which has so long predominated is
still a very noticeable feature of business in this country, and
transactions are on a very moderate scale. Prices on the
whole have undergone little change. There have been some
slight indications of firmer quotations in the metal trade.
L A R D on the spot has been firmer, owing to a stronger
tone in the future market at the W est, light offerings and the
advance in the grain markets. These factors have more
than offset the continued quietness of trade. The buying is
«till c °nfinccl to small lots for immediate needs. City 6 %
@<>/8c . and Western 7 .3 5 @ 7 .4 5 c . Refined lard has also
been stronger, owing to the same influences as mentioned
above,
trade has been quiet and mainly of a jobbing char­
acter. Refined, Continent 8c., South America 8.50c., and
Brazil, in kegs, 9.75c. The speculation in lard futures at
the West has been more active. Commission house business
has been larger. Prominent packers have bought freely at
times and there has been less disposition to sell after the re­
cent decline.

M a y d e liv e r y ____
.July d e liv e ry
__
S e p tem b er _d e liv e ry

F U T U R E S IN C H IC AG O .

Sat.
-

M on.

R o ll(la y .

7 ..'17 >A 7.50
7 .5 7 ) 4
1 .7 2 )4
7.77 ' A
1 .9 2 )4

Tuts.

COTTON.

A v v -V*v *r- *

E P IT O M E .

D A I L Y C L O S IN G P R I C E S O P L A R D

551

Wed.

Thurs.
7.55
7 .7 5

7.55
7.75

1 .9 7 )4

1 .9 1 )4

R e c e ip t s a t—

Sa t.

M o n .

T u e s.

W ed.

T h u rs.

F ri.

T o ta l.

G a lv e s t o n ____
P o r t A r t h u r ____
C orpu s C h ilstl,& c
N e w O rle a n s ____
M o b i l e ___
...
P e n s a c o la ___ _ _
J a c k s o n v ille , & c.
S av an n ah ____
B r u n s w i c k ___
C harleston _ .
G e o rg e to w n .
W ilm in g to n . _
N o r f o l k _________
N ’p o r t N e w s, &c.
N ew Y o r k ____
B o s t o n _______
B a lt im o r e ____
P h ila d e lp h ia .

11,629

5,766

10,354

8,363

5,265

7,0 0 6

4 8 ,3 8 3

6,191
1,061

2,897
507

9,253
768

6,648
423

5,8 2 2
412

863
3,160
349

863
33,966
3,520

____
2,518

____ ’
1,507

____
2,703

2,046

1,910

204
—
—
1,231

207
____
1,913
1,393

30
50
232
1 ,135

135

84

300
2,272
263
153

300
12,956
263
813

235
885

717
1,351

652
1,293

3,7 4 0
7 ]288

____
—
—

295
____
25

34
786
____
50

- 245

362
3,840
—

34
1,863
3,840
96

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

23,009

14,190

24,845

19,600

15,827

____
175
—

21

20,513 117,984

F ri.

7 .4 5
7 .0 7 ) 4
7.00

mT
r
T
Friday Night, Feb. 28 1908.
1IIE M O V E M E N T OF T H E CROP as indicated by our
telegrams from the South to-night is given below. For the
this evening the total receipts have reached
l l i ,984 bales, against 134,208 bales last week and 180,092
Previous week, making the total receipts since
the 1st of September 1907, 6,829,996 bales, against 8,170,529
bales for the same period of 1906-07, showing a decrease
since Sept. 1 1907 of 1,340,533 bales.

ivmuwmg onuwo one weeKs total receipts, the total
since Sept. 1 190/ , and the stocks to-night, compared with
last year:

PO R K on the spot has ruled steady with some increase in
the demand at times, though in the main the buying has been
1907-08.
1006-07.
Stock.
confmed to local jobbers. Mess $13 7 5 @ $ 1 4 25, clear $14 75
R e c e i p t s to
F e b r u a r y 28.
T h is
S in c e Se p
T h is
S in c e S e p
(p$D> and family $16 50. Beef has been steady with a fair
w eek.
1 1907.
w eek.
1 1906.
1908.
1907.
partly for exP°r t- Stocks continue light. Mess
48,383 1,993,647 89,324 3 ,260,143
167 720
.f1 0 ^ © S l i , packet $11 @ $ 1 2 , flank $11 25@ $11 75, fam­ G a lv e s to n ____ .
363,770
P o r t A r t h u r . .. ..
92.4S7
4,358
119,112
ily $L 4@ $14 50 and extra India mess $21@ $21 50. Cut C orpusC hrlstl ,& c
863
36,540
28,172
N ew O r le a n s ..
33,966 1,589,067 49,843 1,923 581
meats have been quiet and steady; pickled hams 8 W @ 9 c
206,304
316 ,387
M o b ile
_____
3,520
279 ,233
3,733
227,125
23.040
31,340
and pickled bellies, 1 4 @ 1 0 lbs., 7 @ 7 % c . Tallow has been P e n s a c o l a _____
____
129,857
1 16,608
J a c k s o n v ille , &c
300
steady with a small demand for local and domestic account;
7,405
2!)
6,834
12,956 1,335,496 15,779 1,288,401
83,381
115,870
City 5j^c. Stearines have been dull and steady; oleo 7W c. S a v a n n a h ___.
B ru n sw ick .
263
196,283
2,798
148,252
7,625
13,531
and lard 8 ^ @ 8 ^ c .
Butter has been quiet and easier; C h arleston . .
813
185,520
2,178
133,681
16,754
13,569
G
.
50
387
1,095
creamery extras 30c. Cheese has been quiet and steady; Weorgetow n _
ilm in g to n
3,749 *453,823
1 ,925
298 ,845
11,496
805
State, f. c., small, colored or white, fancy, 1 5 % c . Eggs N o r fo lk _____
7,288
450,844 12,24!)
473,500
18,896
40,2 0 6
N e w p o r t News, A c
5,694
1,682
have been quiet and easier; Western firsts 23c.
31,292
80
1,405
N ew Y o r k . .
" " 34
3,163
190
13,562
106,309
146,260
O IL .— Cottonseed has been firm and in better demand- B o s t o n ____
1.863
8,688
4,060
51,275
9.382
11,960
3,840
55,067
prime summer yellow 3 8 @ 3 8 j^ c . Linseed has been steady B a ltim o re . _
2,561
44,279
17,543
14 343
Philadelphia
80
6,795
183
4,772
4,6 9 9
1,025
with a moderately active demand, though mainly for small
T o t a l ____
117,984 0,8 2 9 ,9 9 6 190,892 8 ,170,529
lots. City, raw, American seed, 4 3 @ 4 4 c .; boiled 4 4 @ 4 5 c .
662,538 1 ,0 8 1 ,1 6 2
and Calcutta, raw, 70c. Lard has been quiet, with prime
’
.................ici.tipia auiur
L.
easier at 6 7 @ 6 9 c . and No. 1 extra steady at 5 2 @ 5 4 c . CoIn order that comparison m ay be made with other years,
coanut has been dull but firm on small supplies and offerings
*
Cochin 8 @ 8 ^ c . and Ceylon G M @ 7 > @ . olive has been we give below the totals at leading ports for six seasons:
quiet and steady; yellow 6 5 @ 7 5 c . Peanut has been quiet
R e ce ip t s a t—
1908.
1907.
1906.
1005.
1904.
1903.
and steady; yellow 6 5 @ 8 0 c . Cod has been quiet and steadyG a lv e s t o n ___
48,383
89,324
39,158
51,428
29,431
39,395
domestic 4 2 @ 4 3 c . and Newfoundland 4 4 @ 4 5 c .
P t. A rth u r, & c.
863
4,358
815
14,616
1,839
2,437
C O FFEE on the spot has been quiet and steady. Rio No. N ew O rle a n s.
33,966
49,843
38,744
47,194
25,909
44,978
3,520
3,733
4,022
397
2,382
7, 6)<tc. West India growths have been quiet and steady- S avannah ___
12,956
15,779
9,899
18,570
5,068
20 ,800
tail- to good Cucuta 9 % @ 1 0 % e . The speculation in future B r u n s w ic k ___
263
2,798
510
1 ,12!)
1 ,790
2,323
&c
863
2,178
1,162
992
174
Contracts has shown more activity at times, but fluctuations C hiarlestono, n ..
969
W lm i n g t
3,74!)
1,925
979
1 ,788
171
4 ,8 7 5
have continued to be confined within narrow limits. On the N orfolk' ______
7,288
12,249
4,697
6,662
2,791
9 275
1,682
586
whole the tone has been steady. There has been scattered N ’ p ort N . , &c
497
678
193
A llo t h e r s ___ _
6,133
7,0 2 3
3,838
5,574
4,055
14,679
liquidation by tired holders and Europe has sent selling orders
at times. But prominent local dealers have given support T o ta l this w k - 117,984 190 ,892 101,045 152,472
72,323
142,306
whenever it was needed. On Wednesday, the 2Gth inst., .Since S ep t. 1 . 6 ,829,906 8,1 7 0 ,5 2 9 6 ,2 3 3 ,2 4 6
7,0 4 8 ,9 6 9 6 ,465,598 6,6 5 4 ,5 5 8
March notices of delivery to the amount of some GO,000 were
issued, but were taken care of by roasters and dealers and
l ' ' " -----*» w * * v i u u o r o i l i n g 1 L U V U ( l l/U t£ U
they had no effect on prices.
of 135,854 bales, of which 68,943 were to Great Britain,
The closing prices were as follows:
15,824 to France and 51,087 to the rest of the Continent.
F e b r u a r y ------------ 5 . & * c . |J u n e .................. ......... 5,!)5c.
O c t o b e r - . .............6 .1 0 c.
Below are the exports for the week and since Sept. 1 1907.
M a r c h --------- . . . 5 .8 5 c. I J u l y
.......... .......fl.Ouc.

N o v e m b e r _____ 6 .1 5 c
A p ril -------- . 5.!)0c. I A u g u s t_________________6 .0 5 c .
D e c e m b e r _______ 6 20c
M a y .5 .0 5 c. |S e p te m b e r_______ 6 . 1 0 c . _________ r y ---------------6 .2 0 c!
Janua

W eek

e n d in g

Feb.

28 1908.

Fro m

Sep t.

1 1907

to F e b .

28 1908.

E x p o r t e d to —
E x p o r t e d to —
S U G A R .— Raw has been quiet but firmer. Centrifugal
E xp orts
Jrom —
! G re a t I
|C o n t l 96-degrees test, 3.885c.; muscovado, 89-degrees test, 3.385c
G re a t
C o n t i- \
B r l t a l n . F r 'n c e
nent.
T o ta l.
B r it a in . F r a n c e ,
n ent.
i T o t a l.
and molasses, 89-degrees test, 3.135c. Refined has been
G a lv e sto n ____ 28,56812,1
5,963: 47,044 833,526 263,379 607,963 1,704,868
quiet and firmer; granulated 4 .7 0 @ 4 .8 0 c . Teas and spices
Port Arthur__
____j . .
43,673
48,814
92,487
have been moderately active and steady. Hops have been Corp.Christl, &c
1,529
1,529
New O rleans.. 28,262
quiet and steady.
14,809 43,071 701,793 196,598 475.1301,373,521
M ile_______
2,727
64,186 45,592
97,560] 207,338
P E T R O LE U M has been active and firm. Refined bar­ P eobsa co la ____ 2,727
n
38,135 30,704
59,527; 134,366
rels, 8.75c.; bulk 5c. and cases 10.90c. Gasoline has' been Fernandtn a .
1,124
6,559 10,368 157-,380 80,519 542,878] 786,777
in good demand and firm; 8G degrees in 100-gallon drums 22c.- Savannah ____ 4,522 2,
_
Brunswick____
4,522
82,092
86,328 16S.420
drums $8 50 extra. Naphtha has been moderately active Charleston____
10,468
34,0501
44,518
ilm
14,893 14,893 122,757 28,520 295,9411 447,218
and firm; 7 3 @ 7 6 degrees in 100-gallon drums 19c.; drums Wo r foin gton ...
N
lk ______
400]
25,960
400
4.711
30,671
$8 50 extra. Spirits of turpentine has been quiet but firmer Newport News.
1.636
1,636
New Y
2,180
4,258 7,064 211,175 29,198 218,987! 459,360
at 533^c. Rosin has been quiet and steady; common to Boston o rk ___
______
431]
125
556 123,513
5,557] 129,070
good strained $3 75.
B a ltim o re ____
218'
533
315
36,571
3,487
58,988:
99,046
Philadelphia .
511
511
36,108
TOBACCO.— A somewhat larger demand for leaf has been Portland, M e...!
9,150
45,558
1
1
reported, manufacturers in some cases being disposed to re­ San Francisco.]
4,165 4,105
44,472
44,472
Seattle______
plenish supplies. In the main, however, trade has continued
58,643
58,043
T a c o m a .........
28,543
28,543
quiet. Prices have been generally steady. Unfavorable Portland, Ore
reports have been in circulation of late regarding the quality P e m b in a ____
D etroit......... .
1,625
1,625
of the new crop. Havana and Sumatra have been quiet and
firm.
1
T o t a l............ I 68.943,15,824] 51.087:135,854 2,400,599 689,997 2.679,071 5,859,667
C O PPER has been dull and firmer; lake 1 2 % @ 1 2 % c . and Total 1906-07. 106,162:18, 151 90,068.214,38112.890,282
746,620 2,712,5606,349.462
electrolytic 1 2 ^ @ 1 2 % c .
Lead has been quiet and firmer
at 3 .7 0 @ 3 .7 5 c . Spelter has been dull and easier at 4 .7 0 @
In addition to above exports, our telegrams to-night also
4.75c. 'l in has been more active and firmer; Straits 28.70c. give us the following amounts of cotton on shipboard, not
Iron has been quiet and steady. No. 1 Northern $18 5 0 ©
cleared, at the ports named. W e add similar figures for
$18 75 and No. 2 Southern $16 7 5 @ $ 1 7 .
New York.




THE CHRONICLE

552

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:

O n S h ip b o a r d , N o t C le a r e d f o r —
Feb.

28

at—
G re at
B r it a in .

5,718
15,464
C h a rles ton - - M o b i le ________

___

1,10 0
2 ,00 0

Fran ce

12,270
17,285

14,388
38.535
616

3,674

T o ta l 1 9 0 8 -_
T o t a l 1 9 0 7 -T o ta l 1 9 0 6 -.

31,282
75,764
55,307

O ther
F o re ig n

C o a st­
w is e .

3,250

___
___

300

7,000

O th er p o r t s —

G e r­
m any.

33,529
16,055
6,062

___

1,500

39,713
89,415
1,716
8,024
14,292
5 ,000
16,000

166,591
78,305
81,665
16,554
15,016
4,604
101,309
24,134

21,490 174,360
34,284 215 ,236
18,876 137,515

488 ,178
8 65 ,926
684,130

1,10 0
200
1,10 0

1,2 0 0
1,0 0 0

66,289
48,522
26,305

T o ta l.

13,192

___
___

8,0 00

L e a v in g
st o c k ,.

604
5,294

6,733
12,837

21,770
40,611
30 ,965

200

—

M on.
11.00

S at.
_ ........... H .

T lies.
11.35

W e d . T h u r s.
11.45
11.45

gs

Fri.
11.35

The quotations for middling upland at New York on
Feb. 28 for each of the past 32 years have been as follows:
11.35
11.25
1 1.05
7.60
15.10
10.25
8.81
9.25

190 0-C ..........
1 8 9 9 ________
1898________
189 7________
1896_____ 1 8 9 5 . ______
1894________
1 8 9 3 ________

9.31
6.56
6.31
7.44
7.81
5.56
7.02
9.19

7.121
18 9 2 .C ____ . 7 .1 2
1891_______ - 9.00
189 0_______ -11 .3 1
.1 0 .1 9
1889 ____
1 8 8 8 -- .. . - - 10.50
188 7_______ - 9.56
188 6_______ . 8.81
1 8 8 5 ............ .1 1 .4 4

The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on n m c days.
__________________________________
L\

M o n d a y ___
T u esd ay . W ed n e s d a y
T h u rsd a y F r id a y -------

Sp ot M a rke t
C lo s e d .

Q uiet
Q uiet
Q uiet
Q uiet
Q uiet

H O L ID A Y -. . . --------- Q uiet ----------15 pts. d e c . - B arely ste a d y
10 p ts. a d v
- B arely ste a d y
. .
. . . B a rely stea d y
10 p ts. d e c . - S te a d y -----------

T o ta l —




S a le s

of

Spot

and

C on tract.

ConE x p o r t s u m 'n .

C on
tra ct.

55

____
____

—
—

gg

gg

11

-------—

55

£0

© 1© 1© 1©
o

II SS

I©
coco
bb

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0 0

|

bb

OO

coco

bb
©

©

0 0

I SI

bb
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0 05
bb b
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OO
ci
I© J© |® I® |© |©
0
00 00
OO
o
4 B I .ub b b
b I b*
0 I
5
OO

T o t a l.

0 0

cob b b

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00

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coco
bb

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b b 05 »u Orb
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-*

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0 0

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5

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00 to

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T H E V IS IB L E SU P P L Y OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, arc this week’s returns, and con­
sequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports Irom
the United States, including in it the exports of Friday
only.
F e b r u a r y 28—
1908.
1907.
1900.
S to ck at L iv e rp o o l_________ bales. 1 ,1 2 1 .000 1.089,000 1 ,111,000
S to c k at L o n d o n ____ _____________
10,000
9.000
9 ,0 0 0
S to c k at M a n c h e s te r _____________
74,000
77,000
61,000

1905.
898,000
18,000

T o t a l G reat B ritain s t o c k _____ 1 ,205,000 1,175,000 1 181,000
14.000
S to c k at H a m b u r g -----------------------14,000
12,000
391,000
S to c k at B r e m e n _________________ 423 ,0 0 0
450 ,000
S to c k at A n t w e r p --------------------------------------------23(7,666
S to c k at H a v r e ..................
235 ,000
280,000
4 ,000
4,000
3,000
S to c k at M arseilles_______________
12.000
S to c k at B a r c e l o n a ______________
41,000
19,000
86,000
S to c k at G e n o a ___________________
19,000
120,000
3,000
S to c k at T r i e s t e __________________
19,000
6,000

960 ,000
9.000
392 .000
1.000
152.000
3.000
60 ,000
43,000
3.000

T o ta l C on tin en tal s t o c k s _______

7 55 ,000

T o t a l E u rop ea n s t o c k s _________ 1
In d ia c o t to n a floa t fo r E u ro p e —
A m erica n c o t to n allo a t fo r E u rop e
E g y p t,B ra zil,& c.,a flo a t fo r E u rop e
S to ck In A le x a n d ria , E g y p t ------S to c k In B o m b a y , I n d i a --------------S to c k In U . S. p o r t s ----------------------S tock In U. S. Interior t o w n s -------U. S. e x p o rts t o -d a y -----------------------

890 ,000
3

112,000
*.««««
190 , 0 0 0
659,784
590,164
55,000
30 ,000
233.000
248.000
618.000
593.000
----662 ,5 3 8 1,0 8 1 ,1 6 2
515,061
580 ,5 1 6
3 9 ,1 8 2
39,048

E g y p t, B razil, <Scc., alloat -------S to c k In A le x a n d ria , E g y p t -------

49,0 00

7 4 6 ,0 0 0 663,000
’! I22

8 2 1.b4a

6 22 ,016

T o ta l visible s u p p y . - .................. 4 ,7 4 9 ,9 4 5 5 ,5 2 1 , 5 1 0 5,1 4 0 ,1 6 0
O f the a b o v e , to ta ls o f A m e r ic a n and o th e r d e s crip tio n s arc as
A m e r i c a n —•
993.000
995.000
. 1 ,0 1 0 , 0 0 0
L iv e rp o o l s t o c k .........................
50 ,000
63,000
61 0 0 0
M anchester s t o c k ___________
702 .000
830 .000
679,000
398,069
659,784
590 .164
821 ,645
662 538 1,081,162
622 ,0 1 6
580 ,516
515,061
18,430
39,048
39,182
U . S. ex p orts t o -d a y -------- —

1 8 8 4 .c .......... 10.88
1883.......... .. _ 10.19
1882_________11.68
1881_________11.56
1880_________13.06
.................
T o ta l A m erican
1879............... 9.81
E a s t I n d i a n , B r a z i l , A c .—
187 8_______
10.88
1877_________12.37
L o n d o n s t o c k ____
M anchester s t o c k .
C on tinental s t o c k YORK.

M A R K E T A N D SA LE S A T N E W

F u tu re s
M arke t
C lo s e d .

