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IN C L U D IN G
Bank and Quotation Section (M o n th ly )
Railway and Industrial Section (Q u a rte rly)
VO!
87.
State and City Section (se m i-A n n u a lly )
Electric Railway Section (^Lri’r6
")
SA T U R D A Y, JU L Y
% \xt
18
F o r O ne Y e a r ....................
$10 00
European Subscription (in c lu a in g p o s t a g o )!";;!!" !!.* !’. ! " " . ' ! ! . ’ .".... 13 00
Subscription six months (including postage).......................
7 50
iu London (including postage)............................ £ 2 14s.
"lon th s Subscription in London (including postage)..................... £ 1 U s .
Canadian Subscription (includingpostage) .............................................$11 <50
S u b s c r ip tio n in c lu d e s fo llo w in g S u p p lem e n ts—
B ' n k a n d Q u o t a t io n (m on th ly )
I S t a T e a n d C it v (sem i-annually)
R a il w a y a n d I n d u s t r ia l (q u a rterly ) | E lec tr ic R a il w a y (3 tim es yea rly )
T e rm s o f A d v e rtisin g — P e r In c h S p a c e
T ra n sien t m a tter p e r in ch space (14 agate lin o s ).......................................... .$4 20
r T w o M onths
(8 tim e s ).............................. 22 00
Standlm r R n aleesa Cnrda '
T h roe M onths (13 t im e s ).................... 29 00
C la im in g B u sin ess Cards <
>slx M o n th s (2 o t im e s ).......................... 50 00
(. T w e lv e M o n th s (52 t im e s )................................ 8 7 00
C H IC A G O O F F I C E —P . B a rtle tt, 513 M o n a d n o ck B lo c k ; T e l. H a r r is o n 401 2.
L O N D O N O F F I C E —E d w ard s & S m ith , 1 D ra p ers’ G o rd o n s, E. C.
W I L L I A M II. D A N A C O M P A N Y , P u b lis h e r s ,
P . O. Box 0 5 8 .
F ron t, F ine ami Depoystor S ts .,
N ew Y o r k .
P u b lis h e d e v e r y S atu rda y m o rn in g b y W I L L I A M B . D A N A C O M P A N Y .
W illia m B . D ana, P res id e n t; J a c o b S e ib e rt J r ., V ic o -P r e s . an d Seo.; A r n o ld
G. D ana, T rea s. A d d re s se s ot all, O lllco o f th e C om pany.
C h ica g o_______
Cincinnati_____
C le ve la n d _____
D etroit................
M ilw aukee____
Indianapolis___
C olu m bu s.........
T o le d o ________
P e o r ia ________
Grand R a pid s.D a y t o n _______
Evansville . . . .
Kalamazoo . .
Springfield, III.
Ft. W ayne_____
Y ou ngstow n ___
R o c k fo r d ______
A k ron _
_
South Bend____
L exin gton ______
Canton .............
Springfield, O . . .
Bloomington . . .
Mansfield ...........
Q u in c y ________
Decatur ________
Jackson ...............
Jacksonville, 111.
Ann Arbor...........
A d r i a n ...............
Danville...............
Tot. Mid. West
C L E A R IN G -H O U S E R E T U R N S .
The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U . S.
for week end. July 18 have been $2,551,909,729,against $2,
556,058,192 last week and $2,746,255,636 the week last year
IS
1908.
1907.
%
New Y o r k . . ..........................................
B o s to n ......... ........................... ’ ’
P h iladelphia.......................... I I ...............
B a ltim ore................................... "
C h ic a g o ___________ _____ I l l "
S t. L o u is ......... ........ ................... 11 III 11
New O rleans_______ _________ I .I I I I I
$1,267,526,704
132,923,341
97.033,197
21,662.105
207,257,396
51,008,935
10,051,991
$1,349,822,378
138,795,249
120,284,294
22,735,562
203.078,508
53,196,309
13,083,111
— 6.1
— 4.2
— 19.3
— 4.7
+ 2.1
— 4.1
— 23.2
Seven cities, 5 d a y s...............................
Other cities, 5 days........... ........................
$1,787,463,669
381,904,687
$1,900,995,411
406,002,416
— 6.0
— 5.0
Total all cities, 5 days..........................
All cities, 1 d a y ..........................................
$2,169,428,353
382,481.376
$2,306,997,827
439,257,809
— 6.0
— 12.9
Total all cities (or w eek......................
$2,551,909,729
$2,740,255,630
— 7.1
The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon July 1 1 , for four years.
W e e k e n d in g J u l y
H.
1907.
8
1,742,504,997
137,536,230
55,044,050
31,085,906
9,232,818
8,288,983
6,291,114
3,572,353
2,278,918
2,586,146
1,396,575
1,455,821
1,301,456
1,077,739
1,046,229
713,147
615,693
639.000
550.000
301,095
966,966
Not Included
Not Included
Now Y ork _
_
Philadelphia .
P ittsbu rgh ...
B altim ore___
Buffalo......... ..
Albany...........
Washington .
R och ester_
_
S cra n ton ____
.Syracuse____
R ea din g------W ilm ington..
Wilkes Barre
Wheeling, W . Va
H arrisburg____
E r i e ....................
C h e s te r -----------Bingh am ton___
G reensburg____
F ra n k lin _______
Y o r k ...................
T r e n to n ..............
A ltoon a ...............
Total Middle.
I n c . or
D ec.
- * 4 .9
— 9.8
— 22.1
— 11.0
— 14.2
— 25.7
— 3.9
— 1.0
+ 14.8
— 8.5
+ 0 .4
— 13.9
— 2.5
+ 62.3
+ 20.2
— 5.9
— 18.4
— 20.3
— 5.0
— 2.6
— 20.4
In total
In total
1.716,157.054 2,009,085,430
1900.
1905.
,722,590,097
129,520,668
47,896,373
26,393,906
6,808,192
5,279.445
4,539,321
3,543,902
1,764,581
1,541,081
1,201,042
1,282,045
1,082,416
773,458
5571651
469,634
543,600
384,841
224,804
341,270,746
11.
1906.
S
207,878,641
27,210,200
18.005,582
13,979,367
10,232,956
8,228,471
5,545,100
4,558,905
2,768,679
2,234,212
. 2,219,178
2,025,000
980,930
895,023
886,079
538,702
613,781
686,250
524,451
721.745
531.745
415,504
382,081
393,090
381,101
367,786
245,000
263,488
156,400
1905.
193,409,327
24,168,550
17,406,280
12,075,264
8,741,615
8.240,437
4,686,200
4,053,811
2.636.274
2,093,716
1.8S9.014
1,489,631
770,146
910,115
949,803
595,780
599,367
740,600
511,811
671,241
440,685
430,336
318,589
414,458
412,480
290,120
230,230
209,385
98,258
373,913,548
— 8.’
313,929,567
289,504,523
San F ran cisco...
Los Angeles_____
S e a ttle_________
P o rtla n d .............
Salt Lake C ity ..
S p o k a n e .............
T a co m a ________
Oakland_______
Helena ..............
Fargo ________
Sioux Falls____
San Jose........... ..
S acram en to_
_
Stockton ...........
San D iego_____
F resn o......... ......
North Yakim a.
B illin gs_______
36,956,767
41,722,127
11,230,486
13,056,292
9,751,612
11,450,803
6,293,308
8,289,290
6,662,272
7,760,329
6,425,776
6,871,425
4,514,201
4,921,241
1,766,851
2,656,430
1,189,860
1,267,561
536,349
569,949
565.000
600,000
518,981
521,289
810.000 Not Included
500,700 Not Included
Not Included
460,000 Not Included
276,067 Not Included
285,552 Not Included
— 11.4
— 14.0
— 14.8
— 24.1
— 14.2
— 6.5
— 8.3
— 33.5
— 6.1
— 5.9
— 5.8
— 0.4
In total
In total
In total
in total
In total
In total
37,090,320
12,031,142
9,191,680
6,022,571
5,113.700
4,397,646
3,733,550
3,637,348
852,422
563,274
404,526
440,000
37,528,217
11,338,743
6,240,639
4,680,251
4,091,101
3,449,851
3,231,113
Total Paciflc.
Kansas C ity_
_
Minneapolis____
Omaha _______
St. Paul..............
D enver........... ..
St. Joseph_____
lies Moines.........
Sioux C ity___
W ich ita.........
Lincoln _____
D avenport_
_
Topeka...........
Colorado Springs.
P u e b lo .................
Cedar Rapids___
F r e m o n t.............
86,411,463
33,523,962
17,743,099
11,581,913
8,800,252
7,433,947
4,783,274
2,969,641
2,126,160
1,260,612
1,093,682
1,105,705
925,651
995.862
474.403
700,000
253,380
99,680,736
30,039,360
22,945.084
10,252,504
8,505.963
8,473,593
5,576,817
2,849,079
2,383,302
1,403,811
923,355
846,708
1,092,329
793,483
646,325
577,316
303,753
— 13.3
+ 11.6
— 22.7
+ 13.0
+ 2.7
— 12.3
— 14.2
+ 4.2
— 10.8
— 10.2
+ 18.4
+ 30.0
— 15.3
+ 2 5 .5
— 26.6
+ 21.2
— 16.6
83,478,185
24,845,271
19,282,223
9,223,494
8,151,223
6,486,635
4,313,049
2,592,394
1,742,470
1,311,503
1,145,446
965,407
833,859
993,074
544,965
505,081
236,401
71,935,579
22,822,600
14,681,736
8,903,930
6,455,085
6,349,938
4,003,233
2.355,204
1,609,535
1,547,293
07,672,842
— 1.9
83,172,495
71,842,869
07,510,492
16,305,229
14,107,236
11,193,641
7,103,774
5,231,500
4,790,650
4,470,206
4,038,997
3,015, S02
2,899,836
2,075,933
2,518,365
1,800,001
1,680,795
1,609,391
1,401,093
1,601,704
1,335,000
1,327,904
1,000,000
676,296
494,878
260,000
420,000
Not Included
339,056 Not Included
— 12.3
— 17.4
— 16.9
— 25.7
— 8.3
+ 14.7
— 14.2
— 1.3
— 14.5
+ 65.8
+ 9.0
— 34.8
— 23.2
— 8.8
— 23.8
— 14.4
— 10.1
— 6.3
+ 8.2
— 7.1
+ 1.5
— 3.8
+ 9 .5
— 10.0
— 33.3
In total
In total
56,879,515
16,115,617
11,884,659
8,824,185
6,237,S16
5,090,000
4,467,343
3,930,521
3,642,246
2,880,340
3,887,863
2,203,397
1,869,685
1,418,142
1.407.255
2.048.255
1,062,612
1,261,148
1,425,958
1,245,295
650.000
538,047
404,691
275.000
470.000
54.229.563
19.911.563
11,786,367
5,987,595
5,581,706
4,918,500
3,500,499
4,215,212
2,911,313
2,505,423
4,936,764
2,172,148
1,069,610
1,210,220
1,231,682
1,302,699
991,122
1,217,249
1,306,725
2,264,269
-11.2
140,210.190
135,033,529
Tot. oth. West
95,771,543
St. Louis..............
New Orleans____
L o u isv ille...........
H o u s t o n _______
Richmond .........
G a lve sto n ______
A tla n ta ________
M em phis.............
Nashville ...........
F'ort W orth.........
Savannah ______
N o r fo lk ...............
Birm ingham ____
Jackson v ille____
C h a tta n o o g a ___
M o b ile _________
Little R o ck _____
K n o x v ille ...........
C h a rle sto n _____
Augusta .............
O klahom a...........
M a c o n __________
Beaumont ______
Columbus, G a _ .
Wllmington, N.C.
A u s tin ..................
V icksburg...........
59,233,433
13,464,512
11,722.391
8,318,488
6,657,766
6,000,000
4,109,222
4,410,135
3,454,559
5,000,000
3,101,008
1,744,170
1,934,328
1,642,196
1,247,645
1,377,497
1,259,630
1.500.000
1,444,481
1,234,115
1.015.000
650,594
541,887
234.000
280.000
Total Southern
141,041.057
159,468,723
Total all........... 2,556.658,192 2,929.295,200
Canada—
B o s to n ...............
P roviden ce------H artford...........
New H aven____
Springfield.........
P o rtla n d ...........
W orcester.........
Fall River_____
Now Bedford___
H olyoke_______
L o w e ll________
151,702,310
6,720,100
4,327,370
3,755,344
1,692,042
2,132,779
1,729,428
1,053,534
1,211,866
551,377
528,179
164,423,482
— 7.7
8,048,000 — 16.4
— 2.7
4,446,344
3,098,837 + 21.2
2,299,452 — 20.4
— 8.5
2,330,746
— 5.5
1,829,541
— 0.2
1,056,046
698,100 + 7 3 .0
621,317 — 11.2
616,044 — 14.3
158,867,834
7,700,400
4,730,123
2,711,354
2,151,998
2,000,191
1,590,589
736,656
731,108
070,268
545,314
155,077,140
7,965,200
3,179,456
2,436,704
1,785,318
1,800,240
1,727,070
777,253
702,710
465,222
568,184
M ontreal_______
Toronto ________
W innipeg.............
Vancouver______
O tt a w a ________
Quebec_________
H a lifa x ...............
Ham ilton_______
St. John............. .
C a lga ry...............
London ________
V ic to r ia .............
Edmonton ____
Total Now Eng
175,410,329
189,467,915
182,435,895
176,484,497
Total Canada.
241,419,237 257,142,780
A l
30,032,850 — 10.2
26,976,600
13,388,165
20,110,613 — 33.4
12,877,232
15,469,068 — 16.8
11,125,476
+ 1.4
10,975,792
9,226,555
+ 2.5
8,997,237
5,500,000
6,4 IS,500 — 14.3
3,129,998
4,251.477 — 20.4
2,213,270
2,520,401 — 12.2
2,132,473
2,453,583 — 13.1
1,976,865
2,465,756 — 19.8
1,991,367
2,600,730 — 23.4
967,234
1,267,072 — 23.7
800,000
— 5.7
848,680
879,509
+ 3 .7
848,270
743,536
997,771 — 25.5
491,098
862,953 — 43.1
600,000
777.000 — 22.8
545,265
725,450 — 24.8
679,950
+ 6.6
638,040
400.000
574,792 — 30.4
569,2S4
490,131 + 16.1
485,685
+ 7.7
450,850
293,560
428,883 — 31.6
740,588
431,923 + 71.4
395,601
388,034
+ 1.9
276.000
— 6.1
294.000
272,238
+ 8.3
251,342
150.000
163,864
— S.5
23,960
35,000 — 31.6
368,090 Not Included In total
Outside N. Y . 1,074,374,094 1,186,790,203
— 14.6 1,931,075,821 1,956,397,579
— 7.4
I n c . or
D ec.
1908.
PUBLISHED W E E K L Y.
C le a r in g s b y T e le g ’ h — W e e k en d . J u l y
NO. 2247
W e e k en d in g J u l y
C le a r in g s a t —
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
C le a r in g s a t —
19 0 8 .
547,284
527,909
294,471
744,982
533,381
690,364
497.094
459,737
188,757
"592",322
355,978
235,000
H2.7 2,734,302,153 2,701,198,146
’- 9 .5 1,059,985.738
978,608,049
32,223,155
23,373,641
11,581,707
3.906,075
3,719,739
2,556,744
2,511,222
1,504,432
1,516,378
1,355.869
1,264,192
1,012,439
845,925
35,298,886
26,522,377
13,744,547
4,354.898
3.436,048
2,383,643
2,349,188
1,928,581
1,679,631
1.628,044
1,301,909
1,305,067
1,017,348
— 8.9
— 11.9
— 15.7
— 10.3
+ 8.3
+ 7.3
+ 6.9
— 22.0
— 9.7
— 10.8
— 7.2
— 22.5
— 16.8
33,501,868
22,680,792
10,720,948
2.594.217
2.844,743
2,017,955
1,999,276
1.598.218
1,461,936
1,049,628
1,274,670
1,363,027
680,293
26.672,428
21,048,634
7,245,874
1,710,319
2,526,633
1,709,041
1,760,602
1,325,493
1,160,571
87,372,118
97,010,767
-9.9
83,848.471
66,854,204
b o b b in s
694,491
THE CHRONICLE
124
[VOL. LXXXV1I.
a r tic le
W e
m ay
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o p e n in g r e m a r k
fu r n is h e s
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fo rce s
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have
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are
now
show
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above;
is
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year
an
e a r n in g s
p r e c e d in g
of
a
lo n g
record
great
t im e
of
th e
s lu m p
in
in d u s t r ia l c o lla p s e
W e
r a ilr o a d s ,
have
to
ta k en
o c
in d ica te
to
th e
say
S ta tes
m illio n
fro m
th a t
r a ilw a y s
d o lla r s .
o p e r a tio n s
in c o m e
fro m
30
June
in c re a s e
a
th e
th e
aggre
T h e
sta
is s u e d s h o w s t h a t t h e a c t u a l a m o u n t
c o u n tin g
e n d in g
w as
m on th s
s e e k in g
o f U n it e d
th ou sa n d
gross
in
cover,
bu t
tw e lv e
th e
N ovem ber.
of
p la y
c o n t r o llin g
ta k es
fin a n c ia l a n d
an
and
c lo s e d ,
get
b e fo re
th e
and
th e
w e
g iv e
s t a t is t ic s
r e c e n t ly
a lw a y s
la t e ly ,
of
tis t ic a l r e p o r t n o w
of
to
and
tw ic e
g r o s s e a r n in g s
w e
back
or
y e a r ly
p r e s e n t r a te o f p r o g r e s s it w ill t a k e m a n y m o n th s u n til
are
th e
n e c e s s a r ily
T h e
T h us
to
in d u s tr y
m u st
w ord s,
it
r e s u lts .
c a s io n
th e
has
o th er
of
of
to
I n te r -S ta te
serve
in flu e n c in g
1907— as
th e
th ey
it
in
w h ic h
in c re a s e d
c o m p a n ie s ,
s p ite
th e
r a ilr o a d
g e n e r a lly .
p r e c e d in g — in
e n d in g
C or
th a t
a
In
c o n s id e r a t io n
r e la tin g
w h ic h
as
o f th e
w h ic h
c o n d it io n s
th e
year
of
part
sta rted
s u b s id ia r y
S ta tes
in a s m u c h
m a g n itu d e
b u s in e s s fo llo w in g th e
b y
c a r e fu l
s ta t is t ic s
T h e s e fig u r e s a r e p a r t i c u la r l y u s e fu l a t t h e
t h a t d u r in g th e p a s t w e e k s ix b la s t fu r n a c e s h a v e b e e n
r e q u ir e m e n ts .
page,
som e
U n it e d
p r o m in e n t
b y
tra d es,
th e
o f th e
th ro u g h
m an y
to
ju n c tu r e ,
t h a t s te e l a n d c o p p e r , w it h th e ir w id e a ffilia tio n s in a n d
so
su bsequ en t
of
th is w e e k .
th e
not
g iv e n
C o m m e r c e C o m m is s io n a t W a s h in g t o n h a s m a d e p u b lic
b u s i
e p ito m iz e
a
be
r a ilr o a d s
cu rren t w eek
im p r o v in g
to
our
on
s h o u ld
T H E F IN A N C IA L S IT U A T IO N .
w as
as
1907
com pared
(th a t
th e
T h e
tw e lv e
year
la r g e ,
and
is ,
fo r
th e
$ 2 ,5 8 9 ,1 0 5 ,5 7 8 .
w it h
$ 2 6 3 ,3 4 0 ,4 1 1 .
a lo n e
in v e s t m e n ts )
T h is
m on th s
b e fo re
th e
in
n orm al
in
has
crease
ad
c o u r s e t h e r a ilr o a d s in r e c e n t p e r io d s h a v e b e e n g a in in g
w ith
had
v a n t a g e s f o r m a n u f a c t u r in g s t e e l t h a t i f t h e n e e d a r is e s
r e g u la r ly
it
been
n e a r ly
as
th e
year.
can
put
ch eaper
th a t
th a n
m eta l
any
on
oth er
th e
m a rk ets
of
th e
w o r ld
p rodu cer.
W e
year
W ith
r e fe r e n c e
to
th e
p o lit ic a l
ou tcom e
to
b etw een
have
1901
o n ly
to
$ 2 0 0 ,0 0 0 ,0 0 0
to
fin d
tu rn
back
s ix
an n u al gross
C o n v e n t io n
as
b e in g
in
th e
m o r e p r o m is in g t h a n
had
fin is h e d
its
b e lie f
of
b e fo r e th e
w ork — to
th ey
w e r e in
in
1 9 0 6 -0 7
th e
r a ilr o a d s
gross,
g e n e r a l p u b lic
ago,
r e a ffir m
ou r
n ot to
be
o p in io n
a b le t o
of
go
th e
in
1 9 0 0 -0 1
a n d jo in
W e
fu lly
th a t
is
th e
as
w ork
su re
as
of
th e
d e fe a t in g
even t
of
th e
D enver
e le ctio n
day
lik e
very
m u ch
to
have
th e
a n c e o f th e r e a s o n a b le
th e
th e
th e
fa c t
c e r ta in ty
th a t
th e
In
a d d it io n
to
r a ilr o a d s
c o m fo r tin g
th e
presen t
and
a
m an
n e v e r w ill.
lik e
ra te
o f
W e
b e fo r e
presen t
fa c e d
th e
is
to
p e o p le
h e lp
b e in g
on e
R e p u b lic a n
w ere
r e v e a le d
th e
P a rty .
a
h e a lth y ,
w a s p u t in to
n orm al
o f th e
th a n
sou n d
O ur
v e r d ic t
w eakness
th e
on
w h ere
dou bt
M r. T a ft
w it h
It w as not
p a rty
th a t
to -d a y
sta n d s
r e fe r e n c e
to
$ 2 5 0 ,0 0 0 ,0 0 0
w h ere
to
th ey
are
$ 6 0 0 ,0 0 0 ,0 0 0
a year,
lo s in g
a
year,
at
and
and
v ita l
fo r
lie s
at
th e
of ou r
b ottom
of
in d u s tr ie s .
th e
w h a t.
had
been
If
a llo w e d
to
a n oth er
a d d in g
r a ilr o a d s
w o u ld
at
$ 2 5 0 ,0 0 0 ,0 0 0
th e
to
presen t
t im e
y e a r ly
reve
th e ir
in s te a d
T h is
th ey
are
lo s in g
is a d i f f e r e n c e
in
over
th e
$ 5 0 0 ,0 0 0 ,0 0 0
h u ge su m
per
o f $ 7 5 0 ,
w as
W ith
r a ilr o a d
s p e n d in g
pow er
th u s
cu r
doubt
W e
d e p e n d a b le
reven u es
th a t
s u b je c t
in
in
u n til
p la tfo r m
c o n s is ts
th e
w h ic h
p r o s t r a t io n
g row th
th e
can
th ere
be
any
w on der
th a t
it
is
d iffic u lt
have
to
no
500
ever
t a ile d ,
as to
over
s itu a tio n ,
o p in io n
has
0 0 0 ,0 0 0 .
reach ed .
g a in in g
cau se
p resen t ex trem e
nues;
“ g o ld ”
w as
th is
never
year.
th e w ord
1907
th e P r e s id e n c y ,
h arder
a
o n ly
to
M r. Jam es S p ey er e x
A m e r ic a n
M r. B ry a n
can n ot
jo b
w as
1905
in c o m e
co n tra st
$ 5 0 0 ,0 0 0 ,0 0 0
be
th e
e a r n in g s
fro m
assu r
c o n t in u e ,
th a t
years
s itu a t io n ,
th e
e le cte d
o f th e ir
annual
N ow
th e
have
tota l
th e tw o
d o lla r s .
w e see
in
w ord s,
W e
th e
pressed
o th er
m ove
is .
w it h
w o u ld
In
e a r n e d $ 2 ,5 8 9 ,1 0 5 ,5 7 8
are
w h ere th e
m ent
1907.
in t h e
m illio n
b e lie f
fis c a l
$ 1 ,0 0 0 ,
D enver
s itu a t io n .
fa rth e r
th e
ju s t th a t e x te n t
a lo n e ,
sorry
to
fu lly
th e
$ 1 ,5 8 8 ,5 2 6 ,0 3 7 .
w e
years
a
w h ic h
w h ile
a w eek
$ 2 5 0 ,0 0 0 ,0 0 0
e a r n in g s
0 0 0 ,0 0 0 le s s t h a n
w e r e fe r r e d
and
r e v iv e
b u s in e s s
on
any
very
la r g e
s c a le ?
O r
can
ch a ra cter
th ere b e
any
d o u b t w h ere th e re m e d y
m u s t b e a p p lie d
o f p u b lic o p in io n a n d p u b lic a c t io n in t h e U n ite d S ta te s
to
w hen
fig h t
a c tu a lly
fo r .
arou sed
B u t
w hat
and
are
w e
fa c e d
to
w it h
fig h t
a
fo r
p r in c ip le
in
th is
b r in g
abou t
case?
p ron ou n ced
are
n e ith e r ju s t
p erm an en t
re
a n o th e r fe a tu r e o f th e s e r a ilr o a d s ta t is t ic s .
W e r e p u d ia te th e m .
C o n s id e r t h e e x t e n t
T h ey
and
covery?
C o n s id e r
I s it fo r M r . R o o s e v e lt ’s p o lic ie s ?
a
to
n o r p r a c tic a b le .
If
M r. T a ft
to
w h ic h
t h e r o a d s fu r n is h e m p lo y
is
m e n t to th e m a sse s, b o th d ir e c tly a n d in d ir e c tly . I t a p
w illin g
to
ban k
on
h is
ow n
reserve
of
ch a ra cter,
p ears th a t th e n u m b er o f p erson s re p o rte d as o n th e p a y
p r in c ip le s
and
a c h ie v e m e n ts a c c u m u la t e d d u r in g
a
life
r o lls
o f th e
r a ilw a y s
in
th e
U n it e d
S ta tes
on
June
30
o f a c t iv e w o r k a m o n g t h e p e o p le , h is s u c c e s s in N o v e m
1 9 0 7 w a s 1 ,6 7 2 ,0 7 4 .
b e r is a s s u r e d .
B u t i f h e is d e t e r m i n e d t o m a s q u e r a d e
a c t iv e .
as
a
p oor
cop y
o f
a n oth er
m an
w hose
P o lic ie s
a
dead
fa ilu r e ,
he
had
b etter
lo o k
I t w o u ld
b e in t e r e s t in g t o
h a v e th e re co rd
fo r
have
a
p roved
B u s in e s s t h e n w a s s t ill e x c e e d in g ly
to
year
la te r — o n
June
30
1 9 0 8 — w it h
e v e r y th in g
in
a
h is
sta te
of
ex trem e
d e p r e s s io n .
T en
years
b e fo re ,
on
fe n c e s .
June 30
In
c o n n e c tio n
fr e ig h t
ra tes,
w it h
w h ic h
th e p r o p o s e d
w e
d is c u s s
a d v a n c e in r a ilr o a d
q u ite
at
le n g th
in
an
8 2 3 ,4 7 6 .
1 8 9 7 , th e a g g r e g a te o f th e e m p lo y e e s w a s o n ly
S o
th a n d o u b le d .
in
a
decade
th e
n um ber
has
been
m ore
T h e a m o u n t a c t u a lly p a id o u t in w a g e s
July 18 1908.]
an d
s a la r ie s
1 ,0 0 0
in
th e
m illio n
3 8 6 ,4 2 7 .
to
th e ir
ow n
o f m illio n s
m a te r ia ls
and
e m p lo y m e n t
i t is o n l y
a tin g
la te s t
year
w as
d o lla r s , t h e e x a c t
e m p lo y e e s .
a re p a id
o u t in
s u p p lie s ,
to
oth er
a r m ie s
of
E ven
d iv id e n d s
in
a ll k in d s
th e
th e
In
th e
th u s
o f
over
$ 1 ,0 7 2 ,
reach
th e
r e p r o d u c tiv e p r o c e s s
pu rch ase
m u st
no
le s s
p o in t,
th a n
$ 1 ,7 4 8 ,
o u t fo r in te r e s t a n d
re
o u t a g a in , a fte r w h ic h
ta k en
c o n s id e r e d
M a n ife s t ly , t h e flo w a n d
up.
In
th e
$ 2 ,5 8 9 ,1 0 5 ,5 7 8
a
fr u c tify in g
fe r t iliz in g a g e n c y , c a r r y in g b e n e fits a n d
r e c tio n s .
th is
m a s s e s , s in c e t h o s e
is a g a i n
be
o f fu e l,
fu r n is h in g
O n
la s t a n a ly s is , t h e r e fo r e , t h e w h o le o f t h e
e a r n in g s
h un
1907 a g g reg a te o p e r
w ere
a m o u n ts p a id
end
a d d it io n ,
m en.
c e iv in g th e s a m e m u s t p a y th e m
gross
b e in g
in d ir e c tly
n e c e s s a r y t o s a y t h a t in
expen ses
5 1 5 ,8 1 4 .
th e
c o n s id e r a b ly
fig u r e s
B u t th is s h o w s o n ly t h e a m o u n t p a id b y th e
r a ilr o a d s
dreds
THE CHRONICLE
p r o fit s in
and
a ll d i
progress o f su ch a b e
a g a in
tw o
been
o v e r r u le d .
w eeks
th a t
th e
ago.
in g ly
is
ch arge
restore
it
to
ob stru cted
u tm ost
and
redu ced
e n d e a v o r s h o u ld
fu ll v ig o r
to
be
a
lo w
m ade
to
a g a in .
a re g la d t o
and
in d ica tio n s th a t
t h e b u s i n e s s c o m m u n i t y is a p p r e c i a t i n g t h e p a r t p l a y e d
b y
r a ilr o a d
p r o s p e r ity
or
a d v e r s ity
in
in flu e n c in g
it
W h o le s a le
A s s o c ia t io n
W illia m
at
A s h e v ille ,
Ju d son
o f
th e
N .
C .,
th is
N a t io n a l
G rocers’
w e e k , P r e s id e n t
W h o le s a le
th e
la r g e e x p e n s e
p u b lic .
th e
p o in t
r a ilr o a d s
G rocers’
an d th e m on ey
r e fe r r e d
can
be
r a ilr o a d
e n t e r p r is e s ,
th e
pu rse
in v e s t o r w ill b e t ig h t ly d r a w n a g a in s t
and
not
o n ly
w ill
th e
su ch
th e
of
th e
e n t e r p r is e s
w h ic h
c ific
ch arge
ness
b y
is
p a rty
s h o u ld
lo w
ra te
It
O ne
d ay
$ 1 ,0 0 0 ,0 0 0
w h ile
m en t,
h ow ever,
it
n ot
d id
n e ig h b o r s
in v e s te d
is
fo r
it
th e
g o ld
had
seem
in
past
a
to
in e ffic ie n t
has
w eeks
and
h e r e to fo r e
th a t
tu te s a p r o p e r t y r ig h t ju s t a s s a c r e d
as a n y
of
c o n s ti
oth er.
It
of
bars
th em
T h e
s h o u ld a ls o b e w e ll b o r n e in m in d t h a t m o n e y in v e s t e d
of
in
e n t e r p r is e s
o r d in a r ily
ta k es
r e a p in g th e
a
m a x im u m
m in im u m
o f retu rn ,
s a m e t im e y ie ld in g th e m a x im u m
lic
a t la r g e .”
T h is
h azard ,
w h ile
and
at th e
o f b e n e fit t o th e p u b
is g o o d , s e n s i b l e
a d v ic e
and
th ere
c a n n o t b e t o o m u ch o f it.
A m on g
th e
has
recen t
been
bars
of
d e c is io n s
th e
o f
U n it e d
an
a s s u r in g
S ta tes
are
t h e r a ilr o a d s a t t h e U n io n
L it ig a t io n
S tock
Y a rd s
g ress fo r a lo n g tim e .
a t C h ic a g o .
fu rth e r
s h o u ld
T h e
r o a d s t h e r ig h t t o
a
car
at th e
S tock
h e ld
Y a rd s.
S ta tes S u p re m e
th a t
g r a n tin g
th e
im p o s e a t e r m in a l c h a r g e , a r a te o f $ 2
Y a rd s
w as
u n r e a s o n a b ly
T h e
t im e
and
th e
roads
In te r -S ta te
w ent
in to
C om m erce
cou rt
h ig h ,
a
P a ris
in
o f
to
c o in .
ex p ort.
m a n u fa c tu r e
u n lik e ly
as
th a t
th e ir
w o u ld
as
of
procu re
t h e ir
th e
M in t
fu r th e rm o r e ,
lie u
a c c u m u la t io n
h en ce
it
pos
w o u ld
m ost u rg en t,
th e
m ake
o f
g o ld
a
w ill
c o in
be
d ea rth
b y
o f
th e
d e p o s ita r y
p u b lic
an d
ren d ered
an d
secon d
C o m m is s io n
hag
o f
w h o
fu n d s
fo r
a
p ro
in v o lv e
w o u ld
m ade
to
F ren ch
u pon
p rocess
at
am ount
th e
m illio n s
o f
th is
th e ir
of
o f
of
accou n t
th e ir
th e
not
P a ris ,
exch an ge
of
th e
su ch
of
o f
M e t r o p o lit a n
fu n d s t o
su rren der
in
m a t u r it y
Y ork
excess
of
and
th a t
th e
su r
d e p o s it a r ie s
in
th e
b a la n c e s ,
b y
o f
w ere
su rren der,
c o n t in u e d
m illio n
W edn esday.
W a s h in g to n .
th a t
T reasu ry
45
d e p o s its
N ew
m eth od
th e
o f
on
corresp on d en ts
S u b -T r e a s u r y
som ew hat
o f
banks
e ffe c tiv e
a n t ic ip a tio n
p r e fe rr e d
d r a fts
S ecreta ry
becam e
th e
th o se
t r a n s m is s io n
a ted
T h e
d a te
O ffic e fo r
b y
o f
th is
car.
and
to
g o ld -
to
s h ip m e n ts
o f
m a in
m eta l
w as
b e
th e
exch an ge;
A s s a y O ffic e
su rren der
th e
to
per
as
been
r e m it t a n c e
ju s tify
g o ld
m ore
D u r in g
c lo s e t o
e a r lie r
r e q u is it io n
fo r
a c c o r d in g ly th e ro a d s w e re o r d e r e d t o r e d u c e th e c h a rg e
$1
o f
exch an ge
h ave
su ch
ta k e n
m ove
p r e v a il.
in
th en
T h u rs
s h ip p e r s , p r e s u m a b ly fo r th e p r e s e n t,
7 }^
C o m m is s io n
on
c a p it a l;
q u ite
P h ila d e lp h ia
ex p orts
w eek,
th e U n ite d
b u s i
redu ced
s ig n ific a n c e , fo r
b e o b ta in e d , a n d
p e ra d v e n tu re ,
abou t
b y
to
A ssay
and,
b e a c c e p ta b le to
c a ll,
th is it w a s o v e r r u le d
ag
un
T h is
of
in q u ir y
Y ork
soon
th e
cost,
L ast
im p o s e a t e r m in a l c h a r g e a t a ll a t t h e S t o c k
C ou rt.
at
great
exp ort
lie u
fo r
an
r e m it t a n c e ,
lim it e d
O r ig in a lly , t h e I n t e r -S t a t e C o m
In
th e
P a r is .
fr a n c s
th e
w as
N ew
can
h e ld t h a t t h e r a ilr o a d s h a d n o r ig h t
to
a spe
C ir c u it
o v e r t h e s e t e r m in a l c h a r g e s h a s b e e n in p r o
m e r c e C o m m is s io n
to
th is
o f
r e s u m p t io n
w it h
at
as
at th e
so
s u p p ly
too
C o u r t a t S t . P a u l in t h e s u it in v o lv in g t e r m in a l c h a r g e s
b y
and
its e n tir e
p r o c u r a b le , th e
w hen
great
th e
in
ra tes
m et
been
d ir e c t
cu rem en t
no
cou rt
th a t
it
th e
c h e a p ly p r o c u r e d .
dem and
been
so
at
fo r
u n le s s ,
ch a ra cter
th a t
th a t
F ren ch
s ig h t
a d v a n ta g e
fa c ilitie s
new
su ch
n ot
w eek
to
a
th e
at
th e
o c c a s io n s
th ou g h
and
m ake
w as th e
exp ort
m ark et
p o in t
T h is
m in e
b e
e r r o r o f la w
e ffe c t
p a r t ic u la r
to
d ir e ct
fe w
exp ort
and
e n t e r p r is e s
lo w ,
th e
to
in d ic a te
our
in
s a id
r a ilr o a d
on
th a t
fa lle n , w h e r e b y
bars
no
v o lu m e
w as
ta in e d
p a r a ly z e d
and
in
a r e a s o n a b le
in d is p e n s a b le
enough
c a u s e b ills c o u ld n o t b e as
r e m e m b e r e d ,”
be
m on ey
M r. J u d son , “ th a t y o u r
ou r
tra d e
s h o u ld
be
w eek
in
fo rw a rd e d
“ It
is
p r o p o s itio n ,
n ot
th a t
w as
in c id e n t o f t h e
o f
been
fu n d s ,
o v e r th e
r a te w a s u n ju s t a n d u n r e a s o n a b le .
b ills , o n
o f
cars
C ou rt o f an
had
w o u ld
u n p r o fita b le .
h ave
s u ffe r s .
con
te r m in a l
con ten d ed
th is
w as
p rove
la n g u is h
need
T h e
C o m m is s io n
u n r e a s o n a b ly
a n d b a d ly n e e d e d r o a d s , b u t th o s e
p u b lic
been
to
it
F ed era l
m ade
c o n s tr u c tio n o f n e w
b ecom e
sta ted
$1 p e r c a r w o u ld m a k e
had
th e C o m m is s io n
in
and
be
th e
th e
th e roa d s
assen t
th e
bars
th e
fo r th c o m in g
Y a r d s C o .,
to
th a t
C om m erce
th a t
h ad
th rou g h
be
S tock
C on gress
C ou rt
to
It
n ot
r u le
s ib ly
m u st
m on ey
b y
at
m a in t a in e d
s t r in g s
sam e
th e
e x is te n c e
no
M r.
o n ly
m u s t b e s u p p lie d
I f a h o s t i l e a t t i t u d e is s t e a d f a s t l y
a g a in s t
to.
b u ilt
o f
th e
lo w .
w o u ld
in to
over,
on
th a t
b y
th e
c o r r e c tio n
p e r t in e n t
rem ark s
o f th e U n io n
A cts
In te r -S ta te
s h ip m e n ts
observed
o f
w a s im m a te r ia l if t h e r a te its e lf w a s a p a y in g o n e , b u t
A s s o c ia t io n r e a d a n a d d re s s w h ic h c o n t a in e d s o m e v e r y
Ju d son
t r a n s p o r t a t io n
p e r c a r fo r tr a n s fe r r in g
u n r e a s o n a b ly
h a lf o f
A t th e sev en teen th
a n n u a l c o n fe re n ce
S ou th ern
dow n
A dam s
gen
e ra l tr a d e p r o s p e r ity o r a d v e r s ity .
o f th e
th e
a n d s c h e d u le d it s e p a r a te ly .
r e tu r n in g
g r ie v e d
o b s e r v e m u ltip ly in g
fo r
c h a r g e , a n d a r e d u c t io n o f it t o
r e a s o n a b ly
W e
th e
reach ed
of $2
th e
been
ch arge
Judge
tr a c k s o f t h e U n io n S t o c k Y a r d s C o . t o t h e S t o c k Y a r d s
w a y ; a n d w h e n , as h a p p e n s
th e
b y
c o m p lie d
c lu s io n
dow n
has
b y
ou t
s e p a r a t e ly b y t h e r a ilr o a d c o m p a n ie s , a n d t h e y a c c o r d
C ou rt
c o n d itio n ,
w as h an ded
p o in te d
t h e t e r m in i o f t h e r a ilr o a d s t o t h e S t o c k
r e q u ir e d
th e
strea m
T h e o p in io n
is
Y a rd s, o v e r th e tra ck s
w as
la id
t h e p r e s e n t t im e , th is
It
te r m in a l
th e se ca rs fro m
n e fic e n t s t r e a m s h o u ld b e s t r e n g t h e n e d in e v e r y p o s s ib le
at
125
it
in te r io r
th rou g h
to
d ir e c t
T h is w e e k
w as
e s t im
W edn esday
of
la s t
an
w eek,
THE CHRONICLE
126
or
m illio n s ,
8 y 2
been
tu rn e d
N ew
Y o rk
be
th e
c o n v e n ie n t
h ow ever,
th a t
r e c a lle d
b y
d e p o s it o r ie s
r e s e n t in g
w ith d r a w a ls
th ey
banks
of
to
c a ll
fo r r e d e m p t io n .
so,
th is
a v a ila b le
su ch
If so,
cash
c u lty ,
b a la n c e
r e c a lls
every
at
d ay
on
p o r t io n
th e
of
th is
to
new
th e
n ext
th e
be
fo r
w eek
n ext
c o n fin e d
th ou g h ,
o f J u ly
fo r
in
th e
T h e
to
on
in
p r e v io u s
in
p rogress
lo a n
R u s s ia n
a b le
it
c o n fir m a t io n
of
abou t
has
is
th e
is
w it h h e ld
of
and
e s t im a t e d
fo r
o n e -h a lf
T reasu ry
d e fic it
b y
m illio n
rep ort
case
at
is
of
a
and
a w a itin g
P a ris
b y
as
th a t
th e
o f
new
in
d e n ie d
regarded
a d ju s t m e n t
in te r
n e g o t ia t io n s
d o lla r s
is
th e
prob
o ffic ia l
p e r fe ctin g
th e
term s
r e g a r d in g th e
p osted
in
th e
r e q u ir e d
th e
fe rr y -h o u s e s
e m p lo y e e s
w h eth er
cease
th e
o p e r a tio n
or
fe rr y
la s t s e s s io n
to
ta k e
o f
th e
N o tic e s
th e
and
th a t
th e
th e
he
m u ch
a
lin e
le s s
n e c e s s it y
s t ill
to
so
con
be
con
A ven u e su bw ay.
is
C o m p t r o lle r ,
m ost
B .
in
bou n d
F o llo w in g
o f M r.
w ho
p r e s s in g
o ffic ia lly
fin a n c e s .
b v
(w h o
M r. M etz
is
su bw ay)
b ilit ie s s h o u ld
T h is
F .
to
th a t
d e c la r e s
th e
has
T ra cy
lis t
lo o k
of
a fte r
com e
a
as r e fe r e e
to
at
tw o
in t e n s e ly
at s ix ty
not be
m illio n s a n d
in te re s te d
m illio n s .
ra ted
in
W h at
by
h is
th e
de
fo rm a l
lia
a s s u c h , in t h e s e n s e o f t h e
d e b t lim it , b u t as p r a c t ic a lly r e p r e s e n t in g s e lf-s u p p o r t
in g
p rop erty ,
v a r io u s ly ,
and
b y
je c t;
is
a
q u e s tio n
as p e o p le
th e
are
w h ic h
m ay
in flu e n c e d
d e g r e e o f t h e ir in t e r e s t in
c o m m itm e n t
t io u s ly
of
th e
c o n s id e r e d
d e s ir a b le , th o u g h
have
su bw ay
fo r
but
B y
it
B r o o k ly n
a c t iv e
is
th is o r t h a t p r o
in te re s ts
be
test
w ant
very
cau
of
as
need
is
w hat
at
th e
la id
A ven u e
head.
ou t
m u ch ;
on
of
It
p a p er,
so
m u ch
t h e r e is n o
q u e s t i o n , b u t i t is a l in e
to
it s o w n t r a f f i c a n d t h e r e is n o e v i d e n c e t h a t
d e v e lo p
w h ic h
are
m ad,
F ou rth
ran k s
it
fu r th e r
very
su bw ay
th e
it h a s b e e n
any
be
S u bw ays
q u e s tio n
h a r d ly
and
th a t
s h o u ld
m ay
a
a
an sw ered
o p tim is m
p resen t.
Y ork
su ch
ex p ected ,
c r e d it
th e
N ew
s a id ;
in
h as' b een
and
c it y ’s
be
th e ir
b y
b u t t h e r e is n o t t h e l e a s t d o u b t
p r e s s u r e fo r it b y th e p e r s o n s
w o u ld
w ho
have
s e t g o in g
a c o u n te r p r o c e e d in g , th e
w h ic h
to
a fir e
b y
is
b u ild
b lo c k in g
a ll
o th er
in
th e
step ,
and
it
is
a
rear
o p e r a tio n s
a b le a g a in s t t h e d e b t lim it .
T h e
w a n t it h a s g o n e s o
fa r as t o
of
th a t
th e
in te n t o f
o p p o s itio n
m ay
be
ch arge
T h i s is a t l e a s t a n u n u s u a l
s e r io u s
q u e s tio n
w h eth er
th e
c it y
o u g h t t o b e c o m m it t e d t o a p ie c e o f c o n s t r u c t io n w h ic h
m ust
depen d
th e
on
th e
tr a ffic
it
crea tes.
r e a lly
at
le a s t
not
of
su ch
expect
th a t
to
L abor
to
a
th ey
th e
w h ic h
O ctob er, su ch
of
em p ow ers
th e se
fe rr y
to
n o th in g
ca n b e d o n e at p resen t.
th a t
th e
im p r e s s io n
fo r tw o
th e
fe r r ie s
th a t
m ore
d e fin it e
so
g iv e n ,
th a n
to
M e a n w h ile n o b o d y a p p e a r s t o
w ill
th in g s
m on th s
p e r m is s io n
r e a lly
w ill
m ore.
stop ,
som eh ow
T h e
a c t io n
and
ru b
it
on
is
as
w ill t u r n ,
L abor
S un day
to ta l
o n ly
r e m in d
tic k e t
of
p o lle d
P a rty
and
of
m et
m ade
In
in
a
a
h a ll
in
th is
n o m in a t io n
over
2 1 ,0 0 0
of
out
of
tota l
a
w as
a
tota l
v ote
o n ly
D ebs
fo r
redu ced,
of
In
th e
a g a in
14
1892
to
as
in
9 9 ,6 1 3
w ith
L a bor
ju s t
of
in
p o lle d
a
tic k e t
past
In
to ta l
p o lle d
3 6 ,
1900,
1896,
w as
D e b s t ic k e t 3 9 1 ,5 8 7 , t h e t w o
d is ta n c e
U n io n
v otes
it
m illio n s .
sam e
w h ic h
b e i n g l e s s t h a n 3 ^ % o f th e w h o le
a r e s p e c ta b le
In
1904,
S o c ia lis t
1 5 1 ,0 0 0
o f a t o t a l o f o v e r .12 m il
rose
n e a r ly
1 3 3 ,0 2 6 ,
th e
a n d th e
out
in s ig n ific a n c e
s o -c a lle d
le s s t h a n
n e a r ly
t ic k e t .
th e
m illio n s .
v ote
of
n u m e r ic a l
1888,
a lit t le
1896 th a t
ou t
th e
In
\ \ y2
000
v ote
us
n e a r ly
a little
lio n s .
5 3 ,0 0 0
th a t
upon
ago
m ov em en ts.
w a it
o p in io n
back
S o c ia lis t
P r e s id e n t a t t r a c t e d s c a r c e ly a n y a t t e n t io n , b u t it s e r v e s
ago
b u t i t is o p e n
d e c la r a t io n
L e g is la tu r e
in
w eek
a
w o u ld
It seem s th a t an A ct w as passed
over,
th e
c ity
lit t le
fa llin g
are
have been su p
p rove
c o m p a r a t iv e
F ou rth
of
n ot
pred ecessor
is o f
th ey
get
fe rr ie s
d e t e r m i n e w h a t is t h e p r e s e n t b o r r o w i n g c a p a c i t y , w h i c h
w h ile
b e lie v e
is
is e s t i m a t e d
sep a ra te
th e
le a s t
r e s p e c t in g
a p p o in t m e n t
lin e s a s it fin d s n e c e s s a r y , a n d t h e C o r p o r a t i o n C o u n s e l,
th e
o f at
m u n ic ip a l
ju d ic ia l
w eeks
tw o
as a fu r th e r c o n s t r a in t u p o n
c it y t o d o s o m e t h in g .
c it y
m an agers
w h eth er
w i l l d o s o is i n t e n d e d
th e
som e
t h a t th e ir s e r v ic e s
a fte r th e p re s e n t m o n th ;
dou bt
in
th ese
of
E a s t R i v e r fe r r ie s s e e m s
a t p r e s e n t t o b e o n e m a in ly o f “ im p r e s s io n s .”
th e
not
th u s
T h e fa c t t h a t s o m e h u n d r e d s o f p e r s o n s c a llin g t h e m
T h e s itu a t io n
be
con
th e te st.
in s ta n c e
s e lv e s
in fo r m in g
w it h o u t
B r o o k ly n
road
p r o je c ts
is s u e .
w ere
and
in d is p e n s a b le
is
m ig h t
p r i v a t e c a p i t a l is r e a d y t o t a k e t h e c h a n c e s o n i t .
m illio n s .
th e
do
pressed
p a ra m o u n t.
n orm al
It
fo u n d a tio n
d e t a ils , in c lu d in g t h e
re
b e g in n in g
m ore
been
it
th e
th e
som e
R u s s ia
F in a n ce ,
at
c o m p le t e d
th a t
250
be
tra n sp o rt
be
th e
a lm o s t
d e p o s its -
m a il
is s u e
th is
good
m oney
rep orted
th e
T h ou gh
20
has
w eeks,
M in is t e r o f
th a t
as
th ese
th e
e x p e n d it u r e s
abou t
fo r
fo r
L on d on .
be
w eek,
th ro u g h
to
fo r
a p p r o p r ia tio n s .
w ill
th is
v a ls
and
fo r
be
la r g e
fo r
p r o b a b ly
w ill
m a il
a
G overn m en t
u n til
of
a lm o s t
banks
o f r e c e ip t s , t h a t t h e
w ere
ex tern a l
w ill
b a s is
excess
fo r
d iffi
T reasu ry
r e fu n d e d
m ark et
of
p a y m en ts
new
m on th
th e
th e r e a fte r
th e
c a b le
upon
p e n s io n s
and
th e
b a la n c e
th a t
Y ork
d is b u r s e m e n ts
q u a rter
som e
th e
accou n t
w ith d r a w a ls
and
b e lie v e
s u ffic ie n t
so
p a r tly
s u lt in g
a tio n
1908
becau se
a m ou n ts
w as
e ffe c t
a b ov e n oted
ago
to
to
case
it
a w h ile ,
S o m e tim e s th in g s w h ic h
q u e s tio n
to
m anded
fu n d s
w ill
are.
how
th e
s ta n d s n o w h a lt e d b y th e in ju n c t io n o b t a in e d s o m e w e e k s
th a t
a ls o
a p p ro p r ia tio n s ,
N ew
ju d g in g
stru cte d — th e
has
r e in fo r c in g s u c h
p e n s io n s ,
im p e r c e p tib le
T h e
to
d e p o s its .
3 % s of
be
su rren ders
of
p u b lic
fro m
be
m ay
c o n s id e r a b le
fo r
lo s s
of
in s t it u t io n s ;
th ese
and
th e
retu rn
T h e
d e p o s its .
cen ter
fo r
stop
in
th a t,
$ 3 3 ,
t in u e s
reason
c o n s tr u in g
o p e r a tio n
im p o s s ib le
in te r io r
r e s p o n d in g
th e
n ot
th ere
a c t u a lly
r e c a lls , r e p
reach ed
p u b lic
accou n t
t r a n s p o r t a t io n
of
in
w it h
th is
to
c e r ta in
in
above,
o f
C o in c id e n tly
d is b u r s e d
red u ced
have
m ay
p o s s ib ly
as in d ic a te d
th rou g h
w e
d a ta
“ n e c e s s it y ”
to
le t
to
w hen brou gh t to
C o r te ly o u
has been
som e
th e
a id
o r ig in a lly
d is tr ib u tio n , a n d , th e r e
p o r t io n
a m is s
how
an
posed
th e G o v e rn m e n t
and
de
fo rw a rd e d
fu r th e r
S ecreta ry
c o n c lu s io n
pu rpose, and
or
th e
be
on
A s
rep orted ,
been
crop
b y
to
p r o b a b ly ,
stru ed .
is
engaged
any
ex p ected
It
becau se
r e t a in
th a t
th e
m illio n s
45
a g a in s t
fo r
to
u n d erstood
i t is
of
has
w ere
fu n d s
d e s ir e d
n ot
cou n try
C o r te ly o u ,
th ey
had
th ro u g h
W a s h in g to n
th e
p rotested
th a t
d e c id e d
to
am ount
th e
M r.
m illio n s ,
w as
S u b -T r e a s u r ie s .
th e
fro m
2 7 9 ,2 7 0
16
D ep a rtm en t
r e m a in d e r
th rou g h ou t
th rou g h
is
a lto g e th e r
th e
t r a n s m it t e d
p o s it a r ie s
It
to
o ffic e ;
d ir e c tly
fo re ,
m a k in g
over
[VOL. LXXXVII.
th a t
on
th e
v ote
a
abou t
c o m b in e d
a n d n o t c o m in g w it h in
a p lu r a lit y
in
a s in g le
S ta te.
T h e L a b o r v o t e is t h u s s e e n t o b e n u m e r i c a l l y t r i v i a l ,
and
does
n ot
show
any
m ark ed
g row th ;
w h ile
th e
as
July 18 1908.]
s u m p tio n
is
th a t
THE CHRONICLE
th e re
has
been
of
la te
d e v e lo p m e n t o f s o c ia lis m ,
a ll o v e r t h e
T h is
c o n c lu s io n
b e in g
so,
th e
lo g ic a l
p o lle d fo r t h e d is t in c t t ic k e t s o
u re th e
n u m b e r o f v oters
num ber
T h is
th e
o f
very
c la im
gress
th e
o f
and
s ta n d in g
e x h ib it s in
G om p ers
ou t,
la b o r
fe c tiv e
th e m
fa c t
h ave
v ote
is
a
b y
app eared
and
la r g e
w o rld .
th e
an
v ote
unknow n
r e g u la r
lig h t
b oth
th e
tic k e t.
fa lla c y
p a r t ie s , in
r e c e n t ly
can
a
does n ot m eas
th e ir
w h ic h
u n it
th a t
fe e lin g ,
a stron g
(to
is
la b e le d
o f th a t
years
c iv iliz e d
be
to
as
e f
o v e rra te d , as th ese
fig u r e s
th e
in d ic a te .
It
is
n ot
a
u n it,
p r e d ile c t io n s , b y
w h ic h
w ork m en
th ey
are
h av
m oved
a s o t h e r p e o p l e a r e ; t h e y m a y n o t a ll b e o f t h e G o m p e r s
w ay
of
th in k in g .
t o r io u s
ty ra n n y ,
ra th er
g la d
th o u g h
he
to
to
M oreover,
w h ic h
d is r e g a r d
m ay
th e
th e
w hen
r e c o g n iz e
la b o r
u n io n
w ork m a n
he
h is
a
n o
o fte n
be
v o tin g ,
a l
m ay
com es
to
h e lp le s s n e s s
is
in
resp ect
w ho
on
is
th e
n ow
m u rder.
5 th
ch ose
s e r v in g
T h is
a
as th e ir r e p r e s e n t a t iv e
2 5 -y e a r s ’
s e le c tio n
need
te rm
not
in
be
m e n t io n e d
e lig ib le ,
n ot
le c tio n
w o r k in g
not
in
th a t
It
flip p a n t
is
do
w h ic h
but
not
co n stru cte d
o n ly
w ild e s t
pu t
e x is t
b y
N evada
in to
th e
fo r
yet
35.
th e
m a tter
a
th e
G o v e rn m e n ta l
fa v o r a b le
a ffir m s ,
su ch
a
I f m u ltitu d e s
it
m u st
h ave
ph rase.
F or
b y
our eyes
th e
to
broach ed
A
“ c o n s tr u c tio n s ”
th re a te n e d
th e ir s .
ch an ges,
m u ch
s in c e
h on esty
fro m
w it h
th e
S ta tes
th e
w h o le
occu rred
a
to
b y
th is
and
th e
can
pow er
change
p r e s c r ib e d .
c o u ld
be
r e g u la r ly
th e
p o p u la r
expressed
a g a in s t
spreads?
A s
it,
If
he
S ta tes
p ie c e
an
of
s tr e tc h in g
h ig h
how
ta lk
of
has
e le v a te
o ffe n s e
fo r
w ear
o f o p t im is t ic
ow n
th e
to
c o r p o r a tio n
Judge
and
a
m ay
th e
m on th
T a f t ’s
ago,
h im ,
u n c e r ta in ty
B u t
seem ed
n o m in a t io n ,
a g a in s t
t io n s
of
so
Judge
o f
th e
in
seem s
o f
every
G a r y ’s
cou n try
p o s s ib le ;
th e
la c k
e q u iv a le n t
of
very
in
fo u r th
are
any
U n it e d
a n oth er
w e ll
th a t
fa it h
in
sound
be
o f
o f th e
in c u lc a te d
to
R o o s e v e lt ’s
v e n g e fu l,
sh u t
p o lic y
d is c rim i
O n
o f
th e
oth er
w e a lt h
upon
as
th a t
and
s in c e
t o le r a b le
is
th e
M r.
t ic k e t
u su al
den cy
to
lo w e r
b a s ic
c o n d i
m oral ton e o f
W h at
w h ic h
p roven ,
and
r e q u ir e s
or
an
p u b lic
th a t
b y
w it h o u t
th e
has
p e n a ltie s
n ot
m ay
even
g r a tify
of
a
th e
e n v io u s n e s s
p u r s u it
o f
b u s in e s s ;
as it h a s b e e n , e x c e p t
b e lie f t h a t
th e
som e
e n jo y
d e d u c tio n
is
average
th a t
he
fo llo w
of
th e
th a t
has
c h ie f
it, th e
and
n o th in g
new spaper
of
n o
fo rc e
average
th a t
th e
read er,
is
w hen
he
can
d e m o r a liz in g
e q u a lly
life
read er
a t sta k e
and
b a d , o n ly
tra ck s— m ak e
b u s in e s s
con
h is fe llo w s b y
th e
abou t
th e ir
ten
to
c a p i
a tta ck ed ,
p e o p le a re
is t o
easy
th e
su g g est, a n d
cover
average
th e
th e w o r s t s in
a ll
is
rob b ery,
M ake
are
it
a s s a u lt
in s id io u s
it o r r e a liz in g
h is f r o m
c a p ita l
to
F or
of
tr ic k .
fe e l t h a t
of
d e n u n c ia t io n
in d is c r im in a te
d a n g e r o u s ly
a sort
g otten
sh arp
m anage
fe e lin g
a
an
m o r a ls .
th e s p e c t a c le y o u
som e
in d is c r im in a te
in te n d in g
p rop erty
th is
does
to
le t o n e ’s s e lf b e fo u n d
get
th e
it
on
ou t?
n ot
and
W h en ,
b y e x c e s s iv e p r o s e c u t io n s w h ic h a r e n o t v is ib ly fo u n d e d
upon
ju s t ic e , p e o p le
ro tte n n e ss
is
g e t h a b it u a t e d
g e n e r a l,
a s e r io u s
to
h arm
th e
n o tio n
m ay
be
th a t
done
to
m o r a l s t a n d a r d s , e s p e c ia lly w it h t h e y o u n g .
B u ild in g
c o n s tr u c tio n
S ta tes
d u r in g th e
m ore
has been
w h ic h
m on th s
been
p a st.
n o t ic e a b le
th rou gh
t r u ly
th a n
in
th e
c o u ld
fo r
b y th e
c o n s p ic u o u s
A
le t-u p
th e
e a r lie r
su m m er
upon , and
d a ta
a very
so
c o r r e c tly
e x trem e
B u t c o n c u r r e n t w ith
and
in
e a r ly
th e
fo r
ch an ged
a
th e
m o n th ly
o f
fa ll,
c o n d it io n s
fe a tu r e
fo r
som e
o p e r a tio n s
1907,
bu t
it w a s
th e r e to fo r e
w as
c o n t in u in g
s o , as a n a tu r a l r e a c t io n
a c t iv it y
U n it e d
im p o r ta n t in d u s tr y
b u ild in g
m on th s
in
J u n e 3 0 la s t r e fle c ts
th e
w h ic h
a ffe c te d
a d v e r s e ly
have
arran ged
h a lf-y e a r e n d e d
r e la tiv e ly
a b sen t.
th e
th e
w h a t,
r e fr a in in g
en orm ou s
in
s u c c e s s fu l
c o r p o r a t io n s , h a v e
p e r io d s t h e e x t e n t t o
r e s u lt
m e r e ly
e le v a t e d .”
m a tter
new s
han d,
m u ch
th a n k fu l
a
p red a tory , an d
of
th e
is
s t a n d a r d o f h o n e s t y is a lw a y s s l o w l y r is in g .
as
is
sake
been
progress
be,
to
e le c tio n ,
sum m er
d e c la r a tio n
absen ce
im p o s s ib le
I m p o s in g
in
has
b u s in e s s
th e
m oreover,
to
th e
regard
o f th e
b e n is o n
cou n try
of
p ro
e x a m p le
a n d re a s s u re d as re s p e cts c o m in g o ff b e tte r th a n
a
con
G ary
b u t it h a s n o t e n d e n c y t o r a is e t h e a v e r a g e m o r a l t o n e ,
a g g r e g a tio n s
b e c o m e g e n e r a l.
a s c r ib a b le
T h e
lit t le
lig h tly ,
G ary
as
It
is l a r g e l y
so
and
im p ro v e m e n t
C o n v e n t io n .
is
been
been
it?
to w a rd s
o f n ew spapers
been
d u ty
d e fe n d e rs
d u ty
le a v e s
very
th a t
and
grow
fo re c a s t.
recen t
C h ic a g o
th e
E u rop e,
C o r p o r a tio n
th a t
w onder
in te rp re te r s
la w
fo r
w e
has
b a s ic
n o t in th e b e s t s e n s e ju d ic ia l.
has
s e n s a tio n a l
n a tu re
th e
c o n s tr u c tiv e
p ow ers,
q u a r t e r s , w it h
can
it
th e
r e p e t it io n
can n ot
it
P r e s id e n t
p o l i c y ’s
p e o p le
th e
of
a sserted
m u ch
sw orn
sta rts
S teel
says,
h is
in
of
us
cou n try
so
fo r it c a n n o t b e e x p e c t e d
o f
th e
is
in
n a tio n a l o r g a n ic
he
d e fia n c e
r e m in d in g
m u ch
so
are u n
d e a l, as J u d g e
n o tin g
w h ic h , w e t h in k , r e m a in s a b o u t
it,
T h e
fo r
c o r p o r a tio n ,
hum an
T h e
to
te c h n ic a l
tr u e — a lth o u g h
avow ed
fa ile d
E n
w e d o u b t w h e t h e r i t is a t a ll t r u e t h a t “ t h e m o r a l t o n e
o f
d e s ir e
possessed
in
w h ic h
th ere
and
in
a tta ck .
e v il d o in g th r o u g h fe a r o f c o n s e q u e n c e s ; t h e r e fo r e ,
se
u n c o n c e a le d d is r e s p e c t fo r C o n s tit u t io n a l lim it a
t io n s
test
if
W h en
and
of
e v i
k e e n e r a p p r e c i a t io n t h a t h o n e s t y is t h e b e s t p o l i c y —
u pon
a P r e s id e n tia l n o m in a t io n , m a d e
s u g g e s tiv e
an
don e to
t h a t is , t h a t i t is t h e m o s t p r o f i t a b l e i n t h e l o n g r u n —
t a lis t h a s p r o b a b ly
is
and
th a t
ju s tic e ;
r e g u l a r s h a p i n g o f c o n s t i t u t i o n s is v e r y m u c h o t h e r w i s e .
r e g u la r
as
th o r o u g h ly
fre q u e n t
o f ju s tic e
n a tin g , s p e c ta c u la r , a n d
vey, even
fo r m a lly
g e n e r a lity
has been
been
b y
a
ju s tic e ,
th e fa ct
done
n o t
id e a
d o in g
t io n
C o n s tit u t io n ,
of
b e fo r e ,
p o s it io n — th e s e
have
been
h e a r in g
m in o r it y w o u ld h a v e t o g e t o n a s b e s t t h e y m ig h t ; b u t ir
as
p ie c e
p o lic y
th e d o c t r in e o f a s q u a r e
d e a l w h ile
excep t
has
g e o g r a p h ic a l
m in d h a r d e n o u g h a n d p e r s is te n tly e n o u g h , a n d t h e s o b e r
T h e s ig n ific a n c e o f
a
a r e m a in in g a n d p e r s is te n t p a r t o f t h e
v erted to
in
T h is
in te n d e d
m eth od
it
is
o ffe r e d
t o d o t h e b e s t fo r o n e ’s s e lf; a b u n d a n t n a tu r a l r e s o u r c e s
and
C o n s tit u t io n a l
in s tru m e n t
C o n s tit u t io n , if
b u s in e s s b y
in d iffe r e n c e
of
c o n s t it u t io n s .
an
fo r
in d e
to th e m e e t
a re fo r th e p e o p le
s p e c ific
p r o p o s itio n
of
d e fia n t s e n s e
su ch
th e
age
fu n d a m e n ta lly
and
m an
c o n s t it u t io n a lly
and
a
s p e a k e r — t h a t c o n s t it u t io n s
p e o p le
is
th e
d e fia n t ly ,
p ron ou n ced
p e o p le .
he
a tta in e d
m ade
w as
th e
fa ct
h a v in g
w as
d is a b ilit y
th e
a
d is c u s s e d
p e n d e n t ly , b u t th e p e r s o n w h o n a m e d h im
in g
been
m ig h t b e c a u s e d w it h o u t a n y q u ic k e n in g o f c o n s c ie n c e ,
m a tte r s o f w a g e s a n d s t r ik e s .
T h e p e r s o n s w h o n o m in a t e d t h e S o c ia lis t L a b o r c a n
d id a te
e le v a te d
t e r p r is e , in g e n u it y a n d e n e r g y in t h e p e o p le ; t h e d e s ir e
c o n d it io n s .
th e
been
d e n c e t h a t n o s e r io u s o r la s t in g h a r m
th a t
b a l a n c e o f p o l i t i c a l p o w e r , t h e s i z e o f i t t h a t is
th e ir o w n
has
fa m ilia r ; it h a s
d o u b te d ly
d is t r ib u t a b le b e in g d o u b tle s s m u c h
in g
p e o p le
a lr e a d y
C on
bow )
sw u ng
o f
th e
127
lo o k e d
fro m
th e
p r e v a ilin g .
m o n e t a r y t r o u b le s o f th e la te
fa ll o f 1 9 0 7 s t r u c t u r a l w o r k
fe ll o f f s h a r p ly , t h e o u t la y
c a lle d
th a t
fo r
b y
M on th
co n tra cts
and
year
Jan u ary
b y
m on th
e x p e n d it u r e
c r e a s in g ,
cen ta g e
s in c e
under
but
o f
in
en tered
1908
th en ,
th e
each
decrease
in to
b e in g
D ecem b er
h ow ever,
p e r m it s
is s u e d
ca s e s h o w in g
fro m
in
a b n o r m a lly
th e
th e
has
of
s m a ll.
a g g reg a te
gone
a p retty
on
in
la r g e
c o r r e s p o n d in g
F or
Jun e,
th e
e x h i b i t is m u c h
s im ila r
en tered
th e
an
in to
c lo s in g
m on th
of
th e
m on th
h a lf-y e a r ,
m o r e s a tis fa c to r y th a n
s in c e
d u r in g
c a ll
to
O ctob er
th e
fo r
m on th
th e
of
M o b ile ,
and
at
4G
in
any
th e
7 6 % ;
T h ere
of
d e p o s its
c itie s
m o n t h s in c e J u n e 1 9 0 7 ,
in
th e
and
h o ld in g s
in c re a s e d
s h o w in g ,
it
in g
r a n g in g
m on th s
th e
m ost
th e
of
fro m
as
p la te d
to
under
o f
th e
a s a g a in s t o n ly
4 4 % ,
fe a tu re
w ith
so
th a n
th e
is
a
in
fa v o r a b le
T h e
de
preced
fo r
in c re a s e
ago,
June,
in
con
arran ged
o u tla y
reach es
June
th e
in
d e t a ils
th e
year
is s u e d
$ 1 1 ,9 3 2 ,3 8 0
a
e x h ib ite d
M a n h a tta n .
p e r m it s
sen se
m ore
A s regard s
com pared
B orou gh
any
m u ch
25
1908.
c o n s p ic u o u s
s tr u c tio n ,
in
c e r ta in ly
in
fo r
con tem
$ 1 6 ,1 8 2 ,7 1 5 ,
1907, or
a g a in
of
th e
to
d e p o s its
a h a lf t im e s t h e a m o u n t d e v o t e d
th e
m on th
G re a te r
N ew
a
year
Y ork ,
in g , B r o o k ly n
in
Y ork
w ill
h ow ever,
to
ex p ected
m ake
r a p id ly
th a t
enough
a lik e p u r p o s e
oth er
an
borou gh s
adverse
E ven
th e
to
of
show
fo r t h e w h o le
la s t y e a r o f 1 3 % .
it is n o t
progress
T h e
p a r t ic u la r , s o th a t
t h e r e is a lo s s f r o m
N ew
ago.
c ity
in G r e a t e r
a d d it io n a l w o r k
m ake
m u ch
of
an
d ecreased
c a ll.
p aren t
im p r o v e m e n t,
o f th e
as
is
over
cou n try
e v id e n c e d
a re s o la r g e .
th ere
b y
is
an
ra th er
sum
d e p o s its
S t.
in
June
(O h io ),
P a u l,
are
G ra n d
and
P h ila d e lp h ia ,
B a lt im o r e ,
R a p id s ,
lo s se s
are
P o r tla n d ,
r e la tiv e ly
O r e .,
g a in s
P a te rso n
s lig h t
at
R och ester
and
C h ic a g o ,
and
en ce
th e
in
ban ks.
th e
tru st
in
S e a ttle .
average
T h e
and
w h ic h
w e
have
draw n
p a r tly
r e fle c te d
T h e
m ark et
w hen
fo r
su rren der
as
a
C on
fo r o u r d a ta ,
fa v o r in g
e le m e n t
in
fo r
th e
th e s im ila r
fo r
c o n s tr u c tio n
g a g em en ts
is
o n ly
or
a
th e
$ 2 1 6 ,1 9 6 ,7 4 4 ,
d e c lin e
tota l
4 3 % .
been
are
in
a ll
D en ver,
C h a tta n o o g a ,
; le a n s , 1 8 % .
D u lu th ,
$ 3 8 0 ,0 0 0 ,0 0 0 ,
s e c t io n s
of
p u b lic
w h ere
fo r;
lj^ % ;
year
in c re a s e d
S yracu se,
d e p o s its
w as
th a t
p a r tly
th e
o ffs e t
be
of
in
K an sas
C ity ,
c o n s id e r a b le
m ark et
and
Qf o v e r
47
m illio n s ,
in g s in
° « ' Y-
G re a te r
■ -
N ew
>’ '
San
A n to n io
4 2 % ,
q u ite
d u r in g
T h u rsd ay
at
th a t o f th e
c it ie s
s ix g iv e
T he
4 4 %
and
has
2 8 % ;
N ew
O r
th e
f a llin g o f f is
b e in g
!
d ecrease;
fo r
b u ild
fro m
112.
:
th e
la s t
ra te
banks
th e
G overn m en t
d is b u r s e
th e
tim e -lo a n
le n d e r s
th ey
on
c a ll
w ere
n ot
ban ks.
m od era te,
of
th e
T h e
la r g e ly
tr a d in g ,
w a s s m a ll, o w in g t o
p u b lic
fro m
M oney
on
p a r tic ip a tio n
c a ll,
u n ifo r m ly
w as
in
r e p r e s e n tin g
th e
ra te
fo r
w as th e
w it h
tru st
no
lo a n in g
o f
in
q u oted
o n ly
fir m
w ith
on
}4
fu n d s
w as
com p ared
m on th s
w as
u n til
1 M % 5
ch an ge
m on ey
th ou g h ,
s ix
day
abou t
c o m p a n ie s
T im e
c o lla t e r a l
each
a v e r a g in g
1 %
and
m a tu r itie s ,
E x ch a n ge
O n e fe a tu r e
w eek
1 ^ % ,
m in im u m .
lo n g e r
w eek,
S tock
to
lo w e r
as
th e
th e
1 %
average;
1 %
fo r
v en tu res.
th e
a n d tr u s t c o m p a n y b a la n c e s , lo a n e d a t th e S to c k
th en
th e
th e
in
a ls o
ch a ra cter
fu lly
in .e x p e n d it u r e
Y o r k (th e d ro p
'
Y i i
J
w as
p r o fe s s io n a l
of
fro m
v a u lts , c h ie fly
of
d e p o s ita r y
is
la s t.
a ls o
tr u s t c o m p a n ie s
w h ic h
th e ir
dem and
th e
on
E x ch a n ge
O n th e o th e r h a n d , th e
or
fro m
w er6
bank
7 % ,
th e
abou t
in flu e n c e d
T reasu ry
banks
th ey
a m ou n ts
in te r e s t
of
w it h
m a rk et;
1907,
A t t h e s a m e t i m e , a t B a lt i m o r e , C h ic a g o ,:
n o m in a l.
th e
w hen
r e p r e s e n ta tiv e
and
la r g e
fo r
of
fro m
T h e tr u s t c o m p a n ie s a p p e a r e d
c o m p e titio n
of
b y
1906,
1908,
P a te rso n ,
th e
and
m o s t lik e ly
over
w ith d r a w a l
s p e c u la t iv e
o n ly
of
in c re a s e d
th e b a n k s b y
c it ie s
th a n
d iffe r
d e p o s its
s lig h t ly
d e p o s its
fro m
le a d in g
o u tla y
4 3 % ;
o n ly
54
cou n try ,
th is
in s ti
th e
in s u p p lie s r e s u lt in g fr o m
a b s te n tio n
lo s s
tru st
in lo a n s
c o m m is s io n -h o u s e b o r r o w in g
th e
n oted
th e
a c t iv it y
P itts b u r g h
1,p r a c t i c a l l y
be
w as
and
w it h
lo s s
$ 1 4 ,6 1 6 ,3 0 0
a c t u a lly
th e
$ 3 4 9 ,6 4 6 ,5 2 1
oth er
of
1 9 0 7 , th e en
c o m p ila t io n , e m b r a c in g
o f g rea ter
arran ged
at
com pared
is f u r t h e r m o r e t o
lo c a lit ie s
w ork
a g a in s t
and
abou t
in t h e
. e v id e n c e
, s ix
3 8 % ,
w as
It
in c lu d e d
of
a g g reg a te
of
of
th e
cau sed
a ctu a l
fo r
T u r n in g to th e t o t a l r e s u lts fo r th e h a lf-y e a r o f
w it h
in
brou gh t
lo a n s
m on ey
of
reason
becau se
th e s itu a t io n .
com pared
tru st
fo r
fo r t h e r e in fo r c e m e n t o f t h e ir r e s e r v e in
stock
steel
th e
b y th e c o n tr a c tio n
w ith d r a w a l o f ca s h
th e
stru ctu ra l
o f
m illio n s .
s p e a k s o f it in t h a t s t r a in , a n d r e fe r s t o t h e d e c r e a s e in
of
in
w it h d r a w a l
accou n t
tr a n s a c t io n s
w eek,
r e c e iv in g
p r ic e
d e p o s its
th ereof
v a u lts
T h e
a c t u a l in c r e a s e o f $ 1 5 ,9 1 3 ,4 0 0
e n c o u r a g in g .
u pon
de
$ 5 0 ,0 6 3 ,9 2 5
P u b lic
in
e x p a n s io n
bran ch
t r a c t o r ,”
ac
a ctu a l
reserves
su rren ders
p r o b a b ly
average
to
“ A m e r ic a n
w h ile
T h e
c o m p a n ie s ,
t h e e x h i b i t f o r t h e h a l f - y e a r , is l o o k e d
T h e
a ctu a l cash
a u g m en ted ,
J u ly 15 o f th e T r e a s u r y
m ay
banks
1 9 0 8 , a p a rt fro m
q u ite
a ls o
average
as s h o w n b y a v e ra g e s;
reserve
banks
and
T h e
$ 7 ,8 2 9 ,4 0 0 ,
$ 6 ,9 4 8 ,4 0 0 .
C o n s id e r e d in its v a r io u s a s p e c t s , t h e s h o w in g fo r J u n e
as
w eek
w ere
r e fle c t in g
m en ts as a b o v e n o te d .
u pon
la s t
th e
and
ap
B ir m in g h a m , C o lu m
M ilw a u k e e ,
of
in
$ 5 ,6 8 4 ,7 0 0 ; t h e
cash
th e
of
and
th e
bus
an y
h o ld in g s
s u r p lu s .
a ctu a l sta te m e n t.
average
t u t io n s
w it h
th is y e a r
b y
ex
c a s h s h o w n b y t h e a v e r a g e s ; t h e d e c r e a s e o f 2 2 m illio n s
in
la r g e
as r e c o r d in g h e a v y
of
th is
sh ow n
cash
$ 2 0 ,7 0 6 ,1 0 0 .
th e
fro m
p e r c e n t a g e s o f g a in o r a lm o s t n o m in a l lo s s e s c o m p a r e d
N o tic e a b le
B anks
and
averages,
in c re a s e d
th is w e e k
a year ago.
of
o f th e m a t u r it y o n
T h e
2 2 )^ 2
o f m a t e r ia l c a r r ie d
o t h e r s e c t io n s
ra tes
d iffe r e n c e s
D e p o s it s
$ 6 ,2 9 4 ,7 0 0 ,
a n t ic ip a tio n
s p r in g ,
as stock s
5 7 % ,
ra te
W ith
su ch
e x h ib its
decreased
a s in d ic a te d b y
p r e v io u s
m any
in
o ffic ia l
3 % .
t h e r e w a s a g a in o f $ 2 ,7 4 8 ,5 7 5 in r e s e r v e t o
im p r e s s io n o n th e b u ild in g s u p p ly tr a d e b e fo r e a n o th e r
In
ch an ge
reserve
in c r e a s e d
th is
in
its
to
c r e a s e d $ 7 ,6 4 2 ,0 5 0 t o $ 4 7 ,0 5 3 ,2 5 0
10
and
F r a n cis c o ,
redu ced
A s s o c ia te d
of
th e
c o m p a n ie s
b e p u t in o f fic e b u ild in g s , o r th r e e
no
$ 7 ,6 5 5 ,1 0 0 .
3 5 % , a n d o f t h is y e a r ’s t o t a l it s e e m s t h a t n o le s s t h a n
1 -3 m il l io n s is t o
San
3 ^ %
a ctu a l
o f cash
c o r d in g
fro m
r e m a r k a b le
th e
o f
W h ile
not
im p o rta n ce .
ban ks.
rep orts
1 0 j/£ m i l l i o n d o l l a r s , o r 1 5 % , l e s s t h a n i n t h a t
is
d e c id e d
7 5 % ;
B e lg iu m
w as
w ere
average
m on th .
c lin e s ,
of
th ere
a n d o n ly
th is
of
3 9 % .
w eek
E u rop ea n
$ 5 4 ,4 7 2 ,1 3 0 ,
o f
is
R e a d in g ,
B an k
c e p t io n
th e
C o n tra cts
le a d in g
m illio n s )
P h ila d e lp h ia ,
T h e
of
fo r a n y p re ce d
1907.
e x p e n d it u r e
a m o u n t g rea ter th a n
is
65
d is c o u n t th is
p e r io d
cou n try
m illio n s
T h e r e h a v e a ls o b e e n h e a v y d e c lin e s a t H a r t f o r d , 7 9 % ;
per
th e p r e v io u s y e a r .
in g
[VOL. LX X II.
XV
THE CHRONICLE
128
good
° f
m ix e d
1 % : h ig h e r .
fo r s ix ty
to
sev
e n t y - f i v e d a y s , o r u n t i l O c t o b e r , w h e n it is e x p e c t e d t h e
g r a in
a c t iv e .
and
co tto n
A n o th e r
d is trib u tin g
fe a tu re
w as
m ovem en t
th e
p la c in g
w ill
of
be
fo r e ig n
lo a n s fo r th r e e t o fo u r m o n th s a t 2 ^ @ 2 % % , a n d th e r e
w ere so m e
pu rch ases
o f c o m m e r c ia l
paper
fo v J L on d on
J u l y 18 1908.J
T H E CHRONICLE
account. Quotations for time loans for short ma
turities were l% (a)2% for sixty and 2 @ 2 % % for
ninety days and 3@ 3 % % for four to five months; the
rate for six months was 3 % % . Commercial paper
was in good demand with a fair amount of offerings;
rates were 3% @ 4 % for sixty to ninety-day endorsed
bills receivable and for four months’ choice single
names, while prime six months’ paper and good unen
dorsed notes were 4% @ 5 % .
The Bank of England rate of discount remains un
changed at 2 % % . The cable reports discounts of
sixty to ninety-day bank bills in London 1 % @
1M % - The open market rate at Paris is 1 % @
1 % % and at Berlin and Frankfort it is 2 % % .
According to our special cable from London, the
Bank of England gained £56,386 bullion during the
week and held £37,823,994 at the close of the week.
Our correspondent further advises us that the gain
was due entirely to receipts from the interior of Great
Britain, the net exports having been but £181,000.
The details of the movement into and out of the Bank
were as follows Imports, nil: exports, £181,000 (of
which £100,000 to Sweden and £81,000 French coin),
and receipts of £237,000 net from the interior of Great
Britain.
The foreign exchange market was generally strong
and moderately active this week because of a good
demand and a light supply of bills. One noticeable
feature was an unusual dearth of commodity drafts
for the season; the export movement of grain is com
paratively light, and shipments are largest from the
ports of Montreal, Philadelphia and Baltimore. Were
the exports more liberal, however, the volume of
exchange resulting therefrom would, doubtless, be in
sufficient for requirements, for bills against grain do
not greatly contribute to market needs. Until, there
fore, cotton begins to move in quantity, the supply
of commercial drafts must, it would seem, be small;
Inasmuch as such drafts, when discounted, provide
credits against which bankers draw their bills, the
scarcity of discountable commercial exchange, or
acceptances, directly affects the supply of long and
short drafts, and even a moderate demand for remit
tance contributes to the maintenance of a firm tone;
The business in our stocks in London is limited, owing
to the inactivity in that market for railroad securities;
this condition of the trading was indicated by the light
balance in Americans at the London Stock Exchange
settlement this week, and it has been observable
also in recent semi-monthly adjustments disclosing
quite moderate arbitrage operations which ordinarily
result in the creation of a fair volume of bills. In
other seasons, when normal conditions have prevailed,
finance or loan drafts have been negotiated with more
or less profit; now the somewhat doubtful exchange
outlook discourages such operations, even though
protection against adverse conditions of the market,
when cover for such drafts mature, can be obtained
through contracts for futures. Probably the exchange
situation will not be clarified so as to give promise of
satisfactory results of bankers’ operations until the
cotton-export movement shall begin; then commercial
bills should be more plentiful, providing bases for
bankers’ exchange, so that a more normal situation
will be established.
129
The export of $1,000,000 gold to Paris this week
makes a total of $43,010,000 to all European centres
since the movement began in April. It may be noted
that this week Paris and Berlin bankers secured
$1,750,000gold in London by purchase of Cape metal.
On Saturday of last week the tone was firm,
especially for sight, and compared with Friday there
was an advance therein of 5 points to 4 8695(3)4 8705;.
cables were 5 points higher at 4 8715(3)4 8725, and long.
5 points lower at 4 8570(3)4 8575. On Monday shortrose 5 points and cables 10 points to 4 8705(3)4 8710
for the former and to 4 8725(3)4 8730 for the latter,
owing to an increased demand and a small supiply; long
was 5 points lower at 4 8565(5)4 8570. On Tuesday
while long was unchanged, short was 5 points higher
at 4 8710@4 8715 and cables 5 points at 4 8730(5)
4 8735; francs and marks were strong at the maximum
rates yet recorded. On Wednesday the market,
though firm, was inactive, owing to the satisfaction
of the demand for remittance, and the engagement, as
above noted, of $1,000,000 gold for export to Paris
was the principal feature. Long rose 10 points to
4 8570(3)4 8580 and cables 5 points to 4 8735(5)4 8740.
while short was unchanged. On Thursday long ad
vanced 5 points to 4 8575(3)4 8585, short fell 5 points
to 4 8705(3)4 8710 and cables 10 points to 4 8720(5)
4 8730. On Friday short and cables fell 5 points and
long was unchanged.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
F rl..
M o n .,
T u ts.,
W e d .,
T h u rs.,
F rl..
J u l y 10 J u l y 13 J u l y 14 J u l y 15 J u l y
16 J u l y 1 7
Brown
jf 60 days
B r o t h e r s ....... .......... 11S ig h t..
Kidder, Pea
1 60 days
body & C o................ S ig h t..
Bank British
60 days
North A m e r ic a ____ S igh t..
Bank ot
60 days
Montreal.................... S igh t..
Canadian Bank
60 days
of Commerce______ S igh t..
Heldelbach, Ickel60 days
helmer & C o _______ S igh t..
Lazard
60 days
Freres_____________ ' S igh t..
Merchants’ Bank
60 days
of Canada.............. ]: S ig h t..
4 86}*
4 88
4 86}*
4 88
4 86}*
■ 88
1
4 86}*
4 88
4 86}*
4 88
4 86}*
4 88
4 86}*
4 88
4 86}*
4 88
86}*
88
8 6 }* .
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
86}*
88
ff}*
88
86}*
88
86}*
88
86}*
88 i
The market closed on Friday at 4 $575(5)4 8585 for
long, 4 87(5)4 8705 for short, and 4 8715@4 8725
for cables. Commercial on banks 4 8545(5)4 8555 and
documents for payment 4 84%(5)4 85. Cotton for
payment 4 84% @ 4 84%, cotton for acceptance 4 8545
(5)4 8555, and grain for payment 4 8 5% @ 4 85%.
The following table indicates the amount of bullion
in the principal European banks.
J u ly
16 1908.
J u ly
B a n k s of
G o ld .
£
England.
F ran ce. .
Germany s
Russia d
Aua-H unb
S p a in ____
Ita ly _____
Neth’ landf
Nat.Belg.a
Sweden . .
Swltz’land
Norway _.
SU v e r.
£
37,823,994
126.804,505
40.071.000
112,222,000
46.845.000
15.654.000
36.153.000
7,703,300
4,082.667
3.883.000
3.735.000
1.632.000
36,433,665
16.279.000
7.777.000
13.349.000
26.823.000
4.275.000
4,168,200
2.041.333
T o ta l.
£
37.823,994
163,237,510
56.350.000
119,999,000
60.194.000
42.477.000
40.428.000
11.871,500
6.124.000
3.883,100
3.735.000
1.632.000
18 1907.
G o ld .
S it te r.
£
£
35,951,968
112,112.595
31.237.000
116,508,000
45.544.000
15.571.000
32.508.000
5,594,600
3,160.667
4.138.000
1.383.000
1.650.000
39,325*235
12.635.000
6,643,000
12.389.000
25.640.000
4,766,500
5,731.300
1,580,333
T o t a l.
£
35,951,968
151,437,830
43.872.000
123,151,000
57.933.000
41.211.000
37.274.500
11,325,900
4.741.000
4.138.000
1.383.000
1.650.000
Total week 436.6C9.466 111,145,538 547,755,004 405,358,830 108,710.368 514,069.198
Prev. week 433,235,557 110,3S4,654 543,620,211 403,221,686 108,420,473 511,642:159
a The division (between gold and silver) given In our table o f coin and bullion
n the Bank of Germany and the Bank ot Belgium Is made from the best estimate
we are able to obtain: in neither case Is It claimed to be accurate, as those banka
make no distinction In their weekly returns, merely reporting the total gold and
sUver: but we believe the division we make Is a close approximation.
b The Austro-Hungarian Bank Statement Is now Issued In Kronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the K ron en
has really no greater value than 20 cents, our cable correspondent In London. In
order to reduce Kronen to Pounds, has altered the basis of conversion by dividing
the amount of Kronen by 24 Instead o f 20.
d The total of gold in the Bank of Russia includes the balance held abroad—
that Is, the amount held for Russian account In other Continental banks. The
proportion so held, and consequently duplicated In the above statement, Is abou t
one-quarter o f the total.
The following gives the week’s movement of money
to and from the interior by the New York banks.
T H E CHRONICLE
130
[VOL. LX X II.
XV
anv given article. For instance, he calculates that a
10 % increase in the present rate on woolen goods be
'-------------- --$6,057,000 Gain $4,177,000
$10,231,00 0
260,000 tween New York and Chicago would add only 75 one846,000 Gain
1,100,000
$6,903,000 Gain $4,437,000 thousandths of a cent per yard to the cost of the goods
11,340,000
Total gold and legal te n d ers-----at Chicago, making the increase in the cost of a dress
With the Sub-Treasury operations, the result is as
of twelve yards only nine-tenths of one cent.. Cer
follows .
tainly, such an addition is trifling, and it does not seem
Net Changes In
Out el
Into
Bank Holdings.
Banks.
Banks.
as if it could involve any great hardship either to the
Week ending July 17 1908.
$6,903,000 Gain $4,437,000 consumer or distributer of the goods, whichever has
B an k s’ Interior movement, as above $11,340,000
850.000
35,050.000 Gain
35,000,000
Received, by
Week ending July 17 1908.
Shipped by
,V. Y . Hanks. N . Y. Banks.
Net Interior
Movement.
Sub-Treasury operations---------------
to bear it.
On the other hand, it is easy to see that the situa
tion of manufacturers and distributers at the moment
THE CONTEMPLATED ADVANCE IN RAILROAD
is a trying and difficult one. Granting that in the
FREIGHT RATES.
After months of what appeared to be desultory talk, end the higher freight charge will be “ passed on to the
the prospect of an advance in railroad freight rates has consumer,” it is by no means certain that foi the time
all of a sudden developed into a live question. The being the consumer can be made to pay it. The
New York Central Railroad, it seems, has already filed present is an era of declining prices in tin. business
n new tariff with the Inter-State Commerce Commis world, with competition more intense than in years
sion, increasing the rate on sugar between New York by reason of the trade prostration, and at such a junc
•'and Chicago from 26 cents per 100 lbs. to 28 cents and ture prices of goods cannot readily be raised. Be
The rate on coffee between the two cities from 27 to sides, consumers are not in position to pay higher
:30 cents. The new tariffs on these articles go into prices. Their income, in a vast majority of cases,
'•effect Aug. 1, and it appears that the railroads which has been materially shortened, while hundreds ot
'haul the two commodities from Southern ports are thousands of them are without any income at all,
making corresponding advances, so that the existing since they are out of employment. In these circum
conditions in the matter of competition will not be dis stances, it is conceivable that the manufacturer or
turbed.
Furthermore, in the Southwest a general distributer might himself have to bear the additional
advance of rates, affecting nearly all classes and com burden. While such a prospect in time of trade pros
modities in what is known as Southwestern territory, perity, when he was doing a large business, might not
is to become effective Aug. 10. Lastly, and undoubt disturb him in the least, at the present moment, when
edly most important of all, the Eastern trunk lines he is doing nothing, the matter seems of portentous
have been considering propositions for a moderate magnitude to him. It may add only a few hundred
increase in class rates in the teiritorj^ east of the or a few thousand dollars to his yearly outlays, de
Mississippi and north of the Ohio and Potomac rivers. pending upon the extent of his shipments, and yet
Great prominence to this latter intention has been any increase at all at this juncture, when he is obliged
given the present week by the publication of the coi- to cut expenses in all directions, appears both incon
respondence which has passed between Secretary gruous and hard.
But while economic considerations of this kind seem
James T. Hoile of the Manufacturers’ Association of
to make the movement an unusually daring one, the
New York and Senior Vice-President W. C. Brown of
the New York Central. It was the original purpose arguments in favor of an advance are really overwhelm
of the trunk lines to put the higher rates in force ing. The reason is that the railroads, owing to their
the first of October, but it is now stated that it will be prodigious operations, lie at the basis of all activity
physically impossible to prepare the new schedules be and prosperity. When their spending power is cur
tailed, either because of diminished capital contribu
fore the 1st of December.
Shippers and manufacturers are antagonizing this tions or shortened income, every branch of trade and
proposed advance in freight charges, lhe position industry feels the blighting effects. In the adverse
of the Manufacturers’ Association is shown in the let legislation and crippling Governmental action of re
ter of Secretary Hoile already referred to. In the cent years, the railroads have been dealt a staggering
West the Illinois Manufacturers’ Association has sent blow. The fact that their revenues just now are fall
out a call for a meeting in Chicago on July 24 to take ing away in a frightful way is not the only difficulty
action with reference to the new freight tariff pro they have to contend with. That is bad enough, but
mulgated by the Southwestern Freight Association, a more serious matter is that their credit has been in
and which, as noted above, will become effective Aug. large measure destroyed, and that the confidence of
investors and capitalists in the security and stability
1 0 . This tariff is said to show a general advance in
of railroad properties—owing to the way in which they
joint freight rates for Texas of approximately 8%.
The position of shippers and distributers of goods have been attacked and their earning power im pairedin this matter is not difficult to understand, lhe lias been so deeply disturbed that the roads cannot com
country is in the throes of intense business depression, mand the capital needed to carry on their improve
with the volume of trade only about one-half of what ment and extension work. It is true that some new
it was twelve or fifteen months ago, and with every bond or stock issues are announced every week, but
body economizing and retrenching down to the small these are a mere drop in the bucket, comprising only
est detail in business affairs. Yet here Comes a pro gilt-edged securities like the Delaware & Hudson bond
posal to add to an important item in the cost of goods issue of this week.
And other classes of corporations are having the same
and products. Vice-President Brown shows that the
difficulty in floating their obligations. For instance,
proposed increase, while it would mean so much to
the railroads by reason of the magnitude of their early last month the announcement came that the
tonnage, would cut only a trifling figure in the cost of syndicate formed in February 1906, and composed of
T otal gold and legal te n d ers.........
$47,240,000
$41,953,000 Gain $5,2S7,000
July 18 1008.
TH E CHRONICLE
131
some of the most prominent banking houses in the ! support of the statement. Taxes have increased from
country, to underwrite $100,000,000 4% 30-year bonds an average of $179 per mile to an average of $341 per
of the American Telephone & Telegraph Co. (Bell mile, or approximately 95%. Becoming effective
companies), had been dissolved, and that of the entire during the early months of 1907, increases in pay of
$100,000,000 but a trifle over $10,000,000 had been railroad employees approximating $100,000,000 per
placed among investors, the remaining $90,000,000 annum were made. This increase, Mr. Brown points
being still in the hands either of the primary or junior out, was not voluntary on the part of the railroads,
underwriters.
but was the result of weeks of conference between
With the railroads and other classes of corporations representatives of the roads and those of the employees,
unable to raise new capital on any extensive scale, the and finally of intermediation by Chairman Knapp of
orders for iron and steel have been reduced to almost the Inter-State Commerce Commission and Commis
nothing and the metal industries find themselves in sioner Neill of the Bureau of Commerce and Labor.
a position where their capacity is employed to the ex
Following this tremendous increase in wages, legis
tent of only 40 or 50%, and this, in turn, has caused lation by Congress and by a number of the States re
idleness in countless other directions, diminishing the stricting the hours of labor of trainmen, enginemen,
consumptive power of the whole population. On top telegraph operators, block signalmen, employees of
of this, and chiefly as the result of the same circum interlocking towers and others, made a further an
stances, there comes the tremendous shrinkage in nual increase of approximately $25,000,000 in the pay
their revenues. As we showed last week, the May loss rolls of the roads. Then the compensation of the
in gross on the Pennsylvania Railroad was at the rate railroads for carrying the mails has been reduced about
of $75,000,000 a year, and the loss on the New York $10,500,000 per annum, and in the closing hours of
Central system for the same month was at the rate of the last session of Congress an Employers’ Liability
$50,000,000 a year. For the railroads as a whole, Act was passed applying only to railroad companies.
the loss in May was at the rate of between $500,000,000 This last seems likely to add untold sums to the annual
and $600,000,000, and the June result seems unlikely outlays of the roads.
to prove any better. The situation thus is that, be
Thus, the railroads are reduced to the point where
sides having their borrowing capacity in great part there must be either some moderate advance in rates
cut off, these fructifying agencies are having over or else a reduction in wages. This last involves the
$500,000,000 a year less to employ in reproductive possibility of a strike, a situation which should at all
processes out of their income. Is it strange, under hazards be avoided. Trade is bad enough in all con
such circumstances, that the business situation does science without adding to the intensity of the depres
not mend?
sion by provoking a strike on our great transportation
The argument in favor of higher freight rates, there lines in the year of a Presidential election, when pas
fore, derives its support from the fact that such action sions are easily aroused and reason and common sense
would almost immediately tend to restore confidence do not hold their customary sway over men’s minds.
in railroad investments— demonstrating that if, through But this argument concerning the wisdom of avoiding
legislation and other causes, the expenses of the car a cut in wages does not seem to appeal to the Manu
riers were being augmented, at least they would be facturers’ Association. Secretary Hoile reasons that
allowed to recoup themselves through better rates. the manufacturers have the same trouble to contend
As a consequence, they would be enabled to raise the with in their own business, and if conditions do not
new capital they so much need, and at the same time warrant existing wages, they ought to be reduced with
improve their earnings. In this way the wheels of out much regard to the consequences. But there is
industry would quickly be put in motion again at really no analogy between the railroads and other in
their old speed. The resulting benefits would accrue dustries in that respect. In the event of a strike in the
to all industries and to all classes of the population. case of any trade or industry, the effects would in
In this sense, the assumption by merchants, pro large measure be confined to that trade itself. Not so
ducers, manufacturers or distributers of the burden a strike on the railroads. That would completely
of slightly higher freight rates would be a wise step, paralyze the country’s means of transportation, and
and in the interest of the whole community. Those the loss and damage would extend to the whole range
bearing the burden would themselves be the largest of industries and the whole business fabric.
gainers, because the benefits would come back to them
There is another consideration that has an import
multiplied many fold.
ant bearing on the subject of a cut in wages and to
It is certainly imperative that something be done, which no reference is made either by Vice-President
and be done immediately, to place the railroads on a Brown or Secretary Hoile of the Manufacturers’ Asso
better basis. We have noted that railroad earnings ciation. The railroads contemplated lowering wages
are falling behind at the rate of over $500,000,000 a last February, but they were told in unmistakable
year. At the same time, as a result of the events of terms by President Roosevelt that no such thing could
recent years, railroad expenses have been enormously be thought of— that if action to that end were taken
increased, and now that intense business depression the Government' had means at hand for castigating
has come, the railroads are almost powerless to help the roads which it would not fail to employ. Mr.
themselves. Mr. Brown, in the letter to the Manu Roosevelt’s letter on that occasion to the Inter-State
facturers’ Association, points out that the average Commerce Commission, and the threat it conveyed,
wage paid to railway employees has in the last fifteen will always remain one of the important episodes in
years shown an increase of 33 1-3 to 50%, while the railroad annals. Altogether, therefore, the railroads
average cost of almost every class of material that have no alternative but to raise rates; and the benefits
railroads consume in large quantities has increased likely to flow from such action are so manifest that
from 50 to 100%. He gives numerous illustrations in shippers, in their own interest, should place no obsta
133
T H E CHRONICLE
cles in the way of the movement— the more so as dur
ing the last decade, while the cost of everything enter
ing into the operating accounts of the roads has enor
mously increased, freight rates have either not in
creased at all, or have actually declined.
COURTS PROTECTING CONTRACTS AND
PROPERTY RIGHTS.
We have several times during the course of the
present year had occasion to point out that in the
crusade against corporations and the wave of adverse
legislation under which business interests have been
swamped, the courts were standing firm in main
taining the obligation of contract and in upholding
and protecting Constitutional rights. Numerous de
cisions of the U. S. Supreme Court— the country’s
highest and final judicial tribunal— in the early
months of the year, were evidence of this and proved
exceedingly reassuring at a time when invigor
ating tonic of that description was particularly needed.
Further evidence of like character is coming to hand
from week to week, though it is not possible to make
room to record all the numerous instances of the
kind that are occurring. The fact that the courts
are proving the reliance expected is a feature of
the highest importance, particularly as in the present
Presidential campaign both the great political parties
are committed to radical policies, some of which
clearly involve violation of Constitutional safeguards
and privileges, and we cannot be sure that an attempt
will not be made by either one or both parties to
carry these policies into effect.
It is our purpose to-day to call attention to just
one new case that illustrates the point we have in
mind. On Monday of this week the “ Wall Street
Summary” contained a five-line item of news
saying that the suit of the Omaha Water Co. against
the City of Omaha for hydrant rental from July
1904 to July 1905, involving $100,000, had just been
decided in favor of the company. This bit of news
brings to mind the extensive litigation in which
the company referred to has been involved during
the last four or five years and the further fact that
on each important point in the litigation the com
pany has triumphed in the end, even though the
lower courts almost invariably ruled against it.
The Omaha Water Co., we believe, is the largest
private water corporation in the United States, with
the exception of the systems in operation at San
Francisco and at Denver. It was organized back
in 1879, and possesses, it is admitted, one of the
best systems of water works in the country. It
passed through financial difficulties before the city
weighted it down with additional burdens and in
1896 was reorganized under the present name, the
original name having been the American Water
Works Co. It has about 1K million dollars of first
and second preferred stock outstanding, on neither
of which dividends have been paid for several years,
and $4,636,000 of bonds. Every dollar of this,
we are told, represents an actual investment of cash,
the common stock (authorized amount $2,500,000)
never having been issued.
This company has been subjected to treatment
at the hands of the city authorities that has few, if
any parallels, in the history of cases of that kind.
In 1900 the city voted $3,000,000 bonds to build
[V LX X II.
OL. X V
a system of water works of its own. This was done
blindly, without any knowledge and without regard
to what it would cost to build such a system. No
further action in the matter was taken until in 1903
the Nebraska Legislature passed an Act which in
effect required the city to buy or build a system of
water works. Under the Act the city had to make
its choice in thirty days. Accordingly on March 2
of that year, an ordinance was passed declaring it
to be necessary and expedient to purchase the system
operated by the Omaha Water Co. Under the
contract with the water company, entered into in
1880, the city had the right to purchase and acquire
the water works of the company, and a method of
determining their value was provided in case the
right or option should be exercised. The ordinance of
March 2 1903 directed an appraisement to be made
in accordance with such method.
Thereupon the water board of the city, having been
created by the Legislative Act referred to and invested
with authority in the premises, nominated an appraiser
and the nomination was confirmed by the City Council.
The water company named its appraiser and those
two selected a third. The men were all hydraulic
engineers. The appraisers organized by the election
of one of their number as chairman and another as
secretary. After three years’ work, they submitted
their report on July 7 1906, fixing the aggregate value
of the property at $6,263,295 49. The report was
signed by two of the appraisers. The appraiser repre
senting the city refused to concur in the report and in
the value fixed therein, but gave no reason for his
action.
As the city apparently wanted to get possession of the
works for $3,000,000, or considerably less than half
their actual value, it found it convenient to refuse to
be bound by this report or to accept the valuation
named, raising the plea that the report should have
been concurred in by all the appraisers. The water
board, whose jurisdiction had in large measure super
seded that of the City Council, rejected the appraisal.
The company thereupon tendered a deed conveying
the system of water-works to the city and demanded
the payment of the appraised value. Payment being
refused, suit was brought to compel the city to
complete the purchase of the system of water-works in
accordance with the contract. Judge Munger, how
ever, in the Circuit Court for the District of Nebraska,
dismissed the bill of complaint. The case was then
carried to the United States Circuit Court of Appeals
for the Eighth Circuit before Judges Hook and Adams,
Circuit Judges, and Carland, District Judge. Here
all the contentions of the company were upheld and
the objections of the city overruled.
The opinion was by Judge Hook and the decision
was handed down only a few months ago— in April
1908. On the point whether the refusal of one of the
appraisers to concur defeated the appraisal, Judge
Hook said that the rule is that when the subject of
the inquiry or controversy is of a private character,
all intrusted with the power of ascertainment or deci
sion must agree unless it is otherwise provided by the
interested parties. But it is equally well settled, he
said, that when the matter in question is of a public
concern, all being qualified and having assembled
and acted, the finding or decision of a majority is a
valid execution of the power. Continuing, he said:
July
18 1908.1
T H E CHRONICLE
“ The provision of the ordinance of 1880 was intended
to be a practical one and to be productive of an actual
appraisal of the water-works. It was not intended
that the appraiser selected by the city or the one
selected by the company might at the last minute,
when all the work was done, cause the appraisal to
miscarry by mere refusal to join in the valuation found
by the other two. The engineer named by the city
acted with his associates through an expensive investi
gation extending over three years, and when the report
was finally made up and signed he simply appended
thereto the bare, unexplained statement that he did
not concur in the report or in the values fixed. The
water board then resolved to reject the appraisal and
to name a new appraiser in its behalf, though it cannot
reasonably be anticipated that new appraisers would
be more likely to agree unanimously. It was not
contemplated by the ordinance of 1880 that either
party, the city or the company, could at will arbitrarily
defeat the appraisal contracted for, and yet in practical
effect that is what is contended.”
The various other objections raised by the city, some
of them almost frivolous, were all declared by the
Court to be not well founded.
In the meantime the city was engaged in the task
of depreciating the value of the works. It withheld
payment of hydrant rental amounting to $100,000 a
year and at the same time asked the company to put in
additional hydrants, and when the company did not
proceed with what the city authorities considered due
expedition, it set up the claim that the company was
violating its contract and therefore could claim no
rights under the same. More than that, the water
board on May 1 1905, claiming authority under the
Act of the Legislature creating the board, undertook
to reduce the rates which the company should charge
to private consumers, though these rates had been
specifically fixed in the original contract itself. Here
again the Lower Court had dismissed the company’s
bill of complaint, but the United States Circuit Court
of Appeals reversed its action, holding that the city
ordinance allowing the city to charge the rates agreed
upon constituted a contract by the city that the city
would not reduce the rates below those specified
during the term of the contract and any attempted
reduction thereof by the city or its water board, under a
law of the State, would impair the obligation of contract.
The Circuit Judges on this occasion were Sanborn,
Hook and Adams, and Judge Sanborn, in speaking of
the city’s position in the matter, took occasion to say
that, on the point whether an irrevocable agreement
had not been entered into between the contracting
parties, “ counsel for the city present many plausible
answers to this question with an ability and ingenuity
that excite admiration.” He then proceeded to
demolish every point made on behalf of the city.
We have stated the city has been persistently with
holding hydrant rentals, making it necessary for the
company to sue for the same. Including interest, the
city is now indebted to the company in the aggregate
amount of $425,000 for hydrant rental from July 1
1904 to date. The company brought two actions
against the city, the first for hydrant rentals for the
six months ending Dec. 31 1904 and the other for like
rentals for the six months ending June 30 1905. The
aggregate amount claimed was $94,240 and the interest
carried it above $100,000, as stated in the news item
to which we have referred above. It has not been
denied that the sums sued for were due and owing, but
the city sought to avoid payment by setting up the
133
claim that the company had failed to install new
hydrants ordered by the city and that while in the
position of violating the contract it could not recover
for the rentals of the hydrants it had installed. The
Lower Court ordered a verdict against the company
on that ground. Again the Circuit Court of Appeals
reversed the judgment and laid down the following
broad principles, the decision in this instance having
been handed down on Nov. 8 last.
“ A municipal corporation, in respect of its purely
business relations as distinguished from those that are
governmental, is held to the same standard of just
dealing that the law exacts of private individuals.
One party to a continuing contract of mutual and
dependent covenants cannot require the other to per
form executory stipulations while he persists in defaults
and compels the other to seek the aid of the courts for
compensation due for those he has already executed.
(Construction Co. vs. Seymour, 91 U. S., 646; Cort
vs. Ambergate, etc., R y ., 17 Q. B., 127.)”
Judgment having been reversed, the cause was
remanded for a new trial and it is the result of this
new trial which is recorded by the “ Wall Street Sum
mary” in its item of Monday.
Looking through these various proceedings, a per
sistent attempt is evident to depreciate the value of
the property, with the manifest purpose of acquiring
possession at less than its true worth. First the city
avails of an option it has under the contract to pur
chase the property and then refuses to be bound by
the appraisement arrived at in accordance with the
method provided in the contract. While the value
of the property is still in process of determination, the
city undertakes to cut down the rates which the
company is allowed to charge to private consumers,
also fixed in the contract. Then it withholds payment
of hydrant rental year after year. If the company
had been in poorer financial condition, this last step
would have forced it to default in its payment of
mortgage interest and have resulted in the foreclosure
of the property and its sale at some low figure. This
would have given the city the chance to acquire it at
a small price. Whether so intended or not, that must
have been the effect. Every honest and fair-minded
person will rejoice that the effort failed. The company
will probably have to get a separate judgment for each
year’s rental, but its rights are now clearly established.
In the matter of the appraisement, the United States
Supreme Court last month granted a writ of certiorari
to re-hear the cause (the case not being an appealable
one) but the company’s counsel have not the least
doubt that here, too, their position will be sustained.
FOREIGN TRADE OF THE UNITED STATES
1907-08.
A severe check in the volume of the foreign trade of
the country, as a result of the financial disturbance of
last fall, is the salient feature disclosed by the com
pleted figures of exports and imports for the fiscal
year ended June 30 1908. But those figures, con
sidered as a whole, furnish a false idea of the decided
drop in both the inward and outward movement of
goods month by month since the cataclysm of October,
by the distrust and doubt which reduced materially
business and industrial operations.
The effect upon our foreign trade— that is, upon the
movement of merchandise to or from this country—
was not immediate, and naturally so, as orders in
hand were in process of filling; but before the close of
134
T H E CHRONICLE
[VOL. LXX JI.
XV
planation. We see by the turn affairs have taken in
the more recent months that the state of our foreign
balance does not stand as it has generally been assumed
to be. Some of the details of our exports will be of
interest. The exports of breadstuffs reached an
aggregate value appreciably greater than in either of
the four previous fiscal years, having been $216,000,
000, against $184,120,702 in 1906-07,.$186,468,201 in
1905-06 and $107,732,910 in 1904-05, the favorable
result being in considerable measure due to the better
prices secured. Our grain crops were all more or less
short in 1907, but nevertheless we sent out in the
fiscal year just closed 101,000,000 bushels of wheat,
against 76,509,423 bushels in the previous year, and
for this year’s shipments we received 99 4-10 cents
per bushel, against only 78 7-10 cents a year ago.
Of flour the 1907-0S outward movement was actually
less than in 1906-07, the comparison being between
13,950,000 barrels and 15,584,667 barrels, but we
received for it $64,379,000, against $62,175,397, owing'
to the higher average value— $4.61 D against $3.99..
>
Corn exports were lighter than in any year since 1902-*
03, having been only 52,800,000 bushels, against
83,300,708 bushels last year and 117,718,657 bushels
in 1905-06; but this year’s average export price was
64 3-5 cents as against 53 1-10 cents and 52 7-10 cents.
Of oats, barley and rye the shipments were extremely
small, but the prices realized per bushel were much
greater than in the previous year. Cotton exports
were below those for the previous year in both quan
tity and value, the aggregate shipments having been
7,434,600 bales, valued at $437,800,000, against
8,708,469 bales and $481,277,797 in 1906-07, and
7,050,856 bales and $3,634,045,170 in 1905-06. Prices.
study.
secured were very satisfactory, however, averaging
FOREIGN TRADE MOVEMENT IN 1907-03 AND 190G-07.
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11.47 cents for the fiscal year 1907-08, and comparing:
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ously larger than in 1906-07, both the quantity sen
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of $949,800,000, or $2,846,722 less than the same
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articles accounted for in 1906-07, leaving $17,205,259'
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to be made up by other commodities.
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expansion in the shipments of many important items.
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Iron and steel manufactures, wood and manufactures,
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tobacco, copper, chemicals, coal and cars are some of
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totals, and for some of them the 1907-08 increases
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O
r
13 O
OC U VP-a
7 O c o'er
3
were more notable than those for preceding years.
« § Ce5
3
gg-gs
■JO t)
O
^5 < 2 .S -OSC0
i2 -s |
x j;
s
But our shipments of cotton manufactures have fallen
<a~c
»u o
^ pT
3
away greatly the past two years, dropping from 49
2 ~o
■— ^ •
o o
o
2 =°
SbC
SmO a
millions of dollars to 30 millions, and then to 22
•E xcess o l Im port
The foregoing, compilation after the full remarks that millions, and exports of leather and cattle were smaller
preceded it, hardly leaves a necessity for added ex in 1907-08 than in 1906-07.
the calendar year 1907 it had made its impress on the
import totals, and by February export aggregates
began to decline. Import values of merchandise
began to compare unfavorably with the corresponding
period of the previous year as early as October and the
decline in that and the succeeding two months was
sufficiently great to wipe out the gains in imports in
preceding periods, making the decline for the first
half of the fiscal year 11 million dollars, compared
with the like interval of 1908. The last half of the
fiscal year witnessed month by month very heavy
deficits compared with the same months of 1907,
affording a total of imports for the full twelve months
of only $1,194,341,994, as against $1,434,421,425 for
1906-07 and $1,226,562,446 in 1905-06.
On the other hand, the outward movement of
merchandise was of very heavy proportions through
out the fall and winter, the total exports for November
December and January each exceeding 200 millions
of dollars, a figure never before reached; the outflow
of goods in February was also large. Export decreases
from 1907 during the last four months of the fiscal
year were important enough to overcome the balance
accruing from earlier months and leave a small loss
from 1906-07 of about 20 million dollars, the aggre
gate for the twelve months being $1,860,799,097,
which compares with $1,880,851,078 in 1906-07 and
$1,743,864,500 two years ago. To indicate clearly
the changes in our foreign trade movement we subjoin
the following statement,showing the imports, exports
and balances of merchandise, gold and silver, month
by month and quarter by quarter, for the last two
fiscal years. The compilation will repay careful
J uly 18 1908.]
THE CHRONICLE
As regards imports, there is hardly an important
commodity in the schedule that did not come in less
freely in 1907-08 than in the preceding fiscal year.
And where there are increases, they are so small as to
be unimportant. Of copper the imports for the
eleven months were 13 millions less than for the like
period of the previous year. Coffee shows a decline
of 12 millions, hides and skins 24 millions, indiarubber
23 millions, wool 17 millions, sugar 11 millions, raw
cotton 6 millions, iron and steel manufactures 12
millions, and so on through the list, with diamonds
and other precious stones down to a total of 16 millions,
against 40 millions and 37 millions respectively in the
two preceding years.
We append a series of tables which have furnished
the basis of the figures and remarks contained in the
above discussion. They will be found useful for refer
ence and as a matter of record.
VALUE OF IMPORTS AND EXPORTS OF MERCHANDISE FROM 1891 TO
1907, INCLUSIVE.
Merchandise.
Year ending
June 30.
Exports.
S
1891
..........
884,341,884
1892 ___________
1,029,893,483
1893 .................... ..
847,278,725
1894 ....................
891,907,709
1895 ..................
807,538,165
Excess of Exports
or
Imports.
Imports.
$
835,747,785
817,496,397
854,405,176
647,775,017
731,969,965
Total Imports
and
Exports.
Exp.
Exp.
Imp.
Exp.
Exp.
$
48,594,099
212,397,086
7,126,451
244,132,092
75,568,200
$
1,720,089,669
1,847,389,880
1,701,683,901
1,539,682,726
1,539,508,130
_
Total 5 years_ 4,460,959,966 3,887,394,340 Exp.
Average..................
892.191,993
777,478.868 Exp.
573,565,626
114,713,125
8,348,354,306
1,669,670,801
1896
1897
1898
1899
1900
102,882,264
286,263,144
615,432,67(
529.874,813
544,541,898
1,662,331,612
1,815,723,068
1,847,531,984
1,924,171,791
2,244,424,266
........................
_____________
........................
......... ..............
......... ..............
882,606,938
1,050,993,556
1.231.482.330
1.227,023,302
1.394,483,082
779,724,674
764,730,412
618,040,654
697.148,489
849,941.184
Exp.
Exp.
Exp.
Exp.
Exp.
Total 5 years_ 5,786,589,208 3,707,594,413
_
Exp. 2,078,994,795
1.157,317,842 741,518.883 Exp.
415.798,959
1 9 0 1 ..................
1.487,764,991
823,172,165 Exp.
664,592,82f
1902 ....... .............. 1,381,719,401
903,320,948 Exp.
478,398,453
1903 ....... ............
1,420,141,679 1.025,719,237 Exp.
394,422,442
1904 ....................
1,460,827,271
991,087,371
469.739.90C
19 0 5
.........; 1,518,561,666 1,117,513,071 Exp.
Exp. 401,048,595
9,494,183,621
1,898,836,724
2,310,937,156
2,285,040,349
2,445,860,916
2,451,914,042
2,636,074,737
Total 5 years.. 7.269,015,008 4,860,812,792
Average.................. 1,453,803,002 972,162,558 Exp. 2,408,202,216 12,129,827,800
Exp. 481,640,444 2,425,965,560
1906 ______
1,226,562,446 Exp. 517,302,054 2,970,426,946
1907 ...........
1,880,851.078 1,134,421,425 Exp.
446.429,653 3,315,272,503
1908 ____
1,860,799,097 1,194,341,994 Exp.
666,457,103 3,055,141,091
f,orego!ng, ft? ui;cs llr« exclusive of gold and sliver ln ore exported and
Imported, which we Include In gold and silver.
GOLD AND SILVER MOVEMENT.
Stiver.
Year
ending
June 30
1891 . .
1892 . .
1893 . .
1894 . .
1895 . .
1896 . .
1897 . .
1898 . .
1899 . .
1900 . .
1901 . .
1902 . . .
1903 . . .
1904 . . .
1905 . . .
1906 . . .
1907 . . .
1908a ..
Exports.
Imports.
