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1

—

.

5

.

INCLUDING
Bank and (Rotation Section

and City Section(Semi-Annually)
Street Railway Section (^'^|Ji™®')
State

(Monthly)

Railway and Industrial Section (Quarterly)
Bntared aooordlnK to Act of Conereas. In the year 1906, by

VOL.

Wiluam

B.

Dana OoMPAmr,

SATURDAY, JANUARY

82.

%\xt ©hrowxcle.

27,

Clearings at

in the oftioe of Librarian of Congress, Washington, D.

Week ending January

ol Subscription

—Payable

1906.

Boston

in Adyance

$10 00
Tor One Year
,
For Six Months
6 00
13 00
Buropean subscription (inoludlne postage)
7 50
Bnropean Subscription Six Months (including postage)
£2 148.
A """«! Subscription In London (Including postage)
£1 lis.
8ix Months Subscription in London (including postage)
Subscription includes following Sections
STATE AND CiTY (semi-annually)
BANK AND QUOTATION (monthly)
Railway AND INDCSTRIAL (quarterly) Street Railway (3 times yearly)

—

New Haven
Springfield

Worcester
Portland
Fall River
Lowell
N6w Bedford

.

Holyoke
Total

New Eng.

|

ol

Chicago

Advertising— Per Inch Space

Cincinnati

Transient matter per incb space (14 agate lines)
(

Two Months

Three Months
at«„^i,.„
nr,=i„»<.= no,./i=
Standing: Business
Cards 3
-l
g^^ Months
(

|4 20
22 00
29 00
50 00
87 00

(8 times)

(13 tunes)

26 times)

Twelve Months

(52 times)

CHICAGO OFFICE—PUny Bartlett, 513 Monadnock Block.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, E.
lI'lL.LIAm B.

DANA COHIPANY,

Pine Street, Corner

Box

Pout Office

ot

Milwaukee
Indianapolis

Columbus
Toledo
Peoria

Grand Rapids
Dayton

C.

Evansville
Springfield.

Publishers,

Ill

Kalamazoo
Akron

Pearl Street,

-.
_.

Lexington

NEW YORK.

W.-iH.

Cleveland
Detroit

Youngstown
Canton
Rockford
Springfield.

Ohio

Bloomington
Quincy
Decatur

CLEARING HOUSE RETURNS.

Mansfield
The following table, made up by telegraph, &c., indicates Jacksonville,
III.
that the total bank clearings of all the clearing houses of the Jackson
Ann Arbor
United States for the week ending to-day have been $3,598,- Fort Wayne
South Bend
636,926, against $3,749,601,517 last week and $2,477,473,024
Tot. Mid. West
the corresponding week last year.
San Francisco
Clearings

Los Angeles

—Returns by Telegraph.

1906.

Per

1905.

Week ending Janvary 27.

New York
Boston

$2,084,634,417
146,274,906

_

-

Cent.

1.33,789,769

Philadelphia

Baltimore

-

23,076,865
172,226,884
53,434,274
19,282,590

-

St. Louis

New

Orleans

Seven

-

cities,

5 days

Otlier cities, 5 days.

Total
All

all cities,
cities, 1 day

Total

-

.

5 days

all cities for

week

$1,329,204,010
104,685,759
102,930,018
19,901,311
148,173,984
46,690,727
17,223,573

$2,632,719,705
370,275,984

$1,768,709,382
298,041,762

$3,002,995,689
595,641,237

$2,066,751,144
410,721,880

$3,598,636,926

$2,477,473,024

Seattle
Salt Lake City...

Portland

+ 56.8 Spokane
+ 39.8 Tacoma
+ 30.0 Helena
Fargo
+ 16.0 Sioux
Falls
+ 16.2
+ 16.8
Total Pacific.
+ 12.0 Kansas
City
+ 48.8 Minneapolis
Omaha
+ 24.2 St.
Paul
Joseph
+ 45.3 St.
Denver
+ 45.0 Des Moines
City
+ 45.3 Sioux
Topeka
Davenport

the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week
has to be in all cases estimated, as we go to press Friday night
We present below our usual detailed figures for the previous
week, covering the returns for the period ending with Saturday noon, January 20, and the results for thee orresponding
week in 1905, 1904 and 1903 are also given. Contrasted
with the week of 1905 the total for the whole country shows
a gain of 28.7 per cent.
Outside of New York the increase
over 1905 is 16.9 per cent.

The

full details for

Cl&irings at

New York

,.594,337,802

Philadelphia
PittsburKh

162,176.223
57.933.240

Baltimore

32.307. .564
8.791.301

Buffalo

Washington
Albany

5.953.380
6.079.954
4.217.724
1.837.554
1.743.214
1.075.051

Rochester
Scranton
Syracuse

ReadinK
WIlmlnKton
Wllkes-Barre

1.282.3.53
..

Wheeling
Krie
flhester

Binehamton
Orecnsbure
Franklin
Total Middle.

1.178,556
998.257
622.291
506.4S1
535.900
483.328
323.561

1905.
S
.923.996.445
142..394.446

46.759.223
25.202.768
7.155.940
4.675.582
4.190.235
3.519.722
1.720.653
1.786.732
920.21)1

1.126.961
1.057.261

741.792
484,699
.395.159

453.700
369.918
230.955

2,882,383,742 2.167,182.4,52

Dec.

%

+ 34.8
+ 13.1
+ 23.9
+ 28.2
+ 22.9
+ 27.3
+ 45.1
+ 19,8
+ 6.8
—24.4
+ 10.8
+ 13.8
+ .5
+ 34.6
+ 28.5
+ 28.2
+ 18.
+ 30.7
+ 40.1
+ 33.0
1 1

New

Orleans

Galveston

Richmond
Savannah
Memphis
Atlanta
Nashville
Norfolk

Fort Worth

Augusta

Birmingham
Little Rock

1903.

1,683, 001
1.289, ,824
911 ,928
1,021 ,151
972 ,800

639 ,456
445 ,635
473 114
295 ;8oo
381 704
187 965

,376,.582.208

123,863,597
46,572,640
20.992.775

Macon
CoUunbus, Ga

Outside

3.209.345
2,254.179
1,706.995
1,219.425

Canada
Montreal
Toronto

1.028.358
836.202
663.662

Quebec

N.Y..

Winnipeg
Ottawa

•

-

Halifax

Vancotiver

Hamilton
John

St.

London
victoria

Total Canada
1,498. .501.23111. .590.787. 799

47,273,959
21,201,053
12,408,803
7,300,093

66,618,796
57,414,897
27.123.365
11.040.706

62,510.986
49.103.846
18.064.879

8.5.50.619

7.893.281
5.082.500
3.428,470
4.104,644

+39.9

268.942

+ 32.2
+ 75.5
+ 51.1
+ 29..>
+ 36.3
+ 29.8
+ 1.1
+ 7.7
+ 32.4

82.638.656
28,487.004
17.898.412
8.788.468
7.38S.196
5.257.657
7.452.323
2.441.270
1.799.317
1.035.948
806.862
1.168,718
954,201
541,156

58.940.240

+40.2

21.628.1.30

+ 31.7
+ 11.3
+ 8.3
+ 21.0

84,772,0.39

5.33,751

16.087.376
8.112.091
6.107.576
5.817.369
7.654.120
2.221.844
1.809. 5S3
1.024.630
823.969
1.229.806
788.081
426.212
173.661
486.813
74.391.861
57.608,511
23,180,,592

.

—9.6
—2.6

+ 9.9
—0.6
+ 1.1
—2.1

—5.0

+ 21.0
+ 26.9
+ 45.3

5,9.35.076

4.495.524
4.067,792
2,095,636
1,464,0,80

1,294,634
775,667

693,810
1584,770

"194498

+2.7

+ 14.0
+ 14.1
+ 6.3
—4.1
+ 49.1
+ 13.9
+ 17.3
+ 18.2
+ 1.3
+ 31.8
+ 0.9
+ 41.8
+ 43.7
+ 15.3
+ 23.7
+ 44.9
+ 11.0
+ 61.5
+ 39.2
+ 49.5
+ 23.7
+ 23.4

13.020.929
7.054.523
4.926.000
5,111.357
3.361.445
6.422.380
3.302.257
3.322.941
1.669.540
2.333.573
1.408.627
1.365.069
928.691
1.333.075
1.102.231
1.038.227
89 1. .304
425.977
219.428
Not included In total

Total Southern
160,924,806
140.626,677
Total all
3,749,601,517 2,912,527,881

6.«i04.993
3.9S5.8.55

399.881
381.600
486,075

49,734,803
22,093.083
14,642,340
7,472,500
5,370,104
5,654,734
3,894,416
2,085,614
1,299,077
1,061,836
755.459
1,223,018
478.351
384,009
204,195

+ 8.0

31,045,351
8,371,664
4,420,962
4,410,896
3,731,030
2,705.544
2.742.619
709.481

1.779.724
1.445.575
1.332.997
527.015
270.766
1.185.542

Mobile
,290,178, 043
124,516, 110
37,424, 681
21,578, 214
6,541, 715
3,961, 975
3,519, 510
2,478, 972

265.006,889
27,385,315
5,211,972
3,588,355
2,673,155
3,347,453
1,717,620
2,064,068
568,291
488,743
227,987

—2.8

294,.360,301

1.479..30S

Chattanooga
1904.

260,491,509
22,677,940
6,502,418
3,675,763
3,117,158
3,368,960
1,984,322
2,102,626
604,591
488, 790
212,235

+ 19.5
+ 3.6
+ 27.2+r
+ 26.5
+ 103.3
+ 20.3
+ 24.7

317,916,516
43.427,723
11.068.176
7,758,816
6,664,832
4,825,000
3.688,887
3,558,208
716,236
574,732
356.046

65,708,519
24.634,232
13,066,947
10,521,361
5,611.000
5.985.686
3.974.627
6.502.820
4.353.568
3.354.364
2.365 13)
3.353,073
1.624.686
1.688,124
1.345,283

IIo\iston

1903.

S

167,517,914
176,616,146
24,924,500
16,594,622
10,844,143
8,048,756
6,345,331
4,413,700
3,121,908
2,831,637
1,816,482
1,709,480
1.251,849
841.032
612.268
865, 100
611,919
662,536
413.006
470.103
433.224
330,595
287,898
288,621
197,208
206,950
188.399
79.071

252..3S7

Lo\iisville

1904.

%
+ 25.5
+ 18.6

151.072,178
175,009,208
23,512,450
14,568.358
10.719,980
8.887.815
6.694.122
3.989.200
3.216,544
2,701,679
2,115,100
1,551.452
1.192,649
625,252
679,738
670,000
622,716
667,426
595,341
452,378
347,415
378,278
357,061
247,380
187,611
219,444
197,047
85,785

500,000

Tot. oth.West.

Dec.

220.965,758
177.019,300 +24.8
+6.6
215,974,500
202,629,077
+ 8.1
27,830,050
25,741,350
14,916,982 + 17.7
17,552,517
13,242,838
12.020,314 + 10.2
8,968,088
+ 5.2
9,433,644
7,358,889
6,402,581 + 14.^
5,762,000 + 16.4
4,818,800
4,698,354
3,518,743 + 33.5
3,422.952
2,867,729 + 19.4
2,559,645
2,159,103 + 18.6
+ 9.7
1,937,437
1,765,822
1,644,168
1,298,786 + 26.6
778,188
577,506 +34.8
+ 3.6
923,502
891,786
601,400
469,500 + 28.1
876,916
711,796 +23.2
588,191 + 15.7
680,739
—5.9
414,132
389,589
424,529 + 31.6
558,032
436,458
380,210 + 14.6
468,779
324,797 + 44.3
—5.2
350,026
369,319
322,488
286,154 + 12.7
390,075
283,895 + 37.4
285,946
217,423 +31.5
256.924
+ 8.2
278,000
—9.7
102,584
113,564
724,470 Not included in total
327,536 Not included in total

Pueblo
St. Louis

$
157.088,792
7,733,900
2,907,921
2,460,469
1,732,387
1,412,311
1,622,873
544,170
418.004
617.779
480.694

147,885,344
8,423,606
2,656,543
1.787,464
1,564,467
1,446,322
1,383,891
1,030,166
610,200
434,764
395,153

Fremont

Jack.sonville

Inc. or

1906.

Cedar Rapids

Knoxville
Charleston

Week ending January 20

—

Wichita
Colorado Springs

1905.

133,008.049
7,758,400
2,163,295
1,659,662
1.434,135
1,017,855
1,451,928
1,174,468
363,208
583,949
457,229

197,129,697
9,171,400
3,476,223
2.547,873
2,204,208
1,536,136
2,053,258
1,106,603
502,839
770,311
467,210

Providence
Hartford

I

Terms

20.

Inc. or

PUBLISHED WEEKLY.

Terms

NO. 2118.

1906.

—

O

+ 14.4
+ 28.7
+ 16.9

4.825.500
4.843.348
4.645.177
7.151.970
3.450,2.33

2,855,516
1,993,273
1,6,50.748

1,853,547
1,294,507
1,239,490
1.424,226
1,287,419
752,223

796.978
851,000

11..393.425

4,1.36,069

3,336,428
2,408.284
1.630.464
1.557.368
1,702.226
1,218,1,86

1,132,587
1,083,904
"342",876

666,083
774,000

145,044,737
119.078.820
2,171.463,754 2.252.176.358
881,285,211

875.594.150

18,264,510
14,179.144
4,907,065
2. ,509, 942
1,424.941
1..338.338
1.268.372
1,025.031
824,215
691,865
486,443

19.289.094
14.938.525
4.249.729
2.264.197
1.800.017
1,.302,799
1.017.672

1.098.377
1,084,379
975.698!

1.5/5.903
1.556.730
1.348.170
1.164.577
972.079
929.693
836.033

+ ,36.2
+ 23.9
+ 25.6
+ 11.
+ 15.9
+ 10.
+ 34.0
+34.2
+ 13.0
+ 16.7
+ 16.6

75.934,179

59,504,002

+27.61

40,920.420

47.292.847

1,155,263,715

988,531,386

30,299,704
25,193,976
7.560.922
2.806,822
1,826.715
1,719.079
1.806.213
1.,562, 294

22.244.848
20.330.875
6.018.193
2. .526.901

i

933.924
987.812
744.210
609.088

THE CHRONICLE.

180

[Vol. lxxxii.

more of the metal will be shipped to the same
destination.
The exporter of the gold may, if the
shipment was made on London account, have obtained
reimbursement through the sale of sight exchange on
London if the transaction was the result of an order.
Or he may have shipped the gold because it was more
profitable for him thus to effect settlements of his
maturing obligations in London than through direct
remittance to that centre with exchange. The object
of the shipper is, however, of minor importance compared with the effect which such shipment, and those
which may hereafter be made, will probably have
upon the London discount market, through the diversion of the Argentine demand for gold from the
rule high;

THE FINANCIAL SITUATION.
The stock market the current week has been irregular
That does not mean the
fluctuating daily.

and

speculator has lost heart or really lost his grip. Nothing
of the kind is evident. Clearly, conditions do not in
all cases meet his wish; and yet the fact stands out
beyond question that advance is the underlying tendency, though the full force of the forward movement
is hindered and impeded by occasional obstacles.
Wall Street circles seem to have settled, by a com-

mon

consent, into a belief that a fairly low

market
of

is

now an assured condition

autumn

at least.

Time loan

until the
rates,

money

approach

among other

Recently this inquiry
British capital to New York.
Fear of a drain of gold through exports of that metal, has contributed to some tension at London whenever,
large enough to offset the currency accumulations in concurrently, there has been a demand, either prosNot even pective or immediate, for gold for the Continent.
progress at this centre, no longer alarm.
the actual exports the current week $1,850,000 to Relief from apprehensions of such tension, provided
Mexico and $500,000 to Argentina have weakened the Argentine drain shall continue to be diverted to
Of course the New York, will probably be reflected in somewhat
at all this confidence in cheap money.
latest shipment to Argentina was considered as wearing easier discount conditions at London.
a more serious aspect than the movement to Mexico,
A trivial circumstance as it turned out havas it indicated a state of the exchanges which has on
previous occasions been followed by a considerable ing, however,
a tendency temporarily to becloud
But inasmuch as sterling exchange weak- industrial prospects was the report current of large
outflow.
ened again after these shipments had been made, and damage to the winter-wheat plant by the widely-exas rates consequently did not for the time continue to tended blizzard attended by low temperatures in the
favor further takings of gold for South America, very West and Southwest. This is the first crop disaster,
On the contrary or approach to such a disaster, claimed the present
little was made of the transaction.
business on the Stock Exchange took a decided turn winter; as a rule all reports hitherto have been fafor the better after having shown a declining tendency vorable.
But the occasion furnished apparently and
for several days and after those exports had been an- for a time substantial reason for the disappointment
nounced. Later in the week, however, exchange felt. The abnormally warm term which had prevailed
hardened once more but no further shipments of the for so many days, followed by such a very cold term,
metal were made.
made all growth vulnerable and sensitive to sudden
and extreme temperature fluctuations. The report disThis week, as was the case in the immediately pre- turbed confidence in some measure, but was soon
ceding weeks, the condition of the foreign exchange mended; it appeared that snow closely followed in
market seemed to indicate the possibility of an export the train of the blizzard, giving the wheat good cover
of gold hence to Paris as an arbitration operation. in much of the suffering belt. It is verjj- possible that
This week, however, as on previous occasions, the high later it may be found that the plant has lost tlirough
rates for money here, as compared with discounts at this experience A rank succulent growth which the preParis, interposed a barrier to such an export; more- vious hot weather must have induced in some districts,
over, for the reasons stated last week, the Bank of would meet trying conditions when called upon to go
France was indisposed to facilitate the export of gold through such a blizzard as overtook it so suddenly.
hence through the allowance of interest on the con- The best authorities, as the week closes, report the
signment while in transit.
There was, though, as winter-wheat plant in excellent condition.
stated above, an export of $1,850,000 this week to
Mexico on French account, which was facilitated by
Some months ago we summarized and reviewed an
our high rates for francs. The French Government has article in a magazine relative to the burden of public
recently bought considerable amounts of Mexican silver printing; the writer of which, who is a department clerk,
Payment in gold for the took rather a discouraged view of the possibility of setpesos for coinage purposes.
silver has been effected through New York, instead of ting any limit to the steadily increasing voluminousness
remittance being made directly from Paris to Mexico, and cost of this section of governmental business. In
the gold being shipped hence to Mexico, and the ex- part, the burden is swollen by the asylum character
porter has been reimbursed therefor through the sale which the printing office, in common with other departof French exchange, which exchange has commanded ments, is forced to bear under the great pressure to make

things, indicate the prevalence

of

such an opinion.

—
—

—

—

.

such high rates as to make the transaction profitable.
Practically, therefore, the purchase of the silver by

,

places for political dependents;

,

in part also,

by con-

cessions made to the labor unions in working hours
the French Government has been paid for in French and wages; these drawbacks to economic efficiency
exchange, with the proceeds of which gold has been hang upon governmental affairs particularly, and
are a positive objection to undertaking any further
bought in our market and forwarded to Mexico.
The export this week hence to Argentina of $500,- Government functions which are not positively neces
000 gold was presumedly on London account. This sary. Beyond this, the great fault in the printing
was facilitated by the high rates for sterling in our is that while there are motives which prompt everymarket, and probably if such rates shall continue to body in the public service, from Congress down

Jan. 27 1906

THE CHRONICLE.

through the departments and bureaus, to furnish matter for the pubUc printer, it is no part of his duty to
attempt discrimination and there is no one in the line
who has any active interest in keeping check on quanIn a word, here is an enortity or improving quaUty.
machine,
with hundreds to furnish
publication
mous

181

advanced towards legislation, and of a character
free and progressive enterprise
and
moderate the zeal of some who have in the
ciently

to

discourage

past captained our industries or are in the forefront

now.

If

any think our words overstate the adverse
is showing which animates

influence the harsh spirit

matter and nobody to perform the editorial function. this beginning of legislation he has only to recall
The subject is now taken up by President Roose- one or two of the proposals already under way. The
velt in an executive order, as the result of the most conspicuous is the railroad rate bill, which, by

by the Keep Commission which investigated agreement between the Republican and Democratic
This order directs the appointment, in each members of the House Committee on State and
it.
department, of an advisory committee, to per- Foreign Commerce, insures a unanimous report of
form the editorial work of seeing that unneces- that committee in favor of the Hepburn bill and
sary matter is excluded from copy, to omit need- probably a nearly unanimous vote by the House when
Such action is more disless tables, get the statistics into a more condensed it is put on its passage.
shape, keep out illustrations which do not really turbing than was the action of the House a year ago
illustrate important things, to frequently revise the upon a similar bill, because should the Democrats in
mailing lists, and to prevent printing the maximum the Senate vote as their party in the House will probaddition allowed by law when something less might ably vote, it seems almost certain that the bill will
Scientific treatises, biographical sketches, and soon become a law.
In that case the public may
suffice.
what is called "inserted material," are to be excluded. quite speedily have to face this contingency and
A general advisory committee in addition, with the reckon with the consequences. A like spirit of misLibrarian of Congress at its head, is to deal with form chief seems to be at work at Albany in our New York
We see that Senator Raines, the Reas distinguished from contents, and to seek to im- Legislature.
prove the character of the publications themselves and publican leader in the Senate, has introduced a bill
to make them uniform in shape and appearance.
The which if it should become a law would permit a new
Public Printer is also directed to inquire into the count and canvass being made of the vote at the last city
alleged increase of supervisory and unskilled artisans. election. It is an elaborate measure and is not in the
We have time and again pointed out that the interest of conservatism or good government. We
handling of statistics requires conscientious and give the foregoing as specimens of what is going on in
clearheaded work if useful and trustworthy deduc- a legislative way at Washington and Albany which
tions are to be obtained from the results; but such industrial interests would do well to watch and thwart
work is quite as necessary in their preparation. as far as possible.
There is an innumerable number of facts in life which
The vexed question of trust company reserves is
are susceptible of being put into statement by figures
without being of any value whatever; they suggest again agitating the legislative mind at Albany.
report

no deduction, and the question, "What of it?" can
be at once put as to them without finding an answer.
The Government's publications contain much tabular
matter of this kind, the issues of the Department of
Commerce and Labor being rather conspicuous for
it; there are pages of figures, analytical and in ratios,
things without significance being compared with
other like things, at a heavy expenditure of labor in
compiling and printing, which are yet of no use to
anybody, because no deduction can be drawn from
them. Prohibiting certain pieces of tabular and
other work, and using the blue pencil upon others,
may be very wholesome; yet that pencil needs to be
handled with good judgment lest it "kill" the wrong
matter. Thus it was reported from Washington
only a few days ago that an inquiry is actually to
be had in the House as to discontinuing the monthly
reports of the Bureau of Statistics upon foreign trade.

According to the dispatches in the daily papers,
Senator Stevens, the Chairman of the Senate Committee on Banks, has introduced a bill in the Senate
amending the banking law so as to require trust
companies to keep a lawful money reserve equal to
15 per cent of the aggregate
if

amount

the principal place of business

is

of their deposits

a population of 800,000 or more and an
to

10 per cent of

the

deposits

if

having

in a city

amount equal
company is

the

j

located elsewhere in the State.
one-half of the required reserve

It

may

is

provided that

consist of

money

on deposit, subject to call, with banks or trust companies having a capital of at least $200,000 approved

by the Superintendent
lawful

money

of

reserves.

Banks as a depositary

We

have

not

seen

for

a
copy of this measure and know nothing about
it
beyond the outlines here furnished.
It appears to us, however, that this large matter
be
dealt
with
in
such
This is in the not large class of distinctly useful and cannot
a
wholesale
fashion.
Trust
company
deposits differ greatly in
suggestive information not obtainable in any other
manner; and retrenchment obtained by cutting that character. Some are time deposits and cannot be
drawn out except at specified dates. Others repreoff would be clearly misdirected.
Another suggestion which does not seem to be sent inactive accounts, and hence belong much in the
included in the executive order is very sensible: that same class as savings bank deposits, against which it
public documents should be distributed only on pay- is not deemed necessary to hold any very large cash
ment of a small charge; this would, of course, not repay reserves. Still other deposits are miqucstionably
the cost of publishing, but it would very greatly cut active, and in no particular differ from the deposits
of the commercial banks, being liable to call at a modown the quantity produced.
ment's notice, and accordingly should be fortified by
Matters of serious portent are being discussed at the ample reserves. The trust companies themselves
moment in our legislative halls, some of them suffi- vary widely in this respect, some having hardly any

r

THE CHRONICLE.

182

deposits subject to call while in other cases the deposconsist

its

almost

Any measure

tliat

exclusively

of

active

accounts.

last July, in

[Vol. lxxxiu
pursuance of numerous complaints from

parties located at St. Louis, Cairo,

Birmingham and

docs not recof^nize this distinction other large centres, the Commission

made aninvesti

We

have gation at Louisville and .secured evidence tending to
always felt that the action of the Clearing House in show that a prominent grain firm there located had
1903 in seeking to compel the trust companies to hold been guilty of fraudulent practices whereby it obtained
increased reserves in their own vaults might have been rates which were less than the carriers' published
attended by a greater measure of success if the step rates for the transportation of grain from Louisville
taken had not failed to discriminate between deposits to Southeastern points. The evidence was turned
against which cash reserves are essential and deposits over to the Department of Justice, and the latter
promptly caased the matter to be brought before the
of the other kind.
If this troublesome question of trust company re- Grand Jury for the Western District of Kentucky,
serves is to be settled by legislation at all, the better who returned indictments against two members of
plan would be to pattern after the regulation to the the firm and one of the firm's employees. Recently the
same effect which Massachusetts has placed on her parties indicted pleaded guilty and were fined $1,025
The law was passed in 1904, but each, aggregating S3, 075. The Commission is now on
statute books.
amended in 1905, and in its amended form will be the right track and we hope it will not abate in its good
found in our issue of April 22 1905, page 1451, in the work in the future.
column devoted to items about banks, bankers and
trust companies. The Massachusetts statute requires
The Imperial Bank of Russia this week advanced
the keeping of a reserve of 15%, but only against such its rate of discount from 7% nominal, at which it
deposits as are subject to withdrawal upon demand has recently been maintained, to 8%.
With this
or within ten days. Considerable latitude is also al- exception there was no change in official rates of
lowed in the character and composition of the reserve- discount by any of the European banks. Unofficial
possibly too much latitude. Not less than one-third, or open market rates were, compared with last week,
fails to

meet the exigencies

that

5%, must

is

of the occasion.

consist either of lawful

money

of the

United States, gold certificates, silver certificates or
of bank notes. One-half of the remaining 10% (or 5%)
may consist of balances, payable on demand, with national banks in Massachusetts or in New York, Albany, Chicago and Philadelphia. The remaining 5%
may consist of bonds of the United States or of the

London and 3^ of 1% at Berlin
}/s oi 1% lower at
and Frankfort, and steady at Paris.
The feature of the official statement of the New
York Associated banks last week was a gain of

$11,996,700 in cash. The deposits w^ere increased
by $32,163,100 and hence the reserve requirements
by $8,040,775, so that the surplus reserve was augmented $3,955,925 to $16,764,575; loans increased
State of Massachusetts.
We think, though, that the matter is one which the $20,553,900. The bank statement of this week
banks and trust companies should settle between should reflect, among other items, the w^ithdrawal on
themselves instead of relegating it to the Legislature. Saturday of last week of $1,000,000 and on Monday
Both the managers of the banks and the managers of of $850,000 gold for shipment to Mexico and on
the trust companies are sensible men and they are also Wednesday of $500,000 for export to Argentina;
both mindful of the .duty they owe to the public. also the transfer^hither from San Francisco of $422,000.
There is likewise a mutuality of interest in the ques- The disbursements by the Sub-Treasury in excess
tion that should bring them together.
At present the of receipts were much smaller than in previous weeks,
trust companies keep their reserves largely with the as indicated by the daily debit balances of that office
banks instead of in their own vaults. The problem at the clearing-house.
is not one that can be settled off-hand.
Hasty and
ill-considered action should be carefully avoided.
The shipments hence to Mexico and to Argentina,
The Clearing House last October appointed a special together with the outlook for a small increase in the

committee to consider the

relations} of

the Clearing

cash reserve of the banks this week, tended to the

House and the trust companies and this committee maintenance of comparatively firm rates for cal
would seem to be the proper body for devising some money, and this branch of the market was also affected
mutual basis on which the banks and the trust com- by the apparent concentration thereon of the demand
for day-to-day funds; the average was,

panies can both agree.

than

\

becoming more and more evident that the

It is

in the previous

week. Money on

however, lower

call,

bankers' balances, loaned on the Stock

representing

Exchange dur-

ing the week at 43^% and at ^}4%> averaging about
4%; banks and trust companies loaned at 4% as the
the evils arising from the granting of rebates and un- minimum. On Monday loans were at 4)^% and at 4%
lawful preferences to favored shippers by the railroads. with the bulk of the business at 4%.
On Tuesday
The Commission for a long time insisted that it could transactions were at 4^^% and at 3^% with the manot obtain the necessary evidence to convict offenders. jority at 434%. On Wednesday loans were at 4^^%
Recent investigations, however, have made it plain and at 4% with the bulk of business at 43^%. On

existing law gives the Inter-State

mission

all

Commerce Com-

the power and authority needed to correct

is without any actual foundation in
The Commission has been able to gather
through such investigations an enormous amount of
incriminatory testimony and it has been found possible
to use it successfully in conducting prosecutions and

that this claim
the facts.

securing
official

convictions.

For

instance

(according

statements sent out by the Commission

to

itself)

Thursday transactions were at 4^/2% and at 4% with
the majority at 4%. On Friday loans were at ^}4%
and at 33^% with the bulk of the business at 4%. Time
contracts were firmly held early in the week and consequently very little business was done. After Wednesday, however, lenders were inclined to make concessions to meet the views of borrowers, and sixty to

,

@

..

.

THE CHRONICLE.

JiLN. 27 1900

183

ninety-day money, on good mixed Stock Exchange through over-buying early in the week and overOne feature was a decline in gold bars
collateral, was offered at 4}4%, while four to six selling later.

months' loans on

43^@4%%;

at

this

grade of security were effected

contracts on

all

industrial collateral

were offered at 5% for sixty days to six months. Commercial paper was in good request from the interior,
but local institutions were not liberal purchasers,
preferring to place their funds on collateral. Rates for
paper were 4:%@5}4% for sixty to ninety-day endorsed

6%

for

bills

receivable, 5

good four

The Bank

of

@53^% for

prime and
names.

53^@

to six months' single

England rate

of discount

remains un-

changed at 4%.

The cable reports discounts of sixty
The open
bank
bills in London 3^%.
ninety-day
to
market rate at Paris is 2^% and at Berlin and Frankfort
According to our special cable from
is !33^%.
London, the Bank of England gained £1,465,635 bullion during the week and held £32,441,150 at the close
Our correspondent further advises us
of the week.
that the gain was due to imports of £338,000 (of which
£308,000 from Australia and £30,000 bought in the
open market), to exports of £115,000 (of which
£105,000 to South America and £10,000 to South
Arfica) and to receipts of £1,243,000 net from the init

terior of

The

at London on Monday to 77 shillings 10 pence per
ounce, and on Thursday to 77 shillings 9}4 pence,

normal conditions of the buflion market.
Nominal quotations for sterling exchange are
4 843/^ for sixty day and 4 88 for sight. The market
was active on Saturday of last week and, compared
with the previous day, rates for actual business were
15 points higher for long at 4 8365@4 8375, 10 points
for short at 4 8710@4 8725 and 15 points for cables
at 4 8775@4 8785.
On Monday the market was
again strong and long rose 25 points to 4 8390@4 84,
short 15 points to 4 8725
4 8740 and cables 10
points to 4 8785@4 88.
On Tuesday, after an unsetthng fall, the market partially recovered, and at
the close long was 10 points lower at 4 8380@4 8390,
short 15 points at 4 8710@4 8715
and cables 10
reflecting

@

points at 4

4

8390@4

Great Britain.
foreign

expectation of large requirements for cover for the

month

On Wednesday

8780.

an advance

the tone

of 10 points for long to

8715@4

84, of 10 points for short to 4

8725,

Fri.,
Mon., Tues.,
Wed..
Thurs., Fri.,
Jan. 19 Jan. 22 Jan. 23 Jan. 24 Jan. 25 Jan. 26

Brown

& Co
Magoun &Co

Brothers
Baring,

Bank British

maturities.

As the

result of this

North America

Bank ol
Montreal

CanadianBank
of Commerce
Heidelbach, Ickel-

helmer&Co
Lazard
Freres

Bank

Canada

o£

(60 days

84

ISight-.

J60 days
ISight..
J

Merchants

of the

at

and of 5 points for cables to 4 8775@4 8785. The
market was strong on Thursday, when long rose 5
points to 4 8395 @4 8405, short 10 points to 4 8725
4 8735, and cables 10 points to 4 8785@4 8795. The tone
was firm on Friday and 5 points higher all around.
The following shows daily posted rates for sterling
and exchange by some of the leadi^ig drawers:

exchange market was active
generally strong this week, influenced by a demand
to cover maturing finance bills and to remit for
stocks sold for European account and it was affected
On Saturday of last
also by speculative operations.
week there was a good inquiry for exchange for
Tuesday's mail, and on Monday this demand was
somewhat urgent, speculators accumulating bills in

end

8775@4

was stronger

60 days

(Sight,.
/60 days
iSight.
/60 days
ISight..
J60 days
ISight,
|60 days
\Sight..
160 days
\Sight .

84;^
88
84

84

H

87
83>|
87
84
87>i
84
87>5
84

8414
88
84>^

84H

84}^

88
84 J^
88
84 Ji
88
84

88
84}i
88
84
84 H
87)^
84!^
88
H4}4

84!^

88
84>^

88
84 J^

88
84 J4
88

84K
88
84 J4
88
84!^
88
84 J4

87^

87H

84H

88

87^
84^
88
S4^

84K
88
84^
88
84 J^
88

87^
S4H

84^

88

88

84H

84H

88
84}4

88
84 H

87H

84!^
8S

84^
88

84H
88
84H
88
84 J^
88

84K
88
84"^
88

84K
88

inquiry rates for sight sterling rose to figures very

The market closed on Friday at 4 84@4 8410 for
an long, 4 8730@4 8735 for short and 4 8795@4 88 for
arbitration operation; the relatively dearer rates for
Commercial on banks 4 8365 @4 8375 and
cables.
money here than at the French capital as has been documents for payment 4 83@4 84}/^. Cotton for
the case on recent occasions was, however, an payment 4
83@4 833^, cotton for acceptance 4 8365@
The 4 8375 and grain for payment 4 84@4 843/8effectual barrier to the export of the metal.
above noted expectations of a demand for drafts to
The following gives the week's movement of money
cover maturing finance bills did not appear to be
had
that
such
maturities
it
stated
was
to and from the interior by the New York banks:
realized, and
close to the exporting point for gold to Paris as

—

—

been largely provided for in anticipation of their
requirement. Consequently, an over-bought condition of the market developed which resulted in an
unsettling decline on the following day; there was,

Week ending January 26 1906.
Currency
Gold ....
.

Total gold and legal tenders. ..

Received by

Shipped by

N. Y. Banks.

N. Y. Banks.

Net Interior
Movement.

$11,061,000
1.439.000

$6,649,000
1.111.000

Gain $4,412,000
Gain
328.000

$12,500,000

$7,760,000

Gain $4,740,000

however, a partial recovery by the close. On WednesWith the Sub-Treasury operations the result
day the market was only moderately active and one follows:
feature was speculative selling of sight sterling, but

as

Banks.

Out of
Banks.

Bank Holdings.

Bank'sinterior movement as ab've
Sub-Treasury operations

$12,500,000
35.160.000

$7,760,000
28,150.000

Gain $4,740,000
Gain 7,000,000

Total gold and legal tenders.

$47,650,000

$35,910,000

Gain 11,740,000

Week ending January 26 1906.

by the end of the day the tone became steadier with
some indications of the existence of a fairly large
On Thursday morning there was
short interest.
apparently an effort to re-buy exchange which had
been previously sold, but this was followed by a

is

The following

Into

table indicates the

Net Change in

amount

of bullion

in the principal European banks:

renewal of speculative selling, chiefly of sight sterling,
off.

under the influence of which the market fell
In the afternoon, however, there was an urgent

demand

for bills to remit for stocks sold for

account, and this caused an active covering

by the speculators which
the speculative

disappointing,

losses

movement

resulted in a rise to about

the highest figures for the week;
that

European

operations

having

it

of

been

seems, therefore,
the

week were

sustained

both

January 20 1905.

January 25 1906.

Bank

of

Gold.

Silver.

Total.

Gold.

£

.

Silver.

Total.

£

£

34,402,403
32,441,150 34.402.403
107.708,096 44,0.55,67.3 151 .703,709
•10 511,000
13, .503, 0001 .51.011.000
5 732,000 I0i;..!0i» 000
lO,'. 239. 000 100, .''i". 000,
12 201000 .')7, 503, 000 4.s.t01.000 12 5i,'.OIIO f.0.93,s.i)00
'.1.05 1,000, 34,.Sfi,S.0()0
23,{)/l,000 :;s,ll2.000 11,011.000
3.227.800 25,59r,.,S00
:? .532 ."iOO
:U, 300. 500 22, 300, 000'
ti. 300.700
12.132.600
n,OS0,VOO r2.092.OO0; .5.S,il.9O0
4,853,000
1.017.667
4,S0S,000
3,235,333
3,245,3.33'
1,622,607;

Ensland-. .32,441,150
France . . 114,152,096
30 0<.)7 OnOl
Germany
lOli'OlO 001)1
Russia .
A\is.-Uun. .1.")'20!) 000
Spain
lo'oll'OOO
27X58 000
Italy
NcthTdH
Ci'dOS 900
Nat.Belg..

\

42,300,121
12 233,000
3 020 000

150,4,'')8,SI7
1S.!i:U),000

I

Tot. wcck3S4 SflO 079104.774.988489.635,067 377.949.732 106,927.840 4,S4..877..572
)rcv.i.3,Si;0S9;76S 104.076.560 485.760,328 374.993.0.30 106,360.483 481.3.53.513
Tot. prcv

,

THK CHRONICLE.

184

THE NEW BRITISH GOVERNMENT.

decent to wait until such a government should be able
The
to express its own preferences in the matter.

\

Premier publicly argued that no injury would be done
to the mining industries by such delay, his statement
being that native labor employed in the mines is now
as numerous as it was in the height of production
during 1899, and that this native supply is further

There are several directions in whicli the result of
the British elections, of which the figures are now
fairly complete, might conceivably have an important
bearing on the political and financial future. We
should suppose that the uncertainty and occasional
weakness of the London markets since the magnitude
of the Liberal victory

of

some misgiving

became known express a

in these regards.

It

is

increased

far,

if

at

coolies

who have already

Opposition newspapers point to

the resolutions of the Johannesburg

not, there-

Chambers

of

Commerce

and Krugersdorf

against prohibition of coolie

immigration, quote Transvaal authority to prove that
the situation in England labor has been deficient on the farms as well as in the

quences of this extraordinary

how

by the 48,000

arrived from China.

feeling

fore, premature to inquire into the possible conse-

order to see

[Vol. lxxyii.

all,

by

political

As

reversal

in

no public mines, and cite Lord Selborne himself, the British
announcement of policy has been made by leaders of Commissioner in the Colony, to the effect that arbithe victorious party; indeed, it has seemed as if these trary suspension of Chinese immigration would cause
But it is now
leaders were themselves bewildered by the unexpected wide-spread interruption of industry.
their
that
Conservative
press,
that the
view
of
the
fact
in
conceded,
the
even by
outcome, particularly
majorities are so great as to render them independent Government's prohibition only affects 1,200 coolies,
due to arrive after next October, as to whom and their
either of their Home Rule or Labor coadjutors.
circles,
financial
saying
in
London
successors the new Transvaal Legislature must decide.
common
was
It
a
deThere are 14,700 contracted for to arrive in the interim
on the eve of the general election, that the most
sirable result would be a close enough majority to and to these the edict does not apply.

and outside has been altered

it.

yet,

impose restraint on radical action by the new government. This opinion, however, was based on the presumption that the Liberal Party would be dependent
for its majorities on the Irish and industrial free lances
We think, though, that some alterain Parliament.
tion in this opinion is sure to come under existing circumstances. By present indications the Liberal Party
not only has, with its two allied factions, a majority

Tory Party, but appears to possess a
clear majority of something like 40 votes over all other
Under
parties and factions than the straight Liberals.
Party
Irish
the
obvious
that
it
is
such circumstances,
of 300 over the

!

1

Much was made by Conservatives, during the
campaign, of the possible reversal of England's attitude in foreign politics. The treaties, with France
and Japan particularly, were among the most effective achievements of the Balfour administration,
and very awkward possibilities would undoubtedly
arise if such diplomatic arrangements were to be
upset.
But no one takes such a suggestion seriousl3^
In the first place, continuity in foreign diplomacy
is and has for many generations been a maxim of
EngUsh politics. Aside from this. Sir Edward Grey,
the new Foreign Secretary in the Liberal Cabinet,

cannot imperatively demand home-rule legislation, is pledged by his record and his public speeches to
and that the labor members cannot insist on radical maintenance of Lord Lansdowne's policy toward
measures of what they would regard as industrial re- Continental Europe. The idea, therefore, that all
form. We are convinced that such a situation makes the treaties of the Conservative Government would
It does, in fact, more nearly presently be upset by their successors may justly
altogether for the best.
The senfinancial London desired be regarded as a mere electioneering cry.
which
situation
create the
unquestionably
favorEnglish
people
is
of
the
timent
on
facthan a moderate majority, wholly dependent
Japanese
alliances.
the
French
and
both
to
The new Ministers able
tional alliances would have done
to legisla- There have been weighty individual criticisms of the
committed
least
the
in
not
are
fortunately,
.

,

tin

in

either

of

these

two

directions.

Sir

Henry

general policy of treaties involving pledge of partici-

Campbell-Bannerman does, indeed, stand on his record pation in war under circumstances which might not
British Government's control.
as an advocate of home-rule measures, and has so be wholly under the
admitted in a public speech since his accession to But it is inconceivable that even these scruples should
But, on the other hand, the Premier has included in his Cabinet three Liberal statesmen notoriously hostile to the larger home-rule demands Sir
Edward Grey, Mr. Asquith and Mr. Haldane. All
unbiased English critics have accepted the appoint-

power.

—

be allowed to upset a formal understanding, already
reached with the full approval of Parliament and the
people.

There remains the question of the public finances,
and in this regard we see no reason to doubt that
ment of these three gentlemen as evidence that the the Liberal Party will be able to help materially in
Premier has agreed that radical home-rule legislation improving the situation. Traditional doctrines of
that party, in regard to public taxation and public
shall not now have a place on the Liberal program.
The question of Chinese labor in the Transvaal, to expenditure, are well established, and are both
which the Liberal Party has expressed open hostility, sounder and more consistent than many of those which
naturally affects sentiment on the London Stock Ex- governed the late Conservative administration. Such
change. It is not altogether clear what action the reforms as they choose to put into effect which will
Government proposes to take in this regard. It is necessarily include pruning of expenditure and retrue that further engagement of Chinese coolies for arrangement of certain branches of taxation will,
more easy for the Ministry
the Transvaal was stopped by order of the Govern- fortunately, be rendered
prosperity
which England is now
undoubted
ment even before the election. This was done, how- by the
In particular, we should say that the
ever, explicitly on the ground that a grant of respon- enjoying.
of maintaining the sinking fund
question
Transvaal
vexed
the
made
to
be
to
sible government was

—

—

Colony, and that under such circumstances

it

was only against the public debt

will settle itself

automatically,

THE CHRONICLE.

Jan. 21 1906.
as

it

did in our

own

185

country, after the hard times Taken separately or combined, these four cases cover
practically every operating condition of American
away.

of the early nineties passed

In the present state of the art, the first
admirably adapted to successful working
with electricity, the second may in some instances
sary factor in the plans of the Ministry, there may prove equally well adapted, the third is a doubtful
Dispatches have inti- experiment, and the fourth is still beyond possibility
possibly be some question.
enormous Liberal of success. It is well to bear in mind the qualifying
that
the
and
then
now
mated
Progress
safely
taken
as an exact statement "in the. present state of the art."
could
not
be
majorities
measure of the people's feeling toward fiscal reform in this field is and has been so rapid that the impossialong some such lines. We doubt the conclusion. bility of to-day may become the sinecure of toEve» if it could be proved that the vote of London, morrow.
The first electrification project in this country was
for example, showed a continued hankering after a
change of the fiscal system, the fact would still remain the Baltimore tunnel line of the Baltimore & Ohio.
that the present Ministry has been returned to power This line, about 1}/^ miles long, was changed from
on the explicit platform of opposition, root and steam to electric working in 1895. It passes under
branch, to Chamberlain's protective policy. Had the city and all freight and passenger trains are run
Abatement of the smoke and gases
the election resulted in a narrow Liberal majority, through it.
the locomotives was the reason for
emitted
from
Chamberlainites
at
offset by numerous victories for
making
the
change,
which, while successful from
real strategic points, it might have been argued that
the business of the Ministry was to seek a compromise an operating standpoint, was not and never has been

Whether Chamberlainism

,

involving,

as

it

seems railroads.

alternately to do, half a dozen different systems of
protection, need any longer be considered as a neces-

case

and concede to the Protectionists at least a part of
But no such result appears; on the
their demands.
contrary, not only have the Chamberlain candidates
been swept under by exceedingly large majorities,
but even candidates whose political affiliations committed them to such theories in spite of their indiThe vicvidual beliefs, have failed of a majority.
tories of Mr. Chamberlain himself, of his son, and
of his six fellow-candidates in Birmingham, do not

considered

is

a

source

saving in actual operating

of

taken from an overhead
trolley at 700 volts and the trains are hauled by powerful electric locomotives which pick up the trains
expenses.

Direct current

is

with the steam locomotives attached and haul them
through, the steam in the locomotives being shut off.
While this is far from being a modern installation
in

any particular,

pioneer of

its

it

deserves mention as being the

kind.

The New York Central's elaborate electrification
appear to us to affect this conclusion in the slightest.
plans
in and around New York, now nearing comThey were more in line with the phenomenon, repeatedly witnessed in "tidal waves" of American politics, pletion, were begun for much the same reasons, alwhen a wholesale transfer of majorities throughout though tjiey have been extended far beyond the
the country from Democrats to Republicans would be original limits on account of desirable operating
offset by a victory for Tammany in New York City, features not to be obtained with a comparatively
where a political machine was too strongly entrenched short terminal line beginning and ending within the
A disastrous collision four years ago in the
to be overturned by even such a demonstration of city.
smoke-befogged
tunnel under Park Avenue resulted
outside political opinion.
abatement of the
danger and nuisance of smoke in the tunnel. Public
opinion was aroused and, as a matter of policy, the
railroad company heartily concurred in the movement to improve the existing conditions. Electrification was the obvious remedy and an electric commission of expert engineers was formed to prepare
plans and supervise the work, which, from the outset,
it was known would involve the expenditure of nearly

in legislative action looking to the

ELECTRIFICATION OF STEAM RAILROADS.
back as 1886 the late Henry Villard, then
Northern Pacific, was quoted as
saying to the inventor of an improvement for steam
locomotives that the invention had come too late,
for within three years' time the Northern Pacific
would be operating entirely with electricity. This
optimism has been characteristic of the development
of the art of electric traction, and perhaps not without cause in the light of what has already been done.
But the electrification of steam roads is still in its
infancy and will be for many years yet to come.
In view of the many electrification projects recently
begun and under way, it may be of interest to briefly
review what has been done and what may reasonably

As

far

President of the

be expected in the future.
In discussing the general subject of the application
of

electricity

to

steam railroad working, there are

four classes of roads to be considered, differing widely
in

operating

conditions.

These

are:

(1)

Terminal

and suburban passenger lines, including long tunnels
which have dense traffic and which pass through
cities
and closely crowded suburban towns. (2)
Branch lines having only a light passenger and freight
traffic.
High-speed through passenger lines.
(3)
(4) Long-distance, heavy freight and passenger lines.

fifty

of

million dollars, including the entire rebuilding

the

Grand Central Station and terminal yard.

After careful study and extended series of tests, the

commission made a preliminary report recommending
the electrification of all the suburban lines within a
radius of 30 miles from the Grand Central Station
in addition to the line under Park Avenue between
the Harlem River and the terminal. This was to
avoid changing from steam to electricity on all trains
south of Mott Haven and to locate the road engine
terminals far out, so that the operation of through
trains would not interfere with the electric suburban
trains.
Within the electric zone all tlu"ough train
will be handled with electric locomotives and suburb ii
traffic in steel motor-car trains.
Direct current /i'^
be used and the power transmitted to the i? A'r
through a third-rail with overhead conductor? n
yards.
The engineers' report went thorousV v

•

the relative

costs of

steam and

electric

j*

•

THE CHRONICLE.

18G

[Vol. LXiui.

The Pennsylvania-Long Island terminal in New
Convenience, York City and adjacent suburban territory on Long
fraction of a cent per locomotive mile.
safety, adaptability in the terminal operations of Island is, perhaps, the next most important electrifiInasmuch as the Long
switching, loading and unloading passengers and the cation scheme in the country.
of its suburban
part
extreme flexibility of the system to meet extraordin- Island Railroad already has
ary demands of service were the fundamental reasons lines electrified and in operation, it can justly be
The expenditure of credited as the first suburban steam road to change
for adopting electric traction.
This work has been done
in the com- its method of operation.
capital
involved
amount
of
the enormous
plete electrification scheme would not have been jus- in anticipation of the completion of the New York City
The figures terminal and the Hudson and East River tunnels,
tified by the insignificant saving alone.
which are to be worked entirely with electricity. The
given in the report are:
Electricity.
steam.
lines of the Long Island Railroad which have been
Operating expenses per locomotive mile, exand showed a saving by the

latter

method

cludinK fixed rharges but including water,
labor, cost of cleaning and repairing tunnel
and all other expenses of locomotive opera23 .05 cents.
tion
Fixed charges per locomotive mile, assuming
that it now requires 40 locomotives to perform the present service, and that 33 electric
locomotives could perform the same service.- 1.13 cents.
24. 18 cents.

Totals

of only a

opened for

Avenue
15.80 cents.

electric operation

station

in

Brooklyn to the Belmont race-

track on the main line, to Valley Stream on the

Rockaway Beach.
were opened last summer and

Montauk Division and
7.83 cents.

23.68 cents.

In commenting on these figures Mr. Bion J.Arnold,
one of the members of the electric commission, said:
"From these figures it appears that, while there would
be a slight annual saving in operating expenses in
favor of electricity, it is not sufficient to warrant its

extend from the Flatbush

these

lines

to

service with steel motor-car trains

The

over them.

railroad

is

company

All of

regular

being maintained
is

responsible for

the statement that it does not expect large returns
from the electrified lines for several years to come or

suburban territory has been greatly develBut as it is the ultimate intention to carry
adoption on the grounds of economy in operation suburban passengers on Long Island into New York
alone, although its adoption can be justified on other City through the East River tunnels the extension of
grounds."
the electric lines throughout the suburban territory
The excessive fixed charges per locomotive mile was compulsory. The cost of making the change was
for electric working are explained to some extent by not so great as that of the New York Central improveuntil the

oped.

the fact that the plans for electrification required ment, for the

traffic

now handled

is

not so heavy, nor

the Grand Central Station, have there been expensive permanent improvements
the lines within the electric zone, in the nature of terminals on Long Island or any

the entire remodeling of
four-tracking

all

separation of

suburban
tual

grade crossings and rebuilding

all

stations.

All this

is

all

in addition to the ac-

separation of grades at road crossings, increasing the

number

of tracks

and the

expenditure for electrical equipment, but the sary in time, and

like.

These

may

be neces-

when made should properly be

items enumerated should properly be charged against charged almost in whole to the cost of electrification.
the cost of electric operation. It will be seen that Even without these additional items of cost the im-

no road which could not command almost unlimited provement has taxed the resources of the Long Island.
capital could undertake such a tremendous improve- It is significant to note that a recent large order for
ment, which represents less than 2% of the mileage heavy locomotive equipment was placed by this road,
The which is a pretty good indication that it will be some
actually operated by the New York Central.
complete electrification of trunk lines hundreds of time before the entire sj'stem is electrified and the
miles long between terminals is visionary and imprac- steam locomotive consigned to the scrap-pile.
ticable as yet.

The conditions

to be

met

in this

change

of

motive

In connection with the New York Central plans,
New York New Haven & Hartford, which uses

the
the

Grand Central Station to
The traffic is dense throughout the entire zone, the Woodlawn 12 miles out, has recently announced that
distribution of power can be efficiently done, ample it would soon be operating all trains between Stamprovision can be made without undue complication ford, Connecticut and New York, 33 J^ miles, with
for failures in the power-station and relieving the electric locomotives using single-phase alternating at
peak of the load during the rush hours of suburban high-line voltage and the overhead trolley. This
power are those most favorable to

traffic,

electric traction.

Central's tracks from the

the flexibility of the motor-car service can will be the

first

installation of single-phase alternating

advantage, and better transpor- current for heavy electric traction and much interest
tation facilities in every way can be given on account centers in the details of the apparatus to be used.
of the increase in schedule speed and capacity of the The question of whether this equipment will operate
satisfactorily with the direct current installation of
line made possible.
Not the least important feature of the electrification the New York Central below Woodlawn has been the

be

utilized to great

plans has been their value to the

company

as adver-

subject of a

somewhat heated cehtroversy between

The growth of suburban territory on account the two companies, but the New Haven road has
means of transportation means increased given assurance that it will comply with all the
revenues in the future both in freight and passenger New York Central requirements in matters of standtising.

of

better

There can be no doubt that the attraction ardization affecting the successful operation of both
up systems over the same line. It is the intention to
all the suburban towns along the Central's line.
The haul all trains between Stamford and New York
service has been planned to meet the needs of the with electric locomotives and establish a locomotive
future as well as the present, and within a few years terminal at the outlying point as the New York Central
the railroad company will begin to profit handsomely will do at Croton on the Hudson Division and White
The Harlem River
Plains on the Harlem Division.
on its investment.
business.

of electric service will aid materially in building

,.

THE CHRONICLE.

.Jan. U7 190<)

187

The Pennsylvania Railroad announced last month
branch of the New Haven from 129th Street and
Second Avenue, New York, to New Rochelle, which that it had let the contract for the immediate elecis

now

being six-tracked,

will also

be operated elec- trification of the West Jersey

&

Seashore Division

between Camden and Atlantic City, 64 miles. This
installations
are
the
only
ones
electric
will be the first installation coming under the third
These four
of any importance which have so far actually been head of high-speed long-distance passenger transbegun. In passing, it may be well to mention the portation. The road carries a large excursion traffic
electrification of the Manhattan and Brooklyn elevated in the summer months but does little or no freight
It is almost perfectly level
and quit«
roads whidi was carried out about four years ago. business.
For man}' years they had been profitably operated straight, which will favor high speeds on through
trically.

steam locomotives. The saving in operating trains. The steam locomotives hauling fast trains
expenses in both cases has been very large, but the frequently attain a speed of 70 miles an hour for long
density of traffic is far greater than on any surface stretches, and this will be an excellent opportunity
steam road The cost of making the change was heavy to test the possibilities of high-speed electric traction

by

.

but in proportion to the number of train miles per on a large scale. There are few roads in the country
year was very low. The fixed charges per train mile on which all the conditions of traffic, roadbed and
with electric traction are now not much greater than cost of power are more favorable for successful operacapital was invested in new tion.
and
car
equipment
because of the in- ning,
power-house

before the

additional

crease in the capacity of the lines.

The

total cost

per train mile has thus been reduced materially with-

If
it

the

new

may

installation

is

proves successful from the beginbe followed by others, but the fact of its
line

not to be taken as any indication that

the high-speed steam locomotive

is already doomed.
any way decreasing gross receipts per car mile.
While there have been rumors of the Pennsylvania
The cases are not in any way comparable to that of Railroad acquiring water-power throughout Pennsyl-

out in

New York Central previously quoted.
vania with the ultimate intention of electrifying its
The plan for electrifying the St. Clair River Tunnel lines across the State, and of the New York Central's
of the Grand Trunk should also be mentioned in purchase of electric power franchises at Niagara Falls
connection with the other terminal and suburban for the same purpose, there is no reason to believe
schemes which have been outlined. All of them come that any serious plans have been matured for carryunder the first heading. In the present state of the ing out either scheme for some years at least. No
art of heavy electric traction they can be operated one has yet conclusively shown by any manipulation
electrically with entire success both from the stand- of figures and statistics of cost that for long-distance
point of reliability and improved transportation in heavy-freight transportation or, for that matter,
every way and from a financial standpoint. While high-speed passenger transportation, electric traction
the

.

may not be forthcoming immediately, still can be made to reduce operating expenses sufficiently
no heavy direct loss even from the beginning. to offset the enormous fixed charges on the additional
Under the second head of branch lines, the New capital investment required for its installation over
York New Haven & Hartford electric roads in New long stretches when the traffic density is low and
England are about the only examples witli the ex- the load factor highly fluctuating. The utili?ation of
ception of one short road in Iowa.
The line from water-power where it can be had would help greatly
Hartford, Connecticut, to Bristol, 18 miles, which but not enough.
Before the greater problem can be
was electrified eight years ago with third-rail on one satisfactorily solved, the lesser problems of generation,
of the double tracks for the operation of motor cars transmission
and conversion of the current into
for passengers only while still using steam locomotives mechanical energy with less cost and greater efficiency
for freight traffic on the other track, is the best must be worked out to a far greater degree of refineexample from among the five owned by this company ment than at present.
The others- are the Nantasket Beach, Narragansett
Pier and the Providence-Fall River lines.
The earnANTHRACITE COAL PRODUCTION IN 1905.
ing;s of the Hartford-Bristol branch have been large
The anthracite coal-mining business is now conducand the operating expenses low; the operating conditions approximate closely those of an average inter- ted in such an orderly methodical way that in presenturban road. But despite the fact that this road ing the statistics, about the only point to note is the
of
course
has paid handsome returns on the investment, the growth disclosed. The price changes

the profits
there

is

,

to those made in accordance with prearranged plans. The practice is, as will be recalled,
to have a fixed schedule of prices (on the basis of
$5 a ton for egg, stove and chestnut, and $4 75 for

service was discontinued a few months ago
and the passenger business again turned over to
steam locomotives. The only suggested explanation
was that the line was needed for increasing freight
traffic which could not be handled by electricity and
with which the electric operation of passenger trains
interfered.
The New Haven road was a pioneer in
this field of electrification, but its example has not
been followed up to the present time by any other
railroads similarly situated.
The development of
improved single-phase alternating current apparatus
using high potentials and overhead trolley promises
to solve the difficulty of excessive first cost on lines
of this nature where the returns on the investment

are limited

arc comparatively small.

cedina;.

electric

broken) but to allow a rebate from these figures dur-

and summer months, beginning with
the 1st of April.
The rebate is fifty cents a ton the
first month, then drops to forty cents, thirty cents,
twenty cents and ten cents with each successive
month thereafter, until in September the rebate disappears altogether, and the full winter schedule goes
into effect.
It is needless to say that there was not
the slightest deviation from this practice during
1905, any more than in the years immediately preing the spring

x

ri

:

THE CHRONICLE.

188

In other words, through the community-of-interest
estabUshed in the ownership of the different
roads, the trade is now under pretty effective conThe repeated advances in wages demanded,
trol.
and acceded to, have of course made such regulaidea

[Vol. lxxxii.

was carried a step further in the
purchase by the Lehigh Valley Railroad Co. of the
entire property and assets of Coxe Bros. & Co., inprocess of absorption

cluding the Delaware Susquehanna

&

Schuylkill

RR.,

(about 48 miles), over which Coxe Bros, had been
A continu- shipping their output, amounting to over 13^ milUon
tion of the trade absolutely imperative.
ance of the old cut-throat system of competition, tons annually. Another absorption of the year was

with every

company making

price

concessions

of

would have precluded
For even though circular
these advances in wages.
quotations might have been marked up in the effort
to meet the increased cost of producing the coal, yet
slashing of prices must have continued so long as the
ownership remained diverse, making the net return
Moreto the companies a diminishing quantity.
over, all except two or three of the strongest companies had been brought to the point of insolvency,
and even these two or three were fast drifting in the
larger or smaller magnitude,

the purchase
of the

by the Erie Railroad Co.

of the

mines

John Jermyn estate near Scranton.

The reader

be prepared for the statement that
the 1905 production of anthracite exceeded that of all
will

previous years.

Conditions were

all

favorable

to

a

insuring

The winter of 1904-05 was quite cold,
a large house demand for anthracite, and the

activity

and great prosperity generally

large output.

interests likewise contributed to
large.

of industrial

make consumption

Possibly, too, the talk of a miners' strike next

April, when the present contract with the miners expires, may have had some influence in inducing the
same direction.
Under the new state of things the weaker com- laying in of supplies in anticipation of such a conpanies have had a chance, with the best, to show what tingency. The shipments to market for the twelve
they could accomplish, given a fair margin of profit, months reached 61,410,201 tons, as against 57,492,522
and the result has been that they have been restored tons in 1904 and 59,362,831 tons in 1903, the latter
to solvency and their shareholders are receiving the year following the prolonged cessation of mining
some return on the capital invested, for the first in 1902 on account of the labor troubles. We show
time in years. It is true, the consumer is paying herewith the anthracite shipments for each year back
higher prices for his coal, and as we are all consumers to 1873. It should be understood that these ship-

contributing our share towards the pay- ments do not include coal used at the mines nor coal
ment of the higher wages which labor has exacted, sold locally, nor yet the consumption by the anthracite
and we are also, no doubt, furnishing some of the carriers themselves. Probably, to get at the total

we

are

all

of which the new or enlarged dividends output, it would be necessary to add from 10 to 15%
But obviously the service to the to the figures of shipments.
maintained.
are being
Tons.
Year.
pubUe could not have been maintained under the Year.
Tons.
61,410,201 1888
38,145,718
905
old prices and the old conditions, and it should not 904
57,492,522 1887
34,641,017

money out

be forgotten that we are also all profiting from the
revival in trade and business which has resulted from
the placing of

among

our railroads (the anthracite carriers
on a new and improved basis through

all

the rest)

the establishment of better relations between competing lines.

should be remembered, furthermore, in considering the better return which the anthracite roads
are able to make to their shareholders, that the imc

•

It

59.362,831
31,200,890
-.53,568,601
45,107,486
47,665,203
41,899,751
.41,637,866
43,177,483
46,511,477
41,391.200
43,089,536
41,893,320
40,448,336
35^855,174
35,407,710

903
902
901

900
899
898897

896
895..894
893
892
891

890
889

1886
1885
1884
1883
1882
1881
1880
1879
1878
1877
1876
1875
1874
1873

32,136,362
31,623,529
30,718,29a
31,793,027
29,120.096
28.500.017
23,437,242
26.142,68»
17,605,262
20,828, 17»
18,501,011
19,712,472
20,146,121
21,227,952

As indicating how evenly the shipments are now
months of the year

distributed between the different

proved results have followed not alone from the
increase in the price of coal to the consumer, nor (all except the earliest months, when the severity of
yet have the larger profits been derived from the the winter often puts an embargo on the movement),
New economies in opera- we append the following table.
anthracite business alone.
1904.
1905.
1903.
1902.
1901.
Months.
tion and management have been introduced, thereby January
4 ,408,578 4,134,245 5,964,950 4,538,138
5,192,290
3 922,601 4,326,269 5,070,608 3,741,253 4,123,594
avoiding waste and unnecessary expense. For in- February
stance, through the system of rebates established,
the largest rebate being made in the spring when

extremely slack, the output is
through the different
distributed
evenly
being more
months of the year, and this by itself represents an
important economy. In reality, however, the antrade

is

ordinarily

March

5 ,258.567

April

5 ,278,041
6 ,005,158
5 ,844,052
4 ,546,743
5 ,041 ,S38
5 ,082,232
5 ,205.694
5 ,421.584
5 ,395,113

May
June
July..

August
September
October.

November
December

4,375,033
5,407,786
5,285,079
5.728,795
4,623,227
4.325.734
3,967.600
5,131,542
5,124,068
5,063,144

5,211,450
5,044,998
5,156.449
5.436,497
5,377,495
5,169,402
4,654,444
3,925,642
4,091,147
4,259,749

3,818,767
4,924,829
1,708,892
92,203
239,079
321,774
455,883
1,276,257
4,984,384
5,099,431

5,002,315
3,715,295
4,693,562
4,792,443
3,699.628
4.711.517
4,379.143
4.938,033
4.697.329
3.623.453

Totaltons.. 61 ,410.201 57,492,522 59.362,831 31,200,890 53.568,602

As regards the amounts and proportions of the shiptonnage constitutes only one department
passing over the different roads, certain variathe
anthracite
even
with
ments
business,
of the carrying
occur from year to year. In 1905
necessarily
companies. Tremendous growth has been estab- tions
perlished in the general traffic of the companies, not the amount of the shipments, though not the
excepting bituminous coal, and there has likewise centage, increased by every route. The point of chief
been marked expansion in the passenger business. interest, however, with reference to the late year's figThe improved net earnings have come as largely from ures is the fact that the Reading is steadily enlarging
its old
these sources and departments as from the anthra- both its output and proportion, and resuming
thracite

Its ratio for 1905 was 20.48%,
for either of the three years
ratio
the
above
There are still some independent coal operators left which
but is precisely the same as in
in the anthracite field, but their influence and import- immediately preceding,
ance is each year diminishing. During 1905 the 1901, when its proportion was also 20.48%, making it

cite

coal trade.

lead in the trade.
is

.

1

THE CHRONICLK

Jan. 27 1906.
very plain that the company

what

simply recovering to lower wages, not only the wages of the city em-

is

The Pennsylvania RR. ployees but the pay

had previously lost.

it

189

of all laboring

men;

(3) it stul-

utility service is poor
appears to be losing ground, as its percentage for 1905 tifies enterprise; the
Below we and behind the times; there is no ambition; (4)
at 7.96% compares with 10.54% in 1901.
furnish comparisons of the figures for the different it is an important factor in the "barrack" system of
housing the laboring classes in the large cities abroad.
companies for the last four years.

public

-1904-19031905
Tons.
Tons.
Tons
Reading... 12.574.502 20.48 11,399,622 19.83 11,490,963 19.36
Lehigh Val 10,072,120 16.40 9,611,426 16.72 9,737.160 16.40
Cent. N. J 7.983,274 13.00 7,201,276 12.52 7.404,612 12.47
9.554.046 15.56 9,333,069 16.23 9,575,651 16.13
Del. & Hud 5.640,528 9.19 5.276,797 9.18 5,927,283 9.99
Penn. RR. 4.890,635 7.96 4,765.953 8.29 4,555,459 7.67
Penn.Coall
6,225.622 10.14 5,711.173 9.93 6.343.852 10.68
Erie
(

%

%

%

D.L.&W

.

N.Y.S.&WJ
N.Y.O.&W. 2,864,096

Del.S. &S. 1.605.378

4.66
2.61

4.61
2.69

2,646.730
1.546.476

2,693.462
1.634,489

4.54
2.76

1902
Tons.
5,909,401
4.631,535
3.629.986
5,152,498
3,090,604
2,610,234

%

18.94
14.84
11.63
16.51
9.91
8.37

3,814.150 12.22
1.627,478

735,004

5.22
2.36

He

growing up against
ownership is
quite amazing.

also declares that a revolt

"trading"

municipal

(as

termed in Britain) that

He

is

is

municipal

supports these general conclusions by detailed

statements setting out the defects observed by him
and the matters calling for criticism at the various

61,410,201 100.0 57.492.522 100.0 59,362.831 100.0 31.200.890 100.0

points where he made a study of public utilities.
In
noteworthy circumstance is that in face of the Manchester, he states, municipal trading has become
increased production of 1905 there has been no addi- detrimental to manufacturing, and labor has suffered.
tion to the total of the stocks of coal at tidewater. The taxes are high, and growing higher from this cause
In other words, tidewater stock Dec. 31 1905 were every year, while among the laboring people a strong
714,143 tons, against 715,715 tons Dec. 31 1904 and feeling of resentment against municipal ownership is
714,276 tons Dec. 31 1903, showing remarkable uni- developing. In Glasgow he spent eighteen days,
Total

A

formity.

going and living

MUNICIPAL OWNERSHIP ABROAD NOT
SUCCESSFUL.
Anything that tends to throw

light

on the

relative

merits of private and of municipal ownership of public
utilities

must manifestly be

of great interest at the

when such strong

among

the laboring people and study-

ing their situation at first hand.

by 150 per

Taxes are higher

he asserts, in that city since municiownership
has
pal
been in full swing. The tramway

is

[cent,

boasted of as a financial success, but he found that
things were omitted from the expense accounts

many

and charged instead to the general

taxes.

The

city

being telephone solicitors are paid out of the general tax
made to spread the doctrine of municipal ownership fund and not out of the income of the undertakin this country.
The advocates of this doctrine ing. Furthermore, as might be supposed, this way
present juncture,

made

efforts are

owner- of doing business leads to extravagance and graft.
Professor Roberts says that if any person is imwith the belief that municipal ownership is
pressed
municipal
ownership
is
far
to
private
that
superior
ownership and a great deal more successful. Even a good thing for a taxpayer, it might be well for
him to consult the Rate-Payers Union of Glasgow
if such statements were entirely accurate, it would
by no means follow that ventures along the same line and learn what effect it has there. This Union is
dwell upon the experiments

ship abroad,

and point

in municipal

to these experiments as evidence

were to be encouraged in the United States, for conditions here and abroad, particularly in the matter
of politics, are so wholly different.
It is not at all
clear, however, that the outcome, even on the other
side, has been attended with favorable or satisfactory

a

large

organization

of

taxpayers,

the definite purpose of thwarting

all

organized

for

the undertakings

having a tendency to further burden
the city with ownership. It employs a lawyer to
look into every action of the Council to see that it
results.
On the contrary, an American investigator is not a new scheme to increase the taxes. The taxes
of independent mind has lately returned from a lengthy in Glasgow have increased to such an extent that
tour of examination and study in Europe and he they are striking at the homes of the very poorest.
distinctly and emphatically declares that municipal The public utilities in that city are undoubtedly run
ownership in Europe is a failure.
at a loss.
The city does not set aside a proper amount
The investigator referred to is Frank H. H. Roberts, for depreciation and a sinking fund. Furthermore,
Ph.D., A. M., Professor of History and Political he declares that the figures in the reports intended to
Science at the University of Denver, Colo.
Professor show the results for tramway and other undertakings
Roberts left Denver on the 1st of last September at are juggled. The service is invariably poor. The
the

solicitation

of

authorities of the Denver people of this country would revolt at the service
charged with the duty of in- given there. In Nottingham and Liverpool and other

the

University.

He was

vestigating

conditions

in

the influence socialism in

its

Europe and ascertaining English
various forms was having same.

on the progress or stultification of the communities.
He was enjoined to "bring back nothing but the
truth and be prepared to prove and uphold every
statement you may make." In a speech delivered
before the Chamber of Commerce in Denver he has
been unfolding the results of his investigations, and
previously he had given expression to his views and
conclusions in an interview with a reporter of the
"Denver Republican," In the same paper he is
also answering Mayor Dunne, Chicago's champion
of

municipal ownership.

among

of the Council

other things:

and increases the debt

On
land,

the general taxes

conditions are stated to be

much

the

the Continent, as well as in England and ScotDr. Roberts found a growing conviction all

through the ranks of the working-people that municipal ownership was bad for them.
In the German
cities visited by him, municipal ownership was not
making headway. The tramways in Barmen and

Nuremberg owned by the
a private corporation.
City informed
clean

Professor Roberts asserts for

(1) It raises

cities

it

its
is

official.

city have been leased to
In Antwerp the Clerk of the

him that Antwerp did nothing but
"and I wish we did not do that,

streets,

the one thing badly done," answered this
Dr. Roberts says very emphatically, in his
up, that municipal ownership abroad raises

of a community without making summing
adequate provision for a sinking fund; (2) it tends the taxes.

This, indeed, he asserts,

is

admitted by

THE CHRONICLE.

190

[Vol. LXixfi.

friends of the idea.

Mr. Bellamy, the manager of from the coal and iron fields of Great Britain, f(ir a ^reat
said: "Statements number of yeuns factories of all kind.s have been moving frdiii
London to tlie Midlands, the North of England and the Soutii
about taxes should not be asked for.
It would be
of Scotland.
This shifting of industries is still going on, and
better to let that side of municipal ownership alone."
is throwing eonsiderable numbers of the London |)opulatiiin
[t JVofessor Roberts is equally positive thftv rriUnici])al
out of work.
Secondly, the Government has been e.xerting
ownersnip tends to low61' wag^s. The labor that is itself during the past year and a half to effect economies in
outside the city fights the labor that is employed by the army and navy. One step it has taken has been to reduce considerably the number of men employed in the dockthe city.
It divides the laboring classes and it lessens
yards, and this naturally has added to the state of idleness.
the influence of labor in the community. Wherever Thirdly, the municipalities all over (ireat Britain had, until
the Liverpool

you

Tramway System,

bureaucracy, and opposed about a couple of years ago, been borrowing on a very large
employed outside the city scale and engaging in municipal trading. At last the banks
works. The Professor declares himself a foe to trusts got alarmed. They argued that too much of the capital
of the country was being sunk in works which in many cases
lof all kinds, adding significantly, however:
"But as gave n(j
money return, and in other cases gave no adequate
we are aware, the private trusts can be regulated by return; that rates were being raised; and that, in short, the
the Government, but when you have a private trust money market w'as being thrown out of gear. The municiand a Government trust combined, there is little palities have resorted to many devices to obtain the money
which the banks were no longer willing to advance to them.
hope for the people."
But they have not done -so successfully; and the result is that
That the claims made for municipal ownership are municipal enteiprise, and consequently municipal employillusory if not actually false is also evident from what ment, have fallen off very much during the past year or year
it

prevails,

to this class

will find the

is

free labor

our London correspondent says in his review of the and a half. Fourthly, the depopulation of the rural distrade of Great Britain in an article on another page tricts of England^ and especially of Southern England,
Our correspondent enumerates as one of the which has been proceeding ever since the adoption of Free
to-day.
Trade, has become more accentuated of late.
Unskilled
causes that have tended to aggravate the depression
agricultural laborers have flocked into the towns, and more
which has prevailed in parts of Great Britain and has particular!}" into London, and because they are unskilled
resulted in increasing the number of the unemployed they are the first to lose employment when trade becomes
the fact that the municipalities all over Great Britain depressed. Lastl}', in the East End of London there is a

had until about a couple of years ago been borrowing
on a very large scale and engaged in municipal trading.
At last, he says, the banks got alarmed. They argued
that too much of the capital of the country was being
sunk in works which in many cases gave no money
return and in other cases gave no adequate return;
that rates were being raised and that the money marHe points out that
ket was being thrown out of gear.
the municipalities have resorted to many devices to
obtain the money which the banks were no longer
The result
willing to advance, but with little success.
is, he states, that municipal enterprise, and consequently municipal employment, has been reduced.
Thus the story is the same wherever one looks, and
cautious people in the United States will hesitate long
before they encourage our own municipalities to embark upon a similar course of trials and failures.

BUSINESS IN ENGLAND IN

1905.

[Communicated by our London Correspondent.]

January 13 1906.

The year 1905, from its very beginning to its close,
was disturbed by grave political apprehensions. Up
to Septeniber the war between Russia and Japan was
going on; moreover, for the last nine months the relations between France and Germany were most
strained, and at one time threatened hostilities; while
throughout the whole period the internal condition of
Russia made the Continent most anxious. Therefore
cautious people have been loth to engage in new risks;

and

as

a

result business, especially in

London and

the South of England, has been held in check.

In-

deed, in London and the South of England generally
business has been so bad that since winter set in want

employment has become

vast accumulation of alien immigrants, principally Russian
Jews, who compete with the native born, and consequently
add to the difficulty of finding employment for all.
On the other hand, trade has been active and profitable i»
North and Central England and the South of Scotland, in
spite of the political apprehensions.
The great manufacturing districts lie in the South of Scotland, the North of England and the Midlands, and they have benefited largely from
the war between Russia and Japan.
Moreover, the British
public have been investing abroad on a much larger scale
during the past year or year and a half than they had done
since the Baring crisis.
The Baring crisis, having been
accompanied bj- a crash in Argentina and a great fall in
American railroad securities, gave the British public a distaste for foreign investment.
For a considerable time afterwards almost all enterprise was confined to the United Kingdom and the British colonies and dependencies. Even the
British colonies were comparatively neglected.
Apparently
home investment has since been overdone. There was a great
fall in British raihvaj's just after the outbreak of the South
African war, which brought the public to realize that home
investments are not in reality safer than foreign investments.
And .since then there has been a fall in house property, the
building of houses having been carried too far.
Now the
taste is for iuA-estment beyond the sea, and that of couree has
brought about a remarkable increa.se in the exports. Over
and above this, the great prosperity' in the Lhiited States,
Canada and the South American republics, as well as generally upon the European Continent, has led to larger buying
of British commodities than previously.
Australia, likewise, which had suffered severeh- from a long drought of
eight years, during tl,e pa>t two years has had exceedingly
The purchasing power of the country
favorable seasons.
has therefore greatly increased and trade has naturally improved. South Africa, too, is recovering from the effects of
.\nd India, although in some districts there
the Boer war.
is
a lamentable want of rain, and consequent distress,
generally has had two very good years and is buying from

on an active scale. In China there is a remarkable recovery from the depression that accompanied and
followed the Boxer movement.

this countrj'

so pronounced that ParOwing to all these circumstances, there has been
an
Act for dealing with the activity in the leading trades of the country, and while
liament has had
unemployed, and Queen Alexandra has appealed to has been deplorable want of emploj'ment in London,
of

to pass

the wealthier classes to subscri])e largely to enable
the Act to be carried into effect.

The great want

of

employment

to depression in trade.

other causes.

Owing

But
to the

it is

in

London

aggra\'atpd

is

by

(Uic, firstly,

a

number

of

comparative distance of London

great
there
there

has been very full employment in the manufacturing disOne other circumstance has powerfulh- contributed
For man}- years previous to
to the improvement in trade.
the outbreak of the South African war, manufacturers and
merchants in this country were under the impression that
they could easily beat all foreign competitors. They did not
work as hard, therefore, as their rivals, and in most ca.ses

tricts.

Jan. 27 1906

THE CHRONICLE.

j

they contented tiiemsolvcs with plant and machinery which
was becoming antiquated. During the two or three closing
years of the past century, however, it was brought home to
our public that foreign competitors were rapidly gaining
upon them. British and colonial railway companies bought
So did
rolling stock on a large scale in the United States.
the military authorities for the Soudan and later still for
South Africa. The breakdown in the railroad market in
London and the rise in the price of coal were also symptomatic of the unsatisfactory state of trade, 'ilie commercial
They
public woke up to the necessity for greater activity.
have been introducing reforms of every kind. Especially,
our manufacturers have been superseding old plant and
machinery for the newest and the best. The railway companies, likewise, have been (-arncstly endeavoring to reduce
the cost of working and the banks have begun to keep independent gold reserves. Altogether, therefore, the commercial community is much better equipped than it was six or
seven years ago, and is taking advantage of the improvement
to push business in every direction.
The Board of Trade returns for December show that the
total value of the exports of British and Irish produce and
manufactures for the past year amounted to £I{.'W ,02,3 ,467,
being an increase over the preceding year of £29,312,427,
The value of the re-exports, that is, of imequal to 9.7%.
ports exported, amounted to £77, 798,.521 being an increase
The value
over the preceding year of £7,494,240, or 10.6%.
of the imports amounted to £.565,279,402, being an increase
Adding the re-exports to the exof £14,240,774, or 2.6%.
ports of British and Irish produce and manufactures, we get
a total value of the exports of £407,821,988, .showing that
the value of the imports exceeded the value of the exports
by £157,457,414, whereas in 1904 the value of the imports
exceeded that of the exports by £180,023,307 and in 1903
by £182,226,617. One result, therefore, of the marked
increase in the exports during the past year is that the indebtedness of this country to the rest of the world is very
It used lo be thought by alarmists
materially reduced.
tliat this country was living on its capital to some extent
because the value of the imports exceeded the value of the
The above figures show how great
exports so immensely.
a mistake that was, as they prove very clearly that there is
plenty of capital for the trade of the country, which increases
whenever the public at home is largely investing abroad.
The traffic returns of the 16 principal railway companies
of the United Kingdom for the year 1905 amounted to
£92.530,000, showing an increase over the preceding year
of £839,000, thus corroborating the inference to be drawn
from the Board of Trade returns. The receipts of the Government for the nine months beginning with April and ending with December amounted to £89,337,000, against
£89,414,000 for the corresponding period of the year before,
showing a decrease of only £77,000, although the Chancellor
of the Exchequer, in his budget statement, anticipated a
The
falling off for the whole year of as much as £916,000.
revenue returns are less reliable than the Board of Trade or
the railway returns, because so much larger a proportion of
the re.A'enue is collected in the la.st three months of the financial year
the three months ending with March. When the
revenue collectors are very active, they get in more in the
first nine months than when they are slack.
And just now
it is probable that the change of Government has relaxed
the vigilance of the Treasury and left the collectors, there,

191

The total production of hay was about a millioii
gained.
tons less than in the preceding year, mainly because of the
cold and cutting winds of April and May.
It is curious that,
according to the official figures, the area under cultivation
decreased by over 30,000 acres; arable land decreased by
over 133,000 acres, while permanent grass land increased by
over 102,000 acres. The total cultivated area of Great
Britain was returned as 32,286,832 acres.
There ought to
be added, however, about 12% million acres of mountain
and heath land used for grazing. The most remarkable
change, however, was that the lands under wheat, barley
and oats increased by over 101,000 acres, whereas the corn
lands of Great Britain have unintermittently been decreasing
almost since the adoption of Free Trade. Regarding livestock, there was a considerable increase in horses, horned
cattle and sheep, but a large decrease in pigs.
Upon the
whole the year was favorable to farmers. Prices have been
fairly good.
The crops, speaking generally, were got in
under good conditions, and the yield, with the exceptions
already stated, was satisfactory.
The cotton trade has been exceedingly profitable all
through the year, though as the end approached apprehensions arose that the prospects for the new year were far less
favorable than those for the year drawing to a close.
The
price of middling American at the beginning of the year was
well under 4d. per pound.
Bvit in spite of the immense
American crop for 1904-05, the price gradually rose to 4%d.
towards the end of May, to 534<J- in June and to 6d. in July.
In Jul}"- the rise was considered so serious that at the instance
of the cotton spinners of France and Austria a meeting of
the Committee of the International Federation of Cotton
Spinners was held in London to consider the situation.
Resolutions were adopted for securing in future fuller and
better statistics, and it was also decided to refrain from
buying American cotton during the following three months,
except for immediate wants. The reports concerning the
growing crop as the year advanced became less and less
favorable, and so the price continued to advance up to the
close.
In spite, however, of apprehensions and complaints
here and there, all branches of the industry continued prosperous to the very end. So prosperous, indeed, was the
business that in January an advance in weavers' wages of
7/^% was demanded. After two or three months of negotiations it was agreed at the end of March that an advance
of 5% in weavers' wages should be granted from the beginning of July, and that the question of a further advance of
2J^% should be considered in January 1906.
Immediately after the .settlement of this question an ad-

vance in spinners' wages was demanded. At first this was
strongly resisted by the employers, but ultimately a conference was held under the auspices of the Lord Mayor of
Manchester in the middle of August, and a temporary arrangement was arrived at. It was agreed that the operatives'
demand for a
advance and the employers' notice for a
5% reduction in the Bolton district should both be withdrawn; that a 5% "bonus" should be paid for twelve weeks
beginning with September everywhere outside of the Bolton
area; and that at the end of the twelve weeks the current
rate of wages should recur and continue until March next,
after which each side should be free to take any action it
pleased.
Perhaps the most striking indication of the great prosperity of the industry is the number of new mills that are
fore, very much to their own devices.
being constructed and projected.
Altogether, .30 Egyptian
The total clearings of the London Bankers' Clearing House yarn mills with 2,755,000 spindles are either built or under
for 1905 wei'e the largest over recorded, and amounted to construction, while 27 American yarn mills are either built
£12,287,935,000, an increase over the preceding year of or under construction with 2,200,000 spindles, making to£1,723,738,000. The amounts pas,sed through on cou,sols gether 57 mills with 4,955,000 spindles.
There is much
settling days during the year were £638,783,000, being an apprehension lest the competition of these new mills should
increa.se .over the previous year of £41 ,623,000.
The clear- prove very injurious when they come fullj'^ into operation.
ings on the fom-th day of the several months of tlie year And it is alleged in support of the apprehension that these
show an increase of £51,789,000 compared with 1904. The new mills have been established not in response to a genuine
clearings on Stock Exchange account days show the remark- demand, but to the hurried attempts of company promoters
able increase over 1904 of £534,036,000.
The total tmvii to seize a temporary opportunity.
clearings increa.sed £1 ,677,262,000— from £9,677,988,000
The wool trade was active throughout, but especially so
to £11,3.55,2.50,000.
During the long
as the close of the year approached.
The last three months of 1904 were so favorable agricul- drought in Australia the supply of merino wool became so
turally that an exceptionally large area was planted witli small that the demand for cross-breds greatly increased,
wheat, and at the beginning of 1905 tillage operations gen- which raised the price of the same so much that all kinds of
erally were exceedingly forward.
The first two months of substitutes were adopted. Happih% the end of the drought
th^ year continued as favorabl(> as the last three of the pre- in Australia occurrccd two years ago, and already there has
ceding year, and at the end of February, consequently, been a very considerable increase in the output of merino
spring sowings were very advanced.
March was a very w(^( wool. During the year 1905 it is estimated that the supply
month, and in many cases farmers had to sus[)cnd work. of merino exceeded that of 1904 by about 220,000 bales.
April and May Avere dry, cold and windy, and consequently On the other hand, the demand for cross-breds has rather
vegetation was thrown back.
Heavy rains came in June, outstripped the supply. The result is that while the price
and July was an unusually hot month, bringing all the crops of merinos ro.se 5%^ during the year, the price of good crossvery forward.
Augu.st was an unsettled month, yet har- breds advanced fully 10%, and there was a ri.se of 6%. in
vesting was carried on fairly well; and September, being dry medium cross-breds.
The year closed with a hopeful feeling
and cold, almo.st all liarvesting was completed early. The throughout the trade. The general anticipation i>s that the
final result was tliat wheat, owing largely to the increased end of the war betwcc^n Russia and Japan has given a great
acreage, gave a larger yield than for .six years previously. stimulus to trade generally; that the consumption of the
The total yield, according to tlie final figures, was nearly new year will be larger than ever, provitl{>d, of course, the
59 million bushels, against about 37 million busluds the pre- condition of Ru.s.sin does not inspire alarm or the strained
ceding year.
The total production of barley was about relations between France and Germany become worse.
equal to that of wheat. Oats showed a (considerable deThe best opinion in Australia is that "the supplj- of merinos
crease.
There was a material increa.se in beans, and then- will increase very largely. Many good authorities estimate
was a very marked increase in potatoes. Unfortunatc^ly the increase as higli as 200.000 bales. But there is not much
the |)otato crcjp suffered severely from potato di.sea,se, so expectation that the increase in cross-breds will be very
ihat upon tl.e whole probably tlie growers lost rather than great for the weather in South Africa has been unfavorable,

5%

—

,

192

THE CHRONICLE

and the reports from Argentina do not indicate much gain.
Weavers complain in many cases that their profits have been
unsatisfactory.
That they have done a very large business
But they grumble that the prices of
is beyond question.
raw materials have been so high tiiut there was little margin
The profits probably have not been as large as
for profit.
in some years when the activity of business was not quite as
great.
But that the profits have been fairly satisfactory
seems to be proved by the fact that as the year went on the
outturn increased, and that at the present moment there is
a more hopeful feeling in all branches of the trade than
twelve months ago.
At the beginning of the year there was a widespread belief
amongst shipowners that prices for new vessels were at their
lowest, and as freights were low and were likely to continue
so, there was a disposition not to contract for early delivery.
Accordingly large orders for distant delivery were placed at
the principal shipbuilding centers during January and
February. Then there was a pause until the conclusion of
peace between Russia and Japan, when prices began to rise,
and there was another rush to place orders, with the result
that the cost very considerably advanced. At the beginning
In September
of the year steel plates were £5 15s. per ton.
they rose to £6 and in October to £7, and the tendency still
seems upwards. There is a more hopeful feeling generally
than there was amongst both shipowners and shipbuilders,
although there is some fear that the large construction of
the past year may bring about such fierce competition as
will materially lower freights.
The strike of pattern makers
on the Clyde interrupted business materially, so that shipbuilding was not pushed forward as rapidly as otherwise it
would have been. Further, there were several strikes
abroad, especially in South America, which interfered with
the shipping business.
Upon the whole, however, the shipbuilding industry has been very active, and in spite of grumbling has been fairly profitable.
The oflBcial figures are not
yet published, but fairly accurate estimates have been
framed, from which it seems safe to say that the total outturn of the British and Irish shipyards amounted during the
past year to about 1,806,000 tons, which is nearly 430,000
tons more than the production of 1904. In addition, the
orders placed towards the close of the year give assurance
that the yards will be kept busy practically throughout the
new year. The outturn, taken altogether, has been the
largest on record.
Especially so has it been in Scotland,
the product there having amounted to almost 588,000 tons.
In the English yards there has been an increase everywhere
except on the Thames, in the Royal Dockyards and in the
yards of the Bristol Channel.
The great activity in shipbuilding naturally stimulated
a strong demand for iron and steel. Furthermore, the
increased British investment abroad led to an augmented
export of iron and steel; and, lastly, foreign countries bought
much more largely than for many years previously from
this country.
The result was a decided increase in the
volume of trade without any very material advance in
prices except here and there.
In the Cleveland district
there was a good deal of speculation which sent up Cleveland pig unduly
But, broadly speaking, throughout
the United Kingdom, the improvement in the industries
was due to natural causes. The returns of the total production and total home consumption are not yet accessible.
all

From the Board of Trade returns for January we find
that the total exports of iron and steel for the year amounted
to 3,721,515 tons, an increase of 458,673 tons, or 14.3%.
Of this total, 546,644 tons were in the form of rails,
2,192,980 tons were in other manufactured descriptions
while only 981,891 tons were pig iron. The total value
of the exports of iron and steel was £31,827,142, an increase of, roughly, 3 ^millions sterling, or 13.4%.
It appears from these figures that in the foreign trade
there was rather a decline in price compared with 1904.
In the first half of the year there was also a decline in prices
at home.
In fact, the stimulus to the trades was given
by a large number of new orders for ships that were placed
early in 1905, due to the general impression that the destruction of shipping during the war between Russia and
Japan had been so great that a very considerable increment
was necessary. These orders, however, were placed on
very favorable terms to shipowners. Generally, the price
was about £5 per ton. As already indicated, there was a
lull in the shipbuilding orders in the later spring and early
summer. In August, however, there was another rush
to place orders, when the builders were able to secure very
much better prices, the average being about £6 10s. Od. per
ton.
Later in the year the average was somewhat higher.
The figures given above for the export trade included, of
course, the whole year, and from them it is evident that
the recovery of prices in the latter half of the year did not
make up for the decline in the earlier part. It would seem
certain, though, that in the home trade the rise the later
part more than made up for the earlier decline.
The improvement in the iron and steel trades reacted
favorably on the coal trade. The year began with depression in the trade.
The weather was very mild. Employment generally was slack. For these reasons the consumption of house coal was lower than at the corresj^onding
period for a considerable time. Towards the end of January the strike in Germany caused a strong German demand
for British coal, which continued until nearly April, when

[Vol. lxxxil

the ice in the Baltic broke up and a good Russian demand
for British coal ensued.
The Rus.sian demand was greatly
increased when the riots in the petroleum districts of Southern Rus.sia destroyed so much oil.
At home the improvement in the iron trade greatly increased the demand for
coal for manufactures.
But the price has not been materially influenced.
There have been several threatened
labor disputes in the coal trade but they have all been
settled amicably.
In one instance the employers demanded
a reduction in wages of 5%. On reference to arbitration,
however, the demand was refused. An apphcation in another
instance from the men for an advance also failed.
Consequently, although early in the year, from the slackness
of demand, the collieries specially working for the home
trade were often idle, there was no serious disturbance of
The total exports
business on account of labor disputes.
of coal for the year amounted to 49,359,272 tons, an increase over the preceding year of 1,108,992 tons, or 2.3%.
The total value was £26,061,117, a decrease compared with
the preceding year of £801,269, or 3%.
Though considerable tension developed in the money
market the latter part of the year, and the Bank of England
reserve at times appeared threatened, money was quite
easy the first half of the year, with the result that the
average for the twelve months works out lower than might
be supposed. The Bank of England was obhged to change
its rate of discount only three times.
The year opened
with a 3% rate, which was reduced on March 9 to 23^%.
On the 7th of September the minimum was again raised
to 3% and three weeks later to 4%, at which figure it
remained till the end of the year. The open market rate
of discount was a little over 23^% for the first six months,
and 3% for the second six months, making an average of
£2 12s. 6d. for the twelve months quite a low figure. The
average brokers' rate for deposit money at notice was
£2 3s. Od. per cent, while the average for day-to-day money
was a trifle over£2 4s. Od. per cent. The reason why day-today money was somewhat higher than money for fixed periods was that the biU brokers had frequently to apply for
loans to the Bank of England, when they were charged
J^% over Bank rate and towards the end of the year, as
much as 1% above Bank rate. During the last three or
four months of the year the disturbed state of Russia and
the strained relations between Germany and France caused
much apprehension. Moreover, France accumulated an
immense amount of gold, firstly, in preparation for a Russian loan, and afterwards in fear of a war with Germany;
while the wild speculation in Germany, especially in imports
in anticipation of the new commercial treaties, made money
in Berlin scarce and dear.
Generally speaking, money was
dearer abroad than in London, and the fears of large gold
shipments made people here apprehensive during the last
three or four months that gold might be withdrawn from
the Bank of England on so large a scale that the Bank
would have to take measures to protect its reserve.
The total imports of gold during the year amounted to
£38,576,895, an increase over the preceding year of £4,691,307, or nearly 14%. Of the total imports, over 213^ milhons
sterling came from British South Africa and £6,850,360
from British India. The only other very large amount was
The total exports of gold
£2,826,489 from Germany.
amounted to £30,829,842, a decrease compared with the
preceding year of £2,209,296, or 6.7%. It will be observed
from a comparison of these figures of the imports and exports of gold that there remained in this country apparently
a net sum of very nearly 7^ milhons sterling.
There has been exceptional activity in silver during the
year, with wide fluctuations, prices varying from 25 7-16d.
to 30 3-16d., the former being Id. above the lowest quotation
for 1904. On Jan. 1 the quotation was 28^d. It, declined
during January, rose again in February, then declined again,
the lowest price being reached on April 6, after which, with
some fluctuations, prices continued to advance until in November and December, when over 30d. was frequently
quoted. The total imports of silver were £12,992,014, being
an increase of £1,304,675 over the preceding year, or 11.2%.
The total exports were £14,561,677, being an increase of
£1,297,983 over the preceding year, or 9.8%. As the exports of the metal amounted to more than the imports, it
would appear that £1,297,983 was exported from stocks already in this country, or at all events not recorded by the
Board of Trade.
The total new issues of all kinds in this country last year
amounted to £167,188,408, against £123,019,689 in the previous year, an increase of £44,168,719. The large increase
was mainly due to Japanese borrowing. Japan raised in
London and New York 30 millions sterling in March; in London, New York and Berlin another 30 millions sterling in
July; and in London, New York, Paris and Berlin in November 25 millions sterling. The issues in London alone amounted
millions sterling. It is to be recollected, with referto 31
ence to the loan issued in November, that it was intended to
pay off' internal debt, so that that loan does not add to the
liabilities of Japan. The principal other foreign government
loans were a Turkish 4% loan for 5 millions sterling in January; a Chilian 5% loan for £1,350.000; a £1,000,000 5% loan
for the State of Bahia; a Chinese 5% loan for a million sterling; a Siamese 43^% loan likewise for a million sterling; a
Brazilian loan for £3,000,000 in 5% stock and an Argentine
4 millions sterling loan in the form of 2-year Treasury bonds.