£3

3 3 3. 0 3 ) 3 Q5J-,

t)W
>0

N E W Y O R K Q U O TA TIO N S FO R 32 Y E A R S .

1008 -C1 9 0 7 --­
1 9 0 0 -- .
1905­
1904
1 9 0 3 .- ­
1902 . _
1901 . . -

Q3J«e OftjS QSJ«a 0

0 3 3 ? 033?? 0 3 3 ? OS3’ |

Speculation in cotton for future delivery has been on a
somewhat larger scale, though still far from active, and while
prices have latterly rallied, they show a small net decline
for the week. Foremost among the depressing factors have
been the dulness of trade, stagnation of speculation and
weakness in foreign markets, notably in Liverpool and
Alexandria, Egypt. Some monetary disturbances have
been reported at Alexandria, together with a decline in prices
for cotton. It further appears that Egypt and the Continent
have been selling at times in Liverpool. English selling
orders were also at one time something of a feature here.
Moreover, the New England mills have decided to continue
for an indefinite period the curtailment of production which
began three months ago, and this decision had a noticeable
effect here. Of late, too, the Amoskeag Mills have reduced
their prices 1 0 % , and it is inferred that other mills will
sooner or lat^r take similar action. Disturbed stock markets
have also contributed in a measure to the depression in cotton
prices. So have rumors from time to time that spot markets
at the South were giving way and predictions that the
farmer would be forced to sell his old cotton in order to pro­
vide means with which to prepare for another crop. Local
sentiment has been decidedly bearish, and selling for the
decline, though not on a very large scale, has been persistent.
Also there has been a steady dribbling out of “ long” cotton,
which has not been without its effect. With both trade and
speculation dull, the consensus of opinion here is that the
general drift of prices must be downward, even though the
declining trend be interrupted from time to time by rallies
at the expense of the short interest. Y et it is to be remarked
that this short interest, in the estimation of not a few, has
grown to such large proportions and the decline since Janu­
ary has been so great, that of late prices have shown a ten­
dency towards at least a temporary upturn. A large and
well-known operator has been issuing bullish literature, and
this, with his more or less aggressive buying, has had a cer­
tain effect, especially as the Liverpool market has of late
become stronger, and has been a buyer here. Continental
spinners have bought July cotton here. Moreover, the re­
ceipts have continued light, so light, indeed, as to suggest
to some the possibility at least that the Government crop
estimate of Dec. 10 1907 of 1 1 ,078,000 bales, exclusive of
linters, may not be reached, even including linters that is,
on the bas s of the commercial crop. And whatever waver­
ing there may have been from time to time in individual cases
at the South, the spot markets on the whole seem to have
remained firm.
To-day prices advanced early, mainly
owing to the prompt stopping of March notices for 25,000
to 80,000 bales, a stronger Liverpool market than had been
expected, some buying by Liverpool people here, buying
also by leading bull interests and considerable covering of
shorts. Later the advance was lost, owing to general
realizing, in which some prominent interests are supposed
to have taken part. Spot cotton here has been dull. Mid­
dling uplands closed at 11.35c.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
F e b . 22 t o F e b . 28—
M id d lin g u p la n d -------

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

826,000
43,000
625.000
409.000
666,450
614,684
2,137

.3 ,5 5 6 .9 4 5 4 ,254,510 3 ,605,160 3,186,271

111,0 0 0
1 0 ,00 0
13,000
70,000

112 ,0 0 0

30.000
248,000
503,000

94.000
9,000
14,000
54 ,000
190,000
55,000
233,000
618,000

118,000
9,000

72,000
13,000

44,000
154,000
49,000
189,000
967,000

38,000
77,000
51,000
196,000
585 ,000

11,0 0 0

6,0 0 0

-1 ,1 9 3 .0 0 0 1,267,000 1,541 ,000 1 .038,000
3 ,556.045 4 ,254,510 3 ,605,160 3,186,271
Total visible supply____________ 4 ,7 4 0 ,9 4 6 o ,521,.>10 o ,146,160 4,224.271
4.10(1.
6 . 14d.
Middling Upland. Liverpool--------«-00d .
14,(
*
a io , i
5.78(1
7 .7 5 c .
11.25c.
1 1 .10c.
Middling Upland , New Y ork- - - - 11
'
7 M il.
12*4(1.
9 1U
<1
Egypt, Good Brown, Liverpool
H/i1 .
u
10.20(1.
9.65(1.
8 .7 5 d .
Peruvian. Rough Good , Liverpool
lOmOd.
5
.
4 !4d •
5 W d.
Broach, Fine, Liverpool-..........
r i> S ’
4 - ­ l!.
M
5 . ------T ln n e v e lly , G o o d . L iv e r p o o l-------o lid .
. 16(1. _ 7-16(1.
------

Continental imports for the past week have been 160,000
bales.
_____
The above figures for 1908 show a decrease from last week
100
100
200
2 0 0 of 86,751 bales, a loss of 771,565 bales from 1907, a de­
crease of 396,215 bales from 1906, and a gain of 525,674
300
355
bales over 1905.
55

Feb . 29 1908.]

THE CHRONICLE

553

AT TH E IN T E R IO R TOWNS the movement—that is,
QUOTATIONS FOR MIDDLING COTTON AT OTHER
the receipts for the week and since Sept. 1 , the shipments M A RK ETS.— Below are the closing quotations of middling
cotton at
for the week and the stocks to-night, and the same items each day Southern and other principal cotton markets for
of the week.
for the corresponding period for the previous year—is set
out in detail below.
C l o s i n g Q u o t a tio n s -[or M i d d l i n g C o t t o n o n —
W e e k e n d in g —
F e b r u a r y 28.

MIssc
Nortl
Ohio.
Soutl
Tenn

Its

w O' 0 3 .
§,

BB S
?
tJ P

>
O >
f> H
t
P
o fc
*
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: : : « :g : :p
3
p
p i

net

! 5*! 5*! ! ! !
! P• P• • . '

G a lv esto n _____
New Orleans___
Mobile - _______
Savannah ____
C harleston-- - W ilm ington____
N o r fo lk ________
Boston ________
B a ltim o re_____
Philadelphia . . .
Augusta------------M em p h is_______
St. Louis_______
H o u s t o n _____
Little R ock ____

S a t’d a y .

H O L I­
DAY.

j

M onday.

1 1H
l i y.
u *i
li H
li
UK
11 si
11.50
11%
11.75
11%
11%
11%
1 1 7 -1 6
11%

T u e s d a y . W e d ' d a v . T h u r s d ’y .

11 %
11%
11%
11 %
11
11 %
11 %
11.50
11 %
11.60
11%
11%
11%
11 3-16
11

11 %
11 %
11 %
11 1-16
11
11%
11 %
11.35
11%
11.70
11% @ %
11 %
11%
11 3-16
11

11%
11%
11 %
11 1-16
11
11 %
11%
11.45
11 %
11.70
11 %
11 %
11 %
11 3-16
11

F r id a y .

11 %
11 %
11 %
11
11
11 %
11 %
11.45
11 %
1L 60
11 %
11 %
11 %
11 3-16
11

N E W O R L E A N S O PTIO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
t9 C
v
O
to
^^ ^
^4^-sico«^ic;« o o o
o
>
O a/'jJO 'C ’ CoOOMOGcoOo C O to 0 C O C C -v C ►C O -,j C “* C *J
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^

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F eb. 22.

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~ ^ to ^ >
'3
f*
—
to c o co to ■*co o
£
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—

^ S

£ H 52 5? 7 1 P 5 «o £* © V m to co C 3© ^ © © to^ oo ©
s
b » V i '^ N to to ■ I
*!
J - ? i ; 7 ; ^ ^ ^ r ? 0 ^ Ci^ coc><:0^ » ^ ^ o > c o ^ .» - * c o © r o ^ > -‘ o>©tJ«©03©
o o c o ^ c « t o t o > - * o c s o o o ^ . c o 0 0 c n o ^ j ^ .a s c » l .tooiQ oj^ cico© oor i I
^
o^

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© ’M^ to© 0>© © © © © £*© ►> © © © © (DM01 -0 roC to
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Closing_______
R a n g e .............
Closing_______
R a n g e _______
Closing_______
R a n g e _______
Closing----------T o n eS p o t ___________

© I 00©tOCf» © O
CC

O p tio n s _____

The above totals show that the interior stocks have de­
during the week 2,954 bales and are to-night 65,455
bales less than at the same time last year. The receipts
at all the towns has been 73,680 bales less than the same
week last year.
creased

O VERLAND MOVEMENT FOR TH E W E E K AND
SIN CE SE P T . 1 . —We give below a statement showing the
overland movement for the week and since Sept. 1 , as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
-1 0 0 6 -0 7 S in c e
S e v t. 1.
587,289
174,441
53,276
59,598
39,609
93,464
203,070

W eek.
17,288
4,514
3,361
3,888
1 ,342
7,508
4,766

759,459

42,667

1,210,747

73,713
56,120
44,822

6,994
8 ,596
3,504

113,888
45,391
36,765
196,044

7,559

174.655

19,094

Leaving total net overland * -------------- 26,603

584,804

23,573 1,014,703

* In c lu d in g m o v e m e n t b y rail t o C a n ada.

The foregoing shows the week's net overland move­
ment has been 26,603 bales, against 23,573 bales for the
week last year, and that for the season to date the aggre­
gate net overland exhibits a decrease from a year ago of
429,899 bales.
-------- 1007-08--------In S ight and S p in n er s ’
S in c e
T a kin gs.
W e ek S ep t. 1.
Receipts at ports to Feb. 2 8 _______117,984 6 ,829,906
N et overland to Feb. 2 8 ____________ 26,603
584,804
Southern consumption to Feb. 2 8 - . 45,000 1,238,000

-------- -1 0 0 6 -0 7 --------S in ce
W eek .
S ep t. 1.
190,892 8,170,529
23,573
1,014,703
48,000
1,226,000

..1 8 9 ,5 8 7 8,652,800
434,478

262,465 10,411,232
2,798
484,240

Came Into sight during week____.1 8 6 ,6 3 3
186,633
0.087,278
—
1. 40,290

1,172,234

265,263
10",805",472
79,293

1 .924,289

* Doorcase during week.

Movement into sight in previous years.
W eek —
1906— March
1905 — March
1004— March
10 0 3 — March

B a les.
2 . ______________ 110,420
3 _______________ 222,331
5 . . . ..................... 117,044
6 ............................ 169,754




S in ce S e p t. 1—
1905-06— March 2 ____
1904-05— March 3 ____
1903-04— March 5 ____
1902-03— March 6 ____

1 0 .6 * 1

*

—
@
1 0 .7 4

— —
*

@

1 0 .5 8

—
*

—
@
1 0 .6 8

—
*

— @
1 0 .5 6

—
*

—

@
1 0 .7 1

— —

—

*

*

@
1 0 .6 2

1 0 .6 8 - .8 1 1 0 .5 0 - .6 8 1 0 .5 1 - .7 5 1 0 .5 7 - .7 7
1 0 .6 8 - .6 9 1 0 .5 6 - .5 7 1 0 .6 8 - .6 9 1 0 .5 9 - .6 0
H O L I­
D A Y .

—
(ffi —
1 0 .6 2 *

— ®
1 0 .4 7

—
*

).5 9 .71
1.59-.61

— <> —
P
1 0 .6 5 *

— @
1 0 .5 6

> .5 2 .7 0
>.56-.57

—
*

1 0 . 4 2 - . 6 0 1 0 . 4 2 - . 6 6 10.53-.71
10.60-.61 10.47-.48 10.6S-.64 10.54-.55
1 0 .6 0 - .7 3

>.48-.64
).5 2 -,5 3

9.9 9 -.0 6
9.98-.00

9.92 -.9 6 9 .92-.0 2
9.94 — 1 0 .0 4 .0 6

9 .98-.12
9.90-.00

-92-.04
.94-.96

— (S —
>
9.95 *

—

<® — •—

__ ----- —

®

—

D ecem ber—

00
-si
-si
WMtO UM
1
-4
* C *-*M ^ *
-4 O -» 4 -4 >*
_
^ 0o
©
co© to m io ©co © m © © ©©»-* 4^o © © 44.4*.^icotocotoro©co©ro ^
^
*
>
*© IC ©©CO Mto ©©*©*—•-*© ©V} <3>© © tooo to 4*00©©©"oc>co IkM!u'!u
O
bo
)• O
O
t-4 I-4COW^©4i.tO© >3*-*00©©©to*>.0©©©-J©rfsfc
C,3tOtO-s!CO©0>-Q-s|©
I^
o
a I©Q0-s|tO00-0tO-JtQi-*C«4^-Jt000-4O4-4©Ci©4>.©©©tO^10000©C0©©
J0
^ 0

Total to be deducted - ___________

—
*

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

N ovem ber—

W
C
n
to
M y i -,1
-4 ^ -0
M ►to
M -»
I
__
to I © © M © C Co Vi ©CO .U ro oo © io © 05 to © M oo © 00 © bo © *-* i^V| © o >*
-*
O
M
_
to I © © © • * © (* * ■ ‘ ~
- — --------------------------

Total gross overland------------------- 34,162
D ed uct shipm ents —Overland to N . Y . , Boston, & c . . 5,8 33
Between Interior tow ns___________
562
Inland, & c., from South--------------- 1,164

—
@
1 0 .8 0

T u e s d a y , W e d ’d a y , T h u r s d ’ y , F r i d a y ,
F eb. 25. F eb. 26.
F e b . 2 7 . F e b . 28.

O ctob er—

* ©
—
K M 05
l
M
-*
(JMM M m m
^
O©C0©i9»-*>-*C0M^©»-*©0»-4^i00'sJ©4».00 J^C*CBM-co©to*-»yi©cnto 5
© C C -Oo © M ,U-si * © © ^ ©O©C«©00C0©C«4i.©-qC0»-‘ toO©C0©*-* ! ^
O O o -*
-*
© © cb©*©o © wVi© to c © <iV £ bs co".uVj ro© £ © £ © o 'V *©’to*©o to ! 2
o
o
i
o
© I © “'!*—C >
‘ -*©tO©COtO00©,^lCS©tO-4-si©>t*4^©©O»©M-*»—O5CO©4^t\3C I
‘
73 | ^ ^ a,O -si ^ coroco C to O © C © h^O © ©CO JfliUtO© ^ICXCHO-I to to I
O
o
i
CO

------- 1 0 07 -08-------F e b r u a ry 28—
S in c e
S h ip p ed —
W eek .
S ept. 1.
Via St. Louis________________
15,931
204,273
Via C a i r o - - - __________
4,103
134,101
Via R ook Isla n d ____________________ 1 ,501
21,277
Via L o u isv ille______________________
908
38,884
Via Cincinnati_______________
988
20,124
Via Virginia points_________________ 4,327
65,105
Via other routes, & c ---------- ------------ 6,284
176,635

F ebru a ry—
R a n g e ------------C l o s i n g ...............
M a rch —
R a n g e ------------C l o s i n g ...............
A p r il—
R a n g e ________
C l o s i n g ________
M a y—
R a n g e ...............
C l o s i n g ...............
June—
•
R a n g e ------------C l o s i n g ________
J u ly —
R a n g e _______

M onday,
Feb. 24.

B a les.
____ 8,613,263
____ 9,485,305
____ 8 ,604,603
-------8 ,910,693

— @ —
9 .95-.07

0.91

9 .9 2 -.0 3 — (S.99
— 10.01-.03 9.96-.08

Quiet.
Steady.
B ’yl s t’y . Steady.

Firm .
Steady.

Steady.
Steady.

9.93 -.0 0
9-91 -.9 3
Steady.
Quiet.

W EA TH ER REPO RTS B Y T E L E G R A P H .— Reports to
us by telegraph from the South this evening indicate that
the weather has been more favorable during the week.
While rain has been quite general, the precipitation has been
moderate or light in most sections. Our Mobile correspond­
ent states that bottom lands along the Tombigbee have been
flooded, and from Helena we are advised that land outside
the levee is overflowed. Farm work is claimed to be making
slow progress at most points.
Galveston, Texas.—There has been rain on one day the past
week, the rainfall being thirty-six hundredths of an inch.
The thermometer has averaged 54, the highest being 62 and
the lowest 46.
Abilene, Texas.—There has been rain on one day the past
week, the rainfall reaching one hundredth of an inch. The
thermometer has averaged 50, ranging from 30 to 70.
Corpus Christi, Texas.—We have had rain on two days
during the week, the rainfall being six hundredths of an inch.
The thermometer has ranged from 48 to 74, averaging 61.
Fort Worth, Texas.—We have had rain on one day of the
week, the precipitation being six hundredths of an inch.
Average thermometer 50, highest 68, lowest 32.
Palestine, Texas.—There has been rain on one day during
the week, the precipitation being eight hundredths of an inch.
The thermometer has averaged 54, the highest being 70 and
the lowest 38.
San Antonio, Texas.—There has been rain on one day the
past week, the rainfall reaching twenty-eight hundredths of
an inch. The thermometer has averaged 58, ranging from
42 to 74.
New Orleans, Louisiana.—There has been rain on one day
the past week, the rainfall being twenty-two hundredths of
an inch. The thermometer has averaged 56.
Shreveport, Louisiana.—There has been rain on two days
during the week, the precipitation being seventy-five hun­
dredths of an inch. The thermometer has averaged 52r
ranging from 35 to 68.
Leland, Mississippi.— Rain has fallen during the week,
the precipitation being seventy-six hundredths of an inch.
Average thermometer 47.1, highest 64, lowest 27.
Vicksburg, Mississippi.—There has been rain on one day
the past week, the rainfall being forty-eight hundredths of
an inch. The thermometer has averaged 5 1, the highest
being 65 and the lowest 38.
Little Rock, Arkansas.—Owing to rains during this month,
farm work has been somewhat retarded, but conditions are
now more favorable. We have had rain on two days of the
week, the precipitation being forty-eight hundredths of an
inch. Average thermometer 47, highest 60, lowest 34.

TIIE CHRONICLE

»>o4

Helena, Arkansas.— Not much farm work done. The river
continues to overflow outside the levee. We have had rain
on one day the past week, the precipitation reaching seventylive hundredths of an inch. The thermometer has ranged
from 31 to 59, averaging 45.
Nashville, Tennessee.— There has been rain the past week,
the rainfall reaching forty-seven hundredths of an inch.
The thermometer has averaged 40, ranging from 22 to 57.
Memphis, Tennessee.— It has rained on one day of the
week, the rainfall reaching ninety hundredths of an inch.
The thermometer has averaged 43.7, the highest being 57.3
and the lowest 30.
Mobile, Alabama.— Heavy rain in the interior middle of
the week. Farm work is making slow progress. The Tom bigbee River bottom lands are flooded. W e have had rain
on one day during the week, the rainfall being forty-three
hundredths of an inch. The thermometer has ranged from
33 to 68, averaging 52.
Montgomery, Alabama.— There has been rain on one day
of the week, the rainfall being fifty-two hundredths of an
inch. Average thermometer 46, highest 63, lowest 29.
Madison, Florida.— There has been rain on two days the
past week, the rainfall reaching forty hundredths of an inch.
Tlie thermometer has averaged 51, ranging from 32 to 70.
Augusta, Georgia.— There lias been rain on one day during
the week, the precipitation reaching twenty-six hundredths
of an inch. The thermometer has ranged” from 27 to 59,
averaging 44.
Savannah, Georgia.— W e have had rain on two days of the
week, the rainfall reaching five hundredths of an inch.
Average thermometer 48, highest 63 and lowest 31.
Charleston, South Carolina.— We have had only a trace of
rain during the week. The thermometer has averaged 40,
the highest being 62 and the lowest 30.
Greenwood, South Carolina.— Rain has fallen on one day
during the week, the rainfall being ten hundredths of an inch.
The thermometer has averaged 39, ranging from 31 to 48.
Stateburg, South Carolina.— There has been rain on one
day during the week, to the extent of twenty-two hundredths
of an inch. The thermometer has ranged from 27 to 60,
averaging 43.
Charlotte, North Carolina.— W e have had rain on two days
of the week, the rainfall reaching thirty hundredths of an
inch. Average thermometer 38, highest 55, lowest 21.
The following statement we have also received by tele­
graph, showing the height of rivers at the points named
at 8 a. m . of the dates given:
Above
New O rle an s_______
Memphis . . . . ____
..A b o v e
N a s h v i l l e ............ .......
Above
Shreveport___________ .A b o v e
V ick sb u rg ___________
Above

zero
zero
zero
zero
zero

of
of
of
of
of

Feb. 28 1008. March 1 1007
Feet.
Feet.
14.4
18.1
34.1
20.5
12.1
33.2
10.3
4.6
30.0
38.5

gauge.
gauge.
gauge..
gauge.
gauge

REC EIPTS FROM T H E P L A N T A T IO N S .— The follow­
ing table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
ending

Receipts at the Ports.

