Full text of Commercial and Financial Chronicle : February 8, 1908, Vol. 86, No. 2224

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fitiantioai

The

OfltflWtCVtl
VOL.86.

FEB. 8 1908.

,
ijrcintrit

NO 2224

Published every Saturday by WILLIAM B. DANA COMPANY, Pine St., comer
Pearl St., N. Y. City. William B. Dana, Prest.: Jacob Seibert Jr., ‘'ire-P(Tet.
and See.: Arnold G Dana, Treas. Addresses of all,
,
. otncsnv.

Ornec 01 VI

,
CLEARINGS-FOR JANUARY FOR FOUR YEARS AND POR WEEK 1 'N 1.)1 NG FEBRUARY 1.
MN=

Week ending February 1.

January.
Clearing3 at
1908.

1906.

ir
F Table Clearings by Telegraph and Canadian Clearings on Page 319.




1905.

1908.

1907.

Inc.or
Dec.

1906.

1905.

$
6
$
$
S
$
S
6,750,274,957 9,637,670,884 -30.0 11,238,200.678 7,734.724,555 1,340.131.396 2.112,805,508 -16.6 2.613,601,158 1,953,962,090
555,567,599
108,777.753 155.602,382 -30.1 160,103.209 129,405.689
711,728,046
674,008,329 -21.7
527.835.627
57.306,748 -27.3
47,977.369
41.679.518
55,539,777
194,665.956
250,509,895
198,752,208
242,391,595 -18.0
25,959,179
33.299,919
32.509,754 -20.1
26,583,296
107,599.762
136.608.341
137,174,615 -16.8
114.166,732
7,326,749 -4.9
6,934.970
6,967,919
6,555,807
30.117.729
35,304,495
35.087,311
37,787,865 -7.1
7.482,939 -41.4
4,499.630
4,331,277
3,850,421
16,662,411
25.842,832
21,309,953
34,173,595 -37.7
6,755,077 -33.0
5,201,752
4,765,041
4,526,431
20,316,012
26,061,876
22,764,060
28,501,907 -20.3
4,202,107 -18.9
4,099.044
5,019,356
3,409,412
16.329,114
18,419,143
17.124,338 -5.0
16,263,111
2,133,1;40 -3.8
1,983,041
1,467,574
2,051,694
7,624,215
9,552,440
10,108,424
10,288,816 -1.7
1,936,058 -7.3
1,596.275
1,523,940
1.795,282
6,740,796
7,994,642
+4.8
9,285,668
9,733,785
1,095,929
910.003
1,070,644
1,233,728 -13.2
4.318,033
5,316,466
5.494,181
6.357,881 -13.6
1.292,759
1.251.930
1.324.826 -14.0
1,139.529
4,975.931
6,002,968
6,125,003 -12.6
5,356,953
1,163,912
1,210,902 +1.6
1,011,154
1,230.353
4,340.834
5,226,060
+8.9
5,411,187
5,363,178
978,755
792,148
880.901 +41.3
1,244,460
3,144,735
4,423,481
5,549,099
4,437,628 +25.1
605,255
510,729
731,944 -32.4
495.000
2,175.392
2,720.089
3,164,085 -17.9
2,597,107
543,400
581,100
511,700 -24.9
384.500
2.073,700
2,627,900
2,700,600 -18.6
2,197,101)
426,353
398,435
503,666 -11.3
446.617
2,056,523
2,539,452
2,372,230 -2.3
2,316.636
579.048
330,792
472.439 -15.2
400,870
1,741,118
2,191,909
2,361,990 -8.6
2,159,115
255.000
229,500 +22.7
193.535
281,635
1.052,533
1,384,892
1,277,140
1,274,160 +0.2
799,304
979,862
893,254 +21.5
1,1)85,503
823,422 -6.5
769,893
4,480,539
4,663,863 -3.7
7.744,219,728 10,868,186,434 -28.7 12.493.726,417 8.717.023.272 1.547.143.362 2.395.184,050 -35.4 2,894.799,086 2,187,212.278
131,649,804 172,152,320 -23.5 169,333,026 150,972,291
656.574,813
843,352.933
685,221,431
905,240,383 -24.3
7,105,200
8.477,100
8,328.000 -19.5
6,703,500
32,747.400
38,593.400
32,697,400
40.163,600 -18.6
3,803,490
3,463.507
3,515,821 -27.1
2.5(33,613
14.378,251
17.286,017
17,467,370 -1.1
17.272,875
2,330.348
2.409.578
2,273,133 -7.0
2,113,808
10,439,184
11.598,407
12,278,230 +2.0
12,527,172
1.557.120
1.811,166
1,724,333 -19.8
1,382,821
7,081,297
7,620,169
10,708,141 -16.4
8.954,246
2,0(16,486
1,858,508
1,742,503 -17.5
1,438,297
7.199,157
9.063,114
8,414,1)00
8,476,143 -0.7
1,152,105
1,389,913
1.699,935 -21.6
1,253,825
6,013,415
7.075,983
6.820.800
7.555,909 -9.7
692,285
1,031,154
1,069,950 +8.8
1.163,405
2,532,124
4.755,0:35
4.903,491
5,515.113 -11.1
484,827
574,229
668,700 +6.9
714,593
2.328,383
3,068.900
3,788,708 -11.4
3,356,537
585,105
489,370
521,327 -17.4
430.679
2,322,256
2,216.757
2,482,932 -14.9
2.111,613
447.569
425,458
411,735 +6.6
438,824
1.891,136
2,406,321
2,365,373 -4.8
2,257,475
194,1)07,707 -22.8 191,652.990 171,391,143
149.853,169
743.507,416
947,037,036
784.537,040 1,016.042,018 -22.8
208,537,992 240.850,876 -13.4 209,497,780 193,021.936
814,137,382
986,844.841
947,986,505 1,040,404,711 -8.9
24.765,800
25,925.250
23,292,460
28,835,100 -19.2
108,433,400
123,096,400
132,007,600 -13.0
114,848,000
13,635.812
14,370,791
16.531,138 -10.2
14.841.994
69,221,881
73,173.634
81,070.037 -11.0
72.177,943
13,174,839
11,351.647
12.283,527 -9.5
11,112,055
49,768,566
55.613,277
61,758,130 -7.2
57,273,357
10,331,899
8,839,605
10,684.370 -8.9
9.737,293
36,399,219
43,516.978
49.862,876 -6.7
46,539.305
6.632.631
6,455.218
8.432,667 -21.8
6,593,366
29.536,454
32,817,340
39,992,532 -24.8
30,084,073
5.257,400
5,387.200
5,325,000 -15.2
4.518.200
24.620,600
24,998,300
25.568,200 -15.6
21,581,200
3,569,550
3,906,662 -7.9
3,529,523
3,596,134
15,526.579
18,961,774
17,388,306 -1.1
17.205,357
3,421,949
3,1)77.428
2,967,930 -12.2
2,606,425
13,020,336
16,052,896
12.746,292 -6.7
12,1)14.530
2.141.729
1,892,774
2,397,055 -31.7
1,638,352
8.989,480
10.732,433
11,246,145 -19.9
9,001,343
1,801,093
1752,478 -20.1
1,478,605
1,400.000
7,779,464
8,392,249
9,583,616 -28.0
6,899,438
1,449,632
1,772.400 -5.7
1.221,237
1,670,888
6,909,195
7,102,773
8,760,20
9,242.300 -5.1
+3.9
817,030
732.136
912,766
848,614
3,866,726
4,222,450
4,672,154 -10.0
4,209,134
717,118
717.249
720,924 -1.7
708,657
3.197.419
3,526,819
3,677.913 -0.9
3,044,313
690,078
711,552 -14.3
518,127
609,518
2,497.439
3,289,635
3,833.687 -21.8
2,995,880
774,418
739,927 -4.8
704,582
3,749.866
3,161,359
3.693,430 -14.4
698,667
697.088
683.759 -1.2
675.238
3.453,983
2.941.612
+8.9
3,476,031
3,787,467
468,000
453,800
584,142 -23.8
445,000
2,027,400
2.547,200
2,338,424
3,277,505 -28.7
526,688
367,622
564,195 -13.7
486,769
1,887.684
2,382,556
2,744.131 -12.4
2,402,753
382,083
364,887 -11.0
324,759
1,959,676
2,281,260 -19.4
1,838,901
489.480
410.335
479,266 -24.9
359,885
1,968,666
2,144.795
1,840,834
2,259,644 -18.5
376,733
346,222
492,105 -10.4
440,890
1,484,145
1,668,503
2,100,962 -0.8
2,084,040
353,975
415,098
368.489 -11.3
326,989
1,893,368
1.65.5.267
1,713,264
1.938,687 -11.6
406.460
347,984
464,370 -13.9
432,293
2,048,912
1,633,155
2.079,185
1.902,181
+9.3
243,512
259,881
309.360 -20.4
246,166
1,706.267
1,053,737
1,194,948
1.607,931 -25.7
329,316
282,640
290,326 +54.6
448.457
1.475,465
1,338.399
1,537,483 +21.1
1,862.116
178,000
195,800
235.960 +4.7
225.000
880,990
967,830
-6.6
1.268,947
1,358.691
172,663
227.903 +13.9
146,791
257,336 .
1,292,380
992,185
+4.8
1,119,922
1,068,540
117.180
125,000
141,493 +6.0
150,000
597,787
484,982
591,342 +17.2
692,995
297,235.302 344.034,897 -13.6 305,254,499 280,879,446
1,438,973,238 1,212,515.331
1,382.614,890 1,532.892,377 -9.8
39,600.440
33,443.096
47,950,919 -30.6
33.269.679
138,208,836
185,519,862
204,512,323 -27.7
147.762,112
7,418,734
10,428,377
12,715.938 -41.3
7.466,776
34.509,280
40,833,860
58.240,169 -34.4
38,183,965
4.397,671
7,558.213
8,826,630 -31.2
6,072,840
19.496.756
32.795,098
30,920,584
38,478.035 -19.7
2,809,676
5.503,063 -33.6
6,444,211
3.655.053
16,816,316
32,161,600
17,200,073
29,252.682 -41.2
3,967.693
3,505,671
4,705,814 -8.2
4,318,127
16,120.540
20,086.081
28,112,848 -22.8
21,696,804
3,217,614
2,215,227
5.103,197 -22.5
3,957,058
10,404,121
11.177,572
22,124,089 -2.7
21,525,627
2,920,270
4.263,675 -17.5
2,300,105
3.517,877
11,829,658
16,045,039
17.615.310
20,386,705 -1353
4,004,477 -61.5
1,540,881
17,303,598 -62.3
6,524,968
424,133
614,330 -0.4
914,187
612,131
2,946,183
3.377.812
3,523,829 -19.8
2,826,477
454,300
465.443
294,005 -25.5
218,873
2.512,788
2,565.865
2,260,433
2,266.226 -0.3
268,470
204.152
325,042 +13.8
370,000
1.003,380
1,012,940
2,211,303
1,845,561 +19.8
400,000 -3.5
386,000
2,104,466 -9.2
1,910,188
57,184,408
94.707,096 -31.0
75.773.775
65.385.295
-27,4
357,349,201
254,674.386
428,153.621
310,637,844
24,209.557
21,584,524
29,315.787 +12.6
33,000,000
115.448,018
93.877,700
147,625.124
139,074,847 +0.1
14.337,264
16,434,554
15,650,376 +26.0
19.711.214
80,304,284
69,617.331
93,2:31,843
79.371,521 +17.5
9,560,528
7,545.556
9,833,057 +9.6
10.773.688
35,917.280
39,795.524
51,173,897
45.428,005 +12.6
32.170,773
40,524,147
37,904,411
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36,236,823 -9.1
4.231,567
5,454.804 -19.0
5.612,797
4.416.084
22,979,203
20,720,728
23.044.724
25,410,232 -9.3
2,259,593
2.414.445
2.880.237 -13.2
2,500,000
10.275.880
11,614,022
11.947.144
13.620,342 -12.3
1.722,627
1.965.958 -1.2
1.567.635
1.943,241
8,142,132
7.111,2.50
9.500,000
9,487.681
+0.1
1.269.796
1,134.929
1.183.190 +10.7
1.310,282
4,640,431
4.578.215
5.716,774
6,152,955 -7.1
1.263.902 -13.7
1,090,571
5,280,412
5,584,899 -5.3
903,516
904,544
1,554,665 -39.8
936,558
4,481,311
3,112,041
4,210,921
6,470,309 -33.2
861.396
904.275
861,322 +0.6
8436.330
4,364,881
3.709.702
4.707.412 -12.4
4,177.903
868.076
+0.3
863.273
573.555
3,531,359
575,000
3,329,187
2.766,441
3,411,652 -18.3
500,606
625,749
564,361 +14.3
2.797,003
647.993
2.218.632
3,466,001
2,954,Q07 +17.3
330,788
393,282
543.007 -22.3
422,016
1,806,306
2,495.843
2,299,261
•
2,847,037 -12.4
183.368
336,104
291,472 -4.6
278,006
784,628
1,305.762
1,455.102
1,711.633 -15.0
•
78.064.255
69,103.024
+8.5
94,020.036
364,563.026
439,581,923
•
311.814,773
420,494,666
+4.5
-2.0
60,890,545
50.954.731
272,229.342
57.563,309
264.613,822
290,215,980 -8.2
283,462,301
21.770,341
24,295,331
-14.5
18,986,843
91,914,140
96.447.151
111,335,391 -17.4
•
108,300,243
13,559,969
-12.6
12,506,275
50,342.18
52,934.162
11,270.477
62,022,749 -18.8 • 62,353,129
6,967,598
-13.5
10,323,331
29,067,274
40,552.594
13,137,889
53,820,730 -24.7
41.788.764
+0.8
6.220,000
4,44:3.000
22,610,000
8,009.000
26,653.000
33,002,000
36,626,500 -9.9
-22.5
3,249.847
4,426.354
4,372.719
22,181.465
14.887.774
22,020.815
27,311,775 -18.8
5.482,841
4,941.514
+10.9
25,308,316
27,879,063
25.093,290
5.252.521
26,149,433 -4.2
-13.7
5,113.176
3.754,432
4,825,008
19,562.208
1836.785
19.069.484
24.127.225 -21.0
-13.1
5.857,706
6,702.850
23.930.302
26,750,601
5,679.110
30.967,822
30,286,417 -11.7
-5.0
4.208,846
2,790.817
13.826,872
9 800,000
17,795.888
21.453,20
18,652,587 -4.6
+17.8
2,839.850
2.907,128
10,127,530
4;000.000
13,929,318
20,000,000
17,800,888 +12.0
-18.9
2,132.631
1.554.055
7.725,135
2.100,198
9,831,968
10,324,197
12,886,921 -23.7
1,317,376
-26.0
1.919.209
8,688,497
6,149,207
1,692,887
8,738,475
10,489,347 -16.7
•
1.086,518
1,484,916
-10.0
8,132.832
9,121,536
•
6.298,060
1,664,001
9,004,8:35 +0.6
1.420,438
-33.1
6,325.300
1.183.761
•
8,723,591 -27.4
6.249,967•
1,303,709
-2.1
1,316,897
6,604,073
1.359.052
6,609,307
5.707,997
•
7,168,305 -7.8
1,158.988
1,292,849
-10.2
7,289,552
6,702,972
1.370,793
5.585,078
•
7,159,581 -6.4
840,536
1,311.857
-15.9
5,913,946
6,022,984
1.239.748
3.770,015
•
6,864.725 -12.3
1.056,992
1,225.611
-16.1
6,255,231
1,162,021
.1,041,683
6,114,765
•
6,818,616 -10.2
870,879
1,265.656
-2.0
5,743,872
4,233,691
1,352,707
41,756,141
•
7,065,223 -4.1
487,258
573,114
+15.2
. ,489695,419
2 672
2,813.653
3,446,146
•
3,674,535 -6.2
400.000
405,000
+17.6
1.736,474
2,640,125
1.717,097
' 587,931
•
2,258,635 +16.9
450,000
-26.0
2,270.690
1,252.450
300,000
2,000,314
•
37.4
208.179
-8.6
299.461
1,563,209
1,939,401
388.431
1,890.840
+2.6
930,767
•
700.000
-22.9
724.740
3.334,208
•
2,853,277
4.411,147 -24.4
150.446,301 162.788.739 -7.6 160.160.432 130,459.879
608.820,707
734,809,403
788,886.290 -11.6
697,716,807
7 3.705,705,037 2,896,230,178
. 11,359.308,232 15,054.655,401 -24.5 16.336,458.381 11.848,355.885 2,304,083,465 3,277,361,118
963,952.069 1,185.355,610 -17.3 1.092.103.879 942.288.129
4.609,033,277 5,416,981.52. -14.9 5.098.257,703 4,113,631,330

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Albany
Washington
Rochester
Scranton
Syracuse
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Wilmington
NVIIItes-Barre
W heeling
Erie
Binghamton
Chester
Greensburg
Franklin
Frederick
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Boston
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Lexington
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Jackson
Jacksonville. III
Ann Arbor
Total Middle Weatern
San Francisco
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Helena
Fargo
Sioux Falls
San Jose
Total Pacific
Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Davenport
Topeka
Colorado Springs
Cedar Rapids
Pueblo
Fremont
Total other West
St. Louis
New Orleans
Louisville
Houston
Galveston
Atlanta
Memphis
Savannah
Richmond
Nashville
Fort Worth
Norfolk
Birmingham
Augusta
Mobi!e
Knoxville
Charleston
Chattanooga
Jackaonville
Little Rock
Macon
Beaumont
• Wilmington, N. C
Columbus, (4a
Oklahoma
Total Southern
Total all
Outside New York

1907.

Inc. or
Dec.

7
510,1?

306

THE CHRONICLE.

THE FINANCIAL SITUATION.
naturally,the course of events the current week
Very
has been such that the better hope reported a week ago
and the impulse then being given to bond sales have not
come up to the promise of the previous two weeks. It
is hardly necessary to say that the official message sent
to Congress on Friday was sufficient of itself to arrest
incipient confidence. So discouragingly begun, not a
day of the week passed without a contributory incident
tending to set back recruiting health. The series of railroad losses reported in net earnings was so conspicuous as hardly to need mentioning; new receiverships,
with rumors of many more to come, the shutting up of
the workshops, the lengthening of.the bread line, dull
and stagnant markets, idle cars, are all found arranging themselves in their natural order around the foregoing; they are the allied products of the same causes.
We were told that easy money was sure to bring industrial affairs out of the old rut and give us a smooth
road for mounting the declivity along which business
had been subsiding. Easy money came, and it really
did seem to be helping to do its part in the good work.
But what can even it do among so many adverse elements? There is hope, though, for the discomforted.
We need not leave them with the cold assurance that
"sweet ware the uses of adversity." Recovery is so
strongly the tendency in this young country that we
can always be sure of our aim if it is constantly onward and upward. Moreover, Hawthorne says: 'Ile
world owes all its onward impulses to men ill at ease."
Is that the thought our "highly gifted" President
silences his conscience with?
Nature, also, on Wednesday, seemed to array itself
among the forces adverse to the restoration of business
recovery, a blizzard of unusual severity, attended
with snow and very low temperature, having visited
the Western, Middle and New England States, delaying and blockading trains in all those sections. This
incident has also a favorable side. It is important
now that the snow covering • should keep.our germinating grain from zero weather; alternating severe
frosts and thaws is what is most to be feared; and as
our winter has delayed the current crop season,
the law of averages suggests such a possibility to the
more anxious farmers. If we may judge from the
activity of the discussions in progress, our currency is
to be blamed for much of the disorganization prevailing in business affairs. Every kind of bill has been
proposed; some only intended to meet and provide for
a panic such as we have passed through so recently,
as if that was the cause and not a mere expression of
our sufferings; while others, knowing the unscientific
and disorganizing character of all our paper money
devices, seek to use the occasion—which has so thoroughly aroused the public mind and centred thought
upon the general subject of currency reform—for
making it a time for a real reform measure built upon
the experiences of the Old World as well as the New.
•

No one seems to have expected a decision like that
rendered by the U. S. Supreme Court on Monday
declaring a labor union boycott illegal under the
Sherman anti-trust law of 1890, but now that we
have the decision and see the course of reasoning by
which the Court reaches its conclusions, the ruling
seems perfectly natural and logical. Moreover, that




[VOL. Lxxxvi.

the wording of the statute admits of no other conclusion is evident from the fact that the deoision is a
unanimous one, all the members of the Court concurring in the judgment handed down. The case was
that of D. E. Loewe & Co., hat manufacturers of Danbury, Conn., against Martin Lawler and 200 other
members of the local hatters'union, to recover $80,000
damages to the firm's trade by reason of a boycott
inaugurated by the union as the result of the refusal
of the firm to unionize its factory. The American
Federation of Labor, of which the local union is a subordinate organization, participated in the boycott
and was included in the bill. Under Section 7 of the
Sherman law the hat-making firm will be able to recover
damages in triple the $80,000 claimed, which would be
$240,000. Whether it will ever be possible to collect
this amount from the defendants is of course open to
question, but the principles governing the decision, as
laid down by the Supreme Court, are of very great
importance. In the trial court the hat-making firm
got a decision against it, the Court having sustained
the demurrer interposed by the labor union that the
Sherman law did not cover an action of this kind.
Loewe & Co. thereupon took the case to the United
States Circuit Court of Appeals, which, in order to
expedite a final decision, certified the question to the
Supreme Court without itself passing upon it.
The opinion of the Court was written by Chief Justice
Fuller, and in his reasoning and arguments,
as already stated, all the other judges concur.
He says that the combination charged falls within the
class of restraints of trade aimed at,compelling third
parties and strangers involuntarily not to engage in
the course of trade except on conditions that the combination imposes. He quotes from the work of Chief
Justice Erie in which it is shown that even at common
law every person had individually, and the public also
had collectively, a right to require that the course of
trade should be kept from unreasonable obstruction.
It was sought to .stay the hands of the Court by
arguing that the Sherman law, if construed to apply in
this instance, would operate to affect intra-State
commerce as well as inter-State commerce, that physical obstruction was not alleged as being contemplated,
and that the defendants, members of labor unions,are
not themselves engaged in inter-State trade. But
Chief Justice Fuller sweeps all these objections aside.
He refers to the ruling of the Court in the Northern
Securities case and the Trans-Missouri Freight Association and the Joint Traffic Association cases,and points
out that the Court there took the view that the Sherman law had a broader application than the mere
prohibition of restraints of trade unlawful at common
law. It may be true, he reasons, that some of the
means whereby the inter-State traffic done by the
plaintiffs was to be destroyed were acts within a State,
and some of them were in themselves as a part of their
obvious purpose and effect beyond the scope of Federal
authority; still the acts must be considered as a whole,
and the plan is open to condemnation, notwithstanding
a negligible amount of intra-State business might be
affected in carrying it out. If the purposes of the
combination were, as alleged, to prevent any interState transportation at all, the fact that the means
operated at one 'end, before physical transportation
commenced, and at the other end, after the physical
transportation ended, is immaterial. Nor can the

FEB. 8 1908.]

THE CHRONICLE

3u7

an
Sherman Act be held inapplicable owing to the fact The exhibit is not an encouraging one, showing
were not them- even smaller output than for the month of December.
that the members of the labor union
selves engaged in inter-State commerce. That law In a word, the make of iron in January, according to
makes no distinction between classes. It provides our contemporary, was only 1,045,525 tons, against
that "every" contract, combination or conspiracy in 1,234,279 tons in December, 1',828,125 tons in Novemrestraint of trade is illegal. The Court points out, too, ber and 2,336,972 tons in October. Thus in this short
that the records of Congress show that several efforts period the output has dropped from a basis of 28,000,were made to exempt by legislation organizations of 000 tons per annum (in the calendar year 1907 the outfarmers and laborers from the operation of the Act, put actually reached 25,781,361 tons, as we show in
and that these efforts failed, leaving the law as it is an article on a subsequent page) to a basis of only
now found on the statute book. Chief Justice Fuller 12,000,000 tons per annum. There seems reason to
also makes a pertinent citation from Justice Brewer's think, however, that the showing for the current
opinion in the Debs case to the effect that "if a State, month (February) will be better, since the steelwith its recognized power of sovereignty, is impotent producing companies, which have been especially
to obstruct inter-State commerce, can it be that any prominent in curtailing their output of iron, have
mere voluntary association of individuals within the recently been startirig up some of their furnaces again,
limits of that State has a power which the State itself though, on the other hand, the so-called merchant
does not possess?" The precedents thus showing that plants have been blowing out some of their stacks.
the boycott of the labor union came within the scope In the meantime the manufacturers of steel are making
of the law, the only point for inquiry was as to the strenuous efforts to hold up prices so as to prevent
averment of facts;and the Court finds these sufficient. demoralization in the trade. There is warrant for
The present is the third decision rendered by the such action in the course pursued with reference to
United States Supreme Court within a very few weeks prices during the time when such extreme activity
(all since the first of January) adverse to the claims and buoyancy prevailed in the iron and steel trades.
of labor interests. On Jan.6 the Court declared uncon- Under the leadership of the United States Steel Corstitutional the Act of Congress approved June 11 1906 poration it was the policy to prevent undue advances
known as the Employers' Liability Act; and which in prices, just as now it is sought to prevent undue
undertakes to make railroads responsible in damages declines. The object is to promote reasonable stafor injuries to employees, even where the accident bility—which is to the interest of consumers and proresults from the employee's own carelessness or the ducers alike. At the same time it should be rememnegligence of fellow employees. On Jan. 27 it de- bered that the object is not to maintain the high prices
clared unconstitutional Section 10 of the Erdmann recently reached. From these there has already been
law, approved June 1 1898, which seeks to prevent considerable decline. The "Iron Trade Review" of
inter-State ,carriers from refusing to employ members Cleveland points out that the present price level is
of labor unions. This last was condemned as an in- not unduly high—in fact in a number of lines it is
vasion of personal liberty and an interference with the perilously near production cost, and in some instances,
freedom of contract,and besides was stated to be be- notably pig iron in the eastern district, it is actually
yond the scope of the authority of Congress, since below cost figure. The quotations for the last decade
there. is no connection between membership or non- show, it is pointed out, that prices are now only about
membership in a labor organization and the regulation the average—if anything, somewhat below it. This
to
of inter-State commerce. The vote in this last in- is an additional reason for seeking. check the downmovement. Of course the steel manufacturers,
stance was 6 against 2, Justice Moody not taking ward
,
part in the case. Now we have the absolutely unani- and particularly the managers of the Steel Corporation
and sensible men, and if a change in the situmous decision of the Supreme Court declaring the are sane
boycott illegal where it operates to interfere with the ation should occur, making necessary an abandonment
freedom of trade between the States. The labor of the present attitude, we may be sure these men
leaders are now seeking to get Congress to amend the will be quick to recognize the fact and act accordSherman laW by exempting labor organizations from ingly.
its operation. That the law needs amending is beAs our readers are aware, the last few months
yond dispute, but not quite in that way. To allow
man out of constitute in some respects a notable period in our
labor organizations to crowd the non-union
existence (which was the object of the boycott in the trade with foreign countries. It will be remembered
present instance) is in no way different from the that in November a record total of merchandise exaction of a so-called trust or combination of manu- ports was reported which was exceeded moderately
facturers which seeks by unfair methods to Crowd a in the following month (December), and now (although
small competitor out of the field. Both acts are the official figures for January have not been issued)
to be condemned. On the other hand, combina- it would appear from such early data as we have been
tions per se, whether of producers or of laboring able to secure that the value of the January exports
men, should not be stigmatized. Such combina- of commodities has established for January a still
tions are often indispensable and capable of the highest higher mark. Concurrent with the rising tide of
good. The law should be amended so as to cover exports, there has also been a notable falling off in the
both objects—to permit combination,but to make the value of the imports of goods,ascribable to the changed
acts of such combinations dependent entirely upon conditions produced by the disturbances near the close
of 1907. As a consequence, it seems that the foreign
their merits.
trade balance in our favor has been increasing from
Age" of this city this week prints its month to month, having been close in November 1907
The "Iron
statement of iron production for the month of January. to the former high record (made in December 1905),



30
. _

THE

HRONICLE.

passing it in December (the December balance of exports reaching nearly 115 millions), while now the indications are that the official trade figures for January
when completed will show an excess of shipments over
imports of approximately 120 millions of dollars.
Shipments of cotton for the month, while differing
Effie in bales from the outward movement in January
of 1907, went abroad on a higher price basis and consequently swelled the aggregate value of exports by
about 7 million dollars. Breadstuffs also contribuuted a material increase in value of the January 1908
exports over the total for the month of last year, for
not only was the quantity going out appreciably in
excess, but to an even greater extent than in cotton
were prices higher. Oil shipments in 1908 were presumably a little greater than in January of last year,
with provision exports probably a little less.
Although ease in monetary affairs is an accompliShed
condition and banking circles have been wholly freed
from the incubus those interests have proved detrimental to, mercantile affairs are not only not active,
but the volume of transactions passing is below the
recent normal, so far as bank clearings are to be taken
as the indication of business. It requires only a
cursory glance at the compilation given on the first
page of this issue to bring clearly to the mind of most
observers how universal has been the recent let-up
in trade activity. At only 21 of the 114 cities there
included was there any increase in clearings for January this year as compared with 1907, and as a rule
where gains are exhibited they are small and, with one
or two exceptions, due to special causes, and therefore
not indicative of any marked business improvement.
As regards the losses shown at other points, it is
perhaps well to state that they are in the main less
heavy than the decreases recorded in December, and
to that extent, therefore, the exhibit for the opening
month of 1908 is less unfavorable than was that for
of
the closing month. 1907.
The aggregate clearings for the whole country for
the month show a loss of 24.5% from January 1907;
compared with the corresponding period of 1906 the
decline is even greater-30.5%—and from 1905 there
is a falling off of 4.1%. In fact, we must go back to
1904 to find a smaller total than in 1908 for the opening
month of the year. Outside of New York the comparison is not quite so. unsatisfactory; even there,
however, the January aggregate falls behind 1907 by
14.9%, is 9.6% less than in 1906, but shows a gain of
12.1% over 1905. In the middle group of cities the
decrease in the total, as compared with 1907, reaches
28.7%, New York exhibiting a loss of 30% and Philadelphia 21.7%. The New England section falls behind January of last year by 22.8%, Boston's loss
being 24.3%. In the Middle West the decline shown
at Chicago is 8.9% and the decrease for the group
reaches 9.8%. On the Pacific slope all the important cities record totals well below last year, the loss
at San Francisco having been 27.7% and for the section 27.4%. The remaining Western States combined make a more favorable showing than elsewhere,
gains at Kansas City, Minneapolis, Omaha and St.
Paul being sufficient to offset losses at other points,
and leave a gain of 4.5% for the group as a whole.
Southern cities of prominence as a rule record losses,
and the decline for the section reaches 11.6%.



•

[VOL. LXXXVI.

At a number of cities transactions in stocks and
bonds play so important a part in bank clearings that
the percentages of increase or decrease do not .accurately reflect the changes from time to time in commercial activity. This is pre-eminently true of New
York, and in lesser degree of Boston, Philadelphia,
Baltimore, Chicago, &c. The fact, therefore,that at
the Stock Exchanges in the various cities of the
country dealings in shares were of much smaller
volume in January this year than last year is to be
taken into account when the losses shown at the cities
referred to are considered. For instance, on the New
York Stock Exchange the share transactions last
month reached a total of only 16,594,895 shares,
against 22,702,760 shares in 1907 and 38,512,548
shares in 1906. At Boston the aggregate dealings
for the month were but 1,177,789 shares, against
2,933,381 shares and 2,328,870 shares, respectively,
in the two preceding years, and at Philadelphia the
situation was quite similar. The Pittsburgh Stock
Exchange, which opened Jan. 27, reported dealings
for the month of only 19,809 shares, which compares
with 239,322 shares in 1907 and 481,176 shares in 1906.
On the other hand, the absorption of bonds by investors has been quite a feature, dealings in that class
of securities on the New York Stock Exchange having
reached over 91 millions of dollars in January 1908,
or about 40 millions more than in the month of the
previous year.
The exhibit of commercial failures for the month of
January, as compiled by Messrs. R. G. Dun & Co., can
be said to be about in line with general expectations.
And yet we believe we are safe in asserting that an
even less favoratle showing would have caused no
surprise in view of the conditions recently, and to some
extent still, prevailing in business circles. Many concerns who were able to weather the stress of the closing
months of 1907 were unable to obtain the financial
succor necessary to meet annual settlements,and went
to the wall. This was not at all unexpected, and it is
gratifying to know that disasters were not greater.
According to Messrs. Dun & Co.'s returns, the failures
in January numbered 1,949, with indebtedness of
$27,099,514, which compares with 1,355 and liabilities of $13,628,126 in the month of 1907. Beside
these commercial failures, the statistics show that 39
banks and banking institutions'stIspericled, with liabilities of $61,566,435, but it is explained that in some
instances the banks have already reopened or will
shortly do so.
'Whereas in recent months the bulk of the failures,
in- amount of liabilities, if not in number, occurred
among manufacturers, the .January exhibit shows
trading failures to have been greater in number, as
well as in amount. The defaults in that division were
1,473 for $13,484,007,against only 1,058 for $6,799,517
in the same month of 1907. Thirteen large concerns
furnished $3,155,271 of this year's liabilities, leaving
$10,328,736 to represent the other 1,460, or an average of $7,074, which appears large when compared
with an average of less than16,000 for 1907 and 1906.
Manufacturing failures reached 402 for $10,267,087,
against 265 for $6,064,564 a year ago, and among
brokers, &c., were 74 for $3,348,420, against 32 for
$764,045 last year. It is pointed out by Messrs. Dun
& Co. that there were in all 43 failures, involving over

FEB. 8 1908.1

309

THE CHRONICLE.

$100,000 each, with total losses of $12,269,696. In
other words, over 45% of the liabilities• was furnished
4% of the number who failed, leaving the averby 21
age amount involved in the other disasters $7,781,
against $6,725 for the month of 1907.
Despite the fact elsewhere noted of a fractional
advance in the price of gold bars in London and
likewise of a fall in exchange at Paris on the British
capital (which was possibly incident to payments
by the Bank of England on account of its indebtedness to that of France that was incurred last year),
there was really no cause for expectations which were
entertained early this week of a movement hence
of gold to Europe. The rise in the price of the metal
seemed clearly due to competition by French with
British buyers of the Cape gold that was offered in
the market, and there were no indications anywhere,
except, perhaps, at Berlin, that gold was so urgently
needed as to make it necessary artificially to attract
it hence. Discounts at the chief centres are low and
the maintenance of control by the Bank of England of
the unofficial rate is apparently difficult, indicating
an early reduction of the Bank rate.
While the metal is not needed now, either at London or Paris, it is not unlikely that it will be in request
later as the result of international loan negotiations
in which bankers at these centres will seek to participate. It is rumored at Paris that a Russian external
432% loan of 75 million rubles (373 million dollars)
will be offered in April, provided French manufacturers are given the opportunity of employing the proceeds
in contracts that will be beneficial to them, instead of
such contracts being distributed among their rivals,
as has been the case heretofore. The Prussian Government is said to be contemplating the issue of another loan in April, amounting, as estimated, to 100
million dollars; moreover, municipal loans aggregating
250 million dollars are represented to be necessary in
the near future.

top of the enormous gains in previous years, has been
.
no less than $24,683,700. In -the case of the net,
however, there is a small loss—$7,600. In the following we furnish a six-year comparison for the lines east
of Pittsburgh and Erie—being the only portion of the
system for which we have the data for such comparison.
Lines East of
Pittsburgh.

1907.

1906.

1905.

1904.

1903.

1902.

December.
Gross earnings 11,911.317 13,625,617 11,970,117 10,007,675 9,228,175 9,529,375
Oper. expenses 9,017,138 9,073,538 8,398,338 7,507,538 7,021,638 7,230.838
Net earnings 2,894,179 3.952,079 3,571,779 2,590,137 2,206,537 2,298,537
Jan.1 to Dec.31
Gross earnings 164812 790 148239 893 133921 990 118145 094 122626 394 112663204
Oper. expenses 119607309 101805699 93,390,409 81,802,742 84,773,042 75,050,042
Net earnings 45,205,481 46,434,281 40,531,531 30,342,352 37,853,352 37,612,352

The New York Clearing House bank statement
which will be resumed.to-day in detailed form is the
first issue since Oct. 26; in the interval only the summary of the various items has been made public.
Plans have been perfected by the New York State
Superintendent of Banks for the issue hereafter on
Saturdays—concurrently with the emission of the
Clearing House statement of bank conditions—of an
exhibit showing a summary of the principal items of
New York City banks, other than national, that are
not in the Clearing House, and also of trust companies in this city. This publication will be made
this (Saturday) afternoon.

There was no change in official rates of discount by
any of the European banks this week, though early in
the week it was quite confidently expected that the
Bank of England rate would be reduced on Thursday
.to 332%; large withdrawals of gold for shipment to
Argentina and transfers to Paris caused the Governors
to leave the rate unaltered.
The feature of last week's bank statement was the
smaller gain in cash and in surplus reserve than has
been shown in recent.statements; the increase in cash
was $6,295,600 and in surplus $3,462,225 to $40,526,725; deposits increased $11,333,500 and loans deThe week has been marked by the appearance of a creased $1,783,000. The cash and the other items of
number of very unfavorable statements of railroad the statement were affected by the closing of four of
earnings for the month of December. We shall refer the Clearing House banks during the week; the cash
here only to the return of the Pennsylvania Railroad, was also influenced by the withdrawal of $8,584,400
since this is such a representative system, and its public funds from local depositories. It is noteworthy
exhibit is typical of that of many other large railroads. that, while loans have been in excess of deposits since
On the lines directly operated east of Pittsburgh and July 1906, last week's statement showed an excess of
Erie there is a loss of $1,114,300 in gross,attended by $4,715,400 deposits over loans.
The $5,590,000 Clearing House loan certificates
a saving of only $56,400 in expenses, while on the lines
operated west of Pittsburgh there is a loss which were outstanding early in the week are expected
directly
of $1,374,800 in gross, offset by a saving of $665,200 in to be entirely canceled this week. It is rePorted that
expenses. For the combined lines, therefore, the makers of some of the notes which were accepted by
result for this one month is a falling off of $2,489,100 in the loan committee as security for loan certificates
gross and a falling off of $1,767,500 in the net earnings. have declined to pay them at maturity, on the ground
In face of such results, one can only hope that causes that they had deposits in failed banks that had been
responsible for the same may not endure long. Decem- aided, previous to their suspension, through such cerber completes the company's fiscal year and the figures tificates, and a claim for the offset of such deposits
for the twelve months also reveal some striking results, against the maturing or matured notes has been made.
characteristic of the conditions which distinguished the This claim has not, however, been allowed, the notes,
year and which made operations so trying for railroad having passed into third hands, being regarded as colmanagers. There has been a tremendous increase in lectible, and payment thereof will be enforced; the dethe gross earnings, but the higher operating cost has positor will be required to await the liquidation of the
consumed the whole of this increase, leaving no im- failed bank before recovering his deposit.
provement in the net. In brief, on the combined lines
There was no new feature in the market for money
directly operated east and west of Pittsburgh, the
addition to gross earnings for the twelve inonths, on this week; the congested condition did not appear to




310

[VOL. LX..XX.V I.

THE CHRONICLE.

have been „relieved through last week's surrender of
public deposits, and rates for day-to-day money were
uniform throughout the week. The redemption of
redundant national bank circulation, through the forwarding to Washington by banks of the notes of other
institutions, in order to secure lawful money in exchange,which last month appears to have resulted in
the redemption in this way of 43 millions, continues
large. This may make an impression upon the money
market by thus temporarily disposing of excess national bank notes and by increasing the volume of
lawful money exchanged therefor. Retirements of
bank currency under the Act of last March were
effected in January to the full permissible amount of
9 millions, and as the applications for the quota for
February have been filed with the Comptroller, retirements of a like sum will be made in this month.
Money on call, representing bankers' balances,
loaned at the Stock Exchange uniformly during the
week at 2% and at 19'%, averaging about 1%%.
Time loans on good mixed Stock Exchange collateral
0
were offered at 332% for sixty days and at 4@4317
for ninety. days. Contracts for four months on indus/
trial security were made at 41 1 @43/2%. The principal inquiry was for five and six months, at 43/2%,
and offerings were at 431%; money for twelve months
was at 5% and lenders insisted upon a choice line of
security. Commercial paper was in good request at
53@5M% for sixty to ninety day endorsed bills receivable and 5M@6% for four to six months' prime
single names; local institutions were not free buyers
and the business reported was by interior banks,
chiefly in the Eastern States.

fore been the case when such movement) has been in
progress. An advance in the price of gold bars in
London on Monday to 77 shillings 93 pence per ounce;
the coincident fall in exchange at Paris on the British
capital; the competition by French bankers with those
of London for the South African gold which was
offered on Monday, and shipments of the metal by the
Bank of England to that of France on account of the
15 million loan which was effected by the former from
the latter last year, seemed to indicate the possibility
of an early movement of gold hence to Paris as an
arbitration operation. The later rise in exchange at
Paris on London and the fall in our rates on that
centre, however, appeared to make unlikely such a
movement of gold, for the present at least. Buying
of exchange for remittance by the mid-week steamer
was deferred and the tone was heavy until Friday,
when there was a recovery. One feature was a demand
for long sterling for investment.
Compared with Friday of last week the market on
the following day was easy at a decline of 20 points
for long to 4 8370@4 8375, of 10 points for short to
4 8685@4 8690 and of 10 points for cables to 4 8730@
4 8735. On Monday long fell 10 points to 4 8360@,
4 8365, short 25 points to 4 8660®4 8665 and cables
30 points to 4 8695@4 8705. On Tuesday lcrng declined 10 points to 4 8350@4 8360, short 5 points to
4 8655@4 8660 and cables 5 points to 4 8690@4 87.
On Wednesday long declined 10 points to 4 8340@
4 8345, short 10 points to 4 8645@4 8650 and cables
15 points to 4 8675@4 8680. On Thursday, while long
fell 10 points to 4 8325@4 8335, short rose 5 points
to 4 8650@4 8655 and cables 5 points to 4 8675@
4 8685. On Friday the tone was easy, with a fall of
10 points for long and of 5 points for cables; short was
unchanged.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.

The Bank of England rate of discount remains unchanged at 4%. The cable reports discounts of sixty
to ninety day bank bills in London 3%@3%%. The
open market rate at Paris is 2% and at Berlin and
Frankfort it is 4%@4%%. According to our
Mon.: Tues.. Wed.. MOS., Fri.,
Fri.,
Jan. 31 Feb. 3 Feb. , 4 Feb. 5 Feb. 6 Feb. 7
special cable from London, the Bank of England lost
84%
84%
84
84%
60 days 4 84;6
Brown
88
8
4% . 87%
88
88
Sight_ _ 4 88
£950,559 bullion during the week and held £37,557,591 Brothers
84;6
84%
8416
84
84%
Kidder. Pea-60days 4 84%
88
88
88
88
87%
Sight. _ 4 88
body dr Co
at the close of the week. Our correspondent further Bank British
84
84
84
84
84
60 days 4 84
88
88
88
88
88
North America _-Sight_ 4 88
advises us that the loss was due mainly to exports to Bank ot
84
84
84
84
84
60 days 4 84
88
88
88
88
88
Sight_ _ 4 88
Montreal
84
Paris. The details of the movement into and out of the Canadian Bank
84
84
84
84
60 days 4 84
88
88
88
88
Sight__ 4 88
88
of Commerce
84%
8436
84
84
Bank were as follows:Imports,£306,000(of which £18,- Heldelbach. lekel- 60 days 4 84% 84% 88
83
88
Sight_.4 88
8716
87%
Co
helmer &
84;6
84%
4 84%
84%
60 days
84
84
000 from Norway and £288,000 bar gold bought); ex- Lazard
88
88
Sight._ 4 88
88
87%
8714
Freres
84
84
84
84
60 days 4 84
84
ports,£1,026,000(of which £631,000 to Paris,£390,000 Merchants' Bank
88
88
ISight.. 4 88
88
88
88
of Canada
to South America and £5,000 to Bermuda), and shipclosed on Friday at 4 8315@4 8325 for
—
ments of £231,000 net to the interior of Great Britain. — ThTe mai:ket
long, 4 8650@4 8655 for short and 4 8675@4 8680 for
cables. Commercial on banks 4 8234@4 82% and
The foreign exchange market was lower this week
documents for payment 4 82@4 83. Cotton for payand the volume of business was small. The demand
ment 4 82@4 82M, cotton for acceptance 4 82M@
for remittance for the settlement of deferred mercantile
t.@4 83.
and grain for payment 4 82W
4
obligations was only moderate and there was some de- 829
rangement of mail schedules, as has been the case reThe following gives the week's movement of money
cently, which caused the week's transactions to be to and from.the interior by the New York banks.
somewhat unequally distributed. The supply of comReceived by
Slapped by
Net Interior
N. Y. Banks. N. Y.Banks.
Movement.
Week ending Feb. 7 1908.
mercial bills, especially those against cotton, was good,
-57,437,000
$3.300.000 Gain $4,137,000
and some purchases of securities for European account Currency
674,000
400.000 Gain
274,000
Gold
$8.111,000
$3,700,000 Gain $4.411.000
caused an increase in offerings of bankers' drafts. The Total gold and legal tender?
announcement of the intended issue of New York
With the Sub-Treasury operations the result is as
City bonds encouraged speculative selling of exchange,
folio wis
which had a depressing effect upon the market. The
•
Into
Out of'
Net Cdange in
engagement of $500,000 gold for shipment to ArgenBanks.
Banks.. 'Bank Holdings.
Wrek ending Feb. 7 1908.
tina had no special influence; it was understood that Banks' Interior movement, as above_ $8.111,000 $3,700.000 Gain 34,411,000
34,500.00(1
33,500,000 Gain 1,000,0041
Sub-Treasury operations
the export. was on London account and that the reim842,611,000 $3T,200,009 Chin 55,411.000
Total gold and legal tenders
bursing draft was drawn on that centre, as has hereto-




i

FEB. 8 1908.

THE CHRONICLE.

311

y imposition and collection of taxes without
The following table indicates the amount of bullion arbitrar
ive authority.
legislat
in the principal European banks.
Here was a 'prain enough case for constitutional
Feb. 7 1007.
I
Feb. 6 1908.
resistance, if not for popular revolt. Such assumpBank 01
Total.
Sliver. I
Total. ' Gold.
Silver.
Cold.
tion of power by the Portuguese King goes manifestly
£
X
£
35.474,141
37.557,511 35,474,141
beyond even the attitude assumed by the Czar toward
England_ _ 37.557,59
30,240,608 145,084.900 105,865.548 39,434.572 145,300,120
France _ _ 108,844.
30,528,000 11,637,000 42,165,000
Germany_ 31.319.00 12,980.000 44,299,000 118,051,000 4,735,000 122,786,000 the Russian Douma;jor the Czar, at all events, reRussia _ _ _ 115.800,001 5,813,000 121,673,000 46,395,000 12,048,000 58,443,000
Aus.-1lun_ 46.259,00 12,316,000 58,575,000 15,413,000 24,472,000 39,885,000 called into his own hands powers which he had more
Spain _ _ _ 15,687,001 27,765.000 43,452,000 32,242,000 4,737,300 36,979,300
4,700,000 41,261,000
h36,561.00t
Italy
d to the Douma, whereas
4,323,300 12,001,300 5,541,100 5,760,100 11.301,200 or less conditionally concede
NethTds _ 7.67840
1,885.667 5,657,000 3,285,333 1,642.667 4,928.000
Nat.Belg.. 3,771,33:
4,055,000 the King of Portugal repudiated a constitutional
3.907,000 4,055.000
Sweden _ 3,907.001
1,600,000
3,242,000 1,600,000
Switeland 3,242,0
1,593.000 right long recognized by the sovereign and long en1,542,000 1,593,000
Norway __ 1442,00
104,466.639 504,509,761
Total week 412.228,21 t06,023,57518,251,791 400,043,122 103,953,400 503,300,796 joyed by the people's representatives.
Prey. week 409.026.4 103.265,911512,892,410 399,347.396
Naturally, one encounters the defense of the royal
usurpation, that it was necessary in order to save the
public credit and keep the wheels of government
THE KING OF PORTUGAL.
y of the King moving. The case was undoubtedly aggravated; yet
The brutal assassination last Saturda
students of history approval
of Portugal and his eldest son,in the streets of Lisbon, it will hardly win from
of unconstitutional powers
converged attention suddenly on a nation which has for arbitrary, assumption
ng the situation. The
tended more and more in recent times to drift out of with the purpose of remedyi
ment never included as a
the sphere of general political interest. It is many theory of popular govern
tion that popular legislators
years since Portugal has attracted very serious atten- corollary the presump
wisely, or that they would never
tion from publicists or students of political institu- would always act
s. On the contrary, the
tions; the reason being, no doubt, the smallness of indulge in disastrous blunder
ent by the people is made up of
the Portuguese domain itself, the inertia of its people, history of governm
s; progress from one generation
and their seeming incapacity to play any large part in precisely such mistake
d in very considerable measure
the progress of events. Beyond these basic facts, to another being achieve
from the consequences of
Portugal has been in such degree characterized, dur- through the lessons learned
the sort and applied by the
ing more than a century past, by a chaos of political one disastrous episode of
To defend, as a remedy for such
bewilderment and confusion, that it has not been next generation.
system, the complete and irreeasy to measure the course of its history by any of the occasional evils in the
nment of the system itself,is to concede
standards applied in the greater modern States. vocable abando
ion of absolutism. This is the lesson
Portugal was undoubtedly one of the States contemp- the whole content
is destined very soon to learn; it is
tuously grouped together by Lord Salisbury, during which Russia itself
by Portugal also,as a sequel to last
the Spanish War, in his reference to "dying nations." likely to be learned
nal event,if not as a direct result of it.
But nations do not die in these days, unless by absorp- week's sensatio
such conclusions, it is not necessary to
In reaching
tion into more powerful States, and the incident of
Far from this
Portugal will be found to have at least endorse the method of assassination.
last week in
affirmed that the evil influence on the
some bearing on problems which confront other it may be safely
world at large of an act of this sort, when an apparently
nationalities.
existed for it, is vastly greater
As to the state of affairs to which the assassination legitimate provocation
of assassination where the whim of the
of the King was a dramatic climax, there is no great than in the case
general hatred of governing powers,
mystery. This was not a "palace plot," like the murderers, or a
In proportion as the civilized
murder of the Servian King and Queen some years ago; was the single motive.
judgment such acts must always be
it is doubtful if it was even the action of a body of world, to whose
d to leniency in its verdict, to
anarchists. There is at least plausible ground for submitted, is tempte
extent is the influence of such events
believing that the attack on the King and heir-ap- exactly that
The assassination of the tyranparent was a deliberate expression of their sentiments more demoralizing.
Minister Plehve, for which at the time
by men who believed themselves to represent a power- nical Russian
European journals found it diffiless opposition party. The case, as between the King even the more serious
outright condemnation, was distinctly
of Portugal and his subjects, was that, through a cult to express
all cases of the kind,
thoroughly mischievous system and precedent, the of this sort. In that case, as in
both the fundamental fact remained that an individual,
administration of government, so far as relates
group of individuals, had taken into its
to Court and to Legislature, had become merely an or a small
nation own hands the privilege of passing judgment and
extravagant scheme of public plunder. The
penalty. But where such a
had been crushed with debt; it had in part repudiated inflicting the death
y privilege is claimed in one instance by irresponits obligations, and its credit was proportionatel
will be claimed all the more
shattered. To what extent the dispute between the sible parties, it
in another, and the very fact that such indiKing's Ministers and the Legislature converged on these readily
of saying when they shall *perpoints, and to what extent the right of the dispute viduals claim the right
somewhat sonally inflict the penalty of death shows that no rerested with one party or with the other, is a
their own excited judgments will exist.
open question. The fact concerning which there is straint outside
a posi- It is simply lynch law applied in the case of public
no dispute is that King and Parliament reached
ation as a political weapon, whether
tion of outright deadlock; that the King, through a men. For assassin
sovereign or a bad sovereign,
a
determined Minister, dismissed the Legislature, shook employed against good
people or a tyrannical oppressor;
of
himself free from dependence on it and imprisoned against a friend the
has no right to entertain any other feeling
some of its members, and that in the sequel he pro- civilization
ceeded to provide for the necessities of government by than abhorrence.




312

THE CHRONICLE.

[VOL. LXXXTI.

$19,192,647, showing an increase of $8,505,945, or,
THE SOUTHERN PACIFIC COMPANY REPORT. roughly, 45%. The requirements for dividends for
The Southern Pacific Company report for the year the twelve months, namely 7% on the preferred
• ending June 30 1907 comes unusually late. On in- shares and 51
4% on the common, were no more than
quiry we learn that the delay is due to the extra work $13,157,013,leaving, therefore, a surplus on the operaentailed in meeting the requirements of the Inter-State tions of the year, after the payment of diviCommerce Commission and in conforming to its new dends, in amount of $14,541,580.
system of accounting. In preparing for this change and
The dividend on the common stock might have been
in carrying into effect the new methods and account- doubled, and even then a surplus of over $4,000,000
ing rules imposed thereby—opening new books and would have remained. This is the result, too, it
arranging all the necessary details and minutiae inci- should be understood, after charging the year's indent to such a transformation—the time of the clerical come with $531,714 sinking fund contributions and
and accounting force was so completely occupied for also after appropriations for betterments and additions
several months after the close of the year on June 30 and for a reserve for depreciation of rolling stock ag1907 that it was found impossible to take up the work gregating $1,213,123. Furthermore, in the receipts
of preparing the present report. It is obvious from a no account has been taken of the proceeds of the
glance at the document that compiling it is a formid- sale of lands, amounting to $1,741,141, such proceeds
able task. No more elaborate report is issued by any being pledged for the redemption of bonds.
railroad company in the country, and none contains
We alluded above to the growth recorded in the
such an extended series of tables—financial and other- company's revenues in recent years. This growth
wise. It makes altogether a book of 90 pages, has been nothing less than marvelous, and is a tribute
folio size. Its length follows in part from the fact to Mr. Harriman's genius in developing traffic by crethat there are so many distinct companies that go to ating a system capable of handling the same economimake up the Southern Pacific property, financial and cally and efficiently. We have often referred to the
operating statements being furnished for all of these. way in which Mr. Harriman poured millions upon
Apart from this, however, there is an evident desire millions of money into the property with the view to
to enlighten security holders with regard to those enabling it to handle the traffic of the country tribumatters on which knowledge is most generally sought. tary to the system and building up the country itself.
The report comes at a time when it possesses un- We shall not, therefore, dwell upon this feature on the
usual interest by reason of the attempt which the present occasion. We will direct attention simply to
U. S. Government is making to get control of the the results of that policy. The Union Pacific acquired
property away from the Union Pacific, which owns its interest in the Southern Pacific in 1901. In the
close to one-half the share capital of the Southern fiscal year ending June 30 1901 gross receipts and inPacific. There can be no doubt that in its ownership come were $79,345,104. In the six years since then
of Southern Pacific shares the Union Pacific has an the annual income has been raised over 50 million
exceedingly valuable asset, both directly and indirectly. dollars, bringing it up to $129,900,404. In the same
Aside from the fact that certain portions of the six years net earnings have risen from $28,466,090 to
Southern Pacific form an indispensable adjunct $46,783,102, and surplus, after payment of fixed and
to the Union Pacific, more particularly in other charges, which in 1901 was only $10,404,237, is
furnishing to the latter an outlet to San Fran- now, as we have already seen, $27,698,593, with the
cisco over the old and original trans-continental route result that the company was able, in 1906, to begin the
across the country, the Southern Pacific shareholdings payment of dividends on its common shares and in
are proving profitable in themselves. The Southern 1907 to increase them, and now has a larger surplus
Pacific is a much larger property than the Union Pa- above the dividends than it had when paying no divcific. This is true whether we have regard to the ex- idends at all. Under the circumstances it is not surtent of road embraced in the same or the magnitude prising tnat there should have been a large increase in
of its income. The system comprised on June 30 1907 the shareholders of the company, so that the number
9,693 miles of road and 4,895 miles of water lines. for December 31 1907 stands at 14,830 against only
The average length of road operated during the late 3,910 on June 301906.
year was 9,400 miles, which compares with an average
The excellent showing for 1906-07 was obtained in
of 9,191 miles for the twelve months preceding.
face of a very large increase in operating expenses, the
In point of aggregate earnings, the Southern Pa- experience of the Southern Pacific in that respect
cific surpasses any single railroad in the country, having been much like that of other large systems.
with the sole exception of the Pennsylvania Railroad. We have already stated that gross transportation
The same may be said with reference to its growth in receipts had increased $19,310,248 over the year prerevenues. The further addition to the total of the ceding. The addition to operating expenses during
gross in 1906-07 was no less than $19,310,248, this be- the same twelve months was $12,099,907. This
ing on top of the very striking increases made in the still left a substantial gain in net earnings, but, as it
years immediately preceding. Altogether, gross re- happens, the figures given do not show the full measure
ceipts for the year were only a trifle less than 125 mil- of the augmentation which occurred in the expense
lion dollars, the exact total being $124,942,797; and accounts. The report tells us that the operating
this is simply the transportation receipts. Even the expenses of the preceding year were charged with a
net earnings amounted to $41,825,496. After de- credit to reserve fund for future maintenance and
ducting fixed and other charges for the twelve months, renewals in amount of $2,117,286. Allowing for this
a surplus remained on the operations of the twelve the increase in normal expenditures is seen to have
months in the sum of $27,698,593. This compares been $14,217,193, or 21.54%, to which must be added
with a similar surplus for the preceding year of only an increase of $432,205, or 17.54%, in the' taxes.




FEB. 8 1908

THE CHRONICLE.

313

Mr. Harriman states that the augmentation in expenses ing feat and a wonderful achievement in executive
resulted from higher wage schedules (of which the management on his part. After pointing out the
greater part went into effect in the fall of 1906), from nature of the first crevasse and what was done in the
the greater amount of improvements made,the greater way of overcoming it, he alludes to the later break
cost of material (principally of lumber and fuel), the caused by heavy rains and floods. At this juncture
greater volume of traffic moved, the additional expen- he was requested by President Roosevelt to assume the
ses incurred in moving traffic under the exception41 task of dealing with the problem and preventing the
conditions existing during a considerable part of the dreadful disaster that threatened. The Southern Paciyear, and the extra cost attending the movement of fic at once vigorously commenced operations, and men,
traffic which exceeded the limit where it could be material, cars and locomotives were assembled, in
handled economically. Just one illustration will order to do the work with the utmost expedition. On
suffice to show the extent to which operating cost Feb. 111907,a little over 15 days from the date of the
was raised by.causes beyond the control of the man- dumping of the first rock, the break was successfully
agement. Of the total increase in expenses,$9,554,219 closed, and,in that time, there were put in place about
was under the head of conducting transportation, the 72,000 cubic yards of rock and 5,000 cubic yards of
augmentation in that class of expenditures being no less gravel and clay. In completing the closure and the
than 32.19%. Bearing in mind Mr. Harriman's well- necessary protection work, the Southern Pacific Co.
known capacity for economy in operating achievement, built 2,250 feet of dam and put in place 80,000 cubic
this augmentation of 32% in the transportation expen- yards of rock,80,000 cubic yards of gravel and 250,000
ses reveals the difficulties under which railroad opera- cubic yards of earth, a total of 410,000 cubic yards of
material. It also built 15.6 miles of levee, handling in
tions are carried on now-a-days.
A study of the report also brings to light some strong this work 920,000 cubic yards of earth and 215,000
points in the company's finances. Some bond issues cubic yards of gravel. To handle and place this
were put out during the twelve months, but chiefly to material, it is stated, 17 miles of standard gauge
take up other bond issues, and the outstanding total of railway were built. The cost was $1,663,136, and the
the funded debt records a decrease of $7,167,055. In company had previously incurred an outlay of $1,reality the decrease was twice that amount, since the 489,784 in aiding the California Development Co. in its
plan has been followed of counting among the out- attempt to close the crevasse, making the total outlay
standing debt the bonded obligations held in the $3,152,920.
company's own treasury, and in these treasury bonds
an increase of over $7,000,000 occurred. Taking the THE COUNTRY'S LARGE IRON PRODUCTION
IN 1907.
bonds in the hands of the public, there has been a
In
According to the official statistics furnished by
decrease of, roughly, $14,000,000 during the year.
the current liabilities the item of loans and bills pay- Mr. James M. Swank of the American Iron & Steel
able for $24,409,775 appears for June 30 1907, but the Association (with the customary promptness), the
bulk of this must have been liquidated subsequent to make of iron in the United States during the twelve
the close of the fiscal year out of the proceeds of the months of 1907 actually exceeded the make for the
new stock issue. It will be remembered that in May calendar year 1906. This may seem surprising in
1907 $36,000,000 new preferred stock was authorized view of the complete collapse which occurred in the
and offered to shareholders at par. The subscriptions iron and steel industry after the panic in October.
amounted to $35,295,123, but only $16,141,915 had But a sharp distinction must be made between the
been paid in on the same by June 30(payments being in results for the last six months and those for the first
installments), leaving $19,153,208 to come in after six months. In the first six months the output was
the close of the year. This latter has since been paid in 13,478,044 tons, which was at the rate of, roughly,
27,000,000 tons a year. In the last six months the
and applied in discharge of "current liabilities."
strange that some floating debt should product was only 12,303,317 tons and for the full
It is not
have been temporarily incurred, seeing the extent to twelve months of the calendar year it was 25,781,361
which the company made advances to subsidiary and tons, which latter, though better by 474,170 tons
connecting roads in carrying out its policy of extension than the production for the calendar year 1906, falls
and development. Advances for the construction and 1 1-3 million tons below the promise held out during
acquisition of new lines, including electric roads in the first six months of 1907.
Even these figures, however, fail to show the exCalifornia, increased $20,686,093, expenditures for
terminal real estate, &c., increased $3,466,413, for tent of the suspension of activity which occurred
floating equipment and rolling stock $5,621,673, while towards the close of the year. A better idea of what
the advances for closing the Colorado River crevasse has been going on is gained by considering the monthly
increased $2,552,920. The report tells us that in- figures. For this purpose records kept by the "Iron
cluded in the advances for the construction and acqui- Age" of this city must be used, as Mr. Swank does
sition of new lines is the cost of 717 miles of completed not undertake to show the output by months. The
railway• and of work on a part of about 1,700 miles "Age's" figures are not absolutely complete, since
of projected lines. There were also completed during they take no account of the output of the charcoal
the year 208.49 miles of railway in Louisiana and furnaces, but this last is so small as to be almost inTexas, for which the funds were Mainly advanced by significant,and hence may be disregarded. For October our contemporary reported the product 2,336,972
the Southern Pacific Co. to the respective companies.
The report devotes considerable space to the work tons; for November it made the output only 1,828,125
done in closing the Colorado River crevasse. Mr. Har- tons and for December but 1,234,279 tons. In other
riman:is known to havetaken great pride in this work,and words, in October production was at the rate of 27,well he may,for it certainly was a marvelous engineer- 000,000 tons a year; in December it was at the rate of




i4

less than 15,000,000 tons a year. We may add that in
January 1908 the output dropped to a basis of only
12,000,000 tons per year.
The record of idle furnaces tells the story of trade
relapse yet more convincingly. Mr. Swank reports
the whole number of furnaces in blast on Dec. 31
1907 as only 167, against 359 on June 30 1907 and 340
on Dec. 311906. He points out that the number of
furnaces in blast at the end of 1907 was smaller than
at the close of any year since 1896, when but 159
furnaces were active. At the close of 1907 there were
276 idle furnaces, as compared with 89 idle furnaces
at the close of 1906. The change between business
prosperity and business reverse is here strikingly indicated. It is to be remembered, too, that the course
of the iron trade in recent years has been a progressive
one, and that under normal conditions instead of a
falling off in production there would have been a
further increase. Confirmation of the truth of this
statement is found in the fact that new furnaces are
all the time under construction while the capacity of
many existing furnaces is being enlarged. From
Mr. Swank's statement we see that on Dec. 31 1907
there were 30 furnaces in course of erection, 4 furnaces
were being rebuilt, and 1 furnace was to be revived.
To indicate how decidedly iron production has increased in recent years, we give the following, showing
the output in half-yearly periods back to 1896.
-YEARLY PERIODS.
PRODUCTION OF PIG IRON IN HALF
Gloss Tons.
Gross Tons
Fl
1896
-1st half
4,976,236 1002
-1st half
8,808,574
2d half
2d half
3,646,891
9,012,733
1897-1st half
4.403,476 1903
-1st halt
9,707,367
2d half
5,249,204
2d half
8,301,885
1898
-1st half
5,869,703 1904-1st half
8,173,438
2d half
2d half
5,904,231
8,323,595
-1st half
1899-1st half
6,289,167 1905
11,163,175
2d halt
2d half
7.331,536
11,829,205
7,642,569 1906
-1st halt
1900
-1st halt
12,582,250
2d half
2d half
6 146,673
12,724,941
1901-1st halt
7,674.613 1907-1st half
13,478,044
28 half
8,203,741
28 half
12,303,317

Up to the time of the crisis in October activity in
the iron and steel trades had been remarkably well
maintained. There were, however, for at least six
months preceding premonitory symptoms suggestive
of a reaction and possibly a decided reverse. Our
railroads constitute the largest single consumer of
iron and steel. But the railroads, the reader need
hardly be told, were not faring well. They were not
placing orders with the same degree of freedom as
in the past. This was not from the exercise of undue
caution or from lack of faith in the future, for on every
side they were being urged to be prepared for a still
larger traffic than that with which they have been
coping, and which had produced such a memorable
freight congestion at the close of 1906. They placed
orders more sparingly simply because they did not
know where to get the means with which to pay for
new work. Hostile legislation and governmental
action was gradually undermining their credit and
destroying their borrowing capacity. Investors and
capitalists were becoming distrustful of their securities and long-term obligations could not be sold on
reasonable terms except in rare instances. Under
these circumstances recourse was had to the issue of
short-term notes—in most cases at fancy prices. But
even this expedient finally failed or could be availed
of only with increasing difficulty.
In the meantime furnaces and mills were kept fully
employed because their books were loaded up with
orders which remained to be filled. As Mr. Swank
recently showed in his statistical annual, the outlook
at the close of 1906 was so favorable and the demand



Lxxxvi.

THE CHRONICLE.

for iron and steel so persistent that orders for pig iron
and finished products to be delivered in the second
and third quarters of 1907 and even in the fourth
quarter of the year were freely placed. He states,
however, that some apprehension developed during
the first half of 1907, and refers among other causes
of this to the panic in the stock market in March, the
attitude of the President towards corporations and the
large fine imposed upon the Standard Oil Co. In
July there was a noticeable slackening in demand and
in August the stock market again weakened. Thus
step by step events were leading up to the tremendous
revulsion which came in October. Then all of a sudden new orders entirely stopped coming in, and old
orders being in large part exhausted,the manufacturers
did the best and most sensible thing possible—theyshut
down altogether rather than risk piling up stocks
which could only serve to further weaken the market.
The continuance of the demand for iron and steel
during the first nine months of the year is in the main
responsible for the relatively large imports of iron
which occurred. Of pig iron alone the imports in
1907 were 489,440 tons, against 379,828 tons in 1906,
and of iron and steel in all their forms the imports
were 662,360 tons, against 578,209 tons. The exports
in quantity were about double the imports, even as
thus increased. Furthermore, the advantage of this
export trade is that it consists chiefly of the higher
forms of iron and steel—that is, finished products.
Taking all the articles recorded by weight;the aggregate of the exports in 1907 was 1,302,503 tons, against
1,325,740 tons in 1906. The following shows the
relation between the imports and exports for the last
six years. It will be seen that where formerly—
in 1902 and 1903—there was a large excess of imports,
in all the more recent years the exports have run considerably in excess of the imports. It deserves to be
stated with reference to the 1907 and 1906 figures,
however, that pipes and fittings were for the first time
reported by weight in these years, adding to the
total of the exports. The shipments of this item were
176,831 tons in 1907 and 141,784 tons in 1906.
IMPORTS AND EXPORTS OF ALL KINDS OF IRON AND STEEL.
1907.
1904.
1903.
1002.
1906.
1905.
tons 662,360
Imports
578,209 416,454 266,398 1,178,797 1,206,813
Exports
*1,302.503 *1_,325,740 1,010,384 1,167,709 326,590 375,078
Excess of exports_
Excess of imports_

640,143

747,531

593,930

901311
852,207

831,735

* Includes for 1907 176,831 tons and for 1906 141,784 tons of pipes and fittings,
these being the first years when the weights for this Item have been reported.

No statistics are any longer Collected by the American Iron & Steel Association concerning unsold stocks
of iron remaining in the hands of makers or their
agents, this being on account of the unwillingness of
manufacturers to report In that regard. Hence, we
are without information on that point. Statistics of
stocks are useful in determining the amounts of iron
that have gone into actual consumption. With the
stocks known,and imports and exports also being given,
reasonably accurate computations are possible as to
domestic consumption. In the absence of data concerning stocks, computations can be based on production alone as modified by the movement to or from
foreign countries. This is the same as assuming that
stocks have not changed at all—an assumption which
is always without warrant, and never more so than in
a period of trade prostration such as occurred the
latter part of 1907. The figures in the following are
made up on this assumed basis, simply because there
is no other way in which they can be made up. We

FEB.8 1908.1

315

THE CHRONICLE

wish to point out that in this table the exports and
imports consist of pig iron alone. In the table further
above the figures comprise exports and imports of
both steel and iron and in all their various forms.
PIG IRON PRODUCTION, STOCKS, IMPORTS. &C.
1902.
1903.
1904.
1905.
1906.
1907.
73,647
49,951
598,489
446.442
(?)
Stk. of pig Jan.1
(?)
Produc. dur. yr. 25,781,361 25,307,191 22,992,380 16,497,033 18,009,252 17.821,307
Total supply_ 25,781,361 25,307,191 23,438,822 17,095,522 18,059,203 17,894,954
49,951
598,489
446,442
*446,442
Stock end of yr_
(7)
(7)

Tons of 2,240/bs.

Cons'n home pig 25,781,361 25,307,191 22,992,380 16,649.080 17,460,714 17,845,003
619.354
599,574
79,500
212,465
379,828
489,440
Imports of pig_
23,204,845 16,728,580 18,060,288 18,464,357
26,270,801 25,687,019
Total
27,487
20,379
49,025
49,221
83,317
73,844
Exports of pig_
Domestic cons'n 26,196,957 25,603,702 23,155,624 16,679,555 18,039,909 18,436,870

PRODUCTION OF PIG IRON BY STATES.
Tons of
1907.
2240 lbs. .

1906.
.

1905.

1904.

1903.

1902.

1901.

Tons.
Tons.
Tons.
Tons.
So.SI'ls. Tons.
Tons.
Tons.
Ala _ 1,686,674 1,674,848 1,604,062 1,453,513 1,561,398 1,472,211 1,225,212
448,662
537,216
544,034
310,526
Virginia
510,210
478,771
483,525
337,139
Tenn __
418,368 392,778
393,106
302,096
372,692
426,874
183,001 '166,597
W. Va_
199,013
270,945
304,534
291,066
298,17,
68,462
110,725
102,441
Kent'ky
127,946
63,73
37,106
98,127
27.433
32,315
Georgia
75,602
70,156
No.Car.1 55,82,
92,599
38,699
i
3,095„-4 2,273
Texas_
11,653
5,530
303,186
Maryl'd
411,833 386,709
324,570 303,221
293,441
332,096
Total_ 3,445,221 3,467,216 3,219,673 2,743,313 3,237,079 3,034,574 2,578,864
Al
,.
Penn'a_ 11,348,549 11,247,869 10,579,127 7,644,321 8,211,500 8,117,80( 7,343,257
Ohio __ 5,250,687 5,327,133 4,586,110 2,977,929 3,287,434 3,631,381 3,326,425
283,662
N. York 1,659,75 1,552,659 1,198,068
401,361
552,917
605,709
N.Jersey
155,746
373,189 379,390
311,039
211,667
191,388
262,294
Illinois _ 2,457,71: 2,156,866 2,034,483 1,655,991 1,692,375 1,730,22C 1,596,850
436,507 369,456
Mich a _
288,704
233,225
170,762
155,211
244,709
373,323 351,415
Wisen b
322,083
273,987
210,404
207,551
283,516
468,486 413,040
Mo e..._
407,774
151,776
203,409
270,289
269,938
20,239
Mass_ d
15,987
19,119
12,071
11,828
17,766
15,44(
Gr.Total 25,781,361 25,307,191"2,992,380 16,497,033 18,009,25217,821,301 15,878,359

* No data as to stocks were furnished at this time: we have taken the amount the
same as at the end of previous year.

With reference to prices,the averages for the twelve
months were considerably higher for all items than the
corresponding averages for 1906, and, in fact, by far
the best in all recent years. This is due to the high
level of values ruling the first six months. During
the last six months the course of prices was strongly
downward, even before the break in October. After
that a tremendous slump occurred. This statement
may seem surprising in view of the trade conferences
that have recently been held and which have given the
impression that an intention exists to maintain prices
at the level reached during the recent period of prosperity. As a matter of fact, prices now are very considerably lower than they were six months ago.
Take, for instance, gray forge pig iron in Philadelphia. The average for this in July was $22 06, or
lower than the average of any preceding month of
1907. Yet in August the average was only $20 15;
in September $19 12; in October $18 50; in November $17 62, and in December but $17 12. Of course
manufacturers are chiefly concerned in maintaining
the prices of the higher forms of iron and steel, but
take even such an essential and typical article as
steel billets. This during the first seven months of
the year ranged at times well above $30 a ton. In
November and December the average was only $28
per ton and the present price is also $28. In the following we show the. average yearly prices of standard
articles of iron and steel for the last eight years.

a Including Indiana. b Including Minnesota. c Including Colorado, Washington and California. d Including Connecticut.

CHICAGO & NORTH WESTERN RESULTS FOR
THE CALENDAR YEAR.
o
The fiscal 'year . f the Chicago & North Western
Ry. Co. ends with June 30, but, following a custom
of long standing, the company has compiled an income
statement for the calendar year for use in our compilation of the earnings of United States railroads for
the period in question. The results as disclosed in
the case of this very important company indicate at
once the strength of the property, while reflecting
pretty accurately railroad' cOnditions as a whole
throughout the United States for the same period.
The conditions which the railroads have had to
meet in recent times have been, as is well known,
very, trying. The Chicago & North Western was
better prepared than' the generality of roads to meet
such conditions, and yet even it has felt their influence. The chief difficulty has been that cost of
operations, owing to increases in wages and higher
prices for fuel, materials and supplies, and the other
things entering into the accounts of the railroads,
has increased to such an extent that,notwithstanding
enormous growth in traffic and in gross revenues,
there has been no corresponding addition to net
earnings. On the contrary, net earnings have in
many instances been falling off in faae of large gains
in gross receipts. At the same time, by reason of
the growth in traffic the railroads have been obliged
constantly to enlarge and extend their facilities, and
PRICES OF IRON AND STEEL, 1900 TO 1907.
AVERAGE YEARLY
1907. 1906. 1905. 1904. 1903. 1902. 1901. 1900.
for this purpose have had to make considerable addiAnkles$ESSES33
ton_23 88 23 05 22 08 16 22 21 17 23 83 19 32 19 51
Old iron T rails at Phila
No. 1 anth. fdy. plg at Phila. " 23 89 20 98 17 89 15 57 19 92 22 19 15 87 19 98 tions to their capital account. Such additions to
Gray forge pig Iron at Phila. " 21 06 17 79 15 58 13 67 17 13 19 20 14 08 16 49
capital have been found necessary even in the case
Gray forge pig iron, Lake ore,
" 21 52 19 85 15 62 12 89 17 52 19 49 14 20 16 90
at Pittsburgh
Bessemer pig iron at Pittsb'g " 22 84 19 54 16 36 13 76 18 98 20 67 15 93 19 49 of a property like the Chicago & North Western,
Steel rails at mills in Penn_ _ " 28 00 28 00 28 00 28 00 28 00 28 00 27 33 32 29
Steel billets at mills at Pittsb. " 29 25 27 43 24 03 22 18 27 91 30 57 24 13 25 06 where enormous appropriations of earnings for betterBest refined bar iron from
store at Phlladelphia_100 lbs. 211 198 192 172.200 213 184 196 ments and improvements had been a feature for a
One other point of interest always exists with ref- long period of time. As will be recalled, the company
erence to the figures of iron production, and that is in February 1907 issued $24,401,600 common stock,
the distribution of the output among the different which shareholders were allowed to take at par, inStates of the Union. Particularly there is always 'a creasing share capitalization about 25%.
The statement for the calendar year shows a further
desire to see the progress the South is making in
iron production. The 1907 statistics show no new large increase in gross earnings, the total rising from
development in that regard. Iron production in the $66,437,599 in 1906 to $69,338,593 in 1907; but the
South on the whole is stationary rather than showing expenses ran up considerably more than $4,000,000;
expansion, the total for 1907 for the Southern States and as a consequence net for 1907 figures out only
being slightly below the total for 1'906. There are, $20,163,774, against $21,377,714 in the calendar year
indeed, no special features with reference to any of 1906. The loss in net, it will be seen, was nearly 13,I,
the States except that Illinois has considerably en- million dollars. The company's investments in other
larged its output and the record of New York is also properties are yielding steadily improving results,
steadily improving. The following furnishes com- and,chiefly for this reason, net interest charges(after
parative figures for the different States for the last counting as offset the income from such investments)
is being considerably diminished from year to year.
seven years.




316

' THE CHRONICLE.

Nevertheless the amount available for dividends in
1907 was only $14,492,373, against $15,250,638 in
1906. On account of the increased amount of stock
outstanding, the call for dividends at the usual rate
of 7% on the common shares and 8% on the preferred
shares was $8,764,111, against $7,053,346 in 1906.
Even after allowing, however, for the increased
dividend requirements, a surplus remains in the sum
of $5,728,262, which must in any event be considered
very large, though in 1906 the amount was still larger
at $8,197,292. No specific appropriation of income
has been made this time for new equipment, but in
the previous year such appropriation amounted to
$6,000,000. It is indicative of the income strength
of this property that even in such a year as 1907 an
appropriation of almost $6,000,000 could have been
made before exhausting the year's surplus income—
and this with the 1907 net 1X million dollars less'than
for 1906. It is obvious that should business continue
depressed and further losses in income ensue, it would
only be necessary to forego making the large special
appropriations out of income which were a feature
in previous years. Manifestly with traffic falling off
the needs for such special appropriations in order to
provide additional facilities would be correspondingly
lessened. The following is a summary of the North
Western's income accounts for the last four calendar
years:
•
----Twelve Months ending Dec. 31
1907.
Chic. ct North Wesen—
1905.
1900.
1904.
7,612
Miles of road (average)__
7,468
7,410
7,410
5
$
$
_69.338,593 66,437,599 59,066,556 53.705,001
Gross earnings
49,174,819 45.059,885 40,395,055 37,037,202
Expenses and taxes
20,163,774
Net earnings
Charges—
Interest (less credits)- _ _e5,445,901
Sinking funds
225.500

1.

21,377,714

18,671,501

16.667,889

d5,902.076
225,000

a6, 19,994
225,500

06,470,788
225,001)

5,671,401

Total

Balance for stock
Dividends
'Surplus
New equipment, &c
IP.

6.127,076

6,345,494

6.704,788

14,492,373
8,764,111

15,250,638
7,053,346

12,326.007
5,546,232

0,963,101
5,174,924

5,728,262

8.197,292
6.000,000

6,779,775
4.600.000

4.788,177
4,000,000

2,179,775
5,728,262
788,177
tr. This allows for a credit of $049,9352,197,292 from Investments.
for Income
I, •,t

0 This Is amount after a deduction of 5456.935 for Income from Investmelds.
a After allowing for a credit of $734,996 for Income from investments.
e After allowing for a credit of $2,534,230 for income from Investments.

[VOL. Lxxx v .

ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
—The public sales of bank stocks this week aggregate
308 shares, of which 282 shares were sold at auction and 26
shares at the Stock Exchange. The transactions in trust
company stocks reach a total of 80 shares. The auction
sales included 175 shares of Chase National Bank stock,
sold in several lots at prices ranging from 2053( to 213.
The last previous public sale of the stock of this bank was
made in November 1907 at 181. The table below, given in
our usual form, shows the actual sales of New York City
bank stocks made during the week at auction and at the
Stock Exchange. Extensive tables showing the bid and
asked quotations, deposits, surplus, Sm., of banks and
trust companies in all important cities of the United States
are published monthly in the "Bank and Quotation" Section,
the February issue of which accompanies to-day's "Chronicle." Bid and asked quotations for all New York City
bank and trust company stocks are also published weekly
in another department of the paper, and will be found today on pages 322 and 323.
Shares. BANKS.—New York.
Low. High. Close Last previous sale
22 Amer Each Nat Bank__ 221% 221% 221% Jan 1008— 2183
175 Chase National Bank
205% 213
210% Nov 1007— 181
a51 City Bank, National
245
252
245
Jan 1908— 252
110 Coal & Iron National Bank
196
196
196
Feb 1906— 2703
*10 Commerce, Nat Bank of_
150
151
151
Jan 1908— 148
10 Greenwich Bank
265
265
265
Dec 1906— 290
25 Park Bank, National
400% 400% 400 A Dec 1007— 385%
5 State Bank
325
325
325
Jan 1907— 325
TRUST COMPANIES—New York
25 Broadway Trust Co
110% 110% 110% Nov 1907— 125
35 Carnegie Trust Co
159
159
159
Jan 1908— 161
15 Guardian Trust Co
175% 175% 175% Mch 1906— 225%
15 Morton Trust Co
400
400
400
Jan 1906— 850
*Sold At the Stock Exchange
the Stock Exchange.

a Of this amount 16 shares were sold at

—The Columbus (Ohio) Clearing House and the Cleveland
Clearing-House Association are reported to have retired the
last of the Clearing-House certificates put out during the
financial disturbances.
—William A. Nash, President of the Corn Exchange Bank,
resigned as Secretary of the Finance Committee of the New
York Chamber of Commerce this week on account of pressure
of business affairs. A short time since Dumont Clarke,
President of the American Exchange Bank of this city, resigned as Chairman of the committee for the same reason.
—The stockholders of the Lincoln Trust Co. of this city
on Thursday ratified the proposition to increase the capital
of the institution from $1,000,000 to $1,500,000. The shareholders are accorded the privilege of subscribing to the new
issue at par to the extent of half their present holdings.

AS the North Western's fiscal year ends with June 30,
it will be useful to give the results for the first six
—Clark Williams, New York State Superintendent of
months and the last six months separately, this latter
constituting the first half of the new fiscal Banks, this week inaugurates his policy of calling for weekly
period
reports of condition from all institutions under his superyear. This we have done in the following:
Superintendent is in accordance
vision. This
MONTHLY GROSS AND NET EARNINGS
Net Earnings
Gross Earnings
----1907.
1905.
1906.
1906.
1907.
1905.
$
5
$
$
$
$
First 6 mos_33,201,879 30,549,941 26.149.941 9,217,860 8.970.402 0.478,501
i-hkago &
North Western

July
August
September_
Omober
November
• December _ _

5,964,449
6,439.654
6.525.120
7.040,662
5,574,139
4,592.690

5,510,910
5,977,485
6,148,305
6,596,898
5,929,308
5,724.752

4,928,301
5.361.303
5,766,337
6,148.512
5,636,926
5,075,236

1.804,397
2,054,478
2.152.633
2.295,205
1,536,522
1,102.679

1,919.917
2.137.030
2.153.649
2,452.287
1.922,802
1,821,627

1,602,506
1,963,283
2.289,986
2,540,713
2.081,151
1,715,361

Last 6 mos_36.136,714 35,887,658 32,916,615 10,945,914 12,407,312 12,193,000
Total year_69.338.593 66,437,599 59,066,556 20,163,774 21.377.714 18,671,501

From the foregoing it will be seen that the whole of
the loss in net earnings for the calendar year occurred
in the six months from July to December, the net
earnings for this period in 1907 having been $10,945,914, against $12,407,312 in the corresponding six
months of 1906. Gross earnings for these six months
of 1907 still ran ahead of those for the same six
months of 1906, notwithstanding the heavy falling off
in November and December. The decrease in December particularly was heavy; but the management of
the North Western, contrary to the experience of most
• other roads, was able to offset part of this loss by a
considerable saving in expense. Doubtless such saving in future months will also be possible, as renewal
and maintenance expenditures on this road in the past
have been on an exceptionally liberal scale.




action a the
with the announcement made in his recent annual report,
in which he stated that, availing of the authority vested in
his office, he would require an average summary statement
of condition of banking institutions as of the close of business on Friday of each week.. These figures will be compiled
in the office of the Department at New York, and those of
the institutions in the metropolitan district not reporting
to the Clearing House will be segregated, combined and published in such form as, with the weekly bank statement,
will show, so far as is possible, the true financial condition
of the banking institutions of the City of New York. The
first statement is to be of date yesterday—Feb. 7—and will
be issued to-day (Saturday). Banks and trust companies
outside Greater New York are obliged to mail the statements on Friday night, as soon after the close of
business as possible, to the New York office of the Department, 52 Broadway, and institutions within the city
must deliver their statements on Saturday of each
week before 9:30 a. m. at the Department's New York office.
Mr. Williams states that he believes the making of these
reports will materially aid the Department in effecting a
more adequate supervision of the banking institutions
under its jurisdiction. Blank forms showing the requirements in each instance have been prepared and distributed
by the Banking Department. In the case of trust companies
in New York City the following information is required:

FEB. 8 1908.]
•

THE CHRONICLE.