86,362,863
50,208,331
108,697,451
76,995,130
66,468,481
112,409,947
40,361,580
15,406,391
37,522,086
48,266.759
53,185,177
48,568,950
47,090,595
81.459,986
92.594,024
38,573,591
51.399,176
72,432,924
18,447,370
49,948,758
22,069,380
72,989,563
36,384,760
33,525,065
85,014,780
120,391,674
88,954.603
44,573,184
66.051.187
52,021,254
44,982.027
99,055,368
53,648,061
96,221,730
114,510,249
148.299,533
Excess of
Exports ( + )
or Imports(— )
+ 67,915,493
+ 259,573
+ 86,628,071
+ 4,005,567
+30,083,721
+ 78,884,882
— 44,653,200
— 104,985,283
— 51,432,517
+ 3,693,575
— 12,866,010
— 3,452,304
+ 2,108,568
— 17.595,382|
+ 38,945,063
— 57,648,139
— 63,111,073
75,864,609
Exports.
Imports.
$
22,729,705 26,980 ,488
33,182,220 29,611 ,847
41,107,181 34,293 ,999
50,667,059 19,965 ,713
24,295,286 20,211 ,179
60,541,670 28,777 ,186
61,946,638 30,533 ,227
55,105,239 30,927 ,781
56.319,055 30,676 ,056
56,712,275 35,256 ,302
64.285,180 36,386,,521
49,732,390 28,232,,254
44,250,259 24,163,,491
49,472,702 27,768.,814
48,848,812 27,484 ,865
65,869,063 44,442 ,540
56,739,073 42,946 ,624
57,921,202 44,571 ,081
Excess
of
Exports.
$
,250,783
,570,373
,813,182
.701,346
,084,107
,764,484
.413.411
,177,458
,643,999
,455,973
,898,559
,500,136
,086,768
,703,888
,363,947
,426,523
,792,449
350,121
w w
ln.°^e' ^ported or Imported, are Included In the above
a Figures for 1J08 are not final, and are subject ln all cases to slight corrections
when later returns arc received. b This Is an excess of Imports.
8
VALUE OF BREADSTUFFS EXPORTS.
Fiscal Year
ended
June 30.
1891 . . . .
1892 ____
1893 ____
1894 ____
1895 ____
1896 ____
1897 ____
1898 . .
1899
1900 .
1901
1902 ____
1903 ____
1904 ____
1905 ____
1906 ____
1907 ____
1 9 0 8 a ...
Wheat.
Wheat.
Flour.
51,420,272 54,705,616
161,399,132 75,362,283
93,534,970 75.494.347
59,407,041 69,271,770
43,805,063 51,651,928
39,709,868 52,025,217
59,920.178 55.914.347
145,684,659 69,203,718
_____________
104,209,109 73,093,870
73,237,080 67,760,886
_____________
90,771,743 69,459,296
112,875,222 65,601,974
87,795,104 73,750,404
35,850,318 08,894,836
3,905,579 40,176,136
28,757,517 59,106,869
00,214.388 02.175,397
100,394,000 64,379,000
Total
Wheal
and Flour.
106,125,888
236,761,4 U
169,029,317
128,678,811
95,457,591
91,735,085
115,834,525
214,948,377
177.363.039
140,997,960
166.231.039
178.537,196
161,551,508
104,745,154
44,081,715
87,864,386
122,389,795
164,773,000
Tot. Wheal
Corn
and Flour.
17.052,687
41,590,466
24,587,511
30,211,154
14.050,707
37.836,862
54,087,152
74,196,850
68,977,448
85,206.400
82,527,983
16,185,073
40,540,637
30,071,334
47.446,921
62,061,856
44.261.816
34.108.000
Total all
Breadstuffs.
123,778,571
278,351,87;
193,016,82!
158,889,90!
110,108,35!
129,571.947
169,921,677
289,145,227
246.340.487
226,203,366
248,759,027
194,722,861
202,092,146
134.816.488
91,528,636
149,920,242
166,651,611
198,881,000
128,121,056
299,363,117
200,312,654
166,777,229
114,604,780
141,356,993
197,857.219
333,897,119
273,999,699
262,744,078
275,594,618
213,134,344
221,242,285
149,050,378
107,732,910
180,468,901
184,120.702
210,000,000
a Figures for 1908 arc not final, and are subject In all cases to slight correetioi s
when later returns are received.
13 S
BREADSTUFFS EXPORTS B Y QUANTITIES.
Year
ended
June 30.
1891
1892
1893
1894 .........
1895 _____
1890 ____
1897 ______
1898 . . .
1899
1900
1901
1902
1903 ______
1904 ______
1905 ______
1906
1907 _____
1908 a ____
Wheat.
Bushels.
_____________
55.131,948
_____________
157,280,351
_____________
117,121,109
88,415,230
76,102,704
60,650.080
79,562,020
148,231,261
_____________
139,432,815
_____________
101,950,389
........................
132,060,667
_____________
154,856,102
114,181,420
44,230,169
4,394,402
_____________
34,973,291
76,509,423
101,000,000
Bushels.
Bushels.
106,181,316 30.76S.213
225,665,810 75,451,849
191,912,634 46,037,274
164,283.119 65,324,841
144,714,146 27,691,137
126,443.908 99.992,835
145,088,972 176,916,36.
217,300.004 208,744,939
222,618,420 174.089.094
186.090.564 209.348,284
215.990,073 177,817,905
234,772.515 26,636,552
202.906,273 74,833,237
120,727,613 55,858,965
44.162,409 88,807,223
97,609,007 117,718,657
146,640.424 83,300,703
163,775.000 52,800,000
when later8returM^are'recelvwR1*’ ^
EXPORTS
________
Fiscal
Year
ending
June 30
1891 . .
1892 . .
1893 __
1894 . . .
1895 . .
1896
1897
1898 . . .
1899 . . .
1900 . . .
1901 . . .
1902 . . .
1903 . . .
1904 . . .
1905 . . .
1906 . . .
1907 . . .
1908 a ..
OF
Breadstu/ts.
^
SUbJCCt
aU C S t0 sllght eorrcc,lons
aSC
LEADING STAPLES— COTTON, BREADSTUFFS,
PROVISIONS AND PETROLEUM.
Cotton.
Provisions
and Dairy Petroleum.
Products.
i
$
$
128,121
,712,898 139 ,017.471
299,363
,461,241 140 .362,159
200,312
,771,44. 138 .401,591
166,777
,869,289 145 ,270,643
114,604
,900,990 133 ,634,379
141.356
,056,460 131,,503,590
197,857
,890,971 137,,138,084
333.897
,442,215 167,,340,960
273,999
,564,774 175,,508,608
262,744
,832,737 184.,453,055
275,594
,673,443 196 .959,637
213.134
,651,819 199 ,861,378
221,242
,180,429 179 ,839,714
149,050
,810,246 176 .027,586
107,732;
,965.014 169 ,999,685
186,468, 901 401 ,005,921 210 .990,065
184,120, 702 181 ,277,797 202 ,392,508
216,000,,000 437 ,800,000 193 ,000.000
Total
Four
Staples.
Total
All
Exports.
$
$
,026,734 609 ,878,759
.805,992 742 ,992,509
,142,058 569 ,627,748
,499,806 504,,416,964
,660.082 499,,800,231
,383,403 525.,300,446
,635,037’ 628 ,521,311
125,578 787 ,805,872
,273,168 715 ,346,249
,611,750 764 ,641,620
,112,788! 857 ,340,486
,302,822 775 ,950,363
,253,533 784 .515,961
,060,469 774 ,948,679
,7 9 3 ,2 2 2 ... ,490,831
73
,041,327 882 ,506.214 .
,855,715|952 ,646,722jl
,000,000949 ,800,000 1
whenmter\e?L^a8rfreen
eWeona1, “ d
SUb,eCt ln & CasC t0 slight a c t i o n ,
U
S
x Including both crude and refined, and also residuum.
COTTON AND PETROLEUM EXPORTS B Y QUANTITIES.
Y e a r e n d in g J u n e
30.
C otton E x p o r t s .
B a le s .
Pou nds.
1891
........................................................................2.907,358,795
5.820,779
.......................
1892
................................................
‘
5,891,411
2,935,219,811
1893
................................................
o. 919 , lit; , 10 ft
- - I - 1 10 1^0
1894
_____________
5,397,509
2,683,282,325
1895
_____________
o r
.17 aQo i no
B Q **K
ft't
fi
o,ol/,4oo,10U
1896................
9 lOf? 99ft O c
Q
“ ,vioJt i uo
- , 000 ,ZZU,OO0
1897
.....
6,176,365
3.103,754,949
1898
................................................
Q qko 904 9CK
7,581,004
1899......................
9 i t O,4
7,373,382
O, 779 din 909
*
1900
.......
6,090,144
3,100,583,188
1901
.......
.........
6,508,450
3.330.890,448
1902
........................
.......................3,500,778,763
6,873,692
1903
.....‘
tv 049 099
4Q
6,938,279
0,040,U40,U—
&
1904....................
9 009 019 4l)i)
6.009,194
0 ,U00 , 1/1 ~,7ftn
1 9 0 5 ............
.
8,337,964
4,304,848,903
1906............
9 0*14 O1 1 ill
7,050,856
0,004,U40, 17o
1907....................................................
8,708,469
4,518,217,220
19C8___________
9 817 OIO O O
O
7,434,600
0,01 4(UlUiUUU
x Petroleum,
Gallons.
708,220,777
714,808,479
803,680,186
90S.041,306
884,364,574
890,254,034
067,525,242
1.014,276,272
919,044,718
950.623,155
1.008,947,394
1,075,899,960
941,156,856
061,860.345
1.074,384,814
1,182,917,221
1,185,202,440
1,359,000,000
, - .......
."V i
u.iuj, ujiu aic ouujcci in an cases to sngnt corrections
when later returns are received.
x Includes both crude and refined, but not residuum, the exports of the latter
being very small.
R A IL R O A D
GROSS
E A R N IN G S
FOR
JU N E.
Railroad gross earnings for the month of June
show no improvement over the very poor results
for the months immediately preceding. Our com
pilations of course deal only with the roads furnish
ing early returns, comprising about 30 per cent of
the mileage of the country— to be precise, roads
which operated in June 1908 78,614 miles of line.
These roads earned only $46,515,462 gross in June
1908, as against $58,800,434 in June 1907. The
loss, it will be seen, was $12,284,972, or, roughly,
21 per cent— in exact figures 20.89 per cent. On
the face of the figures the showing is somewhat better
than that recorded in our early compilation for May,
covering pretty nearly the same roads, the ratio of
decrease for that month having been 24.05 per cent.
But if allowance be made for the fact that in May
the roads labored under the disadvantage of having
one working day less this year than last (owing to
the month having contained five Sundays), whereas
in June, on the other hand, they had one working
day more (June 1908 having contained only four
Sundays against five in June 1907), it will be seen
136
that the result for June is actually worse than it was
for May.
Possibly when our final compilations are made
up and the roads not now represented in the tables
are included, the showing will prove somewhat less
adverse. This, however, is entirely a matter of
speculation, and it is not at all certain that the actual
■outcome for the railroad system as a whole can
ever be determined. For June is a month where
the final figures are not always a true guide to actual
conditions. It is the closing month of the fiscal
year and the companies in revising the accounts
for the twelve months make numerous corrections
and revisions which are incorporated in the June
figures; the effect of these revisions in one year may
be to swell the total and the next year, perchance,
to reduce it, or vice versa. This point does not
come up in connection with the early figures, such
as we deal with to-day, since these are based on the
traffic operations alone in the two years. Not un
likely, therefore, the totals now submitted will be
found to afford a better indication of the real com
parison with last year than will the completed results
when ready. At all events, no such qualifications
attach to these early totals as must necessarily attach,
for the reasons stated, to the final figures.
In the case of the individual roads or systems,
there are instances where the June comparison is
not nearly so bad as was the May comparison. But
unfortunately these are offset by other instances
where the June results have proved a great deal
worse than the May results. The Northern Pacific,
for example, has this time been particularly un
fortunate, its earnings having fallen behind $2 ,
068,548, or 33 per cent. The great shrinkage on
this road calls attention to the fact that, aside from
the depression in trade, the roads had other adverse
circumstances and conditions to contend with, some
of them rather exceptional in character. In the
Southwest and, indeed, in a good portion of the
whole territory West of the Mississippi and Missouri
rivers, the roads suffered from excessive rains and
overflows, the tracks in the vicinity of Kansas City
for many miles west being under water a good part
of the time, interrupting freight operations and mak
ing the running even of passenger trains possible
only with great difficulty and after long delays.
The trouble also extended northward into Montana
and the territory of the Northern Pacific Railroad.
Just how far railroad traffic and railroad revenues
were reduced through the circumstance noted it
would be difficult to state, but there can be no doubt
that the effect was to make the decrease heavier
than it otherwise would have been.
It should also be noted that there was a consider
able falling off in the grain movement over Western
roads, as measured by the grain receipts at the prim
ary markets, and likewise a falling off in the live
stock movement over some of the Western roads.
Per the contrary, Southern roads had the advantage
of a somewhat larger cotton movement. Comparison
of course is with earnings which had shown large
increases in June for many years past. Thus in
June 1907 our early statement, covering 93,854
miles of line, recorded an increase of no less than
$9,544,023, or 13.08 per cent and this followed $8,
503,670 gain in June 1906 over June 1905. The
[V L LX X II
O XV
T H E CHRONICLE
following is the June record, as disclosed by our
early compilations, back to 1897.
Gross Earnings.
Mileage.
June.
Roacls Miles.
1897 . . .
1898. . .
1899
1900
1901 . .
1902 . .
1903 . . .
1904 .
1905 . . .
1900 _ .
1907 . . .
1 9 0 8 ...
Year
Given.
Year Yr.pre In
Given. ceding. crease.
115
125
117
107
97
81
71
09
58
07
00
51
Miles.
90,703
97,221
98,375
95,337
97,010
85,554
95,013
80,085
81,192
92,655
93,854
78,014
$
30,558,554
42,217,558
40,170,085
50,104,955
51,573,897
50,238,273
01,930,417
54,682,084
54,139,005
72,708,902
82,407,700
40,515,462
%
90,139 0.02
90,213 1.05
92.200 0.00
93,001 2.51
94,048 3.15
83,990 1.85
93,013 2.15
83,508 3.01
79,345 2.32
90,409 2.41
92,803 1.13
77,214 1.81
Year
Preceding.
Increase ( + )
or
Decrease (— ).
S
$
30,251,840
+ 300,714
39,035,817 + 2,531,741
40,480,015 + 5,090,070
46,051,007 + 4,053,348
47,975,122 + 3,598,775
40,382,292 + 3,355,981
54,315,932 + 7.014,435
510,983
55,193,067
50,901,404 + 3,177,541
04,205,232 + 8,503,070
72,923.083 + 9,544,023
58,800,434 — 12,284,972
%
0.84
0.51
14.05
8.80
7.50
7.10
14.02
0.92
(>.2.5
13.24
13.08
20.89
Note.— Neither the earnings of the Mexican roads nor the mining operations of the
anthracite coal roads are Included In this table.
The shrinkage in the Western grain movement
was of large proportions and the falling off extended
to each of the three leading cereals, namely wheat,
corn and oats. Taking the figures for the four weeks
ending June 27, it is found that the receipts of wheat,
corn, oats, barley and rye at the Western primary
markets aggregated only 34,312,962 bushels the
present year, as compared with 52,947,204 bushels
in the corresponding four weeks of last year. The
falling off, it will be seen, was over 18j^ million
bushels. The grain movement in detail, in our
usual form, is set out in the statement we now present.
WESTERN GRAIN RECEIPTS.
|-
ing June 27.
Flour.
(bbls.)
Chicago—
1 9 0 8 .-......... 576,556
1907. ------ 057,847
Milwaukee—
1908. ........ 215,200
1907 . ........ . 244,000
SI. Louis—■
1908. ........ . 103,250
1907.............. 207,930
Toledo—
1908............... ............
1907. - ......
............
Detroit—
14,600
1908. .........
9,800
1907. -------.
Cleveland—
4,050
1908. -------.
4,031
1907. -------Peoria—
57,700
1908. - .......
50,000
1907. -------.
Duluth—
1908. - - - - .- 268,200
. 315,550
1907Minneapolis—■
1908.--------1907. ------ ..................
Kansas City —
1908. ........
1907. - - ..................
Total oI all
1908. -
1 9 0 7 .--
Wheal.
(bush.)
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
402,688
893,200
8,833,491
18,837,050
5,057,904
5,400,202
1,099.800
570,900
08,000
89,000
518,000
555,000
204,000
098,500
724,800
718,400
010,800
002,'100
03,900
09,300
542,799
534,892
2,498,705
2.554,750
1,014,775
1,980,320
40,800
7,800
2,423
12,171
197,800
97,000
400,400
840,000
141,000
228,000
138,035
105,049
250,954
200,007
139.351
117,940
84,504
15,838
358,847
450,505
262,259
400,982
8,529
40.000
43,200
1,058,300
1.857.000
770.500
814,500
00,000
70,000
14.000
19.000
977,670
1,605,000
17,090
101.900
144,978
0,425
238,887
1,270
12.451
4.577,980
7,131,842
241,180
021,000
072,100
055,440
287.040
208,940
78.510
385,000
008.S57
1,328,000
234,700
1,171.000
268.500
381,000
2,099,294
1,704,993
231,009
595,322
.1,299,556 8,148,33.3
.1,490,358 12,369.087
14,080,577 9,753,149
27,308.174 10,909,028
3,500
7,800
As far as the live-stock movement is concerned,
the deliveries at the principal Western markets
were heavier in the case of sheep, substantially the
the same as last year in the case of hogs and con
siderably less in the case of cattle. In other words,
receipts of sheep were 660,384 head, against 544,205;
of hogs 1,693,532 head, against 1,683,492, but of
cattle 603,878 head, against 673,092.
As to the cotton movement in the South, the figures
show receipts of 237,892 bales at the Southern ports
in June 1908, against 107,694 bales in June 1907
and 162,330 bales in June 1906. The shipments
overland were 79,061 bales against, 52,979 bales
in 1907 and 47,016 bales in 1906.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JUNE, AND
JANUARY 1 TO JUNK 30 1908, 1907 AND 1900.
-------------- Since January
June—•
1908.
1907.
1900.
1908.
1907.
Port >
—
49,829 1,0,88,880 1,093,830
;. 75,037
31.S10
Galveston------_b:
104,203
82,453
932
253
Port Arthur, &c942,021
897,383
38,807
■ 74,227
31,438
82,289
107,350
0,054
. 9,975
4,015
74,3.36
74,790
73
1,980
4,120
Pensacola, &c------397,044
371,289
36,522
19,031
Savannah - ......... - - . 37,577
04,588
00,008
5,317
75
Brunswick--------30,050
35,447
. 5,282
1,588
380
402
502
191
19
50
71,784
129,590
- 10,389
1,033
7,380
225,822
187,473
. 22,501
14.821
11,605
Norfolk....... ...............
31,810
1,737
07
982
3,278
Newport News, & c-T o ta l....... ............ .237,892
107,094
102,330
3,043,028
3,029,445
PROM
1900.
805,708
49,300
738,403
09,502
80,207
389,990
04,972
27,902
002
54,224
155,304
11,132
2,438,420
We have already indicated that the largest loss
in earnings the present time by the separate roads
J uly 18 1008. j
T H E CHRONICLE
is that of the Northern Pacific. But the Great
Northern and the Canadian Pacific in the same part
of the country also sustained large losses, that of the
Great Northern reaching $1,649,547 and that of
the Canadian Pacific $1,282,000. In other sections,
too, the decreases have been heavy, though in
some instances not so large as in the months pre
ceding. Thus the Southern Railway earned $879,724
less than in June last year, the Illinois Central $820,
545 less, the Missouri Pacific $740,000 less, the Louis
ville & Nashville $546,052 less, the Wabash $539,037
less, the Denver & llio Grande $439,000 less, &c., &c.
In the following we show all changes for the separate
roads for amounts in excess of $30,000, whether
increase or decreases. The striking fact is that there
are no increases whatever for this amount and we
may add that out of the whole 51 roads which have
contributed returns, only five have an increase of
any kind.
137
EARNINGS OF SOUTHWESTERN
June.
1908.
1907.
1906.
GROUP.
T o ta l............
-
-
8,035,352
- - - - •■ -
9,877,470
------
8,602,333
........
1904.
1903.
$
625,750
1,400,169
414,990
3,232,653
557,898
739,424
S
777,365
1.402,546
421,067
2,997,319
526,930
778.751
1905.
$
5
$
$
Col A South*.. 1,054,272 r l , 149,270
999,188
906,441
Den A Rio Gr. 1,573,900 r2,012,900 1,782,453 1,542.372
Int A Gt N or..
526,000
022,000
548,288
451.900
Mo Pac A C Br 3,290,000 4,030,000 3,004,902 3,318,150
St Louis S W ._
732,630
7815,152
725,985
699,458
Texas A P a c..
858,550 1,248,148 1,001,517
818,990
7,737,317
6,970,890
...» »»»»*»xi*»».»»
CACCIJL
6,903,975
A I lllU V
tv
Brazos valley RR. lo r previous years we have combined Colorado A Southern
and I<ort Worth A Denver City.
r Figures have been revised to accord with the new basis of accounting prescribed
by the Inter-State Commerce Commission.
__________ G RO SS E A R N IN G S A N D M IL E A G E IN J U N E .
Gross Earnings.
1908.
1907.
M ileage.
Inc. ( + ) or
Dec. (— ).
1908.
1907.
$
S
$
Alabam a Great South
289,709
345,182
— 55,473
309
309
Ala New Orl A Tex P
N O A Northeastern
211,866
250,996
— 45,130
19C
196
Alabam a A Vlcltsb.
109,172
121,201
— 12,029
143
143
Vicks Shreve A Pac
106,444
127,383
189
— 20,939
189
Bellefonte Central____
0,069
6,424
— 355
27
Hull Roch A P l t t s b ...
549,387
838,452
— 289,065
568
568
Canadian Northern___
674,400
963,100
— 288,700 2,874 2,554
Canadian Pacific_____
5,458,000
6,740,000 — 1,282,000 9 '320 9,154
Central of Georgia____
806,700
785,900
+ 20,800 1,913 1,899
Chattanooga Southern
7,219
13,546
— 6,327
105
105
Chicago Great W e s t ..
635,073
718,330
— 83,257
818
818
Chic Indianan A Louis
424,626
481,179
— 56,553
599
599
Cln N O A Texas Pac.
593,644
788,613
P R IN C IP A L C H A N G E S IN G R O SS E A R N IN G S IN J U N E .
— 194,969
336
336
Colorado A Southern.
1,054,272
1,149,270
— 94,998 1,841 1,841
Dpr.rpn * p
\
Decreases.
Denver A Rio Grande
1,573,900
2,012,900
— 439,000 2,552 2,532
124,593
N o r t h e r n P a cific.............. .$ 2 ,0 6 8 ,5 4 8 Toledo St Louis A Western
Detroit A M ackin ac..
97,747
114,714
— 16,967
344
344
Great Northern (2 )_ 1,649,547
Duluth South Shore A A tl
102,072
Detroit Toledo A lront
260,623
358,094
— 97,471
684
684
Detroit Toledo A Ironton.
97,471
Canadian Pacific___ 1,282,000
Duluth So Sh A A t l.
206,763
308,835
— 102,072
592
592
Southern Railw ay__
879,724
International A Great Nor
96,000
Georgia South A F la ._
148,994
189,881
— 40,887
395
395
Illinois Central_____
820,545
Colorado A Southern .____
94,998
Grand Trunk of C an.l
Missouri Pacific (2 )_
740,000
Chicago Great W estern___
83 ,2 5 7
Grand Trunk W est > 3,462,514
3,828,780
— 366,266 4,528 4,528
Louisville & Nashville-----546,052 St Louis Southwestern___
82,522
Det Gr Hav A M il. |
Ala New Oi l A Tex Pac (3)
78,098
W a b a s h ________________
6 3 0 ,0 3 7
Canada A tla n tic .. .
Denver & Rio Grande-----439,000 Minneapolis A St Louis___
66,205
Great Northern, lncll
Texas A Pacific____
389,598
Chicago Indanap A Louis
56,553
Eastern of M i n n ..)
3,561,939
5,211,486 — 1,649,547 6,498 6,289
366,266
Grand Trunk (4 )----Alabama Great Southern.
55,473
Montana C e n tr a l..j
Minn St P A S S M ---------308,126 Georgia Southern A F l a . .
40,887
Illinois Central _ .
4,062,349
4,882,894
— 820,545 4,624 4,370
Huflalo Roch A P l t t s b ...
289,065 Texas Central..............................
38,887 Intermit A Gt N orth.
526,000
— 96,000 1,159 1,159
622,000
Canadian Northern288,700
Iowa Central.
212,337
234,536
— 22,199
558
558
Mobile A Ohio......................
223,623
Representing 37 roads In
Louisville A Nashville
3 ,360,060
3,906,112
— 546,052 4,360 4,342
Cine N O A Texas Pacific.
194,969
our compilation____ $12,187 ,021
Macon A Birmingham
9,918
10,141
— 223
105
105
Yazoo A Mississippi Valley
146,105
Manlstlque
6,235
5.001
+ 1,234
78
78
Mineral Range
68,786
66,152
+ 2,634
110
140
Mlnneap A St L o u is..
285,923
352,128
— 66,205
799
799
Mlnneap St P A S S M
828,479
1,136,605
— 308,126 2,262 2,200
Mo Pacific A Iron Mt.
3,190,000
3 ,915,000
— 725,000 6,091 6,026
Central Branch____
100,000
115,000
388
— 15,000
388
Mobile & Ohio
702,753
926,376
— 223,623
926
926
Nevada-Cal-Oregon . .
27,786
25,966
+ 1,820
164
144
Northern Pacific_____
4,324,244
0,392,792 — 2,068,548 5,617 5,600
Rio Grande Southern.
51,988
51,430
+ 558
180
180
EARNINGS OP NORTHW ESTERN AND NORTH PACIFIC GROUP.
St Louis Southwestern
732,630
815,152
— 82,522 1 ,47C 1,454
Southern In d ia n a .. .
109,662
135,566
— 25,904
346
246
Southern R ailw ay____
3,729,581
4,609,305
— 879,724 7,501 7,552
June.
1908.
1907.
1906.
1905.
1904.
1903.
Texas Central________
95,037
56,150
— 38,887
311
311
Texas A Pacfic .
858,550
1,248,148
— 389,598 1,885 1,848
$
$
$
$
$
Toledo Peoria A West
106,059
129,556
— 23,497
248
Canadian Pac. 5.45S.000 6,740,000 5,477,351 4,430,028 4,410,865 4,152,610
248
Toledo St Louis A W
252,584
377,177
— 124,593
451
Chic Gt West*.
451
635,073
r718,330
713,311
015,979
014,543
000,367
Toronto Ham A Bull
60,344
75,322
— 14,978
88
Dul So Sh A At
88
200,763
276,257
7308,835
255,036
273.093
228,275
Virginia A Southwest.
98,843
85,196
— 13,647
137
137
Gt North syst. 3,561,939 5,211,480 4,073,832 3,752,100 3,120,343 3,547,047
W a b a s h ____
1,941,024
2,480,061
— 539,037 2,517 2,517
Iowa Central..
212,337
234,536
242,062
199,020
175,071
2 2 6 ,9 2 7
Yazoo A Miss V alley.
587,763
— 146,105 1,373 1,239
733,808
Minn A St L . .
285,923
7352,128
320,671
240,593
311,244
250,60S
M St P A S S M
828,479 1,136,605 1,015,098
028,810
790,849
051,829
Total (51 roads)___ 46,515,462 58,800,434 — 12,284,972 78,614 77,214
Nor Pacific.a. 4,324,244 6,392,792 5,447,224 4,476,3S8 4,041,842 4,245.950
Net decrease (2 0 .8 9 % )
T o ta l............ 15,512,758 21,094,712 18,172,400 14,858,617 13,499,140 13,894,938
Mexican Roads (not In eluded In to tals)
Interoceanlc of Mexico
589,706
020,689
— 30,983
736
736
* Results are based on 111 miles less road beginning with 1905.
Mexican International
657,546
838,432
— 180,880
918
918
a Proprietary lines not Included after June 1906.
Mexican Railway-____
567,800
— 76,300
644,100
321
321
r Figures have been revised to accord with the new basis of accounting prescribed
Mexican Southern____
101,081
106,599
— 5,518
263
263
by the Inter-State Commerce Commission.
National R R of M e x ..
1,175,170
1,400,327
— 231,157 1,732
,732
Hid dgo A Northeast
79,718
70,073
+ 3.645
1152
152
EARNINGS OF MIDDLE AND MIDDLE W ESTERN GROUP.
To complete our analysis we furnish the follow
ing six-year comparison of earnings of leading roads,
arranged in groups
i
June.
1908.
$
549,387
424,020
Buff Roch A I>
Chic Ind A Lou
Gr Tr of Can.l
GrTrWest | 63,402,514
D Gr H A M
J
Illinois Central 4,062,349
Tol l’eor A W .
100,059
Tol St L A W .
252,584
Wabash ......... 1,941,024
Wheel A L Erie C383.28i
1907.
1906.
1905.
1904.
$
r838,452
481,179
$
491,190
498,950
S
730,034
494,703
$
088,S30
444,049
3,828,780
3,559,500
3.179.5S2
3,141,900
4,882,894
129,550
377,177
2,480,001
583,284
4,300,388
100,950
345,910
2,321,341
408,411
4,110,094
108,171
338,190
1,934,838
476,009
4,024,220
110,043
287,740
2,028,040
361,844
1903.
I N T E R -S T A T E
$
707,720
430,408
12,480,198
\ 458,522
l
98,974
4,087,501
111,178
195,952
1,709,900
423,443
T o ta l............ 11,381,827 13,001,383 12.020,052 11,378,227 11,087,284 10,715,802
b Includes Canada A Atlantic beginning with October 1904.
c Month in 1908 not reported; taken same as last year.
r Figures have been revised to accord with the new basis of accounting prescribed
by the Inter-State Commerce Commission.
EARNINGS OF SOUTHERN
GROUP.
1908.
1907.
1900.
1905.
1904.
1903.
$
289,749
$
345,182
5
317,083
$
271,938
$
260,886
$
249,459
204,498
108,572
113,240
849,259
751,077
3,049,881
810,292
4,293,570
710,168
237,005
99,631
102,280
750,950
021,700
3,165,403
099,202
3,829,072
504,347
ISO,277
90,087
98,124
068,383
573,880
2,981,871
027,200
3,487,550
504,771
183,047
90,930
88,974
009,150
593,150
3,058,988
531,974
3,359,402
500,780
Total............ 10,497.092 12,600,936 11,874,240 10.342,200
9,533,641
9,397,800
June.
AlaGt South..
Ala N O A T P
N O A N E ..
r250,99fi
211,800
Ala A \ leks.
109,172
7T21.201
V Shrev A P
7T27.383
106,444
Central of G a ..
1-785,900
800,700
Cln N O A T P
788,013
593,044
Lou A Nashv.6 3,360,000 r3,900,112
Mobile A Ohio.
702,753
920,370
Southern R y_. 3,729,581 4,009,305
Yazoo A M V .
587,703
733,808
b Includes earnings of Atlanta Knoxville A Northern In 1904, 1905, 1906. 1907 and
1908.
k These are the figures now reported In comparison with 1908; a year ago the
amount was originally given as $913,700.
These figures have been revised to accord with the new basis of accounting pre
scribed by the Inter-State Commerce Commission.
r
C O M M IS S IO N
U N IF O R M
B IL L
RECO M M EN D S
O F L A D IN G .
The Inter-State Commerce Commission in a report made
public on the 11th inst. approves and recommends for
adoption a new uniform bill of lading. In its announcement
bearing on the matter, the Commission points out that it
does not undertake to prescribe the bill of lading, inasmuch
as it is convinced that such action would exceed its authority.
The report states, however, that it is understood that the
bill recommended by it will be adopted by all the railroads in
Official Classification territory, and its acceptance is urged
upon the carriers in other portions of the country.
In order that new bills may be printed and those now on
hand may be used, the Commission recommends that the
uniform bill proposed be adopted from and after Sept. 1
1908. The bill, it states, is intended to apply to the move
ment of miscellaneous freight and is not meant to take the
place of bills now in use in connection with certain particular
commodities, such as live stock, and perhaps perishable
property. The official statement given out by the Commis
sion with regard to the matter is as follows:
The Inter-State Commerce Commission to-day announced
its report approving and recommending for adoption a
uniform bill of lading. This proceeding was begun by the
Commission in 1904 upon complaint of numerous shippers
and commercial organizations in Official Classification terri
tory. Upon the hearing at that time it was agreed that the
matter was one for negotiation and settlement between the
138
T H E CHRONICLE
[V LX X II
OL. X Y
The bill of lading Is to be signed by the shipper and agent of the carrier
various conflicting interests, and upon suggestion of the
Issuing sam e, and space shall tie provided for this purpose.
Commission a joint committee of shippers and carriers was
The detail arrangement respecting other matters that customarily ap
appointed to formulate a suitable bill of lading and report pear on tile face of the bill of lading, such as name of destination, car num
bers, routing, description
the same to the Commission. During 1906 and 1907 this the uniform bill of lading of articles, weights, & c., will be prescribed by
committee.
The size of the bill of lading shall be 8 H Inches wide by 1 1 Inches long.
committee held numerous conferences and gave the subject
Bills of lading
what m ay be termed "straight consignments,”
most careful attention. About a year ago the Committee being those othercoveringorder consignments,” shall be printed on wmte
than “
submitted a bill of lading which appears to have been agreed paper.
Bills of lading other than those covering “ order consignments” shall be
upon and consented to by the original petitioners and
stamped “ not negotiable.”
substantially all carriers in Official Classification territory.
The following conditions will appear on the back of the
Further public hearings were then ordered by the Commis
sion in order that all shippers and carriers might present bill of lading:
C O N D IT IO N S .
objections to the proposed bill of lading. While the funda
Section 1. The carrier or party In possession of any of the property
mental features of the bill were not the subject of much
herein described snail be liable for any loss thereof or damage thereto, ex
dispute, there was considerable conflict of views respecting cept as hereinafter provided.
No carrier or party in possession of any of the property herein described
certain provisions of more or less importance, and the
be liable
thereof or damage
caused by
matter has been the subject of conference and correspondence shallact of God,for any loss enemy, quarantine, thereto or delay law or the
the
the public
the authority of
act or default of the shipper or owner, or for differences In the weights of
almost to the present date.
or
One important improvement consists in the fact that grain, seed or other commodities caused by natural shrinkage by discrepan
cies in elevator weights. For loss or damage or delay caused
lire occur
under the new bill of lading two forms, printed in different ring after forty-eight hours (exclusive of legal holidays) after notice of the
at destination or
export (if Intended
colors, will be provided, one for “ straight” and one for arrival of the property sent or given, the at port ofliability shall be that for
export) has been duly
carrier’s
of
order” consignments. They will differ only on the face wareiiouseman only. Except in case of negligence of the carrier or party
such negligence
side, the conditions on the back being the same in each case. In possession (and theor burdenInto prove freedom from or party In pos
shall be on the carrier
party
possession), the carrier
The main point in this connection is that the “ order” bill session shall not be liable for loss, damage or delay occurring while the prop
stopped and held in
request
owner
will possess a certain degree of negotiability, while the erty Isentitled to make such transit upon resulting of the ashipper, or vice or
party
request: or
from
defect
In
•
‘‘straight” bill will be non-negotiable. It is believed that tile property or from riots or strikes. W hen in accordance with general
this plan will in a large part meet the requirements of the custom, on account of the nature of the properly, or when at the request
of the shipper, the property Is transported in open cars, the carrier or party
banking concerns of the country, which advance vast sums In possession (except In case of loss or damage by lire, in which case the
of money upon bills of lading and are entitled to a reasonable liability shall be the same as though the property had been carried In closed
cars) shall be liable only for negligence, and the burden to prove freedom
measure of protection.
_
from such negligence shall be on the carrier or party in possession.
Section d. In Issuing this bill of lading this company agrees to transport
The bill of lading recommended by the Commission is, of
except
provided
course, more or less of a compromise between conflicting in only over Its own line, and portion as otherwise beyond Itsby law acts only
as agent with respect to the
of the route
own line.
No carrier shall be liable for loss, damage or injury not occurring on Its
terests, but it represents the most intelligent and exhaustive
the through route, nor after said property
efforts of those who undertook its preparation to agree upon own road or Us portion of carrier, except as such liability Is or m ay be has
been delivered to the next
im
a bill of lading which should be reasonably satisfactory to posed by law; but nothing contained in tills bill of lading shall be deemed
exempt the Initial carrier from
the public and the railroads. It imposes obligations of to Section ;s. No carrier Is bound to any sucti liability so Imposed. particu
transport said property by any
an important character which carriers have not heretofore lar train or vessel, or in time fol- any particular market or otherwise than
-ith reasm ablc dispatch, unless by specific agreement Indorsed hereon.
assumed, and retains exemptions to which some shippers •
Every carrier
may object. As the Commission is advised, it is in some said property shall have the right in case of physical necessity to forward
by any railroad or route between the point ot shipment and
rospoets less favorable to the shipper than the local regula the point of destination: but if such diversion shall befrom a nail to a water
route, the liability of the carrier shall be the same as thong'd the entire
tions of one or more States, but is more favorable to the carriage were by rail.
, ,, , ,
, ,, .
The amount of any loss or damage for which any carrier Is liable snail be
shipper than the local laws or regulations of most of the
of
the property
In
States. It is concededly a great improvement upon the computed onifthe basis thethe value of Including the (being the bona linepre
voice price,
any, to
consignee,
freight charges, if
bills now in general use and its adoption will be a long step paid) at the place and time of shipment under this bill of lading, unless a
value lias been represented in writing
toward uniformity, simplicity and certainty. It will likewise lower or is determined by the classification by the shipper or inis been agreed
upon
or tariffs upon which the rate Is
be a long step in the direction of fair dealing between shipper based, In any of which events such lower value shall lie the m aximum
and carrier and may be confidently expected to remove much amount to govern such computation, whether or not such loss or damage
of the confusion which now exists and to measurably avoid occurs from negligence. or delay must be made In writing to the carrier
Claims for loss, damage
the irregularities and injustices which have heretofore at the point of delivery or at the point of origin within four months after
delivery of the property, or, in ease ot failure to make delivery, then within
occurred. The Commission expressly retains the right, four months after a reasonable time for delivery has elapsed. Unless claims
although approving the bill of lading conditions, to exercise are so made, the carrier shall not be liable.
Any carrier
on account of
said
its corrective authority as to any provisions therein which, property shall or party liable benefit of any loss of or damage to any of been
have the full
Insurance that may have
under the test of experience, may be proper.
effected upon or on account of said property, so far as tills shall not avoid
The two forms of the bill of lading accompany the Commis the policies or contracts of Insurance.
Section 4 All property shall be subject to necessary cooperage and baling
cost
Each carrier over wtiose route cotton is to be transported
sion’s announcement; one of these is to be printed in white,this at owner’s shall have the privilege, at its own cost and risk, of compressing
hereunder
providingfor “straight,” and the other to be printed in yellow, the same for greater convenience In handling or forwarding, and shall not
be held responsible tor deviation or unavoidable delays In procuring such
providing for “ order” consignments. The chief difference compression Grain In bulk consigned to a point where there Is a railroad,
elevator m ay (unless otherwise expressly noted herein
lies, as stated above, in the fact that the “ order” bill will public or licensed not promptly unloaded) be there delivered and placed
and then if It Is
possess a certain degree of negotiability, while the “ straight” with other grain of the same kind and grade without respect to ownership
and If so delivered shall be subject to a lien for elevator charges in addition
bill will be non-negotiable.
to all other charges hereunder.
,
.
... . . .
„ .
Section 5. Property not removed by the party entitled to receive It
The following is the “ order” bill of lading:
within forty-eight hours (exclusive of legal holidays) after notice of its ar
________ ________________________ Railroad Company.
O R D E R H ILL OK L A D IN G — O R IG IN A L .
Received, subject to classifications and tarlils In cllect on the date of
ue of this original bill of lading, a t ------------------ -------- ...
from
_
...................... ......., the property described below, In
apparent good order, except as noted (contents and condition of contents
of packages unknown), marked, consigned and destined as Indicated
below, which said company agrees to carry to its usual place of delivery at
said destination, If on Its road, otherwise to deliver to another carrier on
the route to said destination.
It Is mutually agreed, as to each carrier
of all or any of said property over all or any' portion of said route to dcstlnation, and as to each party at any time interested In all or any of said
property, that every service to be performed hereunder snail be subject
to all the conditions, whether printed or written, herein contained (Includ
ing conditions on back hereof), and which are agreed to by the shipper
and accepted for himself and his assigns.
The surrender of this original order bill of lading properly Indorsed
shall be rcqulio.l before the delivery of the property.
Inspection of prop
erty covered by thlsblll of ladlngwlll not be permitted unless provided by
law or unless permission Is indorsed on this original bill of lading or given
in writing by the shipper.
_ .
,
,
N otes.— 1 he foregoing will appear on the front or ilrst page or the bill of
T
lading.
In connection with the name of the party to whom the shipment Is con
signed. the words ‘ ‘ order of” shall prominently appear In print, thus:
“ Countersigned to order o f __________________________ __________________ ”
The bill of lading is to be signed by the shipper and agent of the carrier
Issuing same, and space shall be provided for this purpose.
The detail arrangement respecting other matters that customarily ap
pear on the face of the bill of lading, such as name of destination, ear num
bers, routing, descr h u h j . rtlcles, weights, & c., will be prescribed by
the uniform o 1 of lading committee.
1
The size of the b II of lading shall e 8 M In -lies wide by 11 Inches long.
Order bills of 1 rdlng shall be p luted on yellow paper for convenient dis
tinction from bills of lading covering otner than “ order” consignments.
The “ straight,” or non-negotiable, bill of lading is as
follows:
____________ __________________ Railroad Com pany.
........
I5ILL OP L A D IN G — O R IG IN A L — N O T N E G O T IA B LE ].
Received subject to classifications and tariffs In effect on the date of
Issue of this original bill of lading a t ---------------------------- --------,— . 11)0..,
fro m _________ ____________ _______ ______ the property described below, in
apparent good order, except as noted (contents and condition of contents
of packages unknown), marked, consigned and destined as Indicated below,
which said company agrees to carry to its usual place of delivery at said
destination, if on its road, otherwise to deliver to another carrier on the
route to said destination.
It is mutually agreed, as to each carrier of all
or any of said property over all or any portion of said route to destination,
and as to each party at any time interested In all or any of said property,
that every service to be performed hereunder shall be subject to all the con
ditions, whether printed or written, herein contained (Including the condi
tions on back hereof), and which are agreed to by the shipper and accepted
for himself and Ills assigns.
I Notes. — The foregoing will appear on the front or first page of the bill of
ading.
rival has been duly sent or given, m ay be kept in car, depot or place of de
livery of the carrier, or warehouse, subject to a reasonable charge for
freight and other lawful charges. Including a reasonable charge for storage. -s
The carrier m ay make a reasonable charge for the detention of any vessel
or car, or for the use of tracks after the car has been held forty-eight hours
exclusive of legal holidays), for loading or unloading, and may add such
charge to all other charges hereunder, and hold such property subject to a
lien therefor.
Nothing In this section shall be construed as lessening the
time allowed by law or as setting aside any local rule affecting car service
or storage.
Property destined to or taken from a station, wharf or landing at which
there Is no regularly appointed agenl shall be entirely at risk of owner after
unloaded from cars or vessels or until loaded Into cars or vessels, and when
received from or delivered on private or other sidings, wharves or handings
shall be at owner's risk until the cars are attached to and after they are de
tached from trains.
,
.
,
Section 6 No carrier will carry or be liable In any way for any documents,
specie, or for any articles of extraordinary value not specifically rated In
the published classification or tariffs, unless a special agreement to do so
and a stipulated value of the articles are Indorsed hereon.
Section 7. Every party, whether principal or agent, shipping explosive
or dangerous goods without previous full written disclosure to the carrier of
their nature, shall be liable for all loss or damage caused thereby, and such
goods may be warehoused at owner’s risk and expense or destroyed without
C° Section 8°'''The owner or consignee shall pay the freight and all other law
'
ful etiarges accruing on said property, and, If required, shiill pay the same
before delivery,
if upon Inspection It Is ascertained that the articles
shipped are not those described In this bill of lading, the freight chaigcs
must be paid upon the articles actually shipped.
Section !). Except in case of diversion from rail t> water route, which Is
provided for In Section .8 hereof, if all or anypart ot said property Is carried
by water over any part of said route, such water carriage shall be performed
subject to the liabilities, limitations and exemptions provided by statute,
and to the conditions contained In tills bill of lading not Inconsistent with
such statutes or this section, and subject also to the condition that no car
rier or party in possession shall be liable for any loss or damage resulting
from the perils of the lakes, sea or other waters: or from explosion, burst
ing of boilers, breakage of shafts or any latent defect In hull, machinery
or appurtenances: or from collision, stranding or other accidents of naviga
tion or from prolongation of the voyage.
And any vessel carrying any or
all of the property herein described shall have the liberty to call at Inter
mediate ports, to tow and be towed and assist vessels In distress, and to
deviate for the purpose of saving life or property.
The term “ water carriage” In this section shall not be construed as In
cluding lighterage across rivers or In lake or other harbors, and the liability
for such lighterage shall be governed by the other sections of this Instru
ment.
, .
, ,,
Section to. A n y alteration, addition or erasure In this bill or lading
which shall be made without an indorsement thereof hereon, signed by the
agent of the carrier Issuing tills bill of lading, shall be without effect, and
th's bill of lading shall be enforceable according toilts original tenor.
TH E CHRONICLE
J u l y 18 1908. J
S T A T IS T IC S O F R A IL W A Y S I X
T H E U N IT E D S T A T E S .
The Inter-State Commerce Commission has made public
this week advance figures from its Twentieth Annual Statis
tical Report. The statistics cover the year ending June 30.
1007 and are in the usual elaborate and comprehensive form,
embracing such a multitude of details that it takes full twelve
months to compile and print the report.
m il e a g e
.
The report shows that on June 30 1907 the total single
track steam railway mileage in the United States was 229,
951.19 miles, or 5,588.02 miles more than at the end of the
previous year. Substantially complete returns were ren
dered to the Commission for 227,454.83 miles of line operated,
including 8,325.97 miles used under trackage rights. The
aggregate length of railway mileage, including tracks of all
kinds, was 327,975.26 miles. This mileage was thus classi
fied: Single track, 227,454.83 miles; second track, 19,420.82
miles; third track, 1,960.42 miles; fourth track, 1,389.73
miles, and yard track and sidings, 77,749.46 miles. These
figures indicate that there was an increase of 10,892.07 miles
in the aggregate length of all tracks, of which 3,988.55 miles,
or 36.62% , represented the extension of yard track and sid
e number of railways for which mileage is included in
the report was 2,440. During the year railway companies
owning 2,811.65 miles of line were reorganized, merged or
consolidated. The corresponding figure for the year 1906
was 4,054.46 miles.
The report shows that for the year ending June 30 1907 the
mileage of roads operated by receivers was 3,926.31 miles, or a
decrease of 45.12 miles as compared with 1906. The num
ber of roads in the hands of receivers was 29.
E Q U IP M E N T .
On June 30 1907 there were in the service of the carriers
55,388 locomotives, the increase being 3,716. These loco
motives, excepting 1,237, were classified as: Passenger,
12,814; freight, 32,079, and switching, 9,258. The total
number of cars of all classes was 2,126,594, or 167,682 more
than for the year 1906. This rolling stock was thus as
signed: Passenger service, 43,973 cars; freight service, 1,
991,557 cars, and company’s service, 91,064 cars. These
figures do not include private cars of commercial firms or
corporations.
The number of locomotives and cars in the service of the
railways aggregated 2,181,982, of which 2,059,426 were
fitted with train brakes, or an increase of 231,637 over the
previous year, and 2,159,534 were fitted with automatic
couplers, or an increase of 169,738. Nearly all the locomo
tives and cars in the passenger service had train brakes,
and all but 58 locomotives in the same service were fitted
with automatic couplers. Only 1.17% of cars in the pas
senger service were without automatic couplers. Substan
tially all the freight locomotives had train brakes and auto
matic couplers. Of 1,991,557 cars in the freight service on
June 30 1907, the number fitted with train brakes was 1,
901,881 and with automatic couplers 1,972,804.
139
greater than for the vear 1906. Their operating expenses
were $1,748,515,814,‘ or $211,638,543 more than in 1906.
Passenger revenue was $564,606,343— increase, $54,573,760;
mail, $50,378,964— increase $3,007,511;
express, 857,
332,931— increase, $6,322,001; other earnings from passen
ger service, $12,674,899— increase, 81,360,662; freight reve
nue, 81,823,651,998— increase, $183,265,343; other earn
ings from freight service, $6,113,648— increase, 8468,426;
other earnings from operation, including unclassified items,
$74,346,795— increase, $14,342 708. Gross earnings from
operation per mile of line averaged $11,383, the correspond
ing average for the year 1906 being 8923 less.
The operating expenses were assigned to the four general
classes as follows: For maintenance of way and structures,
$343,544,907; maintenance of equipment, $368,061,728;
conducting transportation, 8970,952,924; general expenses,
$65,404,655; undistributed, $551,600. Operating expenses
averaged $7,687 per mile of line, this average showing an
increase of $775 per mile in comparison with the year 1906.
The income from operation, or the net earnings of the rail
ways, amounted to $840,589,764. This amount exceeds
the corresponding one for the previous year by $51,701,868.
The net earnings per mile of line for 1907 averaged $3,696;
for 1906, 83,548, and for 1905, 83,189. The amount of in
come attributable to sources other than operation was S286,583,942. This amount includes the following items: In
come from lease of road, 8124,705,781; dividends on stocks
owned, S88,523,952; interest on bonds owned, $24,361,054,
and miscellaneous income, $48,993,155. The total income
of the railways ($1,127,173,706)— that is, the net earnings
and income from lease, investments and miscellaneous
sources— is the amount from which fixed and other charges
against income are taken to ascertain the sum available for
dividends. Such deductions aggregated 8677,712,518, thus
leaving $449,461,188 as the net income for the year ending
June 30 1907 available for dividends or surplus.
The amount of dividends declared during the year under
review (including $49,297 representing other earnings to
stockholders) was $308,137,924, leaving as the surplus from
the operations of the year ending June 30 1907 $141,323,264.
The surplus from operations as shown for the preceding year
was $112,334,761. The amount of deductions from income
as stated above, $677,712,518, comprises these items: Salar
ies and maintenance of organization, $648,835; interest ac
crued on funded debt, 8344,242,617; interest on current lia
bilities, $16,671,532; rents paid for lease of road, $128,766,
452; taxes, $80,312,375; permanent improvements charged
to income account, $38,552,890; other deductions, $68,517,
817.
The preceding figures for the income and the expenditures
of railway companies are compiled from the annual reports
of leased roads as well as of operating roads, and include
duplications in certain items of income and also of expendi
tures on account of the fact that, in general, the income of a
leased road is the rent which it receives from its lessee. The
statistical report includes, however, a summary which pre
sents an income account for all the railways considered as a
single system, from which inter-corporate payments are sub
stantially eliminated.
EM PLOYEES.
The number of persons reported as on the pay-rolls of the
railways in the United States on June 30 1907 was 1,672,074,
which is equivalent to an average of 735 employees per 100
miles of line. As compared with the year 1906, these figures
show an increase of 150,719 in the number of employees, or
51 per 100 miles of line. Of the employees, 65,298 were
enginemen, 69,384 firemen, 48,869 conductors and 134,257
other trainmen. There were 53,414 switch tenders, cross
ing tenders and watchmen. The total amount of wages
and salaries reported as paid to employees during the year
ending June 30 1907 was 81,072,386,427.
P U B L IC S E R V IC E O F R A I L W A Y S .
ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
— The public sales of bank stocks this week aggregate
96 shares, of which 75 shares were sold at the Stock Ex
change and 21 shares at auction. Only one lot of trust
company stock, amounting to 25 shares, was sold. A sale
of 2 shares of stock of the Importers’ & Traders’ National
Bank was made at 528— an advance of 18 points over last
week’s sale price.
Shares.
R A N K S — New York.
Low.
High. Close.
Last previous sale.
287
287
June 1908— 286
The number of passengers carried by the railways during *10 City Bank. N atio n al................. 287
168
168
July 1908— 170
the year ending June 30 1907 was 873,905,133, this item be * 65 Commerce, N at. Bank o f ------- 165
2 Importers’ ATraders’ N at. Bk. 528
528
528
July 1908— 510
ing 75,959,017 more than for the year ending June 30 1906.
15 Market & Fulton N at. B an k . 2 4 6 ^ 246 % 246 H Mch. 1908— 241
The passenger mileage, or the number of passengers carried
4 Park Bank, National_________ 417
417
417
May 1908— 411 *4
1 mile, was 27,718,554,030, the increase being 2,551,313,199
T R U S T CO AI PA N Y — New York.
passenger miles.
25 Carnegie Trust Co...................... 166
166
166
July 1908— 164 M
The number of tons of freight shown as carried (including
freight received from connections) was 1,796,336,659, which
* Sold at the Stock Exchange.
exceeds the tonnage of the year 1906 by 164,962,440 tons.
— A uniform bill of lading has been recommended for
The ton-mileage, or the number of tons carried 1 mile, was
236,601,390,103, the increase being 20,723,838,862 ton miles. adoption b}r the Inter-State Commerce Commission. Details
The number of tons carried 1 mile per mile of line was 1,052, with reference to the action of the Commission will be found in
119, indicating an increase of 69,718 ton miles per mile of an article on a preceding page.
line in the density of freight traffic.
— In its efforts to force the express companies out of the
The average revenue per passenger per mile for the year
ending June 30 1907 was 2.014 cents. For the preceding money-order field, the American Bankers’ Association,
year the average was 2.003 cents. The average revenue through its Committee on Express Companies and Money
per ton per mile was 0.759 cents; the like average for the year
1906 was 0.748 cent. The earnings per train mile show an Orders, is actively engaged in perfecting plans toward
increase for both passenger and freight trains. The figures increasing its own money-order business. With this object in
show an increase in the average cost of running a train 1 mile. view, Thomas W . Lamont, Second Vice-President of the
The ratio of operating expenses to earnings for the year 1907 Bankers’ Trust Co. of this city, sailed for Europe last Aveek,
was 67.53% . For 1906 this ratio was 66.08% .
to complete arrangements for the adoption abroad of these
E A R N IN G S A N I) E X P E N S E S .
money orders of the Association. The orders are secured
The gross earnings of the railways in the United States
from the operation of 227,454.83 miles of line were, for the by the guaranty of the American Surety Co., and are
year ending June 30 1907, $2,589,105,578, being $263,340,411 redeemable at the Bankers’ Trust Co.
140
T H E CHRONICLE
In working out the development of its money-order
business in this country, the Association plans to have the
orders payable at par at any clearing-house bank in any city
where such an organization exists, and the approval of the
various clearing houses to such a plan is being sought.
Some time ago, it will be recalled, the American Bankers’
Association brought an action against the express companies
before the Inter-State Commerce Commission to contest their
right to issue money orders. This action is still pending.
— The American Bankers’ Association has put into opera
tion its plan, decided upon at the spring meeting of the
Executive Council, of issuing a monthly journal, devoted to
the work of the Association and its committees, the first
number of the publication having just made its appearance.
Fred. E. Farnsworth, Secretary of the Association, is the
publisher, Thomas B. Paton, General Counsel of the Associa
tion, is the editor, and W . W . Waine is associate editor. In
the editorial remarks it is stated that the journal has been
created to supply the need, which has for some time been
felt, for a medium of publicity through which the members
might be kept informed of the progress of the various lines
of work undertaken in behalf of the Association. The initial
number consists of forty pages, and in addition to paragraphs
bearing on the various sections and committees, it contains
other news of general interest to bankers, such as the list
of newly elected officers of State banking associations, the
dates of coming conventions of State organizations, remarks
of A. Barton Hepburn on “ Recognition by Congress of the
Principles of Assets Currency,” an extract from an article in
“ Scribner’s” by Prof. J. Laurence Laughlin, of the University
of Chicago, on the subject of “ Guaranteeing Bank Deposits,”
&c.
— Owing to the increase in its business, the Liberty National
Bank of New York (139 Broadway), of which Frederick
B. Schenck is President, has added to its banking room a
part of the main floor of the Washington Life Building
adjoining, giving the institution a floor capacity of just
twice its former size.
At a meeting of the directors of the bank held on July 2,
Charles W . Riccks was appointed Cashier, which office he is
to hold in addition to his present position as Second Vice
President. Henry S. Barton, who has been connected with
the bank for a great many years, was appointed an Assistant
.Cashier. Mr Riecks held the office of Cashier for six years
before being elected a Vice-President, and now takes up this
added responsibility again, owing to the death of Mr. Lott
on May 28.
— Upon the retirement of John A. Noble last week as
chief clerk of the Merchants’ National Bank, his fellow
employees presented him with a handsome gold watch,
suitably engraved, the officers being the donors of the
chain. As mentioned in those columns on Saturday last,
Mr. Noble has been appointed an Assistant Cashier of the
Night & Day Bank of this City, and began his duties at
that institution on Monday. Mr. Noble has had a thorough
bank education, having been with the Merchants’ for the
past twenty years, and previous to that was with the Im
porters’ & Traders’ National Bank for two years.
— The statement of the Fulton Trust Co. of New York
(30 Nassau Street) to the State Banking Department under
date of June 17th showed capital, surplus and undivided,
profits of §1,362,435— the highest in the history of the
company. Deposits were reported at §6,454,278, as against
§6,248,038 on March 25th last, while aggregate resources
are §7,829,213, as against §7,521,509.
— The fourth installment of 10% due Aug. 15 to the
depositors of the Lafayette Trust Co., under the resumption
plan, was anticipated by a month, and made payable on the
14th inst. The previous installments were likewise antici
pated.
[V LX X II.
OL. X V
— The Homestead Bank of Brooklyn, which began busi
ness in July 1907, declared its first dividend this week,
being 2 % , payable Aug. 1.
. — it is reported that Justice White, in the Supreme Court
at Buffalo, on the application of Special Deputy Attorney
General Henry W . Killeen, has dismissed the grand larceny
indictment found against Arthur E. Applcyard in con
nection with the failure of the German Bank of Buffalo,
which occurred in December 1904. Mr. Killeen, it is
said, held that the death of Richard Emory, President of
the bank at the time it failed, made it practically impos
sible to obtain a conviction of Mr. Applcyard. Further
more, reports state, the depositors have agreed to accept
§10,000 in settlement of all civil and criminal liabilities
against him.
— The National Deposit Bank of Philadelphia was closed
by the Comptroller of the Currency on the 14th inst. and
Milton C. Elliott was appointed receiver. The Acting
Comptroller of the Currency is quoted as saying that the
action was taken “ because of persistent and continuous
disregard of the requirements of the law with respect to the
maintenance of lawful money reserve, and because of a
generally unsatisfactory condition otherwise.” The bank
began business on Oct. 2 1905. It was organized with a
capital and surplus of §200,000 each by the late John F.
Finney, a former Assistant Treasurer of the United States
at Philadelphia. Following the death of Mr. Finney, I ■ M.
Peet was elected President in May 1907. The deposits of
the bank were given as §672,059 on May 14 last, against
which there was a cash reserve of §126,786. The total lia
bilities on that date were reported as §1,283,245. The
bank, it is said, was not a member of the Philadelphia
Clearing-House Association. It was reported in Jan. that its
President, M r.Peet, was the purchaser of the holdings (2,000
shares) of C. W . Morse in the New Amsterdam National
Bank, now in receivers’ hands, but apparently the report
had little, if any, foundation.
— The Philadelphia National Bank (organized 1803) is
making extensive alterations to its banking rooms at Nos.
419, 421 and 423 Chestnut Street. The entire ground
floor is being made into an immense room, which will give
the institution just twice as much space as formerly. The
last statement of this bank shows deposits of nearly forty
millions of dollars (§39,028,150). The aggregate resources
arc reported at §45,471,981. Levi L. Rue is President;
Lincoln Godfrey, Vice-President; Harry J. Keser, Cashier;
and Horace Fortescue and D .S . Ludlum, Assistant Cashiers.
— A . D. Salee, for the last three years credit man of the
Mellon National Bank, Pittsburgh, has resigned his connec
tion with the institution to assume the advertising manage
ment of the Municipal & Corporation Securities Co. of
Pittsburgh, Philadelphia and Chicago— one of the largest
bond houses in this country. Mr. Salee made a distinct
success of attracting new business to the bank by directing
the advertising of the Mellon National Bank in conjunction
with his work as its credit man. Mr. Salee was born and
educated in Western Illinois, studied law in Iowa, learned
salesmanship with R. G. Dun & Co., representing them for
seven years in Pittsburgh.
___
— W . W . Ramsey has been elected President of the
German National Bank of Pittsburgh to succeed Ernest H .
Myers, who died last month. A. A. Frauenheim and C. A.
Fagan have been elected vice-presidents of the institution,
and Robert E. Reed has been made an Assistant Cashier.
Mr. Ramsey entered the employ of the bank as Cashier in
1899. He became Vice-President of the institution in
January last.
— The Guardian Savings & Trust Co. of Newark, Ohio, has
adopted its new title, namely, the Park National Bank, the
change having been authorized by the Comptroller. The
capital is §100,000 and the officers are: A. G. Wyeth, Presi
dent; A. R. Lindorf, Vice-President, and W . W . Gard,
Cashier.
— The People’s National Bank of Brooklyn Borough, now in
process of organization, is to locate at 1334-1336 Broadway.
— The Franklin Savings & Banking Co. of Cleveland,
As heretofore noted, the institution is being formed with a
capital of §200,000, all of which is said to have been sub Ohio, made an assignment on the 6th inst to W . D. Gray.
scribed. George W . Spence, who was at the head of the old The institution began business on March 21 1907. Its last
People’s Bank of Brooklyn (taken over by the Union statement, it is said, showed capital of §25,000 and deposits
Bank in 1906), is to be President of the new bank, which is of §25,867. Its two Carroll County branches, one at Mal
vern and the other at Sherodsville,havealso|closed|their doors.
expected to open in August.
July 18 1908.)
T H E CHRONICLE
— The directors of the Colonial Trust & Savings Bank,
Chicago, have elected as Cashier, to succeed G. H . Coney,
It. C. Keller. Mr. Keller has been Bank Examiner for
several years, and as soon as he has completed the examina
tions now in hand, will assume the duties of his new office
at the Colonial. His prior banking experience was sixteen
years’ connection with the First National Bank of Windom ,
Minn., and later as Cashier of the State Bank of Lexington,
111.
— Officials of the Corn Exchange National Bank, Chicago,
announce that removal to its new quarters in the bank’s
magnificent new “ sky-scraper” on the other side of La Salle
Street, will be consummated during the first week in August.
— The board Of directors of .the Continental National Bank
of Chicago has appointed a committee to consider designs for
a new modern building on the 'site of the bank’s .present
structure. As tenants’ leases do not expire until next May,
nothing can be done towards razing the old building before
that date. But it is conjectured that the Continental
National will avail itself of the opportunity to secure the
fine rooms on the bank floor of The Rookery to be vacated
by the Corn Exchange National. Whether the new building
of the Continental shall be monumental and devoted solely
to the bank’s uses, or a modern “ sky-scraper,” has not yet
been determined. But in any event it is certain to be
costly, conspicuous and convenient, and an architectural
adornment to La Salle Street.
— It is reported that 500 shares of the $1,000,000, capital of
the State Bank of Chicago have been disposed of by the
estate of former Vice-Preisdent Dwight at $300 a share.
— The sentence imposed over a year ago on President
Abner Smith and Vice-President Gustav F . Sorrow, of the
failed Bank of America of Chicago, is upheld in an opinion
handed down by the Appellate Court last week. Both had
been adjudged guilty of misappropriating the funds of
the bank and sentenced to a term of from one to five years
in the penitentiary and a fine of $1,000 each.
— To promote the practice of putting away regularly
a portion of one’s savings, the Union Trust Co. of Chicago,
through its savings department, has issued a booklet con
taining a number of charts graphically portraying the
growth of stipulated sums deposited monthly, ranging
from $1 to $100 per m onth, for periods up to ten years.
Several other charts showing the growth of “ money earn
ing money” are also given, one depicting the earning capacity
of a $100 savings account started at the birth of a child,
and continued until the age of twenty-one and neither
taken from nor added to. A page of the booklet is devoted
to a brief sketch of the history and organization of the
company, which dates back to 1869. The institution
pursues the course of turning back into surplus a large
percentage of its profits, which might be distributed in
dividends, and points out that its entire surplus of $1 ,
000,000 and all but $125,000 of the original capital repre
sents actual earnings. Its deposits now aggregate $12,
000,000.
— The Northwestern National Bank of Minneapolis is
reported to have disposed of the $1,000,000 of new stock
put out in connection with its consolidation last month with
the National Bank of Commmerce. The issue increases
the bank’s capital to $2,000,000 and its surplus from
$1,000,000 to $2,000,000.
— Joseph U . Barnes, former President of the failed
Minnesota Title & Trust Co. of Minneapolis, who had been
convicted of grand larceny in connection with the suspension
of the institution, was sentenced to two years’ imprisonment
on the 7th inst. He was released on his former bond of
$5,000 pending an appeal.
— The “ Commercial W est” states that the formal change
in the management of the First National Bank of Sioux
City, Iowa, attendant upon the retirement of President
James F . Toy, and the acquisition of a majority of its
stock by Edwin Tilden, was made at the recent semi-annual
meeting. Ackley Hubbard was advanced from the vice
presidency to the presidency to succeed Mr. Toy. W . L.
Montgomery was elected Vice-President to take the place
of Mr. Hubbard, and L. S. Critchell was chosen Cashier to
succeed J. Fred Toy; Fred W . Bland was made Assistant
141
Cashier. Mr. T oy, it is stated, retains a large block of
stock in the bank and remains on the board, which has been
increased from a membership of nine to fifteen. Mr. Crit
chell, the new Cashier, is Vice-President of the Live Stock
National Bank of Sioux City.
— The following topics will be discussed at the annual
convention of the Montana Bankers’ Association, to be
held on the 27th and 28th inst. at Billings: “ Financial
Legislation” , by William B . Ridgely, President of the
National Bank of Commerce of Kansas City; “ The Lesson
of the Panic” , by George E . Roberts, President of the
Commercial National Bank of Chicago; “ Legal Tender
Money” , by Thomas H . Carter, U . S. Senator; “ Insurance
of Bank Deposits” , by Harry Yaeger, Assistant Cashier
of the First National Bank of Lewistown; and “ Our Most
Pressing Problem,” by H . V . Alward, Cashier of the First
National Bank of Kalispell.
— The National Bank of W ichita, at W ichita, Kansas,
was placed in voluntary liquidation on the 6th inst.
— The Traders’ Bank of Kansas City, M o., is preparing to
enter the national system , under the name of the Traders’
National Bank. An application for its conversion was
approved by the Comptroller of the Currency on July 6. The
capital, now $100,000, is to be increased to $200,000.
— Charles Pasche has been elected President of the First
National Bank of Buchanan County, of St. Joseph, M o.,
succeeding Walter P. Fulkerson, resigned. It is understood
that Mr. Fulkerson retains his stock interest in the bank, and
will continue as a member of its board of directors. The
new President, Mr. Pasche, is at the head of the St. Joseph
Stock Yards Bank.
— The City National Bank of Memphis, began business
on the 9th inst. as successor to the City Bank. The con
version of the bank is accompanied by an increase of $100,
000 in the capital, making it $200,000. The institution
transacts both a commercial and savings business. It is
under the management of H . H . Crosby, President; T . J.
Keyer and J. M. Speed, Vice-Presidents; William H . Kyle,
Cashier; S. W.JPortlock, Assistant Cashier and Jos. Townsend
ManagerJof the Savings Department.
— The change in .the name of the Citizens’ Bank &^Trust
Co. of Chattanooga, Tenn., to the Citizens’ National Bank,
has become operative, the conversion of the institution
having been approved by the Federal authorities on July 2.
— The Georgia Savings Bank & Trust Co. of Atlanta
issued $100,000 of new capital on June 1, in accordance
with the authorization of its shareholders on April 16.
The additional stock (1,000 shares) when full paid will give
the bank a capital of $200,000. The selling price is $135
per share, payable 1 0 % monthly, beginning June 1 1908.
Many of the stockholders have already paid in full for their
stock, so that the capital on July 11 stands at $170,110, the
surplus at $59,539 and the undivided profits at $4,880.
— A meeting pf the stockholders of the Savannah Bank &
Trust Co. of Savannah, G a., has been called for July 20 for
the purpose of considering and authorizing an increase in the
capital, and determining the amount of such increase. The
present capital of the institution is $350,000.
— It is reported that controlling interest in the Merchants’
National Bank of Savannah, Ga., has been secured by
Leopold Adler, President of the Chatham Bank of Savannah,
and his associates. The price paid for the stock is under
stood to be $120 per $100 share. A consolidation of the two
institutions is reported as under way, the merger to be
effected under the name of the Merchants’ National, with Mr.
Adler as President. W . M. Davant, Cashier of the Mer
chants, is to be Vice-President, and F . W . Clarke, Cashier
of the Chatham, will be Cashier of the enlarged bank.
J. A . G. Carson and J. F . C. Myers, respectively President
and Vice-President of the Merchants, are to retire, as will
also T . M. Cunningham Jr., Vice-President of the Chatham.
The capital of the Merchants’ will remain at $500,000 and
it is said that under the present plans the stockholders of
the Chatham Bank (capital $150,000) will have the privilege
of taking $110 for their holdings, or stock in the consolidated
bank at $120 per share.
— The stockholders of the First National Bank of Hatties
burg, Miss., (capital $100,000) and the National Bank
142
T H E CHRONICLE
of Commerce of that city (capital $325,000) are to meet on
the 27th inst. to act on the proposition of consolidating the
two under the name of the First National Bank.
— Under the name of the Whitney-Central Trust &
Savings Bank a new institution has been formed by the
management of the Whitney-Central National of New
Orleans to take over the deposits of the Central Trust &
Savings Bank the directors of the latter having early this
month approved a proposition for the disposal of its entire
business and deposits to the Whitney-Central National.
The action taken at the directors meeting, at which some
6,800 out of a total of 10,000 shares were represented,
will be formally ratified by the stockholders on August 6.
The deposits of the Central Trust represent its only liabili
ties. Its assets will be liquidated, and it is estimated that
its stockholders will receive a total of about $130 per share
in liquidation. While the Central Trust & Savings Bank
had in a measure been affiliated with the WhitneyCentral National (having been organized in 1905 by inter
ests in the latter) it was deemed advantageous to have
allied with the national bank a trust company and savings
bank owned entirely by the stockholders of the WhitneyCentral National Bank. The latter pays to the Central
Trust & Savings Bank (capital $1,000,000) a cash premium
of $25,000, and sells to its shareholders 1,000 shares of the
$2,500,000 capital of the Whitney-Central National at
$190 per share. The Whitney Central Trust & Savings
Bank lias a capital of $200,000.
Its officers are the same
as those of the Whitney-Central National, with Charles
Godchaux, President; Sol Wexler and John E . Bouden Jr.,
Vice-Presidents, and II. O. Penick, Cashier. For the
present it occupies the quarters of the Central Trust &
Savings Bank, but will later remove to offices in closer
proximity to the national bank.
— The resignation of I . II. Kempner as President of the
Merchants’ National Bank of Houston, Texas, was tendered
at a meeting of the directors on the 3d inst., owing to his non
residence in Houston and the pressure of other business
interests. Camille G. Pillot has been chosen as the new
President. J. T. McCarthy has been elected Cashier of the
institution to succeed W . H . Hurley, who lately became
Assistant Cashier of the National Bank of the Republic of
Chicago. T . C. Dunn continues as active Vice-President
of the Houston institution and Randon Porter
remains
as Assistant Cashier. Mr. McCarthy was Cashier of the
Texas Bank & Trust Co. of Galveston.
'
— The London Paris National Bank of San Francisco suc
ceeded to the business of the London, Paris & American
Bank of that city on the 1st inst. The latter was a British
corporation, and at a meeting of its shareholders in London
last month it was decided to voluntarily liquidate the insti
tution and to dispose of its assets to the new bank, incor
porated under the laws of the United States. The London
Paris National Bank has a capital of $2,500,000, and is
under the management of Sigmund Greenebaum, President;
I I . Fleishhackcr, Vice-President;
R. Altschul, Cashier;
1 C. L. Hunt and A. Hochstein, Assistant Cashier.
— A consolidation has been perfected between the Miner s
& Merchants’ Bank of Los Angeles and the Bank of Los
Angeles, the latter name being retained by the newly formed
bank. The consolidating banks had a capital of $100,000
each. The present paid-up capital of the new institution
is $200,000. It is the intention to further increase the
amount to $300,000; the necessary legal formalities have
not as yet, however, been taken, and the increased stock
will not bo issued for at least two or three months. The
officers of the enlarged bank are W . B . Ames, President;
Jno. A . Pirtle, D. F . Hill, W . S. Collins and F. E . Fay,
Vice-Presidents, and A . II. Lysle, Cashier.
— W . J. Bartnett, formerly Vice-President of the failed Cali
fornia Safe Deposit & Trust Co. of San Francisco, was sen
tenced to ten years’ imprisonment on the 1st inst. The
accused had been convicted on charges of embezzling $31,700
of securities of the estate of Ellen M. Colton, of which he was
special administrator.
— It is reported that plans for the absorption of the Bank
of Havana by the National Bank of Havana at Cuba are
under way. The Bank of Havana was organized in 1906.
It has a capital of $2,500,000.
[V LX X II.
OL. X V
(F r o m o u r o w n c o r re s p o n d e n t.)
London, Saturday, July 4, 1908.
The Bank of England directors made no change in their
official rate of discount this week, which remains at 2 %
per cent. That a change cannot be long delayed, how
ever, seems inevitable, as rates rule so low in the open
market. The reason the Bank directors have hesitated
to make a change is very plain if we examine the cause of
the remarkable plethora of money in London at the moment.
The causes of the falling off in trade are international.
But the reason we have such an abundant supply of money
in London at present is local instead of being general, as
in a healthier state of the market it would be.
Practically what has happened is simply that the cottonspinners of Manchester, the cloth-workers of Bradford,
and the iron-masters of the north and the midlands,have
fallen into line with the southern and metropolitan trading
classes, who have for some years now been suffering from
slack trade. During the recent boom in the iron, steel
and cotton trades, money was withdrawn from London
for employment in the north, and now that that boom has
come to an end, the local bankers find loans continuously
being paid off and thrown upon their own hands. It is
impossible to employ this money locally. It is sent to
the capital as the most likely center to find employment.
This, of course, always happens at the end of a trade boom.
But usually we experience in London a large increase of
capital from abroad. It is true that gold for a long time
past has come in very large amounts to London. The
whole of the South African consignment, for example,
arrives week by week as regularly as the mail boat, but the
misfortune is that we arc totally unable to obtain any
of it.
And not only are we unable to obtain the new bullion
consigned to London, but the new gold which arrives here
as an exchange operation is immediately engaged for ship
ment to the Continent. Part of this gold is required for
Germany. The German demand is quite understood and
causes no real anxiety here. But the surprising part is
the bidding on French account. The Bank of France
holds the largest amount of gold, and has for some weeks
past, that it has ever had at any time in its history. I t
was hoped a week ago, when the French exchange showed
signs of improving, that the demand for Paris had come
to an end, but although the French exchange on London
does improve from day to day, advances are for the most
part succeeded by declines, and the result is that the mar
ket, even yet, is not satisfied that the demand on French
account will cease.
The Bank return itself is a colorless document, merely
reflecting the ordinary movements incidental to the season.
The reserve is 27 millions against 2 3 % millions at this
time last year. The only comment worth making, which
is of more than local importance, is an increase of some
thing over five millions in what are known as the “ other”
deposits. This is due solely to the heavy borrowings of
the market in connection with the turn of the half-year,
brought about by the absolutely indefensible policy of
the joint stock banks and the finance companies in calling
in loans for the purpose of making a good showing in their
half-yearly statements. A year like last year, of course,
it was inevitable that the market should have to borrow
from the Bank to settle up the half-yearly accounts. But
there is no sound economic reason why money should be
almost unlendable at % per cent.
Easy as is the condition of the money market, the Stock
Exchange remains exceedingly dull.
It would not be
accurate to describe it as weak, but simply as lacking in
support, both from professionals and from the public.
International political questions are exceptionally serene.
The extreme popularity of our agreement with France is
evidenced by the immense crowds who flock to the FrancoBritish Exhibition and any anxiety which might have
existed in connection with the gravity of the Persian crisis
is removed by the arrangement recently arrived at between
this country and Russia, a highly favorable statement
in connection with which, and the King’s recent visit to
Reval, was made by the Financial Secretary this week in
the House of Commons.
Although, however, foreign politics are not affecting
markets, it is by no means certain that domestic affairs
are quite so satisfactory from the Stock Exchange point
of view. The Liberal Government has under discussion
an eight-hour bill, and the impression is that if it passes
it will greatly add to the embarrassment of our railway
companies. As the difficulty of working our railways at
a profit is already great enough, this not unnaturally,checks
stock market enterprise. In connection with the trouble
some question of transportation so far as it affect*; the
Metropolis, we have the announcement, this week of an
arrangement having been arrived at between the two prin
cipal omnibus companies serving the north of the river.
The agreement is to take the form of the old London General
acquiring the Road Car. Perhaps the best illustration
of the recent position of the transportation business in
London will be brought home to readers at a distance
when we say that the omnibus stock of the premier com
pany has fallen from over 200 to 43.
The India Council offered for tender on Wednesday 10
lacs of its bills and the applications only slightly exceeded
2 lacs at prices ranging from Is. 3 29-32d. to Is. 3 15-lGd.
per rupee. Applicants for bills at Is. 3 29-32d. and for
telegraphic transfers at Is. 3 15-lGd. per rupee were al
lotted in full.
The following return shows the position of the Bank of
England, the Bank-rate of discount, the price of consols, &c.,
compared with the last four years:
1908.
July 1.
£
Circulation________ 29,970,205
Public deposits____ 9,048,021
Other deposits_____ 51,197,083
Oorernm't securities 15,231,706
1907.
July'A.
£
29,977,930
10,079,515
51,016,497
15,084,520
1900.
July 4.
£
30,280,020
12,093,255
48,309,459
16,977,133
30,547,195
24,908,889
30,799,509
1905.
July 5.
£
30,711,275
11,301,171
49,955,542
10,752,444
1904.
July 6 .
£
29,319,825
7,910,247
42,355,262
16,903,766
28,009,300
23,400,350
34,270,181
36,374,819
Other securities___ 36,347.819 40,892,378
26,200,508
Reserve,notes&coln 27,081,128 23,680,981
38.401,783
Coln&bulL.both dep 38,007,393 35.208,911
Prop, reserve to lia
41%
42%
40 7-16
bilities.......... p. c.
44%
38%
3%
2%
3
Bann rate____ p. c.
2%
87 11-10
90%
90 1-16
Consols, 2% p. c___
88
84%
30d.
27d. 20 ll-10d.
Silver........................ 24 ll-10d .
31d.
Clear .-house returns 302,520,000 321,702,000 324,878,000 335,384,000 203,021,000
The rates for money have been as follows:
July 3.
2%
Bank of England rate......... . . .
Open Market rate—
Bank bills— 3 months... . .
1%
— 4 months. . - 1%
2%
— 0 months.. - Trade bills— 3 months. . - - 1 % @ 1 %
— 4 months.. - 2@2%
Interest allott ed tor deposits—
Hv lolnt-stock banks-------1
By discount-houses:
1
At call . .............................
7 to 14 d a y s ....................
1%
June 20.
2%
June 19.
2%
1 % @ 1 5-10
1%
1% @ 1%
1% @ 1%
1% @ 2
1% 07)2
1% ® 2
2@2%
2@ 2%
2% @ 2 %
June 12.
2%
1 % @ 1 9-10
1% @ 1%
2
2®2 %
2% @ 2 %
1
1
1
1
1%
1
1%
1
1%
The Bank rates of discount and open market rates at the
chief Continental cities have been as follows:
July 4.
June 27.
June 20.
June 13.
Rates ol
Bank
Open Bank
Open Bank
Open
Bank Open
Interest at—
Rate. Market. Rate. Market. Rate. Market. Rate. Mark
Paris ............................. 3
1%
3
1%
3
1%
3
1%
Berlin...................... ..
4
2%
4
3%
4
3%
4%
3%
Mamburg......................... 4
2%
4
3%
4
3%
4%
3%
Frankfort.................... 4
2%
4
3%
4
3 3-16
4%
3%
Amsterdam .................. 3
2%
3
2%
3
2%
3
2 5-10
Brussels ....................
3%
2%
3%
2%
3%
2%
3%
2%
Vienna ........................
4
3%
4
3 13-10
4
3%
4
3%
St. Petersburg.............. 0
nom.
0
nom.
0
nom.
0
nom.
Madrid.......................... 4%
4%
4%
4%
4%
4%
4%
4
Copenhagen................ 6
5
0
5
0
5
6
5
£
Oct. \ Nov.
Dec.
Jan.
£
O
*
M o 'm
«OCfiHW
* 4* O
— '
O 'U '
O O
Mch.
12
©
2Z2
Mos.
O'
K
Total
OOIO?
b
May
55.813 55.237 53.920 54,222 53.261 57.488 -02,711
O
'
co
o
o
S,
E.
Sept.
10,583 12 ,12 1
9,482 7,009
9,104 10.154
1,257 1,371
14.0S9 11,488
8,319 0,630
108
1.7G3
MMW^OOOCJ
4- bob m N be
3
to -4 00O to V o
'
,
O o o > O' o
' o c—
o
i
s
! s
$
120,562 19,415 22.832
IS,585 IS. 107 23,770
4.772 5,110 0 .8 S1
57,242
O
'
O
l
b
©
to
12,205 15,426 11,563 10,810 15,088
S.413 8.832 9,092 10 .112 9,070
11,551 9,031 10 .2 SG 9.901 11,557
1,306
510 1,203 1,436 i 9S4
13.184 12,385 15.757 13.207 ! 11,492
8,899 9.343 6,551 7,503 1 7,398
172 ! 3,700
201 j 3,291 1,079
1
14,888
8.S31
10.426
939
11.472
8,073
3,315
49,541 059.552
►
—
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-* O — O ' '1
»
bbbobbbb
C to0 4 - 0 0 0
O
O tOG C © O O
'
OO
'
lecelpls 1907-08—
f
$
$
$
S
$
$
s
Customs ____________ 28.836 29,716 25,604 28,158 21,909 21,746 23,272 22.476
Internal revenue_____ 22.840 22,232 22.294 25,006 19,213 20,816 19,745 18.490
Miscellaneous.............. 4.230 6,278 3,540 5.864 4,407 4,724 6,418 7,353
52,299 56,007
>
—
O
'
•JM COGOO ►
M
—
►© b b b b o o b
—
coomocoo
o
m a c io oi coto -a
Total receipts_____ 55,906 58,226 51.438 59.028 45.529 47,286 49,435 48.325 44.017 43,919 42.69S 53,489 ■599,890
Receipts 1906-07—
Customs ...................... 26,177 29.012 27,280 27,776 25,921 28,641 29.1S6 27.554 28,407 27,551 27,353 28,312 333,230
Internal revenue_____ 22,102 21.S53 21,491 24,730 24,860 23,585 20,076 20.505 22,557 21,234 22,804 24.513 270,310
Miscellaneous.............. 4,020 5,142 2,726 4,736 4.S21 3,5S8 5.975 5.867 3,198 4,470 7,331 9,880 01.706
14,898 10,249
14,218 10,333
9,273 9.119
1,513 1,467
12,133 14.054
7,752
3,656 1,604
59,889
O
'
4*
b
O
'
*0
1 1 .1 2 2
Total receipts_____
Disbursements 1907-08—
Civil and mlscel______
W a r _____ __ . .
N a v y ____
Indians . . .
Pensions .................. ..
Public Works................
Interest ................ ........
4S.539 58.544 42.362 55,819
—
H -4tO*- 00^0
-J
tob © * © b ©
—
4-*O
tOCOlO >1
*“l —
O O O O 4* C O'
'
O
124.117
101.072
97,6071
15.1401
139,291!
76.051:
24.4S2
1900.
3,190,000
220,000
995,000
O
l
o
o
b
o
►
—
00
O
'
o
«-l
C
O
©
0»
c
o
N
>
o
*
—
8,064
6.550
8.807
879
10.585
5,715
217
1907.
2,855,000
175,000
870,000
I-*
m so
p -4 ►
o -*
cocob
w
(OWOSOm h O
O Oi»0)t30M
►
—
>»O C t 05 o
— ' O—
© b b b O 'O 'O
t >-4 © OOOC/5
£
►to O O to 0 C
—
5 O
>
—
© _ -v o
| o
C | 0 0 «ob>bo
oV
O to to C > O
'
O -• '
00 00© C 4- 00 ^
O
10.870
8.050
8,177
1,209
10.2S5
7,203
2,277
This week. Last week.
W h ea t........................................... firs. 2 ,200 ,000
2.325,000
Flour, equal to......... ............ _.qrs.
155,000
130,000
M Izo .......................................... qrs.
580,000
730,000
39,535
26.037
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
b ►L to tobob b
—*
u. C ►a. C C C C
* O— * O O O O
O' ■ tOtO C C C
‘4
OO O
13,632 10 .2 S1 8,734
11,056 7,595 6,698
8,131 7,781 7,714
1,262 1.0 10 1,403
10.124 13,600 10,799
6,368 5.642 4,844
4,045 1,748 6,345
70,982,772
31s. 7d.
30s. Od.
►
—
05
-^ ►» O O O
4 — -*
'
O^iobcnMcn bo
itkO )q i^OiO >
>O
-*
M O n00q q M> w
eO
'
9.131
8.336
7.041
659
10,894
4,034
175
Total ------------- ---------------_____121,157,555 119.902,372 113,210,503
31s. 5d.
31s. 4d.
Average price wheat, week. ______
30s. 5d.
Average price, season......... ............ 33s. 2d.
27s. Id.
2Ss. 7d.
Total disbursed____
Disbursements 1906-07—
Civil and mlscel............
W a r ..................
N a v y ____ __
Indian s............
Pensions ......................
Public Works................
Interest ......... ...............
1904-05.
48,203,800
9,498,420
13,280,552
5,804
3,003
1905-00.
73,708,190
12,266,470
27,241,903
1900-07.
75,539,052
11,330,472
33.020,848
Total disbursed____ 65,814 47.848 40,270 54,618 48,323 46,537 27,827 45,720 43.602 48.071 48,913 40.S17 578,300
Nat. Bank Red. Fund—
Receipts 1907-08......... 2,503 1.482 2,482 2.139 1,067 1.478 8.579 13,992 8,808 9,338 6,083 6.384 64,335'
Receipts 1906-07......... 3,003 2,310 2,989 1,152 2,304 2.344 1.731 3,292 5,250 1,952 1,819 2,503 30,655
1907-08.
Wheat Imported______ ____ ..cw t.78,001,950
Imports of Hour___________ ______11,915,490
Sales of home-grown............. ...........30,580,205
4,729 5,366
2,535 2.52S
Supplies available for consumption (exclusive of stock on
Sept. 1):
3.560 4.283
2.721 2,215
1904-05.
84,203,800
19,216,200
12,817,900
1,825,874
1,339,120
33,009,700
9,498,420
3.144
2,929
1905-00.
73.708,190
18,388,900
12,275,300
1,410,065
542,450
37,494,200
12,200,470
■
j&
RECEIPTS AND DISBURSEMENTS (000s omltled).
917
1.633
IMPORTS.
Forty-three weeks.
1907-08.
1900-07.
Imports of wheat.................... -CWt. 78,661,950 75,539,052
Barley ....... ............................. ...........18.571,780
17,958,934
Oats......... .................................
8,648,014
Peas.............................. ....................... 1.289,170
1,493,520
871,830
380,070
B eans....... .............................. ______
39,900,970
Flour ....................................... ........... 11,915,400
11,330,472
c Kx-dlvldcnd.
G O V E R N M E N T R E V E N U E A N D E X P E N D IT U R E S .—
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the m onth of
May. From previous returns we obtain the figures for
previous months, and in that manner complete the state
ment for the fiscal years 1907-08 and 1906-07. For state
ment of June 1907 see issue of July 13 1907, page 79.
1,894 2,705
1,136 1,972
The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
b £ sterling,
Frl.
Thurs.
24 9-10 24 7-16
87 13-10 87%
87 15-10 S7 11-16
95.87% 95.92% 5
86 %
86%
96
95%
70% '
71%
9
9
87%
87%
94%
95
92% ■
92%
80
SO
171%
171%
43%
43%
7
•
7
142% •
142%
20% •
26%
04 % •
04%
20%
203-8 •
38
■
38
20
•
20
138% •
138
109
109
15
15
29%
30
•
64
*
63
51%
51%
108 •
107%
41
40% 72%
73
•
82
-j
80
143%
142
«
03
G3
-j
59
-4
59%
42%
42% S
42% • ,
42%
10%
17
1
92%
92% $
18
18
M
47
40% ,-J
153%
153 4 J
85
85
*5
43%
<
43%
hoc: 3
110%
12
12
24
i
24
54
J
54%
Commercial and M X iscellaricous^lems
1.934
1.611
June 25.
d.
25%
25%
27%
nom.
a Price per share.
2.465
2.050
The quotations for bullion are reported as follows:
GOLD.
July 2. June 25. |
SILVER.
July 2.
London Standard.
s. d.
s. d \ London Starulard.
d.
Bar gold, fine, oz......... 77
10% 7710% |
Bar silver, fine, oz_____ 24 13-10
U . S. gold, oz________ 70 5% 70
5 | “ 2 mo. delivery------ 24%
German gold coin, o z .. 70 5 % 70
5 |
Cake silver, oz_______ 20%
French gold coin, oz___ 76
5% 76
5 |Mexican dollars............nom.
Japanese yen................. 70 5% 70
5 |
London.
Wed.
Tues.
M on.
Week cnalny July 17.
Sat.
24%
Sliver, per o z ........................ d . 24 9-1f 24 9-10 24%
87 15-10 88
Consols, new, 2% per cents. 87%
87%
88 1-K
For account_____________ - 87%
87 15-10 88
95.80
French Rentes (In Paris).fr 95.07%
80%
Russian Imperial 4s_______
80%
80%
80%
90
do
do
New 5s_____
72
Amalgamated Copper C o_
_
70
71
70
ftAnaconda Mining C o______
9%
9
9%
8%
88
Atchison T op . A Santa F e. 84%
85%
85%
95
Preferred ......... ................... 95%
94%
95
94
Baltimore & O hio.................... 92%
92%
92%
Preferred ....... ..................... 88
88
80
S8
Canadian P acific...................... 167%
172%
109%
170%
Chesapeake & O hio................ 43
43%
42%
43
Chicago Great W estern_____ 7
7
7
7
Chicago Mtlw. A St. P a u l... 141
142%
141
141%
Denver & R io Grande, com . 27
20%
27
26
Preferred ............................ 64%
04%
04%
04
Erie, co m m o n .. ......... —
19%
20
20%
20%
First Preferred.................. 37%
37
37
37
Second P re fe rre d ............. 24 H
24%
26
25
Illinois C e n tr a l............. ........ 137
137
137
137%
Louisville & Nashville........... 111
111
Cl09%
111%
151^
Mexican Central___________ 15%
15%
15
29%
Missouri Kan. & T ex., com . 29
29
30
02
02
63
Preferred ....... .......... .......... 62
52
51%
National R R . of M exico----- 52
51%
107
107%
107%
N. Y . Central A Hud. R iver.107
41
40%
N. Y . Ontario & W estern .. 40
41%
72
72%
73
Norfolk A Western, com — 72%
80
80
80
Preferred _______________ 80
144
144
143
Northern Pacific____________ 143%
02%
62%
03%
((Pennsylvania........................ 62%
•59%
c
’59%
59%
((Reading Com pany------------- 59
42%
43
43
43
aFirst Preferred_______
43
43
42%
((Second Preferred_______ 43
10%
17
16%
Rock Island C om p a n y.------. 16%
90%
92%
90%
Southern Pacific____________ 89%
17%
18
18%
Southern Railway, common 17%
40
40
46
46%
............. ........
Preferred
152%
152%
153%
Union Pacific, co m ............... 152%
85
85
85%
Preferred
............. ............ 85
41%
41%
43
U. S. Steel Corp., com m on .. 40%
110
110
110%
Preferred .......................... 109%
12
12
12
W abash.................................... 12
23%
23
23,%
23
Preferred ..........................
54
54%
53%
Extended 4s......... .............. 53%
2,734
1.704
GOLD.— After satisfying India and the trade demand, there was nearly £1,000,000
available for export, and of this Paris took the larger share, some being taken also
for Germany. There Is no sign at present of the Continental demand coming to
an end. Next week we expect £288,000 from the Cape and £100,000 from India.
At the Bank, £10,000 has been received from South Africa and £5,000 has been
withdrawn for South Africa, and £40,000 has been sold In French gold coin. For
the half-year ending June 30 1908 the total Imports of gold exceed those for the same
period of last year by nearly 2% millions sterling. Arrivals Cape, £1,023,000;
West Africa, £78,000; Itlver Plate, £19,000; New Zealand, £13,000; total, £1,133,
000. Shipments— Bombay, £38,200.
SILVER.— The market has shown a downward tendency, and, after touching
24 ll-10d ., we close to-night 24 13-10d.. with forward 1-lGd. higher. There has
been very little demand except from speculators covering sales, while, on the other
hand, China has been Inclined to sell at about 25d. and holders are losing confidence
In the Indian demand lasting much longer. The price In India Is Its. 63 15-10 per
100 Tolahs. The India Council has allotted In bills on London £475,000 at Is.
3 29-32<l. Arrivals— New York, £87,000; Chill. £3,000; River Plate, £5,000: total,
£95,000. Shipments— Bombay, £218,800; Calcutta, £10,000, total, £228,800.
English Financial Markets— Per Gable.
The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows the past week:
Disbursed 1907-08 ___
Disbursed 1906-07
Messrs. Pixley & Abell write as follows under date of
July 2:
143
T H E CHRONICLE
July 18 1908
The details of revenue and disbursements by the Govern
ment for the last thirty fiscal years are given below:
[V LXXXVII.
OL.
T H E CHRONICLE
144
G O V E R N M E N T R E C E I P T S A N D D IS B U R S E M E N T S .
M e r c h a n d is e M o v e m e n t to N e w Y o r k .
C u s to m s R e c e ip ts
at N e w Y o r k .
R eceip ts
F i s c a l Y e a r s e n d in g
J u n e 30—
I n te r n a l
R even u e.
/row M is c e lla n e o u s
$
1879
1880
1881
1882
1883
..............
--------------------..............
............
1884 ------- r -
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1991
19.12
1993
19)4
19)5
1 9 )6
19)7
1918
-
.............
---------------------------------------------------------............
------ -
---------............
............
............
............
------------------............
............
............
------------------............
............
1 3 7 ,2 5 0 , 0 4 8
1 8 6 ,5 2 2 , 0 6 5
1 9 8 , 1 5 9 ,6 7 6
2 2 0 ,4 1 0 ,7 3 0
2 1 4 ,7 0 6 , 4 9 7
1 9 5 ,0 6 7 . 4 9 0
1 8 1 ,4 7 1 ,9 3 9
1 9 2 ,9 0 5 ,0 2 3
2 1 7 ,2 8 6 , 8 9 3
2 1 9 ,0 9 1 , 1 7 4
2 2 3 ,8 3 2 , 7 4 2
2 2 9 ,6 6 8 ,5 8 4
2 1 9 ,5 2 2 ,2 0 5
1 7 7 , 4 5 2 ,9 6 4
2 0 3 ,3 5 5 ,0 1 7
1 3 1 ,8 1 8 , 5 3 0
1 5 2 , 1 5 8 ,6 1 7
1 6 0 .0 2 1 , 7 5 2
1 7 6 ,5 5 4 ,1 2 7
1 4 9 ,5 7 5 ,0 6 2
2 0 6 , 1 2 8 ,4 8 2
2 3 3 , 1 6 4 ,8 7 1
2 3 8 ,5 8 5 , 4 5 6
2 5 4 .4 4 4 , 7 0 8
2 8 4 ,4 7 9 , 5 8 2
2 6 1 ,2 7 4 ,5 6 5
2 6 1 ,7 9 8 , 8 5 7
3 0 0 ,2 5 1 ,8 7 8
3 3 3 ,2 3 0 ,1 2 6
2 8 5 ,6 8 0 ,6 5 3
113,561 ,61 0
124,009,374
135,264 ,38 6
146,497,595
144,720 ,36 9
121.586 .07 2
112,498,726
116,805,937
118,823,391
124,29G,S72
130,881,514
142,606,706
145,686,249
153.971 .07 3
161,027,624
147,111 ,23 3
143,421,672
146,762.865
146,688,574
170,900,641
2 7 3 ,437 ,16 2
2 9 5 ,327 ,92 7
307 ,180 ,66 4
271 ,8 8 0 ,1 2 2
2 3 0 ,810 ,12 4
2 3 2 ,904 ,11 9
234,095 ,74 1
249 ,1 5 0 ,2 1 3
270 ,3 0 9 ,3 8 9
250 ,7 1 4 ,0 0 8
2 3 ,0 1 5 , 5 2 6
2 2 ,9 9 5 , 1 7 2
2 7 ,3 5 8 , 2 3 1
3 6 ,6 1 6 , 9 2 5
3 8 ,S 6 0 , 7 1 G
3 1 ,8 6 6 , 3 0 8
2 9 ,7 2 0 ,0 4 1
2 6 ,7 2 8 , 7 6 7
3 5 .2 9 2 . 9 9 3
3 5 ,8 7 8 , 0 2 9
3 2 ,3 3 5 , 8 0 3
3 0 ,8 0 5 , 6 9 2
2 7 .4 0 3 .9 9 3
2 3 , 5 1 3 ,7 4 7
2 1 ,4 3 6 ,9 8 8
1 8 .7 9 2 ,2 5 6
1 7 ,8 0 9 , 7 8 6
2 0 , 1 9 1 ,5 8 3
2 4 ,4 7 9 , 0 0 4
a 2 0 ,0 9 4 , 4 0 8
b 2 4 ,596 ,66 2
< 3 4 ,5 8 8 , 1 4 0
1
g 3 5 ,0 8 6 , 1 8 6
3 6 , 1 5 3 ,4 0 3
4 5 , 1 0 6 ,9 6 9
45,6 2 1 ,4 9 3
4 8 ,3 8 0 ,0 8 7
4 5 ,0 5 2 , 0 3 1
6 1 ,7 6 6 , 6 2 0
6 3 ,5 0 1 , 1 0 2
273,827 ,18 4
333,526.611
3 6 0 ,782 ,20 3
403,525 ,25 0
398 ,287 ,58 2
348,519,870
323 ,690 ,70 6
336,439,727
371,403,277
379 .266 .07 5
387 ,050 ,05 9
403 ,080 ,98 2
392,612,447
354,937,784
385,819 ,62 9
297 .722 ,01 9
313.390 .07 5
326,976,200
347,721 .70 5
340,570,111
504 .162 .30 6
563.080 ,93 8
6 8 0 .86 2.3 06
562 ,478 ,23 3
560,396 ,67 5
539,800 ,17 7
x544 ,27 4,68 5
594,454 ,12 2
6 6 5 ,306 ,13 5
599 ,895 ,76 3
7 5 ,5 5 4 ,4 5 1
7 0 ,2 9 3 , 0 9 6
5 8 ,8 3 3 , 0 2 3
0 2 ,2 5 0 , 9 3 3
6 3 ,5 9 9 ,1 6 3
5 3 ,0 1 9 . 8 6 2
4 7 ,4 8 9 , 9 4 1
4 4 ,7 7 1 , 7 5 2
5 2 ,6 2 5 , 8 2 8
5 3 ,6 0 5 ,9 1 3
5 0 ,2 5 5 ,0 4 2
5 0 ,0 0 4 .9 3 0
T o t a l...
6 8 2 ,9 0 3 ,9 3 4
n o t Include $ 6 ,3 0 3 ,0 0 0 from sale c t K ansas P a cific R R . and $ 5 8 ,448 ,22 4
fro m sale U n ion P a cific R R .
_
b D oes n ot Include $ 1 1 ,7 9 8 ,3 1 4 from sale Central P a cific R R .
< D oes n o t Include $82 1 ,8 9 8 from p a y m en t o f d iv id e n d b y receivers o f U nion
1
P a cific a n d $ 3 ,3 3 8 ,0 1 6 from sale Central P a cific R R .
g D oes n o t Include $ 2 ,1 2 2 ,8 4 1 received In June 1901 from sale o f claim against
S io u x C it y
P a cific, $13 3,94 3 from p a y m en t o f d iv id en d b y receivers o f U nion
P a cific an d $ 4 ,5 7 6 ,2 4 7 receiv ed on a c c o u n t o f Central P a cific Indebtedness.
x Inclu des rep a y m en t o f $ 5 ,6 0 0 ,0 0 0 loa n ed t o L ou isian a P urchase E x p o sitio n
th e p rev iou s fiscal y ea r.
E x p e n d it u r e s .
P r em iu m
on B onds
P u rch a sed .
S
$
1 3 7 9 .-- 126,498,453
13,80.-- 112,312,889 2,795,320
1881.-- 127,083,0 IS 1,061,249
1881.-- 125,559,039 ________
1 8 8 !.-- 140,235,433 ________
1884.-- 134,118,638
1835--- 152,738,412
18 36.-- 128,498,128 ________
1 187.-- 145,161,501 ____ ___
1388.-- 134,650,443 8,270,842
1389.-- 153,370,352 17,292,363
1390.-- 154,700,347 20,304,224
1391.-- 193,409,598 10,401,221
1 192.-- 187,062,161 ________
1393.-- 196,856,004 ________
1894.-- 198,506,588 ________
1395.-- 183,822,039 ________
1196.-- 177,360,416 ________
1397.-- 186,929,884 ________
1 198.-- 258,331.158 ________
1 399.- 425,780,326 ________
1 )00_ - 306,676,143 ________
1 )0 1 .-- 338,300,752 ________
1 )02 .- 303,594,25.' ________
________
1 )0 3 .-1)04- -a 415,196,565
1)05.- 401,049,632
1900.-- 403,383,158
1 )07 .- 414,587,151
1)08 — - 484.239,139 ________
E xcess
of
R e c e ip ts -
P e n s io n s .
$
35,121,482
56,777,174
50,059,280
61,345,194
66,012,574
55,429,228
56,102,267
63,404,864
75,029,102
80,288,509
87,024,779
106,936,855
124,415,951
134,583,053
159,357,558
141,177,285
141,395,299
139,434,001
141,053,165
117,452,369
139,394,929
110,877,316
139.323.622
138,488,560
138,425,646
142,559,266
141,770,955
111,034,081
139,290.910
153,887,990
9 5 ,7 5 7 ,5 7 5
8 2,508,741
7 1 ,0 77,207
59,160,131
54,5 7 8 ,3 7 8
5 1 ,3 86,256
5 0 .5 8 0 .1 1 6
47,741,577
4 4 ,7 1 5 ,0 0 7
41,001,484
36.099,281
37,5 4 7 ,1 3 5
23.3 7 8 .1 1 6
2 7 .2 6 4 ,3 9 2
27,8 4 1 ,4 0 6
3 0 ,9 7 8 ,0 3 0
3 5 ,3 8 5 ,0 2 9
3 7 ,7 91,110
3 7 ,5 8 5 ,0 5 6
39,8 9 6 ,9 2 5
4 0 ,1 6 0 ,3 3 3
3 2 ,3 4 2 ,9 7 9
2 9 ,1 0 8 ,0 4 5
2 8 ,5 5 6 .3 4 9
2 4,0 4 0 ,4 9 0
2 4.591,024
24,3 1 0 ,3 2 6
24,4 8 2 ,5 2 4
2 1 ,4 24.990
266,947.884
6 .879,300
267 .642 ,95 8
65,8 8 3 ,6 5 3
260,712 ,88 8
100,069 ,40 5
257.981 .44 0
145,543,810
265.408 .13 8
132,879,444
244,126,244
104,393,626
260,226,935
63,463,771
242 .483 .13 8
9 3,956,589
267 .932 .18 0
103,471,097
207,924.801 b i l l , 341,274
299 ,288 ,97 8
b,87,701,0Sl
318,040 ,71 0
b,85,040,27
365,773 ,90 5
b20,838,54
345,02.3,330
9,9 1 4 ,4 5 4
383,477,954
2 ,3 4 1,675
367,525,280 If. 69,803,261
356,195 ,29 8 d f. 4 2 ,8 05,223
352 .179 .44 0 (If. 2 5,203,240
305,774 ,15 0 If. 18,052,454
443,368 ,58 3 df. 102,798.472
605.072 .18 0 If. 100,909,874
4 8 7 ,713 ,79 2
7 5 ,3 6 7 ,1 4 6
5 0 9 ,967 ,35 3
7 1,142,734
471 ,190 ,85 8
9 1,287,375
506 ,099 ,00 7
5 4,297,668
a582,402,321 d f.a 42.0 02,144
567,411,611 d f. 2.3,1.36,926
568,727,565;
25,726,557
5 7 8 ,300 ,59 2
86,945,553
6 5 9 ,552 ,12 5
*59,056,3G 2
a
Inclu des $ 4 9 ,0 0 0 ,0 0 0 paid on a c c o u n t o f P a n a m a Canal and $ 5 ,6 00,000 loan ed
t o L ou isiana P u rch a se E x p o s itio n C o m p a n y .
„
b A llow in g for the prem iu m s p a id , the actual ex cess In 188S Is 51 1 9 ,6 1 2 ,1 1 6 ;
In 1889, $ 1 0 5 ,0 5 3 ,4 4 4 ; In 1890, $ 1 0 5 ,3 4 4 ,4 9 6 , an d In 1891, $ 3 7 ,3 2 9 ,7 6 3 .
♦ E xcess o f ex p en d itu res.
STOCK OF M O N E Y IN T H E C O U N T R Y .— The follow
ing table shows the general stock of money in the country as
well as the holdings by the Treasury, and the amount in
circulation, on the dates given. The statement for July 1
1907 will be found in our issue of July 13 1907, page 78.
— S to c k o f M o n e y J u l y 1 1908.—
In U n ite d
H e ld i n
S ta t e s .
T r e a s u r y .A
$
$
G o ld coin and b u llio n ____ ►1,616,220,178 181,882,681
_____________
3 1 ,3 1 9 ,5 6 0
G o ld c e r tific a te s .a - -------1 2,563,049
S ta n d a rd silver d olla rs — ■ 563,267,982
8.7 6 8 ,0 2 3
S ilv er c e r t lf lc a t e s .a ---------146,640 ,29 8 2 3 ,7 2 7 ,3 0 8
Su b sid iary s ilv e r. — -----13,916
4,9 8 2 ,0 0 0
T rea su ry n otes o f 1890—
3 4 6 ,681 ,01 6
6 ,4 9 1.1 78
U n ite d States n o t e s . --------6 5,902,387
N a tion a l bank n o t e s -------698 ,333 ,91 7
— M o n e y in C ir c u la tio n —
J u ly 1
J u ly 1
1908.
1907.
$
6 1 4 ,553 ,02 8
7 8 8 ,4 6 4 , 3 0 9
7 6 ,3 5 4 ,9 3 3
405 ,581 ,97 7
1 2 2 ,9 1 2 , 9 9 0
4 ,9 6 8 , 0 8 4
3 4 0 . 1 8 9 ,8 3 8
6 3 2 .4 3 1 , 5 3 0
$
698 ,702 ,92 9
602,073 ,49 9
81,094,518
470 ,375 ,26 2
121,755,976
5 ,9 7 5,545
342,713 ,69 2
590,090 .83 5
T o t a l .....................................3 ,3 7 6 ,1 2 5 ,3 9 1 330 ,6 6 8 ,1 0 2 3 ,0 4 5 ,4 5 7 ,2 8 9 2,91 4 ,3 4 2 ,2 5 6
P o p u la tio n o f the U n ited S ta tes J u ly 1 1908 estim ated a t 87,4 9 6 ,0 0 0 ; circulation
p e r ca p ita , $34 81.
♦A revised estim ate b y the D ire cto r o f the M int o f the stock o f g old coin was
a d o p te d In the sta tem en t for A u g . 1 1907. T h ere w as a red u ction o f 5 1 3 5 .0 0 0 ,0 0 0 .
a F or red em p tion o f ou tsta n d in g certificates an e x a c t equ iv a len t In am ou n t of
the a p p rop ria te kinds o f m o n e y Is held In the T rea su ry , and Is n o t Included In
the a c c o u n t o f m o n e y held as assets o f the G ov ern m en t.
d T h is statem en t o f m o n e y held in the T rea su ry as assets o f the G ov ern m en t does
n o t Include d ep osits of p u b lic m o n e y In national ban k depositaries t o the cred it of
the T rea su rer o f the U n ited S tates, a m ou n tin g t o $15 3 ,8 4 4 ,3 2 8 87.
F O R E IG N T R A D E OF N E W
Y O R K — M ONTHLY
S T A T E M E N T .— In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our New
York Custom House. The first statement covers the total
imports and exports of merchandise and the Customs receipts
for the twelve months of the last two seasons:
219 ,9 0 1 ,4 0 6
The imports and exports of gold and silver for the twelve
months have been as follows:
G old M o v e m e n t a t N e w Y o r k .
Im p orts.
1907-0 8.
1906-07.
E x p o rts.
1907-08.
1906-07.
June ..............
38,982
970 .776 4 ,147,352 5,0 8 5 ,6 6 8
24,929
522,870 1,330,277 2,9 0 5 ,0 3 3
207 ,075
70.24S
720,327 25,822,574
203 ,343
751,381 17,320,171 2,3 2 2 ,9 5 8
34,631
5 7,550,403
625.028
865,111
31.830
36,5 7 6 ,9 0 8 1.380,413
66,925 1,367,113
7,5 8 5 ,7 5 9
388,410
335 ,588
636,087
1 ,300,840 1,230,143
7,156
135,985
1,925,862 1,514,662
72.395
900.777 2 ,321,848 11,677,173
1,471,272
269,610 2 5 ,5 68,226 2,9 0 2 ,2 1 3
989,058
438,390 7,9 8 7 ,6 5 3 2 1 ,7 9 2 ,9 9 2
T o t a l .............
111266233 5 6 ,7 88,878 5 3 ,6 2 4 ,6 1 3 27,714,701
J u l y ...................
A u g u s t ______
September . . .
October______
November . . .
December___
J an uary
_____
February -----
aD oes
F is c a l
O rd in a ry,
Y ea rs
e n d in g
1 cl. W a r
n
J u n e 30 a m i N a v y .
J u l y ..........
A u g u s t ___
S ep tem b er
O cto b e r _ .
N ov em b er
D ece m b e r
J an uary .
F eb ru ary
M arch ____
A p r i l -----M a y -------J u n e ____
M a r c h ------------
April------------M ay
. . . ------
S ilv e r — N e w Y o r k .
Im p orts.
E x p o rts .
1907-08.
190 7-0 8.
556,922
603.304
661.408
995 ,383
306,398
670,964
719 ,375
24,477
499,947
3 0 1 ,690
3 51 ,158
369 ,790
4 ,6 9 4 ,1 4 9
6 ,4 7 4 ,0 1 3
5 ,7 7 7 ,3 7 8
4 ,322,134
3 ,9 4 7 ,7 5 8
3 ,076,421
3,2 9 7 ,5 1 6
3 ,509,414
3 ,2 0 5 ,0 4 4
201 ,234
3,1 5 5 ,1 0 7
3 ,681,194
6,0 6 0 ,8 1 6 4 5 ,3 4 6 ,3 6 2
National Banks.— The following information
national banks is from the Treasury Department:
regarding
N A T IO N A L B A N K S O R G A N IZ E D .
Certificates Issued from Dec. 9 1907 to July 2 1908 inclusive.
8 960— The Grange National Bank of Susquehanna County at New Mlll-
ford, Pennsylvania. Capital, $25,000.
VV. H . Tlngley, President,
j . F . Butterfield, Vice-President; F. J. Gere, Cashier.
• 06 i — The First National Bank of Saratoga, W yom ing. Capital, $25,000.
’
J. C. Miller, President; Gustave Jensen, Cashier; W . H . W lclcham.
Assistant Cashier.
8 962— The First National Bank of Schaeffcrstown, Pennsylvania. Capital,
’
$25,000. Uriah B . Horst, President: Michael G. Umberger,
Joseph Y . Brubachcr and Harvey Wealand, Vice-Presidents; Alvin
Blnuer, Cashier.
a 0 « 3 — Tim First National Bank of Scottsboro, Alabam a. Capital, $ 2 5 ,
’
000. J. I). Snodgrass, President; C. A . W ebb, R . H . Bynum and
D . F. Shelton, Vice-Presidents; L. W . Rorex. Cashier.
a 964— The Merchants’ National Bank of Pottsvllle, Pennsylvania. Cap
’
ltal, $200,000.
W . E . Harrington, President; John H . W illiam s,
Vice-President; C. H . Marshall, Cashier.
8 965— The Cresson National Bank, Cresson, Texas. Capital, $ 2 5 ,000.
’
F. O. Fldter, President; R . C. Kinder, Vice-President; C. C. Fldler.
Cashier •
8 966— The Third National Bank of Fitzgerald, Georgia. Capital, $50,000 .
E. N . D avis, President; A . B. Cook, Vice-President; C. E . Baker,
Cashier.
8.967—
The Cortez National Bank, Cortez, Colorado. Capital, $25,000 .
’
H . M . Gulllct, President; E. R . Lam b, Vice-President; C. H . R udy,
Cashier; C. L. Coston, Assistant Cashier.
_
. ,
8.968—
The Mohnton National Bank, M ohnton, Pennsylvania
Capital.
$25,000.
Geo. H . Lelnlnger, President; Chas. M . Yetter and
Milton C. Kauffman, Vice-Presidents; W ayne F. Griffith, Cashier.
8 goo— Mechanlcsburg National Bank, Mechanics burg, Pennsylvania.
Capital, $50,000. M . H . Spahr, President; L. G. Flrestlne, V ice
President.
8 970— The First National Bank of Hubbard, Iowa.
Capital, $25,000.
Geo. R . Long, President; W . E . Long, Vice-President; H . R .
Long, Cashier; W . O. Reed, Assistant Cashier.
8 071— The Commercial National Bank of Shenandoah, Iowa. Capital,
$50,000.
H . I. Foskett, President; A . W . Murphy, Vlce-I resident;
J. F. Lake, Cashier. Conversion of The Commercial Savings Bank
of Shenandoah.
8 972— 'Die First National Bank of Ilagsboro, Delaware. Capital, $^5,’
000.
Rufus I). Lingo, President; E . A . Townsend and h . W . Gray,
Vice-Presidents; W m . B. Chandler, Cashier.
_
,
The First National Bank of New A lbany, Pennsy vanla. Capita ,
8 ,9 7 3
$25,000 .
Lowell C. Allen, President; Carl E. Osthaus, Vice-Presi
dent; Thaddeus A. Kelder, Cashier.
,,
, .
Capital. $25,000 .
8 , 9 7 4 - The First National Bank of W etm ore, Kansas.
Thomas E. Henderson, President; Erwin Adam son, \ lcc-I resident;
F. P. Achten, Cashier; L. A . Achten, Assistant Cashier.
Capital, $25,000.
8 , 9 7 5 - First National Bank of Campbell, Nebraska.
L. H. Eastman, President; .1. B. Laportc, First Vice-President;
A . L’ Heureux, Second Vice-President; J. II. Chevalier, Cashier;
Jacob Frlckel -Jr. and B. M. Chevalier, Assistant Cashiers.
Capital,
8 , 9 7 6 - The First National Bank of Bowman, North Dakota.
$25,000. J. E . Phelan, President; Daiwln A . Stewart. Vice
President; Robt. H. Sm ith, Cashier; Dugald Stewart, Assistant
Cashier.
8 9 7 7 — The National Bank of Luverne, Minnesota. Capital, $ 25,000 .
P. O. Skyberg, President; Carl W iese, First Vice-President; James
M cK ean, Second Vice-President: Fred. B. Burley, Cashier.
8 978 — 'I’ he First National Bank of Lewisville, Ohio. Capital, $25,000 .
Chas. G. Obllnger, President; W m . H . Dlstler, Vice-President;
j . VV. Zergcr, Cashier.
8 979 — The First National Bank of Cassvllle, Missouri. Capital. $25,000 .
J. H . McGuffln, President; J. W . Orr, Vice-President; W . M .
Charlesworth, Cashier.
8 98O— The First National Bank of Alachua. Florida. Capital, $25,000 .
’
J. C. Bishop. President; C. A . w illiam s, and T . W . Shands Vice
_ TI,
Presidents; G. W . McCall, Cashier.
_ „ __
Capital, $50,000. J. W .
8 , 9 8 1 - The First National Bank of Adel, Iowa.
Russell, President; D. A . Blanchard, Vice-President; W m . R oberts,
Cashier; V . W . Miller, Assistant Cashier. Conversion of Dallas
County Savings Bank.
,
„„„
Capital, $2,»,000
8 , 9 8 2 - The First National Bank of Olney, Texas.
John W . Groves. President; R . Campbell, Vice-President; W .
F. Hutchinson, Cashier.
.
„
,
Capital,
8 , 9 8 3 - T h e First National Bank of Elm Grove, W est Virginia.
$25 000. J • B. Chambers, President; Geo. P . Folm ar, Vice
President; S . B . Chambers, Cashier.
_
.
Capital,
8 , 9 8 4 - The People’s National Bank of Rocky M ount, Virginia.
$25,000.