Stock at Interior Towns. Receipts from PlantaVns.

1908.
•Ian.
”
“
Feb.
"
"

17
24
31
7
14
21
28

1907.

1906.

1908.

1907.

1906.

1908.

1907.

1900.

242,130
253,891
284,735
215,113
180,092
134.208
117.984

339,479
294,162
305.290
251,289
208,148
245,649
190,892

138,799
110,898
121,793
131,605
131.235
136,015
101,945

544,020
543.866
5 10,655
535,162
528,510
518,015
515,061

677,672
661,359
635,894
611,155
598.334
577,718
580,516

721,046
720,114
711,634
697,084
074.590
658,131
022,016

227,908
253,737
287,524
203,620
173,440
123,713
115,030

321,287
277,849
279,825
226,550
195.327
225.033
193,690

131,696
109,300
113,313
117,055
108,741
119,550
05.830

The above statement shows: 1.— That the total receipts
from the plantations since Sept. 1 1907 are 7,264,474 bales; in
1906-07 were 8,654,769 bales; in 1905-08were 6,720,085bales.
2 .— That although the receipts at the outports the paat
week were 117,984 bales, the actual movement from planta­
tions was 115,030 bales, the balance being taken from stocks
at interior towns. Last year receipts from the plantations
for the week were 193,690 bales and for 1906 they were 6 5 ,­
830 bales.

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

W O R L D ’S SU P P L Y A N D T A K IN G S OF C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and since
Sept. I, for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amount gone
out of sight, for the like period.
Cotton Takings.
W eek and Season.

N A T IO N A L ASSO C IATIO N OF C O TTON M A N U FAC ­
T U R E R S .— Annual Convention in April.— The National
Association of Cotton Manufacturers will hold its 84th annual
meeting at Huntington Hall of the Massachusetts Institute
of Technology, Boston, Mass., on Thursday and Friday,
April 16 and 17.
Among the subjects already arranged for this meeting will
be the following:
Arts of weaving and spinning, cotton cultivation in West
Africa, cotton mill stocks as investments, Egyptian cotton,
improvements in the cotton fibre from storage of seed cotton,
lubrication tests in cotton mills, need and advantages of a
cotton exchange in New England, Sea Island cotton, steadyng power of consolidation, steam turbines, what a manu­
facturer should know about coal, yarn testing.




W eek.

Season

American In sight to Feb. 2 8 . .
Bom bay receipts to Feb. 2 7 -----Other India snip’ts to Feb. 27 .
Alexandria receipts to Feb. 2 0 . .
Other supply to Feb 2 6 * ----------

186,633
68,000
3,000
23,000
1,000

Season.

5,575,580

Visible supply Feb. 2 1 . _ ------------ 4,836,686

1,784,150
205,263 10,895,472
90,000 1,453,000
14,000
133,000
20,000
855,000
3,000
210,000

9,087,278
1,194,000
127,000
819.000
187,000

Total supply------------- ------------- 5,118.319 13,706,122 5,907,843 15,330 ,628
Deduct—
Visible supply Feb. 2 8 ----------------- 4,749,945

4,749,945 5.521,510

5,521 ,510

Total takings to Feb. 2 8 ------------O f which Am erican------------ _
Of which other-----------------------

8,950,177
6,860,177
2,090,000

446,333
295,333
151,000

9,809,118
7,539,1 18
2,270 ,000

363,374
297,374
71,000

* Embraces receipts la Europe from Brazil. Sm yrna, W est Indies, &e.

IN D IA COTTON M O VEM EN T FROM A L L PO RTS.
February 27.

1907-08.

Receipts at—
Week.

1900 07.

Since
Sep.t 1

Week

08,000 1,194,000

B om bay-------------------

Bom bay—
1907-08 ---------------1 9 0 6 -0 7 -..................
19 0 5 -0 6 ___________
Calcutta—
1 9 0 7 -0 8 ....
1 9 0 6 0 7 ---------------1 9 0 5 -0 6 ---------------Madras—
1907-08
..........- 1 9 0 6 -0 7 -.......... ..
1 9 0 5 -0 0 .............
All others—
1907-08....................
All others—
1907 0 3 ___________
1906 -07----------------1905 -00----------------

1905-06.

Since
Sept. 1.

Since
Sept. 1.

Week.

77,000 1,614,000

90 ,000 1,453,000

For the Week
Great
ContiBritain. nent.

Since September 1.
Great
Britain.

Total.

Contirent.

Total.

____
5,000
2,000

5,000
33,000
23 000

5,000
38.060
25,060

12,000
23,000
30 ,000

292,000
523,000
426,000

304,000
546,000
456,000

____
1,000
____

____
5,000
2,000

6,000
2,000

3,000
4,000
5,000

9,000
54,000
43,000

12,000
58 ,000
48 ,000

____
____
____

1,000
1,000
4,000

1,000
1 ,000
4,000

6,000
2 ,000
1 ,000

23,000
16,000
29,000

29,000
18,000
30 ,000

____

2 ,0 )0

8,0 )0

78,000

86,000

2,000
6,000
2,000

2,000
7,000
2,000

8,600
7,900
9,900

78,000
50,000
57,000

86,000
57,000
66,000

____
7,000
2,000

Total all—
1907 -08...................
1 9 0 6 0 7 ___________
1905 -06...............

2,000

____
1,000
—

8,000
45,000
31,000

8,000
52,000
33,000

29,000
36,000
45,000

402,000
643,000
555,000

431,000
679,000
600 ,000

According to the foregoing, Bom bay appears to show a
dtcrease compared with last year in the week’s receipts of
22,600 bales. Exports from all India ports record a loss of
44,000 bales during the week and since Sept. 1 show a
decrease of 248,000 bales.
A L E X A N D R IA REC EIPTS A N D SH IP M E N TS OF
C O TTO N .— 'through arrangements made with Messrs.
Choremi, Bcnachi & Co., of Liverpool and Alexandria, we
now receive a weekly cable 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,
February 26.

1907-08.

' 1006-07.

1905-06.

Receipts (cantars)—
This week . _______
Since Sept. 1 . _________

175,000
5,146,980

•
135,000
• 6,403,515

160 000
5,347,802

Since
Tills
Since ! This
week. Sept. 1. 1 week. Sept. 1.

Exports (bales) —
To
To
To
To

Liverpool-------------------M anchester___________
C on tin en t____________
Am erica.......... ................

Total exports_________

JUTE B U T T S, B A G G IN G , E T C — The market for jute
bagging has continued dull during the week under review,
at the following prices: 2-lb. domestic bagging, 7 % cents per
yard and re-woven and inferior foreign 6 }4 cents per yard.
Jute butts dull at 2 @ 3 cents per lb. for bagging quality.

1006-07.

1007-08.
Week.

Since
This
week. Sept. 1.

1 .250 160,269
6.000 153,301
7,250 240,607
2,500 83,691

5.500 165,085
4.500 126,858
8.500 210,899
2,000 56,582

2,250 165,462
144,396
6 TOO 227,369
750 44,076

9,000 581,303! 17,000 637 863 20 ,500 559,424

Note.— A cantar Is 89 lbs.

Egyptian bales weigh about 750 lbs.

M A N C H ESTER M A R K E T — Our report received by
cable to-night from Manchester states that the market
is quiet for both yarns and shirtings. The demand for
both India and China is poor. W e give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.

32s Cop
Twist.
Jan.
17
24
31
Feb.
7
14
21
28

8% lbs. Shirt­ Cot’n
ings, common Mid
to finest.
Upl's

©
©
@

d.
11)4
11%
UK

s.
6
G
5

9 15-16©
©
W
©
9%
9%
©

im
10%
10)4
10M

b 10
5 9
o 6
5 5

d.
10)4
10 q
10 %

d.
0
0
li

S.
@9
@9
@9

(1.
3
3
2

©9 1
©9 0
® 8 10
@8 9

d.
6.50
6.43
6.39

32s Cop
Twist.
d.
OH
©
OH
©
9 11-16©

6.35 9 15-16©
6.21 OH © 10
6.14 9 11-16 ©
6.00 9 13-16©

8% lbs. Shirt­
ings. common
to finest.

d.
10%
10%
10%

S.
6
6
6

d.
6
6
6

11
15-16
10%
10 %
.«

6
6
6
6

7
7
7
7

S.
©9
©9
@9

(1.
9
9
9

© 9 10
© 9 10
©9 10
©9 9

Corn
Mid
Upl's
(1.
5.86
5.90
5.87
6.09
0.03
6.03
6.14

Feb . 29 1903.]

THE CHRONICLE

SH IP PIN G N E W S .— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 135,854 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
N E W V O R K - T o L i v e r p o o l — F e b . 2 5 - A r m c n l a n . 1 4 r,8 u p l a n d ^
1 54c
• • 4 4 S e a I s la n d , 4 4 f o r e i g n _____________ _______ __
[ • • T o L o n d o n — F e b . 2 1 — M a s s a c h u s e t t s , 634
634
' ' 'J’ ° H a v r e — F e b . 2 4 — C y r u s , 2 0 0 u p l a n d , 4 3 0 S e a Is hi
626
land
I* - T o B re m e n — F e b . 2 6 — R h e in , 300
306
[• • T o H a m b u r g — F e b . 25
U a u m a , 200
200
• • T o A n t w e r p — F e b . 25
S t. A n d r e w , 250
250
• - T o B a r c e l o n a — F e b . 2 1 — C a s s io p e ia , 7 00
70 0
• - T o G e n o a — F e b . 2 4 — S a n G io r g i o , 084
684
I • - T o T r ie s t e — F e b . 2 4 — A l i c e , 2 5 0
250
• • T o V e n ic e — F e b . 2 4 — A l i c e , 3 7 5
3
• - T o F l u m e — F e b . 2 4 — A lic e 70
'
70
• •T o J a p a n — F e b . 2 6 — S t . O u n s t a n , 1 4 2 3
1 ,4
G A L V E S l O N — T o L i v e r p o o l — F e b . 21 — A lm e r la n
■
2 0 — K e n t r a , 1 1 ,5 0 0 ; H o r a t i o , 3 ,9 0 0
_
..
20 694
• • lo Lon don
F e b . 2 5 — C a y o M a n z a n illo , 8 6 8
___
808
■T o M a n c h e s t e r• F e b . 21 — T e l c s f o r a , 7 , 0 0 0
7 ,0 06
■ T o H a v r e — F e b . 24 - R y a n , 1 2 , 5 1 3 —
........... : : : : :
: : :
12,513
T o H a m b u r g — F e b 2 7 — I n c h a r r a n , 2 ,9 9 5

7 he

[trie, 3

Feb. 22
to
Feb. 28

ooo

o re givt n in pence and WOths.
S a t.

1214
p .m .

A lo n .

\2H
p .m .

d.

F eb ru a ry
F e b .- M e a
M c h .-A p "
A p r .- M a v .
M a y -J u n e —
J u n c-J u ly —
J u ly -A u g . —
A u g . Sep —
S e p .-O c t
—
O c t .-N o v . ~
~
N o v .- D e c .
D e c .- J a n
—

Thus: 5 7 3 means 5 7 3 -1 OOd.

Tues

W ed

T h u rs

F r i.

12X

4
12H 4 \ 2 K 4 12 M 4 12 H 4
p .r n . p .m . p .m . p . m . p .m . p .m . p . m . p .m . p .m . p . m .

d.

d.
70 la
71 y
i1

• 73 y. 71
"
>

12 y*

cl.

d.

d.

y 60
6
57 y
02 \ 59
A
63
60
63
60 y
61 ^ 5 9 y
58 y 57
50
49
42 y 40
ar
>
33
32 y 30 y

68 55 62

(»7 U
5 72
63
/
2
68
70 y 68
.) 70
69
6 6 55
65
63
57
53 y
475
40
• 3 0 i i 40
)
38
3 7 ^ | 35 H

d.

cl. d. d.
y. 60 56
6 i y 58
i> y> 60
3
64
6i y

54
5 1 y,
53
54 y
55

57 y 60 y. 5 6 y
54
56
57
57

54

57 y> 64
55 y2 62

52

44

49

3 6 y 42
29 y 35
27

61

59 y

55
48
45
41
38
38 y. 35 y

‘ 32 y

(?.
d.
58
63
57 y 6 3
59
63
60 y 64 y
62 y
62
60
62
52 y 5 3 i i
45 y 4 6 "
38 y. 39
36
36 y

B R E A D S TU F FS .

.
Friday, Feb. 28 1908.
I rices for wheat flour have been firmer in the main, owing
a n d . i 4 . o o o . . . . v : v ; ; r ; : ; _ _ ‘ v r ‘ ' " ^ C o l o n l a l , 6 , 0 ' i 2 : M c d l " 2 o 002
to the advance m wheat quotations. A t times buyers have
To Manchaster— Feb. 28— Cuban, 5,20 ) .............
5^200
shown greater interest in the local market, but actual sales
1 ,cl.) - 2 — T a m plcan, 3,000
T
J
.
3,000
lo Bremen— Feb. 28— Ariel, 2 ,5 53
,553
have not increased materially, the demand still being mostly
lo Rotterdam — Feb. 28— Ariel, 5 35.
535
tor small lots to satisfy immediate needs. Export trade
lo Antwerp— Feb. 27— Tam pican,, 100......................
lot
.
100
lo Baicelona— !■eb. 21—- C o n d e W l l f r e d o . 2 ,1 0 0 .
Conde Wllfn
F eb . 28—
has been stagnant. At some of the larger markets of the
Ghllla, 7 0 0 . . .
2 .8 0 0
Northwest and the Southwest a somewhat better demand
. ____
3 867
T o G e n o a — F e b . 21 — C l t t a d l P a le r m o , 3 . 8 6 7 . . ____
To V e n ic e — F e b . 2 8 — G iu lia , 2,222
.
has been reported at times, partly for export. On the whole,
L22
2 ,7 3 2
M ^ . w ? , 1d 1 iSte T ' F e b - 2 8 — G iu lia , 2 ,7 3 2
<
however. the condition of the trade leaves much to be desired.
i t V A [ srV,- ~ r X ° L i v e r p o o l — F e b . 2 1 — M a d r l le n o . 2 .7 2 7
2 ,7 2 7
SAVANN AH
T o L l v r e p o o l — F e b . 2 7 — C a y o B o n l t o , 1 ,1 2 4 .
Rye flour has been more active and firm. Corn meal has
I .124
l o H a r v e — F e b . 2 2 — L o n d o n B r id g e , 2 ,2 1 5 u p la n d , 470 S ea
been quiet and firmer.
I s la n d ..................... ............................ .................. .................. ........ .....
2 ,6 8 5
-n ° B r e m e n — F e b . 2 5 — E l s w lc k H o u s e , 5 ,1 5 8
Wheat, largely under the influence of domestic conditions
5,1 58
l o W a r b e r g — F e b . 2 5 — E l s w lc k H o u s e , 150
150
rather than anything else, has advanced sharply. In other
, , ° C h r is t ia n ia — F e b . 2 5 — E ls w lc k H o u s e , 100
100
words, American markets have cut loose from Argentine,
I o R e v a l — F e b . 2 2 — L o n d o n B r id g e 2 5 1 . . . . F e b . 2 5 — E ls w lc k
H o u s e , 4 5 0 _________________________________
701
j ey have risen under the stimulus of a good cash demand,
T o G h en t— F e b . 22— L o n d o n B r id g e , 350
.....................
350
dwindling receipts and stocks, and a belief in some quarters
i . i ) r T v o n ? , % I ll)Ur<^ ' F e b . 2 2 — L o n d o n B r i d g e , 100
100
H .K U N S V V IC K — T o L i v e r p o o l - F e b . 2 2 — C a y o B o i d t o . 4 ,5 2 2
4 ,5 2 2
that American supplies are to fall to a very low ebb before
‘
N nni m W
- - T o B r e m e n — F e b . 2 7 — A s g a r d , 1 4 ,8 9 3
,?
B rem en — F eb —
...........
1 4 ,8 9 3
• \
f
scason, with the inevitable concommitant,
n
K ~ T ° , L iv e r p o o l— F e b . 26— M o n ta u k P o in t , 400 .
400
b u s l O N — I o L i v e r p o o l — F e b . 2 1 — S a c h e m , 159
.F e b 25— D e ­
ii this proves true,of some advance in prices. The American
v o n ia n , 2 7 2 .
431
position, moreover, has been encouraged at times by rising
,, , , T o j a r m o u t h — F e b . 2 5 — P r i n c e A r t h u r , 125
125
B A L I I M O R E — T o L i v e r p o o l — F e b . 2 1 — T e m p le m o r e , 2 1 8 .
p le
markets in Europe, where the rally in prices has not been
218
„ „
l o B r e m e n — F e b . 2 1 — C n s se l. 3 1 5 . . ........... ..
315
impeded even by the continuance of large world’s shipments,
P H I L A D E L P H I A — T o L i v e r p o o l — F e b . 2 0 — H a v e r f o r d , 511
511
SAiN l ' R A N C I S C O — T o J a p a n — F e b . 2 5 — K o r e a , 4 ,1 6 5
including important shipments from Argentina. During
4 ,1 6 5
the past week the Argentine shipments have been not very
rm
T o t l d . ; . -------- ------------------- ------------------- ----------- --------------------- . u 7 .8 5 4
far from double those for the corresponding week last year.
I h o p a r t i c u la r s o f t h e f o r e g o in g s h i p m e n t s fo r t h e w e e k ,
It is a fact, too, that the Russian crop outlook has appar­
a r r a n g e d in o u r u s u a l f o r m , a r e a s f o l lo w s :
ently improved, and the same is true over pretty much the
Great French Ger- — Oth.F
M ex.,
Britain.
ports. many. North. .Sou rii. &c. .Japan.
lest of Europe. In this country the crop outlook is favor­
N ew Y ork
2 ,1 8 0
626
006
250
2 ,0 7 9
1 ,4 2 3
able, owing to more general snows at the W est; and as for
G a lv e s t o n
2 8 ,5 6 8 1 2 .5 1 3
2 ,9 9 5
2 .9 6 8
N e w O rle a n s . .2 8 ,2 6 2
2 ,5 5 3
635
export business, it has fallen practically to the vanishing
. . . 2 ,7 2 7
point. But, on the other hand, it seems to be a fact that
Savannah
. . . 1 .1 2 4
2 ,6 8 5
5 ,1 5 8
1,4 0 1
____
4 ,5 2 2
Eiirope has become somewhat nervous over the American
W ilm i n g t o n ___ ____
1 4 .8 9 3
wheat situation nervous, that is, over prospective supplies
•
N o r f o lk
. .
400
B o sto n
___
in this country. Argentine shipments are bound to fall off,
431
B a lt im o r e
...
218
315
it is contended, in the near future, and then what? Last
P h ila d e lp h ia
511
week the total world’s shipments to Europe were nearly
S a n F r a n c is c o»_ _ ____
____
____
. 4 ,1 6 5
2,000,000 bushels smaller than in the previous week and only
- . 6 8 , 9 4 3 1 5 ,8 2 4 2 6 ,4 2 0
5 ,2 5 4
125 5 ,5 8 8 1 3 5 ,8 5 4
about 400,000 bushels larger than in the corresponding week
Cotton freights at New York the past week have been as last year. Argentine shipments last week were, after all,
follows, quotations being in cents per 100 lbs.:
half a million bushels smaller than in the previous week,
Sat.
M on .
Tues.
Wed.
Thur.s.
F rl.
the supposition is that Europe still needs a very large quan­
L i v e r p o o l — F e b -M c h
15
15
15
15
15
M a n ch ester— F eb . .
tity of wheat during the time that must elapse before the
16
16
16
16
16
H a v r e — F e b . _______
22 y
22 yj
2- i y
22 R
2 2J 5
next harvest. Some estimates run as high as 250,000,000
B r e m e n — M c h ____
25
25
25
bushels. With Argentine shipments gradually decreasing
H a m b u r g . ...... ..........
2 2 (3 )2 5
25
25
A n t w e r p ......................
22 y .
22
22 H
and American shipments also falling off— last week they were
22 M
22 A
G h e n t , v ia A n t w e r p
28
28 "
28
28
28
about / 00,000 bushels smaller than in the previous week—
R e v a l ____ _______ _
32
32
32
32
32
R e v a l , v ia C a n a l ___
the question arises: ‘ “How is this large quantity of wheat
B a r c e lo n a — M c h . 5 .
28
28
28
28
28
to be obtained?” It may yet prove to be readily obtainable,
G e n o a — M c h ..............
21
21
21
21
21
T r i e s t e — M c h ________
35
35
35
but, as already stated, there is a certain amount of nervous­
35
35
J a p a n — M c h ________
45
45
45
45
45
ness in regard to the matter. Others lay more stress on the
L IV E R P O O L .- By cable from Liverpool we have the fol­
dea that at least a temporary rally in prices would be no
lowing statement of the week’s sales, stocks, &c., at that port: more than natural after the recent severe decline. During
Feb. 7 .
Feb. 14.
Feb . 21
Feb 28
the past week they have risen 4 to 5 cents. To-day prices
3 4 ,0 0 0
4 7 ,0 0 0
4 3 ,0 0 0
S a le s o f t h e w e e k ------------- b a l e s . 4 2 ,0 0 0
O f w h ic h s p e c u l a t o r s t o o k .
1,0 0 0
1 ,0 0 0
1,000
advanced early on strong cables, but reacted later on gen­
O f w h ic h e x p o r t e r s t o o k . . .
2 ,o o o
2 000
4 ,0 0 0
2,000
eral realizing.
3 7 ,0 0 0
30000
S a le s , A m e r i c a n . ______
A c t u a l e x p o r t ..................................... 10,000
__________
. 100,000
F orw arded
T o t a l s t o c k — E s t im a t e d
1 ,0 6 2 ,0 0 0
O f w h ic h A m e r i c a n — E st
.9 4 8 ,0 0 0
T o t a l I m p o r t o f t lic w e e k . .
. . 1 9 9 ,0 0 0
O f w h ic h A m e r ic a n
. 190,000
A m o u n t a f lo a t ......................................3 7 8 ,0 0 0
O f w h ic h A m e r i c a n ____________3 3 3 ,0 0 0

o j )00
6 s ,000
1 .0 6 8 ,0 0 0
9 4 0 ,000
8 3 ,0 0 0
5 9 ,000
3 6 3 ,0 0 0
3 2 5 .0 0 0

45.000
1 6 .0 0 0

101 ,000
1,112,00(1
9 8 3 .0 0 0
1 5 9 .0 0 0
1 3 7 .0 0 0
2 6 9 .0 0 0
2 4 5 .0 0 0

4 1 ,0 0 0

16.000
7 6 ,0 0 0

1,121,000
1 010,000
1 0 8 ,0 0 0
1 0 3 .0 0 0
2 4 2 .0 0 0

215.000

l he tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:

Spot.