.
3I/

itself felt to a considerable extent, in some cases seriously affecting the trades people in the immediate vicinity of the
branches,' "No other municipality has suffered inns large a
measure as, Brooklyn in the matter of bank closing since last
October. In addition to last week's suspensions, there are
some five. or six other institutions which have failed to reopen their doors since shutting down three months ago, these
including the First 'National Bank, the Jenkins Trust
the Williamsburgh Trust Co., the Borough Bank and the
•
Brooklyn Bank. •
. . ,
—The firm of N. Curtis 'Fletcher & Co. of Providence,
R. I., which. conducted a banking and brokerage business,
suspended- on.Monday, having executed a deed of -trust of all
its property to prank L. Hinckley. The partnership consists of N. Curtis. Fletcher and William R. Potter. There is
said to have been a run On the institittiOn following a' critiThe trust companies outside of New York City are asked cism of the affairs of the United Illuminating Co.; the presi6
to furnish data on six items, three of which are identical dency of which .Mr. Fletcher rocently..resigned. •
in language with numbers 1, 4 and 9 above, the other three
Colsten Sc.-Co. 'of' BaltIrnore. members of
being as follows:
•
Average amount of cash. (Geld and silver coin, United States geld Baltimore. Stoek Exchange, thicl One:of the oldest banking
and
and silver certificates, United States legal-tender notes of all Issues
notes or 1)111s issued by any lawfully organized national banking association.) houses in • the'South, Was plaeed.in receivers' hands on Mon- Average amount due from reserve depositories. (Moneys on deposit
as receiyers Edwin G. ,Baetkr
subject to call In any hank or trust company in this State, approved by day night, the court-naming
the Superintendent of Banks as reserve agent, less offsets.)
is. attributed in general
(Moneys and Joseph Packard. . The failure
Average amount due from other banks and trust companies.
gt
on deposit subject to call In banks or trust companies, not reserve deposi- to the .deeline, in the values'OE securities, and more parti iitories.)
larly to' the receivershil) et the Seaboard Air Line 'Ry: The
In the blanks to be filled out by Nev York City banks
at $870,000, and the'liabilities
there are eight. items, and of these six are exactly the same assets are estimated', rOughly;
and 9. at $955,000, of which'it is,said $175,000• represents deprits
as those in the form first above, numbered 2, 3, 6,7, 8
with the firm and $780,009• loans to,it. The present firw •
The other two items are:
Wilson
Average amount of leans, discounts and investments (except real estate. of Wilson, Colston &,Co„ composed o'f William Bowly
(Loans, discounts, stocks and bonds and mortgages owned by the bank.)
and ,Frederick C. Viston, was established in 1867, and
Average amount due from reserve depositories in New York City.
(Moneys on deposit subject to call in any bank or trust company In this succeeded... he firrn.Of William Wilson •'& Sons, founded in
t
State, approved by the Superintendent of Banks as reserve agent, less
offsets.)
1802. '•
For banks outside of New York the blank form calls altoMessrs. George/ A. Colston and Heyward E. Boyce, both
gether for only five items. Three of these correspond ex- of whom have long been associated with the firm of Wilson,
actly with those for the trust companies outside of New York Colston & Co.,' have formed a 'partnership to take over
as enumerated above (namely, the items designated "Aver- the collateral loan and investment business of the old house.
age Amount of Cash," "Average Amount Due from Reserve The business will be continued at the' Old address 216 East
Depositories" and "Average Amount Due from Other Baltimore Street:
•
Banks and Trust Companies"), and the other two are as • --;-Paul M. Warburg Of the banking firm of Kuhn, Loeb dr
follows:
an ardent advocate. of
Average amount of 1-ans, discounts and Investments (except real estate.) Co.' of this city,is, as is well known,
(Loans,discounts, st)cks and bonds and mortgages owned by the balk.)
a central bank... In an address delivered at Columbia UniAverage amount of deposits. (Gross dtp sits and unpaid dividends,
:
ess check, and demand Itoms on other Now Y silt City banks or trust coin- versity on the 3d inst.' he also Made'some other suggestions.
and trust companies for colleci
ganles and amounts due from other banks
In the absence Of stick a' bank, Mr'. Warburg favors, as.the
•
afternoon that the Clearing House, best solution of,the matter for the time being, the creation of
It was stated yesterday
beginning to-day (Saturday) in addition to showing the a central clearing house; with: power- to issue, against clear;.
averages of the various items for the week, would also report ing house ceiiifick,es, notes to be' giid.ra.nteed by the Uniied
in its statement the amounts of the same items at the end States. Its creation with 'a. Capital of its own and with a
of the week.
limited dividend; the. surplus revenue going to the United
—In the prosecution of its work to promote uniform and States,, would, .he . argues, ,leave ,present conditions undisnecessary legislation in the different States, the Standing turbed, and, while• •offering immediate relief, would at the
•
form- a sound basis for future developments.
Law Committee of the American Bankers' Association has same time•
.
issued a pamphlet containing drafts of proposed laws ap- The plan, Mr. Warburg continues, would possess the followproved and recommended by it for enactment during 1908. ing advantages: • •
1. The clearing house would have its own gold reserve.
Thomas B. Paton is Counsel and Secretary of the committee.
"2. It would centralize the additional note Issue and would therefore
forcing
serVIce In peroiltting legitimate expansion
—Reports from Guthrie, Okla., on the 2d inst. stated that do bettercontraction,, which, with 6,500 independent as well as in Is wellnote Issuers,
effective
Bank of Beaver City, Okla., had decided to, nigh impossible. Mille additional notes !salted by a bank mean an increase
the First State
of deposits, winch may, perhaps, be called any day, or which, on the other
suspend business because of the new State guaranty-deposit! hand, may remain f..rever, an advance by,the central clearing house would
be made to the banks for a given period, after whIth the money must be
law. The officers are quoted as saying that the bank is, returned. It would, therefore,' be safer for the banks, and would -at the
same time insure contraction after a certain time, as In Europe.
both safe and conservative, but they do not care to operate' "3. The central clearing house would be able to accommodate commerce
need by accepting commercial assets, provided
and
under a law which "compels them to pay their money into ,that Industry in times ofas legitimate and safe by the indorsement of the
they are recognized
"'
1)cal clearing hoUses.
a guaranty fund to pay the losses of others."
banks without any further Independent

1. Average ameunt of loans, bills purchased and investments (except
real estate). (1.:.ans, bills purchased, stocks and bonds and mortgages
owned by the trust company.)
2. Average amount of specie. (G:1(1 and sliver coin, United States and
Clearing-House gold certificates and U. S. silver certificates.)
3. Average amount of legal tenders and bank notes. (U. S. legal-tender
notes of all issues and notes or bills issued by any lawfully organized
national banking' association.)
4. Average amount of bonds In lawful money reserve. (Bonds of the
United States, bonds of the State of New York, and bonds Issued In compliance with law by any city of the first or seer nd class within the State
of New York, computed at par value, the absolute property of the company.)
5. Average amount due from reserve depesitories In New York City.
(Moneys on deposit subject to call In any bank or trust company in this
State, having a capital of at least $200,000, or a capital and surplus of
$300,000, and approved by the Superintendent of Banks, less offsets.)
6. Average amount due from reserve depositories outside of New York
City, less offsets.
7. Average amount due from other New York City banks and trust
companies. (Moneys on deposit subject to call In any New York City
bank or trust company, not a reserve depository.)
8. Average amount due from out-of-town banks and trust companies.
(Moneys on deposit subject to call in banks or trust companies outside of
New York City, not reserve depositories.)
9. Average amount of deposits. (Gross deposits and unpaid dividends
less checks and demand items on other New York City banks and trust
companies,and amounts due from other banks and trust companies for
collection.)

—Following a two-days' run, the Home Bank .of Brooklyn Borough, at 5th Ave. and 48th St., was closed on Saturday last, the 1st inst., under orders from State Superinten
dent of Banks Clark Williams. President W. C.' Damron,
declares the institution to be solvent, and can attribute the
demands upon it only to the fact that it formerly cleared
through the Mechanics' & Traders' Bank,which suspended
last week. The bank was organized in 1905 and declared its
initial dividend, of 2% quarterly, last September. It has
a capital of $100,000 and a statement issued under date of
Jan. 31 reports deposits of $348,720 and total assets of $665,222.
—Aside from the fact that it added another to the list of
suspended banks in Brooklyn, the closing of the Home Bank
gave little concern. The suspension, however, of the Mechanics' & Traders' Bank, which,although a Manhattan institution, operated ten branches in Brooklyn, served to make




"4. It would leave cur national
note-Issuing power, and would in this respect be beneficial; for additional
note:issuing power should logically carry with it further restrictions.as to
their privilege of (Icing a comniercial business, whereas their priVilegts.•In
•
this respect should rather :be increased; . •
"5, Through the share In the profits reserved for the Government, the
would reeelve. some return on thefunds which It would deposit with
latter
the banks 'through the central clearing house, whereas at present the
Government does not,receive any such return.
"6. It would form a medium through which gold leans might be 'contracted with European government banks In a way similar to that by whiph
transactions have been concluded between the Bank of England and 'the
•
•
Bank of France.
"7. If there were formed to supervise the management of the central
clearing house a central board administered by salaried managers, as. In
Europe, anti c.AnprisIng both business men, largely selected from the
clearing house committees, and political 'officials, It would ellmlhate the
arbitrary p.;wers which the Secretary of the Treasury is now called upon'to
exercise; It wc.uldoreate continuity of policy, which Is most essential for
the development of the country.
.body
"8. Finally, It would show that this country Is able to produce a hands
of men as honest, as trustworthy and as efacient as these into whose In this
Europe has confided the care of its central banks. As the confidencewers of
body grAvs as the banks come to feel Its beneficent Influence, the p
joint this clearing house may gradually be Increased, and thus from theto the
Indorsement by the clearing houses we may gradually gain our way finally
banks, so that we may
Indorsement and iteecptance by Individual,
political and
be able to devel p a central organ,which, safeguarded fr
of business.
from financial domlnatInn, and rigidly restricted as to its scope which will
condition, and
will place us financially In a sound and healthy
and
Cause us in this doinain; as-in others,- to be respected as a modern
completely civilized nation."

31g

THE CHRONICLE.

—Further opportunity to secure the required assents to
the plan for the rehabilitation of the Knickerbocker Trust
Co of this city has been afforded by Justice Clark of the Supreme Court at St. George, Staten Island, he having on Saturday last adjourned for another two weeks the hearing on the
motion to make permanent the receivership. Assents from
about 90% of the depositors, it is said, have been received.
—A question which has come up with the closing of the
Mechanics'& Traders' Bank of this city concerns the matter
of allowing deposits as offsets against notes pledged as security for Clearing House certificates. The Clearing House,
which holds $6,000,000 collateral as security for the bank's
indebtedness of $1,900,000—part of this security consisting
of individual notes and commercial paper—has signified its
intention of refusing to permit deposits to be applied toward
the debt,and will seek to recover the full amount of the paper.
It is stated that there is likelihood of the matter being
brought into court to legally settle the point.
Meetings of the directors of the Mechanics'& Traders' Bank
were held this week to perfect plans for the reopening of the
bank. The depositors of each bra:nch, it is announced, have
appointed a committee to work in conjunction with the directors. The Brooklyn headquarters of the depositors' committee will be at 44 Court Street, and the Manhattan headquarters will be in the Cable Building, 621 Broadway. A
plan, it is reported, has been outlined by Paul M. Grout,
counsel to the directors, providing for the closing of several of
the least profitable of the Brooklyn branches,and for the resumption of business on the deferred-payment basis—that is,
to pay depositors 10% with the reopening, 15% at the end
of four months, 20% at the end of eight months, 25% at
the end of a year and 30% in sixteen months.
—The New Amsterdam National Bank's indebtedness of
$300,000 to the New York Clearing House is understood to
have been paid in full this week.
—James F. Alexander has been elected a Vice-President
of the National Bank of Commerce of this city. Mr. Alexander was formerly an Assistant Cashier of the institution,
but resigned to take a position with the American Express
Company, from which he now returns to the Nationp,1 Bank
of•Commerce.
.—Warner M. Van Norden, President of the Van Norden
Trust Co., has been elected a director of the Twelfth Ward
Bank of this city. Mr. Van Norden with his son, Warner
Van Norden, were reported to have substantially aided in the
bank's resumption last November, and the amount advanced
is said to have since been repaid.
—The New York agency of the National Bank of Cuba has
been removed from 111 Broadway to 1 Wall Street. The
agency is prepared to handle banking business, and special
provision will be made for affording the customers of the
bank full opportunity to keep posted on Cuba's securities,
products, exports and imports, plantations and general information which may be useful in determining credits and
reaching any particular class of business.
—The Advisory Committee of the American Bankers'
Association last week held its first session of two days at
the association offices, Hanover Bank Building. Of the
members of the committee there were present: Col. J. D.
Powers, Louisville, Ky., President; Lewis E. Pierson, New
York City, Chairman of the Executive Council; John L.
Hamilton of Illinois; F. 0. Watts, Nashville, Tenn.; M. E.
Ailes, Washington, D. C.; C. H. Hollister, Grand Rapids,
Mieh.; and the Secretary of the Association, Fred E. Farnsworth. Also, by special invitation, George M. Reynolds
of Chicago, First Vice-President, and A. A. Crane of Minneapolis, Minn., Treasurer of the Association. A number of new
propositions were outlined which would be of benefit to the
association and its members. These were referred, with
favorable recommendations, to the Executive Council. The
committee decided on the publication of a new cipher code,
and authority was given for a thorough revision of the old
code. It was announced to the committee that the Clearing-IIouse Section, through its President, August Blum of
Chicago, instructed the Secretary to go ahead with the proposed numbering of drafts, giving Clearing House number
and assigning a number for cities. The matter of the consolidation of the various offices of the sections and institute,




[VOL. LXXXVI.

bringing same into the building occupied by the main association, with offices adjoining the association offices, was
referred to the Council. A resolution was passed authorizing the Secretary, in line with his suggestion, to form a library devoted to banking and finance which will at all times
be available to those seeking information on these important
measures.
—It is reported that a plan for the reopening of the First
National Bank of Brooklyn Borough, submitted by Receiver
John W. Schofield, has been approved by Comptroller of
the Currency William B. Ridgely, and that the institution
will reopen on Monday next, the 10th inst. The directors
are said to have guaranteed to restore the $165,000 impairment in the bank's $300,000 capital, this impairment to be
met by an assessment on the shareholders. The bank
has been closed'since Oct. 25 last. According to the Brooklyn "Eagle," Receiver Schofield has again placed on the board
the directors who were displaced last spring by members of
the Jenkins family, and the reorganized bank, it states, is
absolutely out of the control of the Jenkinses, who own only
about one-third of the stock. Last week Joseph Huber was
elected Vice-President of the institution and William Irish
was chosen Cashier. The board is composed of Marshall S.
Driggs, Moses May, John J. Cooney, Joseph Huber, Samuel
H. Coombs, Theodore F. Jackson, John W. Weber and
Mortimer L. Reynolds.
—The National Newark Banking Co. of Newark, N. J.,
will shortly take possession of its handsome new quarters on
the ground floor of the Mutual Benefit Life Insurance Building, which has been recently completed. The banking room
proper will be 40x170feet. The floor is of white marble and the
.
wainscoting, &c., of Vermont marble surmounted with very
handsome bronze work; metal furniture is used throughout. The appointments of the room will be of the most
approved type. A separate ladies' department with individual tellers has been provided for. New steel vaults of
the most approved design will be located in the basement.
The National Newark Banking Co. is the oldest bank in the
State of New Jersey, having been organized in 1804. It has
a capital of $1,000,000 and surplus and undivided profits of
$1,629,000. David H. Merritt is President, Albert H. Baldwin Vice-President and H. W.Tunis Cashier.
—Comptroller Ridgely has ordered an assessment of
100% against the stockholders of the Jeweler's National
Bank of North Attleboro, Mass., which closed its doors on
Dec.18,following the death of its Vice-President and Cashier,
Frederick E. Sargent. The bank had a capital of $100,000.
—Joseph L. Greenwald has been elected President of the
People's Trust Co. of Philadelphia to take the place of John
C. Winston, resigned. Mr. Greenwald formerly officiated
as the bank's sole Vice-President. Charles J. Gallagher has
become First Vice-President of the institution, and Simon
Abrahams has been chosen Second Vice-President. William
H. Harper continues as Secretary and Treasurer.
—H. E. Woodman has been advanced from the second
vice-presidency of the Franklin Trust Co. of Philadelphia to
the presidency to succeed A. J. Speese, the latter having
retired because of ill health.
—Judge Thomas Mellon, founder of the firm of T. Mellon
& Sons, which was merged in the Mellon National Bank of
Pittsburgh, died on the 3d inst., the ninety-fifth anniversary
of his birth. Mr. Mellon was born in Ireland but at the age
of five years was brought to this country by his parents, who
settled in Westmoreland County, Pa. In 1834 Mr. Mellon
entered the Western University of Pennsylvania and here
took up the study of law. In 1859 he was elected Judge of
the Common Pleas Court and served the full term of ten years.
In 1870 Mr. Mellon founded the banking firm of T. Mellon
& Sons, which was succeeded in July 1902 by the Mellon
National Bank. Other interests with which he was identified include the Aluminum Co. of America, the Carborundum Co. of America, the Georgia Boxite & Mining Co., the
J. M. Guffey Petroleum Co. and the Gulf Refining Co.
—The purchase of the entire capital stock of the German
Trust Co. of Pittsburgh by the Land Trust Co. has been
effected, and on Monday last the German Trust removed to
the quarters of the purchasing company. Both institutions
began operations in 1903. The German Trust Co. has an

319

THE CHRONICLE.

FEB. 8 1908.1

in.
authorized capital of $200,000, of which $161,600 is paid
Trust Co. has a capital of $500,000. S. A. Steel
The Land
elected
and Jacob Klein of the German Trust Co. have been
board of the Land Trust, and J. M. Hiller, Secretary
to the
also beand Treasurer of the first-named institution, will
identified. with the purchasing company.
come
t of
-W. S. Linderman has been elected Vice-Presiden
of Pittsburgh, to succeed the
the Duquesne National Bank
previously
late A. H. Patterson. Mr. Linderwn was
that office by S. A. McMullen,
Cashier, and is replaced in
heretofore Assistant Cashier.
National City
-Feb. 5 was the first anniversary of the
which institution David R. Forgan is
Bank of Chicago, of
most encouragPresident. The year's business is certainly
remarkable, considering the times and condiing and very
t of deposits
• tions. The following comparative statemen
of the bank's success:
is sufficient evidence
--$2,198,337 25
February 5 1907 (opening day)
3,645,246 72
April 5 1907
July 5 1907
October 5 1907
February 5 1908

Clearings by Telegraph-Sales of Stocks, Bonds, &c.'
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a month.
The figures are received by telegraph from the leading cities.
II

Clearings-Returns by Telegraph.
Week ending Feb. 8.

Per
Cent.

1908.

1907.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

81.101,919.278
117,092,326
97,018,778
20,596.033
188,889,100
51,773,169
16.387,378

81,581,871,899
141,042,819
111,604,687
22,823,561
200,613.234
50.773,075
17,469,787

-30.3
-17.0
-13.1
-9.8
-5.8
+2.0
-6.2

Seven cities, 5 days
Other cities. 5 days

$1.593,676,062
375.487,261

$2,126,199,062
402,643,487

-25.1
-6.7

Total all cities, 5 days
All cities. 1 day

$1.969,163,323
385.498.648

$2,528,842,549
537,279.572

-22.1
-28.3

$2,354,661,971

$3,066,122.121

-23.2

4,924,697 10
5,402,507 92
7,202,985 84

Total all cities for week

Our usual monthly, detailed statement of transactions on
the various New York Exchanges is appended. The results
for the month of'January in 1908 and 1907 are given below.

January 1907.
January 1908.
The National City Bank has just opened a Bond Depart- DescripI Aver.
Actual
Aver. Par Value
Actual
only securities of the highest
Par Value
lion.
ment for buying and selling
Value.
l'rtce. or Quantity.
Value.
or Quantity.
-railroad, corporation and municipal. R. W.
grade
22,702,760
16,594,895
Sh's_
72.7$1,948,477,92531.854.950,930
Lansing is the manager of this department. He was for1Val _ 31.396,403,80031,015,764,111 72.7 $1,948,477,925 31.854.950,930 05.2
344.453,900 99.0
845,307,700
$67,841,948 79.0
592,273 113.2
$81,500
merly with Mr. Forgan in the old Union National Bank and, RR.bonds $85,845.900
$65,866 111.6
$59,000
Gov't bds
35.357,906 '91.8
85,8:37,500
98.8
the bond department State b'ds $5,386,500 $5,321,424 180.1
$59.395 183.3
since then, for 5 or 6 years, has been in
832,400
$46,461
$25,800
Bank st'its
of the First National Bank and First Trust & Savings Bank.
31,904,914,404 95.3
00051,089,039.810
_ $1,487,721,000 51,089,039.810 73.231,999,737,025
Total_
33,062.850 80%
40,941,800
43,335,970
43,335,970 103.4
42,057.700
-The 1907 balance sheet of the London City & Midland Grain,bu_
$1.937,977.254
780
C.), which is published Tot. value
31,132,375,
Bank, Ltd. (head office, London, E.
to-day, is an interesting business record of this vast English
The following compilation covers the clearings by months
banking organization. .The corporation's "current deposits
and other accounts" total $266,410,306, while "acceptances since July 1:
MONTHLY CLEARINGS.
on account of customers" stood at $19,813,873., Its paid-up
The
Clearings Outside New York.
Clearings, Total AU. •
capital is $15,714,250 and reserve fund $15,714,250.
there Month.
1906.
1907.
1906.
subscribed capital is $75,428,400. Among the assets
1907.
are $56,700,291 of cash in hand,and at the Bank of England
$
674 July_ _ 12,348,573,537 11.648,370.242 +5.9 5,036,811,132 4,391.844439 +14.4
$33,674,806 of money on call and at short notice, $33,146,
11,527,931,044 13.143,574,455 -12.3 4.637,440,554 4,310,373.219 +7.6
Aug
securities Sept__ _ 10,551.770,548 12.513,065,891 -15.7 4,521,541,801 4,199,233.986 +7.7
_
invested in consols and other British Government
It also 3d qr_ 34.428,275,129 37,305.010.588 -7.7 14,195.793.487 12,901,451,344 +10.9
and stocks guaranteed by the British Government.
loans
1 +7.3
held $24,726,798 in bills of exchange, and had out in
Oct _ 13,779,790,076 14,550.027,603 -5.3 5,583,786,435 5,205.984,44 -17.6
4,158,574.469 5,048,052,088
00
Nov _
accounts $144,962,126. Its aggre- Dec _ 9,659,316,632 13,656,039,919 -29.3 4,057,111,704 5.057.571,985 -19.8
and advances and other
9.407.038,651 14,285,466,6 -34.1
gate assets are now $319,927,250. The bank was established 4th qr. 32,846,145,359 42,491.534.122 -22.7 13,799,472,608 15.311,608,514 -9.9
1907.
1908.
1907.
1908.
in 1836, has over 450 branches and sub-branches in London, Jan __
5.416,984,522 -14.9
11,359.308,232 15,054,655.406 -24.5 4,609,033.277
suburbs and throughout the country, besides agents in all
the principal cities of the world for the transaction of every
kind of banking business.
Wourtargigoinmerzsialgnettstrgews

-The clearings of the Canadian
Canadian Bank Clearings.
banks for the month of January 1908 show a decrease from
the same month of 1907 of 7.6%.
January.
Clearings at1908.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Halifax
Quebec
Hamilton
London
St. John
Calgary
Victoria
Edmonton
Total Canada

1907.

Inc. or
Dec.

1900.

1905.

8
116,108,737 128,194,689 -9.4 129,415,413 95,249,202
97,973,517 115,920,789 -15.5 109,757,368 86,364.783
48,755,463 44,620,387 +9.3 35,506,258 26,276,193
13,992,301 13,402,453 +4.4 8,292,718 6,430,014
12,802,604 12,938.175 -1.1 10,388.639 9,041,345
8,011,550 8,657,571 -7.5 8,624.473 7,370.075
8,676,796 8,191,643 +5.9 7,615,055 6,621,551
6,471,363 7,001,820 -7.6 6,337,825 5,270.059
5,412,678 5,772.898 -6.2 5,053,197 4,342,730
5.335,407 5,768,012 -7.5 5,401,698 4,163,227
4,755,986 5,576,115 -14.7
4,391,095 3,909,509 4-12.3 3,517,434 3,205.655
3,000.000 3,348,310 +10.4
335,687,497 363.302.371

+7.6 :329,910,072 254,:337,865

The clearings for the week ending Feb. 1 make an unfavorable comparison with the same week of 1907,:the decrease
in the aggregate having been 8.7%.
Week ending Feb. 1.
Clearings at1908.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Halifax
Quebec
Hamilton
London
St. John
Calgary
Victoria
Edmonton

Total Canada




$
23,210,263
19,380,244
9,076,131
2,805,937
2,457,506
1,378,093
1,578.819
1,227,359
877,876
1,092,484
1,028,108
956,558
538,262

Inc. or
1905.
1906.
Dec.
$
$
$
7o
25,331,422 -8.4 26,2111,731 21,657.301
23,463,200 -17.4 21.500,000 19,913,578
8.336,580 4.8.9 6,727.707 5,180.170
2,612,731 +7.4 1,652,826 1,497.045
2.271,313 +8.2 1,949,679 2,131,353
1,823,829 -24.4 1,842,964 1,701,562
1,555,609 +1.5 1,450,867 1,245.983
1,343,951 -8.6 1,194.006 1.105,459
819.318
1,133.143 -22.5 1,038,737
757,870
1,040,200 +5.0 1,006,983
1,300,684 -21.3
746,895
635,200
779,223 +22.7
887.942 -39.3
1907.

65,607.640 71,885,827 -8.7 65,260.700 56,756.494

131
132
132
132
132
132
Illinois Central
99
10034
9934
10034
100
10014
Louisville & Nashville
19
1934
1934
1934
1934
1934
Mexican Central
23
23
2334
23
23
Mo. Kan. & Texas, common 2334
56.
56
5634
5614
5654
5714
Preferred
4914
4954
4954
50
50
50
NationalRR. of Mexico
99
9914
9934
9914
9834
N. Y.Central & Hud. River_100
3334
33
3314
3334
3354
N. Y. Ontario de Western__ _ 3334
67
6734
6714
68
68
Norfolk & Western, common 68
8234
8234
8214
8214
8234
8234
Preferred
12734
12734
12714
12714
12834
130
Northern Pacific
5734
5734
5734
5714
5834
5734
a Pennsylvania
5254
5134
5234
53
5134
5134
a Reading Co
4234
4214
4234
4214
4234
4254
' a First preferred
4134
4134
4114
4134
4134
4134
a Second preferred
12.
11
1214
1114
13
14
Rock Island Co
7334
7534
7334
75
7634
7534
Southern Pacific
1034
11
1034
1134
1054
Southern Ity., common
33
33
34
3334
34
3434
Preferred
122
12234
12434
124
12354
127
Union Pacific. common
84%
8414
8454
8434
8434
8654
Preferred
28%
2834
29
2954
2834
2934
U. S. Steel Corp.. common
9334
9434
9334
9334
c9334
9334
Preferred
9
9
9
9
9
9
Wabash
1534
1534
1554
1514
16
1534
Preferred
4314
4334
43
4534
4334
4534
Extended 4s
-account.
a Price per share. b £ sterling. c Ex-dividend. d For March

1034

320

THE CHRONICLE.

[VOL. LXXXVI.

Auction Sales.
-Among other securities the following, not
The Philadelphia and Boston Clearing Houses also adopted
regularly dealt in at the Board, were recently sold at auction: the course
of not making public the returns of the individual
By Messrs. Adrian H. Muller & Son:
banks. The publication of the Boston statement, however,
Stocks.
Stocks.
was re-commenced on January 25.
142 W. J. Gordon Realty
100 National Realty Co-_ _ _ 26
Co
Below is a summary of the weekly totals of the Clearing$25,000
225 N. Y. Harbor Real Est.
15 Morton Trust Co
400
Co
House banks of New York City, Boston and Philadelphia,
45
35 Nat. City Bank of N.Y. 245
35 Carnegie Trust Co_ __ _159
10 Coal & Iron Nat. Bank,
The New York figures do not include results for non-member
175 Chase Nat. Bank 20534-213
New York
196
banks.
Bonds.
2 Foster Pump Works__ _ 102

40,000 California Calaveras
Mining.Co., $5 each_$100 lot
22 Am. Ex. Nat. Bank .2213
10 Greenwich Bank
265
5 State Bank
325
100 Rose Hill Cemetery Assoe'n,Linden,N.J..$18 per sh.
5 Guardian Trust Co
175%
25 Broadway Trust Co__.._ 110
50 Mutual Trust Co. of
Westchester County_ - _101
25 Nat. Park Bank
400
1,000 Westminster Hotel Co.,
$10 each
$100 lot

$500 N. Y. City Dock 3s Bond
1921. M. & N
8334 & int.
$500 Town of West Farms(now
City of N. Y.) 7s 2140. M.
& S
150 & int.
$5,000 Altamonte Water Supply Co. 1st 5s May 1905 coupons on
5105
$50,000 Edison Elec. Co., Los
Angeles, Cal., 1st & Ref. 5s
1922
1)834
$25,000 Grand Rapid & Muskegon Pow Co. 1st 5s 1931_ _ _ - 8934
$5,000 Ctn. N. 0. & Tex. Pac.
RR. Equip. 4s 1909
7934

DIVIDENDS.
The following shows all the dividends announced for
the
future by all large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam)
Baltimore & Ohio, common
Preferred
Buffalo Rochester & Pittsburgh, corn
Preferred
Chic. St. P. Minn. & Om., corn. & pref.
Cleve. Cin. Chic. & St. L., corn
Cleve. Lorain & Wheeling, common_
Clay°. & Pittsburgh, orig. guar. (quar.)_
Special guar. betterment
(quar.)-Illinois Central
Louisville & Nashville
Extra
N. Y. Chicago & St. Louis, 1st pref _ _
Second preferred
Norfolk & Western. adjustment.
Oswego & Syracuse, guaranteed Wet
Peoria & Bureau Valley
Extra
Pitts. Ctn. Chic. & St. Louis. common._
Reading Comnany, first preferred
. ome Watertown & Ogd., guar (guar.).
Utlea Clinton & Binghamton
Vandalia
Street Railways.
Boston Elevated
Chicago City Ry. (extra)
Columbus Ry. & Light_
Connecticut Ry. & Ltg.. corn. (assenrg)
Common (non-assenting)
Preferred
Geort,ta Ry. & Electric, cam. (quar.)_
Grand Rapids Ry., pref. (guar.)
Harrisburg Traction
Philadelphia Company, pref
Susquehanna Ry. Lt. & Power, pref
Twin City Rap. Tr., Minn. corn.(qu.)_
Union St. Ry., New Bedford (quar.).United Power & Transportation (Phila.)
Banks.
Twelfth Ward
Miscellaneous.
Amalgamated Copper (guar.)
American Chicle, common (monthly)._
American Cotton 011. common
American Glue, pre/
Amer. Graphophone, pref. (qu.)(No.51)
American Locomotive. common (guar.).
American Radiator, common (quar.)_ _ _
Common (extra)
Preferred (guar.)
Amer. Smelters Securities. pl. A (qu.). _
Preferred B (quar.)
Amer. Teleg. & Cable, guar. (quar.). _
American Tobacco, cont. (guar.)
Common, extra
British Columbia Packers' Ass'n, pref _ _
Cambria Steel
Casein Co. of Amer., pref. (qu.)(No. 31)
Commonwealth Edison (guar.)
Consolidated Gas, N. Y. (finar.). duPont(E.1.)deNemours Pow.. corn.(qu)
Eastman Kodak. common (guar.)
Preferred (guar.)
General Asphalt, vrcl.(No. 5)
General Chemical. cam. (guar.)
Jefferson & Clearfield Coal & Iron, pref_
Kansas City Stock Yards (guar.)
Knickerbocker Ice. preferred (No. 19)....
Mahoning Investment
Montreal Lt.,Ht.,S3P. (quar.)(No. 27).
National Carbon. pref.(guar.)
New England Telco. 4tr Teleg. (quar.). _
N. Y. & Queens Elec. L. & Pow., pref _ _
New York & Richmond Gas
Niles-Bement-Pond, com
Preferred (quar.)People's Gas Light & Coke.(quatr
.)
Premed Steel Car, pref. (guar.)(No. 36)
Procter & Gamble, common (quar.).___
Pullman Co. (guar.)(No. 164)
Pratt & Whitney, pref. (guar.)
Silversmiths Company (guar.)
Union Dag & Paper. pr. (guar.) (No.35)
United Bank Note Coro., rm.(guar.).
U.S.Cast I.Pine&Found.,pf.(qu.)(No 29.
U. S. steel 3.01-n., corn. (guar.)(No. 17)
Preferred ((mar.) (No. 27)
United States Telephone. pref.(guar.)._

Per
When
Cent. Payable

Mch.
3
2
Mch.
234 Feb.
Feb.
3% Feb.
Mch.
1
2% Itch.
14 Mch.
1
Mch.
Mch.
3
Feb.
lh Feb.
5
Mch.
5
Mch.
2
Feb.
434 Feb.
Feb.
1
Feb.
2
Feb.
2
Mch.
14 Feb.
14 Fel).
24 Feb.

Books Closed.
Days Inclusive.

2 Holders of rec.
2 Holders of rec.
15 Holders of ree.
15 Holders of rec.
20 Holders of rec.
2 Holders of rec.
2 Holders of rec.
2 Holders of rec.
2 Holders of rec.
2 Holders of rec.
10 Jan. 21
to
10 Holders of rec.
2 Holders of rec.
2 Holders of rec.
19 Holders of rec.
20 Holders of rec.
10 Feb. 1
to
10 Feb. 1
to
15 Holders of me
9 Holders of rec.
15 Holders of rec.
10 Feb. 2
to
15 Holders of ree.

Feb. 1
Feb. 1
Feb. 5
Feb. 5
Feb. 3
Feb. 7
Feb. la
Feb. 10
Feb. 10
Feb. 1
Feb. 10
Jan. 20
Feb. 7
Feb. 7
Feb. 4
Feb. 10
Feb. 10
Feb. 10
Feb.
Feb. 20
Jan. 31
Feb. 9
Feb.

3
Feb. 15 Feb. 1
to
Feb. 16
24 Feb. 10 Feb. 5
to
Feb. 10
Feb. 15 Holders of rec. Feb. 3
1
Feb. 15 Feb. 1
to
Feb. 15
15c. Feb. 15 Feb. 1
to
Feb 15
Feb. 15 Feb. 1
to
Feb 15
to
134 Feb. 20 Feb. 16
Feb. 20
14 Feb. 1 Holders of rec. Jan. 15a
3
Feb. 1 Jan. 28
to
Jan. 31
24 Mch. 2 Holders of rec. Feb. 10
2% Mch. 1 Feb. 19
to
Feb. 29
14 Feb. 15 Holders of rec. Feb. 1
Feb. 1 Holders of rec. Jan. 16
2
$3.31 Jan. 30 Holders of rec. Jan. 29
3

Banks.
New York
Jan. 4_
Jan. II__
Jan. 18_
Jan. 25_ _
Feb. 1_
Boston.
Jan. 11__
Jan. 18_ _
Jan. 25_ _
Feb. 1-I IPhila
Jan. 11...
Jan. 18_ _
Jan. 25_ _
Feb. 1_

Loans.

Specie.

Legals. Deposits. a Circulation.

Clearings.

$
292,496.9 1132,871.8 192,120.9 58,486,0 1048,465,8 72,316.3
292,496,9 1117,149,6 206,732.5 62,264,3 1051,651.0 72.295,3 1,335,387,8
292,496.9 1126,677.7 229,027,2 66.155,4 1098,188.5 70,910.4 1,397,075.2
292.496,9 1135,569.7 250,242,7 68.613,8 1127,168,0 70,053,3 1,770.084.3
1,548,455,9
292,496,9 1133,786,1 258,139,6 67,012,5 1138,501,5 69,263,7 1,340,131,4
44.036,0
44,036,0
44.036,0
44,036,0

188.854.0
188.581,0
188,066,0
189,100,0

54.440,0
54,440.0
54,440,0
54.440,0

223.142,0
222.920,0
221,389,0
220,325,0

10.762,0
21,655.0
22.433,0
21,804,0

3.979.0
3.122,0
3.428,0
3,205,0

216,267,0
216,011.0
210,320.0
209,605,0

144.558.9
176,542,8
149.881,2
131,619,8

233,865.0 18.111,0
235,469,0 18,054,0
234,083.0 18,049,0
235,732,0 18,019,0

46.514,0
48,146.0
50,032,0
52,940,0

10,841,0
10,778.0
10,777,0
10.732,0

116,322,9
127,193,4
113.718,2
108.777,8

a Includ ng Government deposits, and for Boston and Philadelphia the item "due
to other banks." At New York Government deposits amounted to $61,024,000 on
Feb. 1, against $69,608,400 on Jan. 25: at Boston on Feb.
1 to $6,427,000, against
$6,416,000 on Jan. 25.

Imports and Exports for the Week.
-The following are
the imports at New York for the week ending Feb. 1; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For the week.
Dry Goods
General Merchandise
Total
Since Jan. 1.
Dry Goods
General Merchandise
Total 5 weeks

1908.

1907.

53,662,6391
9.170.192

'

$4,562,080
14,3141,428

me.
$3,784,083
11,520,996

1905.
$3,883,669
13,162,790

$12,832,831 $19,203,508 $15,304,579 $17,046,959

1

$15,909,678 $20,400,862 $18,448,393 $16,222,688
38,247,465 62,645,683 51,416,407 54,533,280
$54,157,1431 $83,046.545 $69,864,800 $70,755,968

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week.ending Feb. 1 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
•
1908.
1907.
1905.
1906.
--For the week
$17,443,158 $11,417,445 $14,449,640 $ 7.558,942
Previously reported
62,527,210 49.002,957 49,662,891 41,210,073
Total 5 weeks
$79,970,368 $60,420,402 364,112,531 $48,769,015

The following table shows the exports and imports of
specie at the port of New York for the week ending Feb ..1,
and since Jan. 1 1908, and for the corresponding periods in
1907 and 1906:

Mch. 20 Holders of rec. Dee. 20
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Feb. 24 Holders of rec. Jan. 23
Feb. 20 Feb 15
to
Feb. 20
Imports.
Exports.
Mch. 2 Feb. 16
Gold.
to
Mch. 2
Feb. 1 fan. 23
to
Feb. 2
Week, Since Jan. 1 'Fee*. Since Jan. 1
Feb. 15 Holders of rec. Feb. 1
Feb. 26 Feb. 7
to
Feb. 26 Great Britain
$5,000 $3,413,212
Mch. 31 Itch. 22
to
Mch. 31 France
198,815
Mch. 31 Mch. 22
to
Mch. 31 Germany
1,500
7,500
Feb 15 Feb. 9
to
Feb. 15 West Indies
479,521
$53,425
1,187,984
$1,000
Mch. 2 Feb. 22
to
Itch. 2 Mexico
132,487
65,963
Mch. 2 Feb. 22
America
to
Mch. 2 South
119.678
2,500
241.685
500
Mch. 1 Feb. 15
to
Itch. 1 All other countries
111,821
192,039
Itch. 2 Feb. 16
to
Mch. 11
Itch. 2 Feb. 16
Total 1908
to
/deb. 11
$55,925 $783,483 $5,373,722
$1,500
Feb. 28 Feb. 18
Total 1907
to Feb. 29
65,735
356,167
1.000 1,330,585
Feb. 15 Holders of rec. Jan.31a
Total 1906
22,991
188,860
17,875 1,053,875
Feb. 10 Feb. 1
to
Feb. 9
Feb. 1 Jan. 22
Silver.
to
Feb. 2
Itch. 16 Holders of rec Feb.18a Great Britain
$3,251
$1,019,411 $3,280,614
Mch. 16 Holders of rec Mch. 5 France
13,747
. 234 April 1 Holders of rec. Feb. 29 Germany
19,305
11,705
1;4 April 1 Holders of rec. Feb. 29 West Indies
5,543
21,879
3.350
1,560
Feb. 29 Feb. 16
1
to
Mch. 1 Mexico
182,958
320,299
Itch. 2 Holders of rec. Feb. 21 South America
1
144.875
' 25,129
24 Feb. 15 Holders of rec. Feb. 5 All other countries
58,421
3,993
350
134 Feb. 1 Holders of rec. Jan. 15a
Feb. 19 Feb. 9 to
Total 1908
Feb. 19
$681,777
$1.020,971 $3,284,314 $233,571
2
Mch. 2 Holders of rec. Feb. 18
Total 1907
311,984
34,675
1,106,538 2.855,373
134 Feb. 15 Holders of rec. Jan. 31
Total 1906
19,214
232,748
1,876,299 6,615,269
Feb. 15 Feb. 5
13
to
Feb. 24
134 Feb. 15 Feb. 1
to
Feb. 14
Feb. 10 Holders of rec. Jan. 31
Of the above imports for the week in 1908, $503,717
Feb. 7 Feb. 4
to
Feb. 9
were American gold coin and $19,863 American silver coin.
14x Mch. 20 Itch. 13
to
Itch. 20
14 Feb. 15 Feb. 9
to
Feb. 16 Of the exports during the same time $1,500 were American
1% Feb. 25 Holders of rec. Jan. 20
gold coin and
were American silver coin.
14 Feb. 26 Feb. 6
to
Feb. 25
3
Feb. 15 Holders of ree. Jan.31a
2
Feb. 15 Holders of rec. Jan. 31
134 Feb. 15 Feb. 9
to
Feb. 16
134 Feb. 15 Feb. 11
to
Feb. 15
......
•-•,.
Feb. 15 Holders of rec. Dec. 31a
1
Feb. let Feb. 3
to
Feb. 16
We shall be pleased to mail to institutions and investors copies
Itch. 2 Feb. 11
to
Itch. 1
131
of our Bond Circular entitled "INVESTMENT OPPORTIJINIto
April 20
34 Mch. 30 Mch. 17
TIES." in which we review past events and existing conditions
1.4 Feb. 29 Feb. 6
to
Mch. 1
154 Feb. 15
in the financial and business worlds.
34
1
4
4
134
14
1
2
14
14
134
151
,
234
2%
34d
14
2
14
1

134

a Transfer books not closed. d For period from Nov. 20 1905 to May 20
e Declared 6% payable in quarterly installments. h Payable in stock of the 1906.
ville Psoperty Co. x 3% declared, 14% payable Mch. 20 and 14% June Louis20.
- •-•---•
___._-. _

New York City, Boston and Philadelphia Banks.
-The
New York City Clearing House has since the panic discontinued issuing its detailed statement showing the weekly
averages of condition of the separate banks, both the member and the "non-member" institutions. The last statement
issued, that for Oct. 26 1907, will be found in the "Chronicle"
of Nov. 2, on page 1124.




We omit two ciphers In all these Mires.

Capital
and
Surplus.

j
..0nhinç RUU
`

Spencer Trask & Co
WILLIAM AND PINE STS.,
NEW YORK
Branch Offices: Chicago, III., and Albany, N. V.

MOFFAT & WHITE
Members
5 NASSAU STREET.

New

York

Stock Exchanze.
HA.NOVER BANS ITIILDINII

DEALERS IN INVESTMENT SECURITIES
Commission Orders Executed for Cash Ogg/

113autzt?

z,ette.

Wall Street, Friday Night, Feb. 7 1908.
-We imagine
The Money Market and Financial Situation.
that no one well informed in regard to current events will be
at a loss to account for a large falling off in the volume of
business at the Stock Exchange and the decline of security
prices which has taken place this week. There is nothing
new in the general situation, however, except that the
opposition to corporations and corporate interests has been
emphasized and the extent of the paralysis which has overtaken so many of our industrial enterprises is better understood. The result is that the feeling of uncertainty in regard
to the future has increased, the investment demand recently
noted has almost entirely disappeared, and all classes of
securities have declined in value.
Money continues to accumulate at this centre. Last
Saturday's bank statement showed a surplus reserve of 40%
millions, as against a shortage of about 60 millions a few
weeks ago, and lenders find it difficult to place funds even at
the low rates now prevailing. The financial situation abroad
is illustrated by a slightly lower percentage of reserve reported by the Bank of England and by tendency to lower
security prices at London, Paris and Berlin.
The open market rates for call loans on the StockExchange
during the week on stock and bond collaterals have ranged
4
from 13%% to 2%. To-day's rates on call were 13 (4)2%.
Prime commercial paper quoted at 5),4@5%% for 60 to 90day endorsements and 5%@6% for best single names.
The Bank of England's weekly statement on Thursday
showed a decrease in bullion of £950,559, and the percentage
of reserve to liabilities was 54.41, against 56.68 last week.
The discount rate remains at 4%, as fixed Jan. 23. The
Bank of France shows an increase of 34,675,000 francs gold
and a decrease of 2,950,000 francs silver.
NEW YORK CITY CLEARING HOUSE BANKS.
1908.
Feb. 1.

Differences
from
previous week.

1907.
Feb. 2.

1906.
Feb. 3.

123,450,000 116,472,700
129,100,000
Capital
154,333,400 140,800,500
163.396,900
Surplus
0 Dec. 1,783,600 1,097,837,500 1,057,365,100
Loans and discounts_ _ 1,133,786,10
51,978,900
53,185,400
789,600
69,263,700 Dec.
Circulation
*1,138,501,500 Inc. 11,333.500 1,076,720,000 1,061,403,100
Net deposits
Inc. 7,896,900 197,800,300 192,492,100
258,139,600
Specie
83,986,300
84,013,800
67,012,500 Dec. 1,001.300
Legal tenders
Inc. 6.295,600 281,814,100 276,478,400
325,152,100
Reserve held
284,625,375 Inc. 2,833.375 269,180,000 265,350,775
25% of deposits
Surplus reserve_

32 1

THE CHRONICLE.

FEB. 8 1908.)

40,526,725 Inc. 3,462,225

12,034,100

11,127,625

last week and
*$61,024,000 United States deposits included, against $69,608,400
United States deposits
$16,384,300 the corresponding week last year. With these
would have been $55,782,725 on
eliminated, the surplus over the required reserve
Feb. 1 and $54,466,600 on Jan. 25..

practically all active issues closing from 1 to 2 points lower
than last week.
Rock Island bonds have been notably weak in sympathy
with the shares. Brooklyn Rapid Transits and InterboroMetropolitan 43's are down over 3 points and Mexican Centrals have lost a substantial part of the advance noted last
week. Other bonds which have been traded in are, as noted
above, generally from 1 to 2 points lower.
-Sales of Government bonds at the
United States Bonds.
Board include $3,000 3s, coup.,1908-18, at 1013% to 1013'
and $1,000 3s, reg., 1908-18, at 1013%. The following are
the daily closing quotations; for yearly range see third page
following.
Interest
Periods

Feb.
1

Feb.
5

Feb.
4

Feb.
3

Feb.
6

Feb.
7

registered Q-Jan *10331 *10331 *10331 *10331 *10331 *10331
2s, 1930
coupon Q-Jan *10331 *10331 *10331 *10331 *10331 *10331
2s, 1930
%
%
4
registered Q-Feb *1003 *1003 10131 *1003 *10031 *10031
Is, 1908-18
%
10154
coupon Q-Feb *x0034 *10031 *10031 10114 *10034 *1003
35. 1908-18
3s, 1908-18____small coupon Q-Feb *x0054 *10034 *10034 *10034 *118 *10031
-Feb *118 *118 *118 *118 *11934 *118
Q
registered
4s. 1925
*11931
coupon Q-Feb *x1954 *11931 *11931 *11931
45, 1925
-Nov *103 *103 *103 *103 *103 *103
2s, 1936_Panama Canal regis Q
was made.
* This is the price bid at the morning board; no sale

-One of the chief
Railroad and Miscellaneous Stocks.
istics of the stock market throughout the week has
character
been its dulness. On Tuesday the transactiOns aggregated
but
less than 268,000 shares and for the week have averagedconlittle more. The tendency of prices has been almost
stantly towards a lower level and the active list shows no
exceptions in this particular.
The anthracite coal stocks have been more or less conspicuous features of the market.
As for a long time past, Reading has been the most active
stock, but its fluctuations have not been especially wide.
Central of New Jersey declined nearly 10 points on the
offering of a few shares and closes with a net loss of 5. Delaware & Hudson is 6 points lower than last week. Pennsylvania and New York Central, on the other hand, are only
about 1 point lower. Rock Island issues declined sharply on
Monday, but both common and preferred have made sub4
stantial recovery. Union Pacific is down 43 points, Brooklyn Rapid Transit 4 and other active stocks from 2 to 33'
points.
All industrial stocks have followed the general trend of the
market. American Ice declined from over 18 last week to
13 to-day, and Air Brake is also 5 points lower.
For daily volume of business see page 329.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Feb. 7.

Sales
for
Week

Range since Jan. 1 .

Range for week.
Lowest.

100 $3 Feb
Alice Mining
Feb
100 14
Bethlehem Steel Corp
200 38% Feb
Preferred
200 75% Feb
Butt Rochester & Pitts._
Canadian Pacific rights_ 7,64: 831 Feb
20C 231 Feb
Chic Un Trac tr rects”.
Feb
106 40
Colorado Fuel & I. pref.
300 73% Feb
Federal Sugar Retg. pre
Feb
100 50
Chemical
General
Gt Northern subscrip'n
200 118% Feb
receipts 85% paid_
Feb
60 72
Homestake Mining
Feb
100 29
Kanawha & Mich tr rects
400 70% Feb
New York Dock, pref._ _
305 98% Feb
NY &NJ Telephone__ _
Feb
200 14
Peoria & Eastern
120 25% Feb
Rutland, ;get
Southern-M & 0 stock
100 77% Feb
trust certificates
Feb
200 82
United Cigar mfrs.. PrefFeb
• 100 95
U S Leather, pre(
1,300 9% Feb
Western Maryland

Lowest.

Highest.
$3
14
39%
77
9
2%
40
78
50

Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb

$3
12
35%
75%
8%
2
3 40
73%
4 50

1
5,
1
:3

Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb.eb

Highest.
$3%
16
40
77
9
2%
40
55
80

Jan

Jan
-The market was lower this week, inForeign Exchange.
Jan
Feb
fluenced by a light demand for remittance, by speculative
Feb
commodity
selling and by a good supply of bankers' and
Jan
Feb
bills. Gold exports, $500,000 to Argentina.
Jan
To-day's (Friday's) nominal rates for sterling exchange
Feb
were 4 84@4 84% for sixty-day and 4 87%@4 88 for sight.
118% Feb 1 11514 Jan 123% Jan
To-day's (Friday's) actual rates for sterling exchange were
Jan
Ja 72
Feb 6 67
72
Feb
Feb 29
4 8315@4 8325 for long, 4 8650@4 8655 for short and
Feb 4 29
4 29
2
Jan
Jan 71
Feb 5 70
5 71
4 8675©4 8680 for cables. Commercial on banks 4 823/ ©
Jan
Jan 102
Feb 3 98
5 100
%
Jan
4 823 and documents for payment 4 82@4 83. Cotton
Feb 15
Feb 1 14
14
1
Jan
Jan 28
3 25% Feb 3 24
for payment 4 82@4 823% , cotton for acceptance 4 823'@,
83.
%4
4 823% and grain for payment 4823
Jan 77% Feb
7 77% Feb 7 60
Jan
Jan 84
Feb 7, 80
7 83
To-day's (Friday's) actual rates for Paris bankers' francs
Jan
Jan 100
Feb 31' 95
3 95
5 16%h@5 16%a for
4
were 5 19%@5 183 for long and
Jan
6 11% Feb 511 9% Feb 13
were 94 5-16@)94% for
short. Germany bankers' marks
short. Amsterdam bankers'
long and 95 1-16d©95 1-16 for
guilders were 40 26@40 28 for short.
-There was little of interest to the transOutside Market.
Exchange at Paris on London to-day 25f. 16c. 'Week's actions in outside securities this week. Dealings were lim25f. 15e. low.
range 25f. 16 2c. high and
ited and generally at recessions in prices. With few exceptions,
The week's range for exchange rates follows:
ons were of small importance. Copper shares were
- fluctuati
Cables-Short
dull. Boston Consolidated Copper dropped from 163% to
Sterling Actual%
0 4 8735
14 8730
0 4 8690
14 8685
(R 4 8375
14%. Butte Coalition fell from 193 to 18 and ends the
4 8370
High
14 8675
4 8650
@ 4 8680
14 8645
0 4 8325
4 8315
Low
week at 183'. Cumberland Ely sold up from 8 to 83%, then
Parts Bankers' Francs
i5 16%h 0) 5 isq
down to 73/i and closes at 7%. Dominion Copper declined
0 51831
5i9%
High
15 1631d @51631
® 51931
520
Low
from 23 to 1 1-16 but recovered subsequently to 2. Greene
Bankers' Marks
Germany
Cananea moved down from 9 to 83/2. Nevada Consolidated
1 95 1-16
9531
9431
9431
High
1 94 15-16 0 95
® 9431
9414
Copper lost its recent gain, dropping from 11% to 9%, the
Low
Amsterdam Bankers' Guilders
final transaction to-day being at 10. Nevada-Utah sank from
6
)
1 40' 0 40 28 1
High
1
40%
1 40%
4% to 4, blit reacted to 43'. United Copper common sold
Low
4
between 63's and 63 . Nipissing declined from 7 to 6, the
h 3-32 of 1%.
Less: a 1-16 of 1%. d 1-32 of 1%.
final quotation to-day being 63(. Goldfield Consolidated
k 1-16 of 1%. x 1-32 of 1%. 113-32 of 1%.
Pius:
to 53-i. Micmac receded
The following were the rates for domestic exchange on went down from 5% to 5 and up ls included some of the
undermentioned cities to-day: Savannah from 43's to 33'. Sales of industria
New York at the
Oil was conspicuous for a sharp
buying 50c. per $1,000 discount; selling, 75c. per $1,000 inactive issues. Standard 485 it reached 513, but reacted
Charleston selling,.$1 per $1,000 premium. New upward movement. From
premium.
it closed to-day. Havana Tobacco
Orleans bank, par; commercial, 25c. per $1,000 discount. to 500, at which figure 14 to 173 , with 17 the final figure.
4
per $1,000 premium. St. Louis, 15c. per preferred sold up from
Chicago, 25c.
in at from 49 to 51. Ha$1,000 premium. San Francisco, 60c. per $1,000 premium. The 5% bonds were also traded from 32 to 383/9. A transbonds at the vana Commercial preferred rcse
-Sales of State
State and Railway Bonds.
in Western Ice was recorded, the first in some time,
Board are limited to $5,000 Virginia 6s deferred trust re- action 103' to 10%. The last previous sale noted was
at from
ceipts at 24.
2
283/. Chicago Subway was weak, losing 23% points
The market for railway and industrial bonds has been far around Part of the loss was recovered in a rise to 173%.
g to only to 16.
less active of late, the daily transactions amountin
t].th Ill
ated SS. 4s sold between 93- and 8%
about I% their recent average. Accompanying this decreas- Consolid quotations will be found on page 329.
Outside
ing interest in the market there has been a decline of prices,




New York Stook Exchange-Stook Reoord, Daily, Weekly and Yearly
OCCUPYING
STOCKS-HRIHEST AND LOWEST SALE PRICES
swanky
Feb. 1

Monday
Feb. 3

Tuesday
Feb. 4

Wednesday
Feb. 5

Thursday
Feb. 6

Friday
Feb. 7

Sales 01
the
Week
Shares

TAP° 4'A41EN
STOCKS
NEW YORK STOCK
EXCHANGE

If
Since Jan. 1 1908.
On basis of 100-share ion
Lowest

Range lor PreMous
Year (1907)

Highest

Lowest I Ilishest
Railroads
711_2 713 7218 71
7112 727
8 71
4
72
7058 7114 7012 7114 29.700 A tch Topeka & Santa Fe 6818 Jan 8 74/2 Jan 18
6638 Nov 10814 Jan
87
87
867 867
8
8 887 87
8
87
87
8613 86 8 3612 8610 1,900 .23. Do pref
5
58414 Jan 2 8712 Jan 20
78 Nov 10158 Jan
74
*67
*68
73
570
70
68
68
08
68
6712 671.
420 Atlantic Coast Line RR
6712 Feb 7 -513 Jan 18
58 Nov 13313 Jan
8314 8414 8218 83
8318 84
83
8413 815 8.314 8014 8214- 19,950 Baltimore & Ohio
3
F014 Feb 7 L013 Jan 14
7538 Nov 122 Jan
*83
*83
85
85
*83
85
*83
85
*33
85 *83
85
Do pref
80 Jan 3 85 4 Jan 21
3
76 Nov
9412 Jan
4512 467
8 44 4 45 4 4553 4614 4412 4618 443 4538 4212 451 77,500 Brooklyn Rapid
3
3
3
Transit_
38 Jan '2 4712Jan 29
4
72463124 NovNo
*_ 70 *_-- 70 *---- 70 *-_-_ 70 *_- 70 *--_
8354 Fon
80 Ja b
3
Buffalo et Susque, pref
70
151 15112 14834 16014 151 15118 150 150 4 *14912 15013 149 0
3
1 14912 1.900 ('lanadian Pacific
:14734Jan 22 15834 Jan 11 138 Nov 19512 Jan
*57
60
*57
60
55
55
*55
60
56
56 *56
60
500 k)anada Southern
15 Feb 4 62 Jan 18
52 Nov
6512 Jan
165 155 *160 165
5170 170
16013 162
165 165 4165
785 Central of New Jersey
1E94 Feb 5 183 Jan 13 144 Nov 220 Jan
2912 294 2918 2934 2914 2914 2918 2913 2812 2914 28 165
28
53 4,900 Chesapeake & Ohio
28 Feb 7 32 4 Jan 15
3
' *10
n
14
*10
14
1178 1178 12
12
*10
13
*10
13
275 Chicago & Alton RR
117 Feb 4 1413 Jan 14 52218 Nov 5712 j n
8
814 Nv. 2
8 Ja
__ 30 *7,7- 50 *---, 49 *,. 49 *____ 49 *--_- 49
Do pref
48 Sep
69 Jan
44 4 8 55
7
5
44 5
4 4 47
3
8
418 4 4
4
3
412 6,585 Chicago Great Western._ _
4 Feb 7
67 Nov
8
813 Jan 3
18 Jan
*401
8,-- *4018 2
-- *4018 ___ *4018
__
404 4018 39
Do 4% debentures__ _
39
200
39 Feb 7 491.Jan 4
46 Dec
70 Feb
*20
25
*20 25 *20 26 *20 -2018 2038 *20
25
25
Do 5% pref "A"
225
2018 Feb 6 31 Jan 6
21 Dec
713 Feb
*612 0 8 *612 07
5
8
613 64
512 618
58 6
5
512 5 4 2,377
Do 4% pref "B"___
3
512 Feb 5 10 Jan 6
814 Dec
2614 Jan
1115 11314 110 8 11153 11114 11212 11012 11212 11014 11112 11014 1113 42,094 Chicago
8
5
Milw & St Paul:: 1(1313 Jan 2 1174 Jan 18
9312 Nov 1571. Jan
14213 14213 5142 142 *142 145 *138 144 4143 143 8
144 144
629 Do prof..
138 Jan 3 145 Jan 11 130 Nov 16512 Jan
*104 108
7777
510314 10314 10312 10313
- 7777
*10312 10613
Do coin Ws 25% paid 9812.fan 3 1092 Jan 20 :85 Nov 141 Jan
176
-132 1327 13112 13 - 132 4 1323- 131 13112 1305 1307 13014 130
2
3
3
4
8
8
Do pref etts 25% paid 125 3Jan 2 136 Jan 20 Ill Oct 140 Jan
12 2,750
5
145 145
12 143 144 514378 146
12
14318 14314 143 143
1427 1427
3
8 1,715 Chicago & North Western 13513 Jail 2 15232 Jan 18 120 Oct 205 Jan
*185 209 *180 200 *185 205 *18.5 205 *185 209 *185 200
Do pref
4165 Jan 11 195 Jan 25 185 Oct 234 Jan
12112 12112 x11612 118
118 ,118
11712 119
118 118 *118 122
1,551 Chic St P Minn & Omaha 511612 Feb 3 13213 Jan 20 106 Oct 170 Jan
*150 160 *145 160 *145 155 *145 160 *145 155 *145 155
Do prof
14012 Jan 3 153 Jan 27 13712 Dec 165 Jan
a
5 *_ _
5 *
_
5 a
_
5 *
5
5
Chicago Termizel Transfer
4 4 Jan 14
3
4 4 Jan 14
3
;51 16 *i5 15 idiri 15 ;i5 15 ;i5_ 15 *_ .. 15
1,34 Feb
312 Oct
*i5
Do pref
11 Jan 6 12 Jan 2.3
a Met 25 Jan
---_
Chicago Union Traction_
2 Jan 14
2 Jan 14
258 Aug
614 Apr
Do prof
- 62
-E112 ---- ---- 12 - - 1213 Jan 14 1213 Jan 14
1938 Jan
7 Dec
5112
- *85
------ --ii; Hi's iii 'Pio-----125
4800 Cleve Cm n Chic & St L
.
48'2 Jan 28 62 Jan 15 48 Nov
*85
927s Jan
90
*85
92
*85
90
*89
*85
90
92
*86
92
Do pref
80 Jan 6 92 Jan. 8
2478 2514 2413 2434 2414 243
NovDe
(
n
8176 Dec 13 1 ; J a ti
I
4 2438 2434 2412 2412 241:, 24 4 5.980 Colorado & Southern_ _ _
3
2313 Jan 2 2633 Jan 22
52
52
52
52
52
52
52
52
552
52
518 5134 1,125
4
Do 1st preferred
503 Jan 2 524 Jan 4
3
41 Nov
4212 4234 4112 42
6912 Jan
4214 4234 *42
43
*41
43
*41
42
Do 2d prefeived
600
4113 Jan 28 • 4412Jan 6
2913 Nov
15014 152 8 14914 1504 15114 152
3
51312 Jan
149/8 15112 14613 149
14514 147
11,943 nelaware ec Hudson
14514 Feb 7 168 Jan 10 12338 Oct
*460 500 *460 500 *460 500 *460 500 *460 500 *460 100
.a.zelaware Lack & West_ 420 Jan 6 500 Jan 8 36912 Oct 22713 Jan
510 Jan
'20
2012 20 2012 2012 2012 197 20 8 19 4 19
3
3
3
73 1934 1978 1,800 Denver & Rio Grande
19 4 Jan 1.8 2133 Jan 6
3
Nov
5
11 No
58
81 Jan
4:
58
o
457
58
455
58
*5413 58
557
5712
*5412 57
Do pref
366
57 Jan 6 597 Jan 14
Jan
*38 -, *38
3914 *38 _
*38 - __ *36 ---- -7- - .._ ___
Detroit United
38 Jan :.:1 3814 Jan 8
*7
- - *7
77s
313.1
313.4 Dec
77
801s Jan
8 *7
- s
if
7
7 .._ __
- _ *7
8
100 Duluth So Shore & Atian
7 Feb 6
87 Jan 31
8
614 Oct
*1412 17
1912 Jan
12 1413 1412 *141_2 16
1312 1312 13 -13 *1212 17
600
Do pref
13 Feb 6 1814 Jan 10
.
10 No%
30 Jan
147 154 143 15
8
4
*147 1514
8
15
15
15
15
1414 147 10.450
8
1414 Feb 7 171 Jan 3,
4414 Jan
3134 3134 3038 31
1214 Nov
31
3133 30 4 30 4 30 8 31
5
Erie
3
3
293 3013 2,020 .1.2 Do 1st pref
4
29 4 Feb 7 1523 Jan 10
3
28 Nov
*21
7378 Jan
22
2134 213
4 22 8 2238 *21
3
2212 2112 2112 2012 2113
800
Do 2d prof
2012 Feb 7 2614 Jan 10
20 Nos
67 Jan
*65
80
*65
80
*65
80 *65
*65
80
80 *65
80
Evansville & 'Terre Haute
*75
90
*75
90
*75
90
*75
*75
90
00
*75
90
Do pref.
,
00 Apr
442 Apr
120 1217 119 12012 120 121
3
118 11912 11812 11914 19,640 Great Northern pref____ 11514 Jan 2 x12534
11918 121
53
Jan 18 10712 Oct 18934 Jan
5212 51
52
51
52
5214 5212 5213 2,800 Iron Ore properties_ _
52
5212 5212 53
4812Jan 2 55 4.Tan 11
3
88 Jan
37 Oct
- .....- Green Bay &W,deb ctf-A
75 Oct
75 Oct
iiiii 1634
_
_
. _
_
_ .7.55T2
ii54
9 Do
deb etf B
8 Jan 14 1314 Jan 23
1412 Jan
534 Oct
*20
30
ii5 16 ;Fel 16 ii5 30 *20 16 _ *20 162
30
Havana Electric
2410 Oct
47 Jan
*65
95
*65
95 *
95 *
95 *65
95
*65
95
Do prof
170 Jan 8 570 Jan 8
8612 Jan
72 - Apr
69
69
65
---------------------------300 Hocking Valley tr recta
67
7
65 Feb 3 75 Jan 13
03 Nov 114 Mch
*70
75
*70
75 - *70
*70
75
75
75
*70
*70
75
Do prof
70 Jan 2 80 Jan 0
94 Jan
64 Nov
128 128
12712 12712 12678 127
12712 12712 12613 127
1267 12853 1,105 filinols Central
8
123 .Tan 2 133 Jan P. 116 Nov 172 Jan
8.
84
3
8
812
712 8
8
814
713 7
53
18
712 7 4 2.970 interboro-Metropolitan _
3
63
4Jan 4
878 Jan 31
:19 Jan
478 Oct
2014 2212 20
2012 20 4 2112 *18
3
22
*2018 2134 *19
2134 2,300
Do pref..
1814 Jan 4 2314 Jan 29
7814 Jan
14 Nov
1178 12
*11
12
412
12
*1112 1212 5113 113 51014 1014
4
4
230 Iowa Central
103 Jan 0 1314 Jan 14
8
2873 Jan
012 Nov
*29
31
*29
31
28 4 2014 *28 3 3013 *28
3
5
31
*28
30
700
Do pref
28 Jan 14 31 Jan 14
61 Jan
29 Dec
*62
70
*62
65
*62
65
65 *62
65
*62
*62
65
VC Ft S & M,tr cts prof 62 Jan 22 70 Jan 13
80 Jan
60 Oct
*21
23
21
21
*21
23
21
2112 *2012 2234
*20
21
422 Kansas City Southern
21 Feb 3 2373 Jan 0
3034 Jan
18 Met
51
51
*50
5212 50
50
4912 4913 *4913 52
50
50
510
Do pref
4913 Feb 6 64 Jan 14
45 Met 6134 Jan
1414 1414 1414 1513 *14
16
16
*14
*14
16
1334 1418 1,300 T
Erie et Western
12 Jan 4 1510 Feb 3
e
v (1712 j n
2812 Ja
2101
*36
*36
45
45
*36
45
*36
45
*36
45
*36
45
-Li Do pref
6712 Apr
3
39 4 Nov
*30
35 *30 ' 35
*30
*30
35
35
30
30
*30
35
100 Long Island
30 Feb 6 3434 Jan 11
Dec
9734 973
9634 97
98
98
4 9712 9712 598
9618 9534 9618 1,650 Louisville & Naahville
90 4 Jan 2 10312 Jan 18
3
8612 Nov 1454 Jan
128 128
29 130
129 130 4
128 129 *128 129
3 13
3
2,500 lt/ranhattan Elevated
120 Jan 4 13212 Jan 29 1007 Oct 146 Feb
8
*23
2012 2058 ------- ------------------ --30_7
25
alketropolitau Street
20 Jan 15 25 Jan 10
23 Dec 107 Jan
1812 19
1814 18 8 1814 - 8 18 3 18 8 183 18
5
7
187
7
8
58 163 1812
4
500 Mexican Central
3412 Jan 2 20'3 Jan '28
4
123 Nov '275s Jan
2438. 2413 2414 2414 *24
24
24
24
26
24
2312 2334
700 Minneapolis & St Louis_
2313 Feb 7 2014 Jan 15
h
59 maan
DecDec 1000408 J aeno
*64
6413 6413 *64
69
69
6412 6412 *60
69 *64
68
200
Do pref
6212Ja11 2 67. Jan 18
93 93
9358 9212 9313 *9212 94
*9213 96
93
*93
93
1,000 Minn St P & S S Marie__ _
7914 Jan 2 947 Jan 13
60 Oct 14014 Jan
8
*120 130 *120 128 *120 130 *120 130 *120 130 *120 130
Do pref
•
124123an 0 1313
4Jan 13
2234 '2312 2233 2234 2212 2278 2212 2278 2253 2258 22
2212 5,800 Mo Kansas dc Texas
22 Feb 7 2713 Jan 14
0234 Jan
0 4 Oee
4111 Dov
3 N t
54 4 5434 55
3
55
*547 56
8
56
4
5412 543 *54
.5514 5514
600
Do pref
723 Jan
1413 Feb 6 5912J43n 11
a3 Nov
4178 43.58 4118 4212 4212 43
4112 4234 4138 424 41
42
15,100 Missouri Pacific
41 Feb 7 47 Jan 2
105 108 5108 108
10713 10712 104 104
103 104 *102 110
1,042 Mash Chatt & St Louis_
97 4.Tan '2
3
07 Dec 147 Jan
Jan 14
$
*--_- 497 *---- 497 *49
8
50
50
*4912 51
*4913 51
100 11 at of Mex. non-cam pf 43 4 Jan 0 11414 Feb 1
3912 Nov
3
50 3 Jan
3
50
*.„--2112 *„.„. 21 „
4978„„ ,-- -7
„ „
- *-7-, 2013
Do 2d pref
27 Feb
1312 Oct
954 967
3
6
8 9
7 9
514 90
974 95 8 ---34 9534 96 4 27,130 N Y Central & Hudson....
8 9618 - 8 1W4 9673
9013 Jan 2 103 Jan 14 x8a Dec 13434 Jan
29
29
*27
31
*28
*28
31
50
*2712 31
3014 3014
600 N Y Chic & St Louis_ _ _ _
6313 Jan
2413 Jan 3 3334 Jan 14
1034 Oct
*90 100 *85 102
*90
98
*90
*89 100
97
*85
95
Do 1st pref
90 Jan 14 90 Jan 14
85 Nov 110 Jan
69
69
673 69
4
*65
70
70 *60
*55
70
5597 597
3
8
350 Do 2d pref
9131Jan
847$ Jan 8 70 Jan 11
41 Oct
*13412 138
13412 1344 *132 13713 *13312 13713 *13312 137 *13312 13712
1
200 N Y N Haven & Hartford 1283
8Jan 6 13913 Jan 1.3 1273 Nov 180 Jan
8
3212 3234 32
3214 3212 3212 32
32
3214 32
313 317
4
8 2,350 N Y Ontario & Western- _
3134 Feb 7 30 Jan 14
483: Jan
28 Oct
*68' 67
16812 6612 *65
67
566
6518 6518 6314 65
68
2,115 Norfolk & Western
6314 Feb 7 70 Jan 11
9214 Jan
56 Oct
*76
*75
80
*75
80
*73
80
80
80
*75
*75
79
Do adjustmen
ZO Oct
9012 Jan
79 Jan 17 81 Jan 1
12334 126
14 1223 1244 1233 12518 12318125 4 1227 12414 123 12438 109,288 Northern Pacifict pref_-_
3
3
8
4
1167 Jan 2 512912 Jan 14 1004 Oct 18912 Jan
8
10714 108
14 10812 107
10713 10713 107 10753 10612 107
10658 107
4.965
Do sub-scrip reels
9112 Nov 134 Feb
105 Jan 2 112 Jan 11
90
90
*89 4 9012 893 89 4 *88
3
8814 8814 88
91
88
4
3
400'pacific Coast Co
80 Jan I D32 Jan V
66 Nov 12418 Jan
*85 100
*85 100
*85 100 *85 100
*85 100
*85 100
-IL
Do 1st pref
76 Nov
65 Nov
*86
92
*86
92
*8412 85
*86
90
92 *86
*83
85
Do 2d pref__-.
85 Jan 9 97 Jan 1:
85 Dec 125 Men
11178 1123 11118 112
4
11134 112 8 11112 1125 11112 11238 11138 11214 89,716 Pennsylvania
8
5
10834 Jan 2 117 8 Jan 2( 510312 Nov 10132 Jan
758
4 18
*65
70
7
6558 65 8 66
5
*64 70
70
66 *63
*63
70
300 Pittsb Cin Chic & St L_
59 Jan 7 70 Jan 21
*80
95
*80
95
*80
*85
95
95 *85
95
*85
95
Do pref
347 Jan 7 90 Jan 1
Jan
10012 103
58 9913 1007 10034 1023 100 10234 995 10114 99 4 10114 628,044 illi cadlIK
8
8
8
3
9413 Jan 2 x111 Jan 1
*82
88
0
03O Oct 130's Jan
78112 CIC ot
*82
5 4 ec
88
83
83
88
*81
88 *82
*82
88
110 ILL 1st prof
78 Jan 2 84 Jan 1
*7813 80
*78
80
*77
79
*77
7612 781
79
79
*77
,
200
2d prof
76 Jan 6 1321 Jan
1258 1334 1012 127
8 1112 1214 1134 1214. 1113 117
8 1158 117i 28,810 Rock Island Company
1013 Feb 3 13 Jan
32413 j n
190 ja
) J
2458 2678 20 4 24 4 2313 25 8 2412 26
17 Nov
6114 Nm
3
3
2413 25
3
2413 243 30.860 Do pref
4
6412 Jan
2034 Feb 3 303j Jan
2612 Nov
62
*57
50
55
67
60
*45
57
*50
61
5014 51
620 St L & San Fr. 1st pref
50 Feb 3 0434 Jan 1
Jan
Oct
27
27
2313 2838 24
2478 24
25
24 4 2434 24
3
2514 2,875
Do 2d pref
2312 Feb 3 3(114 Jan 1 3
71 ,Ian
8 i n
*1112 1412 *1112 1412 1312 14
2
584 Nov
*13
15
*13
*13
14
14
300 St Louis Southwestern..... 1312 Feb 4 1513.Jan 1 5
2512 Jan
2912 3018 *29
ii
11 Nov
3153 30 30
*29 • 3158 *2913 3138 *294 315
8
200 Do pref_
29 Jan 2 3212 Jan 21
6212 Feb
7313 74
25 Nov
58 7253 73
7234 7312 7134 7314 7113 7138 707 7114 44,200 Southern Pacific Co
8
x7034 Jan 2 713 Jan 21
0614 Jan
11113 11112 11114 11112 11114 1113 11013 111
I
6314 Oct
110 8 1103 110 11012 3,660
8
.!
5
Do pref
106a Jan 2 112 Jan 21 100 Oct 11813 Jan
1012 11
103 10 8 10 3 10 8 1012 104 1014 1610 1014 1012 2 000 Southern tr
8
3
3
5
.
v
cfs stamped
94 Jan 13
34 Jan
1314 Jan !2
3213 33
10 Nov
3214 3212 32 3 32 4 32 8 32 8 32
3
323; 3213 33
3
3
3
2,000 Do pref
do
2978 Jan 10 37 Jan :
, 14410 Jan
291, No
1914 1912 1813 19
18 4 1914 19
, 1834 19
3
2,600 rrexas Sc Pacific
1914 1014 191
1814 Jan 22 21 Jan 15
1712 Nov
21
3718 Jan
21
19
20
2114 2114 22
22 - *17
*20
22
22
700 1. bird Avenue (N Y)
18 Jan 1:
*1013 12
16 Nov 123. Jan
223.1Jan 2'
101. 1013 101. 1012 *1013 11
9
1012 101. *9
12
913.Tan . 3
500 Toledo Railways & Light
9 Dec
1413 *1212 1412 141.- 14 8 1414 1414 12
*11
241 Jan
0
1314 Jan 2
4
3
4 14
13314
600 Toledo St L & Western
12 Feb 6 16 Jan 14
163 Dec
4
3312 34
3334 Jan
33
3414 3312 33 4 33
3334 34
3
33
34
3414
1,800
Do pref
8412 8412 383
83
5478 Apr
8314 8314 8312 8312 8213 8212 7814 813
3
20 4 Nov
33 Feb .3 377 Jan 1
4 1,558
7814 Feb 7 8'3l.( Jan 4
3
3
120 4 1233 11914 12058 12014 12114 1184 1213 11838 11934 UM 119 s 300,917 Twin City Rapid Transit_
68 4 Nov 10813 Jan
3
4
3
1 Tnlon Pacific
11614 Jan 2 12853Jan 113 100 Oct 183 Jan
342
8?
, *R0
83
*82
344
*341
R4
821, 8421, S2
83
nref
RO J.n 4 R43. J..i. 1
) Da
700 t
1,
1V
71.

623

121:

BA NKS AND TRUST COMPANIES-BROKERS' QUOTAT
IONS.
Banks

Bid

Ask

Banks
Bid
Ask
Bid Ask
Banks
Ask
Bid
Banks
Bid Ask
Banks
Bid
Ask
Banks
Chemical __ 385 400 Fifth Aye¶_ 3700 3900 Imp & Trad 515 530
Metropolis
390
New York
-_- Oriental 11-- ..7 - _-_-,Citizens' Ctl 125
130 Fifth
340
_--- Interboro 11_
_. 155
Ntetropol'n¶ 157
175
Aetna
165 Pacific ¶..- 23 - 25U
City
0
252 First
1245
575 625 Irving N Ex 170
185
Mt Morris¶_ 220 240 Park
America 11.. 480 500 Coal & Iron 1196
390 410
---- 14th St 11
„-- Jefferson ¶. 175
200
190
Mutual I__ _ 250
140014
Amer Exch. j22112 ..... Colonial 11- . 700
275 People's ¶1
-- Fourth
185 Liberty_ _ _ _ 425 475
180
Nassau ¶__ _ 200 210 Phenix ..
125 Columbia 11. 400
Battery Pk_ 115
140
150
500 Gallatin
325 340 Lincoln _ ___ 1100 1250 New
Bowery 11 „.. 310 325 Commerce - 1150 1151
Amst-- ,
- Plaza 11-7, 570
Garfield
300 325
Manhattanll 265 275
IironxBorcli 300-.-. Consol't'd
0 22
.....,
0 Prod Each 11 104
115
130 Germ Am 11 130
140
Mark't&Ful 250 265 New Neth'd 20
NewYorkCo 1200
Butch & Dr 150
150
160 Copper ...,.._ 19212 1071: Gerrren Ex11 500 525 mechanics',. 210
-....- Riverside
220 New York _ 260 285 Seaboard
185 Corn Ex ¶ _ _ 275
Century 11- 171)
325
350
285 Germania ¶ 500
--- Mach &Tra ¶
--- _ N'ht &Day¶ _ __ 41)5 Second ___ _ 600
Chase ___- 1205 4 1213 Discount II_ 150
3
160 Greenwich 11 1265
_.... Mercantile _ 1 -15 125 19th Ward 17 -_ 400
Chatham
300 315 East River_ 135
1325
_. _
State 11- 145 Hamilton 11_ • ---,- Merch Exci 170
180 North Amel ---mita:4,0Ra 11 200
-_-- Fidelity 11.._ 160
-. 12th War(111
175 Hanover
475 418
Merchants'.. 145
155 Northern
fan 236 Wrird
*1316 and asked prices• no sales were made on this day. I
x-rights. S Less
3 Sale at Stock Exchange or at auction this week. c Ex-beneficial interestan than 100 shares. Ii State banks a Ex dia (lend / nd deans. a
ore properties. h 1st instalim't paid. n Sc
d at private sale at this ',Ca:,




New York Stook Record-Concluded-Page 2

FEB. 8 1908.)

STOCKS
-HIGHEST AND LOWEST SALE PRICES
Saturday
Feb. 1

Monday
Feb. 3

7'iteselay
Feb. 4

Wednesday
Feb. 5

Thursday
Feb. 6

Friday
Feb. 7

Sales of
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

600 Unit Rys Inv't of San Fr_
200
Do pref
,
1,104 Wabash
1,30( VY
Do met
108 Wheeling & Lake Erie
Do 1st pref
Do 2d pref
471
Wisconsin Central
401
Do pref
Industrial&Miscellaneous
A dams Express
*160 180 *16(3 180 *166 180 *166 180 *1(36 180 *166 180
*512 614
101 1 -Ills-Chalmers
6
6
*512 612 *534 61
01:
61: *6
: *6
101
Do pref
1834
20
*18
20
*18
1814 1814 *18
20
20
*19
*19
5014 4918 403, 153,421 malgamated Copper_
8
5014 5114 507 5112 497 5112 49
8
5078 5214
1712 1634 17
*1634 1714 4,200 Amer Agricultural Chem..
14 17
1712 183
4 1612 1718 1712 17'
Do pref
8412 *80
84
*80
84
8412 *75
:
841 *79
8412 *80
*80
600 American Beet Sugar
*1012 1112
11
11
1012 1012 1014 1014 1018 1014 *1012 12
Do prel
*65
76
76
70 *65
76
76
76
401 American Can
5
413 41:
13
412 412
*412 514 *412 514 *412 514
, 49
Do pref
1.201
49
4914 •491f
5s 4914 49% 4934 60
49
4912 49 4 *48
3
2812 2978 2814 2832 2814 2812 6,690 American Car & Foundry
8 2912 2912 2912 30
2912 297
Do peel
320
_
_ *87
89 89
*87
80
89
3
4
1883 88 4 89 89
8 3234 3278 *3212 3314 3212 321: 1,500 American Cotton 011__
3214 3258 3278 327
3212 3234
Do pref
85
*80
85
*80
85
*80
*80
85
85
*80
85
*80
424 American Express
180 180 *175 180 *175 190 *175 190
181 ;185
*180 190
500 American Grass Twine
5
412 412 *41 1 4 4
*4
412 412
3
5
*4
5
*4
300 American Hide & Leather
8
*34 37
3
33 338 *3 8 312
3
314 314 *34 314 *318 314
Do pref
101
15
*13
*1318 15
15
*13
*13
15
14
*1312 15
14
1C:4 9 251 American Ice Securities_ _
8
163 17
4
153 161
: 13
s
8 17124 1712 175 175
3
1734 177
American Linseed
9
9
*7
*7
9
9
*7
9
*7
*7
9
*7
Do pref
*1812 24
*1812 25
*1812 29
*1812 20
*1812 20
*1812 19
8,816 American Locomotive_ _
3434 35
4
4
373 373
4 3638 373 x3414 36
8 3612 37
4
363 373
Do pref
821
00,
8812 *86
8812 9014 86
91
91
191
92
491
*90
American Malt Corp_ _
5
*3
5
*4
5
5
*4
5
*4
*4
5
*4
Do pref
30
30
30 *24
*26
*26
*26
30
30
*20
30
*27
4 2,275 Amer Smelters Sec pref B
783
78
78
7812 77
3
3
79 4 79 4 76
7934 7814 80
79
3
8
3
663 6718 63 4 661, 6331 65 8 6433 6517 29,070 merSmeitIng & Refining
65 s 663
6578 6814
3
4
Do pref
9018 9012 0012 9078 3,100
9014 91
9058 9012 91
9118 9112 90
100 American Snuff
125 125
*150 240 *150 240 *150 240 *150 240 *150 240
100 Do pref
88
*81
*81
*81
88
88
88
*7812
81
81
88
*81
200 American Steel Foundries
*512 6
*512 6
512
512
*512 (I
*512 6
*512 6
Do pref
450
30
3012 3012
34
*30
*34) 34
30
34
*30
33
*30
5,500 American Sugar Relining
112 1123
4
8
4
4
3
4
1113 113 4 11114 11218 1123 1133 112 1123 11112 11212
Do pref
400
112 112 *111 113 *112 113
112 112 *111 114
113 113
merican Teleph & Teleg
*107 110 *106 110 *10(3 110 *1(17 110 *10612 110 *10612 110
800 merlcan Tobac (new), PI
79
191 1914
*7914 8011 79
3
*79
70
8112 79 8 80
7912 8018 .79
800 American Woolen
*1812 20
8
5
18 8 183
19
1012 18
*18
1812 19
Do pref
610
80
*82
18414 8414 84
8414 *82 • 86
87
86 *84
*84
3218 2,600 dAnacondaCopper Pur$25
3214 32
3
32 8
8
327 3314 3212 3212 3212 3278 32
218 21f, 8,583 dBalaklala Copper Par$10
218 212 *214 314
212 258
3
2 8 258
218 212
800 BatopilasMining Par 820
8
32
278 278
314
318 314 *3
314 314
314 314 *3
rooklyn Union.Gas.,..
*90 100 *90 100
*9() 100
*90 100
*90 100
*90 100
*6
100
runswIck Dock &C Imp
8
*6
8
8
*6
8
*6
612 612 *61:: 8
100 Materiel( Co
15
15
110
10
*1412 20
• *14
*1412 20
20
20
*14
1712 1712 , 2,050 lentral Leather
,4
183
4
s 173 173
1814 18
4 1812 1812 18
4
4183 183
82
8278 83
8234 1,200 Vi Do pref
4
823 83
84
*83
83
83
84
84
8 1818 1812 18
1814 5,410 Colorado Fuel & Iron_ _
1918 1812 1918 1812 183
19
1914 20
400 Col do Hock Coal do iron...
4
4
4
4
*15
4
163 *153 163 *153 163 *1512 1612 1614 1612
17
*10
1.370 Consolidated Gas(N Y)
99
97
9712 98
97
9814 9814 98
4 08. OS
98$4 983
2,100 Corn Products Itefining
1238 123
1112 12
4
s
1314 1338 123 13
13
1312 1312 13
Do pref
900
62
00
60
60
63 03
05
*6112 65 *02
65
*63
315 315 *3113 321: 2,360 Distillers' Securities Corp
8
8
.8
3212 3214 3214 313 32
32
4
323 33
Federal Mining & Smelt'g
80
*40
80
*40
81
*40
*40
81
81
*40
81
*90
235 Do pref
3
65 8 *5934 653
s
*59
64
3
65 8 04
06
66
3
4
4653 65 4 *63
1.200 General Electric
11712 118
118 8 1185 11812 11812 118 118
3
8
119 110 *11812 121
Granby Goes M S & P.
95
*85
95
*85
95
*85
95
*85
05
*85
95
*85
7
*6
nt Mer Marine stk tr ctfs
7
*5
7
*5
7
*5
7
*5
7
*5
Do pref
8
20
*167 20 *1612 1012
*16
20
20
*16
20
*16
*10
700 International Paper
1012 1012
11
*10
11
5
8 103 103 *10
8 10 4 107
8
107 107
4
4
Do pref
1,650
8
597 61
61
6112 60
60
60
60
3
60 4 61
6012 61
International Power
40
40 *25
*25
*25
40
*25
40
40
40 *25
*25
193
8 19
4 8,425 Internat Steam Pump
8
1714 1812 18
19
2014 1912 2018 187 197
18
Do pref
68 *66 (39
68 *63
6812 *66
6812 *67
*66
6712 *65
125 ackay Companies
544 5418
55
155
*5434 56
*5334 5512 *54
56
*5434 (SO
Do pref
400
63
*59
01
61
6212 61
*6112 (34
*61
61
64
61
700 'Motional Biscuit
74
74
73
73 *73
73
74
*73
*7312 76
75
*70
13 -LI Do pref
*106 113 5106 106
*107 109 *107 109 *106 109 *106 109
*712 912
Nat Enamel'g & Stamp'g
10
8
*7
10
3
*712 9 4 *8
3
9 4 *8
*8
Do pref
300
5
78
74
74
*60
75
75
80
82
*65
3
8
8
33412 3012 38
3814 377 3814 375 3812 373. 1812 • 3814 38 8 7,030 National Lead
Do pref
1,000
90
4
4
3
3
3
*0014 90 4 8912 90 8 9012 903 *893 90 4 89 4 9012 90
3
3
8 8 812 2.000 Newhouse M & S_Par $10
3
8 8 878
8 84
83
3
8 *81.2 914
5
8 8 87
3
*8 4 --1,150 ew York Air Brake
57
57
5834 59
59
59
59
3
60 4 6034 58
62
62
1,120 orth American Co, new
55
48
47 *49
4814 47
48
4712 4712 48
48
48
725 pactfle Mall
27
2612 27 *25
27 *23
2012 27
27
27
273 *25
4
eople's G L & C (Chic)
3
85 8 8512 2,030
8512 86
8414 843
4 8514 8514 8514 86
85
85
900 Pittsburgh Coal Co
914 912 *9
912
914 912
0
9
914 914 *812 912
200
Do pref
43
*40
42
43 *40
*40
40
40
40
40
42
*40
1,750 Pressed Steel Car
2014 2014 2014 12038 2038 1918 20 *1912 20
8 20
2034 207
Do pref
655
74
75
74
77
3
1
7&4 75 4 7512 7512 475
477
78
78
ullman Company
*152 158 *152 158 4150 160 *150 158
*152 158 *152 158
2414 1,900 3 allway Steel Spring_
8
2512 2514 2514 247 2514 247 2478 24
8
2512 251. *25
100
8978
Do pref
*72
90
85
*71
*71
85
*71
85
*71
960 e_publle Iron & Steel _
17
*1714 18
1618 16
1614 *16
1612 1612
17
17
Do pref
555
4
4
673 673
68
68
68
0812 468
6814 408
168
68
68
500 loss-Sheffield Steel &Irn
4
3818 393
41
*38
40
*38
,
3912 3012 3912 3912 *391 40
Do pref
94
*90
92 *91
94
*90
94
*90
94
*90
04
*90
700 dTennesseeCopper ParS29
2814 30
*2812 30 *2812 30
*2812 30
30
3012 3012 x30
300 Texas Pacific Land Trust
52
*6012 54
*50
5012 *50
*50
54
54
50
54
*5012
nion Bag & Paper
200
414 414 *4
5
8 438
43
5
*4
5
*4
5
*4
Do pref
1
100 %-.
53
*49
49
53
53
*40
*49
49
53
*49
53
*49
970 U S Cast I Pipe do Foundr
20
*19
1914 1912 1012 12018 2018 194 20
8 1014
8
103 193
Do pref
470
66
60
66
160
67
167
08 (18
66
66
68
*66
United States Express.._ _
90
*80
90
*80
90
*80
90
*80
95
*80
95
*80
971 U S Realty & Improvetn't
, 39
3(314 3614 3612 361
40
3812 39 4 *35
3
*5
U S Reduction & Relining
*5
9
9
9
*5
0
*5
9
*4
*412 9
Do pref
100
22
22 *10
22
*15
*16
22
*17
Is
18
22
*18
s 1,900 United States Rubber_ _ _
1912 20
1912 193
21
2112 2112 20
2113 22
23
*22
Do 1st pref
1,012
81
*70
3
81
481
5
8012 80 8 80 4 81
8034 81
81
81
Do 2d pref
*54) 60
60
*50
60
*55
60
*55
60
*55
60
*55
4
273 28 138,012 United States Steel
, 2712 28
5
284 2834 27 s 281
s
8 273 2818
2778 287
Do prof
s
3
9112 45,075
3
93 4 2907 921i 003 9114 91
9218 9318 9218 9234 93
251., 7,500 Utah Copper__ _Par $10
8 26
2014 2534 2614 25
205
2012 20
20
3
26 8 27
200 irgInia-Carolina Chem
1712 1712
*1712 18
*1712 173
4
*2712 273
4
*1712 173 *1712 18
4
Do pref
• 100
90
*78
95
*90
90
90
93
*90
90
*89
*89
95
inla Iron Coal & Coke
50
*48
45
47 *48
51
51
*48
51
*48
52
*48
Wells Fargo & Co _
*250 310 *250 300
*250 310 *250 310 *250 310 *250 310
estern Union Teleg....
5512 1.040
55
*5412 541
55
3
3
6412 5412 55 4 55 4 65
55
55
1,320 Westingh'seEl&Mfg assen
40
4038 40
41
40
42
42
42
43
8
433 435
8 43
Do 1st nrc,!
90
*70
90
90
*70
*70
90
*70
85
*70
90
*7()
*19
*3734
8
*85
15
*512
*14
*6
3
*13 4
*37

21
3812
0
15
62
16
712
1614
40

*19
*36
3
84
1434
3
58
*14
*6
*1314
*36

22.
19
3712
38
3
8s
3
84
151s 1514
18 *514
&'
*14
10
712
7
1614 *1314
41
*36

19
3712
3
84
1514
614
16
7
1614
40

2()
*36
5
83
15
*5
*14
3
46 4
*1314
*36

20
3712
3
88
15
61:
16
7
1614
41

19
*30
812
*15
*514
*14
*612
*1314
*36

10
3712
812
1512
*5
*14
16
712
712
1614 *1314
40
35

10
3712
1512
151:.