N . I’ . Angle, President; C. J. Shoaf, Vice-President;
L. W . Anderson, 2d Vice-President; C. J. Davis, Cashier. Con
version of The People’s Bank of Rocky Mount.
8 985— The First National Bank of Orblsonla, Pennsylvania. Capital,
$25,000.
R- S. Seibert, President; S. O. Fraker, Vice-President;
H . A . Guepner, Cashier.
8 .9 8 6 —
The Fairfield National Bank, Fairfield, Iowa. Capital, $60,000.
D . C. Bradiey, President; R . B. Louden, Vice-President: S. K .
W e s t, Cashier: F. J. L. Black, Assistant Cashier. Conversion of
the Jefferson County State Bank of Fairfield.
8 .9 8 7 —
The Citizens National Bank of Vancouver, W ashington. Capital,
$50,000. T . H . Adam s, President. Conversion of the C itizen s,
Bank of Vancouver.
J uly 18 1908.]
T H E CHRONICLE
145
8,988 -The First National Bank of Decatur, Nebraska. Capital, 525,000 .
rlf cr anci -John L . W agner, Vice-Presidents; H . R aym ond
J. 11. W hittier, Presklent; C. H . W . Busse and P. B. Gordon, Vice
bhollenberger, Cashier.
Presidents; E . A . Hanson, Cashier; Jullett H am ilton, Assistant
9.029 ~ £ h o C ^ £ atloJ?al Hank of Green City, Missouri. Capital, $25,000.
1r
Cashier.
E . S. Pfeiffer, President; R . S. Taylor, Vice-President; H . B . H ill,
8 ,9 8 9 -T he Worthington National Bank, W orthington, Minnesota. Capi
xl?,r’ D-. H- D avis, Assistant Cashier,
tal, 525,000. W . M . Evans, President; Daniel Shell, Vice-Presi
9.030
i _ c First National Bank of Medical Lake, W ashington. Capital,
dent; A . W . Fagerstrom, Cashier.
$2o 000. W . R . Cunningham Jr., President;
B . W . H ughes,
8 .9 9 0 -T he Citizens National Bank of Macon, Georgia. Capital, 5250,000.
I*?' . Conversion of The Medical Lake State Bank,
W . C. Stevens, President; J. N . Neel and J. Clay Murphey, Vice
9,031 ih e First National Bank of Mabel, Minnesota. Capital, $25,000 .
Presidents; E . W . Stetson, Cashier; B. S. W alker Jr. and A . B.
D- L- lo lle fso n , President; J. C. W hite, Vice-President; A . L .
Slnnns, Assistant Cashiers.
lollefson, Cashier.
8 ,991 -T he First National Bank of Hettinger, North D akota. Capital
9,032 ~i’ke First National Bank of Mulhall, Oklahoma. Capital, $25,000.
525,000. C. E . Batcheller, President; A . G. New m an, Vice
C - W - Burford, President; H . C. Burford, Vice-President; G . E .
President; Frank K hoda, Cashier.
Burfoid, Cashier, VV. M . Champion, Assistant Cashier.
8 .9 9 2 -T h e National Bank of Ainsworth, Nebraska. Capital, $35,000.
9,033
v
>
,at °?,a V ? nk. of, A5}rlan' M innesota. Capital 525,000. Jas.
It. S. Rising, President; J. M . H anna, Vice-President; C. A .
Cashier68’ X reS ( cn^; J- C. Becker, Vice-President; John R . Jones,
Barnes, Cashier. Conversion of the Bank of Ainsworth.
8 ,9 9 3 -The R a tio n a l Bank of W heaton, Minnesota. Capital, $25,000.
9 ,034
s 9l ?<mnSt 'Tati 0na' B a n k o f Coopersburg, Pennsylvania. Capital,
f
Edward ltustad I resident; Jacob Hcldelbcrger, Vice-President;
,. i
r CST? ' B lan k- President; Henry T . Trumbauer, Vice\
G. K . Krlstensen, Cashier.
Pi esldent; R . D . Barron, Cashier.
8 ,994 •
Th.e, American National Bank of A tok a, Oklahoma. Capital, $25,9,035
Hirst National Bank of Fort M yers, Florida. Capital, $50,000.
'i
15' Pafehall, President; James O. Jones and W ln£ , v £ \ , L2 “ S ?E d ’ President; W . H . Towles, Vice-President; C. C.
ileld S. Farmer, Vice-Presidents; Finis E . A dam s, Cashier;
Pursley, Cashier. Conversion of the Lee County Bank.
I I*™1 1 ? . * • N o m e , Assistant Cashier.
11
9,036
8,9 9 5 1 .r ,,1™!! latl’r National Bank of Falrbury, Nebraska. Capital.
\r‘ e5 tHl^ arDNait
Jon? 1 ,P amk ’, , Lam ar, C olorado.’ Capital, $ 50,000 .
Pn'chfir-rj P jes' d, n t: H. r . McClave, Vice-President L . F . A d am s,
e
5.>0,000. I. Bonham, President; W illiam Robinson, Vice
Cashier; R . E . A dam s, Assistant Cashier.
President; Luther Bonham, Cashier.
9,037— sinn nnn'an? NtUional Bank of Little R ock, Arkansas. Capital,
8 .9 9 6 -The National Bank of Granville at Oxford. North Carolina. Capi
England, President; J. N lem eyer, Vice-President
tal, $(>0,000.
E . T . W h ite, President; J. M. Currln, Vlce-Presl,J. E . England Jr., Cashier.
dent; H . G. Cooper, Cashier: C. S. Eastern and VV. T . Yancey.
9.038—
ono0 p lnS ^ a HonaL Bank of, Heckley, W est Virginia. Capital,
Assistant Cashiers. Conversion of The Bank of Granville.
8 ,9 9 7 ■l i ' ci„V lrst. National Bank of Steele, North Dakota. Capital, $ 2 5 ,.
?• t 'k v ?;ug,h,a n ’ President; E . L . Ellison, Vice-President;
^ei5aV 1’ Paahl®r: C , C ' Hedrick, Assistant Cashier,
.g
/
I ° 0 . .Jno. F. Robinson, President; J. E . Robinson. Vice-Presi
9.039— ilie r Irst National Bank of - Jellerson, Georgia. Canltal S25 000
dent; F. D. Jones, Cishler.
Conversion of the Kidder County
H . I. Mobley President; W . C. Sm ith, Vice-President; A / C . Apple
State Bank of Steele.
b y. Cashier; Meda Appleby, Assistant Cashier. Conversion 01 the
8,0 9 8 •The National Bank of Thurm und, W est Virginia. Capital $50 000.
Merchants cc banners’ Bank.
W . D. Thurm ond, President; C. C. Lewis Jr., Vice-President;
9,040— The First National Bank of Pontotoc, Mississippi. Capital, 550 _ ,» • Hugh Miller, Cashier. Conversion of the Thurmond Bank.
000
j . H . Salmon, President; L . A . Latham , Vice-President8 ,9 9 9 •The F'lrst National Bank of M aysvllle, Oklahoma
Capital, $ 25.
V • A - Boone, Cashier; D . W . K n ox, Assistant Cashier. Conver
000. S. J. G arvin, President; Geo. J. Dykes, Vice-President;
sion of the Merchants’ & Fanners’ Bank of Pontotoc, with branch
W . P. M ays, Cashier.
at Ecru, Mississippi.
9 ,0 0 0 - •The First National Bank of Alger County, at Munising, Michigan.
9,041— 'J',h? „ Flrst National Bank of Philadelphia, Mississippi. Capital.
Capital, 500,000 . W m . G. Mather, President; W . F. Hopkins,
$50,000 . J. W . Gauldlng, Cashier.
Vice President; G. Sherman Collins, Cashier; H . II. McMillan,
9,042 - i h e German American National Bank of St Joseph, Missouri.
1 Cashier. VyU VCI MUH of tllU 1.L (1 1gill (£ State Ddlllv.
H
V1 1
Assistant/ L/aSUlCI . Conversion '/ I the Munising rUtlUJ Bank.
Capital 5200,000
William K rug, President; Henry Krug Jr. and
9,001— The W hite Mountain National Bank of Gorham, New Hampshire.
ie
J. G Schneider. Vice-Presidents; R . R . Calkins, Cashier; A . H .
Capital, $25,000. Charles G. Ilam lln, President; Eugene W .
Bansbach, Assistant Cashier Conversion of the German American
Libby, Vice-President; R. I,. W ilson, Cashier.
Bank of St. Joseph.
0,002 —The Stockgrowers & Farmers’ National Bank of W allow a, Oregon
9.0 4 3 — The F h st National Bank of Highland at Monterey, Virginia.
Capital, 550,000. Jasper G. Stevens, President; K. A Holm es,
Capital, $25,000. James R . Gilliam, President; J. C. M atheny.
Vice-President- C. T . McDaniel, Cashier. Margaret Boner,
V ^ e President; J- A . Jones, Cashier; Clifton M atheny, Assistant
Assistant Cashier.
9 ,003—The Merchants’ National Bank of W atertow n, Wisconsin
Capital,
9.0 4 4 — T llt^ N aD °nal Hank of K inston. North Carolina. Capital, 5100 ,00 0.
$120,000.
W D. Sprosseer President; Jos. Terbrueggen, Vice
F : Cox, President; J. W . Grainger, Vice-President; R . C. Strong.
President; D . H . Kusel, Cashier; Chas E . Frey and Max Rohr,
Cashier. Conversion of the Bank of Kinston.
Assistant Cashiers. Conversion of the Merchants’ Bank of W at
9 .045— Ihe First N aUonalBm ilr of Sedgwick. Colorado. Capital, $25,000 .
ertown.
• ,, -..M ^C rew , President; H . N . Llnebarger. Vice-President.;
9,0 0 4 —The First National Bank of Sydney, Montana. Capital. $25,000
C. B. M cK lnstry, Cashier.
J. S. D ay. President; Ira M. Ailing, Vice-President; Thomas C. 9.046—
Natlona! Bank of Sulphur. Oklahoma. Capital, $25,000.
Gardner, Cashier; VV. K Adam s, Assistant Cashier. Conversion
nhM c1' - H
PCk^.’ Prt;s
,ldeI? t: Jolln R-- Manning, Vice-President; J. L .
of The Bank of the V alley, Sidney.
'
Cresliler; T . F. Gadord, Assistant Cashier.
Conversion
9,005 - T h o First National Bank of Sharon, North Dakota. Capital,
or Ih e Sulphur Bank and Trust Compnnv.
$25,000. Alexander Curry, President; Tver K . Baklccn, Vlce9.047—
ji ™
N atlV“ al i 5an,K of S t- Johns, Oregon. Capital, $25,000 .
G
I resident; T . S. H unt, Cashier; P
II. Gilbertson, Assistant
Henry W Coe President; F . P. Drinker, Cashier
Cashier. Conversion of the Sharon State Bank.
9.048
9,006 ~ « n n arr*T
„ F rst , , X a tl0” a , Bank
J
W elch, W est Virginia. Capital,
0 n
Tj?na! Hank ° f
Roscdale, Indiana. Capital,
^oO.OOO
E. H . Suddeth, President; B. F. W illiam s, Vice-President
$ 2 o ,0 00 . J
II
Harrison, President; Thom as Conley, VlceR- v- Gillespie, Cashier; B. O. Swope, Assistant Cashier
Con
dent, O. S. Harrison, Cashier; J. E Harshbnrger, Assistant Cashier.
version of the Citizens’ Bank of W elch.
9.007 - ' , he Peoples National Bank of Pensacola, Florida. Capital,
n
9.049 -T h e Barnett National Bank of Jacksonville. Florida. Capital,
$100,000. J. S. Reese, President; It. M. Cary, Vice-President;
S7o0 000.
Ilion H . Barnett, President; W . D . Barnett and John
” • [),)rr, ( aslder; V in. it. Qulna, Assistant Cashier. Conver
G. Christopher. Vice-Presidents; G. R . DeSaussure, Cashier; R . E .
slon of the People’s Bank.
rnJ1ee^ aru^ ^
er
^ cQuald, Assistant Cashiers.
9,008 ~ T h e C o u n t y National Bank of Cherokee, Oklahoma. Capl9.050 “ A,he 1 ,rst National Bank of Milaca, Minnesota. Capital, $25 000
F
tal, $2j>,000.
Ira A . Hill, President; S. B. McFadden, Vlce-PreslChar es Keith, President; M. K . Rudd, Vice-President; J. A . Allen.
dent. 1 . B. Kllewer, Cashier; Van Lee H ood, Asslstanat Cashier.
Cashier; C. H . Dahlstrom, Assistant Cashier. Conversion of the
9,000
~UVC J ' r s t , ^ atlonal Bank of Carbondale, Colorado. Capital,
Farmers State Bank of Milaca.
5 2 5,000 .
W . M. Dlnkel, President; Oscar Holland and James T
9.051 “ The First National Bank of W inder, Georgia. Capital, $50,000.
D alton, Vice-Presidents;
D. W . Shores, Cashier.
W . H . Toole, President; W . L. Blasingame, and J. B . W illiam s
0,0 1 0 - T h e Live Stock Exchange National Bank of Chicago, Illinois.
Vice-Presidents; W . L. Jackson, Cashier.
.
Capital, $ 1 ,250,000.
S. It. Flynn, President; G. A . Ityther,
9.052
, l e Tlrsf National Bank of Odessa, Washington. Capital, $25,000.
Cashier; G. F. Em ery, Assistant Cashier.
C. H. Clodius. President; John Schaffer, Vice-President; W m . P.
0,0 1 1 -T h e Eastman National Bank of Newkirk, Oklahoma. Capital,
Christensen, Cashier.
$ » 0 ,000.
E. B. Eastm an, President; C. A . Eastm an, Vice-Presi
9.053 -T h e Home National Bank of Stanton, Texas. Capital, $25,000.
dent; J. S. Eastman, Cashier; F. E . Eastm an, Assistant Cashier.
Chas. Ebbersol. President; A . C. Eldson and T . S. Crowder, Vice
Conversion of the Bank of Santa Fe, Newkirk, Oklahoma.
Presidents; J. E . Garrett, Cashier.
0,012 -T h e First National Bank of W ythevllle, Virginia. Capital, $50
9.054 “ Trl? F ‘ rst N atl ° naI Hank of W ashtuena, W ashington. Capital,
S. It. Sayers, President; J. H . McGavock, Vice-President; C. W .
$i>0,000. W . R . Cunningham Jr. President; O. H . Greene, Vice
Gleaves, Cashier. Conversion of the Bank of W ythevllle.
President; W m . A . Pearce, Cashier; J. M . Booth, Assistant Cashier.
9,0 1 3 -T h e First National Bank of Eagle County at Eagle, Colorado.
Conversion of the Bank of Washtuena.
Capital, $2.>.000. J. H . Fesler, President; Frank Roll, Vice-Presi
9.055 -T h e First National Bank of Prattville, Alabam a. Capital, $50,000.
dent; Louis Schwarz, Cashier; Arthur A . Tandy, Assistant Cashier.
Allen Northtngton, President; C. E . Thom as, Vice-President:
9,0 1 4 -T h e First National Bank of Cambridge, Iowa. Capital, 525,000
Edward Northington, Cashier.
E. P. H ealy, President; T . IL Erwin, Vice-President; Robert F. 9.056
-T h e Aurora National Bank, Aurora, Nebraska. Capital, $75,000.
Erwin, Cashier.
A . G. Peterson, President: Fritz Iloefer, Vice-President; W . C.
9,015 -T h e First National Bank of Northboro, Iow a. Capital, $25,000 .
Keck, Cashier; C. S. Brown, Assistant Cashier. Conversion of
II. J. Scott, President; A . Harris. Vice-President; J. It. Harris
the Aurora State Bank.
Cashier; H . II. Harris, Assistant Cashier.
9.057 -T h e National Bank of Lcesvllle, South Carolina. Capital, $25 000
0,010 -T h e First National Bank of Glen U llln, North Dakota. Capital.
H . F. H endrix, President; J. L. Matthews, Vice-President- H . A .
$25,000.
P. B. W ickham , President; II. H . W ickh am , Vice-Presi
Meetze, Cashier. Conversion of the Bank of Lcesvllle.
dent; Chas. W aechter, Cashier; A . B. Hagcman and O. II. K uhl,
9.058 -T h e Farmers & Miners National Bank of Bentlevvllle, Pennsyl
Assistant Cashiers. Conversion of the Glen Ullln State Bank.
vania. Capital, 550,000. Joseph A . Herron, President" T A
0,017 -T h e First National Bank of Story City, Iowa. Capital, $25,000.
Hctherlngton, Vice-President: D. E. Llndley, Cashier.
H . T . Henryson. President; A . M. Henderson, Vice-President;
9,0 5 9 -N ational Bank of Preston, Minnesota. Capital, $50,000 . H . R
I . r. Henryson, Cashier. Conversion of The First Savings Bank
w ells, President; S. A . Langum, Vice-President; W m . R . W ells.
of Story City.
Cashier; L. J. Luhm ann, Assistant Cashier.
9,018 "T h e First National Bank of Kanawha, Iowa. Capital, $25,000.
9,060 - t h e East Worcester National Bank, East Worcester, New York.
J • ‘V VVlchman, President; Ole T . Rlkansrud, Vice-President; F. L,
Capital. $25,000. James E . Dante, President; Aaron D . fTaller.Bush, Cashier; L . D. Perisho, Assistant Cashier. Conversion of
Hie State Savings Bank of Kanawha.
AlSlstantCe’carshldent: L° UlS D ante’ Cashier; W illiam E . Dante,
C
0,019 -r h e National Bank of Fredonla, New Y ork. Capital. $50,000 .
9,061
The First National Bank of W hite House Station. New Jersey.
Thomas Moran, President; Richard Butcher and F . C. F. Sievert,
Capital, $30,000. J. N . Pldcock, President; W m . H . R.-geV,
Vice I residents; A . P . Chessman, Cashier; R . R . Newton, Assistant
Vice-President; M . R . Cook, Cashier.
b *
Cashier. Conversion of the Bank of Fredonla.
9.062 T ' k Fir?frNational Bank of W est Milton, Ohio. Capital. $30,000 .
9,020 "The l lrst National Bank of Boyne City, Michigan. (Post office,
R ° bfH W .D ou glas Pres dent; Charles IL Douglas, Vice-President;
Boyne.) Capital, $50,000.
W . H . W hite, President; W . S. Shaw
Bayld I- Douglas Cashier; Gilford T . Douglas, Assistant Cashier
aod Chalmers Curtis, Vice-Presidents; S. C. Sm ith. Cashier; R . W .
9.063
Dlr\t National Bank of Olivia, Minnesota. Capital,
B an lf’ Ass stant Cashier. Conversion of the Boyne City State
$25 0 00. G. A Heins President; W arren H . Heins, Vlce-Presld®nt. E . G. Heins, Cashier; A . N . Nelson, Assistant Cashier.
9,021 "IFwP,,
ted States National Bank of Salem , Oregon. Capital,
9.064 ■The First Netlonel Bank of Stephen. Minnesota. Capital, $25,000.
$100 000
J. I>. Rogers, President: G. W . Eyre, Vice-President;
H - I- Yetter, President; James J. Sinclair, Vice-President; R . A .
E . V . Hazard, Cashier; D. W . Eyre, Assistant Cashier. Con
W hitney, Cashier; C. A . Renny, Assistant Cashier.
version of the Salem State Bank.
— I c
9.065> 1 l'r nnnSt -^'1
,tlona,1 Bank of W ashingtonvllle. New York. Capital, •
9,022 -The First. National Bank of Newark Arkansas. Capital, $25,000.
$25,000 .
Edward R . Emerson, President; John Y . Gerow, Vice
C. M. Edwards, President: J. P . Magncss, Vice-President; E . B.
President;
Bradner
Cameron,
Cashier.
Chesser, Cashier. Conversion of the Bank of Newark.
9,066 - T ] ,e First National Bank of Union Bridge, Maryland. Capital
9,023 -The Muskogee National Bank, Muskogee, Oklahoma. Capital
$2.),000.
Danl. W olfe, President; John N . W eaver, Vice-Presi
$100,000. Augustus W . Patterson, President; Arthur C. Trum bo!
dent: Edw. F. Olmstead, Cashier
Vice-President and Cashier: James M . Stout and Frederic A
9,067 “ The Commercial National Bank of Raleigh, North Carolina. Capi
Knowlton, Assistant Cashiers.
tal, $100,000.
B. S. Jerman, President; A lf. A . Thom pson. Vl?e9,024 -The Lucas County National Bank of Charlton. Iowa. Capital
Presldent; H \\ . Jackson, Cashier; E . B. Crow, Assistant Cash er
$ 50,000 . Samuel Mclvlveen, President; W . A . Elkenberry VlceConversion of the Commercial & Farmers’ Bank of Raleigh.
9,068 Ihe Third National Bank of W alla W alla, Washington
Prcsdcnt; L. H . Bussclle, Casher; E . I>. Copeland, Assistant
Canltal
Cashier.
5100,000.
A . R . Johnson, President; Gbo. E Kcllough Vlce9,025 ■The Albion National Bank. Albion, Illinois. Capital, $25 000.
Fresldent. Fred. W . W ilson; Cashier;’ O. m ! B eatty. Assistant
T . B. Mitchell, President; W . II. Brosman, Vice-President- Sam
9,069 -T h e First National Bank of Strawberry Point Iowa
A . Ziegler, Cashier.
Canltal
0,026 -The IJrownstown National Bank, Brownstown, Pennsylvania. Capi
F2r)J0 0 G re t.e L arCashlcwCSldCnt; A ’ ° ^ v T c e l p r ^ d e n l ;
tal, $25,000. A . V . Walter, President; John F. Glrvln, E S.
9,070 -T he Northwestern National Bank of Bellingham. Washington
Moore and W . W . Buch. Vice-Presidents; J. H . W olf, Cashier. ’
Capital, 5100,000.
Irvine J. Adair, President; C. X . Larrabee,
0,027’— The First National Bank of Polk County at Copperhlll, Tennessee.
Vice-President; C. K . McMUlln, Cashier; Olaf Udness, Assistant
Capital, $25,000.
Frederick Lewtsohn, President; B . Britton
Gasmer.
Gottesberger, Vice-President; M .C . K ing, Cashier; Boon Crawford
9,071- ■HoDoweH County National Bank of W elch , W est Virginia. Capital,
Assistant Cashier.
9,028’— The First National Bank of Hamburg, Pennsylvania. Capital
HnS?.'°?0 , T X fC - ^ an? ,’ President; II. D . Hattleld, Vice-Presi
IA aT
dent, I. J. Rhodes Cashier; R . C. McClure, Assistant Cashier.
$25,000. Joseph S. Hepncr, President; Geo. II. iMIllcr, Jacob E.’
Conversion of the McDowell County Bank.
9 .0 7 2 —
N ^onal
B ankj
p ru d e n t?1
Chas. B . 'u u n c le /'V ic o -
, » 74 - ? K Wl S i r S , N K C "i S
n
f
Cordelc. G .o r g o
O .g .t .1 ,
w’
S100 000
L . O . Benton, President: C. C. Greer and H . L . W ilson,
Vice-Presidents; J . VV. Cannon. Cashier; E A . Vinson Assistant
Casnler. Conversion of The Merchants & Farmers Bank.
0 075— The Cavalier County National Uanlc of L a n g ^ n . N ^ t h D akota.
’
Capital. $25,000 .
W . J. Mooney, President; W . I1. VVlnter, Vice
President; John Sheehan, Cashier; Adam J. Barker, Assistant
n 076— T'ne Peoples’ National Bank of Salisbury, North Carolina. Capital,
’
$100 000
D . R . Julian. President; I*. H . Thom pson. Vice-Presi
dent- J. D. Norw ood, Casoler; J. A . Peeler, Assistant Cashier,
rinnverslrm of the Peoples’ Bank & Trust Company.
_
J9.077
dent; c ’. W . Johnstone, Cashier; R . E . D yer, Assistant Cashier.
Conversion of the Washlnut. n State Bank of Ellensburg.
Capital, $^o,000,
Edward F . Betz, President; Peter C. Hansen, Vice-President, C. C.
Rlcaardson, Cashier.
9 0 8 0 — The N atl mal Bank of Cheney, W ashington.
R obt. H . Sm ith, Cashier
9 0 83— The First National Bank r f Camden, South Carcllna. Capltal
W,U
s r 000
)0
C. J. Shannon Jr., President: David R . W illiams and
W °R
H ough, Vice-Presidents; John T . M ackey, Cashier. Con
version of the Commercial Bank.
.. ,
9 084 __ xh e Valley National Bank of Green Lane, Pennsylvania. Capital
9,084
l ne v a u^y ^cob R AUebach President; Frank Barndt and Mark
V ' >_ -«-».... i.i__
*
Hlltebeltel, Vice-Presidents: o n Pfaeoman fCash er.
S. F. Cressman, ’nshipr
9 0 85 — The First National Bank of Kinston. North Carolina
Capita ,
9 ,0 8 0
8 ,n 000 . N . J. Rouse, President; Henry Tull, Vice-President;
0o
C. f ! H arvey, Cashier. Conversion of the Citizens Bank of Klns-
4
..,.
9 0 86— The Manufacturers’ National Bank of North Attleborough MassaW’
chusetts. Capital, $100,000.
Frederic E . Sturdy, President,
9 087 — The^Supcrlor National Bank of 11an cock
Michigan. Capital,
*
S 1 00 000
C A . W right, President; Jacob Baci, Vice-President,
M C Gctchell Casliler; J. C. JefTery, Assistant Cashier. Con-
9 088__ T h e '< 'irst N a t l o n J f ^ U n f o f"M lllln ^ G co r g la
f
*
T
/
Daniel
Capital. $25,000
President; W . R . Turner, Cashlei. Conversion of
9 o S O -T h c ^ F l V ^ r N ^ o n a l0 ' Bank " o f W ood bury. Tennessee
Cap
*
non
H I< Preston. President; L • A. Brevard, Casl
9 . 0 9 0 - M
^
9 092
9 .092
The'peiret^N atlcmn ^ tm ^ ofAH art. Vice-President;Capital, $25,000.
arB
m h erst.^eb rM k a.°
T h
^ F B a
c L.
A . T . Reynolds.
9.093
T h e^ e s ^ ^ ^ ? O M ? B ^ ^ ^ I ^ l e w o o ^ Csdlfornla.pC^pl^al^ $25^,00^.
ir
9 0 9 4 -T lm 'F U :stCNah
tlonal Bank of Corinth. Mississippi. Capital. $100 000.
0.0J4 ^no l
pregldent; w p W allace and Geo. C. Taylor, \
Vice
n An 9,09
S ^ f ’ n H z e n s ^ N L o n a ^ B ^ n ^ o f 'M o u n t Sterling, Ohio. Capital
$60,000
J A . Miller, President; S. W . Beale, Vlce-Preslden
a nor, The National Farmers’ Bank of W arren. Illinois. Capital. $25,000
O’0 9 6 - R CM Rockey President; J. E. Stanton, Vice-President; R . C
9 097 — Thee
AVsC
taNaHonal Bank of Englewood. Kansas
9 ,097
Per
Cent.
Name o1 Company.
9 ,0 7 3
’
[V L. LX X 1I.
O
XV
TH E CHRONICLE
146
% hnson
C - 't n l $25,000
president; W m . E . Herring, Vice-President; Cecil
O OOR— The
N attonalB ank of Clinton, Kentucky. Capital, $50,000
9•
098 w n W a T p ? e s |
<lent; S. D. Griffey. Vice-President; C. V . Heas
I , , ’ pashler- W H Van H ook, Assistant Cashier,
on o n
The Farmers’ National Bank of Richland. Michigan. Capital
9 ’099~ s r25 0 00 . W ilia m F Hoollttle, President; Robert R. Telfcr, Vice
o too ^he^Mon^czulrm6 Valiev Natloiifd^lalfk of Cortez, Colorado. Capl
O’ l O O - l h e M on tczu m ^v au e
President; W . I. My er, Vlce-Presl
dent- G O Harrison. Cashier; C. J. Harrison Assistant Cashier
Conversion of the First Bank of Montezuma Valley, Cortez. Colo
Snead. Cashller.
Conversion of the Farmers’ & Merchants’ Banl
9 ,1 0 2 — The Fi ' ^ ^ o s 1'Sanderson'! Presldent"CM. f V Cochran Vlee-Presl
dent” G
E A n derson
Cashier. Conversion of the German
Railroads (Steam).
Atch. Topeka & Santa Fe, pref. (No. JO)
Baltimore & Ohio, common— ..................
Preferred ____________________________
Canada Sbuthern.-......... ................ ............
Central HR. of New Jersey (quar.)----- .
Chicago & Alton, c o m m o n - - . - - - - - ------Prior Hen and participating stock- - - - Clev. Cine. Chic. & St. Louis, pf. (qu.)
Cornuall & Lebanon------- - - ----------------- Delaware Lackawanna & West, (quar.)
Des Moines A Ft. Dodge, pref. (annual)
East Pennsylvania...................... ...................
Great Northern (quar.) -------------------- - - - Harrisburg Portsrn. M l. J ■ & Lancaster. .
E xtra__________________ _ — --------------Keokuk & Des Moines, preferred...............
.ake Shore & Michigan Southern...............
Louisville & Nashville................................
Mahoning Coal, common............... ............
Michigan Central - - - - - - - - - - - - - - ......... - Nashville Chattanooga & Li. Louis.............
New York Ontario & Western--------Northern Pacific (quarterly)-...........
Pitts. Cine. Chic. & St. Louis, common.
Reading Company, common...............
First preferred............ ........................."
Street and electric Railways.
Auburn & Syracuse hlec. « « ■ • "/• W“ -1- Columbus III/-, pret- (guar.) ( A o. do) -
East St. Louis & Suburban, pref. (quar.).
Grand Rapids R y.. preferred (q u a r.).--Havana Elec. R y.. Pref. (quar.) (No. 10)
Jacksonville Electric Co., common (No. 8)
Preferred (No. 1 2 ) .------------- ---------------Maryland Electric Rus. . - - - - - - - - - - - - - - Milw. Elec. Ry. & Lt., pf. (qu.) (No. 35)
New Hampshire Electric Rvs., pref.----Peekskill Lighting & RR-. common (quar.)
Philadelphia Company, common (quar.).
Railway < Light Securities, pref. (No. 7)
fc
Twin City Rap. Tran.. Minn., com. (quar.)
United Traction of Pittsburgh, preferred.
West Penn Rvs.. preferred (quar.)........... Banks.
Corn Exchange (quar.) (No. I l l ) ................
Homestead (No. 1).........................................
Trust Companies
Nassau, Bro^'dvn (quar.)............. - ............
Fire Insurance.
H om e........... .......... .. - .....................................
Miscellaneous.
Amalgamated Copper (quar.) ........... .............
American Cement (No. 18)- ---------
American Chicle, com. (monthly)-------Common (extra)......... Amer. Dlsl. Teleg. of N .J . (quar.)...........
American Glue, preferred (quar.) - - - American Light & Traction, com. (quar.)
preferred (quar.)............................ ..........
American Locomotive, common (quar.).
Preferred (quar.)............. - ...................
Rond & Mortgage Guarantee (quar.)...........
Prill (J-G.) Company, common (qu a r.)...
Preferred (quar.)......... ...............................
Cambria Steel..................................................
Central District * Printing Teleg. (quar.)
Commonwealth-Edlson (quar.)------------- -Consolidation Coal (quar.)............................
Consolidated Ice, Pittsburgh, pref. (quar.)
Distillers’ Securities Corp. (qu.) (No. 23)
Eastman Kodak, common (quar.)................
Common (extra)............................................
Preferred (quarterly)............................ - -
Edison Elec. 111.. Boston (quar.) (No. 77)
Extra ..........................................................
Electric Bond & Share, preferred (qvtar.)Electrlc Company of America---------------Federal Sugar Refining, preferred (quar.)
Harblson-W.alker Refract., nref. (quar.)Internntlonal Nickel, pref. (quar.) - - - -
Internal. Steam P 'm '\ r>l. (qu.) (No. 37)
La Belle Ironworks (quar.).......................
Lord & Taylor, common (quar.)..................
Massachusetts Gas Companies..................
Michigan State Telephone, rom.(?M.)(ATo.3)
Preferred (quar.) (No. 1 9 ) ....... .................
Minneapolis General Elec., com. (No. 6 ) ..
Preferred (.v». 19)...............................- - Monongahela River Cons. C. S C.. pref c
National Carbon, preferred (quar.)...........
N . Y . A: Queens F.lcc. L. A: Pom., pref.. - .
Omaha Electric Light & Power, preferred
Pariilc Coast Co., common (quar.)..
First, np-f'-rred (quar.)....................
Second preferred (quar.)......... .......
Shawlnl-an water & Power (quar.)
Streets Western Stable Car L., com. (qu.)
U. S. Cast Iron Pine A Fdv.. nf. (qtiar.).
U. S. Realty & Improvement (quar.)-Unlted States Rubber. 1st pref. (quar.)
Second preferred (quar.) - - ......... ........
W
hen
Payable.
Hooks Closed.
Days Inclusive.
AUg.
S ep t.
S ep t.
Wx A u g.
Aug
2
A u g.
1
A u g.
1
1M July
A u g.
3
2>S July
A u g.
5
July
3
IH A u g.
syi July
'A July
1A A u g.
July
6
2A A ug.
A ug.
6
July
3
A u g.
A llg.
1H AUg.
A u g.
2
A u g.
2
S ep t.
26
1 Hi
1 Hi
1 Hi
1 Hi
1 Hi
15 Al
15 Al
:20 Hi
1 Hi
:20 Hi
1 Hi
2
: 1 Hi
1 Hi
10 H
10 H
1 Jl
29 H
10 Jl
1 H
29 H
3 Jl
3 Jl
1 Jl
15 II
1 II
10 H
July
A ug.
A u g.
A u g.
A u g.
A u g.
A u g.
July
July
lu ly
July
A u g.
A ug.
A u g.
July
A u g.
15 Jl
1 H
1 II
1 H
15 Ji
1 H
1 H
10 31 II
31 J'
10 1 fl
1 II
15 1
1
20 11
1 J
A u g.
A ug.
A ug.
1A
VA
IH
m
1A
3
3
1
1A
1
1
1A
$3
IK
2A
1A
10
to
July 12
t rec. June 30
to
Aug. 10
Aug. 3
July 12
Aug. 2
. Aug. 5
July 15
July 15
July 15
Aug. 15
to
July 31
to
Aug.
1 t
1 J
to
Aug.
1
1 J
to
Aug.
2
O ndem .
A A u g.
lu lv
3
Ju ly
1
lu ly
1
July
1
Aug.
4
V i A u g.
IK A u g.
IK AUg.
fu lv
IK
A u g.
3
A S ep t.
VA AUg.
1A A u g .
lu ly
2
IK A u g.
IK July
Tuly
IK
K lu ly
2K O et.
2K O ct.
O ct.
AUg.
AUg.
A u g.
; A u g.
; A u g.
; Tui v
; A ug.
; M i*,
A llg .
A ug.
A ug.
S ep t.
S N ov.
A llg.
A u g.
j July
( A u g.
s A ug.
; A ug.
A ug.
r A u g.
A u g.
July
5 July
< S en t.
A uk.
T1 1V
1
$ July
July 20
Aug. 16
Aug. 16
31
23
20
20
22
1
1
1
20
21
15
2
f rec. July
1
Holders of rec. July
f
July
J
July
1
July
1
July
I
Aug.
J
July
J
July
I
Aug.
/
July
J
23
23
21
21
21
3
31
31
26
21
1
(
is i
31 I
Aug. 2
1 J
July 31
31 I
July 20
20 1
31 1
1 1
1 Holdcirs of roc. Aug. 31
1
1 Holders of rec. AUg. 31
1
1 Holders of rec. .July 15
1
1 floldi;rs of rcc. July 15
AUg. 2
to
1 luly 17
Aug. 3
3 lul v 11 to
Holders of rcC. July 31
3 1
20 Holders ol’ rec. July 10
to
A ue. 2
1 fulv 11
Allg. 2
to
i July 21
July 31
to
1 July 21
Aug. 1
to
l July 27
July 31
to
1 July 12
to
Sept. 1
1 Au?. 21
Nov. 3
to
2 Oct. 21
1 Holders of ree . July 18
1 Holders of rec . July 18
July 24
to
25 fulv 16
to
Aug. 16
15 Aug. 6
10 Holders of rec . July 31
Holders of rec,. Julv20«
1
to
Aug. 2
1 luly 10
Aug. 2
to
l July 10
Aug. 2
to
T fuly 16
20 Holders of rec . July 7
to
July 26
25 luly 16
to
Aug. 31
1 Allg. 12
1 Holders of rec. July 24
31 Holders of rec. Julyl5a
31 Holders of rec. Julyl5a
la* i
0 103
TheC*FMrst ^ a t fo n a l"B a n i? o f"I s m a v , Montana. Capital. $35,000.
9 , 1° 3 _ r 1 1 ‘Anderson^ President; David Blckle. Vice-President; James
^
10 1909 to hnlders of reeopl
9 ,1 0 4 — T h " cltizcnsNaVtonal Bank of Anderson. South y e is v Capltal
y ' na
$too 000.
D. P. McBrayer. President, it. a . i^cwis , vice Brest
dent; J. F. Shum ate, Cashier.
2?nd 2 v/payable May 10 1909 to holders of record
& >M m stock to holders of record Aug. 15.
.y
Imports and Exports for the W eek .— The following are
the imports at New York for the week ending July 1 1 , also
Auction Sales.—Among other securities the following, not totals since the beginning of the first week in Januaiy.
FOREIGN IMPORTS AT NEW YO R K.----regularly dealt in at the Board, were recently sold at auction:
B y Messrs. Adrian H. Muller & Son:
1907
Bonds.
Stocks.
t 000 Corp. of the Chamber of
Little Miami R R ___________2 0 9 ’
Commerce of N . Y . Income
United R R s. of N. J _______2 45
B o n d ------------------ -------------- ----- 35
Amer. Coal C o., Allegh. Co. 126
.50 000 Oklahoma Central Ry.
N . J. Land Im pt. C o ____$81 le
Co 1 st 5s 194 5 ---------- - $ l 5,000 lot
The Insurance Press . . —
10
•■1.000 Iron Steamboat Co. Prior
Niagara Fire Insurance___275
Lien 5s 1932........ ........... ............ 85
Im p. A Traders’ Nat. B k . . 5 2 8
545.000 Cleburne (Tex.)l
Hicks Locomotive & CaGas & Elec. Co. 1st 6s
W orks C o., p ’-eferred.$100 lot
1915
---------- ----------- I
62 A Hicks Loco. A Car. W ks.
C o., com m on__________ $50 lot 100 Union Trust Co. of)$10,000 lot
N . J ., Jersey C ity------ I
15 Market A Fulton B ank____ 2 1 6 K
$6,000 past due and pro-1
4 National Pa>-k B ank. - ___r 17
tested n o t e s . - - - . - - - - )
28 The Clms. E . Sholes C o _ .$ 5 lot
$94,000 T)et. Tol. & I'onton
1 9 National Surety C o------ . . 1 35
R v . Co. 5 % Notes of 1 9 0 8 -. 40
25 Shares Carnegie Trust C o .,166
I $1,000 Federal Pub. Co. 6s------ 75
38
37
300
23
30
10
2
125
1 9 0 8 ._
For week.
Dry Goods.................................
General Merchandise........... ..
$2/02^515
10.027.294
$5,115,922
12,896,376
$3,002,417
8,920,310
$12,229,814
$18,012,299
$11,982,727
$10,393,209
T o ta l......... - .......... - ............
Since January 1.
Dry Goods.................................
General Merchandise-----------
$64.404.<M8 $102,988,919
250,042.929 373,560,778
$ 8 6 ,6 1 2 , 7 1 7
$74,503,349
305.277,335
Total 28 weeks....................
320,230,110
$315,346,0471
$475,549.697 $400,842,827 $379,870,084
The following is a statementTof the exports (e^ clu®^e
specie) from the port of New York to foreign ports for the
K X r O tu n
r
1908.
D IV ID E N D S .
The following shows all the dividends announced for the
future by all large or important corporations;
Dividends announced this week are printed in italics.
For the week.............................
Previously reported................
1907.
1906.
1005.
$11,336,217
340.215.333
$15,992,532
320,892,310
$11,571,733
326.115,134
$10,219,488
276,723,271
$336,884,842 $337,687,867 $286,942,759
Total 28 weeks.................... $351,551,550
July 18 1908. |
THE CHRONICLE
EXPORTS A.VD IMPORTS OF SPECIE AT N EW Y O R K .
E xp orts.
W eek.
G r e a t B r i t a i n __________________
F r a n c e _________ _________________
G e r m a n y ................ ..................... ’ ’
W e s t I n d i e s - _________ __________
M e x i c o ........................................... ^
S o u t h A m e r i c a ______________ I .
A l l o t h e r c o u n t r i e s ......................
T o t a l 1 9 0 8 . . . ...........
T o t a l 1 9 0 7 ........... ..
T o t a l 1 9 0 0 _____
S in c e J a n .
...........
$3,000
. . . .
T o t a l 1 9 0 8 ........... ........................
T o t a l 1 9 0 7 .......................................... ..
T o t a l 1 9 0 0 ................ .................................
S ilv e r .
G r e a t B r i t a i n ........... ...................................
F r a n c e ........... ............... ...................................
G e r m a n y ...... ......................... .......................
W e s t I n d i e s ........... .. ......................... ..
M e x i c o _________ _____________________
'
S o u t h A m e r i c a ...............................
A l l o t h e r c o u n t r i e s . ..................
Im p o r t s .
1
S in c e J a n .
$ 2 ,0 0 0
54,217
1,438
1
$3,436,802
986,835
15,785
3,342,510
290,352
1,492,308
1,874,364
$3,000 $46,076,744
2,776,544 30,732,461
11,952
5.769,374
$57,655 $11,438,956
6,384,688
461,790
989,498 46,026,433
$1,120,790 $19,745,829
282,000
2,036,000
41,900
1,500
242,874
$47,474
52,665
78,429
123,386
601.026
433,753
306,407
$ 2 l '6 6 6
" " ’ 3~665
350
$2 1 , 0 0 0
48,388
45,593
$1,404,290 $22,069,953
1,138,344 23,171.848
950,935 30,109,369
'
W eek.
$2,524,412
22,598,379
19,017,343
1,306,600
3,800
616,475
9,735
$1,643,140
1,085,423
1,310,913
Of the above imports for the week in 1908, $72,347 were
American gold coin and $3,912 American silver coin. Of
the exports during the same time, $4,000 were American
gold coin and $00,000 were American silver coin.
Statement of New York City Clearing-House Banks.— The
detailed statement below shows the condition of the New
York City Clearing-House banks for the week ending July
11. The figures for the separate banks are the averages of
the daily results. In the case of the totals, however, a de
parture was made with the statement ofr Feb. 8, so that in
addition to the averages for the week the actual figures at
the end of the week are now given.
W e
C a p it a l.
Ranks
0 0 s o m itt e d .
o m it
tw o
S u rp lu s.
c ip h e r s
(00)
Loans.
A ve rage.
in
a ll
ca se s.
S p e c ie
A ve rage.
L e g a ls .
A ve ra g e.
$
$
$
S
3,304,6
22,018,0
4,689,0
2,030,0
3,293,5
25,800,0 17,770,0
2 ,0 0 0 . 0
1,677,0
20,907,0
5,028,0
3,000.0
3,720,9
24,648,0
5,382,0
1,500,0
4,887,7
27,665,7
5,292,6
1 ,0 0 0 , 0
584,0
6,821,0
881,0
25,000,0 24,64s,8 185,183,0 54,680,0
3,000,0
5,674,8
30,174,0
6,642,1
600, C
529,2
6,875,1
1,409,0
1 ,0 0 0 , 0
2,383,4
9,605,5
1,340,3
300,0
114,1
1,999,4
505,7
500,C
724, I
t
5,595,5
1,378,9
5,ooo.r
4,889,8
33,305,5
5,483,5
25,000,0 15,256,7 174,090,1 30,709,8
3,000,0
2,491,0
10,633,8
1,104,8
500,0
840,5
3,597,9
969.7
450,0
1,017,5
6,613,7
920,4
2 0 0 ,0
400,5
1,525,7
3,000,0
9,650,7
62,111,2 13,234,7
2,550,0
1,282,3
21,764,4
6,168,7
500,0
365,9
4.361,8
283,4
1 ,0 0 0 , 0
1,576,9
7,327,9
2,182,5
2 ,0 0 0 , 0
1,095,4
11,125,8
3,040,5
3,000,0
5,183,1
44,189,0 10,243,0
1,500.0
7,487,1
27,132,7
4,841,0
3,000.0
9,340,3
88,521,0 26,219,0
250,0
1 1 1 ,8
1,267,6
243,0
3,000,0
3,390,3
23,328,0
4,550,0
1,667,6
1 ,0 0 0 , 0
9,974,0
2,277,0
1 0 ,0 0 0 , 0
20,857,2 116,291,0 28,430,3
2 ,0 0 0 , 0
1,290,0
18,030,6
3,792,4
250,0
781,8
2,198.1
758,0
500,0
1,104,7
7,530,2
1,230,6
750,0
633,2
3,709,4
013,8
5,000,0
5,019,5
77,736,8 18,823,3
1 0 0 ,0
2,117,5
11,610,8
3,349,2
2 0 ) ,0
871,0
3,714,8
300,0
203,0
928,4
4,605,8
820,2
1 ,0 0 0 , 0
1,203,3
13,858.8
2,678,5
1 ,0 0 0 , 0
1,239,1
6,718,1
1,780,2
250,0
453,1
3,048,1
446,6
1 ,0 0 0 , 0
2,059,4
12,003,7
1,659,7
718,3
2 0 0 ,0
4,231,0
857,0
1 ,0 0 0 , 0
1,638,4
2 0 ,1 2 1 ,0
4,724,0
2,464,8
1 ,0 0 0 , 0
14,032,0
3,670,8
657,2
1 ,0 0 0 , 0
0,502,2
1,831,8
1 ,0 0 0 , 0
771,7
9,998,0
3,307,0
1 ,0 0 0 , 0
328,7
4,245,8
660,2
.2,361,5
16,763,9
2 ,0 0 0 , 0
3.494,0
Res 'v e .
$
1,145,0
1,700,0
1,958,0
1,681,0
2,041,4
495,0
6,433,0
1,845,7
527,9
706,1
69,2
$
%
21,638,0 27.9
41,200,0 47.2
23,230,0 32.0
25,975,0 27 5
30,377,5 26.1
5,648,0 25.5
190,660,8 32.4
30,521,0 27.7
7,385,5 26.9
7,751,3 25.0
2,298,8 25.0
6,064,5 26.0
2 0 0 ,0
1,417,3
27,780,7 25.0
13,936,3 164,157,3 27.7
611,9
6,589,3 27.7
458,4
3,920,4 36.4
1.047,2
7,153,4 27.7
2,217,4 38.0
08,0
9,780,3
76,644,0 30.5
330,1
22,606,4 29.1
984,5
4,693,7 27.0
1,223,6
8,680,6 39.4
105,4
11,539,8 27.3
3,298,0
52,219,0 25.9
1,585,0
25,256,0 25.8
2,402,0 104,606,0 27.5
124,4
1,389,9 26.2
2,770,0
25,073,0 29.4
11,129,0 24.1
400,0
1,940,4 114.116,1 26.9
1,234,7
19,113,8 26.7
60,0
3,252,0 25.1
615,6
7,915,1 24.0
3,329,4 24.9
2 1 0 ,0
88,463,9 26.3
4,337,1
13,912,2 32.1
1,128,6
4,219,1 25.9
795,0
621,8
5,408,5 26.6
1,073,9
14,820,9 25.8
218,1
6,986,0 29.6
406,7
3,423,9 25.7
12,392,3 25.0
1,560,6
266,0
4,637,0 24.2
1,724,0
24,142,0 26.8
424,2
14,103.0 29.6
145,1
7 . 0 0 7 . 0 25.9
236,0
12,489,0 28.3
500,2
4,514,5 25.8
15,048,2 25.0
181,7
2 ,0 0 0 , 0
Bank of N. Y .
Manhittan Co..
Merehints’ -----Mechanics’ -----A m e r ic a ...........
l ’ henlx - ...........
C i t y ...................
Chemical______
Merchants’ E x .
GiUatln----------Butch. & Drov.
G reen w ich -----American E x . .
Com m erce.........
M erca n tile____
P a cific ...............
Chatham ______
Peo lie’ s ............
H a n ov er...........
Citizen’ s C e n t..
N a s s iu ..............
Market & F u lfil
Metropolitan . .
Corn Exchange.
Im p. & Traders’
P a r k ........... ..
East R iver____
F o u r t h ..............
Second ..............
F i r s t ..................
Irving N at.E x.
Bowery _______
N. Y. C ou n ty ..
G ernnn-Am cr .
Chase........... ......
Fifth A v e n u e ..
German E x c h ..
G c r m m la .........
L in c o ln ..............
G arfield..............
F i f t h _________
M etrop olis ____
West Side_____
Seaboard...........
Liberty ..............
N. Y . Prod. Ex.
State ..............
14th Street____
C o p p e r ..............
D e p o s it s .
A ve ra ge.
Totals, Average 126,350,0 165,169,1 1255,712,8 301,491,9 77,636,4 1328,300,2 28.8
Actual li.-tires
July 11
1261,470.4 305,701,0 79,011,0 1338,714,7 28.9
...........
w*.
u.w,la m uvuragea, circulation tunuunieu to *oo,ioW,(>UU ana united States
deposits (Indudcd In deposits) to J12.680.000; actual figures July 11, circulation.
J55.973.400; United States deposits, $11,051.500.
The statements compiled by the State Banking Depart
ment, together with the totals for the Clearing-House banks,
both the averages for the week and the actual figures at the
end of the week, are shown in the following table. In the
figures for State banks and trust companies all of these insti
tutions in Greater New York are included.
N EW Y O R K C IT Y BANKS AND TR U ST COMPANIES.
W e e k e n d i n g J u l y 11 1908.
I M ans and
In vestm ents.
S p e c ie .
L e g a ls .
$
$
»
R e se rve o n P . C .
D e p o s it s . o f R e
se rv e .
$
B u n a s - Actual 1,261,470,4
+ 15,913,4
305.701,6
+ 6,722,0
79,041,0
+ 933,1
1.338,714,7
+ 20,706,1
384,742,6 28.97
+ 7,655,1
Banks— A v ’ge 1,255.712,8
+ 14,016,3
301,491,9
— 5.131,7
77,636,4
— 553,0
1.328,300,2
+ 7,829.4
379,128,3 28.81
— 5,684,7
58,949,2 22,589,2
— 702,2 + 1,242,9
327,101.2
+ 2,302,3
00»
o m itt e d .
Clearing-House
i
Clearing-House
State Banks—
A v e ra g e ______
267.297,5
— 414.0
D e p o s it s .
104,981,6 32.7
+ 2,235.7
Trust Companies—A v e ra g e ........... 825,190,6
77.824,2
7,319,8
890,761.5 285,499,4 35.7
— 2,149,7 + 6,361,6
+ 586,8
— 4,772.9 — 13,511.0
State Banks and
Trust Co’s— not
InClear.-IIouse 905.746.1
82,844.9 14,868,4
991.946,8 317.945,9 35.4
— 2,110.4 + 6,608,0 + 1.496,5
— 1,369,1 — 10.501,2
+ Increase over last week. — D e c r e a s e from last w e e k .
«• m uuuM unun uura. <
/
eliminating tnc item uue from reserve deposi
tories and other banks and trust companies In New York C ity,” deposits am ount to
$809,552,300. an Increase of $19,458,200 over last week’s figures.
147
N o te .
I n t h e c a s e o f t h e C le a r in g -H o u s e b a n k s , t h e d e p o s i t s a r e “ n e t ” b o t h f o r
t h e a v e r a g e a n d a c t u a l fig u r e s ; In a ll o t h e r c a s e s “ g r o s s " d e p o s i t s a r e s h o w n .
The
n ie,a I ^ ' H o ,u se a c t u a l fig u re s I n c lu d e d U n it e d S t a t e s d e p o s i t s a m o u n t in g t o $ 1 1 ,
0 5 1 ,5 0 0 ,
a d e c r e a s e o f $ 6 ,2 9 4 ,7 0 0 fr o m la s t w e e k , a v e r a g e s I n c lu d e d U n it e d S t a t e s
d e p o s i t s o f $ 1 2 ,6 8 0 ,0 0 0 . a d e c r e a s e o f $ 5 ,3 0 5 ,5 0 0 f r o m la s t w e e k .
" R e s e r v e o n d e p o s i t s " I n c lu d e s , f o r b o t h t r u s t c o m p a n i e s a n d S t a t e b a n k s , n o t
o n l y c a s h I te m s b u t a m o u n t s d u e fr o m r e s e r v e a g e n t s , a n d In t h e c a s e o f t r u s t c o m
p a n ie s I n c lu d e s lik e w is e m u n i c ip a l b o n d s .
S t a t e b a n k s In N e w Y o r k C i t y a r e r e q u lr e d b y la w t o c a r r y a r e s e r v e a m o u n t in g t o 1 5 % o f d e p o s i t s , w h ile o u t s i d e o f
N e w t o r k C it y o n l y 1 0 % Is r e q u i r e d , w h ic h r e s e r v e In b o t h c a s e s n e e d n o t b e m o r e
t h a n o n e - h a l f In c a s h .
T r u s t c o m p a n i e s In G r e a t e r N e w Y o r k a r e r e q u i r e d t o k e e p
a r.e ® fr v ® o t 1 5 % • o t w h ic h o n l y 5 % n e e d b e In c a s h a n d 5 % m o r e m a y b e In m u n i c i
p a l b o n d s , w h ile In t h e c a s e o f t h e t r u s t c o m p a n i e s In t h e r e s t o f t h e S t a t e t h e r e m u n h ; Ip a n fon d *s l ° % ’ ° f W h‘ Ch ° n l y 3 %
n e e d 1)6
Cash a n d 3 %
m 0 r e m a y b e ln
The State Banking Department also furnishes the follow
ing report for State banks and trust companies outside of
Greater New York.
STATE
BANKS
*
T R U S T C O ’S O U T S ID E
OF
GREATER
W e e k ending J u l y I I 1 9 0 8 .
_
,
L o a n s.
D e p o s its.
$ 8 1 ,3 0 7 ,5 0 0
S t a te B a n k s ....................................................... $ 7 7 ,1 3 3 ,0 0 0
,
— 1 .0 8 3 ,3 0 0
+ 6 2 5 ,3 0 0
T r u s t C o m p a n i e s .............................................1 1 7 ,5 4 2 ,1 0 0
1 2 7 ,2 0 0 ,2 0 0
— 1 7 3 ,4 0 0
+ 4 0 4 ,1 0 0
+In crease over last week.
NEW
YORK.
R eserve.
R eserve.
$ 1 6 ,7 1 6 ,5 0 0
$16,716,500
% of
R es.
21 2
+ 698.900
22 474,400
+ 942,500
— Decrease from last week.
Reports of Non-Member Banks. —-The following is the
statement of condition of the non-member banks fro the
week ending July 10, based on average daily results:
________________________ W e
B an ks.
C a p lr
t a l.
(00) tn
o m it tw o c ip h e r s
Su r
p lu s .
Loan s,
D l s c 't s
and
In v e s t
m e n ts.
a ll ca se s.
Legal
a
S p e c ie .
and
Bank
N o te s.
1
D e p o s it w it h
eitA C
A ’i
C le a r
in g
A ge n t.
O ther
Net
B a n k s , D e p o s it s
& c.
N. Y. City.
B o r o u g h s o/
M a n .& B rx .
Wash. Ilgts
_
Century _
C o lo n ia l_
_
Columbia . .
F id e lit y _
_
Jefferson___
Mt. Morris.
M utual____
19th W ard.
Plaza _____
23d W a r d ..
Union E x . .
Yorkvllle . .
C o a l* I.N at
NewNethl’ d
But.Pk.N at
$
$
2 0 0 ,0
300,0
1 0 0 ,0
1 0 0 ,0
750,0
1 0 0 ,0
500,0
2 0 0 ,0
. 2 0 0 ,0
3,184,3
1,965,5
3,354,6
4,554,5
3.227,0
1,589,5
5,744.9
3,212,0
4,383,0
1,376,0
945,1
55,3
270,0
186,5
902,4
54,7
759,0
117,0
109,4
$
176,0
101,4
419,7
1,014,0
210,4
181,1
787,7
604,7
325,8
1,239,0
253,3
557,4
557,3
790,0
198,0
79.5
$
904,0
1,852,6
5,040,6
1 0 0 ,0
6,377,0
826,9
113,2 2,957,0
89,1 3,025,1
5,0 3,976,9
259,7 5,256,9
4,635,0
1,905,0
300,6 6,343,9
i 4 401 6
40,6 ! 4,992^0
15,0 1,311,0
802,4
2,358,4
5,521,7
9,463,2
7,085,0
3,747,0
14,0
457,8
788,7
176,3
246,1 1.606,6
387,0
779,0
1 2 2 ,0
633,0
590,3
1,346,1
2,090,9
1,042.0
892,0
354,6 3,522,4
74 9 6)869,3
115,3 13)506) 1
7.475.0
569’ 0 5.729.0
1,225,0
741,5
356,7
4,018,6
2,291,6
1,413,5
200,5
163,1
60,3
409,2
35,8
122,3
2,511,1
498,7
847,6
696,4
507,5
70,0
6,116,4
2 701 2
2,207)5
599,9
210,3
2,374,7
1,.879,0
129,8
72,9
51,0
71,8
172,0
91,9
174,2
124,6
2
2 0 1 .1
300,0
2 0 0 ,0
500.0
250,0
$
58,0
166,0
233,4
466,0
23,8
302,7
43,4
439,4
510,9
230.0
51.9
350,0
700.8
256,0
40,0
45,0
402,3
751,3
810,0
942,2
569,2
1 0 0 ,0
2 0 0 ,0
1 0 0 ,0
146,8
501,0
466,2
168,4
680,7
250.1
317,3
469,7
409,2
183,9
824,8
369,9
675,5
229.1
136,0
$
935,0
1,616.5
3,906.7
4,805,0
8 6 6 ,1
Borou gh of
B r o o k ly n .
Broadway .
Mfrs’ N a t ..
Mechanics’ .
Nassau Nat.
Nat. C lt v ..
Jersey City.
First N a t ..
IIud.Co.Nat
Third N a t ..
Hoboken.
First N a t ..
Second Nat.
150,0
252,0
1 .0 0 0 , 0
750,0
300,0
400,0
250,0
2 0 0 ,0
2 2 0 ,0
125,0
$
14,0
16,9
420,1
520,0
82,7
30,2
302,3
2 0 ,0
$
163’ 0
597.1
2,192,9
)l2 1 ,2
T o t. July 11 7,747,0 12,638,1 85,818,4 6,044,9 8,260,1 17,577,9 4.36S.6
107048,9
T o t. July 3 7,747,0 12,638,1 80,023,2 5,938,8 7,126,0 16, 176,3 3 . >82.ri 104IQS 7
T ot .June 27 7,747,0 12,638,1 86,182,4 5,905,3 7,324 s 14,936,0 4,000,7j 103356,2
New York City, Boston and Philadelphia Banks.—Below
is a summary of the weekly totals of the Clearing-House
banks of New York City, Boston and Philadelphia. The
New York figures do not include results for non-member
banks.
W e o m it tw o c ip h e r s
Capital
and
Surplus.
Banks.
N ew York
June
June
June
July
July
1 3 -2 0 -27 -3 -11 . .
2 0 .27 -3 ..
11 . .
Phlla
June
June
July
July
2 0 ..
2 7 ..
3 ..
1 1 ..
a l l these f i g u r e s .
Loans
Specie.
Legals
Deposits a
286,418,7
290.784,2
291,519.1
291.519,1
291,519,1
$
1213,860,6
1239,922.1
1231,220,8
1241,096,5
1255.712,8
$
301,467,5
312.117.3
316,670,2
306,623,6
301,491,9
$
$
1289,256.4
1321.258,5
1320,176,4
1320,470,8
1328,300,2
j
j
74,237,9
76.909.2
79,472,7
78,189.4
77,636,4
56.634,4
57.615,7
56,809,2
56.459,9
56.189.5
1,158,454,1
1.247.530,6
1.164,260,3
1,356,536,2
1.482.284,1
44,036.0
44,036,0
44,036.0
44.036,0
190.329.0
189,587.0
188,408,0
189,883,0
23.723,0
24.096,0
24,145,0
24,469,0
3,130,0
3,175,0
3,051,0
3,356,0
231.603,0
227.S40.0
241,278,0
238,752,0
10.548,0
10,501.0
10,240,0
10,563,0
121.437,1
11-5.279,9
141,930,6
151,702,3
54,440,0
54,440.0
54,440,0
54,440,0
228,024,0
230.476.0
232,275,0
233,673,0
271,516,0
272,666,0
275,399,0
274,959,0
16.398,0
16,248,0
16,142.0
16,417,0
108,010,0
104,056.5
107,460,8
123,988,0
S
B o s to n .
June
June
July
July
In
75.236,0
74.270,0
74.087,0
73,747,0
Circu
lation
Clearing*
a Including Government deposits, and for Boston and Philadelphia the Item
due to other banks." At New York Government deposits amounted to $12 680 000
on July 1 1 , against $17,985,500 on July 3; at Boston to $2,350,000 on July 11 and
$2,676,000 on July 3.
^ a n lit U Q
a n d
^ f i n a n c i a l .
VVe shall bs pleased to furnish to institutions and investors copies
of our special circular describing
. . .
43 RAILROAD BONDS
* Listed upon the New York Stock Exchange
S p e n c e r
T r a s k
&
C
o .
WILLIAM AND PINE STS..
NEW YORK
Branch offices: Chicago, III., and Albany, N. Y.
M o f f a t
&
W
h i t e
Members New York Stock Exchange.
5 NASSAU STREET.
HAN O VER BANK BUILDING.
DEALERS IN INVESTMENT SECURITIES.
Commission Orders Executed for Cash Only
a u f c j c r s 7 ( © n x c tte .
Wall Street, Friday Night, July 17 1908.
The Money Market and Financial Situation.— Operations in
W all Street this week appear to reflect the more hopeful
feeling which exists in the community at large. These
operations have been smaller in the aggregate than last week,
but the tone of the market is strong,and there are evidences
of an investment demand which has been almost wholly
lacking for a long time past.
Prominent houses report a
large increase in the number of people who are inquiring
about bonds, and while actual sales are not yet large, nego
tiations are in progress and the outlook for business in the
near future is decidedly better. The reasons for this change
are generally well understood and need not be mentioned
here.
An interesting announcement of the week was the Govern
ment report on international trade for the year ending
June 30.
It shows a balance in our favor of nearly $667,
00 0,000, the largest in our history. The amount of gold
imported, nearly $150,000,000, has also never been equaled.
The movement for the week has been in the opposite direc
tion, however, $1,000,000 having been shipped to France.
The local banks report a small loss to the Sub-Treasury,
owing chiefly to the turning over of Government deposits
by the banks. The latter’s statement last Saturday showed
a surplus reserve of over $50,000,000.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1 % to i y 2% . To-day’s rates on call were 1 ^ ® ! ^ % ;
Commercial paper quoted at 3 }4 % for endorsements and
four months single names and 4 ^ % for choice good|4 to 6
months unendorsed paper.
The Bank of England weekly statement on Thursday
showed an increase in bullion of <£56,386 and the percent
age of reserve to liabilities was 50.38, against 49.23 last week.
The rate of discount remains unchanged at 2 y % as fixed
May 28. The Bank of France shows an increase of 3,7 7 5 ,
000 francs gold and a decrease of 3,725,000 francs in silver.
1908.
A v e r a g e s lo r
w e e k e n d in g
J u l y 11.
1907.
D ll/ e r e n c e s
fr o m
p r e v io u s w e e k .
1906.
A v e r a g e s lo r
w e e k e n d in g
J u l y 13.
A v e r a g e s lo r
w eek e n d in g
M a y 14.
5
?
S
5
129.100.000
117,972,700
126,350.000
Capital .............................
161,720,600
149,608,400
165,169,100
Surplus...........................
Loans anil discounts. - 1,255,712,800 Inc. 14,610,300 1,104,835,900 1,036,233,400
50,321,700
270,400
48.556.500
56,189,500 Dec.
Circulation.....................
Net deposits--------------- 1,328,300,200 Inc. 7,829,400 1.070,759,800 1,023,932,000
29,238,400
13,704,800
12,6S0,000 Dec. 5,305,500
U . S. (lop. (incl. above)
182,941,300
301,191,900 D ec. 5,131,700 201.818.000
Specie ................
72,749,000
553,000
85.872.500
77,636.400 D ec.
Legal tenders----274,567,000
267,689,950
268,813,800
255,9S3,000
7,642,050
6.877,050
12,830,800
8,968,425
14,186,650
379,128,300 D ec.
332,075.050 Inc.
5,684,700
1,957,350
Surplus reserve —
Surplus excluding U.
deposits ..................
47.053.250 Dec.
50.223.250 D ec.
Foreign Exchange.— The market was active and generally
strong this week, owing to a good demand for remittance
and a scarcity of bills, especially commercial drafts. Gold
shipments $1,000,000 to Paris.
were
(Friday’s) _____
„
_
4 8585 for long, 4 8 7 @ 4 8705 for short and 4 8 7 1 5 ® 4 8725
for cables. Commercial on banks 4 8 5 4 5 @ 4 8555 and
documents for payment 4 8 4 % @ 4 8 5 % . Cotton for pay
ment 4 8 4 % @ 4 8 4 % , cotton for acceptance 4 8 5 4 5 ®
4 8555 and grain for payment 4 8 5 % @ 4 8 5 % .
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 1 0 % a @ 5 1 6 % for long,and 5 1 5 % c /@ 5 15% for short
Germany bankers’ marks were 95 3 -1 6 @ 9 5 % for long and
95 9-16d@ 95 9-16 for short. Amsterdam bankers’ guilders
40 3 2 @ 4 0 34 for short.
Exchange at Paris on London to-day 25f. 12c.; week’s
range 25f. 13c. high and 25f. l l % c . low.
The week’s range for exchange rates follows:
-C a b le s - ------------------ L o n g ------------------------------ S h o rt -------------S te r lin g , A c tu a l —
1 8735
4
@ 4 8715
@ 4 8740
H igh--------4 8575
@ 4 8585
|4 8710
14 S715
@ 4 8725
@ 4 8705
14 8695
L o w ......... .4 8565
@ 4 S570
P a r is R a n kers’ F ra n cs—
@ 5 15%
H igh...........5 1 6 % o
@5 16%
|5 15 H d .
@ 5 15%
L o w ---------5 17%
@ 5 16%
|5 15%<i
G erm a n y R a n kers' M a rk s—
95 9-16 ® 95%
H igh............ 95 3-16 @ 95%
95 9-16d @ 95 9-16
Low - - - - - - 94 14
@ 95
A m s te r d a m R a n k e r s ' G u ild ers —
40 34
H igh ............
.................................
40 32
40 33
L o w ............
....... .............. ..........
40 31
1-16 of 1% .
1-10 Of 1 % .
I n ter es t
P erio d s
2 s.
2 s,
3s,
3 s,
3 s,
4 s,
4 s,
2s,
1930 .................. registered
1930________
coupon
1908-1S.............. registered
1908-1S............ ...c o u p o n
1908-18____ small coupon
1925........
registered
1925......................... coupon
1 9 3 G.Panama Canal coup
d
x
1-32 of 1 % .
1-32 of 1% .
h
y
3-32 of 1 % .
3-32 of 1 % .
The following wore 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
premium; Charleston selling $1 per $1,000 premium; New
Orleans bank 50c. per $1,000 discount; commercial 75c.
er $1,000 discount; Chicago 15c. per $1,000 premium;
pt. Louis 25c. per $1,000 premium; San Francisco 80c.
Ser $1 000 premium.
Q— Jan
Q— Jan
Q— Feb
Q— I'eb
Q— Feb
Cl— Feb
Cl— Feb
Q— Nov
J u ly
J u ly • J u ly
J u ly
11
13
14
J u ly
J u ly
16
17
15
*103% *103% *103% *103% *103% *103%
* 103% *103% *103% *103% * 1039i *103%
*10 0
*10 0
*10 0
*10 0
*10 0
*10 0
* 10 0 % * 10 0 % * 10 0 % * 10 0 % *10 0 % * 10 0 %
* 10 0 % * 10 0 % * 10 0 % * 10 0 % *10 0 % * 10 0 %
*1 2 1 % *1 2 1 % * j20% *12 0 % *12 0 %
12 2
*12 2 % *12 2 % *12 2 % *12 2 % *12 2 % *12 2 %
*10 2
*'i'iu s | mu price blu at the morning board; no s a le was m ade.
S
Railroad and Miscellaneous Stocks.— Although less active
than last week, the stock market has generally displayed
a firm undertone throughout the week and a few new high
records have been made.
These records have not been
maintained however. The accrued profits of the last two
weeks were sufficiently attractive to induce some selling
to secure them. As a result of the week’s operations a
few issues show a gain of from 2 to 4 points, but a large
portion of the active list is less than a point higher than
last week.
Among the exceptional features is Canadian
Pacific, which advanced nearly 0 points and retains a
large part of the gain.
.
Missouri Pacific covered a range of over 5 points and
closes near the highest. Southern Pacific advanced over
3 points and Atchison 2 % . Delaware & Hudson is the
•only active issue that shows a fractional net loss.
Consolidated Gas has broken all other records, having
advanced S % points within the week. General Electric
closes over 3 points higher, Steel common nearly 3, SlossSheffield 2 and Steel preferred 1 % .
For daily volume of business see page 158.
The following sales have occurred this week of shares not
re presented in our detailed list on the pages which follow:
STOCKS.
W e e k e n d in g J u l y
N o t e .— The Clearing House now issues a sunemem, weewy suuwing tne total
ot the actual figures on Saturday morning. These figures, together with the returns
o f separate banks, also the summary Issued by the State Banking Department
showing the condition of State banks and trust companies reporting to the Clearing
House appear on th e preceding page.
a
k
State and Railroad Bonds.— Sales of State bonds at the
Board arc limited to $1,000 New York State 4s at 109j^ .
The transactions in railway and industrial bonds were
restricted early in the week but increased Steadily. Lowpriced issues are still conspicuous, but there is reported
to be more investment inquiry and high-grade bonds are
receiving some attention.
Delaware & Hudson refunding 4s, when issued, have
been quite heavily traded in with only a fractional change
in price. Wabash ref. and ext. 4s have been notably
strong to-day and with Atchison conv. 4s, A m . Tobacco
4s and Central Leather 5s, are 2 points or more higher than
last week. United States Steel 5s have been strong in
sympathy with the shares. Rock Island issues, on the
other hand, have been weak, the col. trust 5s showing a
decline of over 2 points.
United States Bonds.— Sales of Government bonds at
the Board include $1,000 4s reg., 1925 at 122, and $500 3s
coup., 1908-18, at 100>£. The following are the daily clos-
16,257,000
Reserve h e ld ----------25% ot deposits.........
Less:
PI us.
[VOL. LXXXVII.
THE CHRONICLE
148
17.
American Steel Founilr’s
Bethlehem Steel C o r p ...
P referred ......................
Col Fuel & Iron, p r e f ...
Comstock Tunnel--------Homestakc M ining-------Illinois Cent subscrip rcc
International Pow er-----Laclede Gas. preferred..
N Y & N J T e le p h o n e ...
Ontario Silver M in in g ...
St I. & S F— C & E 1 1
1
new stock trust c e rts..
S a le s
lo r
W eek ,
R a n ge sin ce J a n .
R a n g e ]o r W e e k .
H ig h e s t.
L o w e s t.
500 8
5,600 17%
2,700 44%
100 50
1,900
10 78
1.750 128%
500 31
1 70
325 107
325 4
July
July
July
July
July
July
July
July
July
July
July
11
11
16
17
13
14
13
13
16
13
15
8
20%
48%
50
26c.
78
130%
31 Vs
70
108
4%
July
July
July
Inly
July
July
July
July
July
July
July
L o w e s t.
14
17
17
17
14
14
16
14
16
16
17
50 50% July 15 52% July 17
8%
4% Feb
Jan 2 0 %
12
27% Feb 48%
May 50
35
Mcb 44c.
2 0 c.
Jan 78
67
128% July 130%
June •i5
29
Apr 74%
60
Feb 109
90
Jan
6
50
1.
H ig h e s t.
Apr 53
July
July
July
May
Apr
July
July
Mcb
Apr
Juno
May
May
Outside Market.— “ Curb” market trading, after the im
provement reported last week, relapsed into the dull condition
which has been its chief characteristic for a long time past.
The general range of values, however, has been well main
tained, with some sharp rises in special stocks. The new
Delaware & Hudson 4s, “ w .i.” which sold for the first time
last Saturday,were actively traded in until they were trans
ferred to the unlisted department of the Stock Exchange.
Some $1,200,000 were reported sold at from 9 8 % to 9 9 %
and down to 9 8 % and at 9 8 % finally. On the Stock E x
change the closing price to-day was 99. Remarkable
advances w ere recorded by American Tobacco, which ran up
r
from 3 4 8 % to 380, a further gain of 10 points to 390 being
recorded to-day. Standard Oil, after an early set-back—
from 6 1 4 % , last Friday’s close, to 607— moved up to 617
to-day, closing at 615. Chicago Subway advanced 2 points
to 2 1 % , easing off subsequently to 21. Adams Express 4s
sold up from 8 9 % to 90. American Steel Foundries 4s
“ w . i .” improved a point to 56, and stock “ w. i .” from 3 3 %
to 34. Tidewater 6 % notes were traded in at 9 8 % . Copper
shares were inactive. Boston Consolidated Copper sank
from 1 2 % to 11 % and recovered to 12. Butte Coalition
opened the week at 23 and advanced to 2 5 % . CumberlandEly sold up from 7 % to 8 and back to 7 % . Douglas copper
rose from 4 to 4 % , fell to 3 % and sold up finally to 4 % .
Greene Cananea from 10 % reached 1 1 % , but dropped to
1 0 % , closing to-day at 1 0 % . Nevada Consolidated Copper
advanced from 1 2 % to 1 2 % , declined to 1 2 % and ends the
week at 1 2 % . Nevada-Utah from 3 1-16 sank to 2 % and
sold up to-day to 3. Goldfield Consolidated advanced from
5 15-16 to 6 and then declined to 5 13-16. Nipissing went
from 7 % to 7 , then to 7 5-16, closing to-day at 7 % .
Outside quotations will be found on page 158.
New Y ork Stock Exchange— Stock Record, Daily, W eekly and Y early
O C C U P Y L\<i
TW O
STOCKS
S T O C K S — H I G H E S T A N D L O W E S T S A L E P R IC E S
Saturday
J u ly 11.
M onday
J u ly 13.
Tu esda y
J u ly 14.
Wednesday
J u ly 15.
F rid a y
J u ly 17.
Thursday
J u ly 16.
PACE.**
Range S in ce J a n . 1 1908.
O n basis ol 100 -share to.
N E W Y O R K STOC K
EXCHANGE
W eek
Shares
Range 1or P revious
Y ea r (1907)
H ighest
H ighest
R a ilr o a d s
827* 851
83
831
853* 86
8434 85% 40,856 A t c h T o p e k a & S a n t a F e
80
85
92
1* 92B 921
92% 921 *92
<)23.i 9234
921
92
921
801 •6Y D o p r e f ----------------------913 *91
*91
*90
921
92
92
9U
91% 92
806 A t l a n t i c C o a s t D in e H R . .
911
90
%
90
901
90% 911
90% 911
90% 907
90% 90% 11,815 I B a l t i m o r e < c O h i o ...............
5
*83
*83
87
*83
86
*82
*S2
80
80
*82
86
Do
p r e f ______________
%
487* 49!
497(
49
493* 503
49% 50% 28,560 B r o o k l y n R a p i d T r a n s i t .
49% 497
* 05
*
65 * -----* ____ 65
65
05
B u ffa lo & S u s q u e , p r e f - .
% 104 1651
1651- 167% 16734 1683 167% 1681
167 1677* 30,120 / 'C a n a d i a n P a c f l l c __________
% §62% 621 *621- 63% *62% 63% *60% 63% *001. 631*
10 v ^ a n a d a S o u t h e r n ________
*190
*190 200 *190 200 *190 200 *190 200 *190 200
C e n t r a l o f N e w J e r s e y ____
411; 421,
41% 42
41% 42
42
42
6,410 C h e s a p e a k e & O h i o ______
42
421,
42
42%
lo *25
251
2571* 25% *24
2 00 C h i c a g o & A l t o n R R _____
25% *23
25
23% 23%
*55
*55
60
*_
_
*55
00
58%
100
58
58
*50
58%
D o p r e f ___________________
7
7
*6-s
7
2 ,2 0 0 C h i c a g o G r e a t W e s t e r n . .
G
34
6%
67f
0%
* 01 .
7
ls * 4 5
*45
50
*45
50
50
*45
*45
50
*45
50
D o 4 % d e b e n t u r e s ___
*20 .
*18% 24
*18% 24
24
*17
24
*18
24
*17
Do 5%
p r e f “ A ” _____
*81S
*8%
9
*77*
8
200
81*
*7%
8%
*7%
7%
77*
D o 4%
p r e f “ B ” _____
% 137% 1381* 137% 138% 1383* 139% 138% 1395* 138% 139% 91,840 C h i c a g o M l l w * S t P a u l . .
*153 156
150 *152 150
300
1553, 156% *155 157 *154 150
D o p r e f ___________________
*130 132 §129% 129% 130% 130% 130% 131
2,721
130 130
130 130
D o c o m c t f s 45% p a id
*147
2 *145 148
512
147 1473* 14734 14734 147 147 *145% 147%
D o p r e f c t f s 45 % p a id
153 153
1543., 154 154% 154% 155
154
154 155% *15334 154%
5,050 C h i c a g o & N o r t h W e s t e r n
205 205 *20 0 206% *201 2061* *200 206 *200 200 *200 205
100
D o p r e f ................................ ..
136 130 *136 140 *135 141
250 C h i c S t P M i n n & O m a h a
138 138 *136 140 *130 139
*155 165 *155 105 *155 165 *155 165 *155 165 *155 105
D o p r e f ___________________
*3
4
3%
3
3%
*3
900 C h i c U n 'I r a c c t f s s t m p d
37*
3%
*3
3%
3%
3%
*10%
12
*i)Io 14
12
12
12
12
400
12
12
*11% 12%
D o p r e r c t f s s t m p d ____
*52
55
*53
65
65
100 C l e v e C l n C h i c & S t L — .
*52% 54
*52% 54
53% 53% *53
*90
*88
95
95
*88
*88
*88
95
*88
95
95
D o p r e f ............................. ..
" V . e i o C o l o r a d o & S o u t h e r n _____
31% *30% 31%
31% 315*
313*
31
31
31
f> 31
5934 60
% 593, 60
1,890
5938 60%
60
60%
593* 59%
D o 1 s t p r e f e r r e d _______
*50
51
895
50% 503. §50% 50%
49% 497*
50% 50% §601., 60%
D o 2 d p r e f e r r e d ________
*160 162 *160 163
101 101
700
160 160% 162 1023* 160% 161
e l a w a r e & H u d s o n ____
*510
100
* 510 510 *505 520 *500 510 *500 510 *500 520
e la w a r e L a c k & W e s t .
*25
253* 26
*25
550
27
*25
27
26
26
20%
% *25
385 D e n v e r & R i o G r a n d e . . .
*61
05
*61
03
63
63
62
63% *60
*0 0
65
D o p r e f ___
.
____
75
§38
38
421* *37
* ____ 42
*37
* *37
*37% 42
1233 12% *12% 14
100 D e t r o i t U n i t e d .......................
0 *121* 13%
14
14% *12
*13
D u lu th S o S h o r e & A tla n
223*
221, §22% 22%
22
22% 22%
931
221* 22%
*20% 23
21%
D o p r e f ...................................
19% 197*
19% 203*
197* 20
1934 201*
10,350
a 193., 193,
36
36
1,900
37% 38
37
• 36
37
361*
37
37%
D o 1 s t p r e f __________
. 25% 25% *243,1 20
15% 25%
* +23% 25
400
2£% 20%
D o 2 d p r e f __________
* 131% 132% 13134 1323, 1321* 1333* 13 i‘s 133
132% 132% 26,395
617*
61
61S* 1 0 ,0 0 0 G r e a t N o r t h e r n p r e f _____
4
60% 61%
6134 62
61% 62%
61
I r o n O r e p r o p e r t i e s ___
....
G reen B a y & W . d c b c t f A
. . . *13% 13%
13% 13% *121*
Do
deb ctf B
*20
26
*20
26
20
20
*20
26
*20
*20
20
a v a n a E l e c t r i c ...............
* *73
797* *73. 797* *73
*72
797*
797* *75
797* *75
*80
90
*85
90
*85
*85
90
*85
*80
88
00
D o p r e f ...........................
_
88 * _
*80
88
*80
*80% 88
Do
*80
88
*85
90
H o c k i np r e f a l l e y t r r e c t s . .
g V _______________
* 133% 134
133
133% 134% 1341* 1351* 134% 135
134% 134%
8,500 I l l i n o i s C e n t r a l .....................
*1034 11% *11
11
111*
2,323 A n t e r b o r o - M e t r o p o l l t a n .
11
113*
11% 11%
11% 11*8
*
30% 30%
30
4,745
301*
3034 31%
30% 31%
297* 31%
Do
p r e f ..........................
*16
17
*10
17
*16% 17
*16% 17
*16% 17
I o w a C e n t r a l .............................
2 *33
34
*32
337* 337*
34
3334 333j *33% 34
D o p r e f ___________________
*55
65
*55
*55
65
63
*55
63
*55
63
*50
C F t S & M , tr cts pre!
4 *22
*22
24%
24% 211*
24% 24% *23
1 ,2 0 0
24% 25%
25
a n sa s C ity S o u t h e r n ..
*54
*54
56%
1,072 .
54
50
557* 557*
50
50% *55
57
D o p r e f _______________
*13
2 *13
10% *13
10% *13
16% *13
16%
16% *13
a k e E r ie * W e s t e r n . . .
*36
*36
43
*36
43
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43
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43
43
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J
Do
p r e f ...........................
*34
*35
40
*35
40
*35
40
*35
*35
40
40
B o n g I s l a n d ____
1 108% 100
108 108% 10834 10934 108% 1083.| 108% 108%
6 ,1 0 0
*136 1371 2 137 137
130 136
370 L o u i s v i l l e & N a s h v l f l e . . .
136% 136% *135 137 *135 138
\ 'I a n h a t t a n E l e v a t e d . . .
*24
35
*23
35
*24
32
*24
35
*23
*24
35
35
I ’ A c t r o p o l l t a n S t r e e t _____
*143, 15% *14
*1412 . . .
15% *14
*14
15
15
*14
*1412 15V , *14% 16%
141* 14%
550 M e x i c a n C e n t r a l ___________
143* 143j *14% 15
147*
*14
D o T r u s t C o c e r t f s _____
273.1 273 1 277* 277*
1,500
2734 28
*27% 281* *27% 28%
2734 273,,
*60
70
06% 06% *62
72
100 M i n n e a p o l i s & S t L o u i s . .
*62
721* *63
*62
72
71
D o p r e f ___________ . .
U 2 1 .i 1121.
112% 112% 112 1123, 113 115
1147* 11534 115% 1157*
6,305
+136 138
137 138
140 140 *138
520 M i n n S t P & S S M a r i e . . .
____ §141 141 *140 145
D o p r e f ................................
28
283
2834 29%
28% 287*
293* 30% 16,120
28-3* 29%
29
29%
G234 03
00
60
60
60
61% 023.,
1,950 M o K a n s a s & T e x a s _______
61
62
61% *60
D o p r e f ___________________
50%
5234 55
49** 501. 1 50
5034 527*
491* 50%
52% 54%
35,030
sou i P
i
$112
1 12
*110 120 *110 120 §112 112 *110 120 *110 120
45 M i sa s h rC h aatc i f&c S t L o u i s ’
t
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♦ 111,
12
1177*
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231*
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Banks
105
39
98
75
139
397*
71
80
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100
90
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76
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116%
84
84
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30
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13934 1405*
128 128%
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1227* 1231*
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76
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r ll5 % 116%
* 8 2 % ____
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16
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*44
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*15% 161*
*37
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119 120
1734 177*
45% 46
2334 24%
30
31
*9% 11
2034 211*
457* 48
9034 9 1
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83
83
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22
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115* 1J5*
B AN K S
N ew Y ork
A e t n a _______
A m e r i c a 11- A m er E x ch .
B a t t e r y P ic .
B o w e r y 1! . .
B ron xB oro!
liu t c h & D r
C e n t u r y 1 1 ..
C h a s e ---------C h a th a m . .
C h .-ls e a E x 1
1
170
500
225
118
320
300
150
170
230
300
200
....
525
235
1 25
335
____
155
185
...
3 05
....
Banks
10434
*39
*90
*69
*135
393.|
71%
80
138%
127%
*70
*75
*70
122%
*72
*90
115
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16
283*
*43
20
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89%
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17%
455*
2334
30
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47%
91
149%
83
*18
36
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AND
13 7 1*
40
72
80
139%
128
80
100
90
123%
70
98
115%
821*
83'%
10 1*
30%
48
20
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381.,
91
119
17%
4534
24%
30%
10%
21%
47%
91
150%
83
22
30
12
C h e m ic a l . .
4 05
C i t i z e n s ’ C t l 147»2
t2 8 7
C it y ..- —
C o a l & I r o n 2 10
C o l o n i a l 1 1 -. 7 00
C o lu m b ia U - 400
C o m m e r c e . r le a
115
C o u s o l’ t’ d —
C o p p e r -------- 2 2 0
____
C orn E x ! —
135
E ast R iv e r .
165
F id e lity 1 —
1
105%
*38
*89
*07
*135
39%
*71%
*80
138%
1273*
*70
*80
*70
122%
*72
§95
114%
*81
*82
16%
29%
*40
*25%
*16
*37
897*
*118%
173*
46
24
30
*9
21%
40%
90%
149%
*82%
*19
*35
12
TR U ST
Banks
Bid
4 15
....
_____
2 20
____
500
ties
120
225
325
145
175
t S lea S ck E ch n e o a a c nth we
a t to x a g r t u tio is e k
100
11
97
75
F ift h A v e ll F l f t h ............
F i r s t ...............
1 4 th S t U - F o u r t h -------G a l l a t i n ____
G a r fie ld . . .
G erm A m 5
G e r n P n E x l]
G e r m a n ia 1
1
G re e n w ich 1
1
H a m ilt o n ! .
It
a t o f M e x , n o n -c u m p f
D o 2 d p r e f ___________
9,010 N Y C e n t r a l & H u d s o n . .
106
100 N Y C h i c & S t L o u i s _____
40
90
D o 1 s t p r e f _______________
74
D o 2 d p r e f . . ............... ..
139
200 N Y N H a v e n & H a r t f o r d
397*
9,350 N Y O n t a r i o & W e s t e r n . .
71%
4,400 N o r f o l k < e W e s t e r n ________
S
82
100
D o a d ju s tm e n t p r e f . . .
1391.1 91,170 N o r t h e r n P a c i f i c ___________
1273*
4,900 ___ D o s u b s c r i p r e c t s _______
so
p a c i f i c C o n s t C o __________
100
D o 1 s t p r e f ___________
90
D o 2 d p r e f _______ . . .
123%
P e n n s y l v a n i a ...........................
70
P it t s b C ln C h i c & S t L . . .
95
D o p r e f .............................
1153* 3
p e n d i n g ___________________
8 2 1*
200 * - «
1 s t p r e f .............................
837*
2 d p r e f ________________
161*
R o c k I s l a n d C o m p a n y ___
303*
D o p r e f ___________________
47
2 00 S t L & S a n F r . 1 s t p r e f . .
201*
1,050
D o 2 d p r e f _______________
17
S t L o u i s S o u t h w e s t e r n ____
39
100
D o p r e f ___________________
90% 143,720 S o u t h e r n P a c i f i c C o _______
1191*
3,668
D o p r e f ___________________
175*
6,500 S o u t h e r n v t r c f s s t a m p e d
40
1,400
Do
pref
do
2434
r | ''e x a s & P a c i f i c ___________
1,770 J - h l r d A v e n u e ( N Y ) ___
31
111*
T o le d o R a i l w a y s & L ig h t
1,500 T o l e d o S t L & W e s t e r n . .
21%
47%
4,000
D o p r e f ___________________
91
1,275 T w i n C i t y R a p i d T r a n s i t .
150% 4 72,100 J J " n l o n P a c l f l c .
83
831
D o p re f
_______
22
100 U nit R y s In v ’ t o f San F r .
37
300
D o p re f-----------------------300 W a b a s h __________________
12
12,090
39,050
3,200
C O M PAN IES— B R O K E R S’
Banks
B id
3800
300
075
175
190
315
1
*25”
4 75
500
250
....
350
_____
1 85
_____
325
325
1 35
500
_____
205
....
B id
475
H anover . .
I m p & T r a d t528
Ir v in g N E x
173
J e f f e r s o n 11 _ 170
435
L i b e r t y _____
L i n c o l n ____ 5 1 5
M a n h a t t a n ! 280
M a r k ’ t & F u l t2403*
245
M e c h a n ic s ’ .
M c c h & T r a 1i
M e r c a n t ile .
125”
165
M erch E x ch
150
M erch a n ts’ .
1255* J a n
2
135i2 Jan 2
$185 Jan 11
114 F e b 26
140i2 Jan 3
5* A p r 3
4 A p r 10
4712 J ’n e l7
85>8 F e b 19
21 F e b 19
50*8 Jan
3934 F e b 19
14H2 F e b 10
420 Jan 6
14i4 F e b 19
3914 M ch 2
32l2 A p r 15
6 F e b 11
11% F e b 13
12 M ch 6
24% M ch 4
16 Mch 6
113% F e b 16
48l2 Jan 2
71 M ch 19
8 Jan 14
20 Mch24
$70 Jan
62 F e b 10
69 M ch 19
1221* F e b 17
6% Jan
17% F e b 19
10 F eb 1
2712 F e b 19
597* F e b 19
18 F e b 2;
46 F e b 19
12 Jan
34 M ay 2
30 F e b 6
87% F e b 19
120 Jan
15 F e b 24
14% Jan
14% M ay 1
20 M ch 2
61 F e b 29
79'4 Jan 2
1231* F e b 11
17I2 M ch 2
46 F e b 19
28% F e b 19
97% Jan 2
43% Jan 6
17 M ayl2
90% Jan 2
241* Jan 3
90 Jan 14
60 Feb 8
128% Jan 6
29% F e b 19
68 F e b 19
74 M ch24
1167$ Jan 2
103 F e b 10
71% A p r 2
90 M ay2e
79 M ch27
108-% Jan 2
59 Jan 7
8H* M ch 3
92% F e b 17
78 Jan 2
76 Jan 6
10% F e b 3
20% F e b 3
42 J ’ne24
19% F e b 19
10 M ch 7
24% F e b 19
66% F e b 17
106% Jan 2
9% Jan 1
<
251* M ch 5
12% F e b 29
15% M ch 25
87* A p r 9
12 F e b 6
33 F e b 3
78% F e b 7
1101* M ch 2
79% A p r 2
15 J a n 24
27% Jan 22
6% M ch 3
J ’ly 1 5
66% N ov
J ’ne29
78 N o v
M ayl9
58 N o v
94% M a y l 8
75%Nov
87 J ’nelO
75 N o v
54 M a y 19
26% N ov
64%M ch 2 1
74% N ov
168% J ’ly 15
138 N ov
031* May 1 1
52 N o v
193 J ’ly 1
144 N ov
46% M ay21 *23% N ov
27 J ’n e l9
8% N ov
60 M ay 6
48 Sep
8% Jan 3
6 '* N o v
£0
MaylG
46 D e c
31 Jan
21 D e c
10 Jan
8% D ec
140 M a yl9
93% N ov
157 M ay 19
130 N o v
131 J ’ly 15 rS5 N o v
148% J ’ly 10
111 O ct
16 0
M ay 18 126 O ct
205 J ’n c 26
185 O ct
138 M a yl9
106 O ct
165 M ay 15 137%Dec
4 M a y l8
l% O c t
14% M ayl3
8 D ec
62 Jan 16
48 N o v
95% May25
86 D ec
33 M ayl4
17 N o v
60 % A p r 23
41 N o v
611* A p r 26
291 *N ov
108 Jan 10 123%Oct
540 M ay 8 369% O ct
27% M ayl9
16 N o v
70 M aylS
53 N o v
42 J ’ne30
31% D ec
16% A p r 28
6% O ct
26 A p r 24
10 N o v
23% J ’ne 2
:2 % N o v
44 M ay 19
28 N o v
30% M ay 19
20 N o v
134% J ’ly g 107%Oct
63% M aylS
37 O ct
77% A p r 6
75 O ct
14% May22
5% O ct
23 M ay 6
24% O ct
74 M ay 26
72 A p r
90 M ay 14
63 N o v
85 M ayl4
64 N o v
142 M ayl8
11 6 N ov
12% J ’ne 1
47*Oct
33-% J ’ne 2
14 N o v
19 M ayl9
9% N o v
29 D ec
36% A p r 27
70 Jan 13
60 O ct
26 M ayl3
18 M ch
58 J ne 2
45 M ch
19% MaylG
11 N o v
45 M ayl2
39% N ov
40 A p r 24
26 D e c
113 M ay 19
85% N ov
1391* M ay 16 I007 0 c t
8
35 A p r 1 3
23 D ec
201* Jan 28
12%Nov
17% M ay 16
32 M ay 14
23% D ec
69% M ay 16 *62% D ec
1167* J ’l y 17
60 O ct
140 J ’ly 14 110 O ct
307* M ay 19
20% N ov
63% Alayl9
53 N o v
64% M ay20
44% D ec
114% Jan 14
97 D ec
6 2 M ch 28
39% N o v
17 M a y l 2
13%Oct
1077* MaylG
x 8 3 D ec
41% J ’ne 1
19% O ct
102 M ay 12
85 N o v
75 M ay 14
41 O ct
141% M a y l8
127%N ov
43% M ay 11
28 O ct
72% M a yl6
66 O ct
81 Jan 9
70 O ct
141% J ’ly 9 100%Oct
129% JHy 9
91% N ov
93% Jan 14
56 N o v
90 May26
65 N o v
97 Jan 13
85 D ec
124% M ay 19 *103% N ov
75 J ’ly 8
51 O ct
98 J ’ue 4
69% O ct
119% M ay 19
70% O ct
87% M ayl8
73 O ct
86% M aylS
67 N o v
191* M ay 14
11% N o v
405* M a yl3
261* N o v
61% Jan 15
58 O ct
34 M ayl4
24 N o v
177* M ayl8
11 N o v
41 M ay 18
25 N o v
91 J ’l y 16
63% O ct
125% M ayl3
100 O ct
19% M ayl9
10 N o v
48 J ’ne 1
29% N ov
26 M ay20
17% N ov
39 A p r 13
16 N o v
15% M ay 2
9 D ec
21% J ’ly 16
16% D ec
48 J ’ly 15
29% N ov
92% M ay 19
68% N o v
151% M ayl9
100 O ct
85% M ay22
75 A u g
24% A p r 28
10%Nov
43 A p r 25
20 N ov
14% May21
8 O ct
86
95
94
108% Jan
101% Jan
133% Jan
122 Jan
94% Jan
835* Jan
85% Feh
195% Jan
651* Jan
220 “ Jan
56 Jan
27% Jan
69 Jan
18 Jan
79 Feb
713- Feb
26h Jan
157% Jan
165% Jan
141 Jan
149 Jan
205 Jan
234 Jan
170 Jan
165 Jan
3% M ai
17 J ’ly
927* J a n
1081* Jan
387* J a n
69% Jan
68% Jan
2271* Jan
510 “ Jan
427* J a n
837* Jan
80i* Jan
19% Jan
39 Jan
44% Jan
757* Jan
67 Jan
189% Jan
85 Jan
75 O ct
141* Jan
4 7 ” Jan
86% Jan
114 M ch
94 J a n
172 Jan
39 J a n
75% Jan
287* Jan
51 Jan
80 Jan
30% Jan
61% Jan
281* Jan
G7% A p r
6 7 1 * Jan
145% Jan
146 F e b
107 Jan
275* Jan
59 Jan
90 Jan
140% Jan
168 Jan
445* Mch
72% Jan
92% Jan
147 Jan
59% Jaji
27 F eb
134% Jan
631* Jan
110 “ Jan
91% J a n
189 Jan
48% Jan
92% Jan
90% Jan
189% Jan
134 F eb
124% Jan
76 N o v
125 M ch
141% Jan
78 Jan
1051* Jan
139% Jan
92 Jan
94 Jan
30% Jan
64% Jan
70 Jan
48% Jan
25% Jan
62% F e b
96% Jan
118% J a *
34 Jan
941* Jan
3 7 % Jan
123 Jan
29 Jan
33% Jan
547* A p r
1081* Jan
183 Jan
96 M ay
62 Jan
71% Jan
18% Jan
Q UO TATIO N S.
Banks
A sk
4 85
180"
180
465
290 ’
255 ”
130*
1 70
—
66 F e b 14
8338 F e b 17
59% Mch 2
76% F e b 10
80 Jan 3
3714 F e b 10
6434 M ch 2 1
140 F e b 1 ,
54 M ch 4
160 F e b 11
25i2 F e b 19
10 F e b 1
47 M ch 24
31* F e b 8
33i2 M ch 19
1512 F e b 15
5 F e b 11
103i2 Jan 2
138 Jan 3
98% Jan 3
-
B id
M e t r o p o l i s T 3 75
160
M e t r o p o l 'n !
M t M o r r i s ! . 200
M u t u a l ! — - 295
195
N assau ! __
N ew A m s t.
....
N ew N e th ’d
N ew Y ork C c 550b"
N e w Y o r k . 290
N ’ h t & D a y ! 2 70
1 9 th W a r d !
N orth A m er
N o rth e rn . .
....
1 t ln
s stallia’t p id n S lda p a sa a th p ic .
a ,
o t riv te le t is r e
A sk
165*
305*"
205
2*10* '
3*1*0*’
285
500
15*5”
Banks
B id
O r ie n ta l! . .
P a c ific ! „ .
2*3*0”
P a r k ________ r « 7
P e o p l e 's
295
P h e n l x _____
1471*
P l a z a ! _____
675
150
P rod E x ch !
S h e r m a n _1) 1 3 5
S e a b o a r d _ . 340
S e c o n d _____ 5 3 5 0
250
S t a t e ! _____
1 2 th W a r d !
1 90 "
23d W a rd !
a d rig ts,
n h
A sk
250*
3*0*5*"
155
350*
300"
b N wstock1
e
flew York Stock Record— Concluded— Page 2
150
Sales 01
Me
Week
Shares
S T O C K S — H IG H E S T A N D L O W E S T S A L K P R IC E S
T u esday
J u l y 14.
M onday
J u ly 13.
Saturday
J u ly 1 1 .
W ednesday
J u ly 15.
Thursday
J u ly 10
F rid a y
J u ly 17
24
*10
*0%
*13
*0
177S
*30
STOCKS
N E W Y O R K STOCK
EXCH AN G E
Raruj" Since J a n . 1 1978
O n b a .is ol 1 0 0 -share lots
Lowest
25%
lO-lj
7
17
9
177s
40
5 ,9 1 0 W a b a s h
p r e f _______________
23%
241.1
2234 23
2 3 % 231*
221-» 23*s
23*4 23*4
200 W e s t e r n M a r y l a n d ------------10%
10-%
1034 10*4 *1 01 *
10 %
10% * 1 0
*10
107s
W h e e lin g A L a k e E r ie —
*6
7
*6
7
7
*6
7
*6
*684
7
17
*13
D o 1 s t p r e f _______________
17
*13
17
*13
17
*13*2
*14
17
9
*7
D o 2ti p r e f ............ ..............
9
*7
9
*7
9
* 8 *-.
*81«
9
1778 17%
860 W i s c o n s i n C e n t r a l ------------17%
1734 173, * 1 6
13
1735 173|
17-8
40
100
D o p r e f ___________________
39%
3 9% * 3 5
40
*36
40
*36
*37
40
In d u s t r i a l & M i s c e l l a n e o u s
*175
*175
11
d a m s E x p r e s s ---------------*175
1 80
5180
*172
200
*172
200
*1078 11%
*10%
11
8 00
U l s - C h a l m e r s ____________
11
11
11%
11
11*4 11*4
I H 4 11U
1 ,5 7 5
34
34
3334 3 4 % *3334 341
Do
p r e f _______________
3 4 % 34%
34
343*
34
34
68-3, 09% 8 6 ,8 3 5 A m a l g a m a t e d C o p p e r . . .
69
69-8
6 9 % 70%
681* 70
6 8 % 691
67h
6 9%
2434 2434
21%
2 4% 2 4%
3 ,1 5 0 A m e r A g r i c u l t u r a l C h e m .
24%
241*
2 4%
2412 2 5
*2 4 *4 241
‘ "
8 7 % 871
3 00
8 7 % 8 734
871"
D o p r e f ___________________
871* *S 0
*85
871
87*2 * 8 5
*85
21
211
19% 21%
5 .4 7 0 A m e r i c a n B e e t S u g a r -------191"
19% * 1 8
18*2 * 1 8
19%
18*2
19
___
-H
78 '
78
D o p r e ! ___________________
*75
78
78
78
*75
78
*75
*453
434
43
*4%
5
2 00 A m e r i c a n C a n _______________
5*4
• lS
r
>
*434
5*4
*4%
55
59%
1 ,2 0 0
59%
59
5 9%
D o p r e f ____________________
59
5 9 % 593,8
59*2
*5.81-5 5 93j * 5 8
3734
3 7 % 38
37
1 4,9 00 A m e r i c a n C a r A F o u n d r y
37%
371.1 37%,
37
36*2 3 6 'g
36 “ 36' 2
v
101
8 00
1 0 1 % 10153 i o i *100
101%
D o p r e f ___________________
101
101
101
*100
1 0 U S »100
3 3 % 3 3 % 1 3 ,8 4 5 A m e r i c a n C o t t o n O i l -------3 3 % 3334
3 3 % 3 4%
34%
33
33*2 3434
3212 33%
88
88
100
*80
90
D o p r e f . . ------------------------*80
90
*80
90
*80
90
*80
90
*191
200
2 00
A m e r i c a n E x p r e s s ------------- j
*190
*1 8 5 % 2 0 0
2 00
*186
*185
200
*185
200
* 71.>
*71*
*71o
7,%'
7% ” ‘ 3 66 A m e r i c a n G r a s s T w i n e . .
8%
8%
8%
7*2
7*2
*71->
8 I4
4
2 00 A m e r i c a n H i d e A L e a t h e r
4
4
*3%
*.112
4
4
4%
*3*4
4*4
*3*2
4*4
1934 * 1 9
5 00
20
D o p r e f ___________________
19%
19
19%
*17*2 1912 * 171* 19%
* 1 7 I 2 191
27V, 2S%
5 ,2 7 5 A m e r i c a n I c e S e c u r i t i e s . .
27127%
27
261* 26%
27%
26*2 2612
*2 6 1 2 271
103.;
A m e r i c a n L i n s e e d ------------10%
*9%
9%
101"
*91"
* 9 1 - 10%
*9*4
101
1 H2
*9
* 2 0 % 23
23
*19
D o p r e f ___________________
*19
22
*21
*21
23
23
23
*19
4983 513.
4 9 % 5 0%
3 0 ,8 9 5 A m e r i c a n L o c o m o t i v e —
49%
50%
4 0 78 50^1
4934 50%
4 9 ‘>
$
49
1 03
1031s
D o p r e f ____________________
5 00
1021" 1021- * 1 0 2 % 103 %
1 01 3 , 101-3, 10 131 1013.!
*1 0 1 3 4 103
*4%
6
6
*4%
100 A m e r i c a n M a lt C o r p -------*43^
*43,
6
6
41-.
4*2
*434
51 3 1 % 311"
D o p r e f ____________________
548
32
31% 31%
33
32%
*31
*32
33
*32
321
827g 83%
1 6 ,0 3 6 A m e r S m e l t e r s S e c p r e f B
8 3 % 8334
8 2 % 8318 3 % 8 3%
8 1% 8 2 %
8 1 % 821,
S23,j 83% 1 01 ,55 0 A m e r S m e l t l n g & R e f i n i n g
84
8234 8 4%
83%
82
83
82
83-%
8 0 73 8 2 %
104-3,
D o p r e f _____
1 ,3 5 0
104% 1041.1 104
104
104%
1041s IO H 4 1031* 104
1 04
104
*180
A m e r ic a n S n u ff
220
180
*180
220
ISO
2 20
180
220
*180
220
*90
D o p r e f _____
*90
95
95
*90
95
*90
95
*90
95
*90
95
*8
8%
500 A m e r S t e e l F o u n d t r r e c t s
*8
9
8%
8%
*813
81
8*4
S l4
SI4
314
*39
D o p r e f t r r e c t s ________
41
*39
41
*39
41
*38
42
*40
43
129 % 131% V 2", 200 A m e r i c a n S u g a r R e f i n i n g
12834 130
1 27 % 129
127
128
127
127*4
1271
*126
D o pref
124
129
1261" 126%
248
*123
126
1 23
123
*120
126
127
*120
116% 11784
116 % 116 %
7 ,4 9 5 A m e r i c a n T e i e p h A T e le s :
116% 116 %
*1 15 7 s n o
11534 116
116
110
9 3 % 971"
92
93%
5 ,5 5 0 A m e r i c a n T o b a c ( n e w ) , p f
92
92
§92
92
92
91
911*
*91
22-84 2 2 %
23
23%
1 ,4 0 0 A m e r i c a n W o o l e n
22-34 2234
223S 2312
24
23
23*4
*221;
D o p r e f _________________ _
*S 9
90
*89
90
300
8 9 1 , 8 9 U * 88*4 90
*88
89*4
*88
891
4 3 % 44-3s
4 3 % 44% 2 4 ,3 3 0 d A n a c o n d a C o p p e r p a r i 25
44%
45
4 334 4 43g
4 3 % 44-%
431,s 4 4 I4
*2-34
3%
*2-34
3%
500 d B a t o p l I a s M I n l n g P a r 5 2 0
*2-34
3%
*234
“
3
*2-34
3
3
3*4
r o o k ly n U n io n G a s .
126
132
1 25
125
1 ,8 5 0
1 17 % 120
117
117
1 1 6 !2 1161 *11612 118
r u n s w lc k D o c k A C I m p
12%
*10
12% * 1 0
* 3 1" 12
*Sl-> 12
*812 12
*81-. 12
20
20-84
21
*17
400 B u t t c r l c k C o ________________
*18
21
20
*18
*18
20
*18
20
2 8% 28% 2 0 ,6 5 0 ( l e n t r a l L e a t h e r ---------------2 8% 29
271-4 2 8%
267S
26
2534 25*4
2512 2 6
D o p r e f ________________
96-34
97
97
96
1 ,6 8 4 v
95
9 5%
95
95
95
95
957j 957j
307s
3 0% 303 j 2 5 ,7 4 5 C o l o r a d o F u e l A I r o n _____
2 9%
291" 3 0%
2934
28
283,s 287*
2714 281 ;
21
21
*20
21%
100 C o l A H o c k C o a l * I r o n . .
*20
211
*20
21*2
* 1 91 2 2 H »
*20
21
131
1357„ 3 1 .4 0 0 C o n s o l i d a t e d G a s ( N Y ) _ _
1281 131%
129-3,
127 “ 1273s 1 2 7 U 12734 128
12634 1271
1634 16-34
163g 10%
1653 16-34
2 ,9 6 6 C o r n P r o d u c t s R e f i n i n g . .
1 0%
1034
*163g 17
* 1 6 1 2 17
D o p r e f ___________________
*70
72
500
71
71
7 0 % 71
70
70
71
*69
*70
71
3334 :m %
1 ,7 0 0 D i s t i l l e r s ’ S e c u r i t i e s C o r p
34%
34%
3 4 % 345,x
34-3s
34
3 4 % 3412
3338 341
*75
97
110 F e d e r a l M i n i n g A S m e l t ’ g
87
7 5 % 7 5% * 7 5
§80
SO
97
*72
*72
97
D o p r e f __________________
* 8 0 % 84
84
9 00
84%
8 4% * 8 0
84
8 3% * 8 0
82
* 7 91 2 821
F ederal Sugar R e f o f N Y
D o p r e f __________________
'9 7 %
9’ 73‘, '9 7 l '" ¥734
97"
97% ’ Y .o o o
97 % 98
9 8 1 , 98-34
_ 99% » » ,
1397s 13973
139
140
1 ,6 0 0 G e n e r a l E l e c t r i c __________
137 % 139
1 36
137
137
136*4 136*4 * 1 3 6
997g 997s
100
100 G r a n b y C o n s M S A P . .
*97
*97
100
*97
100
*97
101
n t H a r v e s t e r s t k tr c t fs
*56% . . .
*56%
*56% I I I I
* 5 6 % ------♦ 5 6 U ------* 5 6 1 4 ___
D o p r e f s t k t r c t f s ___
103 % 104%
104
104*'
103-34 1 0 3 % 103 t2 1031" 104
10234 10312 1 03
In t M e r M a r in e s t k tr c t fs
*7
*7
71"
*7
9
7%
*7
8
*7
8
*7
3
Do
p r e f _____________
* 2 0 % 21 "
2 0 % 201
201" 201"
*20
21
20
21
21
*20
101
2 0 0 I n t e r n a t i o n a l P a p e r . . , ____
10
10
*10
10%
*9%
101
*91-. 101"
101
*10
D o p r e f ___________________
5434 547g
5 4% 54%
5 50
§5 5
*53
55
53
54
55
*54
1 ,1 0 0 l n t e r n a t .S t e a m P u m p . . I
235S 2 3%
2383 24
23
231"
2334 *2 2 3 4 23*2 *2 2*4 231"
*23
D o p r e f ___________________
77
79
2 ,1 6 0
*77
78
78%
79
77
7 8%
76*4 7718
771
*761
3 00 M a c k a y C o m p a n i e s _______
*0434 651» * 6 4 % 65-3,
65
65
64
64
6 53 ,
6534 * 6 4
*64
D o p r e f ___________________
6034 6734
673,1
550
*65
§66
60
6 7%
*65
*64
6734
*64
66
a t i o n a l B i s c u i t ________ I
1 ,6 5 0
*84
86
86
861
86-34 8634 *8 5 1 "
*85*4 86-34
Do
p r e f ______________
*115
150
_____
*115
*115
*115
I I 6 I4 116*4 * 1 1 5
934
984
93j
934
300 N a t E n a m e l ’ s & S t a m p ’ g
10
*91"
9%
9%
* 9 t 2 10*2
*91-. 11
D o p r e f ___________________
78
78
*73
78
*73
*73
*72
78
*73
78
*73
78
69
09-% 3 3 ,9 0 0 N a t i o n a l L e a d _______________
6 9%
70
091s 701"
7 0%
68
6834
67*2 6 8 %
D o p r e f ___________________
101
102
7 65
10134 101% § 1 0 1 3 4 1 0 1 % * 1 0 1 % 102
101*8 101*8 100*2 100%
3 ,4 0 0 N e w h o u s e M A S . P a r J 1 0
5%
5-%
5%
51"
512
5-%
51*
5%
5*4
5%
5%
53g
1 ,7 6 0 N e w Y o r k A i r B r a k e _____
7 0 % 71
7 0% 71
6 9 % 691"
7012 7034
697g 7 0%
*68
70
6334 0 3%
2 ,0 1 0 N o r t h A m e r i c a n C o , n e w
63-3 , 637s
637?
63
63% 63%
* 6 U 2 63*2
*63
64
a c i f i c M a l l ............ ................
2534 2 6
2 6% *2514 20%
1 ,1 0 0
26
2534 26
26
26
*2 43 4 26
c o p l c ’ s G L A C ( C h ic )
94
9l-34
933: * 9 3
94
1 ,9 2 5
9 3%
9 3%
93
93
93
* 9 21 2 93*4
121- * 1 2
400 P i t t s b u r g h C o a l C o ________
121
12
*1 11 "
12
11%
in *
13
*11
*11
13
D o p r e f _______________
*42
431
44
43% *4 2
431" * 4 1 %
*41
431
*41
43
*40
2 9 % 301" " 7 , 1 i o P r e s s e d S t e e l C a r _____
2934 30
2 9% 30
29
291
2912 § 2 0
291
*29
D o p r e f _______________
2 10
89
89 '
90
90
90
§89%
90
90
*87
90
*87
161 3, 16134 * 1 6 1
6 87 P u l l m a n C o m p a n y ________
1621
162
*160
160
160
15973 160
1601
*158
500 O a l l w a y S t e e l S p r i n g ___
38
3 6 % 361
38
37
38
38%
*36
38*4
3814 * 3 6
*36
A-U
Do
p r e f _______________
*95
99
99
99
*95
*05
99
*95
*95
99
99
*95
5 ,2 9 5 R e p u b l i c I r o n A S t e e l ____
19%
19%
19%
19%
19%
18%
1S34 1.83,1
1 8% 18-34
18*2 18*4
D o p r e f ____________________
7 0 3 , 71
4 ,5 4 0
7 0 % 71%
693.1 70%
09%
69
69
691
69*4 69*2
1 o s s -S h e ffle ld S t e e l A i m
8 .4 5 0
5 7% 58
5S3<i 593g
59-%
59
5 9%
57%
56
59-34
55*2 5512
Do
p r e f ___________
100
97
97
98
*95
*96
98
99
*95
*95
99
*95
98
*34-34 3534
6 00 d T e n n e s s e e C o p p e r P a r i 2 6
36
36
35
30lg
30
36
35
35
*35
36*4
T e x a s P a c ific L a n d T ru s t
59
*57
59
*57
6 4%
*57
59
6412 * 5 7
*57
64*2 * 5 7
n i o n H a g A P a p e r ____
100
0
6
Do
p r e f _____________
4 45 U S C a s t I P i p e A F o u n d r
* ___ _ " 2 4 "
“ 24%
24%
2 3% 23% '
23%
241.1 24V, " 2 3 %
*22
24
D o p r e f _______________
940
6 9 % 6 9% *6834 693., §683g 68»*S * 6 8 % 70
69
69*4
§69*4 6914
U n i t e d S t a t e s E x p r e s s ___
*70
85
*70
*70
85
85
*7 0
85
*70
*70
85
U S R e a lt y A I m p r o v e m ’ t
*49
50
*49
50
*49
*4 8 1 " 50
50
*49
*4912 50
U S R e d u c t io n A R e fin in g
*10
15
*10
12
*10
13
*10
*10
13
*10
13
D o p r e f ______________
*2 4
100
35
*25
35
*25
35
*25
35
2514 2 5 i4 * 2 3
27%
27
7 ,0 7 5 U n i t e d S t a t e s R u b b e r -----27%
2 6 % 273,
2 7 % 28
26*8 2612
26
26
D o 1 s t p r e f __________
2 ,4 5 1
0 6 % 97^4 § 9 7 % 9 7%
97
993S x 9 6 %
99
98
*96
98
D o 2 d p r e f __________
*63
65
70
200
621" * 6 2
102%
*01
64
*61
*61
64
427g
4 2 % 427g 4 0 3 .7 4 2 U n i t e d S t a t e s S t e e l . .
42
4 13 i 42%
4 0 % 42
391 • 401g
>
D o p r e f _____________ _
1 07 % 1077s 3 7 ,1 9 9
108%
10034 107% 1 07 % 1081,3 1 07
108
1061-. 107*3 107
3 4 % 343s
5 ,3 0 0 d U t a h C o p p e r ____P a r $ 1 0
3 4 % 3 4%
3 4%
3 4%
34
3 4%
34
34*8
34
3 4 t2
25
25
25
2 ,5 5 0 V l t g l n l a - C a r o l l n a C h e m . .
25
2 4 3 , 2434
251.1
24
2412 24-34
2512
25
D o p r e f ___________________
* 1 0 0 % 1021" * 1 0 0 % 101 % + 100*2 10212 * 1 0 0 % 1021
* 1 0 0 1 " 1021" * 1 0 0 1 " 101
*52
56
556
3 00 V i r g i n i a I r o n C o a l A C o k e
*52
54
54
5 3%
53%
5 H " 5 U “ *50
53
e lls F a r g o A C o .
*250
3 00
250
*200
300
3 00
*250
*250
*250
300
*250
300
e ste rn U n io n T e l e g . .
5 5%
551
4 00
*55
56*2
5534 56
653.1
*54%
*5 4 *2 55-34 * 5 4
56
5 7% 5 8%
59
9 ,8 2 5 W c s t l n g h ’ s e E l A M f g a s s e n
5534
5 5%
55%
55
5534
55% 5 5 %
5 5 % 5 5%
*85
“
D o 1 s t p r e f ------ ----------------85
300
85
85
*81
85
*81
*80
85
84
84
A
B
I
2
N
P
8
U
W
BANKS
Hid
A sk
175
U n io n E x cD
U S E x e h 11.
W a s h H ’ ts 1 230
1
W e s t S i d e 1 500
1
4 00
Y orU v IU e 1
1
1S5
Banks
B ro o k lyn
B orou eh H.
B r o a d w a y l!
F i r s t -------- -H om e B kU .
M a n u fa c ’ rs’
M o< -,' " n l e s , i’
120
375
250
100
390
230
425
Banks
B r o o k ly n
N a t C i t y ____
150
460
425
250
N y G W
■Vst o r ______
a n n lc o r s *
B id
AND
T R U ST
A sk
T ru st C o’ s
___
130
270
240
300
275
3 2 0 ) 3 10
165
155
130
290
110
3 10
4 60
* i i u i a n a a s i i e u p r i c e s ; u u a n te s u u t - i s n a y . *
t S a le a t S t o c k - E x c h a n g e o r a t a u c t i o n t h i s w e e k .
