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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 < 1 . . 1 . . 1 1 1 ) 1 1 1 I < . »^ B ..... 1 o . c CO I . . I . 1 ' ' ' ' . 1 . 1 (0 1 1 CO *.0 — cocDi- OS to 00 M-ioen— coen MOO — :0OM en cototowoo MhS w— So - --oo k-t wo — oxen ^ oc o CO 0W0X"W.£- en 31 o t-th- 00 Cn 00 4k t^ •-<tOcO>;^C7i>f^ Mrfk iii^ 00 OSCn^OtM^^ CO to wo o» tO*.OiOUieO w*- tOM M WtO 00 CO Xnb- MM i=to to— B«. 03> CnOO » to 00 >;^ CntD •r> OOMOO •U^OOtOXOi »n tooso.t»-toto M ^Oi ^ O OOrfkOtOtD a NS — 3: ^ k- H-t (C;o (d:^ rn •^ tOCn coa:> wio to— ooo ^ — .—. o — — X — ^ o to M WtUtOWOlO CD SlXOXXO CO Cn CO xcno WOXJ^X — to OO CO MCn*»XtO — WOiCn — *.0 C7) h.-.—to rf».tO— -^I h-»— .&. O — 3lMC:iO loo^oenx — o — xcnc:0 C5 — dot) O-Ji- bU X toio *»H-(0 >^ to tJ^^W o — to CD 1 -K, --I i. fcS^ to.b. M ooo to to en — — 10 to tCf^ as ^ <DOO »-« o to W wo CI- too to to OtO — ^Oi» OC •(b tOOOO.*ktoc;> — owoiMc;! O OOiGOMOtO — 4*.- oxen O — CnOOX WOM^-WCl en O —to en tow — £ -— 03JW to 4^ >«• o o -0 J» ^ -to j^o — ooo ,«^ en ^t TO wooow to '-' Ciw^iowrc s n h^ tCi 4>.5 Oj^ tOhS Receipts lOtO V, to tis"* toxto c tow MX OJ*» to to t^*-* hdip ocu. OitUO^OOOO C;»M00MOO O OWWMO— tfk £> —^ ooto w— -s£ M wro — >(»W4^ — w— oow 00 MOl — OJ».M *.xwo5oen M ^- ^s£ -M-l JO lOWW — ji^'o »U toOwCntOO O — JfcWCnCnO 00 to»- OM W&1 wo at co»^ tOM OlO H-c*: MCO to to w M4. t— ' (—'1— -^ b:,^H->— toto 4^tO>->CnWC;i OlOCnA.OiM Cn-'i MO rf^M nn OJ tOODODCnOlX tOOOWOOM K- »«>. -* "T^ en — a>N5 to Jk to to CO — *Oi KilO wo— en -< ^1 co,;^^ oo*»-tki4|-^ ^ o to to to to en 4^ V-o** toto w Ul — o OMCS 0^ en o w in to to —to to** Oi to to to to »t^ 4^COO^ en CI <Sc 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 •'•h '-2 & '•J ' p U I 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« ^< lioveiiuneiil ti. ri-^'mtflroil V a 38 rcj! Jianye 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 fciaiK 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 1 (13^4 103 "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<) t y luie 100 100 99'-j 937. a re pr 307 ".J l'2H O^^TglOO't assjioo 95 92»4 « 9l»6 93 S/ H« 204 87 107 K. 1." 106'4 107 Si 2 99 S: lOo 99 S, 146 9238 95 95 l07Sj n the ieet V t> a«<> 0/ $0 to J£. Deo'Oe 102 109UOct '00 102'-iMar*0V 111 Mar'OV 1P24 ^jMilaiaua new cousol 4s. .1914 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 22 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, $100,, — — — — — — — — — , — , I 1 _ — — — — — — — — — — THE CHRONICLE. 218 WKj.OOO (Mrnnion stock and S7(). ()()() .(KtO «>f 4>$% 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') — 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 — — 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. — 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. — — & — 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 — — — — — 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. — — 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 — 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. — — , — — 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 — — — 4^% — — — — — — 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 — — 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 w o'l O o'l " have been accepted a short while ago. Woolen and worsted ^ P •^ 72 --co_- t Oi ^."•^ w •o^ iT O goods have been moderately active and prices are firmly held. O ^ co'toi^ioco 4^ 1— to * W to bin is CO 15 JO CO a H in 00 00 *. .^ ^ O 00 w oi ic *. ~i w ^ CO CO en -j~a DOMESTIC COTTON GOODS.— The exports of cotton aC5 ^tobi -^ 10 — 5> 00 en too oo» tcoooooio 00 aoto CO ^I lO o goods from this port for the week ending Jan. 22 were o rO=^ M w w CO CO cntg z 1,751 packages, valued at $129,5.33, their destination being ^ b cotoor — * cc H- 1— Ol OCn toto — -I b»j — N ominal. 47 55 46>4 (5) 42}i@ — — THE DRY GOODS TRADE. i?5 Manu Miscc Miscell Silk Flax Maniifi Cotti Fla Sill* , 1 Manu see] Col Fla Silk Cot Woo 05 r: 1 ro ' 1 1-j ' ; ' 1 1 ' I ! *-* : ' 1 I I : 1 > 1 1 1 1 ! ! ! ! ; : : ; i 1 1 ! 