—

H

.

Jan. 27 1906

since

borrowed another

4 millions sterling on the Continent. The whole 8 millions
sterling were intended to pay off the Funding Loan, so that
they do not constitute an addition to the Argentine debt.
But they are objectionable in this respect, that whereas the
Funding Loan was well held, these Treasury Bills constitute a
floating debt which may fall due at a very inconvenient
period. There have been several municipal issues, and the
British Government also borrowed, but to a much smaller
extent than for a considerable time past Its borrowing, indeed, is less than at first sight appears, for while it placed 14
millions sterling in Exchequer bonds, it paid off old Exchequer bonds to the amount of 10 millions sterling, leaving
the net increase only 4 millions sterling.
The process of extinguishing private banks, which has
been going on for many years, made further progress in the
year just closed, and several comparatively small provincial
institutions have likewise been bought up by important London institutions. Every year, in fact, the number of banks
•in England is rapidly decreasing, and immense institutions
In England, quite different from
are taking their place.
what is the case in the United States, branch banks exist,
not merely in all the country towns, but even in London itself, where the large banks have opened branch establishments in every district. In 1905 there were six amalgamations. One of them was that of the London & San Francisco
with the Bank of California. The remaining five were purely
British banks. Three private banks disappeared altogether.
When the Bank Charter Act was passed, in 1844, there were
207 such banks issuing notes. Now the number of private
'banks issuing notes is only 13, and their total authorized
issue is no more than £127,610.
By the Act of 1844 the
Bank of England is entitled to issue two-thirds of the notes
which the country banks have lost the right to circulate.
And by the extinction of the three banks in 1905, the Bank of
England will, when it pleases, be able to increase its authorized circulation. One new bank has been established, the
Bank of Abyssinia, with a capital of half a million sterling.
It was formed by the National Bank of Egypt.
The disturbed condition of foreign affairs operated to
•check business in most departments of the Stock Exchange.
So grave were the apprehensions respecting Russia that
even the French bankers who have placed so many Russian
loans in Paris refused in the spring to make an issue of
32 millions sterling. When peace was concluded at Portsmouth negotiations were begun at St. Petersburg for a
loan of 50 millions sterling. The great strike put an end
to these negotiations.
At one time Russian four per cents
to 78.
They have markedly recovered since. But
the disinclination to lend remains as strong as ever.
In
this country there are very few Russian securities held,
and consequently a temporary default of Russia would
not have much direct effect here. But it is generally estimated that in France there are about 400 millions sterling
of Russian Government, railway and industrial securities
in Germany about 300 millions sterling
and in
Holland about 100 millions sterling, making for the three
countries alone about 800 millions sterling.
It is probable
that the estimate is much exaggerated; but the fact that
it is so generally accepted shows that the holdings must be
•enormous. It was a subject for wonderment all through
the year that the fall in Russians had been so slight, and
the confidence of the general investor so fitm. in Russian
good faith. However, if for any reason Russia were unable
even for a short time to pay the coupons, it is generally
admitted that there would be a crash upon the Continent,
and this would react upon London. Consequently, there
has been very grave apprehension all over Europe respecting
Russia.
The strained relations between France and Germany, however, have affected Paris even more than the
internal condition of Russia.
Indeed, throughout the
month of December the alarm in Paris was so great that
the French banks, to strengthen themselves against contingencies, withdrew a very large proportion of the balances
they had been employing in London, Berlin, Amsterdam,
Brussels, and even New York.
The withdrawals excited
grave fears that the outflow of gold from the Bank of England would be on a very large scale, and markets therefore
became very nervous. Still, except in a few departments,
there was no great fall, and, generally speaking, there was
a recovery just at the end of the year.
Consols recovered early in the year from the unprecedented
fall of 1904.
They reached the highest quotation in March.
After that, owing to the political apprehensions just referred
to and the fears of dear money, they declined.
But at the
end of the year they began to recover again, chiefly under
;

the influence of the conviction that the new BritishGovernment will make the sinking fund effective, and that therefore the redemption of debt will be on a considerable scale.
Other securities of the British Government and those guaranteed by it have also improved. There has been a very
marked improvement likewise in British railway securities,
especially the common stocks.
Early in the year, the
traffic returns continued disappointing, although it was
known that trade was improving. But towards the end of
the year, there was a marked improvement in railway
traffic returns, and consequently there are high hopes now
that the railway dividends will for some years to come
continue to increase, especially as the railway companies
have been introducing reforms calculated to reduce materi-

193

the cost of working.

ally

advance in the

securities of

There has likewise been an
good British industrial com-

panies.

But the greatest

activity of

has been in American se-

all

the shares of metal companies, particularly
of copper companies; and in some foreign railway companies.
The movement in the American department of the London
Stock Exchange has been regulated entirely by that of
New York. When prices rose in New York, they rose
in

curities;

London. When they went back in New York,
they went back likewise in London. To some extent, also,
American action controlled the copper market and likewise
the market for copper shares.
But the movement in Japan-

likewise in

ese stocks, in South American government securities, and
in Argentine and Chihan railway stocks, has been mainly
determined by London and Paris. Japanese four per
cents rose during the year 16J^%; and the five per cents
rose 13%.
Brazilian bonds have risen from three to four
There has been also a considerable rise in Guatepoints.

malan, Colombian, Paraguayan, Honduras and Venezuelan
bonds, and in Argentine Provincial Cedulas. Argentine
railway securities, which had risen very markedly in 1904,
advanced further in 1905. The ordinary stock of the Auto-

&

Bolivia Railway rose eighty-three points.
of the United Railways of Havana and
Regla Warehouses rose eighty-six points.
The appended table, made up from the ofl!icial statements
of the Bank of England, shows the position of the Bank as
regards bullion, reserve, &c., each week of the year:
BANK OF ENGLAND IN 1905.— (OO.OOOs omitted.)
fagasta (ChiU)

The ordinary stock

Deposits

1905.

iSecurilies

«

•S

fee

%

00

Q

IS
05

January

4.
11.
18.
25.

February

1

8.
15.
22.
29.
8.
15.
22.
29.
512.
19.
263.
1017.
24.

March

fell

held;

.

THE CHRONICLE.

I

The Argentine Government has

.

April

May

31.

June

7.

July

14.
21.
28.
5.
12.
19.
26.

August

2.

9162330.
September 6.
13.
2027.
October
4.
11.
18.
25.

November

1

8.
15.
22.
29.
December 6.
132027.

§

a,

O

is

o

£

£

£

£

£

£

28,6
27,9
27,7
27,4
27,6
27,3
27,1
27,0
27,6
27,3
27,1
27,2
28,0
28,8
28,6
28,9
28,6
29,1
28,9
28,8
28,9
29,5
29,4
29,0
28.9
30,1
30,7
30.3
30.0
30,0
30.1
29.9
29.5
29.1
29.7
29.4
29,2
28,8
29,3
29,8
29.4
28.9
28.9
29.2
28,9
28.6
28,5
28,7
28,8
28,8
29,2
29,4

31,3
31,9
33,2
34.4
35.5
35.9
36.9
38.8
39.0
39.8
39.8
40.3
39.8
38.7
37,7
36,3
35,8
35,6
36.4
36.6
37,6
37.9
38,3
38,1
38.9
39,0
38,5
38,2
38,3
38.0
36,9
36,3
36,6
36,8
36.7
35.7
35.3
35.2
34,6
32,3
31.5
32.2
31.9
31.5
31.9
32,5
33,0
33.6
33,5
32.6
30.0
28,5

12.4
8.5
8,8
9.0
7.4
9.5
12.5
16,4
15.2
16.6
16.3
17.7
18,3
12.8
10,4
10,8
10,6
11,9
12,1
10,9
11,7
11,6
12,5
13,0
13,8
14,5
11,4
9.7
10,8
10.7
9,8
9,9
11,7
12.2
12,5
11,3
11,7
13.9
14.2
12.0
8.5
9.5
13,3
13,6
12.1
12.6
13,3
12,7
11.4
6,4
7.4
7,8

47.4
41.8
42.4
41.4
42,6
39,4
38,6
38,6
41,6
37.9
44.5
39.5
42,6
41,8
41.4
39,0
39.7
40.4
38.7
41.6
40,3
41,6
41,6

36,4
26.5
25.9
24.6
25,5
24.4
25.3
27.3
29.6
26,4
32,4
28.4
33,4
28,6
26,7
26,4
27,0
29,5
27,4
28,4
26,9
28,4
28,5

50,0
44,4
44,3
43,6
43,4

20.4
9.4
9.4
8.4
6.3
5.6
5.6
5.6
5.6
5.6
5,6
5,6
5,6
5,4
5,4
5,5
5,5
5.6
5,7
5.7
5,7
5.7
6,2
6.2
6,2
6.2
6,7
6,7
6,8
6,8
6,8

43.1

7,1

44,0
43,8
42,5
43,6
42,0
41,5
45,2
42,3
41,0
40,6

8.7
8.7
8.7
8.7
8.7
8.6
8.7
8.7
8,5
6.7
6.6
6.8
7.0
7,0
7.0
7.0
7,0
7.2
2,8
2,8

41.1
41.7
44,7

40,1

40,2
41,3
40,7
42,3
43,0
45.2
48,9
45,6
44.2

%

£

28,1

28,7
33,4
36,4
29.0
29.6
29.1

29,2
29.2
29.5
29.2
28.9
29,8
28.9
30.2
35.3
32,4
28,3
29,6
33,1
34,1
32,8
31,8
33,6
33,2
34,3
33,7
38.9
39.5

20,9
3a 2]4°
22,4
2 9-16
24.0
25.5
-I
26,4
2J^
27,0
2>^
28.3
2 7-16
30,3
2 7-16
29.9
2 5-16
30.9 2>^6 2 3-16
31.1
2M
31,5
2K
30,2
2 3-16
12
28,4
27,5
12 1-16
25,8 ....,2
25,6
2 3-16
24,9
2 5-16
25,6
2 5-16
26,2
2 3-16
27.1 ..--23^
2 1-16
26.8
27,3
2
27,6
2
28,4
1 15-16
27,4
2
26,2
IM
26,4
1 13-16
26,7
1 11-16
26,5
\%
25,3
1 13-16
24,8
12
25,5 ....\V%
26,2 --i2Ji
25,4
2J^
24,7
3c 2M
24.5
2 15-16
24,9
3
23,8
4d 3 5-16
21,0
20,6
3 15-16
21.7
4
21.5
4 1-16
20,8
4
21,4
4
22,4
4
22,9
ZVi
23,3
3Ji
23,2
3>i
22,2
4
19,3
zy%
17.6
3V»

m

•

a Date when this rate was made was April 21 1904. 6 March 9 1906.
September 7. d September 28.
In the table below we show the price of silver in London
by months for 1903, 1904 and 1905.

c

PRICE OF SILVER FOR THREE YEARS.
1904

1905.

1903.

Silver.

High.

Low.

d.

d.

High.

Aver.

Low.

High.

Aver.

Low.

Aver.

d.
20 7-16 22'/^
21 U-1621^
22i|
26W
'2iyi
22 5-16 2VA
I25S
22 1|
126.3-16 22'-^
22 7-16
120 11-16 2.5H
April 26^,
:2:i 3-16
25 7-16 26Vi
i25H
24 7-1624 15-16 25 1-16 22N
May.. 27 5-16 26H
26 11-16 25 15-16,25)^
,25 9-10 25)4
|24 5-16 !24V,
June . 27)^
26 7-16 26 15-16 26)^
125 5-16 251!^
24 9-1624)^
;24M
July.. 27 5-16 26J^
27
203^
25^ '24)4
24H
2f,H
127 3-10
AUR.. 2SH
27 13-10 27
125 5-16 26H
26 3-16 26 9-16 •26»l
,27Ji
l28
Sept . 28K
!2S 7-16
26 5-16 27 9-1020)4
26'<
20
20J<
Oct .. 28 15-1628 5-16 2X%
2S'2
27 7-16 27j<
20 15-16 20)^
20^}.i
Nov.. 30 6-16 !2« 15-16129)^
26 15-10,275«
20)4
127K
,26'i
l27
7-16:25
30 5-16 ,29^
29 15-16 28 9-16 27^
]25 11-18
j27
15-16J26

Jan

..

2&H

d.

d.

d.

d.

d.

d.

27 9-16 27 16-16'27 5-16 25)^

Feb .. 28 5-16 27 H
28 1-16
March 27 13-1627 11-16 265i

1

.

,

Dec.

Year. 30 6-16

;26

7-16 27 13-16 28 0-16 24 7-16 26J^

2SH

21 11-16J24K

1

The

following are the bank and open market rates of
number of the principal Continental cities on

interest at a

——————
S

THE CHRONICLE.

194
day of each
of the year.

Ihf

month during 1905 and on

first

day

J

190S.
R(Ues of
Interest

lit

the closing

I

—

I

•s

The exports of iron and steel from Great Britain
as below each year since 1876, inclusive.

?

c

I

3

^

^

S

^iQ

O

CQ

Paris
rate

3

3

3

Oi)cn market. 2J^2
Berlin—
Hunk rate
5
4
Open market.

3

!3

3

is

9- 161 9- 16^2^2

S
3
{2^^2

3
.2yi2

3

13

35^2^

'IH

;2H2

J2M2

Bank rate
5
4
Open market.
Amsterdam
Bank rate
\z
3
Open market. \2%2K

'3H
,lh

3

3

()p(;n market.
Frankfort

3

2J^3

4

3

3

3

Is

4

,3H

5H0

5

2^3^

3

5

3

'3

iiH2l4

jlj^2

3H

rate

3

'3

I

3H

Hamburg
Bank

4J445i4>i

4

:5H«

|5

4>^45i4%

\2i^3H
I

3
12"^ 2

3

3

4

I2H3

\2H2

5H

:5

9-

'5

I
I

Bank rate
3
Is
Open market. 2K2;4

2^2

,2
'3

3

2H 2>i2M234

Bank rate
I3H3>^
Open market. VA3

is

|3

3

is

3

3

2%2^2}42H 234i2^i2^
IsHSMS^SH 33^33^33^

|2J4

Vienna

2K3

,2yi2'A2l42iA 23^23^2"^

3
\214

Brussels

St

2^:2%

4

4

Bank

rate ... \5yi5}4

5>^

Ojieji

market, 'n. 'N.

'N.

3^3?4

4

|5>^i5J^'5H5H
n. In. n. :n.

Madrid-

AH

Bank rate ... ,43^43^
Open market. 3 3
Coi)enhagen

,4>^43^i43^

43^:41^ 43^!4H 43^'4>4i43^
3
IS
!33^|3>^ 33^33^4

'3

4

,4

'4

I

Bank rate
1434,4"^
Open market. i43^434

|4

l4

4

4

(4

14

14

4

4
4

15
5
43^'43^143^

:4

i5

4

—

N. Nominal.
a 4 7-16.
In the subjoined statement

'

'

Bank

England rate

of
clusive.
I

J

,-J

•

-JiSAWJi U a

1

iijNUL, AISJJ.,

Rate

m'

%

Year.

we show all the changes in the
each year from 1899 to 1905 in-

in

Number

Nov

Nov 30

5 to
30 to

Dec

31 6

Year's average
1900.

Jan
Jan
Jan
Jan

1

11

18
25
Mav 24
June 14
July 19

5

%

Year.

Jan
Jan
Feb

days
days
days
82 days
2 days
56 days
31 days

19
14
161

Year's average
1901.
Jan
1
to Jan
Jan
3 to Feb
Feb
7 to Feb
Feb 21 to June
June 6 to June
June 13 to Oct
Oct 31 to Dec

6
5
43^
4
33^
3

to

1

Jan

23 to Feb
6 to Oct

Oct

2 to

Dec

23 days
14 days
238 days
90 days

23 4
6 33^
2 3
31 4

Year's average

3.33 365

1890
1889
1888
1887
1886
1885
1884
1883
1882
1881

1880
1879
1878
1877
1876

days

140 days
28 days
77 days
120 days

days
119 days
Year's average
3.75 365 days
21 days
35 days
1904.
4
165 days Jan
1 to April 14 4
105 days
April 14 to April 21 33^
7 days
3.96 365 days April 21 to Dec 31 3
254 days

6 4

13 33^
31 3
31 4

Year's average

2 days
35 days

Year's average

days
days
days
140 days
62 days
14
105

3.29 366

days

1905.

Jan

to

1

Total exports
Imports.
Total merchandise.

The

British imports

days
days
21 days
95 days

67
182

8 3

9 to Sept
6 23^
Sept
7 to Sept 27 3
Sept 28 to Dec 31 4

days

Year's average

365

3

_

April

May
June
_

August.
September..
October..
December.
Year

£

£
23 112.
.iO 110,6
-\pril 27 111,7
May 30 114,6
.June

2'J ll.),3

.July

27 117,3

Auk.

:il

118,8

2S 118.6
Oct. 20 116.6
Nov. 30 11,'),7
Dec. 28 115,1
.Sept.

Gold.

SUVr

£

£

44.0
44,1
44,0
43,9
44,3
44,4
44,4
44,3
43,9
43,8
43,7
43.0

151,7 Jan.
156.9 Feb.
154.6 Mar.
155,6 April
158.9 May

28
25
31

28
26
159, 7 June 30
161,7 July 28
163.1 Aug. 25
161,5 Sept. 29
Oct.

160,4

27

Dec.

158.1

Tolal

£

93.8
93,8
94.5
97,2
109,4
111.0
108.7
107,6
105,7
104,3

Nov. 24 106,1

1.59,4

29 106,3

1903.

Gold Silv'T Total

£

44,1
44,3
44,6
44,7
45,0
45,3
45,1
44.9
44.4
44,0
44,2
44,1

£

£
29
26
Mar. 26
April 30
May 28
June 25
July 30

137.9 Jan.
138.1 Feb.

100,5
101,4
101,1
99 8
100,1
100,5
102,5
.\\K. 27 102,2
Sept. 24 100,4
Oct. 29 96 7
Nov. 26 95 9
Dec. 31 94,5

1,39,1

141,9
154.4
156,3
153,8
1.52,5

150,1
14S.3
150.3

150.4

£

43,8
43.8
44,0
44.3
44,7
45.1
45,0
44,9
44,8
44,2
44,4

144,3
145.2
145,1
144,1

144,8
145,6
147,5
147,1
145,2

140,9
140,3
44,0 138,5

1

The quantities and values

of textile exports from Great
Britain for the last three years are given in the following table:

1905.

.yarn

Woolen yarn
Woolen tissues
Worsted tissues

1904.

lbs.
205,000, 9O0
yds. 6,198,199, 900
lbs.
46,212, 900
..yds.
170,390 500

163,901, 400
,591,822, 000

700
200
600

14,750 500
161.763, 200
54,378 300
67,121 100
103,931 000

lbs.

yds
lbs.

yds.
yds.

14,690
183,394
49,585
72,293
106,542

£

1

-.

.

070
727
647
764

8,955, 098
64,078 276
486 093
1,953 009
902, 618
4,318, 210
4.209, 523
7,491, 431

2001

6.535, 201

.978 621

92S
4,840
4,243
9,170
6.665

45,948 300
197.031, 500

£

10,317 452
70,817 034
601 034

Woolen

.yarn
Wool'-n tissues
Worsted tissues

300
700

1903.

1904.

1903.

150,758,100
i,

407,821,988 371,015,321 360,373,672

1

565,279,402 551,038,628 542,600,289
157.457,414 180,023,3071182,226,617

by months have been:
1904.

Ditlerenu.

£

£
+1,633.940
—1,265,582
+291.037
—1,898.937
+2,052.809
+360,623
+3,785,237
+4,423,048
+2,658,642

47.766.460
42,844,937
48.983,312
43,282,826
46.832,967
43,557,407
44,741,838
-.46.862,991
45,732,648
48.676.418
53.146.934
...53,120,486

46.132.520
44,110,519
48,692,275
45,181,763
44,780,098
43,196,784
40,956,601

.565.279.402

551,038.628

42.4.39,943

43,074,006
49,517,825
50,670,846
52.845,366

1904.

—841.407

PtrCt.
-^3.5

—2.9
+0.5
—4.2
+4.6
—0.8
+9,2
+10,4
+6.2
—1.7

+2.476,088
+276,120

+4.»
+0.»

+14,240.774

+2.6

330 023 467

300 711040

£

6,235.810
6.692.958
7.093.109

5.712.000
7,405,341
5,946.649
6,754,370
5,585,686
5,685,959
5.293,714
5.378,489
4,771.996
5.661.373
5,713,065
6,440,276

77 798.521

70 304 281

May
June

.6.399,164

July

5.773,478
6.427,636

August.
September

.6,521.237

Year

—The aggregate
figures are
been made
the monthly returns

have

offlclal.

in

+29

312.427

by

+3.S
+5.7
+15.7

+2.«
+12.0
+7.9
+12.3
+12.0
+13.2
+15.
+13.4
+2.1
+9.7

inont-liB

Dilterence.

1904.

£

April

+906,412
+1,374,250
+3,819.027
+653.634
+2,920,604
+1,915,627
+3.037.469
+3,157.956
+3,421.801
+3,923.869
+3,494,861
+5S0.060

colonial produce

6,113.887
7.619,723
6,812.209
6.303,877
6,805,433

PcrCl.

£

24,083,865
23,894,813
24.251,796
23,484.834
24,332,089
24.069.770
24,783.582
20.359,880
25,928,659
25,443.687
26,113.288
2S. 072. 134

1905.

RE-EXPORTS.
January
February..
March

Ditierence.

£

...24,989.777
25.269,063
28.070.823
24,138.468
...27.252,693
25.985,397
27,821.051
29,517,836
29,350,460
29,367,556
29,608,149
...28,652.194

The re-exports of foreign and
show the following contrast:

Note.

Values.

•otton yarn
Piece goods
Jute yarn
Piece goods
Linen yarn
Piece goods

Year

November
December

Quantities.

Piece goods
Jute yarn..^
Piece goods
Linen yarns.
Piece goods

November
December

October

EXPORTS OF TEXTILE FABRICS.

Cotton

3,820,316
3,792,99«
2,883,484
2,296 ,86t
2,346,37t
2,224 ,47»

330,023,467 300,711,040 290,800,108
77,798,521 70,304,281 69,573.564

£

August
September...

omil'.ia.)

1

Year's Exports.

4,3.53 ,.552

933,193
965,285
899,809

4 14. .5.56

1905.

October

26 107,7

,497,439
,508,095
1,658 ,.531
1,517,458
1,466,055
1,196,170
1

The exports by months have been:
EXPORTS.

July

GOLD AND SILVER IN BANK OF FRANCE— (00.000s

Feb.
Mar.

2,649,998
2,856,574
2,739,279
3,240,146
4,001.430
4,186.182
3,966,563
4,143,02*
3.389,197
3,130,682
3,496,991
4,043,30*

1

£

days

sterling:

.Jan.

3, .55 0.39 V
2, 835 ,.541

1,4.55,475

728,540
971,165
936,949
820.671
693,696
463,878
441.384
497,924

1905.

IMPORTS.
January
February...
March

November

Mar

Mar

7

1904.

468,003
702,247
1,035,431
1,089,892
1,020,002
1,011,779
739,651
714,276

products
Re-shipments of imports

The situation of the Bank of France as to its stock of gold
and silver, according to the last returns of each month April
May
of 1903, 1904 and 1905, was as follows, stated in pounds June

Gold Silv'T Tolal

.,592,094

1.702,957
1,782,571
1,511,421
1.393,771
1,457,905
1,504,223
1,697,844
1,820,731
1,905,919
1,910,242
1,973,075
1,605,289

,558,375

Home

January
February
March

1905.

1,485,813
1,649,433
1.746,171

1905.

7

3.72 365

Tons.
3,721,515
3,262,842
3,564,601
3,579,104
2,897,719
3.540,689
3,717,180
3,244,350
3,686.106

1,7,59,248

1

Total.

.

Tons.
2,192,980
1,927.171
1,895,145

The complete trade figures of imports and exports int»
and from Great Britain for three years are as follows:

July

3 4
7 5
21 43^

Tons.
546,644
525,371
604,076
716,210
572,724
463.731
690,667
609,403
782,045
747,662
457,552
425,242

Excess of imports over exports.

1903.
1 to May 21 4
21 to June 18 33^
days June 18 to Sept 3 3
days Sept 3 to Dec 31 4

11
7

1892

Tons.
981 ,891
810,934
1,065,380
1.102,566
839,182
1,427,525
1 ,380,342
1,042,853
1,201,104
1,060,165
866,568
830,985
840,294
767,053
840,055
1,145,268
1,190,371
1,036,319
1,158,174
1.044.257
960,931
1,269,576
1,564,048
1,758,072
1,480,196
1.632,343
1,223,436
924,646
881.442
910,905

Exports.

May

to Jan
11
to Jan
18
to Jan 25
to May 24
to June 14
to July 19
to Dec 31

1894.
1893...

Rails.

of days.

days Jan

3.75 365

1900
1899
1898
1897.
1896 -.
1895

Other
Descriptions

Pig Iron.

EXPORTS AND IMPORTS.

1902.

1 to Jan
19 4
19 to Feb
2 33^
2 to Julv 13 3
July 13 to Oct
3 Z)4
Oct
3 to Oct
5 43^

Oct

have beei

Rite Number

of days.

Feb

1901

K.AIM1; Oi< IJN i'llJKKS 1.

1899.

Jan
Jan

1905
1904
1903
1902

1891
j4

'43^43^43^
4
4?^ a

;33^2^8!2J^ 33433^33^

:3

|3

3

234

Petersb'rg—

.

Vol. lxxxii.

EXPORTS OF IRON AND STEEL FROM GREAT BRITAIN.

I

'?!?i'?''^
Bank

»

.

.

i

PcrCt.
£
+7.1
+401,887
+2.9
+214,382
+865,560 +14.7
—6.7
—450,493
+1.219,747 +22.2
+740.205 +13.2
+9.0
+479,764
+1,049,147 +19.8
+749.241 +15.»
+574.437 +10.2
+979,893 +17.2
+652,833 +10.2

+7

494 240

+10.6

They

indicate tlwt slight adjustments
as issued.

157,315, 600

47,012,700
210,970.300
14,090,400
154,946,900
59,804,000
.)0,731 ,600

106,426,000

£
7,407,946
55,267,487
520,218
2,040,393
8;i(),093

4,086,633
4,194,296
5,871,776
0.440.319

ITEMS ABOUT BANKS, BANKERS AND TRUST 00. 'S.

— The public sales of bank stock
shares, of

this

week aggregate 173

which 60 shares were sold at the Stock Exchange

and 113 shares at auction. The transactions in trust company stocks reach a total of 175 shares. A small lot of stock
of the Greenwich Bank was sold ut 29.5. :us against 270 J/^ im
July 1905, when the last previous sale occurred, and sales of
20 shares of stock of the Title Guaranty & Trust Co. wer«
made at 671 and 074 1^', as compared with 656 two weeks ag«.

.

Jan.

.

J^eic

York-.

Iativ.

Anu-r. Fxch.Niit. BaiiK-.- 273

High.
273

t35 Commerce, Nat. Bank of- 198
29.'5
5 Greenwich Bank
100 Merch<i!if.s' Nat. Bank... 170
499
8 Park Bank, National

TRUST COMPANIES— .Vc«'
485
100 Manhattan Trast Co
.850
30 Morton Trust Co.
20 Title Guar. ATriLst Co... 671

198

1-98

295
170
499

170

Dec.
Jan.
July

273

295
499

Last previous mle.

Close..

Oct.
Jan.

1905—271
1906—197
1905— 270H
1905—175
1906— 499

Yorh.
485

1906—488

8.50

1906—8,50

Jan.
485
850
Jan.
674^4 674'^ Jan.

1906— 656

TRUST COMPANY— /?roofc/,i/>!.
,

im

THE CHRONICLE.

U)OG

117

BANKS

JSharff:.

a;25

—

.

419J^ 419^
25 Brooklyn Trii.st Co
the Stock Exchange.
.T Sold at

419%

Dec.

1905— 4203^

— The

The members of the new board of
Barnes, of the firm of Barnes
H.
Howell
directors
Brothers, bankers; F. B. Fiske; Otto Sartorius, a large
tobacco importer in New York; J. E. Lusk; Jame^ M.
Gifford, of the law firm of Gifford, Hobbs, Haskell & Beard;
Robert C. Stewart; Ernest EUinger; Willard U. Taylor;
E. F. Hutton, of the banking firm of E. F. Hutton & Co.;
W. J. Bartnett, First Vice-President of the Western Pacific
RR.; William Carpender, formerly second Vice-President
and at present a director of the New York County National
Bank; Charles Baker Sr., Chas. L. Cole and David F.Walker.

known

business man.
are

—

Appellate Division (Fir.st Department) of the Suin the L'ase of Albert J. Hateh. brought to test
Court,
preme
the validity of the stock transfer tax, rendered a decision
The
yesterday upholding the constitutionality of the law.
prevailing opinion, in which Justices O'Brien, McLaughlin

Leo Schlesiuger was elected Vice-President of the
Mechanics' & Traders' Bank of this city at a meeting of
Mr. Schlesinger was recently
the directors on the 19th inst.
succeeded in the presidency by William L. Moyer.

and Houghton concur, was written by Justice Laughlin.
The decision affirms the order
Justice Ingraham dissents.
issued by Justice Clarke in the Supreme Court.

of the trust

—

— D.

who for the past five years has had charge
department of the Trust Company of America,
has resigned to become Trust Officer of the Columbia Trust
Company, at 26 Nassau St.
S. Mills,

—

The Corn Exchange Bank of this city will open another
branch at the corner of 143d Street and Amsterdam Avenue
The name of the new
as soon iis repairs are completed.
branch will be the Corn Exchange Bank. Washington Heights

The first branch of the Home Trust Company of Brooklyn was opened a week ago at Hamburg and Myrtle avenues.
The comIt is under the charge of Andrew H. Mars.
pany's main office is at 184 Montague Street, Brooklyn.

Branch

A handy memorandum calendar, in the form of a deskpad, has been issued by the Franklin Trust Company of
There is a separate sheet for each
this city and Brooklyn.
week, and the pages, being perforated at the top, are readily

— H.

—

M.

Me Michael

William
Lawson as agent in this city of the Bank of British North
Mr. McMichael has, for the past thirteen years,
America.
represented the Bank at San Francisco, which position
Mr. Lawson formerly held previous to his transfer tt) this
cit}^, where he has been for fourteen j^ears, during which
lie
has conducted the business of the institution with

marked

J.

will

succeed

shortly

contributing greatly to

success,

its

prosperity.

—

John Gault. for eight years Manager of the Foreign
Department of the Guaranty Trust Companj^ of New York,
has become associated with Mosle Brothers, one of the
Mosle
oldest commercial banking houses in this city.
Brothers are agents and attorneys for Konig Brothers of
London, for whom they issue commercial letters of credit.
This branch of their business, in which Mr. Gault has had
considerable experience, will be under his charge.

— The Empire Trust Company,

detached.

—

The West Jersey Trust
being organized in Camden, N.

&
J.,

Deposit Company is
with $100,000 capital.

—The Rockland County Trust Company

of Nyack, N. Y,,
has been authorized by State Superintendent Kilburn to transact a tru.st company business.

capital $100,000,

— William

B. Smith has been appointed Assistant CashieiAlbany County Bank of Albany, N .Y.. to replace
the late George C. Lee Jr.
—The propo.sition to increase the capital of the Albany
Trust Co of Albany N Y from $300 ,000 to $400 ,000 submitted to the stockholders on Tuesday, was unanimously
endorsed. As reported in these columns two weeks ago. the

of the

,

.

,

.

,

.

at 42 Broadway (Le Roy additional stock is off'ered to present stockholders at $210
commenced business March per share The full amount is to be paid on Feb 5
19 1904, makes a good showing for the year ending Dec 30
Howard H. Baker has lately become Second Vice1905. Its deposits on that day, according to its return to President of the Third National Bank of Buffalo, New York.
the banking department, were $3,551,035.
Surplus and
The resignations of W^arren E. Locke and James O.
iindivided profits arc $1,079,555.
The company has $.500,Otis as members of the Board of Savings Bank Commis800 capital and on January 2nd paid its first dividend to
sioners of the State of Massachusetts were accepted by
The institution has branch offices at 487
stockholders.
Governor Curtis Guild Jr. on the 13th inst. The resigFifth Avenue and 242 East Houston Street.
Myron J.
nations were the outgrowth of criticism of the action of the
Brown has been appointed A.ssistant Secretary and

W. Baldwin,

President), which

.

.

—

—

two commissioners

Treasurer

—James
Company

of

N.

Wallace,

New

Y<jrk,

President

of

the

Central

Trust

and Henry Rogers Winthrop were

lately elected directors of the Lawyers' Title Insurance &
Trust Company of this city, succeeding^ James H. Hyde
and William H. Mclntyre resigned. Thorwald Stallknecht
was also chosen a director to serve during the unexpired
term of George H. Squire.

— George Sherman has resigned as Second

Vice-President

of the CentJ-al Trust Company of this city.
Dudley Olcott,
son of former President Frederic P. Olcott, has succeeded
J. Kennedy Tod as a director of the institution.

— David

Walker, President of the Cahfornia Safe
Deposit (fe Trust Company of San Francisco, has been
elected President of the Interboro Bank, at llOIWall Street,
this city, succeeding H. G. Runkle.
The bank (capital
Besides
$100,000) has lately come under new interests.
being President of the California Safe Depo-sit & Trust,
Air. Walker is one of the founders of the well-known banking
firm of Walker Brothers of Salt Lake City, a concern dating
back to 18.59, and is a director and trustee in various other
important in.stitutions. In the reorganization of the Interboro Bank, William Carpender, as Vice-President, is the
only one of the former officials who continues to be identified
with the bank. The other officers are A. E. G. Goodridge,
Vice-President; H. W. Baker, Cashier, and W. T. Lindsaj',
Assistant Cashier.
Mr. Goodridge, who gives his entire
time to the active management of thejluterboro, is a wellF.

for their failure until recently,

through

misconstruction of the law, to inspect certain banking concerns of the State, like the Provident Securities & Banking
Company of Boston, which closed its doors January 3d.

—

The Quinsigamond National Bank of Worcester, Mas.s..
absorbed by the Worcester Trust Company (announced iu
the "Chronicle" of December 16) was placed in voluntary
liquidation on the 15th inst.

—

Further steps in the organization of the Broad Street
Trust Company of Philadelphia, we understand, have been
abandoned for the present. The company was projected
Its capital, it was stated, was to be $1,000,000.
a year ago.

—

Several new trust companies are in the early stages of
The Pelham Trust Company,
organization in Philadelphia.
one of the proposed institutions, will have a capital of
$150,000 and surplus of $37,500, the latter being obtained
through the sale of the shares (par $100) at $125 each.

The payments on the stock are to be $25 February 15, $40
March 15 and $60 May 15.
The Rittenhouse Trust (Company of Philadelphia, an-

—

other institution in process of formation, will have $250,000
Its offices will be at 1811
capital and $50,000 surplus.

Market Street, and it expects to begin business next month.
Robert B. MacMullin has resigned as Cashier of the Second
National

Bank

of .\tla.ntic City, N. J., to take the position

of Treasurer.

—

The annual meeting of Group I of the Peuu.sylvania
Bankers' Association was held iu Philadelphia ou Tuesday.

,

THE CHRONICLE.

196

The officers elected are: Chairman, Levi L. Rue, Vice-Pres't
of the Philadelphia National Bank; Secretary, C. S. Calwell,
Cashier of the Corn Exchange National Bank of Philadelphia;

Executive Committee: John Sayler,

J.

R. McAllister,

President of the FrankUn National Bank of Philadelphia;
B. M. Faires, Vice-President of the Fourth Street National
Bank of Philadelphia, W. F. Kling, Secretary and Treasurer
of the Commonwealth Title Insurance & Trust Company
of Philadelphia, and Joseph Wayne Jr., Cashier of the

Girard National Bank. A resolution was adopted extending
an invitation to the Pennsylvania Bankers' Association to
hold its coming annual session in Philadelphia.

—

E. P. Balderston was appointed Assistant Cashier of
the Northern National Bank of Philadelphia on the 17th

—The meeting of the stockholders of the

Maryland Trust
Company of Baltimore, for the purpose of voting on the
increase in the common stock of the company, will be held
on February 6. The intended increase was alluded to in
this department last week.

— The name of the

National Metropolitan Citizens' Bank
of Washington, D. C, has been changed to the National
MetropoUtan Bank. The former title was assumed at the
time of the consolidation, in October 1904, of the National
Bank and the Citizens' National. E. S.
Metropolitan
Parker is President, S. W. Woodward Vice-President;
J. Gales Moore Cashier, and Wm. W. W. Parker Assistant
Cashier.

and directors of the Monongahela Valley
Bank of Duquesne, Pa., have decided to place their institution in voluntary liquidation, owing to the difficulty encountered in competing with older banking institutions.
The institution was organized in 1900 and had $50,000
Payments to the depositors and creditors will be
capital.
officers

made through

the Mercantile Trust

Company

ganized about twenty years ago and had a capital of $200,000.
The Dime Savings Bank increased its capital from
$200,000 to $250,000 a year ago, shortly after it took over
the Marine Savings Bank.

—

It is stated that the State Savings Bank of Detroit has
purchased a controlling interest in the Delray Savings Bank
of Delray, capital $25,000. The new purchaser will assume
control on April 1.

—Charles

H. Martin was lately elected Vice-President
the People's Savings Bank of Des Moines, Iowa, to
F. P. Flynn is Mr. Martin'5
succeed D. W. Smouse, retired.
successor as Cashier and E. A. Slinninger replaces Mr.
Flynn as Assistant Cashier. Martin Flynn continues as
President.
of

—

inst.

— The

(Vol. lxxxil

of Pittsburgh.

The Chicago Clearing House Committee on Monday
accepted the bid of the Central Trust Company of Illinois
The
at Chicago for the Chicago National Bank Building.
price paid is $775,842, of which $125,000 represents the
leasehold on the lot.
The amount bid for the building is,
the cost of its contherefore, approximately $650,000
struction.
The Central Trust will occupy the entire banking
room formerly used by the Chicago National, but will rent
the offices occupied by the Equitable Trust Company and
The bid was really for the entire
the Home Savings Bank.
capital stock of the Chicago Safe Deposit Company, the
ownership of which carries with it the building and leasehold interest of the Chicago National Bank.

—

—John C. French has been elected Cashier of the
National Bank of South Omaha, Neb.
—E. F. Folda has become Cashier of the Union

South

Omaha

Stock
Yards National Bank of South Omaha, Neb., succeeding
T. B. McPherson, resigned, and N. F. Rechard has replaced
John C. French (now in the South Omaha National Bank)
as Assistant Cashier.

—

The First National Bank of Denver, Colo., now has
Ohio National Bank of Columbus, O., has had a
three Assistant Cashiers, instead of two as hitherto. They
constant growth in business since its organization in 1888.
are C. S. Haughwout, Theodore G. Smith and J. C. Houston.
The institution commenced business on Aug. 1 1888 under W.
C. Thomas, who withdraws as Assistant Cashier and
the name of the Ohio Savings Bank Co. On May 15 1897 it
director, is succeeded on the board by Spencer Penrose.
entered the national banking system, taking its present
The Denver Stock Yards Bank of Denver, Colo., capiThe expansion in deposits since 1896 is shown in the
title.
tal $40,000, has been reorganized and its capital increased to
appended table:
$100,000. John H. Fesler has been elected President and
Date,
Deposits.
Datc.
Deposits.
I.N. Moberly continues as
August 1 1896.
$674,554 34 August 1 1902
$2,974,696 69 C. K. Boettcher Vice-President.

—The

—

\

1897.
1898
1899
1900
1901..

747,688
1,162,195
1,646,902
2,158,564
2,453,998

05
38
07
11

Nov.

1903
1904
1905
9 1905

3,218,377
3,195,866
3,603,800
3,840,429

32
59
95

50

69

Cashier.

— The
tion

is

to

— The

annual meeting of the Missouri Bankers' Associabe held the present year at Sedalia on May 16 and 17.

As indicated in the foregoing, deposits have increased
during the past nine years from $674,554 to $3,840,429.
John Siebert is President, Emil Kiesewetter and C. F.
Myers Vice-Presidents, L. F. Kiesewetter Cashier and

Louis, Mo., have decided to place the stock on a 16% basis.
The next quarterly dividend, payable in April, will thereheretofore. The institution has a
fore be 4%, as against

Henry Deeg Assistant

capital of $5,000,000.

—W.

Cashier.

directors of the St. Louis

Union Trust Co.

of St.

3%

—

many years a Vice-President of the
The East Tennessee National Bank of Knoxville, Tenn.
Bank of Cincinnati, has retired from that has increased its capital from $200,000 to $400,000. through
but remains a member of the bank's board of direc- the transfer to that item from surplus of the sum of $200,000.
A. Procter, for

Citizens' National

post,
tors.

— Vice-President

William L. Davis and Cashier Corwin
D. Bachtel of the defunct State Bank of Canton, at Canton,
Ohio, have been re-indicted by jury on the charge of embezzling the bank's funds.
Both were indicted several
months ago, but on account of an error in the date, the
indictments were nolle prosequied.

The bank's surplus now stands

at $100,000.

—

Application for a charter for the City Bank of Memphis,
Tenn., has been made, the institution to have a capital of
$250,000. The bank will assist in the liquidation of the
Merchants' Trust Company but aside from this it is said that
it will have no connection with the trust company, although
some of the stockholders of the latter will also hold stock
Dean V. R. Manley has resigned as Cashier of the Home in the bank. H. E. Coffin is to be the President of the new
Savings Bank Company of Toledo, Ohio. His successor institution. The Merchants' Trust, whose affairs will be
has not yet been elected.
straightened through the proposed bank, suspended on
Clarence E. Coffin, previously Assistant Secretary of December 27.
It is reported that the company has paid
the Central Trust Company of Indianapolis, was recently to the State Treasurer $9,000 the amount of State funds
elected Secretary.
Former Secretary Augustus Jennings held by it at the time of its closing, while the State deposits
has been elected Treasurer, while Thomas B. Fulmer, ($12,500) in the American Savings Bank & Trust Company
lately Treasurer, has become Auditor.
(which was allied with the Merchants) have been remitted
An application to organize the Capital National Bank through the Commercial Trust & Savings Bank, the latter
of Lansing, Mich., with $100,000 capital, has been approved having several weeks ago taken over the American's assets
and liabilities.
by the Comptroller of the Currency.
J. F. Walker Jr. has succeeded J. C. Ottinger, resigned,
The Union National Bank of Detroit has been absorbed
by the Dime Savings Bank of that city. It was announced as Cashier of the Tennessee Trust Company of Memphis.
,

—
—

—

—

—

on the 17th inst. that negotiations for the purchase of the
Union had been completed, and its liquidation would be
commenced the following day. The absorbed bank was or-

—
— The directors of the Union

Bank & Trust Company

of

Montgomery, Ala., have created the office of Cashier, and
have elected to the postJSylvain Baum,^formerly^teller.

——

——

.

Jan. 27 1900

)

'

THE CHRONICLE.

I

197

A 'little while ago
of treasury bills running! f or Jga year.
Mr. Mendelssohn, the well-known banker and financial
The following statements of the public debt and Treasury agent of the Russian Government, offered to ensure their recash holdings of the United States are made up from official newal if the Government would give special security.
But
For statement of Nov. 30 1905 the Government refused on the ground that it had never
figures issued Dec. 31 1905.
sec issue of Dec. 23 1905, page 1769; that of Dec. 31 1904, see done so, and that it would be degrading to begin now.
Then
Jan. 28 1905, page 448.
it was agreed that 16 millions sterling were to be renewed,
INTEREST-BEARING DEBT DECEMBER 31 1905.
the Imperial Bank of Russia undertaking to discount the
Amount
Amount Outstanding
Interest
The Russian Government
bills in gold whenever required.
issued.
Registered.
Coupon.
Total.
payable.
next applied to Paris for a loan, but that was refused.
S
Title of Loan —
„
Q.—J. 595,942.350 687,008.350 8,934,000 595.942.350
2s. Consols of 1930
Q.— F. 198.792,660 32,436.360 31.509.100 63,946.460 Ultimately the French banks agreed to take treasury biUs
38 Loan of 1908-18
similar to those taken in Berlin to the amount of 10 2-3 mill48 Funded loan. 1907 --Q.— J. 740,932,750 81,474,000 36.280.900 116.754,900
40,012,760
26,530
48. Refunding certiflc'tesQ.— J.
ions sterling, running for a year and guaranteed by the
Q.—
F.
162,315,400
93,228.700
25,261,200
118,489.900
of
1925
Loan
48,
Imperial Bank to the extent that it would discount them in
Aggregate Int.-Bear. Debt. -1,737.995,910 794,147,410 100,986,200 896.169.140
In Germany it is said that the
gold whenever required.
fjote — Denominations of bonds are:
Of JIO only refunding certlQcatea: of $20. loan of 1908. coupon and registered.
In Paris
rate of interest is 7%, with a commission of 1%.
Of iso' all issues except 3s of 1908; of $100, all Issues.
the rate of interest is 53^% but the commission is also 1%.
Of $500 all except 6s of 1904 coup.; of $1,000. all Issues.
Of $5 000, all registered 28, 3s and 4s; of $10,000. all registered bonds.
As it is admitted that there was a Russian deficit for the past
Of $26,000, reglst. 48 loan of 1907: of $60,000. registered 28 of 1930.
year of 48 millions sterling; as the Manchurian army is not
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
yet brought home; and as, therefore, the war expenditure is
Nov. 30.
Dec. 31.
Funded loan of 1891. continued at 2%, called May 18
going on, the outlay of the Russian Government must be on
$82,200 00
$81,200 00
1900; Interest ceased August 18 1000
Moreover, owing to the rioting and the
26,700 00
28.700 00 an enormous scale.
Funded loan of 189 matured September 2 189 1
158,860 00
153.860 00
loan of 1904. matured February 2 1904
famine, the Government is unable to get in the taxes. Its
940,346 26
Olddebtmaturedprlorto Jan. 11861 and later..
937,886 26
financial difficulties are, therefore, very great, and people all
$1,208,096 26 $1,199,635 26
Debt on which interest has ceased
over Europe are asking how long will 26 or 27 millions
DEBT BEARING NO INTEREST.
sterling enable the Government to go along.
United States notes
$346,686,016 00
Old demand notes
53,282 50
Owing to all these things, there has been stagnation upon
National bank notes— redemption account
34.690.309 00
the Continental bourses, and in London there has been little
Fractional currency, less $8,376,934 estimated as lost or destroyed..
6,866,709 08
doing except in the American market and in the markets for
Aggregate debt bearing no Interest
.
$388,291,316 68
copper and other minerals and copper shares. There is a
RECAPITULATION.
better feeling, however, in the gold shares markets, and there
Inc. (-f-) OT
Nov. 30 1905.
Dec. 31 1905.
ClasHfication of Debt—
Dec. (—
better feeling in the market for British Government
Interest-bearing debt
$895,159,140 00
$895,159,120 00
+$20 00 is also a

DEBT STATEMENT DECEMBER

1

.

Debt. Interest ceased.Debt bearing no Interest

I

in

1.208.096 28
388.696.466 68

1.199,635 26
388,291.316 58

Total gross debt

Cash balance

31 1905.

Treasury.a..

$1,284,660,091 84 $1,286,063,671 84
289.780.373 46
285.310.840 71

$994,869,718 38

Total net debt

—8.460 00
—405.140 00

securities.

—413.580 00

of the

-f

4.469,532 75

$999,762,83113 —$4,883.112 76

demption of the debt.

a Including $150,000,000 reserve fund.

Therefore he

is

pledged to

make the

show a gross debt on Dec. 31 1905 Sinking Fund effective. As trade is decidedly improving,
$1,284,650,091 84 and a net debt (gross debt less net cash especially in the North, there is every reason to hope that

The foregoing
of

With regard to Government securities, the new Chancellor
Exchequer on Thursday, addressing an audience in
Scotland, frankly stated that there would be no reduction of
taxation until he had made adequate provision for the re-

in the

figures

Treasury) of $994,869,718 38.

TREASURY CASH AND DEMAND LIABILITIES.—
The cash holdings of the Government as the items stood
December 31 are set out in the following:
ASSETS.
Fund Holdings

—

Trust

Ctold coin.
Silver dollars
SUver dollars of

1890...

LIABILITIES.

—

Trust Fund LiaWXities
$
627.493,869 00 Gold certificates
475,574 000 00 Silver certificates
8,330,000 00 Treasury notes of 1890..

$
527.493.869 00
475.674.000 00
8.330,000 00

Total trust fund
Total trust liabilities. 1,011.397.869
1, 011,397.869 00
General Fund HoldingsOen Fund LiaMlities
Gold coin and bullion
88,281 .229 71 National bank 6% fund.
20.626.966
Gold certificates
46,664, 850 00 Outstanding checks and
drafts
Silver certificates
11,613, 515 00
8,647,164
SUver dollars
588 638 00 Disbursing officers' balSilver bullion
ances
1.243 189 19
62.107.309
United States notes
3,418 ;925 00 Post Office Department
Treasury notes of 1890account
55 116 00
9.634.476
National bank notes
13.740 872 00 Miscellaneous items
2.350,089
Fractional silver coin
6.961 489 82
Fractional currency
144 25
Totallgen. liabiUties.. 103.266,994
Minor coin
471 820 90
Bonds and interest paid.
156, 234 35

—

.

00
20
46

33
08
43

60

Tot. In Sub-TreasMes. 173,086,024 22
In Nat. Bank Depositories
Credit Treasurer of U.S.
64,941,801 54
Credit U. S. dis. officers.
9,822.565 48
Total in banks
64,764.367 02
In Treas. of Phllipplnellslands
Credit Treasurer of U. S.
Cash balance and Reserve
2,977.767 59
Credit U. S. dis. officers.
2,218.219 13 Total cash and reserve.. 289,780,373 46

—

Made up

Total In Philippines..

Reserve Fund HoldingsGold coin and bullion
160.000,000 00

Grand

total

of

5.195.976 72 Available

1.404.444,236 96

and
Reserve Fund

139.780,373 46

Gold&bull. 160.000,000 00

Grand

total

(From our own Correspondent.)

1.404.444.236 96

Lastly, the outlook in South
the revenue will increase.
Africa is much more satisfactory than it has been since the
war. There are hopes entertained, therefore, that the
Transvaal will be able to pay the first instalment of its promIf so, there will
ised contribution to the cost of the war.
within twelve months or so be a very material reduction in
the national debt.
Money is comparatively easy. The rate of discount is
about S}/2%) S'lid day-to-day money is very cheap. This is
due to the issue of a better return by the Bank of England
than had been looked for, and to the announcement that the
amount of gold to be shipped to Buenos Ayres has been considerably reduced.
As a matter of fact, at the beginning of
the week everybody was looking for much higher rates, and
The directors,
there was even talk of a rise in the Bank rate.
however, very properly did not change the rate because the
Bank of France, partly with the desire to strengthen the

Bank

of

England, has stopped

all

facilities

for

importing

Ungold, and even makes a charge upon gold importers.
fortunately, however, the French banks, impressed by the
great nervousness that exists all over France, have again
begun to reduce balances they are employing in London.
It is not thought in the least probable that they will take
gold from the Bank of England.
But it is feared that they
will buy the gold off'ering in the open market, and thus prevent the Bank of England from strenghtening itself as it

ought to do.
Whether very much gold

will go to Argentina, it is imposyet to say. All that is certain is that the crops in
Argentina are exceedingly good; that therefore there will
be a large balance due from Europe to Argentina; and that
consequently Argentina can take a good deal of gold if it
pleases. It is, hence, felt that it would be dangerous to allow
rates in London to fall lower, and everybody is expecting a
sharp advance before long. Probably the Bank of England
thinks it unnecessary to adopt artificial measures for increasing the value of money, since it holds a very large number of
bills falling due this month.
And probably also a large proportion of these will fall due soon and then give the Bank
control of the outside market.
The India Council offered for tender on Wednesday 100
lacs of drafts, and the applications amounted to nearly 771
lacs at prices ranging from Is. 4 l-16d. to Is. 43^d. per rupee.
Applicants for bills at Is. 4 1-1 6d. were allotted about 2%
of the amounts applied for, while applicants for transfers
at Is. 41/^d. per rupee were allotted in full.
The following return shows the position of the Bank of

sible

London, January 13 1906.
There has been a resurgence this week of apprehension
both in Paris and in Berlin. It is not easy to discover why
the feeling is more pessimistic than it was a week ago; but
undoubtedly it is so. All over Germany large meetings are
being held for the purpose of bringing about better relations
with this country. The German commercial and financial
classes are strongly declaring against a policy of adventure.
And everywhere in Germany the belief is professed that the
Moroccan Conference will end satisfactorily. The German
Ambassador in Madrid has also made a very reassuring
statement to a newspaper correspondent, and the Spanish
&c.,
Prime Minister has declared himself a strong friend of Eng- England, the Bank rate of discount, the price of consols,
land and France. In political circles it is everywhere be- compared with the last four years:
1902.
1906.
1905.
1903.
1904.
lieved that a settlement will be arrived at satisfactory both
Jan. 15.
Jan. 10.
Jan. 11.
Jan. 13.
Jan. 14.
to France and to Germany.
£
£
£
£
£
29.432,270 27.945.230 28,414,055 28,791, .370 29,292.240
In spite of all, however, there is very great nervousness in Circulation
Public deposits
6.1S5.742
10,327.907
8.090,486
8, 00.!. 422
8.514. 74:{
47.972.865 41.754.789 42,941,986 40.7()0.nOC, 42.040.936
France, and there is a good deal of uneasiness even in Berlin. Other dopoRlts
Govcniml securities 18.339.473 19.408.041 20,947, ,874 17,030..'!!)O 20.372,539
In Russia the Government seems, for the time being at all Other securities
37.015.726 26.510.0.35 24,957,800 27,794,.'i,il 20,790.007
Rpsprve.notes.tcoln 18.815.588 22,418,830 21,424.303 21,611.009 23.S59.790
events, to have got the upper hand with regard to its mal- Colii<\!;bull..both
dnp 2i). 797. 868 31,914.000 31.388.418 32.227.439 34.977,030
contents, and there is undoubtedly a lull in the political dis- Prop, reserve to liabilities
p. c.
43 J4
445^
33 H
44H
44H
turbances.
But there is a great deal of unexpressed fear all Bank
rate
4
p. c.
3
4
4
4
9-10
93 3-10
93 1.5-lOd
88 5-16
89 .3-16
over the Continent with regard to Rus,sia's credit.
2Vi P c.
At the Consols,
27iid.
Silver
_.
22 1-lOd.
26'''irt.
30HA.
27 9-10(1.
beginning of last year she placed in Berlin 20 millions sterling Cloar.-housereturns228,921,000
216.482,000 183,299.000 174,410.000 159,181.000

.

.

.

.

4

.

.

rates for

money have been

Bank of KnglMid rate
Open markft rates

Dec. 29.

5.

—
—34 months.
month-s
—6 months.
months...

AM
3h

bills

.

.

Trado bills— 3

3Wl
3^;(

.

— 4 months

N4

By Joint-stock banks
By discount houses:

4

AH.

call

T to 14

Interest at

3

-..

Jan.

Bank

Vleima

3
4
4)4

St Petersburs

7

Madrid
Copenhagen

5

Brussels
.

Kate. Market.

Messrs.

July

31.

47ti,9:{S,

2?i
35i
4>i

June 30.

4(i8,06ti,'

May

461,150,
452,855,
449,009,
441,788,
439.529,

Open

Rate. Market.
3
3
6
5K

4

4H
nom.
7
4
4H
5
VA

&

Pixlej'
11:

Bank

6
6
3

4H

January

Aug. 31.

5H

.

Open

6
6

Frankfort

Ainsterdam

S
506,689,
500,269,
494,017,
484,810,
482,198,

Dec.

Dec 23.

Dec. 30.

6.

31.

Nov. 30.
Oct. 31.
Sept. 30.

31.

April 30.

March 31.
Feb.
Jan.

28.
31-

GOLD. — The

arrivals ol gold in the open market have this week been small, but
amount has again been taken for Paris, although at Hd. lower price,
chiefly in conKeqiience of the Bank of France having withdrawn all facilities for advances against shipments. -\t the Bank of England £040,000 has been withdrawn for

—

South America. No

Cape, £196,000;
arrivals are reported. For the week: Arrivals
ShipAustralia, £4,000: Straits, £3,000; West Indies, £29,000; total. £232,000.

£73,750; Madras. £3.000; totaL £76,750. For the month: Arrivals—Germany. £204,000: South Africa. £1.485.000; India. £186.000; South
America, £5.s 000. For the month: Shipments Germany, £523,000; France, £799,000; India. £309.000; South .America. £1.310.000.
SILVER. Since our last the tendency of silver has been decidedly harder. After
falling as as low as 29 11-lRd., there was a brisk inquiry for the Indian mail of
the I8lh inst.. which at once caused an advance to 30>id., at which we close steady.
Forward has ruled at about J^d. under spot, closing at 13-lOd. under, with a fair
inquiry and but little offering. Indian price Ks 7554 per 100 tolahs. For the week:
Arrivals— New York, £355.000; West Indies. £3,000: total. £358.000. ShipmentsBombay. £232,200; Bombay (in S), £151.800; total, £384.400. For the monthArrivals—Germany. £59,000; France, £41.000; U. S. A.. £1.094,000. ShipmentsGermany. £4,000; France. £114.000; India. £1,217,000; Japan, £10.000.
MEXICAN DOLLARS. A lew transactions have been recorded, mostly at meltng value. £ 1 19,000 have arrived from America.

ments—Bombay

—

—

I

Bonds on Deposit
December 31 1905.

s. d.
-

German

77 10?^

—

gold coin, oz -.a76
French gold coin, oz..a76
Japanese yen, oz
o76

5%
bH
bVi
5%

Jan.
77

76
076
a76
a76

SILVER.

4.

s. d.

W%
bVs

Jan. 11.
d
30>i
delivery, oz-29 7-16

London Standard
Bar silver fine, oz
" 2

mo

a Nominal.

Jan.

4.

d.

,

English Financial Markets

32^
nom

—Per

32H

nom.

Cable.

daily closing quotations for securities, &c., at Ijondon
as reported by cable have been as follows the past week:
London

Mon.
Tues.
Wed.
Thurs.
Fri.
30 3-16 30 3-16 30H
30K
30H
89 13-16 89 11-16 89 11-16 89%
89>g
For account
90
89 15-16 89 13-16 89 13-16 89 15-16 89 15-16
FrenchRentes(inPar.)fr... 98.97M 98.92H 98.90
98.90
98.87H 98.80
SAnaconda Mining Co
14=4
14
14
liH
14H
14H
Atchison Topeka& Santa Fe. 9SH
97 J^
97
96
97?-s
9GH
Preferred
107
107
107>^
107)^
107}^
107
Baltimore & Ohio
119?-^
H9j^
119
119J^
119^1
1183^
Preferred
102
102
102
102
102
102
180'4'
Canadian Pacific
182
181
1797^
180)4
179H
Chesapeake & Ohio...
62
62^
63
63
63K
63H
Chicago Great Western
23;^
24
23 W
23K
23H
2,^)1
Chicago Milw. & St. Paul... 191K
195?-<
196
196J^';
192)^
194j|
Denver <t Rio Grande, com.- 47U
47
49
49
5054
51)4
Preferred...
92!4
93
93
93)4
92H
93M
Erie, common
517?
51)^
51
51)i
50K
51)|
First preferred
SiH
84)4
84
85H
84?i
84)i
Second preferred...
76 i^
78
78
78
78
76
Illinois Central
184)^
184
cl80
185)i
180
184>i
Louisville & Nashville
160)4
160
160
160
155
157
Mexican Central_. 26)4
27
26)4
26)<
2()\^
26
Mo. Kans. & Texas, com
41
41
40)4
40)4
40)<'
40)4
Preferred
75>4
75)4
75
75
75
74
National RR of Mexico
41
41
40)4
40<4
40K
41
N. Y. Central <SrHud.son
159^^
156'
l!i8!4
158)4
158)4
157
N.Y.Ontario <t Western... 56=-^
56
55^
5554
56%
55^^
Norfolk & Western, com
91
91
92.'4
92)^
92H
92)i
Preferred
98)^
98)^
98)4
98)^
98K
98)4
Northern Pacific
.213
214)'<
212)4
213"
212)4
212
a Pennsylvania
74'-^
75
75H
74)4
75X
7454
a Reading Co
79»4
81
83)4
8ZH
79
785i
a First Preferred
49
49
49)i
49)i
49H
49)i
o Second preferred
52)^
51?^
52H
S2)i
52H
52)2
Rock I.sland Co
25!-8
25)4
25!-«
2o'A
25
25
Southern Pacific
72?-!
7lH
74)^
73)4
72
72M
Southern Railway, com
40S
41
41
42)4
40H
42!4
Preferred
105
105,
105J4
105!4
105)4
105
Union Pacific, com
161)4
161
163)i
10294
161H
161Ji
Preferred
IQIU
101)4
lolH
lOD^^
101)4
,.
101)4
U.S. Steel Corp.. com
47)^
46^
46?«
46H
45)i
45?!
-.11454
115^
U5H 114
„ Preferred
114^
Waba.«h
25
25
26
26
26)^
26(4
Preferred
48'4
48)4
48)4
48)4
4fiH
48)4
Debenture Bs
80)^2
80)4
80)4
80!4
80^
80H
Week ending Jan. 26.
Sat.
SUver, peroz
d. 30K
Consols, new. 2K percents.. 89Ji

.

lUH

6£sterling per share.

c Ex-interest.

©omin crcial muX "QXiscMmicons ^txos
Auction Sales. — Among other securities the following, not
regularly dealt in at th(> Board, were recentlvsold at auction:
By Messrs. Adrian H. Muller & Son:
Stocks

Slocks

30 Morton Trust Co
850
8 Nat. Park Bank
.499
32 Ridgewood Ld. & Iin]).
Co., Bklvn
90
25 Brooklyn Trust Co
419 J^
125 Rns.sell, Burdsall & Ward

10 Chemung Canal Tr. Co. . -250
100 Merchant.*!' Nat. Bank... 170
100 Manhattan Trust Co
485
Bonds.
$2,000 Newton Rv. Co 1st 5s
1924
102
$800,000 Wellsburg & Buff.
Vail. Co. Coll. Tr. 5s Jan.
1905, coupons on
$5,000 lot
$72,000 Oneonta
Coop.
&
Rich. Spgs. Ry. 1st 5s, 1942,
Nov. 1903 coupons on. .81.000 lot
$5,000 Metrop. Crosstown Rv.
1st 5s. 1920 A. A- O.107?i * int.

100

Co
$500 lot
50 Lawyers' Mtge. Co
199 >i
20 Bond & Mtge. Guar. Co.
430J4-430?^
20 Title Guar. & Tr. Co-67 1-674 .VJ
25 New York Cab Co
50
5 Greenwich Bank
295

per cents, funded of 1907. .
per cents, 1895, due 1925.
per cents, '98, due 1908-18
per cents of 1930

3.65s, Dist. of Col., 1924...

Philippine loan
Railroad and other bonds

1,998,500.
6,201,2001
2,902,100;

44,675,000
1.078,000
1,193,000

Held.

S
3,863,000
3,731.000
1,803,840
497,292,150

5,861.500
9.932,200
4.705.940
541.967.150
1,078,000
1.193,000
6.082,000
1,481.500

6, 082.000:

1,481,500!

Total on deposit Dec. 30..

65,611,300

SecureTotal

I

4
4
3
2

to

572.301, 29»

506,689,990

29 1-16

silver containing
5 grs. gold, oz
4 grs gold, oz
3 grs. gold, oz

The

Bolt & Nut Co. com
10 .Smithmade
Suspender

U.S. Bonds Held Dec. 31 1905

Bar

Cake silver, oz
Mexican dollars

a Price per share.

Total.

4

Bank
iPublic Deposits]
in Banks.
Circulation.

Hawaiian Islands bonds

for bullion are reported as follows:

Jan. 11.

London Standard.
Bar gold. fine, oz
U.S. gold coin, oz..

J

tenders.

For full explanation of the above table see the issue of
Dec. 14 1901, page 1232, first item in Financial Situation.
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on December 31.

—

GOLD.

Bonds.

tenders.

Abcll write as follows under date of

the whole

The quotations

Legal-

Legal-

Bonds.

been as follows:

Open

Circulation Afloat Under.

ders on Deposit for
Bank Circulation

1905.

and open market rates at the

Rate. Market.
3 2 13-16
G
4

Hamburg.-

Bonds and Legal Ten-

3
3)i

3>-i

cities have
Jan. 13.

Bank

—

Paris
Berlin

3

rates of discount

chief Continental
Rates 0]

•2V.

3K

days

The Bank

2\i

3J^

3H@3^g 3«@3ll
4)i<§>4)^ *%&*%
4^(54^ 4K®4H
2H

Interest allmeed lor deposits—

IN TOTALSJOF.fANDJIN

give below tables Which
show all the monthly changes in Bank Notes and in Bondji
and Legal Tenders on Deposit. Tlie statement for December
1904 wUl be found in our issue of January 28 1905, paye 451.

4

3 Il-16(S>3ii 3 15-16®
3'
3HJ

3H@3 4

[Vol. LKXxii.

DEPOSITED BONDS. &c.— We

Dec. 22.

4

4

—

At

.

BANK NOTES—CHANGES

as follows:
Jan.

Jan. 12

Bank

.

THE CHRONICLE.

198
The

a

..

The foregoing does not include the bonds held in the New
York Sub-Treasury against deposits in banks. There were
so held on December 31 '84,091,000 bonds, making the whole
amount at that date in possession of the Government as
security for deposits $69,702,300.
The following shows the amount of national bank notes
afloat and the amount of the legal-tender deposits December 1 and January 1, and their increase or decrease during
the month of December:

—

Bank Notes Total afloat
December 1 1905
issued during December
retired during December

National

Amount
Amount
Amount

—

$6.?3.329.25S

afloat

Amount bank

810,275,316
2.690,227

7,585.089

notes afloat January 1 1906
$540,914,347
Legal-tender Notes
Amount on deposit to redeem national bank notes December 1 1905
$85,712,954
,
Amount deposited during Decerriber
$1,765,980
Amount of bank notes redeemed in December 1,406.900
359.080

—

-Amount on deposit
January 1 1906

to

redeem

national

bank notes
$36,072,034

The portion

of legal tenders deposited (1) by banks becoming insolvent, (2) by banks going into voluntary liquidation,
and (3) by banks reducing or retiring their circulation, was
as follows on the first of each of the last five months:
Legal Tenders.

Sept. 1.

Oct. 1.

Nov.

1.

Dec.

1.

Jan.

1

—

Deposits hi/$
$
$
$
$
Insolvent banks
131.6871
157.287
255.622
205.308
167,648
Liquidating b'ks 15.872,224 16.189,700 16.520.559 16,941.072 16,822.997

Reducing under
.\ct of

17,430.291 18,316.727 17.694,262 18.566,574 19.081,389

1874.

33.434,202 34,663.714 34,470.443 35,712,954 36.072,034

Total

a Act of June 20 1874 and July 12 1882.

TREASURY
HOLDINGS.— The following
compilation, based on official Government statements, indicates the currency holdings of the Treasury on the first of
November and December 1905 and January 1906. Statement
for corresponding dates in previous year will be fonnd in our
issue of January 28 1905, page 451.
TREASURY NET HOLDINQS.

CURRENCY

Nov. 11905.

Dec. 11905.

Minor coin, &c

S
273.076,079
8.720,771
26 622
6,673,536
12.194.985
8,396,273
670,950

286.582,811
7,390 928
42.278
3 484,466
12.088.485
7.609.174
291,714

Total cash In Sub-Treaaurieo
Less gold reserve fund

309.559,216
150.000.000

316,489,856
150.000.000

<J323, 086,024

159.559.216
65.726,312
4.122.039

166,489,856
65,607,937
4,820.624

173.086,024
64.764.367
5,195,977

2.36

918.417
101,607,576

243,046,368
103,266.995

135,310.841

139.780.373

Holdings in Sub-Treasuries

Net
Net
Net
Net
Net
Net

—

gold coin and bullion
silver coin and bullion
U.S. Treasury notes
legal-tender notes
national bank notes
fractional silver

Cash balance In Sub-Treastirles
Cash In national banks.
Cash In Philippine Islands
Net cash

In

Deduct current

banks, Sub-Treasuries. 229, 407, 567
liabilities. o
97.592.278

Available cash balance

131.815.2S9

S

/an.

1

1906.

$
284.836.080
13,445.342
55,116
3.418,925
13,740,872
6,961,490
628,199
150.000.000

a "Chiefly disbursing ofldcers" balances."
d Includes $1,243,189 silver bullion and S62S,199J minor coin, etc.. not Includea
I
n statement "Stock of Money."

>

X

>

'

—

.

—

'

'

.

.....

GOVERNMENT REVENUE AND EXPENDITURES.—
Tlirough the courtesy of tlie Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
receipts and disbursements for the month of
December. From previous returns we obtain the figures for
previous months, and in that manner complete the statement for the twelve months of the calendar years 1905 and
1904. For statement of December 1904 see issue of Jan. 2<S

Government

page 452.

RECEIPTS AND DISBURSEMENTS

(000s omitted).

H

Civil

Navy

o

Indians
Interest

P

Pensions

c

Pensions

£

and

E

and

190
._

:;;;:§!
o
.

1

1

1

<

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to
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4^COO^

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Per

When

Cent.

Payable.

^.uoo
*.i-0

f5

1?

Dartmouth & Westport (quar.)
Twin City Rapid Transit, com. (quar.)

n

2

.Tan

Feb

r'ourfeenth Mtreet (quar.)

7
2

tJerni.Tn- American

3

Feb
Feb
Feb
Feb

wcnty-ihird Ward.
Trust Companies.
Farmers' Loan <t Trust (quar.)
Kincs County, Brooklyn (quar.)
Miscellaneous (^mpanies.
American (!hjclr. com. (monthly)
Ani'Tloan U.-uIiator, com. (quar.)
Urst pref (quar.)

Mch. 13
Feb. 11

in

1904 and

<

a'-ciii.

pref

this

week:

I'rilrmont
.lelTer.son

A

to
to

April

•

9

Feb. 19

1

A

1.,

21

Jan. 26

J.aii.

31

to

Feb. 20

to
to

April

fl

2

Mch.

2

Feb.

Feb.
Feb.
Jan.
Holders
1 Jan.
2«
Holders
Jan. 2S
Holders
Feb.
1
ISiFeb, 6
ISiHolders
23 Feb. 3

IS^

IH
I

$2

1%
3
3

Feb.
Feb.
Feb.
Feb.

'Feb.

Feb

July

is

1

32.611,833

16.427.852

15,041,806

9,(X38,489

3,433,473
557.122
248.530

Peas,

Rye,

Barley,

bush.

busti.

t>tt.ih.

8,559 190.107

4,834

Oats.

111

50^665

8,571
42.857

30.000

25.815

of these exports for the

4,834
10.290

week and since

as below:
7atn—

-Wheat

Since

Since
Exports /or week and

WeekJan. 20.

July

I

Week

Week

Jan. 20.

Jan. 20.

July

I

1905bush
l>ush
bush
.
199.934 3,472,034 1.006.850 20.556.894 2,055,972 23.777.743
Continent
68.908 1,164.767
397.010 10,143.503 4.470.058 30.147.180
So. & Cent. America 4,622
147,607
11.568
230,877
431,205
West Indies
713,216
.30,786
915.165
16,172
37,415
Brit. No. Am. Cols -.
100,573
186
96.631
1,063
33.253
Other Countries
6,525
148,190
361.733
1.600

—

1905.

bbU'i.

66/.'!.

297.224 6.029.985 1.403.860 31.247.152 6,570,770 .IS. '200.849
134.965 3.747.251
316.601 S.4o7.067 3.245,.3()9 28.119.621

Wheat,
bi4sh.

1

New York
"

Boston

I-eb,

Feb. 22

81

709.000
773,000

-.

296,

Baltimore
New Orleans
Galveston
Montreal

532,000
209,000
.330.000

160,000
30,000
3 030.000
4 742,000
620.000

" afloat
Detroit
" afloat

8 26 Holders ot rec. Jan. 25
'1

loV.ooo
afloat

Fort William
Port Arthur..

3

Duluth
afloat.

Minneapolis ..
St. Louis
afloat
c:ity-

Peoria
Indianapolis

On Mississippi River
On Lakes
On Canal and River
Total
Total
Total
Total
Total

24,000
412.000

3.5'3'8".666

6

Milwaukee

Kansas

340.000
1.386.000
2,582,000
1,650.000
1.510.000
46.000

307.666

(Chicago
" afloat

"

Corn,
bush.
1.134,000

afloat

Philadelphia

1

15

to
Feb. 9
to
Feb
1
of rec. Feb 24
I'eb
to
1
of rec. Feb.
I'eb
lo
1
23
of rec. Jan
to
Feb 14
to
Feb 26
of rec. Jan. 31

to

1,

I

F>b.
$3 10 Jan.
2H Feb.

Flour.

-Flour-

Jan. 31

Mch.

Onllwl Power & Ttans
WitMhinKton <r> c.) f5a,s Lt. (quar.)..
n C«rret*lon.

.Ian.

31

$1 .50
1^4

50.169

6,505,005
5,538.480
2,441.779
403.403
153.139

1,931.6.39
54li.463

17,000

to
to

Jan.

20 Feb.

A T.iylor. com. (quar.)
MicJiiean SUit^" Telnp.. pref. (quar.).Dnifland Telep. & TelCK. (quar.)
N.'itional (.'.orbon, pref. (quar.)
IMiUtTinn (quar. J
I'rc.Msfd St«!l Car. pref. (quar.)
CndcrwiKKl Typewriter, 1st pref
Second pref

21.160.446

1,442.480
12,457,101

59,987 287,107
160,144

N.B.-.

••

Feb.
Feb.
Feb.

Lord

7,882,832

6.660,552
19,940,740
4.874,039
981.402
155.100

2C.000

.-.

Buflalo

Feb.

-Vcvv

1903.
1.476.467

295.025
75,846

Toledo

Mch.

iFeb.
IFeb.

1904.
1,428,024

Total week
.1,403,860 6„570,770 297.224
Same time 1905316,601 3,245,.369 134.965

IVb
Jan

I

2H

820.576

bush.

Toronto

1

pref.

January 20

60.480
18.530
200
170,000

Jan.
Feb.
Jan.

.

2

to

bbls.

to
to
to
to

..

.

Coal

.Ian.

jFcb.

Pi

1

The visible supply of grain, comprising the stocks in
granaiy at the principal ports of accumulation at lake and
seaboard ports, January 20 1906, was as follows:

.

Gas (quar.)

tX)al
(Tlearfield

Jan.
Jan.
Jan.

Feb.

I

Orleans for foreign ports

41,297
5,507
40,780
34,183
26,677
24,298
24,743
73,759
743
2.071
23.166

Tof»l
Total 1904-05

..

(quar.)

ronpolidatlon Coal
<'(niu<i]|<l.ited

10
3

New

91.092
9.892

bush.

since July 1 to
I'nited Kingdom .

Holders of rec. Feb.

I'eb

3

I

341,683
272.565

835,821

Corn,

.

1^ Feb
5
3

1,077.102

bush.

The destination

to

Banks.
Asfor National (quar.).
•Bowery (guar.) .
Corn Exchange

17.000

1905.

.

=!S

to
Feb. 1
Htolders of rec. Feb.
6
Holders of rec. Feb
6
Feb.
1
to
Feb. 2S

'Feb.
At>n\

Feb

4.177

20.666

Jmi. 21

'Feb.

4H

21.705

Wheal,

Sl..Iohn.

Books Closed.
Days Inclttsive.

Feb.

]

261.110 1,011,167
204,000
"
238,526
16^986
122,008
614,731
32,000 1.739.153
180.365
298.030
76.035 2,175,119
140,883
519,769
15,450
329,298

-VewOrleaas
Galveston
Mobile

os>;^to

Feb.

Syracuse
Street Railways.

-

Baltimore
Norfolk-

t)

-~'-°P«B
OS

66,217

56.000

6,859,072
3,897,465

190G.
1.047.723

-

Newport News

The following dividends have been announced

•swego

bush-

Philadelphia ..

DIVIDENDS.

com.

Wheat

New York

^

O-ato*"

m

Railroads (Steam).
Atlantic & North Carolina
Buflalo Roche9t«r & Pittsburgh,
Preferred
Krie. 1st pref
Second pref

.bbls-

Exports trom

f^

•—

tvtO

6,644

46.188

The exports from the several seaboard ports for the week
ending last Saturday are shown in tlie annexed statement:

^

•

Company.

o]^

Flour

PortlandJ*.

4.875

lading.

Rye

S

^

en

»4.085 118
1904, $4,322,098 in November 1905 and $4,569,622
$6,0SS.948 in December 1905 and $3,709,061 in 1904.

ol

2,104,961
341,215

Barley

a Includes expenditures for public works, which were $6,251,032 in July 1905
and $4,716 822 in 1904. $6,129,603 in .\ugust 1905 and So, 117.097 in 1904. $5J04.S59 in September 1905 and S3,959.S7G in 1904. $6,561,098 in October 1905 and

Uanm

338.265
285,700

Corn
Oats

^

.•-

o—
oxw—
oo— oento

329,298

147.600
166,262

•

to>c

o
o

>»>

WOOJk.toW
CO
WWCi — w*.
w
tOXMOWW
to
H^
en
— OM
M tOJ^—
M — rf^Jk.WO
k^^
f)0
>(^

ysj*

•5t9ft

s

wo

bills of

Boston

H^

62,240

2.071
23.166

iMsh.

bush.

.85.986

298,030
1,692.000
913.000
180.365
5,784
15,450

1.37,500

24.298
4.475

Total grain.

oc

3i

»;>'

Men—**

o

894.069
1,744,081
29,978

Rye

Barlet;.

Oats,

hush
414.000
116,370
18,530
298,323

compare as follows

4>^

2^^""

bush.

253.000
739,189
204,000
42.350
194.890
35,494

Total receipts at ports from January
for four 3'ears:

s
en 00 en

>t--

Corn.
hush
941.500
144.815

Wlieat.

bbls.

121.599
28,118
5,507
57.105
28,188
3,222
24,743
15.773

a Receipts do not include grain passing through
«-,

'-'

OtOinX**.—

•U

W

tocn

hStC

wo — CD— Ci

Total week

on through

^i

-

Week 1905

—

^
--

tOW=5WOO
w tO^OM
—

O

96.749.924131,907,615 53.054.498 5,489,247
95.034,515 93.732.401 47.093,451 2.922.201
90,579,936 90,047,525 44.936.236 4.899. Ill

107,000

.

en

WOOM
^^*.

-

-Mobile
St John

i'

c;i

i—W'-'tOJi.O

to to

Orleans .a
Galveston
Norfolk
Montreal

^

99
<;i

-

New

s

OtiOi

tc

Richmond
Newport News

—
-toa^

w

uc

-^I

Portland-Philadelphia
Baltimore

WOrf*

J^»00

4^
Ji

oto-

o;
i_t

MUiGnOXO
OWMJi-Ji.*'

w
o

Flour,

—

Boston

§

?^''S

^ts3

?!

!3

loxr;

Receipts at

New York

to

OJ^O

>£k.

tow — ox—

O)

151.057
83.138
187.611

1,593,040
988,223
1.732.507

4,029,763
1.990,708
3,210.513

4.021.834
3,786,538
5.400.142

4.443,379
3,989,273
4,283,801

252.888
240.773
361.996

'05
'04

a

^to

to^ —

>—

=^

2"

0^
Ci

>c>.

— ^^ x to a;

H-

>;^

Rye.

Barley.

Oats.

Total receipts of flour and grain at the seaboard ports for
the week ending January 20 follow:

1

wtO

^

-J ooo

^to
^ tcxw
-I
OS w^
o
"—

H-.—

h->

1

OS

tOX4^

i-o

xoo —

1

;

1

4^

o COdOlOa^OCOi.
o tooowww
-o.
^ to ^
W OO
'O
03

—

1

wto

MW3>MtO»
2C — XMMCn
oennxw*.

h-

hDw

Corn

Wheat.

Flour.

bbls.imlbs bush.eolbs. bush.. 56 Ib.i. bush. 32 lbs. bush.iSlbs. &U.56 lbs.
589.057
28,000
1.836,750
234,000
1,784,200
161.221
Chicago
26.400
239.400
485,100
95,950
157.520
Milwaukee25,925
119.703
9,487
177.252
793,776
Duluth
91,990
469.180
223,730
45,170
2.308,630
Minneapolis.
600
212,000
95.000
34,000
Toledo
181,398
19,329
15,647
7.000
Detroit
'
94.552
175,906
13,206
791
Cleveland 6-26.400
37.000
723,030
98,750
395,200
43.995
St. Louis. -332,, 00
76.700
14,400
253„300
10,400
Peoria .
19,950
139.200
504.000
481,000
Kansas City.

a;

X po-j

tC>-

en

t^
en
to
«o
o»

WiM^l

—

Receipts at

u.s

1

^ wc^^

»-t

ci*.c:no»tow

.

— ^W

1— W — XMCD
OlOWOMO
— wjocnen
O
MW4^0O4^e;i

Oi

»

_

OQ

qoo

*.o

M
h>

•;^

from Page 230.— The
from figures collected by
The receipts at Western
the New York Produce Exchange.
lake and river ports for the week ending last Saturday and
since Aug. 1, for each of the last three years, have been:

Since Aug. 1
1905-06--. 10,766.8591158.241.916
1904-05--- 9.515.875 146.638.639
1903-04--- 10.958,479 156.687.809

07nilt€d

4^

00

-

H

tDa>.—

^.^

h-'Wh-'MMO

1905—

rcvenu

^lO

o-u

OcOJfc.

T
-5

^

UU

H-MWMOCn

000
Miscellaneous

^,^

o-

V*
V*

.

Brought

Figures

Breadstuff s

Same wk.
Same wk.

Customs

,_

fi9.

to^
to^

.

1

>£^

^

.

1

o
C
M

,_,

0C®Oi
tOtOMOitOW
(--OiMCnMO

Internal

2.

.
revenu

_.

]

to

1904—

5

nilscel

190

Q.

iif

Miscellaneous

J?

c

mlscei

a

1
E

Customs

-J

2:
cr

1

Internal

Disbursements

s

.

.

199

statemcnt.s below are ])repar(Hl by

Tot.wk.'Oa

Civil

War

Indians
Interest

Disfmrsements

i

.

Receipts

Receipts

Navy War

C3

.

THE CHRONICLE.

Jan. 27 UHHI.]

190.5.

.

Jan.
Jan.
Jan.
Jan.
Jon.

20 1906. .48.779.000
13 1906.
21 1905.

.

47.021 .000
.39. 3K3.

000

23 1904. 40. 613.000
24 1903- 49.055.000

Oats,

Rye.

btish.

Inish.

Barley,
bush.

1.339.000
52.000
183.000
1.015.000

235,000

793.000

3.50.000

2.000
328.000

212.000
70,000
68.000

.sii.OOO

35.000
2.063,000
180.000
1,293.000

318.000
55.000
75.000

1.695,000

..

8

6

.

.

Vol. Lxxxii.
THE CHRONICLE.
House Banks. —
New York City, Boston and Philadelphia Banks. — Below

200

I

Statement of New York City Clearing
The following statement shows the condition of the New is a summary of tlie weekly returns of the Clearing House
York City Clearing House banks for the week ending Janu- banks of New York City, Boston and Philadelphia. The
New York figures do not include results for non-member

ary 20. It "should be distinctly understood that as to all banks.
We omit too ciphers (00) in all these figures.
items except capital and surplus the figures are the averages
of the daily results, not the totals at the end of the week.
Capital
Banks.
and
Loans.
Legals. Deposits. m\ CircurClearingi,
Specie.
In other words, in reporting loans and deposits and holdings
lotion.
Surplus.'
of specie and legal tenders, the practice is to take the aggre- New York
$
$
$
$
$
$
$
Dec. 30. .1257, 273.2' 1001.025.0 173.005,6 76,699.8 977.651, 3'53.096.0i2,108.690.a
gate of the amounts for the several days of the week and Jan. 6. .1257, 273.2; 1004.658.3 167;.336.0 79; 170.7 9S3. 742.8 52.912.9 2.392.770,4
Jan. 13.. 257, 273,21005.041, 178,329,5 83.780.7 997.206.2 52.990,8'2. 694,337.
divide this aggregate by the number of days."
Jan. 20 273. 2jl025, 595.5 189.968,3 84,138.6 1029,369,3 62.083.4|2.633,634,2
I

I

I

1

We omit ttBo
Banks.
00s omitted.

CapUal.

Bank

of N. Y.
Uanliattan Co.
Merchants'.. .
Mechanics'

America
Phenlx
City

Chemical
Mercbants'Ezcb
Qallatln

Butch.* Drov.
Mech.& Traders
Greenwich
American Exch

Commerce
Mercantile
Pacific

Chatham
People's

North America.
Hanover
Irving
Citizens'

Cent

Nassau
Market & Fult'n
Shoe & Leather
Com Exchange
Oriental
Imp.
Traders'

&

Park
East River
Fourth
Second
First

N. Y. Nat. Ex.

Bowery

N.Y. County..
German-Amer.
Chase
Fifth Avenue..