10
371;
81:
151:
0
16
711
164
36

-ia-

300W

323

Range .3inee Jon. 1 1908
a basis of 100-share tots
Lowest
15 Jan 24
2712 Jan 23
812 Jan 21
4
143 Feb 3
51s Jan 24
1418 Jan 21
014 Jan 31
1412.)an t
35 Feb 7

Highest
2112 Jan '18
3818 Jan 30
8Jan 3
103
0Jan 10
181
9 Jan 3
19 Jan 4.
11 Jan 6
1714 Jan 15
4312 Jan 20

Range for Previous
Ycar (1907)
Lowest

I

Hiohest
62 Jan
4
7:13 J
3 3 J an,
181: Jan
381- Jan
164 Jan

1018 Nov
v
t
2130
8 Oct
194 Nov
6 Oct
Oct
8 Oct
• 11 Nov
28 Oct

2134 Jan
257$ Jan
5112 Jan

164 Jan 34185 Jan 16 p150 Aue 1c330 J'n4
Aug
8
167 Jan
673 Jan 1::
6 Jan 3
4
933 Jan
14 Nov
1314 Feb 6 22 Jan 14
3
8
457 Jan 2 53 4 Jan 13 IA 131 Oct 12178 Jan
253:, Jan
10 Oct
18 Jan 31
13 Jan 4
95 Feb
75 Oct
7813 Jan 4 8413 Jan 31
72
4
73 Nov23: Janp
10 Jan 3 13 Jan 14
3
60 Jan
65 Jan 23 65 Jan 2:
75 Mc.
2A r
4514 Jan
.3 0::
2438 0
512Jan 11
414 Jan 2
601, Apr
34 Nov
44 Jan 4 523 Jan 14,
8
2814 Feb 6 323 Jan 14
3
78 Oct 108 , Jan
88 Jan 3 9034 Jan lf,
3612 J'ly
21 Nov
2934 Jan 2 343
8Jan 11
90 Jan
480 Jan 16 180 Jan 10
70 Nov
180 Feb 4 200 Jan 1 175 Oct 247 Jan
814 Jan
7
3 8 Jan 6
3 Oct
412Jan 23
64 Jan
212 Nov
318 Jan 6
334 Jan 11
301, Jan.
1318 an 7 15 4 Jan 20
3
10 Oct
s3 Jan
13 Feb 7 197 Jan 21
8
818 Oct
1914 J ari
74 Jan 28
8Jan 10
83
8
63 Oct
19'2 Jan 6 22 Jan 23
36 . Jan
101* Oct
754 Feb
x3414 Feb 6 413 Jan 14
4
321:i Nov
8513 Jan 3 92 Jan Is
83 Oct 11112 Jan
312 Jan 4 43 Jan 18
212 J'ne
4712 Apr
4
90 ..Feb
17 Nov
21 Jan 13 324 Jan lb
9318 Jan.
60 Oct
70 Jan 17 $0 .1 Jan 29
3
5814 Nov *155- Jan
6258 Jan 23 79I4 Jan 13
8134 Oct 117;1 an
8914 Jan 21 1)6 Jan 13
125 Feb 7 125 Feb 7 150 Oct 205 Jan
81 Feb 3 85 Jan 6 470 Nov 102 J'ne
4
103 Jan
458 Nov
7 • Jan 13
512 Feb 7
4712 Jan
20 Nov
29 Jan 2 34 Jan 20
9234 Dec 18712 Feb
3
98 4 Jan 2 115 Jan ls
108 Jan 8 11418 Jan 29 106 Nov in Jan
88 Oct 133 •47U1
101 Jan 6 110 Jan lb
60 Oct
7212.Jan 2 817 Jan 29
9834 .1 a1i
8
2 cla
3614 .:
c
11 Ocr
3
15 4Jan 2 2012.1an 4 $251g 0 t 3023 1.1 b
8
68 Nov 1027 .1 ari
84 Feb b 361. Jan lb
$284 Jan 2 534 Jan 16
Nov
8
$17 J an 2 $414 Jan 17
8,3
$112 Oct
1 . j
$11 .
9
8
$212 Jan 23 837 Jan
ll
ta
15
6 N ov
0 Oct 12412 ! y
8
90 Jan 6 96 Jan 11
6 Jan 3
7 Jan 23
b
91
408 Jan
v
1178
27
410 Feb 7 125 Jan 15
Nov
164 Jan 3 1913.Jan 20
68 Nov 102 Feb
7534 Jan 2 86 Jan 30
4
73
5815 ,1 p,,rt
14 Nov 12407a Jan
7
18 Feb 7 2242 Jan 13
14 Dec
1513 Jan 22 1714 Jan 34
Oct
96 Jan 3 1053 Jan 11
4
3
243 Jars
8 Oct
8
107 Jan 2 14 4 Jan 18
3
88 .. Jan
90 Oct
56 Jan 2 66 Jan 20
78 Feb
25 Dec
2914 Jan 2 35 Jan 16
50 Oct 163 J411'
47 Oct
97 Jan •
64 Jan 2 . 6914 Jan 15
8912 Oct 163 Jan •
111 Jan 2 125 Jan 15
60 Oct 152 Feb
3
78 4 Jan 2 • 92 Jan 20
818 J'ne
412 Oct
24 Apr ;
10 Nov
18 Jan 13
1612 Jan 11
1812 Jan •
712 Nov
87 Jan 3 1214 Jan 18
8
81 Feb
51 Nov
52 Jan 2 65 Jan 16
35 Nov
5034 Jan :
91 Jan
8 Oct
13 Jan 2 2114 Jan 18
e
c
0 0
5
40 0 t
785114
.
65 Jan 10 73I Jan 20
Jan
5413 Feb 7 60 Jan 11
1039377 it
7
$128813844 Ja Il
61 Jan 28 64 Jan 13
881J
3
5812 N o vvy
50 NDNSeeoope
68 Jan 3 76 Jan 30 1337973550 Oct
102 Jan 2 10612 Jan 20
38:
56
16
4
93 Jan 18
87 4.4 a
61 NovNov
8 Jan 3
:eb
74 Feb 5 480 Jan 18
Jan
4213 Jan 15
5
37 8 Feb
80 Oct
871 Jan 6 91 Jan 18
8
$7 Jan 2 $97 Jan 20
Ea
0112 J
4712 Dec 143 jtt:
50 Jan 2 72 Jan I4
43 Jan 2 5412 Jan 13
4112 Jan •
19 Nov
2534 Jan 2 2912 Jan 10
9858 Jan
7014 Oct
80 Jan 2 89 Jan 14
7 Nov 4 1678. Jan
Feb 1
s
103 Jan 9
3
605 Jan
37 N
2112 O
8
40 Jan 6 427 Jan 13
57 Jan .
8
155 Nov
1918 Feb 6 23.12 Jan 15
9
57 J n
64 Nov 9718 J an •
69 Jan 3 80 Jan 20
147 Jan 3 160 Jan 20 13514 Nov 1814 Jan
24 Feb 7 2934 Jan 17
9912 Feb ,
72 Nov
75 Jan 29 80 Jan 22
0
4
101 Jan
60123
.)
16 Jan 3 183 Jan14
503 Oct
6014 Jan 2 7112 Jan 15
4
773 Jan
26 Oct
36 Jan 2 42 Jan 2(4
80 Oct 1107 Jan
8712 Jan 7 92 Jan 20
$26 Jan 3 $3212 Jan 13 517 Oct 65312 Mch
85 Jan
42 Dec
50 Feb 4 58 Jan lb
1
:
11
8 Jj ann
649 Jaa a
4 ONo v
317934 Oct
5 Jan 18
414 Feb 6
8
447 Jan 6 50 Jan 23
19 Jan If. 2118Jan 7
89 Jar* :
49 Nov
8
565 Jan 2 69 Jan 28
70 Nov 1117 Jan •
8014 Jan 24 90 Jan 6
Nov
9043 Jan
3614 Feb 5 4213 Jan 21
512
36
7 Jan 23
512 Jan
68 Jan
1814 Dec
18 Jan 2• 2014 Jan 13
5212 Feb ;
1312 Nov
1912 Feb 6 26 Jan 14
62 Oct 10978 Jars
77 Jan 2 8812 Jan 14
7818 Jan
39 Nov
4612 Jan 2 6114Jan 23
5038 Jan
2178 Oct
3
25 4 Jan 2 3114 Jan 18
3
791s Nov 1073 Jen
4
87'2 Jan 2 953 Jan 19
$20 Jan 1: $2712 Jan 29 513 Oct $3912 Mch
3038 Jan •
8
123 Nov
1814 Jan 14
17 Jars 2
8
75 N ot , Ja
31 oc v 107 j n
91 Jan 20
x87 Jari
43 Jan 7 5312 Jan 26
250 May 300 3'ne •
85 Jan
64 Dec
54 Jan 2 60 Jan 18
32 Nov 154 Jan
521 Jan 18
40 Feb
60 Dec 4160 May
70 Jan 13 77 Jan 21
•

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
As
Ask
Bid
Ask
Trust Co'sk
Trust Co's Bid no
Ask
Trust Co's Bid
Ask
Bid
Trust Co's Bid
Banks
Ask
Brooklyn
Fidelity ___ 185Mut All'nce 175
N Y City
200
250 275 Fifth As'T1 400 iii- NY Lifedar 900 940 Brookly TI 390 415 1
Astor
BrookitIn
120
_ N Y Trust_ 500 550 Citizens'- ------130
Bankers' T1 400 440 Fulton ____
6
____
23
275 •
_
390 410
____ Guar'ty Tr_ 250-- - Standard Tr 350 390 Flatbush. 2
Bowl'g Gen 300
500
- First
250 .
395 Franklin -- 270 B'way Tr-- 111012 --. Guardian Ti 117.92 --- TitleGuderr
Bic 11_ 2i5
-400 425 Home
i
. Hamilton -- ifE - 300
:
- Hudson ___ 55___ Tr Cool Am 216---- Carnegie __ 1159
Manufac'rs' 380
115
ie lns _
ti Home
,
__ Union Trust 1200 1,
---: Law T I &Tr 185
---- Central Tr_ 1500
Mechanics'11 280
175 US Mtg &Tr 375
- Lincoln Tr_ 125
160
Columbia _ _ 175
Montauk
Manhattan_ 350 400 Unit States_ 1100 1150 Kings Co __ air 4'6'6-160
'10
.
Nassau __, 240 2 - - Commercial 150
Brooklyn
.
&....7:r 250 275
.
125 Mercantile _ 775 825 VanN'd'nTr -- 310. I
Nat City__ _ 300 310 Com'wealth 100
_ 220
Nassau
Metropol'tn 450 475 Washington 4111
North Side ¶ 320 350 Empire _ _ _ 325 335
Borough 11.
--- Westchester 165 li5 People's ___ 250 - 300
1400
100 Equit'ble Tr - 310 Morton Tr_
Prosp'ctPk1I 150
Broadway11 ii6'170 Williamsb g ---- --1
____ Windsor __ 150
- -- -. Farm Lo&T 1180 1200 !Mutual ____ 1101
Terminal 11h Now stoc c. c hx-div. and rights. d Now quoted dollars per share.
* Bid and asked prices no sales on t 'is day. 4 Less than 100 shares. t Ex-rights. .narked with a paragraph (11) are State banks.
Trust Co. certificates. 1 Bankweek.
1 Sale at Stock Exchange or at auction this

Banks
Union Exc
U S Exch
Wash I 'ts 1,
West Side 1;
Yorkville 11_

Bid
170




New York Stook E.;xcliaage-Bond Record, Friday, Weekly and Yearly
toCCUPY1NG

FOUR PAGES

s
s
s
11011)s
Price
3
M.,
Week's
F„?.
Range
BONDS
Range
iz
Week's
Price
'.
Friday
Since
Range or t. •-*,
.°)•°
N. Y. STOCK EXCHANGE •-, 1,',
Since
Range or SZ
Friday
STOCK EXCHANGE ...
X. Y.
4, 1 b 7
..5 0
Last Sale
Z Jamtary:
Last Sale :.7.c January 1
ENDING FEB 7
WEEK
Feb? •
Wino( ENDING Fan?...f,s.,
Bid
Ask Low
_High No Low Jug,
Hob Ne
Bite
Cent of Ga RI1-(Con) '
Ask Low
U. s. Government
33
27
28
373
20 27
341 pill income g ...p1945 Oct
1 104 Ls Jan '08 .... 10418 10419
8
U 5.4 28 consul rematered.8193( 0.j 1031 104,
33
33 Jan WS .
33
33
,
ba ritampe .. ....
3d pref income g 5:4,
13 6 2s eonsol caupou....811.13%) 6.j 103.. 1041 104 LeJail '0:- .... l 0418 104 1*
90
89%
895
8 0 895 81“
8
I 101 14 101 14
Chatt lim pur mon g 4s.1931 J-1)
4
k11.11: ,j.j.. 1010 101 , 101 14 101 14
Us 3s registered
-,Deo'05
Div let g 5s.1946 J -J 100 100 115,
4 1o1 i., 101', 101; :3 1.004 10 L.,
Mac & Nor
k1918 Q.)! 100.
U Id 3s coupon
115 Nov'Off:
.....
Mid Ga & ALL Div 54.-1947 J -J
.F107 rneir.
U 83s reit small boade k.11.11r- 4
105 Dec'07
1046 J -J 107
4
Mobile Div lst g 5s
104 4 OCt 'O.
U.S 3s cou small boutia k191.8 4.k• 10U 14
100 Jan'On
02
100 100
of Oa col g 5s 1937 M.N
Jin'OS118'21184 Cen RR.% B
2
18',
1923 Q.F 118 120
D 8 4s registered
.
12t'4123 12214./an'08
117 123
1925 4.0 119;4121 121 (s Jae '0%. .... a 2o., 121 4 Cent of N J genii gold 58.1987 J -J 120 121 11312 Dee'01
IT S 4s coupon
h1987 Q.,j
Registered
8
105 1 Oct'00 ..
US Pan Can 10-30 yr 28.k1113c Q N _103
Am Dock & Imp gu 56..1921 .1-J 108 MP, 10814 10814 16 108.4 10814
161- Ill May'06
1- F
Philippine islands 4E4.1914-14 1/. '
Le & Ilud R gen git g 5s 1920 J -J 101
.
Pub wks and imp rez 4s 11135 Q.S
98 08
98 3'1%11'08
:
91
Leh & Wilke 13 Coal 53..1912 M-N
Pub wks and imp reg 1936 4-F
991, 99i
'08
Con eit guar 41-28....g1910 Q-31 98 0911 991-1Jan
N Y& Long Br gen g 4s 1941 M-S 97
Vermeil' Government
Cent Pacific See So Pacillo Co
Imperial Japanese Governm't
ES May'07
91 228 F(1
91
CentVermont 1st gu 948.01020 Q-F
1925 F.A 4 89.4 Salt. 89.4
2s
Sterling loan 41
87.0 24 837 80
8
865
6
Ghee & Say See Atl Coast Line
1925 J../ 4 86: 87
' 241 merles 412s
10212 5 101 1021
102
51 75
8 80
g 68 ser A..h1908 A-0 1014
8 Sale' 787
80
Chem & Ohio
1031 ,j...j I 787
Steriing loan 43
103
ta 103 103
a1911 A-0 103 Sale 103
001868
'
103 9 36 102 11)4
Bepub ot Cuba 5s exten debt:. M-6 1103 Salc 103
112
11 10712 112
1939 M-N 111 Sale III
1 146
,
1 9't
9812 911 12 19¼
99's
1st oonsol g 5e
1899 Q..)
U $ ot Mexico s f g 5s of
10112Dec'07
.....
1939 M-N
Registered
94: 94: 941
4
/
I 90: 94'.2
1)4
1954 J.D
Gold 4s of 1904
101 14 7 96 101;
1992 4.8 101 Salo 101
t 7 /40.40 are pr ices on the I MS
General gold 412s
104 May'06
8
1952 M.
Registered
State and City Securities
112 Feb'Oti
1940 J-J
ll 1 Mar'02
Craig Valley 1st g 5s
1920 j.j
&Laverne curt tund 4s
1
1)5, i 91 12 9012
,
110, 115 12
1171s J'ne'0%.
R& A Div 1st con g4s..19811 J • J
11/24 W.A
Dist of Columbia 3•65s
142
92
:.,
!I':
112
1089 3.2 • 9,1
105',Dee'04
05
2(1 consul g 4s
1914 3.3
Louisiana new cousol 45
,
113 4 Feb'05
Ws
Warm Spr Val let g 56..1941
brew York City4
9113 Feb'ini
2
Greenbrier Ry 1st gu g Is'40 M-N
Corporate Stock 1957 M-N 10p19 Sale 1051 106.4 180 103 108:
2%
44
78
78
4 75
70
1 194 1.39 1031s 104 4 Clue & Alt RR ref g 3s...19411 A.0 * /6
103 1
,
00
4;4/ assessmt bonds. .1917 M-N 103's Sale 1001
64
1 62
63
62 Soh 62
4 Apr'07.... ......
96
Railway let lien 312a...1950 .1.3
North Carolina consol 4S 101( j-3
8010 31 iir'95
,
120 Mar'07 .
1950 .1-3
Registered
1911 A•() ---- Se
s
1(10, Jan '98 .. . 98 100)
120 Mar 011 ••-• ..... ..... Chic Burl& Q-Deuv D 4s 1022 F-A 01
.
'1931 3.3
Bo Carolina 412s 20-40
1 01
0
1, '0 60 80
4
893 Saie 89¼
.... ......
1949 .1.3
Illurnis Div 31-48
l'emi new settlement 38 1913 J.j 91, 95/ 9214 Oct '07
110 Sep '06.
4
1949 J • J
Registered....
1991 j.j 9011 911 U3'4 May'07
Virginia fund dent 2-3s
8
101 1-, Fo 971 101 6
1949 J.3 100 Sale WO
24
24
6 22, 26
.1
22.
Gold 45.
614 deferred Brown Bros etre. ....
108 106 Jan '08 ... 1011 106
Iowa Div sink fund 5s 111111 A-0
i 8.
4
/
1.18: 981 1 96
1919 A-0 98
itailronif
Sinking fund 4s
Slug
8Jau'08 .... eu
997
1927 M•N 911 101
Nebraska Extension 46
A labarna Cent See So Ry
101 14 Dee'00.
98
1927 M•N
Registered
Jellaba Mail See At Coast Line
110 Oct'07
1921 NI-S 88
Southwestern Div 4s
41bany & Snarl See I/el& Mud
Joint bonds See Great North
AIlescheny Valley See Penn Rs
101
5 9'714 101
1.01
1913 M-N 101
Debenture 58
Alleg & West Bee Butt R & P
98 Dee'07 .... ......
8)', 5 811
80 Sale 86
61',
Han & StJosconsol 6s 1911 1111-3 10418
h1995 Q.3
Ann Arbor let g 4s
sale '393 10014
8
9
81'2 921 92 Apr'07 .
0
Atola T & 8 Fe-Gen g 48.1995 A.to 908100 100 Jan '08 93 1157 101¼ ()ilia& E III ref & imp g 4141955 J.J
102 Oct '07
1007 JD
954, 100
1st a f our Os
1995 A-0
Registered
11: Dec'07.
1934 A.0 119 L8
87: 88: 8714 883 83 8814
lat consol g Os
/41995 No
Adjustment g 48
.
4
1937 M.N 111 4 Sate 110 11 Ill', lk 10614 11.1(
86 Apr'07
GODOY81 ammo'1st 5s
/11995 No'.
Registered
,
1181 Feb'uti.
87 L., 4 821 871
1937 M-N
Registered
.2
4
/
h1995 31-N 87:Sale 8711
Stamped
4
1094, Jan'08 .... 109. 101.1.
4
/
4
881 109 86¼ 89
871 Sale 87;4
lint C Ily let 55 1930 J•J 100:
Cli.to &
1955 3-1)
Cony az 41(
4
/
1917 J -I/ 97:Salt 97', 981 187 941s 98.4 Chicago & Erie See Erie
;10-year cony g 5s
.... 117's 1171
101 Jily
'07....
chio In & 1.011I8V ref 6e 1947 J .J 118 120 117's Jail'08.
F 1908 F•A
Debentures 46 Series
105 Oct '07
8
985 May'07
1947 J -J 103
Refunding gold 5s
1909 F -A
. Series0
.
0
1001 ,Jan '08.... UM 1(9)1
96 Feb'07
Lollies'' N A & Oh 1st 63 1910 3.3 1.0%)5
1010 F•A
•
1 Series H
101 Oct '07 .
98;2 No004
Chie Mil &St P term Os 1914 .1,1 IVO.
1911 F•A
1 Series 1.
4 1 100 102;
4 1021
102 1
104',
Nov'00 .... ......
94
General g 4s series A..01989 J .3
1913' F -A
1 Series K
1 Oct
104, '00 .
93 May'07
01989 Q-J
Registered
91)3,
) East Okla Div 1st g 4s 1928 M.8 90
11 87
89
89
DO
g 3hai eenes B 01981) J-J '89
General
All Knox & N See L 85 N
11514 Oct'05
.
4
8 893 15 8712 90
8
Chile & L Su D1v t 58.-1921 J • 3 106:
Atlantic Coast 1st g 48.h1952 11.8 977 Sale 877
12
Chio & Mo Rix Div 58...11126 J -J 198 1- 4 10) Ang'07 .
„
1936 J -J
Charles & Sav let g 76
1910 J .3 101:104 104 Aug'07.
8
1327 Jan'00
Chit/ & Pao Div de
..
Say k'& W 1st gold 6a 11.134 A-0 .1 10
14 108.0 110
4 110
1093
8Jan'04
1021 J .3 100.4
1125
Chic (114 P W Dag 58
00
1934 A.0 ;
let gold 58
4
191(1 J •J 1031 100 1002 Jou '08 .... 100:1091
114% Nov'05
Dak 80 0180 g 5e
M-N 101;8
Ala 311.11st gu gold Eis _1928
,
137 1 11y'99
9912 Mar'00
arum g Os
90.4
1924 J -J 111)
Far & Sou
t Brune & W 1st gu g 4a _1938 J -J
11)10 J -J 103
10211Jan '08.... 1021-J10219
76 Deo'07 .... ......
Mast Ss D Div let 7s
711
.
75
o1952 M-N
/ L&N colt g 4s
I um.,J'ly'07.
1910 J -J * 99'4
04 rly'01
let 58
80
' SR Sp Oca &(.4 gug4s _1916 J -J
2
182 4 Allt"06.
1908 J. J
I & D Eaten let 78
Atlantic & Dana See South By
4
2 100. 100'
,
1919 J • J We'. SRI, 100.4 106'4
LaCrosse & D 1st 5s
N W SeeSou Pacific
mns)&
4
1911 ;I • j luu 1u1 10 1. ON ., an '0e .... 100 1s 100.
4
92,
9018 93's
Mineral Point Div 5s
92;4 Sale 92
alt & Ohio prior I g3:a.1925 J -J
,02 Jan '08 .... 10014 102
191( J -J 102's
s
89, Jan 'US ....81)', 89',
90
So Minn Div let 6s
h1925 Q-J
Registered
ii:I. 3311'01 ,... 101 101.
0
101 6s. 3 -3 101,
1901
1-.4 36 9;1
Southwest Div let
6102
h1948 A..0 100 Sale 100
Gold 48
11,8 Jan '08 .... 108 108
80ct'97 .... ......
9914 957
WM & blinu Div g5s....1021 J -J 108',
/41948 Q-J,
Registered
10(1 Dec'Oi .
120 Oct 'Oi
Mil & No 1st M L 6s....101( J -D 104
Pitts J tam 1st gold 6s...1922 J -J 114
4
4
100, Jan'08.. 1081 1081
. 801s Dec'o7
82
1913 J -D 105
let consol Os
31-N
' P J up & M Div Ist g 3;01925
2
- 116 118
/17
01
ill's 24 87
1915 (1-F 115 118 117
91
924 Chic6i4Nortliwcons7s
;
P L E & W Va Sys ref 481941 MN
4
9^3 Sep'07
88
1886-1926 1?•it !Mrs
89.4 7 83. 89.
4
4
Lxtension 4s
.1023 J -J • 80 81
Boutliw Inv let g 31
,
4
0,35 Jan'08 .... 98 4 983
97
8(/ Oct 'tni
02
1830-1920 le• A
Registered
_
419211 Q-J
-48.Registered
410
00 0an 'Ors .... 00
8
1057 Feb'07
1987 M-N 94
8
General gold 31ss
075
Motion (tiv 1st gu g 58-11)11. F•A
. 90 Feb'07.
4
p1.987 ci.y 871
109 A KV,
Registered
9218
COD 01110 It 1st o g4;,s..1936 .9•B 10 / 18
100 Dec'07 .... .....
4
10113 J'ne'07 .... ......
Sinking fund Os...1879-1920 A-0 110
A-0
CL Lor de W con let g Ss 11M;
'
s
108, Jan 108 .... 108: 1(18
atay'Ut.
1879.1929 A-0 •108
Registered
Ohio River RR lst g 58 1936 3.1.) 104 105 116:Nov'06
104(., Oct '07
113
Sinking fund 5e 1879.1921) A-0 109'4
1937 A•0 103
General gold 58
194 - Nov'07 .... ........
4
1091
119: Mar'04
1879-1929 A-0 1u5
Registered
i Pitts()Lev &Tol 1st g Os 1922 A-0
1909 Al-ti 101 101'4 101 Jan'98 .... 10018101
8814 Oct '07
Debenture 5s
93's
! Pitts & West 1st g 4s 1917 J • J
994 3'ne'07
1909 .11-N
100 Nov'04
Registered
Stet 1131 By let gu g 4tje 1943 J -D
100 Dee'07. ...
1921 A-0 105
Debenture 54
'Bat Creek & S Bee 3Iich Cent
....
103 J'no'07
Registered
1021 A-0
Beech Creek SeeNYC6b H
105 De.'07
1933 M-3 108
Sinking fund deb Os
Bailey & Car See Illinois Ceni
.....
11132 M-3 107 110 117 Foh'00
Registered
BElyu clb Montauk See Long I
99 Deo'07
1910 M.S 101
North Illinois let 5s
Bruns & West See A tl Coast 1.
May'07
1
/
Ott C F & St Paul let Se 1909 M-8 1004102 100.8 Dee'01
Buffalo N I' & Erie See Erie
110%
1173 120 1131s
s
4
/
1131 May'07 .
MU L S & West 1st g 6s 1021 M-N
Butfalo 11 & P gen g 5s 1937 M-S
....„
113¼ May'07
98 Dee'07.
Ext & Inip stand g 58 1920 F-A 110
West let g 4s gu 11/98 A.-0 94
All 84
142 1s Feb'/9
Ashland Div 1st az 6s..1925 M-8 121 14
103 Apr'137 .
01 .ta Mali 1st gu g 58.-1941 J -J 103 •
128 tu Fe1/1/6
Mich Div 1st g 68......1924 J • J 11834
0.... 114 Jail '05 .... 114 114
Roch & Pate 1st g 68 1921 F•A 1147
109 sep '03
Incomes
1911 M-N
118 J'ne'07
4
/
1922 J-D 1161
Consul let g 68
112 Jan '08 .... 112 'Ii
Chile Rock 1st& Parc 6:4 1917 J -J 112
Buffalo & Southwest See Erie
11012 Mar'07
Registered
1917 J -J
5 91
1.11.
91
91
93
Butt Si Susq 1st ref a 45.81051 J-J *
iiii
c 11 114 100 •
1)8', 99
General gold 45
1988 J -J •
Bur 0 It 8, N See C 11 1 & P
92 Sep '07
Registered
198s J -J
0
104%104%
1908 3..7
1045 Jan '08 .
nade south 1st FR
s
867
1934 A.0 86:Lie 813% J'Iy 0 150 83, 87
Refunding g4s
8
J P Morgan & Co receipts . .. 10474 Sale 1041 105's 222 10214 10514
'04.
07
Coll trust Series}I 4s 191u M-N
4 1)814101
101
1013 M•8 lot . . 101
.
'2i 5s
0
92% Nov'06
......
1912 1VI-N
J 4s
. ....
100.4 May'07 .
191:1 Al.8
Registered
4
1101 Jan '07
1915 M-N
31 48
Carl)& Shawn See Ill Cent
93 Ai ay'0 i
1916 M-N
N 4:4
Carolina Cent S'ee Seal) Air L
90.4 Feb'07 .... ......
1917 M-N
04s
Carthage & Ad See N Y CS. 11
84 A tig'01
P45
1918 M-N
OW Ella F& N See BC It& N
OP, 871 37,, 04
51) Sate 5,'.,
Chic R I & Pao RR 43 2002 M-N
Can Branch ity See Mo Pee
4
6214 Jan '08 .... 62'
Registered
2602 M. N
Cent of Ga RR let g 5s..p1945 F-A 104:112 116 Mar'07
76
72 179 (13
1913 11-8 09 Salo 65
Coll trust gold 58
4
1193 100
11104 100
24 9714 10214
,
1945 31-1 1
COLISOL gold 5a
Bur Coil It & Northern113 Apr'06 .
.
...
Registered
1945 11-11
•
111 Jan'08 .... 1013 111
Con let Ss col tr g Ss. 19:l.$ A-0 111
64
62
62
10 62
70
; lat pref income g 58....p1945 Oct
......
120Is Marla:1
Registered
1934 A-0
88 May'07 .
Stamped
I
111 Nov'03 .
CRIk'&NW letgurvi 1921 A-0 103
41 1)ec'07
p1945 Oct
' Sfu prei income g Cm
......
.. ...
.
Ni ten St I. 1st VII ir 75 111.17 J.I1
A r.
AA
44 Jan NM
141,4mnpai

E

(

•

li

C

1111%, -Coutuusi•o oo •.••,
Street Railway
97;2 48
1945 A-0 97 Sale 97
Brooklyn Hap Tr g 58
4
733 641
70 Sale 70
let refund cony it 4s
2002 J-J
1)9 Oct'07
102
Bk City let con 55.1916.1941 J•J
0
957 Oct'07
100
, DEO Co&8eon gu g 58.1941 M-N
4
1 97, 7
• Bklyu Du El 1st g 4-58.1950 F-A 961s Sale 901
98 Sep '07
• Stamped guar 4-5s....1950 F-A
87 Feb'07
Kin se Co El 1st g 48-.1949 F-A
80;4
80: 14
Stamped guar 4:4
80
1949 F-A
6
77
77
Nauman Eleo gu g 4s. .1951 J -J
77
981s May'07
'
& L 1st& ref g:1-128 51 J -J
96
Conn Ry
4
973 Oct'97
Stamped guar 412s
1951 J •T 93
115 J'ne'00
1Den Con Tr Co 1st g 5s...1933 A-0
4
791 7912 Dee'))?
:Det United 1st con g 4120.1032 J -J
94 Jan '08
91
Havana Elec consol g 53.1952 F -A
61% 38
s
1956 A•0 571s Sale 571
:Inter-Met coll 4 ;Is
65 Jan '08
53
tInternat Tree coil tr 4s..10413 J • J
109 Mar'98
Loins Ity Co 1st con r 58..111'.41) J -J
98 May'06
• 1Ianita Eleo 1st & coil 58.1953 M.S
*No price Friday: latest price this week, a one Jan d Due Apr




91
98.4
4
65¼ 73.
.
9514 10114
77
75

8212
78

....
94
94
0
5714 633
63: 65
e Due May

Street Hallway
SO Salt
Met St By gen col tr g 58.1997 F-A
2002 A-0 48 Sale
Ref g 45
Bway di 7th AT 1sto g 5s 1943 J
105
Col& 9th Av let gu g 58.1993 M-S
95
LexAv& P Fletgug5s 1993 M-S •
52',,Sale
Third Ave RR con go 48 2000 J-J
• 51:
.
C:nt Trust Co °eats
102
Third Ave Ry 1st g58..1937
Met W S El(Chic)let g 413.1938 F-A
Mil El Ry & L 30-yr g 5s.1926 F-A
08.4
Minn St fly 1st con g 68_1919 J -J
N Orl By Si Lt gen 412s .193.7 J.J
St Jos RyLtH &P Istg
11-N
St Paul City Cab con g 56.1937 .1•J
Underground ot Lon 5s. .1908 J •D
Union El(Chic) let g 58..1045 A•0
United RRa San Frs 145.1927 A-0 • 67
86
84
United Rye St L let it 43.1034 J • J
gDae J'no A,Due 'ii' k Due Aug °Due Oct

0
82, 105 80 85
80
4 47
48
48
48
to)) Jan '08.... 100 100
1 98
98
98
98
90 90
90 Jan'08
4
52: 533 44 49 12 05
52
5 5014 521
4
/
5014
10318 10318 5 103 1031
1
93
109 J'ly'00
107;2 Feb'06
1)01,Sop 'Oli
10314 Oct'00
11019Nov'01)
604 Sep '07
100 Jan '07
06
60
0 59 (1812
79 Jan '08
4
773 79
p Due No
Option dais
..

New York Bond

FEB. 8 1908.]
HON Di
2. Y. STOCK EXCHANGE
WEEK ltliDINO FEB 7

trice
Friday
Feb 7

Record continued-Page 2
-

Range
?..
t
Weise,"
8fitoe
Range or
Last Sale .4ra January

it WI, No
lila
Haub
iitais LOW
Ohio Rock t & Pac-(Con)
1041 1041
/
2
/
2
1041 Jan
/
2
Chou Ok ao 0 gen g 55.o1919 J.J 104%
......
Ill May'06
152 M-N 102
1,
Consol gold Gs
991 Jan'08
IOU
/
2
985
4
991
/
2
1923
Keok & 1_8-8M ltot 5s
Chic 81. L & N 0 oo Ill Cent
Ohio St L& Pitts see Penn Cc,
/
2
121 1261
1265
8
/
2
1201 Jan 'OS
Chic St P M & t.) eon 68 1939
93 Dee'd3
/
2
/
2
8
Cons 68 reduced to 31 1931i 3.1) *881
i.24 124
195 Jan '08
,
Oh St P & Miii si g 63 191 0,4•N 125118
4
1293 Mar'04
Nor Wisconsin ,t 8s 1930 3.3 *122
1
2
/
2
1171 Jan'08 . 1161 117/
/
2
St P & 8 City 1,0 it 68 1911, A-0 116
.113 -16 113 113
/
2
113
Chic& West lint gen gi1s 51932 Q-Al 1101
u51, 954
951 14 94
4
95%
1952 J. J
Consol 50.year 4s
see Pere Marq
Chic & W
Choc t)& Gulf See C It t& P
113 Oct '00
/
2
Cul ii & D 20 gold 41e 1937 3.3
102 J'ne'07
Cin D & 1 1st gu g 58-1941 M-N • 97
C Find & Ft W 19t gu4eg.'23 111-N
83 Jan'07
Cln 1 & W 1st au g 48.1953 J.J
1081 9814 Oct '07
Ind Dec & W 1st g 5s 1935 3.3
/
2
1935 J
1071Dec'02
/
2
1st guar gold 5s
See C 0 do St 1.
0 1 St L.&
C St L
See
Oin 8 do
Cleartield & Mali See B R & P •
/
2Jan 'Of,
98
971 971
/
2
94
()ley Cin C& St L gen g 48 1993 J.()
90. Jan'07
8
855
8
Cairo Div 1st gold 48-.1930 J-.)
90
95 Sep '07
Ciii W & Jil Div let g 48.191)1 J • J
03
1)7 4 8019 Nov'07
2
...
St L IMY 1st col tr g 48-1990 M-N
98
1 Oct '07
191in M-N
Registered
4
995 S'ob'05
Sipr as (Jul Div 1st g 48 1940 .11.s • 1/2
855
8
08 Sep '06
W W Val Div let g
J -J
105 Jan '09
0 1 St Ii & C cousol 6e 1:120 M-N 163
95
85 Dec 07
.k1936 Q-F
lst gold 4s
91
984 Oct '0
k1936
Registered
109 J'ne'07
Cin 8 & 01 con let g 5s-1928 -J
1101 Nov'07
/
2
1914 3-1) 113
0 1:0 do 1 consol 7s
1914 .1.1)
Consol tank fund 7s
6
127 J'ly'07
General coneol gold tis 1934 J -J 118,
1934 3.3 .114
Registered
1041
/
2Nov'01
Ind 11104 W 1st prof 4s 1940 A-0
0 Ind & W lot pt bs...d1938 Q-J
90
85
90 Jan '08
Peo & East lst, COO 4s 1940 A-0 87 19
55
67
1990 Apr
60
55
56
40 45
Income 48
Clev & Marietta See PPM II lilt
Olev & Pitts see Penn Co
144'. 33
/
2
61
6(5
4
615 10 551 69
4
Col Midland 1st g 4s
17 82
901
/
4
Colorado & r3ou 1st g 4s 192:, F."
88
8819 118
/
2s
1935 M-N
75% sale 751
/
2
/
4
Relund & ext 41
/ 77 333 7511 771
2
Coluni & tArecilv isce so ity
tfol & Ruck Vat See flock Va.
Col& Tot see Hock. Vat
Col Conn & Term see N & \V
U01111 021 Pas Nave 1st g 4,4.1943 A-U
ak&UtSo ,SeeC & 81. 1'
alias & Waco see M IC &
Del Lack & Westernhiorrm & Essex 1st 7s 1914 M-N 115%
1184 Jan '08
11413118½
1st coneol guar is
1915 -D 116 18.
1171 8(12'07
/
2
Registered
1
2
1915 J -D .115/
127 J'ne'05
1st ref gu g 3
J -0 81
4
N Y Lack & W 1st 6s 1921 3-3 1163
1161 1161
/
2
/
2
116's Jan 08
'
Construction Is
.. 102 Nov'07
1923 1f-A 101
Term & improve 4s
96% 99
874 Nov'07
11123 M-N
Warren 1st rat gu g 31 20M1 F-A
78',
/
2
102 Feb'03
8
123 123
123 Jan'08
Del ii, Hutt 1st Pa Div 76 1917 -'I-S 122
Registered
149 Aug'01
11117 11-S *12018
68 .9419 98%
U3 sale 95
in
10-yr cony deb 48
1416 J-D
96
9613
96 Jan'OS
1st hen equip g 4'its
1922 J J .90
9513 95
913 971
4
/
2
96
Alb & Bus cony 315
/
2
1946 A-0
...
/
2
Rene & 8aratoita 151 78 1921 M-N 125 130 Le 1331 Dee'06
Del Itiv RR Bridge See Pa RR
11 93
95
95
931 95
/
2
Deny & K Grist con g45 19311 J.J
99
US
98
98 Jan'08
Consol gold 41
/
2
e
99
1936 J.J
100 100
Improvement gold 53 1928 J-1) 98 100 100 Jan'08
Rio ()r Juno 1st gu g 53 1930 J -D
084 Dec'07
76 Dec'05
Liao gr So 1st gold 4s
11)40 J -J
89 Jar '05
Guaranteed
1940 J .J
/
2
901 4 83½ 901
/
2
91
Rio bir West,let g 48
90
1939 J -J
75
75
ge and col trust 4eA 1949 A-0 72
75 Jan'08
..
Utah Cent Istgii g 4s a1917 A-0
97 Jan'02
91
Dee Mot do Ft D hieo hl
8t, L
110 Sep '04
Des Mot 11n Ry 1st g fis 1917 41-N
Oct 61 Mack 1st lien g 46 1995 3.12 87
92 Mar'07
80
83
Gold 48
83 Jan '08
11395 J-12 83
Detroit Southern
773 773
4
4
4
Ohio Sou Div 1st g 4s 1941 M-8
775 Jan '08
78
1971
/
2Jan '08
102 1071
/
2
Dul & Iron Range let56 1937 A-0 107½
112 2 Feb'06
,
Registered
1937 A-0
20 (is
1916 .3 -J
Dul Short Line Soo Nor Pao
108
108
5 108 108
Dal So Shore & At! g 58 1937 J -J
Vast of Minn See StP M
Visa Ton Va & Ga See So Ry
1105 J'ne'07
4
Elgin Jot & East let g 5E0.1941 M-N 100
Elm Cort &.No Bee Leh& N Y
105 Jan'08 -• 99 103
1947 M-N 100
gold 48
Erie 1st ext
/
2
/
2Jan'08
/
2
1011
1011 1011
/
2
1919 M-S 1061
2d ext gold 55
100 4 100 42
100/ Jan '08
1
2
4
8 07
1923 M.
s
3d ext gold 41
/
2
/
2
1920 A-0 106 108 1061 106
/
2
1 10611064
4th ext gold 6s
93
93 Dec'07
......
1928 J
5th ext gold 48
122
1920 M-S 121 Sale 121
IS 121 122
1st consul gold 78
120 120¼
1920 M-S
'23 120 Jan '08
let eoneol g fund 75
831 Sale 831
/
2
/ 864
2
/
2
8319 861
Erie 1st con g 48 prior-1996
79
79
Registered
1996 J -J •
83
79 Jan'08
721
/
2
68
68
07
7 67
let consul gen lion g 4s 1996 J-J •
1996 J -J
Registered
851 Feb'07
/
2
1951 F-A * 75
77
77
2 73
Penn coil tr g 48
77
1053 A-0 52
61
56
50
55
56
50-year cony 4s A
56
Series B 1953 A-0
53
53 Ian'08
do
118 118
118 Jan '08
But" N Y & Erie let 78-1916 J -D 111.
1908 J -J 100
1045 Feb'Ob •
8
Hutt & S W gold Us
111 Jan'08
108½ 111
Chic & Erie let gold 58 1082 M-N 111
Cloy & Mallon Val g 5e 1938 J-3 103
11642Jan '05
101 Aug'07
Jeff RR let gu g 5s....a1909 A-0 100
Long Dock conedl g 6s 1935 A-0 124 Sale 124
12.1
121 124
Coal & It It 1st cur gu 68 1922 M-N
118 Sep'06 ...• ......
Dock & Imp 1st cur 66 1913 J-J
e
1007 Oct'05 . •
....
N i&GreenL gu g 56 1946 M-N 100
90 Dec'07
......

11t

1)

110N1)8
,
N. Y. STOCK EXCHANGE
WERE ltmaiN0 FEB 7

Price
Priddy
Feb 7

eeic's
Range or
Last Sate

hange
Since
Jae,nr,i

luta
!digit N. Lyn, digit
Ask Low
Erie-(Con)
103 Dec'07 ...• ......
Sus & W 1st ref 56 1937 -J
4
... 1001 Dec'th.
......
20 gold 412s
1937 F-A
:4
91
92¼ li 91
General gold 54
1940 F-A *9119 99
139
110 III)
Ter ulna! 1st gold 5e 1943 M-N
110 Jan'08
Regis 85,000 each 1943 M-N
o/hint RIiotN J 1st g 68 1910 A-0 102
102 Jan '08 .... 102 1093
1001 101
Wilk 84 Ea lat gll 58 1942 J
/
2
101
1 101 101
sto hod lstcon gu 68 1926 J -J,,
.•
110 116 Apr'06
Erie & Pine see Penn co
11'2 112
Evans 61111111 cons 60 1921 J -J
112 Jan'OS
1st general gold 55
96 Jan'08
96
VS
/
2
1942 A-0 981
Mt Vernon let gold 6s 1923 A-0
114 A pr'05
Sun Co Branch 1st g 58 1930 A-0
10619 Feb'06
Wargo & So See Ch hi & St P
lint& Pere M S'ee Pere Mar
Fla,C & Pemn See Sea Air Line
105 hiar'98
Fort St U D Co 1st g 41
.
/
2
8.1941 J -J
Ft W & Den lst g 6s
/
2
4
2 104 110
1921 J-D 107%110 1081 1083
73
80
Ft W & Rio Or 1st g 48 1928 J -J
78
78
4 76
78
Har & S A See So Pee Co
971 90 Dec'07
/
2
xlral 1 & H of 1882 1st 5s.1913 A-0 •
1
.....
Georgia & Ala See Sea A Line
ea Car & Nor See Sea A Line
Georgia Pacific See So Ry
Gila V 8,4 Nor See So Pao Co
Clouv & Oewegat See N Y Cent
Grand Rap & Ind See Penn RR
Gray's Pt Term See St. 1,5 W
94% Sale 94%
984 206 924 98%
(It Nor
-C B & Q coll tr 4s 1921 J.J
94 Sale 94
941 12 921
/
2
4 1)05
8.
Registered.h
1921
Greenbrier Ry See Ches & 0
93Nov'07
.951 97
/
2
Gulf &SI'etre(&tg Is 51952
an So St Jo See C
Q
ousatonie See .N TN II& 11
8
8
/
2103
Hock Val lstconsol g 41 1999 J -J 1013 Sale 1013 102¼ 22 981
/
2
6
99 Oct'07
Registered
1099 J -J
4
985 Nov'06 •..• ......
Col & 11 V 1st ext g 48 1948 A-0
95 Dec'07
95
Col & Tel 1st ex 4s
1955 F-A
Roust E & W Tex See So Pat
Roust& Tex Cen See So Pao Co
102
102 Jan '08
Illinois Central 1st g 43 1951
1071% Apr'07
/ Registered
1951 J-J
$114 Sep '07
89
let gold 31
/
2
8
1951 J-3
95½ J'ly 06
Registered
1951 J -J
89 Nov'07
Extended let g31
/
2
s
1951 A-0
70 out '04
1st gold 3s eterling
1951 M-8
1001 101'-,
/
2
Coll Trust gold 48
11152 A-0
113 Alay'0 4
.
Registered
1952 A-0
981
/
2
98',,Jan 'OS
L N 0 do Tex gold 48 _1953 11-N
97 May'07
11-N
Registered
1023 Jan '07
4
Cairo Bridge gold 48. 1°53 J -D
- 960
lib
85
85
85
1 85
LoutsvDtv&Term g3/ 1053 3-3
11)
2
123 May'99
Middle Div reg 58
F-A
1921
7812 Apr'06
Omaha Div lst g 38
1961 F.A
73
St 1,01118 Div&term g33 1115! J-J
7013 78% Feb'07
old 3ered
egisti s
.2
1951 J-J
/
2
864 821 Oct'07
1951 J-J
101%Oct '91)
J -J
Registered
85
100 Nov'00
Spring Div 1st g 32
/
1
s-1°51 J -J
1961
975 Aug'07
,
Western Lines 1st g 4s 1951 F-A
122 Dec'05
Belley & Car let Os
1923 J-D 105
97 Mar'07
Carb & 8115w 1st g 4s 1932 M-8
106 Dec'07
/
4
Chic St 1.& N 0 g 511. 1051 J-D 1121
1195 Mar'04
4
J-D
o eld 3ered
ltogist4es
884 Feb'07
195 J-D
1 51
Registered
1951 J-D
Memph Div 1st g 4s. 1951 J-D 100
97 Dec'07
St L Sou let gu g 4a
97 Mar'07
...... •05 100
1931 M-S
Ind B1 & West See CC C do St L
Ind Ill & Ia 1st g 48
9319 M10'07
95
1950 J-J
Int & Great Nor let g 68 1919 51-N
110 109 Jan '08
11.9 109
20 gold 5s
fl-S
89
811
lii
b 88
90%
59
3d gold 4s
60 Oct '07
19°9 M-S
°21
10812 Jan'08
/
2
Iowa Central 1st gold 55 1938 J-D 1031
100'4 1
Uold 48
70
76
77 101 70
77
1951 M-S
77
Jefferson RR See Erie
alA &GE See LS &M3
Man & Mich See Tol & 00
K0FtS&A1 SeeStL&SF
KO&MR&B SeeStL8o5F
Kan C & Pacific See M K JOT
Kan City Sou 1st gold 35 1950 A.0 70
71
69
71
7f
Registered
1950 A-0
63 Oct '00
Kentucky Cent See L & N
Keok do Des Isio See C R IdoP
Knoxville & Ohio See So Ity
I ake Erie & W lst g 58 1937 J -J 108 1091 110 Jan'OS
107 110
/
2
1.4 2d gold Is
1941 J-J 100 1021 107 J'ne'07
/
4
...... ---•
North Ohio 1st gu g 54 1945 A-0 109
110 Apr'07
...
LShio&MlchS See N Y Cent
Leh Val N Y 1st gu g 41 1940 J-J 10219103', 1021 103
/
2
3
/
2
6 102%103
Registered
106 Mity'O'r
J -J
Lehigh Val(Pa)cons g 48.2 03 M-N
92
891 Jan'08
/
2
104(1
94
°
• - .4. 8919
02
Leh V Ter Ry 1st gu g 58 1941 A-0 10813114', 108 Jan'08
108 1338
Registered
1091 Oct'90
/
2
1941 A-0
......
Leh V Coal(Joist gu g 58 1933 j.3 104 110 100 Oct'07
Leh & N Y let guar g4s 1940
.93
953 I'ne'07
8
Registered
M-S
El C do N let pf 6a
113%Jan'06
/
2
1°15 A-0 921
944
Gold guar 58
1054Jan'06
1914 A-0
Leh & Mud R See Cent of N J
Leh & Wilkeeb See Cent of NJ
Leroy & Caney Val See Ito P
Long Dock See Erie
Long Iel'd-let con g5s h1931 (4-J
105 110
114 110 Jan'08
1st consol • old 4s
141931
193
8
General gold 4s
-D 87
93
5712 Jan'OR
83' 874
Ferry gold 41
/
2
s
1922 M-S
102 Nov'05
Gold 45
J -D
994 Oct'06 •-..
Unified gold'
4s
M-S 831 86
/
2
82 Jan'08 ••-• .
81.. 82 ,
Debenture gold be
119°9343924 J -D •102 103 110 J'ne'04
Guar ref gold 4s
1049.
M-S 923
95 Jan'08
.90.. 95
4
Bklyn do Mont 1st g 66 1911 1111-8 100
1st 5s
1911 M-S
99.4 Sep'07
981
/
2
N Y B&M Blatcong5s 1938 A.-0 1031
/
2
......
11014 IN ov'06
NY&RB lstg5ts
1927 M-S
105 Apr'07 ..• ......
Nor ShB let con g gu5s o1932
1001
/
4
109 Nov'09 •... ......
Louisiana & Ark 1st g 56.1927
102 SeD'07
......

H

•

1118CEI.L.ANE4)US BONDS---(Joutinued on Next Page.
and Electric Light
Atianta U L Co let g 5s...1947 J4)
Bklyn U Gas 1st con g 58 1045 M-N
98
99
/
2
991 8 921 (3919
/
2
Buttalo Gas 1st g Is
60
1947 A-0
58
59
Consol Gas cony deb 6s
1909 J • J 105 Sale 104
l055 57 155'2 10°2
4 24 03
581
/
Detroit City ties g Os
1923 •J
941
/
2Jan '08
031 941
/
2
/
2
Det Gas Co con let g 58 1918 F -A
IOU Apr'07
......
Kda.tIllIlkil see K Co IL & P
E.(1 II: Ill Soo N YU& ELI"& P
EqU LN let con g 58-1032 M-S
92 Dec'07
bias& Mee Berg Coo g58.1949 J-1)
611 Oct '01
/
2
Gen Electric deb g 319s 1942 F A
80
80 Jan '08
80
80
1917 J-D 1094 Sale 1081 10919 101) 1004
10-yr g deb 514
/
2
21004
Or hap U L Co let g 5e 1915 F-A
1073 Dec'00
4
93/
1
2
Hudson Co Gas let g 58 1049 M-N
102 J'iy'07
Kali City(Mo)Gas 1st g Is 1922 A-0
99 Dee'06
Kings Co El L& P g 5s 11137 A-0
Purohase money Os
/997 A-0
106 Jan '08
107 107
Ed El 1113kn Istcon g4s 1939 J -J
/
2111:W06
885 031
4
'No price Friday)latest bid and asked this wee-c. it Due Jan 5 Due o*eb a




Gan and Electric Light
Lao Gas LotSt L lat g 6s.e1919 Q-F 101
101
101
1 99 101
Ref and ext 1st g 5s
1934 A-0
102 Feb'07
......
Milwaukee Gas L 1st 40-1027 M-N
911 Jan'07
/
2
N YG EL H 8o P g 5s 1948 J -D
96 Sale 96
'J6
Purchase money g 4s. 1949 F -A
80
78's
7919
Ed El III 1st cony g 6s 1910 M-8 991
/
2
10013 Aug'07
1st consol gold 5s
1995 J -J
112 1134 J'ne'06
NY&QE1LOP 1st con g 561930 F-A
1)0 Apr'07
N Y do Rich Gas 1st g 56.1921 M-N
103 Nov'05
Pat & Pas & E con g 5s 1949 M- S
1043 Nov'05
4
Poo Gas & C let con g 68 1943 A•0 1101
/
2
10712Jan '08
1071 107'
/
2
Refunding gold 5s
1947 M-S
95 Jan '((8
95
94
CO G.L& Cke 1st gu g 5s 1937 J-J 101
118 Jan '08
18
98
Con G Co of Ch lat gu g 5s.'36 J-D
97
100 Oct '07
......
Mu Fuel Gas lat gu g 56.1947 M-N
04
IOU
100
5 92 100
yracuee Lighting 1st g 55.51 J-1) 90
Trenton G & El 1st g 5E1..1949 fl-s
110 May'05
......
NVestehester Lightig g 58.195t, J •
1011 Feb'07
/
2
e One .i.tey It Due J',y
ode out g Due WO 3 Option Sao

326
BON W.
N. Y.STOCK EXCHA.NuE
,
WEEK EmitNe FEB 7

New York Bond Record-Continudd-Page
Price
Friday
eb 7

Week's
Sange or
Last Sale

BOLA Dm
N. Y. STOCK EXCHANGE
WEEK BEDING FEB 7

Range
Sines
January

5

Price
-taati
14
Feb I

t

Lxxxyi.

3
11/eek's
Ranye or
Last (Sate

Range
.11 nee
January 1

_High No Low Eigh
Btu
ACA Low
Rig No Low RigItl N Y Cent & It R-(Continued.
Itta
As Low
Seeeh Cr Eat lstg 3121351951 A-0
113 117
117 Jan'0
114
JLoulsy & Nashv gen g 68.193( M-N 1104
1981 I-0
Cart& Ad Ist gu g 48..
110 Oct'07
19:
GoUt 5s
Gony&08we hit gu g58 1042 J-1)
10 95'4 JOU
100
1941 J-J 101) Sale 99
/
971
IJaltied gold 48
Moh & Mal 1st :. I g 4s 1991 M-S 08 100 1054 Mar'0'.
10118 XV'0
1941 J -J
uer '02
78
Regietered
NJ Jtuns tt go. 13t 4s. 1986 F-A
107 Dec'05
191 A101 12.1'1y 't/d
Sin - bind gold 6s
N Y Si Harlem g 312s. .2000 M-N 100
2 1114 105
103
105
M.
193.1
4
/
1101 May'07
Co)rust gold 513
N Y &.North lat g 5s. .1927 A-0 97
84
114
7 88
94
9341
.. 1014 Dee'06
• 5-2 O'r col tr deed g 48.192: A.
N Y & Pu lstcon gu g 48 11)93 A-0
111 Nov'07
1911 J -D 110%
& Nash 1st g 0s
Nor Si Mont let gag 58.1916 Ad 118.8.
1034 10314
1034 Jan'08
s 193 M.N.
4
1
107
L Cm & Lex. gold 4/
I
Pine Creek reit guar 6s.1932 JO 111¼ Sale 1114 Nov'07 2
115% 117
4
1153 Jan'0
1931 J •J 1191P'1/4
4
1
111 /
4
/
11141[11
."N 0 & 51 1st gold 88
I R W&0con Istext58./4192' A-0
1224 Mar'0
193 J -3 112
105 Jan '0_
105 105
&
N.40. M 2(1 gold Os
Oswe Si R 2d gu g 53....1915 F-A
1074
Peacola Div gold de. 1132 M-.
RW&OTItlatgug 53.191 M-N
May'07
A.tig'017
192 • M.& *106
4
/
1001 Oct'05
St',Div lat gold 6s
4
113
Rutland 1st con g 4/ 1941 J -J
6212 Aug'0
1981 M•
1 84
87
87
86% 87
9i1 gold 3s
-u
Og&LChanilstg 48 g194 • J -J
23 S7¼ 99¼1
8
89
877
4
85 Jan'09.- 85
85
AtIgnox & Can div 46 1955 M-N 873 89
Rut-Canadlat gu g 48.194: J -J
I
116 J'ly'0
101
122 Jan'06
.atlIttiox & Nor let gba194 .1
J -J
St Law & A.dir 1st g 58.1996
4Jan '00
/
1081
M-S
1
125
125
•
Ieiier Bdge lat f g 68.193
199 A.
2(.1 gold Os
92
• 92 02
92
91
IOU 103 Oct'0
Kentucky Cent gold 48 198 J -J
Utica & Elk Riv gu 848.1922 J -J
,
108 Ply '01
90
8194 NI4
/
& Mob M lats41
99 Sale 02 • 92
8....1997 J.
4
1
Lake Shore gold 3/
87 87
57 Jan '0-1
86
L& N-South 11 Joint 48.195' J -J
02 Jan '08
Registered
Mar'0
1
/
1134
11
4
/
4
/
-,
,
)
S let gu g 5s 193 F-A
iFir t13 • 931 Sale 931 94
Debenture g 48
74
8194: J -J
93
4
/
ngug41
Isr&C.13dgege
0,
94
1931 M-N 101 43 San: 91
-year g -Ls .......
25
113 113
113 Jan '0
Paint & Atl let gu g 68 192. F-A 102
'
KaA & Li R lstgu 058 193 J-J !10
111 May'll
109 oet'07
N Ala con gu g 68 193 FMahon C'l RR let 53 1934 J -J
4
1
4
/
911 01/
4
/
92 . 911Jan'Os
89
10712 Nov'0'
.14 & Jett. lidge Co gu g 4s 194 MPitts & L Erie 2U. g 5s.a192 A-0
139 Jan '03
'LN A.& Ch See 0 I &
MoK & Y latgu 63.103 J-J '15 is
Pitta
110
tihon Coal Sea 1,8&518
2(1
951 96
4
/
•951 96
28 021 98
4
/
1.ailhattan Ry consol48.1990 AMcNees& 13 V 1st g 6a 1914 j-j 100
guart3893 J-J
104 Apr'05
1990 A-0
104 Det.'06
Registered.
Mich Cent lat consul 68.19011 51-S
e 39 99% 101
4
8
1(15 Dee'07
Metropol El let g 66.-190 J -J 1007 Salt • 1003 1007
S
3
1, 1
1931 M:1,4 110
58
4
119 J'nt. 0
McK'pt& B V See N Y Cent
Registered
100% Jan '07
1)
Metropolitan El See Man Ry
4a
83 131 744 85
SO
7912 Si
4
/
1061 Ney'0
M ex Cent consol gold 48 1911 J - J
Registered
20 386 141 20 1/4
4
/
17 ki Sale ; 174
94 1-4 Dee'01
let cousol income g 3s.a1939 .1'ly
J L Si 81st g 3128
8
147
147 154 10
.
14¼
4
143 siii
, 0212 M0'0
2d consol income g 30..a1113' J'ly
86
lat g 312s
110% J'ly '01
Meltni.ernat 1st con Fr 46.197 M10 80 80
Bat C & Star lat gu g 3s 11 t.
80
80
95% 91.1%
004 Jai '08
Stamped guaranteed....197 M-S
99
N Y Chic& St L let g4a 193
105 Nlay'0(
1910 J
2
102¼ Mar'07
Me*.North ist gold 6s
8i7
11t.1t1l; 4A11:11.-11
Registered
98 103
Cent
4
/
Mich Cent See N
101.1 Sale 1011 102¼
2
West Shore 1st 4s gu. 2361 J
4101
/
101/7 18 961
4
1003 Sale 100
1114d of J See Erie
Registered
Mit.LS&W See Chic & N W
3
E
NY & Greenw Lake See 2 :11 j-j.
!MU& North See Ch M Si St
N. Y & Har (See N Y C & Hut
• i 30 5110'07
4
/
1251
Minn & St L lst•gold 76-192 .1.1) 100 1024 iii5 Apr'0
I N V Lack & W See D L& W
190 J -I
vx
• Iowa If Lit gold 78
N 1:LE&W See Erie
118 Jan '0
106
i Pacific Ex 1st gold 6s 192 A.
N Y &Long Br Nee Cent(/'NJ
113.4 SI:WO.
4
/
4
/
1213 ale 121
4
1233 659 1151 1241
4
South West Ex let g 78 1911 J.
N 1( N II Si 11-0onv 68 subs.. S
100 100
100 Jan '0
1934 Mcense' gold 5s
113 Oa '07
let
.
82
liouaatonie R con g 53..19.3' ;1 . 12"412"4i 1 i
4, 3 80
80 3
80
M-S 77
lstAnd refund gold 43 14141
N 11 Si Derby con cy 58.191 5/1-N 1043 •
117 Apr'0
D 1st gu 4s ..35 J-J
Dee,>1 &
51 Y & North SeeNYC& 11
N
4
/
4
/
921 971
98
M1nn&$tJ,gu See B
N Y 0 Si W ref let g 4s..g199 11-S 98 Sale 98
......
95 Nov'07
M.St &SS cong 4intgu'J J -J
101¼ J'ne'0
g199' 1.4-S
•Regis$5,000 only
... 102 J'ne'0
•1113 Se &A 1st g 4 int gu 192b J-J
N Y & Pat See N Y C & li
Mtzn1Jn SeeI3tPM&M
X Y& R 13 See Long Island
98
23 94
98
4
/
971Sale 97
/to 1gI1& Tex let g 4s 1990 J-D 801 Sale 80
N I' S Si W See Erie
2 80 84
82
4
/
01990 F-A
2d 1448
N Y Tex Si 51 See So Pac Co
118
I 115
98
4
1
1944 M-14 97/102/ 98 i.
93 105 100 Oct'07
ext gold 5s
4
791 77 i
Nor Si. South let g ba
11 771 78
1941 M4
/
is
2004 M-S 76. sale 76
4
/
190 1201
4
/
4
/
1201 Jan'0
14.84'refund 45
4
77
67 74
1931 M-N 1201
77¼ Nor!Si West gen g tia
1936 J -J
4
1
117/1171
4
/
8
4
/
117
Gens f 41
117¼ Jan '0
Improvem't & ext g 6s 103 F83 83
Si3 83 Jan '0
4
b2
200 A127 Oct'06
fit,I,,Div 1st ref g 48
New River lat g 88
1932 A.
104 12.7an'0
4
/
4
/
904 17 921 971
8
' Da1 Si Wa 1st gu g 55 1941 MN Si W By let con g 481900 A-• 053 Salt 953
9.
4
/
951 Apr'07
VI Sep'07
Kant1 & Pao 1st g 4s 199 F-A 105 4 106 i 105% 105"
Registered
•
2 105%105%
1 841 88%
4
/
4
/
881 881 88'4
/
Me K & lat gu g 5s 1942 A.( 103 Sale 1023 103
Div't letl& gen g 4a. 1944 J -J
4
11 1023 103
4
1942 M.
4
843
4
/
831 124 78
' MX& Ok lat gu 5a
10-25 year cony 40.....193' J.D 82% Sale 82¼
4103
/
971
.
103¼ .. .: 103 Jan'0
1 77
86
86.
AIR& T of T 1st gu g 53 194' M•
Pocalt0& C joint 48..1941 J •D 80 'My 84
......
105 Aug'1.)
1119¼ Feb'o
/ Sher Sh & So 1st gu g 58 194' J 192' J -J
C CI& T 1st ifu g 58
'n/..
Oct
4
/
1001
.
8712 95
• Tek& Okla latgu g 5a 1943 MSelo V & N Elat gu g 4s 19892507
86
'4 95 Jail'0
6
0
i•• 106
107.8 109 106 Jan'OS
192 M'116.Paciflo let eon g es
North Illinois See Chi S, N W
98
'1 94
98
98
4
/
981
Truat gold 15a stamped.a1917 25.
North Ohio See L Erie Si W
Fob'07
4
/
1041
691,10134
a1917 MRegistered
4
/
.
19 9 Q
Nor Pac-Prior lien g 46..1997 Q j 101 Sale 1001 10114
977 98
'2 93 98
98
1920 F-A
98 100
100
100
ist ooll gold 58
Registered
......
8,6 Aug'07
1945 WS
72
68
,'
4
1
40-year gold loan-4s
4
/
701 •Yi; TO/ 71
General lieu gold 3s....a'204 9-B
MeV°
4
/
971
103 M-N
extd at 4%
70 Aley'01
Ild
68
a204'" Q -Li
110 J'ne'07
4
/
,
191 1 -A 841 88
9(318
89
'
Cent Er By let gu g 40
9612Jan
96
884., 8:14
Reg tD ul
St .Pag-eredDiv g 4s. .1996 J
4
/
841 Jan'08
Con Aralich II Plat g 48 1948 J
Dul Short L 18t gu 58..191'51.
110 Mar'05
LerQy&CVA Llstg5s 1926 J -J, 06 101
C B& Q coll tr 4a Sea Gt No
98 Aug'07
117 117
Pac'Rof Mo 1st ex g 413.193 F-A 1061 115 112 Dec'11litP & N P gen g 6s....192' F -A 115 125 117 Jan',(.
4
/
2d ex,tended gold 5s 1938 J 132 J'ly
Registered certitIc's..1923
15 iiii, 110
.. - 4
/
1071 108
Sgen con g 501931 A-( 107
1174 Ply'07
StL
OS
4St Paul & Dul lat 58. .1931 1.A
4
/
1091 J'ne'07
100 Oct'07
Oen con stamp gtd g 5a 193 A191 A
78 " 30 741 78
77 Bale 77
118¼ Oct '00
/ Unified & ref gold 4s 1921.1 J-J
196 J • • 89
1a 5e
2dt consol gold 4s
83¼ 78. 831 86'4
4
/
8312sale 83¼
93 May'll
82
Rw & Cl Div let g 48 1933 M144 44
Wash Cent let g 4s
10712 Apr'06
• - •.
114 114
g 58 1926 M117 114 Jan'0
Nor Pac Ter Co let g 68..193' J
98 Dec'06
1
litobJ & K C 1st cons g58 195:
113 Jan'OS
lit 1134 Nor Ry Cal See So Pao
1131/4
Mob Ohio new gold 63 14127 J 4
/
1051 Jan 'i.
10 ¼105¼ Nor Wia See C St P M & 0
let extenlion gold 68...1i11127 Q-J
Nor & Mont See N Y Cent
83 Aug'07
......
1
1938 M, Generai.gOld 4s
i
'1/71Ind Si W See C C C & St L
10212Oct
......
4
/
. Montgom Div let g 58-1114^ F-A 991
kihio Rw RR See Balt & 0
4
/
921 Aug'11
72
St L & Cairo coil g 43..8193 Q-1,
Ore Si Cal See So Pao Co
101 Nov'04
......
1931 1•I
Guaranteed g 4s
•
Ore RR Si Nay See Un Pao
See Southern
M & 0 coll 48
Ore Short Line See Un Pao
Mohawk & Mal SeeN Y C& II
Oswego & Rome See N 17C
ktonongaliela Ely See B & 0
00 F & St P See C & N W
&
1011
4105
/
Mout Cent See St P.M
8
)ac Coast Co 1st g 53....11/46 J-D 1047 Sale 104% 104%
Biorgan's La & P See S P Co
ac of Missouri See 5Io Pac
102 105
Morris & Essex See Del L& W'
Penn RR 1st real eel g 48.1923 M-N 100 106 105 Jan '0 /
*
102
117.4 1131 109 Nov'0 ,.
105 Nov'0
Wash Chat & St List 78.1913 J J
Cousol gold 5s
10714 Jan'0
11/7 1Q7'
1928 A-(
16.1 Dec'07
1.1 lat consol gold 58 •
6'
1
9 84
-- N
Cousol gold 4a
1
1941 is-N 1116/
4
/
1101 May'07
...
1141
4
/
4
/
. Jasper Branch 1st g(is..1923 J .1
4
/
Convertible s 3 8
4
1
/
191* 31.N 031 Saab 931 944 100 914 911
4
1171 Mar'05
4
/
-•
/
901 220 88
Mold M W & Al 18t 6s..11/17 J -J
4
9
s 8
u8
/
g1
,
34g 48...1 42 04-D , Sale 89
191 .1.
nve
Iieg rytailil
A
C
113 J'ly'04
L.
99 J'uoVi
T & 1' Branch let 6s.. .1917 .1-J
gen
:a
Nash blot Shot See & N
DERR& Bgelst gu 4sg.'3 F-A
99
99
99 Jan'0
0
10
1071 Oct 0
4
/
Natof M ex prior lien 4123.1920 J -J *81
'
PhilaBal & W 1st g 4s 194' 51-N 4.34
82
6 77
82
81.
1951 A-0
102 Jan '03
let consol 4a
Sod Bay & So 1st g 68...1924 J • J
480P 04
/ '
1101
Nevirli D See N YNIi&
U N J Ell & Can gen 4s.1944 M- S 100
1023 1041
4
4
/
104 Jan'0
NJ Juno 1.111 See N Y Cent
-Guar 1st g 4128.1921 J -J 103%
Penn Co
e.Ply'07
1037
New & Ciu Bilge See Lou& N
ter
3 .2s
R11
N()411,51 E prior lien g 68 p1915 A-0
9012 J'ne'll
colt trust reg.19 .1 -S 83
d
2
193 51- 2
•
84 Mar()
N Y akin & Mau Bolt Seek!
8
4
ar 1
GGduaerg3/ coil tr 8er B...11141 F-4
2
4
/
831 00
897 27 871 91
880n:Sale 89
93 Oct '07
N Y Cent& hi Riv g 3128.1997 J -J
4
1s.1916 31-N 91
88.8 jail'0'
881¼ 88'¼11 Tr Co main;Ira g 3/
1997 J.J
Registered
89 Oct'0
91
194' J -D 84
944 ji Gu.312s tr ctfs C
,
4
94 4 10 91
94,
4
/
941
1934 M-N
4
/
901 Mar'00
. Deben g 4s
s
1
1944 J -D 83
34
89 ii G, / tr ctfsD
4
/
791 26 77
763 783 77
4
3 11)98 F-A
.90 90
1
/
95
Lake Shore coll g 34
94
4
76 Jan'08 .... 743 77¼11 Guar 15-95 year g 4s....1931 A•0 94 Sale 110 Jan '11,
73
199 F-A
Registered
,
CI & Mar 1st gu g 4.2s 193' im•N
4
/
4
/
4
/ 171 20 74.1 81
783 751
11.19 F•A
. Mich Cent cod g 312s
4
/
1081 Aug'0994
ei ec p gen gu g 4 t.288er A.'42 J -J
71 Nov'07 .... ......
1998 F-A
Registered
194' A-• 100
- Series B
95% IOU 102 Feb'07
Beech Creek let gug 413 1936 J •J
2
981 Dec'O'
85
11
4
/
DM 11-N
Series C 31
102 Mar'04
1936 J -J
Registered
96 Jan '04
85 .
s
4
/
1950 F-A
Series D 31
J.J 106
1936
2d gu gold 5s
MISCELL kNEOUS BON D.5-Continuen on Next Paste
.
Telegraph and Telephone
Coal and Iron
4
/
7512Jan 08
' 1..... 751 751
Am Telep Si Tel colt tr 4s 1929 J-3
82 82
82 Jan '08
4
/
81 g 30..1943 F-A 791
001 If Si 1 Co gen
72 Nov'07
79
Comm Cable Co 1st g 4s. 231/7 Q-J
Nov'07
• 75
Convertible deb g 5s....1911 F• A
..........
104 Feb'07!
1918 M.N
& T 1st s f g 5s
4
/ '04MetT
1071 Oct
' Cot b'uel Co gen gold 66.1919 M-N
. 924 9214
4Jan '0
/
921
89
Mich. State Telep. 1st 53 1024 F-A
1.02%Apr'06 .... ......
•_ Gr ltiy Coal & 0 lat g 681919 A-0
105 te J'ly'03
N Y & N 3 Tel gen g 53 1921/ oil-N
..
95 Apr'02 .... .- .
Clearf Bit Coal lat a f 4s...1940 J -J
89 I 6 88
114
89
39
Union col tr cur 58 1038 J -J
West
211 44
45
51
44 Salo 44
ColIndu 1st& colt 5a gu..11134 F-A
80 I 3 86 88
86
86
Fd and real eat g 412a 1950 M-N
95 1071¼ Deo'04 .... ......
Contin'talC lsts I gu 5s g.1952 F-A
77
771
77¼I 15 76
193625-N
Cony'4a, Series A
107 5lay'97
Telt &Clear Cds 1 lat g 58.11126 J -D
104 Apr'07
Mut Un Tel 8 fund 68. .1911 1491-N
4
/
1051 Dec'06
Kan& ft C &01st s I g 58.1951 J-J
105 Oct '00 .... ......
Manufacturing .5: Industrint
Pleas Val Coal 1st g a f 58.1928 .T-J
..
78 Feb'07
75
02
Bundm CreeK Co g 5s....1944 J • J
4
/
1915 Q-b' 8812 Sale 881 88¼1 1 RU
8
4
/
Ain Cot Oil ext 41
2 821 89
89
4
/
89 Sale 884
1951 .1.J
Tenn Coal gen 5s
78 I 6 751 80
4
/
78 Sale 78
4
/
4
/
4
/
1031 " 1031 1 100 1011 Am Hide Si L let 51 g 68-1911 M-1s
a1917 A.0 103
4
/
Telan,Div 1st g 6a
4
1
4
/
4
/
Ice Secur deb g 68 1925 A-0 011•.aue 011 (li / 1 611 66
Amer
2 99 104
104
13 .I.apt Div let consol 68..1917 J -J 102 106 104
97
97 Jan '0 .... 91
Am Spirits Mtg 1st g(is 1915 51.5 98
_I 102 Dec'07
C5li"0 M Co lat gu g 63.1922 J -D 103
89.
83 Jan '08 .... 83
84¼
100 100
Am Thread lbt col tr 48. .1919 J •J
100 L. 100 Jan 'OE
Deliare & I Co gu g 68.1911) F -A,
,
103'.1122 963 105
40-yr g 6s
1944 A-0 102 sat,. 101
85
3 81
80
4
/
871 Am Tobacco
Va troll Coal&Colst g 58-1949 M-S 84% 88
,
4
/
664 136 601 691
6 i Sal. 64
1451 F- A
45
,
931, Feb'07
1953 .1-J
a 1 5s
Victor Ftiel 1st
D to Apr is oda i'ly k one .tug o Due uo pDae,Now q Dne Dee $Optaon 9aea
asked. aDue Jan b Due Feb c Due
"No price Friday; latescbill and

N,ylaa

•

•

tY31

•

•

Verdi y.1 w 1st
a




I

•

......

.....

New York Bond Record-concluded-Page 4

FEB. 8 1908.1
DUN U.
N. Y. STOCK EXCHANGE
Wieux latitanid 13103

.gai
)

Freed
Friday
Feb 7

Week's
Range or
Last Sate

Atoms
Visas
January

hitt
Penn Co--(Oontenwed)
Mo
AsA Low
85
Erie & Pitts gu g 34 B.1940 J.J
/
1
8
ft A.:; 717
1
SUtM&O
85
1940 J-J
99% Apr'
GrR&Inxlstbrug4 1281941 J.J 102
108 Sep '044
Plats Ft W 0 lst 7s...1912 J -J 1.07
'0
2d7s
1912 J -J
119
958°°t
41912 A-0
3a78
119 A.pr'94
Pitts Y4gi Ask 1st eon 5.1927 hl-N 101
110 M 05
?CC& St Lgtt4123A...1914 A-0 107
108 Jan '14:
to
108
Series B guar
1912 A-0 1061
1071 J'ly'07
/
4
/
4
Series 0 guar
1942 M-N 102
119/
1
4J'sio'06
95
Series D 48 guar
104:5 M-N
WO% liar'
19411 F -A
Series it 31 guar g
01 FolVO
/
4
851
/
4
Series F 48 guar
1953 J-D
C St L & P lat oen g 544.1932 A.-0 111
109 Jan'08
1.09 109
Pensacola & Atl b906 Jj& Nash
Peo & La-st Nee 0 C da St L
1231aaa
Pea & Pelt tin 1st g 6s....1921 44-F 103
/
4
244 gold 41.....-N
51
/
4s
.
1083 D150'01
4
PeraMorq-D145.*M 3i 1921 J -b•
'
109 AgeD2
Flint& PM g Os.,
102D A-0
112¼ Aug'07
1980 10-51
lat cousel gold 5s
AO% Apr'))
Pt Huron Dtv 1st g 58 1931 A106 4 Sep'0
2
......
SagTus4ólListgug4sdOJl F-A
Phil Ii & W See Penn 1111
Phila.& Ileadtng cons 7s.1911 J
1151 Mar'0
/
4
PitteCtu & kit L See Penn Ce
Pitts Cleve& Ttil See13& 0
Pitts Ft W 46 Ch Nes Penn Co
Pitts Mcases & Y See N YCen
Pitte Sit & L 11 let g 55 1940 A-0 108.8
1071 Deo'07
/
4
1943 J -J
1st consot gold Os
337 J'1y'97
8
Pitts& West See B a,0
1997 J-J
ljeading Co gen g 48
/
4
931 Sale 95
96 114 93
07%
91 Jan '08
IA Registered
,
91
91
93
Jersey (kat coll g 48_19-1 ‘
19V 11
04
1
94
941
1 86
04
Renswelaer & Sar See D
Riolt di Dan Sep South My
Rich & Meek See Southern
Rao or West See Den& Rio Gr
ltoch & Pitts See 13 It & P
Rome Wat& Og See N Y Cent
Rutland See N Y Cent
'Ins & It See Puce Marq
Or,3.sbuir ts1 1st g 4a 1947 J -J
85
85 Jan'08
85
85
sv L & Cairo See Mot, 11
.1.44.1 Iron /Ionia See 51 P
(limtS
St L K C & N See Wabash
St L M. Br See'X RR A of St L
St Louis& San Francisco
General gold Cis
1931 ,.J 1141
/
4
1131 11314
/
4
2 113 114%
General gold as
1931 J .J '104% 105 42 1051 Jan '08
/
4
103 1051
/
4
Stk.& S RR oons g 48.29§ 3 -J
1)0 Jan '08
ill)
04)
Soit.thw Div 1st g 5s..i41A-0
1021 Aug'05
/
4
Itatunding g 4s
721 Sale
/
4
10'51 J J
71
72', 41 71
75
5-year brold notes 41 190* J
/
4
98 Nov'OU
StL M & So East gu 442g1909 .D
0 It
al con g tis 102.0 IVI-N 113
1141 114'
/
4
3 111 114',
K let3dit Iti By ref g 4s 1936 A-0
70
70
71
3 08
1(0..ism ite414 latgu 58.1920 A.0
Oz'rk& Ch C lst gu 58 g.11.113 A-0
in) Dec'07
......
St Louie So See Illinois Cent
StLS W 1st g 4a bd cti .141811 31-N 89 Sale 89
/
1
4
89% 27 841 SO%
/
4
657
8
2t1 g 4s Inc bOud ctra...2)191 J -J
67
67
67
70
65% &de 65
109
Coneol gold ls
057
8
611 66.8
/
4
PtTer lat gu g5a 194 J•D
101.8 Apel.Y4
J.1)Gray's
St Pau/ di Dui See Nor Pacitto
8
St Pant M & Mau 26 6s 1908 A-0 1037
101 Dee'07
19331J-j 128 128-, 119 Nov'07
1st consol gold Os
......
Itewatered
134 Dee'08
Reduced to gold 41 10.38 j j 105 Sale 1.01
/ 1933 J:J
4
s
105
102 100'2
Itegistored.
1933. J -J
11618 Apr 91
Dakota ext gold Os
14137
8
1919 11100 Nov'07
......
Moot ext lat gold 48-.1987 J
9818
981 Jan '08
/
4
04
981
/
4
Regnifered
1937 J.1.)
4
1001 Oct
E Mama 1st dlv lot g 5a..10081 A-0 101
1011 Jan'Ob
/
4
1011 101 /
1
4
/
4
Nor Div let gold 4s....104.8 A-0 80
Muni Union 1si)8e..J22J.j 104
124 litty'05
?dont C let gu g es
1937 J -J
128 Jan'08
128 128
11.oirlittere&
1907 J -J
1361 May'U
/
4
lot guar gold Os
105 Dee'07
VV111,11 F 1st gold 5s..1.?1;14 j
34
J:t 1(1r1 19
115% Dee'06
tit da Nor Faso See Nor kao
St.
8,x Oity Nee0StP &O
S A& A Pluis
gu g 4s 1943 J .3" 83 Sale 82
9 78
83
113%
PIn Isvg 5o
s Liu L'abx
1349 m-S
102 Sep'07
... .
N P 1st aluk t g 58.191V J -J
110 Oct '05
say le dd West See Atl Coast L
Scioto yaz
.See Nor& W
SenhoentAlr Line g 44...11)561 A.0 4912 Sale 45
491 13 45
/
4
56
1011 0A.N
Cell tr refund g 644
90
90 Dec'07
30-yrIst g 4s.e103.1 M-8
88 Jan'07
Car Cent let colt g 4o....1910 J -J
9612 Alar'idl
Fla Oen 416 Pen 1st g 68.1918 J • J
1071 Aug'08
/
4
/tit land gr ext g.5s...11/30 J -3
Consul geld 5s
19413 J
1091 31ar'05
/
4
Ga & Ala Ity Wain 5s o1943 J -J
99 1k")'07
Ga Ger & No lat bru g 08 1020 J -J
100 110 Jait'05
Seat)& Roo let as
1926 J.J
liar4/7
do See Of K & T
Slber Shr
SitS9 ues.6431 See AR Coaot L
Oar .114 Gal See Southern
So
,A
ce
u to4 ( li i iCoBottu7Paoltlo ccou)
844 80
/
1
10 83% 87
ItAeetstere41
/ 11140 j D * 95
k 949 J
c1
8
93
5
84 J'ne'07
Cent Pao 1st ref gu g 48 1940 F-A
961 Sale 90
/
4
97 105 94
99
Registered
1910 11-A
,
93.8I'ne'0
8..k1929 J
Mort 'filar gold 31
/
4
82'4
83
331 19 80
/
4
8314
%%tough St L 1st gin 4s '54 A.0 88
90% Apr'07
Gal liar S, S A Istg 63-1910 F.
till
10312 Apr'07
g5s....1931
Mex.& Pao
1041 109 107 J811'08
/
4
Gila V(it& N lat gu g 58.192.1 M.
lo5 100/J'iy'0
1
4
Hone /4 & W 1st g Os.1933 M.64 100 1011 101 Jan'48
/
4
1933 1/1.N
1st guar Os red
104 Aug'
05
11 51 TO let g Os let gu..1937 I -J 109¼
1001 Jan '08
/
4
/
CoiaeoL g Ss tat guar...1012 A-0 1091
4
107.8 Nov'07
Goat gold 4s lint guar..1921 A-0 59
88 Jae '08
Sie
88
'Waco& N
div 18t g 68'30 VI-N
116 Deo'00
A. & NW let gu 58.-1941 J-J
1091 Fe9'06
/
4
11111o4,10.1,ANE0 US

Mirk
N. Y. STOCK EXC1.t A NO E
Witick Exunto FED.7

x
Prece
1•114testi
Feb 7

Week's
Reny" or
Lost ,',ale

Range
E;
•••••

January 1

ilia
Ash" Low
High No Low Kw
Pac Co-(ayetime4441)
Morgan's La & T 1st'78 1918 A 0 110%,
127 Sep '06
let gold tis
1
4
1920 J -J •413/
116 Novq)
No of Cal guar g as
193'8 A-0
112 reb'
07
Ore ex Oil let guar g 54 1927 J.J 100
87% Nov'0/
99
So P of AT go let g es. .0.909 J -J
981 981
/
4
/
4
98 4, Jan '08
991
lot guar g Os
/
4
e1910 J-J
101 Dec 4)7
......
So Pacific of Cellist gee series It & F...1912 A-0 104
107 Apr'07
let gold 68
1912 it-to
1141
......
/
41)ec'04
lat con guar g as
1937 M-N
......
116 Ma.y'07
S Pao of N-Mer lst g 65 1911 J -J
104 Mar'07
So Pao Coast lat gu4o g 1937 J-J
Tex&N08abDiv1st g6s 1912 M-S
/
4
1071 Feb'07
Con gold 5s
1943 J -J
9314 06
118
96
88 42 bate 881
Pac rut 1st ref 4s
1055 3-IT
/ 91% 84 87¼ 93
4
Southern-let eon g 5s
1994 J-J
87's Sale 87
07
28 83
88
Registered
1994 J -J
114 NovV6
76
bg
Mob & Ohio coil tr g 48_1938 11-S
77 Jan'08 •-• 75
77
981
Menu Div let g 4¼-5s 19911 J -J
/
4
102 10_02
100 Jan 'OS
771. 74 Tau'08 - -- 72
St 1.0llis WV 1st g 4s
1951 J -J
76
1918 .7- J
Ala Cen R 1st g 68
......
113 Je.2.1'08
Atl & Danv lat g 4s
19423 J • J
96 J'uo'06
......
244s
1948 J -J
92 J'ne.'0
Ati & Tad 1st g guar 4/4 1949 A-0
109 111 143eb'0
Col & Greenv 1st 68
1916
E T Va Oa Div g 58 1930 -J
110.2J'1y'07
Con let gold 58
1950 11.N 105 Sou, 105
105
4 105 105's
E Ten reor Hen g Os
1938
99 11012 J'ne'07
......
Ga Midland 1st 3s
1946 A-0
68
95 Sep '07
Ike Pac Ry 1st g 68
1922 J -J 106
106 Jan '08
106 106
J
Knox db Ohio 1st g 6s. 1926
Jan '08
108
107 108
87 .1
slob& HU'prior lieu g 581945 J -J
115% Apr'98
Alortga,ge gold 4s •
.1945 J • J
96 out '05
83
Rich & Dan con g Os. 1915 3-3
104 107 Jan'0810'7 1()7
Deb 5s stamped
9111 Oct '07
/
4
1927 A-0
Riolt & Meek let g 4s 1948 31-N
98 Feb'06
5
1,
So Car & Ga 1st g 5s
1919
95 Dec'07
Virginia 311418er C 8s 1916 04-k,
11.2 Oct'06
Series D 4-5s
1921 15.8 •100
108¼ Deo'00
Series 145*
113 Dec'05
1926 M-13
General 543
1936 M.N
100 103 Oct'07
Guar stamped
1936 M.N • 98
107 Itay'01
78
W 0& W let cy gu 48 1921 F -A
9012 ilt1/Jan '07
1
4
......
West.N C lstceug3s 1914 J J
1061 sep'07
/
4
......
& N Ala See L
N
Spelt Falls & Nor let g 68.1039 J -J
117 J'ly'0
'r er A of St L Ist g 4 422_1030 A-0 1‘ 2'8 „.
111 3'ly'07
A. 1st con gold 5s....1891.1944 If-A 1011'os 111A 110¼
110%
4
140
Gen refund s t g 45
1953 J .J
901
/
4Jan '08
St LII Ego Ter gu g 56 1930 A-0 103
111 Dec'06
Tex & .N 0 See So Pao Co
'Ter Jd Pao let gold 5s
2000 J -D 111'2 Sale 111
112% 11
28 gold Inc as
4/200( alai • 70
112 Nov'00
La Div II L 1st g 58
1931 J • J
89%
110 M141'08
W Min W&N W 1st gu 5,4'30
106 42 Nev'04
& 0 C 1st g 5s
1935 J -J 10,08
1033 Jan '08
4
RE! 103%
Western Div bit g 58. .1933 A-0 10L /
1
4
111 lfay'04
General gold 5s
1.151
1935 J-D
/
4
,
146 jan'Os
951 08
/
4
Kan & M let gu g 4s. .1990 A-0 83
89 Jan 'Ll3
8t)
84
Vol P & W 1st gold 48
bU
83
1917 J-J
81 Jan'os
78% 811
/
4
TolStLd6 Wprlleng31
6.1925 J -J
/
4
33¼
81¼ Jams q28
So
SU
50-year gold 418
1950 A-0 72 salt 72
13 07
d
73
Tor Ham & Bulf lot g 4a.h1046 J -1)
93 Dee 'Oil
lster& Del let con g 58 1925 J -I) 105 salt 105 Jan '08.... 101 106
lot refund g 48
1952 A-0
93 Sep '0
Un Pao RR & 1 gr g 444 _1917 J -J 1u0 sale 1)9 7
/
4
8 1011 136 99 102
Registered
1047 .f -J
141014 11./01
/ 1 951
4
/
41004
20-yr cony 4s
1927 J• J
S, 43, 81
8
353 Sait 803
8
877
8
urn Ry & Nay con g 48.1946 3.)) 114'4 08, 95,
,
146
8
6 91
90.4
Ore Short Line laity;64 1922 F-A 116-. Sale 116
21 115 120%
118
1st consul g 58
1016 J J 11018
1101 1101 11 106 1101
/
4
/
4
/
4
Guar retinal 4s
11)21 •I3 88 Sale 88
34 53 851 8978
/
4
Registered
1929 J-D
874 Iiiiteo7
Utah & Nor let 7s
1909 J .J
100 Oct '07
Gold Os
1926 J -J
987
8
105¼ J'ly'07
Uni N J RR C Co See Pa RI
Utah Central See kilo (kr We.
Utah & North See tin Pacific
Utica & Black R See N V Celt
antlalia consol g 48 .105' F -A
911 Oct'07
/
4
era Cruz &Fist,gu 4101934 J J
98 Sep'00
Ver Val Ind & W See .510 k
Virginia Mid See South ity
Va & bouthw't 1st gu 53 2003 J •J 100
00 Jan'08
99
00
abaalt let gold 6s
1939 mx-N
110 1061 109%
/
4
/
4
108 1071 108
241 gold 58
1939 F-A
91
1 90
931 91
/
4
94
Debenture series A
1939 J -J
ao J'ne'07
Series B
1939
40
46
46 Jan '418
44
45
• Certificates of deposit_
68 J'ne•O;
1st lieu e.qutp 8 fit g 5s 1021 84- S
102
/02 102
ID 100 102
1st lien 30 yr a term 48 1934 J J
93 Mai'06
lat ref and ext g 18 - 1956
41
43
41 12
41
32 41547¼
list & Ch Ext lot g 14 1941 J -J
104 Oct '01
Des Mein Div 1st g 444. 1939 .1
97 Isfey'124
Om Div let g 312a
1941 A-0
80 1102'07
Tot & Ch Div let g 4a. 1941 U.S
96.8j'ne117
90
96
St Chas Bridge 1st g 6s 1906 A-0
100 Muy'07
Wab Pitts Term 1st g 48 1954 J -D 45 Sale 45
45.4 8 16
56
241 gold 48
1934 J -D
47 10% 19
12
11 Sale 10%
Warren See Del Lac & West
Wash (lent See Nor Pao
Wash 0& W See Southern
Ws.8h Terml 1iit gu 31 1943 F-A
/
4
8
861
/
4
8712 J'ly
West Maryland lot g 4s 1952
60 gale 60
011 14 60
/
4
66
Gen & conv g 4,3
1952 A-0
42
14
41
1 40
47
WVa;Cent & P let g Us 1911 J -J
103 106 12 Aug'011
West N Y & P 1st g 5s 1937 J -J •1107
8
111 Jan '1.)8
1(185111
Gen gold 3-4s
1943 A-0 * 891
/
4
87% Jan '0
87 18 873
Income Os
51943 Nov
.
31 Feb'07
West No Car See South ay
LE let g58-J926
WheePg &
107 Jan'08
103 106
Wheel Div let gold 64..1928 J .J
103 110 Dee'06
Eaten & Imp gold 60...1934) F-A
981
4Jan '08
991 14-4'.
4
RR 1st consol 4s.... ....1949 11-S
71
'71
2 71
71
721
/
4
20-year equip a I 5a _192'2 J -J
104 Oct'07
Wilkes & &int See Erie
Wil & Sioux I See St P M & 31
W18 Cent 50-yr 1st gen 4s 1910 J-J
83 Sale 8:1
12 80 , 85
iza
,
rtontliera

U

W

ION Dri--4Joncludea.