Saturday.

Monday.

1
(
J

Q uiet.

Fair
business
d oin g .

M id. U p l’ds
S a l e s ..........
S p e c .& e x p .

6 .1 5
3 ,000
500

M arket,
12:15
P. M.

Futures.
M arket
opened J
M arket,

i.

m

.

1
]

S tea d y .

0.13
8 ,0 0 0
500
Q uiet
u n c h .to
1 p t. a d v.

Q u iet at IV rely st’ d y
1 5 5 @ 2 pts. a t l y @ 5
p ts. d e c.
dcelln e.

Tuesday. W
ednesday. Thursday.
E asier.

E asier.

0.04
8 ,000
500

5,9 6
8 ,000
500

Q u iet at
S tea d y a t
3 y points 115 @ 3 Pts.
declin e.
declin e.
E a sy a t
415 © 1 0
p ts. d ee.

Fair
business
d oin g .
0.03
10,000
500
S te a d y at
0 J 5 @ 7 !5
p ts. a d v .

S tea d y at B ’ rely s t’ dy
3 p t s .d o c .@ at 1 p t.d oc.
2 p ts. a d v . @ 4 pts .adv.

Friday.
M oderate
d em a n d .
6.0 0
6 ,000
1,000
S tea d y at
1 © 2 pts.
declin e.
S tea d y a t
1 © 7 p ts.
a d v a n ce .

The prices of futures at Liverpool for each day are given
bolow. Prices are on the basis of uplands, good ordinary
clause, unless otherwise stated.




D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN NEW Y O R K .
..
„
,
,
Sat.
N o . 2 re d w i n t e r __________ ____ _______
M a y d e l i v e r y In e l e v a t o r _________ . H o llJ u l y d e l i v e r y In e l e v a t o r _________ _ d a y .

Mon. Tues. Wed. Thurs. Frl.

100 y 101 H 101
102 K 103 55 103
97 F
S 97 H
97%

103
105

100 y

IDS
105
100

D A I L Y C L O S I N G P R I C E S O F W H E AT F U T U R E S IN C H I C A G O .

,
Sat.
M a y d e l i v e r y In e l e v a t o r ____________
J u l y d e l i v e r y In e l e v a t o r _______
I lo l l S e p t c m b c r d e l i v e r y In e l e v a t o r ____ d a y .

Mon. Tues. Wed. Thurs. Frl.
94 H
89J5
86 y

95 y
90 y
y

37

9 5 15
90 y
87 y

98 y
93
99

97 55
92 55
89 y

Indian corn futures have advanced, owing to the strength
of wheat, unfavorable weather in many sections and small
receipts. A t times, too, the cash demand has been more
active, partly for export account. The movement of the
crop is much smaller than at this time last year, and the stock
of contract corn at Chicago remains small. Commission
houses have bought and support has been given by strong
Chicago interests who are believed to hold a considerable
line of long corn. Nervous shorts have covered. A t times
setbacks have occurred, owing to realizing, but the fear of
manipulation has kept short selling down to a minimum
I'o-day prices opened firm on small receipts, but weakened
later on liquidation.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D C O R N IN NEW Y O R K
_____
Sat.
C a sh c o m —
— ------------------------------M a y d c v e r y in e l e v a t o r ------------------ H o llJ u l y d e l i v e r y In e l e v a t o r ------------------d a y .

Mon. Tues. Wed. Thurs. Frl.
01

69 H
67 55

61
6 9 55
67 H

61

70

68

6 1 15
70 >5
68 y

61 >5
70 U
6855

[Tot., ixxxvi.

THE CHRONICLE

556

D A I L Y C LO SIN G P R IC E S O F C O R N F U T U R E S IN C H IC A G O .
Sat. Aton. Tues. Wed. T/iurs. F r l.
M ay delivery In elevator----------------60 %
60 % 61
61%
61 %
July delivery In elevator-----------------Holl58 %
5:’ H 5 8 %
[>9%
50%
September delivery In elevator-------day.
57 %
58% 58%
50
58%

Oats for future delivery in the Western market have ad­
vanced, with the trading on a somewhat larger scale. Stimu­
lating factors have been the advance in wheat and corn,
small receipts at the W est, light offerings and coverings of
shorts. Cash interests have bought at times, and there has
been some buying attributed to prominent Chicago people
who are supposed to be friendly to the long side. Com­
mission-house business, however, has continued quiet, many
in the trade considering the price too high to warrant pur­
chases, while the fear of bull manipulation tends to check
short selling, in spite of increasing stocks of contract grade
at Chicago. To-day prices closed lower on realizing.
D A I L Y C LO SIN G PRICER OF O A T S IN N RW Y O R K
Sat.
M on .
Tues.
Wed.
Thurs.
M ixed, 26 to 32 lbs. _
57%
57%
57 Y,
57 H
W hite, clipped, 52 to Holl8 4 .lbs -------------------day.
% -61 5 9 % -6 1 5 9 % -G l
5 9 % 61
S et.
____ Holl------ d a y.

60-62

72
C
m
<

M ay delivery In elevator..,.

5

5

D A I L Y C LO SIN G 1

F rl.
57%

IN C H IC A G O .
M on. Tues. W ed. Thurs. F ri.
53
53 %
53
52%
52%
■14 J4
44 %
45
44 %
44H

The following are closing quotations:
Low g r a d e s -----------Second clears______
C le a r s ---------------------Straights-----------------P atent, spring-------Patent, winter_____
Kansas patents____

FLOUR.
@ $4 10 Kansas straights--------@ 8 70 Blended clears------------(ft) 4 20 Blended patents_______
(a 5 30 R ye flour_____________ )
@ 6 25 Buckwheat flour-------(ft) 4 90 Graham flour_________
----- @------- Corn m eal--------------------

$8
8
4
5
5
4

90
60
I5
10
40
75

_$4
_ 5
. 5
_ 4
. 2

80 ® $5 0 0
1 5 (ft) 5 25
60 (ft) 6 25
50 @ 5 25
90 @ 3 00
Nom inal.
_ 3 20 @ 3 70

Corn (new ), per bush.—
c.
W h ea t, per bush.—
c.
N o . 2 m ix e d ___________f.o .b . 61 %
118
N . Duluth, No. 2 _____
N o. 2 yellow .................
62
N . Duluth, N o. 2 _____
116
N o . 2 w hite____________
62%
Red winter, N o. 2 _____ L o .b . 103
Hard “
“
..........
114
R y e , per bush.—
N o. 2 W e s te rn ________
88
Oats, per bush.—
State and Jersey----------- Nominal
Natural white _______ 5 9 % @61
Barley— M a lt in g ________
1 08 @ i : 3
m i x e d ..............
57%
F e ed in g______________ _ Nominal
“ -------w hite, cllpepd. 60 @ 62
For other tables usually given here, sea page 526.

T H E DRY GOODS TR A D E .

inquiries have been received from India, anil China is still
in the market for goods when prices are sufficiently attrac­
tive. Lower prices have again been named on the lesser
known lines of bleached goods, and the slowncsH of the de­
mand is indicated by the pressure to sell. Wide sheetings,
sheets and pillow cases are in poor request, but prices are
maintained. Coarse, colored cotton goods are easier, and
stocks awaiting shipping orders are largo. The buying of
napped goods, following the opening of these at unexpectedly
low prices, has been good, and when all lines have been
shown, it is expected that the policy of manufacturers will
prove to have been wise. Linings are likely to be reduced
shortly, as a result of the weakness in the gray goods market.
Staple prints are moving slowly, but fancy prints have sold
fairly well. Ginghams are quiet. Print cloth regulars have
been reduced % c . to 35fjc. and both wide and narrow goods
have been lowered accordingly. Business has been very
small.
W O O L E N G OO DS.— From the volume of business placed
during the initial buying period of men’s wear heavy-weight
woolen and worsted goods, it is evident that curtailment of
production will bo even more drastic in the near future than
it is at present; what that will mean is evident from the state­
ment of the President of the largest interest that they al­
ready have 6 5 % of their machinery idle, ft is quite ex­
pected that after mills have got out their sample pieces they
will shut down until duplicate orders are received, for few
arc likely to run the risk of anticipating this demand.
In
spite of this, there is a slightly bettor feeling in the trade, and
it is generally felt that the re-ordcring season will both com­
mence earlier than usual and will be more active. Sellers
arc convinced that buyers have not placed orders for any­
thing like their requirements, and this belief has been
strengthened by the appearance of some large buyers in the
market for a second time, after it had been supposed that
they had placed all the orders they intended to. While
cancellations are likely to be few, revisions will probably be
numerous, as it is believed that not more than 6 0 % of the
styles shown will be run. In contrast to the men’s wear
market, dress goods have experienced a fairly active sale,
both for immediate and future delivery. For fall, the great­
est interest so far is being shown in staples, and broadcloths
are in particularly good demand. For goods required at
once, buyers are willing to pay advances if they can secure
what they want.
FO R E IG N D R Y G OODS.— Imported woolen and worsted
dress goods are quieter, but the prospects for a satisfactory
season are good. Silks and ribbons arc quiet and unchanged.
Lower prices are talked of for linens. Burlaps are steady.

New York, Friday Night, Feb. 28 1908.
While conditions still continue very quiet in the primary
cotton goods market, the slight improvement noted last
week 1ms generally been maintained. Buying has been con­
fined for the most part to goods for quick delivery and orders
have only been for small quantities; but it is evident that
stocks are getting low and a certain scarcity has developed Importations and Warehouse Withdrawals of D ry Goods.
The importations and warehouse withdrawals of dry goods
in some directions. The feature of the week has been the
opening of napped goods by the largest manufacturer at at this port for the week ending Feb. 22 1908 and since
Jan. 1 1908, and for the corresponding periods of last year,
unexpectedly low prices. In some quarters it had been an­
ticipated that a slight advance over last year’s figures would are as follows:
have been justified, owing to the increased cost of produc­
tion, but the prices named show a reduction of about 1 0 % .
8 3 £ 0 3 p
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£ 2, 'A r r O c
It is evidently the policy to name at the outset a value that
S ' * r?
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will not only prove attractive to the buyer, but one that will
3 O
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assure him that there will be no further reductions and there­ 'd ^
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fore give him more confidence in the placing of orders ahead. o o
8|
3 §
The wage question is assuming larger proportions in the
c 3
South, and reductions are confidently expected in the near
3 "
future as a result of the changed commercial conditions;
witli the low level at which goods are now selling and the
comparatively high cost of the raw material, a reduction in
G Mto
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wages would seem to be inevitable if manufacturing is to be
to ©
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tinued during the week, but on a smaller scale, and the in­
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quiries that have come into the market are mostly at prices
3 ’to — 00
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that manufacturers have not yet seen their way to accept.
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this being the first time since 1904 that stockholders have
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DOM ESTIC COTTON G OO DS.— The exports of cotton
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goods from this port for the week ending Feb. 22 were 5,646
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packages, valued at $295,684, their destination being to the
in m o b q
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points specified in the tabic below:
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Since
Week.
J a n .1.
Jan. 1.
77
14
413
12
95
1)4
3,733
3,079
___
2,832
2 .856
_________ 1,129
—
3,781
10,576
.1 .3 2 3
Arabia------------------ -------------925
____
2,078
3,000
661
4,052
W est Indies - .......... ......... ........... ............... 348
277
51
352
_________
34
285
2,247
2,812
. 202
Central A m e ric a.- -------------- -7,275
910
7,122
. . _______
915
South America . -------- 856
2,493
8,929
147
Other countries ............................. . . . . . . .
New York to Feb. 22—
Great Britain____________ _ ____
Oth< r European.............................

W eek.
________
28
............
13

T o ta l. _ _______ _ ______________ _________ 5,646

26,735

2,795

42,363

The value of these New York exports since Jan. 1 has been
$1,749,745 in 1908, against $2,591,666 in 1907.
'file demand for heavy brown drills _and sheetings has
fallen away to practically nothing, and it is evident that buy­
ers are in no hurry to enter the market. Medium and light­
weight sheetings have been inquired for, particularly for
export, but the prices'offered have been very low. Some




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Feb. 29 1906.]

THE CHRONICLE
7, 8, 9, 12, 13, 14, 32, 33 and 34 for 81,000 each.
are dated Nov. 19 1887.

News Items.
Massachusetts.— Changes in Savings Bank Law Recom­
mended by Special Committee.— Pierre Jay, Savings Bank
Commissioner, Arthur B. Chapin, State Treasurer and Re­
ceiver General, and W . D . I. Trefry, Commissioner of Cor­
porations, appointed a committee under Chapter 24 of the
Acts of 19 07,to make an examination of the general laws re­
lating to savings banks, filed their report with the General
Court at Springfield on Feb. 17. According to the Boston
“ Evening Transcript,” the committee reports its changes
in the form of a bill embracing the provisions of all the exist­
ing laws affecting savings banks, and the subject has been
treated under the five main headings, namely: (l) Super­
vision,^ (2) Incorporation, (3) Management, (4) Deposits
and (5) Investments.
Under the last-named heading the
report says:
eco m m lttce has given special attention to the subject of Investments
5 . in zca ,
Silv*u!^ banks. The present Investment law Is a gradual
development.
. . . The committee has decided not to recommend
any change In the policy of the Commonwealth In regard to either the kind
or investments which m ay be made or the proportion of deposits which m ay
he invested n each.
It has reached this conclusion after a careful study
oi tae situation and an examination of the results of the various classes of
Investments during the past lifteen years.
Considering each of these classes of Investments separately:

557
Bonds

f Cass County (P. O. Harrisonville), M o.— Bond Call.— The
mllowing bonds were called for payment Feb. 15:
N os. 1 . 6 , 7 and 8 for $500 each. N os. 3, 14, 15, 10. 17 and 18 for $100
1 , A o s- } . t0 18 Inclusive and N os. 10 to 20 Inclusive, 04 to 83 Inclusive
and 130 for 51,000 each.

The above bonds bear 4 % interest and are dated Jan. 1
1893.
Cincinnati School District (P. O. Cincinnati), Ohio.— Bond
Call.— The Board of Education, Charles P. Taft, President,
calls for payment April 1 at the American Exchange National
Bank of New York City or at the Third National Bank of
Cincinnati 4 % bonds numbered from 261 to 285 inclusive.
Securities are in denomination of 8500 each and are dated
Oct. 1 1891. Maturity Oct. 1 1911, subject to call after
O ct. 1 1901.
Clark County (P. O. Kahoka), Mo .— Bond Call.— This
county called for payment Feb. 17 railroad refunding bonds
Nos. 57 to 100 inclusive. Denomination 8500.
Bonds are
dated Jan. 1 1885.
Coldwater Township, Cass County, M o.— Bond Call.__ On
Feb. 15 this township called for payment 5 % bonds Nos. 19
20, 21, 23, 24, 25, 26 and 27 dated Jan. 1 1893. Denomi­
nation S I,000.
Farmington, St. Francois County, M o.— Bond Call.— On
March 4 this place will redeem 84,000 4 % water-works bonds
dated June 3 1902. Bonds are numbered 1 to 4 inclusive.
Denomination $1,000.

. r(
,
»
ivvo
oil *1V UUgttWIU V
/tr
jtCllCO 1
Massachusetts to districts having within their limits more than 5,000 ln1,1
°Fdcr to Provide that such districts shall have a substantial
ii on?
. , ^ 1C Jccom*
ra^se
relation of Indebtedness to assessed
Grand River Township, Cass County, M o.— Bond Call.—
valuation In cities of 200,000 Inhabitants and over In the States, as nninlcl
Bonds Nos. 46 to 52 inclusive and 74 were called for redemp­
pal bonds are authorized, from 5 to 7 % . This Is considered a perfectly
safe Increase and a necessary one In order to
ake legal the bonds of some
tion on Feb. 15. Bonds are dated N ov. 1 1887 and carrv
or the larger cities wnioli, requiring more extensive municipal Improve­
5 % interest. Denomination 81,000.
ments than the smaller cities, are frequently obliged to Incur Indebtedness
In excess of 5 % of their assessed valuation.
Grant City School District, Worth County, M o.— Bond
The committee has also recommended that the net Indebtedness of a city
outside of Massachusetts shall be based strictly upon the standard contem ­ Call.— This district on April 1 will redeem 5 % bonds, Nos.
plated by the I a » , and that legislative enactment relative to such a city
1 to 11, for $500 each. Securities are dated April 1 1903.
permitting It t > Incur Indebtedness, shall be o f no eireet when deciding if
Its bonds comply with the Massachusetts standard.
Henry County (P. O. Clinton), M o.— Bond Call.— Refund­
(2) Railroad Honda— W ith the exception of certain general laws for rail
ing 4 % bonds, Nos. 11 to 40 inclusive, dated Oct. 1 1897
roads Ineorp -rated In Massachusetts and New England, all the railroads
whose bonds are n w legal arc mentioned specifically In the law.
were called for payment Feb. 15. Denomination 81,000.
The committee feels that such special legislation Is not desirable In prin­
ciple and falls to provide, without more special legislation, for the bonds
Keytesville School District, Chariton County, M o.__ Bond
of other railroads, which In the future shall become sufficiently secure to
Call.— Nos. 21, 22 and 23, dated Aug. 1 1903 and bearing
warrant their purchase by savings banks. They have therefore completely
5 % interest were called for payment Feb. 27.
re-drafted the paragraph relating to railroad bonds In three divisions, all
of which are entirely general In their terms, viz.: (1) Massachusetts rail
Memphis, Scotland County, M o.— Bond Call.— Water
roads, (2) New England railroads, (3) other railroads.
The divisions legalizing the bonds of Massachusetts and New England
works 5 % bonds, Nos. 17 and 18, dated July 8 1895, were
railroads follow, In general, the present general provisions relating to such
called for redemption on Feb. 15. Denomination 8500.
railroads; but the length of time during which dividends shall have been
paid before the bonds m ay become legal Is lengthened from two and three
Mound City, Holt County, Mo — Bond Call.— On March 1
years In the case of Massachusetts and New England roads, respectively,
to live years for both.
payment will be made of 6 % bonds, Nos. 3 and 4, for $1,000
The third division, providing for the admission of the bonds of railroads each, dated Sept. 1890.
operating In any other sections of the United States, has been a difficult
one to draft. Strict requirements have been made as to the character
Mound City Independent School District, Holt County,
both of the corporation and of the bond.
M o.— Bond Call.— Call is made for payment March 15 of
The committee has deferred Its admission to the savings banks until
live years from the date of their Issue In the belief that If any considerable
6 % bonds Nos. 1 and 2 for $1,000 each dated March 15 1904.
amount of bonds on unproductive extensions Is Issued, they will before
Ralls County (P. O. New London), M o .— Bond Call.—
the live-year period of probation has expired, have upset the required rela­
tion of live to one between gross earnings and Interest charges and so auto­
Call has been made for payment March 10 at the Mississippi
matically prevent their becoming legal. This period of probation will also

be required once In each year to publish a list of the railroad bonds legal
for Investments, feeling that In the case of a general law the savings banks
and otners, who cither do or are obliged to Invest under Its provisions
are entitled to an official Interpretation of It.
*
(3) Hank Stocks—-W hile most of the bank stocks held by the banks
have proved a valuable and profitable Investment, some of them have
proved the reverse and have occasioned considerable losses to the savings
banks holding them , through the fact of their liability to assessment
thereon.
1 he amount Invested In bank stocks Is decreasing every year,
ana the general tendency of the banks Is to dispose of their bank stocks.
f.1 l ‘l® committee were constructing a new law to-day, there Is little doubt
■
m at bank stocks would not be Included as an authorized investment for
'JJ,,1 ® banks. Inasmuch, however, a s ,since the passage of the first law In
1
'.n‘L V\vu been permitted to Invest In them ,and as the banks aregenr>w!n,i
the committee does not feel disposed to recom*£.llscontlnuance as a legal Investment; but It considers the present
ua k w 3e. on,e - aiul believes that It should be followed
J
until eventually all bank stocks are eliminated from the Investments of
our savings banks.
(4) Street Hallway Bonds— h e committee has recommended but little
-T
change In the clause relating to Investments In street railway bonds. In
conformity with the plan followed under the clause relating to railroad
bonds, they have eliminated the name of the W est End Street Railway
trom the present law, and have provided In general terms for the situation
therein mentioned.