German Exch__
Germania
Lincoln
Garfield
Fifth

Metropolis
West Side

SeaboardFirst N..

Bklyn

Liberty
N.Y. Prod. Ex.

New Amster
Astor
Totals

ciphers (00) in all cases.

Loans.

Surplus.

$
2,000,0
2,050,0
2,000.0
3.000,0
1,500,0
1,000.0
25.000.0
300.0
600.0
1.000.0

300.0
700,0
500.0
6.000.0
25,000,0
3,000.0
422,7
450,0
200.0
2.000.0
3.000.0
1,000.0
2,650.0
500.0
1,000.0
1.000,0
2.000,0
750,0
1,500.0
3.000,0
250.0
3.000.0
300.0
10.000.0
1,000.0

250,0
200.0
750.0
1.000.0
100.0
200.0
200,0

300,0
1,000,0
250,0
1,000.0
200.0
1.000,0
300,0
1,000.0
1.000,0
500,0
350,0

Bofton.
Jan. 6..
Jan. 13..
Jan. 20-.

$
2,741,8
2,676,3
1.421.0
3.486.3
3,855.3
253.1
17.867.4
7.747.7
382,6
2.266.2
144,5

359,0
561.6
4,346,8
12,177.7
4.361.0
651.9
1.055.4
437.2
1,829.2
7.068.8
1.078.9
647.2
325.9
1.381.2
453.3
3.358,6
1.130.3
6,733.5
7.215.0
114,9
2.930.7
1.582.8
15,882,7
888.1
774,1
744,0
561,1
4.951,2
1.749,6
754.4
898.1
1.483.0
1,334.2
435.0
1,615,9
749,8
1,000,0
638.5
2,084,0
496.4
603,8
614,5

$
16,377.0
22.434.0
11.850.0
18,879.0
23.199.6
5,766.0
156.498,6
23,877.3
6.355,3
7,960.6
2,074,7
6.912.0
4.806,3
28,544,7
140.809,4
21.486.9
3,383,8
6,097.5
2.097,4
14.756.8
48,201,0
7,037,0
19.667.5
3.289.8
7.267.6
6,369.5
30.752.0
9.040,2
24.336,0
65,103,0
1,334,4
19,280.0
10,086.0
86,430.0
8.874.6
3.124.0
5.137.6
4.004.2
44,271.3
10.440,3
2.916,5
3,125,2
13,950,5
7.463,7
2.7.33,6

10.118,7
3,967,0
15.138,0
4,412.0
10,311.2
5,605,4
5,781,8
3,859.0

Legals.

Specie.

$

$
1,549.0
2.453.0
1.273.7
2,450,0
2.334.5
248.0
8.842.8
1,997.6

Deposits, a

ResCve

$

%
27.4

14.847
27,135
29.9
28.0
15,238
18,56' .- 26.7
25,425 ,l!26.1
4,572 0l23.4
149,940 .5129.6
22,678
27.6
5,641 1 24.8
25.7
6,706
30.4
2,764
23.2
6.630
21.7
5.114
25.8
20.973
121.422
25.4
18.477, 9 27.0
4,124 4123.1

2,519,0
6,672.0
2.998.8
2.511.0
4.309.7
826.0
36.678.2
4.282,8
766.8
634.0
867,6
603.5
767,1
73,3
705,0
813.0
587,4
527,0
3,607,0 1,914,6
20,258,0 10,659.2
3.511,7 1,576.6
565,0
390,4
877,0
772.7
181,8
648,7
1.593,4 1,799,2
8.193.8 6,919,2
1.227,0
606,4
3.934,3 1,240,9
306.4
533,6
1.122,3
764,5
1.767,9
373,2
5,506.0 4.196,0
1,274,1
370,9
4,326,0 1,466,0
15.428.0 6,524,0
310,4
115,2
3,124,2 2.722,1
819,0 2.069.0
16,264.6 2.308,0
1,698,4
515.1
451.0
230.0
908,8
454,3
688,8
198,0
11,297,8 1,550,1
2.580.0
573,4
160.0
820,0
496.7
516,8
2,359,2 1,698,4
1,851,2
292,7
504.5
190,5
1,533,9
872,1
701,0
356,0
2.899,0 1,567,0
564,0
752.0
1.657,4
507,1
1.172.1
459,1
1,215,3
657.4
640,0
258,0

a Total United States Deposits Included, $8,495,200.

Loans

N

Legal
Specie.

merUs.

and

Century

Bank

Banks,

Notes.

Agent.

<&c.

$
100,0
200.0
100.0
100.0
300.0

$
154.2
133.1
74,5
316,8
392.2

$
721.2

$
16,7
12,8

$
28.2

Other

$
64.0
55.0
28.4
432.2
372,0
260.8
83.2
284.0
119,6
264,1
257,7
215,1
256.0
186,0
113.4
365.0
205.0

145,2
31,2
27.2
215,0
24,5
603,0
45,0
60.4
50.0
209.3
39.4
608.0
248.2
258,2

63.4
23.6
112.8
446.1
299.7
195,0
144,0
34.7
60,3
172.0

157.2
176.1
69.1
135.0
651.0
441.0
338.0
89.4
119.5
344.0

139,9
175,5
301.9
623,3
899,6
851.0
406.0
30.4

316.0
211.6

2,172.3
2.677,8
2.059.2
4,608.2
9.671,6
5,407.0
3.612,0
1.680.8
2.174,1
7,232.0

Second Nat.
Third Nat...

400.0 1.126.6
250.0
672,7
250.0
126.5
200.0
307,6

4.565,1
2,575,6
913,8
1,830.9

175,6
84,0
74,2
66.3

313.8
68.8
23.1
71,2

1.818.5
167.3
303.1
384,1

Hoboken.
Nat . .
Second Nat.

110,0
125,0

2.257,6
1,396,4

148.0
50.6

29.4
44.9

134.5
75.4

Colonial

Columbia _ .
Consol. Nat. 1.000.0 1.064,3
Fidelity
14th street..
.

Jefferson
..

19th Ward..
Plaza
Riverside
State
12th Ward..

Ward

162.176^

(or

—

Imports and Exports for the Week. The following are
the imports at New York for the week ending for dry goods
Jan. 18 and for the week ending for general merchandise
Jan. 19; also totals since beginning first week in January:
FOREIGN IMPORTS AT NEW YORK.
For week.

1906.

Dry goods

1904.

lOOS.

1903.

CJeneral Merchandise

Total
Since January 1

Dry Goods

General Merchandise
Total 3 weeks

$3,271,067
8,287.914

$3,477,427
10.421,432

$3,218,387
9,905.548

$2,200,558
7.100.607

$11,558,981

$13,898,859

$13,123,935

$9,301,165

$9,766,688
29,435.506

$9,874,678
31,347,784

$8,338,522
24.401.260

$8,786,238
24.174.426

$39,202.1941 $41,222,462. $32,739,782

$32,960,663

The imports of dry goods for one week later will be foimd
in our report of the dry goods trade.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Jan. 22 and from January 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1906.

For the week
Previously reported

Totals weeks

1904.

1905.

$12,286,905
26,641.602

$10,874,296

$38,928,507

$30,180,162

1903.

$12,564,473
19.305.866!
19.994.823

$32,559,296

$8,719,456
24.186.971
$32,906,427

—As the figures of exports as reported by the New York Custom House
from week to week frequently show divergence from the monthly totals, also comNote,

piled by the Custom House, we shall from time to time adjust the totals
to or deducting from the amount "previously reported."

by adding

The following table shows the exports and imports of
specie at the port of New York for the week ending Jan. 20
and since Jan. 1 1906, and for the corresponding periods in
1905 and 1904:
Exports.

Deposits.

Imports.

iitAA

Week.

Since Jan.

1

Week.

Since Jan 1

Great Britain
France
I..
$2,"2"3"6

$2^000

$14,000
7,000
505.000
10.000

2,631
51.243
2.248

$17 726
271014
68 861
5; 410

$2,000
2,942,932
29,893

$536,000
7,767.432
209.784

$58,358
52.959
180.331

$119,011
106 263
3,878;990

$1,506,781

$3,520,675

"'258

773

$2^364
16.685
102.163
2.370

4,903
69,826
105 498
51060

$1,507,039
828.080
1.160.277

$3,521,448
2,208,478
3.222,587

$123,672
25.001
11,235

$185,297
38 622
64 211

.

All other countries

Deposit with
Clearing

1.016.4
674,7
3.663,3
6.282.0
4,340,5
932,2
4.558.4
4.331,1
3.590.2
2.734.1
3,658,2
3,360.8
3.830.0
1.564.2
11.912.0
2.367,0
1.668.1
6.969.9
2.272.1
3.012.5
3.336.7
4.210.4
1.187.9

Chelsea Ex..

23rd

158.398.6
156,876.8

Total 1906
Total 1905
Total 1904..
Silver.

Man.&Br'x.
Wash. H'g"ts

Mt. Morris
Mutual

240.594,0 14.331,0
239.937,0,14,288,0;
246,304.0 14.281.0

Boston and Philadelphia the item "due to other banks" and
also Government deposits.
For Boston these Government deposits amounted on
January 20 to $1,403,000; on January 13 to $1,382,000.
a Including

Mexico
South America

N. V. City.
Boroughs o]

Hamilton

54,810.0
56.874.0
62,732,0

630.01 209.754.0
630.01 209,072.0
630,01 209.611,0

Germany
West Indies

two ciphers (00) in all cases

Invest-

207.481.8
187,418,7
197,12«.7

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

results:

plus.

7,188.0
7,190,0
7,176,0

Phila.

Jan. 6..
Jan. 13..
Jan. 20..

—

Reports of Non-Member Banks. The following is the
statement of condition of the non-member banks for the
week ending January 20 1905, based on average of daily

OOs omitted. CapUal.

I6.2IO.0' 6.425.0! 220.101.0
17,454.0 6.479.0 221.262.0
19,018,0, 6,557,0 224.320.0

182,691,0
183.228.0
186,696,0

1

6126.6
5i30.5
7125.8
8 26.7
26.0
20,124,
25.7
3.830, 8 21.9
7.021 4 26.8
8.331, 3 25.6
37,958,
25.5
8,840, 3 18.6
26.2
22.035,
76.775, 28.5
1.614, 8|26.3
21,773, 5126.8
11,065, 0|26.1
72,308, 0125.6
8.573, 1 25.8
19.3
3,525,
5.724, 2 23.8
3,865, 8123.0
50,008, 7125.6
11,889, 0126.5
4,279, 5.22.9
5,502, 7il8.4
15,590, 8 26.0
8,003, 3 26.7
2,785, 5 24.9
11,498
20.8
4,307
24.5
25.4
17,552
27.5
4,776
8,362
25.8
25.1
6,497
6,967
26.8
3.548
25.3
6,197,
2,718,
13,148,
56,558,
6,657,

116.472,7 140,800.5 1025,595.5 189.968.3 84,138.6 1029,369,3 26.6

We omit

656,0
656,0
656.0

.

Union Exch.

200.0
138,4
500.0
96,0
200.0
129,4
400.0
408,7
250.0
144,0
200.0
269,0
200.0
216,4
100.0
274.7
100.0
102.6
100.0 1.085.2
200.0
151,7
100,0
126.4
750.0
619,5

United Nat.. 1.000.0
Yorkvllle ...

100.0

Coal 4 I. Nat
300.0
Metropolitan 1,000.0
34th St. Nat.
200,0

178,5
320,7
233.6

22f?
203,7

32.4
78.6
312.0
455.5
20.2
158,6
209.5
10.4

53.3
21.9
279.9
256.0
59,6
51.2
298.4
171,4
149.5
104,4
294.9
267.1

208,0
148.7

369.0
218.0
161.3

473.8
77.6
255.5
93.0
68.5
47,6

$
41.2
64.8
173.7
3.7
25,0

52,0
210,0
96,7
56.9
57,2

$
539,0
967.7
696.0
4,362,9
6,545,0
2.706,0
949.4
5.230.9
4.747.8
3.524,8
3,243,6
3.818.7
3,650,4
4.052.0

61,8
1,760,4
894,0 13.336.0
2.845.0
114.6 2.034.6
683,3 7.176.4

127.7
416,2
72.9
168.4
675.4
283,3
122,7

93,7
56.3
659.3
1

1.237.6
3.361.4
3,831.2
4.192.3
1.200,9

Great Britain
France

Germany
West Indies
Mexico
South America

$10

.

All other countries

Total 1908.
Total 1905
Total 1904

Of the above imports for the week in 1906, SI, 4 10 were
American gold coin and $3,724 American silver coin. Of the
exports during the same time $2,000 were American gold
were American silver coin.
coin and
Auction Sales.

—See preceding

page.

Borough of
Brooylkn

Borough ...
Broadway ..
Brooklyn
Mfrs.'Nat ..
Mechanics'

200,0
160,0
300.0
252.0

.

1,000.0

Nassau Nat.
Nat. City ...
North Side..

300,0
300.0

People's

100.0
200.0

Union

300.0

120.4
371,0
173,5
645.8
861,4
792.2
608.3
196,5

45.1

628.0
^

Jersey City.

Nat ...
Hud. Co. Nat

First

First

67.5 2,379.7
35.5 2,750.0
48.6 2.325.4
222.0 5.073.6
162.8 11.209,4
5.473.0
162.0 4,013,0
117.5 1.704 6
116,3 2.180.1
492.0 8.095.0

562.3
176.2

.1

628.0
107.5

"31.1
120.3
108,9

2,089.1
1.533,1

•

19.7

Co»,

Imreatment Bankers.
We transact a general banking business sell and purobaM inrestment securities; issue circulars describing short-term and long-term
hish-grade bonds; execute commission orders upon the New York
Stooli Exchange and in the financial markets ot the leading citiee.
We also have special representatives in ail of the principal cities.
;

<(

5,776.1
2.219,4
1.047 1
1.790,0

•

&

Spencer Trask

Tot. Jan. 20. 12137,0 14406,3 1.36928.3 6,009,5 7.228.3 12.311.7 5.584.0 145674.6
Tot Jan. 13. 12137.0 14406.3 136670.6 6.118.2 7,343.4 14.450,7 5.774.1 147959,0
Tot. Jan. 6. 12137,0 14406.3 136682.5 6.900.7 7,182.0 12.905.5 4 962 4 145649.6

Branch OfflM, Albany, y.Y.

William and Pine

Moffat
tTLeinbers

&

New York

St8.,

New York.

White,
!<tock Eocchanarei,

NA3SAD STRBBT,
UANOVBR BANK BUILDIMO,
JDealerM In Invettiment Seouritle*.
OOOCMlSsilON OUDKa^ EX£OUT£J> FOR CA8U OMLT.
6

1

.

Jan. 27 1906

THE CHRONICLE.

|

iB^zttU.

ISanluers'
For Dividends

see

usual in

page 199.

Wall

Street,

Friday Night, Jan. 26 1906.

—

The Money Market and Financial Situation. The unusual
volume of business and the irregular movement of prices
indicate that a large portion of the transactions at the Stock
Exchange this week have been of a speculative character.
Periods of heavy liquidation, alternating with occasions when
buying orders were in excess of the offerings, have followed
each other in quick succession, with little or no apparent
cause or logical reason. The result has been a week of unusual activity, of wide and, in some cases, sensational
fluctuations, and a generally lower range of prices.
At the same time bond houses report larger sales at the
counter, and records of the bond department at the Exchange show an increasing investment demand and better
prices. These follow naturally the easier money market conditions at home and more settled political conditions abroad.

The Bank

England's weekly statement shows an in-

of

crease in the loan account and a decrease in the percentage
a change quite unusual at this season. There
of reserve
seems to be, however, both at home and abroad a more hopeful feeling and brighter outlook than existed a few weeks ago.
The open market rates for call loans on the Stock Ex-

—

change during the week on stock and bond collaterals have
ranged from 33^ to 4i^%. To-day's rates on call were
3M@4M%- Prime commercial paper quoted at 4:^@5}4%
for endorsements and 5@5J^% for best single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £1,465,635 and the percentage of reserve to Uabihties was 40.90 against 42.89 last
week.
The discount rate remains unchanged at 4%. The Bank
of France shows a decrease of 9,250,000 francs in gold and
4,700,000 francs in silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
Differences

Capital..
Surplus
Circulation
Net deposits
Specie
Legal tenders

from

1905.

1904.

previous week.

Jan. 21.

Jan. 23.

116,972,700
135,951,400
Inc. 20,653,900 1,098,811.500

Dec.

307,400

ol deposits-

Surplus reserve.

42,950.700

Inc. 32,163,100 1,163.815,200
Inc. 11,638,800
224.029.800
Inc.
357,900
90.657,800

274,106,900 Inc. 11,996.700
257,342,325 Inc. 8.040.775

Reserve held

26%

1906.

Jan. 20.
116.472.700
140.800,500
1,025.595.500
52,683,400
O1029 369.300
189,968,300
84,138,600

Loans and discounts.

16,764,575 Inc.

3.955.925

314.687,600
290,953,800
23,733,800

115,572,700
132,645.900
965.064.900
43.141.200
986.303.300
195,207,900
77,440,600

272,648,500
246,575.825
26,072,67

$8,495,200 United States Deposits included against $8,476,400 last week ag
$20,981,800 the corresponding week of 1904. With these United States deposits
eliminated, the surplus reserve would be $18,788,375 on January 20 and $14,827,750

on January 13.
Note. Returns of separate banks appear on the preceding page.

—

and Union

4s

•201
Pacific convertible 4s, the latter moving as
shares, are fractionally lower.

sympathy with the

—

United States Bonds. Sales of Government bonds at
the Board include $4,000 4s, coup., 1907,atl033^, $30,000 4s
reg., 1907, at 103^^ and $33,000 2s, coup., 1930, at 103^.
The following are the daily closing quotations; for yearly
range see third page following.

Q—

28,
38,
38,

.

1907
1907
48,1925
48, 1925
* This
48,
48,

is

the pnce bid at

Exchange at Paris on London to-day, 25f 133^c.
range, 25f. 15c. high and 25f. 133^c. low.
The week's range for exchange rates follows:
,

Short

Sterling Actual

High

Low

.5 17Hft
5 18H

Oermany Banker^
High
9iH

Low

©55 17^(1
© 17J^a
Marks —

94 9-16

Amsterdam Bankers'
High

8725
8710

\5

15Ha

|5

11-161
® 94
© 941^ —
Guilders

Low

|

I
I

0I-I6
Pius:

14
14

of

1%.
_

* 1-16 of 1%.

15^ft
95 3-16(i
95!^

40 3-16
40 21

d 1-32 of 1 ^.
X 1-32 of 11%.
z

Cables

©4
©4 8740
8715
i

^

6
6

I

15Hd
15^0

14
14

8796
8776

4 88
4

8780

1
1

95 3-16
95 3-16d|
I

©

40Ji
©40
23
1%.

3-32 of
y 3-32 of
ft

Week's

I

1%.

The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah
buying 50c. per $1,000 discount; selling 75c. per $1,000
Sremium. Charleston 12i^c, per $1,000 premium. New
'rleans bank 50c. per $1,000 premium; commercial 25c.
Eer $1,000 premium. Chicago 15c. per $1,000 discount,
t. Louis, par.
San Francisco $1 10 per $1,000 premium.

—

State and Railroad Bonds.
Sales of State bonds at the
Board are limited to $85,000 Va. def. trust rects. at 21
to 22.
The market for railroad and indu.strial bonds has been
more active and, unlike the stock market, is generally firmer.
Some of the industrial issues have been favorites, notably
Colorado Industrial at an advance of 5 and 3 points for the
As and Bs respectively; and others are from 1 to 2 points
higher.
Of Central 1st incomes, Burlington & Quincy joint

%

Jan

Jan

23

24

25

Jan

•lOSis
*108i«
*102'«
*103i4

;

—

The United
points and Amalgamated Copper 5 points.
States Steel issues advanced early in the week, the preferred
to 2 points above its previous highest record, about one of
which is still held.
For daily volume of business see page 209.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
8aUi

8TOCK8
fVeek

3,530
6,«00
1,000

Sugar

Preferred

Amer Malting Tr Oo
Pr Tr Oo

300

ctfs

ctfs

Amer Telegraph & Cable

2.y00
2()0

212
100
450
100
700
100
100
60
400
300
400

Asso Merchants, Ist pref
Centife So Amer Teleg..
Cleve Lor & Wheel

8
5,800

900
150
200
22,600

4,692

200
245

.

Ontario Silver Mining...

QulcksUver Mining

146
1,150

110

Preferred
RB Securities 111 Cent'l
stock trust certificates

Standard Mining
Vulcan Detlnning
Preferred

Range

since Jan 1

Week

Alice Mining

mer Beet

£ang» for week

for

Bndinn Jan 26

<fe

for payment 4 84 @4 843^.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 17}4h@5 17}4d for long and 5 15^a@5 15^a for
short. Germany bankers' marks were 94^@94 11-16 for
long, and 95J^@95 3-16d. for short,
Amsterdam bankers'
guilders were 40 21@40 23 for short.

Jan

Railroad and Miscellaneous Stocks. As noted above, the
stock market has been active and irregular. On Wednesday
the transactions, aggregating,nearly 2,000,000 shares, were
larger than on any day in 1905 or this year thus far, and for
Day by
the entire week have exceeded all recent records.
day fluctuations have been wide, but taking the week as a
whole results show that the offerings have been in excess of
the demand, and, with few exceptions, prices are lower.
The exceptional features include Union Pacific, in which
the transactions have been on an enormous scale, the range
covered over 5 points and the net loss 1% points. St. Paul,
on the other hand, advanced nearly 7 points and retained
about half the gain. Norfolk & Western has been in demand
and closes over 4 points higher. Manhattan Elevated also
shows a gain of nearly 3 points. Other than the above mentioned, a large part of the active railway list closes from
1 to 3 points lower than last week.
Some of the industrial issues have continued erratic.
Anaconda Mining covered a range of 18 points, Colorado
Fuel & Iron over 12 points, American Locomotive over 6

<

and grain

Jan
22

•lOSJs •IO318 •1031* I0318 •lOSH
•I0318 •10318 •lea's •IO3I8 103 18
•102>4 •102', *102i4 -102 14 102 14
•103»4 103 14 •10314 'IO3I4 1031*
Feb •102 14 10214 102*4 •102 "4 •IO214 102 14
*103
•103
•103 •103
•103
•103
Jan
103 1« •103
103 •103
Jan •103
103
•12914
•129
I29I4
•129^
•12914
"4
129
Feb
14
Feb '131>4 •13114 •1311, •jsmi •13014 130>s
the morning board no lale was made.

Q—
Q—
re^stered Q—
coupon Q—
registered Q—
coupon Q—

38,1908. 1918, §maU.ooup

@

— -Long
8410
©4 8375
Low
4 8366
©4
Paris Bankers' Francs—

30

Preferred

—

4 84

Jan

Periods

Jan
registered
1930
coupon Q— Jan
1930
1908 1 9 1 8 . re jrietered Q— Feb
Feb
coupon
1908 •1918

28,

Prod Tr o ctfs
Foreign Exchange. The market was active and generally Corn
Deti Moines & Ft Dodge.
strong this week, and one feature was speculative manipula- Detroit South Tr Co otts.
Chemical
tion, which resulted in over-buying early in the week and GeneraJ
Pref ^'rred
over-selling later; the tone was strong at the close.
Homegtake Mining
Silver Mining
To-day's (Friday's) nominal rates for sterling exchange Horn
Illinois Cent leased lines
were 4 84J/^ for sixty days and 4 88 for sight. To-day's Intemat Steam Pomp...
Preferred
(Friday's) actual rates for sterling exchange were 4 84@
Knick Ice (Chic), pref..
4 8410 for long, 4 8730@4 8735 for short and 4 8795@4 88 Manhattan Beach
Commercial on banks, 4 8365@4 8375, and Nat Lead rights
for cables.
Y Dock
documents for payment 4 83 4 843^. Cotton for pay- N Preferred
ment 4 83@4 SSVs, cotton for acceptance 4 8365@4 8375, N Y N J Telephone.

High

Interest

260
100
9,800
3,726

$3 Wan 20 $4iaOan24 $2 Is Jan
30 Jan
30 Jan 24 3234 Jan 2
85 Jan 22 87 Jan 24 85 Jan
6 Jan 24
5 4! Jan
6 V Jan 25
28 Jan 23 29 Jan 24 2.1 Jan
90 Jan 22 91 Jan 22 90 Jan
108 W Jan 26 l()8HiJan22 lOHSsJan
137 Jan 23 137 Jan 23 137 Jan
85 Jan 23 90 Jan 24 85 Jan
112 Jan 24 112 Jan 24 112 Jan
18i«Jan26 18't]Jau26 18 "4 Jan
23 Si Jan 26 23>.jJan26 23 Jan
11
Jan 22 11 Jan 22 10 Jan
7934Jftn 22 7934 Jan 22
77 Jan
106 Jan '24 106 Jan 24 105 Van
80i<jJan
24
81»4Jan25
BOWau
$1-80 Jan 25 $2 00Jan25 $ I 70 Jan
10434 Jan 24 1043, Jan 24 10t34Jan
31 Jan 26 3634 Jan 23
28 Jan
84 Jan 24 84 Wan 28 79 Jan
78«8Jan22 78«8Jan 2'2 78'iiJan
12 v« Jan 20 1234Jan23
12 Jan
isJan
SsJan 20
>aJan 24
45iaJan20 50 Jan 26 34 Jan
83 Jan 23 82 Jan 24 78iaJan
154 Sj Jan 23 155 Jan 20 152 Jan
3 Jan 22
3 Jan 22
27eJan
li4Jan
2 ig J an 20
2 4 Jan 22
6ii,Jan20
3i4Jan
5 >aJan 20

$6
35

Jan
Jan

89^2 Jan

eieJan
29 Jan
91 Jan
108i2Jan
137 Jan
90 Jan
112 Jan
18 Hi Jan
24 Jan
11

Jan

82 Jan
106 Jan
82VjJan
$2 00 Jan
10434Jan
37 Jan
8534 Jan
80 Jan
15*4Jan
SiJan

Jan
Jan
Jan
Jan
2^ Jan
6 Jan

50
82
156
4

Jan 23 9736Jan 26 96 Jan 98 Jan
'4 Jan 22 $3 -70 Jan $600Jan
10isJan20 f45 14 Jan 26
9 Jan 16>4J»n
63 Jan 22 61iaJan26 60 Jan 61 Hi Jan

97

$414 Jan 22

—

Outside Market. After being strong and active at the
opening of the week, the market for unUsted securities became decidedly erratic, weakness and dulness predominating.
Trading was Ught and the movement of prices, with
few exceptions, was toward a lower basis. A noteworthy
incident, however, was a jump of 38 points in American Tobacco. This stock, after a drop of 5 points from last Friday's
close to 475, moved up to 513, a high record; part of the gain
was subsequently lost in a decline to 500. International Salt
was conspicuous for an almost continuous rise from 46 to 49,
but weakened to 48 and closes at 483^. Standard Oil was
also one of the few issues that showed improvement, advancing from 680 to 699, and closing to-day at 695. The common
stock of the new Interborough-Metropolitan Company
opened up a point at 54, moved to 60, but sank to 57, closing
to-day at this figure. Interborough Rapid Transit fluctuated
between 234 and 235 5i, ending the week at 234 ^i- Mackay
Companies common advanced from 63 to 65, falling then to
The preferred
61J^, the last sale to-day being at 62 Hranged between 75 and 76. American Can issues were steady,
the preferred opening half a point below last Friday's close
at 70^, and then reaching 72, with the close to-day at 71 J^.
The common sold between 11 and \2%. The copper shares,
like most of the rest of the market, were weak. Greene Consolidated Copper from 29 1^ weakened to 27 J^, and on the
announcement of the proposed increase in the capital stock
fell

to

26^

to-day.

Outside quotations will be found on page 209.

.

. .

.

New Tork

Exchange— Stock

Stock

«n:cri'Yi>"<;

AM)

tiTOCh.-^HJr.Ji hNl
Hatvriiav
Jtui

HO

SALh

LOU'h.S'J

Monrtay

Tytrsdaii

W ednesdai/

Jan 22

Jan 23

Jan 34

.sToru.-

NEW YORK

J-ridav

i

u

.

Record, Daily, Weekly and Yearly
TWO j'a«;ks

i'HJCi.f

Thursday
Jan 25

6

..

SaU.s

On uasxa

of HJU-arvareUitf

I

Week

KXCHAN«E

Jan 26

tor J^rviovt
Year (VMS,

\luinijf
ui

the

BTOCK

Lowett

Higti-esl

Loioenl

Jiighert

Itailroadn.

94 '«

95%

f4'8 95«8
104
104

104

106 Hi

167 1673^
115'b 116'k

llti'4

99
{JO'S

'.I

91 3<

104

H)

9S34

99

yoaj,

917b

'4

•83
86
175 17 6«<i
-69 19 70K.
230 '8 231 >a
23(1
60^4 62
61
•3314 35
37
«8<i
80 14
81
22 's 23 1«
23«8

86

17CH. 177 '^
UJHa 69 >a
2viS'

t;o»s
-•hti

86>2
7-i2
S8»y

387

'4

I'.IS

<S-'s
19i)>,
l!>r.

^36

23678

••j;>o

26.>
I93<.,

19?
*195
17

201
J

4OJ4
10»4
*

34

1

98-.

44

50\

83
7618 761?

95

3243j

'23" '23"'
34
8IJ4

115
95
18i"5

«fe3i4

33

s,

623,

57
83I4

33 12
32
64^4 65
*42ia 44
*93
98

*320
791.^

1

"

8O34

150
83
lOu
I6UI4 16i
182 182

223 14 226
17t>
475
47
49
9OI4 91 Si
9778 98 '2
211..
421.2
49-^8

43

82-2

83

76

761?

40i«

•34"

33 14 343;,
62Si 63 Si
•57
68
*a2'a 8312
32
33
63»4 64
42I2
'93

81

147

•204

423<

9S

72
120
91

205
5534

81
154 S(,
160 Si
72 \
125ie

26 »4
160

81S! 8II3
•99 100 14
161
181 I83I4
39 Is 4018
I591-!

72-4

71"4

"37""

9478 94 7^
1793, 181 1«

105
147
39 14
•21 Si

•88

503e

80 14 8118

73

*136

217f

80
85 95
322 325
D2I2 92 Si

lOoSg 106
*145
148
393^ 40
*21'.2 22
154 ^2 155

731,;.

120

340

•147
*82
"99

'

4234
1034

35 7e 36=8
72
7234
55
5579

15538 156'4 Kl63
15934 160 12 160 1«
71^4 7134
713,
124>4 125 «« 124 Sj
26I2
2578
26

,

>

17 >2

<75

8<i

I4

196

0734 lOb^b

21'-;

33
62
57

194
202
18

11 6

46^8
9014

180

26i»

194

'

I

>-.•

10

Si

*38

72
55 H!
227
480

34
SO
115

250

11

363^

*75
*85

8634

79I8
39»8
193

190 '4
195 196
236 239

1034

71>V!
S51.J

43
50
82 J,

7j<'s
38;'8

41

35-8

226
»470
46
SO
yj

•86

41'4

an
108
120

io7
•115

'f,

94
94«B
1041a 104 »8
16<il4
165
ll<">ia 1163h
9«'(, 9878
90 Si 92 '4
•«2
86
174»4 17ei4
*6Ml3 70S
•2iS 231
621*
61
331-j 35
•80
ISO 14
22=8 23
*85
8634
•7HI3 79
38 14 391a
189 34 191'4
196 19^)
234 78 23018
2563^ 25634
194 194
195 202
II. Si
17
42
41

74
106
147

40 14

217^
15 4 '2 ISO'*.

69 'a 7IS2J
120
•88
91
204 204
54 14 55
88!% 91
118-

88 "^ 88-6
*93
95-4
96
20818 2091., 206 S)
^'121
120
123
•105 107
103
-— , 120
1221a 122
,'.146 '8 146«g U6I4
-45
4534
46
.

I

95'.,

209
123
108

;

121

[•

1473,
4534

9SS)
10418
166
116S.
0878

9519
104 14
10534
II6I4
»S'^

90 Si 93 14
?86l4 86 14
17434 176S,
•69Si 71

22s 231
61i« 62 14
33 Si 33 Si
80
80
2234 23 1«

85%

«538
79I4

78

3838 39 Si
18 734 192
195S; 19iS)

234

•-i37Si

26634 257
196 196

195 202
173,
17
40 14 4134
10 S

IOI4

l><»fe

94

92^4

104 S.
104
164 166
114 '8 U5=s
99
l'8
93 7j
91
>-6
•82

173
•69
228 Si
60
33
80

176
71
231
61

Si

33
80
221a 23

*85
76S8

86S1

78 Si
39

3734

187=8 I8934
193 196

193 1« 19318
195 202

16%

1634

40

401,
11 Si

1038

39

I07I4

Iliad's

118

118

3510

36-'8

71^4 72
54 Si 5514
222 223
470 476
47=^ 50
91
90

22
36

80
115

8II4

72

5434

5534

Si

225
480
SlSi
91S!

4934

91
9734

97 78

20

21s.
431a
5UI4

Si

*42ia

49
82

82 Sa

76%

74 14

75

80
•85
96
3I8I2 324

322

22 '4
*34

72

223
460

9734
97
•2l\
21
42 14 4234
49<t 50
82 14
82
74 Si 75
75
75
•80
95

320

1081a 109
121
36I4 37

117

22

S'

22

Si

Si

34I4
81=4

34
•80 Si

116

9434

9475

178
33
62 Si
56 Sa
82 Si
3112
6278
42
*93

180
34
63 14

178S; 17934
3334 34

56
83 14
3214 33

321,

63 69

71I4

6334

6318

42
96

41
•93

421,

98

•79 Si 80
152 15334
160 S) 161

124

63

6234

56
•S3

5714

83 S;

79
162

7234
1253g

81

Si

I6034

1541,
l'31''e

71 "-i 721,
12334 126

10708

10 7 Sj
116
3578
7iSa
"54 Si

121
3612
7ia6
55Si

'222

221

470

475

48%

5078

91

911^,

"20%

"2078

42 14 4212
48 \ 49%
821,
82
74 le 75
•76
80
•85
95
318 320
22 Si 22 Si
•334 35 Si
*80Si 81 Sd
115 115
9434 95
178 179
33 14 33-^4
62
6238
•55
57
83
83
321,
32
62I3 63 Si
•40
41
j92Sa 9JSi

783,

783^

151% 15338
161^4 161^4
70% 72
12334 12478
2514 2678

26 Si 26 14
147 150
•147 160
80
80
•99 IOOI4
159 159S2 158 Si 159
158 160
180 1801a 17912I8OS1 178Sj181
38% 39 S>
39 14 4038
3934
39
72I4 73
71Sa 72
72 14 73 Si
103
105
1041410518 104SalODi4
146 150
'145
160
145 150
40^4
*39Sa
40
40
*39Si 40
*20
22
2l«8 21=8 •20 Si 2178
153
15118
14
16258 16434 152Sil64Si
6^ 70
70
69
6878 70
116
120
116 120
117 120
•87
90
87 90
89
89
§20214203
J2041.120414 §203 204
54I8 6434
53
54
5334 5 5 Is
92
89
911*
8978 91 Si
89
•94
96
•94
*94
96
96
20878
20434
2053g 208
206 208
119 119
120 12IS1 118 121
104 108
'103
lu8
106 106
117 120
119 122
119 120
14558 147 Si 14534 1471, I4518I46I4
•43
4
•43
•43
46
47

25% 26
147 150

&

8II2 8II2
•99 IOOS2

i06%.Se)>
170 Apr
117 Aug

I

V

177'hScp
7434 Au;5

Do

2:.0

194
202
•16% 17
41
41
11
11\
40
41
108 IO8S1
116 120
36
36%
194
195

7134

Chic.

8t

Do

pret
P. Minn. «&
pref

Om.

Chicago Term'l Transfer.

Do pref
Chi caRO Union Traction.
Do pref
Caeve. Cin. Cliic. & St. L.
Do

pref

Colorado

713.

56
5a
221 Si 222
'465 475

<&

Southern

Do Ist iireferred
Do 2d preferred
Delaware & Hunson

150
lc>o

.'02

196

ilii'o'o

300

5,600
100 lis J an 'l->
66,400 29 Sa Jan 4
4,800 68 Jau 6
5,200 53 Jan 2
6,200 220 14 Jau S
'^

251s,

Mar

89

-<.'p

78S;8ei>
37i-,iApr

Jau 16|
Jan 16'
18'4 Jaul9i
42^4 Jan L'L'i
1234 Jan 2
42 Jan 2|
1097g Janl5i
il8 Jan 23
37 Jau 4
7234 Jan 22
66 >4 Jan 12
29 -2 Jan 18

i

M9 Jau

Jan
jaxj
Jan
Jan
Jan

^.£.'

303, J'ly

54

90 Jau
115i4J'ly

11
21

73,

fell

Jau
.>.(-u
Jau

U'Mf

20 J'ne
42>oJ'lv

17 Si
6 J'lu

'J

Apr
Apr

tS7i.,

S;

iy«

4,800

44*2 ^I<'r
8334 Apr

'2

1,000

Mur

611 >«

92

240

10,:i00

OC-t

i.i:,

J;iu 16< al'JO>i;J'ne
Jan 19! 34 Jan 265

7,.)00 220
_'60
1.4

Jan 4
Jan 16
190 Jau 9
200 -J Jan 1
13 Jau 2
36 Jau 8
10 Jan 10
39 Jau 10
105 Jan 2

1 '2

91\..M»y

..

&

GlucaBO & North Western

234

Auk
Nov

00

ti;^

233
266

234
257

232
260

93% Mat

89 Jan 2 967eJanl3' 77% May
9334 »4»4 A tab. Topeka&Santa Fe 1 20,0
3,690 rlO-MJun 8 106 Jan 3 99 Jan
loaialO-tSi '»Do pref
16578 107
MlanticOoaat Line RR.. 12,10 167 Jan 4 16(7^ Jan 20 120 Jan
72,750 112<4Juu 5 llO'i. Jau 2;;: lOOSi Jiiu
115% 1163, Baltimore <& Ohio
2110 98
Jan 3 99 Si Jan 6'; 91 Mar
•98
99
no pref
94i»Jan2'4; 6678 Mny
93 1« 941b Brooklyn Rapid Transit., (16,160 86^4 Jau
83
Jan 12 }86i4 Jan21 84 IXc
10
•H2
86 liutfalo
SuHgiie, pref...
38,900 172 Si Jan 4 17734 Jan 19!; 1303, Jan
1737^174% Canadian Pacific
100 69 '4 Jan 3 70-.,Jau 8|| (-.7 Nov
•69 Si 70S Canada Sontbem
228i2 228i.i Central of New Jersey...
1,000 222 Jan 3 231 S; Jau 22; 190 Mav
126,800 64 'b Jan 6 6^14 Jan 2.; 46SlMa>
61 Si 621. Chesapeake
Ohio
300 30 Jau 4 38i4Jauin! 30 Dec
33 '8 33 1* Ohicaso«fe Alton
700 74 la Jan 10 80% Jau 12| 76 Oct
80
80
I>o prer
2 2 Si 23
Chicago cJreat Western.. 25,300 203, Jau 6 23% Jan-.i<il 17S2May
M6 Jaiil7| 83 '4 .Mny
20<l 85 •» Jan 2
•86
86 Si
Do 4 p. 0. (lebentures
.NOO 76
Jan 10 79 4 Jan 24 60 J'ne
•7714 7hSj
Do 5 p. c. pref. "A"..
34
39 « Ian 22 29 May
4
20,00u
Jau
-2
391.
38%
Do 4 p. c. prof. "B"..
Jan 2vi 168 'g .Maj
188 190 Si ChicasTO Milw.
HX. Paul. 225,160 179 '4 Jau 6 193
196
1,10"
6
Jan22| 182 Si Jan
190
Jan
1^
193 196
Do pref

Feb
Feb

137(,

.Mai

Mar
22i4Jan
!« Apr
62 May 697. Dec
',

30

l>ec
321? May;,,.55
178S2.Mav 4 1)34 Oct
98
Oct
Jan
si .Ian 19 336
12
61"8 Jau 26 27i4May» 393, Dec
91 Si Jan 2-.; 83i4Mayj 911, Dec
98 '2 Jau 20 76 Si .Tan 96 Si Dec
22 'e Jan 11 1134 May 2234 Nov
46 Jau 11 21 May 4 6 '4 ^>'o^'
60 78 Jan 16 37 Si May 5234 Auu
83 Jan 15 7479 Ma> 85 V. All)?

f

472

2459 Jan
elaw. Lack. & West'B
4
60Sa 617, Denver cfc Rio Grande... 149'.7'5'o 38 Jau
9,850 87 Jau 4
903, 911.
Do pref
3,220 2:9314 Jan ll
981, 98-^ Detroit United
2,760 lOigJan 6
237, D\iluth So. Shore <fe Atl..
J 23 78
3,100 39 -J Jau 5
•4214 43
Do pref
134,900 47% Jan 6
49Sl 601* Erie
2,850 80SaJau 2
82 12 82%
Do Islpret
3,371 73 Jan 4 7638 Jau 16 56iaJan 78% Aug
74 Si 75
Do 2d pref
173 75 Jan 8 '6 Jan 2 63 J'ly 75 Aug
•75
80
Evansv. iS; Terre Haute.
No 96 Aug
•85
95
Do pret
Jan 6 r326?4 Jan 20
Jan r.35 Apr
25',7'o'o 283
319 Si 321 Great Northern, pret
2-/
92
921.^
S: Jan 22
1-eO 90 Jan
1
Jan
Green Bay<feW..rteb. clf.A
23
Si Jan 19
Mav 24 V J'ne
19
4
31
7eJan
22
22 Si
del),
ctf. B
Do
36
331^
Jan 19
Jau 3
Apr seSaDec
600
33 Sa 34 Si Havana Electric.
><-2
84
Dec
7714
J'ue
Jan
15
Jau
700
16
821.
•81 S)
Do pref
1,900 114% .Tan 10 119 _ Jau 3 86% Jan L2ii2l'ec
115 Si 119
Hocking Vauey
96
.97
94
Jan
18
6
90
„„
Jan
„
"e Jan
'4 -Nov
1,800
Si
95 !«
95
Do pref
11,919 174% Jan 3 182 Jan 12 15234 Jan 1 83 ^ep
17734 178% iUinois Central
Feb
6,800 29 "'g Jau 2 34\ Janl2 24 May 32
33 Sa 33 Ss owa Central
Jau 2 63 >4 Jau 13 60 May 61 Dec
2..300 59
•6II2 62 Si
Do pref
58
'/Dec
58
56
24
Jan
Jan
3
29SaMay
1,000
•55
68
&
Michigan.,
ITanawha
1,120 8 J Si Jan .:3 837ejan 8 81% J'ne, 87 "Oct
833 tVai't.S.<feM.,tT. cts. pfd
83
7,900 31 Jau 26 37%jau 5 22ig.\laj 361, Dec
31
32 Kansas City Southern
5,700 61 Jan 26 71 Jan 5 62 Jau 70 Feb
61
62
Do pief
28 14 J'ne 47 V Dec
1,400 38 Jan 3 44 'e Jan 12
40
40 Iake Elrie & Western .
34 «92S, Jan2 jy-i'aJanilS 91 J>ne 106 ilaf
•93
J Do pref
98
290 Jan ;3oO Mar
300 340 L. Shore & Mich. South'n
8I34 Jan 16
eOSiMay 737gNov
3,300 67% Jan
797, 80
Long Island
166Sa Janl9 rl34Si Jan 157% Sep
60,200 161 Jan
163 154 Louisville & Nashville.
162
May 175 Feb
169
18
26
161
Jan
3,910
Si Jau
161 Si 162
Manhattan Elevated... 15,500
70 Sa Jan 19 7o Si Jan 15 68% Nov i..^l Mar
7114 72
etrop. Seoul., sub. reo.
127
>4
May 133 Aug
122
4
16
114
Jan
Jan
35,426
123'bl26Si Metropolitan Street
.

Mar
26% Jau 19 18i4M.'»\
145i4janl8 «130 J'n't 5.DO Aug
84-4 Jan 11 56ia Jan 843^ Oct
l00i4Jan 3 86 Jan 106 Oct
•99 lOOSi
Do pref
it>3
Jau 10 89 Si Jan 145 Dec
158 168 Si Minn. S. P. & S. S. Mane.
18334 Jan 11 148 Jan |73
Deo
I8O34 I8034
Do pref
40% Jan 12 24 Ma> 39Sa^''^^
39 !» 39s, Mo. Kansas & Texas
66i4May
Aug
74'sjaul8
73
7134 72
Do pref
IO634 ja,ji -^0 94SaMay 1 1079 Mai73,155 99SiJai;
104 14 106 % Missouri Pacilic
""
149
"
Sa
Apr
147
12
137
Jan
100
Jau
Jan
153
146 160 Naeh. CUatt. & St. Louis
4034 Jan 19 33%Ma) •^45 Jan
Jan
l,->00 38
-3914 401,
at. of Mex, non-«um.pf
200 20 Sa Jan 11 21% Jau 24 1734 J'ne 24Si J"*"
•20
217,
Do 2d pret
69,210 150 Jan 4 156 '4 Jan 8 13634 May I6734 Mar
l52Sil53i« N. Y. Central <fe Hudson.
72 Si Jan 2u 42 Jan
„S4 Dec
3,600 6714 Jan
68
69 N. Y. Chic. & St. Iiouis.
119 Jan 16 120 Jan 8 114 J'ly 122 Si J"
'116 120
Istpref
Do
SS
2
9i34jan
9
74
May
95 Dec
"i'oo
Jan
*85
Do 2d pref
90
204% Jan 19 ^191*4 Deo 216 Sep
282 197 Jau
'201
204 N. Y. N. Haven & Hartt.
I4
56^8
i
5
2t>
40%
Jan
Jan
J an
64 Mar
537g 56 3t N. Y. Ontario <& Western. 54,900
S* J ^4 Jan 26
76 May 83 Si Mar
158,746 85 Jan
9178 9314 Norfolk & Western
'^*^
91igFeb
AHg
93
6
;16
200
Jan
Si Jan
•94
Do adjustment pref.
96
21114 Jau 13 165 Apr 216iaA.ug
44,78u 199 Jan
206%20778 Northern Pacific
jl23
103
7814
10
20
Jan
Jan
Jan
U9 14 Oct
19,900
119 121
Pacific Coast Co
100 105 Jan 6 105 Jan 19 100 Jau Li OS Feb
104 108
Do Istpref
122
105
ii)
10
'4
85
Jan
09 Oct
Si Jan
Jan
2,000
120 120
Do 2d pref
396,800 142% Jan 4 147 71 Jau 23 131 Si May ,148 Aug
145%146Sa Pennsylvania
46-2
40
27
Jan
11
15
Jan
100
Jan
4834 -^Pr
'43
47 Peoria* Eastern
77 Jan ;;06 Feb
Pere Marquette
78% J'ly 87 Feb
Do pret
3,300 84 Jan 12 87 Jan 24 70 Mav 873j Mar
85
86 Pitteb. Cin. Chic. & St. L.
108 Sa Jan 24 106 Feb 112 Mar
300 106 Jan
10:1
Do pref
937,100 139 Jau 2 .<;164 Jau 23 i79 Jan 433^ Nov
I5II4I54S! Oeading
96 Jan 22 90 May 97 Sep
92siJan
2
2,100
•93 Si 95 Si lXl8ti>ret
13,518 96 Jan 2 102 Jan 20 84 Jan 01 Nov
101 101
2d pref
25 Jau 6 2 134 Dec 37Tg Jan
23%
3
Jau
26,767
23 Sa 25
Rock Island Company
Jau
9,500 61 la Jau 4 63S»Jan 26 6OS2N0V 86
627g 63 Si
Do pref
23
Jau 18 27 Jau 12 12 J'ne 25 Dec
,^t. Joseph ifcGr'd Island.
'36'3 621, Jan 2 69 « Jan 12
46 Si May 65 Dec
C^ Do Istpref
25 36 Jan 11 40 Jan 12 20 J'ne 35 Dec
Do 2d pref
i7
Deo 81 14 Mar
•66
St. L.&S.Fr.. 1st pref
46 Jau 26 49 Jan 12 45 Dec 73 S; Mar
i'.'J'o'o
46
47
Do 2d pref
190
190
Jan
3
176
Jan 194 Sa J'ne
Jan
3
trctts
stock
com
178 188
C.&E.I.
16,000 2034 Jan 2 27%janl9 20 May 2712 Jan
26=4 27
St. LouLS Southwestern..
61
53
16
Nov 66% Apr
6
Jan
Jau
55
8.875
Do pref
591a 60S}
466,310 66% Jan 4 72 > Jan 22 573, May 72% Feb
70% 71% Southern Pacific Co...
11878
llVsiJan
3
Jan
19
11534
Jan |1 2214 Dec
800
pref
118 118Sa
Do
41 78 4276 SouthernT.tr. cfs. stmped 466,700 3534 Jan 2 4.;% Jan 26 28 Uay 38 Sep
103
100
2
16
Jan
Jan
Apr 102 Si Sep
95
2,418
do
102 Si 102 Si
Do pref.
97 Apr 100 Si Aug
4
*9b 100
M. & O. stock tr. otfs
73,8O0l
39%
Jan
2934
JaJi
24
Apr 41 Mar
32^4
4
Pacific
381* 39 Texas <fe
25 Sa 253. Mexican Central
147 150 Michigan Central
80
81 Mmneapobs & St. XjOoIs

24 4 Jan 4
143 Jau 2
80 Jan 24
100 Jan 13
3',9'5"6 141
Si Jan 4
1,16 173 Jan
61,000 36 Jan
16,200 68 '4 Jan

37,220

J

800

.

1-1

85 Si So hi
86
84
106 112
*105
106 108
159 14 164
155 '4 I68I1 156Sil63
95
951a
95^4 96
«6S2 95 H
100 Si 10176 10138102
100 102
24 !« 2434
24 12 217b
24 Si 2479
62 14 6318
62 »e 63
62=b 62^8
85
106

;

-..J

I

f.

66
•66
48
•178
I

27 14 27 1^
601a 61

I

ti9'8

I

llSHi
[

^

TOi^
11878
3936

39 18
102 102 14
'SH 100
36 >« 36''8

48

•82 Sa 85
87
108 Si •105 108
16218 I5214I56S1

108 Sa
155
•95
95 Sa
101 Si 102

24a« 2434
63i«
62«b

483g

'26 "a '2778
60"
60
70 14 72'8
II8S1 II8S1

39 14 40
1021a 1023,

•98 100
36 le 3634

•66
48
178
26 Si
69

72
48'i8

18"
27 Si
60

7078 72«8
1181a 1181a
3978 4136
10234 10234

•98
36

100
361a

•66
48
178

48
188

2716 27 Sa
6lSa
60
70Sj 72I2
II8I4 llSHi
40*4

102
•98
3634

"94

95

41 7g
102 Si

100

39%

Si

100 Si 101
24
24%
62 Si 62 78

66
36

^66
i36
•66

66

66
48
188

86

'48"

47
'178

26 14
59 14

188
27
60 Sa

691.1 7116
lldia 118 Si
39% 41 7g

102 ig
100

102
•98

37%

3838

••^

'

,

BANKS AND TRUST COMPAXIES-BROKERS' QUOTATIONS
1

Banks

Bid

WEW YOBK
200
Aetna
America ... 520

Aak

1

210

^1

Amer Exch..

t278
760 825
Astor
Battery Parle 140 160
326
Boweryll

Bid

Bn.nki)

Chemical

Atlc

4300 43.50
Oitieens' Ctrl 147
i.-.o
City ...
280 283
Coal <& Iron. 245 2.'>5
Colonial
600
400
CoUtrabi^J
.

"|i

Comraerfce... 1198
Cousolidiiled 160
C'rn Kxchge^i 3K6

Bid

Banks
Fifth
First
14thStreet1I

Fourth
aallatm
Garfield

340
785
200
215
375
600

German Am1| 16.-.
German Exl] 425

Ask

Bid

Banks

Interboroll-. 160

800

176

230

Irving
Jeffersonli

226

Ask
170

. .

Liberty
Lincoln
Manhattanll.
Market <fc Ful
Mechanics' .

185

500
1600
310
265
276

520
1750

Banks

Bid

Metropoli'nll 176

Ask
186

MtMorrisll.. 216
300
Mutualli
200
Nassanll

New Amster
New York Co
NY Nat Ex.
New York...

t499
'300

Phenii

"1

.

1

r> !

js

.->

ft,

180

,

.

Plazall

Ask
325
185

f>75

170 180
'250
280
Riversidell
Seaboard 1> .. ft340
700
Second
Shoe (ft Leth. 170 175
1500 Statell
34th Street.. 195
Northern.... 150
262io 2671a 12th WardH. 225
Orientalll
..piso
23d WardH..
246 26,
PaoiHon

460 490
1300
325
207 Si 212'.j
2761a
;J20
316
290
19th Wardll. 400
275
Amer.
North
270

Prod Exohl)

Mech & Trail 175
Germaniall .. r.oo
Batch's* Dr 170 180
266
Mercantile
Di.scouutli
Greenwicli
170
Century 11... 175 185
1
Merch Exoh 168 175
Hamilton^^i
River..
150
160
East
700
Chase
.-)23
Merchants'. tl70
200
Hanover
Fidelityl
315 320
Chatham
415
Metropolis?!. 400
Fifth AveM.. 3600 3'7'56 rmp <fe Trad. 68(»
Oh el sea Ex ell 180
a Ex-dividend and rights.
11 State banks,
• Bid and asked priC6.s; no sales were made on this day.
t Ex-rights.
i Less tliau 100 shares,
Sold at private sale at this price.
As.sessmeut paid.
Trust Co. eertilioates.
1 Sale at Stock Exchange or at auction this week,
.

Bid

Banks
Park
People' 81)..

.

b

NOW stock.

.

.

Jan

19m

27

STOCAS—MjaUMST AND LOWEST SALE PRJOMH

IM
6b

as

3^84

4014
69^,

cy

I9

tyecCnesdai'

Jan

1387g

HP's

3H

40

40

'.WI2

H3H!

;);iV

•2

19

96>i2

9:(

93

''a

24

07I2
ID

n9

"4

26^.

47^ 48

48

4V
373r

98^

96

8711)

"24

:M

138
35
39

138>2

95
92

98
95
92

119
Hi

11939

97'-!

94
92

86
25 14

26 »s

26 Hi

98^2
94

92
86
26I4

4734

47I4

483,

3918

4634

381-j

39^8

1934

19 -^

39
19
45

39 H,
20 H;

39

4734
28^4

46

47

2714

27 Hi

46^4

eiia

Gi!V

62

62 14

30 "a 32

»240

'9712

120

"i.,

46 \

Si

I38I4 a;i7'2J38i2
36 "t, 3538
3914 3934
5914 691,
68 '•4 58'>j
'4

is?" ieoi^ ibsigiss"

32\

<,

27

Jan

155 14 16V
9,S Lj 98 Ja
95
95
92
92
86 '2
86
24 '8 2534

3 2 19

44

a

Jan 25

'J4

120

8^4

•J

3

.

27
61

46»»
27

V

Hi

2734

30 Hj 3134
61
62

92

473,

39 14

19

'2

2014

30
30 Hi
60 Hj 61

20:^

STOCICS

NEW YORK

JYitiay

lly-'4 lliO

32

4f)'-)

Thursday

351-j 35 o„
39 3r 393j

Sits,

1914
45'4

•441^
11 ^i

138

36 lo
3!l>j

5!) la

158^159 "1
*ll7i-^

61

.

Stock Record— Concluded— Page 2

Saturday u Jlfonday
Jan yo
Jan 'i2
.

.

^38

139

*35
•38

39

STOCK

EXCHANGE

aii

35 3<

58I4 583,
11934 120

Avenue (N. T.)...
oledo Bail waysife Light

i"'hir«l

St L. & W. V. tr. ctfs
Do pref. Tot. tr. ctfs.
Twin Olty Rapid Transit.
Tol.

Do

pr«f

i57% i68% anion jPacittc
---Hi
97
97
Do pref
•93% 9a UnltRysInv't of Sani'ran
92% 92%
Do
pref
"86
86% United Bts of St Ijou. pre!
2578 26% Wabash
46% 47 H
Do pref.
39% 3934 Western Maryland.
20
20% VVhe«lin)?& Lake Erie
4f>
Do let pr«rf
28

•30
61

Do Sd pref...
Wisconsin Central

31
611

Do

pref

Indastrial Oc lUiscell
AdsuBS Sxpress.
i2ciO Feb
25
253^ 26%
lUs-Ohaliners.. ..
84,610 22 Jan
24 14 Deo
64% 657(
64 7g (55
Do pref
14,450 61% ail
6S Feb
a:108%11034 110%112 ArnalgaanatedCopper
723,730 10379 J.in
.
32"
11-4 liec
31
33
3334 Amer Agricult
Chemical! 27,330 24% Jan
96 '4 102
.A,pr
29%
100 10034
Do pref
2,100 93% Jan
102 Jan
95 -Aug
46% 471, 46% 47% Ainerioan
Car<fe Eoandry 134,425 39% Jan
47% Jan 24'
4 :; % Apr
104 10434 10334 104%
Do pref
5,360 99 % Jaa
105 Jan 24
421-.
;U!4%Apr
40
41% 41', .•American Cotton Oil
17,000 37%Jan
44i4.Tjin 11
40% Dec
94
94
94% 94%
Do
pref
900
Jan
22
93
95 Jan 101
97
Keb
238 247 ?240 249% Americaa
Express
3,679 :'22 Jan 1 249% Jan 26
[
J-16
Feb
10% 10»,
10% 10% AiuarioaA ©raas Twine
3,465 10%Jau 4 1134 Jajj 15
1-4
Jau
834
i>'8
10
"a
Amar
Hide & Leather
2,000
8=8 Jan 11 1(; Jan 26,
1 1 % Dec
38
43
41
4214
De pref
10,900 36% Jan 18 43 Jan 2')
43 14 4434
55% Wai
44
44% America* Ice Securities. 17,690 35%Jau
2 46 % .Tan 18|
36
Dec
I4
26% 2678 26
26 American Linseed.
6,850 20 Jau 5 29% Jan 221 15% Jan 23
•49
Dec
50
47
48%
Do pref
'.'/,[[
;^,690 41% Jan 12 5i 7g Jan 20I 36
Janf
4-<%Apr
72% 74% 74
76% American ijoconaotive
136,400 7934 Jan 23 78%.Ian 4' 33 Jan 5, 4 Deo
118 118
117%119
Do pvet
6I4
710 117 Jaa 4 120%Janl6! 10334 Jau
6
'b~a
[
014
Apr
28 Hi 28 H?
American Malting
600
28^4 28 "4 *28
5 Jail 3
29
6% Jan 24
2834 29
4 Sep ' 83, Jau
101 Se 101 34
Do pref
1,600 25 Jan 9 29 Jan 24 20 J'ne 28% Mar
•101 H2 10134 10134 10134 101% 101% 101% 10134
Amer Sn»elters Sec pref"B 2,000 100% Jan
171 M 173 14; iVo34 i733,' 16914 172
101'4 JaiilS 97% Sep ;i02
I7OH2I73
Nov
169% 171
170 17134 Amer. Smelt'g(fe
127^8 l'-28
128 130
Refin'g 156,100 162% J au
12734 12806 128 Hj 129% 128
174 Jan 18 7934 Jan 170% De«
129
128 1281..
*220 i!50
Do
pref
15,050
Jan
260
220 250
11
:i20
130
126%
Jan 12' 111% Jan 137 Dec
260
220
220 250
220
220
•105 109
American Snuff
500 .'20 Jan -^d .'20 Jan 25 163 .May 250 Nov
•105 109
100 109
105 109
•105 109
107 107
1434 143<
Do pref
lOil 107
Jan 26 107 Jan -6' 99 .laJ) 110 Dt-c
14=^ 1434
][
14^ 14=8 14 Hj 14 7(
14% 14% 14% 14% Amertoan
52
52
Steel Foundr's
5214
5,835 1378 Jan
62
52 Hi
15%.Tanl7l
62
6214 6234
0%J'ly 18% Mar
62
52%
62% 52%
I5OI2I52
Do pref
5,500 49 Hi Jan 5 53% Jan 17I 35% J'ne 67% Apr
I6O34 15138 149 Hi 151% 150H!l53% 160 151%
161 162% American Sugar
59,850 14334 Jan 15 157 Jan S' 130 May
""
Befining
139 Hi 13978 -139 141
'139 140
i04 Dec
•139
140
143 143>i 143 144
Do pref...
20i)!i38%Jan 3 140 Jan 191 133 May 141 Alls
141
141
'140 142
140
I06 1063. 1061-2 109
Amer. Teleph. & Teleg.
;o(i
38% Jan 16 144% Jan 19 131 Dec 148% Jau
107 's 108 Hi 107 I0734 io6%io7"" 107 142
loV
4534 46V
Amer. Tobac. (new), pref. 23,820 103 '4 Jan 11 109 Jan 22I 9178 Jau 109% Dec
46
44 'a 4618
45
4734
46
4534 47%
46% 47% American Woolen
»lu4>2 105
44,280 40% J an 4 48 Jan 6 20% Jrtu
I0434 105
105 10H3g 109 '4 110% 109 % 1 10
'"%Xov
108 110
27ii
295
Do pref
270 2821s 267 275
6,790 103 «Jan 3 110 'g Jan 24 93 Jau 10-j%Mar
270% 283
265 275
274 279 Anacoaita Copper
IVO 180
322,600 x2S0 Jan 6 298 Jan 2 100%.«a> eP5 Dec
175 176
178 178
175
180
175
180
'170
180
•19
19\
C>rooklyn Union Gas.
olio 165
Jan 18 178 Jan .a 175 Deo K215 Feb
1914 19 14
18 Hj I9I4
1914 I9I4
•18% 19% L»ranBw. Dookcfe
•59
60
59 H.
1,200 18% Jan 2 20 J au 9
F*o9
5978 597, •67
C.Imp'i
107, •)aii
59% •57
22 % Dec
69
57
67%
48^4 4884
Buttenck
4938
Co
65u
Jan
48
1
4734 48-'4
55
5979 Jan
50 Doc 60% Jau
48% 49 7^ 48% 49% 48% 49
105 105 V 10534 IO6I4 I05H1IO6I4 106%107%
lentral Leather
84,610 44 (4 Jan 5 49% Jan 24 40 bep 47 % Oet
(
107%
107%
107% 107% v-* Do pref.
7218 7434:
74
9,770 103% Jan 5 107% Jan 24 102 H Nov !l05%Xov
71
71 »e 80
79-4 83I4
79% 82% 81% 83%
108 108
10bH)108
105 105
109% 109% 110 110% 1091410914 Colorado l^^nel & IroD.".'."' 361,010 55^.Jan 4 83% Jan 26 38 Jl iiy 59 Mar
21 '2 22
Do
pref
2II4
2034 21 Hi
1,200 95 Jan 15 no's Jan -^5 80
2II4
20
Au 105 Mar
20%
20% 20 Hi 20% 23
172islV3
<fe Hook. Coal <fe iVon!
24,500 17i2Jan 4 2-! Jan 26 il«4 Jlay 20 Dec
172 178Hi 1761818134 177%180
177% 179% 179 1813^ CoL
16'6 17 14
Consolidated
Q«8
23,430
17
17"^
(N.
I718 17Hj
Y
168% Jan 17 18134 Jan 23 175 Nov
)
IT'l
i;l4
17%
Mar
18
17%
18
18%
•""
6618 561.
Products
13,8-10 16 '4 Jan 18 19 '4 .Ian 3
5618
56
6534 56
J'ne'^ 22 '4 Feb
56% 66% 66% 66% 56% 57 Corn
6338 5418
Do pref
2,750 55% Jan 17 61% Jan 3 40 Aug 79 Jan
5339 64
52 Hj 63 14
523, 631*
523,
52%
63
627,
86 7g 86
14 Distillers Securit's
»6
86
Corp". 16,225 a;51U2Jan
5 4% Jan 2o ^3478 Jan
86
54% Deo
*83% 85
167
Blectrio Storage Battery.
165
550 81^4 Jan
175 199
87 B Jan 19 76 May .89% Fey
180 185
185 190
180 180% *175 180
I09I2IIOI4' 110 'slip's 110 112
Federal Mining
Jan
ismelt's
5,800
l99
Jau
138
22
60
Jan
110%111%
I45
Nov
110
109
110 110%
178 178'-^ 178 17934 1771^17834 178 179
Do pref
43,630 104 Jan
ll.;7g Jan j'2
75 Jan 1 10% Nov
177 178
."""
25I4 257,
177 177% Qeneral Eleotrio
25 Hi
Jan
25
6.700
175%
181%
Jan
25
24%
9
May
2434 25%
160
192
Mm2434
24%
24% 25
88^4 88 1<
Paper
13,000 22 % Jan
26^4 Jau 15
8SHj 88*4
883,
88
88% 88% 88
18% J'ue 25% Doc
88
87 88 *International
61
61
Do
pref
Jail
60^4 61 H)
2.140
90
Jan
84%
1
6IH1 61Hj
Feb
61
76
61
l.eo
88
%
%
60% 60% 6334
% International Power'
6634 66'(
66
5,000 58 Jan
ee^ft
i-73% Jan 26 48 Oct 100
66
66% 66% SS'R 66% 66% 6634 73
Feb
66% Kniokeroocjter Ice( Cliio) 11,780 61)4
•6734 68
Jan 10 68 Jan 15 10 Jan 63 Dec
67
67 7,
67 Hi 673^
67% 67% 67% 6734
67%
68
»114 II51.J lloHjlloHi 115 14 115
Vfational
Biscuit
Jan
.%114 67
3 69% Jau 4
Aug
116 116
Dec
•115 116
69
%
115
lib
i^^ Do
IV '8 -l-7'i
pref
1734 IVe •17
545 113 -i Jan
115% Jan fz 11 o Aug 1203, Mar
18
17% 17% 17
17% •17
17% Nat EnamelingifeStamn's
•87
90
J an 10
•87
90
l8-.,Jilu 15
•87
90
•87
11 Aug 31% Apr
90
88 90 •87 90
^^ 1,400 16 '4 Jan
91I4 93
Do
pref
9i;-^
90
15
87
8834 9034
88 Jan 16 80 Au
89
92%
94 Apr
8834 9034
90% 911. NationalLead
105 105 Is 105 Hi 10614 105 Hi 106
106%106i4 105 105%
63,900 80 % Jan 5 95 "h Jan 19 24% Jau 89% Dec
104
105
»161 m^-'i 161
Do
pref...
Jan
16338 160 16J
2,514
11
103
Jan
106%
j97%.Iau
115
l<e<;
16178x62 •153 161% New York
105 105 's 10434 105
Air Brake
Jau 4 i63'4 .liiii 5 110 May I6334 Nov
2,.iOO 160
10234 10434 103 10434 102
103'4 102% 103
50i% 5II2
North
American
51 1^
Co.,
Jan
51
21,12<
2
new
98
107
Jau
4934 51
V-z
6076
:i5%Novp.07
50
Apr
49% 5034 50
501. PaouicMall
10034 lOl
1003^ 100 '4 100%101H2 100% 101
8,700 46 Jau
51 % Jan 19 33 .Via) 5i->4 Dec
100% 101
100 100\
eop. Ga8.L.<fe C. (Chic.) 11,110 100 Jan 13 103
le-'B 17
16=
lo
'16
Jau 2 97%Mav !ll5%Ai.i17
16% lS7g 16% 16%
16%
16%
Pittsburgh
62 Hi
61
Coal Co
61
61
3,500 14^8 Jan 12 17 2 Jan 19 12%.1'ly 21
60 62 *56 60 •56 61 •57 63
.\l;iy
Do pref
62 ig 62 Hi
62-4
62
6II4 62
800 59 ^ Jan 10 62% Jau 19 45%J'ly 80% .Mhv
6 1 '4 64%
6I34 63%
62% 63% Pressed Steel Car.
103iel03i« 103 10378 102% 102% 103
28,115 53% Jan 4 64 '8 Jan J4 3:; I2 Jan . 5834 Dec
104
10334104%
104 104
Do pref
243 245 8247 247
2,970 100 Jan 8 10134 Jan 24 87
244 244
243 246
Feb 1011- ucl
243 246
245 245 PuUman Company.
61
61
610 243 Jan 2 247'4 Jan 15 230 May 258 Aug
61
61Hj
60 Hj 61 14
6034 62
6078
60
61
60%
ail way Steel Spring!
loSHjlOSHi 105 Hi 106
Jaa
11,900
4
60
'4
62
Jan
106 108
36
15j
May 631. I)ec
107 107
106% 108
106 106% I^Do pr»f.
^
36H3 37
:..
1.000 103% Jan 5 107 Jan
36
36Hi
35 Hi 36
93 Jan 106 Xov
35% 37
3434 3578
35% 36 Republic Iron <fc steel
10738 108
18,200 32 Si Jau 4 39 Jau 12 15 Jau 36% !)•<
107 Hi 108
107 108
107 108
106 107
106% 10634
Do pref
5,900 105 Jan 5 110% Jau
67 Jan i08 Dee,
Rubber &oodfl Mfg
42 Jan 2 43 Jan 9| 24 Mar ^4134 Dec
Do pref
93
93
Jaul5
9J78 923,
106'4
'4 Jan 15
106
91
92%
91'8 92%
94
Jau 109% Apr
92
90Hj
9134 92% Sloss-SUeffleld St.* iron
>106 125
a06 125 '106 125
7,740 86% Jau 4 97% Jan 12 60 Jan 118%^ Feb
106 120
•106 120
•109 126
Do pref....
159 160
158 160
159
169
100
Jan
157%158%
130
Feb
147
158%
*155 leo Tenn. Coal. Iron <& RR
8II4 8II4
79 Hj 811- (181% 811,
129 Jan 2j;165Janl2 68 Jan p 48 Dec
81
83% 81% 8I34
81% 81% Texas Pacific Land Trust 8.400
2,300 64 7g J au 2 83 -4 Jau 24 37% Jan 66 Dec
14\ 14
U'e
14% 14
1478
14%
14%
14% 14% Union Bag <fc Piiper...
83 14 83^2
3,300 13 « Jan 13 15 14 Jan 19
83Hj 83Hi
83
83% 82% 82% 82%
8% I'ue 15% Oct
82%
62
52% 5134 62 14 51
pref
1,000 80 "2 Jan
62
84 Jan 18 68 Ian 82 'j Dec
51% 5178 51
51% 5078 51% U. a.DoCast
I.
96% 96% 9614 96H! 95 7g 96 V 96
Pip«
*
Foun
10,740
46 % Jau
53 Jan 17 1 9 7g Jan 48 ij Dec
9678
9634
96%
36%
96%
»127
Do prof...
132
132 132 Hi «131% 131% n3o 134
4,700 94 Jan
9678 Jan 24 79% Jan . 9734 Apr
134 136
136 138% United 8t«t»8 Eipresa!"
89 76 y4Hj
ail,
93
2,743 U24 Jau 15 i38%Jan26
9934 9234
110 Dec :134 Feb
91% 913,
90=4 9134
90
90 U S Realty A ImprovG'nt
30
30
•29
32
6,400 88 Jan 4 94 Hi Jan 20 77 Jan 98% Mar
30
303.
30
30%
30^4
8O34
31
31% U S Reduotloa & Refin'g 1,100 30 Jan 18 34 J iiu 2 18 Feb
•68
70
68
68
68
68
68
68
•67
40 % .A.pr
69
68
68
Do prer
5618 5634
563^ 68 Hj
1,060 68 Jan 22 71 Jan 4 35 Jan 73% Aug
58
66
66
57% 55% 56% 5534 66% United
11234 113H! 114 U4Hj 11379114
Stat«e Rubber
42.255 51 Jan 4 58%.Tan 2'^ 3334 Jan
)8 % Sep
113 11378 113% 114
11378
86I4 86H2
114
Do l8tpr*(
4,900 109% Jan
86H1 87%
,!;115 Jan 15
86
86% 86
86% 85
98% Jau 118% Apr
85
84% 85
Do 2d pref
46 7g 46 14
46'2 461,
7,000 83 Jan
j;87'-jJanl6 75 ^ov 83J4 Deo
44%
45%
4434 46 >4
4434
4334
44%
46
United States Steel.
112 II3I4 1121911314 111% 11234 112 112% 111%112
463,920 42 Jan
46 % Jan 20 24 78 May 43 % Deo
54I2
111% 112%
Do pret
03
5334 55
206,246 105 Jau
54
1 13 % Jan 20
52
53
9034 May 107
6434
52 % 537g
Deo
5234 5334 Virglnla-Oacolina Oheni!." 18,500
115 115
lis 117
62 Jan
68 Jan 2 2834 Sep 58% Dec
116%116% 116 116% 116 116 '114%116
Do pref...
54
5434
54
55% 54
1.900 114 Jan
65
117% Jan 2 103 % May 118 '4 Deo
56
66%
5534
64%
55
55%
Vlrginut Iron Coai&'c"' 13,900 50 Jan
•240 250
240 260
66% Jan 24 36 J'ue 52% Feb
240 250 J 240 240
240 248 «245 248
\ireU8 Fargo <fc Co
-9314 933. •9314 94
158 240 Jao
^248 Jan 26 J226%Deo dV) Feb
93% 93% 93% 93% 93% 9334
9334 94% '" est'n Union Tea«'gph
173 173
171 173
2,315
Jan
93
Jan 36 92 Jan 95%,T'ue
171 173
94%
170% 174
170 170
169 170% West'gh'seEl&Mlgassen
•188 195
3.300 169 Jan 26 176 Jan 5 152 May 184 Apr
188 188 186 195
181 195
186 196 •185 195
Do 1 at pref
100 188 Jan 22 188 Jan 22 1 87 % Doo 197 Apr

260

'240 260
'240 260
240 260
23151 24
23 'r 23 7o
2314 253.
257b 27%
6338 ^A\
6334 64
63 Hi 65 'i
65 1* 67
113i«114'8 11 II4 113
109 112
110% 11234
32-'^:
32
313„ 3l7p
3034 aiHi
31
»l%
•92
96
•91
96
*91
96
95 9678
•)5~
44-'4
'M\ 45 '4 4319 443), 44% 47 Hi
103 103
103 H2 104
103 104
10334 1U5
42-',
42
41 ^i 4212
4034 42
4 1 Hi 42 >^
93
93 7e
9 2 Hi 95
9478 9478
229 220
227 227
230 234 '» 234 '8 23734
•lO^a 11
10^8 lO^g JlOHi lOHi
10 '8 107,
-9
9>-.
9
9
9
9
9
9
37
38
37 '4 88
36=8 373g
3634 38
45 >2 45 '1
46
44 Ha 45 Ha
45'a
44^4 45Hl
2734 29 .•' 28
29^4
27% 28% 27
2734
63
61
oH, 49
50
49 "4
50
50
7638
73 Hi 7dia
7034 73 \
7234 7434
11914 11914 118
119
*n8 118Hi «118 118

240

260
26 7j

240

250

-I

,

1

[

1

1

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&

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BANKS AND TRUST COMPANIES-BROKERS (QUOTATIONS
Bonks

Hd

tJnion Exchi]

fnit^d
92
|J 8 Bicha'eH 125
Wash.H'htsil 225
weetSldell. 1500
Sorkvillell
.

Ask
220
95
160

100

-SBOOKLTN

fcoronghH..

146

Broad wayH.
BrooklynH -

;jyo

Krsi

i95

•
I

130

140

Banks

Bid

Ask

Trnat Cos.

Bid

Ask

BHOOKiTH

leo
Manufactrs'. 366
Mechanics^i - 280
Nassau
430
Nat City
310
North SideTl. 4 35
People'sll
270
Prospect PkT] 140
KldgewoodV 140
Terminal ... 140
Unioiili
210

Trust Go's Bid Ask Trnst Co's
Are Tr
690
N Y LifeATr
Guaranty Tr
600
NewYorkTr
Qoardlan Tr 225 230
Real Est Tr't
Knlck 'rb'k'r 1160
Standard Tr't
Law T I ATr 320 330 TitleGu
* Tr
Lincoln Tr.
605 616
Tr Co of Am.
Manh.'itt.-in .. 1485
Union Trust
Mercantile
900
USMtg&Tr
Metropolitan 610 626
Unit States
MortonTnist 1850
Van N'denTr
Mutual ..
132% 140
Washington
.Mut.AlUance 215 225
Windsor
Fifth

Home BankH

N. T.

300

150
150

230

orrr

Bankers' Tr. 536
Bowl'gOreen 224
BroadwayTr. 166
Central Tr'st 2210
Colonial
410
Colnmbia
260

Oommonw'th

227
170

.

2250
420

.

95

Empire

310
Equitable Tr 490 515
Farm Lo A Tr 1450 1480
Less Mian 100 wliare.s.

Bid and aslred prices; no sales on this day
«
sale at stock Kx«liange or at auction this w eek.

o

Ex

stock dividend.

.

t
s

Trust

1^0.

Ask
1076
726

Trust Co's Bid \ Ask
BKOOKLYN
Brooklyn Tr U»07,
•

I

Citizens'

i;-,>

162

200
360

375'

45
185
185

20«

1376 1400

lOngsCo.... 460

>00

335
425
-65

Nassau

440

Flatbosh

1674% Franklin

7«0
1425

....

Hamilton

Home

.lenkins

L
460

Isl

LATr.

:<!(>

'260

People's
135
,
Williamsb'g. Li30

*45

^40

Now Stock.

Jl
oertitioatea

'P.ii;!!'?'?''"'-

Bid
1025
720
323
420
tC71
750
1400
500

1|

Ex-dividend aud ilght.s.
Banks marked with a i>uragraph

(1|)

are State %anka.

—2

.

Wew

ExcMnge— Bond

York Stock

ot;cDrvi.N<;

fjLT. STOCK KXCHJLNGK
Wkkk Knuinc JAJ» 2«
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ti.

ri-^'mtflroil

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Hince

Jan

LoMl Hale

January

'26

y-F
y-F

aiuaU bonds.. fcl!»ls
D B 3s con small bonil8..fcl'Jl.S
/il'JO?
repistored
S4h
y
/ll907
U ti 48 coupon
1«23
M 8 \n reKl»W>r«d
lUiJS
U B 48 coupon
FlUbppuie I8ianfl8 4a.llU4-34
(iovei'iunrnt
fapaneseGovt 69 Bterl'g.l911
imi
1 2d series Gs
£ loan 4'i28 oils lull pd.l92B

Bigh Mo Low

A lie Low

103'» 103S, l(r3i«Jan'06
103 •«
103 >« Jan '00
102'4 103'* 103'HJan'0«J
103'. 1U4
1 03 'g J an '06
107 juo'Oi:

Q-J
q-i

/tl^lK
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CH 38 coupon

H'eelCs

Kange or

•i't<t

V 8 28 couKoireKifiieretl.dlOSO
D a 28 coiiHol ooupou <il930
8 38

friee

frUiav

102
loa

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103 "4 103 "4

'

103
103
103 >4 103

1

131

Si

131 Si

Sj

(

V\^ bale
2d senes 4 >2S ctfs hill paid. J-J
A loan 48 c«8 full paid. .1931 J-J «7'ii«al«>
Bepubof Cubabaexten debt.. M-8 Hi7 lo7iv
W W ol Mexico 8 f K 68 ot 189H y-J i*9958
9a Sale
1954 J-D
Gold 4« ot 1904
Hlate !^ecuriUe«
lUlMuaa eiass A 4 to 5....1900
1900
Class B 6s
•

01a»8C48

190(3

Cnrreney lauding 48
Cofnnibm 3-658

19'i<)

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100
100

99'-j

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307

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95

92»4

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204 87
107 K. 1." 106'4 107 Si
2 99 S: lOo
99 S,
146 9238 95
95

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Deo'Oe

102

109UOct

'00

102'-iMar*0V
111 Mar'OV

1P24
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Norlb Carolma coosol 4a.lBlU
.1919
6c

Oct

119^4

lltf

Olflt ol

'04

106»<»Dec'O4
102-»<

Oct

'05

136VjJ'ly'01

BodvoIlDa4*>^'2(M,uII."Il9-<i3
renu new •ettleii>ent38..1912

120 Mar'Oi.'
95'<jJan'u6
95VjDec'04

i)5>«.

Small

•»7

VlcglDla tnnd debt 2-38.. .1991
6* deterred Brown Bros otfs.

95

96»4 Jan '06
2'J
21'8

,

Sale

•ii

85

95

Si

Sj

96^4

'J^i>^

20

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Railroe.<l

I

A la^m"'^^ Cent /see So By
Aj»l>aMidl 6'e« At Coast Jaine
Aibanjr •& Susq net l>el A Had
Ailexrheuy Valley Hee PeuB B.B.
iOleg & West Sm BnS B <ft P
kl9»b Q-J
Ana Arbor l8t g 4«
AtnhXtSi HFe—QenK4e.l996 A-O

1W6 A-O

Begistered

i

Oonr g4s
djosunent g4S..

1966 J-l;
A1995
^1995 Nov

Begiatered .^

Stamped
M995 M-N
Debentares 48 Series K. 1907 FA

F

Series
Series

H

1908
1909
1910

1

1911

(i

Senea
Senes

FA
FA

FA
FA
FA

A.tl

Knox <S>

A.tlantic

Coast 1st

Olmrles

Sav F

N HeeL&a

g Aa.hlfo^ MS

Say Ist

1984

latgold 5a

f:.

'-.

;

lOSH,
105'-;

97
95 Sep '06
97
96 Hi
9908Miiy*05
99>aNov't)4
100 Si Jan '06

101»B,

100 >«
100 »e
99 1«
98«8
97'»

9914100

97

11

102 "4 103 Sj
711 102 's lOoh
i4d 94I8 97%
1

94

N

100 Si 100 Sj

102 >4

78 101S»102»4

132^8

131^8 Sep '05

118

112»8Jan'04
114»8NOT'05

U6

W
Southw i»iy Ist

94

'

95
105

y.J

lol>4
91^)

M-N
M-N
^:i
M-S
A-O

109

Apc'06
1 1 9 Si Mar'04
100
100

123 Vj.

100

100

123>4NoT'05

lOl^i.

117

103

.

126»4

126

.

99 Hi

&P

Apr'97

125»4

Deo '06

130

NoT'06

99 Sj Jan '06

106*4

99<9

lOlT,
107»<
'06

101»4l01'e 101 Si
I08'e 107»4

Begiatered
3arb de Shawn

99 Sj
101 Tg

101

106«g lOS"*
10534 1063^

Jan

F <& .N .M« B C B« M
Oen Branch U Pl8tg4a...l94H J-D 94 Sj.
Oen Branch By See Mo Pao
Cent ol Ga BB lat g 5s..pl945 F-A 121
1945 M-N
1945 M-N

Conaol gold 58
BegUitered

;

94

114 Sj Hale
112Sj114

1st prel income g 58
2d pret income g 68
8d pref income g 58

pl946 Oct
pl946 Oct
pl946 Oct
t
Chatt Diy pur mon g 48.1951 J-li
Mac <& Nor Diy Ist g 68.1946 J-J
MldGa<fe AU I>iy6a....l947 J-J
MobUe Diy latg 5a
1U46 J-J
BoIGacolg6a 1937 M-M
Oen
'

Sale
Sale
Sale

9>j

83
81
94

"4

,

111»4

112
113:'*115
107'4

BB&

Jan

'05

120 121
121 Jan '00
ll4Sl
114S. 10 llSmUSi
107 J'ne'04
95S8
96
73 9334 96
85
86S! 309 80Sj 8«Sj
80
81 \ 647 75Sj 8IS1
93»4 J'ly'Oi

115 Si Deo '06
116 Nov'05
ll5SjAug'05
10S=>« Aug'06

•'mu Ry<fc L,lsidi;relg4Sj8'61
Stamped unar 4Sj8
1961
#eu Con Tr Co Isl g 68.. .1933
Den Tram Co con g 68..1910
Met Uy Co 1st gu g0s..l911

E&

F-A
J.J
J-J
J-J

106

10938

109^

II8S1II9

1083^ Sale

108 '4
108^,
107'4 Nov'o;'

A-O 109
J-J
J-J
J-J

M-K

Sale

108»9

9934 bale

9734

loo's

1 00 S<

1023< 103
114>4 113

'

F-.\

HI

F-A '112

FA

FA

96

bale
96Sj
Sale

>

J-J
89 "4
J-J '101
J-J 100S8 102

A-O

y5
9618
88 Sj

109
100

108

95Sj100

Jan'06
Dec'05

106Sj106Sj

113>4

30 lllSill3'4

Dec'05
95

95

9HI4

96
88

8y3(,

96
96 >4
89 Sj

10134 102 14

J'ne'OO

J-J
J-J

Dot United 1st con 4Sj.s.iy3i J-J
"avaua KIcc consol g 68.1952 FA
»ni8 By Co iHtcon
6s. .1930 J-J
;;

94
96

Sj

cr

* JNo price Friday; latest price this

week.

95

95 "4 Jan '00
95 S
y6Sj
Mar'ys
109

aDueJan

tt

'4

113
02
98
113 '4

Dec '05
10734 108»4

Mar"05
Jan '00

99
ts^Sj
j:1'4 bale

8-

102

102

J'ly'oj

Feb '05
sep 'O.
1 00
«J3„ Jan'Oo
82

'4

102

S,

M24

82 Si

75

Jan '06

102

y6
96 "« Feb '06
10534 Aug'04
9434

96

943s

105 's.

78Sj

10

110>4 Jan'05
102>4
106S>
106'4 J'ne'Oo

lOtfJalOeia

Apr '05

100
loese

U2'gSalb

112>fl

J.J

1)5 '4

106 107
112'sll2'4
94 '8 96 >4

106»8
112'e
96I4

90>4

10o=8Dec'05
J.D 10334
139
i3y
A-O 134 Si
I19I4
lly'4Sale
119
M-N

J-J
J-J
J-J

13234

133V 133

113
I0/I4

J-J
J-J

11-34 iiyi*

108

118

118

'06

132 Si 133
113Sj113'i
1073s 107'%

113S> 113SJ
107 38 Jan '06

110 '4 Deo '05

110

110 S. 110SiJaa'06
109

Si

l09»sll'J'«

J iie'04

96 '8 97

96'8>'*'»'oo
116-4 Oct '05
lla-iBOci "oo

90'i

J-J
1921 J-J

Jan

13y

132

llySjMar'06
118
118

M-N
118^4

102 >«

103

106S

106=8

J-J

102 102
943* 95>«

10:<:>«

M-N
M-S

M11& No 1st M L 6s.... 1910 J-D
1913 J-D
Istconsol 68
1915 y-F
Chic & North w cons 7s
Kxrtension 48
1886.192s F-A
1880-192 « F-A
Registered
Geuerai gold 3Sj8
1987 .U-N
Registered
piy87 y-F
Smking lunU Os... 1879-1929 A-O
1879-1929 A-O
Registered
Sinking fuuU oa... 1879-1929 A-O
1879-192y A-O
Begistered
1909 M-N
Debenlore 58
1909 M-N
Begistered
1921 A-O
Debenture 58
1921 A-O
Begistered
Sinking fund deb 58
1933 M-N
1933 M-N
Begistered
DesMo<fc Minn lat 78. .1907 FA
1910
North rihnols Ist 58
Ott C F & St PaiU 1st 6s 1909 M-S
Winona & St Pet 2d 78. .1907 M-N
MU L 8 <fe West 1st g 68 1921 M-N
Ext & Imp sf und g 58 1929 F-A
Ashland Div Ist g 6a.. 1926 M-b
1924 J-J
Mich Div Istg 6s
Convertible deb 5s
1907 F-A
Incomes
.1911 M-N
Chic Bock Isl & Pac 68... 1917 J-J
Begistered
1917 J-J
1988 J-J
Goneral gold 48
Begistered
1988 J-J
Betanding g 48
1934 A-O
Coll trust Senea
4s ..1910 M-N
1912 M-N
J 4a
1916 M-N
1916 M-N
N48
1917 M-N
48
1918 M-N
P48
Chic B I & Pac BB 48.. 2002 M-N
200'. M N
Begistered
1913 M-S
Coll trust gold 68
Bur Ced B <b No 1st 68.1906 J-D
Con 1st <& col trg58...1934 A-O
Begistered
1934 A-O
Ist gu 58.1921 A-O
<& St D Ist gn g 78.. 1927 J-D
Choc Ok & Q gen g 68 .ol919 J-J
1962 M.N
Consol gold 68
1923 A-O
Keok<& DesM Ist 6s
N O See 111 Cent
Ohio St 1.

113
llO^s
107 Sj
l07»8Jan'o6
114 11438 114
il4'4
108«g....
Jan 'Ot)
1 09
12634....
137 Sj J iy'9'."
111^112 1113gJan'ot)
103-'8....
106 Aug'04
185 Dec "06
111«»
11334 Dec 05
104 "4 ..... 106*8 Apr '05
107 Sj
10634
lli6''4
106»a
108»8J'ly'05
113
113 Sj 113Sj
10838

110

113'4ll6
126

llO^Ocl'OS

io5Sj

....

106 "a Jan '06
10234 Nov'05
lOOhi H'O-,

99

103 Nov'ys
114SjK^of'o5
114 Dec'05
111 Nov'05
108'4Nov'u
103 '8 .Nov'05
104 iUai'04
11134 Oct '06

y9

111
103 Si.
Ill's.

Sj 1O708
ll3Sjll4i4
109 109

107

11138 Ill's

106 "4 107>4

Oct '05
126

126

IO^jSj

120 120
105Sj106'«

100

100 •«

117

117

108^4 Jau'u4

117 bale 117
117
117
115 Nov'05
102 Si. ...
'...
105^4
105 "4 Dec '0
104
104 Dec'05
100
110»4Mar'05
120Sj
126 Sj J an '00
11934
120 Dec'05
I'-'^Si .. .
142 Si Feb '02

128

131SjJ»n'05

101 ^
loS**

106i>g»ep'0o
109 Sep '03
119 Jan 'Ob
123 May'05
10314
103

US'.
118

103>4balo
'

H

y234

92 Sj

—
....

9v!Sj

SO^ss^e
9138 sale
lOoOg Sale

no's
117Si

»8

119

1264

119

102Sj103>«

95
96
97 J'ly '04
97 >4 Dec'05
96 Nov'06
93 May'04
94 Sj Deo '05
90 M<»y'04
80 V 348 79
79 Si
80»«
79 Dec O.i
90 14
9138
&8-4 91H
lOOSg 100
100>4 ioo\
II834 Deo'i

.

f'l'*.