Olinuttneturtug t.C..; Industrial
SLIscelluneens
Beth Steel let eat ef 58..1926 J -J
85
Adams Ex col tr g4s
96 Ang'00
1948
Cent Leather 20-year a 50.1925 A-0 911 Salt 91.
/
4
Am SS Coot W Va g 53
921 39 .
/
4
93
1920 -N
Copesoll2obacco 50.yr g 48.1551 10-A
68 Jan'
FerryCo 1st°ones Os'48 F-A
68
03
DistIl Sec Cot- cony 1st g 53.'27 A-0 71 Sale 71
CltioJc& St Yard ool g 08.1915 J-J
14 MI
72
75
hit Payer Co let con g 08.1919 F-A 103 Salo 102
103
Det XI & MIdgr incomes 1911 A-0
7 102 105
4
Consol c4niv f g as
84% Sal,, 841
1935 J -J
/ 811 3 841 86
4
Int Mercan Maths() 41
/
4
/
4
/
4s-1922 A-0
hit St Pump 111-yr cony.6s'13 .1-IT
91
91 Jan '41
00
/
4
221 Int Navigation 1st ef 58.1922 F-A
Knieker Ice(01410) 1st g 5s.'28 A.0
Man Bell 14 & L gone 40 1910 Af-N
Laoletw Steel 1st g 5s
19•23 A-0 84
ir7 (jc4 41'
W
.1.11
Newp Ne Ship & D Das 51990 J-J
8;5
1 84
89
Diet:Am-eh M fg Colat g Os 192U'Nf-N
75
8312 Aug'07
N Y Dock 50-yr let g 48 1951 F-A
Nat Siacoh Con f del) 08 1920 J•J
75
70 Apr'07
Providence Sec deb 45. 1057 61-N
Repub I & S 1st& ooltr 38 1934 A-0 140
80 18)0'117
Provident Loan Soo 4128.1921 11.S
Lest* Ce a filebg644 19/3
103 105 101 Jan '08
U
St Joseph Stk Yes lst4126.193 J -J
101 101.
68
US Realty & I cenv deb g 544'24 J.I s
69
614
St L Ter Cupplee StaVn & Prop.
-5 coup .51903 5,-N
88 Sale 87%
U s steel Corp
883 1.0Si 05:2 8 )1
7 04
Co 1st g 47 5-20 year 1.2/7 J.D
'1 /
' 83
24
881 :S1.1.1 88
St 1040 yr as. rear ..4/19,13 11.N
/
4
85% If 854 801 8 Yuba Wat Co con g 611-1920 J.J
/
4
Va-Car °Item col yr as g 1912 A.0 110
96
89 Jan '08
Sp Tel Wat Works let 0a.1906 11-S
82
89
Westinghouse) & .11 a t 58 '31 3.
7212 sale 711
/
4
73
75
16 70
S Red & Ref let is I g 68.11131
•No pries Friday; latest bid and asked this week. a Due Jan 6 Due ('iD 4 Due Apr *Due May g Due J'ae




327

89.8 Sale

64

89
893
f
9014
83
10(14 rile'02
......
41 Oct 4)
103 100 Jan ','9
IOU 100
71) Sep '013
Sale 64
641 15 03
/
4
051
/
4
77% 1
77% 77%
75
77.4
50 Feb'is2

91¼
89 Sale

/39
8')
13 85
*6 Oct '07
91) May'0
1001sop 'OS
/
4
112

'70

90

J'ly'tli
J'11 11(
,
Aug'07

89

......

A Due Ply 191
9u• New 110011011 Salo

CHICAGO STOCK EXCELAA-d-E-7-3tock Reoord.-Daily, Weekly aud Yearly
-HIGHEST AND LOWEST SALE PRICES
STOCKS
Saturday
Feb 1

Monday
Feb 3

Tuesday
Feb 4

Wednesday
Feb 5

Thursday
Feb 6

Friday
Feb 7

Sales
of the
Week
Shares

Si OcKS
CHICAI () STOCK
EXCHANGS

Ka iiroads
100
Last Sale 175 Jan'08 ___. Chicago CI1 y fly
172 *---- 17212 *---- 17212
*164 . 175 *-700 Chicago & Oak Park-100
2
*112
*112 2
2
4
j.g3 2
8 13 *---15
*134 2
100
Do pref
27
10
*_- 10 *
8 *____ 10
8
8
8
10
*_
100
265 Chicago Su bway
1712 1612 17
1712 1612 1658 *16
*1712 1814 1712 1712 17
Dec'07 ..._ Chic Unior Traction_100
Last Sale 214
100
Do. pref
Last Sale 18
July'07 -___
____ ___ ____ ____
_ _ _- __
42
10 Kalil City Ry & LtI00
4213 *40
*40
45
4212 *42
4 423.1
423 - - *42
*423 45
4
_.-100
Do pref
Jan'08 __
Last Sal, 79
77
*75
79
*75
79
*75
80
*75
Jan'08 ___ Metroplal II S Elev_ _100
Last Sale 19
20
*18
20
*18
20
*18
20
*18
100
Do pref
104
*4512 50
4912 *- -- 51
45
51
*48
51
*48
*____ 51
Last Sale 46
July'07 ____ North Chic go Street_100
*___ 40 *___ 40 *____ 40 *_ 40
100
Jan'08 ____ Northwest( rn Elev
Last Salc 20
*____ 21 *____ 21 *__-- 21 *__- 2113
100
Do pref
Sep'07 ____
Last Sate 60
50 *_ 50
*_ 50 *___- 50 *_
70
205 South Side Elevated 100
70
70 *---.. 71
70
70
70
70
*68
72
*68
785 Street8 IV ;. table C L.100
2814 2858 283
58
8 28
2812 29
29
2814 2818 2814 28
28
100
Do pref.
440
9158 9114 9134
91
92
90
9012 91
90
*89
*__ 90
Last Sale 33
July'07 ___ West Chic& o Street,. 100
*____ 30 *-_- 30 *---- 30 *---- 30
Ml/ice lianeous
100
(
735 American an
.1
43
8
412
3 47
4
45
3
4 4 43
431 434
4 434
43
3
434 4 4
100
Do pref.
4914 4934 48.34 4914 1,335
4912 4913 4914 4919 4914 4913 4934 50
Last Salt 135
Jan'08 ____ American Radiator,,_100
__ *133 ___
__ *133
*133
*133
100
Do pref.
Last Sale 11612 Jan'08 ____
--*11612 127 *11613 127 *11612 127 *11612 127 Jan'OS ___ Amer Shipl uliding_100
Last Sale 55
_
___ *50
52
*_ 55
*51
100
Do pref.
5(5
9512 9519
6
.
*95 1 6 *95 100
*95 100
*95 --__ *50*--- 100
__ Amer Stray Board
Jan'OS.
Last Sale 42
100
--20 Booth (A) & Co
28
2912 28
221-- 3 *28
3
. 291- .-,
iiii" iii- i l'ii- "291:, ;0iW -- - 3 ;C:1 8,
100
Do pref.
5
06 Jan'08
97
97 *94
96 *94
*94
95
95
-*95
Sep'07 _ Cal & Chici anal & D..100
Last Sale 45
45
*35
45
*___ 15 *____ 45 *__
Last Sale 165 alch'07 _- Central Tri1st Bank,, 100
Last Sale 16
alch'06 __. Chicago Auditorium
Oet'07 __ Chic Brew'i & Malt'g
Last Sale 1
118
118 *1
118 *1
118 *1
*1
Do pref.
Nov'07 ____
Last Sale 6
5
*4
5
*4
5
_
*4
5
26
26
*25
203 Chic Pneur atic Tool_100
26
26
*25
26
26
26
26
27
*211
331 Chicago 'Feiephone_ _ _100
s
116 11613 11512 11512 1147 11512
15 116
11514 11512 115'
115
29 Chic Title , Trust__ _100
110
*110 111 *108 1Fik. 11 111 *10812 11010 110 110
th•
---- -541 Com monw' Ed ison_100
86
86
87
85
87
100
88 4 87
1/5
268 Diamond 11latch
88
88
88 12414 12434 1248 ,2414 12414 12412 12412 12418 12412 *j34
12412
100
3034
*297 31
3034
8
365 Illinois Brit
30
3
30 4 30
3212 30
32
32
31
Last Sale 3114 Nov'05 ..__ Knickerboe ker Ice__ _100
_ ____ ,___ ____ __ ____
100
Do pref.
Last Sale 80
Feb'06_
- ____ ._____--- --__
Aug'07 _ _ Masonic 're mple
Last Sale 41
Last Sale 212 June'07 ....__ Mow & Chi Brewing_
Do pref.
Last Sale 2614 July'07 ___
100
320 National B scuit
'73
4 723
7434 73
723
4
74
75
5 *74
7
75 *73
75
100
Do pref.
85
108
---- --_ 108
108 108
108 108
108 108
*107 108
100
55
55 55
*54
140 National Ct rbon
55
*54
55
*54
57 *_-__ 55
55
100
Do pref.
103
20
103 103 *101 103 *101 103 *101 103 *100
*101 103
__ Page Wov' Ire Fence
ae 34
L
_
'
-__
------ ---------- ---- ----------20- People'sGa; L &Coke_ _100
-_---------85
85
_
32
170 Sears. Boer.tick com_-100
- 0 *25
*
25
25
26
*25
26
T.H- /6 - *25
,
100
Do pref.
-------7434 743
99
_:4
4
7512 743 75
7519 7512 7512 *75
*75
100
9912
810 Swift & Co
9912 99
9912 9912 99 9912
9934 9978 9914 9978 99
134
5 The Quake: Oats Co 100
134 134 *130 134 *130 134 *130
*130 133 *130 134
100
96
Do pref.
83
9614 *9513 9612 96
96
96
96
96
96
95
95
130 Unit Box IId & P Co_100
8
15
112 112 *112 158 *112
8 *112 15s
153 158 *112 15
100
Do pref.
11
1114 1,691
11
1114 1118 1118 11
11
111,1
8 11
1114 113
100
15 Western Stone
16 *____
16
*15
*1512 16 *--- 16
*1512 16
16
16
M ining
Last Sale 3212 Jan'07 __ Bingham Con Mining- 50
Nov'06 ____ Black Mou ntain
Last Sale 10
20
May'07 --- Daly-West
Last Sale 18
---- ---- ---- ---- ---- ---- ---- ---Nov'06 -__ Hubbard -E lliott
Last Sale 4

Interat
Period

Price
Friday
Feb 7

Week's
Range or
Last Sale

Highest

Lowest

WO Jan 24 175
2
158 Feb 3
8
8 Feb 3
1614 Jan 2 21
4012Jan
6814 Jan
17 Jan
42 Jan

9
4
10
6

46
79
19
50

Lowest

Jan 27
Jan 10
Feb 3
Jan 16
Jan
Jan
Jan
Jan

14
20
22
23

20 Jan 31

20 Jan 31

65 Jan 6
27 Jan 3
90 Jan 23

71 Jan 13
29 Feb 4
92 Jan 16

II lohest •

150 Mch 205 Apr
134 Nov
5 Jan
16 Apr
10 Oct
4109 Jan
11 Oct
214 Dec
614 Apr
1914 .Ian
14 Apr
65 Jan
28 Nov
.fan
683 Nov
4
28 Jan
17 Dec
72 Jan
43 Nov
47 .Ply
3412 Apr
2512Jan
20 Sep
66 Jily
58 Apr
00 Jan
60 Nov
34 Jan
28 Oct
99 May
95 Apr
35 Apr
20 Mch
3 Oct
3412 Nov
120 Dec
112 Nov
:0 Nov
80 Nov
30 Jan
25 Dec
90 Dec
45 Oct
165 Feb

714 Apr
60 Apr
14018 Sep
13o Apr
8019 Jan
109 - Jan
40 Mch
40 J'ne
1. Feb
54 Jan
165 Feb

Jan 7
Jan 14
Feb 4
Jan 16
Jan 29
Jan 14

1 Jan
5 Aug
21 Dec
65 Oct
95 Oct
77 Oct
10812 Nov
34 Nov

1 Jan
612 Inc.
51 Feb
1341, Apr
11212 May
758 Oct
12912 May
57 May

,
3 76 Ja11 30
2 10814 Jan 22
7 57 Feb 1
3 10412 Jan 7

41 Aug
212 Jan
25 Feb
5818 Oct
91 Nov
50 Nov
9734 Nov

4(i Jan
212 Jan
27 NIeh
86 Jan
11734 Jan
8414 Jan
120 Jan

8012 Jan 3 89 Jan 15
24 Jan 24 25 Jan 15
72 Jan 16 77 Jan 6
8812 Jan 2 9978 Jan 27
11434 Jan 3 134 Jan 29
87 Jan 3 9614 Feb 5
13
4
13 Jan 4
8Jan 7
10 Jan 7 12 Jan 15
15 Jan 10 1612 Jan 21

72 Nov
20 Nov
67 Nov
7512 Nov
100 Nov
85 Oct
4
3 Nov
6 Jan
16 Dec

58
92 Apr
57 Jan
95 Jan
11312 Jan
17312 May
10234 Jan
214 Apr
4
123 Apr
30 Feb

3212 Jan

3212 Jan

1614 Apr

20

512Jan 11
43 Jan 3
s
4(12 Jan 2 52 Jan 10
125 Jan 10 135 Jan 31
11612 Jan 31 11612 Jan 31
46 Jan 7 5512 Jan lf;
91 Jan 2 9513 Feb 7
42 Jan 9 42 Jan 9
24 Jan 3 30 Jan 11
90 Jan 10 98 Jan 27

2214 .Jan
106 Jan
100 Jan
80 Jan
113 Jan
30 Jan

70 Jan
10134 Jan
54 Jan
102 Jan

2 28
3 120
4 111
3 00
2 125
22 39

Jan

Chicago Banks and Trust Companies

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Feb 7

Range for Previous Year
(1907)

Range Since
Jan. 1 1008

E'ds
Sold

Range
Since
Jan. 1 190

NAME.

Outstanding
Stock

Surplus
and
Profits

Dividend Record
In
1908

/n
1907

Per- Lasi Paid
tad.

Q-J Jan '08, '2
8
$2,000,000 $1.252,235
Bankers National
An. Dee '‘17, IS
5
36,741
High Calumet National
100,000
J-J Jan '08.
10
149.451 10
--_- Chicago City
500.000
Q-J Jan '08,
American Biscuit 88_1910 F - A
12
Commercial National
____
3,000,000 4,219.197 12
"
1.65
68_1911 J - J
Amer Strawb'd 1st
Q-J Jan 'OS, 2
8
8
Continental National
4,000,000 3.260.607
Q-J Jan '08, 112
Cass Ave & F G (St L)
6
8,305
50,000
9912 9912 Cook Co State Savings
10112 9612 Jan'08
1912• - J
Q-J Jan '08,
Os
12
100 May'07
---- -- Corn Exchange National 3,000,000 4,850.754 12
431927 J -D
Q-J Jan 'OS. 112
Chic Board of Trade
6
6
44,641
200,000
9478 9512 Drexel State
9512 9512 65
Ii
Chicago City Hy 5 a_ _1927 F -A i5Er: Sale 103 Apr'04
Q-J Jan '08, 2
8
380,134
Dep National_ _ _
Drover..
600,000
Q-J Jan 'OS, 113
Chic Consol Br&Mit 6s-- J - J
3
37,070
200,000
Englewood State
55 Aug'07
J -D ____ 55
Chic Consol Trac 4%s-1939
12
Q-J Jan '08.
8.000,000 7,543,458 12
First National
9634 Jan'06
98
Q-J Jan '08, 212
Chic Auditorium Ist 581929 F - A
157,017 10+10 10
First Nat hngiewood
150,000
Chic Dock Co 1st 48_1929 A - :__ 98
651,189 Priv ate Ba nk
500.000
Foreman Bros B'k'g Co_
___.
87 Fe1;66'
Q-J Jan '08, 2
Chic No Shore Elea 88_1912 A 7
395.625
Fort Dearborn National_ 1,000,000
J-J Jan '08, 212
Chic & Mil Elec fly 58_1910 J -J
5
188,007
500,000
Hamilton National
Q-J Jan '08, 2
Chic Pneum Tool
8
1,500,000 1.079,348
8
8 7134
4
713
7112 713 Hibernian B'k'42 Assn
7112 a1921 J - J
J-J .fan '08, 5
1st 58
10
131,557 10
200,000
State Bank
Kaspar
79 Nov'04
4
Chic R I & P RR 4s__2002 M - N
Q-1" Nov'(i7, 1
3
55,200
300,000
Monroe National
80 Apr'04
- S
412 Jan. Jan '08, 41:
Collat Trust g 5s___1913
94,034
250,000
Mutual ltank
Commonw'alth-Edison712 Q-J Jan '08, 2
2,000.000 1,230,709
of Republic
Nat Bank
100 100
100 Jan'08
Feb 5 1907
Chic Edison deb 631913 J - J
414,827 Began buslne ss
1.500,000
National City
99
97
__ 9812 9812 Jan'08
1st g 5s _ __July 1926 A 1.000,000 1,413,944 12+3 /2+3 Q-J Jan 'OS, 3
National Live Stock
9912 Jan'08
93 'NO
99
Aug 26 1907
Commonw Elect 5861943 81 - S 51,889 Began busIne 55
Produce
250,000
National
90 Dee'06
96
Dec 8 11)06
Illinois Tunnel 5s,.,,.,.1028 J -D 58,429 Began busine Scl
200,000
9618 Sep'07
---- North Avenue State_ _
Kan City Ry &LtCo Os 1913 51- N ____ 93
6 R-J Jan '08, 113
6
6,424
50,000
North Side State Savings
85 Dec'07
98
--Q-J Jan '08. 112
Knick'b'ker Ice 1st 58..1928 A - :__
35.815
100,000
Oakland National
Lake Street El
84,269
250,000
8812 Prairie National
8812 Jan'08
88
88
1928• J
Jan 'OS. 2
1st 5s
8
262,157 d38
-500,000
Prairie State
16 May'05
1925 Feb
J-J Jan '08, 2
Income 5s
4
219,108
250,000
Railway Exchange
Metr W Side El
nized Oct 12 1906
293,590 Orga
300,000
Security
7
8112 84
1938
A 84 Sale 8378 84
Q-J Jan '08, 113
let 4s
534
84,269
200,000
8013 South Chicago Sayings
80
---- 8012 8012 Jan'08
1938
Extension g 43
9+1 Q-J Jan '08, 2
8
1,000,000 1,146.886
State Bank of Chicago
90 Dec'06
J-D Dec '07, 3
6
North Chic St 1st 5s 1909
166,708
250,000
Stock Yards Savings_
1918
Nov'07, 3
1st 55
6
6
39,564
200,000
Union Bank of Chicago,.,.
1
-75(
79 Aug Q-J Jan '08, 113
Refunding g 438_1931
6
6
200,000
62.954
Union Stock Yards State
-- 75 Feb'07
No Chic CityRy4)481927
8
Q-J Jan '08, 2
8
American Trust & Savgs_ 3,000,000 2.603,353
Q-J Jan '08, 154
North Western El
7
2,000.000 1,001,534
Central Trust Co of III
15
90
(8913 Sale
89
8614 90
1911
1st 4s
Chicago Say Bk & Tr,..,,. n500,000 n109,758
14
8613 87
8014 89
90
1545
Q-J Jan '08, 113
Ogden Gas 55
6
Chicago Title & Trust,.,.,. 5,000,000 x1,220,313
10012Mch'06
1916
(1)
Pearsons-Taft Os
(?) A-()
50,000
6.828
94 Sep'07
---- Citizens Trust & Savings
4.40s
Q-J Jan '08, 21:
10
600,000 2542.862 -15Trust & Savings
98 July'07
---- -- Colonial Trust & Savings
Q-J Jan '03. 112
4.808 Series E
6
200,000
108.993
9712 9712 Drovers
9712Ja1..08
4.80s Series F
1,500.000
48,062 orga nized apr1 3 1007
Farwell Trust Co
1 10912 111
111
111
0 111
Peo Gas L&C 1st 63_1043
2,000,000 21.323.843
94 10014 Fitst Trust & Savings_
99 Jan'08
Feb 4 1007
Refunding g 5s_ _ _ _1947
364,032 Began busine ss
5
Harris Trust & Sayings_ 1.250.000
9712 103
10014
61; 1617 100
10
Jan '08, 4
Chic Gas L&C 1st 53 1937
1
Illinois Trust & Savings.. 5,000,000 8,327.315 12+4 16+4
9434 98
98
:98 Sale 98
:
Consum Gas 1st 58_1936
6
Q-J Jan '08, it
200,001)
41,351
9834 10
98
9834 Kenwood Trust & Savgs_
:9834 Sale 98
Mut'l Fuel Gas 18t5s1947
Q-J Jan '08, 1
2
32,002
200,000
94
25
9613 Lake View Trust & Savgs
9613 96 4 96
96
3
South Side Eley 43s1924
Q-J Jan '08. 8
12
Merchants' Loan & Tr Co 3,000.000 4,625,015 "IF
93
9834
4 11
9854 Sale
9812 983
Swift & Co 1st g 5s___1914
Q-J Jan '08, 11:
364,516
750.000
Metropolitan Trust & Say
9812 Oet'07
95
0
Union El (Loop) 53_1945
8
Q-J Jan 08, 2
8
------- Northern Trust Co Savgs 1,500,000 1,939,047
-- -- 114 Nov'04
J-J Jan '08. 3
Union Pacific cony 43_1911
47,550
Trust &
200,000
Northwest
68
88
68 Jan '08 ---70
J•J Jail '08, 3
United Box Board col 6326
6
76.323
200,000
Peoples Trust ec Savings_
90 May'07
Q-J Jan '08, 2
West Chic St 1st 5s___1928 M - N
k8
8
Pullman Trust & Savings 1c500,000 2187,666
6812 Sep'05
1909 F -A
Tunnel 1st 55
8 Q-F Nov'07, 2
8
583,283
Co
500.000
Royal Trust
73 June'07
1914 J -D
Debenture 8s
J-J Jan '08, 213
10,596
200,000
Stockmen's Trust & Say,.
73 June'07
1936 M - N
Consol g 55
1,000,000 1,071,709
UnionTrust Co
87 Dec'06
Wes DivCItyRy4 8s1932 J
---- 9612 Jan'06
25,479 Forme rry Jets Ding sItEL &Tr
Trust _ _
200,000
United States
Western Stone Co Os- -1909 A 6
Q-J Jan '08. 113
---322,166 6+1
Western Trust & Savings 1.000,000
Sept 5 1905
42,209 Began busIne Is
200,000
West Side Tr & Say Bank
-Accrued Interest must be added to all Chicago bon d prices
Note.
Q-J Jan '08. jig
6
29.843
200.000
Woodlawn Tr& Say Bk
(No price Friday:
t Dec. 3 for national banks and Nov. 19 190'/ for State institutions.
* Bid and asked prices no sa es were made on this day.
k Capital increased from $300,000,
special dividend of 30% paid Dec. 18 1906.
latest price this week, a Due Dec. 31. b Due June. d Includes
q Dividends are paid Q-j, with extra.
n Capital anti surplus to be Increased.
,
a stock dividend of 33 1-3% being declared in part I tYment therefor.
z As of July 1 1007. z Dec. 3 1907.
payments Q-F.




Bid

Ask Low

High No. Low

FEB. 8 1908.1

329

THE CHRONICLE.

BM I Act
Industrial and Misce
Bid Ask
3
1
65 Cons By Lgt&liefrig_100
56
5
100 120 Consol Rubber TIre_100
15_
Preferred.........lot
100
EXCEIA.NOIC
71
Debenture 4s 1951A&O "i(;" 30
60 TRANSACTIONS AT THE NEW YORK STOCK
14
15
40
50 Cons Steamship Lines 100
DAILY, WEEKLY AND YEARLY.
918
9
92 97
Coll tr 4s 1957-J&J
.y_100
45 Cons Storage litatt
40
Railroad.
Stocks
95 100 Corn Prod Ref See Stock Exc ilsç
U.S.
State
4 5
100
43
100 108 eCrucible Steel
Week ending
Bonds
Bonds
Bonds
Par value
100 3612 3634
Shares
60
ePreferred
70
Feb. 7 1908
95 eDlamond 'Slat, a Co_100 123 125
80
$87,000
t 2
17
321.822 $25,963,700 $1,965,000
10
Dominion Copper
Saturday
93,500
2,758,000
534
3
511
Douglas Copper
448,111 37,052,600
Monday
Fen y Companir •
$1,000
222,500
2,226,000
Econ'y Lt & P (Joliet, 111)
267,848 21,871,300
Tuesday
1.000
146,000
1,808,500
100
1st M s f g 5s 1956_J- I.
21p
449.598 37,842,800
1
Wednesday
stock 100
2,000 Brooklyn Ferry
109,030
2,454,500
20
Electric Boat
10(
lb
404,091 34,560,400
92
Thursday '
B & NY 1st 6s 1911J J 488
305,500
1,732.500
70
70
Preferred
101,
314,113 27,107,000
Friday
NY &ER Ferry stk..10( 50
10l,
75
Electric Vehicle
60
M-N
1st 55 1022
$4,000
$963,500
95
100
Preferred
2,205.583 $184,403,800 $12,944,500
Total
N Y & Bob Os Stay 46 J-I) 490
lot
Empire Steel
10
Hob Fy 1st Os 1046M-N 4100 105
100 50
Preferred
55
Jan 1 to Feb. 7
_J-J S90
NY & NJ 5s 1046
Week ending Feb.7
Sales at
35
10th & 23d Sts Ferry_100 20 -- - eFederal Sugar of N Y 100
New York Stock
1907
10o
ePreferred
1908
1907
1st mtge Is 1919__J-D 45(' 75
1008
Exchange
Z
15 eGeneral Chemical...100 - - 70
100 10
Ferry
27,797,251 eUnionIs 1020stock.. N 60 65
100 85
1/0
18,800,478
ePreferred
:1,835,474
elst
2,205,583
Stocks-No. shares___
4
*2
.1
Gold Hill Copper
$184.403,800 $313,432,900 $1,580,807,600 $2,366,800,035
Par value
835.700
20 *81. 8 4
$28,400
Greene Cananea
3
82,800
$2.600
Short-Term Notes
Bank shares, par
8
.7
_10
Greene Consol Gold__
Bands.
*71,
$116,500 Mn
$63,000
8912 Greene Gold-Silver... _10
$33,000
$4,000
Clg ser A 48 '11_ _M-S 487
Government bonds
7,663.000
-4
6,350,000
6012 Guggenheim Explor'n 10U 145 155
1,643,500
483
963,501
Ser B 4s Mch
State bonds
55,340,700 Ant Tel & Tel g15 '12M S 49718 9712 elf ackensack Water Co
98.790,400
8,558.500
12.944,50
5s 10 J-J
RR. and misc. bonds_
85
80
Atlan Coast L 5s '10..M-S 49534 9612 'Ref g 4s '52 op '12_ -J-J '25
$63,120,200
29
100
$105,203,400
4
$13,912,000 $10,235,000
Ches & Ohio Os J'e 23 '08 41)912 1003 Hall Signal Co
Total bonds
8
6
8
49912 997 Havana Tobacco Co_ _100
Os, July 1 1910
10U
Preferred
,
17 4 19
9912
THE BOSTON AND PHILADELPHIA
Chit 1 & Pac 4 ;is '08A-0 49914
DAILY TRANSACTIONS AT
51
8
1st g Is June 1 '22_1-1) 40
997
EXCHANGES
Chic & W Ind 5s '10_F6cA 49812
Hecker-Jones-Jewell Mill
08
Cln Ham &D4;is '08 5I-S 60
M-S 95 102
1st 65 1922
4
8
C C C de St L 5s, June '11 1973 973
43
Philadelphia
9812 Her'g-Hall-Mar, new_100 33
Boston
495
Erie 6s, Apr 8 1908
9834 Hoboken Land & Imp100 150
g 4s 1908 M-N 498
Interb
Week ending
Bond
Unlisted
111-N 498 161'
Listed
e55 1910
Bond
05
Unlisted
Listed
M-S 491
5s Mch 1910
Feb. 7 1908
sales
(312 9
100
shares
shares
sales
shares
shares
Ran C So g Is Apr '12_J-J 48912 9012 Houston 011
41)
100 30
Preferred
85
482
Steel g
$30,700 Lack g 1910 55 1.909_M-S §80
3,280
100 100 110
7,582
Hudson Realty
83
$9,000
7,961
7,701
58
M-S
Saturday
35,400
2,661
24,759
60.000
12.787
13,715
Lake Sh & M So 58'10 F A 498% gg eIngersoll-Rand corn .100 40 _00
Monday
32,100
3,334
100 80
18,096
22,000
ePreferred
7,003
12,045
58 '10_51-S 40812 987
Tuesday
48,700 Lou & Nash g
2,483
21,321
57,000
1)812 Internat'l Bank'g Co_100 ht) 130
11,917 • 8,934
Is
_F-A
Wednesday
111,000 Mich Cent L 1910._ _F-A 48814 97 Int'n1 Men Mar See Stk
3,596
Hue
16,050
11.156
39,300
11,677
490
5s '11
Minn & St
Thursday
59,400 Missouri Pacific
95
3,190
100 85
Internat'l Nickel
20,008
59,000
5,259
11.331
Friday
78
100 74
Preferred
Its Feb10'10 convop F-A /0112 gg
15
.100
11
18,544 $317,300 NatofMex 5se t to 09 A-0 494
9812 International Salt..
53,100 $246,300 107.816
68,386
Total
oil
995,
1st g 5s, 1931
A-0 45
F-A 19814
N Y Cent 581910
100
5
4
Pa RR Os Niel' 15 '10 M-S 49812 983 internat'l Silver
.1)
100 51
Preferred
12
StLMS'east 4 SO '00_J-D 393
J-1) 102 16,;
1st Os 1948
90
St L. & S F g 4 s 'U8-J-D 186
85 Lackawanna Steel__ _100 30
South'n coil tr Os '09.A-0 481
page.
10:/g
75
Lanston NIonotype___ 20
A weekly review 0 Outside Market will be round on a precedIng
South By g 5s 1910...F-A 171
U S Rubber g 55 '08_5%-S 19812 992 Lawyers' Mtge Co_ _ _..10l' 175 185
75
91 eLeh tfe Wilkes-B Coal 50 55
Hid Ask Wabash 5s, May 10 1900 485
Street Railways
133
100
Bid Ask
Street Railways
93 Lord & Taylor
WestIngh El&M (Ss 1010 187
Pub Serv Corp N J (Con)
100 -1;6- 100
93
Preferred
New York City
Wilton & L E Is '08-F-A 489
45
JO Hob .5c Patersn..100 45
26
eLorillard (P). pref_100 125 150
Bleeck St & Fut F tak_100 20
62
M- N 60
48 g. 1049
78
Mackay Companies-See Stic I. x(1St
e 1st mtge 45 1950-J-J 70
Railroad
So J Gas El& Trac_100 100 102
10
Madison So Garden_ .100
e B'y & 7th Ave stk__100 100 150
04
Gu g Is 1953_ M-S 192
5I-N
2d Os 1919
75
C 2d mtge 55 1914__J-J 90 100
J-J 4104 106 Chic Peo & St L pref_100
.14
No Hud Co Ity68
2
eManhat I3each Co.._100
Con 5s 1943 See Stock Exc list
stock
Deposited
J-J 497 102
Gs 1928
Manhattan Trans!t_ _ _ 20 • *25:
B'way Surf 1st Os gu 1924 00 100
Undeposited stock....
99
Ext 5s 1924____M-N 490
17
e Cent'l Crosst'n stk_ _100 125 250
85T Vi" Mex Nat Construe pf_100 13
Prior lien g4 As'30M&S -'31 _J-D 1105
>:‹k
Pat City con 68
10
Mitchell Mining
8
7
e 1st nage Os 1922_M-N 100 110
Con mtg g 5s 1930_J&J 45 60
68..1914 opt A-0 1100
Monongahela It Coal...50 * 5
5
e Cen Pk N & E B stk 100 100 150 So 2d El (Chic) See Ch icago list
Income 5s, July 1030..
Side
50 *
2133
Preferred
e Chet'r de 10th St stk 100 100 140
106 16
95 100 Chic Subway
R T Os '46_111&S
85
Mortgage Bond Co...101.) 75
Col & Oth Ave 5s See Stock Exc list Syracuse& H 5s 1943...1-D 05 100
Ft W & Den Cy std. 100 90 100
Trent P
Nat Bank of Cuba___100 90 100
Dry D E B & BGt Norge's Ore-See Stk Hue list
L
100 140 15)
National Surety
e 1st gold 5s 1932 :. •I!) 92 98 United Rys of St
N YNH & Hartford
26
100 23
Corn vot tr etfs
75
Ills
Nevada Cons'd Copper_5 • 10
e Scrip 55 1914 ___ _F-A 50
Con del)63'48-See Seek Exc list
100 6212 623s
•Preferred
418
Eighth Avenue stock_100 250 310
Cony dcb 3 303 '56 J&J 185 87 Nev-Utah Min & Sm_10 *4
Gen 4s 1034_ _See Stock Exc list
;7
e Scrip Os 1914_F-A 95 100
North'n Securities Stubs_ 100 125 eNew Central Coal_ _20 20
Stk Exc list
33
N J Ter Dock dc Imp_100
25
& Gr St loy stk _100 275 310 UnItRys SanFran See
50
• e 42d
Pitts Bess & L E
24
...100 23
Wash Ry & El Co.
75
N Y Biscuit 6s 1911-5%-S 101)
60
50
42d St M .5c St N Avej00 50
Preferred
66
100 64
97
Preferred
N Y Mtge & Security.100 130 11:5
-*
e 1st mtge Os 1910_M-S 190
77 eRatiroad Securities CoD 75
45 1951
70
10() 263,
8412 eNew York Dock
income Os 1915_J-J 35
2d
in C stk tr cfs ser A '52
30
.100 20
ange list e West Chicago St.,.
100 7012
ePreferred
Inter-Met-See Stk Each
Seaboard Company
e Con g 5s 1036___M-N
40 N Y Transportation__20 *1
100 25
Lex Av &PavF Os See Stk Exc list
1st preferred
Metropol St Ry-See Stk Exc list
Corn & 2d pref-See Balt Exc list -sTiles-Bem-Pond com_100 130 105
Gas Securities
I *618 63
NipissIng Mines
5
Ninth Avenue stock.,.100 125 150
Seaboard Air Line
New York
10))
1 o ator
4
otn F3e Silver
Second Avenue stock _100 110 135 Cent UnGas 58 g '27_j&J 490
Coll 5s ext May '11 11-S 486 92 eOistar vSlt v
93
30
25
e 1st mtge Is 1909_51-N 04 100 Con Gas (N Y)
-See Stk Exc list
95
lot) 80
Preferred
90
Consol 58 1948____F-A 88
Industrial and Miscel
100 125 140
e Mutual Gas
Pittsburgh Brewing _50 * 2012
e Sixth Avenue stock_100 100 130
80 New Amsterdam Gas
50 * 9012
Preferred
60
25 55
Sou Boulev 55 1945__J-J 460 100
Ahmeelc Mining
1st eonsol Is 1048_ _J-J 18712 89
110 Pittsburgh Coal_See Stir Hue lIst
So Fcr 1st Is 1919_ _ A-0 495
100
Alliance Realty
95
NY &ERGas 1st 5s'44 J-J 190
12
Pope ManufacturIng_100
Third Avenue-See Stock Exc list
Allis-Chalmers Co 1st mtg
90
J-J 185
Consol 5s 1945
80
100 25
64
1st preferred
to
Tarry W P & 51 5s 1928 60
s f 5s '36 opt '16-J-J 466
3512
N Y & Richmond Gas 100 32
100
2d preferred
2
312
YkersStRR55 1946 A-0 18212 85 Nor Un 1st 5s 1927__M-N 85
100 125 150
American Book
05
80
00
28th & 29th Sts 1st 5s '96 75
100 100 110 Pratt & Whltn pref_100 85
American Brass
75
e Standard Gas corn._100
Realty Assoc (Bklyn) WU 110 117
e Twenty-Third St stk 100 300 325
100 - - 100 eAmerlcan Can-See Stock Exc list
1F1)
e Preferred
94
Union Ity 1st Is 1942 F-A 485 IOU
Chicle Co. 100 175 185 Royal Bak Powd pref 100 90
American
93
M-N SOO
1st 58 1930
80
Westchest 1st Is'43 J-J 460
100 85 ,48 Safety Can Heat & Lt_100 115 125
Preferred
.,5 50
Other Cities
60
Brooklyn
45 Seneca Mining
Am Graphophone com100
Tract_100 95 100
Amer Light &
100
100 315 325
100 * _
80
Atlan Ave 5s 1909___A-0
Preferred
85
100 84
Preferred
100
Si an dr li Co
112
A-0 4.
100 100 110 Stn ge ardfgCord age _ _ _100
Con 58 g 1931
8
7 Amer Hardware
8
2
50
Bay State Gas
1st NI g 55 '31 red_ A-0 21
98
24
B 11 & W E 5s 1933 A-0 95 100 Bingh'n Gas Is '38.A 6e0 90
95
AmMaiting Os 1914 J-D
95
4
Adjust M. Is Apr 1 1931
3
Brooklyn City stock_ _10 180 190
Press Assoc'n_ _100 901,
Amer
Brooklyn Union Gas deb
90
Standard Coupler com100 34
Con 5s-See Stk Each Exc list
Am Soda Fount coin_100
6s 1909 cony 1907_M-S 100 100
100 100 110
Preferred
'100
Bkin Crosst'n Is 1008..J-J 95 100
12
7
1st preferred
7
5
Gas stock 100
2 Standard Milling Co..100
14
5
100
Bkn Ilgts 1st 5s 1941 A-0 90 100 Buffalo City
2d preferred
1st 5s 1947-See Stock Exc list
100
Preferred
28
Ukin Q Co & Sub See Stk Exe list
671'- 95
35
Am St Found Os . A&O 90
J Is '36_J-J 485
1st Is 1930
M-N 67
72
50 150 160
Bklyn Rap Tran-See Stk Exc list Con Gas of N II 6c PowAmerican Surety
L
e Coney Isl ,C1c Bklyn 100 100 150 Consumers'
American Thread pref__5 *312 412 Standard 011 of N J....100 495 r05
J-D 4100
55 1938
85
75
Stk Exc list
&
1st cons g 45 1948 __J-J
Am Tobac (new) com_100 260 275 Swift 5s Co-See Bost
Elizabeth Gas Lt Co_ _100 250
34
90 100
1st
1910-1914___J-J § 85
9212
Brk C & N 59 1939_J-J
Amer Typefders com _1 00 30
Gas_100 108 112
Essex dc Hudson
eTexas& PactlIc Coal_100 75
85
100 90
Gr'pt&LorSt 1st 6s_M&N 98
95
Preferred
30
Fort Wayne Os 1925 J-J 25
1st 6s 1908
A-0 83
86
4 212
13
Kings C El 4s-See Stock Exc GE" Gas & El Bergen Co_ _100 43
Amer Writing Paper..100
47
65
100 15
Nassau Elec pref__100 50
18 Title Ins Cool N Y _ _ _100 115 125
Preferred
08
Os '13_F-A 495
81 Tonopah Min (Nevada)_1
44
5
A-0 93 100 e Gr Rap Gist
5s 1944
100 04
1st s I g 55 19 op'09-J-J 78
98
Hudson Co Gas
1212
1st 4s 1951-See Stock Exc list
60 Trenton Potterles corn100
Barney do Smith Car_100
Indiana Nat & Ill Gas
Preferred, new____100 ig
N W'bg&Flat 1st ex 43s 1)0
100 105 120
Preferred
SI-N
20
15
1st Os 1908
100 35
.45
Steinway 1st Os 1922-J-J 495 102 Indianapolis Gas
14 Trow Directory
50 50
60 eBethI'm Steel Corp _100 10
60
Union Typewriter com100 57
Other Cities
100 33
40
A-0 492
ePreferred
9712
1st g 5s 1952
100 94
96
1st preferred
Buffalo Street By
50 100 110
corn
Bliss Company
89
Gas 55 g '37-A-0 486
100 90
02
2d preferred
1st consol tis 1931 F-A 1102 105 JacksonCity Gas
50 90 100
100 50
Preferred
Kansas
A-0 100 104
United Bk Note Corp__50 *47
51
Deb as 1917
100 00 100
Bond & Mtge Guar_ _100 276 no
Gas
50 *46
Preferred
49
Chicago City By -See Ch icago list e Laclede
100 70 100
Borden's Cond Milk__100 135
e Preferred
92
eUnIted Cigar Mfg,pf-100 80
90
Columbus (0) St Ry_100 88
100 100
Preferred
25
35
99 103 Lafay'eGas 1st 6s'24_M- N
100
100
Preferred
614 612
5 *43 1" United Copper
4
British Col Copper
1st 6s'25 J-D 20
30
Log&WabV
100 2112 26
Preferred
Coium fly con 5s-SeePhl in list
Mining 15 *18 1812
Butte Coalition
Gas Os 1926-A-0 49912 106
100 200 215
Crosst'wn 1st 5s '33 J-I) 4100 105 Madison Gas 6s 1944-Q-J 120 122 Casein Co of Am com_100
3 U S Casualty
60 Newark
68
U S Envelope com__ _100 25
Grand Rapids By. _100 57
100
Preferred
82
- 85 Newark Consol Gas-100 80
100
.100 Sal "Cig"
ePreferred
Preferred
Amer_100 125 140
J-1) .100 103 Casualty Co of
e Con g 5s 1048
U SStecl Corporation
Lake St (Chic) El-See Ch icago list
100 117 130
Celluloid Co
No Hudson L H & Pow
107
Col tr s 1 53 '51 opt '11 4108 109
20
e Louisv St 5s 1030__J&J 410512 101
.100 10
Cent Fireworks corn,
A-0 898
13s 1938
Col tr s f 58 '51 not opt 4108 109
Lynn & Dos 1st Is '24 J-4) 100
70
100 60
Preferred
17 CO& Ind C Nat&I1l..100
5
U S Tit Gu & Indem_100 85 1CO
2
C New On Rya & Lgt..100
100
1
J-D 26- 25 Central Foundry
1st 6s 1926
2714
100 26
8 eUtah Copper Co-See Stk Hue list
e Preferred
5
100
Preferred
Pat & Pas Gas& Elec_100 60 65
65
Waterbury Co. corn. 100
Gen Mg 4 1is '35 See S tk Ex list
Deb 65 1919 op '01 M-N 55
98
e Con g 5s 1040._.MS 194
lcago list
10(1
Preferred
North Chic Street See Ch
100 185 195
St Joseph Gas Os 1937 _J-J 475 85 Century Realty
t
T1)
Pub Serv Corp of N J.100 75 90
Westchester & Bronx 1 (
Mfg Co_100 425 500
Chesebrough
01
100 143 160
& Mtge Guar
Tr ct fs % to 6 %perpet 60
Electric Companies
City Investing Co__ 100 55 60
87
484
100
Coll 5s g notes '09_M-N
eCittflin (11 13), com 100 95 .- Western Ice
Edison Co See Ch lcago list
45 Chicago
North jersey St By 100 30
Westingh Air Brake___50 *16E1; 166'
100 90
etst preferred
96
M-N 462 61 e Kings Co El L&PCo 100 93
1st 4s 1048
West El & Mfg Os-See St Exc 118
100 90
e2t1 preferred
Narragan(Prov) El Co_50 * 8512 88
67
8
3
10
Cons Tract of N J_ _100 65
White Knob Min
75
40 Col & Hock Coal&I pf 100 60 L &PowCu..100 25
N Y &Q El
J-I) 4100 102
10
1st Is 11)33
11s
Preferred
J-J 82 87
1st g 58 1917
75
100 50
Preferred
New'irPasIty Is '30 J-J 4102 104
Worthing Pump pref_100 90 100
Col tr Os Oct 1956 J-J 90 101
65
United Elec of N J...100 60
250
Rapid Tran St Ry_1(10 235
3012
62 Consol Car Heating_100 25
J-D 460
1st g 48 1049
A-0 6100
1st Os 1021
x Ex-cliv.
e Sells on Stic. Ex., but not very active. 1New stock. n Nominal. s Sale price.
a Ex-rights
* Per share
4 Buyer pays accrued Int

Volume of Business at Stock Exchanges

Telegr & Telephone
eAmer Teleg & Cable..100
eCentral do So Amer_ _100
Un Tel (NY).25
Limp & Bay State Tel 100
100
Franklin
eGold & Stock Teleg _100
Hudson River Teleph 100
100
eN Y & N J Teleph
.50
eNorthwestern Teleg.
25
PacIfie & Atlantic
Southern & Atlantic. 25

Outside Securities




-fit;

BOSTON STOOK EXCHAAG-"7-Stock Record.
SHARE PRICES
-NOT PER CENTUM.PRICES
Saturday
Feb. 1

. Monday
Feb. 3

Tuesday
Feb. 4

Wednesday 1 Thursday
Feb. 5
Feb.6

Friday
Feb.7

Sales
of the
Week
Shares

illy, Weekly and Yearly

STOCKS
BOSTON STOCK
EXCHANGE

•

Range Stnce
Jan. I 1008
LOWS!

Illikest

slange for Previous Year
- •(1007)
•
Lowest

Highest

Railroads
48 Atch Top & Santa Fe-100 6834 Jan 2 744 Jan 14
11/13 Nov 10712 Jan
___ . Do pref
100 85 Jan 13 87 Jan 16
7034.Nol 1013 Jan
8
95 Boston & Albany_ _100 18113 Jan 2 200 Jan 28 180 Dec 240 Feb
332 Boston Elevated
100 127 Jan 2 190 Jan 20 11784 Nov 162 Jan
100 207 Jan 3 210 Jan 18 200 .1'ne 231 Jan
3 Boston Fe Lowell
83 Boston & Maine
100 133 Jan 2 140 Jan 28 129 Nov 170 May
____
Do pref_
100 150 Jan g 156 Jan 22 150 Oct 165 Jan
26 Boston & Providence_lOn 284 Jan 10 285 Jan 21 '285 Oct 301 Feb
255 Boston Suburban El Cos_
912 Jan 8 10 Jan I,
8 J'ly
15 Feb
45 Jan 31 48 Jan 31
10
Do pref
50 Aug
65 Jan
-_-- Boston & Wor Eke Cos_
14 Jan 21 17 Jan 25
16 Nov
2834 Jan
30 Do pref
56 Jan 0 6013 Jan 10
55 Nov
80 Jan
130 Chic June Ry & USY-100 126 Jan 2 1372 Jan 22 128 Dec 160 Jan
3 Do pref.
100 102 Jan 10 110 Jan 24
9934 Oct 120 Jan
--- Con & Mont,Class 4_ _ 100
170 Oct 188 Feb
---- Conn & Pass Riv pref_100
152 J'ly 156 Men
__-- Connecticut River-106 244 5an 14 245 Jan 16 244 Dec 280 Jan
79 Fitchburg pref
100 117 Jan 2 12112 Jan 20 118 Nov 135 Jan
---- Ga Ry & Electric
100 71 Jan 7 79 Jan 27
6912 Dec 114 Mch
---_
Do pref
100
73 Oct
88 Mch
---- Maine Central
100
100 Aug 10,4 Jan
---- Mass Electric Cos---100
814 Jan 2 1212 Jan 8
7 Dec
2012 Jan
121
Do pref
100 40 Jan 2 5012Jan 8
37 Oct
7112 jan
- Mexican Central. ___ -100
14 Nov
2534 Jan
507 N Y N H & Hartford_100 128 Jan 6 13913 Jan 20 12713 Nov 19('12 Jan
---- Northern N H
100 144
9 144 Jan 9 145 Dec 160 Jan
--..„ Norwich & Wor pref-100 --„-------------------- 2
05 Nov 226 Feb
_
42 Old Colony
00 175 Jan ii185 Jan 18 175 Oct 20014 .Ian
---- Pere Marquette
100
5 J'ly
52 Jan
--,Do pref
100
25 Nov
57 Jan
191) Rutland pref
10e
25 Jan 15 27 Feb 4
45 Jan
25 Nov
--„ Seattle Electric
100
94 Jan
32 Aug
25
Do prof
104! Ws Jan 2 94 Feb 1
8334 Nov 103 Jan
2,236 Union Pacific
100 1165 Jan 2 12814 Jan 14 10012 Oct 1821 Jan
s
.
---Do pref
100 80 Jan 3 84 Jan 13
1834 Nov
03 - Jan
---- Vermont & Mass..
100 150 Jan 13 150 Jan 14 14518 Nov 170 Jan
376 West End St
50 76 Jan 2 86 .1,44 27
/4 Dec
95 Jan
192 Do pref
50 96 Jan '2 100 Feb 1
94 Nov 110 Mch
-- Wore Nash & Roch_100
140 Aut: 147 Jan
.
Miscellaneous
1712 1638 1612 1734 1738 177.•
17
173
1714
4 17
17
17
8,526 Amer Agricul Chem_ 10f
13 Jan 3 11-3 Feb 1
8
10 Oct
26 Jan
8413 8434 84
84 4 8434 *8413 85
3
8412 831.2 84
8212 83
145 Do pref
101
78 .Jan 4 85 Jan 31
721. Nov
95 Feb
438 41.
414 4
44 43
570 Amer Pnett Service- - 50
c
438
414 414
414 414 *414
513 Jan 10
415 Jan 2
311 Nov
.
4
143 Jan
*1112 12
1214 1214 *1112 12
12
12
*11
12
12
12
320
Do pref_
50 10 s Jan 2 1312 Jan
3
33 Jan
912 Oct
11312 11313 11112 1121 11214 113
1115 11214 11112 1125 112
s
112
8
807 Amer Sugar Rein---100 9014 Jan 2 1143 Jan 10
4
18
03 Dee 13714 Feb
112 113 *112 ____ 112 11314 112 112
11312 114
112
113
684
Do pref
100 108 Jan 8
4
4
1067 1071. 10634 10714 1063 10814 10714 108
8
10738 107 8 1075 1073 1,522 Amer Telep & Teleg 100 39 Jun 2 116 Jan 6 105 Dec 1313 Jan
7
8
4
11014 Jan
8014 Nov 13412 Jan
19314 WI 18
19
51814 1912 1813 1812 1812 18
136 American Woolen.--100 16 Jan 2 22 Jan 15
13 1F•42 1834
361. Jan
4
1214 Nov
88
85
8513
861
85
8514 84
858 84
3
85
749
84
Do pref
84
100 8112J3n 2 88 Jan 4
69 Oct 102,2 Jan
33
*3
*3
33.: *3
334 *3
34
3
Last Sale 3
Jan'08 --,- Boston Land
10
3 Jan 7
3
7
4 Jan
3 Mch
*107 110
1,,j 1107 10713 10712 10712 1071.*_
HA
8
___
___
188 Cumberl Telep & Tel_100 9812Jan 11 11078 Jan 3
Feb
9312 Nov 115 Jan
*15
16
*15
18
*14
15
31 *154 157
Ia
8 - -st Sale 6
Jan'08 ---- Dominion Iron & Steel__
143 Jan 6 15 Jan 25
4
1213 Oct
25 Feb
*478 512 597
8 512 *47
8 5, *47
8 512
La:t Sale 934
Jan'08 -,„ East Boston Land
412Jan 2
512Jan 25
312 Oct
914 Jan
*208 210
209 209
209 209
208 208 208 208
2073 208
4
417 Edison Elec Ilium_ _100 205 Jan 30 212 Jan 13 185 Nov 230 Jan
11813 120
120 120
119 1191 11812 11912 118 11834 117
,
422 General Electric
118
100 Ill Jan 2
91 Oct 182 Jan
541. 53
54
5414 *33
54
5312 5312 54
54
174 Massachusetts Gas Cos100 50 Jan 2 124 Jan 15
5312
53
573 Jan 15
43 Oct
663 Jan
s
84
84
8313 84
8313 8414 84
841. 84
8%12 84
84
385
Do pref
106 77 Jan 2 85 Jan 20
8612 Apr
75 Nov
5-„ 197 *...,,, 197 5--- - 196
103 / 1937 *193 190 *1937 196
71
8
10 Mergenthaler Lino __ -100 103 Jan 6 200 Jan 18 185 Nov
8
215 M_ ch
*114 2
*114 2
*112 2
112
119 114 5112 2
112
104 Mexican Telephone.., 10
114 Feb 1
2 Jan
114 Dec
43 don
4
*_-_- 5912 *---- 591. *-----I',5---- 5912
Last Sale 5912 Jan'08 ---- N E Cotton Yarn_ --.100 5913 Jan 14 5913 Jan 23
96 J'ne
75 J'ly
14
_ 81
*
80
80
7912 791- 5
- 80 *
_ 89 *
8 Do prof
_
80
100 7912Jan 14 80 Jan 14
80 Oct
90 Jan
51,i5 11112 *--- Ill
110 110 - ii/ii 110 *iiiii
_ _ *i.(56 111
42 N E Telephone
100 105 Jan 4 119 Jan 20
96 Nov 128 Jan
*155 156 *155 _ __ 15312 15612 153 15312 15212 153
- 1.43:4
210 Pullman Co-__ _100 147 Jan 2 159 Jan 18 137 Nov 182 Jan
154
*94 912
938 91. *914 91913 912 *033 913
91 Reece Button-Hole- 10
013
91^
014Jan 2
984 Jan 21
9 Nov
11 Jan
*9914 100
9913 9917 10') 100 - 9912 994 99 100
99
99 59 Swift & Co
100 8812Jan 2 100 Feb 4
71312 Nov 113 Jan
*23
25
*23
25 *23
25 *23
25
22
22 *20
20 Torrington, Class A- 25 20 Jan 3 22 Feb 6
23
2212 Jan
20 J'ne
*2512 27
241. 2434 *2512 27 *25
*2512 27
2712 *25
2713
30 Do pref
25 24 Jan 27 25 Jan 14
2712 Ply
2413 Nov
*134 2
*IC) 2
*134 2
*13
4 2
2
2
50 Union Cop L'd & brg_ 25
*134
2
112Jan 7
212Jan 28
07 Jan
8
1 Oct
118 118:4 11818 11834 118 11834 11814 1183 118 11812 118
4
118
986 United Fruit
100 11412
3 Jan
443
4434 4434 44
8 4314 4334 4212 43
4.112 4213 1.799 Un Shoe Mach Corp_ 25 3812 Jan 2 120 4 Jan 25 10112 Oct 120 Deo
42
42
19
Jan 4 46
38 Oct
69 Jan
26
26
26
28
2612 264 2612 27
*28
27
2612 2612
190 Do pre
23 247 Jan '3 2714 Jan 17
8
23 8 Nov
5
29 Jan
28
2858 2734 28
2814 2834 2734 2814 2758 277
8 278 277s 3,871 U S Steel Corp
7
100 28 Jan 2 3118 Jan 18
6038 Jan
22 Oct
9278 93
9912 9212 9112 9214 914 92
907 91
8
9138 9138 1,432
Do pref
100 8713 Jan 2 0538Jan 14
7912 Nov 10734 Jan
*7
8
813 61
*7
8
*7
8
*7
8
*7
8
2 West Telep & Teleg_100
8 Jan 31
4 Feb 3
4 Nov
9 Jan
*6212 70 *6212 70
65
65 *6212 ____ *8212 70
65
53 Do .pref
65
100 54) Jan 9 70 Jan 16
82 Jan
50 Nov
Last Sale 217
8 Jan'08 ---- Westing El & Mfg
50 217
8Jan 30 2178Jan 30
2814 Nov
781. Jan
Last Sale 76
May'07 --Do pref
50
76 Ma) 80 - Feb
Mining
2
2
214 214
*2
214
214 214 *2
214 *2
212
250 Adventure Con
3 Jan 18
25
613 Feb
2 Jan 30
5 Nov
8
29
30
30
301
31
*30
30 30
2014 2914 30
30
88 Allouez
7414 Jan
25 '27 Jan 2 33)3 Jan 20
20 Oct
5078 5214 8014 5114 5012 511
4 50
5112 4918 5014 4013 4978 28,348 Amalgamated Copper 100 48 Jan 2 53 4 Jan 14
3
4218 Dec 121 Jan
*2312 2412 *2312 2412 *2312 25 *2312 25
Las Sate 24
Jan'08 -„, Am Zinc Lead & Sm
19 Nov
53 Jan
25 20 4 Jan 13 2(812 Jan 20
3
_
3178 3178 ---32
32
25 Anaconda
28 Oct
25 20 Jan 2 33 12Jan 14
6
75 Feb
414 413
44 - 3
4 2)
:0 1 ------12
.
4
4 --4
3
; 4.
- 14
47
414
414 1,590 Arcadian
234 Oct
15.13 Jan
6 Jan 15
25
4 Feb 3
1014 19 4 18.4 _y
2014 19
3
1914 19
2014 18
34 18 4 18
3
4,360 Arizona Commercial
19
25 14 Jan 2 2034 Jan 29
734 Oct
281. Ma
5,45 __ 5,45
5.45
_ 5
.45 ___
Last Sate .40
Dec'07 ---- Arnold 211
Sep.35
2 - Jan
Last Sate 12
Aug'07 -,,, Ash Bed
25
12 May
112 Jan
12
12
1213 --12
1212 12
12
12 *1112 12
12
12
205 Atlantic
64 Oct
22 Feb
912Jan 3 14 Jan 23
25
212 258
238 212
23t
214 258
214
238 2 8
3
214
214 6,020 Balaklala temp certfs__ ...
112 Nov
4 Jan 18
121. Apr
2 Jan 2
51, 512
f3
5
2
5
514
5
518
514 514
512
511 1,492 Bingham Con Min & S 50
20
418 Dec
37 - Jan
634 Jan
3 4 Jan 18
3
5.36 .40 5
.35 .413 -------5,35 .40
Last Sale .38
Ja,n'08
,,, Bonanza (Dev Co).,, 10 .38 Jan 31 .50 Jan 11 .33 Sep .80 Jan
1578 1618 1512 1554 1513 181• 133 157
4
8 147 1514 143
8
s 1434 4,613 BostonCone4,G (rots) r1
8314 Jan
85 Nov
1118 Jan 3 17 Jan 20
8
1858 19
184 1812 1818 1812 1818
1812 12V18 1812 19
1818 1,704 Butte Coalition
8
10 Oct
3918 Jan
15 1513,Jan 2 207 Jan 20
113 113
111 11212 1113 1113 11012 11112 11013 11012 11012 11013
4
4
624 Calumet & Arizona
10 10914 Jan 2 116 Jan 20
89 Oct 198 Feb
*665 670
085 670
665 665 *665 670 663 665 665
665
31 Calumet & Hada
25 600 Jan 2 700 Jan 15 533 Oct 1000 Feb
*2414 25
2412 2313 24
24
2414 25
23
23
23
2312
5110 Centennial
10 Oct
47 Feb
25 23 Feb 6 2814 Jan 15
9..35 .39
.35 .35 5
.35 .39 5
.35 .38 .35 .35 5,35
.37
31X1 Cons Mercur Gold1 .28 Jan 9 .90 • Jan 23 .25 Oct .52 Jan
6734 04
63 4 6212 63
3
62 4 6312 63
3
6214 62 4 62
3
6214 3,510 Copper Range Con 'oo.190 5612 Jan 2 65 Jan 18
9414 Oct 105 Jan
-*83
4 gt.
9
9
9
912 *8 4 914
3
914 914
9
116 Daly-West
9
2012 Jan
712 Dec
20
7 Jan 3
9 s Jan 18
7
Last Sale 90
Oct'07 ---- Dominion Coal
40 Oct
7012 Melt
100
Last Sale 89
Dee'07 -,,, Do pref
85 Nov 114 Jan
100
*114 112 *114 112 *114 112
112 1
12
13
3 13
8
114
114
156 Elm River
2 Jan 18
12
1 Jan 13
3 Nov
4
418'Lan
.
913 912
914 9
14
912 91
9
94
3
9
1,145 Franklin
9
9
9
6 Oct
23
73 Jan 8 1012 Jan 27
4
2
914 mch
*85
90
90
90
*85
*85
90
00
85
85 *85
31 Granby Consolidated_100 80 Jan 2 9412 Jan 18
90
65 Oct 151 Feb
8 4 88
3
7
83
3
8 84
812 8 4
3
812 8 .8
5
8 8 Ai
3
812
11 8 4,846 Greene-Cananea
5
91.. Jan 20
64 Oct
1753 Apr
20
07 Jan 2
8
Last Sale 278
Jan'08 --,, Guanajuato Consol
2 Dec
514 Jan
23 Jan 11
5
27 Jan 22
8
-iii. -- -- -`7 3i4 -- - -iii4 I.11: 2554 - - 2314 24
24
4
.
i.13
4
2i3
4
23
2312 3.366 Isle Royale (Copper). 23 18 Jan 3 2614 Jan 27
1112 Oct
361.jai/
1511 1514 15
1541 15
1413 15
16
15
15
1434 1478 2,716 La Salle Copper
8 Oct
25 1214 Jan 2 1714 Jan 19
30 - Feb
312 31,
; 312 31.4
4
4
312 312
510 Mass Consol_
31'' 312
_.
238 Nov
34
3
34
3
23
312 Jan 2
414 Jan 18
914 Jan
*____
4.5 *__
.4:1 5---.51
A5 *.40
Last Salt .45
Jan'08
- Mayflower
25 .25 Jan 10 .50 Jan 22 .40 Nov
13 Jan
4
613 . ,
61
612 63
2
63
4 714
7
74
612 74
613
678 4.6151 Mexico Cons If & S. 10
614 Jan 2g
8 Jan 18
63 Nov
4
1514 Jan
12
12 . 12
12
12
12 5---„ 13
113 113
4
4 1113 1112
80 Michigan
634 Oct
241. Jan
2 4 Jan 2 1214 Jan 20
3
25
55
.56
55
55
64
54
55
5512 551, 54
63
63
4714 Jan 3 58 Jan 18
110 Mohawk
37 Oct
25
9411- Jan
2
*118 114
118
114
118 118
118
118
118 Ps
1 1 1-16
765 Montana Consol C & C 10
1 Nov
3Jan 24
13
I Jan 3
312 Mal
11
11
1012 1012 1013 1013 10
11
11
11
11
10
1,150 Nevada Consolidated_ 5
5 4 Nov
201. Jan
3
8 8Jan 2 124 Jan 20
3
49
5038 484 4834 4812 4914 48 8 491
4
473 9812 4738 48
5
4,182 North Butte
30 Oct 120 - Jan
13 42 4 Jan 2 5414 Jan la
3
5
,45__ 5,50 ___ 5.50
__
Last Sale .53
_ 5.45
Jan'08 • ,-, Old Colony
23 .50 Jan 15 .55. Jan 28
12 Sep
71. Jan
3812 3634 3712 3612 3712 4245 Old Dominion
3712 -- 5
31 8 37 -3 3 303 - .._3714 37 - 3
8
4
25 28 Jan 2 40 Jan 28
18 Oct
63 - Feb
586
89
86
86
84
82
84
80
83
84
81
81
255 Osceola •
71 Oct 181 Feb
36 81 Feb 7 92 Jan 14
*134 14
2
*1334 1414 133 1334 1414 1414 1414 1414 1312 14
4
640 Parrot (Silver & Copp) 10 1012 Jan 11
145s Jan 20
834 Oct
35 Jan
*1
114 *1
114 51
114
118 118
14 14 *1
114
65 Phoenix Consolidated 25
12 Dec
114 Jan 25
5 Jan 15
4
e3 Jan
*88
90
*85
*85
88
88
90
87
87 *86
88
88
11 Quincy
25 80 Jan 3 0313 Jan 13
70 Oct 148 Feb
54
411
4
4
4
4
37
8 37
8
413 413 *3:
4
255 Rhode Island
25
4
2 Oct e1234 Jan
212Jan 2
412Jan 20
*214 21.
214 214 *2
214
214 214
218 218 5218
233
180 Santa Fe (Gold A Cop) 10
112 Nov
2 * Jan 20
5
2 Jan :1
712 Jan
1212 123.
- 1178 1214 12
1
1214 12
1218 12
1214 12
12
2,657 Shannon
8Jan 20
10 1014 Jan 3 135
718 Oct
2438 Jan
*67
70
*66
69 *66
6934 *65
70 *65
67
65
60 Tamarack
66
25 65 Feb 7 77 Jan 20
51 Oot 170 Jan
154 151. 15
151. 15
154 15
1514 15
15
1413 15
1.833 Trinity
25 1412 Feb 7 183 Jan 14
4
03 Nov
3
4214 Jan
*0
6:2 *614 812 *612 63
4 *638 012 *61 4 613
612
61.
20 unitea Copper
813 Jan 8
100
612 Jan 31
7 Dec
7714 Mch
_
------___
Last F:li 25
,
Jan'OA -„, Do pre(
100 .25 Jan 22 23 Jan 3
22 Oct
01 Ma3
10
101 t 510
1014 10
1018 *10
1014 1014 1014 10
10
835, UnttedStal -sCoal &Oil 26
054 Jan 23 103 Jan 8
4
71* Nov
1314 Jan
333 333
4
' 3312 3312 3312 3312 3312 3312 3333 3318 33
3312
5 U 8 Smelt Ref & Min_ 50 22012 Jan 2 3512 Jan 20
97
2434 Oct
70 Jan
39 4 393t 3912 3012 3912 39$4 3912 391'2 393 3953 39
3
8
3912
909
Do pref
50 2.3818 Jan 2 4013 Jan 20
277 Oct
8
40 Jan
38
3812 373 38
4
37 4 38
3
3734 38
37
371'2 3612 37
2,971 Utah )1isolidated
5 2912Jan 3 413
8Jan 28
2612 Oct
79 Jan
5
514 *43
4 514 *4'4 514
3
5
5
310 Victoria
5
5
*458
514
25
1(3 Jan 14
912 Jan 3
4
312 Oct
1158 Feb
Lest Sale 1.0614 July'07 - ,WflshIngton
1 May
25
.1t Mch
*514 5 4
3
512 512
€612 612
512 512
54 514
612
63
413 Jan 2 8634 Feb 7
555 Winona
4
26
e212 Nov
14 - Jan
*125 130 *127 130
130 130 *126 130
125 125
125
1!1
31 Wolverine
25 11512 Jan 2 132 Jan 20
93 Oct 198 Feb
5.90 t
5.90 1
*.90 1
Joel Sale .99
*.90 1
.1v c08 ---- Wvandot
,
. -_ 23 .60 Jan 3 1.0614 Jan 29 .10 Nov 3
53 Jan
c Befire pay't of assem'ts called in 1907. * Bld and asked prices. d New stock. e Ass't paid.
8 Ex-rights. a Ex-div. and rights. b Ex-stock div.
7213 7212 *7114 7112 *717 7218 7134 713
8
4 71
71
*70 s 707
3
8
*8612 8712 *8612 8712 *8612 8712 53612 8712
Last Sal
,8534 Jan'08
*199 200 *199 200
109 19978 1997 200
8
19978 190/s 19078 203
12912 131
132 132
130 130
130 130
12912 1294 130
130
-_ -.... 5_
- 210
210 210 *205 210 *
210 *_-__ 206
*i3712 ----*138 139
138 13812 139 139
---- --13734 1373
4
---- ---- --- ---- ----__ ____ ___
Last Sale 155
Jan'08
*280 285
---- - - *280 285 *280 285. 285 285
285
285
*8
10
*8 ifi
10 11
10 10 *934 10 *9 11
545
50
*45
50 *45
60
45
45
45
45 *45
50
---- ---- ...--- --__ ____ __ _-_ ____
Last Salt 17
Jan'08
59
59 *58
60
*58
80
5912
*137 138
137 13714 *137 ---_ 13714 1374 13714 13713 *13712 138
*108 110 *106 110
108 108 *108 -_-_ *108 --- *108
____
Last Sal 170
,
Oct'07
Last Sal 152 July'07
---- -- - ____
_ ___ ____ • ____
_
Lo...1 Salt 243 Jan'08
120 120
120 fii *120 121
121 121 *120 122 *120
121
-*77
*761278
*77
79
*77
79
Last Sale 79
Jan'08.
Last Sal, 73
Oct'07
___
___ ___ ____ __-- -Last Sal, 190 Sep'07
5....-- 11 *____ 11 'IL-- 11 *---- 11
Last Sal:. 11
Jan'08
5-...- 48
4712 471. 47
47 *__„.. 47 *45
47
45
45
*1812 1913 *18 _ _ *1814 1914 *18
1913
Last Sate 14
Nov'07
13613 13612 13434 1351 13412 133
13514 138
136 1361:. *135
136
Last Sal, 144
Jan'08
Last Sale 205
*iii" 183" iii" fii- iii iiii" *iii- ii - *182 18o *184 Nov'07
i
185
Last Salt 12
Nov'07
___-____
Last Sale 26
Nov'07
26 27
25
2512 26
26
25
26
*78
_ *78
_ *75
_ _ *75 ___
Last Sale 82
Aug'07
95' *94
94 -.
*94 _ *94
99
.
94 SW
_
a94
_-12238 12312 11978 11978 12014 12034 119 12138 118 4 1187- 11818 fig
3
8
*8112 8212 *8113 8212 *8112 8212 *8112 8213
Last Sale s::
Jan'08
_
_
_ ___
_
- -___
Last Sale 150
Jan'08
ii iii
it:ifs lit
: 84 84
84
84
8714 84
83
34
9912 9912 109
09
00 100
100 100
100 100
09
90
------ ---- --__ ---- ----- -Last Sale 190
Sep'07




331

Boston Bond Record.

FEB. 8 1905
Price
1,:r1dav
Feb?

BOSTON'BTOC.K EXO1PGE -,-..,
1
.4.,
WEEK ExittPio Pita 7

.11esetve
nce
Jsmeary

Week's
Range or
Last Sate

BOSTON STOCK EX011`GB
WEEK ETSDINA FEB 7

,tr-ice
Fridag
"elf 7

'At

Week',
Range or
Last .sale

•.",

aufm
:One.
l'axitarv 1

.1110 vs J.4•• high
A sk Low
Bid
Rigit is Lew 119/it
Asp' Low
Bld
4
/
4
/
9$ 6, 981
98
V 971 981
4
/ 98'
4
90
We S'118 Illinois Steel deben 5s....191 J.3
99%
97
15
97 Jan '0,4
Boll Tele_phone 4s....190 j.j 99 1.1 Sale SO
08
98
A-0
Am
li4)1143011Vert dellen
4
/
4
/
SW 51 781 811
4
/ 4alo
801 t
......
'2i14Nov'Oo
Am Teton & Tel con tr 4s.192. J- J
la Falls&St-osx Clst 745_1017 A-0
Nov'o
¶78
90
90
in) Jan '118
Am Writ Pallor lat s 15s g 1910 J -J
ltsulCClln& Spr 1st Is. .192 A-0
104 24:te06
4
/
0
10018 10014 1 100 1001
Atch (to Nebraska lad 7.5-100 14-8
stip, too, Kan C Ft S rivt1 1st 78_190 J-D 1001
91
118
I'S
4
/
4
/
Atcn Too &OF°gen g 48_1900 A-0 86 Sale :if) Jan '51'
Eau C Ft Scott & It 6s....1928 11-11 1121114 12 113 Jan '08 .... 1091 113
85
85
4
/
941 Dec'0
4,41ttartlitilt g 4s.....1'ly 1005 Nov
1934 Pd)- S
8718
Kan C & 11 gen 4s
0
863 l'no"07
86
J'ly 1905 31-N
89 :sop '01
Stamped
1134 11-S
86
Assented moome Ss
99 Niay'117
Boston Meet Light 1st 6s.1908 )1.3
Ran C & M IV& Br 1st 581029 A-0
110 roe'114
1924 Ni.s
0
1133 Nov'06
Coneol Ss
cons 1st 7s. _1912 A-0
Maine Cent
101 Sep '06
1916 .1-J
1011 Sep '05
1912 A•0
4
/
Boaton & Lowell 48
Cons lot 4s
114 Mar'06
19
J.j*
4s
/
118 1144'04
Boston & Maine 41
Maro Hough& Out let Os 1016 A•0
4
/
1121 Jae '04
4s
/
84
74
82
84 Jan 'ON
79
Boston Terminal 1st 31 1047 F-A
AI exic-an Oentrul cons 4s 1011 J.J
.
DM Oct'47
191 j.j
4
/
261 oot'09
Jan 193 J'iy
Bur & Mo Itly ex 6s
1st cons the 3s
101 San '05
1918 J -J
4
1'73 Aug'05
Non-exempt 65
Jan 1939 J'ty
281 eons Inc
97 97
'37 Jan'
1910 J -J
1917 3Sinking fund 49
litch Teleplat bs
100 J'zio'01
,
10212 Aug 04
Butte is, Boston 1st 63-.1917 A-0
slinno Gen Elec con g 58 1929 J J
128'i Nov'00
4
/
961
146., e 93
90
4
/
961 95
192 F-A
Cedar 'tap & Mo 51st 78 191 ss-N
New Eng Cot Yam 5s
4
/
1111 J'ly'06
11109 J.
100 100
Dm
1903 A-0 100 Sate luo
2d 78
New Eng Telepii
au
41
80
30
80
(.1•15'
1915 A-0
Cent Vermt 1st g 48_51:v1921J
10018 Jan '07
5s
.
'07
11103 Oct
0
1919 A-0
0 B & Q Iowa Div ltat 543 1910 -,-,
ret
0
91 7 1)8 Oct'07
1919 N-0 97
Iowa Div 1t 4s
New Enciann cons g 5s. 1945 .1-.!
110014 Ilay'fPt
41. M-N
1931 A •0
Debenture 58
Boston Term 1st 4s
0
977 Pining
192 F-A
7912 88
4
1
J
87/Jan '08
4
1
Denfver Exton 48
N Y N 11 & li con deb 3/13195r
4
1027 rimy°
1927 44-N
4
/
1011Sop '06
Nebraska Exton 48
1934 F-A
old Colony gold 4s
'It/Li Mity'n
1021 ai-8
1402 5 Jan'05
B&SWar 4a
Oreg By & Nay con ft 4s. 1946 J -D
80
86
86 Jan'08
194' J -J
.
0
11213 Mar'06
111inois Inv 312s
1922 F-A
Oreg Sh Line 1st g 6s
......
101 A nee?
Joint bonus See Eit Nortthern
s f 6s 1919 3-.1
4
1
/
1024 7 99 1021 Beim b Valley 1st
10712 Nor'05
010e J o By & St1c Yds 58.191 /' J •J 102 Sale 102
Rutland 1st con gen 412s 1941 J -J
88 Oct '07
102 Mat'01
4s11119 J -J
Coll truot refunding g 4s104 A-0 92
Rutland-Canadian lost
122 Apr'06
9812 May'06
Oh Mil & St P Dub 1) 6a 192 J -J
Savannah Elm 1st(mm860 1962 J -J
1211 F'on'06
14 714 Dec'07
1930 F-A
ChM & St P Wm V div 63192 .1 -J
Seattle Elec 1st g 58
96
95
96
15
95
97 Apr'07
ea No Mien 1st gu 5s.1931 M•N
Chic
Term Haute Flee g 6s. 1029
117 100
100
101 100
1921 .J-'
5s
4
/
991 Nor'01
Ohio 8o W Arich gen
1918 54-S
Torrington 1st g 58
91 Dec'07
4
/
2031 Oct '07
Concord & Mont cons 4a 1.1' J -I
Union Pea RR & 1 gr g 46 1947 j.J
4
/,
1121.1:ut'03
4
/
2871Sep'07
Conn & Pass It 1st g 48.-1042 A-0
1117 3-j
10-year cony 48
194 Nov'04
• 95
1927 A.
...
.. .. 117
.0
116 da 9r8
Current River 1st 5s
Uniteu Fruit cony gen 5 1911 )4.g
89 Ma.rNY7
4
/
2891
7
4
/
Dot Cr Imp & W tat 4s 191 A-0
U S Steel Corp 10-60 yr 5s 1963 ?CR 2881Sale '45$', 1188/ 3 1186/ 9614
00
90
90 Jan 'OS'
4
961
4
061
Dononion Coal 1st s f 64_1046 M-.'
4
/
961 Sale 9014
West End Street By 44.-1915 If-A
......
Apr'01'
98
190, M-.N
.
Fitchburg as
95 Noy'07
1914 M-S
450104188
103 10 Apt'05
1916 M-S
45
1O2'14 Jan'
1019 311-2(
Gola tieoentxtreis
100 Mity'07
19% :11-8
99 May'07
49
1917 F-A
Gold 4s
118 Sop '07
4 70
Front Bilk& /do V lat 68 1933 A-•
4
/
87
871
s7i2 Sale 87
Western 'releph cf• Tel 5 1932 J J
1411 Avx'05
1931 A.0
Unstampen 1st Os
2
2141 Sep'05......
41041 J•J
lst gen 4,
4
/
951
3
94". Sale 93 4
WV4 %UV'. Wisconsin Cent 1st, 7s 1901 J -J
......
GC Nor (.1 11 & Q colt tr 4s 1921 S..!
109% Aug'05
5
Wtsconsiu Valley
92
8
907
1.15
053
0
1121 9-j 931
4
/
Registered 48
Bonds. *No pries Friday; latest bid and asked.
Nour-Buyer pays accrued interest In atidttion to the pure/matt prate for all Boston

2 1 at price.

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share,
Saturday
Feb

111fen day
,Feb 3

84
5
15
4
/
111

84

44
"43
0
277 2812
9
. 9

43
'27
11

84
5

24
•22
'4-s 5
4
/
86 861
5614 57
2
501io 561
30
39
6
6
4
4
1433 163
0511110
503
41
41
.3912 40
493 493
4
4
77% 78

84

4
/
4
/
111 111

'4's
4
/
851
56
1
4
553
38
6
16
60
4012
40
4
/
491
77

OE

Tumlay
Feb 4

4
/
831 831,
4
44,
11.

11

Weane8ita9
Feb 5

84

84

^4
4
•103

littsrsaam
Feb 6

84

t„,

84

fir0141
Feb 7

.83

Bid

As4c

84.

J
•104

4
/
.
4312 "423 431 •43
*43
4318 43 43
4
273
'28
'28
4
/
4
271 '173 28'. '27 12 28
4 9
83
8"Is
4
/
91
9
4
/
91
4
/
91
1)
*6
23
23.s '2C'
2314 13,
434
4
•412 6
. 43
43
6
4's 6
485
86
80
.85
86
85
85" 86
4
/
651
4
/
4
/
0
4$6 1 661 551 56
4
, 56, 56 '50
1114
Ilie
1
1
1
1
4 657 561 56.4
4
/
0
.
653 56,
56 61:51
66
4
4
/
3
38
384 381 *37 4 331 "373
1
/
4
/
38
38
6
515, otis
6' 51.6,6 6
5"1.4 611.5- 51.3,..
4
/
4
/
4
/
151 15'-,,, 151 15, 161
15% 16
161
50 515m 4915m 60 411ais
6011 508“3 51
•39
44311
394
4
411
40
•30
*39
40
40
'39
0
49's
4
/ 408 405 *4912 SO
4
/
491 491
4
4.03
4
/
4
/
4
/
'771 771 771
4
/
78118 781 77% 78
78
'20
P111LADELPISIA

fume' &Awe
Jets 1 1$015

ACTIVE S'110(1118
Sales
09 the
Inactive
h
Week ( or Bonds and
Stocks see below)
Shares

Pot- Celan in Prico.