Santo Dom ingo.— Fiscal Agent Appointed for Adjustment
of Debt.— The following announcement has been made in
connection with the adjustment of the debt of the Republic
of Santo Domingo:
The Morton Trust Company has been appointed by the Republic of Santo
Domingo as Its fiscal agent for the service of the S20,000,000 5 % loan which
the Republic has Issued In connection with the adjustment of Its debt,
under the terms of the convention between the United States and the
Dominican Republic there will be deposited with the Morton Trust Com­
pany every month » sum sufficient to cover the Interest on bonds as It m a­
tures and to take cure of the sinking fund requirements for the payment of
the principal of the bonds. The Morton Trust Company has also been ap­
pointed by the Dominican Government depositary for the adjustment of
the debt, and all paym ents under such adjustment will be made through
the l rust ( om pany. The principal creditors have already accepted the
terms oi settlem ent, and Senor Velasquez, the Financial Minister of the
Domlncan Republic, having completed all the Important features of the
settlem ent, returned to Santo Domingo last week.

Bond Calls and Redemptions.
Bellows Falls, Windham County, V t .— Bond C a ll— Water
improvement bonds dated July 1 1895 and numbered from
41 to 56 inclusive are called for payment April 1 at the First
National Bank of Boston or at the Village Treasurer's office
in Bellows Falls.
Camp Branch Township, Cass County, M o.— Rond Call.—
On Feb..15 call was made for payment of 5 % bonds Nos. 5,




Valley Trust Co. in St. Louis of railroad refunding bonds
numbered 108 to 122 inclusive. Denomination 81,000.
Schuyler County (P. O. Lancaster), M o .— Rond Call.—
This county calls for redemption March 1 bonds Nos. 78 to
89 inclusive, 5 % interest, dated Sept. 1 1892. Denomina­
tion $1,000.

Weaubleau School District, Hickory County, M o.— Bond
Call.— On March 1 bond No. 4 for $200, dated June 1 1903,
will be redeemed.

Bond Proposals and Negotiations this week
have been as follows:
Albany, Dougherty County, G a.— Bond Offering— Fur­
ther details are at hand relative to the offering on March 10
of the following bonds mentioned in V . 86, p. 432:
$15,000 5 % gold bonds for the extension of the water mains and the sewer­
age system .
15.000 5 % gold bonds for the Improvement o f the surface-drainage sys­
tem .
30.000 5 % gold City-hall construction bonds.
10.000 5 % gold Broad Street paving bonds.
5,000 Davis Street Improvement bonds.

Proposals for these bonds will be received until 12 m . on
that day by Y . C. Rust, Council Clerk. Authority, election
held Sept. 23 1907. Denomination 81,000. Date, day of
issue. Interest annually at the National City Bank in New
York City. Maturity $5,000 every two years from date of
issue. Certified check for 81,000 required. Purchaser to
pay the cost of lithographing.
Adam s County (P. O. Natchez), Mis9.— Bonds Authorized.
— The Board of County Supervisors has authorized the issu­
ance of 818,500 6 % gold coupon road and bridge-construction
bonds. Denomination $500. Date March 2 1908. Interest
annually at the County Treasurer’s office. Maturity $2,500
yearly on March 2 from 1916 to 1922 inclusive and $1,000
on March 2 1923.
Alpine Independent School District (P. O. Alpine),
Brewster County, Texas.— Bonds Not Yet S old — This dis­
trict has not yet disposed of the $20,000 5 % coupon school
bonds, mention of which was made in V . 85, p. 1658.
Arlington Heights (P. O. Cincinnati), Ohio.— Bond Offer­
ing.— Proposals will be received until 12 m ., March 10, bv
J. W . Evans, Village Clerk, for 81,052 75 5 % Railroad
Street improvement bonds. Authority, SecKon^
to 75,

558

THE CHRONICLE

inclusive, Municipal Code. Denomination $210 55. Date
Jan. 1 1908. Interest annual. Maturity $210 55 yearly on
Jan. 1 from 1909 to 1913 inclusive. Certified check for 5 %
of bonds bid for, payable to the Village Treasurer, is re­
quired. Purchaser to pay accrued interest. Bonds to be
delivered within ten days from time of award.
Baltimore, M d .— Bond Offering.— Further details are at
hand relative to the offering on March 16 of the $1,000,000
4 % registered Park Loan, dated Nov. 1 1907 and due May
1 1955, and the $1,000,000 4 % registered Annex Loan dated
Dec. 1 1907 and due June 1 1954. See V . 86, p. 495. Pro­
posals for these securities will be received until 12 m . on that
day by John M. Littig, President of the Board of Commis­
sioners of Finance. Date April 1 1908. Interest semi­
annually at some designated Baltimore bank. Bonds are
exem pt from city taxes. Successful bidder will be required
to deposit a certified check for 2 % of bid. Stock will be
ready for delivery on April 1 1908. The city does not tax
any of its issues of stock, and also pays the State tax thereon
for which the holder is legally liable.
Barboursville, Cabell County, W . V a .— Bond Offering.—
Proposals will be received until 12 m . March 23 by J. M.
Skinner, City Recorder, for $15,000 5 % coupon water-works
and sewerage bonds. Denomination $100. Date March
23 1908. Interest is payable at First State Bank of Barboursville. Maturity March 23 1938, subject to call after
ten years.
Bayonne, N . J.— Bond Sale.— W e are advised that this
city recently disposed of $390,000 funding and $160,000
school 5 % 20-year gold coupon (with privilege of registration)
bonds as follows: $160,000 of the first-named issue to the
Mechanics’ Trust Co. of Bayonne and the remaining $230,000,
together with the $160,000 school bonds,to John D. Everitt
& Co. of New York City. Denomination $ 1 ,000. Date Jan.
1 1908. Interest is payable in Bayonne. Bonds have been
certified to as to their genuineness by the Columbia Trust
Co. of New York City and their legality approved by Delafield & Longfellow of New York City. These securities
take the place of the three issues of 5 % bonds, aggregating
$434,000, recently awarded (V . 86, p. 240), the sale of which
was never consummated.
Beaumont, Jefferson County, T ex.— Bids Rejected.— Bond
Offering.— All bids received on Feb. 18 for the $20,000 Main
Street market-house and $10,000 brick-fire-station 5 % bonds
described in V . 86, p. 299, were rejected. Proposals are
again asked for these bonds and will be received this time
until March 17.
Benton County School District No. 7, W a sh .— Bond Sale.
— On Feb. 20 the $5,000 20-ye'ar coupon school-building
bonds described in V . 86, p. 433, were disposed of to the
State of Washington at par for 6s. This was the only bid
received.
Benton Harbor, Berrien County, Mich.— Bonds Author­
ized.— On Feb. 4 an ordinance was passed providing for the
issuance of $30,000 4 ) ^ % coupon bonds for the purpose of
paying this city’s portion of the cost of constructing a bridge
across the St. Joseph River between the cities of St. Joseph
and Benton Harbor. These bonds were voted at an election
June 3 1907. Denomination $1,000. Date Feb. 1 1908.
Interest Jan. 1 and July 1 at the Farmers’ k Merchants’
Bank in Benton Harbor. Maturity Feb. 1 1938.
Berea, Cuyahoga County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m . March 9 by O. R . Stone,
Village Clerk, for $1,670 5 % coupon East Bagley Road im­
provement (village’s portion) bonds. Authority Sec. 100
Municipal Code.
Denominations two bonds of $500 each and
one bond of $670.
Date Jan. 1 1908. Interest April 1 and
Oct. 1. Maturity $500 on April 1 in each of the years 1910
and 1913 and $670 on April l 1915. Certified check for 5 %
of bonds bid for, payable to the Village Treasurer, is re­
quired. Accrued interest to be paid by purchaser. Interest
payable at the Bank of the Berea Co.
In addition to the above, proposals will also be received
at the same time and place by O. R . Stone, Village Clerk,
for the following bonds:

[VOL.

LXXXVI.

Bradford School District (P. O. Bradford), Ohio.— Bond
Sale.— On Feb. 19 the $40,000 5 % coupon school-house
bonds described in V . 86, p. 433, were awarded to Otis &
Hough of Cleveland.
Maturity $1,000 yearly on Sept. 1
from 1910 to 1929 inclusive and $2,000 yearly on Sept. 1
from 1930 to 1939 inclusive.
Bristol County (P. O. Taunton), M ass.— Temporary Loan.
— Reports state that a loan of $40,000, maturing Oct. 2,
was recently negotiated with Bond & Goodwin k Boston at
4 .6 7 % discount.
Caldwell County (P. O. Lockhart), Texas.— Bond Election.
— The Commissioners’ Court has ordered an election to be
held March 28 for the purpose of voting on the question of
issuing $25,000 jail-construction bonds.
Canton, Ohio, Union School District.— Bond Sale.— On
Feb. 27 the $30,000 4 % 20-year public-school-property im ­
provement bonds described in V . 86, p. 495, were awarded,
it is stated, to the Western German Bank of Cincinnati for
$30,165 50, the price thus being 100.551— a basis of about
3 .9 6 % .
Champaign Township (P. O. Champaign), Champaign
County, 111.— Bond Election.— The question of issuing $33,­
000 refunding bonds at not exceeding 5 % interest will be
submitted to a vote of the people on April 7. Maturity
$3,000 on July l 1910 and $5,000 yearly on July 1 from
1911 to 1916 inclusive.
Chelsea, M ass.— Temporary Loan.— This city has bor­
rowed $150,000 from Bond k Goodwin of Boston. The loan
was negotiated at 4 .7 5 % discount and matures in one year.
Chico, Butte County, Cal.— Bond Election Proposed.—
The City Clerk advises us that there is talk of calling an elec­
tion to vote on the question of issuing $150,000 bonds.
Clarksville, Clinton County, Ohio.— Bond Offering.— Pro­
posals will be received until 2 p. m . March 10 by Gus. J.
Miller, Mayor, for $1,000 6 % coupon refunding bonds. De­
nomination $200. Interest is payable at the Mayor’s of­
fice. Maturity $200 yearly on March 10 from 1911 to 1915
inclusive.
Coeur d’Alene, Kootenai County, Idaho.— Bond Sale.— On
Feb. 17 Mason, Lewis k Co. of Chicago purchased the $40,000
10-20-year (optional) coupon city-hall-construction bonds
described in V . 86, p. 361, at 101.50 and accrued interest
for 6s. The following bids were received for bonds carrying
6 % interest.
Mason, Lewls&Co.,Chicago_a$40,600 |Otis & Hough, Cleveland — « $ 1 0 ,200
John Nuvcen & C o., Chicago. 40,440| E . H. Hollins & Sons, Chic. .a40,06R
a And accrued Interest.

Bonds are dated Jan. 1 1908.

Cohoes, AlbanyjCounty, N . Y . — Bonds Not Sold.— No bids
were received on Feb. 15 for the $30,617 98 4 % registered
local-improvement bonds and the $18,000 1-10-ycar (serial)
bonds for the construction of the first branch of the Mohawk
River Ontario Street Bridge, offered on that day. See V . 86,
p. 299.
Collinwood School District (P. O. Collinwood), Cuyahoga
County, Ohio.— Bond Offering.— Proposals will be received
until 12 m . March 6 by J. S. Bauder, Clerk Board of Educa­
tion, for $35,000 4 % coupon school-building bonds. Au­
thority vote of 143 “ for” to 89 “ against” at election held
Feb. 6; also Sections 3991 and 3992, Revised Statutes.
Denomination $1,000. Interest semi-annually at the Collin­
wood Branch of the Cleveland Trust Company at Collinwood.
Maturity $1,000 yearly on April l from 1909 to 1943 inclu­
sive. Certified check for 1 % of the amount of bonds bid for,
payable to D. R . King, Treasurer, is required. Purchaser
to pay the expense of printing the bonds.
Cornelia, Habersham County, Ga. Bond Offering.— Pro­
posals will be received by the Mayor and City Council for
the $10,000 5 % municipal school-house bonds voted Oct. IS
1907 (V. 85, p. 1353). Denomination $1,000. Interest
Jan. 1 and July 1.
Maturity thirty years. Bonded debt
at present, $3,300. Assessed valuation $294,000.
Crocus Plain School District No. 1818 (P. O. Lang), Sask.
— Debenture Offering.— Proposals will be received until April
$11,160 5 % coupon Seminary Street Improvement assessment bonds. De­
1 by J. J. Howard, Secretary-Treasurer, for $2,000 8 % regis­
nomination $500, except one bond o! $060.
Maturity $500
each six months from April l 1909 to Oct. 1 1914 Inclusive;
tered school-building debentures. Date June 1 1908. In­
$500 on April 1 In each of the years 1915. 1916, 1917 and 1918.
terest annually in February in Lang. Maturity part yearly
$1,000 on Oct. I In each of the years 1916 and 1917 and $1,160
on Oct. 1 1918.
on Feb. 1. Debentures are tax-exem pt.
Lotal debt, this
5,010 5 % coupon East liaffley Road Improvement assessment bonds.
issue.
Denomination $500, except one bond of S o l0.
Maturity $500
yearly on April 1 from 1910 to 1914 Inclusive; $500 on April 1
Crosby, Williams County, N. D .— Bond Offering.— Further
1916; $1,000 on April 1 1917 and $1,010 on April 1 1918.
3,720 5 % coupon Seminary Street Improvement (village s portion) bonds.
details are at hand relative to the offering on March 5 of
Denomination $500, except one bond of $720.
Maturity $500
yearly on Oct. 1 from 1909 to 1914 Inclusive and $720 on Oct. 1 the $2,000 8 % coupon water supply and fire-equipment
bonds mentioned in V. 86, p. 496. Proposals for these
’
rvv- 1 9 1 5.
Authority, Section 100, Municipal Code. Date Jan. 1 securities will be received until 8 p. m . on that day by J. C.
1 08. Interest April 1 and Oct. 1 at the Bank of The Berea Rousseau. Denomination $100. Date March 5 1908. Int­
Co. in. Berea. Bonds are tax-exem pt. Certified check for erest annually at the Village Treasurer’s office. Maturity
March 5 1913. Bonded debt, this issue, floating debt, $200.
5 % , payable at the Village Treasurer, is required.
Berne, Albany County, N . Y . — Bond Sale.— W e are ad­
Defiance, Defiance County, Ohio.— Bonds Authorized.—
vised by Wallace A . Peasley, Town Supervisor, under date It is reported that at the meeting of the City Council Feb. 4
of Feb. 24, that the $10,000 5 % coupon road bonds, described ordinances were passed providing for the issuance of $61,500
in V . 86, p. 122, have been disposed of.
Maturity S I,000 bonds to pay the judgment secured against the city by the
yearly on Feb. 1 from 1912 to 1921 inclusive.
Defiance Water Co. for hydrant rental that is due and $3,000
Bluefield School District (P. O. Bluefield), Mercer County, bonds for the construction of a sewer on Bouton Avenue.
W . V a .— Bonds Voted.— By a vote of 1,109 to 509 this dis­
De Kalb School District No. 64 (P. O. De K alb), Do Kalb
trict on Feb. 11 authorized the issuance of $150,000 6 %
County, 111.— Bond Offering.— Proposals will be received
bonds, to mature March 1; 1928.




Fe b . 29 190S. |

T H E CHRONICLE

o o i)

until March 2 by the Board of Education, D . E . Moon, Sec­
Fall River, M ass.— Temporary Loan.— A loan of $100,000
retary, for the $30,000 4 % school-building bonds mentioned
negotiated with Bond & Goodwin of Boston at
V i - v J fc 819 • Authority, vote of 72 to 0 at election 4 .6 2 % discount. Loan matures Oct. 26 1908.
July 6 1907. Denomination $1,000. Date Oct. 1 1907.
Farmingdaie, Nassau County, N. Y .— Bond Election.— It
Interest annually on July 1. Maturity $1,000 yearly on
1 from 1910 to 1919 inclusive, $2,000 on July 1 in each is stated that at the annual election March 10 the question of
of the years 1920, 1921, 1922 and 1927, and $3,000 yearly issuing $13,000 bonds for the construction of an acetylene
gas plant will be voted upon.
°,n u lyi . from 1923 to 1926 inclusive. Bonded debt, in­
cluding this issue, $58,000. Assessed valuation, $1,184,866.
County, G a.—-Bonds Voted.— A vote of
Real value (estimated), $5,924,330. Official circular states
on
to ,
against” the proposition to issue the $20,000
that there has never been any default in the payment of o /o 30-year funding bonds mentioned in V . 86, p. 434, was
principal or interest.
the result of the election held Feb. 18. Interest is payable
^ J
Deihi, Hamiiton County, Ohio.— Bond Offering.— Pro­ semi-annually.
posals will be received until 12 m . March 28 by Frank R .
Sch° o1 district (P. O. Frontenac), Crawford
forrey, Village Clerk, for $1,920 72 (the amount of bonds bounty, Kan .— Bonds Voted.— A t an election held Feb 18
to be issued m ay be reduced by the amount of assessments a proposition to issue $10,000 5 % school-building bonds
paid in cash prior to the date of sale), 5 % Lincoln Avenue was favorably voted upon.
improvement assessment bonds. Authority Section 50,
Gananoque, Ont.— Debentures Authorized.— Reports state
Municipal Code. Date Jan. 27 1908. Interest semi-annu­ that at an election held recently a by-law providing for the
ally at the Hamilton County National Bank in Cleves. issuance of $10,000 electric-light-plant debentures was fa­
Maturity one-tenth of issue yearly on Jan. 27 from 1909 to vorably voted upon.
J
i918v-nClUS1^e- Ccrtlfied check for 5 % of bid, payable to
Genoa, Nance County, Neb.— Bonds Voted.— On Feb. 11
the Village treasurer, is required. Purchaser to pay ac­
Place voted in favor of a proposition to
crued interest.
.
H J
issue $8,000 5 % 5-20-year (optional) electric-light bonds.
Del Rio Independent School District (P. O. Del Rio),
Gloucester City Camden County, N. J .— Bonds Authorized.
Valverde County, T ex.— Bond Offering.— Proposals will be
l he Mayor and Common Council have passed an ordinance
nni? bL D rRose> President School Board, for the providing for the issuance of the $75,000 4 1 4% 20-vear
$<5U,UU0 o % school-house bonds registered by the State
coupon or registered street-improvement bonds mentioned
g m p tro n e r (V. 86, p. 123) on Dec. 23 1907. Denomination
i b ? sc bonds were voted at the election
$500
Date N ov. 1 1907. Maturity Nov. 1 1947, subject P j T 1 ’ L ,
bejd July 22 1907. Denomination $1,000. Date Jan. 1
to call after ten years.
1908. Interest semi-annual.
Denver, Col.— Road Offering.— Proposals will be received
Goderich, Ont.— Debenture Sale.— This town, it is stated
until i l a m . March 5 at the office of Board of Public Works
in 1 oronto papers, has awarded $25,000 5 % debentures
for the following bonds:
maturing part yearly for twenty years,jto G. A . Stimson &
$5,000 6 % East Denver Improvement District N o . 2 bonds dated July 1 Co. of I oronto.
l » 0 o.
Denomination $500.
y
2.000 6 /0 South Side Improvement District N o . 1 bonds dated Feb. 1
5500' Denomlnatlous one bond
$ 1,0 0 0 and two bonds of