126

104^4 Nov'05
9£3g
ytJ
336

96 'e Sale
95'4
94I4

CBIF&NW
M

BONDS—Continoed

4 107 »4 109
1S09

103'4Sep'05
102 >4 Jan '00
95

110

.

GtSo gSs

WiB& Minn Div g58

106

119

A-O 109^4
A-O i02<4
M-N IO6I4.
M-N
9y''4
M-S

Son assn g Os

Ist 6s

106
loy=6

11834

f)0'4 .Ma5-'05

Far

D

loe
109 '-8

J-J
J-J

Dak<fc

l&U Exten l8t78

lomt 102 ••

106 Vs
109 'e
119 Side
116'4 117 't

96

1921 J-J
J-J
J-J
J-J
J-J
J-J
J-J
J-J
J-J

DDiy l8t78

Dec '05

10l»»

l02'«Jau'U6

11^14

1910
1924
1910
1910
1908
1919
1910
1910
1909

<&

131Si 132
181 131>«

10-. ig

J-J

1910 J-J

Ha8l<fc

Low HigK

104=8

M-S
M-N
A-O

Cllio& Pao Diy 63
Chicdc P
lBtg58

W

Htuli

132»8Jan'oi;

Jan'o.
131
\.Vi\ Deo "05

lllSi

J-J
J-J

Since

120»9Mar'03
Nov'Oo

.

112'»114

111

l-JS

106
106»bJan'06
H2Si
115 .\.pr'06
108Sj109Sj luySj Jan'06

106»8l06H
io9'i

io9^

<fi>

i>llSCl!:i..L.A>GUlJ»

Street Kailwny
Orooklyn Bap I'r g 58
1946
1st refund couv g 48
2002
Begiatered 48
2002
Bkcity 1st cou 58.1910.1941
Bk U Co<& b con gu g 68.1941
Bklyn Un El Istg 4-6a.l950
Stamped ;;uar 4-58
1960
KingHCoEl lstg4a
1949
Stamped guar 48
1949
.Nasaau Elec gu g 48
1961

Mb

Range

January 1

102

M^

& Ad SeeNYCA H

Oed

'

M-N
M-b

13138 132
131 «8
112
104 Sj

Mb

'2d 68

Jarthage
B la

103 105 -i
101 Si 102
913^ 92
9734 99"%
91
92

'06

108 >u

1908 J-J
1913
1913 M-S
see 111 Cent
Carolina Cent i6'e<Seab Air L

Lmnada

Jan

lOS'*!

9tf38ioo

& Pitta lat g 68...1921 F-A
Cousol Ist g 6a
1922 J-D
HaQalo & South weat See Erie
ref
Ban & busq Ist
g 48.<fl951 J-J
I

92

95>4

NoT'04

99 4

H9«a

Booh

Ae« C B
South Ist 58

94Si

9416

104S;
105Sj
lOlOg Jau'06

9i;

94I4 96S.

95

9»«e
92»4
ai^a
92'sJ'De'05
108S2J'Iy'05

J-J

N Y&

B&N

19J'J
Begiatered
General gold 4S»8
1992
19'.'2
Bcgislered
Craig VaUey Istg 68.... 1910
A Div lat con g 48.. 1989
19X9
2d cousol g48
Warm Spr Val iHt g 58.. 1941
Greenbrier By l8tgugl8'40
Chicfc All KB rot K 38... 1949
MaiLway Ist lien 3St8... 1960
BtJKiHiei 6<1
1950
Chic Burl &. y— Deny D 48 1922
Illinois Uiv3Si8
1049
Begiatered
1949
Gold 48
1949
Iowa Dlv sink fund 5a. .1919
Sinking fund 48
1919
Nebraska Extension 48.1927
Regi8ter6<l
1927
Southwestern Diy 48
1921
Joiul bouda 6'e« Great Xortli
Debenture 63
1913
Han <fe StJosnonsol 6s. .1911
Oiiicfc li lllre£<fe impg48 1965
Ist 8 f cur 68
19o7
Isiconsol g 68
1934
General cousol Ist 58
1937
Begiatered
1937
Chic& ludC By Ist 6s. 1930
Chicago & Erie See Erie
Ohic In & Ijoulsy ret 68...1947
Refunding gold 68
1947
Louisv N A <fc di 1st 68. 1910
clhicaeo Milwaukee & St P
1914
Terminal gold 68
General g 4s series A..el989
Registered
el989
General g 3 SiS series B.el989

Mineral Point Div 68
So Minn Div IstOa
Southwest Dlv Isl 6s

Dec '05

96

Sale

99 >2 Sale
92 Sale

AU<& West latg

Bur C

95^

Ja

i^-i

Erie See Ene
B <& P geu g 6s...l»37 M-S
48 gu.. 1998 A-O
C1& Mah lat gngSs... .1943 J-J

Suilalo
Buflalo

101

A-O

g3»a8..-1925 J.J

Begiatered
A1925
Honoii Kiv 1st gu g 58.. 1919
Oen Ohio K lat cg4>a8..193«
Pitts Clev & Tol lat g 68 1922
Pitts & West I8tg4s...l917
JBal Creek <fe b ii»e Mich Oent
Beecii Creek >!>«« N Y C & H
{teUer & Car Hee llUnoifiCent
/klyn & Montank Hee Liong 1
.Sruns & West /nee Atl Coast L.

Con ext guar 4Sjs
yliiH)
Long Br gen g 48 1941 M-S
Oent Pacific Sec .so I'acitlc Co
Chas <ft Sav See All Coawt Line

L,aOros8e<fe

99

See Son Pacific
Wprior
J-J

1 g 3 ^28. 1926
<te Ohio
Hegisleretl
A1926
Gold 4s
/a94b
Registered
A194b
P Jun & Al Diy 1st g 3 "281925
Va Sys ret 481941
PLE&

Bait

<k

lst58

SilSpOcadBU gug4s ..191» J-J
Atlantic & Dany tiee South Ky
<fc

97

98Sil01Si

101^4

W

AQStin

Imp ga 6h..19:;1 ti
l..«dk: 11 ml It geugug6n 192U J-J
M-N
L<)h<fc WilksBCoal 5b.. 191
Dock

Chlc& LSuDlyg5s....l921 J-J
Ohio* MoBiy Div 6s... 1920 J-J

Ala Mid l8t gu gold 58 ..1921^ M-N 114^
98'6
100^4 Nov't»5
1st gu g 48 ..1938 J-J
Brans &
96 Sj bale
95 "4
95 Ht 43
0196!: M-N
N coll g 48
ig

LA

99

I92I 102^4 104

99SjJanH»6
98SiNov'04
97 Oct '04
1(W
lOU

102 14 Sale

7s..l93t> J.J

A-O
W 1st goldg 68.. 1334 A-O

<&

<fe

103 «
103^3
105
96>a

97

Series K
1913
Kasi Ulda Diy Ist g 4s.. 1928 M-S

99
104

99

983*

104 Saie
101 la
106 •« 8alb

Am

<fe Ohio g 6» ser A../il908 A-O
Gol<168
al911 A-<J
l8l cousol K OS
1939 M-N

95 >, 144!)
92 667

94 Og
91^1
«7>a

tt4\Siile

i
*
t

NJ

gen'l gold 58.1987 J-J
Bogi8ter«5U
/il987
of

Weelc's

Haitye or
Lout Kale

Ask Low

Jitd

Oent

Clies

Foi-«.>iini

FA

Jan ^«

NY&

10 Si Dec '06

A-O U00>2Sale 100
A-O tlOO Male 99*^

JTlcf
fi-idav

STOCK KXOHANQE CZ
Wkrk Enuwo jAJf 26

Hi(j/\

103»8l03'4

104 MAU 103.
isou 130^4 Dec 'of
lao"-!
131 "2 Jan '06
llO'ij

UONUS

103"«103'i.

104 4
103 Jan'Otj

Oct

><

HAi;j;-

N. T.
J

,

Weekly and Yearly

Record, Friday,
i'cjuk

.

94

30

Due Apr

95
e

Sj

951,
95 S.

on Next Haxe.

Street Uaiiiyay
Met St By gen col tr g 6s. 1997 F-A
2002 A.O
Bet g48
Bway <b 7tb Av Istogda 1943 J-D
Coi <k 9th Av 1st

gu g

68..1993

LexAy<fe PFlatgngSs 1993
Third Ave RB con gu 48 2000
Third Ave By 1st g 5.s.. 1937
Met
S Kl (Chic) Ist g48. 1938
Mil El By & L 30.yr g 58..1920
Minn St By l8t con g 58...1919
bt Jo By Ijt H<fcPl8tg68 .1937
St Paul City Cab con g 5s..1937
Underground Elec Rys of Lou
don Profit sharing 5s....1908
Union El (Chic) 1st g 5s...1945
United RRs San Frs f 48. 1927
Unite<l Ry.s St L Ist g 4s .1934
c;hio St 40.JT con ir 5s .1930

W

W

Due May j/DueJ'ue

/i

Due J'ly

A;

M-S
M-S
J-J
J-J

117

91 Si
11038
1193,
lib's
94 S,

yl>4
Sale
11634 1163b

107

124
Sale

100

.

'00

119
94
100

Jan

IOOS2

Nov '04

113Vill7
90 Sj 9l»4
110»gll6»4
liySill3'«

52

94
119

Sj

96 "a
119

Oct'
Oct '99

114SjNov'05

J-D

AO

A-O
'

9 8 3e Sale
103
88 Si Sale
88

9-'38

9S».

96 Sj

98^

873b

SMlj
>8««

100^4 J'ly '05
,

88
88 Sj
88 Sj Jan '(H.

.M-N

Due Aug

51

.

J-J

J-J

91 S

95

i'l

107 Sj.

J

M-N

116

Jan '00
119 Si Jan '00
117-4 Doc '05

11714119

FA
FA
J

116

116

88

IM'C

o

Due Oct

i*

Due Nov

fOi'iion bal«

N

Bond Record

Jan. 27 1906.1

—Continued—Page

205

2

re

BUNDS
STOCK exchange;
Wkkk Ending Jan 26

H. T.

OUo St L,

<fc

Pitts

Bee

M c& O con (is. ..1930
Cons 08 reduced to 3 k-8.1!'8i) J-D
OhBt P & Miun Istfflia 1918 M-N

<SUo St P
,'

•
h

Nor Wiscousln

Ist f)8...133() J. .7

r 8tP<fc SCity l8tgGs...l',)l!t A-O
CBilcago Ter Trans g48...1'J47 J.J

Coupon

f

otf

West Inrt pen p(ia 91932 Q-M
Micli dee Pere Marq
CJhic &
Choc O & ttulf 6ee C K I & P

I-Otic^

W

0\n H <fc D 2clsrold 4'i28...1937 J-J
I Oto ii& I l8l sru K 68. -.1941 VI-

CFin(l&FtWl8tgu48K.'.:;3 M-N

i

Oln I & W
'ClBtL&O «eeCOC«feStL
1st fra a

4.-.

1953 J-J

lOtn S <fe C See C C C St L,
Oleartleld <& Mah £«« B R <£> P
Clev
C St Li pen k 48 1993
193!*
k
Cairo i)tv Ist sold 4s
Divlstg 4a. 1991
Ota Wife

Cm &
M

(.

i

i
I
I

f

Ask Low

Utah
13611! Jan 'Of,
93 Dec '03

134'4
94'«

\W\

133
123

99
114

110

103
112
94

94

9634

104 »s

104«B
10 1 -^
1001,

Deo '05

103
100

103
Got '04

loo's lOi

WWStVal DiTl8tK48...1940
1920
C oonsol

CI

68..

J., <S>

„..*1936

BeglBtered

*;1936

UtnStfeClcon l8tg68..192e
1914
OOC A Icou8ol78

OoD80lslnXfTmd78....1914
General consol gold 68. 1934
Beglstered.
1934
maBl A Istpref 48.1940
l8t pf 68...iti;)38
O Ind «fc
Peo <& East Ist odd 4s. ..1940
Income48
1990
01 Lor & yfb. con Ist g 68.1988
der A Marietta Set Penn BU
Olev & Mahon Val g 68.. .1938 J-i

!

W
W

C\«iv

A Pltte

8ee

Penn Co

Col Midland let g 48
1947 J-J
Colorado <& Son 1st g 48. ..1929 F-A
Caiiun & Greeny tii4 Bo Ky

'

131i«.

10l'*104'a
98»4

100
79 V| Sale
113 Hi
1181a
VtiiiSale

&W

Waco

CM

See

iS.

KAT

A Western 78.. .1907 U-S
If«nU<& Essex lBt78.„1914 M-N 123 -a 1261a
latoonsol goar 78
1916 J-D 126^...
101\

Del Lack
:

)'

1915 J-D
iBtref gugS^s
2000 ^-D
KTLaclt<fe
Ist6s...l921
J-J
I
OWMtraction 68
r
192ii F-A
TwsQ ife improve 43
1923 U-K
BttBiuk&N Y l8t78..1906 A-O
warren Istrefgug 3 i^n. 2000 F-A
Del A Hnd Ist Pa Div 78.1917 M-S
»«el8tered
1917 U-S
Aib& bus l8tcongu7s.l9<H> A-O
[
I
Qti*rgold68
1906 A-O
BeaeA Saratoga Ist 78.1921 M-N
D«l Biv KB Bridge See Pa BB
DobtA H Or let con g48. 1930 J-J
Ooneol gold 4'a8
1936 J-J
lasjpitjvement gold 68. ..1928 J-D
i
BloGr We8tl8tg48....1939 J-J
r
MIge and col trust 4sA . 1949 A-O
IUtah Cent let gug 48 01917 A-O
Rio Qr So gu See Bio Gr So
I>eBMoi<b FtX) SeeM.&StL,

...

Ilegl8t«red

«

W

j,
'

f

i

W

112

112

J'ly

16 102>4 104»8

104«f.

1023*

104 14
90^8

132

136

10238

.

100
103
108

....

110

9939 99'b

90

91

95 !«....

Det<& Macli let Ueu g 4a. 1995
G«U148
1995
'Det S«u Istg 48
1951
Oblo Sou Div l8t g 48...1941
Dai A Iron Bangel8t6s..l937
;

:

i

;

it«gistered

1937
2d 6s
1910
Dnl Sbortliinel8tgu6s..iai6
Dpi So Shore A AU g 68.. 1937

J-D
J-D
J-D

MS

xoOif-

102 12 103

Sep

Begistered. A.

By

Greenbrier

GultASIlstref Atg5s
103

103

Apr

05'

look's

lOS Mar'9II4I4 114'..
89
89

103

101

1 06-^8

106^

U2'i,114ia
89
S9

Dec'05

BR

lOliaSale

101 13

101", 101

AO

104

J-J

£(1952

A St Jo See C B A Q
Hnn
ousatonic See N Y N H A B

la

102

IO8I4IO9I3 108«a

Hook Val Istconsolg 4*28.1999

101'. 478

99i2l017»
99 101 *a

101 k;

11

103

10 102

109*.,

20 IO714IO9I4

".J

103

10513 J'ly '04

H

ii6** xii'

122
111
114

1051.2

\

No Low HigK

Oct '05
Dec'O.-

II4I4II5
85
89

1921

See Ches

W

K.an City

Jau '00
9514
9514

100
»3ab

92

Kan C A

'04

101 1«.
1U4 .

100»8Jan'06
103*3 Dec'05

108
107
99

U3*2Mar'00

10

100=8 lOO"^

Dec'05

10234 Oct 'Or

94 Mar'03
100 "a Jan '00
70 Oct '04
106*3 Dec'05
102 Oct '01
108'feJan'06

99*2.

1061a
102*2
I0514
103 106
IU334

96
123

80
85

92 Dec '06
101 "8 Oct '99
100 Nov'OO

,

10734 sale
1213*

100

10734

1231*

10734

l07-»4

10734

Dec'05
Nov'9^
125 Nov'05
11934 Mar'04
122

102

10

,

119
90

Oct '05
Mav'9

81
Oct '05
86*2 Dec'O

93
81

10538 1061^

106*3 Mar'oy

94
8138

100*3 10018

lOO-aJ'ly'l'S

10734

,

93'>8May'04

10134
99 105

110'2Jan'O5
103 Nov'04

107
107
99*4100
119*212014
102 .Sale

11134 Dec'05
107*2 Dec '0'-:
99I4
9HI4

SO'e

110
87

1063*
11234

MKA

Paciljo See
T
Sou Ist gold 38. .1950

Registered

116
90

120

Jan

99 100
119*2120
100 102

'Oil

101*3

102

78
88

Dec' or
Dec'05
88

10

86

83

73
63

741.2

10

73

75>«

Oct '00

118

...

Deo'0&

114

.

120

119

19471 M-N

107
1»19|M-S 1121?
lO?!*
8dextgold4'<i8
M-S
1923
4thextgold68
1920 A-O 114
103i«
ttb 6xt gold 48
J-D
1928
iBt consol gold 78
1920 M-S 134
1st consol g fund 7s
1920 M-S 133
£rie 1st con g 48 prior.. 1990 J-J 101 Sale
Begistered
1990 J-J
93 14 Sale
iBtconeol gen lien g 48.. 1990 J-J
Registered
1990 J-J
Penn coU tr g 48
97 la Sale
1951 F-A
60-year conv 4s A
1963 A-O 109*4 Sale
BnSN Y A Erie let 7s.. 1910 J-D 12238
Bull A 8
gold 68
1908 J-J 102
Chic A Enel8tgold68..1982 M-N 121 122
Jeff BB Ist gu g 68
O1909 A-O 1024
liong l>ocK consol g 08..1935 A-O 1343<
Coal A BR l8t cur gu 68. 1922 M-N 116
Dock A Imp l8t cur 08. .1913 J-J 112
N 7 A Green 1. gn g 68.1940 M-N 118"S
W Y Sue A l8t ref 68.1937 J-J
116
3dgold4'ijs
1937 F-A 102 Hj
General gold 6a
1940 FA 110 Sale
Terminal Ist gold 68. ..1943 M-N 11834
Begie »6,000 each.. .1943 M-N
MidBRolls' J lstg«8.1910 A-O 109
WUkA Ea l8tgug68.1942 J-D 11()<4 113
Eta Ind Isicon gu g68..1926 J-J 116

119

109
116i«

'

,

'

II6I4

Aug'03

lOO's 1011.
101 la Oct '05
93
93 ><

'

W

Oct '05

Feb '05
Jan '00

103
133
130

Nov'04

88
97

!«

109
127
110
122

,

91^
109^8
Nov'0.j

Mai'05
122

Dec 05
1341a Dec '06
118 J'ly '04
11638 Dec '06
121i<iOct '05
11038 1163h
102 1« Dec '05
110
110
10234

"li

,

W

96

93

9334

LAN

Kentucky Cent See
Keok A Des Mo See C

B lAP

W

11638116^
110

110

11834 Dec'05

1081a 109 1«

109i«JaB'O0
109 'e J an '06
118
118

1

118

118

118*3 II8I2
1131a J.TD'Oi
117 Jan'i'O

118*3.
II314.

116
109
106

.

"a

96*4
12034

II014 109 13 109 1.J
112 Is Nov'05
10034 Dec'O

120
120
117
109*2 Oct '99
113'%1151b USiaJan'OG
98i«Deo'05
97'e...

AN
AN

108*4 J'ly '05
11334 J 'ly '04

adextgoldes

96

741a Sale

195U

Knoxviile A Ohio See So By
Lake Erie A let g 5s. . 1937
II3I4II3I4
2d gold 68
1941
North Ohio Ist gu g 5s.. 1945
L Sho A Mich S See N Y Cent
Leh Val N Y 1st gu 6 4*38.1940
Registered
1940
Lehigh Val (Pa) cons g 48.2003
Leh VTer By Istgu g 6s. 1941
19 llgialie
Begistered
1941
Leh V Coal Co let gu g 5s. 1933
Leh
Y let guar g 48.. 1946
Begistered
1945
EIC
1st pf 68
1914
II514II6I4
Gold guar 68
1914
Leh A Hud B See Cent of N J
133 133
Leh A Wilkes b SeeCentof N J
Leroy A Caney Val See Mo P
99 "4 102
Long Dock See Erie
100 88 10 IV, Long Isl'd— Ist con g 6s. A1931
9II4 9315
Istconeol gold 4e
A1931
General gold 48
1938
95 14 9712
Ferry gold4i28
1922
10738 l«9'e
Gold 4e
1932
Unified gold 4s
1949
Debenture gold 5b
1934
26 121 122
Guar ref gold 48
1949
Bklyn A Mont let g Oe.. 1911
let 68
1911

8 134 Mar'05
93
933<
113<4Jan'0O

BImCertANo SMi/ehANY

I

A-O

High.

M

I

.

N

Grand Bap A Ind iSeePenn

A sk Low

KCPtSAM

994.

!|>a«t©fMinn &'eeStPM&M
r!<aat Ten Va A Ga See So By
Elgin Jol<& East let g 68.1941 M-N 118
Brie Istextgold 48..

A

A
A

A
A

Term 6'ee St L S W
100>4l00i4 Gt Nor— C B A Q coll tr48 1921

J-J
J-J

WalH A
A

Begistered
1999
Col A
Vl8textg48..1948
Col A Tol let ex 4e
1955
Honst E A
Tex See So Pac
136 Oct 'U6
Houst A Tex Oen See So Pac Co
Central
Ist g48.. 1951
IUinois
1041a NoT'Ol
Begistered
1951
Ist gold 3138
1951
100
100
100 101
Registered
1951
78*4
80
80
78
Extended Istg3i28
1951
H6!^NoT'05
1st gold 38Sterling
1961
CoU Trust gold 4s
1952
1164 Jan '05
Begistered
1952
L O A Tex gold 48 ...1953
771*
79 596 7434 79
Begistered
1953
96
9612 94 9313 9612
Cairo Bridge gold 48
1960
I^msvDivATerm 83*38.1953
Middle DivregSs
1921
Omaha Div Ist g 3s
1951
St Loujs DivAterm g3s.l961
Begistered
1951
Gold 3*ae
1951
Begistered
1951
I07S4
107
107 10734
Spring Div let g 3*28.. .1951
1261a 1251,2
123 "a 1251.^
Western Lines let g 4e..l951
127 Jan '06
12638 127
Bellev A Car let Oe
1923
127 J'ue'05
Carb A Shaw 1st g 48... 1932
Chic St L A
O
68.. .1961
g
I26I4 Jan'Oe
126*4 12614
Begistered
1951
11468 114'%
113'l2ll4''E
Gold 3*28
1951
105 Oct 'Oo
Registered
1951
104 14 Jan '00
104>4l04>4
Meinpli Div let g48... 1951
102 Feb '03
St L Sou Ist gxi g 4s
193]
134 May-OS
Ind Bl A West See C C C A St L
149 Aug'Ol
Ind Dec A
let g 68
1935
102 <^ Jan '00
Ist guar gold 58
1935
10218 10218
10218 102^ Ind 111 A la Ist g 4s
1950
i42iaMar'05
Int A Great Nor Ist gOs.. 1919
2d gold 5s
1909
10014
100 H.
100 10034
3d gold 48
1921
10034 Sep '05
Iowa Central let gold 58.. 1938
108 Jan '06
108 108
Gold 4s
1951
99^8 100
97 la 100
Jeaerson BB see Erie
90
92
90
92
al A A G R See L S A
fc
dl Jan '02
A Mich See Tol A O C

110

A-O 1123*
A-O
M-S

ASA

Since

January Z

KCAMBAB SeeStLASF
Se«StLASF

W

De* M A Minn See Cli & N
Dee Moi Dn By Ist g 68..1917 M-N

DetMATol £«eLS<feMSo

al

Gray's Pt

'

'

1

W

102 .
1381a.

1

.

Har

See So Pac Co
U 011882 Ist 58.1913
Georuia
Ala See Sea
Line
Ga Car Nor See Sea Line
Georgia Pacific <S'e« So By
Gila V G
Nor See So Pac Co
Gouv Uswegat See
Y Cent
/

N

126
114

i

I

Fla C <fc Peniu see Sea Air Line
Fort St U D Co Ist ff 4'-2S.194l
Ft
A Den C IstgOB 192)
Ft
A Kio Gr l8t g 48...192,->

N

78Vj8ale

Col
Tol See Hock Val
0«1 Conn & Term Seeii
Onui & Paa Kive Ist g 48.1943 A-O
A St P
<& at So See

Dak
a£las A

99

9934

OoI^UockVal itoeHockVai

A

98

Range

Range or
Last Sale

100141071*. lOtJSa

M

A

6

124
*m
II4I4

W

Feb '05
94i9Aug'03
106 Jan '04
103 Jan '06
lOOla
lOliflNovoo
113 115 115 Jan'OG
121^12219 12314 Oct '05
96 ....
93 100
106 >5
103 1U4

k'

:

17

SpribColIMT lstK4s..l940

P:-

p

'

101

f
E

Mar'04

'J

Bid

194'2
Ist general pold 58
1st gold 68.. 1923
Suil Co Hrauch 1st g 5s. 1930
L'argo <fc So see Cli
tk St 1'
r hilt frrp .M A'?? Pppp M;ii

Oct '00
112

113
112

Jan

Z

MtVeruou

123
)<-t
:
100 Jau 'Oi
99
99
II3I2 Dec 'O:

Sale

n. t.

Since

January

Dec'O,")
(

99^8

l8tcoltrfr48..1990
1990
Beffi8t«red

lBtgold48

•

§1

Week's

Price
/lyiday

stock exchange
Week enblno Jan 26
No Ix>ii! Hiqh Erie & Pitts See Penn Co
135i2l35'2 Evann A T H Ist cons Oa-1921

Range or

BtLrwv

)•

;

We-eH^s

Last Sale

Bill

Penn Co

BONDS

Range

Price

tYidav
Jan 36

113 '8

106

105*4 Jan 'Oo

116

1094110
i'/J"

i20~

112

1151a

113^

1121a.
.

n7i2ll8ia
113181131a
U7 117

i05iii05ii

II6I3 Dec'05

10034

102
102
102 Nov'05
99 '4 Oct '04

101«8l02
1031...

96*3
100*3 10134 10134 Jan '06
10713
110 J'ne'O'i
lOl^B
10134 10134

lOlOg 102

101l4l01»4

101%101\

100
105 Dec'OJ
112 Mar'O'J
111
111
112i8J'ly 05
106
105
1-^014
120
120 Jan '06
104
103»4

108

N Y BAM Blstcong 681935
N Y A R B let g 58
1927
NorShBl8tconggu5sol932
Louisiana A Ark let g 5e.l927
Louisv A Nashv gen g 6b. 1930

UI34
110*4
111*3

106

Sale

120*4 121

Gold OS

121

Unified gold 48
Begistered
CoU trust gold 68

10334 Sale

K H A Na«hletg68....1919

1131%

1937
1940
1940
1931
6-20-yr col tr deed g 48.1923

"

il3"'il6
99*2 100

BOiNDS—ConUnued on Next Pa^e.
Gas and Electric Light
Lac aa« Lof St L Ist g 6s.el919 Q F
Bet and ext Ist g 6s
113 II3I3
1934 A
8<)34
MUwaukee Gas L 1st 48.. 1927 M N
80
159 16834 N YGELHAPg 68.. .1948 J D

111
105

111

106

11834 1*20^
l'.i:0

120

41 103*3 104>«

l01''BJ'ne'04

USHiJan'OO
100**
114*4 J'ue'Oo

100

116>2ll6is
98*3 100 *•

»lI8CEI.IJiNE(>UtS

Gns and Electric laght
Atlanta G L Co letg 6e...l947 J-D
Bklyn U Gae let con g 58.1945 M-N
Gas let g 5s
1947
Coneol Gas conv deb 68
1909
Consum Ga« See P G A C Co
Detroit City Gas g68
1923
Det Gas Co con let g 68. ..1918
Batt'alo

KdEllllBkn

SeeKCoELAP

A-O
J-J

118

II312

80

80*.j

1131a II313
Sale
791*
167 13 Sale 103

16834

Purcliase

J-J
F-A

100 la 102
106

102
Sep '05

102
106

102

102

*JKfe

1st conv
let consol gold6e

NYA

M-S

Nov'03
Oct '01
88 Jan '00
10734 Dec '00

FA

61

•88

F-A

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

Pat

112

J-1)

108

109
100

97

121
93

126

price Friday; latest bid and asked this week,

121'^

96

I'eo

13

"a

88

88

Feb '05
1210H

a Due Jan

<;

M

1995 J

11 121"8

Kich Gas Ist g 68.1921

J

121^

MN

A PasG A E con g 68.1949 M
Gas & C 1st con g 08.1943 A

Bcfuuding gold 5s

1947

ChG-LACkelstgugos 1937
Con O Cool Cli l8tgug58.'30

]Mr>'06

Dec'O,")

IO9I4
109 10934 109*4
91*3
92
911% Sale
104*4
104
10534
14
117 12034 llO'aNov'OS
IO413 Sale 103*3 iniia
103 Nov'06

A

48. ..1949 F
a
g 68.. 1910

NY'AQEl LAP let con g 681930 F A

KdEIUSeeNYGAELHAP

Bq G LN Y let con g 5e..l932
Gae A Elec BergCoc g53.1949
Gen Electric deb p 3'28..1942
Gr Rap G LCo 1st g 6e... 1915
Hudson Co Gas let g 68..1949
Kan City (Mol Gas 1st g 58 1922
Kinge Co El L A P g 68. ..1937
Purchase money Ob
1997
Kd El 11 Bkn let con g 48 1939

Ed El lU

money g

108 >a Sale 108*4 108^4
105i3May'0o
1041a
93 Jan '06
93

S
'

M S
J

J

J

D

Mu Fuel Gas letgu g 68.1947 M N
.Syracuse Lighting Ist g 58.'61 J •D
Treuwn (+ A Kl let g 08. .1949 M s
WtiRtrheater

Due Feb d Due Apr

e

Lisrht'if

1043« Nov'05
123 122 Jan'Oii
107^8
Jan '06
109 H.
107 Jan '00
107
00
107 13
1
»a Dec'O

g 6s. 1950 J D

Due May ADueJ'ly

A;

103*2

103*3

Due Aug

106 >a
110
,

10834 113

107>9l08V
93
98
108 4109^
90 14 92

104

104^

60 102*4 104 *«
122

122

107''el07''i

107

107

Deo '06

May '06
Jan

'05

Due Oct tDueDoo tUpOonSai*

J

J

200

Bend Kecnrd
BONO-

JJ.

BTOOK EXOHAWQK

T.

fYiaav
Jan-JG

Jan 26

W'EjtK KwiiiNo

N

M

Bender BdgPl8t8lK6».1931 M-S
Kentucky Cent pold 4«..l!trt7 J-J

AM l8tg4'-2«194.'>

N A & Ch

tiee

C

6pe

I

<fc

ll<i>8Sul6

116'«

U5io Dec'05
\lb\ Alar'05
107 Dec'05

Colt tr

S

NY

fr

41-2S

1st Ser... .19(17

A-0
A-0

103

J-J

U1434 ^alc

MU

<fe

St

80

r'ly

25

J'ly

19
92
97

A-0

FA

Sale
Sale
19'.

SeeChic&NW
M&

M&
<fc

J-J
J-J

.

. .
. .

M
M

. .

2d extended gold 5s. ..1938
Bt L Ir
Sgen con g 5sl931
Gen con stamp gtd g Ss 1 931
Unified & ret gold 4s.. 1929
Riv <fe G Div 1 St g 48.. 1933
Verdi V I <fe
l8t g 5s.l92G
Mol)& Btrm prior lien g 5s 1945
Mortgage gold 4s
1945

M&

W

J-J

A-0
A-O
J-J

M-N
M.S

J-J
J-J
MobJ&K Clslconsg6s.l953 J-J
Mob <fe Ohio new gold 6s. .1927 J-D
Ist extension gold 6s..ftl927 Q-J
General gold 4s
1938 M-S
Montgom Div Isl g 5s.. 1947 F-A
St L, <fe Cairo coU g 4s..el930 Q-F
Guaranteed g4s
1931 J-J
M & O coU 4s See Southern

Moliawk <fc Mai Aee N V C & H
Monongahela Biv See B <fe O
Mont Cent /See St P M & M
Morgan's l^a <fc T See S P Co
Morris & Essex 6'ee Del L &
X| ash Chat <fe St List 78.1913 J-J
i^ Ist consol gdld 5s
1928 A-O
Jasper Branch Ist g 6s.. 1923 J-J
' McM M
& Al 1st 6s. .1917 J-J
T& P Branch 1st 68.. ..1917 J-J
Nash Flor <fe Shet See L & N

W

W

lien 4>2S.1926 J-J

1951 A-O

1st consol 4s

See

SOVj 176

25

26", 115

19«8

••iO'f

7S'2
2434

174

IS^

80

263g
201*

!l8'-2*98'i.]

,

V Cent&

H Bivg3>28.1997

Begistered
Delien g 48

J-

1997 J1934 M-N

Ijake bliore coll g 3'28...ly98 F-A

Begistered
1998
Mich Cent coUg3>a8.... 1998
Begistered
1998
Beech Creek Ist gug 4s. 1936
Registered
1936
2d gu gold 5s
1936

138
108 14
118

37

J'ne'O")
1 1 1 'a Oct '05
120^4 Apr '05
1

Ad

114

116
97s

97 Jan '06
97 14 Aug'05

Jan

101
103

10-.: '8

IJO

109

lOSil

1

106^4
«

ibs'^

93
I

108 Hi 109-V
10718 10978
108^4 108^4

9«'-j

97't2

F-A
F-A
JJJ-

99

ibii^ ios"'
120%
119
116 11734

9212
9434

95

y3'b

95

F&

ConI anil Iron
XCogensf g5s..l943 F-A

Convertible deb g os
1911
Col C & I Dev gu 58 g..l909
Col Fuel Co gen gold 68.1919
Gr Riv Coal & C Ist g 631919
Col Induslsl conv Ss gu A. 1934
1st g <fe coll 08 gu Ser B. 1934
Dontin'talCletst gu58g.l952
fell & Clear C & list g 58. 1926
2d gold 58
1926
Eau A C <fe C let s t g5s.l961
Pleas Val Coal Ist g 8 158.1928
^enn Coal gen 68
1951
•

.

U

FA
J-J

M-N

AO

FA
FA
FA

J-D
J-D
J-J
J-J
J.J

97

9834
11534

9-/34

92

100

'4

101

''

120

120

97»iDec'05

9708 91h
7512...

1051* Mar'05

112
119 12 .Mar'05
11038..^.. II6I4 116 '4

g 5s...l927|A
.\

11334

Jan

iliVii"

lU^

i'l

'02
il

iof'^Feb'bJ

1 o;> ^,

.

10434

..

104
103

W

9412

F-A

AO

A-O

V & N E 1st gu g 4s 1989
North Illinois See Chi
NW
Nortk Ohio See L Erie & W
Scio

M-N

'4

106

Oct

2'?]ll(,'4'.2io5i9

'•J

'05

Registered
General lien gold 3s
Registered
St Paul-Dul Div g 48
Registered

CB&Qcolltr4s

StP&NP

1997
a2047
o2047
1996
1996

J

Q-J
(^-F

Q-F
J-D
J-D

See Gt Nor

gen g6s....l923 F-A
Begistered certitic's..l923 Q-F
Ist 5s. ...1931

F-A

1917 A-O
1968 J-D

2d 58
Ist consol gold 48

Wash Cent l8tg 48
1948 Q-M
NorPacTerCo 1st g 68.. 1933 J-J
Nor Ry Cal See So Pac
Nor Wis See C St P M
O

& Mont

1141-2

N \ Cent
C C C & St L

BR & Nav See Un Pac
(Jre Short Line See Un Pac
Oswego & Rome See NYC
O C F & St P See C N W
Oz'rk<feCherClstgu5sg.l913 A-O
Coast Co 1st g 58
1946 J-D
Pac
ac of Missouri See Mo Pac

9834

9834

09

.

102 Va
8618

86I4

1st s fiandg4i2S-.1917
fund subsidy g 6s. .1910

A-O
M-N

'06

118 119
II4I4II412

1141^

Registered
1921 J-J
312S coli trust reg.1937 M.S
Guar3i2SColltr ser B... 1941 F.A

Guar

IO2I2IO212
86 '2
85

103112

86I2

113

101 14
92

IOII2
10134
93
92-8
91
91
9OI4 Jan '06
9OI4 Jan'06
106=8 >'*'P '05
102 Mar'04

93
91

"^Oi^.
8734.

104 14
102
106»4

9314

.

59

99I4

98

100*4 10134

89 'e 93
91
91
8934
90I4

112

921.2

90 14

97
,

Apr '02

95

1:;23,

12934

102--'4 .Salo

99
95

102

'4

Nov'Uy
50 IOJ34 Hi2'4

10-.

9934 J'ne' 04'..

99
95

993,

'4

95

'-2

IO6I4 ...
loo's 101

»8

1
99
95 V llll

'iisvl'.rii^;

94

'-2

9512

109i2Feb'(i.T

101

101

UtO-2l<Ji-^

10534 Sale

10534

106
78

106
106

i02 104'2l06i4

105 12
78

"2

78'-^

77

7512

1001.^101

Jan

12618

106

7lj34

7734

75
78
loo "-J 101

'Oo

'-J

101

101

125
132
114
10|34
109
9834 100^4 100
9434
94
lid's
116

104

781a

'-2

Oct '05
J'ly '99
Dec'O.)

116
115

J'ne 05
-2

Nov'05

Dec'05.
Jan '06, -.-HU6

112
112

117

1

Nov'05

18

11434

10 no's 11434

1143,

99

100^8

99

Dec'05!

11334

11378

114

105

10634 Jan '06

Is.

.

93
93

106'8
10714
10714 10734 Dec'05
'.

-4

93'Hs

Nov'05

9812 Dec'05

96

Series
Series
Series
Series
Series

B guar

,

D is guar
1945 M-N
E 3 12 guar g. 1949 F .A
F 48 guar
195o .T.D
PittsFtW&C 1st 7s... 1912 J-J
. . .

1912 J-J

2d78

/il912

A-O

Consol gold 5b
1919
Consol gold 4s
1943
Convertible g 3 '28
1915
1912
Convertible g 3 Hjs
Alleg Val gen gu g 4s...l942
CI & Mar Isi. gu g 4V..19,t5

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

RB Ist real est g48-1923 M-N

BONDS— ContinnccI

Jan

122

,

92'4

92 -4
97 »»
122

96 '«

96'*

IO8I4 Aug'03

113

Jan

'04

112 '4 Jan '06
112'2J'ue'05
103 "2 Dec'05
94 S J.an '06

103

94
103

11:^14

112'

94

9%

«

127»8 0ct '02
.Mar'04
121

113'2...

112

•8

97
122

'06

96I4
96I4 Jan'Oi)
96I4
9534 Apr '04
10214
11218 112-8 11134 Dec '05

1942 A-0
1942 M-N

C gnat

IO634 107

9234 J an 'OH
9758 Jan '06

.

98

1948
SeriesDSiJs
1950
Erie<& Pitts gug3ias B.1940
Series C
1940

lOO'i 10634

Apr '02

102

iof"

112'.2 IJ.4

981-2

Series G312S

M.S
M-N
DBBB<S:Bgel8tgu4sg.'36 F-A
GtBA Iexl8tgug4'^8l9411J- J

Nov'05
Oct '02
Sep '05

104H2 107»4 105
100
105
102'5l04i4 106

109

132

M-N
F-A

3-i28.19i6

3d 78

"s

.

li)7',

l;.i-2;i4

129-'8

C1& Pgengug4iiisser A.'42 J-J IISS
Series B
1942 A-O 114

Penn

.

94

109

13vi34

132i.2May'05

9734
118-4

gu g

certil's

PCC&StLgu4i.jsA...1940 A-O
9834

97 'e Pec '05

981

97"-!

10234 10434

103

132=4

M-N
C 8t L <fe P Ist con g 68.1932 A-O
Registered
1932 A-O

Tr Co

J-J
J-J
N<feCBdgegengug4i2Sl945 J-J

9334 Sale

IO3I2 104
105 «6 Oct '05

cfe

124
Oct '05
1 17 14 Mar'05
113 J'ly '04

1021-2 Sale

10334 104

Ore
Ore

Nov'05
Oct '05
Nov'04

Jan

19

i

.

Apr'03

<fe

See
See

RR Ist g 58.1936 J-D
General gold 58
1937 A-0
& Cal See So Pac Co

97

Sink

.

13134

,

cfe

Nor Pac— Prior Hen g 4s.. 1997 O

Penn Co— Guar lslg4i2S. 1921 J-J
11834
II4I4
II8I4.
112 ^s.
112

123 '4

M-N 108 109
M-N 13234 1^3-8

Registered
1996A-0
DiT'llstl<fegeng48...1944 J-J
PocahCA Cjoint4s..l941 J-D
CC<fcTlstgug5s
1922 J-J

Panama

Apr'04i

119
107

...

loo's

111

Dec '1)5
"2

106
IOUI4 Sale

100 '4

104 104
104 '4 ...

lOu-ig

'..

104

Sep

'04

Aug'0:i

Oct

"O.^

llo

Jan

'(15

108

Jan'KOI

'4

99 101
103i3l053«

It'OAi
IO.J34

103:8

108

110

...

1('8

108

on Next Pago

Telegraph and Telephone

IO412.

101
66
102

.

105

971-1

104

10012

105

9178 100 Vj

.

83 14 Sale
105
IOII2

99 »4
Sale

Am Telep&TelcoUtr4s 1929 J-J
Ist g 48.. 2397 Q-J
1918 M-N
MetT& TlStS g58
N YAN

107 "2 Oct '04
102i2J'ly'04

82 14
8S 2988 78
83 666 771a
80
107»BDec'04
107 May'97
102 12 Oct '03
105 12 Oct '05
105 Oct '00
lOOil
101
97'^i
UOI4 Dec'05
llOij.
110
109
102 Dec '03
10412 Oct '05
921-2
94
63 '9134
1-2

6

88
8312

J Tel gen g

68. .1920

M-N

West Union col tr cur 58-1938 J-J
Fd and real est g 4128...1950 M-N
MutUnTel s fund 6s... 1911 M-N
Northw Tel gu f 4128 g.. 1934 J-J
•>IanafacturinK

101

9514

Comra Cable Co

t

.

87''e8alr'

101

105

renn Div 1st g 6s
al917 A-0
Binn Div Islcbnsol 6S..1917 J-J iloi^Salt
Oah C M Co Ist gu g 68.1922 J-D
DeBarCA I Co gu g 6s. 1910 F-A
1061-2
V Iron Coal & Co Ist g 58.1949 M-S 93 13 94 12
Noprlce Friday; latestbidandasked. aPne Jan

.

.

2tX)(»iM

1st

Nor & South 1st g5s
1941
Norf & West gen g Os
1931
Improveni't<fc extg6s..l934
New River Ist g 68
1932
N & By 1st con g 4s. 1996

W
OInd
hio River

ALISCUL.I..ANEOUS
Col

I20 Jan '06
119 J'ne'Oi
106 J'ly '05
lOei-iNov'OO

.

<fe

<fe

Dec'05

122

11834

82

1993 A-O

l09-'i6Apr'04

.

1

08W9& B 2dgug58...el915'F
B W&OTB Ist gu g 58.1918 M
Utica<fc Blk Biv gug4s. 1922 J
N y Chic & St L 1st g 48.1937 A
Begistere<!
1937 A
N Y Green w Lake See Erie
N Y & Har See N Y C Hud
N Y Lack & W See D L & W
N Y' L E W See E.n6
N Y & Long Br See Cent of N J
Xew York New Hav Hart—
Housalonic B con 68. .1937 M.N
N H Derby con gcy 5s.l9l8 M-N
N Y & North See N Y C H
N YO<fe Wref ]stg4s..ffl992 M-S
Regis S5,000 only
<;1992 M-S
N Y Put See N Y C & H
N Y' & R B See Long Island
N Y S & W See Erie
N Y Tex & M See So Pac Co

Nor
llli3Mar'04
96 Oct '05

I2II4

Clearf Bit Coal Istsf 48.1940 J-J

Gonv<fe08welstgTig58 1942 J-D
Moh& Mai 1st gug 4s.. 1991 M-S
N J JuncB gu Ist 48.. .1986 F-A

!lO<t-'«101',

1

.

1

1

StPaul&Dul

Mar'06
Jan '06

9434

Sal*"

103

123 12 12434
106 IO634
104 104
1 07 14 10812
93 ip 941a

94
98
96'a 97»2 96^8 Jan '06
126 126'2 129 Nov'05

98

i'l5-'4

10a

I

12038 Sale L2038
riOSs
I17I4 117S, II7I4
11734
117
116 Nov'Oo
93 's
93 Sale
93

96
loa
112

107

ill5'4
1

931-2

103
103
1 23 "2 Jan '06
106 '4
IU634
104 Jan '06
IO8I2
lObi^z
94 12
y4>-i
110
105

-2

12

107
1(1

1^

1071.2

IO834 Jan'Oo:

9815

103
104

103
92

100
89
107

10934
109
10 J 'f.
107i2D«o'0;i

109
103

101

101

'06

97

Nov-'Ol

u;834

109

Ort 14

1141-2

96>,i

102 Sale 10134
103
92 K; Salf
921-j
91
107 14 10734 107''; Jan '06
93 12 93 W Jan '06
93
10734
107 Jan '06
97
9ii'4 Nov'Oo
115^, Sale 11534
11534

100

N Y& Pal8tcongug4s

112
105 >4
19 '4
1 6 '•2
104

1940 J
Begistered
1940 J
J Life S Ist g 3>2S
1951IM
Ist g 3158
1952iM
Bat C & Stur 1st gn g 38. 1 989
N
Harlem g 3'28...2000;m

101-'<

May'05

102

123 "d Sep '03
139 Jan '03

120'..,

128

(i

9934

lOOi^
1100
9934 uua^

<fc

113

101
101

gug 4s... 1981 J-D

l8t

1

109
'l06'2l07 4

1107

'()(;

<fe

11314 Mar'05

108^4

F.A

BeechCrExtlstg3'28M951 A-O

Cart &

1931

9934
101 "i

loy
107 '4

Jan

J

Jligh

<fe

<fe

V

"-J

Low

<fe

May' 00

N Y Cent

New Cin Bdge See Penn Co
NO&N E prior Ueng 6s pl915 A-0
N y Bkln & Man Bch See L I

1(»7
!(J03w

10108 Sale
102
12034

BW&Oconl8text58./il922

".J

108

Salt-

i92M M

Y&

105

Sale

107

00 -H, loo 1.2
99 100

Since

January

Jiighi A'o

KIO

If.

<fe

NewH&D SeeNYNH&H
BB

103'4l03'8
11*334

Atk Low

1

4s

90»8J'ly'01

1945 M-TS

By 1st gu g 48.1919 l=-A
Leroy&CVALlstgSs 1926 J-J
Pac R of Mo 1st ex g 48.1938 F-A
Cent Br

Juno

Nov '05

/•'aitge o>

Last Sail

'it

J
1997; J

<fe

J-D
.
<fc
2d gold 48
(/1990 F-A
M-N
Istextgold 58
1944
St LiDivlst ret g 4s. ...2001 A-0
Dal <fe Wa l8t ga g 58. 1940 -Vl-N
Kan C & Pac 1st g 4s. 1990 FA
Mo K <fe E Ist gu g 5s.. .1942 A-0
1942 M-N
K & Ok 1st gu 5s
K<fcTorTl8tg-ug58.1942 MS
Sher Sh <fc So 1st gu g 68.1943 J-D
Tei & Okla 1st gu g 5s. 1943 M-S
Missouri Pacific 3d 78
1900 .\1-N
1st consol gold 6s
1920 M-N
Trust gold 58 stamped. ol917 M-S
Registered
ol917 M-S
1920 F-A
Ist coU gold 58
40-vear gold loan 4s

J

1

Begistered

(r8l2Jan''0^i

"

MlnnAStLgn 6eeBCK&N
M St P & S S M con g 4 int gn '38
M S S M A Ist g 4 iat g-n 1926
Minn Un See St P M &M
Mo Kan Tex Ist g 48. 1990

KJ

llO"*

80

105

!

DetMon&Tol 1st 7s. 1 906 F
Ka A A G B ] 8t gu c 5«. 9:i« J
Mahon C'l RB Ist 5.S.. 1934 J"
PittsMcK A Yl8tgii6K.]932 J
2d guar 68
1 934 J
McKees&B V lutgOs 191H J
Mioh Cent Ist consul 6«. 1909 .M
08
1931 M

Bepisterexl
NY&
North

J-J

L

KatofMex prior

95 '4 96
lieislie'h

J-D

St P
See Ch
Ist gold 7s.. 1927 J-D
1909 J-D
Iowa Ex 1st gold 78
Pacific Ex l8t gold 6s. ..1921 A-0
South West Ex 1st g 7s. 1910 J-D
1934 M-N
1st consol gold 5s
Ist and refund gold 4s. .1949" M-S
J-J
Dee
Ft, D Ist ?u 4».

North

<fe

Minn

lOSialOSiy
99',
99

I03»g 103 7(.
104
Apr'()5
104 "s 1043.

Mexinternatlstcon g48.1977 M-S
1977 M-S
Stamped guaranteed
Mei Xorth Ist gold 6s. ...1910 J-D
Mich Cent iSeeKVCeni
Mid of N J See Ene

MUJL,8<feW

Hegl«terc,<l

Debenture g 4r

Jan '06
Sep '06
96

9834

2361

t-xx

Range

/i-tdav

Jan
Bid

Lake Shore gold 3 1-28.... 1997

May'06

\\i^2

U4

Re^fistered

A pr '05
'o

2'i

Vol.

Week's

J'rioe

STOCK KXCHANGK

Week Kndpno Jan

1

Li

L8& M

auhattau By con8ol48.1990
1990
Kogistered
Metropol El Ist g CR....1908
Mans
Coloniz g 58.... 1934
Cent
McK'pt&BV See
Metropolitan Kl See Man Uy
Wex Cent oonsol gold 49. .1911
Ist oonsol income g 3s.al939
2d consol income g 38..al939
1919
Equip* coll gold 6s

W

121

I

ItUNDS
N. Y.

'

c

Low Jiigh N Y Cent A H H—(ConlintuU)
Norife Mont iHtgu g 58.19161 A
West Shore iBt 4s gii...2361l J

A'o

Mar'05
Jan '06
Aug'05

109
129
128
114

99
lOH
96

99^4

Mahon Coal

Hig^

99 100
109
90 •< 9t>

KdgeCogng4s..l945 M-S

1,

January

lOHV

lOti'4

L<fc Jett

Since

7439 Oct '05
tl4'„ Hep '05
108 i-j .7 an '06

M-S
J-J
K-A
PensA AUl8t(ni g 6s. .1921 F-A
fc <fe N Ala con gn g 68. .1936 F-A
Sink fund gold 6s
1910 A-0
LifeN<fc JI

L* N-Sonth M Joint 4«.lSt52
N Fla<fe S l8t jni R 5s. ..1937

tfanfie

Low

<fe

no

Weel^B

Bange or
host Sale

Bia
Atk
HtuiYiv—{Continued)
107>4...
LCiiiA Lex "rl(14i-ia... 1931
AM. l8t r.»l<t 68....1930 J.J 128',...
litao J-J
2(1 jtolil C>R
O&
Pengacola Dlv gold 68. . . 1 i»2(l M.8 109U...
1921 M-S 121>8...
8t L, Dlv l8l gold 68
72
78 1»
li>S(l M-S
2d gold 3h
Atl Knox & Nor Ist pftslO-Jii J-D 114<^;i9

liOnlRT

—Continued— Page

.

97
109=8
104 '2

108 ly
105 Sale
106

95 14 Jan '06
98 Jan '06

fl4»4

9s

*.^'*

9S

10912 May'05

105 14 J'ly '03{
109
1 09-38 15 1071s U)9a»
104 '2
105
241110414 106
1(j7
107
107 Jan '06
103 J'ly '04

& Industrial

1915 Q-F
AmCotOil ext4ia8
Am Hide* L let a 1 g68..1919 .\l-B

97H
9934 Sale

97
99
91

97

97
99

"2

9934

98
9^)»*

92 12
.S7
102 '2
\02^
10212
102
1101* Am
9038 Jan 061
'io;'s
•.»0«s
Am Thread Ist col tr 48. ..1919 J-J
1944 A-O 116i2.Saie 1153„ 117 458 Us. -4 117
.Sni Tobacco 40-yr g Os
82 's
IS.
1951 F8234 Sale
84 885 80 >< 84
:
"iu"'
Due Feb cDueMar rti^.i- ipr ADneJ'ly t Due Aug oDneOot i) Due Not '/ Due Deo * Option .sal*
Anier Ice Seeur dob g

1926 A-0
Spirits Altg iKt g 6s. .1915 .M-S
68..

9ii4sale
102 14
91

'4

i

—

J

Jan. 27

mm

Bond EeCOrd

f

W Ist g 4s..l943 M.N
l8t K48...1936 J-J
Can gen 43. 1944
UN J RR&
& Atl See L & Xasli

£ PhilaUalifc

rSim<&l«wis
Vensacola
A Bast

C C C <&

St Li ,
P«»&Pek Uiilstg68....192:' Q-F
W921 M-M
aagolcl4»ae
f
68 1921 J-D
PereMarq—CU&
IVvo

&'e«

WM

FIuit<&PMe6s

!

"

1920
1939
Ist consolKoldSa
Pt Huron DiT Ist g 58.1939
SagTuSifc H latgug4s.l9ol

W

See Penn RB
Phil B <fe
Phiia <& Reading cons 78.1911
Pme Creek reg guar 68. ..1932
Pitts Cin <fe St L Bee Penn Co
Pitts Cleve <fc Tol See B & O
See Penn Co
Pitts Ft
<fc Ch
1922
Pitts Juno let gold 68
2d
Pitts & L. Erie
g 58...al92&
Seeii YCeu
puts McKees
Pitts Sli <& Iv K Ist g 53.. .1940
1943
Ist coDsol gold 58

AX?.'Low

Bid

109 >« Sale
100

109 >4

Low High Southern Van Co—{Continued)

109 ><

109

96

A-O
A-O

118

A

.

Oct

US'" Jan

U6'2l21

98

1994
Mob <fe Ohio ooUtrg 4s. .1938
Mem Div 1st g 4i2-5s... 1996
1951
St Louis div 1st g 48
1918
Ala Cen R Ist g 68
1948
Atl<fe DanTlstg48
1948
2d 48
Atl<fe Yad Istg guar 48. 1949
Col & Greenv 1st 6s
1916
Va&Ga Div g 58.. 1930
1956
Con Ist gold 58
E Ten reor lien gSs
1938
1922
Ga Pac Ry Istg 68
Knox & Ohio 1st g 6s. 1925
Ricli & Dan con g 6s
1915
Deb 5s stamped
1927
Rich <fe Meek 1st g 4s.. .1948
So Car <fc Ga 1st g 5s
1910
Registered

118

'06

118

!»

j'ly'97

ET

. .

J-D
J-J
J-J
J-J

106 Si

Og&Li Cliani Istgu 4s g.l94>^ J-J
Rul>Uanad 1st gu g 4s. 194i' J-J
Sag Tus & H See Pere Mai

"o'lj"

. .

109

Mar'OJ

76

Dec '05

89

Jan'Oi

7212 'Ys'"

106i«Oct'05
io6>« 99 % 100 '4
101i4Nov'01

100

Virginia Mid ser
series D 4-5s
Series ESs
General 5s

<i

wtJo&Gr l8l let g 48. ..1947 J-J
St law & Adirou Istg 5s. 1990 J-J
2d gold 68
199tj A-O
St L & Cairo see Mob & Uhio
P
St L <fe Iron Mount See
St 1, X C & N See Wabaali

9i

94

Sale

941-j

Jan

122

15

'Ob

92
122

12

1906
2d gold 6« Class C
1931
General gold 68
1931
General gold 58
St Licfc S F liKoousg4s..'96

Southw Div Istg

5s. .1947

Refunding g 4s

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

A-O

1951 J-J

S

102
102

,

....

12618
113^4 Sale

M-N
J-J

J-D
J-D

StPaul&Dul AeeNorPacUif
StPatUM & Man 2d 63.. .1909 A-O
1933
Ist consol gold 6s
Registered
1933
Reduced to gold 4 "as.. 19 33
Registered
1933
Dakota ext gold 63
1910
Mont ext Ist gold 4s
1937
Registered
1937
E Minn 1st div Istg5s..l90fc

J-J
J-J
J-J
J-J

M-N

J-D
J-D
A-O
194*1 A-O
19ii2 J-J
1937 J-J
1937 J-J

Div lstgold43
Minn Union Ist g 63
MontC Istgu g 68
i^or

Registered.
Ist guar gold 58
1937
WiU<fc S F Ist gold53..193e
St P <fc iJior Pac /S'eeiJorPac
St P «fc S'x City See C St P
&0
SFePres<fe Ph 1st g5s... 1942
P See So Pac Co
S A &
S F <fc JN' P Istsiuk I g 5s.l91f
Sav F & West i'ee Atl Coast L
Scioto Val & JM K See Nor 6c W
Seaboard Air Ijine g 4s ...1950
Coll tr reluud g 5s
1911
Atl-Birm 30-yrl8t g 43.el933

48.1950 J-J
Gold 4s (Cent Pac coU).fcl949 J-D
/cl949

J-D

1941
Cent Pac Ist rel gu g 48 1949
Registered
194U
Mort guar gold 3128.. fcl 929
Tliiough St L 1st gu 4s '54
Gal Har<fe S Alstg68..1910
A\Iex<fe PaolstgSs
1931
Gila VGifcN I8tgug5s.l924
Hous E <fc
T 1st g 58.1933
1st guar 5s red
1033
H & T C Istg 08 intgu.. 1937
Cousol g 68 iut guar. ..1912
Gen gold 48 int guar. .1921

J-J

Wiico<fe

N

W div iHt

cr

6s

'3(1

98 i-j Sep 'Ou
Aug'Oo
86I4

14

bOlv:
1

Sale

95
25
S7

99 >2 Sale
85
87
81
81 \

99
85

81

Aug'05
87

H:

12
'•J
1-2

9934

85
81 "e
••.

108 Sj 1101.., 10814 Deo '05
136^4 140
136 14
13614
1

40

iVUv'02

113^8 Dec'Oo
LlOisApp'Ol
110 Jan 'Oil
104S 103 12 163 Si
103 Sep '05
102'
102% Oct '05

112

110-4111

1-2

May'05
136
134^4 Dec '04

I34I4

124
136

117% 120

120 Dee '05
121 12 Oct '05
ll2'2J-an'0b

.

10788.

86

SO^i

"j

Dec '05
'4

Oct

110

'05

F-A
F-A
J-D
A-0
F-A
M->;
iVl-X

M->J
M-.N

J-J

A-O
A-O
M-N

91^4 Sale

103

9OI4
IU3

96^6 Sale
Sale

96^4

95

9415

Hi

88

Sale

102

1-2

97
95

95
03

97
95

UaiiiilncturiuK Ac IniliiMtrinl
Ueut Leather '30 -year g 5s. 1925 A-O
Uonsol Tobacco 50-yrg 4s. 1951 F-A
Registered 4 s
1951 K.A
Distil sec Cor couv Istg 53. '27 A.O
lul Pa)>er Co Isl con g 63.1918 F-A
Con.sol con"? m i g 5s
1935 J-J
Tnt St Puni]) 10-yr couv. 63 '13 J-J
Knicker lco(Chic) Ist gos. '28 A-O
i.iackaw Steel Ist g 58
1923

AO

N at Starch MIg Co Istg 6s 1920 M-N

Nat Starch Co s f deb 58.. 1925 J-J
Btan Rope <fe T l8t g 63. ..1946 l''-A
Income gold Os
1946
U a Leath Co 8 tdeb g6a..l913 M-N
US Realty <fe I convdebg5s'24 JJ
U -s steel (Jorp 10-60 yr58.(i'63 M-N
Registereil
April 1963 M-N
Vsi-Car Chciii col tr 5s ^..1912 A-O

No price

Texife Pac 1st gold 5s
2000 J-D
2d gold inc 5s
72OIH) .Uar
LaDiv B List g 58
1931 J.J
Min d; AV 1st gu 5s '30

W

W N

luV-'s

Deo '05

Ullo

1111-2

"8734

'sa"

nil- 111
104
106

106

99 Jau '06
27 >?. Feb '02

y«

90

1-2

1

1

FA

See Soutli

J-J

X-O
J-D
A-O
J-J
J-J

A-O
J-D
J-D

A-O

'06

,

II712

,

9534
114ie.
114-4.

122
122
114

May'05

II4I4
II9I4

Jau

115
123=6 122
122 14
114=t 114
114
93
98

113

122I41
Jan 'u6

1141.2

1073,

11614.

110
112 1-2.

.

Uj.

11238

122

1

1

1

1141-2
114
1141-211412

S;,

115 14

Dec 'or

117
100

J'ly '00

112
122

Jan '06
Dec '05

ioi"

10734 10734

May'05

973j

Nov'04

yd "2 9934

17

901-.,

t'O-^s

11'2

i\2

112i8J'ly'04

123

123

122=8

102
1073 iio

I

10914

106
ll4»-2

Hi

1151-.-

107i-,i

98

'-2

113
111
107

I2

9

la

I'

91

11191410914
LV-i^giiii-I

May '04
107
99 12 99 12
92
92
89=8 90
83 14 84 '2

107

991-.

99

89
90
84 I4
84 '-2
99i.2Nov'03

lil'4ll3

112-4 Nov'(>5

Jan '06
-''8

93

93
106

l57-'8

Sale

J-D iois

Sale

i-.'

F-A I2.J '8
J-J 'lis
'4

J-J
J-J

l05'-2

F-A

103

Sale

5o i47i-.,l.>834
10934 lOil-2
125 I2 126

lol'.,

iC'l-'s

126
126
117
1181.
97 '8
973b
96 's Di'C'O
105 Jan'uO
114i2Apr'02

104

FA

93
15 93
245 105 10634
1 105 1-2 1061.*

1173^11812
9534

101

i-i

971-2

io5'i2io5'i^

'•2

,

102

102

Jau'06

92

90
84

121121231.2

1231-,

Jan '06
J an '06
Nov'04
Jan '06

931-.;

97

422"' iiiii"'
122141221a
114 114

122

114S.

.

11414 11414
[119 14 II9I4

'00

112

HO

tA-a

20 104 Hi 105

k-

100 't lOlJg hov'lio

J.J
110

iVl-N

116

.salt:

F-A
J-J
J-J

108 4i

lus-'i

«^,

95

9

Sale

'

h.

109 Jan '06
116
116
108
108%
91
Jan 'Od
7!>3
78 6

93
IU8I2

Wl-S

11512 11638
107 108'a

109

^9 •« s^ale
l"4Siile

SO

87

Hi

731-2

01
7934

Dec '05

92
108
97
87 Hi
97

90

109

108

1-2

10 J

itA-S

J

981*
9934

98
L13

26

119

iVI-N

J-J

11834

971-2

.

Nov'05

Sep '0J^
Feb '05
Jan '06
123 Feb '02
110 Dec '04
113 Dec '05
1141- Jan '06

lii-'b

1941 A-O

1st g3i-2S

1161-^

105-<8

J

iim

.

105 1-2 105
155 1-2
15834
140 Dec '05

J-J

1111^4

Iln7i8ll7i8

1171*

105

J-J

119

54 118

98 Jan '06
118 Aug'05
9934
98 Vi
113 Jan '06
98 H Mar'05
90 12 Dec '04

J-J
J-J

Ry

Southw't l8t gn 5S.2003
1939
Wabash Ist gold 58
2d gold 5s
1939
Debenture series A
1939
Series B
1039
Ist lieu equip s fd g 5s. .1921
Ist hen 50 yr g term 4s. 1954
Dot & Ch Ext let g os. 194
Des Moin Div Istg 4s. .1939
tfc

119

109 12 Feb'05

i0d38 Sale

J-D
J-D

102
113

1083e J'ly'05

F-A
J-J

<fc

102
113

.A^pr'oa

Jan

i08

'00

108

Nov'04,

Dec '05
.May'05

2 Mai' 03
1-2

40

901,
411.

I2i

86

iia

31'

90 >8
41 14

W

10112 102^4

10234

107 !«, J'ne'05
102
07 '4 Feb'05
lOrilylOO'- 104 Jau '06
ui
110 Jau'06
Ill
\\6
HI Dec '05

99

M-S
M-N
M-N

&

lOHOg 109

98

f.1-S

St Chas Bridge 1st g 6s. 1908 A-O
Pitts Tei-m 1st g 48. 1954 J-D
2d gold 4s
1954 J-D
Warren See Del Lac
West
Wa.sh Cent See Nor Pac
Wash O A
See Southern

'03

lll-^i Sale
107''4

Jan

119

99

Gen relund s t g as
1053 J-J
St L M Bge Ter gu g 5s. 1930 A-O 110
N O See So Pac Co

Tex

T0I& ChDiv l8tg4s...U»41

10112 Oct '05

12U^

J-J
J-J
J-J

Wab

99 14 Mar'Oo
88
88

88 '4

Jau '06
Jan '06

102
113

117»8

'

r

OmDiT

mi2 Aug'Oo
102

M-N
M-S

A-O
1894-1944 F-A

.

104

1.,

i>lISOKI.LA.\E<>tS

"

1st con gold 5s

Va

ilay'05

94

J-J
J-J

W

1-.

92
102 1-2 103 '4
96I4 97

A-O

See D L <fc
1st g4i28.. 1930

NY

i'erAolSt L

W

891-j

J-J
J-J
J-J
J-J
J-J

87 '8 90

34

Uih. Dec '04

<fe

1935
Western Div Ist g os... 1935
General gold 5s
1935
Kan & Jt 1st gu g 4s
1990
o» 961-2 993^ TolP<fc Wist gold 4s.... 19 17
851-2 86ii2 Tol St L, A;
priion g 3 i-2>t. 1925
80 14 82
50-year gold 4s
1950
Tor Ham & Butt Ist g 4s./il946
Ulster&Dellstcong5s 1928
Ist refund g 4s
1952
ia6i4 136I4 UnPacRRA Igr g4s...iy47
Registered
1947
1st lien convert 4s
1911
Registered
1011
109 ''gill'
Ore iiy & Nav con g 4s.i'J46
I03I2I04I4
Ore Short Line Istg 68.. 1922
1st consol g 5s
1946
Guar retuud 4s
1920
Registered
1929
Utah & Nor Ist 78
1908
136
lau
Gold 5s
192b
Uni N J RR & C Co See Pa RR
Utah Central See Rio Gr Wes
Utah <& North see Un Pacihc
Utlca & Black R See K V Ceui
1955
Vandalia consol g 4s
1121-2 112
Registered
1055
Vera Cruz <fcP Istgu 4 12S 1934
Ver Val Ind & W see Mo P

9II4
103*,

Jan

N

X0I& O C Istg 58

1

102

L*

a'i-'i

95=6 yiiSg 07
97
97
:
itaSjNov'OS
107
Feb'05
109
101 14
107 ifi
09 Sj Mar'06
11014111^4 112 Is Oct '05
111
110 Jan '05
109 '•J
llli4M.ay'03

XWlh.

90

,89 Sj

Nor 1st g 68.1939 J-J
Ry 1st gu g 4i2S..1943 J-D

Fails

Virginia Mid

A-O
M.K
M-S

SoPacCo— RH Ist rel

W

87

110

M

A&N W Istgu g58

113^.)

100

M-S

Car Cent Ist con g 4a...l94;< J-J
Fla Cen <fc Pen Isl g 58.191h J-J
Ist laud gr extg 58... 1930 J-J
Consol gold 58
1943 J-J
Qa& Ala Ky Ist con 5s 01946 J-J
Ga Car <fc N o Ist gu g os 1929 J-J
Sealxfc Roa 1st 5s
1920 J-J
Sher Shr <fc So See
K&T
Sil sp Oca <& U See Atl Coast L
Sod Bay <fc So Ist g 58
1924 J8o Car & Ga See Southern
Registered

102 102
102
102
127 12/
111^4 110-34

IO214

117

J-J

12V

U2I4

9S

J-J
J-D

M

A

,

Jan '06
Jan '06
Jan '06

102
102

86^4 Salu
Vl-l^i

W

See

Syra Biug &

M-N
A-O
A-O

Cent
8t liotus So See
Ist g 4s bd ctl8.198S<
3t ii S
2d g 48 ino bond Ctl3.. .2^1989
193"^
Consol gold 48
Gray'sPtTerl8lgug5s 1947

Ala

Stat Isl

......

K C Ft S & M cong 68..192h
K Ft S & M Ky ref 4s 1 y 3fc

X

<fc

Spok

5-year gold notes 4H2..190i> J-D

C
g
Istgu 58.192V
KC&MR&B
lUiuois

W

W

94 12
122

135

M

StliMBr *eeTRRAoIStL
St L & S iran 'M g 68 CI B 1906 M-N

Sep '04
Jan '01

107=8 Oct '05
109a» Jan '05

98

97
117

M-S

A-O
M-N
M-N
C 68. ..1916 M-S

1921
1926
1936
Guar stamped
1936
ist cy gu 4s.. 1924
O <fc
West N C Ist con g 68. .1914

1001-2

J-J 'li7'8

I

Migli,

Deo '04

IIII4 Jan'uO
Tex&NOSabDivl8tg63.1912 M-S Ill
111 Aug'05
1943 J-J 109
Con gold 5s
>2 Sale
118
II8I2
118
1994 J-J
Southern— l8t con g 58

'01

January

103»8 Oct '06

.

IIH May'05
1021* 162 I007^102»s
1 01 34
IOOI4 Jan'06
IOOI4IOOI4
'31 100
100^4
101
101»t

114'u
101 Tg Sale
100^4
101 Sale

a^JQ

High No Low

122
106
113

.

1101^ 110 15
llli^lllii

Siricf

or

12915 Nov'04

68. ...1907

g

SA&

Nov'97

11212 Deo'02

J-J

Ask Low

-Sid

.

120

<fc

Sange

Last Sale

& T Ist 73.1918

No of Cal let gu

Dec '05

114
137

U9i->.

J-J

^fi;

Sange

We«l<f»

SYida'u

Jan 26

A-O 123
1920 J-J 115
99
J-J
1938 A-O 112
Guaranteed gold 5s
Ore <fe Cal Ist guar g 58.1927 J-J 102 104
89 «8 Sale
APas8lstgug48.1943 J-J
So P of Ar gu 1st g 68. .cl909 J-J 103
cl910 J-J 104
Ist guar g 6s
S Pof Call8tg6sC&D 1906 A-O 102
112
1 St g 68 series E& F...1912 A-O
1912 A-O
1st gold 68
1937
1st con guar g 5s
M-N 119
1905-1937 M-N '108=8.
Stamped
of
NMex
Istg
.1911
S Pac
6s.
J-J
So Pac Coast 1st gu 4s g. 1937 J-J
Morgan's La

10954

'04

107

J-J

Price

N. T.
1

Uiah

12318 Jan '05
100^4 Decu'OS
100 Apr '02
121 >u Oct
-. '05
llOiu 110>2
lll»i Jan '06

iigig

J-D
J-D

January

1st gold 6a

10278 107

113«».

i^<6

•207

8TOCK EXCHANGE
Week ENDme Jan is

Since

BaU

110 "a Sep

\\b
110
109

Pitts & West See B & O
Ash Ist con 5s. 1927 M-N
Pitts y
1997 J-J
Reading Co geug 48

1997
Registered
Jersey Cent coil g 4s.. .1951
Rensselaer <& Sar See 1> <fe H
Rich its Uau See Soulli Ky
Rich & Meek See Southern
Rio Gr West See Deu <b Rio Gr
Rio Gr June Ist gu g58...193y
1940
Rio gr So l8l gold 48
Guaranteed
1940
RocU cfc Pitts See B R <fe P
Rome Wat & Og See N Y Cent
Rutland Ist con g 4'2S
1941

Mange or
Last

A-O
M-N
A-O
F-A

W

&y

lYidav

Jan 38

4

Faare

BOMU8

Mange

We^Mft

STOCK KXOHANGB
Wbek Knding Jan 26
JFaan HR (Continued)

f

—Concluded—

'3

BONDS

[

[M. Y.

y

11

West Maryland 1st g4s... 1952
Gen ite couv g 43
1052 A-O
WestN Y<fc Pa ist gos.. 1937 J-J
Gen gold 3-4s
1943 A-O
Income 58
fl(1943 Nov
West No Car See Soutli Ry
W VaCent& P Istg 6s.. 1911 J-J
Wlieel',^ & L E 1st g 5s. ..1926 A-O
Wheel Div 1st gold 5s. .1928 J-J
Exleu & Imp gold 5s. ..19311 F-A
R it Ist consol 4s
1949 M-S
20-year equip s t 58 ...1922 J-J
Wilkes 6c, East See Erie
Wil & Sioux F See St P M & M
Wis Cent 5u-yr Iwt 'jfu 4s. 1949 J-J

8S
73

««'-2Sale

1171
'9i-j

107

''^'^'^

74

69
28 117

II71-.

yvaj

971^4

32

30

Jan '06

110
114

Aug'05

14

11334

1*141'.

112
93
99

siie"

94

Sale

86I4

88=,

II712

97

971..

30

114

1

141-2 May'O."

1

11

12

SS'^n

74
117 '2
97 Hj
30

114

114

9'S

95

Aug'05
93 H;

yj
102 14 Dec '05

53"

933<

BO.NUS—Cttnciiiile.l.
MiNcellnneous

102
82

Sale

83 H2

85
1 10

Hi

Sale
Sale
983^

lU2l8

108

108
93

Hi

77

IOII4

82
85
83

UO
98

99 12
95
101

.sale

100 14 102
80 'S 82

H2

Dec '04
851^ 463 '8214
IIOH2 11 10934

98

0/

1

!

06
85
75

Si

H'kl'n

Chic Jc €& St Yard col g 5s. 1915 J J
Det M & U hi gr incomes. 191 \
Hobokefl L <t 1 gold 5s. ..1910 M N
Mad Sq Garden Istg 5s. .1919 M N
-Man Bch 11 & L gen g 48. .1940 M N
Newp Ne Shii> Jc D D5sU1990 J J
N Y Dock 50-yr 1st g 48.. 1951 F A
Provident l,^),iu Soc4H2S.1921
St Joseph St k Yds Ist 4 Hjs. 1930 J J
St 1j T(!r CupplesStal'iuir Prop
Co Istg 4 His 5-20 y(^ar..l917 J D
.S Yulj.i Wat Co con g 6s. .1923 J
J
Sp Val Wal Works Isl 6», 1006 M S

10h<4

92
77

l)t!C'05

Jan

'06

Friday; latest bid and asked thi3 week,

1

a Due Jau

FerryColstcon8g5s'48 F A

"«5'i.;

101-'Ml02'f

34

Adams Ex col tr g43
1948 M -S
Am DkA Imp 5s See Cent N J
AmSSCoot WVag5s....l920 M N

llOi-j
101)

2 Hi
108>4
107-8 10834
1 08 1b
>I912 640
98
OV-j '.'9 '2
99 '8
99", lO'JO 96 14 9934
99 1,
99 Ts
8 96 '4 09',,
101
101
vol Jan 'Oi.
IH,

108^4 Sale
99 I2 sale

')96

8334 120

102 V .Xau '06
97 Hj Oct '05
107 Hi l<t.S34
92 Jau '06
77 Jan '06
J5

•1

102

1-2

(j

.

MS

U S Ked .t Kel 1st » I i>>-. lOHl
Due ceb « Due May {/ Due J no /t Due
_'

10'J34l04i6 10334
'.'.'.'.'.'.

"52"

!!"!""7634'

104

13;

103 '4 104

10034 J'no'02
58 Jau'Oii
108 J'ly '0.1

58

58

'00

78

"73'

97

98

Jan

78

50 Fob '01
'"«74""98
99 Dec '05
'

93
99

Sole

100

Hi

Sep

112
113

1-2

J'ly'lM|.
J'ly '091

'05

101
101
J'ly

100

Hi

salt

j>

Due Nov

101
s

6(i

Option Salu

100

>'

1

'a

k

..

1

OfllCAaO STOCK EXCIHA^[lE-3took Record-Daily, Weekly and Yearly
UlUChH—HiaMkNT AND LOW biHT SACK FHIOKS
Mimuay
Jan 2-J

Jbaturaay

Jan 2U

Wednesday
Jan S4

'JiifJtUau

Jan

2.'J

Jiange lor Year

Ha Us

CHICAGO STOCK
KXCHAN(iK

Jriday

Thursiiay
Jan a5

^an

2'i

iTetUm*

liano* /or

lyijti

01 IKe

yeaT(t'.Kj'j)

WetH
Highest

Lmoett

Hi'ihcsl

Knilronds
•109

•199Vi 20S

•190

203

7»«

7»a

28

•27"a 29

29 >s

?,

28i«

'7^

1\

28',

28'V

bV\

bV'>4

8*'7e
•

80
•27
28
67
»C4
•94"o 9H
•28>2 30
•»y 100

t<9'e

72>4

27

2«

•64

66'4

96
'•i»^ 30
«a»-j

69

59»-j

89 k
28
71
80

Chic City Uy
Consol Tta<;
Pass liy
Oluc & OaJc Park

200

200

8
29
50

•2734

99 la

62

"-J

11
UK.
Last Sale 4U

59 Tg

59
•88

28

Lait Salf

70

71
80
28

70 >a 70'-i
•76
80

100
100

•90

96
-28H» 29 "u
•98
9911
•42
60

30
99 »4
60

96

"9

S.'V

Jan

26t

'O'i

70

70
•76

80
ian'OO
Jan '06
96

96

"s

:'.)>,

prel

i.

7

isl

26
60

60
700

Jao 205

Oet

11

-i

W

Last Saie iO
Jan '0<, atreela WStable O
•98% 100
99
80
S>o prel
Laai Sale 5U
Jan '06 West Chic Street

320

Jan 6 180

Jan 4 7', Jan 17
734 J»n
4 J ly
Jan 10 28'«Jau 2 16 J'ly 28 De«
Jan 25 51k Jau 8 40 Oct hl\ Aug
Jau
12\Jan 8,
«* J ill11
13'eFeb
26 J'ly 61 Feb
bo" Jan" 8, 30 Jan 60 Sep
64 Taij
4(1
88 h Jan 2 90 Jan 6 82 k Jan 9a>4Sep
51 27 Jau 8 28 Jan 2 20 Jau 21 k Oct
13;;
70 J»n 4 72 '8 Jan 13' 59 k J 'in 731* Sep
15 80 Jau 20 80 Jau 20| 55 J ly 99 Feb
25 k Jau 3 27 k Jau 10| 21 Mh\ 2iJ Deo
65 Jan 4 67 Jau 15i tiO Mai 68 Out
270 ^5>4 Jau 12 97 Jau 3 OOifc.MB) 100 Aug

lOO
100
100
100
Do pref
100
Kans City Ky dc Lt ..100
Do pref
100
Vtetropol
s Elev..l00
Do pref
...100
North Chic street. ...100
Northwestern Elev..lOO
Do prel
100
South Side Elev
iOO

Do

Jan 19 200

199

Oiicago Subway
Ilk (Jhic Union Tract

69'8
89=8

Last Sal> 37^
Last HaLe 156

66 k

96

•98
•42

7

27
51

Dec'(i5

69 '»

S;

•2/

•75
•27
•64

28 "u

7

26ki
•5nkj
•IOSj

11
.SO's

2X
•27
67
•95 >« 96

96

60

»

69 w,
•88
•07
71

69^4

28

27
•71

28

•27
•71
80

200

60
'10

69 W)

•130

200

';hl0
i;hio

•7I4

•27

•190

203

'-i

2 30 Jau
"12 29'4''an
98 Jan 26 99k Jau

100
100
100

60

Auk 30

27

91

11

.16

Dec

Jan 8 54 k J an 6

40

JuJ"

Sep

loa"* .Mar

Feb

72

Miaceilaneona
.Ub».Chalmers
11=%

U\

71

7m,

•112

11»4
71Hj

ll2
iSa

125
136

13rt

U'8

ll>a

TIVj

•112
•133

126
136

112

126
136

-35

no

105

38
110

61

61

64

•

7lki

72

7134

'

•36

36
llO

36
•105
•»1

64

•35

40
110
64

106
'

i36
66 k

loavj

m\

-1
-7

MO

•1
•7

•I
'7
T-2
'158
169

l-^

7H

169

159

169

59

l;-t8»al38>i

115i2ll*i
145»-il4oi2
68>2
68

1^4

1^4

138

'

7\

•

115
J

115
116
145 iv '145
70
68^4 70
45

6i)

71-2

Last Sale
Last Sale
161

1(15

TOk

70

'tl->^

:-i9^

Jan

7

67 "2 67 k
114'2114'i
81
81
117 120

"-4

•117

•67 "^
114^8
•80

117

67
67
1478 115
bl
81k

68'^4
ll^* ^6

Dec 14<9Apr
Jac 73kjApr
Jan 110 Dec
Jan"l7 ise" Jan'1'7 125 Feb L34 Dec
Jam 3 57>4Jan 3 S8 Jau 5934 Sep
Jan 11 106-^ Jan 3 98>8JaD 105 k Mar

10 136
400 S4
230 101

"76

'

-i

1

36

6 108

Jan 23 3934 Jan 26 35
Jan 25 08 Jan 25 105

Oct

50

J'ly

34 J'Ul-

Jan
Jan
Jan
135 Jau
115 Jau
14334 Jau
63 k Jan
7

94 159

100

ll:.

55

295
61
214

. .

4,416

lUinois Brickt
100
Kans City block Yds. 100

Jan 16
6
Jau 2 153
Jau 9 32
3 139 Jan 15 125
18
2
Jan 9 95
2 146 Jau 5 134
8 71*4 Jan 23 bo

16

10212 102=8

102 Hi 10234
145 146

"103" iba

loakiioak

6734

'05

Temple

07 '4 National Biscuit
115
Do pre!
81 National Carbon

100

l,-'5i.

Dill
loij

4-!J
»t(>

Do

lOM

Jiay'05

Jan 17 47

47

Wi^

2^1

2->4

16^4

17'^

87

37>3

hj

2^9
lO^B
38^1

2«6
2 Hi
l?",
17
SB's 39

103

2=8

2=8

17
38^4

16
•38 "12

2ka

2Sh

le^s

16%

2=6

17
39

Witt

loak

;

.

pret

66

'4

Jan 2 69

liakJan

5234 .\r 7

6734

U5i4Jau 8

4

ifc

(.:o

C^uaJtfer
Do prfjf

ti7

1/1

Board ot Trade 48 ...1927
Consol Br& Mlt68
193fl
Consol Trac4kj8
Edisou debeut Os
1913

1st gold 5s

/il92G

Chic Auditorium 1st 53. ..1929
Chic Dock Co l8t48
1929
ChloEquiltias 6s
1905
Chic&.\lilEle,c Ky 5s
1919
Chic Pneum Tool Ist 5s .al921
Chic Rock 1 & Pac KK 4s. 2002
Collat Trust e os
1913

Commonwealth Elect

W

Ogden Gas

58

Pearsons-Talt 68

4-40S B B B
4*408 Seriea
4*608 Series
4-80S Series
People's Gas

C

E
F

D&C

>

^4

Jan 17

:

05

Jan 11 152
Jau 4 03

103

pret

100

pref

100
100

5

Api

99*8

May

Weelc's

Range or

Jiange
Since

Jan 26

Last Sale

January

Ask Low
'2.

J-J

J-D

5yk

J-J
J-J
J-J

A-O
M-N
-M-S

M-S

F-A
M-N
M-N
I8t6s.l943 A-O
1947 M-S

A|ir'04
Deo'Ofi
J'ue'05
103 k

>2

9(i'>4

;!!!!!

Jan

Low

Jligk

IOj 1:103'

10-!3yiy3u^

'00

96-'4

963^

ibo'4
10934 Nov'04

81

ks

82

2 '8 Jan 2
14k Jau 10

7,432

250 37

"a

'8
-2

in(i

Stock

Bankers National
Calumet National
Chicago City
Chicago Saving8
Commercial National..
Continental National..
Cook Co Stste Savings
Corn Exchauge Nat...
Drexel State
Drovers Dep National
Federal National
First National

81k

t

105 k 106
94
100 Sale

105 '8
92

lODHjlOS'f
91 kj 93 k

100

100

Hibernian B'k'g Ass'n
SlaUTifacturers Bank..
Milwaukee Ave Slate.

Nov'04

80

Apr '04

105 ^8

y^
100

y8kj 9y'4
'y4'4"9'4''b

88

81k

8)
97
96

9734 Dcc'l
99 4, Jan 'OH
16 i\lay'(l5
'.14
94 Is
>-9
^9
10W38Dec'i
95 Nov'05

15

80

Hamilton National
100

99

99".

93 kj 94 k
88 'b 89

Mutual Bank

Nai Bankot Kepublic.
National Live Stock...
North Side State .-^av..
Oaklauil Natioual.
Peoples Trust Ji; Sav
Prairie National

2 '4 Jau 2'
17'4 Jau2u|

jJ'ly

Jan 22

Feb

1

93'

94

Pullman Loiiu <& Sav..
South Chicago Savings

89

9018

State

9934

,

993<

Bank of Cliioago
.Slock Varild Savings.

Saves..

I23I4 J'uo'of
Central Tru.st Co of III
'.'.'.'".
KeInn(Ungg58
Ciiizens' Tr <ft S.iv Bk.
i06k2 106 "J Oct '0;
Chic Gas Lt&C Ist 58.. 1937 J-J 108 Sale 108
lOi
10734 108
Colonial Trust & Sa v.
Consumers' Gas 1st 58. .1936 J-D
Drovers Trust * Sav..
106k 106 ki Novo:
10338
South Side Elev 4 ks
192t J-J
i03'S
Firsi Trust & Savings
V6'>'\ io.i k
103",
8witt<fc Co Istg 53
1914 J-J 10314 '.OL<k IO3I4 10.13s
103
Illinois Trust ite Snv..
105
105 k
Union El (Ijoop) 5s
1945 A-O 105 105
105 105 k! JacksouTrust <k Sav..
114 Nov'«4
tJnion Pacific conv 48
1911 M-N
Kenwood Tr & Savings
81 J'ly '04
1910 .M-S
Dive Stk Tr A> Sav Bk.
U S Brewim; 58
88 Nov'04
Merchants' Ii'n<feTrC<)
V S steel Corp 2d 58
cl963 M-N
100 Jan '06
loo
West Chic St Ist 58
1928
100 101 14 Metropolitau Tr<$i Sav
68 k Sep '05
Trust Co Bk
'I'unnellstSs
1909 F-A
Northern
"85"
85 Jan'oi'
Debeut 6s
75
Koyal Trust Co
1914 J-D
85
84 '4 8434 Union '1 ruHt Co
843<
8434
Consol g 5s
8434
1936 M-N
95 Jan 'Oi
96
West Div City Ky 4 k2S..193J J-J
95 k 95 k Wef^tern Trust & Smv.
OOk Jan'Ot
SideTr<fe Sav Bk..
Wesl'rn .•-tone Co o-2« 5s. 909 A-O
96 k
Woiidlawu TriV;Sav Bk
Koi«r.— Accrued interest niiis t bo ;idde<l to nil Chicago bo ud price s,
"( lujlii tes s ir-cial divuleu I
Also paid 12"oin Ooc. 1903. in stock ot First Trust & Savings H.iii.c.
• Bid and asked prices; no sales were made on this d.ay.
t No price Friday; latest prii^e this week.
aDueDec. 31. 6 Due June. cDueAprlL
Due July. fcCapitiii aad sarpliw to be uicroased.

MX

>•..

1

II

/«.

W

'•i

fc50,000

200,000
2.50,000

250,000
300,000
200,000
1,000,000
'.i60,000

Union Bank
Union dlock Yds Stale

Amer Trust <&

W

J^oflts

2,000,000 $l,065,4ij8
i 1.378
100,000
200,000
183,110
fc 500,000
fc 69,807
2,000,000 1.745,086
3.000,000 1,161,403
50,000
3,422
3,000,000 3,62(5,025
200.000
16,409
600,000
289,874
500,000
55,154
8,000,000 6.036.230
I2l,44'i
100,000
624.Ui5
500.000
230.525
1,000.000
1.14.2-2
500.000
1.000.000 l,0/5.34>
13,251
200.000
271^)93
250.000
',:-50,000
57,28H
2,000,000
9yd,5y8
i,000,00tl 1,320,920
50,000
5,725

..

Prairie State...

Aug'05
93 'b Sale
9334
03 \
90 19 Sale
90
90 V
lOOkj. ... 100 k Sep '05
yya
99 Hi
9934
9sikj
99 kj Nov'05
100 Sep '05
*99'a
100
100 AaK'05
89

Ayr

Jan 1 Kil Dec 114 Jan
Jan 611 46 Jau 105 Deo
Janllll b6k2Jau lOyKj^foT

Jan 20 39

Outstand- SurpUtS
d

NA»IE

Nat Enirle wood.
Foreman Bros B'k'g Co
Fort Dearborn Nat

81
79

May

11034

2kiApr

Aug 16
41

Deo

Aug

Banks and Trust Oomnanies

First

M-N
M-S

Feb
F-A

Dec '05

103
59

ibij'isale" 103

J-J
J-J
J-J

J-J

102^4

104k

J-J

A-O
F-A
A-O

J-D
M-N
A-O

Miyli No.

100 Ha J'ly '05
102 k 103 ig

.

J'ue

534

stock.

Chicas^o

Jr^ice

J-D

1945 M-N
1916 J-D
192tl

101
107 140

Do

08k Western Stone
This is new

J'Yiday

100
102

5s.til94:i .M-S

lUinois Tunnel 58
1928
Kans City Ky & Dt Co ris.1913
Knickerbcker Ice 1st 5s. 1928
Ijake Street El Ist 5s
1928
Income 58
1925
Side El 1st 48
Metr
1938
Extension g in
1938
Korch Clue St Ist 58
1906
Ist 58
1909
Ketunding g 4k8
1931
No Chic City StKy 4 ks. 1927
North West'n El Ist 48... 1911

Jau 120

110

t^iniilf^iiu

Amer Biscuit 6s
1910 F-A
Amer Strawboard l8t6.-*..iyil J-J
Caas Ave& F (i(StL) 58.1912 J-J
Chic
Chic
Chic
Chic

l,0o

100
Oats Co. 100
100

Do

CMcas^o Bond Eecord

Dec

Jaul9{ 11034 AuKil.;"k>Mar
2'
41 Jau 80 '4 Deo

Jan
Jau

pref

t

BONDS
CHICAGO STOCK EXCH'GE
Week Ending Jan 26

Oct

Jan

M

4 116

Jan 5 82

78

Umt'd Box Bd & P ColOO

16k2

•38

Nov

4><kjAug
2 >4 Oct
23 Oct

Un Stock Yds(So Om)100
Dec'Oi Union Baa & P Co.. .100

2=8
1638

38 kj 39

42
75

Aac
Not

44 "a Mai
Jan
2
Sep
1 9

Page Woven Wire Fenct

The

150

10^,

67

;^Slll7

M1I& Chic Brew'g
Do pret

Jau'OG

'

Last sa-e

J'ut
J<elj

'O.T

>lar

Jao
Jro
Jao
172 Feb
58I4 Deo
143 k2 Feb
118 Deo
1
7

Apt
Feb 145

Feb

Oct
Oct

Oct

Chic Contr
.\r;uiutacturers' Fuel

Jan'Ot' -Masonic

102=8 10278 10258 102=8
140 150 •145
'140
145
lOSki '102 103ki •103

Miiy
-2

11

&

Last Sale ll/lU J'ue'05 People's Gas L & C'kelOO
10(1
.'ulliii.iu Co
SthoiusNatSfk YdslOd
103
145
103 k.