COM PANIES— B A N K E R S'
B id
N Y C ity
B o w l ’ g G r ’ n 3 30
B’w a y T r ..
125
C a r n e g i e . . f 166
C e n t r a l T r . 1500
205
C o lu m b ia . .
150
C o m m e r c ia l
C o m ’ w e a lth
—
3 40
E m p ir e . . .
E q u l t ’ b l e l’ r 5 6 5
F a r m L o A 'I 1060
190
F i d e l i t y ____
A sk
3 50
___
-- -__
_
215
160
85
T ru st C o’ s
F u lto n
G u a r’ ty T r .
240
425
H u d s o n ___
K n lc k c r b ’kr
L aw T I A T r
125
—
375
1100
__ _
........ v
♦ ^
* T r u s t C o . c e r t lt lc a t e s
B id
M e t r o p o l ’ tn
350
750
490
400 ’
95
A sk
4 15
_____
225
150
310
2 00
190
4 00
800
4 20
105
[VOL. LXXXVII.
H ujhesi
29
M ay2t
M eh 3
16
M e h 14
M a y lr
10% M a y 2 2
M eh 7
A p r 16 ■ 2 0% M a y ’* !)
13% .11 a y 2 2
F e h 27
19% M a y 19
13% F e b 28
< 3% J a n 2 i33
F e b 19
13
5
41"
12%
lla n yt lor Previous
Year (1 9 0 7 )
Lowest
141
(i
c
13
8
11
28
N ov
O ct
O et
O ct
O et
N ov
O et
/ / U/hesi
381"
30%
103,
373.1
213.1
2573
5 1%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
J 'n o
330
J a n lb
150 A u g
§185
164
10% J a n
Aug
11% J ’ l y •
5
M eh 6
43-3.1 J a n
14 N o v
;
■ 531 J ’ l y <
M eh 6
14
' 1
141 3, O e t
7 0 % J ’ l y 15
1 2 U S *) •! 1
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QUOTATIONS
B id
T ru st C o’ s
160
M u t A ll’ n ce
N Y L i f e A T r 1000
4 90
N Y T ru stS ta n d a r d T r 3 -5
T l t l e G u A T r 3 75
245
Tr Co of Am
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U S M t g A T r 3 25
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100
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150
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New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
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C r a i g V o l l e y 1 s t g 5 s ____ 1 9 4 0 J - J
112
F e b ’00
1 08 *8
JO S *, 3 2 6 1 05 *8 i n
1 0 8 8s S a le
96
R * A D iv 1 st c o n g 4 s .. 1989 J -J
90
96
S a ls
21 101 *4 1 0 4 * 3
104 s
104
1 0 4 t 1(14
2 d c o n s o l g 4 s ..................... 1 9 8 9 J - J
9 3 Hi J ’ l y ’ 0 8
108 H Hale 1 08 *4 108*6 1 8 9 1 0 5 1 1 0
i
102
......... . 1 1 3 * 4 F e b ’ 0 5
W a r m S p r V a l 1 s t g 5 s . . 1 9 4 1 M -S
J ’n e ’06
104
104 > 104
•
102
104*3
92
G r e e n b r i e r l l y l s t g u g 4 s ’ 4 0 M -N
0<**4 F e b ’ 0 0
C h ic * A l t R R r e l g 3 s . ..1 9 4 9 A -O
7 2 V, 7 5
72*4 y ’ n e ’ 0 8
1 109
1 09 *3
1 0 DH
,
109*,
R a ilw a y 1 s t lie n 3 H is ...1 9 5 0 J - J
66*4 b a le
6 5*4
66*3
100*4 A p r ’ 07
97*4 .
R e g i s t e r e d ............................1 9 5 0 J - J
8 0 *s M a y ’ Oo
.........................
110
.
126
M a r’07
C h i c B u r l * Q — D e n v D 4 s 1 9 2 2 F -A
1 0 0 * 8 ........... 1 0 0 * 8 J ’ l y '0 6
103
.
120
M a r ’ Ot
9 8 *3 H a le
G e n e r a l 4 s ................................ 1 9 5 8 M - S
9 8 Hj
98
96
M a y ’08
94Q .
87
8 7 *,
94
98
I l l i n o i s D i v 3 * a s ...................1 9 4 9 J - J
81 *4
88
92
J ’ n e ’ Ob
90
92
R e g i s t e r e d ........................... 1 9 4 9 J - J
86*4 J ’ n o ’ o a
37
39
38
J ’l y ’ 0 8
1 0 0 *s s a l e
22*3 43
G o l d 4 s ....................................1 0 4 0 J - J
lo o
lo o s
1 0 4 * 8 ..
I o w a D iv s i n k la n d 5 s . .1 9 1 9 A -O
1 05 *3 J ’l y ’ 0 8
S i n k i n g f u n d 4 s .................1 9 1 9 A - O
99
..
9 8 *1 J ’ *y ’ o N e b r a s k a E x t e n s i o n 4 s . 1 9 2 7 M -N
90
..
9 b t J ’i y ’o s
96
..
1 01 *3 M a y ’ Oo
R e g i s t e r e d ............................1 9 2 7 M -N
9 3 7g . .
90
O c t ’ o7
S o u t h w e s t e r n D i v 4 s ____1 9 2 1 M -S
J o in t b o n d s bee G re a t N o r th
101
.........
1 0 1 * s J ’ u e ’ Ob
D e b e n t u r e 5 s ......................... 1 9 1 3 M -N
79
...........
79
79
5
78
81H ,
1 0 5 * 8 ......... 1 0 4 * 8 A p r ’ o
H a n * S t J o s c o n s o l 6 s . .1 9 1 1 M -S
9 8 * 4 S a le
93*4
9 b 7, 2 8 3
G 3 7e 1 0 1 H C h i c * E I’l l r e f & i m p g 4 s 1 9 5 5 J - J
.
........... 9 2
92
A p i ’ u7
96*4 J ’ lle ’ b b
9 5 Hi 1 0 0
121
131
116
D e c ’0 '
1 s t c o n s o i g 6 s ....................... 1 9 3 4 A - O
89*4
8 9*s
18
83
3 9*4
........... 1 1 2
1 1 2 *3 J ’ *y ’ o o
G e n e r a l c o n s o l 1 s t 5 s ____ 1 9 3 7 M -N
86
A p r ’07
1 IsH i F e b ’ 00
R e g i s t e r e d ............................1 9 3 7 M -N
88
S a le
87
107
..
82*3 8 9
:0 7
J ’l y ’ 0 8
8 6 Hi
88
C h i c * i m l C R y 1 s t 5 s . 1 9 3 0 J -J
9 4 Hj S a le
9 1»s
9 4 Q 27 8
8 5 a4 94*4 C h i c a g o * E r i e
bee E r ie
lO u'H , S a le
1 00 *4
I0J
i7 6
123
1 24 »s 124*8
94*u 1 03
C h ic i n * L o u is v r e l 6 s ...1 9 4 7 J . j
105*8 ..
105
O ct ’O
9 8 & M a y ’ 07
8
R e f u n d i n g g o l d 5 s ..............1 9 4 7 J - J
"99*4
9 6 *3 5 1 ;u ’ 0 8
102*8
102*8
102*8 . .
9 6 Hi 9 UHi
L o u i s v N A * C li I s t 6 s . l 9 l 0 J - J
1 0 3 -4
1 03 *4
*02*8 . .
C h i c M i l & s t 1’ t e r m g 6 s 1 9 1 4 J - J
1 0 0 * 4 ........... 1 0 1
1 0 1 -4
G en era l g 4 s s e n e s A ..e l9 8 9 J -J
............ 9 7 Hi 9 6 * 4
3
104H . O c t ’ 0 0
OO1
-!
9 6 * t 97*3
R e g i s t e r e d ......................... r l 9 8 9
87
J*s 8 9 * 3 J 'u e ’ u o
G e n e r a l g 3 H is s e r i e s B . e l 9 8 9 f t
03
91H i
93
34
80
03
1 0 8 7« ........... 1 1 6 *4 O c t ’ 0 5
C l i l c * L S u D i v g S s ____ 1 9 2 1 J -J
120
1 09 *4 112 *4 1 11 *4 M a y ’ Oe
C ilic * M o R i v D iv 5 s . ..1 9 2 6 J - J
124
123*8 J ’ n o ’ Oo
111*3 124
1 0 1 * 8 103*4 1 0 4 Hi A l a y ’ O e
C h i c * P a c D i v 6 s ..............1 9 1 0 J . J
107
112*8 J a n ’ 04
C h i c * P W 1 s t g 5 s ......... 1 9 2 1 J - J
lt /0
l o o L io n * * J ’ l y ’ o s
102
114*8 N o - .’ 06
103*3 106 1 0 4 * 8 A p r ’ u b
D a k * G t S o g 5 s ................1 9 1 0 J - J
9 9 * M a r’06
-4
1 1 7 -,....
1 3 7 -1 J ' * y ’ 9 i
F a r * S o u a s s u g O s......... 1 9 2 4 J - J
1 1 )4 *s . . . .
8 IH1
b lH .
1
74
83
102*3 J a n ’o s
H a s t * D D i v 1 s t 7 s ......... 1 9 1 0 J - J
94
J ’l y ’07
5 9 *» . . .
1 s t 5 s .........................................1 9 1 0 J - J
l o l *4 A p r ' o s
162*3 A p i ’ 00
I * D E x t e n 1 s t 7 s ........... 1 9 0 8 J . J
105
.
108 s M u y ’u s
L a C r o s s e * D 1 s t 5 s ____1 9 1 9 J - J
02
S a le
92
92
4
90
94
99*4 . .
io o * a J ’ly ’ 06
M i n e r a l P o i n t D i v 6 s ____ 1 9 1 0 J - J
91
90
A p r ’08
101
..
104*8 J ’ n e ’0 8
80*3 9 0
S o M i n n D i v 1 s t O s ........... 1 9 1 0 J - J
" 9 9 * S a le
9 8*4
9 9 * , 136
9 9 7a . . .
96H i 1 0 2
1 0 3 *b M u y ’ Oe
S o u t h w e s t D i v 1 s t 6 s ____1 9 0 9 J - J
l o s 7* ......... 1 0 9
96*4 J ’ ly ’0 8
96
96*3
J ’l y ’Ot
W i s * M i n n D i v g o s ____ 1 9 2 1 J - J
1 0 1 * 3 ......... 1 0 5 * 8 A p r ’ 0 6
M U * N o 1 s t M L O s____ 1 9 1 0 J - D
83 H 80
i
83H . J ’l y ’ 0 8
83
83*3
1 0 0 H i......... 1 u 8 -4 J a n ’ 0 8
1 s t c o n s o l O s ....................... 1 9 1 3 J - D
9 1 * 4 Sale
9 1 a4
92
16*4 . . . . . 1 1 7 * 4 117*4
87
9 2*3 C h i c * N o r t l i w c o n s 7 s ____1 91
21
y -F
80
l o o *< . . .
8 3 * 4 89*4
8 8 7b
69*4 2 9
99
J ’n o ’06
E x t e n s i o n 4 s ........... 1 8 8 6 - 1 9 2 6 F - A
89
O ct ’00
R e g i s t e r e d ..............1 8 8 6 - 1 9 2 6 F - A
9 8*3 A p r ’ uS
1 U 5 78 F e b ’ 07
;*2
92
92
G e n e r a l g o l d 3 His................1 9 8 7 M -N
08
109
A p r ’06
R e g i s t e r e d ...................... p i 9 8 7 Q - F
95
F e b ’ 07
89
107
101**4 J ’ n e ’ 0 7
111*8 .
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111 H i l a y u s
.
100
n o
J ’n e ’08
110
110
1 0 8 * 3 J**n 'O n
R e g i s t e r e d ..............1 8 7 9 - 1 9 2 9 A - O
102
100 *4 M a y 'O tt . . . . 1 0 0 *4 1 00 *4
108 3 . . .
1 0 9 )3
109 H
i
S in k in g lu n d 6 s . ..1 8 7 9 - 1 9 2 9 A -O
107
119 H -d iu ’04
i
R e g i s t e r e d ..............1 8 7 9 - 1 9 2 9 A - O
104
N o v ’ u7
92
8 8*4 O c t ’ u 1
D e b e n t u r e 6 s ......................... 1 9 0 9 M -N
101*3
101*3
1 0 1 *3 S a le
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iO O Q J ’ n e '0 8
D e b e n t u r e 5 s ......................... 1 9 2 1
105
F e b ’ Oe
o
103
J ’n e ’ o7
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1 0 9 *4 .
S i n k i n g l u n d d e b 5 s ......... 1 9 3 3 o -N
109
51 a y ’ 0 6
R e g i s t e r e d ........................... 1 9 3 3 M -N
109
J ’ ly ’or
1 0 1 * 4 ........... 1 01 *4 M a y '
N o r t h i U i n o i s 1 s t 5 s ____1 9 1 0 M -S
1 0 1 * 4 ........... 1 0 i * 8 > l a y M 6
O t t C F * b l P a u l 1 s t 5 s 1 9 0 9 M -S
111
115
110*3 A p r ’ 0 8
108
1 1 0 's
M U L S & W e s t 1 s t g 6 s 1 9 2 1 M -N
1 1 8 * 8 ........... l i b * , A p r ’0 6
102
1 0 1 *3 M a r ’ Ob
101 > 101*3
-1
A p r ’ OS
E x t * i m p s f u n d g 5 s 1 9 2 9 F -A
1 1 2 * 4 1 13 *4 1 1 1
90
98
l ) e c ’ l)7
A s h l a n d D i v 1 s t g 6 s . . 1 9 2 5 M -S
122
. . . . 1 4 2 Hi r o b ’ 0 2
102
103
J ’l y ’08
103
103
1 1 9 * * ......... 1 2 8 H i F e b ’ 0 0
M i c h D i v 1 s t g 6 s ........... 1 9 2 4 J - J
1 1 8 H.
1 15 Q A p r ’ 0 8
109
s e p ’03
114
115*4
100
105
i n c o m e s ................................1 9 1 1 M -N
118
118
J ’ n o '0 8
117
118
113*4 1 11
1 1 2 * 3 J ’ ly ’ 0 8
C lU c R o c k l s l & P a c 6 s . . . 1 9 1 7 J - J
R e g i s t e r e d ............................1 9 1 7 J .J
112
........... 1 1 2 * 3 J ’ l y ’ o s
91
F e b ’ 0 8 ___
91
91
G e n e r a l g o l d 4 s ..................... 1 9 8 8 J - J
06
95 Q 95
95
R e g i s t e r e d ............................1 9 8 8 J - J
9 0 H M a y ’ 08
i
1 0 7 * 4 H a le
1 07 *4
107*3 34 1 0 7 * 8 1 1 1
R e f u n d i n g g 4 s ...................1 9 3 4 A - O
84
8 5 *3
84
S a le
103 H 104 1 0 3 *3 1 0 3 >-i
i
8
9 8 '4 1 0 3 * 3
C o l l t r u s t S e r i e s 11 4 s . . 1 9 1 u M -N
97
J ’ l y ’04
I 0 0 a4 M u> ’ 07
J 4 s ...........................................1 9 1 2 M -N
9 2 *3 N o v ’ OO
' 94"
M 4 8 .......................................... 1 9 1 5 M -N
9 0*4 J a n ’ 0 7
N 4 s ...........................................1 9 1 6 M -N
93
M ay’ O4
0 4 s ........................................... 1 9 1 7 M -N
90*4 F o b ’ 0 7
l J 4 s .......................................... 1 9 1 8 M -N
84
A u g ’ 07
C h i c R X * P a c R R 4 S . . 2 0 0 2 M -N
6 3 7g S a le
02*8
64
638
M ay’08
112
112
1 1 7 * 8 ......... . 1 1 2
R e g i s t e r e d .......................... 2 0 0 2 M N
6 2 * 4 J a n '0 8
lO ti
108
100
107*s
3
C o l l t r u s t g o l d 5 s ........... 1 9 1 3 M -S
00
64*3
6 2*4 S a le
9 7 Q 107*8
118
A p r ’0 6
B ur C ed R * N orth ern —
72*,
73
v 73
5
55
73
C o n 1 s t * c o l t r g 6 a . . . 1 0 3 4 A -O
1 1 0 * , M a r '0 8
73
71
M a y ’ 0 8 __ T
R e g i s t e r e d ....................... 1 9 3 4 A - O
65
71*3
I20*a M a r’03
4 7*4 4 8 * 4 J ’ l y ’ 0 8
45
50
C i t l F * N V ’ l s t g u 6 8 .1 9 3 1 A -O
V
111
N o v ’O o j....
46*4
46
M a y ’0 8 . . . .
44
60
M * S t L 1 s t iru ir 7 s . .1 9 2 7 J -D
103*3
104
1 0 1 *4
L0 0*4
104H )
1 0 4 's
101*4
102
L ow H ig h
27
40
27
4 i'* 3
8 9*8 89*8
1 00*3 104*8
61
92
117
120*8
107
1
ibT
*
99
100
100
100
7 2 *1 S a l e
7 1*4
73
M a y ’0 8
1 0 l * » 1 0 3 *3 1 0 2
........... 9 1
9 2 *» J 'n e ’ 0 8
1 0 0 *3 1 0 1
1 00 *4
101
........... 1 0 0
0 V * , J ’ l y ’ 1)8
8 1 *3 M a y ’ 0 8
81
S a le
v‘ 0 * 9
»1
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06
...........
9>
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96
....
94
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05
J 'n e ’ Oo
.......................... .
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ill
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62
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98
A la )’ 0 6
a ilu e J a n
1
413
10
....
14
U O . n »»■*— C o n t i n u e d o n
01
100
66*3 75
99*8 102
92*8 92*8
9 3 * a 10 1*4
98
99*4
8 1 Hi 8 1 H
i
77
82*3
76
80
95
95
93*3 96
60 0
.Ul-
94
1*4
4 i* 7s 6 • *6
>
00
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00
05
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« D u e -d a y
N ext
1 0 0 Hi 1 0 3
102
I0 5 *t,
1 0 7 * 3 1 1 4 *4
96
A liu e .ly
102*»
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89
U 7\
00
99
93*j
08
97
97
80
100
98*
80a Se
4
97*8
1 0 5 *3
96
98*3
101*3
:,4
101*4
100
1-9*3
l o l *4
*0 1 -3
97*4 103*3
104*6 106*8
106 H 112*3
i
107
109>«
117*4 1 2 5
1U0
102*8
1 03 *4 1 0 6
100
103
85
* 90°4
4
110 111*4
104 104 a
,
108^8 111*3
104*4 100‘s
i"03 3i0*a«
2 "o2s
*
101 s 1 1
I
0 a 108*8
04
lO O ^ 1 0 0 * 8
100*4 104-8
101 103*3
08 109*3
106 *s 105 *
b
108*, 108*3
15*8 118*3
99
99
98*3 '96*4
90
92*4
1 0 i *3 i l l *3
1 0 8 -3 1 0 8 * 3
lU o
109*3
10U *« 1 0 2 * 4
1 0 0 -4 1 0 1 * 3
100
105*8
08*3
07
O l a4
1 01 *8
18
10
109
109
101*4
I 'H ^
1 1 8 *4
il l
111/
115*3
1*2*3 1 15
91
100*3
90*3 97
83 H 8S
i
65*4
62*,
59*8
09
0 2*4
76
t 'u a e .
S tr e e t R a ilw a y
M et S t R y g e n e o l tr g 5 s .1097
R e t g 4 * ..................................... 2 0 0 2
ilw a y d b 7U i A v 1 s t c g 5 s 1 9 4 3
C o l A 9 th A v l s t g u g 6 8 .1 9 9 3
L ex A v A P F i s t g u g 5s 1993
T h ir d A v e R l t c o u g u 4 s 2 0 0 0
C e n t T r C o c o r t ls s t m p d ...
T h ir d J^ve lt y 1 st g 6 s .,1 9 3 7
M e t W 3 E llC lu C ) ls t g 4 * .1 9 3 8
5 1 il E l R y A L 3 0 - y r g 5 s . 1 9 2 6
M in n b t R y 1 st c o n g 5 s .. 1919
X O r l R y A L t g e n 4 *q s , . 1 9 3 j
S t J o s l l y L t H A P 1 st g 5e ’ 37
81 P a u l c i t y C a b c o u g is .1 9 3 7
U n d e r g r o u n d r.l L o u 5 s . . . 1 5 0 8
U n io n E llG lu c ) 1 s t g 6 s ..l 0 4 5
U n it e d J ilt s s a il F r s l 4 s . 1 0 2 7
U n i t e d l l y s H t L l e t g 4 S .1 W 3 4
g D u e J 'u e
100
1 2 4 «»
122
109
98
98
98*3 1 00
8
* N .) p r ic e F r id a y ; l a t e s t p r i c e t h is w e e k .
P A K E .'
Ro
M IM O E IiL A M iO IJ s
-• r e e l K n iH v tiy
U r o u k i y n R a p T r g 5 s ......... 1 9 4 5
I b t r e f u n d c o n v g 4 s ____2 0 0 2
B k U it y 1 s t c o n 5 s . 1 9 1 0 .1 9 4 1
B k q C o A S con g u g 5 s .1941
B k ly n U u E i 1 st g 4 -5 s .l9 5 0
s t a m p e d g u a r 4 - 5 s _____1 9 5 0
K in g s C o E l 1 st g 4 s . ...1 9 4 9
'- t . i m p e d g u a r I s ........... 1 9 4 9
N is s a u E le c g u g 48 ....1 9 5 1
C o n n R y As L 1 s i As r e t g 4 Hi» '5 1
^ M a m ] ie d g u a r 4 H i » ...........1 9 6 1
D e ii C o u X r C o 1 s t g 6 s . . . 1 9 3 3
D o t U n i t e d 1 s t c o i l g 4 * 3 8 .1 9 3 2
L M s r a i-.i K l e e c o n s o l g 5 s . 1 9 5 2
J u i e r - i l e t c o l l 4 Hi*................1 9 5 6
I n te r R a p T 3 -y r c o n v 6 s. 191 1
I n t e r u a t T r a c c o l l t r 4 s . . 11)4-1M a n i l a K le o 1 s t As c o l l 6 s . 1 9 5 3
K o r/H
I
F -A
A -O
J -D
M -S
M -S
J -J
j-J
F -A
F-A
J -J
J-J
M-N
J -J
J -D
A -O
A -O
J -J
n D u e .v u g
S a le
80
77
77
68
6
48
40
J ’ly ’08
47*3
99
100
93
98
M ay’08
94
95
9 7 ** M a y ’ 0 8
95
97
90
M ay’08
96
51
65
66
J ’l y ’ 0 8
49*3
50*-j 6 4
53
50
66
12
1 03 H 107
i
105
105
5 101
......
93*3 J ’ l r ’ 06
109
1 0 1 *4
J ’l y ’0 6
........... ........... 1 0 7 * 2 F e b ’ 061
........... ______
9 0 Hi S e p ’ 0 6
103Q G et ’0 «
___r . . 1 1 0 *3 N o t ’ OU
______ . ___
4 1 *3 A p r ’ CfS ___
4 1 *3
.... 100
101
M a y 'o g
1 0 0 7s
50
0 9*4 •salt
09
10
69*4
70
8*2*4 8 2
J ’ n e ’ On
oD ae out
p D u e .4 o r
« O pU on
85
66
102
99
96
6
62
106
...........
......
......
...........
41*3
101
73*»
85
New York Bond Kecord— Continued— Page 2
153
BON U S
P r ic e
F r id a v
J u ly 1 7
If. T . S T O C K E X C H A N G E
W ek k e n d in g J u l y 17
O h io K o c h l A P a c — (C a n )
C h o c O h <> O e e n g 5 a . o l 9 1 9 J - J
S
C o n s o l g o l d o s ..................1 0 5 2 M -N
K o o k os D e s M 1 s t 6 a ____ 1 9 2 a A - O
C h ic &t L & N O
bee i l l C en t
O h io S t L A P it t a
bee P e n n C o
O h io S t P U & O c o n 6 s . .. 1 9 3 0 J -D
C o n s 6s re d u ce d to 3 V s .193 0 J -l)
C h S t P & M i n n 1 s t g 6 a 1 9 1 8 M -N
N o r W is c o n s in 1 s t 6 s . ..1 9 3 0 J -J
S t P A S C i t y 1 s t g 6 s . . . 1 9 1 9 A-U
C h i c * W e s t i n d g e n g 6 s 9 1 9 3 2 W-M
C o n s o l 5 0 - y e a r 4 s ...............1 9 5 2 J . J
C h ic A W M ic h bee P e r e M a rq
C h o c O * G u lf bee C K I * P
O ln H A D 2 d g o l d 4 V s . . .1 9 3 7 J - J
C i n D A 1 1 s t g u g 5 s . . . 1 9 4 1 VI-N
C J f m d & F t W l s t g u 4 s g . ’ 2 3 M-N
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K n o x v i l l e & O h io b ee S o R y
1 0 7 V ........... 1 0 9 V A p r ’ Oc
a k e E r ie A W 1 s t g 5 s .. 1 93 7 J -J
101
M a r’ 08
..
2 d g o l d 5 8 ............................. 1 0 4 1 J - J * 1 0 2
105 V M a y ’08
106
...
N o r t h O h io 1 s t g u g 6 s . .1 0 4 0 A -O
L S l i o & M i c h S S ee N Y C e n t
104
J ’ l y ’ os104
...
L e h V a lN Y 1 st g u g 4 V a .1 0 4 0 J -J
io o
M a y ’ O’.
R e g i s t e r e d ................................1 0 4 0 J - J
9 3 V J ’ n e ’ OS
L e l i i g h V a l ( P a ) c o n s g 4 s . 2 0 0 3 M -N
1 1 4 V J 1> ’ 08
L e h V T e r R y 1 s t g u g 5 s . 1941 A -O
1 0 9 V <Jo<, ’ 91
R e g i s t e r e d ................................1 0 4 1 A - O
1 0 7 V M a y ’ Ob
107
L e h V C o a l C o 1 s t g u g 5 s . 1 0 3 3 J -J
97
M o y ’ Ufc
98
L e h A N Y 1 s t g u a r g 4 s . . 1 0 4 5 M -S > 9 0
R e g i s t e r e d ................................1 0 4 0 M -S
ii* 3 V j a u ’ 0 0
102
.
E l C A N l a t p f 6 s ......... 1 0 1 4 A - O
106 V J a u ’06
101V .
G o l d g u a r 5 s .......................1 0 1 4 A - 0
L e h A I lu d R
S ee C e n t o f N J
L e h A W ilk e s b bee C e n t o f N J
L e r o y & C a n e y V a l bee M o P
L on g D ock
bee E r ie
1 1 0 V M a y ’ OS
........... 1 1 2
L o n g I s l ’ d — 1 s t c o n g 6 s . /l l 9 3 1 Q -J
9 4 V .........
1 s t c o n s o l g o l d 4 s ........... A 1 9 3 1
9 1 V ......... ' 9 2 V M a y ’ 0 8
G e n e r a l g o l d 4 s .....................1 0 3 8 h
102
N o v ’05
91
.........
F e r r y g o l d 4 V s .....................1 9 2 2 M - S
99 V O ct ’06
G o l d i s ........................................ 1 9 3 2 J - D
82
J a n ’08
U n i t l e d g o l d 4 s .....................1 9 4 9 M - S
110
J ’ u e ’ 04
D e b e n t u r e g o l d 5 s ............. 1 9 3 4 J - D
9 4 V J ’ l y ’ OS
97
92
G u a r r e f g o l d 4 s ...................1 9 4 9 M - S
101
B k l y n A M o n t l s t g 6 s . , 1 9 1 1 M -S
* 9 9 V S e p ’ 07
99
l a t 5 s ........................................ 1 9 1 1 M - S
1 1 0 V N o v ’ OO
102
N Y B A M B 1 s t c o n g o s 1 9 3 5 A -O
105
A p r ’ O'
N Y A R B 1 s t g 5 s ......... 1 0 2 7 M - S
109
N o v ’06
*97*
N o r S h B 1 s t c o n g g u 5 s o l 9 3 2 Q -J
98
A p r ’08
L o u is ia n a A A r k 1 s t g 5 s . 1 0 2 7 M -S
77V
io v L
a>
77V
1
‘ 8 0 V *82*
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R a n g e or
L a st sa le
H
D
114V .
118V .
F ries
F rid a y
J u ly 1 7
lxxxvii.
I
O ct. ’ 0 0
J ’ n e ’ 07
1 2 4 V J ’l y ’08
9 3 V ...........
8 1 6 , ...........
103
...........
94V
97V
94 V
96
95
93 V
91
92
98
105
95V
9a V
109
114
124
115 V 117 V
112
113
91
95V
70
J ’l y ’0 8
9 8 V O ct ’07
1 0 7 V D e c ’02
70
123V
124
BONDS
N. Y. STOCK E X C H A N G E
W e e k e n d in g J u l y 17
[Von.
L ig h t
L a c G a s L o f S t L 1 s t g 5 s . d l 9 19
K e f a n d e x t 1 s t g 5 s ......... 1 9 3 4
M ilw a u k e e G a s L 1 s t 4 s . .1 9 2 7
N Y G E L H A P g 5 s . . .1 9 4 8
P u r c h a s e m o n e y g 4 s . ..1 9 4 9
E d E l 111 1 s t c o n v g o s . . 1 9 1 0
1 s t c o n s o l g o l d 5 s ........... 1 9 9 5
N Y A Q E 1 L A P 1 st c o n g 6 s l9 3 0
N Y A R ic li G as 1 st g 5 s. 1921
P at & P a s G * E c o n g 5 s. 1949
P e o G a s A C 1 s t c o n g 6 8 .1 9 4 3
R e f u n d i n g g o l d 5 s ............. 1 9 4 7
C liG -L A C k o l s t g u g 5 s 1937
C on G C oot Ch l s t g u g 6 s .’36
M u F u e l G as 1 st g u g o s . 1947
S y r a c u s e L i g h t i n g 1 s t g o s . ’ 61
T r e n t o n G A E l 1 s t g o s . .1 9 4 9
W e s t c h e s t e r L ig h t ’ g g 5 s .l9 5 0
Q -F
A -O
M -N
J-D
F -A
M -S
J-J
F -A
M -N
M -S
A -0
M -S
J -J
J -D
M -N
J -D
M -S
J-D
1.02 V J ’ l y ’ 0 8
102
F e b '0 7
9 1 V J a n ’ 07
98V
99V
" 9 9 V S a le *
83 v
86
8 0 7a S a le
101
J ’ n e’08
1 0 0 V 102
108
J ’n e ’08
104V 112
05
A p r 'O i
89
95
1 0 3 7( j N o v ' 0 5
1 0 4 V N o v ’ 05
115
J ’ u o ’ U8
115
...
1 0 2 V 1 0 3 V 1 0 2 V J ’ ll b ’ 0 8
l 0 3 V J ’ n o ’ 0fc
1 0 2 '*
1 00 V J ’ n o 08
100
103
US)
F o b '0 8
98
....
90
....
n o
M ay’06
101V
D l4
104
S a le
102
102k
............1 0 0 V
d Due Apr aDueMay ADueJ’ly ADuo Aug oDueUCt
:
0Due Deo
88
102
76
86
98 V 101
108
108
107 V 115
94 102 V
98 104
95 100V
92 100
60 1 0 1 V 104
jOntloa Sate
July 18 1908.J
Few York Bond Becord
UUM b
N . Y . STOCK E X C H A N G E
W eek E nding J uly 17
Price
frid a v
July 17
Week’s
Range or
Last Sale
Continued—Page 3
3U AU 8
N . Y . STOCK E X C H A N G E
W eek E nding J uly 17
Range
Since
January
153
J'rice
Friday
July 17
Weekts
ltange or
Last Sale
Range
S in c e
Ja n u a ry 1
Sia
Ash Low
High
Low High. ^ Y Cent<fc H R—(Continued.
Low
High
Low
H ig h
lioulsy A N ashv gen g 68.1030 J
I 12 s8 117
* 110 *2
116*3 116*3
Cart A Ad 1st gu g 4 s ...198 1 J -0
Gold 5s................................. 1937 M
U O t , ........ 11078 J’ uo'08
110*3 110*6
Gouv < Os we 1st gu g 68 1942 J-D
&
Unified gold 4 s ................. 1040 J
97*4 Sale 97*3
9734
95 100
Mob < Mai 1st g u g 4 s ..1991 M-S
fc
04
98 Alar’ 08
98
98
Registered.......................1940 J10l*e J’l y ’ 00
N J June R gu 1st 4 s . . .1986 F-A
105 Oct ’02
S lu t tund gold 6 a..............1910 A
1041
*
105 105
105 J’ne’0«
N Y < Harlem g 3* 38...2 0 0 0 M-N *91* 100
fc
101 *3 J ’l y ’06
Coll trust gold 5s..............1931 M
10 1 _
102 J’ue’08
102 105
f i l ' i i i North 1st g 5 s ...1 9 2 7 A-O 105
110 * 3 Atay’07
6 -20 -yrcol trdeed g 4 s. 1923 A
94*3
88
943s 94*3 94*3
04*3
N Y < Pu ls t c o n g u g 4 s 1993 A-O
fc
96 100
101*4 D ec’06
1 1 0 * 3 ....
K i l A Nash 1st g 6 s ....1 9 1 9 J 111 N ov’O
Nor A Mout 1st gu g 5 s .1916 A -0
L Cln A Lex gold 4 * 8 ...1 9 3 1 M2
104 . . . .
103*4 104
104 Mar’08
Pine Creek reg guar 6s. 1932 J-D 118
107 N ov’O
N O & M 1st gold 6 s___ 1930 J
118 . . . .
115*4 117
115»., Jan ’08
R Wife O con IstextS s.A 19 22 A -0 1 1 0
112 J ’l y ’ 08
1087e 1 *3
110*3 ....
N O A M 2d gold 6 s........1930 J
122*4 Aiar’ 06
0 » w e * R 2d gu g 5 s ...e l 9 1 5 F-A
105 Jan ’0
105 106
Pensacola D iv gold 6 s ...1 9 2 0 M
107*4 Aug’06
R W«fc O T R 1st gu g os.1918 M-N
St L D lv 1st gold 6s ........ 1921 M
• io s "!
117 AIay’07
Rutland 1st con g 4*2S..1941 J-J
100 *s o c t ’05
2d gold 3 s.........................1980 M62*3 Aug’07
OgALCham l s t g u 4 s g l9 4 8 J-.I
82
86
82 J ’ne’ 08
87
A tl Knox A Cin dlv 4 s ..1965 M-N
88 *3 Sale
87*4
§8*8 31 8 6
89*s
Rut-Oanad 1st gu g 4s. 1941* J-J
85 Jan ’0
86
A tl Knox A Nor 1st g 5sl940 J 106 ,
116 J ’l y ’06
St Law A Adir l s t g 5s. 1996 J-J 108 ......... 122 Jau ’00
Hender U d g e ls t s f g 6 s .l9 3 'l Al108*3 Jan ’06
2d gold 6s........................1996 A-O 115 ......... 125 F e b ’08
125 125
Kentucky Cent gold 4 s .. 1987 J" 92" 1
04 J’ne’ uS
88
94 *6
Utica A Blk R lv g u g 4 s . 1922 J-J
99*8......... 99*4 Apr'Ob
99*4 99*4
L A N A M A M 1st g 4 tjs 1945 M97*2 J’ne’ Ob
9 8 * 3 ....
97*3 97*3
Lake Shore gold 3*28___ 1997 J-D
93 ......... 91*3 J’ ly ’0
89*4 94
L A N-South M Joint 48.1962 J80 .
80
80
79*3 87
Registered.................. 1997 J-D
89 ......... 92 *2 May’08
90
92*9
N Fla A S 1st gu g 5 s . . .1937 F110*3 .
110*4 110*4
110*4 110*4
Debenture g 4 s............. 1928 M-S
04*2 Salt
94 >
2
95
8 8 7e 95
N A O Edge gen gu g 4 *28 1945 J07*< .
25-year g 4 s .................. 1931 M-N
94 salt
92*8
94
S&*8 94H,
Pens A A tl 1st gu g 6 s ..1921 F108 .
113 Jau ’08
113 113
Ka A A G R 1st gu c 5s. 1938 J-J 107*4.........
S A N A la con gu g 6 s .. 1930 F
105*4.
111 May’07
Mahon C’l RR 1st 6 s ..1934 J-J 104**......... 109 Oct ’07
ti<& Jett Edge Co g u g 4 s .. 1945 M91*a J a u ’08
‘ 91*3 "91*3
Pitts <b L Erie 2d g 5s.a l92h A-O 104 .......... 100 May'08
100 10 0
U N A A Oh See C 1 A L
Pitts M c K A Y ls tg u 6S.1932 J-J 117 ......... 130 Jau ’03
alion Coal ties L 8 A M S
2*1 guar 68........................1934 J-J 112 . . . .
anhattau Ry consol 4s. 1990 A -0
90*4
96*4
92
98
96
97
M cK eesA E V l s t g 6 s 1918 J-J 102 . . . .
Registered...................1990 A-O
104 Apr ’05
M ich Cent 1st consol 6s. 1909 M-S
104 D eo’06
Stmpd tax exem pt.. 1990 A -0
97*4
97
97*3 97
9 7 " "9 7 *4
5 s........................................1931 M-S 109*4 " I I I 105 D e c ’07
IJoK’ pt A 11 V See S Y Cent
I
Registered.................. 1931 Q-M
119 J’ue’06
Metropolitan El See Alan Ry
90
4 s........................................1940 J-J
100*4 Jau ’07
82 Sale
81*3
82*-. 63 74*4 853
Rex Cent consol gold 4 s . . 1911 J 4
’ T
Registered.................. 1940 J-J
1 0 6 * 2 N o v ’0 0
16
1st consol inconio g 3 s.a l9 3 9 J’ly
17
10*3 J’ne’03
14*3 20*3
J L A S l s t g 3*28 ........... 1951 M-S
90 J’ne '08
90
13
15
16*8May’08
2d consol income g 3 s ..o l« 3 9 J’ ly
10
18*
l s t g 3*28 ............................ 1952 M-N
88*2 89*2 88 A p r ’08
83
Hex Internat 1st con g 4s. 1977 M S
85
90»s J ’ l y ’01
Eat C A Stur 1st g u g 3s. 1989 J-D
Stamped guaranteed___ 1977 AI-S
80 F e b ’08
80 “ *80*
99*4 Sale
N Y Chic A St L 1st g 4 s 1937 A-O
99*4
99*4
95*8 1 0 1
105 May’O
l
Rex North 1st gold 0 s . . ..1 9 1 0 J
Registered......................1937 A-O
102*4 Mar’o7
Rich Cent See N Y Cent
W est Shore 1st 4s g u ...2361 J-J 102 103
101 *2 102*4
98 104
Rid ol N J See Erie
101 101*, 101
V Registered......................2361 j . j
T
101*8 26 96*8102
Ril L S A W See Clilo A N W
2 * * Greenw Lake See Erie
RU A North See Ch M A St P
N i A Har See N Y C A Hud
128 A p r ’08
Rlnn * St L 1st gold 7 s .. 1927 J-D
125*4 128
N Y Lack A W see D L A W
Iowa E x 1st gold 7 s........1909 J-I) 101
1 0 1 J’ne’08
101 103
.\ R
•= W See Erie
*
Pacltlo E x lstg o ld 0S ...1921 A-O
118 J a n ’07
v. R °nk Br See Cent of N J
South W est Ex l s t g 7 s .1910 J-D
113*4 AIar’03
N Y N H A H -C o n v 6 s ..1948 J .J 125*4 S a le 125*a 126k
1023s 1 0 3 ^
I15*s 123*8
1st consol gold 5s............. 1934 M-N 102
100 102*8
86*8........
Couv deben 3*38 ..............1956 j . j
85 *e
85*2
80
88*4
1st and refund gold 4 s ..1949 M-S
80
80 J’ne’03
80
82
Housatomo R con g 6 s ..1937 M-N 112*4........ 112 Mar ’08
112 112
Des A1 A F t D 1st gu 4 s ... ’36 J
07 A p r ’06
H * Derby con oy 5S.1918 M-N
**
Riun A St L gu See B O It A N
v v m
See N Y C A H
97
fcl S t P A S S Alcon g 4 lnt gu ’38 J . J
97*4 10 9 7
97
97*4
96*4
^ Y O A W ref l s t g 4 s ..0 l9 9 2 M-S
96
97
16 92*9 98
fcl S S M A A 1st g 4 lnt gu 1926 J-J
102 J’ne’07
99
Regis §5,000 only......... ol992 M-S
101*9 J’ne’Ob
96
Minn Un See St P A1 A M
^ Y A Piit See N Y C A H
Mo Kan A Tex 1st g 4 s ...1 9 9 0 J-D
07
98
97*3
9
94
99
84*3 83*t
84
2d gold 4s..........................p i990 F-A
84
77*3 84*3 N Y S A W f e ^ i 1^
1st ext gold 6s.................. 1944 M-N 10 L Rale 1 0 1
10 1
95 102
N Y Tex A Al See So Pac Co
1st <6 refund 4s.................2004 M-S
76 ........
76*4 J’ne’08
747* 78
Nor A South 1st g 6 s......... 1941 M-N
.101
99 *2 J ’ne’08
99*9 99*9
Gen s t 4*28 .................... 1930 J-J
78 *3 Sale
78
78*3 30 71
82
Norf A W est gen g 6s........1931 M-N 118
120 *8 Jau ’08
St L D iv 1st rot g 4 s ___ 2001 A -0
120 120*«
S034 82
80*6 May’08
80*s 83
linprovem’t A ext g 6 s ..1934 F-A 120
117*2 Jan ’08
Dal A W a 1st gu g 5 s ...1 9 4 0 M-N 100*4 104
117*9117*9
102 >3 Apr ’08
102*3 102*3
N e w R i v e t U t g os........1932 A-O 118
127 Oct ’06
Kan C A Pao 1st g 4 s ...1 9 9 0 F-A
87 A p r ’08
87
87
N A W Ry 1st con g 48.1996 A-O
97
Salt
95 >
2
97
Mo K A E 1st gu g 6 s ... 1942 A -0 107*3l08*s 107*3J’ly 08
92*« 97*8
105^108
Registered...................... 19 9 3 A-O
91 Sep ’ 07
M K & Ok 1st gu 5 s........1942 M-N 103 164 1 0 2 * May’i)8
a
10 2 l o l
ls t 1A gen g 4 s ..,1 9 4 4 J-J
87*8 88*2 89 May ’08
M K & T o l T l s t g u g 6 a .r j 4 2 M-S 103 ........ 103
84*4 90
103
97*2 106*3
±0-25 year conv 4 s . .. . 1932 J-D
84 *2 Salt
83*4
78
87
i S h e rS h .fc S o l8 tg u g 6 8 .1 0 4 3 J-D 100*4 102
100 *8J’ne’08
100*6 100*6
„ Bocah C A c Joint 4 s .. 1941 J -D
82*2 84
84
84
77
Tex A Okla ls t g u g 5 s ... 1943 M-S 103 Sale 103
86<fe
103
102*3 103
C C A T i s t g u g S s ......... 1922 J-J lo o ........ 109*2 Feh ’06
Mo Pacific 1st con g 6s ...1 9 2 0 M-N 107 >3....... 106*3 109
104*3 110
Scio V A N E 1st gu g 4s 1989 M-N
03 *2 J’ne’ Ob
Trust gold 6s stam ped.al917 M-S
96
96Hi 90 *3 J’ly -08
87*3 96
88
99
North Illinois See Chi A N W
Registered...................al917 M-S
104*3 F eb’07
North Ohio See L Erie A W
1st coll gold 5s...................1920 F-A
94*3 95**8 97 J ’ne ’08
87 7 98
s
Nor Pac—Prior lien g 4 s .. 1997
10 2 Sale 101*6 10 2
83 99 102
40-year gold loan 4 s........1945 M-S
71 H Sale
i
71
71*t 147 68
76*3
q
Registered...................... 1997 3 - j 1 99 101
1 0 1 J ’ne-08
9 7 * 4 10 1
3d 7s extd at 4 % ...............1938 M-N ......... 90's 95 Mar’08
95
95
General lien g o ld 3 s ....a 2 0 4 7 Q-R
72*8 sait
71*2
72k
Cent Er Ry 1st gu g 4S.1019 I -A
08
73
82*4 96
s
85 F e b '08
85
85
R egistered.................. a2047
67*4 71
68*2
71
Cen Branch U P I s t g 4 s .l9 4 8 J-D
68*9 71
84*4 Jau ’08
83*3 84*4
St Paul-Dul D iv g 4 s___ 1996 n
96*2 Jan ’08
89
96*9
Leroy < C V A I < ls t g 5 s 1926 J-J
fc
110 Rlar’06
Dul Short L ls t g u 5 s ..1916 M-S 101
Pao R ot Alo 1st ex g 4s. 1938 F-A
99*4 F e b ’08
99*4 ’ 99**4
O E A 14 coll tr 4s See Gt Nor
2d extended gold 6s. ..193 8 J-J
12 D eo’07
St P A N P gen g 6 s ....1 9 2 3 F-A 118*4 ..
116 M ar '08
116 117
St L Ir A1&Sgen con g 5 s l9 3 1 A -0 107*4 108
107 J ’l y ’08
103 n o
F 115*2..
Registered certiflc’s ..l 9 2 3
116 Aiay’08
16 116
Gen con stamp gtd g 5s 1931 A -0
106 May ’08
00 106
St Paul A Dul 1st 5 s ....1 9 3 1
A 108 . .
117*4 J ’l y ’ o7
Unified & ref gold 4 s ..1929 J-J
7 4 * 4 J ’ iy ’ 0 8
76
78
68
bo
2<t6a.................................1917 A-O 10 3 *2 ..
103 *3 J ’ly ’08
102 103*9
RlV A G Div 1st g 4 s .. 1933 M-N
82*3.......
83 J’l y ’08
76
8 6 *,
1st consol gold 4s ......... 1968 J-D
93 . .
loo J ’l y ’08
100 100
Verdi V 1 A W 1st g 5 s .1926 M-S
107 *s A p r ’06
Wash Cent 1st g 4a......... 1948
82*2.........
Alay*0e
MobJ A K 0 1st cons g 5s. 1953 J-J
98 Dec '96
Nor Pac Ter Co 1st g 6 s ..1933
1 1 0 * 4 ..........
May’08
Mob A Ohio new gold 6 s ..1927 J-D 116 119
1 1 2 116
19 May’08
113 119
Nor Ry Cal See So Pac
, 1st extension gold 68 .. A1927 O-J 106*a....... 105*3 J a n ’08
105*3 105*3 Nor W is See C St P Al A O
General gold 4 s.................1938 Al-S
84*4 F eb’08
84*4 84*, Nor A Mont See N Y Cent
Montgom D lv 1st g 5 s ..1947 F-A 1U4*
102 *3 May’08
102*3 102*3 / \ lud A W see C C C A S tL
St L A Cairo coll g 4 s ..s l9 3 0
75 May ’08
75
75
W lilo R iv R R See bait A O
Guaranteed g 4 s ........... 1931 f .J
101 N ov’04
Ore A Cal See So Pac Co
Ai < O coll 48 See Southern
&
Ore Short Line See Un Pao
Mohawk & Mai See N Y C * H
Oswego A Rome See N Y C
Monongaliela Rlv See E * O
O O F A St P See C A N W
Aloiit Cent See St P M * M
ac Coast Co 1st g 5s___ 1946 J-D 104*a.
104 J’ly ’08
Morgan's La * T See S P Co
101*9 106*4
ao of Alissouri See Alo Pac
Morris * Essex See Dol L«fc W
Penn R R 1st real est g 4 s,1 9 2 3 M-N 103 .
J ’ne’Ob
ash C h a t * S t L l s t 7 s .l 9 1 3 J-J .............1 1 3
102 105
112*4 J ’l y ’08
110*3114*3
Consol gold 5s.................... I 9 iy M-S
N ov’O
1st consol gold 6s......... 1928 A -0 11138....... 111
111
105*3 111
Consol gold 4 s.................... ly-iy M-N
9 9 * 4 ............. 101*2 J ’l y ’ os
Jasper Branch 1st g 6 s . . 1923 J-J
101*9101*9
116*3 May’07
Consol gold 4s (w i ) . . . . 1 9 4 8 M N l 0 2 7
aSale 102*8 lo 2 7
i
AlcAl Al W & A l 1st 6 s ..1917 J-J
100 103
117*4 Mar’05
Convertible g 3*38............. 1312 -u-N
96
96*2 05*8
T A P Branch 1st 6s___ 1917 J-J
96
91*4 96*9
113 J’ly >04
Convertible g 3 * S.............1915 J -D
3
93*4 Sale
Nash Elor & shot See L * N
92 7
t
93*4
88
93*4
Alleg Vul gen gu g 4 s ...1 9 4 2 M-S
95 ........
99 J’ne’o7
Natof M ex prior lieu 4 * . 1926 J.J
28
100 A p r’08
100*8
D R R R A Ego 1st gu 4s g .’36 F-A
1st consol 4s.......................1961 A-O
81 J ’l y ’08
82
P h ilaE alA W l s t g 4 s ..1943 M-N
Now H & D See N Y N H * H
107*3 Get ’ 06
8**d Bay A So 1st g o s ... 1924 J - J
N J June HR See N Y Cent
102 J a n ’03
U N J Kit A Can geu 4 s .1944 M-S
Now * Cin Edge See Lou & N
1 1 0 * Sep ’04
9
Penn Co—Guar l s t g 4*23.1921 J-J 102 7 104 *4 104
a
N Y Ekln & Alan Ech See L I
104*4
102*4 10o°8
Registered...................... i y 2 i J-J
N Y C e n t A 11 ltiv g 3 ‘as. 1997 J-J
103 7 J’l y ’07
h
91
91*8 91*4
92*3
87*3 93*4
Guar 3*28 coU trust reg. 1937 M-S *83*2
Registered....................... 1997 j . j
90*2 j ’ne’06
....... 91
90 J ’ne’Ob
88*3 89 s
Guar 3 * coil tr ser B ...1 9 4 1 F-A
28
90 .
Deben g 4s.........................19 34
86*3 Alay’O
.93 % Sale
80*4 86*9
93
9 3 as
91
95
Tr Co certif’s gu g 3*38.1916 M-N
94 > .
2
Lako Shore collg 3*2s . . . 1998 F-A
95 J’ue’ Os
82 *3 Sale
92*9 95
82
82 *3
75
82*3
Gu 3 *38 tr ctfs C ............... 1942 J -D
88
Registered....................... 19 9 ,, F.A
93
b4*4 Feb ’08
79
81
84*4 84*4
80 J ’l y ’08
73
81
G . 3 *3S tr c tfs D ...............1944 J-D
87*2.
Mich Cent coll g 3*28 ___ 1998 F-A
90*3 M ai’06
80*4
80*4
74*3 81
Guar 15-25 year g 4 s . .. . 1931 A O
96
Registered.......................19 9 3 F.A
92 *3 A p r’ O
b
90
96
70 A p r’Ob
76
76
Cl A Alar 1st gu g 4 * .. 1935 M-N
28
97
10 J a u ’05
Beech Creek 1 s t g u g 4 a .1936 J-J
95*8......... 102 Feb’07
Cl A P gen g u g 4 * sser A . ’42 J-J 106 *s
3
Registered.......................19 3 9 j . j
103*4 Aug’03
10 2 Mar’04
Series E ............................iy i2 A-O 105*4
2d gu gold 6 s ................. 1936 J . j 1 0 2 ** " I I "
Series C 3 *33................... 1948 M-N
90
BeechCr E xt 1st g 3 *2 8 5 19 5 1 a -0
98*2 b e c ’06
Series D 3 * S................... 1950 F-A
2
90
90 AlayOS
90
90
M
1 42
0 * ....
9 «a
3 ...
P
N
ib *
o
illlb O M J t.VROlJb llO.MIb—Continued on Next Page
Coal and iron
jCol F A I Co gen s f g 5 s ..1943
1 Convertl ble deb g 6 s___ 1911
Col Fuel Co gen gold 6 s. 1919
Gr R lv Coal A C l s t g 6 sl919
.(heart Bit Coal l e t s f 4 s ...1 9 4 0
C o lIn d u lstA coll 5s g u ..l9 3 4
iContln’ talO l s t s f gu S sg .1952
Uett A Clear C A 11st g os.1926
|KauA H C A C i s t s f g 58.1951
Pleas Val Coal 1st g s i 6 s. 1928
Sunday Creek Co g 5 s . ...1 9 4 4
fl'eim Coal gen 6s...............1051
I Tenn D iv 1st g Os........al917
Einu D iv 1st consol 6s .. 1917
Cali O M Co 1st gu g 6s. 1922
Do Ear C A I Co gu g 6 s. 1910
•Valron Coal A Co 1st g 5 s .1949
Victor Fuel 1 st s f 5 s ......... 1953
F-A
F-A
M-N
A -0
J-J
F-A
F-A
J-D
J-J
J-J
J-J
J-J
A -0
J-J
J-D
F-A
M-S
J-J
85
75
T
elegraph a d T h e
n elep on
85
85
79*2 85
Am Telep A Tel coll tr 4s 1929
70 J’no’08
56
70
Convertible 4s....................1936
107 *2 Oct ’04
Comm Cable Co 1st g 4 s ..2397
I02»a A p r’O
O
Atet T A T 1st s f g o s ..
1 9 18
05 A p r’02
All ch. State Telep. 1st 5 s . 1924
65 Sale
65
65 k
38*4 65*4 West Union col tr cur 5s. 193s
107*8 D ec’04
Fd aud real est g 4*2S...1950
107 AIay’67
Couv 4s, Series A ........... 1936
105 *2 Dec ’06
Alut U n T e l s tuna 6s . . . 1911
105 Oct ’00
M anufacturing S: Industrial
80
78 F ob'07
95*, 07*9 97
97*3
82*2 97*8 Am Cot Oil ext 4*23 ............1915
106
106 J’no’08
10 0 10 0
Am Hide A L 1st s f g 6 s .. 1919
106*9107*9 100*2 J’l y ’08
99 108*4 Amer Ice Secur deb g 6 s .. 1925
103 108
102 A p r’ Ob
102 103
Am Spirits Alfg 1st g 6 s . .1915
09 . . . .
101 May’08
to o 1 0 1
Am Thread 1st col tr 4 s . . . 1919
......... 93
90
92
80
92
A m Tobacco 40-yr g 6s___ 1944
93*3 Feb ’07
4s.............................................1951
a u u . JM, a u u > t .o B , P a o ,a „ , u a 9 A p r
M-N
F-A
J-J
M-N
MN
M-N
0
.......... 87*2 87
87*4
87*8 Salt
86
86*4 1257
............ .
85*4 Alar’08
..................... 104 F eb’Oi
.......... 90*8 96*8 J ’ly ’08
83
87
86 J’ne’Ob
87*4 Sale
87
88
46
82 Sale
82
83
10
......... 10 0
104 A p r’07
Q-F
Al- S
A -0
M-S
J-J
A-O
F-A
92*a Salb
92*a
92*s 1 1
90
90
90
*
2
69
70
70
70
4
......... 100
97 Mai ’08
86 ......... 88 J’ne’08
106*4 Sale 105
106*4 407
75 Bali*
72*8
75*3 182
J .J
M- S
88
76*a 88*4
84*2 86*4
85*4 85*4
92*4
84
81
75
9 6 “s
94
88
83
86
92*a
75*2 90
58*2 70*«
91 100
83
88
96*4 106*4
CO*, 75*2
[VOL. LXX K
XV fc
New York Bond Record—Concluded—Page 4
154
HIKNDp
N . Y . STOCK E X C H A N G E
WBEK F-NDINO JULY 17
BOND8
N. Y. STOCK E X C H A N G E
W keic E nding J uly 17
Week's
PTICC
Range or
Last Sale
l-Yutau
Wee/c’s
Range or
Last. Sale
Price
Fn da v
July 17
Range
Since
January 1'
July 17
liig/i
/jow High,
Hid
AeU ,ow
Low Higti Southern Pao Co—( Continued)
Low
High
Penn Co—< continued j
1*214 1 2 1 4 .
Morgan's La do T 1st 7 s .1918 A u 1*22 ......... 2 1 4 JTie’08
92 Apr '07
90 .
Erie A Pitts g u g 3 4 8 B .1940 J
1st gold 6a.......................1920 J-J 1 H > 4 ......... 110 Nov’00
9ha Apr ’04
4
90 .
Series C............................1940 J - J
Fell’ d
U2
No of Cai guar g 6 s .......... 1938 A-O
1us s e p ’O
H
Gr It A 1 ex 1st gu g 4 4 » 1041 J-J 103 .
102 103
Ure do Cai 1st guar g 5 a .19*2 < J-J 1 0 9 4 ....... 103 J’ne’08
127*4 Ort ’0*2
Pitts Ft W A C 1st 7 s ...1 9 1 2 J-J 108 .
98 4 103
So Pof A r g u la t g 0 a ...c lU 0 ‘J J - J 1 0 0 4 ........ 103 May’o;
119 J’ne’O
U
‘2d 7s................................... 1912 J-J 105°ft .
101 D eo'd’
lat guar g O s ..............<*1910 J-J
119 A p r’ 04
109 4 .
3d 7a................................M V l * A-O
04 4 104 4
A-O 1 0 6 4 m u 1 0 4 4 J’ne’03
11*! May’ o
r>
0 Pao of Cal—Os E do F ...1 9 1 2
Pitta Y & A sh 1st con 5».1W27 M-N 107 .
10 8 1 J’no’(i8
4
1st gold Os.......................1912 A -O 104 4 ........ 1 1 4 4 D ec’04
0 6 Hi 1 U 8 4
POCiSs St L g u 4 ‘as A . . . 1040 A-O
10t)3j
1st con guar g 6s.......... 1937 i\l*N 1 1 0 4 ........ 110 May’07
107 H J’no’08
r
107 H 108
i
Series B guar................. 104*2 A-O
S P a c o fN Mex l s t g Os..1911 J-J 101 ........ 104 A p r’ Ob
112 H r i n
?
102
Series C guar...........................104*2M-N 4 .
So Pac Coast la t gu 4a g.1937 J-J
90 .
lo o J4 Mar’ 07
toeiies v ja g u a r ............ 104o M-N
107 4 FeO’o
9 1 May’ oh
Tex A X u S u b D ivlst gOs.1912 M-S io4»4
89 .
Senes E 3 4 guar g ----- 1040 F-A
98 4 A p r ’08
0 6 4 98 4
Co gold 6s..................... 1943 J-J
94 .
t-ones J 4a g u a r ...........10u.; J -D
}'
8 7 4 93 4
02 sale
014
92
:oPac till 1st ref 4s...........1955 J-J
11*2” May’ O
h
C St L A P 1st eun g 5a. 103*2 A-O H 234 .
82 4 103
98
99
97
99
Southern—1st con g 5 s---- 1994 J-J
Pensacola A A ll see L do A aal
114 N ov’O
O
Bogiatereo.......................1994 J-J
Poo do Cast see C O C A Si- L
7 1 J’ne’08
73 4 7 0 4
70
123 ‘nJan ’0.
Develop & g’
A . I960 A-O
100
Peo a-. Pen Un lat g 0a-----10*21
82 4 J’ne’08
75
834
77 4 s i
1 0 0 4 Dec’U
Mob ds Ohio .1 g 4 * .. 1938 M-S
•2.. jtOlll 4 4®..................0 1 9 2 1
90 103
*
103 J’ ).e’0>
109 A p r’02
Atom D iv 1 s t - 1 ‘a*5s... 1990 J-J lOO3
’ ere luaro—Cli A V M 5» iu*2i J -D
V
7b
09
82
9 J’ly ’08
112 H Aug’ 07 . .. .
i
i
St Louis div lat g 4 s-----lUoi J-J
A-O HIT H HO
!• lint A P M fi Os.............. 10*2o
113 J km ’00
Ala Cen B 1st g Os.......... 1918 J-J
95 ........ 1004 A p r’07 . . . .
1st couaoi gold 5a..........1030 v/i-A
l)
90 J’UC’ O
i
A tl do Dauv 1st g 4a.........l94o J-J
100 ........ 100 H M’ay’ bS
lOO * l 0034
-j
Pt Huron L>iv 1 s t g 5 s .1030 A - 0 =
02 J’ue’ ot
2 .1 4 a ..................................1948 J-J
F-A
SagTua do li 1st gu g 4a. 1031
A tl ifc Yad la t g guar 4 s . 1949 A-O
Phil B do W See Penn Bit
Feb’o?
115** Mar’00
Col da Greenv 1st Oa.........1910 J-J 103 ........ 111
Phila tte Beading cou a7a.l011 J-D
>
LOO 1 0 0 4
9 0 H A p r’Ub
i
E T Va do Gu l)iv g 6a..l9oU J-J 1 0 0 4 ........ 10 0 JTy ’» *
90 H 97
i
Philippine B y 1st 30-yr s f 4s’37 J-J
105 J’l y ’ O102 1(H
Con lat gold 6a..............1950 M-N 1U5 lo7
pitta oin do bt L see Penn Co
99 4 J T y ’08
07
99 V
E Ten reor lieu g 5s........ 193b M-S ......... 105
Pitta Clove A Tol see 11 do U
05 Sep ’07
67
08
Ga .Midland 1st 3a............1940 A-O
pitta Ft W do Cli bee Penn Co
100
100 109 4
Gu Pao B y lat g Os.......... 1922 J-J 100 ........ 100
puts M cK ees do Y see N Y Ceu
107
107
107 1US
Knox do Uliio la t g O a.,.1925 J J loo ...... l l f , ^ A p r’ dO
109 H 109 *4
i
pitta Sh d li E 1st g o s ...1040 A-O 1 0 9 4 .......... 109*^ E eh’08
O
93 ........
9 3 7 J ‘iy '9 i
b
■tiouife Bir prior non g 5s 1946 J-J
1st consol gold 5a............. 1043 J - J
90 Out ’06
Mortgage gold 4a.......... 1945 J-J
Pitts & W est see ii do o
103 Mur’ O
b
103 107
974,
98 H
Rich d Dan con g Oa-----1916 J-J 106 ........
a
9 8 4 Sale
l i eliding Co gen g 4a........199. J-J
92 J’ no’us
92
92
94 l4 .......
97 H J’no'Ob
i
Deb 5s atumped.............. 19*27 A-O
97'*
Ev Registered...................... 1007 J-J
98 F eb’06
95 J’l y ’08
Bicli do Meek lat g 4 a ... 1948 M-N
jersey Cent coll g 4 s ...1 9 5 1 A O
94H
i
970* A p r ’O
h
95 4 9 7 4 .
97 4
So Car do Ga lat g 6a----- 1919 M-N
tieuaseuier do Sar See D do H
112 Out ’ 00
Virginia .Mill aer C O s... 19It' M-S 104
Rich do liau See South By
1 0 8 4 Dee 'ot
series D 4-6a................. 19*21 M-S 1U1
Rich do Meek see Southern
113 D ec’06
Series E 5s.......................1920 M-S 101
Bio Or W eat See lien 3 s Bio Gr
1
101 4 103
1 0 2 4 May’Ur
General 6a.......................1930 M
Booh do Pitts see B B A P
107 May’di
Guar stamped............1930 M-N
Borne W at do Og See N Y Cent
9 0 4 Jan '0?
80 4 .
W O «te W 1st oy gu 4 s .. 19*2 1 F-A
Rutland See N Y Cont
100 4 Bep’ 07
W est N C 1st con g Oa.. 1914 J-J iOl .
C iu Pus A H See Peru Marq
S do N Ala See L A N
84i* SO3 85 May’08
*
82
85
O t Jo do Gr Isl 1st K 4 s ...l0 4 < J-J
117 J’l y ’00
Spok Falla A Nor l s t g Os. 1939 J
sit L do Cairo See Aloh do d u o
10 2 I 06
105 May’O
t•| *er A of St L 1st g 4 4 s .. 1939 A-O 1U4
St L A iron Mount see M P
110 4 F e b ’Ob
1094 111
X 1st con gold 6 s ....1894-1944 F-A 109
U t L K U & K See Wabash
9 4 4 J’ oe’Ob
90 4 94 4 .
Gen return! s t g ua.......... 1953 J-J
B t L M B r See T KB A ot St L
L ll D ec’ U
O
St L 51 llge Ter gu g 6a.l93u A-O
St Louis do San F ranciscoA p r'08
Tex A N O See So Puo Co
116
1144
111’ ,
General gold Os................ 1031 J-J
90 112 4
108 4 3 OS 4
109 H
’ex
107 J’ly ’ob
105
General gold 6 s................ 1031 J-J 104
103 H L A Pao 1st gold os........ 2000 J-D
i
92 Nov’O
O
90 Jan '08
2d gold inc os...................y2 U O Mai
U
90
90
St L do S F B B cona g 4 s .. ’90 J
10 Mui’O
O
May'Ob
La D iv B L 1st g 5S........ 1931 J .J
95 ........ 100
100
Southw DlT 1st g 5a .. 1947 A-O
100 4 Nov’04
W M in W A N W ls tg u 6a ’ 30 F A
0i*4
Utf'‘h SaJ*0^4
76
Betundmg g 4a..............1951 J J
10*2 4 Feb’i/8
102 103 4 .
Tol do O O 1st g os................'.9;>0 J-J 106
98 N ov ’00
6-year gold uotea 4 4 -.1 9d .- J-D ......... 90
Hi
Muy’ 04
102
Western D iv lat g 6 s ... V936 rV-O
Bt L M do So East gu 4 HiglOOO J-D
■ O4 93
J
97 103 4 9 7 4 May'Ub
General gold 6s................. 1935 J-D
K C Ft S do A1 con g ds..lU*2b M-N 115 ......... 113 Mar’dh
111 1 1 4 4
81*
84
89 Ju n ’ 08
Kan A 51 la t gu g 4a___ 1990 A-O ......... 88
0 9 4 18 UU3 7
03 4
07 H 09
i
K C Ft S A M B y ret g 4a 1030 A-O
4
80
BO
7 94 83
80
8J
Toi P A W lat gold 4 a ....1 9 1 7 J-J
K C A M B A 1 1st gu 5s. 19*29 A-O
J
87
b7 Muy’ dh
80
7 9 4 ........
90 D eo’07
Tol St L A W pr lien g 3 4a. 1926 J-J
99
Oz’ r k A CliC lstg u G s g.1913 A-O
74
07
73 4
73 4
72
74
60-year gold 4a................ I960
O
Bt Louis SO See Illinois Cent
95 Dec ’O
O
Tor Ham A JButt la t g 4a./tl940 J-D
884
8 3 H Sale 88
i
8t L S W 1st g 4s bd o ils. 1080 H-N
84 H 90
j
103 105
later A Del la t con g 5a 192b J-D 100 ........ 104 4 l0 5
7d May'08
08
75
70
‘ d g 4s inc bond olfs...2>1989 J - J
2
65
93 Sep ’00
O0 4
1st refund g 4a........... 1962 A-O ......... 89
00
00 H Sait
i
60
Couaoi gold 4s......................1032 J -D
1 0 1 4 Salo 1 0 1 4 1 0 1 4 150 99** 102*4
U u P a c B B A l gr g 4 s . ..1947 J-J
Gray’ s P tT e r 1 s t g u g 6 s 1047 J D lUUHx........ 1 0 1 4 A p r ’O?
93 100 4
99 4
Begiatered......................1947 J-J
Bt Paul do Dul See N or Pacific
954 95V
96
96 H
954, Sale
1st A ref 4 s (w x)........... J/2U08 M-S
104 J’ly '0 8
I024104«s
Bt Paul M do Man 2d 0 a ...lU 0 9 A-O 103'* . . . .
83
95 4
92*4 Side
914
92 H
20-yr conv 4a ................... 192? J-J
27a
* 127-**
L2041283
*
1st couaoi gold tia— . .. ..1 0 3 3 J-J 127 7* 1*29
91
97 4
97
9 0 4 97 H 97
ure By A N av con g 4a. 1940 J-D
124 ......... 134 D ec’ idj
Begistered.......................1033 J-J
115 1*22
20 J’ly'Ob
120 121
Ore Short Line la t gOa.. 1922 F-A
*
*
102 " ibb'
Reduced to gold 4 4 6 ..1 9 3 3 J •J 1071 Sale lOUHi 1071
L O 1144
O
lat couaoi g 5a............... 1940 J-J 110 ......... 12*4 113
,
Begistered.....................1033 j - J 10 2 34 ......... 110 H A p r’01
90
90
8 5 4 93
90 4 Bale
Guar return! 4a..............1929 J-D
i 0 3 4 1 054
Dakota ext gold Os............lOld M-N 104 Hi......... 1U4*4 AU4\
87*4 M ai’ o7
Begistered................... 1929 J-D
99 Apr'Ob
Mout ext 1st gold 4s-----lOjL J-D
94
99
100 Get '07
Utah do Nor lat 7a......... 190b J-J
1 0 0 14 Get 'OU
Begistered...................... 1 0 3 1 J-I)
105 4 J’ly ’ 07
Gold 5s.............................. 1920 J-J
95
hlMiun Nor Div l s t g 4aL94b A-U
Uni N J B B A C Co See Pa BB
107
i ’2 4” May"’0*6
All an l/uion l a t g t is ----- 192*2 J-J
Utali Central See Bio Gr W es
130 A p r’Oc
120
Mout C 1st gu g Os......... 193 t J-J
128 l:
Utah A North See Un Pacific
13UV* Muy’O
U
Begistered........................ 1937 j - j
N Y Cenl
1 11 H Apr ’O
i
B
1st guar gold os..............193. J - J HOHi.
ll"i 4 111 4 Utica A H ack B See s -----1955 F-A
9 4 4 Oct ’ 07
andalia consol g 4
115 H D ec’uO
,
W ill do S F 1st gold 6 8 .. 103t J -L 112-j .
98 Sep ’00
era Cruz A P la tg u 4 4 H l9 3 4 J-J
Bt P do N or Pac see N or Pao
Ver Val 1ml A W See Mo P
St P do s ’ x City Seec s t P M etc
Virginia Mid See South By
82
83
82
84
id Ado A Pass 1st g u g 4 a ... 1943 j - j
78
86
99 110
V a A Southw’ t 1st gu 5 b. 2003 J-J 100 ........ 107 4 May’Ob
102 Sep ’07
B Fo Pros do Ph 1st g 6 a ... 1942 .\i-b
102 1 0 9 4
105 4
abash la t gold 6a........1939 «t-N 106 4 Sale 104
uct ’05
ilu
S F do N P 1st sink t g 5a. 1919 J.J
884
8 4 4 94
90 4 .......
2d gold 5a................... 1939 F-A
Bav F A W est See A ll Coast L
J’n e V
Debenture aeries A ........1939 J-J
Bcioto Val do N E See Nor do V
V
May’Ub
37
60
Series B............................ 1939 J-J
58
6 7 4 J ’ l y ’ 08
Seaboard A ir Lino g 4a ...lO oU A O
434
F e b '08
loO 102
lat lien equips hi g 5 s .. 1921 M-S
90
b8 J’ne’ 08
9*2
Coll tr refund g 5 s ......... 1911 Ws-N
Mai ’ 00
b64
1st lien 50 yr g term 4 s .1954 J -J
8b J a n ’ O/
Atl-Birm 30-yrlst g 4s.«1933 M-S
55 392 3 7 4 5 8 4
5 4 4 Sale
9 0 4 Mur’oO
lat ref amt ext g 4a ------1950 J .J
Oar Cent 1st con g 4 a ...1 9 4 9 J-J
A p r’ u
100 100
Det A Cli E x t lat g 6 a ..1941 J-J
107 4 Aug’ uO
Fla Cen do Pen l s t g 6 s .1918 J - j
N ov’ 04
Des Moin Div l s t g 4 a ..1939 J-J
1st land gr ext g 6 a ...1 9 3 0 J-J
Feb’ U
'
Cm Div 1st g 3 4 h............ 1941 A-O ......... 85
i"0 04 Mar’ o6
Consol gold 6a...............1943 J-J
9 0 4 J’ne’d
Tol A Cli D iv 1st g 4 s . .. 1941 M-S ......... 95
9 5 '* May’08
Ga A A la By 1st coil 5s ol946 J-J ......... 100
92
96 4
100 May’O
'
St Chaa Bridge lat g Os. 190b A-O
98 ........ 110 J a n ’05
Ga Cur do No 1st g u g 5a 1929 J - J
4‘
S
44r
41
4 3 4 Sale
W ab Pitts Term lat g 4a. 1954 J-D
LO0 Mar’07
95 ........
Seab & Boa 1st 6s........... 1920 J-J
9 78
10
04
10 Sale
2d gold 4a............................ 1954 J-D
Sher Shr do So See 51 K do T
VVarreu See Del Lac A West
Bil Sp Uca do G See A tl Coast L
VVaah Cent See N or Pac
8o Car do Ga See Southern
Wash O A W See Southern
Boutuern Pucitio Co—
87 4 J’l y ’ 0
Waah Terml lat gu 3 4 s . . 1946 F-A
884
86; .
86 4 Sale
8 3 4 88
Gold 4a (Cent Pao coll).fcl949 J-D
70
70
79
70 Sale
W est Maryland lat g 4 a ... 1962 A O
84 J’ ne’07
Begistered................... Acl949 J-D
40 May’ OS
47
39
Gen A conv g 4 a .............. 195*2 A-O
974
97
97 4 Salo
94
99
Cont Puo 1st ref gu g 4a 1949 F-A
100 4 Aug’O
ti
98 . . . .
W Va Cent A P lat g 6a 1911 J-J
93*4 J’ne’07
Begistered.......................1949 F-A
10841144
1 1 0 4 112 114 4 May’Ub
J .J
W e s tN Y A Pa la t g 6 s ..1937
85 4
86
8 5 4 85 4
80
M ortguar gold 3 4 a ../c l929 J -D
91
87 4 91
90
91H 914
Gen gold 3-4a..................... 1943 A-O
90 4
90 4
UO-4 93
904
Through St L 1st gu 4s '54 A-O
34 F eb ’O'
Income 5a........................ <21945 Nov
103 4 A p r’07
Gal lia r do 8 A l s t g da. .1919 F-A 102 4
W est N o Car See South By
107 J a n ’08
107 107
Mex do Pac l s t g 6 s___ 1931 M-N
LO
O 107
102 J’no’08
96
Wlieel’ g A L E lat g 5 a ... 1926 A-O
101 4 May’08
1014101
Gila V G A N 1st g u g 68.19*24 M-N 1 0 0 4 106
103 103
103 M a i’Ob
W heel D iv lat gold 5a. .192b J
lUl J a n ’ 08
....
Hous E A V T lat g 5s. 1933 M-N 101
V
9 3 4 98 4
1*84 Jnd ’ 08
Exten A Imp gold 6 a ...1 9 3 0 f - A
U
100 101
1st guar 5a red........... 1933 M-N - ......... 106 4 L04 Aug’ O
7*24
10 00
084
09
B B lat conaol 4a............... 1949 M-S
d 110 4
1094 U
H do T C lat g oa int g u ..l9 3 7 J - J 109 4 ......... 109 7
104 Oct ’ 07
20-year equip a f 5a ...1 9 2 2 J-J
107 N ov’07
Consol g Us int g u a r ... 1912 A-O 1 0 9 4 . . .
W ilkes A East See Erie
93 4
93 4
37
93
Gen gold 4s int gu ar..1921 A-O
92 4 . ..
W il A Sioux F See St P 51 A M
116 Deo’00
Waco&FT VVdlv ls t g U s ’ 30 M-N
86
26 80
814
83
W ls Cent oO-yr lat gen 4s 1949
109 4 Feb’O
O
A do N W 1st xu g 5a___ 1941 J-J
1
1«0»4 •
n
12
1
min ' *
034 U
J’ly’O
b
V
10
0
W
60
M IS C E L L A N E O U S
lUnmitnctiiring dc indiiMtrmi
92
70
Beth Steel 1st ext af 5 a .. 19*20 J-J
Cent Leather 20-year g 6s.l9*26 A-O
9 7 4 Sale
74
Conaol Tobacco 50-yr g 4a. 1951 F-A
74
Distil Sec Cor conv 1st g 6 s .'27 A-O
Int Paper Co 1at con g Os. 19 Lb F-A 1 0 3 4
784
Consol conv a f g 5s........1935 J-J
Int St Pump lo-yr conv. Oa ’ 13 J-J
91^ Salo
Lackaw Steel lat g 5.a-----19‘23 A O
9 1 4 bale
N at Starch M f g Co 1st g Os 19*20 M-N
Nat Starch Co s ! deb 5 s .. 19*26 J-J
05 4
N V Air nrako 1st conv Os ’ 28 M-N
9 3 4 Sale
Repub I A S ist<& eoltr 5s. 1934 A O
95
U s Leath Co a ( tleb g 0 a ..l9 1 3 iV
l-N 105
107
U S Realty A I conv deb g 5 s ’2 l J-J
U s steel Corp— ( coup .<11963 M-N
99 4 Sale
Sf 10-00 yr 5a. ( reg ..U 1903 M N
99
Va-Car Cheni col ir 6a g . . 191*2 A-O 100 4
Westinfthouse E A .vis t 5« ’ 31 J J
80 Sale
• N o n r i c o F r id a y : la t e s t bid Mid asked th
BON IJS—Concluded.
Miscellaneous
Adams Ex col tr g 4 s ..........1948
A m SS Co of W Va g 6 s . .. . 19*20
B’ kl’ u F e rry C o lsto o u sg 5a ’48
Chic Jc A St Yard col g 5 a.1915
D etM A M Id gr incomes.. 1911
Int Meroan Marine 4 4 » -.1 9 '2 ‘
J
in t Navigation lat 3 f 6a. 1929
Man Bell H A L gen g 4 s .. 1940
Newp N e Ship A D D 6s <11990
N Y Dock 50-yr 1st g 4 s .. 1951
Provldcnco Sec deb la .. . 957
94
Provident Loan So c4 4 a .l9 2 1
95
St Joseph Stk Yds 1st 4 4*s.l930
107
St L Ter CuppleaStat’ n A Prop
81
Co l s t g 4 4 s 5-20 year.. 1917
994
9 9 4 S Yuba, Wat Co con g 0 s .. 1923
1004 Sp Val W at Worka lat Oa. 1900
83 4 U S Bed A Bef 1st 8 f g 08.1931
tl, in ^ A n r * D u e M
b Diia *
95 May’08
95
97 4 1*3*6 8 5 4
964
7*2 4
3 0*2
72 4
74
15 04
■m
10 2 J ’Jy’ 08
10 1
78 4
i 78
78 4
36 90
95
94
9 14
3 84
9L
8 3 4 Aug’07
70 Apl*’ 07
Po'H 209 87
924
95
2 9*2 4
94
IOL
Id 5 4 JTy ’08
7 b JTy h*8
04 4
9 9 4 >81 85 4
98*4
99 • 1*2 8 u4
*
•
98 4
l l ’u'.l J’ne’08
89
80
31 07
79 4
- «ve< k.
a\i te .1All
96
97 4
724
75
195
80
90
914
1
PJ-S
M-N
F-A
J-J
A -O
A -O
F -A
M-N
J -J
F-A
M-N
MS
SO 83
904
89
90
1 0 0 4 J’ n o ’02
41 O ct ’OO
i*o*6‘ * i b o ”
100 Jan ’ >'8
42 4 47
47 A p r ’ o8
m m "4 5”
72
084
69 *Y6 03
......... 09
75
86 4
85 4 J T y ’ OS
♦ 85 .........
50 F e b ’ 02
90
Sale
UUSi 04
80
.........
85
91
J -J
J-D
J-J
M-S
88
85
86
100 4
A p r '08 . . . .
O ct '07
M ay'08 . . . .
Sep ’ (>•
112 j ’ ly ’*04
1 1 3 4 J T y ’00 _
85 A p r ’ 08 . . . .
> l l n * S ice*
86
89
85
85
78
85
a r t n t t n n tfJlta
0H1CAQ0 STOPS '-]X.OaAYaB— 3took Record— Daily. Weekly and Yearly
STOCKS— HIGHEST AND LOWES'l SALK PRICES
Saturday
J u l y 11.
*170 180
*2%
3
10
* -----*40% 41
19
19
*40*
*74
*4*2*'
75
*
*
*
*
* ____ 55
*52
53%
287s 29%
9734 977g
ondau
July 13.
M
Tuesday
July 14.
1 ednesda
)
July 15.
Thursday
July 16.
*170 190 *170 190 *172% 175
*2%
3
♦2%
3
2%
2%
*6
10
*6
10 * -----10
*40% 41
*40% 41
41
41
*1834 101 *1834 191
19
20%
Friday
July 17.
Last
2%
Last
41
Sale 170 July’08
212
*2
2%
Sale 8
May’08
41
*19%
20%
Last 'Sale 4
May’08
Last Sale 18
July’07
’ 46* V o " *40” 42" *1111 Vo"" *
_____________
40
*39
*74
75
*74
75
*74
75
75
75
-------------------- -------------------- 15
17
*
17
13
15
15
17
17
..
17
_____________ * 50
*
_____________----------------------------------------49% June’08
50
50
*
50
Last Sale
-------------------- _____________ 41
44
*
Last Sale 46l2 May’08
_____________ *1111 Vs * 1 18 " li f "
18
*
-------------------- 1 "
Last Sale 15-% July’08
55 *
* ---------------------------------------------56 52 May’O
50
*
Last Salt
O
62
62
*52
531"
53
53
*52
531 *52
531
2834 29%
287s 29%
28% 28%
281.| 2812 28*4 28l2
97% 977S 97% 9734
97% 977,
97% 97%
97%
97%
June’08
Last Sale 28
5%
5%
*5
5%
*5
5%
*5
5%
5
5
5%
5%
59% 59% * ------ 59%
59
59
*58
59
59%
59
591.
59
*140 147% *140 1475* *140 147% *1-10 147%
Apr’08
Last Sale 145
*116 126 *116 126 *116 126
125 125 *122 125 *122 125
45% 45%
44
44
*42% 431" *41% 421"
41
4212
42
42
100 100
*99% 101
*99% 101 ‘ * ------ 101 “ *
ICO
100
_____________
Last Salt 10
July’08
27% 27% *27
27% *27
27% *27
271"
27
27
*27%
27%
*961* 98
*97
98
*97
98
9778 977S *97
98
97
9S
48
48% *48
49
48% 48%
49
49
49
4812 48% *48
Last Sait 147 May’08
*1
1%
*i
1%
Oct'07
Last Sale 1
*1
1%
*1
1%
*3
4
*3
4
*3
4
*3
4
Apr’08
Last Sale
*23
21
*23
24
*23
24
*24
25
247S 25
25%
25%
139 13934 139 139
139 139
139 139
139 139
13834 139%
Last Sale 2%
Mch’Os
*109 no" *109 110 *109 n o
no
no
110 no
104% 105
104% 105
105 105
104 104% 103 103
"l02% "l’oYlj
130-% 130% 131% 133
131% 132
131% 132
13II4 132
131
131
33
33
*3234 33%
3234 33
*32% 33
*3212 33
32
32%
Last Salt 31% Nov’<)5
Last Sale 80
Feb’06
Last Sale 46
July’08
Last Sale 2% June*07
Last Sale 19
June’08
87
*86
87
*86
87
*8012 87% ♦86
Last Sale 86% July’08
11534 1153.) *114% n o *114% 116
* ------ 116
116
116
*69
69% * ____ 69% *____ 69% *69
691"
Last Sale 69% July’08
*111 112 *110 112 *110% 112 *110% 112 “
Last Sale 111% 111%
Last Sale 534
May’05
93
93%
93% 9334
95%
95%
*31
33
*31
33
*31
33
*31
33
Last Salt 31% July’06
89
89
89
89
89
89%
89
89
*881" 89
*88
89
101% 10134 101% 101% 10 11 " 10134 10138 101% 10115101% 101% 101%
*120 125 *120 125 *120 " 125 *120 125
Last Salt 124% 124%
981" 98%
98% 98%
*98
98%
98% 981"
9812 98U *98
981
*3,
%
*3S
%
Last Sale
*%
%
*%
%
%
2%
27,
2%
27S
2%
27,
2%
2%
2%
2%
1%
2%
4
*14% 16% +14% 17
*14% 17
*15
17
Last Sale
16
16
...................
...................
------
------
Last
Last
Last
Last
...................
Sale 32%
Sale 10
Sale 16
Sale
Jan’07
Nov’06
May’07
Nov'OCI
Sates
ol the
Week
Shares,
-
EXCHANGE
Week ending July 17
>
a
Price
Friday
July 17
Bid
A — -
Week’s
Range or
Last Sale
Ask Low
High
-J
Lowest
160 Jan 24
1% Feb 3
7 itch 16
41 J’ly 8
15 FeD 10
2 %Mch 2 ?
Range lor Previous l'eai
(1907)
Highest
175
3
9%
47
23
4
39% Alch 9
46
68% Jan 4
79
13 J ’ly 14
19
42 .Jail 1
54
44 May 5
47
n
j ’ly 9
20
53 May 5
56
50% J’ne 10
71
26% Apr 16
29%
85 Apr 20 103
25 Apr 13
31
HUlhesi
Jan 2 ?
J ’ne 16
Alch 27
J’ne 3
May22
Alay2i
J’ne 15
19 J’ne 23
70 Jan
101% Jan 2
51 Mch 3
91 Mch 23
’ 861V.) an" *3
24 Jan 24
72 Jan 16
88% Jan 2
114% Jan 3
87 Jan 3
% J’ly 17
1% J’ly 17
14 Apr 25
46
J’ly 8
19
86%
116%
70
112
J ’ne 23
Apr 28
AIayl5
J ’ne 16
Mayiy
95%" j ’iy 17
Apr
Jan
Apr
11 Oct
2% Dec
14 Apr
28 Nov
63% Nov
17 Dec
43 Nov
34% Apr
20 Sep
58 Apr
60 Nov
20 Oct
95 Apr
20 Mch
46i-> Jan
6% Apr
19% Jan
65 Jan
87 Jan
28 Jan
72 Jan
J’ly
25% Jan
66 J’ly
Jan
Jan
May
Apr
3 Oct
34% Nov120 Dec
112 Nov
•0 Nov
89 Nov
30 Jan
2a Dec
90 Dec
45 Oct
165 Feb
1 Jan
6 Aug
21 Dec
16 Oct
7% Apr
69 Apr
140% Sep
130 Apr
80% Jan
109 Jan
40 Men
40 J’ne
111 Feb
54 Jan
165 Feb
1 Jan
fiW J ’m
51 Feb
1341- Apr
Oct
Oct
Nov
Nov
112% May
*•7% Oct
129% Mav
57 May
41 Aug
21" Jan
25 Feb
58% Oct
91 Nov
50 Nov
9734 Nov
4 Feb 13
5% Jan 11
41% Jan 2
69% J ’ly 11
125 Jan 10 145 Apr 22
116 Apr 22 127 Apr 13
37 M chl9
55% Jan 16
91 Jan 2 101 J’ne 2
12 J’ly 7
42 Jan
24 Jan 3
30 Jan 1 1
90 Jan 10 100 M ayl3
40 Feb 20
51 Apr 28
147 May o 147 May 6
38
205
5
16
95
77
108%
34
Jan 14
Jan 20
Jan 22
May It,
May23
Jan 31
May 14
Jan 13
Feb 21
J’n eis
May 4
4 Apr 13
4 Apr 13
21 Feb 26
30 M ayl9
106 Jan 3 140% J’ly 10
% Feb 25
234 Feb 21
100 Jan
111 Feb 4
80 Jan 3 105 J ’ly 11
113 Jan 2 135 J’ly 10
30 Jan 22
39 Jan 14
150 Mch
1% Nov
10 Oct
46 Jan
2% Jan
27 Men
86 Jan
11734 Jan
84% Jan
120 Jan
NovNov
Nov
NovNov
Oct
34 Nov
6 Jan
16 Dec
92% Apr
57 Jan
95 Jan
1131" Jan
173% May
1023[ Jail
2% Apr
1234 Apr
30 Feb
32% Jan
32% Jan
1014 Apr"
40 May 20
90 J’ne 2
103% J’ne 11
134 Jan 29
99 M ayl6
l 34Jan
12 Jan 15
17 Apr 1 1
72
20
07
75%
100
85
20
Jan"
C icago B k an Trust C pan
h
an s d
om ies
D’ds
Sold
Range
Since
Jan. 1 1906
Low
High
American Biscuit 6 s _ .1 9 lo
Amer Strawb’d 1st 6 s . 1911 J •
100 Mch’07
Cass Av & F G (St L) 5s-12 J - j tio6% Sale 100 % 1001
99% 101%
n
Chic Board of Trade 4sl927
100 May’07
Chicago City R y 5 s . . . 192
a noi
101% 101% 1011
*94% ioi%
Chic Consol Br&Mlt 6s____
____
j
103 Apr’04
Ohio Consol Trac 4 ^ s .l 9 3 9
D ....
55 Aug’07
Chic Audltorlum lst 5sl92»
9634 Jan'06
Chlo Dock Co 1st 4 s . .1929
Chic No Shore Elec 6 s . 1912
□ —
"I "
*87* Feb*06
Ohio & Mil Elec R y Ss.1019 J - J —
Chic Pneum Tool—
1st 5s......................... nl921 J - J
72%! 727S 72%
727„
68
73
Chic Ry 5 s .....................1927
\
'JIR, Sale
99
991.)
32
95% 102
Chic Rys 4-5s series “ A
8h%
88%
. t- —
88%
88% 9034
Chic Rys 4-5s scries ’ ’ I)
.
80% Sale
80
801
7834 8258
Chic Rys 4 -5s series " C ’
. 1— .
77
77
77
75
79-%
Chic Rys coll 6 s . . .1913
. noo
100% 100% 100%
9734100 %
Chic R I & P R R 4 s . . 2002
79 Nov'04
Collat Trust g 5 s . ..1 9 1 3
s m i m i
80 Apr’04
Commonw’alth-Edlson—
Chic Edison d c b 6sl913 J - i noo
100 June’08 . . . .
100 1001)
1st g 5 s ____ July 1926 A - > 100 % 10034 100 % 100 %
97 100%
90%
Debenture 5s____ 1926
5 1—
9834 99%
99%July’08
Commonw Elect 5sbl043
5 10 1 % Sale 101
101% " i i
93 1011
Illinois Tunnel 5s____ 1928
) -----90 Dec’oe _ .
Kan City R y& LtCo 5s 1913
95
05
1 1 . ~ . ’05" ‘
1 *93* *9534
Knlck’ bMcer Ice 1st 5 s . 1928
) too
....
85% 88
88 June’08
Lake St El— 1st 5 s ___1028 J - „1 t80
85 May’08 . . . .
80
88%
Income 5s___________ 10 25 Feb
16 May’06 —
Mctr W Side El—
1st 4s_______________1038
l ....
87
87% Jne’08
81% 88%
Extension g 4s_____ 1038
1 ....
84
8334 Jly’08 * n
80
85
North Chic St 1st 5 s . .1900
1 -----90 Dcc’06 —
1st 5s........................... 1016
1 -----Refunding g 4%is__1931
» ....
79 Aug’06
No Chic CltyR y4J^sl027
1 ____
75 Feb’07
North W est El 1st 4 s . .1911
i 88% Sale
88%
8S% ’ 11
86
90%
Ogden Gas 5s_________ 1945 M 91% Jly-08 ____
80% 93
99% I I II 100%Mch’06 _____
Pearsons-Taft 5s.......... 1916 J 4.40s .................................... M ....
94 July’08
94
95
4.60s Series E ____
M -N
9^2
96 Apr"08
96
96
97
4.80s Series F __________ M - N
m i
97%Ja. '08
97% 97%
Peo Gas L&C 1st 6 s . .1943 A 112 Mar'08
109% 112
fo"f% 101% 101%
Refunding g 5s____ 1947 M 94 102
Chic Gas L&C 1st 5s 1937
- j tioiT —
103 July'08
97% 103
Consum Gas 1st 5 s .l9 3 6
- D
100 % Jne'08
9434 100%
M ut’ I Fuel Gas Ist5sl947 M - N
100 May’Os
98 100
South Side Elev 4 ^ s .l 9 2 4
- J *95* 95% 05% Jly-08
9334 96%
99% 100%
Swift & Co 1 st g 5 s . ..1 9 1 4
0934 Jly’O
S
93 100
90
Union El (Loop) 5 s . ..1 9 4 5 A - O —
90 Feb’U8
90
90
Union Pacific conv 4 s . 1911 M - N
------ 114 Nov’04
” 40"
United Box Board col 6s ’26
60 Apr’08
*66* 68
"oo""
W est Chic St 1st 5 s . ..1 9 2 8 M - N t - —
90 May’07
Tunnel 1st 6s_______ 1909 F - A
68% Sep’05
Debenture 6s.............1014 J - D
73 June’07
Consol g 5s rets____ 1936 M - N
80% J ;c’08
72% 80%
W es DlvCIty R y 4 H sl9 32 J - J
87 Dcc’06
Western Stone Co 5 s . .1 9 0 9 A - O
85% Jly’08
’76 " 85%
Note.— Accrued Interest must be added to al
prices
Im wprfl mailr
JJF
Ranyt Since
Jan. 1 1908
Railroads
Chicago City R y ........... 100
17 Chicago & Oak P ark. 100
Do p r e f . . . ................ 100
50 Chic R ys part ett “ 2 " . .
415 Chicago Subway........... 100
Chic union Tractlon.lOO
Do pref....................... 100
40 20 Kans City Ry & L t-.lO O
74
Do pref____________ loo
220 Metropol VV S E lev___ loo
„ Do pref....................... loo
North Chicago Street.loo
Northwestern Elev___ loo
Do pref....................... 100
127 South Side E lev a ted ..1 0 0
585 Streets W Stable C L -1 0 0
815
Do pref____________ 100
W est Chicago Street . .10 0
Miscellaneous
350 American C a n ..............loo
377
Do pref____________ 100
American R a d ia to r.. 100
"1 6
Do pref____________ 100
217 Amer Shipbuilding___ 100
101 45
100
Do pref................
Amer Straw Board
" 5 6 Booth (A) & Co.......... 166
66
Do pref.................... 100
155 Cal & Chic Canal & D .10 0
Central Trust B a n k ..1 0 0
Chic Brew’g & Malt’g
Do pref___
63 Chic Pneumatic’ T o ol! 100
294 Chicago Telephone
100
Do rights .
" i s Chic Title & Trust . - . 1 0 0
.033 Commonw’th -Edison, loo
755 Diamond M atch.
100
100 Illinois Brick...................100
Knickerbocker I c e l 'l O O
D ° P ref-..................... 100
Masonic Temple
MUw & Chic Brewlngl
Do pref....................
National B lscu ltl!
166
u
Do pref___
100
National Carbon. I ” loo
"56
Do pref___
lou
Page W ov Wire Fence
170 People s G a s L & C o k e ..l 66
Sears-Roebuck c o m .. 100
"its
Do pref................ . . . 1 0 0
990 Swift a C o___
100
15 The Quaker Oats’ CoIIlOO
191
Do pref..........
100
25 Unit Box Bd & P C o.100
.025
Do pref____________ 100
25 Western S t o n e _______ loo
„
,
Mining
Bingham Con M ining. 50
Black Mountain
.
D aly-W est____ ‘ I
26
^. . . Hubhard-Klllott
C icago B d R
h
on ecord
B NS
OD
C H IC AG O STOCK
STOCKS
CH IC AG O STOCK
EXCH ANGE
NAME.
Bankers N a tio n a l_______
Calumet N a tio n a l_______
Chicago C ity_____________
Commercial National . . .
Continental N a tio n a l___
Cook Co State S a v in g s..
Corn Exchange National
Drcxel S ta te .
.
Drovers D ip N a tio n a l..
Englewood State_______
First N a tio n a l_________
First Nat r.nglewood. .
Foreman Bros B ’ k’g Co
Fort Dearborn National
Hamilton National____
Hibernian B ’ k’g A s s n ..
Kaspar State B ank_____
L ive sto ck ExchnneeNat
Monroe N a tio n a l..............
Mutual Dank......................
Nat Bank of Republic___
National C ity____________
National P rod u ce.............
North Avenue State____
North Side State Savings
Oakland National
Prairie N ational_________
Prairie State.........................
Railway E x ch a n g e______
S e c u rity _________________
South Chicago S a v in g s..
State Bank of Chicago___
Stock Yards Savings____
Union Bank of C h icago..
Union Stock Yards State
American Trust & Savgs.
Central Trust Co of I I I . . .
Chicago Sav Bk & T r____
Chicago Title & T r u s t ...
Citizens Trust & Savings
Colonial Trust & Savings
Drovers Trust & Savings
Farwell Trust Co___ _____
First Trust & S a v in g s ...
Harris Trust & S a v in g s..
Illinois Trust & Savings.
Kenwood Trust & Savgs.
Lake View Trust & Savgs
Merchants' Loan & Tr Co
Metropolitan Trust & Sav
Northern Trust Co.............
Northwest Trust & Savgs
Peoples Trust & Savings.
Pulfman Trust & Savings
Royal Trust Co.................
Stockmen’s Trust & S a v.
Unlon Trust C o_________
United States T r u s t ____
Western Trust & Savings
W est Side Tr & Sav Bank
Woodlawn Tr& Sav B k . .
Outstand
ing
Stock
r
Surplus
and
Prollts
t
Dividend j
In
1900
In
1907
Pei
lod
Last Paid
$2 ,000 .00c1 *1.362.60!:1
8
8
Q-. Jne '08. 2
100,0001
31,681
5
An Dee '07. 6
6
500,0001
165.474:
10
10
J-J July ’08. 5
3.000,00(11 4.344,070i 12
Q-7 Ju:y ’08, 3
12
4.000,0001 3,472.644
8
8
Q-J Julv 08, 2
8,1901
50,0001
6
6
Q-J July ’08. 1%
3.000,0001 4,924.6281 12
12
Q-v July '08. 3
200.00(11
45.677'
0
0
Q-. July ’08. 1%
600,0001
381,533i
8
Q-. July '08. 21"8
200.0001
37,1791
3
6
Q-J July '08. 1 %
8.000.000 7,795.051
12
12
Q - J’ne '08. 3
150.000
160.5951 10 + U)
Q-J J’ne '08. 2 %
10
500.006
638,654
Prhr ate Ba. 11k
1,000,000
411.440
6
8
Q-J July'08, 2
500.000
154.198
5
J-J Jan '08. 21*
1.500.000
995,297 ‘ "5*
Q-J July '08. 2 "
8
200,000
104,335
10
10
J-J July '08, 5
1.260.000
353.001 ____
Q-J J’ne ’08 21*
300,000
60.811
3
" 4 " Q-I May ’08. 1 “
80.990
250.000
4% Jan. Jan ’08. 4%
2.000,000 1,268,714
6
8
Q-J July ’08, 2
457.207 ____
1.500,000
Q-J July’ 08. 1 %
67,421 Began businc ss
250.000
Aug 26 1907
___
200,000
61,780 . . . .
Q-J July’ 08, 1 %
50,000
6,333
6
6" Q-J July ’08. 1 %
38.192
100,000
6
Q-J J’ ne ’08. 1%
6
250,000
77,791 •••*
63.532 d38
-500,000
Q-’j" J’ne *08.* V*
250,000
14.264
4
J-J Jan '08. 2
300,000
123,655
Orea nlzed Oct 12 1906
200,000
6%
78.156
6
Q-J July '08, 1%
1.000,006 1.194.783
8
9 + 1 Q-J July '08, 3
250,000
169.189
6
6
J-D J’ ne ’08, 3
200,000
41,151
6
6
M-N M ay’08, 3
200.000
62.640
6
6
Q-J July '08, 1%
3.000.000 2,542.976
8
8
Q-J July '08, 2
2.000.000 1,006.796
7
7
Q-J July'08. 1*4
H500.000
100.434
5.000,000 1,2/7,047
o'
” 6 " Q-V July *08,**r%
6,491
50.000
3
3
A-O Apr '08, 2
638.801
600,000
10
10
Q-J July '08. 2 %
86,974
200,000
6
6
Q-J July ’08. 2
1.500,000
84.979 Orga nlzed Aprl I S 1907
2,000,000 1,623,446
1.250.000
469.559
2
Q-J* July *08,* * *“
5,000,000 8,297,191 12+ 4 1 6+ 4
Q J’ne ’08. 4
200.000
43.495 ____
6
Q-J July'08. 1 %
200.000
33.281
Q-J July ’08, 1 %
2
3.000,000 4,522.183 " i n
12
Q-J July '08. 3
750.000
351.221
6
6
Q-J July’08, 1 %
1,500,000 1,830,622
8
8
Q-J July 08. 2
200,000
45.677
6
J-J July’08. 3
200,000
77,093 " i s "
6
J-J July’08, 3
*500.000
159,219
8
*8
Q-J July ’08, 2
500.000
577.367
8
8
Q-F May ’08, 2
200,000
13.939
5
J-J Jan '08. 2%
1,000.000 1.054.084 __H
Q-J J’ne '08 2
200,000
25,000 1
Forme rlyJen 1 lus j RE' L & Tr
u
1,000.000
325,180 6 + 1
6
Q-J July’ 08. 1 %
200.000
43,358 I egan busfne <3
B
S
Sept 6 1905
200,000
27.880
6
6
Q-J July’08, 1 %
BOSTON STOCK EXCHANGE— Stock Record, Daily, Weekly and Yearly
SHARE PRICES— NOT PER CEN TUM PRICES
Saturday
July 11.
Monday
July 13.
Tuesday
July 14.
Wednesday
July 15.
Thursday
July 10.
Friday
July 17.
Sales
ol the
Week
Shares
Range Since
Jan. 1 1908
STOCKS
B OSTON STOCK
EXCHANGE
Range 1or Previous 1 cat
(1907i
H ig h e s t
H ighesi
Railroads
861- J’ly 16
07% Nov 1071- Jan
67% Feb 11
Atch Top & Santa Fe-100
85185%
851, 85 I4 8434 851
85
79:i4 Nov 101% Jan
*821- 8234 8234 8234 83
9334 J'nel3
83% Mch 3
Do prof------------------- 100
Last Sale 921., July'08
*92l4 93 I4 *9214 93l4
180 Dec 240 Feb
*911- 921 *9134 9234
Boston <c Albany--------100 181% Jan 2 20o3j Apr 22
5
205
205
. . . 205
G
205% 205% 200 2O I4 205 20514
11734
152 Jau
*205 “
Boston Elevated--------- 100 125 Feb 17 140 Jan 20 200 Nov 231 Jan
____
135
13334 1333, 13334 13334 13334 13334 ___ 135
J ’ne
184 1341
Boston & Lowell--------- 100 200% Feb 11 210% Apr 10
205
...
...
2051 • 20512 208 208 *205 208 *205
>
129 Nov 170 May
*205
--
132
132
Boston <c Maine--------- 100 120 May2S 140 Jan 2s
S
133 133
1321- 133
165 Jan
133% 133>2 133 133
150 Oct
Feb 13 156 Jan 22
133 133
Do pref____________ 100
Last Sale 150 July'08
301 Feb
Jan 10 300 J’ne Is 285 Oct
Boston & Providence. 100
295
____295
*
. 295
____295
15 Feb
294U 295
8 J’ly
13 Mch 27
* ____ 300
Mch i
Boston Suburban El Cos.
July'08
Last Sale 10
*10
11
*8
11
05 Jan
*10
11
50 Aug
60 M ayly
*8
11
Jan 31
*52
56
Do p r e f . . ---------- --------55
50
*52
50
*52
50
*52
50
2834 Jan
50
10 Nov
*52
17 Jan 25
Feb 2a
Boston & W or Elec C o s-
Last Sale 121- July’08
*1012 12 !
*101* 12
SO Jan
*1012 12
601 Jan lo
55 Nov
*1012 12
Feb 27
July’08
Do pref-----------------------Last Sale 53
*50
53
*50 ' 53
*50
53
160 Jan
53
*50
128 Dec
Jan 2 150 J ’neio
Chic June R y & U S Y . 100
S
Last Sale 150 June’O
...
148
. . . +148
*148
___
9934 Oct 120 Jan
*148
Jan 10 113% May2:
Do pref------------------- 100
*112 114
. . . *112
*112
. . . *112
___
112 112’ *112
188 Feb
Con & Mont. Class 4 . . 100 103% Mch 5 105 Mch 4 170 Oct
Last Sate 103!4 June’08
152 J’ly 150 Mch
Conn & Pass Riv pref. 100 133 Apr 21 133 Apr 21
Apr’O
S
Last Sale 138
Connecticut R iv e r.- .1 0 0 244 Jail 14 253 Apr 22 244 Dec 280 Jan
Last Sale 250 June’O
S
110 Nov 135 Jan
Fitchburg pref------------100 117 Jan 2 131 Apr 21
126
125 125 +125 120 *125
12514 125% 125 125
____ 120
79 Jau 2<
114 Mch
0 7 Apr 27
69% Dec
7234
Ga K y & Electric-------100
2
7234 7234 721- 72172
73U 7314 72
7234 723,
88 Mch
73 Oct
Do pref--------------------100
Oct-07
Last Sale 73
190 Aug 198 Jan
Maine Central------------- 100
Scp’O
Last Sale 190
12% Jan 8
201- Jan
8% Jan 2
7 Dec
*9
10
*9
10
45 Mass Electric Cos-------100
914 *9
012 91;
914
50% Jan b
*9
10
40 Jan 2
71% Jan
37 Oct
Do pref------------------- 100
*46
48
127
40
40
*40
471: *40
48
19 Mch31
2534 Jan
*4012 471; *40
153s Apr 25
14 Nov
.Mexican C entral-------- 100
S
Last Sale 15% Apr’O
128 Jan 0 140-4 May la
127% Nov 190% Jan
N Y N H 4 H artford. 100
137 13734 137 13734 137 1371- 136% 1367s
13034 13034 137 138
145 Dec 160 Jan
Northern N H ------------- 100 140 Jne 29 145 Apr 1
iMSt Sale 140 Juuc'Oi
Norwich & W or pref-100 200 Apr 0 205 Feb 20 205 Nov 220 Feb
Apr-08
Last Salt 200
175 Jan 11 188 Apr 1 175 Oct 200% Jan
Old Colony----------------- 100
1S5 185 *184
185
184 185
184 184
184 184
29 Apr 2
45 Jan
25 Nov
*184 185
25 Jan 15
Rutland pref--------------- 100
Last Sale 20
July-08
*20
...
*20
*20
___
82% J ’nejO
82 Aug
94 Jan
*20
--70 Feb 17
Seattle Electric----------- 100
Last Sale 80
July'08
7912
791; *77
*77
*79
81
8334 Nov 103 Jan
95 Feb
*79
81
8838 Jan 2
Do pref------------------- 100
*92
93
93
93
66
93
93
93
93
93
93
182% Jan
100% Oct
93
93
Mayl9
149% 150% 6,349 Union Pacific------------- 100 110% Mch 2 151% M ay 22
148 14912 14934 15078 1493S 1501
84%
1 83j Nov
1473s 14834 1473, 149
93 Jan
7834 Apr 4
Do pref____________ 100
Last Sale 8234 May’08
*82% 831 *821- 831 *821- 831; *8212 8312
150 Jan 13 150 J’ne 1 145% Nov 170 Jan
Vermont & Mass-------100
Last Sale 156 July'08
/ 4 Dec
S7«4 iVlchol
95 Jan
70 Jan 2
84
84
83184
227 W est End S t -----------------50
84
84
84
8414
84
84
84
04 Nov 110 Alch
84
90 Jan 2 105 Apr 7
Do pref______________50
102 102% 102% 102%
33
* ____ 103 *102 1023., 102 102
140 Aug 147 Jau
138 J’ly 9 140 Mch3J
Wore Nash < ; R o ch --100
5
Last Salt 138 July’08
Miscellaneous
26 Jan
10 Oct
25 J’ neIS
13 Jan 3
*24
*24% 25
500 Amer Agricul Cheni-.lOO
25
*24
25
25
2458 24% *24
95 Feb
721- Nov
*24
24%
88 J ’ly 9
77 Mch 17
Do pref____________ 100
88
88
88
191
88
871- 88
88
88
1434 Jan
871- 87%
3% Nov
871- 87>2
8% M ayl’
j
4 Feb 10
534
5%
534
*5%
255 Amer Pneu Service.. 50
0
0
534 534
534
534
33 Jan
53J 534
0% Oct
2 1 Alayi
9% Feb 25
Do pref--------------------- 50
10
430
10% 10%
16
103s 103s
16% 103.,
101
103, 103, *15
93 Dec 137% Feb
99% Jan 2 132% May 18
130
131% 2,503 Amer Sugar Retin-------100
105 Dec 13134 Jan
127U 12714 12734 12734 1281- 128% 1281 130
127 127
Do pref--------------------100 100 Feb 18 129 Maylo
127
126
127
1251- 125*8 1241- 1241- 127 127
125 120
120 120
89% Nov 134% Jau
99 Jau 2 120% J'nelu
116 1103, 11011,914 Amer Telep & T e l e ? ..100
301- Jan
19 % Nov
1 10 IIOI4 110 IIOI4 110 IIOI4 llG 1161. *22% 231 *221- 117!
24 Mayl9
10 Jan 2
4.438 American w oolen-------100
24
102 % Jan
2334 2334 2234 2234
*2234 24
*221- 24
90% Mayl8
09 Oct
7734 Feb 19
Do pref_____________100
89% 893.1 8 9 “
204
90
8934 8934
4 Jan
8812 89
881- 89
3 Mch
31 -J 'n u 4
*88 " 88%
3 Jan 7
Boston Land----------------- 10
Last Salt 3% Junc'08
*3
334
*3
334
33,
*3
931- Nov 115 Jan
*3
334
96% Jan 11 110% Feb 3
108
*108% 110
121 Cumber1 Telep & T e l. 100
25 Feb
18% Apr 15
12% Oct
1081- IO8I2 109 1091 •108% 110
1434 Jan
Dominion Iron & Steel.
Last Sale 17
May "08
9 % Jan
*1134 153, *1514 1014
14
*13
0 M ayls
3% Oct
*13
14
4% Mch 13
East Boston I.and--------Last Sale 53, June’O
S
534
534 *514 534 *514
*5U
185 Nov 230 Jan
*514
53,
134 Edison Elec I l i u m ... 100 201 Mch 17 215% J’ly 1.
215 215
215
215
102 Jan
2151- 2151 *215 215
214 214
212 212
01 Oot
111 Jan 2 141 iuaylS
1397s HO
139 139
148 General Electric-------- 100
137 13714 •137 13712 137 139
00% Jan
58% M aylt
43 Oct
*135 137
49 Mch23
52% 521
315 Massachusetts Gas Cos 100
53
53
53
53
54
54
80% Apr
87% Apr 22
75 Nov
*5212 54
53
53
77 Jan 2
Do pref---------- --------100
660
87
87% *80% 87%
87%
87
87
Alch
87
801- 801
Mergenthaler Lino___100 192 Apr 10 203 J ’ly 15 185 Nov 215 Jan
202% 202% *200
127
434
200 203
*198
1 % Dec
2 Jan 23
*198
____ *198
1 Mch 2
Mexican Telep hon e.. 10
Last Sale 1% July’08
*1%
1%
75 J ’ly
69% Jan 14
40 J ’ne
1 78 + U4 " i h
*1]4
17
S *H 4
40 Mch 6
" 6 8 N H Cotton Yarn-------100
46
40
*43
...
...
90 Jan
40
Oct
4512 4512 *43
45
82 J’ly 13
____
*43
75 Mch23
Do pref....................... 100
81
82
33
*80
____
*S0
...
*80
82
81
119 Jan 20
16 Nov 126 Jan
*80
____
113 113
205 N E Telephone----------- 100 105 Jan
113
1131
113 113 ‘ 113 113
J’ly 17
37 Nov 182 Jan
1 1 2 U H 2I4 11213 113
97 Pullman C o___________ 100 147 Jan 2 102 Feo 21
162
102
1601- 100% *160% . . .
10
11 Jan
9 Nov
100 IGOI2 100 160%
*159 100
9 Apr 10
*9%
93,
U Reece B u tton -H o le .. 10
O
934
934 93,
934
* 91934
*91934
70% Nov 113 Jau
*912
934
88% Jan 2 1031- M ayi100
286 Swift & Co..............
1013i 10134 101% 10134 101% 1013, 101% 10134
22% Jan
10134 10134 1011- 102
23 J 'n e ll
20 J’ne
20 Jan
Torrlngton Class A . . 25
Last Salt 23
July’08
*21
23
*21
23
*21
23
25 Jan 14
241- Nov
27% J ’ iy
*21
23
23 May22
Do pref------------------ 25
"l5
*24
26
*24
26
25
25
*24
20
07s Jan
*24
20
2% Jan 28
1 Oct
*24
20
1% Mch 23
Union Cop L ’d & M 'g . 25
Last Sale lr3 June’08
>
1*4
1»4 » . . .
120 Heo
* ____
13,
148 j ’ly 14
101% Oct
134 - - - - l',S24 United Fruit.................. 100 114% Jan
146 147
111
145
147 147%
14034 148
09 Jan
68 J’ne
36 Oct
144 1441s 1441- 147
38% Jan
Un Shoe Mach Corp._ 25
54
54
54
5134 1,492
53% 54
55
55
5434 55
78% Feb 20
29 Jan
54% 5478
24% Jan
23% Nov
Do pref--------------------- 25
50
28% 28% *28
28%
28V,
*28
281., *28
5038 Jan
28
28
42% J’ly 10
22 Oct
20 Jan
28's 2Sls
417 42%
s
42%
4234 31,099 U S Steel Corp..............100
4178 42%
40
41IS -1034 413,
395S 40
87% Jan
79% Nov IO734 Jau
1087s J’iy 8
Do pref......................1 0 0
2,441
107% 1081s 10734 108
9 Jan
8 Jan 31
4 Nov
1003, 10034 10734 10778 107 1077-s 10734 108
4 Feb 3
-____
0
100 W est Telep & Telcg-_100
6
6
573 57S *____
82 Jau
70 Jan 10
50 Nov
512 578
* ___
~
59 Jau
Do pref------------------- 100
*65
____ *63%
30
*05
...