Lowest

II tyhest

Baltimore
Con.Gas El. L. 86 Pow 100 20 Jan I' 20 Jan 15
100
Do prof
50 80 Jan 2 84 Jan 21
182 Northern Central
4Jan 2'
/
51
100 6 Jan 1 i
500 Seaboard(new)
DV
prof
Do 20
4Jan .
113
20(1 United By & Electric.. 50 10 :Ian

Philadelphia
69 American Railways__ 51.1
4
/
431
80
1,256 Oambrta Steel
'28
000 Electric Os of America 10
9
100
lien Asphalt tr otts
5
100
341
Do prof tt• °Us
23
100
350 Le.ke Snporier Corp
434
2117 Lehigh C & Nay tr otfs 50
86
60
4
593 3,952 Lehigh Valley
100
4 2,411 Marsden Co
SO
2,433 Pennsylvania RR
66
03e
4
/
223 PlitleAelp1 (Pitied). 54
4
/
331
4,964 Philadelphia Itleotriat. 26
518
1,919 Phils Rapid Transitg 50
10
SO
f40714 4,1,955 Beading
30
Do let pre/
11
41
50
Do 2d pest
24
313/
4
1
SO
920 U nion Traction
49
30
'2,175 United Gee Impt
78
100
Welaipach 0e
24
l'ILLLADEI.PUIA

Ask

1144

33 I, Jan
80 May
4
/
181 Nov
10 NOT
24 Dec
8% Oct

BA unr.nok
G & Islas'119 M•b
044s.o.
(Maxi( & A est 5s.'0113-3
191U A-0
29 7a
City& Flab 1st 54. '22 3.13
City et itub(Wati)lat 58'43
Opal & 1 By let lis'20E-A
Oeliciarar let 8s.191413-)
()easel Gas (18 1910 3.D
1039 3-D
58
let nee '1.1J4
Ga &
lst5sg'393.1
kleergut P ltst tie...'12 3-3
lst is 194634
(tuft&
til.B.8 Brew 3-48 1951M-5
2d income Os 1961 11-1(
Knoxy Trao let 58'28A-0
LakeR El let gtilie'4251-5
Mimaphus St let 5.15 3-3
Metfik Wasii)lstas'25EA
Mt Ver Cot Duck tat Is.
Ilptlal&O P114.14'33 M-11
1911 11.2
Geesers.1 5s
Norfolk St let 56'44..34
North Cent4118 193* A.0
Series A. 50 1916....J4
5ti 111/6 .34
Series
Pitt tin Tree 5s 1997.34
Pete via let 511 1941..3-J
Say Ma& West5s'34 A-0
Seaboard A L1A 1950 A-0
Saab & Roan Si 1916.3-3
.A.-0
Muck Bound let
U El Leal'1st.4405'39 lif-X
87.4 Co 144 M1444.4'49 U.S
1.1)
Ineenie 4s 1949
Funding its 1136 3-D
05
Virginia Midland.
31 series Se 1911. .M-8
3d *wise Gs 1916 M4i
4tit sr 3.4-5s 1021 13-6
96
&eh series is L920 /I-5
Vi(State) 38 new '32.34
Fund debt 2.3e 1991.I-3
WestN 0 cesi 681914 3..1
WeelraC&P 18t(4'1134
Wt1 & Weld 5a..1924.14

Ask

S

Bonds
Anaeostia & Pot 58
All & Ch 1st 7 .1907 J-J
Allan C L BR4a1962M-S
otbs 5a J-D
All Coast Met)
Otte of intiebt 48. .J.J
34
6-20 yr 4s 1926
1'11 M-N
Bolter:tam lat 51,
Bait Fran* 58.1910
Exchange 31es 114303-3
Belt& l'let6am I'll A-0
M.N
Balt True 18t
No Balt Div 5s 1842 J-D
Oent'l'By con5s1132 M-IF
Eat& Imp bs.1932 M.
Chas ettylty lot53'28 J-.1

Lo merit

itta hest
35 Jan
85 Jan
97 Jan
2314 J au
48 Jan
15 J'ne

4
/
431 Dec 51 Jan
43 Jan 1* 4312Jan 1
4
/
112 Oct 471 Jan
tJan 2
4
1
27 Feb 11 30/
00ot 11"4,Jan
77
Jai 23 91130Jan :
818
8 Jell
3 Oct
4
/
31 Jan . 5 Jan 2t
4
0
197 Jan . 26 Jan 1 :, 133 Nov 36 Jan
4 Deo 16 Jan
0Jan 17
4 Jan 21 58
4
/
4
78, Jan ' 931 Jul 1t 99 Oct 1(43 Jan
0Jan
4
/
0Jant 61 Jan 1: 491 Oct 787
653
4
/
11•Jan
8
.Nov
4
1 1 Jan 1
ls,..an 24
an
5'4 15 Jan 3 431310! 2k x33 Nov 70"ie Jan
SRN Nov 48143.10
3512 Jan 3 310 Jan 3
14 Apr
63m Nov
5
,
5 1 J sin 0 ti'v Jan 1
1370.1au 12 18'. 2a* 7 413 .24ot 3261e )1 sY
0
4
1
Ja.0 • 57 /Jan I 333 Oct 611%. Jan
41
sJan
4
1
19 Jan 3 it Jan lb 36/ Nov 458
4
/
321 Oct 47 Jan
37 12Jan 2 4101. Jan 1
8jan
0
40 Jan 1' 52 Jan 10 417 No, 603
4
/
801 Jan 14I 66120ct 9610Jan
0Jan
131
95 May 3ii Feb
.....

Pk ..fs Read 2d Sc'33.A-0
J-D i4e** 109
Con M 7s 1911
/OS
g 1911. J-D
Con M
Ex Imp M 48g'47 A..0
111 118
Terminal 5s g 1941
971,4
P W & oel tr 46'21 J
Portland Pty let Ss 1140.
1114i Remit Ry& L con 50'54J-J
U Talc Ind gen 541'19..T-J
73
Tin By.Tr ctLs 45'49.141/3
0.03
4
1
102/
N
United By.Inv lst coiltr
4
683
63
s I 611
109
1.7 Trak Pit gen 641 '1:17 3.1
4
1416 1,
4
1
11 31sback s 54 1930./.1) 67
3/
Wlks-B &E oon5e'531
BALTIMORE
82
Inaotave Weeks
4
/
481 46
Ala Cone Coal& Iren 100
100
Prof
Agents& Oliarlotto..1041
88
61
A.tlasit Coast Liao KM'
s
1081 i6
Atlan Conet L (0enn)100
100
n
Iasaton Os
.
4
/
103 1081
s Cot Dusk Oorp...30
SO
Preferred
141
Georgia Sen & FLA...100
90
4
/
931
100
03
lst prof
100
2t1 pre!
2
100
0-B-S Brewing

2/4041Aili
Imo:Hoe Stocks
Al Vat A oil is 1010 A-0
50
Allegheny Val prof
Alt &LVICloo 4'24'33.F-A
5-0
Atuorican Cement
,
Am Ays cony 5s If11.-7 13
100
Amer Pipe Mfg
,
All CM litt be g'19.M
971
Boll Toloahone (Pa) 104
Balls nor let Is 11124.J.
44
6
Cambria Iron
Barg&RBrw let 64'21 J
Central Coal & Coke.104
Itettile Steel 68 1998.0/
.0onsol Trac of N J...10
Cline& 5111st 55 1940J
Diamond State Steel 1
Ch Ok G gen 5a '111 34
1)3
Preferred
Col St By 1st con 5s 193
E9St011 Con Electric 8 50
Con Trite of 11' J 1st
Alec Storage liatt....10
& A 1st Si 5s 14210 M.
100
Preferred
104
Flee & Poo Tr stIt tr
let Wayne &W V
"
lst g 5s 19 7.
PA LI
61
Germantown Pass
11 & Top con '38 A.
10
ludimittpoLts St
In dienapoila Ity 0.103
10
Indiana Ultima Tr
4
/
201 2012 Interateto 4s 1943
In5tirance Co of N A..1
Le414.h Nay 41.8 '14.Q
inter Sin Pow &Oliem.6
5
1914.9
RI% 4s g
a'eystone Telephone..'
Gen 51 4128 g 1924-4
50
Preferred
Lek V 1st 58 g ”.13-34
KeystonoWatc1iCase.100
14 1-2 Leh V int Islet 1048.314
1
1,11 Brothers,
11
2d 7s 1910
5
.Littte Schuylkill
3Consol %a 1923
Schuyi 1t 5.
..
Annuity 68
N Raven Iron Sa Steel.6
Gen eons 4s 200-8.1I-11
5'
Central
Northurn
/is'333Loh V Tra.n
North Pennsylvania-6
New Con Gas 1943 J.
5 100 191
POtilltiyITATIta Salt
NewarkPass oesi 54 193
Steel..10
Pennsylvania
95
NY Ph & No L21-4.s'39 J-J
10
Preferred
10
39
Ineouse 4s 1939. .M
Phila Co(Pitts) pref...5
NoOliieTrao conie'1941-3
Norris.50
Phil German &
1044
87 12 89
Penn geu
r 1910-Y
['bile Traction
10
Consol 5s r 1.919. .V
Railway; General
Penn & Md Steel oon 418.,
Suaqueli Iron 8o Steel .5
Pu, & NY Can Gs '30.A.-0
1
Tithrvrater Steel
A.0
Clon. 4s 1939
10
Preferred
Si. Penn Steel lat58'17 M.N
.
Tolionali Mining of Neal
03
Pesple's Tr tr aorta 4s'4
10
Union Tr of Intl
181 103's
P Oo let& cal Is 5e049
C 10
United N RR &
Con& cot tr 5619613G/9 9434 98
Unit Traci Pitts nref..6
Phil Eteo gold trust ctfs.
47's 98
Warwick Iron& Steel.1
6714 68
Trust.eertitt 4s
West jersey & Sea *ILIA
P & E gen M g'20.41-0 19114 108's
Westntoreland
Gen M 4ti c 11324)..A&
Wilkes Galt & Mee,.DU

Range ler Previous
Year(10071

4
/
871
65
70
4
/
1011
96
10214
4
/
1091
1081
4
/
101

sk

Rik

101
106
102 403
107 10712
83
00
4
/
801
107 110
4
993
37
11
14
99
104
72

4
/
711

102

100
105
49

60
4
883

,
96 ,
4
/
471

4
/
1021
106

•$30 paid. 434214 paid.
t $15 paid. 4 810 paid. 1 435 paid. a Iteosipta. b $25 paid.
Bid and eakett; no sn-ws on this (lay. lf Ex-rights. II $7.50 paid.




332

THE CHRONICLE.

praestment and

[Vol, Lxxxvx.

atiroul Intelligence.

RAILROAD GROSS EARNINGS.
Tho following table shows the gross earnings of every STE A.NI railroad from which regular weekly
or monthly returns
oan be obtained. The first two columns of figures give the gross earnino for the latest w A or month, and
the last two
columns the earnings for tht! period from July 1 to and includ: f; such latest week or month. We
add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with
July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year.

Previous
Year.

$
Ala Great Southern -See Sout hern Rail way.
Ala N 0 & Tex Pac.
N 0 de N East -r 2d wk Jan
55,000
59,000 1,717,100 1,611,043
Ala & Vicksburg r 2d wk Jan
27,000
29,000
872,777
811,555
Vicksb Sh & P_-r 2d wk Jan
21,000
26,000
863,059
822,762
Ala Tenn & North__ November_
4,070
3,934
19,321
18,024
k Atch Top & S Fe- December 8 140,482 7,956,995 48,739.628
45,752,810
Atlanta dc Chart... September
354,795 336,877 1,106,122 1,043,466
Atkin Birm & Ati__ October __ 171,940 142,297
665,027
506,085
Atlantic Coast Line December 2,296,082 2,427,769 13,186,201
Baltimore & Ohio- December 5,654,653 0,720,001 42,885,144 12,605,803
Bangor & Aroostook November_ 249,543 287,062 1,293,315 41,771,107
1,294,127
Bellefonte Central._ December
5,603
5,197
33,297
29,084
Boston do Maine_ __r November_
18,916,000
Bridgeton & Saco R November_
5,925
3,947
27,941
22,833
Buff Hoch & Pltts-r 4th wk Jan 161,881 211,590 5,534,412
4,900,025
Buffalo & Susq By. November.. 209,165 153,016
991,537
751,049
Canadian Northern.. 4th wk Jan 163,400
90,900 5,886,100 4,267,500
Canadian Pacific_ 4th wic Jan 1,396,000 1,292,000 45,343,406
Central of Georgia__ 4th wk Jan 310,800 346,800 7,377,651 41,637.473
Central of N Jersey December 2,212,694 2,229,742 14,644,598 7,219,746
13,420,721
Chattanooga South° 3d wk Jan
1,450
3,285
71,237
87,949
Chesapeake & Ohio- December 2,142,139 2,051,651 14,976,097 12,583,390
Chesterfield & Lane December
4,075
3,935
32,007
22,513
Chic & Alton Ry_r_ November_ 1,049,079 1,048,258 5,597,888
5,528,800
Chic Burl do Quin_ _r December 6,147,968
43,523,096
Chic Great West_r_ 4th wk Jan 210,245 239,672 4,974,203 5,487,884
Chic Ind & Loulsv_o 4th wk Jan 116,061 140,782 3,234,706 3,513,702
Chic Ind 6: Southern -See New York Cen trai.
Chic aillw & St Paul December 4,567,747 5.133.358 31,338,630
Chic do NorthWesta December 4,502,690 5,683,073 36,136,712 31,602,486
Chic St Paul M & 0 December 1,022,382 1,314,978 7,208,016 35,703,050
7,438,339
Chic Term Tran RR 4th wk Jan
41,036
42,438 1,013,059
991,569
Cin N 0 & Texas P -See Sout hem Rail way.
Cincinnati Northern -See New York Ceti tral.
Clev Cin Chic & St L -See New York Cen tral.
Colorado MIdland_r December
100,744 206,031 1,297,211 1,208,215
h Col & South Sys_r 4th wk Jan 364,078 326,200 9,073,010 7,017,393
Col Newb & Laur__ December
20,465
27,038
157 435
153,677
Cooper Range
October __
77,857
67,162
330,960
281,279
Cornwall
December
5,412
15,701
109,666
89,816
• Cornwall & Lebanon October __
35,621
36,353
155,457
171,874
Cuba Railroad
December
149,724 152,577
869,332
794,613
1 Delaware &Hud... December 1,521,005 1.322,272 110,828731 19,206,144
Del Lack & West.._r November_ 2,031,364
15,436,401
Deliver & Rio Gr_r_ 4th wk Jan 458,400 551,000 13,300,921 12,385,769
Detroit & Mack_o 3d wk Jan
21,930
22,283
693,395
687,004
Dot Tol do Iront Sys 4th wk Jan
93,771 106,601 2,656,989 2,536,733
Dul So Sh dc Atl_r
44,731
3d wk Jan
52,112 1,864,560 1,810,710
Erie
November_ 4,294,239 4,636,235 23,855,340 22,830,682
Evansville de Ter H -See Rock Island S ystem.
Fairchild & N E
December
1,751
1,424
9,867
8,886
Fonda Johns & Glov December
436,957
51,322
54,251
418,911
Georgia RR
December
247,947 254,190 1,593,195 1,533,203
Georgia South & Fla -See Sout hem Ball way.
Grand Trunk Syst 4th wk Jan 873,557 990,917 26,766,155 25,889,966
Gr Trunk West 3d wk Jan
96,794 106,303 3,652,232 3,431,435
Det Gr H & Mil
32,401 1,100,099 1,052,020
31,413
3d wk Jan
Canada Atlantic. 3d wk Jan
34,705 1,279.402 1,184,783
29,282
Great Northern_ __1
Montana Central' January __ 3,313,130 2,543,527 38,003,973 33,118,769
Gulf & Ship Island_ 3d wk Jan
52,155 1,300,268 1,343,204
38,480
438,091 506,514 3,718,713 3,504,042
Hocking Valley.... December
Illinois Central
. December 4,640,570 4,976,390 29,440,841 27,059,998
Inter & Great North 4th wk Jan 195,000 311,000 4,227,148 5,476,004
a Interoceanic(Mex) 4th wk Jan 208,934 205,202 4,490,462 4,083,477
84,548
9th wk Jan
Iowa Central_o
08,569 1;
879,630 1,889,411
December
Kanawha Fe Mich
142,839 180,262 1,188,807 1,169,258
Kansas City South_ December
682,822 774,940 5,041,286 4,347,743
Lake Erie & West'n -Sec New York Con tral.
Lake Shore do NI Sou -See New York Cen tral.
Lehigh Valley
December 2,745,930
10,485,904
Lexington & East
37,084
December
38,038
296,095
276,027
Long Island
November..
Inc. 29 ,217
Inc. 25 5,393
Louisiana & Ark
December
70,864
64,188
609.483
587,498
Loulsv & Nashv__r 4th wk Jan 1,121,585 1,311,066 27,853,551 27,822,449
Macon & Binning'm January __
15,912
11,317
91,160
104,463
ManIstlque_
November_
3,648
3,131
28,002
40.857
Maryland & Penn
28,381
26,599
December
21:1,349
188,245
a Mexican Central
December 3,163,483 2,562,707 18,416,451 14,347,574
a Mexican Internet_ 4th wk Jan 208,763 255,403 5,093,167 4,627,850
a Mexican Railway_ 3d wk Jan 177,500 160,200 4,458,700 4,070,500
a Mexican Southern 3d wk Jan
26,136
22,617
730,086
697,074
Michigan Central
--See New York Cen tral.
Nildiand Valley.... December
87,070
78,832
650,156
361,977
Mineral Range_r
19,794
14,619
4th wk Jan
479,535
445,713
Minneap & St L___o 4th wk Jan
90,040 107,441 2,447,762 2,201,327
Minn St P & S S M_ 4th wk Jan 190,694 145,846 7,471,184 7,415,735
'Ma Kansas & Texas November. 2,018,058 2,467,083 11,381,084 11,017,583
:'o Pac & Iron Mt_o 4th wk Jan 1,324,000 1,402,000 27,531,580 27,566,506
Central Branch.° 4th wk Jan
48,000
44,000
980,000
072,000
Total system_ __o 4th wk Jan 1,368,000 1,450,000 28,511,580 28,538,506
b Mobile Jack & K C Wk Jan 18
25,130
31,481
885,232
800,220
Na,shv Chatt & St L December
847,716 975,025 5,777,369 5,688,911
a Nat RR of Mexico 4th wk Jan 450,837 458,163 9,447,642 8,730,721
Hidalgo .S: N E
4th wic Jan
28,410
593,429
27,311
591,666
Nevada-Cal-Oregon. 4th wk Jan
7,122
4,008
213,830
167,109
Nevada Central... December
6,503
44,176
7.232
30,445

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
•
Current
Previous
Year.
Year

N Y C & Hud River December n7776200 n7752,80(1 51,782,207 49,210,565
Lake Shore & M S December n3372700 n3562,400 23,428 626 21,037 303
Lake Erie & West December n389,000 n413,000 2,679,878 2,687,377
Chic Ind & South November_ 243,492 202,660 1,245,474
052,259
Michigan Central. December n2148000 n2311300 14,752,397 13,656 423
Cleve C C dc St L. December n1904200 n2160700 13,944,572 13,232,355
Peoria & Eastern November_
235,718 253,781 1,337,974 1,328,706
Cincinnati North_ November_
457,907
79,687
469,342
82,194
Pitts & Lake Erie December n643,800 n1129200 7,790,141 7,434,339
Rutland
December n232,000 n220,000 1,693,650 1,531,272
N Y Chic & St L. December n868,200 n930,700 5,244,640 5,016,209
N Y Chic do St Louis -See New York Cen tral.
N Y Ont & Western November_ 634,056 630,174 3.752,708 3,701,573
NYNH & Hart....r December 4,186,274
20,511,113
N Y Susq do West
November_ 291,003 220,842 1.489,923 1,220,348
Norfolk & Western_ December 2,243,571 2,443,109 17,010,023 15,085,080
Northern Central
December
903,240 1,001,940 7,004,054 6,270,654
Northern Pacific_ December 5,655,590 5,758,729 10,121,1)17 36 435.184
Pacific Coast Co... November_ 670,778 • 601,348 3,690,704 3.04:1,475
Penn-East P dcF. December 11911317 13025617 85,671,441 78.413,041
d
d West of P & E
December
Dec.1,3 74,800
inc.3,113 0,600
Peoria & Eastern
-See New York Con tral.
Phila Bait & Wash_ December 1,360,703 1,41)1,803 0,155,238 8,505,638
Pitts Cin Chic & StL December 2.041,971 2.556,255 16,266,042 15,338,025
Pitts & Lake Erie -See New York Cen tral.
Raleigh dc Charlest_ September
5,563
4,387
16,176
14,623
Raleigh &Southport November_ • 10,379
9,071
37,087
54 180
Reading Railway
December 3,500,998 3,514,647 23,385,246 21,042,117
Coal do Iron Co
December 3,758,446 3,968,230 21,022,009 17,902,249
Total both cos
December 7,259,444 7,482,877 44,407,255 30,034,3(16
Rich Fred do Potom November_
155,105 160,835
848,641
716,958
Rio Grande Juno... November_
85,457
80,772
396,604
363,530
Rio Grande South.° 3d wk Jan
9,074
365,422
10,855
351,916
Rock Island System November_ 4,962,510 5,063,243 27,216,078 24,743,291
e St L & San Fran November_ 4,213,490 4,099,361 22,577,805 19,800,660
I Evans & Ter H. November.. 196,871 202,0:17 1,1160,395 1,013,422
Total of all lines- November_ 9,372 873 9,364,644 50 855,179 45,647,374
Rutland
-See New York Con tral.
St Joseph & Gr Isl._ November. 121,723 126 275
740,708
721,575
St Louis & San Fran -See Rock Island S ysterh.
St Louis Southw r 4th wk Jan 238,199 206,686 6,118,669 6,069,280
Seaboard Air Line
October
1,518,139 1,384,420 5 464,327 4,022 887
Sierra Railway
August
42,965
83,187
79.802
41,361
Southern Indiana
January __ 164,543 131,634 1,163,060
940,146
c Southern Pac Co
December 11073402 10095572 69,104,356 62,120,314
Southern Rallway_r 4th wk Jan 1,320,171 1,544,981 33,208,452 32,933,024
Mobile & Ohio_ _r 4th wk Jan 309,807 383,260 0,141,775 6,001,390
• Cin N 0 do Tex Pr 3d wk Jan 121,572 114,818 4,754,486 4,587,854
Ala Great Sou_r_ 3d wic Jan
53,587
69,028 2,168,886 2.165,004
Georgia So & Fla 3d wk Jan
34 185
44,773 1 .31)0,462 1 ,227,780
Texas Central
3d wk Jan
690,664
717,015
20,350
26,700
Texas & Pacific
4th wk Jan 540,168 615,785 9,556,189 0,047,590
Tklewater & West_ December
42,836
40,202
7,530
6 580
Toledo & Ohio Cent December
298,739 374,333 2,524,406 2,517,516
Toledo Pee dc West_ 4th wk Jan
754,521
760,409
49,479
40,167
Toledo St L & West 3d wk Jan
62,856
70,897 2,380,159 2,359,443
Tomblgbee Valley
November.
24,507
27,736
4,840
4,500
Tor Ham & Buffalo December
470,727
397,654
74,667
67,734
Union Pacific Syst_ December 6.530,082 6,375,066 42,919,206 39,063,650
Virginia & So West_ December
608,650
495,434
79,448
74,730
Wabash
o 4th wk Jan 682,016 687,779 16,142,883 16,248,692
Western Maryland r 4th wk Jan 131,050 142,886 3,618,954 3,087,410
WJersey & Seashore December
357,974 305,374 3,441,4011 3,058,900
Wheel & Lake Erie_ 4th wk Jan
91,187 142,160 3,508,758 3,524,158
Wisconsin Central__ November_ 603,030 608,837 3,528,353 3,205,892
WrIghtsv & Tenn__ December
150,020
22,322
144.731
23,616
Yazoo & Miss Valley December 1,031,073 1,001.671 5 110,394 4,632 127
Various Fiscal Years.

Period.

Atlanta & Charlotte air Line_ Mch 1
Bellefonte Central
Jan 1
Delaware do Hudson
Jan 1
1
ManIstique
Jan 1
Mexican Railway
Jan 1
Mexican Southern
Jan
New York Central
Jan 1
Lake Shore & Mich Southern. Jan 1
Lake Erie & Western
Jan 1
Chicago Indiana & Southern. Jan 1
Michigan Central
Jan 1
Cleve Cin Chic & St Louis__ _ Jan 1
Peoria ec Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
Jan 1
Rutland
Jan 1
New York Chicago & St Louts Jan 1
Northern Central
Jan 1
d Penn-East of Pitts & Erie... Jan 1
It West of Pittsburgh & Erie.. Jan 1
Phlia Baltimore & Washington_ Jan 1
Pitts Cin Chic & St Louis
-Jan 1
Rio Grande Junction
Dec 1
Texas do Pacific
Jan 1
Jersey & Seashore
West
Jan 1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

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

Current
Year.

Previous
Year.

30 2,558 430 2,373,239
64,688
57.061)
31
31 20,141,093 17,050,029
59.221
30
91,987
458,200
456,700
21
69,430
72.321
21
31 n98713200 n02089800
31. n45018200 n42544400
31 715,112,400 n5,212,800
30 2744,072 2,098.522
31 n28586400 n26275600
31 n26384300 n24504900
30 2,7711,894 2,700,262
037,801
945,103
30
81 n14832200 14,481,500
31 na 080,200 n2,709,200
31 n10465700 n9,902,200
31 13,351,248 11,746,448
31 164,812,790 148,239,800
31 inc.8,110, 800
31 17,333,349 16,010,010
31 32 201,s19 20,400,584
860,902
734.255
30
31 1,317,942 .1,636,473
31 5,902,058 5,220,458

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries,

Cuent Year Prev's Year Inc. or Dec. %
Monthly Summaries.
Cuent Year Prey's
?!f
1
5
$
5
$
3
3
3d week Nov (44 roads)____ 10,306,500 10,141,691
+164,800 1.62 Month Mch 1007 (118 roads). 180,539,532 164,645,000 +15,894,523 9.65
4th week Nov (45 roads)____ 13,330.340 13
.
488,579
-138,238 0.99 Month April 1907 (118 roads). 188,130,451 154,894,748 +33,235,703 21.95
1st week Dec (46 roads).-386,217 3.90
9.470.519 9,865,736
month May 1007 (121 roads)_ 195,943,305 165 890,345 +30 052 060 18.12
2.1 week Dec (43 roads)._
9,248,495
9,738,810
-400,315 5.03
month June 1007 (121 roads). 18a 125,657 161,235,100 +21.809,548 13.59
ad week Deo (46 roads)____
9,402,074
9,862,173
-460,099 4.67
month July 1007 (116 roads)_ 187,069,700 163 885,258 +23,384.532 14.28
week Dec (44 roads).- 12,616,149 14,424.045 -1,808,796 12.54
4t'i
month Aug 1007 (121 roads). 197,288 033 175,726,323 +21,561,710 12.27
1st week Jan (44 roads)._
7,665,487
8,753,715 -1,088,228 12.43
month Sept 1907 (118 roads). 192 548,022 175.505,030 +17,042.983 0.71
7,959.373 9 204,111 -1,244,738 13.52
21 week Jan (46 roads)..., _
Month Oat 1007 (120 roads). 213,697,727 106,843,678 +16,854,049 8.56
:14 week Jan (43 roads)._
8,220,471
8.911,729
-691,258 7,75
Month Nov 1907 (120 roads). 189,988,564 184,197,391 +5,701.173 3.14
4th week Jan (35 roads)._ 11,534,033 12,500,412 -1,056,379 8.39
Month Dec 1907 (61 roads). 69,070,466 72,163.205 -3,092,730 4.28
a Mexican currency. b Includes earnings 01 Gulf & Chicago Division.
c include' tho Houston Ss Texas Central and Its subsi ilary lines In both
years. a Covers lines directly operated. e Includes the Chicago & Eastern Iillaols
in
ouniTurg of Col. 6: South., Ft. Worth & Denver City and all affiliated lines, exeenting both years. f Includes Evansville & Indiana RR. a InClUdeil
Trinity 4 Brazos Valley RR. k Includes in both rears sarnine.
ar Denver Enid ea Gulf RR.. Pecos Valley System and Santa Fe Prescott
4 Phoenix Rv. n These figures are partly estimated.
1 These figures do not
a Figures here are on the old basis of accounting-not the
in-lude receipts from sale of coal.
new or Inter State Commerce Commission method.
t
figures are on Lilo new basis prescribed by the Inter-State Commerce Commission.




333

T1lit CIETIONIGLE.

FEB. 8 1908.1

-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for• the fourth
week of January. The table covers 35 roads and shows
8.39% decrease in the aggregate over the same week last year.
Fourth week of January.

1908. •

1907.

Increase, Decrease.

49,709
211,590
161,881
Buffalo Rochester & Pittsburgh_
72,500
90,900
163,400
Canadian Northern
1,396,000 1,292,000 104,000
Canadian Pacific
36,002
346,800
310,800
Central of Georgia
20,427
239,672
210,245
Chicago Great Western •
24,721
140,782
116,061
Chicago Indianap & Louisville_
1,402
42,438
41,036
Chicago Terminal Transfer_ --37,878
326,200
364,078
Colorado & Southern
92,600
551,000
458,400
Denver & Rio Grande
12,920
106,691
93,771
Detroit Toledo & Ironton
Grand Trunk of Canada
126,360
999,917
873,557
Grand Trunk Western
Detroit Or Hay & Milw_ - - Canada Atlantic
116,000
311,000
195,000
International & Great Nortehrn
3,732
205,202
208,934
Interoccanlc of Mexico
14,021
98,569
84,548
Iowa Central
189,481
1,121,585 1,311,066
Louisville & Nashville
46,730
255,493
208,763
Mexican International
5,175
14,619
19,794
Mineral Range
17,401
107,441
90,040
Minneapolis & St Louis
44,848
145,846
190,694
Minn St Paul &S SM
78,000
Missouri Pacific Fe Iron Mtn_ - - - 1,324,000 1,402,000
4,000
48,000
44,000
Central Branch
73,453
383,260
309,807
Mobile & Ohio
1,674
458,163
450,837
National RR of Mexico
1,099
27,311
28,410
Hidalgo & Northeastern
3,114
4,008
7.,122
Nevada-California-Oregon
58,487
296,686
238,199
St Louis Southwestern
224,810
1,320,171 1,544,081
Southern Railway
75,617
615,785
540,168
Texas & Pacific
9,312
40,167
49,479
Toledo Peoria Fe Western
5,763
687,779
682,016
Wabash
11,836
142,886
131,050
Western Maryland
50,973
142,160
91,187
Wheeling & Lake Erie
-.11,534,033 12,590,412 283,332 1,339,711
Total (35 roads)
1,056,379
Net decrease (8.39%)

-Gross Earregs- -Net EarningsPrevious
Previous . Current
Current
Year.
Year.
Year.
Year.
*
*
Roads.
2 10,995,572 3,318,779 4,043,677
Dec11,073,40
Southern Pacific_a
69.104,356 62,129,314 20,084,265 24,355,011
July 1 to Dec 31
764,922 c1,228,963
Southern Railway:a_ --Dec 4,192,348 c4,886,017"
July 1 to Dec 31_ -29,349,802c28,316,305 6,232,990 C?,104,563
c308,443
178,683
c913,427
Dec 800,398
Mobile & Ohlo-a
5,391,942 c5,069,790 1,450,263 c1,567,647
July 1 to Dec 31
141,922
192,369
666,868
Cinc New On & T P_a_Dec 591,146
804,845
925,951
4,401,267 4,192,838
July 1 to Dec 31
65,692
37,474
340,221
Ala Great Southern_a_Dec 285,177
384,943
339,539
2,017,761 1,957,698
joiv 1 to Dee 31
38,731
169,301
_ _Dec
iGeo. Southern & Fla _
170,844
1,069,055
July 1 to Dec 31
102,349
47,007
374,333
298,739
Toledo & Ohio Central_,, Dec
868,786
743,740
2,524,406 2,517,516
July 1 to Dec 31
p117,186
p89,731
361,523
312,853
Tol St L & Western_a___ Dec
p589,425
2,200,222 2,138,117 p713,862
July 1 to Dec 31
Dec 6,530,082 c3,375,066 2,634,985 c2,894,197
Union Paclfic_a
c39,063,650 17,645,450 r19,072,690
42,919,296
July 1 to Dec 31
49,970
59,015
210,692
Dec 248,058
Victor Fuel Co_ b
278,604
333,182
1,415,527 1,193,173
July 1 to Dec 31
535,414
484,305
2,138,645
Dec 2,008,227
Wabash b
14,143,188 14,140,732 4,446,144 4,436,065
July 1 to Dec 31
33,411 def93,889
305,374
357,974
West Jersey & Sea Sh_b_Dec
5,902,058 5.229,458 1,381,916 1,273,016
to Dec 31
Jan 1
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
C Figures revised for previous year so as to accord with the new classification of earnings and expenses now required by the Inter-State Commerce
Commission.
e No crmparative figures are given, owing to new classification ordered
by Inter-State Commerce Commssion. For November taxes were $94,300,
and for period from July 1 to Nov. 30 were $565,800.
1906,
p For December additional Income was $6,542, against $11,660 in
$18,684
and for period from July 1 to Dec. 31 was $11,626 in 1907, against
in 1906.
x These figures are on the basis of accounting required by the Inter-State
Commerce Commission.

-The following roads, in
Interest Charges and Surplus.
addition to their gross and net earnings given in the foregoing,
For the month of January the returns of 35 roads show also report charges for interest, &c., with the surplus above
as follows:
or deficit below these charges.

Gross earnings (35 roads)

1907.
_

1908.

Month of January.

Decrease.

$
$
34,815,531137,810,578 2,995,047

%
8.19

It will be seen that there is a loss on the roads reporting
in the amount of $2,995,047, or 8.19%.
-The table folNet Earnings Monthly to Latest Dates.
lowing slapNvs the gross and net earnings of SNE101 railroads
reported this week. A_ full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this hind will be found in the issue of Jan. 25 1907. The
next will appear in the issue of Feb. 22.
--Gross Earnings-- -NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.

3

$

$

5

Roads.
208,504
172,422
634,516
Dec 611,596
Buff Roch & Pitts_ b_ _ _.
5,014,665 4,253,096 1,934,100 1,668,559
July 1 to Dec 31
Central New England- b
120,490
155,222
665,865
558,854
Oct 1 to Dec 31
180,402
199,673
1,146,591 1,015,934
July 1 to Dec 31
148,017
2,273,936 1,896,789 def421,862
Jan 1 to Dec 31
735,082
572,795
Dec 2,142,139 2,051,651
Chesap & Ohio- b
14,976,097 12,583,399 5,248,474 4,720,553
July 1 to Dec 31
823
911
4,075
3,935
Chesterf & Lancaster_ b_Dec
9,134
8,541
22,513
32,007
July 1 to Dec 31
1,631,149
xChicagoMilw &St Paul b Dec 4,567,747
12,034,534
31,338,632
July 1 to Dec 31
40,045
148,430
Chicago Term Transfer_ _Nov
c45,092
20,177
c206,931
Colorado Midland_a_ _ __Dec 190,744
c370,750
280,137
1,297,211 c1,298,215
July 1 to Dec 31
c406,953
511,300
& Southern_ b_Dec 1,389,618 c1,187,452
Colorado
7,842,593 c6,742,223 2,822,518 c2,331,634
July 1 to Dec 31
def 604
4,517
27.038
29,465
Col Newb & Lau.a._ _Dec
26,000
24.103
153,677
157,435
July 1 to Dec 31
c551,295
572,652
_ __Dec 1,760,527 c1,769,753
Denver & Rio
11,924,021c10,714,569 3,936,229 c3,824,046
Gr_aJuly 1 to Dec 31
c78,716
37,660
c248,326
Dec 211,212
Dul So Sh & Atl_ b
c576,502
453,214
1,731,048 c1,655,772
1 to Dec 31
July
63,453
27,505
206,968
163,593
Gulf & Ship Island_a_ _ --Dec
312,716
276,438
1,192,663 1,181,274
July 1 to Dec 31
X29,344
def9,532
180,262
& Mich_a_ __Dec 142,839
Kanawha
280,421
100,875
1,188,807 1,169,258
July 1 to Dec 31
38,986
41,833
82,513
87,356
Keystone Tele0 Co_a--Dec
215,560
247,302
480,556
524,836
July 1 to Dec 31
737,828
Dec 2,745,930
Lehigh Valley_e
7,288,212
19,485,904
July 1 to Dec 31
14,746
9,130
38,038
37,084
Dec
Lex & Eastern- b
112,547
103,297
276,027
298,095
Dec 31
July 1 to
202
16,643
79,864
64,188
Dec
Louisiana & Ark-a
184,047
176,676
587,498
609,483
July 1 to Dec 31
379,484 c1,370,872
Nashville_b___Dec 3,358,314 c4,053,262
Louisv &
24,561,225c23,745,348 6,059,038 c7,785,937
July 1 to Dec 31
8,323
c13,551
c60,669
61,500
Dec
Mineral Range-b
c121,171
84,988
420,740
c392,567
July I to Dec 31
511,869
350,330
920,498
1,1Inn St P & S S Nf_ b_ _ __Dec 1,081,117
6,773,878 6,800,536 2,828,256 3,374,003
July 1 to Dec 31
166,440
212,952
975,025
Nash Chat & St Louis_ b-Dec 847,716
6,777,369 5,688,911 1,245,389 1,205,509
July I to Dec 31
855,376
599,776
__Dec 2,243,571 2,443,109
Norfolk & Western_ b_
17,019,023 15,085,680 5,903,311 5,617,371
July 1 to Dec 31
186,998
192,398
Dec 993,240 1,001,040
Northern Central- b
13,351,248 11,746,448 2,781,437 2,768,237
Jan 1 to Dec 31
Pennsylvania-Lines directly operated.
3,952,079
East of Pitts & Erie_ Dec11,911,317 13,025,617 2,894,179 46,434,281
Jan 1 to Dec 31____164,812,790 148239,890 45,205,481
Dec 709,600
Dec 1,374,800
West of Pitts & Erie_ _ Dec
Inc. 1,221,200
Inc. 8,110,800
Jan 1 to Dec 31
377,150
353,450
& Wash. -Dec 1,360,703 1,401,803
Phila Bait
17,333,349 16,019,049 4,077,421 4,619,321
Jan 1 to Dec 31
293,006
134,003
956,440
780,388
St Louis Southwestern_a Dec
[5,427,121-.5,218,9581[1,419,634E1,602,415
.t •Julyal to Dec,i31




-Int., Rentals. etc.- -Bal. of Net E'ngs.Previous
Current
Previous
Cu rrent
Year.
Year.
Year.
Year.
•
5
Roads.
Central New England
x75,244
x37,095
59,065
137,710
Oct 1 to Dec 31
z91,074
115,381 zdef9,523
245,746
July 1 to Dec 31
228,189xdef748,166 zdef28,141
397,433
Jan 1 to Dec 31
11,506
33,586 de111,127
31,304
Dec
Colorado Midland
145,193
51,083
225,557
229,054
July 1 to Dec 31
c209,952
c271,329
190,562
Colorado & Southern_ _Dec 209,444
1,224,020 1,086,348 c1,487,817 c1,172,812
July 1 to Dec 31
d255,927
d255,090
304,891
325,348
& Rio Grande_ _ _Dec
Denver
1,940,364 1,778.705 d2,119,352 d2,198,820
July 1 to Dec 31
x2,808
82,224 zdef59,337
103,741
Duluth So Sh & Atlantic Dec
x69,033
545.227 zdef96.619
600.034
July 1 to Dec 31
x9,124
20,729 zdef5,709
22,932
Dec
Kanawha & Mich
x150,805
x79,524
132,691
131,015
July 1 to Dec 31
1,610
def6,622
12,061
14,945
Dec
Mineral Range
50,243
12,289
73,021
75,622
July 1 to Dec 31
63,460
13,147
149,492
153,293
Nashv Chatt & St Louls_Dec
308,585
323,305
896.924
922,084
July 1 to Dec 31
452,503
158,049
402,873
Dec 441,727
& Western
Norfolk
2,606,120 2,272,129 3,297,191 3,345,242
July 1 to Dec 31
x166,216
z36,799
151,679
169,613
St Louis Southwestern_ _ Dec
x884,567
x758,087
902,170
994.622
July 1 to Dec 31
x63,636
z19,382
39,478
41,864
Toledo & Ohio Central _Dec
x651,628
221,487 z607,640
248,196
July 1 to Dec 31
x40,751
x47,132
17,381
19,552
Dec
Victor Fuel Co
x216,640
x259,884
111,411
119,258
July 1 to Dec 31
c After allowing for miscellaneous charges and credits to income.
and
d These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus
to the credit of the Renewal Fund.
placed
x After allowing for other income received.

STREET RAILWAYS AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.

Week or
Month.

aAmerican Rys Co_ _ December
cAur Elgin & Chic By December
November_
Binghamton Ry
BIrm By Lt & Power December
Brockton 6: Ply St By November_
Cape Breton Elec Co.. November_
Central Penn Trac_ _ December
Chad Con By Gas&El November_
Chicago & Milw Flee_ November_
dChicago & Oak Park January _ _
Cleve Painesv Fe East December _
Cleve Southw & Col_ _ October _
Columbus Electric Co November_
f Detroit United By.. 4th wk Jan
4th wk Jan
Duluth Street By_
East St Louis Fe Sub_ December
November_
El Paso Electric
Ft Wayne & Wabash
Valley Traction_ _ _ December
November_
Galv-Hous Elec Co
Havana Electric Ry_ Wk Feb 2
Honolulu Rapid Tran
December
& Land Co
Houghton Co St Ry_. November_
Illinois Traction Co_ _ November_
Jackson Consol Trac_ October _ _
Jacksonville Elec Co_ November_
ns City Rv & L1ght December
Lake Shore Electric_ _ December
Lex & Inter Rys Co_ _ November_
Met West Side Elev_ _ January __
Milw Elec Ry & Lt Co December
Milw Lt Ht & Trac Co December
Wk Feb 1
Montreal Street By
Nashville By & Light December
&HR Ry&FyCo December _
NJ
North Ohio Trac & Lt December
North Texas Trac Co_ November_
Norf & Portsm Tr Co November_
No Westchester Lt Co November_

Current Previous
Year.
Year.
231,561
109,596
23,452
200,568
8,085
23,384
59,528
62,550
87,982
68,270
2o,904
65,792
32,373
150,641
20,360
180,575
46,431

234,798,
100,547
21,63
189,22
7,214
22,861
58,456
56,774
81,14
72,77
20,15:
56,49
26,60
146,66
18,50
178.44(
35,67

116,186 101,37
89,740 82.90
34,370 33,49
32,755
19,816
335,889
11,608
31,171
512,668
68,476
43.034
219,424
334,392
59,498
59,066
139,606
33,236
147,862
83.568
202,006
11,656

31,59
18,54
267,29
11,02
33,46
499.63
68.67
40,14
232,75
326,06
56,37
60,58
132,54
29,32
141,709
67,48
145,950
10.452

Jan. 1 to latest date.
Current
Year.

Previous
Year.

2,939,299 2,742,086
1,415,729 1,243 717
275,372
259,322
2,214,635 1,929,150
104,829
111,996
234,721
225,260
680,286
739,619
593,240
653,021
803,591
972,711
72,771
68,270
271,100
296,318
539,133
634,683
456,553
479,300
58,874
64,355
2,157,443 1,952,187
350,079
455,900
1,283,780 1,092,806

364,548
230,175
3,427,210
135,324
359,149
6,030,894
938,161
516,355
219,424
3,823,382
826,130
287,545
1,568,411
482,057
1,909,060

349,916
209,269
2,710,943
124,025
294,584
5,491,420
866,970
481,579
232,755
3,523,438
702,222
273,628
1,379,246
429,721
1,703,340

2,437,819 1,563.855
101,486

•

334

THE CHRONICLE.
Latest Gross Earnings.

Name of
Road.

Week or
Month.

Jan. 1 to latest date.

Current Previous
Year.
Year.

Northwestern Elev_ _ January __ 155,607
Oklahoma City Ry.. Deem bPr
18,190
Peekskill Light & RR November_
14,724
Pensacola Electric Cs November_
18,279
Portland By Lt&P
November_ 347,598
Rio de Janeiro Tram
Light & Power_ _ _ _ December
563,101
Rockford ec Interurb December
42,2(14
St Joseph (3,4,o) By Lt
Heat & Power Co_ _ December
74,172
Sao Paulo Tr Lt & P. Novernber_ 182,794
Savannah Electric Cc November_
51,120
Schuylkill By Co_ _ _ _ Deoember
17,093
Seattle Electric Co.._ _ November_ 3543111
South Side Elevated.. January _ _ 174,695
12,574
Sou Wisconsin Ry Co December _
110,666
Syracuse Rap Tr Ry_ December
45,736
Tampa Electric Co__ November_
59,339
Toronto Railway_ _ _ _ Week Feb 1
Twin City Rapid Tran 3d wk Jan 106,487
United RR of San Fr_ November_ 8449,732
United Rye of St L_ - December_ 870,002
10.398
West Chester (Pa) By October __
33,342
Whatcom Co By & Lt November_

Current
Year.

Previous
Year.

137,379
155,607
137,379
16,101
256,060
176.005
12,236
154,947
133,109
15,196
304,878 3.707,294 3,184,852
41,389

6,259,535
591,395

510,032

75,147
870,286
834,439
164,000 1,897,338 1,797,929
45,049
548,831
562,558
207,035
284.706
143,237
174,695
143,237
12,133
153,848
130,241
104,762 1,259,601 1,096,465
48,791
57,342
279,677
265,239
100,072
315,578
304,884
546,160
875.126 10,828,737 10,287,889
7,124
133,571
73,812
27,2(19
321.272
251.562

a Figures for the month in both years Include operations of the Scranton
Ry.. acquired Jan. 1 1906. c These figures ate for consolidated company.
d These are results for main line. f No earnings for Detroit Jackson &
Chicago By. for Jan. 1907 included in these figures. h Decrease due to
strike and boycott.

-The following table gives
Street Railway Net Earnings.
the returns of STREET railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Feb. 1 1907. The
next will appear in the issue of Feb. 29 1908.

[VOL. Lxxxvi.

TRAFFIC AND TRANSPORTATION OPERATIONS
-ALL LINES.
1906-07.
1904-05.
1905-06.
Average miles of road operated_
9,400.59
9,137.85
9,191.56
Passenger traffic
Passengers carried, Including ferry
-suburban
42,477,531
20,797,457
33,018,825
Passengers carried 1 mile
.1,595,093,277 1,307,411,783 1,203,473,849
Av. miles carired-all passengers
37.55
43.41
42.32
Aver received from each paeger
other than ferry-suburban__
$1.84
Aver. per pnssenger per mile
other than ferry-suburban__
2.287 cts.
$1.83$1. s
2.243ct 3
9.
2.183 cts.
Receipts per mile of main track (c) $3,993.19
33,519,94
$3,206.92
Receipts per rev, train mile(a)(c)
31.81
31.71
$1.65
Aver. No. passengers per train
-other than ferry-suburban
67
66
65
Freight traffic
Tons carried, incl. co's freight-30,810,518
27,589,004
24,464,827
_8,011,974,064 7,236,786,873 6,561,349,589
Tons carried 1 mile
Tons per mile of road-all freight(c) 849,420
784,590
718,041
Aver. miles hauled-all freight..
260.04
262.31
268.20
Average received from each ton
-commercial freight
$2.97
Aver. per ton per mile-com.fet
1 c90
. .
1 .025$2e.t8s5.
1.105 2 ts
1.052 cts.
Receipts per revenue train mile
-commercial freight (b) (c)..$3.54
$2.01
Ton miles per rev, train mile-all
fr't (ay. tons per train) (b) (c)
370.80
38%3..0279
341.32
Ton miles per traffic mile all fr't
(average tons per train)(c)- fr't(c)78
324..71
19
323.97
290.13
Av. tons per loaded car-all t(c)
19.78
18.96
a Based on revenue passenger and all mixed train miles, but excluding
locomotives, light and helping. 1) Based on revenue freight and all mixed
train miles, but excluding locomotives, light and helping; the methods
prescribed by the Inter-State Commerce Commission of the United States.
c Based on rail lines only (excluding second track).
EARNINGS AND EXPENSES.
1905-06.
1906-07.
1904-05.
1003-04.
Receipts$
Pass. and extra baggage 33,636,377 29,224,510 26,412,631 25,201,488
Mall and express
3,615,455
9,914,864
3,972,081
3,636,501
Freight
76,357,765 63,908,981 57,759,312 56,602,651
Car mileage
143,543
213,459
148,370
135,614
All other sources
2274,436
1,472,691
1,803,919
1,334,252
t
Total rail lines.
117,331,812 09,123,550 89,403,632 86,910,506
Water lines_
7,279,541
5,819,119
6,213,140
5,796,423
Southern Pac. Term.Co.
292,407
331,445
205,859
226,301

Total
124,942,708 105,632,549
Operating Expenses-Gross Earnings- -NetEarnings
- Malnt.
way and struct'es 16,031,877 16,310,683
Previous
Current
Current
Previous
Maint. of equipment
15,017,100 14,286,111
Year.
Year.
Year.
Year.
Conduct'g transportation 39,238,102 29.683,882
General expenses
2,463,094
3,344,205
76,680
83,081
26,025
31,135
Total rail lines
.. 73,631,374 62,752,770
192,704
385,259
166,229
89,166 Water lines
5,296,817
6,513,623
367,951
336,489
145,825
138,021 Southern Pac. Term.Co.
71,306
75,803

Roads.
Auburn & Syracuse_ lb
Oct 1 to Dec 31
July 1 to Dec 31
Jan 1 to Dec 31
Cohoes Railway Co
19,218
Oct 1 to Dec 31
102,300
Dallas Electric Corp_ _ _ _Nov
Duluth St By Co_ b
73,092
Dec
846,084
Jan 1 to Dec 31
116,186
Ft Wayne & Wab Vail....Dec
1,283,780
Jan 1 to Dec 31
HonoluluRT &LandCo b_Dec
32,755
364,548
Jan 1 to Dec 31
Kansas City Western_a173,813
July 1 to Dec 31
68,476
Lake Shore Electric_a_ _Dec
938,161
Jan 1 to Dec 31
Milw Elec By & Lt Cob Dec 334,392
3,823,382
Jan 1 to Dec 31
59,498
Milw Lt Ht & Tract_ b__Dec
826,130
Jan 1 to Dec 31
Poughkeepsie City & Wapp Falls- b
Oct 1 to Dec 31
31,318
135,452
Puget Sound Elect By.._Nov
Rio deJanciroTrLt&PCo Dec 563,101
Jan 1 to Dec 31
6,259,535

18,269
82,081
66,590
768,874
101,379
1,092,806
31,593
349,916

2,670
35,303
27,800
408,693
53,653
537,744
14,850
163,266

5,162
15,931
24,969
350,054
43,482
432,346
14,461
147,997

130,381
66,675
866,970
326,065
3,523,438
56,379
702,222

67,737
25,542
416,602
158,236
1,848,661
28,999
466,689

56,323
27,223
390,712
168,123
1,788,851
31,344
424,806

25,992
97,318

9,586
43,536
231,793
2,194,923

a Net earnings here given are after deducting taxes.
is Net earnings here given are before deducting taxes.

Previous
Year.
3

Roads.
Auburn & Syracuse
Oct 1 to Dec 31
21,574
18,283
July 1 to Dec 31
96,056
47,580
Jan 1 to Dec 31
96,027
79,617
Cohoes Railway Co
Oct 1 to Dec 31
1,500
1,775
Dallas Electric Corp_ _ _ _Nov
23,823
19,072
Duluth Street By Co_ _ _ _Dec
22,043
16,727
301,735
Jan 1 to Dec 31
261,802
Honolulu R T & LandCo_Dec
6,249
74,133
Jan 1 to Dec 31
63,090
25,348
Lake Shore Electric_ _ _ _Dec
22,679
294,073
254,198
Jan 1 to Dec 31
Milw Elect By & Lt Co.._Dec
102,140
96,873
1,184,604 1,073,514
Jan 1 to Dec 31
Milw Lt Ht & Tract Co_ _Dec
36,232
28,417
324,715
July 1 to Dec 31
415,918
Polighkeepste City & Wapp Falls
Oct 1 to Dec 31
5,949
6,786
Puget Sound Elect By.._Nov
28,443
36,413

Current
Year.

Previous
Year.

z5,606
z71,819
z52,311

z13,514
z42,791
z60,370

x1,252
11,480
5.757
106,958
z9,119
z98,944
199
122,529
x64,438
x747,340
xdef6,721
x51,918

x3,453
def3,141
- 8,242
88,162
z90,232
4,544
130,514
x80,191
x771,127
x2,995
x100,917

x3,256
7,123

x1,544
def8,003

x After allowing for other Income received.

ANNUAL REPORTS.
Southern Pacific Company.
(Report for the Fiscal Year ending June 30 1907.)
The report at length, including comparative balance sheet
for two years and other interesting data, will be found on
subsequent pages of to-day's "Chronicle." A review of the
results for the year is also given, in our editorial columns.
Below are the statistics of operations for three years, and
also in condensed form comparative income account for
four years:




92,933,230

13,731,801
12,989,732
29,691,601
2,116,881

12,315,562
12,050,081
32,006,932
1,913,566

58,530,015
5,059,750
74,470

58,280,141
4,818,149
75,303

Total
80,220,800
P.c. of exp. to earnings_
(64.21)
Taxes rail & waterlines.. 2,896,501

68,120,893
(64.49)
2,464,295

63,664,235
(66.65)
2,309,201

63,170,593
(67.98)
2,352,754

Net earnings
*Other Income

35,047,361
3,324,671

29,541,722
2,625,424

27,400,883
2,589,763

41,825,497
4,957,606

Total net income
46.783,103
* DeductionsInt. rentals and s. fund_t17,185,512
Land dept. & South. Pac.
Co. exp. and taxes...._
685,774
Bett'm'ts and additions_
603,972
Reserve for depreciation
of rolling stock
600,251
Principal of advances to
San Ant. & Ar. Pass.
By. under guar.of bds

38,372,032

32,167,146

20,990,646

17,820,247

18,422,546

19,053,368

629,414
236,931

620,185
151,447

692,358
113,593

483,703

540,995

601,139

651,705
---------. Total
19,084,500 19,179,385 19,735,173 21,112,163
dividends 27,608,594 19,192,647 12,431,973
8,878,483
4,311 Balance for
Divs. on pref. stock, 7% 2.769,879
2,769,879
2,769,431
20,440 Divs. on corn. stock_(5 3i)10,387,086(2 MI4,946,231
Divs, on stocks of prop.
co's held by public_
48
15
San Fr. fire loss Apr.'06
125,507
300,907
y135,955
Surveys, &c
7,488
y56,778

Interest Charges and Surplus.
-lilt., Rentals, &e.- -Bat. of Net E'ngs.Current
Year.

95,515,158

14,408,585 11,118,837
0,526,587
Balance, surplus
8,878,483
* For details for year 1906-07 see report on subsequent pages. y Cost of
surveys written off.
-V.86, p. 286, 109.

South Side Elevated Railroad, Chicago.
(Report for Fiscal 'Year ending Dec. 31 1907.)
At the annual meeting last week President C. W. Weston
said in substance:
General Results.-DurIng the year 1907 the gross earnings from passenger
traffic incteased 17.47%. This Increase Is attributable partly tothe normal
increase of the population served and partly to the opening of five new stations on the Englewood extension and to opening to traffic the new Kenwood branch, on which there are seven stations.
The increase in net earnings was 9.3%. The lower rate of increase in
net earnings is due to a normal increase in the operating expenses, and
to some extraordinary expenses which were made for the improvement
of the structure and operating conditions.
The extraordinary expenses Included In maintenance of way and
structures were : Remodeling old Congress St. station and tracks,
18,075; improvements to the structure at 55th St. Boulevard crossing and
between 12th St. and Harrison St., $6,381.
Earnings-New Branches.
-The effect due to the opening of the new
branch lines and to the operation of express trains on the central track
has been gratifying. During January 1007 the average daily traffic was
92,411 passengers. The patronage Increased steadily until October,
when the high-mark was reached, with a daily average for that month of
126,670 passengets. The sudden depression in general business which
occurred In the latter part of October caused the traffic to decline (luring
November and December. There are indications now that the low point
has been reached, and that we are beginning to recover the business lost
during the last two months of 1007. Rapid progress Is now being made
toward the completion of the Stock Yards branch. You may feel assured
that the line to the Stock Yards will be opened to traffic on or before May 1
1908. It Is expected that the business of the company will be augmented
as soon 1tS the operation of trains over the Stock Yards branch Is begun.
Maintenance.
-During the year 1,389 cross-tics and 411 timber-guard
rails were replaced. Steel rails on 7,702 feet of single straight track and
on 2,227 feet of single curved track were renewed. This completed the
work of renewing the running rails on the two old main tracks between
39th and 12th streets.
The storage battery at 61st St. was rebuilt and fifteen new cells added.
The steel structure between 12th and Congress streets was thoroughly
overhauled and stiffened at expansion points by the addition of steel
channels riveted to the columns and cross girders. 123 cars went into the
shops for general repairs.
111
New Construction. ,-All new construction work authorized by the city
ordinance of March 16 1003 has been completed, except the line tolithe
Stock Yards, which is being constructed by the Chicago junction RR rco.
and the Union Avenue Yard on the Stock Yards branch, which Is being built
by the South Side Elevated RR. Co. The whole construction will be finished within the amount of the bond Issue. A large tract of land south of
63d St. between Calumet and Prairie avenues was purchasedlon which there
have been created car storagelfacilities adequatelfor many years:tolcome.

11

14

FEB. $ iviSd

When the Stock Yards line is completed and in operation, the system will
represent 36 X miles of single-track railroad, exclusive of yards and sidings,
capable of handling a traffic enormously greater than the capacity of the
loop terminal in the down-town district. The present traffic during the
rush hours overtaxes the present terminal facilities in the business centre,
and one of the most important problems confronting the elevated properties of Chicago at this time is the improvement of this terminal so that
Its capacity will approximate the ultimate capacity of the main lines.
RESULT'S FOR CALENDAR YEARS.
1905.
1906.
1907.
40,438,620 34,424,270 32,950,752
Passengers carried
$2,021,931 $1,721,214 $1,647,988
Passenger earnings
65,360
67,761
83,262
Other sources

1904.
30,488,424
$1,523,421
51,408

$2.105,193
Total gross
Operating expenses$114,081
Maint.of way,ecc168,670
Maint. of equipment _ _
677,482
Conduct'g transportat'n
205.900
General exp. and taxes_
293,613
Loop rental and expenses

$1,788,975

$1,713,348

$1,574,829

$77,984
144.318
534,946
191,658
258,363

$72,175
141,078
437,934
165,520
236,256

$64,947
129,035
415,478
153,411
207,104

$1,459,746
Total
(60.3)
Per cent op. exp. to earn.
$645,447
Net earnings
$196.875
Deduct bond interest-.
0,064
do rental Chi. Jct. By'
409,187
do dividends (4%)_- _

$1,207,260
(87.5)
$581,706
$33,750

$1,052,963
(61.5)
$660,385
$33,750

409,177

409,165

$30,321

$138,779

$217,470

Balance, surplus-- -

BALANCE SHEET DEC. 31.
1908.
1907.
1907.
$ '
Liabilities$
$
Assets10,323,800
Cost of property_ _12,201,652 12,238,803 Capital stock
8,000,000
Constr'n & exten_ 7,180,420 6,367,592 Funded debt
92,400
92,400 Current liabilities_ 222,160
Cap. stock owned_
126,073
126,314 Depreciation
50,000
Materials, &c..._ _
1,376,485
Reserve
Due from individ17,511
11,490
uais & cos
6,901
5,856
Due from agents
78,947
67,027
Current assets.
261,994
142,396
Cash on hand
6,547
83,136
Cash-cons.drext'n
19,972,445 19,135,014
Total
-V. 80, p. 286.

Total

_ 19,972,445

RESULTS FOR CALENDAR YEARS.
1905.
1906.
1907.
1,775,098
1,984,877
Passengers carried, No _ 2,110,215
11.97 cts.
Earnings per passenger_ 12.46 cts.
$651.05
$720.27
Av. daily Pass. reels-- Earnings
233,3001
259,187
Passenger
245,089
12,685
18,554
_
Express and milk ._
25,115
18.577
Rentals and miscellan's.

1904.
1,647,984

225,751

296,318
157,197

271,100
143,993

245,089
141 270

225,751
136,021

Net earnings
Deduct-Int. on bds.,&c.

139,121
86,552

127,107
83,939

103,819
80,830

89,730
80,250

52,569

43.168

22,989

9,480

BALANCE SHEET' DEC. 31 1907.
$
LiabilitiesAssets13,617 Capital stock
Cash
218,255 Bonds
Current assets
3,245,686 Accident fund _
Investment
20,648 Current liabilities
Stores
394,000 Surplus
Treasury stock
22,425
Willoughbeach Park

$
2,000,000
1,631,000
6,658
125,806
151,167

Total liabilities

3,914,631

3,914,631

Northern Ohio Traction & Light Co.
(Report for Fiscal Year ending Dec. 31 1907.)
President H. A. Everett, under date of Cleveland, Ohio,
Jan. 18 1908, says in substance:
-The total mileage Dec. 31 1907 was 214.53 miles, as compared
Track.
with 204.12 for the year 1906, being an increase of 10.41 miles.
The line from Barberton to Wadsworth,6 miles, was completed and placed
in operation on April 9 1907. This line operates upon right of way owned
in fee, and should eventually extend to Seville, connecting there with the
lines of the Cleveland Southwestern & Columbus Traction Co. An extension was built from West Brookfield to East Greenville, 3 miles. In Akron,
1,800 feet of old tracks on Long St., which were laid with 40 and 50-lb."T"
rails, have been removed and new double tracks laid, with heavy 72-lb. "T'
rails, on large ties placed on slag foundation and paved with brick; also,
on North Howard St. 2,800 feet of track has been relaid in a similar manntr with 80-lb. "T" rails. In Canton about one mile of double track was
laid.
Extensive repairs and renewals have been made on the various divisions
by way of reballasting, placing new ties and the laying of new rails; 15.000
ties have been renewed. The tracks are now in first-class condition. A
new steel bridge was constructed over Still Water Creek.
Additional private right of way has been purchased on the A. B. & C.
Division, between Cuyahoga Falls and Newburg, making about 85% of the
total right of way needed for the purpose of moving the tracks that are at
present on the highway.
-In consideration of our building front West Brookfield to
Franchises.
East Greenville, the City of Masillon granted the company an extension of
Its franchises on all lines operated in said city for 25 years from Jan. 11907.
-The rolling stock and electrical equipMent have all been
Rolling Stock.
maintained in first-class condition. Twenty-six additional cars were placed
In service.
Power Slattons.-In the Beech St. power house, Akron. two additional
300 horse-power Stirling boilers, equipped with automatic stokers, &c.
have been installed, making a total boiler capacity of 3,600 horse-power.
the Cuyahoga Falls power house, the company has installed two additional
250 horse-power Stirling boilers; in the Bedford power house .ftid
power Stirling boiler.
-In Akron 400 new arc lamps, known as the
Lighting Department.
"Magnetite" lamp, were installed for street lighting purposes on Sept. 1
have proved successful. The Increase in gross earnings of the lighting
and
department is very gratifying.
-The company is now operating two parks, including theaters
Parks.
in Akron the Lakeside Park and in Canton Meyers' Lake Park. The total earnings from these parks were $68,161, out of which a net profit of
$22,129 was derived.
Injury and Damages.-Thls account has been monthly credited with 2%
of the gross receipts and the surplus In the account at the present time
amounts to $21,800.
-The customary 2% dividend was paid during the year.
Dividends.
-A new issue of $1,000,000 stock was made during the
Capital Stock.
year, the same being sold pro rata to the stockholders at $20 per share.
-The company now has 535 stockholders of record, an inStockholders.
crease of 76 over the previous year.
Outlook.
-We feel, notwithstanding a falling off in general business, that
both the gross and net earnings of the company for the coming year will
show an increase and that requirements for capital account will be comparatively small.




Total earnings
$1,909,081
Operating Expenses
$95,820
Maintenance of way and structures_ _
155,945
Maintenance of equipment
251.212
Operation power plants
354,092
Conducting transportation
238,686
General and taxes
Total operating expenses
Net earnings
Deduct-Interest on bonds &c
Dividends

$1,703,340

533,970
$1.

$89,502)
132,568I
215,0801
318,603
251,089

$898,830

$1,095,755 $1,006,842
$696,498
$813,306
513,242
483.174
(2%)158,778(1 3)113,527

$898,830
$654,140
471,503

$99,797
$141,286
$182,637
Balance, surplus
CONDENSED BALANCE SHEET DEC. 31.
1906.
1907.
1906.
1907.
Liabilities
Assets• $
10,000,000 10,000,000
Cost of road & eq_20,210,086 18,873,592 Capital stock
409,149 Stock in treasury_ 1,061,100 2.063,600 Bonds
16,428,000 16,430.000
800,000
Collat. trust notes 600.000
Bonds in treasury
$161,955
(not certifted)__ 1,440,000 1,740,000 Canton-Akron pref.
17,900
9,700
stock
Trustee bonds in
treasury
3,800,000 3,800.000 Canton-Akron coin.
2,500
stock
Bds. pledged for
1906.
935,000 Consten acc't, Akcoll. tr. notes_ _ _ 935,000
$
Wads. & West.
Electric Depot Co.,
10,323,800
27,792
Traction Co_
19,432
stock
20,000
7,110,000
1,113
165.000
1,550 Notes payable_ _ _ _
11,000
255,050 Stocks of other cos.
87,378
100,833
Accounts payable_
Nutt, trustee
50,000 J. R.
50.392
49,049
40,360 Int.acerd, not due
(coal lands)
40,479
1,396,164
22.686
25.285
Tax.acced,not due
Cash on hand and
20,911 Injury and damin transit
7,264
26.421
21,800
age fund
2.000
Notes receivable.._
3,056
Sundry acc'ts and
Due from indivls
10,576
12,192
miscellaneous
42,696
119,262
and companies_
62,520 Deprecia'n res've. 100,000
79,121
Material & suppl's
712,413
751.582
Income account
19,135,014 Prepaid & unexp'd
12.622
15,961
accounts, &c___
Certified bonds in
217.000
509,000
treasury
Coll. tr. notes In
170,000
treasury

Total income
Open exp. (Incl. taxes).

Total assets
-V.85,p. 98.

RESULTSFOR CALENDAR YEAR OF THE COMBINED PROPERTIES.
1905.
1907.
1906.
202.62
204.12
Miles operated Dec. 31
214.53
14
Earnings$1,645,864 $1,449,900
Passengers
41,250
Freight, &c
43,299
Light and power
126,249 $1,552,970
137,921
61,419
Parks
68.561
24,522
13,416
Miscellaneous income

$969,975
(61.6)
$604,854
$33,750

Cleveland Painesville &Eastern RE.
(Report for Fiscal Year ending Dec. 31 1907.) .

Balance, surplus

335

THE 011110NIOLE.

28,251,329 2S.001,283
Total
28,251,329 28,001.283
Total
-The floating debt on Dec. 311907, it will be noticed, was $165,000;
Note.
the greater part of which, we are informed, was incurred in the purchase of
-V. 86, p. 230.
new right-of-way between Cleveland and Akron.

,American Light & Traction Company.
(Report for Year Ending Dec. 31 1907.)
President Emerson McMillin, 40 Wall Street, N. Y., says:
The gross earnings for the 12 months increased 8.81% over the previous
year and the net earnings 9.52%. The dividends charged off exceed those
of corresponding 12 months a year ago 5.87%. The surplus increased
13.62%. The net surplus (after carrying to "re-construction reserve" the
sum of $681,000) exceeded that of same period last year by $141,417.
The net earnings for the past 12 months equal $2,426,595; dividends.
$1,242,912; surplus. $1,183,683; "re-construction reserve," account.
$681,000; net surplus for the year, $502,683. The total undivided earnings
to date amount fo $4,354,327, less amount carried to "reserve" account,
$1,361,500, leaves surplus Dec. 31 1907, $2,992,827. The net earnings for
the last 12 months equal 6% on preferred stock and 23.26% on common
stock; deducting from net earnings, 6% on preferred ($854,172) and the
amount carried to "reserve" (3681,000). leaves a balance of net earnings
equivalent to 13.19% on common stock.
RESULTS FOR CALENDAR YEARS.
1904.
1905.
1906.
1907.
Earns,on stk. of sub.cos. $2,236,261 $2,070,508 31,222,785 $1,007,002
144,503
150,835
193,228
226,897
&c__
Misc. earns., int.,
Gross earnings
Expenses

$2,463,158
36,563

$2,263,736
48,000

$1,373,620
37,452

$1,151,504
18,993

$2,426,595 $2,215,736 $1,336,168 $1,132,511
Net earnings
1563,814
$570,822
$853,068
Div. on pref. stock (6%) 1854,172
179,581(230105,318
320,902(3 X)
Div. on com.stock-- --(550388,740(4 X)
$1,242,912
Total dividends
$1,183,683
Balance, surplus
681,000
Reconstruction reserve_

$1,173,970
$1,041,766
680,500

$750,403
$585,765

$669,132
$463,379

$463,379
1585,765
$361,266
3502,683
Net surplus
-The dividends on common stock paid during the calendar year
Note.
1907 were two of 1 5j% each (on Feb. 1 and May 1) and two of 1 %% each
%. The earnings, however, for the
(on Aug. 1 and Nov. 1); total,
several years were charged with dividends as follows;
-May 1907, 131%; Aug. 1907, 13%; Nov. 1907, 1 X %;Feb. 1908,
1907
13%; total, 5 X %.
1906-May 1906, 1%; Aug. 1906. 1 X %; Nov. 1906, 1 X 7o: Feb. 1907
131%; total, 4/%
1905-One-half (91%) of 191% paid May 1905; Aug. 1905, 1%; Nov.
1905, 1%; Feb. 1906, 1%; total, 3!.4 %.
-Nov. 1904, 1 X %;one-half(X %) of 191% paid May 1905; total.
1904
291 %.-Ed.
CONDENSED BALANCE SHEET DEC. 31.
1906.
1907.
1906.
1907.
.
$
Liabilities$
$
AssetsInvestment acet_28,671,756 26,739,735 Preferred stock_ _ _14,236,200 14,236,200
26,156 Corn. stk. In trees_ 8,239,300 8,239,300
Tempor'y Invest't_ 220,5821
Corn. stk. outst'g_ 6,760.700 6,760.700
6,1281
do int.&divs.rec_
xl Coll. tr. 6% notes_ 1,260.267
xl
Treasury stock__ _
18.904
do int. acced_
Undiv. profits sub500,000
sidiary comp's._ 3.388,408 2,385.332 Bills payable
Bills rec. sub. cos_ 2,047,812 1.575,537 Undivided earri'gs 2,992.827 2,490,144
680,500
Certif. of indebt_ 1,890,777 1.708,183 Reconstruc. res've 1.361,500
314,953
298,052
227,500 Dividends acerci
Man'g'rs stk. con_ 222.500
Deposits on man.
35,451
Int. paid in adv__
7,062
621,779
12,022
494,456 stock contracts_
Cash
8,502
63,560 Taxes.&c., in adv..
4,026
95,505
Accounts recely'le_
I
Total liabilities_35.200.699 33,220,460
Total assets_ .._ _35,200,609 33,220,460
-V.85, p. 1083.
x $8,239.300 of the company's common capital stock.

General Chemical Co.
(Report for the Fiscal Year ending Dec. 31 1907.)
William H. Nichols, Chairman of the Board, says:
Attention is invited to the new form of balance sheet, which has been
adopted for the purpose of greater clearness, particularly as to the relation
of quick assets to quick liabilities. A balance sheet In the old form is also
submitted to facilitate comparison with previous statements.
While the profits for the last 6 months are ample to justify a dividend
of 2% upon the common stock at this time, the immediate outlook for
business is so uncertain that the directors have deemed it the part of conservative judgment to recognize present conditions and declare a dividend
of 1% only, with the expectation that these conditions are not permanent
and that the comtnon stock dividend will be paid quarterly hereafter.

336

THE CHRONICLE.

This dividend will be paid March 2 to common stockholders of record
Feb. 21 1908.
There was charged off plant and Investment accounts during the year
$320,171. There has been expended on new construction $375,647 and on
repairs add reconstruction charged to expense $568,368.
1905.
1907.
1906
1904.
Surplus previous year__ $3,029,593 $2,787,180 $2,045,105 $1,616,056
1,662,410
Net profits for the year_ 1,400,895
1,365,789
1,314,748
Total
$4,430,488
DeductPref. dividend (6%)
$660,000
Common dividend (4%)
296,412
Charged off plant acct
320,171

$4,152,969

$3,707,605

$2,930,804

$645,000
296,412
181,963

5600,000

$600,000

320,425

285,609

Total
51,276,583
Bal. to sur acct. Dec. 31 3,153,905
Exp.on new cons., &c.__
375,647
Exp. on repairs Sz reconsten cng'd to exp. acct' 568,368

$1,123,375
3,029,594
642,023

5920,425
2,787,180
668,747

$$85,609
2,045,195
329,607

522.038

420 488

353,970

BALANCE SHEET DEC. 31.
1906. 1
1907.
1907.
1906.
AssetsI Liabilities5
$
$
$
Mfg.invest.at cost 14,320,656 14.263,4S51Preferred stcok _ _11,000,000 11,000,000
Invest. in 0th. cos_ 2,971,290 2,804,430 Common stock_ ..•.. 7,410,300 7,410,300
Merchandise
560,413
2,179,734 1,671,9781Accounts payable_ 972,023
Acc'ts receivable
165,000
2,580,298 2,633,4221Div. pay. Jan. 2_ _
165,000
Cash
676,9981Res've for are Ins_ 329,902
572.866
331,567
Insur. & miscell _ _ 406,286
446,5601Surplus
3,153,905 3,029,594
I
Total
23,031,130 22,490,874
23,031,130 22,496,8741 Total
'CONSOLIDATED GENERAL BALANCE SHEET (INCLUDING SEIB1907.
COMPANIES) DEC. 31
Assets
--

Manufacturing investment at, cost--less annual* deductions
for depreciation and mortgages ($95,300) not due on properties purchased
$17,398,280
Investments In corporations partially Gwned by General Ch. Co.
472,600
Miscellaneous investments. 71,552
Total permanent investments
$17,942,432
$2,696,634
Mdse on hand, at factory cost
QuIckiActIve customers' accts. and bills receivable- - 1,428,482
assets Miscellaneous assets
47,208
631,729 4,804,053
leash
Reserved fund for fire Insurance-Cash and securities at mar329,992
ket values
$23,076,387
Total
LiabilitiesPref. stock ($11,000,000), common stock ($7,410,300)
$18,410,300
$567,280
Quick I Sundry accounts payable but not due
liab'l- }Loans
V12,028 1,182,280
ties )Dividend payable Jan. 2 1908
329,902
Funded reserve for fire Insurance as above
3,153,905
Surplus
Total

$23,076,387

* These deductions, together with the cost of repairs and replacement
charged to expense account from the time of the formation of the company
(1899) to the present date, amount In the aggregate to $5,381,792.-V.85,
p. 1464.

American Can Co.
(Report for Year ending Dec. 311907.)
President W. T. Graham says in substance:
While the earnings for the year are the largest ever made, they are not
as much as the business promised prior to the financial troubles of last fall
and the partial paralysis of business that followed. Sales in November and
December fell off heavily as computed with previous months of thc year
and the same months in former years, and a heavy loss was occasioned by
depreciation In Inventory value of materials. Before determining net
earnings, $3,246,828, as stated, $395,659 was written down from cost en
tin plates, metals, other materials and products, and questionable accounts
aggregating $113,926 were charged to profit and lass, so that Inventory and
receivables as stated are as clean assets as rigid scrutiny can make them.
There has been expended during the year In the completion of new factories at New Orleans, Savannah and New Castle, re-building those destroyed by fire at San Francisco and St. Paul, and In enlarging the capacity
of others, $956,927, but due to the sale of unused properties for $128,910,
and a liberal write-off for depreciation, investment In fixed property,
namely, plants, real estate, and new construction and Improvements, has
only increased by $147,930-a small sum as compared with Increase In
manufacturing facilities and the advantage of distribution from 3 new locations.
After paying dividends for the year and for extensions as stated, $552,477
has been added to working capital from profits. The products of your
company are widely distributed, and of a character that do not enjoy
extraordinary activity In boom periods or suffer the reverse In times of
depression, and notwithstanding the fact that your sales for November and
December fell off, and were not up to normal In January 1908, due to the
financial situation, there Is evIdencent Improvement, and It is reasonable
to look for a fair business In 1908 without regard to the prospects In other
lines of manufacture.
1906.
1907.
1905.
1904-05.
Year,
Year.
9 mos.
Year.
$2,534,367
Earnings__ _
$3,246,828
$2,524,136
$3,096,918
Deduct$184,327
Depree.,&c.
$501,135
$212,719
$200,000
Pats. purch.
33,300
236,619
Fire losses_ Pref. dIvs_ (5%)2,061,665 (5%)2,061,665 (3%)l,546,249 (5%)2,061,665
$51,756
$765,168
$590,728
BALANCE SHEET DECEMBER 31.
1907.
1906. 1
1907.
Assets
1 Liabilities
Plants, real estate
!Common stock_ _ _41.233,300
patents, &c_ _ _ _73,965,162 74,568,559'Preferred stock.. _41,233,300
Construe. &Imp'ts 5,096,459 4,345,132 IBIlls and accounts
Other Inv. items__ 1,523,519 1,493,070 1 payable
637,773
Cash
967,193 1,001,618'Dividend accrued.. 515,916
Accts. & bills rec
2,122,207 1,924,100'Contingent funds_
130,128
Mdse. Inventory_ 4,764,872 5,315,811 I Surplus
4,689,495
Bal., sur

Total
88,439,412 88,648,290 1
-V.85. 13. 656
.

Total

$835,253
1906.
41,233,300
91,233,300
1,597,506
515,416
4,098,768

88,439,412 88,648,290

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING STREET ROADS.
Boston & Maine RR.
-New Directors.
-Thomas P. Beals,
President of the Second National Bank, and S. N. Aldrich,
President of the State National Bank, both of Boston, have
been elected directors to succeed Lewis Cass Ledyard and
-V.86, P. 228, 51.
Charles M. Pratt, who resigned.
Brooklyn Rapid Transit Co.-Statistical Chart Showing
Make-up of System.-A chart of the system has been prepared
by the statistical department of Kountze Bros., bankers, 120
Broadway, showing at a glance the make-dp of the system,




•

together with the mileage, capitalization and charges of the
company and its subsidiaries, even such obscure corporations as the Transit Development Co. and the American Rail-V. 86, p. 107.
way Traffic Co. being noted.
Buffalo Rochester & Pittsburgh Ry.-Bonds Offered.
Wm. A Read & Co., New York, &c., are offering at 1013/9
and interest $500,000 of the 432% consolidated mortgage
gold bonds dated May 1 1907 and due May 1 1957, of which
$3,000,000 are outstanding, "exempt from taxation in New
York and Pennsylvania." Compare V. 85, p. 39.-V. 85,
p. 1461.
Canadian Northern Ry.-Status.-The "Railroad Gazette"
cf New York for Jan. 31 cites at considerable length an address by Third Vice-President D. B. Hanna regarding the
growth and present status of this enterprise and the territory
which it serves.
-V. 85, p. 1517.
-For
-Report.
Capital Traction Co., Washington, D. C.
calendar year:
Calendar
Year.
1007
1906
1905

Gross
Net
Other
Earnings. (over taxes). Inc.
$1,764,345 $860,864 $22,163
1,708,463
907,149
18,591
1,636,327
873,110
20,332

Interest
Charge.
$91,500
43,200
42,262

Balance,
Dies,
(6%)
Surp.
$720,000 $71,527
720,000 162,540
720,000 131,180

Death of President.-President George T. Dunlop died on
Wednesday of this week. V. 84, p. 1365.
Chicago Great Western Ry.-Default on Notes-Noteholders' Committee.
-Interest due Feb. 1 on the $2,499,697 5%
.gold notes dated 1904 and due Aug. 1 1909 remains unpaid
(compare V. 79, p. 902). There are $8,511,818 5-year 5%
notes outstanding, due from 1908 to 1912, both inclusive,
to protect which the following committee has been formed:
Otto T. Bannard, New York, Chairman; Sydney C. Borg and
Winthrop Burr.
Deposits of the n^tes of the various series may be made with the New
York Trust Co., 26 Bread St., as trustee, on or before March 2. Wm. H.
Brown, care Simon Bow & Co., 20 Nassau St., N. Y. City, Is Secretary
to the committee, and copies of the agreement of dep-slt may be obtained
from hint or from Parkinson & Burr 53 State St., Boston. Wallach &
Cook are Counsel to the committee. See advertisement on another page.

Committee for Debent. Stock.
-A committee consisting of
William A. Read, Chairman, Edwin M. Bulkley, George P. Butler,
Frederick H. Ecker and Frederick W. Whitrldge, with F. g. Movvle, Secretary, 25 Nassau St., New York, and Jenne, Larkin & Rathbone, Counsel,

in view of the appointment of receivers and the issuance by
the finance committee of a circular dated Jan. 9 (compare
V. 86, p. 228, 107), recommending the creation of first lien
50-year bonds, to be secured by mortgage upon properties
of the railway company,including rolling stock and terminals
in cities, urges all holders of 4% debenture stock (total issued
$28,127,089) ta deposit their holdings with the Bankers'
Trust Co., 7 Wall St. New York, under the terms of a protective agreement dated Feb. 1 1908.
The committee Is empowered to prepare a plan of reorganization and
if. after 30 days' notice, holders of 40% of the certificates of deposit for
debenture stock do not dissent, the plan will be binding on all
deopsltors. The compensation of the committee is ILnited to 50 cents for
each 5100 of debenture -stock deposited. See advertisement on another
page.
-V. 86, p. 228, 167.

-Appointed Sustitute
Chicago & Milwaukee Electric RR.
Receiver.
-Judge Grosscup has appointed H. A. Haugan as
oo-receiver in place of A. C. Frost, who withdrew.
Outstanding Securities.
-The Chicago "Economist" says:
There are now outstanding $15,000,000 of 5% bonds and an authorized
Issue of $2,000,000 of 6% notes (compare V. 85, p. 020). The Western
Trust & Savings Bank, trustee under the note Issue, states that only
$100,000 of the notes were Issued and about $170,000 of the Wisconsin
Division bonds are held as collateral for these notes. One of the receivers
states that only about one third of the 510,000,000 Wisconsin Division
bonds have been sold to investors the remainder being held as collateral for
loans.
•

Earnings, &c.
-Charles G. Dawes, President of the Central
Trust Co. of Illinois, on Jan. 29 put out a statement in which
he alleges on the authority of public accountants, who, it is
said, made a somewhat hasty examination, that the freight
earnings as heretofore published have included charges against
the Republic Construction Co. for hauling materials and supplies for use in building the Milwaukee Division, $267,793
out of freight earnings amounting to $313,759 for the eleven
months ending Nov. 30 1907, it is alleged, being so derived;
also that the passenger earnings have been improperly shown.
Compare "Chicago Evening Post" of Jan. 29, or 'Chicago
Economist" of Feb. 1. D. B. Hanna, Third Vice-President
of the Canadian Northern Ry., says:

The statement was made upon the results of a three days' Investigation
of transactions covering years, and under conditions which could not show
a complete analysis of the situation. The Canadian Interests of'$3,000,000,
which I represent, do not doubt Mr. Frost's absolute honesty. The bondholders must complete the road as projected, and as the representative of
the largest concentered Interest I favor retaining Mr. Frost as operating
manager under the receivership.
We Canadians have had the property thoroughly Inspected, and we are
satisfied that it Is one of the best propositions of the kind In existence.
There Is no better construction extant. There remain eight miles of road
to complete Into Milwaukee, and a recent Inspection showed that 60%
of that construction Is done. T see no reason why traffic between Chicago
and Milwaukee should nut be a reality by June 1 at the latest.
-V. 86, p.
284.

Chicago & Oak Park Elevated Ry.-Report.-For calendar
years:
Gross.
- 7 84. p. 095.892:789
19v.
0
588 356
6
1906

Other Inc.
Net.
5385$3,772
361:249
384

Charges.
$429,334
425,072

Deficit.
$63,045
40,156

Chicago Rock Island & Pacific Ry.-.4pplication to List.
The New York Stock Exchange has been requested to list
$10,698,000 additional "first and refunding mortgage" 4%
bonds, due 1634, making the total listed $72,290,000. Compare bond statement in President Winehell's letter of Jan.
20,1908,in V. 86, p.228.

THE CHRONICLE.

FEB. 8 1908.]

Cincinnati Flemingsburg & Southeastern Ry.-A press
despatch dated Jan. 20 states that the company has settled
all of the damage suits brought as the result.of an accident
from the falling of a trestle between Flemingsburg and
Hillsboro on May 10 last, in which one or more persons were
killed and a number injured, and also the foreclosure suit
brought by the Columbia Finance & Trust Co. of Louisville,
trustee.
-V. 81, P. 507.
Cincinnati Hamilton & Dayton Ry.-Note Issue Ratified.
The stockholders yesterday approved the proposition to
2
issue $14,286,000 53/-year 4% purchase money notes, per
plan V. 86, p. 108.
-Report.
Cleveland Painesville & Ashtabula Electric RR.
For calendar years:
1907
1006
-V. 82, p. 1379.

Gross
Earnings.
5122,363
103,002

Int.on bonds Bal.,
Net
Earnings. &c. accrued. Def.
$48,612
$5,461
$43,151
43,676
1,737
41,939

-New Management-Protective ComCuba Eastern RR.
mittee.
-The embarrassment of the underwriters occasioned
by the failure of the Knickerbocker Trust Co. of New York
has led to the organization on Boston of the following protective committee:
Curtis G. Metzler, Chairman; George R. Leghorn, Secretary and Treasurer; Dudley S. Blakeley, Edgar L. Van Etten and Mortimer Smith.
Depositary, Old C.lony Trust Co., Boston.

Edgar L. Van Etten was recently elected President and
George R. Leghorn, Treasurer, of the Cuba Eastern RR. Co.
and the Cuba Terminals Co.,at the instance, it is understood,
-V. 86, p. 108.
of the aforesaid committee.
-Offered.
-The "Wall Street
Delaware & Hudson Co.
Summary" says:
Private offerings of the new $6,000,000 4% six-months loan which
was taken by the First National Bank and Kuhn, Loeb & Co. are being
made at 99. It Is understood that the Delaware & Hudson secured the
1
money at a cost of 5,4%. Compare V.86, p. 285, 282.

337

Bal.sur.
Dividends.
Year- Gross.
Net.
Other Inc. Charges.
1907_57,073,245 $2,608,201 $60,505 $1,554,248*(234)5343,750 5770,708
(5) 625,000 535,046
1906_ 6,063,183 2,344,561 58,758 1,243,273
1905_ 5,125,563 2,084,040 44,076 1,113,293 (436) 562,500 452,323
1904 _ 4,541,805 1,778,713 42,777 1,075,786
(4) 500,000 245,704
From the balance as above in 1907 was deducted $276,000 for depreciation, against $250,000 In 1906, leaving a surplus for 1907 of 3259,646,
against $285,046 in 1906.
*During 1007 3s% dividends were paid (V. 85, p. 105), but 1% of
same ($125,000) is Included in the dividends charged against the 1906
earnings.