Jau
Jan

1

100

iirci

i><)

London

Do

102
145
•103

O'ne

7

20 162
5 60

63

'0,1

Jai

70

148 ki fc"eb 150
10 Jan 10

pref

Kdison

40

H2 A«g

Mar

1

UCL

l).'i!'04

'4

fe3^

m
70

72

Nov'(/5 Knickerbocker Ice... 100

siH,

•5

Do
Chic
Clue
Chic
Chic

J'iib'04

115
81
Last Sale 11?

17»2l20

ll'8Jan20
Jan 25

9 k Jan 1
69 Jau 3

30

<fe

'06

70

69 kj

115

M

Co

Pneumatic Tool. 100
138
Telephone
100
116
TiUe & Trust. 100
11534 Diamond Matcu
100

67

115

<fe

)>ref

i.61

70^4

66^4

'ti

81
120

Do

59 k!
138
•

'•i

81
120

riooUi (A)

161

r.

80'-^

AmerTdc S Bank

2,932

Glue Canal <fc IJlOd
Mar'05 Central Trust Bank.. 100
teb'US <"liicago Auditorium
Nov'05 (;hic Brew'jf <fc Malt'g

Last Sali J2I4
Last Sale 75
Last Sale I?
a a t Sale 'J
Last Sale 17
Last Sale a ks
L asl Sale a
68^4 68
114'8ll4'f.

pref

l)o

.Vlay'04

'13b
115i«115i<. -115kj
I45H1I4534 145 k. 145 k I45I4

lV->i

100
100
IW)
100
iOO
100
100
lOo
100
100

pret

Do pret
Amer Shipbldg

Dec '05 Cat

1

Ibl
60
lay

"

Wo

1451^

"2

•7

160
5934 60
139
'115
116

i;-!8k
llti

>•.

1'.

160

161
Sj

•I

100

pret

Do

110

'105
hast Sale 64
Last. alt 158
Last Sale 10
•>

'10

Do

Aasericau Can

Dec '05 Anier Radiator

56

40
108

108

U
713^

•135

Last Sale

-35" "38"
•106

n

'135
13o
•5638 57
•102 105

102

103

Ilk

LasiSalc llu

125
136

56a,

5fi»g

U

•

ll'«
71^6

llkj
7II4

llki

1

88,0i8
665.406
26,59

500,000
1,000,000
1,000.000
200,000
200.00(1

30

'0

lUijJ:

tod

13

8+5

'12

'i'S

»

8

8

6

6
12

12

6

6

8

Began
1112

K^corU

2,084,288
93?, 29.

Last I'aid

g-J Jan
Jan Jan
J-J Ian
Q-J Jau
14-3

Jau
Jan

Q-J .lun
Q-J Jan

'06,

2

'06, 8
'06, 5
'06.
'06,
'06.
•06.
'06.
'06.

3
2
!•»
3
lk>

2
Ian
8
busin ess net 16. 1905
12
Q-J Deo '05. 3

10
6+4 Q-J Jan '06.12 4
Priv ate Ba Ilk
Q-J Jan '06. 1>«
6
6

J-J Jan
6

6

Q-F Nov
J-J Juu

Began bus in ess Oct
(i-J

(i

15

12+3

"b"
'

•06,

Q-J Jan •06. %
Q-J Jau '06, 1
Q-J Jan '06, a

6

6

Jan
8
5

'

Jan

2, 1905
'06, l-a
'06, 6
•06, l"*
'06, 3

Juu
Jau

n

8
8

'06. 4
'05. 1
'06. 3

6
6

New Bank

111,:>8

200,000

1,000.000
4.000.000
250,000
200,000
200,000
3,000,000
750,000
1,500,000

fer

171.1:!
3/.i)66

•2;;.65i

200.000
600,000
200,000

7n

24,1T1
61,185

'200,000

3,000,00c
2,000,000

o£

A:50,47

Jn
IDUd

Began Mayl.
6
1

19'"

Ian

5"."'"'

'i

m

Q-J Jan

'06,

Q-J Deo
Q-J Jau

'05. 2
'06. 1»4

Q-J Jau
Q-J Jan

'06, 219
'06, l»a

Q-"j

Jau

'06,

arch,

1906

.Vew b auk
527,434
51,46
91S,813
6,498,2,>o

5
6

16

12+4

3

82,978
18,2-.i4

Began Jan'3.

i'/ti

^,28 Incor poiMt c d .AI
Q-.)
3.667.171
12
12
Q-J
255,296
6
6
1.715,182
8
8
4ti2,0ll
F-A
6
6

Jan
Deo
Jau

'06, S
'05, 3
'06. 3
.Vu(5 '05, S

.^
'

•

035,88lj

"b Q-J Jan "'06","'l5i.
"e
2,915 Began buslii ess ?*ep 5. 1905
20,015 Besiaii Mayl, ly(>l5.
_/

20t!.70i;

declared Aug. 10, 1904.

— —

—

.

.

—

THE CHRONICLE

Jan. 27 190G.1

^itlm

Volume

Business at Stock Exchanges

of

TBJLN8ACT10JMS3

AT THE

DAILY.

NEW YOBK

/•or value

Shares

$76,338,800

Baturday

882 ,76

Monday

l,62;>,.'i69

141,614.4<t0

Tuesday

,926,606
1,975,039
1,628,830
1,329,960

173.924,450
183,301,400
147.263,000
119.805,100

1

Wednesday
Thursday
Friday
Total

9.372.767 $842,247,150

..

Bonds

105,000
4,673,500
3.649.500
4,892,500

$355,000
579,000

!i!4,000

27O..-.O0

63,000

1,075,000

3,633.(H)0

437.HOi>

3.886.500

302,000

.t3.

January

1

r^ o.

1905

4,767,300
32,555.500

*37,314,300

$88,881,900

$119,956,600

3,019.100
23.840,000
i^26.926.100

Total bonds

&

Pas Gas & EleclOO

Cong

Telein* «&

$16,000
14,709,600
105,230.000

State bonds
BB. and mis. bonds

A-O
OS 1938
HOcfc IndCNat<fc 111.100
1st 6« 1926
J-D

no8
3>2

29
71

a05
i

97

$67,000

«359,600
11,709,900
76.812.40O

.Sl.SOO

Pow—

6s 1949. ...M-S
H
St J oseph Gae 58 1937 . J - J

BONDS
)(i67.00O

S-D

<&

Telephone

flAmerTelegcfc Cable 100
flOentral & So Amer. 100
Commer Un Tel (N Y).25
Kmp & Bay State Tel 100
Franklin
100
100
HGold <b Stock
Hudson Biver Teleph 100
J Teleph... 100
TIN
Northwestern Teleg. 5(
Pacific <& Atlantic
25
HSouthern <& Atlantic 25

91

134
116
78
47
120
94
155
125
80
101

Y&N

II

Electric

lAsted
share*

UntisUd

Bond

Mated

sKa/res

sales

shares

17^10

Preferred
a nlted Electric of
4s 1949

Bond

Onlisted
shares

sales

25.944
63.867
57.257
55,865
45.296
67,776

13,029
20,209
29,444

$73,000
179,300
406,400

43.485
44,969
63,201

$32,500
81,000
62.600
15,500
50,500
84,600

23>33

142,'JOO

22,102
14.091

75,600
239,110

268,121

160.841

$266,600

805,991

132.408

$915,310

Monday

44.282
38,309
43,8'<5

Wedueaday .
Thursday
Friday

Outside Securities
A

Weekly Review
SJtreet

o.i

Outside Market

Railways

Ask

Bid

-will bt

100
N J 1 00
J-D

80
35

}

74'4

Ferry CompiMiies

39,804
28.871
29,779
26,589
17.888

Saturday

Tuesday

Total

PMlad^lpMa

Boston

W»ek ending
Jwn 26
1906

round on a preceding page.

3

B&NTlstOs 1911. J-J
N Y <& E B Ferry stk. 100
1st 6s 1922
M-N
N Y& Hob con 58'46.J-D
Hob Fy Ist 58 1946 M-N
iV Y
N J 2d 5s 1946.J-J

So Blykn PeiTy<feST
Transp Ist 68 1906M.N
10th & 23d Sts Ferry 100
Ist mort 58 1919. ..J-D
HUnion Ferry stock .100
M-N
list 58 1920

Alb

11

100
100
34
Electric Lead Reduc'n.50
76
Preferred
IO6I2 Electric Vehicle
100
99
Preferred
100
Eleetro-Pneom'icTranlO
Empire Steel
100
Prelerred
loo
93
DGeneral Chemical ..100
110
II Preferred
loo
Gold Hill Copper
1
Greene Con Copper... 10
53
Greene Consol Gold... 10

&

Susq 40yT 3 "as cts
Ohio Peo <fc St L prel.lOO

CITY

32
92
240

N

N

M

I1

MS

"

Greene
100
169
128
85
105

25
65

28

16
15

17

75
»4

Gold-Silver.... 10

Befg4s52op

170
107
67
85

7

8

40
SO
I06

43
85
107
«8

t

26\

3^

t

t

12... J -J

Preferred
100
Havana l\)bacco Co. .100
Preferre<l
loo
Ist g 5s June 1 '22. J-D

list

20
a»

Hall Signal Co
100
Havana Commercial. 100

6

"i»

26S
3'h

6H»

29j
25

305
30

593
90

95

'

95

30
39
78

31

41
80

Hecker-Jone^Jew'l Mill
Ist 68 1922
M-S 108 110
30
40
Her'g.HaU-Mar,new.lOO
Hoboken Land<& ImplOO 200
7434
1158 1910
M-N ilOl
Houston Oil
HHj 12
100
43
Preferred
48
100
110
90
130
13
35

IngersoU-Band pret.lOU
1 nternat'l BankingCol 00
Inl'n'l Merc Marine. 11)0
Preferred
100
Col tr deb 4 Hjl922op'07

6

International Salt

I314I

30'3

8338

48

100

Istg 5sl951

A&O

f

Am

1

H

I

N
N

M

Nor AmLum'r&PulplOO

55
106

Phoenix Securities

2

Pittsburg Brewing
50
Preferred
50
Pittsburg Coal See Stock
Pope Manufacturing. 100
l8t preferred
100
2d preferred
100
Pratt <fc Whitn pref.. 100
Bealty Assoc (Bklyn)lOO
Boyal Bak Powd pref .100
Bnssell <fc Jkrwin
25
Safety Car Heat<fe LtlOO

t

26

»

49

75
10
62
110
83
17

195

116
lw5
155
62"*
74H»
15
3-4

17
13^8

25

105
lis"*

45
45
206'*
47
83
7"*

GO
109
Hi

Hi

Exch

31*
26 Hj
49 «8
Ust

5

t

70
20
100
172
112
bl
295

Seneca Mining

1155

Singer Mlg Co
100
Standard Coupler oomlOO
Preferre<l
100
Standard Milling Co. 100
Preferred
100

5oO
38
120

75
21
105
114
63
'57"

14*-.

40
81

58

Standard Oil of N J.. 100 696
Storage Power
60 t
Swift & Co See Boston St k Exc
Ist 08 1910-1914. ...J-J 102
Tennessee Copper
25 t 44^4
75
UTexas <fc Pacific Coal 100
Ist 68 1908
A-O {108
203
Title Ins Co of N Y..100
Tonapah
(Nevada). 1 f 17 H
19
Tre u ton Potteries oom 1 00
Preferred new
100 100

080
45
loO
16
43
82
698

'^4

Mm

Trow Directory
Uniion Copper
Union TypewT
Ist preferred
2d preferred

Unltt'd Copi>er

Prof^Tted

U

i

i\

3

100
100
100

83 'a
48>»'

74"^,

^Ontario Silver
Otis Elevator oom
Preferred

'

105**
145

7
International Silver. 100
4/
98 101
Preferred
100
40
let 68 1948
60
J-D «lo7
80
90
r>aokawanBa Steel... 100
94
Lanston Monotype
29
30
20 t 15
95
96'2 Lawyers Mort Insur.lOO 192 Hi
42
1|Leh<fc Wiikesb Coal. 50
Lord & Taylor
100 114
115 116
Preferred
100 102
ULonilard (P) pref ...100 130
Mackiy Companies ..100 62
4
6
Preferred
4
6
loo
74H.
10
Madison Sq Garden.. 100
106 109
75
2d 68 1919
90
M-N
92^1
12 Hi
15
UManhatt Beach Co. 100
3
Manhattan Transit
o Ust
20
Mex Nat Construe. pllOO 13
73 12 76
^16
Mine Securities
5 f
Mitchell Mining
325 350
10 t 135„
Mouuugahela K Coal.. 60 f o
31
t
38
Preferred
74
50
t
78
Mont <fe Boston Consol .5
Mortgage Bond Co. ..100 104'2
100 101
Exch Ust
Mosler Safe Co
100
Nat Bank of Cuba
60
100 i05"'
90
National Surety
100 14.)
37
20
JNew Central Coal
44
J Ter Dock cfe Imp. 100
79
U 75
Y Biscuit 6s 1911. M-S lo2 Hi
124 126
88
N Y tge <fc Security. 1 00 203
t
90
46
10^4 11
DNew York Dock
100
82
71^2 71^4
1|Preferred
100
N Y Transportation. ..20 t 7
168 175
102
Nlles-Bem't-Pond pf.lOO 110
105

M

||

17><

80>»
103

IS

Hack'nsaokMeadowslOO
HackeusHOk Water Co —

W

N

.

Gu«ffenheUnExplo'n.l<iO

H

W

33

80
lol

,")()

Am

'-i

86H

17

6H2

Preferred

Deposited stock.
IILouisv 8t5sl930..J&J m2K. 113>2
Undeposited stock
32 H) Lynn ife Bos Ist 58 '24. J -D ^0912 112
Prior lien g 4 HaS'SOM&S
New on Bysifc Light. 100 38 Hi 40
96
Con mtg g 5s 1930.J&J
Preferred
246
84 "2 85
100
Income 5s 1930
lOlii; 105 "i
New 4^28
913* Chic Subway. See Chicag
i 91
Exch Ust
North Chic Street See V hicago hst llPort Worth cfc Denver
Pub Serv Oorp of J 100 128 130
ilOS 110
City stamped
100
340 360
Tr cUs 2% to 6% perpet
71'4 North'n Securities Stubs
Coll trust 5s gold notea
4116 120
Pitts Bess <fc L E
50
205 209
1909 optional
M-N «95i2 961^4
Preferred
50
North Jersey St By 100
29
170 180
Seaboard Air LineKxch list
Ist 4s 1948
M-N J76 77
Coll tr 58 1907 op. ..M-S
82
ConsTracof
J...IOO
83
S eaboardCo
See Bait
Dry D E B <& 3—
1st 5s 1933
J-D 108 108 »a Va & Southwestern. .100
iri8tgold58l932...J-D 113 116
102
New'k Pas By 58 '30J-J ni4 115
llScrip 68 1914 ....F-A 101
Inaluatrial and Alucel
Bapid Tran St By.. 100 240 250
3s5 400
11 Eighth Avenue slk.lOu
Ist 58 1921
A-O no8
Ahmeek Mining
25
TlScrip 68 1914 ....F-A 105
26
410
J C Hob<fe PatersonlOO
Alliance Bealty
100
Tl42d<Si QrSt F'y stk.. 100 390
74^4
48 g 1949
M-N
& St N AV..100 65 75
Amer Bank Note Co. 50
i2d St
108
80 J Gas El & Trac 100 125 127
lllstmort 68 1910 .M-S 105
American Can com... 100
GugSa 1953
noo 102
65
84
1l2d income 68 1915 J-J
Preferred
100
114
Nc Hud Co By 68'14J-J
Inlerboro-Metropolitan
American Chicle Co. .100
6512 5715
58 1928
Prelerred
JSew com. (wh. issued)
J-JH Hi 113
100
Ext 5s 1924
M-N no4 105
Ain Graphophone com lu t
New preL (wh. issued) 97 Hi 9»i-i
5U 5>2
Pat City con 68 '31. J-D 4122
4'a%t>onds(wh. issued)
Prelerred
9
9>,
953b 953,
10 f
2d 68... .1914 opt A-O iJlOO
Stk
E I list
Inter borough Bap Tr. loo 234 236
Am J ce Securities
<See
80 Side El (Chic) See C hicago list
Malling68 1914. J-D lo43b lOl't
IjCx Av & Pav F 5s See St k Exc list
Metropol Securities See Stk i. X list Syracuse Bap Tr Ss 1946 no7\ 109
Amer Press Assoc'n.lOO 100 105
58 1943J-D i 103 Hi 105
Metropoi Street By See Stk K X list Trent P cfe
Am Soda Foun com.. 100 2
4
United Bys of St _
Ninth Avenue stock. 100 185 195
1st preferred
50
60
lOO
42»4 42 Hi
Comvotirctis
100
2d prelerred
Second Avenue stocklOO 206 210
5
10
loo
86
80
100
^Ist mort 58 1909 M-JS aoo 102
11 Preferred
Amer St<:-el Foundries
«en 48 1934
See Stk Exch list
Consol5s 1948.... F-A S1141-J 116
Al 68 1935
89 P4 92 H,
178
DnitBysSanFran SeeHtk Exch list
American surety
llSiith Avenue stock 100 174
193
50
Wash By <fe El Co.... 100 42 -2 43
American Thread pref..5 f 4
Son Boulev 68 1945.. J-J «100 104
9OI4 .4.m Tobacco (new) com.. 500
89Preferred
100
Bo Fer Ist 5s 1919. ..A-O no8 109
510
8812
48 1951
87
J-1)
Third Avenue See Stock Excli list
Preld
See stock Ex eh list
42
50
P & 68 1928 no6 108 I West Chicago St
100
Tarry
list
4s and 6s
See Stk Exch
85
YkersStBB Ss 1946A.O ^106 108
TlCong 68 1936. ...M-M
Am Typelo'rs com... 100 35 37
38th <& 29th Sts 1st 58 '96 illOi.^ 112
97
Prelerred
100
100
Ciaa !!9ecurities
flTwenty-Th'd St stk 100 396 410
Amer Writing Paper. 100
5
SH,
NEW YOBK
ynlonByl8t68l942 W-A nio 112
Preferred
loo
34Hi 35
110
ice's Cent Unlpn Gas Ist 58... 4108
Westchest 1st os '43 J-J no5
58 1919
88
88 Hi
J-J
Con Gas (N Y)stk. See St k Exc h list Baldomero Mining
2
1
5 f
BBOOKLTN
Conv deb 68 ctfs Se«Stk Exch Ust
IIBariiey <fc Sm Car ...100
30
UMutaal Gas
100 265 270
100 128
I1 Preferred
A.tlan Ave 58 1909. .A-O ilOl
103 »s New Ajnsterdam Gas
Bethl'm Steel Corp. ..100
33
33 Hi
109
92 1, 93
Con 58 g 1931.. ....A-O 112 11312
Ist coasol 58 1948.. J-Jr* 106
Prelerred
100
B B <fc E 68 ] if 3. .A-O 100 102 N Y <fe East Biver Gas—
Coll.tr. g. 8.1.68 1914.
103
Brooklyn City B!!>ck...lO 236 23«
110
1st 6s 1944
bliss Company com
J J n07
50 aa;150 160
Con 68 See Stock Blxch list
Consol 58 1945
U4
J-J iilll
Preferred
140
50 130
Bkln Crosstn 58 1908. J-J 101
N Y&BiclunondGas.lOO 42
Bondife Mtg Guar
100 425 mo\
Bkn Ugts l8l 5s 1941 A-O 104 108 Nor Un Ist 68 1927. M-N n04 107
Borden's Cond Milk.. 100 175
180
BlOnQCoifeSub ibe« Stk Kxch list
UStandard Gasoom ..100 130 150
Preferred
100 114 116
Bkiyn Bap I'ran See Stk Exch list
British i.;ol Copper
"UPreferred
100 155 170
91,
6
9
290
18168 1930
Camden Land
M-N 109 112
U Coney Is. & Hkiyn ..100 270
3 t
h<
the
1st cons g 48 1948. .J-J
95
100
Casein Co of
3
com..lOo
OTHBB CITIES
BrkCfc N 6s 1939.JJ 110 113
Preferred
75
1(X
GrSt&New l8t58'06 F-A 100
CasnaltT Co of America.
125
Atner Light 4 Tract. 100 118 120
136
Q-r'pti&Lorimer St 1st 6s 102
Preferred
CeUtilold Go
100 103 104
low 133 136
Kings Co. Elevated—
Bay State Gas
Cent Fireworks com. 100
15
50
20
Ist 48 1949 See Stock Excti list
Bingliamton Gas 58 1938 S98 100
Preferred.
67
72
100
Nassau Elec prel
100
75
Central Foundry
Brooklyn Union Gas deb
7\
100
7 Hi
68 1944
A-O 110 113
170
Preferred
68 1909 conv '07... M-S 165
27 "2 28
100
I8t48l951
See St k Exc h list Buffalo City Gas stock 100
SVi 10
Deb 68 1919 op 'OlM-N
83 "^ HS\
Wb'g <fe Flat Ist ex 4 "as 101
Central Lettther
l8t 53 1947 See Stock Exch list
04
See Stk E X list
Bteinway 1st 68 1922.J-J ni8 120
Century Bealty
Consol Gas of N J
UK) 186 190
96
Chesebrougb Mfg Co 100 440 480
Ist 68 1936
J-3 i 94
OTHEB CITIES
Chic Pnenm TooL See Ch ioago list
Consumers' L
<& Pow
City Investing Co..
6s 1938
J-D 8110
140
142
Buffalo Street By—
60 1100
llClatlin (II B)com
IJDetroit City Gas
100 110 126
iBt consol 58 1931. .F-A ni2
113^ Elizabeth Gas Lt Co.. 100 275
Hist prelerred
96
100
Deb 6s 1917
A.O ?106
Essex & Hudson Gas 100 126 130
112(1 prelerred
98
lOO
Chicago City By
See C Uicago list
68
Fort Wayne 6s 1925..J J
45
Colo Industrial. See Stoc k Ex list
Columbus (O) St By. .100 101 s 102
60
Col & HockCortWtlpf 100
Gascfc El Bergen Co. .100
68
65
80
Prelerred
100
110
Grand liapids Gas
Ist g OS 1917
J-,7 i 78
85
Colum By con 68 See Ph il» Wax
1|l8t 58 1916
F-A aOl 103
Compressed Air Uo...lO(i
CroBsl'wu l8t58'33.J-D }100 lOS
Hudson Co Gas
100 109 110
Con.solid c;ar Heating 100
66
60
Brand Bapids By
100
70^4 luiuaua X>lat •& 111 Gas—
70
HCona Firew'ks com .100
16
20
Preferred
loo
HH\
Ist 08 1908
M-N
26
100
67
72
II Preferred
IBuyerpaysaccr'dint. tPriceporsh. ^sale price. l^ollars per sh. aUx-rights. a;B!i-div. f New stock, usells on 3i'k

NEW YORK

Bleeck St& Ful F stk 100
111st more 43 1950 ..J-J
^ B'y & 7tU Ave stk ..100
1]2Umort 58 1914 ...J-J
Con 58 1943 See stock
B'way Surt 1st 6s gn 1924
IJCent'l Crosst'n stk.. 100
UlstM 68 1922 ...M-I\'
11CenPkM& BK stk. 100
flChr't'r & lOtU St stk 100
CoU& 9th Ave 08 See Stock

11
26'»

144^4 145V|
7"*

1

5

Electric Boat

6

34

8

Diamond Match Co.loO

Dominion Copper
Douglas Copper

104 106
67
72
88
91
108 >2 109
109 111
105

<fe

<fe

llailroad

8treet Kailfvaya
Bid Ask
Lake St (Chic) EH
See C hlcago Ust

UPreterrou
Cuban es o< 1896

7
3

30

26
86
28

100
100

IJCrncible Steel

A»H

2

6H!

Hudson Bealty

Brooklyn Ferry stocklOO

NY

43

Companies

Edison Co See C hicago
DAILY TBAMSAUnoJMb AT THE BOSTON AND PHILADELPHIA Chicago
TIKingsCoElL&POolOO a.60
EXOHANGKS
Narraj^n (Prov) El Co 50 tl04
NY & <i El L&PowColOO 55

Bid

Cons By Ltg&Befrlg.lOO
Consol Bubber Tire.. 100
Debenture 4s
Cons Storage Batterylou
Corn Pr Ref com (w 1)100
Preferred (wh is) ... 100
Cramps' Sh<*En Bldgloo

no

110

Pat

sliareN

SoTernment bonds

42
105

137
91
111

1ICong58 1948

Par vaaue

Bank

40

38
110

No Hudson L H

32,625,876
4,914,687
17,603,182
9.372,767
*842,247,160 $463,318,800 $2,987,766,150 $1,626,952,600
$87,000
$6,000
$10,200
$273^00
shares, par..

Stocks

101

100
38
34
Logife Wab V 1st 6s'25. J-D
Madi8> n Gas 68 1926. A-O «106

Jwn 26

to

1906

190«

1906

Bonds

$23,840,000 $3,019,100

98

i

Industrial and IHiscel

Ask
70
104

60

Newark Gas 68 1944. Q-J ^36
Newark Consol Gas. .100 90

B<ynd$

Week ending Jan 26

HaLes at
Xtw York Stock
Exchantje

—

;^

Bid

noo

100
IW)
DPreferred
100
Laray'eGaslst 6s'24.M-N

O S

State

Jic

Securities

Kansas City Gas
IILo^lede Gas

STOCK EXCHAl^GK

Ballroad

209

50
IndlaD.apoli8 Gas
A-O
Istg 5s 1952
Jackson Gas os g '37. A-O

WEEKLY AND YEARLY

atocks

Week ending
1»V6

.

Hj

L'ge
105

45
85
110
206

19
21
103
45
55
new. .100
2'»
10 tl"ie
97
99
com.. 100
100 122 126
loo 119 123
63'4
64 1«
100
94
98
U)0

100 200
27
86
90
100
Exch
Ust
2d pf See Stock

8. Ca.'tually

U s Envelope com. ..100
t Prelerred.

U S Rub

U B Steel Corporation-

5» '61 opt '11 .
'61 not opt.
In<lein.lOO
U STil
Universal Fire Ext'r.lOO
Col

tr 8

1

Coltrs f 08

Gu*

Bronx
A;
Mort Guar Co

ni3
J

112
125

114
114
127

tt

7

WestcUester
Title

&

.

182 Hj

Weetingh Air Brake. .50 H52 153
H»
White Knob Min
^e
Prelerred

Worthing

Pump pref. 100

2

118

2>*

132

Exch., but not a very aotire security.

BOSTON STOCK KXOHA.NOT-Stock
Slinr«- •'rice»

Montlav

aaiuraay
Ja-n

Jan 2?

-'li

Jan

95 1<
an
104 "v ]04 105
2531^254
254
1 58 '-J 1 59
»158»alf'y
24:!
242 243
2*3
17J 17c!
174 174
1113 "i

•

94

•3U"
18(1

»ie4

J

27

94 H,

Hi

253Hj'4^3H;

159
243
174

r59
....

175

311

27 Hi 28
74
74
•
180
*124 127

•J8

•

'.'.'.'.'..

-Ja

'104M043«

264

'311
-27

— Sioi

Tntsday

Prices

Wediieiiday
Jau a 4

Tfiuriday
Jan Ho

9334

104

Hi

94
104

'<

Hi

•2531.^ •^533,

158
•243

H(

158 Hi

74
124

104%

253
159

253 H
159

174

174

Last !^ale
Last Halt

•3l"i"

28
75
180
127

93 1« 93 iv
'104
'243

17434 176

28

28

'is" 75

Last

180
127

127

•ialt

126
Last Sale
Salt
Last Sal'

J.aii

142 >y

14JS142'-,.
•'.1

ay

7

•94

....

19
69

13
69

9^111

112'..
99".^

IS'g
*25'i;

261^

204 Hi

-04'-.

209

51

51

75

•101^102

6S
•25
203

•99''^io6

51

Hi

26<-i

204 H?.

"56"

*73h1'"75""

102

10138 102
155-8 157^
•981,

175

997e

997g

99-t

114

113H.H4

Hk

1834

68 H)

50"

175

•113

95

143 143
99 H) '..'9 Hi
•92 Hi 95
18Hi

68
•25
203

Hi

Hi

1834

9834

143
100

143 14

100

Last Sale
Last Sate
19

19

68% 68%
Last Sale

69

26 Hi
203
204

203

Last Sale
Last Sale
210

209 Hi '.209 Hi '209

209

15734 1581.)
981a 99

ys't

00

'TS^ 75
102

ISS^jiGHJv
9»'e

18-'4

68 -^ 69 V

209

1

•921.J

18^

'2b ^2 2C--

'68

^rj

"94

204»< 205

209

'142Hj

210

Last Sale

•50

60

60

75
75
101 Hi 102
I6OI4
157Hi
•98
983^

"75""'

75
102

102

156-itt

15734

•98I4

99 14

175
99'8

114

99^8

114

997j

•99

100

11334 114

114

Record, Daily.
STOCKS

I'er CtMiluiti

Last Sale
Last Sale
Last Sale

Jan

93%

94

Hnllrondn
Atch Top <fe Santa FelOO

100
100
100
159
100
243
Boston <fc l><)well
Boston & Maine
100
17J
174
100
Do prof
175
Jan '06
y/v% Jau '06 Boston & ProvirtenoelOO
'25%
26 Boston* Wor Elec Co.
Do pret
75
75
lay
Jan '0 Chic JttDO Ky & U 8 YlOO
•126
Do iiref
100
7«.'y% Jan 'Oti Oon<fe MontClaa8 4..100
Conn
v
I do
&
Paes
Ki
pref
100
'U
Oct
Dcc'(i5 Connecticut Kiver...lOO
143 '4 14:!'. Fitchbitrg pref
100
•99
100 (ia Ky& Klectric....lOO
Do pref
100
94
Jan '06
100
Dec'Oi" MalneCentral
100
18%
18% Mass Electric Cos
Do prof
loo
68%
68 H
100
Jan '06 Mexican Central
20334 N Y N H & Hart.. ..100
203
lo4
100
Oct '05 Northern N H
30
Jau '06 Norwich & Wor pref 100
ICO
209
210 OW Colony
101
100
Oct '05 Pere Marqnette
Do pref
100
60
Rutland prof
'sii"
66
100
100
75 Seattle Electric
Do pref
100
i02" 102
Union Paoittc
158
158
100
9734
Do pref
100
Vermont & Mass
100
99% 99% West End St
50
Do pref
U13
60
31
Oct '06 Wisconsin Central... 100
Do pref
no
Oct '05
100
•IO3I4

253 '4

103',

1)0

Jtanga tor Year

Hanige lor /'review

1900

Vear(iy05)

tKe
Wesic

of

EXCHANGE

'-id

Weekly and Yearly

Hales

BOSTON 8TOCK

Frtday

"

"

'

nn-f

•253% Bonton & Albany
BoAtok Kluvated
169

W4

Share*

Lowest

490
43
290
76

89% Jan

103 Jan
253 Jau
156 Jan
30 240 Jan
252 172 Jan
174 Jan
311 Jan
160 25 Jan
140 72% Jan

Utghett
2
17
16
2
3
2
10
i 3
17
16

M
96% Jan 13
33RMaj
99 % Ji
105% J an
106^;Sep
_
254% J an 2 253 I'ttti 26
Apr
160 .lanl', 152 Xo\11 58% Apr
243 Jan 18. x24l May 249 Mat
175 Jau 23 17i) De 18 5 % Mai
171 Jan 175 Apr
175 Jan
311%Janl7 J()5 Jau 31 1 Dec
2s Jau 2'/
13% Jan ;J5 Mai
75 Jan 23 63% Jau 82% Apr
:!

v-j

Jan 11 182 Jau l.a 150 Jau 82 Mai
Jan 11 127 Jau 16 123 Nov ;{2 Feb
189% Jan 4 189% Jan 4 186 Jau 8934 .Mai
160% Jau 1 67 Au«
285 Jan 300
Dcc^il 48
Mai
141 Jan 2 143% Jan 20 141
95 Jan 8 100 Jan 9 59% Jan 92 (Jet
93 Jan 9 95 Jan 2 86 Jan 96 Not
175 Jau 192
Dec
17" Jan 5 19% Ja'nl3| 13 Oct 23 Apr
59% Jan 2 69% Jan 17! •55 Not 70', Mar
25% Jau 9 25% Jan 9i 193, Maj 25 ^„ Deo
174

I

1*23

1

1

103
335
481

907

391 I96''8Jan 3 205

230"
89 208

230
Jan 2 210
JaiiVt)

"26 56" Jail

aia2!^ Uec
164 Oct
Jan 16 ^32 Jan
Jan 15. i05% Jau
79 Jau
Jan 4 52 H) Dec
Jau 4 50 Ai>r
50 Jan:
.Tan 24
Jan 15 93% Jan.

Janl6|
"

3la,

•95
16 Hi

3212

96

31
96

323b

l"?^

16>-i

1/

37 14

38

ap
36
151 151 .
14U 14UI.
142^,143
453^ 46
11714! 17 '*
28'\ 28 ,
•

•177
48
86
192
3I4

139

139 H» 140
140 Hi 142
4618
45

534

;

'
;
'

117
28

534

•5H2

139

138
*1
^

3 ^4

234

3H2

1381s

138

......

•1

934

103
•22
26

26
23^

10634 109

'

76 >a 78

76

77

i-

81

303«

311s

311^

31

96

96^8 100

31H)
96
17'*.
16
37
37 V
151 I53I4
1397g 140
140'4 141

46

47-',

IO8H2 IIOI4
II714 II714

29 Hi 29 Hi
534

26

534

3I4

139

38

33
100

16%
38%

150% 151%

151%

140
140
46
109

141)34

140
140

47
110

109%

117

140

II7I4

28% 28 H
-5% 6

47

Jau
117
29

•5%
250
•I?.;

49
86
192

3%
139

10

•

-45

10

10

,•84
'S*

j

"

»6hi

98 la
87
100
6

45
46
XlS^sllSis
16
701, 71

•

434

"l^

'

26

434
I-',

26^

3434 35 14
••60
•75
311.2 321*

705

710

•15
•

26

44%

453g

44'6 4534
11218 11234

•46

•86
*90

15

87
100

'85
•90

96
87
100

51a

51a

4514

451a

llliall3i,
1434

1434

4'a
*1>4
261a
3434

41-j

•65

2734

705

30 "s 31

15

96

134

263^

35
-65

3034

705

6
43I4 44H2
109->s 111^6
6H.

14'8

147,

68

68

434
IHi
2534
3334
•65

28
710

43,
IH2

26
34^8
•65

28 »B

710

86%
192

3%
139

10

•934
1023,

10
1U3

102=8 103

109 14
76H» 77
31
31

16
97

503,

Jan '06
Last Sale
Do pref
25
•25%
•25%
3% anion Cop L'd <fc Mg. 25
2% 2 'a •2%
100
109% United Fruit
108% 109 14 109
Dn Shoe Mach Corp. 25
79
77
79
78%
Do pref
25
30% 31%
31%
31%
S Rubber
100
Last Sale 53
I>eo'05

109 14
77
31

^46

16«2 16 H,

•97

250
180

-22
26

76H2
303*

IIIH2II2HP

6

Boston Land
10
Oamberl T«lep & Tel 100
DomiDLon Iron <fe St..
E^ast Boston lAnd
Ediflon Elec IUimi...lOO
Gteneral Electric
100
Uaes'chusetts&asCoslUO
Do pref
100
Mer^enthaler JjinclOO
Mexican Telephone.. 10
N ETeleplvone
100
HantCom t'st stk com 100
Do pref
100
PuHmanCo
100
Eeece Button-Hole.. 10
Swilt & Co
100
Tocring^ton ClSiSS A.. 25

10234 103

44%

11336
45

11134

112%

1133g
45I2 46
46'8 46'-^
112 14 112'^ 11278 113
^

117
29

314

139

'otj

Jan '06
Last Sale /
Last Sale 13% Sep '06
244% 245

244" 246
•934

'3

139

139

3H;

^ 108

10\

248 250
248
I78I4 178 14
49
48% 49%
49Hi
86
86%
86 "4 86-4
192 192
192 192

3Hi

'

3'234

248

•1

103 14

10
37 14

Last Sale

3H2

139

'243 -245
•934 10

103>4

10834 109

tJ

10

10
245

F

31

II714
29I4

247H)248
177 178
48 Hi 4334
86
86
19iH2l91Hi

1911.^1911-2
3I2
'3

31,

10
245
245
-*»< 10
934
102»4 1023* 10234
-as .. ^ •22
26
•25>a..

•

117
29 H>

48 '4 48 H;
86
86

8^4

'

10434 1083b

'247i-j250
179 I7914

•1
•

14914 150"8

140
14134 143 S,
4558 46
104 S 105
117
29

53^

250
180
48 5(
86
192

15U34 15 IV

140

10434 10434

534

30 Hi 313^
•95
96
17
16
38
37

!'6

•45

1434

•90

95
87
100

95
•85
•90
•oHj

4334

5%

433,
43
44
IIOH2 112 %.i;lo8%

"Yo"'
•434
134

'25

Hi

34
•65

2934

710

93

•40

•1314

93

Last Sale S7%
hast Sale ys

534

14

4434

111% 112
"45
•13" 14

%

43%
43%
110% 110%

70
134

26
3434
•70

30 Hi
710

43,

434

1%

Is
25%

25
33

65

2938

705

3334
•65

30
710

Last Sale
29
29%
Last Sale

14% West Telep
93

13%

-4%
-1%
25
:<3%
••65
2934

705
I'-i

Do

<&

pref

Dec '05 Westing El <fc
Do prof
Jan '06

100
100
100
25
Teleg.lOO
100
Jifg... 50
50

5% Adventure Con

5%

5%

13% 14%

•40

Do urel
a S Steel Corp
Do pref
West End Land

433,

112
143,

Allouez

25
25

Amalgamated CopperlOO
Am Zinc Lead <& Sm. 26
Anaconda
25

Arcadian
1% Arnold

25
25
25
253< Atlantic
3334 BiugliamConHin<&S 50
•70
Bonanza (Dev Co)... 10
4'

303^ BoBtonConO&GCrcts) £.1

705

Jan

Calumet

<te

Hecia

'06 Catalpa (Silver)

25
10
26
25

-4

67^4
133
:i2

.si;p

May
May
Apr

02
Feb
Feb
87
72 Jan
67 % A.ug
02 Sep

Jan(

5

Sep
Jau
Jau

01^8 Feb

146

Mai

15

Jan^,;6

760
372
435
26;»

890
202
.'84

875
877
lO'J

,110

572
47
95
,013
•225

73
85

1

% Dec

80 Oct
02 Sep
I)ec .17%.^pr

21% Jau
55% Auk

Aiiscellajieous

83 H Amer AjTicul Chem.lOO
Do pref
102
100
50
17% .A.mer Pneu Serv
Do pref
50
39%
152 »4 Amer S ugar Hetin
1 00
Do pref
141
100
Amer Telep & Teieg. 100
141
100
47% Amer Woolen
10934
Do pref
100

;i5

55
64
305
Jan 10 75
21-'
Jan 10 102
,628 148% Jan 4 I6OI4 Jan24 113
83 98% Jan 2 9934 Jan 2 95
1 175
Jan 11 175 Jan 11 L72
214 99 Jan 11 101 Jau 2 93
121 112 Jan 3 114% Jan 18 110

66
65
95

NoT'05 WoicNasU<fe Boch..lOO

151

Htgtt^tl

Lotoast

3

1

60
51

Sep
%
i*
Sep

Not

23

19% Jan

29% Apr

92% Jan

86

Jau

;>6% Sep
Dec
15

Jan 3 33% Jan 26
Jan 2b|
2 1(»2
Jan 3 17% Jan 16;
30 Jan 4 39% J an 1^6:
149 Jan 15 156% Jan 8
139 .lau 2 141 Jau 2-.;
1353^ Jan 8 144% Janl7j
41% Jan 4 47'4 Jan :i4
j;103 Jan 3 1 10% Jan 24
334 Jau
334 Jan 11
1163, Jan 8 117 >4 Jan 20
26 Jan 4 29% Jan 22
514 Jan 17
6% Jan 2
240 Jan 4 250 Jan 13
177 Jan 4 180% Jan 9,
46 Jan 18 6o.'4 Jan 26:
Jau 3 86 % Jan 26;
19 IH .Ian 8 194
Jan 4
3
3 % Jau 4
Jan 2
132 Jan 2 139 Jan 18
1
Jan 16 II16 Jan 15
I

4%

1

U

Apr

36% Dec
.Vla\ 154% Dec
Ma\ 140% Aug
130% Dec 148 Jan
Jan

20

130%

J

32

J au
47 Nov
92% Jau 09 Mar
4 '4 J'ne
3 % .Mill
116 Aug 124 Jan

21

17

Jau

6

% J 'Ij^

M734 Deo
Jan

Dec 257

239

.\pr

169%Mav 191 Jan
38% Jau 51%.\.ug
80% Jau 88% May
nS5%J'ne 206 Apr

leb ||3%Deo
Dec 140% Apr
Feb
234 Jan
10 Jan 17 Jan
120 243 Jau
246% Jail" 2 ;30 May 268 Oo*
8% Jan 10% Feb
20
9% Jan
10 Jan 2
106 Jan 10 100 Dec 114 Jan
686 J!l02 Jan
22 '4 Jan 15 18 J'ly 23 Jan
22 Jan
60 2534 Jan
26 Jan 22 25 May 27 Aug
2 % May
4%Au«
2^4 Jan 22
145
Jan
109 a Jan 22 103 Apr 115 Feb
:,420 03 % Jan
:,l3e 73
79% Jan 19 57 j'ne 90 Aug
Jan
31% Jan 26 j30%D9C 34HlAu«
;,479 30 % Jan
34 '8 Jan 57 Deo
4» i09',Jan 2 11 -a Jan 13 98% Jan 117% Apr
,54:-;
42 % Jan 5 46 % Jan 20 •24% May 43% Deo
Jan 22 91 May 107 Deo
,777 i05%jan 4 113
25 4ii Jan 26 50 Jan 15 40 Mai •67% Jan
445 12 Jan 2 17%Janl8 11 Dec 22% Feb
91 Jan 2 98 % Jan 19 90 Oct 104 Feb
2
110

1

131

1

'-J

'i 'li

1

.i

98
214
,489
.169
,250

53
170

290
080
,975

675
,67

53

Jan 9 98

Jan 10
40 Jan
104% Jan 4
13% Jan 25
.r60% Jan
4% Jan 17
1% Jan 18
25 Jan
33 Jan
•60
Jau 10
-~ '4 Jan 2
700 Jau 17
•12
Jan 12
28% Jan 4
k!

Jan 11

6 '8 Jan 2

47 Jan 9
115 '4 Jan 13
16 '4 Jan 8
72 Jan 2
6 Jan 8
2
Jan 3
28% J an 6

82
91
1

% Oct
May

234

18
70
8

Ma

Oct

10 % Oct

Apr

49 Oct
Jan .11% Deo
J

uc

Deo
% Deo
Not

1534

25 %

May

73

1

Maj

7

45

Mar

92
100

3 Nor
J'ne
% May 2o%oct
May
37% Deo
37% Jan 4
•7o Jan24| 50 May •95
Oct
33% Jan 2, 534 Jan 35 Deo
715 Janlol liOl Jue 20 Deo
•12
Jan 12 10 Ma 20 Oct
32 Jau 12 16-% Mar 34% Oct
5% Sep
8 % J an
70 Jau 2'^ 30 Mai' 75 .May

12

28

29 Centennial
1,430
Nov'Oo Central Uil
•61
•65
Uous Mercur Gold...
Jan
,350
8434 86 "s,
84*8
,Ui) 81
Jau 4 86 'a Jan 20 64 Jau 86 14 Ueo
83^8 85
84
83% 84 H
84 Copper BaugeCouColOo
83 Hi 84
83%
•17 la 18
20
163, Daly. West
16% Jan 25 18 Jau 5 11% Mai 22 Not
17
17 1^
1634 17
16 H 17
16 '4
I1J34
1634
,161
76
Coal
Uonunion
100
•78
81
81%'
82
81% Jau 24 60 Jau 86 4 Mar
81
770
80
81
81
-a Jan 16
81
•ijio"" 12ci
Do pref
100
Jan 12 113 Juu LiO Deo
120 123
60 rio Jau 23 12
120 120
120 123 *1'20 123 •iio" 123
•214
2 Ma
4
Oct
21.
12
23, Elm Kiver
2% Jan 2 214 Jau 12
2% 2»6 •2%
9o5
2 la
2 Hi
2 Hi
2 Hi
2Hi
1734 li'i
8 A pi 20 's Oct
25
1734 18\
1734 18
18 '8
18
18
,203 16^4 Jan 5 19% Jan 26
I8H2
183i
19«t. Franklin
9'» 10
5
Jau
lO-S,
Dec
Consolidated.
1038
IOI4
Granby
10 's 10 It
10
Jau 25
lOifl 10%
10
10% 103fc
,602
Jan 17
10%
10
32 's Dec
29
29 14
29 '4 Ji)->4
30
2838 2918
29
27% 2838 26%
27% Greene Con.v)Udat©d. lo
67* 26% Jau 26 31% Jan 2 20J4.ru
714
3
Apr
7
Jau
Cousol..
Guaui^uato
7
638
4% Jan 6 7% Jan 18
«3g
7
6
638
,610
6H
6H1
63b
27^ 27
281..
27
2ii% Isle Koyale (Copper). 25
Jan 2 2938 Jau 6 17% May, 2 a '4 Jan
26% 27
,731) 25
27 Hi 2734
27
26%
10-8 111,
11^4
11^4 Ill*
11
11
10% 10 \
,605
9% Jau 5 12% Jan 13 •706 Ma 13% Mar
11
10 "a
10% Maee Cuusol
1
1 % Oct
•1
J'n
-1
•1
25
,^50
1
1% Jau 4
IHi
1%
Jau 20
IHi
IHi
1%
1% Mayflower
16-^ I6I2
10%Jan l83a Deo
10 '4 16 H
25
I6ia 17
.770 16% Jan 17 ll-'e Jan
I6H2 163,
16% Michigan
16%
16Hj 16H»
593^ 60
2
5914 59 H
59
59
59
60 Mohawt
8o3 58 Jan 16 iil Jan 2 48 Mla]| 64 '4 Deo
60
60
69
60S
6 % Deo
5
2
J ly
6 Jan 16
5
53g
53g
5
5
614
Jan 4
0%
,915
5'h
5
5«S Monbina Coal i& Coke 25
13 Deo
lo % Dec
11^ ll»j
)ec
11 '4 11%
Ilia 11=8
1138 ll;>8
11'4 11»4
1138 Nevada Consolidated
11
,995 it'^ Jan 26 12% jau
93
34
Deo
88 4 893^
A
Butte
873,
North
15
92%
>4
87
82%
Jau
Jau 4
15
B-iHi
87
85%
88
87%
,502
86%
871a 89
•1^4
2^8 001
lay
•li,
•11*
1'4
•1
26
13,
l"*
1=, Old Colony
134
1% Jan II •75 ."^ay
110
Jan 12
1% 1%
40 '4 41
23
•'8
lu>
%M
36%
Deo
Dominion
40
Old
42
39
393,
391,
Jau
40
40 S,
39% 3834
9
J an
39
,400
'h
l3y
104 104
Fe 1 1 5 Oct
10:
25
1041-^
103 104
02
104
103 103 Hi
103 Osceola
103
,201 xlOJ Juu2 5 109% Jan 8] 88
42 iv 44 ^a 41
41 Hi
41
jau '2 22 J'n1^ 47 Deo
40
41% 41%
415, Parrott(Silv<«i Coi>p) 10
,775 39 Jan 17 48
421a
41Hi 43
•1'4
3% Jan
i ut
II4
'1%
1'4
26
1% Jau 4
IH)
iHi
IH.
Is
'l\
1%
1% Jau 15
IH Phojnii Consol
260
1%
110 lli
110 Ill
25
111
110 no
110 lll>
111 yuiucy
112
474 105 Jan 3 114 Jau 11 95 .Mlay 18 Jau
111
7I4
734
8'» Jan 19
1%Mlay 8% Oct
6 14
73.
798
25
63^ Jan 3
7% 7H,
7 Hi Kliode Island
,630
71a
7Hi
7%
2I4
2iv
2I4
2I4
3 Jan
1 % -Mlu>
23;
Jau 16
2% 2%
Jan 3
2% SauU Fe< Gold <fc Cop) 10 ,376
21a
2%
23b
7 'I Jan 3
9 Jan.
6\jFe b
6 Si
634
6
634
6',
6*8
6^4 Jan 10
6% 6%
10
6 Hi
6% Shannon
,365
6^
40
.Mar
101
107 >v 107
MojII
108
122
110
109 169
Tamarack
25
j;107
Jan
108 108
107
107
81
12
107
Jau
"14 TecumseU
16 ^4 Oct
2
14 S, 140 *14
141.
25
I'i
15
J4Hi 143.,
14 Hi 143j
1334
,485 11
Jan 2 16% Jan
24%
5334
»,
Ueo
J
4113.
47.-.4
'23
52
4734 473, •47
4734 48
48
Tennessee
26
Jan
49
660
Jan
48
'4
"lui^ 10 «
738Jau 13-\, Feb
934 10
934 Trinity
25
I'Jis 10 1»
10
IOHj
9% 1.1,
9=8
9% Jan 25 11% Jan 3
,516
75
Deo
9
Mai
65
6634
64 'e
00 I5
62
United
Copper
lOO
Jan
2
64 Hi
63% 64
5
64 Hi 65 14
64
Jau
64%
,140
63 »e
*U2
88 Uuc
74%N
•93
•93
Last Sale
100
SS Jan 9 90 Jan
98
97
Do jiret
Jau 'Oti
Last Sale
45% Jau 2 56 Jau 17 21 Jal 46% Deo
Jan '06 UnitedStiites Mining 25
2
12
9%Ap 1334 Dec
113^ 1;
1238 U nit States Coal &OU
li
12
12
12
Jan 2 12 '4 Jau 9
ll's U't
,634 11
66
601.1 63 >4
59% 60 -V 60%
6J34 U S Smelt Kel.<fc.Miu. 50
69
61 Hi
59 "8 60
Jan2^ 66 Jan 20
,334 59
4634 471^1
45-«4 46
46«4 46 Hi
463,
pre!
50
46
u<>
45
46 H
4534
46
Jan '.^3 47% Jau 20
,747 45
68 2^ 66
or
65 ^« 66%
5
06"'t,
66 Hi
6538 66 "a
66
Jan 2 6934 Jan 12 39S'M* 58=tf Not
65%
66'S. Utaii Con (Gold)
,26S 56
-Ma;
t7%Oct
7
7^
6-'8 Jan
e2
8 Jau 13
738
7%
Victoria
26
2
7 Hi
7
.156
73f
7Hj
7H!
7H»
15% Feb
•7
7 % De8
M
H
7%
7
Wiuoiia
25
8% Jau 3
8
634
970
7H
7Hi
•.4- Jan U
134 134
133
Wolverine
216
133
Jan 25 134', Jau IS 105 Jai 134 '« Deo
133>4l34Hj 132 1333j 133 1 34 hJ 133 133
Feb
1^
1 %J'0'
2
'i''^
134
Wyandot
100
2
1% Jan 18 134 Jan 26|
•IHi
c Beloii, pay'lotassess'tscalledin 1905. i< IJolorup.iy'loi assesa'tscallediu 1901. * Bid aud asked. UNewstock. t Asstpaid. t Kx-rightd. a Kx-div.Jifightn.

30

*6

-65

•65

30

29-4

•6

7

'6

•65

•70

•65

29^6

7
•65

29»t

65"

2934

•65

•66

•65

29%

^1%
•65

I

-

'4

'.

1]

M

i-

i..

.;

5

JJ

Jan. 27 1906
j;o.M»f«

Range or

Jan 26

Last Sale

Ma
HeU Telephone 4s

Netraska 1st 78. .1908 M-S
S Fe gen g 43. 1996 A-O
A(l|u8tmentg4s
J'lyl995 Not
Boston ElectLiglitlsC 69.1908 M-S
1924 M-S
(Jonsol 5h
1907 J-D
Boston & Lowell 4s

1916
Boi'ton & Maine 4 "^n
1944
Boston Terminal 1818128.1947
Bur&MoKivex 68
1918
Non-exempt 68
1918
1910
Sinking fund 4s
1917
Butte tfe Boston 1st 6s
Cedar Rap «fc Mo R 1st 7s-1916
2<1 78
1909
Cent Vermt Ist g48-.Mayl920
B <fe Q Iowa Div 1st 58-1919

lowaDiv

102
96

.

Douimion Coal 1st

s f 58..

Eastern 1st gold 6s
Fitchburg 5s
48
4s

8884

96

Jan

J-J
J-J

102

102

Sep

.

9934 Oct

9978.

J-D
Q-F

'06
'05
'05

94

J-J

107

J-J

A-O

100

99

J

124"'

J-J

89

99

'.'.'.'.'.'.

Hz

124^4

Jan

Feb'05
Nov'05

Vl-N

109

J-D
J-D
A-O

i6i'4io4i^ 105

IO2H2

Apr '05
Jan

97

98

97

'Ot)

10534 May'05

Oct '05
140

GtNor CB&QcoUtr4sl921

J-J 101
1921 Q-J| ini

Hj

Apr'05

10138

Sale

101
101

1014

Hi
Is

Share Prices— Sot

Monday

Jan 30

Jan 22

I'er

Wedixesday

'I-uesdav

Jan 23

Jan

24:

iriday

Jan 25

Jan V6

102

Oct

-

No

A-O
A-O
A-O
J-J

J'ly
J'ly

J-J
J-J
F-A

A-O
A-O
A-O
A-O

High

101
100

lOi

106
122

106
123
99 Hi
94

101

123
123
99 Hz Jan '06
.14
94
104 Hi Xov'Oo
10^3g Jan '06

9'i

93

Hz

102'8lO'.iHi

1I78»8ll79^,

100

99

18

Dec '05

101-:4

1023, Nov'O?

10234

106 14 Feb'05

J-J

A-O
F-A
J-D

10414 J'ne'04
111027g

FA

J-J
J-J
J-J
J-J

Mar02
98
105

98

98

105

105

102

Dec '05
Jan '06

loo

100

104-, Salt 10434
10434
15713 15812 154 Jan '06

154

154

J-J

M-S

100

J-J

109

FA

,

1!97i8

9934
'06
10534 Oct '05
102=8 Oct '05
102 Hz Jan '06

...I

103

121102

1033^

99'»»

102 1«

102
102

Hz

102

Hs

103

Hz

Sep '05
109 Sg Aus'05

1194

109 H2.

Hz

and asked.

1|

Flat price.

Weekly, Yearly

Daily,

Range for
1906

Sales
t/m

Oct '05

Jan

102

103% Sale

latest bid

of

Hz

119934

IO2H2
10534
10268
10234

J.J
J-J
J-J
;

'05

102
100
98
107 14 105

98
105

M-N
M-S
M-N
F-A
M-S
M-N

Jan

I24I4 Sep '05
103 Sep '05
l07Hz Nov'05

103

FA

price Friday

(For Bonds and Jnaotive
Stocks see below)

J,0(V

'05

Jan '06

lOHi^ 106

120 Hi Sep '04
101 14 Sep '115
118 May '04
"Vs'i^'so'
78'''s Jan 'Oti
25 Nov'US
1734 Aug'05
75 J'ne'O;;
102 Hi Aug'04
99
99 Hi 99 Hz 100
100
100 '2 Oct '05

ACTIVE STOCKS

Thursday

101

Maine Cent cons 1st 78. ..1912
Cons 1st 4s
1912
Mara Hough&Ont 1st 68.1925
Mexican Central cons 48. .1911
1st cons inc3s
Jan 1939
2d cons inc 38
Jan 1939
Mich Telep cons 5s tr rec.1929
Minne Gen Elec con g 5.s 1929
New EngCot Yarn 5s.... 1929
1906
New EngTeleph 6s

Exchanges— Stock Record,

Centum Prices

101 Jan '06
10034
101
1281* J'iie'04

124
9834 99
94

MS

Migh

saiVJ

IO2I4

interest in addition to the purchase price for all Boston Bonds.

Philadelphia and Baltimore Stock

Saturday

90

H2

1934

A-O

M-N
M-S

Ask Low
"

Rantte
Since
/anitary I

Range or
Last Sale

Kan C & M Ry<fe Br 1st 6sl929 A-O
Kan C St Jo& C B Ist 7s.. 1907 J-J

. .

'OS

Jan '06
109^4 Mar'02
II214 Jan '03

A-O

100
106
123

1907
1908
100 Hj 1001,
1915
105H)105i2 New England cons g 5s... 1945
9il«8 9959
Boston Term Ist 48
1939
94
1924
94 H: Old Colony gold 4s
Oreg Ky <fe Nav con g 4s.. 1946
106 107
1922
Oreg Sh Line 1st g 6s
99 H2 99 H2 Repnb Valley 1st s f 68. 1919
124 14 124 14 Rutland 1st con gen 4128.I94I
Butland-Cana<llan 1st 4sl949
Savannah Elec Ist cons 5s.] 952
105 105
Seattle Elec 1st g 53
1930
Terre Haute Elec s os
1929
Torrington Ist g 58
1918
Union Pac RR<fel gr g4s.l947
97
97
1st lien conv 4s
1911
100 101
United Frultconvgen5s.l911
101
101
U S Steel Corp 10-60 yr 5s. 1963
West End Street Ry 4s... .1915
Gold4H2S
1914
Gold debenture 4s
1916
Gold 4s
1917
Western Teleph & Tel 5a. 1932
99^8 10134 Wisconsin Cent let gen 481949
10034101% Wisconsin Valley 1st 78.. 1909

Jan '06
99 H;

126

J-D

.

68
63
58

106 -'a Nov'05
100 H2 Jan '06
105H!
105Hj
995^
94 H,
94Hj

99«8

ibi

Kan C Clin* Spr Ist 5s... 1925
Kan C Ft S & Gulf 1st 78. 1908
Kan C Ft Scott <fc M 6s.... 1928
1934
KanCM<fe B gen 4s

97

1111411114

lom Dec '05

100 Ha 101
105 Hi

F-A

M-N
M-S

ruinols Steel deben 58
1910 J-J
Non-oonvei-t deben 58...1913 A-O
la FaU8& Sioux C Ist 7s. .1917 A-O

Assented income 5s

89 Hj Jan '06
109 Mar'05

90

A-O 109
A-O 10079
M-N 10534

-

93 14

100 J'ne'Ol
129 J'ue'05
Ill's J'ly '05

M-N

J

Bid

101=4 mosH,

M-N IOOI2IOH2 101
101
M-S 101 IOII2 101 Jan '06
103 Hi Sep '05
M-N
10318 Apr '05
M-S

1940
1906
1908
1915
1927

N OTE— Buyer pays accrued

88

IIII4

M-S
FremtElk<feMoVlst68--1933 A-O
Unstamped 1st 68
1933 -A-O
Be4n8tered48

!<5

IIII4.

W Ist 4s... 1946 A-O

DetGr Rap&

997p

94''^

J-

A-0

W

9938

^47j.

We«k's

Price

f^idav

Jan ?6

Low JJtgh

99 7f,
88 H
Sep '05
102 Hi
97

»8

101 '8

1

110 Feb '04
104 H2 Apr '00
103 14 May05
117 Feb '04
112 Hj Jan '03

J -J

Debenture 5s
Denver Kxten 4s
Nebraska Exten 4s
B& S St 4s
Illinois Div 3^28
Joint bonds See Gt Northern
Chic JcRycfe Stk Yds 5s. 1915
Coll trust relundlng g4sl94U
Ch SI a <fe St P Dub D 6s.. 1920
Ch M & St P Wis V div 6sl920
Chic & Ko Mich Ist gu 58.1931
Chic &
Mich gen 5s
1921
Concord <fe Mont cons 4s. .1920
Conn<fc Pass R 1st g 4s... 1943
1927
Current River 1st 58

W

Sale
Sale

F-A

1919
1913
1922
1927
1921
1949

Ist 48

><;

J-

4.S

88
107

.fe

A tch Toi) &

Since

January

High.

99 "2
94 Ha

9434 Salo
8 8 Hi Sale

JJ-

1

ASK Low

99*8 K'O

1908 J-

Am Telep&T^l coll tr 48.1929
Am Writ Paper 1st 8 5s g 1919

HON US
BOSTON STOCK EXCH'GE
Week ENDtNQ Jan 26

Range

Weel^s

fYidav

WicKK Ending Jan 26

Atch

211

Boston Bond Record.

BOSTON STOCK rXCH'GE

Am

J

.

Uanye for J^eviou*
Year(lH05)

i'tar

Week
Hiqliesl

LotoesL

SA.ar<«

Lowest

Jiig/ie*t

i

»84

84Hz 84Hi
104»4 10434 •104
•30
31
31
89H» 89Hz
60
60
»60Hj
16»4
16Hi 1634

104»4 10434
31
31
891a 89Hz
'61
l6Hz- I6I4 16i»

104Hil04>2

'16

104Hj105

*m.
*105

31
*

91

^

61

17

'1634

5334

*53H)
3634
12

31
*91i2
61

'n\

Baltimore
Consolidated Gas

i

'

53Tg
35Hz
ll'e 1218
*12Hz 13
47
47 Hz
22^8 23 14
11734 11734
84Hj SSij.

63Hj 63'e

35 1«
ii'e

12Hz
47
2234

4734
223j

*n7Hj 119
84-'%

851*

3Hj

3Hz
73I4

73
63

5334

5378

5334

35

36

SQ^

36 4 3734

12^8
12 14

I2i8

12%

12 Hz
47
23
117
85

12',
46H2
2238

8
8iie
3278 3338'

47
•

8I4

8

117
83

'2

S^ie 3i3j9

73ilj9

73

Inactive Stocks
Allegheny Val pref
50
American Cement
10
Bell Telephone
50
Cambria Iron
60
Central Coal <fc Coke. 100
Preferred
100

ConsolTracof NJ...100
Diamond state Steel. .10

84

83
3»8

73

1*

52'8

She

8I18

Skj

40 14
6H)

63

Ask

53

33
51
63 Hz
100=8
31

"634

A. .10
Inter Sm Pow & Chem.50
Keystoue Telephone ..50
Preferred

84

35

<fc

Piiila

Traction

Railways General

50
10

&

Steel. .5

Tidewater Steel

10
10

Preferred

Tonopah Mining
Xlu.onTr of Ind

ot

Nevl
loo

UnuedNJ HK&C.IOO

Unit Trac Pitts pref. .50

Warwick Iron& Steel. 10
West Jersey & Sea SI. .50
Wesimorelaml Coal.. ..50
WilUi'M Ga.s
*

<t

Ei<T..10(!

liid ai.d .asked pri:es;

99

»30

Hz

100
31

50 '4
63 «8
9934

*31

£>•

Rid

Ask

Jan 6
Jan 1
90 Jau 18
62 Hz Jan 5
19 Jan 15

83
99

Apr

90

.May

May

1

1

034

Sep

Dec

21Hz Jaoj

34

83

M ai

1' i

Jan
12H)Apr

64
16

Mar

54Hi

Apr

47^8

11334

114%

102

102

Me 1st 58 1949 J-J
& G gen 5s '19 J-J

28
34

28%
34%

'4

14Hz

1434

V

2

...„.
Hz

109 110
50 Hz 51
159

M

7178

151 162
10078 101

95
55

98

14

no

96
5-<

.sales

Phil Elec gold trust ells.
'I'rust cortif.s 4s

on tins day.

\ Kx-i

iglils.

5,918
2,852
23,226
175

i.7.5o paid.

Hz

Nov
Dec

vii'i

col tr 48 '21. J-J

102%

103

103

106

Pref
100
Atlanta <fe Charlotte. 100
AtlanC^HSt Line KK. 100
Atlan Coast L (Conii)lOO
Canton Co
100
Cons Cot Duck Corp. ..50
Preferred
50
Georgia Sou <fc Fla...lOO
1st pret
100
2d pref
100
G-B-S Brewing
100

99%

97

BaltTracl,st5s..'29M.N
NoBaltDiv58 1942 J-D

M-N

Ceut'l Rvcou5sl'J32 M-N
Ext<fe Imp 5s. 1932

MS

t

$10

paid.

City &

A ext 5s. '09 J-J

Sub

Isl

1910 A-O
5s.. '22 J-D

i

!f

55 14
12

Hz

;i36

Jan

Aug
Nov
Apr
Apr

71i3ieNoT

47% Aug
Nov

50 Hz

63i4 0ct

.26-%

Apr

Nov

31

Ask

95
118
115

9711

112^4 113

Sub(Was)l8t5s'4!<l
1st 5s'20F.Ai
ColdcGrnv lst63.1916J-J
consol Gas 6s... 1910 J-D
1939 J-D
5s
Ga<fe Alalstcoc 5s '45 J-J
Ga Car & N 1st 5s g '29 J-J

106%
106% 107%

Georgia

l'.i3

& I Ry

P

1st 6s... '22 J-J

115

106% 107
113%
11034 111%
111%

113

107

LakeKEU»tga58'42M-S 116
MetStiWash)lst5s'25FA

MtVer

Cot Duck 1st

53.

117

85% 86%

Incomes

440
98

NptN&O P 1st 5s'38 M-N

General 58.... 1941 M-S
St 1st 58 '44- .J
10% 11% Norfolk
North cent 4 %8 1925 A-O
3434 35
Series
A 68 1926 J-J
30
35
Series B 58 1926
J-J
99
99%
Pitt
Uu
Trac
58 1997.J-J
72
75
Val
1st
-J-J
Poto
5s
1941.
834
9
Sav Fla<fcWest58'34 A-O
Soiiboard A L 4s 1950 A-O
106
105% Seab <fc Roan us 1926- J-J
105
107
Soutli Hound 1st 5s.. A-O
10134 102% U El Ij&V l3t 4%8'29 M-X
Uu Kyifc E11.3t4s'49M-S
114 116
T-D
94
95
Income 48 1949
94% 95% VaMid l8t68 1906-.M-.^
...M-S
2d scries 68 1911.
105%
113 114
3d senvs 6s 1916. -M-S
10,') % 106
4th ser 3-4-58 1921. M-S
110
5th series 58 192().M-S
116
Va (Strtte) 38 now '32. J-J
Fund debt 2.3s 1991 .J J
119 120
West N C con 68 1914 J-J
101
102
WesVa C* P Ist 6g' 1 1 J-J
116%
Wil & Weld 5a..l935.J-J
112

BaltCPa8sl8t58'HM-N
Fundg 58.1916 M-N
Exchange SHzs 1930 J-J
Bait d!) P 1 St 6s lu r 1 1 A-O

fMS paid,

H:

73^6

Jiid

Kno.t V Trac 1st 5s '28A-0

75

Bait

534

105%

Charl C &
2d 7s

Nov

901-jNov

GaSo & Fla 1st 63 1945J-J 113
62-4 62%
103% G-B-S Brew 3-4s 1951M-S
2d income 58 1951 M-N
32% 32^4

96
160
164
435
95

Anacoetia & Pot 5s
-\tl<fc Ch l8t7...1907 J-J
Atlaa C L. RR481952M-S
Atl Coast L(CT.)clfs 6s J-D
CtfB of Indebt 4s
J-l
0-20 yr 48 1926
f-J

Convertible 5s. '06

89

70

Bonds

1231-2

BAiyn.>ioRE

Cily<fe

89

17 >4 Jau

49 Jan
25 14 Mar

Chas CityRy 1st 68 '23 J-J
Chas By G <fc El 5s '99 M .6

Ask

C<),il

76
102

32 Dec
12 '8 Feb

'J

110%

BAbTiaKIKIi

t

11% Jan

11638 11534

Inactive Stocks
Ala Cons Coal& Iron. 100

10638

100 100%
70 '4 70J4

Rid

Roch Ry& L, con 58 '54J-J
U Trac Ind een 5s'19-J-J
Un Rys Tr ctfs 4s'49J&J
U I'l-ac Pit gen 68 '97 J-J
Welsbach s 1 5s 1930- J-D
Wlks-B G^E con5s'55J-J

10134

NoOhioTracoou58'19.J-J

Con& col tr 58 1951 M-N

146

.

ii3% ii4%
110%
115%
125% i'26%

ioi% No Penn Ist 4s '36.. M-N
Penn gen 68 r 1910.. Var iu%
Consol 5s r 1919-.. Var 115
'6
Penn & Md Steel con Os.
Pa <fe N Y Can 7s '06. J-D
19
Con 5s 1939
A-O
19%
Con 4s 1939
A-O
Penn Stool l.st 5»'17 M-N 106
People's Trtr certs 48 '43 102 I4
6V 67s P Co lst<fe col tr 58'49 M-S 111 %

101

400
12,072
2,231
18,719
8,031
16,079
39,543
67,476

3034

Terminal 5s gl941-Q-F

P W<fc B

li^"

88
"7"i%

2,014

PHI1..ADELPH1A

&

Indianapolis Ry 48.1933
Interstate 4s 1943 ..F-A
Leliigh Nav 4%s '14-Q-J
RRs 48 g
1914. Q-F
Gen
4%s g.l9'24.Q-F
Leh
C l8t 58 g '33.. J-J
Leh V ext 4s 1st 1948. J-D
2d 78 1910
M-S
Consol 6s 1923
J-D
Annuity 6s
J-D
Gen cons 4s 20t»3.M-N
Leh V Trac 1st 48 '29- J-D
New Con Gas 58 1948 J-D
Newark Pass con 5s 1930
N Y Ph & No Ist 48 '39 J-J
Income 48 1939... M-N

7,0<!1

503
100
100 3,056

tr ctls

pre! tr ctfs

Jan 2 5378 Jan 20 48 Jan
Jan 5 3734 Jan 24 2434 May
2 12 Hz Jan 10
lOHzJan
9 Hz Jan 2 14 Jan 4
SHiDec
40 Jan 2 48 Jan 19 36 Nov
1838 Jan 2 23 \ Jan 15
14 Hi May
115 Hz Jan 5 118 Jan 19 100 Hz J'ly
801, Jan 5 853. Jan 18 521-2 Jan
7g Dec
3% Jan 3 3i*ie Jan 10
7114 Jan 4 73'i,e Jan 22 SSi-^ie May
51 Jan 5 5379 Jau 17 4034 Jan
739 Jan 11
J'ne
8
8Hz Jan 15
30 Hz Jan 3 31% Jan 26 1734 Jau
69S8Jan 2 83 Jan 23 39=8 Jan
46 Hz Jan 5 47'»i6 Jan 23 45 May
48^16 Jan 3 51
Jau 23 42 Jan
62 '4 Jan 4 63 «8 Jau 25 58I4 Mar
93 Jau 13 lOOS, Jan 24 90 J'Qe
30 Jan 6 31 Jan 19 20 Feb

363 52
106,578

P& EgenM 5 g '20. A-O
Gen M 4s g 1920. .A&O
Ph & Read 2d Ss '33. A-O
Con M 7s 1911
J-D
ConM 6s g 1911.... J-D
Ex Imp M 4s g '47. A-O
Con M of '82 4s '37. J-J

Peo Tr stk tr cMs 10134 io2"'
Eq 11 Gas-L 1st g 58 1928 10714
H <fe B Top con 58 '25 A-O

Northern Central
50 104%
North Pennsylvania. .50
Penusylvauia Salt
50

Susqueli Iron

5O6ie50i3i6
63-^ 63^9

47

Gen Asphalt

By 1st con 68 1932
ConTracotN J l8t5e-'S3
E A 1st M 6s 1920 M-N 113
Elec

15

(Pitts) pref... 60

47

il6'"

62
66

Co

47

107

10

German & Norris.50

32-',

76»i8 78 Hi 751*16

Ch Ok

50

Pliil

8I16

Choc<fc

BroUiers

PliLla

5-.iHi

»l8

%

Little Schuyllcill

Penn.sylvania Steel. .100
Prelerred
100

818

82 '4 ....„

60

Miueliill* Schuyl H..50
N Haven Iron <fe Steel.

027g

-Vmerican Railways
50
Cambria Steel
50
Electric Co of America 10

Lake Superior Corp
100
benigh C <fc Nav tr ctfs. 50
82 % Lehigh Valley
50
3 Hz ALarsdenCo
100
50
733i9 Pennsylvania RR
o2-'. Philnlelp'a Co (Pittab) 50
87ifl Philadelphia Electnct. 25
34't. Phllft Rapid Transit*.. 50
50
TT^ia Beading
47
Do Ist pref
50
51)78
Do 2dpief
50
63 'fc Onion Tracton
50
United Gas Impt
100
50
31^j Welsbach Co
100

Berg&EBrwl8t63'21J-J
BetlUe Steel 6s 1908. Q-F 120% 121
Cheife D Can Ist 68 '16 J-J
60

Key.stoneWatchCase.lOO

Ln

3»ie

3 Hz
7278

Al Val E ext 78 1910 A-O
AmRy8Conv68 1911. J-D
Atl City Ist 63 g '19. M-N
Balls Ter Ist 5s 1926. J-D

Col St

N

82

PUIL,ADEL.PH1A

Easton Con Electric 5.50
Elec Storage Batt
100
Preferred
100
Gerniantown Pass
50
Harrison Bros pref. ..100
Indianapolis St
100
Indiana Union Tr
100
o(

82 Hz

32 Hj 33

8118

10

lunurancaCo

37-'t

72% 73
bi^H

SI4

5378 53^8
36Hi 371*
12
1218
12%
12 14
12
12 14
4678 47I4
46
2234
22 Hz 22 Hi
'117 U7Hi
116
5334

Uonda

64
60 Hz

50

3"l6

3 Hz

3234
78I4

100
*30

1

8I34

4738 47^
5O618
6314

1

45
22 Hz
116

14

73iiie

53

Rid

PIIII.AOI<:i.PHIA

I214
12Hi
47><
2278

lldHzll7

5278

3234 33
32''4
33
773,
7988 9-A
786ie 8138
*47i2 47"™ 47»i9 47«ie 47i6ig47i5ie
50 "2 50^8
50^8 51
•50Hz 9]
63 14
63 14 63 14
631^,
63 Hz 63 Hz
9938
97 »8 98
98
9834 100
*30
30 31
31
31

t'relerred

.

84 Hz Jan 15
105
32

Pliiindelpliia

537g

73ii9 73iiie
53
SSs,

63 S

3 83 Hz Jan 3
570 104 Jan 16
307 30 Jan 2
10 89 Hz J an 22
138 60 Jan 23
4,082 16 Jan 8

100
85
50
105 Hz Northern Central
3138 Seaboard (new)
100
100
Do Istpref
92 Hz
100
61
Do 2d pref
18
Unltert Ky <£; Electric 50

20 pant

95

100

110
110
lis
118

112%
114
114
91

903i

114
114
97

116
98ia
94

•..

!t334

71
102
110
114
110
114

71%
103

'4

96%

,

112%
114%

97

H3
108
118

108>a
120

n.

-

7

.

.

THE CHRONICLE.

212

[Vol. Lxxxn.

kuA %mlxoK& Itttjelligjencc.
RAILROAD GROSS EARNINGS.

Intrjesttttjettt

The following table shows the pjross earnings of every STEAM railroad from which regular weekly or monthly return*
«an be obtained. The first two columns of fieuree give the gross earnings for the latest week or month, and the la.st two
columns the earnings for the period from July 1 to and including such latest week or month, VVe add a supplementary
etatement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other

.'

The returns

period.

of the street railways are brought together separately

Latest Gross Earnings.

Week or
Month.

Roads.

July 1

Ytar.

Aia (it Southern See Southe
Ala N O & lexas Pari lie.
N O & N East. December
Ala & Vickslj'g December
Vii-ksb fill & V. December

rn

Ky.

to Latest

Current
year.

Curreiil

on a subsequent page.

Date.

Latest Gross

Frevious
Year.

&

216,081 1,391,396 1,232,549
137,9()6
145,375
650.214
715,397
152,99V
127,913
578,465
753,511
Allegheny Valley. November
Inc. 7 9,741
Inc. 55 8,623
Atch Top ic S hn. December li, 7^7, (lot 6,235,182 38,600,790 34.615.086
Atlanta &. (,'har. November
321, ()13
317,857 1,689,070 1.570,955
Atlantic A- Jiir... November.
SO, 901
80,532
449,970
418,880
Atl Coast Line.*.. November. 2,11.'), 7/1, 1,947.871 9,297,705 8,523.302
lti,35:
Bait 6i Ann S L.. Novemt)er.
15,054
80.226
72,330
Bait & Ohio
December . C, 450,519 5,412,259 38.010.408 34, .544, 733
Baniror & Aioosi. Novenuier.
l^^<,t):i^
174.lO->
969,20,>
902. U.N 2
Bellefonte Central December .
5,086
5,515
27,821
31,153
Britlgt Js. 8aco K. November.
3,512
4,644
23,922
22.835
Buff Koch & Pitts 3d wk Jan
166,674
136,562 5,066,776 4.618.538
Buil'alo o.: ,NU.-»q.. November.
131 92i
101, Us.
(„j4,871
480,67/
December . 119,241
Gal Northw'n
106,861
975.771
877,354
Canadian jNorth. 3d wk Jan
S4,40U
64,300 2.942.300 2,282,000
Canadian Pacific. 3d wk Jan 1,009,000 750,000 34.382,794 29,381,880
Cent'l ot Georgia. 3d wk Jan
223,250
181,800 6,477,221 5,995,059
Cent 'I of N Jersey December . 2,118,194 1,888,603 12,834,285 11,372.189
Chattan Southern 3d wk Jan
2,959
1,670
72,845
73,659
Chesap & Ohio.. November, 2,033,482 1,719,680 9,816,326 8.737,321
Chic & Alton Kv November. 1.043,404 1,164. ,33
5,173,459 5.863.477
Chic Gt Western. 3d wk Jan
140,282
131,005 5,001,697 4.369.580
Chic Ind & Louisv 3d wk Jan
98,334
88,703 3,397,254 3.152.951
Cliic Milw & St P November. 4,972,589 4,524,521 24,256,171 22.437,551
Chic & North W. December . 5,090,257 4,441.871 32.931,635 29,589,106
Chic St P
& O November. 1.254,120 1,099,203 6,84S.562 5,432.506
Chic Term Tr KK 3d wk Jan
30,434
27,824
870.057
953 ,822
On N O & T Pac. See South rn Ry. 5 VPtern bei ow.
ClCinCh &St L. December . 2,042,051 2,005,-396 12.286.777 12.141.289
Peona & East'n November. 312,051
263 ,99^ 1,351,386 1.258,118
Colorado Midlami 4th wk Dec
52,289
48,307 1,091,719 1.065.133
ft Col & South Sys 2d
wk Jan 223,066 168,435 6,569,005 5,307,058
Col Newb is, Lau- Novemljer.
26,005
21,115
116,933
95.916
Copper flange
November.
o5,19S
267,133
44,514
291,348
Cornwall
.sovember.
15,194
24,094
3,259
77,227
Corn wall & Leb.. November.
38,651
21,788
100,915
191,038
Denver & Rio Gr. 3d wk Jan 339,800 297,900 11,139,708 9,829,897
Det & Alackinac- November
96,186
81,147
445,089
409,779
Det Tol ii Ir and
Ann Arbor Syst 2d wk Jan
81 ,007
62,254 2,227,083 1,945 ,551
DulSoSh & AtL. 3d wk Jan
44,982
47,106 1.682.349 1,475 453
Erie
November. 4,411,220 4,002,222 21.621,519 19,998 633
Paircluld <fe .N i^. November.
2,47(
4,23.:
10,523
15 235
Fon Johnst & Gl. December .
65,598
388 ,320
59,56S
432,077
i\
i Denv City Now includ ed in Colo rado & S outhern
ystem
Georgia KK
November. 250, 2LS 234,358 1,203,676 1,081 536
Ga South it I'la.. See Southe rn Rv. S ystem be' ow.
Gr Trunk Svsteni 3d wk Jan 675,257 62«,13-i 22,132,849 20,877 ,293
Gr Trunk West 1st wk Jan
86,015
98,872 2,930,105 2,657 ,047
Det GrH & M. 1st wk Jan
18,994
807 ,902
28.479
830,655
Northern..
Great
December . 4,101,019 3,506.284 26,750,188 23,219 ,606
Montana Cent'l December . 256,823 204.013 1,379,297 1,186 ,231
Total system.. December . 4,357,84.1 3,710.297 28,129,485 24,405 ,837
Gulf& Ship Island 2d wk Jan
42,360
31,211 1 ,080,098 1,013 ,942
Hocking Valley.. December .
564,087
472,236 3,421,818 3,296 ,942
Illinois Central.. December . 4,558,359 4,493,103 2o, 223, 017 25,870 ,603
llUnois Southern. December .
33,48*
150 ,283
25,316
190,951
Int & Gt North'n 3d wk Jan
110,000
106,100 3,960,777 3,778 ,993
a Interoc (ilex).. 3d wk Jan 131,404 104,834 3,282,517 3,173 .175
Iowa Central
3d wk Jan
54,373
48,422 1,685,633 1,465 .661
Kanawha ik Alien November. 180,442 152,880
767 ,343
905.907
Kan City South' November. 677,876 657,651 2,957,626 2,942 .183
Lehigh Valley
November. 3,074,556 2,746.097 14,563,588 13,22C ,294
Lexing & East'n. November.
40,683
220,926
195 ,108
37,205
Long Island
November. Inc. 71, 958
Inc. 325 152
Louisiana & Ark. November.
76,151
341 ,140
77,249
380,329
Louisv ik Nashv. 3d wk Jan
861,865
740,830 23,492,767 22,132 ,369
Macon &. iJinn
December .
12,027
13,409
74 ,075
75,545
Manis & No East. November.
24,616
26,356
149,329
165 .329
Manistique
December .
5,06
4,627
51,081
47 ,449
Maryland & Penn December .
27,723
23,372
194,191
173 ,136
a Mexican Cent'l. November. ,171,5-16 2,010,009 11,230,438 10,256 .373
a Mexican Intern 3d wk Jan 139,059 124,123 3,646,216 3,690 .967
n Mexican Ky
1st wk Jan
124,500
119,300 3,282,800 3,073 .200
a Mexican South. 1st wk Jan
20,606
578 .261
18,575
597,892
Miiien <t South w. Octol>er ..
6,847
28 ,015
7.356
29.100
Mineral Kange
3d wk Jan
13,010
11,816
422,686
382 ,041
Minneap & StL.. 3d wk Jan
60,082
52,546 2,197.560 1,730 ,458
St P & S St M. 2d wk Jan
217,952
137,009 6.568.256 4,881 .149
Mo Kan h Texas. 3d wk Jan 300,250 338,042 12.344.243 11,861 .000
Mo Pac & Iron Mt 3d wk Jan 825,000 680,000 23,881,020 24,404 .504
Central Branch 3d wk Jan
32,000
26,000 1,128,535
915 .192
Total
3d wk Jan
857,000 706,0001 25,009,555 25,319,,696

M

W

M

& K C December
.See

2nd week Oct
3rd week Oct
4th week Oct

week
week
3rd week
4th week
1st week
2nd week
3rd week
4th week
1st week
2nd week
3d week
1st
2n(l

Nov
.Nov

Nov
Nov

(39 road.s)..

Cur'nt Year I'rev's Year
S
9.430.786

(.3.8

ro.ads)..

9.434.892

(41
(40
(42
(40
(43

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

14,5I0.87r,
8. .33 1.329

9.780,290
9.773,2P9
13.0.59.92^
9.01 .601

S

8.965.878
9.292,845
14,096,129
7,777 198
8.832.358
9.031.440
12,2.53.008

Inc. or Dec.

%

+ 464.908 5.18
+ 142.047 1.53
+ 414,747 2.94
+ 554,131 7.12
+ 947,932 10.73
-^741,850 8.21
+ 806,920 6.58
+ 667,758 8.00
+ 892,792 12.03
+ 1,004,072 11.96
+ 777.382 6.21
+ 762.433 10.81
+ 1.467,241 20.67
+ 1.090.555 16.32

.

.Sou tilt

Nash Ch & St L.. .November.
a Nat KK of .Mex 3d wk Jan
Nev-Cal-Oregon . December .
Nevada Central.. December .

N Y C & Hud Kiv December
N Y Ont & West November.
N Y Susq & West .November.
Norlolk & VVest'ii November.
.

Northern Central
Northern Padl^c.
Ohio Kiv & West.
Pacific Coast Co.

.November.

December .
November.
November.

dPenn-

Eaminos.

July 1

Latest Date,

*o

Current
Year.

I'munis

Current

Preiiotit

Year.

> car.

Year.

S

S

?

94.086
59.400
Ky.
ystem bel
904.160 872,349
256.8.35
239,791
14.156
14,089
3,677
3,319
7,746,083 6,893,934
620,628
578,542
236,771
253,583
2,299,304 l,»oO,067
894, S3
965,637
5,110,63:: 4,362,037
19,921
17,124
,541,549
489,029
rn

Ea.<;tP&t .November. 12.580,725
dWest P (fe E.. .November.
Inc. 89
Phila Bait & W'sh -November. 1,302,659
Phila & Erie
November. 843,439
Pittsb C C & St L December
2,456.374
Haleigh & S'port. December
4.916

Keadmg Railway NovemberCoal & Iron Co November

454,464
ow.

323,547

4.366,974
7,402.254
131.909
25.233

4,327,190
6,342,093
123.434
17.116
46.906.03(, 42.100.404
3,430.49(" 3,114,945
1.181.49S 1,074,519
ll,612,b3.j

9,791 ,68«
4,696,214 4,584,314
32,801,160 27,985,424
98,775
93.728
2.997.411 2,821,334
10453.525 60,32S,943 51,351,843
1,500
Inc. 3, 726,800
1,162,1.59 6,382,735 5,928,535
701,188 3,939,291 3.625,038
2.120,894 14.209.212 12,490,445
3,809
30.168
24,816
3,135,858 17.408, 71-J 14.969,661
3,391,22b 14,678,255, 13.205.563
6,527,084 32,086,973 28,175,223
115,272
645,5/4
575,376
56,821
308,345
263.719
8,100
317,982
263,550
132,406 22,468,510 19,499.912
99,413
558.259
665,932
3,610,405 17,823,875 17,184,399
129,572 5,056,234 5,161,749
1,154,815 5,998,056 5.463,521
31,638
121,557
725,888
730,622
9,071,428 44,674,005 41,056,782

3.618.960
4,239,230
Total both Cos November. 7,858,190
Rich Fr'ksb & P November
137,822
Rio Grande Jet. November
71,688
Rio Grande .So._ 2d wk Jan
11,877
Rock Island Sys November. 4,553,438
St Jos & Gr Isl
November
123,981
St L & San Fran e November 3,852,288
St L Southwest.. 3d wk Jan
164,779
Seaboard Air Line November. 1,282,559
Sierra Railway.. October ..
32,498
.Southern Indiana December .
119,372
So Pacific Co.c. November. 9,618,799
Southern Ry SySouthern Ry.. 3d wk Jan ,050,184 913, 274 29,441,387 27,501,359
MobUe & Oliio. 2d wk Jan 160,595 118, 315 4.811.592 4,477,001
Cin NO & TexP 2d wk Jan
147,352
124, 741 4.312.178 3,959,412
Ala Great Sou. 2d wk Jan
63 ,829
1.974.,S93 1,794,066
57, 631
Ga South & Fla December . 159,450 157, 148
877,721
930,013
Texas Central
2d wk Jan
15,432
11 921
551,791
507,407
Texas & Pacific. 3d wk Jan 258,862 249, 849 7,221,180 7,702,074
Tex S V & N W. October ..
15,600
19, 000
Tidewater & W'n November.
7,296
37 052
40,882
7, 957
Tol & Ohio Cent. November.
365.276
374, 753 1,871 420
,868,298
Tol
West
2d wk Jan
24.533
24, 229
733 108'
734,478
Tol St L
68,202
3d wk Jan
,166,507
59, 341 2,332 502
Tor Ham & Buff. December .
68,299
56, 411
373 987
337,248
Un Pac System.. November. ,109,535 5,719, 798 30,241 SS5 ,551.121
Virginia & So W'n December .
76,485
50, 740
478 ,731
298,543
Wabash
.
3d wli Jan 473,465 425, 222 14.058 983
,037,764
West'n Maryland October ..
383,580 331, 404 1.602 OSS
,372,534
Jersey & Sea'e .November.
290,063
242, 563 2,551, 532
,287,632
Wheeling & L E. 3d wk Jan
99.017
.525,078
78, 43^ 3,189 611
Wichita Valley.. July
12.170
12 170
4.110
4, no
W'msport & N Br .November.
12,890
510
13, 419
77.938
80,
Wisconsin Central .November,
602,976
584, 161 3.094 342
,999.441
Wrightsvl & Ten. .November.
18,827
1*1, .325
18, 220
85,078
Yazoo & Miss Val December
924,595 1,029, 178 3.S.S4, 473
,629,323

P&

&W

W

Various Fiscal Years.

Atlantic & Birmingham
Bellefonte Central
CI C C & St Louis
Peoria & Eastern
a Interoceanic of Mexico

Jan

1

.Mar

1

Dec

1

1
1

Texas & Pacific
West Jersey iV .'Seashore

1

.

—

Jan
Jan

1

to

1

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

1

1

1
1
1
1
1
1

1

1

1904
1904
1905
1905
Feb
Mar 1905
April 1905
Mav 1905
Montli June 1905
Month July 1905
Month Aug 1905
Month Sept 1905
1905
.Month Oct
Month Nov 1905
Month Dec 1905

Dec

Inc. SO 78.377
,933.299 S2. 720.469
.038,079
S17.607
60,633
57,276
,517,800 22,141,110
,658,290 2,781.795

Dec
Dec

Nov
Jan

318.786
385.755
83.411
273.197
361.377
119.300
18,575
672.315
86 ,095.602 78.573,209
,692,308 9,462,905
2713 519 10S047 419
'nc. 7.00 8,000
,452,6461 12„501,246
355,900
386.438
92.676
305.280
415.379
124.500
20.606
768.033

Nov
Dec
Dec
Jan
Jan
Jan
Jan
Dec

Nov
Nov
Nov
Nov
Nov

,584,383 7,095.701
,748,136 24.108.605
571.605
619,381

Dec

Nov
Jan

737,178

Nov

,3S4,0S4

Cur'nt Year Prev. Year.
S

Nov

Nov
Nov
Nov

PrevwtiM
Year.