06
60
27% Apr 11
78% Jan
*05
20% Nov
19% Feb 18
*05
W esting El & M f t , . . 50
Last Sale 27% Apr’08
80 Feb
34% Feb 1J
70 May
347s Feb 19
Do pref------------------ 50
Last Sale 34% Feb’08
Mininz
6% Feb
4% J’ly
% Nov
1% Feb 21
Adventure Con------------- 25
4
4
4
4%
4
4% 2,540
74 % Jan
4 4 3-10
4%
4%
20 Oct
33% Jan 20
24 Apr 23
4
4
*30
31
130 Allouez_________________ 25
*30
30
30
31
30
30
12 1 Jan
31
70% J’ly 15
*30
42% Dec
45 Feb 19
30
30
687s 093.,
087S 691 30,099 Amalgamated Copper 100
68% 6934 69% 70%
63 Jan
2034 Jan 13
68% 09%
30 J ’lie “
19 Nov
09
08
195 Am Zinc Lead & S m ._ 25
28% * ____ 28% *27128
28%
*27% 28
75 Feb
20 Oct
40% Maylo
2 S14 281, *27U 28
28 Feb 19
55 A n acon d a______________25
153„ Jan
44
44
234 Oct
0 Jan 15
3% Apr 29
4318 433s
100 Arcadian--------------------- 25
*3%
31
*3%
3*4
SI334 *3%
2t'.% May
734 Oct
2034 Jan 29
14 Jan
3%
31 "*314 '~312 *3%
19
19%
19
19% 3.054 Arizona C om m ercial.. 25
19% 1934
187S 1978
2 Jan
19
.35 Sep
18
.50 May23
.40 Feb 14
1714 171
A rn old--------------------------- 25
Last Sale :
July’08
*%
34
1 1 - Jan
*%
% May
* 1*%
34
Ash Bed........................... 25
Last Sale
Aug’07
22 “ Feb
6% Oct
' " b " Apr 22
i'j% MaylO
143., 1434 *14%
600 Atlantic ---------- - - - - - 2 5
'14% “l 5 "
15
37 Jan
4% Hoc
14% "14% 15
034 Jan 20
14%
15%
.15
% Apr 29
.85
200 Bingham Con Mtn & S 50
.75
.85 *.75
.75
.85 *.75
.80 Jan
.35 Sep
■S5 *.75
74 % Feb 27
.85 *.75
.85
10 .35 Feb 19
.50
60 Ilonanza (Ilcv C o)—
.40
.50 *.40
.40
.50 *.40
33 % Jan
8% Nov
.50 + .40
17 Jan ’
.50 *.40
10% Apr 13
*.40
1173 117S 117S 1178
75 BostonConC&G (rots) 01
1178 1
12%
12
12%
17% J’ly 17
12
11% Apr 14
12
12%
1034
17
11,490 Bos & Corb Cop & Sll M 5
10
16%
171
16
1534 10%
39% Jan
10 Oct
•253s J’ly 15
15% 1534
15% Jan 2
15% 151Butte Coalition............... 15
25
243, 253S 24% 25%
25% 18,588
198 Fob
2334 25
89 Oct
23% 24
93 Feb 20 110 Jan 20
*23% 2334
329 Calumet & A r iz o n a ... 10
113 113
113
113
112 113% 113 113
_
35 Oct 1000 Feb
700 Jan 15
112 113
112 112
660
660 665
40 Calumet & H e c la -------25 1565 Mch
600
600% 660% *655 660
47 Feb
28% Jan 15
10 Oct
000 060
055 000
21 Feb 10
26
26
155 Centennial-------- - ---------- 25
*25
26
26
26
*25
26
.52 Jan
45 J’no 9
25 Oct
20
20
20
*25
1 .25 Mch 0
500 Cons Mercur Gold-----.38
.39
.3
.42
*.39
.38
44% Oct
10.’ Jau
.41
.39
.39 *.39
6518 Feb 18 ' 74 % MayH
7334
3,449 Copper Range Con Co. 100
73% 74
74
737S 7334 74%
20% Jau
11% J’ne 18
73
7% Dec
72% 73
74
72
7 Jan
11
1073 11
625 D aly-W est......................... 20
11
*11
11%
1084 11
701- Mch
40 Oct
11
11
103, 103,
611- May
47-% May 4
20 Dominion C o a l-..........100
51
50
0835 J ’ly 17
85 Nov 114 * Jan
941- Apr 22
Do pref------------------- 100
15
9833 983S
4% Jan
34 Nov
2 Jan IS
.99 Mch 6
*1%
10 Elm River......................... 12
*1%
1»4
1%
1%
*11134
1%
29% Men
*110 Oct
10% Jan 27
0% Apr 22
1*4 *1%
25
400 F ranklin--------9%
9%
9-s
9-8
9191
161 Feb
9
97S
05 Oct
*914
80 Jan 2 105 J’ne
100
100
100 100
53 Granby Consolidated.loo
*97 100
IO
O 100
17% Apr
I l f , J’ne 10
100 100 *100
5% Oct
67s Jan 2
107s 7,535 Grcene-Cananea.......... 20
1034 107g 1034
107s 11
10% 107s
5 % Jan
2 Dec
2% Jan 22
10 *% 107s 103., 103,
1% J ’ly 2
Guanajuato Consol—
5
Last Salt lr
,s
July’08
301- Jan
20'., Jan 2/
11% Oct
173, Feb 17
20%
20% ‘ 360 Isle Royale (Copper). 25
2034 201- 201
203,1
30 “ Feb
207S 2078 20% 21
8 Oct
17% J«n 14
20% 20%
1 2 % Jan "
La Salle Copper------------- 25
1434 15
364
*147>s 15
14% 15
9% Jdn
23s Nov
14% 141 *14% 143.,
0% J’ly 10
2% Mch
6
61
6%
63,8 3,380 Mass Consol------------------- 25
53.,
6%
1 % Jan
6
5%
51
5%
.40 Nov
5%
5%
Mayflower---------------------25 .25 Jan 10 ,50 Jau 22
Last Sale .40 June’08
.50
.50 *.40
15% Jail
.50 *.40
6*4 Nov
*.40
8 Jan IS
.50 *.40
4% J’ly 17
*43,
5
4'>s
47s 1,313 Mexico Cons M & S - - 10
5
24% Jan
5
5
5
034 Oct
5
12% Jan 20
5
7% Feb 25
*47.8
* 91100 Michigan--------------------- 25
919%
978
9%
9%
96% Jan
9%
9%
»
9*4
93j
37 Oct
9%
45 Feb 19 03 J’nelO
61 "
25
611
1,691 Mohawk----------60% 62
61% 62
3% May
6U
1 Nov
59% 61%
69
1is Jan 24
59%
.70 2,575 Montana Consol C & C 10 .42 J’ne 11
.70 *.05
.70
.75
20% Jan
.70
.85
.80
.85
634 Nov
.75
1334 Moh2S
.75
.75
8*8 Jan 2
12%
850 Nevada Consolidated. 5
12% 12%
12%
120 Jail
121., 12%
30 Oct
12% 123, *121- 12-%
121- 121
403, Feb 19 74% J’ly L
723.,
14,950 North Butte.....................15
72121- Jan
7134 4.V
.J
7034 721
% Sep
097s 70%
Old Colony.................... 25 .50 Jan 15 .85 Apr 21
Last Sale .50 June’08
.50
03 " Feb
.50 * ___
.50
18 Oct
*............... 50
40 Jan 28
28 Jan
361
816 Old Dominion.................. 25
35% 35% *35%
7 1 Oct 181 Feb
3434 35% "35% 3534 '36% 36l2 35% 35%
77 Feb 19 100 J’ly
1021
25
251 O sceo la ------------1 0 1 % 10 1 % 102
102 102
35 Jan
101% 102
8% Oct
102 103 *100 102_
10% Jan 11 25% J’ly
24
24 “
959 Parrot (Silver & Copp) 10
24% 24%
«3 Jan
24% 245<? 243, 2434
% Dec
2334 24%
24
24
1% Jau 25
1- Mch 11
50 Phoenix Consolidated 25
148 Feb
.50
70 Oct
93% Jan 15
77 Feb 19
87
87
87
55 Quincy________________ 25
i 123 , Jan
87% *85
87
871*
87
2 Oct
4 % Jan 20
2 Mch2G
785 Rhode Islan d .- - - - - - 2o
334
3133,
3%
7 % Jan
33.1 334
i
11 - Nov
33,
3 % 3r
33.1 33 1 *31*
23sJan 20
1% Apr 3
890 Santa Fe (Gold & Cop) 10
2
0
1'8
2
1%
243* Jan
* 17S 2
7% Oct
1% * 1 %
1%
91.1 Feb 19 1434 MaylS
13%
2,636 Sh an n on ----------------------- 16
14
13% 13%
13% 14%
141.1
14
14
13~8 13%
14
19% May 2
14 Apr 3
____
445 Superior______________ 2o
16% IGI4 ---- 170 Jan
1634 103, *10% 17
G*> 16% 10%
161- 1 1
51* Oct
77 Jan 20
50 Mch 20
65
65
65
50 Ta m arack--------------------- 25
65
51o
42% Jan
* ____
00165% 65%
9*8 Nov
65^2 G
183.1 Jail 14
12 % Feb 19
133s
*133S 131463 Trinity________________ 25
133S
14
14
77% Mch
7 Dec
13% 13%
13% 131.1
13% 13%
8% Jan
4*% Mch 24
*6%
200 United Copper----------- 100
*7
7
v%
7%
91 May
—
7
7
*7
22 Oct
7 % *7
20 .inn
23'% Apr 10
Do p r e f.----------------- 100
Last Sale 213, Fcb’O
S
13% Jan
7% Nov
203.3 J ’ne t
9 MchGl
55 United StatesCoal&Oil
25
70 Jau
241- 24% *2334 2434 *24
“25“ *24~ 24L *24' 24
*24
24% Oct
39% M ayi
28 Mch 0
36
36
30% 2,313 U S Smelt R ef & M ln. 50
36
36%
40 Jan
30
36% 30127% Oct
363.8 363X 361.4 36*4
44% J’ly 10
37 Feb 10
Do nref______________50
44%
44% 1,345
44% 44%
44
79 Jan
43% 43%
43% 431*> 44
25% Oct
43% 4M431- Mavl5
29% Jan
42%
43%
1,614 Utah Consolidated —
43
43
43
43% 43f
43
43
42% 4278
4312
35 J’ly (
28% May 8
34
34%
34% 1,283 Utah Copper C o .. . . 10
34
34 ’ 34
34% 341.1
11% Feb
34
3% Oct
343S 34% 34%
0 May20
2% Apr 10
410 Victoria________________ 25
5 .8
1
51,8
5%
5%
53 j
5
5
3% Meh
5%
1 May
5%
5%
Washington_____ . . . . 25
Washington
Last Sale 1.06% J’ly’07 _
14 Jau
r2% Nov
f678 J 'no
41- Jan 2
6*4 *534
580 W in o n a _______________
6U
614
6
6
<r
* 0%
61198 Feb
“*534 "o %
0%
93 Oct
138 May If
115% Jan
132
W olverine____________ 25
133
63
134 134 *1.33 135
133 133 *132 134
3*» Jan
.10 No.
133% 134
;7S J’ne20
50 May 26
5
50 W yandot
*13S 1 ,R *1%
15s
1111*1%
1 % *1%
1%
*1%
1%
♦ st- no
lo
e
B efore p a y ’t of assexs'ts called In 190 7.
* % no
# B id and asked prices.
(TNew sto ck.
e A s s ’t p a id ,
h
E x-rlg h ts.
a
E x -d lv . and rLghts-
0 L x stock d.V
July 18 1008.1
Boston Bond Reoord.
m iM ih
BOSTON STOCK K X C H ’ G E
v ' kkk en d in g J uly 17
v
Pries
Friday
July l ?
Am Boll Telephone 4 s . . . . 1908 J-J
A m Telep A T el coil tr 4s. 1929 J-J
Convertible 4 s . . ..............1986 M-S
A m Writ Paper 1st s 16s g 1919 J-J
Aten Top < w Fegen g 4 s .. 1995 A-O
&
Adjustment g 4 s....... J*ly 1995 Nov
Stam ped................ J ’ly 1995 M-N
Boston Fleet Light 1 st 6 s .1908 M S
Consol 5a............................ 1924 M-S
Boston A Lowell 4s........... 1916 J-J
Boston a Maine 4 4 * .......... 1944 J-J
Boston Terminal 1st 3 4 s . 1947 F-A
Bur A Mo ltiY ex 6 s........... 1918 J-J
Non-exempt 6s................. 1918 J-J
Sinking fund 4s................1910 J-J
Butte A Boston 1st 6s___ 1917 A-O
uedar Hap A Mo It 1st 7 s. 1916 M-N
‘ 2d 7 s ..................................... 1909 J-D
Bent Vermt 1st g 4a ..M aylU 20 Q-F
0 B A
Iowa l>iv 1st Gs.1919 A-O
Iowa Dlv 1st 4 s ................ 1919 A-O
Debenture 6 s .................... 19l.s M-N
Denver Kxten 4s............. 1922 F-A
Nebraska Exteu 4 s ........1927 M-N
B & S W a t 4s....................1921 M-S
Illinois D iv 8 His................ 1949 J-J
1 Joint bonds Nee Gt Northern
U hiojo By A Stk Yds 5 s . 1915 J-J
Coll trust refunding g 4 s 1940 A-O
:i Alii A St P Dub L 6 a ..1920 J-J
>
Oh M A 8t P W is V div 6s 1920 J-J
Chic * N o Alien 1st gu 5s. 198 1 M-N
Cliie A W Mich gen 6s___ 1921 J-D
Concord A Mont cons 4 s .. 1920 J-D
Conn A Pass It 1st g 4 s ... 1948 A-O
Current River 1st 6 s......... 1927 A-O
Det Ur ltap < W 1st 4 s . .. 1946 A-O
fe
[Dominion Coal 1st s t 6 s ..1940 M-N
Fitchburg 6 s ......................... 190?* M-N
4 s ...........................................1916 M-S
4 h .......................................... 1927 M-S
[FromtElk. A Mo V 1st 6 s ..1933 A-O
Uustaiupea 1st 6s........... 1933 A-O
Gt, N or C B A <4 coll tr 4s 1921 J-J
Registered 4s..................... 1921 C}-J
b
Week's
Range or
Last .Sale
■23
Imxo
High
100 J’ ne’08
87
87 7f
84 H
s
85
Tj784 Mar'08
**97*4 ’ *98* 97 J’ly ’ 08
88 ........
87 J’l y ’08
86 .......
853s J’ne’07
8 7 ^ Sale
86 7q Sale
102 105
98 Hi........
117
........
*8*6" Safe'
. 103
88 Hi.
.1 1 8
‘ *98** **9*9*
81Hi.
Range
Since
January 1
157
IIOA9.H
BOSTON STOCK K X C H ’ G E
W ickk E nding J uly 17
Price
fYidaxi
July I ?
Week's
Range or
Last Rale
Range
.Since
January 1
ss
Ij xo Hiyn
O
Rid
A sk Low
Utah
nitnois Steel deben 6s___ 1910 J-J
99 . . .
9 8 4 M a y ’ OS
Non-convertrtehen 6 s ... 1913 A-O
9 8 4 ...
98 4
99
la Falls A Sioux C is t 7s..L 917 A-O
117 A p r ’0
Kan C Clin A Spr 1st 6 s ... 1925 A-O
96 Mar’O
Kan C Ft S A Gulf 1st 7 s .. 1908 J-D
1 0 1 J’ ne’08
K anC Ft Scott A M 6s. ...1 9 2 8 M-N 115 1164 115 4 J’ ly ’0
Kan C M A U gen 4 s ........... 1934 M-S ......... 9 1 4 89 J’ne’Os
Assented income 5 s........1934 M-S ......... 88
88 J’ ly ’ 08
Kan C A M Ity it Br 1st 5 sl929 A-O
110 Feb’04
99 May’ D?
Maine Cent cons 1st 7 s . . .1912 A-O
101 S o p ’06
113S N ov’06
8
Cons 1st 4 s ........................ 1912 A-O
114 Mar'OG
101 *4 Hop ’0
112 H Jan ’03
i
Maro HoughifcOnt 1st 6s. 1925 A-O
1 15 J’ne’08
Mexican Central cons 4 s .. 1911 J-J
l o t Oct ’07
1f85 J’ne’08
1st cons m o 3 s............Jan 1939 J’ ly
102 Sep ’ 05
1116 Apr ’0.'
2a cons m e 3s........... Jan 1939
98 H A p r '08
i
If 15 4 A p r’US
Mich Telep 1st o s ................. 1917
100 J’ne’ Ol
Minno Gen Elec con g os 1929 J-J
117 J’no’08
102 4 Aug’04
N ew E n g Cot Yarn 6s___ 1929 F-A
111 4 J'ly ’05
93 J ’ly ’OS
97 4 .
70
8 0 4 New Eng Teleph 6s........... 1908 A-O
80
80
100 Feu’08
6 s ...........................................1915 A-O
11103 O c t ’ 07
1 0 0 4 Jan ’<
)
H
5s........................................... 19 L A-O
963 J’ne’ 08
4
96 3 9 6 3
4
4
Now England cons g 5 s ... 1945 J-J
100 100
100 A p r’ 08
Boston Term 1st 4s........1939 A-O
9 7 78 I ’ ne’o7
9S3» A p r’08
9838 9838 N Y N H & I I con deb 3 4sl9ot J-J
H85 *4 J’ly '08
Old Colony gold 4 s .............. 1924 F-A
074M a y’O
7
1 0 1 4 S e p ’ 06
*8 “ fl89** Oreg lty & N a v con g 4 s .. 1946 J-D
*6
H89 May’OS
11027s Jan ’05
Oreg Sh Line 1st g 6s........1922 F-A
T12iaaMar’ 06
99 103 4 Uepub Valley 1st s f 6 s ...1 9 1 9 J-J
J’ly ’08
102 Aug’ <)7
85
8 8 4 Rutland 1st con gen 4 4 s . 1941 J-J
J 'n e08
1 0 7 4 N ov ’05
ltutland-Canadian 1st 4s 1949 J-J
118 118
J’ly ’08
102 Mat'02
Savannah Elec 1st cons 5s. 1952 J-J
F eu’05
9 S 4 M a y ’06
95
99
Seattle Elec 1st g 5s......... 1930 F-A
J’l y ’ 08
100 4 -May’ 08
1 ‘erro Haute Klee g 6s___ 1929 J-J
97 100
J’l y ’08
97 A p r ’O
'i
Torrington 1st g 5 s........... 1918 M-S
D ec’07
9 9 4 Nov’06
Union Pac RH A 1gr g 4 s . 1947 J-J 100 4 .
112H Jan ’03
i
U )07s J ’l y ’08
104 Nov’06
J-J
11914 J’ ne’OS
80
8 1 7 May’08
g
82 7e United Fruitconvgen 6s.
M-S
lL
O Jan T 8
90 Feb’ 08 .... 90
90
U S Steel Corp 10-60 yr 5s.
M-N 11993s Salo H9938 1I993*
98 A iir’07
W est End Street Ry 4 s ....
F-A
96*4 F e b ’08
103*8 Api ’06
M-S
95 N ov’ 07
96
96
96 A p r ’ 08
Gola de Denture 4 s ........... 1916 M-N
10238 Jan '06
Gold 4s.................
128 1 2 8 4
128 H A p r ’08
i
............................. 1917 F-A
99 8 May’ 07
2
140 A p r’06
Western Teleph A Tel 5 s .1932 J-J
93 4 Sale
914
93 4
92*41197^ Wisconsin Cent 1st gen 4sl949 J-J
96 H
i
9 0S
1194 4 S e p ’ 06
92
9G7e Wisconsin Valley 1st 7 s ..1909 J-J
95 H J’ne’08
i
109°8 Aug’U6
Low
97*4
95
117
90
H\ya
99
99
117
96
100 l o t
1 0 9 4 116*4
* 7 4 91
83
884
98*s 100
78 4 88
8 0 7* 863s
5
!783 1i783,
4
'9 6 4 99*4
85
87
N oth —Buyer pays accrued interest in addition to the purchase price for all Boston Bonds.
* N o price Friday; latest bid and asked.
115 115
74 1 85
|
If16 1110*8
If15 *4 1115*4
93
LO
O
98
100-
794
88
1004100 4
fI9978 1007»
1f84:«8 1I9134
L16 117
1186 119938
96*4 9 6 4
79
96
H Flat price.
P iladelph an B
h
ia d altim Stock Exchanges—Stock R
ore
ecord D
, aily, W
eekly, Yearly
S h a r e P r i c e * —fHot P e r C e n tu m P r ic e *
; Saturday
July 1 1
0°8 6°«
....... 13
....... 114
•44*4 44 4
8B34 3 3 4
t r i o *8
1**4
Monaay
July 13
*89 4 .........
*6 .........
*12 .........
• 1 0 4 11*4
44*4
334
10 4
4*4
*22 4
7
89 4
62 4
41*4
0438
10*4
44
23 4
7
90
63
•7
7*4
89
89
62*4 624
14
14
6 0 7b 61*4 0O*6ia 61
39 *-j 39 4
39 4
394
9«a 9°t
»•
9*8
153*
1 5 *4
15*8 1630
67 4 68*10
6 7 ;*a 5 f i* i o
4 1 4 2
6 0 4 61*8
•414
50
85 4
42.
60 4
85 4
Tuesday
July 14
90*4 90 4
0f
la 6 4
Weanesaay
July 15
*90 .
•64 .
Thursday
July 16
904
.........
*44
34
10*8
*4
♦22 4
*7
80 4
6230
14
60lRia
39 4
9 fls
154
6734
414
*414
60
86
P i l l LA D E L P H I A
444
344
104
6
23 4
•44
444
3 4 4 35 4
104 10 4
•4
5
*22 4 23 4
64
1
90 4 9 0 4
63
6334
i aie
614 014
39 4 39 s
9 3* 9**lfl
15 4 1634
tr570io o3*io
904
024
14
Gl^e
39 4
9 38
154
534e
414
4 1 4 * 4 1 4 42
60*4
50
504
86
8 5 4 86*4
*26 .........
904
J*
*
11
TYiday
July 17
*20
*70
•90
*64
•12
*1U3
4
4 4 4 *44
3638
354
1 0 4 •104
•4
43
4
23°a
234
7
7
83
904
634
634
*1 4
6 1 3 ia 6 1 4
6 l 3io
*39
39
39
9yie
94
94
15 4
16 °0
144
67 4
67*>io 57 4
•41
*414
• 414 42
484
60 4 60 4
86
864 864
*27
*23
2*3
•44
35 4
10 4
•3 4
23
7
90
634
P H IL A D E L P H IA
25
73
90 4
64
13
11
Range lor Previous
Year( 1 9 0 ? )
Highest
Ixixcest
H ighest
Baltimore
Con. Gas EL L. A P ow .100
Do prel............... ...1 0 0
32 Northern C entral......... 50
176 Seaboard (new )................100
Do 2a pref............. 100
United Ry & E lectric.. 60
20
65
80
4
10
10
Jan 15
Mar25
Jan 2
Feb 12
Feb 18
Jan 8
27 4 May 13
70 A p r 23
9 1 4 J’ neJ3
7 Aluy18
13 Maylh
1178 Mar28
33 4 Jan
80 May
7 8 4 Nov
10 Nov
24 Dec
8W e t
■1434 Apr 24
4 3 4 Dec
22 Oct
7W o t
3 Oct
133 Nov
4
4 Dec
69 Oct
48 4 Oct
4 N ov
x52 Nov
3034 Nov
0*10 Nov
d 12 Nov
3 5 4 Oct
36 4 Nov32 4 Oct
4 L7 N ov
b
66 4 oct
35
85
97
234
48
15
Jan
Jan
Jan
Jan
Jan
J ’ne
Philadelphia
444
36 4
104
5 ,
234
7
90
63 4
14
Gl7ie
39 V
a
914a
16**
57‘4 o
42
42
60 4
804
28
Rid
A sk
American R a ilw a y s.... 60 4 2 4 Mar 9
Cambria S tee l................. 50 2 6 4 Feb 10
Electric Co of America lo
8 4 Jan 25
3 4 Jan y
Gen Asphalt tr ctrs___100
D o p re f t r e t f s . . . . 106 1 9 7a Jan b
Lake Superior Corp___ 10 0
34Feb29
L en igh c A N a v t r c t f s . 50 7 8 4 Jan 2
Lehigh Valley................. 50 5 24F eb 2 l*
Maraden Co...................... 100 * 4 a Jan 20
Pennsylvania R K ......... 50 54n10 Jan *
Phiiadelp’aC o(P ittso). 60 34*-2 Aiur 3
Philadelphia Eleotnct. 25
5 4 Feb2 ,
Phila Rapid Transitu.. 50 1 2 4 J ’ ue 0
H eading........................... 50 4 3ie F e b l7
(>
Do 1st pref............. 50 39 Jan 3
Do 2 d p te f............... 5U 37 4 Jan 2
Union T ractio n ............. 6(>,x444 J’nelU
Utilted Gas lm p t........... 50 7 3 4 Jan
Welsbacli C o .................. 100| 25 J’ne22
P H I L A D E L P H I A
Bonds
Inactive S lo c k s
Pli A Bead 2d 5s ’ 3 3 .A-O
Allegheny Val pref___ 5U
A l Val B ext 7s 1910 A-O
Con M 7s 191 1 ........J-D
35
American Cement........50
34
A lt& L V E lc c 1 4 s ’ 33. F-A
Con M 6s g 1 9 1 1 ....J-D
Amor Pipe M fg......... UK)
Am Ryaconv os 1 9 1 1 .J-D
E x Imp M 4s g ’4 7 .A-O
Bell Telephone (Pa). 100
9H4 99 4 A tl City 1st 5s g ’ 1 9 .M-N
Terminal 5s g l9 4 1 .Q -F
Cambria Iron................. 50
45
P W A B col tr 4s ’ 2 1 .J-J
45 4 Balls Ter 1st 5s 1926. J-D
Central Coal & Coke.lOi)
B erg&EBrw l s t 6 s ’ 21 J-J
Portland R y 1st 5s 1930.
ConsolTracoE N J ...1 0 0
Betlile Steel 6s 1 9 9 8 .G-F
67^ •68
ltocll R yA Leon 5 a ’54J-J
Diamond State S tee l.. 10
Choc<& Mo 1 s t5s 1949 J-J 107 4
U Trac Did gen 5s’ 19.J-J
P referred..................... 10
Ch Ok & G gen os T 9 J-J 102 4
Un ltys T r ctfs 4 s’ 49 J A JF.aston Con Electric 6.50
Col St B y 1st con 5s 1932
United Rys In v ls tc o lltr
Elec Storage Batt___ loo
s f 6s 1 926................. M-N
3*2*4 *34** ConTracof N J 1st o s .’ 33 1 0 3 4
Prof erred................... 10U
E < A 1st M 5s 1920 M-N 1 0 6 4
fc
U Trao Pit gen 5s ’ 97 J-J
Ft W a y n o & W V ........100
Elec & Peo Tr stk tr ctfs
92
92 4 Wolsbaoh s t 5s 1930. J-D
Uerrnaiilown Pass........00
Eq II G a s -L ls tg S s 1928
W lks-B G A E cou5s’55J-J
Indianapolis S t........... loo
11 < B Top con 5s ’25 A-O
fe
B A L T IM O R E
Indiana Union T r ___ 100
Indianapolis B y 4 s .1933
111:1 clivo (Stocks
Insurance Co ol N A . . 10
21
Interstate 4 h 1943 ..F -A
89
Ala Cons Coal A Iron. 100
Inter 9m Pow ifc Chom.50
Lehigh N av 4 4 » ’ 14.Q-J
P r e f.............................. 100
KoystonoTelephone ..5 0 “ *54
K B s 4s g ........1914 .y -F
Atlanta A Charlotte.. 100
Preferred.....................50
Gen M 4 4 s g .l9 2 4 .Q -i'
Atlun Coast Line UR. 100
K ey stone WatchCaso. 100
Leh V C 1st 5s g ’ 3 3 ..J-J 108 1 084 Atlan C oastL (Conn) 100
Lit Brothers................... 10
J^eli V ext 4s 1st 1948. J-D
Canton Co.....................100
Little Schuylkill........... 50
i*0*7*
2d 7s 1910................M-S
Cons Cot Duck Corp...5(»
Minehill & Schuyl H ..5 0
Consol 6s 1923........J-I>
Preferred.....................50
N H aven Iron < Steel.6
fc
143
Annuity 6 s ............. J-D
Georgia Sou A F la ...100
Nor thorn Central......... 50
96
Gen cons 4s 2 0 0 3 .M-N
95 4
1st pref.......................100
North Pennsylvania..60
Loh V Tran con 4 s ’35 J-D
2d pref.........................100
Pennsylvania Salt........50
1004 New Con Gas 6» 1948 J-D
IO4 ’ ’ G -B-S Brew ing........... 100
Pennsylvania b t e e l..l 00
Newark Pass con 6s 1930
97
96
Preferred................... 100
N Y Ph & No 1 st 4s ’39 J -J
Bonds
41
Phila Co (Pitts) prof...50
Income 4s 1 9 3 9 ...M -N
414
Anacostia A Pot 6 s ...........
Phil German
N orris.50
NoOhloTrac con5sT'J. J-J
A tl A Ch ext 4 4 s TO.J-J
Phila Traction............... 50
Penn gen 6s r 1 9 1 0 ..Var 104
Atlan C L B B 4sl952M -S
Consol 6s r 1 9 1 9 ...V a r
Railways Gouora.1........10
A tl Coast L(Ct)ctfs os J-D
Penn tfe Md Steel con 6s.
Busqueh Iron & S te e l..5
Ctfs of Indebt 4 s ___ J-J
Pa A N Y Can 5s ’3 9 .A-O
c
tidew ater Stool........... 10
6-20 yr 4s 1925......... J-J
■ P r u e rrc d ..................... 10
Con 4s 1939.............A-O
Balt CPass 1st o s ’l l M-N
Penn steel 1st 5s T 7 M-N
8
Tonopah Mining of N evl
Balt Fundg 6s. 1916 M-N
People’s Tr tr certs 4s ’ 43
union Tr ot ln d ......... 100
964 97
Exchange 3 4 s 1930 J-J
P Co lsutb col tr 6s'49 M-S 103
United N J HU eb C ..1 0 0 24*5 247*
Balt A P 1st 6s m i ’ l l A-O
Coinfe col tr 6s 1951 M-N
U n itT ra o Pitts prof..50
4 Balt Trao 1st 5 s ..’29 M-N
9 6 4 963
Phil Elec gold trust ctla.
Warwick Iron < Steel, lo ‘ * 7 4 *7*.
&
9934 100
N o Balt Dlv 5s 1942 J-D
W est Jersey & SeaSh.50
Trust certlfs 4 s...............
69 h Cent’ l Ry couosl932 M-N
69 4
IVoHtmorehiUd Coal....5o *87
P tfe E gen M 6 g ’20. A-O
89*
Ext A Imp 58.1932 M-S
W ilkes Gas .fe E le c ..100
Gen M 4s g 1 920 .. A AO
CliasCityRy 1st 5 s ’23 J-J
l
•B id and asked: no sales on tins day. 1 Ex-rights. I $7.50 nani. t 8 1 2 4 paid- $ # 1 3 4 paid. |635ua»iL
i
374
74
Range Since
Jan 1 IVON
Sales
A C T IV E S T O C K S
Ot Vie
Week CFor Ronds and Inactive
Stocks see below)
Shares
Rid
A sk
107 4 108
66
744
69 4
25
67
* **
67
75
105
70
28
75
91
91 4
196 200
85
874
7
64
2 3 4 24 4
10
80
85
65
75
100
99
914
90
74
79 4
101
106 4
90
102
107
110
110
100
1004
994
92
75
102
107 4
9/
i*l‘
J
364J’ ne’.lb
J’ly L
1 7
8
o
5 Jan 2t*
25 Jan 18
9 4 Apt 16
92 May19
6 3 4 J’ly 9
2 78 Apr 2 i
62 May 19
4 1 4 Apr 24
4 9 7 J ’ ly lo
s
1 8 4 M a rls
5 9 4 May 18
42 Jan 20
43 May Is
56*4 Apr23
8 7 4 51 ay s
26 J’ne22
25
M ay
51 Jan
4 7 4 Jan
1 1 4 Jan
8 Jau
30 Jan
16 Jan
103 Jan
7 8 4 Jan
2 4 Jan
70**ie Jau
48s» Jan
9 Apr
$ 2 6 4 May
6 9 4 Jan
4 5 4 Jan
47 Jau
6 0 4 Jan
9 6 4 Jan
30 Feb
B A L T IM O R E
Rid
A sk
Clias Ry G A El 6s ’99 M-S
Chari C A A ext 5 s .’09 J-J
2d 78................ 1910 A-O
City A Bub l s t 5 s .. ’ 22 J-D
City A Su b (W aa)lst5 s’48
Coal A I Ry 1st 5 s ’ 20 F-A
ColA G rnv lstO s.1916 J-J
Consol Gas 6 s ...1 9 1 0 J-D
5s....................... 1939 J-D
Ga A Ala 1st con 5s ’45 J-J
G a C a rA N 1st 5a g ’ 29 J-J
Georgia P 1st 6 s . . . ’22 J-J
GaSo A Fla 1st 5s 1945J-J
G-B-S Brew 3-4s 1951M-S
2d income 5s 1951 M -N
Knoxv Trac 1st 5s ’ 2 8A -0
LakeH El 1st gu5s’42M -S
Macon R y & L tls t5 s ’63 J-J
Memphis St 1st 5s’ 45 J-J
MetSt(\Vash)lstos’2 5 F A
M t Ver Cot Duck 1st os.
N p tN A O P l s t S s ’SSM -N
General 5 s . . . . 1941 M-S
Norfolk St 1st 5s ’4 4 . .J-J
North Cent 4 48 1925 A-O
Series A 5s 1 926___J-J
Series B 5s 1 926..... /-J
Pitt Uu Trac 5s 1997 .J-J
Poto Val 1st 5s 1 9 4 1 ..J-J
Sav Fla A W est 5s ’34 A-O
Seaboard A L 4s 1950 A-O
Seab A Roan 5s 1926. J J
South Bound 1st 5 s..A -O
U El L A P 1st 4 4 s ’ 29 M-N
Un Ry A E l 1st 4s ’49 M-S
Income 4s 1 94 9 ........J-D
Funding 5s 1 9 3 6 ...J-D
Va Mid 2d ser Gs ’ l l.M - S
3d series 6s 1 9 1 6 ..M -S
4th ser 3-4-5s 1921. M-S
5th series os 1 9 2 6 .M-S
Va (State) 3a new ’32.J-J
Fund debt 2-3s 1991 .J-J
W est N C 000 6a 1914 J-J
W e sV a C A P 1st 6 g T l J-J
W il A W eld 5 s . . 1935.J-J
89
100 4
91
108
101
100
106
102
107 4
98 4
1003*
107 H
i
102 4
4 4 j4
15
102
105
91
89
107
78
100
102
103
108
10 24
109
09
101
a Receipt*, b *2 6 paid.
c«30p*i<L
4
106
45
10
91
7 8 4
2
io
105
110
110
105
100
102 4
57 4
105
100
91V
8030
63*4
78
6 7 3$
924
80 34
53=4
734
ib*i“
101
102 4
90
904
90
90 V
105
107
1024 1 0 2 4
105
ti $43 4 paid
THE CHRONICLE
158
[Vol. nxxxvn
Aik
Hid
Induslrai and Misce
Ask
tua
Telegr & le ephone
20
Consol Car H ea tin g .. 100
lb
0G
J
eAmer Teleg & C ab le.100
Cons Ry Lgt&Retrlg.lOO
21 )
10
eCentral & So A m e r ..lo o 100
6
4
Consol Rubber 'l i r e ..100
Comm’l Un Tel ( N Y ) . 25 10 j
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
20
Preferred __________ 100
60
50
Emp & Bay State Tel loo
DAILY. W EEKLY AND YEARLY.
32
25
50
Debenture 4s 1951 AdsO
40
F ranklin_____________ 100
Cons .steamship Lines 100
85
95
lw
%
eGold & Stock Teleg .100
Coll tr 4s 195 7____td
s.J
1014 11
50
,0
Hudson River Teleph loo
Railroad.
Stocks.
Coni Prod Ref See Stock Lxc list
10
eN Y & N J Teleph. . . 1 0 0 108 L
State
U. S
ll-C„
Week ending
534 6I4
eCrucible Steel_______ 100
95 1 .0
cNorthwe8tern T e le g ..50
Bonds.
Par value.
Bonds.
Bonds.
'Shares.
July 17 1908.
41
41%
ePreferred__________ 100
55
05
Pacific & Atlantic...........25
*73j
Cumberland Ely Copper.5
30
7%
85
$1,441,000
$31,500
240,594 $22,180,275
$1,000 Southern & Atlan tic. .
.Saturday-----------------eDiamond Match C o.100 131 132
159,500
35,353,025
1,500,000
381,584
Monday_____________
2
Dominion Copper______ 10
*Hs
Ferry Companies
76,500
40,707,700
2,642,500
440,877
*31;
Douglas Copper________ 5
4I4
3
1
3,042,500
101,500
58.895,100
649,236
500 Brooklyn Ferry stock 100
Eeoii’y Lt d P (Joliet, III)
s
95
B & N Y 1st 6s 1911J ■
J §90
3,603,000
179,000
508,362
47,210,000
!8
1st M s f g 5s 1 0 5 6 .J-L § 97
40
G
O
N Y & E R Ferry stk .io u
34,641,100
4,167,500
205,500
378,266
Friday..........................
25
15
50
Electric Boat_________loo
1st 5s 1922_______ M-N
Preferred __________ 106
90
$753,500
51,500 N Y & Hob 5s May 46 J-D §86
Total.......................... 2,604,919 $239,054,100 $17,056,500^
3
104
Elcctnc Vehicle______loo
Hob Fy 1st 5s 1946M-N .101
5
Preferred __________ 100
Iw
O
N Y & N J 5s 1946------ J-J §95
Jan. 1 to July 17
Week ending July 17.
10
5
Sales at
30
Empire Steel__________ 100
10
10th & 23d Sts Ferry-100
50
New York, Stock
45
Preferred __________ 100
60
1st mtge 5s 191-9.-J-D §50
1907.
1903.
Exchange.
15
cFederal Sugar of N Y See Stk E x list
25
eUnlon Ferry s to c k ..1 0 0
05
55
eGeneraf Chemical___ 100
73
88
elst 5s 1920.............M-N
124,880,744
90,452,701
LO
O
Stocks— No. shares...
90
ePreferred__________ 100
$8,079,976,225 $10,622,585,535
GoldfKld Consol Minos. 10
*534 67g
Par value__________
Short-Term Notes
$120,400
$192,300 Am Ctg ser A 4s 1 1 . .M -S §0434 9512 Gold Hill Copper_______ 1
Bank shares, par-------Greene Cananea_______ 20
94
Bonds
107g
Ser B 4s Mch 15 T2M S §03
$394,820
$474,300 Am Tel & Tel g 5s 10 J-J §9934 10 L Greene Consol Gold___10
■Government bonds—
00,604,500
29,298,400 Atlan Coast L 5s '1 0 . M-S §99834 Greene Gold-Silver____ 10
State bonds..................
425.381,200
222,761,800 Balt & Onlo 5s 1 0 0 9 .M-S tools I00l2 Guggenhe'm Explor’ 100
Rlt.and mlsc. bonds..
Ches & Ohio 6s Jlyl TOJ-J §lull8 IOU2 etlackensack Water Co
$486,380,520
$17.811.500
$5,253.500
$252,534,500 Chic R 1 dsPnc 6s ’09 A-O §9 u
Rel g 4s '52 op T 2 ..J -J
83
Total bonds
6
»4 O I4
35
28
Chic & W Ind 5s TO.FdsA 5100% 100% Hall Signal Co_________loo
Havana Tobacco C o ..106
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
60
8
11
50
Cln H a m & D 4H s '08 M-h
Preferred___________ too
19
21
EXCHANGES.
C C C & St L 5s, June T 1 UuO IO0L
1st g 5s June 1 '2 2 .J-D
45
50
Consol Gas 6s 1 9 0 9 --F -A §1007g 101%
Hecker-Jones-Jewell Mill
Erie 6s, Apr 8 1 9 1 1 ..A -O
1st 6s 1922........... ..M -S 100
Philadelphia.
Interb R T g 6s 1911 M-N §10,1 loot-.
30
45
Week ending
5s Mch 1910..............M-S §97% 9734 ller’ g-Hall-M ar, new . 100
Hoboken Land & im ploo
Listed
UnlU. ted
Bond
Bond
96
Listed Unlisted
Kan C So g 5s Apr T2.J-J §94'
July 17 1908.
O
e5s 1010.....................M-N L O
shares■
shares.
salC3.
sales.
95
shares. shares.
Lack Steel g 5s 1909.M -S §-4
"lo
9
Houston Oil__________ 100
.3
5s g 1910.................. M-S §89
40
45
Preferred __________ loo
11,431
2,890
5,632
$27,000
$49,664 Lake Sh & M So 5s’ 10 F A § 10.1‘s 101V
Saturday------------------ 11.878
12,144
5,801
58.000
6,989
24,460 Lou & Nash g 5s ’ 1 0 .M-S § lOOlg 10U2 Hudson Realty_______ 100 100 uo
Monday........................ 18,861
50
8,885
6.181
03.000
8,017
30,428 Uex Cent 5s July 1 19in §9712 981" elngorsoll-Rand com . 100
Tuesday........... .......... 29,438
85
ePreferred _________100
21,906
14,018
10,654
181,100
58,699 Mich Cent 5s 1910— F-A § 100% 101Fg
32.454
Wednesday_________
9 j 105
luteruat’l Bank’g C o.iou
10,930
10,354
312,200
1/5
17,580 Minn & St L g 5s ’ l l . F - A §91
11,309
Thursday.................... 22,296
Exc list
Int’ nl Mer Mar Nee Stli
16.S88
461,100
12,816
10,796
24,500 Missouri Pacllic—
Friday.......................... 15.611
80
90
6s FeblO ’ l 0 convop F-A §98
9912 lnternat’1 Nlckol-------100
70
80
Preferred .................. 100
88,274
53,997'$ 1.103.000
52,060l $205,331 NatofMex Ssextto’ O A-O §9934 10034
O
Total........................ 130,538
15
18
N Y Cent 5s 1910-------F-A §100-% 100 ,,. International Salt— 1 0 ^
54
58
1st g 5s, 1951______A-O
»4<g% 4L%
N Y C Lines Epp 5s '08-22
8
5
N Y N H & H ,»s ’0 8 -’ l - §1001g 101% lnternat’ 1 Sliver---------100
55
50
Preferred __________ 100
Norf & West 5S 1010M-N §99% lOUlg
1st 6s 1948________ J-L 103 L 10512
Pa R R 5s Mch 15 '10 M-S §101 101'J
A weekly review of Outside Market will be found on a preceding page.
:6
31
Lackawanna Steel___ 100
93
StLM S’east 4 ^ s '0 9 .J-D §s§
Lanston Monotype— 20 *101’ lo.%
91
St L & S F g 4 Ha ’0 8 .J-D §80
Lawyers' Mtge C o____ 101* 190 200
Street Railways
97
South’n cob tr 5s '0 9 . A-O §95
Bid
Street Railways
90 105
s
SO eLeh d W llkes-B Coal 50
South Ry g 5s 1 9 1 0 ..F -A §76
Pub Serv Corp N J (Con)
New York City
s
> 1 Lord d Taylor_______ luu 125 135
.,8 ’
Southern Ry 0 s 1 .<11.M-N §98
J C Hob & Paterson—
25
10
Bleeck St & Ful F s t k .100
1)0 102
Preferred __________ 100
U834
Tidewater 6s. 1913, guar §9M’
4s g 1949.............M-N § 67
SJ
70
e 1st mtge 4s 1 9 5 0 .J-J
U S Rubber g’ 5s ‘0 9 . M-S §98*g 9olg eLorlllard (P) p r e f..lo o 125 135
SoJ Gas Elds T r a c.1 0 0 112
c B 'y * 7th Avo stlc.-lOO 100 120
20
10
Madison Sp Garden. ,1 0 0
Wabash 5s, May 10 1900 §85
92
100
Gu g 5s 1 9 5 3 ...M -S 594
93
o 2d mtge 5s 1 0 1 4 ..J-J
86
2d 0s 1919................ M-N t 70
VVeatlngh EldsM 6s 1010 §90
U5
No tlud Co Ry6s'14 J-J 5105
Con 5s 1943 Nee Stock Exc list
2
6
eManhat Beach Co___ loo
Wheel’ ! & L E 5s '0 8 .F-A §90
95
5s 1928..................... J-J 5103
100 105
B ’way Surf 1st 5s gu 1924
*134 2
Manhattan Transit____ 20
Railroad
Ext 5s 1924____ M-N 5100 102
90 130
e Cent’ l Crosst’n stk_.10l)
Mitchell Mining_______ 10 :
%
ll
Chic Peo <c St L pref.100
5
Pat City con 6s ’3 1 .J-D 5115
e 1st mtge 6s 1 9 2 2 .M-N 100 110
Monongahela R C o a l..5 0 - -I‘4 ____
Deposited stock_______
2
2d 6 s ...1914 opt A-O 5100
110
%
e Ccn Pk N A K R stk 100
Preferred ___________ 50 *26
Uudeposlted stock____
26U
2
So Side El (Chic) See Ch leago list
%
80 " 120
■t Chr't’ r & 10th St stk 100
Mortgage Bontl Co___ 100
90
Prior lien g 4 ^ s ’30At&s
80
90
Syracuse R T 5s '46.M & S
991’ 102
Col & 9th Ave 5s See Stock Exc list
Nat Bank of Cuba___ 100
98 101
Con m tg g 5s 1 9 3 0 .J&J
44
54
Trent P & H 5s 1 9 4 3 .J-D 595 100
Dry D E B & B—
National Surety______100 S135 145
Income 5s, July 1 9 3 0 ..
10
United Rys of St L—
95
e 1st gold 5s 1 9 3 2 ..J - D 90
Chic Subway_________ loo
Com vot tr ctfs_____100
1912 2012 Nevada Cons’d Copper.5 *121g 123g
56
50
20% 21
e Scrip 5s 1914
-F -A
N ev-Utah Min d S i n ..1 0
s
3
Ft W & Den Cy s t d .,1 0 0
*2%
90 100
e P referred________ 100
Eighth Avenue stock-100 225 309
<
i234 63
eNow Central Coal____ 20
40
25
Nat Rys of Mexico—
Gen 4s 1 9 3 4 ..SeeStock Exc list
e Scrip 6s 1 9 1 4 .- .. F - A 100 105
N J Ter Dock & Im p . 100
Pri lien 4 H s ’ 57 ( w i) j -j
92
93
UnttRys San Fran See Stk Exc list
e 42d & Gr St t y s tk . 100 225 300
N Y Air Uraice (is See Stck Exc list
84
Gen M 4s 1977 iwl) A-O
bo
Wash Ry & El Co____ 100
30
291 31
42d St M <c St N Ave 100
S
N Y Biscuit 6s 1 9 1 1 .M-S 100
—
North’n Securities Stubs. 100 125
Preferred _________ 100
77 > 79
2
e 1st mtge 6s 1 9 1 0 .M-S 596 100
eNew York Dock____ 100
*30
Pitts Bess & L E ______50
33
4s 1051______
J-D
50
40
80
81
2d Income 6s 1 9 1 5 .J-J
ePreferred__________ 100 T or l b ~
68
Preferred ___________ 50 *60
e W est Chicago S t___100
ange list
Inter-M et— See Stk Exch
N Y Mtge & Security.100 140
cRallroad Securities Co—
e Con g5s 1 9 3 6 rets M-N
Lex Av &PavF 5s See Stk Exc list
N Y Transportation___ 20
*31 ? 4
1 1 C stk tr cfs ser A '52
1
Metropol St R y— See Stk Exc list
Niles-Bem-Pond c o m .100
90 100
(ias Securities
Seaboard Company—
109 13 J
Ninth Avenue sto c k ..1 0 0
Nlplsslng Mines___
>7
8
7%
38
25
1st preferred_______100
New York
105
9)
Second Avenue stock. 100
43,
eOntarlo Silver_______ loo
4%
Com & 2d prei-See Balt Exc list
Cent UnGas 5s g ’27.J& J
93
96
95 160
e 1st mtge 5s 1 9 0 9 .M-N
Otis Elevator coni___ 100
40
30
Seaboard Air Line—
Con Gas IN Y ) — See Stk Exc 1st
87
Consol 5s 1948____ F-A
Preferred __________ 100
88
95
Coll 5s ext May '11 M-S §913, 921f
e Mutual Gas__________ 100 140 150
■« Sixth Avenue stock. 100 100 120
21
Union Pacllic 4s See Stk Exch list Pittsburgh Brewing___ 50 *20
New Amsterdam Gas—
U
J
Sou Uoulev 5s 1 0 4 5 ..J-J §80
Preferred ___________ 50 *393 41)1*
1st consol 5s 1 0 4 8 ..J-J
Industrial and Miscei
100
94
96
So Fer 1st 5s 1919 — A-O §90
Pittsburgh Coai.Nee Stk Exc list
90
Adams Exp g 4s lo w J-D §S9
N Y & E R G as 1st 5s’44 J-J
97% 101
Third Avenue— See Stock- Exc 1st
Pope Manufacturing-100
%
{2
SO
Ahmeek Mining_______ 25
71
Consol 5s 1045______J-J
90
04
87
Tarry V P & M 5s 1928 §70
V
1st preferred_______ 100
30
15
Alliance R ealty_______ 100 10J 115
,N Y & Richmond Gas 100
85
45
34
YkcrsStRH5s 1046 A-O §8J
2d preferred_______ 100
Nor Un 1st 5s 1 9 2 7 ..M -N
Allls-Chalmcrs Uo 1st mtg
50
86
01
28th & 29th Sts 1st 5s 96
Pratt & VVIUtn p r e f.. 100 ’ OS' 1021’
72
s 1 5s ’36 opt '1 6 ____f-J §71
e Standard Gas c o m .. 100 n ___
d
75
■ Twenty-Third St stk 100 250 6‘ b
t
Realty Assoc (Bklyn) loo 115 120
American Book_______ 100 137 110
e Preferred............... 100 n 70 100
90
Union Ry 1st 5s 1942 F-A §b0
Royal Bak Powd com 100 u o
150
American Brass______ 100 105 103
1st 5s 1930................M-N §100 103
85
VVestchest 1st 5s 43 J-J §7o
PreLO. r e d .- ........... _ . 1 0 u 9712
185 105
American Cuiclocom.lOJ
Other Cities
Brooklyn
Safety Car Heat & L t.1 0 0 113 116
07
04
Preferred __________ 100
Amer Light & T ra ct. 100 113 115
Atlan Ave 5s 1009
A-O §75 1U0
Seneca Mining...................25
55
30
1J
Preferred __________ 100
18
95
90% Am Grapbopbono coni 100
Con 5s g 1931_____ A-O §02
Singer Mfg Co------------- loo
55
40
Preferred _________ 100
Bay State Gas_________ 50
1
U
o 100
7
8
Standard Cordago-----100
B O & V K 5s 1 9 3 3 ..A-O
V
%
%
107 112
Arner Hardware_____ 100
Blngh’n Gas 5s ’3 8 .A & 0
96
00
1st M g 5s ’31 red .A -O
Brooklyn City stock— 10 180 IS5
20
2212
99 101
AraMaltlug 6s 1 9 1 4 ..J -i )
Brooklyn Union Gas deb
Con 5s— See Stk Exch Exc list
Adjust M 5s Apr 1 1031
11,
‘2*2
Amer Press Assoc’n .-lO O
97 101 Standard Coupler comlOO
tOs 1909 See Stk Exch list
LU
O
95
Bkn Hgts 1st 5s 1941 A O
35
Am Soda Fount com . 100
*
BuiIaloClty GasstocklOO
4
6
Bkln Q Co < Sub See Stk Exc list
fc
Preferred __________ 100 100 120
20
1st preferred_______ 100
1st 5s 1947— See Stock Exc list
Bklyn Rap Tran— See Stk Exc list
Standard Milling C o ..100
7
10
2
2d preferred_______100
Con Gas of N J 5s 3 6 . J-J §35
90
100
50
-e Coney Isl & H klyn.-lOO
Preferred __________ 100
32
35
97
Am St Found 6s '35 AdsO § 96
Consumers' L H <c Pow—
5
80
70
1st cons g 4s 1 0 4 8 ..J-J
1st 5s 1930..............M-N
78
81
150 100
5s 1938...................... J-D §90 100
90 100
Brlc C & N 5s 1 0 3 9 .J-J
Standard Oil of N J ..1 0 0 012 620
Elizabeth Gas L t C o .,1 0 0 275
__ American Thread p r e f ..5 *334 4»4 Swift <c Co-A'e« Bost Stk Exc list
Gr’pt&LorSt 1st Os.M&N
S
Am Tobac (new) c o m .lo o 38 O 400
Essex & Hudson G
Kings C El 4s— See Stock Exc tisT Fort Wayne Gs 1 9 2a s .100 114 L10
1st 5s 1 9 1 0 -1 0 1 4 ...J -J
09 > 100lg
2
37
Amer Typefders c o m . 100
35
5 ..J-J
38
35
Nassau Klee pref-------100
eTexasds Pacllic C o a l-100
75
85
97
Preferred _________ 100
93
Gas & El Bergen C o. _ 101
53
57
96
5s 1944...........
A-O
Title Ins Co of N Y . . . 1 0 0 105 115
134 2>2
eG r Rap G i s t 5s 15. F-7 §961’ 9 H 2 Amer Writing P a p er.100
1st 4s 1951— See Stock Exc list
Tonopah Min (N e v a d a ).1
*734
8
20
Hudson Co Gas_______ 101 104 106
Preferred _________ 100
18
N W ’ bg&Flat 1st ex 4 Hs
Trenton Potteries comlOO
3
8
1st s f g 5s 19 op’09.J-J
82 % 84
Indiana Nat d III Gas—
s
Steinway 1st 6s 1922-J-J §97 103
Preferred, new____ 100
40
50
50
Barney & Smith Car. 100 a _
_
15
21
Other cities
Trow Directory_______ loo
30
40
120
Prelerred___________ 100 110
35
45
Typewriter comlOO
Buffalo Street Ry—
57
62
eBethl m Steel C o rp ..1 0 0
18 U 183j Union preferred_______ 100
§85
95
lstoonsol 5s 1 9 3 1 ..F -A §1031’ 106
1st
103 111
ePreferred__________ 100
41ij> 45
§85
93
Deb 0s 1017.............A O § 10312 106
2d preferred________ 100 102 105
125
Bliss Company c o m .. 50 n o
50 _
92
90
Columbus (O) St R y .1 0 0
United Bk Note C o rp ..5 0 *51
54
125
Preferred ___________ 50 n o
n 7412 70r
Preferred __________ 100 10312 106
Preferred _______ . . . 5 0 *5U’ 64
Bond & Mtge G uar. . . 100 295 305
n 75
Coluin Ry con 5s— SeePh! la list
eUnlted Cigar M fg.p f.10 0
85
99
35
38* * Borden’s Coud M ilk ..1 0 0 137 140
105
Crosst'wn 1st 5s ’33 J-D §W3
034 714
10712 United Copper----------- 100
Preferred __________ 100 10 1
25
30
01
62
•eConn Ry & Ltgcom .lO u
Preferred __________ 100
British Col Copper.......... 5
*484 5
§991’ 106
74
ePreferred__________ 100
71
100
200”
Butte Coalition Mining 15 *25
2514 U S Casualty__________ 100
§126
60
50
Grand Rap ds R y ____ 100
U S Envelope com —
26
3
Casein Co of A m co m . 100
1
87
88
83
75
Preferred __________ 100
ePreferred__________ 100
90
95
60
Preferred __________ 100
45
§103 104
e Loulsv St 5s 1 9 3 0 ..J &J §1061) 107
U S Steel Corporation—
125
Casualty Co of A m er. 100 110
Lynn & llos 1st 5s 24 J-1) §1001’ 102
Col tr s f 5s ’51 opt ’ l l §112 113
Celluloid Co..................... 100 125 130
§ 9S —
c New Orl Rys & L g t.100
1214 13
Col tr s f 5s ’51 not opt §112 113
15
Cent Fireworks com . . 100
8
e P referred_________100
20
311
U S Tit Gu & Indem .100
75
65
Preferred __________ 100
60
22'
2Yl'2
Gen M g 4 Vis '35 See S tk Ex list
eUtah Copper Co-S ee Stk Exc lilt
Central Foundry---------100
2
21’ Watcrbury Co, c o m ..1 0 0
70
75
North Chic Street See Cli leago list
30
Preferred __________ 100
fci2 12
§99 101
Pub Serv Corp of N J .100
70
80
Preferred __________ 100
98
62
Deb 6s 1919 op '01 M -N
55
St Joseph Gas 5s 1937
§80
90
Tr ctfs 2 % to 6 %perpet
70
68
Westchester & Bronx Tit
190
Century Realty_______ 100 180
97
Coll 5s g notes ’0 9 .5 1 -N §90
& Mtge Guar_______ 100 145 150
Electric Companies
Chesehrougli Mfg C o . 100 100 430
32
North Jersey St Ry 100
27
Western lee___________ 100
60
55
__ Chicago Edison Co See Ch leago list City Investing C o-------100
1st 4s 1948........... M-N §69
Westlngh Air B rake.. . 5 0
9*8'*
105
eClaflln (H B ) , c o m ..1 0 0 100
Cons Tract of N J ..1 0 0
66
C
O e Kings Co El L&PCo 100 113 115
W est El & Mfg 5g-S ee St Bxo lilt
95
88
elst preferred______ 100 90
Narragan (Prov) El C o .50 *87
1st 5s 1933........... J-D §1021- 103
White Knob Min---------10
♦'I
>
4
37
c2d preferred______ 100 90
34
NY<5c(J El L (ScPowCo.lOJ
New’ kPasRy 5s ’30 J-J §105
Preferred _________- .1 0
»4
Yo*
68
Col & flock Coaldcl pf 100 65
64
Preferred _________ 100
Rapid Tran St R y .1 0 0 235 245"
Worthing Pump pref.100 100 105
85
60
1st e 5s 1917_______ l-J 79
50
United Elec of N J -----100
1st Bs 1921............A-O §102
...
95 10U2
5051- 661’ Col tr 6s Oct 1 9 5 6 ..J -J
1st g 4s 1949____ _J-D
a Kx-rlghts
e Sells on Stx. E x ., but not very active l~Novr stock, n Nominal, s Sale prloe. 1 K x-dlv.
* Per share
5 Buyer pays accrued Int
Volum o B sin at Stock E
e f u ess
xchanges
O tsid Securities
u e
__
....
__
__
....
—
July 18 lOOs.j
T H E CHRONICLE
159
Im iestrarat and R ailro a d Intelligence.
R A IL R O A D
G R O SS
EARN IN G S.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
ean be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
•columns the earnings for the period from July 1 to and including such latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
Week or
Month.
R O A D S.
A la Great Southern
A la N O & Tex Pac.
N O & N E a s t-.r
Ala & Vlcksb — r
Vicks Sh & Pac.r
A laT en n & N orth. .
k A tch Top & S P c.
A tlan ta Blrm & Ati
Atlantic Coast Lint
Baltimore & O h io ..
Bangor & Aroostook
Belief on te Central. .
Boston & Maine___ r
Bridgeton & Saco H
Bull Roch & Pitts.r
Buffalo <s Susq____
S
Canadian Northern.
Canadian Pacific___
Central of G eorgia..
Central of N Jersey.
Chattanooga South.
Chesapeake & Ohio.
Chesterfield & Lane
Chic & Alton R y .- t
Chic Burl & Q u in .-i
Chic Great YVest-.i
Chic Ind & Loulsv.
Ohio Ind & Southern
Chic MUw & s t Paui
Chic & North W est.
Chic St P M & O - . i
Chic Term Tran Rlt
Clr. Ham & D a y t -.r
Oln N O & Texas P
Cincinnati Northern
Clev Clu Chic & St L
Colorado Midland-t
h Col & South S y s.i
•Col Newb & L a u r ..
Copper Range
C o rn w a ll---------------Cornwall & Lebanon
C u b a R a i l r o a d ---------
Current
Year.
Current
Year.
Precious
Year.
$
S
$
S
— See Sout hern Rail way.
1th wkJune
ith wkJune
4th wkJune
May _____
M a y _____
' l a y _____
'lay _____
M a y ..........
May _____
J u n e _____
M a y ..........
M a y ..........
2d wk July
M arch____
1st wk July
1st wk July
1st wk July
May ..........
4thwkJune
M a y _____
A p ril..........
M a y _____
M a y _____
1st wk July
1 st wk July
— See New
M a y _____
M a y _____
M a y _____
2d wk June
May _____
— See Sout
— See New
— Sec New
May ..........
1 st wk July
vlay ..........
'lay _____
M a y ..........
February .
May _____
A i a y ..........
May _____
1 st wk July
1st wk July
4th wkJune
May
1 st wk July
l Delaware & H u d .
Del Lack & West.i
Denver <c Rio G r_.r
S
Detroit & Mackinac
Det Tol & Iront Sys.
Dul & Iron R a n g e .r
Dul Sou Sh & A t l - .r
E r i e _______ _______ _
Evansville & Ter H — See Rock
F airchild* Nor E__ M a y _____
Fonda,Johns & Glov M a y _____
Georgia Railroad . . May _____
Georgia South & Fla — See Sout
Grand Trunk S y s t .. 1st wk July
Gr Trunk W e s t .. 4th wkJunt
Det Gr Hav & Ml! 4th wkJune
Canada Atlantic. 4th wkJunt
Great Northern Syst J u n e _____
Gulf & Ship Island . 3d wk May
Hocking Valley____ V l a y _____
Illinois C entral____ l u n e _____
Inter & Great North 1st wk July
a Interoccanic(Mex) 1st wk July
Iowa Central---------- 1st wk July
Kanawha & M ich .. M a y _____
Kansas City .South. Vlay _____
Lake Erie & W est’ n — See New
Lake Shore & M Sou — See New
Lehigh Valley-------1 May _____
Lexington & E a s t .. M a y _____
Long Island________ M a y ..........
Louisiana & Arkan. A p ril..........
Loulsv & N ashv___i 1st wk July
Macon & Blrmlng... J u n e_____
Malne C en tral____ i M a y _____
Manlstlque_________ J u n e _____
Maryland & P e n n .. M a y _____
a Mexican C entral.. M a y _____
a Mexican Intermit. 1st wk July
a Mexican R ailw ay. ith wkJune
a Mexican Southern 1th wkJunt
Michigan C entral-. — See New
Midland Valley____ A p ril..........
Mineral R ange.......... 1st wk July
Mlnneap & St L ___r 1st wk July
Minn St P & S S M . 1st wk July
Mo Kansas & Texas May _____
Mo Pac & Iron M t.c 1st wk July
Central Branch.o 1st wk July
Total system — c 1st wk July
b Mobile Jack & K C Wk Jun 27
Nashv Cbatt & St L M a y ..........
a Nat R R of Mexico 1 st wk July
Hidalgo & N E _ . 1st wk July
Ne vad a- Cal- Ore vn n. 1st wk .Tulv
73,866
37,172
42,444
3,377
8,715,415
115,269
1,950,338
5,092,494
209,698
0,069
2,908,071
3,511
154,985
189,202
152,300
1,399,000
229,000
2,280,160
2,490
1.817,029
4,905
851,929
5,567,591
135,296
95,577
York Cen
4,127,133
4,459,136
900,938
30,728
538,046
hern Rail
York Cen
York Cen
164,433
283,326
17,457
03,155
4,980
18,832
173.516
1,404.284
2,955,300
360,600
22,803
84,012
160
52i491
851 252
island S
1,524
60,921
195,755
hern Rail
728,831
125,487
34,231
56,738
3,561,039
29,071
303,603
1,062,349
99,800
123,154
47,900
125,314
596.421
York Cen
York Cen
2,982,167
33,944
Dec. 21,
97,481
766,030
9,918
637,823
6,235
31,417
2,704,474
119,903
157,500
31,080
York Cen
61,373
13,642
68,712
204,281
1,485.356
606,000
18,000
624,000
19,026
804,194
264,878
17,228
5.057
Latesl Gross Earnings.
Week or
Month.
July 1 to Latest Date.
Previous
Year.
91,996 2,921,540 3,090,548
44,201 1,535,386 1,554,961
45,383 1,472,887 1,568,503
42,362
3,583
42,112
8,505,91; 14,287,178 86,393,249
141,971 1,584,184 1,449,480
2,272,67? 24,100,081 24,674,424
7,370,849 o8,172,536 75,047,837
282,132 2,657,059 2,957,052
0,424
60,472
61,886
_______
35,945,146
3,613
42,566
46,734
186,618
373,236
268,885
154,746 1,647.802 1,346,263
207,801.
207,800
152,306
1,542,000 1,399,006 1,542,000
229,606
210,0 00
210,000
2,404,508 24,922,887 24,240,172
3,892
103,477
120,726
2,390,938 23,919,848 23,306,180
45,205
6,071
55.042
961,177 11,131,716 11,639,299
72,004,807
139,978
139,978
135,206
102,007
102,007
95,677
tral.
4,926,565 52,541,353 55,668,624
5,823,654 58,409,823 02,055,064
1,055,203 11,933,418 11,882,710
33,055 1,625,688 1,012,320
7,305,418
way.
tral.
tral.
197,652 2,035,789 2,238,900
312,596
283,326
312,596
294,013
23.100
275,776
741,170
82,677
732,403
201,792
18,960
112,956
320,379
222,491
38,015
188,980 1,893,901 1,767,843
1,681.207 18,148,317 16,821,337
30,020,366
403,400
403,40 )
360,660
24,198
22,803
24,198
100,628 3,879,056 4,298,025
5,G47.75fc
62,059
’ 5 2 ,4 9 i
62,959
1,800 GG 15,670,376 40,000,879
2
ystem.
1,785
17,187
17,293
62,995
706,463
710,168
232,304 2,732,087 2,800,023
way.
861,217
861,217
728,831
133,244 5,855,555 5,991,077
40,056 1,676,722 1,751,036
57,176 1,954,881 1,941,756
5,211,480 54,757,071 55,093,423
45,907 1,903,319 2,215,730
669,337 5,393,142 6,232,802
1,882,894 53,936,654 56,610,633
103,000
99,806
103,000
132,932
123,154
132,932
50,171
47,006
50,171
232,506 1,845,498 2,104,350
869,209 8,282,671 8,365,528
tral.
tral.
3,164,357 32,443,535 32,201,828
58,450
462,861
031,731
385
Inc. 167, 331
120,204
954,657
983,910
825,580
766,030
825,580
10,141
146,081
108,466
7,826,216
5,001
60,651
76,524
33,188
353.621
330,817
2,995,082 32,869,443 28,492,109
154,720
119,963
154,720
194,000 7,924,500 7,586,100
30,772 1,294,491 1.307.781
tral.
910,279
87,601
058,573
13,042
13,344
13,344
68,712
75,948
75,948
204,281
264,818
204,818
2,271,841 21,553.556 24,070,797
606,000
052,000
652,000
18,000
20,000
20,000
624,000
672,000
672,000
34,264 1,435,928 1,524,784
1,122,311 10,022,722 11,124,678
264,878
301,708
301,708
17,228
17,512
17,512
5.957
7,069
7 ,06'»
ROADS.
July X to Latest Date.
N Y C & Hud Rlvei M a y ...........
Lake Shore & M S M a y ______
Lake Erie & Wesi M a y ______
Chic Ind & Soutn M a y ...........
Michigan Central. May ______
Clevc C C & St L . M a y ..........
Peoria & Eastern M a y ______
Cincinnati North. M a y _____
Pitts & Lake Erie M a y ______
R u tlan d_________ M a y ..........
. N Y Chic & St L . M a y ...........
Total all lines____ M a y ______
Nevada C en tral..
M a y ...........
N Y Ont & Western M a y ______
N Y N H & H art._r M a y ...........
N Y Susq & W e s t .. M a y ..........
Norfolk & W estern. May _____
Northern C en tral.. M a y ..........
Northern Pacific___ J u n e _____
Paclllc Coast Co
M a y _____
Pennsylvania C o .
.M a y _____
d Penn— East P & E M a y -------d W est of 1> & E . M a y ..........
Pere M arqu ette., r M a y _____
Phlla Balt & W ash M a y _____
Pitts Cln Chic & s tL May ..........
Pitts & Lake Erie — See New
Ralelgh& Southport M a y _____
Reading Com pany. M a y _____
Coal & Iron C o .. May _____
Total both cos___ M a y _____
Rich Fred & Potoni M a y _____
Rio Grande June___ A p ril..........
Rio Grande S o u th .. 1st wk July
Rock Island System M a y _____
e St L & San Fran M a y _____
t Kvansv & Ter H M a y ..........
Total of all Unes. M a y _____
R utland____________ — See New
St Jos & Grand Isl. May _____
St Louis & San Fran — See Rock
St Louis Southwest. 1st wk July
Seaboard Air L in e .. M a y _____
Sierra R ailw ay____ M a y _____
Southern Id n la n a .. J u n e _____
c Southern Pac C o .. M a y _____
Southern R a ilw a y .. 1st wk July
Mobile & Ohio___ 1st wk July
Cln N O & Tex P . 1st wk July
Ala Great South. 1st wk July
Georgia Sou & Fla 1st wk July
Texas C en tra l_____ 4 th wkJunt
Texas & Pacific____ 1st wk July
Tidewater & W est. M a y _____
Toledo & Ohio Cent May _____
Toledo Peo & VVcst. 1st wk July
Toledo St L & W est. 4 th wkJune
Tomblgbee V a lle y .. M a y ..........
Tor Ham & Buffalo. J u n e _____
Union Pacific Syst. M a y -------Vandalla__________ r M a y _____
Virginia & Sou West J u n e _____
W a b a s h ...................... AJ wk July
Western Maryland . A p ril..........
W Jer & Seashore.. M a y _____
Wheel & Lake Erle. 2d wk Junt
Wlsconsln Central.r M a y _____
Wrlghtsv & T c n n .. M a y ..........
Yazoo & Miss Vall. J u n e ..........
r
Various Fiscal Years.
Bellefonte Central______________
{Delaware & H u d so n ....................
M anlstlque______________________
Mexican Railway________________
Mexican Southern______________
New York Central______________
Lake Shore & Mich Southern
Lake Erie & W estern_________
Chicago Indiana & Southern.
Michigan Central_____________
Cleve Cln Chic & St Louis____
Peoria & Eastern........ ............. ..
Cincinnati N orthern................
Pittsburgh & Lake Erie_____
R u t la n d ........................ ................
New York Chicago & St Louis
Total all lines_________________
Northern Central________________
d Penn— East of Pitts & Eric___
(l W est of Pittsburgh and Erie
Phlla Baltimore & W ashington.
Pitts Cln Chic & St L o u is...........
Rio Grande Junction____________
Texas & Pacific_________________
W est Jers-'v * Seashore________ .
Ian 1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
i
Jan
Jan
Ian
Ian
fan
Jan
Jan
Jan
Ian
Ian
Ian
Ian
Jan
Ian
fan
ran
Tan
Jan
Jan
Jan
Dec
Tan
VI
to June 30
to May 31
to June 3 b
to June 30
to June 30
to May 31
to May- 31
to May 31
to May 31
to May 31
to May 31
to May 31
to May 31
to May 31
to May 31
to May 31
to May 31
to May 31
to May- 31
to May 31
to May 31
to May 31
to Aprll 30
7
to July
to Mav 31
28,540
7,319,587
27,845
3,924,006
636,437
33,302,739
15,254,161
1,684,129
1,163,573
9,758,035
9,032,819
1,053,610
316,188
3,260,362
991,662
3,965,535
79,872,813
4,461,892
52,707,562
Dec. 9,4
6,309,894
10,019,170
287,274
6,204,993
1 .773.228
31,389
7,615,194
31,220
3 ,972,300
683,027
38,246,637
17,798,434
2,009,642
1,244,649
11,457,855
10,115,925
1,175,641
397,250
5,655,540
1,117,196
4,399,453
93,018,229
5.180,592
65,106,162
54,000
6,607,094
13,181,840
318,639
8,658,559
1 .790.928
AGGREGATES OF GROSS EAR NIN G S— Weekly and Monthly.
W e e k ly S u m m a r ie s .
-4th
1st
2d
3d
4th
1st
2d
Rd
4th
1 st
week
week
week
week
week
week
week
week
week
week
Apr
May
May
May
May
Juno
June
June
June
Julv
(45
(43
(44
(43
(42
(42
(43
(41
(44
(37
roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
C u r 'n t
Y e a r Prev’s
$
10,827,078
7.811 ,943
7,958,788
8,016,707
10,817,742
7,993,521
8,280,704
8.344,918
11,565,430
8,011,899
Year
$
14,207,506
9,891,307
10,166,254
10,054,378
15,219.751
9,963,508
10,263,171
10,158,774
13,831,152
9,088,019
In c. o r D ec.
$
— 3,380,428
— 2,079,364
— 2,207,466
— 2,105,929
— 4,402,009
— 1,970,037
— 1 982,413
— 1,813,850
— 2,265,722
— 1,076,120
%
23.79
2 1.0 2
21.70
20.80
28.92
19.82
19.32
17.85
16.38
11.84
M o n t h ly S u m m a r ie s .
Month
Month
Month
Month
Month
Month
Month
Month
Month
Month
Sept
Oct
Nov
Dec
Jan
Feb
Mch
Apr
May
June
1007
1907
1907
1907
1908
1908
1908
1008
1908
1908
(118
(120
(120
(123
(122
(123
(126
(119
( 52
( 51
roads).
roads).
roads).
roads).
roadsl.
roads) .
roads).
roads).
roads).
roads).
C u r ’n t
Year
S
192,548,022
213,697,727
189,988,564
174,422,451
151.758,406
141,256.206
162.495,089
154,137,168
42,073,897
46.515.46?
P r e v ’s
Year
S
175 505,039
196,843,678
184,197.391
184,893,810
172,283,006
160,150,610
187,435,350
190,046.156
55,395,677
58,800.434
+ 17.042.983
+ 1(5,854,040
+ 5,791 173
— 11,471,359
— 21,524,600
— 18.894,404
— 24,940,261
— 35,008,988
— 13,321,78(1
— 12.28 1,07?.
9.71
8.5#
3.14
6.20
12.49
11.79
13.37
18.89
24.0#
"0 .8 9
a Mexican currency, b Includes earnings of Gulf & Chicago Division, c Includes the Houston & Texas Central and its subsidiary Un*s la bet#
years, d Covers lines directly operated, c Includes the Chicago & Eastern Illinois In both years.
M eclados Evansville * Indiana RR.
a Include#
earnings of Ool. & South., Ft. Worth te Denver City and all affiliated lines, excepting Trinity * Braros Valley RR.
k Includes In both yaars aim ing*
of Denvar Enid <» Gulf R R ., Pecos Valley System and Santa Fe Prescott <c Phoenix Ry.
5
S
{ These figures do not Include receipts from sale of coal.
•o Figures here are on tho old basis of accounting— not the new or Inter-State Commerce Commission method, r These figures are on the new
<
tu»ia nrvaerihod hv the Inter-State Commerce Commission.
TH E CHRONICLE
160
Latest Gross Earnings by W eek s.— In the table which
follows we sum up separately the earnings for the first week
of July. The table covers 37 roads and shows 1 1 .84%
decrease in the aggregate! under the same week last year.
3
S
17,354
72,718
55,500
143,000
5
58,361
113,900
152,300
1,390,000
229,600
135,290
95,577
127,014
283,326
360,600
22,803
52,491
31,217
3
75,715
180,618
207,800
1,542,000
210,000
139,978
102,007
104,560
312,596
403,400
24,198
62,959
41,314
728,831
861,217
99,800
123,154
47,906
766,030
119,963
13,642
68,712
204,281
606,000
18,000
133,257
264,878
17,228
5,957
9,864
181,602
897,853
190,318
19,014
434,124
103,000
132,932
50,171
825,580
154,720
13,344
75,948
264,818
652,000
20,000
172,383
301,708
17,512
7,069
12,53?
202,828
992,059
264,818
20,045
470,185
3,200
9,778
2,265
59,550
34,757
9,088,01!
-Bal. of Net E 'ngs.Previous
Current
Previous
Current
1
Jurrent
Year.
Year.
Year.
Year.
3
3
3
5
Roads.
2,790
1,417
303
257
Bellefontc C e n tra l-------- June
7,62!)
1,786
1,818
1,542
Jan 1 to June 3 0 ----------176,781
146,28!)
38,020
35,374
Cumb Tel & Tel C o-------- June
1,051,761
865,195
239,843
Jan 1 to June 3 0 . ...........
223,009
3 9,496
25,718
25,608
29,662
St Jos & Grand Is la n d .-M a y
403,537
361,736
233,784
248,026
July 1 to May 3 1 ----------def 1,875
24,084 gdef.31,632
29,945
Toledo Pco & W e ste rn ..M a y
19,729
£2,598
21,63 l
23,122
June ------------------------------1,672
287,481 g d e fl2 ,l2 4
285,593
July 1 to June 3 0 ----------2 After allowing for other Income received.
132,386
8,011,899
Alabam a Great Southern---------Buffalo Rochester & Pittsburgh
Canadian N orthern--------------------Canadian Pacific------------------------Central ot Georgia----------------------Chicago Great W estern.
.
Chicago Indianap & Louisville.
Cin New Orleans & Texas P a c ..
Colorado & S o u th ern ----------------enver & Rio Grande---------------Detroit & M ack in ac------------------Duluth South Shore & Atlan tlc.
Georgla Southern & Florida.
Grand Trunk o£ Canada------------i
Grand Trunk W estern-------- r
Detroit Gr 1la w n & M ilw .. |
Canada Atlantic--------------------J
International * Great Northern
Interoceanic of M exico---------Iowa Central-------------------------Louisville & N ashville---------Mexican Intern ational---------Mineral R ange-----------------------Minneapolis & St L o u i s ..--------Minneapolis St Paul & S S M —
Missouri Pacific & Iron M tn------Central B ran ch ----------------Mobile & O hio---------------------National Railroad of Mexico—
Hidalgo & Northeastern------N evada-California-Oregon------Rio Grande Southern............... ..
St Louis Southwestern-----------Southern R ailw ay--------------------Texas & P ad lie------------------------Toledo Peoria & W estern--------W aba sh --------------------------------------Total (37 roads) -------Net decrease ( 1 1 .8 4 % ).
Increase. Decrease.
1907.
1908.
First week of July.
19,600
.............
_______
298
_____
_______
_____
_______
_____
_______
4,682
6,430
37,546
29,270
42,800
1,395
10,408
10,097
7,236
60,537
46,000
2,000
39,126
30,830
284
1,112
2,673
21,226
94,206
74,500
1,031
36,061
19,898 1,090,018
1,076,120
For the fourth week of June our final statement covers 44
roads and shows IG .38% decrease in the aggregate under
the same week last year.
Fourth week of June.
1908.
Increase. Decrease.
1907.
3
3
60,471 2,205,444
16,412
3
3
Previously reported (37 roads). 10,910,375 13,055,348
122,287
105,875
Alabam a Great Southern----------Ala New Orl & Texas Pacific—
91,996
73,866
New Orl & Northeastern------44,201
37,172
Alabam a & Vicksburg----------45,383
42,444
Vicks Shrev & Pad 11c----------3,892
2,490
Chattanooga Southern--------------215,717
200,850
Chicago Great W estern--------------252,328
192,358
Cine New Orl & T ex P a c-----------
............
Total (44 roads)----------------------- 11,565,430 13,831,152
Net decrease ( 1 0 .3 8 % ) ---------------
60,471 2,326,193
2,265,722
............
18,130
7,029
2,939
1,402
14,807
59,970
Net Earnings Monthly to Latest D ates.— The table fol
lowing shows the gross and net earnings of STEAM railroads
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of June 20 1908. The
next will appear in the issue of July 25.
------ Gross Earnings—
Current
Previous
Year.
Year.
$
$
3.583
3,377
42,362
42,112
0,424
6,00!)
31,38!)
28,540
Hoads.
A la Tenn & Northern .M a y
July 1 to M ay 3 1 . ...........
Bellefontc Central, b — June
Jan 1 to June 3 0 ----------Buffalo Gas C o_________ M ay
Oct 1 to May 3 1 ----------542,407
Chicago Great W est’ n .b .M a y
July 1 to May 3 1 _______ 7 ,381,807
Chic Mllw & St Pan l b . May.rt ,127,133
722,204
8,257,198
4 ,926,505
----- Net Earnings-----Current
Previous
Year.
Year.
$
$
1,625
1,937
20,879
23,537
1,074
3,099
3,328
0,447
11,525
17,998
230,198
104,572
4,471
180,714
1,132,07!)
,245,581
2985,898
July 1 to May 31.--..252,541,353 55,068,024218,113,464
43,598
538,640
______
979,802
July 1 to May 3 1 _______ 7,305,418
184,315
482,49!)
212,155
Cumb Tel & Tel C o .b .-J u n e
504,364
1.105,038
2 ,880,952 1,272,770
Jan l to June 3 0 _______ 3,056,978
680,308 2d cf00,470
In tem at’l & Gt N orth, b M ay 2474,736
8 ,204,578
2323,800
July 1 to May 3 1 _______26,360,780
799
def 52
5,001
6,235
Manlstlque. b ___________ June
def 494
def2,537
31,220
27,845
Jan 1 to June 3 0 ----------646
4,128
9,497
Nevada Central b _______May
4,954
10,613
28,630
76,128
July 1 to M ay 3 1 _______
68,603
64,808
94,044
660,629
Pacific C o a st_____________ May
530,570
1,005,130
1,312,866
6,070,224
July 1 to May 3 1 _______ 6,680,671
80,594
210,811
82,618
Richmond Fred & P o t ..M a y
201,987
506.923
561,273
1,774,161
July l to May 3 1 _______ 1,825,054
55,380
65,101
149.489
St Joseph & Gr Island, b May
123,133
609,762
637,321
1,583,533
July 1 to May 3 1 _______ 1,485,388
22 17,380
262,292
1,421,963
Seaboard Air L ln e.b . .M a y 2 l ,196,365
3,106,288
July 1 to M ay 3 i ‘.'_ . ..2 1 4 ,5 1 2 .0 6 7 15,050,367 23,440,233
22,209
Toledo Peo & W est’ n .b .M a y
76,387
115,397
def2,029
41,363
June ____________________
106,059
129,556
25,220
289,153
July 1 to June 3 0 _______ 1,220,541
1 ,3 0 0 ,2 16
205,179
C231,877
520,819
C682.646
_J!?’018
Wisconsin Central a ____ May
July 1 to May 3 1 _______ 6,746,313 c6,858,166
l,72 o ,o o 3 C2,078,461
2 Clnc Ham & Dayton b-M ay
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes,
c Figures revised for previous year so as to accord with the new classifi
cation of earnings .and expenses now required by the Inter-State Commerce
Commission.
x These figures are on the basis ot accounting required by the Inter
State Commerce Commission.
Interest Charges and Surplus.— The following roads, in
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.
[V O L . L X X X V II
STREET R A IL W A Y A N D TRACTION COM PANIES.
Latest Gross Earnings.
Name of
Road.
Week or
M onth.
Cu rrent
Year.
5
American R ys C o------ J u n e _____ 254,370
119,049
cAur Elgin & Chic R y May _____
35,414
Bangor R y & Elec Co May -------22,730
Binghamton R y --------- April
171,914
Blrm R y Lt & Power May ..........
48,156
Boston & W orcester- M a y ___
8,155
1 rockton & Ply St lty A p r il_____
3
12,694
Camagucy C o . . . ------- May
18,073
Cape Breton El C o . . . A p r il_____
64,823
J u n e _____
Central Penn Trac
63,695
Chariest Con R y G & E May ______
65,786
dClilcago * Oak 1 ark J u n e _____
23,930
Cleve Pxlncsv & East May -------28,701
Columbus Electric Co M a rch ____
01,617
Dallas Electric C o . . . A p r il_____
( Detroit United R y - 1st wk July 153,087
19,847
1st wk July
Duluth Street R y
166,729
East St Louis * Sub J u n e _____
41,536
El Paso Electric. . . A p r il_____
Ft W ayne * Wabash
Valley Traction Co May .......... 107,190
83,447
G alv-llous Elec Co . A p r il_____
85,324
Grand Rapids R y Co J u n e _____
39,877
Havana Electric R y W k July 12
Honolulu Rapid Tran
31,417
May --------& Land C o . - - - 20,679
April . . . .
Houghton Co St R y
319,592
Illinois Traction C o .. May -------35,880
Jacksonville Elec Co. April . ' . ___
492.472
Kans City R y * Light A p ril_____
49,112
Knoxville R y & Lt Co May -------69,538
Lake Shore E lectric.. May _____
50,271
Lex * inter R ys C o .. May ..........
57,618
Little R ’ k R y * El Co May _____
141,683
Memphis Street R y . . May _____
216,541
J u n e _____
Met W est Side Elev
323,442
66,730
May ____
74,148
Montreal Street R y . W k July 4
135,119
Nashville R y & L t . . May _____
56,882
J u n e ..........
158,410
May _____
79,351
North Texas Elec Co. A p r il_____
152,175
M a y _____
May _____
9,039
163,660
Northwestern E lev. J u n e _____
24,733
Oklahoma City R y . May _____
12,314
M a y ___ __
19,205
M arch ____
355.774
M a y _____
28,921
May ..........
February . 117,501
Light & P o w e r ...
St Joseph (Mo) R y L
Heat & Power Co.
Sao Paulo Tr Lt & P
South Side Elevated
Syracuse Rap Tr Ry
Previous
Year.
i
266,058
116,415
33,955
20,240
150,783
42,836
7,815
5,994
16,880
66,326
61,399
67,672
24,257
26,450
84,171
160,652
19,515:
183,413
37,966
$
1,325,160
492,293
1 ,369,142
495,862
870,532
_________
28,337
"
74,393
335,140
306,040
404,527
98,191
87,077
352,805
3,398,786
429,738
977,996
175,842
67,372
34 7 ,6 1 0
280,670
426,020
95,800
78,724
339,060
3,409,594
405,202
1,003,404
152,106
101,012
79,808
88,022
32,118
505,166
322,316
461,970
306,456
1,016,088
925,415
31,801
19,387
293,875
29,914
472,666
50,087
73,882
46,649
51,519
137,773
222,792
313,992
57,941
72,521
125,174
48,668
158,288
79,052
216,91!)
8,087
148,576
22,209
12,424
17,284
323,11 1
27,733
105,775
151,239
76,465
1,589,246
137,083
1,941,652
223,122
307,440
225,340
276,686
634,185
1,309,725
1,530,570
280,732
1,823,180
629,055
238,305
663,299
316,515
71 1,093
48.023
940,278
97,832
60,256
52,739
1,706,530
146,414
240,479
VV'k July 4
Twin City Rap Tran 1st wk July
k Underground El R: ■
of London, thrci
W k June 27
tube lin e s -----------Metropolitan Dlst W k June 27
. May ..........
United Rys of St L . M ay ..........
.
t A p r il____
W hatcom Co R y& L t jApril
8 7 5 ,18(>
26"324
150,454
70,951
1 ,399,199
125,853
1,853,660
231,077
317,960
204,221
246,573
619,934
1,380,80!)
1,502.361
266,364
1,740,873
612,228
209,223
667,015
313,052
845,932
829,46!)
91,289
59,330
51,961
1,474,496
139,022
213,291
2,764,012
585,752
J u n e _____
May ..........
A p r il____
April ____
J u n e _____
June ____
J u n e _____
J u n e _____
A p r il_____
Jan. 1 to latest date.
Current
Year.
Previous
Year.
413,055
961,80?
184,291
1,419,881
1,060,051
73,441
405,68!)
864,501
183,46!)
1,222,881)
931,68!)
7 2,760
626,949
181,482
1,028,607
_________
3,114,055
593,664
168,598
1,033,353
72,344
187,860
46,091
356,089
188,814
14,078
61,868
109,746
44,501
198,971
71,584
134,828
76,5,06
163,64?
46,915
323,005
173,529
14,007
00,579
103,083
42,38!
108,502
6 8 ,7 1(
137,008
£12,215
£9,70*
£7,947
661,91
920,765
29,49*
£305,000
£7,135
£234,034
£8,28"
£158,991
£7,071
129,641 2,790,257
4,248,217
947,33!
27,737|
118,161
2,983,651
6164,910
£207,633
£155,426
2,305,670
4 ,320,423
109,063
c These figures are for consolidated com pany, d these are results for
main line, f No earnings for Detroit Jackson & Chicago R y. for Jan. 1907
Included In these figures.
k Does not Include the Charing Cross Euston
& Hampstead R y. for last year.
Street Railway Net Earnings.— The following table gives
the returns of S T R E E T railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of June 27 1908. The
next will appear in the issue of Aug. 1 1908.
----- Net Earnings—
------ Gross Earnings—
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
S
$
Roads.
S
S
14,682
18,147
64,823
66,320
Central P«nna Tract C o. June
59,086
01,621
347,010
335,140
Jan 1 to June 3 0 ------ --.
89,313
70,747
183,413
166,729
East St Louis & Su b------Tune
456,280
462,645
1,003,404
977,996
Jan 1 to June 3 0 ............
30,920
29,498
73,882
69,538
Lake Shore E lectric.a . -M ay
123,191
118,251
317,960
307,440
Jan 1 to May 3 1 ----------29,611
30,512
60,579
61,868
Springfield R y * Lt Co.June
43,473
47,005
103,083
109,746
Syracuse Rap Trans C o. June
256,188
252,181
593,604
626,949
Jan 1 to June 3 0 ----------a Net e.irnlngs here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
— Int., Rentals, A c .— — Hal. of Net E'ngs.
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
S
$
S
Roads.
S
3,685
7,605
23,314
25,812
Lake Shore Electric------ May
def10,174
118,138
5,053
128,425
Jan 1 to May 31
—
,-rl8,l!)7
2-18,060
25,462
29,204
Syracuse Rap Trans C o. June
.1-81,51 1
2105,605
151,639
172,696
Jan 1 to June 3 0 ---------x After allowing for other Income received.
Ju ly
TH E CHRONICLE
18 1 9 0 8 . |
ANNUAL REPORTS.
Seo explanation of year’s results in report of VirginiaCarolina Chemical Co. above.— V . 85, p. 280.
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle in which
it is published. The latest index will be found in the issue
of June 27. The next will appear in that of July 25.
Virginia-Carolina Chemical Co.
(Report for Year ending M a y 31 1908.)
The report for the late year shows the consolidated state
ment of earnings and surplus account, including the Southern
Cotton Oil (see report below) and other subsidiary companies,
excepting the Einigkeit (Potash C o.), whose profits are not
included except to the extent of the first quarterly dividend,
amounting to $12,606, paid April 1 1908. The earnings of
the Einigkeit Co. were included prior to the year 1906-07.
The net earnings of the Southern Cotton Oil Co for the year
ending May 31 1906, not included below, were $532,709, in
creasing the combined surplus from operations as shown in the
report for the 11 ]/2 months ending May 31 1906 to $1,333,232.
Yearerul.
Yearentl. 11}j m o s .c n d . Yearend.
M a y 31 ’08. M a y 31 ’07. M a y 31 ’06. June 15 ’05.
T otal net prollts (see
$5,051,126
$3,885,834
$3,706,422
a b o v e )---------- _■
_________$4,534,362
814,312
1,026,208
856,807
Repairs and maintenance 1,006,936
Balance,
net profits
$4,024,918
(see above)__________ $3,527,426
Less Interest, D ies., &c.
$283,333
Interest on bonds________
$258,333
661,271
Interest and discount_________________685,640
1,440,000
Preferred stock, 8 % ______ 1,440,000
Loss on Sou. Cot. Oil C o.................. ..
112,679
Set aside for contlng. fund
100,000
$3,029,027
$ 2,892,110
$294,792
293,712
1,440,000
$332,292
274,586
1 ,320,000
3 38,386
200,000
$2,483,973
$2,407,283
$2,265,262
$2,228,504
$1,527,635
B alance___________________ $1,043,453
$800,523
$626,848
C O N S O L ID A T E D B A L A N C E S H E E T M A Y 31 1908.
— Incl. Southern Cot.Oil— E x.S o.C .Oil.
M y - -'«•
Assets—
— a» - 3 1 "0 8 . M a y 31 ’07. M a y 3 1 ’ 06.
v...
R e a l estate, p la n ts, & c ------------------------- $40 ,677 ,02 4 $ 4 0 ,0 4 4 ,2 9 6 $21 ,819 ,120
O th er i n v e s t m e n t s ____________________
4 ,6 9 7 ,0 1 8
4 ,6 4 7 ,8 7 7
22,833 ,918
C a s h ____________________________________
2,689,318
3,626,075
2,75 9 ,6 1 0
M a n u fa ctu red p r o d u c ts , m a t .& 8 u p p .
6,35 8 ,0 6 2
7 ,9 2 7 ,0 4 6
...
A c c o u n t s r e c e iv a b le ----------------------------6,85 0 ,9 5 2
6 ,1 64,458
6,3 8 6
B ills r e c e iv a b le ________________________ * 6 ,6 1 6 ,3 1 6
* 5 ,7 9 0 ,8 5 6
4,823
In terest & Insurance p a id In a d v a n c e .
295,681
33 1 ,2 4 6
3 ,1 6 3 ,
M iscellaneous In v estm en ts-----------------75,624
7 7 ,185
277
T o ta l______________________________ ..$ 6 8 ,2 6 0 ,8 9 5 $68,600 ,040 $62,062 ,978
I.labilities—
Capital stock, preferred----------------------- $18,000,000 $18,000 ,000 $18,000 ,000
Capital stock, c o m m o n ---------------------- 2 7,084,400 2 7,984,400 2 7,984,400
Sou. Cot. OH Co. stock outstanding. _
5,000
5,000
Collateral trust bonds..............................
5,000,000
5,500,000
6 ,000,000
Bills payable----------------------------------------- 8,706,500
9,414,520
4 ,982,464
Accounts payable_____________________
683,346
884,117
2 35 ,355
216,494
Drafts against consignments_________
227,397
Reserves________________________________
241,641
209,372
Accrued Interest_______________________
41,666
45,833
50,000
•Surplus--------------------------------------------------7,381,848
6,338.395
4,810,759
ESTotal-------------------------------------------------- $68,260,895 $68,609 ,040 $62,062,978
* After deducting $618,146 In 1908 and $498,965 In 1907 for reserve for
doubtful accounts and rebate of Interest.— V . 86, p. 1593.
The printed report contains no general remarks, but
President S. T . Morgan, in a letter addressed to “ The
Journal of Commerce & Commercial Bulletin” of New York,
under date of July 14, touching comments on the
results for the year, makes the following explanation:
The fertilizer business proper of the com pany was much better than the
previous year. Owing to the stringent money conditions wc decided to
curtail the fertilizer business In certain lines, selling less of low-grade
fertilizers and fertilizing materials. In which there Is usually but little
profit, and therefore the total tonnage of the company In fertilizers was
about 4 % less than the previous year. More attention was given to the
sale of complete high-grade fertilizers and the proprietary brands, and In
•consequence the gross sales In dollars and cents was Increased $588,215,
and the profits from the sale of fertilizers were Increased this year $586 ,63 1.
Where the company sustained Its loss In net profits was through the
Southern Cotton Oil C o., which last year showed net earnings of 81,6 1 0 ,1 0 0 ,
as against net earnings this year of $526,607. The reason for this Is
obvious when It Is known that for the same number of tons of cotton seed
purchased this year as was purchased last year the cost of this this year
was $1,150,700 more than the previous year, and the value of the products
gotten from a ton of cotton seed on the average was not so much as last year.
The cotton seed business last year was very much like cotton Itself; the
farmer got more for It than the manufacturer could afford to pay and
make a reasonable profit. The Southern Cotton Oil Co. crushed abo u t
2 0 % more seed than It did the previous year, which, of course, reduced
to some extent the per ton operating expenses.
The comparative short crop of cotton last year with the previous year Is
of course, largely accountable for the high price of seed. Present indica
tions arc for a large crop of cotton, and we trust a more equalized value
between seed and the manufactured products.
Southern Cotton Oil Co.
(Report for Fiscal Year ending M a y 31 1908.)
This company, controlled by the Virginia-Carolina Chemi
cal Co. (see report above), reports the following:
Results for Year ending M a y 31.
Earnings—
1907-08.
1906-07.
Net earnings________________________________a$526,607 a $ l,6 1 0 ,1 0 0
Dividend paid June 15 1907 _____ ______ _
_______
500,000
1905-06.
$532,709
Balance----------------------------------------- ------------$526,607
$1,110,100 $532,709
a Net earnings were stated after charging to operating expenses $547,713
tor repairs and Improvements In 1907-08, against $487,596 In 1906-07.
BALANCE SHEET M A Y 31 1908.
1008.
1907.
1908.
1907.
Assets—
$
$
Liabilities—
$
$
Heal est., plant,&c 9,048,456 8,675.140 Capital stock, com.10,000,000 10,000,000
Stocks owned------ 1,062,670 1,061,374 Bills payable_____ 2,941,777 3,172,000
Bonds owned.........
393,741
393,741Accts. payable,Ac.
384,014
499,025
20,697 Drafts against conCash dep. with trus
...........
Materials A su p p .. 3,041,108 3.892,157 slgnments...........
216,494
227,397
500,000
Accts. & bills rec. .*1,706,653 1,528,321 Dividends ..................................
110,2941 Reserve ......... ...
192,325
180,199
Int. & Ins. In adv.
90,604
Surplus..................... 2,783,456 2,250,849
Cash......................... 1,174,829 1,153,7461
Total....................16,518,067 16.835,470| Total
10,518,067 16,835,470
* Accounts and billsreceivable were stated after deducting $95,585 reserve for
doubtful accounts In 1907-08, against $76,404 In 1906-07.— V. 85, p. 280.
161
American Telephone & Telegraph Co.
(Reports of Operating Companies.)
Last week we gave digests of the annual statements
recently issued by a number of the leading companies
operating under license, from the American Telephone &
Telegraph Co., which in m ost cases owns or controls a
majority of their share capital. The remaining statements
of the kind available for publication are brought together
below.
President Vail, returning from an extensive trip W est,
North and South, is quoted as saying:
Our business shows relatively no falling oir. The business of the asso
ciated Bell companies is better this year than last year. There Is a good
demand for the better class of telephones; In fact, we have all the business
of that kind we can do.
As for new construction, the associated com
panics will do 25 to 3 0 % less than last year. The figures will fall even
below our estimates made at the bcglntng of 1908.
W e are Increasing our holdings In the thirty odd associate companies;
by that I mean we keep our relative percentage of holdings In each com
pany by Increasing them proportionately to the stock Increases of the
companies. Our loans to them remain substantially at the figures of
last year. These m ay be called fixed loans, and they will continue as
such until the time comes when they can be properly funded.
The floating debt of Western Electric .which was unwieldy In 1 9 0 7 ,has
been greatly reduced. That company Is In no need of funds, and there
wli be no Issue of the company’s bond3 this year, although an Issue to
the amount of $15,000,000 was authorized during 1907.
Hayden, Stone & Co., Boston, New York, &c., in a special
circular issued this week regarding the company’s capital
stock, and also its issue of $100,000,000 4 % convertible
bonds (which, it should be noted, are convertible into stock
at 134.347529 between March 1 1909 and March 1 1918),
say in part:
There are at present outstanding the following capital liabilities of the
parent company:
V£P*tal stock ---------------- $ 1 5 2 ,4 8 4 ,8 5 5 )4 % conv. bds. due 1936$100,000,000
4 % Coll. tr. bds. due 1929 53.000,0001 4 % coup, notes due 1910 2 5,000,000
Against this (a total of $330,484,855) the company on March 31 1908
had Invested In subsidiary companies $215 ,97 7,31 4; property of its own
amounting to $ 55,479 ,083 , and net quick assets of $81,3 9 8 ,2 4 7 , a total o
$352 ,85 5,54 4.
The company Is fully financed for all present requirements, having paid
off on July 1 $10,000,000 of American Bell Co. 4 % bonds maturing that
date, and Is now free of any floating debt and has In excess of $10,000 ,000
cash on hand.
The above capitalization, as well as the capital obligations of the subsid
iary companies, Is represented by property, the replacement value of which
— without considering any value in rights of way or franchises or patents—
Is estimated at $40,000 ,000 In excess of the entire outstanding capital of
every kind. To all apparent purposes, the Bell companies arc 30 or more
In number, each with Its own organization and local management, but In
reality they form one solid system , connected by a complete network of
toll and long-distance lines, operating under the same general policies, and
with a united credit for raising new capital to develop their business.
On Jan. 1 1908 the Bell companies In the United States operated 8,610 592
miles of wire, of which 1,664,081 miles were toll and long-distance lines.
The number of telephones or subscribers’ stations operated directly by the
companies constituting the system was 3 ,0 3 5 ,5 3 3 , and In addition there
were 755,316 stations operated by local Independent companies under
sub-license contracts. Against the properties and Investments, the out
standing capital obligations of the Bell companies. Including the parent
com pany, aggregate about $550 ,00 0,00 0, all of which Is represented by
cash Invested In the properties and by current working capital. The gross
earnings of the system , not Including the revenue from long-distance lines,
amounted In 1907 to more than $120 ,00 0,00 0. The business has expanded,
and continues to expand, far more rapidly than the natural growth of popu
lation or the extension of ordinary business activity.
See statement of the aggregate earnings of the “ Associated
Operating Companies” (exclusive of the earnings of the
company’s own long-distance service) for the five months
ending May 31 on a subsequent page; also compare annual
report in V . 86, p. 733.— V . 87, p. 91, 40.
Hudson River Telephone Co.
(Report for Fiscal Year ending Dec. 31 1907.)
President U . N . Bethell Feb. 24 1908 said:
General Results.— There was an Increase In gross earnings over the pre
vlous year of 2 2 .8 % , while the Increase in operating expenses was but
17.6% ).
Net earnings increased substantially, but Interest charges were
very largely Increased.
During the previous year the company was able
to carry Its loans at 5 % per annum, but early In 1907 It became necessary
to pay 6 % per annum.
W hile under the existing financial conditions
this was a very moderate rate, the change had a marked effect upon the
revenue balance available for dividends. The large additional Invest
ment In 1906 was subject to Interest charges during only a small part of
that year, but of course was subject to such charges during the whole of
1907. The Increase In this item was also partly- due to the additional
notes Issued during the year. The outstanding bills payable at the end
of the year amounted to $5,235,452.
The general financial and commercial conditions made It apparent before
the close of the year that the only wise and conservative course was to
suspend the paym ent of dividends. During the year three dividends
each 1 % were declared and the surplus was drawn upon therefor to the
extent of $2,173 39. A t the end of the year the surplus stood at $202,996.
Your company expended In 1906 for extensions and enlargements
$1,8 8 4 ,6 3 4 , while the expenditure on this account In 1907 was but $754,651
(Including $14,597 for real estate; underground plant. $ 1 47 ,24 0; aerial
plant, $380 ,78 0; equipment, $ 212 ,03 4). The plans for 1908 call for
even a much smaller outlay than that of 1907.
Rates.— It has been the aim of the management to furnish an efficient
and adequate service at a reasonable rate.
For some time certain classes
of service have been unrenumeratlvc.
It Is believed that the Im
portant Interests served will not be satisfied with an Inferior service,
and will approve such adjustments In charges as m ay be required to meet
necessary operating expenses and yield a fair return on the capital actually
Invested.
O P E R A T IO N S A N D F IS C A L R E S U L T S .
' Stations in Service Jan. 1.—
1908.
1907.
1906.
1905.
Stations operated by com pany_____________ 40,981
3 8 ,220 28,786 24,578
Stations operated by sub-licensees_________ 12,723
11,492 10,015
4,887
1907.
1906.
Earnings—
$
$
Exchange service___ 942,277
781,742
Toll service........... ..1 432,522 J 339,239
Private lines, &c____\
\ 31,413
Heal estate................
41,990
36,111
Miscellaneous............
57,520
11.174
Expenses—
General and taxes___
Operating..................
Malnt. A reconstr..
Instrument rent____
Real estate and mlsc.
1907.
$
169,810
422,186
404,475
60,792
46.520
1906.
5
163,788
313,420
364,372
51,210
45,107
T o ta l...................... 1,474,309 1,199,679
Total
1,103,783
937.89$
370,526
261,782
Net earnings.........................................................................................
Deduct— Interest charges........................................... ....................... .. 255.402
90,366
Dividends ..................................................................... (3%)117.297(6)234.594
Total......................................... ..............................................................
D eficit........................................................................................................
372,699
2,173
324,960
63,178
TH E CHRONICLE
162
BALAN CE SHEET DECEMBER 31.
1907.
1906.
Contracts & licenses601,352 601,352
Plant equip., A c____7,622,683 6,868,185
Supply department-.
281,731 287,371
449,707
Real estate__________ 464,304
69,443
Stock and bonds____
80,706
314,750
Accts.A.bills recelv. 369,501
14,798
C ash_______________
49,440
T o ta l......... .............9,469,718 8,605,606
— V. 86, p. 112.
1906.
1907.
$
Liabilities—
$
Capital stock......... ..3,909,900 3 ,909,900
205,169
Surplus...................... 202,996
1,400
Real estate mortgage
1,400
Bills payable.............. 5,235,452 4 .110,000
289,482
Accounts payable-. . 110,209
58,649
Reserve lor dlvld-.-'l
9,761 f
31,006
Other reserves........... J
l
Total ......................9,469,718 8,605,606
[V O L . LXXXV1T
EARNINGS, EXP EN SE S AND CHARGES.
1907.
1907.
1906.
Expenses—
$
$
$
Earnings—
Exchange______ . . .1,673,995 1,426,534 General.................... . 419,310
472,974 Operating ................ . 778,970
T o l l ....................... . . . 609.591
42,913 Maintenance ......... . 390,000
47,058
Real estate______. . .
93,000 Instrument rentals. . 106,890
98,249
Miscellaneous----- . . .
Real estate A mlse. .
44,901
.2,428,893 2,035,421
Tntai
Deduct— interest charges.........
1906.
$
363,233:
740,010>
390,000'
91,346
59.823
T o ta l......... .......... .1,740,071 1.645,312
390,109
. 659,697
510,766mo ooo
Reserve for maintenance......... ............ .............................................. -
28,705
673,998
Balance.................. - .......... - ..................... .......................................... G88,f9?
Surplus or deficit....... ....................... ............ .......... ..................... ........ sur. 420df .283,889
{Report for Fiscal Year ending Dec. 31 1907.)
BALANCE SHEET DEC. 31.
1906
1907.
1907.
1906.
This company is a licensee of the American Telephone &
$
Liabilities—
$
$
$
Asse/s—
Telegraph Co., but it is not controlled by that company.
Construction ____14.030,185 12,628,578 Capital stock......... 3,627,700 3 ,627,700’
457,000.
Suoply department 527.573
Bonded debt.........
444,000
N.
W . Harris, Chairman of board of directors, under date
9,839
Surplus.................
10,258
Real estate......... 424,296
Accounts payable.12,746,349 11 ,584,696.
Accts. receivable . 1,196,552
of April 1 1908, says:
133,497
Reserves............. 56,587
155,794
Cash .......................
The company entered upon the year 1907 with a well defined policy
409,284
to restrict capital expenditures In so far as consistent with good service Stock and bonds-141,210
an fc r o n e r lv protecting "o v r interests. As the result the company has Miscellaneous-----b-cm in strong financial condition all through tne year.
Total ..................16,884,894 15,812,732Total .................. 16,884,894 15.812,732
Notwithstanding auverse business conditions, the company has not
suffered a loss of earnings.
In fact, the gross earnings from all sources — V. 86, p. 549.
for the last three months of 1907 show an Increase of 1 3 % + over similar
Nebraska Telephone Company.
tam ings for the corresponding months of the previous year.
On the basis of construction expenditures and established earnings
{Report for Fiscal Year ending Dec. 13 1907.)
Michigan State Telephone Company.
President C. E . Y ost, Omaha, N eb., Feb. 13 1908, wrote r
Is d ue to the policy of restricting the number of low rate and less profitable
C
Installations; and this policy also resulted In materially reducing the
amount expended for construction purposes.
» .
.
In order to provide.out of earnings for the replacement^of various parts
of
purposes with an amount equal to $10 per exchange station. Should
the actual expenditures exceed this amount, the maintenance reserve
account can be drawn on; should the expenditures fall under the amount
provided, the surplus will be credited to the maintenance reserve account.
The financial condition of the company and Its position In the telephone
field in Michigan have been strenghtened during the past year, and It Is
confidently expected that the results for the year 1903 will be most satis
factory.
R E S U L T S O F O P E R A T IO N S .
Year
11 months
' Year
Year
•nding
ending
ending
ending
enc
Dec. 31 ’ 07. Dec. 31 ’ 06. Dec . 31 *05. Dec. 31 ’04.
77,047
66,312
102,250
92,576
N o. of stations Dec. 3 1 .
5,937
6,083
6,237
6,274
Miles of toll poll lines—
32,309
31,263
35,952
35,863
Miles of toll wire------------$
S
Earnings—
2,293,552
1,839,704
2,661,296
Gross earnings----------------- 3 ,092,226
Oper. expen., lncl. taxes
994,234
810,067
1,340,552
1,228,576
& rentals--------------------625,990
531,234
704,422
800,457
M alnt. & recontruct’ n . .
Net earnings_________
.Spsclal e ? p ., lncl. bond
discount______________
In t. on bonds and floatlng d e b t----------------------Maintenance resv. a cc t.
Organization exp en se..
Dlvs. on pref. stock (6 % )
Balance, surplus--------
498,403
1,047,252
632,264
673,328
28.476
15,473
15,398
2 71,4b»
-----136,645
Cnanni
136,333
137‘ ioO
32,168
1 2 5 ,C75
140,338
259,459
132,657
195,887
261,371
340,120
--------------
207,904
BALANCE SHEET DEC. 31.
1907.
1906.
1907.
1906.
$
Liabilities—
3
$
$
Assets—
Preferred stock.. . 2 ,285,000 2 ,285,000
Cost of property.. 17 ,118,082 15,764,799
O .O
616,706 Common stock— *6 000,000 *6 .O O CO
Stock and bonds.. . ..............
Bonds. 1st m tge.. 0 ,566,000 0 ,182,000
Aeets. A notes re
Debentures........... 1 ,250,000 1,250,000
ceivable, less re
Notes and accounts
serve for doubt
536,540
661,896
payable----------322,692
258,112
ful accounts____
225,244
217,681 Accrued lnt., divi
Mat’l and supplies
254,877
234,050
dends and taxes
156,328
146,039
Undistributed exp.
42,679
314,796
39,005
112,356 Operating reserve.
Cash ......................
654,138
460,668
Surplus......... ........
T o ta l__________17,861,351 17,116,293
T o ta l................... 17,861,351 17.116,293
♦Includes $2,500,000 of stock held under control of directors.
V. 87, p. 42.
Missouri & Kansas Telephone Company.
{Report for Fiscal Year ending Dec. 31 1907.)
President C. S. Gleed under date of Kansas City, M o.,
Jan. 22 1908, says:
General Results.— The number of Missouri & Kansas stations Increased
13,182. making the total 88 663; an Increase of 1 /.-> % .
The total num
ber of stations with the Ucu connections Increased 4 8 , 1 8 2 , making a total
of 22.°,6ty , an Increase of 2 7 .5 % .
The revenue Increased $393,471 or
1 9 .3 % . Expenses Increased $94,759 or 5 .7 % . A com parison of the
1 urease In revenue. 1 9 .3 % , with the Increase In expense, 5 . 7 ,„ , is encour* ^Capital Expenditnres, & c.— The general financial situation has pro
hibited heavy expenditures for construction or acquisition. Most of
the new work undertaken but not completed In 1900 was finished in 1907,
the total amount added to capital account being $ 1,445,590.
I he com
pany still has In store a large amount of material, most of which will prob
ably be put Into service In 1908.
Legislation.— Large numbers of bills relating to the telephone busi
ness were considered by the legislatures of both Missouri and Kansas
but all failed of passage excepting what Is known as the Public Utilities
bill, passed by the Missouri Legislature. This law authorizes any city
of Missouri to create a commission for the regulation of the public service
companies doing business In such city. The cities of the State have not
yet experimented with the law.
.
Rates. & c.— ' he prospect for business In 1908 Is good. The Increase
T
In stations will he a substantial one. Several communities have already
consented to such revision of rates as will afford a fair return for the service
rendered, and It Is confidently expected that others will reach the same
wise conclusion.
O P E R A T IO N S A N D F IS C A L R E S U L T S .
Plant Statistics on Dec. 31—
1907.
1906.
120
:s___
125
Number of exchanges, Including branch offices—
____ 88,663
75,481
Number of stations------------ -- - - - ------------------------------ ; ij?
-.1 3 5 ,0 0 0 100,000
1905.
89
54,991
75.000
...2 2 3 , 6 6 3 175,481 129,991
7,686
7,619
Miles of toll pole line-------------------------------------------------- *7,256
42,468
____ 4o,o07
35,386
Miles of toll wire---------------------------------------------------------- 45,567
•Decrease due to method of determining pole lines.
On Dec. 31 1907 the total number of Instruments In service was 4 0 ,9 7 3 „
an Increase of 5,456 during the year. In addition we arc connected by
sub-license contract with 43,472 subscribers of so-called Independent
telephone companies.
W e constructed during the year 22,078 feet of underground conduit and
laid 148 951 feet of additional underground cable.
In our exchanges,
there were placed 236,187 feet of aerial cable.
107 private branch ex
changes were Installed. The new "W eb ster” branch exchange building
located In Omaha was completed and occupied In June and a complete
new central office equipment was placed In same.
During the year there was Invested In construction $491,555 and in
real estate $45,651.
Exchange receipts Increased over the previous year
$160 328 and toll receipts increased $22,384.
W e now have Invested
In real estate $303,290. Our total net debt Dec. 31 amounted to $123,730.
The usual 6 % dividends have been paid during the year; and we can seeno reason why same should not be continued for all time to come.
R ESU L TS FO R C A L E N D A R YEARS.
1005.
1907.
1006.
36,171
49,073
44,517
No. of stations Dec. 3 1 ----------------------$
$
$
Earnings—
1,208,599
1,048,2711
Exchange earnings-----------------------------450,304
427,080 1
Toll -------------------------- --------------------------17,021
18,130 | 1,36 1 ,1 5 7
Private line-----------------------------------------25,277 |
35,059
Real estate-------------------------------------------55,002 J
62,123
M iscellaneous-------------------------------------Total earnings---------------------------------General expenses---------------------------------Operating----------------------------------------------M ainten ance---------------------------------------Instrument r e n t ---------------------------------Sub-licensee and messsenger_________
Miscellaneous ............................. ................
1,773,166
265,313
458,900
75,612
42,556
72,202
1,574,660
248,2121
434,551 I
420,527 \
70,038 |
54,245 I
72,704 J
1 ,3 6 1 ,1 5 7
1 ,084,550
1,084,550
Total operating expenses_________
1,344,622
1,300,367
276,508.
Net ea rn in g s------------ ----------- ---------------274,302
428,544
254.888 a b t .106,872 ,a b t.158,136
Dividends, 6 % -----------------------------------GENERAL BALAN CE SHEET DEC. 31.
1907.
1906.
1907.
190G.
Liabilities—
S
$
—
$
$
Plant..........................5,158,081 4,684,964 Capital stock. ............4,567,800 3,281,200
719,860
558,324
Supplies, Ac--------63,517
46,263 Surplus ...................
Reai estate............ - 393,290 347,639 Bills and accounts
payable-................. 502,386 1.369,109
Stocks and bonds—
24,790
15,973
Accts. A bills recelv. 241,847
235,238 Reserve...............
228,288
212,230
Ae
s ts
s
Cash ..................... - 136,810
90,840
Total...............-.6,018,335 5,420,923
Total................... 6,018,335 5,420,923
— V. 80, p. 484.
New England Telephone & Telegraph Company.
{Report for Fiscal Year ending Dec. 31 1907.)
President Thomas Sherwin, under date of Boston, May 4,
says in substance:
Gnra Rslts
ee l eu .
— Compared with 1906 there was an Increase In gross
revenue of $1,366,626 and an Increase In net revenue of $342,553.
The number of stations added to the com pany’s exchange lists was
22,677, making the total Dec. 31 227,861.
Including the Southern Massa
chusetts Telephone Co. and other associated and sub-licensee companies,
the total number of stations connected with the system In Maine, New
Hampshire, V
’ermont and Massachusetts, and In small portions of New
York and Rhode Island, was 280,496, as compared with 255,576 at the
close of 1906.
— The second and final Installment, amounting to $ 1 ,936,700
for new capital stock, Issued under circular of June 6 1906, was received
in February 1907. Owing to general financial conditions no further
Issue of stock was made during the year.
New construction and the re
demption of bonds have, therefore, been met In large part by tem porary
loans; the floating debt Dec. 31 reaching more than $5,000,000.
Under circular of Feb. 17 1908, the company has offered to stockholders
$3 062,200 of additional capital stock, for which payment may be made
In May and August. Owing to the restricted amount which will be ex
pended for new construction and reconstruction during the year, the
floating debt will be largely decreased.
Retired.— Of the bonded debt, $501,000 was paid off during 1907,
and $162,000 6 % bonds of the Issue of 1893 were paid In April 1908.
New Construction.— The expenditure for new construction during the
year amounted to $2,705,814, of which $704,106 was for exchange aerial
construction, $522,550 for exchange underground conduit and cables,
S273 711 for toll lines and $1,205,447 for equipment. The expenditure
for land and buildings was $119,371. Ten new exchanges have been
NwSc.
e tok
Bns
od
° PThe* underground system
miles of conduit, containing
have been drawn Into the
chusetts Co. has 303,314 feet
of the company now consists of about 560
2,769 miles of duct. 6,919,481 feet of cable
underground system . The Southern Massa
of conduit, 1,353,839 feet of duct and 424,278
The expenditure for lines and equipment during 1907 has been: for new
construction, $2,705,814 and for repairs and maintenance, $3,346,941;
total, $6,052,755; as against an expenditure In 1906 of $ 6 , 0 0 7 , 068 .
The estimated appropriation for maintenance and extensions during
1908 Is $ 5 ,1 0 0 ,0 0 0 ,asfollows; new construction and real estate, $ 1,800,000:
maintenance, Including depreciation, $3,300,000.
OE AIOSA DF C LRS L S
PRT N N IS A EUT .
S Dcs 1907. 1906. 1905. 1004. 1003. 1902. 1901.
tae .
tic
Otis.31—•
nexch.wlrc418,068 375.126 305,221 240,548 220,740 183,421 143,958
M. of
— Results of operations were as given below.
Exch. stations 227,861 205,184 166,503 132,759 114,102 100,864 84,582
Frlv. line stat’s 6,866
7,293
7,163 7,070
7,014
6,744
6,699
Sub-llc. stat’ nsz54,760 *43,099
18,373 13,176
0,051
6,844
2,419
Tot. stations.2289,496x255,576 192,099 153,005 131,067 114,452 03,700
a: In these cases the "associated” as well as the "sub-licensee" companies
are Included
July
1908.!
:8
THE CHRONICLE
R E C E IP T S \ N D E X P E N S E S .
1907.
1906.
1905.
Revenue—
5
$
8
Exchange service_______
7 .668,600
6,632,673
5,677,135
Toll service___
_ _
2,512.345
2,267,122
2,022,833
Private line and mlscel I
178,012
180,648
153,248
Messenger earnings____
55,400
<0,542
65,437
Real estate revenue.
86,652
55,951
47,019
In terest....................
178,617
116,063
105,572
1904.
8
5,216,013
1,759,834
152,3»0
66,559
10,052
118,724
Total ................................ 10,679,626
Expenses—
General, and taxes______
1,586,047
O p era tin g ----------------------2,570,526
3,346,941
Maintenance ____________
Rental and royalty--------469,333
Private line and m lscel.
34,570
Messenger expense_____
59,098
Real estate expense____
86 424
In te re st--------------------------360,484
9,312,909
8,07 1 ,2 4 4
7,323,561
1,467,803
2,188,010
3,045,184
401,875
27,750
C3.188
56.991
238,548
1,145,819
1,836,424
2,778,897
342,671
16,788
65,664
38,243
222,615
1,103,821
1,606,711
2,547,302
314,926
15,185
66,425
3,764
222,184
T o t a l --------------------------Net revenue------------------Dividends (6 % ) _______
8,513,423
2,166,203
1 , 8 7 2 ,8 17
7,489,349
1,823,650
1,672,857
6.447.122
1.624.122
1,458,648
5,880,319
1,443,242
1,320,447
Balance, surplus______
203,386
150.793
165,474
122,795
Asscts-
Real estate......... I
Stocks and bonds.
Accts. receivable.
Cash .......................
BALANCE SHEET DEC. 31.
1907.
1906.
1907.
5
5
Liabilities—
$
Capital stock......... 31,697,800
Surplus ................... 2,207,056
Bonded debt......... 3,006,000
R518;288
Accounts payable. 5,140,278
2.384.6S4
Reserve.................... 1,621,934
4.559,100
639,938
T °tal .................. 43.673,068 40,071,977
— V. 86, p. 1162, 232.
1906.
$
29,761,100
1,913,671
3,607.000
3,473,908
1,416,298
T o ta l.................. 43,673,068 40,071,977
163
GENERAL BA LA N CE SHEET DEC. 31.
1907.
1906.
1907.
1906.