Grand Rapids, Kent County, Mich.— Bond Offerinq —
Proposals will be received until March 16 by John L. Boer
2,00°
0%
North S t „ S ’1 S K '5 "5 o D“ r'C N°' ‘
i
g
‘
“““
1 City Clerk, for $117,000 4 ) 4 % street-improvement bonds!
Maturity on May 1 as follows: $51,000
O.000 6 % North Side Improvement District
N o. 3 bonds dated June 1 Date May 1 1907.
bonds ofD$ToTeach ° nS 8eVen bouds of 5500 uach and fifteen m each of the years 1910 and 1911 and $15,000 in 1912.
2 .0 0 ° 6 % «
»
«
p a vl,,f District N o . 1 bon d, dated Juno t IS07.
Greene County (P. O. Greeneville), Tenn.— Warrant
1 ."0 0 fl
%SM ^S Id ^ O u rb toir District N o . 2 bon d, dated June 1 I» 0 7 . Offering.— J. J. Mitchell, County Trustee, will offer at public
d
auction at 2 p. m . March 5 $135,000 6 % road-improvement
1.000 6 % Sherman Street Improvement District N o. 1 bond dated July 1
coupon warrants. Authority, Chapter 525, Acts of 1907
1.000
N
%
6 orth ^ - O ^ I ^ D l s t r l c t N o . 2
bon d, dated M ay ,
Denomination $500
Date July 1 1907. Interest annually
at the office of the County Trustee. Maturity twenty years,
6 ,0 0 0 .6 % East Side Sanitary Sewer District
N o. 1 bonds dated July 1
subject to call after five years. Certified check on a local
bonds o ? $ 10 0 1 each ? n8
® b° ndS ° f $50° each a» d ™ e e n
bank for 5 % , payable to J. J. Mitchell, Trustee, is required.
5 .0 0 0 6 % N orth D en v e r S to rm S ew er D istrict N o . 1 b o n d s d a te d S e p t 1
1006.
Denominations live bonds of $500 each and twentyGurdon School District (P. O. Gurdon), Clark County
live bonds of $ 10 0 each.
y
6.000 6 % Evans Improvement District bonds dated A u g. 1 1007
De- A rk.— Ronds Proposed.— It is stated that the School Board
oonilnatloiis f0Ur bonds of $ 1,0 0 0 each and four bonds of $500 has decided to issue $5,000 bonds.
4,500

6 % Sub-District N o . 8 , East Side Sanitary Sewer District N o
bonds dated O ct. 1 1007.
Denomination $500.
*

1

’

Interest payable at the City Treasurer’s office or at the
office of the Mercantile Trust Company in New York City.
Maturity “ on or before thirteen years from date.’ ’ Certified

the Board of Public Works.

Hamilton, Ohio.— Bonds Authorized.— An ordinance pro­
viding for the issuance of $50,708 21 4 % bonds for the arch­
ing of Crawford’s Run was passed by the City Council on
Feb. 14. Denomination $500.
Hancock County tP .O . Greenfield), In d .— Bond Sale — \n
issue of $18,000 6 % bridge and heating-plant bonds has been
awarded to I he Hughes Bank of Greenfield at par. Denomi­
nation $1,000. Date Dec. 26 1907. Interest semi-annual.
Maturity Dec. 26 1908.

Dover (P. O. Canal Dover), Ohio.— Bond S a le— We are
informed by E . F. W ible, City Auditor, that the $12,000
4 % gold coupon Sewer District No. 2 construction assess­
ment bonds, offered but not sold on Jan. 11 (V 86 n 182)
have been disposed of to local bidders at' par and accrued
interest•

Hannaford School District (P. O. Hannaford), Griggs
County, N. D .— Bond Sale.— W e are informed that the $9,000
4 % bonds mentioned in V . 86, p. 186 have been purchased
by the State at par. Denomination $500. Date Feb 1
1908. Interest Jan. and July.
Maturity Feb. 1 1928. ’
Hardin County (P. O. Kenton), Ohio.— Bond Sale.— The
Dublin, Erath County, T exas.— Bonds Voted.— On Feb
seven issues of 5 % coupon ditch-construction bonds, aggre­
18, according to local papers, the issuance of $5,000 firegating $16,450, described in V. 86, p. 497, were awarded on
department and street-improvement bonds was authorized
• 24 t(? the New First National Bank of Columbus at
by a vote of 210 to 72.
Dundee, Monroe County, Mich.— Bond Offering.— Pro- ceived- and accrUed interest- The following bids were re­
posuls will be received until 7 p. m . March 2 by Fred. B.Carr
New First National B ank, Columbus_______
_
sin '•,01
16 4 7 7 50
Village Clerk, for $13,357 74 6 % Special Paving District No* f ^ e u r l t y -S a y in g s B a n k & T r u s t C o . . T o l e d o - .
F i r s t N a t i o n a l B a n k , C l e v e l a n d ________________
. . . I . I I 1 1 1 1 1 I I I ! 1 6 ! 4 5 7 CO
1 bonds. Maturity part yearly on xMarch 15 from 1909 to
Bonds mature part yearly from one to five years.
1912 inclusive.
East Bloomfield Union Free School District No 8 (P O
Hartington, Cedar County, N eb.— Bond Election.— The
East Bioomfield), Ontario County, N. Y .— Bids Rejected.question of issuing bonds for the construction of a sewerage
All bids (the highest of which was $25,530) received on Feb system will be voted upon at the election next April.
25 for $25,000 5 % coupon or registered school bonds offered
Hastings, Barry County, Mich.— Bond Nate.— The Haston that day were rejected.
Denomination $1,000.
Date
«n
ign A n L Bailk of Hastins s has been awarded at 91.65 the
Jun. 1 1908. Interest annually in New York City
Ma- $1,000 4 % street-improvement bonds mentioned in V 86
tunty $1,000 yearly on Jan. 1 from 1909 to 1933 inclusive,
19208 2 ’ The b° nd iS dated Jan‘ 2 1908 and matures SePt - 1
lotal debt, this issue,
total valuation for 1907, $517 1^8
boads Were offered without success as 414s (V . 86 n ‘
High Point, Guilford County, N . C .— Bond Offerinq.— Pro300) on Jan. 28.
'
1
eJ
M * J- Wrenn, Mayor,
Eatonton, Putnam County, G a.— Bond Sale.— ' his city F0 S nnnbr ecelved until A Pril 1
T
tor $60,000 5 % coupon bonds. Denomination $1,000. Date
T„ i ___ i _
•
if • ■ ,
>
_"
_
deposed of at private sale to John W . Dickey of Augusta \ nn 11 1OnO
tne x ,50U 5 % 30-year coupon additional-sewerage bonds
described in V . 86, p. 300.
vrE¥ n?Ie Riverside County, Cal.— Bond Election.— On
+’.
March 23 the people of this city will vote, it is stated, on the
question of issuing $7,000 5 % 25-year electric-light-plantpurchase bonds.
1
o i Ef,SeX^ r ^ L (Pl ° - SaIem)’ Mass.-WoteNafc.-On Feb.
24 the $lo0,000 notes described in V . 86, p. 496 were
^ ; rded to th« Gloucester National Bank of Gloucester at
4 .6 0 % discount and $1 premium. Loanmatures N ov. 3 i9 0 8 .




sessed valuation, $3,700,000.
Homestead, Allegheny County, P a.— Rond Offering.—
Proposals will be received until 7:30 p. m . March 2 by Andrew
Hill, Borough Clerk, for $25,000 4 % coupon refunding bonds.
Denominatmn S I,000. Date N ov. 1 1907. Maturity N ov. 1
1927. Interest semi-annually at the Monongahila Trust Co
in Homestead. Bonds are exempt from all taxes. Certifie
1 check for $1,000, payable to the “ Borough of Homesx

560

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required. These bonds were offered on N ov. 4 1907, but no
bids were received (V . 85, p. 1410) on that day.
Humboldt, Gibson County, Tenn.— Bonds to be Re-offered
Shortly.__ W e understand that the 830,000 5 % 10-30-year
(optional) coupon street-improvement bonds, bids for which
were rejected on Aug. 5 (V. 85, p. 362), arc again to be
placed upon the market in the near future.
Idaho Irrigation District (P. O. Idaho Falls), Bingham
County, Idaho.— Bonds Not Sold.— No sale was made on
Feb. 1 of the $330,000 6 % coupon bonds mentioned in V .
86, p. 182. These securities are now being offered at private
sale.
Iva School District (P. O. Iva), Anderson County, S. C.—
Bond Offering.— Proposals will be received until 12 m .
March 2 , by W . Frank McGee, Secretary Board of Trustees,
for $6,000 5 % coupon school-building bonds. Authority,
an Act of the General Assembly of 1907. Denomination
to suit purchaser.
Date, day of issuance. Interest Jan. and
July at the County Treasurer’s office in Anderson. Ma­
turity twenty years. Bonds are exempt from all taxes.
Certified check (or cash) for $50, payable to the Secretary of
the Board of Trustees, is required. Total debt, this issue.
Assessed valuation 1907, $500,000. These bonds were
offered on July 25 1907, but no satisfactory bids were re­
ceived on that day. See V . 85, p. 300.
Jefferson County Road Improvement District No. 1, Ark.
— Bond Offering.— Proposals will be received until 12 m .
March 2 by P. P. Byrd, Director (P. O. Pine Bluff) for $30,000
7 % coupon road-construction bonds.
Date, day of sale.
Maturity $3,000 yearly for ten years.
Joplin, Jasper County, M o.— Bond Sale.— On Feb. 25 the
$50,000 5 % 5-20-year (optional) “ Third Street Viaduct
Municipal Bonds” described in
86, p. 435, were awarded
to A . B. Leach A Co. of Chicago at 101.13 and accrued in­
terest— a basis of about 4 .7 4 4 % to the optional date and
about 4 .9 1 2 % to full maturity. The bids received were as
follows:
\ I! L e a c h & C o . ObtCftgO--$50,5G5|\V. J. Hayes & Sons, C lsv e .a $ 50.0 09
(Y m m ieror T r u s t d o . . J o p l i n .u 5 0 ,190 I First N a tion a l lia n a , G le v e .. 4 0 ,o 0 0
Otis
Kou-'H. C leveland . . - 50,123 IS e a s o n g o o d & M ayer, C i n e . . 40,500
_u50,025|
a A lso furnish b lan k b o n d s.
S. A. Kean,’ C h ic a g o ____

equipment bonds. The vote was 175 “ for” to 2 “ against.”
These bonds will probably be offered at private sale about
March 15.
London Graded School District (P. O. London), Laurel
County, K y .— Bonds Voted.— It is stated in Louisville papers
that this district, by a vote of 216 to 32, recently authorized
the issuance of bonds for a new school.
Long Branch, Monmouth County, N . J.— Bonds Awarded
in Part.— W e are informed under date of Feb. 20 that $2 0,­
000 of the $100,000 4 j ^ % 30-year gold ocean-front-improve­
ment bonds, mentioned in V . 85, p. 1659, have been dis­
posed of.
Lore City School District (P. O. Lore City), Guernsey
County, Ohio.— Bond Election.— An election is to be held in
this district March 10 to vote on the question of issuing $6,000
school-building construction bonds.
McCulloch County (P. O. Brady), T ex.— Bond Election Pro­
posed.— It is stated that a petition is being circulated re­
questing the county officials to call an election in order that
the people might vote on the issuance of bonds for the build­
ing of a jail.
Madison County (P. O. Jackson), Tenn.— Bond Offering.—
Proposals will be received until 12 m . March 26 by H u. C.
Anderson, President of the Good Roads Trustees, at the
People’s Savings Bank in Jackson for $200,000 4 % good
roads bonds. Authority vote cast at election held May 25
1907.
Denomination $500. Date May 1 1908. Interest
semi-annually at the People’s Savings Bank in Jackson.
Maturity forty years, subject to call after thirty years.
Bonds are exempt from taxation.
Madisonville School District (P. O. Madisonville), Hamil­
ton County, Ohio.— Bond Offering.— Proposals will be re­
ceived until 6 p. m . March 14 by J. F. Klein, Clerk Board
af Education, for $50,000 4 % coupon school-building con­
struction and equipment bonds. Denomination $500. Date
March 14 1908. Interest semi-annually at the Fourth
National Bank in Cincinnati. Maturity March 14 1938.
Marion,Marion County,Ohio.— Bond Offerings.— Proposals
will be received until 12 m . March 2 by Harry S. Elliott, City
Auditor, for the following bonds:

Kimball County (P. O. Kim ball), N eb.— Bond Election Pro­
posed.— A petition requesting that the County Commission­
ers call an election to submit to the voters the question of
issuing the $5,000 5-year high-school building bonds at “ about
6 % ” interest, mention of which was made in V . 85, p. 960, is
being circulated throughout the county.
Knoxville, Tenn.— Bonds Offered by Bankers.— Albert
Kleybolte & Co. of Cincinnati have purchased and arc offer­
' ing for sale (see advertisement on a preceding page) $180,000
4 1 4 % funding, improvement and sewer bonds. Denomina­
tion $1,000.
Date Dec. 2 1907. Interest semi-annually at
the Hanover National Bank in New York City. Maturity
Dec 2 1937. The legality of this issue has been approved
by Hon. C. B. W ood of Chicago and by the Court of Appeals
of Tennessee.
Bonds Authorized.— An ordinance was passed on 4 eb. 21
by the Mayor and Board of Aldermen providing for the issu­
ance of $60,000 6 % coupon street-improvement (city’s por­
tion) bonds. Denomination $500. Date April 1 1908.
Interest semi-annually in Knoxville. Maturity $20,000 on
Oct. 1 in each of the year’s 1908, 1909 and 1910.
Lancaster, Erie County, N . Y .— Bonds Not Sold.— No sale
was made on Feb. 17 of the $150,000 coupon seweragedisposal and construction bonds described in V. 86, p. 361.
These securities will, we are advised, be re-offered early in
March.
Leduc, Alberta.— Debenture Offering.— Proposals will be
received by C. E . A . Simonds, Secretary-Treasurer, for $10,­
000 fire-protection and $5,000 park-improvement 5 % cou­
pon debentures. Denomination $1,000. Date Oct. 1 1906.
Interest annually at the Merchants’ Bank of Canada in
Leduc. Maturity part yearly for twenty years. Total debt
at present, $4,300. Assessed valuation $344,042. These
debentures were offered without success on Oct. I 1907.
Lewiston, Nez Perce County, Idaho.— Bond Sale.— W e are
advised that the $57,300 5 % gold coupon water-systembonds originally advertised to be offered March 16 (V. 86,
p. 301) were awarded on Feb. 10 to E . H . Rollins & Sons of
Denver. Denomination $1,000. Date Dec. 1 1907. In­
terest January and July. Maturity Dec. 1 1927, subject
to call after Dec. 1 1917. Bonds aro exempt fromtaxation.
Lexington, Fayette County, K y .— Bonds Awarded in Part.
— No satisfactory bids were received on Feb. 10 for the $25,­
000 4 % 40-year coupon sewer bonds described in V . 86, p.
301. W e are advised, however, that $12,000 of these bonds
were subsequently awarded to a local bank at- par and ac­
crued interest.
.
Lidgerwood, Richland County, N . D .— Bonds Voted.—
Bond Offering.— The election held Jan. 14 resulted in favor
of the proposition to issue the $7,500 5 % 20-year waterworks-system-improvement bonds mentioned in V . 86, p.
124. The vote was 110 to 17. These bonds are now being
offered for sale. F . W . Masbek is City Auditor.
Linneus, Tdnn County, M o.— Bonds Voted.— An election
held Feb. 17 resulted in favor of a proposition to issue $3,500
5 % 5-20-year (optional) electric-light-plant re-building and




[VOL. LXXXVI.

$3,050 4 % street-paving and sewer-construction (city’s portion) bonds.
Authority an Act of the General Assembly passed April 29
1902 and amendments thereto. Denomination $500, oxcept
one bond of $50.
Date Dec. 1 1907.
Maturity four and threefourths years from date. Certified check for $ 10 0 Is required.
7,500
storm-water-sewer-constructlon bonds. Authority an Act
of the General Assembly passed April 29 1907 and amend­
ments thereto. Denomination $500.
Date Jan. 1 1908.
Maturity eight and two-thirds years from date. Certllled
check for $200 Is required.

Interest semi-annual. Bids to be made on each issue
separately. Certified check in the above amounts must be
made payable to the City Treasurer.
Proposals will also be received until 12 m . March 11 by
Harry S-. Elliott, City Auditor, for $71,500 4 % coupon bonds
for the purpose of refunding short-time notes. Authority
Section 2701, Revised Statutes. Denomination $500. Date
March 1 1908. Interest semi-annually at the City Treasur­
er’s office. Maturity $2,500 Sept. 1 1908, $4,500 March l
1909, $5,000 Sept. 1 1909, $4,500 March 1 1910, $5,000 each
six months from Sept. 1 1910 to Sept. 1 1912 inclusive and
$2,500 on March l and $2,500 on Sept. I each year from 1913
to 1918 inclusive. Bonds are exempt fromtaxation. Certi­
fied check for $1,500, payable to the City Treasurer, is re­
quired .
Bond Election.— The City Council has ordered an election
to be held April 6 to vote on propositions to issue bonds
for the following purposes: $150,000 for a city building,
$15,000 for a central fire department and $10,000 for a
market house.
Marion County (P. O. Indianapolis), In d .— Bonds Author­
ized.— Local papers report that the County Council on Jan.
25 authorized the issuance of $200,000 refunding court-house
and $400,000 bridge-construction bonds.
Note Offering.— Proposals will be receired until 12 m .
March 12 by Albert Sahm, County Auditor, for a temporary
loan of $30,000 carrying 5 % interest. Loan to mature not
later than June 15 1908.
.
Marion County (P. O. Palmyra), M o.— Bond Election.—
W e are advised that the election to vote on the question of
issuing the $75,000 infirmary bonds, mentioned in V . 86,
p. 436, will be held April 21.
Martinsburg School District (P. O. Martinsburg), Berkeley
County, W . V a .— Bond Sale.— On Feb. 17 the $50,000 5 %
10 -30-year (optional) coupon school-building bondtt described
in V . 86, p. 301, were awarded to N. W . Harris & Co. of
New York City.
Massachusetts.— Temporary Loan.— This Commonwealth
recently negotiated a loan of $1,000,000 in anticipation of
taxes.
Menominee County (P. O. Menominee), Mich.— Bonds Not
Yet Sold.— A letter from the County Treasurer dated Jan. 30
states that he has not yet disposed of the $13,000 bonds,
the unsold portion of the $20,000 4 ) ^ % gold coupon agricul­
tural-school-building bonds mentioned in J . 8 5 , p. 1660.
Miami County, (P. O. Troy), Ohio.— Bond Sale.— On Feb.
20 the Tipp National Bank of Tippecanoe City was awarded
the twenty-one issues of 5 % coupon ditch bonds, aggregat­
ing $25,500, described in V . 86, p. 436, at 101.96 and ac­
crued interest. The following bids were received:
Tlpp N at. B k ., T ip p e ca n o e ..$26,000 1New 1st N at. B k ., G o t im .$25,591 50
Plqua National Bank, Plqua. 25,745 [Security Srtvlngs BaMk &
T roy National Bank, T r o y .. 2 5 ,0 0 1 1 Trust C o ., DtJcflo ----------2 G,o 20 00

Feb . 29 1908.)