705.720
4.063.084

and Monthly.

Monthly Summaries.

Jan

to
to
to
to
to
to
to
to
to

Jan
Jan
Jan
Jan
Jan
Jan

Manistee & North Eastern
Manistique
Maryland & Pennsylvania
Mar
Jan
a Mexican International
a Mexican Railway
.. Jan
Jan
o Mexican Southern
Jan
a National RR of Mexico
Y'ork
Central
Jan
New
Jan
Northern Central
d Penn East of Pitts & E... Jan
d West of Pitts & E.
Jan
Jan
Phila Baltimore & Wash
Philadelphia & Erie
Jan
Tan
Pitts Cin Chic & St Louis
Dec
Rio Grande Junction

Month
Month
Month
Month
Month
Month
Month

Current
Year.

Period.

Allegheny Valley
Atlanta & Charl Air Line

AGGREGATES OF GROSS EARNINGS— Weekly
Weekly Summaries.

or

Alunth.
b Mob Jack
.Mobile
Ohio

ystem be ow.

257,184

Week

Roads.

S

Inc. or Dec.

%

S

(124 rds-i 154.304.117 140,909.476 + 13.394.641 9.51
(123 rds) 146.748.102 136,889,640 + 9.S5S.462 7.20
(116 rds> 127,073.0,58 119,2'20.078 + 7. 852. 980 6. ,58
(117 rds) 113,714.506 117.252,135 —3.537.629 3.01
(US rds) 143,622.857 130.879.546 + 12.743.311 9.73
(115 rdsi 136,595,868 127.237,317 + 9,3.58.551 7.35
(lis rds) 144,103,256 129,712.739 + 14,390,517 11.09
9.66
(.104 rds) 125,942,575 114,845,032 + 11,097,543
(115 rds) 143.6.58,287 130.328,530 +13.329,757 10.02
(115 rds) 154,972,550 141,867.461 +13,105.089 9.2,1
(115 rds) 161,431,629 147,709,816 + 13,721,813 9.28
(115 rds) 170,515,148 157,100.827 + 13,414,321 8..54
(115 rds) 165,977,137 150,405.695 + 15,571,442 10.35
62,469,679 57.027,847 +5,441.832 9.54
( 57 rds)

Dec (41
8.343.843
Dec (42
8,310,626
7,417,834
Dec (41
9.386,804
.S,3.S2,732
Dec (41
13,31 2, ,586 12..53 5. 204
Jan (42
7,816.465
7.054.032
Jan (42 roa<ls)..
7,09«,133
8. .565,374
Jan (30 roads)..
6.6,83,204
7,773.759
a Mexican currency.
6 Includes earnings of Gulf
Chica.go Division.
The earnings previously reported for October and November were for
four weeks of the month only in each case, c Includes the Houston & Texas Central and its subsidiary lines in both years, d Covers lines directly
operated, c Includes the Chicago & Eastern Illinois in both years. /(Includes earnings of Col. & South., Ft. Uorth <.t Denver City and aU
alTiliatcd lines,
n Ink Atlanta Knoxville & Northern included in both years since April 1; it had previou.sly been included in 1905 since Jan. 1.
cludes earnings of Transylvania Railroad from Jan. 1 1906 and also of East Division of Tennessee Central from Dec. 1 in 1905 only.
1

<fc

b

a

Jan. 27 190G

—

of

January.

1906.
$

Buffalo Rochester

&

Pittsb'gh

Canadian Northern
Canadian Pacific
Central of Georgia

Chattanooga Southern
Chicago Great Western
Chicago Indianap. & Louisv..
Chicago Terminal Transfer
Denver & Rio Grande
Duluth South Shore & Allan.

Grand Trunk of Canada
Grand Trunk Western

&

St. Louis

Missouri Kansas & Texas
Missouri Pacific & Iron Mtn..
Central Branch

National RR. of Mexico
St Louis Southwestern
.

Southern Railway
Texas & Pacific
Toledo St. Louis & Western..

Wabash

Wheeling

& Lake Erie

Increase. Decrease

1905.
$

$
30.112
20.100
259,000
41,450
1,289
9,277

166,674
84,400
1,009,000
223,250
2,959
140,282
98,334
30,434
339,800
44,982

136,562
64,300
750,000
181,800
1,670
131,005
88,703
27,824
297,900
47,106

675,257

628,134

47,123

110,000
131,404
54,373
861,865
139,059
13,010
60,082
360,250
825,000
32,000
256,836
164,779
1,050,184
258,862
68,202
473,465
99.017

106,100
104,834
48,422
740.830
124,123
11,816
62.546
338.042
680,000
26,000
239,791
129,572
913,274
249,849
59,341
425.222
78.438

3,900
26,570
5,951
121,035
14,936
1,194
7,536
22,208
145,000
6,000
17.044
35,207
136,910
9,013
8,861
48,243
20,579

Total (30 roads)

7,773,759

Net increase (16.32%)

$

9,631
2,610

41,900
"2",

124

Second week of January,

1906.
$

Previously reported (27 roads)
Alabama Great Southern

Chattan Southern
Chicago Indianap & Louisville
Cin New Orleans & Texas Pac
Detroit Toledo & Ironton and
Ann Arbor System

Grand Trunk of Canada
]
Grand Trunk Western
\
Detroit Gr Hav & Milw..-J

Total (42 roads)..

Net Increase (20.67%)

6,683.204 1,092,679
1,090,555

Current
Year,
$

2,124

7.149,659
63.829
2.658
93,597
147,352

1905.

Increase. Decrease.

S
$
5,852,105 1,299,154
57,631
6,198
1,651
1,007
80,087
13,510
124,741
22,611

81,007

62,254

18,753

652,998

612,601

40,397

42,360
119,477
160.595
11.877
15,432
24.533

31,211
113,287
118,315
8,100
11,921
24,229

11,149
6,190
42,280
3,777

8,565,374

$
1,600

^

Telegraph

Latest Gross Earnings.

Jan.

1

to latest date.

of

Week

Current
Year.

or

Month.

304
1,600

& Lynn.b..
12,576
61,947
68,840
35,178
442,050
1,043,519
6,471,873
def. 1,287
def.
98

6,293
53,163
63,478
20,880

275,090
947,116
5,603,341
def. 382
10,601

—

Jan
1 to Dec 31
4,666,423 4,027,117
Hocking Val.a
472,236
Dec
564,087
July 1 to Dec 31... 3,421,818 3,296,942
Hudson Riv Elec Pow.Dec
56,295
75.088
Jan 1 to Dec 31
738.388
543,886
Iowa Central. aDec ft273,009
/i220,528
July 1 to Dec 31.../jl,524,179 ftl,324,167
Uaryland & Penna...Dec
27,723
23,372
Mar 1 to Dec 31...
305,280
273,197
Minn & St Louis. a. ..Dec fe307,274
fc232,443
July 1 to Dec 31.../i;2.020,064 fel, 577,909
Mo Pacific System. b.Nov 3,805,469 3,823.073

6 Included in the fixed charges in this fiscal year are expenditures for
renewals, additions and improvements amounting to $89,127 for December 1905, against $200,203 in December 1904, and to $939,637 for
period July 1 to December 31 against $858,746 the previous year.
X After allowing for other income received.

Road,

Net Earnings
Gross Earn'gs
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
AtchTop&San Fe.b.-Dec 6,787,056 6,235,182 d2,623,291 d2,240,624
July 1 to Dec 31... 38, 600 .790 34.615,086dl4,908,368dl2,580,363
101,678
Atl &Chat AirL.a.-.Nov
321,613
317,857
69,184
•' Mar 1 to Nov 30... 2,933,299 2,720,469
734,751
828,813

Dec 31. -124,116
139,464
Dec 31...
July
389,092
358,149
Jan
Dec 31...
667,145
614,082
California Northw.a-.Dec
119,241
106,861
July 1 to Dec 31...
975,771
877,354
Central ofNewJer.b-. Dec 2,118,194 1,888.603
July 1 to Dec 31. -.12,834,285 11,372,189
Chatt Southern. a
Dec
10,136
9.556
July 1 to Dec 31...
65,762
67.664
Cumberland Telephone &

Roads.
Boston Rev B & Lynn
xl,448xdef. 3,521
15,067
14,875
Oct 1 to Dec 31...
30,680
30,461
x42,127
233,437
July 1 to Dec 31...
a;26,932
a;19,402
60,415
62,029
Jan 1 to Dec 31
27,047
California Northwest- .Dec
28,070
7,108 def. 6,167
167,951
162,284
274,099
112,806
July 1 to Dec 31...
Dec 6614,071
529,448
414,911
6532,205
Cent of New Jersey
July 1 to Dec 31--.63,608,170 63,525,637 2,863,703 2,077,704
Cumberland Telephone &
Telegraph
267,142 1,359,284 1,174,168
320,167
Jan 1 to Dec 31
Dec
114,946
X312,645
X291,142
Hocking Valley
69,775
402,402
471,687 11,121,278 Xl, 115,945
July 1 to Dec 31...
Dec
5,444
1,439
Maryland & Penna
3,833
3,875
65,556
53,167
Mar 1 to Dec 31...
41,332
30,248
xl40,517
xl24,519
Nov 257,903
250,675
Seaboard Air Line
a:500,476
a:400,964
July 1 to Nov 30... 1,281,603 1,246,415
44,063
Dec
2,683
2,583
50,154
Texas Central
15,498
16,498
203,968
167.602
July 1 to Dec. 31...

Name

reported this week. A full detailed statement, including
all roads from which monthly returns can be obtained, is
given once a month in these columns, and the latest statement of this kind will be found in the issue of Jan. 20 1906
The next will appear in the issue of Feb. 24 1906.

to
1 to
1 to

Bal. of Net E'ngs.Current
Previous
Year.
Year.

Previous
Year.

Current
Year.

Previous
Year.

3,511

7,098,133 1,468,841
1,467,241

1

&c.
Previous
Year.

STREET RAILWAYS AND TRACTION COMPANIES.

—

Oct.

Net Earnings.
Previous
Current
Year.
Year,
$
$
46,646
52,737
183,100
219,466
24,681
28,734
116,753
184,613

a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
d For December 1906 taxes and rentals amounted to §216,337, against
$154,624, after deducting which net for December 1905 was $2,406,954,
From July 1 to December 31 1906 net after deductagainst $2,085,900.
ing taxes and rentals is $13,711,117 this year, against$l 1,483 ,063 last year.
h For December additional income is $4,281 this year, against $3,847
From July 1 to December 31 additional income is $23,108
last year.
this year, against $29,436 last year.
k For December additional income is $29,503 this year, against $8,517
From July 1 to December 31 additional income is $98,619
last year.
this year, against $68,213 last year.

-Int., Rentals,

Net Earnings Monthly to Latest Dates. The table following shows the gross and net earnings of STEAM railroads

Boston Rev B

—

Gross Earnings
Current
Previous
Year,
Year.
Roads.
S
$
Dec
105,047
101,665
Texas Central .a
619,830
476,026
July 1 to Dec 31...
76,485
50,740
Virginia & Southw.b.Dec
478,731
298,543
July 1 to Dec 31..-

—

the same week last year.

Rio Grande Southern
Texas Central
Toledo Peoria & Western

213

The following roads, in
Interest Charges and Surplus.
addition to their gross and net earnings given in the foregoing, also report charges for interest, &c., with the surplus
above or deficit below these charges:

For the second week of January our final statementcovers
42 roads and shows 20.67% increase in the aggregate over

Gulf & Ship Island..
Interoceanic of Mexico
Mobile & Ohio

.

"1

Detroit Gr. Haven & Milw.J
International & Gt. Northern.
Interoceanic of Mexico
Iowa Central
Louisville & Nashville
Mexican International
Mineral Range

Minneapolis

...

..

THE CHRONICLE.

I

Latest Gros3 Earnings by Weeks. In the table which
follows we sum up separately the earnings for the third
week of January. The table covers 30 roads and shows
16.32% increase in the aggregate over the same week last
year.
Third week

— — —

.

1,679,451
201,481
1,323,796

1,441,310
117,830
1,233,644
12,198
247,061
39,888
209,549
5,314
83,405
94,704
639,294
1,420,026
7,150,260

37,389
332,272
82,824
398,063
9,277
106,888
124,236
876,107
1,227,107
July 1 to Nov 30. ..18,832,351 19,582,834 6.399,918
Jan 1 to Nov 30. -.38,662. 738 39,941,4.53 10,913,629 11,916,1.56
Nevada Central. b.....Dec
1,821
1 ,530
3.677
3,319
6,736
July 1 to Dec 31...
17,116
13,762
25.233
624,774
Pitts Cin Chic & St L .a. Dec 2,456,374
785.657
2,120,894
8,118,246
6,925,3.39
fc'»-..Jan. 1 to Dec 31.. .26,748,136 24,108,605
397,640
373,368
Seaboard Air Line. ..Nov 1,282,669 1,154,815
^_i Julyj.1 to Nov 30... 5,998,086 5,463,521 1,774,096 1,632,440

Albany & Hudson.
American Rys Co.
Aur Elgin & Chi Ry
Binghamton Ry
Boston & Worcest'r
Burhngt'n (Vt) Tr.
Cal Gas & Electric.
Cent Market St...
Cent Penn Trac
Charleston Cons Ry
Gas & Elect
Chi & Mil Elec
d Clil & Oak Park.
Citizens' Ry & L'ht
(Muscatine, la).
Tr Co.
Clev & S
Clev Painsv & E..
Col Lon & Spring.

W

December
December .
December
December
November.
December
November.

$26,241
130,422
48,327
22,465
42,219
6,479
513,046
12,729
51,534

$22,716
114,429
30,616
20,946
28.754
5,797
405,428
9,056
43.103

$330,281
c848,966
603,080
277,038

?292,337
c750,681
448,860
251,331

87,288
6,031,588
120,810
588,674

78.244
3,647,537

December
December
December

64,596
66,584
69,812

60,010
39,427
64,779

e610,667
594,873
816,940

6466,872
464,656
759,483

November.
December .
December

9,977
47,540

10,675
37,071
17,093
19,026

99,042
475,361
225,748

73,752

110,689
643,226
245,087
186,109
186,279
176,375

25,479

10,692
115,403
38,604
24,305

36.753
1.351.676
481 ,489
C123.643

1,363,549
463,927
Cll 1,656

80,474
22,622
39,425

67,109
19,628
32,568

862,167
2171.993
119.364

761 ,969
2161,682
97,978

26,588
15,215
52,236
179,429
19,134
24,469

27,707
16,692
42,983
137,761
15,682
22,237

October ..

December

.

October ..

Dayton Sp'g&Urb- October ..
Detroit United Ry. 2d wk Jan
Dubois Elect & Tr. December
Duluth Street Ry.. 3d wk Jan
East St L& Sub... December .
Elgin Aurora & So. December .
El Paso Electric
November.

h Ft Wayne & Wab
Valley Traction. November.
Galveston Elect Co November.
Jan 21
y Havana Elec Ry
Honolulu Rapid Tr

Wk

& Land Co

November.
Houghton Co St Ry November.
Houston Elec Co.. November.
lUinois Trac Co
December
Indianap Col & So- December
Indianap & EastRy August
Internat Trac Co
System (Buffalo) September
Jackson Consol Tr. November.
Jacksonv Elec Co. November.
Kan City Ry & Lt. November.
Lake Sh Elec Ry.. December
Lehigh V Tr CoStreet Ry Dep.. November.
Elec Light Dep. November.
Lexington Ry
December .
Madison Traction. December .
Manila El

Ry&L

Ry Dept

Light Dept
Met West Side Elev
Mil Elec Rv&Lt Co
MilLt 11 &TrCo..

1st

wk Dec

October

..

December
December

.

.

December'-

Montreal Street Ry 2d wk Jan
Mun Hart & Ft W. September
Norfolk Rv & Light December .

Nor Ohio Tr&Lt Co December
Northwestern Elev December .
Oakland Tr Cons.. November.
Olean Street Ry
December

19,841
21,278
20,123
87,873
5,404
12,274
128,611
11.42,981

521,100

150,436
32",736

298,729
182,429

293.705
fcl50,212
i?189,802

g'139,925

1,670,476
210,259
151,158

1,276,780
176.709
139,077

430,386 384,960 3,417,184
282,693
6,735
9,230
282,018
23,248
22,423
4,430,601
430,862
788,268
54,777
66,560

3,124,796
259,684
203,929

479,345
153,526

7,941

549,819
167,941
367,702
108,686

186,911
300,931
38,242
44,065

2,267,938
3.226,532
608,997
100,550

64',6i i

731,381
963,185
1,411,927
1,310,095
126,714

2,075,209
3,218,691
461,952
82.927
134.640
658,189
895.730

47,785
19,794
30,748
8,704
10,300
31,726
210,488
297,464
48,336
62,664

40,252
18,220
27,421

132, .563
66', 287
84,985
135,158
124,131
10.180

76,615
121,307
109,065
8,437

659,872

101,699

1

,284 ,676

1,146,982
108,117

:

—

11

THE CHRONICLE.

214
LntcH Gross
Xanie oj
Hand.

Week or
Monih.

Eitriiii\yi>.

Curretit

1

Year.

Previous
Year.

Jim.

1

latent

to

Current
Year.

O'riifs

Previous
Year.

i

Co Traction December .
$8,7021
»8,207 $124,178 $117,414
113,133
PeeksLtK A RKCo November.] 10,1251
159,058
Pitts M'K & Green December .
1 1 ,675
182,630;
13.8791
206,802
228,785
Hotisv Union TriK' Dccemt)er .
ie,532i
19,203
295,313
338,6.55
Kys Co Gen H'ds November.
26,1961
21,703
21,987
November.!
22,670,
Lipht Co's
2,243
2,253
Rocliester * East November.!
20,198
19,932
Rodiester Railway December . 162,974 141,240 1.768,524 1,493,098
136,918
Hock Rcloit&JiUies December
9,468
147,850;
10,694
Oraiijje

—

I

j

.

|

Joseph (Mo)
Lt Ht

Rj'

APowCo. December

.

San Fran Oakl'd &
November.
San Jose Ry
Sao I'aulo OJrazil)
Tnini L * I' Co. Wk Jan 7
SavannaJi Elec Co. November.
Schuylkill Ry Co.. December .
Scranton Railway. lOclober ..
Seattle Electric Co. iNovember.
South Side Elev
December .
Syracuse R T Ry
December
Tampa Electric' Co November.
TerrcHteT&LCo November.
Tol Bowl Gr&So Tr NovemberToledo Rys & Light December .
Toledo & Western. December .
Toronto Railway __ Wk Jan 20
Twin City Rap Tr. 2d wk Jan
United Rys of St L December .
United of San Fran December .
Wash Alex * Mt V December .
Youngst'n-Sharon. November.
I

_

.

73,025;

64 ,768

754,951;

683,952

46.8221

41,389

485,963

377,510

I

I

17, .541

15,541

50,420

45,635

15,ti30

85,684

76'.3.S7

227,852| 200,607

151,117

137,623
79,282
90,905;
35,571
45,108;
55,459'
49,308
26,679
175,744 165,929
20,514
18,708
.52,877'
45,580
78,778
91,0891
726,946 684,490
631,004 572,500
22,022i
20.174
50,439

[Vol. Lxxxii.

dale.

15,541
17,.541
495,689
.532,086
0148,366'
7'24',298
795,346!
2,330,121' 2,112,504
l,647,984j 1.518,901
854,907
964,0301
330,989
374,408
517,3.55
568,694
cl39,097
1,913,451 1,752,828
222,005
250,784
134,966
158,581
160,262
182,021
z8, 435, 045 9,973,862
7,061,3.501 6,647,610
246,237
253,457

492,286

City

Ry A Lt.a..Nov

June 1 to Nov 30
Kingston Consolidated. b.
Oct
to Dec 31.. .
1
July
Jaii

to Dec 31
to Dee- 31

1
I

.

..

Dec
Lake Shore Elect a.
Jan
1
to Dec 31
Lexington Ry.b
Dec
Jan
1
to Dec 31...
Long Island Electric. b
to Dec 31...
Oct
Jiilv 1 to Dec 31...
Jan
1 to Dec 31...

yn

Previou*
Year.

%

%

%

27,965
69,432

29,159
71,428
125,629

1

66, .560

24 ,657

.54,777
6.59,872

788,268
30,748
367,702

27,421

32,589
86.998
140,872

40,562
00,435
174,736

1

1

Manila I'Uec Rv A Light—
Railwav Dept
Oct
42,500
Light Dept
Oct
31,725
Mil Elec Rv A Lt.b. ..Dec
297,464
300,931
Jan 1 to Dec 31... 3,226,532 3,218,691
Mil Light Heat A Tr. b.Dec
.38,242
48,336
Jan 1 to Dec 31...
461,952
608,997
Montreal .Street Ry
Dec
211,283
236,945
Jan
2,516,508
1 to Dec 31... 2,788.728
(Jet
638,113
1 to Dec 31...
719,368
54,011
Norfolk Rv A Lt.b...Dec
66,287
658,189
Jan 1 to Dec 31...
731,381
76,615
Nor Ohio Tr A Lt.a..Dec
84,985
Jan 1 to Dec 31
895,730
963,185
109,065
Oakland Traction. b. .Nov
124,131
,146,982
Jan
1 to Nov 30...
1 ,310,095
8,437
Olean Street Rv- b
Dec
10,180
108.117
Jan 1 to Dec 31...
126,714
60,376
July 1 to Dec 31...
68,787
8,207
Orange Co Tract
Dec
8,702
117,414
124,178
Jan 1 to Dec 31...
68,611
July 1 to Dec 31...
73,060
O.swego Traction. b
Oct
1 to Dec 31...
11,079
9, .896
28,855
July 1 to Dec 31.-.
31,425
49,065
.Jan
1 to Dec 31...
52,142
Peekskill Lgt A RR.a.Nov
10,125
_July 1 to Nov 30.
56,655
Pittsburgh McKeesport A
11,575
Greensburg Ry . b . . Dec
13,879
Jan 1 to Dec 31.
182,630
159,058
20,198
Roch A East Rap Ry . Nov
19,932
141,240
Rochester Ry .b
Dec
162,974
Jan 1 to Dec 31
1,768,524 1,493,098
July 1 to Dec 31...
950,603
784,940
9,468
Rockf Bel A Janes. a.. Dec
10,694
136,918
Jan 1 to Dec 31
147,850
St Joseph Ry Light Heat
Dec
73,025
64,768
A Power
683,952
Jan 1 to Dec 31
754,951
San Fr Oakland A San
41,389
Nov
46,822
Jose Rv
377,510
Jan 1 to Nov 30-..
485,963
Nov
Savannah Elect
50,420
45,635
532,086
495,689
Jan 1 to Nov 30
Schuylkill Ry.a
Dec
15,630
148,366
Apr 17 to Dec 31
Oct
85,684
76,387
Scranton Ry
795,346
724,298
Jan
1 to Oct 31...
Nov 227,852
Seattle Elect
200,607
,112,504
Jan 1 to Nov 30
2,330.121
90,905
79,282
Syracuse Rap Tran. b.Dec
440,612
July 1 to Dec 31...
510,027
Nov
45,108
35,571
Tampa Elect
Jan 1 to Nov 30
374,408
330,989
Lt.-Nov
49.308
55,459
Terre Haute Tr A
568,694
517,355
Jan 1 to Nov 30
26,679
Tol Bowl Or A So. a.. Nov
139,097
.Tuly 1 to Nov 30. __
Dec
175,744
165,929
Toledo Rys A Lt.a
1,913,451
1,752,828
Jan 1 to Dec 31
Dec
20,514
18,708
Toledo A West
250,784
222,005
Jan 1 to Dec 31.
I

c Totals are from July 1 in both years.
a Totals are from April 17 1905.
d These are results for main line, c Totals are from March 1 in both years.
h These are the combined earnq Totals are from Aug. 1 in both years,
due to a strike and
ings of all the constituent companies,
fc Decrease
boycott, s Decrease due to the fact that the Louisiana Purchase Exposition was open last year,
y Spanish silver, z Totals are from
May 1 in both years.

—

Railway Net Earnings. In the following we show
gros.s and the net earnings to latest dates of all
STREET railways from which we have been able to procure
monthly returns. As in the case of the steam roads, the
returns of the different roads are published by us each week
as soon as received, and once a month we bring together all
Besides the companies
the roads reporting as is done to-day.
Street

both the

furnishing monthly returns, we have added this time the roads

which make quarterly returns.
Cfross

Eam'gs

Current
Year.

Roads.

Albany & Hudson. a.. Dec
Jan 1 to Dec 31...
July 1 to Dec 31...
AuroTa Elgin & Chic. Dec
Jan 1 to Dec 31...
July 1 to Dec 31...

$
25,241
330,281
193,737
48,327

603,080
365,165

Net Earnings—

—

Previous
Year.
$
22,716
292,337
168.102
30,516
448,860
267,540

Current
Year.
$
5,223
76,323
47,751
21,223
272,262
181,319

Previous
Year.
$
1.443
73,308
39,945
10,506
187,053
131.045

10,303
19,224
20,946
251,331
137,628
405,428
3,647,537
43,103
521,100

2,361
5,261
10,657
134,318
77,802

1,955
4,613
10,532
114,764
67,757
115,704

Ballston Terminal _b

Dec 31...
Dec 31...
July 1
BinghamtonRy.b
Dec
Jan 1 to Dec 31...
July 1 to Dec 31...
Oct

9,336
18,876
22,465
277,038
153,535
Nov 513,046
CalGas&Elec.a
.lun
1 to Nov 30 .5,031,588
Central Penna Tract. -Dec
51,534
Jan 1 to Dec 31...
588,674
Charleston Consol Ry Gas
& Elect. b
Dec
54,596
Marl to Dec 31
510,657
Chicago & Milw Elect. Dec
66,584
JanltoDec31
594,873
dleve Paine,sv & E_a..Dec
19,841
Jan
1
to Dec 31..
245,087
A
Cleve
Southwe.st.b.Dec
47,540
Jan 1 to Dec 31......
543,226
Detroit United. a
Dec
439,718
Jan 1 to Dec 31... 5,126,558
Dubois Elec & Trac .-Dec
5,404
DuluthStRy.b
Nov
55,153
.Tan
1
to Nov .30...
602,328
East St Louis A Sub.. Dec
128,511
Jan 1 to Dec 31... 1,351,576
tlgin Aurora & So. b-. Dec
42,981
July 1 to Dec 31...
267,027
El Paso Elect (Tex).. Nov
25,479
July 1 to Nov 30
123,643
Ft

1

to
to

Wayne A Wabash

Jan 1 to Nov 30...
Galveston Elect (Tex) Nov
May 1 to Nov 30

Honolulu Rap Transit A
..xNov
Land b

Jan I to Nov 30...
Houghton Co. Street Ry
(Hancock, Mich).. .Nov
Jan

1

to

Nov 30

Hou,ston Elect (Tex). Nov

Aug

1

to

Nov 30

18,9.59

126,082
7,970
41,192

3,021
57,327

18,055
184,396
21,907
285,619
6,401
.89,728

14,636
181,746
149,168
1,778,714
26,371
267,530
69,753
767,392
16,036
109,323
7,806
35,445

23,260
270,223

80,474
862,167
22,522
{171,993

67,109
761,969
19,628
161,682

331.666
8,765
68,673

26,588
293,705

27,707
298,729

10,340
109,785

12,263
117,876

78,796
81,869
749,729

5,909
d60,509
16,738
49,637
62,284
573,474

228,045
1,636,475
3,088
33,881
7,207
116,243

191,766
1.288,183
2,004
19,715
9.085
102.530

.33,548

15,215

16,692

4,148

dl50,212
52,236
189,802
179,429

rfl82,429

def d6,291
18,664

Traction.a.. .Dec
Jan
1
to Dec 31... 1,670,476
Jnternat Traction Co System (RufT.alo).b.- .Sept
430,386
Jan
I
to Sept .30.. 3,417,184
Jackson Cons. (Mich.). Nov
9,230
May 1 to Nov 30...
82,693
Jacks'ville Elect (Fla). Not
22,423
JanltoNovSO
382,018
(/Illinois

51,924
565,458
115,403
1,363,549
38,504
240,089
24,305
111,656

21,226
205,768
42,385
350,323
9,698
103,820
20,992
228,972
197,097
2,084,040
2,381
24,556
290,425
70,817
754,124

972,934

Val-

Nov

lev

50,010
466,872
39,427
464,656
17,093
225,748
37,071
475,361
387,858
4,541,800

139,190
1,314,897
8.612
116,394

42,983
139,925
137,761
1,276,780

384,960
3,124,796
6,735
59.684
23,248
263,929

.

Troy

Net Earninyf:
Curren t
Previ c v i
Year.
Year.

189,046
1,122,902

430,862
2,591,077

.

.

K am

Current
Year.

Roads.

Kan

St

.

12.936
31,756
52,043
31,801
359,680
5,825
140,755
13.098
40.«77
57,919
21

12,21*
29,961
50,217

21,336
226,164
7,444

6,36»
29,969
41,627

,2.50

15,034
158,900
1,675,069
28,775
356,441
74,950
1,083,164
262,064
28,973
297,291
39.834
446,797
59,762
637,076
4, .560
.58,296

34,649
1.280
41,106
29,107

164,66$
1,626,2&«
21,14t
244,987
64,462
958,55*
235,807
22,902
269,884
35,07$
408,751
52,833
548,161
4,424
50,569
30,757
2,10«
30,724
23,-384

3,461
14,174
19,055
4,609
27,970

2,045
10,88S
14,851

7,038
89,080

5,939
82.724

.243

1.253
65,705
668,606
365,10*
3,52«
53,194

1

66,613
795,049
425,378
4,203
62,099
41,251

369,418
25,745
271,638
22,007
221,586
7.340
72,701
39,690
352,675
80,220
811,841
39.923
227,335
20,898
158,085
21,576
193.855
12,131
69,164
91.047
940,463
7,423
106,225

26,772
306,294
25,128
213,887
19,257
211,76*

36,955
321,795
52,63fi

653,368
33,758
192,155
14,442
134,301
20,137
180,86*

88,093
829,624
6.962
88.49*

A New England. b..

Dec 31...
5,219
Dec 31...
21,539
Dec 31...
33,374
417,218
Twin Citv Rap Tr.b..Nov
Jan 1 to Nov 30... 4,320,884
Oct
July

1

Jan

1

1

Utica A Mohawk Valley. b.
1 to Dec 31.. Oct
Julv 1 to Dec 31...
to Dec 31...
1
Jan

214,488
460,891
843 ,428

944

4,706
19,797
30,838

666
7,066
11,229

354,201
3,930,426

2,359,440

191,497
2,087,317

86,705
206,141
333,167

57,49*
147,269
230,961

to
to
to

186,759
412,496
7.50,.S47

226,8.58

6,637
9,993

Voungstown-Sharon Ry.a

Nov
Jan

26,061
231,527

,50,439

to

1

Nov

492,286

30.

a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxe.«.
by the trades unions.
rf Falling off due to a strike and a boycott
The.se earnings include besidse the railroad propertr the results of
the gas, electric light and steam-heating properties.

Interest Charges and Surplus.— The following STREET
railways, in addition to their gross and net earnings given im
the foregoing, also report charges for interest, &c., witk
the surplus or deficit above or below those charge*.

—

Year.
$

Roads.

dc.
Prnnau.s
Year.

Int., Rentals,

Curretit

S

—

Bat. of Net E'Tigs.
Current
Previmis
Y^car.
Year.
S
S

Ballston Terminal

Oct
July

1

1

to
to

Dec 31...
Dec 31...

Binghamton Ry
July

1

lo

Dec 31

3,550

3,644
7.287

Dee

7.261

..

43.3.89

1,256

1,59$

,144 .rdef. 1.061

deL 2,531

.rdef.

7,081

3, .396

,926

34.41$

4

1

3,451
25,832

——————v
Jan. 27

—

1

THE CHRONICLE.

190({
—Int.. Rental!^, d-c.

Current
Year.

Roads

Previous
Year.

$

.

Nov

$

rf49,:i29

d48,95S

(/a42,283

rf532.28S

13,167
131,218
6,799
80,829
Dec
98,696
Detroit United
Jan 1 to Dec 31..- 1,113,288

12,788
130,063
6,638
80,249
93,619
1,075,780
16,521

Cal

(Jas ifeElectrio

Jan

Nov

to

1

Charleston Consol
<fe Elect

.50

-

.

Dec

&

East. Dec
Dec 31_-.

Cleve Paine.sv
to
.Ian
1

Nov
DuInthSt Ry
Jan 1 to Nov 30--Dec
Elgin Aurora & So
July 1 to Dec 31.-EU Paso Elect (Tex). .Nov

18,171
188,347

July 1 to Nov 30
Galveston Elect (Tex). Nov

Nov 30

to

1

Year.
$
89,861
772,614

Year
$
66,746
440,646

Honolulu Rapid Transit

181, .505

9,333
55,838
3,823
18,864
4,167
29,167

9,3.33

55,838
3,351
16,732

8,059
74.550
2,899
22,991
.T 103 ,029
.T 1,01 4, 823
6,385
102,078
9,626
70,244
4,147
22,328
4,598
39,506

5,267
54,333
def. 237
9,479

9 ,850

86,025
6,703
,53,485

4,455
18,713

A-

Nov
Nov 30-..
Street Ry

4.842
53,100

4,748
48.772

xo ,970
x63,170

x72,339

(Hancock, Mich).. .Nov
Jan 1 to Nov 30

3,749
39,870
9,049
36,165

3,324
399
37,111 def 46,161
8,284
9,615
42.631
33,194

2,585
23,398
8,454
16,443

Land
Jan

to

1

Houghton Co.

Houston Elect (Tex).. Nov

Aug

Nov 30

to

1

Internat Tract Co System
(Buffalol
Sept
1.38.738
.fan
1
to Sept 30. -. 1,237,:593
Jackson Cons. (Mich.). Nov
2,796
May 1 to Nov 30...
19.354
Jacks' ville Elect ( Fla) . No
3 ,39
Jan 1 to Nov 30
34,531
Kingston Consolidated
1
Oct
to Dec 31--9.911
27,717
July I to Dec 31 ...
.Ian
1 to Dec 31...
47,431
Dec
20,404
Lake Shore Elect
Dec
31...
244,850
Jan 1 to
Dec
Lexington Ry
5,919
Jan 1 to Dec 31...
70,994
Long Island Electric
9.108
Oct 1 to Dec 31...
IS, 417
Julv 1 to Dec 31-..

Dec 31...
Dec
Dec 31..Ht & Tr
Dec
1 to Dec 31.-Street Ry-..Dec
1 to Dec 31..1 to Dec 31...

Jaii

to

1

Rv & Lt

Mil Elect

Jan
Mil Light
.Ian

3,323
6,777
13,625

25,998
332,130
168,027

to

•lean Street
.Ian

Rv
to

1

Dec

July 1 to
•svvego Traction

Oct

1

July

1

Jan

1

Rochester

Ry

Jan

1

July

1

Rockf Bel
Jan

to
to
to

3,312
6,729

Dec

to
to

Dec 31.-.
Dec 31.-.

& Janesv--_Dec

Dec 31.-.
San Fr Oakland & San
to

1

Nov
Nov 30.-.
Nov
Savannah Elect.
Jan 1 to Nov 30
Dec
Schu vlkill Ry
Jose

Ry

Jan

to

1

Apr 17

to

Dec 31

Scranton Railway
Oct
Jan 1 to Oct 31--Seattle Elect
Jan 1 to Nov 30

Nov

.Ian

1

to
to
to

1

19,813
14,939

a:249 .rdef.

1

,267

877
20,907

13.425
146,414

11.108
99,440

12,320
125,224

114,447

11.155
116.789

10,552
115,669

10,852
104,797

8,705
96,191

5,.500
44,847

14,021

1,840
27,854

186,433

18,661
184,457

21,029
166,242

22,139
267,732

24,974
270,152

58,081

544,109

27,662
383,216

20,723

20,259
121,725

19,200
104.830

13,499
70,430

19,004
137,272

12,557
112,482

11,147
82,425

10,915
76,210

18,294
13 7, .3,38

122. .505

6,252
39,769
41 ,693

499,869

85,800
1

48,587
430,161

46,400
329,755

20,425

.663

1,604
3,266
6,949

3.312
6,995

A-97.30S
/.i

.011,748

def.

998

.

&

Light Company.

President Henry A. Everett says in substance:
The gross receipts were $1,913,456. being an increase over 1904 of
$160,622; operating expenses $972,994, being 50.85%. Interest charges
on funded and floating debt were $510,307, leaving a net income of $430,154, being 3.58% on stock.
Comparative Statement of Gross Earnings of Properties Now Owned.
Gross
P. CI
'
Gross
P.C.
Year.
1898
1899
1900
1901
Bonds.

earns.

$968,517

inc.i Year.
7.93 1902...
10.40 1903
10.59 1904

earns.

44,922
89,764
178,345

44.244
88,879
175,085

inc.

$1,459,091 11.29
1 ,069,280
1,663,794 14.03
1,182,517
1,752,834
6.35
1,311,084 10.8811905
1,913,456
9.17
The company is entitled up to Dec. 31 1905, and will apply, to
have certified Toledo Railways & Light Co. 4% bonds, $209,000. These
bonds will be issued for 75% of the actual cost of betterments aad extensions paid for during the year 1905 and are not included in the $4,854,000
4% bonds outstanding at the end of the year.
Property
Total track rebuilt during 1905, 14 miles. A large portion
of the remaining light-weight special work has been renewed during the
year with 9 inch guaranty construction. New paving has been laid on
2.25 miles of street The company has purchased during the year 10 semiconvertible cars with single trucks; rebuilt 8 42-foot open cars, making
semi-convertible cars for all-year use; built one work motor and one pay
car; placed an order for 105 air brake equipments; purchased 15 pairs of
double trucks, 20 G. E. 40-H. P. motors and 30 50-H. P. motors.
The
rolling stock has been kept in the very best condition.
An order has been placed with the General Electric Co. for two 3,000
K. W. each, steam turbines and alternating current generators; two 1,000
K. VV. each, rotary converters for the street railwav svstem; one 1,000
motor generator set for D. C. lighting system; equipment for a 1,000
K. W. sub-station for street railway system; four 700-H. P. each water
tube boilers; all to be delivered in 1906. Total conduits installed for the
year, 104,618 duct feet. The company now has a total of 394,835 duct
feet of conduit in 9 miles of streets and alleys. There has been in.stalled
in the conduits during the year 35,157 feet of cable.
We are now supplying the city with 1,322 arc lamus for street hghting
and supplying current for the equivalent of 158,243 16-C. P. incandescent
lamps and current for 6,583 H. P. motors. Increase of meters installed
during the year, 11%.
There are seven interurban roads entering the city over the company's
tracks under contract.
Stockholders.
The company now has 999 stockholders of record.

—

—

.

—

The

results for the last four calendar j^ears
1905.

Net earnings
Interest paid

Balance for stock
c. of

compare:

1903.

1902.
$1,913,456 $1,752,834 §1,663,794 $1,459,091
$972,994
$923,209
$856,526
$726,779

Gross earnings
Operating expenses
Operating exp., p. c

P.

1904.

capital

(50.85)

(52.67)

(51.48)

(49.81)

$940,462
510,307

$829,625
499,875

$807,268
488,200

$732,312
469,037

$430,154

$329,750

$319,067

$273,275

(3.58)

(2.75)

(2.66)

(2.27)

The funded debt Dec. -31 1905 was $10,584,000, viz.: Underlying 5% bonds due July 1 1909. .«5 .300 ,000; underlying
5% bonds due Feb. 1 1912. $700,000; Toledo Railways A
Light Co. 4% bonds due July 1 1909. $4.854.000.— V. 80,
p. 1236.

United Railways Company

of St. Louis.

{Report for Fiscal Year ending Dec. SI 1905.)
A preliminary report for the fiscal year ending Dec. 31
1905 permits the making of the following four-year comparison, 1904 having been the year of the Louisiana Pufchase
Exposition:
1905.
%
8,4.35,915

Gross earnings
Op. exp. & taxes-

1904.
S

1903.
s

1902.
%

4,896,616

9,953,398
5,751,067

7,259,460
4,513,515

6,438,788
3,067,721

Net earnings
Other income

3,5.39,299

4.202,331

24,101

•24,167

2,745,945
36,387

2,471,067
13,430

Total income
Deductions

3,563,400

4,226,498

2,782,332

2,484,498

2,385,618

2.365,291

on pref. stock
United Rys. of St. L. (5)649,160
Organization expenses

2,059,800

2,033,683

(5)598,022

(5).587,846

833
80,168

1,000
196,473

(6)586,861
1,000

—

Interest on

bonds

Miscellaneous interest
Depreciation

2,297
421,752

Total deductions.3,458,827
3,044,314
Siuplus or deficit
sur. 104,573 sur. 1,182, 184

2,845,119
def. 62, 787

181,037
2,752,581
def .268, 083

After ordinary charges the statement for 1905 shows about
2J^% earned on the outstanding common stock; but the
company has adopted a conservative policy, causing the
deduction of $421,752 as a special depreciation and improvement fund, which reduces the final surplus to $104,673.
The company is a sub.sidiary of the North JAmericau Co.
Sec report of that company below.
V. 81, p. 1376.

—

def.

660

3,754
4,234

3,371
3,044

113,650
1,246.016

94,189
1,075,569

Valley

Dec 31...
Dec 31...
Dec 31

Toledo Railways

{Report j or Fiscal Year Ending Dec. 31 1905.)

Divs.

.t42,948

.T14.192

zn8,414

z60,304

T 158,707

.)-59,058

Includes sinking fund charges.
k Charges include dividend on preferred stock.
X .After allowing for other income received.
allowing for proportionate earnings of companies owne(
)/ After
miscellnnpons deductions.
i'Jtd
(1

,761

1,635
30,858

Twin City RapTran. Nov 1 113,208
Jan 1 to Nov 30.- k 1,113.424

1

10,564
135,088
26,308
256,137

2,649
32,287

42,460
510,302

1

27,273
18,819

j/10,274
?/88,078

2,568
31,241

Toledo Rys & Lt
Dec
Jan 1 to Dec 31...

Mohawk

170,050
25,153
279,148
2,010

45,988
715,147
179,515

1-207,523

5,879
29,395

Oct

52,340
799,971
196,317
yl4,732
i/ 105 ,843
16,423

j355,256

Tol Bowl Gr & South. .Nov
July 1 to Nov 30...

Julv

.r36,094
13 1,256

.r

j:134,972
.r776,501
.r33,191
x-71,511

x271,726

9,222
104,650

ITtica A;

179, 254
;t866,215
.r

.r39,855

10,429
111,430

1

a-4,193 .rdef 2,422
.rl2,307
a:23,071
3-6,439
.x22,462

a;45,546
.t482,252

20,813

Trov & New England
Oct 1 to Dec 31--July
to Dec 31...
Jan 1 to Dec 31..-

11, .397
932
114,830 def. 18,652
def. 94
1,625
69,761

26,833
319,969
161,851

1,885
21,819

Toledo & Wessfern
Jan 1 to Dec 31

.r2,063
xl ,727
.t2,067

def.

z4,120

1,894

to

x3,175
x4,339
l5,212

292

.t1,237

Nov 30
Jan
Terre Haute Tr & Lt. .Nov
Jan 1 to Nov 30
1

14,527
3,816
81,712

98,590
496
2,215
6,067
68,746

.399,082

.t5,776

Nov

Elect

.55,383

j7,630

18,661

Svracuse Rap Trans.. Dec
July 1 to Deb 31...

Tampa

83,08«!

13,4(54

Nov
Nov 30...

<>akland Traction
1

3(),565

Dec 31-.Dec 31-.Dec 31..-

& Light. . .Dec
Jan 1 to Dec 31.-Dec
Nor Ohio Tr & Lt
Jan 1 to Dec 31
,Ian

9,028
18,318
3 6,.39 7
82.072
916,459
17,959
203,739
18,474
243,409
56,292
19.286
201,488
24,514
273,663
26,525
292,024
2,663
30,756
15,818

Dec 31..Dec 31...

Montreal
Jan
Oct
Norfolk Ry

89,307

10,147
28,283
48,500
20,404
244,816
5,819

931,011
22,80H
255,310
22,610
283,193
65,747
19,526
233,719
23,411
276,747
34,609
357,928
2,550
31,023
15.830

to

1

136,383
1,189.593
2,500
17,500
3,018
33,784

2-7,810

omitted

is

week because

of the publication of the "Railway and
Industrial" Section, which contain.^ reference.s to the reports
of the principal steam railroad.s and industrial companies
printed in the "Chronicle," not including to-day's issue.
this

a:60,448

Z745.704

-215

ANNUAL REPORTS.
Annual Reports. — The index to annual reports

-Bal. of Net E'nqx.—
Current
Previous

Ry Gas

MarltoDecSl

May

.

Lake Shore Electric Railway, Cleveland.
{Report for Fiscal Year ending Dec. 31 1905.)
At the annual meeting held on Jan. 16 the sharehoiderm
approved the contracts to purchase the Lorain Street Railway and the Avon Beach & Southern. The meeting al.so
marked, as stated last week, the election of ,six of the nine
directors to represent the Everett-Moore interests, E. W.
Moore being made President. The annual report says in
substance:
About ten miles

of track has been ballasted.
The track bonding tiif
been thoroughly gone over and 4. .500 joints re-bonded. Expenda uncharged to rou'Jtruction or capital account aggregate $29,47() vi;
Power plant .'quipniont 812.065; truck ;n)il roadwjv. S7.017- rciil ,-•,'
,

THE CHRONICLE.

216

RESULTS FOR CALENDAR YEARS

Operations —

Number

Interest

Miscellaneous

Gross income
Operating expenses and taxes
Per cent operation to income

Net earnings.

Bond interest
Surplus

Undivided

assets
—ToUl
V.82.
50.

$622,992
2,613
16,719
1,592
1,662

$117,529
278
7,914
393
196
365
2,365

$788,268
428,588

$659,873
433,709

(54.37)

(65.73)

dec. 5,121
(dec. 11. 36)

$359,680
244,850

$226,164
244,817

$133,516
33

$114,830 def. $18,653

$133,483

4.04c.
4.34c.

dec. 1,791

1,145

8128,395

as follows:
1903.

1902.

GENERAL BALANCE SHEET DEC.

Assets
Cost of road

1901.

&

"x")—- $

equipm't. 12,203,675 Capital stock, preferred. z3 ,000,000
Cleveland Terminal
11,743 Capital stock, common.. 4 ,500,000
Cash
90,503 T. F. & N. 5% bonds... 1 ,500,000
Pref. stock in treasury..
a;3,200 L. & C. 5% bonds
750,000
Gen. M. bonds in treas-.a;2, 103,000 Lake Sh. 1st con. bonds. x4 ,000,000
Bonds in escrow
x6, 250, 000 Lake Shore general
x7 ,000,000
Accounts receivable
66,895 Floating debt Mar.31 '03
4,538
Bills receivable
40,545 Income account
78,557
F.
&
N.
sinking
fund.
Unadjusted
T.
10,000
taxes
6,093
467
Injury and damage fund.
25,115 Ticket float
Suspense cash
6,274 Accrued interest
18,688
Coal account
Unpaid
vouchers
3,953
42,872
Collection account
24,115
Electric Package Co
2,509
Prepaid insurance
10,641
.Stock
17,310
atizens' Bank
18,637
Miscellaneous
4, 496
Geo. Ford, syndic, mgr..
8,603

BALANCE SHEET DEC.

20,901,215

Westinghouse Electric & Manufacturing Co.
(Earnings and Balance Sheet.)

The official circular regarding the sale of $15,000,000 convertible sinking fund
gold bonds, which is cited on a subsequent page, affords also the following statement of earnings and the balance sheet of Nov. 30 1905 as modified by the
present financing:
Earnings. The following financial statements have been
certified by Messrs. Haskins & Sells, Certified Public Ac-

5%

—

countants:
Average annual net earnings of the company and its said subsidiary companies for the five years ended March 31 1905,
available for interest and dividends
$3,626,388
Earnings available for interest and dividends for the ei^M
months ended Nov. 30 1905
$2 ,488,641
Annual amount required to pay the interest upon the $15,000,000 of convertible bonds and aU other interest charges, is
$1 ,2 31.000
Balance Sheet. The following statement, certified by Haskins & Sells, "is based upon the balance sheet of Nov. 30
1905, and shows the financial position of the company after
the application of the proceeds of the sale of the $15,000,000
of convertible bonds and the payment therefrom of the company's commercial paper and other floating debt."
append the figures of June 30 1903 and 1904 for comparison.

—

We

1905-06

—

Assets
(as
Plant, incl. real estate, factories,

X The bonded indebtedness of the company is as follows: Lorain &
Cleveland, $750,000; Toledo Fremont & Norwalk, $1,500,000; Lake
Shore Electric Ry. 1st, $1,750,000; Lake Shore Electric Ry., general,
Of the bonds and stocks
$897,000; total bonds outstanding, $4,897,000.

p. 161.

American Light
(Report for Fiscal

& Traction

Company.

Year ending Dec. 31 1905.)

Total.
Liabilities

Preferred stock
$3,998,700
Assenting stock
20.996.350
Common stock
3. 650
Convertible s. f. 5% gold bonds... 15,000.000
Current accotmts for purchases. &c. 1 .357.848
Payable on new stock

Debenture

certificates

Collateral notes

Surplus

the year.
Dividend.
Beginning with August 1 1905 the dividend on common
stock was increa.sed from a rate of 3% per annum to a rate of 4% per
annum. While the company paid out in 1905 $78,196 more in dividends
than during the previous year, the surplus for the year increased $125,-

—

-New

— Our

balance sheet shows a liability in bills payable of
$500,000. This represents money borrowed when the Muskegon property
was purchased. This will be paid off with funds to be received from
•'
subscriptions to stock which are payable Feb. 5.
Stock.

—

5S^-

ri
-r

•

I

T T^T

Results for four years were as^f olio ws:'Sl(?[f3''^

E

•

EARNINGS. EXPENSES AND DIVIDENDS.1[^-"^
1905.

.

•

Earn.onstk.of sub.cos $1,222,785
150.835
Misc. earns., int., &c.

"Gross

earnings.

..

Expenses

Net earnings.
Div. on pref. ,stk.(6%)
Dlv. com. stk. (2>i%)

$1,373,620
37.452
$1,336,168
$570,492
176.836

•

1904.

•

$1,007,002
144.503
.151,504
18.993

$1,132,511
$563,814
105,318

•

•

•

1903.

•

•

$931,894
45.772

$1,080,851
30.539

$977,666
22.575

$1,0.50,311

$553,060

$955,091
$504,963

$669,132
$747,328
$553,060
$504,963
•Total dividends...
$588,840
$463,379
$497,251
$450,128
Balance, surplus
Total dividends paid and accrued to Dec. 31 1905, $2,684,170.

10,544,678

.a2, 500, 000

2,679";6o6

7,886,163
3,334.934
2.787.000

a6,000,000
12,065,673

a2.000,000
11.661,749

8.812,400

INCOME ACCOUNT.
Calendar Years
1904.
$44,835
777,153
156,252

Years ending

1905.

Dividends
Other profits
Total
Deduct

1904.

$104,672
1,157,040
116,901

Interest

$378,613

—

Salaries, legal exp.,&c.

$93,006
4,622
(5)1,252,997

Taxes
Dividends
Total

$1,350,625
$27,988

Balance

$978,240

May 31—
1903.

829,880
792,996
60,776

$151,457
375,440
80,040

$883,652

$606,937

$73,719
$77,870
4,605
4.490
(5)840.833(4J^)756,000

$123,828
5.572
(2)288 000

$838,360
$45,292

$41 7.400
$189,537

$919,157
$59,083

BALANCE SHEET.
Assets

1905.
1904.
J
Liabilities
$
$
I
stock...
29.916.745 18,738.970 Capital
"
541.333
184.258 Loans

—

—

Stocks

Bonds
Loans
Amis. prop.
recelv'fe.

339,065 Dividends

4,456
339,497
1,090,212

2 Funds constituent
companies
43.109
669,893 Accounts payable.

Undivided
assets..
104.
—Total
V. 82,

1905.
1904.
S
S
29,635,500 17,000.000
500,000
2,274
72,414

1,933, ,397

•

1902.'

•

$3,998,700
14,026,80a
3.650

North American Company.

Accounts
Cash

$970,479
110.371

$3,998,700
18,490,700
3.650

(Report for Fiscal Year ending Dec. 31 1905.)
The report of President Wetmore, with the income account and balance sheet, is published at length on pages 223
and 224. A comparison of results with the previous year and
earlier years ending May 31 shows as follows'

Office

^

7.251. 38»
5,219,311

a Secured by Lackawanna & Wyoming Valley Rapid Transit Company's bonds.
See V. 78, p. 51, V. 79, p. 275, 511.— Ed.— V. 80,
p. 2464.
X Including cash ($4,644,162.47). accounts and bills receivable, materials, work in progress and manufactured products.

460 94, or 27.07%.
>

$8,358,392
20,020,561

$61,922,221 $49,378,477 $40,849,647

—

—

1903.

$61,922,221 $49,378,477 $40,849,647

—

Emerson McMillin, under date

of Feb. 1, says:
General Result.
The net earnings for the year 1904 increased over the
previous year $82,199 42, or 7.83%. The net earnings for 1905 increased
over amount of previous year $203,656 94, or 17.98%. It is deemed
safe to assume that 1906 will show a satisfactory increase.
Acquisitions.
Since the last annual report was made, your company
has acquired control of the Quebec-Jacques Cartier Electric Co. of Quebec,
Canada, the Muskegon Traction & Lighting Co. of Muskegon, Mich., and
the Lacombe Electric Co., of Denver, Colo. The first property was
acquired in August and the other two were taken over near the close of

President

June 30

1904.

$10,938,764 $10,047,615
222.336.214 18.739,349
Investments, including stocks and
bonds of other companies
21,696,214 15,134,501
Other assets, including patents
6,951.029
5,457,012

shown among the

liabilities, there are held in the treasury preferred stock
$3,200 and general mortgage 5s $2,103,000, and there are held in escrow
general mortgage 5s to retire outstanding consols $4,000,000, also bonds
in escrow to retire T. F. & N. and L. & C. bonds $2,250,000.— V. 82,

June 30

above.)

machinery, &c
Quick assets

20.901,215

Total

31.

Total Uabllltles.27,635.664 26.115,963

27,635.664 26,116,963

Total

Total

$1,260,759

1

Ed.

31 1905.

Liabilities {see note

$

$1,468,155

.

p.

2,891
24,633
1,985
1,858
1,800
6,375
2,806
5,399

1904.

,015,389

$2,029,469
768,709

—

27,962

,435

1,007,001

$2,483,544

1905.
1904.
1905.
1904.
LiabUUles—
S
S
S
S
24.103,177 23,472,283 Preferred Block... 9.633,200 9.396,900
Furniture & flxf 8.
1,299
1.039 Com. stk. In trea.<f. 10.240.900 10,319,200
Treasury stock
I
1 Com. stk. ouUstK. 4.753.100
4.080,800
Unci, prof.sub.cos. 1,468,156
1,260,759 Bills <t accts. puy.
500.000
2.147
BULsrec'ljle sub.cos 1,625,903
1,024,887 UndlvlUed earnUm'S 2.131.2)1
1,716,916
.Stks. (tem.iuvest.)
2,976
96.885 Reconstruc. res've
179,204
Cash
409,7.39
209.211 Dlv8. accrued
192,029
MlscellaneouB
.
24,413
51,898
Assets

§740,521

1

sub. cos.

companies

1904.
$1,022,468

1,222,785

.

Investment acct

1905.

4,010
4,597
4,254

company by

profits subsidiary

CO.VDE.VSED

$788,268 $659,873 $616,484 $466,051 $358,181
128,395
43,389 150,433 107,870
19.45
7.03
32.28
30.01

-

Percent

—

Less dividends paid this

11.89c.

The gross earnings have increased
1905.

Plus earnings subsidiary cos. for current year.

Increase.

1905.

—

AND

COS.

Balance undivided profits accruing to this com1905.
pany from sub.sidiary companies Dec. 31
$1,260,759

1904.
2,996,431
22.02c.
7.55c.

3, 024, .393
2C.0()C.

car miles

Gross income per car mile
Net earnings per car mile
Earnings
Passengers
Chartered cars.
Freight
U. S. mail
Milk
Advertising ..
Car mileage.

Gross
Increase..

1904

[Vol. lxxxii.

EARNINGS .STATEMENT OF SUBSIDIARY

building iind fixtures, $7,152; right of way, $1,007; tools and machinery,
$1.9S:j; orKanizatioti, $251.
UndtT ilalo of l-Vl). 10 1005, the directors instructed the President to
enter into a contract with Cieorge Cook Ford, as syndicate manager, for
the purchase from him of all of the capital stock of the Lorain Street
Railway Co., to he i)aid for on or before March 1 1907, with interest, and
for thehuilding of a connecting Hnk between the Lorain Street llailway
and the Lake Shore Ele(;tric Hailway, and the acquirement of all of the
capital stcx'k of the corporation organized for the purpo.se of budding
such road and the evidence of indebtedness given in return lor capital
In pursuance of thi.s contract the syndicate
investe<l in said road.
manager caused a corporation to be organized, known as the Avon Heach
& Southern HH. Co., which corporation has built a line of roa<l about 7
Under date of Dec.
miles in lenglli, from South Lorain to lleach Park.
22 1905 the directors of the Lake Shore Klectric Jly. authorized the President to execute leases of all of the proi)erty owned by the Lorain Street
lly. and all of the property owned by the .\von Beach & Soutlierii KH.
Leases w(?re made for the purpose of economies of operation of llie
Co.
two roads and e.xpire with the date fixed by the contract above mentioned
for the acquirement of stock in both roads.

eS

—

—

-

.33,825,641 19,975,298

proflts.

883,004
492.631
2,812,232

411.140
l,V9"r.74i

Total llabllltle3.33,825,64l 19.975.298

p.

GENER/VL INVESTMENT NEWS.
RAILROADS, INCLUDING STREET ROADS.
AUentown & Reading Traction

Co.

Report.

—The results

for the calendar year are stated as follows:
Qross{RR.) K.L.H .<kP. Co. Tot. Gross.
Miscel.
$5,032
$157,256
1905 .- $152,224
$4,336
136,912
4,869
141.781
1904..

Oper.Exp.
$103,938

The road was formerly known as the AUentown & Kutztown Electric Ry.— V. 81, p. 1492; V. 76, p. 157;

THE CHRONICLE.

Jan. 27 190G.1

—

& Santa Fe Railway. Maturing Bonds.
$2,500,000 4% serial debenture bonds, series "B,"
due Feb. 1, will be paid at the office of the company, No. 5
Nassau St.— V. 82, p. 99.
Boston Elevated Ry. New Subways Proposed. The
"Boston Transcript" of Jan. 20 published a digest of the
report submitted to the Massachusetts Legislature by the
Boston Transit Commission regarding the future development of the subway system. The report favors an extension
to Copley Square, suggests a new line under Commonwealth
Avenue, presents a tentative plan for an east-side subway
and suggests two methods of reaching South Station.
The city government of Cambridge recently passed an
order agreeable to the company authorizing negotiations with
the management for the building of a two-track subway
from Craigie Bridge, Cambridge, through Bridge and Cambridge streets, to Harvard Square, and from Cambridge Street,
at Webster Avenue, to the Somerville line.
V. 82, p. 98.
Central California Traction Co. Bond Issue.
An issue of
$1,500,000 bonds, it is stated, has been authorized to provide for the construction of the company's proposed system.
"Eight and one-half miles of track have been laid in Stockton by the company this winter, and franchises call for
extensions to I-odi and Woodb ridge, in the northern part
of the county."— Compare V. 81, p. 1099.
Central of Georgia Ry. Car Trusts.
The company has
made an agreement with Blair & Co. as vendor and the New
York Trust Co. as trustee for the issue of $1,020,000 equipment trust 4J^% gold notes. Series H, dated Feb. 1 1906,
maturing $51,000 semi-annually to Feb. 1 1916 inclusive.
The purchase price of the equipment was $1,105,705, of
which $45,000 payable on delivery, $40,705 Feb 1 1906,
the balance being provided by the equipment notes. The
Atchison Topeka

—The

—

—

—

—

—

—

—

equipment includes:
Four hundred and fifty ventilated box cars, Nos. 6,500 to 6,949: 500
metal coal cars, Nos. 1,900 to 19,499; 400 flat cars, Nos. [10,000 to
10,399, and 50 Rodgers-Hart Convertible Ballast cars, Nos. 30,023 to
30,072.— V. 82, p. 99.

—

—

Mortgage. This comCentral Kentucky Traction Co.
pany, which expects within two or three weeks to complete
its 13-mile trolley road, extending from Lexington to Versailles, Ky., has made a mortgage to the Security Trust &
Safety Vault Co. of Lexington, Ky., as trustee, to secure
$100,000 5% gold bonds.
Denomination of bonds, $1,000; dated Dec. 1 1905 and due Dec. 1
1925, without option of earUer redemption; interest payable June and
at office of trustee; capital stock authorized and issued,
cumulative preferred; par of shares,
$100,000 common and $75,000
tlOO; President D. F. Frazee; Secretary and Treasurer, P. G. Powell.

December

217

convertible into stock within five years, beginning one year
after date thereof, on the basis of $200 debentures for $106
A circular dated Jan. 19 says in substance:
stock.
"The company desires to procure the means of paying
the cost of additional equipment, the cost of electric railway
lines in Albany, Schenectady, Rensselaer and Saratoga
counties, which have been acquired by the company, and of
making certain extensions thereof, and of providing the
means for making needed improvements upon the railways
operated by it in Pennsylvania. The board of managers
feels that the said expenditures, which will require about
$14,000,000, will produce highly satisfactory results.
"In order to secure the funds so required the board has
decided that it will be best to make an issue of $14,000,000^
10-year debentures and to offer the same to the stockholders pro rata at par, and that such debentures shall be
exchangeable (at option of holder), within a period of five
years, beginning one year after their date, for shares of the
stock of this company at the rate of five shares of stock for
each $1,000 debenture; such exchange, with suitable adjustment of interest as against dividends, to be made in such
manner as the board of managers shall determine. In order
to carry out this plan, it now becomes necessary to authorize
an increase of the stock in the amount of $7,000,000, such
increased stock to be held and used in exchange for the new
debentures upon the aforesaid terms.
"In case the proposed increase is duly authorized, a circular will be sent to the stockholders of record upon the date
fixed for that purpose by the stockholders' meeting offering
the right to subscribe for one debenture of $1,000 for every
30 shares of stock held by each stockholder, and as soon as
possible thereafter negotiable warrants covering the subscription rights in this behalf will be mailed to such stockholders."
The proceeds of the $14,000,000 of debentures will be used
for the following purposes:
For cost of the United Traction Co. of Albany, N. Y. (V. 82,
p. 162; V. 81, p. 1611, 1552), and a half interest in the
Schenectady Railway Co. (V. 80, p. 652).
$10,000,000For new equipment
2,400,000
For the construction of a cut-off around Wilkes-Barre, Pa.,
to overcome the difficulties of congested tracks and high
grades under which business now received from the Pennsylvania RR. at South Wilkes-Barre is being handled
1 ,600,000^
This plan of course supersedes the plan first proposed for
financing the United Traction purchase by the sale of
preferred stock and $2,500,000
$5,000,000
debentures of a new trolley holding company.
V. 82, p. 160, 48.

4%

4%

—

5%

—

3^%

—

Great Northern Ry. Listed. The New York Stock Exchange has authorized the listing on and after Feb. 2 1906
Chicago Burlington & Quincy RR. Called Bonds. The of $25,000,000 additional preferred stock from time to time
New England Trust Co. of Boston will pay at par on Feb. 1 on official notification that it has been paid for in full,^
Denver extension 4% bonds due Feb. 1 1922 to the following making the total amount authorized to be listed $150,000,amounts, viz.: $104,000 in $1,000 bonds and $2,500 in $100 000.— V. 81, p. 1723.

—

bonds.— V.

81, p. 1847.

—

—

—

Chicago Cincinnati & Louisville RR. Earnings
See
Pere Marquette RR. below.— V. 82, p. 99.
Chicago Electric Traction Co. See Chicago & Southern
Traction Co. below.— V. 81, p. 1043.

—

—

—

—

—

Tunnel Co. Earnings, &c. This company, conby the Chicago Subway Co., has sent to the City

Illinois

trolled

Comptroller of Chicago a check for $5,415 as compensation
at the rate of 5% of its gross earnings for the year 1905, and
accompanying it was a statement of earnings for the year»
which aggregated $108,300, viz.:
January and February,
$267; March, $6,465; April, $5,075; May, $5,704; June,
$8,767; July, $12,770; August, $15,017; September, $12,691;.
October, $12,124; November, $14,189; December, $15,231.
Vice-President W. J. Collins made the following statement:
In November 1904 the company changed its plans, deciding to build

Chicago & Southern Traction Co. Mortgage. This company, which proposes to establish an electric line from
Chicago to Kankakee, 111., 56 miles, has made a mortgage
to the Western Trust & Savings Bank of Chicago, as trustee,
to secure an issue of $2,000,000 5% 30-year bonds, subject
to call at option of company on and after July 1 1911 on any its tunnels to connect with all the freight
houses located in the district
The present issue is north of 18th St., east of Halsted St. and south of Indiana St., which
interest day at 102 J^ and interest.
to be $800,000, and the remaining $1,200,000 will be issuable compelled the company to build 20 miles additional tunnels in order tomake these connections, and during the period of this construction it
at $25,000 per mile for extensions completed and equipped. was
impracticable to put the company's plant in operation. Therefore
The President is William S. Reed and Secretary John B. there was no business done by the company except the hauling of excavations
from a few of the new buildings. On Nov. 1 1904 the company
Reed, both identified with the syndicate which recently
completed tunnels of 103,603 feet, and on Dec. 31 1905 the total of
purchased the Chicago Electric Traction Co. The new had
constructed tunnels was 212,771 feet, or 40.30 miles.
Within the next
company, it is understood, will probably take over the last- few months the company expects to have its plant in practical operation.
V. 81, p. 1723.
named property in the course of the next sixty days. V. 81,
Indiana Harbor RR, Open for Traffic. This company's
p. 1043.
Chicago Subway Co. Earnings. See Illinois Tunnel Co. road was formally opened for traffic on Jan. 22 1906, connecting the Cleveland Cincinnati Chicago & St. Louis at
below.— V. 81, p. 1664, 1043.
Danville, 111., with Chicago, a distance of about 108 miles,
Chicago Union Traction Co. Municipal Ownership Ordi- and bringing the New York Central hues into connection
nances Passed. The City Council of Chicago on Jan. 18 with extensive coal fields in Illinois. Grading has been comvoted, 37 to 28, in committee of the whole, to submit to the pleted on a branch from Indiana Harbor southeast to Dune
voters at the April election the question of issuing $75 ,000 ,000 Park, Ind., 18 miles, and the track will be laid as soon as the
of Mueller certificates as a means of creating a municipal rails can be obtained. See V. 81
p. 1848.
system of street railroads. Compare V. 81, p. 1492. V. 82,
Interborough-Metropohtan Co., New York. Holding
p. 99.
Company Incorporated. This company was incorporated at
Cleveland & Pittsburgh RR. Listed. The New York
Albany on Wednesday in accordance with the plan for the
Stock Exchange has listed $2,216,500 additional special guaramalgamation of the interests of the Metropolitan Securities
anteed betterment stock, making the total amount listed
Co. (Metropolitan Street Railway system) and the Inter$6,259,600.— V. 79, p. 2795.
borough Rapid Transit Co. (See plan below.) The new
Cleveland & Southwestern Traction Co. Earnings. The corporation will have $155 ,000, 000 capital stock in shares of
results for the calendar year compare as follows:
$100 each, of which $55,000,000 is 5%cumul. preferred. The
Earnings—
1904.
1905.
1904.
1905.
directors are: John B. McDonald, Walter G. Oakman,
receipts
$475,361
Passenger
Gross
$543,227
$418,660
$474,845
(President of the Hudson Companies), James Jourdan, Mor'Electric package'"..20.379
13.346 Operating expenses... 314.254 293,615
Freight
19.378
13.7351
ton F. Plant and Peter A. B. Widener. This board will be
earnings
$181,746
Net
$228,973
Norwalk G-is AEIec. 16.734
18.5241
$1,488
$1,298 increased, orobably to about 21 members.
Miscellaneous
11,890
11.096 Gross receipts per day.
—v. 81. p. 507.
Official Notice.
In our advertising columns will be found
Delaware & Hudson Co. $14,000,000 Debentures Con- a statement signed by a committee consisting of l^'.dward J.
A special meeting of the stockholders has Berwind, Chairman; John D. Crimmins, Andrew Freedvertible at $200.
been called for Feb. 19 to authorize an increase pf the capita] man, Thomas P Fowler, Gardiner M. Lane and Cornelius
stock in the amount of $7,000,000 as provision for a pro. Vandorbilt, announcing the organization of this company
posed issue of $14, 000,000 4% 10-year debentures, to bg with $55,000,000 5% cumulative preferred stock, $100,,

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,

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,

I

1

_

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THE CHRONICLE.

218
WKj.OOO (Mrnnion stock and

S7(). ()()() .(KtO «>f 4>$% collutcral
hoiids.
'I'lic cDiiunoii stock will ho deposited under
a voting trust, with August Belmont, Walter (1. Oakinan,
Thomas F. Ryan, ('orneliuy Vanderbilt and Peter A. B.
Widener as voting trustees. Holders of stock in the constituent companies are offered the privil(>ge of participating
in the nnigpr by depositing their stock on or before March
1906 with tlie Morton Trust ("o. on tlie following basis:
i
For each share (1) of Interborough Rapid Transit Co., $200
collateral t rust bunds and S99 common stock; (2) Metropolitan
Street Ky., $100 |)referred stock and $55 common stock;
tru.-t Rolrl

Metropolitan Securities Co.( $75 |)er share paid), common stock $93.50. See further particulars in advertisement.
(3')

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Rights 0/ Preferred Stock.
Article 111 of ttie certificate
defines .substantially as follows the privileges of the preferred
stock:
Tlie holders of the preferred stock >liall he entitled to receive from tlie
surt'lus or net profits of tlie corporation (li\idends from the first day of
April 1906 at the rate of 5% per annum and no more, payable quarterly
on the first days of January, April, July and October in each year, without deduction for any tax or taxes which the corporation may be required
to pa.v thereon, or to deduct or retain therefrom, under any present or
future law of the United States or any .State, county, or municipality
therein. The dividends on the preferred stock shall be cumulative and
shall be payable before any dividend on the common stock shall be paid
or set apart so that if, in any quarter year, a dividend amounting to 1 J^ %
shall not have been paid on the preferred stock, the deficiency, with interest, -shall be payable before any dividend shall be paid upon or .set
,

apui

;

for the

common stock.

cumulative dividends upon the preferred stock, with inhave been paid, the board of directors may declare dividends on the conunon stock, payable out of the then remaining

Whenever

all

tere-t as aforesaid, shall

surplus or net profits.
In the event of any liquidation or winding up (whether voluntary or
involuntary of the corporation, the holders of the preferred stock (before any aiuoimt shall be paid to the holders of the common stock) shall
be entitled to be paid in full the par amount of their shares and interest
thei-eon at the rate of 5% per annum from the date of such Uquidation or
dissolution or winding up, the unpaid dividends accrued on their said
shares until said date, with interest on such dividends at said rate from
the respective times at which the same accrued, and the proportionate
part of the dividend accruing at .said date, with interest thereon at said
rate from said date. After such payment in full to the holders of the preferred stock, the holders of the common .stock shall be entitled to receive
the remaining as.sets and funds in proportion to the shares held by them
I

respectively.
The directors shall

have the power to

a working capital, and

all

fix

the

rights to dividends

amount

from

to be reserved as
profits shall be subject

thereto.

The corporation .shall not create or issue stock having rights in priority
to the rights of the preferred stock; nor, without the consent of the holders of two-thirds in amount of the entire preferred stock at the time issued
an 1 outstanding, shall the amount of the preferred stock be increased.

|3The

certificate provides that as long as

rate of

5%

dividends at the
a year are paid on the preferred stock, no voting
power shall be vested in the holders thereof, but if there is
ever any default in payment of dividends they shall have
If, however, the directors so request,
full voting rights.
the holders of the preferred stock may cast votes in proportion to their holdings. It is proposed to place the common
stock in a voting trust for five years.
Extensions.
It is miderstood that the new company
stands ready to proceed at once to construct and operate a
Lexington Ave. extension from 42d St. to Harlem River and
a West Side extension from 42d St- to the Battery, and
gimultaneously to build a third track on the Third Avenue
elevated road for express service.
claimed that the earnings at the
Earning!>.
is
It
present time are sufficient to meet the interest on the $70,OOD.OOO of new 4}^% bonds proposed in the consolidation
plan and the o% dividend on the $52,000,00*0 new cumulative preferred stock.
The largest increase in 'any one day since Jan. 1 over a

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corresponding day of last year was 253,000 more pa.ssengers
on the elevated and subway systems. The opening of the
Fort George division on March 1 will add greatly to the earnings of the Interborough, and jit is expected that the Brooklyn extension, which will be open in about a year, will carry
in the neighborhood of 175,000 passengers daily.

Interborough Rapid Transit Co. Offer to Purchase Stock
Subway Realty Co. See that company under "Industrials

—
below.
Holding Compaw/ —Opening

of

Interborough-Metropolitan

La Dicha

"

of Fort George Division.

Company

— See

above.

& Pacific RR. —Guaranteed Bonds. — The

Mitchell

by

circular dated Jan. 17, offers to its stockholders $1,000,000 of an authorized i.ssue of $1,500,000
first mortgage bonds of this railroad at 80, "with a bonus
of 20% of the capital stock of the railroad, which is the
equivalent of 40% of the bonus of the total par value of

Mining

('o.,

The bonds will be a "first mortgage
on a railroad approximately 80 miles loiig, to be constructed from the Port of Marques, State of Guerrero,
Mexico, to the mines and works of the La Dicha Mining &
Smelting Co. at La Dicha, State of Guerrero, Mexico."
The bonds bear interest at 6% per annum, and mature
thirty years from their date, with the option on the part
of the company to retire the same at 105 on or after fifteen
years from the date, and they are guaranteed as to principal and interest by the La Dicha Mining & Smelting Go.
bonds underwritten."
lien

The

circular says:
Dicha Mining & Smelting Co., organized under the laws of Mexico,
hold< th^ titles to thfi mines and works publicly known as the Mitchell
Miaing Go. The Mitchell Mining Co. is organizi d imder the laws of
Arizona and it owns the entire capital stock of the La Dicha Mining &
Smelting Co., except such shares as are necessary to (jualify directors;
also a "lajority of tha stock of the La Dicha & Pacihc RR. Co.
The
railro'.d company is incorporated under the laws of .\rizona with a
Said
capital stock of $2,000,000. in shares of the par value oi SIO each.
(ompany is authorized to do Ijusiness in Mexico and owns a concession
T/i

[Vol. i.xxkii.

to construct and operate a rudroad from Port of Marques to l.a Diclu,
Mexi<'0.
The road will be begun without unne^•essar^ delay, tu:<l it is
expected that it will be completed by the end of August 1906.
In the
meantime foundations are beine laid for an additional 1 .000- ton jjliint.
which will be installed immediately upon the completion of th<- ruilroad
and add greatly to the earning power of the Mitchell Mining ('«. The
bonds will be issued in denominations of $500 and 81 .'XKJ ttadt.

The Mitchell Mining Co. has $5,000,000 of cjujilaJ stock.
George Mitchell is President and Treasurer. Office, Nf>. 52
Wall Street, New '^'ork.
Manila Electric RR. & Lighting Corporation. Bonds OfWilliam Salomon & (.'o., No. 25 Broad St., New York,
fered.
and No. 205 La Salle St., Chicago, are offering for Bale, at
pai- and interest, by advertisement on another page, the
unsold portion of the outstanding i,ssue ($4,635,000) lA first
lien and collateral trust sinking fund 5% golcl bonds of $1 ,000
each, dated 1903, due March 1 1953, but subject to redemption on any interest day on or after March 1 1928, and Uj
purchase for the sinking fund on or after March 1 1008, at
not to exceed 105 and interest, at which price the bonds can
be drawn by lot. Interest payable March 1 and Sept. 1 in
New York. Equitable Trust Co., New York, trustee.

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Total issue limited to $5,000,000.
"Through the ownership of securities of constituent companies operating under a 50-year franchise, the corporation
controls absolutely the street railway, light and power business of Manila, there being no gas companj^ in the city.
Manila, including immediate suburbs, has a population of
about 300,000." President Charles M. Swift, under date
of Jan. 2 1906, writes:
This company is organized under the laws of Connecticut, aad owns:

(1) Entire stock and bonds of the Manila Electric RR. & Light Co., a
New Jersey corporation, which is the owner of the 50-year franchise
granted on March 24 190:5 to Charles M. Swift, by the Municipal Government of Manila and the Philippine Commission, acting under the authority
of Act of Congress of the United States of America, and which will,
under this franchise and amendments secured in the spring of 1904.
operate all electric railways in Manila, and is authorized to do a general
electric lighting business in Manila.
(2) All the capital stock of the
Union Truck Co., which owns a first-class equipment of truckB. drays
and American horses, and does a carting and trucking business in Manila.
d) More than 98% of the capital .stock of "Electricista," a Spanish
company now doing the entire electric lighting business in Manila, the
purchase of which was consummated Sept. 1 1904. This property, fre*.
from debt, comes under the mortgage of the Manila Electric Railroad &
Lighting horporation.
The corporation now controls the entire street railway and ligliting
business of Manila.
Franchise runs for 50 years for botii electric tramway and electric light and power business. At the expiration of 25
years the municipality may acquire the property on a valuation fixed
by net earnings, the Supreme Court of the Islands being referee. Fares
oh basis of U. S. currency: First class 6 cents, 100 tickets .55.50; second
Transfers to be provided. Outsideclass 5 cents, 6 tickets for 24 cents.
city limits, additional fares can be charged at the rate of 5 cents first
class and ,3 cents second class for each 2 miles or fraction thereof beyond
I am of the opinion that the net earnings for the year
the citv hmits.
1906 will approximate •?525.000, or .?300,000 more than its fixed charges.

J. G. White & Company report in substance:
The company has recently completed an electric railway and centra!
electric lighting station.
The power plant is concrete and steel con.strucThe new plant
tion, having an aggregate capacity of 5,000 horse-power.
will permit the closing down of the present overloaded plant of tfie
Approximately 40 miles of track have been
"Electricista" company.
laid in the principal streets and suburbs: in paved streets 92-pound
girder rail on concrete foundations, in macadamized and unpaved streets
70-pound tee rail on gravel and stone ballast. Rolling stock. 85 singleEntire equipment and construction
track and 10 double-truck cars.
installed by the company is of the highest grade.

The railway has been opened only since April last and
during this time the entire line has not been in full operation.
However, the corporation for its first six montliB ended
Gross earnings, $429,899; expenses
Oct. 31 1905, reported:
and taxes, $216,296; net earnings, $213,603; interest charges
Compare page 56 of "Street
$107,310; surplus. $106,293.
Railway" section.— V. 80, p. 2621.
Missouri Kansas & Texas Ry. $10,000,000 General
Mortagge Bonds Underwritten Option to Shareholders.
Henry C. Rouse, Chairman of the board, in a circular dated
Jan. 18 1906 says: "The annual reports have made the stockholders aware of the past conditions which have necessitated
heretofore the application of surplus net earnings to additional improvements, betterments and rolling stock. In the

—

last report it

was stated

—

—

as follows:

Notes amounting to $4,591,536 are now outstanding on this (equipment) account^and must be paid from the revenues of the property unless
Should
capital can be provid'^d by some new form of security.
the improving credit of the corporation enable in the future the placing
thematuringequipmeet
preference
wherewith
to
or
stock
debenture
of a
ment notes, then the consideration of the question of distributing & part
of the annual revenues might be opportune.
.

.

.

"The improved credit of the compan}', which has resulted
from the policy heretofore pursued, has now enabled the
management to secure on favorable terms the capital required for the payment of its equipment obligations and the
rehabilitation of the older part of the railway which has been
In general terms, this contemplates the
so long deferred.
retirement of the outstanding equipment notes and bonds,
re-formation of alignment, reduction of grades and providins:
for otherwise speedily putting the property in conditioa for

more economical operation.
"The directors have therefore determined

to create $20,-

000,000 general mortgage 4}4% sinking fund gold bonds, to
iTiature 1936. and to be secured bj^ a general mortgage of the
lines of railroad, equipment, franchises and property of the
company owned at the date of the execution of the general
mortgage or thereafter acquired by the use of the general
mortgage bonds or their proceeds. Of these bonds, it is contemplated that $10,000,000 are to be immediately issued,
the remainder to be reserved for future issue under proper restrictions.

"

Jan. 27 1900

THE CHRONICLE.

I

"In the event of the approval of this action by the stockholders at the special meeting Avhich has been called to be
held on March 3 1906, preferred and common stockholders
of record at the close of business on Feb. 2 1906 will have the
privilege of subscribing for the $10,000,000 new general
mortgage bonds to the extent of 13% of their holdings of
stock, at the price of 87J^% and accrued interest, payable in
three installments as follows, per $1,000 bond: $300 on
March 12 1906, $300 on May 12 1906, $275 on Sept. 12 1906;
interest to be adjusted at the time of payment of the last
installment. Subscribers desiring to pay in full may do so on
any installment date under discount at 4J^% per annum.
The bonds will be issued in denominations of $1,000 each.
The rights of subscription will terminate at the close of business on March 12 1906, before which time subscriptions must
be lodged with the company at its office in New York. The
entire subscription has been underwritten by Messrs. Speyer
& Co." See further facts in advertisement on another page
of this issue.— V. 82, p. 100.

Muskegon Grand Rapids

—

&

Indiana RR.

—Coupon

Pay-

ment.
Coupon No. 37, due Jan. 1 1905, is now being paid at
the office of Winslow, Lanier & Co. The surplus Sept. 1
1905, after paying coupon No. 36, was $2,161; the net earnSeptember 1905 to November
ings for the three months
1905, both inclusive— were $18,633; total, $20,794; amount
required to pay coupon No. 37 $18,750; surplus as of Dec. 1
1905, $2,044.— V. 81, p. 1376.

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&

—

New York New Haven Hartford RR. Bonds Offered.
Kissel, Kinnicutt & Co., No. 1 Nassau Street, New York,
are offering at a price to yield to the investor an income of
3.72% the entire outstanding issue, $350,000, Danbury &

Norwalk RR. first refunding 4% gold bonds, dated June 1
Interest payable June and Decem1905, due June 1 1955.
Guaranteed both as to principal and interest by the
ber.
New York New Haven & Hartford RR. by endorsement on
each bond. The above bonds are part of an issue of which
$650,000 are reserved to retire all prior liens on the Danbury
& Norwalk, viz.: $500,000 consolidated mortgage, due
July 1 1920, and $150,000 general mortgage, due April 1
Additional refunding bonds can be issued "to an
1925.
amount not exceeding $25,000 for each mile of single main
track and $25,000 for each mUe of additional main track."

A

.

circular says:

This mortgage covers the entire property of the Danbury & Norwalk
RR. Co. from South Norwalk, Conn., to Danbury and Hawleyville, with
a short branch to Ridgefleld, 36.20 miles in all. The Danbury & Norwalk RR. was leased to the New York New Haven & Hartford RR. for
99 years from July 1892 at an annual rental equivalent to the interest on
its bonded debt and 5% dividends on its $600,000 capital stock, and in
October 1905 was merged with the New York New Haven & Hartford
RR., making these bonds an obligation of the latter company. Legal
for Massachusetts and Connecticut savings banks.

—

219

is smaller than was at first feared.
Charles Augustus
Seton, promoter, and associates, are under arrest in connection with the affair.
V. 81, p. 1316.
Pacific Gas & Electric Co.
New Bond Issue. The shareholders will meet on March 20 to vote on a proposition to
authorize the directors to create a new issue of $4,500,000
gold bonds or debentures. The company's present funded
debt consists of $9,520,000 of 5% bonds issued under its
general and collateral trust mortgage dated Jan. 2 1906,
limited to $10,350,000.— V. 82, p. 164.
Panama Railroad. Report. l!*he report to Congress for
the ten months ended October 31 last it is stated, shows:
Surplus above fixed charges and operating expenses of S302,304, or
over 18% above the surplus for the corresponding 10 months of the preThe freight tonnage increased 26.73% and earned $1,306,vious year.
The steamship lines earned $1,165,058, an
145, an increase of 17.93%.
Increase in total earnings for railroad and steamincrease of 25.17%.

afloat

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—

—

ship Une, $536,512.— V. 81. p. 1551, 900.

—

—

Pennsylvania Company. Called. The Girard Trust Co.,
Philadelphia, announces that seventeen certificates of the
33^% gold loan of 1901 maturing Nov. 1 1916, drawn for
redemption, are still outstanding, and should be presented
for payment at once, as interest thereon has ceased, viz.:
Drawn for payment as of Nov. 1 1904, No. 14643.
Drawn for payment as of Nov. 1 1905 Nos. 6350, 7213, 8304, 8330,
10038, 13278, 13281, 13473, 13476, 13733, 14173, 14478, 14483, 14645.
14647, 15021.— V. 81, p. 1175.

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Pere Marquette RR. Earnings, Estimated and Actual.
The statements of earnings and charges prepared for Receiver
Harmon by Comptroller Cramer and submitted to the court

demonstrating the advisability of suspending the lease of
the Pere Marquette to the Cincinnati Hamilton & Dayton
(see that company) are as follows:
Earnings of Pere Marquette for Eight Months Ending Oct 31 1905
.

Freight earnings

Passenger...
Mail

Express
Miscellaneous

Gross earnings.

$6,413,522
2,270,568
162,751
156,142
9,369
$9,012,352

Maint.of

way &

struct's.$l ,147,673

Maintenance of equip't.. 1,175,756
Conducting transport'n. 4,001,078
General expenses
278,048
Operating expenses

Net earnings
Other income

$6,602,555
..$2 ,409 ,797
159,661

Total net income for eight months
$2,569 458
Note.
Mr. Cramer says that the eight months above mentioned are
generally considered the most favorable ones of the year, as they eliminate the operations of the winter months, when the percentage of operating expenses to earnings is unusually high, and when the earnings are not
so good on account of the inabihty to move traffic as freely. He says that
he takes the earnings of these eight months as a basis, with the suggestion
that the average gross earnings per month for the present calendar year
are hkely to be less rather than greater than the average for the eight

—

months above mentioned.
Estimated Statement for an Entire Year, Based on Foregoing Results for
Eight Months.
Net income for 12 months, on the basis of the actual earnings
and operating expenses for the above-mentioned eight
months will probably not exceed.
$3,854,187
Deductions
Interest on Pere Marquette bonded debt .exclusive of $3,500,000
issued in connection withC. C.& L. RR. stock transaction.. $2,480,880
Interest on Pere Marquette demand notes of $590,000 outstanding Oct. 31 last
29,000
Taxes ($416,000 see also below) and rentals ($653,432) payable by Pere Marquette.
_. 1,069,432
Loss in operation of Pere Marquette Steamship Co., per annum,
based on deficit for 10 months ending Oct. 31 1905
104,839
Loss in operating Toledo Ry. & Terminal Co., based on showing for year ended June 30 1905
228,799

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General Manager Samuel Higgins proElectric Service.
nounces the following as correct: "The road will have electric
passenger trains running west from Stamford this year, and
work will then be begun in extending the service to
New Haven. We hope that all passenger trains between New
York and Stamford will be moved by electricity by Sept. 1.
While the entire division between New York and New Haven
may not be completed in 1907, it will be finished as soon as
possible, and all passenger traffic between New Y'ork and
New Haven will be handled by electric locomotives. Steam
Total charges
..$3,912,950
locomotives will handle the freight traffic as at present.
Balance deficit
__.
$58 ,763
Dividends {Guaranteed under lease now suspended), &c.
V.82,p. 161.101.
on $10,51 2,200 preferred stock held by pubhc.
4%
$420,488
New York & Port Chester Ry. Sale of Con.^lruction Com- 5% on $3,165,550 common stock held by pubhc
158,277
pany, See New York Westchester & Boston Ry. below. Estimated increase in annual taxes, if company is defeated in
suit now pending before United States Supreme Court
120,000
—V. 80, p. 2345.

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,

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New York

Westchester

&

Boston

—

(Electric)

Ry.

—Purchase

Interests identified
of Rival Construction Company.
this enterprise have purchased control of the

with

Total dividends and above contingent taxes
Total estimated deficit.