1 I ' 1 I . ' ' 1 1 i i i ; : ' • 1 1 1 1 [_, ffi l>3 lb. ' 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 35 b >-*m bb a Ol^ tn 1 •-. tOOS^J*. — (Oto 03 -J X n — lo 00 to'^eVib C'l 1. 137 187 1,751 of these Jan. 1. 36 152 1-0 jOO 10.694 a ^ *.^ to 00 prr.'^.y; 10 o 10 ci o --b iOW S tT*. C5 5 * w ^ -' 1.1 .1^ etc bio OOi GO Ca: -J L-i"-- iU *^'X •<<i CO w * Oi 1— lO C-. ^1 tn ~J ^1 lo to iT cn^joco*. to 00 V. 0C*._*'tO *.bioio"-J H o d cc M r: o; o CCiJOC^- ,_, CO CT .^J c a J^ X CO o C — to c to — CnOC C.1 00 10 Ct *-to M bos O5 00 00 ai ^ccb. j^u <y>o>oi^ito 00^H-C5W ^. o b 00 -I 1.^ -tOb'ji'lO-JCO to - c^ * to to Vj C,^_— — OJtO C-. C:c:^tO^ c-<c> _ pto 1 to to bo "tOOi to toco ^ to 00 to<nc5*.o cowoi^-*. woo "i&.'^Vibib H.. to a> il>.0< i^tO 05 to a:»to o; w ^ oo to to SB w asto J_, to V) 05 cn 00 ^ •0. to^"-- H-^WOOOi COH-cnOCO ,_, 00 - 1-- to "-• bcob'to'"Oirf^-cto*. ooootoc^ j_, oto to be "tooi to to to to L-. "to CO o coc> *.tc ^•Ci — -OOOO — >- to bobc'iubob. CO 05 to 00 00 05 CO 00 Ol to M C o: to coo (O^ 005 ,_J ,_, *.to .;>. - 00— to — OJ to to 00 to CO^JCOCCO to to OO — CO oto ,-CC CO — H— — to bbcVi'*.b OC — OCOC- toi-oscnoi ' 5:^ ;2 — CO*.— c 05 W K '^•-' 4^ to looc tn>- "- to CTM CO OOS5*.C5.^ CO s: w w w ,t>. -«i 00 r^ Oiooocnto »c —— > been"-) CO 00 O — ^t-3!CO tn to C: to to=^ to 05tt3 — Sx to s to to to Ct to Ci C5 to 00 to C0C0O5WI <i > CO coVbtoto 1^ 00 CO Cn to 00 Oi to CO lb 4>. ^ § — lb. >;>. > z rfi' — 05 Cn 00^1- CO Co bto CO to lb to 00 11 o ^ p Vi >». S. CO 4^ C C 00 — t.^ ro en — >b totoo to to -4 to to z b w Z o w «-l C 7\ bc o » H Co c^ . CnOsCnioo '-j'>- co^^toos II 4^00- too „ ^ — p ^ — to v> p^ CO z fV -J050>-tO to C! tC^ltnCn to o; -.O 4» tn O c to o b CO to 00 CO COH-O5 00 — 05 ^ K— lO*CitC — C5~Ji;^10 to C C X Cn cj lit . bo C;< h— Cn Cn C Ci to c * CO MC ^cc Oito tn O) WO rf'IO 1-*.. coinboiob 'to Oit-' 00 to > t K » C c OC Clio en C io*.i-oc*.« — — ^ J^ to to-gpto*. > — in— b— io CO a occto — cc a: -JOC 'ji . to to to'j^'iobio ss Ooc_j..ii_xco O b — — CO in M Q — to CO jop»-cop« 3- to oi ro "-lin bbb -.jootobb "S in Oi O^M to s c to z tciboooto X -k to CO ..I 10 -- CO 35 to to *. Oi .-3 '^ ^ ^ ^ > b CO o ppp^^ l-oj-i y)^ 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 o lot- b'*. ?3 I 871 K 4^ e p w oo 3 — cocoi-i aCi lb ^ CK O OI c'l-" Cn O ~a 1- 05 — b"-^'— O cn o: CO ~i CO cn — CntoC»J , ^'ibbcoto • <o o OS > Z b ^.^ CO : 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 — — — — — I — — ' ') — • — — 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 — p. 174 of last — 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- — . — missioners. — — 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. — — — —— Jan. 27 1906 —— — — — THE CHRONICLE. | — 233 — 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 — — — — — — — — — — 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. — — — 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. — Lawrence, Mass. Tewporanj Loan. This city recently negotiated a loan of $200,000 witli Blake Bros. & Co. of Boston at 4.37%. — — —Bonds — 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 — — — — — , — — — — — — — — — — — — — — — 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. — — 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 — — — — . for the following bonds: $1,455 19 2 163 60 4% 4% — — 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% — 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. — — 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. . — — 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. , ——— — —— — '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: — — — — 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 & — Securities. & , 60 State — — 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. — 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.