561

T H E CHRONICLE

C o.,
lc --$
W . H . Rooee (for 5 H s Middletown, Butler County, Ohio.— Bond Sale.— On Feb. A . B. Leach &Bank,C hIron 2 6 ,0 2 6 001 Security Savings Bank ) -&525,025 00
Commercial
M o u n ta in ---------------------- 25,750 00 | Trust C o., T o le d o _____ 25,780 00
25 the $4,079 40 5 % 1-10-year (serial) street-improvement
Bolger & C o., C h ic
25,500 00 I
National B a n k .C le
25,597'50
assessment bonds described in V . 86, p. 498, and the $2,041 29 T . J.Nuveen & C o., Clilc.-- 25,400 00] AFirstH ood, Detroit_______v .25,260 00
John
. J.
5 % 1-10-year (serial) sewer-construction assessment bonds Dennison & Farnsworth,
|W. J. Hayes & Sons,
Cleveland and B o s to n .. 25,261 00 | C leveland ______________ 24,500"00
described in V. 86, p. 301, were awarded, it is stated, to
Maturity $1,000 one year after date and $2,000 yearly
the Provident Savings Bank & Trust Co. of Cincinnati.
Milwaukee, W is .— Bond Election.— W e are informed that thereafter.
the election to vote on the question of issuing the $60,000
Norwich, New London County, Conn.— Bond Sale.— On
4 % bath-house bonds mentioned in V . 86, p. 124, will be Feb. 5 this city awarded four issues of 4 % bonds aggregating
held April 17. Interest semi-annual. Maturity part yearly $495,000 to Merrill, Oldham & Co. of Boston at private sale
for twenty years.
as follows: $60,000 at par and interest and the remainder at
On the same day the citizens will also vote upon the ques­ par. The proceeds of this sale will be used for the following
tion of building a municipal lighting-plant.
purposes: $143,000 to refund court-house bonds, $227,000
Mobile, A la.— Bonds Authorized.— The issuance of $145,000 for a gas and electric plant, $65,000 for water improvements
5 % coupon or registered paving and drainage bonds has been and $60,000 for the improvement of the gas and electric plant.
authorized. Denomination $500. Interest payable in Mo­ Denomination $1,000. Date April 2 1906. Interest semi­
Maturity April 2 1931.
j i
bile or New York. Maturity ten years, subject to call one- annually in New York City.
tenth “ or more” each year. Bonds are exempt from city
Odessa, Lincoln County, W a sh .— Bond Sale.— On Feb. 3
taxes.
the $20,000 20-year coupon water bonds described in V . 86,
Monongahela School District (P. O. Monongahela), W ash­ p. 302, were sold to the State of Washington at par for 6s.
ington County, P a.— Bond Offering.— Proposals will be re­
Orange, Orange County, Texas.— Bonds Voted— Bond
ceived until 8 p. m . March 3 by John P. Norman, Secretary,
Offering.— The election held here Feb. 18 to vote on the
for $52,000 4 y2 % coupon school building bonds. Denomina­
question of issuing the $15,000 4 % 40-year street and drain­
tion $1,000.
Date Dec. 1 1907. Interest semi-annual.
age improvement bonds mentioned in V. 86, p. 437, resulted
Maturity $2,000 yearly on Dec. 1 from 1910 to 1935 inclusive.
Certified check for $500 required. The district has no debt in a vote of 135 “ for” to 36 “ against” the proposition. Pro­
posals for these bonds will be received at any time.
at present.
Oregon City, Clackamas County, Ore.— Bond Sale.— This
Mount Vernon, Westchester County, N . Y .— Bond Offer­
ing.— Proposals will be received until 8 p. m . March 17 by city on Feb. 5 disposed of $6,027 45 6 % bonds (two issues)
to the Sinking Fund at par and accrued interest.
Denomi­
the Common Council for the following bonds:
nation $500. Date Nov. 1 1907. Interest semi-annual.
560,000 5 % tax-relief bonds numbered from 1,126 to 1,185 Inclusive. Maturity Nov. 1 1917, subject to call after Nov. 1 1908.
.
Authority Section 142, Chapter 182, Laws of 1892.
35,000

5 % school-tax-rellcf bonds numbered from 430 to 464 Inclusive.
Authority Section 229, Chapter 182, Laws of 1892.

Denomination $1,000. Date March 1 1908. Interest
semi-annually at the office of the City Treasurer. Maturity
March 1 1911.
Bonds will be certified to as to genuineness
by the United States Mortgage & Trust Co. of New York
City and their legality approved by J. H . Caldwell, E sq ., of
New York City, whose opinion as to legality will be furnished
to the purchaser. Certified check for $1,000, payable to the
City of Mount Vernon, is required with bids for each issue.
Delivery of bonds “ on or before March 24 1908.”
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department next week.
Nebraska City School District (P. O. Nebraska City),
N eb.— Bond Election Proposed.— There are reports in local
papers stating that the Board of Education proposes to call
an election to allow the people to decide on the question of
issuing $60,000 high-school-building bonds.
Nelson, B. C.— Debenture Offering.— Further details are
at hand relative to the offering on March 2 of the $60,000
5 % coupon school-building debentures mentioned in V . 86,
p. 362. Proposals for these debentures will be received
until 8 p. m . on that day by W . E . Wasson, City Clerk.
Denomination $1,000. Date July 1 1907. Interest semi­
annually at the Bank of Montreal in Nelson. Maturity
July 1 1927. Debenture debt, not including this issue,
$456,000. Floating debt $22,000. Assessed valuation 1907
$2,505,340. Accrued interest to be paid by purchaser.
Newark, Licking County, Ohio.— Bonds Proposed.— An
ordinance providing for the issuance of $85,000 municipalwater-works-plant-completion bonds is before the City Coun­
cil.
Newaygo, Newaygo County, Mich.— Bond Election.— A t
the election next April a proposition to issue $9,500 bonds
for the purchase of land for parks and other public uses will
be submitted to a vote of the people according to reports.
New Hampshire.— Bond Sale.— Over two hundred sub­
scriptions, aggregating $874,000, were received up to Feb. 10
for the $150,000 3 j ^ % “ State Hospital Bonds” offered at
par and interest from Jan. 1 1908. Subscriptions for lots
ranged from $1,000 to $5,000, numbered 189, and amounted
to $319,000. The bonds were allotted to over one hundred
individuals.
Newport News, Warwick County, V a .— Bonds Proposed.—
According to reports the Board of Education will petition
the City Council to authorize the issuance of $75,000 highschool-building bonds.
Bonds Not Yet Sold.— A letter from the City Clerk received
Jan. 27 stated that this city had not yet succeeded in dis­
posing of the $100,000 4J/£% 40-year street-improvement
bonds offered without success on Sept. 30 1907. See V . 85,
p. 1417.
New Scotland, Albany County, N. Y .— Bond Offering.—
A t 11 a. m . to-day (Feb. 29) John Flansburgh, Clerk of the
Board of Supervisors, will offer at public auction at the city
hall in Albany $18,000 5 % coupon bonds,to pay a portion
of the town’s share of the cost of highway improvements.
Denomination $1,000. Date Feb. 1 1908. Interest annual.
Maturity $3,000 yearly on Feb. 1 from 1913 to 1918 inclusive.
Norway, Dickinson County, Mich.— Bond Sale.— On Feb.
17 the $25,000 6 % sewer bonds described in V . 86, p. 302,
were awarded to the First National Bank of Norway at
103.40. Other bids received follow: . ;
i - j ,'j • ,




Oxford, Lafayette County, M iss.— Bond Offering.— Proosals will be received until 7 p . m . March 21 by R . S. Adam s,
layor, for $15,000 6 % coupon light and water bonds. De­
nominations: $1,000, $500 and $100. Date April 1 1908.
Interest annually at Oxford. Maturity part yearly com­
mencing April 1 1913. Bonds are exempt from all taxation.
Certified check for 1 % of bid, payable to R . S. Adam s, Mayor,
is required.
Palmetto, Manatee County, F la.— Description of Bonds.—
W e are informed that the $25,000 6 % waterworks and streetimprovement bonds, the offering of which was postponed from
Jan. 1, are in denomination of $100 each and are dated Jan. 1
1908. Interest semi-annual. Maturity “ twenty years or
sooner at option of Council.”
Pasadena, Los Angeles County, Cal.— Bonds Voted.— The
election held Feb. 20 to vote on the question of issuing the
$50,000 electric-light and $50,000 sewer 4J ^ % bonds men­
tioned in V . 86, p. 437, resulted in favor of both proposi­
tions.
Patchogue, Suffolk County, N . Y .— Bond Election.— The
Board of Village Trustees have adopted a resolution provid­
ing that an election be held for the purpose of submitting to a
vote of the people the question of issuing $15,000 bonds for
constructing a driveway between Cedar and Rider avenues
on the Great South Bay. If these bonds are voted they
will be issued at a rate of interest not to exceed 5 % and will
mature $1,000 yearly on Jan. 1 from 1913 to 1927 inclusive.
Phoebus, Elizabeth City County, V a .— Bond Sale.— This
town, it is stated, has awarded the $20,000 5 % coupon streetimprovement bonds offered on Jan. 30 (V . 86, p. 243) to the
First National Bank of Cleveland at 90 and accrued interest.
Bonds are dated Sept. 1 1906. Maturity thirty years.
Pine City Township (P. O. Pine City), Pine County, Minn.
— Bond Offering.— Further details are at hand relative to the
offering of the $3,000 coupon bonds mentioned in V. 86, p.
500. Proposals for these bonds will be received until 2 p.
m . to-day (Feb. 29) by J. M. Odegard, Town Clerk. Denom­
ination $300. Interest is payable in Pine City.
Maturity
“ on or before ten years.” Certified check for $200, payable
to A . W . Star, Town Treasurer, is required. Bonded debt,
this issue. Floating debt, $125. Assessed valuation for
1907, $154,413.
Piqua, Ohio.— Bond Sale.— On Feb. 18 an issue af $5,000
5 % 1-5-year Caldwell Street sewer bonds was awarded to
the Sinking Fund at par. Denomination $1,000. Date
March 1 1908. Interest semi-annual.
Pittsburgh, P a .— Bonds Authorized.— Local papers report
that at a meeting of the Finance Committee of the Councils,
held Feb. 4, the issuance of $220,000 bonds for the purpose
of providing money to give work to the unemployed was
authorized.
Pomeroy, Meigs County, Ohio.— Bond Sale.— On Feb. 20
an issue of $6,000 5 % 15-year refunding bonds was awarded
to Rudolph Kleybolte & Co. of Cincinnati at 108.15— a basis
of about 4 .2 5 9 % . Following are the bids:
. $

S

R . Kleybolte & C o., C in e .-$ 6 ,4 8 9
Seasongood & Mayer. C ln c.*6 ,514
New First N at. B k ., C olum .*6,498
Otis & Hough, C lev elan d --*6,483
H ayden, Miller & C o., Clev- 6,462
Farmers’ Bank & Trust C o.,
Pomeroy ________________ 6,420

00 W ell, Roth & C o., O n e -------$6,411 00
80 W . R . Todd & C o.. Cine___ *6,250 00
50 JolinL.Curtis,M lddleport.O. 6,091 00
00 Dennison & Farnsworth,
50 | C lev. & Bost. (for$8,000 bd s) *8,521 00
|H. H . Meese, Pom eroy (for
*515 00
00 | $500 bond)...........................

* W e are Informed that these bids were net considered as they were not
accompanied by certified check for 3 % as required.

Denomination $500.
annual.

Date March 2 1908.

Interest semi­

562

TH E CHRONICLE

Plymouth, Plymouth County, M ass.— Bond Sale.— On
Feb. 15 an issue of $24,000 1-24-year (serial) water bonds
was awarded to Merrill, Oldham & Co. of Boston at par
and interest for 4s. Denomination $1,000. Date Feb. 15
1908. Interest semi-annual.
Reading, Hillsdale County, Mich.— Bond Election Pro­
posed.— There are rumors to the effect that this village pro­
poses to call an election shortly to vote on the question of
issuing $25,000 school-house bonds.
Rensselaerville, Albany County, N . Y .— Price Paid for
Bonds.— W e are advised that the $3,100 4 % coupon turnpike
bonds disposed of on Feb. 1 (V. 86, p. 501) were sold at par.
Rochester, N. Y .— Temporary Loan.— On Feb. 26 the
$300,000 5-months’ notes mentioned in V . 86, p. 501, were
awarded as follows: $100,000 at 4 .9 7 % interest to the Monroe
County Savings Bank of Rochester; $50,000 at 5 % interest
to the Security Trust Co., and $150,000 at 5 .1 2 5 % interest
to Goldman, Sachs & Co. of New York City.
Rolling Meadow School District No. 1907, Sask.— Pur­
chaser of Debentures.— W ood, Gundy & Co. of Toronto were
the purchasers, wc are informed, of the $1,000 8 % 10-year
school-building debentures disposed of (V. 86, p. 501) on
Feb. 4. The price paid was par. Date Jan. 15 1908. In­
terest annual.
Roswell, Chaves County, N . M .— Bonds Voted.— W e are
informed by Fred.'J. Beck, City Clerk, that the following
vote was polled at the special election held Feb. 20 on the
four issues of bonds mentioned in V . 86, p. 438:
$120,000 water works bonds— Vote of 040 ‘ 'for” to 27 "a g a in st.”
35.000 sewer bonds— Vote of 620 “ for” to 33 "a g a in s t.”
10.000 street-improvement bonds— V ote of 036 “ for" to 24 "against ’
5,000 fire department bonds— Vote of 034 " fo r ” to 28 "a g a in st.”

Royse, T ex.— Bonds Registered.— An issue of $15,000 5 %
water-works bonds was registered by the State Comptroller
on Feb. 15. Maturity Feb. 1 1948, subject to call after ten
years.
Rusk County Common School District, T ex.— Bonds
Registered.— On Jan. 13 $1,000 5 % school-house bonds
maturing Oct. 1 1927 were registered by the State Comp­
troller.
Rye, Westchester County, N . Y . — Bond Offering.— Pro­
posals will be received until 8:15 p. m . March 4 by George L.
Henderson, Village Clerk, for the following bonds:
$300,000 registered sewer bonds.
Denominations $1,000 and $538 40.
Maturity part yearly on March 10 from 1913 to 1938 Inclusive.
40.000 registered (Ire-house bonds. Denominations $1,000 and $538 46.
Maturity part yearly on March 10 from 1913 to 1938 Inclusive.
125,000 registered street Improvement bonds. Denominations $1,000
and $807 69.
Maturity part yearly on March 10 from 1913 to
1938 Inclusive.
15.000 registered dock bonds. Denomination $600. Maturity $690
yearly on March 10 from 1913 to 1937 Inclusive.

The above bonds are issued pursuant to Chapters 4 ,5 ,6 and
7, Laws of 1908, and are dated March 10 1908. Interest
(rate not to exceed 5 % ) payable semi-annually at the Cen­
tral Trust Co. of New York City. Certified check for 3 %
of each issue bid upon, payable to the “ Treasurer of the Vil­
lage of R ye, N . Y . , ” is required. The validity of these se­
curities will be approved by Delafield & Longfellow of New
York City, whose opinion will be furnished to purchaser.
These bonds were offered on N ov. 6 1907, but no satisfac­
tory bids were received on that day. See V . 85, p. 1230.
Sag Harbor Union School District No. 11 of the Town of
Southampton (P. O. Sag Harbor), Suffolk County, N . Y .—
Bond Sale.— The $30,000 5 % registered school-building bonds
described in V . 86, p. 501, have been sold to N . W . Harris
& Co. of New York City at 101.30.
Maturity $3,000 yearly
on Nov. 1 from 1911 to 1920 inclusive.
San Francisco, Cal.— Bond Election Proposed.— The Pub­
lic Utilities Committee of the Board of Supervisors proposes
to call an election to submit to the voters the question of is­
suing bonds for various improvements as follows: $5,200,000
for an auxiliary water system for fire protection; $1,000,000
for buildings to be used for fire houses and for the Depart­
ment of Electricity; $4,000,000 for a sewer system; $1,600,000
for repaving streets; $5,000,000 for a city hall; $5,000,000
for school ixouses; $1,200,000 for a library; $2,000,000 for
hospitals; $1,000,000 for a Hall of Justice and a jail, $800,000
for garbage plants and $1,500,000 for parks. In addition to
the above amounts, propositions to issue bonds for play­
grounds, the purchase of land at Sacramento and East streets
for ferry traffic, and the purchase of lands for widening Mont­
gomery Avenue’s outlet, will also be voted upon. The cost
of the last-mentioned improvements, however, have not yet
been decided.
Sault Ste Marie, Chippewa County, Mich.— Bonds Not to
Be Re-Offered at Present.— The $15,000 4 % 20-year firedepartment bonds offered but not sold on Sept. 9 1907
(V . 85, p. 822) will not be re-offered, we are advised, until
the latter part of next summer.
^ S c u r ry County Common School District No. 4, T ex.—
Description of Bonds.— The $1,000 5 % 10-year school bonds
registered by the State Comptroller on Dec. 13 1907 (V. 85,
p. 1662) are dated Aug. 13 1907. Denomination $1,000.
Interest annually on April 10.
Seattle School District No. 1 (P. O. Seattle), King County,
W a sh .— Bond Offering.— Proposals will be received until
11 a. m ., April 11, by Matt H . Gormley, County Treasurer,
for the $500,000 coupon school-building and site-purchase
bonds mentioned in V . 86, p. 125. Authority, election held




[VOL.

LXXXVI.

Dec. 7 1907. Denomination $1,000. Date May 1 1908.
Interest (rate not to exceed 6 % ) payable scmi-annually^at
the County Treasurer’s office in Seattle or at the fiscal agency
of the State of Washington in New York City. Maturity
May 1 1928. Certified check for 1 % of the amount of bonds
bid for is required.
Seneca Falls, Seneca County, N . Y .— Bond Sale.— On
Feb. 25 the $49,500 1-30-year (serial) sewerage-system
completion bonds described in V . 86; p. 501, were awarded
to W. N . Coler & Co. of New York City at 100.042 and ac­
crued interest for 4.70s. Purchaser to pay cost of printing
bonds. Following is a list of the bids received:
4^70s^

tlng*"frec^ew Y o r^ City— 100.042 and accrued interest for

W.
A-

J. Hayes & Son, Cleveland— 100.11 for 4.70s.
Leach & C o., New York City— 100.052 for 4.70s.
N * \V VT : Y ! ^ , , & „ C o y n A , w Y,orl{ City— 100.185 for 4.70s a n d
"
First National Bank, Cleveland— 100.050 for 4.85s.
Otis & Hough, Cleveland— 102.747 for 5s.
George M. Hahn. New York— 101.13 for 5s.
Isaac Sherrill, Poughkeepsie— 101.08 for 5s.
Perry, Coffin & Burr, New York— 100.055 for 5s.

b la n k

bonds.

Shawnee School District (P. O. Shawnee), Okla___Bond
Election.-— e learn that at the general election next April
W
a proposition to issue $23,000 school-building and site-pur­
chase bonds will be voted upon.
Shenandoah, Schuylkill County, P a.— Description of
Bonds. W e are advised that the $40,000 bonds recently
voted (V. 86, p. 501) will bear 4 % interest and will be issued
to redeem temporary loans now outstanding. Maturity
thirty years.
Slayton School District (P. O. Slayton), Murray County,
Mmn.-—Loan Authorized.— By a vote of 168 to 108 the issuanccof $15,000 building bonds was authorized at an election
held Feb. 3. W e are advised that the money will be bor­
rowed from the State of Minnesota.
South Bend, St. Joseph County, Ind .— Bids Rejected .— All
bids received on Leb. 25 for 860,000 4 % refunding bonds
offered on that day were rejected. The highest bid received
was one of $60,950.
The bonds will be offered again some
time in June or July.
South Omaha, Douglas County, N eb.— Bond O f f e r i n g Proposals will be received until March 9, according to local
papers, for the following bonds:
$48,000 W est Q Street paving bonds. These bonds take the p l a c e of those
?w a.dea last October to Em ery, Anderson & Co. of Cleveland
r „ n * Y i : , fV < - which sale was never consum m ated.
hV
48 ,o00 i wenty-fifth Street p&vlntr bonds
50.000 dellclency sewer bends
’
30.000 Intersection bonds.

Spalding County (P. O. Griffin), G a.— Bond Election Pro­
posed. A petition is being circulated requesting the Board
of County Commissioners to call an election to vote on the
question of issuing bonds to macadamize all the first-class
roads in the county.
Springfield School District (P. O. Springfield), Greene
County, Mo. Bond Election.— On April 6 the question of
issuing bonds for building purposes will be submitted to
a vote.
Spring Independent School District (P. O. Spring), Harris
County, T ex.— Bonds Registered.— The State Comptroller
registered $2,000 5 % school-house bonds on Feb. 3. Ma­
turity Feb. 1 1918, subject to call after five yearn.
Stamford, Fairfield County, Conn.— Bond Offering.— Pro­
posals will be received until 12 m . March 20 by William N.
Travis, City Treasurer, at the Stamford National Bank, for
$55,000 4 % public-park bonds.
Date April 1 1908. Inter­
est semi-annually in New York. Maturity April 1 1938.
Bonds are exempt from taxation. Certified check for 2 %
of the bonds bid for is required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Staples, Todd County, Minn.— Certificate Sale.— This city
on Feb. 18 awarded the following certificates of indebtedness
to O. F. Doyle, St. Cloud, at par:
$ 10,0 00 6 % sewer-construction certificates maturing part yearly from three
to five years from date.
2,000 6 % water and light-plant Improvement certlllcatcs maturing Feb.
,1 1909.
Date Feb. 1 1908.