$698 ,765
$757,528

Also, in a suit involving the Michigan railroad tax law, if
New York
Railroad & Development Co. (V. 81, p. 1101), which was the decision of the lower court be affirmed by the United
organized to build the New York & Port Chester RR. Presi- States Supreme Court, it is estimated there will be due on
dent Gotschall of the last-named company, however, claims account of back taxes $600,000. Moreover, there are paythat the sale of the Development Company does not carry ments aggregating $481,000 to be made annually on account
control of his company, "because no contract has ever been of car trusts, for which refunding bonds are reserved, viz.:
Morley & Potter issue $12,000; Western Equipment Co., $14,000; Marentered into between the two companies." The sellers who
quette Equipment Co., $102,000; Lake Erie & Detroit River RR., $16,"have withdrawn from all connection with either the De- 000; Eastern Equipment Co., $175,000; Robert Winthrop & Co.,
$152,velopment Company or with the Port Chester Company, and 000; Grand Rapids & Southeastern, $10,000; total, $481,000.
The annual loss on the operation of the Chicago Cincinnati
have decided to merge their interests in this matter" with
the N. Y. Westchester & Boston interests, include, as stated & Louisville, based on the earnings for the four months endby Oakleigh Thorne, President of the Trust Company of ing Oct. 31 1905, is estimated by Comptroller Cramer as
America, besides himself, John W. Gates, Charles W. Morse, $397,161, viz.: Deficit under operating expenses and taxes,
Henry F. Shoemaker, Harry S. Black, O. C. Barber, George $85,041; bond interest, $312,120. Compare V. 82, p. 162, 49.
Coupon Payment. Receiver Harmon announces that the
R. Sheldon, John F. Carroll, Robert A. Van Wyck, C. D.
Simpson and the firms of Harvey Fisk & Co. and Kean, coupon due Feb. 1 1906 upon the following issues of bonds,
Van Cortlandt & Co. Mr. Thorne further says: "The new will be paid upon presentation at the office of J. P. Morgan
interests have acquired a large amount of stock in the West- & Co., 23 Wall Street, New York: Saginaw Tuscola &
chester Company and will be represented on its board of Huron RR. Co. fir.st mortgage 4% bonds; Pere Marquette
directors.— V. 81, p. 841.
RR. Co., Lake Erie Division,
collateral trust bonds
Suit.
Rudolph Kleybolte <fe Co. began suit on Wedncsdaj''
Brown Bros. &
Norfolk & Western Ry. Sale of Bonds.
in the United States Circuit Court for the ^Yestern District
Co., Philadelphia, have purchased from the Norfolk &
of Michigan against the Pere Marquette RR. to collect
Western Railway Co. $3,000,000 Divisional "first lien and
payment on 1,115 coupons defaulted Jan. 1 from bonds
general mortgage" 4% bonds and $3,000,000 4% equipment
dated July 1904, being part of the $3,500,000 collateral
bonds, being Series D, E and F for $1,000,000 each. The
trust 4s put out for the purchase of the entire capital stock
divisional bonds are issued to pay in part for extensions anfl
of the Chicago Cincinnati & Louisville RR.
See V. 80,
and
Division,
principally
on
the
Cincinnati
improvements,
V. 81, p. 1793; V. 82, p. 49, 162.
the equipment bonds for equipment recently purcha.sed. p. 163;
Philippine Railways.
Contract.
The authorities at WashStock.
Certificates
A large number of
Forged
of
forgcci certificates of stock have recently (been foimd in ington, D. C, including the Governor of the Philippines, who
circulation but apparently the number of such certificates is now in that city, have recommended the acceptance of the

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4^%

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THE CHRONICLE.

'220

bid of the J. G. Wliito & C!o. syudirate to build about 300
miles of railioiid in the Philippines, viz. 5)5 miles in the island
of Cebu, lUO miles on ranay and 100 miles on Ncgros. The
awarding of the contract to the syncheate is tiierefore assured. Under this bid the Philipi)ine Government will guarantee for u period of thirty years the punctual payment by the grantee of interest at 4% per annum on first lien
bonds issuable by the grantee to an amount of 95% of the
actual cost of the construction and e(|uipment. The syndicate is composed of Cornelius V'anderbilt, J. CI. White & Co.,
Wilham Salomon & Co., H. R. Wilson, Heidelbach, Ickelheimer & Co., and the International I3anking Co., all of
New York, and Charles M. Swift, Detroit.
No decision has yet been reached as to the award of contracts for the railroad construction on the island of Luzon,
where Si)eycr & Co. ofifer to build, in part without a guaranty of interest, several hundred miles of road to be operated
in connection with the present 200-mile railroad. The V)ids
of last December were all rejected because not strictly in acV. 81, p. 1437.
cordance with the specifications.
,

—

Company.— CaZ/ed ^onds.— Thirty ($30,000)
Philadelphia ct Reading RR. Company ".sinking fund gold
Reading

4% bonds extended to 1932," called for redemption,
be paid Feb. 1 at the office of the Trustee, The Pennsylvania Company for Insurances on Lives and Granting
Annuities, in Philadelphia.— V. 81f p. 1170.
loan
will

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—

The
Listed.
St. Louis Iron Mountain & Southern Ry.
New York Stock Exchange has listed $1,577,000 additional
River & Gulf Division first mortgage 4% 30-year bonds,
making the total amount listed $22,754,000.
Earnings.
were:

— For

4

Net earnins:s
Othor income
SI, p.

income

S2, 578, 445

2,481,334 ICharees
97,111 Balance, surplus

1,7.56,5,50

S6, 60,3, 327 [Total net

Gross earnings

—V.

months ending Oct. 31 1905 earnings

821,895

1

1()()6,

1551.

Southern Indiana Ry.

— Coupon

Payment.

— The

coupons

due. Feb. 1 1906 on the first mortgage 4% bonds, as shown
by advertisement on another page, will be paid as usual at
the office of John C. King & Co., 18 Wall St., New York.—
V. 82, p. 49.

Toledo Railways

W. Wason

&

Co. — New

Light

of Cleveland

—

Charles
Directors.
of New York

and W. L. McKenna

have been elected directors to fill vacancies. The other
Albion E. Lang and L. E. Beilstein of Toledo;
directors are:
Robert B. Van Cortlandt of Kean, Van Cortlandt & Co.,
New York, and Henry A. Everett and Edward W. Moore
of Cleveland.
See under
Report.
page.— V. 80, p. 1236.

—

"Annual Reports" on a preceding

—

— See Pere
Seattle. — See Pacific
Union Pacific RR. —Possible Line
Coast Co. under Industrials below. — V. 81, p. 1662.
United Power & Transportation Co. — Report.— The reToledo Railway & Terminal Co. Earnings.
Marquette RR. above.— V. 82. p. 49.
to

sults for the calendar year were:
Dividends.
Gross. Net (over ch'gs.)
Year
$445,634
12.40% 8432,680
SS09,719
1905
344,456
)343 ,563
(9.56%
708,512
1904
(10.64%)3S2,376
382,575
747,023
1903

—

— V.80,p. 713.

—

Bal. sur.

$12,954
893
200

—

Wabash RR. New Rolling Stock. This company has
ordered 6,000 cars for delivery during the current calendar,
year, viz.:
1,000 wooden box cars of 80,000 lbs. capacity and 1,000 wooden coal
cars from the American Car & Foundry Co.; 2,000 composite Rondola
cars of 100,000 lbs. capacity from the Western Steel Car & Foundry Co.,
and 2,000 composite gondola cars of 100,000 lbs. capacity from the
Standard Steel Car Co.— V. 81, p. 1850, 1437.

INDUSTRIAL, GAS AND MISCELLANEOUS.
American District Telegraph Co. of
The results for the year ending Dec.

—

Net.

Gross.
Year
..$593,694
1905...
561,062
1904
V. 80, p. 1173.

$95,374
77,363

—

New

York.

—Report.

31 were:
DiP'ds (2%).
$76,888
76,888

Bal.,

siir.

$18,486
475

—

The report of
Atlantic Mutual Insurance Co -Report.
the trustees for the year ending Dec. 31 1905 will be found
The company now has assets
in our advertising columns.
aggregating $12,716,428, of which $5,198,042 is in United
States and State of New York stocks, city, bank and other
securities; $433,498 is cash, $1,583,213 special deposits in
banks and trust companies, $1,127,675 premium notes and
Compare
bills receivable, and $4,374,000 in real estate.
V. 78, p. 285.
Six per cent interest on the
Certificates Called.
Interest
outstanding certificates of profits will be paid to the holders
The outstanding certificates of the issue of
thereof Feb. 6.
1900 will be paid on Feb. 6 next, from which date all interest
thereon will cease. A dividend of 40% has been declared
on the net earned premiums for the year ending Dec. 31
1905, for which certificates will be i.s.sued on and after May 1.
The total marine premiums for the year were $2,977,854,
including $616,552 not marked off Jan. 1 1905.— V. 80,

—

p. 474.

—

—

—

Bon Air Coal & Iron Co. Sale Authorized. At Augusta,
Me., on Jan. 16, the shareholders adopted the resolution

I

Vol. Lxxxii.

cmiiowering the dircctons to sell the property. It is said
in Nashville that Eastern capitalists are believed to have
offered about .•?;5,.'->00,000 for the same.— V. 82, p. 50.

Boott Cotton Mills.
tion .—TUl'

— V.

company

—First

will

Dividend Since Reorganiza1 a dividend of 23^%.

pay on Feb.

81. p. 1495.

—

—

& Susquehanna Iron Co. Bonds Ojfered. Fis'Robinson, New York and Boston, are offering at j^
and interest $1,000,000 20-ycar 5% debenture gold bonds of
$1,000 each (with mortgage provision), dated Jan. 1 1906
and due Jan. 1 1926, but subject to redemption at 105 and
interest on any interest day after Sept. 1 1910.
Interest
payable .Mar. 1 and Sept. 1. Knickerbocker Trust Co., N.
Y., trastee. Total authorized i.ssue -Si ,.'J00,000, all purchased
by the aforesaid bankers, to whom President A\ illiam A.
Rogers, under date of Dec. 1 1905, wrote:
Buffalo

&

—

Plant.
The company's plant is located at Buffalo upon some 50
acres of land, so .situated on the shore of Lake Erie that a canal jointly

constructed by the Iron Company, the Pennsylvania RR. and the
Buffalo & .Sus(iuihanna Ry. permits unloading the lake boats in which
the ore is transported from the mines directly alongside the furnaces.
On Ser)t. 27 1904 the first furnace was blown in; on July 6 1905 the
second furnace was jiut in operation, being the two most modern blast
furnaces in the world.
Present output about 700 gross tons of foundry
pig iron per day of such <)uality that during this, the first year of operashijnnents
have
extendtd from Maine to Minnesota and the
tion, its
demand has grown beyond the company's ability to supijly its product.
Ore, Coke and Coal Supply.
The company also owns a leasehold in
iron-ore mines in the Misabi Range near Ilihbing, Minn., which mines
are estimated to contain upwards of 20,000,000 tons of high-grade ore.
This valuable property is being rapidly developed. It is expected it
will soon supply the company's entire needs for that kind of ore.
The
company owns also, by similar leasehold, a tract of 80 acres of land
at Iron "Mountain, Mich., supposed to contain about 10,000,000 tons of
coarser ore suitable for mixmg with the ore of the Misabi mine.
The
company controls 2,900 acres of coal-land situatfd at Tyler and Sykesville in West Pemisylvania and estimated to be underlaid with 22,000,000
tons of good coking coal. Through the Cascade Coal & Coke Co., a
subsidiary corporation, the Iron Co. mines its own coal and manufactures its own coke, some 300.000 tons of which are reauired annually.
The coal-mines and coke-ovens operated under the control of the Iron
Co. are producing all the coal and nearly all the coke needed, and when
the remaining ovens, now under construction, are completed, there
wiU be 600 in operation, which will meet all the requirements of the
company. The ownership or control of its raw materials not only puts
the corripany on a basis of independence as to a permanent and continuous supply, but enables it to obtain these materials at a low cost.
Securities.
This issue of .?! ,500,000 of debenture bonds is to provide
funds for the purchase of additional ore properties yieldmg ore suitable
for mixture with the Misabi and Iron Mountain ores, and to provide
additional working capital.
The bond contains the following provision:
"The Iron Companj' covenants that it will not execute any new mortgage
upon any of its properties, either real or personal, now owned by it
or hereafter acquired, except by way of further security for bonds
issued under a mortgage or deed of trust of the Iron Company, bearing
date July 1 1902, unless such new mortgage shall provide that all bonds
issued and to be issued under said indenture dated Jan. 2 1906 shall
be included in the debt secured by said new mortgage and shall have
the benefits of the security thereof as fuily as any bonds or obligations
The company has outstanding .53,000.000 first
issued thereunder."
mortgage 5% gold bonds which mature June 1 1932, with provision for
The indebttdness,
retiring $100,000 each year beginning June 1 1907.
including the two issues of bonds, wiU not exceed 60% of the actual
cash value of the plant and properties. Capital stock, $1,000,000, paid
in at par in ca.sh.
Earnings. At this date one furnace has been in operation about 15
months and the other for about six months. Up to Oct. 31 the earnings
have been sufficient to pay the interest charges, overcome all extraordinary/ expenses incident "to the starting of a new plant and to leave
As stated above, the second
a surplus of ,S160,000 for that period.
furnace was blown in on July 6. The net earnings, before paying
interest, for the current fiscal year from July 1 to Oct. 31, a period
of four months, have amounted "to $150,000, or on the basis of $450,000
per annum. For the three months of August, September and October,
during which both furnaces have been in full blast, the net earnings,
before paying interest, have amounted to about $125,000, or at the
The amount required to pay the interest
rate of $500,000 per annum.
on both issues of bonds is $225,000 per annum, so that the .surplus
above interest charges is at the rate of from $225,000 to $275,000 per
annum, with no apparent reason whj' future conditions should not be
better than those of the past.

—

—

—

Compare map
V.81,p.615.

in

"Railway and Industrial" Section.

—

—

The directors
Neiv Stock.
Cincinnati Gas & Electric Co.
on Jan. 18 voted to recommend to the shareholders an increase in the capital stock from $31,000,000 to $36,000,000,
the new shares to be issued from time to time as required,
to provide for the new natural gas department and other
Whether the company shall purchase stock in
additions.
Acthe new pipe line company will be considered later.
cording to street talk in Cincinnati, the United Gas Improve-

ment

Co. of Philadelphia, or interests identified therewith,
of the

have reoentlv made a second offer for the control
Cincinnati Gas & Electric Co.— V. 82, p. 102; V. 79,
Citizens'

Steamboat Co.

p. 154.

of Troy. — N'ew Control. — At

the

annual meeting held in Troy on Jan. 18 the following new
officers and directors were elected, thus bringing the company under the control of the Hudson Navigation Co. (V. 80,
p. 2223), which already controls the People's Line (the

New

Jersey Steamboat Co.):

Charles M. Englis, N. H. Campbell. Arthur Braun and Andrew Fletchor Jr of New "iork; Thomas Breslin of Waterford. and William C.
Geer and Arthur Mac Arthur of Troy. Charles M. En<rlis was made
President- Mr. Breslin su.cceeds WilUam Kemp as Vice-President, and
Mr Campbell, who is also Trea-surer of the People's Line, .succeeds
Henry Parsell as Treasurer. V. 81, p. 1794.
,

—

—

Service Co. First Dividend on
directors on Jan. 5 declared a first
cumuon the $250,000 of
semi-annual dividend of
The dividend
lative preferred stock authorized last spring.
will be paid Feb. 10 to stockholders of record of Feb. 1.
On Feb. 1 more than $400,000 of the company's bonds will
be exchanged for a like amount of the preferred stock,
leaving $350,000 bonds outstanding.— V. 81, p. 1102.

Columbus

(O.)
Preferred Stock.

Public

— The

3%

6%

—

—
Jan. 27

THE CHRONICLE.

190(1

—

Consolidated Gas Co. of New York. Annual Report Not
Ready. At the annual meeting on Monday the following
official statement was submitted:
No annual report has been made. The accountants and entire clerical
force of the company have been compelled to work night and day for

—

weeks, including

several

statistics for the use of the
which is now in session.

many Sundays, gathering information and
gas commission appointed by the Legislature,

All the buildings for the new plant at Astoria, it is
stated, have been completed and a part of the machineryinstalled and every effort is being made to get the plant

ready for operation.

—

New Trustee. Chief Chemist Arthur H. Elliott has been
elected a trustee, succeeding George PI. Church, who resigned.— V. 81, p. 1552.
Consolidated Gas
—Earnings
Constituent

& Power Co., Baltimore.
Property.
The earnings of the
Power Co, "as officially reported

Electric Light

of

United Electric Light

&

—

for the year ending June 30 1905," follow:
Gross earnings, $914,975; operating expenses and taxes, S547,945;
net earnings, $367,030; interest charges, $159,835; surplus, $207,195.
V. 81, p. 268.

Consolidation Coal Co. of Mar jlajid.— Dividend Increased.
directors have declared an annual dividend of 6%,
payable Feb. 1 to holders of record Jan. 25. The dividend
rate from 1899 to February 1903 was 2% yearly in 1904 and
The directors have also decided that here1905 4% yearly.
after dividends shall be paid quarterly at the rate of 6% per
annum. The partly estimated net earnings for the year
1905, after deducting fixed charges, operating expenses and
other charges, are stated as $1,000,000, while the surplus
The lialtimore & Ohio RR. Co.
is estimated at $400,000.
owns $5,353,200 of the $10,250,000 capital stock.
The Fairmont Coal Co. (controlled) has declared an annual
<lividend of 2%, payable Feb. 1 to holders of record Jan. 27.
V. 81, p. 1176.
Last February the company paid 3%.

— The

—

—

—

Corn Products Co. Protective Committee Approves Plan.
H. Wm. Moeller, John A. Sleicher, M. D. Chapman and
Frank W. Duryea, members of the stockholders' protective
committee, say:

We earnestly approve the plan for the reorganization, which will
bring into co-operation all the largest competing interests, whose competition has been so destructive. The proposed new plan, providing for the
purchase of the.se competing interests and the acquisition of additional
working capital, by the voluntary surrender of one-third of the holdings
of present stockliolders, was suggested as the only possible solution of a
very complicated and threatening situation. Under the new arrangement,
the business of the Corn Products Hefining Co. will, we believe, show immediate improvement. The more quickly the plan can be put into operation the better it will be for the interests of all concerned.
The engraved

certificates of deposit

have been admitted
New York

to quotation in the "unlisted department" of the
Stock Exchange. See plan in V. 82, p. 103.

Company of America,
—-This Delaware
corporation has

Development

—

Philadelphia.
a certificate
of increase of capital stock from $4,000,000 to $5,000,000.
—V. 79, p. 736.

Neu

Stock.

—

filed

—

Bond & Share Co. Earnings. Lohrke, Rosen
Co. and Isidore Newman & Son, who, by advertisement
on another page, are offering a block of the preferred stock
Earnings from
at 92^ and accrued dividend, report:
March 15 1905 to Jan. 1 1906, gross income, $259,178;
•expenses, $42,190; net income, $216,987; total dividends
paid and accrued at the regular rate of 5% per annum from
March 15 1905 to Jan. 1 1906, $79,166: surplus, $137,820.—
V. 82, p. 163.
Electric

&

—
— See Consolidation
Company. — Mortgage. —This company has

Fairmont Coal Co. Dividend Reduced.
Coal Co. above.— V. 81, p. 1045.

filed

Fisheries

is sold up to about Jan. 12 1906, and there is every
indication that 18c. per lb. for copper will be obtained for a longtime

copper production
to

come.

The
March

20.

of the

same capacity

reverberatory furnace should be ready to blow in about
intended to immediately follow with a second furnace
of 300 tons per day for treating fines, flue dust
and concentrates. These reverberatory fm-naces will be only exceeded
in size by those of the Amalgamated Copper Co. at Butte, Montana.
The final decision in favor of tlie Greene Copper Company in what
was known as the "Hallenborg suits" by the Supreme Court of the
United States, which was unanimously in our favor, has finally ended
a long and expensive liitgation, and development work willbe now
puslied upon the Cobre Grande more rapidly than in the past.
During the past few months our development has shown a large
increase in the amount of sulphur contents of our ores and has accentuated the need for roasters and additional reverberatory capacity.
The proposed increase stock issue would enable the company to at once
install two batteries of four each of McDongal roasters; a second reverberatory furnace; to duplicate the present pipe line from the Sonora
River to the plant; to install electric haulage, steam shovels and other
appliances, etc., etc.
V. 81, p. 1313.
first

It is

—

&

Harrison Bros.
sults for fiscal years

Year—

Co.,

ending

Gross.

—

—

Philadelphia.
Report.
The re31 1905 and 1904 compare:
Net.
Interest. Brancfies. Bat., Sur

C>ct.

1904-05
$408,697
$124,014
$65,000
$59,014
1903-04
372,790
117,725
65,000
19,168
33,557
of
balance
sheet
Oct.
31
1905
shows
The
preferred stock $1,500,000,
common stock $1,000,000; bonds, $1,300,000.— V. 73, p. 447.

Hudson

Navigation

Steamboat Co.

of

— Acquisition. — See Citizens'
— V. 80, p. 2223.
—
Co. Earnings. — The Boston News
Co.

Troy above.

International Paper
Bureau reports the following statement of earnings for the
first five months of the fiscal year from July 1st to Dec 1st
1905: Net earnings for five months, $1,057,332; dividend
on preferred stock for five months, $560,000; surplus for
While the compan3r's officials do
five months, $497,332.

not confirm the foregoing, we are informed that the statement comes from headquarters. V. 81, p. 1668.

—

Lawyers Mortgage Co. —Report. — The report for the year

encUng Dec. 31 1905 will be found in our advertising columns
week. The assets on Jan. 1 1906 aggregated $4,148,263,
of:
New York City mortgages, $3,684,526;
consisting
company's Brooklyn building, at cost, $85,000; real estate,
371 Broadway, at cost, $174,417; cash, $204,320.
Outstanding guaranteed mortgages amount to .$40,876,781, against

last

$28,110,397 on Jan. 1 1905, $19,922,009 having been sold and .$7,155,625
paid off during the year, a net gain of $12,766,384. Loans outstanding,
Gross earnings, $374,903, against
3,142; average amount, $13,000.
.S301,048 in 1904; net over all expenses and taxes, $171,770, against
$207,781. The large increase in outstanding guaranteed mortgages will
be reflected in the earnings for 1906, as the earnings of any year are dependent more on the mortgage sales of the preceding year'than those of
the current vear.
Of the company's mortgages 70% are on Manhattan
Island (all below 145th Street, except $186,800); 26% in Brooklyn, and
4% in the Bronx, all loans being confined to established and built-up
sections.

New

Directors.

Jan. 17:

—-The

following were elected directors on

—

New Directors. Robert Walton Goelet, Ernst Thalmann, Henry L.
Stimson, Louis V. Bright and William A. Day.
Old Directors Retired. James Hazen Hyde, William H. Mclntyre,
George H. Squire, Alvin W. Krech and Robert A.Granni.ss. V. 80, p.

—

—

1178.

Mitchell Mining Co.
"Railroads" above.

-See

La Dicha &

Pacific

RR. under

—

—

of New York.
Bonds Sold. The
sold to Ladenburg, Thalmann & Co. $1,000,000
of
60-year collateral trust bonds, subject to call in 10
years, with a yearly sinking fund beginning 5 j^ears from
date.
The firm also has the option to purchase $4,000,000
similar bonds during 1906, having, it
is
under.stood,
formed a syndicate of institutions and bankers abroad to
dispose of the bonds to European investors.
New Directors. On Wednesday Ernst Thalmann and Felix
Rosen were added to the board, the old directors being reelected.— V. 80, p. 2224.

Mortgage Bond Co.

company has

4%

—

a mortgage to the Guaranty Trust Co. of New York, as trustee, to secure an issue of $500,000 6 p. c. gold bonds of
North American Co. New Director. Randolph Rodman
$1 ,000 each for the purpose of discharging obligations incurred has been elected a director, succeeding Robert Bacon, reand extending and improving the works and providing .signed.
working capital. The bonds are dated Jan. 1 1906 and arc due
Report.
See "Annual Reports" on a preceding page,
Jan. 1 1916, but are subject to call on any interest day at also remarks of President Wetmore under heading "Reports
105% and interest. Interest payable at office of trustee. and Documents." V. 82, p. 104.

—

—

—

—V.

—

80, p. 2641.

—

—

Rumors. Reports that cannot be verihave been current this week to the effect that the Harriholders will vote Feb. 10 upon increasing the capital stock man (Union P.acific) interests have been increasing materifrom $8,640,000 to $10,000,000. The new stock will be ally their holdings in this compan5r's stock. E. H. Harri"allotted to the stockholders pro rata in proportion to man has long been a director. The Hill companies are also
their holdings at the rate of $25 per share, one-half of represented on the board. Within the past two weeks more
which shall be paid upon subscription and the remaining than $1,000,000 worth of tidewater lands at Seattle, adjoinhalf to be paid within sixty days from the date of said ing the property acquired by the Chicago Milwaukee & St.
meeting."
Paul, have been purchased by .Joseph Hellen, of New York,
Greene Consolidated Copper Co.

— New Stock. —The share-

—

President W. C. Greene, in a circular dated
Output.
Jan. 25, gives the company's production of copper bullion
for the five months ending Dec. 31 1905 as 26,593,931 lbs.,
(contrasting with 64,211,895 lbs. for the entire year ending
July 31 1905), containing 195,890 ounces of silver and
He further says in part:
1,867 ounces of gold.
During the fivo months the company sold (in poimds):
August
6,214,200
at 15.59c.

050,000

3,891,800

Noncmbcr.
10,540,000

at IC, 533c.

at lO.SflSc.

at 10. 771c.

SrptcinhcT.
:?,

October.

Dcrcinhrr.
at 18.113c.

2,198,000

making a total, inclusive of gold and silver, of $4,274,284. During
this period of five months ending Dec. 31 1905 dividends No.s. 13, 14
and 15, of $345,000 each, aggregating $1,036,800, were i)aid, in addition
to which there was expenncd for new construction $401,832, wliile
tlie amount of bills and accounts payable was reduced $187,596, and
Our
the balance due us as equity on copper sold increa.sed $498,091.

Pacific Coast Co.

fied

who

is Mr. Harriman's private
secretary, thus strengthening the belief that the Union Pacific contemplates a
northerly extension. Whether the projected North Coast
Railway (V. 81, p. 1792) is or will be a part of the scheme
is doubtful.— V. 81, p. 1318.

—

—

Passaic Steel Co. Status.
The "Iron Trade Review" of
Cleveland in its issue of Jan. 4, page 19, published a statement regarding the status of this company. V. 81 p. 1796.

Phoenix

—Official

— "A

,

majority
Phoenix Gold Mining Co. and the Mt.
Shasta Gold Mines Corporation has been exchanged for
stock of the Phoenix Securities Co., and notice is hereby
given that no more stock will be received for exchange
Securities

of the stocks of th(>

Co.

Notice.

—

—

— — ——

—

THE CHRONICLE

'>.io

after Feb. 7 1906 at 3 o'clock p. ni., except under such
penaltj' as the Board of Directors may in each instance
impose." Sec Phoeni.x Gold Mining Co. in V. 80, p. 2G25.

Pneixmatic Transit Co., Philadelphia, Pa. Coupon PayThe coupons due Jan. 1 on the first mortgage bonds
ment.
were paid at tlie Market Street National Bank, 1107 Market
St., Philadelphia, Pa., instead of the City Trust, Safe Deposit & Surety Co. of Philadelphia, Pa., as heretofore.
V. 81, p. 017, 508.

—

—

Called Bonds.
Springfield (Ohio) Light &' Power Co.
of Jan. 1 1892, numbered 14, 15, 25 and 26, have been
for payment at 106 and interest at the Massachusetts
Trust Co. of Boston on Feb. 15.— V. 80, p. 2224.

Bonds
drawn

—

Subway Realty Co., New Yorli. Offer for Stock. The
Interborough Rapid Transit Co. has offered to purchase the
entire $2,000,000 capital stock (or voting trust certificates
therefor), and to paj' for the same an amount equal to the
total instalments paid on said stock, with interest upon said
respective instalments from the date of payment thereof
to the date of delivery at the rate of 5J^% per annum, this
offer being conditioned upon not less than 75% of said stock
being delivered on or before March 1 1906. Stockholders
desiring to avail of this offer are requested to deposit their
certificates, accompanied by|transfers in blank, duly executed,
with August Belmont & Co., No. 23 Nassau St., on or before
Feb. 15 1906.— V. 81, p. 1615.
United States Reduction & Refining Co.
T3sults for the year ending July 31 were:

Report.

<*
Common
Net
Interest
Preferred
Gross
Dividend. Dividend.
Income.'" Income, on Bonds.
SI80,000
$474,116
S642.425
180.000 (1H)$59, 187
576.353
399,337
$236,752
180,000
(6)236,748
1,036,373
837.604

Fiscal
Year.

1904-05
1903-04
1902-03

— V.S2, p. 165.

—The

Balance,
Surplus.
S294,116
160,150
184,104

Deposits.
States Smelting, Refining & Mining Co.
—United
Time Extended. — Bo.ston advices state that more than

95% of tUe capital stock of the United States Mining Co.
has been deposited with the City Trust Co. for exchange
into the new stock of the United States Smelting, Refining
& Mining Co., and that the time for making deposits has
been extended to 3 p. m. Jan. 30. It is asserted that the
company is already earning at the rate of $4,000,000 net
per annum.
See V. 82, p. 105.

—

Vulcan Detinning Co. Earnings. The net earnings for
the nine months ending Jan. 1 1906, after deducting operating expenses, improvements, taxes and other charges, were
$119,000. From this amount was paid on Jan. 20 a dividend
on the $1,500,000 preferred stock, calling for $33,of
750, and leaving a surplus from the operations of the nine
months of about $86,000. "The earnings of the company
would have been larger had it not applied a large part of them
to erecting new plants, which will increase its capacity very
materially."— V. 82, p. 165. 105.

2M%

& Manufacturing Co. Sale oj
Bonds Option to Shurcholdcrs.
Pursuant to the plan announced in October 1904 (V. 79,
p. 1957), the company has arranged to make an issue of
$15,000,000 of convertible sinking fund 5% gold bonds, and
has sold the same to Kuhn, Loeb & Co., subject to the right
of the shareholders to subscribe therefor at 98 and accrued
Westinghouse Electric

$15,000,000

Convertible

—

—

interest to a face amount equal to 60% of their respective
holdings. For the purpose of such subscription, the transfer
books will be closed at 3 p. m. on Feb. 5 1906, and will remain closed until 10 a. m. on Feb. 14 1906, and .subscriptions
will be received only between those dates and from stockholders of record on Feb. 5. Subscriptions must be made
upon blanks furnished by the company, must be sent to the
Treasurer, No. Ill Broadway, New York CitJ^ and must be
accompanied by $200 on account of the purchase price of|each
bond subscribed for. The remainder of the purchaseji^rice
will be payable in the following instalments: $200 March 1
1906; $200 April 1 1906; $200 May 1 1906; $192 83 (which
amount includes an adjustment of accrued interest) June
Any subscriber may pay in full at the time of sub1 1906.
scription, in which case he must pay for each bond $985 83.
which amount includes accrued interest to Feb. 13 1906.
Scrip will not bear interest until surrendered in exchange
for bonds in amounts aggregating $1,000 or multiples
See advertisement on another page.
thereof.
The bonds are due Jan. 1 1931; interest payable"'January
and July; convertible into "assenting stock" at 200%; both
principal and interest payable without deduction for anj"^ tax
or taxes which may be imposed by the laws of the United
States of America, or of any State, county or municipality
therein, and which the company may be required to pay or

deduct therefrom.

An

official circular

dated Jan. 23 1906 says in substance:

of "convertible sinking fun(l'5% gold bonds" is to be created
for tlie purpose of furiii.sliing the company with funds to cover the cost
of important extensions of its manufacturing faciUties and to provide
working capital to enable it to handle its constantly increasing volume of
business. From the proceeds of the $1.5,000,000 of sucli bonds now offered, all the indebtedness of the company will be provided for excepting
gold debenture certificates now outstanding (against
only $2,500,000
the cancellation of which an enual amount of unissued "convert il)le
gold bonds" will be reserved) and $6,000,000 collateral
sinking fund
notes (which, it is expected, will be paid from the proceeds of the sale of
part of the collateral by wliich they are secured).
Each bond of this issue of the face value of .SI ,000 will be convertible,
at the option of the holder, into $500 par value of the "assenting" stock
of the company after Jan. 1 1910, and up to tliirty days prior to any date

The

.

isfsue

5%
5%

Vol. Lxxxii.

I

for redemption which may be named in any call for the redemption
thereof. Subject to prior conversion, all or any part of the issue may be
redoeiiied on and after Jan. 1 1912 on any serni-annual interest day at a
premium of fi"/, and accrued interest, upon twelve weeks' notice. Beginning with Dec. 31 1907, an annual sinking fund payment of $600,000
must be made and used in the purcliast; of bonds of this issue, if obtainable at not to exceed 105 and interest, or on and after Jan. 1 1912, in the
redemption thereof.
Terms of the Irtist indenture:
(a) The properties as described in the trust indenture are free from
mortgage, and nojmortgage shall be placed thereon.
(^) Collateral notes in addition to the existing amount of $6,000,000
shall not be issued against any of the present assets, and only against securities hereafter accjuired to such amounts tliat the value of the pledged
collateral, as apprai.sed by two appraisers designated by the company
with the approval of the trustee under said trust indenture, shall equal
120% of the face value of such collateral notes.
(c) No bonds in addition to the present issue of $15,000,000 and the
$2,500,000 thereof reserved against said outstanding debenture certificates, and no additional collateral notes or other bills payable, shall be issued at any time unless the average of the annual net earnings of the
company and its subsidiary manufacturing companies in the United
States for the three calendar years next preceding shall be at least double
the amount of the annual interest upon the entire indebtedness of the
company and its said subsidiary companies at the date of such issue, includmg the bonds, collateral notes or other bills payable so to be issued.
(d) The issue of bonds "under said trust indenture shall not exceed
$20,000,000, except that 85,000,000 additional thereof may te issued,
from time to time, but only to such amounts, face value, as shall equal
any amounts of cash paid into the treasury from the sale of additional

capital stock.
(e) The aggregate amount and value of the quick assets (as defined
in the trust indenture) of the company and Its said subsidiary cotnpanies shall at all times exceed the aggregate amount of its inaebtediiess
and the indebtedness of itsisaid subsidiary companies, exclusive, however, of its collateral notes,
(/) The aggregate amount of the company's indebtedness and of the
indebtedness of its said subsidiary companies, exclusive of the bonds of
said issue, of the outstanding debenture certificates against which bonds
have been reserved, and of the outstanding collateral notes, shall at no
time exceed 25% of the maximum face amount of the bonds which shall
at any time have'been issued thereunder.
((?) The company wiU not issue any stock entitled to preference or
priority over the "assenting" stock, and none of its capital stock shall bedistributed by way of stock dividend or issued at a price more than 10%
below the market price of the "assenting" stock at the^time such stock
is offered for subscription or sale.

—

Earnings and Balance Sheet. See statement under
nual|Reports" on a preceding page.
Meeting

"An-

New Bonds and

Stock Issuable Thereto authorize the
aforesaid bond issue (limited to $20,000,000, present issue
$15,000,000) and the $10,000,000 new assenting stock.
which may be required after Jan. 1 1910 to provide for their
conversion feature, as stated in the foregoing circular.—
V. 80, p. 2464.

for.

to

Authorize

—The shareholders

will

meet March 26

—

Messrs. N. W. HaLsey & Co. of this city have prepared an interesting circular showing, by means of diagrams, the disposition of income of the Illinois Central RR.
for the year 1905, and the growth of average operated mileThe
age and gross and net income for the past 25 years.
circular also contains elaborate statistics showing these
The firm will furnish copies of
results in tabular form.
this circular uponjapplication.

—

The publishers of "Moody's Manual of Railroads" and
"Corporation Securities"^ have issued "Moody's Classified
Investments," a volume of nearly 1,400 pages, devoted to
the holdings of various banking institutions, insurance companies and estates throughout the United States, in government, municipal, railroad and other investment securities.
The work gives under the head of each security a list of institutions holding portions of the issue.

—

Audenried & Bowker, 602 Drexel Building, Philadelphia, have recently effected arrangements ensuring them
the exclusive handling in Philadelphia from time to time
guaranteed bonds of various water-works companies
by the American Water Works & Guarantee
Company of Pittsburgh J. S. & W. S. Kuhn of Pittsburgh
of the

controlled

are the controlling interests in this

—

company.

WilliamjSalomon & Co. 25 Broad St. have issued under
date of Jan. 15 a circular offering an attractive list of investment securities yielding the investor from 33^% for
City of New York issues to as high as 5. 95% for the "profitsharing secured gold 5s" of the Underground Electric Railways of London, Ltd. The list includes various well-known
railway bonds.
,

—The Wisconsin Trust Co., Milwaukee,

,

1053^ and
Traction Co.
Particulars will be found in
first mortgage 5% gold bonds.
the advertisement on another page. The bonds are guaranteed, principal and interest, by the Milwaukee Electric Railway & Light Co,

interest $150,000

offer at

Milwaukee Light, Heat

&

—

F. S. Smithers & Co. and F. S. Moseley & Co. are offering at 99 and interest, by advertisement in another column
Union Electric Light & Power Co. of St. Louis three-year
coupon notes. Particulars in the advertisement.

5%

—

A calendar of attractive design adorned by an etching
revealing the features of an ideal specimen of feminine loveliness is being sent out by E. H. Gay & Co,

—Robert H. Stevenson
with the Chicago
the Rookery.
self

Jr. of Chicago has connected
office of Messrs. Lee, Higginson

&

himCo.,

.

THE CHRONICLE.

Jan. 27 1906.1

ljep0rts

unA

223

^0x:itmjettt5

THE NORTH AMERICAN COMPANY.
SIXTEENTH ANNUAL REPORT— FOR THE FISCAL YEAR ENDING DECEMBER
To

the Stockholders of the

North American Company:

On behalf of the Board of Directors, I submit the following
report of the affairs of the Company for the fiscal year
ending December 31 1905, together with the financial
statements of tlie Treasurer.

TREASURER'S STATEMENTS.
The books, vouchers, securities and cash of the Company
have been examined and verified by its auditors, Messrs.
Jones, Caesar, Diclcinson, Wilmot & Company, Certified
Public Accountants, and their certificate is appended.

BALANCE SHEET.
Assets.

—

Valuations.
In accordance with established precedent,
the securities and assets of the Company have been re-valued
as of December 31 1905.
Stocks.
These are mainly the stocks of street railway,

—

and gas companies, whose management and
are under the supervision of The North
American Company. The increase in the amount of this
item since December 31 1904 is composed principally of
stock of the Union Electric Light & Power Company and of
Common Stock of the Laclede Gas Light Company and of
electric light

general

policy

Company, all of St. Louis, purchased
February and March 1905, as announced in the last
Annual Report.
Bonds. These are First Mortgage Bonds of the Union
Light, Heat & Power Company of Covington and Newport,
Kentucky, and of the West Kentucky Coal Company.
Loans. These are loans to constituent companies and
loans on collateral.
Accounts Receivable. -These are current open accounts
the United Railways

in

—

—

—

with constituent companies.

—

Liabilities

Accounts Payable. This is the balance payable under the
contract for the purchase of certain coal properties (described in the last Annual Report) not yet due, and is subject
to deductions not yet finally determined.

INCOME ACCOUNT.

—

Dividends Received. The Company owns stocks of the
par value of $42,305,000. The dividends received during
the fiscal year were derived from stocks of the par value of
No distribution has yet been made of the
$16,510,000.
surplus earnings pertaining to the remaining stocks ($25,795,000 par value).
Other Profits.
These consist of amounts received for securities sold during the year in excess of their book value

—

December 31 1904.
Increase in the Value of Assets as Readjusted December 31
1905.
During the fiscal year the value of the stocks owned
by the Company as measured by the market prices prevailing
for the minority holdings of these stocks has increased approximately four million dollars ($4,000,000) over their
book value. Of thi.^ increase in the re-valuation of December
31 1905 credit has been taken for only nine hundred and
twenty thousand dollars ($920 ,000)
The Board of Directors
believe that the valuation placed upon the assets of the Company is materially below their present selling or liquidating
value, and to a greater degree below their intrinsic value.
as of

—

.

ANNUAL MEETING.
At the last Annual Meeting, held on June 21 1905, in
harmony with the change theretofore made in the fiscal year
of the Company, the By-Laws were so amended as to provide
that the Annual Meeting should thereafter be held on the
fourth Wednesday of January, instead of the third Wednesday of June, in each year. Only seven months, therefore,
have elapsed since the last Report. During this pei-iod the
Company has not engaged in any new undertakings.

DEVELOPMENT POLICY.
of your Company believes that the policy
which should govern the administration of public utilities,
if they are to be stable and uniformly profitable investments, is to develop their facilities so that they may be
adequate not only to meet the present demands of the communities in which they operate, with service of the highest
standard, but also to respond immediately to the growth
of such communities and their business, however rapid it

The management

may

be.

wisdom of sucii a policy may be, it inv-olves
a marked departure from the methods of management for(3bvious as the

merly prevalent.
In pursuar.ce of this policy, from time to time, as the manof the public .service corporations in which the
investments of the Company are so largely concentrated
has been taken over, plans for their comprehensive and scientific development have been laid at the earliest practicable

agement

moment.

31 1905.

To formulate and carry out these plans, with the delays
incident to construction that cannot be forecast but inevitably occur, has required years of time and large expenditures of capital, much of which, pending the completion of
the work, has necessarily been unproductive.
These properties have now passed the difficult and perplexing stages of construction and betterment and have
attained a state of development and efficiency which we
believe cannot fail to yield results satisfactory to the holders
of their securities and to demonstrate the wisdom of the
policy which has been pursued.
A few comparisons between the conditions existing in 1903
and those existing at the end of 1905, as illustrating the
development referred to, may be of interest. The Union
Electric Light & Power Company of St. Louis was then
operating three generating stations formerly belonging to
its constituent companies, with small units of an aggregate
capacity of 16,000 horse-power. In its new water-side station it has installed in large units 50,000 horse-power and
the site and plans admit of an increase to over 120,000
horse-power.
The Companies, now united in The Detroit Edison Company, were then operating five generating stations, with
an aggregate capacity of 5,800 horse-power. In its new
water-side station it has installed 16,000 horse-power,
which will shortly be increased by an additional unit to
20,000 horse-power, its plans admitting of unlimited expansion.
The Laclede Gas Light Company's works then had a daily
They now have a daily
capacity of 8,000,000 cubic feet.
It then had 509 miles of
capacity of 16,500,000 cubic feet.
It now has 795 miles of
street mains and 49,636 services.
street mains and 73,734 services.
The Milwaukee Electric Railway & Light Company has
completed a new electric generating station, which more
than doubles its total generating capacity of three years ago.
It has completed a building situated in the heart of the city
which is the largest and most comprehensive of the kind in
existence, arid undoubtedly the most admirably planned for
In it are concentrated the
the many uses to which it is put.
offices of the executives and heads of departments, a depot
for interurbaijL passengers, storage room for a hundred cars,
supply and repair departments, a library, club rooms, and
many other facilities for the comfort, instruction and
amusement of its employees, and a large convention hall or
theatre.
It is the executive centre of a great system of
urban and interurban railways, and must not only serve
to promote efficiency and economy in operation, but also to
maintain cordial relations between the Company and its
employees, and contribute in a marked degree to the comfort
of the Company's patrons.
Important extensions of the Company's suburban lines
have been made, and the gas and electric light properties
in two of the towns tributary to those lines have been acquired.

The particular improvements and acquisitions mentioned
are merely illustrative of the general growth.
They involve
a corresponding and coincident development in electric
transmission lines, electric sub-stations, gas pumping stations, gas holders, car equipment and other facilities incident to the rapidly growing business of these Companies.
As a result of the development thus outlined, all these properties are now in a position not only to render service of the
highest standard to the several municipalities and communiwhich they operate but to keep pace with their growth,
and actively to exploit to the fullest extent every opporties in

,

tunity for business expansion.

FINANCING OF CONSTITUENT CORPORATIONS.
To

attain this position has, as already explained, involved
large capital expenditures.
A brief description follows of the means that have been
adopted to meet the expenditures already made, and to
provide for the future requirements of these Companies.
The Laclede Gas Light Company. On April 1 1904 a
mortgage was made by this company to secure an issue of
Twenty MiUion Dollars ($20,000,000), par value, of

—

Refunding and Extension Mortgage Thirty- Year Five Per
Cent Gold Bonds, of which Ten Million Dollars ($10,000,000)
were reserved to retire at maturity the First Mortgage Bonds
of the Company, and the remainder were authorized to be
issued from time to time to provide for the construction requirements of the Company. Three Million Five Hundred
Thousand Dollars ($3,500,000), par value, of these bonds
still remain unissued.
The Milwaukee Electric Railway & Light Company. For

—

several years last past the capital requirements of this Company have been met by contributions from its earnings and by
the proceeds of the sales of its increased Common Capital Stock
There had been
at par to Tlie Nortli American Compan}^
no increase in its authorized bonded debt since its organiza-

THE CHRONICLE.

224

on February 1 1S9G. A mortgage lias ju.st been authoiized to secure an issue of Twenty Million Dollars ($20,00U,000), par value, of Refunding and Extension Mortgage
tion

Twenty-five-Year Four and One-half Per C(!nt Gold Bonds,
which Eight Million Dollars ($8,000,000), par \alue, are
reserved to retire underlying liens, Three Million Dollai-s
($3,000,000) are at the immediate disposal of the Company,
and the remainder. Nine Million Dollars ($9,000,000), are
authorized to be issued from time to time to provide for the
construction reciuirements of the Company after January 1
1907 at the rate of not exceeding One Million Dollars
($1,000,000) a year.
To reimburse the Treasury of the
Company for capital expenditures made during the past
year and to defray those planned for the immediate future.
Two Milhon Dollars ($2,000,000) of the bonds have been
sold for delivery during the present month.
The low rate
of interest on the Bonds and the price realized bear testimony
of

[Vol. lxxxii.

the exploitation of the sale of gas and electricity, so rapidly
does the taste for riding grow with the continuous improvement of facilities, and so constant is the growth of population,
that business reaction, even severe and prolonged, may well
pass without serious effect upon the growth of the earnings of
these corporations.

The North American Company stands

in a protective relaIt is not seeking to exploit them
It holds their securities as permanent investments, and seeks to estabhsh them in the favor
and confidence of the public by just methods and efficient

tion to these properties.
for present large profits.

administration, and to maintain their finances on the most
conservative basis.
With the progress that has been made during the past
year your Board of Directors are well satisfied, and they
regard the future of the Company with confidence.
By order of the Board of Directors.

to the high credit of the Company.
The Detroit Edison Company.

C.

— On

January 28 1903 a
Company to secure an issue

mortgage was executed by this
of Ten Million Dollars ($10,000,000), par value, of First
Mortgage Thirty- Year Five Per Cent Gold Bonds. The
proceeds of One Million Eight Hundred and Ten Thousand
Dollars ($1 ,810,000)," par value, of these bonds were used in
part payment for the properties originally acquired, and the
remainder were authorized to be issued to meet the future
capital requirements of the Company.
Four Million Six

Hundred Thousand

Dollars ($4,600,000), par value, of these
bonds remain unissued.
Union Electric Light & Power Company. To provide for
the completion of its construction work, as at present
planned, and to reimburse its Treasury for capital expenditures heretofore made, this Company has issued and sold
Three Million Dollars ($3,000,000), par value, of its ThreeYear Five Per Cent Collateral Trust Gold Notes, dated
January 15 1906, and has pledged as security therefor an
equal amount of its Treasury Capital Stock. It has granted

W. WETMORE,
President.

Newark, N.

J.,

January 24, 1906.

TREASURER'S STATEMENT FOR THE FISCAL YEAR ENDING

DECEMBER

31 1905.

income Account.
Salaries, Legal Expenses, Net Rentals and all other Expense.s of Adminstration
Taxes
Balance to Undivided Profits Account
-

893 ,006 32
4,621 77

—

an option

to

The North American Company

—

GENERAL CONDITIONS AND PROSPECTS.
The prosperity which has

so generally prevailed during
the past year has been fully shared by the several communities in which the properties under consideration are situated.
St. Louis has issued from its World's Fair period
not only without depression and reaction, but with its
business activities greatly stimulated and its confidence in
its own destiny greatly enhanced.
There is no dissent from
the prediction that it will become a very great city.
Milwaukee, Racine and the other cities and towns tributary to
the Milwaukee railway system, are all enjoying great industrial and business activity, and the recent rapid development of Detroit in manufacturing is unprecedented.
These conditions are reflected in the greatly increased
earnings of their public service corporations.
The business activity and prosperity now prevailing may
be interrupted for short periods from time to time, but I do
not believe that even in times of depression the properties
in which The North American Company is interested will
cease to grow in earning capacity from year to j'^ear and to a
material extent.
So great is the field still undeveloped for

—

The initial number of "The New South" for January,
a new semi-monthly publication, has been issued. The new
paper, published in New Orleans, is to be devoted to the
advancement of banks, trust companies, finances, investment and industrial interests of the South. It will aim to
present in each i.ssue the banking, financial and industrial
progress of the Southern States, gathering the views and
conclusions of its leading bankers, financiers and men of
experience for publication.
In the January number there
are articles on special subjects by Harvie Jordan, President
Southern Cotton Association; Robert Lowry, President
Lowry National Bank, Atlanta, Ga.; Joseph G. Brown,
President Citizens' National Bank, Raleight, N. C; F. B.
Fisher, President Tenness(H^ J^arlkers A.s.sociation; M. W.
Habliston, President National Bank of Virginia, Richmond,
Va.; W. J. Clay, Superint(>ndent Banking Department of
Texas; Wyatt H. Ingram Jr., Trust Offict^r Ilibernia Bank
& Trust Co., New Orleans, and other representative Southern
bankers.
Lohrke, Rosen & Co. and Isidore Newman & Son are
offering at 923^ and accrued dividend Electric Bond it Share
Co. 5% cumulative preferred stock. The company was
organized in March 1905 by interests closely allied with the
General Electric Company. The object of the com])aiiy is to
take a financial interest in electrical enterprises, such as

49-

$2,298,612

5&

.$104,67181
1 ,157,039 77
23,625 00
93,276 00

Other profits
Increase in the Value of Assets as readjusted
31 1905

December
920,000 00
$2,298,612 S&

to purchase, at

par, the stock so pledged at the maturity of the notes, and
The North American Company has agreed, in case the payment of the said notes is not otherwise provided for at or
before their maturity, that it will purchase the said stock at
par, and thus provide for the payment of the principal of the
said notes.
Provision is made in the Trust Deed which will
permit an increase of the issue to Four Million Dollars.
All the securities described have found a ready market
with leading bankers in New Y'ork, St. Louis, Boston and
Milwaukee, and upon terms which reflect a high degree of
confidence in the several properties and, as the current
market prices indicate, they have found great favor with
investors.

—

Interest received and accrued
Dividends received
Compensation for services

2,200,984

Undivided Profils Account.
Dividends paid ._
Commissions paid
Balance as per Balance Sheet at December 31 1905

67

$1 ,252,996

127,500 OO
2,812,232 03
$4,192,728 70

Balance at December 31 1904
Net Earnings for the Fiscal Year ending December 31 1905

$1,991,744 21
2,900,984 49

$4,192,728 70

BALANCE SHEET (CONDENSED) DECEMBER

31

1905.

A sscts
stocks

78
32
26
54
23
40

$29,916,744
541 ,333
1,933,397
339,496
4,456
1,090,212

Bonds
Loans
Accounts Receivable
Office Furniture and Miscellaneous Propertv
Cash

$33,825,640 53
Liabilities

—

Capital Stock Authorized
Less Unissued Stock

Deposits

:

?30,000,000 00
364,500 00

— Funds of Constituent Companies

Accounts payable
Dividends Unclaimed
Undivided Profits

$29,635.500
883.003
492,630
2.274
2,812.232

00
69
81

00
03

?33,825.640 53

We

have examined the books and vouchers of The North .-Vmerican
Company and the Balance Sheet and Income Statements set forth above,
and have verified the Securities and Cash of the Company, either by actual
inspection or by certificates from the depositaries thereof.
Accepting the valuations of the .\s.sets as made by the Board of Directors, we liereby certify that the Income Account "is correct and that
the Balance Sheet, in our opinion, represents the true financial condition
of the

Companv as of December 31 1905.
JONES, CAESAR. DICKINSON,

54 William Street,

New

WILMOT &

CO.,

Certified Pni)lic .Accountants.

York.

electric railways, h5'^draulic plants, lighting and power transmission plants, and in connection therewith is authorized to
purchase, hold and dispose of bonds, stocks and other forms
of securities resulting from the development of such enterThere is $2,000,000 of common stock, all of which
prises.
is held by the General Electric Co., and $2,000,000 of 5%
cumulative preferred stock. It is a portion of this latter
stock which is now offered, and further particulars may be
found in the advertisement on another page. A special circular will be sent on request.
The Liverpool & London & Globe Insurance Co., which
is a stock corporation of unlimited liabilitj-, publishes the
fiftj'-eighth annual statement of its United States branch for
the year ending Dec. 31 1905. It shows among its assets real
estate valued at $1,861,697; United States Government
bonds, $899,597; State and city bonds and railroad stocks
and bonds, $3,775,528; bond and mortgage loans. $3,082,450;
bank balances and all other assets, $2,615,674; a total of
$12,234,948. The tmearncd premiums and all other liabilities aggregate $6,972,668, leaving a surplus of $5,262,279,
a large part of which is cash and the balance in high-grade
securities.
The New York directors are: Charles H. Marshall, Chairman; John Crosby Brown, James E. Pulsford,
John A. Stewart, Edmund D. Randolph; and Henry W.
Eaton is the resident manager.

—

4%

.

—

.

—

—

THE CHRONICLE.

Jan. 27 190G.I

225

COTTON.
Friday Night, Jan. 26 1906.
as indicated by our
telegrams from the South to-night is given below.
For the
week ending this evening the total receipts have reached
110,898 bales, against 138,799 bales last week and 160,116
bales the previous week, making the total receipts since the
1st of September 1905 5,610,653 bales, against 6,501,204
bales for the same period of 1904-05, showing a decrease
since Sept. 1 1905 of 890,551 bales.

THE MOVEMENT OF THE CROP

COMMERCIAL EPITOME.
Friday Night, Jan. 26 1906.

An

active condition of business has continued to be experienced. The movement of suppHes into the hands of the

consuming trade has been on a

liberal scale, and the placing
forward deliveries has been fairly free, there
being comparatively few lines of trade in which merchants
and dealers are not doing a good business. Unusually mild
weather prevailed early in the week over the Eastern section
of the country, but more seasonable conditions now exist.
In the speculative markets there has been an easier tendency
to prices for grain and cotton. The Census report showed the
amount of cotton ginned to the middle of January somewhat

of orders for

in excess of expectations.

Mon.

Sat.

Receipts at-

4,602

Savannah

1,677

3.174

"108

"'88

"184

"589

6.591

149
1.429

4",

759
114

Brunswick
Charleston
Georget'n, &C-

Wilmington ..
Washingt'n,&c

Wed.

Tues.

Galveston
Pt. Arthur. &c
New Orleans..
Mobile
Pensacola. &c.

8,445

Thurs.

Fri.

5,611

6.206

2.424

'4J34
611
146
1.539

'6",648

"451

"ill

"427

3.420
1.193
4,336
1.687
2.147
539

"503

"i2i
"684

189
68

1,429

10.538
732

496

648
2,121

Total.

4.564

36,019>

948

948
32,797
5.372
5.092
12,622
2.147
1,724
189
2.894

Lard on the spot has been offered at slightly lower prices,
and at the decline a moderate business has been transacted Norfolk
V,i63
V.ioi
"2',i.38
l".i98
"l'.232
546
N., etc.
1,04&
1.049
with both exporters and the home trade.
The close was N'port
New
York
""16 ""458
quiet at 7.65c. for prime Western and 7.35@7.45c. for prime Boston
"250 "'85 ""72
35
City. Refined lard has been in moderate demand; prices have Baltimore
1,967
1.967
"'24
"50
74
weakened slightly to 8c. for refined for the Continent. Specu- Philadelphia..
lation in lard for future delivery has been moderately active
Tot. this week. 12,729 17.792 25,303 13.557 16.990 24,527 110.898
Receipts of hogs have been fairly full and under selling by
speculative interests prices have been easier. The close was
The following shows the week's total receipts, the total
quiet.
since Sept. 1 1905, and the stocks to-night, compared with
DAILY CLOSING PRICE OF LARD FUTURES IN CHICAQO. last year:
Sat.

January delivery

7.52J^
May delivery
7.70
July dehvery
7.80
September deli very. 7. 95

Mon.

7.55
7.70
7.82J^
7.95

Tues.
7.42}^
7.60

Wed.

7.72H

7.40
7.55
7.65

7.82'A

7.77H

Thurs.
7.40
7.55

7.67^
7.80

Fri.
7.40
7.52}^
7.65
7.77J^

1905-06.
Receipts to
Jan. 26.

better export demand has developed for pork; price^
have held firm, closing at $14 75@15 for mess, $15 00@17 25
for short clear and $16 for family. Cut meats have been
more freely offered but prices have not weakened, closing at
8@83^c. for pickled bellies 14@10 lbs. average and
9^c. for pickled hams. Beef has had a fair export sale at
steady prices, closing at $8@8 50 for me.ss, $9 25@9 75 for
flank, $10 50@11 for packet, $12@13 for family and $17 25
@18 for extra India mess. Tallow has been firmer with buyers at SJ/^c. and sellers at 53^c. Stearines have been steady
at 85^@83^c. for lard stearine and 8c. for oleo stearine. A
fair business has been transacted in cotton-seed oil at steady
prices, closing at 33c. for prime yellow.
Butter has been
easier for the better grades under free offerings, closing at
17 3^ @263^c. for creamery. A fair business has been transacted in cheese at steadj'^ prices, closing at llj^@14i^c. for
State fjictory f ull cream. Fresh eggs have been in full supplj^
and prices have held steady at 21c. for best Western.
Brazil grades of coffee have continued to meet with a
fairly good sale to the consuming trade, although the buying
has been less spirited than a week ago. Prices have been well

9^@

Galveston
Pt. Arthur, &c.
New Orleans..
Mobile
Pensacola, &c.

Savannah
Brunswick
Charleston
Georget'n, &c.

Wilmington
Vfasliingt'n.

1904-05.

Since Sep
1 1905.

This
week.

A

36,019 1.874.691
948
112.110
32,797 1,007,041
187,420
5.372
119,073
5.092
12.622 1,134,144
2.147
138.276
1.724
148,127
189
808
2,894
277,796

&c
'7',

Norfolk
N'port N., &c.

New York
Boston
Baltimore

4'96",908

546

1,049

13,697

"458

47.352
47,630
3,641

1

1,967

74

Pliiladelphia ..

7".

.939

Stock.

Since Sep
1 1904.

This
week.

28.446 1.861,129
137,954
9,755
62,195 1,722,984
4,828
225,694
7.603
130,479
19,039 1,251,565
4.396
148,076
1.236
174,475
755
2',96i
270,857
122
'8'.
224 470.629
319
6,361
1,844
18.966
1,765
43.003
3,192
29,913
867
8,242

150.877

148,144

3"f7'.763

3'7"9'.23i

43.174

56.268

"g's'.ns

'6'5",i37

11.995
36.605

17.944
25.55»
'

l'0".32i

¥.225

458

"2'7',469

213'.493

7.202
11.327
4,446

85.331
3.120
5.888
3.331

942,376

821,702

"39',

57

110,898 5,610.653 156,670 6,501.204

Total

1905.

1906.

,

maintained, closing at S'j^c. for Rio No. 7 and gi/gc for Santos
No. 4. West India growths have had a moderate sale at
steady prices, closing at 9^c. for good Cucuta and lie. for
good average Bogota. Speculation in the market for contracts has been less active.
European selling and a slight
increase in Brazilian receipts have held an advancing tendency to prices in check. The close Avas steady. Closing
asked prices were as follows:
January
February
March .

6.90c. April
6.95c. Mav
7.00c. July

7.10c. September
7.15c. (October
I

7.3.3c.

I

December

7.50c.
7.55c.
7.70c.

Raw

sugars have continued to be freely offered and prices
have yielded to 33^c. for centrifugals, 96-deg. test, and 3c. for
muscavado, 89 deg. test. The close was steady. Refined sugar has been quiet, closing at 4.40@4.50c. for granulated.
Spices have been higher for nutmegs and cloves. Teas have

In order that comparison may be made with other years,
totals at leading ports for six seasons:

we give below the
1906.

Receipts at

Galv'n, &c.
N. Orleans.
Mobile

Savannah .
Ch'ston, &c
Wilm'n, &c
Norfolk ...
N'p't N.,&c
All others..

Tot. this

wk

Since Sep.

1

38,201
62,195
4,828

110,898

156,670

demand and steady,

closing at 7.60c. in barrels, 10.30c. in cases and 4.70c. in
Naphtha has been unchanged at 12c. for 71 degrees
bulk.
and 12c. for 76 degrees. Credit balances have been steady,
Spirits turpentine has been quiet but
closing at 1.5Sc.
Rosins have advanced on light offerings,
steady at OSj^c.
Hops
closing at $3.90 for common and good strained.
have been firm and held at slightly higher prices. Wool
has been firm but quiet.

19,0:39

1,236
2,961
8,224
319
19,667

1901.

1902.

324
5,260

60,593
51,958
4,849
32,779
2,114
4,108
11,377
422
16,017

141,383

184,217

11,421

62,262
54,833
2,503
25.343
2.88a
3,938
13,654

586
36,033

405
26,065

192,638

191,881

46,350
66.154
2,518
20,172
5,240
4.164
•

The exports for the week ending this evening reach a total
of 83,112 bales, of which 44,644 were to Great Britain,
395 to France and 38,073 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1905: i
Week endine

•

Refined petroleum has b(!en in good

1903.

52,243
45,823
2,811
19,464
967
4,622
9,869

5,610,653 6,501,204 5,958,074 5,818,877 5,784,211 5,370.665

been quiet.
Offerings of Kentucky tobacco have been light and new
crop supplies have been held at firm prices. Reports are current in the seed-leaf tobacco trade of a large sale of Wisconsin
and at full market prices. Samples of force-sweated Connecticut tobacco have been received. Sumatra tobacco has been
in steady demand at firm prices. A large business has been
tran.sacted in Havana tobacco at full values.
Offerings of Straits tin have increased slightly and the
close was lower in sympathy with weaker foreign advices;
prices quoted were 36.15@.36.35c.
Ingot copper has had
only a limited sale for early delivery but prices have held
steady at 18@ 1834c. for Lake and electrolytic.
Lead has
been ciuiet but steady at 5.70@5.80c. SpcUter has declined, closing quiet at 6.35@,6.45c.
Pig iron has had a
fairly good .sale and prices hold steady at $18.50@18.75
for No. 2 Northern and $18.25 for No. 2 Southern.

1904.

1905.

36,967
32,797
5,372
12,622
1,913
2,894
7.546
1,049
9,738

Jan. 26 1906.

From

1 1905 to .Tan. 26 1906.
Exported to

Sept.

Kxported to
Exports
Irom

Great

•

Great

ContiBritain. Fr'ncei nent.

Galveston
3.742
Pt.Arthur, Ac.
New Orleans.. 21,830
Mobile
Pensacola .

Total.

9.382

13.124

2V.2i6

4'6'!646

4.050

Savannah niunswick .-.! 6,568

"e'.sei

Charleston
Wilrainston.
Norfolk
.

Newport News
SOO
New York
1.2S1
Ro.ston

'

Haltlmore
Philadelplila

3,018

500
395

2.864
150

2.31.'i

742

. .

"i75

4.540
3.768
2.313
917

Sortland. Me..
San Francisco

Britain. France.

735,378:259,990
34,917
371.557 132,071
33,472 22,681
48,314 25,577
129,7131 57.318
70,748
5,500
5,225
125,721
6.742'
9,000
4.244
118,407 17,765
95,458,

66,105 12.099
31,455
638

1.286

'

Pembina
Total
Total 1904-05-

44.644

1,286

Total.

638

6,144
1.504

16,826
13,36»
6,144
1.504

500

500

13.3601

Portland, Ore.

•

466.4911, 461,859
49,642!
84,559
180.9491 684,577
76.401
20,2481
44.705 1 18.596
492,3881 679.419
32.875: 103.623
4,4001
9.900
133. S30! 264,782
16,942
1.2001
4.244
n3'.676j 249.842
100,710
5.2521
27,8001 106,004
32,180
725j
"l"6'.826|

Seattle

Tacoma

I

|

i

Continent.

396 38,073 83.112 1,878.369 541,726 1.612,515 4.032, 6ia

65.736 13.S86lll2.289 191,611 2.442,132 550,277 2.095.932 5.088.341

•In addifion to above exports, our telegrams to-night al-so
give us the following amounts^of cotton on shipboard ,?not
cleared, at the ports named. i^WeJaddisimilar^figures for

New^York.

.

.

.

c

.

.

THE CHRONICLE.

226
On
Jan. 26 at—

Shipboard, Not Cleared Jor

Great

New

Orleans
Galveston ..

10,936
33,718

2.740
6.330

2,200

4,700

I

5,046
22.429
2,600

Savaiinali

Charleston
Mobile
Norfolk

New York

Other

Ger-

many. Foreign]

Britain. France

stock

33,851
67,993
7.460

283,912
82.KS4

500
10,150
12,711
4.500
12.000

36.105
33,024
26,747
208.993
33,291

18,287 149,165
16,330 156.614
15.800 197,851

793,211
665,088
588,838

557
2.819
1,100

500
600

6.000

Total 1906
Total 1905
Total 1904

54,354
35,589
56,786

650

12.711

"366

'r.566

.

Other ports.

Leaving
Total.

.
2',

—

Coastwise.

14,572
2,697
3.760

1

,500

2,000
14,070
14,360
16,350

37.925
43,365
82,762

24,5291

46,970
26,153

88.2.'i5

Speculation in cotton for future delivery has been fairly
active, but the tendency of prices has been towards a lower
basis.
The report of the Census Bureau issued on Tuesday
showed the amount of cotton ginned to Jan. IGth to be
9,998.111 bales, which was a larger quantity than had been
expected.
This operated to create some uneasiness among
speculative holders and they turned sellers to liquidate
their accounts.
Bear interests also became more aggressive

and

decHned about J^c. per pound. Reports of a
full crop movement in Texas and also that there is some
cotton ill that State still to be picked received some atten"
tion and operated against values.
The advices received
from the South reported freer offerings of actual cotton, but
prices did not yield, they being held above the parity of
values in the local market for futures.
The buying of cotton

European spinners

freer buyers of cotton, but it has been
almost exclusively of spot supplies. The holders of this
cotton had sold futures against their stocks as a hedge,
and with the decline in futures it has been possible for them
to sell their cotton at lower prices, and this has resulted
in increased business.
The movement of the India crop
has continued at full figures. To-day there was a slight
advance in prices at the opening in response to better

advices from Liverpool than expected.
Subsequently, however, there developed selling for the account of New Orleans
and local longs to liquidate holdings, and this, coupled with
hammering by bear interests, depressed prices. The close
was steady at a net loss in prices for the day of 9@18 points.
Cotton on the spot has declined, closing at 11.80c. for
middling uplands.
On the basis of the rates on and off middling as established
by the Revision Committee, the prices for a few of the
grades would be as follows:

UPLANDS.
Ordinar.v

Low

Middline
Middlin?

Good Middling
Middling

F;)ir

GULF.
Good Ordinary

Low

Middling

Sat.

Men.

Tues.

Wed.

Thurs.

11.25
11.87
12.25
12.69
13.21

11.25
11.87
12.25
12.69
13.21

10.90
11.52
11.90
12.34
12.86

10.90
11.52
11.90
12.34
12.86

10.80
11.42
11.80
12.24
12.76

Sat.

Men.

Tues.

Wed.

Thurs.

11.50
12.12

11.50
12.12
12.50
12.94
13.46

11.15
11.77
12.15
12.59
13.11

11.15
11.77
12.15
12.59
13.11

11.05
11.67
12.05
12.49
13.01

Sat.

Men.

Tues.

Wed.

Thurs.

10.75
11.75
11.91
12.25

10.75
11.75
11.91
12.25

10.4011.40

10.40
11.40
11.56
11.90

10.30
11.30
11.46

Middlinsr

12. .50

Good Middling

12.94
13.46

Middlin.!; Fair

STAINED.
Low Middhn^
Middlinsr

..

Low

Mid. Tinned.
Good Middling Tinned..
Strict

000
TtO

©

1 1

.56

11.90

11. $0

Fri.

10.70
11.32
11 70
12.14
12.66
Fri.

10.95
11.57
11 95
12.39
12.91
Fri.

10 20
11

20

11.36
11.70

upland at New York on Jan.
26 for each of the past 32 years have been as follows:

The quotations

1906. c.l 1.70
1905.
.00
1904. .15.25
S.95
1903..
1902..
8 .5-16
1901.. .105^
8
1900..
1899..
6'i;
.
.

.

.

for middling

1898. c.
1897...
1896...
1895...
1894...
1893.
1892...
1891..

5 15-16
7 5-16
8 5-16
5 11-16
8 1-16
9 9-16
7 9-16

QVb

1890. c. 11
1889... 9J^
1888. ..10 11-16
1887--. 9H
1886... 9 3-16
1885. ..UH
1884. ..10 11-16
1883... 10 .3-16

MARKET AND

1882. .12
1881.. .11 13-16
1880.. -12^
1879.. . 9 7-16
1878.. -113^
1877.. .13 5-16
1876.. -13M
1875.. .15 1-16

SALES.

The total sales of cotton on the spot each day during the
week are indicated in the following statement. For the convenience of the reader we also add columns which show at a
glance how the market for spots and futures closed on same
days
Futures

Spot Market

Market

Closed.

Closed.

Sales of Spot

ConExport sum' n.

Saturday.. Quiet

Steady

Monday... Quiet
Tuesday .. Quiet 35
Wednesday (Juiet
Thursday . (Juiet 10
Friday
Total

Quiet
. .

(Juietctste'dy

and Contract.
Contract.

2,213

Total.

800

l',266

2,213
2.000

'i.3r.

"600

"7.36

1,800

5 062

pts. dec. Barely steady

Weak

pts. dec. Stearly
10 pts. dec. Steady

113

3,262

113

M^
00
4- to
Iw W
I®

© \^

I®

i

I

Q<e

4^
I'

I®
<x\d

I®

I©

'70

© I© I® I©

po o—
cib

®

00

I© T® T®

to to

-JO
000

© I© I©
00 o —

CO,b.
C-.

o

©

1-5)

I®

©

MCO
COS

!®

o a

®

I®

00 00

®

prices

by domestic spinners is reported as largely of a hand-tomouth character. Advices from abroad have reported

Good

[Vol, lxxxxl

©

I

® ©
00 00

®

I

I

©

I

o©
^^
-^o

I

I

©

I

S

©

©

a.

I®

^3

© I© I© I® I© I® I®

© I©

«5

® I®
O

1®

I®

I®

1®

In-

l>-

!•-

|H-

I®
^CO

MtO

I-

Ik-

|h-

I,-

®

I®

I®

fO

THE VISIBLE SUPPLY OF COTTON

to-night, as made
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.
1906.
January 26—
1905.
1904.
1903.

up by cable and telegraph,

Stock at Liverpool
Stock at London
Stock at Manchester

is

940,000
12,000
45,000

633,000
18,000
71.000

261,000
3,000
14,000
57,000
2.000

997,000
15,000
442,000
4,000
179,000
3,000
37,000
43,000
3,000

722,000
9,000
343.000
4,000
244,000
3,000
59,000
38,000
2,000

673,000
8,000
240,000
3,000
152,000
3,000
47,000
35,000
1,000

741,000

726,000

702,000

489,000

:bales. 1,140,000

12,000
53,000

Total Great Britain stock... 1,205, 000
11 ,000
at Hamburg

Stock
Stock
Stock
Stock
Stock
Stock
Stock
Stock

at Bremen
at Antwerp
at Havre
at Marseilles
at Barcelona
at Genoa
at Trieste

393,000

Total Continental stocks

665,000
8,000
>

Total European stocks
1 ,946,000 1,723,000 1,424,000 1,162,000
83,000
140,000
130,000
India cotton afloat for Europe. 179,000
573,000
563,000
608,000
Amer. cotton afloat for Europe 478,000
52.000
27,000
73,000
57,000
Egypt, Brazil, &c,.aflt. for E'pe
202,000
248,000
194,000
Stock in Alexandria, Egypt... 207,000
399,000
340.000
807,000
400,000
Stock in Bombay. India
821.702
786.689 1,061,564
942,376
Stock in U. S. ports
696,578
450.989
469,339
Stock in U. S. interior towns.. 720,114
23.319
28,337
29,976
38,325
U. S. exports to-day
Total visible supply
5,375,809 4.578,617 4.009,654 4 120,228
Of the above, totals of American and other descriptions are as follows:

American

—

Liverpool stock
bales. 1,01 2, 000
Mancliester stock
46,000
Continental stock
696,000
.American afloat for Europe
478,000
942,376
U. S. .stock
720.114
U. S. interior stocks
23,319
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock.
London stock
Manchester stock.
Continental stock
India afloat for Europe.

—

&c

696, .578

28,337

548,000
62,000
670,000
563,000
786,689
450,989
29,976

587.000
4"7"2",600

1

608,000
061,564
469,.339
38,325

.3 ,91 7,809 3,700,617 3,110,654 3,236,228

Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt...
Stock in Bombay, India
Total East'India,
Total American

861,000
38.000
682,000
573,000
821,702

128,000
12,000
7,000
45.000
179,000
73,000
207,000
807,000

79.000
12.000
7,000
44.000
83,000
52,000
202,000
399,000

85,000
18,000
9,000
32,000
140.000
27,000
248,000
340.000

78.000
8,000
Y7",006

130,000
57,000
194,000
400.000

899,000
884.000
1.458,000
878.000
3.917,809 3,700,617 3,110.654 3,236,228

Total vi.sible supply
5,375.809 4,578,617 4,009.6.54 4.120,228
8.52d.
4.86d.
6.17d.
3.68d.
Middling Upland. Liverpool...
16.05c.
11.70c.
7.00c.
9.05c.
Middling Upland. New York.lO^d. 8 3-16d.
7 l-16d.
Egypt, Good Brown, Liverpool 8 ll-16d.
7.30d
9.75d.
8.75d.
10.30d.
Pefuv. Rough Good, Liverpool
T'AA.
Broach. Fine. Liverpool
4Jid
5 ll-16d. 3 15-16d.
4^d
Tlnnevelly, Good. Liverpool...
7HA.
5Md. 4 l-16d.
Continental imports past week have been 126,000 bales.
The above figures for 1906 show a decrease from last week
of 64,322 bales, a gain of 797.192 bales over 1905 and an
excess of 1,366,155 bales over 1904.

—

.

.

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

week and

—

P
3 3
a>

O

;3.§SB:ggp'B.oCNSg2.a-Sg

H HWO^iiS
PC
ft)

I

I

I

I

p

O

O

1

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS. — Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:

0)

— IIH
ilH

Galveston
New Orleans
Mobile

c
o

Savannah
Charleston

115^

IWs
IIM

Norfolk

3 PM

Philadelphia

Boston
Baltimore

—
-

Augusta

Memphis

o

en

f--

05

CO,

Cni-'>t'<00;ht^i-'MCoc;iCotoC;iit^<0>&-i

1

cocnont' wtoi

OM*JM^>t^OOtOtOCnOiCV 0>f^05i

00 CO h- to 50 to

ttk

1

ny2

113^

-- --

11?^
11 7-16

n%
11^
UH
11^

nvs

11%

UJi

11%

12.25
12.00
12.15
11>^
11?^
11 13-16
11 9-16

11.90
113^
12.15

11.90

IIM

nvs

12.05

IIM

11^

11.95
113^

11J4

llj^
115^
11 9-16

IIH

IIM

nvs

UH

c?iC;i--JOMCOOM'-'OiOO'-'>-'OOii

h-

Louisville

11^
11 9-16

n%

11?^

I

Montgomery -.11^
Nashville

113^

NEW

Wi-'i-'Oii-'tOC«O5>-'<l00tOO3 i-'if>''^OtOi-'OC;'tO*'-OOOtOl^MCJVltO>b.OO

I-- t-j

115^

nVi

nyg
IIH
llM
IWa

11.80

11 9-16

U

9-16

1

Natchez
Raleigh
Shreveport

.11 5-16

UH
11

5^

MARKET.—

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

*

WWCO-^tOO-jbo^WrfkWOiWtOwbocnWOCOO^OCOCOOt-'t-'Ott^tOO^*O200h-'C»3O5H-*-h-COil^H-tOCX!O>^00-<IO'. OWil^i^tOh-OOOlOot'iC'OOOiO

o I— CO

IIM
11^
11 13-16
11 11-16

11^

Atlanta

c>:ci~oo5^toto*-«Orf>.to

ocnoitnOOoooo)^toOrf^O)coco^oc;txwc;ito*»-CTC;oicccocic;»wa)>-'

00

nu
11 13-16

Columbus, Ga.ll
Columbus, Miss 11
See

toH^toi-'05i<^CiiWoiOiCotooo

cntO'-'Oi-'

-

12.25
12.00
12.50

12
12.50
11>^

UVs
IIH

i-'i-'h-'h-'

WtO
M
O
O
tO^^ OMeOOQOOC04^COCnQOOtO>-^OQOCOQOCnOiMOOa:^tOOSOiCn
^O OCn
OOCn

-

UH
12.25

115^
11 9-16
11 3-16
11 7-16

The closing quotations to-day (Friday) at other important
Southern markets were as follows:

CO
H-|o
*i^^'^^
CCi-»^C^
to tCOOOOCOrfkO*-* rf^O Wf-JCn tOCOOO WOtCOOlOtOOi
0» 00
CO OiO) to too O^^'^H-'M"^ 00 <OCOOO CO tf^COhJi.
H- Win
it»

11%

.

11 9-16
11 7-16

se,3
S.go

I

n%

11 9-16
11 7-16

Houston
Little Rock

to

Monday. Tuesday. Wed'clay. Thursd'y. Friday

Sat'day

Jan. 26.

g-

St. Louis -.

i-'i-'

—

Week ending

Wilmington-.

a\
%a\
p p

;

227

Closing Quotations for Middling Cotton on

>>V.

"--

g o o r

.,

.

THE CHRONICLE.

Jan. 27 ]906

receipts for the

.

-

.

h-h-i-.i-'

Sat'day, Monday, Tuesday, Wed' day, Thursd'y Friday
Jan. 20. Jan. 22, Jan. 23. Jan. 24. Jan. 25 Jan. 26.

O

CO en to il^ en
05
to !D to -J CO CO to
to CO en 4^ !» i^^i^k

—
Closing
March —
Range
Closing
May —

January
51

Range

O

H*enCOCT>05enCnrf^>f^OO'-*-'t4^rf^t-'tO»-»t-'COrf^tO^-»MOent^OCOOenC^t005

ooooi-'eoto<i©oeooioi-'Oil^ocoi^ooooo(fc.oij-'Cnoooi^encneo
rfi.CO00en»4^O<00lt0O<0Cnt0 COCOH^OencOOOOCn^CnenOOOtOCOtf*-QO »—
to^i--

JO

>-•

if>-

to

--

H-i

h-

M

*.

^'^'^

005*^05 CO lOt-Vi h-' coobsooVjoooooo'-'toeocnVi oo>— bii—totoi-'
enococotc>— •)tD^OJtfcecc>505 0ocooooooo»j5Ddtoenoooop-'it^«otoen»j
to -J 05 en O -4 00 CO 00 en Cn CO «0 «0 C000O^'-'O0000C^~-lOCOCO^OCn»J ^ HI-"

Closing-.
IS

Col-Jl-heo^o>o<i-atocoo50o:to

-J

*.

to to to to

^

i--

Cn

to

to

en

i-'i-'

—

July

—

.

—
Range
Closing
Tone —

Closing
October

l(>.~qcOrf^05NDO*-'CntOtDCOi-'>t>.OXI«OtOCOO>OOOOCOP-'h-'0000~4Coen
encn^oiioooiotooo>*'0oi-'0^05to*-totoi*>-eoeni-'rfi.enoocototooao
CAicoi-'toento^^ — tocncntoH^~-i>^Oit^oi-'i-'0-~io>oo~JOM^cno>;^Oi<^o

-jootDto»j(;^ooco'^»-ia>i-'Cocoi-'j^ooi-'
CO
o>
vitoto-^-j
oooo>;^cnooo3tooi*-j^cno5tot-'to<ooo3enco*<iH-o)enenoocoa>entoMto»-'

11.92-.99 11.93-.99 11.51-.94 11.42-.66 11.41-.56 11.34-.56
11.43-.44 11.55-.56 11.38-..39
11.98-.99 11.95-.96 11.63

Range

oo*^toMCo
OieOi^tOi-'COOCnC»3-^00)CD*k00en><^0>OenOtOtOCnOOH-«00 02^a;CO

coo>h*^-j

11. 72-. 73 11.71-.72 11.28-.30 11. 23-. 24 11.35-.36 11.14-.20

Range

s-sai:
,-5

•3)C»3
ajt-'ooi-'Oirf^-^entoojcncoto

Cn

H.72-.75 11.66-.72 11.51-.71 11.20-.47 11.20-.36 11.23-.33

^1
213

Spot
Options ..

12.05-.12 12.05-.12 11.67-.08 11.56-.80 11. 55-. 70 11.47-.70
12. 11-. 12 12.09-.10 11.67-.68 11.57-.68 11.69-.70 11. 51 -.52
12. 19-. 21 12. 17-. 19 11.77-.17 11.65-.88 11. 66- .80 11.57-.77
12. 21-. 22 12. 19-. 20 11. 77-. 78 11.66-.67 11.78-.79 11.59-.60

—

.84 10.81-.85 10.7910.83-.85 10.81-. 85 10.55-

Firm.
Steady.

Quiet.
Steady.

10.46-.69 10.47-.55 10.43-..55
10.45-.46 10.56- .58 10.46-.47

Quiet.
Quiet.
Firm.
Steady. Ba'ly s'y Steady.

Quiet.
Steady.

o-~)ai^cocoenaiooootoo)0>o>;'Otoo>t^cj>K-«oo5i4^oenoenitk^co-«j

WEATHER REPORTS BY TELEGRAPH.— Telegraphic

oorocncooo^-cncooiiJ^aiooocDocni-'OJen «otoooCTi>-'-viooeoeooo»jo
~jo5eneooi-'--)Cni;^(;^:ni-'otooo>otoenc»;en4i.rf»cooi0050ovi<o^ioio
to*'oeo-4oo>ooi-'untoococoooo2H'»4toooen^enoio>entooi-'>-'i-'

The above totals show that the interior stocks have decreased during the we*>k 1,532 bales, and are to-night 23,538
bales more than at th*> same period last year.
The receipts
at all the towns have bpen 607 bales more than the same
week last year.

OVERLAND MOVEMENT FOR THE WEEK AND

SINCE SEPT. 1.— We

give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
1905-06
Since
Week
Sept 1
10,475
231,993
5,887
128.703
1,554
29,367
2,498
.54,483
1,628
36,030
6,978
152,200

Januari/ 26.

—

Shipped
Via St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via other routes, &c

.

1904-0.5

Week
9,962
6,887

Since
Sept 1
.

1,963
1,989
10,896

329,142
201,476
31,584
54,834
38,756
151,055

632,776

32,542

806,846

100,562
10,074
21,014

7,668
78
5,589

100,124
7,180
28,412

3,570

131,650

13,335

135,712

total net overland. a.. 25, 450

601,126

19,207

671,130

Total gross overland
29,020
Deduct shipments
Overland to N. Y., Boston, &c. 2,499
Between interior towns
207
Inland, &c., from South
864

—

Total to be deducted

Leaving

.

a Including

movement by

rail to

845

Canada.

The foregoing shows the week's net overland movement
this year has been 25,450 bales, against 19,207 bales for the
week in 1905, and that for the s(;ason to date the aggregate
net overland exhibits^ decrease froni a year ago of 170,004
bales.

1905-06—
In Sight and Spinners'
Since
Takings.
Week.
Sept. I.
Receiptsatports to Jan. 26
.110,898 6,610,653
Net overland to Jan. 26
25,4.50
501,126
Southern consumption to Jan, 26. 45,000
952,000
Total marketed

..181,348 7,063,779
al,.532
584,937

Interior slocks in excess

Came

into sight during
Total in sight Jan. 26

week

—-19
Week.

4 OS
Since
Sept. I.

156,670 6 501,204
19,207
671,130
44,000
876,000
219,877 8,048,334
a8,940
634,918

7,648,716

8,683,252

North, spin's takings to Jan. 26.- 41,620 1,407,203

22,952 1,3.39,613

Week—

1904— .Ian.
1903— Jan.
1902— Jan.
1901—Feb.

into .sight in previous years:
Since Sept.
Sept 1
003-04 —Jan. 29
247,82911902-03— Jan. 30
262,794 11901-02— .Jan. 31
.--222,687)1900-01— Feb. 1
linlrs.

29.
.30.

31
1

a

less satisfactory tenor.

—

lowest 34.
Fort Worth, Tcvas.
It has rained on one day of the week.
The precipitation reached two hundredths of an inch. The
thermometer has averaged 46, ranging from 18 to 76.
Palestine, Texas.
It has rained on one day of the week,
the precipitation reaching sixty-six hundredths of an inch.
The thermometer has ranged from 22 to 76, aveiaging 49.
Taylor, Texas.
It has rained on two days of the week, the
rainfall being thirty-two hundredths of an inch.
Average
thermometer 49, highest 78, lowest 20.
San Antonio, Texas. There has been rain on two days of
the week, the precipitation being five hundredths of .an inch.
Thermometer has averaged 56, highest being 78 and lowest

—

—

—

—

24.
Abilene, Texas.

—

Dry all the week.
The thermometer
has ranged from 18 to 82, averaging 50.
New Orleans, Louisiana. We have had rain on two days
during the week, to the extent of eighty-four hundredths of

—

an inch.

Average theremometer

—

197,783

I

1

1

Bales.

7,922,794
7,912,521
7,875,563
7, .583, 119

53.

Shreveport, Louisiana.
There has been rain on two days
of the week, the precipitation reaching two inches and
thirteen hundredths.
The thermometer has averaged 49,
the highest being 77 and the lowest 21.
Columhxis, Mississippi.
have had rain on two days
of the past week.
The temperature has been about normal
for the season.
Vicksburg, Mississippi.
have had rain on three
daj's of the week, the rainfall being two inches and ten
hundredths. Average thermometer 49, highest 78 and
lowest 24.
Helena, Arkansas.
Trace of snow. No progress with
farm work.
have had heavy rain on one day during
the week, the rainfall reaching tlireo inches and .sixty-three
hundredtlis.
The thermometer has ranged from 23 to 73,
averaging 47.6.
Little Rock, Arkansas.
No preparations for the next
crop as j'et.
Rainfall for the week two inches and sixtytwo hundredths, on three days. Average thermometer 44,
highest 74, lowest 17.
Memphis, Tennessee. We have had rain on two days
during the week, the rainfall Ijeing three inches and seventy-

— We

— We

—

—

a Decrea.se during week.

Movement

of

We

210,937

179,816

from the South are, as a rule,
Rain has been quite general
and in some localities the precipitation has been rather
heavy. Many of our correspondents report that the wet
weather has retarded preparation of land for the next crop
and has interfered somewhat with the marketing of cotton.
Galveston, Texas.
Rain has fallen on one day of the week,
the rainfall being thirty-four hundredths of an inch. The
thermometer has averaged 51, the highest being 68 and the
reports to us this evening

—

———

.

.

.

.

.

.

1

.

THE CHRONICLE.

2-28

Vol. lxxxil

I

nine hundrcdth.s. The thermometer has averaged 4G.4, the
CENSUS BUREAU'S REPORT ON COTTON GINNING.
highest being 74.5 and the lowest 19.2.
The Divi.sion of Manufactures in the Census Bureau comAanlivillc, Tennessee.
Kain has fallen during the week, pleted and issued on Jan. 23 its rejjort.-- on the quantity of
the rainfall Ixing one inch and Ihirty-ninc hundredths. cotton ginned to Jan. 10 as follow.'i:
The tlicnnonieter has ranged from 25 to 72, averaging 48.
Tlie (luuiility of cotton tinned from the tTowth of 1!)0S to Jan. 10 Is shown to be
IjjiUn, rouiitint' round balOH as lialt balt-.s anrl not Includlnir llntCTB, as
Mubilc, Alabumd.
Hevay rains in the interior early part 9,998,111
comimrcd wilh 12.7(;7,()00 hales on the saint- dale in
'J.4X3.4h2 bales on
of week.
Farm work has made little progre.ss. liain has the same date in 1904. ollowlnK Is the report by Slatesand
and 'Urrilorles of the
duantlty of cotton trlnncd from the t-rowth of
(oinpanled by ornparallve
fallen on two days of the week, the rainfall reacliing one statistics
ol the cotton tfliined to the corictixjndin;; o.ilc in 1905 and 1904.
Associinch and ninety-seven hundredths. Average thermometer ated with tliese statistics are publlsh'-d the t(jtal (rr.|)- ol 1904 and 1903, with the
per cent ol the total crop of these years tinmd to .Ian. lo:
52, highest G8, lowest 30.
Moiilgonury, Alabama.
Rains retard farming operations.
\PjC. dinned
Giniicd to Jan. 16.
Total Crops.
to Jan.lti.
It has rained on three days of the week, the precipitation
1900.
1905.
reaching two inches and forty-on(> hundredths. The ther1904.
1904.
1903.
1904. 1903.
mometer has averaged 53, ranging from 20 to 75.
United States
9,998, 1
12,767.600 9.485.482 13, 451,337'9,819,969 94.9 90.6
Sclma, Alabama.
Farm work is backward and labor Alabama
1,202.027 1,413,834
984.090 1.451.302
987.224 97.3 99.7
scarce.
Wc have had rain on two days during the week, Arkansas
535,422
825,019
642,052
901.223
715,588 91.0 89.7
I'lorida
74,270
81,855
87.525
58,572 91.5 97.6
57,174
the rainfall being one inch and twenty-five hundredtiis. (;ci)r>;ia
l,695,:i:j(i
1.898,397 1,283,911 1,962.890 l,r505,844 90.7 98.3
Indian Territory.
308,297 4,479,291
The thermometer has ranged from 31 to 67, averaging 74'
461.303
269,752 97.1 95.9
258,740
Kansas
18
14
75
Savannah, Georgia. We have had rain on four days Kentucky
1,218
1,882
1,922
044 97.9 87.4
563
Louisiana
483.820
982.598 786,544 1,083,084
818,087 90.7, 96.1
during the week, to the extent of one inch and thirty-six Mississippi
1,095,402 1,576.5,33 1,339,240 1,774,404 1,410.805 88.8 94.9
hundredths. The thermometer has averaged 58, ranging Missouri
30,978
44.203
49,498
30,120 89.3 81.4
29.418
North Carolina..
638,0491
704.801
541.1.i0
749,712
555.320 94.0 97.4
from 36 to 76.
Oklahoma
288,17ll
313,810
180,952 93.7 93 5
174,714
335,079
South
Carolina
Stateburg, South Carolina.
1,093,482 1,144,514
Heavy rain with thunder814. .'.51 95.9 98.1
798.714 1,192,925
248,171
320,317
240,808 92.9 93.6
297,443
225,494
storm on Monday, and heavy with cold northeast gale on Tennessee
Texas
2,281,550 3,019,944 2,351.425 3,062,203 2,406,140 98.0 97.7
15,300
15,938
12.255
17.216
13,081 92.6 89.6
Thursday. Altogether we have had rain on four day sthe VirKinia
past week, the rainfall reaching two inches and fifty hunIn this report the statistics are in running bales, i. e., bales as pres.sed at the
dredths.
Average thermometer 58, highest 79, lowest 33. ginneries, except that two round bales have been counted as the equivalent of one
bale.
Linters obtained by the cotton-sced-oil mills from re-(rinning cotton
Charleston, South Carolina.
There has been rain on five square
seed are not yet included in this report.
The number of round bales included as
days of the week. The precipitation reached one inch and ginned to Jan. 13 is 274.851 for 1905-00, 2.S9,4-'5 for l'J04-05 and 747.480 for 190.3-04.