Assets—
5
5
Liabilities—
$
j>
Construction ......... 4.001,008 3,694,726 Capital stock..............1.000,000 1.000,000
Ofllie furniture, Ac
Surplus------------------74,713
53,134
Supply deo.irtment.
Bonded debt.............. 918,500
929,500
Stocks and bon d s...
Bills & acets. pay’le.2,693,621 2,523,964
Heal estate................
164.42S
Reserves.................... 200,648
Bills & accts. recelv
Cash on ha id&lnbk.
T o ta l-------------------4,887,482 4,671.026
— V. 84, p. 1487.
T o ta l-------------------4,887,482 4,671,026
Pacific Telephone & Telegraph Company.
{Report for Fiscal Year ending Dec. 31 1907.)
The earnings of the company organized Dec. 31 1906
t V1 tho‘;e ° f tho predecessor. Pacific States Tele
phone & Telegraph C o., for 1906, as follows:
OPERATIONS A N D FISCAL RESULTS.
1907.
S ..J
„
1907.
1906.301.469
258,416| Expenses—
$
$ .
1,778
l,832|Gen’l (Inti, taxes).._ 1,052,028
944,158
9QC-7 S P?r tlnK - - - ............2,722,205 2,163,884
i:
31,325
29,617 Maintenance..............2,826,249 2,266,667
'Instrumentrental... 439,746
391,808
E^hange service: ;;f i ;733;936 5.652.665 J
Miscellaneous and in:
500,475
Miscellaneous______ 369,597
255,418
........................ 788,189
Subscribers ( N o .) ...
Kxch’ges A offices..
Miles of long-distance
circuits......... ..........
I
T o ta l------------------ 9,223,565 7,731,6151
Net earnings________________
Dividends_______
Total
......... -.7,828.416 6,266.192
--1,395,149 1.464.(23
1,080.000
704..'66
0)
Balance, surplus for year...................... .............................................
New York & New Jersey Telephone Company.
(Report for Fiscal Year ending Dec. 31 1907.)
President U . N . Bethel, under date of Feb. 21 1908, saysGeneral Results.— The gross earnings for the year Increased $1,350,946
and the net earnings Increased $44 1 ,4 5 / as compared with the previous
year. The increase In net earnings was not obtained by Inadequate
care of the plant or a reduction In t ie efficiency of the service. The
plant was thoroughly maintained and the per c..n t'ol maintenance to the
average value of lines and equipment was practically the same as In the
previous year, being 1 1 .4 % In 1907 and 1 1 .8 % In 1906
The gain In stations during the first six months of the year was 9 929
and during the last six months, 7,701. The Increase In the earning power
2yjlLnS A he A A six months was $311 522 and during the last six months
$ 4 6 5 ,2 !,
These figures1 arc very significant, indicating, as they do, a
healthy Increase In traffic and a better character of business obtained
315.148
700.057
BALANCE SHEET OF PACIFIC TELEPHONE < TELEGRAPH CO. (N EW CO.).
fc
Dec. 31 ’ 07. Jan. 2 '06. |
Dec. 3 j >
07 Jan 2 ,og
Assets
$
$
| Liabilities—
$
*
£ lai} t - - .................. 32,942.012 27,399.191 (Preferred stock
-----*
18,000,000 IS,000.000
Real estate............ 2,445,725 1.814,506[Common stock . . IIS.OOO.OOO Ik.OOO.OOO
...........
"
C ............2.445.725
Supplies .........- — 1,302,802
--600,2911Bonded debt_____ 11.750 000 3 onn non
S. f. (Sunset
;tbds.)_
450,500
400,500 |
Reserve accls.. cr. 1 065 901
164 566
t .r e e .. 1,792,463
833,4861Bills and accounts
164.566
Stocksand bonds. 16.059.328 10 .c6 3 .995 | payable . .
~ s 360 951 8 r.ss ant
Cash .................. ..
367,368
121,0021 Surplus............. . I . ;
3 15 ,14 8 ’. . . J ^
T o ta l.................. 55,360,198 47.822,9711 T o ta l............
5 5 T 00 198 47 852 071
T tax exn. during year on plant and real est., $6,174,040— v ! 86,’ p. 671.’ “2 ’971
or-?n riIay * 1908 the comPany> it is stated, had a total of
2 0 4 ,!Jo9stations,as compared with 257,027 on Jan 1 __ V 8f>
p. 671.
Pioneer Telephone & Telegraph Company.
at ^nar
recelvcd during the fear from stock Issued
p a y a b le V e v lo u sly Issued to rals°e construction '“
U
fundi 'and the "remainder
the Plan?8 ' ® f t 5 S « S 5
office apparatus,
$958,275;
and station
equipm ent,
E A R N IN G S , E X P E N S E S A N D C H A R G E S .
1007.
1906.
1905.
N o . o f sta tion s D ec. 3 1 .
* l ‘U),U/2
*131 ,442
1 1 2 ,0 ,9
^ Eam inns—
S
$
$
E x ch a n g e service
4 ,2 8 8 ,5 3 6
3 ,5 4 9 ,6 9 7
2 ,9 6 1 ,7 0 0
I’ a y s t a t io n s ..
921,394
881 ,222
8 3 6 ,2 3 1
T o lls .......... ..............
3 ,1 1 6 ,7 8 3
2 ,6 50,969
2 ,1 1 7 ,1 8 8
R ea l e s ta te ___
2 18.079
232,579
2 07 ,896
O th er In c o m e ___
181,697
132,679
0 4 ,2 7 3
T o t a l .............................
Expenses—
G eneral a n d t a x e s _______
O p era tin g ........................ ..
R e c o n s tr & m a l n t ____
R o y a ltie s and r e n t a ls ..
R ea l estate ex p e n s e s___
1904.
80,324
$
2 ,6 0 1 ,0 2 4
7 03 ,017
1,82 0 ,2 8 0
161,068
108,320
8,80 7 ,0 9 3
7 .4 4 7 ,1 4 6
6 ,2 1 7 ,2 8 8
5,393,709
673,480
2 ,5 23,815
2 ,7 9 0 ,3 2 6
402,171
174,352
852,961
1,934,905
2 ,3 5 7 ,0 8 6
3 46 ,606
168,095
1,230,673
1 ,0 7 0 ,0 5 6
1,97 7 ,0 8 7
28 9 ,1 3 7
14! ,702
9 65 ,570
9 23 ,412
1,601,793
2 50 ,686
108 ,873
T o t a l ...............................
N et ea rn in g s____________
Deduct—
Tn terest
D ividend" ( 7 % ) _________
6,578,143
2,228,950
5,659,653
1,787,493
4 ,7 0 8 ,6 5 5
1,508,633
3 ,8 5 0 ,3 3 5
1,54 3 ,3 7 4
90,210
1,687,311
86,629
1 ,272,797
62,018
1,03 4 ,1 4 0
66,422
0 62 ,088
T o t a l ____
Surplus _ .
1,777,521
451,429
1,359,426
4 28 ,007
1 ,0 90.767
4 1 1 ,8 6 6
1,02 8 ,5 1 0
5 14 ,864
a n ? 6 % 4 tV n N e w 1
Jersey‘! 0,072) ° n Jan’ 1 19° 8, 7° ’668 W e r e N e w Yorft
BALAN CE SHEET DEC. 31.
.
,
1007.
1906.
1907.
1906.
Assets—
s
$
Liabilities—
$
$
£ lan, t ........................20,231,952 17.401,132
19,081,(00
" ’ It'll stock.25,391,100
Equipment............. 6,600,410 4,821,095 loner’ I mortgage
Real estate______ 2,980,432 2.683,71f
bonds ................. 1,215,000 1,233,000
Mater. & supplies. 1,462,165 1,605,281 'tills and accounts 1,304,293 2,955 673
Accts. receivable. 1,367,483 1.359,18' Reserves------------409,709
639,(56
Stocks and bonds.
450,000
530.000 Dividend payible
Treasury s to c k ...
156,100
150.500
Jan. 1..................
441,013
473 262
Cash and deposits.
450,491
257,578 Surplus................... 4,877,324 4,425,895
T o ta l......... ........ 33,699,039 28,808,480
— V. 80. p. 605, 484.
T o ta l.................. 33,699,039 28,808,480
New York & Pennsylvania Telephone & Telegraph Co
{Report for Year ended Dec. 31 1907.)
<,,nHnn
.Operated by
Operated by
Total
this Co" l nn’/- Sub-Licensees. Stations.
/
December 31 1907------------------------------26,860
l),098
35,058
D o ^ ^ h r r 31 1006____________________
24,046
8 468
32 514
Additions to construction account $307,162, viz* Real estate S2 ?38*
underground plant, $57,640; aerial plant, $153,344; equipment, $03,040. ’
Revenue—
RESULTS FOR CALENDAR YEARS.
1907.
1906.
Uses—
1907.
1906
.$458,077 $395,531
aner and taxes___ $96,775 $127,962
. 192.350 196,02' Procuring & handling
8,730
..
8.730
',rarf,P ....................... 204,780 170,220
. 39,299
36,651 M int. A rcconstruc’n 143,922 138,800
Itr true ent rent d ____ 30,971
27,025
......... 25,497 28 362
Mlscel’ancons
-$098,456 $636,940
„
T< tal expenses..........$501,946 $501,369
Operating profit..........................................................................
$196 500
interest charges.................................................................." i r i i r r i Z A ' 174,930 m f l l
Net earnings..............................................................................$21,579 ?10^
{Report for Fiscal Year ending Dec. 31 1907.)
1908, says:
EugeneD .
Nims, Oklahoma City,
Feb
12
s l d w a b w A w ? ^ ST ? ' ? crcase, ' n the net earnings, although It Is conm v, A
A
‘
tllc stockholders are entitled to receive upon an
vear^w e
S klT f s p e cia lly In view of the fact that for the previous
Xv.
ka„ been able to barely earn the dividends that have bten paid
v„c
reason to believe that the rate of ea 6b gs v 1 gradu U - ,
is r e c o ^ S ,t ,at
b? rlsh,t and reasonable, as the public re
a V w n f f he real value of tne efficient service we are glvl
a m o u n t^
a
rate,s sufficiently to enable us to secure the lerge
m ,-? £ l t ? f addltl°nal capital that Is needed.
■
During the past year the
JonstRi)HnnOCtUP eu >y our sysA'm have become a State, and under the
i
tions1 are *6’ t,elcPhon® companies among other public service corporat o .a lai*g extent under the control of a Corporation Commission
re
. * ) /w Construction.— Over $750,000 was expended on new construction
w o A d » A ° ”„e p amt i lurln8’ P 'e P;'st year, but this amount was less than
tetter part of the yea?. CXCept f° r the flnanclal conditions prevailing the
. T h e new exchange and general office building of the company
homa City Is about completed.
It Is a lr e a d y n a r tla llv S f / h
office equipment which has been Installed C u ^ b y the
Electric Co. and turned over to us for operation on Jan. 26 last
at Okla
v / h .
VVestem
Vtstein
n e ^ n g ^ M n L ™ ® A ose and W en d ly relation with all our con^
majority of these com ?o
a,n' , Z a„ ope,ratlni? ,thelr, ^ c h a n g e s onrates'’ th a t* S e iV a d ^ u a t e 't o ^ T y
rC
foi 1 he operation and maintenance of their plants. They, like ourselves*
ow m,)CT PA led to materlauy advance rates at places vh/re they ; r<
th'e ' c X o T a t ^ n V e 6 S ^ o f r0m ^
n
S° Unt“ after thc
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1907.
1906,
1905.
(year.)
(year.)
(year.)
Total stations
28,046
22,719
14,159
Miles of toll pole lin e .. '
4,967
4,899
3,379
Miles of toll line wire
24,721
20,633
13,284
Gross earnings__________ $1,125,388
$772,729
$486,963
Gross expense (op , tax.
A main, r e s .)________
935,968
(11,621
387,754
Net earnings____
Dividends ( 6 % ) ________
Surplus for year.
189.420
125,475
$61,108
55,108
$6,000
$215,627
$99,209
51,486
$63,945
1904.
(10 M o s .)
7 .8 6 2
1,9 58
6.204
152,617
$47,723
S C . 010
43,308
BALANCE SHEET DEC. 31.
1907.
1906.
1907.
1906.
Assets—
$
s
Liabilities—
$
$
Excl s. Atoll lin es..3.853,626 3,139,607 Capital stock________2,468,300
955,200
Supplies on h a n d ...
93.512 174 40( Surplus....... ............... 131,335
07.390
Real estate................
75,582
55.734 Balance, accts. pay
Stocks and bon d s...
107,235 91,610
able A receivable.1.407,326 2.390.647
Cash ..........................
87,408
89,233 Reserves................... 242,374
165,824
Miscellaneous______
31,973
28,471
T o ta l...................... 4,249,336 3,579,061
— V. 86. p. 859.
T o ta l....... .............. 4.249.336 3.579,061
Providence (R. I .) Telephone Company.
{Statement for Fiscal Year ending Dec. 31 1907.)
No reports are issued, but the following particulars are
believed to be substantially correct:
Y ea rGross.
Net.
Dividends.
f £ /
1007 -------------------- $1,067,873 $210,785
(8 % )$ 1 7 0 000 $40 O O
O
1905 (not 1 0 0 6 ) ..
827,584
104.003
(8 % ) 160,000
*
$)
$3 ? 0 0 3
Shareholders of record Scpt. l 0 1007 were permItted t0 subscrlbe for
25 /o new stock ftt par, increasing thc amount outstanding from $2 ooo noo
to $2,500,000 as of Oct 1 1907 (V . 85. p. 808).
In jS ly 'lW t h e ,c o m p a n y
. . ''Wiijpaa.y
after a searching* PTnmlnntlnn vane w in fn /l ---------- 1 __I?.. *
Southwestern Telegraph & Telephone Co., Texas, &c.
This is one of the four operating companies controlled
jointly by the American Telephone & Telegraph Co. and
the Western Telephone & lelegraph Co.
lhe American
company owns l b / /8% of the capital stock; the remainder
is owned by the Western Tel. & Tel. Co. See that company
below and V . 85, p. 38. The following sworn statement
signed by Auditor F . E . Bedlow was filed at Dallas, T e x .,
under date of Feb. 28 1908:
Rocky Mountain Bell Telephone Co.
(.Report for Fiscal Year ending Dec. 31 1907.)
The American Telephone & Telegraph Co. on Dec. 31 1905
ownedJ51.0 4 % of the capital stock.
R E S U L T S FO R C A L E N D A R Y E A R S 1904-07.
1905.
1906.
1907.
120
129
133
32,317
40,496
42.235
6,386
6,879
7,000
19,393
21,954
24,272
$
$
S
846,1371
958,747
1,221,774
479,3251
509,867
85.439J
93,183
Num ber ol exchanges..
Number of subsenbers.
Mlles toll pole lines-------Miles toll line wire--------Income—
Exchange ...........................
T o ll----------------------------------Other reven u e---------------T o t a l ___________, _____
Expenses—
G en era l-----------------------O p era tin g ----------------------M a in ten a n ce-...................
Instrumental rental------Other expense----------------In te re st---------------------------
1,561,797
327,967
499,990
ana ’400
3U»,4uu
73,053
62,034
244,811
1,410,901
1904.
106
24,757
6,176
17,348
$
IN C O M E F O R C A L E N D A R Y E A R 1907.
Exchange service, rental of telephones, & c--------------------------------- $2 ,2 1 2 ,1 3 2
534,533
'Pr.!! vorvlw
____ ________________________________________________
Toll service
170,850
Miscellaneous
$3,917,515
Total r e v e n u e - - - - - - - ...................... ................................... ..............
4f)i) , 23
aou.o^o
General expenses, legal expenses. & C-.................... - ....................... ..
Operating expenses, wages, rent, rental of Instruments, ad- ^ 2b 4 ,9 M
1,043,410
1.221.774
247,5331
426,8991
308,400 1
62,297|
54,8891
1S9,346.1
1,043,410
1,003,042
871,649
1,003,042
218,732
(6) 138,228
1,259,365
1,516,255
Total expenses----------151,536
Balance over all exp . - - 45,542
D iv id en d s------------------- (4 l ) 106,627 ^ (6)141,041
A
Maintenaifce, m dudfng ‘ wages)'m aterial'fns'uVancV, conduit
rnd pole rent and depreciation............................................ - ..............
__inniiidlniF interest Interest on loans..........................................
Miscellaneous. Includingon
— V . 86, p. 984, 484.
Southern New England Telephone Co.
(Report for Fiscal Year ending Dec. 31 1907.)
President John W . Ailing, under date of New Haven,
Conn., Jan. 20 1908, says in substance:
„
auotem — The number of telephone stations which In 1888 was
,
Kifo is now som e16 0 ,700, and the rates for service have been
les? 1
frnm tlmc io time so that though they averaged $67 58 per station
reduced from time to time so
* i 0 07. $26 35 per station.
If our
1
&
! X
S S W
.
l S k S C S .a
dividend.
gone "into
T ""* '
'V e T v A n e i e d b t t | U .« .
“
1,040,000
2 3 4 -0 66
Tntal cxnenses...................... ........................................................ - ............$3,009,223
Balance for dividends, & c-------------------------------------------------------------$908,292
B A L A N C E S H E E T D EC. 31 1907.
871,649
171,761
(6)135,888
sur80,501
sur35,873
Balance to surplus--------- def61,085
su rl0,495
BALANCE SHEET DEC. 31.
1907.
1906.
1906.
1907.
Liabilities—
5
$
Capital stock.............2,369,500 2,360,300
PlanT& c"
______ 7,815,158 0,463,915
Surplus...................... *305,834
534,740
D e b t ......... - ...............5,530,246 4,063,346
Stocks and bonds 75,503
R eserve--.................. 256,316 152,191
Bills & accts. recelv. 388,08b
Cash .......................... 178'b5/
T o ta l.......................8,461,890 7.110.577
Total ...................... 8,401,896 7,110,577
was charged against profit and loss $167,820 expended for maintenance
in ex c e i oYthe appropriation, leaving accumulated surplus as above of $305,834.
i
[V O L . L X X X V I I .
TH E CHRONICLE
164
* * “
c e n ai " thV h fsU nDviy has not only vastly reduced the flat rates In the
cm
Rates.— I his com p< >
181 ,Us0 renciered a vastly ncreased service,
last twenty years,
v ice at the same flat rate Is clearly a reduction
^ el\ ^ % n?^ftnremdering such Increased service at a much reduced flat rate
?}
W ith the Inventions to register the “ call”
, f , ,0^ Pe m tt1?Utli0rbetaring0 on T h is'qu estion. The small user takes
o c
«
the measured service and the unlimited flat rate Is turning out to be a
co m m u ^ r’s or^m nm utcitloii rate
year we estimate that there will be
xV w.
f
h!• extension and development of the business, 10% of our
’"
needed foi the % t j 770 (,0u
it is true,there is an Industrial depression,
present c t t p t a l .° r 8
'comnany are In a perfectly sound condition, and
bUt ‘ n T hr nremtred to do our full duty to the nubile.
We need not call
we m ust be p r ^ a r t u r a u u Wheft we ahall caU for It. we expect that the
for this capital Just
v
rivlslnw the capital by an additional issue of
Office furniture, supplies, t o o ls ---------R44
Accounts receivable, cash-----------------------------------------------Miscellaneous------------------------ -----------------------------------------------------------_ . .
-$ 1 7 ,4 6 2 ,1 8 9
G'inital stock' increased May 1 1907 from $10,000 ,000 to $14,CaC o o S0° Divided into shares of $100 par value. All c o m - ^ ^
^
Floating debt, bearing Interest at 6 % ------------- ---------------------------141 28
Current accounts-----------------------------------------------------------------------------1 720.690
Reserve and surplus--------------------------------------------------------------------------_____ $17,462,189
T o t a l ___________________________________ _______________
— V . 84, p. 1057.
Western Electric Co., Bell Telephone Manufacturing Co.
(,Report for Fiscal Year ending Nov. 30 1907.)
Secretary H . A . Halligan, under date of Chicago, 111.,
March 7 1908, says in part:
General.— On Dec. 1 1906 the Indebtedness of the company " ^
5 2 7 ,-
had been
Although our customers maintained a goo;l standard ol: piomptne
navm ents, the Investment In accounts and bills receivable was $24 ,5 5 o t
,
on^Dec. 1 1907 the amount was $ 1 8,252 ,000 , a
7
W iiicli'
Since Dec. 1 1906 our IndeDteuness has been decreased 5 9 ,3 8 0 ,7o9, which,
with an Increase In cash of $1,147 ,4 2 5 , comprises an Improved llnanclal
condition to the extent of $10,528 ,184 .
,
The sales for 1907 were $ 5 2 ,7 2 4 ,1 6 8 ,as compared with 569,245 332 for
the orevlous year, a decrease of 2 3 .9 % . r he cutting down
l
pr°^uptlon
in February and March 1907 was taken with a view primarily to the
necessity of reducing the Indebtedness: the extent to which t* e, f 4 „ ®
would be diminished on account of the general financial condition during
the summer and fall of 1907 was not foreseen.
The foreign business of the company Is In a healthy condition.
I he
sales have shown an Increase over 1900, but were made at a somewhat
10^Opencions^Extlndlll into General Telephone Eicia.--T o w a r d the close
of m e vear tire company began to compete for the business ol .ill cus?ornersm telephones and other telephonic apparatus.
It Is our purpose
tomers in
^ f l t o Uh n n o tn rlnmRatio and commercial
at an early
y e a X Y o f i f l a f g e a s ° c o u i d have S m
°\n merchaiicllse during the
w ished., W hen the orders fell oil
,,v a v ,V :i3 S ,
»C’S51‘«S " t S
c
t'!l,X i ‘ <X v X
;
Ar.i
always owi^etl one tmru oi
,nce the
payment In stock for
a share* of stock in the m a'K w , ^ ce’ntury ago, It has paid In cash over
« 9 rnnnnnn fn^one’-thlrd of all stock since Issued; that It has never Interfered
wUh° th°e0local management of our com pany, except with sound advice
h
as
U
l,st
deals at length with the relations of the company to
nt
o
•“
E A R N IN G S . E X P E N S E S A N D
S
S f t l X r n
S S J f i w S U or m e r e - . - " - «
»< > » «
were about $ 2 , 000 , 000 .
volume of the com pany’s business has
Prices to Customers.— < s the y o ‘u m e j i j ‘ ^ , 1 tl^
Increased, decre
followed of r '
articles sold
This accounts
10,485
$
1,323,990
449,571
6,409
19,173
8,867
$
1,135,859
375,243
6,393
16,115
7,157
S
963,239
304,526
6,504
13,322
1,799,143
1,533,611
1,287,591
nkintTandYvaYelfouses,Swith*t helr equipment, are carried on the books at
298,019
463,773
773,394
91,636
64,469
8,802
263,609
387,458
651,356
77,319
87,738
10,148
240,171
312,592
574,169
64,930
48,820
15,411
183,401
268,001
481,599
54,352
54,786
4,789
1,256,111
277,500
277,500
Total earnings--------Expenses—General expenses--------O p eratin g...................... M aintenance---------------Rental and royalty------Interest
Miscellaneous
1904.
33,208
785
>,123,707
Stations, all classes (No.)
Toll stations-----------------Stations with complete
underground service..
Earninos—
Exchange service----------Toll service. a .......... .........
Real estate----------------------P . L. & mlscell. service.
D IV I D E N D S .
1905.
1906.
41,829
52,476
826
1,021
1,047,529
240,062
240,000
5 1 .9 % of Jh®'v55>
ra'ao.n the company purchased approximately 150 acres
About live
YYfnstYu^ct i'u'anufacturlng plant at Hawthorne,
of ground and began to construct
There have bcen p l0 vlded a central
2 2 nd St. and -IStli
ui.-oYci facilities, plants for the storage and drying
power plant, tei™ '“ al rmlroad I
switchboards, telephone cable,
of lumber, and hops 1 r m ^ j q s apparatus.
Eventually this conrubber products and electrical P
of 1tl lc company In America should
t
centratlon of in a nu f a ctui 1 ng bit
' investment in factory plants,
bring about a large reduction in t
ver
above Interest received
1907.
60,735
1,140
11,523
$
1,565,096
527,673
6,248
24,691
Total expenses------Net revenue---------------Dividends paid (6 % )
Carried to surplus-------
21,590
a Includes “ long distance service”
14,015
ordinary depiec at n s.
already under contract Dec. I 1906.
equipment of buildings whlch weic^
durlnjf the ye.u.. The factory
62
' Olvnu.n.l »„,1 » » m ,ll
1907.
1906.
1907.
1906.
Liabilities—
$
$
Assets—
$
5
Franchise.................. - ............
113,124 Capital stock...........7,692.600 5,500,000
Surnlus
.................. 115,354
96,824
Construction ______ 7,656,228 6,794,713
Supply department 377,595
446,070
451,371
Real estate - - - -------- 511,502
64,950
Stocks and bon ds-.37,500
307.888 1.4S1.017
200,552
Accounts receivable. 212,249
100,689
Cash ______________
136,099
T o ta l...................... 8,931.174 8.171,468
Totai ...................... 8,931.174 8,171,469
dbLr‘:::::::
.,,, i«sue of bonds at a meeting held In
done In this matter by your
nothing further‘ has'been
amounting In 1907 to $57,960.
BALANCE SHEET DEC. 31.
— V. 8 6 ,'p. 289.
discounted.
N olem be?? bSt^
53?
82
...................... M 5 ,t0 2 .0 0 0
addition to tfo sotpluo • ■ M lo w s i
Capital and surplus Dec. 1 1 0 0 6 . . - - - - - - - .
Deduct— Depreciation on merchandise caincu
over from the abnormal year of 1006
594J.0UU
applicable to sales of 1906, lnc
305 000
1,338,000
In 1907 ........................................................................... .................!___ _______________
„ ,
...........
$33,764,000
Halance — -------- ----------------------< i 0 17 non
?
Net earnings on 1907 sales............................................i afio’ ooo
Dividends paid In 1907.................................. - ................
1 ’ 2 00’ U U
U
E
xpenses,
Addition to surplus from earnings of 1907..................
17,000
Total capital and surplus Dec. 1 1907.............................................. $ 3 3,781 ,000
July 18 1008/1
T H E
BALA N CE SH EET DEC
1907.
1906.
A ssets—
?
$
P la n t s ( 5 1 . 9 % o t
« ° s t ) ..................- . 1 1 , 8 1 7 , 9 0 5 1 1 ,2 7 0 .1 7 9
M e r c h a n d i s e ..............1 5 ,9 9 8 ,8 0 5 2 2 ,1 8 2 ,9 1 6
S u n d r y in v e s t m 't s 2 .0 1 0 ,7 2 5
2 ,5 4 4 ,1 5 6
C ash
---------------- 2 ,7 7 3 . 0 0 9
1 ,6 2 0 ,1 8 4
B ills a n d a c c o u n t s
r e c e i v a b l e ----------1 8 ,2 5 2 ,0 0 0 2 4 ,5 5 5 ,0 7 4
— v 0t« R — * W
v . o o , p . SIM .
C H R O N IC L E
1.
4el) K t h o f a l l t b e H u e s c o m p r i s i n g t h e S h o r e S y s t e m Is 4 7 4 5
d i r e c t r a i i r m n r m i .H n n A t l a n t i c C i t y & O c e a n C i t y R R . p r o v i d e s t h e o n l y
d
r L C 0 £ n e St l 0 , l bc: P v e e n A t l a n t i c C i t y a n d O c e a n C t y .
^
th n
,i5Jis t 5 m t a O c e a n C i t y w a s p u t In f u l l s e r v i c e J u l y 2 1 9 0 7 , a n d
m e n ? W i t w h o l? ,t e lle s t n t h ? A t l a n t l c A v e n u e l i n e ( o p e r a t e d u n d e r a g r e e s y s te m ) b e p ^ n T * ^ V n m « y * S e a s h o re H R . C o . o f th e P e n n s y lv a n ia R R .
f n r p h J o-i v o « n
A ° a c c u r a t e s ta te m e n t o f e a rn in g s c a n th e re en*
s c o n s e r v a t iv e ly e s t im a t e d , h o w e v e r , th a t th e e a r n ln e s
1907.
1906.
I labilities—
$
§
C a p it a l s t k . Issu ed 1 5 ,0 0 0 ,0 0 0 1 5 , 0 0 0 , 0 : 0
S u r p l u s ------------------- 1 8 ,7 8 1 ,3 1 1 2 0 .1 0 1 ,9 5 7
M t g c s . & b d s . p a y . 1 ,3 2 8 ,0 8 7
1 ,5 2 6 ,4 4 2
5 7 6 ,6 6 1
5 5 8 ,6 7 8
P e n s i o n f u n d ...........
B ills p a y a b l e ______ 9 ,3 3 7 .1 6 8 1 5 ,7 0 4 ,8 9 2
• A ccou n ts p a y a b l e - 2 ,1 1 1 ,8 4 9
5 ,0 3 1 .3 5 1
B ills r c c . d i s c o u n t ’ d 4 ,3 4 8 ,0 2 8
4 ,2 0 1 ,1 8 9
6 1 ' 4 8 3 *1 0 4 6 2 ’ 1 8 4 -5 0 9
T o t a l -------------------5 1 ,4 8 3 ,1 0 4
W e s t e r n T e le p h o n e
7 5 » 'h ? n e S e C0I? i 5^ n n f o l i 1£ 0 8 , t b e f l r s t y c a r o f l t s fu l1 o p e r a t i o n , w i l l b e
P™
S h oro S v S
o f t h e l x e d c h a r g e s u p o n a ll o f t h e o u t s t a n d i n g b o n d s o f t h e
r e l a t f v c R ^ t h V n l ? p f w n Si v f i U e ' . W h i l e t h e r e Is n o b a s i s o f c o m p a r i s o n
:, „a
0 O c e a n C lt j D iv is io n , th e e a rn in g s t o d a te g iv e e v e r y In d ic a
t io n o f g r e a t s u c c e s s fo r th is b r a n c h o f t h e c o m p a n y ’ s s y s t e m .— V . 8 5 , p . 1 5 8 .
0 2 ,1 8 4 .5 0 9
Atlantic & Lake Superior R y.— Property A dvertised for
S a le.— L. A. Audette of Ottawa, Registrar of the Exchequer
-
& T e le g r a p h C o .
C
Report for F is c a l Y ea r ending J a n . 31 1908.
President Theo. N. Vail says in substance:
u-°i
Canada, announces by advertisement that sealed
bids will be received by him up to noon Sept. 9 as follows:
b u s in e s s o f t h e c o m p a n i e s w h ic h c o n s t it u t e t h e
w oote m
su b s ta n tla l a n d s a t is fa c t o r y I m p r o v e m e n t o v e r th e p r e v io u s
a s s e t 's o T h H.r ° U^
te
le p h 0 n e fo m p a n le s w h o s e s e c u r itie s fo r m th e p r in c ip a l
a r e 6 t h f ? p W a i n n1 P' r n iy ’ u n ( f £,o t n w h i c h m o s t o f I t s r e v e n u e s a r e d e r i v e d ,
H
t r m t t m i n r v " d M , C f? h o r l c C o " o p e r a t i n g I n C l e v e l a n d , O h i o , a n d a d a n C i nN o ^ t ! . n n d y l 5aN ? h t T
(
'>'V? s t e r n c . I c l e p h ° ll e E x c h a n g e C o . , In M i n n e s o t a
S o u t h D a k o t a ; S o u t h w e s t e r n T e le g r a p h & T e le p h o n e C o .,
(1 ) F o r t h e p u r c h a s e o f t h e A t l a n t i c & L a k e S u p e r i o r R y . f r o m C a n l l n
t o a p o i n t a t o r n e a r P a s p e b l a c , In t h e C o u n t y o f B o n a v e n t r r e * P o
w hprp
It j o i n s t h e A t l a n t i c Q u e b e c & W e s t e r n R y . , b ? l n g ^ a t o t a l l e n g t h o ? 2 0 m i l e s
a l l f r a r m l d s e s n d &11 tS r o
r>P^i l s t n i 1 o 5 e r u f t d c p h o n e s t a t i o n s o p e r a t e d b y t h e s e f o u r c o m p a n i e s
o
n f C n i.n o i .il
7 w a s “ O l >318, a n In cr e a s e o f 2 2 ,7 3 3 .
A d d i n g 8 1 ,9 1 4 s t a t io n s
c ° m P a n l e s In w h i c h t h e a b o v e - n a m e d c o m p a n i e s h o l d a
n n orn tn ,
,l n t c r e s t ' a n d o f c o m p a n i e s w h i c h l e a s e o u r t e l e p h o n e s a n d
„ P eo ^ „ e „ y ? d e r c o n t r a c t In s m a l l t o w n s a n d r u r a l d i s t r i c t s ,
m a k es a tota l
o r 3 3 0 , * .3 2 s t a t i o n s , a s c o m p a r e d w i t h 3 0 3 , 5 8 0 D e c . 3 1 1 9 0 6 .
E x p e n d i t u r e f o r N e w P r o p e r t y d u r in g th e Y e a r A g g r e g a t in g § 2 , 9 1 2 , 7 0 1 .
^ c h a n g e c o n s t r u c t i o n .. .§ 2 ,3 9 5 ,2 3 5 I R e a l e s ta te & b u i l d i n g s .. .
3 3 3 ,6 4 3 IO t h e r p r o p e r t y a c q u i r e d . .
l o l l l i n e c o n s t r u c t i o n --------
§ 1 2 1 ,2 1 4
0 2 ,6 0 9
Im p ro v em e n ts, A d d itio n s , & c .— T h e c o m p a n i e s h a v e I n c r e a s e d t h e ir
c a s h o n h a n d b y § 1 9 3 ,7 1 3 , h a v e d e c r e a s e d o t h e r w o r k i n g a s s e ts b y $ 3 1 4 ,1 0 9
a n d h a v e I n c r e a s e d t h e ir (t o t a l) a s s e ts b y § 2 ,7 9 2 ,2 4 5 .
■ , 1he
in c r e a s e
In
p rop erty
a cco u n ts
w as
m u ch
le s s
t h a n In 1 9 0 6 ,
w h e n I t w a s § 6 , 2 5 4 , 4 6 8 , a n d In 1 9 0 5 , w h e n I t w a s § 4 , 5 6 4 , 3 0 8 .
T h e p la n ts
w e re k e p t p r o p e r ly r e p a ir e d , a n d c o n s id e r a b le a m o u n t s w e re e x p e n d e d
f o r r e c o n s t r u c t i o n , a ll t h is b e i n g c h a r g e d t o e x p e n s e s .
N e w S to c k I s s u e d b y S u b s i d i a r i e s — T h e f o u r p r i n c i p a l s u b s i d i a r y c o m
p a n ie s I s s u e d d u r in g t h e y e a r § 6 ,2 4 0 ,9 0 0 o f c a p i t a l s t o c k a t p a r t o t h e ir
s t o c k h o ld e r s , a n d w it h th e s e fu n d s r e d u c e d th e ir I n d e b t e d n e s s a b o u t
§ 3 ,5 0 0 ,0 0 0 , th e b a la n c e g o in g In to p la n t a s s h o w n a b o v e .
N o te I s s u e .— T h e u n f a v o r a b l e c o n d i t i o n s f o r m a r k e t i n g s e c u r it ie s d u r
in g th e p a s t y e a r p r e v e n t e d y o u r d ir e c to r s fr o m c a r r y in g o u t a n y p e r m a n e n t
fin a n c ia l p la n s f o r c a p it a liz in g th e c o m p a n y ’s d e b t .
T o ta k e ca re o f th e
c o m p a n y ’s I m m e d ia t e r e q u ir e m e n t s , § 8 ,0 0 0 ,0 0 0 o f 5 % g o ld n o t e s m a t u r
in g M a y 1 1909
w e r e a u t h o r iz e d , o f w h ic h § 6 ,0 0 0 ,0 0 0 w e r e s o ld d u r in g
t h e y e a r , a n d w it h t h e p r o c e e d s t h e d e b t t o t h e A m e r ic a n T e le p h o n e &
T e le g r a p h C o . w a s la r g e ly r e d u c e d a n d th e n e c e s s a r y a d v a n c e s m a d e t o
th e s u b s id ia r y c o m p a n ie s .
(C o m p a r e V . 8 4 , p
1186)
P la n s f o r fu t u r e fin a n c in g o f t h e c o m p a n y a r e n o w u n d e r c o n s id e r a t io n .
C O M P A N IE S — C L E V E L A N D ,
NORTHW ESTERN
W E S T E R N A N D W IS C O N S IN C O M P A N IE S
’
SOUTH
E a rn in gs and E x p e n se s for Calendar Y e a r s.
1907.
1900.
„
1907.
1906.
T o ta l sta . D e c . 3 1 . .
2 5 4 ,3 1 8
2 3 1 ,5 8 5
E x p en ses—
$
$
R evenue—
$
$
G e n e r a l, in c l. t a x e s . 1 ,2 6 5 ,8 4 3 1 ,1 7 1 ,6 9 8
E x c h a n g e s e r v i c e . . . 6 , 0 0 0 , 5 9 4 5 ,1 3 8 3 5 9
O p e r . a n d m a l n t . . . 4 , 8 2 2 , 8 7 7 4 ,1 3 3 ,1 4 6
T o l l s e r v i c e ....................2 ,7 1 1 ,9 1 8 2 ,4 5 3 ,5 8 6
I n s t r u m e n t r e n t a l s . . 3 9 8 ,3 8 3
347 430
1 0 7 ,1 1 5 M essen ger... ..............
M e s s e n g e r ...................... 1 0 5 ,3 0 6
9 3 ,4 7 9
9 7 ,5 4 2
H e a l e s t a t e ----------------- 2 3 1 ,1 2 5
2 0 9 ,2 4 9 R e a l e s t a t e ...................
1 3 0 ,3 3 1
1 2 8 ,7 9 0
D lv s . a n d I n t e r e s t . .
9 3 ,9 2 6
02 206
........................... 6 8 3 ,0 3 6
6 8 0 ,7 7 5
M i s c e l l a n e o u s -----------1 7 4 ,5 9 5
1 3 5 ,6 0 1
M i s c e l l a n e o u s _______
4 1 ,6 3 3
3 1 ,3 7 4
’y ° t a l ........... ............... 9 .3 2 3 ,4 0 5 8 ,1 0 6 ,1 1 6
T o t a l ........................... 7 ,4 4 6 ,5 8 2
D i v i d e n d s 0,la id 'f r o m e a r n in g s ' o f ' y e a r ' : ; . ' ; ; : ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; S . 4 2 8
W ESTERN
(D E L L )
E a r n in g s
&
TELEGRAPH
Y e a r s e n d in g
190$7 ' 0 8 -
E a r n in g sIn te re st
------------------------------D i v i d e n d s .............
1996' 0 7 -
6 0 8 ,1 0 9
1 ,4 5 6 ,3 0 5
7 1 2 ,4 3 1
1 ,1 0 9 ,3 2 3
----------
2 ,1 2 4 ,4 1 4
in te r e s t a n d d i s c o u n t ..
G e n e r a l e x p e n s e s ------------D e p r e c i a t i o n ______________
D l v s . o n p r e f . , 5 % --------
1 ,2 8 7 ,4 5 2
2 9 ,1 0 0
8 70 752
5 1 ,3 3 3
SOO'.OOO
8 0 'o ',‘o o b '
7 ,8 6 3
9 9 ,6 7 0
B a la n c e ,
Jan.
CO.
31.
1904-05.
1 9 °s5 - ° 6 -
S
5 2 9 ,0 7 1
4 3 1 ,5 2 3
1 ,0 2 8 3 2 4
4 095
M is ce lla n e o u s ........... ..
T o ta l r eceip ts
TELEPHON E
and E x p e n se s fo r
6 ,5 9 6 ,8 5 7
1 ,3 4 6 , 5 7 3
s u r p l u s _____
1
,8
2 1,7 54
873 ,894
4,3 5 0
1.464,842
543 ,168
3 4 ,2 4 8
1,408,215
504,904
28,219
8 0 0 ,0 0 0
8 7 ,4 2 0
7 5 ,0 9 1
B A L A N C E S H E E T J A N . 31.
1908.
§
1907.
§
A ssets—
S tock s, b o n d s an d
n otes
a c q u ir e d
a t o r g a n i z a t i o n . 3 6 , 3 8 0 ,5 5 1 3 6 ,3 8 0 ,5 5 1
S tock s a n d b on d s
s in c e a c q u i r e d . . 1 0 ,8 3 2 ,7 2 2
5 ,6 2 9 ,3 2 2
B ills A a c c t s . r c c . 7 ,0 0 7 , 4 1 9 1 1 ,0 9 5 ,6 2 5
S u p p lie s & o f f i c e
lle
f u r n i t u r e ..............
1 1 9 ,5 1 0
2 0 8 ,5 2 4
O r g a n iz a t io n e x p ’ s
5 4 ,0 0 0
5 4 ,0 0 0
C a s h ______ ________
4 8 9 ,9 2 5 1
4 4 7 ,1 6 3
S in k , f u n d d o p . . .
5 0 .7 1 4 /
A d v . d isc o u n t on
co u p o n n o te s . .
206,004
T o t a l ........................ 5 5 .7 4 0 ,8 5 0 5 3 , 8 1 5 , 1 9 2 1
Lia bilities—
19§ 8 '
1907.
§
Common s t o c k .. . 16,000,000 16 .0 0 0 ,0 0 0
Preferred s t o c k .. . 1 6,0 0 0 , 10 6 ,00 0 0 ,0 0 0
0
3 6 2 ,0 1 2
S u r p l u s ......................
3 5 4 ,1 5 0
B o n d s ........................ 9 ,8 5 7 ,0 0 0
9 ,8 5 7 ,0 0 0
C o l la t . c o u p , n o t e s 6 ,0 0 0 , 0 0 0
O t h e r n o t e s p a y ’ le 6 ,7 9 5 ,0 0 0 1
A c e r . I n t. * t a x e s .
1 5 0 ,99 .3 11, 4 0 7 ,0 2 0
D lv . d u e F e b . 1 . .
4 0 0 ,0 0 0 1
C u rren t a c c ts . p a y .
1 8 ,3 0 4 )
R e s . f o r r e t lr . b d s .
o f E r le T .& T .C o .
1 4 3 ,0 0 0
1 4 3 ,0 0 0
R e s e r v e s __________
2 6 ,4 8 1
5 4 ,0 2 2
T o t a l ...................... 5 5 .7 4 0 ,8 5 0 5 3 ,8 1 5 1 92
Compare statement for Southwestern Telegraph & Tele
phone Co. above.— V. 87, p. 4 3 .
© B N E R A L IN V E S T M E N T N E W S .
RAILROADS, INCLUDING ELECTRIC ROADS.
Atlantic City & Ocean City Company.— Bonds Offered—
Status. II. F. Bachman & Co., Philadelphia and New
York, are offering at par and interest, with a bonus of 30%
in preferred stock, a block of the present issue of $350 0 0 0
collateral first mortgage 5% gold bonds, due March 1 1 9 4 7
but redeemable at 1 1 0 and accrued interest on any interest
date. A circular says in part (compare page 8 of “ Electric
Railway Section” ):
.T h5s^ S o n l A ? re a
lien o n th e en tire p r o p e r ty o f th e A tla n tic C ltv &
l ? y
. c o mp a n y ’ s M o rtg a ge
m i U l 1IS
m u l l SIOCIC
($180,000)
»•• ^
shares, - h o - w h ich w ere Is« hph
all f
c2 8£.\ T ,h c A tla n tic C ity & O cean C ity R R . e x te n d s a lo n g 8 th St
O cea n C lt y ,7 r o m B oa rd w a lk t o G reat E g g H a r b o r B a y , and th e n ce across
8
F o r tw o m iles o f Its len gh t It con sists o f trestle
a h nfti elr.i»r,<,/ e^ ’
e
T h 0 A tla n tic C ity & S hore R R , C o. h a s le a s e d th e '
^nJ«n V C
HC
° cean C ity R R . C o. f o r 9 9 9 years, and h a s p r a c t lc a lly g u a r ?J1t? ei «»A °n n «ercst o n thc8e boruJs b F It® agreem en t t o p a y as (m in im u m )
n d
ren tal § 1 9 ,0 0 0 p er an n u m , th e Interest charges a m o u n tin g t o b u t §17\500.
, T
wv
e x c e p tin g h i /**• q u a lify in g
«»»
jkv. - s directors*
,n m
Proposed P u rc h a s e — The holders of certificates of partici
pation in the Atlantic & Lake Superior Railway trust fund
(V. 84, p. 929) will meet Ju ly 30 at the office of Galindez
Brothers, 67 Cornhill, E . C., London, to authorize the acqui
sition of shares in the Baie des Chaleurs R y. Co. and Atlantic
& Lake Superior R y. Co., in exchange for certificates of
participation, and for the purpose of authorizing the Royal
Trust Co. to tender bids at the sale of said railw avs_
V. 85, p. 468.
’
Aurora DeKalb & Rockford (Electric) RR.— Securities
Advertised fo r S a le . —The American Trust & Savings Bank
of Chicago advertises for sale at the Real Estate Board
auction rooms at Chicago on July 21 $645,000 5% 40-year
bonds dated Oct. 1 1902, and 1,900 shares of capital stock,
which were pledged with the bank, as trustee, to secure loans
Aggregating $201,304 made to individuals but not by the
bank. The bondholders’ committee, it is said, consists of
Gilbert B . Shaw, Jo y Morton and Granger Farwell.
frnm h C A ? , m ? ? n L 1S ftpeJ a t l n g
e l e c t r i c r a i l w a y 3 0 m i l e s In l e n g t h , e x t e n d i n g
s v -m n n o
p iiH D f
,llb , ' * n C a > lta I s t ° c k , $ 2 0 1 ,9 0 0 ;
)
b on d ed d eb t,
p ? 6 7 ? ° V . 83
66
p " 5 9 o n d T r c a s u r c l ’ G - I J - S h a w , C h i c a g o , 111.— V . 8 1 .
Baie des Chaleurs R y.— Advertised for S a le .— See Atlantic
& Lake Superior Ry. above.— V. 84, p. 930.
Boston & Worcester Electric Companies.— Notes O ffered.—
Hayden, Stone & Co., New York, Boston, &c., are offering
at par and interest the present issue of $300,000 3-year 6%
gold notes, being part of the total issue of $600,000 authorized
this week, dated July 1 1908 and due July 1 19 11, but re
deemable as an entirety on any interest date after July 1
1909 at 102 and interest. Denomination Sl,000(c*). In
terest payable January and Ju ly. City Trust Co., Boston,
trustee. An advertisement says:
•V H ^ ? f CUMC V ^ a 5 o v e ,not, cs , t h c r e h a s • e e n d e p o s i t e d w i t h t h e t r u s t e e s a
,
n
m a j o r i t y ( 1 0 ,1 5 0 s h a r e s ' o f t h e s t o c k o f t e B o t o n & W o r c e s t e r S t r e e t R y
C o ., r e p r e s e n t in g a p a i d - i n v a l u e o f § 1 ,0 1 . ,0 0 0
T h is s t o c k h a s p a id r e g u
la r a n n u a l d iv id e n d s o f § 6 p e r s h a r e s in c e 1 9 ) 1 .
T h ese n otes h a v e been
I s s u e d t o c o m p l e t e d o u b l e - t r a c k i n g t h e m a lu lin e , t o c o n s t r u c t a n e w lin e
n ' » N “ t c k « n d fo r a d d it io n a l e q u ip m e n t a n d c a r t o u s e s
E a r n in g
of
nn?
r a 'h v a y f o r t h e y e a r e n d e d S e p t . 3 0 1 9 0 7 w e r e -: G r o s s , § 5 3 1 . 5 6 0 ;
e l g l t t m o n t h s " ? ) ! M e ? ? r c s ^ n t a y ?a 1:’ s h o w i f g r o s s U m : r e a 's e * o f § ’^ , 1 ' 2 1 /^ o r 51 0
l
A
8 6 6 ,0 6 6
ln g s t o c k a n d o t !le r a c c e s s o r ie s t h e r e o f , in c lu d in g
(2 ) F o r t h e p u r c h a s e o f t h e B a le d e s C h a le u r s R y . , f r o m Its l u n c t l o n a t
M e t a p c d la w it h th e
n te r c o lo n la l R y . , a n d e x t e n d in g fo r a d is ta n c e o f 8 0
m i l e s t o C a p l i n , in t h e C o u n t y o f B o n a v e n t u r e , P . Q
a n d a ll Its ro llin g s t o c k a n d o t h e r a c c e s s o r ie s . I n c lu d in g a ll fr a n c h is e s
"
tS r o l l i n g
T h e te n d e r s m u s t b e m a d e o n p r in te d fo r m s , c o n ta in in g th e c o n d it io n s
W i t h t h e s e e n m t ,n i'n s ; i s : a n d v v l s c o n s l n T e l e p h o n e C o . , i n W i s c o n s i n .
E n T f S ,
p a n c> < lrc a s s o c l a t e d t h e D u l u t h T e l e p h o n e C o . , M e s a b a
a g r e e m e n t s 0 0 " d n d n u m e r o u s o t h e r s w h ic h o p e r a t e u n d e r s u b -lic e n s e e
O P E R A T IN G
1 6 5
™
,
p
.
o
:
m
o
n
t
h
^
Central Crosstown RR., New York .— Tem porary M o d i
fication of L ease. —The Public Service Commission, First
District, on July 15, for the purpose of increasing the funds
in the hands of the receivers of the Metropolitan Street R y
available for improvements, sanctioned a new agreement
between the Central Crosstown R R . and the Metropolitan
Street R y ., in accordance with which for at least one year,
or until the close of the receivership of the Metropolitan Street
R y. Co. if terminated earlier, said receivers are to continue
the operation of the Crosstown properties, but instead of
paymg 15% per annum in dividends on the $600,000 capital
m addition to the fixed charges, will, for the time being, pay
the fixed charges only. The officers of the Central Cross
town have consented to the change on the condition
that by so doing they should not be deemed to have waived
their right at any time to enforce the original contract through
the courts.
Trust F u n d . —From the testimony of Secretary E . W
Sayre before the Public Service Commission on Ju ly 13 it
was learned that the trust fund of $814,000 deposited with
August Belmont & Co. just prior to the appointment of
receivers for the New York City R y. Co., being the remainder
of the proceeds of a note issue previously sold (see New York
City item, V. 85, p. 1462), has been applied to purchase for
the crosstown lines of 80 new cars.—V. 84, p. 1247.
Central Park North & East River RR., New York.—iVeta
M anagem ent. —On Ju ly 1 1 the company was formally
brought under the control of the shareholders by the elec
tion of the new board of directors, mentioned last week, page
96, to succeed the representatives of the Metropolitan
btreet R y. The following officers, &c., are announcedS S t t W U ! uic°“ - v : J S f / s r B‘ " ar<1 °' ■‘“ " x w p S “
s S
Chicago Consolidated Traction Co.— N e w P r o t e c t i v e C o m
m i t t e e f o r G e n e r a l M o r t g a g e 4j^s d a t e d 1899.—In view of the
default June 1 in the payment of interest on the $6,750,000
1 6 6
T H E
[VOL. LXXXVII.
C H R O N IC L E
t b i
s b e
y th
m
t e
g e m en
4 1 /^o/o bonds datod Dec. 1 1939, and the subsequent appoint nheeg oR iaam isl atyy Choam m e t tne e ,a faf e c t e dg b t h e r et htienrg s s boyf g h v i ndge pt o s i tc oam rm ei t t e e tt hoef
t
i
m on
o
i
he
ment of receivers for the property by the United States c o m p l e t e a n d a b s o l u t e t i t l e t o t h e n o t e s w i t h p o w e r t o p l e d g e t h e s a m e , a n d
Circuit Court for the Northern District of Illinois, Eastern b y ! n a t i n g a l l e x p e n s e s o t t h e c o m m i t t e e a l i e n u p o n t h e d e p o s i t e d n o t e s .
M ajority of 5 % Collateral Trust Notes D eposited .—The
Division, the following bondholders have consented to act
as a committee for the protection of all bondholders who committee of which Joseph Ramsey Jr. is Chairman,
may become parties to an agreement dated July 1 1908, and announces that a majority of the above notes (about 82,
therefore request an immediate deposit of said bonds with 800,000 out of 85,500,000) have been deposited with the
the Mercantile Trust Co., 120 Broadway, New York, or the New York Trust Co., as depositary, under the agreement
dated Feb. 3 1908, amended Feb. 20, and that the time
American Trust & Savings Bank, 125 Monroe St., Chicago.
within which to make deposits under said agreement will
W illia m
F . H a r r l t y , C h a i r m a n : J o h n 15. P a r s o n s , J . N e l s o n V a n c e ,
B e n ia m in W o l f. C la r e n ce J . H o u s m a n , E d m u n d A . C u m m in g s a n d H e n r y
expire on July 31 1908, after which notes will be accepted
G
F o r e m a n , w it h P h ilip H . G r a y , S e c r e t a r y , 108 D e a r b o r n S t ., C h ic a g o ,
only upon such terms and penalties as the committee may
a n d W in s t o n , P a y n e , S tr a w n & S h a w a s C o u n s e l.
C om pare V . 86, p.
impose.— V. 86, p. 1589.
1528. 1580.
Chicago Subway Co.— Exchange of Bonds— Tim e Extended.
Freight Rates .— Contemplated Increase .—The question of
— About 95% of the §17,000,000 Illinois Tunnel first mort increasing freight rates was taken up this week with renewed
gage bonds have been deposited for exchange for the new earnestness and notice has been given by certain roads of
first lien 5% bonds of the Chicago Subway Co., per plan proposed minor changes in this direction. The presidents
V. 8 6 , p. 1284. The time to consent to the exchange of of the railroads cast of the Mississippi River met in New York
the remaining bonds has been extended to Aug; 1 . —Y. 8 6 , Thursday and discussed the matter without coming to any
p. 1409.
conclusion, considerable divergence of opinion being ex
Cincinnati Hamilton & Dayton R y .— R eceiver’s Certificates pressed. E. H. Harriman and Vice-President Brown of
E xten d ed . —The receiver's certificates, amounting to 81,023, the New York Central are among those strongly favoring
660, which fell due on Ju ly 1, have been extended to Jan. 1 an advance, while President McCrea of the Pennsylvania
1909, subject to redemption at any time on 1 0 days’ notice; and President Baer of the Reading consider the time inop
portune for a general increase. James J . Hill, as quoted,
interest rate 6 % .
Over 88% of R efu n d in g Bonds Turned in for Exchange for agrees with President Ripley of the Atchison (V. 87, p. 96)
Collateral Trust 4% N otes. —July 15 1908 was the last day that there seems to be no other course open. The new
on which the 4% refunding bonds were exchangeable for schedules for the Eastern roads, it is said, cannot be ready
collateral trust 4% notes due July 1 19 13 . Holders of much, if any, before Dec. 1, and a definite decision regard
between 8 8 and 89% of the refunding bonds availed them ing the same, it is understood, is therefore deferred for the
selves of the offer to exchange. (Compare V. 8 6 , p. 108, time being. See editorial on a preceding page and letter of
Vice-President Brown in the “ Railroad Age-Gazette” of
720, 856.)
Delaware & Hudson Co.—Sale of B o n d s. —The company New York for July 17 .— V. 86, p. 480.
F u l t o n S t r e e t R R . , N e w Y o r k . — R eceiversh ip. —Justice
sold this week to Kuhn, Loeb & Co. and the First National
Bank of New York, 813,309,000 “ first and refunding mort Blanchard in the Supreme Court on Ju ly 15, upon applica
gage” 4 % gold bonds, which were then offered for subscrip tion by the first mortgage bondholders, appointed Gilbert
tion at 97 'A and interest. President L. F. Loree, under H. Montague as receiver of the property, with authority to
date of Ju ly 14 ,in a letter to the bankers,says insubstance: resume the operation of the road if it seems best to do so.
— V. 86, p. 1467.
T h e s e b o n d s a re p a r t o f a n a u th o r iz e d $ 5 0 ,0 0 0 ,0 0 0 , t o b e Issu ed a s
G r e a t N o r t h e r n R y . — T ax D ecision .—Judge Hallam, in
S°2 W U U O , 0 0 0 a t a n y t i m e f o r a n y l e g a l c o r p o r a t e p u r p o s e s ( o f w h i c h t h e
p r e s e n t I s s u e f o r m s a p a r t , c o m p a r e V . s o . p . 1 5 8 :); V . 8 7 , p . 9 6 . )
the District Court at St. Paul on July 1 1 , decided the action
3 .5 0 0 .0 0 0 a f t e r M a y 1 1 9 0 J , f o r a n y le g a l c o r p o r a t e p u r p o s e s .
brought by the State of Minnesota to compel the payment
6 .5 0 0 .0 0 0 t o r e t ir e a lik e a m o u n t o f d i v is i o n a l b o n d s .
of a 4% gross earnings tax for 1905 under Chapter 253, Laws
2 0 ,0 0 0 .0 0 0 f o r t h e c o n s t r u c t i o n o r a c q u is i t io n o f a d d it io n a l lin e s , c o n
s t r u c t io n o f
a d d it io n a l m a in
tra ck
tu n n e ls a n d b r id g e s ,
of 1903.
th e p u r c h a s e o f re a l e s t a t e a n d e q u ip m e n t , a n d fo r I m p r o v e
m e n t o f t h e p r o p e r t y , a s p r o v i d e d In t h e m o r t g a g e .
T h e s e b o n d s w ill b e a fir s t m o r t g a g e o n t h e e n t ir e r a ilr o a d p r o p e r t y ,
a s w e ll a s le a s e h o ld In t e r e s t s a n d I m p o r ta n t, t r a c k a g e r ig h t s , s u b j e c t o n l y ,
a s t o p a r t s o f t h e s a m e , t o 5 6 .5 0 0 ,0 0 0 p r io r lie n b o n d s , f o r t h e r e t ir e m e n t
o f w h i c h a li k e a m o u n t o f “ llr s t a n d r e f u n d i n g m o r t g a g e b o n d s ” a r e r e SCIT h e t o t a l I n c o m e o f t h e c o m p a n y f o r t h e
year ended
D e c . 31
1907
a p p lic a b le t o th e p a y m e n t o f U s e d c h a r g e s w a s $ 7 ,9 6 2 ,o 2 a , w h ile th e
ch a rg e s fo r In terest o n fu n d e d
d e b t , in c lu d in g $ 2 0 ,0 0 0 ,0 0 0 ‘ ‘ llr s t a n d
re fu n d in g m o rtg a g e b o n d s ”
a t p r e s e n t I s s u a b le , a m o u n t s t o o n l y $ 2 ,~ 8 T h e b o n d s p u r c h a s e d b y y o u w i l l b e d a t e d M a y 1 j 0 ®8. a n d w i l l m a t u r e
\ r -iv 1 1 9 4 3
D e n o m in a t io n $ i ,0 0 0 , U n ite d S t a te s g o ld o f o r e q u a l to
t h e p r e s e n t s t a n d a r d o f w e i g h t a n d lln e n e s s ; I n t e r e s t p a y a b l e M a y l a n d
N ovP 1
C o u p o n b o n d s , w it h p r iv ile g e o f r e g s t r a t lo n a s t o p r in c ip a l;
A lso e x c h a n g e a b le f o r f u ll r e g is t e r e d b o n d s , w h ic h m a y b e r e - e x c h a n g e d
f o r c o u p o n b o n d s , u p o n p a y m e n t a s p r o v i d e d In t h e m o r t g a g e .
The
e n tir e Issu e o u t s t a n d in g (b u t n o t a n y p a r t t h e r e o f) m a y b e re d e e m e d a t
o p t i o n o f c o m o a n y a t 1 0 7 Mi % a n d I n t e r e s t o n M a y 1 1 9 1 8 , o r a n y I n t e r e s t
d a t e t h e r e a ft e r , u p o n 13 w e e k s ’ n o t ic e .
B o t h p r ln c lo a l a n d In te re st
o a v a b lc w it h o u t d e d u c t io n f o r a n y t a x o r t a x e s w h ic h th e c o m p a n y m a y
h e r e a u lr e d t o p a y o r r e t a in u n d e r a n y p r e s e n t o r fu t u r e la w o f t h e U n it e d
S ta te s o r o f a n y S t a te , C o u n t y o r m u n ic ip a lit y th e r e in .
A n n u a l s in k in g
fu n d l ’% c a s h o f t h e p a r v a lu e o f a ll b o n d s o u t s t a n d i n g b e g in n in g J u n e 1
1 9 0 9 - t o b e I n v e s t e d e i t h e r In t h e p u r c h a s e a n d c a n c e l l a t i o n o f “ llr s t a n d
r e f u n d i n g m o r t g a g e b o n d s ” o r In c o n s t r u c t i o n , a d d i t i o n s o r I m p r o v e m e n t s ,
a ll n t w h i c h s h a ll c o m e u n d e r t h e m o r t g a g e a s a d d i t i o n a l s e c u r i t y .
T h e com p an y v o lu n t a r llp a id 3 %
a n d c l a i m e d It w a s e x e m p t f r o m
f u r t h e r t a x a t i o n b y t h e o r i T in U T e r r l t o r . a l ) t . u r t o r o f 1 8 5 7 o f t h e M i n
n e s o t a & P a c i f i c R R . , t h e lin e s n a m e d t h e r e i n b e i n g t h e m a in lin e f r o m
S tillw a te r t o B r e c x e n r td g e a n d th e s o - o l l e d b r a n c h fr o m S t . A n t h o n y t o
S t. V in c e n t.
S ix t e e n b r a n c h e s , a g g r o r a t in g 7 5 2 m ile s , w e r e s u b s e q u e n t ly
b u ilt.
T h e C o u r t h o ld s th a t th e lim it a t io n o f th e r a te t o 3 % d o e s n o t a p p ly t o
a n y o f t h e b r a n c h lin e s b u i l t s i n c e t h e o r i g i n a l c h a r t e r w a s g r a n t e d .
The
a m o u n t I n d i s p u t e Is r e p o r t e d a s $ 1 2 0 , 7 57 3 8 . — V . 8 0 , p . 1 5 2 .).
H u n tin g d o n
&
B roa d T o p
M o u n ta in R R .
&
C oa l C o .—
D ividen d Omitted.—The directors on Tuesday failed to de
clare a semi-annual dividend on the 82,000,000 (non-cumu
lative) preferred stock. Last January 3 j^ % was paid.
The annual record for calendar years since 1895 is as follows:
Percent
—
’9 6 . ’ 9 7 . ’9 8 . ’9 9 . ’0 0 .
O n c o m m o n _____ 4
1
0
0 0
O n p r e fe r r e d ... 7
6
5
5 M7
T h e c o m p a n y ’s c o a l s h ip m e n t s f r o m
a g g r e g a t e d 4 9 5 ,9 7 7 t o n s , b e in g lc s 3 b
p e r io d o f 1 9 0 7 .— V . 8 6 . p . 4 2 0 .
L a fa y e tte
’ 0 1 . ’ 0 2 . ’ O a. ’ 0 4 . ’ O o. ’ 0 6 .’ 0 7 .
’08.
0
0
5
1
0 0
0
0
5
6
7
8
7
J a n . 1 t o J u l y 11 1 9 0 8 , It is s a i d ,
y 4 1 9 ,9 5 5 t o n s t h a n In t h e s a m e
& L o g a n s p o r t T r a c tio n
Co
.— Bonds O ffered.—
Tefft, Wallace & Co., 5 Nassau Street, New York, recently
offered at 93 and interest a block of the present issue of
The 813,000,000 of bonds is said to have been several 8900,000 first mortgage 5% gold bonds, dated June 1 1906.
times oversubscribed, preference being given to supposed Guaranteed, principal and interest, by the Ft. Wayne &
investment purchasers, with the result that in many cases Wabash Valley Traction Co.
E a r n i n g s o f F o r t W a y n e & W a b a s h V a l l e y T r a c tio n C o .
the allotment to others was only 1 0 % of the amount
aP^Me^ger°Authorized .—The Public Service Commission, Sec
ond District, yesterday gave its consent to the merger of
the property and franchises of the Cherry Valley Sharon &
Albany R R . Co. with the Delaware & Hudson Co., which
has long owned the entire capital stock.
On “ U nlisted” Sheet.— The New York Stock Exchange
has admitted the first refunding 4% bonds due 1943, when
and as issued to trading in the unlisted department. They
will be traded in at a price and interest from May 1 1908.
—V. 87, p. 96.
Detroit Toledo & Ironton R y . — Sale of C ollateral .—The
collateral for three promissory notes dated Aug. 31 1906,
made by Rudolph Kleybolte & Co. and payable to the
United States Mortgage & Trust Co., this collateral including
with other items (interests in underwriting agreements, &c.)
81,208,000 of this company’s 5% collateral trust notes,
dated June 1 1905, part of the issue of 85,500,000 with
Ann Arbor stock as collateral, was sold at auction on Ju ly 15
through Adrian II. Muller & Son and was bid in for 8100,000
in the interest of H. B . Hollins & Co. and associates.
Notice to Holders of Collateral Trust Notes— Proposed P la n .
— H. B . H
ollins & Co. and associates on W
ednesday m the
ade
follow announcem
ing
ent:
H . B . H o llin s & C o . a tu l t h e ir a s s o c ia t e s h a v in g a c q u ir e d th e In te re s ts
o f M e s s r s . R u d o l p h K l e y b o l t e & C o . In $ 1 ,2 0 8 ,0 0 0 o f t h e c o l l a t e r a l t r u s t
n o t e s , a n d a D o h a v i n g a g r e a t n u m b e r o f o t h e r n o t e s , e x p e c t s o o n t o b e In
a p o s it i o n t o a n n o u n c e a p la n w h ic h w ill p r o v id e f o r o t h e r o u t s t a n d i n g
n o t e s , e i t h e r In c a s h o r b y e x c h a n g e f o r o t h e r s e c u r i t i e s ,
o u c h an o ffe r
c a n o n ly b e m a d e t o n o te -h o ld e r s w h o h a v e u n d e p o s lt e d n o te s o r w h o h a v e
d e p o s i t e d t h e i r n o t e .s w i t h t h e M o r s e c o m m i t t e e ( W i n d s o r T r u s t C o . , N e w
Y ork
tru ste e .
V . 8 6 , p . 6 0 2 .), a n d h o ld th e r e c e ip t s o f th a t c o m m it t e e ,
f o r th e r e a s o n t h a t th e s e r e c e ip ts a r e fr e e fr o m a n y o b lig a t io n s I m p a ir in g
o r a ffe c t in g th e ir n e g o t ia b ilit y .
„
T h e n o t e s d e p o s it e d w ith th e R a m s e y C o m m lt t e e , o r th e r e c e ip ts t h e r e fo r ,
w ill n o t b e a c c e p t e d u n d e r th e p r o p o s e d p la n f o r th e r e a s o n t h a t th e ir
M o n th o f M a y
1908.
G r o s s _____________ $ 1 0 7 , 1 9 0
N e t ________________
4 3 ,8 5 3
1 9 0 7 . 15 M o s . to M a y 3 1 ( 3 0 3 .
$ 1 0 1 , 0 1 2 |G r a s s --------------------- 5 5 0 5 , 1 6 6
4 0 , 4 4 6 I N e t ------------------ -2 1 0 ,0 1 4
1 :0 7 .
1
$ 4 6 1 ,9 7 0
1 7 7 ,2 1 3
L o u i s v i l l e & N a s h v i l l e R R . — Decrease in Other Incom e.—
See Nashville Chatt. & St. Louis R y. below.—V 86, p. 1529.
M a n i l a R a i l w a y ( 1 9 0 6 ) , L t d . — Bonds O ffered.— Speyer
Bros, and the Hongkong & Shanghai Banking Corporation
received subscriptions in London on or before July 7 for
£1,250,000 4% “ A” debenture bonds (part of the £1,700,000
b o n d s b y £ 5 ,0 0 0 p e r m ile ( o r m il e a g e b e y o n d t h a t c o m p r i s e d In t h e c o n c e s
s i o n1 Ue l o W m tU U U U U U , (U1U b y £ 5 0 , 0 0 0 p e r » " *n‘ u m f o r p r “ v i d i ,n “ f u n d s , r. oI,
b tlO w
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o t h e r c a p it a l p u r p o s e s o f t h e M a n ila R R . C o . b e lo w
s
,0
d e b ie n t u r e b o n d s a r e r e p a y a b l e a t p a r o n J a n . 15 1 9 5 6 , o r n s ,t0. t h ® ," A ,1 *®
m y p a r t a t a n y t im e a f t e r 1 9 2 5 , a t t h e c o m p a n y 's o p t i o n , a t 1 0 o ,o u p e n
s ix m o n t h s ’ n o t ic e .
D e n o m in a tio n s o f £ 2 0 , £ 5 0 , £ 1 0 0 a n d £ 2 0 0 .
In
t e r e s t p a y a b l e J a n . 15 a n d J u l y 1 5 ( c o m p a r e V . 8 3 , P - . 1 :17? ' ; ,
p v n ,.i^ n .
D i r e c t o r s — C h a r le s J a m e s C a t e r S c o t t , C h a ir m a n ; A d m i r a l S ir C y p r i a n ,
A r t h u r G e o r g e B r id g e ; S ir J o h n F . F . H o r n e r ; J o h n G a s p a r d L e M a r c h a n t ,
a n d R a le i g h D u lle r P h l l l p o t t 3 , a ll o f L o n d o n .
. .
.
T h e “ A ” d e b e n t u r e b o n d s a r e , In e f f e c t , a l l r s t c h a r g e o n t h e o l d s y s t e m
o f 2 0 8 m ile s o f r a ilw a y , t h r o u g h t h e c o m p a n y ’ s h o i d l n g o f t h e e n t U e s t o c k
a n d b o n d c a p it a l o f t h e A m e r ic a n c o m p a n y b e lo w r e f e r e e d t o , th is
h a s f o r s o m e t i m e b e e n In s u c c e s s f u l o p e r a t i o n In t n e P h i l i p p i n e s , a n d I t s
n e t r e v e n u e a m o u n t e d in 1 9 0 7 t o a b o u t £ 1 2 8 , 0 0 0 , w h i l e t h e I n t e r e s t c h a r g e
o n t h e o u t s t a n d i n g " A ” d e b e n t u r e b o n d s Is £ 6 8 , 0 0 0 .
In a d d it io n , th e b o n d s
stn
m ile s ),
K n U n e ° L t m l s : £ u t a l s o ' o f ' T l T e *°£ lT, 2 5 0 , 7 ) 0 0 '“ B ” " d e b e n t u r e
bonds
w h ic h
1 ' T h e ^c o n c e s s I o n * V o r t h e o l d s y s t e m o f 2 0 8 m i l e s o f r a i l w a y a n d t h e f u r t h e r
4 4 4 m i l e s n o w In c o u r s e o f c o n s t r u c t i o n w a s g r a n t e d b y t h e U . a . G o v e r n
m e n t t o t h e M a n ila R R . C o . (a n A m e r i c a n c o m p a n y ) .
T h is A m e r ic a n c o m
p a n y w ill o p e r a t e t h e r a il w a y s a n d Its w h o l e s t o c k a n d b o n d c a p i t a l , w i t h
t h e e x c e p t i o n o f d ir e c t o r s ’ q u a lif ic a t io n s , h a s b e e n o r w ill b e , a s I s s u e d ,
lo d g e d w ith th e M e r c h a n t s ’ T r u s t . L t d . (t h e t r u s t e e s ), t o s e c u r e t h e “ A ’
a n d “ B ” d e b e n t u r e b o n d s o f th e E n g lis h c o m p a n y .
July 18 1008. |
T H E
C H R O N IC L E
I h e a g r ic u lt u r a l d is t r ic t s t h r o u g h w h ic h th e r a iw a y s ru n a r e t h ic k l y
p o p u la t e d , a n d m a n y v a r ie t ie s o f c r o p s a r e p r o d u c e d , I n c lu d in g r ic e , M a n ila
h em p , cop ra , sugar an d to o a cco .
H o r a c e 1 ,. H i g g i n s , t h e G e n e r a l M a n a g e r s i n c e 1 8 9 2 , e s t i m a t e s t h a t t h e
c o n s t r u c t i o n o f t n e I 14 m i l e s o f r a i l r o a d t o b e b u i l t u n d e r t h e n e w c o n c e
al j : t w i l l c o s t , a p p r o x i m a t e l y , 1 1 3 ,0 0 9 ,0 9 0 , a n d t h a t t h e c o n s t r u c t i o n s n o u . d
1 ) ; c o m p l e t e d in 1 9 1 .1 .
in t h is e s t i m a t e p r o v i s i o n lia s b e e n m a d e f o r I n t e i e ,c d u r in g t h e p e r o d o f c o n s t r u c t io n o n th e d e b e n t u r e b o n d s Is s u e d , a n d t o
li e I s s u e d , t o p r o v i d e t h e n e c e s s a r y f u n d s f o r s u c h c o n s t r u c t i o n .
A ir. H i g
g in s a n t ic i p a t e d t h a t b y J u n e 3 0 1 9 0 8 s o m e 1 1 2 m ile s o f n e w lin e s w o u ld b e
In o p e r a t i o n .
T h e a u t h o r i z e d lo a n c a p i t a l o f t h e A m e r ic a n c o m p a n y c o n s is t s o f S 7 .5 0 0 0 0 0 llr s t m o r t g a g e 0 " o b o n d s a n d $ 1 2 ,5 0 0 ,0 0 0 s e c o n d m o r t g a g e 7
bonds.
Its s t o c k c a p it a l c o n s is ts o f 8 0 ,5 0 0 ,0 0 0 7 % c u m u la t .v e p r e fe r r e d s t o c k a n d
$ 3 ,5 0 0 ,0 0 0 c o m m o n s t o c k .
O f t h is c a p i t a l , $ 3 , 0 e 0 ,0 0 0 llr s t m o r t g a g e
b o n d s , 5 5 ,5 0 0 ,0 0 0 s e c o n d m o r t g a g e b o n d s , 8 2 ,5 0 0 ,0 0 0
p r e fe r e n c e s t o c k
a n d $ 1 ,5 0 0 ,0 0 0 c o m m o n s t o c k
r e p r e s e n te d th e p u r c h a s e c o n s id e r a t io n fo r
t h e e x is t in g r a ilw a y , a n d w e r e a c q u ir e d b y t h e c o m p a n y , a n d a t t h e ir r e q u e s t
I s s u e d t o t h e t r u s t e e s f o r t h e " A ” a n d “ 13” b o n d h o l d e r s o f t h e c o m p a n y .
T h e c o n s id e r a t io n fo r w h ic h th e c o m p a n y a c q u ir e d th e s e b o n d s a n d s t o c k s
w a s th e Issu e a n d p a y m e n t o f £ 1 ,2 5 7 ,2 0 0 “ A ” d e b e n t u r e b o n d s , £ 7 3 0 ,0 0 0
” 13” d e b e n t u r e b o n d s , £ 1 , 1 8 0 , 0 0 0 p r e f e r e n c e s h a r e s , £ 3 9 9 , 2 7 0 o r d i n a r i s h a r e s a n d £ 1 3 ,8 0 0 c a s h .
T h e c o m p a n y h a s a ls o c o n t r a c t e d t o a c q u ir e a t
p a r s u c h o l t h e b a la n c e o f t h e a u t h o r i z e d lo a n a n d s t o c k c a p it a l o f t h e
A m e r ic a n c o m p a n y a s It m a y b e c a l l e d u p o n t o d o , a n d s u f f i c i e n t m o n e y s
h a v e b e e n p r o v id e d fo r th e p u r c h a s e o f th e fo llo w in g b o n d s a n d s t o c k s
o f t h e A m e r i c a n c o m p a n y f o r m i n g p a r t o f s u c h b a l a n c e , n a m e l y : $ 1 ,2 5 0 , 0 0 0
llr s t m o r t g a g e b o n d s , 5 1 .7 5 0 ,0 0 0 s e c o n d
m o r t g a g e b o n d s , § 1 .2 5 0 ,0 0 0
p r e fe r r e d s t o c k a n d $ 0 1 0 ,0 0 0 c o m m o n s t o c k .
T h e m o n e y r e c e iv e d b y th e
A m e r ic a n c o m p a n y a g a in s t t h e Issu e o r th e s e fu r t h e r b o n d s a n d s t o c k s h a s
b e e n o r w i l l b e a p p l i e d In o r t o w a r d s t h e c o n s t r u c t i o n o f t h e f u r t h e r m i l e a g e
a u t h o r iz e d to b e e in s t r u c t e d u n d e r th e n e w c o n c e s s io n .
C om pare V . 80,
p . 337; V . 8 3, p . 1170.
Metropolitan Street R y ., New York.— Separate Receiver
s h ip .—Judge Lacombe in the United States Circuit Court
on Ju ly 14 announced his intention to accede to the request
of the Morton Trust Co., the trustee under the $65,000,000
refunding mortgage, now being foreclosed, for the appoint
ment of receivers for the property distinct from the receivers
of the lessee, the New York City R y.
On Thursday Judge Lacombe appointed William W. Ladd
sole receiver of the New York City Railway Co., and at the
same time reappointed Adrian H. Joline and Douglas
Robinson, recently the receivers for both properties, as in
dependent receivers of the Metropolitan Street Ry. These
changes will be effective at midnight July 3 1. Judge
Lacombe says:
A t th e t im e w h e n f o .m e r m e m o r a n d a w e r e lllc d , O c t . 1 1 9 0 7 a n d J a n . 7
1 9 0 8 , th e s it u a t io n w a s s u c h t h a t th e o p e r a t io n o f th e s y s t e m m ig h t b e
c o n t l m e d b y r e .e lv e r s o f th e N e w Y o r k C it y R y . C o .u n d e r th e le a s e ,a n d
t h e r ig h t s o f a ll In tc e s ie d t in s e r v e d e a s ily a n d e f f ic i e n t ly b y a s u b s e q u e n t
a c c o u n tin g .
T h e l e a s e w a s t h e n In f o r i c a n d n o s u i t t o l o r c c l s o e m o r t g a g e
h a d b e e n I n s titu te d .
N o w t h e s i t u a t i o n Is c h a n g e d ’ a r e g u l a r f o r e c l o s u r e
u lt fo r u n p a id In te re s t u n d e r th e r e fu n d in g m o r t g a c h a s b e e n In s titu te d ,
a n d It Is l l t t l n g t h a t t h e p r o p e r t y c o v e r e d b y t h a t m o r t g a g e s h o u l d b e t a k e n
o v e r b y r e c e iv e r s u n d e r t h a t s u it , w h o w ill t h e r e a f t e r o p e r a t e t h e w h o le
M e t r o p o lit a n s y s t e m
Tem porary M odification of Lease.-— See Central Crosstown
R R . above.—V. 87, p. 38.
Michigan Umted Railw ays.— O ffering of “ F irst and R e
fu n din g Mortgage Bonds” in L on don .—Sperling & Co. re
ceived subscriptions in London from Ju ly 6 to 8, inclusive,
at the price of £98 per $500 bond, for $1,000,000 “ first
and refunding mortgage” 30-year 5% gold bonds, dated
May 1 1906 and due May 1 1936, total authorized amount
$12,500,000; heretofore issued, $1,900,000. Denomina
tions $1,000, $500 and $250. Interest payable by coupon
May 1 and Nov. 1 in New York or in London at the National
Provincial Bank of England, at the rate of exchange $4 86.
Principal payable in New York or in London at the rate of
exchange $4 86. The company has sold this $1,000,000
additional bonds for the purpose of providing the necessary
funds to build an extension of their lines from Lansing to
Jackson. President Myron W. Mills of Port Huron, Mich.,
writes:
W it h t h e 3 0 - m lle L a n s in g a n d J a c k s o n e x t e n s io n , w e s h a ll o w n 2 2 5 m ll c 3
o f t r a c k , t w o -t h ir d s o f w h ic h c o n s is ts o f o u r o w n rig h t o f w a y , w h ic h w e
h o l d In f e e s i m p l e .
O u r l i n e Is s i t u a t e d In t h e h e a r t o f M i c h i g a n .
S t a r t ln >
■
w it h t h e c i t y o f S t . J o h n s , w e t r a v e r s e L a n s in g , J a c k s o n , A l b i o n , M a r; h il l'
B a t t l e C r e e k a n d t e r m i n a t e a t K a l a m a z o o ; 6 9 m ile s o f t h e r o a d r u n s In a
s t r a ig h t lin e b e t w e e n D e t r o it a n d C h ic a g o .
A t th e D e tr o it e n d w e a re
J o in e d a t J a c k s o n b y t h e D e t r o i t U n it e d R y . , t h is c o m p a n y u s in g o u r lin e s
a s Its e n t r a n c e I n t o J a c k s o n .
A l i n e f r o m K a l a m a z o o t o B e n t o n H a r b o r Is
In c o u r s e o f c o n s t r u c t i o n , a n d a ll t h e s e lin e s w ill, w h e n c o m p l e t e d , f o r m a
d ir e c t e le c t r ic r a ilw a y c o n n e c t io n b e t w e e n D e t r o it a n d C h ic a g o .
W e ow n
th e e x c lu s iv e fr a n c h is e fo r s e r v in g th e c itie s w h ic h w e tr a v e r s e , a n d o u t
lin e s r u n t h r o u g h t h c l - p r in c ip a l s t r e e t s .
E a r n in g s o f S y s te m {o r Y ea rs E n d in g A p r il 3 0 .
1 9 0 7 -0 8 .
1 9 0 6 -0 7 .
1 9 0 5 -0 6 .
5 0 4 4 ,0 6 1
$ 8 7 7 ,0 1 5
$ 7 8 2 , 3 16
G ro ss e a rn in g s .
. . . . . . _____
L ess o p e r a tin g e x p e n s e s .. .
5 2 9 ,2 7 7
4 7 6 ,8 5 1
4 4 1 ,4 7 1
1 9 0 4 -0 5
$637 815
3 8 0 ,8 0 9
N e t e a r n i n g s ---------------------------$ 4 1 1 ,7 8 4
$ 4 0 0 ,1 6 4
$ 3 4 0 ,8 7 5
$ 2 5 7 ,0 0 6
A fte r p a y in g fix e d c h a r g e s , th e In te re st on b o n d e d d e b t a n d , s in c e th e
in c o r p o r a t io n o f th e p r e se n t c o m p a n y ,
d i v i d e n d s o f 6 ‘’ 5 o n $ 1 , 0 0 0 , 0 0 0 o f
p r e fe r r e d s t o c k , w e h a v e b e e n a b le to c a r r y fo r w a r d c o n s id e r a b le su rp lu s e s
e a c h y e a r , a n d , a s t h e b a l a n c e s h e e t s h o w s , t h e p r e s e n t s u r p l u s Is $ 1 6 1 ,9 5 1 .
A f t e r a llo w in g fo r th e In te re s t o n th e u n d e r ly in g b o n d s , th e p r e s e n t n e t
e a r n in g s a re s u ffic ie n t t o p a y th : In te re s t o n $ 1 ,9 0 9 ,0 0 0 o f r e fu n d in g b o n d s
2 H tim e s o v e r .
T h e p r o c e e d s o f $ 1 ,9 9 0 ,0 0 0 o f b o n d s w h ic h h a v e b e e n t a k e n
u p w ill a d d 3 6 m ile s t o o u r s y s t e m .
O u r G en era l M a n a g e r e s tim a te s th a t
t h is a d d i t i o n a l m il e a g e w ill I n c r e a s e o u r n e t e a r n i n g s $ 7 5 ,0 0 0 d u r i n g t h e
llr s t y e a r o f o p e r a t i o n , r is in g t o $ 1 0 9 ,0 0 0 d u r in g t h e f o l l o w i n g t h r e e y e a r s ’
s h o w in g ;
E stim a te d F u tu r e A n n u a l E a r n in g s .
N e t p r o llt s f o r 1 9 0 8 , $ 2 3 8 ,8 1 3 ; p lu s p r o lt t s o f n e w lin e , $ 1 0 0 ,0 0 0 ;
t o t a l f u t u r e p r o f i t ___________________ ___________________________________________$ 3 3 3 3 4 3
D e d u c t In te re st o n $ 2 ,9 0 0 ,0 0 0 5 % b o n d s , n a m e ly , $ 1 ,9 0 0 ,0 0 0 n o w
’
e x i s t i n g a n d $ 1 , 0 0 0 , 0 0 0 , b e i n g t h e s u b j e c t o f t h e p r e s e n t o l f c r ____ 1 4 5 , 0 0 0
Balance, surplus. __________________________ . . __________ * 1 9 3 3 4 3
C a p ita l s t o c k a u t h o r iz e d : $ 6 ,0 0 0 ,0 0 0 c o m m o n s t o c k , $ 4 ,0 0 0 ,0 0 0
$ 1 ,0 0 0 ,0 0 0 p r e f e r r e d s t o c k , 6 % c u m u l a t i v e , a ll I s s u e d .
Issu e d -
1 67
& Q -iln c y c o u ld b e I n d u c e d t o b id f o r t h e r o a d a t t h e u p s e t p r ic e o f 5 3 5 0 ,0 0 0 .
I n c p r e s e n t f i n a n c i a l c o n d i t i o n o f t h e p r o p e r t y Is a s l o l l o w s : ' m e r e h a v e
o e c n is s u e d 8 1 ,0 0 0 ,0 0 0 G” o b o n d s , o f w h ic h t h e s e m i-a n n u a l I n t e r e s t c o u h n n Si= u e J u n c , 1 1 -•07,_ D e c . 1 1 9 0 7 a n d J u n e 1 1 9 0 8 a r e u n p a i d .
O f th e
J vfi <> . n P P r o x 1m a 111y $ < 7 9 , 0 0 0 h a v e b e e n s o l d a n d t h e p r o c e e d s a c c o u n t e d
3
t h e c o m p a n y , w h i l e 5 2 2 1 , 0 0 0 o f t h e b o n d s w h i c h w e r e p l a c e d in t h e
h a n d s o f th e c o m p a n y s liu a n c la l a g e n t s h a v e n o t b e e n r e t u r n e d , n o r h a s
a n y a cco u n tin g b een m a d e .
T h e r e c e iv e r s h ip e x p e n s e s a n d In d e b te d n e s s
r e f & w f r 'S 'V '6 t m 0 0 f 0 C 0 , ° / A h l c h * 1 9 0 , 0 0 0 Is r e p r e s e n t e d b y t w o s e r i e s o f
a i ,, 11 1 , , - Y n
' a. t ' s. ; 111‘ ‘ S l ‘ 0 , 0 0 0 b y u n p a i d v o u c h e r s , t i m e c h e c k s , e t c .
A i .o u la g to r o n s e t s , th e le g itim a te r e c e iv e r s h ip I n d e b te d n e s s a n d e x p e n s e s
w ill n o t fa il s n o r t o f $ 2 3 0 ,0 0 0 .
T h e r e a re a ls o o u t s t a n d in g d a m a g e c la im s
a m o u n t in g t o o v e r 5 1 0 0 .0 0 0 .
O n S e p t . 3 0 1 9 0 6 t h e r e h a d b e e -n I s s u e d
f i n d ° N o r t h 0 w ™ t o r i f m r ? £c° « V ° ° i° p r e f e r r e d s t o c k - a n d t h e M i s s o u r i R i v e r
5 4 1 5 9 2 8 1 1 2 V— v e r 8 6 h p C° 3 ’ 4 n m o n e y a c t u a l l y s p e n t b y t h e c o m p a n y ,
1
Nashville Chattanooga & St. Louis R y . — D ivid en d D e
creased .—Ih e directors on July 14 declared a semi-annual
dividend of 2 ]/ ,% on the capital stock, payable Aug. 3 to
stockholders of record July 24. This decreases the annual
rate to 5% , contrasting with—
’ ? 9m t ? 2 2 , W ! - 3 • l 8 3 4 - ’ 9 5 t 0 ’ ? 8 - ’ 9 3 t 0 ’ ° 3 - 1 9 0 4 . 1 ) 0 5 . 1 9 0 0 . 1 9 0 7 .
o y e a r ly
3 Jf
3 ^
4 y e a r ly
N one
4
.5
5
0
1308
5 14
Of the $10,000,000 capital stock. $7,177,600 is owned by
the Louisville & Nashville R R .— V. 85, p. 787.
New England Investment & Security Co,— S u it to Enforce
Guaranty of P referred Stock .—Sec Now York New Haven Sc
Hartford R R . below.— V. 85, p. 864.
New York New Haven & Hartford R R .— Su it to Enforce
G u a ra n ty .— Kidder. Peabody & Co. of Boston on Wednesday
filed a suit in the Supreme Judicial Court of Massachusetts
with a view of obtaining a decision sustaining the validity of
the guaranty of the 4% preferred stock of the New England
Investment & Security Co. by the Consolidated R y. and the
liability of the New Haven road therefor by reason of its
merger with the Consolidated R y. Compare V. 83, p. 492,
i he su it
Y o r k In C
h is b e e n
,,
Is s t a t e d t o b e s i m i l a r t o t h a t b r o u g h t b y M a c k - a y & C o . o f N e w
o n n e c t i c u t , in w h i c h a f o r m a l e r d i r f a v o r a b l e t o t h
plal-tir
e n t e r ,d a n d a n a p p e a l ta k e n tlu r e -fr o m .
( V . 8G
p
1590)
r n s ' ? y o l v e d - lt l s r e p o r t e d , a r o s e p r i n c i p a l l y t h r o u g h t h e d l s -
New York City R y . — Separate Receiver A pp oin ted .— See
Metropolitan Street Ry. above.— V. 86, p. 1530.
Pennsylvania R R . — N ew Trustee fo r Consolidated M ort
gage .—The Girard Trust Co. of Philadelphia has been ap
pointed trustee under the consolidated 4% mortgage of
.July 1 1873 to succeed Messrs. Shortridge, Barnes and
Green.— V. 86, p. 1590.
x mittucipuid Gompariy, xrittSDurgn.— ioule of is'otes.— It is
reported that the company has negotiated a sale of $2,500,
000 10-year notes to provide for improvements.— V. 86
p. 1229.
Pittsburgh Binghamton & Eastern R R .— D ecision .—
Notice to Bondholders. —Former President F. A. Sawyer,
having obtained a judgment of $173,750 for breach of con
tract against the bankers who undertook to finance the
enterprise, has made the following statement, in which he
asks the co-operation of the bondholders with a view to
reorganizing the company and completing the road:
" A n u m b e r o f bend holders have requested m e to un d ertak e the fo rm a tion
o f a b o n d h o ld e rs ’ c o m m itte e fo r th e p r o te c tio n o f th eir Interests and to take
such o th e r a ctio n as m a y he deem ed advisa b le b y co u n sel. T h a t such
ra
1 a y b c th o r o u g h ly re p re se n ta tive , I request all the b o n d h old ers
?
p tt
!,-?/>!n m tCi,'v 11 m e. a t o n c e .
1
F . A . S a w y e r, fo rm e rly P residen t
P ittsb u rg h B in gh a m to n & b a s te r n R R . C o ., C anton P a ”
»h n „tret°h F ^ ,Si f tK> wlK n i p ™ b a b 'y effected “ and there Is n o q u estion
ri
?
a b o u t the road being b u ilt. A b o u t 22 m iles o f th e line has been graded
several bridges are in and a b o u t 6 m iles o f track laid.
It w ill n r o b a b lv
take tw o years to co m p le te the en tire line, b u t w e can e n te r the P in e Creekcoal Helds w ith in six m on th s a fte r co n s tr u c tio n w ork Is resum ed
We
In ten d -to o p e n up the e xte n sive coal lands o n the W a lk e r p r o p e r ty In Pine
T ow nship, o n w h ich the P e n n sylva n ia S m okeless Fuel C o. h olds a lease
Ih e road w ill u n d o u b te d ly be a great ben ellt to W illia m sp o rt and all th a t
s e c tio n .— V . 83, p . 1229.
7 ®-apid Transit in New York City.— Injunction against
Fourth Avenue Su bw ay. —Justice Blanchard in the Supreme
Court in this city on Monday, in the action brought by Jeffer
son M. Levy as a tax-payer, continued the injunction previ
ously granted by Justice Erlanger restraining the Board of
Estimate and Apportionment, pending the report of Benj. F .
Tracy as referee to determine the amount of the cityjdebt and
its borrowing capacity on June 30 last from confirming the
award of contracts on account of the construction of the
Fourth Avenue Subway recently approved by the Public
Service Commission. Compare V. 86, p. 1160.
T h e P u b lic S ervice C om m ission re ce n tly aw ard ed c o n tr a c ts fo r six se ction s
o f the s u b w a y , the am ou n ts aggregatin g a b o u t $15 ,000 ,00 0, and requested
the B oard to v o te $2,8 5 0 ,0 0 0 o f c it y b o n d s to begin the w o rk bu t tills w as
not (lon e, o w in g to the in ju n ctio n . T h e C ou rt says:
1 he w ide d l.'e ie n c e o f o p in io n as to th e co n s titu tio n a l b o rro w in g ca n a c ltv
o f the c ity b y those w h o cla im to have k n o w le d g e o f th e s u b je c t Is v e r y
sign ifican t. -Mr. C olor, the e x -C o m p tr o lle r o f the c i t y , pu ts It at a sum
e x c e e d in g $60 ,0 0 0 ,0 0 0 , w hile Mr. Afetz. the present C o m p tro lle r, p u ts it
at less than $2,0 0 0 ,0 0 0 (abou t $ 1 ,4 0 0 ,0 0 0 .— R d .)
‘
“ W h e n ex p e rts like these d llfer so w id e ly o n a m a tte r o f such v ita l Im
p ortan ce, and a Judicial d e te rm in a tio n o f the qu estion s Involved can be
bad It w ould seem to be w ise and p ro p e r to h ave th em so d e te r m in e d .”
1 lie co n firm a tio n o f th e 1908 assessm ent rolls (see “ New Y o rk C ltv ”
V. 87, p. I l l ) b y the Board o f A lderm en w ith in the n ext m o n th o r tw o
" '! !
tb e o1 ’ s b o r o w 'n e c a p a c ity as o f J u ly 1 1908 b y a b o u t
U
0*4D,UUU,UUU.--- V. ou, I). I -110.
The company this week filed the aforesaid mortgage with
the Knickerbocker Trust Co. of New York, as trustee, to
St. Louis Iron Mountain & Southern R y .— L isted . —The
secure the issue of $12,500,000 bonds.— V. 87, p. 97.
New York Stock Exchange has listed $60,000 additional
Missouri River & North Western R y .— M eeting —Statu s .— “ unifying and refunding” mortgage 4% bonds, due in 1929,
A meeting of the bondholders and receivership and other making the amount listed $30,533,000; also $811,000
creditors, it is stated, will be held at Rapid City, S. I)., on additional River & Gulf Divisions first mortgage 4% bonds,
July 20 to consider reorganization and the rehabilitation of due in 1953, making the total in this case $30,364,000.
the property. The receiver has issued a statement which, The $811,000 River & Gulf Divisions 4s represent:
A c q u is itio n o r c o n s tr u c tio n o f term in al p ro p e rtie s a t o r near H ast
as digested by an exchange paper, says:
S t. L o u is ---------------------- .
------.....
$46 049
T h e l a r g e s t r e c e l v e r s h l n c r e d i t o r Is t h e C h i c a g o B u r l i n g t o n & Q u i n c y ,
h u t a lt h o u g h s t r o n g ly s o lic it e d to m a k e b id s , n e ith e r th e C h ic a g o & N o r t h
W e s t e r n , th e C h ic a g o M ilw a u k e e & S t . P a u l n o r th e C h ic a g o B u r lin g t o n
D e v e lo p m e n t and im p ro v e m e n t o f th e p ro p e rtie s roverad b y th e
’
m o rtg a g e
--------------------------- --------- ------. . . . . 586,321
C o n stru ctio n and e q u ip m e n t o f ex te n sio n s o r bran ch es (3 .2 9 m iles) _ _ 178,025
T H E
1 6 8
[VO . LXXX’V
L
II.
C H R O N IC L E
Paym ent of P rin c ip a l and Interest of Equipm ent O bligations.
E a rn in g s .—For 10 months ending April 30 1908:
Receiver Worthington, in answer to inquiries from holders
of the various equipment obligations, s a y s : “ I desire to
advise all holders of such obligations that I expect to pay
the same. The Circuit Court is now on vacation. On:
St. Louis & San Francisco R R .— A nticipating Paym ent of Ju ly 30 at Cleveland we shall apply for an order directing
N o t e s — The company on July 16 paid 15% of the par value the payment of such obligations” — V. 87, p. 40.
of the 6% notes that mature Aug. 29 1908. This makes
INDUSTRIAL GAS AND MISCELLANEOUS.
40% of the par value of the notes already anticipated by
the company.—V. 87, p. 98, 39.
Albemarle & Chesapeake Canal Co., Norfolk, Va.—•
Tarrytown White Plains & Mamaroneck R y ., New York. Reorganization P la n . —As it appears to the best interests
— Notice to Holders of F irst Mortgage B o n ds. —Sutro Bros. & of the security holders to affect some reorganization prior
Co., 44 Pine St., New York City, “ representing the largest to the maturity of the 8500,000 first mortgage bonds in
interest in these bonds,” urge the bondholders to deposit July 1909, rather than to have the assets sacrificed at public
their bonds at once. An advertisement on another page sale, the directors, under date of July 1, have made a full
report as to the status and history of the company,and have
says:
submitted a proposition for reorganization intended to
I n v ie w o f th e C o u r t ’ s a u t h o r iz a t io n o f r e c e iv e r s ’ c e r t ific a t e s t o ta k e
n r e c e d e n c e o v e r t h e llr s t m o r t g a g e b o n d s , a ls o s t a t e m e n t s b y t h e r e c e iv e r s ’
afford an opportunity to work out said assets to advantage.
a t t o r n e y In c o u r t o f t h e p r o p e r t y ’ s o p e r a t i o n a t g r e a t l o s s , a n d o f t h e e a r l y
n e c e s s ity f o r a d d it io n a l r e c e iv e r s ’ c e r tltlc a te s f o r d e fr a y in g o p e r a t in g
The plan is as follows:
flr n s s e a r n in g s
________ $ 1 8 , 6 9 4 , 8 7 9 IT o t a l n e t I n c o m e -----------------$ 6 , 9 7 9 , 2 6 8
N e t e a m l n g s l ________
5 6 4 7 , 7 1 1 1C h a r g e s _____________________
5 ,0 0 1 ,3 9 5
o t h e r I n c o m e '"
_______
1 , 3 3 1 , 5 5 6 |B a l a n c e , s u r p l u s ---------------1 ,9 7 7 , 8 7 3
T h e c h a r g e s ($ 5 ,0 0 1 ,3 9 5 ) I n c lu d e : I n t e r e s t o n b o n d s , $ 3 ,8 1 1 ,4 7 0 ; r e n t a ls
a n d t a x e s p a id , $ 5 8 1 ,7 9 4 ; s u n d r y a m o u n t s , $ 6 0 8 ,1 3 1 .— V . 8 7 , p . 3 9 .
e x p e n s e s a ls o t h e la r g e a m o u n t o f u n p a id a c c u m u la t e d t a x e s , w h ic h a lr e a d y
n o s s l b l v t a k e p r e c e d e n c e o v e r t h e m o r t g a g e , a n d In v ie w o f t h e f a c t t h a t
o n W e d n e s d a y J u ly 15 1908 a m o t io n b e fo r e th e S u p r e m e C o u r t f o r p e r
m is s io n t o g iv e u p c e r t a in I m p o r t a n t fr a n c h is e s (I n c lu d e d u n d e r th e m o r t
g a g e ) o f th e r a ilw a y c o . o n th e B o s to n P o s t R o a d , c o v e r in g a g ro ss d is ta n c e
o f a b o u t 4 m i l e s , t h e u n d e r s i g n e d , r e p r e s e n t i n g t h e l a r g e s t I n t e r e s t In t h e s e
bonds
u r g e n t ly r e q u e s t th e I m m e d ia te d e p o s it o f th e a b o v e b o n d s .
(T h e
K n l c k e r b c c k e r T r u s t C o ., a s t r u s t e e o f t h e m o r t g a g e , a ls o r e q u e s t s t o b e
a d v is e d w i t h o u t d e l a y o f t h e w is h e s o f t h e b o n d h o l d e r s .) — V . 8 7 , p . 3 9
Texas Southern R y . — Not S o ld .— This property war
offered at foreclosure sale by Special Master Commissionee
P. M. Young at Marshall, Tex., on Ju ly 7, the upset pricr
being 8375,000. No bids were received. Another ordes
of sale has been made for Aug. 4, when the upset price
will be 8225,000. A press dispatch to the “ Dallas News”
on July 10 said:
T h e S t . L o u l s - U n l o n T r u s t C o . (lie d a b o n d
b y F . M . H u b b e ll o f
D es
M o i n e s , I o w a , a n d A . C . P e r k i n s o f S t . L o u i s . .M o ., f o r t h e s u m o f $ 1 0 ,
0 0 0 , g u a r - a n t e e ln g a b id .
. _
.
_
i h c r e p o r t o f t h e r e c e iv e r , C . L . T a y l o r , o f L o n g v i e w , T e x ., c a m e u p
f o r c o n s i d e r a t i o n , a n d It a p p e a r s t h a t t h e r a i l r o a d
b e e n o p e r a te d fo r
t h e fis c a l y e a r e n d in g J u n e 3 0 1 9 0 8 , a t a lo s s o f o v e r 5 8 0 ,0 0 0 .
M r H u b b e ll m a d e a t e n d e r o f $ 6 ,2 9 0 f o r t h e t e r m in a ls , w h ic h s o m e t im e
a g o w e r e d e c la r e d t o b e lo n g t o c e r t a in t r u s te e s r e p r e s e n tin g t h e c itiz e n s
o f M a r s h a ll.
Receiver’s Certificates.— The Texas Railroad Commission
on Ju ly 10 approved a new issue of 8150,000 receiver's
certificates, which had already, it is said, been authorized
by the court.— V. 86, p. 795.
Tri-City Railway & Light Co., Davenport, O.— Increase of
Stock.— The company has filed a certificate of increase of
8215,000 in the preferred stock. There is now 82,826,200
preferred stock outstanding. V. 87, p. 98.
Underground Electric Railways of London.— P la n S a n c
tioned. __The Chancery Court in London on July 17 confirmed
the plan for the readjustment of the company’s finances.
See V. 86, p. 1044, 110 1, 1287.
W a b a s h -P it t s b u r g h T e r m in a l R y — A g r e e m e n t M o d i f ie d . —
The committee under the agreement for the deposit of the
first mortgage 4% bonds dated June 3 1908, J . N. Wallace,
Chairman, gives notice that it has modified and amended
that agreement and has filed the amendments with the Cen
tral Trust Co. of New York and the Old Colony Trust Co.,
the depositaries. Copies of the amendments may be ob
tained from the depositaries or from the Secretary of the
committee, Franklin L. Babcock, 54 Wall St.
Receivers’ Certificates D esired for Im provem ents.— The re
ceivers of this company and its subsidiary, the West Side
Belt liy ., applied to Judge James S. Young in the United
States District Court at Pittsburgh on July 14 for authority
to issue 81 654,921 receivers’ certificates, 8954,201 to be
for the Terminal Ry- Co. and 8700,(20 for the West Side
Belt. As to the application of the proceeds, the “ Pittsburgh
Gazette” of July 15 says:
i n t h e e n .se o f t h e B e l t L i n e , I t Is p r o p o s e d t o b u i l d a s t e e l b r i d g e a t W e s t
C a rson S t
a s t o n e w a l l a lo n g S a w m ill R u n a n d t o r e p a ir 18 t r e s t le s w h ic h
a r e sa k l t o b e so r o t t e n th a t t r a ffic h a s b e e n a b a n d o n e d o n th e m fo r s e v e ra l
m on th s
th c r e a re 17 tu n n e ls w h ic h , th e r e p o r t s ta te s , a re
11n e , w i t h
1 m a k in g th e m u n s a fe .
1
I t Is a l s o s t a t e d t h a t t h e r o a d h a s
h u t l i t t l e c a u f n m ^ t o u t s i d e <>t ( 7 9 ) w o r k c a r s a n d
4) w o r k e n g in e s , th e
r n m m m v h a v n ^ d e n e n d e d o n th e W h e e lin g & L a k e B r i e f e r m o t iv e p o w e r .
( T h e s u m o f $ 2 0 4 , 0 0 0 , It Is s t a t e d , Is d e s i r e d f o r t h e p u r c h a s e o f 12 l o c o m o -
ri 'h e n r e s e n t c a p i t a l i z a t i o n f o l l o w s :
„„„
G 'i n l t d s t o c k ( p a r v a l u e o f s h a r e s , $ 1 0 0 ) ------------------------------------------------ $ o o 8 , 2 0 O
F ir s t m o r t g a g e b o n d s 4 % (r a t e r e d u c e d fr o n t 7 % In 1 9 0 3 ) - - - 5 0 0 ,0 0 0
S e co n d m o rtg a g e In com e d e b e n tu re b o n d s
3 % c u m u la tiv e (n o
I n t e r e s t e a r n e d o r p a i d ) ..................................
i i d .uog
T n t, l
$ 1 ,1 7 3 ,2 0 0
L e t e a c h 'b o n d h o l d e r s u r r e n d e r h is ll r s t m o r t g a g e b o n d s t o a t r u s t e e
a n d a c c e p t In e x c h a n g e t h e r e f o r
a b o n d fo r o n e -h a lf th e a m o u n t s u r
r e n d e r e d , a n d c a p it a l s t o c k f o r th e o t h e r h a lf.
Issu e to e a ch o f th e b o n d
h o ld e r s c a p it a l s t o c k fo r h is d e b e n tu r e b o n d s .
G iv e to e a c h
s to c k h o ld e r
o.
e s n a r e o f s t o c k f o r e v e r y liv e s h a r e s n o w o w n e d .
T h is w o u ld m a k e th e o u t s t a n d in g s e c u r it y a s fo llo w s .
F i r s t m o r t g a g e 5 % 1 0 - y e a r g o l d b o n d s , t o t a l I s s u e - - - - - - - - -------$ 2 o 0 ,0 0 O
C a p i t a l s t o c k In s h a r e s o f $ 1 0 0 , t o t a l a u t h o r i z e d I s s u e t o b e - - oO O .O O O
----------------------- U , , « V n
S t o c k I s s u a b le In lie u o f d e b e n t u r e s
do
do
In
p r e s e n t $ 5 5 8 ,2 0 0 s t o c k
- 1 1 1 ,6 4 0
lieu of
do
do
In lie u o f
Vi p r e s e n t
1st M . b o n d s . -
2 5 0 ,0 0 0
q j d s 'w o u k t m a k e t h e a n n u a l in t e r e s t c h a r g e $ 1 2 ,5 0 0 .
w it h th e p resen t
e a r n in g p o w i r o f t h e c a n a l, t h is I n t e r e s t c h a r g e c o u ld b e m e t , a n d w it h s o m e
a d d it io n a l c a p it a l, s p e n t o n I m p r o v e m e n t s , a n d p r im a r ily o n In cr e a s in g t h e
e ffic ie n c y o f th e t r a ffic o r s o lic itin g d e p a r t m e n t , th e e a r n in g p o w e r c o u ld
b e s o In cr e a s e d a s t o m a k e p o s s ib le d iv id e n d s o n th e s t o ° k .
I h is w o u ld
g iv e t o tn e b o n d h o ld e r s t h r e e -q u a r te r s o f th e p r e s e n t In te re st o n th e ir
b o n d s a n d a p p r o x im a te ly fo u r -llfth s o f th e n e t e a r n in g s .
W ild e r t h is
p la n
If b y a c t i v e c o o p e r a t i o n o i l t h e p a r t o f t h e s t o c k a n d b o n d h o l d e i s ,
t h e c a n a l c a n b e s o ld t o t h e G o v e r n m e n t f o r $ 5 0 0 ,0 0 0 .t h e G o v e r n m e n t
e n r lu e e r s h a v in g r e c o m m e n d e d th e p u r c h a s e o f t h e c a n a l a t th is
g u j- e
a s t h e m o s t d e s i r a b l e r o u t e f o r o n e o f t h e l i n k s In t h e c h a i n o f I n l a n d w < H e i
w a v s , a n d I f, f u r t h e r m o r e , t h e t i m b e r
f r o m t h e c o m p a n y s o.O O O a c r e s
o f s w a m p la n d c a n b e d is p o s e d o f fo r $ 5 0 ,0 0 0 , th e b o n d h o ld e r s w ill r e c e iv e
o n b o n d s $ 2 5 0 ,0 0 0 a n d o n t h e ir n e w s t o c k a p p r o x im a t e l y $ 2 4 0 ,0 0 0 , m a k in g
a t o t a l o f $ 4 9 0 ,0 0 0 fo r t h e ir h o l d i n g ,o r 9 8 % o f th e p a r v a l u e o f t h e llr s t
m o r t g a g e b o n d s ,a s a g a in s t 2 5 %
p r o b a b l e a m o u n t r e c e i v e d In e v e n t o r
p u b lic s a le u n d e r fo r e c lo s u r e .
„
, ^
„
[S ig n e d : R . S t . P . L o w r y , E r ie . P a . . P r e s id e n t ; a n d R o b t . M . C a n n o n .
G r e a t B r i d g e , V a . : A n d r e w S . W h i t e S y r a c u s e , N . \ . ; H . 'L . C u t t e r , 7 8 t
L e x in g t o n A v e ., R . L . H a r r is o n . 59 W a ll S t ., a n d W . B . C o u r t r lg h t ,
2 9 9 B r o a d w a y . N e w Y o r k C it y ; M ilto n C . E llio t t , G e n e r a l C o u n s e l o f t h e
c o m p a n y , 1422 F . S t ., N . W ., W a s h in g t o n ,-D . C .
D . S . B u r w e l l Is T r e a s
u re r , 2 1 3 M o n tlc c llo A r c a d e , N o r fo lk ]
I n c o m e f o r F i s c a l Y e a r s e n d in g S e n t - 3 0 ( “ A T T a fte r D e d u c t in g O p e r a tin g
a n d M a i n t e n a n c e A c c o u n t s .)
1907.
1906.
1905.
1904.
1903.
1902.
G r o s s _________________ $ 4 1 , 6 4 6
$ 2 8 ,7 2 0
$ 2 7 ,5 1 7
$ 3 2 ,5 4 4
$ 3 2 ,8 2 8 $ 3 9 ,4 7 7
1 5 ,9 0 1
1 3 ,8 0 9
1 9 ,4 1 2
1 7 ,8 1 0
1 9 ,8 9 7
N e t ___________________ 2 8 , 5 9 7
— V. 85, p.
1647.
American Agricultural Chemical Co.— New Secretary.—
Horace Bowker has been made Secretary to succeed G. L.
Galbraith, who resigned.—V. 86, p. 604.
American Glue Co.-—R eport.— For year ending May 3 1:
F isc a l
a let
D ep reP i e f . D iv
D iv . on
B a la m e ,
Year—
le a r n in g s , c i a t i o n .
(8 % .
C o m m o n S tic.
S urp.
1 0 7 -0 8
$203 025
$ 3 0 ,0 0 0
$ 1 0 4 ,1 1 6
(6 % )$ 1 8 ,0 0 0
$ 2 0 ,9 0 0
9
6 - 7 ---------------- :
2 8 1 ,9 1 2
8 0 ,0 0 0
1 0 4 ,1 5 4
( 5 % ) 4 0 ,0 0 0
5 7 ,7 5 8
D v k l e n d s o n c o m m o n s t o c k I n c l u d e 2 '% s e m i - a n n u a l l y a n d I n 1 9 0 7 - 9 8
1% e x t r a p a i d o n N c v
1 1 0 0 7 a n d M a y l 1 9 0 8 ; In 1 9 0 0 - 0 7
1 % e x tra w. g .
p a id v z , o n M a y 1 1 9 0 7 .
C om pare V . 85, p. 282.
T o ta l a c c u m u la te d
s u r p lu s M a y 31 100 8 $ 7 8 0 ,3 6 1 .$ - V . 8 5 , p . 1 1 4 4 .
American Telephone & Telegraph Co.—Reports of S u b
1907.
See A n n u a l Reports
on preceding page; also last week’s Chronicle.
E arn in gs of “ Associated Operating C om panies.” — For
month of May and first five months ot 1908 and 1907:
Companies for C alendar Y ear
One
M o n th —
T e le p h o n e
R even u es.
1 9 0 8 ....................
9 ,8 9 0 .3 0 0
1 9 0 7 .......................... 9 , 4 8 2 , 0 0 0
i n n s 'f ° S
48 814 7 0 0
lo o ” :::::::::4 5 :8 0 5 ,4 o o
4 2 1 ,6 0 0
3 9 4 ,0 0 0
In te re st
*
C h a rg es.
■
?
6 1 0 ,5 0 0
5 7 4 ,1 0 0
B a la n c e f o r
"
D iv id e n d s.
$
2 ,4 0 4 ,5 0 0
2 ,3 9 3 ,3 0 0
2 ,0 5 7 ,6 0 0
1 ,8 7 2 , 0 0 0
3 ,2 5 5 ,9 0 0
2 ,8 2 0 , 1 0 0
1 1 ,5 7 8 ,0 0 0
1 0 ,7 8 7 ,3 0 0
N et
(O v e r 't a x e s .)
In c o m e .
2 ,6 2 3 ,4 0 0
2 ,5 7 3 ,4 0 0
1 2 .7 7 6 .3 0 0
1 1 ,7 4 1 , 7 0 0
O n e r At I n ? c x n e n s e s I n c lu d e m c iln t c m in c c c h u r g c s A m o u n t in g t o $ 2 ,8 0 1 ,6 0 0
In M a v 1 9 0 8 a g a i n s t $ 2 5 1 7 , 1 0 0 In M a y 1 0 0 7 a n d $ 1 3 , 9 5 1 , 4 0 0 f o r t h e l i v e
m o n t h s In 1 9 0 8 , a g a i n s t ’ $ 1 2 , 5 8 3 , 0 0 0 f o r t h e s a m e p e r i o d In 1 9 0 7 .
V . 87,
p.
40. 91.
Bar Iron Scale.— S e t t l e m e n t — At a conference in Detroit
between the Western Bar Iron Association and the Amalga
b u t T o p e r a t e d ^ b y 0 l t . n<l O n t h e
s Y ^ m i H d g e s a n d 1 1 ^ t i m n e ? s . ° WT h e
mated Association, an agreement was reached July 11 on
b r i d g e s a r e s a i d t o n e e d p a i n t i n g , v v h llc t h e
V V a s h ln g to n G re e n tr e e a n d
the wage scale for the union iron mills during the year ending
w a r e h o u s e s , A c . fs
June 1 1909. This agreement, it is believed, will be gen
e s t < it c a n d b u l l d l i i j f S , i n I d
u
.
,» i qro 9 30 o f w h ic h fo u r n lc c p s
g iv e n a t $ 4 ,9 8 7 ,0 5 8 , th e re a l e s t a t e < » s t ln g
o i w m e n lo u r p ie c e s
erally accepted, although some of the independent union
a r e h e l d I n t r u s t b y G e o r g e ,J. G o u l d a n d 1 0 , i % t i l e d t h a t t h e r n m n a n J
mills were not directly represented. Ihc average reduction
T h e s e h a v e b e e n tu r n e d o v e r to th e r e c e iv e r s .
I t ■ ^ ; tF
s
r
|l
U lc c o m p a n y
is l o s i n g m o n e y o n a c c o u n t o f n o t h a v i n g s u i t a b l e t r a c k r a c i u t i e s .
in wages for the men affected, it is said, will approximate
T h e B e l t l i n e , t h e r e p o r t s t a t e s , h a s a t r a e l c a R e o f 4 2 . O ^ m l li e s , a l l In g o o d
c o n d it io n .
T h e t r e s t l e s , h o w e v e r , a r e In b a d c o n d i t i o n .
V . 80, p. 1531.
8 to i o % .
.
Barney & Smith Car Co., Dayton, Ohio. Report. For
West Side Belt R y ., Pittsburgh. — Proposed Issue of
Receivers’ Certificates .—See Wabash-Pittsburgli Termina year ending March 3 1:
F is c a l
N et
A ll
P r e fe r r e d
C om m on
B a la n c e ,
R y. above.—V. 86, p. 159 1.
Y ear
E a r n in g s
In t e r e s t .
D iv . ( 8 % ) . D iv . (3 % ) .
S u r p lu s.
$ 5 0 8 6 3 -)'
$100 000
$ 2 0 0 ,0 0 0
$ 6 0 ,0 0 0
$ 1 4 8 ,6 3 9
Wheeling & Lake Erie R R . —Equipm ent Bondholders’ Com 1<m7 0 8
1 9 0 6 - 0 7 ----------- 6 0 2 0 3 0
* 00 000
2 0 0 .0 0 0
5 9 ,8 9 2
2 5 2 ,1 3 8
mittee.— In view of the default of the interest due July 1
T o t a l u n d iv id e d p r o fit s M a rc h 31 1 9 0 8 , $ 4 7 4 ,1 6 3 .
V . 86, p . 482.
on the 82,094,000 gold 5% equipment bonds due 1922, a
Central Home Telephone, Louisville, K y . — R e c e i v e r s h i p . —
bondholders’ committee has been formed, and makes the A press dispatch yesterday from Clarksville, lenn., states
following announcement:
that Ernest P. Denizen, the local Manager, has been ap
F r e d e r i c k J . L l s m a n , W i l l a r d V . K i n g , S i d n e y C . B o r g . I '- v a n s R . D i c k
pointed receiver of the company. Sec V. 87, p. J9:
o f t h is c i t y a n d J o h n D . H o w a r d o f B a lt i m o r e , fit t h e r e q u e s t o f a la r g e
n u m b e r o f h o ld e r s , h a v e f o r m e d a c o m m i t t e e f o r t h e p r o t e c t i o n o f t h e ir I n
Citizens’ Light, Heat & Power Co. of Johnstown, Pa.—
teres ts
T h e C o l u m b i a T r u s t C o . o f tills c i t y h a s b e e n d e s ig n a t e d a s t h e
P r o p o s i t i o n R e j e c t e d ,—The shareholders of the company,
d c D o s lt o r y . a n d h o ld e r s h a v e b e e n r e q u e s t e d p r o m p t l y t o d e p o s it th e ir
bonds
W m . G . E d i n b u r g o f N o . 3 0 B r o a d S t . Is S e c r e t a r y , a n d I a s k u s
it is stated, have declined to accept the offer of par for
I S
w
C o h e n , L a v e lle
S
i l ?