New Directors-Sale of Bonds Authorized.
-Charles M.
Swift of Detroit and J. H. Wilson of Montreal have been
elected directors, the latter succeeding H. L. Holt of that
city. The stockholders on Feb. 4 authorized the sale of
8750,000 of the $1,500,000 first consolidated mortgage bonds
held in the treausry.-V. 85, p. 1005.
Dry Dock East Broadway & Battery RR., New York.
Receivership.
-See Third Avenue RR. below.
-V.67, p. 952.
Forty-Second St., Manhattanville & St. Nicholas Ave.
Ry., New York.
-Receivership.
-See Third Avenue RR.
Velow.-V. 82, p. 333.
Georgia Railway & Electric Co., Atlanta.
-New Officer.
W. H. Glenn has been elected Vice-President, Secretary and
Manager of the railway department to succeed his brother,
Thomas K. Glenn, who resigned to become President of the
Atlanta Steel Hoop Co.
-V. 85, p. 345.
-Rumored New Securities.
Illinois Central RR.
-It was
currently reported this week that the company is contemplating the issue of new securities to finance its requirements,
possibly in the form of equipment trust bonds, $30,000,000
being the rumored amount. During the past few years large
sums have been expended in the construction of branch lines
and equipment for which no securities have been issued.
V. 86, p. 285.
Indianapolis Huntington Columbia City & Nol western
(Electric) Ry.-Sold.-The assets of this partly-built road
were sold at receiver's sale at Warsaw, Ind. on Feb. 1 to
Melvin A. Peoples of Chicago for a sum stated as $6,500.V. 85, p. 1339.
Lake Tahoe Railway St Transportation Oo.-New President.
-W. S. Bliss has been elected President, with office at
San Francisco, Cal., succeeding D. L. Bliss, deceased.
V. 84, p. 158.-Earnings.
----For the half-year
Louisville & Nashville RR.
ending Dec. 31:

-N. T. Gurnesey
Des Moines Union Ry.-New Director.
has been elected a director to succeed C. Huttenlocher.
-V. 75, p. 342.
Detroit Toledo & Ironton Ry.-Default-Receivers Appointed.
-This company defaulted Feb. 1 on the interest then
due on the consolidated mortgage 432% bonds dated 1905
and due Aug. 1 1980. In view of this occurrence the
United States Circuit Court at Detroit appointed Vice-President George K. Lowell and General Counsel Benjamin S.
Warren as receivers of the property. On Feb. 5 Thomas D.
Rhodes, formerly receiver of the Detroit Southern, was also
Balance.
6 mos.Gross.
Net.
Other Inc. Charges.
made a receiver. On Feb. 4 the temporary receivers of the 1907
$24,561,225 $5,401,405 $652,865 54,251,827 $1,802,443
3,560,357
4,237,371
7,164,441
633,287
23,745,348
Knickerbocker Trust Co. obtained an attachment for $200,- 1906
Dividends of 3% call for $1,800,000 semi-annually, leaving
000, representing a 6-months' loan due last November.
The directors issued the following:
a balance of $2,443 in 1907, against $1,760,357 in 1906.
Salaries Reduced.
-The company has reduced all salaries
The failure of the c3mpany t3 pay the coupons on its mortgage can be
directly attributed to adverse railroad legislation, particularly to such as In of $400 and over monthly 10%, and those of more than $250
effect prohibits any railroad from having an interest, directly or indirectly,
In any cal property in excess of a production equal to its c,wn requirements. and less than $400 monthly, 8%.
At the time of the organization of the company its prosperity was believed
Labor Section Erdmann Law Declared Unconstitutional.
to be assured by the development of coal lands In northern Kentucky.
Because of these conditions matured plans which would have brought See editorial last week's "Chronicle," p. 253.-V. 86, p. 285.
abandoned and the ordinary business
about such a development had to be
Macon &iBirmingham RR.
-Receivership.
-At Atlanta,
coming to a railroad alone had to be depended upon for its growth and
prosperity. Business depression has now cut into the earnings, which Ga., on Feb. 3, Judge W. D. Ellis appointed S. F. Parrott,
otherwise were sufficient to meet all fixed charges. The interests of all
the Georgia Southern & Florida RR., persecurity holders and persons interested In the company are best served Vice-President of
manent receiver for the road, on petition made by the Old
by appointment of tecelvers.
A director informs us that it is thought the interest due Colony Trust Co. of Boston, trustee under the $500,000
March 1 on the Ohio South. Div. firsts and June 1 on the mortgage made in 1896, the interest on which due Jan. 1 is
generals will be paid from earnings, either at maturity or in default. No coupons have ever been paid on these bonds.
within the limit of grace allowed by the mortgages. See -V.78, p. 584; V. 82, p. 628.
annual report in V. 85, p. 1335.
Manila Ry.-Construction.-See Philippine Ry. below.
Committee.
-The following committee has been organized -V.83, p. 1470.
the consolidated bonds and by
to represent the holders of
-The
Maryland Electric Railways.
-Listed in Baltimore.
advertisement on another page requests deposits of these Baltimore Stock Exchange has listed the $1,200,000 capital
Central Trust Co. of New York.
securities with th,e
stock (par of shares $50) of this subsidiary of the United
Russell Harding, Chairman; Robert M. Gallaway, James Jourdan, F. J.
Lisman and C. W. Watson, Committee; Henry V. Poor, Secretary, 54 Wall Railways & Electric Co. A statement furnished to the ExSt., New York; Joline, Larkin & Rathbone, Counsel,
change shows ftir years ending June 30: Gross in 1906-07,
On June 30 1907 $9,356,400 consolidated mortgage 43s $182,845, net $65,324; gross in 1905-06, $192,476, net $71,had been issued, but only $2,776,400 had been sold. Of the 406.-V. 85, p. 1576.
remaining $6,580,000, $5,000,000 had been pledged as part
-Default.
-As exMetropolitan Street Ry., New York.
security for the $5,500,000 5% notes issued in connection pected the interest due Feb. 1 on the $12,500,000 general
Ann Arbor RR., and a further collateral trust mortgage bonds was defaulted.
with the purchase of the
amount, presumably, is pledged for floating debt. A mem-On
Electric Cars Replace Horse Cars on First Ave. Line.
ber of the Harding committee states that the $5,000,000 of Feb. 5 ,electric cars operated by underground trolley were
deposited as part security for the notes placed in,operation on the First Ave. line from the eastern
0
consolidated 437
were issued contrary to the reorganization plan, and that end of the Willis Ave. bridge over the Harlem River at 125th
their lien will be contested in the courts.
St., down First Ave. to 59th St., through that street and
Committee to Protect 5% Collateral Trust Notes.-Notice is along Sixth Ave. to 4th St. The horse cars continue to run
another page that the following from 59th St.'south along First Ave.
given by advertisement on
committee, representing a majority of the notes, will act for
-Alexander J. Hemphill, Donald Mackay and.
Committee.
the protection of the interests of the noteholders, and holders Edward H. Ladd Jr., having consented to serve as a comdeposit them with the New York mittee to protect the interests of the holders of the general
of notes are invited to
Trust Co., 26 Broad St., New York, as depositary:
mortgage collateral trust 5% gold bonds due 1997, request
Joseph Ramsey Jr.. New York City, Chairman; Hugh H. Harrison. that information as to the amount of holdings of these bonds
New York City, Allen T. West, St. Louis, Mo., Leopold Kleybolte, Cincinnati, 0., Newman Erb, New York City; with Walter L. Worrall, Secretary, be sent to the Guaranty Trust Co. of New 'York, 28 Nassau
30 Broad St., New York, and Curtis, Mallet-Prevost & Colt, Counsel.
-V. 86, p. 108, 52.
St.
The notes are secured by the following collateral:
-EarnMetropolitan West Side Elevated RR., Chicago.
Ann Arbor RR preferred stock ----------------------------53,102,400 ings.
-For calendar years:
------------ --- 2,190,000
,
common stock__
- --do
do
Detroit Toledo & Ironton cons, lidated mortgage 4%% bonds__ 5,000,000
Compare V. 80, p 2457, 2620; V 81, p 155 -V.85, p. 1335.

0th.
First
Balance.
Net
Gross
Cal.
Dividends. Surp.
Charges.
Year. Earnings. Earnings. Inc
1907 _ _52,878,587 51,435,089 $6,819 $1,050,123 (23(%)$105,927 5195,858
984,038
379,270
1006 __ 2,637,902 1,347,543 16,665
-V.86,9. 108.

Detroit (Mich.) United Ry.-Report.-For Calendar years
the combined results of the Detroit United Ry., Rapid
-Payment of the
Missouri Pacific Ry.-Payment of Notes.
Railway System, Sandwich Windsor & Amherstburg Ry,
and the Detroit Monroe & Toledo Short Line (the latter since two-year collateral notes maturing Feb.10 will be made upon
presentation at the Equitable Trust Co., New York, or
March 11906) were:




338

THE CHRONICLE.

Kidder, Peabody & Co., Boston. Tailer & Co. announce
that they will exchange the maturing notes for the two-year
collateral 6% convertible notes due 1910 at 99 and interest.
-V. 86, P. 286.
Montreal Street Ry.-New Securities Authorized.
-The
shareholders on Feb. 1 authorized the proposed issue of
$1,000,000 new stock at 125; also the issue of £460,000
4% 14-year debentures, these last having been sold in
London. Compare V. 86, p. 168.
-Official Statement.
New Orleans Railway & Light Co.
Assistant City Attorney Villere, under date of Jan. 10, wrote
a letter asserting among other things that the company has
a floating debt of $1,777,438,owes the city and will eventually
be forced to pay on account of paving an amount estimated
at $1,500,000, and needs to expend at least $2,500,000 in
repairing roadbed, cars, &c.
On Jan. 18 the directors in reply sent to the "New Orleans
Picayune" (see issue of Jan. 19) a letter saying in part:
The audit for 1906 showed that the company had a surplus for that year
applicable to dividends of $798,000, and $500,000 was paid In dividends.
The growth of the city of New Orleans In the past two years has been'
enormous. The books of the company show the following charges since
July 1905 in excess of a reasonable expenditure upon the tracks and cars
of the company:
Expenditures for Improvements and Additions (Compare V. 86, p. 168) &c.,
since July 1905.
Power stations
$2,620,071 Electric department
$201,076
Betterments
123,671
620,578! Municipal construction__ _
Equipment
353,485 Real estate
52,093
Gas department_
286,7241Miscellaneous additions _ _
39,064
Total additions and betterments
Stocks and bonds of conaituent companies

$4,297,662
214,395

Total expenditures on capital account
$4,512,057
The power plant, which has been the main drain, is now completed
(V. 86, p. 168),and It can be reasonably assured that no further expenditure
will be required on that line prior to Jan. 1910, unless the growth of the
city should be phenomenal, but the company needs new cars and the
expenditure of money upon its tracks and street work in order to place
the property in first-class condition.
Had it not been for the financial crisis, this new capital would have been
obtained. The company authorized an issue of $5,000,000 of 6% coupon
notes, to be sold from time to time as needed, and had only required and
sold $1,266,000 when the financial crisis made it impracticable readily to
dispose of securities. (V. 84, p. 996.) With the restoration of confidence
and easier money conditions,the company expects to obtain the new capital
called for by its increasing business.
The present floating debt is mainly secured by Its 43-6% bonds, and causes
no uneasiness. The total bonded debt of the company, represented by Its
4i-% bonds, Including the $12,625,000 underlying bonds, amounts to
630,000,000, and the property could not be replaced for less than the
amount of the bonds.
It should be appreciated that the people of New Orleans are being furnished with gas, electric light and power and street car transportation
entirely at the expense of the stockholders, since no dividends are being
paid (V.85, p. 1519,654) and none will be paid until satisfactory conditions
are restored. The money paid by the people for these services is being
applied to the cost of operation and the improvement and betterment of
the property to enable the service to be furnished satisfactorily.
• The amount of the surplus for 1907 will be accurately determined shortly
by the audit of Haskins & Sells, but It will approximate $750,000. (Compare V. 82, p. 1502; V. 84, p. 868).-V. 86, p. 168.

New York City Ry.-Petition Dismissed.
-Judge Lacombe
in the United States Circuit Court in this city on Monday
dismissed as premature the petition of the receivers appointed
last November by the State courts for an order directing the
Federal receivers to turn over the property of the New York
City Ry. and Metropolitan Street railway companies.
The Court says the situation that would be presented if the State should
succeed In one of the actions in which the receivers were appointed by the
State courts might be quite different from that if they succeeded in the
other or In both, and it would therefore be unwise toconsider at present
The dismissal is without prejudice to a
the underlying questions Involved
renewal at the proper time, the various papers to remain on file for that
purpose.
-V. 86, p. 286, 169.

Norfolk & Southern Ry.-Offering of 3-Year 6% Collateral
Trust Notes.
-J. F. Pierson Jr. & Co., 66 Broadway, New
York, are offering for sale by advertisement on another page
this company's issue of $2,750,000 3-year 6% collateral trust
gold notes, dated Nov. 1 1907 and due Nov. 1 1910, but
subject to call at 1021 and interest on any interest date at
60 days' notice. Interest payable May 1 and Nov. 1 at
office of Manhattan Trust Co., New York, trustee. Denomination $1,000 c*. The company covenants that during
the life of these notes a sufficient number of "first and refunding" mortgage 5% bonds will be reserved to retire said notes.
A circular says in part:
Collateral Deposited with Trustee as security for These Notes.
Pledged. Total Issue
N.&S.RR.Co. gen. mtge.5% gold bonds,1954_ _
$2,040,000 $2,865,000
N.&S.Ry.Co. equip. m. 5% gold bonds, 1908-1917 1,200,000
1,200,000
N.&S.Ry.Co. 1st & ref. m.57 gold bonds, 1956_ _ _ _ 1,000,000 15,000,000
0
Description of Collateral.
-The first general mortgage bonds, $2,865,000
outstanding, are a direct mortgage lien on all the lines formerly of the
Norfolk & Southern RR. Co., about 223 miles, subject in respect to 197
miles to the prior lien of $1,655,000 first mortgage 5% bonds due May 1
1941. Including prior liens, they are thus secured by main track at the
rate of less than $20,270 per mile.
The $1,200,000 equipment bonds are a direct obligation of the railway
company, secured by new standard rolling stock and equipment, costing
over $1,500,000.
The "first and refunding mortgage" 5% gold bonds are a first lien on 238:
miles of main line, second lien on 28 miles, and a third lien on 248 miles,
being thus secured by main track at the rate of $39,570 per mile. In
addition, they are a lien on the lease of the Atlantic & North Carolina RR.,
95 miles, and by deposit with the trustee of the entire capital stock of the
John L. Roper Lumber Co., and of $10,000,000 first mortgage sinking fund
bonds of that company, they cover lumber properties comprising over
600,000 acres of timber lands owned in fee and about 200,000 aeres of
timber rights, with standing timber, together withmodern manufacturing
plants (cost, $2,000,000), having a present annual capacity of 125,000 000
feet. The assets of the lumber company as of July 1 1907 were valued at
$15,500,000.
Various extensions have been built, so that the railway company's lines
now form a connected system of 610 miles between Beaufort and Goldsboro,
New Bern and Washington, Raleigh and Washington, Washington and
Mackey's Ferry, Edenton and Norfolk, with ample terminals in each of
these cities. The entire system is now in operation, with the exception of
branch lines aggregating 32 miles, and with the exception of the trestle
across Albemarle Sound at Mackey's Ferry.
A syndicate was organized In March 1906 by Edward Sweet & Co., and
provided $16,000,000, all of which has been paid, and about $6,000,000
thereof used for the development of the properties, including additionaf
construction.r.The further sum of about:$2,750,0.0 was required to com-




[VOL. hxxxvi.

plete the project and to furnish working capital, and the above-offered issue
of notes was made La* this purpose. (Compare V.85,p.1519.)-V. 86.1).53
.

Chicago & North Western Ry.-Statement for Calendar Year
1907.
-See editorial on a preceding page.
-V.85, p. 1143.
Ohio Electric Ry.-Merger.-The "Cincinnati Tribune" of
Feb. 6 says:
Merger of the Cincinnati Northern Traction Co. into the Ohio Electric
Railway Co. the operating corporation of the Schoepf Ohio Interurban
Traction roads, will go Into effect to-day. With the merger completed,
the Schoepf Interests will control 700 miles of Interurban traction roads.
-V. 85, p. 1144.

Ottawa (Canada) Electric Ry.-Report.-For calendar
years:
Gross
Net
Int. on
Divs.
Contin- Balance,
Earns.
Earns. Bonds, &c. (12%). gent Acc't.
Sari)*
1907
$574,278 $212,535 $31,626 $119,484 $26,000 $35,425
1006
525,747
207,129
26,443
119,400
30,286
31,000
Stock outstanding, $098,200; par $100. Stockholders in November
last subscribed for $250,000 new stock at par, to be paid for within the next
-V.79, p. 2589.
few months.

Pacific Gas & Electric Co.
-New Mortgage of Controlled Co.
-See California Gas & Electric Co. p. 339.-V.85, p. 1004.
Passenger Fares.
-234-Cent Rate in North Carolina.
-The
North Carolina Legislature, at special session on Feb. 1,
passed the 2%-cent fare bill. Compare V. 86, p. 109.
Texas.
-The following reductions have been made in Texas:
The Missouri Kansas & Texas, beginning Feb. 18, will inaugurate a 2-cent
per mile charge in 1,000-mile books, being the first road in Texas to introduce a straight 2-cent fare in mileage books.
The Rock Island and Colorado Southern lines have also received the
approval of the State Commission to their 2-cent Interchangeable mileage
book, which can be used on the Trinity & Brazos Valley In Texas, the latter
road having, however, the right to clip the mileage at the rate of 2 yi cents
per mile. Compare V. 86, p. 169.-V. 86, p. 230, 169.

Peoria Railway Terminal Co.
-New President.
-W. T.
Irwin has been elected President to succeed.T. A. Grier, who
was made Vice-President. Headquarters, Peoria,
84, p. 451.
Philippine Ry.-Construction.-The "Railway Age" of
Chicago for Jan. 31 contains an illustrated article regarding
the construction which is being done by this company on the
islands of Panay, Negros and Cebu (see map on page 119 of
"Railway & Industrial" section), and by the Manila RR. Co.
(controlled by Manila Ry., Ltd.) on the island of Luzon
(V. 83, p. 1470).-V. 85, p. 865.
Southern Indiana Ry.-Interest Paid.
-The interest due
Feb. 1 on the $7,528,000 first mortgage 4% bonds was paid
promptly at the Central Trust Co., New York.
-V. 85, p.
1268.
South Side Elevated RR.
-Report.
-See "Annual Reports"
on a preceding page.
New Officers.-Charles V. Weston has been elected President, also a director and General Manager, succeeding the
late Marcellus Hopkins, and Wallace Heckman has succeeded
Wm. B. Walker as a director.
-V. 86, p. 286, 109.
Stephenville North & South Texas RR.
-Bonds.
-The
Texas Railroad Commission has sanctioned the issuing of
$190,000 of the $200,000 additional bonds which the company desired to issue. The first $322,500 bonds were approved by the Commission last October. See V. 85, p. 1083,
1006.
Susquehanna & New York RR.
-New President.
-P. M.
Newman has been elected President, with office at Williamsport, Pa., to succeed the late Charles Sumner Horton.
W. R. Campbell has been appointed assistant to the President, with office at New York.
-V.85, p. 1578.
Third Avenue RR.
-Receivership for Controlled Properties.
-In New York City on Feb. 1 Judge Lacombe in the United
States Circuit Court appointed Frederick W. Whitridge,
already receiver of the Third Avenue RR., receiver for the
42d St. Manhattanville & St. Nicholas Ave. Ry. Co. and
the Dry Dock East Broadway & Battery RR. Co:
The receivership applications were made by tho Barber Asphalt Paving
Co. with a claim oof $20,349 against the first-named defendant, and by the
American Hay Co. with a claim of $6,546 against the Dry Dock Co.
It is alleged that the 42d Street Co. has outstanding, issued to the trustee
of the mortgage of the Third Avenue system, notes amounting to $6,491,967,
and has not the cash to meet the Interest on Its $1,200,000 outstanding first
mortgage bonds, due March 1.
The Dry Dock Co. defaulted Feb. 1 on its $1,100,000 outstanding 5%
debenture certificates and its floating debt includes notes foe $1,822,963
held by the trustees of the Third Avenue mortgage bonds and other notes
for $136,239.-V. 86, p. 230, 170.

Toronto Ry.-Report.-For the calendar year:

Gross.
•
Year.
Net.
Charges. Paving. Divs.(5%). Balance.
1907 ___$3,511,198 $1,617,960 $640,808 $80,994 $473,387 $422,771
1906--- 3,109,740
1,463,224
566,163
355,854
80,966
460,241
From the balance as above there was deducted for contingent account
$125,000 In 1907. against $100,000 In 1906, leaving surplus of $297,771 in
1007, against $255,854 in 1906.-V. 84, p. 1249.

Underground Electric Railways Co. of London.
-Reorganization Committee.
-In connection with the readjustment
which is to be undertaken by Speyer & Co., New York, and'
Speyer Bros., London, the following committee has been
organized in London, composed of holders of securities and
representatives of creditors:
Edwin Waterhouse, J. Spencer Phillips, Chairman of Lloyd's Bank, Ltd.,
R. Pryor, Chairman of the Sun Life Insurance Co.; Thomas Skinner, director of the Canadian Pacific RR. and of the Bank of Montreal; and John
Akroyd, M.P., member of the London Stock Exchange. See V.86, p. 53.

Union Pacific RR.
-Government Suit Begun.
-The suit
referred to last week to dissolve as illegal this company's
control of certain other roads was filed at Salt Lake City on
Feb. 1. Compare V. 86, p. 287, 170.
United Power & Transportation Co.
-Report.
-For three
calendar years:
Gross. Net (over chows). Dividends.
Year
Bal., sur
1907_.-$840.110
$476,000
$197
(13.24%)$475,812
824,021
1906
460,001
(12 80%) 460,000
1
1005..809,719
445,634
12,954
(12.40%) 432,680
Total surplus Dee. 31 1907, $267,286.-V. 84, p. 272.

THE CHRONICLE.

FEB. 8 1908.1

-At the meeting held
-Officers.
York (Pa.) Railways.
Jan. 24 1908 Hon. W. F. Bay Stewart was elected President;
Joseph J. Bowser, Secretary and Treasurer; David Young
Jr., General Manager. Compare V. 85, p. 1463, 1403.
INDUSTRIAL, GAS AND MISCELLANEOUS.
-The following
-Report.
American Sewer Pipe Co. (kf. J.).
earnings for the calendar year 1907 have been published:
Deduct
Earnings
$435,268 Interest on bonds
Gross earnings
•G3n. exp.,taxes & reserve__ 142,510 Dividends (2%%)
Net earnings
-V. 85, p. 1340.

$292,758

Balance, surplus

$86,370
191,114
$15,274

-Payment of Overdue Dividend
American Shipbuilding Co.
on Pref.Stock.-Preferred stockholders of record Jan.4, it is
.
received the deferred quarterly dividend
announced, have
of 1%% declared on Dec. 30 last and usually paid on Jan. 15.
Compare V. 86, p. 54, 231.
-On or about Jan. 27 work was reOperations Resumed.
sumed on new construction, about 80% of the normal force
of 12,000, it was stated, being employed.
-V.86, p. 231, 54.
American Steel Foundries.-Certificates of Deposit on
-The New York Stock Exchange has adUnlisted Sheet.
mitted to quotation in the unlisted department Guaranty
Trust Co. certificates of deposit for $6,089,000 preferred
stock and $4,149,400 common stock which has assented to
the financial plan of Jan. 4 (V. 86, p. 170). The total outstanding share capital on Jan. 1 1908 was $17,184,000 preferred and $15,809,280 common.
-V. 86, p. 170.
Atlanta Steel Hoop Co.
-New President.-See Georgia
Railway & Electric Co. under "Railroads" above.
-V. 85,
p. 406.
-New Director.
Butterick Co., New York.
-W. A. Publow
has been elected a director to succeed Charles W. Morse, who
was formerly a director and Vice-President, but whose
holdings, reported as at one time 10,000 shares, have practically all passed into other hands.
-V.85, p. 1340.
-New Mortgage.
California Gas & Electric Corporation.
The company has made a mortgage to the Union Trust Co.
of San Francisco, as trustee, to secure an issub of $45,000,000
of unifying and refunding 30-year 5% $1,000 gold bonds
dated Nov. 1 1907, subject to call on 60 days' notice as an
entirety only on any interest day (May 1 or Nov. 1) at 110
and int. A syndicate has acquired $9,093,000 of the bonds.
Of the $45,000,000 bonds, $38,282,000, it Is reported, are reserved to
refund underlying bonds, $3,055,000 are to be used to take up the floating
debt and the loalance are applicable for immediate or future improvements
at 85% of the cost thereof.
-V. 85, p. 1004.

Cleveland (0.) Electric Illuminating Co.
-New Bonds
fered.-Spencer Trask & Co., ew York, Albany and
Chicago, are offering for sale i500,000 "first and general
mortgage" 6% gold bonds, the present outstanding amount
of an authorized issue of $2,500,000, dated Jan. 1 1908 and
due May 1 1913, but subject to call at par and interest on
May 1 1910 or any coupon date thereafter. First coupon
$20, payable May 1 1908, being four months' interest, Jan. 1
to May 1 1908. Subsequent coupons payable May 1 and
Nov. 1 at the agency of company in New York. Bankers'
Trust Co., New York City, trustee. A circular says:
The net income for 1907 was equal to about six times the annual interest
upon the $1,700,000 first mortgage 5s and the $500,000 "first and general
mortgage" Os combined. Franchises unlimited, both as to time and also
as to the scope of the business in the electric lighting field. The outstanding
capital stock amounts to $4,700,000 ($3,900,000 common and $800,000 6%
preferred),or more than double the entire bonded debt. Regular dividends
are paid upon both classes of stock. A member of our firm is a director
of the company
Abstract of Letter from Vice-Pres.Samuel Scorn, Cleveland. 0., Jan.25.19C8
Property Covered.
-The mortgage securing these bonds Is a lien upon
the c )mpany's entire property, franchises, &c., as now owned, or hereafter
acquired,subject in part to a mortgage made in 1898. The plant, consisting
of a central generating plant, sub-stations used for distributing purposes,
underground construction, overhead lines, transformers, meters, &c., shows
a cost of $7,637,515. The mortgage of 1898 covers certain specified property costing $3,012,514, so that there remains property wholly unencumbered, costing $4,625,001, upon which the new mortgage is a first lien. The
proceeds of the new bonds issued will be used to retire floating debt and to
provide additional equipment and facilities. For many years past, the
company has secured the larger part of the funds needed to meet its growth
through the issue of common stock, at par, and it is the intent of tile
management to pursue the same policy In the future.
-The operations for the year 1907 showed a net Income over
Earnings.
operating expenses, including taxes and insurance, of $692,338. Under the
mortgage of 1898, $1,050,000 of bonds has been certified by the trustee, but
$250,000 of these bonds are still owned by.the company, leaving $1,700,000
only as drawing interest. It is not anticipated that more than $1,000,000
of the new Os will be Issued during 1908.
Net income for year 1907 after operating expenses, taxes and Insur_$692,;138
Deduct-Interest on $1,700,000 first 5s
$85,000
$1,000,000 of "first and general mortgage" Os
00,000 145,000
•
Balance, surplus on basis of earnings for 1907
$547,33/3
-The company has unlimited franchises in the city of CleveFranchises.
land and eight adjoining towns; the population of these municipalities
being conservatively estimated at 500,000.-V. 85, p. 163. • ,,
q:.r.;:+••';11F.

-Coupons Paid.
-The coupons due
Clyde Steamship 0o.
Feb. 1 from the first sinking fund gold 5s were paid at maturity at the Bowling Green Trust Co., New Ybrk.-V. 85,
p. 1145.
-Receivers.
-Judge PutConsolidated Steamship Lines.
nam in the United States Circuit Court at Portland, Me., on
Feb. 4 appointed receivers as follows:
Consolalated Steamship Lines-As permanent receivers: Gov. William
'I'. Cobb of Maine and General T. H. Hubbard of New York. (General
Hubbard declined to serve,and on Friday JudgeGeorge C. Wing of Auburn
Mc, and Robert J. Herrick of Boston were appointed in his stead as joint
receivers with Governor Cobb.
-As temporary
Eastern Steamship Co. and Metropolitan Steamship Co.
receivers for both companies: Governor William T. Cobb of Maine and
President and General Manager Calvin Austin of Brookline, Mass., with
Metropolitan Company of Abel I. Culver of
the addition In the case of the
New York. These receivers were to investigate the condition of these




339

companies and make a recommendation to the Court before April 1 as to
whether the companies should be dissolved, reorganized or operated for a
further time under receivers.

Compare Eastern and Metropolitan Steamship companies
below. Also see V. 86, p. 288.,i
-Alvin W.Krech, Chairman of the
Statement by Committee.
bondholders' protective committee, yesterday made substantially the following statement:
The committee,as now constituted, represents more than a majority of
the outstanding bonds of Consolidated Steamship Lines, and is making a
full and thorough investigation into the status of all of the subsidiary
companies,and expects shortly to formulate a plan for the reorganization
of the company.
The committee has received the resignation of Governor Cobb as a
member of the committee, as, in view of his appointment as one of the
receivers of the Consolidated Steamship Lines, he could not with propriety
remain a member of the committee. The committee has also received the
resignation of W. H. Granbery, who felt that he could not give the time
necessary for the work of the committee; also the resignation of Albert B.
Boardman, for himself and his firm, as associate counsel of the committee.
To fill the vacancies Henry J. Braker, of H. J. Braker & Bro., and W. H.
Chesebrough, who represent large interests in the bonds of Consolidated
-V.86, p. 288,
Steamship Lines, were elected members of the committee.
283.

-New Officers.
Draper Co.
-At the annual meeting held
in Portland, Me., on „Tan. 28, the number of directors was
increased from eight to ten members with the election of
W. I. Timson, J. G. Cloudman and H. F. Searles, Gen.
William F. Draper having resigned.
-V. 85, p. 43.
-Temporary Receivers.
-See ConEastern Steamship Co.
solidated Steamship Lines.
Earnings, &c.
-The application for receivers, it is reported, shows earnings from Jan. 1 to Sept. 30 1907, $332,488; fixed charges, $137,442; balance, surplus, $195,046.
Balance Sheet Nov. 30 1907.
1 Liabilities ($7,270,884)
Assets ($7,270,884)$1,015,803
Cash
$6,382 Bills payable
3,000,000
95,361 Capital stock
Estimated accts. receivle_
2,750,600
4,786,1411Bonds
Marine equipment
12,909
Investm'ts in other co's__
105,000 Accrued interest
491,572
278,000 Surplus
Treasury bonds
Good-will, franchises, &c_ 2,000,000
The bills payable included with others the following: C. H. Bayley,
$175,000; E. W. Clark, $60,000: Mercantile National Bank, $75,000;
First National Bank of Boston. $75,000. See also V. 86, p. 283. 288.

-The shareholders
-Sale Ratified.
Electric Co. of America.
on Jan. 30 by a vote of 446,000 shares out of a total of
448,652 outstanding finally ratified the proposition to exchange the $4,486,520 stock for $6,281,128 (140%) in the
100-year 5% bonds of the American Gas & Electric Co., per
plan in V. 83, p. 1349, 1473.-V. 84, p. 999.
-Dividend on Common Stock Reduced.
General Chemical Co.
-See "Annual Re-Probably to Be Paid Quarterly Hereafter.
-V.85, p. 1464.
ports" on a preceding page.
-Sale.
-See United
Independent Telephone Securities Co.
-V.85, p. 534,407.
States Independent Telephone Co. below.
-A circular signed
-Bond Issue.
Hudson Navigation Co.
by President Abel I. Culver, announces that the board of
directors has authorized an issue of $4,000,000 6% 30-year
bonds, to take up all of the outstanding obligations and to
provide for the completion of the two new boats for the
Citizens' Line and the "Princeton" of the People's Line.
The shareholders are requested to give their consent in
writing. Compare V. 83, p. 1039; V. 85, p. 1648; V. 86,
p. 112.)
Inland Steel Co., Chicago, Ill.-Description of New Blast
-See 8-page illustrated article in 'Iron Trade
Furnace Plant.
Review" at Cleveland for Jan. 16 1908. The furnace has a
nominal capacity of 400 tons per day. Compare V.84, p.105.
-This Penn-New Stock.
Johnstown (Pa.) Telephone Co.
sylvania corporation has filed a certificate of increase of
capital stock from $400,000 to $600,000.-V. 85, p. 1465.
-Report.
-The results for
Knickerbocker Ice Co., Chicago.
the year ending Dec. 31 were:
YearNet.
Charges. 6% onpref. On common. Bal.. sur.
$499,251
(2%)$79,9d4
$72,435
1907
$167,062
$179,760
11)06
1,015,516
456,291
219,625
179,760
(4%)159,840
1905
391,950
113,702
98,491
179,757
107,685
1904
384,528
97,089
179,754
From surplus in 1906 there was reserved for taxes lost,accounts and
coupon liabilities $52,000. leaving a balance of $404,219 carried to profit
and loss account.

Thomas Interests Fail to Pay Installment Due Feb. 1 for
-E. R. and 0. F. Thomas defaulted
Committee's Holdings.
Fejp. 1 on the first installment, 10%(about $200,000),of the
deferred payments due to the stockholders' committee on
account of the purchase price of some 16,000 shares of
preferred and 6,000 shares of common stock of the Knickerbocker Ice Co. which they contracted to purchase at 95 and
66, respectively, in the interest of the Western Ice Co.
The sum of $50,000 was paid in cash last fall, the remainder being due
10% Feb. 1 and 10% Aug. 1 1908 and thereafter 20% annually from Feb.
1909 to Feb. 1912 (Compare V. 85, p. 725.) The default, it is stated,
does act necessarily invalidate the sale. The stcck is held under a trust
agreement and does not revert to the original owners after the first default.
The stock previously acquired by the Thomases, constituting, It Is asserted.
less than a majority (In Feb. 1907 being spoken of as 31,400 shares,
or $3,140,000) of the entire issue was turned over to the Western Ice
as security for its bonds, of which at least $1,000.000, par value, it is
stated, are pledged to secure Thomas loans (compare V 83, p 1541; V 85,
p 738, 809, 808, 867) -V. 85. p. 662

-At the annual meeting this week F. W.
New Directors.
Upham, E. R. Chapman and John W. Gary were elected
directors to succeed 0. F. Thomas, H. M. Carter and W. H.
Card. Because of his equity in a large block of the shares,
-V.85, p. 1649.
E. R. Thomas is still a director.
-This company
-New Stock.
Lehigh Portland Cement Co.
has increased its capital stock from $7,500,000 to $8,000,000.
Compare V. 84, p. 1117, 163.

340

THE CHRONICLE

[VOL. raxxxvi.

Manufacturers' Light & Heat Co., Pittsburgh.-Earnings. interest an issue of $2,000,000 first mortgage 6% gold bonds,
"an absolute first lien", dated Nov. 1 1907 and due in
-For calendar years:
New Wells ec.c Bond Int. OtherInt. Bal., sur. annual installments from May 1 1910 to 1918, both inclusive.
YearNet.
Gross.
1907 _44,994,803 $3,264,786 $433,292 $498,632 $319,948 $2,012,914 The bonds areguaranteed, principal and interest,by endorse544,789 223,342 1.870,563
1906 ___ 5,167,278 3,687,749 1,049,055
ment by the American Water Works & Guaranty Co. of
1905___ 5,003,2921
1904_ 4,762,989j 6,709,782 1,215,358 1,142,670
4,351,754 Pittsburgh.
No dividends have been paid since Oct. 1906.-V. 85, p.
The Irrigation system comprises over 300 miles of main and lateral canals
for the development of an 180,000-acre tract In Lincoln County, Idaho.
1146.
The company has acquired an undivided interest in the great diversion
built at Milner by
Metropolitan Steamship Co., Boston.
-Temporary Re- dam (compare V. 82, p. the Twin Falls Land & Water Co., Cassia County,
Ida.
632).
-See Consolidated Steamship Lines above.
ceivers.
Union Oil Co., California.
-Earnings.
-For cal. years:
Earnings, &c.
-A statement of . earnings prepared by
Net Earnings.
Dividends.
Bal., sur.
public accountants for the bondholders' committee shows: Year1907_ _ _ _
_ 42,080,772
(abt.)12%)
$877,564
$1,203,208
From Jan. 1 to Sept. 30 1907, net earnings only $38,868; in- 1906
1.029,478
(abt.8%) 561,108
468,369
1,001,397
(6%) 392,556
terest on $2,600,000 bonds and other fixed charges, $98,866; 1905.
608,841
In April 1906 the monthly dividend was Increased fr nn 50c. to 75c.,
balance, deficit, $59,998.
Balance Sheet of Nov. 30 1907.
Assets-($7.536,478)
Liabilities ($7,536,478)
Cash
$2,8581Bilis payable
$1,465,154
Estimated accts. receivle_
8,264 Capital stock
3,000,000
Bills receiv. from allied co's
. Bonds
3,100,000
secured by collateral
60,000'Accrued interest on bonds
12,818
Marine equipment
5,290,351 Surplus (deducted)
41,496
Treasury bonds
75,000
Good-will, franchises, &c_. 2,000,000
Discount on bonds sold__ _
100,000
The bills payable included with others the following' C. M. Englis,
$300,000; National Bank of North America, $265,000; First National Bank,
of Boston, $75,000; outside banks, $120,100; and C. H. Bayley, $175,000.
-V. 86, p. 288.

Montreal Cotton Co.
-New Bonds.
-The shareholders will
vote Feb. 11 on authorizing the directors to issue coupon
bonds or debentures to the amount of $2,000,000 secured
upon the immovable property of the company.
-V.82, p.455.
Nashville (Tenn.) Gas CO.
-Contest for Control.
-Under
date of Jan. 30 a circular has been sent out by
G. A. Puryear, J. S. Cooley, W. D. Talbot, Charles Shinkle, I,. W. Coleman, Thomas E. Matthews, A. W. Stockell and Sam Prichltt, who assert
that they together hold $337,900 of the $1,150,000 outstanding capital stock
(authorized issue, $1,500,000), claiming that the present management and
board of directors rewtsont only 7% of the share capital and that some
of them have larger interests in a competing lighting :.ompan3r. Proxies
for use at the annual meeting are therefore asked In the na.nes of Thomas
E. Matthews,.0. A. Puryear and Charles Shinitle.
Thomas W. Wrenne & Co., the well-known bankers of Nashville, on the
other hand, owning and representing a large amount of the stoek, are
e
ni irn e o m e nW.1\rrer1;re, to he used, It Is understood,
na nao.ef T. t. ' 8 p 8
l
g „prt(,.eie n„tnlle
) f
i

t

Portland (Ore.) General Electric Co.-BondsOfferedEarnings.-N. W. Harris & Co., New York, and Perry'
Coffin & Burr, Boston, are offering for sale at 95 and interest
$100,000 first mortgage 5% gold bonds, dated July 1 1905
and due July 11935, but optional at 107 and interest on
and after July 1 1915. Total:authorized issue, $10,000,000;
outstanding, $5,005,000; remainder in escrow for improvements, and extensions under conservative restrictions.
Results for Years ending Aug. 31.
Gross
Op.Exp.
Net
* Bond
YearEarnings. & Taxes. Earnings. Interest.
1906-07273,062 $666,762 $606,300 *250,250
1905-06---------------960,299
501,132
___ ._
459,167

Balance,
Surplus.
$356,050
501,132

•

* Includes all the $5,005,000 bonds now out. (Compare V. 83, p. 151)5.)

- New Trustee.
-The Bankers' Trust Co. of New York has
been appointed trustee under the $10,000,000 first mortgage
dated July 1 1905 to succeed the United States Mortgage &
Trust Co., resigned.
-V. 84, p. 1555.
-Reorganization ComSheffield (Ala.) Coal & Iron Co.
-A committee consisting of E. C. Conmittee.
-Circular.
Gayley, Isaac L. Elwood, William
verse, Chairman, Jamer
M. Douglass and C. William Funk, have sent to the shareholders a circular dated Jan. 11 1908 saying in substance:

raising the annual rate from 6% to 9%; in May 1907 to 12% ($1 monthly),
and In Nov. 1907 to 15% ($1 25 monthly). Stock outstanding Dec. 31
1906, $7,144,700, against $6,447,700 Dec, 31 1905.-V. 85, p. 1212.

United States Independent Telephone Co., Rochester,
N. Y.
-Sale.
-At the foreclosure sale in Rochester on Feb. 4
the company's assets were bid in for the bondholders' committee by Chairman Walter P. Duffy for $250,000. Later
on the same day the committee bought in also the properties of the Independent Telephone Securities Co., comprising
the Rome, Syracuse and Utica companies, at foreclosure,
for $150,000.-V. 86, p. 173.
United States Steel Corporation.
-Authoritative Statement
as to Special Distribution under Employees' Pre/erred Stock
Subscription Plan.
-The employees' preferred stock subscription plan has now been in operation'five years. The terms
of subscription open to employees of the corporation and its
subsidiary companies provided:
1. For subscription to a limited amount of preferred stock, In accordance
with the salary of the employee, at a price fixed CRAM year by the Finance
Committee and payable within three years out of salary or wages.
2. The payment of $5 a share each year for five years to holders of
subscripthn stock who saould continue for five years to render satisfactory
service and retain their stock.
3. In case a subscriber canceled his subscription before completing payment; left the service or parted with his stuck the $5 per share which
would otherwise have been paid him was paid into a special fund for distribution at the end of five years among those subscribers who had continued
to render satisfactory service during the entire five years and who still
retained their stock.

This special fund for account of 1903 subscriptions has
just been distributed among those entitled to it as above,
and amounted to $65 04 per share, resulting from widespread
cancellations of subscriptions when the plan was new and
not fully understood, coupled with a heavy decline in the
market price of the stock while payments on account of
subscriptions were falling due. Cancellations in subscriptions of subsequent years have been less numerous. The
special fund accruing to 1904 subscriptions will be distributed
in January 1909; for 1905 qubscriptions, in January 1910,
and so on. _
Subscription Price for Each ear's Subscription.
1003. .
1904.
1905.
1908.
1906.
1907.
$82 Si)
$55 00
$87 50
$87 50
$100 00
$102 00
The 25,000 shares of preferred stcck offered to employees under the
profit-sharing plan of 1908 was at $87 50 a share largely over-subscribed V 86, p 283
'MIMS

Western Ice Co.
-See Knickerbocker Ice Co. of Chicago
above.----V. 85, p. 867, 809.
Western Electric Co., Chicago.
-Sales.
-The company's
sales for the fiscal year ended Nov. 30 1907 were $52,724,168,
as compared with $69,245,332 for the previous year, a
decrease of 23.9%.-V. 86, p. 234.
Westinghouse Electric & Manufacturing Co.
-Notice to
Creditors.
-See advertisement on a preceding page and compare V. 86, p. 233.---V. 86, p. 289.
,
Whitney Company, North Carolina.-Receiver for HydroElectric Enterprise.
-Judge Pritchard in the United States
Circuit Court at Asheville, N. C., on Feb. 3, upon application made by A. 0. Brown & Co. of New York, appointed
Colonel John S. Henderson as receiver of the property.

The company was unable to meet some of Its large obligations which
matured about Dec. 1 1907. These obligations were in nearly all instances
secured by bonds of the company issued under its mortgage dated Dec. 1
1904 to Bankers' Trust Co., as trustee. These bonds have also matured
as to principal, and the company has been unable to meet either principal
or interest. The financial difficulties prevalent generally rendered impossible any adjustment. Proceedings at the instance of bondholders for foreclosing the mortgage resulted In the appointment of Benjamin Strong Jr.,
Secretary of the Bankers' Trust Co., as receiver in New Jersey, Alabama
and Tennessee, and he has also been appointed receiver of the property
of the subsidiary companies, the Stonegap Colliery Co. and Wise Terminal
Co. In Virginia. The receiver is preparing statements with respect to the
The bill of complaint states that the company Is Indebted to A.0. Brown
company's condition, and it Is the intention of the committee, upon pro& Co. to the extent of more than $200,000;* that there are outstanding
curing sufficient accurate information, to report thereon.
$10,000,000 stock and $5,000,000 6% bonds (largely as collateral for loans);
The undersigned have consented to act as a committee for the purpose
of presenting a. plan of reorganization. The larger creditors and bondholders and that the company is unable to meet maturing notes, and will be without
have great confidence in the value of the property and its earning povser funds to pay the $150,000 Interest due on Its bonds May 1 1908.
if properly managed. They feel that the mines and ore properties, furnaces
President E.F.Buchanan (of A.0.Brown &Co.) is quoted:
and equipment compare favorably In value and earning power with the best
The company has got to develop three additional dam sites and need:
properties of the kind in the South. They feel that if these properties are
foreclosed without organized effort for their protection on the part of the about $1,500,000 for this purpose. It had DO way of issuing any more firs
bondholders and stockholders, there will probably . be a total loss to the lien securities, and this action was taken In order to bring about a readjuststockholders. On the other hand, if this company can be rehabilitated ment that would permit It. The company Is building one of the greatest
under a plan such as the committee hopes shortly to present, the prop- power plants in the South, and work will proceed without interruption.
erties should be In a better condition than ever before and able to demon- We are now at work on the plan for a reorganization.
strate a valuable earning power.
The company expects to be ready to deliver power next
Pending the receipt of the details necessary for such a plan, the undersigned feel that they should receive indications from stockholders of suffi- summer. Compare V. 81, p. 1284; V. 85, p. 1467.
cient interest to warrant a general reorganization. They therefore request
the return of certificates of stock to the Bankers' Trust Co. as depositary
not later than Feb. 1. Negotiable receipts will be issued entitling the hold4
-At a price to net the investor 43. %, A. M. Kidder &
ers, upon surrender of their receipts and without expense to themselves,
to withdraw their certificates of stock at any time within twenty days after Co., 18 Wall St., are to-day offering 2,500 shares of Clevethe mailing of the plan to the registered holders of such receipts, provided
land & Pittsburgh RR.4% betterment stock, guaranteed by
that such plan shall be so mailed not later than March 1 1908.
F. N. B. Close, Secretary, No. 7 Wall St., New York City: has been the Pennsylvania RR. Co. and exempt from tax. Diviappointed Secretary to the committee.
-V. 85, p. 1579, 1649.
September

Standard Tool Co., Cleveland, 0.
-New Stock.-This company has increased its stock from $750,000 to $1,000,000.
Twin Falls Land & Water Co., Cassia County, Idaho.
-See Twin Falls Northside
Hall Interest in Milner Dam.
Land & Water Co. below.
82, p. 632.
-V.
Twin Falls Northside Land & Water Co., Lincoln County,
-The Municipal & Cor
Idaho.-011ering of Guaranteed Bonds.
poration Securities Co. of Pittsburgh is offering at par and




and December.
dends are payable in March, June,
-A. J. Whipple, who for the past year or two has been
asscoiated with the Chicago brokerage house of W. H. Colvin
& Co., has resumed the stock and bond business for himself,
under the firm name of A. J. Whipple & Co., with offices on
the fifth floor of the First National Bank Building, Chicago.
-Charles E. Ober and Archer.,D. Friend, who have long
been connected with the Boston house of Blodget, Merritt &
Co., have been admitted as members of the firm.

341

THE CHRONICLE.

.8
FEB. 1908.1

411.evort5 and

PatillMITS.
W.••••

SOUTHERN PACIFIC COMPANY AND PROPRIETARY COMPANIES.
TWENTY-THIRD ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1907.
New York, January 23 1908.
To the Stockholders of the Southern Pacific Company:
The Board of Directors submit herewith their report of the operations and affairs of the Southern Pacific Company
and of the Proprietary Companies for the fiscal year ended June 30 1907.
PROPERTIES AND MILEAGE.
The transportation lines constituting the Southern Pacific System June 30 1907 were as follows:
DIVISIONS

Main
Track.

-Mileage of lines belonging to Companies whose capital stocks are principally owned by
A.
the Southern Pacific Company:
-Operated by the Southern Pacific Campany under leases to it:
(1)
1,483.62
Central Pacific By
666.16
Oregon 6: California RR
*3,392.02
Southern Pacific RR
100.36
South Pacific Coast fly
(2)-Operated by the companies owning them:
350.95
Morgan's Louisiana & Texas Railroad & Steamship Co
198.28
Louisiana Western RR
440.78
Texas & New Orleans RR
1,342.71
Galveston Harrisburg & San Antonio By
190.04
Houston East & West Texas By
39.78
Houston & Shreveport RR
780.01
Houston & Texas Central RR
330.48
& CO1311011. By
Nevada
2.26
Southern Pacific Company
-Mileage of lines belonging to Companies whose capital stocks are principally owned by the
B.
S. S.Co., but which are operated by the Companies
Morgan's Louisiana eo Texas RFC. &
awning them:
15.64
Iberia & Vermilion RR
Direct Navigation Co
Total
-Mileage of lines operated by the Southern Pacific Company under leases to it. but whose
C.
capital stocks are owned otherwise than by the Southern Pacific Company:
New Mexico & Arizona RR
Sonora Railway
Total
Total mileage June 30 1007
Total mileage June 30 1906
Increase

9,342.99

Second
Track,

21.09
99.96
8.25
40.06
3.89

1.27

Sidings.

Ferries.

3.69

647.33
107.18
1,082.16
44.21

315

3.00
3.00

182.47
57.02
153.34
290.14
43.30
6.56
210.36
28.07

1.00

3.53
174.52

Water
Lines.

75
10.69

4,895

10.69
10.69

2,864.67

4,895
4,895

8.56
23.77

88.19
262.60

32.33

350.79
9,693.78
9.459.34

174.52
163.65

2,897.00
2,824.35

234.44

10.87

72.65

miles, leased to the Atchison Topeka & Santa Fe Railway
* Includes line of Smthern Pacific RR. Co. from Mojave, Cal., to The Needles, 242.51
Co. until September 11979, for an annual rental of $218,133.

The details of the mileage of the railways owned or leased, and of the ferries and the water lines, are shown in Table
No. 1 of the Comptroller's report.
The additions to the mileage and the changes during the year in main and in second tracks were as follows:
Deductions.

Additions.
Main
Track.
California Northeastern Railway:
Weed to Grass Lake, purchased,leased to Central Pacific Ry.Co. September 1 1906
Central Pacific Railway:
Corrin Junction to Brigham, leased from Oregon Short Line RR. Co
Halvern to Alvarado, transferred from sidings
Renteasurements
Galveston Harrisburg & San Antonio Railway:
Cuero to Smiley, built, opened for traffic August 16 1906
Remeasurements
Houston et Texas Central Railroad:
Mexia to Jewett, built, Opened for traffic July 15 1006
Jewett to Nelieva, built, pened for traffic December 16 1906
Remeasurements
Louisiana Western Railroad:
Rerneasurements
Morgan's Louisiana & Texas RR. & S. S. Co.:
Arnaudville to Port Barre, built, opened for traffic May 15 1907
Remeasurements
Nevada & California- Railway:
Hazen to Fallon, built, opened for traffic January 10 1907
New Mexico & Arizona Railroad:______________________________
..
Remeasurements
Oregon & California Railroad:
Springfield to Springfield Junction, built, opened for traffic October 1 1906
San Francisco & Napa Railway:
Wingo to Rsmal, purchased, leased to Southern Pacific RR. Co. July 19 1006
Buchil to Union, purchased, leased to Southern Pacific RR. Co. July 19 1906
South Pacific Coast Railway:
Newell Creek to Shingle Mill, built, opened for traffic June 30 1907_
Campbell to Wright, changed from narrow to standard gauge
Felton Junction to Santa Cruz, changed from narrow to standard gauge
Felton to Boulder Creek, changed from narrow to standard gauge
Remeasurements
Southern Pacific Railroad:
Wyo to Hamilton, built, opened for traffic October 15 1906
Burbank to Ls Angeles River Station, built, opened for traffic June 30 1907
Tiburon to Wingo, leased front Northwestern Pacific RR. Co
Folsom Junction to Folsom. transferred from sidings
Benson to Benson Yards, transferred from sidings
Naud Junction to Mission Junction, transferred from sidings
Sixteenth Street, Oakland, to Berryman, transferred from main track
Sixteenth Street. Oakland, to C^rbin, transferred to second track
Los Angeles to San Pedro, transferred 'from main track
Florence to Santa Ana, transferred to second track
Betteravia, track extended
Burbank, track extended
Santa Cruz, track abandoned
Loma Prieta, track abandoned
Remeasuerments
Southern Pacific Company:
Remeasurements
Texas ctc. New Orleans Railroad:
Remeasurements
Total
Net increase

Second
7'rack.

Main
Track.

Second
Track.

Changed to
Standard'
Gauge.

24.84
3.98
2.46
.27

.02

26.54
.56
27.06
66.10
.17
.01
12.23
.02
15.80
.09
1.12
2.08
8.64
'

1.67

12.06
5.39
7.30
.05

,03
11.08
8.10
29 70
.99
.65
.42
1.32
1.32
.54
.54
.70
.67
.90
.51
1.12

.53

.
.01

.06
.56
238.85

10.93

234.44

.06

24.75

10.87

4.41

During the year there was a net increase in sidings of 72.65 miles.
The average number of miles of railway operated for the year, for which the accompanying statements of receipts
.-and expenses are submitted, was 9,400.59 miles.




34•2

(Vol, L..xxxvi.

THE aHRONIME.

Excluding the Mojave division, leased to the Atchison Topeka & Santa Fe Railway Company, the operated mileage
of the Company's lines on June 30 1907 comprised 9,100.48 miles of "Proprietary" and 350.79 miles of "Non-proprietary"
lines, a total of 9,451.27 miles.
INCOME FOR THE YEAR.
The gross receipts and disbursements of the Southern Pacific Company in respect of its leased lines and of Proprietary
Companies in respect of lines not leased, and the other receipts and disbursements of the Southern Pacific Company and
of such Proprietary Companies, after excluding all offsetting transactions between them, were as follows:
Year ended
June 30 1007.
Average miles of all rail lines operated-proprietary and non-proprietary

9,400.50

RECEIPTS.
Gross transportation receipts, rail and water lines

Year ended
June 30 1006.

+Increase
-Decrease.

0,191.56

+209.03

$124,942,797 70 $105,632,549 52

Total operating expenses and taxes, rail and water lines

+$19,310,248 18

$80,220,800 13 $68,120,893 10
2,896,501 03
2,464,205 66

Operating expenses, rail and water lines
Taxes, rail and water lines

+$12,099,907 03
+432,205 37

$83,117,301 16 $70,585,188 76 +$12,532,112 4d

Receipts over operating expenses and taxes
$41.825,496 54 835,0471360 76
Rentals for trackage and other property
621.658 84
341,364 97
Interest on bonds owned of Southern Pacific Company and of Proprietary Companies
1,002,712 23
543,240 83
on bonds owned of companies other than Proprietary Companies
Interest
190,070 71
48,990 00
Dividends on stocks owned of companies other than Proprietary Companies
778,300 40
372,668 00
Income from lands and securities not pledged for redemption of bonds
715,931 84
656,459 40
Income from sinking funds pledged for redemption of bonds
164,714 44
205,078 28
Balance of Interest received on loans and of interest accruing to June 30 on open accounts other
than with Proprietary Companies
1,365,904 16
984,489 62
Miscellaneous income
100,313 71
82,380 36
Surplus
FIXED CHARGES.
Rentals for trackage
Interest on outstanding funded debt of Southern Pacific Company and of Proprietary Companies
Interest on C. P. RR. Co.'s notes to 13. S. of America
Sinking fund contributions and Income from sinking fund investments

+$6,778,135 78
+280,203 87
+450,471 40.
+150,080 71
+405,632 40
,
+59,472 35.
--130,363 84
+381,414 54
+26,933 35.
+18,411,070 56-

$46,783,102 87 $38,372,032 31
$251,074 03
15,091,034 47
411,680 04
531,714 44

+$32,041 03.
-320,874 06-176,438 16.
-170,363 84

3218,133 00
16,320,908 53
. 588,127 20
702,078 28

Total fired charges

$17,185,511 98 $17,829,247 01

--$643,735 03

Surplus over fixed charges

$20,507,590 89 $20,542,785 30

+$9,054,805 se

OTHER CHARGES.
Land department expenses
Taxes on granted lands and other lands
Miscellaneous expenses
Taxes and other expesnes of Southern Pacific Company
Betterments and additions payable from income of Southern Pacific Company
Reserve for depreciation of rolling stock owned by Southern Pacific Company and leased to other
companies

$158,577 26
206,852 78
69,293 56
251,050 61
603,972 14

$221,211 51
165,068 01
36,032 12
206,202 03
236,931 38

-$62,634 25.
+41,784 77
+32,361 44
+44,848 58.
+367,040 76.

• Surplus over fixed and other charges __________
Balance applied as follows:
Dividends on stocks of Southern Pacific Company, viz.:
Preferred stock-3q per cent, paid January 14 1907
" -3M per cent, payable July 12 1907

483,792 91

+125,458 41

$1,350,137 06

+$548,859 71

$27,698,593 22 $19,192,647 34

Surplus over fixed and other charges

600.251 32
$1,898,997 67

Total other charges

+$8,505,945 88

_____________

_____________

__ $27,698,593 22

....$1,384,930 50
1,384,930 50

2,769,870 00
------Balance
$24,928,714 22
Common stock-2 per cent, paid April 1 1907 ___________
_________________ $4,946,231 46
percent. payable July 1 19
" -1
07___________________________ 2,473,115 73
" -14, per cent, payable October 1 1007
2,967,738 88
Dividends on stocks of Proprietary Companies held by the public
_
48 00
10,387,134 07
-_______________
Surplus after payment of dividends ___ __
___________ ..__ .___ _ _
$14 541,580 15'
Appropriated for losses San Francisco fire, April 1906
_______
$125,506-81
__________________
Appropriated for surveys, &c
---------132,994 72
---Surplus after payment of dividends and other appropriations
_$14,408,585 43

The year's income is charged with $531,714 44, sinking fund contributions and income from sinking fund inves ments.
The proceeds from the sale of lands, also pledged for the redemption of bonds, amounted to $1,741,141 71. Thes sums,
aggregating $2,272,856 15, are dealt with as Profit and Loss items, and accrue to the shares of the Companies in the reduction of their bonded indebtedness.
The results of the year's operations, compared with those of the preceding year, were as follows:
Increase.
Average miles of rail lines operated ___________________________________
209.03
Gross transportation receipts ____________________________________________________________________
$10,310,248 18
Operating expenses
____________________________
12,090,907 03
Taxes
432,205 37
Receipts over operating expenses and taxes __ _ ________________________
6,778,135 78
Income other than from transportation operations
1,632,964 78
Total receipts ____________________
8,411,070 56
_______________________________ Fixed charges
___
_________________________________
Other charges
- -6.ii,I5- 71
9
Surplus over fixed and other charges
8,505,945 88

Decrease.
.

Per Ct.
2.27

18.28

,.

ful,i3:5-65

17.78
17.54
10.34
49.12
21.92
3.61
40.65
44.32

The detail of the transportation receipts and operating expenses are fully dealt with under "Transportation Operations."
The decrease of $130,363 84 in "Income from sinking funds pledged for the redemption of bonds" resulted from the
release and distribution of the securities pledged for the redemption of Northern Railway 6 per cent bonds of 1877, which
matured January 1 1907, and were paid off; also from income on securities held in the sinking fund for the redemption of
Southern Pacific Railroad Co.'s 6 per cent bonds of1875, taken over directly into the current income of the Company. The
securities held by said sinking fund amount to $2,824,041 53, and, as bonds to the amount of $34,174,000, face value, out
of a total of $39,285,000, originally outstanding, had been paid off, further additions to the sinking fund were deemed
unnecessary.
The decrease of $329,874 06 in interest on funded debt resulted from:
The retirement a Southern Pacific Railroad Co.'s 6 per cent and 5 per cent bonds by the issue of First Refunding 4 per cent bonds
$313,348 58
The purchase and cancellation of bonds from funds pledged for their redemption __ _ ________________________________ 77,098 78
Total
$300,447 36
Deduction-Increase in interest on bonds of Southern Pacific Company and of Proprietary Companies, resulting principally from a full year's
Interest charge this year on bonds issued during the preceding year ______________________________
60,573 30
Net decrease In Interest on funded debt__

______________________________________________________________

$329,874 06

The decrease of $176,438 16 in the interest on the Central Pacific Railroad Company's 3 per cent notes to the United
States of America resulted from the payment of the notes due August 1 1906 and February 11907, aggregating $5,881,271 56. These payments released Central Pacific Railway Company First Refunding 4 per cent bonds to the amount of
$5,881,000 00, face value, pledged as collateral security, which then became a free asset in the Treasury of the Company.
The expenditures for betterments and additions to the properties of the South Pacific Coast Railway, the New Mexico
& Arizona Railroad and the Sonora Railway are,'under the provisions of their leases to the Southern Pacific Company,
payable by the latter Company, and are therefore a charge to its income. These expenditures,amounting to $603,972 14,
were $367,040 76 greater than they were in the preceding year. This increase was entirely the result of expenditures on




FEB. 8 1908.1

343

THE CHRONICLE.

the property of the South Pacific Coast Railway (a narrow-gauge line), of which the principal part was for widening the
tunnel at Wright for a standard-gauge line.
The year's income is charged with $592,489 43, advanced by the Southern Pacific Company to the Oregon & California
Railroad Company; this sum, however, still remains due from that Company to the Southern Pacific Company.
The income hereinbefore reported includes that of the Proprietary Companies, whom lines form the main transportation
lines of the Company, and whose operating and traffic statistics are included in the transportation operations hereinafter
reported.
A statement of the income and the affairs of other companies whose capital stocks are principally owned by the Southern
Pacific Company and in which the Company has equities in the surplus earnings applied to betterments and additions to
the properties or in the undistributed surplus earnings, will be found in Table No. 34. The Company's ownership of stock
in the Pacific Mail Steamship Company is slightly over one-half. Its income and its affairs are therefore separately reported
and will be found in Table No. 35.
A combined statement of the Income Account, Profit and Loss Account and of Receipts and Disbursements from all
sources of the Southern Pacific Company and the Proprietary Companies will be found in Tables Nos. 2, 3 and 4. Details
of the Income Account and of the Profit and Loss Account of the Southern Pacific Company are shown in Tables Nos. 6
and 7, and of the Proprietary Companies in Tables Nos. 11 and 12.
CAPITAL STOCK.
Stocks of the Southern Pacific Company outstanding at the beginning of the year, viz.:
$197,S40,258 64
39,560,840 00
$237,419.098 64
16,141,915 25.

Cornmcn Stook
Preferred Stock
Received to June 30 1907 on account of subscrIpthms to $36,000,000, par value, preferred stock •

$253,561,013 89
Total
$334,970,572 00
Common and Preferred Stocks of the Proprietary Companies outstanding at the beginning of the year
Issued during the year—
.
Central Pacific Railway Company Four Per Cent Cumulative Preferred Stock, for reimbursement of expenditures
200,000 00
for betterments and additions
$335,170,572 00
Stocks of Prrprietary Companies outstanding June 30 1907
Stocks owned by Southern Pacific Company, viz.:
$163,926,133 00
Dept sited against the issue of Southern Pacific Company common capital stock
Deposited under Southern Pacific Company Four Per Cent Mortgage (Central Pacific stock collateral) 80,674,200 00
50,679,000 00
Deposited under Scuthern Pacific Company Two-Five Years Four Per Cent Mortgage
33,467,465 50
Free In treasury
Stocks free in treasury of Morgan's Louisiana & Texas Railroad & Steamship C:mpany

$334,746,798 50
349,500 00
335,096,298 50

Leaving outstanding In the hands of the Public

74.273 50

Amount of stocks outstanding June 30 1907

8253,635,287 39
$16,140,515 25

Increase during the year
The above outstanding stocks are held as follows—
"Stocks of Southern Pacific Company and Proprietary Companies outstanding in the hands of the Public
Stocks of Southern Pacific Company in treasury

$253,488,434 05
146,853 34
$253,635,287 39

The details of the stocks owned by the Southern Pacific Company are shown in Table No. 9, and by the Proprietary
Companies in Table No. 15.
FUNDED DEBT.
Bonds, Equipment Trust Obligations, Three Per Cent Notes of the Central Pacific Railroad COIr pany hi favor of the United States of
AmerIca.and other fixed Interest-hearing obligations of the Southern Pacific C-nrpany and of the Proprietary Companies,outstand$383,680,607 73
Ing at the beginning of the year, Including Income bonds to the amount of $6,354,000
Issued or sold during the year:
Southern Pacific Company—
Four Per Cent Gold Bonds (Central Pacific Stock Collateral) issued In exchange fin* a like amount of Preferred Stock
8200,000 00
of the Central Pacific Railway Company deposited with the Trustee
Southern Pacific Railroad Company—
First Refunding Four Per Cent Gold Bonds Issued for the following purposes:
$12,502,000 00
For outstanding old bonds paid off and deposited with Trustee
1.025,000 00
For expenses of refunding outstanding old bonds
13,527,000 00
13,727,000 00
$307,407.607 73
Retired during the year:
Southern Pacific Company-Six Per Cent Steamship Bonds purchased and canceled
Central Pacific Raftway Company—
First Refunding Mertrage Four Per Cent Bonds, purchased from payments to Sinking Fund and canceled
Three and One-half Per Cent Mortgage Geld Bends:
829.000 00
V
Purchased from Sinking Fund and canceled
371,500 00
Purchased from sale of lands and canceled
86,000 00
Purchased from sale of securities and canceled
Notes of Central Paellie Railroad Company in favor of the United States of America,due August 1 1906 and February 1 1907, of $2,940,635 78, each. paid off
Houston & Texas Central Railroad Company—
Bonds called for redemption or purchased from proceeds of lands sold and canceled:
5701,000 00
First Mortgage Five Per Cent Bonds
386,000 00
Consolidated Mortgage Six Per Cent Bonds

$71,000 00
25,000 00

486,50000
5,881,271 56

1,087,000 00
Oregon & California Railroad Company—
First Mortgage Five Per Cent Bonds, purchased from proceeds of lands sold and canceled
Southern Pacific Railroad Company
8. P. RR, First Mortgage Six Per Cent Bonds of 1875, Series "C," due October 1 1906, paid off__
S. P. RR. First Mortgage Six Per Cent Bonds of 1875, Series "D," due October 1 1906, paid off__
Northern Railway First Mrrtgarre Six Per Cent Bonds of 1877, due January 1 1907, paid off_
S. P. RR. First Mortgage Six Per Cent Bonds of 1875. Series "E," due April 1 1912, paid off____
First Refunding Mortgage Four Per Cent Gold Bonds, purchased front payments to Sinking Fund
and canceled

490,000 00
$3,766 000 00
3,635,000 00
5,156,000 00
5,000 00
13,000 00
12,575,000 00

Texas & New Orleans Railroad Company—
Six Per Cent Equipment Bonds paid off
Payment to State of Texas for account of School Fund Debt_

$272,000 00
6,284 28
278,284 28
20,894,055 84

Total
Deduction: 13onds deposited as collateral under Southern Pacific Company Two-Five Years Four Per Cent Mortgage

$376,513,551 89
12,258.000 00

Amount of funded and fixed interest-bearing debt, Southern Pacific Company and Proprietary Companies. Including $6,354,000 Income
Bonds,outstandIng June 30 1907.
V$364.255,55189
Decrease during the year
The above outstanding bonds arc held as fellows:
Outstanding In the hands of the Public
Free In treasury of Southern Pacific Company
Free In treasuries of Proprietary Companies
Held by Sinking Funds

84
V$7,167,055
$340,765,051 89
$9,672,000 00
865,500 00
12.953,000 00
23,490,500 00
$364,255,551 89

The details of the bonds outstanding and the annual interest accruing thereon are shown in Table No. 5; the amount of
bonds owned by the Southern Pacific Company in Table No. 10; the amount owned by the Proprietary Companies in Table
No. 15, and the amount in Sinking Funds in Table No. 17.
ASSETS AND LIABILITIES.
The details of the assts and liabilities of the Southern Pacific Company are shown in Table No. 8, and those of the
Proprietary Companies in Tables Nos. 13 and 14. The value of the granted lands belonging to the Central Pacific Railway
Company, to the Oregon & California Railroad Company and to the Southern Pacific Railroad Company, which remain
unsold at the close of the year, is not included in the assets of said companies, but the proceeds and all transactions in respect
of said lands are shown in Tables Nos. 18 and 19.




[VOL. Lxxxvi.

E CHRONICLE.

344

The stocks and bonds of the Southern Pacific Company and of the Proprietary Companies, outstanding at the close
of the year, are held as follows:

7=4;77

Common Stock. Preferred Stock. c
i=1
bearing obliga'ns
Stocks and bonds of Proprietary Companies

3309,770,572 00 $25,400,000 00 $337,184,051 89

Less—Deposited against issue of Southern Pacific Company common stock and bonds
Owned by Southern Pacific Company, free
Owned by Proprietary Companies
Held by Sinking Funds for redemption of bonds

$275,899,333 00 $25,380,000 00 $11,258,000 00
33,456,465 50
11,000 00
9,223,000 00
349,500 00
865,500 00
11,095.000 00
$309,705,298 50 $25,391,000 00 $32,441,500 00

Total
Amount outstanding In the hands of the Public
Amount outstanding In the hands of the Public last year

$65,273 50
66,673 50
—

$9.000 00 $304,742,551 89
9,000 00 318,714,821 65

$197,849,258 64 $39,569,840 00 339.329,500 00
16,141,915 25

Stocks and bonds of Southern Pacific Company
Subscriptions to preferred stock

$197,849,258 64 $55,711,755 25 $39 320,500 00

Total

$72,153 34

Total

$74,700 00

$1,000,000 00
440,000 00
1,858,000 00

$72,153 34

Less—Deposited under S-mitiern Pacific Company 2-5-years 4% mortgage
Free in treasury
Held by Sinking Funds for redemption of bonds

$74,700 00

$3,307,000 00

$107,777,105 30 $55,637.055 25 $36,022,500 00
197,777,105 30 39,495,140 00 36,022.500 00

Amount outstanding In the bands of the Public
Amount outstanding In the hands of the Public last year

Total Stocks and bonds of Proprietary Companies and of Southern Pacific Company outstanding in the
$197,842,378 80 $55,646,055 25 $340,765,051 89
hands of the Public
39,504,140 00 354,737,321 65
197,843,778 80
Total last year_ _ _ $16,141,915 25
-Increase---------------------------------------------$13,972,269 76
$1,400 00
Decrease -----------------------------------------

The stocks and bonds owned by the Southern Pacific Company are shown in detail in Tables Nos. 9 and 10. The
changes during the year were as follows:
Cost of Stocks and Bonds.
Free.

Pledged.

Total.

3257,001,427 08 $40,272,379 24 $207,273,806 32
256,786,517 08 18,380,563 46 275,167,080 54

Total this year
Total last year

$214,910 00 $21,891,815 78 $22,106,725 78

Increase

There is not included in the above statement of outstanding stocks and bonds the following bonds which are a free
asset in the Treasury of the respective companies:
Central Pacific Hy. Co. First Refunding Mortgage Four Per Cent Bonds, face value ______________________________________________
Southern Pacific Company Two Five-Years Four Per Cent Gold Bonds, face value

$8,822,000 00
22,747,000 00
$31,569,000 00

Total

The combined assets and liabilities of the Southern Pacific Company and Proprietary Companies (excluding all offsetting
accounts between the companies and the cost of stocks and bonds owned by the Southern Pacific Company) compare with
those of the preceding year as follows:
Total June 30
1907.
.
Current and Deferred A ssets

Increase.

$21,622,715 74 _
13,772,570 42 32,090.923 23
39,877,996 10 20,686,093 20
3,468,413 90
15.732,612 04
5,621 ,673 24
22,329,947 20
2,552,920 22
3,152,020 22

Cash and cash accounts
Material, fuel and other supplies
Advances for the construction and acquisition of new lines, including electric lines In CalIfornta
Terminal real estate and other property
Floating equipment and rolling stock
Advances for closing Colorado River Crevasse

Decrease.
$8,023,953 32

3116,488,761 72 326,394,070 47

Total Current and Deferred Assets
Current and Deferred Liabilities.

$19,034,422 48 $4,243,948 21
672,086 01
9,832,907 89
24,689,775 00 24,639,775 00
262,538 49
1.446,804 09
---355,003,910 36 $29,818,347 71

Cash accounts
Interest and dividends
Loans and bills payable
Deferred liabilities
Total Current and Deferred Liabilities

$61,484,851 36 ___ _

Assets in excess of Liabilities
Contingent assets
Contingent liabilities, viz.:
Insurance and renewal funds provided by deductions from receipts and by charges to
$9,153,620
operating expenses
Reserve funds for replacement and depreciation of floating equipment and rolling stock_ 6,037,650
547,537
Principal of deferred payments on land contracts
3,334,676
Unadjusted claims and accounts

$4,338,307 62
33
43
30
10

19,073,484 16

$3,424.277 24

$301,673 86

1,961,588 92

Under the authority conferred by the Stockholders of the Southern Pacific Company for an issue of Seven Per Cent
Preferred Stock to the amount of 1;100,000,000, the Board of Directors, at a meeting held May 9 1907, resolved to issue
840 (par value) of stock issued in December 1904,Preferred Stock to the amount of $36,at par, in addition to the $39,
569,
000,000, payments therefor to be made in three installments, viz.: twenty-five per cent, or $25 per share, at the time of
making the subscription (June 15 1907); twenty-five per cent, or $25 per share, on or before the fifteenth day of July 1907;
and fifty per cent, or $50 per share, on or before the fifteenth day of August 1907. Each shareholder was entitled to subscribe to such Preferred Stock to the extent of fifteen per cent of his respective holdings. The subscriptions amounted
to $35,295,123 00, of which $16,141,915 25 was paid in by June 30 1907. The remaining $19,153,207 75 was received
since the close of the year and was applied to the discharge of current liabilities.
Included in the advances for the construction and acquisition of new lines is the cost of 717.82 miles of completed
railway and of work on a part of about 1,700 miles of projected lines. There were also completed during the year 208.49
miles of railway in Louisiana and Texas, for which the funds were mainly advanced by the Southern Pacific Company to
the respective companies.
The floating equipment and rolling stock comprise 13 ocean steamships, 4 tugs, 32 barges, 327 locomotives, 247 passenger train cars, 6,121 freight train cars and 49 road service cars.
A combined statement of the changes in the assets and liabilities of the Southern Pacific Company and Proprietary
Companies during the year will be found in Table No. 4.
SINKING FUNDS.
Companies at the beAmount to the credit of the Sinking Funds of the Southern Pacific Company and of the respective Proprietary
$16,400,980 96
ginning of the year _ ______________________________
Receipts during the Year:
-----------------------------------------------------------$164,714 44
Income from. investments--- - ------------------------------------------------367,000 00
Annual requirements of mortgages.. ________________________
Total receipts to be applied to redemption of bonds
Total




________________

531,714 44
$1003260540

FEB. 8 1908.1

THE CHRONICLE

:345
_

Broughtforward
Less amount paid for the following bonds purchased and canceled:
$71,000, face value, Southern Pacific Co. Steamship First Mortgage Six Per Cent Bonds
$115,000, face value, Cetnral Pacific By. Co. Three and One-Half Per Cent Mortgage Bonds_
$25,000, face value, Central Pacific By. Co. First Refunding Mortgage Four Per Cent Gold Bonds
$13,000, face value, Southern Pacific RR. Co. First Refunding Mortgage Four Per Cent Bonds
Loss on matured bonds redeemed
Bonds and cash on hand held in Sinking Fund for redemption of Northern Railway Co. Six Per Cent Bonds of 1877,
released upon the maturity and redemption of said Northern Railway Co. bonds on Jan. 11907, viz.:
$1,375,225 47
Cost of bonds
Cash uninvested
20,539 68

*16,932,695 40
$74,550 00
99,728 18
24,745 00
12,220 00*
873 00

1,395,765 15
$1,607,881 33
14
Balance June 30 1907, consisting of the cost of bonds purchased for investment and cash uninvested, viz.:
Southern Pacific Compan.y---------------------------$744 00
Proprietary Companies------------------ - ------------------------------------------------------------15,324,070 07

$15,324,814 07

The Sinking Fund transactions of each Company, the securities held and the cash on hand for account of each fund
are shown in detail in Table No. 17.
LAND DEPARTMENT.
The transactions in respect of the lands pledged for the redemption of bonds were as follows:
Number of acres sold---------------------------------------------------------------------------- -------------------- -- Total amount of sales (cash and principal of deferred payments)
Interest on deferred payments and other collections
Deductions-Expenses and taxes
Amount applied to payment of interest on Central Pacific By. Co. 3 3' Per Cent Bonds

$417,671 30
52,987 97

553,567
$1,781,818 48
394,649 44
$2,176,467 92
470,659 27

Amount remaining for redemption of bonds
Average price received per acre
Number of acres of land remaining unsold June 30 1907
Amount of land contracts outstanding June 30 1907

$1,705,808 65
$3 20
14,528,687
$3,747,612 86

The cash payments to the respective Trustees, to be applied by them to the redemption of bonds, amounted to $1,943,024 16. Bonds to the amount of $2,049,500 00, face value, were either purchased or called by them for redemption and
canceled after payment. On June 30 1907 there remained in the hands of the Trustees and of the Companies $829,125 85
for the further redemption of bonds.
The above statement includes transactions in respect to the lands formerly belonging to the Houston & Texas Central
Railway Company. Under the Trust Indenture executed by Frederic P. Olcott, the purchaser thereof at foreclosure sale,
the proceeds from the sale of these lands are to be applied to the purchase and cancellation of bonds of the Houston &
Texas Central Railroad Company issued under its First Mortgage and its Consolidated Mortgage.
The details of the year's transactions of each company are shown in Table No. 18, and the accounts with the respective
Trustees in Table No. 19.
CAPITAL EXPENDITURES.
The expenditures by the Proprietary Companies for the'construction of new lines, for equipment and for betterments
and additions to completed lines charged to capital account were as follows:
Central Pacific Railway
Change of line, Palisade, Nev
Deductions-Proceeds from sale of real estate
Adjustment in equipment purchased

,

*179,044 32
$5,295 40
686 64

,-

5,982 04
*173,062 28

Galveston Harrisburg & San Antonio Railway
Extension from Stockdale to Cuero
Deduction-Proceeds from sale of old material

$194,872 08
4,037 36
190,834 72

Houston & Texas Central Railroad
Extension from Mexia to Nelleva
Settlement of old construction claim against Waco & Northwestern RR
Settlement of old construction claims, other lines
Surveys

$1,097,209 40
53,98 2 13
82 5136
20 00
1,151,294 09

Louisiana Western Railroad
Extension from Eunice to Mamou
Deduction-Proceeds from sale of real estate

$28,146 92
2,725 00

Morgan's Louisiana ee Texas Railroad & Steamship Co.Extenston from Raceiand to Lockport
Extension from Lafayette to Port Allen
Extension from Arnaudville to Port Barre
Extension from Bayou Sale to South Bend
Surveys

$5,291 68
557,475 70
129,207 71
25,211 65
1,573 33

25,421 92

•$718,760 07
5,750 00

Deduction--Proceeds front sale of real estate.

713,01007

Oregon & California RailroadExtenston front Henderson to Springfield
Deduction-Adjustment in construction accounts

339,992 32
28,272 39
11,710 03

Southern Pacific Railroad
Extension from Wyo to Hamilton
Deduction-Proceeds from sale of rock and other collections

$214,145 55
20,583 92
193,361 63

Southern Pacific Terminal Company
Additional buildings and other structures
Improvements to existing structures
Additional sidings

$19,928 38
46,886 04
11,460 33

Texas de New Orleans Railroad
Extension to Port Arthur
Surveys
Settlement of old construction claims, completed lines

$83,855 48
1,049 72
1,849 73

78,274 73

$86,754 93
1,294 92

Deduction-Proceeds from sale of old material

85,400 01
expenditures for Betterments (Table No. 22) and for Additions (Table No, 23) to the properties of the Proprietary Companies and leased lines, viz.!
$309,838 32
For ballast ng
1,336,876 70
For bridges, viaducts and culverts
179,221 23
For docks and wharves
1,423,551 05
For shops, buildings and yards
854,734 71
For real estate
299,484 01
For fencing, telegraph lines, shop machinery, and other minor expenses
921,050 18
For additional side and passing tracks
181,923 19
For second main track
521,615 84
For changes In line, reducing grades, widening embankments, and narrow-gauge tunnel
1,089,727 79
For interlocking and block signals
2,520 93
For electric power transmission
43,244 06
For subway at Fresno
,
ror 500 stock cars, 1 locomotive crane. and 1 Intrge
439,563 94
For additional cost of equipment added during preceding fiscal year
2,118 36
For floating equipment in course of construction
15,582 47
21,491 13
For betterments to equipment in service
Total
Less expenditures paid from income of Southern Pacific Company, viz.:
South Pacific Coast Railway
New Mexico & Arizona Railroad
Sonora Railway-----------------------------------

$7,642,543 91
*537,511 49
31,909 48
34,551 17
603,972 14
7,038,571 77
$9,661,211 17

Credits
Direct Navigation Company
Adjustment in construction accounts-

--Net expenditures for capital account of Proprietary Companies




-------------------------

------

110 20
$9,661.100 97

[VOL.

THE CHRONICLE

346

.
Lxxxvi

Of these expenditures $200,000 was provided for by the issue of Central Pacific Railway Company Preferred stock
and the remaining $9,461,100 97 from earnings and from advances by the Southern Pacific Company.
The details of the expenditures for capital account of the Proprietary Companies are shown in Table No 1G.
BETTERMENTS AND ADDITIONS.
the amount expended annually for betterments to and upon the existing roadway, structures,
In order to ascertain
equipment and facilities as distinguished from expenditures for additions which did not take the place of anything previously
existing, the Companies have arranged to keep separate accounts of expenditures under "Betterments" and under "Additions," respectively.
The expenditures for betterments amounted to $2,685,750 06 and for additions to $4,956,793 85, a total of $7,642,543 91. Of this sum $7,038,571 77 was charged to the capital account of the respective Companies and $603,972 14 to the
Income Account of the Southern Pacific Company. The expenditures for the lines in Louisiana amounted to $926,612 40;
for the lines in Texas, $443,570 10, and for the lines west of El Paso, Texas, and Ogden, Utah, $6,272,352 41, of which
sum $66,460 65 was expended on the lines of the New Mexico dc Arizona Railroad and of the Sonora Railway.
The details of the expenditures for betterments are shown in Table No. 22 and for additions in Table No. 23. The
character of the principal betterments and additions are shown in Table No. 24.
The character of the principal betterments and additions, other than those stated in Table No. 24, were as follows:
Docks and Wharves.—At San Pedro, a new slip with wharves aggregating 3,680x34 feet, estimated to cost about $248,000, is in course of construction. Work is also progressing on an extension 800x52 feet, to the existing wharf. The work
of filling the north and the south sides of the pier at Oakland is progressing and will probably be completed in the early
part of the year 1908.
Real Estate, Right of Way and Station Grounds.—On the PaCific System lines $740,281 41 was expended in the acquisition of station terminal grounds at Oakland, Alameda, Stockton, Roseville, Sacramento, Washington, Santa Cruz, Visalia,
Los Angeles, Roseburg and Portland, and $79,988 23 at various other points; and on the lines in Louisiana and Texas
$34,670 57 for property at Dallas, San Antonio and other points.
Interlocking and Block.—On the Pacific System lines automatic block signals were installed between San Jose,
Signals,
and Gilroy, Pajaro and Santa Margarita, San Luis Obispo and Gaviota, Santa Barbara and Burbank,Basset and Pomona,
Bloomington and Golton, Stockton and Elvas, Red Bluff and Redding, Sparks and Iron Point, Moor and Valley Pass,
Lucin and Montello, and East Portland and Oregon City. Work is progressing on signals between San Bruno and San
Jose, Gaviota and Santa Barbara, Redding and Edgewood, Yuma and Welton, Pembroke and Kim, Tucson and Lordsburg,
Niles and San Jose, Iron Point and Harney, Ryndon and Wells, Lucia and Lakeside, Oregon City and Hubbard, Eugene
and Goshen, and Drain and Divide. Interlocking plants were installed at Fruitvale Junction, and for the protection of the
drawbridges across the Sacramento River at Tehama and across the Napa River on the Santa Rosa branch. The total
amount expended for this work was $969,914 64,and,at the close of the year, 1,263 miles of lines were protected by signals,
and work was either in progress or contemplated on 860 additional miles. On the lines in Louisiana and Texas automatic
signals were installed between Lafayette and Lake Charles, and between Edgerly and West Lake; work is progressing between Echo and Ames, Houston and Hilda, Dayton and Crosby, and Buffalo Bayou and Harrisburg, a total distance of
about 355 miles. These expenditures amounted to $121,497 05.
Engine Houses and Shops.—On the Pacific System lines there were completed or are in course of construction the
following additions: At Lordsburg, a 10-stall engine house was completed costing $10,311 21; at Oakland Shipyard a planing
mill, estimated to cost $14,300, is under construction; this will enable the Company to make repairs to the floating equipment with greater promptness and economy; at Oakland a 32-stall engine house, a boiler house 90x80 feet and a storehouse 50x40 feet, all of brick, estimated to cost $111,500, are nearing completion; at Los Angeles a carpenter's shop 80x114
feet, a blacksmith's shop 44x74 feet, a Paint shop 28x53 feet, all of brick, and a car repair shed of corrugated iron, 100x250
feet, estimated to cost $56,500, are in course of erection, and will probably be completed in the early part of next year; a
power plant at Ogden shops, estimated to cost $79,312, is about completed. In addition to the facilities at Roseville,
California, mentioned in last year's report, for which there were expended $214,115 07, there are contemplated or are in
course of construction a 32-stall brick and steel engine house, a brick storehouse, 50x180 feet, a club house, 48x64 feet,
for the use of employees, a machine shop and a brick and steel power house, 38x70 feet, estimated to cost $115,000.
Station Buildings.—On the Pacific System lines at San Francisco, a new freight house, 80x1,008 feet, was completed
at a cost of $34,393; at Tucson, a brick passenger station, estimated to cost $46,200, is nearing completion; and at Berkeley
a brick passenger station, estimated to cost $40,500 is in course of erection. At Cuero, Texas, a brick passenger station
estimated to cost $14,500, is about completed.
Second Main Track.—On the Pacific System lines 8.10 miles second main track between Burbank and Los Angeles
were completed and opened to the public for traffic on June 30 1907. The second main track between Elvas and Roseville,
about 15 miles in length, will probably be completed in the early part of next year. Work is progressing on about 3 miles
between Shriever and Thibodeaux, Louisiana, estimated to cost $25,796 72.
Change in Gauge.—The details of changes from narrow to standard gauge of 24.75 miles of track are shown under
"Properties and Mileage" on page 341.
Changes in Line.—The following changes in line are in course of construction:
Miles
Contemplated.
Location.

Main
Track.
1.487
1.602

Near Palisade
Santa Barbara

Second
Track.
1.802

Distance Saving in,
Saved, Curvature
Miles.
Degrees.
0.138
0.005

242
None.

Maximum Grade,
Date Opened
Feet, per Mile.
for Business.
Neu)
Old
Line.
Line.
21.12
0
52.2

21.12
52.80

Not completed
Not completed

EQUIPMENT.
The changes in equipment during the year were as follows:
Destroyed,condonned, sold
or transferred
and credited
to Replace- Replacement
merit Fund.
Fund.
Locomotives
Baggage cars
Baggage and mail cars
Baggage and passenger cars
Baggage, mall and passenger cars
Business cars
Chair cars
Dining cars
Observation cam
Passenger cars
Postal cars
Narrow gauge passenger cars
Box cars
Caboose cars
Flat cars
Fruit cars
Furniture cars
Gondola cars
Logging cars
Refrigerator ears
Stock cars
Tank cars
Narrow gauge freight cars
Road service equipment
Amount credited or charged
4.
--- -SOld by SouthernPacific Company to Proprietary Companies.




44

42

11
4
- 2

Added and Charged to—
Capital
Account,

151

42
8
4
34
14
4
2
1

4183
20
600

493
53
739

340

400
150

;i65

-311

a

1
4
8
4

--55
1
8

136

a

____

Total.

- - -26
10
4
- -

2

92
31

11
8

1.313
25
916
15
8
283
____
6
160
18
261

Free' Assets
So. Pao. Co.

_
674
33
89

-56

i ii i
I.
.,
.. ..
lin

-16i

iio

6
1
647

._ _

325
_—

331
1
647

1$2,431,975 8152,231,897 18 5511,061 45 $3,110,710 42 $5,853,009 05

347

THE CHRONICLE

FEB. 8 1908

tons total weight of engine without tender ands 75.14 tens upon
The locomotives added during the year averaged 86.66
added during the year averaged 47.32 tons capacity. the close of the year $637,2Y' 3?.
drivers. The freight cars
of rolling stock at
There remained to the credit of the fund for replacement close of the year were as follows:
The locomotives and cars owned and their capacity at the
icar.
Last Y

This Year.
-,ocomotives, standard gauge
narrow gauge

1,738
21
_ 1,759

reCrtase. Per Cent

Increase,

6.10
27.58

100

1,638
29
1,667

_

5.52

____
____
____
_

18.54
2.80
9.19
2.91

____
8

3.90
12.31

92

Total
(Standard Gauge.)
otal weight, excluding tenders-tons
weight, excluding tenders-tons
Lverage total
otal weight on drivers-tons
Lverage total weight on drivers-tons
'assenger train cars, standard gauge
narrow gauge

120,128
69.12
98,371
50.60
1,650
57

,.

18,789
101,339
67.24
1.88
8,282
90,089
1.60
55.00
62

1,588
65

3.27

1,653
541,707
-MT
43,567
43,300
200
717
457

Total
'rcight train cars, standard gauge
narrow gauge

.61
36.26

66

43,757

Total

6.2f

44,284

1,429,447
1,475,704
32.77
34.63

'otal capacity of standard gauge cars--tons
Lverage capacity of standard gauge cars-tons
load service equipment, standard gauge
narrow gauge

1.19

46,257
1.86

____
___

3.24
5.68

____
_

12.40
6.52

____

12.34

4,468
49

493
3

4,517

Total

3,975
46
4,021

496

,

Tables Nos. 20 and 21. The changes during the year,
The equipment owned by the respective companies is shown inNos. 30, 31 and 32.
are shown in Tables
tile capacity and the service of all equipment
TRANSPORTATION OPERATIONS.
preceding year were as follows:
The results of the year's transportation operations compared with those of the
Year ended
June 30 1907.

Year ended
June 30 1906.