—

—

—

l!»(i.'i

1

j.i

\<,)().',,

<

—

I

I

—

1

—

—

—

seventy-two hundredths. The thermometer has av(aaged
57, ranging from 38 to 71.
Cliarlottc, North Carolina.
There has been rain during
the week, the precipitation reaching two inches and thirtyeight hundredths.
The thermometer has averaged 51, the
highest being 72 and the lowest 30.
The following statement we have also received by telegraph, showing the height of the rivers at the points named,

—

at 8

New

a.

m.

of the dates given:

Above
Above
Above
Above
Above

Orleans

Memphis
Nashville

Shreveport
Vicksburg

zero
zero
zero
zero
zero

Jan. 26 1906.

Jan. 27 1905.

Feet.
12.3

Feet.
4.9
10.1
9.1
3.6
15.2

gauge.
gauge.
gauge.
gauge.
gauge.

of
of
of
of
of

24.2
23.2
17.7
30.7

The number of Sea Island bales included is KM.1.'12 for Jan. 10 1906, 98,110 for
1905, 72,907 for 1904.
The Sea Island cu(toi) L'lnned to Jan. 10 1900, distributed
Florida, 37,312: Georgia, 54.010: South Carolina, 12.920.
of pinneries operated prior to Jan. 10 1900 was 28.881, compared
with 30.221 for 1905 and 30,171 for 1904. I'ercentiges differ sliehtiy from those
in bulletin 19. being computed for this report on bales counting round as lialf bales,
and because the crop statistics for 1904 were increased by 95.497 bales through
the August 1905 canvass. The last report showed 9,721,773 bales, counting round
as half bales, ginned to Jan. 1 1900.
One more report will be issued this season,
showing total growth of 1905. and will be published about March 20 1906.
by States, is:
The number

MANCHESTER MARKET.—

Our report received by
cable to-night from Manchester states that the market continues quiet for yarns and firm for shirtings.
The demand
for both India and China is improving.
give the prices
for to-day beow and leave those for previous weeks of this

We

and

last

year for comparison:
1905-06

INDIA COTTON MOVEMENT FROM ALL PORTS.—
The receipts of cotton at Bombay and the shipments from
India ports for the week and for the season from Sept.
or three years have been as folows:

all

1

32s Cop.

Dec. d.
22 9i4
8

1903-04.

January 25.
Receipts at

Since

—

Week.

Bombay

Since

Week.

Sept. 1.

117,000 1,114,000

For

the

85,000

810,000

Week.

ContiBritain. nent.

Since

Week.

Total.

Great
Britain

5
12
19

8 15-16
<p
8J^

26

8M

s.

d.

9%
9J^ 6

s.

®9 4^
#9 4M,
@9
@9

9ys 6

9M

954
9^1:6

i

713,000

95,000

1904-05
1903-04
Calcutta
1905-06
1904-05
1903-04

...
...
--.
...
...

1

Continent.

Total.

1,000

12,000
2,000
12,000

12,000
2,000
13,000

22,000
9,000
14,000

283,000
83,000
159,000

305,000
92,000
173,000

2,000

4,000

6,000

4,000

22,000
9,000
8,000

26,000
9,000
9,000

1,000

Madras
2,000

2,000

190.3-04 ...
All others

i",66o

i",666

1,000
2,000
6,000

23,000
12,000
20,000

24,000
14,000
26,000

3,000
1,000
2,000

3,000
1,000
2,000

6,000
4,000
3,000

55,000
40,000
40,000

61,000
44,000
43,000

2.000

21 ,000

V,666

3,000
15,000

23,000
3,000
16,000

33,000
15,000
24,000

383,000
144,000
227,000

416,000
159,000
251,000

Total all—
1905-06
1904-05
1903-04

1905-06.
Receipts

to

This
week.

Savannah
Charleston
Florida,

&c

ALEXANDRIA RECEIPTS AND SHIPMENTS OF

—

COTTON. Through arrangements made with Messrs.
Choremi, Benachi & Co., of Liverpool and Alexandria, we
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
ehipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
Receipts (cantars a)
1

1905-06.

1904-05.

180,000
4,477,250

175,000
4,143,145

Total e.xports

A

can tar

Sept. 1.

1,410
429
2,396

46.996
12,438
26,694

4,235

86,128;

8
5

3.79
3.80
3.81
3.68

have

re-

7

6

Stock.

Since
Sept. 1.

460
323

1906.

1905.

9,349
3,395

1.068

42,678
11,097
23,567

16.194
4,897
899

1,851

77,342

21,990j 13,062

318

for the week ending this evening reach a total
wiiich 667 bales were to Great Britain,
bales to Bremen, and the amount
364 to France and
forwarded to Northern mills has been 4,157 bales. Below
are the exports for the week and since Sept. 1 in 1905-06
and 1904-05:
Week Ending Jan.

is

98

1903-04.

Britain,

Great
Total.

etc.

Sirice Sept. 1

26.

,

Britain.\

Savannah
Chai-leston,
Florida. &c

Since

1

Sept. 1.

Thi,i

week

5,102,754
Thi.i

week

Since
<rp!

.

1

9,2.50 130,546|

4,000

6,750 94,9431
4,250 1()3,000
3.500 44,842

8,75C 141,701
7S ..'>7S

6>250

6,7.'50

172,2()3

600

2,000

31,877

1905.

8.048

364

1,631

4,793
2.002
100

667
860

364

1.031

15.353
21,586i

Boston
Philadelphia ...
Total.
Total 1904-05 ...

860

Week. Sept.

Total.

3.257

11,305

1,406

2,396

1,336

"416
6,129
2,002
100

19.974
2.651
23.089

4.593
4.363

19,946
25,949

4.157
1.877

45.714
40.448

iio

"667

.^fills.

Since

<tc.

&c..

New York

Northern

'trance,

355

1

— For

SHIPPING NEWS. As shown on a
exports of cotton from the United States
reached 83,112 bales. The shipments in
from mail and telegraphic returns, are as

H),''>,000

23,750|433,331 10,850 389.166 17,500 424,419
lbs.

Gnat France

—

This
week

To Liverpool
To Manchester
To Continent
To America

<z

This
week.

!

26 at Savannah
fine, 14c.; choice, 15c.; fanej', 17J^c.

—

Exports (balos)-

•

1904-05.

Since

Quotations Jan.

January 24.

I,-

5

d.

4.04
3.77

9

The exports

—

j*

7H

d.

10

Jan. 26.

Exports
Jrom

•

5

5
5

s.

@8

7H@8
7
®8
7 @8
7
@8
6 @8

\Up's.

of 1,031 bales, of

...
...
...

This week
Since Sept.

@
@
@

6.0973^

6.30 7
6.17,6 15-16®

9

SEA ISLAND COTTON MOVEMENT.— We

Total

1905-06 ...
1904-05 ...

1905-06
1904-05
1903-04

5
8Ji 5

Mid

common
pnest.

d.'s. d.

8H

TA

6.23

to

ceived this (Friday) evening by telegraph from the various
ports the details of the Sea Island cotton movement for the
week. The receipts for the week ending to-night (Jan. 26)
and since Sept. 1 1905, the stocks to-night and the same
items for the corresponding periods of 1904-05, are as follows:

Bombay
190,5-06 ...

d.
d.
6.31 7?i
6.24 7%

d.

5H@9 6
5
@9 4H

Ws. Shirt- ICot'n

ings,

Twist.

Sept. 1.

Since September

Great

Exports from-

Sept. 1.

SH
32s Cop.

Up's.

jinest.

to

d.

@

15-16®

Jan
1904-05.

ings,

Twist.

29

1905-06.

1904-05.

Cofn
common Mid

834 lbs. Shirt-

1.

4

Georgias, extra

previous page, the
the past week have
detail, as made up
follows:

Total bales.
l^ivcrpool, per steamer ^ictorian, 103 upland
223
8 Sea Island, 112 foieipn

NEW YORK — To

To Mancliesler, tut Tluspis, 199 iii)land, 659 8ea Island
To Newcastle, per (Jiieensboroiiph, 200
To Havre, per Aucheiiurden, 76 Sea Island; La Bretagne,
288 Sea Island, 31

395

foveifrn.

To Bremen, per Neckar, 193
To Antwerp, jier Kroonland, 200
To Trieste, per Irene, 156
To Japan, per Satsuma, 2,315

858
200

.-

193

^OO
156
2,31

.

.

.

H

.

.

THE CHRONICLE.

1906

Jan.

NEW ORLEANS — To

Liverpool

25— Civilian,

Jan.

— Jan. 22 — Mexican,

4,330

12,500; Cuban, 5,000

To Bremen— Jan. 20

— Manhattan,

-

Jan. 23

10,774

lands, 2,179

21.830

— By---

12,953

300
To Antwerp— Jan. 23— Bylands, 300
10,963
To Genoa Jan. 19 Sicania, 8,463; Provincia, 2,500
19
Dominic,
Jan.
3,742
3,742
Liverpool
GALVESTON To
325
To Hamburg Jan. 22,— St Thomas 325.
506
To ilottonlam Jan. 19 Goodwood, .506..
Palermo,
900
900
Cittadi
24—
Jan.
Barcelona—
To
7,651
To Genoa— Jan. 24— Citta di Palermo, 7,651
25
Vivina, 4,050
4,050
PENSACOLA To Liverpool— Jan.
BllUNSWICK To Liverpool Jan. 25 Burgmeister S. Jacob,

—

—
—

—
—

——

—

.

,

--9

JUTE BUTTS, BAGGING, &c.— The market

for jute

bagging has been very dull during the week under review
at unchanged prices, viz.: 65^c. for \% lbs. and 6j^c.
Jute butts continue inactive
for 2 lbs. standard grades.
at lJ^@lMc- for paper quality and 2@2)^c. for bagging
quality.

r

——

,

——

—

NEWPORT NEWS— To

Liverpool— Jan.

24— Allegheny,

500

500- _.

— Jan. 22 — Ivernia, 2,091 Jan. 23—
,469
Michigan
To Manchester — Jan. 19 — Iberian, 58
To Yarmouth — Jan. 18 — Bo,ston, 150
BALTIMORE — To Liverpool — Jan. 19 — Rowanmore, 2,313
PHILADELPHIA— To Liverpool— Jan. 22 — Noordland, 742
To Rotterdam — Jan. 18 — Canada, 175
Oanfa, 1,286

BOSTON — To

Liverpool

3 ,560

1

,

58
150
2,313

742
175

TACOMA— To Japan— Jan. 23—

1,286

83,112

Total

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
New York
New Orleans

Great French
Britain, ports,
395
1,281

0th. Europe

Ger

many

— Mex.,

&c. Japan.
2,315

North. South
156
200
193
300 10,963
12,9.53
506 8,551
325

21,830
Galveston ... 3,742
.
Pensacola .
4,050
Brunswick
6,568
500
Newp't News.
3,618
Boston
Baltimore . .
2,313
742
Philadelphia
.

.

.

Total

4,540
46,046
13,124
4,050
6,568

500
150

3,768
2,313

917

175

.

Tacoma
395 13,471

44,644

Total

19,670

1,181

1,286

1,286

150 3,601

83,112

Japan since Sept. 1 have been 38,034 bales
from Pacific ports and 4,315 bales from New York.
Cotton freights at New York the past week have been as

The exports

to

follows:
Liverpool
Manche.ster

20
30
25

Havre
c.
Bremen, asked. c.

Hamburg

c.
c.

Antwerp
Ghent,

Ant..c.

v.

Mon.

Sat.
18(o)20

c.
c.

BREADSTUFFS.

6,.568

6,,568

.

Tues.
18
19

Wed.

18
19

18
19

18
19

30

a27

a27

a27

Thurs

Fri.
18
19

30

30

30

30

30

28

28

28

34
35

34
35

28
34
35

28
34
35

a27
25
30
28
34
35

25

25

18

IS

25

25

Reval, indirect -C.
Reval, V. Canal c.
25
Barcelona
c. 25fn)30
18
20
Genoa
c.
34
32
Trieste
c.
55
55
Japan, prompt. c.
Quotations are cents per 100 lbs.

25

25

34
35

18

25
18

34

34

55

55

a

And

also

been quiet and

is understood to be increasing,
inferred that the increase in the visible
supply for this week will be a small one. The spot markets
have been easier and at the decline a fairly good export
business has been transacted, but it has been largely in
Canadian or Manitoba wheat, American-grown wheat still
being held at prices slightly too high to prove attractive to
To-day the market was easier, but rallied at
exporters.
A fair export business was transacted in the
the close.

34
34
55
55
5 per cent.

it is

therefore

spot market.

DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.

cable from Liverpool we liave the
at that
following statement of the week's sales, stock, &c

Cashwheat

port:

May dehvery

,

—

—

Jan. 12.
66,000
3,000
2,000
65,000
8,000
92,000
1,137,000
999,000
169,000
38,000
316,000
259,000

Jan. 19.
62,000

Jan. 26.
71,000

1,000
4,000
50,000
7,000
81,000
1 ,159,000
1 ,026,000
108,000
88,000
313,000
244,000

1,000
5,000
58,000
12,000
87,000
1,140,000
1,012,000
81,000
58,000

304,000
234,000

The tone of the Liverpool market for spots and futures
€ach day of the past week and the daily closing prices of
apot cotton have been as follows:
Spot.

Market.

]

12:15

P.M.

J

Saturday

Monday.

Tuesday

Fair
business
doing.

Fair
business
doing.

Quiet.

Market

6.28

6.28

6.18

6.14

6.17

8.000

14.000
1,000

15.000
2,000

12,000
1.000

Steady at

Quiet at

Steady at

at 5 pts.
decline.
i

}
J

Quiet at
1

pts.
decline.

Quiet unch.
at 1 pt.
decline.

pt.

advance.

Steady at Idle

1@4

500

500

500
Barely st'y

1

P.M.

Good
demand.

10,000

opened.
Market,
4

Good
demand.

6.28

Spec.&exp.
Futures.

Good
demand.

Friday.

8,000

Mld.Upl'ds
Sales

Wednesday TtiuTSday.

unch.

at 2 pts.
decline.

12@14

Firm at

Quiet at
1
1

pt. dec.®
pt. adv.

pts.

decline.

7@9

pts.

decline.

8@9

pts.
decline.

4 points

advance.
Quiet at

Quiet at
6f*S pts.

2 ("1.3 pts.

decline.

advance.

prices of futures at Liverpool for each day are given
Prices are on the basis of Uplands, Good Ordinary
below.
clause, unless otherwise stated.
The prices are given in pence and \00th. Thus: 6 15 means 6 15-lOOd.
Sat.

Mon.
Jan. 22.

Tues.
Jan. 23.

Wed.
Jan. 24.

Fri.
Thurs.
Jan. 25. Jan. 26.

1
12J4
12M 4 12^ 4 12 '4 4 I2M 4 12J4 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.

d.

January .
Jan .-Feb.
Feb.-Mrh.
Mch.-Apr.
Apr.-May.
May-June

d.

d.

d.

d.

d.

d.

6 15 6 16 6 16 6 16 6 16 6 16 6 04
6 15 6 16 6 16 6 16 6 16 6 16 6 03
6 16 6 17 6 17 6 16 6 17 6 16 6 03
6 18 6 20 6 20 6 19 6 19 6 19 6 06
6 21 6 23 6 23 6 22 6 22 6 22 6 09
6 23 6 25
6 26
6 27
6 20
5 94
5 86
5 83

June-July fi 24
July-Aug- 6 25
Aug.-Sep. 6 18
Sep .-Oct . 5 90
Oct .-Nov. 5 83
Nov. -Dec. 5 80

6 25 6 24 6
6 26 6 26 6
6 27 6 27 6
6 20 6 20 6
5 92 5 92 5
5 8« 5 85 5
5 83 5 82 5

24 6 24
26 6 25
27 6 26
20 6 19
93 5 93
85 5 85
82 5 82

6
6
6

6
6
6
6
6
11 6
13 6
14 6
07 6

d.

07
07
07
10
13
15
17
18

11
6
5 81 5 85
5 74 5 78
5 71 5 75

d.

d.

6 00 5 99
6 00 5 99
6 00 5 99
6 03 6 02
6 05 6 05
6 08 6 07
6 10 6 09
6 11 6 10
6 04 6 03
5 80 5 79
5 73 5 71
5 70 5 68

d.

d.

6 03
6 03
6 03
6 06
6 09
6 11
6 13
6 14
6 07
5 83
5 76
5 73

6 02
6 02
«)

Sat.

Mon. Tues. Wed. Thurs.

915^

91^

in elevator
91?^
S9H
July delivery in elevator
September dehvery in elevator..

QlVa

f.o.b.

02

6 05
6 OS
6 10

6 11
6 12
6 05
5 81
5 74
5 71

90M

90%
90H

90H
90i^

895^

89
87 J^

Fri.

90^

90H

90}^
89?^
87?^

90}^
89>i
87 J^

DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat.
delivery in elevator
87M
8414
Julv delivery in elevator
September delivery in elevator.. 83^

Mon.

Tues.

Wed. Thurs. Fri.

87}^
85?^

86^

85^

85^

85^

84^^
83

8334

84}^
83

84
82?i

May

83^

82^

Indian corn futures have been quiet and there has been
Weather conditions during
a fractional dechne in prices.
the latter part of the week were more favorable for the
handling of the crop, being reported clear and cold. Offerings became fairly free and this, coupled with sympathy with
the declining tendency to prices for wheat, resulted in a
The export clearances of corn have
slightly easier market.
been on a liberal scale and at a slight decline in prices in
the cash markets a good export demand developed; these
factors operated to hold the declining tendency to prices
To-day the market was easier under favorable
in check.
weather conditions in the corn belt. A limited export business was transacted in the spot market.

DAILY CLOSING PRICES OF NO.

The

Jan. 20.

buckwheat

for

Northwestern flour mills

LIVERPOOL.— By

Jan. 5.
bales . 49,000
Sales of the week
took.
.
1,000
exporters
Of which
Of which speculators took 1,000
.
42,000
Sales American
.
7,000
Actual e.xport
_
90,000
Forwarded
Total stock Estimated -.1 ,069,000
Of which American Est .939,000
Total import of the week.. .143,000
.113,000
Of which American
.366,000
Amount afloat
.317,000
Of which American

The demand

easier.

has continued slow. Corn meal has been quiet.
Speculation in wheat for future delivery has been c^uiet
and the tendency of prices has been towards a lower basis.
Statistical developments again had a bearish influence. The
world's exports to importing European ports continued
fairly full and the increase in the American visible supply
European cable advices were
again reached large figures.
The new German import duty
generally considered tame.
on wheat becomes effective March 1st, and in anticipation
of the higher rate that will then prevail, Germany imported
wheat from August 1st to Dec. 31st to the amount of
41 ,000 ,000 bushels, compared with 26 ,500 ,000 bushels during
Weather conditions in the interior
the same period in 1904.
have been more wintry, but no damage of consequence has
resulted to the winter-wheat crop, as the snow-covering
was more extensive than was at first supposed. Owing,
however, to the more severe weather, there has been a
The production of the
falling off in the crop movement.

and

_

25

Friday, Jan. 26 1906.
Business in the market for wheat flour has been quiet
and prices have weakened. It is understood that the mills
are carrying large local spot stocks in store and on dock.
The sagging tendency to values for wheat and the apathy
shown by buyers of fiour have resulted in sellers manifesting
increased desire to market their holdings, with the result
that prices for most grades have been lowered 10c. per
Rye flour has
City mills have been cjuiet and easier.
bbl.

2

IN NEW YORK.
Mon. Tues. Wed. Thurs. Fri.

MIXED CORN

Sat.
fo.b.. 51
Cash corn
55
January delivery in elevator

503^
54 J|

50J^
54

51

51

51

55
51>i
51>^

55

54 J^

51 J<

51 J<

Sat.

Mon. Tues. Wed. Thurs. Fri.

4l~A
45J4

42
455^
455^
45J^

41 J^

41^

41

45

455-^
July delivery in elevator
September delivery in elevator.. 4514

44J4
45!^

44J^

Sat.

Mon.

Tues.

36Ji
38

36Ji
38

3654
38

51^ 50H 50>i
51^ 51H 51
50?^
51H
DAILY CLOSING PRICES OF CORN FUTURES AT CHICAGO.

May

delivery in elevator
July delivery in elevator.

January delivery

May

_

in elevator

delivery in elevator

45^

K

44%

41

44?^
44^^

45^ 45H 44J^
Oats for future delivery at the Western market have been
moderately active. Speculative holders have been sellers
to liquidate their accounts and the pressure of this long
interest upon the market has forced prices to a lower basis.
The spot mark(>ts have held steadier than futures, and it
is understood that prices are now close to a basis at which
To-day the market was quiet
exporters will operate freely.
and easier. The spot market held steady.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
No. 2mixed
No. 2 white clipped

f.o.b.
f.o.b.

DAILY CLOSING PRICES OF NO.
Sat.

Mav

delivery in elevator
32Vs
July deliver'v in elevator
305^
September delivery in elevator.. 29H

2

45?^

W(d. Thurs. Fri.
36-'<4'

38

MIXED OATS
Mon. Tues.
'^'^H
305^^

31^
305^

29K

36J4
38

36'M
:58

IN CHICAGO.

Wed. Thurs.
3154
30-K
29)^

31?^

Fri.

3Ui

30h

30 1^

29

29

—

— —

^

1

—b

'

THE CHRONICLE

230
The following

arc closing quotations:

FLOUR.
Fine
Superliiie

Extra, No. 2
Extra, No. 1
Clears
StraiKhts
Patent, spring

$2 75
2 95
3 05

&>$2 90
3 00

3 15
3 S5

3 20
3 80
4 25

4 35

5 35

3

3 15

.30

Patent, winter
$4 30
Citv mills, patent. 4 80
Rye flour
3 75
Buckwheat flour. 2 00

Corn meal
Western. Ac
Brandy wine

(3,84 7r,

«) 6
(m 4

2 85
2 90

30
afj

(($

2 15

(S)

2 90
2 95

(<?)

GRAIN
Wheat, per bu.sh
N. Dul.. No. 1..
N. IJul., No. 2..
Red winter, No. 2

c.

Corn, per bush

c.

Western mixed. .
No. 2 mixed
No. 2 yellow
90>i
"
Hard "
NoinM
No. 2 white
Oats— Mixed, bush. 36
37
Rye, per bush.
White
37
42
Western
.
No. 2 mixed
Nominal.
State and Jersey
No. 2 white
Nominal.
Barley Western . .
Feeding
.
For other tables usually given here, see page 199.
f.o.b.
f.o.b.
f.o.b.
f.o.b.

95J4

@
@

c.

@

48

93H

51

[Vol. Ltxxii

could have been guaranteed.
The Vjag trade is purchasing
light-weight goods, and is also looking for certain heavy
weights.
Some 3-yard sheetings originally sold for export
have been offered to the home trade, but at full prices. Inquiries from Tien-Tsin have included specific quantities of
3-yard drills, but so far it has not been learned that business
has been con.summaled.
Bleached goods are firmly held
with nea-rby .shipments difficult to obtain. Coarse colored
cotton goods remain strong and in small supply.
Linings
are not in great demand, but are steady.
Complaints are

f. o.b.

504
50^

f. o.b.

513^

heard of slow deliveries of prints. There is a good demand
for staple ginghams and mills are well sold ahead.
Print
cloths are moving freely, especially wide goods, and quota-

75

tions are unchanged.

f. o.b.

&

70

WOOLEN GOODS.— Sufficient business has not yet been
done in the cheaper grades of men's wear woolen and worsted
goods to encourage the opening of the medium and higher
grade qualities to any great extent, but, in spite of this,
Exports of Flour and Grain from Pacific Ports. The ex- there has been rather more interest shown in the market
ports of grain and flour from Pacific ports for the week during the pa.st week than for some time.
Fair sales of lowending Jan. 25, as received by telegraph, have been as fol- grade woolens and mercerized worsteds have been reported,
lows: From San P'rancisco to South Pacific ports, 2,818 but it seems doubtful whether the latter will occupy the
barrels flour, 450 bushels wheat and 150 bushels corn. From position this season that they did last.
It is currently reTacoma to South Pacific ports, 3,201 barrels flour and from ported that the light-weight mercerized worsteds are not
Seattle to same destination 900 barrels flour.
turning out so well as had been expected, and this is having
Combining these figures with those for previous weeks, we its effect at the present time. Light-weight duplicate orders
have the following, which covers the exports to foreign are not coming forward very freely, which is probably due
countries for the period since July 1 1905, comparison being to the heavy initial business and to the fact that the mild
made with the corresponding period of last year:
weather has interfered with the free movement of heavy
Flour,
Wheat,
The question of prices is still unCorn,
Oats,
Barley, Rijc, weights from the shelves.
Exports from
bbls.
bush.
bush.
bush.
bush. bush. certain, for, while the low-grade goods have been opened
San Francisco. 337,945
53,931
27,440
1,069
2,606,558
...
Puget Sound.. 1,229 ,840 4,475,995 30,505 230,916
7,434 315 at lower figures than had been expected, sufficient of the
Portland
770,887 3,900,152
32
221,634 ... better grades of goods have not yet been shown to form a
definite opinion as to what the advances over last season
Total
2,338,672 8,330,078 57,945 232,617 2,335,626 315
All-worsted goods are expected to fully reflect the
Total 1904-05. 1.731,955 4.400,032 115,266 211,075 3,437,438 1248 will be.
advance in the raw material. A good deal of business has
been done in dress goods in a quiet way, although faU Knes
are not yet generally open.
The one feature of the market
that stands out so far is the growingp opularity of gray
mixtures, both in woolens and worsteds. Worsteds are again
New York, Friday, Jan. 26 1906.
Broadcloths are exIn spite of somewhat lower prices for raw material, due to likely to hold the premier position.
the unexpectedly bearish showing of the Census report on pected to continue in favor in spite of the fact that prices
the amount of cotton ginned, the cotton goods market re- have been advanced.
mains very firm and the tendency of prices is still upwards.
FOREIGN DRY GOODS.— Business in imported woolen
The principal element of strength still lies in the scarcity of and worsted dress goods is fairly hea^^, with high-grade
spot supplies and the backwardness of mills in delivering mohairs the favorites.
Silks show continued signs of imorders, which facts are being brought strongly home to provement.
Linens are threatened with still further adbuyers.
During the week there has been a much larger vances. Burlaps are firm at recent figures.
number of Southern buyers in town, and these have borne
witness to the depletion of stocks in their section of the Importations and Warehouse Withdrawals of Dry Goods.
country. Orders for future delivery have been placed with
The importations and warehouse withdrawals of drj' goods
a moderate amount of freedom, but there have been no evi- at this port for the week ending Jan. 25 1906 and since Jan. 1
dences of speculation. While mills are in many cases sold 1906, and for the corresponding periods of last year are as
far ahead, it is believed that there is still a large amount of follows:
business to be placed, and sellers are accordingly very firm
Mi
in their demands.
Manufacturers claim that they are doing
Eh
d la
d
o a> o
Wo
Wo
their utmost to keep up with their orders, but buyers state
o
ca
= x jro
a t EO ^••< r-c p
E.
that they are losing business through failure to receive goods
e.--^1
£ i" o
£
§rs
§"2
g.
g.
—
on time. Several lines particularly suitable for the fall N—3 o;
CB
c
s
g;
r^
C
5
/t
T>
C
have been opened during the week at enhanced prices, and o n
Ml
W
M
-J
85z
advance orders have been of fair volume. Export business
o
2.
w
1^
has been of little importance, and, while some export lines
:;;::"" O- It
T
3;
have been offered for re-sale to the home trade, yet it is a
>
o
noticeable fact that they are held at higher prices than would
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"
have been accepted a short while ago. Woolen and worsted ^ P
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72
--co_- t
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goods have been moderately active and prices are firmly held.
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goods from this port for the week ending Jan. 22 were
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1,751 packages, valued at $129,5.33, their destination being
^ b cotoor — *
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N ominal.

47

55
46>4

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—

—

THE DRY GOODS TRADE.

i?5

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Miscc

Miscell

Silk

Flax

Maniifi

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Fla

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,

1

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05

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'

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to the points specified in the tables below:
1906

New ,,
York

75
to

1905

Since

,

to

Jan. 22.

Week.

Great Britain
Other European

14
16

China
India

21

Arabia

Afnca
West Indies
Mexico
Central America
South America
Other Countries.
Total

The value

10,571
2,94S
2,243

Since

Week. Jan.
2

3
6,415

452

67
37
6,415
1,497
137
255

91

833

460

1,467

S.^)

1,.598

,52

1,55

28

128

299
452
346

1337

609

123'

4,894
1,183

1,431

3!407
1,207

New York

25,819

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15,980

exports since Jan. 1 lias
been $1,346,445 in 1906, against $984,962 in 1905.
Printed and woven napped fabrics for the fall, which have
been generally opened have been fairly freely purchased
during the week, but lines of the latter have not yet all
been shown. Owing to the uncertainty of the situation,
there are those who are unwilling to name prices on Canton
flannels and other plain fal)rics, but fancy outing flannels
are being quoted at a full cent a yard advance.
AVhile
business has been moderately heavy, there is a disposition
on the part of certain Western buyers to combine for the
purposes of bearing the market.
So far they have met with
little success.
There has been little doing in heavy brown
drills and .sheetings, but mills are well sold ahead.
Lighter
weight sheetings have been in moderate request, and orders
would have been more freely placed if satisfactory deliveries

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:

Jan. 27 1906

— Decision

Items.

Affecting

Validity

Educational

of

Bonds.— A decision of much importance was handed down
recently by the State Supreme Court affecting the vahdity
of various bond issues put out against land grants by the
It appears
several educational institutions in the State.
that the Ninth Legislative Assembly authorized the executive
board of the State Normal School to issue bonds to obtain
funds with which to erect a new building. The right to
issue bonds for such a purpose was questioned by the State
Attorney-General, who held that the income from these
grants could be used only for the support and maintenance
of the institutions and not for building purposes.
The following letter just received from the Hon. Albert J. Galen,
State Attorney-General, explains the effect of this decision
and also what remedial action will be taken to protect the
holders of the outstanding bonds affected thereby:

Helena, Mont., Jan. 19 1906.

William B. Dana Co., New Y'ork.
Gentlemen I am in receipt of your favor of the 15th in relation to our
decision affecting the validity of our educational institution bonds.
The question of the constitutionahty of the law authorizing such bond
issues and the validity; of the bonds was raised by my office, and our
position has been sustained by decision of the Supreme Court.
Our contention and the text of the Supreme Court decision is that the grants of
land made by Congress to the State of Montana constitute an endowment,
and the principal of the fund derived from their sale cannot be diverted.
The income and interest from such lands and the funds secured from their
sale only can be used, and not for the erection of buildings or the payment
of debts incurred therefor, but for the support and maintenance of such

—

Supreme Court

nstitutions.

The bonds affected by the decision are; State Normal School 5 per
cent bonds, $20,000; State Normal School 3 per cent bonds, $25,000;
Agricultural College 6 per cent bonds, $100,000; State University 6 per
cent bonds, SIOO.OOO; State University 5 per cent bonds, $40,000; Deaf
and Dumb School 6 per cent bonds, $45,000; School of Mines 5 per cent
bonds. 8120,000.
The outstanding bonds thus declared void will be protected and paid
by the State of Montana by the issuance of refunding bonds in the name
of the State.
It will probably take six months time to remedy the
difificulty, but I believe the result will place Montana securities upon a
more substantial basis. I do not feel that we will have any difificulty
whatever in floating bonds with the State pledged for their payment.
Yours very truly,

ALBERT

J. GALEN,
A ttorney-General

—

—

Arizona - New Mexico
Oklahoma - Indian Territory,
Statehood Bill.
The House of Representatives at Washington on Jan. 25, after much opposition, passed the bill providing for the admission as one State of the Territories of
Arizona and New Mexico and as another State of the Territories of Oklahoma and Indian Territory. The bill now goes
to the Senate.

—

—Bonds

—

Valid.
The State Supreme Court on
Jan. 18 handed down a decision holding valid the $2,000,000
sea-wall bonds authorized at the election held Nov. 8
1904.
The suit was a friendly one, brought to remove all
doubt as to the legality of this issue.
California.

Education to negotiate a temporary loan
redeem outstanding bonds for that amount.
Altus, Green County, Okla. Bonds Voted.

—

Mo.—

Kirkwood,
Proposed Sale of Light Plant.— An election will be held on Feb. 17 to vote on the question of selling
the municipal light plant to the General Service & Improvement Co. for $8,000 in cash, the company assuming $17,000

— Tax

Exemption.

— Mayor

Dickinson

of

Wash.— TFa^er Receipts.— W. D. \incent,
Cashier of the Old National Bank of Spokane and Secretary
of the Spokane Clearing House, writes us that the number of
consumers on the books of the Spokane Water Department
has trf>bled during the past five years. The cash receipts of
the department have also shown good growth increasing
from .'$139,769 73 in 1902 and $172,050 39 in 1903 to $203,829 35 in 1904 and $247,676 05 in 1905.
Spokane,

,

Q

— The

5%

not yet determined.
Amarillo Independent School District, Tex. Bonds
The State Comptroller on Jan. 16 registered
Registered.
an issue of $25,000 5% 5-40-year (optional) school-house
bonds dated Sept. 4 1905.
Anderson County (P. O. Clinton), Tenn. Bond Sale.
On Jan. 3 the $100,000
road bonds mentioned in V. 81,
p. 1806, were awarded to Albert Kleybolte & Co. of CincinDenomination $1,000. Date Feb. 1 1906.
nati at 101.005.
Interest February and August.
Maturity as follows: $25,000
in 12 years, subject to call after 7 years; $25,000 in 15 years
subject to call after 12 years; $25,000 in 18 years, subject
to call after 15 years; $25,000 in 30 years subject to call
sale

—

—

—

—

4^%

after 18 years.

—

Athens School District, Athens County, Ohio. Bond
Election.
An election will be held Feb. 2 to vote on the question of issuing $60,000 school bonds.

—

—

—

Atlantic Highlands, N. J.
Bond Elections. Two bond
elections will be held in this borough in the near future,
one on Feb. 15 to vote on the question of issuing $12,000
light bonds, and the other March 1 to vote on the
question of issuing $6,000
water bonds.

5%

5%

—

—

Baker County (P. O. Newton), Ga. Bond Election. An
election will be held Feb. 17 to vote on the question of issuing

$20,000 4% court-house bonds.
Big Stone Gap School District, Va. Bonds Proposed.
The issuance of school-building bonds is provided for in a
bill now before the State Legislature.
Boydton, Va. Bonds Proposed. A bill is before the
State Legislature providing for the issuance of $4,000 bonds.
Brookland (Va.) School District No. 1. Bonds Proposed.—
A bill was recently introduced in the State Legislature providing for a loan of $15,000 for a school building at Burton
Heights.
Burlington, Yt.— Temporary Loan.— On Jan. 20 the
$120,000 loan described in V. 82, p. 115, was negotiated
with the Burhngton Trust Co. at 4.25%.
Notes will be
issued as money is needed.
Busch, Ok\si.—Bonds Voted.— At an election held Jan. 18
the proposition to issue $25,000 6% water-works bonds
carried by a vote of 112 to 47.
Date of sale not yet determined.

—

—

—

—

—

Camden, N.

J.

— Bonds

Proposed

— The

Finance Com-

mittee of this city has arranged for the issuance of $50,000
fire-house and $50,000 water bonds.

Canandaigua, N.

Y.—Bond Sale.— The

following seven

issues of paving bonds, aggregating $7,158 42, were awarded
on Jan. 5 to the McKechnie Bank of Canandaigua for
$7,159 42 bonds to carry
interest.

—

$1,894 24
1,703 42
696 90
290 78
182 02
1,247 25
1.143 81

bonds outstanding.

Springfield has petitioned the State Legislature to enact a
law exempting municipal bonds and certificates of debt from
taxation.
City Treasurer Tifft of the same city also presented a petition to exempt all public stocks and securities
from taxation. As noted in our "Financial Situation" last
week, the State Treasurer in his annual report made a similar
recommendation with reference to the exemption of State
bonds from taxation.

of $10,000 to

election
Jan. 16 (see V. 81, p. 1746) resulted in a vote|offl85 to 6
in favor of issuing $30,000 water-works and $4,000 electric30-year bonds.
Full details of issue and date of
light

4%

Massachusetts.

231

of

OlTY Dtf/^PTMEWT.
News

Montana.

.

THE CHRONICLE.

|

m^

iT^m

.

Chapin Street Section

5%

7 registered assessment bonds
Street Section 6 registered assessment bonds
Street Section 6, Div. A., registered assessment bonds
Court Street Section 13 registered as«essment bonds
Coacli Street Section 10 registered assessment bonds
Niagara Street Section 12 registered assessment bonds
Phoenix Street Section 11 registered assessment bonds.'

Gorham
Gorham

Bonds are dated Jan. 1 1906. Interest annually on June 1
Maturity June 1 1910. subject to call on June 1 of any year.

—

Chatham, Va. Bonds to Be Issued. -^Wc are advised that
town proposes to issue during the year $15,500 5%
water and street-improvement, $2,000 5% refunding and
$10,000 5% school-building bonds. Securities mature in
20 years, subject to call after ten years. Present bonded
this

debt, $2,000.

Chickasha, Ind. Ter.-Bonds Voted.— An election held
Jan. 6 resulted in favor of the proposition to issue $60,000
water-works and sewer-extension bonds.
Christiansburg School District No. 4, Montgomery County,
Va. Bonds Proposed. A school-house loan is provided for
in a bill recently introduced in the State Legislature.
Cleveland, Pawnee County, Okla,.— Bonds Voted.— Bond
Offering.
This town on Jan. 9 voted in favor of issuing
$30,000 sewer bonds at not exceeding
interest.
Proposals for these bonds will be received until Feb. 3.
Clinton, Mo.
Bond Election. An election will be held
Feb. 16 to vote on the question of issuing $30,000 light and

—

—

—

6%

Bond Proposals and

Negotiations

this

week

have been as follows
Aitkin, Mina.—Bond Offering.— Froposcds will be received
until 8p.m. P'eb. 14 by the Village Council for $24,000 4%
funding and $10,000 4% refunding bonds. The funding
bonds are authorized by Chapter 364, General Laws of 1903
and vote of 197 to 11 at election held Mar. 14 1905; the
-

refunding bonds are issued under Chapter 129, General
Laws of 1895 as amended by Chapter 163, General Laws of
1901.
Denomination $1,000. Date Mar. 1 1906. Interest
semi-annual.
Maturity of funding bonds Mar. 1 1921; of
refunding bonds Mar. 1 1926.
Bonded debt, including this
issue, $34,000.
Assessed valuation 1905, $429,031. Actual
value estimated at $1,000,000.
A. O. Vachon is Village
Recorder.
Albert Lea School District, Minn. Temporary Loan
Authorized.— This district on .Ian. 13 authorized the Board

—

—

—

$70,000 water-works bonds.
Cold Spring, Putnam County, N. Y.—Bond Sale.— On Jan.
23 tlie $5,000 1-10-year (serial) registered sewer bonds described on p. 174 of last week's issue were awarded to Isaac
W. Sherrill of Poughkeepsie at 100.30 and accrued interest
for 4 per cents. Following are the bids:

W

Isaac
Slierrill, Poughkcepslo
F. II Tllmeyer (tor 48)
«/''." tI-'^-'-.-o
«5.01500N W. Harris & Co.. New
J Hayes & Soas. Cleveland
(tor 4Hs)
(for 4s)
5,013 001

W

I

.

.

Miss. — Bonds

—

York

$5 000 00
6 008 60

Columbus,
Proposed.
A bill was recently
introduced in the State Senate giving the people of this city
autliority to vote on the question of issuing $60,000 municipal
improvement bonds.
Columbus, Ohio. -Bonds .Authorized.— This city on Jan. 15
passed ordinances authorizing the issuance of the following
bonds:

.

.

——

— —

——

————— —— —

—

—

.
.

—

THE CHRONICLE.
$7,009 4% c:)ini'i Hsvl Avoaue l-mriveiiiat asisii-nsnt b^ij).
8.03 J 4 b c j;i>a r^e.ity-soajai Stro3t l-nprj/on;il anjun; it b)al<.

Donoiniriation $1,003.
Date, not later than May 1 1906.
Inton>st March I and Sept. 1 at the office of the City TroaaMaturity Sept. 1 1916, subject to call after May 1
urer.
1907.

Covington, Ky.

Bonds

— On

Jan. 22 the
and Means Committee to

Be Offered.

to

City Couneil directed the Ways
offer for sale the $75,000 electric-lis^ht-plant bonds authorized
by an ordinance passed by the General Council in August.
Tiio sah; of
1900, and voted at election held Nov. 6 1900.
these bonds was for the time prevented bv litigition, but
the Supreme Court of the Unites! States in May 1901, we are
informed, sustained the right of the city to build and operate
an eleotric-liglit plant. See "State and City" section for
November 1905, page 164.

Dandy Creek Drainage
Side.
An issue of

—

Monroe County, Wis.

District,

0%

drainiage bonds has
been .sold to Trowbridge & Niver Co. of Chicago at 98.
Denomination S500. Date Oct. 1 1905. Interest Jan. 1
and July 1 at the American Trust & Savings Bank of Chicago.
Davidson County, Tenn, Bond Election. An election
will b(> held March 8 to vote on the question of issuing
$160,000 jail and court-house bonds.
Dayton, Ohio. Bond Sales in 1905.— This city disposed
Of this amount
of during the year 1905 $920,134 80 bonds.
the sales of $818,554 80 were recorded in the "Chronicle"
at the time, those not so given being taken at par by the
Board of Sinking Fund Trustees as an investment. These
sinking fund takings are as follows:
Sl'i.OOO 4% water course bonds, dated July 1 1905.
32,750 4% .ind 5% sti-eet^openlni; and widening bonds — five issues.
19,900 5% .sewer-distrlct bonds — six issues.
27.600 5% street-pavins bonds — four issues
9.330 5% special assessment bonds — fourteen issues.
Deer, Roseau County, Minn. Bond Sale. On Jan. 13
the $4,000 20-year road bonds described in V. 81, p. 1807,
were awarded to J. R. Mitchell at par and accrued interest

Bond

Sol, 000

—

[Vol. lxxxii.

New York

Denomination $500.
City at 102.77.
1906.
Interest semi-annually in Pittston.
Maturity Jan. 1 1926, subject to call after five years.
Bonds
Bonded debt, this issue. As.ses.sed valuaare tax (ixempt.
Actual value estimated at $1,646,052.
tion $411,513.
Co.

)

.

of

Date Jan.

1

Fannin County, Tex.

—Bond

Election.

— An

election,

it

is

be liehl shortly to vote on the issuance of $150,000
road-improvenicnt bonds

stated

,

will

—

—

Fort Morgan, Colo. Bonds Voted.
We are informed that
the vote at election held Jan. 9 on the proposition to issue
electric-light bonds was 79 to 30 in favor of the
$6,500
Full details of issue and date of sale not yet
question.

6%

determined.

Framingham, Mass.

—

Bonds Proposed. This town desires
$100,000 .school bonds outside

legislative authority to i.ssue
of the debt limit.

Franklin, Ya..— Bond Sale.— On Jan. 22 the $40,000 5%
20-year coupon water and sewer bonds described in V. 82,
p. 116, were awarded to the Merchants & Farmers' Bank of
Franklin at 101.00. Following are the bids:
Merchants
& Farmers' Bank.
100.00
J.J. M. Holmes. Chicago
lOl.OOlHeyward

Franklin

John Niivecn <fe Co.. Chicago
d And blank bonds.

dlOO.OOl

(tor

Baltimore

Boyes.

E.

109.075

$2.000).

—

District No. 2.
Bond Bids.
Following are the bids received on Jan. 15 for the $60,000
4/^% 10-20-year (optional) coupon school-building bonds
awarded, as stated last week, to N. W. Harris & Co. of
Chicago at 102.333 and accrued interest:

Grand Island (Neb.) School

N. W. Harris & Co.. Chicago
W. E. Moss & Co., Detroit.
Jno. NuveenCo.. Chicago

&

Tr. Co.. Liac.$Gl,200
S61. 4001 Lincoln Safe Dep.
61,3861 W. J. Hayes & Sins. Cleveland.. 61.000
61.3001 Hoehler &Cam-ning3, Tolelo
60,791

—

—

Greene County (P. O. Bloomf ield) Ind. Bond Sale.
Jan. 24 $81,255 43^% township gravel road bonds
were awarded to. Meyer & Kiser of Indianapolis for $31 ,256 50
The City Council on
Greenville, Tex.
Bojid Election.
Jan. 20 adopted a resolution providing for an election on
Feb. 10 to vote on the question of i.ssuing $17,000 schoolfor 6 per cents.
house bonds.
Defiance County (P. 0. Defiance), Ohio. Bond Sale.
Hamilton, Ont.— Debentures Authorized. -This city at
On Jan. 20 the $21,000 4l]4% coupon debt-extension bonds election held Jan. 1 authorized By-Laws Nos. 523 and 524,
described in V. 81, p. 1866, were awarded to Albert Kley- providing for the issuance of $20,000
4% sewer and $35,000
bolte & Co. of Cincinnati at 102.309 and accrued interest.
Date of debentures April 1 1906.
hospital debentures.
4%
Following are the bids:
Interest semi-annually at the office of the City Treasurer
Albert Klevbolte & Co.. Cin..S21,4S5 OOlSeasonsood & Mayer, Cincin_.S2l,.143 56
Maturity part yearly for twenty years.
Hayden, Miller & Co.. Cleve_. 21,430 50 Xew First >fat. Bank, Colum.. 21,325 50 in Hamilton.
W. J. Haves & Sons. Cleveland 21.407 001 IToehler & Cummiii?8, Toeldo. 21.317 50
Hamilton (Ohio) School District. Bond Sale. The highSecurity J5av.Bk.&Tr.Co..Tol- 21.350 00
Bond Offer- est bid received on Jan. 22 for the $6,000 4% 10-year reJ- Delaware County (P. O. Delaware), Ohio.
A. S. Conklin, County Auditor, will sell at public funding bonds described in V. 81, p. 1866, was that of the
ing.
Second National Bank of Hamilton for $6,281 50.
auction at 1 p. m. Feb. 14 the following bonds:
Hampden County, Mass. Bonds Proposed. The County
Maturity one bond each six
Denomin.ation $1,910.
$38 200 4% road bonds.
months from March 1 1906 to Sept. 1 1915. Certified check for SI, 000 Commissioners have petitioned the Legislature for authority
fcj
required
^20 400 4% ditch bonds. Denomination S510. Maturity S2,040 each six months to borrow $45,000 for bridge purposes.
from M.arch 1 1906 to Sept. 1 1910 inclusive. Certified check tor SlOO
[^
Debenture Offering.
Proposals will be
,•
Harriston, Ont.
required.
Securities are dated Sept. 1 1905 and accrued interest received until 12 m., Feb. 2, by L. Brisbin, Town Treasurer,
Interest semi-annually at for $10,000 4J^% municipal corporation debentures.
will be required of purchaser.
Mathe office of the County Treasurer. Certified checks to be turity part yearly for twenty years, beginning March 1 1907.
drawn on some bank in Delaware County and made payable Bonds will be delivered March 1.
to the County Auditor:
Havre de Grace, Md. Bonds Proposed. This city, it is
"Detroit, Mich.— Bond Sale.—-On Jan. 23 the $230,000 stated, will petition the State Legislature for authority to
3J^% 20J<t-year (average) coupon public school b.onds were issue .160,000 water-works and $5,000 school bonds.
awarded to the Detroit Trust Co. for $240,126 40. and the
Local papers state that
Helena, Mont. Bond Offering.
$43,000 3J4% 30-year coupon sewer bonds were taken by this city will off"er at public auction on Feb. 19 $266 ,800 4 J^%
Matthew Finn of Detroit for $45,958 50. Following are the refunding bonds.
.

,

On

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')

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bids:
Detroit Trust Co. Detroit
Matthew Finn. Detroit
H. W.Noble & Co., Detroit

N. W. Halsev &Co., Chicago

W.E.Moss&Co..

Detroit Fire

Detroit

& Marine In.s. Co..

Detroit

For description of these securities see
issue.

Hoboken, N. J.— Bond Sale.— On Jan. 24 $15,796 35
5-year school bonds were awarded to the Sinking Fund
Commissioners at 100.115. Bids were also received from
S. A. Kean of Chicago at 100.50 and H. L. Crawford & Co.
of New York City at 100.11.
Iowa City, Iowa. Bond Sale. On Jan. 20 $14,000 park
week's
bonds were awarded to S. A. Kean of Chicago at 101.50 for

S230.000
543,000
Sewer
Public School.
--S240.126 40 $45,924 10
45,95S 50
..- 239.246 00
45.700 40
44,406 53
235,453 30
45,501 50
45.475 00

ITJ

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p.

174 of last

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Durant, Ind. Ter. Bond Election, Proposed. The question
an election to vote on the issuance of $16,000
school, $25,000 sewer and $9,000 water-works bonds is being
of calling

considered.
District No. 2, Westchester
County, N. Y.—Bond Bids. Following are the bids received
on Jan. 23 for the $50,000 4J^% 1-20-year (serial) bonds
dated Oct. 16 1905 and described on p. 174 of last week's
pr Eastchester

Union Free School

—

issue'
Geo M. Hahn, \ew York

(I105.475I.J.

D. Everitt &Co.. New York. .al04.3.S7
Yonkers.- 102.65
Mt, Ver..alOO

N W. Harris & C;o.. New York-»105. 1841 Yonkors Sav. Bank,
al05.1641Mt. Vernon Tr. Co.,
W. J. Hayes & Sons, Cleve
t a And interest

Y. — Bond

East Hampton (Town), Suffolk County, N.
Proposals will be received until 2 p. m., Feb. 3,
Offering.
by George A. Miller, Town Supervisor, at the East Hampton
National Bank for $100,000 4% highway bonds. Authority,
Denomination $1,000. Date
election held Oct. 17 1905.
March 1 1906. Interest semi-annually at the East Hampton
Maturity $5,000 yearly. Certified check
National Bank.
for 2% of bonds, payable to the Supervisor of the Town of
East Hampton, required. Bonded debt, this issue. As-

pr-

—

4%

—

4 per cents.

Following are the bids received:

$14,2101 Rudolph Kleybolte <t Co., Chlcago$14,037
A. Kean. Chicago (for 4s)
14,000
H. Comn, Chicago (for 4H.S).. 14.201|F. E. Magr-iw. St. Paul
Browne-Ellinwood
Ch.
Co..
S.
C.

|

(for4}is)

14,0371

Denomination $1,000. Date Jan. 1 1906. Interest semiMaturity
annually at the First National Bank of Chicago.
twenty years, subject to call after ten years.
Jackson, Miss. Bond Sale.
On Jan. 5 $250,000 waterworks bonds were sold to the Mississippi Bank & Trust Co.
of Jackson at 100.16 and blank bonds for 4^ per cents
Denominations $100 and $500. Date April 1 1906. Interest
annual Maturity 20 years
Jay County, Ind. Bonds Proposed. An issue of $33,900
dredging bonds is being considered by the County Com-

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.

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missioners.

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Proposals will
Jefferson County, Tenn. Bond Offering.
be received until 2 p. m. Feb. 15 by Hal. S. Harris, Secretary Pike Commission (P. O. Danclridge) for $220,000 5%
road-improvement bonds. Denomination $500. Date Mar.
Interest semi-annually at the East Tennessee Na1 1906.
Maturity as follows: $25,000
tional Bank in Knoxville.
in 10 years subject to call after 3 years; $25,000 in 15 years
sessed valuation 1905, $3,316,475.
subject to call after 7 j^ears; $50,000 in 20 years subject to
•• Edinbtirg, Va.
Bonds Proposed. The issuance of water call after 10 years; $100,000 in 25 years subject to call
bonds is provided for in a bill now before the State Legis- after 15 years; and $20,000 in 20 years. Certified check
Bonded debt this issue. Assessed
lature.
for $5,000 required.
Exeter (Borough), Pa.— Bond Sale.— On Jan. 15 $20,000 valuation $3,044,824 50. Actual value estimated at $6,5% coupon sewer bonds were awarded to N. W. Halsey &, 000,000.

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Jan. 27 1906

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THE CHRONICLE.

|

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233

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Jersey City, N. J.^ Bond Sale. This city on Jan. 19 Bank, $30,000 to George Ziegler Candy Co. and $10,000 to
$125,000 4% bonds to the First National Bank of Peter J. Klein. See V. 82, p. 60, for description of bonds.
Jersey City and $85,000 4% bonds to the Provident InstiMinnesota. School Loans. According to the St. Paul
These seeurities are pait "Pioneer Press," the State Investment Board on Jan. 19
tution for Savings of Jersey City.
of the $300,000 4% 30-year refunding assessment, the granted the following loans:
$60,000 4% 30-year refunding water and the $50,000 4%
District No. 13, Kittson County, $9,000: District No. 6, Hennepin County. $5,000;
Wing County. $300: Town of Molan, Clay County, $2,000:
30-year refunding general bonds offered on Jan. 17, but of District No. Gl, CrowChippewa
County, $1,800; District No. 53, Faribault County,
village of Clara City,
which only $200,000 of the refunding assessment bonds $8 000: town of Clark, Aitkin County. $3,500; town of Boe;iis Brook. Mille Lacs
District No. 270, Otter Tail County, $600: District No. 61, OlmCounty,
$2,200;
bonds
have
now
been sted County, $1,400: town of Gentilly, Polk County, $1,000: town of Johnson,
wen; sold. The entire $410,000
placed.
Sec V. 81, p. 186(5. for description of bonds.
Polk County. $6,000: District No. 30, Roseau County, $1,150: District No. 81, Red
Lake County. $700; District No. 81, Swift County, $450.
Kansas City, Mo. Bonds Proposed. An ordinance proMonticello (Ky.) School District. Bond Sale. We are
viding for a special election March 6 to vote on the question
that the $10,000 5% 20-year bonds offered but not
advised
of issuing. $2,250,000 bonds for a municipal gas plant is
sold on Sept. 21 1905 have recently been disposed of to
before the City Council.
Trowbridge & Niver Co. of Chicago.— See V. 81, p. 932.
Kaw Valley Drainage District, Mo. Bond Election.
Newark, N. J. Sales for the Year. The aggregate of
This district, it is stated, will hold an election Jan. 30 to
bonds put out during the calendar year 1905 was $3,530,000.
vote on two proposed issues of iniprovenu>nt bonds aggreAll these disposals were mentioned in the "Chronicle" from
gating $200,000 and $325,000 respectively.
time to time, with the exception of the following sales to the
Kearney County (P. O. Minden), Neb. Bonds to Be Sinking Fund at par:
Offered.—Wa are advised that a portion of the $80,000 4% $50,000 4^; 20-year water-main bonds, dated May 1 1905.
court-house and jail bonds mentioned in V. 81, p. 1509, 100,000 4% 1-5-year (optional) tax-arrearage bonds, dated Aug. 15 1905.
These bonds will be sold
will probably be offered in March.
Newport News, Va. Bonds Proposed. The Legislature
from time to time as money is needed for the construction. is considering an Act authorizing this city to issue $100,000
Denomination $1,000. Interest Jan. 1 and July 1. Charles street bonds.

sold

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Swanson

is

County Clerk.

Newton, Ala.

Kernersville Graded School District, Forsythe County,
N. C.~~Bond /Sa^e.— The $4,000 5% 20-year gradcd-schoolbuilding bonds, a description of which was given in V. 81,
p. 1747, have been awarded to Harmon & Reed of Kernersville at 102.50 and blank bonds.
This city on Jan. 19 sold
Lafayette, La. Bond Sale.
$100,000 5% bonds to F. R. Fulton & Co. of Chicago at par.

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Lakeview, Carlton County, Minn. Bids Rejected. We are
informed that all bids received on Jan. 13 for the $8,000
gold road and bridge bonds described in V. 82, p. 60, were
rejected.

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Lawrence, Mass. Tewporanj Loan. This city recently
negotiated a loan of $200,000 witli Blake Bros. & Co. of
Boston at 4.37%.

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—Bonds

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Voted.

—A

recent election resulted

in a vote of over 5 to 1 in favor of issuing
electric-light bonds.

water-works and

—

Newton County (P. O. Kentland), Ind. Bond Offerings.
Proposals will be received until 1 p. in. Feb. 7 by Alonzo E.
Purkey, County Auditor, for $3,000 6% Thompson Ditch
assessment bonds. Securities are dated Jan. 1 1906. Interest
semi-annually at the Discount & Deposit Bank of Kentland.
Deposit of $300 required of successful bidder.
Proposals will also be received until 12 m. Feb. 27 by the
above-named County Auditor for $14,970 03 4% funding
bonds. Denomination $1,000, except one bond for $970 03.
Date Jan. 1 1906. Interest semi-annually at the Bank of
Kentland. Maturity $970 03 Jan. 1 1908 and $1,000 yearly
on Jan. 1 from 1909 to 1922 inclusive. Certified check for
3% of bonds, drawn on some bank in Newton County in
favor of the Board of Commissioners, required.

The $34,500
Lincoln, Lincoln County, Kan.^ Bond Sale.
water and light bonds described in V. 81, p. 1808, have
North Yakima, Wash. Bond Bid. We are informed
been sold to the Permanent School Fund as 4J^ per cents.
that the price paid for the $48,000 4% trunk-sewer bonds
Lincoln County (P. O. Ivanhoe), Minn. Bids Rejected.
awarded, as stated last week, to S. A. Kean of Chicago, was
All bids received on Jan. 3 for the $5,000 5% ditch bonds
par less 2J4% commission. No other bids were received.
described in V. 81 p. 1572, were rejected.
Bonds Na to Be Reoffered at Present.— The $30,000 4%
Linwood and Auburn Levee District, Ark. Bond Sale.
refunding bonds, bids for which were rejected on Nov. 10
We are adA'ised that this district has i)laced with Farson, (see V. 81, p. 1688) will not be again offered for some time,
Leach & Co. of Chicago, through the Tennessee Trust Co., "if at all."
an issue of $100,000 bonds.
Ocean Park, Cal. Bond Election. It is stated that an
Lockhart, Tex. Bonds Voted. The election Jan. 16 election to vote on the question of issuing $10,000 bulkhead
resulted in a vote of 71 to 40 in favor of the proposition to bonds will be held on Jan. 29.
issue the $5,000 5% 5-40-year (optional) street-improveOnondaga County (P. 0. Syracuse), N. Y. No Action
ment bonds mentioned in V. 81, p. 1808. We are informed Taken. We are advised that no action has yet been taken
that these bonds will be offered for sale in about thirty da3's.
in the matter of issuing the $400,000 to $500,000 court-house
Los Angeles City School District, Los Angeles County, bonds mentioned in V. 81, p. 1573.
Bond Offering. Proposals will be received until 2 p. m.
Cal.
Ontario
School District, Cal. Bond Election. The
Feb. 5 by the Board of Supervisors for $520,000 4% bonds.
trustees of this district have decided to call an election to
Denomination $1,000. Interest semi-annually at the office vote on the question of issuing
$60,000 bonds.
Maturity $13,000 yearly on Jan. 1
of the County Treasurer.
Temporary
Loan.
Orono,
Me.
This place, it is stated,
from 1907 to 1946 inclusive. Certified check for 3% of
the amount of bonds bid for, payable to the Chairman of recently borrowed $.5,000 from the Penobscot Savings Bank
the Board of Supervisors, required. C. G. Keyes is Clerk of Bangor at 4.75%.
Orrville, Wayne County, Ohio.
Bond Election. An elecBoard of Supervisors.
Los Angeles High School District, Los Angeles County, tion will be held March 3 to vote on the question of issuing

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Bond Offering. Proposals will be received until 2 $15,000 city-hall-improvement bonds.
Owatonna (Minn.) School District No. 1. Bond Sale.
p.m. Feb. 5, by the Board of Supervisors, for $260,000 4%
Denomination $1,000. Interest semi-annually at The $8,000 school bonds authorized last July have been
bonds.
the office of the County Treasurer.
Maturity $13,000 yearly sold, $4,000 to the First National Bank and $4,000 to the
on Jan. 1 from 1907 to 1926 inclusive. Certified check for National Farmers' Bank of Owatonna.
3% of bondsbid for, payable to the Chairman Board of SuperPasadena School District, Cal. ^Description of Bonds.
Cal.^

visors, required.

C. G. Keyes

—

is

Clerk of Board.

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Luverne, Rock County, Minn. Bond Offering. Proposals
be received until 2 p. m., Feb. 10, by C. H. Gray and
H. S. Rodman, Town Supervisors, for $1,000 6% town
Denomination $500. Interest annual. Maturity
bonds.
one bond Aug. 1 1909 and the other Aug. 1 1910.
Marmora, Ont. Debenture Offering. Proposals will be
received until 6p.m. Feb. 12 by Rendol Snell, Village Clerk,
for $5,500 41^% debentures.
Maturity part yearly for
twenty years.
Middletown, Ohio. Bond Offering.
Proposals will be
received until 12 M. Jan. 29, by N. G Oglesby, City Auditor,
will

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.

for the following bonds:
$1,455 19
2 163 60

4%
4%

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1-10-year (serial) coupon street-assessment bonds, dated Nov. 22
1905. Denomination $145 52.
1-10-year (serial) coupon street-assessment bonds, dated Dec. 1.3
1905. Denomination $216 36.

Interest will be payable semi-annually at the National
New York City. Certified check for $75 on
some bank in Middletown required with bids for each issue.
.\ccrued interest to be paid by purchaser.

Park Bank of

Milwaukee, Wis.— /iond Sale.— The $200,000 3J^% street
and the $50,000 3>^% park 1-20-year (serial) bonds offered
without success on Jan. 11 have been disposed of at par,
largely to local banks, as follows:
$20,000 to the Citizens'
Trust Co , $110,000 to the Second Ward Bank, $50,000 to
the Wisconsin National Bank $.30,000 to the West Side

We

are informed that the $150,000 school-building bonds,
if authorized at the election Jan. 29, will carry
interest.
Denomination $5,000. Maturity one bond yearly, commencing four years from date.

4%

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Passaic, N. J. Bonds Proposed.
The issuance of $100,000
school and $15,000 park bonds is being considered.

4%

Penfield, N. Y.—Bond Sale.— On Jan. 25 this town sold
highway bonds to W. J.
bridge and $15,000

$5,250

4%

4%

Hayes & Sons of Cleveland for $5,264 70 and $15,180 respectively.
Denominations $500, $750 and $1,000. Date
Feb. 1 1906. Interest annual. Maturity from 1907 to 1926
inclusive.

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Pennville, Ind.
Bond Sale. Following are the bids received on Jan. 15 for the $5,000 43^% coupon judgmentfunding and jail bonds described in V. 82, p. 117:
Breed & Harrison, Cincinnati. _$5, 113 OOlMeyer & Klser, Indianapolis... $5,055 00
E.M.Campbell & Co., Indian.. S.087 25 S. A. Kean, Chicago
6.005 00
J F. Wild & Co., Indianapolis. 6.075 00 Standard Coal 4 Coke Co.. JackJ.M.Holmes, Chicago.
6.000 00
son
5,075 001
Securities mature $250 yearly on Aug. 1 from 1906 to
1925 inclusive, all bonds being subject to call after Feb.l
1911.
.

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Philippine Islands.
Bond Offering. Reports from Washington state that the Bureau of Insular Affairs will offer for
sale on Feb. 15 $1,000,000 4% gold public-improvement
bonds.
,

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'2U
Portage La Prairie, Man. Debenture
1905 .'$22,650 5% iocai-improvement

THE CHRONICLE.
Sale. — On Dec. 26
Rocky River,
were

debentures

awarded to the Canadian Securities Co. at 104.625. Date
Maturity
Interest annual.
of debentures Jan. 1 1906.
Jan. 1 1926.
Bond Election. An
Porterville, Tulare County, Cal.
election will be lield Feb. 12 to vote on the question of
issuing 850,000 5% 20-3'ear water-works bonds.
Portland, Me.
Loan Offering. Proposals will be received
until 11:30 a. m., Jan. 29, by James L. Dyer, City Treasurer,
for a temporary loan of $150,000 in anticipation of the collection of taxes.
Notes will be discounted and will be issued
Date, day of issue.
in denominations to suit purchaser.
Maturity Oct. 1 1906.
Preston, Conn. Bond Sale. This town, it is stated,
recently sold $45,000 4% 20-25-year (optional) refunding
bonds dated Jan. 1 1906 to E. H. Gay & Co. of Boston at
102.273.
During the year
Quincy, Mass. Bond Sales for 1905.
1905 this city put out $208,000 bonds. With the exception
of the following all these sales were recorded in the "Chronicle" at the time:

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—

3H%

water bonds dated April 1 1905 and maturing from 1906 to 1930.
$25,000
1,000 4% water bonds dated Oct. 1 1905 and maturing 1906.
3 000 4% poor-department bonds dated March 1 1905 and maturing In 1906.
6,000 4% sewer bonds dated April 1 1905 and maturing from 1906 to 1909.
6 900 4% sundry-order bonds dated Oct. 1 1905 and maturing from 1906 to 1915
1,000 4% school bonds dated Nov. 1 1905 and maturing 1906.
2,500 4%tgfpsy-moth bonds dated Nov. 1 1905 and maturing 1906.

—The

election Jan. 23
resulted in the defeat of a proposition to issue from $15 000
The vote was 38 for and
to $25,000 water-works bonds.

Remsen, N. Y.

Bonds Defeated.

41 against the issue.

—

Rensselaer County (P. O. Troy) N. Y. Bond Sale. The
$30,000 3}4% registered highway-improvement and $30,000
3}4% registered refunding bonds, described on page 177 of
last week's issue, were awarded on Jan. 26 to the Troy
Savings Bank of Troy at par and a ccrued interest. No other
bids were received.
,

—

Ridge Township School District, Kan. Bond Sale,
The State School Fund Commissioners recently purchased
$8,000

4^%

school bonds of this district, dated|Dec. 11.

NEW

H.

Sealed proposals will be received until 12

W.

O'CLOCK

Griffith,

date, with option after 5 years. Interest payable semiannually at the American Exchange National Bank,
New York City. Purchaser to furnish blank bonds.
Certified check for $5,000 00 required with bids.

409 IValnut

&

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Securities.

&

,

60 State

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Paul, Minn. A^o Certificates Issued in January.
During the early months of the year this city is usually in
the market with a large block of certificates of indebtedness
in anticipation of the collection of taxes.
Under the law
these certificates to the amount of 80% of the levy can be
issued.
We are informed that it is not likely, however,
that the city will put out any of these certificates before
St.

June 15.
Bonds Proposed.

—

An ordinance is before the City Council
providing for the issuance of $150,000 4% 30-year municipalbuilding bonds.

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San Antonio, Tex. Bond Offering. Proposals will be
received until 10 a. m., Feb. 5, by Bryan Callaghan, Mayor,
for $43,000
District No. 10 improvement bonds.
SeInterest semi-annually at
curities are dated Sept. 1 1905.
the City Treasurer's office.
Maturity forty years, subject
to call after twenty years.
Cash deposit of
of amount
of bid required.

5%

2%

—

San Marcos, Tex. Bonds Registered. The $8,000 school,
street and
$1,500 repair 5% 15-40-year (optional) bonds awarded on Jan. 8 to Seasongood & Mayer
$3,000

JNVESTMENTS.

W. NOBLE & COMPANY.

Rudolph Kleybolte&Co.
DBAUBS

MUNICIPAL, RAILROAD and

BONDS.

STREET RAILWAY

Specialists

in

New

BONDS.
27-29 PINE STREET, NEW

Jersey Securities.

EISELE & KING,

interest Paid on Daily and

BANKERS,
757-'75» Broad

Private Wires to
N. Y. & Philadelphia.

T

NEWARK.

Tim* Deposits

MUNICIPAL

St.,

AND

POTTER,

B.

MUNICIPAL

Public

onkinQ
DV/WU^.

and

CORPORATION
L.18T

•

-

Service

E. H.

ROLLINS & SONS.
B0ST03f.

IJLL.S.

•

UN APPLICATION.

Denrer.

R.

MUNICIPAL AND PUBLIC SERVICE

BONDS.
CHICAGO,
Bank Bldg.

BOSTON.

1st Nat.

Sau Francisco.

Chlcagro.

L.

DAY &

CO.,

BANKERS,
BOSTON,

60 State

MUNICIPAL AND RAILROAD Blodget, Merritt
BANKERS,
BOMDS.

Corporation

BONDS.

Trowbricige& Niver Co.

Street,

SEASONGOOD & MAYER,

TORI..

Members of New York and Philadelphia

Burr,

LIST ON APPLICATION.

nt

PUBLIC SERVICE CORPORATION

CHICAGO,

INVESTMENT BONDS.

County,

for $1,000, payable to the directors of the district required

173 Washington Street,

Perry, Coffin

New Madrid

1,

Bond Offering. Proposals will be received until
8 p. m. March 1 by W. D. Knott, Secretary, P. O. New
Madrid, for $290,500 6% coupon levee bonds. Denomination $500.
Date March 1 1906. Interest annually at the
Commonwealth Trust Co. of St. Louis. Maturity March 1
1926, subject to call after March 1 1916.
Certified check

AND

And other High-Grade
Investment

Johns Levee District No.

St.

Mo.

Stock Exchanges.

Pull deBorlptione, showing price and Income,
on application.

in-

described in V. 81, p. 524.

Philadelphia.

O.

MUNICIPAL BONDS

are

St. Albert, Alberta, N. W. T.— Debentures Not Yet Sold.—
We are advised that no sale has yet been made of the $30,000
5% debentures offered without success on Sept. 5 1905 and

Detroit.

Co.,

Carefully Selected

— We

of last week's issue.

Land-Title Bldq.

Street,

CINCINNATI,

Maturity of Bonds.

MUNICIPAL

Mayor,
NOON. FEB. 15TH, 1906. by B.
Vlcksburg, Miss., for the purchase of $115,000 00 of the
City of Vlcksburg 5% Coupon Bonds. Denomination
$500 00. Date. Aug. 1st, 1905. Payable 20 years after

Albert Kleybolte

Ohio.

formed that the $8,000 4% coupon State Street improvement bonds to he offered on Feb. 16 will mature one bond
of $500 every six months, beginning April 1 1907.
For full
details of offering and description of bonds see page 177

Penobscot Bldq.,

Coupon Bonds.

.

[Vol. t.yyttt

INVESTMENTS.

LOANS.

SI is,ooo
VICKSBURG, MISS.,
S%

———

—

Street.

& Co

86 Congress Street,
BOSTON.

Cong:ress Street, Boston.
S«NA8»^AD STREET, NEW YORK.

NEW YORK

MEMBSBS

,

16

8 Nassau Street,

NEW YOBK AND

BOSTON
8TOOK KXOHANOBS.

TATE, MUNICIPAL. AND HIQH HR4DK
RAILROAD SECURITIES.

nercautlle Library BalldlnK,

CINCINNATI.

F.

R.

FULTON & CO.,

Municipal Bonds.
171

LA SALLE STREET.

CHICAGO.

STATE. ClXr & RAILROAD BONDS.
made and
no Improvement had been

EatablUhed IM83.

Until partly-flnlshed(bond8 were
carled

In stopk,

made over the old method ot lithographing
borders, especially (or every lot of bonds Issued, whkn WHS olow and costly. The new
way saves a large proportion ot the cost and
the time required. If. beside, any part ot a
bond be set In tTOe and printed, a further
saving of lime and money Is effected. Do
not order bonds till you get our estimate.

ALBEKT B. KING & CO., 206

Broadway, N. Y.

H. C. Speer

& Sons

Co.

Fint Nat Bank Bnlldin?, Ckieago.
CITY

COUNTY

AND TOWNSHIP

BONDS.

—

—

THE CHRONICLE.

Jan. 27 1906.]

of Cincinnati were registered by the State Comptroller on
See V. 81, p. 1748, for description of securities.
Jan. 20.
Santa Ana, Cal. Bonds Voted and Defeated. At the election Jan. 10 the proposal to issue $5,000 bridge bonds
carried, while the propositions to issue 125,000 street,

—

—

$60,000 electric-light and $50,000 gas-plant bonds

all

Board

Assessed

Swansea,

—

Harry County

—

—

bond meas-

—Authorizing court-house and

—

bonds.

school purposes.

Jail

bonds.

—

4%

—

—

Bonds Proposed. The issuance of $100,000
more) 4% 30-year coupon street-improvement bonds is
We are informed, however, that before
being considered.
these bonds can be sold authority must first be obtained from
Suffolk, Va.

(or

5%

the State Legislature.

—

—

This city on Jan. 8
Toledo, Ohio. Bonds Authorized.
passed ordinances authorizing the issuance of the following
bonds:

Sea Isle City, N. 3.—Bond Sale —On Jan. 22 the $20,000
5% 30-year coupon improvement bonds described in V. 82,
p. 62, were awarded to R. M. Grant & Co. of New York City
at 101.70 and accrued interest. A bid of 101.11 was also received from the First National Bank of Ocean City.
Sherman, Tex. Bonds Voted. The election Jan. 20 (see
V. 82, p. 118) resulted in a vote of 188 to 64 in favor of
the $20,000 5% 1-40-vear (serial) street bonds and in a
vote of 200 to 52 in 'favor of the $10,000 5% 1-20-year
(serial) water bonds.
Shunganunga Drainage District, Kan. Bond Election.
An ele(!tion will be held Feb. 3 to vote on the question of issuing $10,000 5% 10-20-year (optional) dyke bonds.

$7,397 47

5%

682 06

5%

5,420 12

5%

621 31

5%

6.872 84

5%

261 88

5%

1,926 28

5%

—

—

—

Bond Offering. ProSniithfield (Ohio) School District.
posals will be received until 12 M. Feb. 3 by W. H. Wood,
Clerk Board of Education, for $18,000
coupon schoolhouse bonds. Denomination $500. Date March 1 1906.
Interest semi-annually at the First National Bank, Smithfield. Maturity $500 each six months from March 1 1909 to
Certified check for 5%, payable
Sept. 1 1926 inclusive.

4%

coupon Acklin Avenue No. 1 improvement assessment bonds, dated
Nov. 22 1905. Denominations one bond tor $737 47 and nine bonds
Maturity $737 47 on March 22 1907 and one bond
tor $740 each.
every six months thereafter. Interest March 22 and Sept. 22.
coupon School Place No. 1 improvement assessment bonds, dated
Nov. 28 1905. Denominations one bond for $52 06 and nine bonds
Interest March 28 and Sept. 28.
for $70 each.
Maturity $52 06 on
March 28 1907 and one bond every six months thereafter.
coupon Ontario Street No. 9 improvement assessment bonds, dated
Dec. 15 1905. Denominations one bond for $560 12 and nine bonds
Interest March 15 and Sept. 15.
for $540 each.
Maturity $560 12
on March 15 1907 and one bond every six months thereafter.
coupon Alice Street No. 1 improvement assessment bonds, dated
Nov. 31 1905. Denominations one bond tor $171 31 and three bonds
Interest March 31 and Sept. 30.
tor $150 each.
Maturity $171 31
on March 31 1907 and one bond every six months thereafter.
coupon Idaho Street No. 1 Improvement a.sses.sment bonds, dated
Dec. 15 1905. Denominatloas one bond for $707 84 and nine bonds
for $685 each.
Interest March 15 and Sept. 15.
Maturity $707 84
on March 15 1907 and one bond every six months thereafter.
coupon Alley No. 17 improvement assessment bonds, dated Jan. 5
Interest March 5 and
1906. Denominations $131 88 and $130.
Sept. 5. Maturity $131 88 on March 5 1907 and $130 on Sept. 5 1907
coupon sewer No. 939 assessment bonds, dated Jan. 9 1906. Denominations one bond for $486 28 and three bonds for $480 each
Interest March 9 and Sept. 9.
Maturity $486 28 on March 9 1907
and one bond every six months thereafter.

Interest payable at the office of the City Treasurer.

MISCELLANEOUS.

MISCELLANEOUS.
The American Mfg. Co.

this

Sales for the Year.
Springfield, Ohio.
This city disposed
of during the year 1905 $62,556 bonds.
These sales were all
recorded in the "Chronicle" at the time, with the exception
bridge bonds placed at par in July with the
of $9,000
The latter are dated July 1 1905 and
city's sinking fund.
will mature in March 1913 and 1914.

bid required

—

Bonded debt,

required.

valuation 1904 $421,420.

Cowpens School District. Spartanburs; County —^Authorizing bonds.
St. George's School District — Authorizing school bonds.
Simpsonville School District, Greenville County — Authorizing school
Lexington County —-Authorizing bonds for

failed

—

of Education,

to the
issue.

South Carolina. Legislation. The following
ures are before the State Legislature:

to receive the necessary two-thirds vote.
Saranac Lake, N. Y. Bond Offering. Proposals will be
received until 12 m. Feb. 12 by Seaver A. Miller, Village
Clerk, for the $5,000 registered or coupon (at option of purchaser) water bonds mentioned on p. 177 of last week's
issue.
Authority Chapter 414, Laws of 1897, and amendments thereto, and Chapter 308, Laws of 1904, as amended
by Chapter 158. Laws of 1905. Denomination $1,000. Date
Jan. 1 1906. Interest (i-ate not to exceed 4%) semi-annually
at the Adirondack National Bank of Saranac Lake, in New
York exchange. Maturity $1,000 in 30 years, $1,000 in 31
years, $1,000 in 32 years, $1,000 in 33 years and $1,000 in 34
of amount
years. Certified check on a national bank for

—

235

The AutomaticTelephoneSystem and its Possibilities
By

the successful application of the Automatic idea to the telephone exchange, the following
have been accomphshed:
1st. General improvement of service by eliminating the switchboard operator, thereby giving
a secret, prompt and accurate means of telephone communication.
results

MANILA SISAL AND JUTE

CORDAGE.

2d,

A

large reduction in the cost o f operatinp: a

t

elephone plant; for with the operators, their

wages and other expense incidental to their employment such as heating and lighting the switchboard room, also disappear.
3d. The manufacture of telephone equipment possessing greater durability and capable of
handUng a larger volume of business at a more rapid rate, day or night, than manual telephone
equipment can ever do
These accomplishments of the automatic system have been welcomed by telephone users,
operating companies and investors in telephone securities
They make possible a superior service
They increase net earnings, and therefore make the securities of
at a materially reduced cost
telephone companies using the automatic equipment more profitable, more stable and more
,

65 Wall

Street,

New

York.

.

GOODMAN
41

& 00.

WALL. STREET.

Bought and Sold
on Commission.

Securities

BA-IVK:

STOCKIS

.

.

attractive to capital.

We

&

Chicago,

111.

Grand Rapids, Mich.
Columbus, Ohio.
Dayton, Ohio.
Lincoln, Neb.

Sons,

Auburn. N. Y.
Lewtston. Maine.
Sioux City, Iowa.
Cleburne, Texas.

NO. 10 WALL. STREET,

Columbus, Ga.
South Bend, Ind.
Aberdeen, S. D.
Miamisburg. Ohio.
Lob Angeles, Cal.

NEUr YORK,
DXAIiSBS nt

INYESTMENT

and MISCELLANEOCS
SECT7BITIE8.
Southern Sccarltles a STpeelaRy.

in the following cities :-

Portland, Ore.

Hazleton, Pa.

Van Wert, Ohio.

Woodstock, N. B.

Battle Creek, Mich.
Clayton, Mo.

St. Marys, Ohio.

Pentwater, Mich.
Toronto Junction, Canada
Wilmington. Del.
Albuquerque, N. M.
Traverse City, Mich.
Auburn. Maine.
Fall River, Mass.
New Bedford, Mass.
Medford, Wis.
San Diego, Cal.

Portland, Maine.

BAI^KEBS,

Whiting Papers

with more particular information.

Our Automatic Telephone System has been adopted

A SPECIALTY.

R. A. Lancaster

shall be glad to furnish interested parties

Hopkinsvllle,

Westerly, R. I.
Manchester. la.
Princeton, N. J.
Riverside, Cal.
Allentown, Pa.
Hastings, Neb.

Wausau, Wis.
El Paso, Texas.
Havana, Cuba.
Marianao, Cuba.
Berlin,

Germany.

Ky.

AUTOMATIC ELECTRIC COMPANY,
Van'Buren and Morgan

CHICAGO,

Streets,

U. S. A.

Baker-Vawter Company,
PUBLIC ACCOUNTANTS,

AUDITORS,
DEVISERS OF BUSINESS SYSTEMS.

For Fine Correspondence
and for General BuBiness Ubcb are
standard, made in Ledger, Bond,
Linen and Fine Writing In rariety.

WHITING PAPER CO.
New

Philad«lphia. Chicago.
milUi H*lyok«. Mass.

York.

We

Only the Regular Corps ot Bonded Accountants Officiates.
do Not Send Outside Men to Clients Under Anv Cireumttancec.

Tribune Building,

350 Broadway,

CHICAGO.

NEW YORK.

— ———

—

— ———

THE CHRONICLE.

236

—

Bond Offering. Proposals will be received
Tiffin, Ohio.
until 11 :i. 111., Feb. 2.'?, by John E. Dicincr, City Clerk, for
Authority,
eou))on refunding bonds, Series 8.
$67,000
Section 2701 of the Revised Statutes and resolution of the
Denominations .$1,000.
City Council adopted Jan. 15 190G.

4%

March

Date

—

1906.
Interest semi-annually in Tiffin.
Maturity on March 1 as follows: .S20,000 in 1910, $10,000 in
1911; $iO,000 in 1912, $1.'5,000 in 1913 and $12,000 in 1914.
1

Bids must be made on blank forms furnished by the city,
and must be accompanied by a certified check for 5% of
the bonds bid for, payable to the City Clerk.
Following are the bids
Trenton, N. J. Bond Bids.
received on Jan. 19 for the $128,100 4% registered pavement
bonds awarded, as stated last week, to Rhoades & Co. of
New York City at 10,3.1223:

—

102.131
Rhoades & Co.. New York
103.12231 Kountze Bros., New York
102.13
103.033 jLewis Perrine, Trenton
R.L.Day&Co,, .N'ew York
Blodgett. Mcrrltt&Co., Boston. 102. SU .J. D. Everitt & Co.. New York... 102 088
102.379 |R. M.Grant & Co.. New York... 100.26
Ketabrook&Co.. New York
Proposals will be reTrenton, Ohio. Bond Offering.
ceived until 12 m. Feb. 17 by Lewis Brill, Clerk, for $550 6%
1-10-year (serial) sidewalk assessment bonds. Certified check
for 10% of bonds bid for, payable to the Village Treasurer,
required.
Troy, N. Y.— Revenue Bond Sale.— On Jan. 22 the $100,000 4% registered revenue bonds described in last week's
issue were awarded to the Troy Savings Bank at 100.006.
Securities mature Sept. 22 1906.

—

—

Proposals will be reVicksburg, Miss. Bond Offering.
ceived until 12 m., Feb. 15, by B. W. Griffith, Mayor, for
Denomination $500
Date
$115,000 5% coupon bonds.
Aug. 1 1905. Interest semi-annually at the American Ex-

New York

change National Bank of

Maturity 20
Certified check for
years, subject to call after five years.
Purchaser to furnish blank bonds.
$5,000 required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Wabaunsee Co. (Kan.) Sch. Dist. No. 29. Bond Sale.
On Jan. 10 $1,400 5% bonds were sold to the State of
City.

—

Kansas at par. Denomination one bond for $200 and
four bonds for $300 each
Date Jan. 10 1906. Interest
Jan. 1 and July 1.
Maturity $200 on Jan. 1 1907 and $300
on Jan. 1 in each of the years 1908, 1909, 1910 and 1911.
Weatherford, Tex.— Bond Sale.— The $25,000 5% 15-40year (optional) sewer-construction bonds voted at the
election held Dec. 6 1905 were awarded on Jan. 15 to N. W.
Harris & Co. of Chicago for $20,595 and accrued interest.
Denomination $1,000. Date Dec. 15 1905. Interest semiannually at Weatherford or Austin. These bonds were
registered by the State Comptroller on Jan. 17.

—

Whitby, Ont. Debenture Offering. Proposals will be received to-day (Jan. 27) by Joseph White, Town Clerk, for
$3,000 4J^% bridge-building debentures. Maturity part
yearly for twenty j-ears.

—

Woodstock, Ont. Debenture Offering. Proposals will be
received until 12 m., Jan. 30, bj' John Morrison, City Clerk,
for $50,000 4% 30-yoar water-works and electric-light and
$7,000 4}4% 30-year debentures.

—

Woonsocket, R. I. Temporary Loan. A loan of $150,000
was recently negotiated with Bond & Goodwin of Boston at
4.60% discount. Loan matures in five months.
Worcester, Mass.
Temporary Loan. This city recently

—

negotiated a loan of $50,000 in anticipation of taxes with
the Eliot National Bank of Bo.ston at 4.12% discount.
Worthington School District, Nobles County, Minn.
Bonds Defeated. This district on Jan. 16, by a vote of 85
for and 87 against defeated the proposition to issue $25,000
school-building bonds.
Yakima County School District No. 37 (Belma), Wash.
Bond Sale. On Jan. 20 the $3,000 coupon funding bonds
described in V. 82, p. 120, were awarded to the State of
Washington at par for 4}/^ per cents, bonds to mature in
ten years, .subject to call after one year The other bids
received were as follows:

—

—

For

6%

Bonds.

a And blank bonds.

MISCELLANEOUS.
office; of

Co.,

For

|

1

INVESTMENTS.

&

5H% Bonds.

Seattle Trust & Title Co
$3,087 50
$3,013 00 Morris Bros., Portland
S. A. Kean. Chicago
o3,003 00 Browne-Ellinwood Co.. Chicago a3, 043 00
Wra. D. Perkins & Co., Seattle. 3,000 OOJRoberts Bros., Spokane
3,041 75

^,VWWW^V»>Vt^,^VWN^S».^^^^^^^^^^/S^^^^^^^/S^^^^^^<^^i^<^^^^^^^^^^A^/WWW<i^^

MacDonald, McGoy

[Vol. lxxxii.

the

ATLANTIC MUTUAL INSURANCE COMPANY,

HUmCIPAL AMD CORPORATION

New

York, January 23rd, 1906.

the Charter of the Company, subm,it the following statement of its
affairs on the 31st of December 1905.

The Trustees, in conformity with

BONDS.
La

171

Salle Street, Chicago.

MUNICIPAL AND
PUBLIC FBANCHISE COBPORATIO>
BONDS
BoBffht and Sold.

W.

J.

HAYES & SONS,

OLiSTEIiAND, OHIO.

ViCKERS

A

BOSTON.

$2,977,854.37
616,551.57

Total Marine Premiums

$3,594,405.94

Premiums marked

off

from 1st January, 1905, to 31st December, 1905

Interest received during the year

Rent,

less

$295 ,738 .65
99,338.33

•

Taxes and Expenses

$3,012,213.96

$395 ,076.98

Losses paid during the year which were estimated in 1904
.S271, 100.60
and previous years
827,295.95 $1,098,396.55
Losses occurred, estimated and paid in 1905

^

I
$130,068 ..59
35,947.85

Less Salvages
Re-insurances

DIASI?.

6-

166,016.44
$932,380.11

PHELPS,
New

29 Wall Street

York.

BB0K£B8 IN INYESTMENT
SECURITIES.

TheConipanvhasthefollowing Assets,

Premium

& Co*,

Byflesby

Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery, newspapers, advertisemrnts, etc

$80,615.47

$374,746.88

viz.:

„,.,„„„.„„^
$5,198,042.00

United States and State of New York Stock, City, Bank and other Securities.
Special deposits in Banks and Trust Companies
$4,299,000.00
RealEstatecorner Wall and WilUamSts. and Exchange Place
75 ,000 .00
Other Real Estate and claims due the Company

ENGINEERS,

R M.

Premiums on Marine Risks from 1st January, 1905. to 31st December. 1905
Premiums on Policies not marked off 1st January, 1905

Cash

notes and Bills Receivable

in the

hands

of

European Bankers

.

to

pay

losses

under pohcies payable

eign countries

2.84

„„„^^

.

1,127,674.83

--

175,63:..3o

m for-

257,865.62

Cash in Bank-

.$12,716,427.62

Aggregating,

INCORPOBATHD.

1 ,o83 ,21

4 ,374 ,000 .00

dividend of Six per cent interest on the outstanding certificates of profits will be paid to the
holders thereof or their legal representatives, on and after Tuesday the Sixth of February nextThe outstanding certificates of the issue of 1900 will be redeemed and paid to the holders
from which
thereof or their legal representatives, on and after Tuesday the Sixth of February next,
and
date all interest theeon will cease. The certificates to be produced at the time of payment

A

ENGINEERS.
DBSIQN, CONSTRUCT AND OPBRATB
RAIL^VAY LIGHT, PCV^^BR.

HYDRAULIC AND
GAS PLANTS.

the
A dividend of Forty per cent is declared on the net earned premiums of the Company for and
year ending 31st December, 1905, for which, upon application, certificates will be issued on
after Tuesday the first of May next.
the Board,
By order of,.,..0
Q. STANTON FLOYD-JONES, Secretary

«

TRUSTEES.

Examinations and Reports.
171 I.A SALL.FST.,

CHICAGO

Atlantic QlHtual Insnrance Comnaay Sarlp
»1 All Yean Bongkt and Said.

JOHN M. GILLESPIE,
Boon
ft8*61

No. 618 AtlMtie BaildlnK.

Wall

Street,

NEW

TOBK.

GUSTAV AMSINCK,
FRANCIS M. B.\CON,
JOHN N.. BEACH,
WILLIAM B. BOULTON.
VERNON H. BHOWN,
WALDRON P. BROWN,
JOSEPH H. CHAPMAN,
GEORGE C. CLARK,
CLEVELAND H. DODGE,
CORNELIUS ELDERT,
RICHARD H. EWART,
EWALD FLEITMANN,

HERBERT L. GRIGGS,
CLEMENT A. GRISCOM,

ANSON W. HARD,
MORRIS K. JESUP,
THEODORE P. JOHNSON,
LEWIS CASS LEDYARD,
FRANCIS H. LEGGETT,
CHARLES D. LEVERICH,
LEANDER N. LOVELL,
GEORGE H. M.\CY,
CHARLES H. MARSHALL,

W. H. H. MOORE,
NICHOLAS F. PALMER,
HENRY PARISH,
DALLAS B. PRATT,
GEORGE W. QUINTARD,
A. A. RAVEN,
JOHN L. RIKER,
DOUGLAS ROBINSON,
GUSTAV H. SCHWAB,
WILLIAM A. STREET,
WILLIAM C. STURGES,

A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
THEO. P. JOHNSON, 2d Vicc-Presi'denM
JAMES -L. LIVIXGST0N,"|3d Vice-President.