W
,
m !I?
& G o rd e n o f N o . 2 R e c to r S t. a rc co u n se l fo r th e c o m m itte e .
July 18 1908. |
T H E
C H R O N IC L E
their holdings made by James M. Guffey and Emmett Queen
of Pittsburgh, with a view to consolidating the public
futility companies of Johnstown.—V. 78, p. 289.
Olaflin (H. B.) Oo.— Statement for H a lf-Y e a r .—The earn
ings for the six months ending June 30 1908 compare:
6 M o n t h s to
N et
D i v i d 'd s
D iv s . on
June 3 0 —
E a r n in g s, on P r e f .% C o m . ( 4 % )
1 9 0 8 _______ l o s s .
$ 7 ,4 3 7
$ 1 4 2 ,1 2 5
$ 1 5 3 ,1 6 4
1 9 0 7 . . . ...........
4 5 4 ,2 7 5
1 4 2 ,1 2 5
1 5 3 ,1 6 4
1 9 0 6 ____________
3 5 2 ,2 5 8
1 4 2 ,1 2 5
1 5 3 ,1 6 4
1 9 0 5 ___________
3 1 7 ,9 3 4
1 4 2 ,1 2 5
1 5 3 ,1 6 4
1 9 0 4 . . _______
3 1 0 ,7 6 0
1 4 2 ,1 2 5
1 5 3 ,1 6 4
B a la n c e , S u r p .
o r D e fic it.
d e f . $ 3 0 2 ,7 2 6
1 5 8 ,9 8 6
su r.
5 6 ,9 6 9
su r.
2 2 ,6 4 5
su r.
1 5 ,4 7 0
su r.
T o ta l
S u r p lu s.
$ 1 ,7 7 0 ,0 5 8
1 ,8 6 3 , 0 7 5
1 ,5 9 0 ,2 6 0
1 ,3 2 5 ,0 8 7
1 ,2 7 6 , 7 9 4
President John Claflin makes the following comments:
I n o u r la s t r e p o r t w e s t a t e d t h a t w e h a d
I n v e n t o r ie d o u r m e r c h a n d is e
r i c e s l o w e r t h a n t h o s e a n n o u n c e d b y m a n u f a c t u r e r s f o r t h e s p r i n g o f 1 1 )0 8 .
n p o i n t o f fa c t , o u r fig u re s w e re g r e a t ly b e lo w m a r k e t p r ic e s , a n d w e
t h o u g h t t h e y w o u l d p r o v e l o w e n o u g h t o I n s u r e a s a t i s f a c t o r y p r o f i t In t h e
s e a s o n Ju st e n d e d .
T h e e x p e r i e n c e o f t h e s e a s o n , h o w e v e r , In c a n c e l l a t i o n
o f o r d e r s ,a n d l n a lm o s t c o n t in u o u s c r u m b lin g o f p r ic e s , w a s b e y o n d p r e c e
d e n t.
W e a g a in I n v e n t o r y o u r m e r c h a n d is e b e lo w c u r r e n t p r ic e s , m a k in g
a lo s s o f $ 7 ,4 3 0 f o r t h e s ix m o n t h s : b u t w e b e lie v e p r ic e s t o u c h e d b o t t o m
I n J u n e , a n d w e l o o k f o r I m p r o v e m e n t In v a l u e s d u r i n g t h ; a u t u m n .
The
fa c t t h a t th e r e t a il t r a d e t h r o u g h o u t t h e c o u n t r y h a s p r e t t y t h o r o u g h ly
d i s p o s e d o f Its s u r p lu s s t o c k s ju s t ll lc s t h e e x p e c t a t i o n o f a s t e a d i ly I n c r e a s
in g b u s in e s s a t w h o le s a le .— V . 8 6 . n . 1 6 6 .
?
16 9
when the Houston Oil Co. and Kirby Lumber Co. were placed
in the hands of receivers.
Under this decree the Kirby Lumber Co. abandons all
its claims against the Houston Oil Co. and the position of
the timber certificates is recognized and confirmed as a first
lien on the timber contract and on all the property of the
Houston Oil Co. Provision is also made for a second series
of timber certificates with a lien following the present issue
of timber certificates, and, like them, maturing serially semi
annually.
The Houston Oil Co. expects shortly to.make some ar
rangement with its creditors and to be taken out of the hands
of the receiver.
The plan published this week in
various newspapers was suggested several years ago, and is
not now, it is stated, seriously considered.— V. 86, p. 232.
Idaho-Oregon Light & Power Go.—E a rn in g s . —MacDon
ald, McCoy & Co., Chicago, report:
A c t u a l n e t e a r n i n g s o f t h e a c q u i r e d p r o p e r t i e s , 1 9 0 6 __________________ $ 8 5 , 5 2 0
A c t u a l n e t e a r n i n g s f o r t h e y e a r 1 9 0 7 _________________________________________1 0 5 , 6 0 0
T h e n e t e a r n in g s f o r th e firs t fiv e m o n t h s o f 1 90 8 s h o w a n I n c r e a s e o f
3 1 % o v e r t h e s a m e m o n t h s o f 1 9 0 7 , a n d o n t h is b a s is t h e n e t e a r n in g s f o r
100 8 s h o u ld b e c o n s id e r a b ly o v e r d o u b le th e In te re st c h a r g e o n b o n d s n o w
o u ts ta n d in g .
[T h e r e a r e o u t s t a n d i n g $ 5 0 0 ,0 0 0 firs t a n d r e f u n d i n g 6 %
b o n d s d a t e d A p r i l 1 1 9 0 7 a n d $ 5 5 0 , 0 0 0 a d d i t i o n a l a r e In t h e h a n d s o f t h e
tr u s t e e t o r e t ir e $ 5 4 0 ,0 0 0 b o n d s o f a c q u ir e d p r o p e r t ie s .
F u rth er a m ou n ts
a re r e s e r v e d fo r e x te n s io n s , a d d it io n s , & c .
S e e f u l l p a r t i c u l a r s In V . 8 4 ,
p . 1 4 9 0 .— E d .) — V . 8 5 , p . 2 2 4 .
Commonwealth Power Co., Jackson, Battle Creek and
Kalamazoo, Mich.— Bonds O ffered. — E a rn in g s. —N. W. Har
ris & Co., New York, and Perry, Coffin & Burr, Boston,
in offering at 92 and interest a block of first mortgage 5% gold
bonds, dated Dec. 1 1904, due Dec. 1 1924 (authorized issue
Kinloch Long Distance Telephone Co. of Missouri.— Bonds
$4,000,000, outstanding $2,468,000, held in escrow under O ffered .—The Altheimer-Rawlings Investment Co., Bauer
conservative restrictions $1,532,000), report earnings, &c.: Bros, and the Orthwein Investment Co., all of St. Louis, are
A N N U A L E A R N IN G S .
offering at 83)^ and interest, yielding about 6}4% > $200,000
Yea r
G ross
O ver E x p .
N et
In t e r e s t
R a la n c e ,
first mortgage 5% gold bonds, dated Jan. 2 1904 and due
E n d in g —
E a rn s.
T a xes.
E a rn s.
B on d s.
S u r p lu s.
Jan. 1 1929. Interest payable Jan. 1 and July 1 at Missis
D ee
31 1 0 0 7 .
..$ 1 5 9 ,7 0 6
$ 2 0 0 ,5 2 0 $ 2 5 9 ,2 7 6
S 1 2 3 .4 0 0
$135 876
__________
_____ _
Jan.
31 1 0 0 7
3 5 5 ,2 2 9
1 4 8 ,7 7 8
2 0 6 .4 5 1
sippi Valley Trust Co., St. Louis, trustee. "Bonds auth
Jan.
3 1 1 9 0 6 ________ 2 9 5 , 9 8 9
1 1 9 ,2 4 6
1 7 6 ,7 4 3
__________
__________
orized, $5,000,000, of which there was outstanding Dec. 31
C a p it a l s t o c k o u t s t a n d in g , c o m m o n , $ 1 .5 0 0 ,0 0 0 ; p r e fe r r e d , $ 1 ,2 5 2 ,0 0 0 .—
President W. A. Foote, writing from Jackson, Mich. 1907 $2,279,000; in treasury, $386,000; reserved for exten
sions under restrictions, $2,335,000. A circular says:
Feb. 28 1907 (not 1908) said:
A l a r g e p r o p o r t i o n o f t h e e l e c t r i c i t y Is g e n e r a t e d b y w a t e r - p o w e r s t a t i o n
o f 9 ,7 0 0 n . - p
c a p a c it y , o n th e K a la m a z o o a n d G ra n d r iv e r s .
R eserve
s t e a m s t a t i o n s o f 6 , 0 0 0 h . - p . c a p a c i t y a r e l o c a t e d In K a l a m a z o o , B a t t l '
C reek an d J a ck son .
In a d d it io n , a n e w w a te r -p o w e r p la n t a t W e b b e r o f
5 ,0 0 0
h .-p
c a p a c i t y w il l b e p l a c e d In o p e r a t i o n w it h i n a m o n t h .
U pon
t h e c o m p le t i o n o f t h is p la n t t h e t o t a l g e n e r a t in g c a p a c i t y w ill e x c e e d
2 0 ,7 0 0
h .-p
A d d itio n a l w a te r rig h ts a re o w n e d o n tn e K a la m a z o o a n d
G ra n d
r iv e r s , w h ic h w ill b e d e v e l o p e d a s n e e d e d .
T h e co m p a n y has
e x t e n s i v e d i s t r i b u t i n g s y s t e m s a n d f u r n i s h e s e l e c t r i c l i g h t a n d p o w e r In A l l e
g a n , O t s e g o , K a l a m a z o o , B a t t le C r e e k , M a r s h a ll, A l b i o n , J a c k s o n , L a n s in g
a n d I n t e r f i l e d l a t e p o i n t s . T h e p o w e r Is t r a n s m i t t e d b y a h i g h t e n s i o n t r a n s m i s
s io n s y s t e m c o m p r i s in g 170 m ile s o f lin e s .
T h e e s c r o w b o n d s m a y b e Issu e d
t o le lm b u r s c th e c o m p a n y fo r n o t e x c e e d in g 7 5 % o f a c t u a l e x p e n d it u r e s fo r
e x t e n s i o n s a n d a d d i t i o n s , I n c l u d i n g , w it h t in ; c o n s e n t o f t h e b a n k e r s , a d d i
t io n a l w a t e r - p o w e r d e v e l o p m e n t , o r , w it h lik e c o n s e n t , t o c o v e r t h e a c t u a l
c o s t o f a c q u i r i n g o t h e r s u b s i d i a r y p r o p e r t i e s , b u t In n o c a s e u n l e s s t h e n e t
e a r n i n g s o f t h e c o m p a n y , a f t e r d e d u c t i n g a ll o p e r a t i n g e x p e n s e s , t a x e s a n d
m a in t e n a n c e a n d d e p r e c ia t io n c h a r g e s fo r th e p r e c e d in g tw e lv e m o n t h s
s h a ll h a v e b e e n a t le a s t t w ic e t h e a n n u a l In t e r e s t c h a r g e o n a ll b o n d s o u t
s t a n d in g , a s w e ll a s t h o s e p r o p o s e d t o b e Is s u e d .
C om pare V . 8 0, p . 225,
1114
Des Moines Water-Works Co.— Successor C om pany.— See
Des Moines Water Co. above.—V. 67, p. 633, 689.
r Des Moines Water Co.— N ew Corporation— Bond Issu e .—
This company, incorporated under the laws of Maine on
March 26 1907 with $500,000 capital stock and licensed last
December to do business in Iowa, took title on Dec. 23 to
the property theretofore owned by the Des Moines Water
Works Co. (V. 67, p. 633, 689) and filed a mortgage to the
Metropolitan Trust Co. and R . W. K . Anderson, as trustees,
to secure an issue of $2,500,000 bonds of $1,000 each to fund
and secure all outstanding indebtedness and to provide for
improvements. On Feb. 29 City Solicitor Bremner reported
favorably to the City Council as regards the reorganization
and the new bond issue. The company’s franchise expires
May 1 19 11; it gives to the city the right to purchase the plant
at any time on a certain basis (see “ Des Moines Register”
of March 1.) II. M. Payson & Co., Portland, Me., are
interested.
N. T. Guernsey of Des Moines, counsel, is quoted:
T h i s Is In e f f e c t m e r e l y a r e o r g a n i z a t i o n a n d w i l l I n v o l v e n o c h a n g e 'w h a t "
e v e r In t h e m a n a g e m e n t .
T h e c o m p a n y In r e c e n t y e a r s h a s e x p e n d e d
l a r g e a m o u n t s In a d d i t i o n t o a n d b e t t e r m e n t s o f I t s p l a n t , I n c l u d i n g t h e
p u m p i n g s t a t i o n a n d e q u i p m e n t , a n d In e x t e n s io n s o f Its m a in s , l a t e l y t h e
e x t e n s i o n s In e a c h y e a r b e i n g m a n y t im e s t h e 2 m ile s r e q u i r e d b y t h e o r d i
n a n c e u n d e r w h ic h th e
c o m p a n y Is o p e r a t i n g .
T h e c o m p a n y fu rth e r h as
h a d u n d e r c o n s i d e r a t i o n e x t e n s i o n w o r k In c o n n e c t i o n w i t h Its w a t e r
s u p p l y w h ic h w ill
r e q u i r e v e r y h e a v y e x p e n d i t u r e s In t h e n e a r f u t u r e .
T h e s e m a tte r s h a v e r e n d e r e d th is r e o r g a n iz a t io n n e c e s s a r y .
U n d e r t h is
r e o r g a n iz a t io n , n e it h e r t h e a m o u n t o f t h e c o m p a n y ’ s s t o c k n o r o f Its o u t
s ta n d in g b o n d e d d e b t h a s b e e n In cre a se d a d o lla r a n d b y th e te rm s o f th e
n e w tr u s t d e e d th e p r o c e e d s o f th e a d d itio n a l b o n d s w h ic h m a y b e Issu ed
f r o m t i m e t o t i m e m u s t b e u s e d In p a y i n g f o r e x t e n s i o n s , b e t t e r m e n t s a n d
p e rm a n e n t Im p rov em en ts.
T h e s e b o n d s a r c a fir s t lie n o n a ll t h e p r o p e r t i e s a n d fr a n c h is e s o f t h e
c o m p a n y a n d , In a d d i t i o n , a r e s e c u r e d b y d e p o s i t w i t h t h e t r u s t e e o f a ll
th e s t o c k o f th e K in lo c h T e le p h o n e C o . o f S t. L o u is .
A c o m p a r a tiv e s ta te
m e n t o f t h e y e a r s 1 9 0 1 t o 1 9 0 7 s h o w s a s t e a d y g r o w t h In r e v e n u e f r o m
$ 3 7 3 , 7 2 7 t o $ 1 ,1 3 .1 ,1 5 1 a n d In s u r p l u s p r o f i t s a f t e r I n t e r e s t c h a r g e s f r o m
$ 4 9 ,6 5 9 t o $ 2 8 2 ,4 2 5 .
D u rin g th e y e a r 190 7 th e c o m p a n y sh o w e d a n e t
g a in o f 4 ,1 2 9 t e le p h o n e s , o r 1 8 } $ % , a n d f r o m O c t o b e r 1 9 0 7 t o J u n e 1 9 0 8
(I n t h e p a n i c p e r i o d ) a g a i n o f 2 , 1 1 8 t e l e p h o n e s .
A b stra ct o f L e tte r fr o m M r . I I . L in to n R eb cr, S ec reta ry a n d G en era l M a n a g e r
J u n e 24 1 90 8.
S in c e N o v e m b e r 1 9 0 0 th e c o m p a n y h a s e a r n e d a n d p a id d iv id e n d s o f
n o t le s s t h a n 4 % , a n d s i n c e 1 9 0 4 5 % o n a ll Its o u t s t a n d i n g s t o c k .
The
c o m p a n y o p e r a t e s I t s o w n e x c h a n g e s In m a n y c i t i e s a n d t o w n s In t h e v i c i n i t y
o f S t . L o u is , in c lu d in g A l t o n , B e lle v ille , B r o o k ly n , C o llin s v ille , E d w a r d s v llle , F r e e b u r g , G r a n it e C it y , M a d is o n , M a r in e , N e w A t h e n s a n d V e n ic e ,
111.,
a n d S t . C h a r l e s a n d V a l l e y P a r k , M o . , a n d t h r o u g h I ts o w n l i n e s a n d
t h o s e o f c o n n e c t i n g c o m p a n i e s It r e a c h e s I n t o K a n s a s , M i s s o u r i , I l l i n o i s ,
I n d ia n a , K e n t u c k y , O h io , N e b r a s k a a n d I o w a .
O n t h e e a s t Its o w n lin e s
e x t e n d t o T e r r e H a u t e , I n d . ; o n t h e n o r t h t o S p r i n g f i e l d , 111.: o n t h e w e s t
t o S e d a l l a , M o . : In t h e s o u t h w e s t t o J o p l i n , M o . , a n d P i t t s b u r g , G i r a r d ,
C o lu m b u s , C h e r o k e e a n d I o la , K a n .
C o n n e c t i o n Is h a d w i t h I n d e p e n d e n t
e x c h a n g e s t h r o u g h o u t th e s e v e r a l S ta te s m e n t io n e d u n d e r c o n t r a c t s r u n n in g
fr o m 25 to 49 y e a rs.
T h r o u g h t h is s e r v i c e a n d Its o w n t o l l lin e s t h e c o m
p a n y h a s c o n n e c t i o n w i t h o v e r 8 5 0 ,0 0 0 I n d e p e n d e n t t e l e p h o n e s In t h e
S ta te s n a m e d .
O u t s i d e S t . L o u i s a n d E a s t S t . L o u i s It o w n s a n d o p e r a t e s
m o r e t h a n 4 , 5 0 0 t e l e p h o n e s In I t s o w n e x c h a n g e s a n d t o l l s t a t i o n s : I t h a s
a p p r o x i m a t e l y 1 ,1 0 0 m i l e s o f p o l e l i n e s , c a r r y i n g 1 1 , 5 0 0 m i l e s o f c o p p e r
w ir e .
In a d d it io n th e c o m p a n y h a s a c q u ir e d a ll t h e p r o p e r t ie s o f t h e K in lo c h
T e le p h o n e C o ., o p e r a t in g a m a in a n d th r e e b r a n c h e x c h a n g e s , w it h m o r e
t h a n 2 7 ,0 0 0 t e le p h o n e s , In S t . L o u i s a n d E a s t S t . L o u i s .
T h e m a in e x
ch a n g e b u ild in g a n d t w o o f th e b r a n c h e s a re o w n e d b y th e c o m p a n y a n d
are fir e p r o o f th r o u g h o u t.
T h e m a i n e x c h a n g e b u i l d i n g Is a n e w , m o d e r n ,
fir e p r o o f b u ild in g o f s ix s to r ie s , lo c a t e d a t 1 0 th a n d L o c u s t s t r e e t s ; t h e
t w e e u p p e r fl o o r s a r c o c c u p i e d b y t h e L o n g D is t a n c e C o m p a n y a n d Its
a ff H a ted c o m p a n ie s .
T h e p r e s e n t n u m b e r o f w o r k i n g lin e s
I n s t a lle d Is
1 2 ,5 0 0 ,
w it h a n u lt im a t e c a p a c i t y o f 2 0 ,0 0 0 lin e s , p r o v id i n g f a c ilit ie s f o r
m o r e t h a n 3 5 ,0 0 0 t e le p h o n e s .
T h e lo c a l c o m p a n y h a s 2 5 0 d u c t m ile s o f
u n d e r g r o u n d c o n d u it , 3 8 0 m ile s o f u n d e r g r o u n d a n d a e r ia l c a b le , 3 7 5 m ile s
o f p o l e l i n e s a n d 5 ,4 0 0 m i l e s o f a e r i a l c o p p e r w i r e .
T h e L o n g D is t a n c e C o m p a n y h a s a ls o a c q u ir e d a n d r e c o n s t r u c t e d t h e
p r o p e r tie s o f th e S u b u r b a n T e le p h o n e C o . (V . 8 4 , p . 1 4 3 3 ), o w n in g a n d
o p e r a t i n g 1 , 1 0 0 t e l e p h o n e s In I t s e x c h a n g e s In S t . L o u i s C o u n t y , M o .
T h e n e t e a rn in g s o f th e c o m b in e d p r o p e r tie s fo r th e y e a r 190 7 a p p lic a b le
t o In te re s t a n d d iv id e n d s a g g r e g a te d o v e r $ 5 3 8 ,0 0 0 .
T h e reven u es are
c o n s t a n t l y I n c r e a s i n g , e v e n d u r i n g t h e p a n i c p e r i o d , a n d I t ' Is e s t i m a t e d
t h a t s u c h n e t e a r n in g s w ill e q u a l m o r e t h a n $ 6 2 5 ,0 0 0 f o r t h e y e a r 1 9 0 8 .
E a r n i n g s f o r C a le n d a r Y e a r s .
Year.
G ross.
N et.
in t .C h g s . D ep rec ’ n .
D iv id e n d s.
B a l., S u r .
1 9 0 7 .$ 1 ,1 3 9 ,1 5 1
$ 5 2 0 ,1 0 0
$ 2 3 8 ,6 7 4 $ 6 ) 0 0 :
(5 % )$ 6 3 ,0 4 0
$ 1 5 7 ,3 8 5
1006.
0 9 0 ,1 7 5
4 1 4 ,6 5 3
2 2 2 , 0 8 6 ( N o t s h o w n In c i r c u l a r . — E d . )
In 1007 g ross
r e v e n u e , a s a b o v e . $ 1 ,1 3 9 ,1 5 1 .
O p e r a tin g
expen ses,
$ 3 3 3 ,9 2 8 ; m a in t e n a n c e , $ 2 0 8 ,1 4 6 ; m is c e lla n e o u s in te r e s t , $ 1 8 ,1 7 5 ; t a ^ e s ,
$ 5 8 ,8 0 1 ; t o t a l , $ 6 1 9 ,0 5 0 .
N e t e a r n in g s , $ 5 2 0 ,1 0 0 .
T h e s u m o f $ 3 2 3 , 7 4 7 w a s c h a r g e d t o p r o f i t a n d l o s s in 1 9 0 7 t o c o v e r t h e
o r ig in a l c o s t o f s w i t c h b o a r d s , 1 0 ,0 0 0 t e le p h o n e s (r e p la c e d b y n e w e q u ip
m e n t In 1 9 0 6 ) , & c .
D ir e c to r s :
W m . D . O r t h w e in . P r e s id e n t ; C . M a r q u a r d F o r s t e r , 1 st V ic e
P re s id e n t; A u g u s t G c h n e r , 2d V ic e -P r e s id e n t ; J a m e s G re e n , B r e ck in rid g e
J o n e s , S a m . M ' K e n n a r d , W m . J . L e m p J r ., H e n r y N ic o la u s , W m . H .
N o l k c r , P h il ip S t o c k , J u liu s S . W a ls h , R o l l a W e l ls ( M a y o r ) , a ll o f S t . L o u i s .
T h e S e c r e t a r y a n d G e n e r a l M a n a g e r Is I I . L i n t o n R e b e r ; T r e a s u r e r , H . C .
F a d c lc y .— V . 8 5 , p . 1 08 4.
Kirby Lumber Co.— Tim ber C ertificates .—See Houston
Oil Co. above.— V. 86, p. 1592.
La France Copper Co.— Offer of Notes of the United Copper
Co. for Coupons Due in 1908.—The shareholders in Novem
mon stock payable Oct. 1 —all to shareholders of record ber 1906 authorized an issue of $2,000,000 first mortgage
25-year 6% bonds, convertible into common stock. The
Aug. 3 1.
interest on these bonds was not paid Jan. 1 or July 1 1908,
E x t r a D i v i d e n d s o n C o m m o n S to c k .
and the United Copper Co., which is largely interested in
(I n a d d i t io n t o t h e 1 0 % p e r a n n u m p a id r e g u la r ly s in c e O c t . 1 1 9 0 2 .)
J a n . 1 1 9 0 6 . M a y ’ 0 6 . D ec. 0 6 . M a / / ’ 0 7 .
O ct. 0 7 .
Feb. 0 8.
O ct. OS.
the enterprise, F. Augustus Heinze being the President of
2%
2J$%
5%
5%
5?6
5%
2 >$ %
both corporations, accordingly made, during June, the fol
C om pare V . 86, p . 855.
Greene-Cananea Copper Co.— Operations R esum ed .—After lowing offer to the holders of the bonds, the interest on
had
several months of idleness two furnaces at the company’s which ait r a n c e C guaranteed: d t o p a y t h e c o u p o n s d u e o n I t s f i r s t m o r t
T
pe
o
smelter were blown in last Saturday. Various labor-saving g a g eh e oLn d F J a n . 1 o p 0 8 ra C d . tfha ei l e i r e c t o r s n o w a d v i s e t h i s c o m p a n y t h a t t h e y
b
s
19
n
d
w ill n o t b e a b le t o p a y t h e c o u p o n s d u e J u ly 1 .
T h e r e s u lt o f o p e r a t io n s
devices have been adopted.—V. 85, p. 1146.
o f t h e n e w z in c m ill h a v e n o t y e t r e a liz e d t h e ir e x p e c t a t io n s .
The prop
Houston Oil Co.— Settlement A ffecting K irb y Lum ber Co. e r t y , I n o r d i n a r y t i m e s , w o u l d e a s i l y b e a b l e t o t a k e c a r e o f I n t e r e s t o n I t s
b o n d s a n d th e s in k in g fu n d o b lig a t io n s , a n d w e t h in k h a s a p r o s p e r o u s y e a r
6% Tim ber Certificates .—We are informed that the Timber b e f o r e I t . w i t h a n y r e t u r n t o n o r m a l b u s l n e s s c o n d l t l o n s .
Certificate Protective Committee, of which George W. Young
O u r c o u n s e l a d v is e u s t h a t o u r lia b ilit y u n d e r th e g u a r a n t y o f I n te r e s t
'
t
o
e t
is Chairman, has entered into an arrangement with the Hous oonr etchl e sbuorne d os f stehc eu rseadmbey, a h e maol r t go a gteh ec opurlodp n r tt y b e eTnhf iosr cwe dl l .urn ts iul l a fItn r c o h e
f
o
nd s e
f
e
.
i
e
t
n
ton Oil Co. under which a decree,is to be ontered in the Federal s i d e r a b l e ' d e l a y a n d e x p e n s e , a n d w e t h i n k c a n b e e n t i r e l y a v o i d e d , e i t h e r
court in the State of Texas by consent of all parties,' that will b y a r e c o v e r y o f t h e m e t a l m a r k e t o r d e v e l o p m e n t s In t h e c o m p a n y ’ s t e r r i
t
,
settle the litigation, which has, lasted since Feb. 1 1904, p o r y d . which a r e l i k e l y t o y i e l d m u c h higher grades of o r e than a r e n o w e x
ose Eastman Kodak Co. of New Jersey.—E xtra D ividen d
R edu ced .—The directors have declared the regular quarterly
dividends of l } 4 % on the preferred stock and 2 ) 4 % 011 the
common stock, payable Oct. 1; also an extra 2 ]4 % on com
1 7 0
T H E
C H R O N IC L E
U n d e r p r e s e n t c o n d it i o n s o f b u s in e s s d e p r e s s io n , t h e U n it e d C o p p e r C o .
h a s s o m a n y c a l l s u p o n I t f o r f u n d s In m a i n t a i n i n g I t s b u s i n e s s I n t e r e s t s ,
t h a t f o r t h e p u r p o s e o f p r e s e r v i n g t h e I n v e s t m e n t a s It n o w e x i s t s It m a k e s
t h e f o l lo w i n g o ff e r : F o r a ll u n p a i d c o u p o n s d u e J a n . 1 1 0 0 8 It w ill g iv e , a t
Its o f f i c e 7 4 B r o a d w a y , Its n o t e , p a y a b l e J u l y 1 1 9 0 9 , f o r t h e f a c e v a l u e o f
th e c o u p o n s , a n d In te re st a t 6 % fr o m J a n . 1 1 0 0 8 t o J u ly 1 1 0 0 0 .
F o r a ll
c o u p o n s d u e J u l y 1 1 9 0 8 It w il l g i v e a s i m il a r n o t e , w it h t h e s a m e m a t u r i t y
a n d b e a r in g th e s a m e In te re s t.
T h e U n it e d C o p p e r C o . h a s n o I n d e b te d n e s s
b e y o n d Its c u r r e n t e x p e n s e s .
A la r g e n u m b e r o f b o n d h o ld e r s h a v e e x p r e s s e d th e ir w illin g n e s s t o a c c e p t
t h is s e t t le m e n t .
( T h e c o m m o n s t o c k o f t h e I . a F r a n c e C o p p e r C o . Is s t a t e d t o b e i $ 6 , 0 0 0 , 0 0 0 ;
p r e fe r r e d . 5 1 ,0 0 0 ,0 0 0 ; p a r o f s h a r e s , $ 2 5 .— E d .) — V . 8 8 . p . 9 7 2 .
Lehigh Coal & Navigation Co.—Listed in P h ila d elp h ia .—
The Philadelphia Stock Exchange has listed the $1,749,800
additional capital stock offered at par to shareholders of
record April 30 (V. 86, p. 797), making the total listed
$19,094,850; also $683,000 additional trustee’s certificates
representing shares of stock deposited with the Provident
Life & Trust Co. under agreement Dec. 31 1904, making
the amount thereof listed to date $14,049,050.—V. 86, p.
1347, 110 3.
Metropolitan Water Co., Kansas City, Kan.— Decision
as to A ppraisem ent of P la n t. —Sec Kansas City, Kan., in
“ State and City” department.— V. 86, p. 110 3.
Michigan State Telephone Co.—See “ Annual Reports.”
r L isted . —The New York Stock Exchange has listed the
$3,500,000 common stock and has stricken from the list the
voting trust certificates.
E a rn in g s . —For 4 months ending April 30 1908:
T o t a l r e c e i p t s ............ .............. - 5 1 , 0 8 4 , 1 8 2 |i n t e r e s t o h b o n d s ------------------5 1 0 9 ,4 3 3
2 5 ,0 0 0
D ed u ct—
|I n t e r e s t o n cT eb. n o t e s -------$ 1 6 3 , 1 9 3 |D l v s . o n p f d . s t k . , 2 % . - 4 5 ,6 6 4
O p e r . , & c . , e x p e n s e s _____
M a i n t e n a n c e e x p e n s e s -------3 4 4 ,7 4 3 1
--------------------------------------I
T o t a l d e d u c t i o n s --------------- $ 1 8 0 , 0 9 7
N e t e a r n i n g s __________________
$ 2 7 6 ,2 4 6 I B a l. f o r c o m m o n s t o c k —
$ 0 6 ,1 4
D iv id e n d s o f 1 % q u a r t e r ly a s n o w p a id o n th e c o m m o n s t o c k c a ll f r r
$ 4 6 ,1 3 2 f o r th e 4 m o n t h s .— V . 8 7 . p . 4 2 .
New Bedford (Mass.) Gas & Edison Light Co.—Extra
D iv id e n d . —Boston papers state that the company paid on
Ju ly 15 the regular quarterly dividend of 2}/>% and an
extra dividend of 20% on its capital stock (at last accounts
$845,000).— V. 75, p. 1205.
New York & New Jersey Telephone Co.—Report. —See
“ Annual Reports.”
Rate R eduction .— The company on July 1 announced an
extension of its Brooklyn schedule of rates to adjacent
territory through which the whole of Brooklyn Borough, in
cluding Coney Island and Bath Beach, together with Astoria
and Long Island City, in the Borough of Queens, is now
one local service area with regular Brooklyn rates.—V. 86,
p. 605.
New York & Queens Electric Light & Power Co.— N e w
D irectors. —C. G. M. Thomas and H. L. Snyder have been
elected to the board to fill two of the three vacancies caused
by the retirement of E . J . Rickert, Henry R . Wilson and
R. R . Govin. The board now includes:
F r a n k T llfo r d , H a r r is o n E . G a w t r e y , A b r a m M . H y a t t , J a m e s T . P y le ,
L e w is B . G a w t r y , J u lia n D . F a ir c h ild , J o h n D a y J a c k s o n , G e o rg e L e a s k ,
J
C r a ig H a v e m e y e r , A lfr e d S k lt t , C . G . i f . T h o m a s a n d H . L . S n y d e r .
— V . 79, p. 2089.
Omaha Water Co.—Favorable D ecision. —Judge T. C.
Munger in the United States District Court has decided in
favor of the company the actions brought to recover hydrant
rentals from Ju ly 1904 to July 1905, amounting to about
$100,000, which were remanded for a rehearing by the
higher court. Compare V. 85, p. 1344.
E d ito ria l.— See article on a preceding page.—V. 86, p. 921.
Passaic Steel Co., Paterson, N. J .—Foreclosure. —Judge
Cross, in the United States Circuit Court at Trenton, N. J .,
on Ju ly 13 authorized William D. Blauvelt, as Trustee for
the bondholders, to institute proceedings for the foreclosure
of the $2,500,000 mortgage.—V. 86,p. 1347.
Scully Steel & Iron Co., Chicago.— N ew.Stock — A cqu isition •
—This Illinois corporation recently increased its capital stock
so that it now stands $1,175,000 common and $1,000,000
preferred, a total of $2,175,000.
T h i s I n c r e a s e Is d u e t o t h e p u r c h a s e o f t h e e n t i r e b u s i n e s s , r e a l t y , & c . ,
o f K e l / e y , M a u s & C o . , C h i c a g o ; a l s o a d d i t i o n a l p r o p e r t y In C h i c a g o a t 2 4 t h
S t . , A s h l a n d A v c . a n d t h e r i v e r , o n w h i c h It Is p r o p o s e d t o e r e c t e x t e n s i v e
w areh ou ses.
In O c t o b e r 1 9 0 2 th e c a p it a l s t o c k , th e n m e r e ly n o m in a l
( I t Is s a i d $ 2 5 , 0 0 0 ) , w a s I n c r e a s e d t o a n a m o u n t r e p o r t e d a s $ 1 , 0 0 0 , 0 0 0 .
A . B . S c u l l y Is P r e s i d e n t .
Standard Oil Co.— Increase in Stock. —See Union Tank
Line Co. below.—V. 87, p. 100.
Union Tank Line Co.— Increase in Stock. —The company,
controlled by the Standard Oil Co., has filed a certificate
increasing its stock from $3,500,000 to $12,000,000.—V. 85,
p. 227.
United Copper Co.— Offer of Notes in Exchange for Coupons
■ of Su b sid ia ry C om pany.—See La France Copper Co. above.—
V. 86, p. 14 13.
United Fruit Co., Boston.— N ew Stock— E xtra D ivid en d .—
A circular dated Ju ly 1 1 1908 has the following additional
information regarding the extra dividend of 10% payable
Aug. 1 to holders of record July 20 and the right extended to
holders of said date to subscribe for new stock:
T h e a m o u n t o f t h e e x t r a d i v i d e n d p a y a b l e t o e a c h s h a r e h o l d e r is t h e
s a m e a s t h e a m o u n t o f s t o c k f o r w h i c h h e Is e n t i t l e d t o s u b s c r i b e , a n d m a y
b e u s e d In p a y m e n t o f h is s u b s c r i p t i o n .
A f o r m o f s u b s c r i p t i o n Is e n c l o s e d
h e r e w i t h w h i c h a u t h o r i z e s t h e T r e a s u r e r t o a p p l y y o u r e x t r a d i v i d e n d In
p a y m e n t o f y o u r s u b s c r ip t io n .
A fo r m o f a s s ig n m e n t o f rig h ts a tta c h in g
t o s h a r e s h e l d o n J u l y 2 0 1 9 0 8 Is a l s o e n c l o s e d a n d s t o c k h o l d e r s s h o u l d n o t e
t h a t t h e a s s i g n m e n t I n c lu d e s t h e e x t r a d i v i d e n d p a y a b l e o n t h e s a id s h a r e s .
A l l s u b s c r i p t i o n s m u s t b e file d a t t h e o f f i c e o f t h e O ld C o l o n y T r u s t C o .,
B o s t o n , M a s s ., o r t h e M a n h a t t a n T r u s t C o ., N e w Y o r k C i t y , a t o r b e f o r e
n o o n o n J u ly 31 1 9 0 8 .
S a id t r u s t c o m p a n i e s w il l p u r c h a s e o r s e ll r i g h t s t o
fr a c t io n s o f s h a r e s a t a p r ic e t o b e fix e d f r o m t im e t o t im e b y t h e c o m p a n y ,
b a s e d o n th e m a r k e t v a lu e o f th e sh a re s.
C e r t i f i c a t e s f o r n e w s h a r e s w il l
b e m a ile d t o t h e a d d r e s s e s g iv e n o n t h e s u b s c r ip t io n s a s s o o n a s p r e p a r e d
a ft e r A u g . 1 1 9 0 8 .— V . 8 7 . p . 101
[VOL. LXXXVII,
—Moffat & White, bankers, 5 Nassau St., New York City,
make an interesting bond offering by advertisement to-day
on another page. The firm owns and offers conservative
investors $500,000 Cleveland Cincinnati Chicago & St. Louis
R y. Co. general mortgage gold 4s, due 1993, of which
$23,986,000 are outstanding of the $50,000,000 authorized.
This bond is secured by a refunding lien on 1 , 1 1 7 miles of
railroad, by a lien on leases and operating contracts covering
851 miles, is first lien on bonds par value $13,871,000 and
stocks par value $19,487,000 and second lien on bonds and
stocks par value respectively $2,498,000 and $2,666,125.
The equity of this issue is followed by $5,000,000 5% notes,
$10,000,000 preferred stock paying 5% dividends and $47,
056,300 of common stock. It is well known that the Lake
Shore & Michigan Southern Railway Co. owns a majority
of the stock and controls the Cleveland Cincinnati Chicago
& St. Louis R y. Co. in the interest of the New York Central
system. Moffat & White also own and offer $250,000 Chi
cago St. Paul Minneapolis & Omaha R y. Co. consolidated
mortgage 6s due 1930 and $250,000 Chicago Burlington
& Quincy R R . Co. general mortgage 4s due 1958. Both of
these issues are stated to be legal investments for New York,
Massachusetts and Connecticut savings banks.
— The Philadelphia bond house of Westling & Emmett,
112 5 Land Title Building, offers investors the remaining
uuosold portion of the Denver Suburban Homes & Water
Co. first mortgage 6% serial irrigation bonds. A represen
tative body of Pennsylvania business men have recently
we are told, returned from an inspection of this property
and after examining the lands and irrigation system of the
company, stand ready individually to answer any inquiries
as to the value of the property. These bonds, it is stated,
are a first and only lien on a complete and operating irriga
tion system and 20 square miles of valuable lands adjoining
the city limits of Denver, Colo. Principal and semi-annual
interest is payable at American Trust & Savings Bank,
Chicago, and the West End Trust Co., Philadelphia. Cir
cular will be mailed to interested parties upon application.
—The semi-annual number of the Hand-Book of Securities
issued this week by the publishers of the “ Commercial and
Financial Chronicle” contains a monthly range of prices to
Ju ly 1 of stocks and bonds sold at the Stock Exchanges in
New York, Boston, Philadelphia, Baltimore, Chicago and
Pittsburgh. There is also a yearly range of prices for bonds
and stocks sold on the New York Stock Exchange for the
past six years and a yearly range for 3 ^ years of Boston
and Philadelphia prices. In addition to the tables of prices,
the book contains elaborate tables with details of securities,
together with the earnings and fixed charges of the respective
companies, and showing as nearly as practicable the surplus
available to meet charges and dividends. There is a table
of dividend payments for 6J^ years. The book contains
192 pages. Price one dollar.
—A list of high-grade railroad bonds is advertised in to
day’s issue of the “ Chronicle” by Millett, Roe & Hagen,
bankers and members of the New York Stock Exchange,
with offices at 3 Broad St., New York, and 10 Post Office
Square, Boston. The list includes Pennsylvania consoli
dated 4s, Delaware & Hudson first and refunding 4s, Pitts
burgh Cincinnati Chicago < St. Louis consolidated 4s,
fc
Louisville & Nashville (Nashville Florence & Sheffield) first
5s, Chicago Rock Island & Pacific (Choctaw Oklahoma &
Gulf) consolidated 5s, and New Jersey & Hudson River R y.
& Ferry first 4s, and 500 shares Manhattan Railway guaran
teed 7% stock. Prices appear in the advertisement.
“ —Moffat & White, jointly with Clark, Dodge & Co. of New
York and Lee, Higginson A Co. of Boston, by public offering
to-day will sell the unsold portion of $1,500,000 New iork
Chicago & St. Louis R R . Co. 25-year 4% gold bonds of
1906, due 19 31. the last of the $5,000,000 outstanding
recently listed on the New York Stock Exchange. These
bonds arc stated to be tax free in Pennsylvania. A circular
obtainable on request, outlines the facts regarding their
security. The unsold portion can be purchased at 89M
and interest, yielding over 4 % % , subject to change in price.
—E . M. Farnsworth retired on the 1st. inst. from the firm
of Denison & Farnsworth. The business is continued in
Boston and Cleveland by Charles E. Denison, George B .
Denison and Henry Lewis under the name of C. E. Denison
& Co. Mr. Farnsworth will engage in the investment bond
business at 24 Milk St., Boston, under the name of E . M.
Farnsworth & Co.
—Eugene Meyer Jr. & Co., 7 Wall St., have issued a
circular calling “attention to the attractiveness at present
prices of the 5% cumulative preferred stock series B ”
of the American Smelters Securities Co., guaranteed un
conditionally, both as to principal and dividends, by the
American Smelting & Refining Co.
— Mason, Lewis & Co. of Chicago, &c.,are offering a block
of $500,000 Missouri Kansas & Texas first and refunding
4% gold bonds. Circular and price may be had on applica
tion. See full particulars in V. 86, p. 1 1 01 .
—The Pocket Manual of the Boston Stock Market, cover
ing the first six months of 1908, has been issued as usual.
F. A. Ruggles, 53 State St., Boston. .
—Tobey & Kirk, 25 Broad St., advertise in this issue a
list of securities which they are prepared to buy or sell.
July 18 1908.]
!f f o je
THE CHRONICLE
® o m w i> c r c K « i
C O M M E R C IA L
S i m
e s .
E P IT O M E .
_
, .. .
.
Friday Night, July 17, 1908.
ih e drift is towards improvement, but the progress is
slow, even if confidence is apparently spreading. Prices are
for the most part well sustained, with the crop outlook
promising. Ih e export demand for wheat has increased and
iro^ furnaces and steel mills are doing a better business.
L A R D on the spot has ruled firm, but without important
change in prices. Trade has been quiet, but receipts of hoj
have been light at strong prices and the offerings of produc ;s
have been small. The demand has been principally fro n
local jobbers. Western 9 .6 0 @ 9 .7 0 c . and City 9j^ c. R
j
fined lard has advanced, owing to the strong hog market ar u
light supplies and offerings. Trade has been moderate: y
active. Refined Continent 10.05c., South America 10.65 , •
and Brazil in kegs 12c. Speculation in lard futures has be« n
active. 1 rices have shown considerable irregularity. Thei n
has been heavy realizing on all strong spots. The undertor e
of the market, however, has been firm, owing to the stron r
&
hog situation, support from packers and buying by con l”
mission houses on the setbacks.
D A I L Y C L O SIN G P R IC E S
T,.,,.
___
Sat.
iy n-----------------» .5 7 H
? w tK
mbe.r .,lcllvery-------- 9.65
0 D A m 5 - VeryY -------- 9.72 I*
OF L A R D F U T U R E S IN CHICAGO.
M on.
Tues.
Wed.
Tnurs.
F r i.
9 ,5 7 0 ,3 0
9,32>*
9 ,4 2 !*
9,15
9.65
9 .3 7 Vi
9.40
9 .5 2 !*
9.57 ^
9.75
9.42 J* 9.50
9.00
9.67 ]"2
-rU K K on the spot has been firmer, owing to light offei
ings. The strong live hog market has also been a strength
ening factor. There has been a moderate demand, prin
cipally for domestic account, though some export business
has been reported of late. Mess $17 7 5 @ $ 1 8 , clear $17 5 0 @
$18 50 and family $ 1 8 @ $ 1 8 50. Beef has been steady.
The demand has been light but supplies are small. Mess
$14 5 0 @ $ 1 5 50, packet $ 1 5 @ $ 1 6 , flank $14 5 0 @ $ 1 5 50,
family $16 7 5 @ $ 1 7 50 and extra India mess $24 5 0 @ $ 2 5 .
Cut meats have ruled steady with trade quiet. Pickled
Western hams n y 2@ \2}4c.-, pickled shoulders 6 % c . and
pickled bellies, 1 4 @ 1 0 lbs., 9 @ 1 0 c . Tallow has been dull
and steady; City 5 ^ c . Stearines have been quiet and
strong; oleo 12c. and lard l i y @ l l ^ c .
Butter has been
moderately active and easy; creamery extras 2 2 V 2 g . Cheese
has been quiet and firm; State, f. c ., small fancy, l l U c .
Eggs have been quiet and firmer; Western firsts 1 8 ^ @ 1 9 j ^ c .
O IL . Cottonseed has been more active and easier; prime
summer yellow 4 6 % c .; prime winter yellow 49@ 49J ^c.
Linseed has been steady. Trade has been moderately active,
but the demand has been confined to small lots for immediate
use. City, raw, American seed, 4 4 @ 4 5 c ; boiled 4 5 @ 4 6 c .,
and Calcutta, raw, 70c. Lard has been steady with a mod
erate demand for small lots. Prime 7 0 @ 7 2 c . and No. 1
extra 5 4 @ 5 5 c . Cocoanut has been quiet and steady;
Cochin 7 i ^ @ 7 ^ c . and Ceylon 6 % @ 6 ^ c .
Olive has been
dull and steady; yellow 6 5 @ 7 5 c . Peanut has been quiet■
and steady; yellow 6 5 @ 8 0 c . Cod has been moderately
active and steady; domestic 4 0 @ 4 2 c . and Newfoundland
42@ 44c.
C O FFEE on the spot has been quiet and steady. Rio
N o. 7 63^c. and Santos No. 4 8 % @ 8 % c . W est India
growths have been steady with a small jobbing trade. Fair
to good Cucuta 8 J 4 @ 9 % c . The speculation in future con
tracts has been extremely quiet. On one day there were no
transactions whatever. The changes in prices have been
correspondingly small. In the main the tone of the market
has been somewhat easier, owing to scattered liquidation by
tired longs. There has been nothing of a stimulating charac
ter in the foreign news and Europe has sold here to some
extent. Dealers and roasters have been the chief buyers.
The closing prices were as follows:
July ...................... 6.05c.
A u gust-----------------5 .90c.
September_____
5 . 85 c
Octobert '. A u_____ 5 .up ■
.
'a f f r
"'
171
November ----------- 5 a 0 c. M a r c h ---------------- 5.85c.
D ecem ber_______5.80c.
A p r i l ------------------ 5 .9 0 c.
Jiinuary___________ 5.35c. May ................... .. 5 . 9 )c.
June---------------------5.90c
F e b r u a r y - - ..............5 .8 5 c . . , u u c _____
C
O
T
T
O
N
.
Friday Night, July 17 1908.
T H E M O V E M E N T OF T H E CROP as indicated by our
telegrams from the South to-night is given below. For the
, g this evening the total receipts have reached
1 l012 vbaIcs> against 33,723 bales last week and 53,544
’
bates the previous week, making the total receipts since
the 1st of September 1907, 8,1 70,3 20 bales, against 9,637.198
bales for the same period of 1906-07, showing a decrease
Receipts at—
Sat.
G alveston____
Port Arthur____
Corp. Christ!, &c
New Orleans
Mobile ________
Pensacola_______
Jacksonville, &c.
Savannah _______
B runsw ick_____
C h arleston ____
G eorgetow n____
W ilm in g to n ____
Norfolk _____
N ’port News, etc.
New Y ork_______
B o s t o n _________
B altim ore_______
Philadelphia____
Total this w k.
M on .
Tues.
Wed.
Thurs. 1' F r i.
1 ,172
2,734
‘ 304
636
"715
1,293
"435
746
r .e r /
38
—
—
‘ 249
992
2.096
‘ 285
“ 30
“ 3a
190
278
“ 82
198
19 j
t
3,214
“
1,601
Total.
971
1,165
-i -1—
10,857
“327
107
1,022
. 260
—
4‘,425
3,080
—
"303
‘ 123
4,050
57
‘ “ 9
“ 46
52
—
’ 37
132
—
‘ 243
K
OA
U
599
841
----
—
f)4
50
73
98
171
83
—
'l 2 7
—
144
375
472
375
25
3,267
25,012
“ 25
3,058
6,05C
6.808
3,936
1,888
,
, 7
° www xeceipts, uie total
1907, and the stocks to-night, compared with
since Sept,
last year:
1007-08.
Receipts to
July 17.
This
week.
Since Sep
1 1907.
1906-07.
This
week.
Galveston______
Port Arthur_____
Corp. Christ!, &c.
New Orleans____
Mobile ...................
Pensacola________
Jacksonville, &c.
Savannah________
Brunsw ick_______
C harleston_______
Georgetown ____
V 1 mlngton ___
V
Norfolk__________
N ’ port News, &c_
New Y o rk _______
B o s to n ___________
Baltimore________
Philadelphia____
10,857 2.475.909
_____
108,500
_____
37,825
4,420 1,975,402
3,080
330,083
—
166,838
8,434
4,050 1,508,064
197,903
“ 243
201,073
50
772
599
500,473
841
542,711
8,073
______
4,195
472
15,416
375
78,975
25
9,674
—
.—.—.—
Total___________ 25,012 8,170,320
Since Sep
1 1406.
Stock.
,
1908.
1007.
2,648 3,852,192
_____
132,823
72,015
3,696 2,267,131
44
256,445
1,042
144,509
16
7,677
1.101 1,468,269
170,609
298
147,781
1,245
21
38
322,312
950
584,033
187
42,793
22,965
“ '8 2
72,250
298
61,857
128
10,322
74,278
5,432
6,930
94t
2
’82
15,247
613
182.453
4,629
5,639
1,679
10,553 1,637.198
229,070
314,058
36,035
28,187
52,931
9,28a
46,169
4,778
27,035
19,392
709
4,381
7,018
56»,
8,561
In order that comparison m ay be made with other years,
a
m t r n K a I a t .. l l __ 1 ____________________ l i ___
^Receipts at—
1908.
Galveston,&c.
Pt.Arthur.&c.
New Orleans.
M o b ile _______
Savannah ___
Brunswick. _ .
Charleston,&c
W ilm in g to n ..
N o rfo lk _____
N ’port N .. &c
All others____
1906.
j
/»
.
1905.
10,857
2,648
‘ 4‘,420
3,080
4,050
3,696
44
1,101
3,149
275
8,112
1,271
6,378
" ‘ ’ 293
599
841
____
872
“ ‘ 323
38
950
187
1,566
1,960
196
1,948
213
2,099
10,553
2 5 ,6 0 !
*
1904.
34,770
47
16,734
4,494
25,473
2,247
1 [603
5,153
12,127
598
930
25,012
Total this w k.
Since Sept. 1
1907.
.
101,182
1903.
2,296
69
‘ 9,048
241
1,289;
.
1,721
854
12
55
1,421
11C
29 «
2
54
18
241
869
14,770
3 .860
8,170,320 9,637,198 7,656,353 9,677,821. 7,080,956 7,625,499
1
The exports for the week ending this evening reach a total
28,596 bales, of which 11,498 were to Great Britain,
to France and 17,079 to .the rest of the Continent.
A\\T Q r n f li n
a v k »a h 4 o
ALa
Week ending July 17 1908.
1_
1
O
2
t
1A rt-
From Sept. 1 1907 to July 17 1908.
b U G A K .— ita w has been more active and easier. Cen
Exported to—Exported to—
Exports
trifugal, 96-degrees test, 4.36c., muscovado, 89-degrees test,
prom—
Great
Conti
Great
Conti
3.86c. and molasses,89-degrees test, 3.61c. Refined has been
Britain .Fr’na nent. Total. Britain. \
Frame.
nent.
Total.
quiet and easy. Granulated 5.30c. Teas have been in
Galveston____
____ ____ 13,648 13,648 907,022 336,712 939,377 2,183,711
moderate jobbing demand and generally steady. Teas have Port Arthur..
—
—
____
____
48,024
____
60,476 108,500
—
been quiet and steady; stocks light. W ool has been quiet Corp.Chrlstl,*c
____
____
____
______
2,895
2,895
New Orleans..
—
—
1.446
1.446 876,406 238,233 717,816 1,832,455
and steady. Hops have been dull and steady.
Mobile .............
—
—
____
____
70.270 66,734 110,062 247,066
P E T R O L E U M has been moderately active and steady. Pensacola____
—
—
—
—
49,930 54,912
67,744 172,586
Fcrnandlna. . .
—
—
—
—
______
_
______
Refined barrels 8.7 5c., bulk 5.00c. and cases 10.90c. Gaso Savannah ____
—
____
____
____ 170,651 91,150 624,350 886,151
line has been in good demand and firm; 86 degrees in 100- Brunswick____
—
—
—
—
87,707
88,208 175.915
—
—
—
____
10,408
34,050
gallon drums 20 c., drums $8 50 extra. Naphtha has been in Charleston____
44,458
W ilm ington_
_
6,195 —
—
6,195 139,125 28,520 325,185 492,830
fair demand and steady; 7 3 @ 7 6 degrees in 100-gallon drums Norfolk______
—
—
—
—
32,391
6,386
38,777
Newport News.
1,636
17c.; drums $8 50 extra. Spirits of turpentine has been New York____
1,636
3,519
~19
’ gOO 4,438 266,125 32,008 303*287 602,320
quiet and easy at 41J^c. Rosin has been dull and easy; Boston ______ 1,784 —
247 2,031 142,S42
____
12,044 154.886
Baltimore____
—
—
—
common to good strained $3 15.
____
48,698 4,149
64,292 117.139
Philadelphia . .
—
—
838
838
38,991
____
15,570
54,561
TOBACCO,
irade in domestic leaf has continued on a Portland. M e..
—
—
—
—
___
1
1
—
—
small scale. There have been rather large withdrawals of San Francisco.
—
______
____
48,622
48,622
Seattle_______
—
—
• ____
______
____
71,673
71,673
Sumatra, and this, with the fact that supplies of leaf in the Tacoma...........
—
—
—
—
______
____
30,896
30,896
hands of manufacturers are small, has given rise in some Portland, Ore.
—
—
—
—
—
—
1,050
1,050
— - —
—
------- „
—
____
______
quarters to hopes that the demand for domestic leaf will Pemblna_____
Detroit..............
2.111
—
2 ,i l l
~“ - ~ —
- - - - ___—
soon increase. Havana has been quiet. Prices have
T o ta l.........
11,498
19 17,079 28,596t2,892,938 853,318 3,523,983 7.270,239
generally been steady.
COPPER has been dull and steady; lake 1 2 % @ 1 2 J 4 c . Total 1906-07. 2,591 593 7,955| ll,439|i3,764.715 902,560 3,659,311 8,362,586
and electrolytic 1 2 ^ @ 1 2 < jc. Lead has been quiet and
M
steady at 4.45c. Spelter has been dull and steady at 4.45c.
In addition to above exports, our telegrams to-night also
Tin has been quiet and steady; Straits 2 9 3^c. Iron has give us the following amounts of cotton on shipboard, not
been more active and steady; No. 1 Northern $16 2 5 @ $ 1 7 cleared at the ports named. We add similar figures for
and No. 2 Southern $16 2 5 @ $ 1 6 7 5 .
j,t
New York.
On Shipboard, Not Clcart
Great
Britain. France
July 17 at—
New Orleans.
G a lv e sto n ------Savannah ------Charleston —
M o b ile ------------Norfolk —
-New Y o rk ------Other ports —
Total 1 9 0 8 ..
Total 1 9 0 7 ..
Total 1906. .
Ger
many.
2,070
4,490
4,907
7,900
6,380
7,719
1,088
1,277
—
—
—
—
_____
—
—
—
—
500
200
9,710
2,777
2,102
14,799
5,558
9,169
3,865
10,071
6,615
3,150
900
_____
3 ,9 5 3
500
1 4 ,4 4 5
2 5 ,3 3 9
500
1,200
300
—
—
_____
_____
Leaving
stock.
Coast
Other
Foreign wise.
900
800
15,407
6,215
10,565
379
7 ,5 2 4
1 2 ,3 5 6
1 3 ,5 7 2
1 1 ,3 0 6
4”, 4 2 9
7 ,5 2 4
2 ,6 0 0
1 ,3 0 0
3 8 ,4 8 6
1 0 ,6 9 6
2 6 ,5 8 5
7 ,0 1 8
4 ,8 5 6
1 ,0 3 7
7 1 ,6 7 8
1 2 ,5 7 7
5 6 ,1 3 7
3 8 ,1 9 3
3 9 ,7 5 7
F U T U R E S.—The highest, lowest and closing prices at
New York the past week have been as follows:
1 7 2 ,9 3 3
2 7 5 ,8 6 5
1 9 3 ,5 2 1
Speculation in cotton for future delivery has been generally
light aside from the trading of a few prominent operators for
and against the price. Quotations show very slight net
changes for the week. At times the drift of prices has been
upward, owing partly to the change of front by prominent
Wall Street interests, recently short, but which liquidated
their obligations on that side of the market and have latterly
been buying for a rise. Spot people, too, for a time were
steady buyers of October, supposedly against sales of Janu
ary and March, and New Orleans and Liverpool operators
have also bought here to some extent. Latterly, however,
prices have receded, losing the improvement of the fore part
of the week, owing partly to long liquidation, partly to ag
gressive selling on the short side by local operators and partly,
as it is understood, to rather heavy sales of October by spot
interests. The upshot was that prices, so far as net changes
are concerned, show little variation from those of a week
ago, in spite of the fact that the weather and crop reports
during the week have in the main been very favorable,
though there have been some advices of rather high tempera
tures in parts of Arkansas, Mississippi and Louisiana,
and an idea prevails that some parts of Texas need rain.
Trade has been slow, spot markets quiet and in Texas, it is
stated, inclined to yield, and speculation has continued very
sluggish so far as the participation of the outside public is
concerned, or, indeed, that of the bulk of the cotton trade.
But while local operators and, according to the common un
derstanding, some large spot interests, have latterly been
persistent sellers, Wall Street, if not Chicago, has been buy
ing, the price is considerably lower than that of a year ago,
stocks at New York and Liverpool are light, and there is a
belief in some quarters that the recent very favorable weather
conditions can hardly be expected to continue uninterrupted
for the rest of the season. Most people, however, are look
ing for a favorable August report by the Bureau of Agricul
ture To-day prices advanced moderately, then receded,
and ended at a small decline. Wall Street bought and other
local speculative interests sold. Spot cotton has been quiet.
Middling uplands closed at 11c ., a decline for the week of
20 points.
The rates on and off middling, as established Sept. 1 1 1907
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
F a ir .......................c.1.75
Strict raid, fair------1.50
Middling fair........... 1.25
Strict good mid____0.75
dood middling------ 0.50
Strict middling.. .. 0 .2 5
on
on
on
on
on
on
Basis
Middling..............c.
Strict low mid........... 0.30 oft
Low middling--------- 1.00 oft
Strict good ord-------- 1.50 off
Good ordinary______ 2.00 off
Strict g’d mid. tgd.0.35 on
Good mld.tlngcd c. Evea
Strict mld.tlnged ..0 .2 0 off
Middling tinged____0.30 off
Strict low mid. ting. 1.00 off
Low mid. tinged.-.1 .5 0 off
Middling stained... 1.25 off
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
.Tulv 11
Ju w 1 7 .
S a t.
M on.
T u cs.
W ed . T h u r s .
F r l.
M i d d l i n g u p l a n d . . . . _____________ U 7 2 0
1 1 .1 0
1 1 .1 0
1 1 .1 0
1 1 .0 0
1 1.00
NEW Y O R K QUOTATIONS FOR 32 Y E A R S.
The quotations for middling upland at New York on
1905 .
1904.
.1902.
1901.
[VOL. LXXXVII.
THE CHRONICLE
172
.1 1 .0 0
_ 12.1)5
.1 1 .0 )
. 10.7.5
.1 1 .0 )
.1 2 .5 0
. 0.31
. 8.50
1900.C _____
9.81
1898________
1897________
1896________
1895________
1894________
1893________
6.19
8.00
7.12
7.00
7.12
8.19
1 8 9 2 .C . . . . 7.25
189 l _ . _____ 8.31
1 8 9 0 .. _____ 12.12
1889 . . ___ _ 1 1.2.)
1888 . . _____ 10.50
. _ 10.38
1 8 8 7 ..
_ 9.5 0
1 8 8 6 ._
.1 0 .1 9
1 8 8 5 ..
1 8 8 4 . c ..............1 1 . 0 0
1 8 8 3 __________ 1 0 . 0 0
_____ 1 2 .8 1
1882.
1881
.1 1 .5 6
1 8 8 0 ..
.1 1 .8 8
1879 . . .
.1 2 .0 6
1 8 7 8 ............. . . 1 1 . 4 4
1 8 7 7 .................. 1 2 . 3 1
M A RKET AND SA L ES AT NEW YO RK .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
■ on same days.
Spot Market
Closed.
Futures
Market
Closed.
Sales of Spot and Contract.
ConCon
Export surn’n. tract.
Quiet
Quiet
Quiet
Quiet
Quiet
Quiet
______________
10 pts decline
_ ____ _______
______________
10 pts. d e c.. .
_ _ ___________
Very steady .
Steady_______
Very steady .
Steady_______
Steady---------Steady.............
____
____
____
____
____
—
Total.
____
____
200
____
250
— .
____
100
____
_____
-----1,000
—
100
200
—
250
1,000
45)
S a tu rd a y ..
Monday___
Tuesday .
Wednesday
Thursday .
Friday . . .
1,100
1 ,5 5 )
JU T E BUTTS, BAGGING, &c.—The market for jute
bagging has been devoid of animation the past week. Prices
a r e unchanged, viz.: 7 cents per yard for 2-lb. domestic
bagging and 6 l cents per yard for re-woven and inferior
A
foreign. Jute butts also dull at 2@ 3 cents per lb. for bag
ging quality.
.
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is a
TH E V IS IB L E SU P P L Y OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and conse
quently 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.
July 1 7 —
Stock at Liverpool---------------bales.
Stock at L o u d o n ____ _____________
Stock at Manchester - ......................
1 0 0 5.
1907.
511,000 1,022 000
10,000
10,000
61,000
77,000
Total Great Britain stock-------585,000 hlOO.OOO
S to c k at H a m b u r g - --------------------fl.OOO
„ V i 'o o o
Stock at B rem en_________________ 315,000
241,000
Stock at A n tw e rp ----------------------------r«Vnnn
Stock at H a v re ----------- ------------- 137,000
^o.OOO
Stock at Marseilles.............................
, 5 ’nnn
Stock at Barcelona ...........................
3 9,000
24,000
Stock at Genoa......... ......................
27,000
26,000
*0,000
40,000
Stock at T rieste................................Total Continental stocks----------India cotton alloat for Europe—
American cotton alloat for Europe
Egypt,Brazil,&c.,afloat for Europe
Stock In Alexandria, E g y p t --------Stock In Bombay, I n d ia --------------Stock In U. S. p o r ts ---------------------Stock In G. S. Interior towns--------G. S . exports to-d ay---------------------
567,000
9 1,000
99,484
21,000
97,000
436,000
229,070
151,726
147
5 33,000
21,000
58,000
719 000
314,058
115,217
3,052
1903.
612,000
16,1)00
58,000
1905.
793,000
15,000
53,000
686,000
13,000
173,000
109,000
4 ,000
13,000
27,000
7,000
801,000
9,000
259,000
1,000
90,000
3,000
24,000
18,000
5,000
346,000
3 4 6 ,000
415,000
41 o.OOO
1,032,000 1,270,000
108,000
124,000
178,000
142,280
27,000
12,000
97,000
55,000
83 1,000
787,000
418,102
233,278
176,606
158,701
20,995
4,383
2,548,642
l OLtii visiuic ouypiy------------------ ....................................................... . - 3,132,763
Of t h e a b o v e , t o t a l s o f A m e r i c a n a n d o t h e r d e s c r i p t i o n s a r e a s f o l l o w s
L iv e r p o o l s t o c k -------------------- bales.
Manchester s t o c k -------------------------Continental s t o c k ---------------A m e r i c a n a f l o a t f o r E u r o p e ................
S . p o r t s t o c k s __________________
G S. I n t e r i o r s t o c k s __________________
U
G
S . e x p o r t s t o - d a y ..............................
3 )8 ,0 0 0
8 3 ,0 0 0
886 ,000
61,000
4 8 2 ,0 0 0
9 9 ,4 8 1
4 3 3 ,0 0 0
4 7 ,3 1 5
2 2 9 ,0 7 0
3 1 4 ,0 5 8
1 5 1 ,7 2 6
147
1 1 5 ,2 1 7
3 ,6 5 2
501.000
51,000
292.000
142,280
233,278
158,701
4 ,383
7 20 .000
48,000
381 .0 0 0
178.000
418 ,102
176,666
20.995
1,382,642 1,942,763
Total A m e ric an ____________________________ 1,413,427 1,860,212
East Indian, Brazil, & c.—
73.000
136,000
LI verpool stock-----------------------------113,000
15.000
10,000
London stock.
..................
J0.000
5,000
16,000
Manchester stock-------- ---------11,000
34.000
100,000
Continental stock.......... .....................
83,000
108,000
173.000
India afloat for E u r o p e .................
96,000
27.000
21,000
E'rypt Brazil, & c ., afloat________
21,000
97.000
58,000
Stock in Alexandria, E g yp t------------------------- 97,000
831,000
719.000
Stock in Bom bay, India--------------- 436,000
Total East India, & c . . . .......... .. 867,000 1.233,000 1,166,000 1 H 9 M 0 0
Total A m e ric a n ________________ 1,413,427 1,860,242 1,382,642 R 0 4 2 7 M
Broach”, Ffne, Liverpool-------1 . . .
Tlnnevclly, Good, Liverpool---------
5.Hd.
5}-$d.
Okfd.
5 s d.
4
5 11-tOd.
oH d.
Continental imports for the past week have been 52,000
bales.
.
, .
The above figures for 1908 show a decrease from last
week of 129,543 bales, a loss of 812,812 bales from 1907,
a decrease of 268,215 bales from 1906, and a loss of
852,336 bales from 1905,
July 18 1908.]
THE CHRONICLE
A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year— is set
out in detail below.
h(
a
Stocks
Ju ly
19.
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Ship
ments.
Week.
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Movement to July 19 1907.
1 Season.
33,430 115,217
1 1
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1 00 i
Receipts.
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Movement to July 17 1908.
Stocks j
July
17.
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1
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Ship
ments.
Week.
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The above totals show that the interior stocks have de
creased during the week 14,050 bales and are to-night 36,509
bales more than at the same time last year. The receipts
at all the towns has been 9,375 bales more than the same
week last year.
O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
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
arc as follows:
--------1 007 -08-------Ju ly 17—
Since
Week.
Sept. l .
Shipped—
Via St. Louis___________________ . . . 6,103
462,086
V ia C a iro ________________________. . . 1,913
225,500
35,314
479
55,586
V ia Louisville - . ____ _______ . . .
637
VI a Cincinnati
____ . . .
51,845
286
02,033
Via Virginia p o i n t s ...................... ...
Via other routes, & c____________ ....
138
212,303
Total gross overland_________ . . .
Deduct shipments
Overland to N. Y ., Boston, &c . . .
Between Interior towns
..
Inland, <&e., from .South
...
9,706 1,135,666
--------1 0 0 0 -0 7 -------Since
W eek.
Sept. 1.
4,728
807,842
216,063
600
180
84,710
535
87,720
221
54,444
106
110,002
202
300,077
6,770 1,670,773
872
347
1,802
108,260
66,266
73,610
508
48
3,304
167,304
03,466
80,827
341,507
Total to he deducted
...
3,111
248,145
3,050
Leaving total net overland *
...
6,595
887,521
2,820 1,338,176
* Including movement by rail to Canada.
The foregoing shows the week’ s net
has been 6,595 bales, against 2,820
last year, and that for the season to
net overland exhibits a decrease from a
bales.
overland movement
bales for the week
date the aggregate
year ago of 450,655
----------1007-08---------■
in Sight and Spinners
Since
Takings.
Week.
Sept. 1.
Receipts at ports to July 1 7 ---------- 25,012
8 ,170,820
Net overland to July 1 7 . ................
8 ,5 0 5
887,521
Southern consupmtlon to July 17. 38,0 0 0
2 ,055,000
--------- 10 0 6 -0 7 ---------Since
Week.
Sept. 1.
10,553 0,037,108
2,820
1,338,170
48,000
2,180,000
Total marketed--------------------------- 60,007 11,112,841
Interior stocks In excess— ..............*14,050
71,143
0 1,373 13,161,374
* 22,752
18,041
Caine Into sight during week___ 55,557
__________
Total In sight July 17.......... ......................... 11,183,084
38,021
:
_______ 13,180,315
N orth, sp liners’ takings to July 17 17,270
1,838,040
4,261
2,611,132
• Decrease during week.
Movement into sight in previous years:
W eek—
1006— July
1005— July
1004— July
1003— July
Iiales. I Since Sept. 1—
Iiales
2 0 ________ ______ _ 58,609 1905-06— July 20..................10,765 003
2 1 __________
147,092 1004-05— July 2 1 ............13,015,508
2 2 _______________
45,328 1003-04— July 2 2 ................ 0,073,406
2 4 ............................... 30,218 1002-03— July 2 4 .................. 10,586,104
11
11
11
10%
11
11
ll %
11.20
11 »{
11.45
ll % @ H
11 3-16
11 %
10 15-16
10 %
Monday. Tuesday. W ed’day. Thursd’y. Frid ay.
11
11
11
10%
11
10%
11%
11.20
11 %
11.35
11%
l l 3-16
11%
10 13-16
10%
11
11
•
11
10%
11
10%
11%
11.10
11%
11.35
11%
11 1-16
11%
10 13-16
10%
11
10 15-16
11
10%
11
10%
11%
11.10
11%
11.35
11%
11 1-16
11 %
10 13-16
10%
10%
10%
11
10%
11
10%
11%
11.10
11%
11.25
11 %
11 1-16
11 %
10 13-16
10%
10 13-16
10%
11
10%
11
10%
11%
11.00
11%
11.25
11%
11 1-16
11 %
10 13-16
10%
N E W O R L E A N S O P TIO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Receipts.
|
1
1
i
I Week.
34,103 151,726 | 10,678 7,319,493
S,
O
tot
to'
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C
/J
Sat’day.
G a lv e sto n ____
New O rle an s..
M o b ile ___ __
Savannah
___
Charleston____
W ilm ington___
Norfolk _____
Boston _______
Baltimore
Philadelphia___
A u g u s ta .. . .
M em p h is___ __
St. Louis. . .
H o u s t o n ______
Little R ock____
_____ _____
_________
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Ju ly 17.
All abama
Ge orgia
Ar k a n s a s ___
Kt mtucky, net _______
Lo ulslana _ _____ __ .
_
Ml sslsslp p l______
.
20,053
,
i
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Ml ssourl
______ __
No rth Carolina _______
Oh lO -- __ . __ ____
So uth Carolina _______
Te nnessee
_________
Te sas _________ ______
‘
____
r*,
*4'
©1
©i
Q U O TA TIO N S FO R M ID D L IN G COTTON A T O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Quotations for M iddling Cotton on—
Eufaula,
Montgomery,
Selma,
Helena,
Little Rock,
U bany,
Athens,
Atlanta,
Augusta,
Columbus,
Macon,
"tome,
Louisville,
Shreveport,
Columbus,
Greenville,
Greenwood,
Meridian,
Natchez,
Vicksburg,
Vazco City,
St. Louis,
Raleigh,
Cincinnati,
Greenwood.
Temnhls.
Nashville,
Brenham,
Clarksville,
Dallas,
Roney Grove,
Houston,
Paris,
T otal, 33 towns ________________
c
n
i
1
1
1
173
Sat’day,
July 11.
Ju ly—
Range .............
Closing_______
August —
R a n g e _______
Closing. ____
September—
Range _______
Closing_______
October—
R a n g e ............
Closing_______
November—
Range ............
Closing_______
December—
R a n g e _______
Closing_______
January—
R a n g e _____
Closing_______
Tone—
S p o t _________
O p t io n s ___
M onday, Tuesday, Wed’day. Thursd’ y, Friday,
Ju ly 13. Ju ly 14. July 15. July 16. July 17.
—
.95 — @ — 10.98-.0C 10.94-.00 10 .9 0 -.9 " 10.85-.88
11.05 — 11.00 — 10.06 — 10.98 — 10.88 —- 10.87-.88
10.27-.30 1 0 .2 0 -.2 1 10.10 — 10.12-.15 10.00-.05 — @ —
10.30 — 10.15 — I 0 .1 0 -.lt 10.09-.12 10.00-.02 10.00 —
— @ —
9.69 —
9.55 —
9.55-.57
9.50 —
9.70-.74
9.62 —
9.6 2 -. 64
9.53 — — @ —
9.5 3 -. 58 9.55 -.6 0
0.20-.42
'J.41-,42
9 .25-.37
9.2 7 -. 26
9.22-.4S
9.42-.43
9 .34-.44
9 .3 7 -.3 6
9 .2 7 -. 3!
9.28-.25
9.33-.35
9.19-.21
— @ — — @ —
9 .33-.35 9.2 7 -. 20
9.18-.2G
9.12-.32
9.31-.32
9.15-.23
9 .1 7 -.l t
9.12-.33
9.32-.33
9.18-.3-1
9.34-.35
9.19-.25
9.18-.2C
9.34-.35
Steady.
V ’ y st'y .
E asy.
Steady.
Quiet.
V ’ y st’y
9 .2 5 .3 3
9 .26-.27
9.16-.27
9 .1 7 -. 18
9.26 -.3 2
9.2 8 -.2 9
— @
9.19
—
—
9.1 5 -. 21
9 .1 8 -.1 9
— @ — — 4D — —
.22
9.27-.28 9 .18-.20 9.20-.21
Quiet.
Steady.
Quiet.
Quiet.
Easy.
Steady.
$ Nominal.
W E A T H E R R E P O R TS B Y T E L E G R A P H .— Our tele
graphic advices from the South this evening are in the
main of a satisfactory tenor. At a few points there has
been a little too much rain and moisture is claimed to be
needed in some sections, but quite generally the weather
has been favorable during the week,and the crop is reported
to be doing well on the whole.
Galveston, Texas.— Crop is doing well except that reports
of boll-weevils and shedding continue to come from South
Texas. W e have had rain on three days of the past week,
the rainfall reaching fifty-seven hundredths of an inch.
The thermometer has averaged 82, the highest being 99,
and the lowest 74.
Abilctui, Texas.— W e have had rain on three days during
the week, the rainfall being sixty-two hundredths of an inch
The thermometer has averaged 81, ranging from 66 to 96.
^ Brenham, Texas.— We have had no rain during the week
The thermometer has ranged from 69 to 92, averaging 81.
Corpus Christi, Texas.— The week’s rainfall has been
twenty-two hundredths of an inch on two days. Average
thermometer 83, highest 90 and lowest 76.
Cuero, Texas.— W e have had no rain during the week.
The thermometer has averaged 86, the highest being 99'
and the lowest 73,
Dallas, Texas.— Rain has fallen on three days of the past
week, the rainfall reaching one inch and fifty-nine hun
dredths. Thermometer has averaged 83, ranging from.
68 to 98.
Fort Worth, Texas.— The week’s rainfall has been two
hundredths of an inch, on one day The thermometer
has ranged from 72 to 96, averaging 84.
Henrietta, Texas.— We have had rain on two days during
the week, to the extent of sixty-four hundredths of an inch.
Average thermometer 82, highest 98, lowest 67.
Huntsville, Texas.— There has been no rain during the
week. The thermometer has averaged 80, the highest
being 95 and the lowest 65.
Kerrville, Texas.— W e have had rain on three days the
past week, the rainfall reaching one inch and thirteen hun
dredths. The thermometer has averaged 79, ranging from
62 to 97.
Lampasas Texas.— We have had no rain the past week.
Thermometer has ranged from 68 to 99, averaging 84.
Longview, Texas.— Dry all the week. Average ther
mometer 84, highest 98 and lowest 69.
Luling, Texas.— There has been rain on two days during
the week, the precipitation reaching fifteen hundredths of
an inch. The thermometer has averaged 83, the highest
being 95 and the lowest 70.
Nacogdoches, Texas.— Rain has fallen on one day of the
past week, the rainfall reaching sixteen hundredths of an
inch. The thermometer has averaged 79, ranging from 63
to 94.
174
Palestine, Texas.— W e have had showers on three days
during the week, the precipitation reaching nineteen hun
dredths of an inch. The thermometer has ranged from
63 to 94, averaging 80.
Paris, Texas.— W e have had rain on one day during the
week, to the extent of twenty-seven hundredths of an inch.
Average thermometer 83, highest 97, lowest 68.
San Antonio, Texas.— Rain has fallen on one day the past
week, the rainfall reaching fourteen hundredths ot an inch.
The thermometer has averaged 83, the highest being 90
and the lowest 70.
.
Taylor, T exa s— W e have had a trace of ram on two days
during the week. The thermometer has averaged 82, rang
ing from 68 to 96.
.
.
Weatherford, Texas.— W e have had ram on one day during
the week, the precipitation reaching eleven hundredths
of an inch. The thermometer has ranged from 71 to 100,
averaging 86.
,
,
.
,
Ardmore. Oklahoma— There has been ram on one day
during the week, the precipitation reaching fifty hundredths
of a n m eh . Average thermometer 82, highest 95 and lowest
<jSHoldenville, Oklahoma.— W e have had no rain during
the week. The thermometer has averaged 80, the highest
being 93 and the lowest 67.
Marlow, Oklahoma.— W e have had rain on two days the
past week, the rainfall reaching twenty hundredths of an
inch. The thermometer has averaged 80, ranging from
65 to 94.
,
Oklahoma, Oklahoma.— W e have had only a trace of ram
during the week. The thermometer has ranged from 66
to 92, averaging 79.
.
Amite, Louisiana.— The week’s rainfall has been two
inches and thirty hundredths, on four days. Average
thermometer 82, highest 90 and lowest 65.
Alexandria, Louisiana.— There has been no rain during
the week. The thermometer has averaged 82, the highest
being 96 and the lowest 68.
,
New Orleans, Louisiana.— There has been rain on three
days of the past week, the rainfall reaching fifty hundredths
of an inch. The thermometer has averaged 83, ranging
from 71 to 94.
.
Shreveport, Louisiana.— W e have had rain on one day
during the week, the precipitation reaching sixteen hun
dredths of an inch. The thermometer has ranged from 70
to 96, averaging 83.
Columbus, M ississip p i— Rain has fallen on one day of
the week, the rainfall being eight hundredths of an inch.
Average thermometer 82, highest 98, lowest 66.
Meridian, M ississippi.— There has been rain on one
day during the week, the precipitation reaching six hun
dredths of an inch. The thermometer has averaged 81,
the highest being 95 and the lowest 6 7 .
Vicksburg, M ississippi.— W e have had no rain during
the week. The thermometer has averaged 82, ranging
from 69 to 95.
.
Eldorado, Arkansas— We have had no rain during the
veek. Average thermometer 83, highest 98, lowest 68.
Fort Smith, Arkansas.— There has been rain on one day
o f the week to the extent of eighteen hundredths of an inch.
The thermometer has averaged 82, the highest being 96
and the lowest 68.
Helena, Arkansas.— Cotton is fine but corn needs rain.
There has been rain on one day the past week, the rainfall
being two hundredths of an inch. The thermometer has
ranged from 65 to 94, averaging 82.
Little Rock, Arkansas — There has been rain on one day
during the week, to the extent of twelve hundredths of an
inch.
The thermometer has averaged 83 ranging from
70 to 96.
.
.
Memphis, Tennessee.— Crop reports continue good. Rain
would be desirable but cotton is not suffering.
There has
been no rain during the week. The thermometer has ranged
from 67.8 to 93.2, averaging 81.9.
Nashville, Tennessee.— We have had rain on one day of
the week, the rainfall being forty-eight hundredths of an
inch. Average thermometer 81, highest 94, lowest 68.
Montgomery, Alabama.— Crops are doing well, but moist
ure is wanted. There has been no rain during^thc week.
The thermometer has averaged 82, ranging from 70 to 96.
Selma, Alabama.— There has been rain on two days of
the past week, the rainfall being eighty-five hundredths of
an inch. The thermometer has ranged from 68 to 96,
averaging 83.
Mobile, Alabama.— Very high temperature in the interior
latter part of week. Rain is needed in some sections; other
wise cotton is in fine condition. We have had rain on one
day during the week, the precipitation being thirteen hun
dredths of an inch. The thermometer has averaged 83,
ranging from 72 to 97.
Madison, Florida.— The week’s rainfall has been one inch
and thirty-three hundredths, on four days. Average ther
mometer 81, highest 95 and lowest 72.
Tallahassee, Florida.— It has rained on five days of the
week, the rainfall being five inches and thirty-six hun
dredths. The thermometer has averaged 82, the highest
being 93 and the lowest 70.
Atlanta, Georgia.— Rain has fallen on two days of the
week, the rainfall being twenty-three hundredths of an inch.
The thermometer has averaged 80, ranging from 67 to 92.
[VOL. LXXXVJ1.
THE CHRONICLE
Augusta, Georgia.— There has been rain on one day during
the week, the precipitation being two hundredths of an
inch. Thermometer has ranged from 65 to 96, averaging 80.
Savannah, Georgia.— W e have had rain on six days during
the past week, the rainfall being one inch and eighty-one
hundredths.
Average thermometer 80, highest 94 lowest 69.
Washington, Georgia.— W e have had rain on one day of
the week, the rainfall being fourteen hundredths of an inch.
The thermometer has averaged 80, ranging from 66 to 94.
Charleston, Soidli Carolina.— Rain has fallen on four days
of the week, the rainfall being fourteen hundredths of an
inch. The thermometer has ranged from 68 to 95, aver
aging 80.
Greenwood, Soidh Carolina.— The week’s rainfall has been
fifteen hundredths of an inch, on one day. Average ther
mometer 79, highest 95, lowest 64.
Charlotte, North Carolina.— Prospects fine. The week’s
rainfall has been but a trace on one day. The thermometer
has averaged 79, the highest being 94 and the lowest 64.
Greensboro, North Carolina.— There has been rain on one
day during the week, the precipitation reaching twelve
hundredths of an inch. The thermometer has averaged
79, ranging from 62 to 95.
Raleigh, North Carolina.— Rain has fallen during the
week, to the extent of forty-eight hundredths of an inch,
on one day. The thermometer has ranged from 62 to 96,
averaging 79.
The following statement we have also received by tele
graph, showing the height of rivers at the points named
at 8 a. m . of the dates given:
July 17 1908.
New Orleans _ -------------Above
M e m p h is ................. — Above
N ash ville------ ---------------- Above
Shreveport . . . . ------Above
Vicksburg . ------ --------Above
zero ot gauge.
zero of gauge.
zero of gauge.
zero ot gauge.
zero of gauge.
July Id 1907.
17.8
22.8
8.4
1 3 -'
3 >.0
IN D IA COTTON M O V E M E N T FRO M A L L P O R T S.—
The receipts of cotton at Bombay and the shipments from all
India ports for the week and for the season from Sept. 1 for
three years have been as follows:
July 10.
Week.
B om bay------------------
1005-06.
1906-07.
1907-08.
Receipts at—
Since
Sept. 1.
Week.
Since
Sept. 1.
Since September 1.
For the Week.
Export-, from—
ContiGreat
Britain. n-nt.
Bom bay—
1907-08 __________
1 9 0 6 -0 7 ............ ..
1905 -06__________
Calcutta—
1007-08 _______
1900-07 ____ —
1905-06. . . . . ____
Madras —
1907 -08__________
1900-07 _______
1 9 0 5 -0 6 .......... ..
All others —
1907-03
190(5-07
1905-06_____ _____
Total all—
1907-08
190(5-07
.
1905-06___________
6,000 2,525,000
35,000 2,982,000
14 000 1,993,000
Since
Sept. 1.
Week.
Total.
Great
Britain.
Conti
nent.
Total.
613,000
28,000
615,000
63,000 1.1 18,000 1,181,000
902,000
57.000
845,000
1,000
5.000
3,000
4,000
5,000
3 ,00C
5,000
1,000
8,000
1,000
8,000
2,000
5,000
8,000
7,000
25,000
137,00l<
11 l ,000
30,000
145,000
118,000
4,566
2,000
4*666
2,000
6,000
5,000
3,000
27.000
28.000
43,000
33 ,000
33,000
46,000
1,656
8,000
5^000
6,000
8,000
5,00(1
7,000
20,000
1 1,000
20,000
247,000
219,000
165,000
267,000
230,000
185,000
3,000
13 ,000
20,000
13,000
13,000
20,000
16,000
....
914,000
973,000
50,000
87,000 1,502,000 l ,580,000
87,000 1,161,000 1,251,000
According to the foregoing Bombay appears to show a
decrease compared with last year in the week’s receipts of
21.000 bales. Exports from all India ports record a loss of
7.000 bales during the Jweek and since Sept. 1 show a
decrease of 616,000 bales.
A L E X A N D R IA REC EIPTS A N D SH IP M E N TS OF
C O TTO N .— Through arrangements made with Messrs.
Choremi, 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
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria. Egypt,
July 15.
1907-08.
1006-07.
1905-06.
Receipts (cantars) —
This w e e k .......... ..............
Since Sept. 1 ----------------
7,000
7 ,153,532
1,100
6,859,179
1,000
5,875,020
Since
Sept. 1.
This
Since
week. Sept. 1.
214,347
201,715
344,4 19
114,532
3 ,000 >14,347
2 0 1 ,715
1,000 144,449
800 114,532
3 ,000 324,783
300 60,377
Total e x p o r ts ................ 17,250 875,043
4,800 875,043
5,300 765,605
Exports (bales' —
To
To
To
To
L iv e rp o o l.------------—
Manchester----------- . .
Continent ......................
Am erica-----------------------
N ote. — A can tar Is 9 ) lbs
This
Since
to celc. Sept. 1.
2 759
4.250
7,000
3,250
This
week.
2,000 200,130
—
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week were
7,000 cantars and the foreign shipments 17 250 bales.
July 18 1908. j
THE CHRONICLE
W O R L D ’S S U P P L Y A N D T A K IN G S OF C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and since
Sept. 1, for the last two seasons, from all sources from which
statistics are obtainable, also the takings, or amounts gone
out of sight, for the like period.____________________________
1907-08.
C o tto n T a k in g s .
W e e k and S eason .
Week.
Season.
2,409,970
Visible supply Sept. 1-------------American In sight to July 17 —
Bombay receipts to July 10-----Other India shlpm’ ts to July 10
Alexandria receipts to July 1 5 . .
Other supply to July 15* -----Total
supply_____
..
55,557
14,000
8,000
1,000
2,000
1906 07.
Week.
Season.
3,273,435
2,291,814
11,183,984
1,993,000
330.000
954.000
247.000
38,621
35.000
17.000
200
10.000
1,784,150
13,180,315
2,982,000
408.000
914.000
380.000
........... 2,490,527 16,099,828 3,374,256 19,055,071
Deduct—
Visible supply July 1 7 _________
Total takings to July 1 7 _____
Of which Am erican.
Of which other___________ .
2,280,427
2,280,427 3,093,242
210,100 14.719.401
142,100 11.100.401
08,000 3,613,000
3,093,242
281,014 16,561,829
189,814 12,218,229
91,200 4,343,600
$ Embraces receipts n Europe from Brazil, Sm yrna, W est Indies, &c.
DOM ESTIC
EXPORTS
OF COTTON
M ANUFAC
T U R E S .— We give below a statement showing the exports of
domestic cotton manufactures for May and for the eleven
months ended May 31 1908, and, for purposes of comparison,
like figures for the corresponding periods of the previous
year are also presented:_______________________________________
Month ending M ay 31.
Quantities of Manufactures of
Colton (colored and uncolored)
Exported to —
1908.
1907.
11 mos. ending M ay 31.
1907-08.
1906-07.
United Kingdom-------------yards.
137.572
102.915
2,107,513
219,924
334,201
114'S80
010,024
1,6433)89
5,078,208
1,274J72
7,801,481
2,428,259
99,909
820,287
2,932,901
89,839
105,208
69,995
897,509
2,439,957
189,910
504,319
1,707,951
47,514
300,303
168,737
1.185,377
20,501,304 27,280,240
2,572,343
1,557,7.35
15,536,093 15,248,126
21,982,938 31,579,937
798,798
1,632,726
5,557,499
3,374,611
7,797,414 11,000,327
8,957,143 14,884,004
Other South America----------------Chinese E m p ire----------- -----------British East Indies-......................
H ongkong.. ------- -----J a p a n ------------- . ____
British Australasia........................
Philippine Islands........................
Other Asia and Oceania______
British Africa--------- -----------All other Africa________ ______
Other countries________________
587,287
10,099,661
330,000
21,282
131,200
670,407
781,040
2,14 ,409
200,190
36,825
337.244
4,118,488
219,855
28,328
24,085
441,934
513,080
755,519
210
2,812
6,168,733
41,293,762
3,442,794
000,000
188,109
0,142,703
9,314,907
17,830,284
1,488,154
847,634
Total yards of above........... ..
Total values of above- --------Value per yard
------------------
24,207,023
51,515,039
5.0624
1908.
<1.
J ’ ne
5
12
ly
20
July
3
10
17
Value of other Manufactures of
Cotton Exported lo—
Wearing Apparel—
United Kingdom -------------------B e lg iu m ..-------------- -----------------Germany ...........................................
Other Europe...............................
British North America— ------.
Central American States and
British H onduras..-......... ........
Mexico...............................................
C uba.. ..............................................
Other W . Indies and Bermuda...
South Am erica........... ...................
Chinese E m p ire............. ..............
J a p a n --------------- -------- ---------------British Australasia ......................
British A frica................. ..............
Other countries...............................
7945,652
83,307,188
9,058,445
631,899
724,323
S,250,509
19,799,078
41,509,680
8,747,302
1,012,953
800
14,159,349 ISO,410,485 309,956,185
$1,029,053 $12,000,133 $20,000,380
$.0720
$.0702
$.0047
92,660
1,019
2,642
5,314
95,044
910,007
8,113
80,826
57,379
848,009
921,074
14,383
56,233
07,083
894,071
60,000
19,044
18,927
11,847
4,534
10,304
4,722
25,390
14,128
7,318
40,281
30,980
42,339
22,477
8,411
50,338
1,903
43,547
10.173
19,094
512,334
388,202
298,593
152,370
100,870
218,873
26,231
295,597
162,818
251,076
385,499
284.907
343,380
173,349
95,810
218,575
40,989
320,782
97,554
450.349
$145,728
25,229
220,004
Waste, cotton mill........... - ..........
Yarn -------------- ------------------------All other............................................
51,975
202
11,221
1,186
08,400
$248,089
20,051
230,038
$2,400,731
372,153
2,945,290
$2,132,825
310,223
3,299,708
$2,227,924
Total manufactures of............_
l
$2,013,925 $22,768,943 $30,180,374
COTTON CONSUM PTION A N D O V E R L A N D M O V E
M E N T TO J U L Y 1.— Below we present a synopsis of the
crop movement for the month of June and the ten months
ended June 30 for three years:
1907-08.
1900-07.
1905-06.
Gross overland for June_______ __ bales
79,061
52,978
47,010
Gross overland for 10 m o n th s ..
1,104,360 1,658,906 1,173,297
Net overland for J u n e ..
...
65,104
32,615
Net overland for 10 months
867,577 1,327,164
952,079
Fort receipts In June . ____
242,157
113,48!)
105,280
Port receipts In 10 m o n th s ..
8,080,498 9,604,003 7,580,000
Exports In June------------------ -263,714
220,105
309,403
Exports In 10 m onth s______
7,201,152 8,271,178 0,251,001
Port stocks on June 3 0 ........
202,000
338,581
297,431
Northern s dinners’ takings to July 1
1,770,515 2,500,211 2,31 1,210
Southern consumption to July 1
1,96J,090 2,050,000 1,993,000
Overland to Candaa for 10 months (In
eluded In net overland)_______________
103,469
119,152
109,1 01
Burnt North and South In lo m onths.
500
11,388
Stock at North .Interior markets July 1
11,003
7,067
0,852
Came In sight during J u n e . . ___
306,201
244,842
318,917
Am ount of crop In sight July 1 . . ______ 11,009,075 13,052,107 10,580,079
Came In sight balance season_____ . . .
498,593
733,781
'Total crop-------------------------------------------------13,550,700 11,319,800
Average gross wel rht of bales_____
509.10
515.20
510.12
Average net weight of bales________
480.10
492.70
480.62
M ANCH ESTER M A R K E T .— Our report received by
cable to-night from Manchester states that the market is
quiet for both yarns and shirtings. Production is being
contracted largely. |We give the prices for jjto-day
below and leave those for previous weeks of this and last
year for comparison.
1907.
8J4 lbs. Shirt- Col'n
Ings, common Mid
to llnest
Upl'S
32s Cop
TuAst.
d. s. d.
@
&
@
®
sH
SH
9H
9H
y-a
9H
Ws
@
8 9 16@
SH
@
5
5
5
6
s. d.
1H @ 8
1H @ S
1H @8
1H @ S
9H o 1 @ 8
9H i> OH @ 8
9H 5 0 @ 8
32j Cop
Turlst.
d.
d.
814 tbs. ShirtInns, common
to finest.
d. s. d.
3
3
3
3
0.51
6.58
6.70
6.55
3
2
1H
6.27 113-16 @ 1 2 H 6 11
0.34 11
@1214
0 10
6 9
0.10 lOVs @1214
11X
©
1 1 1 10 ®
11 1-10@
11 1-10®
Cotn
Mid
UpTs
s. d.
d.
3
2
2
2
7.44
7.19
7.04
7.15
@ 10 3
@ 10 3
@ 10 3
7.31
7.18
7.06
12H 7 1 @ 10
1214 7 0 H @ 1 0
1214 6 11 @ 1 0
1214 6 11 @ 10
SH IP P IN G N E W S .— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 28,590 bales.
The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
„
Total bales.
N E W Y O R K — To Liverpool— July 15— Cedric, 1,028 upland, 70
_ foreign----------------------------------------------------------------------------------------------- 1,698
lo
Manchester— July 10— Titian, 1 ,8 2 1 _______ ___________
_ 1,821
£)avre— July 15— La Bretagne, 10 foreign____________________
10
lo
Brem en— July 1 5 — Prlnzess Alice, 150______________________
150
To Antw erp— July 10— Vaderland, 4 0 0 ___________________________
400
lo Genoa -Ju ly 10— Principe dl Piemonte, 150____ July 14—
Indiana, 2 0 0 ____________________________________
350
G A L V E S T O N — To Bremen— July 0 — Norderney, 9~880 ~X - 1 X 1 0,880
To H am burg— July 14— Bavaria, 3,768
3 708
125
N E W O R L E A N S — To Antwerp— July 14— Bellaura, 1 2 5 - ....................
To Barcelona— July 13— Martin Saenz, 1,321
1 321
Liverpool— July 11— Glenwood. 6 , 1 9 5 .. . . . 6,105
BOSTO N — To Liverpool— July 10— Devonian, 33
July 13—
Ivernla, 1 ,7 5 1 ________________ ______ _
1 784
To St. John— July 14— Calvin Austin. 2 4 7 X 1
T
’ 247
P H IL A D E L P H IA — To R otterdam — June 10 — Canudhi, 8 3 8 X X X I
838
Tota1- - ....................................................................................................................... 28,590
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
2,034,548
Other Europe......... .......................
British North America............... ..
Central American States and
British Honduras......................
Mexico - - — ...................................
Cuba - ................................................
Other West Indies and Bermuda.
Argentina..........................................
Brazil........... — ......................... —
Chile..................................................
Colombia------------------------------------
175
Great French Ger- -— Oth.Europe— M e x .,
Britain. ports, many. North. South. <ftc. Japan.
. 3,519
150
400
19
350
_ ____
____ 13,648
____
_ ____
____
____
125 1,321
. 6,195
____
____
____
____
____
____
____
. 1,784
247
...
838
—
—
—
...............
...................
New Y o rk ___
G a lv esto n ___
New Orleans
W ilm ington. _
Boston _____
Philadelphia .
T o t a l _____
19 13,798
1,363
1,671
247
...
Total.
4,438
13,648
1,440
6,195
2,031
838
2 8,5' 6
L IV E R P O O L .— By cable from Liverpool we have the fol
lowing statement of the week’s sales, stocks, &c., at that port:
July 3.
22,000
July 10.
30,000
July 17 •
2 3,000
5", 66 6
20,000
13,000
59,000
506,000
452,000
33,000
27,000
93,000
57,000
Sales of the w eek________ bales. 2 7,000
tO which speculators t o o k ..
____
Of which exporters took____
100
Sales, Am erican_________ . . _ 23000
Actual export________________
9 000
Forw arded--------------------------------- 58,000
Total stock— Estm ated_______600,000
Of which American— E s t .„ 487,000
Total Import of the week........... 06,000
Of which Am erican__________ 47,000
Amount alloat......................... . .. 1 0 7 , 0 0 0
Of which Am erican__________ 68,000
5",666
26,000
13,000
57,000
534,000
425,000
29,000
24,000
76,000
46,000
i~666
17,000
7,000
59,000
511,000
3 9 8,000
42,000
25,000
00,000
33,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Market,
12:15
P. M.
1
1 Dull and
J easier.
Monday.
Tuesday.
Wcd’day.
Thursday.
Friday.
Dull.
Dull and
easier.
Dull.
Easier.
Easier.
Mld.UpI'df
0.26
6.27
6.14
0.21
6.17
6.10
Sales.........
Spec.icxp.
3,000
200
5,000
200
4,000
200
4,000
200
4,000
200
3,000
200
Futures.
Market
]
opened
j
Market,
4
P. M.
Quiet at
6 points
decl ne.
~ Quiet at
\
) 4 @ 6 pts.
) decline.
Quiet at
6 points
advance.
B’ly steady Steady at
uneh. tolH 5 @ 7 pts.
pts. dec.
advance.
Dull at
2 points
decline.
Quiet at
3 @ 4 pts.
decline.
Easy at St’ y .lH p ts Quiet at
2 @ 5 pts. dec. to 2 5@ 1 0H
decline.
pts. adv.
pts. adv.
Easy at
4H @6H
pts. dec.
Quiet, 1H
pts. dec to
H pt. adv.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and lo o t’ll.
Sat.
July 11
to
July 17
July ____
Ju ly-A ug.
A u g.-S ep.
Sept.-O ct.
O c t.-N o v .
N ov.-D ec.
D ec.-Jan.
Jan .-F eb.
Feb.-M ch.
M ch.-Apr.
Apr.-M ay.
May-June
12 H
p.m.
12H
p.m .
cl.
5
5
5
5
5
5
4
l
4
1
1
d.
75
69
33 H
16H
08
02 H
99 H
97 H
98
99
99 H
Mon.
Tues.
T.ius: 5 75 means 5 75-100d.
W ed .
Tlturs.
Fri.
4
4
12 tf
4
4 12H
4
12K
12M
12K
p.m. p.m. p.m. p.m. p.m. p.m . p.m. p.m . p.m. p.m .
d.
77
71 H
30 H
20 H
12H
07
04
02
03
03 H
04
d.
70
04
29
13H
05 H
00
97
95
16
>6 H
)7
d.
06
61
26 H
11 H
04
98 H
95 H
43 H
94
95
95 H
d.
08 H
03
29
13
06 H
01 H
98 H
40 H
)7H
98
99
d.
73
68 H
37
17H
11
06 H
03 H
01 H
02 H
03
04
d.
74
69 H
39 H
19
HH
07
04
02
03
04
04 X
d.
70 H
00
35 H
16
08 H
94
01
*9
00
01
01H
d.
08
63 H
33 "
13 H
07
02
99
97 H
98
99
)9H
d.
06
01 Vs
29
11
05
00
97
95 H
46 H
47 H
48
d.
66 H
62 H
30 H
14
07
02
99
97
98
99
99 H
B R E A D ST U F F S.
Friday, July 17, 1908.
Prices for wheat flour have ruled firm, owing to the rise
in wheat. At times there has been some increase in the
demand from jobbers. As a rule, however, improvement
in business has been of short duration. Supplies in the
hands of dealers are small, but they still show no disposition
to replenish them. Export trade has been dull. Rye
flour has been dull and easier. Corn meal has been quiet
but firmer on small stocks.
176
[V X LX X I!
O .. X V
THE CHRONICLE
W heat, under the spur of hot, dry weather at the North
west and a revival of export trade, small American re
serve stocks and a belief that the crops in Russia and the
Danubian provinces will be comparatively light, has ad
vanced. Rains and cooler weather at the Northwest
at one tim e, however, caused a reaction, so that the net
rise for the week is, after all, nothing very great. Still
the advocates of better prices think that their hands have
been strengthened by the developments of the week. Judg
ing by the tone of the European markets, a similar feeling
prevails there. Besides, the falling off in Argentine ship
ments has had a stimulating effect on both sides of the
water. The world’s shipments too, have been light. The
reports about the cash trade at Kansas City, Toledo and
Minneapolis, as well as Chicago and New York, have all
been of a kind to encourage the belief that Europe is be
ginning to rely more on America for supplies than she did
when Argentine shipments were at their height. Some
reports that winter wheat has been damaged in shock by
rain have not been without their influence, and the French
crop, according to some statements, is likely to be below
an average. Still, the cardinal factors in the situation
have been the Northwestern crop reports and the re-awaken
ing of export business reflected, not only in actual^ sales of
considerable volume, but also in the advance of European
markets, which were recently so indifferent to news about
the American crop and trade conditions, but which now
seem keenly sensitive to occurrences on this side of the
water.
And this notwithstanding the fact that beneficial
rains have fallen in India and that Argentine crop reports
are favorable, while receipts at the Northwest have latterly
been increasing. The idea of many is that the American
crop will all be wanted, that Europe’s yield will be below
an average, and that the ultimate destination of prices
is a considerably higher level. To-day prices were easier
in the main, owing to further rains at the Northwest, in
creasing receipts, liquidation and bearish pressure.
D A I L Y C L O SIN G P R IC K S O F W H E A T F U T U R E S IN NEW YORK.
Sat. M on . Tues. Wed. Thurs. F r i.
No. 2 red winter_____________________ 99M 102 X 102
101
1 01% 101
.July delivery In elevator___________ 09 % 101 %
1001s 9 9 % 100% 1 00%
September delivery In elevator_____ 97 %
99
981s 07 X l!8%
»8%
December delivery In elevator----------9 9 % 100%
1005 s 9951 101
1001s
D A I L Y C L O SIN G P R IC E S OF W H E A T F U T U R E S IN CHICAGO.
Sat. M on . Tues. Wed. Thurs. Fri
89%
91
90 X
91
91 %
8 ‘
July delivery In elevator------------------899 %
A
90%
91 %
90 %
91 5s 9 1 %
90
September delivery In elevator--------90
92%
93 %
92 %
93 %
63%
91%
December delivery In elevator-----------91 X
Indian corn futures have advanced with the trading more
active. Stimulating factors have been the strength of the
cash situation, bullish crop reports from Illinois and parts
of some other States, small receipts and light stocks. Cash
interests have been good buyers at times. Shorts have
covered freely of late, owing to the small stocks and the
fear of manipulation. Too much rain has fallen in some
sections. The cash demand has been more active. Commis
sion houses have been active buyers of September. Crop
news has been favorable in the main, but this and
other factors of a bearish character have had little or no
weight. To-day prices were firmer in the main on buying
by cash interests, light receipts and covering of shorts.
D A I L Y C L O SIN G P R IC E S O F N O . 2 M I X E D C O R N IN N EW YORK.
Sat. M on . Tues. Wed. Thurs. F r i.
Cash corn_____________________________ 83
83
82)4 83
84
84)4
.July delivery In elevator------------------ 83)4
83)4
83
84)4
87
87
September delivery In elevator-------- 8254
8254
81)4 82)4
83%
84
D A I L Y C L O SIN G P R IC E S OF C O R N F U T U R E S IN CHICAGO.
Sat. M on . Tues. Wed. Thurs. F r i.
July delivery In elevator------------------74%
74)4
73)4 74)4
75 )4 76)4
September delivery lti elevator-------- 74 X
74)4
74
74)4
7554
<0)4
December delivery In elevator---------- 62)4
62)4
62
6154
62)4
62 %
Oats for future delivery in the Western markets have
advanced, owing to bullish crop reports, notably from Illinois
and Indiana, active buying by cash interests and covering
of shorts. Commission houses have been good buyers of
the distant months. The cash market has been strong and
active. Receipts have been light and supplies of contract
grade arc small. H ot, dry weather at the Northwest is said
to have caused considerable damage. Some very favorable
crop reports have been received of late, but bears have
shown no disposition to sell aggressively. To-day prices
declined early on good weather and realizing, but rallied
later on bullish crop reports and covering of shorts.
D A I L Y C LO SIN G P R IC E S OF O A T S IN N E W YORK.
Sat.
M on . Tues. Wed. Thurs.
N o. 2 m ixed____________________ 56-57
57-58 57-58 57-58 57-58
W hite clipped. 32 to 34 lbs____ 5 9 )4 -6 2 )4 63-65 63-65 63-65 63-65
D A IL Y C L O SIN G P R IC E S OF O A T S IN CHICAGO.
Sat. M on . Tues. Wed. Thurs.
July delivery In elevator.......... ........... 49
50)4
50)4
40X
4954
September delivery In elevator--------41 %
4 3 54 4 3 54 4 2 /4
43)4
May delivery In elevator___________ 44)4
46 54 45)4
45)4
45 54
F ri.
58-59
64-66
F r i.
50)4
43)4
G O V E R N M E N T W E E K L Y W E A T H E R R E P O R T .—
Mr. James Berry, Chief of the Climatological Division of
the United States Weather Bureau, made public on Tuesday
the telegraphic reports on the weather in the various States
for the week ending July 13, summarizing them as follows:
The week ending July 13 1908 was generally favjh ible as to temperature
and sunshine. Over most of the districts east of the R ocky Mountains
the week opened comparatively warm, followed by several days of cool
weather and ended With temperature generally above the normal, especla lv over the Atlantic Coast dlstrcts, where Intensely hot weather pre
vailed on the 12th.
W est or the R ocky Mountains the week was generally
one of unusual warmth. The sunshine was somewhat dellclent over the
lower Mississippi Valley, portions of Texas and In Colorado and New Mexico,
but over the remaining districts It was ample for all needs and In most or the
Plateau and Pacific States the amount of sunshine was excessive.
There
was a general deficiency In rainfall, although heavy showers occurred locally
In eastern Nebraska, eastern Kansas, portions of T exas, the lower Mississippi
Valley the southern Appalachian Mountain region and over portions of the
east Gulf States and portions of New York.
Drought continues with In
creasing severity over most of New England, and rain Is badly needed over
the Atlantic Coast districts as far south as Virginia and westward over th e
Ohio Valley to Illinois.
In the Mississippi Valley the precipitation w as
generally deficient, but the moisture In the ground Is sufficient for present
needs.
But little rain occurred over the districts west of the R ocky M oun
tains and rain Is badly needed in unlrrlgated districts. Some damage
from hot winds occurred In North Dakota and from hall In southeastern
W yom ing and scattered localities In Utah. Arizona and New Mexico.
The statement of the movement of breadstufft tom arketas
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at—
Wheat.
Flour.
Tot.wk.’ 08
Same w k.’ 07
Same w k.’ 06
349,493
297,460
305,722
1,967,367
3,222,516
3.111,723
2,631,260
3,075,700
4,464,316
Rye.
46,860
99,143
57,805
398,179
271,757
549,091
2,225,746
1,885,461
3,307,029
Since Aug. 1
1 9 07 -08 ... 17,492,084 205,855,321 116,694,357 179,309,426 61,094.368 6.551,796
1906-07.. . 19,958,861 233,459,955 211,403,147 192,774,629 66,083,265 n:;.v ,
1905-06.. . 19,608,053 220,037,411 187,917,639 218,154,014 75,220,444 7,575,110
Total receipts of flour and grain at the seaboard ports for
the w ended July 11 1908 follow
eek
:
Flour,
Receipts at—
bbls.
New York................ 128,174
20,191
B oston ............ ..
Philadelphia..........
41,165
Baltimore................
34,562
2,050
Richmond ..............
New Orleans * ____
19,635
Galveston.................................
Mobile............. ........
2,952
Montreal__________
21,069
Total week_____ 270,398
Week 1907_______ 296,265
Since Jan. 1 1908..9,036,732
SlneeJan. 1 1907.10,341,407
Wheat,
bush.
179,000
1,900
276,733
398,193
17,698
2,500
29,000
...........
427,802
Corn,
bush.
136,525
33.6G0
23,796
37,019
48.518
69,700
4,000
9,500
997
Oats, Barley,
Rye,
bush.
bush.
bush.
598,000
49,200
19,500
99,270
400
136,772
1,000
--------84,064
2,395
04,918
...............*
■
126,000
------------------------------------............................ ..........
12,633
_^2J3S2
...........
1,332,S26
363,715 1,121,657
62,882
22,295
1,571,810 2,617.957
993,949
57,842
1.860
38,JOS,741 27,436,214 22,452,708 2780,007 1300,888
45,703,597 63,049,519 29,859,313 2893.741 1250,485
* Receipts do not Include grain passing th rough New Orleans for foreign ports
on through bills of lading.
'
The exports from the several seaboard ports for the w
eek
ending July 11 1908 are shown in the annexed statem
ent:
Wheat,
Exports pom—
bush.
New Y o r k ............ 111,279
Boston................Philadelphia____ 164,672
Baltimore........... ..
96,000
............
New Orleans.......
Galvesion_______
16,000
Mobile........... ..........................
Montreal................ 677,445
Flour,
bbls.
44,976
4,520
66,017
13,654
8,343
10,081
2,952
33,711
Corn,
bush.
10,260
' l'.lOO
1.300
600
2.300
9,500
Total week___ 1,065,396
25.060 184,254
Week 1907........... 917,318 1,689,695 157.161
Oats, Rye,
Peas,
Barley,
bush. bush.
bush.
bush.
17,766 17,115 7,633
1,222
.............................................................
.......................................................- -
312
25,239
..........
94,471
43,317 17,115 102,104
288,621 44,211 57,000
1,222
132
The destination of these exports for the week and since
July 1 1908 is as below:
— Flour—
Since
July 1
1908.
bbls.
169,356
90,408
19,824
56,753
1,264
23,393
Week
Exports lor week and July 11.
Since July 1 to—
bbls.
United Kingdom.. . 77,524
Continent.................. 56,899
So. & Cent. Amer— 13,582
West Indies_______ 35,805
Brit. No. Am. C ols..
414
Other Countries------------- 30
Total....................... 184,254
Total 1907.................157,161
---------- Wheat---------------------------Corn—
Since
Since
July 1
Week
July 1
Week
1908.
1908. July 11.
July 11.
bush
bush.
bush.
bush.
______
620,024 1,409,649
" 3,986
3,986
445,372 1,141,382
1,115
______
______
800
50,179
19,418
...........
______
" ’ "§56
856
5,049
25,060
360,998 1,065,396 2.556.0S0
389,954. 917,318 . 2,439,368 1,689,695
.
.
.
.
56,136
The world’s shipments of wheat and corn for the week
ending July 11 1908 and since July 1 in 1907-08 and 1906-07
are shown in the following:
4554
FLOUR.
Low grades.........................$3 2 5 @ $ 3 75 Kansas straights-----------$4 65 @ $4 90
Blended clears---------------5 1 5 @ 5 25
Second clears___________ ___
Blended patents------------- 6 00 @ 6 50
C le a r s ..................................... 4 20
Rye flour________ _______ 4 1 0 @ 4 95
S t r a ig h t s ..............................4 75
Buckwheat flour----------- Nominal.
Patent, spring....................5 50
Graham flour___________
Nominal.
Patent, w in te r............ 4 25 _
Corn m eal_______________ 3 7 5 @ 4 50
Kansas patents — ...................@
G R A IN .
Corn (new), per bush.—
c.
W h ea t, per bush.—
_
No. 2 m ix e d ---------------- f.o .b . 83)4
128
N . D uluth, N o. 1 --------N o. 2 y ello w ____________ Nominal.
N . D uluth, N o. 2 ...........
117
N o. 2 white ____________ Nominal.
Red winter, N o. 2 ........... f.o .b .101
R y e, per bush.—
Hard
“
“
108
N o. 2 W estern................. t.o .b . 84)4
Oats, per bush.—
State and Jersey.............Nom inal.
; Natural w hite--------------- 60
@ 6 3 )4
Barley— Malting----------------- Nominal.
N o. 2 m ixed___________ 58
@ 59
F eeding.................................Nominal.
. Natural white clipped.64 @ 66
Corn.
Wheat.
The following are closing quotations:
Barley.
Oats.
Corn.
.
bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA8lbs. bu. 56 lbs.
190,100
1.0S4.6S2
1,330,450
20,000
100.000
147,661
Chicago____
114,000
13,500
190,400
88,000
257,000
55,700
Milwaukee . .
22,489
15,384
458,871
78,550
Duluth.........
53,190
9,860
184,2S0
77.940
875,560
Minneapolls.
500
, 36,000
52,900
40,200
Toledo_____
44,470
11,564
8,544
"5", 200
Detroit.........
67,342
20,881
8,100
1,442
Cleveland___
" "l’ ooo
" 9", 166
213,420
324,500
457,035
41,740
St. Louis. -
2,000
9,000
130,500
193,600
7,000
19,200
Peoria-------13,500
113,300
418,950
KansasClty.
1908.
Exports.
Week
July 11.
’
1908.
1907.
Week
July 11.
1907.
Since
July 1.
Since
July 1.
Since
July 1.
Since
July 1.
Bushels.
North Amer. 2.364.000
696.000
Russian____
136.000
Danubian . .
Argentine . . 1.536.000
128.000
Australian..
Oth. count1" 8 528,000
Bushels.
4.816.000
1.432.000
3.700.000
336.000
752.000
200,000
Bushels.
Bushels.
52,000
3.424.000
3.688.000 3 3 1 .0 0 0
841.000
2.376.000
1.224.000 2,116,000
296,000
2.992.000
Bushels.
108,000
577,000
1 .011,000
4,827,000
Bushels.
2.312.000
2.344.000
6.406.000
3.120.000
T o ta l____ 5,388,000
11,236,000
14,000,000 3,340.000
0,523,000
14,272,000
mentioned was as follows:
T H E CHRONICLE
Y 18 1 9 0 8
Corn.
W
heat.
U
nited
U
nited
Kingdom. Continent. Total. Kingdom. Continent.\ Total.
Bushels. Bushels.
Bushels. Bushels. Bushels. Bushels. 9, ISO,000 114,960,000
5.780.000
5.865.000 11.730.000 17,595,000
8.640.000 12.720.000 21,360,000
16.960.000 10.240.000 27.200.000
July 11 1908
0
July 4 1908. . 19.04ll.IM 1 11.040.000 30.050.000
July 13 1907-- 22.040.000 11.200.000 33.240.000
The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports July 1 1 1908, was as follows:
W
heat,
bush.
300,000
New Y o r k ......... .............
Boston....... ...........
58,000
Philadelphia--------------301,000
Baltim ore............. ........
520,000
New Orleans__________
Galveston..............
45,000
Montreal______________
388,000
Buffalo...............
837.000
T o led o-----------05,000
Detroit. ..........................
105.000
Chicago__________
2,958,000
Milwaukee......... .............
1G5.000
Port W illiam ................ 1.526,000
Port Arthur....................
SOI,000
Duluth............................. 1,191,000
Minneapolis___________ 2,357,000
St, Louis_____ ________
222,000
Kansas City_____ _____
49 L
,000
Peoria......... .........................................
Indianapolis___________
10,000
On Lakes_____________
095,000
On Canal and Itlver.. .
204,000
Total
Total
Total
Total
Total
Total
Total
July
July
July
July
July
July
July
11
4
13
14
15
16
IS
1908.-13,401,000
1908.-13,827,000
1907 . .47,087,000
1900..24,247.000
1905. 12,339,000
1904.-12,719,000
1903.-13,067,000
T H E
D R Y
Corn,
bush.
O
ats,
Rue,
bush.
19,000
Barley.
bush.
119,000
1,000
130,000
15,000
l .000
128,000
47,000
704,000
28,000
84,000
91,000
102,000
3,000
386,000
165,000
133,000
1,055,000
64,000
46,000
330.000
83,000
7,000
98,000
59,000
17,000
35,000
21,000
39,000
380,000
624,000
8,000
62,000
100,000
77,000
16,000
55,000
48,000
49,000
51,000
2,000
17.000
1,000
92.000
348,000
22,000
3,256,000
3.023.000
8,329,000
5,161,000
4,388.000
6,084,000
7,619.000
2,090,000
2,724,000
5,304,0'0
6,108,000
6,561,000
3,886,000
4,491,000
163,000
230,000
683,000
1.417,000
775,000
780,000
614,000
922,000
971,000
678,000
893,000
802,00 )
1,236,000
410,000
G O O D S
1,000
3,000
11,000
1,000
3,000
105.000
-----
56,000
168,000
______
106,000
10,000
T R A D E .
New York, Friday Nitjht, July 17 1908.