Per
Cent.

Darease,

Increase,
209.03

2.27

Receipts
$4,411,807 01
$33,636,376 92 $29,224,509 91
942,183 08
Passenger, including extra baggage
3,972,680 83
4,914,863 91
Mall and express
12,448,784 1 ,,
357,765 29 63,908,1)81 17
Freight76,
.
213,458 96
148,369 89
.,
Car mileage
470,517 27
1,803,918 93
2,274,436 20
Switching, rentals, and all other sources
$117,331,812 21 $99,123,549 80 $18,208,262 41
1,066,401 17
Total rail lines
6,213,139 87
7,279,541 04
35,584 60
295,859 85
waterlines
331,444 45
Southern Pacific Terminal Co
$124,942,797 70 $105,632,549 52 $19,310,248 18
Total

15.10
23.72
19.48
30.49
26.08

9,191.56

9,400.59

Average miles of rail lines operated

$064180 07

r

18.37
17.16
12.03
18.28
3287,806 18

$731,079 53
0,554,219 83
881,110 37

,

1.76
5.12
32.19
35.77

$73,631,374 34 $62,752,770 79 $10,878,603 55
1,216,800 58
5,296,816 62
6,513,623 20
4,496 90
71,305 69
75,802 59

Operating OxpensosMaintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses

,

17.34
22.97
6.31

$16,031,877 28 $16,319,683 46
14,286,110 95
15,017,190 48
39,238,101 72 29,683,881 89
2,463,094 49
3,344,204 86

Total rail lines
Water lines
Southern Pacific Terminal Co

$80,220,800 13 $68,120,893 10 $12,099,907 03

Receipts over operating expense.s
Passenger Traffic
Number of revenue passengers carried
Number of revenue passengers carried one mile
Receipts of passenger trains per mile of road
Receipts of passenger trains per revenue train mile ferry-suburban)
Avreage receipts per passenger per mile (excluding
Average distance carried (excluding ferry-suburban)
Freight Traffic (Way-Bill Tonnage)
Tons of revenue and company freight carried
Tons of revenue and company freight carried one mile
'fon miles per mile of road-all freight
Receipts per mile of road-revenue freight
Receipts per revenue train mile-revenue freight
Average receipts per ton per mile-revenue freight
Average distance carried-all freight

(a)
(b)

(c)
(d)

17.76

$44,721,997 57 $37,511,656 42

Total

$7,210,341 15

19.22

42,477,531
1,595.093,277
$3,993 19
$1 81
2.287 cents
79.93 miles

33,018,825
1,307,411,783
$3,519 94
$1 71
2.243 cents
86.06 miles

0,458,706
197,681,494
$473 2
30 10
.044 cents

28.65
14.15
13.44
5.85
1.96
7.12
6.13 miles

30,810,518
8,011,074,964
849,420
37,908 88
$3 54
1.105 cents
260.04 miles

27,589,004
7,236,786,873
784,590
$6,734 36
33 29
1.025 cents
962.31 miles

3,221.514
775,188.091
64,830
$1,174 52
$0 20
.080 cen ,

,

2.0/ miles

11.68
10.71
8.26
17.44
7.60
7.80
.87

track. (b) Revenue passenger train and all mixed train miles, but excluding mileage
(a) Based on receipts of rail lines only and excluding second
train and all mixed train miles, but excluding mileage of locomotives
of locomotives helping. (c) Based on tonnage of rail lines only. (d) Revenue freight
helping.

in Table No, 20, and the
The transportation receipts and operating expenses for each company are shown in detail
details of passenger and of freight traffic in Tables Nos. 28 and 29.
Compared with the preceding year, the per cent of operating expenses to gross receipts was as follevac
Rail Lines.

Total., Including
Ternt(stal Property.

This Year. Last Year.

This Year. Last Year.

This Year. Last Year.

Per Cent.
24.46
36.29

For "Maintenance"
For "Operation'
----------------------------

Water Lines.

---------------

* Maintenance of Way and Structures and Maintenance of Equipment.

Per Cent.
30.88
32.43

Per Cent.
17.33
72.15

Per Cent.
17.02
68.23

62.75

63.31

89.48

85.25

Per Cent.
25.08
38.23
64.01
'

h Conducting Transportation and General Expenses.

•I

Per Cent.
30.03
34.46
64.49

per cent. The operating expenses
There was a nominal increase in operating expenses of $12,099,907 03, or 17.76 future maintenance and renewals,
year were charged with $2,117,286 32, credited to a reserve fund for
of the preceding
therefore, was $14,217,193 35,or 21.54
for which there was no necessity this year. The increase in the normal expenses,
increase resulted from higher wage schedules (of which the greater part went into effect in the fall of 1906),
per cent. This
y of lumber and fuel), the greater amount
the greater amount of improvements made, the greater cost of material (principall exceptional conditions existing during a
the additional expenses incurred in moving traffic under the
of traffic moved,
movement of traffic, which has exceeded the limit
considerable part of the year, and from the greater cost attending the fiscal year were embarrassed by the accumulation
economically. The operations during the early part of the
of handling it
in California, Nevada and Oregon,.rains which
of cars and traffic following the an Francisco fire. Later on there occurred,
known since the construction of these lines, and, under the exceptionally heavy txafffe,. the entire
lasted longer than ever
and much of it re-ballasted aad re-tied. The
roadbed in those States was so damaged that all of it had to be re-surfaced this time, had been entirely satisfactory have
roadbed and the replacement of material which, before
reconstruction of the
for maintenance in the ensuing fiscal year.
not yet been completed. The cost of this work will largely increase the expenses rains and a congestioa, extcadarke over a
months the movement of traffic was seriously interrupted by these
For several
considerable part of the system, resulted therefrom.




34S

THE CHRONICLE.

[VOL. Lxxxvi.

The increase or decrease was principally in the following items of expenses:
Maintenance of Way and Structures.
-Repairs of roadway increased $659,086 62, the result, in part, of the cost of
maintaining 234.44 miles of additional main track and of repairing damages caused by storms and floods which, on the
Pacific system lines, amounted to $564,900. Repairs of bridges, culverts and trestles increased $457,546 93, resulting
principally from the larger number of bridges and trestles, renewed with heavier structures to allow for the increased weight
of rolling stock. The charges to these expenses include the cost of 6,904 feet of steel and wooden structures thus replaced
and $101,680 35 fOr repairing damages caused by floods. Although there were 633,065 less ties laid in track this year than
last, there was an increase in the charge to "Renewals of cross-ties" of $3,447 95, the result of an increase in the average
cost of ties from 47 cents to 58 cents, or 23.40 per cent. Repairs of buildings, other than docks and wharves, increased
$695,244 03. There is included in these expenses $93,350 for repairing damages caused by fire and earthquake, and
about
$98,300 for repairs to the passenger terminals at Oakland and at Alameda Moles. All other expenses increased $127,901 34.
The expenses also include $218,092 43 expended by the Southern Pacific Railroad Company in reconstructing its line higher
up on the side of the Salton Sink, necessitated by a crevasse of the Colorado River. Total increase in expenses, $1,516,006 49, or 10.44 per cent. After crediting against this increase the $1,803,812 67 charged in last year's expenses to a
reserve for future maintenance, renewals, dm.,for which there has not been a corresponding charge this year, there remained
a net decrease of $287,806 18, or 1.76 per cent.
The following rails, cross-ties and tie-plates were used during the year in making renewals, and the entire cost thereof
charged to operating expenses, viz.:

This Year.

+ Increase.
Last Year. - Decrease.

355.20
2.85
1,196,344
1,587,559
2,783,903
976.81
7.84
2,369,603
449.73

Miles of new steel rails
Per cent of renewals of all rail 1 l track, Including sidings
Number of burnettized cross-ties
Number of other cross-ties
Total number of cress-tics
Equal to miles of continuous track
Per cent of renewals of all ties in rack, including sidings
Number of tie-plates
Equal to miles of continuous track

418.95
3.44
1,791,477
1,625,491
3,416,968
1,184.32
9.77
3,219,753
560.60

-63.75
-.59
-595,133
--37,932
--633,065
-207.51
-1.93
-850,060
-110.87

The weight of rails per yard in main line and in branches at the close of the year was as follows:
Miles of main and second
track operated, exclud'fl
mileage operated under
Total.
trackage rights.
Main and second track_ _ _ 5,537.62
Branches
4,027.42
Total
Per cent of total miles of
track
Per cent last year

06-lb.

90-lb.

80-lb.

20.68
.37

118.41

2,914.07
93.06

9,565.04 21.05
-------

118.41

3,007.13

1.24
.20

31.44
32.10

100.00
100.00

.22
.23

76-16.

75-16.

1 799.84
95.99
-318.62 1,895.83
_ 272.65
45.97

3.33
4.06

19.81
18.38

70-lb.

10.72
10.72
.11

61.5 and
80-16.

58-16.

54-lb.

291.34
2.20
1,595.91
404.90
1,887.25 407.10
19.73
20.05

4.26
4.08

231.57
231.57
2.41
2.47

52-lb.

50-lb.

Less
than
50-lb.

118.43
1,263.27 196.94
88.72
1,381.70 196.94
--------88.72

.93
1.01

14.45
14.24

2.07
3.18

Expenditures for maintenance of way and structures averaged $1,676 23 per mile of main and second track, against
$1,744 47 for the preceding year.
• At the wood-preserving plants in Louisiana and Texas 336,550 lineal feet of poles, 386,418 lineal feet of piling and
3,784,064 feet B.M. lumber were creosoted, and 963,587 cross-ties were burnettized; on the Pacific System lines 282,134
meal feet of piling and 2,852,112 feet B.M. lumber were creosoted and 970,793 cross-ties were burnettized.
Maintenance of Equipment.
-Repairs and renewals of locomotives increased $179,119 14, or 3.08 per cent. There
was an increase in miles run by locomotives of 5,995,875 miles, or 12.27 per cent. The expenses include $201,850 17, the
difference between the present cost of replacing 44 old, light-weight locomotives disposed of and the price received for them,
if sold, or the value of the old material if dismantled. Repairs and renewals of passenger train cars increased $162,074 84,
or 12.08 per cent, the result, in part, of an increase of 12,069,632 miles, or 9.92 per cent, run by passenger cars. The
expenses include $139,927 88, the difference between the present cost of replacing 31 passenger train cars destroyed, condemned or sold, and the cash received for them, or the value of the old material if dismantled. Repairs and renewals of
freight train cars increased $490,963 80, or 11.05 per cent, the result, in part, of an increase of 39,006,182 miles, or 10.70
per cent, run by cars in freight trains. The expenses include $1,136,918 80, the difference between the present cost of replacing 2,518 freight train cars destroyed, condemned or sold and the cash received for them, or the value of the old material
if dismantled. Repairs and renewals of road-service cars increased $62,256 31. The expenditures include $67,115 69,
the difference between the present cost of replacing 139 road-service cars destroyed, coridemned or sold, and the cash received
for them, or the value of the old material if dismantled. Repairs and renewals of shop machinery increased $100,874 76,
from the greater amount of repairs and renewals caused by the greater number of locomotives and cars in service. All
other expenses increased $210,947 74. Total increase in expenses, $1,044,553 18, or 7.48 per cent. After crediting against
this increase the $313,473 65 charged in last year's expenses to reserve for future maintenance, renewals, drc., for which
there has not been a corresponding charge this year, there remained a net increase of $731,079 53, or 5.12 per cent. There
is included in the expenses for the year a charge of $275,878 08 for depreciation ori floating equipment.
The average cost of repairs, renewals and replacements per locomotive and per car, and the average number of serviceable locomotives and cars owned per annum were:
Average Cost per Annum.
This Year.
$3,443 66
119 30

$792 16
90 48

$872 25

$882 64

$87 17
26 10

$75 54
28 74

$113 27

$104 28

This Year.

Last Year.

1,092

1,655

1,700

1,624

43,562

44,172

-

Passenger !rain cars, for repairs and renewals
for replacements
Total
Freight train cars, for repairs and renewals.
for replacements

Total ------------------------------

$3,530 83

$789 04
82 31

Total

Average Serviceable Number.

$3,067 14
463 69

53.562 06

Locomotives, for repairs and renewals
for replacements

Last Year.

___________________________. _____

The equipment owned by the Proprietary Companies and the Southern Pacific Company is shown in Tables Nos. 20
and 21, and the changes in all equipment, the capacity, the service and the average cost of maintenance and renewals
are shown in Tables Nos. 30, 31 and 32.
Conducting Transportation-(Increase $9,554,219 83, or 32.19 per cent).
-Expenses for fuel for locomotives increased
$2,213,327 34, or 42.89 per cent. Locomotive service, other than fuel, $1,333,825 62, or 21.78 per cent. Train service,
$1,086,499 22, or 22.80 per cent, and station and terminal service, $2,381,813 80, or 26.47 per cent. These increases resulted from the increase in wage schedules, the greater cost of coal and fuel oil, an increase of 14.15 per cent in passengers
carried one mile and 10.71 per cent in tons carried one mile, and the additional costs attending the movement of traffic
under the exceptional conditions hereinbefore mentioned. Payments for mileage and switching amounted to $2,156,491 65,
an increase of $1,738,426 99 over last year. This was the result of the greater charge per diem for the use of foreign cars
and the unusual detention of cars caused by the congestion of traffic. Payments for injuries, loss, damage and other
casualties increased $315,099 23, and all other items $485,224 63.
The increase in the amount of work done by the transportation department of the rail lines is shown in the followng table:




349

THE CHRONICLE.

FEB.8 1908.1

Increase.
-----------------___________________
Gross transplrtation receipts _
_Expenses conductin; tran;portation---------------------------------------------------------------------Passengers carried one mile-----------------------------------------------------------------------------------Mileage of passenger cars
Locomotive mileage with passenger trains, including helping
Tons of revenue freight carried one mile
Tons of revenue and company freight carried one mile
_ --- - ----- - - ------Mileage of freight cars44 -Locomotive mileage with freight and mixed trains, including helping are charged to conducting transportation_
Total locomotive mileage in service for which the attendant expenses

$18,208,262 41
$9.554,219 83
197,681,494
12,069,632
1,890,018
674,725,596
775,188,091
48,881,687
2,330,946
5,953,468

Pr. Ct.
18.37
32.19
14.15
9.92
9.79
10.82
10.71
9.59
10.47
12.08

The average number of tons of freight per train and loaded cars per train (including caboose), and the tons per loaded
car for the year were:

Revenue and Company Freight.
(Way Bill Tonnage.)

+ Increase.
-Decrease.

+ Increase.
-Decrease.
Cars.•

Tons.
Tons.

Lines east of El Paso
Lines west of El Paso

379.80

,

4.61
1.41
.85

Cars.

Per
Cent.

16 88
20.67

-.80
+.25

4.52
1.22

19.20

-.17

.88

Per
Cent.

-16.73
+5.55

845.85
401.43

Average all lines

Tons per Loaded Car.

Loaded Cars per Train.

* Tons per Train.

--3.27

1

Per Cent
of Loaded Car
Mileage
to Total Car
Mileage.

+ Increase.
-Decrease.
Tons.
Tons.

69.90 + 1.01
73.52 + .38

20.49
19.42

.70

Per
Cent.

-.02
+.04

.09
.20

19.78

72.23 +

•

*Ton miles per revenue freight train and all mixed train miles

transThe expenses per locomotive mile run in service for which the attendant expenses are charged to conducting
portation were 13.353 cents for fuel for locomotives against 10.475 cents in the preceding year, and for the entire expenses
of conducting transportation 71.035 cents against 60.229 cents in the preceding year.
A review of the general operating results by which these expenses are affected is given in Table No. 27.
-Expenses for general administration increased $475,-(Increase $881,110 37, or 35.77 per cent).
General Expenses.
66, re258 64; for legal services, $45,551 90, and for stationery and printing, $74,839 96. Insurance increased $291,094
desulting from contributions to the insurance fund which was established July 1 1906: Rents and all other expenses
creased $5,634 79.
-Expenses for repairs of steamers, tugs and barges
Water Line Expenses-(Increase $1,216,806 58, or 22.97 per cent)
increased $128,522 24, and for repairs of docks, wharves and buildings, $53,187 62, a total increase in the expenses for
"maintenance" of $181,709 86, or 17.30 per cent. Expenses for operating steamers increased $786,082 16, agency expenses,
$120,011 91, general expenses, $25,306 00 and lighterage expenses, $103,696 65, a total increase in the expense of operation
of $1,035,096 72, or 24.37 per cent. This increase resulted from the expenses incident to 45 additional single trips between
New York and Galveston and 2 single trips between New York and New Orleans, from a higher wage schedule (mostly for
cargo labor) caused by the overcrowded dock facilities in New York. The expenses for operation include $163,322 74, the
year's proportion of insurance on the entire fleet.
GENERAL.
of the preferred and the common stocks of the Company numbered 3,910. At the close
On June 30 1906 the holders
operations
of the calendar year 1907 the number had increased to 14,830. The following statement showing the Company's Company.
for the past ten years will, it is believed, be of interest to them and to all others interested in the securities of the

Years.
1907
1906
1905
1904
1903
1902
1901
1900
1809
1898

Average
Miles of
Road
Operated.
- -9,400.59
9,191.58
9,137.85
9,024.59
8,849.01
8 757.48
8,654.97
8,213.19
7,842.74
7.729.78

Gross Receipts
and Income.
$129,000,404 03
108,957.221 07
98,140,582 00
95.522,09229
90,683,436 56
85,742,328 24
79,345,104 14
70,431.443 81
62.004,669 19
57,975,593 78

Surplus after
Payment of ()perating Expenses
and Taxes.
$46,783,102 87
38,372,052 31
32,167,146 37
29,990,645 25
28,271,635 68
28,061,324 40
28.468,09032
24.036,51584
21,598,898 49
21,357,537 21

Fixed and
Other Charges.
$19,084,509 65
19,1711,38497
21,097,018 63
21,112,161 91
19,P20,039 88
18,100,822 91
18,061,853 00
17,934,550 26
16.392,672 47
15,431.078 69

Surplus after
Payment of
Fixed and Other
Charges.
327,693,593 22
19,192,647 34
11,160.127 74
3,878,483 34
9.051.595 80
10,770,501 49
10,404.237 32
6,101,965 58
5,206,220 02
5,926,458 52

Dividends.
$13,157,013 07
7,716.125 46
2,769,431 00

Surplus after
Payment of
Dividends.
$14,541,580 15
11,476,521 88
8,390,696 74
8,878,483 34
9,051,593 80
10,770,501 49
10,404,237 32
6,101,965 58
5,206,226 02
5,926,458 52

to
In the above table the receipts and disbursements for the years 1898 to 1902, both inclusive, have been re-statedthe
of
accord with the method observed for the year 1903 and thereafter. The years 1899 and 1900 include the operations
up in the income account
Houston & Texas Central Railroad and lines in Texas subsidiary thereto which were not takenfund contributions, income
of the Southern Pacific Company for those years. The fixed charges include the annual sinking
under the guaranty
from sinking fund investments and advances to the San Antonio & Aransas Pass Railway Company
50 for a note
of the principal and interest of the bonds of that Company. In the year 1905 there is included $1,271,845 $1,356,000,
to purchase
of the San Antonio & Aransas Pass Railway Company. This note was given for moneys advanced
(guaranteed as to
face value, First Mortgage Four Per Cent Bonds of the San Antonio & Aransas Pass Railway Company
Railroad Comprincipal and interest by the Southern Pacific Company) and canceled pursuant to the requirement of the
mission of Texas.
provide reUnder provisions of the Inter-State Commerce Commission Act as amended, the railways are required to tariffs, and
their
frigerator cars, to show the charges for such cars and for the service of refrigeration, ventilation, etc., in advisable for the
was deemed
to include such charges in their freight bills. In order to furnish these cars and service, it
stock
Southern Pacific Company to join with the Union Pacific Railroad Company ih the incorporation of a company whose and
the necessary cars
should be taken by said Companies and who should acquire and furnish them and their allied lines "Pacific Fruit Express
service. In pursuance of this plan there was organized under the laws of the State of Utah the
Company" with an authorized capital of $12,000,000. Six thousand six hundred refrigerator cars were ordered, costing
deabout $10,480,800, To June 30 1907 there were delivered 3,600 cars and the remaining 3,000 cars have since been
livered.
The operating expenses include $218,092 43 expended in completing the work of moving the tracks of the Southern
Sink, a change
Pacific Railroad Company and in building about 40 miles of new line higher up on the side of the Salton for this work
preceding year
made necessary by a crevasse of the Colorado River near Yuma. The expenditures in theexpenses.
amounted to $536,626 73, a total outlay of $754,719 16, which was borne by the operating lands in the Imperial Valley.
-The Colorado River supplies the water for the irrigation of the
Colorado River Crevasse.
of land as fertile as any in the
This valley, which is in the southern part of the Salton Sink, comprises about 800,000 acres line of railway extending from
a population of about 10,000 persons. Its business is served by a branch
world and has
Calexico, California, a distance of
Old Beach (now Imperial Junction), a junction with the Southern Pacific Railroad to the northern part of the Republic
Work is progressing on an extension of this line from Calexico through
41.36 miles.
of Mexico to Yuma, a distance of about 55 miles, of which about 19 miles is completed. connecting the Colorado River with
In the spring of 1905 there occurred an enlargement of a small artificial channel low-water channel. During a flood
river's
the California Development Company's Canal, which subsequently became the
Alamo and New Rivers and certain sections of
stage in November 1905 the Colorado River made this channel, parts of the
into the Salton Sink instead of into the
the canal, its main channel. The river thereupon flowed inland and discharged
where its waters had gone for centuries.
Gulf of California,
Salton, about 278
The surface area of the Salton Sink is about 1,950 square miles, and is, at the lowest point, near over 45 miles in
The continuous inflow of the river filled up the sink, converting it into a saline lake
feet below sea level.
This inflow, unless checked, would ultilength and about 15 miles in breadth, having an extreme depth of about 80 feet. along the lower sections of the Colorado
improved lands in the Imperial Valley as well as the lands
mately have ruined all
River.




350

THE CHRONICLE.

W0L. Lxxxvi

After i muMber of attempts by the California Development Company to close the crevasse it was successfully accomplished on Igtrrember 6 1906. During the last days of November and the early part of December 1906 heavy rains on the
headwaters of the Gila River sent a further flood, which reached its maximum at Yuma on December 8th, causing a break
in the levee Borne distance below the original break. This rapidly enlarged to a width of 1,100 feet with a depth in midchannel of 34 feet, through which the water rushed with a flow of 22,000 seconds feet'back again upon its inland course
and swept to destruction all before it.
It was believed that the work of closing the new break should be undertaken by the United States Reclamation Service,
but, failing in having this done, and having been requested by the President of the United States to close the break at
once (provision for the equitable distribution of the burden to be made by Congress), the Southern Pacific Company vigorously commenced operations, and men material, cars and locomotives were assembled in order to do this work with
the utmost expedition. On February 11 1907 a little over 15 days from the date of the dumping of the first rock, the
break was successfully closed, and in that time there were put in place about 72,000 cubic yards of rock and 5,000 cubic
yards of gravel and clay.
In completing the closure and the necessary protection work, the Southern Pacific Company built 2,250 feet of dam
and put in place 80,000 cubic yards of rock, 80,000 cubic yards of gravel and 250,000 cubic yards of earth, a total of 410,000
cubic yards of material. It also built 15.6 miles of levee, handling in this work 920,000 cubic yards of earth and 215,000
cubic yards of gravel. To handle and place this material 17 miles of standard-gauge railway were built.
The Company incurred an outlay of $1,489,783 82 in aiding the California Development Company in its attempts to
close the crevasse of the Colorado River, and $1,663,136 40 in undertaking the work it was requested to do by the President,
of the United States. The total outlay amounted to $3,152,920 22.
In addition to the completed lines of railway opened for traffic as reported under "Properties and Mileage," construction
is progressing on the lines of the following companies, or of companies organized in their interest, viz.:
Morgan's Louisiana & Texas RR. & SS. Co.—On the extension from Lafayette to Port Allen (opposite Baton Rouge),
about 2/ miles are completed and work on the remaining 32 miles of the line is progressing. On the extension from Bayou
Sale to South Bend, a distance of about 11 miles, the grading is completed.
Louisiana Western Railroad Co.—On the extension from Eunice to Mamou grading is completed on about 10 miles
and work is progressing on the remaining 7 miles.
Texas & New Orleans RR. Co.—A line from West Port Arthur to Port Arthur, about 3 miles in length, was completed
and opened to the public for traffic on September 15 1907.
Southern Pacific Railroad Co.—The grading is completed on a line from Benedict to Smeltzer, about 6 miles in length.
About 7 miles of track have been laid on a line from Empire to Rossi, about 8 miles in length, and the grading for the remaining mile is completed.
Central Pacific Ry. Co.—A spur track from Tacoma, Nevada, to the Ore Bins of the Salt Lake Copper Company, about
3.88 miles in length, was completed and opened to the public for traffic on September 6 1907.
Southern Pacific Company—Bay Shore Line.—On this double-track line, from San Francisco to San Bruno, about 10
miles in length, there was completed during the year about 9 miles of the east track and about 7 miles of the west track.
The remainder of the line, it is expected, will be completed during the early part of the next year.
Southern Pacific Company—Mexican Pacific Coast Railway Concession.—On this line, building from Navojoa, a point
on the Clananea Yaqui River & Pacific Railroad to Guadalajara, a distance of about 720 miles, there was completed during
the year about 40 miles,from Navojoa south, and work is progressing on other sections of the line.
Cananea Yaqui River dc Pacific Railroad.—On this line, from Empalme, a point on the Sonora Railway, to Tonichir
about 159 miles in length, the line from Corral to Buena Vista, about 18 miles in length, was opened to the public for traffic
February 9 1907, thus making a total of 82 miles in operation, and work is progressing on the remaining 73 miles. On
the extension from Corral to Alamos, about 92 miles in length, the line from Corral to Velderrain, about 27 miles in length,
was opened for traffic February 9 1907, and from Velderrain to Navojoa, about 27 miles in length, was opened for traffic.
on May 7 1907, thus making a total of 54 miles in operation, and work on the remaining 38 miles is progressing.
Inter-California Railway.—On this line a continuation of the main line from Calexico to Yuma, about 19 miles of track
and about 3 miles of grading, are completed, and work on the remaining 33 miles is progressing.
Central California Ry. Co.—This company was organized to build a line from Niles to Redwood City, about 16 miles in
length. About 3 miles of the line are graded and work on the remainder is progressing.
Coast Line Railway.—On this line building northward from Santa Cruz, a distance of about 12 miles, about 9 miles,
are completed and work on the remaining 3 miles is progressing.
Peninsula Railroad Co.—This company is building a line from Mayfield to Vaeona, about 16 miles in length. About
9 miles of this line are graded, and the grading is progressing on.the remainder of the line.
Lincoln Northern Railway Co.—This company was organized to build a line from Lincoln to Dairy Farm Mine, about
11 miles in length.
Oregon Eastern Railway Co.—On the 152 miles projected by this company, the surveys between Natron and Klamath
Falls, and between the eastern side of the Cascade Mountains and Ontario, have beeri completed,and considerable right of
way acquired.
Oregon Western Railway Co.—On the 82 miles projected by this company the surveys have been completed from Drain,
via Marshfield to Ward, and considerable right of way acquired. The work of grading and tunneling the line is progressing,
and a large part of the steel bridges, rails, ties and other track material for the line were purchased during the year, but
have not yet been put in place.
There were also acquired during the year the securities of the following companies:
Phoenix & Eastern Railroad Company.—The entire outstanding capital steck of this Company, which owns a line of
railway from Phoenix to Winkelman, Arizona, about 95 miles in length.
Corvallis & Eastern Railroad Company.—The entire outstanding capital stock and bonds of this Company, which owns.
a line of railway from Yaquina to Idanho, Oregon, about 142 miles in length.
Coos Bay Roseburg & Eastern RR. & Navigation Cornpany.—The entire outstanding capital stock and bonds of this Company, which owns a line of railway from Marshfield, on Coos Bay, Oregon, to Myrtle Point, Oregon, about 28 miles in length.
Northwestern Pacific Railroad Company.—During the year the Southern Pacific Company and the Atchison Topeka &Santa Fe Railway Company each acquired one-half of the capital stock of the Northwestern Pacific Railroad Company.
The Southern Pacific Company caused to be vested in the said company the railways of the California Northwestern Railway, the San Francisco & North Pacific Railroad, the North Shore Railroad and the Eureka & Klamath River Railroad
companies, an aggregate of about 326.79 miles, receiving for the outlays incurred for account of the aforesaid properties
cash and securities of the new company. The Atchison Topeka & Santa Fe Railway Company caused to be vested in the
said Northwestern Pacific Railroad Company the railways of the San Francisco & Northwestern Railway and the Fort
Bragg & Southeastern Railroad Companies, an aggregate of about 77.49 miles. The purpose of the consolidation was to
ensure the construction of a link connecting the railways of the California Northwestern Railway and the San Francisco &
North Pacific Railway Companies with the railway of the San Francisco & Northwestern Railway Company, and also a
link connecting the railway of the Fort Bragg & Southeastern Railway Company with the railway of the San Francisco &
North Pacific Railway Company, in order to more fully develop the natural resources of the territory served by these lines.
The death of Mr. David Willcox on April 24 1907 is announced with much regret by the Board of Director's. Mr.
Willcox had been a member of the Board since April 5 1905.
The Board also regrets to announce the death on April 23 1907 of Mr. N. T. Smith, Treasurer of the Southern Pacific
Company and Constituent Companies on the Pacific Coast, and on May 24 1907 of Mr. Wm. H. Mills, Land Agent of the
Central Pacific Railway Company and of the Oregon & California Railroad Company. Mr. Smith entered the service of
the Central Pacific Railroad Company in July 1871 and Mr. Mills in January 1883. In their death the Company lost two
faithful and efficient officers.
Under the pension system, put into effect by the Companies on January 1 1903, there were carried on the pension rolls
284 employees. The payments to them for the year amounted to $102,244 42.
The accompanying report of the Comptroller shows fully and in detail the financial and other transactions of the Southern Pacific Company and of the Proprietary Companies
By order of the Board of Directors,
E. H. HARRIMAN,
President.




THE

FEB. LL908.1

35 1

CHRONICLE.

RN PACIFIC COMPANY-JUNE 30 1907.
-ASSETS AND LIAB ILITIES-SOUTHE
NO. 8
Assets,

June 30 1907.

June 30 1997.

bJune 30 1906.

June 30 1906.

Capital Motiftitles
$197,849,258 64 197,849,258 64
Capital Assets
Common stock
39,569,700 00 39,569,700 00
Stocks and bonds us shown in detail in $297,273,806 32 $275,167,080 54 Preferred stock
140 00
140 00
Tables Nos..0and 10
Preferred stock Issuable
3,659,761 75
3,660,259 29
16,141,915 25
Steamships 4No. 21)
294 00 Subscriptions to preferred stock
744 00
Sinking fund 4No. 17)
First mortgage six per cent steamship
1,929,000 00
1,858,000 00
bonds, due January 11011
Four per cent gold bonds (Central Pacific.
30,218,500 00 30,018,500 00
stock collateral), due August 1 1949_ _ _
Two-five-years four per cent gold bonds,
due June 1 1910, viz.:
Authenticated by Trustee_ -$30,000,000
22,747,000
Less in treasury
7,253,000 00
7,253,000 00
$292,890.513 89 276.619,598 64

$300,934,809 61 $278,827,136 29
Current Assets
Cash
Bills receivable
Agents and conductors
Dividends and Interest accrued to June 30..
Individuals and companies
U. S. Government transportation
Material, fuel and other supplies

$6,774,616 70 $14,530,551 85
612,635 48
675,820 09
2,482,022 33
2,766,682 23
425,486 17
549,950 03
1,375,141 55
2,038,189 19
1,604,034 09
1,808,377 43
7,247,700 87
9,160,125 08

Current Liabilities
Coupons matured-unpaid
Coupons due July 1
Interest accrued on bonds and loans to
June 30, but not due
Dividends due-unpaid
Dividends due July 1, 12, and October 1..
Bonds satisfied of mortgage but not presented
Traffic balances
Loans and bills payable
Vouchers and pay-rolls

$124,207 47
2,890,912 50

$104,249 97
2,789,692 50

2,279,746 98
62,946 45
6,825,704 11

2,148,336 04
0.36369
6,331,170 96

1,000 00
1,868,115 47
2.4,409,776 00
9,867,984 19

9,000 00
1,503,598 47
6,342,840 46

$48,330.482 17 $19,238,252 09

$23,773,760 75 $28,277,572 34
Deferred Liabilities
$502,492 47
Co
Deferred Assets
43 $10,363,855 43 Pacific Mall Steamship due
$226,000 00
226,000 00
Advances for construction of new lines_ _ $25,996,739 85
3,613,358 09 Taxes assessed but not
272,000 00
6,225,550
__
240,000 00
Advances for acquisition of new lines
Wells, Fargo & Co.'s express contract
5,214,689 38
7,655,705 82
Advances for acquisition of electric lines_ _
14,936,236 80 11,510,753 19
Real estate and other property
11,159,828 71
14,849,702 64
Rolling stock
5,548,445 25
7,480,244 56
Steamships and other floating equipment..
164,660 38
221,204 54
Wood-preserving plants
Advances for closing Colorado River
600,000 00
3,152,020 22
crevasse
621,072 46
705,706 21
Individuals and companies
58,512 18
Pacific Mall Steamship Co
$498,000 00
$068,492 47
$81,224,191 16 $48,855,184 02
Proprietary Companies
$2.228,27119
Prop ietary Companies
Central Pacific Railway Co
225,077/37
$1,201,852 66
$517,410 20
Co..
Central Pacific Railway Co
$51,272 73 Houston East & West Texas Railway
1.660,333125
40,578 73
2,489,834 05
Direct Navigation Co
Louisiana Western Railroad Co
8,118,174,36
3,899,542 27
Galveston Harrisburg & San Antonio RailMorgan's Louisiana & Texas RR. & SS.Co
8,770,401 63
9,560,706 41
481,08745
1,071,530 04
way Co
47,077 00 Nevada & California Railway Co
964 72
38.386,293176
40,260,028 81
Houston tie Shreveport Railroad Co
095,028 49 Southern Pacific Rallrcad Co
897,406 27
314,90498
41,021 12
Houston & Texas Central Railroad Co -._ _
Southern Pacific Terminal Co
7,371,737 08
8,037,638 34
630.915 85
Oregon & California Railroad Co
2,551,427 25 Texas & New Orleans Railroad Co
Texas & New Orleans Railroad Co
$48,910,283 24 $51,414,142 06
$19.739,147 13 $19,786,944 18
Contingent Assets
Structures replacement fund
Co_a
San Antonio 83 Aransas Pass Railway comUnadjusted accounts, proprietary
panies

$4,053,553 37

54,053,553 37

Contingent Liabilities
$04,590 07 Marine insurance fund
3,705,044 81 Steamship insurance fund
Reserve for maintenance, renewals, &c__ _
46,596 80 Floating equipment replacement fund_ _ _
Rolling stock replacement fund
Structures replacement fund.
Reserve for depreciation of roiling stock__ _
Unadjusted claims and accounts_
Unadjusted accounts, proprietary companies
Individuals and companies
Principal of deferred payments on land contracts

Total liabilities

Total assets

1,320,956 84
2,734,456 82

97,490 28
38,558 79

103,775 03

101,521 80

52,938 40

$16,419,104 31

$3,846,232 58

--•-$420.725,462 02 $379,593,069 41

$2,427,286 23
1,607,607 54
4,178,841 97
2,476,834 34
219,455 88

$3.205,677 59
1,807,697 54
4,178,641 97
3,352,13479
162,041 71
31,974 24
1,923.952 91
1,899,403 69

$15,122,043 05

$407,518,876 08 $362.892,035 84

Total liabilities

16,701,033 57

22,206,585 04

Balance to credit of profit and loss

$429,725,462 02 $379.593.069 41

on January 1
Co. Income Four Per Cent Bonds,on which interest is payable
a Includes $3,898,000, face value, San Antonio & Aransas Pass Railway
only if earned, out of net earnings and income. In
on otscrved in the
of each year,
this table, have been re-distributed to accord with the classificati
O The assets and liabilities for the fiscal year of 1906. given
fiscal year of 1907.
TARY COMPANIES
-COMBINED INCOME ACCOUNT-SOUTHERN PACIFIC COMPANY AND PROPRIE
• NO. 2.
YEAR ENDED JUNE 30 1907.
y
ary" Lines and Miscellaneous Income of the Southern Pacific Company acid Proprietar
(Earnings and Expenses of "Proprietary" and "Non-Propriet
Companies, combining details shown In Tables Nos. 6 and 11.)
Operating expenses (and taxes) of proprietary lines, interest on funded debt and
all other expenses of proprietary companies as shown in detail in Table No. 11
Operating expenses, taxes and all other expenses incurred in connection with the
operation of the following non-proprietary
lines:
New Mexico & Arizona ItR
Sonora Railway

Receipts of proprietary lines and miscellaneous income of proprietary companies
as shown in detail In Table No. 11
$94,028,576 15 Receipts of the following non-proprietary
lines:
New Mexico & Arizona RR
Sonora Railway
$403,344 13
955,691 08

Expenses of Southern Pacific Co. (No. 6):
$6,346,979 84
Expenses of steamship lines operated
Interest on funded debt, viz.:
113,610 00
6% steamship bonds
1,209,406 66
4% bonds (C. P. stock collateral)
290,120 00
4% 2-5-years bonds
Interest due to proprietary
companies on advances
$1,700,014 50
and open accounts
Less interest due from proprietary companies, Including
interest charged to Oregon
1,144,918 59
& California RR. Co
645,095 91
10,000 00
Rental to Central Pacific By. Co
5,000 00
Rental to Oregon & California RR. Co_ _ _ _
10,000 00
to Southern Pacific RR Co
Rental
157,595 72
Taxes
80,360 70
General and miscellaneous expenses
Annual payment for redemption of 8%
75,000 00
steamship bonds
Premium on $71,000, face value, 6%
3,550 00
steamship bonds redeemed
0,544 10
Discount on bonds sold
Reserve for depreciation of rolling stock
609,251 32
owned and leased to other companies_ _ _
Balance to appropriation of income below
Total




8119,719,274 46
$542,133 It
913,578 4e

Receipts of Southern Pacific Company(No.6):
Gross receipts of steamship lines operated.. $7,118,641 94
Interest on bonds owned of companies
1,359,035 21
109,070 71
other than proprietary companies
Interest on bonds owned of Southern Pa775,586 67
companies_ _
cific Co. and of proprietary
Dividends on stocks owned of companies
775,078 40
other than proprietary companies
32,381 07
Net proceeds from sale and lease of lands_ _
1,565,092 95
Rentals from equipment
Rentals from proprietary companies for
108,985 52
terminals and other facilities
Rentals from other companies for terminal
226,962 31
property
facilities and other
140,350 25
Rentals from steamships
Balance of Interest on loans and open acwith proprietary comcounts other than
1,344,574 10
panies
Dividends received by Southern Pacific Co.
on stocks of Proprietary Companies, viz.:
Central Pacific fly. Co., Preferred
Central Pacific By. Co., Common
Louisiana Western RR. Co
Morgan's Louisiana & Texas RR. &
S. S. Co
Nevada & California By. Co
Carson & Colorado By. Co
Southern Pacific RR. Co
Southern Pacific Terminal Co '
9,565,514 34
41,226,775 22
$147,079,000 92

Total

1,455,711 56

12.376,732 90

$532,000 00
4,036.530 00
336,000 00
1,500,000 00
45,700 00
. 430,000 00
6,400,000 00
239,952 00

13,528,182 00
$147,079,000 92

352

THE CHRONICLE.
01_

APPROPRIATION OF INCOME ACCOUNT.
Dividend;on stocks declared by Proprietary Companies, viz.:
Carson & Colorado Ry. Co..
5% paid December 19 1906
$219,000 00
5% paid June 29 1906
219,000 00
Central Pacific Ry. Co., Preferred:
2% paid August 1 1906
264,000 00
2% paid February 1 1907
268,000 00
Central Pacific By. Co., Common:
3% paid December 18 1906
2,018,265 00
3% paid June 20 1907
2,018,265 00
Louisiana Western RR. Co.:
5% paid December 22 1906
168,000 00
5% paid June 29 1907
168.000
Morgan's Louisiana & Texas RR. & S. S. Co.:
10% paid December 12 1906
1,500,000 00
Nevada & California Ry.:
5% paid December 17 1906
22,850 00
5% paid June 22 1907
22,850 00
Southern Pacific RR. Co.:
3% paid December 18 1906
4,800,000 00
1% paid June 29 1907
1,600,000 00
Southern Pacific Terminal Co.:
6% paid December 18 1006
120,000 00
6% paid June 25 1907
120,000 00
Dividends on stocks of Southern Pacific Co., viz.:
Preferred-34% paid January 14 1907_ $1,384,939 50
Preferred-3%7 payable July 12 1907
1,384,939 50
0
$4,946,231 46
Common-2;4% paid April 1 1907
2.473,11573
Common-1 % payable July 1 1907
Common-1;i% payable October 1 1907_ _ 2,967,738 88

Balance from income account above

$41,226,775 22

$13,528,230 00

2,769,879 00

10,387,086 07
Total
Appropriation for losses San Francisco fire, April 1906_ _ _
Cost of surveys written off
Cost of examinations for fuel written off
Balance to profit and loss No. 3

$26,685,19507
125,50681
4,779 91
2,713 00
14,408,585 43

Total

$41,226,775 22

Total

$41,226,775 22

-COMBINED PROFIT AND LOSS-JUNE 30 1907.
NO. 3.
(Combining details as shown in Tables Nos. 7 and 12.)
Premium on matured and called bonds
Discount on Central Pacific Preferred Stock sold to Southern Pacific Company
Uncollectible accounts written off
Adjustment of unsettled claims and accounts
Fund for refunding outstanding old bonds, Southern Pacific
RR. Co
Balance June 30 1907, viz.:
Southern Pacific Company
Proprietary Companies

$22,206,585 04
76,006,800 76

$3,764 87 Balance June 30 1906, viz.:
Southern Pacific Company
$16,701,033 57
16,000 00
Proprietary Companies
65,964,836 12
62,903 24
$82,665,869 69
48,474 71 Balance from appropriation of income (No. 2)
14,408,585 43
Pnceeds for sale of unpledged lands
293,952 84
1,025,000 00 Proceeds from sale of lands pledged for redemption of bonds
1,741,141 71
Miscellaneous collections
2,069 54
Collection of old accounts
370,495 05
Annual payments to sinking funds and income from sinking
fund investments
531,714 49
Discount on bonds purchased and canceled
68,283 97
09,113,395 70 Adjustment in unsettled claims and accounts
187,425 85
$100,269,538 52

Total

Total____ _ ____________________________________ $100,269,538 52

-SOUTHERN PACIFIC COMPANY-STOCKS OWNED-JUNE 30 1907.
NO. 9.

Total
Outstanding
June 30 1907.

Distribution of Stocks Owned MI Southern Pacific Company.
Total Owned by
---___
-Southern
Deposited
Deposited
Pacific
against issue of under S.P.Co.
Deposited
Company.
South. Poe. Co. 9% (C. P.)
Amount
under S. P.Co. Total Amount
Common
Free.
Deposited.
Stock Collateral 2-5 Years 9%
Capital Stock.
Mortgage.
Mortgage.
-----

-a
Proprietary Companies
-Capital
Carson & Colorado By. Co.
0
$4,380,000 00
54,380,000 00
Stock
$4,375,000 00
55,000 00
54,375,000 00
,
-Common
Central Pacific By. Co.
67,275,500 00
Stock
67,275,500 00
67,274,200 00
1.300 00
$67,274,200 00
._
Central Pacific Ry. Co.-Prefened
13,400,000 00
Stock
13,400,000 00
13,400,000 00
13,900,000 00
-Capital Stock
50,700 00
Direct Navigation Co.
200 00
200 00
Galveston Harrisburg & San Antonio
27,084,372 00
Ry. Co -Capital Stock
27,056,600 00 $27,005,600 00
27,005,600 00
51,000 00
- -Houston East & West Texas By. Co.
1,920,000 00
-Capital Stock
1,918,200 00
1,905,000 00
13,200 00
1,905,000 00
Houston & Shreveport RR. Co.
400,000 00
Capital Stock
397,600 00
395,000 00
2,600 00
395,000 00
Houston & Texas Central RR. Co.
10,000,000 00
Capital Stock
9,998,300 00
9,996,000 00
2,300 00
9,906,000 00
-Capital
Louisiana Western RR. Co.
3,360,000 00
3,360,000 00
3,310,000 00
Stock
50,000 00
3,310,000 00
Morgan's Louisiana & Texas RR. &
15,000,000 00
15,000,000 00
-Capital Stock
SS. Co.
6,000 00
4,094,000 001
10,000:000 00 14,094,000 00
-ComOregon & California RR. Co.
7,000,000 00
6,970,198 50
-.
,
6,045,000 00
mon
25.198 50
6,945,000 00
-PreOregon Stock.
& California RR. Co.
.
12,000,000 00
11,091,00000
1
ferred Stock
11,980,000 00
11,000 00
11,980,001) 00
-Capital
South Pacific Coast Ry. Co.
•
_. .._
6,000,000 00
6,000,000 00
Stock
6,000,000 00
-Capital
Southern Pacific RR. Co.
160,000,000 00 160,000,000 00 123,619,033 00
Stock
9,088,000 00 132,707,033 00 27,292,967 00
Southern Pacific Terminal Co.-Cap2,000,000 00
1 099,600 00
1,095,000 00
tal Stock
4,600 00
1,995,000 00
-CapiTexas & New Orleans RR,Co.
5,000,000 00
4,097,500 00
tal Stock
4,909,600 00
2,10000
4,997,500 00
•
$334,870,572 60 8334,740,798 50 $163,926,133 00 380,674,200 00 356.679,000 00 5301,279,333 00 $33,467,465
Total
Other Companies
$500.000 00
--Capital Stock_
Beaver Hill Coal Co.
$500,000 00
$500,000 00
Cananea Yaqui River & Pacific RR.
c2,500,000 00
-Capital Stock
c2,500,000 00
Co.
_ c$2,500,000 00 c82,500,000 00
-Capital
Central California By. Co.
30,000 00
30,000 00
Stock
30,000 00
100,000 00
-Capital Stock._
Coast Line By. Co.
100,000 00
100,000 00
Coos Bay Roseburg & Eastern RR. &
2,000,000 00
Navigation Co.
-Capital Stock_ .. _ _
2,000,000 00
...
2,000,000 00
Gila Valley Globe & Northern Ity.
2,000,000 00
Co.
-Capital Stock
2,000,000 00
1,907,000 00
1,907,000 00
3,000 00
Independence & Monmouth Ry. Co.
25,000 00
-Capital Stock
12,750 00
12,750 00
Inter-California By. Co.
--Capital
Stock
216,000 00
216,000 00
._ _____ _____
216,000 00
Lincoln Northern By. Co.
-Capital
11,20000
Stock
11,20000
11,200 00
:__________
5,000,000 00
Los Angeles By.Co.
-Capital Stock_ _
2,250,000 00
2,250,000 00
--- Maricopa & Phoenix & Salt River
1,000,000 00
Valley By. Co.-Capttal Stock_ .._
1,000,000 00
489,300 00
489,300 00
510,700 00
100,000 00
-Capital Stock
Merced Canon By.Co.
50,000 00
•
50,000 00
Mexican International RR.Co.
-Cap
20,708,200 00
ital Stock
4,172,100 00
$9,169,100 00
4,164,100 00
8,000 00
Pacific RR. Co.-CaplNorthwestern
35,080,000 00
17,500,000 00
tal Stock
17,500,000 OC
-Capital
Oroville & Nelson RR. Co.
13,000 00
Stock
13,000 00
13,000 OC
-Capital
Pacific Electric By. Co.
20,000,000 00
10,000,000 00
Stock
10,000,000 00




TO

THE (JHRONICLE.

FEB. 8 1908.1

353

Distribution of Stocks owned by Southern Pacific Company.
Total
Outstanding
June 30 1907.'

$69,203,400 00

Brought forward
Pacific Fruit Express Co.
-Capital
Stock
Pacific Mall Steamship Co -Capital
Stock
Rubicon Water & Power Co.
-Capital
Stock
Sacramento Southern RR.Co.
-Capital Stock
San Bernardino & Redlands RR. Co.
-Capital Stock
San Francisco & Napa Ry.Co.-Capi
tal Stock
-Common Stock
Southern Pacific Co.
Southern Pacific Co.
-Preferred Stock
Sunset RR. Co.
-Capital Stock
-Common
Utah Light Fc Railway Co.
Stock
-Preferred
Utah Light & Railway Co.
Stock
Wells, Fargo F0 Co.'s Express-Capital Stock
Stocks of 011 Companies
Stocks of Land and Town Sites Companies
stocks of Miscellaneous Companies

Total owned
by Southern
Pacific
Company.

Deposited
Deposited
Deposited
against issue under S.P.Co under S.P.Co.
2-5 Years
Total
of S. P. Co.
4 Per Cent
4 Per Cent
Amount
Common
(C. P.Stock
Mortgage.
, Deposited.
Capital Stock.
Collateral)
Mortgage.

$42 355,050 00

$1,200,000 00

$600,000 00

10,010,000 00

500,500 00

$9,160,400 00 $33,204,650 00

$800,000 00

20,000,000 00

$4,986,300 00

$4.164,100 00

Amount
Free.

500,500 00

$10,005,000 00 $10,005,000 00

5,000 00
500,500 00

100,000 00

100,000 00

100,000 00

200,000 00

200,000 00

200,000 00

55,000 00
197,849,258 64
39,569,700 00
500,000 00

55,000 00
72,153 34
74,700 00
250,000 00

55,000 00
72,153 34
74.70000
1,500 00

2,162,500 00

1,849,450 00

4,000,000 00

3,832,300 00

8,000,000 00

1,530,000 00
18,284,636 40

248,500 00

248,500 00

1,849,450 00
3,832,300 00
1;530,000 00

1,530,000 00
18,284,636 40
106,666 68
894,220 00

106,666 66
894,220 00
$80,714,676 40

Total Other Companies

$16,769,800 00 $20,933,900 00 $59,780,776 40

$4,164,100 00

$415,461,474 90 $168,090,233 00 $80,674,200 00 $73,448,800 00 $322,213,233 00 $93,248,241 90
£100 00
£100 00
£100 00
£100 00
£100 00
£100 00

Total
-Capital Stock
Asia Steamship Co.
-Capital Stock_
Persia Steamship Co.

a Compares whose earnings and expenses, transportation and traffic statistics are embraced in the accompanying statements for "Proprietary
Companies.
S To be exchanged for a like amount of capital stock of the Nevada & California Railway Co.
Mexican currency.

-SOUTHERN PACIFIC COMPANY-BONDS OWNED-JUNE 30 1907.
NO. 10.

Tctal
Outstanding
June 30 1907.

1

Proprteta "II Companies-a
Carson & C olorado By. Co. first mortgage 4%
Central PactMc By. Co., Through Short
Line, firs mortgage, 4%
Galveston iarrisburg & San Antonio
By. Co. :nd M Eastern Div., 6%
Galveston -farrisburg & San Antonio
By. Co. second mortgage M. & P.
Extensio 1, 6%
Galveston Elarrisburg & San Antonio
Ry. Co. Equipment 6%
Galveston Iouston & Northern By. Co
first 'nor gage 5%
Gulf Weste rn Texas & Pacific Ry. Co.
first mortgage 5%
Houston & Shreveport RR. Co. first
mortgage 6%
Houston , Texas Central RR. Co.,
Lampasas Branch Extension, first
mortgage 5%
New York Texas & Mexican Ry. Co.
first mor tgage, Matagorda Division,
6%
Oregon & California RR. Co. first
mortgage 5%
Southern Pacific RR. Co. first consolidated m rtgage 5% of 1893
Southern 'nettle RR. Co. first mortgage 6% of 1875
Southern Pacific RR. Co. first refunding mortgage 4%
Texas & iNfew Orleans RR. Co. first
mortgag , Main Line, 6%
Texas & few Orleans FIR. Co. first
mortgage, Dallas Division, 4%
Texas & N ow Orleans RR. Co. equip;
merit
Total Proprietary Companies

Total Bonds
'Dotal Stocks (Table No. 9)
Total Stocks and Bonds

-

$2,000,000 00

$2,000,000 00

$2,000,000 00

$2,000,000 00

9,199,000 00

899,000 00

$899,000 00

1,000,000 00

374,000 00

374,000 00

6,354,000 00

1,110,000 00

1,110,000 00

1,110,000 00

1,558,000 00

1,558,000 00

1,230,000 00

1,230,000 00
800,000 00

800,000 00

800,000 00

800,000 00

2,224,000 00

2,224,000 00

2,224,000 00

150,000 00

150,000 00

150,000 00

450,000 00

425,000 00

425,000 00

425,000 00

548,000 00

328,000 00

2,224,000 00

150,000 00

548,000 00

842,000 00

548,000 00

17,745,000 00

32,000 00

32,000 00

4,127,500 00

243,000 00

243,000 00

5,111,000 00

15,000 00

15,000 00

88,502,000 00

7,332,000 00

7,332,000 00

862,000 00

561,000 00

561,000 00

561,000 00

3,997,000 00

1,190,000 00

1,190,000 00

1,190,000 00

1,020,000 00

1,020,000 00

1,020,000 00
1,020,000 00
-----$145,941,500 00 $20,481,000 00
------

Other Co npantesAssociated Oil Co. first mortgage 5%._
Calexico S :hool District 6%
Coos Bay loseburg & Eastern RR. &
Nay. Co . first mortgage 6%
Los Angel s Interurban By. Co. first
mOrtgag .: 5%
Los Angel s Pacific Co. first mortgage
5% _
Mexican C )nsoildated Public Debt 3%
Northwest ;rn. Pacific RR. Co. first and
ref undin g mortgage 4%
Pacific Ele:Vic By. Co. first mtge. 5%
Riverside & Arlington RR. Co. first
mortgag 3 4%
San Jose-L os Gatos Interurban By. Co.
first mortgage 5%
Silsbee Sch not District 8%
Southern iacific Co. (C. P. Stock Collateral) l%
Sunset RR. Co. first mortgage 4%
Utah Light; & Power Co. consolidated
mortgag s4%
Utah Ligh t & Railway Co. first consolldate mortgage 5%
Utah Light & Railway Co. collateral
trust 6 ; notes
Bonds of ther companies
Total Other Companies

Distribution of Bonds Owned by Southern Pacific Company.
Total Owned by
Deposited
Deposited
Southern
Deposited
Southern
against issue of under S. P. Co. under S. P. Co.
Amount
2-5 Years 4% Total Amount
Pacific
South. Pac, Co. 4% (C. P.
Free.
Mortgage.
Deposited.
StockCollateral)
Common
Company.
Mortgage.
Capital Stock.

$3,006,000 00

..

$11,258,000 00 $11,258,000 00

$9,223,000 00
$750,000 00
3,000 00

$750,000 00
3,000 00
624,000 00

624,000 00

1,425,000 00

625,000 00

1,425,000 00

765,000 00
765,000 00
00
005252,300
b252,300
5,094,000 00

5,094,000 00
770,000 00

5,094,000 00 770,000 00
95,000 00

30,218,500 00
316,000 00

95,000 00

50,000 00
3,000 00

50,000 00
3,000 00

1,449,000 00
158,000 00

$1,000,000 00
142,000 00

$1,000,000 00
142,000 00

440,000 00
16,000 00

1,115,000 00

1,00000

1,00000

1,485,000 00

992,000 00

992,000 00

400,000 00

41,000 00
1,008,000 00

41,000 00
1,008,000 00

_

$13,480,300 00

$1,142,000 00

$1,142,000 00 $12,338,300 00

$12,400,000 00 $12.400,000 00 $21,561,300 00
$33,961,300 00
415,461,474 90 $168,090,233 00 $80,674,200 00 73,448,800 00 322,213,233 00 93,248,241 90
$449,422,774 90 $168,090,233 00 $80,674,200 00 $85,848,800 00 $334,613,233 00 $114,809,541 90

embraced in the accompanying statements for "Proprietary
a Companies whose earnings and expenses, transportation and traffic statistics are
Companies."
b Mexican currency.




354

Evol.. 'alum

THE CHRONICLE.

-JUNE 30 1907.
NO. 13.-ASSEITS-PROPRIETARY COMPANIES
Total
June 30 1907.

ASSETS.

*Total
June 30 1906.

-Capital Assets
Cost of road and franchises
Expenditures f.)v new Hues

$691,845,910 67 $685,866,166 28
9,234,989 45
5,553.632 87

Total
Sinking funds (No. 17)
Land grant accounts (No. 18)
Trust funds (No. /9)

$701,080,900 12 $691,419,799 15
15,324,070 07
16,400,686 96
977,567 94
1,530,581 74
269,078 86
254,658 54

Total

$717,651,616 99 $709,605,726 39

Current Assets
Cash _
Bills receivable
Agents and conductors
Traffic balances
Individuals and companies
U. S. Government transportation
Bonds owned (No. 15)
Cash and bonds deposited against bonds
satisfied of mortgage
Bonds • to be exchanged for refunding
bonds
Material, fuel and other supplies
Total
Deferred Assets
Individuals and companies
Land and other property
•Stocks owned (No. 15)
Total
Proprietary CorriePantes
Central Pacific By. Co_
Direct Navigation Co
Galveston Harrisburg & San Antonio By.
Co
Houston East Fo West Texas Ry. Co'
Houston & Texas Central RR. Co
Louisiana Western RR Co
Morgan's Louisiana & Texas RR. &SS.Co.
Oregon & California RR.Co
Southern Pacific Terminal Co
Texas & New Orleans RR. Co
Total
S3uthern Pacific Co

5367,222 11
365,591 31
885,077 35
10,535 29
1,048,669 80
190.803 80
1,281,759 90

$3,182,336 51
783,277 42
333,252 53
80,080 86
1,077,176 52
146,947 24
799,556 53

794,983 78

889,983 78

405,500 00
4,612,445 34

, 16,000 00
4,433,946 32

$10.162,588 68 $11,742,557 71

$422,417 11
575,080 61
330,725 41

$305,750 65
590,775 62
322,850 91

$1,328,221 13

$1,219,377 18

$2,041 62
649 05

32,057 41
151,096 72

390,091 48
63,016 53
28,459 79
59,856 05
348,337 15
2,041 63

-LIABILITIES
-PROPRIETARY COMPANIE5--JUNE 30 '07.
No. 14.

3,010,890 09
75,110 75

133,308 84

1,014,562 21
2,541,875 25
2,05740
63,951 14
594,682 11

$1,027,802 14

Total
June 30 1947.

Capital Liabilities
Capital stock
5309,770,572 0 $309,770,572 00
Preferred stock
25,400,000 0
25,200,000 00
Funded and other fixed interest-bearing
debt (No. 5)
322,843,508 77 323,986,293 05
Equipment trust obligations (No. 5)_ _ _ _
2,578,000 00
2,850,000 00
Three per cent notes to U. S. of America
(No. 5)
11,762,543 1
17,643,814 68
Total

$672,354,623 St 5679,450,679 73

Current Liabilities
Coupons matured-unpaid_
Coupon due July 1
Interest accrued on bonds to June 30 but
not due
Dividends due-unpaid
Bonds satisfied of mortgage but not presented
Matured or called bonds
Individuals and companies
Traffic balances
Trans and bills payable
Vouchers and pay rolls

Deferred Liabilities
Individuals and companies_
Taxes assessed but not due..
Sinking funds uninvested (No. 17)--

-

Total
Proprietary Companies
Direct Navigation Co
Galveston Harrisburg & San Antonio By.
Co
Houston East & West Texas By. Co
Houston & Shreveport RR. Co.
Houston & Texas Central RR. Co__,
Iberia & Vermilion RR Co
Louisiana Western RR. Co
Morgan's Louisiana & Texas RR.& SS.Co.
Southern Pacific RR. Co
Sluthern Pacific Terminal Co
Texas & New Orleans RR. Co

Total _
Profit and loss (No. 12)
Total Assets

$356,481 1
409,580 00

5562,090 48
432,105 00

658,093 35
6,327 00

665,636 19
6,315 00

608,000 0(
88,713 9
91,158 3
322,322 4
280,0000
2,405,94(1 88

624,000 00
75,713 92
256,505 77
105,848 70
50,000 00
1,984,820 00

$5,226,623 20

Total

$4,763,044 06

$42,322 85
371,913 44
64,076 23

$269,901 30
240,612 05
175,753 15

$478,312 52

$686,266 50

$15,104 72

5190,746 11

16,668 77
28.459 79
63,010 53

1,031,763 03

135,589 10
212,748 05
126,718 21
4,083 25
58,684 79
382,004 36

60,858 34
14,252 41
T28,707 49
1,748,390 47
415,145 42
2,057 40
41 70
3,862,274 08

51.043,077 57

57,454,236 45

$7,456,283 08

548,910,283 24 $51,414,142 06

Total
Southern Pacific Company

Contingent A ssetsRolling stock replacement fund
Individuals and oompantes
Unadjusted accounts
S P. Co. unadjusted accounts.

*Total
June 30 1906.

$15,725 72
7,266 81
34,752 43
227,009 29

$284,754 25
57,850,188 27

56,843 00
36,075 18
145,436 37

$188,354 55
_
$9,105,328 23

5787,215,454 70 5790,731,769 20

Contingent Liabilities
Floating equipment replacement fund__ _
1111.ing stock replacement fund
Structures replacement fund
Insurance fund
Fund for refunding outstanding old bonds
of S. P. RR Co
Unadjusted accounts
S. P. Co. unadjusted accounts
Individuals and companies
Principal of deferred payments on land
contracts
Total
Profit and loss (No. 12)
Total liabilities

$19,739,147 13 519 786 044 18

5133,742 14
428,146 0
5,657 95
161,603 23

$105,176 31
104,289 36
175 65
71,464 03

14,100 1
1,399,964 55

145,336 38
825,212 80
63,422 58
30,427 17

49,874 23
1,423.583 44

2,174,929 65

$3,616,672 36

53,520,433 93

584,756.9113 02 5 , -70,164 35
- - .- - 771-0
5787,215,454 70 $790,781,769 20

*The assets for the fiscal year 1906, given in this table, have been re-distributed to accord with the classification observed for the fiscal year 1907.

*The liabilities for the fiscal year of 1906, riven in this table, have been redistributed to accord with the classification observed for the fiscal year 1907.

-The twentieth annual statement of the American Real
Estate Co. at 527 Fifth Ave.(Night and Day Bank Building),
this city, which was advertised in last week's issue of the
"Chronicle," is ready for distribution and will be mailed on
request, with full information regarding its 6% bonds based
on the ownership of selected New York realty. On Jan. 1
1908 the concern had $8,047,365 in developed properties
ready for building improvement; $691,278 buildings in course
of construction and land therefor, $1,059,060 of rental
properties-lands and buildings; $488,811 mortgages receivable, besides $178,927 of cash in banks and offices.
Against the $10,558,500 of assets there are outstanding
$7,501,420 of its bonds and certificates and also $1,304,914
real estate mortgages. Capital stock is $100,000 and surplus
$1,540,969. The company's statement is certified by
Patterson, Teele & Dennis, certified public accountants, the
real estate valuations were appraised by the Real Estate
Board of Brokers of theCity of New York,and the titles to
properties are insured by the title guarantee companies.
The American Real Estate Co. commenced business in 1888.
The company issues two kinds of bonds for investment, viz.:
6% coupon income-bearing bonds at par in denominations of
$100, $500, $1,000 and $5,000, or any desired amount,
paying 6% interest semi-annuallyby coupons attached,and
6% accumulative income savings bonds purchasable by
installment payments covering terms of 10, 15 or 20 years.
The executive staff is as follows: Edwin K. Martin, President; Dyer B. Holmes, Vice-President; Edward B. Boynton,
Second Vice-President; William B. Hinckley, Secretary;
Richard T. Lingley, Treasurer, and Francis H. Sisson, Asst.
Secretary. James Cowden Meyers, Counsel.
-The Wm. R. Compton Bond & Mortgage Co. of Macon,
Mo. (which during the past few years has built up an extensive and successful municipal bond business in that city) is
about to remove its headquarters to St. Louis, which offers
a wider field for development. The William R. Compton Co.
has leased commodious offices on the second floor of the
Merchants, Laclede National Bank Building, and will be
ready for business about March 1st. Connected with the

company are Wm. Foley (formerly with the Mercantile
Trust Co.), Mr. Dysart, Mr. Emmert and Mr. Clarkson Potter
-all gentlemen of experience in the handling of investment
securities.
-Fisk & Robinson, 35 Cedar Street, in the February issue
of their "Monthly Bulletin of Investments," give in parallel
columns an analysis of the Fowler bill, the currency measures
proposed by the American Bankers' Association and the
Aldrich bill. They discuss at 'length the relative merits of
the three propositions, giving their approval to the Fowler
bill, and as a compromise measure the recommendations
of the American Bankers' Association.
-The stock-brokerage firm of Tracy & Co. has completed
the removal of its main Chicago office to spacious and wellequipped quarters in the rotunda of The Rookery-the fine
suite formerly occupied by Chas. G. Gates & Co., and later
by Harris, Winthrop & Co. Tracy & Co. also retain an
office in the First National Bank Building, which is under
the management of G. C. Morgan.
-Spencer Trask & Co., investment bankers, William and
Pine Sts., New York, announce the publication of the 1908
edition of their booklet entitled "Statistical Tables," copies
of which may be had on application. The current edition
comprises 84 pages and is replete with information relating
to American railroad and industrial companies dealt in upon
the New York Stock Exchange.
-Hayden, Stone & Co., New York and Boston, have issued a circular regarding the Interborough-Metropolitan Co.
and its 43,% collateral trust gold bonds, dated 1906 and
due April 11956, which at present prices return the investor
7M% interest and are recommended as a "decidedly attractive speculation."
-W. Graham Browne announces that he has opened an
office in Montreal as a dealer in government and municipal
bonds and debentures, and other high-grade securities,
under the name of W.Graham Browne &Co. The company's
quarters are in the Bank of Ottawa Building, 222 St. James
Street.




3.55

THE CHRONICLE.

FEB. 8 1908.1

COTTON.

lt,he Toinnterciat

Friday Night Fel).1 1908.
THE MOVEMENT OF THE CROP as inclicabed by our
telegrams from the South to-night is given below. For the
COMMERCIAL EPITOME.
week ending this evening the total receipts have reached
Friday Night, Feb. 7 1908.
215,113 bales, against 284,735 bales last week and 253,891
receipts since
The trend seems to be toward improvement but the pre- bales the previous week, making the total
1907, 6,391,212 bales, against 7,525,840
sentiment is still in favor of very conservative trad- the 1st of September period of 1906-07, showing a decrease
vailing
bales for the same
ing. Prices show no marked change.
since Sept. 1 1907 of 1,134,628 bales.
Stocks of Merchandise.
Lard
Cocoa
Coffee, Brazil
Coffee, Java
Coffee, other
Sugar

7-111C:i.

Cotton
Rosin
Spirits turpentine
Tar
Saltpetre
Manila hemp
Sisal hemp
Flour

Feb:1
1908.

Jan. 1
1901.

Feb. 1
1907.

6,525
5,640
7,750
tierces
8,270
7,250
12,500
bags
bags 3,303,945 3,367,067 3,199,175
48,500 274,138
36,425
mats
bags 191,563 209,586 280,000
4,800
5,800
hogsheads
8,840
none
bags, &c.
4,000
7,900
7,000
No.
bales 122,740 140,438 139,177
17,870
barrels
755
barrels
776
barrels
1,350
6,550
4,200
bags
11,225
20,400
12,465
bales
2,816
1,460
3,350
bales
66,200
24,500
47,400
barrels and sacks

Total.
Wed. Thurs, Frt.
Mon. Tues.
Sat.
Receipts at13,332 9,720 80,249
.5_
11,050 13,455 22,4_5
Galveston
6,303
_
Port Arthur_ __ _
3,941
3.941
Corp.Christi,&c..
,1155 7,414 11.367 66,858
7,962 16,251 11,984 11- New Orleans_ _
734
487 6,093
950
1,865 1,323
734
Mobile
2,650
2,650
Pensacola
Jacksonville, &c.
4.310 3,562 6,870 3,523 3,555 3,424 25.041
Savannah
2,983 2,983
Brunswick
465
157 1,854
47
35
232
718
Charleston
50
50
Georgetown _ _
1.54 1,94 7,319
1,031
,437
,5.
1- 713 1- 75
__
,165
1Wilmington
842 1,984 9,742
988 3,275 1,320 1,333
Norfolk
50
50
N'port News, &c.
_
New York
99
35
64
Boston
1,928
1,928
Baltimore
148
47
23
39
39
Philadelphia_ _ _ _

12:IN

Total this week 29,517 40,255 45,098 35,446 27.427 37,370 215,113
LARD on the spot has been weak, owing to the continued
trade, liberal receipts of live hogs and larger
stagnation of
The following shows the week's total receipts, the total
/
offerings of product. City 73'®73lc. and Western 758c. since Sept. 1 1907, and the stocks to-night, compared with
Refined lard has also been weak, with trade quiet and, lim- last year:
ited to local jobbers. Refined Continent 8.10c., South
Stock.
1906-07.
1907-08.
America 8.85c. and Brazil, in kegs, 10.15e. Speculation in
Receipts to
This Since Sep 7'his Since
7.
February
1907.
lard futures at the West has been moderately active. Prices
1908,
week. 11907. week. 1 1900.
have shown irregularity but the undertone of the market Galveston
80,249 1,816,598 119,037 2,968,814 211,530 392,142
has continued easy in the main, owing to the dulness of the Port Arthur &c_ 6,308 92,487 8,529 107,364
28,172
30,837
3,041
Corp. Christi,
349,474
cash markets, a bearish statistical position and liquidation.
New Orleans__ _ _ 66,858 1,464,253 67,743 1,758,559 255,466
35,393
41.535
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs. Fri
Tues.
Mon.
Sat.
7.52
7.55
7.673,1 7.60
7.55
May delivery
7.673
7.67
7.70
7.82M 7.75
7.67%
7.80
July delivery

PORK on the spot has been dull and easier. Mess $14®
$14 50, clear $15 25@$16 50 and family $17. Beef has been
quiet with prices irregular but in the main somewhat easier.
Mess $10 50®$11; packet $11@$12, flank $11@$12, family
$13@$14 76 and extra India mess $20 25@$21. Cut meats
have been quiet and steady; pickled hams 9@l0c. and pick/0. Tallow has been quiet
led bellies, 14®10 lbs., 73@81
(359o. Stearines have been dull and
and steady; City 5 8
easier; oleo 7 M®7%c.and lard 83c. Butter has been quiet
and firmer; creamery extras 34c. Cheese has been quiet and
steady; State, small, fine, 15%c: Eggs have. been quiet and
firmer; Western firsts 253/()259ic.
-Cottonseed has been easier; prime summer yellow
OIL.
39c. Linseed has been quiet and steady; City, raw, American seed, 44®45c.; boiled 45®46c. and Calcutta, raw, 70c.
Lard has been dull and easier; prime 69®71c. Cocoanut has
i@8Me. and Ceylon 6U®
been quiet and steady; Cochin 8Y
7 lAc. Olive has been quiet and steady; yellow 65@75c.
Peanut has been quiet and steady; yellow 65®80c. Cod
has been quiet and steady; domestic 42@43c. and Newfoundland 44@45c. •
COFFEE on the spot has been quiet and steady; Rio No.7,
6l4(0)63ic. West India growths have been quiet and steady;
fair to good Cucuta 9%@9%c. Speculation in future contracts has been quiet and prices have shown no noteworthy
change. It is still a waiting market.
The closing prices were as follows:

6,093 265,270 4,281 215,587
Mobile
98,325
2,650 126,407
Pensacola
6,114
• 242
6,694
Jacksonville, &c..
25,041 1,292,698 21,521 1,228,068
Savannah
2,983 193,775 5,916 134,919
Brunswick
1,654 182,777 1,769 129,737
Charleston
1,082
10
337
50
Georgetown -7,319 431,234 5,664 287,667
___
Wilmington
9,742 423,822 10,404 441,558
Norfolk
25,132
5,422 2,148
50
N'port News_ _ _
13,117
63
2,979
New York
43,328
1,774
99 . 5,011
Boston
35,942
44,933 2,097
1,928
Baltimore
4,357
82
5,678
148
Philadelphia
215,113 6,391,212 251,289 7,525,840
Tctal

95,811
17,575
20.768

115,294
10,385
13,116

8,284
23,739
130
120,794
7,798
13,671
2,736

13,797
42,307
3,448
141,780
9,882
9,674
1,598

820,837 1,138,290

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1906.
1907.
----53,721
119,037
974
8,529
41,637
67,743
2,746
4,281
12,770
21,521
8,512
5,916
1,078
1,788
1,079
5,664
5,479
10,404
1,078
2,148
2,501
4,258
--------215,113 251,289 131,605

1908.

Receipts atGalveston
PLArthur,&c.
New Orleans_
Mobile
Savannah _
Brunswick_ _ _
Cbarleston,ecc,
Wilming'n,&cl
Norfolk
N'port N., &c,
All others_ _ I
Total this wIt_l

80,249
10.249
66,858
6,093
25,941
2,983
1,744
7,319
.1,742
50
4,825

1905.
-13,755
1,121
37,932
3,587
11.907
2,487
1.155
2,094
6,304
188
4.934
85,544

1904.

1903.

58,272
33,428
13,846 •
498
55.888
49,730
3,560
2,985
23,161
16,113
1,878
980
1,648
190
2,214
2.637
9,323
8,527
584
663
21,711
6,060
127,081 102,085

6,213,592
Since Sept. 14,391,212 7,525,840 5,864,051 6,726,971 0238.757

The exports for the week ending this evening reach a total
of 223,086 bales, of which 111,837 were to Great Britain,
4,098 to France and 107,151 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1907.
Week ending Feb. 7 1908.
Exported to
Exports
front-

ContiGreat I
Brttatn.1Frnce neat.

From Sept. 1 1907 to Feb. 7 1908.
Exported to-

ContiGreat
Total. Britain. France. nent.

Total.

770.765223,384 516.969 1,511,118
6.25c.; October --------6.40c. Galveston _...._ 54,1301 ____ 34.982 89,112
6.10c. June
92,487
48,814
February
6,308 43,673
6,308, ____
6.45c., Port Arthur_
6.30c.1 November
,
6.10c. July
1,328
1.328
March
Corp.Christi.cte
6.50e
6.35c. December
6.15c. August
611,983 171,571 422,252 1,205,806
April
6.05e: New Orleans__ 21,8071 ____ 34.059 55,866
••
6.20c. September
6.40c1 January
77,914 180,624
61.459 41,251
6,294
May
6,2941
Mobile
59.527 130,666
34,435 36,704
2,850 2,850
-Raw dull and steady. Centrifugal, 96-degrees Pensacola
SUGAR.
Fernandina
11 3,265 21.453 24,718 150,446 83,834 526,858 761,138
muscovado, 89-degrees test, 3.25c.; molasses,
test, 3.75c.;
81,331 158,901
Brv nnnah
8a ua invick___. 5,64115,641 77,570
44,518
34,050
:.
10,468
2,300 2.300
89-degrees test, 3c. Refined quiet and steady; granulated Charleston.
266.873 418,150
122.757 28,52
Wilmington_
3,853 28,402
24,549
2.734
spices have been fairly active and steady.
2,7341
Norfolk
4.80c. Teas and
1,336
1,33(1
-Active and firm; refined, barrels, 8.75c.; Newport News 4,40311 833 4.027 9.263 197,939 27,122 197,268 422.329
PETROLEUM.
New York__
5.102 123.721
147 7,564 118.610
Boston
94,987
56.484
35.103 3
cases 10.90c. and bulk 5c. Gasoline active and firmer; 86- Baltimore__ __I 7,4171
1,180
1,1801
44.121
8.600
35,523
1,923
Philadelphia
degrees, in 100-gallon drums, 22c.; drums $8 50 extra. Portland. Me__ _II 1,9231
1
1 - dull and steady at 55%c. Rosin dull San Francisco:137,461 37,461
Spirits of turpentine
49,161
49,161
7.333 7,333
Scattle
1
28,543
28,543
Tacoma
and steady; common to good strained $4.
Portland, Ore_l
c leaf has been in light request. Pembina
-Domesti
TOBACCO.
I
1,625
i
The output of cigars continues on a reduced scale and manu- Detroit
.-25
1:6425
disposition to anticipate requirements.
facturers show no
Total
1111.837' 4.00 107,151,223,0862,298,251515,78 .422.3885.336
Prices are reported easier in some cases.. Foreign tobacco Total 1900-07_1125,94615,853 82.017,223,81612.598,901672,807 .471,6935,743,401
I
•
has been quiet and steady.

/
COPPER dull and easier; lake 13% ®133 tc.; electrolytic
In addition to above exports, our telegrams to-night also
133 ®13%c.• Lead quiet and steady at 3.70c. Spelter give us the following amounts of cotton on shipboard, not
,firmer at 4.55®4.65c. Tin quiet and firmer;
dull and
at the ports named. We add similar/ figures for
Straits 28%c. Iron has been quiet and steady; No. 1 Nor- cleared,
.0 1.
50@$18 75; No. 2 Southern $17 25(017 75. • • New York •
thern $18




356

THE CHRONICLE.
On Shipboard, Not Cleared for
-

Feb. 14 at-Great
Britain. France
New Orleans_ _
Galveston _ _ _ _
Savannah
Charleston_
Mobile
Norfolk
New York__ _ _
Other ports_ _ _

Other CoastGermany. Foreign wise.

20,702 23,175
7,940 10,716
13,202 23,182 32,074 16,564

885
4,342
3,200
1,700
400
16,714

Total.

Leaving
stock.

63,418
89,964
3,200
1,700
20,850
19,214
8,100
26,000

193,048
121,566
92,411
19,068
20,685
4,525
112,694
24,394

Total 1908_ - 55,904 51,207 67,814 30,280 27,241 232,446
Total 1907.. _ 56,930 50,664 53,688 32,938 42,128 230,348
Total 1906._ 41,682
8,022 29,997 27,315 18,766 120,382

588,391
901,942
786,358

4,500
2,500
3,000
12,000

4,550 11,400
300

2,800
13,000

2,000
1,000

Speculation in cotton for future delivery has been on the
whole quiet, trading being limited for the most part to professional operators, and the net changes in prices have been
slight. The outside public still holds aloof, reports have
been current from time to time that short time is likely in
Lancashire, the stock market has been depressed, and at
times the crop movement has increased somewhat. Liverpool prices have shown the effects of American selling there,
and Liverpool, Southern and Wall Street selling has also
been more or less of a feature of the trading here, so far as
it showed any feature at all. There has been a certain amount
of liquidation all the week, and at times room traders have
put pressure on the market. Some large operators who
have bought March and May are said to have sold July, and
the President's message with its reflections on speculation
in commodities as well as stocks has been followed by proposed anti-option legislation in the New York Assembly, IL
message to- both houses of the Miss'ssippi Legislature recommending that laws be enacted prohibiting speculation in
futures, and a speech by the Governor of Alabama attacking
the so-called "gambling" in cotton, all of which has a tentency to curtail speculation, already fallen to very small
proportions. The season, moreover, is approaching for
preparations for the new crop, and according to some of the
Texas reports there is likely to be an increased acreage
planted in that State, owing to the breaking up of new lands.
Finally, spinners, according to most reports, are buying only
from hand to mouth, with the trade in cotton goods as a
rule on a restricted scale. On the other hand, however, spot
markets have for the most part been firm, and it is demed
that there is any possiibility of short time in Lancashire in
the immediate future, some reports stating that not a few
English mills are sold ahead for some months to come. The
Southwestern crop movement of late has been light, some
large spot interests are said to have been buying March, and
certain Wall Street people have been buying May, apparently
for both sides of the account. But the feature which stands
out the most distinctly is the dulness of the speculation.
Even professional operators as a rule are inclined to proceed
very cautiously, awaiting more light on the general trade
and financial situation. Much of the business in such circumstances has been done by a few prominent groups of operators
some of whom have been buying March and May, even if
they have sold July against it, while otheis appear to have
been retiring short commitments, if they have not really
switched to the bull side. Taken as a whole, it is a quiet
period not only in speculation but also in business in the
actual cotton. To-day prices were irregular, owing to a
noticeable pressure to sell July, attributed to prominent
people, accompanied by considerable buying of May. July
closed 8 points lower and other months unchanged to 2
points higher. Receipts were light, exports large and spot
market firm. Spot cotton here has been quiet. Middling
uplands closed at 11.70c.
The rates on and off middling, as established Sept. 11 1907
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Fair
c 1 75 on Strict low mid__ _c_O 30 off Middling tinged_ .c..0.30 off
Strict mid. fair...A.50 on Fully low mid
0.65 off Strict low mid. ting.1.00 off
Middling fair
1.25 on Low middling
1.00 off Low mid. tinged__ _1.80 off
Barely mid. fair_ _ .1.00 on Barely low mid_ _1.25 off Strict g'd ord. ting..2.00 off
Strict good mid_ _0.75 on Strict good ord___1.50 off Fully Mid. stained.1.01) off
Fully good mid_... _0.02 on Fully good ord____1.75 off Middling stained__ 1.25 off
Good middling____0.50 on Good ordinary_ _2.00 off Barely mid. stained 1.75 oft
Barely good mid..
.0.37 on Strict g'd mid. tgd.0.35 on Strict low m. stain_2.25 off
Strict middling____0.25 on Good mid.
Even Fully I. m. sta1ned.2.82 oil
Middling
Basis Strict mid, tinged..0.20 off Low mid. stained..3.00 off
tinged_.

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 1 to Feb. 7Middling upland

Sat.
11.65

Mon. Tues
11.65 11.85

Wed Thurs
11.70 11.70

Fri.
11.70

NEW YORK QUOTATIONS FOR 32 YEARS.
1908_c
1907
1906
1905
1904
1903
1902
1901_

11.70
11.05
11.25
7.80
15.50
9.25
.8.50
9.75

1900_c_._
1899
1898 . ____
1897
1896
1895
1894
1893

8.56
0.54
0.06
7.31
8.25
5.62

1892-c
1891
1890 _
1899
1888
1887

9.31 1885

7.31
9.25
.11.19
10.12
10.56
9.50
9.19
11.12

1884_c
10.75
1883
10.19
1882
11.94
1881_ -.11.56
1880_-_13.00
1879 _
9.56
1878
11.06
1877
19.75

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday__
Monday___
Tuesday __
Wednesday
Thursday _

Quiet
Quiet
Quiet 20 pts. adv__
Quiet.15 pts. dee
Quiet
Quiet

Total_ _




Futures
Market
Closed.
Steady
Steady
Steady
Steady
Steady
Steady

Sales of Spot and Contract.
Con- Con• Export sism'n. tract.

Total.

300 1,200 1,500
100
100
400

500

100
100
900

900 1,700 2,800

L.xxxvi.

FUTURES.-Thelhighest, lowest and closing prices at
New York the past week have been as follows:
ne0WOOOOTOW?.0n4QWZO(104'030°'
i gqg l eggr§gqinclgli°2Wigj'
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a
6g1
EP' En 5A E''' FE" Ein 1 5
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'
.
'
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II
Il
II 88 II 88 88 51 88 81 88 81
006
e.,, :.1:4 Oa
MO, M
b b Oa
o.a.
0. ..
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10 10 10
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II

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t‘lin
j

6t
4

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c

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.4.4

tees L.1:•1 Cab 0;4, 6
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•

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10 10 e0 I@ I@. .. .. 10 10 .. ..
I@ 10 10 ..
. 10 10
oo

11

II 81

7
11

o

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,0, 11

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oo oo o.
. .. oo

: ° C?).12 4 4t :
.:
4:
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2

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II 88 II 88 88 81 88 81
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11 88 It 81 88 81 ZS' = .:8 81
17
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,
.
I® I® I® I® 1® 1,,) I® I® 1® I® i®

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I@ I@ I® 1® I@ . . .." ". I@
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11 85 II 88 88 '.:1 Z8 = ::8 81

1© ; ro 10 .. 10 ?! 'I : .. 1 1:1 1130
f
i .- ' ; ... .
' 7 1.
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; ..

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18 11 88 II 88 88 88 88 81 88 88

6
.

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'5i- 11_0.1 tt 1 Cs-1 .
;
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11 88 11 88 88 :II = ...'l z5 51
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.

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co 00 .. .. ..
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.

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.t. •

18 18 18 18 18 18 18
0
1.1
L-,
t,., . Co
. 0

•1
0

.
r.
0

Oa
0

THE VISIBLE SUPPLY OF CorroN to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from
the United States, including in it the exports of Friday
only.
February 7-Stock at Liverpool
Stock at London
Stock at Manchester

,
Total Great Britain stock
Stock at Hamburg
Stock at firemen
Stuck at Antwerp
Stock at Havre
Stock at Marseilles '
Stock at Barcelona
Stock at Genoa
Stock at Trieste

1908.
bales.1,062,000
11 ,000
67,000
1,14),000
14,000
400,000

1907. .
2006.
902,C00 1,216,000
10,000
10,000
73,000
59,000

1905.
942,000
12,000
45,000

999,000
985,000 1,285,000
12,000
12,000
14,000
389,000
414,000
590,000
-.4,000
200,000
277,000
2 -3,(5
- 6
3,000
3,000
3,000
13,000
50,000
18,000
54,000
77,000
124,000
3,000
3,000
2,000
---763,000
713,000
850,000

216,009
4,000
30,000
30,000
19,000
---Total Continental stocks
719,000
-Total European stocks
1,859,000 1,835,000 2,048,000 1,714,000
India cotton afloat for Europe_ _ .. 123,000
160,000
90,000
183,000
Aw.erican cotton afloat for Europe 760,409
361,000
467,000
913,928
Egypt,BraziLecc.,aflt.for Europe.. 54,000
60,000
09,000
66,000
Stock in Alexandria, Egypt
196,000
195,000
234,000
2z2,000
Stock in Bombay,India
895,000
447,000
548,000
505,000
Stock in U. S. ports
912,740
748,434
820,837 1,138,200
Stock in U. S. interior towns
697,084
650,712
535.162
611,155
U.S.exports to-day
12,13-1
17,940
76,281
18,748
----- --- Total viAble supply
4,998,689 5,505,121 5,350,958 4,405,092
Of the above, totals of American and other de3criptlons are as follows:
American
Liverpool stock
bales. 948,000
805,000 1,076,0001 873,000
Manchester stock
38,000
51,000
50,000
59,000
Continental stock
713,000
670,000
644,000
798,00(1
American afloat for Europe
760,41)0
631,001) 467,000
913,928
port stocks
U.S.
748,434
912,740
820,837 1,138,290
U.S. Interior stocks
656,712
535,162 611,155, 697,084
U.S. exports to-day
12,134
17,946
76,281
18,748
Total American
East Indian, Brazil,
Liverpool stock_
London stock_
Manchester stock
Co tinental stock
India afloat for Europe
Evypt, Brazil, etc., afloat
Stock in Alexandria. Egypt
Stock In Bombay, India
Total East India, &c
Total American

3,835,C89 4,344,121 3,821,958 3,471,092
114,000
1600 0
1: 0
1
)0

97,000
10 00
4 00
:0
0

140,000
1(1,000

75,000
123,000
54,000
222,000
548,000

52,000
183,000
66,000
234,000
505,000

511,00
9 909
n
169,000
60,000
198,000
895,000

69,000
12,000
7,000
45,000
90,0110
69,000
195,1100
447,000

1,183,000
3,3:15,689
---4,998.689

934,000
1,161,000 1,529;1100 4,344,121 3,821,958 3,471,002
-----5,51)5,121 5,350,958 4,405,092
5.87d, 7 4.09d.
1.1d 6.
6.09 .
11.70c.
11.25c.
11.10c.
7.70c.