Denomination $500. Interest semi-annual.
Struthers, O h io — Bond Sale.— On Feb. 15 the $5,000 6 %
2-11-year (serial) coupon bonds for the purchase of a city
building, a description of which was given in V. 86, p. 303,
were awarded to the Struthers Savings & Banking Co. of
Struthers at 106.50 and accrued interest— a basis of about
4 .8 2 3 % . The bids received were as follows:
Struthers Savings & Banking
Security Savings Bank & Tr.
C o., Struthers........................... 5,325
C o., T o l e d o - -- — ---------------o$5,279
First N at. Bank, Cleveland— a5,410 A . Klcybolte & C o ., Clncln— a5,275
W . J. Hayes & Sons. C le v e -..a 5 ,3 9 6 | W . It. Todd & C o., Clncln____ «5 265
Otis & H ough, Cleveland-------a 5 ,3921 W ell, Roth < C o., Cincinnati.ah’ l 81
fc
New 1st N at. Blc., Colum b— a 5 ,3 6 5 1First N at. B k ., Barnesvllle___ a0 101
a These bids, wc arc Informed, did not com ply with the terms of the
advertisement and therefore were not considered.

Tifton, Tift County, Ga .— Bond S a le— On Feb. 15 the
$30,000 5 % gold coupon water and sewer bonds offered but
not sold on Dec. 30 1907 (V . 86, p. 245) were awarded, it is
stated, at par to W . C. Wardlaw, representing John W .
Dickey of Augusta.
Tipton County (P. O. Tipton), In d .— Bonds Not Yet Sold —
This county will entertain bids at any time for the $307,000
4 H % gravel-road bonds offered but not sold last August.
See V . 85, p. 681.

Feb. 29 1908. j

T H E CHRONICLE

563

Troy, N . Y .— Offering of Certificates of Indebtedness.— Pro­ B lo d g e tt,M e r r itt & C o .,B o s _ $ 1 6 2 ,2 7 0 O ’Connor & KaM er. N . Y _ . $160,590
Estaorook & C o., Boston
161*325 Parkinson &
B
159,855
posals will be received until to-day (Feb. 29) for $150,000 5 % Chas. A . Peeling & Co______101,270 R . Kleybolte Burr,o., o s.to n... 159,825
& C
N Y .
certificates of indebtedness. Maturity Oct. 29 1908. Hiram Dennison & Farnsworth,
Perry, Coffin & Burr, Boston 159,255
160,965
W . Gordinier is City Comptroller and Chas. F . McLindon A . Cleveland and CB o s to n ..J 160,905 N . W . Harris & C o.. N . Y _ . 158,660
B. Leach & o., N . Y _
Colonial Trust Co. of W ater•
K ountze Bros., New Y o r k .. 160 845
is Deputy Comptroller.
b u r y ----------------------------------- £153,050
Merrill, Oldham & C o., B os. 160,788 Hlnclcs Bros. Oo____________ 153,015
Underwood, Pottawattamie County, Iow a.— Proposition j Blake Bros. & C o., B oston. 160,560
to Build Water-Works Defeated.— The election held .here Jan. !
Wauseon, Fulton County, Ohio .— B o n d O ffe r in g .— Pro­
20 to vote on the question of installing a water-works system 1
posals will be received until 12 m . March 20 by L . H ., Deyo,
(V . 86, p. 126) resulted in the defeat of that proposition. The
Village Clerk, for the following bonds:
vote was 39 “ for” to 36 “ against” — a two-thirds majority i
$3,499 26 5 % Depot Street paving assessment bonds. Denonolnatlon’ $170,
being necessary.
except one bond of $269 26. Maturity $269 26 on March 1
1909 a. d ,* 17 ° each B[x m onths from Sept. 1 1909 to Sept. 1
n
Urbanna, Middlesex County, V a .— Bonds Proposed.— Re­
1918, inclusive.
. . . .
ports state that the Town Council, in pursuance of a resolu­
4 .0 0 0 00 5 % Commercial Street paving assessment bonds. Denomlna? 20,9 ■ M a tu r ity ? 2 0 () e a ch s ix m o n th s fro m M arch 1
tion passed by the Business Men’s Association of Urbanna,
1909 t o Sept. 1 1918, In clu sive.
requesting that a system of water-works be constructed, 1
Authority, Section 2835, Revised Statutes. Date" March
proposes to issue $8,000 30-year bonds for that purpose.
1 1908. Interest semi-annually at the Village Treasurer’s
Vanderbilt School District (P. O. Vanderbilt), Fayette office. Certified check for 5 % of bonds bid for, payable to
County, Pa.— Bond Offering.— Proposals will be received the Village Treasurer, is required. Purchaser to p a y : ac­
until 7 p. m ., March 2, by C. B . Arison, Secretary Board of crued interest.
Education, for $5,000 5 % school-building bonds. Denomi- j
nation $500. Date Sept. 2 1907. Interest semi-annually I W ayne County (P. O. W ooster), Ohio.— B o n d Sale.— On
at the First National Bank in Vanderbilt. Maturity Sept. 2 Feb. 24 the $9,500 4J ^ % coupon ditch-construetion bonds
1920. Bonds are exempt from taxation. Certified check described in V . 86, p. 502, were awarded as follows:^
for $100, payable to the Secretary Board of Education, is $1,000 Kiser Ditch N o . 160 bond maturing Jan. 1 1909 awarded to A . A
Mowery of W ooster at 100.675.
. . . . .
required. These bonds were offered but not awarded on
1.000 Kiser Ditch N o. 160 bond m aturing Jan. 1 1914 awarded to A . A
M owery of W ooster at 1 01.60.
• •
Feb. 20. Assessed valuation for 1907, $195,595.
500 Kiser Ditch N o. 160 bond maturing Jan. 1 191$ awarded to Price
Vonda, Sask.— Debenture Offering.— W e are informed by
Russel of Creston at 101.50 .
• ' •
A . F . Totzke, Secretary-Treasurer, that proposals for the
1,500 Kiser Ditch N o . 160 bonds maturing $1,000 on Jan. 1 1917 and
1
1!?18 awarded to Price Russel of Creston at 101.025.
$15,000 6 % water-works-installation debentures described
1.000 Kiser Ditch N o. 160 bonds maturing Jan. 1 1916 awarded to David
in V . 86, p. 502, will be received up to April 1.
Thom as o f W ooster at 1 0 1 . 6 0 .
■
.
2.000 Kiser Ditch N o. 160 bonds maturing on Jan. 1 as follows: $500"ln
Walkerville, Ont.— Debenture Sale.— This town, we are
th e year 1918, $1,000 In 1919 and $500 In the year 1920; and a $500
informed, has awarded $40,003 78 5 % coupon debentures
Fetters D itch N o. 170 bond m aturing Jan. 1 1909 awarded to the
Citizens National Bank of W ooster at par and accrued Interest.
to the Dominion Securities Corporation, L td ., of Toronto.
Waynesboro, W ayne County, M iss.— Bonds Voted— A
Interest annual. Maturity part yearly for ten years.
Waterbury, New Haven County, Conn.— Bond Sale.— On ' proposition to issue $12,000 bonds for the construction and
Feb. 24 the $150,000 4 3 ^ % 30-year coupon or registered operation of a municipal electric-fight-plant carried, it is
street-improvement bonds described in V . 86, p . 304, were stated, at a recent election.
awarded to Blodgett, Merritt & Co. of Boston at 108.18 and
W ebb City, Jasper County, Mo .— B o n d S a le . — An issue'of
accrued interest— a basis of about 4 .0 2 9 % . The following $15,300 4 3 ^ % 10-20-year (optional) judgment-funding bonds
bids were received:
was awarded on Feb. 17 to the Harris Trust & Savings Bank

S T A T E O F N E W YORK City of Stamford, Connecticut,
N

E W

L O

A N S .

N

E W

«

H ighw ay Im provem en t G old Bonds
E X E M P T FR C M T A X A T I O N
-

5

A N

(o

o

S .

o

PUBLIC PARK BONDS.

4%

Dated March I, 1908

5

L O

-

-

Due March I, 1958

AMOUNTING TO

$ 5 ,0 0 0 ,0 0 0

ocaicu yiuposais lor m o sale or $55,000 City of
Stam ford, Connecticut, Public Park Bondsilwlll
be received by the City Treasurer at the Stamford
National Bank until 12 o'clock, noon, M A R C H 20,
1908.
Said bonds bear Interest at the rate of 4 %'"per
annum , payable semi-annually, and mature thirty
years from April 1, 1908. Principal and Interest
payable In New York.
j .j . .
No bid will be accepted for less than parland
accrued Interest.
• . . .
A ll proposals must be accompanied by a certi­
fied check for bank draft for 2 % of the par value
of the bonds bid for.
For further particulars address
W M . N . T R A V IS .
City Treasurer.
.
Stam ford, Conn.

Issued in Coupon or Registered Form

W ill Be Sold W ednesday, M arch Nth,

1908

A t 2 O 'C lo c k P. M., at the
S t a t e

C o m p t r o lle r ’s

O ff ic e ,

M U N ICIPA L

A lb a n y ,

N .

Y .

These Bonds Are
L e g a l

I n v e s tm e n t s

fo r

T r u s t

MacDonald, McCoy & Go,,
AMO

C O R P O R A T IO N

BONDS,
e i La Salle Street, Chticag®.
8

F u n d s

N EW YO R K C IT Y
No bids will be accepted for less than the par value2ofj[the|bonds nor unless
accompanied by a deposit of money or by a certified checkSor]bank?draft upon a
solvent bank or trust company of the cities of Albany or New York, payable to
the order of the Comptroller of the State of New York, for|atJleastitwo per-cent
of the par value of the bonds bid for.
All proposals, together with the security deposits, must|be2sealed|and endorsed
“ Loan for Highway Improvement,” and enclosed in a sealed|envelope directed
to the “ Comptroller of the State of New York, Albany.”

4 £ % T A X EXEMPT

BONDS
T. W, STEPHENS & 00.,
2 W A L L 8 T ., N E W Y O R K

All bids will include accrued interest.
I N V E S T M

FOR FU RTH ER PAR TIC U LA R S AD D R ESS

L is ts

E N T
u p o n

B

O

N

D

S

re q u e st.

MARTIH H. GLYNN, State Comptroller, Albany, N. Y. Denison & Farnsworth
E Dated Albany. February 14, 1908.




BOSTON
C L E V E L A N D

a n d

P H I L A D E L P H IA

564

T H E CHRONICLE

[VOL. LXXXVI.

of Chicago at par and accrued interest. Denomination $500.
Date Feb. 1 1908. Interest semi-annual.

plates the issuance of park bonds. No definite action, how­
ever, has yet been taken in the matter.

Wessingfcon Springs, Jerauld County, S. D .— Bonds Voted.
— An election held here on Feb. 18 resulted in favor of a
proposition to issue $23,000 5 % 20-year water-worksimprovement bonds. The vote was 119 “ for” to 17 “ against.

Winthrop (P. O. Station Boston), Mass .— Bond Sale —
W e are advised that this town on Jan. 28 sold $139,000 (not
$140,000 as reported in last week’s issue) 4 % water-loan
bonds to Merrill, Oldham & Co. of Boston at 100.02. De­
nomination $1,000. Date Jan. 1 1908. Interest semi­
annual. Maturity part yearly for thirty years.

Wheeling School District (P. O. W heeling), Ohio County,
W . V a .— Bond Offering.— Further details are at hand rela­
tive to the offering on March 2 of the $200,000 4 y 2% gold
coupon high-school-building and site-purchase bonds de­
scribed in V. 86, p. 502. Proposals for these bonds will be
received by the National Bank of West Virginia at Wheeling,
which is acting as agent for this district. Authority, elec­
tion held July 16 1907; also Chapter 7, Acts of the Legisla­
ture at its extra session in 1907. Denomination $1,000.
Date N ov. 1 1907. Interest semi-annually at the National
Bank of West Virginia at Wheeling or at the Importers’ &
Traders' National Bank in New York City at option of pur­
chaser. Maturity $10,000 yearly on Nov. 1 from 1912 to
1931 inclusive. Certified check for 1 % of bid, payable to the
National Bank of W est Virginia, at Wheeling, is required.
Accrued interest to be paid by purchaser.

Yonkers, N . Y .— Bond Sale.— On Feb. 27 the $100,000
5 % 1-40-year (serial) registered water bonds offered on that
day (V . 86, p. 503) were awarded to N . W . Harris & Co.
of New York City at 109.788— a basis of about 4 .2 7 9 % .
Following are the bids:
IN. \v . Harris co v^o., m . i ----George M. H ahn, New Y o r k .105.29 1
Kountze Bros., New Y o r k -. 10(5.77 Hhoaclcs & C o., New Y o r k - . 105.115
Adam s & C o., New Y o rk -------100.277 A. B. Leach & C o., N . Y . . . 104.3755
Grannls & Lawrence, N . Y -.1 0 0 .1 1 7 N. W . Halsey & C o., N. Y . _ 104.277
W . J. Hayes & Sons, C le v e -.1 0 5 .9 4 5 Dominick & Dominick, N .Y .1 0 3 .2 7
Ferris & W h ite, New Y o r k . . 105.711 Wadsworth & W right, N . Y .1 0 1 .5 0

Interest semi-annual.
Young County (P. O. Graham), Texas.— Bond Offering.—
Among the advertisements elsewhere in this Department will
be found the official notice of the ofTcring of the $40,000 4 %
coupon Brazos River biidge-construction bonds, mention
of which was made in V . 86, p. 186. Proposals are asked
for by R . L . Stennis, County Judge. Denomination $1,000.
Maturity twenty years, subject to call after ten years.

White County (P. O. Monticello), In d .— Bonds Not Sold —
No bids were received on Feb. 24 for the $4,800 coupon
gravel-road bonds described in V. 86, p. 439.
n Bond Sale.— Reports state that $18,000 bonds have been
awarded to the City National Bank of Lafayette for $18,­
110 25, the price thus being 100.612.

Youngstown, Ohio.— Bond Sale.— On Feb. 24 the five
issues of 5 % public-improvement bonds described in V 86
p. 304, were awarded to the New First National Bank of
Columbus for $8,232 (101.82) and accrued interest. Other
bids received were:

Wichita, K an.— Bond Election Proposed.— It is stated
locally that the Mayor and City Council have under con­
sideration the question of calling an election to vote on the
issuance of $75,000 auditorium-construction bonds.
Wilmington, Los Angeles County, Cal.— Bonds Proposed.
— This city is contemplating the issuance of bonds to pay for
the dredging of a ship canal to the foot of Canal Street. W e
are advised, under date of Jan. 14, that “ nothing definite
will be done for sixty or ninety days.”
Wilmington, Newcastle County, D el.— Bonds Proposed.—
W e learn from Horace Wilson, Mayor, that this city contem­

NfcW LO A N S .

$430
$800
$1,140
$4,060
$ 1 655
B on d s. B on ds.
B on ds.
Bon ds.
B on di
First N at. B k ., C leveland.$434 50 $808 00 $1,151 40 $4,101 00 $ 1 6 7 i 7 5
irivnmAn’a Pension Fund,
Denvlnn Fund
v
11 * ”
Firemen’s
Y o ungstow n------------------- 435 00
800 00
1,155 00
.......... ..
1,675 00

All bidders offered accrued interest in addition to their
bids. Maturity part yearly on Oct. 1 from 1909 to 1913
inclusive.

I N V E S T M

i N s/ b 8 T rvi € »v

E N T S ,

s

# * 5 3 0 0 .0 0 0

guarantee
O
C o W into, NrthCro a H N , S L O S AL & C ., T itle U S T C O M P A N Y
ity f ilm g n o a lin U T AT N T L
TR
Members of New York Stock Exchange

W A T E R and SE W E R A G E BONDS
F O K SA E
Sealed proposals for the sale of $200 ,00 0 City
•f W ilm ington, N . C .. W ater and Sewerage
Bonds will be received at the office of the City
Treasurer of said City until 12 o’ clock m . March
16th, 1008.
Said Bonds bear Interest at the rate of
per annum , payable semi-annually, and mature
forty years after date of their Issue.
A deposit of 2 % required with each bid.
T h « City reserves the right to reject any or all
bids.
JNO. J. F O W L E R ,
City Clerk and Treasurer.
YO U NO C O U N T Y . T E X A S .
For sale. $40,000 ($1,000 each) 4 % 20-year
bonds, option to pay after ten years.
Issue ap­
proved by Attorney-General of Texas.
Bonds
will be discounted If their market value makes a
discount necessary.
Bids Invited by R . L.
Stennis, County Judge. Weatherford, Texas.

A lb e r t

K l e y b o l t c 6c

409

W a ln u t

I n v e s tm e n t

60

R. L.
87 W a ll St.
NEW

l

a

c

k

s

t

a

f

Y O IK i

I N V E S T M E N T S
•

1332 Walnut Street
PH IL A D E L P H IA

H HRD INET E TBNS
IGGAE VSMN OD

AND

T O W N S H IP




O

N

JAMES H OLXPHANT.
CHARLES A PEABODY.
JACOB H 8CHIFF.
JAMES SPEYER.
EDWARD O. STANLEY

S P E C IA L T Y

D

R B
OB

&

S

CLARENCE H. KELSEY, President.
FRANK BAILEY Vice President.
8DWARD O. STANLEY. Second Vice President.
Manager Banking Department
CLINTON D. BURDICK Third Vice President.
J. WRAY CLEVELAND. Secretary.
ARTHUR TERRY, Treasurer.
P R A N K L . SN1FFEN
Manager Brooklyn B a a k ta g
Department.

43 Exchange Place
Telephone 6444 Hanover
BRANCH o f f i c e
B r is t o l B u ild in g , 5 t h A v e . a n d
_____________ Telephone IMS Bryant

Bludget, M erritt

6c

4«d

B l.

C o.

Perry Coffin & Burr,
INVESTMENT B N S
OD.
60

S ta te

,

S tre e t,

BO STO N .

SO State Street, Boston
3 6 N A W S A U o T R E K T , N F .W Y O I l I t
C IT Y

H . C . Speer & Sons Co.
R

CLARENCE 11. KELSEY.
EDGAR L. MAR8TON.
WILLIAM H. NICHOLS.

M e m b e r s N *-w Y o r k a n d
B o s to n S t o r k K x o h a u g e s

HTATF.

F irst Nat. Bank B uilding, Firieugo

FINANCE COMMITTEE.
Charge ot Banking Internet*
BEDFORD.

Mu nicipal and Rai<road

b a n k e r s

S iM tm b U flh ed IJCKsO.

COUNTY

In

Members N. Y. Stock Exchange

ca

Does a l l T ru st C om pan y B u sin ess.

U O S lO N

FRANCKE, THOMPSON

IIS OSEIAT SO RQET
T F PC LIE N E US

C IT Y

C O .,

COWARD T

S e r v ic e

&

f

&

35 Congress St.,

A

OofrosoondATiee Solicited

b

DAY

Cuban Securities

M unicipal,
C ounty, State,

E x a m in e s & g u a ra n te e s R e a l Estate Titles,
L o a n s M o n e y on R o n d a n d Mortgage,
F u r n is h e s M ortgages to I n v e n t o r s .
Revolves D eposits su b ject to check, a llo w in g
In terest.

BOSTON

C o .,

S tre e t,

I I lg h ’ G ra d e P u b lic
S e c u r itie s

176 Broadway, New York.
I7S R« hmh Street. Brooklyn.
196 Montague Street Brooklyn Banking HealI.

STATE STR E E T

C IN C IN N A T I, O .

and

A N D

S e c u r itie s

4,

k

M U N IC IP A L A N D R A I L R O A D

4 1 1 , R Q \ [) B > N P B O N D S .

K n i c k e r b o c k e r
45

W illia m

A u d i t

C o .

S tre e t.

OHAS GRISWOLD BOURNE, Prerfdeat
Telw hooe Connaatlosu)

L I8T

ON

A P P L IC A T IO N .

SEAS0 NG0 0 D & MAYER,
M e r c a n tile L ib r a r y

B a lld in g ,

C IN C IN N A T I.