An indication of the severity of conditions in the drygoods trade during the past six months is to be found in
the semi-annual report of the H . 13. Clallin Co., issued during
the week, announcing a net trading loss during that period
oi $7,436, compared with a profit during the corresponding
six months of last year of $454,275. It is interesting to note,
however, that the directors of the company believe that
the worst is over and that from this time on they look for a
steady improvement, owing to “ the fact that the retail
trade throughout the country lias pretty thoroughly dis
posed of surplus stocks.” Trading in the primary cotton
goods market showed some slight improvement during the
week, but was still of only small proportions. During the
•
early days, some weakness developed, owing to forced
sales to prevent accumulations, principally of gray goods,
but towards the close an advance of J^c.in the price of staple
prints, to go into effect July 28, had a steadying influence
upon the whole market. Agents have generally been in
structed not to accept orders for future delivery at current
prices, as manufacturers claim that they cannot sell goods
at the present level except at a loss. Rather than do so,
the number of mills that have shut down, particularly in
the South, is greater than at any time since the depression
began. The high price of the raw material and the severe
curtailment of production will be the two most important
influences on the market when the jobbing demand revives.
Rather more activity is looked for next week, when a number
of buyers will be in town for the purpose of attending the
Trade Convention. The export markets have again quieted
down, and business has been on a much smaller scale than
during recent weeks. The principal feature of the men’s
wear woolen and worsted goods market has been the opening
by the lending interest of a number of lightweight lines at
•much lower prices than had been anticipated. The dressgoods market continues very quiet.
D OM ESTIC COTTON G OO DS.— The exports of cotton
goods from this port for the week ending July 1 1 were 5,141
packages, valued at $252,718, their destination being to the
points specified in the table below:
--------1908— —
Since
Jan. l .
405
590
15,337
5,260
17,996
4,766
12,38 9
987
8,323
22,275
10,365
Week.
0
2
3,100
178
2,314
50
579
38
149
1,560
511
98,753
8,550
Week.
New York to July 11.
____
25
Great Britain---------- ---------------73
Other Europe............... ....................
China____________________________ _________ 1,155
India ................................................
779'
A r a b i a ..................- ..................... .. ...............
Africa
_______________________ _________ 882
390
W est In d ie s-------------------------------- ............ ..
38
Mexico ---------------------Central America— ......................
_ 969
Other cou ntries------------------------- ................. 566
Total
.................... ........... ............ _________ 5,141
--------1907— Since
Jan. 1.
1,104
688
13,209
4,931
2,167
3,669
12.624
1,379
8,224
20,448
17,040
110,383
The value of these New York exports since Jan. 1 has been
■$6,327,108 in 1908, against $0,168,928 in 1907.
The expected advance in staple prints materialized during
the week these being placed upon a basis of 5c a yard. It
is too early as yet to ascertain what the result of this advance
will be, but a large movement will undoubtedly take place
between, now and July 28, when it becomes effective with
jobbers. It is admitted that buying at the old level of
454c, which has been in effect since last May, has been on
a fairly large scale, and that in some instances production
is taken care of for some time to come. Prior to the an
nouncement, of this advance, the gray goods market had
. shown decided weakness, prices being quotably Y c to 34°
177
lower, due to the anxiety of certain holders of spot goods
to prevent accumulation. At the end of the week, however,
sellers were firmer in their views, and while there was no
actual advance in prices, they were not so willing to sell
at the low levels. Heavy brown drills and sheetings were
occasionally slightly easier, and orders were only for small
lots for immediate delivery for filling in purposes. Light
weight sheetings were steady , and in only moderate request.
Prominent lines of bleached goods sold fairly well, and
prices were firmly maintained, but low-count goods were
quiet and barely steady. Coarse, colored cotton goods
remain unchanged. Linings are quieter. There has been
some good reordering of staple ginghams, but fine dress
ginghams show little activity.
W O O L E N G O O D S.— Considerable satisfaction was ex
pressed in drygoods circles at the action of the American
Woolen Co. in squarely meeting the changed conditions
and opening their new lightweight m en’s wear woolen and
worsted lines at more severe reductions compared with last
year than many had in any way looked for. While no
official list of prices has been given out for publication, it
is stated on good authority that the reductions range from
10 to 25c a yard on goods costing between $1.20 and $1.75,
the lower price goods being the ones m ost radically revised.
Onthcother hand,cloths m adeof fine wools have either been
left unchanged or have been only very slightly reduced.
That the policy of the company has been approved by the
trade is attested by the fact that the business so far booked
has exceeded the "expectations of the company’s officials;
and the outlook for a satisfactory volume of initial buying
has consequently considerably improved. Duplicate order
ing of heavyweights has practically ceased for the time
being, although in some instances a few orders are still being
placed. While dress-good manufacturers are making pre
parations for the new lightweight season, they are not
yet in a position to show their lines and will not be for some
little time to come. In the meantime, duplicate ordering
continues light, with broadcloths practically monopolizing
the whole of the demand.
FO R E IG N D R Y G O O D S.— Imported woolen and worsted
dress-goods for next spring are beginning to be received
here,and it is expected that by the latter part of next ■week
many goods manufactured by prominent mills will be on view.
It is believed that lightweight goods will figure prominently
and that stripes will again be in vogue. Linens are quiet.
Silks show some irregularity, but ribbons are moderately
active. Burlap is quiet and manufacturers are watching
the effect upon buyers of the Indian Government’s estimate
that the jute acreage is 28 per cent less than last year.
Importations and Warehouse Withdrawals of D ry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending July 11 1908 and since
Jan. 1 1908, and for the corresponding periods of last year,
are as follows:
T H E CHRONICLE
178
S
t a t e
a h
®
©
[V O L . L X X X V I I .
$120,000 5% coupon bonds. Date April 10 1907. Interest
annually in Angleton. Maturity April 1 1947, subject
to call after April 10 1927.
st y
A s h l e y ( P . O . W i l k e s - B a r r e ) , L u z e r n e C o u n t y , P a . — Bond
N e w s
I t e m s .
borough will offer at public auction at 8 p. m .
on July 24 an issue of $10,500 5% coupon North Main Street
— The State Supreme Court on June 26 held that the $160,000 paving bonds. Denomination $500. Interest semi-annually
water bonds awarded on May 25 to E . H . Rollins & Sons of at the Borough Treasurer’s office. Maturity $1,000 yearly
Denver (V . 86, p. 1545,) were legally issued. The case was from 1909 to 19 15 inclusive, $2,000 in 1916 and $1,500 in
certified up to the Supreme Court upon appeal from the Dis 1917.
C h e y e n n e , L a r a m i e C o u n t y , W y o . — Bonds Declared Valid.
Offering.—This
trict Court.
A t c h i s o n S c h o o l D i s t r i c t ( P . O . A t c h i s o n ) , K a n . — Bonds
K a n s a s C i t y , K a n . — Water-Works Legislation Declared Voted.— B y casting a vote of 1,360 “ for” to 682 “ against” ,
Constitutional.— According to the Topeka
“ Capital” of the electors of this district on June 30 authorized the issu
July 7, Judge John C. Pollock in the United States Circuit ance of $100,000 building bonds.
The Clerk of the Board
Court on July 6 issued an order enjoining the condemnation of Education advises us that these bonds will probably
commissioners appointed for Kansas City from proceeding not be offered for sale until the proposed improvements
further with the condemnation and acquirement of the water are completed and the money is needed.
works system of the Metropolitan Water Co. The Court
A t h e n s , A t h e n s C o u n t y , O h i o . — Bond Sale.— On July 13
held that the Act of the Legislature authorizing the condem the $10,000 5% coupon sewer-construction bonds described
nation proceedings was in accordance with the State Consti
in V. 87, p. 11 3 , were awarded to the Provident Savings
tution and was general and not special legislation, as claimed
Bank & Trust Co. of Cincinnati at 105.32 and accrued in
by the W ater Co., in that its provisions would in time affect terest. The following bids were received:
other cities than Kansas City. He transfers the whole
F r o v .S .B .& T r .C o .,C ln ..$ 1 0 ,5 3 2 00|Otls & Houarh, C leveland.$10,461 00
case, however, from the State courts in Wyandotte County
00
to the United States courts, basing this action on the diver
00
sity of residence of the parties to the suit, the complainant
00
00
company being a W est Virginia corporation. The city and
___________________
______ ______
00
water company are given twenty days’ time in which to Western German B k .,C ln . 10,476 60
agree upon a price to be paid for the water plant and system
Maturity $1,000 yearly on March 1 from 19 12 to 1921 in
or agree upon the personnel of a board of commissioners to
clusive .
be named to make an appraisement of the property and to
A t l a n t i c C o u n t y ( P . O . A t l a n t i c C i t y ) , N . J . — Bond Sale.
decide upon an equitable price. If the parties fail to get
together within this time the Court will name the commis —The Second National Bank of Atlantic City purchased
sioners itself and they will be directed to go ahead with the on July 6 $25,000 4% building-improvement bonds at par
appraisement. The price, when fixed either by agreement and accrued interest. Denomination $5,000. Date July 1
or otherwise, must be ratified by the electors at a special 1908. Interest semi-annual. Maturity $5,000 yearly on
Jan. 1 from 1910 to 1914 inclusive.
election.
A v o n , N . Y .— Bond Sale.— On July 14 the $15,000 1-30N e w J e r s e y . —-Passaic Valley Sewer Project.— The daily
papers report that at a conference held July 10 in Newark, year (serial) registered refunding water bonds described
ten of the municipalities of the Passaic Valley Sewer District, in V. 87, p. 113 , were awarded to the Rochester Savings
through their mayors or other official representatives, voted Bank of Rochester as 4.25s. The following bids were
to join in a contract to build without further delay or investi also received:
W . J. Hayes & Sons, Boston, bid 100.05 for 4.40s.
gation a $12,000,000 trunk sewer from Paterson to Newark
Edm und Seymour & C o., New Y ork, bid for 4.45s.
Bay for the purpose of removing the pollution from the
S. A . Kean. Chicago, bid for 4.45s.
Issaac W . Sherrill, Poughkeepsie, bid for 4.503.
Passaic River. The municipalities voting to make the con
A y l m e r , Q u e . — Debenture Offering Postponed.—The offer
tract were Newark, Passaic, East Oragne, Belleville, Kearney,
Harrison, East Newark, Glen Ridge, Bloomfield, Garfield ing of the $8,000 debt-consolidation and the $25,000 sewerand Rutherford. The representatives from Orange and installation 5% coupon debentures which was to have taken
Nutley stated that they had not been instructed to vote in place June 20 (V. 86, p. 1481) has been postponed to July 20.
the matter. Union Township was not represented, but is Proposals will be received by J . G. McDermott, Secretarysaid to be in favor of the commission’s report. Mayor Treasurer. Denomination $1,000. Interest May and No
McBride of Paterson, the only city which voted against the vember at the office of the Secretary-Treasurer. Maturity
plan, stated that his city would join the others in making of $8,000 issue is Nov. 1 1957, of $25,000 issue May 1 1957.
the contract provided it was ascertained to a certainty that These debentures are not taxable. Debenture debt at
the plan of placing the sewer’s outlet near Robbins Reef in present, $2,950. Floating debt, $7,000. Assessed valua
New York could be carried out against the opposition that tion 1907, $419,270. Exempt property valued at $ 119 ,17 5 .
has arisen in New York. He also proposed the building of a
B a l s a m , I t a s c a C o u n t y , M i n n . — Bond Offering.— Propos
disposal plant on the Newark meadows as an alternative to als will be received until 3 p. m. July 25 by F. L. Norman,
the proposed Robbins Reef outlet. Both of these proposi Town Clerk (P. O. Grand Rapids, Minn.) for $10,000 coupon
tions were voted down.
road and bridge-construction bonds. Authority election
B o n d
P r o p o s a ls
a n d
N e g o tia tio n s
th is w e e k
h a v e b ee rs a s f o l l o w s :
A d e n a V illa g e S c h o o l D is t r ic t (P . O . A d e n a ), J e ffe r s o n
C o u n t y , O h i o . — Bond Sale.— On July 10 the $17,500 5 %
school-building bonds described in V . 87, p. 50, were awarded
to the Security Savings Bank & Trust Co. of Toledo. -Ma
turity $500 each six months from March 15 1910 to March
15 1927 inclusive.
A l b a n y , N . Y . — Bond Sale.— Of the $200,000 water and
the $300,000 River Front 4 % 20-year registered improve
ment bonds described in V . 87, p. 50, the National Com
mercial Bank of Albany was awarded $100,000 at 102.125
and accrued interest and the German Savings Bank of New
York City was awarded $400,000 at 101 and accrued interest.
The following bids were also received:
Union T ^ s t Co.': A lb a J /u o U t h c GeVman'Sav: Bank
Mechanics’ & Farmers’ Sav. Bank. A lba n y ---------------Yfn"hi
First National Bank. St. .fohnsvllle---------------------------$10,010 tor $ 1 0 ,0 0 j
A bid was also recevied from the Albany City Savings
Institution of Albany.
A l l i a n c e , S t a r k C o u n t y , O h i o . — Bond Sale.— The following
bids were received on July 10 for the four issues of improve
ment bonds, aggregating $29,800, described in V . 86, p. 1602:
517,000
$2,500
$0,000
$1,30.1
5 % ass’m’t 4 X % (*) 5 % ass'm't 4
A
(*)
bonds.
bonds.
bonds.
bonds.
Sec. Sav. Bk. & Tr. C o., ToIedO -$17,l25 00 $2,573 00 $9,000 00 $1,325 00
First National Bank, Cleveland.
17,000 00 2,530 ou
Seasongood & Mayer, C ln c ln .-.
17,073 10 2,556 oO
Otis & H ough, Cleveland
17,070 00
2 597 00
W estern-German Bank, Cincln.----- 17,006 60 2,o51 60
Prov. Savs. Bank & Tr. C o., Cln. -------------2 ,ool oo
W . R. Todd & C o., Cincinnati-- ------------------------
» , ojj
9,102
0,1 lo
0,016
—
---
oo
, u
60 1,322 88
00------- - - - -
60 1.315 60
1,314 00
1,351 00
H * City’s portion.
held June 20 1908. Denomination $ 1 ,000. Maturity $1,000
yearly, beginning ten years from date of bonds.
B a l t i m o r e , M d . — Bond Offering.—Proposals will be re
ceived until 12 m . Aug. 17 by John M. Littig, President Board
of Finance Commissioners, for $1,000,000 3
registered
sewerage-system-construction bonds. Interest- April 1 and
Oct. 1. Maturity Oct. 1 1980. Bonds are exempt from city
taxes. Annual State tax is paid by city. Certified check
payable to the “ Mayor and City Council,” or a cash deposit
equal to 2% of the loan bid for, is required. Settlements
in full on allotments must be made with the City Register
on Aug. 2 1, on which day the certificates will be ready for
delivery.
The official notice of this bond offering ivill be given next week
among the advertisements elsewhere in this Department.
B a rb e rto n ,
O h i o . — Bond Offerings.— Proposals will
be
received until 12 m. July 20 by L. C. Dibble, Village Clerk,
for the following bonds:
$3,102 45 5 % coupon water-works-lmprovement bonds.
5300, except one bond of $402 4;>.
Maturity *300 yearly
on Sept. 1 from 1900 to 1017 Inclusive and $402 4o on
Sept. 1 1018.
Date Sept. 1 1008.
,
4,809 22 5 % coupon bonds to meet the dellelency In the assessment for
the Improvement of High Street.
Denomination $1,000
except one bond of $802 22.
Date Aug- I 10° 8 M a
turity on Sept. 1 as follows: $ 1 , 000 yearly from 1009 to
1012 Inclusive and $892 22 In 1913.
In addition to the above, proposals will also ,be received
until 12 m. July 27 for the following bonds:
$9,189 02 5 % coupon Second Street Improvement (city’s portion) bonds.
Denomination $900. except one bond of $ 1,080 ug.
M a
turity $000 yearly on Sept. 1 from 1000 to 1017 Inclusive and
$1,089 02 on Sept. 1 1018.
^
.
..
Denomination
20,657 35 5" coupon Second Street Improvement bonds.
$2,065, except one bond of $2,072 35.
Maturity *2,06.)
yearly on Sept. 1 from 1000 to 1017 Inclusive and $ - .0 7 - Jo
*
on Sept. 1 1018.
Authority Section 2835, Revised Statutes. Date Aug. 1
1908. Interest semi-annually at the Village Treasurer’s
by E. S. Atkinson, County Judge (P. O. Angleton) for office. Certified check for $200, payable to the Village
A n g le to n
B on d
D r a in a g e
D is t r ic t , B r a z o r ia
C o u n ty , T e x a s .—
O ffe r in g .— Proposals will be received until July 30
July
18 1 9 0 8 . |
T H E CHRONICLE
Treasurer, is required with bids for each issue. Purchaser
to furnish blank bonds and pay accrued interest.
B a r b o u r s v i l l e , C a b e l l C o u n t y , W . V a .— Bonds Not to Be
Re-offered at Present.— In response to our inquiry as to wheth
er or not the $15,000 5 % 10-30-year (optional) coupon water
works and sewerage bonds, bids for which were rejected on
April 20 (V. 80, p. 1177), would again be placed on the mar
ket in the near future, the City Recorder writes us that they
will not be placed on sale before next spring in all probaB ea rd stow n
S ch ool
D is tr ic t
(P .
O.
B e a r d s to w n ),
111.—
Bond Sale.— On July t this district sold $35,000 10j4-year
(average) school-building bonds to N . W . Halsey & Co. of
Chicago at
at 101.91 and accrued interest— a basis of
about 4 .2 7 3 % .
Denomination $500. Date July 1 1908.
B e a ttie I n d e p e n d e n t S c h o o l D is t r ic t , C o m a n c h e C o u n t y ,
Tex.
Bonds Withdrawn from the Market.— We arc advised
that the $ 1,000 0 % 5-20-year (optional) school-house bonds
describ 'd in V. 80, p. 1237, have been withdrawn from the
market, owing to the recent decision of the Supreme Court,
winch invalidates the bonds of a number of independent
districts. See V . 87, p. 1 1 2 .
B e a u f o r t , B e a u f o r t C o u n t y , S . G.— Bonds Voted.— A vote
oi /9 'for” to 28 “ against” was the result of an election held
June 29 to vote on the question of issuing $43,000 bonds for
a water-works plant, an electric-light plant and for building
a town hall.
r B e l m o n t ( P . O . B o s t o n ) , M a s s .— Bond Sale.— On July 10
$14,000 4 % 1-14-year (serial) coupon school bonds were
awarded to the Belmont Savings Bank of Belmont at
101.30 and accrued interest— a basis of about 3 .8 0 % .
The
bids received were as follows:
Helmoat Savings Hank..........101.30 |li. L. Day A C o., Heston
100 29
C. E . Denison & C o . . ......... .1 0 1 .0 7 | E . M . Earns worth & Co
1 0 o !z 7
Estabrjok & Co., Boston— 100.07 ICrocker & Fisher
100 15
Adam s & Co., Dost. & N. Y . 100.333 |H. L. Mason & Co
...............100 015
Blodgct, Merritt & C o., D ost.100.298 IN. W . Harris A Co Boston" 100 01
B e m i d j i , M i n n . — Bond Election.— An election will be
held Aug. 11 to vote on the question of issuing $50,000 5 %
water-works and fire-department bonds. Interest semi
annual. Maturity Sept. 1 1928.
B e t h e l , F a i r f i e l d C o u n t y , C o n n . — Bids Rejected.— All bids
received on July 15 for the purchase of $35,000 4 % water
bonds offered on that day were rejected. Denomination
2 bonds ol $10,000 each and one bond for $15,000. Date
July 1 1908. Interest semi-annually at the Importers’ &
1 raders National Bank in New York City. Maturity part
due in each of the years 1918, 1928 and 1938.
B i n g h a m t o n , B r o o m e C o u n t y , N . Y .— Bond Sale.— On
July (> the Water Commissioners of Binghamton were awarded
$25,000 j y 2% sewer bonds at par. This was the only offer
received. Denomination $5,000.
Date July 1 1908. In
terest February and August. Maturity part yearly on Aug.
1 from 1920 to 1923 inclusive.
Blackduck Independent School District No. 60 (P. O.
Blackduck), Beltrami County, Minn.— Bids Rejected— Bond
Offering.— This district rejected the bids received on July 9
from the Minnesota Loan & Trust Co., Kane & Co., S. A.
Kean, T. E . Magraw and Duluth parties for the $15,000 7 %
registered building bonds described in V. 87, p. 50. Bids
are again asked for and will be received this time until July 24.
Blakely, Early County, G a.— Bonds Defeated.— On June
10 this city defeated a proposition to issue $21,000 5 %
sewer bonds.
Bloomington, Grant County, W is .— Bonds Defeated.— We
are advised that a proposition to issue $13,000 water-works
bonds was defeated on July 0 by a vote of 35 “ for” to
89 “ against.”
Bolivar, Alleghany County, N. Y .— Bond Offering.—
Proposals will be received until 8 p. m . Sept. 1 by A . J.
Matson, Village Clerk, for $5,500 5 % registered streetmacadamizing bonds. Denomination $1,100.
Date Sept. 1
1908.
Interest semi-annually at the State Bank of Bolivar
Maturity $1,100 yearly onSopt. 1 from 1909to 1913inclusive.
Certified check for 10 % is required. Total debt, this issued
Bonner Springs, Wyandotte County, K an .— Bonds Voted'.
— The issuance of $25,000 bonds for a municipal water-works
system was authorized by the voters of this place on July G.
179
City Treasurer, for $60,000 5 % court-house, city-hall and
jail bonds. Denomination 81,000.
Date Aug. 1 1908. In
terest semi-annual. Maturity thirty years, subject to call
after twenty years. Certified check for $ 1,000 is required.
B r i s t o l C o u n t y ( P . O . T a u n t o n ) , M a s s . — Note Offering.—
I roposals will be received until l O a . r a . July 21 by William
ndn
^lerk Board of County Commissioners, for $ 10 0 ,
000 4 % New Bedford Registry of Deeds building notes. Au
thority Chapter 3GG, Acts of 1908.
Denomination $20,000.
Date July 23 1908. Interest semi-annually at the First Natiomil IJankin Boston or by check if so desired. Maturity
July 23 1912. Notes are exempt from taxation
B r o o k h a v e n U n io n F r e e S c h o o l D is tr ic t N o . 2 4 . N
Y _
_
Bond Sale.— About June 15 the Patchogue Bank purchased
836,000 5 % bonds of this district. Denomination $ 1 ,000.
P fo n o Uly \ 1908‘ Interest Jun” 1 and Dec. 1 . Maturity
$4,000 yearly.
J
B r o o k l a n d S c h o o l D i s t r i c t , H e n r i c o C o u n t y , V a . __ Bonds
Defeated.— Returns indicate that a proposition to issue
$40,000 school-improvement bonds met with defeat at an
election held June 1 1 .
•
B u r n a b y , B . C . — Debenture Offering.— Proposals will be
received until 12 m . Aug. 1 bv C. T . Saunders (P. O. Box 34
New Westminster), for $13,000 G% 25-year school deben
tures. Denomination $500.
B y e s v ille , G u e r n s e y
C o u n t y , O h i o . — Rond Offering.—
Proposals will be received until 12 m . July 20 for the $5,000
5 % coupon Depot Street paving (village’s portion) bonds
voted on June 1 . Authority Sections 100 of the Muni
cipal Code and 2835, 2835b, 283G and 2837s of the Revised
Statutes. Denomination
$200. Date
Sept.
15
1908.
Interest semi-annually at the Treasurer’s office or at the
First National Bank. Maturity $200 yearly on Sept. 15
Irom 1911 to 1935 inclusive. Bonds are exempt from all
taxes. Purchaser to pay accrued interest.
Bonded debt
including this issue $9,400.
C a ir o S c h o o l D i s t r i c t N o . 1 ( P . O . C a i r o ) , A l e x a n d e r
C o u n t y , 111 .— Bond Offering.— Proposals will be received
until Aug. 1 by the Board of Education, Edward L. Gilbert
ivmlet
^° t $30,000 5 % gold bonds. Denomination $1 000. Date July 1 1908. Interest semi-annually at the
Alexander County National Bank in Cairo. Maturity $2 000
yearly on July 1 from 1913 to 1927 inclusive.
’
C a l d w e l l , C a n y o n C o u n t y , I d a h o . — Bids Refected.— Two
proposals were received on July G for the $5,000 5 % 10-20year (optional) gold coupon bridge-construction bonds de
scribed in our issue of July 4. We are advised that as these
offers were not accompanied by the required certified checks
they were rejected.
C a l d w e l l C o u n t y ( P . O . L o c k h a r t ) , T e x . — No Action Yet
Taken.— W e are advised under date of June 9 that no steps
have yet been taken in regard to issuing the $25,000 jailconstruction bonds voted on March 28. See V. 8 6 , p. 1 1 1 2 .
C a l g a r y , A l t a . — Debenture Sale.— It is stated that $20,000
5 % school debentures were recently awarded to G. A . Stimson & Co. of Toronto. Maturity part yearly for thirty years.
C a m r o s e , A l b e r t a . — Debenture Offering.— Proposals will
be received by R . D . Fleming, Secretary-Treasurer, for
810,000 6 % debentures dated Feb. 22 1907 and 85 000
debentures dated Dec. 17 1907. Interest annual. Maturity
part yearly for twenty years.
C a n to n S c h o o l D is t r ic t (P . O . C a n to n ), S t. L a w r e n c e
C o u n t y , N . Y . — Bond Sale.— W e are advised that on July
10 an issue of 84,200 4 % 1-21-year (serial) coupon high-school
bonds, offered on that day, were sold at par. Denomination
•
^ate July 10 1908. Interest on Dec. 1 at the Dis
trict I reasurer’s office.
C h e h a h s , L e w i s C o u n t y , W a s h . — Road Offering.— Pro
posals will bo received until 7 p. m . Aug 17 bv W
\
Westover, City Clerk, for the $175,000 gravity-watersystem bonds voted on June 30.
Interest rate' not to
exceed G % . Certified check for $1,000 is required.
C h e m u n g C o u n t y ( P . O . E l m i r a ) , N . Y . — Bond Offering.—
Proposals will be received until 2 p. m . July 20 by Thomas
J. Wintcrmute, County Treasurer for the following 4 1 4 %
coupon bonds:
°
Brantford, O nt.— Debenture Sale.— On July 4 the $144,842
debentures offered on that day (V . 87, p. 51) were awarded
to W ood, Gundy & Co. of Toronto. The securities answer
to the following description:
53J,4 G 88 bonds for the Improvement of W el!sb i:r- Road No
O
S25.000
19,020
15,901
11,705
2 8 ,8 0 )
5,000
39,314
Date of bonds Aug. 1 1908. Interest semi-annually at
the office of the County Treasurer.
4 Jj % sewer debentures. Maturity July 2 1938.
4 A % local Improvement debentures. Maturity July 2 1928.
5"5
local Improvement debentures.
.Maturity Dec. 3 1 1 9 2 7 .
5%
local Improvement debentures.
Maturity Dec. 31 1920.
A 'A % local Improvement debentures.
Maturity July 2 1923.
4
bridge debentures.
Maturity July 2 1918.
4 3 4 % sevver-extenslon debentures.
Maturity part yearly from
1909 to 1937 Inclusive.
Briarcliff Manor, Westchester County, N. Y .— Bond Sale.
— On July 14 the $75,000 4 % % bonds for the purchase of
a water plant offered on that day (V . 87, p. 51) were awarded
to N . W . Halsey & Co. of Now York City at 100.11. De
nomination $1,000. Date July 10 1908. Interest semi
annual. Maturity $3,000 yearly from 1913 to 1937 in
clusive.
Bristol, Washington County, Va .— Bond Offering.— Pro
posals will be received until 4 p. m . July 20 by G. C. Puqua,
355
Mt
tXS’ YSu to l . * 7 * m d I S M " A
40,300
m.
M.M»Vcar,s
oo bonds for the Improvement of Horseheads-Cornlae Road No
358.
Maturity on Feb. 1 as folio, s: $ 1 2 , 3 >,j In 1910. $10 009
In each of the years 1918 and 1919 and *8.000 In 1920.
'
C h i c k a s h a S c h o o l D i s t r i c t ( P . O . C h i c k a s h a ) , O k l a .— Bond
Sale. On July 7 the $90,000 5 % 20-year gold school-addi
tion and high-school-building bonds offered on July G (Y 87
P; . 1) were awarded to the Harris Trust & Savings Bank of
5
Chicago at 100.25. Denomination $1,000.
Date Aug. 1
1908. Interest annually in Chickasha.
C la y T o w n s h i p S c h o o l D i s t r i c t ( P . O . P h i l l i p s b u r g ) , M o n t
g o m e r y C o u n t y , O h i o . — Bond Offering.— Proposals' will be
received until 2 p. m . to-day (July 18) bv E . P. Huddle,
Clerk Board of Education, for $10,000 5 % coupon school
building-construction bonds. Authority Section 22b, Re
vised Statutes. Denomination $500. Date Aug. 1 1908.
Interest semi-annual. Maturity $ 5 0 0 yearly on Aug. 1
[V O L . L X X X V II.
T H E CHRONICLE
180
from 1909 to 1928 inclusive. Bonds to be delivered Aug. 1
1908. This district has no debt at present.
C l e a r f i e l d S c h o o l D i s t r i c t ( P . O . C l e a r f i e l d ) , C le a r f i e l d
C o u n t y , P a . — Bonds Voted.— The electors of this district
on May 2 authorized the issuance of the $45,000 school
building and improvement bonds mentioned in V . 86, p.
1113, by a vote of 369 to 200. Maturity thirty years, but
subject to call, however, before that time.
C lin t o n S c h o o l D i s t r ic t ( P . Q . C lin t o n ), H u n t C o u n t y ,
T e x a s . — Bonds to Be Offered Shortly.— Vic are advised, under
date of June 13, that it is hoped to be able to offer in July
the $3,500 building bonds voted at the election held March 7.
C o l e r i d g e S c h o o l D i s t r i c t ( P . O . C o l e r i d g e ) , N e b . — Bonds
Voted.— W e see it stated that at an election held June 11
there were 157 votes in favor of issuing $15,000 brickschool-building bonds, while only 33 were against it.
C o l l i n g w o o d , O n t . — Debenture Scile.— It is stated that
G. A . Stimson & Co. of Toronto have purchased the three
issues of debentures offered on June 24. See V . 86, p. 1545.
The securities answer the following description.
D a y s l a n d , A l b e r t a . — 'Debenture Offering.— Proposals wil
be received by Ed. H . Dawson, Secretary-Treasurer, for the
following debentures:
$1,000 6 % debentures for a “ nuliance ground.”
1,000
11
'
6 % debentures for cemetery ground.
M aturity part yearly for
Maturity part yearly for 15
000 6 % debentures for sidewalks and for flre-extlngulshlng apparatus.
' Maturity part yearly for 10 years.
The above debentures are dated June 1 1908. Interest
annual.
D a y t o n a , V o l u s i a C o u n t y , F l a . — Bond Election Proposed.—
This city is considering the advisability of calling an election
to vote on the proposition to issue the $50,000 fire-protection
bonds mentioned in V. 86, p. 300. W e are advised, how
ever, that up to June 15 no date had yet been set for this
election.
D e e r R iv e r S c h o o l D is tr ic t N o . 6 (P . O . D e e r
I t a s c a C o u n t y , M i n n . — Bond Offering.— Proposals
R iv e r ),
will be
received until 8 p. m . July 23 by Alexander T . Reid, District
Clerk for $35,000 5 % coupon building bonds. Authority
election held July 2 1908. Interest semi-annual. Maturity
part yearly for eighteen years, commencing two years from
S25 000 5 %
debentures Issued In connection with the bonus of the
the date of issue. ' Certified check for $350, payable to O. E .
0
imperial Steel & Wire Co. Maturity part yearly for twenty
Moore, District Treasurer, is required.
8 600 4 \4% debentures Issued under Consolidated Debenture A ct, 1890.
’
M aturity part yearly for tldrty years.
D e l a w a r e , O h i o . — Bond Sale.— On July 14 the $12,150 5 %
7 700 4 K % debentures Issued under Consolidated Debenture A c t, 1889.
coupon W est William Street and W est Lincoln Street paving
’
Maturity part yearly for thirty-five years.
(city’s portion) bonds, maturing on March 1 as follows:
C o l l i n w o o d , C u y a h o g a C o u n t y , O h i o . — Bonds Defeated.—
$2 150 in 1909, $2,000 in 1910 and $1,000 yearly from 1911
In local papers it is reported that the issuance of $40,000
t o '1918 inclusive, and the $2,420 5 % coupon funding bonds,
fire-station bonds was defeated at an election held June 2.
maturing on March 1 as follows: $500 in 1909 and $480
C o l u m b i a C o u n t y ( P . O . H u d s o n ) , N . Y . — Bond Offering.—
yearly from 1910 to 1913 inclusive, and described in V . 87,
y .
1 1 i the
p 114, were awarded to i t . . . Delaware T s J o t ir m n l Bank o f
National H r m lr of
E . Washburn Scovill, County Treasurer, will offer at public J
auction at 3 p . m . July 23 (date changed from July 20), at Delaware at 103.58 and 102.19 respectively. Following is
the office of the National Hudson River Bank, No. 520 a list of the bids received:
52,420
$12,150
Bonus.
Bonus.
Warren Street, Hudson, N . Y . , $100,000 4 ^ %
coupon
$2,473,00
Delaware National Bank, Delaware........ ................ .........
2,445 65
bonds. Denomination $1,000. Interest Jan. 1 and July 1. Seasongood & Mayer, Cincinnati..................- ........... ......... .
J
lA
2,475 00
Delaware.....................................
Maturity $10,000 yearly on July 1 from 1910 to 1919 inclu Delaware Savings Bank, m b u s ................. - - ..................... 1 9 4 1’ 1 1 83 w o
Barto, Scott & C o., C o lu
,1
sive.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
C o lu m b u s J u n c t io n , L o u is a C o u n t y , I o w a .
Bond Elec
tion Postponed.— Vic are advised under date of July 8 that
the election which was to have been held on July 6 to vote
upon the question of issuing the $4,000 water-tank bonds,
mentioned in V. 87, p. 51, has been postponed indefinitely.
C o n w a y , B e a v e r C o u n t y , P a .— Bonds Voted.— A vote of
106 “ for” to 5 “ against” was the result, according to the daily
papers, of an election held recently on a proposition to issue
$20,000 water-works-system bonds.
C o r l e t t ( P . O . S t a t i o n D , C l e v e l a n d ) , O h i o . — Bids.— The
following bids were submitted on July 6 for the $4,000watersupply and $3,000 sewer-construction 5 % 20-ycar bonds
awarded on that day, as reported by us m V ,. 87, p. 114, to
the Security Savings Bank & Trust Co. of Toledo.
Somerset c a n s , Somerset (for both Issues)---------------- 1 1 ,tw
Somerset Bank, oomersei uor uuui m u ™ ....................
H ayden, Miller & C o., Cleveland - - - - - - - - .................... 1 9
I 00
{(H
Security Savings Bank & Trust C o., Toledo--------------W ell, Hoth & Co., Cincinnati............... ..................... ............76
C. G. Denison & C o., Cleveland----------------------------------- i t ’ a-in
VVcstern German Bank, Cincinnati------------------------------V nn
Otis & Hough, Cleveland............... ....................................—
2,44 7 ,0 0
2,434 50
2,435 55
2,423 75
D e l p l i o s , A l l e n C o u n t y , O h i o . — Bonds Defeated.— At an
election held June 25, only 194 votes were case in favor of a
proposition to issue $25,000 school-building bonds, while 243
were against it.
„
,
. m , •
D e n is o n ,
G rayson
C o u n t y , Te x .— Purchase of
Water
Works Ratified.— 'The proposition to purchase the property
of the Denison City Water Co. for $110,000 was favorably
voted upon June 30. See V . 86, p. 1545. The vote was
374 to 198.
^
.
D e t r o i t , M i c h . — Bonds Awarded in Part.— On July 14
$100,000 of the $250,000 3 ^ % 30-year coupon waterworks-construction bonds, a description of which was
given in Y . 86, p. 1604, were awarded to the Old Detroit
National Bank at 101.
s
nrin
Sec Sav B k.& T r C o .,T o l-$ 7 ,120 0 0 1Otis & Hough, Clevelancl__$7,298 00
D o d g e C o u n t y ( P . O . J u n e a u ) , W is .— Bids.— The $70,000
4 % 2-8-year (serial) coupon insane-asylum bonds awarded
C o r n e l i a , H a b e r s h a m C o u n t y , G a .— Bond Sale.— Vic are on July 1 to the Citizens’ Bank of Juneau (V . 87, p. 114),
advised that the $10,000 5 % 30-year municipal school-house attracted the following list of proposals:
bonds offered on June 30 and described in V . 86, p. 1603,
have been disposed of.
^ D o m in io n o T c a A ^ — Aescriph'on 0/ f 5 ^ 0 0 , 000
C o t t o n w o o d , I d a h o C o u n t y , I d a h o . — Bonds Defeated— Vic
are advised that the election held June 30 to vote upon the Of the £5,000 ,00 0 3 % % inscribed stock ° ? e$cd j?y popular
question of issuing the $5,000 street and $2 000 park bonds, subscription at par until July 3, £3 ,648 ,50 0 is for the purpose
mentioned in V . 86, p. 1603, resulted in the defeat of the of meeting that amount of 4 % bonds due Nov 1, while the
remainder is for public works. As stated last week (V . 87,
propositions. The vote was 38 for to 21 against.
0.1 1 5 ), only £2,150,000 of this issue was subscribed for, the
C o u r t la n d S c h o o l D is t r ic t (P . O . C o u r t la n d ), L a w r e n c e
oalance being taken by the underwriters
Denominations
C ou n tv
A l a . — Bonds Voted.— An election held July 6 re
s u l t e d f a v o r of the question of issuing $5,000 5-year £100, £5 00 and £ 1 ,0 0 0 . Interest May 1 and N ov. 1.
building bonds.
C r a w f o r d v i l l e , T a l i a f f e r r o C o u n t y , G a . — Bonds Voted.—
The election held June 30 resulted in favor of the $10,000
building bonds mentioned in V . 86, p- 1604,.
D a l l a s , T e x . — Bids R e je c te d .-Two bids both of which
were rejected, were received on July 6 for the $430,000
water-works and $50,000 street-improvement 4 % gold
coupon bonds mentioned in V . 86, P- l u04p „ T S l + i n n a i
was from J. Howard Ardrey, c a s h ie r of the Gaston National
Bank, offering $395,901 for the $430,000 water bonds.
The other offer was from the Dallas Trust & Savings Bank
for $10,000 of the street bonds at 93.
D a l l a s C o u n t y ( P . O . D a l l a s ) , T e x . — B o n d s Registered —
On July 3 five issues of 4 % 5-20-ycar (optional) bridgerepair bonds, aggregating $7,850, were registered by the
State Comptroller.
D a v i d C i t y , B u t l e r C o u n t y , N e b . — Bond Safe.— The City
National Bank of David City, offering par, was the successful
bidder on July 8 for the $17,000 5 % 5-20-year (optional)
registered sewer bonds described in V . 87, p. 52.
1 he only
other bid received was one of $16,830 submitted by S. A .
Kean of Chicago.
D a u p h i n , M a n . — Debenture Offering.— T h i s t o w n is o f f e r i n g
f o r s a le $26,500 5 % g r a n o l i t h i c s i d e w a l k d e b e n t u r e s m a t u r i n g
part
y e a r ly
fo r
tw e n ty
J o h n s t o n is T o w n C le r k .
yea rs.
In terest
a n n u a l.
J.
W .
^ D o n o r a ^ S c h o o l 9 D is tr ic t (P . O . D o n o r a )
W a s h in g to n
C o u n t y , P a .- B o n d Offering.-P ro p o sa ls will be received
until 8 p. m . July 22 by O. G. Frazier, Secretary, for $80,000
coupon bonds. Denomination $1,000. Date Aug. 1
1908. Interest semi-annually in Donora. Maturity
yearly from 1909 to 1922; $3,000 in 1923 and 1924; $4,000 m
1925 1926 and 1927, and $6,000 yearly from 1928 to 1935
inclusive. Bonds are exempt from State tax. Certified
check for $1,000 is required.
^ . . __
Dos Palos Joint Union High School District, Merced
County, Cal.— No Bond Election at Present.— W c are in
formed under date of June 9 that “ until next year no action
will be taken in regard to holding an election to p -su b m it
the question of issuing the $30,000 6 % school-building bonds
^D ou glasvillei D ^ l a ’ s ’ oounty, 0 . . - B . * *
at an election held July 7.
C uyahoga
C ou n ty ,
,
M
g
.
__ . .
Authorized.
The City Council on May 18 passed an ordinance providing
for the issuance of $35,000 4 % coupon bonds for the pur
pose of erecting a municipal light and power plant. DeK i n a t i o n S500. Date July 6 1908
A n riF I
annual. Maturity *1,000 each six months from April 1
1913 to Oct. I 1947 inclusive. E . F . Wible (P . O. Canal
Dover) is City Auditor. '
D over,
„
M
O h i o . — Bonds
J uly 18 1908. |
T H E CHRONICLE
D u a r te S c h o o l D is tr ic t (P . 0 . D u a r te ), L o s A n g e le s
C o u n t y , C a l . — Bond Election Proposed.— This district pro
poses to call an election to submit to a vote of the people
a proposition to issue $15,000 grammar-grade-school-building
bonds.
D u n k ir k S c h o o l D is tr ic t (P . O . D u n k ir k ), J a y C o u n ty , I n d .
— Bond Offering.— This district is offering at private sale
$22,500 5 % coupon building bonds. Denomination $500.
Date July 1 1908. Interest semi-annually at the First State
Bank in Dunkirk. Maturity $500 on July 1 1909 and
$1,000 yearly on July 1 from 1910 to 1921 inclusive, all bonds
being subject to call after July 1 1918. Bonds are exempt
from all taxation.
Bonded debt $21,000. Floating debt
$4,000. Assessed valuation 1908 $750,000.
D u n m o r e S c h o o l D i s t r i c t ( P . O . S c r a n t o n ) , P a . — Bond
Election.-—The Board of Education has decided to hold
an election on Aug. 1 to allow the voters to determine
whether or not $80,000 5 % funding and building bonds
shall be issued. Maturity five, ten, fifteen and twenty
years.
D u v a l C o u n t y ( P . O . J a c k s o n v i l l e ) , F l a . — Bond Election
Postponed.— The election which was to have been held May 19
to vote on the question of issuing the $250,000 30-year road
a n d bridge bonds at not exceeding 5 % interest, mentioned in
V. 86, p. 1113, has been postponed indefinitely.
E a s t J o r d a n , C h a r l e v o i x C o u n t y , M i c h . — Bond Offering.—
Proposals will be received until Aug. 1 by Chas. A . Hudson,
Village Clerk, for $19,824 4 ) ^ % watcr-works-cxtension
bonds. Interest annually at the State Bank of East Jordan.
Maturity Sept. 1 1918. Certified check for $500, payable to
H . Milford, Village Treasurer, is required. Purchaser to
furnish blank bonds. Assessed valuation 1907, $541,000.
E a s t P a lis a d e I r r ig a t io n D is t r ic t ( P . O . P a lis a d e ) , M e s a
C o u n t y , C o l o . — Bond Offering.— Proposals will be received
until 10 a. m . Aug. 3 by the Board of Directors for $26,000
bonds at not exceeding 6 % interest. Martin P. Walker
is President and G. S. Herbolsheimcr is Secretary of the
Board of Diretcors.
E a s t W a te r lo o I n d e p e n d e n t S c h o o l D is tr ic t (P . O . W a t e r
l o o , B l a c k h a w k C o u n t y , I o w a . — Bond Offering.— Proposals
will be received until 10 a. m . Aug. 3 by F . J. Eighmcy,
Treasurer, for the $20,000 4 } /2 % coupon school-building
bonds mentioned in V. 86, p. 1546. Denomination $1,000.
Date, Aug. 1 1908. Interest payable semi-annually at
Waterloo in New York exchange. Maturity Aug. 1 1918.
Certified check for $200, payable to the Treasurer, is required.
E d g e w o o d S c h o o l D i s t r i c t , B u c k s C o u n t y , P a . — Bond
Sale.— W e are advised that the $36,000 4 j ^ % Series " D ”
bonds, described in V . 87, p. 115, were disposed of on July 13.
E ld o r a d o S c h o o l D is t r ic t (P . O . E ld o r a d o ), P r e b le C o u n t y ,
O h i o . — Bonds Defeated.— A proposition to issue bonds w a s
defeated at an election held recently by a vote of 29 "fo r ” to
33 "against.”
E l g i n S c h o o l D i s t r i c t , M a n . — Debenture Sale.— An issue of
$3,000 debentures of this district has been purchased at par
by T. J. Moffat of Elgin.
E lm e r S c h o o l D i s t r i c t N o . 6 1 ( P . O . E l m e r ) ,
C o u n t y , O k l a . — Bond Offering.— Wiley Mudgett,
Jackson
District
Clerk, is offering at private sale the $10,000 6 % building
bonds recently voted. Interest payable at Altus. Ma
turity twenty years.
E lm h u r s t, A la m e d a
C ou n ty ,
C a l . — Bonds Defeated.—
An election held May 16 resulted in a vote of 137 "fo r ” to
160 “ against” a proposition to issue $75,000 bonds for the
installation of a sewerage system.
E l P a s o C o u n t y ( P . O . E l P a s o ) , T e x . — Bonds Registered.—
The $28,000 3 % court-house-addition bonds recently voted
and sold to the State Permanent School Fund (V. 86, p. 619),
were registered on May 13 by the State Comptroller. Matur
ity April 10 1924, subject to call after five years.
E l s i n o r e , R i v e r s i d e C o u n t y , C a l . — Bonds Defeated.— The
question of issuing bonds to purchase the lighting plant
mentioned in V. 86, p. 1424, was defeated, we are advised,
at the election held June 9.
Embro, O nt.— Debenture Offering.— Proposals will be re
ceived by E . J. Cody, Village Treasurer, for $5,000 4 % de
bentures, maturing part yearly for twenty years. The pro
ceeds of this issue will be loaned to the St. Mary’s & Western
Ontario Railway Company.
E m p o r i a , K a n . — Bond Offering.— Proposals will be received
until 8 p. m . July 20 by G. O. Mathewson, City Clerk, for
$10,000 4 j ^ % 20-year coupon electric-light bonds and
$75,000 5 % 1-10-year (serial) coupon paving bonds. Denom
ination $500.
Date Oct. 1 1908. Interest March and Sept,
in New York City at the fiscal agency of the State of Kansas.
The paving bonds are tax-exempt. Certified check for 3 % ,
payable to the City of Emporia, is required.
E t o w a h C o u n t y ( P . O . G a d s d e n ) , A l a . — Bond Election.—
Through a letter received from the Judge of Probate we
learn that an election will be held on Aug. 3 to submit to
a vote of the people a proposition to issue $200,000 5 %
30-year road bonds.
Everett, M ass.— Bids.— The following bids were received
on June 16 for the $60,000 4 % 1-10-year (serial) streetimprovement bonds awarded on that day, as stated in
V. 86, p. 1546, to Perry, Coffin & Burr of Boston:
181
Perry, Coffin & Burr, Boston 100.903
ti. \\ . Poor & C o., B o s to n ..1 0 0 .7 7
Blodget, Merritt & C o., B ost.100.41
Blake Bros. & C o.. B o s to n ..100 .3 1
|Estabrook & C o., B oston____ 100.15
ICrocker & Fisher. B o s to n .. . 100.133
IN. W . Harris & C o., B o s to n .100.092
j
Denomination $1,000 each. Date June 1 1908. Interest
semi-annually at the City Trust Co. of Boston, who also
certified to the genuineness of the issue.
F a ir m o n t S c h o o l D is t r ic t ( P . O . F a i r m o n t ) , F illm o r e
C o u n t y , N e b . — Bonds Voted.— The election held May 11 re
sulted in a vote of 333 "fo r ” to 81 "against” the proposition
to issue the $27,500 5 % 20-year school-building bonds
mentioned in V . 86, p. 1178. No date has been set for the
sale of these bonds.
F a i r v i e w , M a j o r C o u n t y , O k l a . — Bonds Voted.— On June 24
this city voted to issue $15,000 6 % 25-year electric-light
bonds.
F in d la y S c h o o l D is tr ic t (P . O . F in d la y ), H a n c o c k C o u n ty ,
O h io .
Bond Sale.— On July 15 the $10,000 4 }4 % 5-14-
year (serial) coupon refunding bonds described in V. 87,
p. 115, were awarded to the American National Bank of
1 indlay at 100.97 and accrued interest. Interest payable
in Findlay.
Following are the bids:
ruHet' n V " S P ’ ’ £Jnd.lay -*J 0,097
West^-Ger. Bk. C ln c ln .. 10,091
lh e Davies-Bertram C o..
...Cincinnati --------------------- 10,088
U ell Roth & Co., C ln _. 10,086
Hayden
Miller & C o.,
C lev elan d ----------------------- 10,082
00|Otls & Hough, Cleveland.$10,055 00
66 |Com .Bk.& .S'av.Co.,F!nd’ y 10,040 00
|Sec. Sav. Bk. & Tr. Co
001
Toledo ...................... . . . j 10 021 00
00 |Buckeye N at. B k ., Findlay 10,020 00
New First N at. Bank,
00 I C olu m bus_______________ alO 187 00
a For 4 H % bonds.
F i t c h b u r g , W o r c e s t e r C o u n t y , M a s s .— Temporary Loan —
According to reports, this city recently borrowed $50,000
from Loring, Tolman & Tupper of Boston at 3 .4 6 % dis
count. Loan is dated July 18 1908 and matures in six
months.
F o r t A t k i n s o n , J e f f e r s o n C o u n t y , W i s .— No Bond Elec
tion at Present.— An ordinance which provided for an election
July 7 to vote on the issuance of $25,000 bridge bonds was
recently defeated. We are informed, however, that "there
m ay possibly be a smaller bond issue later.” .
F o r t M i l l , Y o r k C o u n t y , S . C . — Bonds Defeated.— An elec
tion held recently resulted in the defeat of a proposition to
issue $10,000 school bonds.
F o s t o r i a S c h o o l D i s t r i c t ( P . O . F o s t o r i a ) , O h i o . — Bond
Sale.— On July 15 the $70,000 4 j ^ % school-building bonds
described in V . 87, p. 115, were awarded to Barto, Scott
& Co. of Columbus at 102.687 and accrued interest.
Following are the bids:
B'irto, Scott & C o.. C o l . . $71,881
W ei!, Roth & C o., C I n ... 71,801
Otis & Hough, Cleveland. 71,687
hirst N at. B k .. Cleveland. 71.398
H ayden, Miller & Co., Clev|7 1,337
50 |C. E . Denison & C o., Clev.$71,169
00|New First N a t.B k ., C ol. 71,138
00 ISeasongood & Mayer, Cln. 71,006
00|\V. J. Hayes & Sons, Clove. 70,820
00 IW. R .T o d d & C o ..Clncln. 70,715
75
00
75
00
00
F r a n k l i n C o u n t y ( P . O . C o l u m b u s ) , O h i o . — Bond Offering.
— Proposals will be received until 12 m . July 22 at the County
Auditor’s office for $2,500 5 % Fisher free turnpike bonds.
Authority amended Section 4925, Revised Statutes. De
nominations $400 and $450. Date Sept. 1 1908. Interest
semi-annual. Maturity $400 each six months from March 1
1909 to Sept. 1 1910 inclusive; $450 on March 1 1911 and $450
on Sept. 1 1911. E . A . Brenneman and W . C. Carl are the
Turnpike Commissioners.
F r e d e r i c k , F r e d e r i c k C o u n t y , M d . — Bonds Defeated.— The
voters of this city on July 8 defeated the propositions to issue
the three issues of bonds, aggregating $100,000, mentioned
in V. 86, p. 1546.
F r e e h o ld S c h o o l D is t r ic t (P . O . F r e e h o ld ), M o n m o u th
C o u n t y , N . J . — Bond Sale.— On July 14 the $28,000 4 ^ %
10-37-year (serial) high-school bonds, described in V . 86,
p. 1604, were awarded to the Morris County Savings Bank of
Morristown at 102.25 and accrued interest.
G a d s d e n , E t o w a h C o u n t y , A l a .— Bond Election.— The City
Council has decided to submit to a vote of the people on
July 20 the question of issuing $125,000 5 % 30-year munici
pal-water-works bonds.
Galion, Ohio.— Bonds Voted.— This city on June 24 voted
to issue bonds for a sewer system. The vote was 795 to 148.
G ib b o n S c h o o l D is t r ic t N o . 2 ( P . O . G i b b o n ) , B u ffa lo
C o u n t y , N e b . — Bonds Voted.— A proposition to issue $8,000
5 % school bonds carried by a vote of 216 to 46 at an election
held June 18. Interest annual. Maturity $1,000 yearly
beginning six years after date of bonds. Date of sale
not yet determined.
G l a s s p o r t , A l l e g h e n y C o u n t y , P a .— Bond Offering.— Pro
posals will be received until 7:30 p. m . July 20 by W . S.
Kearney, Borough Treasurer, for $40,000 5 % coupon bonds.
Denomination $1,000. Date July 1 1908. Interest semi
annually at the United States Mortgage & Trust Co. in
New York City or at the Glassport Trust Co. in Glassport, at
option of purchaser. Maturity on July 1 as follows: $1,000
yearly from 1914 to 1923 inclusive and $2,000 yearly from
1924 to 1938 inclusive. Bonds are exempt from taxation.
Purchaser to pay accrued interest. A certified check for
3 % of bonds bid for, payable to the "Borough of Glassport,”
is required. The United States Mortgage & Trust Co. of
New York City will certify as to the genuineness of these
183
T H E CHRONICLE
bonds and^their legality will be approved by John G. Johnson
of Philadelphia, a copy of whose opinion will be furnished
the successful bidder. Bonded debt, including this issue,
$111,500. No other debt. Bidsto be made on blank forms
furnished by borough.
The official notice of this bond offering will be found among
the advertisements elsewhere m this Department.
1 G l e i c h e n S c h o o l D i s t r i c t N o . 1 0 3 , A l t a . — Debenture Sale.
_W
C. Brent of Toronto, it is reported, was recently
awarded $18,000 G% debentures maturing part yearly for
twenty years.
Graham, Texas.— Bonds Registered.— On July 11 an issue
of $8,000 5 % 5-20-ycar (optional) water-works bonds was
registered by the State Comptroller.
G r e e n fie ld S c h o o l D is t r ic t N o . 7 ( P . O . G r e e n fie ld ), G r e e n e
C o u n t y , 111.— Bond Sale.— On July 9 an issue of $10,950 5 %
coupon building bonds was awarded to the First National
Bank of Greenfield at 103.347 and accrued interest. Follow
i n g are the bids:
First N at. B k ., G r e e n f ld -S ll,316 56 MacDonald, McCoy &C o . ,
C h ica go
_______________ $ 1 1 , 1 0 0 56
Greene County National
Bank, Carrollton----------- 11,16a a0 S. A . Kean Chicago---------------10,071 00
Trowbridge & Nlver C o.,
W hitehall National Bank,
Chicago ________________ 10,051 00
W h ite h a ll----------------------- 11,150 56
W m . R . Compton Bond &
M tgc. C o., St. Louis-----11,115 50
[VOL. LX X II.
XY
an election is held at all, it will probably be in November
n ext.”
Herkimer, N. Y . — Bond Offering.— This village will offer
at public auction on July 20 $50,000 refunding bonds at
not exceeding 5 % interest. The bonds m ay be issued in
registered form if so desired by the purchaser. Authority
Section 7, General Municipal Law. Denomination $1,000.
Date July 1 1908. Interest semi-annually at place desig
nated by purchaser. Maturity $2,000 yearly on July 1 from
1909 to 1933 inclusive. William Wright Jr. is the Clerk
of the Board of Village Trustees.
Homestead, Allegheny County, P a .— Bond Offering.—
Proposals will be received until 7:30 p. m . Aug. 3 by Andrew
Hill, Borough Secretary, for $125,000 4)4 % coupon streetimprovement bonds. Denomination $1,000. Date Aug.
1 1908. Interest semi-annually at the First National Bank
in Homestead. Maturity Aug. 1 1938. Bonds are exempt
from State taxation. Certified check for $2,500, payable
to the “ Borough of Homestead” , is required.
Hooper School District No. 26 (P. O. Hooper), N eb.— Bids
Rejected— Bond Sale.— All bids received on June 22 for
$21,000 5 % coupon bonds offered on that day were rejected.
The bonds were subsequently disposed of, however, to W . J.
Barkley Jr. of Lincoln.
The purchaser’s bid is explained
by the District Secretary as follows: “ Our bonds were $509
denomination bearing 5 % interest, 20 years optional alter
ten years. For these he paid us par value.
\ e then issued
\
refunding bonds of $100 each, bearing 4 / £ % #interest, 20
years optional after five years, which is equivalent to a
premium of nearly $1,000.
Huntington (Town) School District (P. O. Northport),
N . Y .— Bond Sale.— On July 11 $6,000 5 % bonds were
disposed of at 101.23 and accrued interest to Geo. M. Hahn
of New York City. A list of the bidders follows:
Denomination $500, except one bond of $450. Date April
1 1908. Interest annually at the School Treasurer’s office in
Greenfield. Maturity on April 1 as follows: $2,000 in 1910,
$2,500 in 1911, $2,000 in 1912, $2,500 in 1913 and $1,950 in
1914.
H a m i l t o n , O h i o . — Bond Offerings.— Proposals will be re
ceived until 10 a. m . Aug. 1 by the Sinking Fund Trustees,
W alton S. Bowers, Secretary, for $30,000 4 % refunding
Geo. M. Hahn. New Y o r k ..$
Co-. N - J
f » , ° 22 00
bonds. Denomination $500. Date Aug. 1 1908. Interest Rud.Kleybolte&Co.,Inc.NY 6 ,0 7 3 201W . N . Color *Bk., Patchogue----- p.u
6,045 24] Union Sav.
semi-annually at the Second National Bank of Hamilton. Adams & C o., New Y o r k .. 6,037 0 0 1Jessie R u d g w l c k .- - - - - ................... P“ r
Maturity Aug. 1 1923. Certified check on a national bank
All bidders offered accrued interest in addition to their
for 5 % of bonds bid for, made payable to the Sinking Fund bids.
_
Trustees, is required.
.
0, T .
T
Iron River, Iron County, M ich.— Bond Offering.— Pro
Proposals will also be received until 12 m . Aug. 8 by 11. A. posals were asked for until 2 p. m . yesterday (July 17)
Grimmer, City Auditor, for $25,000 4 % coupon bonds for for $25,000 5 % sewer bonds. Securities are dated Aug. I
enlarging and improving the electric-light woiks.
Denomi 1908 and mature Aug. 1 1913. The result of this offering
nation $500. Date June 1 1908. Interest semi-annual. was not known to us at the hour of going to press.
Maturity June 1 1928. Certified check for 5 % of the amount
Jones County (P. O. Anson), T exas.— Bonds Voted.—
bid, payable to the City Treasurer, is required. Accrued
Court-house bonds to the amount of $100,000 were voted,
interest to be paid by purchaser.
Bond Sale.— On July 14 the $25,093 81 Maple Ave., reports state, on June 30.
Kimball, N eb.— Bond Offering.— Proposals will be received
$13,985 63 South Second S t., $2,388 34 South Second St
and $1 182 10 South F . Street 4 ) ^ % 1-10-year (serial) until 12 m . July 25 (date changed from July 15) by the
bonds described in V. 87 p. 116 were awarded to the Village Board, Will J. Davies, Clerk, and Gus Linn, Chair
Western German Bank of Cincinnati at 101.401, 101.413, m an, for $17,000 5 % coupon water bonds. Authority,
101 071 and 100.431 respectively. The bids were as follows; unanimous vote at election held June 3. Denomination
$4,250. Date July 1 1908. Interest semi-annually at the
$25,093 81 $13,985 63 $2,388 34 $1,182 10
huncts.
bonds.
bonds.
bonds.
County Treasurer’s office. Maturity July 1 1928, subject
W estern German B k ..
« ♦ 14.163 g » j ;« » g » [ ; ( « «•
j e . J g 63
to call after July 1 1913. Certified check for 5 % of the bid,
H ayden, AllYler'& C o., Gleve
25,415 81
14.163 62
Seasongood & M ayer, Cincinnati 25,412 ) payable to the Village Clerk, is required.
Provident Savings Bank & Ir.
14,146 46
Kincardine, Ontario.— Debenture Sale.— On June 30 the
.............
C o., C i n c i n n a t i - -- -- -------- - - 25,382 .>8
14,145 63
.............
W ell, Roth & C o., C incinnati-- 2o ,378 8
$8,500 5 % 20-year coupon Central Public School building14,133 63
_______
Davies-Bertram C o., C ln cln .- 25,3o6 81
improvement debentures described in V. 86, p. 1605, were
14,050 63 2,400 84
1,187 10
W R . Totkl & C o., Cincinnati. 25,218 81
$43,132 55
First N at. Bk. , Hamilton (for all Issues)
awarded, we are informed, to A . E . Ames & Co., L td ., of
Bond Election.— The City Council has chosen Aug. 15 as Toronto at 100.31.
the day upon which to submit to a vote of the people the
King County School District No. 86, W ash . Bond Sale.
question of issuing $50,000 4 % bonds to extend the water — On July 8 the $5,000 1 10-year (optional) coupon build
mains to the annexed territory.
ing bonds described in V . 87, p. 53, were awarded to the
H a m io ta ,
M a n i t o b a . — Debenture
Sale.— Reports state State of Washington at par for 4}4j
S. N o other bids were
that the $25,000 4 % debentures maturing part yearly for received.
twenty-five years offered on June 20 (V . 86, p. 1546) have
Laurens School District (P. O. Laurens), S. 0 . — Bonds to
been purchased by the Ontario Securities Co.
Be Offered Shortly.— We are advised that this district will be
on the market within the “ next few months with $10,000
H a v r e d e G r a c e , H a r f o r d C o u n t y , M d . — Bids Rejected.—
The following bids, all of which were rejected, were received building and equipment bonds.
on July 13 for the $30,000 5 % 10-30-year (optional) streetLavella School District, San Joaquin County, Cal. Bond
improvement and fire-service bonds described in V. 86, p. 116: Sale.— On July 6 $4,000 6 % building bonds dated July 1
N . W . Harris & C o., New Y o rk ........................... ............................................... JS fS l!
1908 and offered on June 27 were awarded to P. B . I'raser
at 100.25. Denomination $400. Interest annual.
Owen m uy & Son' S e r ? W aU s & CoVan\rTownsxnd S c o lt A c f :
‘
Baltim ore-------- _----------------------------------------------------------nil 7 9 7 9 .
Lawrenceville School District (P . O. Lawrenceville),
E . H . Hollins & Son, Boston............... ............................................................ini 41 a
Lawrence County, 111.— Bond Sale.— This district on June 20
Sutton, Struthers & C o., Baltimore ............................SS'OOO at 104 50
Guiding Star Council, Jr. O. U. A . M_^---------------------------- " *
j.
sold $23,000 6 % building bonds to the Mercantile Trust Co.
Citizens’ National Bank, W aynesboro, P a ..................................... V 2,500 at 100
for $24,984, the price thus being 108.626. Denomination
$1,000. Date Aug. 1 1908. Interest annual. Maturity
H a w k e s b u r y , O n t .— Debenture Sale.— 'The $6,000 6 %
1-20-year street-improvement debentures offered on July 2 $3,000 on Aug. 1 1913 and $5,000 yearly on Aug. 1 from
(V . 86, p. 1605) were purchased by W . C. Brent of ioronto. 1914 to 1917 inclusive.
Lewisburg, Union County, P a .— Bond Scde. W e are ad
H e n d e r s o n C o u n t y S c h o o l D i s t r i c t N o . 3 0 , 111.
Bond Sale.
— On July 11 the $8,400 5 % building bonds, a description of vised that the S20,000 4 % coupon improvement and refund
which was given in V . 87, p. 53, were awarded to the W m . It. ing bonds offered on June 27, and described in V. 8G, p .1605,
Compton Bond & Mortgage Co. of Macon at 102.976 and ac have been awarded to local purchasers. Maturity July 1
1938, subject to call part yearly after July 1 1910.
crued interest. Following are the bids:
Lexington School District (P. O. Lexington), K y . Bond
W m . R . Compton Bond &
(Security Sav. Bank & Trust
Mnrto-afre Co Macon
$8 650
C o ., Toledo-----------------------$8,o33 oO
Offering.— Proposals will be received until 12 m . August 6
R . Ivleybolte C o., I n c .,C h lc _ - 8, 605 C. H . Coffin, C h i c a g o ..-- - 8.501 00
by the Board of Education for $75,000 4 % bonds. Author
M acDonald, McCoy & C o., Chi 8 ,5 7 1 1Geo. M. Seward & C o., ChL 8,4oo 00
Maturity on Aug. 1 as follows: $500 in each of the years ity vote of 1,495 to 470 cast at election held N ov. 5 1907.
1910 and 1911; $600 in each of the years 1912 an
^cl 1913; Denomination $1,000. Date June 1 1908. Interest semi
$800 yearly from 1914 to 1917 inclusive and $1,000 in each annually at the National Bank of Commerce in New York
City. Maturity June 1 1938. Certified check for $500,
of the years 1918, 1919 and 1920.
H e n r i c o C o u n t y ( P . O . R i c h m o n d ) , V a . — Bond Election payable to the “ Board of Education of Lexington, K y .,” is
Proposed.— The county is considering the advisability of required. Official circular states that there is no litigation
holding an election to determine whether or not $300,000 pending or threatened affecting the validity of these bonds
bonds shall be issued. The County Clerk informs us that if and that the district has never defaulted in the payment^of
July 18 1908.,
any obligation.
of Education.
THE CHRONICLE
J . 0 . H. Simrall is the Clerk of the Board
L i b e r t y T o w n s h i p , T r u m b u l l C o u n t y , O h i o . — Bond Offer
in g . —Proposals will be received until 12 m. Ju ly 29 by John
183
and accompanied by a certified check for 3% of the bonds
bid for. Purchaser to pay accrued interest.
M i l l w a r d , A i t k i n C o u n t y , M i n n . — Bonds Not S o ld .—Up
to Ju ly 14 no sale had been made of the $6,000 20-year
bonds offered on May 14. See V. 86, p. 1056.
M i n o t , W a r d C o u n t y , N o . D a k . — B on d S a le .—On July 13
the $27,000 6% 20-year coupon water-works bonds desscribed in V. 87. p. 117 , were awarded to Thos. J . Bolger
& Co. of Chicago at 104.314 and accrued interest. The
bids were as follows:
S. Rush, Clerk (P . O. Girard), for SO,000 5% road-improvement
bonds. Denomination $500. Date Aug. 1 1908. Interest
semi-annual. Maturity S2,000 yearly on Aug. 1 from 1909
to 1923 inclusive. Certified check for 1% of the bonds bid
for, payable to the Township Treasurer, is required. Ac
crued interest to be paid by purchaser.
L i n c o l n C o u n t y ( P . O . S h o s h o n e ) , I d a . — Bond S a le .— T . J . B o l g e r & C o . , C h i c a g o . . $ 2 8 , 1 6 5 I T r o w b r i d g e <fc X l v e r C o . , C h l c . $ 2 8 , 1 5 5
On June 26 the $28,000 10-19-year (serial) coupon refund M a c D o n a l d , M c C o y <Sc C o . , C h l c 2 8 , 1 6 0 |M a s o n , L e w i s & C o . . C h i c a g o . 2 7 , 9 1 3
ing bonds described in V. 86, p. 1547, were awarded to
M o n t c l a i r , N . J . —L o an Authorized .— According to re
MacDonald, McCoy & Co. of Chicago at 102.053 for 5j^s. ports the Town Council has authorized the issuance of
Purchaser to furnish blank bonds.
$150,000 demand notes of $25,000 each. It is stated
L o n d o n , O n t a r i o . — Debenture S a le .— On June 5 $25,250 further that these notes will be discounted by local banks
4% water-works-extension debentures, $60,000 4% main and bear 5% interest. The proceeds will be used for school
sewer debentures and $75,000 4j^% hospital'debentures purposes.
were awarded to Aemilius Jarvis & Co. of Toronto. The
M o n tg o m e ry ,
A l a . —-Bond Election .—-The Council has
4% issues were awarded at 90.74 while the 4 y2% issue sold passed and the Mayor approved an ordinance providing for
at 98.82. Denomination $1,000. Date June 30 1907. an election July 24 to vote on the issuance of $100,000 bonds
Interest semi-annual.
for the purpose of paying general debts against the munici
L o r i s , H o r r y C o u n t y , S . C . — Bond O ffering. —Proposals at pality.
par will be received until 4 p. m. July 28 by D. D. Hanelson,
M o o s e j a w , S a s k . — Debenture S a le . —It is reported that
Clerk Board of Trustees; for $7,000 coupon high-school-build Wood, Gundy & Co. of Toronto were recently awarded
ing bonds at not exceeding 6% interest, payable annually at $110,000 5% debentures issued for the erection of a Collegiate
a place designated by purchaser. Denominations $1,000 Institute.
and $500. Date July 28 1908. Maturity twenty years.
M o r s e B l u f f , S a u n d e r s C o u n t y , N e b . — Bonds A w arded in
Bonds are exempt form all taxation. Certified check for P a rt .—On June 16 $5,000 of an issue of $8,000 6% 5-20-year
$210, payable to the Clerk Board of Trustees, is required. (optional) water-works bonds was awarded to H. D : MackThis place has no debt at present.
frang, Cashier of the Bank of Morse Bluff, at 102. Denomina
L o s A n g e l e s , C a l .— Bond S a le. —This city has made ar tion $500.
Date June 1 1908. Interest January and Ju ly.
rangements for the sale of the unsold portion of the $23,000,
M o r g a n t o w n S c h o o l D is tr ic t (P . O . M o r g a n t o w n ), W . V a .
000 Owens River aqueduct system bonds.
As already — Bonds Defeated .—An election held June 30 resulted in a
stated in V. 86, p. 8 11, £wo installments of these securities, vote of 406 “ for” to 459 “ against” the issuance of $60,000
amounting to $510,000 each, were sold as 4s, one lot to the building bonds.
State and the other to local investors. Up to July 6 $13,600
a
o
i
ic
6 (P . O . M o u n t a in
of the remaining $21,980,000 had been sold locally as 4s. H oM oeu)n tE iln oH e m eo uS cth o o Il d D hsot.r— t N o . O ffering. —Proposals
m
m r
y
a
Bond
During the past week Kountze Bros, and A. B . Leach & Co. will be, received C n 2 , p. m. July 20 by Kittie S. Cowen,
of New York City purchased as 4j^s $4,080,000 of the bal Clerk of District,until$17,000 coupon bonds. Denomination
for
ance of $21,966,400. This portion is to be delivered within $1,000. Date Ju ly 10 1908. Interest (rate not
the next few months. The two New York firms mentioned 6%) payable annually at the County Treasurer’sto exceed
have also been given an option on the remaining $17,886,400 Mountain Home. Maturity $1,000 yearly on Jan. office in
25 from
at 4J^% interest for delivery as the city needs the money.
1914 to 1930 inclusive, all bonds being subject to call after
L o w e l l , M a s s . — Tem porary L o a n . —An issue of $800,000 Jan. 25 1924.
12-months notes of this city has been purchased, according
N a n a i m o , B . C . — P rice P a id for Debentures .—We are
to reports, by Bond & Goodwin of Boston, who have dis
advised that the price paid for the $75,000 6% 10-40-year
posed of the entire lot.
(optional) water-works debentures awarded on June 24
M a c e d o n ia S c h o o l D is t r ic t (P . O . M a c e d o n ia ), P o t t a w a t
to W. A. Mackenzie & Co. of Toronto (V. 87, p. 117 ) was
t a m i e C o u n t y , I o w a . — -Purchaser of B on ds. —We are advised 99.
Denomination $1,000. Date Jan. 1 1908. Interest
that the $3,500 (not $1,000 as reported last week) 5% 5-10- semi-annual.
ear (optional) bonds sold on June 8 were purchased at par
N a s h v i l l e , D a v i d s o n C o u n t y , T e n n . — Bonds Not to Be
y the Macedonia State Bank. Denomination $500. Date
Re-offered at Present .—In reply to our inquiry as to whether
July 1 1908. Interest semi-annual.
the $200,000 4% 20-year water-main-extension bonds, bids
M a d is o n T o w n s h ip S c h o o l D is tr ic t, M o n tg o m e r y C o u n ty ,
for which were rejected on April 30 (V. 86, p. 111 5 ) , would
O h i o . — Bond S a le . —On July 11 the $3,000 5% coupon again be placed upon the market in the near future, the
building bonds described in V. 87, p. 53, were awarded to City Recorder writes us that they will not be re-offered f o r
Hayden, Miller & Co. of Cleveland at 100.90. Maturity sale “ until the market will justify selling them at par.”
$1,000 on Aug. 1 1910 and $2,000 on Aug. 1 19 11.
Bond Election .—According to local papers, an election
M a n s f i e l d , O h i o . — Bond O ffering. —Proposals will be re will be held Aug. 6 to submit to the voters a proposition
ceived until 12 m. July 27 by W. S. Bradford, City Auditor, to issue $50,000 4)^% 20-year sidewalk and curbing con
for the following bonds:
struction bonds. Interest semi-annually at the City Treas
? 1 0 ,0 0 0 4 > $ % g e n e r a l s t r e e t I m p r o v e m e n t ( c i t y ’ s p o r t io n ) b o n d s .
T h ese
urer’s office.
s e c u r it ie s a r e Issu e d t o I m p r o v e t h e f o l lo w i n g s t r e e t s : $ 3 ,2 0 0
N e w B e d f o r d , M a s s . —B id s .—The following bids were
f o r N e w v ll le R o a d ; $ 4 ,2 0 0 f o r S o u t h M a in S t r e e t ; $ 4 ,0 0 0 f o r
L e x i n g t o n A v e n u e : $ 3 ,0 0 0 fo r N e w m a n A v e n u e , a n d $ 3 ,1 0 0
received on June 24 for the $305,000 school and the $190,000
fo r P ark A v en u e.
D e n o m in a tio n s fr o m
$ 1 0 0 t o $ 1 ,0 0 0 .
“ Municipal Loan No. 1 of 1908” |4% gold registered bonds,
M a t u r i t y $ 1 ,0 0 0 y e a r ly o n S e p t . 1 f r o m 1 0 0 0 t o 1 0 2 7 I n c lu s
iv e .
the sale of which was reported in V. 86, p. 1606:
S
3 ,4 0 0
5%
R o w la n d A v e n u e s id e w a lk -c o n s t r u c t io n a ss e s s m e n t b o n d s .
D e n o m in a t io n s fr o m $ 1 0 0 t o $ 5 0 0 .
M a tu r ity p a r t o n S e p t. I
In e a c h o f t h e y e a r s 1 9 0 9 , 1 9 1 0 a n d 1 9 1 1 .
Interest March 1 and Sept. 1. Bid to be made on form
furnished by the City Auditor and be accompanied by a
certified check on any bank of Mansfield for 10% of bonds
bid for. Bonds to be delivered before Aug. 3 1908.
M a s s a c h u s e t t s , S t a t e o f . — Tem porary L o a n . —It is re
ported that the State Treasurer has borrowed $1,500,000
in anticipation of taxes at 2.90%. Maturity of loan Nov.
17 1908.
M e r c h a n t v i l l e , N . J . — Bond S a le .—This borough has
sold $70,000 5% coupon sewer bonds to Forrest & Co. of
Philadelphia. Denomination $1,000. Date July l 1908.
Interest semi-annually at the Central Trust Co. in Camden.
Maturity $35,000 on July 1 1923 and $35,000 on Ju ly l 1933.
M e r i d i a n , B o s q u e C o u n t y , T e x a s . — Bonds Registered and
S o ld .—On July 6 the State Comptroller registered an issue
of $2,000 5% 20-40-year (optional) street-improvement
bonds. The issue was subsequently purchased by the
School Fund at par and interest.
M i a m i C o u n t y ( P . O . P e r u ) , I n d •— Bond S a le .—We are
advised that Breed & Harrison of Cincinnati have purchased
at par the $40,000 4j^% coupon gravel-road bonds men
tioned in V. 86, p. 1426.
Bond O fferin g .—Proposals will be received until 10 a. m.
Aug. 10 by Charles Griswold, County Auditor, for $252,000
3 H % coupon court-house-construction bonds. Denom
ination $1,000. Interest semi-annual. Maturity $14,000
yearly on Jan. 1 from 1909 to 1926 inclusive. Bids to be
made on blank forms furnished by the County Auditor,
P a r k in s o n & B u r r l B o s t o n . .1 0 0 .7 7 1
H . \V. P o o r & C o j
B l a k e B r o s . & C o . .1 B o s t o n . 1 0 0 .7 1
E .H .R o llin s & S o n s /
B l o d g e t t , M e r r it t & C o . , B o s . 1 0 0 .6 8
N . VV. H a r r i s & C o . , B o s t o n . 1 0 0 . 3 3
E s t a b r o o k & C o . , B o s t o n _____ 1 0 0 1 8 5
N e w B r ita in , H a r t fo r d C o u n t y , C o n n .—
Bonds Authorized.
At a meeting of the Finance Committee held July 2 a reso
lution providing for the issuance of $15,000 4% school
building-addition and improvement bonds was adopted.
Securities are in denomination of $1,000 each and mature
July 1 1938. Interest Jan, 1 and Ju ly 1 at the First National
Bank of New Britain.
N e w b e r r y S c h o o l D is t r ic t (P . O . N e w b e r r y ), L u c e C o u n t y ,
M i c h . — Bond S a le .—The Newberry Bank of Newberry re
cently paid 100.25 for an issue of $40,000 5% 1-8-year
(serial) school-building bonds of this district. Denomination
$500. Date June 10 1908. Interest annually in April.
N e w B o s t o n V i l l a g e S c h o o l D i s t r i c t , S c i o t o C o u n t y , O h io .
— Bond O ffering .—Proposals will be received until 1 p. m.
Aug. 10 by Joseph Shaner, Clerk Board of Education (P O
Portsmouth) for $12,000 5% Oak Street school-building bonds.
Authority Section 3994 of the Revised Statutes. Denomina
tion $500. Date Aug. 1 1908. Interest March 1 and Sept. 1
at the Central National Bank of Portsmouth. Maturity
$3,000 on Sept. 1 in each of the years 19 12, 1915, 1918 and
19 21.
N e w p o r t , N . U . — Bond S a le .—It is reported that $20,000
3^J% bonds maturing $2,000 yearly from 1918 to 1927
inclusive have been purchased by a local savings bank at par.
N o k o m i s S c h o o l D i s t r i c t , S a s k . — Debenture S a le .—Reports
state that W. C. Brent of Toronto has bought $11,000 6%
THE CHRONICLE
184
[V O L . L X X X V II.
the issuance of $350,000 4% registered or coupon con
vertible bonds for the construction and equipment of the
electric-light and power plant. Securities will be dated
N o r t h a m p t o n H e ig h t s (P . O . S o u t h B e th le h e m ), P a .—
Jan. 1 1908 and mature in thirty-four years.
B on d S a le . —This borough has disposed of $10,000 bonds
R o c k y R iv e r V illa g e S c h o o l D is t r ic t (P . O . R o c k y R iv e r ) ,
offered on Ju ly 7.
O a k v i l l e , O n t a r i o . — Debenture S a le . —This town, it is C u y a h o g a C o u n t y , O h i o . — Bond O ffering. —Proposals will
reported, recently awarded to W. C. Brent of Toronto, be received until 8 p. m. Aug. 4 by C. H. Dean, Clerk
$25,500 5% debentures. Maturity part yearly for twenty Board of Education, for $2,400 4j^% coupon school-im
provement bonds. Authority Section 3994, Revised Stat
years.
utes. Denomination $400. Date Ju ly 1 1908. Interest
O k a n o g a n C o u n t y S c h o o l D i s t r i c t N o . 1 9 , W a s h . — Bond
April 1 and Oct. 1 at the Rocky River Sayings & Banking
S a le . —An issue of $4,100 school-house bonds ofTered on June
in Rocky River Village. Maturity Oct. 1 1920.
29 was awarded on June 30 to the State of Washington at Company check for $100, payable to the District Treasurer,
par for 5s. A bid for 6s at par,plus $15 for blank bonds, was Certified
also received from Wm. D. Perkins & Co. of Seattle. De is required.
R o m e S c h o o l D i s t r i c t N o . 1 ( P . O . R o m e ) , O n e id a C o u n t y ,
nomination $500, except one bond of $100. Maturity ten
years, subject to call at any interest-paying period.
N . Y . — Bond E lection . —An election will be held on Ju ly 27
to decide whether or not $50,000 school-building-con
O n ta rio S c h o o l D is t r ic t (P . O . O n ta r io ), S a n B e rn a rd in o
struction bonds shall be issued.
C o u n t y , C a l . — Bond S a le . —On Ju ly 7 N. W. Harris & Co.
S t . J o s e p h , M o . — Bond Election. —On Aug. 8 the electors
of San Francisco were awarded $65,000 5% gold bonds for
$67,135, the price thus being 103.284. Authority election of this city will vote on the question of issuing $400,000
held May 16 1907. Denomination $1,000. Date June 2 4% 20-year bonds.
S t. J o s e p h S c h o o l D is tr ic t (P . O . S t. J o s e p h ), M o .—
1908. Interest semi-annually at the County Treasurer’s
office. Maturity on June 2 as follows: $1,000 in the years Bond S a le . —The Wm. It. Compton Bond & Mortgage Co.
1 9 1 1 , 19 12 and 19 13 and $2,000 yearly from 1914 to 1944 in of Macon has purchased the $250,000 4% 20-year coupon
clusive. Bonded debt this issue. Assessed valuation $ 1 , school-building bonds, bids for which were rejected on
June 29. See V. 87, p. 55.
648,011.
S a l e m , C o lu m b i a n a
C ou n ty ,
O h i o . — Bond
O ffering .—
O x f o r d , B u t l e r C o u n t y , O h i o . — Bonds Voted.—Reports
state that $50,000 sewer bonds were voted at an election Proposals will be received until 7:30 p. m. July 24 by the
Secretary of the Sinking Fund for $7,500 4 Y i% coupon
held Ju ly 6. The vote was 378 “ for” to 76 “ against.”
bonds. Denomination $500. Date ^ Aug. 1
P a l m e t t o , M a n a t e e C o u n t y , F l a . — Bonds Not Yet S o ld .— refunding
No sale has yet been made, we are advised, under date of 1908. Interest semi-annually at the City Treasurer’s
July 3, of the $14,000 street, the $10,000 water-works and office. Maturity $500 on Aug. I 1909 and $1,000 yearly
the $1,000 jail 6% 10-20-year (optional) bonds, mentioned on Aug. 1 from 1910 to 1916 inclusive. Bonds areexempt
in V. 86, p. 136 1. Our informant adds that several condi from taxation. George Holmes is City Auditor.
S a l l i s a w , S e q u o y a h C o u n t y , O k l a . — Bonds Voted. —It is
tional bids have been received. Denomination $100. Date
stated that the voters of this city recently authorized the
day of sale. Interest annual.
P i c k w i c k ( M o . ) S c h o o l D i s t r i c t . — Bond S a le. —On June 1 issuance of $25,000 school-building bonds.
S a l t L a k e C i t y , U t a h . — Bond Election. —We are advised
this district awarded $7,000 5% 5-20-year (optional) school
bonds to the Wm. R . Compton Bond & Mortgage Co. of that an election will be held Ju ly 29 to vote upon the ques
Macon. Denomination $500. Date June 1 1908. In tion of issuing the following bonds: $475,000 for the purpose
of improving and extending the water-works system and
terest annual.
$125,000 for the improvement and extension of the sewer
P ie r c e S c h o o l D is t r ic t N o . 9 4 , ( P . O . P ie r c e ) I d a h o .—
Bonds Not S o ld . —No award was made on June 20 of $10,000 system. Interest (rate not to exceed 4H % ) payable semi
annually. Maturity twenty years, subject to call after ten
bonds offered on that day.
years.
P l y m o u t h , P a . — Bond S a le . —This borough has awarded
S a u lt S t e . M a r i e , C h i p p e w a C o u n t y , M i c h . — Bonds Not
$27 000 4 } 4 % funding and fire-department bonds to the
Plymouth National Bank. Denomination $1,000. Date S o ld . — Up to July 10 no award had yet been made of the
Ju lv 1 1908. Interest semi-annual. Maturity from 1914 $15,000 4% 20-year building bonds which this city offered
on June 30. See V. 86, p. 1608, for a description of these
to 1934 inclusive.
securities.
P l y m o u t h , W a y n e C o u n t y , M i c h . — Bond S a le. —We are
Schenectady, N. Y .— Bond S a le . —On July 16 the $360,000
advised that $8,000 5% 10-year paving bonds were awarded
on June 10 to the Plymouth United Saving Bank of Ply 4 y2% 1 -20-year (serial) registered school bonds described
mouth at par. Denomination $1,000. Date June 10 1908. in V. 88, p. 119 , were awarded to E . B . Cadwell & Co. of
New York City at 103.47 and accrued interest—a basis
Interest semi-annual.
of about 4.09%. The bids were as follows.
P o r t l a n d , M e . — Bonds R efu sed . —We are advised that the
E . B . C a d w e ll & C o ., N . Y - - 1 0 3 .4 8
| R . L . D a y & C o ., N e w Y o r k . 1 0 2 .5 0
$140,000 4% 20-year gold coupon public-building bonds m w H a l s e v A C n N Y 1 0 3 . 1 0 7 E s t a b r o o k & C o . , N . Y - - - - - 1 0 2 . 3 7
.
.
e
.V
10 .
Bi
Me
., H o s t .1 0
awarded on June 10 to the Rudolph Kleybolte Co., Inc., WV m iN A C nRor a^d P&n C oIV n .’ Y - V . 1 0 22.78804 IR h ood gdeets & Cror i. t, t N&. C o---------------lO 2 . 0 7o7
l.iJ o
I
T
V
a
Y
of New York City have been refused by that firm, owing K
’L e a c h & C o .? N
y I I I I i o Z . 5 7 8 I n . W . H a r r i s & C o ., N . Y
- 1 0 1 .8 4 1
to the fact that Ropes, Gray and Gorham could not give
Sheridan, Sheridan County, W y o — Bond S a le .— The
a favorable opinoin as to the legality of the issue. Accord $250,000 5% 10-30-year coupon water-system-extension
ing to the City Treasurer and Collector, the point raised bonds described in V. 86, p. 1608, were sold on Ju ly 6 to
was that “ the city of Portland had no right to purchase the Katz-Craig Contracting Co. at par and accrued interest.
and take real estate beyond a limit which was placed upon Bids at par were also received from the Sheridan National
i t b y an Act of the Legislature in 1875.”
Bank of Sheridan, A. J . Hood & Co. of Detroit, W. D. Lovell,
R a c i n e , W i s . — Bond S a le . —On July 15 the $30,000 4)^%
Tiersway & Garrard, G. Jaeger and the American Light &
school-building bonds, described in V. 87, p. 119 , were Water Co. In addition to their bid at par for the entire
awarded to the Manufacturers’ National Bank of Racine at issue, A. J. Hood & Co. of Detroit also offered $25,050 for
103.833. Maturity $2,000 yearly on June l from 1909 to $25,000 bonds. S. A. Kean of Chicago bid par for $175,000
1918 inclusive and $1,000 yearly on June 1 from 1919 to bonds.
1928 inclusive. The $50,000 4 xi°/o street-improvement
/
S ou th
O m a h a , D o u g la s
C o u n t y , N e b . — Bond S a le .—
bonds offered on the same day were awarded at 103.96 to On July 6 the two issues of 4j^% sewer bonds, aggregating
the Merchants’ Loan & Trust Co. of Chicago. Maturity $60,000, were awarded, it is stated, to Emery, Anderson
$2,000 yearly on June 1 from 1909 to 1918 inclusive and & Co. of Cleveland at par and accrued interest.
$3,000 yearly on June 1 from 1919 to 1928. Following are
S p r u c e ( P . O . R o s e a u ) , M i n n . — Bond S a le . — On June 1
the bids:
$2,000 funding and refunding coupon 15-year bonds were
$ 5 0 ,0 0 0
$ 3 0 ,0 0 0
awarded to Thorpe Bros, of Minneapolis at par for 6s. De
B on d s.
B on d s.
1 0 3 . 8 1G
1 0 3 .9 0
M e r c h a n t s ’ L o a n & T r u s t C o . , C h i c a g o ---------nomination $500. Date July 1 1908. Interest annual.
.1 0 3 .8 3 3
1 0 3 .3 0
M a n u f a c t u r e r s ’ N a t i o n a l B a n k , R a c i n e ------.1 0 2 .7 5
1 0 2 .0 6
S u lp h u r ,
M u rray
C ou n ty ,
O k l a . — Bond Election. —On
E . I I . R o l l i n s & S o n s , C h i c a g o ------------------------. 1 0 1 .8 3 3
F i r s t N a t i o n a l B a n k , R a c i n e -----------------------------Aug. 22 the citizens of this place will vote on the question
1 0 3 .9 4
F i r s t T r u s t & S a v i n g s B a n k , C h i c a g o -----------1 0 2 .7 0
of issuing $25,000 6% water bonds. Maturity twenty
A m e r ic a n T r u s t & S a v in g s B a n k , C h ic a g o
1 0 2 .5 5
H a r r i s T r u s t & S a v i n g s B a n k . C h i c a g o ------years, subject to call “ probably after ten years.”
1 0 1 .5 0
O ’ C o n n o r & K a h l e r , C h i c a g o ---------------------------S w i t z e r l a n d C o u n t y ( P . O . V e v a y ) , I n d . — Bond Offering —
Bids were also received from N. W. Halsey & Co., A. B.
Proposals were asked for until 2 p. m. yesterday (July 17)
Leach & Co. and MacDonald, McCoy & Co., all of Chicago.
by L. J. Woollen, County Auditor, for $5,152 4K % ®°1 ({J^3
u a
R e n o v o , C l i n t o n C o u n t y , P a . — Bond O ffering. —Proposals
Posey Township
road
6 1908.
will be received until 7:30 p. m. to-day (July 18) by C. H. Interest May 15 free gravel 15 at bonds. Date AprilBank of
and Nov.
the First National
Miller, Chairman Finance Committee, for $15,000 water and
$20,000 street-improvement 4
coupon bonds. Author Vevay. Maturity $257 60 each six months from May 15
ity election held May 16 1908. Denominations $100 to 1909 to Nov. 15 1918 inclusive. The result of this offering
$500. Date July 1 1908. Interest semi-annually at the was not known to us at the hour of going to press.
T a z e w e l l , T a z e w e l l C o u n t y , V a . — Bonds Voted.— It is
Borough Treasurer’s office. Maturity July 1 1938, subject to
call after July 1 1918. Bonds are exempt from taxation. reported in Richmond papers that $20,000 school-buildingCertified check for 1% of the amount bid, payable to W. J . construction bonds were voted recently.
T e m p o U n io n H ig h S c h o o l D is tr ic t, M a r ic o p a C o u n ty ,
Straley, Borough Treasurer, is required.
R i c h m o n d , V a . — Bonds A uthorized. —The Council has A r i z .— Bond S a le .— On July 6 the $50,000 20-year gold
passed over the Mayor’s veto the ordinance providing for registered Union High School building bonds, described in
debentures of this district.
twenty years.
Maturity
part yearly for
THE CHRONICLE
J u l y 18-1908.
1 8 5
T r o y , N . Y . — Bond O ffering .—Proposals will be received
V. 87, p. 56, were awarded to the Tempe National Bank of
until 1 1 a. m. Ju ly 20 by Hiram W. Gordinier, City Comp
Tempo at par and accrued interest for 5s.
T e r r e H a u t e , V i g o C o u n t y , I n d . — Bonds Authorized .— troller, for the following bonds:
b o n s.
ly 20 1908.
Reports state that the City Council recently authorized $8,236 53 5 % assessm ent 1909da n d D ate J u26 o n J u ly 20 M a tu rity $4,118 27
on J u ly 20
$4,118
1910.
the issuance of $45,000 park and $25,000 crematory 4% 2 5 ,000 00 4 J 4 % registered o r c o u p o n sc h o o l b o n d s . D ate J u ly 15 1908.
M a tu rity $1,250 y e a rly o n J u ly 15 fro m 1909 to 1928 In
bonds. Maturity $14,000 yearly from 1914 to 1918 in
clu siv e .
clusive .
Interest semi-annual. Certified check for 1 % of the bonds,
T h u r s t o n C o u n t y S c h o o l D i s t r i c t N o . 4 1 , W a s h . — Bond payable to the “ City of Troy” , is required.
Accrued inter
S a le .—On Ju ly 8 the State of Washington purchased at est to be paid by purchaser.
par $2,900 5% funding and school-repair bonds. Denom
T u s c a l o o s a , T u s c a l o o s a C o u n t y , A l a . — B ond O fferin g .—
ination $500 except one bond of $400. Interest annually
on Aug. 1. Maturity twenty years, subject to call after Proposals will be received until Aug. 17 by W. M. Faulk,
one year.
Mayor, for $75,000 5% coupon water-works bonds. De
T h u r s t o n C o u n t y S c h o o l D i s t r i c t N o . 7 2 , W a s h . — Bond nomination $1,000.
Interest semi-annual. Maturity thirty
S a le .—We are informed that $1,500 5% 1-10-year (optional) years. The bonds will be secured by a mortgage upon water
school-building-construction bonds were awarded on July
13 to the State of Washington at par. Date July 1 1908. plant and properties. Certified check for $2,000 is required.
The o fficial notice of this bond offering w ill be found among
Interest annual.
T o l e d o , O h i o . — Bond S a le .—On July 15 the $230,000 the advertisements elsewhere in this Department.
4M % coupon water-works bonds maturing $50,000 yearly
U p p e r S a n d u s k y , W y a n d o t C o u n t y , O h i o . — Bond S a le .—
from 19 16 to 1919 inclusive; and $30,000 in 1920, and the
$90,000 4 ]/i% 10-year street-improvement (city’s portion) We are advised that on July 9 the First National Bank of
Upper Sandusky was awarded the $15,000 5% coupon
bonds described in V. 87, p. 120, were awarded as follows:
$230,000 water bonds and $84,000 of the street bonds to Hazel Street sewer-construction bonds, described in V. 87,
the Ohio Savings Bank & Trust Co. of Toledo and the p. 56. The price paid was 106.062 and accrued interest.
Cleveland Trust Co. of Cleveland at their joint bid of 10 1.35; The following bids were received:
av
N a t.
$5,000 street bonds to George Baver of Toledo at 103 and First n d u s n y B a n g , U pper $ 15 ,909 37 D ewh s -B e r traam C o ., C ln .$ 1 5 ,7 2 5 00
N
F irst N t. B k ., C o l
Sa
_______________
$1,000 street bonds to Mr. Medon of Toledo at 101.50.
u m bu s _______________ . 1 5 .7 )5 00
H a y d e n , M iller & C o .,
C le v e la n d ..... ..................... 15,839 00 B reed & H a rriso n , C n . . 15 692 00
T r e n t o n , N . J . — Bond O ffering. —Proposals will be re Sec. S a v . B a n k & T r .C o .,
B a rto , S c o tt & C o ., C o l’ s. 1 5 ,boa 00
m
N a t.
50
o
o --------------------------ceived until 12 m. July 24 by W. J . B . Stokes, City Trcas- S eT solnegdo o d & M ayer, Cin. 15,833 00 C om p percia lS a n d u s k B ank,
U
p er
y -------15,510 00
a
15,759
F. M
pper
We
e
C in c ln -- 15,752,16
urer, for $200,000 city-hall 4 ^ per cent coupon O tlss t.-GH r .u gB k ., levelan d . 15,733 00 Miss n d u s k yo- ffe tt, Ufo r $1,000 b o n d
Sa
.$1,064
& o h, C
or registered bonds. Denomination $100 or multiples W e ll. R o th & C o ., C ln ___ 15,730 00
Maturity $7,500 on April 1 1916 and $7,500 on April 1
thereof. Date Aug. 1 1908. Interest semi-annual. Ma
turity Aug. 1 1938. Certified check for 3% of the bonds 19 17.
U r b a n a S c h o o l D is tr ic t N o . 116 (P . O . U r b a n a ), C h a m
bid for, drawn on a national bank and made payable to
p a i g n C o u n t y , 111.— Bond S a le . —N. W. Halsey & Co. of
W. J . B . Stokes, City Treasurer, is required.
Chicago have purchased $15,000 4% school-building bonds
The o fficial notice of this bond offering w ill be found among offered by this district on Ju ly 1. Denomination $1,000.
the advertisements elsewhere in this Department.
Date Sept. 1 1908. Interest annually at the Urbana Banking
NEW LOANS.
NEW LOANS.
__
# 3 0 0 ,0 0 0
C IT Y H ALL BONDS.
OITT O TRENTON, N. J
F
.
O ffic e o f th e C ity T reasurer,
T r e n t o n , N , J ., J u ly 1 6th , 1908.
S epa ra te sealed p rop osa ls w ill b e r e c e iv e d at
this o ffic e u n til 12 o ’ c lo c k n o o n , F R I D A Y ,
J U L Y 2 4 T H , 1908, fo r th e p u rch a se o f th e
fo llo w in g b o n d s:
$20 0 ,0 0 0 C it y H a ll b o n d s , d a te d A u g u s t 1st,
1908, d u e A u g u s t 1st, 1938, fo u r a n d on e -h a lf
p er c e n t, s em i-a n n u a l, c o u p o n o r registered.
T h e a b o v e b o n d s w ill b e In de n o m in a tio n s
o f $10 0, or m u ltip les th e r e o f, a n d w ill n o t b e
s o ld fo r less th an p a r a n d a c cru e d Interest.
E a ch b id d e r w ill b e r eq u ired , as an e v id e n c e
o f g o o d fa ith , t o en close w ith each b id a ce rtifie d
c h e c k on a n a tio n a l b a n k , p a y a b le t o th e ord e r
o f W . J . B . S to k e s , C ity T reasu rer, fo r an a m o u n t
equ a l t o three p e r c e n t o f th e a m o u n t o f th e
Issue b id f o r . C h eck s w ill b e Im m e d ia te ly re
tu rn ed t o u n su ccessfu l b id d ers.
T h e b o n d s w ill b e a w a rd ed t o th e b id d e r
w h ose p rop os a l w ill b e th e m os t fa v o r a b le t o the
c it y , b u t th e rig h t Is reserv ed t o r e je c t a n y or all
b id s n o t d eem ed fo r th e Interest o f th e c it y .
P rop osa ls t o b e s ca led , an d add ressed to
NEW LOANS.
Debentures For Sale
* 7 6 ,0 0 0
C YO T S A O S , AA A A
IT F U C L O A L B M ,
FIV E
PER CENT W A TER W O RKS
S ealed p ro p o sa ls are In vited b y the C ity of
T u sca lo o s a , A la b a m a , fo r s e v e n ty -liv e thou san d
($7 5 ,0 0 0 00) dollars c o u p o n W a te r -W o r k s b o n d s.
B on ds t o b e $ 1 ,000 00 e a ch , t o bear live p er cen t
Interest, t o m atu re In th irty years, Interest
p a y a b le s e m i-a n n u a lly .
B on d s to b e so ld a t n o t
less than p a r.
In a d d itio n t o p led ge o f fa ith an d
c r e d it o f th e C ity , b o n d s w ill b e se cu re d b y
m o rtg a g e o n w ater p la n ts an d p r o p e r tie s .
B ids
to b e o p e n e d A U G U S T 1 7 T K , 1908. A s a
g u a ra n ty o f g o o d fa ith a certified c h e c k fo r tw o
th o u sa n d ($2,000 00) dollars m u st a c c o m p a n y
each b id . T h e rig h t Is re se rve d to r e je c t a n y or
all b id s.
F o r fu rth e r p articu la rs, address,
W . M . F A U L K , M a yo r,
T p sc a lo o s a , A la .
H N , S L O S A L & C .,
U T AT N T L
O
M a n h ers o f N ew Y o rk K o o k
BONDS.
L IS T
OH
M e r c a n tile
L ib r a r y
e c u
«0 ST A T E S T R E E T
6 0
S t a t e
W
a ln u t
S tre e t,
C IN C IN N A T I,
O .
Municipal,
County, State,
a n d
H ig h -G r a d e
P u b lic
S e c u r itie s
Correspondence Solicited
S t r e e t ,
B u ild in g ,
B
S e r v ia n
T
H
O
E
S T O
S
O
N
.
U
T
H
.
P r o p e r t y a n d I n v e s t m e n t !* o f e v e r y
K i n d i n a ll S o u t h e r n S t a t e * ,
M E T R O P O L IT A N IN V E S T M E N T 0 0
OHO. B. EDWARDS. Prwident. Charleston, 8. O.
Now York Office, Bearer BUe
82-92 Bearer St
R. T. Wilson & Co.
B a n k e rs & C o m m is s io n M e r ch a n ts
33 W ALL STREET
-
-
1
0
0
, 0
0
0
4fc% BONDS
Perry, Coffin & Burr,
C IN C IN N A T I.
4 0 9
A m ount
COLUM
BIA COUNTY, N.T.
BOSTON
INVESTMENT BONDS.
Albert Kleybolte & Co.,
P u rp o se.
2549 1st J u ly , 1906 P u b lic s ch o o ls,
$2 0 ,0 0 0
2634 1st J u ly , 1907
’’
1 87 ,000
2692 1st J u ly , 1907 C ollegia te In s titu te , 270 ,000
2763 1st J u ly , 1908 P u b lic S ch o o ls
100 ,000
T h e a b o v e are all fo r 30 years, b ea r 4 H % In
terest, a n d are In $ 1 ,000 den o m in a tio n s.
T h e Interest Is p a y a b le h a lf-y e a rly o n 1st J a n u
a r y a n d 1st J u ly .
In terest a n d prin cip a l p a y a b le a t th e C ity o f
O tta w a .
D eliv e ry w ill b e m a d e a t th e B a n k o f O tta w a ,
O tta w a , n o t later th an 1st S e p te m b e r n e x t.
A c c r u e d Interest m u st b e a d d e d t o th e r a t e
ten d ered .
T h e h igh est o r a n y te n d e r n o t n ecessarily
a c c e p te d .
D ’ A R C Y S C O T T . M a y o r.
O tta w a , 27th Ju n e, 1908.
#
S
A P P L IC A T IO N .
SEASO G O & MAYER,
N O D
B y -la w . Date.
r i t i e s
e n t
W . J. B. ST O K E S ,
C ity T reasurer.
M UNICIPAL AND R AILRO AD
B o a rd
D eben
tu r e s ,” w ill b e re c e iv e d b y th e C o rp o ra tio n o f
th e C ity o f O tta w a a t th e o ffic e o f th e C ity Clerk
until 12 o ’ c lo c k n o o n , o n T H U R S D A Y , T H E
3 0 T H D A Y O F J U L Y , 1908, fo r th e p u rch ase
en bloc o f th e fo llo w in g deben tu res:
h e k u n
I n v e s t m
C IT Y OF O T T A W A
en
ad
e C h airm an
B O N D S TC oders l,” d ressed at o e " T h T e n d e r fo r
of
n tr o
a n d m rk d "
NEW Y O R K '
N o tice Is h e re b y g iv e n th a t th e C o u n ty T r e a s
urer o f C olu m b ia C o u n t y , N . Y . , w ill o n th e
23rd d a y o f J u ly , 1908, at 3 o ’ c lo c k P . M ., a t
th e o ffic e o f th e N a tio n a l H u d s o n R iv e r B a n k ,
N o . 520 W a rren Street In th e C ity o f H u d s o n .
N . Y . , sell a t p u b lic a u c t io n , t o the h igh est
b id d e r , b u t fo r n o t less th an p ar a n d a c c r u e d
interest, th e fo llo w in g -d e s c r ib e d b o n d s o f th e
C o u n ty o f C o lu m b ia , N . Y . , 100 c o u p o n b o n d s
o f th e d e n o m in a tio n o f $ 1 ,0 0 0 e a ch , bea rin g
Interest a t th e ra te o f 4 H p er cen tu m per a n n u m .
Interest p a y a b le se m i-a n n u a lly on th e first
d ays o f J a n u a ry a n d J u ly In ea ch y e a r , m a tu rin g
as fo llo w s :
$10 ,000
(10 b o n d s) p a y a b le J u ly 1st, 1910
10.000 (10 b o n d s) p a y a b le J u ly 1st, 1911
10.000 (10 b o n d s) p a y a b le J u ly 1st, 1912
10.000 (10 b o n d s) p a y a b le J u ly 1 st, 1913
10.000 (10 b o n d s) p a y a b le J u ly 1st, 1911
10.000 (10 b o n d s) p a y a b le J u ly 1 st, 1915
10.000 (10 b o n d s) p a y a b le J u ly 1st, 1916
10.000 (10 b o n d s) p a y a b le J u ly 1st, 1917
10.000 (10 bo n d s) p a y a b le J u ly 1 st. 1918
10.000 (10 b o n d s) p a y a b le J u ly 1st, 1919
D a te d H u d s o n , N. Y . , J u ly 3 r d , 1908.
E . W A S H B U R N S C O V IL L ,
1
C o u n ty T rea su rer.
OTTO JULIUS MERKEL
B R O K E R
44
AN D
46
W A L L
S T .,
NEW
Y O R K .
IN V E S T M E N T S E C U R IT IE S .
C o r r e s p o n d e n c e I n v ite d
186
[Yol. u x x x v i i .
THE CHRONICLE
Co. in Urbana. Maturity $1,000 yearly on Sept. 1 from 1909
to 1923 inclusive. C. B . Holmes is Secretary of the Board
of Education. A description of this issue was inadvertently
given under the head of U rbana School District, Ohio, in
V. 86, p. 1609.
Vermilion, Alberta.— Debenture O ffering. —Proposals will
be received until July 27 by Norman Murray, SecretaryTreasurer, for $2,500 6% 20-year debentures.
Warren County (P. O. Warrensburgh), N. Y .—Bond Offer
in g . —Proposals will be received until 4 p. m. Aug. 5 by Louis
E . Reoux, County Treasurer, for $50,000 5% road bonds.
Authority, election held June 30 1908. Denomination $1,000
or multiples thereof. Date Aug. 10 1908. Interest annually
at the County Treasurer’s office. Maturity $10,000 yearly
on Feb. 10 from 1914 to 1918 inclusive.
Waterloo, Ont.— Debenture S a le. —Reports state that
W. C. Brent of Toronto was recently awarded $5,000 5 ^ %
debentures, maturing part yearly for thirty years.
Watertown, Jefferson County, Wis.— Bond S a le. —We are
advised that an issue of street-improvement bonds was
recently purchased by local investors at par.
West Salem, Wis.— Bond S a le . —On July 7 MacDonal,d
McCoy & Co. of Chicago purchased the $6,000 5% coupon
sewer bonds maturing April 1 1928 and described in V. 87,
p. 58, at 105.20 and accrued interest. The bids received
were as follows:
M a c D o n a ld , M c C o y & C o ., C h i § 0 ,3 1 2 1H . T . H o l t z & C o ., C h i c a g o . . . $ 6 , 18 1
R u d o lp h K le y h o lte C o ., I n c .,
J . L . P e t t l n g l l l , L a C r o s s e _____ 6 , 1 8 0
C h i c a g o __________________________ 6 , 2 0 1 1 C . H . C o f f i n , C h i c a g o ______________6 ,0 6 1
T r o w b r i d g e & N l v e r C o . , C h i c . 6 ,1 8 7 | P . W . M a h o n e y , L a C r o s s e ____6 , 0 6 0
Wilsonville School District No. 30 (P. O. Wilsonville),
Furnas County, Neb.— Bond O ffering. —Further details
are at hand relative to the offering on Ju ly 21 of the $10,000
5% coupon school-building bonds mentioned in V. 87, p.
122. Proposals for these bonds will be received until 3
p . m. on that day.
Authority election held June 9. Date
July 1 1908. Interest Feb. 1 and Aug. 1 at the County
Treasurer’s office in Beaver City. Maturity $2,000 on
Aug. 1 in each of the years 19 13 , 1916, 1920, 1924 and 1928.
This district has no bonded debt at present. Assessed
valuation $115,504.
Woodworth, Man.— Description of Debentures.—We are
informed that the’$40,000 4% 20-year municipal telephonesystem-construction debentures awarded on June 27 to
Aemilius Jarvis & Co. of Toronto (V. 87, p. 122) are in de
nomination of $500 each and are dated June 1 1908. Inter
est semi-annually at the Bank of Hamilton in Kenton. De
benture debt, this issue. Assessed valuation $1,720,000.
The debentures are guaranteed, as to both principal and in
terest, by the Provincial Government of Manitoba.
Worcester, M ass.— Bond S a le. — On July 13 $50,000
paving 4% 10-year, $50,000 4% 10-year grade-crossingabolition and $100,000 3j^ % 20-year school-house bonds
were awarded to Blodgett,Merritt &Co.of Boston at 100.077.
The following bids were received for the $50,000 paving
and $50,000 grade-crossing issues:
Pa rkinson & Burr, Boston . . 1 0 2 .3 3
E n a b r o o k & Co .. B o s t o n ___ 102.15
Perry, Coff in & Burr, Bo s t o n. 102.01)
I E . H . Rollins & Sons, B o s t _ . 1 0 t . 6 8 6
X . W . Harris & C o . . Boston . 101.672
|H. VV. P o o r & Co ., B o s t o n . _ 101.111
R. L. Day & Co., Boston, bid 100.06 for all or none and
Blake Bros. & Co., Boston, 100.026 for $150,000 or none.
Wheeling, W. V a.— Bond Sale Postponed. —The sale of
Yakima County School District No. 83, Wash.— Bond
the five issues of 4% coupon bonds, aggregating $695,000, O ffering. — Proposals will be received until 10 a.m. July 25
which was to have taken place on July 14 (V. 86, p. 1551) by Lee Tittle, County Treasurer (P. O. North Yakima), for
was postponed for a few days.
$3,000 coupon school-building bonds at not exceeding 6%
White Plains, N. Y .— Bond O ffering. —Proposals wil* interest. Authority page 357, Laws of 1897. Date day
be received until 8 p. m. Aug. 3 by the Board of Trustees day of issue or “ the first of some month” at option of pur
for $139,000 4j^% water bonds. Denomination $1,000- chaser. Interest annually at the County Treasurer’s
Date Aug. 1 1908. Interest semi-annual. Maturity Aug. office. Maturity ten years. The district has no bonds
1 1938. Certified check on a State or national bank or outstanding. Assessed and equalized valuation 1907,
$02,685.
trust company for 5% of bid is required.
_____________T R U S T CO M PAN IES.........
MEW LOANS.
S n iM States Tmsi d p s
# 4 0 ,0 0 0 .0 0
Tax Free Bonds of the
Borough of Glassport,
Allegheny County, Penn.
596
S c a le d
p r o p o s a ls w ill b e r e c e iv e d b y
th e
u n d e r s i g n e d u n t i l 7 ;3 0 o c l o c k p . in . J U L Y 2 0 T H .
1908, an d
th en
o p e n e d , fo r th e p u rch a s e o f
$ 4 0 ,0 0 0 .0 0
5%
cou p on
ta x -fr e e b o n d s o f th e
B orough
of
G la s s p o r t ,
A lle g h e n y
C ou n ty ,
P e n n s y lv a n ia , d a te d J u ly 1 s t, 1 9 0 8 , a n d m a t u r
in g a s fo llo w s :
$ 1 , 0 0 0 . 0 0 In t h e y e a r s 1 9 1 4 t o
1 9 2 3 , b o t h in c lu s iv e , a n d $ 2 ,0 0 0 .0 0 in th e y e a r s
1 92 4 to 1 9 3 8 , b o t h I n c lu s iv e .
B o n d s w i l l b e In t h e d e n o m i n a t i o n o f $1 0 0 0 . 0 0
ea ch ,
w it h
s e m i-a n n u a l
In terest c o u p o n s a n d
w ith
p r iv ile g e o f r e g is tr a tio n a s t o p r in c ip a l.
B o t h p r in c ip a l a n d In te re s t p a y a b le a t th e o ff ic e
o f th e U n ite d S t a te s M o r t g a g e & T r u s t C o m p a n y ,
55 C e d a r S tr e e t, N e w Y o r k C ity , N e w Y o r k , o r
at
th e
G la s s p o r t
T ru st C om p an y,
G la s s p o r t,
P e n n s y lv a n ia , a t th e o p t io n o f th e
p u rch a ser
B o n d s w ill b e e n g r a v e d u n d e r th e s u p e r v is io n
o f , a n d c e r t ifie d a s t o t h e ir g e n u in e n e s s , b y t h e
U n it e d S t a te s M o r t g a g e & T r u s t C o m p a n y , a n d
t h e ir le g a li t y a p p r o v e d b y J o h n G . J o h n s o n , B s q .,
o f P h ila d e lp h ia , P a ., w h o s e o p in io n , o r d u p lic a t e
< h e r e o f , w ill b e d e l iv e r e d t o t h e p u r c h a s e r .
E a ch
b id m u s t b e a c c o m p a n i e d b y a c e r t if ie d c h e c k
n a N a tio n a l B a n k o r T r u s t C o m p a n y fo r 3 %
f t h e a m o u n t o f b o n d s b id f o r , p a y a b l e t o t h e
B o r o u g h o f G la s s p o r t .
T h e r i g h t Is r e s e r v e d t o
r e je c t a n y o r a ll b id s .
F o r fu r th e r p a r tic u la r s
a n d fo r m o f b id a d d r e s s W . s . K e a r n e y , T r e a s u r e r ,
G la s s p o r t , P e n n s y lv a n ia .
F IN A N C IA L
.....
o f J im
C h a r t e r e d 1 85 3
4 5
C
A
P
I T
S U R P L U S
A
L
a n d
4 7
W a ll
&t
«•
.
, ................................................................................................................... $ . 2 , © Q Q , 0 O O . 0 0
A N D
U N D IV ID E D
P R O F IT S ,
'
■
•
$ 1 3 , 2 4 3 , 1 2 9 . 3 5
T h is C o m p a n y acta as E x e cu to r , A d m in is tra to r. G u ardian , T ru ste e . C o u rt D e p o s ita ry a a d l a
other r e csg n lz e d trust cap acities.
It allow s Interest at curren t rates on d ep osits.
It h olds, m anages and Invests m o n e y , securities an d o th e r p r o p e r ty , real or p e rso n a l, for e s ta ta i.
co rp o ra tio n s a n d in d ivid u a ls.
_______________
EDWARD W SHELDON. President.
WILLIAM M KINGSLEY, Second Vlce-Pres
WILFRED J WORCESTER, Asst. Secretary
HENRY E. AHERN, Secretary.
CH ARLES A . E D W A R D S , 2d A sst. Secretary
TR U STEES.
J O H N A . S T E W A R T , C h a ir m a n o f the B o a r d
W illia m H . M a c y J r .,
J o h n C la flln ,
W illia m D . S lo a n e ,
J o h n J . P h e lp s ,
G u sta v H . S ch w a b .
John S. K en n edy,
F ra n k L y m a n .
D . O . M ills ,
G eorg e F . V ic to r ,
L e w is C a ss L e d y a r d ,
J a m e s S t illm a n ,
L ym an J. G age.
John C rosb y B ro w n ,
W . B ayard C u ttin g ,
Charles S. S m ith ,
W illiam R o c k e fe lle r ,
A lexan der E . O rr,
P a y n e W h itn e y ,
E d w a rd W S h eld on ,
O haunoey K eep ,
G eorge L. R ves,
A rth u r C | J a m e i,
IIJiiioisIYust& SavinfiisB im k
C H IC A G O
C a p it a l a n d S u r p lu s
$ 1 3 ,3 0 0 ,0 0 0
P a y s In t e r e s t o n T i m e D e p o s it s , C u r r e n t a n d R e s e r v e A c c o u n t s .
D e a ls in In v e s t m e n t S e c u r it ie s a n d F o r e i g n E x c h a n g e .
T r a n s a c t s a G e n e r a l T r u s t B u s in e s s .
STA TE M E N T.
B o n d e d d e b t (in c lu d in g t h is Issu e ) — $ 1 1 1 ,5 0 0 0 0
O t h e r d e b t _____________________________________
N one
C O R R E SPO N D E N C E
T o t a l d e b t ___________________________________ $ 1 1 1 , 5 0 0 0 0
IN V IT E D
L e s s c a s h o n h a n d , a ll f u n d s . $ 5 ,3 2 4 63
L i e n s a g a i n s t p r o p e r t y _______1 1 , 4 5 6 6 7
T o t a l ...................................................
N et
1 6 ,7 8 1
D e b t ____________________________________
30
Blodget, Merritt & Co.
$ 9 4 ,7 1 8 7 0
F. W . M cK E R N O N ,
H . C. G R IF F IN ,
M . J. M U R R A Y ,
F in a n c e C o m m it t e e .
BAN K ERS,
I N
V
E
1332
S
T
M
W a ln u t
E
CO.
N
T
S tre e t
S
3 6
N A S S A U
S T R E E T , N E W
Y O R K
R A IL R O A D
24 M ILK S T R E E T , B O S TO N
BONDS
E s ta b lis h e d
1 »S 5 .
M onald, M oy & G ., H. C. Speer & Sons Co.
acD
cO
o
M U N IC IP A L
P H IL A D E L P H IA
L TO S E IA T SO R Q E T 181
IS F P C L IE N E U S
IN VESTM EN T BONDS
60 8tate Street, Boston
S T A T E , C IT Y A
B LA C K S TA FF
E. M. Farnsworth & Co.
AND
C O R P O R A T IO N
BONDS.
La Salle Street, Chicago
F irst Nat. B an k Building:, Chicago
C IT Y
C O U N T Y
A N D
T O W N S H IP
BONDS.
@FedFRASER