Total visible supply
Middling Upland, Aveipool
Middling Upland, New York.
Egypt, Good Brown, Liverpool _ _
Peruvian. Rough Good, Liverpool
lid.
9.81Sci:
c
Broach, Fine. Liverpool
5 1$-16d. 5 11-16d.
Tinnevelly, Good,Liverpool
5 yid.
5:4d.

.
9 13idd.
5 7-16d.

10.30d.
4d.
Old.

Continental imports for the past week have been 164,000
bales.
The above figures for 1908 show an increase over last week
of 20,347 bales, a loss of 506,432 bales from 1907, a decrease of 352,269 bales from 1906, and a gain of 593,597
bales over 1905.

THE CHRONICLE.

FEB..8 1908.j

AT THE INTERIOR TOWNSItheTmovement-that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year-is set
out in detail below.
,.MW4t4
1

9,9g42

9
0p0

aManggg52E85.§gE25gggla5+
0.0 Z5S102540 1.00050q0
1
54.
- 0046'
9
<1 0 =.'0 100'0
8
o
0

0

5-

a:- • .V

F

;umol

0

.--3g)07,%

- • • -0 &105°:
g

Week ending
February 7.

I
3"

Closing Quotations for Middling Cotton onSardayli Monday. Tuesday. Wed'day. Thursd'y. Friday.

Galveston
11%
New Orleans_ _ _ 1134
Mobile
1134
Savannah
1134
Charleston
1134
Wihnington_
1134
Norfolk
1134
Boston
11.65
Baltimore
12
Philadelphia _ _ _ 11.90
Augusta
1174
Memphis
1134
St. Louis
1234
Houston
117-4
Little Rock_ __ _ 11 9-16

11%
1134
1134
113-1
1134
1134
1174
11.65
12
11.90
11%
1174
12
1134
113-4

11%
1134
1134
113-i
113-1
1134
12
11.65
12
12.10
1134
11 15-16
12
1174
11%

11%
11 13-16
11%
1134
113-i
1134
117g
11.85
117-4
11.95
117-4
117-4
12
1134
1134

1134
1131
11%
1134
1131
113-4
117-4
11.70
1174
11.95
1174
113-4
12
1134
11%

1131
1131
1134
113-1
113-1
1134
117-4
11.70
1174
11.95
12
117-4
12
1134
1134

-The highest,
NEW ORLEANS OPTION MARKET.
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:

8 F.1

,
Sat'day, Monday, Tuesday, Wed'day, Thursd'u, Friday,
Feb. 1. Feb. 3. Feb. 4. Feb. 5. Feb. 6. Feb. 7.
-1
February
WI.W

. .
.
. 0 40.N.w..

Range

.w..

W.
.
1
.
. ,
C.,
1;4.
R.
4 000.40N00NONM0N00400.000.0w0,10WCW0 .
0 004040.4000CNW00.0000N,100004=004W.
u .
0
N
W. .
Q
C 04.00
4.0.00.400.
,
IWUM 004.0.0NW0D004N
.• .4.C4440.40000.000 14WWW0.40.0.00000.
,
0000
0000
.

Cicsing
March
Range
Closing
April
Range

F

Closing
May
Range
Closing
June-Range

............................4..
............................ .
I

,11
0, N00
Co

4

W

1,10
)

.......

40
N
COW..10
tvootv0e00,

009
000

W...
,
..emisso
-

.w
N
N
C.
..N....
VI 040 NWNWNOW 00000WW044 4000,00400004
.1 O:b..21-.
41.3.1-.41p.:0101
"
. 0- 0
4"0
"
mos -.1 e4WcoM obb- .0 -1'
""

-40400-'0.00.4.-0,000000.0m0t,0001,0,p.00000
C. .00NN00-4N0N.04.t.0400..100.-.00.00-400-.100

0

ta

.71
.1
N
0
eo

4

..NW.
4
.

W

ww

Closing

July
Range
Closing
October
Range
Closing
Tone- •
Spot
Options

C0CJ-'0

W.

N

CD

- 0-- 0- 0-11.40-.50- 0-- 011.42 * 11.45 -- 11.50 -- 11.40 -- 11.44 * 11.40 *

11.22-.33 11.27-.42 11.31-.46 11.20-.43 11.25-.36 11.30-.40
11.28-.29 11.32-.33 11.45-.46 11.27-.28 11.32-.33 11.$0-.31
_

0 _-- 0 -_

- 0 _ _
0-

0- _

0 _

11.12 * 11.18 * 11.35 * 11.17 * 11.22 * 11.20 *
11.10-.22 11.13-.27 11.16-.37 11.11-.33 11.13-.26 11.19-.28
11.12-.13 11.18-.19 11.35-.36 11.17-.18 11.22-.23 11.20-.21
%
- 0- _ e - 0 _ _- 0-_ 0 ___ 011.04 * 11.08 * 11.24 * 11.07 * 11.12 * 11.08 *
11.02-.15 11.04-.17 11.14-.25 11.00-.23 11.03-.17 11.09-.55
11.04-.05 11.08-.09 11.24-.25 11.07-.08 11.12-.13 11.09-.10
- 0- at -11.20 --0 .10 10.10-.13 10.18-.24
-- -- 10.20-.24 10.25 -10.00-.10 10.15 -10.15 Firm. Steady. Steady. Steady.
Quiet.
Quiet.
Steady. Steady. Steady. Steady. Steady. Steady.

00N4.400000300400.404.0N0
0000000.4000
-

1

-Our teleWEATHER REPORTS BY TELEGRAPH.
graphic reports from the South this evening indicate that
while there has been rather more rain in most sections
0000000000
CO 0000.4000000000.04..100140004C000404 uw. 0.4 w;.
during the week, the weather has been fairly favorable. The
.
4
.4017
W ..400.02.4.40000404C0
N
crop movement continues quite free.
0.
0
W
0
N
.NWN. 0004
4 0.NNWN4N4
0
. .
...
-It has rained on three days of the week,
Galveston, Texas.
'
00 i040400.p.M 00N7p.
-'
CO 0000010...1..0009lo
,
.4.. (040-24N•l000womo...coo.4....loomomclo me...woo
GO
to the extent of thirty-six hundredths of an inch. The
.
,1.4
.,......100w....I.or.,..m.o...
,,, ...owwNvii ....
.
thermometer has averaged 50, ranging from 34 to 66.
.W.. 4. K
.W.N... .
. -4
0
cp
', I
P
-)0-0 oom ri. 0
0900.00409 040...400UM00 400W04000040
.
Month's rainfall two inches and fifteen hundredths.
:
.'.W14.0.017,061N,WW.11.01-4.2-0.0.0.4WWWW-4.0.0.01,4100.C. 'I
" 4
.
Z
-Rain has fallen on one day during the
Abilene, Texas.
0 0M0000.00,100,1040.0040C100.440400.40.09
44CCW
,
0 ta.000NN000 ,W0.0NOW...NOMOCVU.
week, the rainfall being eighteen hundredths of an inch.
de- The thermometer has ranged from 20 to 64, averaging 42.
The above totals show that the interior stocks have
creased during the week 11,493 bales and are to-night 75,993 January rainfall sixty-three hundredths of an inch.
bales less than at the same time last year. The receipts
-Rainfall for the week one hunCorpus Christi, Texas.
at all the towns has been 64,564 bales less than the same dredth of an inch, on one day. Average thermometer 58,
week last year.
highest 76, lowest 40. Month's rainfall forty hundredths
OVERLAND MOVEMENT FOR THE WEEK AND of an inch.
-There has been rain on two days of
-We give below a statement showing the
SINCE SEPT. 1.
Fort Worth, Texas.
overland movement for the week and since Sept. 1, as the week, the precipitation being four hundredths of an inch.
made up from telegraphic eports Friday night. The Thermometer has averaged 44, highest being 66 and lowest
results for the week and since Sept. 1 in the last two years 22. January rainfall ninety-six hundredths of an inch.
-There has been rain on one day of the
Palestine, Texas.
are as follows:
--1907-08-----1906-07- week, the precipitation reaching fifty-eight hundredths of
Since
Since
February 7-Week. Sent. 1. an inch. The thermometer has averaged 43,rangingfrom 22
Week. Sept. 1.
.Shipped-30,592 526,163 to 62. Month's rainfall one inch and seventy-six hundredths.
15,814
244,952
Via St. Louis
155,544
7,9119
116,848
6,438
Via Cairo
-We have had rain on two days durSan Antonio, Texas.
42,620
1,932
15,225
3,363
Via Reck Island
51,151 ing the week, the rainfall reaching six hundredths of an inch.
2,843
35,122
1,121
Via Louisville
36,446
2,259
24,680
2,271
Via Cincinnati
75,852 The thermometer has ranged from 32 to 70, averaging 51.
6,104
52,791
2,468
Via Virginia points
182,276 January rainfall two inches and fifteen hundredths.
4,503
155,347
9,263
Via other routes ecc
_
Taylor, Texas.
-Rainfall for the week forty-seven hun56,202 1,070,057
Total gross overland
40,738 644,995
dredths of an inch on two days. Average thermometer 48,
.Deduct shipments
97,744
4,016
Overland to N. Y., Boston, &c_ 2,175
58,601
33,652 highest 70, lowest 66. Month's rainfall eighty-three hun3,581
Between interior towns
1,937
52,583
28,394 dredths of an inch.
2,487
Inland, &c., from South
41,676
4,277
-There has been rain on two days
New Orleans, Louisiana.
159,790
10,084
8,389 152,860
Total to be deducted
of the week, the precipitation reaching fifty-one hundredths
910,267 of an inch. The thermometer has averaged 63.
32,349 492,135
46,118
Leaving total net overland *
* Including movement by .rail to Canada.
-Rain has fallen on two days of the
Shreveport, Louisiana.
The foregoing shows the week's net overland move- week, the rainfall being one inch and seventy-nine hunment has been 32,349 bales, against 46,118 bales fo'r the dredths. The thermometer has ranged from 23 to 66, averweek last year, and that for the season to date the aggre- aging 45.
gate net overland exhibits a decrease from a year ago of
-There has been rain during the
Leland, Mississippi.
418,132 bales.
precipitation reaching seventy-six hundredths of
---1907-08---- ---1906-07-- week, the
Since an -inch. The thermometer has averaged 40.1, the highest
In Sight and Spinners'
Since
Week. Sept. 1.
Week. Sept. 1.
Takings.
lowest 18.
Receipts at ports to Feb. 7
215,113 6,301,212 251,289 7,525,840 being 65 and the
-We have had rain during the
910,267
Net overland to Feb. 7
Vicksburg, Mississippi.
32,349 402,135
46,118
1,082,500 week, to the extent of one inch and twenty hundredths.
Southern consumption to Feb. 7__ 47,000 1,101.000
47,500
Total marketed
294,462 7,084,347 344,907 0,518,607 The thermometer has averaged 46, ranging from 24 to 68.
Interior stocks in excess
*11,493 454,579 *24,739 514,879
Helena, Arkansas.
-Some cotton not picked yet. We
have had rain on two days during the week, the rainfall being
Came into sight during week
320,168
282,969
10,033,486 two inches and seventy-nine hundredths. The thermometer
Total in sight Feb. 7
8,438,026
North. spinners' takings to Feb. 7 __ 54,502
92,797 1,713,216 has ranged from 18 to 63, averaging 44.3. January rainfall
986,645
* Decrease during week.
five inches and seventy-eight hundredths.
-There has been rain on three days
Movement into sight in previous years.
Memphis, Tennessee.
of the week, the precipitation being two inches and fortyBales.
Bales.
WeekSince Sept. 1188,061 1905-06-Feb. 9
8,034,795 seven hundredths. Thermometer has averaged 37, highest
1906-Feb. 0
9,008,164
133,852 1904-05-Feb. 10
1905-Feb. 10
8,311,455 being 62.2 and lowest 16.5. January rainfall four inches
192,077 1003-04-Feb. 12
1904-Feb. 12
242,993 1902-03-Feb. 13
8,405,310 and seventy-one hundredths.
1903
-Feb. 13
-It has rained during the week, the
Nashville, Tennessee.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
-Below are the closing quotations of middling precipitation reaching one inch and ninety hundredths.
MARKETS.
cotton at Southern and other principal cotton markets for The thermometer has averaged 34, ranging from 14 to 52.
Month's rainfall three inches and two hundredths.
-each day of the week.
C

U.
*
,
0000000. 4.0.40.400.404 1 4.04C0400400040
,L.pt,p,000,,,,,mt04.w.w.4.0014WWNwW.-40N.4.0.




C17

348

THE CHRONICLE.

Mobile, Atabama.-We have had rain on two days during
the week, the rainfall reaching four inches and thirty-eight
hundredths. The thermometer has ranged from 30 to 69,
averaging 48. January rainfall nine inches and thirty-three
hundredths.
Montgomery, Alabama.
-Rain has fallen on two days of
the week,the rainfall reaching twenty-two hundredths of an
inch. Average thermometer 49, highest 62, lowest 23.
January rainfall five inches and five hundredths.
Augusta.,Georgia.-It has rained on three days of the week,
the precipitation reaching two inches and forty hundredths.
The thermometer has ranged from 21 to 60, averaging 42.
-We have had rain on three days
Savannah, Georgia.
during the week to the extent of one inch and seventy hundredths. Average thermometer 48, highest 66, lowest 25.
Month's rainfall four inches and nineteen hundredths.
Charleston, South Carolina.
-Rain has fallen on two days
of the week, the rainfall being seventy-six hundredths of an
inch. The thermometer has averaged 46, the highest being
68 and the lowest 26.
-It has rained during the
Greenwood, South Carolina.
week to the extent of two inches and ninety hundredths.
The thermometer has averaged 33, ranging from 25 to 41.
-We have had rain during the
Charlotte, North Carolina.
week, to the extent of one inch and sixty-three hundredths.
Average thermometer 39, highest 57, lowest 19.
The following statement we have also received by telegraph, showing the height of rivers at the points named
at 8 a. m. of the dates given:
New 0deans
Memphis
Nashville
Shreveport
Vicksburg

Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge
Above zero of gauge

Feb. 7 1908.
Feet.
8.4
11.2
20.9
. 7.2
18.0

Feb. 8 1907.
Feet.
19.0
38.6
14.8
7.5
49.2

INDIA NOTTON MOVEMENT FROM ALL PORTS.
1906-07.

1907-08.

Febroare C.

Since I
Week. Sept. 1. I Week.

Receipts

01.000 971.000!

Bombay

Since
Sept. 1.

Week.

95,000 1.156,000 114,000 1,345,000

For the Week.

Since September 1.

Continent. Total.
------Bombay
1907-08
1906-07
1905-06
Calcutta
1907-08
1906-07
1905-06 ______
Madras
1907-08
1906-07
1905-06
All others
1907-08
1906-07
1905-06

1905-06.

Since
Sept. 1.

Great
Britain.

Continent.

Total.
-------

16,000 16,000
15,000 16,000
29,000 29,000

249,000
419,000
346,000

258,000
435,000
372,000

5,000
6,009

5.000
6,000

2,000
3,000
5,000

9,000
34,000
33,000

38,000

2,000
1,000

2,000
2,000

8,000
2,000
1,000

20,000
12,000
23,000

28,000
14,000
24,000

3,000

3,000

1,665

8,000
5,000
7,000

73,000
44,000
55,000

81,000
49,000
62.000

21,000 21,000
21,000 23,000
35,000 36,000

Total all
1907-08
1906-07
1905-06_

, 9000
16,000
26,000

27,000
26,000
39,000

351,000
509,000
457,000

378,000
535,000
496,000

11,000

37,000

JUTE Burrs, BAGGING, &c.
-The market for jute
bagging continued very dull during the week under review at
a decline to 7Yie. for 2 lbs., standard grades. Jute butts
also very dull at 2@3c. for bagging quality.
ALEXANDRIA RECEIPTS AND SHIPMENTS.

[VOL.

Lxxxvi.

WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton '1 akings.
Week and Season.

1907-08.
Week.

Season.

1996.07.
Week.

Season.

4,978,342
Visible supply Jan. 31
5,508,483
Visible supply Sept. 1
2,291,844
1,784,156
282,969 8,438,926 320,168 10,033,486
American in sight to Feb. 7___
91,000
Bombay receipts to Feb. 6
971,000
95,000 1,156,000
5,000
120,000
Other India ship'ts to Feb. 6__ _
7,000
100,000
13,000
756,000
787,000
Alexandria receipts to Feb. 5_ _ _
20,000
2,000
182,000
Other supply to Feb. 5 *
202,000
2,000
5,372,311 12,759,770 5,952,651 14,062,642

Total supply
Deduct
Visible supply Feb. 7

4,998,689 4,998,689 5,505,121 5,505,121
373,622 7,761,081
310,662 5,939,081
63,000 1,822,000

Total takings to Feb. 7
Of which American_
Of which other

447,530 8,557,521
341,530 6,587,521
106,000 1,070,000

* Embrace8 receipts in Europe from Brazil, Smyrna, West Indies, (Ice.

SHIPPING NEWS.
Total bales.
-Feb. 5-Celtic, 1,153; Victorian,
NEW YORK-To Liverpool
3,174 upland, 76 Sea Island
4,408
upland, 68 Sea Island
To Havre-Feb. 1-Kong Haakon, 253
833
_ _ _ _Feb. 5-Louislane, 500 Upland, 12 foreign
To Hamburg-Jan. 31-President Lincoln, 99
99
To Antwerp-Feb. 1-Mohawk, 200_ __ _Feb. 4-Krconland,
443
643
664
To Genoa-Jan. 31-San Glovannl, 664
-Jan. 31-San Giovanni, 100
100
To Naples
To Venice-Jan. 31-Laura, 63
68
-Calabria, 100
100
To Leghorn-Feb 3
50
To Piraeus
-Feb. 1-Mcraltis, 50
To Japan-Jan. 31-Matoppo, 2,008; Muncaster Castle, 300_ _ 2,308
-Jan. 30-Milwaukee, 18,238; SanGALVESTON-To Liverpool
tanderino, 7,477_ _ _ _Jan. 31-Orator, 8,087- --Feb. 5
53,814
Bernard, 7,614_ __ _Feb. 6-Indore, 12,398
316
To Belfast Feb. 4-Carrigan Head, 316
To Bremen-Feb. 4-Cayo Soto, 10,515_ _ _ -Feb. 5-Borkum,
22,730
12,215
2,504
-Feb.6 Hcrnsea, 2,504..
To Hamburg
993
To Rotterdam Jan. 31 Lord Dufferin, 993
3,846
To Antwerp-Jan. 31-Skipton Castle, 3,846
3,559
To Reval-Fcb. 4-Carrigan Head, 3,559
1,350
To Riga-Feb. 4-CarrIgan Head, 1,350
6 308
PORT ARTHUR-To Livetpocl-Feb. 5-:.-andsend, 6,308
-Feb. 1-Aslan, 9,637_ - Feb. 6
-To Liverpool
NEW ORLEANS
15 137
----------------,
-Mexican,5,500- - --- - -- - 66
6 '
To Belfast-Feb. 5-Torr Head, 6,150
526
To London-Jan. 31-Upcerne, 520
10,000
10,000
To Bremen-Feb. 7-Oswald,Forgas, 2 036____Feb.
7
-Sofia
To Barcelona-Feb. 5-Juan
3,500
Hohenberg, 1,464
4,641
-Feb. 1-Rapallo, 4,641
To Hamburg
930
-Feb. 6-Ryton, 980
To Antwerp
To Trieste-Jan. 31-Ellenta, 1,622_ _ __Feb. 7-Solla Hohen4,848
berg, 3,226-------------------_ _ -Sofia Ho.
To Venice-Jan. 31-kilenift,
6,140
,
henberg, 1,650-- -- ---- ---- r
-Alan Fo- ias, a,uao
-3,950
-Feb 5
To 0 o to
-Feb. 4-Yanariva, 6 294
6,294
MOBILE--To Liverpool
2,500
PENSACOLA-To Genoa-Feb. 1-Luna, 2,500
250
-Feb.1-Luna,250
To Venice
100
To Trieste--Feb. 1-Luna, 100
SAVANNAH-To Havre-Feb. 4-Elswick Lodge, 2,765 upland,
3 963
__________________________________
500 Sea Island
'- -To Bremen-Feb. 1-Celtic Princess, 493_ _ Feb. 6--Nfoor9,437
burg, 3,950_ _ _ _Feb. 7-Woodleigh, 4,944
701
To Hamburg-Feb. 1-Celtic Princess, 701
150
-Feb. 6-Vernburg, 150
To Antwerp
To Rotterdam-Feb. 6-Thistlemoor, 1,999; Voorburg 100__ 2,099
To Reval-Feb. 4-Elswick Lodge, 1,300_ _•_ _Feb.
----------------------------------------1,375
burg, 75
---250
To Ghent-Feb. 4-Elswick Lodge, 250
-Marla, 4,390
4,390
To Barcelona-Feb. 6
-Marla, 1,001
1,001
To Genoa Feb. 6
-Maria, 550
550
-Feb. 6
To Venice
-Maria, 1,500
1,500
To Trieste-Feb. 6
-Feb. 5-Burrsfield, 4,139
4,139
BRUNSWICK-To Liverpool
-Feb. 5-Burrslield, 1,502
1,502
To Manchester
2,300
CHARLESTON-To 13remen-Feb. 4-Ecclesla, 2,300
2,734
NORFOLK-To Liverpool-Feb. 5-Alleghany, 2,734
-Jan. 31-Sagamore, 660 __ - -Feb. 3BOSTON-To Liverpool
4-Winifredian, 16
7,112
Saxonla,
-Caledonian, 305
305
To Manchester-Feb. 4
147
To Yarmouth-Feb. 4-Prince Arthur, 147
-Feb. 1-Vedamore, 1,180
1,180
-To Liverpool
BALTIMORE
1,923
PHILADELPHIA-To Llverpool-Jan. 31-Merion, 1,923
7,333
-To Japan-Feb.4-Iyo Maru,7,333
SEATTLE
Total---------------------------------------------------223,086

Alexandria, EMpt,
FebrnarV 5.

1907-08.

1905-06.

95,000
5,671,924

Receipts (eantard)-This week
Since Sept.

1906-07.
150,000
5,005,219

170,000
4,870,881

This Since
This Since
This Since
week. Sept. 1. week. Sept. 1. week. Sept. 1.

Export (baleed--

5,750 157,241 6,500158,119 7,000 146,701
8,500 138,918 8,7501140,601 10,000 109,465
12,250 203,350 16,509;216,407 8,250 178,753
2,750 39,106 7,500i 74,541 3,250 49,298
--------Total exports -..-..--- 29,250 538,615 39.2501587,668 28,500 484,217

To Liverpool
To Manctmster
To Continent
To America

Note.
-A °tartar Is DO lbs.

Egyptian bales weigh about 750 lbs.

-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market
continues quiet for both yarns and shirtings. The demand
for both yarn and cloth is poor. We givethe pricesfor to-day
below and leave those for previous weeks of this and last
year for comparison.

-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port:
Jan. 17.
bales_ 32,000
Sales of the week,
Of which speculators took__ 1,000
Of which exporters took_ _ _ _ 2,000
28,000
Sales, American
13,900
Actual export
96,000
Forwarded
939,000
Total stock--Estmated
Of which American--Est_811,000
193,000
Total Import of the week
156,000
Of which American
406,000
Amount afloat
352,000
Of which American

Jan. 24.
42,000
2,000
1,000
'38,000
16,000
88,000
980,000
857,000
146,000
125,000
397,000
356,000

Jan. 31.
56,000
1,000
2,000
53,000
14,000
99,000
972,000
840,000
105,000
82,000
452.000
409,000

Feb. 7.
42,000
-1,000
2,000
37,000
10,000
100,000
1,062,000
948,000
199,000
100,000
378,000
333,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P.M.

Saturday.

Monday.

Tuesday.

Quiet.

Fair
business
doing.

Fair
business
doing.

1Ved'day.

Thursday.

Friday.

Quiet.

Fair
business
doing.

Moderate
demand.

Mid.Uprds
1907-08.
32s Cop
TWIN.

Dec. d.
27 10% 0
Jan.
3 10% ®
10 10 7-16®
17 10%
24 10% ®
31 10% 101
Feb.
7

1906-07.

834 Os. Shirt- Cos'n
Inas, common Mid
U
to finest.

(1.
d.
5. d.
11% 6 0 09 3

(3
,9

3
3
3
3
2

113 6
‘
,
113-41 6
1134 6
11% 6
5

0
0
0
0
11

11,3.4

10 @co 1




(49
®9
09
019

32s Cop
Twist.

d. d.
6.08 03j

834 lbs. Shirt- Corn
'nos. common Mid
Se linen.

d. s. d.
s. d.
0 103-4 6 5 09 8

6.12 93-1 @
6.22 0 13-16®
6 50 931
@
6.43 94
6.39 9 11-16®

10% 6
10% 6
10% 6
10% 6
10% 6

6.35 9 15-16® 11

5
6
6
6
6

Uprj

d.
5.70

®9
@A 9
109
09
09 9

5.87
5.96
5.4e
5.90
5.87

6 7 (59 10

6.09

6.30

6.30

6.36

6.90

6.31

6.35

Sales
Spec.&exp

5.000
300

10,000
2.000

8,000
500

7,000
500

7,000
500

8,000
500

Futures. Quiet at
Market
2043 pts.
opened
J decline.

Steady at Steady at
4 pointa 134 pts.
decline.
decline.

Steady at
202%
pts. adv.

Market,
4
P.M.

Steady at Quiet at
2553 PM
®5
pts. adv. advance.

Easy at Very st'y Qulet,unch
304% at 2®5% to 3 pts.
pts. dec. P1s. adv.
decline.

Quiet at
2%03
pts. dec.

Quiet at
3 points
decline.

Quiet at
1 point
delcine.

The prices of futures at Liverpool for each day are Oven
below. Prices are on the basis of uplands, good ordinary
clause, unless otherwise stated.

Sat

3(i9

THE CHRONICLE.

FEB.8 1908.1
Mon.

Tues

Wed

Feb. 1
to
Feb. 7

Thurs.

Fri.

4
4
1234„ 12
12'% 4 1234 4 1234- 4 1234 p.m. 1234 p.m.
p.m.
p.m. p.m. p.m. p.m. p.m. p m. p.m. p.m. p.m.
----d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
ff.
92
91
9134 94 944 90 87 92 89 90
'5 85% 85 91
February..
84 90 90 93 93 884 8534 9034 89 89%
5 85
Feb -Mch
00
5 85 84 8934 8934 92 9234 88 85 88 87 87
Mch -Apr
)844 82 87 8734 00 91 86 83 86 85 84%
Apr -May
8434 84 87 8834 8334 8034
5 824 79
May-June
78 84 83 82
.
80 76 )„5 82 8134 84% 86% 81
June-July
76 73 7834 78 77
77 7534 79 81
) 754 71
July-Aug_
65 68 704 65 63 68 68 6634
66
) 64 4 61
Aug -Sep_
50 56 55% 53
56 51
) 534 504 5534 5234 55 4634 41
Sep -Oct _
40 4634 4534 44
43jV 4034 45% 4234 45
Oct -Nov_
44 3834 3734 44 43 4134
38 43 40 4234
41
Nov -Dec
Dec -Jan

BREA.DSTUFFS.

DAILY CLOSING PRICES OF CORN FUTURES TN CHICAGO.
Sat. Mon. Tues. Tired. Tit:us. Fri.
6134 6134
61
5834 5934 61
May delivery In elevator
5734 3834 5934 5934 5934 60
July delivery in elevator
5334 5934 3934
59
_ _ _ 57-4 58
September delivery in elevator_

Oats for future delivery in the Western market have advanced, owing to the small crop movement, the strength of
corn, buying by prominent operators and commission houses
and covering of shorts. Offerings have been light. Not
only have the receipts been small, but advices from the interior predict a diminution in the movement. There has
been a good cash demand at the West at firm prices. Supplies of contract grade at Chicago are moderate. Many consider oats too high, but the fear of manipulation by strong
interests restricts short selling. to-day prices advanced on
the strength of wheat, light receipts and offerings, and covering of shorts.
DAILY CLOSING PRICES OF OATS IN NEW YORK.

Fri.
Thurs.
Wed.
Sat.
Mon.
Tues.
Friday, Feb. 7 1908.
Mixed, 26
53
53
52
53-54
53
52
to321bs.
wheat flour have shown no important changes
Prices for
has White
during the past week. The trading in the local market the
cipped,
32 to 34
continued to be of a hand-to-mouth character. Some of the
57-61
574-6134 5734-5934 574-60
56-60
lbs ___ 56-60
mills are said to have shaded quotations on large lots in
DAILY CLOSING PRICES OF OATS IN CHICAGO.
stimulating business, but have not met with success.
hope of
Sat. Mon. Tues. Wed. Thurs. Fri.
5434
5134 5134 5334 5814 54
Export trade has been at a standstill, and the ,clearances May delivery in elevator
4434 4434 4534 4534 404 4634
from the seaboard for Europe have been light. July delivery in elevator.
of flour
are closing quotations:
from the important milling centres at the NorthThe following
Advices
FLOUR.
west, the Southwest and the West have shown no improve$4 75®$4 90
$3 SO® $4 151 Kansas straights
the general situation. Corn meal and rye flour have Low grades
ment in
5 25
5 16
3 75® 3 85 Blended clears
Second clears
been quiet and steady.
5 75
6 30
4 200) 4 35 Blended patent
Cleafs
4 80
5 20
has advanced,partly on some increase in the export Straights
5 15 Q 5 30 Rye flour
Wheat
ZOO®300
spring
555® 6 36 Buckwheat flour
trade, a temporary falling off in the Argentine offerings in Patent, winter
Nominal.
4 75® 5 10 Graham flour
3 30@ 3 65
Corn meal
European markets, some purchases of Argentine wheat in Patent, patents
Kansas
GRAIN.
London by Itussia and the strength of other grain. Morec.
Corn (new), per hush.
c
over, the market had become somewhat oversold, and it re- Wheat, per bush.
f.o.b.63
No. 2'nixed
11734
N. Duluth, No. I
6334
quired very little to bring about at least a temporary rally.
No. 2 yellow
11334
N. Duluth, No. 2
63%
No 2 white
f.o.b.103
Red winter. No. 2
On Wednesday Buda Pesth advanced equal to 5% cents,
111% Rye, per bush.
Hard
91
owing to a bobber demand there and light offerings. Other Oats, per bush.
No. 2 Western
Nominal
State and Jersey
55 Q57
Continental markuts were also stronger and Liverpool on
Natural white
110@l15
ing
Barley-Malt
53
mixed
the same day advanced equal to 1% to 2 cents. But since
Nominal
Feed log
white.elipped_5734 Q60
"
then the export demand has fallen off and at times prices
The statement of the movement of breadstuff's to market as
Argentine offerings have increased, and the
have receded.
figures collected by
Argentine surplus has been estimated at 144,000,000 bushels, indicated below are prepared by us from
previous estimates of 125,000,000 to 130,000,000 the New York Produce Exchange.
against
bushels. Northwestern receipts have continued liberal,
Batley. Le.
Oats.
Corn.
the
1Vhcat.
- Flour.
and reports about the condition of winter wheat have inthat Receipts at
.481bs. .56 lbs
hush. 60 lbs. bush. 56 lbs. bush. 321bs. •
main been favorable. Although some reports state
bbls.1961bs.
93,071
5054600
231,966 2,865,733 1,755,39
there is a lack of snow protection in certain parts of the Chicago - - -- 204,324
42,300
248,400
169,600
128,000
143,000
48,700
Milwaukee_ _
1,427
64.899
180,41.
wheat belt, in other sections it is ample. Nowhere is any Duluth
396,187
38,960
265.770
304,66
280,420
1,245,200
serious damage reported, even where snow is much desired. Minneapolis_
1.000
64,600
347,100
27,300
Argentine shipments this week are estimated at 5,200.000 Toledo
38.819
144,600
28,496
3,800
Detroit
8.276
72.8 i •
358,315
20,826
1,099
bushels against 6,408,000 last week and 3,072,000 last Cleveland.. _
18.000
78.000
657,600
806,350
366,000
49,290
year. It will be seen that Argentine figures very.largely in St. Louis._ _
9,000
40.000
165.000
588,500
30,600
27,150
Peoria
117,009
172.700
708,750
the present situation, and for the time being, at least, it Kansas City_
has precedence in the European markets. The speculation
334,363 3.198,325 5,691,718 3.531.849 1.105.845 203.758
Tot.wk.'08
1.240.687 108,511
has fallen off in this country to some extent, not only on Same wk.'07 347,351 2.232,002 6.980,468 3,332.023 1,727.395 117,104
account of the recent sharp decline in prices, but also by Same wk.'06 382,492 2,976.015 4,422,053 3,987.443
reason of a certain uneasiness in regard to the financial Since Aug. 1
1907-08_ _ _ 9,875.706 151,963,881 107.354,450 106,532,31 45.877.802 4,858,838
situation as reflected in a declining stock market. Yet, in
4.939,893
1906-07__ _ 11,854.006 148,243,574 104,315,475 115,997,01 t 46.205.679
the main the drift of late has been towards better prices
1905-06._ _ 11.423,391 164,746,277 104,933,032 139,528,235 56.264.002 5,770,005
for wheat. Diverpool, after wavering for a day or two, has
rallied again. Minneapolis and Duluth have had a good
Total receipts of flour and grain at the seaboard ports for
cash demand from mills in that section. On Thursday a
Feb. 1 1908 follow:
better export demand was again noted, both Duluth and the week ended Flour,
Rye.
Oats, Barley,
Corn,
Wheal,
bush.
bush.
bush.
St. Louis reporting business with Europe, and at Chicago
bush.
bush.
bbls.
Receipts at49.200 102,375
304.506
461,175
155,000
149,531
an increasing quantity of No. 2 red is being taken from New York
1,000
12.595
40,110
87.499
169,937
21,105
Boston
store. Chicago has also reported a better export inquiry. Portland, Me
550,005
5,760
19,958
8.000
70,996
160,571
101,887
79,708
The result is some advance for the week, the signs appar- Philadelphia
54,393
45,303
60,130 1,597,911
44,094
ently pointing to a revival of European demand for Baltimore
44,182
50,034
50,304
3.730
Richtriond
53,500
American wheat in spite of the free Argentine offerings. New Orleans *___ _ 19,435
280,800
16,000
23,308
To-day prices were weaker early on large Argentine ship- Newport News_ . 16,148 128,000 243,000
ments, bearish pressure and liquidation, but later they Galveston "
1,100
2,650
Mobile
3.247
30.217
997
1,000
1,669
advanced on bullish reports on winter wheat, reports of a Montreal
25.013
241,425
3,437
St. John
good cash business and general buying.
-

DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
1004 10034 102
10234 10234 103
No. 2 red winter
10534 10534 1054 10634
10334 104
May delivery In elevator
..10034 10034 10134 10134 10134 10234
in elevator
July delivery
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
0534 96
734 0734 9734 98%
May delivery in elevator
934 92% 9334 9334 9334 0434
in elevator
July delivery
9034 91
September delivery In elevator_ - 9034 9034 9134 91

Total week
Week 1907

347,267 1,476,688 2,943,087
341,626 1,495,978 2,228,390

621,116 93.055 177,726
7/2,008 105.892 33,280

*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

, Total receipts at ports from Jan. 1 to Feb. I compare as
follows for four years:
Receipts ofFlour

bbls_

1908.
1.842,911

1907.
1.867,166

1906.
1.626.875

1905.
1.323,169

Wheat

bush_

8,740.392

9,254,297

9,818.917

1,926.124

12.296,560 32.396.307 20,141,107
9.328.392
Indian corn futures have advanced, owing largely to small Corn
3,120,327
8,928,697
4,052,407
4,048,910
Oats
791,129
2,485,641
507,104
718,236
receipts and buying by strong bullish interests at Chicago. Barley
67,063
242,387
152,472
550,473
led to active covering of shorts, and in the Rye
Their purchases
26,045,750
absence of offerings prices readily moved upward. The
23,175.271
26,473.972 • 53.871.949
Total grain
better tone of the wheat market, too, has had a bracing
The exports from the several seaboard ports for the week
effect. Oontract stocks at Chicago continue small and this ending Feb. 1 1908 are shown in the annexed statement:
tends to restrict short selling. The weather
fact naturally
Rgo, Barley, Peas.
Oats,
Corn, Flour,
Wheat,
bush.
bush. bush.
bush.
bush.
Mts.
bush.
of late has been favorable for curing the crop as a rule, but
Exports from1,080
10,790 137.921
387.352 284,427 65,435
interior movement has fallen off, country New York
in spite of this the
540
5,760
550.005
Me__
30,000
holders in many cases not being disposed to sell. Liverpool, Portland,
82,425 17.932
390.521
Btoson
strength at times and the cash markets at Philadelphia ____ 24.000 29,553 56,438 ------8,571
too, has shown
148
189.693 821.529 34,552
the West have been firm. To-day prices were higher on the Baltimore ____ 136,000 268,447 12.724
3,591
New Orleans
23,308
16,148
small receipts, light country acceptances and Newport News_
rise in wheat,
25,461 255,716 8,892
Galveston
buying for.both sides of the account.
1,100 2,650
Mobile
YORK.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW
Sat. Mon. Tues. Wed. Thurs. Fri.
63
62
62
63
6334 63
Cash corn (new)
6734 6834 704 704 7034 7034
May delivery In elevator
67
6734 6834 6834 6834 6934
July delivery in elevator




60,000
Port Arthur
3,437
St. John, N. B._ _ 244,425
Total week_ _ _ _1.947,457 1,903,197 223,968
1,506,783 2,287,964 200,112
Week 1907

25.013
37,837 146.452 55.013
48.322
116.572

1,620
7,345

360

THE CHRONICLE.

[VOL.

Lxxxvi.

The destination of theselexports for the week and since
The value of these New York exports since Jan. 1 has
July 1 1907 is as below:
been $948,292 in 1908, against $1,827,132 in 1907.
Wheat
Corn
--The demand for bleached goods fell off materially in the
Since
Since
Since
Week
July 1
Week
July 1
Week
July 1 past week, despite further revisions in prices of some lines,
Exports for week and Feb. 1.
1907.
Feb. 1.
1007.
Feb. 1.
1907. and current business is confined to small lots. Further price
since July 1 tobbls.
bbls.
bush.
bush.
bush.
bush.
United Kingdom__ 88.301 4,161,142 1,460,422 45,022,939 933,409 14,514,033 concessions on linings have stimulated a larger demand;
Continent
84,742 1,581,019 474,885 38,303.131 935,019 14,339,757 kid-finished cambrics have been
reduced 3,4,c. to 43. and 494c.
So. & Cent. Amer
15,486 469,009
12,150
283,343
300
177,107 and there are intimations of further
West Indies
31,832 840,888
reductions. In heavy
19,607
31,447
909,217
Brit. No. Am. Cols_ 2,202
cottons the small demand in evidence comes principally
47,319
2.000
57,824
Other countries_
1,405 188,095
83,850
1,022
21,710 from bag manufacturers and for special lots
for export.
Total
223,968 7,287.472 1,947,457 83,712,870 1,903,197 30,019,648 Sheetings show no material change, and prices are
so close
Total 1906-07
206,112 6.792,731 1,506,783 63,739,692 2,287,66434,265,069 to actual
cost that sellers do not appear anxious
The visible supply'r,of grain, comprising the stocks in an extensive scale. Prints are dull, although to trade on
some orders
granary at the principal points of accumulation at lake and are being placed. During the week
there has been a further
seaboard ports Feb. 1 1908, was as follows:
break in narrow print cloths, 25-inch 56x44s at first hands
1Vheat,
Corn,
Oats,
Rye,
Barley. having sold at 2Mc., compared with the previous quotation
bush.
bush.
bush.
bush.
bush. of 25 c., which is still being asked in some quarters.
4
New York
2.385,000
420,000
Regu552,000
254,000
194,030
"
afloat
206,000 lars show little change, but wide goods are slightly easier
Boston
1,242,000
133,000
6,000
from second hands. There is no conspicuous demand for
Philadelphia
717,000
160,000
98,000
32,000
Baltimore
print cloths, and not much change in the situation is ex1,714,000
535,000
153,000
219.000
New Orleans
214,000
770,000
111.000
pected until general business revives.
Galveston
367,000
349,000
Montreal
83,000
70,000
196,000
WOOLEN GOODS.
-In men's wear,fancy worsteds show
94,000
Toronto
1.000
1,000
more activity, and clothiers have been placing orders more
Buffalo
2,409,000
560,000
83,000
843,000
afloat
2,764,000
455,000
404.000 freely than for some time past. Staple goods, including
Toledo
838,000
510,000
256,000
5,000
serges, however, are not moving satisfactorily, owing, perafloat
Detroit
haps,to the trend to fancies. More lines of fine heavy-weight
322,000
129,000
42,000
10,000
5,000
afloat
worsteds were opened during the week, and some good-sized
Chicago
6,548.000
321,000
1.837,000
270,000
85,000 orders were placed
"
afloat
for these and also for woolens. Other
Milwaukee
346,000
92,000
254,000
22,000
271,000 lines of men's wear fabrics will probably be opened next
"
afloat
week. The best grades of unfinished worsteds appear to be
Fort William
3,823,000
Port Arthur
3,579,000
meeting with the most active demand from jobbers. There
"
afloat
335,000
is talk of price-cutting in some quarters to move stocks,
Duluth
6,843.000
932.000
11,000
328,000 especially
"
afloat
kerseys. Duplicate orders are being received for
Minneapolis
8,232,000
178,000 2,737,000
125,000 3.040,000 light-weight worsteds, and in
St. Louis
some instances mills are
1,977,000
213,000
186,000
1,000
22,000 charging 5% more
"
afloat
than the original prices. In dress goods
Kansas City
2,898,000
827,000
several lines of staples and fancies for fall have been opened;
56.000
Peoria
10,000
390,000
1,036,000
some prices are slightly lower, but others are unchanged
Indianapolis
243,000
266,000
56.000
On Mississippi River_
compared with last season. Business booked so far, howOn Lakes
ever, has been extremely slow, and most of the large dress
On Canal and River_
goods buyers have returned home without placing substanTotal Feb. 1 1908_ _46,711,000 6,542.000 9,524,000 1,032,000
5,497.000 tial orders, owing to the uncertainty
Total Jan. 25 1908 _ _47,218,000
as to what their require5,384,000 . 9,251,000
880,000 5.406,000 ments
Total Feb. 2 1907._44,852.000
will be. It is becoming more and more evident that
7,314.000 11.848,000 1,709.000
Total Feb. 3 1906_ _48,537,000 14,851,000 26,655,000 2,474,000 2,642,000 sellers this season
will have to make unusual efforts to secure
Total Feb. 4 1905_ _38,979,000 11,395,000 18.644,000 1.927,000 4,689,000
Total Feb. 6 190&..39.200.000 8.070,000 8,596.000 1,085,000 5.714,000 even a normal volume of business.
4,772,000
Total Feb. 7 1903_ _48,429,000 9.510,000 4,418,000
929,000 2,126,000
FOREIGN DRY GOODS.
-The situation in imported
woolen and worsted dress goods shows little change. Silks
and ribbons continue quiet. In the linen market buyers are
THE DRY GOODS TRADE.
still very conservative as to forward purchases, owing to
New York, Friday Night, Feb. 7 1908.
apprehension of price revisions. Burlaps have ruled steady.
Trade in cotton goods has shown little if any improvement
Importations and Warehouse Withdrawals of Dry Goods.
during the past week, and sellers as a rule are more in doubt
The importations and warehouse withdrawals of dry goods
as to the immediate future than they were. The volume of
business has been very light and mostly in the shape of small at this port for the week ending Feb. 1 1908 and since
lots to meet immediate needs. Buyers who were here from Jan. 1 1908, and for the corresponding periods of last year,
the West appeared more or less indifferent, and the majority are as follows:
of them returned without leaving many substantial orders
11
behind. The demand for fine and fancy cottons for spring o no
g
.o<
has been especially disappointing; in these as in other lines F.
a
V"
§
forward ordering has been checked by the uncertain trade
o
outlook and by the curtailed buying power of many interests,
while the unsettled price situation has no doubt been a ,s1
deterrent factor. In some quarters still lower prices are re0
.
ported on various lines, hut the concessions have failed to
5
stimulate much activity. In not a few cases mills making
0
fine cotton goods have met • cuts made by second hands,
which, together with the price war among jobbers, has
N
naturally had a bad effect upon buyers, especially converters on OA
.4
.
•A
09
and cutters, who continue to operate very conservatively "4. -OD
-4
"
N
00 .C4" 13
CP ,
ID 0 C.4 IA 0
cio
000000000
and appear to be getting enough goods through deliveries CO 00 00
1.7 000)'
00
,
`,3: r °C.
on contracts to supply their immediate requirements. Job- 1.4
10109 N
.4 4,
CO
bers have had only a moderate'trade and are preparing for CO '00 00 .3.40 04 v ti 00 000 04 04 tn 0.
00
CA
04 N
04-.1
.4
,
0
O
04
-4 Ca • 00 .4 03 .4
numerous special offerings during the coming week of dress
.4 A4 • CO Co 09.4
tV
0
,
no
goods, silks and fancy and fine cottons. Narrow print cloths 09 'cob ▪ -4 Co 00 c) *•-4 •;4 • GO -<.Co
r4 -4
▪
nD CD
.4
0000
00
t4 4,.4
CR 0000
0900 AGO 09
have been reduced, but regulars continue dull and nominal.
Some inquiries for export have been received from the
non' A
no
0 .4
0.3
smaller countries, but the larger ports have failed to show ts '40)' 34 , 0+ 1 00 0509
000
C4 1
- 1,
In 00 "CO
.
CC
much interest and new business is scarce; a moderate volume
.Cn .4 Co .4 to
Co 4,
co 09 CD .4 A ts4
t4
04 0 CO co
IN CO ,,,
-4
no
AO Go
GO 4, CD On A,
of domestics, however, continues to be shipped out on old
4
contracts. In some lines of men's wear more activity has
0 cn On'
na
0.0.
• , 4 04
0 hi ,
••••
developed, but staples continue to drag; new lines of heavy- 0 0. aa.tn.4env ci ea "to lo*to
00
C4
0.
"co o
CA co co
,
4
00 Cn Co .4 0 0, a
weight worsteds were opened during the week and some fair- c0 OW o t‘a ns 111
c>
ON CD cn
.
00
.
ti
sized orders were placed. In dress goods also several lines 'CIO '00 "007to
*ot 4a
o <-4 o
00
V.
00
en
no ,0000-'o
'•
04 090
4 4,
0.3 CR CD , 0
of staple and fancy worsteds for fall were opened, but busi- GO WV 0 0. c4 CA 0
VO
0+
ness so far has been exceptionally slow.
FA
Cn
4,
no CI 0
CR
DOMESTIC COTTON GOODS.
0
00 0 0.3 0 CO ts.
-The exports of cotton
04
• to 00 CO
0 0N
C)
ts
co
goods from this port for the week ending Feb. 1 were 2,807 Go 000 00 N -4 0 04 . 09
GO
0
0+ , CD
.
A
A
no
0
.4 C4
,
0
packages, valued at $211,650, their destination being to the
09
04
04
points specified in the tables below:
▪ 0. 0A N
1 Co co
.4
00
O CO 00000
CO
0.4
.4 C3 09.,0,
--1908
-1907
09 0,.-.
tl




2
63
253
21
456
1,791
210
' 2,807

Since
Jan. 1.
39
35
806
3511
1,14
250
1,371
157
1,459
4,583
1,841

315
1693
4,844

Since
Jan. 1.
230
81
436
2,433
7,927
1,517
2,725
244
2,051
5,071
7,511

12,540

13,504

130,246

Week
52
11
-- - 66
5,778
963
727

5r

•
cp
co
0

AGo
004

0)0009
N 4.C. C. CO
3
• N 34 AC)

CD

1.
40
A, v
04.0

Go
00

CON

na

0
Co ICON
44.
.
4. CA
•••••
p
'IA .. la 10 10
CO
CO 0000 09 0 Ca CO
N Co C.'4
CO"
-4

▪
0
9

Ca
Co

eo

OO

0000

04

-4 f.
0000
•
.A CO COO

0

1•4: - '0 90 .4 - . •
"
to 0.4 00 0
-4
fEll
CO

04.

U0
No

It r, r. 1:

a

34 4 CA 0,
,
• 1-. 1 10 4
Co
09
00

000MA
VD4
NN 0 CO A '
4,0

'LOOT CENV 9061 I

Total

Week.
1

910'170S*OZ

New York to Feb. 1Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other Countries

FEB. 8 LW.]

SIAM' MO CITY

THE CHRONICLE.

DErMITMENT,

MUNICIPAL BOND SALES IN JANUARY.
total of
Sales of municipal bonds in January reached a
000 temporary loans
$10,064,536, not counting $25,860,
disposed of.
negotiated and $1,169,700 Canadian securities
of January for the preThe average output for the month
total
vious sixteen years was $10,472,056, but the 1908
years immediately preceding,
compares well with that for the
for 1906
the amount for 1907 having been $10,160,146,
53. Among the more im$8,307,582 and for 1905 $8,436,2
mentioned the
portant sales during the month may be
King County, Wash.; $770,000 5s
following: 81,500,000 5s of
lis, Minn.,
of Galveston, Texas, $501,000 4s of Minneapo
$434,000 5s of Bayonne, N. J.,
$473,000 4s of Boston, Mass.,
4s of Allegheny
$400,000 4Ms of Spokane, Wash., $400,000
4s of Richmond, Va.
County, Pa., and $388,100
and the
The number of municipalities emitting bonds
made during January 1908 were
number of separate issues
and 334
132 and 168 respectively. This contrasts with 161
146 and 195 for January 1907.
for December 1907 and with
For comparative purposes we add the following table
showing the aggregates for January for a series of years:

361

Conneaut School District (P. 0. Conneaut), Ashtabula
-The highest bid received on
-Bond Sale.
County, Ohio.
Feb. 3 for the $70,000 Oi% school bonds described in V. 86,
p. 122, was submitted by the First National Bank of Cleveland. The other bidders were:
Well, Roth & Co., Clneln__ _ _ $73,733
Cleveland Trust Co., Cleve__ 73,701
Otis & Hough, Cleveland_ _ _ _ 73,681
Emery, Anderson & Co., Clev 73,192
Hayden, MIller&Co., Cleve__ 73,076
Un.Savs.Bk.&Tr.Co., Cincin 73,045

W.R. Todd & Co., Clueln-- 472,250
N. W. Harris & Co., N. Y___ 72,240
Sec. Sav. Bk. & Tr Co., Tol_ 71,060
71,127
Spitzer & Co., Toledo
70,021
W.J. Hayes & Sons.. Cleve

Maturity $500 each six months from Jan. 1 1909 to July 1
1914 inclusive, $1,000 on Jan. 1 1915, $500 on July 1 1915,
$1,000 on Jan. 1 1916, $500 on July 11916, $1,000 on Jan. 1
1917, $500 on July 11917, $1,000 each six months from Jan.
1 1918 to Jan. 1 1936 inclusive and $1,500 each six months
from July 1 1936 to July 1 1943 inclusive.
Connellsville School District (P. 0. Oonnellsville), Pa.
-On Jan. 31 an issue of $14,000 5% building
Bond Sale.
bonds was awarded to the First National Bank of Cleveland.
Denomination $500. Date Dec. 1 1907. Interest semiannual.
Corinth Union Free School District No. 7 (P. 0. Corinth),
-No bids were received on Feb. 3
N. Y.
-Bonds Not Sold.
for $20,000 43% registered school-house bonds offered on
that , day.
Cranston (P. 0. Station 31, Providence), Providence
-A bid of 98.50 recently sub-Bid Rejected.
County, R. I.
mitted by N. W. Harris & Co. of Boston for $100,000 4%
40-year coupon or registered gold school bonds was rejected.
The original advertisement of these bonds called for pro$6,507,721 posals until April 10 1907, but, as reported in V.84, p. 884,
$10,061,536 1902 ____ ._$10,915,84511896
1908
10,332,101
9,240,86411895
rejected.
10,160,146 1901
1907
7,072,267 all bids received on that day were
20,374,32011894
8,3 17,.)82 1900
1906
5,438,577
6,075,95711803
8,436,253 1899
-Reports state that
1905
-Bond Sale.
and, R. I.
Cumberl
6,352,000
8,147,893 1 1892
23,843,801 1898
1904
10,405,776
$200,000 refunding bonds have been disposed of.
15,941,796 1897
1903
-We learn
-Bond Sale.
Owing to the crowded condition of our columns, we are
Floral Park, Nassau County, N.Y.
that the
omit this week the customary table showing the from the President Board of Fire Commissioners 30 1907
obliged to
$4,500 5% bonds offered without success on Dec.
later.
month's bond sales in detail. It will be given
(V. 86, p. 63) were sold at par on Feb. 1 to thoFloral Bank.
Hallettsville Independent School District (P. 0. Ha,lletts-No bids were
-Bonds Not Sold.
vile), Lavaca County,
atlons this week received on Feb. 1 for Tex.$18,000 4% 5-35-year (optional)
the
Bond Proposals and Nedotl
public-school-building bonds described in V. 85, p. 1600.
have been as follows:
Johnstown School District (P. 0. Johnstown), Cambria
Independent School District (P. 0. Amarillo),
Amarillo
-Proposals will be received
-Bond Offering.
-On Feb. 10 the elec- County, Pa.
-Bond Election.
County, Tex.
Potter
by W. A. Cochran, Secretary Board of
this district will vote on a proposition to issue $50,000 until 7 p. m. Feb. 11 for $100,000 4i7 coupon bonds. Of
tors of
0
School Comptrollers,
5% 10-40-year (optional) school-building bonds.
- the total issue, $50,000 is to complete the buildings in the
-Bonds Not Yet Sold.
Idaho.
Boise City, Ada County,
the Seventh, Seventeenth and the Eighteenth wards and $50,000
In reply to our request for information relative toewer- is to build a school in the Eighth Ward. Denomination
gold coupon lateral-s
$50,096 6% 1-10-year (serial)
$1,000. Date Feb. 1 1908. Interest semi-annually at the
improvement bonds the bid for which was rejected on City Treasurer's office. Maturity thirty years, subject to
Clerk writes us that
June 11 1907 (V. 84, p. 1564), the City
call after five years. Bonds are exempt from State tax.
no action has yet been taken in regard to re-offering the Certified check for $250, payable to the 'School District of
securities.
of Johnstown," is required. Official circular states
-On Jan. 31 $73,500 of an issue of $78,211 7% the City
Bond Sale.
in the payment of
were awarded the that there has never been any default
1-10-year (serial) street-paving bonds
and accrued inter- principal or interest.
First National Bank of Boise City at par
-Bond Offering.-Proposals
Lancaster, Erie County, N. Y.
est. Denominations: 120 bonds of $500 each, 10 bonds
of $321 each and 150 bonds of $100 each. Date Jan. 11908. will be received until 8 p. m. Feb. 17 by Peter P. Adolf,
Interest semi-annual.
Village Treasurer, for $150,000 coupon (with privilege of
-The following bonds were
-Bond Sales.
Boston, Mass.
registration) bonds for the purchase of a site for the seweragesold at par during the month of January:
disposal works and for the construction of said works.
In July 1937.
$75,000 4% Northern Avenue and Sleeper Street bonds due
July 1927.
Authority election held March 26 1907; also Chapter 320,
395.000 4% bonds for various munEcIpal purposes due In
1947.
3,000 4% Cambridge Bridge bonds due In DecemberJuly 1947.
Laws of 1897: Denomination $1,000. Date Feb. 1 1908.
Tunnel and Subway bonds due In
800 4% Boston
-On Interest (rate to be named in bid) payable semi-annually in
-Bond Sale.
Cambridge, Guernsey County, Ohio.
Feb. 3 the sixteen issues of 4% 1-10-year (serial) sanitary New York City or Buffalo, at option of purchaser. Maturity
sewer-construction assessment bonds,aggregating $10,375 60, $5,000 yearly on Feb. 1 from 1920 to 1949 inclusive. Bonds
described in V. 86, p. 122, were awarded to John Lloyd at
to be made on blank form
par, accrued interest and $120 premium. A bid was also are exempt from all taxes. Bid
received from W. R. Todd & Co. of Cincinnati offering $102 furnished by the village and accompanied by an uncondipremium.
tional certified check on an incorporated bank or trust
-The $14,000 5% 5-20- company for 1% of bid, made payable to the Village Treas-Bond Sale.
Charles City, Iowa.
86, p.
year (optional) coupon sewer bonds described in V.
Accrued interest, if any, to be paid by purchaser.
181, were awarded on Feb. 3 to the Citizens' National Bank urer.
The official notice of this bond offering will be found among
ofACharles City for $14,050 (100.357) and accrued interest.
- the advertisements elsewhere in this Department.
Oheneyville School District (P. 0. Cheneyville), La.
-On Feb. 3
-Bond Sale.
-Reports state that the $16,000 school-house
Lancaster, Lancaster County, Pa.
Bond Sale.
sold. the
$85,000 4% 20-30-year (optional) coupon improvement
bonds voted on Nov. 19 1907 (V.85, p. 1416) have been
to the Union
the
Chicago, Ill.-Temporary Loans Negotiated During in bonds described in V. 86, p. 242, were awarded the bids:
Trust Co.of Lancaster at 100.545. Following are
-In addition to $850,000 already reported
Year 1907.
100.545
20 Union Ttust Co., Lancaster'(for the entire Issue)
these columns, the City of Chicago also borrowed $5,389,6in A. B. Leach & Co., New York (for the entire Issue)
100.15
par
100.005
during the year 1907. The loans were negotiated at
& Co., New York (for the entire Issue)
Rudolph Kleybolte
par
anticipation of the collection of taxes and carry 5% interest. Lancaster Trust Co., Lancaster (for all or any part)
par
any part)
-Bond Offering. J. B. Long & Co., Lancaster (for all or
Kootenai County, Idaho.
(for $10,000 at 100.10, $10,000 at 100.20 and
W. U. Hensel, Esq.
Coeur d'Alene,
at 100.30, or for
be received until 7:30 p. m. Feb. 17 by Alex-, $5,000Warfel, Lancaster$25,000 for $25,032).
-Proposals will
100.65
(for $15,000)
John B.
par
ander Main, City Clerk, for $40,000 coupon city-hall-con- Henry G. Long, Asylum, Lancaster (for $6.000)
ary Loan.
-A loan of $100,000
not exceeding 6% interest. Denomina-Tempor
struction bonds at
Lawrence, Mass.
City Treastion $1,000. Interest Jan. 1 and July 1 at the purchaser. has been negotiated with Loring, Tolman & Tupper of Bosurer's office or in New York City, at option of call after ton at 4.62% discount. Loan matures Oct. 6 1908.
Maturity twenty years from date of issue, subject to
-Bond Sale.
Leflore County (P. 0. Greenwood), Miss.
ten years. Bonds are free from all taxes. Certified check MacDonald, McCoy dr Co. of Chicago advise us that the
.
the Mayor, is required. Bonded debt,
for $500, payable to
$60,000 bridge-construction and the $40,000 road-building
this issue. Floating debt, $5,000. Assessed valuation for 5% 25-year gold coupon bonds, proposals for which were
bonds take the place of the $40,000
,
1907 $4,610,106. These
.
until Dec. 2 (V. 85, p. 1417), were awarded them on
6% bonds awarded on Sept. 30 1907 to S. A. Kean of Chi- asked6 at par and accrued interest. Our informant adds,
Jan.
which sale was never consummated.
cago (V. 85, p. 1101),




363

THE CHRONICLE.

however, that the legality of this issue has not yet been
approved.
Massachusetts.
-Sales for the Year 1907.
-In additio
the sales of $3,283,000 bonds previously reported in n to
columns,$487,500 were also sold by the Commonwealththese
ing the year 1907. The $487,500 bonds the sales of durwhich
we had no previous knowledge were as follows:

$10,000 3 A % armory loan maturing March 1 1936.
Sold at par.
5,000 3 A % armory loan maturing Sept. 11935.
18,000 3 A % armory loan maturing Sept. 1 1935. Sold at par.
1,500 3 A % armory loan maturing Sept. 11921. Sold at 103.09.
8,000 3 A °-1 armory loan maturing Sept. 1 1918. Sold at par.
22,000 3% armory loan maturing Sept. 11937. Sold at par.
85,000 3 A % Charles River Basin loan maturing Sold at par.
Jan. 1 1946. Sold
103.09.
21,000 316% Metropolitan Sewerage loan maturing
Jan. 1 1946. Sold
103.09.
1,000 3 A % Metropolitan Parks loan maturing
Jan. 1 1946. Sold
103.09.
307,000 3 A % Metropolitan Water loan maturing
Jan. 1 1046. Sold
103.09.

Temporary Loans.
-The following loans were

Amount.
$1,000,000
75,000
275,000
750,000
100,000
400,000
75,000
500 000

at
at
at
at

negotiated:

With Whom Negotiated.
F. S. Mosely & Co. of Boston.
Curtis & 'Sanger of Boston.
Boston Five Cents Savings Bank.
Harvey Fisk & Sons of Boston.
R. L. Day & Co. of Boston.
Second National Bank of Boston.
Winthrop National Bank of Boston.
Charles River Basin Loan Fund.

Lxxxvi.

The above bonds are exempt from taxatio
n save for State
purposes, except- the Bryant Park Library
Building bonds,
which are exempt from all taxation.
Interest from and including Feb. 14 1908, will be payable
semi-annually on May 1
and Nov. 1.
Bonds or stock issued in coupon form can
be converted
at any time into registered bonds or stock,
and bonds or
stock issued in registered form can be
converted at any
time into coupon bonds or stock in denomi
nations of $1,000.
Either money or a certified check drawn to
the order of
the City Comptroller for 2% of the par value
of the stock or
bonds bid for must accompany proposals.
Chapter 274 of the Laws of 1904, which applies
to the sale
of bonds of the City of New York, provide
s that "all-ornone" bids cannot be considered by the
Comptroller unless
the bidder offering to purchase "all or none"
of the bonds
offered for sale shall also offer to
purchase "all or any part"
thereof.
The official notice of this bond offiering
will be found among
the advertisements elsewhere in this Department.
Nodaway County (P. 0. Maryville),
On Feb. 3 the 835,000 4% 5-10-yearMo.-Bond Sale.
poor-house-building bonds described in (optional) coupon
V. 86, p. 183, were
awarded to the H. P. Wright Investment Co.
of St. Louis
at 100.125 and accrued interest.
Norwood, Hamilton County, Ohio.
-Bond Sale.
-The following bids were received on Jan. 30
for
4M% bonds described in V. 86, p. 64: the four issues of

Of the above temporary loans, aggregating $3,175,
000,
$1,900,000 were mentioned by us at various times
during
the year.
Medford, Jackson County, Ore.
-Bond Sale.
-The $25,00
5% 10-year gold coupon improvement bonds mentioned 0
V. 86, p. 183, were sold on Jan. 25 to E. H. Rollins & in
of Chicago at 104.80 and accrued interest-a basis of Sons
4.402%. Bids were also received from John Nuveen about
and MacDonald, McCoy & Co., both of Chicago; A. J. & Co.
815,000
$3,238 04 $12,196 72 58,486 55
Hood
bonds,
& Co. of Detroit and Morris Bros. of Portland.
bonds,
bonds.
Prov. Say. Bk. & Tr. Co.
bonds.
Cincinnati.
d$15,015 oo
Medicine Hat, Alberta.
-Debenture Sale.
-On Jan. 16 W. It. Todci & Co., Cin_
15,765 00 a$3,250 00 $12,294 29 $8,554 44
a12,322 32 a8,574 60
Seasongood & Mayer, Cin.- 15,910 25
Aemilius Jarvis & Co. of Toronto were awarded the
3.238 04 12,237 37
National Bank
8,514 83
15,907 00
issues of 5% coupon debentures aggregating $65,000 four Third Roth & Ci., Cin
men- Well,
15,866 00
3,246 04 12,321 72
tioned in V. 85, p. 1417, at 89.
Un. Says. Bk.&Tr. Co., Ctn. 15,827 00
8,511-6a
Western German Bk., Cin__ 15,766 00
Medicine Hat Protestant Public School District No. 76 Kuhn & Sin
15,757 50
German Nat. Bic., Cin
15,737 50
(P. 0. Medicine Hat), Alberta.
12, ; 02 - - - - 55
- 71
2
-Debenture Sale.
8, 6
43
-The $10,- Atlas Nat. Bank, Cin
15,602 50
G. W. Durrell_.
000 5% coupon debentures maturing part yearly on Aug.
15,600 00
1
and described in V. 86, p. 242, were awarded on Jan. 31 to
a Successful bidders.
Montreal parties at 95.053. The other bidders were as folNorwood, Norfolk County, Mass.
-Purchaser of .Bonds.
lows:
We are informed that Jose, Parker & Co.
of Boston were
N. Leger
$9,0501Wood, Gundy & Co., Toronto_$9.000 the purchasers of the
$2.5,000 436% electric-light bonds,
Nay Fc James
,
9,0321W. C. Brent, Toronto
8.959 the award of which
was reported in
Nelson, B. C.
-Debenture Offering.
-Proposals will be re- price paid was par. Denomination last Week's issue. The
$2,500. Interest semiceived until 8 p. m. March 2 by W. E. Wasson, City Clerk, annually in June and
December. Maturity $2,500 yearly
for $60,000 5% school debentures. Date July 11907. In- beginning 1918.
terest semi-annual. Maturity twenty years. Purchaser to
Orange, Essex County, N. J.
pay accrued interest.
-Bond Sale.
-On Feb. 3 the
$200,000 5% 30-year water-loan bonds
offered on that day
New Bern, ()raven County, N. 0.
-Bond Offering.
-Pro- (V. 86, p. 243) were awarded to Blodget, Merritt & Co. of
posals will be received until Feb. 15 by F. T. Patterson,
New York City at 107.643-a basis of
about 4.532%.
Clerk, or W. D. McIver, City Attorney, for the $50,000City Following are the bids:
5%
street-improvement bonds voted.on Oct. 8. Denomination Modget,Merrit&Co.,N.Y3215,286 00 R:M. Grant & Co., N. Y.$205,5
22 00
Parkins:n & Burr, N. Y.,1
N. W.
$1,000. Interest semi-annual. Maturity thirty years.
amid B. H. RollIns &}214,540 00 First Harris & Co., N.Y. 205,376 00
Nat. Bank, Cleve_ .202,350 00
Sons, Boston
tified check for $500 required. Bonded debt, including CerEmery,Anderun &Co ,C1.. 202,100 00
this Chisholm & Chapinan,NY1 214,452 00 W.
issue, $233,000. Assessed valuation for 1906 $5,159,898.
Otis & Hough, Cleyeland_211,500 00 J. J. Hayes & Sons, Clev200,037 00
S. RIppe1,1$100,000_ -100.875 00
Kountze Bros., N. Y
210,100
Newburgh, Orange County, N. Y.
-Bond Sale.
-On Jan. A. B. Leach& Co., N. Y 208,222 00 Newark __ _1 50,000_ - 50,625 00
1 50,000_50,500 00
27 this city awarded an issue of $1,500 5% 1-10-year (serial) Wadsworth & Wright,NY_203,000 00 Merchant
13
s' Nat. Bank,
,
fire-house-improvement bonds to Isaac W. Sherrill of Prov. Sat. 13k. & Tr. Co.,
Middletown, N. Y.
•
Cincinnati
207,140 00
Poughkeepsie at 100.25. Denomination $150. Date Feb. O'Conn r & Kahler, N. Y..206,802 00 (320,000)
20,200 00
Estaiwo k & Co., N. Y_ 296,000 00 James Fisher, Hacketts- '
1 1908. Interest semi-annual.
town N. J. ($5,000)
5,057 80
Oshawa, Ont.-Debenture Sale.
New Castle County (P. 0. Wilmington), Del.
-This town, it is stated,
-Bond Sale.
-On Feb. 4 the $190,000 432% gold coupon highway-im- recently awarded $10,600 5% debentures maturing part
provement bonds described in V. 86, p. 302, were awarded yearly from 1908 to 1937 inclusive to G. A. Stimson & Co.
to James F.Nields of Wilmington at 101.35-a basis of about of Toronto.
4.423%. The bids received were as follows:
Oyster Bay (P. 0. Glen Cove), Nassau County
, N. Y.
James F. Nields, Wilm_ _$192,565 001N. W. Halsey Fe Fo., N.Y_
Bond Sale.
-On Feb. 1 the $15,000 1-15-year
_3100,545
N. W.Harris & Co., N.Y. 192,036 80 Farmers' Bank, 'Minn
town-hall bonds, a description of which was (serial) gold
al90,000
Parkinson &Burr, N. Y-- 192,033 00 Equit. Guar. & Tr. Co_
given in V. 86,
__ _ 190,000 p. 243, were awarde
d to N. W. Harris & Co. of New York
a And interest.
City as 4.80s at 100.121.
Maturity $15,000 yearly on Dec. 1 from 1935 to 1940 inPendleton, Ore.
-E, H. Rollins & Sons
clusive and $20,000 yearly on Dec. 1 from 1941 to 1945 in- Chicago, offering -Bond Sale.
par, were the successful bidders for of
clusive.
the
four issues of 5% 20-30-year (optional) coupon bonds
aggreNewport, R. I.
-Temporary Loan.
-On Feb. 4 this city gating $135,000, proposals for which were asked until
borrowed $25,000 from Jose, Parker & Co. of Boston
Dec. 311907. See V. 85, p. 1537.
4.73% discount and $1 premium. Loan matures Sept.at
Philadelphia, Pa.
-Bonds Authorized.
1
-On Feb.
1908.
lution providing for the issuance of the $10,000 6 a reso,000 coupon
Newton, Jasper County, Iowa.
or registered bonds at not exceeding 4% interest, voted
-Bond Sale.
-Otis &
Hough of Cleveland have been awarded the $40,000 5-10-year Nov. 5(V. 85, p. 1229),was adopted
by the Common Council.
coupon water bonds offered on Jan. 28 for $40,550 (101.37
5) The proceeds of these bonds will be
for 5s. See V. 86, p. 242, for description of these securities. purposes: $2,500,000 school-buildi used for the following
ng and site-purchase,
New York City.
-Bond Offering.
-Proposals will be re- $500,000 high-pressure-fire-system in the northeastern section of the city, 8500,000 police and fire station
ceived until 2 p. In. Feb. 14 by Herman A. Metz, City Comps and new
fire apparatus, 8500,00
troller, for $50,000,000 4%% gold registered or coupon improvement, $100,00 0 League Island Park, $150,000 park0 bath-houses, $400,000 South Broad
corporate stock and bonds as follows:
Street Boulevard, $1,000,000 mandamuses,
$300,000 Passcorporate stock for various municipal purposes, maturing yunk Avenue Bridge, $300,000
$37.500.000 4 A
new bridges
Nov. 11957.
supply extension, 8600,000 main sewers, , $800,000 water6,000,000 4% corporate stock for water supply, maturing Nov.
$500,000 branch
2,500,000 4A % corporate stock for the construction of the Rapid 1 1957. sewers, $200,000 paving intersections,
Transit •
$300,000 grading,
Railroad, maturing Nov. 1 1957.
$150,000 surfacing unpaved streets, $1,000,
1,000,000 4M% corporate stock for the construction of a library
000 parkway and
building $200,000 House of
in Bryant Park, maturing Nov. 1 1057.
Detention for juvenile prisoners. Bonds
1,500,000 4B
i% assessment bonds for street improvements, maturing will be issued in denomin
ation of $100 or multipl
Nov. 1 1917.
optioh of purchaser. Interest semi-annually es thereof at
1,500,000 4; % assessment bonds icor street and park openings
,
6
, maturing
at
•
• Nov. 1 1017
agency of the City of Philadelphia Maturity thirtythe fiscal
years.




7
1 Port Chester, Westchester County, N. Y.—Bond Sale.—
On Feb. 3 the $48,945 5% gold highway-improvement bonds
offered on that day (V.86,p. 302)were awarded to the First
National Bank of Cleveland, 0., as follows: $15,525 at
101.05, $16,995 at 101.11, $13,275 at. 100.85 and $3,150 at
par. The purchaser also paid accrued interest. The other
bidders were:
N. W. Harris & 0., N. Ya100.1541W. J Hayes & Sons, Clev__ _100.025
a And accrued interest.

Porterville, Cal.—Bond Sale.—We are advised by wire that
$50,000 5% gold coupon water-works-construction bonds
proposals for which were asked until Feb. 3 were awarded to
the Pioneer Bank of Porterville at 100.70—a basis of about
4.946%. Authority election held Dec. 30 1907; also an Act
of the Legislature which became a law Feb. 25 1901, as
amended March 19 1907. Forty bonds are in denomination of $1,000 each and forty are in denomination of $250
each. Date Feb. 1 1908. Interest semi-annually at the
City Treasury. Maturity $1,250 yearly on Feb. 1 from
1909 to 1948 inclusive. Bonds are tax-exempt. Total debt
at present, $14,000. Assessed valuation 1907, $627,678.
'Portsmouth School District (P. 0. Portsmouth), Scioto
County, Ohio.—Bond Sale.—On 'Jan. 31 the $15,000 4
4-8-year (serial) coupon school-addition bonds, a description
of which was given in V. 86, P. 125, were awarded to the
Security Savings Bank & Trust Co. of Portsmouth for
$15,404 20 (102.694) and accrued interest—a basW of about
3.99%. The bonds are dated Jan. 31 1908 and are exempt
from all taxation.
Rivervale Township, Bergen County, N. J.—Bond Offering.—Proposals will be received until 4 p. m. Feb. 27 by
the Township Committee, George R. Seaman, Joseph
Kociembo and Gustav Woitke, at the office of Koester &
Campbell; No. 78 Main Street, Hackensack, for $25,000 5%
coupon road-improvement bonds. Date Feb. 1 1908. Maturity $1,000 yearly on Feb. 1 from 1914 to 1938 inclusive.
Certified check on a national bank for $1,000, payable to
the "Township of Rivervale," is required. Accrued interest
to be paid by purchaser.

NEW

363

THE CHRONICLE

S 1908.1

NEW LOANS.

IjANS.

,
*0,25,004

350,000,f ILO
NEW Y RIK CITY

RivervAle Township,
-4
BE' EN oUNTY. N J.,
5% Road irnprovemlnt donds
Sealed bids will be received by the undersigned
until Four o'clock in the afternoon of February
Twenty-seventh, Nineteen Hundred and Eight,
for Twenty-five Thousand ($25,000) Dollars Five
(5%) per cent coupon Road Improvement Bonds
of Rivervale Township, Bergen County, New
Jersey, at the office of Koester de Campbell, Number 78 Main Street, In the Village of Hackensack,
Bergen County, New .Jersey, said Bonds maturing One Thousand ($1,000) Dollars annually,
from and after Six years from date of Bond. The
purchaser must pay the principal, premium and
accrued interest on said Bonds, the date of which
is the First day of February, Nineteen Hundred
and Eight.
A certified check for One Thousand ($1,000)
Dollars on a•NatIonal Bank, payable to the order
of the Township of Rivervale, Bergen County,
New Jersey, must accompany each bid.
The right Is reserved to reject any or all bids.
For further particulars see or address Koester
& Campbell, Attorneys, Hackensack, New Jersey.
GEORGE H. SEAMAN,
JOSEPH KOCIBM BO,
GUSTAV WOITKE,
Township Committee.

The official notice of this bond offering will be found among
ry, 1.4
the advertisements elsewhere in this Department.
Rochester, N. Y.—Note Offering.—Proposals were asked
for until 11 a. m. yesterday (Feb. 7) by Charles7.F. Pond,
City Comptroller, for $502,000 notes. Of the total issue
$250,000 are for the renewal GS local-improvement fund 'notes
due Feb. 12 1908. Rate of interest and denomination of
notes desired to be named in bid. Loan is dated Feb. 10
1908 and matures in four months. Principal and interest is
payable at the Union Trust Co. of New York City. The
result of this offering was not known to us at the hour:of
going to press.
Temporary Loan.—This city recently borrowed $200,000
from the Security Trust Co. of Rochester at 5% interest.
Notes mature July 31 1908.
1
Rome, Oneida County, N. Y.—Bonds Awarded in Part.—
Of the $100,000 4% 20-year registered water-supply bonds
described in V. 86, p. 302, $40,000 were disposed of at par.
The bonds were offered on Feb. 3. The balance of the issue
($60,000) is being offered at par.
Sarnia, Ont.—Debentures Voted and Sold.—An election
held Jan. 6 resulted in a vote of 813 to 329 in favor of the
issuance of $7,200 53.% water-works-improvement debentures. Maturity part yearly on Dec. 31 from 1908 to 1927
inclusive. We are advised that arrangements have already
.
been made for the sale of these debentures.
Spring Creek Drainage District (P. 0. Joliet), 111.—Price
Paid for Bonds.—The price paid for the issue of 6% drainage
bonds recently disposed of to local investors (V. 86, p. 244),
we are informed, was par and accrued interest. Securities
are in denominations of $100 and $500 each. Date Dec. 1
1907. Interest annually on Aug. 1. Maturity part yearly
from one to seven years. Local papers state that more than
one-half of the total issue of $60,000 has been sold.
Spring Lake (P. 0. Spring Lake Beach), Monmouth
County, N. J.—Bonds Awarded in Part.—Of an issue of
$56,000 5% coupon or registered refunding bonds, we are
informed that $10,000 have been sold. „
Staples, Todd County, Minn.—Sale of Certificates of Indebtedness.—On Jan. 28 the two issues of certificates of in-

Four and One-half (V2%) Per Cent.
GOLD TAX EXEMPT STOCK AND BONDS
issued in Coupon or Registered Form,
InLerchangeable at will after Purchase

To Be Sold Friday,February 14,1908
At 2 o'clock, P. M.
AS FOLLOWS:

Perry t)offin & Burr,
$- NiBONDS

INVES

W,C00,1E0 Cerporgte Stock, Payable Number 1, 1957
1
$3,0,40, ,0 Assessment Bonds, Pay2bie November 1, 1917
EXEMPT FROM TAXATION, EXCEPT FOR STATE PURFOSF.S

Aisti•

Atreet,

MUNICIPAL AND RAILROAD
BONOS.
LIST ON A PPL1CATION.

SE.ASON GOOD

Send bids In a sealed envelope enclosod la the addressed envelope. A DEPOSIT OF
TWO PER CENT. OF PAR VALUE MUST ACCOMPANX BID. Such deposit must be 1a
money or certified check upon a solvent Banking Corporation. For fuller information sea
"City Record," published at Room No. 2, City Hall, New York.

MAYER1

Mercantile Library' Minding,
"IN , I •NATI.

BLACK S

THESE STOCKS AN) 139NDS ARE
LEGAL INVESTMENTS FOR TRUST FUNDS.
Consult any Bank or Trust Company, or address

HERMAN A. METZ,Comptroller, City of New York

A FF 8c CO.

280 Broadway, New York.

INVEc,TMENTS
1332 Walnut Street
PHILADELPHIA

LIST OF SPECIALTIES ON REQUEST



PRIMROSE & BRAUN,
New

Work

City

Bank, Trust

nasa

Fire I usetrance Stocks
N atVir YORK
43 Exchange ('lace

OTT k.) JULIUS MERKEL
44 AND 46

ii ROKER
NEW
WALL ST

YORK

INVESTAENT SECURITIES.
Corres.,odeucc Invited

364

THE CHRONICLE.

debtedness, aggregating $21,118 30, described in V. 86, p. payable at the Sterling Bank of Canada in L'Original. Ma244, were awarded as follows:
turity part yearly on Dec. 31 for fifteen years. Debentures
$16,618 30 6% certificates maturing part yearly on Feb. 1 from 1909 to are tax-exempt.
1913 inclusive, awarded to 0. F. Doyle of St. Cloud at par.
4,500...6% certificates maturing $2,000 on Feb. 1 1009 and $2,500 on Feb.
Waltham, Mass.
-Temporary Loan.
-This city, according
1 1910, awarded to Wandenburg & Mitchell of St. Paul at
to reports, recently negotiated a loan of $25,000 with George
par.
Mixter of Boston at 4.52% discount. Maturity Nov. 5
-Description of Bonds.
Tulsa, Okla.
-We are advised that
the $30,000 school and $25,000 sanitary-sewer 5% 20-year 1908.
Waynesburg, Stark County, Ohio.
bonds awarded to R. J. Edwards of Oklahoma City at par
-Bond Sale.-Followare dated Sept. 1 1907. Denomination $1,000. Interest ing are the bids received on Feb. 3 for the $2,000 5% coupon
water-works-plant-construction bonds described in V. 86,
semi-annual.
p. 127:
Ulster County (P. 0. Kingston), N. Y.
-Bond Sale.
-The Lydia M. Myers, Waynesburg_$2,150
Prov. Says. Bank & Trust
following award was made on Feb. 4 of the $30,000 43% H. Sweet, Waynesburg
2,102
Co.,
$2,045 40
1-6-year (serial) registered road-construction bonds described W.R. Todd & Co., Cincin--- 2,085 Otis & Cincinnati
Hough, Cleveland
2,015 00
Security Says. Bk. & Tr. Co.,
Lizzie B. Farien, Waynesin V. 86, p. 303:
Toledo
2,053

$5,000 bond due March 1 1009 to the KingstonSavings Bank at par.
5,000 bond due March 1 1910 to the New Peitz Savings Bank at 100.05.
5,000,bond due March 1 1911 to the Ulster County Savings Institution at
100.20.
5,000 bond due March 1 1912 to the Kingston Savings Bank at 100.52.
5,000 bond due March 1 1913 to the Ulster County Savings Institution at
100.56.
5,000 bond due March 1 1914 to Jacob Owen at 101.21.

There were no other bidders.
Union County (P. 0. Marysville), Ohio.
-Bond Offering.
Proposals will be received until 12 m. to-day (Feb. 8) by
Dwight B. Edwards,County Auditor,for the following bonds:

$30,000 5% coupon ditch-construction bonds. Authority Sections 4479,
4480 and 4482, Revised Statutes. Maturity part each six
months Cot ten years. Certified check for $900 required.
% coupon bridge bonds. Authority Section 871, Revised
Statutes. Maturity part each six months for twenty years.
Certified check for $1,500 is required.

pomp)

The above bonds are in denomination of $500 each and
are dated Jan. 1 1908. Interest semi-annually at the County
Treasurer's office. Bid must be unconditional and made on
a tform furnished by the County Auditor. Bonds to be
delivered on day of sale.
United Counties of Prescott and Russell (P.0. L'Original),
Ont.-Debenture Sale.
-We are informed that $15,000 5%
coupon debentures to return money borrowed from banks
were recently sold to the Dominion Securities Corporation,
of Toronto, 'within a few dollars of par." Purchaser to
pay accrued interest. Date Dec. 31 1907. Interest is
W

414
4

LMbI

•11111 150,000

burg

Maturity $1,000 on April 1 in each of the years 1932 and
1934.
Wayne Township (P. 0. Waynesville), Warren County,
-Bonds Declared Illegal.
Ohio.
-The Court, we are informed,
has handed down a decision restraining this township from
issuing the $18,000 4% public-hall bonds offered on June 8
1907. As reported by us in V.85, p. 59, the Court of Common Pleas upheld the legality of these bonds but an appeal
was taken to the Circuit Court.
Windsor, Ont.-Debenture Offering.
-Proposals will be
received until 12 m. Feb. 12 by Stephen Lusted, City Clerk,
A
for $53,593 71 41 % and $23 391 64 5% local-improvement
debentures. Interest semi-annual. Maturity part yearly
for ten years.
Worcester, Mass.
-Temporary Loan.
-A loan of $200,000
maturing Oct. 15 1908 has been negotiated with Loring,Tolman dc Tupper of Boston at 4.48% discount and $1 pre'Ilium.

Yonkers, N. Y.
-Revenue Bond Sale.
-On Feb. 6 the
$200,000 6% revenue bonds described in V. 86, p. 304, were
awarded to the Merchants' National Bank of New York City
at 100.0911. A bid was also received from Rhoades dr Co.
of New York at 100.09. Maturity June 15 1908.

LuAlk

oo
Village rf Lancaster, N. Y. City of Beaumont, Texas,
ElohLE OF SEWER RONDS.

a1,035 00

a For $1,000 bonds.

INVESTMENTS.

114130.0

5% BONDS.

Sealed bids will be received by the Treasurer
of the Village of Lancaster until 8 p. m., FEBRUARY 17TH, 1908,for the purchase of $150,000
of bonds of $1,000 each.
Said bondsgto bear date Feb. 1 1908, Interest
payable February 1 and August 1, the first 5
bonds payable February 1 1920, and 5 bonds
each and every year thereafter for 29 years.
Rate of interest to be the lowest amount bid for
said bonds. Certified check for 1 per cent of bid
to accompany all bids.
For further particulars address
PETER P. ADOLF,
Treasurer of Village of Lancaster,
New York.

Sealed bids will be received by the City Council
of the City of Beaumont, Texas, from FEBRUARY 1ST 1008 TO FEBRUARY 18TH 1008, AT
10 A. M. for the purchase of all, or any part, of
$30.000 00 Bonds, as follows, to-wit:
'
$10,000 00 Fire Station House Bonds and
$20,000 00 Market House Bonds, all of said Bonds
being of the denomination of $1,000 00 each,
dated December 1st, 1907, maturing December
1st, 1947, subject to the tight of the City to redeem all, or any part, of said Bonds at any time
after twenty years from the date thereof, at par
and accrued interest, and bearing interest at the
rate of five (5%) per cent per annum, payable
semi-annually on the first day of June and the
first day of December each year. The principal
and interest are payable In lawful money of the
United States of America at the office of the City
Treasurer, Beaumont, Texas, or at the Oriental
Bank of New York City, New York, at the option
of the holder.
Each bid must be on blank form furnished by
the City and must be accompanied by a duly
certified check on one of the Banks of the City of
Beaumont for two (2%) per cent of the par value
WATER and SEWERAGE BONDS
of the bonds bid for. The bids should be in a
sealed envelope marked "Bids for City Bonds,"
and addressed to J. G. Sutton, City Secretary,
FOIL SA. E
Beaumont, Texas. The bids to be considered
Sealed proposals for the sale of $200,000 City must be filed by him on or before Tuesday,
February 18th, 10 A. M., 1908. The right is
of Wilmington, N. C., Water and Sewerage reserved by the City to reject any and all bids.
Bonds will be received at the office of the City
J. G. SUTTON, City Secretary.
Treasurer of said City until 12 o'clock m. March
Mk, 1908.
Said Bonds bear interest at the rate of 43%
per annum, payable semi-annually, and mature
409 Walnut Street,
forty years after date of their Issue.
CINCINNATI, 0.
A deposit of 2% required with each bid.
reject any or all
The City reserves the right to
bids.
JNO. J. FOWLER,
City Clerk and Treasurer.
and High-Grade Public Service
Securities

*0204).,04)4)

HUNT, SALTONSTALL & CO.,
Investment Securities
GO STATE STREET
BOSTON

NEW YORK CITY
4Y2% TAX EXEMPT

BO' DS

City of Wilmington, North Carolina

T. W STEPHENS &

00..

2 WALL ST., NEW YORK

klbert Kiley boltc 6c Co., Blodget; Merritt 6c. Co
BANK ER S,
Municipal,
County, State

MacDonald, MoOoy& , ()„

MUNICIPAL

ANC CORPORATION

BONDS.
az La Salle Street, Chicafifo

Correspondence Solicited

Cuban Securities
A SPECIALTY

FRANCKE, THOMPSON & ROBB
Members N. Y. Stock Exchange

Knickerbocker Audit Co.
45 William Street,

CHAS GRISWOLD BOURNE, President
Telephone Conneetlons




43 Exchanee Place

60 State Street, Boston
so NAspilau .irritrteldtV. KEW If011.K.
STATE, CITY

&

ILROA D BONDS

INVESTMENT BONDS
Lists upon request. .

Denison & Farnsworth
nosToN
CLEVELAND and PHILADELPHIA
Eotnbilsh.sd

H. C. Speer

is

CO.

Telephone 6444 Hanover
BRANCH OFFICE
itrietol Building, 5th Ave. and .11id rat.
Telepbone 1658 Bryant

First Nat. fla.k Ituilding, Chicago
CITY COUNTY
AND TOWNSHIP -

BONDS.